Honda, Nissan in talks on a mega-merger to form world's third-largest automaker

Dec. 23 (UPI) -- Japan's Honda and Nissan said Monday they had embarked on formal merger talks that would create the third-largest car manufacturer globally with sales of as much as $191.4 billion and more than $19 billion profit.

Announcing the negotiations, Toshihiro Mibe, CEO of the larger Honda, told a news conference in Tokyo that the merger would provide "greater scale" to deliver advances in electric vehicle technology and software integration necessary to compete in the global auto market.

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