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Nissan's dismal 2019: Where does Japan's struggling brand go from here?

Auto sales have gradually slowed from their peak during the boom years that followed the global recession, but Nissan's rapid decline stood out even in a year when few high-volume manufacturers had much to be excited about.  Of the "Japanese 3," Nissan's 2019 performance was by far the most troubling. Through November, when the company last posted its global sales figures, its volumes were down 8 percent compared to 2019. Here in the United States, its full-year numbers were down 9.9% in an industry that slid just a hair more than 2 percent overall.  Meanwhile, Honda managed a slight increase in U.S. sales (0.2%) and Toyota, much like the industry in general, finished the year down approximately 2%. Like Nissan, Honda and Toyota have remained committed to cars — including compact and midsize sedans — and have a comprehensive portfolio of offerings in the key SUV and crossover segments.   On paper, Nissan's lineup checks all the right boxes. From the subcompact Kicks up to the Armada, it has something for sale in virtually every possible nook and cranny of the people-mover segment, but almost all of these trucks (and trucklets) took a beating in 2019. Only the baby Kicks managed to improve on its 2018 sales, which isn't saying a whole lot, considering it was barely sold in 2018 to begin with.  In fact, the bonus volume contributed by Kicks helps obscure just how poorly some of Nissan's key offerings performed last year. Combined Rogue and Rogue Sport sales slid 15%; Murano was down more than 18%; the Pathfinder and Armada managed to pace the general industry, dropping 2.8 and 1.9%, respectively, but the astute reader will note at this point that we've yet to single out any bright spots. The news was even worse on the truck side. Frontier was down 9.1%. Titan? Down 37.5%. Crossovers and SUVs are selling. Trucks, even from import brands, are also selling. Toyota's mid-size Tacoma was up in 2019; both it and the full-size Tundra still more than tripled the volume of their Nissan competitors. Further muddying the waters, Honda managed its year-over-year volume increase without selling a full-sized pickup at all.  What, then, is Nissan's problem? To borrow an oft-used phrase, "It's the product, stupid." The most striking evidence of this issue is the Rogue, which competes in the compact crossover segment — a collection of vehicles that essentially sell themselves.

Renault-Nissan-Mitsubishi pool $200 million to invest in tech startups

PARIS — The Renault-Nissan-Mitsubishi alliance is setting up a $200 million mobility tech fund, three sources said, in the latest move by major carmakers to adapt to rapid industry change by investing in startups through their own venture capital arms. The fund, due to be unveiled by Chief Executive Carlos Ghosn at the CES tech industry show in Las Vegas next Tuesday, will be 40 percent financed by Renault, 40 percent by Nissan and 20 percent by Mitsubishi. "It will allow us to move faster on acquisitions ahead of our competition," one of the alliance sources told Reuters. Frederique Le Greves, a spokeswoman for the Renault-Nissan-Mitsubishi alliance, declined to comment. The traditional auto industry model based on individual ownership is threatened by pay-per-use services such as Uber, as well as ride- and car-sharing platforms, a challenge heightened by parallel shifts towards electrified and self-driving cars. Wary carmakers are struggling to embrace changes and technologies that some of their executives are only beginning to grasp. To accelerate the process, many are investing directly in the new services — and gaining access to intellectual property — via their own corporate venture capital (CVC) funds. BMW has purchased stakes in a plethora of ride-sharing, smart-charging and autonomous vehicle software firms through its 500 million euro ($600 million) iVentures fund, the biggest such in-house facility belonging to a carmaker. Among others that have been increasingly active are General Motors' GM Ventures, with $240 million, and Peugeot-maker PSA Group's 100 million-euro investment arm. CVC funds, a familiar feature of innovative sectors such as tech and pharmaceuticals, have become more commonplace among carmakers since the 2008-9 financial crisis. They let companies skip some of the formalities otherwise required for new investments, and pounce more swiftly on promising startups. The Renault-Nissan-Mitsubishi venture will also obviate the current need to thrash out the ownership split for each new alliance acquisition. It represents a further step in the integration of the carmakers as they pursue 10 billion euros in annual synergies by 2022. France's Renault holds a 43.4 percent stake in Nissan, which in turn controls Mitsubishi. Ghosn heads Renault and chairs all three.

Ghosn's legacy: one of the auto industry's most effective execs

"Bob Lutz ... estimated that carrying out the Nissan operation would be the equivalent, for Renault, of putting $5 billion in a container ship and sinking it in the middle of the ocean." So wrote Carlos Ghosn in "SHIFT: Inside Nissan's Historic Revival," which was published in the U.S. in late 2004. Two points about that observation: It is in keeping with Lutz's "Often wrong but never in doubt." It shows that Ghosn is a remarkable executive, given that he was able to take Nissan from the edge of financial oblivion to one of the foremost automotive companies (although with alliance partners Renault and, more recently, Mitsubishi). In 1999, Ghosn created what was named the "Nissan Revival Plan." It could have just as well been called the "Nissan Resuscitation Plan." Things were that bad. Now Ghosn is in the midst of legal trouble, accused of financial improprieties of some sort. There is no indication that this is at anything near the scale of what happened at Volkswagen Group. There's malfeasance. And then there's malfeasance. It is likely that this is going to be the end of Ghosn's career, but at age 64, and as a man who has spent nearly the past quarter-century essentially on airplanes, it is probably a good time to leave the stage. What his next act will be — to court or even prison — is an open question. But arguably, Ghosn's performance in the transformation of Nissan and Renault, which also needed some strong medicine to keep it from collapse in the early '00s (although one suspects that the French government would have done its damnedest to keep it propped up), makes him one of the all-time most-notable executives in the auto industry. Ghosn closed plants in both France and Japan and he worked to dismantle the Nissan keiretsu network of interlocked companies, things that were absolutely unthinkable. He established plans with stretch goals in their titles, like the "20 Billion Franc Cost-Reduction Plan," and worked with his people to achieve them, despite the pushback that seemed to come along with the announcement of the plan. As in, as he recalled in SHIFT, "Some people said, 'He's off the deep end. He's raving mad. Doesn't he know that at Renault you set the most conservative goals possible so you can be certain to reach them?' My answer to that sort of thinking was 'You're going to get what you ask for. If you set the bar too low, you'll be a low-level performance.