Honda and Nissan have announced plans for a huge merger (Image: Getty)
Honda and Nissan have announced plans to work toward a merger, forming the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.
The two companies said they had signed a memorandum of understanding on Monday (December 23) and smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses.
Honda’s president, Toshihiro Mibe, said Honda and Nissan will pursue bringing their operations together under a joint holding company. Honda will initially lead the new management, with the principles and brands of each company retained. Mr Mibe said he aims to have reached a formal merger agreement by June and to complete the deal by August 2026.
No dollar value has been given and the formal talks are just starting, according to Mr Mibe, who said there are “points that need to be studied and discussed”.
He added: “Frankly speaking, the possibility of this not being implemented is not zero.”
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