Hi everybody, and welcome to our 2025 Quarter 2 pre-close call. Thank you very much for making the time to dial in. I'm joined today by Ritu Chandy, Senior Vice President of Group Treasury and Investor Relations. Ritu is going to give us an update on the quarter in just a minute, and after that we will go to questions and answers. By way of housekeeping, we will be recording this session, and you should also note that the charts that we will show today are already available online on our Investor Relations website, so you can access them there already. When we get to Q&A, I will give you further instructions around that particular topic. Without further ado, we'll jump in. Ritu, over to you. Thank you, Adam. Ladies and gentlemen, welcome, and thank you for joining us for our Q2 pre-close call. To start, I'd like to share an overview of the retail sales metrics, usual process for the second quarter of 2025, along with some insights into our financial performance, which, as you know, are currently in the final stages of preparation. In the second quarter, the BMW Group delivered 621,000 vehicles to customers, marking an increase of 0.4% year-over-year. Excluding China, we saw a retail growth of 6.6%. As of half year, the BMW Group retail sales remained on par with last year's level, with 1.2 million vehicles sold. Let's take a look at the brand performance. Retail sales for BMW brand reached 551,000 units in Q2, which represents a 2.6% decline compared to previous year. Excluding China, the BMW brand grew 4.7% in this period. BMW M also increased retail sales by 7.8%, delivering 55,000 units in the quarter. If we look at the six-month view, global retail sales of BMW brand amounted to 1.1 million vehicles, resulting in a slight decline of 2.3% year on year. Excluding China, BMW brand grew 5.3% in the first half of 2025. The M brand had its most successful half year ever, achieving a retail sales increase of 6.5% with 106,000 vehicles sold, which is the equivalent of a 10.1% share of total BMW brand sales. Looking at Mini, benefiting from the refresh of the full portfolio, the Mini brand achieved a 33.1% increase in retail sales, with growth across all regions, and reached 69,000 units in Q2. For half year, Mini retail sales increased to 134,000 units, reflecting a growth of 17.3% compared to previous year. Accommodating to the varying rates of adoption across the globe, electrification continues to be a fundamental aspect of our technology-neutral strategy. In Q2, we delivered 111,000 battery electric vehicles, reflecting an increase of 2.9%. Battery electric vehicles comprised 17.9% of our total retail sales for the quarter. When combining plug-in hybrids, this figure rises to 26%. If we look at the first six months of 2025, BMW Group's BEV retail sales totaled 221,000 units, accounting for 18.3% of our overall retail sales. Again, including plug-in hybrids, the electrified vehicles make a robust 26.4% of total group retail sales for this period. It's important to note that in the past quarter, we also achieved a significant milestone by delivering our 1.5 millionth fully electric vehicle. This accomplishment highlights our transformation from an electric pioneer to one of the largest players in the BEV market, now offering 15 fully electric models. With this lineup, we remain confident to meet the EU CO2 targets for 2025 without pooling or penalties. Let's perhaps look at the retail sales performance across regions. Starting with Europe, the BMW Group recorded a 10.1% increase in retail sales, reaching 256,000 units in Q2. Group BEV retail sales in Europe in Q2 increased by 29.5%, representing 25.1% of total retails. When including plug-in hybrids, this share in Europe increases to 40.1%. Electrification remains a growth driver for us in Europe. Retail sales of the BMW brand contributed 216,000 units, reflecting a rise of 6.4%, with growth in many markets outpacing the passenger vehicle market and gaining market share. Notably, we achieved recognition as the third best-selling battery electric vehicle brand in Europe at the half-year point, further underscoring our strong performance in the electric vehicle market. Order intake for the BMW brand across the entire portfolio remains robust, with an order bank extending well into Q4. Moving to the United States, the BMW Group experienced retail sales growth of 1.4% in Q2, totaling 99,000 units. With 91,000 retail sales in Q2, the BMW brand remained at previous year's level. Plant Spartanburg's planned two-week downtime occurred a little earlier this year, already in Q2. Despite this, we maintained a stable market share in the quarter. We also remained prudent with our inventory management, with 25 days to sell for the BMW brand, as reported by Autodata, being below both industry average and that of European competition. Moving