Good evening, everyone. Welcome to Nissan's Third Quarter Financial Results for F iscal Year 2025. I'm Lavanya Wadgaonkar from Nissan Global Communications, and I'll be hosting today's session. Today, the session will run for 45 minutes. We're meeting here on-site, and the session is also being live-streamed. Let me start with the introduction of our speakers. Ivan Espinosa, Chief Executive Officer; Jérémie Papin, Chief Financial Officer. I will now hand over to Ivan to begin the session. Ivan? Thank you, Lavanya, and, good afternoon, everyone. Thank you for being with us today. This has been a quarter of tangible progress in our operations and in advancing Re:Nissan, thanks to the sustained efforts of our employees and the strong support of our partners during this demanding period. Today, Jérémie will begin the session with the details of our financial performance and the latest outlook for the full year, and then I will update on the progress of Re:Nissan recovery plan. After that, we will be taking your questions. Jérémie? Thank you, Ivan. Good afternoon, everyone. Like Ivan said, this is a quarter where Nissan's determination has truly shone through, with teams across the company pushing forward with resilience. I will begin with our sales performance. For the nine months to December thirty-first, Nissan sold 2.26 million units, down by 5.8% year-on-year, and excluding China, the decline was 5.2%. In the latest 3-month period, we saw a slowing rate of decline, with unit sales down by a more modest 2.9%. North America stayed steady, with sales up 1% over the nine months and flat in the last quarter. However, our US for US strategy, sharper incentives, and stronger dealer engagement pushed pure retail volume up and kept profitability tight. Retail sales rose 3% year-on-year, with Q3 retail share up 80 basis points, powered by our US-built lineup of Pathfinders, Frontiers, Rogues, and QX60s. In China, sales were down by 8% over the nine months. However, in the most recent quarter, we saw a strong rebound of 12.7%, driven by increased demand for the N7. Our sales in China have now been growing year-on-year since June 2025. Japan remained challenging, with year-to-date sales down by 17.7%, and Europe is also soft, posting a 9% decline. Across other regions, sales were down 7.6%. Even though our overall sales performance is negative, we are mitigating the impact of tariffs, like in the US, where we are strengthening dealer engagement and increasing pure retail volume. Our negative year-on-year sales performance is partly driven by changes in our car flow as we had to adjust to the new tariff conditions. The new models we have launched are resonating well with customers worldwide, even as we continue the broader renewal of our lineup. Turning to our financial performance, for the nine months, net revenue declined to JPY 8.58 trillion, reflecting lower unit sales. However, our operating loss of JPY 10.1 billion represent an improvement from the first half as the benefits of Re:Nissan cost actions begin to come through. Our net loss was JPY 250 billion, largely reflecting non-cash asset impairments and restructuring costs taken so far. We maintained disciplined capital allocation, with CapEx at JPY 349 billion and R&D at JPY 412 billion, as we eliminated non-essential investments, prioritized key programs, and saw accelerated development benefits flow into an R&D cost. In the automotive business, net revenue was JPY 7.6 trillion. Our operating loss was JPY 234 billion, and we recorded a negative free cash flow of JPY 691 billion. At the end of the period, net cash stood at JPY 958 billion. We continue to retain strong liquidity, with JPY 2.15 trillion of automotive cash and cash equivalents on hand and JPY 2.58 trillion of unused committed credit lines. These liquidity levels are unchanged since March. This slide shows the year-on-year operating profit variance factors. Foreign exchange had a negative impact of JPY 52.2 billion, reflecting continued currency pressure. Raw materials provided a positive contribution year to date of JPY 9.3 billion. As in previous quarters, tariff remained the single largest headwind, with a total impact of JPY 232 billion. Weaker sales performance, despite an improvement in mix, contributed an JPY 11.8 billion negative impact on the operating profit. On the positive side, we delivered strong Monozukuri cost improvements, primarily driven efficiencies across manufacturing and R&D, as well as logistics optimization. This is an area where we continue to see strengthening sequential benefits inflationary pressures accounted for a further JPY 63 billion. We have enjoyed one-time gains of JPY 81 billion, of which the newly added item was a JPY 16.4 billion benefit from lower UK CAFE costs. Other items were JPY 84.4 billion positive, with efficiencies in sales, finance, remarketing, and G&A all contributing positively. Taken together, these factors resulted in an operating margin of 0.1% for the period. In addition to the nine-month result, it is important to note that the latest three-month period shows clear sequential improvement from the second quarter. We delivered a positive operating profit of JPY 17.5 billion, supported by gains in foreign exchange and raw materials, but