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    William Maley

    Nissan Officially Takes A Controlling Stake In Mitsubishi Motors

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      It's now official!


    Only a few months after Nissan announced it would buy a controlling stake in Mitsubishi Motors, the deal is now official. Nissan will pay 237 billion yen (about $2.29 billion) to purchase a 34 percent stake into Mitsubishi. As part of this deal, Nissan CEO Carlos Ghosn will become Chairman of the Board. Osamu Masuko will remain Mitsubishi Motors CEO and President.

    "I welcome Nissan's willingness to provide strategic, operational and management support as our new lead shareholder. As part of our Board and management team, Nissan will help us to rebuild customer trust in our company and maximize potential future synergies through our deeper alliance," said Masuko in a statement.

    With Ghosn becoming chairman at a third company (he also holds the role at Nissan and Renault), he has appointed Nissan Vice Chairman and Chief Competition Officer Hiroto Saikawa as his co-CEO at Nissan.

    The two companies are planning to collaborate on joint purchasing, localization, factory sharing, and using common vehicle platforms. Ghosn says this will help bring savings totaling $231 million next year and rising the year after.

    "We are committed to assisting Mitsubishi Motors as it rebuilds customer trust. This is a priority as we pursue the synergies and growth potential of our enlarged relationship," said Ghosn.

    Source: Mitsubishi Motors, Automotive News (Subscription Required)
    Press Release is on Page 2


    Mitsubishi Motors Joins Renault-Nissan Alliance

    • MMC to receive strategic, operational and management support from Nissan
    • Synergy benefits to enhance MMC profit margins and earnings per share
    • Carlos Ghosn, Nissan chairman and CEO, named chairman-elect of MMC
    • New role created of Director for Global Risk Control

    Tokyo , October 20 , 2016 – Mitsubishi Motors Corporation (MMC) announces that Nissan Motor Co., Ltd. (Nissan) has become its largest shareholder after completing the purchase of 34% of MMC-issued stock for 237 billion JPY.

    As part of Nissan's strategic investment, MMC will become a full member of the 17-year strong global alliance between Nissan and Renault – paving the way for synergies to enhance profit margins and earnings per share.

    Nissan Chairman and Chief Executive Officer Carlos Ghosn has been nominated to become chairman of the Board. Ghosn will be joined by three other Nissan nominated directors, including Mitsuhiko Yamashita, Nissan's former executive vice president of research and development, who joined MMC earlier this year as head of development. The other nominees are Hitoshi Kawaguchi, Nissan chief sustainability officer and head of global external affairs, and Hiroshi Karube, Nissan global controller and global asset manager.

    MMC President and Chief Executive Officer Osamu Masuko requested that Nissan also provide a senior executive to join the company's executive committee to bolster MMC's management. Trevor Mann, currently Chief Performance Officer of Nissan, will become Chief Operating Officer of MMC.

    "I welcome Nissan's willingness to provide strategic, operational and management support as our new lead shareholder," said Masuko. "As part of our Board and management team, Nissan will help us to rebuild customer trust in our company and maximize potential future synergies through our deeper alliance."

    MMC will appoint a new role of director for global risk control to report directly to the chief executive officer, who will oversee compliance and risk control. This director will regularly report to the board on moves to enhance governance at MMC.

    The three largest institutional shareholders in MMC – Mitsubishi Heavy Industries, Mitsubishi Corporation and The Bank of Tokyo-Mitsubishi UFJ – have welcomed Nissan's investment and pledged their support for its board nominees. Moving forward, these three Mitsubishi institutional shareholders together with Nissan will maintain a more than 51 percent of the share capital.

    Nissan and MMC will begin cooperating on a wide-ranging synergy program, building on a five-year alliance in minicars between the two companies.

    The two companies have identified a number of valuable synergies in areas including:

    - Joint purchasing cost-reduction
    - Deeper localization in operations around the world
    - Joint plant utilization
    - Common vehicle platforms
    - Technology sharing
    - Cooperation in emerging and developed markets; and
    - The use of the Nissan Sales Finance Company to serve MMC customers in any market where mutually beneficial.

    The partnership is expected to generate significant recurring synergies for MMC, equivalent to a 1 percentage point increase in operating profit margin in fiscal year 2017, 2 percentage points in fiscal year 2018, and more than 2 percentage points in fiscal year 2019. The projected synergies are also forecasted to enhance MMC earnings per share in fiscal year 2017 by 12 yen per share, and by 20 yen per share in fiscal year 2018.

