The leaders of Honda and Nissan on Monday detailed their plans to merge into the third largest automaker in the world in 2026. Assuming all goes according to plan, the new company would roll out about 8 million cars a year based on current production numbers,

Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

Honda, Nissan, and Mitsubishi are joining forces to operate together under a single holding company, in a bid to stave off fierce competition around the world.