to China, the BMW Group delivered 163,000 vehicles to customers in Q2, marking a decline of 13.7% year on year. When looking at the sequential development, we see a slight increase of 4.8% versus Q1 this year in Q2. Retail sales for the BMW brand totaled 156,000 units, down 15.2% compared to previous year. Month by month, we have observed a sequential improvement during the quarter. The situation in China remains dynamic, ladies and gentlemen, especially the developments of the last two weeks of June, where we observe stringent monitoring of dealer commissions related to finance and insurance. Payment terms to OEMs by suppliers, as well as increased scrutiny of price competition. We are closely watching these trends and their impact on the overall market in China. Now let's shift our focus from sales figures to financial performance. The information I am about to share with you provides a preliminary outlook for the second quarter, as the figures are still being finalized. Given the strong first half 2024, the year-over-year automotive EBIT walk will start from a high EUR 2.7 billion in Q2 2024. We expect to see a significant decline year-over-year in Q2. This is in accordance with our communication on May 7th, where we laid the expectation that tariffs will heavily weigh on Q2 performance. As a result of our deliberate pipeline management, wholesales declined slightly in Q2, but were in line with absolute retail sales to end customers. The production volume was steered moderately below the 670,000 units manufactured in Q2 2024. Unlike the seasonality in previous years, new vehicle inventory can be expected to be flat Q2 versus Q1 this year. A slight tailwind from product mix can be expected, given strong growth of BMW executive 5 Series segment, as well as for the BMW M brand offsetting the increase in the compact and decline in top-end segment. The 17.9% BEV share of our total retail sales represents a slight increase over the 17.5% share last year. Pricing continues to be a year-over-year headwind due to the ongoing market normalization and competitive pressure in Q2 2025, mainly coming from the Chinese market, as anticipated in our previous communication. It is notable, however, there are some very recent signs of transaction price stabilization and recovery in the Chinese market. In summary, we expect EBIT headwind from the volume mix price category in Q2 2025. Perhaps now to move to tariffs. The tariff situation remained highly dynamic over the last three months. While our original guidance had included all tariff increases that had come into effect by mid-March, the low three-digit million EUR burden in Q1 2025 that we talked about was limited just to the EU tariffs on Minis coming from China. This, of course, as you know, was reflected in our Q1 auto EBIT of 6.9%. Consequently suggesting and alluding to an underlying performance in Q1 above 7% if you were to exclude tariffs. Now let's look at Q2. The negative EBIT effect increased quarter over quarter. As additional tariff layers came into place, mainly the US import tariffs on cars and components also coming into effect. In total, as a result of these tariffs, we expect the tariff-related headwind to translate into a mid three-digit million EUR figure, recognizing all tariffs in place in Q2 and relevant compensating effects. Despite all the tariff increases and other headwinds that we've just mentioned, we expect to be within the 5%-7% Auto EBIT corridor given for our annual guidance, which also means that we will be within the 5%-7% Auto annual EBIT corridor for the first half of 2025. As you're aware, we do not provide free cash flow guidance for single quarters. Given the factors we've elaborated before, lower auto earnings for Q2 2025 are expected to provide a soft starting point compared to Q1 2025. We expect the free cash flow in Q2 to be meaningfully better than the level of free cash flow in Q1 2025. As you know very well, we steer free cash flow on an annual basis, and our guidance for above EUR 5 billion for 2025 full year result remains unchanged. Moving to financial services, the development of new business volume is expected to be higher than the first three months of the year. Also, the segment's penetration rate of retail vehicle sales is expected to be higher, both sequentially as well as year-over-year. The latest guidelines by Chinese regulators, with the aim of paring down excessive finance and insurance-related dealer commissions, did have a positive initial impact on the competitiveness of our financing product offerings in the market. In terms of earnings before tax, we expect to see a decline year-over-year due to additions to provisions following the receipt of a revised operational tax assessment for prior years. We also expect a year-over-year decline in the segment's financial