Good afternoon. Could you please take a seat? We are going to start this last meeting of the Autumn Conference. It's an honor for us to welcome Antonio Filosa, who's here with us on stage. You have a full team of Stellantis in the room. Antonio is going to say a very quick word, and we are going to start a question and answer. Please raise your hands if you have questions, or use the internal app to ask your questions, and I will read it up. Thank you, Antonio. Oh, thank you, Thomas. The honor is mine, and the privilege is mine. Thank you for having me. It's such an important event, and I'm very happy to be here with some team members. Maybe just a few words about me. My name is Antonio Filosa, I'm Italian, as you can understand, right? I've been living forever outside Italy, I must say, most of the time in the Americas. I've been appointed as CEO of Stellantis a little bit less than three months ago. I've been living all my professional life in the company, 26+ years. Very proud of that, very happy. Now I'm so excited to be CEO of Stellantis, the company that I love, in this transformational period. This is challenging from one side, also very exciting. We have a lot of opportunities in front of us. We need to work hard and a lot to explore each one of those, but here we are. I'm yours for your questions. Great. Thank you very much. I'd like to start with your key priorities. I think you've been quick at presenting a new leadership team that has been reduced versus what we had previously. Could you tell us what is the plan in terms of—we understood you want to turn around the business. I think a lot of issues have been identified and are progressively being solved. Can you mention what are the key priorities for the new team? Oh, very good. As you said, the first day I selected my new team, which is smaller than the previous one. The previous one was larger than 35, I believe, team members. This one is less than 15. That adds a lot in terms of quality of discussion and governance. I'm very happy of the team itself. We set us up for the new priorities. The business priorities are basically three. As myself and Doug, who is in this room, my CFO, told the analyst in the first earning call, we have three priorities in the next years. Number one is business growth. The second is flawless industrial execution. The third is increased profits. The result that we want to achieve by doing that is improve our business indicators, all of them, in a gradual and progressive but visible way, quarter { by quarter. This is where we want to land. Let's talk about the first one, business growth, which is probably the most important. That starts in North America and then goes in Europe and third engine, as we call it. Business growth will have as first and most important lever new product launches. Five years ago, in North America, for instance, we are at 12% market share, more or less, in average. We closed last half at around 7%. We lost a lot of market share. Why? Because we decided in the past years to phase out very important nameplates, seven, that meant to us a lot of volumes. I will mention you the seven nameplates so we can all understand the relevance: Jeep Cherokee, Jeep Renegade, Dodge Charger, Dodge Challenger, Ram 1500 Classic, Chrysler 300, and Ram ProMaster CV. Those seven nameplates meant to us, in average, 300,000 units per year and a lot of profit. Business growth starts by launching the products that our consumers are waiting for. As you probably followed up, we recently announced the three very important product actions. We are returning the legendary HEMI V-8 engine into Ram 1500. The first day after announcing, we collected more than 10,000 orders. Orders are piling up. After four weeks, 40,000 orders, which is a lot. We announced the return of an internal combustion engine into Dodge Charger. The first day, a big bang of orders because our very loyal and very beloved from us Dodge community was waiting a lot for that. Now they have it, together with the very beautiful Charger BEV. We announced it recently in New York, the return of Jeep Cherokee. We will open for order collection in big volumes the second half of this month. We expect also there an explosion of order collection. We are very optimistic on what we are doing as first wave of product launch. More is coming in that direction. We identified a lot of white spaces for our brands, and we have in our plans a lot of products launched in those white spaces. One has been already announced, so I can repeat it here, the Ram midsize pickup truck that has been announced in the U.S. for the North American market. This is a segment that we don't play into with Ram, and I believe with such a powerful pickup brand as Ram, we have all the ingredients to reach success in that. Product launch is the first important lever of business growth in North America, but also in the other geographies. Very clear. Thank you very much. Is it fair to say that some of the issues that you had previously were also linked with excess inventories, and that this has also been solved before? You have the latitude now with the new