Honda (7267 JT) and Nissan (7201 JT) announce the signing of the basic agreement to consider integration; Cos and Mitsubishi Motors (7211 JT) sign an MOU on collaborative considerations

Honda

• Cancelling buybacks scheduled between November 7th 2024 and October 31st 2025.
• To buy back JPY 1.1tln of shares.
• Synergy effect will be maximised after 2030
• Rise of Chinese automakers and new players have changed the car industry "quite a lot"; must build up capabilities to fight with them by 2030 - or will be beaten

Honda/Nissan

• Intend to set up the holding Co. in August 2026. Aim to conclude talks around June 2025.
• To delist around August 2026.
• Aiming for an operating profit over JPY 3tln, combined.
• Honda will appoint majority of the board, incl. President.

Honda/Nissan/Mitsubishi

• To explore the possibility of Mitsubishi partaking in the integration.
• Aims to reach a conclusion on this by end-January 2025.

Nissan 

• CEO: The integration will create a top class automaker with more than JPY 30tln sales
• CEO: To achieve shares growth with Honda, "our big responsibility is to carry out turnaround efforts as soon as possible"