After taking part in talks of potential merger with Honda, Nissan has begun looking for a new partner as it tells Honda it they will no longer be participating in talks.
Nissan’s CEO Makoto Uchid told Honda’s chief he will be ending the possibility of a merger, which could have created the world’s fourth largest automaker.
Meetings concerning the Nissan-Honda merge began in December as a response against growing competition from Chinese carmakers.
The discussions were also joined by long-term partner Mitsubishi, who have since exited the Japanese automakers’ talks.
Nissan’s search for a new partner could be broad and outside the automotive industry, with rumours of Taiwanese iPhone contract manufacturer Foxconn as a potential company of interest, according to the FT.
The talks reportedly fell apart after Honda proposed a deal where Nissan would become a fully-owned subsidiary, deviating from initial plans to become a joint company.
Both companies are expected to comment on the termination of talks next week during an earnings report statement.
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Image: Nissan