mostly due to continued progress in Monozukuri cost efficiencies. While tariffs and softer volumes still weighed on performance, the quarter showed a slowing rate of decline in sales and an improving contribution from internal cost actions. These sequential gains in operating profit and operating efficiency demonstrate a stronger underlying trend, reinforced by Re:Nissan measures. Let me move to the outlook, where the stronger trends allow us to lift our forecast for the remainder of the year. I'll start with volume. Given the challenging sales in the first 9 months, we now expect global sales volume to come in at 3.2 million units for fiscal 2025. This represents a downward revision of 1.5% from our previous sales forecast. We maintain a positive view on delivering this outlook, grounded in the strength of our products, including new models, stakeholder recognition, and a more stabilized tariff environment. In the U.S., we continue to prioritize retail sales, which have grown month-over-month, and we expect further gains as brand perception strengthens. In Japan, we are executing highly targeted marketing investments to drive showroom traffic up. Additionally, in Q4, we anticipate good sales from the retention of a strong customer base. China market continues to be soft, but our focus remains on sales of our core models to meet customer demand. In line with the revised sales volume outlook, we are revising our production volume forecast to 2.9 million units. We now anticipate full-year revenue of JPY 11.9 trillion, an upward revision of JPY 200 billion from our previous outlook. Our forecast for consolidated operating loss is JPY 60 billion, reflecting strong progress we're making on fixed cost reduction under the Re:Nissan plan. Our net loss outlook of JPY 650 billion includes restructuring charges under Re:Nissan and potential additional restructuring and business alignment decisions that we may make in Q4. This projected net loss is predominantly the result of non-cash accounting changes. This assumes Forex rates of 149 yen to the dollar and 173 yen to the euro. Here is a brief walk through of the key drivers of operating performance. We expect a JPY 35 billion negative impact from currency for the full year. Raw materials are expected to have no impact year-over-year, but tariff cost will be a headwind of JPY 275 billion. Monozukuri savings of JPY 200 billion will offset inflationary pressures of JPY 95 billion. We also expect one-time gains of JPY 81.3 billion and JPY 33.9 billion positive contribution under other items. This captures the main financial trends shaping our performance. Fixed cost reductions are firmly in place and are already contributing. Variable cost efficiencies are showing early signs of improvement. We are strengthening the foundation and momentum is building. I will now hand it over to Ivan. Thank you, Jérémie. In summary, our results reflect a tough sales backdrop, but they also show that our decisive actions are stabilizing the business and setting the stage for recovery. In the U.S., our focus on retail and reduced reliance on fleet helped maintain performance, even as Japan and Europe faced weak demand and intense competition. At the same time, we are seeing encouraging early signs of recovery in China, where demand for our new energy vehicles continues to build, as well as strong customer response to Teana's advance in vehicle technology. Our product momentum for the rest of the year is positioned to contribute towards achieving our revised volume ambition, while we continue to manage the challenges in key markets. Financially, our performance has been better than expected. We have already reached fixed cost savings of JPY 160 billion, and we are confident to exceed JPY 200 billion in FY25. Disciplined working capital management is improving free cash flow, and net cash remains close to JPY 1 trillion, reinforcing our balance sheet strength. We delivered a JPY 17.5 billion operating profit in Q3, with disciplined cost savings covering a JPY 82 billion tariff impact and confirming improving operating trends. With Re:Nissan gaining momentum, we expect to limit our FY25 operating loss to JPY 60 billion and return free cash flow to positive in the second half. To reiterate, while our underlying operating performance is improving, allowing us to revise our outlook significantly for operating profit, our net loss outlook reflects mostly non-cash charges driven by restructuring we are undertaking to strengthen our long-term operating performance. Now, let me shift to Re:Nissan, the plan that is laying down the foundation for a stronger and more competitive Nissan. As you will recall, we are targeting JPY 15 billion of savings, split between variable and fixed cost savings. On the variable side, our identified ideas have increased to more than 5,100, with a potential to deliver savings of about JPY 240 billion. These ideas include more than 3,500 new technical efficiencies, alongside 740 manufacturing and logistics innovations, and hundreds of other proposals. We are moving from feasibility into implementation, staying on track with our target dates while we accelerate the delivery of cost reductions through continuous review of our development processes. On the fixed cost