Good morning. On behalf of the three CEOs, on my behalf, I'm very happy to welcome you here in this headquarters of Renault. And welcome also, warm welcome to those who are on the line now, and they can hear us, I guess, in Europe, like in Japan. As you probably know, we hold regular meetings of our Alliance Operating Board, which I have the honor to chair. We happen to be in Paris today. We travel to Japan every two months, and we hold our meetings in Japan, and today it's in France. We thought all together that it was a wonderful opportunity to have a sharing with you on the good news of the Alliance, and also tell you where the status is today, almost one month after the setup of all agreements, and also to share with you exciting perspectives. As we had announced in February 2023, Alliance is taking a new step, and this new step is totally based on its historical fundamentals: respect for cultures, respect for the specific interest of each company, and of course, global cooperation. As you probably know, the Alliance fundamentals also include its common assets. There are so many now that we tend to forget about them, but please keep in mind, for example, when we talk about the platforms, that 60% of the vehicles from the three companies are used on Alliance platform. When we announce, for example, the new Scenic for Renault or the future replacement for the Juke in the U.K. for Nissan, we all have to have in mind that they both use Alliance CMF-EV platforms. So the Alliance is deeply rooted, and we tend to forget about it because it's becoming natural. Ladies and gentlemen, based on its fundamentals, the Alliance does not stand still. It is obviously evolving, and it has always done throughout its already long history, 23 years already. It is evolving, it is adapting. Adapting, of course, to the new geopolitical and the macroeconomic context. We all know that, which is marked by globalization, de-globalization, and the development of very strong and very differentiated regional strategies. We all have in mind, the American Inflation Reduction Act, for example, or in Europe, the decision to switch to EV by 2035. In this very uncertain world, we have focused our new Alliance on agility and opportunity. I'd like to stress that the Alliance is a formidable ecosystem that operates on several levels: the Alliance of deals, the Alliance of sharing, and the Alliance of breakthrough opportunities. In very simple terms, when I mention the Alliance of deals, it's just when one member of the Alliance develops a car for another member. It's as simple as that. Bear in mind, the Nissan Townstar, designed and manufactured by Renault alongside the Kangoo, and it is one of many examples of such cooperations that you can see on this busy chart, and the CEOs will clearly go further in the description of this document. When it comes to the Alliance of sharing, it's all about members that can share platforms, technology solutions, for example, Google Automotive Services. Also, one member can use services created by another, for example, Mobilize Financial Services. When it comes to the Alliance of opportunities, have in mind that one member takes initiative, leading the others totally free to take advantage of it, if they wish or not. And in that respect, Ampere is a wonderful example, and we are, of course, very pleased that Nissan and Mitsubishi Motors Corporation will become both customers and shareholders, which, by the way, is totally unprecedented in the Alliance history. I could also mention Nissan's expertise in all-solid-state batteries, which obviously would be used by any Alliance members. So, ladies and gentlemen, we have come a long way in the last four years. In the face of the crisis, I am pleased to have spared no efforts to ensure that we regained all the transparency and trust between us. Trust was so essential in this Alliance, and without which nothing can be done. So now we clearly all heading for the future, looking at the same direction. We should now go a bit more deeper in what my words have given you in introduction. And the CEOs will now take the lead to go through all the major aspect that I think we should share with you. We will then have a Q&A session, and, as we speak now, I will leave the floor to Uchida-san. Uchida-san? Okay. ... Morning, everyone. Thank you, Mr. Senard, for your comments. As Nissan, we strongly believe that our next phase of collaboration with Renault and Mitsubishi Motors will create mutual benefit in many areas of innovations. When we announced the next chapter of this partnership earlier this year, I said we must collaborate with urgency to meet fast-changing industry trends. If we address these trends together, utilizing our respective strengths, we will unlock new growth opportunity and create long-term value for Nissan and our partners. This approach is fully aligned with our Nissan Ambition 2030, and will be a strategic pillar for Nissan as we move forward to be a more electrified and even more innovative business. It is an approach that will see Nissan provide our market expertise, our global scale, and exciting innovations to support the future success of the Alliance. This approach will be applied both globally and in key regions, where we are working on high-value project with our partners. As we announced earlier this year in London, our high-value project are focused on Latin America, Europe, and India. India will be touched by Luca later. These projects could be replicated potentially in other parts of the world where Nissan has expertise, or where we can leverage Renault or Mitsubishi strengths. We already see the mutual benefit of this collaboration in Latin America, where we have several ongoing collaborations. We will enrich our lineup by tapping into Renault expertise in half-ton pickup, recently revealed under the name Niagara. In the same spirit, Nissan will provide our proven capability in our one-ton pickup, namely our Nissan Frontier, to help Renault extend its brand presence in Argentina. Regarding another of our flagship in Latin America, we will base on the next generation of our Nissan Kicks on the CMF-B platform. This mutual benefit will apply in electric vehicles as well. Together, we will develop two new electric vehicles for Latin America markets, using the Common Module Family for an entry-level A-segment EV. I'm confident our agile user partnership projects will deliver a major benefit in Europe, too. Here in Europe, Nissan is already ahead in the electrification. A few weeks back, we announced a major step in Nissan's Europe electrification, with additional investment to produce the zero-emission successors of the Qashqai, the Juke, alongside the Leaf. The new Juke and the new Leaf versions will be based on CMF-EV platform. We will partner with Renault to support our electrification strategy with the development of the replacement of Micra by Ampere. By harnessing Renault capabilities, we will complement our strategy to meet our own electrification targets, which is to achieve 100% electrified sales in passenger vehicle by fiscal year 2026. We're also electrifying light commercial vehicles, too. And this is why we are pursuing