{"slug":"nissan-motor","name":"닛산자동차","name_en":"Nissan Motor","ticker":"7201.T","updated_at":"2026-07-12T08:19:56.668515+00:00","canonical":"https://valuechain.wiki/nissan-motor","citable":"밸류체인 그래프 기준 닛산자동차의 직접 연결 기업은 2곳(관계 기준 공급 1·매출 0·투자 1)이고, 사슬을 2차까지 넓히면 11곳에 닿는다. 링크의 근거 출처는 8건이며 그중 1차공시가 2건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Nissan Motor is directly linked to 2 companies (1 supply, 0 revenue, 1 investment relationships) and reaches 11 companies within two hops; the links are backed by 8 dated sources, 2 of them primary filings (as of 2026-07-12).","kicker":"닛케이 225 · 완성차 · 르노-닛산 얼라이언스","kicker_en":"Nikkei 225 · autos · Renault-Nissan Alliance","lead":"일본 3위 완성차이자 르노-닛산-미쓰비시 얼라이언스의 축이지만, 지금 이 노드의 본질은 '자력으로 못 도는 구조조정'이다. FY2024 순손실 6,709억엔(4년 만의 적자)은 경기가 아니라 제품 사이클·가격 결정력을 잃은 데서 온 구조적 적자 — 경쟁사가 성장하는 국면에서도 자동차 부문이 2,680억엔 영업손실을 냈고, 전사 영업이익(698억엔)은 사실상 판매금융이 홀로 떠받쳤다. 혼다와의 합병 논의가 2025년 2월 결렬된 뒤, 닛산은 생산거점 17→10곳·인력 2만명 감축(Re:Nissan)과 르노와의 상호 15% 지분에 기대어 약한 위치에서 회생을 밀어붙이는 중이며, 매쿼리의 투자의견 상향('최악은 지났다')이 바닥 논쟁의 한 축이다.","lead_en":"Japan's #3 automaker and a pillar of the Renault-Nissan-Mitsubishi Alliance — but the story here is a turnaround it cannot self-fund. The FY2024 net loss of ¥670.9bn (its first in four years) is structural, not cyclical: having lost product cadence and pricing power, its auto business ran a ¥268.0bn operating loss even as rivals grew, and group operating profit (¥69.8bn) was propped up almost entirely by Sales Financing. After merger talks with Honda collapsed in February 2025, Nissan is pushing recovery from a position of weakness — cutting plants 17→10 and ~20,000 jobs (Re:Nissan) while leaning on a 15% cross-shareholding with Renault — with Macquarie's upgrade ('the worst is behind us') anchoring the bottoming debate.","segments":{"fy":2026,"note":"연결 매출 약 12조엔·영업익 580억엔(간신히 흑자)이나 순손실 5,331억엔 지속. Re:Nissan(7개 공장 통합·오파마 폐쇄)으로 FY2027 흑자 전환 목표. 하반기 FCF 흑자 전환은 회복 초기 신호.","parts":[{"desc":"제3자 매출 11조4,379억엔에도 부문 영업손실 2,680억엔 — 판매 334.6만대는 유지했으나 제품·가격 경쟁력 저하로 팔수록 남는 게 없는 상태. 그래서 생산거점 17→10곳·인력 2만명·캐파 3.5→2.5백만대(중국 제외)를 도려내는 Re:Nissan에 들어갔다.","name":"자동차"},{"desc":"매출 1조1,954억엔·부문 영업이익 2,856억엔으로, 자동차가 적자인 해에 전사 영업이익(698억엔)을 홀로 흑자로 지켜낸 버팀목. 완성차 판매를 뒷받침하는 할부·리스가 역설적으로 그룹 수익성의 최후 방어선이 됐다.","name":"판매금융"}],"total":"약 12조엔 (FY2026, 2026.3期)·영업이익 580억엔(0.5%)·순손실 5,331억엔 — Re:Nissan 구조조정(오파마 공장 폐쇄 등)","source":"닛산 FY2024 결산단신 (2025-05-13)"},"segments_en":{"fy":2026,"parts":[{"desc":"Despite ¥11,437.9bn in third-party sales, the segment ran a ¥268.0bn operating loss — it held 3.346M units but weak product and pricing left little per car sold, triggering Re:Nissan: cutting plants 17→10, ~20,000 jobs and capacity 3.5→2.5M units (ex-China).","name":"Automotive"},{"desc":"Revenue ¥1,195.4bn and operating profit ¥285.6bn — the prop that kept group operating profit (¥69.8bn) positive in a loss-making auto year. The installment/lease arm that supports car sales became, paradoxically, the group's last line of profitability.","name":"Sales Financing"}],"total":"¥12,633.2bn (FY2024 consolidated revenue) — but operating profit ¥69.8bn (-87.7%) and a ¥670.9bn net loss, with Sales Financing barely masking the auto business's losses","source":"Nissan FY2024 Financial Results (2025-05-13)"},"returns_yearly":{"2021":14.2,"2022":-23,"2023":30.6,"2024":-25.4,"2025":-11.8,"2026":-17.7},"return_asof":"2026-07-10","value_chain":{"leading":[],"benefiting":[{"slug":"mitsubishi-motors","name":"미쓰비시자동차","name_en":"Mitsubishi Motors","tier":1,"returns_yearly":{"2021":37.1,"2022":53.5,"2023":-3.9,"2024":0.9,"2025":-15.3,"2026":-3.2}},{"slug":"sk-innovation","name":"SK이노베이션(SK온)","name_en":"SK Innovation (SK On)","tier":1,"returns_yearly":{"2021":-22.9,"2022":-22.4,"2023":-26.2,"2024":8.9,"2025":-10.6,"2026":-8.1}},{"slug":"daejoo-electronic","name":"대주전자재료","name_en":"Daejoo Electronic Materials","tier":2,"returns_yearly":{"2021":98.4,"2022":-2.3,"2023":-19.4,"2024":48.5,"2025":-25.9,"2026":7.7}},{"slug":"ronbay","name":"룽바이커지(容百科技)","name_en":"Ronbay Technology","tier":2,"returns_yearly":{"2021":96.6,"2022":-39.1,"2023":-63.6,"2024":12.3,"2025":47.7,"2026":-12.9}},{"slug":"skc","name":"SKC","name_en":"SKC","tier":2,"returns_yearly":{"2021":18.1,"2022":-31.9,"2023":-19.7,"2024":104.3,"2025":-25.4,"2026":-19.2}},{"slug":"landf","name":"엘앤에프","name_en":"L&F","tier":2,"returns_yearly":{"2021":139.2,"2022":22.4,"2023":-30.3,"2024":-38.6,"2025":43.4,"2026":-20.4}},{"slug":"advanced-nano-products","name":"나노신소재","name_en":"Advanced Nano Products","tier":2,"returns_yearly":{"2021":56.8,"2022":66.4,"2023":13.9,"2024":-30.9,"2025":5.5,"2026":-32.8}},{"slug":"pnt","name":"피엔티","name_en":"PNT (People & Technology)","tier":2,"returns_yearly":{"2021":62.2,"2022":11.6,"2023":-17.8,"2024":12.2,"2025":31.1,"2026":-39.8}},{"slug":"skiet","name":"SK아이이테크놀로지(SKIET)","name_en":"SK IE Technology","tier":2,"returns_yearly":{"2022":-41.9,"2023":11.1,"2024":-69,"2025":18.9,"2026":-45.5}},{"slug":"ecopro-bm","name":"에코프로비엠","name_en":"EcoPro BM","tier":2,"returns_yearly":{"2021":79.2,"2022":23.9,"2023":113.5,"2024":-38.6,"2025":77.1,"2026":-47.6}},{"slug":"enchem","name":"엔켐","name_en":"Enchem","tier":2,"returns_yearly":{"2022":-37.4,"2023":173.9,"2024":-20.5,"2025":-26.1,"2026":-76.7}},{"slug":"ecopro-materials","name":"에코프로머티리얼즈","name_en":"EcoPro Materials","tier":3,"returns_yearly":{"2024":-52.5,"2025":-4.9,"2026":-43.6}},{"slug":"ecopro","name":"에코프로","name_en":"Ecopro","tier":3,"returns_yearly":{"2021":-5.1,"2022":94.5,"2023":309.5,"2024":-39.2,"2025":172.1,"2026":-47.1}}],"analysis":"투자 논점은 단순하다 — Re:Nissan이 구조적 적자를 흑자로 되돌리느냐. FY2024 순손실 6,709억엔은 경기가 아니라 제품 공백·가격 결정력 상실에서 온 것이라, 판매금융(+2,856억엔)이 자동차 부문 손실(-2,680억엔)을 겨우 상쇄해 전사 영업이익을 698억엔 흑자로 지킨 아슬아슬한 구조다. 