이곳은 우리의 길입니다. 과거와 미래, 현실과 상상, 사람과 세상을 연결하는 길이죠. 한마디로 모든 것이 가능합니다. 견고한 철은 자동차의 뼈대를 더 튼튼하게 만들고, 정교한 소프트웨어로 자동차의 두뇌는 더 똑똑해지고, 진보한 플랫폼으로 자동차의 내일은 더 가까워질 거예요. 그러면 이제껏 보지 못한 새로운 모빌리티가 탄생할 수도 있겠죠? 상상해 보세요. 제조 공장의 혁신으로 시공간의 제약이 사라지는 세상. 인간과 모빌리티가 자유롭게 연결되는 세상. 그렇다면 이곳이 우리의 최종 목적지일까요? 아니요, 우리는 계속 나아갈 겁니다. 이 길에 종착지는 없으니까요. Good afternoon! I'd like to welcome our investors and analysts, as well as everyone watching this on our live streaming channel to 2023 CEO Investor Day. My name is Jimin Hong, a research engineer at Hyundai Motor Group's Robotics Lab. Since I was young, I've always liked robot, which eventually led me to study mechanical engineering at Princeton and Yale Graduate School. Now I'm working at Hyundai Motor Company's Robotics Lab with my colleagues, who share the same dream as me to make the world a better place with robotics technology. In fact, I never thought that I would be doing robotics research at Hyundai Motor Company when I was in college. I also remember being a little puzzled hearing the news that Hyundai Motor Group acquired Boston Dynamics. Why would a car company acquire a robotics company? Back then, I thought automotive business was about producing and selling cars, and that robotics, which is a future technology, had little to do with automobile manufacturing. However, the future of mobility that Hyundai Motor Company was envisioning, including robotics, was quite attractive to me, and the acquisition of Boston Dynamics convinced me that Hyundai Motor Company was serious about future mobility. I have always dreamt of my research building real-life robots, and I was confident that I could achieve that dream with Hyundai Motor Company, and I am witnessing that dream come true step by step. Among the lineup of robots we are developing, we have DAL-e, an AI service robot that welcomes customers at HMC's dealerships. Also there's Atlas, a humanoid robot that jumps over various obstacles. Not only humanoid robots, but also electric car charging robots and medical wearable robots are the ultimate goal of my robotics research to create robots to help the humanity, which I believe embodies Hyundai Motor Company's vision, "Progress for Humanity." I'm a researcher at our Robotics Lab, but looking more broadly, electrification, autonomous driving, AI, air mobility, and even hydrogen energy are all closely connected in terms of engineering technology and manufacturing solution. I'm confident that these future mobility technologies will lead Hyundai Motor Company into the future. At our 2019 CEO Investor Day, Hyundai Motor Company announced a plan to become a smart mobility solution provider. With the Vision 2025, the company declared its roadmap to provide high-end, high-performance, and electrified vehicles, which garnered concerns from the market along with expectations. Now each of the Genesis and IONIQ brand has established itself as a core brand within our portfolio, driving both revenue and profits. Today, Hyundai Motor Company is continuously studying and investing in the future business, and although the future we are presenting now may seem distant at this point, we'll relentlessly endeavor to realizing our goals as we have already proven to the market. For that goal, I'll be working hard at this lab. At today's CEO Investor Day, we'll share the sustainable financial direction of the company, where we make investments for the future, generate profits from them, and share the results with our shareholders. We'll talk about the imminent task of electrification and the status of our mid-to-long-term investment for future technologies. We'll present HMC's financial strategy. Let me invite our CFO, Executive Vice President, Kang-h yun Seo, to the stage. Thank you. Good afternoon. I am Kang-h yun Seo, CFO and Executive Vice President of the Planning and Finance Division. How was the opening presentation of our robotics engineer, Jimin Hong? I truly believe that these young engineers and outstanding individuals in their respective field are the future of Hyundai Motor Company. When I look at the enthusiasm and insight of these young colleagues, I see a bright future ahead of us. In order to achieve sustainable vision and growth of Hyundai Motor Company, we need to focus on achieving a virtuous cycle in which the profits generated through our future investments are distributed back to our investors, and at the same time, invested into our business areas to get the company ready for the future. In the recent years, the company enhanced both our shareholder returns and future investments on the back of stable returns. In 2022, HMC posted operating profit and operating profit margin of KRW 9.8 trillion, and 6.9% respectively. In the first quarter in 2023, we posted a high level of profitability by posting 9.5% in our earnings result. With the overall profit enhancement, we were able to raise annual dividends for two consecutive years from KRW 3,000 in 2020 to KRW 7,000 in 2022. As I have announced during our Q1 earnings call, we have increased our dividend payment frequency from semi-annual to quarterly. In addition, we set the dividend payout ratio to 25% or higher. Going forward, we'll be able to propose a new set of dividend policies along with further improvements in profitability. Finally, we have committed to canceling 1% of treasury shares every year for the next three years. Regarding our mid to long-term investment, the company has invested KRW 8 trillion-KRW 9 trillion every year since 2020, as we saw our fundamentals improve. Going forward, we plan to invest a total of KRW 109.4 trillion over the next 10 years, from 2023- 2032, with KRW 11 trillion invested every year on average. For 2024 and 