our long lead time partnership with Renault in the B2B vehicle segment. We will utilize Renault's all-new generation of electric vans to address new mobilities for goods and passengers. This new vehicle is expected to be the first software-defined vehicles. This partnership benefit extend beyond the products and platform. Our new partnership approach also applies to strategic investments and aftermarket technologies. This is why we confirmed to become a strategic investor in Ampere, the new electrification business launched by Renault. The innovations coming from Ampere in areas such as software and connectivity, will strengthen Nissan's presence beyond Europe, as we may utilize these technologies in other markets around the world. This model of a collaborative expertise and mutual support will also be applied in EV charging infrastructure and in battery recycling and reuse, an area where Nissan is a global pioneer. We expect to gain scale in the important areas of sustainability, and are considering to invest in The Future Is NEUTRAL, which is Renault's new entity devoted to the circular economy, to comply efficiently with the new European regulations in this area. Before I hand over to Kato-san, let me conclude by saying that I'm confident we can work together in new and existing ways to realize mutual benefit as partners. This will enhance the delivery by each member company of their own strategies. For Nissan, this means reinforcing our Ambition 2030 goals. Our vision will see Nissan introduce 27 new electrified models by 2030, and will see us move forward with new vehicles powered by all-solid-state batteries.... This is another breakthrough technology that could be utilized in future by Renault and Mitsubishi as well. These areas of innovation and expertise really will deliver mutual benefit. I am certain of this. This means that our partnership is entering the next period in a stronger position to face the disruption in the automotive industry. And with that, I will hand over to Kato-san. Thank you. Thank you very much, Uchida-san. Good morning, everyone. First of all, we, Mitsubishi Motors, would like to welcome the progress on the Alliance toward our future development and express our gratitude to all of our stakeholders who have supported us. The business environment of the automotive industry is constantly changing, with many developments occurring in various locations simultaneously. For this reason, it is essential that the Alliance members leverage their unique qualities and strength in order to adapt both quickly and flexibly. We are confident that the progress being made on this framework will strengthen the partnership between the three members of the Alliance, including Mitsubishi Motors, and will lead to sustainable growth. As part of our commitment to further strengthen our Alliance and accelerate the electrification phase of our business, Mitsubishi Motors will invest up to EUR 200 million in Ampere. We have seen numerous successes through our Alliance partnership, and we are excited to deepen our collaboration as we aim to expand our EV lineup. At the first step, Ampere will supply a C-segment SUV BEV on an OEM business in the European market. In Europe, as you know, we have already started selling the ASX and the Colt, which are OEM-based models provided by Renault. They have been well-received by our customers, and we are considering the introduction of additional new OEM models from Renault. We are also planning to introduce the Outlander PHEV, a model that combines Alliance technology, such as CMF-CD platform, with our own PHEV technology to the European market. Together with Renault Group's OEM model, this will make our European business even more sustainable. Looking at our plans for other regions, we are planning to expand our product lineup in North America through cooperation with Nissan. In Japan, Mitsubishi Motors and Nissan has a long track record of success in working together in the Kei car business. This joint development program for Kei cars has been a major success for both companies, and the Kei cars EV produced through this joint development have become the best-selling EV in Japan. We are now considering further collaboration with Nissan in the area of electrification, frame development, and in region such as ASEAN and Oceania, where Mitsubishi Motors play a leading role. While management resources are limited, by co-concentrating them in the ASEAN and Oceania regions, the core of our business, we will strengthen our business foundations and strive to meet the expectation of all our customers in every regions. For Europe, North America, and other regions, we will actively leverage the technological strength of our Alliance members. For Mitsubishi Motors, the Alliance is a framework that provides opportunities for each member company to achieve further growth by leveraging each other's technologies, capabilities, and market position. We are confident that the new framework will bring greater stability and success to all three companies. Thank you very much. Let me hand over to Luca, who will give his views on our cooperation. So thank you, dear Kato-san. Good morning, good afternoon, everybody. As you see, it's great to hear Uchida-san and Kato-san telling how much value our Alliance has. It's in its new setup to basically how much value it's bringing to all the companies, to Mitsubishi Motors, to Nissan, and of course, to Renault. A few years ago, we were all facing new challenges in this cooperation. We had to navigate our Alliance out of very difficult situation, as you may remember. We had to redesign it, making it fit for a world of unprecedented volatility. We needed to ensure it serves the interest of the three companies that have each of them to adapt their own strategy to their own geographies and markets, and priorities. So I actually am very, very proud, that we made it, to the project, you know, of a new Alliance in the future, turning it into a booster of, I think, resilience, and innovation. That's what was also important for the three companies. So over the past three years, of course, I've been personally, very much focused on, you know, fixing Renault with the team because it was undergoing one of the deepest crisis, of, its history. And, we launched what is probably one of the deepest strategic shift in the last, you know, few decades for our company. So to tell you the truth, the Alliance was, of course, a priority, but we had, many, many things to do at the beginning. The risk in that situation, where everybody was facing challenges, you know, left and right, is that you need to let Renault and the Alliance drift apart. Today, I think it's clear that this was not the case. So together with our friends from Nissan and Mitsubishi Motors, and thanks also to all your effort, and I'm not gonna forget Jean-Dominique, who played a big, big role in all of that. We have managed a reshuffle of the Alliance, as deep as the transformation that is undergoing in the Renault Group. Having several planets making their own revolution at the same time is the best way to make sure that they keep aligned and together, and that's actually what happened. The