Hello, this is Pyung-Ah Yoon, Head of Investor Relations at Kia. I will begin with business results for the third quarter of fiscal year 2025. I'll commence with the sales summary, followed by the consolidated income statement, revenue and earnings analysis, and finally the consolidated balance sheet. First, we'll begin with the global retail sales performance. In Q3 2025, global industrial demand increased by 4% year-on-year due to continued strong demand for HEVs in the U.S. market, increased EV purchases by consumers ahead of the expiration of IRA subsidies, and economic stimulus measures in the Chinese market. Kia's global retail sales witnessed a 5.5% growth year-over-year, led by higher sales centered around the Sportage HEV and Carnival HEV in the U.S., and the new EV4 model in the domestic market, keeping our global market share steady at 3.6%. By market, domestic sales grew by 10.3% year-over-year, driven by the increased RV sales centered on the Sorento and Carnival, and the new model effects of the EV4. In the U.S. market, amid continued strong demand led by HEVs and a surge in EV demand ahead of the expiration of IRA subsidies, overall market demand remained more solid than expected, rising 6.3%. During this period, our sales increased by 11.1%, outpacing industry growth, driven primarily by strong performances from the Sportage HEV and Carnival HEV, resulting in our market share expanding to 5.3%. In the Western European market, despite continued strong sales of the EV3, overall sales declined due to the discontinuation of certain models and temporary production adjustments associated with the electrification transition at the Slovakia plant. However, entering the fourth quarter, we plan to further solidify our EV leadership by completing our mass EV lineup with the launches of the EV4 and EV5, amid rapidly growing market demand for EVs, and by entering a new segment with the PV5. In the Indian market, sales declined by 3.2% year-on-year to a 5.9% market share due to deferred demand ahead of the Goods and Services Tax rate cuts implemented on September 22nd. However, with the launches of the Clavis EV and the full model change of the Seltos, sales are expected to return to a growth trajectory in the fourth quarter. Major emerging markets achieved sales growth centered on the Middle East and Africa, and Central and South America markets, driven by the strategic expansion of export volumes from Chinese plants. Next is our electrified vehicle sales summary. In Q3 2025, electrified vehicle sales increased by 32.3% year-over-year to 204,000 units, driven by strong demand for HEVs in the U.S. market and EVs in Western Europe. As a result, the share of electrified vehicles in our global sales expanded by 5.4 percentage points, from 21% in Q3 2025 to 26.4% in Q3 2025, and sales mix for HEVs and EVs accounted for 15.2% and 9%, respectively. By model, the sales growth in HEVs was led by the Carnival, while in EVs, the growth was driven by the EV3 and EV4. In the third quarter, the Carnival HEV continued to expand its penetration in the U.S. midsize MPV HEV segment, maintaining a 27% market share, and together with the robust performances of the Carnival and Sportage, drove Kia's U.S. HEV sales up over 87% year-over-year, expanding its market share to 6.4% as of July-August 2025, from 4.2% in 2024. In Western Europe, positive market response and solid demand for the EV3 continued, while the launch of the new EV4 in the third quarter further boosted Kia's EV market share in the region to 4.2% as of July-August 2025, from 3.2% in 2024. Kia plans to further strengthen its position as a leading global brand in electrification by completing a full lineup of mass EVs, with the EV5 in the fourth quarter and the EV2 early next year, while also adding new models to the HEV lineup, such as the Telluride and Seltos, to swiftly respond to evolving demand and regulatory changes in advanced markets such as Western Europe and the U.S. The following is the regional wholesale performance. In Q3 2025, Kia's wholesales increased 2.8% year-over-year to 785K units. Looking at the key regions, North America saw a 2.3% growth year-over-year to 279K units, owing to expanded shipments of the Carnival and Sportage HEV, based on robust HEV-led demand and stronger SUV-focused wholesale volumes. In Europe, despite strong sales of the EV3, sales volume declined by 2.9% year-over-year to 128K units due to the discontinuation of certain models and production adjustments associated with the electrification transition at the Slovakia plant. In India, sales fell 3.2% year-over-year to 64K units due to increased deferred demand ahead of the GST rate cuts. Finally, in the rest of the world, such as the CIS region, sales increased 45.6% year-over-year to 11K units, owing to expanded sales of the Sonet produced at the Uzbekistan plant. Next is the consolidated income statement. In Q3 2025, revenue reached KRW 28.66 trillion, up 8.2% year-on-year, backed by a 1.8% increase in consolidated sales, representing an additional 13K units, stronger HEV EV sales centered on advanced markets, and