Renault is one of the main European volume automobile manufacturers, with a #3 market share. While Europe accounts for 55% of unit sales (~60% of revenues), Renault has significant exposure to EMs - in particular Russia/Brazil. If those markets return to previous peaks, it could add c.30% to group revenues. Renault consolidates the Russian market leader AvtoVAZ and aims to make it a key profit driver of the group. Renault's other differentiator is its Alliance with Nissan, both in its synergy potential (platform development, Sales to Partners) but also shareholder optionality given the significant equity cross-holdings. The French government still own 15% of Renault.