best proof is that Nissan and Mitsubishi Motors have already jumped on, I would say, on the leading wagons of the Renault Group revolution. Nissan and Mitsubishi are embarking on the Ampere project. That's great. They are investing up to EUR 600 million for Nissan and up to EUR 200 million for Mitsubishi. Accelerating Ampere technological and cost roadmap, and I think for us, further de-risking its business plan. Both companies are also, and this is also important, Ampere clients. Starting with the future iconic compact EV for Nissan and the first pure electric C-SUV for Mitsubishi Motors, as the two CEO already underlined. The advantages for them, I think are very clear, because by using Ampere platforms and technology, Nissan and Mitsubishi would save development costs, obviously on the upper body. But it would represent, I would say, you know, around 50% of development cost reduction, respectively for the car. So it's a massive advantage for both companies to get competitive products in the European region. Nissan is also considering taking a stake in The Future Is NEUTRAL. This is another pillar of our Renaulution, on closed-loop recycling for production scraps, battery, and end-of-life cycles. Sorry, end-of-life vehicles. With it, I think Nissan would join a business that already generates today for Renault around EUR 1 billion of turnover, and this figure will have to double in the next year, according to our plan. So Nissan obviously would benefit from Neutral's broad coverage of the circular economy value chain. Today is around 50%, but we are planning 90% in a few years of coverage, so a business that is actually growing. And on top of that, there is the opportunity for Nissan to take a head start. And this is very important because it's not very clear to everybody in anticipating upcoming circular economy regulation in Europe that are very, very strict. And Neutral gives us, you know, an advantage in that because it's already operating. And in turn, Nissan can bring a significant contribution, for example, by developing with NEUTRAL, two common hubs in Europe and in U.K. for battery recycling and end-of-life vehicles. Nissan is also meant to be a client of HORSE, which would supply 12 plants of Nissan with 6 families of gearboxes and engines for 500,000 parts per year, at least. This is what the numbers are saying. And it's also leveraged the potential of Mobilize. This is actually an historical cooperation, I would say, for financing dealers and for financing customers, and for providing insurance and services. It already represent a big chunk of, you know, of the sales of Nissan because of the long-term cooperation, and it will continue. On top of it, there is much more room for collaboration on the EV value chain. For example, with the charging at dealers project, the fast charging station network that Renault is deploying. So I think there is no doubt that further opportunity will arise even there. And finally, Nissan has shown interest in having an all-new genuine EV or native EV LCV being developed for its brand, reducing the... And this product is a very revolutionary product that we are planning for 2026. With the target of reducing the cost of usage for its professional customers by up to 30%. If Nissan had wanted to do that on its own, probably it would have represented an investment in that you can measure in more billion than hundred of millions of EUR. So just to give you a very concrete example of what it means for them, and we are very happy to, you know, to provide this opportunity. For the Renault Group, of course, it's an opportunity to optimize, share R&D and especially important industrial assets, because that vehicle will be produced here in France, at the beginning, I would say... No one can doubt that we have now turned the Alliance into something that is bringing much more than just scale to the Renault Group. So it's the right combination of power on one side, so the size and the agility. I want to, you know, take the opportunity in front of everybody to thank Uchida-san and Kato-san for their trust. Having you guys on our side, dear friends, as key players of the Renault Group metamorphosis into a next-generation automotive company, as we say here, I think, a very good sign for us, and it shows that also that we are in a good direction, because otherwise you would not be following us on some of the projects. The most important thing for me, the base of our new collaboration is the fact that we've been reactivated business operation. Like, it didn't happen for a long time, but like it was the case at the beginning of the Alliance, identifying, quoting, and planning initiative that would benefit the three companies every time. Since February, we have already started to activate these projects, which Uchida-san and Kato-san have touched upon them. So talking about Latam and Europe, I would only mention, you know, another big project, which is India. This is one of the, as you know, one of the biggest or major geographies, where we can collaborate. It's a booming market that's also going to be, you know, very competitive exports hub, and where we can leverage highly skilled manufacturing, R&D, and software, you know, let's say, software capability. We have ongoing discussion to address the company opportunities that we have there. For example, Nissan and Renault could develop, you know, I would say, up to eight vehicles in India, including four SUVs and two electric vehicles, and maybe more than that. So all these projects are going to provide a, we think, a powerful boost to the Renault Group's international ambitions, helping us to improve our production capacity and to optimize our competitiveness, everywhere. I think the Alliance is moving much faster, now, and the most important thing is that we have recreated a. I would say, the first of all, trust amongst ourselves, and, which is important. It's a base of any relationship and, positive, very positive dynamic amongst the operational team everywhere in the market and at the headquarters. So Renault, Nissan, Mitsubishi Motors have, we think, set up a lean and transparent governance to continuously identify, and decide on new projects. Of course, we have, as Jean-Dominique said, we have our monthly steering meetings, and we also have a biannual, that's what we decided, tech showcase, where all the three companies will present the new technologies and research that the other partners can join. You know, it could be on, you know, everything. It could be from artificial intelligence, and, you know, the solid-state battery was mentioned before, so we're not talking about nitty-gritty things, but, you know, trying to show each other what we are good at and potentially exchange. So the condition, I think, are there to create and seize new opportunities to come. So and now I'll leave the floor to our chairman, Jean-Dominique, for the Q&A question. Thank you very much for your attention. Okay. There we are. Okay, so it's up to me now to open the Q&A session. So you're all welcome to raise your hand in the room or perhaps signal your questions on the line. I'd be more than happy to sort of spread the word to everybody