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.

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

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?