1.0 Introduction
Strategic alliances, which include businesses merging their resources and capabilities in a cooperative strategy to gain a competitive edge, are growing in popularity every day (Todeva & Knoke, 2005). They represent one strategy for coping with the dynamic nature of the business environment and the elevated strain on the continuation and expansion of firms. According to Uddin & Akhter (2009), strategic alliances in many local and international marketplaces have changed the basic competitiveness framework from conventional firm-to-firm rivalry to more alliance-based, network-vs.-network competitiveness. This report analyzes the automotive industry’s Renault-Nissan-Mitsubishi Alliance.
2.0 International Strategic Alliance in the Automotive Industry
Most motor automotive vehicles, such as engines and bodies, are included in the automotive sector, while tires, batteries, and fuel are not. This is based on the findings of Binder & Rae (2023). Statista (2022) estimates that the worth of the worldwide automotive manufacturing market was around $2.86 trillion in 2021 and was expected to reach about $2.95 trillion in 2022.
The Renault-Nissan-Mitsubishi Alliance, as the name implies, includes the automakers Renault, Nissan, and Mitsubishi. According to The Editors of Encyclopedia Britannica (2023), Renault is a significant French automobile and motor carrier company headquartered in Boulogne-Billancourt, France. It was established in 1899 by Louis Renault and his brothers Fernand and Marcel. The French government controls the company, the largest automaker and exporter in the nation and one of its most recognizable corporate names.
The Nissan Motor Company, on the other hand, was established in 1933 and has its headquarters in Yokohama, Japan (Forbes, n.d.). The company operates through the Automotive and Sales segments and produces and sells marine equipment and automotive products. Last but not least, according to Forbes (n.d.), Mitsubishi Motors was founded in 1970 and has its headquarters in Tokyo, Japan. It develops, designs, manufactures, assembles, sells, buys, and imports automobiles and the parts that go with them.
3.0 The Renault-Nissan-Mitsubishi Strategic Alliance
The Renault-Nissan Alliance was the previous name for this partnership. Renault-Nissan Alliance, launched in 1999, is the highest global automotive alliance established to boost member-company competitiveness and profit (Renault-Nissan-Mitsubishi, 2022). Mitsubishi joined the Alliance in 2017. In essence, Nissan owns 15% voting shares in Renault, and Renault owns 15% in Nissan, according to Horrell (2023). Furthermore, according to MBA Knowledge Base (n.d.), Mitsubishi owns 34% of the Alliance, Nissan owns 15%, and Renault shares 43.4% of Nissan.
3.1 Motivations behind the Renault-Nissan-Mitsubishi Strategic Alliance
According to Webster (1999), companies may form strategic alliances for various reasons. These include increasing their capacity for production, lowering the uncertainty in their internal and external surroundings, gaining competitiveness that lets them boost profits, or gaining potential customers that will permit them to command higher market values for their outputs. Despite this, the Renault-Nissan-Mitsubishi Alliance, formerly known as the Renault-Nissan Alliance, was driven for the following reasons:
3.1.1 Profit Motive
Many strategic alliances are motivated by the goal of increasing revenues. The Alliance sought to regularly generate a total operating profit among the top three automotive companies in the world by upholding a high operating margin and stable expansion (Nissan Sustainability Report, 2012). Nissan was close to going bankrupt, had a huge financial problem, went for a lengthy period without making a profit, and owed $22 billion (MBA Knowledge Base, n.d.). Because Nissan needed Renault’s money to pay off its debt and because Renault was interested in replicating Nissan’s success in the US and Asia, the alliance was crucial for both businesses.
According to Chanaron (2006), Renault perceived Nissan’s condition as being very similar to its own: high levels of debt, a diverse range of business endeavors, and weak sales due to outdated model range design. Nissan was therefore prepared to begin making money as a result of this arrangement, while Renault would gain exposure to fresh markets and boost its earnings.
