The first in the row will be Tim, and second will be George. Thank you very much, Björn, and hello, Oli and Lutz. First of all, great to see these Q2 results. It's just a real shame they got overshadowed by what we got yesterday as well. I have two questions, please. The first one would be exactly on that. We spoke about this at length already, but the announcement yesterday just made the urgency of managing your supply chain better, even more clear. A premium stock requires premium execution and delivery, and that what we got yesterday and over the last few quarters is simply not that, with respect to that. Investors are starting to develop serious doubts about your operation execution power. What will you do to really improve this in the short term? In light of you already confirming the 17%-19% target for next year, can we expect that that will be less of an issue going forward once you are through this major renewal phase? Second question is, obviously, we noticed today that your BEV share is now quite low in Q2. The market demand just doesn't seem to be as strong for BEV products. How shall we think about flexibility regarding drivetrains for you going forward? Can you move between powertrains, or we see your ICE models for longer than expected? Thank you. Okay, Tim, good morning. Let me start, and good morning to all of you. Let me be very clear about the supply chain issue. We are not happy at all about it. We have already implemented, during the last year, a extended program with a Risk Radar and production readiness team. We are better there, and we have the clear ambition also to solve this issue. Generally spoken, I'm already 30 years in the industry, and the supplier issues at Porsche are not worse, not better than in the industry. We're mentioning that the daily problems especially have increased since the crisis years in the supply chain. What makes Porsche so special and why we have to be better than others, comparing in the market, we have a high percentage of pre-ordered cars, very exclusive cars, and that brings us in the situation that we are not able to compensate, like others, they built to stock, for example, to change in between a automatic to manual drive. It's not so easy for us because our cars are very specific. Then we have a high-end technology and especially specification. That's the case when we talk about aluminum. We have a very deep drawing depth in terms of our parts, side panel, fenders, and therefore, the specification is so, so special, and that makes us so strong to find alternatives. Then on the other side, we have a very high variety and the complexity of specific parts. On the one side, positive for margin, on the other side, they're not so easy to handle. Then we have lower volume than others, therefore, we have much more single source. S ometimes we have a demand which is much higher than planned, also positive, especially for special editions, and there are sometimes we have to struggle to bring the volume. B eing very clearly, we want to be better, and we have to be better than the competition because of our special conditions. In the specific case of aluminum, we never stop now to fight and being able to compensate it during the year. U p to now, the situation is like it is. Coming to the 17%-19%, and maybe Lutz later can add how we want to do it. It's very clear, we as you know us after the IPO, we stand for promise and deliver. Last year with our overall record year, this year, 2024, the expected product year, and for the next year, we will keep our ambition and the long-term ambition, we stay to our Road to 20. Especially in this year, everything in spite of renewing 4 of 6 model ranges, we have the less volume, we are able to compensate. We have the high expenditures because of the new model launches, and we have the compensation of the China market and the supply chain issues. Therefore, we came to this ambition we announced, and after next year, we will speed up again. M aybe, Lutz, you can add a bit details how we're going to do it. Yeah. Hello, Tim. It's a very good question, how we want to reach the 17%-19%, but let me start with the first quarter. We addressed in the first quarter that we will see a much stronger second quarter, and I think we delivered. We were well on track to reach our forecast for 2024. There's a margin between 15%-17%, but against the supply chain constraints is our aluminum supplier in Switzerland, we were obliged to adapt our forecast to 14%-15%. But coming back to the situation in the second quarter and the situation in the second half of this year, despite the four model changeovers, the weak demand situation in China and the expected mixed situation when it comes to the 911, high share of base against a lower share of GTS. We would have been able to reach the promised return on sales for 2024. T hat makes us very confident to reach in mid-term return on sales between 17% and 19%, because in the upcoming years, we will have a full range of models in place. When it comes to the 911, we'll see a much higher share of the GTS, and starting in the second half of 2025, also the Turbo and therefore, with the entire renewed model range with a strong mix and also with a restructured cost basis, we should be able to reach a return on sales between 17% and 19%. That remains our clear ambition for the future, and it's important to emphasize that we already addressed the restructuring of our