TOKYO — Japanese automakers Honda, Nissan and Mitsubishi said Thursday that they are ending talks on business integration.

Nissan Chief Executive Makoto Uchida said the talks had changed focus from setting up a joint holding company to making Nissan into a subsidiary of Honda.

“The intent was to join forces to win in the global competition, but this was not going to realize Nissan’s potential, so I could not accept it,” he told reporters. He said Nissan was going to aim for a turnaround without Honda instead.

Honda CEO Toshihiro Mibe said in a separate news conference that Honda had suggested a stock swap to speed up decision-making. “I am really disappointed,” Mibe said. “I felt the potential was great, but I also knew actions that would bring pain were necessary to realize that.”

The automakers agreed to end their agreement on considering a structure for a collaboration, a joint statement said. The decision was passed by board meetings at each of the companies.

Honda Motor Co. and Nissan Motor Corp. announced in December that they were going to hold talks to set up a joint holding company. Mitsubishi Motors Corp. had said it was considering joining that group.

From the start, the effort had analysts puzzled as to the advantages to any of the companies, as their model lineups and strengths overlap in an industry shaken by the arrival of powerful newcomers like Tesla and BYD, as well as the move to electrification.

Honda and Nissan initially said they were trying to finalize an agreement by June and set up the holding company by August.

The three automakers will continue to work together on electric vehicles and smart cars, with features like autonomous driving, they said Thursday.

In recent weeks, Japanese media had various reports about the talks breaking down, citing sources. Some said Nissan balked at becoming a minor player in the partnership with Honda.