here in the room. Thank you. So there is one question here in the room. Please go ahead. Good morning. Gilles Guillaume from Reuters. I've got a few questions regarding the rebalancing of the Alliance. Can you tell us what is going to happen next year regarding the sale of shares in the framework of the agreement of February? Regarding Makoto Uchida-san, have you already decided what you will do when the Nissan shares sold by Renault will be offered for sale? And I've got another question for Mr. de Meo. Renault has had a long-lasting problem with the core value seen by the market, which is negative. Investors have been calling for a long time for a simplification of the Alliance structure to have a better reading of the real value of Renault. Do you think that today's announcement and the way you present the coming projects of the Alliance will help the market have that simplification? Thank you. Okay, so I think we will go in. Many questions in your words. First, this rebalancing issue is, I would say, behind us now, because the agreements have been set in July and set up already in beginning of November. So it's now, I would say, behind us. It was absolutely necessary that this situation occurs because it was one of the conditions we had in mind to restore full trust between the companies that feel that they are, I would say, treated on an equal basis, which respects, as I said, our cultures and each company's destiny. So what that means is that it is now behind us, and we can really concentrate on operations. I think the CEOs have been very clear in their speeches on all these operations that are now taking place... because it was one of the conditions to get there, without any frustrations, any backgrounds, and all that sort of thing. It's now behind us, and it's very happy that we are here, in that situation now. When it comes to your question of sales of shares, you know that we have said that it would be possible in the future. They were totally free to do so, for those who are in the Fiduciary reserve. We will decide when it's time, when it's a good opportunity, and of course, we will decide that together, in perfect, I would say, link between the other CEOs, and notably Nissan, of course. So, so just, you know, nothing changed from what we had said before. It's in our hands to decide when that would happen, and, we will, of course, tell you, at the right time. So on this issue, I think it's clear. There was a question for- Yeah, sure -for you, Oshiya-san, and for Luca. Yeah. Thank you for the question. Maybe I would like to touch a little bit about the rebalancing. I mean, I've been very consistent from the last February when we had this announcement of the framework agreement. As you may be aware, the world is moving very fast. It's not the same pace that we are expecting in the past, and we cannot continue the way we are doing in the past for the future growth for each companies. And therefore, the Alliance has to go to the second step, and that was always a consistent message that we are delivering to the market. If you look at the world today, for instance, like a Nissan portfolio, we have U.S., we have Japan, we have China. And you know what is happening in China, right? And we have Europe. It's very fast-moving and the disruptions, you see the fragmentation everywhere. Therefore, we need to go to the second step. Therefore, we had this discussion in the past 1.5 year, and then we want to go grow by the each company and how we can leverage the Alliance asset for the each company to grow. So that is the main message I really would like to remind back again, and we need to challenge under this, I would say, challenging environment that we are facing as an industry. When it comes to the share, of course, this is... If that happened, we would like to seek what we can do as a Nissan, the best option for us. Yes, that is what I can say today. But to answer to the last, to the last question on the, you know, on the, on the core value, I mean, it's not up to me, to decide, what is the core value of the company. It's like my job is to actually make sure that, we do the right things so that the investors and the market understand that there's a lot of substance in Renault. So we're doing a lot of things. Ampere, you know, we're doing, you know, a lot of, things that shows the advantage that Renault has on some of the value chains. So hopefully, one day the market will recognize this. For sure, this movement on, on the Alliance, I think, could help, but, I actually don't know what could be the reaction of the thing. We didn't do that for, for the core valuation. We did it for what Uchida-san said, that we had to move Alliance to chapter two, and find a setup that will enable us to be more effective and fast, and concrete. So I'm sure that, you know, what we will be doing with the Alliance will be seen by the market also from some of the, you know, results and consequence of the project that we are undergoing. Because, I mean, we don't wanna give a number on that, but let me say two things. One is, what we presented today, if we are able to do it, and we will, right? It's in terms of size, impact from a business point of view, much bigger than what we have been doing the last 10 years in the Alliance. This is the fact, okay? We don't wanna announce things because then we get caught into, you know, try always to prove the thing. But this thing is about a lot of money that we can potentially, you know, generate if all the project, let's say, go to... And this is, I think, the most important thing, right? The most important thing is that we can show that this Alliance has created business value, and, you know, and then the market, will follow. Yeah, that's what I can say. Okay, I think that answers your question. So I think we'll take another question in the room. Please, maybe if you would like to raise your hand. Thank you. Thank you. Hi, Sarah White from The Financial Times. So one thing this has meant has been the end of your joint purchasing agreement, and I was just wondering if you could talk us a little bit through that, what the impact of not having that anymore has meant? Yeah. To your point, Luca, you just mentioned that this is the sort of biggest impact that the Alliance has had in 10 years. It'd be interesting to know comparatively, you know, is it, is it, you know, you don't have that same- I'm not gonna give you the number. Okay. Um- Fine. I had one question for Nissan, 'cause there had been talk that you might take a, you know, bigger stake at some stage in Ampere. So I'd be interested in you talking us through a little bit your rationale around that and, you know, how you sort of thought through that. Yeah. And if you'll forgive me, I have one last one, which is a bit off topic, but the EU looks like it's gonna delay post-Brexit tariffs. And I was just wondering if you had any reaction. That obviously looks like it's good for, for car makers. Yeah, sure. Thank you. Okay. First question, I mean, it's a very good question because when that sort of news came out, there was some misinterpretation, I think, clearly about the future of the Alliance, and I think we're here today to show