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.

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.

After Honda walked away from merger talks, Nissan finds itself at a crossroads. Could tech giant Foxconn or private equity firm KKR be the lifelines it desperately needs?