Honda and Nissan’s $60 billion EV partnership plans are already falling apart
The landmark EV merger, which would create the world’s third-largest automaker, may not happen after all. Honda and Nissan’s EV partnership plans are reportedly already being called off. The partnership was expected to help the Japanese automakers survive after falling behind BYD, Tesla, and others as the industry shifts to electric.
Why are Honda and Nissan’s EV merger plans on hold?
After Honda and Nissan signed a memorandum of understanding (MOU) in December, confirming plans to create a new joint EV holding company, the merger is already being called off.
During a board meeting on Wednesday, Nissan announced it was considering scrapping the EV merger. According to Nikkei, the announcement came after Nissan informed Honda that it planned to put talks on hold late Tuesday.
Sources close to the matter said the plans are falling through over ownership. Honda is reportedly worried about Nissan’s turnaround plans and wants more control over the partnership. However, Nissan wants equal ownership, as the initial plans called for.
As Reuters reported, Nissan and Honda said the Nikkei report was not based on official company announcements. A final decision on the merger is planned for mid-February.
With around 8 million in combined sales, the partnership would have established the third-largest auto group, behind Toyota and Volkswagen, with a value of around $58 billion.
Nissan already announced it was cutting around 9,000 jobs and 20% of global output to cut costs and improve profits. Will it be enough without Honda’s help?
Electrek’s Take
Nissan and Honda are quickly falling behind in the global auto market, with new threats like Tesla, BYD, and other Chinese automakers gaining momentum.
For the first time, BYD sold more vehicles globally than Nissan and Honda last year. With new EVs arriving in Europe, Southeast Asia, South and Central America, and several other overseas markets, BYD expects 2025 to be even bigger. In its first full sales year, BYD even sold more electric vehicles than Toyota in Japan, its home market.
Japanese automakers have already lost significant market share in China, one of their most important markets, but now sales are falling in other key regions.
The merger was expected to help the Japanese auto giants catch up as the industry shifts to EVs, “which is said to occur once every 100 years,” according to Honda’s CEO Toshihiro Mibe.
During a press conference in December, Mibe explained that “the rise of Chinese automakers and new players has changed the car industry quite a lot,” adding, “We have to build up capabilities to fight with them by 2030, otherwise we’ll be beaten.”
Can Honda and Nissan survive the transition without each other? Let us know what you think in the comments below.
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Beatbot AquaSense 2
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Environment
Toyota the EV battery supplier? Honda will use them to power up its 400,000 hybrids in the US
Toyota is now a battery supplier? That’s the plan. Honda will use Toyota’s batteries to power up its around 400,000 hybrids sold in the US.
Toyota will supply batteries for Honda hybrids in the US
Toyota’s $14 billion battery plant in North Carolina is ready for business. The facility will begin shipping out batteries next month, and it looks like Toyota already has its first customer.
According to a new Nikkei report, starting in fiscal 2025, Toyota will supply batteries for the roughly 400,000 Honda hybrids sold in the US.
Honda currently uses batteries from China and Japan for vehicles sold in the US, but the company is (like most) preparing for changes under Trump.
Honda’s electrified vehicles, including EVs and hybrids, accounted for over a quarter of US sales last year. The company sold over 308,500 hybrids and 40,400 electric vehicles in the US in 2024. The batteries will likely be used in the CR-V and other Honda hybrid vehicles.
Earlier this month, an extra 10% tariff on imports from China took effect. And that’s on top of the 10% imposed in February.
With more expected, including a 25% increase in vehicles imported from Japan, automakers are tightening up their supply chains.
A 25% tariff on Japanese vehicles, up from 2.5% currently, is estimated to cost the six major Japanese automakers about $20 billion in the US.
Tariffs on imports from Mexico and Canada could cost Honda roughly $4.7 billion alone. Teaming up with Toyota to use its batteries for its hybrids is part of Japan’s broader global plans to ween off dependence on China and others for batteries and other emerging tech.
The new US plant, Toyota Battery Manufacturing North Carolina (TBMC), is over seven million square feet, or about the size of 121 football fields.
As Toyota’s first in-house battery factory outside of Japan, the plant could be a game changer as Trump’s tariffs take effect. Securing Honda as a buyer will already help Toyota cut costs as it ramps up output.
Toyota plans to ramp up electrified vehicle (EV, PHEV, and hybrid) sales in North America from around 40% last year to 80% by 2030.
Electrek’s Take
Trump’s tariffs are already causing havoc, with nearly every automaker warning that they put the US further behind. Overseas automakers are not the only ones feeling the heat, either.
The “Big Three,” GM, Ford, and Jeep maker Stellantis all build vehicles in Canada and Mexico. GM cut output at its plant in Mexico in January, where the electric Chevy Equinox, Blazer, and Honda Prologue are made. Stellantis halted operations at its Brampton Assembly Plant in Canada last month, where it was expected to launch the Jeep Compass EV production. What’s next?
For Toyota, it looks like its $14 billion bet to build batteries in the US is already paying off. Now, we just need it to introduce more EVs.
After unveiling three new electric SUVs in Europe last week, including the updated bZ4X, Toyota hinted more is on the way for the US. Check back soon for updates.
What do you think? Do you want to see more Toyota EVs in the US, like the new C-HR+? Let us know your thoughts in the comments.
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