野村东方国际 日本汽车“400万辆俱乐部”的生存之道 - ―从本田&日产经营整合走向破灭，看当下全球汽车产业竞争，规模为王不再是生存法则

Investment Rating - The report does not explicitly provide an investment rating for the automotive industry or the specific companies involved. Core Insights - The integration between Honda and Nissan was expected to generate over 1 trillion yen in operating profit but faced significant challenges due to Nissan's operational crisis and deteriorating cash flow, requiring a consolidated operating profit of 600 billion yen by FY2026, which is three times the guidance for FY2024 [2][10] - Both companies are struggling against fierce competition from Tesla and BYD in the Chinese and American markets, with traditional fuel and hybrid vehicle market shares being eroded and a lack of competitive electric vehicle offerings [2][5] - Internal structural issues at Nissan have led to a lack of product strength and understanding of consumer demand, resulting in aging key models and difficulties in maintaining sales even with increased price subsidies [2][7] Summary by Sections Integration Challenges - The rapid breakdown of the integration decision announced in December 2024 was primarily due to differences in shareholding ratios, with Honda pushing for Nissan's operational reform and a subsidiary structure, while Nissan preferred an equal merger [3] - The integration faces multiple challenges, including electrification, intelligence, and cultural differences between the companies, making it difficult to surpass competitors like Tesla and BYD in the electric vehicle sector [14][15] Market Competition - Honda and Nissan are experiencing intense competition in the Chinese and American markets, with Tesla leveraging software innovations and BYD utilizing low-cost components and aggressive pricing strategies [5] - The inability of Japanese automakers to lead in electric vehicle adoption is attributed to high battery costs and insufficient charging infrastructure, which hinder vehicle pricing and sales [17] Strategic Directions - Honda and Nissan may pursue two strategic directions: continuing collaboration in key subfields while ensuring sufficient funding, or abandoning the partnership in favor of alliances with other companies like Mitsubishi or Hon Hai [6][11] - Honda plans to fully control the electric vehicle supply chain, having established a battery factory in Ohio and investing in a battery materials and vehicle production facility in Canada [4][18] - Nissan aims to establish 60GWh of battery capacity in North America by 2030, potentially collaborating with AESC, which has plans for 90GWh of battery capacity in the U.S. [19] Product and Business Structure - Honda's business structure is more diversified, covering various sectors, while Nissan has streamlined its operations by divesting non-core businesses [20] - Both companies lack competitive electric vehicle models, which remains a critical issue to address [20] Cost Reduction through Integration - The integration of factories could lead to the reduction of excess capacity and improved equipment utilization, thereby lowering fixed costs [21] Collaboration in Smart Vehicle Development - Honda and Nissan announced a collaboration focused on software-defined vehicles, including SOC chips and software platforms, to share development costs and enhance their competitive edge in the smart vehicle market [22]