Good morning, ladies and gentlemen. Welcome to our annual conference. 2025 will be a milestone year for the BMW Group in many respects, as we set the course today for our success in the decades to come. Despite volatile global conditions, we remain firmly committed to growth in the current financial year, and at the same time, we are bringing our largest future-focused project, the Neue Klasse, to the roads. We have a clear plan. We remain sharply focused on innovation and sustainable growth. In 2025, we expect sales figures to rise once again, and at the same time, capital expenditure will decrease as planned. This will enable us to increase our free cash flow. There are four reasons for our confidence. First, our strategy is robust and gives us a clear path forward. We are setting the pace in key areas. Our technology-open approach remains successful and is gaining ever more traction. Policymakers and competitors are pivoting in our direction, which we continue to pursue systematically. Second, the BMW Group is one of our industry's few true global players. Our extensive global footprint creates opportunities. It makes us resilient, and it provides the flexibility we need to respond effectively to external influences. Third, with BMW, MINI, Rolls-Royce, and BMW Motorrad, we have four strong brands, and all of them are incredibly popular around the globe. Each has its own distinct identity and delivers emotionally compelling products for different target groups. Fourth, our Neue Klasse, no other manufacturer has a project as ambitious and groundbreaking as ours about to enter production. I will come to this in the second part of my presentation today. Let's now start with the first topic, our strategic direction. Our technology-open approach is market-orientated. It allows us to fully leverage the available potential across all markets and regions. We make no distinctions whether we are talking about combustion engines, plug-in hybrids, all-electric vehicles, or, from 2028 onwards, a hydrogen-powered car. We consistently implement design principles, innovation, and the latest technologies in all our vehicles. No one masters this technological diversity better than we do. Numerous national and international accolades confirm this. Our approach is also gaining increasing recognition in political circles, and even our competitors are pivoting towards our strategy. We have proven that technological openness, growth, and CO2 reductions are very much compatible. Let's take a look at 2024. We met our adjusted targets for the year. We delivered more than 2.45 million vehicles and achieved an EBIT margin of 6.3% in the Automotive segment. Our vehicles with highly efficient combustion engines remain in strong demand worldwide. At the same time, battery-electric vehicles continue to be our main growth driver. Several other manufacturers, including some that only produce electric cars, saw a decline in sales. We achieved growth with our all-electric vehicles, even in challenging market conditions. In 2024, BEV sales once again climbed significantly year-on-year, increasing by more than 13%. Fully electric vehicles accounted for over 17% of total sales last year. Including plug-in hybrids, nearly one in four vehicles sold was electrified. We are targeting further growth in e-mobility in 2025. We will hit two major milestones this year. We will reach the total of more than 3 million electric vehicles and over 1.5 million BEVs sold since the launch of the BMW i3 and i8. Our customers can choose among 15 BEVs across all our brands. One example is the new edition of the BMW iX. The recently presented model update boasts an impressive electric range of over 700 km in the WLTP cycle, with significantly more drive power. That is BMW Efficient Dynamics. Our combination of electrified vehicles and highly efficient combustion engines also has a positive impact on our climate footprint. In 2024, the BMW Group once again outperformed its European CO2 fleet target by more than 30 g. Based on our internal calculations, our fleet emissions fell below 100 g per km in the WLTP cycle for the first time. We will continue to ensure that our customers always have access to the latest technology across all drivetrains. The key to achieving this lies in our production network's high level of flexibility. That brings me to my second point. Our global footprint. The BMW Group is a true global player. Very few automotive manufacturers have such a comprehensive presence across all relevant economic regions as we do, be it in sales, research and development, production, or our supplier network. This combination gives us a strategic advantage that sets us apart from the competition in an increasingly fragmented world. We remain committed to expanding our local-for-local approach. We are constantly improving our access to different market regions and strengthening our resilience, especially along our supply chains. One example of this is our high-voltage battery assembly plants in the three major sales regions: Europe, the Americas, and China. In total, five new assembly facilities for the next generation of high-voltage batteries are being built near our production sites worldwide, complete with a local supplier network. In this way, we are already creating the necessary conditions today for successful growth in the future. We are gradually adapting our production network to rising sales of electric vehicles. Late this year, our new plant in Debrecen, Hungary, will become our first facility to exclusively produce all-electric vehicles. Our main plant in Munich will follow in 2027. Our production follows the market, and our product range aligns with demand. We build roughly the same number of vehicles in our three key market regions of Europe, the U.S., and China, as we sell there. This balanced distribution is another key differentiator for the BMW Group. At the same time, Germany and the U.S. serve as key export hubs for us. In 2024, we manufactured over 1 million vehicles at our plants in Germany. This represents about a quarter of the country's total car production. 56% of these vehicles are then exported outside the European Union. I think this is an impressive proof of the BMW Group's significant contribution to industrial value creation in Germany. In the United States, one out of every two vehicles from our plant in Spartanburg, South Carolina, is exported. Last year, we achieved an export value of over $10 billion. This once again makes the BMW Group the largest automotive exporter in the United States by value. We benefit from an integrated global economy, and that is why we continue to advocate for open markets and free trade. Moving on to my third point, the performance of our brands. The success of the BMW Group is built on the global appeal and resonance of our four brands. At the same time, we know how to fulfill the specific needs and preferences of our customers in different markets with our products. Last year, our core BMW brand leveraged its strength to the full. In three out of four regions, BMW grew sales and gained market share. This has enabled BMW to maintain its number one position in the global premium segment. BMW performed particularly well in Europe. Italy, Spain, France, and the United Kingdom led the way with all reporting double-digit growth rates. With a 6% increase, the brand significantly outperformed the overall European market, which only grew by just over 1%. In the United States market, we achieved record sales for the second consecutive year. Here too, the strength of our market-driven approach to drivetrains is delivering its results. Thanks to our steadily growing BEV portfolio, we sold more than 50,000 electric vehicles in the United States for the first time. With this momentum, we are optimistic about the year ahead as we celebrate 50 years of BMW North America. In our markets outside the main sales regions, we also posted growth in a declining environment overall. In this region, we led the premium segment in total for the first time ever. The main growth drivers here included the South Korean, Australian, and Indian markets. China remains a key market for the BMW Group. In 2024, we sold more than a quarter of all our vehicles there. The market is highly dynamic and characterized by increased competitive pressure. In this environment, BMW maintained nonetheless its position as number one in its segment with a market share of 3%. This put us within our target range. In 2024, we delivered over 100,000 BEVs to customers in China for the very first time. This makes China our biggest single market for electric vehicles, even though our sales performance there was damped last year by persistently low consumer sentiment. The high-margin vehicles built by BMW M once again played an important role in our market success in 2024. For the 13th consecutive year, M sales increased. Nearly one in ten BMWs sold carried the letter M. Demand for the sportiest BMW models has continued to grow, especially in China. 