We think there is a real threat that logically we could be brought to the conclusion that the best investment is not in Sunderland, but maybe somewhere on the (European) continent,

I think that the best training a top manager can be engaged in is management by example.

At the moment it is an investment because it is getting good results. The important thing is to see how we make the most of those results and transform it into commercial success. At the moment Formula One is an investment that is paying off for Renault. What we can say is that for the next few years it is an investment.

We are not making a capital investment into GM as the first element or condition.

We're going to be facing in 2006, 2007, I'd say at best stagnation. It's an industry where you have to move all the time. You have to question yourself all the time. You have to challenge the way you're doing business all the time.

I think we're going to have some difficulty in front of us. I have absolutely no doubt the next three, four years Europe are going to be at best stagnation. We are preparing for tough times.