Nissan and Honda stated on Wednesday that discussions on various options, including ending merger talks, are still in progress. Ending talks would cost Nissan ¥100 billion, or $657 million.

The CEO of Nissan Motor Co conveyed the company's intent to terminate merger talks with Honda Motor Co on Thursday, a source familiar with the matter said, signaling the end of an initiative that would have created the world's third biggest auto group.

Nissan CEO Makoto Uchida met with his Honda counterpart Toshihiro Mibe on Thursday to say he wanted to end their merger talks after the larger automaker proposed making Nissan a subsidiary, said a source with knowledge of the matter.