3.1.2 Add-Value Motive
According to Hayes (2022), enhancing a good or service can assist businesses draw in more clients, which can increase sales and profitability. Yet, the Renault-Nissan Alliance was motivated by the desire to improve the goods of these businesses. The Alliance concentrated on creating a special, purpose-built EV that could be produced in large quantities at costs that were accessible to the general public (Nissan Sustainability Report, 2012).
It’s also important to remember that the alliance’s goals were based on the idea of being regarded by customers as one of the top automotive groups in terms of the caliber and worth of its goods and services in every market and industry. The Alliance pursues a strategy targeted at being among the finest automobile organizations in core technologies, with each member being a leader in specialized domains of expertise, according to Nissan Sustainability Report (2012), which further supports value creation.
3.1.3 Global Expansion and Dominance Motive
Susini (2004) asserts that the Renault-Nissan partnership was established to build a company large enough to compete globally. In light of this, a multinational group was formed to establish the international plan for the newly formed entity’s growth and profitability and to foster all interconnectivity between the two businesses, all the while honoring the companies’ respective brand identities. Renault sought to learn from Nissan’s success in the US and Asia, which was crucial for the market’s progress, according to MBA Knowledge Base (n.d.).
The Renault-Nissan Alliance, according to Chanaron (2006), was also desirable because it had clear comparative advantages in regard to worldwide alignment, technological capabilities (for processes, products, and methods), and manufacturing capabilities to establish an international OEM that was among the top six automakers globally and produced 4 million cars annually.
3.1.4 Cost Efficiency Motive
Cost efficiency is a business approach that involves lowering manufacturing costs without sacrificing the quality of the good or service, according to the Indeed Editorial Team (2022). Cost-cutting was a driving force for the formation of the Renault-Nissan Alliance. According to Chanaron (2004), the alliance’s official statements, open dialogue, and news release all reference cost savings. The partnership would aid Nissan in outsourcing and in adapting customization as a goal of procurement synergy.
Furthermore, Nissan and Renault were required to reduce their debt by 100 billion Yen by the end of December 2000, co-assemble their models, and co-distribute vehicles in each other’s primary market. Additionally, under the Alliance, these two companies were required to cut back on workforce (management, staff, and shop floor workers), decrease their total number of platforms to 10 (from 26 at Nissan and 5 at Renault), and use shared platforms and powertrains. All of these goals and objectives were focused on reducing production costs.
3.1.5 Resource Sharing Motive
Resources can provide a corporation with a competitive advantage and guarantee its market domination. Having said that, the Renault-Nissan alliance was motivated by the necessity of resource sharing for the mutual benefit of both businesses. Susini (2004) asserts that Renault’s R&D prowess was rooted in its design expertise, a talent Nissan required to win over new clients. Nissan, in contrast, had superior engineering capabilities, notably in higher displacement engines like pick-up trucks and 4WD, where Renault lagged behind. To make Nissan a viable firm, supply chain optimization skills are a need, and Renault seemed to possess these skills in greater depth.
According to Chanaron (2006), the Alliance was driven by the desire to share ideas and learn from one another, with Renault ready to pick up quality management and Nissan ready to pick up strategic management. Additionally, the Cross Company Teams (CCT) established to manage the alliance were focused on pooling technical resources and expertise to develop joint components (platforms and powertrain), and unification of protocols and procedures was to be accomplished through the development of common production platforms (Susini, 2004). Yet, the collaboration attempted to make use of each company’s strengths, resources, and expertise.
3.2 The Strategic Alliance’s Value to Renault, Nissan and Mitsubishi
Automotive world (2013) asserts that as a result of the Alliance, Renault has acquired the size and massive number of a significant global automaker in the transnational and fiercely competitive automotive sector. In 2012, the Renault group sold 2,550,286 vehicles globally. Furthermore, this critical mass has sped up Renault’s global expansion, as in 1999, China, Brazil, Russia, and India together made up only 8% of the world’s auto market. These four nations accounted for 36% of all automobile sales worldwide in 2012. India is notably the most significant common platform project thanks to the Alliance. The Chennai plant opened in March 2010 will allow Renault to manufacture domestically and enter the Indian market. Renault also prepares for the future as a result of this Alliance by leading the way in sustainable mobility for all with a variety of electric vehicles.
