日产汽车，这个许多80、90后心中的“神车”，近期却传出了可能破产的消息。

　　据媒体报道，日产的高管透露，公司生存的时间仅剩下12-14个月，正在紧急寻找新的投资者。这一消息令人震惊，因为日产手握轩逸(配置|询价)这一全球最热销车型之一，却正面临破产的边缘。

　　日产的困境始于几年前，从2020年4月至2021年3月的财年中运营亏损1507亿日元，尽管2021年4月至2023年3月的三个财年实现盈利，但本财年“可能会出现数千亿日元的赤字”。

　　日产的困境不仅是其自身的问题，也反映了日系车型在电动化转型上的整体困境。日系车企在电动化转型上普遍采取较为被动的策略，缺乏数字化人才与能力，导致市场竞争中处于劣势。在新能源和电动化时代，日系车显得有些“落后”，未能及时捕捉市场趋势，错失了重要的增长机遇。电池技术瓶颈、续航里程、充电速度与成本控制等关键问题，使得日系车企在电动化转型计划上显得犹豫不决。这些因素共同导致了日系车在电动化进程上的缓慢，不仅是日产，丰田、本田等日系车企都面临着类似的挑战。

　　进入倒计时

　　要是问80、90后人生第一辆车是什么，十个人有九个会回答“日产”。

　　然而，就是这个初代的世界级神车，却忽然宣布商业生命进入了倒计时。

　　近日有媒体报道称日产一位高管透露：日产生存的时间，只剩下12-14个月，公司正在寻找新的投资者。

　　手握轩逸这个全球最热销车型之一的车企居然正在走向破产，这令人震惊不已。

　　回溯日产汽车的销量滑铁卢，始于三年前。

　　从日产汽车在中国地区的销量来看，2022年在华销量104.52万辆，同比大跌22.1%；2023年销量继续暴跌24%，全年销量为79.38万辆；今年前十个月，在华累计销量约为55.8万辆，同比下降9.98%。

　　实际上，日产汽车并不只是在中国市场表现不佳，从今年上半财年的日产汽车财务数据来看，2024上半财年（4月至9月），公司净营收同比降低1.3%至5.98万亿日元；营业利润同比大跌90.2%至329.08亿日元，营业利润率从去年同期的5.6%降至仅0.5%；净利润同比大降93.5%至192.23亿日元。

　　众所周知，企业不是开源就是节流，面对销量和盈利能力的双重下滑，日产汽车立即启动了节流计划，开始一系列削减成本的行动。

　　比如，裁员、减产，削减20%的全球产能，在全球范围内裁员9000人，出售所持有的三菱汽车部分股权以及降低销售、综合及行政开支，减少商品成本，优化资产组合等。

　　甚至日产高管都开始“为爱发电”，日产首席执行官内田诚宣布，将从11月起自愿放弃50%的月薪，其他执行委员会成员也将自愿相应减薪。

　　其实在今年更早的时间，日产汽车就已经关闭了一家位于江苏常州的，年产能13万辆的乘用车工厂。这也是日产在中国首次关闭乘用车工厂。

　　而从近日传出的日产汽车还剩下12-14个月生存时间，甚至是日产汽车可能被收购的消息来看，日产汽车这一系列节流的行动还没有起到扭转局势的效果。

　　时间再往回推，2018年，日产汽车还是国内最畅销的汽车之一。当年日产在华销量达到156.4万辆，创造了历史新高。

　　日产汽车在中国销量很好的原因主要包括其早期市场进入和合资企业优势。日产汽车是较早进入中国市场的日本车企之一，1973年就开始在中国销售汽车。1993年前后，日产在中国的第一家整车合资企业郑州日产成立，2003年与东风汽车合资成立了东风日产。这些早期的市场进入和合资企业优势使日产能够享受到中国合资汽车发展的黄金时代红利。