result in connection with a fair value measurement of derivatives. For other entities and consolidation combined, we expect a decline quarter over quarter, yet a positive gross amount in Quarter 2 2025. Overall, based on the factors outlined earlier, the group earnings before tax in Q2 is expected to be significantly below last year's level. The AGM in May 2025, as you know, authorized the Board of Management to buy back up to 10% of BMW AG's share capital over the next five years, replacing the AGM authorization given in 2022. Based on this new authorization, the Board of Management approved a third share buyback program with a volume of up to EUR 2 billion to be concluded no later than April 30, 2027. We have initiated the first tranche of EUR 750 million already in May and anticipate its completion latest by December 2025. This underscores the consistent execution of our strategy. As a part of the share buyback activities, the repurchased shares of the second share buyback program amounting to 18.7 million ordinary shares and 4.2 million preference shares were also cancelled at the end of June 2025. This brings me to all my remarks, and I would be happy to take your questions after Adam's instructions. Thank you, Ritu. I think everybody's familiar with what happens next. If you would like to ask a question, please raise your hand using the hand-raising function in Teams, and we will go through those who want to ask questions in order of how the hands are put up. I'll call out names, then please unmute your line, ask the question, and then mute again afterwards. With that, I will throw it open to the floor. First up today, we have Henning. Henning, over to you. Yeah, thank you very much. Hi, Ritu. Hi, Adam. Afternoon, everybody. Maybe I can ask Ritu on the China full year guidance. I think we're still talking about flat or flattish, and with the retail sales that we've seen today, I think that implies 400,000 units more or less for the second half after 317 or so in the first half. Obviously, you're not going to give a different guidance, but perhaps you could put into perspective again how you're seeing there. I appreciate you made these rather constructive comments on recent stabilization, but perhaps a little bit more color if you could. Also, I think on eliminations and others, you said down but positive. I suppose that was an earnings before tax comment. If you could confirm that or also help us a bit on the EBIT line there. Thank you. That's it, actually. Thank you. Thank you, Henning. I'll start with your second. Yes, it is correct. It is an earnings before tax comment. That's perhaps the straightforward answer. Going to your question on flattish expectation in China, I think we have to first start off with acknowledging the market situation in China, where two-thirds of the market is located in a price segment where we do not have an offering. We're talking about CNY 150,000, and close to 65%-70% actually, depending on which statistics you look at, of market offerings exist in that price segment. It's also very important. I know you've heard us say this before, but this price segment is actually also this year in 2025, both in Q1 and year-to-date May, we're waiting to see the full Q2 numbers, still remains the main growth driver of the overall passenger vehicle market in China. Now, we talked about the developments. Before we come to the developments of Q2 and more recent, I think we have to take a base effect into account. Last year, second half, as you know, we were affected by IBS. All else staying equal, even at certain run rates, quarter 3 year-over-year will be positive given the base effect. The other thing we have to acknowledge is X3. X3 had a ramp-up only in February and March, and we're only now coming to the market with additional model variants of the X3 engine variants. There is a bit of a ramp-up phase in upcoming quarters. A big aspect of China performance is dealers. I think you're very well aware, and you'll see more of this when you join us next week. We have a subset of our dealers that is underperforming or not operational. We are well on our way to executing the right-sizing of the dealer network, which is a relevant lever for us in China. Here, post Q3, we expect to see some of those actions really take place. I talked to some of the recent situation in China with the market dynamics. I think especially the last two weeks of June have shown us that there is a changing sentiment with stringent monitoring on various aspects: F&I, commissions, pricing, even messages from the various, whether it is a dealer association body or even official communication from the Communist Party to focus on profitability and getting price stability. While it remains our ambition, Henning, to be at flattish, and again, it's important, flattish for us is minus 