cost basis, that we have put in place also operational measures already in 2024. Therefore, we are convinced that we will see a lower research and development cost rate in the second half of this year, and we will see additional impact also in research and development cost savings in 25 and the upcoming years. We have to adapt also our sales structure in China, of course, due to the ongoing weakness in China. We have to rescale our wholesale structure and also our retail structure, and it lead also to cost savings in our sales costs in future. We will be able to be very profitable also in the case that we are selling 250,000 cars- 300,000 cars a year. That's the clear target, when it comes to the restructuring of our cost basis, and we are well on track to reach it. And of course, when it comes to the BEV share, we don't know exactly what will happen in the upcoming years, but it's clear that the speed towards electromobility in the U.S. and Europe is lower than expected, and in China, the speed is high, but it's not existing a real luxury segment, and therefore, we have to be flexible when it comes to the development of new products. And therefore, we already addressed also some new combustion engine cars when it comes to future projects. As already addressed, we are also very flexible when it comes to our production plants in the direction of, combustion engines and plug-ins and BEVs in one production line. We are already in a great positioning, being invested flexibly. In our segments, we are offering in all our segments, combustion engine hybrids and EVs. We will access the markets, that's very clear, to adapt, and our flexibility is already paying off. Only the recent example with a very strong order intake of the 911 and the Macan, and that shows that our customers are prepared to go for both. But we will carefully check the markets, as Lutz mentioned, especially Europe, North America, has slowed down a bit. In China, strong demand, but there we will show, look also, how the luxury segment will develop. Very fine. So next one in the row will be George, and after George, we have Patrick from UBS. Yeah, good morning, and thank you for taking my questions. The first question I had was with respect to China, where you recently announced the management change. Obviously, it's a very challenging market at the moment, and you seem to be focusing on price, which is costing you volume. Do you plan to continue to prioritize price over volume in China following the management changes? And if yes, is it fair to expect lower volumes from Porsche in coming years versus recent peaks until the Chinese market recovers or improves? And maybe just as an aside to that, I don't know if you can confirm whether you made any dealer payments in China in Q2, or indeed plan to in the second half. The second question followed up from Tim's question with respect to battery electric vehicle demand. As you mentioned, we are seeing some softening of demand, and you stressed the importance of flexibility. But if we look at the low end of your range, namely the 718 and the Macan, you're not offering your customers flexibility anymore in Europe as your new products are BEV only. Is that something you're potentially looking to address? And if yes, will that require incremental CapEx above existing plans? And maybe just related to this, given your pilot plant in Chile and recent noise coming out of the EU, do you think e-fuels actually may now play a much bigger role in the future than was previously assumed? Thank you. Yeah. Thank you, George, for your questions. May I start with China? First of all, the overall market situation, you know about the real estate crisis, where many of our factories, our customers are affected. The whole luxury segment is under pressure. Also, when you talk to Ferrari and LVMH from France. And what we are mentioning in the market, it's a high dynamic in terms of pricing, incentives, discounts, and dealer compensations. And we have there a very clear decision not to follow the general market environment in terms of pricing, discounts, and we follow, and also in the future, our approach value over volume. Positively spoken, we have, in the first half of this year, a worldwide market share of 19%, comparing to the all-time high, 33%. It slowed down. On the other hand, we were able to compensate it and to reduce the dependency on China. And so, we have implemented, during the last months, a very structured program, and we feel us now, on the bottom line, with the opportunities to improve, but everything very clearly linked to value over volume. We don't care, and we don't fight volume in China. Our program is on, product, improvements, our segment, to improve our organization, to have the right levers in terms of marketing, in the market, especially on social media. We have an expanded dealer program. Then, we are assessing the dealer network and the customer community. Now, that's our plan. And, to ramping up everything, we decided to make a change, and sometimes it's like in sports, to change the coach, and bringing some fresh ideas to the market. But we think that it will work. I've been in China last weekend, also with a very positive meeting with the dealers, and we decided to pay incentives, but very closely linked to performance. We won't go for a incentive model without a performance agreement, and that's what we agreed, and now we think we are in a good base