Hello, everybody, and thank you very much for joining this event from everywhere in the world. Today, obviously, is an important day for our three companies, Renault, Nissan and Mitsubishi, and it is a real pleasure to share with you what we have built together. Our common future, of course, and still a unique alliance. We have all been waiting a long time for this moment. I remember mentioning to you one year ago that one should not be too impatient about the structural evolution of the alliance. Now the time has come. After an intense and comprehensive common work, we are now ready to move our partnership, obviously, to a new era. After 24 years of existence, our cooperation holds its place among the world's automotive leaders. We must never forget. It covers 100% of the major automotive markets. The alliance purchasing organization weighs EUR 85 billion in purchases every year. We have already gone a long way in terms of platform communalization. We have made a lot of decisions together, engaging in hundreds of common projects around the world. As you know, 60% of the three companies' models are already on common base and components. The figure will rise, by the way, up to 80% by 2026, and up to 90% when it comes to electric vehicles. Today, we are giving new, stronger perspectives to the alliance between Renault, Nissan and Mitsubishi. The architecture of this new deal should be understood as a coherent construction relying on three pillars. First, we looked at all business opportunities along three dimensions: regions, products and technologies. We came up with a series of high value creation operational projects in Latin America, in India and in Europe. We will go through these projects in detail. They are highly value creative. The second pillar of the new Alliance is based on a simple and sound principle. The flexibility of each company to initiate new major projects, such as those announced by Renault during their capital market day, and the possibility for the others to collaborate on these new opportunities, not because they are forced to do so, but just because it's good for them. Nissan and potentially Mitsubishi's investments intention in Ampere showcase, obviously, this approach. Another example is the all-solid-state battery and autonomous driving, where Renault Group and Mitsubishi Motors might benefit from Nissan's developments. Another one is the Software-Defined Vehicle, where Nissan and Mitsubishi may benefit from Renault's advanced research. The third pillar of the Alliance comes as a consequence. It is a balanced governance between companies having cross-shareholding participation. As simple as that. The binding framework agreement signed by Renault and Nissan this morning defines the principles of a new governance scheme and a rebalancing of the cross-shareholdings between the two companies. A new agreement will replace the RAMA, and will be in place for an initial period of 15 years. Renault will transfer 28.4% of Nissan shares into a trust and will keep 15% direct shareholding in Nissan. This transfer, by the way, triggers no impairment in Renault financial statements. Renault will have full flexibility to sell the Nissan shares held by this trust along, of course, a coordinated process with Nissan, with no obligation to sell the shares within a specific predetermined period of time. Renault and Nissan will retain a direct 15% cross-shareholding with lock-up and standstill obligations. They will both be able to freely exercise the voting rights attached to their 15% direct shareholding. All this will be subject to a cap of their voting rights to 15%. The voting rights attached to the Nissan shares held in the trust shares will be neutralized, quote, unquote, "for most decisions", but the economic rights attached to these shares, dividends and share sales proceeds, will still entirely benefit Renault until such shares are sold. We also continue to ensure cross-representation in the board of directors of the two companies with the same representation level as today. Two board members representing each company will sit at each respective board. The Alliance Operating Board is confirmed in its coordination role, and I feel very honored to chair this important governance body. Now, if you may, I will ask Uchida-san, Kato-san, and Luca de Meo to tell you more about how they see the new alliance. I propose, by the way, that we start with you, Uchida-san. Thank you very much for your attention. Okay. Thank you guys. Thank you, Mr. Senard. Hello, everyone. It is my pleasure to be with you today as we take significant step towards the next level of the Alliance. The world is changing fast. It is critical for us to look at the way we do the business. Nissan has started its transformation journey with Nissan NEXT plan in 2020 during extraordinary times of the pandemic and massive chip shortage. While being resilient, we took a visionary step with Nissan Ambition 2030. This set a North Star for our business. Similarly, Renault defined Renaulution and Mitsubishi their midterm plan. We have been facing more challenging and disruptive environment. We need to adapt to the new reality and urgently address the issue like climate change, geopolitical scenarios, raw material hikes, or fragmentation of market. In whichever context, it is true that we can no longer stay still or work as an extension of the past. We need a next level of transformation. This is not a choice, but a need. Recognizing this, Renault has already stepped up with their next phase of their strategy. Nissan is working on its next midterm plan and strategic initiatives to support our vision of empowering mobility. The Alliance is a key pillar for us. We believe that the next level of transformation has to happen at the Alliance to adapt to the next era. It is with this spirit that we have been holding intensive discussions over the past months. We are building on collaboration across the Alliance to enable even deeper efficiency and shared expertise in areas such as electrification, SDVs and autonomous driving. The high-value initiatives that we are considering will enable each company to fast-track innovation, improve cost efficiency, and add value. Luca will talk about this later. For Nissan, they strongly support our regional strategies. In fast-growing markets such as LatAm and India, we will enrich our lineup with new models. We will continue to enhance efficiency in our plants. In Europe, we continue to work on significant collaborations. These projects are continuation our existing cooperation, supporting our geographical strategies, where Nissan is taking the lead in Japan, U.S., and China, while working with Renault and Mitsubishi Motors in Europe and ASEAN. Another very important area is electrification, which is the core of our long-term strategy. Nissan continues to support customers to adopt electrified mobility. However, the speed of electrification and customer acceptance differs from market to market. Also, the regulatory and policy environment is constantly evolving. To catch this momentum, we are exploring many opportunities and options, including enhanced collaboration with our Alliance partners. I'm happy to share with you that Nissan intends to invest up to 15% in Ampere. We regard Ampere as enabler for Nissan to participate in new business opportunities in Europe, providing new collaboration and generating value. It is also of important that we maximize our Alliance transformation with an efficient structure and enhanced governance. As I mentioned earlier, the next level of the Alliance requires a new approach. This will enable the Alliance members to prepare for future opportunities on an equal basis. Equal partnership is an enabler of transformation. I'm very confident that this new structure will deepen mutual trust. This will ensure that each member contribute with their strengths and work with shared ambitions for the future of mobility. However, the next level of transformation is not limited to business. To make transformation a reality, we must build a strong culture to support it, a culture of trust, transparency, and respect. We cannot realize the true potential of our transformation without the right mindset. This mindset is important not only for Nissan, but also for partnership to be successful. It is this principle that helped Luca and me to drive the discussions to meaningful conclusions. I'm glad that both of us believed in the importance of this transformation and had strong support of Mr. Senard. Let me assure you, Nissan will continue to make significant progress to deliver sustainable growth and realize our long-term ambitions. I want to thank all our employees, partners, and customers for your strong belief in Nissan. Thank you for your attention. Yes, it's you. Yes. Everyone goes around. Morning, everyone. First of all, I'd like to say congratulations to both, Renault and the Nissan teams on the new agreement that was presented today. I feel very positive about the new direction. This really fits the rapidly changing environment in the