Japanese auto makers Honda and Nissan said they plan to merge as traditional car makers try to cope with falling sales, slumping share prices, and increased competition from electric-vehicle makers. Honda and Nissan signed a memorandum of understanding to explore synergies and integrate their businesses through establishing a joint holding company,

Honda and Nissan have announced plans to merge as the Japanese automakers struggle with competition from rival brands in the electric vehicle market. The two companies confirmed on Monday that they had signed a memorandum of understanding that would create the third largest car maker by sales,

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.