products you're launching to rebuild, to some extent, some wholesale inventories that should also help your industrial footprint to be a bit more effective? Very well. Dealer inventory, especially in North America, but not only in North America, has been a big roadblock for our business last year. We have been managing it very rigorously since, I would say, half one of last year. Now we are at a very healthy level of dealer inventory. We decreased a lot in volumes. Those are visible numbers. It's not visible to everybody, but we improved a lot of the quality of the dealer inventory. For instance, we don't carry any more aged inventory. Model year 2024, mainly all model year 2025 are gone. It's all new and refresh inventory. Now we are in the phase to be very rigorously in controlling that, starting from the turn rate on the dealer ground of each one of the trims that we sell and obviously to provide to the dealer in the mix and the quantity in the new inventory of model year 2026 that they need. This very high, rigorous car flow management, coupled with the success of the new product launches, will create the momentum and growth momentum that we need for our industrial footprint as well. Thank you. The Cherokee used to be the biggest car of the seven you've mentioned. It's the car that's coming now. Could you share with us, I know you can't buy a crystal ball, but roughly, should we expect this car to be selling at 100,000 units, 150,000, or more? What do you think is realistic? The segment is huge, but competition has built up since you left the segment. What would you expect as a reasonable figure for the vehicle? No, very well. As you said, we don't have the crystal ball. Internally, we are trying to manage all the levers that we have available. What we did, number one, we returned into a very large segment of the industry. It is the individual largest segment of the automotive world. In the U.S., it's 3.6 million units per year, unit more, unit less, depending on the year. It is a segment that Jeep invented because Jeep Cherokee was our invention and everybody else came in, more or less. We phased out from this segment a couple of years ago, a little bit more, and now we are back. As I said, we tried to manage all the internal levers that we have available. We are back with a much improved product than the last generation. We have a bigger and larger trunk space. We have a larger internal space for the occupants of the vehicle, very good ground clearance, all Jeep capability, and most important, a best-in-class fuel economy. Through the new Jeep Cherokee, we introduced our first hybrid system, HEV, 1.6 turbo HEV. What we are providing to the market is a range of 500 mi per tank. That translated into money for the American average family is to spend less than $100 per month to drive their Jeep Cherokee. The product is much better. Going on volumes, the old generation, which, as I said, was a worst-in-to-brackets product in terms of specs, in terms of performances, peaked 200,000 + units per year. The very last year, with an aged and phasing-out product, was providing to us 130,000, 140,000 units in that year. We are very optimistic. We will see the orders that we will start collecting by the third week of this month. Production will start by the end of the year, and we will see the volumes. We are very excited and optimistic about this very important product move. Thank you. I think you've been building up a financial services unit in North America over the last few years. Could you say a few words about that and whether you believe this will also contribute to rebuild the market share for your different brands? Sure. The financial services in North America started recently. They are accumulating experience and know-how. They are integrating with our teams and with the dealers' team. We really believe that will be a strong lever of dynamics and momentum for the years to come, especially in a historical period where we understand that the interest rate will stabilize or go sequentially down. That will obviously activate, we believe, additional demand. I believe we came at the right time, for sure, with the right team that has been selected around in the U.S., but not only in the U.S. because we have other steps to do in North America. We are very excited about that, yes, for sure. Thank you. Still sticking with North America because I think it's a key potential swing factor for Stellantis in the next two or three years. Could you talk about tariffs, how your discussion with the administration progressed, and what are the opportunities for Stellantis? I think you're one of the few companies that has available capacities in the U.S., and that gives you a clear edge versus some of your Asian competitors or others, except that for the time being, effectively, it's not completely clear or fixed. Sometimes you may pay more than others. What is your message on that, please? No, very well. On tariffs, right? Number one, we perfectly understand the objective of the U.S. administration. The U.S. administration wants to bring back investments, assembly, and jobs creation to