current automotive business, and I'm sure that it will strengthen all the alliance partners, including Mitsubishi Motors. We at Mitsubishi Motors already have many achievements that illustrate the benefits of the alliance, such as our new Outlander based on the joint CMF -CD which is already a great success. The new Kei car, eK X EV, which was awarded the Japan Car of the Year together with Nissan Sakura. I'm confident that under the new framework, the alliance will bring us further valuable benefits. Mitsubishi Motors has to concentrate a large part of our resources on the market where we have strong presence, such as the ASEAN and Oceania countries. Thanks to the Alliance, we can leverage the expertise of our partners to meet the customers' expectations wherever in the world we do business. In that sense, Europe and North America are potential markets where we can utilize Alliance's assets. We have several projects going on with Nissan and Renault about expanding our product lineup in many regions and market segments. Being an Alliance member enable us to enhance our business, especially for electric vehicle. For example, North America is a promising field of collaboration where we will naturally rely on Nissan to enrich our car lineup. Europe is another area for business enhancement, thanks to the Alliance. As you know, we have already announced some OEM product from Renault, the ASX and Colt. Their development are currently ongoing with a high level of efficiency, and our dealers are really delighted with those products. As a next step, due to the strict emission regulations in Europe, we have not just but study introduction of BEVs. I'm sure that OEMing from Ampere can be one of the very attractive solution for us. I think that Ampere should be a part of our EV strategy in Europe. Considering these points, we'll further study our share participation in Ampere. We see the Alliance as a great opportunity for each member company to grow further by using our best skill and each company's market advantage. As Senard-san, Luca, and Uchida-san explained, Alliance will proceed to that next step. I believe that the new framework will bring us further success for the three companies. Thank you very much. Thank you. Thank you for that. Good morning, everybody. I actually came into the house in mid 2020, it helped me not to have a very clear and simple perspective on the Alliance. My priority with the Renault team was at the beginning to fix Renault, and then to develop our own strategy. I always look at the Alliance as from the business side, and I try to push and with the team to create an architecture of the Alliance that would maximize the value for Renault first, but for also for each partners and for all the stakeholders. I consider that what we have agreed is actually a much better setup than what we have had in the last past few years. I like to illustrate this like a three-stage rocket. On top you have a now a new governance scheme that is much more straightforward. We can now operate like a normal company, like any other company that has a cross-shareholding participation. Before we had 43%, like Jean-Dominique says, 43.4% without any voting right. Now we have 15%, with full voting rights, and the same is for Nissan. The remaining 28%, as Jean-Dominique explained, is neutralized as of today. We will keep economic rights, including dividends, as long as we won't sell them. We have agreed on a orderly sell down of these shares, where Renault can decide when and how to reduce that. It means, we have actually also more agility and choice to continue improving the quality of Renault's capital allocation. The middle stage of the deal, seen from Renault is about regaining some strategic agility without breaking necessarily the ties and the synergies that were existing, and where they exist. Renault has now a clear strategy, as we have explained, on 8 November, to specialize on the topics that will create the value in the automotive industry of the future. We decided sometimes to do it with partners, sometimes not coming, even coming from the automotive industry. You have to see our, let's say, and the deal and our strategy, it's actually a different, a complementary concept to the alliance that, as you know, has been created on the logic of finding size and synergies at the beginning. Because the world has changed, as Uchida-san said, in 24 years. But by executing this deal, we actually can do both. It's okay? We can preserve the scale, all of us, but at the same time working what will make us unique as a Renault, as a Nissan, or as Mitsubishi. I want to talk about Ampere for a moment. After the announcement of Qualcomm investment, the investment on Nissan and potentially Mitsubishi, this was a nice surprise today, that confirms the traction of that project, confirms the attractiveness of this EV and software front runner that we are building in Europe. You can also look at Ampere as the product that will allow Nissan and Mitsubishi to be in a stronger position, for example, in Europe than any other non-European company wanting to stay or enter into this EV and software, let's say, race in Europe. I'll talk about HORSE. Nissan and Mitsubishi will not enter into HORSE. They are among the, I think, eight customers that we will have right from the beginning. I can assure you that they will benefit from the productivity gains and the synergies generated by this new venture, so they will get engines potentially at a very, very good, you know, and improving cost and price. The most important thing for me, which has been totally underweight in discussion in the media, where everything was focused on rebalancing our IP, is that the base of this deal is that we are reactivating business operation like at the beginning of this alliance. We have identified, we have quoted, we have planned, and are ready to start initiative that will benefit all companies involved, and that might create hundreds of millions in value every year, maybe billions if everything works perfectly. This is a very, very important part of the story that was not told so far. Let me go quickly in some other things. I'm gonna start with Latin America, okay? In Latin America, we will have new exciting projects in Argentina, as well as a new Renault vehicle to be produced in Mexico. It will be actually the first time in 20 years, and it opens the opportunity for us to enter the Mexican market with local production. This whole thing for Nissan, for Renault, is about balancing, de-risking, but also boosting operation in Latin America that we know will be one of the region of the world that will grow in the next years. We have India. India is a joint lineup for India and for export, with bigger and more technological cars based on Renault platform. It is the only possibility for us and Nissan to stay profitably in one of the most important markets in the world. That's another big one. We go to Europe. In Europe, the future Nissan small car, city car will be produced in ElectriCity in France from 2026. This car has 80% commonalization with the Renault 5, because of this deal, we enable a 40% reduction in the entry ticket for Nissan. A very, very competitive proposal. Again, we said we didn't force anybody to do things. It was the choice of Nissan. Kato-san mentioned ASX Colt to be produced in Spain and in Turkey, maybe there are other things we can offer you in the future. All these plans will boost our capacity utilization in Europe. Very important is also the LCV. On the LCV, Nissan will buy Renault Group FlexEVan range. This is the first Software-Defined Vehicle that will enter in 2026 the Renault range. There is also project which we never talked about beyond the vehicle. One example is we will double the Renault-Nissan outlets shared with the same investors by 2025. This will substantially increase those investors' profitability and reducing the distribution cost. We will deploy together an EV charging infrastructure in Europe together that will bring us at the level of the leader of the market. We were gonna engage in circular economy. Renault is actually in Europe a few years ahead of the game. It has big ambitions. It makes a lot of sense that Nissan jumps on the wagon like, for example, putting together end-of-life batteries or the production of scraps in Europe to achieve quickly, critical mass. You see that that deal is, you know, is just not about... Changing the shareholder structure is a substantial deal based on operational common sense and business intention. I would like to conclude by thanking all the teams. I want to send out to Nissan and Mitsubishi teams a message that Renault is motivated to engage in this new chapter with the right mindset. We will be consistent, we will be result-focused, we will be generous and fair, as I believe we have been, know Uchida-san from our side so far in the negotiation. To really conclude, let me take 30 seconds to honor Uchida-san. We have been knowing each other better in the last months, and we built mutual respect and trust. I think that is very important