5% or better versus previous year, it is clear that we are approaching this level from below, and a lot depends on the recent developments in the market. We are going to be watching this, and I'm sure we will discuss more of this when we see you next week. Thanks, Ritu. Thanks, Henning. We will see you next week. Thanks, Henning. We will now go to Tom at RBC. Tom, over to you. Hey, thanks, guys. Ritu, Adam. My first question, just to follow- up on this China topic. We heard from a large German OEM yesterday in their pre-close that they are calling out the overall luxury market, not just autos, but in general, as a reason for them having weaknesses. I guess you are calling out. The kind of lower-end segment getting all the demand. Yeah, that would be a first question just like. Is the overall kind of, is there this overall luxury weakness that's impacting you guys? Maybe as a quick follow-up, I do not know if you have given this out, but do you give out the EV versus ICE sales ratio of your sales in China? My second question has to do with the guidance. I just wanted to clarify. Maintaining the 5%-7% return on sales, what tariff assumption is incorporated in that for H2 2025? Thank you. Excellent, Tom. I'll start off with the guidance question you asked. As you know, when we gave guidance for full year, we reflected very clearly the tariffs that were known, and we stipulated all the known tariffs and the impacts. We quantified it to be 1% at the time of auto EBIT. We said without tariffs, we would have been at 6%-8% auto EBIT. With tariffs, we're now at 5%-7%. With our Q1 results, we also said we will stick to 5%-7% auto EBIT for the full year 2025. However, we have assumptions, and our assumptions are based on the fact that tariffs will come down. They will come down from the stipulated levels that we know in Q2, so the 27.5%, for example, as one example of European CBUs being imported into the U.S. Our expectation was by July sometime we would have clarity, and we've baked these assumptions for our full year planning. As a result, we will still, for full year 2025, be in the guidance corridor of 5%-7%, no adjustment. We did not stipulate exactly what those assumptions were. Because, as you can imagine, that would perhaps open up certain speculation. At the moment, of course, the only thing we have done is adjusted that from July into August because of the new timeline. We are aware of constructive discussions happening across the Atlantic, and we look forward to constructive outcomes. At the moment, again, it is 5%-7% auto EBIT reflecting the tariffs. We have delivered in Q2, of course, as per the expectations we have at the moment. We would have delivered in Q2 in our guidance corridor of 5%-7%, even if Q2 had the heaviest impact of full tariffs, as we said. That was on your question on tariffs and guidance. Your first question on luxury, I think this is something we have definitely spoken to as well, Tom. We've said that there is a shift in consumer dynamics in China. For various reasons. Even if the wealth is there and the aspiration to affluence and show affluence exists, we are seeing consumers being a bit more wary and a bit more cautious in terms of spending patterns, particularly when it comes to luxury items. Maybe another statistic in that regard is if you look at the price dynamics in China and you look at, again, dissecting the auto market, I talked about below 150,000 RMB, where 65%-70% of the market exists, as well as that's the biggest growth driver. You could basically take that statement and turn it around for price points about 350,000-400,000 RMB, where year-over-year the market continues to shrink. Quarter over quarter. That is not just purely because of offerings. It is also sentiment-driven. To your third question, EV versus ICE ratio in China, yes, we have. So of our sales in China as of Q2, we have a 13.2% BEV share. That's 13.2%. That's also in our slide deck, actually. In Europe, that's 25%, as I said. 12% in the United States and rest of the world, 13%. Those are the statistics for China. Thank you very much. Thank you. Thank you. Thanks, Tom. Next up is Renato. Over to you. Yes, good afternoon, everybody, and thanks for taking my question. A question on the U.S. market. If you can give us an update about the level of stocks, maybe also relative to your competitors and the industry. Did the second quarter already include some mitigation measures on tariffs? Related to this also in terms of pricing policy in the U.S. to offset tariffs, if you have taken any decision on this. The second question is on China, still on the dealer network. You anticipated that you were going to reduce or transfer a low double-digit number of dealers also in the second quarter, if you can confirm this. About the level of dealer support in China in the second