you exactly the contrary. Because of the rebalancing, we just are in a situation there, notably in Europe, where the antitrust regulations apply, and we have to be extremely strict on that aspect. At the same time, make sure that operations can go through very, very swiftly and seamlessly. So it's all a matter of organization. That's it. Because of the regulations, please keep in mind that as Luca, the CEO said, we are now totally concentrating on operations. What's happening actually, and certainly you would confirm that, is that now we are working, I would say, in a project mode. Which, by the way, was something we had in mind for years. And by working in project mode, we create teams which are organized in a way that they concentrate on, focus on these projects, and within these projects, everything is possible. So when we're talking about the synergies and all these stuff that we were talking about before, please understand that now concentrated project by project. And the sessions that we are holding as we speak, because again, as I said, today is an Alliance Operating Board meeting. These meetings are made for making sure that these projects are running rapidly, swiftly, with all the synergies necessary. So the real change is not what I heard about disappearance of the Alliance. The real change is focus and concentration on operations, project by project, and that's the way we're working now. I'm telling you, it's far more exciting and effective, and I think the CEOs would confirm that. Maybe you would like to comment. Yeah, I would like to add to the... Actually, we are not really keen about the structure, rather what is deliverable, what is the output? And I go back to my theory again, that the world is changing a lot, and it is not the same. You know, the pace in each region, each country, in terms of the electrification or customers' acceptance, and also the regulation pace is different. So from that circumstances, how we can grow our business is our key point, and that's the reason why that as a project base, we still can work a lot with our corporation, how we can optimize in terms of the cost. So it doesn't mean that if the structure changes, that the deliverable is going to be less than. So please make that, in your mind, that, we are working on project base, as we presented today. We further would like to collaborate a lot, and we further would like to see what is optimization in terms of the cost that we can deliver. Because the world, if you look at today, pace of the electrifications accelerated faster than what we thought. Maybe it's a bit different paced by the each region, unfortunately, and to that kind of business from the global point of view, is very challenging. So it should be how we can adapt to the each market on the speed, on the optimization of the cost. That is what we are focusing today. Maybe I'm gonna say two things, building on what Tuchiyan said, and just to explain this in a very simple way, sir. Okay, so in the past, there was the tendency of doing things together for when in view of finding synergy, but sometimes, you know, for the sake of doing the synergy. Okay? We would actually many times get to some form of compromise that was not optimal to each one of the partners. That's the way the thing ended up- Mm ... being with the time. What we're changing now is that we have identified project that are beneficial for all the company, two companies, sometimes three companies, et cetera. And someone is proposing that. Is coming at the table and proposing: "I want... I can offer you a small car EV platform in Europe within Ampere that is very competitive. Do you want to participate to this thing? Is that useful for you?" They look at the number, they say, "It's okay," and then we will develop the car. We will get the briefing from what we want from Nissan or from Mitsubishi, and we will develop the car. Mm. That means around the project, as Jean-Dominique said, in an environment that is totally antitrust compliant and clean, we will create a ecosystem of suppliers that will serve maybe two companies, maybe three companies. I can tell you that when we look at the conception of this, it's actually we're becoming more competitive. But this is a different scheme, right? It's not for the compromise, it's just because everybody recognize around the table that that project is optimal for them, one take the responsibility and develops the thing. That's. Just to make it very simple to understand. It is the case here, it is the case in Latin America, it will be the case in India or maybe in other places around the world. So that's the story. So now to go back to your off the topic thing, let me say that we have been, as an industry, relatively compact and consistent with the request to the European authority and to the government to postpone the enforcement of the Rules of Origin regulation because of a very simple reason. And the reason is that the European upstream value chain on batteries is not ready, as it was assumed at the time when the deal was, you know, decided. Okay? So we just need a little bit more time. It doesn't mean that one day this thing will, you know, not be enforced. It has to be, because it's part of the, you know, of the agreements that were signed between Europe and the U.K. But it's just a very simple, pragmatic, and let's say, recognition of the fact that we don't have, you know, we don't have the condition to operate what was decided. And this could have, for the European industry, and of course, for the U.K. automotive industry, a big impact that we measured, at least for, from this side, above EUR 4 billion of, you know, of value and turnover in the next 2 years, okay? Or the next 2-3 years. So I hope that, very pragmatically, the European community will recognize that we have this issue, and like it happens in many companies, in many situation, when, you know, a kind of a, an idea or a strategic plan doesn't work, you may have to delay, you may have to modify a little bit, and, let's see what happens. So but from our side, from the industry side, and here I'm speaking as the President of the ACEA, it was very clear that all the countries, all the brands, all the companies have been requesting that very, very clearly. So we cross fingers, and we hope that, you know, that the authorities will have simply common sense and try to, you know, move the deadline a little bit later, so that it gives us the time to organize ourselves and all the value chain. Okay, thank you so much. I think we have now another question, perhaps on the line. Nick Gibbs is on the line, if you can hear me, and perhaps raise your question. Hello. Yes, I can hear you. Thank you. Thank you for taking my question. My question is about the platform strategy. How does it, how does it split between Renault, Nissan, and Mitsubishi in this new Alliance reboot? Obviously, something like CMF-BEV is a smaller platform and therefore suitable for Renault, but when it comes to CMF-EV, the sort of the compact platform, who takes control, and how does it... And where does the responsibility lie in the next, as we move into the next generation of platforms? Okay, Luca, anything? Yeah, I