We would like to begin the fiscal year 2021 third quarter financial results presentation of Nissan Motor Corporation. We are delighted to have so many participants for this event. From the viewpoint of preventing the spread of infection, we are using the internet system as well as live streaming for this presentation as well. At the beginning, let me introduce to you the participants on our side. COO Mr. Ashwani Gupta. CFO Mr. Stephen Ma. Thank you once again. Now, we will hear the presentation by COO Mr. Gupta, who will speak on the Q3 results and outlook for the full year. Please take the floor, Mr. Gupta. Thank you, Hamaguchi-san. Hello, everyone. I wish you all a safe and healthy new year. Thank you for joining our earnings session for the third quarter period for fiscal year 2021. For yet another quarter, Nissan delivered a satisfactory performance despite the continuing industry disruption caused by ongoing semiconductor shortages, the impact of Omicron variant, and the natural calamities in Southeast Asia. As always, Nissan's priority remains the safety of every community and individual that we serve. I want to take this opportunity to pay tribute to our employees and partners around the world for their hard work and commitment. My sincere thanks to all our customers for their patronage, patience, and understanding. We apologize for the inconvenience caused by delays of certain models in certain markets, and please be assured that Nissan is fully committed to delivering your desired models at the earliest possible date. Now, let me start with an overview of total industry volumes and Nissan's retail volume trend globally and in our core markets. As I mentioned earlier, our industry continued to suffer disruptions from the pandemic impact and supply chain volatility driven by global semiconductor shortages. As a result, total industry volume in the three months to December 31 declined 18% from the same quarter of the previous year. Despite that, globally, Nissan outperformed the industry by 2% points with the retail volume down only by 16% versus corresponding period of previous fiscal year. Among our key markets in the United States, our performance outperformed the industry by 1% point in a market that declined by 21%, while in Japan, we outperformed by 3% points, where the market fell by 19%. China was 6% points better against 27% decline, and Europe outperformed by 3% points in a market that contracted by 21%. In the third quarter of 2021, we delivered 904,000 retail units amidst lean inventories at our dealerships. My sincere thanks to Nissan dealers for their understanding and efforts to align with us on the supply chain situation. In Japan, unit sales were 94,000. In China, unit sales were 313,000. In North America, unit sales were 262,000, and in Europe, unit sales were 90,000. In other markets, volume held up at 146,000. This shows the serious impact of the pandemic disruption and supply chain shortages across our key markets this quarter. However, in key segment areas, Nissan outperformed the market with increased share reflecting encouraging demand for our most popular models. For example, in the compact car segment in Japan, our all-new Note and Aura models commanded a segment share of 13.9%, up by 6.6% points on the same quarter of fiscal year 2020. We saw even stronger growth in the United States for midsize pickup where the Nissan all-new Frontier held 13.1% of this key segment, an impressive increase of 7.2% points on the same quarter of the fiscal year 2020. The all-new Rogue secured 7.3% of its segment, up 1.7% points on the same quarter of the prior year. The all-new Pathfinder also performed solidly in the ultra-competitive U.S. market for large-size SUVs with a segment share of 3.7%, up 0.7% points. In China, one of the world's most competitive markets, our Sylphy model captured 19.2% share, up 4.6% points year-on-year. In calendar year 2021, Sylphy achieved the status of number one sales model, maintaining its segment-leading position from the previous year. In India, the all-new Magnite did well in the crossover segment with a share of 4.5%, up 4.2% points. I'm happy to see that the customer acceptance for the new models in these important markets remains strong. Nissan continued to make progress, thanks to the strong customer acceptance of our products with advanced technologies. Our model evolution underlines the quality in engineering reliability, innovation and value represented by Nissan vehicles. For example, our all-new Note and Aura models in Japan won the 2022 Japan Car of the Year award as part of a triple crown of accolades that recognize their distinctive styling, electric drivability and refined quietness. While our compelling new products are clearly meeting customer aspirations, our digital platforms continue to enhance the positive customer experience. This is demonstrated by a strong increase in our customer interface, with 18% in third quarter with respect to H1, demonstrating an increase of 1.6% points globally. In specific markets such as United States, we saw a 6% point increase in digital sales experience on Buy@Home