Nicolas Peter. Thank you, Max. Good morning, ladies and gentlemen. As expected, the BMW Group started 2023 with a sound performance. Group earnings came in at around EUR 5.1 billion, with a Group EBT margin of 13.9%. After the first three months of the year, the automotive segment delivered an EBIT margin of 12.1%. We achieved this in the face of persistently volatile conditions. The geopolitical and macroeconomic situation remains tense. Inflation and interest rates remain at a high level in many markets. The same applies to material and commodity prices. Sales of our fully electric vehicles increased dynamically in the first three months of the year. Just under 65,000 units were sold, an increase of over 83% compared to the same quarter of the previous year. Sales at the BMW brand saw a growth of 112%. Overall, all electric vehicles accounted for 11% of customer deliveries. Sales momentum also came from the market launch of vehicles in the upper price segment, including, for example, the BMW i7. The BMW Group's total vehicle sales for the first quarter were down slightly on the previous year, with just over 588,000 vehicles sold. While the U.S. market posted significant growth, we saw a moderate decrease in deliveries in China, where the after effects of the coronavirus wave at the beginning of the year were being felt. Europe remained stable overall. In the first quarter of 2023, the operating result of our Chinese joint venture, BBA, was integrated fully into the automotive segment's income statement. In the previous year, BBA was only fully consolidated from February eleventh onwards. The automotive segment, even for 2022 and 2023, therefore includes consolidation effects of different amounts. The previous year's financial result also reflected the high one-time effect from the full consolidation of BBA. The quarterly results are therefore not directly comparable. Ladies and gentlemen, let's start with a look at the group's earnings performance. Revenues reached just over EUR 36.9 billion, with a cost of sales of around EUR 29.1 billion. A key factor in this year-on-year increase of 18.3% and 13.5% respectively is the full integration of BBA's operating business in 2023. The automotive segment also benefited from positive pricing and mixed effects. The group financial results for the first three months was slightly negative, at minus EUR 246 million. This represents a significant decrease of just over EUR 9.1 billion compared to the previous year. The main factor here is the one-time revaluation effect of around EUR 7.7 billion from the fair market valuation of BBA equity interests in 2022. In the first six weeks of last year, BBA also still contributed approximately EUR 300 million to the at-equity result. In 2023, BBA earnings were no longer included in the at-equity result. In the other entity segment, the fair market value of interest rate hedging transactions declined slightly in the first quarter of this year. In the prior year quarter, interest rate hedges had developed positively due to the sharp increase in interest rates. The difference in earnings from the previous year was about EUR 700 million. At the end of the first quarter, Group earnings totaled just over EUR 5.1 billion. The Group EBT margin of 13.9% was significantly above our strategic target of at least 10%. A strong financial position lays the foundation for the transformation of the BMW Group. We continue to invest in new models and structures with a clear focus on topics for the future, namely electrification, digitalization, and automated driving. R&D expenditure was significantly higher than the previous year at just under EUR 1.6 billion. Our R&D ratio of 4.2%, according to the German Commercial Code, was within our long-term target range of 4%-5%. We're funding investments from our operational cash flow. CapEx was about EUR 200 million higher than the comparable figure for 2022, at just under EUR 1.3 billion. Due to higher revenues, the CapEx ratio was on par with the previous year at 3.6%. Expect the ratio for the full year to be around 6%. Ladies and gentlemen, let's now move to the automotive segment. The EBIT margin for the first quarter came in at around 12.1%. Earnings before financial result exceeded the previous year's EBIT by 60% at just under EUR 3.8 billion. Full integration of BBA's operating result increased both the segment's first quarter revenues and its cost of sales. With regard to BBA, segment earnings for the first quarter of 2022 were impacted by depreciation and amortization from the purchase price allocation and the elimination of interim profits in connection with intragroup deliveries totaling around EUR 1.2 billion. In the first quarter this year, depreciation and amortization from the purchase price allocation resulted in an expense of around EUR 400 million. This depreciation equals about one percentage point of EBIT margin. In the first three months of the year, we continued to see a robust pricing for our products. The product mix also developed positively, especially