the United States plan. We understood that very clearly, and we want to work accordingly. Second thing, we are in a very productive exchange of ideas with the U.S. administration. We communicate a lot to them, and communication is very productive. As a tariff, it is still an environment not 100% defined, but it is getting clearer and clearer, and we are ready to act. As you said, our capacity in the United States can accommodate important industrial moves. We are still working with the administration to create the final scenario, and very soon, we'll be able to communicate around that. What I want to say is that together with tariffs, the U.S. administration has also introduced a couple of important mitigation tools. One is the 3.75% offset credit for U.S. build. The other one is the expanded U.S. content. Those are moving still a little bit. As soon as they will be fixed and 100% clear, then we will be ready to move on that. Thank you. If I move to Europe, which is a big region for volumes, but has become a more challenging region in terms of profits, partly because of regulation, could you talk about the ramp-up phase of your two new platforms? I think Stellantis was built partly to try to generate substantial synergies from two historic companies that had more than 15 platforms, going down to initially four, then five. There seems to have been industrial issues, particularly in Europe, on the ramp-up of some of these. Could you tell us where you stand here and what you expect in terms of product launches and the effect on market share in 2026 as well, please? Oh, very well. If you allow me, the result of synergy is already visible, right? Because, as you said, we are in the phase of ramping up two out of those platforms that you mentioned that represent the combined technical effort of the two legacy companies. We have implemented in two plants now, but more will come, our Smart Car platform. On top of that, we have launched three initial models: the Citroën C3 with a lot of trims and variants, including BEV, the Fiat Grande Panda, and the Opel Frontera, and others will come. The other platform that you are mentioning is the STLA Medium, and many models have been idealized around that platform. One has been recently announced, the new Jeep Compass. We talk about Jeep Cherokee being better than the previous generation. Jeep Compass is much better than the previous Jeep Compass as well. This is evolution. Now we are in a ramping up phase. Smart Car has been ramping up in Trnava, Slovakia, in Serbia plant, Grande Panda, and others will come. In Melfi, we are doing the ramping up of Stella Medium. You mentioned the industrial program; actually, it is the usual ramp-up. It is about recruiting people for the shifts of production, training people, and having our supplier base doing the same. We are doing that very, very diligently. Obviously, every day you have new things to manage, but it's going accordingly to the plan. You will see volumes out of those plants and out of those platforms very soon. I mean quarter four and for sure next year. We are very excited on those products. Smart Car specifically is a platform that combines a very high level of cost competitiveness. We know that for sure because we tear down competitors' products every day, right? And a very high level of flexibility because on the same platform, you can accommodate BEV powertrain, but also all the non-BEV variants that we can have. We are very happy with those two platforms as well. Thank you very much. This morning, I was sitting here with François Provost, your equivalent at Renault, and we were discussing the fact that tomorrow there are going to be formal discussions with Ursula von der Leyen. Not only is John Elkann going to go for Stellantis. Could you share with us what are for you the priorities in terms of adjustments to European regulation, whether it's on CO2 or not, for LCVs or passenger cars? There seems to be a change in mind or an evolution of the thinking of the European Commission when we listened to the von der Leyen speech yesterday. She seems to move in the direction you were suggesting for cheaper, smaller cars and cheaper BEVs. Very good. This Very good. This is a very important matter because for us, Europe represents one of the major volume generators. It is a common understanding within ACEA, our association, that the targets that have been established, as they've been established, of CO2 emission are, frankly, unattainable. Let's stick to the number. Before COVID, the European industry was at more or less 19 million units, a little bit less. Now we are on our way to go to 15 million units, a little bit more. There are 3 million + of units as a gap, negative gap. The European industry is the only one among the large regions that is declining so fast. You mentioned light commercial vehicles. Numbers of light commercial vehicles are even more concerning. Last year, the light commercial vehicle industry in Europe was at 2 million. This year, probably it will lose 350,000 units. It's a lot. Those are the numbers. ACEA, not Stellantis, ACEA understands that there is a