Welcome everyone to the Nissan Financial Results for the first half of fiscal year 2023 media session. Today, thank you very much for joining us. Today's attendees are Mr. Makoto Uchida, CEO President, and CFO, Mr. Stephen Ma. Mr. Uchida, CEO, will start with the highlights of the first half. Mr. Uchida, over to you. Ladies and gentlemen, welcome to Nissan's first half results for the six-month period ending September 30th, 2023. Nissan's financial performance for the first half of this fiscal year improved significantly from the prior year. Net revenue increased 30%, operating profit was up 115%, and net income substantially increased. Since fiscal year 2020, we have been working on the Nissan NEXT Business Transformation Plan. The results of our continuous efforts are reflected in our business performance in the current fiscal year, which is the final year of the plan. Now, I would like to ask our CFO, Mr. Stephen Ma, to present the results for the period, second quarter, and the first half of the fiscal year. Later, I will talk about the outlook for the rest of the year and the status of our China business and insights into key steps we are taking. Stephen-san, the floor is yours. Thank you, Uchida-san. Hello, everyone. Before I begin, let me take a moment to express my gratitude to all Nissan stakeholders for your support. Looking at the volume in the first half, global retail sales increased by 3.3% year-over-year to 1.62 million units. However, excluding China, we achieved growth of over 23.4%, which was driven by all regions, with Japan, North America, and Europe exhibiting double-digit growth. The rapidly changing automotive market in China remains challenging, and retail sales decreased significantly by 34.3%. Global production volume increased by 4.5%, as we continue refilling the pipeline to serve customers worldwide. Excluding China, production increased 25.1%. Looking specifically at the second quarter, global retail sales increased by 11% year-over-year to 833,000 units. Excluding China, sales grew 26.5%. Production volume increased by 4.7% for the quarter. This slide shows our key financial performance indicators on both the equity basis and China joint venture proportional basis for the first half. On an equity basis, net revenue increased by 30% to JPY 6.06 trillion. Operating profit for the period increased to JPY 336.7 billion, with a very solid operating margin of 5.6%. Furthermore, approximately half of this increase was bolstered by the automotive segment, continuing to accelerate the profitable path and improving to JPY 168.8 billion in the operating profit for the half. Net income total JPY 296.2 billion. Free cash flow for the automotive business was a positive JPY 193.9 billion. Net cash for the automotive business came in at a healthy level of JPY 1.5 trillion, which ensures our financial flexibility while investing for the company's sustainable growth and providing the necessary levels to weather headwinds in this uncertain environment. On a proportional basis, which includes our China operation, net revenue rose to JPY 6.48 trillion from JPY 5.26 trillion last year. Operating profit was JPY 344.7 billion, representing an operating margin of 5.3%, with free cash flow for the automotive business reaching a positive JPY 161.6 billion, and net cash for the automotive business of JPY 1.81 trillion. As the financial results indicate, we continue to successfully implement the objectives set forth on the Nissan NEXT plan, and we are on the right track. Now, I will cover the performance of our key markets. In Japan, retail sales increased 10.7% to 228,000 units. Thanks to the launch of the new Serena e-POWER in April, total sales of Serena increased 62% for the half. Sakura continues to enjoy great customer acceptance and increased by 37.3% in the first half. Total electrification ratio improved 6 points to 54%. Furthermore, Nissan has been the number one EV seller for 13 consecutive years, and for the half, net revenue per unit increased by 14% from the prior year. Production volume increased 38.7% for the period due to improved supplies. In North America, retail sales and production volume increased by 39.2% and 35% respectively for the half. This growth was primarily driven by our top-selling models, the Rogue and Sentra in the U.S. Both the Mexico market and the INFINITI brand contributed to the overall sales volume growth in North America by each increasing over 50%. In addition, production volume in Mexico increased by over 60%. Our net revenue per unit in the U.S. increased by 3% year-over-year. In Europe, retail sales grew by 19.3%, and production volume increased by 19.4% for the half. Net revenue per unit increased 19% year-over-year. Thanks to the strong acceptance of Ariya, Juke Hybrid, X-Trail e-POWER, and Qashqai e-POWER, our electrification ratio increased 25 points to 37%. Furthermore, the LEAF was awarded Best Car for City Driver in the U.K. In China, in the first half, sales and production volumes continued to be significantly impacted in a difficult market environment. We actively managed the relative competitiveness of our products, and our retail sales totaled 359,000 vehicles for the January to June period. The Sylphy remained the top-selling model in the ICE segment. As China is reported on a calendar year basis, we saw that sales decreased 28.9% for the July to September period. The China market continues to face two major challenges: transaction prices for the industry continue to trend downward at accelerated pace, and the last three months, over nearly 