side, we have moved with speed and discipline. We have now announced consolidation of the 7 out of 7 vehicle production sites within 10 months of the Re:Nissan plan launch. Most recent one is the agreement to sell our manufacturing assets in South Africa to Chery South Africa. Our fixed cost savings have already reached JPY 160 billion ahead of plan, and we remain firmly on track to surpass JPY 250 billion by Fiscal Year 2026. This progress reflects decisive actions across outsourcing, more efficient use of marketing funds, expanded shared services, and disciplined expense management. As for engineering cost per hour reduction, we have delivered 15% so far, and we are progressing solidly towards the goal of 20%, reflecting faster development cycles and stronger efficiency across our global engineering footprint. We are advancing as well workforce resizing responsibly, ensuring the process remains disciplined and thoughtful. Re:Nissan is also about repositioning Nissan for the future, and our latest product launches show that the market is responding. Our product momentum is accelerating with good acknowledgement for the newly launched models. In Japan, the LEAF has received around 5,000 orders. This icon of ours has been widely acknowledged with major industry awards globally, a clear sign of customer trust returning to the brand. Roox continues to resonate strongly with more than forty thousand orders, supported by recognition from design and industry juries. In the U.S., Sentra retail sales rose by 30% year-on-year in January, demonstrating renewed relevance in one of the most competitive segments. And in China, the Teana have reached 10,000 orders in its first month, reflecting strong acceptance from customers and media alike. These results highlight real market traction and give us confidence that the next phase of Re:Nissan is already established. Looking ahead, our product lineup is giving us increasing lift. We are now entering the next wave of launches with models that bring both innovation and strong customer appeal in key segments. In December, we launched the new Frontier PRO-4X and the N6 plug-in hybrids in China, one of the most competitive markets in the world. We will start exporting Frontier PRO-4X to key markets soon. In the coming months, we are rolling out several strategic products: the Magnite in India, the Infiniti QX65, and the new Navara pickup in Australia. By prioritizing these great models, we are laying the foundation for future growth and positioning Nissan to compete more effectively across global markets. Before we take your questions, let me reiterate: Nissan is on the right track to recovery. We remain firmly committed to financial discipline as we accelerate the introduction of breakthrough products and technologies, and we are taking the necessary steps decisively and consistently to deliver a sustained recovery and set up the next chapter of Nissan. Thank you very much. Thank you, Ivan. We'll now open the floor for Q&A. Please raise your hand if you have a question, and our team will come to you. To help us manage the time, we request you to limit the questions to two per person. So may I see the hands up? Already see the gentleman over there. Toyo Keizai, Hatano speaking. I have two questions. The first question is about the full year guidance. So far, you haven't disclosed it, but JPY 650 billion of net loss is what you are expecting for the year. For two years in a row, you have JPY 600 billion worth of losses. Why? Non-cash restructuring expense, what's the breakdown here? In the next three months, JPY 400 billion of net loss will be generated. What is the EV-related asset? Is this included here? And today, utilization rate is declining in Tochigi Plant. Does this include impairment, potential impairment in Tochigi? Did you clean up all the bad news with this year, with this number? Yeah, good, good evening. Thank you for the question. As you know, we are systematically and continuously reviewing the performance of the business, and the cost of any recovery and stabilization of the business. Today we're providing you with an estimate. I don't think I can provide you with the details of that estimate. Obviously, the estimate comprises what we've already indicated to you, which are decisions that we have made under the Re:Nissan plan and further decisions that are being made, potentially, before the end of the fiscal year. As well as revisiting the business conditions for various assets. And I don't, I don't want to go beyond making those comments today, and, and, you know, disclosing a guidance of a net loss of JPY 650 billion. What I do want to insist on is the fact that the very vast majority of those costs are going to be accounting charges with no cash component attached to it. Next question, please, to the gentleman with blue shirt. Kanagawa Shimbun, Kanagawa Shimbun, Sato is speaking. Thank you for the presentation. Re:Nissan, 7 plants rationalization is all decided, and 20,000 people reduction. Where are you today with this? This is related to the previous question, by the way. Out of the net loss, what is the ratio here, to the extent that you can disclose about the headcount reduction? Thank you. We don't disclose details on the workforce reduction, but