platform. Due to the strong support from our dealers for this digital platform, our total sales through this channel rose 2.8 x from the first quarter. We wish to continue this positive trend by expanding our digital customer experience to all core markets in the next fiscal year. Because of all these positive shifts, we saw an increase in net revenue per unit for our new models. In Japan, Note and Aura was up by 23%. In the United States, the all-new Rogue was up by 12%. In Europe, the all-new Qashqai saw a 32% increase. As a whole, our global net revenue per unit increased by 13% versus third quarter or FY 2020, building on sequential growth as we enhanced our quality of sales. Most importantly, we returned to positive auto free cash flow in the third quarter on a proportionate consolidation basis, which includes our China JV operations. This reversed the negative trends seen in the first and second quarter. We reported free cash flow of JPY 36.5 billion on a proportionate basis and saw a significant improvement on an equity basis, which excludes our China JV operations. Turning to the financial performance for the nine months ending December 31, 2021, we delivered stronger than anticipated results despite the challenging environment. This slide shows our key financial performance indicators on both the China JV proportionate basis and equity basis for the nine-month period. On an equity basis, which excludes contribution from our China JV operations, our operating profit for the April to December period was JPY 191.3 billion with an operating margin of 3.1%. The net income was JPY 201.3 billion. Free cash flow for the automotive business was -JPY 350.2 billion. This is due to working capital usage resulting from the lower production caused by the semiconductor supply shortage. As production recovers, we are seeing, and we will see our working capital needs decrease, thus releasing positive cash flow. Net cash for the automotive business was JPY 646 billion. On a proportionate basis, which includes our China operations, our operating profit for the nine-month reached JPY 284.5 billion, representing an operating margin of 4%. This is well above our Nissan NEXT operating margin milestone of 2% for this fiscal year. Net cash for the automotive business exceeded JPY 1 trillion. We continue to maintain strong levels of liquidity. Our cash and cash equivalents for the automotive business was approximately JPY 1.6 trillion on an equity basis. We also maintained approximately JPY 1.8 trillion of unused committed credit lines. Turning now to the operating profit variance analysis. For the nine months ending December 31, 2021, this slide shows the variance from last year's operating loss to this year's operating profit. Foreign exchange had a positive impact, primarily due to the strong U.S. dollar. The increase in raw material prices had a negative impact of JPY 81.1 billion as a result of price hike in materials such as steel, aluminum, and rhodium. The main driver for the year-on-year improvement in profitability is our continued efforts to improve sales performance, which had a positive impact of JPY 312.7 billion. This was mainly driven by transformation strategies, including our commitment to quality of sales, the focus on core models and core markets, meeting customer demand, and diligently managing the semiconductors issue. Monozukuri performance had a positive impact of JPY 33.4 billion, primarily due to the improvement in operational efficiency. Other items had a positive impact of JPY 10.5 billion. Now, next is the income statement for the nine months ending December 31, 2021 on an equity basis. Net revenue increased 15.7% and improved by JPY 836.6 billion from the previous year to JPY 6.2 trillion. Operating profit increased by JPY 322.9 billion to JPY 191.3 billion, representing an operating margin of 3.1%, an increase of 5.6% points from the previous year. Net income increased from previous year by JPY 569 billion- JPY 201.3 billion due to improvement in the operating profit. We also generated positive non-operating income resulting from the significant contributions from the equity method companies and extraordinary income, which included the gain on our sale of Daimler shares in quarter one of this fiscal year. In addition to the improvement shown in the nine-month period on a year-on-year basis, the columns on the right show the progress we made in quarter three year-on-year. Turning now to our outlook for the fiscal year 2021. Based on our quarter three year-to-date performance, which has already exceeded our previous full year operating profit outlook, we are revising our operating profit outlook from our earlier H1 announcement in November from JPY 180 billion- JPY 210 billion. We are expecting a JPY 10 billion positive impact from foreign exchange, primarily due to the devaluation in the yen. An additional positive impact of JPY 10 billion comes from our performance improvement, including the enhancement of quality of sales as well as cost optimization. Our investment in new vehicles and advanced technologies remains unchanged as we focus on future