higher ASP resulting from continued price effect based on product value added. Operating profit recorded KRW 1.462 trillion, down 49.2% year-on-year, mainly due to the impact of the 25% tariffs and higher warranty and R&D expenses. However, the operating margin for the third quarter stood at 5.1%, led by strong sales of the Sportage and Carnival HEV, underpinned by robust demand in the U.S., disciplined operations focused on residual value management by executing incentives at around 60% of the U.S. industry average, and maintaining effective cost control. Next, operating profit analysis, breaking down the evolution of operating profit by factor. First, the application of 25% U.S. tariffs impacted our third quarter performance as well, reducing profit by KRW 1.24 trillion. Despite efforts to reduce incentives in the U.S. market to mitigate the impact of tariffs, increased spending for competition in the European market led to a KRW 264 billion YOY increase in consolidated incentives, reducing earnings. The negative mixed impact due to the high base effect last year continued in Q3. Nevertheless, a boost in new vehicle sales in Q3 limited its impact to KRW 59 billion, improving the visibility of a shift to a positive effect in Q4. Additionally, factors such as increased sales warranty costs due to the rising quarter-end won-to-dollar exchange rate and higher SG&A expenses, including R&D costs, led to a YOY decline in operating profit. However, Kia largely mitigated the negative impact-based profit through volume growth and pricing effects. Volume growth in advanced markets, particularly in the US HEV segment and regionally mixed improvements, contributed KRW 160 billion. Price effects from enhanced product value added contributed KRW 118 billion, and favorable exchange rate effects from the won contributed KRW 253 billion to profit improvements. As a result, our operating profit for the third quarter of 2025 amounted to KRW 1.462 trillion, a decrease of KRW 1.419 trillion YOY. Next, revenue analysis, first based on the regional sales share data on the left, consolidated sales revenue increased by 8.2% YOY. Despite sales growth in North America, driven by expanded wholesale units and higher ASPs for HEVs and SUVs, its share decreased by 1.1 percentage points from 46.4% in Q3 last year to 45.3% in Q3 2025. In terms of domestic sales, the launch of the new Tasman, EV4 and the expansion of operating days contributed to an over 10% increase in sales, on top of which an improved RV-focused mix led to a 5% increase in ASP, increasing the sales contribution by 1.3 percentage points from 16.8% in Q3 last year to 18.1% in Q3 2025. Despite a decline in wholesale units, Europe's revenue share remained similar to that of the previous year at nearly 21%, supported by ASP growth driven by strong EV3 sales and a favorable one-year-old exchange rate. India's revenue share decreased by 0.3 percentage points YOY due to weaker sales. Now, moving on to the ASP improvements on the right, the global ASP for Q3 2025 rose 6.3% YOY to KRW 38.6 million, driven by expanded HEV EV sales centered in advanced markets and positive exchange rate effects. Domestic ASP also rose 5% YOY to 35.5 million won, maintaining strong growth momentum. Next, cost of sales and SG&A. Despite volume growth, increased ASP-driven revenue expansion, and favorable foreign exchange effects, the cost of sales ratio for Q3 2025 rose 4.3 percentage points YOY to 81.1% due to the previously mentioned impact of U.S. tariffs that amounts to 1.244 trillion won. Without the tariff impact, however, the Q3 cost of sales ratio is estimated to have remained at last year's Q3 level at 76.8%. The SG&A ratio for Q3 rose 1.5 percentage points YOY to 13.8%, driven by increases in warranty expenses and R&D costs. The sales warranty expense ratio rose 0.9 percentage points YOY to 5.4%. This was mainly driven by the depreciation of the won, sorry, against the dollar at the end of Q3. R&D expenses increased YOY, accounting for 2.2% of sales revenue, primarily due to higher pre-development research costs at the R&D center. Next, operating income. First, equity method gains increased by KRW 49 billion YOY to KRW 161 billion, driven by higher profits at some affiliates. Financial and other non-operating income increased by KRW 24 billion YOY to KRW 263 billion, reflecting effects-related gains due to volatility in the won-dollar exchange rate. As a result, net non-operating income expense for Q3 2025 increased by KRW 74 billion YOY to KRW 425 billion. Last but not least, the balance sheet as of the end of Q3 2025. Total assets amounted to KRW 97.984 trillion, an increase of KRW 5.228 trillion compared to 2024 year-end. Key factors driving this asset expansion include increased liquidity, growth in tangible and intangible assets, and an increase in inventory assets. Total liabilities at the end of Q3 2025 reached KRW 39.224 trillion, an increase of KRW 2.308 trillion compared to the end of the previous year. Despite a KRW 923 billion reduction in borrowings, liabilities temporarily increased compared to 2024 year-end