2025, we allocated an investment of around KRW 12 trillion, when the investment for electrification will be at its peak, and have raised the electrification investment by KRW 1.4 trillion per year on average, compared to last year's announcement, totaling KRW 35.8 trillion. To manage our capital more efficiently and to balance investment with shareholder returns, we have divided our mid to long-term capital operation plan into three stages. We also want to increase visibility on future business investments to help reinforce the market's confidence in the direction the company is taking. Over the next three years, as ICE will still account for a large proportion of total sales, thus 50% of our investment will be for ICE and the other 50% for future technologies. However, from 2026, when EV sales grow significantly, HMC will gradually decrease our investment in ICE. From phase III, when the company is expected to make more profits from EVs and software than from ICE vehicles, we'll continuously lower investment in ICE, while increasing investment in electrification and mobility. By forming a virtual cycle of future technology investment strategy execution, profit generation, and investment returns, HMC aims to become a sustainable and trusted company. That concludes the presentation on the financial plan. Let's invite Mr. Jaehoon Chang, President and CEO of Hyundai Motor Company, to listen to our specific electrification strategies. Hello, I am Jaehoon Chang, President and CEO of Hyundai Motor Company. Thank you for attending our 2023 CEO Investor Day. Today, I'd like to introduce Hyundai Motor Way for Hyundai Motor Company's successful EV transition. Now, in the automotive industry, many legacy OEMs and new EV startups are competing fiercely to become a leader in the EV market. The market seems to consider startups' EV strategies the right answer to electrification, or believe that the legacy OEMs have disadvantages and even cost risks on the road to electrification. I'm here today to explain why it is important for HMC as a legacy OEM, to have a different set of strategies from EV startups, and how HMC is taking the electrification journey in the market in the most efficient and effective way as a legacy OEM. First, I'll explain the modular architecture for our vehicle development. At the last year's CEO Investor Day, we announced the introduction of IMA, or Integrated Modular Architecture, Hyundai's very own next-generation vehicle development systems we launched in 2025. As it is reaching the final stage of development, today, I'll update you on what the IMA is in more detail. Under the current platform-driven development framework, platforms are developed first for each vehicle segment, and then 23 platform parts are developed to be applied to individual vehicles. This standardizes parts for vehicles sharing the same platform, which lowers cost. On the other hand, with the integrated modular architecture system evolved from the current framework, prior to classifying vehicle segment and platform, 86 modular systems that can be applied across all vehicle segments are developed in advance, and then combined to build different models. Thus, IMA enables commonization among platforms, not just within platforms. Through this, we can maximize the economies of scale by going beyond commonization by platform or commonization by models only. Of course, we are also expecting further profitability enhancement through minimizing both development complexity and cost. In case of EV, IONIQ 5, based on a dedicated EV platform, E-GMP, and KONA EV on ICE derivative EV, do not have module compatibility. With the modular architecture between IONIQ 5 and KONA EV, sharing 13 key modules, including motors, batteries, inverters, electrical and electronic systems, and autonomous driving system, can become possible. In the modular architecture, our 2nd- generation dedicated EV platform will play an important role. The new dedicated EV platform will significantly expand the vehicle segment coverage compared to the current E-GMP platform, widening the segment coverage from small to super large SUVs, pickup trucks, and the Genesis brand. From a platform development cost perspective, in case of E-GMP, six models from Hyundai Motor Company will be built on E-GMP, including IONIQ 7, to be launched next year, and 13 models on the 2nd- generation dedicated EV platform by 2030, which will significantly reduce cost from distributing the development cost across larger model lineup. On top of the performance enhanced by the next-generation dedicated platform announced last year, our PE system will have 5th- generation NCM battery to increase cells energy density and battery capacity, and improve motor output as well. We are developing platforms considering diversified form factors, including prismatic NCM battery and LFP battery as well. We are aiming to develop fundamental technology to improve AER by adopting the first-ever charging and discharging technology using backup batteries while driving. Regarding safety, we'll continue to be the top-performing vehicle manufacturer in terms of crash safety in all regions, and at the same time, we'll introduce an AI-based VMS, offering remote diagnosis and improved fire safety to prevent thermal runaway. The modular architecture and the next gen platforms will not only improve hardware elements, but software architectural compatibility for SDV as well. We aim to build an application ecosystem through an open OS, which will integrate level three and higher autonomous driving technology, and an advanced remote parking and exit technology. Along with the introduction of the next- generation dedicated