prospects to support electrification and vehicle intelligence under Nissan Ambition 2030. Raw materials are also expected to have a JPY 10 billion positive impact due to updated price assumptions. This is a summary income statement for the outlook for this fiscal year. At first, we are maintaining our sales volume assumption of 3.8 million units. Net revenue is expected to increase by almost JPY 850 billion or more than 10% from the previous year to JPY 8.71 trillion. Net income is expected to increase by more than JPY 650 billion from the previous year to JPY 205 billion. Operating profit is expected to increase by JPY 360 billion from the previous year to JPY 210 billion, representing an operating margin of 2.4% without our China JV operations and 3.2% with our China JV operations. With this strong momentum, we are very confident of achieving the Nissan NEXT operating margin target of 2% on a China JV proportionate consolidation basis for this fiscal year. In conclusion, I want to reiterate that Nissan has and is demonstrating robust progress driven by strong customer acceptance of our products and technologies and in addition, our discipline. At the same time, we are maintaining our concentrated efforts to increase operational efficiencies to realize Nissan NEXT transformation plan. Given the unpredictable environment surrounding us, we are approaching the period ahead of us with cautious optimism, and we will remain decisive and focused on driving innovations that enrich people's lives. With Nissan Ambition 2030, we are now shifting gears towards a sustainable future to help build a cleaner, safer, and more inclusive world. Our ambition is already in motion. We are well-positioned to build on our electrification strategy, and our product expansion will include in the inaugural sales of the Ariya and the LEAF. We are also extending the availability of e-POWER models in China. Our product offensive will be complemented by our human-centric technologies like ProPILOT systems and game-changing innovations such as all-solid-state batteries and more EV platforms. With the challenge spirit that is part of Nissan's DNA, we will continue to provide value and to focus on our core strengths. While challenging the status quo by driving excitement through our indomitable Z model and our legacy in Super GT and Formula E championships, Nissan is leveraging our accumulated experience to grow the company by generating additional value to sustain growth in the new electrification age, and by pursuing business opportunities to help drive long-term profitability. The entire Nissan team shares this vision, a vision that we are determined to realize with our Ambition 2030 plan and the Alliance 2030 plan. Thank you. Now, we would like to move on to the Q&A session. If you have a question, please push raise hand function on the system. We will call you. When you are speaking, please switch on your camera and microphone and please once you see your face on the screen, please start asking your question. The face will be shown to the people on the stage. Please limit the number of questions to two per person. Thank you for your kind understanding. We would like to start the Q&A session. Asayama-san, please go ahead with your question. Do you hear me? This is Asayama. Yes, go ahead, Asayama-san. Okay, thank you. This is Nikkei Shimbun, Asayama speaking. This time, free cash flow of the automotive business. Because of the semiconductor supply issue, the working capital deteriorated and it was a negative. That's what you presented. In the three-month period for Q3, it's a positive number. How about the full year? When will it be positive in the full year? When can you make a positive free cash flow for the full year? When will it be? And the second question, if the free cash flow becomes positive, but there were some checkboxes, what's the dividend payout? When will you be able to resume the payment of dividend? What's the visibility and where are you today? These are my questions. Thank you, Asayama-san, for your question. Let me summarize where we are on the Nissan NEXT. Nissan NEXT, we had the three pillars. The first one was the rationalization to reduce our capacity from 7.2 million to 5.4 million. As a result, we wanted to achieve more than JPY 300 billion of fixed cost reduction. Today we are more than JPY 350 billion of fixed cost reduction. The second pillar was focus on core markets and the core models and improve the quality of sales. At that time, we targeted our net revenue per unit to increase by more than 10%, and we are today more than 10%. The third pillar was sow the seeds for the future. We said in Nissan NEXT we will launch 12 models in 18 months. With the launch of Kei EV, we will be finishing 12 models in 18 months. Despite all the headwinds which we had because of pandemic, because of semiconductor, we kept our promise. Hence, we are able to reduce our break-even point less than 4 million, which definitely is impacting positively on our free cash flow. On the other side, the headwinds of semiconductor reduced the volumes and which has an impact on the working capital. As