in the upper segments with products such as the new 7 Series, the updated X7, the XM, and of course, the Rolls-Royce family. Higher material and commodity prices, an increase in R&D spending, and a higher percentage of all electric vehicles also pushed up the cost of sales. In the first quarter, we were able to compensate for these cost increases with strong pricing and an improved product mix. Free cash flow in the automotive segment for the year to the end of March totaled just under EUR 2 billion, despite the seasonal increase of inventory levels. We are therefore on track to achieve our targeted free cash flow of around EUR 7 billion for the full year. By mid-2023, BMW AG will finalize its current share buyback program of EUR 2 billion, which was launched in July 2022. The company's strong operating performance is the basis for continuing our share buyback activities. As announced yesterday, the board of management has therefore decided on a second share buyback program as part of the authorization granted by the 2022 AGM. This program amounts to another EUR 2 billion. It will start after the end of the first program and will be completed by December 31, 2025 at the latest. Let's now turn to the financial services segment. In the financing and leasing business with retail customers, the volume of new business decreased by 14%. This was mainly due to price increases stemming from high interest rates and intense competition in the financial services sector. However, price developments and an improved product mix in the automotive business has had a positive impact, resulting in a higher average financing volume per car. Segment earnings before tax totaled EUR 945 million. This moderate year-over-year decrease of 6.2% is mainly due to higher refinancing costs. Income from the resale of end-of-lease vehicles remains consistently high, and the risk situation is stable. The credit loss ratio is still at a very low rate of 0.13%. The motorcycle segment also got off to a successful start in 2023. In the first three months of its centenary year, the BMW Motorrad brand grew its sales by 1.1% year-over-year, delivering its best-ever first quarter sales result with around 48,000 units sold. This impressive performance is underpinned by an attractive product lineup. At the end of the first quarter, the segment's operating earnings totaled EUR 154 million with an EBIT margin of 16.5%. Ladies and gentlemen, in the first quarter of 2023, the BMW Group's business developed positively despite the volatile business environment. We continued to benefit from stable pricing in new and pre-owned car markets. We do expect the competitive environment and pre-owned car markets to gradually normalize through 2023. There's still some uncertainty around stabilization in the Chinese market, which is an underlying assumption for our outlook. After a good start to 2023, as forecast, we expect the full year to progress in line with our outlook. Our guidance remains unchanged. This assumes that geopolitical and economic conditions do not deteriorate significantly. Group earnings before tax will decrease significantly without the tailwind from the revaluation of previously held equity interest in BBA. In the automotive segment, we are planning for a slight increase in deliveries overall. The all-electric share of total vehicle deliveries is projected to increase significantly. EBIT margin in the automotive segment should be within the range of 8%-10%, with a segment ROCE of between 15%-20%. In the motorcycle segment, we anticipate a slight increase in deliveries with an EBIT margin of 8%-10% and an ROCE of 21%-26%. In the financial services segment, return on equity should be between 14% and 17%. The size of the workforce and the share of women in management positions are forecast to increase slightly. Once again, this year, we're targeting a slight reduction in CO₂ emissions in the new vehicle fleet, as well as in CO₂ emissions per vehicle produced. The macroeconomic situation remains difficult and the geopolitical environment is volatile. Our guidance does not factor in the possibility of a deeper session in key sales markets or further escalation of the war between Russia and Ukraine. Ladies and gentlemen, the BMW strategy remains robust, even in highly volatile times. It is well-balanced and focused on the long term. With the positive effects of a strong operating performance, we continue to make targeted investments in the future competitiveness of our company. Even during the transition to emission-free mobility, the BMW Group will continue on its road to success. Where we are determined to stay the course, proceeding at the same time with prudence and flexibility, knowing that we can rely on our attractive product portfolio. When we remain on track to meet our goals for the year in a volatile business environment and are looking forward to the rest of 2023 with confidence. Thank you. That was our CFO, Mr. Peter, I will now hand over to our CEO, Oliver Zipse. Ladies and gentlemen, good morning. The BMW Group