2025 is the first year with a complete new MINI family available. We will exploit this potential further. There are a total of five unique models now to choose from. Three of them BEVs. The fully electric MINI models with a MINI Cooper Electric leading the way are being particularly well received. With an increase of 24% year-on-year, sales of MINI BEVs also saw highly dynamic growth last year. Nearly one in four MINIs is now powered by an electric heart. In the ultra-luxury segment, Rolls-Royce continued to set the benchmark. At more than 5,700 units, Rolls-Royce sales remained high. Most notably, the all-electric Spectre exceeded expectations in its first full year of sales. Every third Rolls-Royce sold now is fully electric. BMW Motorrad also impressed in 2024, achieving a new all-time sales high of over 210,000 units. BMW Motorrad remains the undisputed number one in the global premium motorcycle segment. Ladies and gentlemen, all of this shows that the BMW Group is well positioned across all brands, drive technologies, and segments to continue on its growth path. With our global approach, we have the right answers to challenges worldwide. This has often enabled us to offset fluctuations in demand in individual markets. Now it is time for Walter Mertl to present the group financial statements for 2024 and look ahead to our goals for 2025. Thank you, Oliver. Ladies and gentlemen, good morning. As Oliver emphasized, we continue to follow our course and implement our long-term strategy. At the same time, we are focused on our operational business to consistently deliver on what we say. The BMW Group proved this once again in Q4 2024. We successfully reduced inventory impacted by the integrated braking system, or IBS. We achieved a sequential improvement in retail sales and profit versus Q3. For the full year, we achieved our revised guidance in all parameters. As anticipated, we reached peak levels of R&D and capital expenditure in 2024, particularly to prepare for models of the Neue Klasse. Starting this year, both the R&D and CapEx ratios will decrease meaningfully as we start production of the Neue Klasse and lay the foundation for the long-term success of our company with over 40 new and updated models by 2027. Through our global positioning and the flexibility of our operations, we can adapt to the geopolitical landscape and short-term market dynamics, proving our resilience. Let's take a look at the financial figures for the full year. 2024 was a year of two halves. While the first half year was in line with our original planning, sales performance in the second half of the year was impacted by delivery stops in connection with IBS, as well as the persistent subdued demand in China. As expected, Q4 marked an improvement on the Q3 result. Group revenues totaled EUR 142.4 billion. The moderate decrease compared to 2023 was mainly driven by the decline in sales volume and intense price competition in the Chinese market. Earnings before tax at group level amounted to EUR 11 billion, significantly under 2023, but as expected in our adjusted guidance. This resulted in a group EBITDA margin of 7.7% for the year. If we look at the key financial results of the individual segments, Automotive delivered an EBIT of EUR 7.89 billion and EBIT margin of 6.3%. Motorrad hit an EBIT of EUR 198 million, representing a margin of 6.1%. Financial Services saw an EBIT of EUR 2.54 billion and a return on equity of 15.1%. Finally, other entities generated EUR 837 million in EBIT, while elimination amounted to a negative EUR 146 million. Let's take a look at the Automotive segment in detail. For the full year, BMW Group delivered 2.45 million BMW, MINI, and Rolls-Royce vehicles to customers worldwide. This represents a slight decrease of 4% from the previous year, in line with our adjusted guidance. Market dynamics in China remained weak, which impacted sales performance. However, the BMW brand achieved growth in every other major region. In Europe, order intake in Q4 improved month by month. In the U.S., we experienced a strong recovery from IBS in Q4, with growth quarter- over- quarter of just over 50% and year- over- year of 8.9%. Worldwide, BMW Group sales performance in Q4 saw sequential improvement over Q3. Global deliveries grew by nearly a third quarter- on- quarter, including double-digit growth coming from the mid and upper segment together. All electric vehicles remained the key growth driver for us. BEV deliveries totaled over 426,000 units for the year, significantly above 2023 by 13.5%. Overall, BEVs therefore made up 17.4% of total sales. Our plug-in hybrid vehicles also remained very popular, with over 166,000 units sold in 2024. Electrified vehicles, meaning all electric vehicles and plug-in hybrids, made up nearly a quarter of total sales. Revenue in the automotive segment amounted to nearly EUR 125 billion, a decrease of 5.6% from 2023. Earnings before interest and taxes reached EUR 7.9 billion. This resulted in an EBIT margin of 6.3%, which was within our adjusted guidance corridor of 6%-7% for the full year. Excluding the EUR 1.3 billion depreciation resulting from the purchase price allocation of BBA, the automotive EBIT margin came in at 7.4% for the year. Looking to the operating result in detail. Compared to 2023, EBIT for full year 2024 saw a tailwind of EUR 1 billion from the net balance of currency and raw material positions. Year on year, the net effect of volume, model mix, and pricing weighed on automotive EBIT. The headwind resulted partly from the volume decrease, particularly in China. Pricing headwinds, including the effects of a highly competitive Chinese market and dealer compensation in China, amounted to more than half of the overall decrease of EUR 4.4 billion. The headwind of EUR 1.4 billion from other cost changes was driven by inflation in material costs and supply chain support. The effect from warranty expenses was a tailwind year on year. Overall, lower additions to warranty provisions for specific topics were necessary in every quarter throughout 2024 compared to the previous year. An exception was Q3 due to the impact of IBS. For the full year 2024, the P&L impact of quality issues trended in a positive direction year- on- year, as planned. Our R&D activities and investments focused on our ongoing electrification and digitalization strategy across the entire portfolio. As anticipated, R&D and capital expenditure reached peak levels in 2024, both in absolute terms and in ratio. Group expenditure for research and development for the full year reached EUR 9.1 billion compared to EUR 7.8 billion in 2023. The R&D ratio, according to the German commercial code, was 6.4%, 1.4 percentage points more than in 2023. Group capital expenditure totaled EUR 9.1 billion and increased from EUR 8.8 billion in 2023. This resulted in a CapEx ratio of 6.4% compared to 5.7% in 2023. As we begin to roll out models of the Neue Klasse, we will see a decline in R&D and CapEx. This means in both absolute and relative terms, back towards our strategic corridors of between 4%-5% for R&D and less than 5% for CapEx by 2027 at the latest. Turning to free cash flow. As you know, we steer this on an annual basis. Starting with EBT, delivering a full year result of EUR 7.5 billion, working capital contributed positively, with EUR 200 million to free cash flow. Whilst inventory levels had risen due to sales stops related to IBS in Q3, we managed to successfully reduce stock by EUR 5 billion in Q4. As a result, year-end inventory reached nearly the same level as it was at the beginning of the year. For the full year, the net effect from capital expenditure and depreciation reduced free cash flow by EUR 3.3 billion. The development of provisions reduced free cash flow by EUR 700 million. The position other reflects several positive effects, including interest received. In line with our adjusted guidance, free cash flow reached EUR 4.9 billion in 2024. This is even after we invested EUR 18.2 billion, EUR 9.1 billion in CapEx, and another EUR 9.1 billion in R&D, paving the way for our future and demonstrating our financial strength. This strength is underscored by our automotive net financial assets, which benefited from the strong development of free cash flow in the fourth quarter. At year-end, the automotive NFA came in at almost EUR 46 billion, which is around the same level as the start of the year. Moving on to the Financial Services segment. New business development in the segment remained robust throughout the year. A total of almost 1.7 million new financing and leasing contracts were concluded, a solid year-on-year increase of nearly 10%. Overall, new business volume even increased significantly by 12.5% to EUR 64.5 billion due to higher average financing volume per vehicle. Penetration rates for lease and loan offerings rose by 4.4 percentage points, reaching 42.6%. Without China, the penetration rate was over 50%, with growth in particular in the U.S. and the U.K. Segment earnings before tax amounted to EUR 2.54 million and were therefore significantly lower than the previous year. This was mainly due to higher credit and residual value risk costs than in 2023, but well within our expectations. We continue to see gains from the sale of off-lease vehicles, yet at lower levels due to market dynamics. The credit loss ratio of 0.26% across the entire credit portfolio was well within our expectations and below industry levels. Return on equity for the full year reached 15.1% within our adjusted guidance range of 15%-18%. Ladies and gentlemen, in our BMW Group report, you will note that we have voluntarily adopted the full European Sustainability Reporting Standards for the first time as the framework for reporting all sustainability-related disclosures in our combined non-financial statement. The BMW Group only reports on sustainability topics that have been assessed as material according to ESRS. However, this does not mean that topics which are assessed as not