Japanese automakers Honda and Nissan have announced plans to join forces, forming world’s third-largest automaker by sales as the industry undergoes dramatic changes in its transition away from fossil fuels.

Speculation about a potential Honda and Nissan merger began earlier this month, and the two companies confirmed the official start of talks Monday.

SIGN UP for TheStreet’s FREE Daily newsletter 💰💸 While his tenure also brought about landmark products like the all-electric Nissan Leaf and the Nissan GT-R supercar; his tenure with the automaker,