Japanese automakers Honda and Nissan have officially abandoned their plans for a $60 billion merger after weeks of negotiations fell through over control issues. The decision came as both companies face significant financial challenges, with Nissan reporting a 78% drop in Q3 profits and Honda revealing a decline in its own profits. Despite the collapse of the merger talks, both automakers have pledged to continue collaborating under a strategic partnership. The failed deal, which also included Mitsubishi, has left the future of both companies uncertain as they navigate their respective crises.