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The conversations for a multimillionaire fusion between Japanese car giants Honda and Nissan have collapsed, formally ending the negotiations for the agreement that would have led to the formation of one of the world's largest car manufacturers in the world.
The link between the two automobile manufacturers would have created an automotive group worth $ 60 billion that would have helped Japanese companies compete against Chinese and American rival brands, such as Byd and Tesla, altering the automotive industry.
As the agreement conversations ended on Thursday, Honda and Nissan said they will continue their association in the internal development of batteries, software and technology of electric vehicles along with Mitsubishi.
“In the future, the three companies will collaborate within the framework of a strategic association aimed at the era of intelligence and electrified vehicles,” all three said in a statement.
Honda Motor CO and Nissan Motor Corp announced in December that they would hold conversations to establish a joint holder company. The merger would have created the third largest automotive group in the world with vehicle sales, only after Toyota and Volkswagen.
Mitsubishi Motors Corp said he was considering joining that group.
Honda and Nissan initially said they were trying to finish an agreement for June 2025 and established the company Tenderora in August of that year. However, media reports widely reported that cracks arose in a possible agreement.
The negotiations between the third largest car manufacturer in Japan, Nissan, and its largest rival, Honda, were complicated by the growing differences between the two, sources told Reuters.
It was reported that Nissan insisted on the idea of becoming a junior player in the association with Honda, who has a better financial position and was given the tip to take the lead in the joint executive team.
For Nissan, conversations arrived in the midst of ongoing financial problems. Nissan reported losses in sales for the quarter from July to September when their vehicle sales sank and surprised investors in November when it decided to reduce the earning forecast by 70 percent.
He announced to cut 9,000 jobs, a fifth of the global capacity in an response plan to reduce sales.
At that time, executive president Makoto Uchida promised to lose 50 percent of the payment to assume responsibility for the results and said he was focused on making businesses thinner but resistant.
The conversations about a potential fusion followed a collaboration at the beginning of last year that saw Honda and Nissan agree to develop the EV technology together, including software systems and battery platforms.
Nissan, whose fleet of electric vehicles includes the sheet, has struggled to maintain its early impulse in the EV market. Honda has pledged to make all its electrical or hydrogen sales by 2040, but has faced challenges expanding its operations.
Foxconn de Taiwan has now become a new partner for Nissan, since its president said he is considering having a participation in the company.
“If cooperation requires it (buy Nissan shares), we will consider it,” said Foxconn president, Young Liu, to journalists on Wednesday.