far as our foundation is concerned, our foundation of the business transformation is already made with all these three indicators. Now moving forward, more and more we will go by the production of the profitable volumes, more and more we will be generating the cash. Quarter three is positive with China and without China it is close to break-even. Of course, quarter four, because of the production we have, there's a high chance that we will be positive. Of course, the full year will be very difficult to be positive. As you know, we don't forecast the free cash flow, but our foundation is in place and more and when we move forward with the volumes, obviously it will impact our financials positively. Now, answering to your second question, I remember, we talked about ticking the boxes and thank you, Asayama-san, that you remember what we said. Right from the first day when we announced our Nissan NEXT, we have been saying that there are four boxes which needs to be ticked. The first one is the operating profit, which is positive now. The second is the net income, which is positive now. Third, we said that H2 of financial year 2021 we would like to be positive and looks like we are positive. The fourth, our net cash should be healthy, which you can see today that numbers are right. What we can say today that the boxes are being ticked and the numbers are right and moving in the right direction. However, with the pandemic, with the semiconductor, what happens in 2022, we want to take time and we will be deciding about the dividend on our annual 2021 financial announcements. Hope it answers your question, Asayama-san. Thank you. Okay, understood. Thank you for your answer. Moving on to next question. Yomi- Yomiuri Shimbun, Nakanishi-san, please, it's your turn. Yomiuri Shimbun. This is Nakanishi of The Yomiuri Shimbun. Do you hear me? Yes, we do. Thank you. I have two questions. The first one, according to the media report, you found out that you are going to stop the development of the engines for ICE in Japan and Europe and China. You are going to stop the engineering work for the ICE engines in phasing process. Is it true? With regards to shift to EV, I'm sure you are promoting EV shift going forward. How are you going to secure R&D expenses and other human resources? What's your strategy here? There's another thing, which is about production. Sales volume of 3.8 million units stays as it is. If you look at today, because of Omicron, you are suspending the production operation here and there. Today, the present situation, is it better or worse than what you have assumed? What's the visibility going forward? How do you assess where you stand today? What's the visibility going forward between April and December? Because of the semiconductor and COVID-19, what's the volume impact? Is there any specific number that you can share with us? That's all. Thank you very much. Thank you. Thank you for your question. At first, I'm very impressed that everyone is taking so much of interest in Nissan, and really thank you for taking that interest. Normally, we are responsible for our product strategy, but with your kind inputs, I think our product strategy can be more stronger. Thank you for your inputs towards our electrification strategy. What we have decided that we will not develop the ICE engine in European market because at the time of Euro 7, we do believe that customer will have to pay much more for a ICE car than a electrified car. It's not us who is deciding, it's customer who will say that the electric car has more value than a ICE car. That's why for Europe, we are not going to do any more ICE engines after the Euro 7. However, on the other side, we have customers and markets who have aspirations of different kind of powertrains, and we have to follow them because at the end, we are here for customers. As you saw that Z, we launched with the VR30DDTT twin-turbo engine with all-new nine-speed auto and six-speed manual transmission. Very recently, for the all-new Rogue in United States, we launched 1.5L variable compression twin-turbo engine. We are not going to stop our ICE engines in these markets where customer exists, and from the business viewpoint, it makes sense. That's the question. I would like to do a very small fine-tuning, but which is a big fine-tuning, that Nissan has decided not to do ICE engines in Europe from Euro 7, but Nissan will continue to do ICE engines as far as it makes sense for the customer and for the business. That's to answer your first question. Thank you for that. Second, it talked about our shift to the electrification. For Nissan, electrification should be the consequence of the natural choice of the customer. We want electrification to happen naturally. That's why we started electrification in 2010 when customers didn't exist, the market didn't exist. The environment was not asking it, but Nissan did battery electric car. We want a natural shift. That's why what we announced in Ambition 2030 is a JPY 2 trillion investment in next five years to launch 15 battery EVs and 8 e-POWER, which means 23 electrified cars by 2030 to reach 