Nissan, Honda, Mitsubishi explore potential business integration
Date
12/23/2024 6:44:09 AM
(MENAFN) In a significant move for the global automotive sector, Nissan and Honda Motors sign a memorandum of understanding (MoU) on Monday to initiate formal discussions regarding a possible business integration.
Mitsubishi Motors also enters the talks by signing a three-party MoU, agreeing to assess its participation. A final decision from Mitsubishi is anticipated by January 2025.
The MoU outlines a framework for confidential discussions and information sharing among the companies. However, top executives stress that the agreement marks the beginning of evaluations, not a confirmation of integration.
"Given the necessity of exchanging confidential information, we signed an MoU, which is an agreement to start the discussion and provides a framework for the discussion. It does not mean that business integration is decided," Honda’s Director and Representative Executive Officer Toshihiro Mibe stated during a press conference.
The announcement follows months of collaboration between Nissan and Honda, which initiated a feasibility study in March. Mibe noted that the two automakers aim to determine the viability of integration by the end of January 2025.
This potential partnership builds on prior collaborative projects, including research on next-generation software-defined vehicles (SDVs), electric vehicle (EV) components, and platform development.
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