Thank you, everyone, for joining us despite your busy schedules. We will now like to begin Toyota Motor Corporation's FY 2022 second quarter financial results press briefing. Starting by introducing our presenters today, Chief Financial Officer Kenta Kon, Chief Communication Officer Jun Nagata. We'll now like to begin by having our CFO, Mr. Kon, explain about the financial results. Hello, everyone. Thank you for joining us today. I am Kenta Kon. We would like to express our heartfelt appreciation to all of our stakeholders, including customers around the world who chose us, as well as our shareholders, dealers, and suppliers who support us. We sincerely apologize for the inconvenience caused to our customers due to the recent production volume reduction. We are working to recover production as soon as possible. Thank you for your understanding. I would like to provide a summary of the second quarter of this fiscal year. The semiconductor shortage and spread of COVID-19 in some developing countries caused us to reduce our production volume globally. Our suppliers, plants, and dealers made great efforts to supply as many cars to our customers as possible. Our results for the first half of this fiscal year reflect our enhanced cost reduction activities and efforts to make more efficient use of fixed costs while enhancing the product appeal by making ever better cars and investing for growth. We have also benefited from the tightening supply and high demand in the new car market, as this has led to higher used car prices and allowed us to decrease the quantum of incentives. We believe these factors have made our results, in certain respects, to be robust beyond our underlying strength. Even though we have revised our operating income forecast upwards, excluding the impact of the depreciation of the yen, it would be, in substance, a downward revision due to increases in raw material costs. We will keep improving our operation to standardize what we have learned from COVID-19. In terms of our return to shareholders, the interim ordinary dividend is JPY 120 p er share, an increase of JPY 15 compared to the previous fiscal year. We have also decided to conduct a repurchase of up to JPY 100 billion of our common stock. Let me discuss our financial results for the first half, ended September 2021. Consolidated vehicle sales for the period was at 4,094,000 units, which was 103.2% of consolidated vehicle sales for the first half of the previous fiscal year. Toyota and Lexus brand vehicle sales was at 4,852,000 units, which was 121.0% of such sales for the first half of the previous fiscal year. The ratio of electrified vehicles was 27.7%. Consolidated financial results for the first half of this fiscal year were sales revenues of JPY 15,481.2 billion, operating income of JPY 1,757.4 billion, income before income taxes of JPY 2,144.0 billion, and net income of JPY 1,544.4 billion. I would like to explain the factors which impacted operating income year-on-year. First, the effects of foreign exchange rates increased operating income by JPY 255 billion. Second, cost reduction efforts decreased operating income by JPY 30 billion due to the impact of soaring material prices. Third, marketing efforts increased operating income by JPY 1,055 billion, largely due to the increase in sales volume and increased earnings in the financial services business. Finally, a reduction in expenses increased operating income by JPY 10 billion. As a result, excluding the overall impact of foreign exchange rates, swap valuation gains and losses, and other factors, operating income increased by JPY 1,035 billion year- on- year. Next, I will explain operating income for each region. As shown, operating income increased year- on- year in all regions, largely due to the increase in sales volume. As for our China business, the operating income of consolidated subsidiaries and our share of profit of investments accounted for using the equity method increased due to the impact of foreign exchange rates. Regarding financial services, operating income, excluding swap valuation gains and losses for the fiscal year, increased year- on- year, mainly due to the increase in the lending balance and margins. Next, I would like to explain our return to shareholders. Based on the business results for the first half of this fiscal year, we decided to pay an interim dividend of JPY 120 per share, an increase of JPY 15 compared to the previous fiscal year. We intend to continue to maintain and improve the consolidated dividend payout ratio over the mid to long term, as well as pay dividends stably and sustainably to reward our shareholders who hold our shares over the mid to long term. In addition, we will repurchase up to JPY 150 billion of our own shares for the current interim period, taking into consideration factors such as investments in growth areas and dividend levels. Next, I will explain the forecast for the fiscal year ending March 31st, 2022. Consolidated vehicle sales is expected to be 8.55 million units, which was 98.3% of the previous forecast. Regional sales breakdown is as stated in the presentation. As for Toyota and Lexus brand vehicle sales, we anticipate that vehicle sales will be 9.4 million units, which is 97.9% of the previous forecast. Next, let me explain the forecast for the full year consolidated financial performance. We have adapted forex rate assumptions for October onwards of JPY 110 per dollar and JPY 125 per euro, which makes the full year assumptions of JPY 110 per dollar and JPY 128 per euro. Based on this, our forecast for full year consolidated financial performance are sales revenues of JPY 30 trillion, operating income of JPY 2.8 trillion, income before income taxes of JPY 3.44 trillion, and net income of JPY 2.49 trillion. Next, I would like to explain the factors that impact operating income year-over-year compared to the previous forecast. The