The Renault-Nissan alliance has pledged to double savings from closer integration to €10 billion by 2022, thanks in part to increasing cooperation with recently acquired Mitsubishi Motors.
Combined annual sales volumes are expected to rise to 14 million vehicles over the same five-year period from about 10 million today.
Revenue is also expected to advance by one-third to $240 billion, the alliance said in a statement.
With 5.27 million cars and vans delivered in the first half, ahead of Volkswagen and Toyota, Renault-Nissan now claims the mantle of the world's biggest carmaker.
However parent Renault has never consolidated the sales of its 43.4%-owned Japanese affiliate into its own.
Alliance Chairman Carlos Ghosn has pledged to step up the pace of integration since Nissan took a controlling stake in Mitsubishi last year.
The 18-year-old Renault-Nissan pairing has only recently begun rolling out cars on common architectures.
Under existing plans, the alliance is seeking to increase synergies - from costs cut or avoided and revenue enhancements - to €5.5 billion next year from €5 billion recorded in 2016.
A fourth common vehicle platform will be shared across the alliance by 2022, the companies said today, providing the underpinnings for a future generation of electric cars.
12 new pure-electric models will be launched by that date as Renault-Nissan seeks to defend the head-start it took with the current generation of battery cars, spearheaded by the Nissan Leaf and Renault Zoe, as more competitors join the fray.
"Without a doubt, what we have seen and acted on and executed eight years ago is becoming mainstream," Ghosn told reporters at a presentation in Paris.
As more models are launched on the new platforms by Renault, Nissan, Mitsubishi and their other brands, shared architectures will account for 70%of sales by 2022, with common engines installed in 75%.
Today's announcement was thin on details of how closer convergence would be achieved.
Relations between Renault and Nissan engineering teams have sometimes been fraught, hampering savings in areas such as engines and transmissions.
Convergence efforts will continue with no radical change to management structures, Ghosn said, suggesting that he had no immediate plans to stand aside.
Ghosn's current contract as Renault chief executive expires next year. "I am intending to execute on the plan as long as it makes sense," he said.