platform, the company will still have lineup strategies for the existing ICE platform, as we'll continue to have some of the derivative electric vehicles like KONA EV, in order to utilize our existing assembly lines and keep our lineup strategic without additionally spending development costs. Next is our production. In order to expand production volume for EVs, we are not only planning to build new EV plants, but also looking into ways to swiftly and efficiently respond to demand by utilizing our existing plants. First, let me talk about the conversion of our existing ICE production lines. Currently, HMC is producing EVs using mixed model production in ICE plants. Rather than building EV plants to increase production capacity in every region of the world, we are prioritizing EV manufacturing by making the best use out of the ICE plant we had invested in. As making such transitions is more time and cost efficient than building new plants, with currently more ICE vehicles being produced than EVs. Let me take an example of IONIQ 5 and 6 productions in Ulsan and Asan plant, respectively. To adjust the existing internal combustion engine lines to enable parallel production of electric vehicles, it took about a month of shutdown with an investment of approximately KRW 50 billion-KRW 100 billion. Utilizing the existing production lines compared to building new plants takes much less time, which allows the company to increase capacity much quickly in steps with market demand, with lower investment costs, which clearly is an advantage that only a legacy OEM could have. By using mixed model production lines, we can flexibly adjust production between ICE and EV, depending on market demand, which makes us more competitive in terms of plant operation and profitability management as well. Additionally, making use of the existing production lines is effective and important in terms of supply chain management and keeping the plant's contribution to the local economies. Currently, we are producing EVs in Korea, U.S., Czech, India, and Indonesia plants using mixed model production lines. If necessary, we'll continue to convert more production lines in accordance with market demand. Other global factories, too, will be going through a gradual transition to EV production. The company could handle workforce operation, supply chain management, and market demand effectively and proactively. On the other hand, we have plans to build EV-dedicated plants in markets where significant growth is anticipated, and thus local production is required. For such new plants, we aim to maximize the efficiency of electric vehicle production by applying new smart factory technologies. Our first dedicated EV plant, HMGMA, is under construction in Georgia, the U.S., with the target of starting mass production in the second half of 2024. With a production capacity of 300,000 units, the plant will enable the company to meet the EV demand in the U.S. The EV-dedicated plant in Korea, which is currently under construction with the investment of about KRW 2 trillion, aims to mass-produce EVs starting from 2025. This will allow the company to meet the rapidly growing EV demand in Korea and overseas. To maximize the production efficiency of these plants, we'll apply the smart factory technologies tested at HMGICS, our innovation center in Singapore, which is planned to open this year. Quality, logistics, and automation technologies have been tested and proven at HMGICS, and the smart manufacturing platform created as a result will be used for new dedicated EV plants. HMGMA plant will embed more than 75% of the new technologies from HMGICS, so that compared to the Alabama plant, the overall logistics, automation rate, assembly automation rate, and the number of models that can be produced could be significantly improved, while the time it takes to be ready for a new car production will be shortened. Our global EV production will increase from 8% this year to 34% of the total by 2030. In line with the growing production, the company will expand production volume in each region under the two-track approach of converting the existing plant lines and building new plants away from mostly domestic plant-based production. In the U.S. market, where electrification is taking place rapidly, we plan to increase the local production rate from the current 0.7%- 75%. The company will seek EV transition in Europe according to the market situation, increasing the share of local production from the current 7%- 54%, to flexibly responding to the market need. Other regions plan to increase their share from the current 2%- 16%. We'll flexibly adjust our production plans in line with market situations. Next is our EV sales. As global demand for EV grows faster than the market forecast, we have raised our EV sales target to 2 million units by 2030, higher than 1.87 million units announced at the previous CEO Investor Day. We have increased sales targets by regions, and we'll flexibly adjust sales targets according to changing market demands. In addition to car development based on the IMA and strategic operation of high-margin derivative EV models, the company will lower cost by implementing our production plan operation strategies and saving costs at the production stage, and generate new revenue streams from SDV. By doing so, we are planning to achieve EV margins of 10%+ by 2030. Let's move on to battery, the key to electrification, which will be covered by our Senior Vice President, Chang Hwan Kim, Head of Battery Development Center. Good afternoon. I am Chang Hwan Kim, Senior Vice President of HMC's Battery Development Center. HMC has built its battery technology capabilities through