operating income forecast has been revised upward by JPY 300 billion from the previous forecast, taking into account the increase in operating income due to the revision of FX assumptions, reflecting the weaker yen and the decrease in operating income due to the increase in raw material costs. The factors that will impact operating income compared to the same period of this previous fiscal year are as shown in the presentation. Although we continue to face unpredictable conditions with regards to the stabilization of supply as well as issues such as the sharp rise in raw material costs, we will continue to work towards the future and establish the lessons learned from the COVID-19 crisis. Thank you for your attention. We'll now like to begin the Q&A session. If you have any questions, please press the raise hand button on your screen. When your name is called, then unmute your microphone and camera and begin with your question. Please allow us to limit you to two questions per person. Thank you for your cooperation. Mr. Katori from Yomiuri Shimbun, please. We will now be switching the screen, and when you see yourself on the screen, please start with your question. The screen of the questioner will only be seen shown to the presenters at TMC. Thank you for your understanding. We are now switching the screen. Mr. Katori, can you begin with your question? This is Katori speaking from Yomiuri Shimbun. I have two questions. First, for this ended first half performance, I'd like to hear your assessment and summary, especially the operating income. Maybe there has been some changes, but I do think that it's a record high from the past history. For the factors that contributed to that and also for the large vehicle size performing very well, the sales very well for new car sales, I'd like to hear about the factors that contributed. Especially, I'd like to ask about the production recovery plan. I think you've made a report about what your plans up to November. Up to December, are you? I think we hear that you'll be operating on the weekends as well, including Saturdays. Still, there is some impact from COVID. What kind of recovery plan do you have? That's my second question. Thank you, Mr. Katori, for your question. Your first question was about the assessment of the ended first half of this term, about what were the contributing factors. Your second question was about the production recovery plan after December. That is how I understood two questions. Am I correct? Yes. Both of those questions will be responded from our CFO, Mr. Kon. Thank you very much for your question. Regarding the first half second quarter results, the assessment, if we can look at the third page of the presentation material. Thank you. This is the summary. I'd like to make some additional comments on this, in addition to this page. As you can see on the very top, globally, production volume has declined globally. That is how we see the first half of this fiscal year. In this situation, our dealers, our suppliers, our plants, the plants worldwide, also the gemba or the operation sites, they have made great efforts to supply as much cars as possible to the customers without stopping the vehicle plants. If a vehicle plant stops, there will be a huge impact to our suppliers and stakeholders. Therefore, the people working at the operation site has wanted to avoid that situation and made strong efforts. That has contributed largely to our results. On the other hand, we are in fact having customers wait for the car delivery, so there are many challenges still that we have to work on. Also for the sales results, even though there was limitations in production, the sales side did not drop so significantly. Compared year- on- year, actually there was an increase. This is because the dealers, they have worked, made efforts to drop the level of inventory, also made efficient sales activities, also being able to work flexibly with the existing inventories. They have been working hard to capture the sales opportunities, have good communication with the customers to deliver the cars as much as possible. This was also a huge contributor to the results. On the other hand, there were some areas that went beyond our underlying strength. It might be just partially, but the new car sales is tight in supply and therefore used car prices are now at a high level. As a result, the financial businesses, the residual value balance has turned positively. This is mainly contributed by the high used car price market. Regarding incentives, under the current situation, for all of the OEMs, it is the same situation, but we have been able to keep the incentives low. These kinds of environmental aspects have contributed. This will be beyond our underlying strength. However, for the market fluctuation, the higher commodity prices is also a large impacting factor. We are not in a situation where we can pass on these price increases to our customers. Therefore, cost reduction, fixed cost reduction, also making efforts to enhance the vehicle value. These were the efforts made to recover the negative impact from the market fluctuation. For the cost reduction and fixed cost reduction, there has been huge efforts made company-wide, and this effort is continuing. Going through COVID, we don't have a feel at the point of this time that we are returning back to the before COVID times. So that will be a positive feeling that I have. I'm sorry to be lengthy, giving you a lengthy answer, but one of the reasons why we did not see a big drop in the sales activity is because the product appeal being enhanced. As a foundation of our business, I think that is a large contributor, having a stronger product appeal. TNGA was started from the initiative from President Toyoda's statement, and those initiatives were taken. Product appeal strength and also to set the products in a group or series and families and