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,

Honda, Nissan, and Mitsubishi have started talks about merging into a single company. The goal is to reach an agreement by June 2025, and complete the merger by August 2026. The new company could be the world’s third biggest automaker with 8 million annual sales.