moving forward also for our organization. I can guarantee you that we wouldn't have the deal without him fighting for it. Make no mistake, he has been defending Nissan interest from the beginning to the end. I found really an engaged, knowledgeable, fair, and trustworthy partner in him. Thank you, Uchida-san, and thank you Jean-Dominique for, you know, supporting us. Thank you Kato-san, because we make, I think, a good team together. Thank you. Well, there we are. Thank you so much, the three of you. Obviously, as you can see, there are a tremendous amount of information behind the agreement that has been signed this morning. I guess we will be very happy to go through the Q&A question now that I will try to monitor if you accept that. Before we start, I would honestly simply say thank you. Thank you to the three of you. Thank you, Luca. Thank you, Uchida. Thank you, Kato-san. Honestly, I mean, you have been incredible in developing the trust that was necessary in such an incredible, important deal. Honestly, with all my heart, I have to say thank you because we have been doing a tremendous work. If I may, I'm sure you would be okay with me, I would like to give a special thank to the teams. Teams are sitting here in front of me, in front of us. They have been doing day and night an incredible work. I have been witness in my life of many international deals. I can tell you this one was interesting because, I mean, three companies, two main, of course, were working hard and hard. We had with the result that we can now discuss together. It is a real new step for the Alliance. I think it's history, and I'm more than happy to commend that with you and the help of our team here. I would like to open the Q&A question and answer session. It's up to you. I understand there is a question here, number one. Please go ahead. Keep the mic. Hey, hi, good morning. It's Henning from Henning Cosman from Barclays. Perhaps the first question for Mr. Uchida. If we're trying to understand your up to 15% investment in Ampere, please could you share how you think about the level of investment? What will determine if you go all the way up to 15%, or if the participation level is going to be lower? Mr. Senard, I think you said that you would go into lots of detail about the value-adding projects. Perhaps you could give us a few numbers as to what volume of business by when you're seeing in the regions. Luca, you mentioned India. I think that's perhaps a big one together with LatAm, if we could get just some more detail. Thank you. Okay. Thanks. Thanks very much. Perhaps, Mr. Senard. Sure, sure. First of all, thank you for your question. I really would like to re-highlight again, if you look at the circumstance of the business we are facing, you know, we cannot do the business in extension from the past for the future. Knowing that the Alliance strength and asset geographically. Are we okay? Oh. Oh, what happened? Oh, shoot. It's connected. Is he okay? It's okay. Go ahead. Yeah. Can I continue? I should wait? Yeah. Go ahead. Yeah. Yeah. Okay, if we could. I think you can go. Yeah. Okay. Yeah. From that perspective, we need to grow and how we can further to make the Alliance to the next step. Luca has announced about his extension of the Renaulution, where Renault would like to further make their value up through this Ampere. As being a partner, strategic partner we are, we further would like to think our business opportunity, how we can work together. Therefore, we said up to 15% because this is further to see in the down in the road. We're just talking about the beginning now. We really would like to have our participation to work together. That's the how the number was being set as up to 15%. For instance, that, having one of the major strategic discussion on the new company, how we can further make our business opportunity to moving forward. Okay. That's a lot of points. When it comes to the projects, I said that they were highly value creative, and I strongly believe it. By the way, before I give the word to Luca and perhaps after to Gupta-san, I think you have to understand that these projects are ready. I would say that they are not just in front of us like a dream. They have been largely discussed within the teams and prepared at the Alliance Operating Board level, so they are ready. Maybe, Luca, you would like to be more extensive, and maybe then Gupta-san would have to complement for the Nissan part. Look, I don't. Let's say, we used in the past to generally speak about, you know, billions of synergies, et cetera, et cetera, but then it was very difficult to trace. We were not gonna fall in the trap of giving you a number today. What I can tell you is that, it's first of all, it's a combination of maybe cost avoidance, not investing twice in the same thing, maybe additional opportunity we get in volumes, margins because we do, you know, better cars. It's a combination of all, and it's really sizable, okay? It's maybe hundreds of millions a year. What is important, they are very fairly shared between the two companies. Maybe sometimes 50-50, sometimes 60-40, sometimes 40-60. That's the way, let's say, we build all the projects. We, we actually picked to make sure that the thing would be pretty locked. Projects that we can only do together, okay? There's no way you can do it separately. At least we are condemned to work, okay? Sometimes it's, you know, staying into a market, sometimes it's technology, sometimes it's, you know, a new an operation in a plant. It's a combination of all. You will be able to see and to track the progress of the things based on the success of the project. As Jean-Dominique said, they are actually pretty well-defined. We know how to do. It's not rocket science, so it's something that we know how to do. Now the, let's say, the challenge for us, for the teams, et cetera, will be to execute them, okay. We need to go back to work and get out of discussion with legal people, et cetera, and come into the operation and execute one after the other. I think we have all the ingredients and with the right mindset, also the teams locally, they can. We have already proved that we can deliver. That's what I can say on the thing. It's not only India and Argentina. It's many more things. Okay. Well, maybe, Ashwani would like to take the word on this project. You're fine. Thank you. Thank you, Luca. I think as Luca said, I would summarize it that in the high-value projects, synergy is not for synergy. Synergy is for performance of each company. Some to start with, I think we will be coming up with the numbers in few days, few months for different kind of projects which we are going to do together. Just to give you the magnitude which we are talking about, for example, in Latin America, which is roughly now a EUR 5 million global auto market, for example, Nissan is only there with one SUV and one pickup. We are going to cover from A-segment till the full, till the fun, one-ton pickup, thanks to the exchange of products between the two companies, and not only products, but also the manufacturing plants. For example, in Mexico, where Nissan is number one for last 11 years, Renault will get the opportunity to use Mexico manufacturing plant of Nissan as well as the product, and this is how we are going to exchange the business between the two companies. In case of India, which became the third-largest market with roughly EUR 4.7 million and going to EUR 6 million very soon with a 27% growth, definitely after spending 12 years together with Renault and Nissan in manufacturing facility, in R&D center, in digital center. Finally, we are going to come up with a very, very pragmatic, lineup focusing on SUVs, but also talking about the electric vehicle. There also we are going to maximize our assets. These are few projects which Luca said. I think there are multiple projects in the pipeline, as and when we are ready, we will be sharing with you. Thank you. Thank you, Ashwani. Thank you. It helps. Jean-Dominique. Probably if I can say, I can add, repeat what I said before. Since a long time, we haven't worked together on such a sizable project. That's everybody has to understand this. This is a very important part of the story. Right. For sure. Thank you. Okay. Maybe then number two here, then don't worry, I'll come to you afterwards. Please go ahead. Thank you. It's Jose from JP Morgan. We have a question for Luca. Can you maybe explain a little bit more the framework that you have, that you're contemplating to sell the stake in Nissan? What are the key variables you're thinking about, and how do you want to proceed? Do you have a timeframe for that? For CEO of Nissan, I'd love to understand a little bit better how are you evaluating the investment in Ampere? Which key variables would you like to see from the investment project to take the step to invest? Thank you. The way we dealt on the, let's say, and the spirit behind the idea of creating the trust and then agreeing on the procedure or the proceeds how to do it was obviously not to impact Nissan negatively. I think we