due to higher accounts payable and increased accrued expenses following the reflection of KRW 1.1 trillion in employee performance bonuses, which were paid in early October. Total equity stood at KRW 58.759 trillion, an increase of KRW 2.919 trillion compared to the end of the previous year. The debt-to-equity ratio rose by 0.7 percentage points YOY to 66.8%. This concludes the earnings results for the third quarter of fiscal year 2025. Thank you. Next, Kia Corp Senior Vice President, Sung Joon Kim, will deliver a review on Kia's earnings for the third quarter of 2025 and business outlook for the fourth quarter. Hello, I'm Kim Sung Joon. Regarding the profitability of the third quarter, we would like to give you the main elements. As we have said, in third quarter, the tariff impact has been more pronounced, and with the entry of Chinese companies, the market volatility was very high. However, even amid these situations, particularly in the US market, there has been meaningful growth that we have realized, and from a revenue perspective as well, we have been able to sustain a strong upward sales trajectory, which is a great performance for Kia. By region, to explain, for the United States, compared to the year before, we have 11% growth in sales, and we have the new Carnival HEV and Sportage PE HEV, and HEV-led growth has been achieved. Also, Telluride in its last model year is expanding in sales as well. In H1, as we have explained, Kia's low expenses have been maintained, and maintenance of our residual value has been achieved as well. Although sales have grown, we don't use high incentive rates, but we have efficient incentives executed and maintained our residual growth while growing our sales, which is our biggest advantage in this difficulty. However, for the European market, there was the electrification transition in the Slovakia plant. Therefore, there was the temporary down of UPH, and also there was the discontinuation for partial models, and so there were difficulties faced. However, there were 40% growth that was EV-led, and in the fourth quarter, we have EV4 and PV5, and therefore EV sales will be fueled by these models. Also, from a revenue perspective, hybrid and an EV mix improvement, and for high advanced safety convenience specs that will be expanded, we believe that revenue will be, has been high. From a profitability perspective, as you're well aware, the tariff impact was the biggest compared to the year before. It was KRW 1.4 trillion of impact, but KRW 1.2 trillion has been impacted by tariffs, and as we said, the end of the year, foreign exchange rate fluctuations and foreign currency in our warranty provision has deteriorated our profitability. However, our sales growth is continuing on, and we are continuing to add on to the product value, and one of our advantages, or of our raw material cost or labor cost reduction, is continuing on. With that, we have been able to have efficient cost control. This basically Kia's fundamentals are being maintained without change in these hardships, and all of the investors here, to you, we would like to show you the fundamentals that we have been able to maintain. In the fourth quarter and next year, the fourth quarter, the industry demand in the United States will continue on. In H1 earnings results, we said that in H2, the industry demand in the United States, we thought it would go down, but unlike our expectations, our industry demand will be robust. In particular, for hybrid, there will be strong demand for HEVs that will continue in Europe, although it's hard compared to the year before. For ICE, compared to ICE, EV is growing amid this. We have EV4, EV5, and PV5 that will be launched at the end of November, and we have EV2 next year, which is an entry-level EV that will be released as well. With this in mind, in Europe, so according to the change in the market, we have aligned our strategies, therefore, we can show our strong advantage there. Based on that, in next year as well, compared to this year, we will continue to grow. And in that aspect, after the confirmation of the specific numbers, we will be able to explain again. If we look at the third quarter performance, we had an opportunity to reflect on ourselves because the external factors or tariffs, what will be added, are something that is uncertain next year and going forward. The external conditions, not only the tariffs, but there will be unexpected other external economic conditions that will become risks that may appear continuously, and if that's the case, then the changes in the external circumstances, whether we will fall down and sit on our hands, we have reflected ourselves to show that we should not sit on our hands anymore, and we should take action. We have reflected ourselves in this quarter, and based on this, what we've done existingly, not only the internal fundamental improvement, but additionally, the internal environment will be strengthened in our fundamentals and also reduce our costs. We will move with urgency and strengthen our fundamentals. Those are the efforts that we're doing. We will stay strong and stable no matter the environment. We will put all our efforts into maintaining that stability. Thank you. Now we begin the Q&A session. 