50% of our electrification mix. That's what we announced. As far as resources are concerned, because we are gradually shifting from ICE to e-POWER to EV and addressing each market's need, we are very smartly reallocating the resources and upgrading the skill and competencies of our R&D and the manufacturing. The third question is about the semiconductor. Yes, we are confident that we will hit 3.8 million retail sales as of today, and we do believe we are going to do that. Of course, we have to monitor it on a daily basis. Having said that, people's safety remains our first priority. That's why, with the flexible allocation of the semiconductors and seeing the Omicron spread, we are managing our more than 40 plants around the world, to have 3.8 million. Now, the last question, which is very difficult to answer, but still I would like to answer because we are coming close to the financial year, and every time you guys asked us what is the loss because of semiconductor, and every time we said, "You know, it's difficult." Today also, I say it's difficult to answer the questions because there's so much of product mix and the market mix. Even then, when we announced our full year, we said 4.4 million, and today we are saying 3.8 million. If we do the mathematics, we lost 600,000 semiconductors. Now, I cannot say is that the maximum or is it the minimum. Because maybe the market demand, maybe we would have done better than 4.4 million in this year. I hope that answers all your question. Thank you once again, for having interest in Nissan, especially in our product strategy. Thank you very much. We now go on to the next question. NHK, Taruno san, please go ahead. Taruno of NHK, I hope you can hear my voice. Yes, please go ahead. It's a follow-up question to the previous question. First of all, one point. According to last night's report, Japan and China market ICE engine vehicles, you will gradually reduce and eliminate gasoline engine development for the Japanese and Chinese market. But what's your plan for the Japanese and Chinese market? And you have ICE engine plants domestically, what's your personnel plan for those facilities, and what is the system or plan for personnel allocation? Another point, most recently, there's been significant increase in commodity prices, raw material prices, and what's your take on the spike of raw material prices? Those are my questions. Thank you for your question. I think I tried to answer the previous question on our electrification strategy and the shift. For Japan, what we announced in Ambition 2030, that Japan should have a mix of 55%, which means 45% still will be the ICE vehicles. That's why what was reported, I don't know, but our product strategy is very clear, and Japan is very important market for us. However, we are gradually shifting towards electrification to have that in mind that by FY 2026 Japan will be 55% when Europe will be 75%. But that's the hypothesis today. Maybe Japanese customer will say, no, no, from tomorrow we need more electric vehicles. Our plants, you know that we announced Nissan Intelligent Factory in Tochigi. We have a battery plant in Japan. We are already the moment a customer is moving forward. I think your second question was. Sorry. Raw material. Oh, about the raw material. Wow. Thanks. Thank you. You saw that, with respect to the last year, we had the raw material hit, and I think every automotive manufacturer has the raw material hit. Let me say that how we manage the raw material. At first, raw material belongs to the alliance purchasing organization, which means we have economy of scale, where the Renault, Nissan, and Mitsubishi have the contracts with the raw material suppliers. I think at first because we have a predictive buying as three companies, we have a benefit over there. That's the first thing. The second thing is being monozukuri very strong in our company. First thing we do is to reduce the consumption of the raw material. Especially in 2021, what we did is to reduce the consumption of the precious metals because the rhodium, the platinum, these costs were going high. That's why we reduced those with the latest technologies we have on the emission. Third is, obviously we are in the market. We don't want to increase the price for just the sake of the raw material price increase. As I have explained before, we create the value and then customer is willing to pay, and that helps us in offsetting some of the raw material cost which we have. This is what exactly we did before. Passing on the raw material price to the customer is the last option, and it must be in line with what customer is willing to pay is our strategy for the raw material pricing. Okay, thank you. Okay, moving on to the next question. Wall Street Journal, Sean, please go ahead. Thanks. Hey, Ashwani and Steve. I'm wondering if you guys could give me a bit more on how you feel you're doing on your recovery process. I mean, Ashwani, you gave us some numbers showing that you're beating a declining market by a few percentage points, but that isn't the direction you guys want to be going, right? You wanna be doing better than