can answer to that. I mean, on the, let's say, the CMF-BEV is clear for you. That was a platform that was, you know, developed by Renault, and that our partners will be able to use and potentially also evolve. So, and, and potentially, if needed, localize whatever they want. This is a deal that will have to be, you know, discussed within the Ampere strategy, future development. On the CMF EV, actually, this was a co-development of, of, of, the, the two companies, Nissan and, and Renault, and also Mitsubishi was, you know, partially involved in some of the things. So that was the whole reason why it took some time for us to get to an understanding of how to define the Ampere perimeter, what to put in, the whole discussion on IPs, co-owned IPs, et cetera. Now it's clear, and Ampere owns the platform, owns the IP of the platform, Nissan, of course, also. And what I see personally is that we will have to evolve those platforms very... I would say pretty quickly, because technology is very evolution. We are actually doing that in view of launching, you know, new generation of CMF-EV products, horizon 2027, 2028. So the whole idea is Nissan will work on the development of the CMF-EV from their side. We will work on the development of the CMF-EV from our side. For sure, they will have great ideas. For sure, we'll have good ideas. And at a certain point of time, we can also share experience, but that's the way the thing is constructed. Is that clear, Nick? No. How can two companies work on the same platform but from different sides? Because it's the... It's a base, and everybody develops the thing. It's like, I don't know, you have a, an operating system based on Linux, and at a certain point in time, you know, you decided both work on it, and every company on its side will develop its own functionality. It's pretty clear. What is important to understand is that the CMF-EV IP is within Ampere, as much as it is into, you know, into the Nissan, let's say, perimeter. Yeah. Well, that's one of the reasons why we also invested in Ampere. Further, we would like to see the involvement of our joint platform. That's what we are talking about. Again, and, I would like to say that from Nissan perspective, world is moving. We will do the different way in, for instance, like in China, which has been announced lately, and probably further in U.S., because regulation is pushing a lot. Mm. Customers' perception is changing, so we need to be ready. How are we going to grow in each portfolio or business that we are sitting together, and we are standing alone sometimes in some different market? I really would like to say that because it's totally different from what we used to be as automotive industry in 5-6 years ago. We all know that. Mm. We need to face the fact and reality and how quickly we can move with agility. That is what we are doing, and that's what we continue to do. We need to grow under this challenging environment. Okay, well, I think that covers the question. Thank you for raising it. Perhaps next question in the room. Yes, the gentleman at the end of the room. Uh, hello. Please. I'm Teranishi from the Asahi Shimbun. I have a question to Uchida-san and Kato-san. The Uchida-san mentioned about- Nothing for me? ... maybe later, sorry. So, the benefit for, of the investment to Ampere for Nissan and then, Mitsubishi, so this is a very huge investment, and, Mr. de Meo, Luca de Meo, mentioned that, the benefit of the cost reduction of the, C-segment EVs and then... But I think it is very challenging because of the competition is very severe now. And so, so question to the Uchida-san and Kato-san, what is the benefit for, the, this big investment, to, Ampere? And also, if you, I may, do you have any comment on that, so, the, Renault is now, delayed, IPO, from this autumn to, next spring? So it's now targeting the IPO next spring. So do you have any comment on this delay? And, and then just- I can, I can make a comment on this. Yeah. And just one, just one more- You have a question. Just one more question about Mr. de Meo. So you mentioned that the artificial intelligence very important key role for Ampere. And today, the EU member countries will agree to the world's first AI regulation in EU world. And then how do you see the impact on the automotive industry on Ampere this regulation? Thank you. Okay, let me first start with that, so thank you for the question. As I already explained today, that Ampere investment will enable Nissan further to make more strong strategy to meet our 2030, which said in Ambition 2030. So we are, I mean, we are getting the Micra, which is very beautiful car. And if Nissan alone decided to invest in this Europe market, you know, we said in Ambition 2030, that we are going to make huge investment electrified vehicle at the level of the JPY 2 trillion in the five years, but it's not enough. You know how the market is moving today, not only the product, but also the regulation. So all these aspects that we can benefit by investing to the Ampere as a strategic investor, and we, Nissan, also want to grow our presence here in Europe with the collaboration with our partner. So for me, I think it is a very good choice that we made, and we further would like to see how we can make our presence here in this market. While we are thinking about how, what are we going to do in U.S.? What are we going to do in China? What are we going to do in Japan? And again, this fragmented world, business circumstances, is even making us much more to consider this kind of way of the setup or collaboration. Right. I mean, can you imagine to do the electrified vehicle all over the world alone? Will be very, very challenging. That's the reason why I can be very confident and clear to say that we would like to be as a part of the strategic investor in Ampere. Okay, may I? The reason for Mitsubishi to make an investment in Ampere is number one is to enrich the EV lineup. And as Uchida-san said, world is changing very fast, and in addition to that, region by region requirement becomes, you know, much more unique than before because the progress of, for example, like electrification speed is different region by region. That's why before, for example, there was one standard, but now region by region there's a lot of regulation, and there there's a lot of requirement. And naturally just by one company like Mitsubishi Motors, it is impossible for us to develop BEV which will cover all the region. So region by region I will introduce a unique EV. That is, our Mitsubishi Motors strategy. In Europe, I decided to rely on Ampere. And, probably in North America, I will rely on Nissan. But, as you said, success of introducing a BEV is a cost cut. That is one of the key for success. So, in order to become by becoming the cornerstone investor, I want to watch how Ampere can successfully cut the cost. And also, you know, our main market is like ASEAN or Oceania area. But usually, those regions follow the European regulation. So, by becoming the cornerstone investor in Ampere, I expect that I can get a lot of information from Europe, where is a kind of EV be a leading market. So that is also one of the reasons why we invest in