has a strong global footprint. It serves as a local partner in individual regions of the world, contributing positively to industrial economic value in all. We currently have production sites at 31 locations on five continents. We also have R&D centers in 17 countries, not to mention 41 sales and marketing and financial services locations across the globe. This is how we make sure specific trends, technological innovations, and the different needs of customers in the regions are incorporated in our products and their development. To achieve this, we entered into targeted strategic collaborations with strong and innovative local tech players. Our environment remains highly volatile and will likely continue to be shaped by unforeseeable circumstances. Many experts assume that the major economic areas are likely to drift further apart from both a political and technological perspective, and also with regard to regulations. That is why it is so important for us to seize opportunities that will always present themselves at short notice in the markets around the world. At the same time, our strategic thinking, our actions, and our decision-making are always forward-looking with a clear long-term focus. Our goal is for the BMW Group to maintain its profitable growth and always be in a position to make appropriate investments in our own future. In keeping with this logic, we're charting our own course for the future step by step with our rolling strategic approach at a long-range corporate planning. On the one hand, our strength lies in the consistency with which we pursue our strategy. On the other, it comes from the flexibility and speed with which we tackle sudden changes. That is one of our core points. Once again, we have ambitious plans for the current financial year. After the first three months, we are on track to meet our goals for the full year as. The same is true for the month of April. Mr. Nicolas Peter explained it. The financial results for the first quarter of 2022 and the first quarter of 2023 are not comparable due to the one-time effect from the full consolidation of our BBA joint venture. At the same time, our product lineup is younger, broader, and more attractive than ever. Across all brands, all segments, and all drive technologies, we have outstanding vehicles that were recently launched or will be released onto the market in the near future. We're exploiting potential everywhere and experiencing a noticeable tailwind. As you know, we expect Group deliveries to be slightly higher this year compared to last year, as we continue to build on our solid incoming orders. This applies equally, and that is a particular quality to all, to our all-electric models and to our conventionally powered vehicles. This proves once again our long-term product strategy, including ramping up BEVs in line with demand, is delivering results. Through our balanced positioning in the world regions, we can compensate for regional market fluctuations, just as, for example, a certain market weakness in China can currently be offset by a stronger performance in the USA. The same is true of our brand technology approach. This enables us to meet different demands in markets while accounting for the different speeds at which they are creating the necessary infrastructure for e-mobility. We remain true to our conviction that all types of drivetrain must make a positive contribution to reducing CO₂ emissions. This is particularly relevant in the short and medium term. Our BEV delivers grew strongly in the first quarter across all four major regions, Europe, Asia, the Americas, and the rest of the world. BEV sales for the BMW brand alone grew by 112% on average. All regions contributed to this. In April, the BMW brand continued this trend by doubling BEV sales yet again. Our global balance in BEV growth fits perfectly with our local approach to our worldwide manufacturing activities, R&D, and our BEV production. Together, all of these factors increase our resilience as a global company. Now, we are expanding this even more by adding an additional component, local manufacture of high voltage batteries. This has already been established for current electric models at our facilities in Germany and China. In the next step, we're adding further capacity for the sixth generation of our battery technology, for example, in Woodruff for our U.S. plant in Spartanburg and in Debrecen for our future plant in Hungary, as well as in San Luis Potosi in Mexico. What will be the key success factors for us this year? First, our diverse range of products with a clear focus on ramping up e-mobility. Secondly, digitalization of our products and of the company. Thirdly, on point preparations for the Neue Klasse. Let's take the first point. Regional differences in demand for alternative drive technologies are becoming increasingly evident. I experienced this for myself just recently. In April, I visited the Japanese market and the Auto Shanghai. In Japan, hybrids and efficient ICE vehicles are especially popular with