Honda, Nissan talking merger
Print Edition
Japanese auto giants Honda and Nissan are in talks to set up a holding company, according to a person with knowledge of the matter, a move that would allow them to share more resources amid competition upending the global industry.
The talks, first reported by the Nikkei newspaper, would allow the two automakers to cooperate more closely on technology at a time when the industry is being rewritten by the likes of Tesla and Chinese rivals.
The talks are aimed at setting up an umbrella holding company that Nissan and Honda would then fall under, said the anonymous person.
It was not immediately clear whether a new holding company was aimed at eventually establishing a full union between the two firms, although Nikkei said they were beginning merger talks.
The two firms have increased ties in recent months as they wrestle with the changing electric vehicle landscape. As well as heavy competition, automakers also face stalling demand in Europe and the US.
Honda and Nissan on Tuesday issued identical statements saying no merger had been announced by either firm.
“As announced in March of this year, Honda and Nissan are exploring various possibilities for future collaboration, leveraging each other’s strengths,” they said in separate statements.
Over the past year, an EV price war launched by Tesla and China’s BYD has only intensified pressure on any companies losing money on the next-generation vehicles. That has put pressure on companies like Honda and Nissan to seek ways to cut costs and speed vehicle development.
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