Honda Motor (HMC), Nissan, and Mitsubishi Motors are in final talks to standardize electronic control units, or ECUs, for next-generation vehicles, Nikkei Asia reported Wednesday.

The goal is to reduce costs by jointly sourcing the key component that powers software-defined vehicle features such as self-driving, according to the report.

Some details between Honda and Nissan still need to be finalized, but an agreement could be reached in the coming weeks, the report said.

Honda, Nissan, and Mitsubishi didn't immediately respond to MT Newswires' request for comments.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

Price: 25.80, Change: +0.22, Percent Change: +0.86