Honda and Nissan presidents met with executives from the Ministry of Land, Infrastructure and Transport on the morning of the 23rd
Japan’s Honda and Nissan Motor Company plan to make a formal announcement on the 23rd that they will sign a basic agreement and begin full-scale discussions for management integration, local public broadcaster NHK and Nippon Keizai Shimbun (Nikkei) reported.
According to reports, the two companies are considering reaching a final merger agreement in June next year. It is a form of establishing a holding company and having both companies under its umbrella. They are also considering joining Mitsubishi Motors, of which Nissan is the largest shareholder.
The new company’s chairman plans to be selected from among the directors nominated by Honda.
In addition, the holding company’s internal and external directors are also being coordinated so that Honda nominates the majority.
In particular, Honda President Toshihiro Mibe and Nissan President Makoto Uchida met with Ministry of Land, Infrastructure, Transport and Tourism executives this morning.
The presidents of both companies refrained from commenting when asked by reporters about the meeting, but appear to have reported that they are discussing a merger.
Last year, Honda’s global car sales were 3.98 million units. Nissan had 3.37 million units. If the two companies merge, a large automobile group, the world’s third largest, will be created.
According to Nikkei, President Mibe and President Uchida are expected to hold a press conference to explain the background to the merger.
Takao Kato, president of Mitsubishi Motors, is also expected to attend the press conference. Explains business cooperation with Honda and Nissan.
Honda and Nissan began considering collaboration in March. Since August, we have been discussing commonization of automotive software and parts through a comprehensive business partnership. Mitsubishi has also hinted at a policy of joining and collaborating between the two companies.
Competition in the automobile industry is intensifying as emerging powers such as American electric vehicle company Tesla and China’s BYD are taking the lead in areas such as electric vehicles, autonomous driving, and automobile software development. Honda and Nissan appear to be trying to increase competitiveness by sharing large amounts of investment and sharing technology.
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