지금부터 질의응답을 시작하겠습니다. 질문이 있으신 분들은 전화기 버튼에 별표와 1번을 눌러주십시오. 별표와 1번을 누르신 순서대로 발언 기회를 드리겠습니다. 질문을 취소하고 싶으신 분들은 별표와 2번을 누르시면 됩니다. Now Q&A session will begin. Please press star one, that is star and one. If you have any questions, questions will be taken according to the order you have pressed the number star one. For cancellation, please press star two, that is star and two on your phone. 처음으로 질문해 주실 분은 현대차증권의 장문수 님입니다. The first question will be provided by Jang Moon-soo from Hyundai Motor Securities. Please go ahead with your question. 안녕하세요, 현대차증권 장문수입니다. 질문 기회 주셔서 감사드립니다. 저는 이제 8페이지에서 영업이익 증감 분석 중에 있는 내용들을 좀 몇 가지 질문 드리고 싶은데요. 기타 비용 증가 부분이 조금 눈에 들어오는데, 주신 내용들을 살펴보면 판매 보증비가 통상 한 7-8천억 정도 됐었던 걸 감안하면 이번 분기에는 거의 두 배, 그리고 작년 대비로도 한 3,500억 정도 늘어난 걸로 보이는데, 저희가 기말 환율 상승한 걸 감안해도 예상했던 것보다 좀 많이 나온 것 같거든요. 혹시 품질 비용 같은 사유가 있으신지 궁금하고요. R&D 비용도 연구소 선행 연구 비용 말씀은 해 주셨는데, 과거 1년도 평균 대비해서는 뭐 천억 2,300억 정도는 더 늘어난 걸로 보입니다. 이게 이번 분기 일시적 사유로 봐야 될지 아니면 매출액 대비 계속 비중을 높은 수준으로 유지할지도 좀 궁금하고요. 관세 관련돼서도 조금 궁금한데, 만약 이게 지금 자동차 부품에 대한 미국 안에서의 수입 관세 영향도 이 안에 혹시 포함되어 있다고 이해하면 될까요? 만약에 그 부품도 재고 소진 같은 효과가 만약에 있었다면, 지금 수준에서 충분히 이게 반영되고 있는 것인지 아니면 25% 관세 환율 하라고 가정을 했을 때 기준은 어느 정도로 잡는 게 좀 합리적인지 말씀 부탁드리겠습니다. Hi, hello. I am Jang Moon-soo from Hyundai Motor Securities. Thank you for the opportunity to ask the questions. I have three questions. One, the eighth page regarding the operating profit analysis, I would like to ask about the increase in the other costs. For example, in the warranty provision expenses compared to usually, I think that there has been a KRW 350 billion increase. Therefore, even if we consider in mind the year-end, the quarter-end foreign exchange fluctuations, it is higher than expected. So is there a special reason for this? The second question is regarding the R&D expenses. During the presentation, you mentioned about the pre-development research and R&D expenses that was included in the R&D. However, compared to on average, I think there's about KRW 20-30 billion won increase. So is this temporary or will this R&D expense cost be maintained? The third question is on the tariffs, and does this include the parts of reduction in the tariffs? Because if there are the inventory that has been depleted for parts, maybe there has been impact there. So we would like to ask if there's impact for the tariffs there. 예, 먼저 간략하게 말씀드리도록 하겠습니다. 판매 보증비 증가 내역은 앞서 설명드렸던 것처럼 전년, 그러니까 기말 환율 변동에 따른 증가 부분도 있었고요. 또한 이 외에도 소프트웨어 업데이트 중심의 캠페인 비용도 있었습니다. 이런 부분들이 일시적으로 이번 분기의 판매 보증비 비율 늘어나는 요인 중에 하나였다고 저희는 판단을 하고 있습니다. 또 R&D 비용 증가 부분에 있어서는 저희가 CID 인베스트 데이 때도 말씀드렸던 내용하고 연계해서 저희가 현재 기존에 운영하고 있던 투자 외에도 신규적으로 신사업이나 신규 투자나 이런 부분들에 대한 투자는 낮출 수는 없고요. 그런 부분들에 대한 투자는 분명히 저희는 어려운 상황에서도 계속할 겁니다. 이런 부분들이 늘어나는 부분이 분명히 R&D 비용 증가의 일정 부분이 있다고 되어지고, 또한 기아, 저희 당사 같은 경우에는 올해 내년에는 SWL, LW라고 하는 PBV 신차가 나오면서 이런 투자 부분들 늘어난 부분도 하나의 요인이라고 판단을 하고 있습니다. 마지막으로 관세 수입 부품 관세 포함 여부를 물어보셨는데요. 포함해서 지금 관세 임팩에 대해서 말씀드렸습니다. 그리고 앞서 판매 보증비 증감 중에 조금 부연 설명을 드리자면, 신차 출시 초기에는 상대적으로 클레임 비용이, 그러니까 대당 판매 보증 비용이 조금 높습니다. 이게 신차가 출시 초기에 높고 향후에 양산이 계속되면서 좀 떨어지는 추세고, 어떻게 보면 유난히 올해 저희가 신차 출시가 많았던 한 해였고요. 그게 그 부분들이 올해 3분기에 일정 부분 반영이 되었다고 말씀드리도록 하겠습니다. Regarding the warranty expenses, yes, there is the impact of the quarter-end fluctuations in the foreign exchange rate, but separate from that, there was the campaign costs that are centered around the software updates, which contributed to the increase temporarily on the ratio of the warranty expenses. The second, regarding the increase in R&D costs, we have talked about this in the CID and investor day, and so not only do we invest in the investment that we currently do, but we also invest in new projects as well as new investments as well, and we cannot reduce such investments even with the difficult conditions that we are facing. Therefore, this contributed to the increase in R&D costs, and for Kia, this year and next year, we have the PBV new car that's based on SW and LW, which are also factors. Regarding the tariffs, yes, we have included the import parts in the tariffs as well. And adding on to the response regarding the warranty expenses, if we release new cars, there's the warranty expenses per unit that goes up when the new car is released, and then after the mass production, it reduces. And this year, we had a lot of new releases of cars. Therefore, that has been reflected in the third quarter. 품질 비용 관련해서 조금만 첨언 드리면요. 저희가 그 품질 관리 기준을 계속 좀 높여왔고, 그다음에 선진적 품질 관리를 계속 해오면서 사실 이제 저희 클레임 레이쇼가 지금 2020년에 3.2%에서 지금 한 2.5%로 인더스트리 평균보다도 이제 낮은 수준으로 들어왔습니다. 근데 저희 올해 이번에 조금 더 이런 부분도 강화하고자 품질 센싱 조직들을 저희가 올해 신설을 했고, 그 품질 센싱 조직에서 이 작은 어떤 이슈라도 전체 지역별, 그다음에 마일별로 해가지고 전체적으로 포괄적으로 사전 센싱을 굉장히 강화를 했고요. 그러다 보니까 올해 센싱된 건수들이 올해 한 10건 넘는 그 사전 센싱 건수들을 저희가 확보해서 아까 말씀하셨던 ECU 교체라든지 소프트웨어 업그레이드로 저희가 먼저 사전 조치로 캠페인으로 할 수 있는 부분들을 먼저 조치해서 향후에 그 좀 더 큰 품질 문제로 가는 걸 막는 조치들이 3분기에 있었습니다. 