Honda and Nissan make it official: Their merger talks are off [View all]
Source: CBS/AFP
Honda and Nissan make it official: Their merger talks are off
Updated on: February 13, 2025 / 11:26 AM EST / CBS/AFP
Japanese auto giants Honda and Nissan on Thursday confirmed they had scrapped merger talks announced in December, bringing an end to a tie-up that would have created the world's third-largest automaker.
The firms said in a joint statement that they "agreed to terminate the MOU (memorandum of understanding) signed on December 23 last year for consideration of a business integration between the two companies."
The firms' intention to join forces had been seen as a bid to catch up with Tesla and Chinese firms in the electric vehicle market.
Honda's CEO insisted in December that it wasn't a bailout for Nissan, which last year announced thousands of job cuts after reporting a 93 percent plunge in first-half net profit.
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Read more: https://www.cbsnews.com/news/honda-nissan-merger-talks-officially-off/
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