clear direct correlation of this decline with the targets of CO2 emission that have been established and the way they've been established. Our suggestion within ACEA, but I understand that it has been supported by ACEA overall, is to suggest the introduction of flexibilities. What we call flexibility, for instance, is the possibility of car park renewal. Car park in Europe is 250 million units, more or less. Average age is 12 years +. We understand that by incentivizing to the consumer, not to us, the possibility to change an old car with a newer one, the environment will be benefited, obviously, because newer cars are less pollutant than old ones. The industry will receive an immediate benefit because this is an additional demand. That means more jobs, job protection, plants going higher in production, and stuff like those. This is one flexibility. The other flexibility is to consider, for instance, super credits for small cars. Independently of the powertrain, with the same powertrain, a small car will always pollute less, have a lower CO2 emission than a bigger one. We believe this in the equation, this needs to be taken into consideration. Technological neutrality is the other flexibility that could be introduced and many others. We believe that those are the pragmatic points that the European Commission should accept from ACEA's strong suggestion. We very welcome, as ACEA, it's not Stellantis, the strategic dialogue that has been started. Now we understand that we can work together and very quickly on strategic actions that are very, very urgent. You mentioned light commercial vehicles. Maybe this one is the first sector to start to introduce those flexibilities. Yeah, that's the segment where the distance to the target is by far the widest, clearly. To continue on both Europe and compliance, can you say a few words about the collaboration with Leapmotor in Europe? I think you've set up already a decent number of dealerships and new models are coming out. No, very well. More or less three years ago, like in China, our CFO, Mr. Doug Ostermann, who is in the room, started that investment that today we celebrate as a very good one. At that time, Doug was reminding us that Leapmotor was selling less than 5,000 units per month in China. Now we are at 50,000 units per month, and they are paving their way to hit their objective of sales this year, which is higher than 600,000 units. We call it still a startup, but it's a reasonably grown startup. What we have done with Leapmotor? Number one, we established together Leapmotor International that has the objective to commercialize and distribute Leapmotor's models in Europe, in the Indo-Asia-Pacific, in the Middle East and Africa, and very soon in South America. Things are going very well. Demand is picking up. At the point that last month, I believe that Leapmotor sold more BEV than BYD in Germany. BYD has been around in Germany for a few years, while Leapmotor a few months. This is a very good achievement from these important partners and new brands that we have. This is step two. China, step one, the other regions, step two. Step three is we have recently announced an industrial collaboration with Leapmotor, which is to give them some capacity out of one of our Spanish plants to build their cars on their platform, our cars on our platform. That will start very soon. There is an exchange on know-how, which is happening around the supplier basis, cost management and cost competitiveness, software technologies. This is going very well. Thank you very much. I get also some questions from the room. I'll move from some of them as well, integrate some of them in my questions. I think there are questions about the level of merger integrations for Opel and Peugeot and Peugeot and Stellantis, Peugeot and FCA. Where do you think you stand? Is there still more to be done? I think we are in year four of the company. Is it done? Obviously, the company is evolving, such as any company. Our company started four years ago, as you remember, after the merger of two very important legacy OEMs. Now we are happily into Stellantis. One thing that we decided, we communicated loud and clear, is that the nomenclature xPSA and xFCA has been banned in the company. We are just Stellantis. We're very proud to be Stellantis. This is our present and will be our future. Obviously, the synergies have a maturation period. The integration, especially the technical one, has maturation periods that we are following up and ramping up with the highest speed possible. There are many levels, system-wise, process-wise, governance-wise. Much has been done and very well, by the way. A few things are still to be done in the future. What I can say is that our brands are strong, right? Differently strong in North America and Europe because they are different brands with different consumers. We mentioned the platforms. They are reality. The product synergy and carryover is reality. Commonality of parts is there. Unique and distinctive design is unbelievably well done. We are very happy with what we have done so far. A lot of opportunities to improve, but we are