to stabilize or in some cases to ramp up a bit. And positively spoken, we were able to compensate the situation. Yeah, and there you are, you are right. In Europe, we are not offering the Macan combustion engine anymore, and 718. We think we have a great offer with the electric versions, and for us, it's more the caring how we go to the higher product ranges. These are the entry have been over many years, the entry ranges for our customers, and if we are able to move them via ranges, for example, combustion engine Cayenne. Many, many of the customers who started with a Macan will go to a Cayenne. And in 718, the same, who wants to buy a combustion engine to the sports car, we will lead to the 911. And so we think the strategy is fine. And further on, we will think in which segments could be useful to expand the combustion engines or hybrids. And in terms very quickly about the consideration that is the direction we have always proposed in the past. On the one hand side, focus on electromobility, but being more open for technologies, and therefore, our investment to synthetic fuels goes completely to the right direction. We think there will be a very strong direction towards electromobility, but if it's possible to make a mix in between synthetic fuels and combustion engines, traditional combustion fuels in the ramp-up phase, it's very positive for climate protection. And then we will see in 2035 if the production volume of e-fuels is enough for being able to change. But for us, very clear, we stay to a very mixed product portfolio. Yeah. As Oli mentioned, it's key to stay flexible when it comes to the mix of drivetrains, and therefore, we clearly addressed it, not only when it comes to our product production plans, but also when it comes to future development project. As I already addressed, we are thinking in the direction to be very flexible in future, also in the direction of examining the possibility of using multi-traction platforms, and therefore, yeah, we are quite confident that we can offer also in future, a very good mix between combustion engine cars, plug-ins, and BEVs. And, yeah, we already addressed prolongation of the cycle plan for the Cayenne and Panamera towards mid-30s, and we will invest also in new platforms, not only when it comes to hardware, but also when it comes to software; you will see then also a new infotainment system is in the car. And therefore, yeah, I think we will lay a very good foundation to stay flexible. Very good. So the next one, as discussed, will be Patrick, and after this, it will be Jose. For taking my question. First one, you're telling us basically that the EBIT margin will grow by 350 basis points in 2025 over 2024, if I take the midpoint of your guidance range. I just want to dissect that a little bit because you're kind of de-emphasizing the volume aspect of it, which is probably the right thing to do. If I look at your costs year-to-date, they're actually up year-over-year. D&A is probably gonna go up next year as well, and there's not that much you can do about it because of amortization of previous R&D spend. You still enjoy this year quite some FX tailwinds. I'm not sure for how long they last. So how should we get to that 18% or 17%-19%, quarter next year? Is it solely driven by price mix and a little bit of here and there on the cost front? It just feels still like a huge stretch to make that 350 basis point jump in the operating margin without a meaningful volume support. And my second question relates to the situation at Varta. Can you give us an idea what your maximum financial commitment will, will be? There was already a confirmation, I think, on your end, that you would be ready to invest in a joint venture that's producing the batteries you need, but the parent company is also in financial distress, and I'm just wondering if you can give us an idea how much that could cost Porsche in the end, the maximum amount of cash that you would be ready to provide. You know, the talks are ongoing. Is there still execution risk that could potentially endanger the battery volumes that you need for the GTS starting Q4? Thank you. Yeah, Alex, thank you for your questions. Let me start with actually 2024. We delivered in the second quarter. We clearly addressed it, and we were good on track to reach our forecast towards 15%-17% return on sales in 2024, despite poor model changeovers with the slow ramp downs and slow ramp ups, despite the situation that we see still a very, very weak Chinese market, and despite the fact that we will see mix when it comes to the 911, which is not so promising because we have to rely in the first 5, 6 months on the base model. It's the opposite of our usual behavior when it comes to the 911. Despite all these facts, we would have been able to reach our ambition for 2024. That means the corridor of 15%-17%. In the upcoming years, we will see completely a different situation. We will have a completely renewed model range in place when it comes to the 911, we will have a much better mix as a high share of GTS, and then the second half, also, the Turbo will be in the markets when it comes to the 911. We addressed a huge cost saving program. You will see a lower development cost in 2025 compared to 2024. You will see also, entire reduced cost structure, starting with the fixed cost, over the sales cost, up to the development cost, as I already mentioned, and therefore, we laid a very good