혼다 합병이 무산된 지금 회생 카드는 두 개 — 생산거점 17→10곳·인력 2만명 감축으로 손익분기를 낮추는 자구, 그리고 르노와의 상호 15% 지분·미쓰비시 24% 보유로 남은 얼라이언스 레버리지다. 매쿼리는 구조조정이 계획보다 앞서 '최악은 지났다'며 투자의견을 상향(목표가 250→400엔)했지만, 그래프상 파급은 SK온(켄터키 99.4GWh 공급계약)의 이행 여부에 물려 있어 EV 라인업 지연이 곧 조달·회생 계획의 리스크로 전이된다.","analysis_en":"The thesis is simple — can Re:Nissan turn a structural loss back to profit. The ¥670.9bn FY2024 net loss came from a product gap and lost pricing power, not the cycle, leaving a knife-edge structure in which Sales Financing (+¥285.6bn) barely offset the auto segment's loss (-¥268.0bn) to keep group operating profit at ¥69.8bn. With the Honda merger dead, recovery rests on two levers — self-help that lowers breakeven by cutting plants 17→10 and ~20,000 jobs, and the remaining alliance leverage of a 15% Renault cross-holding and a 24% Mitsubishi stake. Macquarie upgraded it (PT ¥250→¥400) on restructuring running ahead of plan ('the worst is behind us'), but the graph ripple hinges on execution of SK On's Kentucky 99.4GWh supply deal, so any EV-lineup delay transmits straight into sourcing and turnaround risk.","analysis_asof":"2026-02-13"},"edges":[{"direction":"revenue","counterparty":"글로벌 완성차 고객","counterparty_slug":null,"confidence":"high","metric":{"fy":2024,"seg_op_jpy_bn":-268,"revenue_jpy_bn":11437.9,"units_thousand":3346},"note":"자동차 부문 제3자 매출 11조4,379억엔(FY2024)·부문 영업손실 2,680억엔. 글로벌 소매판매 334.6만대(북미 130만·중국 69.7만·일본 46.1만·유럽 35.1만). 연결 순손실 6,709억엔으로 4년 만의 적자.","note_en":"Automotive segment third-party sales ¥11,437.9bn (FY2024), segment operating loss ¥268.0bn. Global retail 3.346M units (N.America 1.30M, China 0.70M, Japan 0.46M, Europe 0.35M). Consolidated net loss ¥670.9bn — first annual loss in four years.","sources":[{"stance":"confirms","publisher":"닛산","publisher_en":"Nissan","kind":"filing","lang":"en","published_at":"2026-05-13","url":"https://global.nissannews.com/en/releases/260513-01-e","title":"닛산 FY2026(2026.3期) 연결 결산 — 매출 약 12조엔·영업익 580억엔·순손실 5,331억엔","title_en":"Nissan FY2025 (year ended March 2026) results — revenue ~JPY 12tn, operating profit JPY 58.0bn, net loss JPY 533.1bn","excerpt":"닛산 FY2026 매출 약 12조엔·영업익 580억엔(0.5%)·순손실 5,331억엔, 글로벌 판매 315만대. Re:Nissan 구조조정 진행.","excerpt_en":"Nissan FY2026 revenue ~JPY 12tn, operating profit JPY 58.0bn (0.5%), net loss JPY 533.1bn; global sales 3.15M units; Re:Nissan restructuring underway."