Honda and Nissan are in merger talks | Money [Video]

(CNN) — Honda and Nissan are discussing a possible merger, potentially bringing together two Japanese automaking titans that have recently fallen on hard times.

The companies said in statement that they have been in talks, but they offered no details or timeframe for when a deal – if one should develop – may be completed. It’s also not clear what shape the possible joint-venture could take. Nikkei first reported the news of a potential tie-up Tuesday.

“As announced in March, Honda and Nissan are exploring various possibilities for future collaboration, leveraging each other’s strengths,” the companies said in a statement Tuesday. “If there are any updates, we will inform our stakeholders at the appropriate time.”

In March, Honda and Nissan announced that they would partner on electric vehicles and in August said they would collaborate on battery technology. But they could benefit from deepening their ties as both have faced challenges this year.

Both companies, like many non-Chinese automakers, have struggled in …