foundation, to reach our ambition in the, in the upcoming years. Of course, you are right, the D&A, it'll increase this year. You will see, yeah, an amount of about EUR 500 million, in addition, to the 2023 figures, but you will see a similar figure than in 2025. There will be no further impact when it comes to D&A. Together with all the positive impacts from our restructuring programs, also the downsizing, resizing of the Chinese sales structure, yeah, it's we are clearly on track to reach our ambition between 17% and 19% return on sales in the future. Let me come to Varta. I will start with a technical and then process issues, and no doubt, we were struggling to ramp up the production line. That's not a rocket science. It's a kind of a production management, and therefore, we are, say, a very experienced team from Porsche, also in Varta, led by my colleague from production, Albrecht Reimold. Now we are convinced that we will able to come into the market as we planned since many months with a 911 hybrid. Positive issue there, that we have a very strong order intake for the GTS, and we are looking very much forward to ramp up. Then, on the other side, yeah, second, secondly, we already invested in a second production line at Varta to have, at the end, more volume, more security, and that will be capitalized during the next months, also. And then maybe the commercial aspects of Varta- Yeah, of course, it's part of the commercial aspects. Of course, we already invested in the second production line. We are the owner of the production line, of course, and we own also a significant IP, and therefore, the amount in cash will be very limited when it comes to the establishment of the new joint venture for the V4Drive company. And therefore, when it comes to the financial, it will not create a huge burden for Porsche. Understood. Thank you very much. Patrick, only one annotation, you know, our conservative hedging policy within Porsche, so therefore, to the degree, you should never expect that this company is maneuvering on spot rates, but with a very conservative hedging policy. Yeah. So to this degree, you also see us prepared on that side. Now, the next question from this will be Jose, and after Jose, it's Stephen from Bernstein. Thank you, Björn. A couple of questions, please. Lutz, maybe a bit of an odd question, but can you help us a little bit with the second quarter revenues? What was the impacts of price, mix, and currency, maybe from a directional perspective, positive or negative, what you saw in the second quarter there? And then only in the spirit of remaining flexible, I'd love to hear please some examples of how flexible is the production footprint. We have declining sales in China, and I'm pretty sure you're looking at, you know, your production footprint and adjusting it to this new structural lower sales, at least for the time being. So can you give us some examples of the timeframes of flexibility in production lines? And then secondly, if I may add, on Macan, I understand that, you know, you want to remain flexible. Is there an opportunity to maybe reconsider the powertrain options on Macan? Maybe not now, but, you know, reconsider a little bit the powertrain options maybe in the next two years, if the demand actually turns out to be stronger when it comes to combustion engine. Thank you. Jose, to the degree, the revenue was the majority price and mix, and taking a look at the line of people queued up for Q&A, let's park discussions on line items with IR and leave the more strategic questions with Lutz and Oli, which will now take question 2 and 3. Jose, buenos días. I will take the second question about the flexibility and our robustness is shown already when you look to our worldwide volume shares. China is now on the same level like all our Overseas markets, and our business is basing on four pillars very well balanced and within North America, Europe, China, and Overseas. And that brings us in this flexible situation, being able, for example, to compensate the current crisis in China. On the other side, our investment is also flexible in between the segments, being able to offer to our customers in each of our three segments, two-door sports cars, limousines, and SUVs, a combustion engine, hybrid, and a fully electric offer. And also, our plants are completely flexible, being able to build all these three options. In terms of powertrains, that's right, and we are assessing the markets, and we will check where we have the best opportunity to add maybe a additional combustion engine or a additional car concept. And there, as you know, we have a very advanced platform for Cayenne and Panamera, where we have a lot of opportunities, and there we are aiming more for higher segments instead of going lower down. And so I think we are very well prepared for the next years with the products to come. Now, with the new Cayenne, with the new Panamera, with the new Macan, with the new 911, with the new Taycan, five of six, and next year, 718, everything in market, and that will help us for the next years. And then now, we are going to decide to the end of the decade how we will go further on, especially with combustion engines and hybrids. Muchas gracias. Thank you very much. Next one in the row will be Stephen of Bernstein, and thereafter, we take Horst of Bank of America. Yes, hello. Stephen Reitman here. Thank you very much for taking my questions. First