On July 28, 2024, the Nikkei newspaper reported that Mitsubishi of Japan has announced its preparation to join the alliance between Honda and Nissan. This move will create a relationship between Japanese automakers with a combined sales volume of over 8 million vehicles.
Nissan currently holds 34% of Mitsubishi’s shares. According to Nikkei, Mitsubishi will work with Honda and Nissan to finalize the details of their strategic partnership. The three companies intend to standardize automotive control software.
Both Mitsubishi and Honda declined to comment on this information. Meanwhile, a Nissan spokesperson stated that the information is not based on any announcements made by either company.
This collaboration comes as Nissan, the third-largest Japanese automaker, is losing market share in its two largest markets, including the US and China. These two markets account for half of Nissan’s global sales volume for the year ending March 2024.
On July 25, 2024, Nissan adjusted its annual outlook after heavy discounts in the US market resulted in almost no profit for the company in the first quarter of this year.
Back in March, Honda and Nissan revealed they were considering a strategic collaboration to produce electric vehicle components and artificial intelligence based on automotive software platforms.
Mitsubishi used to be part of the long-standing alliance between Nissan and France’s Renault. However, in 2023, the three companies agreed to restructure, aiming for a more practical and flexible partnership.
The separate cooperation between Nissan, Honda, and Mitsubishi can help Japanese automakers reduce costs and enhance competition in the electric vehicle field. This field is currently dominated by Chinese company BYD and America’s Tesla.
In China, the world’s largest automotive market, Japanese brands used to be strong but are now facing a surge in production from domestic automakers. These domestic automakers are capturing consumers’ interest with affordable models equipped with adequate software.
Not long ago, Honda announced it would shut down three of its seven production lines in the world’s largest car market, reducing its annual capacity for gasoline-powered vehicles from 1.49 million to 1 million, a 30% decrease. This marks the first production cut for Honda in China and the most significant reduction for any Japanese automaker in the country during the current downturn.
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