honda and nissan planning merger to compete against elon musk's tesla
Japan’s Number 2 and 3 automakers, after Toyota, are reportedly entering merger discussions to help them compete against Elon Musk’s Tesla and other electric vehicle makers across the globe, according to the Tokyo-based Nikkei.
The paper reported that Japanese automakers Honda and Nissan are considering operating under a single holding company and are expected to sign a memorandum of understanding for the entity. The report has started making global headlines.
Reportedly, the firms are also considering bringing in Mitsubishi Motors – Nissan is the top shareholder in the company – under the holding company to create one of the largest auto groups globally.
In March 2024, Honda and Nissan deepened relationship to explore a strategic partnership on EVs. Experts thought that the move is aimed at helping the firms compete against Chinese entities such as BYD.
It seems Japanese automakers are losing ground as they focus more on hybrid vehicles. Last year, China overtook Japan as the biggest global vehicle exporter, mainly because of its dominance in the electric car space.
Honda is trying to double its funding for electric vehicles by $65 billion by 2030 in an effort to meet 100% EV sales by 2040. Nissan also plans to ensure that 16 of the 30 models it plans to launch in the next 3 years are “electrified”.
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