Iconic car brand ‘on brink of collapse’ set to merge with TWO rival firms to create 46bn merger to battle Tesla [Video]

AN ICONIC car brand reportedly “on the brink of collapse” is set to join forces with two rival firms in a landmark deal.

Honda and Nissan have signed a memorandum of understanding to launch talks that could lead to a £46billion merger.

Nissan Motor Co. President and CEO Makoto Uchida, Honda Motor Co. President Toshihiro Mibe, and Mitsubishi Motors Corp. President and CEO Takao Kato at a press conference yesterdayCredit: EPA

Honda would lead the potential merged companiesCredit: Alamy

Nissan is reported to be on the brink of collapseCredit: Alamy

The production line at Nissan’s Sunderland plantCredit: Getty Images – Getty

The consolidation – which would be the biggest in Japanese automotive history – could also include Mitsubishi Motors, which has been in alliance with Nissan since 2016.

It comes after reports in recent weeks suggest Nissan could go under within 12 months if it doesn’t receive financial support.

Any merger could mean each party sharing factories …