Nissan’s CEO to take closer look at ties with Renault, Mitsubishi

Bloomberg

Nissan Motor Co’s new chief executive officer said he is looking at what works and what doesn’t in the alliance with Renault SA and Mitsubishi Motors Corp, stressing that the partnership needs to benefit all parties.
Makoto Uchida, appointed after a year of turmoil following the arrest of Carlos Ghosn, said in his first media conference that changes are needed in the pact to benefit the companies’ sales and earnings. He said discussions about changes in capital ties haven’t taken place. “The alliance is critical to reach our goals,” Uchida said at Nissan’s headquarters in Yokohama. “We need to look at what worked within the alliance, and what didn’t, and decide how to go forward.”
Uchida faces monumental challenges at Nissan, which has seen turmoil at the top since former Chairman Ghosn’s arrest while profits plumb decade lows. The automaker needs to get its business in order fast, with autonomous vehicles and electrification poised to disrupt the industry in a once-in-a-generation shift.
Ghosn led Nissan and Renault for years and held their two-decade partnership together until his arrest in November 2018 on allegations of financial misconduct, which he has denied. His downfall exposed governance shortfalls at Nissan and brought long-standing tensions between the automakers to the fore. Uchida said the companies haven’t held discussions on changing the capital structure in the partnership.