According to Strom (1999), the collaboration saved Nissan from impending insolvency. Nissan now has access to the cost-cutting, product innovation, and effective procurement technical expertise that have become Renault’s claims to fame thanks to the alliance, which also provided much-needed additional funds. Also, the agreement requires Nissan to purchase a 15% interest in Renault’s Ampere electric car division (Automotive News Europe, 2023). The Renault-Nissan Alliance, on the other hand, is advantageous for Mitsubishi since it will be able to use the Renault Captur and Clio’s assets to create two new vehicles, the next-generation ASX and Colt, which are built on the CMF-B platform. Besides, Mitsubishi is poised to invest in Renault’s electric-vehicle business Ampere (Nissan Motor Corporation, 2023).
3.3 Governance Structures Surrounding Renault-Nissan- Mitsubishi Alliance
Most significantly, the Global Alliance Committee (GAC) is the Alliance’s governing body and has monthly meetings (Susini, 2004). Crucially, the GAC establishes the Renault-Nissan Alliance’s strategy, evaluates the initiatives put forth by the joint operational teams, provides detailed direction on each project, and approves its execution. Notably, the GAC chooses whether to implement the collaboration or synergies suggested by the Cross Company Teams and defines unified strategy (CFTs). Louis Schweitzer, CEO of Renault, and Yoshikazu Hanawa, CEO of Nissan, jointly serve as the GAC’s chairs.
According to Susini (2004), there are six main activities that make up the operational organization’s core: manufacturing and logistics, product planning and strategy, vehicle engineering, powertrain, markets, and markets. These six activities are divided into 11 Cross Company Teams, which are supported by 9 Cross Functional Teams. They have an important task of developing specific joint initiatives, presenting them to the GAC, and overseeing their execution. Nissan and Renault share leadership of the Product Planning CCT. For the others, a deputy leader from the opposing firm collaborates with a leader from either Nissan or Renault.
According to Susini (2004), each Cross-Company Team also consists of a pilot and a pilot equivalent, both of whom are in charge of managing the day-to-day operations of their CCT and leading teams of six to fifteen people. A steering committee in each company oversees the work done by the cross-company teams. At Renault, it is presided over by executive vice president Georges Douin, and at Nissan, it is led by vice president Patrick Pélata. The Alliance Coordination Bureau is in charge of the Steering Committees’ preparation for the GAC (ACB). The ACB maintains offices in Paris and Tokyo and provides support for CCT and CFT teams (Susini, 2004). The ACB’s objectives are to encourage long-term operational cooperation and to advance improved communication. It is important to note that whereas CCTs examines and evaluates synergies, CFTs pushes changes in a number of operational areas, such as the synchronization of IT systems and the creation of reliable and high-quality standards.
Also, the Alliance Operational Board is the platform for cooperation for Renault Group, Nissan, and Mitsubishi Motors, according to Globe Newswire (2023). The Alliance Operating Board (AOB) is fully dedicated to accountable value generation through fluid, agile decision-making, according to Renault-Nissan-Mitsubishi (2022). It benefits from having seven executives from its three member companies represented in a balanced manner. The Board meets once a month to discuss the primary operational operations and strategic concerns, such as sustainable development, automobile portfolios, geographical holdings, platforms, and technological frameworks, as well as how the Alliance can assist each company’s aims and plans.