customers. There's also a lot of interest in hydrogen as an alternative method of propulsion. It was therefore not surprising that the BMW iX5 Hydrogen from our global pilot fleet was welcomed with open arms. Demand for pure battery electric vehicles, on the other hand, is developing steadily but slowly in Japan and remains at a low level. You have China, where BEV demand is growing rapidly. Today, China is already the biggest growth driver for e-mobility. For the first time, BMW presented only electrified models at Auto Shanghai. These included the i7 M70 xDrive, the XM Label Red with a hybrid drive, and the full electric iX1 long wheelbase version, which we built in China for China. It is no secret that China's BEV market is highly competitive and equally among both established and new players. Several manufacturers are currently lowering prices, in some cases substantially, to gain market share. At the BMW Group, we have a strong position in China. In the first quarter of 2023, we sold significantly more BEVs there than our established competitors and also more than many new manufacturers. By the end of this year, the BMW Group will already offer 11 BEV vehicles in China across all our brands. With our BEVs, we're exclusively targeting the upper premium and luxury segments. Also, in China and in the current context, we benefit from a broad technological approach. The comparison of the car markets in Japan and China illustrates clearly the extent to which automotive manufacturers face varied market requirements during their transformation. We're targeting profitable growth with all drive technologies and in all segments, and therefore leveraging earnings potential. To give you an example, the upper premium luxury segments. Here, new models, as we have heard from my colleague, new models will push our growth. The 7 Series and the XM, as well as the XM model update, not to mention the Rolls-Royce model family. We're also currently releasing X5 and X6 updates onto the markets, including the particularly successful long wheelbase version of the X5 in China. Let's not forget the popular and in-demand models from BMW M. Over the coming months, we will release the model updates for the X5 M and X6 M. Many fans are also looking forward to the BMW M3 Touring that was just released onto the market. It was recently named Dream Car 2023 by Autocar Awards. The M2 Coupe is also ready to hit the road. With our strong portfolio, we're targeting growth in the middle double-digit% range in the upper premium and luxury segments this year. We are aiming even higher with our fully electric vehicles and planning for high double-digit growth. Over the full year, BEVs are expected to account for 15% of our global deliveries. This will be another big leap and the highest absolute increase we have targeted to date. Key models in particular will drive our sales, including at BMW, the BMW i4 sport coupe, the iX, the iX3, and the new i7, and the new iX1, and at MINI, the Cooper SE. We will keep up the pace with additional new products. The new BMW 5 Series and the BMW X2 will be released onto the markets towards the end of the year, including the i5 and iX2 BEV variants. The group will then have at least one all-electric model in all its main model ranges on the roads. We have recently conducted intensive testing of the BMW i5 under the most difficult conditions, including extremely low temperatures. It also impressed media representatives at our recent pre-launch test drive event. As the very positive coverage demonstrates. Bottom line, the BMW 5 Series is the top business sedan with all drivetrains, conventional and fully electric. Our BEV roadmap is precisely defined. By 2024, at least 1- in- 5 of the new vehicles should be a BEV. By 2025, it will be 1- in- 4. In 2026, 1- in- 3. That is another reason why we are in a better position with our targeted BEV ramp up than our key competitors. As a company, we remain innovative. In the field of battery technology, for example, we are in the top three for patent applications in Germany. There were only two specialists from Korea and China ahead of us last year. Let's move on to the second topic. Digitalization is the most dynamic field in the mobility of tomorrow. That is why we're making BMW digital, because digital products and features can only be created in an organization that views digitalization holistically as an opportunity. The know-how we have in our team is crucial in this respect. That is why we have launched the biggest individual training program in the history of our company for key areas of digitalization. This boost will create the knowledge and tools we need to identify and implement digital potential in every area of responsibility. Let me give you three examples to show how we are implementing this knowledge to create a seamless digital experience of mobility that benefits our customers. In the new BMW 5 Series, customers will experience automated driving in a new dimension. It is equipped with a Highway Assistant which continuously performs