My understanding is that all Mercury badged 4 stroke outboards from 30 HP on down, have always been made by Tohatsu. Which, btw, is a division of Nissan. This may/may not be correct, Mercury is not exactly forthcoming with consumer-facing info on exactly what’s what, so this is just my understanding.
What I understand of the situation with 2 strokes is that it was complicated. Tohatsu made powerheads for some, complete engines for some, and I believe they made semi-complete outboards for some models that were then finished and badged as Mercury. To make this more complicated, there were variations between some of the Tohatsu-badged models and the Mercury-badged models of the same HP, so the 2 strokes had interchangeable parts, but not ALL interchangeable parts.
Grouse