그 비용들이 이번에 반영됐다라고 보시면 될 것 같습니다. Regarding the quality costs, we have continued to increase and strengthen our criteria and standards for quality management, and we've taken measures proactively in order to control our quality. And regarding this, we have the claim ratio that has been reduced to 2.5%, which is lower than the industry average, and we are continuing on to do our quality sensing using our dedicated organization that is dedicated for the quality sensing proactively. Even if it's small issues by the model year and the model type, we are trying to proactively sense the issues that may appear. And this year, we have been able to identify 10 items proactively by sensing and monitoring ahead of time. Like the ECU upgrade, as well as software upgrades, have been proactively done, and these are some of the measures that we have done in order to block bigger issues from happening, which has been reflected in the third quarter. 다음 질문을 받겠습니다. Next question, please. 다음으로 질문해 주실 분은 Citigroup Global Markets Korea Securities의 Paul Hwang 님입니다. The following question will be presented by Paul Hwang from Citigroup Global Markets Korea Securities. Please go ahead with your question. 네, 안녕하세요. 시티증권의 황포울입니다. 저도 마찬가지로 8페이지 장표 쪽이랑 그다음에 이제 넥스트 페리와 관련해서 두 가지 질문 드리고 싶은데요. 저희 기타 비용 증가 이거 브릿지 봤었을 때 사실 저희가 작년 3분기에 이제 일회성으로 이제 충당금 6,310억 원 있었어가지고 이것까지 감안하면은 설명해 주신 뭐 R&D 비용 증가한 거랑 품질 비용 증가한 걸 감안하더라도 나머지 쪽 기타 비용에 생각했던 것보다도 평 분기에 비해서 많이 증가했거나 아니면은 반대급부로 이제 시장에서 예상하거나 아니면은 저희가 타겟했던 거에 비해가지고 이제 관세 미디게이션 임팩트가 상대적으로 적었던 걸로 조금 보여져가지고요. 혹시 이거 외에도 이제 기타 비용 조사 더 늘어난 게 있는지 아니면은 원래는 이제 트래프 관련해서 한 30% 정도는 미리게 하고 싶으셨었는데 실질적으로 이제 3분기에 나타난 결과물은 어땠었고 이게 향후에는 여기서 좀 더 미리게 임팩트가 좀 더 늘어날 수 있고 있으면은 어떤 내용으로 늘어날 수 있는지 이거에 대한 설명 조금 더 구체적으로 한 가지 부탁드리고요. 두 번째로 저희 넥스트 페리와 이쪽 칩 이슈 노이즈 나오는 거 관련해가지고 기아는 지금 현재 어느 정도 익스포저 있고 어떤 식으로 이게 만약에 중장기화로 조금 더 오래 간다면은 이쪽에서 이제 어떻게 대응 또는 이제 관련 쪽으로 이제 대처할 수 있으신지 이거에 대한 설명도 같이 부탁드리겠습니다. 감사합니다. Hello, my name is Paul Hwang from Citigroup Global Markets Korea Securities. I would like to ask some questions about the graphs that you showed us and some other costs that you talked about. For example, in Q3 2024, there was an increase in diverse costs. You just explained, provided an explanation about the increase in R&D costs and also the quality costs, and there were some other expenses that I was worried about. So I would like to ask you about the state of the market and also about the market tariff mitigation effects, because I think that the mitigation result was smaller than what you had expected and what you presented in the previous quarter earnings call. So, for example, initially you expected to set off the tariff effects by about 60%, and I would like to know what is the result for Q3 and if you can expect further reduction of the tariff effects in Q4 and in what items? My second question is regarding the experience noise that we have been hearing about. If this problem continues in the mid-long term, do you have any plans to respond to this issue? 예, 판매 보증비 증가 원인에 대해서 다시 한번 말씀 주셨는데요. 실제로 전년 동기, 그러니까 전년 동기 대비 늘어난 부분은 환율 임팩트가 있었고요. 그다음에 앞서 말씀드렸던 바대로 선제적인 이런 품질 개선 활동을 하다 보니 여러 가지 작은 건수들의 캠페인이 많이 생겼습니다. 또한 신차 요인에 따른 품질 비용 증가 요인도 있었고요. 다만 여기에 추가로 저희가 추가로 더 애드해서 말씀드릴 수 있는 부분은 향후 인플레이션 증가에 따른 공임이나 부품비가 점진적으로 늘어나는 부분도 분명히 있었기 때문에 이런 부분들에 대한 반영이 이번에 품질 비용 증가로 나타나는 것으로 저희는 판단하고 있습니다. 그리고 두 번째, 관세 경감에 대한 노력에 대해서 말씀해 주셨는데 실제로 저희가 시행할 수 있는 액션은 제대로 시행을 하고 있고요. 그 액션이 늦춰짐에 따라서 비용이 증가하는 부분은 아닙니다. 그건 당연하게 자신 있게 말씀드릴 수 있고요. 뭐 어떻게 보면 약간 시차나 뭐 이런 것들의 타이밍 디퍼런스로 뭐 설명, 뭐 생각하실 수 있겠지만 그런 거 없고요. 저희는 예, 해당되는 원칙대로 지금 반영하고 가고 있습니다. Thank you for your questions. You have mentioned some concerns about the increasing warranty costs. For example, I think that the effect has something to do with the result YOY, and I must confess that there are some quality campaigns that we are conducting preemptively, so these campaigns are having an impact on the warranty costs. That is true, and also the fact that we are launching new models, that is also incurring some costs and having an effect on the quality side of the expenses, and additionally, what we can tell you on top of what we already told you is that the inflation is also having an effect on the labor cost, which is increasing, and also the cost of parts that are rising as well. So these are some factors that are influencing the increase in quality costs. You also mentioned being curious of our efforts to reduce the tariff effects. So what can be done is being done on our parts. There is no delay that I can assure you, and there is no timing effect that will be having an impact on the mitigation efforts regarding the tariffs. Thank you. 그리고 넥스트 페리와 관련해서는 뭐 잘 아시다시피 저희가 이제 코로나 상황 그때 그 서플라이 체인 디스럽션을 겪으면서 저희가 이제 이 일반 조달하고 그다음에 핵심 부품에 대한 조달하고는 이제 저희가 좀 분리해서 이제 운영을 하고 있습니다. 그래서 특히 이제 전략 소재의 경우 이제 안정적인 재고 확보, 그다음에 대체 공급망 설계를 갖다가 저희가 이제 기본으로 하고 있고요. 그래서 저희가 지금 단기간에는 생산 차질이 없을 것으로 좀 저희가 예상을 하고 있습니다. 다만 이 상황이 장기화되면 뭐 직간접적인 영향이 있을 수 있기 때문에 관련해가지고 면밀하게 모니터링 중입니다. 