to achieve ever better cars. This kind of activity has contributed in this result, I believe. For your second question about the production recovery, after December, we do still see much risk there. However, for the production volume, the nine million that we have announced today, for December and January, February, March, if we operate in full operation, we still see some risk in order to be able to operate fully. Therefore, it is slightly conservative, this nine million in volume. Based on our running production situation, including the Saturday operations, since we have customers waiting as a fact, we will do whatever we can to continue the production. These will be my answers. I hope I have answered your question. Yes. Thank you very much. Thank you, Mr. Katori, for your question. We would like to move to the next question. Mr. Kondo from Asahi Shimbun, please. We are going to switch over the screen, so please start your question when you see yourself on the screen. Mr. Kondo, please. My name is Kondo from Asahi Shimbun. Can you hear my voice? Can you hear my voice? Okay. Yes, we can. [Non-English content] Kondo, thank you so much for your question. The first question was about our good performance on these interim financial results. Well, number- wise, and your question was that our numbers were based upon suppliers' numbers, and what is our take on this? Well, Mr. Kon is going to answer on this. With regards to the relations with Nippon Steel, and the first question was on the price negotiation. Nippon Steel is asking for a further price hike, and what is our opinion on this? Second is about this electromagnetic steel, what we think about this. Nagata, myself, will answer this question later. [Non-English content] Kondo, regarding the second question, please, about the relationships with Nippon Steel, starting with the price negotiation. As you know, this year, price hike was in the conversation. This is not limited to Nippon Steel, but in the steel industry as a whole, there will be significant investments in carbon neutral aspects, and we are also struggling with the hike of material costs. We honestly understand their circumstance at Nippon Steel. On the other hand, as you may also be aware, we are in the B2C business. In other words, we deliver, we complete, products which is car to customers. In other words, even when there are price hikes, it is difficult for us to transfer those hikes directly into the consumers. That's the nature of our industry. As was explained, we have to sincerely, steadily reduce costs one by one. In other words, which brings to price negotiation. Both sides need to explain each other's circumstance and understand each other, and then continue to sincerely negotiate how we can set the price. Regarding the electromagnetic steel, it is in litigation right now. There are 5.5 million people in this industry, and we pursue to achieve carbon neutrality in the auto industry. Therefore, we have to try making this effort steadily and sincerely. Regarding this litigation, I have to say that because this is a pending case, I have to refrain from making any further comments. That is all from myself. Thank you very much, Mr. Kondo. I'd like to move on to the next question. From NHK, Taruno-san, please. I will be switching the screen. When you see your face on the screen, please ask the question. Thank you for waiting. Mr. Taruno, please. Please unmute your mic. Excuse me. Can you hear me now? Yes, I can hear you. Well, first of all, regarding the sales volume, you have revised the forecast. Can you explain about the factor why you have done the revision? Hearing the results, it seems that it is improving. Your explanation was that in substance it is a downward revision, so you are looking at this as a very tough result forecast. Can you explain also why you're looking at it as a tough forecast? I think you have one question. This the reason and also how the way of concept of this reviewing of the sales production volume and also for the in substance downward revision, why are we having this kind of a tough understanding of the forecast? The reasons is what you've asked. Yes. Mr. Kon will respond. Thank you for your question. Regarding the review of our sales volume. You on this slide on the screen, you can sort of see the initial forecast term. It was 8.7 million for the consolidated sales, which has been dropped 150,000 this time with the most latest forecast. We had some opportunities to explain this up to this day. There are some situation where we had to drop our production plan volume from our initial plan due to certain reasons. I might be repeating myself, but first of all, there is in Southeast Asia, mainly COVID-19 has had impacts, and therefore the local production plants had to be shut down, and the part supply had limitations. There were some impacts from semiconductor issues. Malaysia, Vietnam, there were parts supply and shortages that there was a month that had drop in production because of these impacts. The reason of this review will be impacts from those factors. About the downward revision that we are interpreting the forecast in a very tough perspective. To explain that, for the first half results, for example, compared with last year and two years ago, we do understand that it is a large increase in operating income. This is really because of the strong efforts by the dealers, the suppliers, and also the people working in Toyota. There were strong efforts made so that they can deliver the customers the vehicles as much as possible, as early as possible. All of these efforts have been combined to come up with these results. However, in these results, there are some areas, there are some reasons or factors that was a contribution from the something outside of our own strength. We are looking at that neutrally. For the full year forecast, it is actually in numbers a upward revision. We