Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

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.

Renault has cautiously weighed in on the Nissan-Honda merger announcement, saying it “will consider all options based on the best interest of the Group and its stakeholders.” The French carmaker said in a3