one, I'd also maybe just like to build upon Tim's question about premium valuation and premium execution and the disconnect that we've seen there. Obviously, it's very unfortunate what happened in Switzerland with the flooding of the aluminum alloy supplier. What lessons have been learned, taken away from this and can be applied in your logistics and your purchasing to avoid future cluster risk, to avoid maybe this reoccurring in the future? My second question is about Macan Electric, and if you could talk a little bit about the order book. Now, when you launched the Macan Electric, you launched it in two editions, the Macan 4 and the Macan Turbo, which were all significantly priced above the price of the Macan ICE, which was exactly what you've been telling us you were going to do. You said the first customer deliveries are starting in September. You've subsequently now introduced two further editions, a more cheap Macan Electric and a sort of Macan 4S, priced between Macan 4 and the Turbo. Could you tell us why this has happened now? Normally, one would expect the sort of cheaper or fill models to come after the first deliveries have started of the models, but you're already expanding the range and bringing cheaper options in, even before the first vehicle's been delivered. So could you talk a little bit about the order book? I noticed you haven't actually introduced these two extra models onto your China configurator yet, so when will that happen? And will we also see some cheaper models coming in for the China market as well, given the state of demand for BEVs overall? Thank you. Yes, Stephen, let me start with our supply chain. As I already mentioned, we are not happy with this, and we have already implemented a complete program to improve this situation. Because we know the whole supply chain is under pressure right now for all manufacturers, for all the same. But we are in this specific situation that we have the high percentage pre-ordered cars, not being able to be flexible in switching volume. As I mentioned, between automatic and manual or different car concepts. We have the high-end technology. Others sometimes no have with a special specification for our aluminum in this case, because of the drawing depth. Then we have the high complexity of specific parts. We have lower volume than others with more single source. And there I wanted to go a bit deeper with this, our measures. We are working there with a specific Risk Radar. And one important lessons learned of this case is not touching only the first-tier suppliers, also touching second, third, and fourth-tier suppliers, where we are in a single-source situation. You remember, for example, the transistor issue in the U.S. in the beginning of the year, where we are dependent on a first-tier supplier of a seat supplier, and we didn't have this in mind. And in the case of aluminum, that is a second-tier. We will expand our Risk Radar, especially in this area. Very clearly spoken, we have to be better than others because our challenges and our ambitions in our product portfolio is completely different comparing to others in the market. Stephen, please understand that we cannot give details about upcoming derivatives due to competition reasons. Very good. So the next Very good. So the next in the row then will be Horst, and the next after will be Mike from HSBC. Gentlemen, with respect to the time, please focus on one or two questions or with specific focus on the operational business and the strategy. All right. Can you hear me? Sure. Okay. Okay, it's Horst here from Bank of America. Hi, team. I have got two questions, please. I want touch upon the press articles that we have seen recently, where some interesting points were mentioned. So one of that is basically the restructuring program, and Lutz, you were also talking about that already in a few bits. Can you maybe outline more details on that restructuring? So basically, what you aim to do exactly, how much does it cost? Are there any one-offs that we should expect for 2025? When are the benefits to come through, and how big are the benefits in the end? That's question number one. Question number two is basically on this bucket. I think you also talked about that here and there already, that you wanna do basically less, but you wanna achieve more margin. So basically, what the press article was saying, that you aim just for 250,000 unit sales, but still then a 20% operating margin. That's your Road to 20. So just want to get. Maybe you can share some general thoughts on that. Less unit sales, but higher margin. Is that something more for the midterm, or that is something we should expect already in 2025 and 2026, so which, which would imply basically a change to your midterm targets regarding revenue growth? And just the, the last one on that, is the 80% BEV target now for 2030 off because you stress all the time your flexibility on BEV ICEs. Thank you. Horst, thank you very much for your question. As discussed earlier, Lutz and Oli gave some hints with respect that this company has it in the DNA to adapt, to recalibrate, and to refocus. To a certain degree, they also gave a certain hint with respect that the company is focusing to the degree that we want to get more exclusive, more innovative, and finally, to serve our customers with the best product, which gives the foundation for future profitability, cash flow generation, and thus, value