Hon Hai Precision Industry Co., the Taiwan-based manufacturer of iPhones known as Foxconn, is putting its interest in pursuing Nissan Motor Co. on hold while the Japanese automaker is in negotiations for a potential merger with Honda Motor Co.

According to Bloomberg, Foxconn (also known as Hon Hai Precision Industry) is holding off its interest in Nissan as the Japanese automaker explores a potential merger with Honda. Citing people familiar with the matter,

Japanese automakers Honda and Nissan have announced plans to work toward a merger that would form the world's third-largest automaker by sales, as the industry undergoes dramatic changes in its transition away from fossil fuels.