},{"stance":"mentions","publisher":"매쿼리(Macquarie)","publisher_en":"Macquarie (via Investing.com)","kind":"research","lang":"en","published_at":"2026-02-13","url":"https://www.investing.com/news/stock-market-news/nissan-leaps-9-after-swinging-to-operating-profit-macquarie-upgrades-stock-4504638","title":"매쿼리, 닛산 투자의견 상향(Underperform→Neutral)·목표가 250→400엔","title_en":"Macquarie upgrades Nissan to Neutral from Underperform, raises PT to ¥400 (analyst James Hong): 'the worst is behind us as restructuring is ahead of plan'","excerpt":"매쿼리: 구조조정이 계획보다 앞서 '최악은 지났다', 목표가 250→400엔 상향(투자의견 Neutral).","excerpt_en":"Macquarie: 'the worst is behind us as restructuring is ahead of plan'; PT raised ¥250→¥400, upgraded to Neutral."},{"stance":"confirms","publisher":"머니투데이","publisher_en":"Money Today","kind":"news","lang":"ko","published_at":"2025-05-14","url":"https://news.mt.co.kr/mtview.php?no=2025051414114645055","title":"닛산 최악 실적에 공장 7곳 폐쇄…일자리 2만개 줄인다","title_en":"Nissan posts record loss, to close 7 plants and cut 20,000 jobs","excerpt":"닛산 FY2024 순손실 6,709억엔·4년 만의 적자, 글로벌 판매 부진.","excerpt_en":"Nissan FY2024 net loss ¥670.9bn, first loss in 4 years amid weak global sales."},{"stance":"confirms","publisher":"닛산자동차","publisher_en":"Nissan Motor","kind":"filing","lang":"en","published_at":"2025-05-13","url":"https://www.nissan-global.com/EN/IR/FINANCIAL_RESULTS/ASSETS/DATA/2024/2024results_financialresult_753_e.pdf","title":"FY2024 연결 결산단신 (일본회계기준)","title_en":"FY2024 Consolidated Financial Results (Japanese Accounting Standards)","excerpt":"Automobile segment sales to third parties 11,437,856 million yen; segment losses (267,979) million yen (FY2024).","excerpt_en":"Automobile segment sales to third parties 11,437,856 million yen; segment losses (267,979) million yen (FY2024)."}]},{"direction":"revenue","counterparty":"판매금융 고객·딜러","counterparty_slug":null,"confidence":"high","metric":{"fy":2024,"seg_op_jpy_bn":285.6,"revenue_jpy_bn":1195.4},"note":"닛산 수익성의 최후 방어선 — 매출 1조1,954억엔·영업이익 2,856억엔으로, 자동차가 적자인 FY2024에 전사 영업이익(698억엔)을 홀로 흑자로 지켰다. 딜러·소비자 할부·리스는 신차 판매에 종속된 사업이지만, 완성차 마진이 무너진 지금은 오히려 그룹을 떠받치는 역전 구조가 됐다 — 판매 회복이 없으면 이 방어선도 얇아진다.","note_en":"Nissan's last line of profitability — revenue ¥1,195.4bn and operating profit ¥285.6bn kept group operating profit (¥69.8bn) positive in a loss-making FY2024. Dealer/consumer installment and lease financing is downstream of new-car sales, yet with vehicle margins collapsed it now props up the group — a reversal that thins if sales don't recover.","sources":[{"stance":"confirms","publisher":"닛산자동차","publisher_en":"Nissan Motor","kind":"filing","lang":"en","published_at":"2025-05-13","url":"https://www.nissan-global.com/EN/IR/FINANCIAL_RESULTS/ASSETS/DATA/2024/2024results_financialresult_753_e.pdf","title":"FY2024 연결 결산단신 (일본회계기준)","title_en":"FY2024 Consolidated Financial Results (Japanese Accounting Standards)","excerpt":"Sales financing segment: net sales 1,195,358; segment profit 285,647 million yen (FY2024).","excerpt_en":"Sales financing segment: net sales 1,195,358; segment profit 285,647 million yen (FY2024)."