Honda CEO Mibe on Monday said some of the company’s shareholders may feel that the deal would represent Honda supporting Nissan, but noted the merger was “based on ... question,” Wells added. Shares of Renault closed 1.2% higher on Monday.

Facing extreme competitive pressure from the rise of Chinese EV makers, the Nos. 2 and 3 Japanese automakers turn to each other to build strength.

Renault has cautiously weighed in on the Nissan-Honda merger announcement, saying it “will consider all options based on the best interest of the Group and its stakeholders.” The French carmaker said in a3