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Nissan Chief Executive Makoto Uchida, left, and Honda Chief Executive Toshihiro Mibe, center, and Takao Kato CEO of Mitsubishi Motors, right, attend a joint news conference Monday, Dec. 23, 2024, in Tokyo, Japan. (AP Photo/Eugene Hoshiko)

Nissan, Honda announce plans to merge, creating world's No. 3 automaker

Japanese automakers Nissan and Honda have announced plans to work toward a merger that would catapult them to a top position in an industry in the midst of tectonic shifts as it transitions away from reliance on fossil fuels

By MARI YAMAGUCHI and ELAINE KURTENBACH
Published - Dec 23, 2024, 04:19 AM ET
Last Updated - Dec 23, 2024, 04:19 AM EST

TOKYO (AP) — Japanese automakers Honda and Nissan have announced plans to work toward a merger, forming the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

The two companies said they had signed a memorandum of understanding on Monday and that smaller Nissan alliance member Mitsubishi Motors also had agreed to join the talks on integrating their businesses.

Honda's president, Toshihiro Mibe, said Honda and Nissan will pursue unifying their operations under a joint holding company. Honda will initially lead the new management, retaining the principles and brands of each company. The aim is to have a formal merger agreement by June and to complete the deal and list the holding company on the Tokyo Stock Exchange by August 2026, he said.

No dollar value was given and the formal talks are just starting, Mibe said.

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