on the pace to do that. Great. Thank you. I'll ask a second question from the room, and then we'll move to the third engine. The second question in the room is clearly coming from a French person, asking about the PureTech engines and the Takata recalls you had. I think the former Peugeot brands faced, let's say, image issues in France. The question is whether Stellantis plans to take concrete actions to restore the consumer confidence and the deterioration of the brand image. Basically, the message is how much of that effectively explains the market share loss versus what we discussed previously. Obviously, those are technical mistakes that have been corrected. An important thing now is, number one, giving the consumer what they need, which is higher quality. This is happening because we have been learning a lot from the past mistakes. Number two, we extended the warranty period on many vehicles and many nameplates so that we can contribute a little bit to our consumer pain in that sense. We are seeing results out of that. The market share decline has different root causes, like the ones that we said. Maybe there are factors also around those. We are keen in our second foundational pillar of the turnaround and recovery, which is industrial execution. We have built a team of very big experts around product development and product quality. We are very confident that all the lessons learned in the past will result in very good execution for the future. Perfect. Thank you. I'll move to the third engine because I think it's been the most resilient pillar and a very impressive performance. I think you spent a large portion of your career as well in Brazil. Could you talk about notably the LATAM business, the Stellantis position there, which I think is double the second player? I mean, the perception among investors is that it faces aggressive competition from new players. How do you think you can effectively compete or maintain this leadership position and the contribution of the region? No, very well. What we call third engine in Stellantis is the combination of South America, Middle East and Africa, and then Asia, meaning India, Asia-Pacific, and China. For China first and Asia in general, Leapmotor is the major strategy. We have been talking already about that. For South America and Middle East and Africa, the strategies are a little bit similar. In South America, we are a market leader with 24% of market share. We are almost double that the second player. We are very dominant. We have built this leadership on two foundational pillars. Number one, we provide to the market the cars, the vehicles that those consumers need. If you go to Brazil, to Argentina, to Chile, you will see a lot of Fiat that are very different from Fiat Cinquecento. By the way, you will not find Fiat Cinquecento, if not in very small units. Why? Because we have developed there a very strong local know-how around reading consumer needs and translating it into the products that they want, number one. Number two, the second key advantage in South America that we have been building year- over- year is localization. 99% of the product that you will see in the streets there has been built by Brazilian or Argentinian plants with Brazilian or Argentinian suppliers. Almost 90% of the content in our Brazilian or Argentinian builds comes from Brazilian or Argentinian suppliers. A very high level of localization with very localized product offer makes our portfolio and our lineup of cars very strong in Brazil, in Argentina, in Chile, and in the other regions. The point is that we are not only a leader in the continent itself with 24% of market share, but we are a leader in Brazil. We are a leader in Argentina. We are a leader in Uruguay. We are a very strong player in all the countries there. The recipe can be adapted also for the Middle East and Africa. There, we are very big, not dominant, but we have room to grow because we can localize more. This is what we are doing. Yesterday, I was in Turkey talking on localization projects with the team over there, a very good team, by the way, and the plant that we have there, exactly because we want to do almost what we did in South America, also in Middle East and Africa. China and Asia will go around the Leapmotor offer, as we said. Thank you. There was, under the management of your predecessor, a large ambition for Middle East Africa, setting up production capacities of, if I remember correctly, 900,000 or 1 million units. Clearly, an ambition to conquest that would also complete this view. Is that something you plan to continue or you want to keep that maybe for the presentation of your strategy early next year? No, very well. As you are reminding us, by the first quarter of next year, I will share with the investors in a capital market day our new strategy plan and industrial plan. Yes, our ambitions on Middle East and Africa are high. I believe that the driver is product localization. I believe that we have a very nice industrial footprint there, very, very competitive. We want to leverage it with the right products. Understood. Thank you very much. If I