Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

Japanese carmakers Honda and Nissan are discussing a merger with Mitsubishi Motors in a bid to counter fierce global competition in the field of electric vehicles, the companies said in a statement released after an emergency press conference on Monday.

Honda, Nissan, and Nissan's partner Mitsubishi are moving forward with a "business integration" to keep the Japanese automakers competitive

Japanese automakers Nissan and Honda have announced plans for a merger that would catapult them to a top position in an industry that's in flux as it transitions away from its reliance on fossil fuels.

Mitsubishi President Takao Kato is considering joining the business integration talks between Honda and Nissan.

The Japanese government, which has a history of consolidating domestic semiconductor and display panel industries, has now stepped in to facilitate a merger between Honda and Nissan to bolster the nation's automotive sector.

Honda, Nissan, and Mitsubishi are joining forces to address the challenges of the global automotive market. This merger will create a new Japanese holding company aimed at boosting the competitiveness of these brands on the world stage.

Honda's acquisition of Nissan could strengthen the two struggling brands to better compete with China's BYD Co. in the global auto market. Honda's planned acquisition of Nissan would combine their more than 6 million global sales in 2024,

Honda, Nissan, and Mitsubishi are joining forces to tackle the challenges of the global automotive market. This merger will result in a new Japanese holding company aimed at enhancing the competitiveness of these brands on the global stage.