70 new models from the traditional new automakers were launched in the market. In this period, we launched four new models. While the initial sales have been soft due to this high number of product launches, we are now seeing increased customer interest in our product. We will elaborate more in detail later. Let's have a look at the income statement for the six months ending September 30th, 2023, on an equity basis. Net revenue increased by JPY 1.4 trillion to JPY 6.06 trillion, and operating profit increased by JPY 180.1 billion to JPY 336.7 billion, representing operating margin of 5.6%. Non-operating income, which include equity method companies, totaled JPY 75.9 billion and improved by JPY 35.6 billion compared to the previous fiscal year. Extraordinary losses totaled JPY 36.3 billion, and as a result, net income increased to JPY 296.2 billion. This slide shows the variance factors from the first half of last year to this year. Foreign exchange had a positive impact of JPY 13.3 billion. The US dollar remains strong versus Japanese yen, but also offset by emerging market currencies. Raw material decreased mainly due to steel and aluminum, and contributed JPY 22.6 billion to our performance. Sales performance had a positive impact of JPY 272.8 billion, driven by strong volume and positive pricing, partially offset by the normalization of selling expense in the industry. Monozukuri costs had a negative impact of JPY 42 billion, mainly due to inflation and regulatory expenses. Other item had a total negative impact of JPY 86.6 billion, including a negative impact from sales finance, as net credit losses and used car pricing began to normalize. As a result, operating profit for the half improved to JPY 336 billion. I will now hand over to our CEO, Uchida-san. Thank you, Stephen. Let me talk about the volume outlook for 2023. We will maintain for the full year outlook in total industry volume, total global volumes of 3.7 million vehicles. The 3.7 million already reflects the revision of China outlook and confirmation of our solid performance in the other markets. Based on the solid performance reflected in first half results, we increased our financial outlook as follows: net revenue from JPY 12.6 trillion to JPY 13 trillion, operating profit of JPY 620 billion, which represents an operating profit margin of 4.8%, net income of JPY 390 billion. To summarize, we have achieved a solid financial result in the first half of the fiscal year 2023. We are firmly committed to the Nissan NEXT transformation plan in order to continue this recovery and deliver sustainable growth. Based on the results and our outlook for the year, we decided to resume the interim dividend at JPY 5 per share. We are maintaining the full year dividend of JPY 15 or more, while balancing financial flexibility, the necessary investments to ensure a sustainable growth, and securing solid levels of net cash to weather headwinds in this uncertain economic environment. Nissan aims to improve shareholder returns by further improving the company's performance and financial foundation. We remain committed to increasing shareholder value. Addressing the Chinese market continues to be a pressing challenge for us. Nissan has been operating in China for over 20 years and has proudly sold more than 50 million vehicles in this important market. We have many loyal customers in China and recognize the strategic importance of quickly providing them with high-value new energy vehicles at attractive prices, in addition to internal combustion engine vehicles, which continue to have a certain level of demand in the market. To this end, I explained that we will leverage our local assets across the full value chain to enhance the competitiveness of Nissan products back in July, when I presented the first quarter results. We are in the process of exploring every possible opportunity. Let me share three key initiatives that are crucial to make a breakthrough in the market. The first action is to enrich our new energy vehicle offer. We will launch four Nissan-branded new energy vehicles by 2026 to address this growing segment. All four models will be developed by our local R&D center in China, the team which Nissan has been nurturing over the years. The first model, a D-segment EV, is targeted to be launched in the second half of calendar year 2024. Three other models will follow, including Nissan's first-ever plug-in hybrid model. The second initiative is further utilization of our local design and engineering assets. Our joint venture partner plans to launch six JV new energy vehicles made in China for China by 2026. The first Venucia plug-in hybrid was launched in the first half of this year, and the battery EV was announced on November third. We aim to increase the sales volume by offering the various products in the new energy vehicle segment. The third one is that we will start export of Nissan vehicles from 2025. As the first step, we aim at 100,000 unit level. The four Nissan-branded new energy vehicles that I referred to are included in the potential products to be exported. We will announce the details, including the timing and destinations, at the right timing. I intend to implement these actions with speed in order to put our Chinese operation back on a growth track, which is facing challenges today. Let me reiterate that Nissan is leveraging its strength, including electrification and vehicle intelligence, to empower journey and society as we progress towards our goal of carbon neutrality. Many initiatives are underway across the world to realize