its long experience in designing and producing EVs. The battery being a key component that has a significant impact on the core performance and cost of EVs, we are advancing our development capabilities to continuously improve battery performance and strengthen price competitiveness. We are forming an organization dedicated to battery development and naming R&D, putting together teams and talent for each function of battery system and cell design, safety and reliability, and performance development. We are currently gathering talent for the team. We plan to invest KRW 9.5 trillion for the next 10 years to further enhance our battery performance, develop next- generation battery technology, and build infrastructure. While we are building and strengthening our own dedicated and specialized battery organization internally, we are expanding our collaboration with external parties such as startups and colleges. In addition to establishing JVs with various battery companies for a start, for a stable supply, the company is seeking joint development to secure battery performance optimized for our vehicles, and joint research and equity investment with startups to accelerate the development of next-generation batteries. For solid-state batteries, we are collaborating with companies such as Solid Power, to secure elementary and process technology. While for lighter weight lithium battery, lithium- metal batteries with better output, we are collaborating with SES. Also, to build elementary battery technology within the company and expand our talent pool, we announced to form a joint battery research center with Seoul National University in November 2021. The joint research center is carrying out joint research projects on BMS, or Battery Management System, solid-state battery, and lithium metal battery technology, and production technologies. The dedicated lab of the joint research center is complete and ready for open in July this year. The dedicated research space with the state-of-the-art testing equipment will not only enhance our research quality and competitiveness, but also allow our own researchers to be involved in research to gain more know-how and synergies between the company and the academia. By doing so, the lab will help us to continue to secure technical capabilities and talent in the mid to long term. By utilizing our internal and external resources, we are expanding the collaboration model into building a battery value chain across all battery areas, including key raw material sourcing, stabilizing sourcing through recycling, and designing and producing battery cells as well. Let me elaborate on our plan to secure battery raw materials and components. We are currently discussing a contract to procure lithium for cathode material for our battery JV in Indonesia, forming various partnerships to ensure a stable sourcing of core materials essential for electrification, such as lithium and nickel. We are bolstering the battery raw material sector by maintaining close ties with materials companies, as well as domestic and overseas institutions and governments. In addition, to protect the environment and secure sustainable raw materials in the mid to long term, we're building a recycling system to recover and recycle waste batteries. Through collaboration between group affiliates, we are developing a technology to safely recover batteries and secure recycling technologies, including advanced battery diagnosis, to produce batteries from recycled materials, forming a sustainable life cycle of battery. Next, the company will enhance our battery design capabilities. In order to develop well-performing EVs, we have considered designing batteries optimized for EVs for a long time. Given the special properties of vehicles different from other electronic devices, we have been constantly strengthening our battery design capabilities to achieve the level of battery durability and performance that we want. As a result, we succeeded in launching EVs with competitive AER and the fastest charging speed in the world compared to our competition. In this year, we will be launching a new hybrid model, which will have the battery that we have designed on our own. In 2021, we announced an MOU with SK On, and under the relationship, HMC will be responsible for designing and evaluating battery cells, while SK On for improving and producing battery cells, making a new collaboration partnership between the OEM and a battery provider. In order to achieve optimal performance for our vehicles, HMC will be taking responsibilities for the core process of battery development, including verifying, confirming specifications, including application rates and designing, and product evaluation and performance enhancement. We are developing various battery cells optimized for each vehicle model in consideration of the market and customer need to secure competitive performance and safety of batteries, and also to increase cost competitiveness. For cost-effective LFP batteries, we are co-developing LFP battery cells and LFP-specific battery systems with our battery partners. We plan to improve energy density and battery efficiency at low temperatures to introduce competitive LFP batteries to the market. The jointly developed LFP battery will first be applied to a vehicle in 2025, and be used in more models for strategic operation of our EV lineup. In addition, to maximize the performance of our EVs, we are upgrading our battery management capability to ensure battery operation under optimal conditions for high efficiency and safety. With our technology, we can minimize... energy loss, even in adverse conditions, such as low temperatures in winter, and