Honda and Nissan have announced plans to merge as the Japanese automakers struggle with competition from rival brands in the electric vehicle market. The two companies confirmed on Monday that they had signed a memorandum of understanding that would create the third largest car maker by sales,

Japanese car giants Honda and Nissan are working out the details of a major merger that could create the world's third-largest automaker, as the companies

The potential merger could help boost the auto companies production of electric vehicles amid growing changes in the car industry.