　　此外，日产在中国市场的各细分市场都有极具竞争力的产品，比如在家轿市场，轩逸多年位居市场销量冠军宝座；在中级轿车市场，天籁(配置|询价)能与凯美瑞、雅阁、帕萨特、迈腾等一较高下；在SUV市场，逍客(配置|询价)、奇骏也是销量长红。

　　日产汽车还通过与东风汽车集团的紧密合作，构建了涵盖设计、研发、供应链、本地人才培养等领域的强大本地生态圈，持续为中国消费者提供高品质产品和服务。

　　虽然此后三年，日产销量陷入小幅下滑的通道，不过到2021年销量依然有138万辆，其中轩逸全年累计销售51.3万辆，平均单月销量高达4.3万辆，放在整个市场也是数一数二的存在；中级车天籁、SUV逍客月均销量也都在万辆以上，是各自细分市场里的主要玩家。

　　错过电动化

　　要说日产汽车市场缩水的原因，没有持续的爆款似乎是一个原因。

　　“现在的汽车市场是一个需要爆款也需要产品线的时代。产品线全面但是没有持续爆款是不行的。而提起日产，你很难说近几年他们出了什么爆款。”资深汽车从业者小林（化名）这样说道。

　　此外，日产在新能源和电动化时代显得有些“落后”。

　　由于缺乏数字化人才与能力，日产在市场竞争中处于劣势。同时，日产汽车在中美两大市场大打价格战，特别是在中国市场，轩逸等平价车型销量尚可，但利润较低，且纯电车型产品矩阵不够完善，在新能源汽车市场竞争中处于劣势。

　　尤其在中国已经全面进入新能源汽车时代，很多车主开始从燃油车转换到新能源车，这其中大部分车主就是日系车车主。核心原因就是，开日系车的车主都很关注性价比，毕竟日本车就是以省油出名的，不过油费再省，也省不过电费。

　　小胖（化名）一位近十年的日产车主，就在去年换成了比亚迪秦PLUS纯电版，“从发动机的耐用程度、油耗、保养费用以及保值度来衡量，日系车确实是综合性价比最高的。我自己换车的转折点是，去年开始我开始做起了兼职网约车司机。”小胖表示，他算了一笔账，自己每天跑100-200公里，之前的日产100公里大概需要56元油费，换成现在的纯电汽车后，充满电的话大概是50元，够开2、3天。因此，跑网约车还是用纯电汽车更合算。

　　事实上，在电动化进程上脚步缓慢的不仅仅是日产，曾经被称为“日系三杰”的丰田、本田和日产汽车在新能源车型上都表现的不够强劲。

　　“不够有野心”可能是日系车在电动化转型缓慢的重要原因。日系车企在电动化转型上普遍采取较为被动的策略。尽管在宣传层面有雄心勃勃的计划，但实际行动上仍显犹豫不决，这种态度导致了市场表现的下滑。

　　行动不够利索之外，日系车电动化的技术也不算顶尖的，日本车企在电动车领域面临电池技术瓶颈、续航里程、充电速度与成本控制等关键问题。大规模生产转型带来的高昂初期投入与传统业务利润下滑形成鲜明对比，考验着企业的资金链与战略定力。

　　此外，如何提升消费者对电动车的认知度与接受度，打破“里程焦虑”，也是日系车企亟待解决的问题。日系车企通过多元化的技术策略来应对电动化挑战，从传统的混合动力（HEV）到纯电动（BEV），再到插电式混合动力（PHEV）以及创新的燃料电池技术。这种多路径战略体现了其对未来市场需求的深刻洞察，但也反映了企业在面对电动化转型时的灵活性与前瞻性。

　　同时，日系车企的组织架构、开发流程、在全球的布局与国内车企不同，导致其在新能源汽车开发上的响应速度慢，开发成本高。由于当前各地政府对电动汽车的补贴政策正在逐步退坡，加之外界竞争对手的强势表现，日系车企的电动化转型计划可能会暂缓。这些因素共同导致了日系车在电动化进程上的缓慢。

　　拿什么拯救“日系三杰”

