Honda, Nissan agree to work together on EVs

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

The chief executives of Nissan Motor Co. and Honda Motor Co. appeared together at a news conference in Tokyo to announce that Japan's second and third biggest automakers will look into areas with a potential for collaboration.

The details of the nonbinding agreement are still being worked out, both sides said. The executives said the companies will develop core technologies together, but their products will remain different.

Nissan Chief Executive Makoto Uchida stressed that speed is crucial for the companies in developing technological solutions.

“We don't have time,” he said.

Compiled from Associated Press reports.