will do it in a orderly, in a good faith. We will do it in a orderly manner. We have, you know, let's say, negotiated with Stephen and, you know, on how to do it because it's no aggressive intention to the thing. It will allow us to monetize, you know, a big amount of money that we can use on other project because you don't need to trap so much money to make the Alliance work. That's basically the story. It's gonna be gradual. We have some thresholds, and we also have agreed on the concept of an accept all as shareholders because we are not here to, you know, intrude the governance of Nissan. We have to do it, you know, like a good partner. But the good news is, of course, that we did it in a, with the proper spirit. The good news for us is that we can, we can kind of monetize this, and I think it's important for us because we have so many, let's say, ideas and projects that we wanna run that, that money could comfort. I don't think it's gonna be an issue of weeks or months. It's gonna take some time, but it's okay like this. I mean, the, you know, the direction is set and that's what we're gonna do, try to do, professionally and in a collaborative spirit. Yeah. Yeah. Thank you. Thank you, Luca. Maybe I would like to add a little bit more because as I said in my speech, the purpose is not the rebalancing. The purpose is how we can make ourself much stronger in the next stage. In order to enable that, the governance or that opportunity as a Nissan to do our also the value up is important, as what Luca is doing for the Ampere. If you look at the many enterprise today, they are doing the order transformation. Why? Because it is very urgent for the automotive industry to transform and how we can make the company to the value to be much higher. We really would like to support what Luca is doing. If you talk about the Renaulution, he is moving the step-by-step how to make the Renault value to be increased to meet with the market needs. That's the main point. In our side, can you imagine like a Nissan in 5-10 years ago, we used to have a global standard model of the business that could be probably appreciated in the U.S. market, China market, and Europe market. If you look at it today, let's take example of the electrification. As I said, market by market, different speed, different regulation, then we have to make our value through that history or future under such circumstances. Therefore, we felt would be very good business opportunity for us to do Ampere with a strategic way. That's the reason how. Of course, how do we go on the next stage? We will have when the time comes, we would like to further explain. That is how we started to discuss because me and Luca started to discuss from what? The last May to talk about the next era of the Alliance and how do we want to set ourself to transform- It looked like more time. Yeah. Yes. I agree with you because... It was very intense. I'm probably talking with you much more. Than your wife. ... Longer time than my family, by the way. That is how we are doing and that's very important. I was a bit more emotional to saying because the Alliance always have this respect, and we have to put everything transparent. We know what is the history, what we had on 23 years. How do we want to work for together to make the company, to make our value to be much stronger? That is the one of the most important thing. Yeah I really would like to address to everybody here. I like your word, Uchida-san, when you say that rebalancing was not the purpose of the deal. I mean, that's very important for everybody to understand that it's a catalyst, honestly. The business is the focus, really. If I may just add something, I mean, at last, we're going to get rid about misinterpretations, which obviously has, I mean, made everybody busy for so many months, without any real purpose. Now all that is behind, and we are just living now a very normal, simple legal situation between partners that want to work together for the next 15 years and more. It's so much simple that way that I think it will tremendously help the business, which is basically what we want to do. Thank you for the question. Thank you, thank you, Uchida-san. maybe on number four, I understand that's the next one, and then I will be back. Good morning. Yes. Hello. Peter Campbell at the Financial Times. Two questions, if I may. Luca, you're going back into Mexico. Does that mean one day you might like to go further north into the United States market? No. Of course, general question on projects. This is not the first time we've heard about the Alliance working together. Mm-hmm The problem has never been that one company invested in another or there were shareholdings, but the fact that it's very difficult to get teams from two different companies to work together on the ground. I wonder what today's announcement does to help that issue. Yeah. Thank you. Well, gentlemen, you really can speak out. Yeah. I mean, I think that, let's say, it's actually not in the plan to imagine, let's say Mexico as a platform for us to go to U.S. That's what Nissan does, okay? We are more looking at the way to use Mexico to kind of balance Latin America so that you can play on three or four countries like, you know, Argentina, Brazil, Colombia, Mexico. You have something. It's a very volatile market, very risky somehow. The more you are, you can put, you know, different eggs in different baskets, the better it is. That's the spirit of the thing. It's actually very competitive, and Nissan is very good there. We just have to find the right product and the right platform to do it. It's not like completely. We'll have to discuss. I'm not gonna do things if just because I have to do them or it's announced into the thing. I'm gonna do that because I make money on the thing. It's a very simple concept, okay? It's still a work of the next of the next, let's say months and weeks, but we have it pretty clear. Let's say. On the way, let's say on the way the thing, the system will work, I think that we need to, and this is also another discussion we'll have to do with Ashwani, with Uchida-san and the team, is we have to re-engineer the connection between the two organizations, right? Because the old spirit of the thing at that time was, or the last years, maybe last years no, but in, at a certain time, was to actually converge the two organizations to have one company. Actually we realized that it doesn't make sense, right? It's much better if each company does, you know, the best for, you know, optimal thing from themselves, get organized, because if we do good job, there will be opportunity to cooperate, okay? That's the thing. We have to re-engineer. I think there is a possibility to do this around the five or six things, or the projects. Of course we have to reinforce, and maybe restructure on the purchasing side if necessary, or if, let's say maybe we can optimize, but it's a platform that is very strong and works. We probably have to work on the innovation and techno roadmap, discussion for the future IPs, et cetera, et cetera. Mm How to do it. We have the opportunity on the projects, okay, to actually give, really responsibility to each other to actually execute the thing, right? We have to design a project driven organization rather than mixing up like a pizza quattro stagioni, everything together. That's not what we want to do. I don't know, Ashwani, if you want to make a comment on that one, but, because as a- It's a very operational question. As a CEO. If you want to Yeah, I think it would be. Just lend the microphone. No, thank you. Thank you, Luca. I think, Peter, your question is what will change. I think, one thing which we are changing for sure, is to not have a business relationship based on buyer and seller agreement. Mm. We are changing the business relationship into profit sharing schemes. Mm. Because the moment each member of the team is convinced that there is a performance in it... Mm We don't have to worry. As top leadership team, what we are doing is to build a system, a process, a governance which will convince each and every team member that this project will bring the performance to their company. Means, once again, synergy is not the objective, synergy is the consequence. One of the example, I think in the last Alliance 2030, we talked about the compact EV. Nissan almost decided to exit this segment. When Luca proposed the Renault car, and he himself, I remember the sketch he made for me, like, "Ashwani, if you are able to do this compact car in Europe, fully electric based on our this product, this will be a iconic model for Nissan." This proposal came in, and we were able to convince our designers and our teams that this is the product which Nissan is looking for, which can be an iconic product in Europe. On the other side, when it comes to whether this business will make sense or not to start with the conventional way of discussion or I would say negotiation, going into what value it brings to Renault to share the platform, to share the plant, and what value it brings to Nissan not