Honda and Nissan begin merger talks to create third-largest carmaker

announced their intentions to merge Monday, aiming to create the world’s third-largest automaker in an industry facing radical change with electric vehicles and emerging Chinese automakers.announced a memorandum of understanding that will start discussions of a merger for the two automakers to create one joint company. Another Japanese automaker, Mitsubishi, which was already in an alliance with Honda, will also be a part of the discussions.

“Creation of new mobility value by bringing together the resources including knowledge, talents, and technologies that Honda and Nissan have been developing over the long years is essential to overcome challenging environmental shifts that the auto industry is facing,” Honda CEO Toshihiro Mibe said in a statement Monday. “Honda and Nissan are two companies with distinctive strengths.

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