that, I presume. When is the growth period coming? I mean, when are you guys gonna start turning that, you know, sort of the cost savings into a rebound of the growth? Because you're well below your numbers from a couple years ago. I mean, how much longer do you think it's gonna take? The second question in sort of more immediate industry situation, when do you guys at the alliance, and Nissan in particular, see the semiconductor problem resolving itself? When is that problem gonna go away for you? Thank you. Thank you, Sean. I think both the questions are interlinked to each other. I think two years before, we were answering the question, how you will improve the sales in United States. I think two years after, the question is totally different. How many we can produce. Our problem is not how many we want to sell, our problem is how many we can produce. We are already in the growth period if we look at the market. Everywhere we are gaining the segment share, and everywhere we are gaining the market share. Now more and more semiconductors we get, more and more growth we will have. That's what we can answer to you today. As I said, we were anticipating 4.4 million. We are only at 3.8 million. In 2022, our business plan will be driven by how many cars we can make rather than how many cars we want to sell. I think then it answers to your second question. We have taken a lot of measures, actions, with our suppliers in a very collaborative way, which means giving them a very accurate forecast for one year, two years, three years, having a digitalization in the supply chain and so on. Now we are living in a new normal. New normal means our production plan is flexible, which is working on weekly basis and not on the quarterly basis. which means we have learned how to live a new normal, and we will live a new normal. Now, whether semiconductor problem will go away tomorrow morning, I don't think so. Even if we fix the automotive supply chain for semiconductors, but we have to understand that non-automotive supply chain, who is controlling in terms of what is the market size? What is the customer trend? How many semiconductors will be needed in the non-automotive industry? I don't think as far as I am concerned that I have seen any structured process of estimating ten years' demand for semiconductors on non-automotive industry. Whereas on automotive industry, we have a structured process that this is the population, this is the GDP, that's why the TIV will go from 80 million to 90 million to 100 million. Still we have some kind of mechanism to do that. I think there is a high need that automotive and non-automotive markets, they come together and start predicting what will be the real demand in the future and aligning ourselves. Hope it answers your question, Sean. Thank you. Okay, thank you very much for the exchange. Moving on to Asahi Shimbun, Kamiyama San, please. Kamiyama San? Yes, this is Kamiyama speaking. Do you hear me? Yes, we do. Go ahead. Yes. I have a couple of questions. This is related to the earlier question which has raw material price hike. Other car makers like foreign manufacturers, they are pricing the raw material price hike, and many products are increasing its prices. As of today, do you have no intention to price the raw material price hike on the product prices? Omicron variant, because of the spread of COVID-19, how does it affect your operation? In Omicron, a number of people who are infected are large, so there are increasing number of companies suspending the operations, and this may affect the production operation or even suspend the production operation. This is highly risky. What will be the impact on the vehicle production? How are you going to minimize this risk? Are you taking any actions? What's your policy around this? Thank you. I think for raw material, I answered in the previous question, but maybe it's a great opportunity to ask question. Maybe Stephen Ma, if you can share your views on raw material, how we are managing raw material in our company. Yes. Kamiyama-san, thank you for the question. As Ashwani mentioned, raw material prices has been going up. For some precious metal, it has peaked and come down slightly. For the critical raw material for us, which is steel and aluminum, it still keep going up. What we've been trying to do, as we mentioned earlier, we're trying to be making sure that we are taking advantage of our motor circuit strength and our engineering and being more efficient or use better materials or use a trade-off to make sure we have minimizing the cost impact. Financially, obviously, we try to buy as much as possible lower prices and also do some minimal or some hedging to some extent to cover our cost. On the pricing side, as mentioned also by Ashwani, what we want to do is not to simply pass the price to customer. It's the last resort. We want the customer to really recognize the value of all the good things and great technology we put in our cars. I think already in all our markets, we have demonstrated and proven this point. We keep showing every quarter the revenue up, for the new models. This is right