to invest in the compact EV and use that. I think that's something which we are changing, and which we are going to change for all these high-value projects. Thank you. Yeah. Thanks, Ashwani. If I may, because, if you look at the Alliance in the past that we had some very strong challenge in terms of the volume, right? Look what happened to the Nissan in the past two, three years ago, right? Under the Nissan NEXT, we shifted ourself, quality of sales. We want to have a value to be provided to the customer. We want the customer to have the good acceptance of our vehicle. What's important now is how we can make sure to create the value which also enabled to reach to the business in terms of the profit. Also, we do have our responsibility for the society as well. World has been changed. We need to wake up. We need to transform ourself to different way of the business. That is what we are going to do in the Alliance. We would like to further to show you some proof point later or when it comes to time, because we need to have this kind of mindset to be changing. We have to get out of the some typical way of the working, because world is changing. That's the most important. That's the reason why we have in this whole discussion together the partnership, to look back what was the way and how we want to go the forward together. I think before we get to the question two, Kato-san, maybe on this point, the partnerships between, you had a word in your text maybe like. Yeah. Okay. Thank you, Ashwani. Of course, as a Mitsubishi, we don't have a so all long history of alliance member, compared to the Renault or Nissan. So far, we have been involved in the several projects. During the, for example, like AOB, I know that, you know, so far, there are a lot of difficult and a bit complicated discussion was ongoing. You know, I also felt that, it looks a bit difficult. Under this new agreement, I think that we are going to the next step and for me, it looks that the alliance will be more flexible under this new framework, and also, it will be open and much more free to everybody, including Mitsubishi Motors. This is very welcome for Mitsubishi Motors, too. I'd like to have a more close relationship with two company to have a more collaboration. Thank you. Thank you. Perhaps number two now in the, in the room waiting for some time. Thank you for taking my question. Please. First question is for Mr. Uchida and Mr. De Meo. As there have been many discussions on IPs during the negotiation, what's the conclusion or agreement two companies have reached so far? Is there anything like Renault has to ask for Nissan's permission to use Nissan's IP? Yeah, I think- Sorry. The second question is for Mr. De Meo. How do you estimate the market value of Ampere? Is Renault going to keep the majority of share of Ampere after the future IPO? I'd like to know what do you think about the market environment of today. Thank you. You want to start with that or? Yes. I can start with the market environment. As usual, complicated. In the case of Renault, we feel like because of what the work we did starting 2020, we entered the year with a very solid order bank. We're getting new cars coming, the Austral, the Megane, that are really pumping up the business. We enter end of 2023, 2024, with the new wave of products. I mean, remember that Renault and all its brands will launch 25 cars from now to 2025. I think we will be pushed, and we have the potential to be anti-cyclical. We have put the house in the right order in terms of cost, et cetera. We'll continue. I think I'm relatively optimistic, but we are not naive. We know that the environment is complicated. You have recession, we have inflationary pressure, et cetera, et cetera. What I can tell you that in the last two years and a half, the Renault team has been used to fight very tough battles. We're not scared about, you know, challenges into the business. That's to answer the market value of Ampere, that's not me that decides that. It's the market that decides that. The only thing we can do is actually put enough substance into the project so that the market will recognize and the investors will recognize the value of it. I feel that when you are creating something that might, you know, sell 1 million electric cars in Europe, that might achieve, you know, EUR 25 billion turnover, double-digit profitability with the very efficient manufacturer, all the technology in two platform, six model, plus some of the models that will come, for example, from the partner, plus Alpine. You know, Software-Defined Vehicle, centralized electronic architecture of the new generation, a very strong distribution already in place, retail financing already in place. I mean, there are not many example on the planet of a EV software, let's say, focused organization like this one. The investors will decide. I cannot fix the price. I can aim. We have some estimation and but I don't think it's, it would be fair for me to share that kind of information. I leave it to the IP, which became one of our favorite topics. Yeah. I always get surprised every time I see all of the IP on the newspaper. You know, when you talk about. Let's talk about we had 23 years of the working together. Mm. We have a lot of a co-owned asset in the company, and our partner is making the transformation. We are, of course, discussing the, in a common sense way, how we're going to have the IP to be treated the right manner. It's not only the Nissan but also the Renault. Mm. It's going to be the same discussion. It was a good moment that we have been able to discuss that, because again and again, I go back with the past 23 years. Now we want to transform the way we're going to work, collaborate each other for the next era to be competitive. That's the key for us. In order to do that, we need to look back all the things, not only the IP, how we're going to further to work on the project basis, as the question was raised, how we're going to collaborate on the new area like the Ampere we are talking about, and how does the governance enabling that things. It was a very huge change from the past and the future. Why we are doing that? Because we want to grow. Under this difficult circumstance, we cannot do it again. I'm telling 100 times same word. We cannot do the extension from the past way for the future. We all know that. Therefore, we are transforming, and that has taken a lot of a good discussion. I'm very happy that now we came to this moment, and now we have to prove to the world how we can further to make our value to be enhanced. We became IP PHDs, yeah. Yeah. I think that, let's say, Let me say two things. Sure. One is a clear message, is, with the discussion on the IPs, et cetera, and the deal that we made, I think we can execute all the project we have in the plan. That's, you know, should be reassuring for everybody. The Ampere, the HORSE, the Alpine, all the things that we have into the thing. That's. We have the techno bricks and the access to what we need to do to execute the project and to show to the market that this thing, all the project have substance and value. Okay? Mm. One thing that we learned, in a way, and this is important to understand, is that the old IP setup and the old IP discussion, all the way the things were shared, et cetera, was actually not completely structured at the level of granularity that is necessary in a partnership between two global companies at the level that is required. Okay? By discussing this, we actually revised the way IP will be regulated. We probably solve large majority of the legacy IP discussion, and we have now clear rules on how to handle future IP creation, okay? That means that we had to go into the operational, into the OS of the house and reprogram, recode some of the things. Now we have a base that we know it's much more clear, transparent for the future. That's the benefit also of this very, very painful discussion on the thing. We have a system now that works. Yeah. The good, the good news is, I guess, that we can talk less about IP now than we have in the past. Yeah. Honestly, legacy is now behind us, which is good. Okay. I think there's a question here from an analyst, yeah, could be go ahead, yeah. Thanks for your question. It's Daniel from Bernstein. Luca, maybe for you, compared to the strategy you presented last year, are we kind of adding something to the strategy? Do we meet your expectations concerning the alliance, or is there more room for improvement? Then for Kato-san, as the, let's say, little bit less involved party here in the governance realignment, what would be your message to the owners of Nissan and to the owners of Renault, why they're not getting a bad deal? Why this is a good deal? What's the upside kind of for some of the shareholders or stakeholders that may feel the other part is getting the better of the other? Kind of your message as the third party in the room. Thanks. You wanna start first or you wanna think about it? No, no, please, Luca, you speak first. I mean, very bluntly, I think that my priority is to