Ampere. Yeah. One more point that I want to touch upon is that, as well as, it was part of my speech, we're not only talking about the product. Mm. And we are looking for what kind of value that we can provide to the customers through the connectivity, SDV. These are the, you know, beyond the vehicle, which leads to the level that we are expecting, in the coming soon in the market. And that would enable our corporate purpose, Enhance the People's Life. So that's, that's also another very important aspect that we are looking for. That's the reason why we want to be there as a strategic- Mm ... investor, to move together. Yeah, that's clear. Luca- I think just to build on what Mike was, we're saying, I think that it was very important for us- ... to see Nissan and Mitsubishi investing, because that's the best proof that the Alliance is moving forward on, you know, maybe on another focus, on another base. So there's no better proof to see Nissan and Mitsubishi believing in the project of Ampere, which is kind of a reinvention of the Renault brand. And, you know, we had to, you know, a lot of discussion about, you know, at what level, et cetera. But I think that we-- I think we struck the right balance between, on one side, in the hypothesis of an IPO, okay? To leave enough floating for the investors to make the case attractive for investor, but at the same time, to leave enough space to, for example, Nissan to have a share that will enable them to have a presence in the governance of the thing with the one, let's say, seat in the board. And that changes everything, right? Because you are. When you have a seat in the board, you actually can influence the strategy, you can see what's going on, et cetera, et cetera. And I think that that's what we wanted from Renault. We didn't want to only get the money from Nissan, but we actually wanted them to participate together with us to develop this project, right? So I think it's a very important sign, and the in a way, the embodiment of the fact that the Alliance is, of course, evolving- Mm. -transforming, but is very concrete, I would say. I want to make a comment on your, assumption or, you know, I don't know, let's say, or your statement that we have, delayed the IPO. We never delayed the IPO. What we always said is that we would put this company in the condition by the end of this year, okay? To, potentially go for an IPO when the market condition were there. That's what we said. Actually, one of the steps of the thing is to carve out the company, because you're not gonna make an IPO on one thing that is embedded on the rest. And we promised that by the first of November, we would carve out Ampere from Renault, and we did. Mm. There were no problems, okay? An IPO is a, you know, a lot of, I wouldn't say bureaucracy, but a lot of steps that you have to do, et cetera, et cetera. So the only thing we said is, we wanna put Renault in a condition potentially to go for an IPO when the market is there. We're doing it. You know, I don't know, tonight, flight to London to speak to investors because there is a whole, you know, procedure that you need to go through when you want to approach this thing, right? And again, it's a good opportunity for me to tell you that, we will not do an IPO at any cost, right? At any value. We will do the IPO when it's right for us- Mm. -because, we are able to finance the project. We have also very important, you know, partners on that. So it's just a way to, yeah, accelerate our plan and, but we will do it when, when, we see that everybody agrees that it's the right thing to do, okay? On AI, I think that this, at this stage, is, let's say, a kind of a proposal from the commission on the AI. I think that AI is a big topic, a very pervasive- Mm. technology. Mm. It is very important that the authorities find a frame. Mm. A regulatory frame to make sure that, there are no deviation, abuses or, you know, evolution of this technology that go, you know, against the interest of our customers, our companies, our society. So we welcome that. We'll have to see how the things is defined. There is another thing which is a little bit more controversial in Europe right now, is all the discussion around the Data Act- Mm ... and some of the verticals that the European community is, or, you know, that is actually undergoing. In fact, the Data Act was proposed, and we know the frame, and we accepted it as an industry like all the other industry. What we actually kind of resist to is the idea that we would have a specific regulation for the automotive on data usage that will allow anybody to enter our cars and to suck the data. Because this is, we think, against, you know, the safety of... That we have to ensure to our customer. It is against, you know, privacy for our customer that we have to protect. Mm. It's actually against our business because we are the ones that are putting the technology in the car and creating the condition for the cars to produce data. On that one, there is much more debate right now. Mm. And let's say, officially, as a sector, we actually don't welcome such verticalization of the Data Act. We think that the Data Act in general is good, but we don't think we need an additional regulation- Yeah ... for the automotive industry here in the European perimeter. Very clear answer. I mean, obviously, we, we all need some regulations, but we need to make sure that it doesn't impair or thwart the competitiveness of our industry in Europe compared with others. I mean, it's all about what you just said, Luca. I can only just witness the fact that as Ampere is concerned, all the steps have been done in the Renault Group that for the success of the, I would say, this entity. The governance issues that are led by the board of Renault in that respect are all done. I would say that all steps have been taken. It's been hard job within Renault, within the governance bodies, and it's all now smooth and ready. So, I mean, honestly, as Luca said, we, we are perfectly on time. The rest is a matter of market. So I would just want to witness the fact that it's really a very strong, strong job that has been done. So we have another question here. Sophie Fay, on the line, if Sophie can hear me?... Sophie, perhaps I can't hear you. Make sure. Now? Yes, that's okay. Yeah. Okay. Okay. Good morning. It's just a clarification question. I was wondering if Renault Trust sells Nissan shares, will you have to change the valuation of the share, like, account them mark-to-market value? Or whatever the price of the sale is, does the price of a Nissan share in the trust and in Renault accounts remains the same? Oh. Yeah, this is a question about the valuation of the Nissan shares within Renault for the coming future. Everybody knows today that there is a discrepancy between the value of the Renault, the Nissan shares within Renault balance sheet and the market price. This is will be taken into account when time comes and when the sales will be decided. So this is a progressive issue. From my point of view, I think that everybody has that in mind already, and if we have to modify the value, of course, of these shares in the balance sheet when it is accountably