Honda, Nissan, and Mitsubishi have announced plans to share EV components and study autonomous driving software. The two companies drew up a preliminary agreement in March, with confirmation of this partnership following 100 days of discussions. Mitsubishi has also joined the duo. Where Japanese automakers once dominated the industry, they've fallen behind in recent years as EV makers like Tesla and BYD lead the pack. Toshihiro Mibe, Chief Executive of Honda, said 'If we try to do everything on our own, we cannot catch up.' Both Honda and Nissan will still produce their own EV models but will share resources across key areas such as software development and components with an end goal of lowering costs by boosting volume. Collaborating on techs such as software and data platforms and System on Chip design means the two automakers can quickly launch new vehicle features, competing with low-cost Chinese brands like BYD. The two automakers said their model lineup would 'mutually complement' each other acros s several global markets for EVs and internal combustion engines. There's no comment yet on whether the partnership will lead to the ownership of mutual capital, though. This partnership makes a lot of sense for Nissan. The company's profits fell 99% last quarter as it struggled to survive in the US market. It makes sense, too, for Honda, given that the automaker is likely seeking a replacement following the end of its partnership with GM earlier this year. With Nissan already owning 34% of Mitsubishi and the two sharing vehicle technology and platforms, the union seems like the next logical step for Mistubishi. Source :News Agency of Nigeria