Honda and Nissan revealed they had signed a memorandum of understanding. They said a tie-up would potentially help them 'maintain global competitiveness'Honda and Nissan are weighing a merger amid an intense battle to capture the future electric vehicle market, potentially building the world's largest carmaker by sales.
It would also take the battle to the band of emerging Chinese carmakers that are staking a big claim in major western markets. Makoto Uchida, chief executive of Nissan, said: 'I believe that by uniting the strengths of both companies, we can deliver unparalleled value to customers worldwide who appreciate our respective brands.
Shenzhen-headquartered BYD overtook Elon Musk's Tesla to become the world's biggest-selling EV manufacturer last year after selling more than 3 million cars. Stellantis recently saw its boss Carlos Tavares stand down and said it would stop making vans at the Luton Vauxhall plant. Why is Nissan struggling? Last month, Nissan announced it would axe 9,000 jobs and cut global production capacity by a fifth as it posted a £47.2million third-quarter loss.
What would this mean for UK car making?The Sunday Times reported that Honda could make vehicles at Nissan's prominent Sunderland plant as part of a tie-up, having stopped all car production in the UK three years ago. 'We now need to see urgent action from the Government by the end of the year to avoid a potentially irreversible impact on the UK automotive sector.'
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