what I can tell you is that we are moving swiftly with responsibility and taking care of the actions that we have to follow. So we are a bit ahead of the schedule on terms of a workforce reduction, but we are not sharing the breakdown. Again, it's about thoughtfulness and responsibility, the way we are managing these adjustments on the workforce. Thank you for the question. Thank you. Next question, please. Can you come to this side? To the gentleman in the middle. Yes, The Yomiuri Shimbun. My name is Takamura. Thank you for the presentation. Let me reiterate, JPY 650 billion of net loss, out of which you cannot give all the breakdown, I understand, but restructuring charges is how much? What's the order of magnitude of restructuring charges? Just to give me a rough image here out of the JPY 650 billion. And the second question, Honda's business integration talks with Honda, this broke off, and it has been one year since then, tomorrow. So where are you with Honda in terms of progress? Maybe you cannot answer this question if I'm asking for the progress with potential partnership with Honda. Let me reiterate, today, auto industry is facing a lot of changes, and it's very difficult to survive or compete effectively alone. So the criticality of collaboration with Honda, what are the priority areas? What are the things that you would like to focus? What is the vision by which you are discussing with Honda in pursuing the collaboration? What is the approach or a vision in which you are discussing about the potential partnership or collaboration with Honda? Thank you for the question, Takamura-san. Let me start with the second question, and then I will let Jérémie address your first question. So, as for the discussions with Honda, we keep a very open and collaborative spirit. We both, I think, recognize the challenges that the industry is facing, and more so both being Japanese companies, I think we need to find common footing and common ground where we can collaborate. With that said, I will just repeat what we have said last time. We are focusing on finding projects that bring win-win to both companies, and the latest discussions are mostly focused around the U.S. and how we can collaborate in North America, given the difficult environment that we have with tariffs and the fact that we can both support each other in these hard circumstances. So this is as far as I can go in terms of the details of discussion with Honda. But as I said, the discussion is very constructive and very positive. Yeah. Thank you. So, Jeremy, if you will. Yeah. Thanks. What I can share with you is that after 9 months and the components of the JPY 250 billion net loss, I think you could. We have booked about JPY 60 billion in impairments, and we have booked about JPY 100 billion in Re:Nissan items. And on top of that, we have obviously also executed on the sell and leaseback of the global headquarters, which has reduced the total amount. But those are the two numbers that you can use as a reference for what's in the 250 net loss year to date. And again, I don't want to speculate on the full year outlook. We are obviously going through all the processes of the company in order to provide the estimate. Thank you. If you go to the gentleman there, middle row. Nikkei. Ochi, Nikkei. Let me speak in Japanese. First of all, I have two questions. Sales volume, full year estimate has been revised downward. So in comparison to the assumed volume, Mr. Espinosa, you aren't seeing growth in terms of sales volume. Do you think that there will be recovery in volume from 2026 onwards? Second question, China. Rare earth supply, dependency on China, there are concerns that there would be cut off. Have you actually met with realistic challenges? What do you, how do you evaluate the challenge going forward? Yeah, thank you for the question. Let me start with the second one. So, as for the rare earth and other supply challenges, at the moment, we don't see anything that will affect the landing of the year. We keep of course monitoring very closely because it's a very dynamic situation. We have the DRAM chips that we need to monitor closely because there seems to start being some shortages. But we are having very close communication with our suppliers to ensure the stability of the supply chain. At the moment, we don't see anything that is coming at us, but we are keeping a very close eye on it. Then as for the sales volume, I think the results are a bit mixed, as explained by J��r��mie in the presentation. When you take China, for example, China had a slow start in the first half of the calendar year. But once we started to launch the new products, we saw a recovery, and this is bringing growth, you know, since June up to the end of the year, we've seen growth year-over-year. You know, we have, I would say, a prudent view because the market softened in December and in January, yet the response to our products remains strong. In the U.S., we see that the strategy that we put in place to move from reliance on fleet and rentals and focusing more on the retail part of the business is working. So we keep, you know, pushing in this direction, pushing also in marketing more our U.S.