　　日产汽车当然也意识到了电动化已经成为了全球汽车产业不可阻止的前进方向，因此在电动化进程上，日产也采取了一系列措施。

　　日产汽车发布了“The Arc日产电弧计划”，该计划通过全方位的新产品规划、推进电驱化、创新的研发和生产方式、应用数字化新技术以及深化战略合作伙伴关系，以提升全球销量并提高盈利能力。

　　日产计划在未来几年推出多款新能源车型，以满足不同市场的需求。到2026财年，日产计划在中国市场推出8款新能源车型，并力争将汽车开发周期缩短至2.5年。

　　为了弥补技术短板，日产正在探索增强型NCM锂离子电池、LFP电池和全固态电池（ASSB）等多元化电池技术，以提升电池性能和降低成本。

　　日产的目标是通过“家族化”模式开发纯电动车型，整合动力系统，利用下一代的模块化制造、集团采购和电池技术的创新，在下一代纯电动车型的成本降低30%。

　　对于电动化汽车市场份额比重举足轻重的中国，日产汽车量身定制了注重均衡并关注重点的战略，通过推出更多新能源汽车、充分结合本地优势和全球能力、变革运营模式等三大支柱具体推进。

　　根据“日产汽车2030愿景”，日产计划在未来5年内投资2万亿日元，加快推进电驱化产品布局和技术创新。到2030财年，日产计划推出23款电驱化车型，其中包括15款纯电动车型，日产和英菲尼迪品牌的电驱化车型占比将超过50%。通过这些策略和措施，日产汽车正积极推进其电动化进程，以适应全球市场的需求和趋势。

　　当然，这些计划和愿景有点“远水救不了近火”的意思，所以除了这些更远大的目标，日产也做了眼下能做的成本控制来缓解眼下的财务危机。包括裁员、减产等。

　　日产还将在中国产能削减至最优水平，并可能关闭泰国及墨西哥的部分工厂。这一措施虽然能短期内缓解成本压力，但对日产的全球布局可能造成长期影响。

　　此外，日产正在积极寻找新的投资者，希望借助外部力量缓解资金压力。甚至有消息称，日产的老对手本田可能有意收购部分股权，双方正在就此进行洽谈，并计划联手推出新的纯电动车型。

　　昔日的对手，如今在时代的浪潮下可能会选择联手。

　　如果日产被本田收购，双方可能会在多个方面开展合作。比如，本田与日产可以在电动汽车（EV）领域进行全面合作，包括核心零部件及车载软件的通用化，并深入到电池供应链。这种合作旨在减轻巨额投资的负担，并加快实用化的速度。双方正在考虑建立战略合作伙伴关系，共同生产电动汽车零部件，以及共同开发汽车软件平台中的人工智能技术。

　　通过有效合并，日产和本田可以通过削减成本和整合资源来提升营业利润率。两家车企可以通过合并汽车金融部门来削减更多成本。本田与日产将凭借技术和知识的协同效果，努力成为行业的领导者，为汽车行业创造新价值。如果收购成功，本田汽车将成为日产汽车的大股东，双方将共同应对全球汽车市场的挑战。这些合作措施旨在通过资源整合和技术协同，提升两家公司在全球汽车市场中的竞争力和盈利能力。

　　从昔日“神车”到进入生命的“倒计时”，在电动化的迭代中，日系车的困境逐渐浮出水面。而日产汽车又将如何从这场财务危机中完美脱身，更加值得关注。

The first car of the 80s generation may go bankrupt
2024-12-16 23:36:30 Interface News

Wen | Rongzhong Finance

Nissan, the "miracle car" in the hearts of many 80s and 90s generations, has recently been rumored to be bankrupt.

According to media reports, Nissan executives have revealed that the company has only 12-14 months left to survive and are urgently seeking new investors. This news is shocking, as Nissan holds the Xuan Yi (configuration | inquiry), one of the world's best-selling models, but is facing the brink of bankruptcy.

