Speakers: Luca de Meo, CEO and Duncan Minto, CFO What we learned: . Futurama: Renault is preparing its new strategy that should be fully fledged by the end of the year. Renaulution was delivered ahead of schedule and now consistency for investors is important. There will be lots of focus on product, technology, excellence and organisational structure to enhance efficiency and effectiveness. The horizontal approach, sharing risk with partners will persist. Due to the product cycle, Renault could also restart the phase of globalisation into regions like LatAm, India. . Competition: Japanese, Korean, American competition has come to Europe before and combined to date still only represents ~30%. The Chinese may come and take share, but Luca does not believe they will come and undermine the European market. The hyper competitive Chinese market may also prove a barrier to expansion for some. Luca thinks a deal with the Chinese automotive industry should be made as they can bring investment and technology. He suggested a JV structure akin to when western OEMs went to China. Competition from the Chinese will also be significant in LatAm, however, the recent deal with Geely should help manage this. . CAFE reprieve: In February, Renault guided for a 7% margin, including 1% of CAFE impact related mainly to the pricing of BEV and ICE. The CAFE reprieve has been granted but competitors haven''t moved substantially on pricing since the start of the year, so Renault sees limited need to revise the guidance and feels the 1% impact remains relevant in this environment. Notably the ''bank and borrow'' system now implemented does not remove the issue of C02. Overall tone: Positive