maintain long lifespan and high efficiency for a long time. In wintertime, our battery conditioning technology optimizes the charging performance by preheating the battery, and we have been applying this technology to our EVs, starting with the GV60. We have recently added a battery cooling feature to maintain strong, fast-charging performance. The soon-to-be-launched IONIQ 5 N, which is a high-performance model, will feature a battery conditioning function optimized for maximum driving performance and extreme driving conditions, such as track driving, and will showcase all of our thermal management technologies in a single model. In addition, we will further enhance the pre-diagnosis function of our BMS to monitor battery conditions on a real-time basis in order to prevent any safety issues. The upgraded BMS will continuously manage the battery status and charge history, and precisely diagnose its remaining life as part of HMC's unique battery care services for our customers. We will improve our battery design capabilities, as well as our battery management technology, to ensure that our EVs maintain an excellent level of range, long life, and safety. In the mid to long term, we will focus on achieving high energy density and better safety by developing lithium metal batteries and solid-state batteries. These next-gen batteries require a lot of simultaneous development efforts, ranging from battery materials, cells, production facilities, and manufacturing process. In order to secure all the required technologies, we are actively engaging in collaboration with many leading companies. The HMG SNU joint R&D center I mentioned earlier, is also carrying out research on next-gen batteries. Furthermore, to strengthen our in-house battery development capability, we're setting up an R&D building for next-gen battery research in Uiwang, Gyeonggi-do. Scheduled to be completed in 2024, the new research center will raise the completion level of our new battery development with a pilot production line to verify the production readiness. Our aim is to verify all technologies that make up the entire battery value chain, starting from battery materials, cell design, all the way to demonstrating the mass production readiness. These next-gen batteries will power not only EVs, but also future mobility, such as AAM and robotics, and enhance the synergy between our future businesses as a mobility company. By targeting the entire battery value chain, we will implement batteries optimized for vehicles and improve cost to solidify our leadership in the era of electric vehicles. This concludes my presentation, and let me now invite EVP Heung-soo Kim, who leads our Global Strategy Office. Hello, everyone. I am Heung-soo Kim from Global Strategy Office. So far, you have heard about Hyundai's unique competitive edge in electrification. Going one step further, Hyundai is pursuing future mobility solutions beyond EVs. Aiming to become a smart mobility solution provider, we're seeking to lead the evolution of mobility to offer freedom of travel to all, and ultimately realize sustainable carbon neutral society. To that end, we are working relentlessly to provide advanced mobility services by making continued investments in R&D efforts. Investing in future technology is aimed at developing sustainable business models by pre-occupying core technology. Thus, there is inevitably a time lag between the time of an investment and the time of recouping it. We are thoroughly going over the mid to long-term profitability of our future business. I would like to briefly share the current status of our ongoing businesses and their respective business models. First is autonomous driving. In March 2020, Hyundai Motor Group established Motional, an autonomous driving software company, through a 50/50 equity investment with Aptiv. Unlike other OEMs that jump into developing autonomous driving from scratch, we have chosen to cooperate with Aptiv to utilize its existing know-how in autonomous driving and parts business to accelerate development and commercialization of autonomous driving, while putting safety as the top priority. We've challenged ourselves to do that in the complex environment of Las Vegas, which is packed with hotels and convention centers. We will start by launching the IONIQ 5 robot taxi in late 2023, and expand our robot taxi business in two other major global markets. Currently, we are running pilot services with Uber and Lyft, two dominant leaders in mobility services, and with Uber specifically, we have agreed to jointly operate robot taxis throughout the U.S. for the next 10 years. Hyundai Motor Company is committed to leading the global autonomous driving industry with the highest level of safety and customer experience, by laying a robust business structure across the entire value chain, from developing vehicles to sales and after-sales services. Another core future business of Hyundai is SDV. For SDV development, we are utilizing HMG's Global Software Center, 42dot. Since we acquired it in August 2022, 42dot has been serving as a speedboat for SDV innovation, and will lead the development of SDV technology in a fast-track approach, in a faster and a bolder manner. 