Honda and Nissan in Merger Talks to Combat EV Competition

Japanese auto giants Honda and Nissan are in preliminary merger talks, according to media reports. A tie-up would aim to help them better compete against Tesla and Chinese electric vehicle makers. Japan's number two and three automakers behind Toyota had already agreed in March to explore a strategic partnership on EVs.

'We are discussing possibilities for cooperation between Honda and Nissan in the future, in a wide range of fields and in various areas, and those possibilities include the latest reports, but there is nothing decided,' a Honda spokesman told AFP on Wednesday. Nissan said: 'The content of the report is not something that has been announced by either company. As announced in March of this year, Honda and Nissan are exploring various possibilities for future collaboration, leveraging each other\'s strengths. Major automakers the world over have been reeling from tough competition in EVs, in particular from Chinese competitors such as BYD. Volkswagen is considering closing German factories for the first time, while General Motors said this month it would book more than $5 billion in writedowns on its Chinese joint venture. Last month Nissan announced 9,000 job cuts, slashed its sales forecasts and said it would reduce global production capacity by 20 percent. Nissan has seen a turbulent decade that included the shock 2018 arrest of former boss Carlos Ghosn, who later jumped bail and fled Japan in a music equipment box. A major alliance with French automaker Renault turned into a bumpy ride for both and the two companies are now 'rebalancing' their ties. Shares in Nissan soared more than 20 percent on the stories in the Nikkei, Financial Times and others, while Honda dipped more than two percent. Mitsubishi Motors - of which Nissan the top shareholder - gained 13 percent

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