Nissan and Honda Deny Merger Reports, but Confirm Cooperation Talks

Japanese automakers Nissan Motor Corp. and Honda Motor Co. confirmed Wednesday that they are discussing closer collaboration but denied reports they have decided on a merger. Nissan’s share price soared nearly 24% in Tokyo after reports citing unnamed sources said it might merge with Honda to form the world’s third-largest automaking group. Honda’s share price fell as much as 3%. Nissan alliance member Mitsubishi Motors Corp. is also part of the talks.

Trading in Nissan’s shares was suspended but then resumed after the companies jointly issued a statement saying they were “considering various possibilities for future collaboration, but no decisions have been made.”\The ascent of Chinese automakers is rattling the industry at a time when manufacturers are struggling to shift from fossil fuel-driven vehicles to electrics. Relatively inexpensive EVs from China's BYD, Great Wall and Nio are eating into the market shares of U.S. and Japanese car companies in China and elsewhere. Japanese automakers have lagged behind big rivals in EVs and are now trying to cut costs and make up for lost time. Nissan, Honda and Mitsubishi announced in August that they will share components for electric vehicles like batteries and jointly research software for autonomous driving to adapt better to dramatic changes in the auto industry centered around electrification. A preliminary agreement between Honda, Japan's second-largest automaker, and Nissan, third largest, was announced in March. A merger could result in a behemoth worth about $55 billion based on the market capitalization of all three automakers. Joining forces would help the smaller Japanese automakers add scale to compete with Japan's market leader Toyota Motor Corp. and with Germany’s Volkswagen AG. Toyota itself has technology partnerships with Japan's Mazda Motor Corp. and Subaru Cor

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Nissan, Honda Deny Merger Talks, But Confirm CollaborationNissan and Honda stocks reacted sharply after reports of a potential merger. While both companies denied a merger decision, they confirmed discussions for closer collaboration. The move is seen as a strategic response to the growing dominance of Chinese automakers in the electric vehicle market.
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Nissan, Honda mull merger to counter Chinese EV challengeNissan's share price surged after reports of a potential merger with Honda, forming the world's third-largest automaker. The companies confirmed discussions about future collaboration but denied any decisions. The move aims to counter the rise of Chinese electric vehicle makers like BYD and Nio, which are gaining market share globally. Nissan, Honda, and Mitsubishi have already announced plans to share EV components and collaborate on autonomous driving software.
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Woman Arrested After Saying 'Delay, Deny, Depose' On Call With Insurance CompanyPocharapon (Mos) Neammanee covers crime at HuffPost. Previously he wrote for BuzzFeed News and Insider's breaking news teams. His email is Pocharapon.Neammaneehuffpost.com.
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