The $60 billion mega-merger between Honda and Nissan has been called off, in part because of Nissan's "pride and insufficient alarm about its

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.

Japanese auto giants Honda and Nissan confirmed they've scrapped merger talks announced in December​, ending a potential combination that would have created the world's third-largest automaker.