quarter, if we can consider it compared to the first quarter sequentially. Thank you. Excellent. We will start, Renato, with your U.S. market question. If we look at auto data numbers, where I guess you could do a like-for-like comparison across different OEMs, BMW, in the most recent publication of auto data, year-to-date June, we have 25 days supply. That is the lowest of mass market, industry, and European competition. I think this is important for us to note that we've managed our pipeline very deliberately and diligently in the United States to ensure that we've actually even pared back from the roughly 30-day supply we had in the first quarter. That reflects very much in dealer inventories as well as the way we've managed stock for ourselves. Your second question on the United States was mitigation measures. Yes, we have actually announced, first and foremost, already in March, a 3%-4% MSRP increase for the cars that we were bringing in from Mexico into the United States. Beyond that, we kept prices stable until the end of June. Now, with model year change, we have announced an MSRP increase across the portfolio of 1.9% with model year change. We have also, in terms of mitigation measures, looked at supply chain, which has been effective. We also apply, in terms of mitigation. That is clear in the result, the 3.75% MSRP offset for local production in Spartanburg, which has a positive impact for us given our strong local footprint. Last but not least, there has also been further reduction of tactical support in the United States, which is evident in auto data incentive numbers. Your next question was on China. You talked about dealer network. Yes, we are, as I also mentioned earlier when I responded to Henning's question, dealers and consolidation of the dealer footprint, both at investor level and at actual outlet level, are absolutely key levers for our performance in China. We are well on our way in terms of getting that done. We have a plan set out, and we intend to reduce. If you go back to 2023, we had 670 outlets roughly in China, and we have a very clear plan to reduce that overall outlet footprint in China between 10% and 15%, and we are well on our way to get that done. Most of that will be achieved within 2025, and some remnants will be achieved in 2026. Level of dealer support, we have not announced any dealer support in 2025. So there is no level of dealer support that I can speak to for quarter two, 2025. Thank you, Renato. Okay. We have a lot of interest today, so six more people to go. For that reason, I would ask now that maybe we keep it to two questions per person. The next person is Patrick at UBS. Patrick, over to you. Yeah, thanks, Adam. Hi, Ritu. Can I just. Follow- up on your statement about the second quarter margin, auto margin, being in the 5%-7% corridor, including the tariffs? I think this is better than what you indicated at the time of the Q1 results when you kind of alluded to a margin below the full year corridor for the quarter. What has actually gone better? Is it the tariffs that turned out to be maybe a little bit less than feared? Is it the European sales performance? Is it on the cost front? Just any color would be appreciated. The B part of that question is simply put. If you make a 5%-7% margin in the second quarter, including. A maximum tariff burden, so to say, is there any reason or is there anything for the second half that you would foresee that could actually derail you from that 5%-7% corridor also on a full year basis under the assumption that the tariff regime just stays as it is? Thank you. Thank you very much, Patrick. I look forward to seeing you next week, and I hope you'll join us on the 31st of July for all those answers. Absolutely. I think the main message is we're going to be within 5%-7% in Q2. Our expectation was that Q2 would have a significant impact from tariffs. It's the mid-three-digit million EUR number now that I've alluded to in Q2. I don't believe there was sort of ever a clarification of being outside the 5%-7% guidance corridor. Q2, heavily impacted by tariffs, within the corridor, expectation within 5%-7%, including tariffs. What's gone well? I think all of the above, and that's the color you will get also once P&L items are finalized, especially on the financials, costs, etc. I think it's going to be better European performance, better stock management, all of the items that we've talked about, and I think more will be revealed on the 31st of July. Okay. Got it. Thanks, Patrick. Any comment on what's happening in the second half that you can already see today that would be a drag to your margin corridor? Again, Patrick, I think worth a try. At this point in time, I'd say 5%-7% intact. Assumption is intact for tariffs, and we're all going to be watching the space. The timing of our. Half-year results