Japanese automakers Honda and Nissan will attempt to merge and create the world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

Japanese automakers Nissan and Honda have announced plans to work toward a merger that would catapult them to a top position in an industry in the midst of tectonic shifts as it transitions away from its reliance on fossil fuels.

Embattled Japanese automaker Nissan has tapped Jeremie Papin as its chief financial officer in a major management reshuffle billed as key to a turnaround.

Nissan is reporting a loss for the latest fiscal quarter as its vehicle sales sank while costs and inventory ballooned.

Japanese automakers Nissan and Honda say they plan to share components for electric vehicles like batteries and jointly research software for autonomous driving.

Nissan has lowered its full fiscal year outlook after the Japanese automaker reported a 73% decline in profit in the April-June quarter compared to the previous year.

Nissan’s profit for the fiscal year through March has jumped 92% to 426.6 billion yen, or $2.7 billion, as the Japanese automaker’s sales grew in all major global markets except China.

Nissan and Honda have announced they will work together in developing electric vehicles and auto intelligence technology, sectors where Japanese automakers have fallen behind.

Nissan has reported a 55% jump in its October-December profit, as the Japanese automaker gears up for a less bumpy journey with its French alliance partner Renault.

Nissan is investing 2 trillion yen, or nearly $18 billion, over the next five years and developing a cheaper, more powerful battery to boost its electric vehicle lineup.

Nissan has reported a 114.5 billion yen profit for the April-June quarter, a reversal from a 285.6 billion yen loss the previous year, as its sales and profitability improved, especially in the U.S. market.

Nissan Chief Executive Makoto Uchida has told a Japanese court that the company's former chairman, Carlos Ghosn, had held too much power, failed to listen to others, and stayed on for too long.

Nissan Chief Executive Makoto Uchida has pleaded for patience from disgruntled shareholders and promised a turnaround at the Japanese automaker.

Nissan Motor Co.'s new electric crossover Ariya is displayed at Nissan Pavilion in Yokohama near Tokyo Tuesday, July 14, 2020. The Ariya is the Japanese automakers first major all-new model since getting embroiled in the scandal surrounding former Chairman Carlos Ghosn. (AP Photo/Koji Sasahara)TOKYO Nissan unveiled an electric crossover vehicle Wednesday, the Japanese automakers first major all-new model since getting embroiled in the scandal surrounding its former chairman, Carlos Ghosn. At its global premiere in Yokohama, Japan, the new vehicle, Ariya" was billed as a new chapter for Nissan. The event was held online because of the coronavirus pandemic. Uncertainty remains over how Nissan will fare without Ghosn, who spear-headed its move into electric cars while at its help for two decades.

A man walks past the corporate logos at the global headquarters of Nissan Motor Co., Ltd. in Yokohama near Tokyo, Thursday, May 21, 2020. (AP Photo/Koji Sasahara)TOKYO Nissan Chief Executive Makoto Uchida told shareholders Monday he is giving up half his pay after the Japanese automaker sank into the red amid plunging sales and plant closures in Spain and Indonesia. But the problems are especially serious for Nissan Motor Co., which already was fighting to salvage its reputation after the financial misconduct scandal of its former star executive Carlos Ghosn. Nissan, based in Yokohama, Japan, sank into its first annual loss in 11 years, reporting a 671.2 billion yen ($6.3 billion) loss for the fiscal year that ended in March. But one investor noted Nissan sales werent picking up in the U.S. or China, and Nissan stock prices were continuing to slip.