The first section of Chapter 4 analyzes the history, privatization and M&A of the five automobile companies studied – Volkswagen (Germany), Renault (France), Jaguar (UK), SEAT (Spain) and Alfa Romeo (Italy). The second section demonstrates that while Volkswagen and Renault can be considered Alphas today, the others are Betas. The third section explains why firms became Alphas or Betas, offering new evidence and insights.