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.

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,

Facing extreme competitive pressure from the rise of Chinese EV makers, the Nos. 2 and 3 Japanese automakers turn to each other to build strength.