Nissan Ambition 2030 long-term vision. In September, Nissan Design Europe celebrated its 20th anniversary. On the occasion, we announced that all new Nissan models in Europe will be 100% electric by 2030. Moreover, we are involved in the research project called evolvAD, that is intended to develop the latest autonomous drive technology capability in the U.K. as we hone our technological excellence. At the recent Japan Mobility Show, which ended last week, we have demonstrated the direction of our future mobility through 5 concept cars. Furthermore, this week, we announced our decision to invest up to BRL 2.8 billion in Brazil to produce two new SUVs, including all-new Kicks. As you can see, Nissan is taking many concrete steps around the globe. Yesterday, we announced the completion of our agreements framing the foundations of the new chapter of the alliance. With this, we enter a new era of collaboration. The completion of rebalancing will enhance Nissan's agility and contribute to new value creation and operational efficiency as we strive for Nissan Ambition 2030 long-term vision and our electrification strategy. Many projects are worked together between Renault and Nissan in order to translate them into the growth of each entity, which is very important in these circumstances today. Our next mid-term business plan, which we are now finalizing, will be a bridge to realization of this vision. Though we intended to announce this in autumn, due to the radical changes in the market environment in the recent month, we need to ensure that the plan is comprehensive and credible. Hence, we will present to you at an appropriate timing. Thank you for your attention. Thank you so much. Yes, we would like to start the Q&A. Please limit the number of questions to two per person. If you have a question, please raise your virtual hand on the Zoom system. We'll call on your name. Then once you are called, please unmute your microphone and put on your camera, and if you see yourself on the screen, please ask your question. Your face on the camera will also be projected on the people who are joining this session. Okay, starting with... Yes, NHK, Noguchi-san, please. NHK, Noguchi-san? Yes, this is Noguchi. Do you hear me? Yes, we do. Go ahead, Noguchi-san. Yes, hello. Yes, I have two questions. Starting with, Uchida-san, you talk about MTP announcement. Because of the changes in the market, you are going to put off the announcement to the later date. Why are you putting it off? Could you elaborate on the reason to the degree that you can disclose? Is there any visible timing for the announcement of the MTP? That's the first question. And the second question, your results. For this time of the year, revenue is record high, I believe. Your results are very strong indeed. So taking this into consideration, what's your thoughts around wage increase? The wage is not catching up with the commodity price increase. With regards to wage increase, what's your thoughts around it? That's my second question. Thank you. Yes, thank you for your question, Noguchi-san. Starting with the MTP, which we are finalizing. In order to realize the long-term vision, MTP is a important milestone and something that bridge to the long-term vision, because Nissan will continue the operations for longer. Not just by showing the next couple of years, the circumstances have been largely changing in the recent months. So in anticipating the future, we would like to develop a concrete plan, which we want to demonstrate. That is why feasibility of the plan, while the markets are changing, what can we do specifically to achieve MTP and beyond? That's what we want to demonstrate. And by doing so, rather than timing, contents matter. So clear strategy, which is concrete, and action plan for each market is what we want to summarize, and that is why we want to take more time. Therefore, we can show the numbers of MTP, but the question is how? How to make it happen. In each location, we see a lot of restrictions and changes in the business climate, so we want to show this is how we implement the electrification strategy or vehicle intelligence strategy. We want to concretely demonstrate this, and that is why we want to cover all the bases and be prepared. What's the timing? That's your question. Naturally, it's an MTP, so at the latest, it should be within this fiscal year. Once we are able to explain the contents, we want to show it to you. Thank you. The second question. So far, Nissan, in the talks with the labor union, we were talking about the impact on the living due to commodity prices hike, and we have been revising wages, and this policy remains as it is. While we monitor the situation going forward carefully, we would like to make the decision. Right. Okay, thank you so much. Moving on to next question. Uh, Nikkan- Nikkan Jidōsha Shimbun, Mizutori-san. Nikkan Jidosha, my name is Mizutori. Thank you for the opportunity. Do you hear me? Yes, we do. Okay, thank you. I have one question. In the first half, the production in Japan went up by 338.7% to 350,000 units. Semiconductor supply issue has been solved, so you are at the level before COVID-19 now. On the other hand, if you look at the retail volume, it increased by 10% to 220,000 units in Japan. Against the production volume, the increase rate seems to be limited. Why is it North America is strong? So you are shifting more volume to the exports, and that is why the production volume is rising, or is it the sales are weak in Japan? Could you elaborate, what's the visibility going forward, and what's