add. Please understand that at the same time, you're relating to press speculations, and the course and the nature of this company is usually not to discuss speculation. We are more living up to working, giving clear guidelines. Please understand, on today's call, we would refrain from commenting on press speculation. You can comment on this restructuring, right? Yeah. Of course, as already addressed, you will see the effects already in the second half of 2024 when it comes to research and development costs. You will see a lower amount compared to the first half year, and you will see for the entire year 2025, again, a lower research and development cost situation compared to 2024. And you will see also the impact of our restructure when it comes to the sales region China, when it comes to the wholesale organization, and also when it comes to the retail situation. And therefore, we clearly addressed beyond our fixed costs a program which is part of our D&A, of course, significant impact when it comes to research and development and sales costs. As already mentioned, despite all the challenges in 2024 with the model changeovers, with the weak sales situation in China, the mix for the 911 in the second half of the year, we are very well on track to reach our ambition of a margin between 15%-17%. And with the entire new model range in place in 2025, the address, the cost, program, and of course, a very good mix, better mix when it comes to the 911 compared to 2024. We are very, very confident that we see a stronger year, 2025, and even a very, very promising situation when it comes to midterm. Horst, let me add, we have read a lot of wrong information and speculations in the press during the last days. Okay, but that's not the issue. To your question, 250,000 units a year, it is more for us a strategic concept to bring our company in a situation, being profitable in our ambition with this volume level. And that shows that we are very focused, value over volume. If it will be more, then we will be more profitable. But all the activities we are doing right now is moving the company in terms of the cost structure towards this direction, and then being able more flexible. What we see today, with our product portfolio, will be above this 20-250,000, but that's more a thinking model, we are ready to go. Touching your last point, the 80% of F share, we are prepared in 2030 to do so. But at the end, the markets will decide, our customers will decide, and we will be also prepared for other shares in between combustion engine hybrids and EVs. But we stay to this ambition, and at the end, the markets will tell us the truth. Yeah. Okay. It's more realistic to reach- Thank you. Horst, it's more realistic, of course, to reach a volume of more than 300,000 cars in the upcoming years. But as Oliver mentioned, we want to be prepared also for a situation, maybe if China comes further down, yeah, to be highly profitable, also in a situation when it comes to a sales figure between 250,000 and 300,000 cars. It's a program which is completely linked to our strategic ambitions. Very good. And now the last two in the row will be Mike of HSBC and then Anthony of ODDO. And taking a look at the time, gentlemen, please focus on one or two questions. Thank you very much, gentlemen. Mike Tyndall at HSBC. Just a couple of ones from me. Can we talk a bit about the China adjustment that you're referring to? I mean, I think about the growth of high-net-worth individuals in China, there is still a, you know, a fairly bright outlook for that. So curious to know to what degree the change is driven by the competitive market dynamic, whereby you think longer-term opportunity for you in that market is now smaller. You know, what are the parameters that you're working with to decide what the right size in China is? And then the second question on suppliers. Just with your Risk Radar, I wonder if you're willing to share just how much of your supply chain is indeed single source. Also, I guess the question around this specific incident, from what I can gather, the supplier in question is going to make an insurance claim. Can you not access some sort of compensation from that supplier as a consequence? Thanks. Mm-hmm. Yeah, Mike, let me start with China. We know about the market situation. Luxury segment is under pressure for the whole automotive industry. We think we have now touched the bottom line. I've been in China last weekend with our team with our dealer partners. Also our dealer partners say the segment could come back, but nobody knows when and how. So as Lutz mentioned before, we are preparing our company to stay on this level, and maybe it could be down. It will be we will decrease more, but now in our planning we are basing on this bottom line that we have reached already, and having already been able to compensate with other regions of the world. Then what we have to watch in China is how the battery electric segment luxury will develop. Today, we don't know. The luxury segment for electric cars does not exist. So we will now launch some yeah some balloons or some intents to check how it works. We can do it with a Taycan and with a Macan, and then we will have the proof points in the further months to come. So, what we do, beside of this, preparing our organization, preparing the dealer organization, preparing our product, for the market. And if the luxury segment in the electric mobility won't