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Nissan–Honda–Mitsubishi Merger: What Was Cancelled—and What Continued

The proposed Nissan–Honda integration never became a merger. The companies ended talks in February 2025, terminated a separate tripartite MOU with Mitsubishi, and said strategic cooperation would continue.
From TheFinanceBase Team2 min to read
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No Nissan–Honda–Mitsubishi merger was completed. On February 13, 2025, Nissan and Honda ended talks about a possible business integration, and the three companies separately ended their agreement to consider a tripartite collaboration structure. They said strategic partnership work would continue.

What was cancelled?

The word “merger” is shorthand for a proposal that never reached a completed transaction. Nissan and Honda had signed a memorandum of understanding (MOU) on December 23, 2024, to consider business integration; their announcement said they were beginning a review, not that they had decided to combine. On February 13, 2025, the companies agreed to terminate that MOU and discontinue the discussions. Nissan’s December 23 announcement and the February 13 joint announcement document those steps.

Mitsubishi Motors was considering possible involvement in the Nissan–Honda discussions. Separately, Nissan, Honda, and Mitsubishi had an MOU to consider a structure for three-company collaboration. The companies terminated that separate MOU as well; Mitsubishi did not become part of a merged company. Honda’s December 23 announcement describes Mitsubishi’s potential involvement, and Mitsubishi Motors’ February 13 release records the tripartite MOU’s termination.

Why did Nissan and Honda call off the integration talks?

According to the companies’ joint announcement, they considered different structures. The MOU described a joint holding company, with Honda appointing a majority of its directors and a CEO following a joint share transfer. Honda later proposed a share exchange that would make Honda the parent company and Nissan its subsidiary.

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The companies said they concluded it was more appropriate to stop the discussions, citing the need to prioritize decision-making speed and execution of management measures in a fast-changing market as electrification advanced. That is the companies’ stated rationale, not evidence that the proposed transaction had reached a final agreement.

Contemporaneous Associated Press coverage reported Nissan CEO Makoto Uchida saying the subsidiary arrangement “was not going to realize Nissan’s potential, so I could not accept it.” The AP also reported Honda CEO Toshihiro Mibe saying, “I am really disappointed,” and that Honda had suggested a stock swap to speed decision-making.

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What happened to the companies’ cooperation?

The cancellation ended the integration discussions, not all cooperation. Nissan and Honda said they would continue within a strategic-partnership framework focused on vehicle intelligence and electrification. Mitsubishi’s release also described continuation within that framework after the three-company MOU was terminated.

A later Nissan–Honda software agreement

On August 31, 2026, Honda announced that Nissan and Honda had concluded a joint-development agreement to standardize electronic control units (ECUs) and software for next-generation software-defined vehicles. Honda described the work as aimed at improving development speed and investment efficiency. This is a later bilateral partnership development; it does not revive the cancelled integration, and Mitsubishi is not identified as a party to the agreement. Honda’s announcement describes the agreement.

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