the action that you are taking in Japan? That's my question. Yes, as you said, if we consider the Forex of today, exports to North America is increasing. That's a fact. But on the other hand, as I indicated, the sales in Japan, compared to TIV growth, we need to do more. I know, I admit this, because we grew by 10%. So in Japan, we can say that we are growing in Japan. On the other hand, the new cars that we launched, especially, there are many customers who are waiting for the delivery, and in these circumstances, logistics or, in some of the semiconductor products, it's very limited in number, but there is an impact in the supply. So we would like to focus on delivering the vehicles to the people who are waiting for our car. That's the top priority for us. And in do... After doing so, we would like to deliver the value the customers accept and increase our presence eventually. Thank you. Okay, thank you. Okay, moving on to the next question. Nikkei Shimbun, Uehara-san, please. Hello, I hope you can hear me. Yes, we can hear you. Please go ahead. Thank you very much. I have two questions. China business. First half numbers were released, and towards the second half, what are the measures that you are taking to achieve recovery? That's my first question. Secondly, in the second half, you have revised your outlook upwards. How much is that is, through exchange rate, yen cheapness, and, reduction of cost as well as mix, model mix? Thank you. Thank you. I was not able to hear your second question. Can you repeat your second question? Please go ahead. You haven't unmuted. Ah, I apologize. Upward revision, can you give us the breakdown? Yen depreciation, mix improvement, cost reduction, can you give us the breakdown? Thank you very much. I will ask, Stephen to respond to the second question. But, on your first question regarding the China market, in comparison to the past, things have calmed down, but, the emergence of new manufacturers and excessive price competition still continues, and as we explained, even if we look at the most recent three to four months, many new models have been launched, and therefore, most recently, the situation is still very much intense. That hasn't changed. We don't know how long this will last, but the four models we have launched, including the local Venucia model, month after month, the volume is increasing, and in this context, we have been able to deliver Nissan models to our customers. We will continue our efforts as such, and 3.7 million units, 800,000 for the China business. We will take every measure to achieve those targets. On the second question, Stephen, can you go ahead? Thank you for the question, Hassan. So we revised the guidance from JPY 550 billion to JPY 620 billion, increase of JPY 70 billion improvement. Forty of that improvement is FX. As you saw, Q2 yen rate on average was 145. For second half, we assume 140 yen to dollar for the remaining of second half. The second big factor improvement is raw material of JPY 10 billion as we see the prices coming down in the market. And lastly is about JPY 20 billion from various activities that we're doing in terms of performance in terms of quality of sales, volume, et cetera. So that adds up to JPY 70 billion. Does that answer your question? Does that answer your question? Moving on to the next question. So Toyo Keizai, Inoue-san, please go ahead with your question. Inoue-san, do you hear us? Are you connected? This is Inoue from Toyo Keizai. Do you hear me? Yes, go ahead with your question. Yes, I have two questions. In the second quarter, by segment, automotive segment and sales finance segment are on par. What's the full year outlook, and how much will the sales finance and auto segment will increase or grow or develop going forward? Next one is supplier support. What's your policy around it? So far, because of semiconductor issue and COVID-19, because of production decrease, suppliers with big business with Nissan are in difficulties. Going forward, in order to ensure stable supply of the parts, this will be a huge risk for you. So how are you going to support suppliers? What's your policy around it? Thank you very much. Okay, for supplier support, I will answer, and for the question about sales finance ratio, CFO Ma-san will explain how it will develop between sales finance and auto segment. Suppliers are important business partners for us, so we will continue. Well, they are affected economically in many aspects, and as far as possible, we are ready to deliver support. To be specific, including semiconductor sourcing and logistic costs and energy costs rise, this is continuing. So in these circumstances, we are delivering support so that we can overcome the challenges together. That's what we are doing today. But on the other hand, for the mid and long term, we need a more strategic way. Today, Nissan is building an MTP and beyond. So these contents of MTP and beyond will be shared with the major suppliers, so because this will impact their investments. So midterm perspective will be shared with the suppliers as a partner. That, that will be very important, especially markets are fragmenting, so we need to adapt to the specific circumstances in each region, and we need a midterm plan, which we need to share with, with transparency, with the suppliers, and that's how we are building MTP and beyond. This is very important. So auto segment and sales finance, please. Second question, Inoue-san. So you're right. In the first half, equity base profit, about half is auto segment profit, half is sales finance. The