Earlier, in December 2024, Nissan and Honda signed a memorandum of understanding that was to be the first step toward a potential merger. But already in February 2025, the negotiations were officially terminated. Among the reasons cited is Nissan's decisive refusal to join Honda. Despite this, the companies continue to cooperate in the areas of electrification and software development, but a full merger is no longer on the table.
It is noteworthy that back in January 2025, speaking at CES, Toyota Chairman Akio Toyoda publicly noted: Nissan never approached them with a merger initiative, and even if it had, such a giant combined concern would most likely contradict antitrust regulations.
And now, according to information from the influential Japanese publication Mainichi Shimbun, Toyota itself has already acted as the initiator of negotiations. At the same time, neither Toyota nor Nissan currently officially comment on this information: Nissan refrains from answering, and Toyota is only considering possible options for further actions.
Toyota has long adhered to a strategy of creating its own "mini-empire" in the Japanese automotive market. The company has stakes in Subaru (20%), Mazda (5.1%), Suzuki (4.9%), and Isuzu (5.9%). A possible partnership with Nissan could further strengthen its position both in Asia and globally.
