Renault, Nissan cooperating with the birth of the world's first car empire?

The board of directors of Renault and Nissan both expressed a positive attitude toward the potential collaboration with General Motors, stating in a joint statement: "We welcome GM to join our alliance." If everything proceeds smoothly, these three automotive giants could collectively hold between 22% to 25% of the global auto market, solidifying their status as a true industry giant. At that moment, he stood before the white building, smiling proudly. It was the MGM Grand, a luxurious hotel with 5,005 deluxe rooms, where the sounds of laughter, noise, and excitement echoed through the night—typical of Las Vegas. Yet, it didn’t seem to affect him. He remained calm, still smiling. It was June 30, 2006. After waking from pleasant memories, Kirk Kerkorian smiled and disappeared into the lavish nightlife of Las Vegas. His pace suggested he wasn’t an 89-year-old man, but rather someone full of energy and vision. The mood in Las Vegas spread globally, triggering a wave of reactions—shock, fear, anger, longing, and even admiration. People were left questioning: Was this nearly 90-year-old man a devil or a dreamer? A fox or a tiger? A liar or a visionary? Sixteen years earlier, when Kirk Kerkorian began acquiring shares of Chrysler Motors, people started talking about him. Eight years ago, when he planned to acquire Chrysler, Wall Street and Detroit questioned his motives. Now, 16 years later, the same scene repeated itself, and he remained at the center of it all. On the last day of June, Kirk Kerkorian met with Renault and Nissan executives in Tracinda’s office, proposing that the Renault-Nissan Alliance acquire a 20% stake in GM. With 9.9% of GM’s shares in his possession, Kerkorian wrote to GM’s management, urging them to consider the proposal. Later, Kerkorian’s control over Tracinda gave Renault and Nissan’s top leaders, Luis Schweitzer and Carlos Ghosn, clear direction on what needed to be done. Everything happened so quickly that GM’s leadership had little time to react. Automakers like DaimlerChrysler, BMW, and Toyota raised concerns, while industry figures from Detroit, Paris, and Tokyo were divided. As one executive once said, “For them, the alliance isn’t the key; it’s the opportunity itself.” Kirk Kerkorian and Ghosn were ready. In mid-June, when Ghosn attended the inauguration of Nissan North America’s headquarters in Tennessee, he and Kerkorian had already discussed GM’s potential involvement in the Renault-Nissan Alliance. Kerkorian’s representative, Jerry York, had been quietly working behind the scenes to facilitate the talks. On the day of the announcement, Kerkorian’s stock surged, earning him $1.316 billion. While it wasn’t a perfect return on his $1.69 billion investment, things were moving in the right direction. The Renault and Nissan boards continued to express support for the alliance, saying, “Welcome GM to join our alliance.” If successful, the three automakers would capture 22% to 25% of the global market, becoming a dominant force. On July 15, Ghosn and Wagner began discussions on a tripartite partnership, focusing on technology, procurement, and platforms. More importantly, Ghosn aimed to acquire more than 20% of GM’s equity. “Our cooperation should be broader,” he said. At this point, Wagner and Ghosn were the most influential players in this historic event. At this time, Kerkorian and Schweitzer were secretly pleased. This was a big event. On June 22, Wagner picked up the phone. Though he hadn’t actively pushed for it, he had no choice. After meeting with Carlos Ghosn, the CEO of the Renault-Nissan Alliance, he felt uneasy. This was the first time they had met after 12 years of relationship. Some were jealous, others happy. After hanging up, Kirkland, a major shareholder of GM, felt slightly excited. He was satisfied with his role as a spokesperson for GM, represented by Jerry York. According to current developments, York’s visit to London in May had been a success. Ghosn had agreed to “consult on business” with Kerkorian, which was proof. Now, things were moving forward. York had played a key role in facilitating the conversation between Wagner and Ghosn. Kerkorian’s plan was coming to life. After eight days of planning, the timing finally arrived. On June 30, Tracinda, controlled by Kerkorian, sent a letter to GM, Renault, and Nissan’s boards, expressing hope for a tripartite alliance. In Kirkland’s view, the Renault-Nissan Alliance had proven successful, and GM should join. He also proposed that GM sell 20% of its stock for $30 billion. As soon as the news broke, GM’s stock jumped 8.6%, reaching $29.79 per share. If this deal went through, it would reshape the global car industry. If not, it would remain just another news story. 25%: A Big Number On July 14, Ghosn told American media that the first step in cooperating with GM was to negotiate the price. Once that was settled, further talks could follow, but he didn’t want to fully take over GM. This was a typical Ghosn move—ambitious yet humble. He showed interest in Chinese cars and praised the people and the industry. “I like the people here and I’m optimistic about the development of Chinese cars,” he said during a visit to Dongfeng Motor Corporation’s plant in Shiyan. One fact to note is that Ghosn’s words were less dramatic than his actions. The operations between Dongfeng and Nissan in China were gradually gaining traction. For the Renault-Nissan-GM alliance, Ghosn first needed to address Nissan’s weak position in North America. According to data from the American Automobile Manufacturers Association, Nissan sold only 75,000 vehicles in the U.S. in June, a 19% drop from the previous year. Meanwhile, Renault had yet to enter the U.S. market. By 2009, Renault planned to enter the world’s most competitive market. By aligning with GM, the Renault-Nissan Alliance could leverage GM’s performance in North America to achieve its goals. Together, GM, Renault, and Nissan could capture 22% to 25% of the global market, becoming the largest automotive alliance. For GM, joining the alliance would reduce costs through shared parts procurement and platform use, lower labor expenses, and end its ongoing losses in North America. However, rivals like BMW, DaimlerChrysler, and Toyota raised concerns. A 25% global market share was a significant number. 