Mitsubishi already has ties with Honda and Nissan and is now planning to join one wide-reaching partnership announced by them in March.
O Nikkei Mitsubishi Motors Corp. said Sunday that Mitsubishi will work with Honda and Nissan to finalize details of the partnership.
The partnership between Honda and Nissan covers areas such as software platforms, core components of electric vehicles and other related products, and according to Nikkei, the automakers, together with Mitsubishi, want to standardize vehicle software systems.
According to Nikkei, Mitsubishi merging with Honda and Nissan will leave Japan with two dominant auto groups. One will be Toyota and its associated brands, and the other will be the alliance between Honda, Nissan and Mitsubishi. Combined, the two groups sold more than 19 million vehicles last year.
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Nissan already owns 34% of Mitsubishi and the two share platforms and technology through their existing alliance that also includes Renault. Mitsubishi has also collaborated with Honda in the past, most recently in the area of battery leasing for EVs through a joint venture called Altna.
Japanese automakers are consolidating in an effort to cut costs but also to catch up in the EV race after years of promoting hydrogen fuel cells as an alternative. Toyota, Mazda and Subaru also announced plans in May to collaborate on internal combustion engine development.
The measures are aimed at warding off competition from international rivals, especially China, which last year overtook Japan to become the world’s biggest vehicle exporter.