correct, well, then we'll just have to recognize it. I would say, something that is already in the market. Everybody knows that. There will be, in my mind, absolutely no consequences of that because it's just already in the figures and I would say in the price of the share. So yes, the recognition will be done on time, but in my mind, and I guess that you will agree with that, everybody is already aware of that situation, and it's just past history that it needs to be I would say swallowed in a way. So that's the way it will happen. Is that okay, Sophie? You got the answer to your question? Yes. So to make it clear, if you sell some shares, you have to recognize the situation. Yes, absolutely. Yeah. Yeah. Okay. Very clear. Thank you! Which is basically normal. I mean, it's... Yeah, it's... Okay, do we have other questions in the room? And yes, we have another question at distance. It's Michael Knauer of Automotive News Europe. If, Yes. Michael, you can hear me? Okay. Okay, please go ahead. Yes, thank you, Mr. Senard. Michael Knauer from Automotive News in Germany. I have, two questions, please. Could you elaborate a little bit on the possible volumes of the planned cooperation cars in Europe and India and in Latin America? And the second question is about circular economy, which is, of course, developing worldwide. Isn't it a good idea to further develop, The Future is NEUTRAL outside Europe? And eventually, will the partners, Nissan and Mitsubishi, contribute to this growth of, The future is NEUTRAL abroad? Thank you. So maybe I can answer to both, maybe with Luca de Meo on the circular economy worldwide. I mean, we actually, Mark, we tend not to, let's say, to communicate on volumes. I do that since 20 years. It's a bad idea. But you know, all the project are sizable enough to justify, you know, the cooperation, the investment. So we're not doing like some kind of niche product. You know, if you think about, I don't know, what could happen in India, we are localizing, we are discussing about localizing the CMF-B global access platform of the Renault Group in India. This is the India is a Nissan plant. We have agreed that we would have a... There, there we have actually a plant, and then you have a development center. We're trying to rebalance the participation into, into the thing. And, you know, in that project, Renault brings the platform, Nissan brings the plant, somehow, and of course, a lot of collaboration on, on the field, we hope. But you don't localize a platform for 25 cars. You localize a platform because you see potential. This is what is gonna be one of the... potentially, one of the biggest market in the world, where you have 1 billion people there, and we have a good technology. So, all the projects are, you know, sizable. We're not gonna communicate, at least from our side, on volume. I can assure that they are sizable, and these projects are profitable everywhere, otherwise we would not engage into them. This is a very important thing. Otherwise, we would not engage. It's profitable for all the company. On the circular economy and The Future is NEUTRAL, I'll talk for, you know, my side on the European side. I mean, The Future is NEUTRAL is already something that is alive, that is there, with also some industrial assets. If you just go and visit Flins, you will realize that Renault has probably taken a couple of years of advantage to any OEM in Europe, okay, on that field. By because of necessity, because three years ago, we didn't have a plan for Flins. So with Jean-Dominique, we thought that it was a good idea to concentrate 2,000 people on this new business that was emerging, that is important for the future of our companies, for the future of the planet, et cetera, et cetera. Because of that, we worked very hard, and now we really have some industrial setup that is unique, okay? And we have a business that is running, okay? There is another dimension that is specific to Europe, that regulation in Europe is gonna be very specific, and it will be very severe, and it will come relatively quick, okay? The whole party will start already in 2025, okay? To get then in 2030 to another level. And it's a race right now... to do two things: of course, to be ready, to comply with the regulation, and also potentially to be ready to serve other companies, even beyond, you know, our cooperation, that might need our support to get through the regulation because they don't have those assets. Okay? So, at this stage, my, let's say, priority is to make sure that, Neutral becomes a European leader into the thing. Of course, maybe if we do things like Nissan on U.K., et cetera, this is gonna give us scale, and, and if, Nissan or Mitsubishi jump into the thing operationally, and then they bring their materials, they bring their battery, et cetera, et cetera. We have an internal market, I would say, in Alliance, that is a good base. But, Neutral is built as a company open to serve any other OEM that needs to, you know, fix the issue of recycling batteries or recycling materials or recuperating, like, palladium or platinum from catalyst and this kind of stuff, okay? So this is what I can say, but I leave it to Uchida-san for- Yeah. Okay. So I, I also want to make a bit about the remarks about India, because India has been always in a challenging market- Mm-hmm. In the past. So we are going to reset more, change ourselves in terms of not only the structure, but with additional model that we feel that is something makes sense. Makes sense. There's a lot of potential that India can grow in the future, then we really want to make ourselves to grow in that market. Therefore, we decided in India to collaborate together to kind of reset ourselves to move forward. So, please be waiting until that we will make more announcement related to the India, it's going to be under the plan. Now, about The Future Is NEUTRAL. Yes, we are very much interested in how we can be participated here in Europe, as initially, I would say that honor. Because of the regulation, each country is different, each region is different. We also have a similar way of the plan in the other market. And of course, some of the essence that we can learn a lot from the The Future is NEUTRAL and how we can consider to the other market. But that is what is, I can only say today. Okay. Well, thank you very much. I think we've reached the end of the Q&A session, so I would like to thank you all for being with us. We are going to go back to work, if I may say so. We have to hold our Alliance Operating Board meeting now. I think you've got all the answers to the questions. Keep in mind at least that all these issues about shareholdings, cross-shareholdings, is now behind us. It has kept our minds busy for some time, and yours in particular. It's now over, which means that we are concentrating on operations. This is the topic of the next meeting that's going to happen now. So, I hope that you got that word clear, because this is exactly our life today. So, thank you very much again for all your questions. Look forward to, I think all of us, to meeting you soon again, with other further good news for the Alliance. Thank you very much. Bye-bye. Take care!