Honda, Nissan allegedly planning to start merger talks in light of EV competition: report

Honda Motor and Nissan Motor are reportedly in the process of merging their companies and are set to start negotiations soon, according to Japanese media.

The news, which was first reported by the Nikkei newspaper on Tuesday, comes as both auto giants struggle to compete with the largest global electric vehicle (EV) makers, including Tesla and Chinese automaker BYD.

The merger plans have not been confirmed by either company. On Tuesday, both companies released identical statements tossing water on the reports.