sales finance profit is pretty stable going to second half, so it doesn't change very much. It's a stable business. For the auto segment, it will come down slightly versus first half because we have some timing of the inflationary costs that come more in the second half, as well as we are seeing some increased incentive spending in most of our markets. So we are trying to maintain our relative competitiveness in the markets. So that's a general understanding, but of course, we are trying to make sure that we are continuously improving auto segment profit. Thank you. Okay, thank you so much. Moving on to the next question. Asahi Shimbun, Kondo-san, please. This is Kondo from Asahi. Thank you for the opportunity. Yes, go ahead. The first question is about U.S.... in the first half or for the rest of the year, the strong sales in U.S. will drive the performance going forward? In the inflationary circumstances, sales U.S.-sales in U.S., how do you evaluate the sales in U.S.? Compared to the past, sales in U.S., you have been enhancing quality of sales, so it slowed down, and it's now increasing, right? So for not limited to this fiscal year, but even beyond this year, can you maintain the impetus U.S., and how are you going to approach U.S.? That's the first question. And the second question, well, it's very difficult to talk about it maybe. You updated the China strategy, 100,000 level export of Nissan cars. If you export the cars, this means that other... The production entities in other locations may be impacted. That's what I imagine to happen. Globally, 5.4 million is the capacity that you have globally, but today, you are only selling only less than 4 million units. So global footprint in relation to Chinese strategy, how are you going to optimize the production volume? Are you trying to transform the structure of the production footprint? Thank you for your question. Export from China, especially what I described earlier, the four new four electrified vehicles, that is one key factor. So how does it impact other production entities? No. In other countries, there are a lot of backlog, people waiting for Nissan cars, so there are things that we can complement from China. So we'll look at global optimization. It doesn't mean that we are going to decrease the production in other locations while increasing the export from China. Having said that, does this mean that our global capacity is the right one or not? I think that's your question. On this point, in China, there are a lot of challenges that we are addressing. In order to optimize the fixed costs, including the Chinese joint venture, we would like to hold discussion and come up with the countermeasures. And the first one, North America, we have been enhancing quality of sales, and this will continue going forward. This policy remains unchanged. Having said that, North American TIV will grow. That's what, what we anticipate, but the incentives are rising. So for example, through sales finance, we use sales finance, for example, or we use incentives within Nissan network. We will use the incentives so that it helps us enhance the Nissan brand value. So we are not simply putting incentives like variable marketing expenses in cash. Rather than doing so, we will spend incentives that translate to a greater value of Nissan in North America. That's our approach. We have to say that North American users, household income, there are high household income earners and low-income earners. There's a division in the income level of the consumers. So we, including the affordable cars, we are discussing on how to make the supply effective, and we are trying to pursue the direction by which we can grow the volume eventually. Thank you so much. Yomiuri Newspaper, Mizuno-san, please go ahead. Mizuno-san, are you connected? Can you hear me? Yes, please go ahead. Thank you very much. I have two questions: China and MMC relationship. Those are my two questions. First, on China, introduction of new models, NEVs. Four models have been introduced. Can you give us more details? And the three initiatives, what is the status quo of the China's market, China market, and what is your outlook regarding the future recovery? Do you have any targets for the China market? And the three initiatives, will these be the final initiatives that you will be taking, or are you assuming additional measures in addition to the three initiatives? My second question is on MMC alliance with Renault. Rebalancing is one of the key factors. On the other hand, what about the relationship between Nissan and MMC? Mr. Uchida, how do you want to change the relation or not change the relation? What is your optimal view? Thank you very much. First of all, on your first question regarding China, as I said, 4 new NEV brands will be introduced. And, what is the backdrop? How can we speed up our operations to catch up with the market and offer products that match the preference of the Chinese markets? We have the development center that we have been upgrading, so using that as an asset, we want to provide products that are appropriate for the Chinese customers in a timeline that is appropriate for the Chinese market, and that is necessary if we are to seek growth. To date, we have been focusing on global, but as far as the Chinese market is concerned, we have to focus on the Chinese customers, especially for the electrified vehicles. So those are some of the decisions we have made. But is that enough to seek growth in consideration to the current status of China? This is the strategy for now, and the fixed