Nissan's predicament began a few years ago, with an operating loss of 150.7 billion yen in the fiscal year from April 2020 to March 2021. Despite achieving profits in the three fiscal years from April 2021 to March 2023, there may be a deficit of hundreds of billions of yen in this fiscal year.

Nissan's predicament is not only its own problem, but also reflects the overall dilemma of Japanese models in the transition to electrification. Japanese car companies generally adopt a relatively passive strategy in their electrification transformation, lacking digital talents and capabilities, which puts them at a disadvantage in market competition. In the era of new energy and electrification, Japanese cars appear somewhat "outdated", failing to capture market trends in a timely manner and missing important growth opportunities. Key issues such as battery technology bottlenecks, range, charging speed, and cost control have made Japanese car companies hesitant in their electrification transformation plans. These factors have collectively led to the slow progress of Japanese cars in electrification, and not only Nissan, but also Japanese car companies such as Toyota and Honda are facing similar challenges.

Enter countdown

If asked what their first car was in their 80s and 90s, nine out of ten people would answer 'Nissan'.

However, it was this first generation world-class car that suddenly announced the countdown to commercial life.

Recently, there have been media reports that a senior executive of Nissan revealed that the company has only 12-14 months left to survive and is looking for new investors.

It is shocking that the car company holding the Xuan Yi, one of the world's best-selling models, is heading towards bankruptcy.

Looking back at Nissan's sales Waterloo, it began three years ago.

From Nissan's sales in China, the sales volume in China in 2022 was 1.0452 million units, a year-on-year decrease of 22.1%; In 2023, sales continued to plummet by 24%, with an annual sales volume of 793800 vehicles; In the first ten months of this year, the cumulative sales volume in China was about 558000 units, a year-on-year decrease of 9.98%.

In fact, Nissan's poor performance in the Chinese market is not the only reason. According to Nissan's financial data for the first half of this year, the company's net revenue decreased by 1.3% year-on-year to 5.98 trillion yen in the first half of 2024 (April to September); Operating profit dropped by 90.2% year-on-year to 32.908 billion yen, with the operating profit margin dropping from 5.6% in the same period last year to only 0.5%; Net profit decreased significantly by 93.5% year-on-year to 19.223 billion yen.

As is well known, companies are either open sourcing or cutting costs. Faced with the dual decline in sales and profitability, Nissan immediately launched a cost cutting plan and began a series of cost cutting actions.

For example, layoffs, production cuts, a 20% reduction in global production capacity, the layoff of 9000 people worldwide, the sale of a portion of Mitsubishi Motors' equity holdings, and the reduction of sales, comprehensive, and administrative expenses, as well as the optimization of asset portfolios.

Even Nissan executives have started to "generate electricity for love". Nissan CEO Makoto Uchida announced that he will voluntarily give up 50% of his monthly salary from November, and other members of the executive committee will also voluntarily reduce their salaries accordingly.

In fact, earlier this year, Nissan had already closed a passenger car factory located in Changzhou, Jiangsu with an annual production capacity of 130000 vehicles. This is also Nissan's first time closing a passenger car factory in China.

However, according to recent reports that Nissan still has 12-14 months left to survive, and even the possibility of Nissan being acquired, Nissan's series of cost cutting actions have not yet had the effect of reversing the situation.

Looking back, in 2018, Nissan was still one of the best-selling cars in China. At that time, Nissan's sales in China reached 1.564 million units, setting a new historical high.

The main reasons for Nissan's good sales in China include its early market entry and advantages in joint ventures. Nissan is one of the early Japanese car companies to enter the Chinese market, and began selling cars in China in 1973. Around 1993, Nissan established its first vehicle joint venture in China, Zhengzhou Nissan, and in 2003, it formed a joint venture with Dongfeng Motor to establish Dongfeng Nissan. These early market entry and joint venture advantages enabled Nissan to enjoy the golden age dividends of China's joint venture automotive development.

