Honda, Nissan, and Mitsubishi are joining forces to operate together under a single holding company, in a bid to stave off fierce competition around the world.

The Honda-Nissan merger looks increasingly inevitable. The situation has come together rapidly. Reports in late November indicated the automaker only had a year’s worth of money to survive. The company was looking for a major investor to keep things going,

Japanese carmakers Honda and Nissan are discussing a merger with Mitsubishi Motors in a bid to counter fierce global competition in the field of electric vehicles, the companies said in a statement released after an emergency press conference on Monday.