Nissan is now on the hunt for a new partner to help it recover after ending its planned electric vehicle (EV) merger with Honda. The sudden move comes after Honda reportedly wanted more control over the partnership, which would have created the world’s fourth-largest auto group.
Sources close to the matter confirm that Nissan CEO Makoto Uchida met with Honda’s head honcho on Thursday morning, confirming plans to end merger talks. With a combined market cap of around $58 billion, the alliance fell apart due to concerns over Nissan’s turnaround plans and accusations of slow restructuring.
As part of its turnaround strategy, Nissan announced plans to reduce its workforce by about 9,000 and 20% of global production. Last year, Nissan’s global production fell 9%, with significant declines in China, the US, and the UK.
Nissan is now exploring options with tech leaders outside the EV and automotive industry, including a potential partnership with Apple supplier Foxconn. Jun Seki, chief strategy officer at Foxconn’s EV business, has worked for Nissan for 33 years and rose to become the number three senior executive.
The development comes as both companies prepare to report earnings next week, which may reveal more about their plans for the future. A new partner could help Nissan turn things around, but only time will tell if Foxconn or another tech company can provide the necessary support.
Source: https://electrek.co/2025/02/06/nissan-scambling-find-new-ev-partners-panic-sets-in