-built products so that we can stay away from heavy tariffs. The strategy is working. We had a good month of January in the U.S., so our share was remarkably strong, and we continue pushing. Then we have Japan, which is a market that is the most difficult at the moment for us. As I shared with you before, part of it is because of what happened and all the corporate news we had, unfortunately, last year. This affected the traffic that we had from customers into the showroom and the trust in Nissan. But, from the Japan Mobility Show onwards, we start to see a recovery, which was the strategy. We started to communicate much more heavily on product and technology, leaving the restructuring news behind and focusing on what matters, which is product, which is a great car that we can build. And this is, this is working. We see the traffic coming at the showrooms recovering gradually. It's reaching levels at which we were one year ago, which is encouraging. Now, we have to convert this traffic into sales. The positive is we see the take, the order take of the new product that we have launched consistently growing, so the example of LEAF with 5,000 orders in January, and we are now rolling out the small battery LEAF, which will greatly help in boosting more the volume. And we have Roox, which has 40,000 orders, and we are rushing now to match those orders with the production so we can deliver the product. So, we will continue pushing. We will invest more in advertising in the Q4, you know, sustaining the good initial launch of those products in Japan, and we will continue doing so continuously, I mean, sustainably, and focusing our marketing efforts on bringing more traffic, hopefully spreading this traffic also to the minor changes of X-Trail and Serena that are also recently coming into the market. So that's the summary on the sales. Thank you. Thank you, Ivan. We go to the left side, the gentleman in the first row, first. Ah, [Foreign language]. Yes, thank you very much. Tokyo Shimbun, my name is Suzuki. Thank you for the opportunity. I have two questions. Earlier, it's related to what Yomiuri asked, collaboration with Honda, you are positively pursuing this. Once again, I think you will deny anything here, but capital tie-up or a deeper collaboration or deeper partnership, is this possible? Is there a possibility of having a capital tie-up or deeper collaboration with Honda? And you are building new products, that's what you are saying. But on the other hand, in Nissan, s ome people are saying that they don't find a car which they want to buy in the lineup. Well, you are accelerating the effort, but maybe you cannot make it on time for some of the models. Is there any thoughts that you can share with us on this front? Thank you, Suzuki-san. As I said before, we are always open to collaboration, yeah. Anything that brings value to Nissan, we will always be open to explore. Now, there is nothing concrete on capital discussions. We are working and discussing on projects, as I said, projects that are win-win and projects that bring value to Nissan and of course to Honda in return. Now, our model lineup, as I said before, I think this belief that there's no products that anybody wants to buy, we should gradually remove from our thinking because we have numbers saying a little bit different story, yeah. 40,000 orders of Roox, I think, is a good measure of the acceptance of our product. Same thing goes with the LEAF. You know, 5,000 orders in Japan, in one month, I think also speaks highly of the product being well-received. And also we've seen great response to the products that we showcased in October in the Japan Mobility Show, like Elgrand, and we will continue the rollout of products. We have Elgrand, we have Kicks, we have many other products coming in in the coming months that will help us bringing more traction in Japan. So the answer to your question is, yes, we have enough product. We have enough product to keep the momentum and to sustain a good response and turnaround in the sales performance in Japan. I don't know exactly what or how long it will take to recover, but the product is solid, and we have a very strong cadence of product coming out in the coming months. Yeah. Thank you for the question, Suzuki-san. Thank you. If we can go to the gentleman here. Yes, please. Thank you very much. Nikkei BP, Kurihara. I have one question. This was mentioned in another question previously, semiconductor supply. You said you'll monitor the situation, having some concerns, but specifically regarding procurement policy, have you changed anything in your procurement policy, or do you have any plans to change your procurement policy? Thank you. Well, I don't know if we will change the procurement policy, but here, the focus is to stabilize the supply chain. So we will source where we find competitive costs and ensuring stability of the supply chain, and we do that through our purchasing organization, having very close communication with our Tier 1 suppliers and supporting where we see the need. Sometimes it's done directly by the Tier 1, sometimes we can help connecting and finding suppliers that support stability in the supply chain. As I said, we don't foresee, at the moment, anything coming at us, but we keep a very close eye because it's a very volatile environment and we need to react