distance control and steering tasks. For the first time, the vehicle changes lanes using eye activation, an absolute world first. Customers will not find such a comparable overall package anywhere else. Secondly, our Digital Key Plus. This digital vehicle key is no longer just available for Apple devices. Customers can now also use their Android smartphone to unlock and start their BMW. This is made possible by ultra-wideband technology that guarantees maximum security. You don't even have to take your phone out of your pocket. Thirdly, our multimedia offering in the new BMW 7 Series. Earlier this year, we launched a pilot program that makes selected live Bundesliga games available in certain models. We're now expanding this option in the new 7 Series. The BMW Theatre Screen transforms the rear compartment into an exclusive seat in the stadium. That brings me to my third and final point. Alongside our current product lineup, we're also gearing up for the next big breakthrough in innovation. 2023 and 2024 will be the decisive phase of our preparations for the Neue Klasse. It will bring added momentum to our sales of all-electric vehicles from 2025 onwards. We plan to release at least six models of this entirely new BMW model generation onto the market in the first 24 months after the start of production. We are deliberately starting out in high volume segments with a Sports Activity Vehicle and a sedan in the 3 Series segment. The Neue Klasse embodies all three pillars of future mobility. It is entirely geared towards digitalization and sustainability, and also fully electric. Our BMW i Vision Circular from 2021 and this year's BMW i Vision Dee show the direction of our thinking. In just a few months at the IAA MOBILITY in Munich, we will be sharing how the topics of digital, circular, and electric complement each other to form a totally new and coherent concept. Ladies and gentlemen, as you can see during the current financial year, we're once again taking a two-pronged approach. Internally, we are focusing on our operational excellence. Across all brands and all segments, we're offering our customers a new modern technologically diverse and innovative range of products. At the same time, we're systematically investing in our future and aligning the entire company for the launch of the Neue Klasse. The BMW Group remains focused on delivering its profitable growth and holding its successful course. For us, that means an EBIT margin in the automotive segment within our target range of 8% to 10%, even during the transformation towards e-mobility. Thank you. Thank you, Oliver Zipse. Ladies and gentlemen, we now have time for your questions. I would like to ask my colleagues to point out technical information. Ladies and gentlemen, we will now start with the Q&A session. If you want to ask a question, then please raise your hand on our screen. If you have dialed in, through your phone, then please press the star sign and the number nine, and then you will be able to ask your question. If you want to withdraw your question, then please lower your hand in the Zoom app. If you have dialed in, press the star sign and the number nine. Now just a second till we have the first question. Our first question by Roland Losch from the Deutsche Presse-Agentur. Please switch on your microphone. Good morning. I have one question about China. BMW sold 20,000 vehicles The overall sales in China decreased by 7%. The demand increases, will BMW losing market share in China or will you be lowering the prices in China? I will pass the question to Mr. Peter. Thank you, Mr. Losch. Mr. Locsh, if you look at market share in the first quarter, we have been doing a good job in China. It was a declining market in the first quarter, but we were still able to gain market share. As Mr. Zipse said before, if you also include the month of April, all in all, in China, we have seen growth in China with our brands, BMW and MINI, and we're looking at a plus of 4%. We are on course. We will continue to grow in China this year. Thank you. Thank you, Mr. Peter. Next question, please. The next question will be by Victoria Wardasy from Thomson Reuters. Good morning. Thank you. You talked a lot about higher prices. I have two questions. Could you explain for which raw materials you expect a decrease in pricing and which will remain high? Also what about the prices for customers? Do you want to keep the prices stable, or do you also want to raise the prices for the customers? Thank you, Ms. Wardasy. I also pass this question on to my colleague, Mr. Peter. Ms. Wardasy, well, first of all, for the year as a whole, we expect that the prices for raw materials. We are in a lower range. We're at the lower end of the range which I just mentioned. That has to do with the positive development of the prices for raw materials, especially when it comes to lithium, where it was positive, also compared with the situation two years ago. Now, lithium is at a much higher price level, still at a higher price level, but the development of the past