Nikkei 225 · autos · Renault-Nissan Alliance
Nissan Motor
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.
7201.T Updated Jul 12, 2026 4 AI consumers
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).
Financials & Segments
- Total revenue · ¥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
- Segments · Automotive · Sales Financing
Revenue from
- Global vehicle customers High confidence
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.Confirms EN Nissan Published May 13, 2026: Nissan FY2025 (year ended March 2026) results — revenue ~JPY 12tn, operating profit JPY 58.0bn, net loss JPY 533.1bnMentions EN Macquarie (via Investing.com) Published Feb 13, 2026: 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'Confirms KO Money Today Published May 14, 2025: Nissan posts record loss, to close 7 plants and cut 20,000 jobsConfirms EN Nissan Motor Published May 13, 2025: FY2024 Consolidated Financial Results (Japanese Accounting Standards) - Sales-financing customers & dealers High confidence
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.Confirms EN Nissan Motor Published May 13, 2025: FY2024 Consolidated Financial Results (Japanese Accounting Standards)
Pays to
- SK Innovation (SK On) Medium confidence
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. - AESC (Envision AESC) Medium confidence
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.Confirms EN electrive Published Dec 17, 2025: AESC opens Sunderland gigafactory, cells for the new Nissan Leaf (initial 15.8 GWh) - Steel, parts & semiconductor supply chain Medium confidence
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).Mentions EN Macquarie (via Investing.com) Published Feb 13, 2026: 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'
Investors
- Renault High confidence
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.Confirms EN Nissan Motor Published Nov 8, 2023: Renault Group and Nissan complete agreements framing the new chapter of the Alliance (15% cross-shareholding)
Investments
- Mitsubishi Motors High confidence
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).Confirms EN Nissan Motor Published Nov 7, 2024: Nissan sells portion of Mitsubishi Motors' shares (34.07% to ~24%)
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Nissan Motor | node | +14.2 | -23 | +30.6 | -25.4 | -11.8 | -17.7 |
| Mitsubishi Motors | benef1 | +37.1 | +53.5 | -3.9 | +0.9 | -15.3 | -3.2 |
| SK Innovation (SK On) | benef1 | -22.9 | -22.4 | -26.2 | +8.9 | -10.6 | -8.1 |
| Daejoo Electronic Materials | benef2 | +98.4 | -2.3 | -19.4 | +48.5 | -25.9 | +7.7 |
| Ronbay Technology | benef2 | +96.6 | -39.1 | -63.6 | +12.3 | +47.7 | -12.9 |
| SKC | benef2 | +18.1 | -31.9 | -19.7 | +104.3 | -25.4 | -19.2 |
| L&F | benef2 | +139.2 | +22.4 | -30.3 | -38.6 | +43.4 | -20.4 |
| Advanced Nano Products | benef2 | +56.8 | +66.4 | +13.9 | -30.9 | +5.5 | -32.8 |
| PNT (People & Technology) | benef2 | +62.2 | +11.6 | -17.8 | +12.2 | +31.1 | -39.8 |
| SK IE Technology | benef2 | · | -41.9 | +11.1 | -69 | +18.9 | -45.5 |
| EcoPro BM | benef2 | +79.2 | +23.9 | +113.5 | -38.6 | +77.1 | -47.6 |
| Enchem | benef2 | · | -37.4 | +173.9 | -20.5 | -26.1 | -76.7 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-02-13