9.9%: Major Shareholder “I think he knows what he wants. I think he is defending his interests. Frankly, I understand,” Kirk Kerkorian said when evaluating Ghosn. This time, Ghosn was again in the spotlight. In this situation, Ghosn and Wagner were merely performers. Behind the scenes, Kerkorian and Schweitzer were the real forces. Kerkorian’s 9.9% stake in GM gave him strong influence, and when he met Ghosn, it was the start of a new chapter. Kirk Kerkorian: A hidden billionaire known for his constant changes, owns 9.9% of GM shares. Through his company Tracinda, he orchestrated a major event, aiming to form an alliance between two leading automakers—General Motors and Nissan-Renault. After secret talks with Ghosn, he hoped the Renault-Nissan Alliance would invest $30 billion to buy 20% of GM shares. He expressed this in a letter to GM’s board. At the same time, Renault-Nissan publicly supported the idea. In 2005, Kerkorian bought 56 million shares of GM, which still had no profit. Louis Schweitzer: The grandson of the famous theologian Albert Schweitzer, he is a moderate and sensible executive. He transformed state-owned Renault into a global brand. Outside Europe, Renault was not well-known, but that was changing. Today, Renault’s global influence was growing. Schweitzer was the driving force behind Renault-Nissan. In 1999, he made a bold bet, investing $5.4 billion in struggling Nissan, believing in Ghosn’s ability to manage the company. Now, as Ghosn’s reputation grew, Schweitzer supported any deal with GM. Rick Wagner: The GM CEO facing heavy pressure, trying to rebuild the company by closing factories and cutting jobs. Rumors of his departure had circulated, but he received a vote of confidence from the GM board. This alliance meant sharing power. Ghosn: Known as a cost-cutting expert in the industry. In this deal, he said: “If you are a winner, you may be optimistic about the alliance; if you are not, you may still be. Since we have a good job, we are optimistic. Obviously, we will consider emotional factors and past experiences, but honestly, on this platform, we are very clear and objective about potential possibilities.” “If we have to choose the timing, for Nissan and Renault, this is not a bad time. But when you miss an opportunity, whether it’s determined or uncertain, when GM shareholders first proposed this resolution, we accepted it.” Jerry York: The former CFO of Chrysler and long-time adviser to Kerkorian. After Kerkorian began buying GM shares, York joined the GM board and promoted the alliance with Renault-Nissan. A strong figure, he publicly stated that GM could benefit from Ghosn’s management style. 37: A Big History Since the late 1980s, there have been 37 mergers and reorganizations in the automotive industry. 1989: Ford acquires British Jaguar for £1.6 billion 1990: GM buys 50% of Saab in Sweden for $60 million 1991: Volkswagen buys 30% of Skoda Auto, later acquiring 100% for 2.25 billion marks 1993: Renault and Volvo abandon merger 1994: BMW acquires British Rover Motors for $1.2 billion 1996: Ford increases Mazda’s stake to 33.4% for $482 million 1998: Daimler-Benz acquires Chrysler for $35 billion Volkswagen buys Bentley and Rolls-Royce for $854 million Volkswagen purchases Boggini Motors for $854 million GM increases stake in Isuzu to 49% for $456 million Ford sells 9.4% of Kia Motors for $11 million GM buys 6.7% of Suzuki for $315.4 million 1999: Ford buys Volvo for $6.5 billion Renault acquires 37% of Nissan for $5.4 billion GM buys 20% of Fuji Heavy Industries for $1.4 billion to gain Subaru Hyundai restructures Kia for $960 million DaimlerChrysler acquires 34% of Mitsubishi for $1.9 billion DaimlerChrysler buys 10.5% of Hyundai for $428 million Volkswagen buys remaining 30% of Skoda for $305 million BMW sells Rover for £10 GM buys remaining 50% of Saab for $735 million GM buys 10% of Suzuki again for $653 million Toyota increases stake in Hino to 50.1% for $542 million 2001: DaimlerChrysler buys 3.3% of Mitsubishi from Volvo for $297 million 2002: Renault increases stake in Nissan to 44% for $1.6 billion Nissan buys 15% of Renault for $1.6 billion GM acquires assets of bankrupt Daewoo for $251 million GM reduces stake in Isuzu to 12% for $512 million 2004: DaimlerChrysler sells 10.5% of Hyundai for $911 million 2005: GM ends 5-year alliance with Fiat for $2 billion GM sells equity of Fuji Heavy Industries for $737 million Toyota buys 8.7% of Fuji Heavy Industries for $315 million DaimlerChrysler sells 12.4% of Mitsubishi for 970 million euros Porsche increases stake in Volkswagen to 21.2% 2006: GM reduces stake in Suzuki to 3% for $1.96 billion GM plans to sell 7.9% of Isuzu for $300 million Porsche increases stake in Volkswagen to 25.1% Related topics: Dongfeng Renault project tracking report

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