August 02, 2024 – Japan’s three leading automakers, Honda, Nissan, and Mitsubishi, have officially signed a strategic cooperation memorandum today, initiating discussions on a framework for collaboration in intelligent and electrified vehicles. This move comes after Nissan and Honda had previously inked a strategic partnership memorandum of understanding on March 15th. Under the new agreement, Mitsubishi will join the discussions between the two companies.
According to an official press release from Nissan, the company, along with Honda, aims to accelerate the achievement of carbon neutrality and a zero-accident society. They plan to develop environmentally friendly technologies and explore cooperation in various areas such as electric vehicle technology and software development. The addition of Mitsubishi is expected to bring new knowledge and insights, further enhancing the synergies among the three companies and presenting new business opportunities.

Previous reports have indicated that Nissan, Japan’s third-largest automaker, has been experiencing a steady decline in market share in its two largest markets, the United States and China. These two markets accounted for half of its global sales in the year ending in March. Due to heavy promotions in the US market, which nearly erased all profits in the first quarter, Nissan has revised its annual forecast downwards.
Industry experts believe that this collaboration will assist Japanese automakers in reducing costs and jointly facing fierce competition in the electric vehicle sector, currently dominated by companies like BYD and Tesla.
In March of this year, Nissan and Honda announced the signing of a memorandum of understanding. This memorandum outlines their intention to collaborate in the electric vehicle field, covering areas such as vehicle electrification, intelligence, software platforms, and core components related to electric vehicles.