Nissan and Honda, two of Japan's leading automakers, are reportedly on the verge of forming a comprehensive strategic partnership focused on electric vehicles (EVs), as they face declining sales in China, the world's largest auto market. This collaboration, highlighted by a Memorandum of Understanding (MoU) and public announcements from both companies, marks an epochal shift in strategy for the long-time rivals. The move is seen as a response to the rapid consolidation in the auto industry and the growing competition from Chinese EV manufacturers, amid a once-in-a-century transformation. Industry experts and company executives, including Honda's CEO, have emphasized the critical nature of adapting to the evolving market dynamics, with the legacy auto industry at risk of being overshadowed by the rise of Chinese automakers and the need to avoid being "wiped out." The partnership follows similar talks between VW and Renault in Europe, signaling a broader trend of consolidation to combat the Chinese EV wave.
With the auto industry entering a period of once-in-a-century transformation with the advent of Chinese automakers, a sense of uegency over lagging behind in the EV market pushed the two firms to consider joining forces. https://t.co/1Ymcs2SZxn
Apple and Tesla have been caught off guard by Chinese companies, with brands like Huawei and BYD encroaching on their customer base https://t.co/P0vMiznid9
China is eating Japan’s lunch when it comes to EVs so two of its biggest automakers have joined forces to avoid being "wiped out." https://t.co/l2UmmdQnaX
Two legendary Japanese automakers are teaming up against the EV establishment https://t.co/oJ4EUSwd8W
"Companies that cannot respond will be wiped out," says Honda's CEO. Epochal moment to see arch-rivals Honda & Nissan team up on EVs. Follows VW/Renault talks in Europe. The legacy industry is fighting to survive the Chinese wave. From @KanaInagaki: https://t.co/kYUvabHbE9
Honda and Nissan officially announced that considerations for forging a strategic partnership are underway. https://t.co/5DhdQfUAJw
Reports that rivals Honda and Nissan might team up on electric vehicles are encouraging, @GearoidReidy writes. But the entire Japanese industry needs to accelerate its consolidation https://t.co/jGHBzvGPUb via @opinion
Decades-long rivals Nissan and Honda seem about to team up on EVs as sales drop in China, the world's biggest auto market. That's a good first step -- but Japan's automakers need to step on the gas in a sector that is rapidly reconsolidating. My latest: https://t.co/wgV6l9CRkg
Honda, Nissan to sign MoU on comprehensive EV cooperation, NHK reports https://t.co/heDBtmBoLU https://t.co/UcssEYot5M
Nissan, Honda eye comprehensive EV tie-up, accord imminent https://t.co/wUFZmcYTXh