Honda and Nissan initially said they were trying to finalize an agreement by June and set up the holding company by August. The three automakers will continue to work together on electric vehicles and smart cars, such as autonomous driving, they said Thursday.

It's official: the potential merger between Nissan, Honda, and Mitsubishi is dead. Both Japanese automakers released the same press statements announcing the end of their MOU, or "memorandum of understanding.

The parties acknowledge that Honda sought to make Nissan a subsidiary, taking on the role of parent company