focus on the areas outside of the forex effect, and we focus on those non-forex impacts to make improvements in the profit as much as possible. That is how we explain to outside as well. When we focus on these non-forex impacts, we do see multiple challenges that we have to face. As much as possible, we're going to make efforts to recover and overcome these challenges to improve as much as possible. That effort will continue. That will be my explanation for your question. Did I answer your question? Thank you. Mr. Taruno, thank you very much. Yes, I understood. Thank you. From Wall Street Journal, Mr. Sean. I'm going to switch over the screen, so please start your question when you see yourself on the screen. Hi, can you hear me? Yes, we can hear you. Great. I was hoping to get a little more insight into your outlook for the remainder of the year and on next year in terms of when you think sales volumes will fully rebound, basically, when the industry will get back to normal. What's your outlook on that, and what are the biggest challenges to achieving that? Secondly, I wonder if you could talk about shortages beyond semiconductors. We've seen some news recently about shortages with magnesium and other parts. Basically, what are you seeing on the horizon? What are the things that you're looking out for that could possibly affect your recovery? Thank you very much for your question, Sean. First of all, your question about the timing of our recovery in the remaining year and also the overall industry's recovery and what are the challenges to achieve that. This is the first question, and the second question is that now semiconductors are in shortage and it is being focused. But other than semiconductors, is there any concern and any shortage? Then we would like to, you would like us to make a comment on this. Mr. Kon is going to answer both questions. Thank you so much for your question. Starting with the first one, in the remaining period of fiscal year, the timing for us to completely recover is difficult to make anything certain. Of course, risk is becoming significantly lower. However, we're not in a stage to say that the risk is zero. I don't think the situation allows us to say that yet. For semiconductors, there are many factors, many things. Games and the other components demand has the demand has sort of stopped. The supply and demand balance has stabilized. On the other hand, I think the semiconductors are different from the type to type, so we have to be very cautious in looking at it. In December, in January, I cannot say that it will recover to the past. I cannot say that there is no risk in reducing the production. However, in comparison to the past level, even though there are some risk of production decrease, it is going to recover quite a bit, and that is the situation. As for the overall industry, I cannot say anything certain about the industry. For the challenge, the supply of the components, if that is solved, then the OEM challenges will be solved all of a sudden. In that sense, the energy and the material cost, we hope that those prices would not be hiked so rapidly, and we have to also secure those materials. That is the challenge that we are facing as an industry. Other than the semiconductor, there is nothing that is critical at the moment. Due to the energy shortage, some magnesium. Yes, we are hearing that there are some shortage. However, we do not think that is a critical issue at the moment, and that's not what we hear at the moment. Thank you, Sean-san, for your question. We'd like to move on to the next question. Shiraki-san from Reuters, please. We will switch the screen. When your face is seen on the screen, can we ask you to start your question? Ms. Shiraki, please. Thank you. I'm Shiraki from Reuters. I have two questions as well. In your consolidated sales forecast, the electrified vehicles volume is my question. Here, also compared with the initial forecast, there has been a slight decrease. I might be taking it in a selfish way, but here, is it purely about the sales trend impact or is it because of the semiconductor crunch and the material price hike? Because of such a high level of material prices now, does it mean that price pressure is more on the electrified vehicles related to the inventory management issue that you said before? Maybe are you focusing on selling more of the conventional gasoline vehicles? Will that be a background to this revision? Gasoline price hikes is another trend that we're seeing in the market. Of course, from an environmental perspective, I thought that electrified vehicles will have a higher ratio, but why is it that you dropped the ratio there too? Next, question is about, not really to the performance, but under Mr. Kishida's administration, there is a topic discussed about to review the disclosure from companies of, and to reduce the frequency from every quarter. From the press, there are some concerns, but from the PR side, functions inside the company also, for the investments, toward making future investments, towards human resource development and other business plans, some people say that quarterly disclosure will be too much frequent. Toyota being a global company, what are your thoughts regarding this quarterly disclosure? In Europe, there are some reviews that are being discussed, but if you have any ideas about what will be an appropriate way to review the quarterly announcements, can you share with us? Thank you, Shiraki-san, for your questions. The first is for the electrified vehicles volume. It has been downward revised from the previous forecast. The reason is what you want to hear. The second question is about the disclosure announcement of the quarterly results. There is a discussion about reviewing this frequency and what does Toyota think about this topic. Both of it will be responded by Mr. Kon. Thank you for your questions. Starting