accordingly. So we have dedicated, dedicated teams looking at this on a daily basis, ensuring that we have stability of supply. Yeah. Thank you. Thank you for the question. Thank you. Next question. If you come to the middle, to the front. Second person. May I? TV Tokyo, my name is Abe. I have two questions. First off, for two years in a row, you have a JPY 600 billion level of net loss that you are going to generate. If that is the case, this means that this is a huge problem for you. Sales volume is low, and operating loss will be generated. If so, is there something wrong with the top management, Ivan-san? How do you see or evaluate your performance so far, including how you assume the responsibility for this performance? And the second one, is it standalone alliance expansion? That's what you are discussing to survive. Stakeholders, especially the main bank, I understand, wants the alliance to be stronger, including the potential business integration. They want you to expand the collaboration or partnerships. Which direction are you going to pursue from the financial aspect? Maybe I want Mr. Jérémie to express his opinion as well. That's all. Thank you. Let me start by the first question. From the beginning, we said that this year was a year of restructuring, and when you do a restructuring, unfortunately, there are costs that are incurred and impairments that are incurred. So it's unfortunate that we have a net loss this year, but in a way, it is expected. This is what we were set to do. We had to reset the clock of a company, and this is what we're doing with the plan. I think it's remarkable to, to recognize from the teams the discipline and the dedication that they have put moving the company from where we were to where we are in the Q3. I want to remind you and everyone that the Q3 was a positive OP, even paying more than JPY 80 billion of tariffs. So Q3 standalone operating performance was good. Is it good enough? No. We need to continue working, and we need to do more, and we need to do it faster. But I think what is important is that we recognize that the plan is on track, and we're doing exactly what we said we will be doing, and the results are showing. So this is what it comes to to the first question. Then, as for the alliance and partnerships, as I said, we will always be open to find and collaborate with partners in any space, so as long that they bring value to Nissan, and they help us protect the future of our company, and they help us have a stable future. This is the approach, and everyone in the management has the same mindset. So you can ask J��r��mie his point of view from finance, or you can ask, Takashi-san in engineering, or you can ask Hirata-san in manufacturing. We all have the same thinking. The thinking is: How do we protect Nissan for the future? In a very harsh and difficult environment, you need to remain open and thinking of how you collaborate and leverage other companies' strengths. So we will continue with this philosophy and, moving forward, in this difficult environment. Yeah. I don't know if you want to complement, J��r��mie. Not much to add, but synergies are important in this industry, and so, again, any cooperation or partnership that can yield synergies fast, lower entry tickets, and higher economies of scale will always be welcomed. Thank you, Abe-san. Go to the next question, to the gentleman behind. Hatanaka, Nippon Broadcasting System. Thank you very much for this opportunity here. Japanese and non-Japanese OEMs, especially North America, the introduction of EV timing, they have revised the strategy for EV. Nissan, are you going to revise the EV strategy going forward, just like the North American entities? Will this affect Re:Nissan or the organizer Nissan? I think revival of the company is a top priority. What do you say about this? Thank you for the question, and we are, of course, focusing on what the customers are expecting to get. And we see a very strong shift, particularly in North America, to hybrids, and this is why we decided to anticipate our Rogue hybrid e-POWER. So it's coming to market earlier than we originally planned. We are leveraging on an accelerated development schedule. I've shared this news with you, the fact that we are now operating with a quicker schedule for development. That is helping us adjusting our portfolio planning with more freedom, and at the same time, is showing in the savings that you saw today in the financials. So we will continue adapting to the market and bringing what the customers are expecting. The good thing about Nissan is we have the technology on the shelf. So we have a hybrid e-POWER, we have very competent and competitive ICE powertrains, and we have also EV technology. So we can adjust and pivot depending on what the markets are looking like. And for the moment, given the policy changes in North America, it's moving to hybrid, and as I said, we are going to bring very quickly a very competitive e-POWER system to North America. Thank you. Thank you for the question. Thank you. If I come to the gentleman in the front row. NHK, Yasunaga, NHK. Thank you for this opportunity. I have two questions. First, Oppama Plant, what about the after-use? Do you have any progress you can report to? Specifically, what