actually execute the strategy of Renault, okay? I expect the same thing from Uchida-san and Kato-san. They have to care for their house and their strategy. When we do it right, there will certainly be opportunity of cooperation. I see the whole alliance story not as the final end of the thing, but I treat that as an opportunity. Based on business, pure business logic, we have identified already things that are very sizable, EUR 100 million, billions potentially of value. We will take care of both things, which is the strategy of Renault. I will make sure that, with all the Nissan team and Mitsubishi team, that we can execute one thing after the other, turn, turn. As I said, that's operation. We know how to do it, no science fiction. That's the way I see it. You know, maybe I say the different way. The Alliance came to a situation where, you know, was kind of based at a certain point on a culture of compromise. Once one would say yellow, the other would say red, and then we would do a lot of orange. It's always a kind of a suboptimal thing, I believe that everybody, you know, he needs to make a very nice red, and I have to do a, transform yellow in gold, and when you see the gold, maybe you buy. You, you understand? That's a new spirit. Even a good, healthy, positive competition, okay, between the teams to bring on the table of the negotiation a better solution, I think it's good for the companies. Mm. Between engineers, between design, between commercial people, et cetera, et cetera. I think it's important to foster that kind of eye-to-eye healthy competition between the organization, not compromise, because there is someone that say, "You gotta do it." You say red, I say, the other one say yellow, no orange. No good. Okay? That's also what this deal allows us to do, which is good. Okay, Kato-san, would you like to take up? Yeah, very simply speaking, I'm very happy to hear that, you know, the both company, came to the conclusion, this time and, find out, a new direction. I know that, you know, our two companies, including the both teams, were working very hard for, more than six month, one year? Mm. Yeah. Finally came to the conclusion. Then, very frankly, I'd like to say congratulations to Uchida-san and Luca-san and Senard-san and both teams. As I told you, with this new agreement, I think Alliance will be much more flexible than before. That is also, bring a benefit, valuable benefits to Mitsubishi Motors too. As Uchida-san or Senard-san said, currently the automotive environment is very difficult, like a lot of regulation and carbon neutrality and electrification. It is obvious that, you know, just only by one company, we cannot survive in this very difficult momentum to the time. After this new framework, I believe that we can enlarge our effective collaboration more in many regions. For example, like in Europe, we are now looking for the new EV. Definitely I need EV in Europe. Probably we can take some of the EV from Renault or maybe from Nissan. Right now we are studying, yeah, it's obvious that, you know, this new agreement give us much more possibility for the future. Take the Renault, it's better. Give me attractive price. Yeah. Okay. Well, thank you, Kato-san. never forget, you will never, you are not and you will never be a minor partner of this alliance. Please keep that in mind. I think we need to move. Thank you. I guess it answers your question. There is number four. No, number four first. You, the gentleman. Sorry. Please, number four. Hi, it's Stephen Wilmot from The Wall Street Journal. Two questions. First, for Uchida-san. Do we have a timeframe for the new Nissan strategy? Also, your implication with the whole regional pace of EV development thing was that there's no benefit from global scale in EVs, which the success story in EVs would seem to point in the opposite direction. I'm just wondering if you could elaborate on how you think about a global EV strategy versus this need for a regional approach implied by your investment in Ampere. For both, Uchida-san and Mr. De Meo, can I just ask, how are you measuring the success of the new alliance internally and externally? Okay, maybe we can start from the second question: how do we measure internally? Well, as far as Nissan is concerned, first of all, I'm very happy to reach at this level of the stage. As Luca mentioned, and then also Kato-san mentioned, how we can have the flexibility to make the opportunity of the business necessary for the each individual company. That is allowing the way of the ideal for the each company to make such opportunity of the business. I always go back again to the past way of the alliance working. I'm not criticizing those. Maybe those way met in that generational timing, but we should not be talking from the consequence about the past, right? How we're going to equip ourself for the future is the most important point. I'm very proud that today we have been able to announce how we're going to work together for the next future in the Alliance, and I'm very proud that to be explained to our employee, because we have been waiting for this moment, how we can further to make the Nissan value on our designated market of the portfolio. That goes to your first question as well, when it come to the electrification, that it is very challenging. Each market evolving at a different pace, and there's a regulation evolving at a different pace, and there's a customer acceptance evolving at a different pace. Again, if you talk about five or 10 years ago of the business scheme, and today, it's totally different. We really need to make ourself to make time to market, design to market on the each designated area of the portfolio of the business we have. From that perspective, as Kato -san mentioned, it's very challenging to do it alone, rather how we can maximize the alliance asset that we have today, or my partner moving on the future as to ride for our business opportunity. That comes also for the electrification. That's what we are all discussing today, and I really would like to make those to be, you know, enable us for, from the Nissan point of view, to make our presence in each market of our value to be demonstrated. When you ask about the next midterm plan, we are still on the Nissan NEXT. When the time comes, we'll be ready to announce our Nissan strategy in the right time. Thank you. Answering to your question on how I measure success, I think it's very simple from our side. It's Return on Capital Employed. My responsibility is to allocate the capital that is given to me to the right project. That's the criteria we will use to measure the success of the Alliance initiative. They are in competition with others that we're doing, but I think in many cases we have when we do it in two and three, I think it's a big chance that we can have ROS that are very good on the Alliance project. It's very simple. Yeah. Simple as that. By the way, the criteria of the follow-up of these projects will be monthly, I would say, at the Alliance Operating Board. They will be seen, and analyzed, and clearly coordinated. That, that's another way to ensure what Luca just said. Okay. I guess now it's number two at last for you. Sorry, been a bit long. Thank you for taking my question. Please. I'm Yoshio Arima from NHK. I'm asking an additional question about the possible 15% stake in Ampere of Nissan. Uchida-san, is it enough stake for Nissan to have a certain influence on the new project with Renault? I'd like to ask Luca-san that it's a possible 15% stake with a certain condition just according to Nissan's decision. Do you think it's really passive or too cautious behavior for Nissan for your very important project of EV? Thanks so much. You wanna answer or you want me to answer? You can start first, I think. You? Yeah. Okay. Well, I will hear to you first. I know. Honestly, again, we felt, of course, Ampere is now created as the plan for the Renault future, right? As we go along, we are discussing what could be our strategic partner level- We came to the number of up to 15%. I'm being very honest with you on this discussion because we want to have a strategic discussion, and that will represent the 15% as a starting point of what we discuss. As we go along, of course there could be many kind of discussion may happen. Of course, knowing the Nissan situation today, that initially started of the discussion was up to 50%. I don't know whether I'm answering to your question, but after Luca can elaborate even if we have more. I mean, look, I think that for me, my responsibility is to make Ampere project strong, attractive enough so that Uchida-san and even Kato-san may say, "Okay, that's a place where it's worth putting my money." Okay? I'm in competition probably with other project that Nissan has. Maybe they will come with a kind of similar, slightly different idea, and they would give priority to their project because it's more, you know, there's more return for them. My focus is let's try to make a proposal as we did like for, you know, with the small car platform, et cetera, that is so attractive