cost that is appropriate for the current operations and the model lineup, product lineup we have today, we will continue to conduct internal discussions, and we are also consulting with our JV. 2023 will end in December, and as we make the business plan for 2024, eventually we will be able to give you more news. So this is not the end, and we will try to further optimize our operations in China. The China market will continue to see competition in the months and years ahead, so I think the key thing is to be well prepared. Your second question was on our relationship with Mitsubishi Motors. In our relations with Renault, in the midst of drastic changes in the business environment, just doing what we have been doing without change is not enough. So we have to continue to do the things that have brought us high performance and change what have not. So in the case of Renault, India or Latin America, these are some of the focal regions, and on project basis, we are seeking further growth in those focused regions. By the next time we talk to you, I think we will be able to give more news. And MMC, not just the K cars, but in various regions, we are discussing possible projects. So at the timing we give you more details on our midterm plan, we will probably be able to talk more about our relationship with Renault and with MMC. In the midst of this difficult business environment, there are things that one company alone cannot do. So by tapping on the strength of our very robust partners, we would like to seek growth for Nissan, for Renault, and for MMC. Thank you. Thank you so much. Okay, moving on to the next question. Nikkan Kogyo Shimbun, Nishibori-san, please. Yes, Nikkan Kogyo, my name is Nishibori. Talking about China, model introduction. Four models and Venucia brand models, you have a product plan. Besides the product launches, engineering footprint, talents, retrenchment, in order to make the business better, what are other actions that you are taking? That's my first question. And also, export from China is what you are planning to do. For China operation, what kind of impact do you expect on China business? Will it translate to better utilization rate? What's the expected outcome out of this exports from China? Could you elaborate? These are my two questions. Thank you for your questions. I talk about four models from export. This will contribute to Chinese business, and this will also contribute to the rest of the world. As I said, these four new energy vehicles will be engineered in China, and it's in the process of development. And by using this asset, we are going to supply it to other destinations. That's one. And today, in China, our utilization rate is very limited compared to the capacity, so this will also contribute to better utilization rate. Going back to the previous question, China, can we stay as it is? We, we are going to optimize what we can optimize. This is a key for our preparation. As I said, 800,000 units in China. In the past, we used to hit 1.2 or 1.3 million units, so we will optimize the fixed costs, which I'm going to address. We need to discuss with the partner to do so. When the timing comes, I would like to explain about this. Okay, thank you so much. Okay, we are running out of time, so this will be the final question. Magazine X, Shingyo-san, please. Hey, do you hear me, Magazine X? My name is Shingyo. Yes, go ahead. I saw the numbers, your results. You have increased the operating profit, and you made an upward revision on the full year guidance. Look, this is very impressive. If you look at other car makers around the globe, including the earnings capability, there are a lot of things that Nissan has to do going forward. Uchida-san, as Nissan develops in the future, what is the key? It can be abstract. What is the key for further development of Nissan? That's my question. Thank you so much. Yes, thank you for your question. Yes, this is related to the earlier questions. The business climate today is extremely challenging. Market is fragmenting, and the restrictions, regulations, customer needs are different among the markets. While things are changing largely, we can continue doing the business as we have done in order to grow ourselves. Therefore, the good things that we have built should be leveraged on, and we will change what should be changed. That's the courage and determination that we need to assume. Otherwise, it will be very difficult to grow and catch up with other car makers. We need to do more to do so. As I said, markets and customers in order to deliver the value that customers and market appreciate, we need to adapt to these changes. Adapting to the changes is a key factor, which means that we, myself, including the top executives, all the employees of Nissan. Because what we have done in the past, what we have done in the past used to be a Bible, so to speak. So we need the courage and strong determination to change this. That's what all the employees, including the top executives, should be determined to do. And this is about enriching people's lives, driving, while driving innovations. That's the mission that we have. So with this innovative attitude, we would like to deliver the corporate value of Nissan. That is the biggest key, and in the next MTP and beyond, I would like to show it clearly how we are going to do this. We need to spend time and do this tenaciously. This is very important. Thank you. Good luck. I'm supporting Nissan. Thank you! Okay, thank you so much. With this, we would like to conclude the session. Thank you for joining.