TOKYO—Honda Motor Co. and Nissan Motor Co. have signed a memorandum of understanding to begin “a feasibility study of a strategic partnership in the fields of vehicle electrification and intelligence.” The two automaker believe that it’s necessary to combine their strengths and explore the possibility of future collaboration related to software platforms and core electric vehicle components.

“It is important to prepare for the increasing pace of transformation in mobility in the mid-to-long-term, and it is significant that we have reached this agreement based on a mutual understanding that [we] face common challenges,” says Makoto Uchida, president and CEO of Nissan. “We look forward to further discussions and aim to find win-wins for sustainable growth.”

“In this period of once-in-a-century transformation in the automotive industry, we will examine the potential for partnership,” adds Toshihiro Mibe, president of Honda. “Our study criteria will be whether the synergy of the technologies and knowledge that our companies have cultivated will enable us to become industry leaders by creating new value for the automotive industry.”