two, three months was positive. Our strategy hasn't changed for this year. In 2021 and in 2022, there were, we adjusted for higher prices. We will do that differently now. Where it makes sense, we might increase some prices here and there, but in a much more moderate manner than we used to do that in 2021 and in 2022, because the overall conditions, as I said earlier, the overall conditions have changed. Wherever it is possible and wherever it makes sense, we will raise some prices here and there. Thank you, Ms. Wardasy. Next question, please. The next question is by Lennard Ramker from Automobilwoche. Thank you. Greetings to Munich. I would like to ask about the delivery times for this year, because for electric vehicles, there were very long delivery times. People had to wait for over one year. Will the delivery times become shorter? If I order an electric vehicle now, will I have it by the end of the year? Thank you, Mr. Ramker. Let me pass that on to Mr. Zipse. Good morning, Mr. Ramker. Good morning from Munich. Thank you for your question. First of all, the delivery times are an indicator for the fact that products are sought after. That's not something necessarily bad. On the other hand, we don't want customers to wait for too long. We see a decrease in delivery times because because we are expanding our capacities. The tendency is towards shorter waiting times from a group point of view to have a certain delivery time that also stabilizes the group. For example, if you have to wait for your BMW for three-four months, that is not a problem, but you shouldn't have to wait one year. That is too long. Thank you, Mr. Zipse. Next question, please. If you would like to ask a question, please raise your hand. If you have dialed in, please press star and nine. As soon as you're being asked to ask your question, please unmute yourself and ask your question. The next question is by Mr. Thomas-Markus Herman. Please unmute your mic. I have a few questions about electric mobility. First of all, the question about price increases in China, are you going to raise the prices or decrease the prices? Also about the market share in China. Do you also increase the BEV market share in China? I also have a question about BEVs in the USA. There are a list of cars which are subsidized and none of your models is getting the subsidy. Do you see an opportunity to end up on that list? What does that mean for your electric car sales for the United States? Would that be a disadvantage without subsidy? Thank you. Understood. We understood your question. The first part of the question about China is going to be done by Mr. Peter, then the second part is going to be answered by Mr. Zipse. Mr. Peter? Well, when we're pricing the cars in a market, we look very precisely at how we position our products in a market that is just true for China as well, for electric vehicles. Our products are premium products. With our electric vehicles in China, we believe we have the correct pricing. That does not exclude, of course, that some dealers, they are free entrepreneurs, they can agree on a different price. All in all, we have the correct pricing there. You can see that when you look at our sales of electric vehicles in China. Thank you, Nicolas. Oliver, please continue. The Inflation Reduction Act is a very complex form of subsidy, and it contains different aspects. One is a subsidy because of the drivetrain, the X5. It still gets a subsidy until the end of 2023. The decisions have not yet been taken for 2024, and the 330e is not receiving any subsidy. It is not so dramatic because we can still continue to sell the car. I mean, you can still sell the car. That is the first part of the subsidy. The second part of the subsidy is the subsidy for leasing models. Here we have a number of models. For example, the i4 with both drivetrains, the, t he, another model and these models are still being subsidized. The third type of subsidy is a localization subsidy. Here they're promoting electric mobility, and here we expect that the cars, and that is what we have already communicated, that the BEVs, which are in preparation now, they will profit substantially from this type of subsidy. All in all, BMW is profiting substantially from this subsidy in the form of the IRA. Next question, please. The next question is by Marcus Clausen from Dow Jones Newswires. Good morning. I've got a question about the development of the margins. I think it's probably going to be directed at Mr. Peter. You were doing very well in the first quarter. Have we seen a peak here compared to the rest of the year? What about the overall forecast for the year F 8%-10%, which was seen as conservative? What are the reasons for that? Is that because of the better supply of chips, so that, you will be producing more cars in the lower segments as well, or medium segment, which will dilute the pricing? Thank you, Mr. Clausen. Nicola, if you could answer that. Well, first of all, Mr. Clausen, yes, you were correct. We had a very good start of the year, but the year