Compliance And RegulationsCO2 compliance was a bigger than feared overhang, impacting margins due to Renault's 18% EU share in light commercial vehicles.
Market ExpectationsRenault's 2024 results and 2025 outlook are both towards the low end of market expectations, leaving no room for upgrades.
Strategic ChallengesThe 'traditional' part of Renault's remarkable turnaround has come to an end, leaving the investment case more dependent on strategic savvy.