The expected $60 billion merger of Nissan, Honda, and stepchild Mitsubishi, planned for later this year, is officially off. Nissan and Honda separately posted the same press release announcing the decision.

Nissan plans to cut thousands of jobs and slash production in a turnaround plan that becomes more important after calling off its Honda tie-up.

Comment Now! Honda and Nissan have walked away from a proposed merger; The merger would have created one of world's largest automakers with