on the 31st of July is pretty opportune. So please tune in. 10 out of 10 for Patrick. See you, Munich. We'll now switch to Paul and Metzler. Paul, over to you. Yes, good afternoon. Thank you. I have two questions. They're both related to tariffs. The first question is on US tariffs, but specifically on the copper tariffs. I mean, you've previously guided to a high double-digit million EUR headwind from US tariffs on steel and aluminium. And now, with discussions in the US with potential copper tariffs kicking in from August the 1st, I was wondering if you can just give us some color how you will deal with this kind of tariffs and how should we think about the potential earnings impact here. And the second question relates to European tariffs on Chinese EV imports. You filed a challenge against the European Commission. Maybe you can just update us on the status of this challenge. Broadly speaking, more broadly, what's your read on how EU-level negotiations are progressing on this matter? Thank you. Thank you very much, Paul. I'd say let's maybe start with the negotiations at EU level. I think there's plenty of speculation around, but the one thing that's common and consistent is there are constructive discussions across the Atlantic, and the proposals are being deliberated with really a focus to get a deal done. We expect that to be a positive outcome, and we expect that to happen in the matter of the coming days and weeks. Your question on EU tariffs on Chinese EV imports, you're absolutely right. We are one of the companies that also filed a lawsuit against the EU anti-subsidy investigation. As this is an ongoing discussion, deliberation, and proceeding with the EU, I'm not at liberty to discuss this any further. Thank you for that. With regards to your question on double-digit on steel and aluminum. Yes, you're right. In our full year guidance, we had included steel and aluminum, and we had an impact of double-digit. What's relevant is, for us, that stays because, and maybe it's important, that's the case because of our quite resilient sourcing footprint where we do not have such a large impact from that tariff, right? That's why it was double-digit. When it comes to copper, I'd say it's marginally negative, if at all. No change there. Thank you, Paul. Thank you. Thanks, Paul. We will now move to José. José, the stage is yours. Thank you very much. Very encouraging comments around free consideration and fulfillment of free cash flow guidance. That is clearly, I think, in my view, it is clearly very positive and actually comes above expectations out there in the market. The question is on cash flow. Are there any elements we should be thinking about in terms of exceptionals on working capital? When we think about CapEx, which was done in Q1 year on year, is Q2 also maybe in a similar trajectory with efficient use of CapEx? The second question would be on commitments to the US in terms of manufacturing footprint. Ritu, you have laid out, I think, very clearly all the steps. Is there anything incremental that BMW can do on top of everything you are doing, which is already a lot, in terms of increasing localization of production in the US or building an additional vehicle or increasing. Your presence in the U.S. versus Mexico or other regions out there? Thank you. Jose, I'll start. Thank you very much, Jose. I'll start with your second question first. U.S. production footprint, as you know, and I'm sorry if I repeat this, but I think it's relevant. Largest exporter by value, and very importantly, last year, $10 billion in exports generated out of the United States, highly localized footprint, everything from the X3 all the way up to X7 and XM localized in the United States. We have flex within our existing production footprint, as you know, to, again, increase by 10%-15% the capacity that we have installed. Also, that local footprint, when we look at the future. Battery electrification, that strategy remains intact, that local footprint increases. One thing that we have absolutely done. Also as a part of our mitigation, actually looked at the supply chain. That has been a very, I'd say, valuable exercise, and we've been able to find USMCA compliance, US alternatives, etc., and we've been able to flex this within our supply chain in a meaningful manner. Beyond that, there are no strategic pivots or shifts planned at this point in time. Coming to your very first question with regards to cash flow, again, as I said, the softer earnings result will, of course, form a softer base for Q2. I'm talking about year-over-year now. In Q2, we will see a positive free cash flow, and it's above Q1's level. I do not want to give you any sort of impression otherwise. It's above Q1's level, well above, and it's Q2. year-over-year, the lower earnings being the reason. Your question on