World's 3rd largest auto maker is forming...

Japanese automakers Honda and Nissan have announced plans to work toward a merger that would create the world’s third-largest automaker by sales, as the industry undergoes a dramatic shift away from fossil fuels. The two companies said they had signed a memorandum of understanding and that Nissan’s smaller alliance member, Mitsubishi Motors, had also agreed to join talks on integrating their businesses.

Japanese automakers have lagged behind their big rivals in electric vehicles, and are scrambling to cut costs and catch up as newcomers such as China’s BYD and US market leader Tesla take market share. They are seeking to make up for lost time and strengthen their positions in the market by relying on new collaborations and innovations.

The collaboration is expected to boost efficiency and speed up the development of more competitive, environmentally friendly vehicles