다만, 말씀드렸듯이 지속적으로 이제 저희가 이런 어떤 이런 상황이 생겼을 때의 어떤 대응책에 대해서 전반적인 어떤 전략들이 있기 때문에 이 부분에 대해서 뭐 특별히 이제 저희가 생산에 영향을 줄 단기간에 줄 것으로 이제 예상하고 있지 않습니다. I would like to add something about the experience issue. So during the COVID epidemic, we have experienced some disruption in our supply chain. So what we have come up with after we experienced that challenge is that we are separating our supply of general parts and key components. So for example, for strategic components, we have a more stable supply chain strategy, and we are also operating an alternative supply chain for those important parts. In the short term, we don't expect any disruptions to occur, but if, let's say, any issues get prolonged in the long term, then there are some measures that we are putting in place that we have planned in the short and long term directly and indirectly. So we keep, we are monitoring the supply chain status continuously. If there are any issues, however, that occur, then we do have some strategies to respond to them. So I don't expect them to impact our production activity in absolute terms. Thank you. 다음 질문을 받겠습니다. Next question, please. 다음으로 질문해 주실 분은 메리츠증권의 김준성 님입니다. The following question will be presented by Joon-sung Kim from Meritz Securities. Please go ahead with your question. 네, 안녕하세요. 김준성입니다. 질문 기회 주셔서 감사합니다. 세 가지 여쭤보고 싶은데요. 이번에 관세가 이제 1.2조 정도 나왔다고 증감 분석에 넣어주셨습니다. quite large, so we wondered whether we could maintain last year's level of dividends, even if we use all of TSR 35%, could we pay last year's level of KRW 6,500, such worries existed, but now that it's down to 15%, it seems the worries about this part have been greatly alleviated. Taking this opportunity, if by any chance last year's level of KRW 6,500 dividend is possible even in the dividend based on this year's earnings, please let us know. The third question. Expectations for the collaboration with NVIDIA are extremely high. Right now, many people are interested in the smart car plan. Hyundai Motor Company and Hyundai Mobis, through the Investor Day, the contents they planned and announced talked about the smart car plan of releasing the demo around May and June next year and starting sales from 2028. 현대자동차와 저희도 같은 기준에서 데모 공개 그리고 판매 모델의 출시 시점이 비슷하게 가는 것인지 궁금합니다. 이상입니다. Hello, I am Kim Joon-sung from Meritz Securities. I have three questions. The first is regarding the tariffs. As you have mentioned in the analysis, there will be an impact of KRW 1.2 trillion, and it is monthly KRW 400 billion, as you have previously stated in your previous earnings results. And so if we look at the fourth quarter, and it will be applied from November 1st partially and moving on, then KRW 400 billion of October and KRW 250 billion and KRW 250 billion each in November and December, and in total we think it will be KRW 900 billion. So would this be the tariff cost that we should expect? And the second question is regarding the dividends payout. There were uncertainties of the performances until now, and looking at last year's TSR, that was 35%, KRW 650 billion. Will this be continued on in this year's dividend payout? As the tariffs have been reduced to 15% and confirmed, there has been ease of concerns of the TSR, but will the 650 billion that is the level of last year be the same for this year's dividend payouts? The third question is on the cooperation with NVIDIA. There are a lot of hype towards the cooperation with NVIDIA, and there are a lot of people that are actually putting in a lot of attention in the cooperation. As we look at the CEO Investor Day announcements from Hyundai Motor Company and Hyundai Mobis, they said that there will be a demonstration that will be done in May and June, and also in 2028 there will be the sales that will start. For Kia, will it be the same timeline? 예, 누구보다 저희 회사에 대해서 잘 아시는 위원님께서 질문을 하시니까 부담되긴 합니다. 네, 말씀드리자면 관세의 4분기 임팩은 아마 3분기하고 큰 차이는 없을 겁니다. 그러니까 보통 11월 1일자로 소급해서 적용이 된다고 하더라도요. 기존에 보유하고 있던 재고분은 이미 25% 관세분을 납부했기 때문에 실제로 저희가 아마 영향을 받을 수 있는 부분은 12월 판매에 대한 부분이 될 것으로 판단을 하고요. 그러면 예, 아마 3분기랑 큰 차이는 없을 것으로 보여지고 당연히 적어지긴 할 겁니다. 근데 그 갭이 아주 크지는 않을 거고요. 실제로 그 영향은 내년도에 온전히 나타날 것으로 보여집니다. 두 번째 말씀드린 배당 관련 내용은 이미 투자자분들하고 대외적으로 드렸던 약속이 있기 때문에 지키고 가겠습니다. 그다음에 스마트카 계획도 그냥 간단하게 동일한 타임라인으로 동일한 시점에 같이 출시가 될 거고요. 그 점에 있어서도 큰 변동 없습니다. The person that's asking the question is someone that is really familiar with our company. We have burden on responding to those questions. First, regarding the tariff impact, tariff impact in the fourth quarter will be similar to that of the third quarter, although it will be implemented of the 15% of tariffs from November 1st. It will be retrospective, and therefore we already have the inventory that has been applied with the 25%, and therefore we believe that the impact will probably be the November sales that will be impacted. Then it will probably be similar to the impact of the third quarter. Of course, it will be a little bit lower, but the gap will not be that big, and the impact will be fully reflected in next year's performances. The second question regarding the dividend payout, we have announced and promised our shareholders about our dividend payout already. Therefore, we will maintain and keep that promise. Regarding the third question for the smart car plans, we also have the same timeline as the other companies, and so our release and the timeline will not be different. 다음 질문을 받겠습니다. Next question, please. 다음으로 질문해 주실 분은 한국투자증권의 김창호 님입니다. The last question will be presented by Kim Chang-ho from Korea Investment & Securities. Please go ahead with your question. 