Japan’s second- and third-largest automakers hope the $50 billion deal would help them catch up with Tesla and China’s BYD in electric vehicles and advanced software.

Honda and Nissan have officially confirmed the rumors that they're pursuing a merger. Both would still operate under their brands but with a new joint holding company as parent. If Nissan-controlled Mitsubishi also came on board,

Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.