with the electrified vehicle ratio, as you had pointed out, slightly the ratio has dropped. There is no significant factor to this, such as a global common factor. That is not the case. For electrified vehicles, for example, China, you see, China is not included in the consolidated sales volume, but hybrid accounts for about 20% last year in China. This year, it has increased up to around 30% electrified vehicles in China. Therefore, globally, it doesn't mean that we see a reduction in the ratio of electrified vehicles in the global market. Our understanding of this change is that this is not a significant change, difference. It's not about the ratio, but I wanted to hear about the volume, actual volume. Is that the same reason as well? Yes. For the forecast, we first see that a drop of 150,000 from revised downward from our initial forecast. It's not that we intentionally drop only the electrified vehicles, honestly speaking. It's just that looking at when we revised the latest sales volume forecast, we have revised also in the same ratio in the same way the electrified vehicles. This is not something that is just focused on electrified vehicles changes. Is it okay? Did I answer correctly? Did I make any misleading comments? No, I'm fine. I understand now. Thank you. For your second question about the quarterly performance announcements, for right now, I'm not fully aware of what kind of discussions in detail is happening. When I talk to investors and stakeholders, it needs to be something that will be beneficial for the stakeholders and investors. That is the way I look at the quarterly result announcements. A company as a going concern always rather than every three months, we're thinking about 10 years in the future, 20 years in the future as we operate our business. I think that's a common way that a company operates. In the meantime, of course, we will have to it's very important to make the most appropriate and timely announcements and reports. For key matters or very important matters, we should not wait three months, and we should make those kinds of reports and announcements of key matters in a timely way, in appropriate time. If the quarterly results should be announced, we have to think about the. It will may cause that the ups and downs as seen in every quarter may be in sync with the ups and downs of the company value. If it is understood in that way, probably it will not be so positive to make a quarterly report. Therefore, together with those financial disclosures, we think that it's important to have media like Toyota Times and own media like Toyota Times to be able to disclose the way of thinking of Toyota, the philosophy of Toyota, what's happening in Toyota. We think we are trying to use the most of its own media to explain about what is happening within Toyota, and I think this is quite important for us. That would be my answer to your question. Thank you, Ms. Shiraki. We'd like to take the next question from Nikkan Kogyo Shimbun, Mr. Masatoshi. We are going to switch the screen, so please start your question when you see yourself on the screen. Mr. Masatoshi, please. This is Masatoshi from Nikkan Kogyo. Can you hear me? Regarding the first half results, -JPY 30 billion for the cost reduction effort, and I think this was impacted by the material cost increase. Together with cost reduction benefit, can you give me the breakdown? Also, compare with the period from January to September, the raw material price, did you change your opinion and position on this? That's the first question. Second question is under this situation, what kind of extra room do you have to gain back those benefits, and what are the measures that you're going to take? Thank you very much for your question, Ms. Masatoshi. The first question was about the impact of the cost reduction and the breakdown of that. Your question was about the hike of the material price. The second question was about whether or not there is any more opportunity to recover the profit. Mr. Kon is going to answer this. Thank you so much for your question. In the first half, -JPY 30 billion breakdown, the so-called pure cost reduction, excluding the market, is about JPY 300 billion per year being the target for us. Because this is half a year, which will be JPY 150 billion, we were a little short of this target as a result of the pure cost reduction. Conversely speaking, the other than that was the market fluctuation. A little less than JPY 100 billion, we were short of this target, unfortunately. This is the cost reduction benefit, and remainder is the market. In the second half, one moment, please. In the second half, compared with the first half, the impact is going to be larger than. On a year-on-year basis, the cost reduction will be minus JPY 345 billion, on page 18 that is. Eighteen. The annual cost reduction is JPY 300 billion, and we are also a little short of this target. In other words, conversely speaking, remainder is the market fluctuation, but little more than 200 is the cost reduction, and the remainder is the market impact. In other words, net, the second half is going to be tougher, a little tougher than the first half. Our measures to strengthen our profitability, well, on this point, as much as possible, the FX fluctuation should be eliminated as much as possible. In other words, we would like to turn this number more positively by excluding those FX impact. That is the numerical aspect. There is no m ajor, which can turn around the number by JPY 100 billion all of a sudden. It's in the unit of several thousand or several tens of thousands, the accumulations of small benefits. We will continue with those, a series of small methods and also value chain, including the suppliers and used cars and connected car business, software. We would like to further improve the profitability of those areas. By doing so, we would like to improve our profitability higher, more than JPY 2,800 billion. Thank you so much, Masatoshi-san. It is now the scheduled time. However, we'd like to take a last question. [Non-English content], Kigawa-san, please. We will switch the screen. When switch the screen. When you see yourself, please start your question. Kigawa-sama, [Non-English content]. Kigawa-san, please. Mr. Kigawa, can you hear me? I think your microphone. Can you hear me? Yes, we can hear you now. I have a question about your future plan about how you promote electrification. 