네, 안녕하십니까. 한국투자증권 김창호입니다. 혹시 제 목소리 지금은 잘 들리실까요? 네, 잘 들립니다. 네, 감사합니다. 그 세 가지만 짧게만 질문 드리도록 하겠습니다. 특히 미국의 경우 도매와 소매 증가율 차이가 좀 많이 나는데요. 이게 지금 소매 증가 폭에 비해서 도매 판매 증가율이 조금 떨어지는 것 같습니다. 재고 관리 차원에서 그런 건지 아니면 다른 사유가 있는 건지 궁금하고요. 두 번째로는 이게 아무래도 조금 수익성이 악화되다 보니까 조금 어떤 이유에서인지 조금 궁금해서 그런데 혹시나 저희가 R&D 자본화 비율이 최근에 좀 비용 처리를 안 하시고 R&D 자본화 처리를 좀 많이 하시는 것 같은데 이런 정책에 대한 뭐 변화가 있는 것인지 아니면 현대차와 기아 이제 공동 R&D 부분에 대해서는 6대 4로 배분하시는 걸로 알고 있는데 이런 비율에 대해서 차이가 있는지 궁금합니다. 그리고 마지막으로는 뭐 지금 오늘 뭐 엔비디아 칩을 받아온다라는 그런 얘기가 되게 무성한데 혹시 이렇게 받아오면 저희 현대차 그룹 차원에서는 어떤 변화가 있을 수 있는지 좀 장기적인 그림 혹시 좀 공유해 주시면 감사하겠습니다. Thank you for taking my question. I have three questions to ask you. The first one is regarding sales in America. I know that there is some discrepancy between the sales in the wholesale units and retail sales, and especially the wholesale units is a little bit lower than the retail sales. Is that because of inventory management or another reason? My second question is regarding the lowering profitability. I would like to know the reason. To my knowledge, does Kia revert some of its reinvestments towards research and development, and what is the ratio of that investment? Is there a change in Kia's policy regarding how to reinvest your profits? For common R&D expenses between Hyundai Motor Company and Kia Motor Company, I know that the distribution ratio is 6 to 4. What could you elaborate more on the differences? Is there any details that you can tell us about that? My third and last question is with regards to NVIDIA because we are hearing a lot of rumors in the market about Kia getting a chip from NVIDIA. So could you elaborate more on that? What is your long-term plan? 예, 첫 번째 문의하셨던 도매, 소매 차이의 갭에 대해서는 물론 차종별 재고 부분의 차이도 있긴 합니다. 근데 다만 3분기에는 저희가 풀립 계약을 함에 있어서 풀립 계약에 따른 도소매 차이 시점 차이가 좀 있었거든요. 그런 부분이 일정 부분 있었고 그 차이라고 보시면 될 것 같고요. 두 번째 질문 주셨던 R&D 비용의 회계 처리 기준이나 변경 사항 없습니다. 바꾼 거 없습니다. 그리고 과거 대비로 그러니까 기아가 정산하는 비중이 높아진 건 사실입니다. 근데 그 얘기는 그만큼 성장성이 높아졌다고 판단하시면 될 거고요. 그게 저희 수익성 악화나 이런 차질의 원인으로 판단하시는 것보다는 성장이 더 되고 있구나라고 판단해 주셨으면 좋겠고요. 엔비디아의 뭐 칩 같은 경우는 잘 아시는 바와 같이 SDV나 향후에 자율주행이나 이런 부분들에 큰 도움이 될 수 있는 부분이기 때문에 그런 점에 활용도가 있을 것으로 저희는 판단하고 있습니다. Thank you for your question. Regarding the first question for the discrepancy between wholesale units and retail sales, one of the major factors of that I think is the difference in inventory based on the model of the vehicle. And the second factor that I can cite is the difference in the contract timing when we do flip contracts. For your second question regarding R&D reinvestments, there are no changes in our policy or criteria, and I know that it may worry our investors to see some expenses increase, but I would like to ask you to please consider this as Kia's symptoms of growth, and it is not a symptom of a worsening profitability. Regarding your last question about NVIDIA's chip, we are thinking that this chip from NVIDIA will be helping us in the development of SDV or automotive vehicles in the future. Thank you. 시간 관계상 마지막 질문을 받도록 하겠습니다. We will take the last question. 마지막으로 질문해 주실 분은 삼성증권의 임은영 님입니다. The last question will be presented by Im Eun-young from Samsung Securities. Please go ahead with your question. 예, 안녕하세요. 삼성증권 임은영입니다. 제가 마지막 질문이라서 영광스럽습니다. 저 두 가지 질문 드리려고 하는데요. 유럽, 아까 이제 잠깐 짧게 설명해 주시긴 하셨는데 유럽이 지금 아시는 대로 전기차 수요 성장이 굉장히 높잖아요. 그러니까 뭐 생산 일부 차종 바꾸고 뭐 이런 것 때문에 그 수요 성장을 못 따라간다고 설명해 주셨는데 ICE 말고 EV가 올해 이제 EV3를 출발로 해서 좀 신차들이 많이 나와서 저희는 산업 성장률을 크게 앞설 거로 생각했는데 이제 뚜껑을 열어보니 지금 산업 성장률 대비 좀 뒤처지고 있어서 이게 특히 중국 업체들 대비해서 저희가 좀 약점이 무엇인지 그리고 그걸 극복하기 위해서 이제 어떤 정책이나 전략을 가지고 계신지 설명 부탁드리고요. 그럼 이제 유럽이랑 미국 인센티브를 포함해서 인센티브가 좀 많이 늘어나신 것 같아서 이게 미국 같은 경우는 이제 전기차 판매를 좀 줄이고 하이브리드 비중을 늘리고 유럽도 새로운 정책을 시행하게 되시면 이 인센티브의 방향이 4분기부터 어떻게 바뀔지 좀 가이던스를 주시기 부탁드립니다. 감사합니다. Hello, I'm Im Eun-young from Samsung Securities. I have two questions. The first question is regarding the EV industry growth that we are looking at, which is very high in the demand growth, but there are not if we exclude the ICE and just look at the EVs, there are the EV3 and a lot of new cars that are being released from Kia's side. We have thought that the expectations were that it would exceed that of the industry growth, but it is actually falling behind. So compared to the Chinese OEMs, what is the drawbacks that we have on the Kia side, and what are some of the strategies that you are taking in order to improve and go over the Chinese OEMs? And the second question is regarding the incentives. So the United States incentives have gone down with the decrease of EVs, and the HEVs have gone up, but there will be new policies that will be implemented for the European market. And so regarding the incentive directions, what are some of the guidance that you can provide us for the fourth quarter? 예, 뭐 위원님께서 제가 올해 이것도 개인적인 얘기지만 인베스터 데이 때 제가 한번 지켜봐 주십시오라고 드렸던 말씀이 있었는데 올드하다고 하셨었어요. 근데 저희 아마 4분기를 보시게 되면 제가 3분기가 저희가 저점이라고 제가 감히 드릴 수 있다고 저는 생각합니다. 4분기 실적 보시면, 기아에서 왜 실적 발표 때 이렇게 얘기를 했을까라고, 그런 리뷰가 다시 있었으면 좋겠고요. 유럽은 전년 대비로 EV에서 성장 많이 한 게 맞습니다. 한 40%가 넘는 성장을 했고, 다만 예, 공장 셧다운이나 이런 부분들 때문에 그 ICE가 그에 따른 받침이 되지 못했고요. 상대적으로 산업 수요 성장 대비 저희가 부진했던 것도 사실입니다. 그거는 맞는 얘기고요. 그다음에 중국 업체 대비 저희의 가격은 약 25% 가까운 가격 차이가 있고요. 