are the conversations you are having? To the extent you can disclose, please share us information. Secondly, this was already touched upon, but North America EV decline of demand, and in Europe, with the policy change, impairment cost has been incurred. So because of these factors, do you foresee negative factors to your performance, and what kind of negative factors are you expecting, and what's your response? Thank you. Thank you. Regarding the use of Oppama, a s I mentioned before, and I'm sorry that I'm not giving you clarity, but the focus for the moment continues to be the employees and making sure that we have a smooth transition of the employees to the new activities and new options that we're providing them. So we continue to do that with a lot of responsibility and thoughtfulness, as I explained before, and this continues to be the focus. So once that is set, we will then start engaging into what comes for the usage of Oppama later on. So this is what I can tell you on Oppama. Then on the EV, as I mentioned before, I think the same applies to Europe. On the positive side, we have an e-POWER third generation Qashqai there. The performance is good. We continue to grow steadily. The recognition of the system is very strong. So we have that to help us coping through this period of instability. We will also be launching the LEAF quite soon, the LEAF EV. So again, we have a product that has enough variety to cope with customer demands in the market, and we will continue providing very attractive product to them. Yeah, thank you for the question. Thank you. We have time for one last question, if you can give it to the gentleman here. Daniel Leussink from Reuters. My question is related to the plan that was floated previously about exporting cars from China. Could you give us an update on the status of the plan and the models that you are exporting or looking at exporting, and yeah, how that's going, and what regions are you looking at? Thank you. Thank you. Well, it's going according to our plan, so we're moving very quickly, Daniel. And I think the beauty of what we have in China is that we have access to what other Chinese manufacturers have, which is the speed, the technology, and the costs, and we are going to use this to defend ourselves outside of China. You can imagine that we will bring these products where we are aggressively being, you know, attacked by Chinese competitors. So think of the Middle East, think of the southern hemisphere of the world. And the good thing also is we have several products on the shop. So we have Frontier PRO-4X, which we mentioned earlier today, which is a wonderful plug-in hybrid pickup that will help us cover many of the markets in which today we sell our pickup and help us complement the range. We have also EVs, like the N7, and we have plug-in hybrids, like the N6, and we have other products as well. We have also ICE products that we could potentially export if we see the fit. Now, the important thing is to have a very robust complementation of our existing lineup. So we're doing this quickly, but we're doing it also orderly, so that we don't create an issue in the logic of our great wall and showroom logic, and make sure that customers don't get confused. So this is what, what we're doing, and very soon you will start seeing some of these products coming out of China. Yeah. Thank you. I think I can fit in one short question, just one more. Please go to the gentleman. Yes. [Foreign language]. Journalist Momota is speaking. EV resale value strategy is what I would like to hear about. One of the impediment of the EV penetration is resale value of EV. It's not only specific to Nissan, JAMA. Nissan will create a working team to protect the retail value, and the seven is popular in China, thank is this because of resale value strategy, which is working? So please tell me how you're going to implement, improve the resale value of EV. Yeah, I think it's a very broad question, but I think one of the things that we have to consider more and to start marketing more is the benefits that EVs bring beyond the car itself. On one end is the battery value. So batteries and reuse, the reuse of batteries will help in improving and increasing the resale value of EVs in the future. Second is, as more and more customers start using EVs also to complement the energy management at home, this will also increase the resale value of EVs beyond ICE, because it creates more value than a normal car. So these are the things that we need to continue discussing, and, as you said, it's not purely, a Nissan effort that has to happen, but there's an industry-wide effort that has to be, put in place to have clarity on certain regulations of, usage, of reusage of batteries. Have a, for example, a common collection, system of batteries will also help the industry and accelerate the adoption of EVs. So there's multiple things that we could think of, some of those, as you said, being discussed in the JAMA as, industry initiatives. Yeah. Thank you. Thank you for the question, Momota-san. That brings us to the end of the session. Once again, thank you for joining us today. If you have any further questions, Nissan communications team is available anytime to answer. Have a good day. Thank you.