now including all the costs and everything that we already have, in our producing these vehicles. I think, the customer clearly accepting the value proposition that we have in the car. If we can continue like this, I think as a company compared to others, we are more competitive, in my opinion, than just simply passing the price. Yeah. Thank you, Stephen. Regarding your second question, yes, Omicron is spreading. As I said, for us, safety first. We take relevant actions, all the precautions, and we have included all the risk which we have on it. Of course, the risk which we anticipate. That's why, I think you would have calculated that the quarter four retail sales is less than quarter three retail sales, because we have incorporated all these kind of measures which we are taking for the safety of the people, but on the other side, the continuity of the business. Hope it answers your question. Thank you. Okay, thank you very much. Okay, we are running out of time, so we will take two more people to ask questions. The first one, Automotive News. Hans, it's yours. Thank you. Hi there. Hans Greimel from Automotive News. Thanks for calling on me today. I just wanted to ask your opinions, Mr. Gupta and Mr. Ma about the operating profit breakdown for the third quarter by region. I'm looking at the North American figures in particular. North America seems to come in very strong. I'm wondering if you can maybe dissect that and tell us a little bit about what is contributing to the huge increase in North America, and what is the significance of North America as a profit driver this time around. A second question would be this: how does Infiniti play into your 2030 vision at this point? We didn't hear much about the electrification plans for Infiniti. It makes me wonder how committed the company is to the brand in the long term. Can you give us any kinds of evidence or tips or insights into what your electrification plan is for Infiniti so that we can have confidence of your commitment to the brand? Thank you. Thank you, Hans. I think I will request Stephen for the details of the profitability. Before that, if you look at United States business, first, a big picture. We always have been saying five things that we wanted to do in U.S. to turn around the business. The first one was driven by the product. The product means we will renew the product starting from Frontier, from Rogue, from Sentra, from Pathfinder. By end of this year, in FY 2022, 75% of the U.S. product lineup will be renewed. That's the first thing which we said, and we have done it. The second thing which we said was focusing on quality of sales and changing our sales strategy from push to pull and changing the culture from volume to value. This is what we have demonstrated. As a result, we are getting better net revenue per unit, and it gets into the profitability not only of us, but also of dealers, which means the dealer engagement has been very strong when it comes to United States. In the last 15 years, this is the first time when Nissan is the first Asian mass market brand in United States. In 15 years, Nissan is the first Asian brand and is among the top five global brands in United States, which represents that through product and through our quality of sales, we are building up our brand in United States. The new activities which we have launched, first for example, Buy@Home, especially during the pandemic, more than 680 dealers are fully engaged in this platform. Which is not to save the cost, which is to improve our selling operations, which is to improve our customer conversion rate in that. The fourth point we talked about sales finance. 60% of the U.S. cars are now sales financed through our Nissan NMAC. Last but not the least, we talked about fixed cost. We reallocated the models in Smyrna and Canton based on sedan and SUVs, and we reduced our fixed cost. These five actions, and in addition, the governance which we put with the new leadership team, helped United States to turn around the operations and get into the growth part. Maybe Stephen, you can mention how this increase in net revenue per unit is impacting the PNL, not only for U.S., but also globally. No, I think, Ashwani, you gave a very comprehensive answer. Obviously on the business transformation side, we've done everything product, the way we do business, focusing on value proposition, focus on the margin instead of just market share. All the good things that leads to a virtuous cycle and is permeating through the whole company. As mentioned, is becoming creating a virtuous cycle, including sales finance. More importantly, in addition to the business transformation, the cultural transformation of our whole team at North America is fantastic. I think everybody's focusing on delivering the right product, right service to the customer. It's much more customer focused, and we're making sure we're doing things for the mid- and long-term, not just simply for short-term gains, which was a huge departure from the past. Now for the detail breakdown, I think you see in appendix some of the numbers for North America. Volume is down, but I think