Nissan announces $2.6 billion cuts after Honda merger crumbles
iPhone maker Foxconn has expressed openness to working with Nissan.
After weeks of speculation, on December 23, Japanese automotive giants Nissan (NSANY) and Honda (HMC) announced that they signed a memorandum outlining their plans for a possible merger.
Under the proposed deal, the two Japanese automakers would merge into a common parent company by August 2026. During a press conference, Honda CEO Toshihiro Mibe said the merger needed to adapt to new competition in a more difficult world auto industry.
"The rise of Chinese automakers and new players has changed the car industry quite a lot," Mibe said. “We have the potential to be a world-class, leading company in new mobility. By 2030, we need the artillery to compete on the battlefield. So, we are starting today.”
