Nissan Tokyo Sales Holdings used a governance disclosure to spell out an important distinction in its Nissan ties. As of March 31, Nissan Network Holdings directly held 38% of voting rights in the Tokyo-listed dealer group. But the company said Nissan Motor is the group company with the greatest influence over it, because Nissan Motor wholly owns Nissan Network Holdings, including indirect holdings, and is also the main supplier to Nissan Tokyo Sales, the group's main operating company.
That gives readers a two-layer map of the relationship. The direct 38% holder, Nissan Network Holdings, is unlisted, while Nissan Motor sits above it in the group structure and is listed on the Tokyo Stock Exchange's Prime Market. Nissan Tokyo Sales also said it is an equity-method affiliate of Nissan Motor, and that it has a property lease relationship with Nissan Network Holdings.
| Counterparty | Relationship | Period amount | End-March balance |
|---|---|---|---|
| Nissan Motor | Vehicle purchases by consolidated subsidiaries | ¥52.5bn | Accounts payable ¥7.11bn; accrued expenses ¥95mn |
| Nissan Network Holdings | Parent-company property leases and rent | Lease asset acquisitions ¥64mn; repayments ¥212mn; interest ¥59mn; maintenance ¥210mn; rent ¥1.56bn | Lease liabilities ¥2.84bn |
| Nissan Network Holdings | Subsidiary property leases and rent | Lease asset acquisitions ¥18mn; repayments ¥37mn; interest ¥9mn; maintenance ¥53mn; rent ¥511mn | Lease liabilities ¥472mn |
The commercial numbers are not trivial. In the year to March 2026, consolidated subsidiaries bought ¥52.5bn of vehicles and related items from Nissan Motor, ending the period with ¥7.11bn of accounts payable and ¥95mn of accrued expenses. At the parent-company level, payments to Nissan Network Holdings included ¥1.56bn of rent, ¥210mn of maintenance costs and ¥59mn of interest, while lease liabilities stood at ¥2.84bn after ¥212mn of repayments. Subsidiaries separately disclosed ¥511mn of rent, ¥53mn of maintenance costs and ¥9mn of interest, with ¥472mn of lease liabilities after ¥37mn of repayments. For those Nissan Network Holdings transactions, the filing says terms matched those offered to other Nissan-affiliated dealers.
On governance, Nissan Tokyo Sales said one part-time director is a Nissan Motor employee, but not in a role with authority over transactions between the two companies. It also said business activities and management decisions are made under its own responsibility, and that its independence is secured. The filing gives no year-on-year comparison for the ownership or transaction lines, so it is best read as a current map of influence and commercial ties, not a before-and-after. In the section on protecting minority shareholders in dealings with controlling shareholders, the company said there were no applicable items.