you can see also the mix is a huge positive improvement, as well as selling expense is contributing quite a bit. On top of that, of course, with the weaker yen, the profit we make in the U.S. translating to more yen in mother company here in Japan. It's all adding up and it's helping us quite a bit. Right now with the new product that we have launched and with the new one coming out, we have very, very strong momentum. I'm hoping that we can get more semiconductors. As Ashwani mentioned, it's not a matter of demand or if we can sell, it's a matter of how much we can produce. Hopefully that answered your question. If you need more financial detail, I can provide separately a little bit more. Yeah, I think that's for Infiniti, Hans. Infiniti is included in our Ambition 2030. As Nissan Motor Company as a company, we will move forward towards the natural shift to electrification. Infiniti will be part of it. We will be sharing the details with you soon. In addition, the progress which you see on Infiniti in United States with the launch of new models is exactly doing the right thing, same as the Nissan brand is doing. For electrification, please wait, but Infiniti is part of the electrification strategy. Right. Okay, thank you very much. Very last person who will be asking the question, Toyo Keizai, Yokoyama-san, please go ahead with your question. Yes, this is Yokoyama. Do you hear me? Yes, we do. Go ahead. Yes, I have two questions. The first question is about supplier-related question. Your performance is picking up, I understand. But when it comes to sales incentives, are reduced and new cars are contributing largely to the profit, but this is not contributing to suppliers' results. The production is volatile, so loss costs at suppliers may be increasing, and they are facing difficulties. How do you assess the suppliers' performance today? As a car maker, are you thinking about providing support to the suppliers? This is the first question. The second question is of Tesla. Last month, Tesla provided the information of full year financial, more than 10% operating profit and 900,000 units or more of sales volume. As an EV pioneer, I think you are a pioneer of EV. By looking at the performance of Tesla, how do you assess it? What's your personal perception, Gupta-san? That's my second question. Thank you. That's a great question. Thank you. At first, for the supplier relationship, we have changed the way we work with our suppliers, from cost negotiation to cost discovery. Our monozukuri teams are working with suppliers hand in hand, to make more and more cost improvements through the design activities, engineering activities, and so on. It's also public that the relationship score between suppliers and Nissan, especially in North America, has moved up in one year since we changed this culture. I must say still a long way to go, but we are working together towards the Ambition 2030. I personally have requested the Nissan key suppliers to prepare their financial plan, focusing on more business growth driven by innovation, driven by not volume, but driven by value. This is where we would like to take the relationship as we did dealer relationship. Now we are working on supplier relationship to take it to the next level. We are aware of the challenges our suppliers are facing because of the semiconductor crisis. We don't want to do something specific, but we are working very closely with them to support the business continuity. Now on the Tesla, as I always say, the great thing about Tesla is they have created the awareness among the people. In 2010, when Nissan was pioneer and launch the first battery electric LEAF, customer didn't exist, market didn't exist, infrastructure didn't exist. No government asked for it. There was no environmental regulation which was forcing us to launch battery EV. We did it because we wanted to demonstrate our innovation by putting it on the road. There was lack of awareness, and the electric market didn't grow from 2010 till recently. I think the entrance of Tesla created much more awareness, which is not only helping Tesla, but also helping us. And this is where I always appreciate and thanks to Tesla for creating that awareness. Having said that, competition always teaches something. On the other side, we should not forget that Nissan, if we sell 5 million cars every year, but this year, because of semiconductors, we do not, and if the average car period is like 5 years, so let's say we have 25 million Nissan customers who bought Nissan because they love Nissan. Our target is not to say we will sell 900,000 or 1 million EVs. Our target is how we give the accessibility of electrification to our more than 20 million Nissan lovers who are riding today or driving Nissan ICE cars. That's why Nissan decided to be once again pioneer for the kei EV in Japan, which is 40% of the Japanese market. Hope it answers your question. Thank you. Right. Okay, thank you very much. With this, we would like to close the session on the announcement of the financial results for the third quarter of fiscal year 2021. Thank you for joining the session. Good day.