material are necessarily less important. We view sustainability holistically and as a competitive advantage. That is why we disclose our sustainability performance to our investors and customers. You will note that the implementation of ESRS requirements has contributed over 100 additional pages to our report. Due to the company-specific materiality assessment, comparability between companies remains limited, even within the same industry. Indeed, it can be questioned how much value the additional scope and limited comparability offer to stakeholders. Accordingly, we welcome the proposed regulatory changes in the draft of the so-called Omnibus Package and look forward to the draft updates and reduced scope of the ESRS. Ultimately, we want added value for our stakeholders, meaning relevant and concise information. It's not just about reporting and compliance. One important element of our stakeholder orientation is our shareholder return strategy, which the BMW Group remains committed to. The Board of Management and the Supervisory Board will propose a dividend of EUR 4.30 per share of common stock and EUR 4.32 per share of preferred stock to the annual general meeting. This results in a total dividend payout of EUR 2.7 billion. The proposed dividend for 2024 represents a payout ratio of 36.7%. This is within our long-term strategic target range of 30%-40% and notably higher than the payout ratio in 2023. On January 2nd, we began the final tranche of our ongoing second share buyback program, which should be completed by latest April 30th. This will conclude the second program with EUR 2 billion more than half a year earlier than initially planned. By this point in time, we will have reduced a total of 47 million shares in circulation since the start of the share buyback authorization in 2022. This corresponds to over 7% reduction in share capital. At the upcoming AGM, the Board of Management of BMW AG plans to propose an agenda item seeking a new five-year authorization to acquire treasury shares amounting to up to 10% of share capital. You will have noted that we have made a step change in our approach since 2021. Starting in 2022, we added share buybacks as an additional instrument alongside dividend payments. We have also increasingly used the range of dividend payout corridor, and we increased the share of automotive free cash flow distributed to the shareholders from the previous year's levels to almost 100% this year. Let's move to the outlook for 2025. Looking to the market development, due to stabilizing inflation and declining interest rates in many countries, we expect to see a rise in demand. How will the BMW Group sales performance develop this year? Given the robust economic situation, we anticipate a solid market development in the U.S. In Europe, we do expect growth driven by electrified vehicles. The market dynamics in China, however, will remain challenging. For the full year, revenues per vehicle in the Automotive segment are expected to be in the same range as 2024. Our guidance reflects the current status of our planning, including all the tariff increases in force as of March 12th, 2025. What do we expect for our key performance indicators in 2025? Let me focus on selected guidance parameters. In the automotive segment, we are forecasting a slight increase in deliveries of BMW, MINI, and Rolls-Royce vehicles. In terms of profitability, the total impact of the tariff increases in place as of March 12 amounts to approximately 1 percentage point on the auto EBIT margin. As a result, the EBIT margin is now expected between 5%-7%. Consequently, return on capital employed in the automotive segment should be within a range of 9%-13%. In the financial services segment, we anticipate a return on equity of 13%-16%. The group's pre-tax profit is expected to remain at the previous year's level. Starting January 1st, 2025, we have adjusted the outlook range for Group EBT guidance, and the existing bandwidth was just too narrow to reflect the underlying movements in the segments. For details, please refer to the glossary of the BMW Group Report. The full outlook for 2025 for all key performance indicators is also available in the BMW Group Report. For the full year 2025, we expect a free cash flow in the automotive segment of over EUR 5 billion. Ladies and gentlemen, the BMW Group remains fully focused on achieving our short-term results without compromising our long-term strategic objectives. We remain committed to our long-term target corridor of 8%-10% EBIT margin in the Automotive segment. To that end, we are constantly enhancing our operational business to ensure we achieve our strategic priorities and optimize our returns. After the peak in 2024, we not only expect to see a turnaround in R&D expenditure and CapEx in 2025, but also a turnaround in operational costs. Here I mean a cost decrease in nominal terms covering the effects of inflation. This will become visible over the course of the year. At the BMW Group, strong brands and emotional products have long built the foundation of our success. With the technological boost from the Neue Klasse across the entire portfolio, we look forward to seeing the benefits from our investments start hitting the road later this year. Ladies and gentlemen, growth and innovation, these are two of the main topics we will be focusing on this year. At the same time, we stand on the threshold of a new era. Late this year, we will launch our Neue Klasse, a project that is unprecedented in both form and significance in the history of the BMW Group. With the Neue Klasse, we will be turning the mobility of the future into reality. Driving dynamics, drivetrain, battery technology, operating concept, digitalization including AI, we have refined each of these aspects and in the case of design, even skipped a generation. In this way, we are redefining not only the BMW brand, but also the future of individual mobility. Standing here next to me is the BMW Vision Neue Klasse X. The series version of this vehicle will kick off the Neue Klasse. Production will ramp up at our new plant in Debrecen late this year. After that, the rollout will continue in rapid succession, including a sporty sedan at the core of the BMW brand in 2026. We are deliberately starting out in high-volume segments. We want our innovations to have a broad impact, not just in niche segments. Between now and 2027, we will release more than 40 new or updated BMW models onto the market, from electric to plug-in hybrid to vehicles with combustion engines. Each of them will have the DNA of the Neue Klasse. The Neue Klasse is BMW and BMW is the Neue Klasse. The Neue Klasse is more than just a single vehicle. It marks the beginning of a completely new generation and introduces our technology boosters for the entire brand. Regardless of the drive technology, all future BMW models will benefit from the technologies of the Neue Klasse and, of course, also from the new design language. Allow me to share a few examples of our groundbreaking advances in technology. With the BMW Panoramic iDrive, we are reimagining our typical BMW driver orientation. The all-new BMW Panoramic Vision is the centerpiece. This newly developed head-up display projects content across the full width of the windscreen. Seamless integration of various display and operating elements enables a completely new level of intuitive interaction. From the launch of the very first model of the Neue Klasse, all future BMW models will come with BMW Panoramic iDrive. The sixth generation of our BMW eDrive technology will make e-mobility even more appealing to our customers. The new BMW round cells promise 20% higher energy density, 30% faster charging, and at least 30% more range. In certain models, even more. Within just 10 minutes, enough energy for another 300 km can be recharged. For the first time, the Gen 6 high-voltage batteries also feature the latest 800-volt technology and enable bi-directional charging. Compared to the current fifth generation, we have reduced the cost of the new eDrive system by 40%-50% on a comparable electric range basis. The electronics architecture has also been completely newly redesigned. Going forward, its four high-performance computers will control key customer functionalities. For example, driving dynamics, automated driving, and infotainment. These super brains deliver more than 20x the in-vehicle computing power than current systems. This makes our models future-proof for software and functional updates, as well as new AI features. We have also greatly simplified the electrical system, dividing it into four zones with intelligent control. 