Honda and Nissan have announced plans to merge as the Japanese automakers struggle with competition from rival brands in the electric vehicle market. The two companies confirmed on Monday that they had signed a memorandum of understanding that would create the third largest car maker by sales,

The proposed deal aims to unify operations under a joint holding company, led by Honda, while maintaining the distinct identities of each brand, according to Honda's president, Toshihiro Mibe. If finalized, the merger would position the combined entity to better compete with market leaders Toyota and Volkswagen.

Japanese automakers Honda and Nissan announced Monday they were exploring a merger that would allow them to better compete amid a changing automotive landscape. The companies plan to spend the

Honda and Nissan’s $58B merger aims to reclaim cultural relevance, merging innovation with a bold comeback to become the “cool kids” of the auto industry by 2026.

Facing extreme competitive pressure from the rise of Chinese EV makers, the Nos. 2 and 3 Japanese automakers turn to each other to build strength.

Japanese automobile brands Honda and Nissan are considering a potential merger to help them compete with Electric Vehicle (EV) makers, particularly in China.

A prerequisite for the merger is for Nissan to complete its business turnaround, Mibe added. Honda and Nissan are the second and third largest automakers in Japan, respectively. I

Honda and Nissan plan to merge as the two Japanese firms seek to fight back against competition from the Chinese car industry. Joining forces would create one of the world's biggest car producers alongside Toyota,

Analysts questioned the timing of the Honda-Nissan potential deal amid intense competition from Chinese rivals, reported the news agency Reuters.

Honda’s potential acquisition of Nissan could help the two Japanese brands improve their competitive stance against China’s BYD in the global car market. Struggling individually, Honda and Nissan sold 3.

Honda and Nissan plan to team up to jointly challenge the world's top electric vehicle manufacturers like Tesla, and BYD.