3.4 Key Success Factors for Renault-Nissan-Mitsubishi
One of the Alliance’s main competitive advantages, according to Renault-Nissan-Mitsubishi (2022), is innovative sharing. The member with the most skill in any given area—platform, plant, engine, or battery—takes on the ‘Leader’ position and shares it with the other two partners through the Leader-Follower system. Each business doesn’t have to begin from zero because it has recourse to all of the Alliance’s resources. By cost- and price-cutting measures, member companies are able to purchase the most recent technologies, enhancing innovation and company performance. It has played a significant role in the Alliance’s ongoing prosperity.
Also, the social initiation procedure gave Renault-Nissan an edge over rivals like Daimler-Chrysler (MBA Knowledge Base, n.d.). A few months prior to the alliance’s launch, nine cross-functional teams (CFT) and eleven cross-company teams were formed (CCT). More notably, these teams each featured a vice chairperson from Nissan and a chairperson from Renault. This promoted mutual regard for one another. In general, the established CCTs gave Renault-Nissan the opportunity to initially engage in a social initiation experience before entering a formal framework of cooperation and knowledge sharing. CFTs improved the consolidation in a similar way.
Last but not least, the aggressive leadership of Carlos Ghosn is attributed with the Renault-Nissan-Mitsubishi Alliance’s success (Millikin & Fu, 2005). It is also important to remember that Ghosn oversaw Renault’s restoration effort after its disastrous merger with Volvo, since he was so committed to boosting profits through cost-efficiency improvements. In order to quickly turn the firm around, Ghosn was asked to take over Nissan three years later when Renault and Nissan formed a strategic partnership. Just two years after its appointment, Ghosn openly promised to resign if Nissan did not turn a profit by March 2001. Nonetheless, it only took him eighteen months to astound both his detractors and fans when Nissan started to turn a profit under his direction (Millikin & Fu, 2005). Ghosn is therefore essential to the Renault, Nissan, and Mitsubishi alliance’s performance.
3.5 How Trust has formed an integral part of Renault-Nissan Alliance-Mitsubishi Alliance
The Renault-Nissan-Mitsubishi partnership clearly displays its commitment to trust. Although Renault purchased more than 40% of Nissan’s shares and could theoretically command and control Nissan as a group business, making it practically an acquisition and merger, it has operated as a “alliance” for more than twenty years. It is important to note that Renault could have established an alliance organization in which it provided 100% of the funds and fully controlled the management to control and dominate Nissan. Renault decided against this option in order to preserve impartiality in the alliance’s problem-solving and decision-making processes. It was through mutual trust that they sought to form a strategic alliance.
Probably built on trust, the Renault-Nissan-Mitsubishi alliance is managed. According to Mikami, Ikegami & Bird (2019), the financial equity of the partners is a key factor to take into account when thinking about forming an alliance or pursuing a merger or acquisition since it correlates to the ROI that guides organizational decision. The management and governance of the Renault-Nissan-Mitsubishi Alliance is undoubtedly best characterized as a mutualistic inclusion, which is marked by a high amount of interdependence and a strong sense of attained company autonomy. All of this is based on mutual trust for the other companies’ initial management teams.
One of the most frequent reasons why alliances fail, according to Judge & Dooley (2006), is the challenge of controlling opportunistic actions by partner firms. More chances of successful performance and alliance performance result from acquiring the ability to successfully control, coordinate, and manage an alliance. Nissan trusted Carlos Ghosn to lead the firm and “demoted” its own employees in order to do so, which led to a decrease in Nissan’s overall debt load. The newly designated administrators and leaders who will be in charge of the CCTs and CFTs are united by a shared commitment to further the goals of the Alliance rather than their own interests.
3.6 How Renault-Nissan Alliance is controlled
The proportion of shares (voting rights) held by each member company determines how the alliance is run. Warner (2019) claims that Renault currently controls Nissan with a 43% voting stake and a 15% non-voting stake, thus giving Renault control. In this cooperation, Mitsubishi holds a 34% voting stake. Via a cross-shareholding arrangement, Nissan will be allowed to vote with its 15% stake in Renault once Renault reduces its voting stake in Nissan from 43.3% to 15% as of 2023. (Nissan Motor Corporation, 2023).