consists of 12 months, so we have not even reached halftime yet, if you want to compare it to soccer. It is too early to discuss adaptations or readjustments. What are the positive elements, and what is the headwind which we're expecting for the months to come? We're actually in a positive mood because of our product portfolio, which is developing strongly. We expect that with the BMW Seven, for example, we expect to double our sales figures in for the 7 Series. That will deliver a positive contribution. The XM, the new X7. We have expanded our capacities because of the localization of the X5 in China, very positive effects there as well. We expect to maintain the level. On the other hand, we expect that the costs of the materials, raw materials will have a negative effect. We're also increasing our electric vehicles. We assume that we have had a good start. We have doubled the figures for BMW. We are at 11%, but we want to see a growth of 15%, one five, and we have good contribution margins for the electric cars, but they're not as good to compared to the combustion engines. That has a negative effect on the margin. From today's point of view, I think we're in the right position if we're saying we're well on track. Whether this will lead to the fact that we will be in the upper area of our range of our guidance, that could be the case, but currently it is too early to make any changes to our guidance. Next question, please. The next question is by Daniel Zwick from Die Welt. Good morning. Thank you. I've got three questions. About your growth expectations for this year. It is clear that you're focusing on Europe, the United States, and China. What about other regions of the world or other markets which you have a special focus on for this year, where you expect some growth beyond these three core markets? That is my first question. Secondly, Mr. Zipse, you're talking about a rolling strategic approach. What do you mean exactly? That is what I'd like to know. A third small question about the Neue Klasse. You said that within 24 months you will be launching six new vehicles, so until the years 2025, 2026. Does that mean that models which you have launched just now, will they be replaced by the Neue Klasse then? Thank you, Mr. Zwick. Mr. Zipse. Well, thank you for the questions. The first question. In our outlook, we will see growth in all of the regions except for Russia. In our strategic portfolio, we look at four world regions. Of course, it's Europe, the EU, and then North America, especially United States and then China. We've got a fourth pillar, as we call it internally. We don't call it rest of the world because this pillar is showing some dynamic growth that includes all other markets in South America, Southeast Asia, and so on and so forth. That is developing very, very positively also in our planning. It is also a question of resilience. We're always looking at the four regions and we want to see a balanced development. Of course, they are not of the same size, these regions, but it adds to the resilience. The second question about the rolling strategy. You know, back in the years until 2020, it was the approach. I, you know, develop a strategy and then roll it out. In our industry, there was often a seven-year process when we're seeing, and you can see it for yourselves, how the regulatory framework is changing, how quickly it is changing. This is no longer adequate, such a strategy. Rolling means you're doing consistently a strategic re-evaluation. We have our corporate development framework now, which enables us now that the whole organization is constantly being re-evaluated. We're verifying the strategic developments, especially we look at assumptions of the past, which we then replace with new assumptions. I think this rolling strategy process, I know it's. It is from our point of view, it is the only approach to handle the world as it is now. About the Neue Klasse, that is a parallel process. Especially when it comes to the larger X vehicles that is run parallel. To take that parallel approach, we have a 3 Series and then you have the X4 right next to it, and they don't hurt each other, these two models. They are offering additional potential. The same is true for the Neue Klasse. We're complementing certain products. We will be replacing the SAV, for example, in the medium segment. We'll replacing the iX3, but there will be quite a long overlap of the different phases so that it will generate new potential when we look at it as a whole. Thank you. The next question. Next question will be by Marco Engemann. Good morning. I would like to know about your battery strategy. You're taking a different approach compared to your competitors, German competitors. When I look at Mercedes-Benz, for example, for their own battery cell manufacturing, they are planning for 200 gigawatt hours. You're sourcing the raw materials and then trying to get the cell capacities. Can you tell us how much you have under contract for the second half of the decade, where it will have a greater effect