The Japanese automakers confirmed Monday that they are aiming for a merger via a joint holding company and plan to sign an agreement by June 2025.
The proposal comes as Nissan is urgently cutting costs, having fallen behind in the global EV race, while both companies are struggling in the bruising Chinese automotive market.
Honda is the bigger and healthier of the two and would appoint a majority of the holding company's board, suggesting an imbalance in power.
Honda CEO Toshihiro Mibe emphasized 'This is not a rescue,' amid speculation that Japanese officials were pressuring them to partner for Nissan's survival.
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