Honda Motor (NYSE:HMC) is back at the tablebut only if Nissan Motor (NSANY) makes a leadership change. Talks to create a $60 billion auto giant collapsed after Honda pushed for full ownership rather than a partnership, exposing deep fractures in Nissan's strategy. Now, sources say Honda is open to reviving negotiations, but Nissan CEO Makoto Uchida needs to go first. The pressure is mounting, with Nissan's board and Renault (RNLSY) weighing in on his future, and investors watching closely as the automaker scrambles for its next move.

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Nissan's troubles aren't stopping at failed merger talks. Foxconn has been circling, confirming interest in buying Nissan shares to secure EV manufacturing contracts. Meanwhile, private equity firms like KKR and U.S. automakers are being pitched investment opportunities as Nissan battles slumping sales, looming debt repayments, and a potential credit downgrade. Renault, which still holds a 36% stake in Nissan, is also exploring options to sell a large portion of its shares at a premiumpotentially shaking up the company's ownership structure even further.

Behind the scenes, Nissan's main lender, Mizuho Financial Group, is working to secure liquidity, exploring private equity funding options to keep the automaker afloat. With Nissan burning through 506 billion in cash in just nine months, the urgency is real. Uchida has hinted at stepping down once the company stabilizes, but with growing internal and external pressure, his timeline may not be his own to decide. Investors are bracing for a major shake-up as Nissan navigates one of its most uncertain chapters yet.