Honda did not respond to Business Insider's request for comment. Honda CEO: Merger is not a Nissan rescue. Honda's shares had initially fallen when news first broke of the merger

The proposed deal aims to unify operations under a joint holding company, led by Honda, while maintaining the distinct identities of each brand, according to Honda's president, Toshihiro Mibe. If finalized, the merger would position the combined entity to better compete with market leaders Toyota and Volkswagen.

It's been another week, and UBS analysts are getting bullish on Honda stock amid merger rumors involving Nissan. Meanwhile, Nio is becoming competitive against Tesla, while Baird analysts have expressed doubts about Rivian.