Nissan, Honda announce merger, creating world’s third-largest carmaker
Al Jazeera
Plans, which include Mitsubishi, announced as Japan tries to gain foothold in electric vehicle market.
Japan’s Honda and Nissan are planning a merger, which would create the world’s third-largest carmaker as the industry pivots away from fossil fuels.
The company’s two presidents, Toshihiro Mibe of Honda and Makoto Uchida of Nissan, signed a memorandum of understanding on Monday, projecting the establishment of a holding company by August 2026, which could potentially position them third in the market after Toyota and Volkswagen.
Honda, currently Japan’s second-largest carmaker, is widely viewed as the only national partner able to rescue Nissan, which has struggled since former chairman Carlos Ghosn was arrested on charges of fraud and misuse of company assets in 2018.
Ghosn, who denied the charges and fled to Lebanon after being released on bail, derided the planned merger as a “desperate move” in a video call to reporters on Monday.
Nissan, valued at about $10bn, said in November it was slashing 9,000 jobs, or 6 percent of its global workforce, and reducing its global production capacity by 20 percent after reporting a quarterly loss of 9.3 billion yen ($60m).
Economic issues, particularly living costs, were front and centre in 2024 as some 2 billion people went to the polls.
Twin-engine plane crashed in largely residential neighborhood of Gramado shortly after takeoff, authorities say.
Israeli forces bomb people staying in tents in al-Mawasi as UNRWA chief describes ‘escalation’ of attacks.
Thousands flock to East Asian country for cosmetic surgeries each year, often relying on unregulated forums for advice.
Statements come amid criticism of Musk’s involvement in budget negotiations, outsized role in Trump transition.
Incident not result of ‘hostile fire’, says US military, as Houthis claim their attack on US carrier downed aircraft.
Meeting comes two days after Turkiye’s Erdogan says his minister will visit Damascus to discuss new structure in Syria.
Al Jazeera speaks to Syrian opposition fighters who came back to liberate their homes and pursue their dreams.
Russia accuses Ukraine of ‘massive’ drone attack that hit a luxury apartment block in the city, some 1,000km (620 miles) from the frontier.
South America’s only native bear is under threat. A small group of coffee farmers in the Andes is doing something about it.
Head of women’s affairs Aisha al-Dibs says women from all provinces and ethnicities will help rebuild war-torn country.