In addition, Nissan has highly competitive products in various segmented markets in the Chinese market, such as in the sedan market where the Sylphy has been the market sales champion for many years; In the mid size sedan market, Teana (configuration | inquiry) can compete with Camry, Accord, Passat, Magotan and others; In the SUV market, the X-Trail (configuration | inquiry) and Qashqai have also achieved strong sales.

Nissan has also built a strong local ecosystem covering design, research and development, supply chain, local talent cultivation, and other fields through close cooperation with Dongfeng Motor Group, continuously providing high-quality products and services to Chinese consumers.

Although Nissan's sales experienced a slight decline in the following three years, it still sold 1.38 million vehicles in 2021. Among them, the Nissan Sylphy sold 513000 vehicles throughout the year, with an average monthly sales of 43000 vehicles, making it one of the top players in the entire market; The average monthly sales of mid size cars such as Teana and SUV X-Trail are also over 10000 units, making them the main players in their respective segmented markets.

Missed electrification

If we talk about the reason for the shrinking Nissan car market, the lack of sustained explosive models seems to be one of the reasons.

The current automotive market is an era that requires both explosive models and product lines. It is not enough to have a comprehensive product line without sustained explosive models. When it comes to Nissan, it is difficult to say what explosive models they have released in recent years, "said senior automotive practitioner Kobayashi (pseudonym).

In addition, Nissan appears somewhat "outdated" in the era of new energy and electrification.

Due to a lack of digital talent and capabilities, Nissan is at a disadvantage in market competition. At the same time, Nissan is engaged in a price war in the two major markets of China and the United States, especially in the Chinese market. While low-priced models such as the Sylphy have decent sales, their profits are relatively low, and their pure electric vehicle product matrix is not complete enough, putting them at a disadvantage in the competition of the new energy vehicle market.

Especially in China, which has fully entered the era of new energy vehicles, many car owners have begun to switch from fuel vehicles to new energy vehicles, most of whom are Japanese car owners. The core reason is that owners of Japanese cars are very concerned about cost-effectiveness, as Japanese cars are known for their fuel efficiency. However, no matter how much fuel is saved, electricity cannot be saved.

Xiaopang (pseudonym), a Nissan car owner who has been around for nearly a decade, switched to the BYD Qin PLUS pure electric version last year. "In terms of engine durability, fuel consumption, maintenance costs, and resale value, Japanese cars are indeed the most cost-effective. The turning point of my own car change was that I started working as a part-time ride hailing driver last year." Xiaopang said that he calculated that he runs 100-200 kilometers per day. The previous 100 kilometers per day cost about 56 yuan for fuel, but after switching to the current pure electric car, it would cost about 50 yuan to fully charge, which is enough to drive for 2-3 days. Therefore, it is more cost-effective to use pure electric cars for ride hailing services.

In fact, it is not only Nissan that is slow in the process of electrification. Toyota, Honda, and Nissan, once known as the "Three Heroes of the Japanese Series", have not performed strongly enough in new energy vehicle models.

The lack of ambition may be a significant reason for the slow transition of Japanese cars towards electrification. Japanese car companies generally adopt a relatively passive strategy in their electrification transformation. Despite ambitious plans in terms of publicity, there is still hesitation in actual action, which has led to a decline in market performance.

In addition to not being agile enough in action, Japanese car electrification technology is not top-notch, and Japanese car companies face key issues such as battery technology bottlenecks, range, charging speed, and cost control in the electric vehicle field. The high initial investment brought about by large-scale production transformation is in sharp contrast to the decline in traditional business profits, testing the capital chain and strategic determination of enterprises.

In addition, how to enhance consumers' awareness and acceptance of electric vehicles, and break the "range anxiety", is also an urgent problem that Japanese car companies need to solve. Japanese car companies are addressing the challenges of electrification through diversified technological strategies, ranging from traditional hybrid electric vehicles (HEVs) to pure electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and innovative fuel cell technologies. This multi-path strategy reflects its profound insight into future market demand, but also reflects the flexibility and foresight of enterprises in the face of electrification transformation.

