Speculation about a potential Honda and Nissan merger began earlier this month, and the two companies confirmed the official start of talks Monday.

Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

Renault has cautiously weighed in on the Nissan-Honda merger announcement, saying it “will consider all options based on the best interest of the Group and its stakeholders.” The French carmaker said in a3