600 m less wiring, a 30% reduction in weight, and a 20% increase in energy efficiency are just some of the few improvements we will achieve with this. Of course, we are also harnessing technical opportunities to take driving dynamics to a whole new level. The BMW Vision driving experience showcases the potential of the technologies introduced in the Neue Klasse. We are pushing driving dynamics to its physical limits. This highly emotional driving machine will thrill more than just BMW fans. The VDX is the most powerful development prototype BMW has ever built. We are using it to test our heart of joy, one of the four super brains in the Neue Klasse. We developed the software for the driving dynamics control system entirely in-house. This will be used in all future electric BMW models, setting completely new standards for dynamic performance and efficiency at the same time. It is hard to put it into words exactly how it feels behind the wheel. You simply have to experience it. I guess you can't fake that kind of enthusiasm. Our Board of Management already had the chance to drive the series version of the Neue Klasse. Let me tell you, we were all equally excited about the driving experience, not just in terms of pushing the physical limits. Most importantly, we were deeply impressed by the added value our technologies create for our customers in everyday situations. This is truly the next level of sheer driving pleasure. Ladies and gentlemen, we first announced the Neue Klasse at our annual conference back in 2021. You remember. Today, just four years later, we are entering the final stretch. Standing next to me is one of the prototype vehicles we have been producing in Debrecen since late last year. What is still hidden under camouflage foil here will be unveiled at the IAA Mobility in Munich in early September. There we will present the production model that will be available to our customers next year. I can already reveal one key detail to you today. This BMW will be released onto the market as the BMW iX3. This is how we continue the success story of the first all-electric BMW X model that has won over BMW fans worldwide since 2020. Testing of the new BMW iX3 is in full swing. These impressions show that the next BMW iX3 is a typical X model and a BMW through and through. As I'm sure you saw at the end of the film, the final phase of development for the sporty sedan, the second Neue Klasse vehicle, is also progressing rapidly. Ladies and gentlemen, what has always set the BMW Group apart is that we keep our sights set on operational performance in the here and now. At the same time, we lay the foundation for our long-term future success. We will continue to consistently pursue our BMW path with foresight, customer focus, self-confidence, and in the knowledge of our strength. We are ready more than ever. Thank you very much. Ladies and gentlemen, now it is your turn. At 9:00 A.M., we will start with our first Q&A session for journalists, which will be held in German. An English translation will be offered through the streaming site, and all members of the Board of Management will be available for your questions. The second Q&A for investors and analysts in English will begin at 11:00 A.M. For this session, Oliver Zipse and Walter Mertl will take your questions. Now we are looking forward to having you in our Q&A sessions shortly. Feel free to video call so that we can see you here in the room. We would appreciate it if you already start dialing in. We will now get the studio ready and see you again at 9:00 A.M. Thank you very much. [Foreign language] Ladies and gentlemen, colleagues, welcome back. I would now like to introduce to you the members of our Board of Management, and I will start on my right, Milan Nedeljković, Production, next to him, Ilka Horstmeier, People and Real Estate, then Walter Mertl, responsible for Finance. To my left, our Chairman, Oliver Zipse, directly next to him, Frank Weber, Member of the Board of Management for Development. Then we have Jochen Goller, responsible for Customer, Brand and Sales, and next to him, Joachim Post, Purchasing and Supplier Network. We will, of course, hear your questions here in the room. Of course, we're also happy to have you join us via video broadcast. Please use the raise hand feature if you have a question. Please also note that your video is going to be visible on the big screen behind us until your question has been successfully answered. Once again this year, we have participants from all over the world joining us today, so please do understand if there are some small technical delays possibly. Please also note that the Q&A is going to be taking place in German. Of course, we offer a simultaneous interpretation into English, so you're also welcome to ask your questions in English. Our Board members will then answer in German, and again, you will receive the simultaneous interpretation of the answer. Now, that's it with my introduction. However, before we jump into the first question, I would like to hand over to Mr. Zipse, as he would like to comment on the changes in the Board of Management, which we announced yesterday. Oliver, over to you. Good morning, ladies and gentlemen. The announced change that we had approved by the Supervisory Board yesterday is something that, of course, Frank Weber is affected by, and I would like to thank him very much. It was an excellent process and a very trusting process, so I would like to thank him very much for that. Frank Weber and his entire development team, for over four years now, have worked on the Neue Klasse very diligently, and of course, the series production is now ready for showtime. Already today, we know that this is a quantum leap in BMW's technical development. Such an extensive program that impacts all technology clusters is something that today's competition does not have. Now, the car is fully developed. That is why, of course, the timing of this change for you, dear Frank, is quite perfect. I am really looking forward to the remaining weeks with you on the Board, and of course, I am really looking forward to the collaboration with Joachim Post as your successor, and of course, also with Nicolai Martin as the new Board member for purchasing. Thank you again, Frank Weber. Thank you, Oliver. Frank. Thank you very much, Max. Now, just a quick comment on my side. I have been in the automotive business for 35 years, 14 of which here at BMW, and I believe I can say that it was always a privilege and a joy to take on these positions of responsibility because I was fortunate enough to take my passion for cars, my passion for technology, my passion for innovation, and really live it. I can also tell you that the absolute pinnacle of my professional career is the Neue Klasse. At the same time, it is also BMW's biggest project ever. Immediately after I joined the Board in 2020, we decided together, the way that we're sitting up here, to tackle the Neue Klasse, and with that, of course, develop a completely new and groundbreaking toolkit, and with that, generate something that is going to impact a whole new model generation, fully new technologies, a completely new aesthetic, and that for the entire product portfolio. Of course, we started with a blank sheet of paper, and I can tell you today that this future project, the Neue Klasse, is in its home stretch. Again, this impacts BMW's entire future journey. The pre-series vehicles are finalizing the testing. All in all, we did one and a half million testing kilometers, and in just a few months, we're going to unveil the series version of the Neue Klasse to the global public. With that, of course, we connect to the fact that now is the right time to clarify my succession. Now, as we always do this at BMW, we want to set the right tracks for BMW 2030 early, and that's why I mentioned this to the Supervisory and the Board of Management to clarify my succession early on, and we've had this final answer since yesterday, and I'm very happy to have my esteemed colleague Joachim Post, a real connoisseur of the E division, and have him be my successor in my position. Thank you very much, Frank Weber. Right, and this will bring us to the Q&A session. The first question is from Christina Amann from Reuters. Ms. Amann, over to you. Good morning, Mr. Schibel. Good morning, Mr. Zipse. Good morning, Mr. Mertl. I have a few questions. In your forecast, you mentioned that the tariffs are included with 1%, but only the tariffs that are in effect until two days ago. Now, of course, there are also a few other tariffs that are looming on the horizon, especially, of course, tariffs between the EU and the U.S. On the one hand, what will be the impact? What would be problematic, higher tariffs in the U.S. for EU imports, or the other way around? Can you already give us a rough idea of what it could mean for BMW if these tariffs materialize the way that they are currently saying, 25% for European cars? The second thing, the IBS brake topic was a big topic in the second half of last year. Is this topic fully finished, or is there going to be an impact in the ongoing year? The third question is on the China business. What are the impacts there? It did not really go super well. When are you seeing any potential improvement? Thank you very much, Ms. Amann. When it comes to tariffs, I would like to break this answer up. First, Mr. Zipse could deliver a general comment on tariffs, and then Mr. Mertl. Oliver, please. Good morning, Ms. Amann. Maybe just generically on tariffs. Free trade is the essence of a global business model. In today's interconnected world, especially, of course, on the technological side of things, you know, just think of the long supply chains for raw materials. The world is inextricably linked with one another, even though the final products may or may not be produced locally. Tariffs, tariff discussions, you know, trade wars harm everyone. Now, we do hope that soon everyone will notice that there's no winners in such a situation. We have taken a rather conservative approach and, you know, created these provisions amounting to around about EUR 1 billion. Again, it's rather conservative, but we also assume that all the tariffs that we have today won't remain until the very end of the year. Thank you very much, Oliver. Now, the second part on tariffs, Walter Mertl, and again, IBS is going