어떻게 보면 과거에는 저희가 원가가 올라가게 되면 가격을 올리면 되지, 이런 상황이었었다면 지금은 절대 그럴 수 없다고 판단을 합니다. 그럴 수 없는 게 사실이고요. 그러면 가격을 올리지 못하는 상황에서 그럼 저희가 어떻게 저들과 경쟁을 할 것인가 내부에서 찾아야 될 거고요. 그래서 앞서 말씀드렸던 것처럼 저희는 내부 체질 개선, 원가 경쟁력 확보에 대해서 어느 때보다 진심으로 대하고 있습니다. 그 부분에 대해서 뭐 다른 의견 없으실 것 같고요. 인센티브 늘어나는 두 번째로 인센티브 늘어나는 부분에 대해서는 전년 대비로 늘어나는 부분은 맞습니다. 근데 다만 전년에는 작년 잘 아시다시피 작년 상반기에는 미국에서 인센티브 $1,000도 안 썼던 시절이었고요. 그게 쭉 올라오다가 이제 다시 꺾이는 상황이고 4분기 인센티브는 저희는 3분기 대비 큰 변동 없을 것입니다. 예, 특히나 미국 같은 경우는 오히려 인센티브 증가 없이 판매 늘리고 잔존 가치 늘려가는 올리는 그런 추세를 계속하고 있고요. 현재 재고도 부족한 상황이고 재고가 없는 상황에서 인센티브를 올리는 이유는 저희는 없다고 판단하고 있습니다. 다만 유럽 같은 경우는 워낙에 시장 경쟁도 세고 이런 부분이다 보니 작년 말 올 초에도 인센티브를 좀 늘려서 운영을 하고 있었고요. 이 부분이 지금 신차 EV가 나오면서 올 4분기에는 그다음에 내년 초에는 이 늘어났던 인센티브를 정상화하는 그런 상황으로 저희는 이끌어갈 거고 그렇게 갈 수 있으리라고 판단하고 있습니다. During the Investor Day, the person that asked the question, we told you that we would like for you to continue on to look at what Kia's performance would be doing, but the response that we got was that the answer feels really outdated. But I would like to say and emphasize one more time that if you look at the Q4 results, then it will be normalized and Q3 is at its lowest point. If we look at it again, yes, in the European market, the EV growth has been 40%. However, there was the ICE that has not been able to go along with the growth of the EVs, and we have fallen behind compared to the industry growth, as you've said. But looking at the pricing gap between the Chinese OEMs and for us, there's a 25% pricing gap. In the past, we were able to raise our prices along with the rise in raw material costs, but no longer can we have that policy in place, and therefore we cannot increase our prices anymore. Then how can we compete with the Chinese OEMs? We have to look back at our fundamentals, and we have to increase our fundamentals and strengthen them and also secure the competitiveness with ourselves in our new cars. Regarding the incentives, compared to last year, it has gone up, yes. In the first half of last year, we were at $1,000 level in the United States, which was very low, and it was going on an upward trend and now is going back and being normalized. In the fourth quarter, the incentives will not change significantly compared to the third quarter. Particularly in the United States, we do not believe that there needs to be change in incentives as there are sales that are growing without the change in incentives. Therefore, with the shortage of inventory, we will not change our incentives. In the European market, there is fierce competition that is ongoing. Therefore, there has been an increase compared to last year. But with the new release of our EVs, we believe that the incentives will be normalized in the fourth quarter and the beginning of next year. 저 서유럽 EV 쪽에서 조금 첨언드리면요. 지금 미국에서 저희가 하이브리드 HEV가 명확한 성장의 드라이버입니다. 올해 미국에서 HEV 하이브리드가 80% 성장하고 내년에도 저희가 셀토스 텔루라이드 하이브리드 트림이 나오면서 비슷한 정도의 성장률을 보고 있습니다. 그래서 미국에서는 하이브리드가 명확한 성장의 드라이버고, 그리고 유럽에서는 EV가 저희한테는 굉장히 중요한 성장의 드라이버입니다. 올해 유럽에서 EV 판매는 대략 70% 정도 증가할 것으로 예상되고요. 지금 3분기 때 저희가 EV 판매 비중이 대략 19% 정도로 보고 있는데, 4분기에 EV4가 가세하면서 전체적으로 EV 판매가 계속 증가하면 대략 전년 비해서 100% 이상 증가, 그 다음에 판매 비중은 30%까지 확대될 것으로 예상되고 있습니다. 그리고 사실 이제 내년에 이제 EV2가 나오기 때문에 저희 이제 유럽에서의 EV의 역할은 굉장히 중요합니다. 사실 이제 저희가 아마 이제 전 OEM 중에서 이 지금 대중형 EV 라인업을 풀 라인업을 갖고 있는 몇 안 되는 회사이기 때문에 저희가 지금 이제 산업 성장의 재개와 더불어 저희 지금 이제 EV 라인업들이 이제 전체적으로 유럽 성장을 이끌면서 지난 저희가 한 18개월 동안 굉장히 좀 그 유럽 성장이 시장 성장도 좀 부진하고, 그다음에 특히 이제 EV가 부진하면서 저희가 이제 EV의 어떤 전략들을 좀 세게 피하면서 이제 유럽에서의 어떤 이 성장성이 굉장히 약했었는데요. 아마 4분기부터는 저희의 어떤 성장이 이제 EV 성장 주도로 인해가지고 전체적으로 플러스로 돌아서고, 내년도에도 저희가 이제 뭐 최소한 한 자릿수 중후반 정도의 유럽 내에서의 어떤 판매 성장을 보고 있는 것도 이런 어떤 대중형 EV를 중심으로 한 EV 판매 성장에 이제 기인하고 있습니다. 그래서 좀 EV에 관해서는 특히 이제 유럽 시장에서 저희의 어떤 이 그 핵심 진 PT로서 이제 아마 예, 향후 한 2, 3년 동안을 갖다가 좀 중요하게 어떤 저희 유럽 시장에서의 성장을 이끌 것으로 예상하고 있습니다. To add on a little bit more regarding the United States, there has been growth that has been led by the HEVs, and we have been able to grow by 80% compared to the year before with the Seltos and Telluride HEV that will be released soon. We believe that we will be able to achieve similar growth. So the biggest driver for the United States was the hybrid, but for the United, for the European market, the EVs are our major growth driver. This year we have been able to grow by 70% for EVs in Europe, and in the third quarter, our proportion of EVs took about 19%. In the fourth quarter, with the growth trajectory of the EV4, we will be able to achieve 100% compared to the year before in our EV growth, and we believe that our proportion of sales will be able to reach 30%. And with the next year of EV2 release, the EVs in the European market will play a really big role for Kia, and we are the few companies in the world that has its full EV lineup that is mass full lineup. And so we believe that even though the EV market has been slowing down in the European market, we will be able to grow with our leverage of EVs. And next year we will be able to have a single mid- to- high- digit achievement in our sales growth through our mass EV full lineup strategy. And so the EVs are a major powertrain in the European market, and we believe that it will continue on for two to three years.