Nissan and Honda have announced they will work together on the development of electric vehicles and auto intelligence technology, sectors where the Japanese automakers have lagged behind. AP.

The chief executives of Nissan and Honda appeared together at a press conference in Tokyo to announce that Japan's second- and third-largest automakers will look at areas of potential for cooperation.

Details of the non-binding agreement are still being worked out, both sides said. Executives said the companies will jointly develop core technologies, but their products will remain distinct.

Nissan CEO Makoto Uchida noted that speed is key for companies in developing technology solutions.

"We don't have time," he said. "It is significant that we reached this agreement based on a mutual understanding that Honda and Nissan face common challenges."

Honda chairman Toshihiro Mibe said the companies shared common values ​​and could create "synergies" in taking on their formidable rivals.

Global carmakers are moving quickly towards electric vehicles, focusing on batteries and motors rather than petrol engines, as concerns about emissions and climate change grow.