that they can't refuse the thing, right? Nobody's forcing Nissan or Mitsubishi to enter Ampere. I think it's nice, you know, to do it together because they have cars into the thing. They might buy technology, use plants, et cetera. It makes a lot of sense. It's his decision, the level of influence he wants to get into the thing, and it depends on the amount of money he will put into the game, right? You have to decide if it's money well allocated as a CEO of Nissan. My job is to make sure that this is a very, very attractive thing. That's the way we see the story. We need to make Ampere a strong proposal. We have a lot of arguments. We need to keep, you know, some floating into the thing if we, you know, looking at an IPO, et cetera. Because on the other hand, Renault, and it's very important, will never lose a majority on the Ampere because it's one of the, you know, a core project of the future of Renault. If you are above the 50% and then you have, you know, you know, internal anchor investor, you know, investing 45%, there is nothing for the market, then it doesn't make sense. I think we need to find the right balance. Mm. I have to propose, some good, deal to Uchida-san, where he decides where to put the bar or Kato-san. Yeah. I think. I think it's fair. Yeah. The showcase, one of the showcases of this new Alliance. One point is pretty clear: Renault will clearly keep substantial majority in this Ampere company. Everybody knows that by the way, and it seems quite normal. We're looking forward to this combination there. Mm. Back to you on this side. Yeah, please go ahead. Thank you so much for taking my question. It's Harald from Morgan Stanley. Congratulations on this agreement. It feels like we've been waiting a very long time for an agreement like this. It's very nice to see you looking forward and operational as much as you are today. Hopefully, you know, we wish you a lot of success with the new projects and things. Unfortunately, can I take you just back, you know, to what we've experienced from the analytical and the investor community over the last 15 years or so? The group has a huge number of different stakeholders, as you know better than I do. Can you confirm that today, the framework agreement that you have, you know, all of the framework agreements in place are satisfying all of those different stakeholders? Senard- Yeah ... You probably more than anybody has the experience... Yeah ... of all the different stakeholders. I don't know how you can speak for them. Right. You know, can we now hopefully get rid of some of these newspaper articles that we get every year? Can we get rid of that? Is that all satisfied or are there? No. No. Do you think there are still parties who are still not satisfied with the agreement you've made today? Thank you. Well, I'll be very, very candid with you. First, we would never be standing in front of you if I was not totally sure that all massively the stakeholders of our different companies are okay. When it comes to Renault, I am of course well-placed to say that that is the case. The French State, because you're talking about the French State, is behind the deal, has backed it completely, and it has even been publicly stated by the French Head of State. I mean, that's clear and neat, and I have to tell you that again, I would not be standing in front of you here if that was not the case. Be reassured that that is the case. When it comes to the Nissan stakeholders, and Mitsubishi stakeholders, you're better placed for me than to speak for that. My feeling is that, you may still have a few spirits that are lost in the past, if I may say it that way. They are less and less. That's my view. Hopefully, they will totally disappear. Okay? That will be, probably, I would say a relief. There we are. Is that all right for you? Yeah. That is perfectly fine. If I may add a word of that is that we talk about equal partnership, that will bring us the opportunity of the business for the each company in line with the strategy we are doing. It should be appreciated with our stakeholders because we cannot be as is. It will be not enough, right? How we can maximize our potential way of the working in the Alliance to make the value up of each company, then that's, I believe that's what stakeholders are looking for. That is our job to do that. Again, I'm very happy to make this framework, then we really would like to demonstrate to the world how individual company first to get their value and the growth on the each respective market and how also that makes the alliance to be elevated the next level. To be competitive is the key word, I guess. Thank you. Is that okay for you? Yeah. Okay. Wonderful. Wow. Where are we now? Is there a hand raised? Yes, perhaps the gentleman, I can see you. I guess there are no others here. I'm like in a, an auction, you know, I'm trying to find who's going to. Thank you very- Yeah, please go ahead. Thank you for taking my question. I'm Shinya Wake, Shinya Wake from the Asahi Shimbun. The question for both sides, to Renault first. I understand that by this rebalance, you have made a big step forward with Ampere plan. That's good news for you. There's a big but between the relationship as in general, if you bring down the sharehold, that seems, in general, weakening of the ties, not threatening. Please let me get it straight by asking you this bold question. Isn't this a start of the end of your relationship? If you say not, how could I how could you explain what you can do and what you cannot... What you can do from now on, which wasn't, you couldn't do, with the 40% stakes? Mm. Let me add a brief question to that. Have you or will you ask the Chinese carmaker Geely to get on board with the Ampere? Mm. A similar question to Nissan. I like your idea that this couldn't be a purpose, and you have to make the means of this to achieve the purpose. It's still unclear what you can do and what you cannot, which was you couldn't do with the 40% stakes. How are you gonna make the advantage of this rebalance and equal relationship in your mid- and long-term strategy? Thank you. Okay, I have the feeling that you're entering with the, not with a question, with an opinion. It's your opinion. That's a different thing. Let me try to answer to your concern or to find, to share my opinion on the thing. First of all, we are making the connection between the rebalancing Ampere. There's nothing to do. They are on the two different stages of the thing. We don't do Ampere because there is the rebalancing. We actually announced Ampere, we're working on it since a year and a half, okay? There's nothing to do, right? We probably, I have to say, not, let's say, we don't need the money to do Ampere. Ampere is financed, most of it, okay? Everything we're doing is potentially to accelerate beyond 2026, 2027 the growth of Ampere because we are still, you know, deciding on next generation products and having, you know, resources will help us. That's, that's the story. No connection between rebalancing and Ampere. Just to make it clear to everybody, to make it simple, Renault is not moving from 43% - 5%. It's actually moving from 0%- 15%. In that 43.4%, there was nothing for us in, okay? We, I mean, the contract that was signed was absolutely no influence into the system, right? Same thing for Nissan, unfairly, I have to say. You know, in the past, when Nissan had 15% couldn't say anything at Renault. Right now, both of us, we move from 0%- 15%. It's not that we move back from 43.4%- 15%. Look at the thing in a little bit of a positive way. When you are 15%, and you are a normal company, normal shareholder that can vote, can, you know, vent his opinion, I think the relationship completely different. It's much more balanced, and I think it will help the operation. For my part, I think I have, let's say, answered. You asked me about the Geely story. I think Geely will, the whole story started in Korea, where really had an issue to fill the plant. we found someone who would give us a platform that would be adapted to the local market to actually save a plant with a lot of jobs, thousands of people working, very, very good people, very motivated people, we had nothing to do. Renault was in a crisis. We didn't have the resources. We didn't have the plant because, you know, Korea has big cars, et cetera, et cetera. we had to find a solution, the relation started like this. as we had the urgency in Europe more than in other regions of the world to find a solution for combustion engine business, because you have a, you know, a 2035 combustion engine ban in Europe. Instead of waiting for 31 December 2034 and then say, "Whoa, I have a problem," we are anticipating the thing and trying to play a game of synergizing our assets to get, to gain productivity, to get maybe resources to develop a range of engines that will sell everywhere. You know, 130 countries, if I remember correctly. This is the old classical game of synergies and de-risking from a business that in our territory, in our perimeter, has a different dynamic than it has in