CapEx, I think maybe a few working pieces, inventories, as you know, down, right? We managed the pipeline very consequently. We talked about that. I think depreciation. Invest, of course, higher than depreciation at full year level. This is what we've also talked about. CapEx would be following this usual seasonality. Nothing atypical in Q2 on CapEx. Hopefully, that clarifies. Thank you, Jose. We will now move to Frankfurt to Tim at Deutsche Bank. Tim, might you see your horse? Yeah. Thank you very much, Ritu and Adam. First of all, just to add to what Jose just said, I do not think it is just that you continue to deliver even with the heaviest tariffs. Also, thank you for making this very worthwhile for everyone dialing in. You know my opinion on these pre-close calls, and this one is clearly not one where anyone wasted time dialing in. Thank you for making that so clear. To my two questions. The first one is, Ritu, you mentioned very quickly that there is some improvement on the China side very recently when it comes to pricing. You are always very careful and deliberate in what you say, so I am sure you carefully worded this one as well. It does feel a little bit like a déjà vu because we have been there with you guys a couple of times before. Can you elaborate a little bit further on this? Is that something that you consider to be sustainable? Is it meaningful? Is it just maybe slightly less worse? How should we really put this into context? Then secondly, when we think about your strongest statement today, the 5%-7% for Q2, is it fair to assume that you would not say that with such confidence if you were borderlining 5%? Thank you. 10 out of 10 for creativity, Tim. I wanted to get at least 10 out of 10 again. Yes, Tim, we would not say 5%-7% if we were borderlining the margin corridor. I think that is all I can say at this point. As I said, the numbers are still being finalized. Even with a mid-three-digit million EUR tariff impact and given everything we have deliberated before and discussed, we are within the guidance corridor of 5%-7%. That is on your second question. I hope that is clear. On China, I think there is a lot of moving pieces and dynamics in China that we have got to be mindful of. We have now a. Chinese dealer association really coming together and actually urging the government to take certain steps, which is why we understand that the government's given a very clear directive to the banks and the large four banks basically from one day to the next cut down the commission scheme, if you like, or the channel, which, as you know, was a channel also being utilized very much to aid the discounting intensity in China. Literally, within a matter of overnight, the banks pulled back, and that had to be paired back with some reaction from the dealers. We've also seen, I think, other news where the Chinese Communist Party has come out with some communication urging OEMs, dealers, suppliers, all to think about the profitability in this entire ecosystem, hence the payment terms to suppliers now having vigilance of up to 60 days. is also, as you know, the discussion very much on looking at the overall profitability. What we have seen, and that is why I want to be very cautious, what we have seen in the last few days, and it is a matter of literally a week, is that pricing week over week has, in some cases, stabilized and in some cases improved. We do not want to indicate that this is a trend. We do not want to indicate that this is going to be extrapolated and extrapolated in the positive territory. It is just to give you relevant information as we know it today. Great. Thank you, Ritu. Thank you. Thank you, Ritu. That was it for the questions. Everybody gets 10 out of 10 for time management on the call. Thank you very much. Before we close out, just a couple of points I would like to share. We do look forward to seeing a number of you next week at our International Investment Analyst Day that will be hosted here in Munich. For all on the line, selected content from that will be published afterwards. Watch this space. That will most likely be on Thursday next week. As a reminder, quarter two is on the 31st of July, and we will start with speeches at 8:30 A.M. here in Munich. That will be followed by the Q&A for you at 10:15 A.M., also local time here in Munich. Maybe as a final one, as a little bit further ahead, for those who are joining here in Munich for the IAA, I'd just like to say that the team will be at your disposal. If anybody has any questions or would like to see anything on all that we will have displayed, then do be in touch, and we will look forward to meeting you then here in Munich in our backyard for the IAA. With that, we can close out the call. Many thanks for joining us, for taking the time, and look forward to speaking soon. All the best.