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Mitsubishi will sit out on the proposed merger of Honda and Nissan, with plans to collaborate as an independent carmaker company, Automotive News said.

Instead, they plan to strengthen the cooperation with two more firms, Kyodo News said.

This act would keep Mitsubishi Motors Corp. a separate listed company on the stock market. However, a statement was issued claiming that no conclusions have been reached, according to Automotive News.

Mitsubishi CEO Takao Kato said that his company would make a final decision by the end of January regarding the integration, he said at the Dec. 23 merger announcement.

Scheduled to announce its fiscal third-quarter earnings at the start of February, Automotive News said, an official announcement and decision may come then regarding the merger.

Honda and Nissan's goal is to finalize an agreement by June and to further build the holding company by August of 2026, Kyodo News said.

Both Honda and Nissan would be delisted from the Tokyo Stock Exchange and further evolve into subsidiaries of the new holding company.

Nissan claimed that it would cut 9,000 jobs, and it said that it was going to decrease its worldwide production capacity by 20 percent, according to Kyodo News.

According to Automotive News, working independently can present large challenges for Mitsubishi during a time when many global carmakers are coming together.

Mitsubishi is one of Japan’s less successful players, selling less than one million vehicles globally.