Nissan
Japanese automaker that was near bankruptcy in 1999 with $20B in debt and -3.5% operating margins before forming an alliance with Renault.
Japanese automaker that was near bankruptcy in 1999 with $20B in debt and -3.5% operating margins before forming an alliance with Renault. Rather than accepting Ford's acquisition offer ($6B for full absorption), Nissan chose Renault's coalition offer ($5.4B for 36.8% stake with retained autonomy), prioritizing identity preservation and optionality.
Under the alliance, Nissan contributed manufacturing excellence (85% production efficiency vs Renault's 72%), US/Asia market access, product diversity, and electric vehicle innovation (Leaf, 2010). The company recovered to 5.8% operating margins by 2017 and shared $7B+ in annual synergies.
In 2018, when French government pushed for full Renault-Nissan merger, Nissan executives orchestrated Carlos Ghosn's arrest, viewing the merger as conquest disguised as partnership. This extreme response to perceived coalition betrayal destroyed $18B in combined value within 90 days.
Key Leaders at Nissan
Carlos Ghosn
CEO (Renault appointee)
Led turnaround while respecting Japanese culture, kept Japanese executives in key roles