to be taken care of by Mr. Post, and then in China, Jochen Goller. Yes, we dealt intensively with your question on the tariffs and the changing landscape. You know, according to our forecast, that we have included everything as of March 12th. That's the best that we can do. This is, of course, applicable. Of course, no one knows how long these tariffs will be taking place or will be in effect and how they will change to the positive or negative. You know, the one percentage point EBIT compared to the previous year would suggest that the tariffs stay in place until the end of the year. Ms. Amann, you also asked about potential additional tariff increases. Now, let me just, let me say the following. If instead of two and a half, all of a sudden we have 10 percentage points as import tariffs as of today, you know, in effect as of today, we would probably speak of another roughly half percentage point if this were to stick around until the end of the year. Again, we do not speculate about these tariffs. We keep a keen eye on it. We evaluate them. We have mitigation measures, and I think that is exactly how we should be doing it. You have the forecast, including the 1%, and that is all the information we have at the moment. Right, moving on to the brake system topic, whether it is fully finished or whether there are any other impacts. Joachim Post. Ms. Amann, thank you very much for your question. Together with the supplier, BMW has taken effective hardware and software measures, which have been made available for quite a while for all the customer vehicles impacted. The technical action is carried out with the respective authorities according to our plan in the individual markets. Regarding the impact in 2025, I can tell you that at the moment we do not have any delivery stops because of the brakes, and therefore we can also operate our sales and trade and retail operation properly. Next question was on the China business and the impact of that in 2025. I would like to ask Jochen Goller to answer that. Good morning, Ms. Amann. Thank you for your question. The advantage is, of course, of a globally acting company that we can balance these regional volatilities. We grew a lot in Europe. We also really proved ourselves in America and the rest of the world, and therefore we're able to compensate sort of several topics, I think, in China. You know, I don't really need to explain the market environment. It's about consumer confidence. It's about structural topics, but we remain optimistic. We continue to invest in China. We have expanded our R&D footprint, and we are currently working on several measures with the team, including restructuring of our dealership network there. We are going to be launching 10 new models in China, including the ramp-up of our X3 long wheelbase, which is, of course, specifically developed for the Chinese market. That's why we would assume that we'll absolutely be able to stabilize the China business and then, looking at the Neue Klasse, actually get it back to a growth path. Thank you very much, Ms. Amann. The next question is from Markus Fasse, Handelsblatt. Good morning. I would like to continue talking about China because you are impressively stable in all other markets. However, in China, you're just as under pressure as the competition. That is why I would like to take a closer look at that. What has changed on a structural level? You're speaking of structural changes and also muted demand. One doesn't primarily have anything to do with the other, correct? Maybe you can give us an idea of the potential structural changes and why do Western brands and you as well struggle so much with the Chinese competition? Maybe you can take us on that journey as well. Also, what are your answers to that challenge? You're speaking of the restructuring of the dealership network. Are you closing locations? What are you doing? What was the plan? Will the Neue Klasse be enough as a platform in China, or would you possibly also have to consider other pathways? Speaking of, you know, Audi, they are collaborating with a Chinese partner. Is that an option that you would also consider or would have to consider even? When will we see growth in our sales or in your sales in China? Thank you very much, Mr. Fasse. I think this could be a long presentation on China by Jochen Goller, so we'll start with Jochen Goller and then maybe Frank Weber. Right. Like Ms. Schibel said, I could have a rather long presentation, but I'll try to focus on the core topics. For one, the fact that in China, the Chinese manufacturers are growing is nothing unusual. If you look at Europe and America, of course, even in those markets, the local and regional manufacturers are dominating those respective markets. The growth of the Chinese manufacturers is nothing surprising to us. On the flip side, it is a market with 25 million units sold. You also must not forget that in China, we have a market share of 3%. You know, everybody is always looking at the relative sales that have gone down, but it is by far our largest market, and we also have 3%. We are the number one in the premium segment. I think you have to put it in perspective and see it in relative terms. Structurally, what do I see with this? Of course, we see the consolidation of a dealership network, which is good, by the way, and it also has nothing to do with the BMW brand. It's just a general thing, number one. Number two, of course, the market in China is also responding to the new energy vehicles, so the XEV, battery electric racks, and also plug-in hybrids. Therefore, we are very optimistic that both with the cars that we are now launching on the market, as well as with the Neue Klasse, we are going to hit that nail on the head and really tap into these market segments. We assume that this year, together with the Chinese team, we are going to be able to consolidate our performance. Like I said, this year, we're going to be introducing 10 new models in 2026 and 2027. All in all, it'll be 20 models, including the Neue Klasse models that have been specifically developed for the Chinese market. That is why we are very optimistic that on the one hand, we can rely on our strong performance in the ICE market, which you must not forget. We are expecting that we can continue this and expand our position in NEV or XEVs, as we call it in Europe. That will bring us back into a growth trajectory as well. There was another question on the dealership sites, Jochen. Our network strategies and the dealership strategies, we are not discussing those in public, of course. I think there is a healthy consolidation, all in all, on the dealership side across the industry. I think this would lead to the fact that we have stronger groups being created in the midterm, and I think it is going to be good for the industry. Thank you very much, Jochen. We heard something on the Neue Klasse as a platform or potential other pathways for our technology. Frank Weber. Right, thank you very much for your question. I would have answered the question in a way that the Neue Klasse represents a technological quantum leap across the board. It's about the drivetrain, the digital architecture, driver assistance systems, and that's why we also don't believe it is necessary to look for an OEM partnership because we believe that we are fully competitive with what we will offer in China. Thank you very much, Mr. Fasse, from Handelsblatt. The next question comes by Wilfried Eckl-Dorna by Bloomberg. Good morning, everybody. I've got two brief questions. On the one hand, again, about tariffs. Now, in Mexico, in your factory, you do not comply with the U.S. MCI requirements, which means you've got to pay higher tariffs already out of Mexico. Now, my question is, do you have any ideas to cushion off these tariff effects, which are related to U.S. MCI, which means to obtain or achieve that U.S. MCI compliance, and how much would that cost? The second question, which I have, is about the China business and also your sales expectations. Many OEMs and several competitors of yours also think about reducing their workforce, especially in China, where the market is not doing so well. Is this also an option for BMW, which you're thinking about, to kind of shrink or even close factories? Thank you very much, Mr. Eckl-Dorna. Now, Mexico and U.S. MCI, that's something for Mr. Nedeljković, our Head of Production. Thank you very much, Mr. Eckl-Dorna, for that question. Now, as you know, our global value add is distributed across the global regions according to the markets and their sizes. We have a fairly strong footprint also in the American market, and our plant in Mexico, of course, ships vehicles to the U.S., but also to other markets. Within our production network, we have a high level of flexibility and the ability to exchange volumes and also change the mix. That is why we now will also use our production network to mitigate potential tariffs, which we are going to face in order to try to compensate for them as much as we can. Now, regarding U.S. MCI, looking forward, we also see an increasing potential for localization, which we are going to analyze very thoroughly and then decide what we want to do. Now, the second part of your question, Mr. Eckl-Dorna, was to reduce the workforce or reduce the size of the factories, and maybe that is a combination of Ms. Horstmeier and Mr. Nedeljković. First of all, thank you very much for this important question, Mr. Eckl-Dorna. Let me give you nevertheless a somewhat