At the same time, the organizational structure, development process, and global layout of Japanese car companies are different from those of domestic car companies, resulting in slow response speed and high development costs in the development of new energy vehicles. Due to the gradual withdrawal of subsidy policies for electric vehicles by local governments and the strong performance of external competitors, the electrification transformation plans of Japanese car companies may be postponed. These factors have collectively led to the slow progress of Japanese cars in the electrification process.

What can we do to save the 'Japanese Three Heroes'

Nissan has also realized that electrification has become an unstoppable direction for the global automotive industry, and therefore has taken a series of measures in the electrification process.

Nissan has released the "The Arc Nissan Arc Plan", which aims to increase global sales and profitability through comprehensive new product planning, promotion of electric drive, innovative research and development and production methods, application of digital new technologies, and deepening strategic partnerships.

Nissan plans to launch multiple new energy vehicle models in the coming years to meet the needs of different markets. By the 2026 fiscal year, Nissan plans to launch 8 new energy vehicle models in the Chinese market and strive to shorten the car development cycle to 2.5 years.

In order to make up for technological shortcomings, Nissan is exploring diversified battery technologies such as enhanced NCM lithium-ion batteries, LFP batteries, and all solid state batteries (ASSB) to improve battery performance and reduce costs.

Nissan's goal is to develop pure electric vehicle models through a "family oriented" model, integrate power systems, and utilize innovation in next-generation modular manufacturing, group procurement, and battery technology to reduce costs by 30% in the next generation of pure electric vehicle models.

For China, where the market share of electric vehicles is crucial, Nissan has tailored a strategy that emphasizes balance and focuses on key areas, by launching more new energy vehicles, fully integrating local advantages and global capabilities, and transforming operational models.

According to Nissan's 2030 Vision, Nissan plans to invest 2 trillion yen in the next 5 years to accelerate the layout and technological innovation of electric drive products. By the fiscal year 2030, Nissan plans to launch 23 electric drive models, including 15 pure electric models. The proportion of electric drive models from Nissan and Infiniti brands will exceed 50%. Through these strategies and measures, Nissan is actively advancing its electrification process to meet the demands and trends of the global market.

Of course, these plans and visions have a bit of a 'distant water cannot save a nearby fire' meaning, so in addition to these more ambitious goals, Nissan has also done what it can do to control costs and alleviate the current financial crisis. Including layoffs, production cuts, etc.

Nissan will also reduce its production capacity in China to its optimal level and may close some factories in Thailand and Mexico. Although this measure can alleviate cost pressure in the short term, it may have a long-term impact on Nissan's global layout.

In addition, Nissan is actively seeking new investors, hoping to alleviate financial pressure through external forces. There are even reports that Nissan's old rival Honda may be interested in acquiring some equity, and the two sides are in talks to jointly launch new pure electric models.

Former rivals may now choose to join forces in the tide of the times.

If Nissan is acquired by Honda, the two parties may cooperate in multiple aspects. For example, Honda and Nissan can collaborate comprehensively in the field of electric vehicles (EVs), including the universalization of core components and in car software, and delving into the battery supply chain. This cooperation aims to alleviate the burden of huge investments and accelerate the speed of practical application. Both parties are considering establishing a strategic partnership to jointly produce electric vehicle components and develop artificial intelligence technology in automotive software platforms.

Through effective merger, Nissan and Honda can improve their operating profit margins by reducing costs and integrating resources. Two car companies can reduce more costs by merging their automotive finance departments. Honda and Nissan will strive to become industry leaders and create new value for the automotive industry through the synergy of technology and knowledge. If the acquisition is successful, Honda will become the major shareholder of Nissan, and both parties will work together to address the challenges of the global automotive market. These collaborative measures aim to enhance the competitiveness and profitability of the two companies in the global automotive market through resource integration and technological synergy.

From the former "divine car" to the "countdown" to entering life, the dilemma of Japanese cars is gradually emerging in the iteration of electrification. And how Nissan will perfectly escape from this financial crisis is even more worth paying attention to.