Japanese automaker Nissan Motor says it is considering making an investment in a new company set up by its French partner Renault that specializes in electric vehicles, or EVs.

Nissan and Renault issued a joint statement on Monday saying Nissan was considering investing in the "new Renault EV entity which will support Renault's Renaulution strategy."

As part of a new growth strategy, Renault plans to spin off its EV business into a separate company. The automaker is calling on alliance partners Nissan Motor and Mitsubishi Motors to invest in the entity.

Nissan is aiming to become more widely competitive by strengthening its ties with Renault, whose main market is Europe.

The statement also said the two companies would "continue to drive structural improvements to ensure sustainable Alliance operations and governance."

Renault holds 43 percent of Nissan's shares, while Nissan holds 15 percent of Renault's. Nissan has been calling for a review of its stake.

Sources say the two companies will hold discussions on how an investment would affect their alliance and that this could lead to a review of their respective stakes.

A new arrangement could change the capital relationship between the companies, which has been in place for more than 20 years.