more general answer because that's so important in these days. Now, for everything that we are facing in the future, we need a highly motivated team that is willing to work hard. That is where we need to find a good balance in our HR policy between being an attractive employer on the one hand, where BMW is really one of the leading companies. Of course, we also need strong performance of the employees, and we need a resilience in our personnel structures. Here the question is, do we have the right employees at the right place, at the right time, with the right skills? I can tell you, in the last couple of years, we qualified and retrained a large number of our staff. You know that we invest more than EUR 100 million in training and reskilling our employees, and therefore we feel well prepared for the task we are facing this year. That is why this year our workforce level will be on the same level as in the previous year, according to our expectations. Last year, together with our negotiating partner in collective agreements, we reached an agreement on the benefits, the fringe benefits, which we pay in addition to the elective agreement. We compared this to our peers and made some adjustments. Profit sharing, Jubilee bonus, and also Christmas bonus were modified to a certain extent. These changes will become fully effective this year. Of course, what is most important, last but not least as well, is flexibility and the ability to respond quickly. The genetic code of our production network already includes flexibility and the ability to respond quickly. That also manifests itself in a large number of working time models and also working time accounts, which we use intensely if there are changes in the production volumes. Of course, we also use flexible staff, for example, to deal with specific peaks, for example, seasonal peaks. We feel well prepared to be able to respond to these changes. Milan, you want to add anything to the factory structure in China? Mr. Eckl-Dorna, Ms. Horstmeier already indicated very clearly that our key strategy is based upon a flexible production network. Flexibility means technological flexibility, but also flexibility in terms of capacity. That is why we also have flexibility modules in terms of workforce at all of our locations, which allow us to breathe in accordance with the volume of demand. That is why no workforce restructuring plans have been developed for China. Of course, we do somewhat shift the workforce between individual factories depending on their capacity utilization. You know, we have got a high degree of flexibility in Zhejiang, and thus we have a high degree of flexibility all in all. We have the next question by Daniel Zwick from Die Welt. Hello and good morning from Berlin. Hope you can hear me. Yes, we can hear you, Mr. Zwick. Go ahead. We can also see you, by the way. I have got questions about the political environment in Germany and in the EU. On the one hand, on the EU level, now it seems that for the CO2 targets this year, there will be a longer period of transition, which is good for your competitors, but not even really necessary for you. What is your view on this? Which expectations do you have regarding the ban on ICEs 2035, which is going to be reviewed now? What would be your expectation on this on the level of the European Union? Secondly, in Berlin now, a new German government is being formed. We do have some first indications from their negotiations that there is going to be a BEFA bonus again and that the commuter bonus is going to increase as well. Do you think that is going into the right direction? I would like to ask our CEO, Oliver Zipse, to answer both questions. Good morning, Mr. Zwick. You're quite right. There's an intense discussion in Brussels about the CO2 regulation in 2025, 2030, and 2035. Now, one thing must be very clear. The introduction phase for the CO2 target achievement that has been extended by 2027 does not mean that it's going to be easier. It's like a banking system. If you don't achieve it in the first year, you can compensate for the next two years. All in all, you still have to achieve that overall target. That's why we at BMW are quite confident. No matter what happens, whether it's going to be changed or not, we will be able to achieve it. Nevertheless, it is not in our interest to see an influence on markets stemming from regulations, which would then result in a reg race where, in the 11th hour, then some electric vehicles are pushed into the market. That is why we are very much in favor of this transitional agreement, but that is not going to make it easier for all parties involved. Your second question, what is going to happen in 2030 and 2035? The easy exercise would be 2025 to 2027 because that is only a 25% stretch in CO2 target achievement in the fleet. In 2030, it is already going to be 50%. The markets in Europe, they are not that easy, although at the moment we are growing with our BEV share in Europe. You know our position on 2035, namely that technology openness is the only means to make sure that sustainability, CO2 target achievement, markets, and prosperity to achieve all of this at the same time. For that reason, we are quite confident by now that the review that will now take place earlier, namely in 2025, we welcome that very much to get a path for 2030 and 2035, which takes sustainability into account, but also makes sure that the industry can operate in a sound environment. If that does not happen, then we must expect this industry to be reduced by 50% in the next 10 years. Your next question is about BEV incentives and bonuses. We are against that kind of an incentive because once you've introduced it, you quickly have to think about how you can remove it again. That leads to a distortion in the market because by its sheer design, it has to be removed at some point again, and that's something we are not in favor of. Now, the commuter bonus, which has a structural effect, now that, however, we feel moves into the right direction, in addition to the subsidies for the charging infrastructure. Thank you very much. Now, we've got Christof Rührmair from DPA with the next question. Good morning. Now, I'd like to bring the focus back onto the local scenery. I apologize. Now, the forecast that your workforce level is going to remain on the same level. Now, does this also apply to Germany? In your forecast for the U.S., you're expecting a sound and robust economic development. There are the first experts, however, who say that the back and forth that is currently happening there might also kind of erode consumer confidence and massively impact economic development. How high is that risk in your view? Thank you very much, Mr. Rührmair. That is not just local. I mean, the German market is for us just as important as all the others in the world. First, workforce forecast for Germany, that's a question for Ilka Horstmeier. Secondly, US robust development, that's for Jochen Goller. The simple answer is yes, this also applies to Germany. Let me once again emphasize at this point that within BMW AG, and especially in Germany, we have consistently started restructuring our workforce. We also reskilled people, and we bank very much on training in the future as well. This year, once again, 12,000 apprentices will start their apprenticeship with BMW on September 1st. That's a very important pillar, which we invest in, and especially here in Munich, where major modification is progressing. Here we need qualified and highly motivated employees in order to face exactly these challenges. Thanks, Ilka. Now the question on the U.S., Mr. Zipse has been to the U.S. recently, and we had a good impression of the U.S., but Jochen Goller can certainly elaborate on this a bit further. Yes, happy to do so. Now, first of all, the U.S. business, we performed very well there also last year. This shows that our model policy is well received there. You know that our biggest plant worldwide is in Spartanburg with a large footprint, and our standing in that market is extremely good, which we also see in our sales numbers. We grew in terms of sales last year. We had a good start into the year, and we now will ramp up the new X3. Yes, of course, we also read the newspapers, but I can tell you all the intake, dealer confidence, all of these are very positive criteria, and that is why we expect a robust demand. With our model portfolio, of course, we want to benefit from this in an above-average manner. All right, thank you very much. The next question is by an English colleague from Wall Street Journal, Stephen Wilmot. Stephen, please. Hello, there. I just wanted to get a couple of clarifications relating to some of your comments on tariffs. Firstly, you have already spoken a little about the possibility for U.S. MCI compliance. I think your Board Member for Production said there was a potential for localization that you were looking into. I just wanted to understand exactly what you are referring to. Is that the localization of drive trains to meet local content requirement or the further localization of final assembly? Can you just clarify that? Secondly, when you talk about the one percentage point hit to your automotive operating margin from the tariffs in place as of this week, are you assuming that the 25% tariffs on Mexican production continue beyond this month? Are you assuming that that lasts the whole of the year, for example, even though the arrangements are likely to change in April? I just wanted