China or US, et cetera, et cetera. Please understand that they were the partner. We actually asked to Nissan says that they are not interested in that for the time being. You know, we had to do the thing, and we did it. Don't try to elaborate more on this kind of ties. We have a very good relationship with Geely. It's a very, very good company. We are not planning to get Geely to enter into the Ampere perimeter, just to ask for your question. We have to already now to develop the Korean project. We need to develop the HORSE, which is already a lot of, you know, heavy burden on the teams to make it operational. I think it's a very, very good thing for us. Yeah. If I could add. Probably your comment is like, so if we become de-balancing, then Nissan may kind of walk away from the partner. I don't know. Probably that could be the one of the sense you said. Again, I would say it's totally different because we are going to have more opportunity for the future, right? If you... Again, I'm always trying to tell this, but seems to be it has not been accepted. Maybe my way of the explanation is not enough. The world is already making the fragmentation of the market, right? Again, how we can make our value of company to be demonstrated in each market? Can we continue to do in the old style of the way where, that we used to be? The answer is no. Do you want to further work with a partner? Answer is yes, and that is the reason why we are doing this. That I'm very sure this would even to motivate each of us and our employee, because we have a lot of opportunity that we can do with this. We don't want to be talking about Renault's, you know, big shareholding to the Nissan vis-a-vis all the past things that we had to face it. I mean, let's not talk about the history or past. Let's talk about from today to move into the future, what could be the best for the partnership. I would like to emphasize, can we do it everything alone? The answer is very challenging to do that. We are making this deal which enable each of us to maximize of the all the good thing we're doing from the past and to make those to be a next level. In order to do that, what kind of setup or governance can make each company to have the opportunity as we can use the word normal company, and I think this is a normal company, then how are we going to make our opportunity also from Nissan perspective, he told me that Nissan has to make our strategy, yes, and Renault has their own strategy. He went with the Ampere and a HORSE, which to make his company to value up, and we also have to do that, and Mitsubishi also has to do that. We are not in a old way. We have to do in a new way, knowing that all the circumstances of the business that we are facing in the world. Hope you will be take it as very positively, and we are proud of starting of today. It's still starting for me, and how we can make sure that we demonstrate to the market is the most important for us. If I can add, sorry. I think, you know, the alliance is a kind of a old marriage, no? You had up and downs. You know, we had dark times, we also had good times. We already demonstrated that the thing could work at a certain time, down. We have been working together the last eight months to open a new, more sunny time for, you know, for the cooperation. I think that honestly, the best way to answer to your question is that to demonstrate that all the projects that we are getting in are successful. It will take time, next months, years, et cetera. The best response to your question is, let's go back to work, and execute one of the things, one after the other, and maybe this question will not come, you know, anymore in a three to four years' time. Well, I'm sure it will not come any longer, you know, because if I may just add before we go to. Thank you for the trust. to the last question online. I just want to add something. I mean, just to conclude on that point. I was the first of all these gentlemen to discover the agreements in which we were living. I can tell you it made the real pleasure of legal people, which I admire and respect, because honestly, it was almost understandable for nobody, okay? Myself, I took some time to try understand, and I qualified the situation as strange, to put the minimum. In the past four years, I spent my time in my mind thinking that the status quo was not possible for the future, and we should get rid of that and go away with a normal situation. Please understand that I could very well understand the Nissan situation, having 15% of a company without voting rights. I mean, the frustration is obvious, isn't it? I mean, it's human, isn't it? It's not even business. Everybody forgot that Renault, on his side, had 44% of a company without a say, without a vote. I was sitting there at a general assembly at Nissan in Tokyo without a word to speak, because actually, I had no legal right to do so. Can you imagine? Please forget about all that. These frustrations are behind us. That's the past. Let's not get lost in the past, as I said. Look at the future. We have normal companies, normal links, clarified, simplified. That's it. Please. I will go to the last question. Perhaps, Pierre-Yves Quemener from Stifel on the mic. Is that all right? Okay. That will be, sorry, the last question. Yeah. Good morning. Do you hear me correctly? Right. Yes, go ahead. Thanks for taking my question, hi to everybody. I've got two, actually. First one is a follow-up on Ampere. I'm surprised that after this quite long and detailed negotiations process, Nissan's investment in the future BEV software division of Renault has not yet been finalized. I guess my question would be, what would be the remaining roadblocks for Nissan to invest? What is the timeline you have in mind? In any case, will it be done before the planned IPO of Ampere? Second question would be on the trust, where it's gonna be segregated the 28.4% that Renault owns in Nissan. What is the planned use of funds when the trust sells down a fraction of the entirety of the stake? Has anything been planned at this stage to reward Renault shareholders? Thank you. So- Okay. Okay, I think. Welcome On the first one, I mean, it's actually on the Renault's team shoulder. Because we will have to execute all the process. Right ... potential IPO. At the right time, there is no roadblock. It's just that we have to do the job right now and go through all the steps that will get us to the event. At the right time, we will of course share numbers and plans to Nissan and Mitsubishi in case they like, you know, to participate to this project. It's very simple. There's no. There is no, let's say, no mystery into the thing. In terms of the trust, I think we have, as I said, we have organized a very, you know, a very orderly process to, you know, sell the shares at the time when you want out, when... Let's say, when you want, we want, how do we want, at the speed, et cetera, et cetera. There is no urgency for the thing. When it comes to what we're gonna do with the potentially those resources that we will have to monetize one day, I think there is no urgency, as I said before. The plan of Renault with all the guidance that we gave to 2025, et cetera, is pretty solid and finest. Let's say some of the projects that we have agreed with Nissan and Mitsubishi will make me even more comfortable about the fact that we will achieve the guidance that we gave to the thing. I think that in case we would monetize this at the right time, when... at the right condition, it's probably to accelerate the project to go beyond 2025. Mm. This is basically the story. When it comes to the shareholders, please remind two things, is, you know, for a long time, let's say in some many, some years, Renault, let's say, now is making money, that's good for the shareholders, for sure. I think the dynamic of the stock is relatively positive. Thierry, on 8 November, Thierry Piéton announced that we, let's say, have decided on a dividend policy, which is very, very clear. We would move up of to 35% of our, of our results. That's the reward we are giving to our shareholders, is just simply doing the right job to make money and to give a part of this money back to our investors, to our employee, through the share plan, et cetera. That's the strategy that we have. Okay. Thank you all. I think it's time now to close the meeting. Really, thank you so much. I hope that the questions and answers session has been useful for everybody. Last year, at the same period, I remember we had a first sort of public discussion. I remember it was the end of January. It was digital. Now it's at least in presence. There will be others, because I'm absolutely sure that now regularly we should be able to give to you the information related to what we just said. So you need to be, to have a feedback, a regular feedback, and I'm absolutely sure we will create that, all of us, I'm sure. Until then, take care. Thank you so much, and me more than happy to meet with the others and one anothers in the coming minutes. Bye-bye. Thank you. Take care. Bye-bye. Thank you. Thanks.