08:30 AM EDT, 07/29/2024 (MT Newswires) -- Mitsubishi Motors is set to join an alliance between Nissan Motors and Honda Motor ( HMC ) consolidating the domestic market into two major groups, the Toyota Motor group and the partnership between Honda Nissan and Mitsubishi, Nikkei reported Sunday.

The collaboration will focus on standardizing in-vehicle software, with Nissan and Honda ( HMC ) developing the basic software to be potentially used in Mitsubishi vehicles, the report said.

The move aims to enhance the competitiveness of next-generation vehicles while managing development costs, Nikkei reported.

Additionally, the companies will explore supporting each other's vehicle lineups, including potential original equipment manufacturing supply from Mitsubishi for plug-in hybrid vehicles and pickup trucks, and future collaboration in mini vehicles, according to the report.

Mitsubishi Motors, Nissan, and Honda ( HMC ) did not immediately respond to a request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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