to understand how that kind of guidance is formulated. Thirdly, a more general question. The 3 Series was, which is obviously made in Mexico, among other places, it was historically a really key product for you in the U.S. and remains a key product for you globally. It has diminished in popularity in recent years. Is that because of the SUV trend in the U.S., or is that something else going on? Perhaps you could just speak about the 3 Series as a kind of icon, I guess, in the U.S. and globally. Thanks, Stephen. Now, just for the sequence, U.S. MCI, that's for Milan Nedeljković, and then we'll talk about tariffs once again. That's a question for Mr. Mertl. The third part of your question was about the 3 Series, Mexico, that's for Jochen Goller. Milan first, please. Thank you very much, Mr. Wilmot, for your question. Please. I'm sorry if I gave you an answer that wasn't very clear. Now, looking ahead, even in North America, we are driving electrification. With the electrification, of course, it's also about taking battery cells, high-voltage components, and other components, and localizing them in the North American room. These potentials are, of course, getting us closer to any potential U.S. MCI regulatory elements. If that is enough, or if any additional steps would be necessary, we'll see in the future. Thank you very much, Milan. Walter. Hello. I would like to point you to page 261 in our forecast report. Yes, we assume that, as it says in the forecast, that until the end of the year, all tariffs as of this week will be in place. However, we also wrote that it could change at any given moment. The percentage point that you mentioned, the change of the one percentage point, assumes that anything that was in place as of March 12th will remain until the end of the year. If it changes, that percentage point will also change. Yes, this was page 261 in the report. Page 261 in the report outlines this in more detail. Excellent. Part three was the 3 Series. It's a very meaningful and important product in the United States. SUV trends and which role the 3 Series plays in the United States. I would like to ask Jochen Goller to speak on this. Right. The 3 Series is and will remain, of course, the core of our brand. If you calculate the 3 Series, of course, also the i4, which is basically also our flat BEV, and the 3 Series Touring, we are very happy with the performance. We do see sort of a trend from sedans to SUVs all around the world, that is. However, our 3 Series is really proving itself at the market. Mr. Zipse was also saying today that the first car of the 3 of the Neue Klasse is going to be our iX3. We also showed you a flat concept car. In the next 12 to 18 months, you can expect some surprises in this segment. Thank you very much. That wa Stephen Wilmot from the Wall Street Journal. Next question is from Henning Hinze, Manager Magazine. Right. Good morning. I have noticed that you are very much speaking about the reduction of investment, R&D, CapEx. However, I have not heard too much on growth plans because the uncertainty is what it is. I would like to understand whether you see it in this way that BMW is maybe facing some sort of a dry spell, that growth is a bit uncertain, and that is why investments and costs are being reduced as much as possible. I would like to know specifically whether 3 million cars until 2030, if that is still the goal. If I understand correctly, in BEV sales, 70%, you're a little bit behind what you said in Munich. I think Walter Mertl said it in Munich, 20%. He said initially. Maybe you can comment on this. Maybe another question to you, Joachim Post. We see some sort of a technological development that has now finished also regarding the investment cycle. What is the technological task for your time in the board, in the new position in development, and how long will that last? Right. I would like to say one thing. Of course, we have a Board Member for Development. This is going to be his remit. He's going to answer that. What Mr. Post is going to do, he can answer later. We'll definitely start with the first part. This was about investment, growth plans, et cetera. I would like to hand over the floor to Mr. Zipse. Mr. Hinze, good morning. The decline of investment from this absolute peak does not mean that we are facing a dry patch. It just means we are done with the investment, right? We finished it. Of course, we spoke about the Neue Klasse, which, by the way, we are very excited about. Nothing has changed in this regard. Why are we doing the Neue Klasse? It is because we would like to grow. We want to grow around the globe. If you look at the world, if you look at it in more detail, if you look at the numbers, and if you ignore the brake issue from last year, which, of course, had a huge impact, and if you look at the individual markets, we grew everywhere, everywhere in the world. You can, of course, also see our very wide-ranging product portfolio. Five brand new MINIs, the new iX3, just come out on the market. All the other vehicles are basically in the market. The X1, very successful. The X3, by the way, has ever-increasing incoming orders. You know, this is all pretty much hitting the target. The plan is not really changing. Again, you have to kind of ignore the break issue. We spoke about China. We spoke about the challenges. I do not need to rehash that. It means that BMW is on a growth trajectory, especially because of the fact that next year we will have the Neue Klasse. Right. That was growth. The technological tasks for the future. Again, I would like to first call upon Frank Weber. Thank you very much for your question. Technology leadership is something that is essential to BMW's brand. Our approach, if you look at what's coming our way, what we want to do is, of course, more efficient dynamics, more digital, more autonomous driving, more intelligence. I think that's also the easy summary of, you know, what the challenges are going to be for my successor. The technological development is only going to expedite. It's not going to slow down anytime soon. I think that is going to be a big chunk of the challenge. Right. Jochen Goller, because it was a short comment on BEV sales that have gone slightly down, what the outlook is there. Jochen. Sure. I would like to differentiate between an absolute and a relative performance. Correct. Absolute numbers, yes. We are below what we wanted to do, but relatively speaking, we actually further increased our lead to the competition. We grew across all global regions. We have more than 50,000 electric vehicles that we sold in the United States, far, far more than our competition, over 100,000 electric vehicles in China. Yes, you are correct. Absolute numbers, we wanted to achieve more. Relative numbers, I believe we dominated the market. That is before the Neue Klasse. I believe this was a really good performance. We are really looking forward to the next two years and the great electric vehicles that are coming our way. Thank you very much, Henning Hinze from the Manager Magazine. We have another question from an English colleague. This is from FT, Patricia Nilsson. Over to you. Good morning and thank you for taking questions. Another question on tariffs, I'm afraid. I just wanted to ask, could you please clarify when you talk about tariffs as up to 12th of March? My understanding is you're talking about U.S. tariffs on steel and aluminum, early Mexico tariffs, and EU tariffs on imported electric vehicles from China. Is that correct? Could you guide on sort of what is the most significant tariff here? My second question is also on forward guidance. You mentioned that supply chain costs will be an issue this year. Give a bit more detail as to what you mean. Is this mitigating impact of tariffs? What concrete steps are you taking? Thank you very much. Right. We will start with Walter Mertl first, and then you, Joachim Post. Good morning, Ms. Nilsson. Now, up to and including March 12th means that we are taking into account the tariffs for our import from China. This is a mid-triple-digit million EUR amount. We are also taking into account the tariffs from Mexico to America. This is also a triple-digit million EUR amount. Aluminum is also affected by this. This amounts to a high double-digit million EUR amount. The same is the tariffs between China and the United States and between the United States and China. The other way around as well. This is also a low triple-digit million EUR amount. Right. The second part was on the cost of the supply network and which impact the tariffs would have here. Joac him Post. Ms. Nilsson, thank you very much for your question. As you heard before, we are following a local approach with our production across the different regions. We are following where the markets are. The supply chain follows production into these markets. Therefore, of course, with our local-for-local approach, which also applies to the supply network, we generally have very good preconditions to tackle these topics and mitigate such effects. Of course, we evaluate on an individual basis what impacts the tariffs have. We have the individual opportunity to take a global supply network and be flexible around the globe and, in an individual case, also optimize costs and potentially even avoid tariffs where we can. Thank you very much. The next question is Frank Volk, Automobilwoche. Mr. Volk, are you with us? We cannot see you. Here you are. Yes, now we can hear you. Thank you very much. I have three