Japanese car giants announce plans to merge after struggles to match rivals in EVs
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Japanese car giants, Honda and Nissan, have announced plans to merge. That would make them the third largest car maker by sales. The two companies said they had signed a memorandum of understanding, which would also include the smaller Nissan Alliance member, Mitsubishi Motors, in the talks on integration.
Japan's car makers have struggled to match their big rivals in electric vehicles (EVs) and are trying to cut costs. If the merger is finalised it could result in a company worth more than 50 billion dollars (£39.77bn) based on the market capitalisation of all three car makers.
Honda would initially lead the new management, which would retain the principles and brands of each company, Honda's president, Toshihiro Mibe, said. The aim is for the deal to be completed by August 2026, he added. UK economy showed no growth in last quarter, revised figures show.
UK economy heading for 'worst of all worlds', CBI warns - as businesses expect fall in activity. Electric cargo bike firm Zedify seeks delivery of new backers. This breaking news story is being updated and more details will be published shortly. Please refresh the page for the fullest version.
