Nissan, Honda, and Mitsubishi Motors Sign Memorandum of Understanding for Collaboration

Nissan Motor Co., Ltd. ("Nissan"), Honda Motor Co., Ltd. ("Honda") and Mitsubishi Motors Corporation ("Mitsubishi Motors") signed a memorandum of understanding (MOU) to explore Mitsubishi Motors' participation, subsidiary, and synergy-sharing potential regarding business integration through the establishment of a joint holding company as outlined in the agreement between Nissan and Honda.

Nissan and Honda agreed to continue discussions based on the framework set out in the memorandum of understanding concerning the launch of a strategic partnership focused on intelligence and electrification, signed on August 1. Mitsubishi Motors has also joined this process, and the three companies are continuing their discussions.

Nissan and Honda had agreed to begin evaluations for business integration through the establishment of a joint holding company amidst changes surrounding both companies and the automotive industry. The companies decided to explore the possibility of achieving a higher level of synergy through Mitsubishi Motors' participation or inclusion in the business integration. Mitsubishi Motors aims to reach a conclusion regarding its participation or inclusion in business integration between Nissan and Honda by the end of January 2025.

Makoto Uchida, Director, President, CEO, and Executive Officer Representative of Nissan stated: "Honda and Nissan have begun to evaluate a business integration, and they will work on creating significant synergies in many areas between the two companies. It is important that Nissan's partner Mitsubishi Motors is also involved in these discussions. If this integration occurs, we believe we can offer even more value to a wider customer base."

Toshihiro Mibe, Director and Executive Vice President of Honda remarked: "In this transformative era in the automotive industry, which is said to occur once every hundred years, we hope that Mitsubishi Motors' participation in the business integration discussions between Nissan and Honda will lead to further social change and that we can become a leading company in creating new value in mobility through business integration. Nissan and Honda will begin discussions from today to clarify the possibility of business integration based on Mitsubishi Motors' evaluations by the end of January."

Takao Kato, Director, Executive Officer Representative, President, and CEO of Mitsubishi Motors commented: "In this era of transformation in the automotive sector, the business integration efforts between Nissan and Honda will accelerate the effects of enhancing synergy. We value high collaboration with Mitsubishi Motors. We will explore the best forms of collaboration to realize synergies and make the most of each company's strengths."