3.7 Current Performance of Renault-Nissan-Mitsubishi Alliance
The Renault-Nissan Alliance delivered about 764,000 automobiles to clients in France, its third-largest market, in 2018 (Statista, 2021). In contrast, the two biggest markets in 2018 were the US and China, with about 1.6 and 1.9 million devices sold in each country, respectively. The Renault Group 2022 results surpassed the 2022 FY financial expectation, according to Globe Newswire (2023), with an operating margin of €2.6 billion (5.6%)—up from €1.4 in 2021 (and +2.8 points)—and 6.4% in 2022 H2 compared to 4.7% in 2022 H1.
Also, according to Reuters (2023), Nissan Motor Corporation made a fourth-quarter payment to Renault of 174 million euros, bringing the total for 2022 to 526 million euros, the highest amount since 2018 (1.5 billion euros), and an increase from 352 million euros in 2021. Moreover, Nissan reported a 155% increase in operating profit for the third quarter that was higher than predicted thanks to cost cutting and a weaker yen (Reuters, 2023). On the other side, Mitsubishi Corporation, according to Statista (2023), reported sales of almost 17.3 trillion Japanese yen in fiscal year 2022, an increase from roughly 12.9 trillion yen in the prior fiscal year.
3.8 Pending Problems facing Renault-Nissan-Mitsubishi Alliance
The Renault-Nissan-Mitsubishi alliance has reportedly been floundering for a few years as the parties have battled to resolve fundamental issues of ownership and strategy (Winton, 2020). This is corroborated by Nissan’s long-held conviction that the alliance with Renault is disproportionate since the French firm and the French state master have the lion’s share of the authority (Winton, 2022). As a result, according to Koganezeki (2023), Nissan and Renault released a joint statement in January 2023 concerning an equal capital connection and came to a basic understanding regarding Nissan’s participation in the new electrified vehicles company.
4.0 Future trends for Strategic Alliances in Automotive Industry
First, future strategic alliances would try to cooperate with rivals while simultaneously competing on several fronts. Notably, according to Gao et al. (2016), traditional automotive players will likely experience market position changes in the developing automotive and mobility industries as a result of the pressure to cut costs, increase fuel efficiency, lower emissions, and become more capital-efficient. This could result in consolidation or new kinds of partnerships between established players. Current automakers would be compelled to form strategic partnerships with rivals in order to gain an advantage over the competition.
Second, future strategic partnerships would be based on opening up fresh markets. This is in agreement with the argument made by Gao et al. (2016) that emerging firms will have opportunities as markets diverge because they will initially concentrate on a few key steps along the value chain and only target a few, economically lucrative market segments—and then grow from there. It is important to note that established players in the automotive sector cannot anticipate the direction of the sector with precision. But, they can take strategic actions now to influence how the industry develops, such as forging strategic alliances.
Last but not least, future strategic partnerships would be motivated by the need to combat disruptive technology and would focus on the electrification of vehicles. According to Gao et al. (2016), decreasing battery costs, better commonly accessible charging infrastructure, and rising customer acceptance will provide new and strong momentum for the adoption of electrified vehicles in the upcoming years as a result of stronger emission rules. Because of these, upcoming alliances would be focused on seizing the chances provided by disruptive technologies in the automobile sector.
5.0 Conclusion
In comparison to mergers and acquisitions, companies that form global strategic partnerships stand to gain from greater equity returns, better ROI and faster growth rates. It became clear throughout the research that trust is one of the main factors in any strategic alliance’s success and was crucial to the Renault-Nissan-Mitsubishi Alliance’s success. Effective leadership, financial gain, perceived value, and cost-effectiveness goals are further driving forces behind this collaboration. Last but not least, it is important to keep in mind that, as disruptive technologies continue to emerge, the future of strategic alliances in the automobile industry is likely to be rooted on the need to effectively combat them.
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