}]},{"direction":"investor","counterparty":"르노 (Renault)","counterparty_slug":null,"confidence":"high","metric":{"since":"2023-11","nissan_in_renault_pct":15,"renault_in_nissan_pct":15},"note":"르노-닛산 얼라이언스의 한 축. 2023년 재편으로 르노는 닛산 지분을 43.4%→15%로 낮추고 28.4%를 프랑스 신탁에 이관, 닛산도 르노 지분 15%의 의결권을 회복해 상호 15% 대등 지분 구조가 됐다.","note_en":"Backbone of the Renault-Nissan Alliance. In the 2023 rebalancing Renault cut its Nissan stake from 43.4% to 15% (transferring 28.4% into a French trust) and Nissan regained voting rights on its 15% of Renault — a balanced 15% cross-shareholding.","sources":[{"stance":"confirms","publisher":"닛산자동차","publisher_en":"Nissan Motor","kind":"news","lang":"en","published_at":"2023-11-08","url":"https://global.nissannews.com/en/releases/231108-03-e","title":"르노-닛산, 얼라이언스 새 장 합의 완료(상호 15% 지분)","title_en":"Renault Group and Nissan complete agreements framing the new chapter of the Alliance (15% cross-shareholding)","excerpt":"르노와 닛산이 상호 15% 지분(락업·스탠드스틸)으로 얼라이언스 새 장 합의 완료.","excerpt_en":"Renault and Nissan complete new-chapter agreements with a 15% cross-shareholding (lock-up and standstill)."}]},{"direction":"investment","counterparty":"미쓰비시자동차","counterparty_slug":"mitsubishi-motors","confidence":"high","metric":{"as_of":"2024-11","prior_pct":34.07,"stake_pct":24},"note":"닛산이 2016년 34.07%를 인수해 최대주주가 된 얼라이언스 3사의 한 축. 2024년 11월 미쓰비시의 자사주 매입에 응해 지분을 약 24%로 축소(현금 확보·상호 자율성 확대).","note_en":"Nissan became the largest shareholder with a 34.07% stake acquired in 2016 (third pillar of the Alliance). In Nov 2024 Nissan sold into Mitsubishi's buyback, cutting the stake to ~24% (cash and greater mutual autonomy).","sources":[{"stance":"confirms","publisher":"닛산자동차","publisher_en":"Nissan Motor","kind":"news","lang":"en","published_at":"2024-11-07","url":"https://global.nissannews.com/en/releases/241107-03-e","title":"닛산, 미쓰비시자동차 지분 일부 매각(34.07%→약 24%)","title_en":"Nissan sells portion of Mitsubishi Motors' shares (34.07% to ~24%)","excerpt":"닛산, 미쓰비시자동차 지분 일부 매각으로 34.07%→약 24%.","excerpt_en":"Nissan sells a portion of Mitsubishi Motors shares, 34.07% to ~24%."}]},{"direction":"cost","counterparty":"SK이노베이션(SK온)","counterparty_slug":"sk-innovation","confidence":"mid","metric":{"period":"2028-2033","capacity_gwh":99.4,"value_krw_tn":15},"note":"닛산 EV 전환의 조달 병목이자 리스크 — SK배터리아메리카가 켄터키에서 99.4GWh(약 15조원, 2028~2033) 고니켈 셀을 공급하기로 했지만, 계약 규모 자체가 닛산 EV 라인업의 성패에 걸려 있다. 