Earlier this year, Renault and Nissan were reportedly in talks for a merger that will spawn a new automaker that will trade as a single stock. However, the tie-up may take longer than expected.

CEO Carlos Ghosn, in a report by Reuters, said the two entities are currently reviewing the ownership structure of their auto manufacturing alliance. Will the companies merge into a single listed entity this year or in 2019? “I don’t think so,” he said.

Speaking at a Bloomberg conference, Ghosn reiterated that the carmakers were examining ways to consolidate the Renault-Nissan-Mitsubishi alliance and assuage doubts about its survival after his eventual departure. As it is, Renault currently owns 43.4% of Nissan, the company which controls Mitsubishi Motors.

The Renault-Nissan-Mitsubishi alliance has high ambitions. Last September, it unveiled its Alliance 2022 six-year plan, which seeks to double its annual syergies to €10 billion by 2022, with annual sales targeted to exceed 14 million units annually.

In February 2018, the alliance became the world’s largest automotive group in terms of sales by shifting 10,608,366 passenger cars and light commercial vehicles in 2017. That’s more than the Volkswagen Group‘s 10.53 million units and Toyota‘s 10.2 million units.

The initial alliance was formed in 1999 after Renault acquired Nissan when the latter was nearing bankruptcy. The French carmaker has since held a 43.4% stake in Nissan, and the Japanese company in turn was given a 15% non-voting stake in Renault. Since then, Nissan has grown to be a more profitable company than its French partner, with a larger market value and better sales figures.