come, we will be prepared for the combustion engines and for the hybrids. Which will play a big role in the future as well in the Chinese market, where we have strong profit margins. That's on China. Talking about our supply chain and our single sourcing, our intention is to having more and more double sourcing where it makes sense. It's always a question of investment or at least have a flexibility to have other suppliers in mind who could be able to compensate. One positive example of how we were able to move from single sourcing in Ukraine to more countries when it came to the cable situation we got from Ukraine. And in terms of compensation, in this case, it's not possible about flooding. We are focusing more in terms of compensating and having solutions with other suppliers during this year. The situation today is like it is. Probability is over 50%, but we will fight every day to improve the situation. Of course, from the risk management side, we already addressed a program to avoid single sourcing and cluster risks. It's not only about single sourcing, it's also about delivering all our model range, and we already clearly addressed it one year ago. It's already addressed clearly for the Tier One supplier, but it's not that easy for the subsequent Tier 2, Tier 3, and Tier 4 suppliers. But we have to do it. We have to dive in the entire supply chain in order to avoid such situations in future. When it comes to insurance compensation, of course, we have an insurance policy, and it's clearly agreed and quite easy to calculate how much will be the compensation when a force majeure happens in your own production plants, and it's quite easy. But when it happens, within your supplier chain, then you have to talk about allocation, and, yeah, the policy is not that, clear, as I already mentioned, when it comes to, force majeure in your own production plant. But it will be a very limited amount. Got it. Very good. Thank you very much. Now, in the row will be Anthony. Yes, good morning. Thank you for taking my questions. My first one is, if you could provide a bit more granularity into the sequencing of the second half, specifically, how you expect Q3 to develop relative to volumes, mix, and return on sales. And then my second question is just a clarification on previous question. It wasn't completely clear to me whether you have issued or are intending to issue compensation to Chinese dealers, and if so, if we can have a sense of the magnitude. Thank you. And then I have a third question, if we have the time. Anthony, to this degree, we would recommend that we have the discussion at the IR level. The company gave with respect to the sequencing in the course of the year, the beginning of the year, a certain roadmap. This stays intact. And then we would take the last question with respect to the compensation of Chinese dealers. Yeah. Anthony, as I mentioned before, we have a very dynamic situation in terms of pricing, in terms of incentives, in terms of discounts, and also in terms of compensation of dealers. And we decided very clearly, and that's the core of our brand, first of all, to stay value over volume, not to follow this war of incentive, discount, and pricing. And with our dealers and respect the situation because of the slowdown volume that they need a bit of support. But we don't do it in the terms of general payment. When we give a compensation, it's very closely linked to performance. And what we agreed with our dealer partners is a so-called Balanced Scorecard, with different performance factors. And the first payment we have done very linked to the performance in the Q2. Further steps we will agree also with performance data in the future. And the performance data is not only focused on volume, it's focused on other issues, you know, in terms of how is the showroom qualification and so on. And then to activate also the market potential. And on the other side, we will assess the dealer network to improve the network and also to improve the performance dealer by dealer. And there, I can say from my experience from last weekend, very transparent, very open, and very trustful conversation with our dealers. At the end, there was a handshake to attack now, to ramp up, and everybody is clearly committed to fight the situation. So ladies and gentlemen, thank you very much for participating. Oli, Lutz, thank you very much for taking the time. And obviously, quite eventful week for Porsche, but we are pretty grateful for all your interest and sharing your views, but also paying attention to the fundamentals of this company. IR, as always, stays at your disposal with any open questions that should remain. For all of you who are starting the summer break now, have a restful and relaxing summer holidays. We all look forward to see you back home healthy, and stay prepared for a couple of interesting events from the IR side in the second half of this year, where we give you the chance, with respect to experiencing not only our new products, but also to explore, in particular, some interesting visits to Region Number Five, with Icons of Porsche at the end of October. Gentlemen, ladies, have a restful and joyful afternoon, morning, or evening, wherever you're located. Bye-bye. Thank you. Thank you, all of you. Bye. Ladies and gentlemen, the conference is now concluded, and you may disconnect your telephone. Thank you very much for joining, and have a pleasant day. Goodbye.