because of your ramp up? Can you tell us about the capacities you have set aside for what is the cell capacity when it comes to lithium and other raw materials? Thank you for your question. Let me pass it on to Mr. Zipse. We have been looking at these capacities and supply chains for quite some time. We're already looking at the fifth generation of batteries, or we are in the fifth generation now. What is decisive is that you have fully understood how these batteries work, what the technologies are, what the requirements are, because that translates into the necessary raw materials. As I said earlier, in Europe, we are the number three when it comes to patent applications for batteries, and only two battery manufacturers are ahead of us. You need to look at us as a network for R&D and development for car batteries. You can also assume that the ramp up, which we are now seeing with the generation, with the fifth generation and the sixth generation of the batteries, we have the product planning in place with the supply chains, and we will have the right capacities. We look at all the different raw materials. We look at the different markets which we can hedge and safeguard. Is it necessary to become active ourselves, when you look at the topic of cobalt, for example, where we have looked at other sourcing areas outside of the Congo, for example? We're looking at each element individually and do whatever is necessary. Wherever we see a market, it would be detrimental not to take that into account, because in the end, it's a question of efficiency and cost development and more competition is to be expected. That is also when it comes to the raw materials. We don't take a different path. We have a very well-planned and balanced path of our own, and we feel quite comfortable with it. Our last question is by Mr. Gabriel Wirth from Bayerische. Please unmute yourself, and then you can ask your question. My name is Wirth. I'm not quite sure whether my question has already been answered because I missed out. Are you going to lower, What about the pricing of your electric vehicles? What about the sales in China? You saw a decrease, but you see yourself well-positioned in China, so why are you so confident? Then, do you become overly dependent on China? What do you think about that? Thank you, Mr. Wirth. Part of the question has already been answered. Let me pass it on to my colleague. Mr. Wirth, about the three questions, which are important questions. No, we are not lowering the prices for BEVs in China. We are always considering the pricing carefully for our models, and this is true for China as well. Why are we so confident when it comes to China? When you not only look at the first quarter but also include the month of April, then we already see a growth in China. We have seen a growth of about 4% in the first four months. We are on a growth path, and we are confident also when we look at the rest of the year because of the X5, which we have localized in China, where we have localized the production, and then the other products which are also successful in China. China is a very important market for the 7 Series and the 7 Series, including the i7. That is what we have in China as well. We have seen that in the first three months as well, because we increased the market share of our brand and of our segment. That's why we're confident when it comes to China. Then the question is also how are we doing globally? I think we are the OEM with the best balanced spread across the world regions and a strong growth in the first months stems from the U.S. in sales as well as in profit. We feel that we are on a very positive position, which is relying on four pillars. The three pillars which were mentioned before, North America, China and Europe, but also the fourth pillar, which is going to see an over proportional growth this year. That was a perfect solution. Now with the last question of Mr. Peter, because it's his last quarterly conference. I don't want you to switch off right now because I would like to make some personal comments on behalf of the team. Nicolas, we would like to say thank you to you. You have been with the BMW Group for 32 years. Since 2017, you have been the CFO. Next year, you will be replaced by a new colleague. You have been 19 quarterly conferences and seven yearly conferences. It is absolutely true that you handled them excellently. You are a true financial expert and a good strategist. You were always a guarantee for stability, and you never lost sight of the course for the BMW Group. It was a great pleasure for all of us to be able to work with you and an honor for us as well. I'd like to thank you on behalf of all the employees. I would like to thank you personally and we wish you all the best. Ladies and gentlemen, you will now hear a round of applause. You also, as journalists, you can also thank Mr. Peter. Give him a big hand. This was our quarterly conference for the first quarter. Now let's give it up for Nicolas Peter. Service and goodbye and see you next time.