01:47 PM EDT, 03/13/2024 (MT Newswires) -- Japanese automobile manufacturer Nissan's board has decided to explore collaboration with rival Honda Motor ( HMC ) , TV Tokyo reported Wednesday, citing unnamed sources.

Honda ( HMC ) has not committed to considering the collaboration and the outcome of the negotiations is uncertain, according to the report. Specific collaboration areas, including technology, production, and parts procurement, have also not been finalized, TV Tokyo said.

The potential partnership is expected to allow Nissan to streamline development and production costs for electric vehicles and provide Honda ( HMC ) with technological synergies, the report said.

Neither Nissan nor Honda ( HMC ) immediately responded to MT Newswires' requests 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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