move a bit more to financial topics, the progress that has been achieved between the second half of 2024, that was a low point where you had to start addressing inventories, and the first half of 2025 was a bit more predestined than I hoped. I think you've set a guidance in July. Could you discuss the pace of improvement we should expect in the different regions? What do you see as the biggest swing factor? How fast do you think we could anticipate to see a recovery in some of the regions where the performance has deteriorated the most? No, very well. What we want to achieve by running our business in the months to come is a progressive, visible, and gradual improvement of all our business KPI month over month, quarter by quarter. By the way, that's why, starting from next year, we will have our earning calls every quarter so we can show how this plan and this objective and this commitment is going. That is what we want to do. Where that will be first visible, we believe that we will have visible results everywhere. For sure, the U.S. is priority number one and is where we are putting most of our efforts to reach those commitments. Finally, what we want to realize is what I said, a gradual, progressive improvement on profit generation, cash generation, and revenue first line, quarter by quarter. Understood. The cash burn was, I think, the main pushback I got when I speak with investors or Stellantis over the last 18 months because Stellantis comes from a situation where margins were double digits to much lower margins, and a situation where you move from being strongly cash-relative to burning a lot of cash over the last 12 months. When do you think we can expect free cash flow to break even? I think you're aiming for an improvement H1 over H2. Is it overly optimistic to think you could already break even on the cash front in the second half of the year? I cannot anticipate financial plans and forecasts and estimates that we have. It is our most urgent, let's say, objective that we have to turn the corner on cash generation. How we want to do that? Many, many levers, but lever number one, increasing the revenue line. In the past years, there was a clear market distortion that was the big constraint on supply, driven by COVID first, a semiconductor then. That allowed everybody to be very aggressive on price. We established for ourselves in the past year as a main indicator of success, AOI percentage. As a result, that created a business shrinking. Now we want to invert. We are now setting for ourselves, loud and clear, that we have a combination of indicators to improve. Revenue is the first one that will generate profit en masse. This is very important for us. Finally, cash conversion. I cannot now share in anticipation what our estimate. Yes, we want to turn the corner very soon. Thank you. I get another question from the room about the North American business. The question relates to the relationship with dealers that deteriorated under the previous management team. I've seen that you attended several dealer meetings. I just want to have your take on how you plan to restore the relationship with dealers. Also, what is the reception of your dealers on the products you have discussed that are just being introduced? I also imagine you're showing them the future products. No, very well. Yes, one year ago, back in time, our dealer inventory was very high, and the order collection was ridiculously low. That was the result of many things. One soft aspect that was going wrong was exactly what you mentioned, our professional relationship with our dealer network body. We decided to change it, obviously. Number one, technically, we worked to reduce the dealer inventory. It cost us a lot, but we were successful in that. Now we are very rigorous in car flow management. Second, we listened to them a lot, and we understood that they were screaming for V8. V8 is back. Screaming for Jeep Cherokee. Jeep Cherokee is back. Screaming for a real muscle car with an internal combustion engine. GME-T6 with a beautiful sound is now in this car. We are listening to them a lot. We are meeting them very frequently. We have configured our commercial brand team in the U.S., giving them the people that represent the highest knowledge around brands and around dealer business and relationship. We gave them, with a lot of pleasure, obviously, Tim Kuniskis as Head of the Brands, Jeff Komme as Head of Sales, Jason Stoicevich as Head of Dealer Development. Maybe to you, those names are not that familiar, but for them, they are very familiar. This was a good start, and things are going well. The relationship is much, much improved. We have 2,600 dealers, so obviously, many. Good. Things are still to be improved a lot, but we are halfway. Great. Reception of the new products. It is in the numbers because the orders come from them. One day, 10,000 orders on the V8 Ram 1500. In one day, all the orders that we need to fulfill the entire end-of-year production for the Dodge Charger. We will see the Jeep Cherokee order very soon. Very, very productive. OK. In terms of sequence for all these products that