Boards of both manufacturers will meet separately in the near future to discuss potentially calling off the merger talks, report says
Japanese automakers Honda and Nissan may call off merger talks, the Asahi Shimbun newspaper reported on Wednesday, citing multiple sources, a move that would pitch hard-hit Nissan into greater uncertainty.
Honda, Japan’s second-largest car maker, and Nissan, its third-largest, announced last year that they were in talks to merge their businesses, in what would be a pivotal change for Japanese industry and one that underlined the vast threat from new entrants such as China’s BYD. The once-in-a-century shift in the global auto industry has been driven by EV makers and disrupted the outlook for legacy automakers. Some, like Nissan, have been hit harder than others. The Japanese automaker has never fully recovered after the years of crisis sparked by the arrest and ouster of former Chairman Carlos Ghosn in 2018.
The boards of both Nissan and Honda will meet separately in the near future to discuss potentially calling off the merger talks, the Asahi said. For Honda, the talks were not progressing as the bigger automaker had hoped, it said. Honda had sounded out Nissan about becoming a subsidiary, an idea that Nissan had strongly opposed, it said. Public broadcaster NHK had previously reported that Honda had sounded out Nissan about becoming a subsidiary.A Nissan spokesperson said that discussions were ongoing between the companies and that there would be an announcement after they finalized their direction in mid-February, as previously announced.
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