    Ghosn said: "The expanded Alliance will be one of the largest automotive groups in the world, with annual sales of 10 million units in fiscal year 2016. The addition of Mitsubishi Motors will build on the entrepreneurial spirit and management cooperation that has characterized our alliance with Renault for 17 years. I am confident this will benefit all stakeholders."

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    Eventually they will need to just merge, drop a name and streamline their world wide platforms to make profit and efficiency.

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      Make: Mitsubishi
      Model: Outlander PHEV
      Trim: GT
      Engine: 60kW Electric Motors (Front and Rear Axles), 2.0L MIVEC DOHC 16-Valve Four-Cylinder
      Driveline: Single Speed Reduction Gearbox (Front & Rear), All-Wheel Drive
      Horsepower @ RPM: 80 @ 0 (Electric), 117 @ 4,500 (Gas),  190 (Total)
      Torque @ RPM: 101 @ 0 (Front Electric Motor), 144 @ 0 (Rear Electric Motor), 137 @ 4,500 (Gas)
      Fuel Economy: MPGe/Gasoline Combined - 74/25
      Curb Weight: 4,222 lbs
      Location of Manufacture: Okazaki, Japan
      Base Price: $41,495
      As Tested Price: $43,600 (Includes $1,095.00 Destination Charge)
      Options:
      GT Premium Interior Package - $400.00
      Pearl White Paint - $395.00
      Carpeted Floor Mats and Portfolio - $145.00
      Charging Cable Storage Bag - $70.00
    • By William Maley
      Nearly a decade ago, Nissan launched an ambitious assault on the U.S. commercial van market with the launch of their NV vans. It started with the Titan-dervived, body-on-frame NV1500/2500/3500 vans. This was followed by the unibody NV200 van, which was for a time the "Taxi of Tommorow" in New York City. But Nissan is reportedly throwing in the towel.
      Automotive News has learned from a source that it will end production of their commercial vans. No time frame was given.
      "We don't want to go more in the business of vans in the U.S. We will exit," said the source.
      Nissan spokesman Brian Brockman declined to comment about the future of the commercial vans, only saying in a statement that the automaker " is considering a number of opportunities to streamline the product portfolio and drive efficiencies within our manufacturing operations."
      When the NV lineup was launched in 2009, Nissan was hoping to steal away sales from the Detroit Three. At the time, Ford and GM had 97 percent of the large van segment. The NV was positioned as being a more modern option compared to the Ford E-Series and Chevrolet Express/GMC Savana. It was more comfortable with adjustable seats, taller ceiling for easier access to the cargo area, and pre-drilled holes in the body to allow owners to add interior racks easily. But Nissan wasn't able to make decent inroads into this market, only achieving around an eight percent share in the marketplace.
      What was the NV's downfall?
      Brand Loyalty to the American brands Using a modified Titan platform for the larger vans comprised them in urban areas with their extended front nose, and cargo capacity. "A third of the vehicle is dedicated to the engine and passenger compartment instead of cargo. The van takes up more real estate for the same amount of cargo space," explained Sam Fiorani, vice president at AutoForecast Solutions. NV200 Taxis were dinged by taxi companies poor ride quality, difficulty entering/exiting the van for elderly passengers, and increasing maintenance costs. Proved to a be a difficult sale to fleet buyers due to the automaker lacking the numerous combinations of light-trucks that the Detroit three can offer. Trucks and vans work hand in hand to attract sales in the commercial market. "Chevrolet and Ford can be everything to everybody," said Tyler Slade, operating partner at Tim Dahle Nissan Southtowne in Salt Lake City. "When we went to some of these fleet companies, it didn't make sense for them to have trucks from Ford and vans from Nissan." Add in $2.8 billion in cuts that the company is planning to stay afloat and COVID-19, and the death knell was coming sooner than later for the NV family.
      If Nissan does go forward with dropping the NV family, this will be a major blow to about a forth of Nissan dealers in the U.S. They made various investments such as installing heavy-duty lifts capable of lifting fully-loaded vans and having a dedicated sales staff to handle specific fleet issues.
      "Dealers now have serious concerns about their investments in commercial vehicles," said Slade.
      There is also the question as to whether Nissan may try again. Automotive News notes that in the new business strategy outlined last month, Nissan is wanting more global cooperation with its alliance partner Renault. The French automaker already has a number of vans in its lineup and is quite successful in various markets. Nissan already sells a version of the Renault Traffic, called the NV300 in Europe.
      But getting a Renault van into the U.S. as a Nissan will be difficult and costly in terms of homologation. Also, Nissan would still need to figure out how to appeal to larger fleet buyers that go with Ford or GM.
      Source: Automotive News (Subscription Required), The Drive
      Pic Credit: William Maley for Cheers & Gears

      View full article
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