you're bringing back, it seems that you've identified a number of issues. It's coming back to what was previously the success of the company, which seems to bring a lot of profits potential back. How fast can you reintroduce the V8 engine that had been stopped for compliance reasons 12 or 18 months ago? How fast do you move from having muscle cars on BEVs to muscle cars with V8s? Because basically, I think. We actually said that. I didn't say that. Are we already going to see some of these volumes in Q4, or is it more in 2026? OK. On the speed of our reaction, maybe just what data. We've introduced V8 in less than 10 months since the decision, which is pretty, pretty strong as a reaction time. That meant to us to restart the plant that was closed, to restart all the suppliers' plants, to readapt the engine on a new product because the product was changing in the meantime, and also to homologate it. Very fast reaction on something that was very urgent to us. That has been another good thing for the dealers, that they saw that speed that before they were kind of not seeing. How fast? Technically, you need from 18 to 24 months to develop a new product. V8 introduction has been a good example of how we can be faster than our technical time to market without any trade-off with quality and reliability. That is a good example. You said that our strategy is to return to the nameplates that we lost. Wave one, yes. Wave two, which is immediately after, is to identify the white spaces that we have in the regional markets and to understand if we can have a product for one of our brands into those white spaces. This is the example of many things that will happen. One has been announced already, which is the Ram midsize pickup truck. This is a very large segment in the world, U.S., growing a lot. We were not there. Ram is the perfect brand to be there. We are very positive around also the way we are articulating our product offensive into the white spaces that still are available to us. Thank you. I think you're also going to be, next year, the first to introduce a REV in the U.S. pickup truck market. I think you mentioned earlier in the meeting we had together that REV was something you would be pushing among the first of the Western players in different markets. Can you talk about that? Oh, yeah. Perfect. We will be pioneers in the introduction of range-extended powertrains for pickups in the U.S. The Ram 1500 will be the first large pickup in the market with a REV. This is just perfect because it's an electrified strategy that is coupled with a product that will represent the best choice for all the performance and technical parameters to our consumer. The Ram 1500 REV will have best-in-class payload, best-in-class towing capability, which is very important in the U.S., best-in-class power, best-in-class torque, and best-in-class fuel economy because it's a REV. Everything comes with a cost which is lower than a BEV because the size of the battery is lower. We believe that the value equation of that, with the fact that we will be pioneers in this innovation, will be an absolute winner. That will happen on the pickups, but also, and maybe a little bit before, also on the very large SUV that we do in the U.S., namely the Jeep Grand Wagoneer. That is our strategy on REV. In Europe, we have Leapmotor. Leapmotor is building its success around BEV, but also around small, smaller range-extended. That's also one of the other plans that we have. We are working on those electrified solutions, both in the U.S. as first, but also through Leapmotor in Europe. That is another sign of optimism that we can share today with you. Great. I think we're getting close to the end of this presentation. I wanted to ask a last question on North America about you've talked about the acceleration to be able to bring back V8s or to be able to bring back new products. I understood that you're going to do the best you can to bring forward the midsize truck you've mentioned that will be built in the U.S. Shall we think it's a product for the second half of 2026 or for the first half of 2027? Or when is it effectively going to be visible for customers? That is now a product for 2027, which is according to the timing and the time to market that we have for a completely new product development. What I can say is that two weeks ago, I was in our design center in Detroit, and I saw the car itself, not only the sketches and design, but the clay model. It's just beautiful. It's just amazing. Hopefully, you will join me in this assessment. If you want to come to Detroit, I will show you without cell phones and cameras. You will be, I believe, astonished. This is an invitation for all of you if you want to come to Detroit. Avoid the winter. It's very cold. Come before the winter. It's beautiful. All the specs that we are imagining in the product briefing are very good in the segment. That's why in 2027, we will have a very strong Ram offer in that segment. Perfect. Thank you very much, Antonio. Maybe I'll close it here. Thank you very much. Thank you. See you in Detroit. Thank you, very much. Thank you very much.