닛산 EV 출시 지연이 보도되며 이행 불확실성이 병존해, 이 엣지는 '확정 수주'가 아니라 회생 계획과 연동된 조건부 물량이다.","note_en":"The sourcing bottleneck — and risk — of Nissan's EV shift: SK Battery America is to supply 99.4GWh of high-nickel cells from Kentucky (~KRW 15tn, 2028-2033), but the deal's scale rides on Nissan's EV lineup succeeding. With Nissan EV delays reported, execution is uncertain, making this a conditional volume tied to the turnaround rather than firm backlog.","sources":[{"stance":"confirms","publisher":"KED글로벌","publisher_en":"KED Global","kind":"news","lang":"en","published_at":"2025-03-20","url":"https://www.kedglobal.com/batteries/newsView/ked202503200002","title":"SK온, 닛산에 100GWh EV 배터리 공급","title_en":"SK On to supply 100 GWh of EV batteries to Nissan","excerpt":"SK배터리아메리카–닛산 99.4GWh 공급계약, 약 15조원, 2028~2033 켄터키.","excerpt_en":"SK Battery America–Nissan 99.4GWh supply deal, ~KRW 15tn, 2028-2033, Kentucky."}]},{"direction":"cost","counterparty":"AESC (Envision AESC)","counterparty_slug":null,"confidence":"mid","metric":{"plant":"Sunderland UK","capacity_gwh":15.8},"note":"닛산의 오랜 배터리 파트너(옛 오토모티브에너지서플라이). 신형 리프·아리야 셀 공급, 영국 선덜랜드 기가팩토리(초기 15.8GWh) 가동. 닛산 EV36Zero 허브의 핵심 조달선.","note_en":"Nissan's long-standing battery partner (formerly Automotive Energy Supply). Cells for the new Leaf and Ariya; Sunderland gigafactory (initial 15.8 GWh) now running — core of Nissan's EV36Zero hub.","sources":[{"stance":"confirms","publisher":"electrive","publisher_en":"electrive","kind":"news","lang":"en","published_at":"2025-12-17","url":"https://www.electrive.com/2025/12/17/aesc-opens-gigafactory-in-sunderland/","title":"AESC, 선덜랜드 기가팩토리 가동…신형 닛산 리프에 탑재(초기 15.8GWh)","title_en":"AESC opens Sunderland gigafactory, cells for the new Nissan Leaf (initial 15.8 GWh)","excerpt":"AESC 선덜랜드 기가팩토리 가동, 신형 닛산 리프에 셀 공급(초기 15.8GWh).","excerpt_en":"AESC Sunderland gigafactory operational; cells for the new Nissan Leaf (initial 15.8 GWh)."}]},{"direction":"cost","counterparty":"철강·부품·반도체 공급망","counterparty_slug":null,"confidence":"mid","metric":{"var_cost_cut_jpy_bn":240,"fixed_cost_cut_jpy_bn":160},"note":"완성차 원가의 대부분을 차지하는 철강·구동/전장 부품·반도체 매입. Re:Nissan은 변동비 2,400억엔·고정비 1,600억엔 절감을 통해 원가구조 개선을 추진(매쿼리 인용, 목표 초과).","note_en":"Steel, drivetrain/electronic parts and semiconductors — the bulk of vehicle COGS. Re:Nissan targets ¥240bn variable and ¥160bn fixed cost cuts to reshape the cost base (per Macquarie, both exceeding targets).","sources":[{"stance":"mentions","publisher":"매쿼리(Macquarie)","publisher_en":"Macquarie (via Investing.com)","kind":"research","lang":"en","published_at":"2026-02-13","url":"https://www.investing.com/news/stock-market-news/nissan-leaps-9-after-swinging-to-operating-profit-macquarie-upgrades-stock-4504638","title":"매쿼리, 닛산 투자의견 상향(Underperform→Neutral)·목표가 250→400엔","title_en":"Macquarie upgrades Nissan to Neutral from Underperform, raises PT to ¥400 (analyst James Hong): 'the worst is behind us as restructuring is ahead of plan'","excerpt":"매쿼리: 고정비 1,600억엔·변동비 2,400억엔 절감으로 목표 초과.","excerpt_en":"Macquarie: ¥160bn fixed-cost and ¥240bn variable-cost savings, both exceeding targets."}]}]}