The landmark EV merger, which would create the world’s third-largest automaker, may not happen after all. Honda and Nissan’s

The deal may fall through as Honda reportedly wants to make Nissan its subsidiary, an act the latter vehemently opposes.

On the surface, the merger seemed practical, if not sensible. Honda could tap into the battery-electric products in Nissan’s lineup, and Nissan would likely find more stable financial footing. In November, Nissan announced it would cut over 9,000 jobs globally and trim its total production capacity by 20%.