questions. One of them is a bit longer, dealing with the Neue Klasse and two short follow-ups. Onto the Neue Klasse. How long was the development time for the Neue Klasse? Can you tell us a bit more about the CapEx and R&D spent for Neue Klasse? Would you say that the solutions you have now achieved, both on the technical side when it comes to digitalization and efficiency and the general pace of development that you are now on what I would like to call China speed? This is one of the topics, one of the big topics, because, of course, they have these very short development cycles. Are you on par with that? Are you on eye level with China? The last very short question. The big topic in electromobility, of course, is China. Why don't you start the Neue Klasse in China? The two other questions. You did not speak much on MINI. Mr. Zipse, you mentioned that there are big expectations with the BEV models coming into the market. Now, you said that the BEV production in Oxford is currently on pause. Why is that? When will you continue? In the report, and this is my third question, in the report, it says that there are significant expenses for the supply chain support. What's the situation there? Are you expecting potential bankruptcies in the supply network? Because, of course, the situation of the suppliers is relatively critical across different areas at the moment. Are you expecting any closures, any defaults with your core suppliers? How are these needed supports going to develop this year or maybe even next year? Right. Thank you very much. I hope we can answer all of these questions that you just sent our way. We're going to give it our best shot. First off, the big complex of the Neue Klasse. Of course, Frank Weber is particularly prepared for that. How long was the development time? CapEx, R&D, is everything satisfying? Why not in China? And so on and so forth. I would like to hand all of this over to Frank Weber. Frank, over to you. Thank you very much. I will give my best to give you a short answer. First, it took us almost two years, two years that we took out of the development process. You have to always consider the Neue Klasse is not a car in the sense of the word. It is a complete technology toolkit, if you will, that is going to be used for the entire BMW portfolio. We are always focused on the fact that we create solutions, not of individual components and individual cars, but instead take something that we can slot into the overall BMW system. I think the speed with which we created these truly groundbreaking toolkits are absolutely impressive. We said many, many times that the investment and the development performance that was brought into the Neue Klasse are and were the biggest across BMW's history, which is necessary because, of course, as you've mentioned, you can see that technology governs your competitiveness. I am very optimistic, but I hope that you do understand if I don't break down the numbers in detail, this could be a competitive issue. Now, a few numbers, though, digital means four super brains, four supercomputers that are largely developed and produced in-house, 20x more performant than what we're using today. On efficiency, I kept saying efficient dynamics is BMW's core domain. With whatever is coming this year, we will be able to withstand any comparison with our efficient dynamics. We're happy to go toe to toe with any competitor. We are going to have more than 20% increased efficiency compared to what we do today. Last question that I would like to answer. What's happening in China? You, of course, know BMW well enough for that. We are not starting here and there. We are always starting globally. This, of course, is on purpose. That is why China is not less important, just because it's coming 12 weeks later. The Neue Klasse, of course, has a global SOP. The second part of your question was MINI, a very important brand for us, of course. I would like to break this down into two parts. Number one, Jochen Goller and Milan Nedeljković. Jochen, maybe you can give a general take and then, of course, production Oxford. This would be going over to Milan. Good morning, Mr. Volk. On the MINI, now last year we switched to new models for all of the MINI models. We've completed that. In March, the convertible is going to be launched. We will have five outstanding models. That is why we're very confident about MINI's growth this year. The feedback that we are getting on the new products is excellent, including our electric models. That is why, just from the point of view of sales and the brand, we expect that this year and also in the years to come, the MINI will perform very well. Regarding Oxford, I'd like to hand over to my colleague. Yes, production Oxford, BEV, Milan. Production follows the markets. As you know, the new generation of ICE engines has just been launched in Oxford. Our plan is to take and localize the MINIs that we are manufacturing in China with a joint venture. Now, with the ramp-up of electric mobility being delayed, we, of course, are also somewhat more slower with our investments in Oxford. The last question was about how to support the supply chain. Do you expect any insolvencies of core suppliers? Mr. Post, please. As you know, numerous companies are facing a challenging environment in which they operate. Some companies do have a need for restructuring to improve their competitiveness and their productive excellence. We keep a close eye on our supply chain, and we monitor their situations very closely. We have various tools allowing us to respond quickly if that's necessary. So far, we have not had any production stops. We believe that we can mitigate such things beforehand through respective measures. We will continue to keep a close eye on this to ensure that this remains so in the future. This brings us to the last question by Lutz Meier from Capital. Thank you very much. I hope you can hear me. Yes, we can hear you. Thanks a lot. Once again, I have got two questions. The first one is about the CO2 limits. Mr. Goller said that the red race, especially towards the end of the year, will be somewhat slowed down. To what extent have you already seen pressure in the market from your European competitors? And that new regulation that has been announced by Ms. von der Leyen, what would this mean for your own BEV share, taking especially into account that you had already been close to complying with the requirements in the first place? My second question is about battery supply in Europe. I am asking this also in the context of the Northvolt development. Now, what's your view on this? Does Europe need its own battery production and supply? Has this become more difficult? You never became involved in cell production yourself at all. Maybe you are also interested in a diversity of suppliers in this segment. To what extent should Europe try to ensure that Europe has got its own independent cell production in the future as well? Thanks, Mr. Meier. I suggest that the first part is a question for Mr. Zipse and the second part for Joachim Post. Good morning, Mr. Meier. Now, back again to the CO2 fleet targets. Now, we would have achieved them anyway in the years 2025, 2026, and also 2027. For us, it does not make a difference. It is not that simple. It is not only a relief for 2025. Because if you do not make it in 2025, you still have to do it in 2026 or 2027. It is not so easy to achieve that if, structurally speaking, in terms of your architectures and your markets and in terms of your capacities, if you are not prepared in that regard. It is not going to be that easy. We are currently not very much worried about that. However, I caution against subsidies distorting the markets. That would be a very dangerous undertaking. However, now we have also to look forward to 2030 and 2035. We will fight for technology openness. Why do we do so? Because the investment behavior of the European and global supplier industry is already looking at 2030 and 2035. There is one thing that must not happen, namely, even before the regulation becomes effective, we must not shut down certain technologies. That is why we are very much in favor of this early review. Thank you. The second part of your question was about battery supply and battery production in Europe. Now, generally speaking, in order to grow in e-mobility, Europe needs a local well-functioning battery supply chain. However, one has to acknowledge that the lead which suppliers from China and South Korea have is quite substantial. Here, I am not talking about developing battery cells, but I am talking about a highly efficient production, which is able to manufacture battery cells at a top quality at relatively low costs. That is a challenge. Of course, that is something the strategy for e-mobility in Europe has to take into account because that did not happen overnight. The proper environment for investments in Europe has to be created in order to incentivize companies to localize such production facilities in Europe. This is certainly much better than trying to impose bans or tariffs. Therefore, Europe has to make sure that it creates this kind of conducive environment. Thank you very much, Mr. Joachim Post. Ladies and gentlemen, dear colleagues, this brings us to the end of our press conference. I'd like to thank you very much for your attention. Thank you for having joined us and for having asked your questions. Stay tuned, and we will continue to work hard at BMW. Best regards from Munich and S ervus.