The chief executives of the two automakers, at separate news conferences, traded jabs about Honda’s bid to change the terms of the deal.

Japanese auto giants Honda and Nissan confirmed on Thursday they had scrapped merger talks that would have created the world's third-largest automaker by unit sales.

With the Nissan-Honda merger officially dead, Nissan is now moving forward with its own restructuring plan.That means deep job cuts, plant closures, and a more aggressive approach to development cycles as the company attempts to regain stability.