2030, 200 GW plant operation capacity is what you explained it to secure. bZ4X was what you have announced. In 2025, you are going to have a North American plant established and make investments by Toyota alone. In the meantime, what happens in the world is electrification momentum is strong, gaining, becoming stronger. Also you will need a lot of investment. You need to have efficiency in your investments. Once again, how are you going to be taking initiatives toward electrification promotion? Thank you, Mr. Kigawa, for your question. This question, myself, Nagata, would respond to. Regarding electrification, we receive a lot of questions, and we have repeatedly responded that basically it is about how we are going to reduce CO2 as quickly as possible, starting now. What Toyota has been saying is that regarding electrification, we are going to become a department store of electrified vehicles, which in other words means that we're going to have a full lineup of electrified vehicles so that we can deliver it to various regions and markets, customers all around the world, and have our customers choose what they want to use. That's what we have been saying is our approach. For each region, especially the energy situation that will be supplied there and also the fuel situation is completely different. Therefore, in Europe, there's a lot of renewables, so battery EVs will be good. In other regions, there should be other options that will be most appropriate for them and to have the consumers, users, select it. This has always been our approach. For what you have mentioned, Mr. Kigawa, regarding battery EVs, we also think that for both quantity and cost, if the renewable energy is reduced further in terms of cost and have more secure supply, then the battery EVs will be a very good potential CO2 reduction vehicle, a very good solution. As you have mentioned, the batteries, Toyota is going to make JPY 1.5 trillion investments to build that foundation for supply. Within the United States, we're going to make until 2030 the battery plants, making investments of JPY 380 billion. For until 2025, the battery EV investments and lineup, we have committed to 15 models to be prepared in that timing. We have the bZ4X, the battery EV, battery EV specified lineup we have announced. Batteries and battery EVs, both of it, to other. Does it. For compared with other OEMs, I don't think we are inferior. I think we are preparing ourselves to be competitive in the competition with other OEMs regarding batteries and battery EVs. We will be steadily promoting this approach and plan. However, up to now, we have been saying many things, but at the end, battery EVs, you need to have the clean energy as the base. If you have clean energy as the premise, then as a precondition, it will be very effective. Unfortunately, in Japan, with our energy situation, rather than battery EVs, the plug-in hybrids and the other electrified vehicles meets our conditions. It will reduce the CO2 emissions in Japan and also it will also be easy to buy as a product. Then that will also contribute to reducing the CO2 emissions in this region. This is also what we have been saying. Also, in order to promote electrification, having the options, a wide variety of options of electrification is what we want to do. That means the full lineup of electrified vehicles in Toyota terms. In order to prepare this full lineup, we will be working on various technical innovations so that Japan's 5.5 million employment related to this industry can be protected. This is another message that we have been saying. Very unfortunately, we are going to do a lot of electrified vehicle projects, but what is happening now will be a question that we have been asked. Unfortunately, some people are saying that Toyota is a promoter of hybrids and is against promoting battery EVs. Unfortunately, that is how we are talked about. I'm feeling a struggle of it is very difficult to communicate what we're trying to do. That is also a fact, feeling that our message is not really conveyed. How we have to communicate this, how we can receive the understanding that Toyota is very serious in promoting the battery EVs, this is something that we still have to consider and plan, and that is a struggle that I have right now regarding how to communicate. I very much appreciate the advice and comments from the media too, so that we can think about how we will be able to better communicate. I'm sorry, receiving a question, but I hope that we can work together in that communication side. Well then, about the battery EVs, how you explained that, especially the communication to consumers, you said a little earlier that you are well positioned to compete with the other OEMs. Probably the way that you expressed it should be changed. I think I need your advice on that. Well, we always talk about we're going to show, maybe it's better to have a more concrete lineup of battery EV more clearly and show it to the press and to consumers. But we'll now be putting our heads together to think strongly about what is the best way of expression in communicating our intention for the electrification vehicle promotion. Thank you very much, Mr. Kigawa. With that, we'd like to end our financial results briefing. Thank you very much for joining us despite your busy schedule. We would like to end our press briefing here. Thank you.