Nissan Motor and Honda Motor are considering a merger that is likely to include Mitsubishi Motors to compete in the growing electric vehicle market. The Japanese publication Nikkei reported that both companies are considering operating under a holding company and will soon sign a memorandum of understanding. However, their stakes in the newly formed entity are yet to be decided. Both automakers face increasing pressure to compete in the EV market, with sales decreasing across China and the U.
S. as Tesla and Chinese automaker BYD have rapidly expanded their production and sales growth. A merger between Nissan and Honda would likely be the largest in the automotive industry since a $52 billion deal between Fiat Chrysler and PSA Groupe in January 2021 to form Stellantis. In August, the three companies agreed to share automotive components and software. That deal was intended to have the three companies cooperate on their electric vehicle businesses while agreeing to develop batteries, axles and other technologies. In November, Nissan said its half-year net earnings had fallen more than 90% over the previous year while cutting its annual operating profit guidance by nearly 70%. Both automakers have struggled to sell vehicles across China and Southeast Asia, with Honda’s and Nissan’s sales volume between January and November dropping by 30.7% and 10.5%, respectively, in the regions
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