Merger talks between Honda and Nissan have collapsed after the firms failed to agree on a multi-billion-dollar tie-up.
The Japanese carmakers, along with junior partner Mitsubishi, had aimed to combine their businesses to fight back against competition from rival firms, especially in China.
The merger would have created an auto group worth $60bn (£48bn), and the world’s fourth-largest by vehicle sales after Toyota, Volkswagen and Hyundai.
The companies said they would continue their partnership on electric vehicles.