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A leading global player with vast industrial scale and a well-established manufacturing footprint. Operates mainly independently but has key alliances, for example with PSA in Europe in small cars and vans, with Mazda and Subaru in Japan, and with Suzuki in India. Its lead in hybrid technologies should be a major plus. It is now building its presence in the battery EV market and will launch an electric version of the C-HR compact crossover in China in 2019, with other full EVs expected in the early 2020s. It is also active in hydrogen fuel cells, selling the low-volume Mirai sedan and seeking to expand fuel cell and hydrogen tank production in Japan. Despite significant worldwide investment, it remains highly dependent on its home market for volume sales and profits.