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The case describes the strategic situation facing Carlos Ghosn and the Renault-Nissan Alliance in 2008 and beyond. One set of strategic issues concerns how to exploit to a greater extent the potential of the novel organization form - a sort of supra-corporate ecological system - that the Alliance represents. A second set of strategic issues concerns the further evolution of the Alliance - what Ghosn calls the ''fourth stage'' - in light of the dynamic forces that are reshaping the global automotive industry, and especially the issue of how to further scale-up the Alliance. A third set of strategic issues concerns developing further the strategic leadership capability of the Alliance and the evolving role of Carlos Ghosn as CEO of both Renault and Nissan. Discussion topics for the case: (1) global automotive industry dynamics and strategic change; (2) Renault-Nissan Alliance: a supra-corporate ecological system; (3) advantages and disadvantages of dual CEO-ship; and (4) global strategic leadership as an organizational capability.