42dot's software technology platform, Titan, will enhance our internal software technology and help us acquire a new growth engine for advanced software by verifying technology and securing data through PBV services. HMG also acquired Boston Dynamics in 2021 to secure a competitive edge in robotics. With HMG Robotics LAB, we are internalizing core hardware and software technologies. First, Boston Dynamics offers Spot, an industrial inspection robot, Stretch, an intelligent logistics robot, and Atlas, a multipurpose humanoid, and is poised to remain competitive in the future. Spot is being used in various industrial work sites to inspect facilities and collect data. Stretch is serving various clients in logistics and distribution, such as Maersk and DHL, as an intelligent logistics robot. It's in early commercialization stage. Atlas is an advanced humanoid robot, currently under development, and this will help us lead the robotics industry. At Robotics LAB, technologies in cognitive technology, natural language, space search and travel, and unique mobile platform technology, are being applied to robot management systems to create new value-added services. We are also developing motion-detecting wearable robots, MEX, VEX, and CEX, a multipurpose mobile platform with an active motion control module called MobED, and a customer service robot, DAL-e. Our future robotics business will expand based on HMG's existing capabilities in R&D, procurement, production, and sales. We believe Boston Dynamics and Robotics LAB will lead such expansion efforts by creating mutual synergy, rather than growing as separate business entities. Air mobility will become a core technology in advancement of future cities. Based on this belief, HMG established the Supernal in Washington, D.C., in 2020, as a base for our AAM business. In the short and mid to long term, we aim to develop full-scale tech models, conduct pilot boarding flight tests, and secure manufacturing infrastructure for aircraft. We are partnering with global leaders in various fields such as Microsoft, Rolls-Royce, KT, and Hyundai E&C, and we're doing so to search business opportunities in related areas. These technological partnerships will help us do more than just providing aircraft models to the market. We will be leading the initial formation of the AAM ecosystem. This brings me to the end of my presentation. I would like to turn it over back to our CEO, who will walk us through our hydrogen business. At the B20 Summit last November, our executive chair, Mr. Chung, gave a keynote speech on addressing climate change and energy crisis by accelerating transition to sustainable energy. It is no easy task to move away from fossil fuels, but it must be done for our planet and future generations. In many corners of the world, efforts are being made to set up an ecosystem for renewable energy, but there exist constraints in the supply and storage of energy. The ultimate future energy solution to solve these challenges is hydrogen. HMC is moving faster than any other companies in the world in utilizing hydrogen energy with our commercially available fuel cell vehicles. Going forward, we will establish a hydrogen energy ecosystem at the group level to secure a new source of growth. As a mobility group, we will establish a mobilized energy toolbox. HMG will produce hydrogen from recycled resources, manufacture green steel, and use hydrogen as a source of heat and power at our work site. In hydrogen applications, HMG will provide hydrogen mobility, fuel cells, and the supporting infrastructure, as well as eco-friendly hydrogen logistics, all contributing to the carbon neutrality mission of all group affiliates. This is the hydrogen energy ecosystem that we are envisioning for the future. Starting with our EV plant in Georgia, US, we will apply hydrogen business toolbox to all related areas, such as logistics, power generation, and infrastructure. Hydrogen from biogases and waste plastic and clean hydrogen will power our EV assembly plant and steel production facility in the future. We will use the green steel plates to produce vehicles and add hydrogen refueling infrastructure to increase the supply of FCEVs. By supplying more FCEVs, we will also improve the logistics at ports and airports. As the next generation hydrogen fuel cell technology advances, its application will also expand to other fuel cell systems, such as data centers. To realize this vision, we will expand our hydrogen value chain based on cooperation among group affiliates, and collectively take a major leap forward in the global hydrogen market, which is expected to be worth KRW 1,260 trillion in 2030, and KRW 2,500 trillion in 2050. We expect to share more details of the vision and strategy of our ongoing hydrogen projects at next year's CES. We'll also continue to provide more updates on future technologies that were presented by our GSO earlier. Thank you for staying tuned, and I hope you enjoyed our presentations. I hope we were able to address some of your concerns and questions about our electrification strategy as a legacy OEM. Today, we discussed HMC's unique electrification strategy and future mobility solutions that only we can deliver as a legacy OEM. As the world transitions to electrification, the market is hyped about these brand new, straightforward, innovative EV startups and rate them generously. I also find their products and business strategies appealing at a time when we are entering a new era. Having said that, I must emphasize that our long-built know-how from many decades of our car manufacturing can and will serve as a competitive advantage. Hyundai Motor Company has been preemptive in our response to electrification and future mobility technologies, far ahead of any other global automakers. What we call Hyundai Motor Way is an embodiment of our innovative DNA that countless Hyundai team members have accumulated so far. This coming July, which is next month now, Hyundai Motor Company will unveil the IONIQ 5 N, our high-performance EV. This will mark the first time when our years of development efforts and N brand technology will finally be applied to an EV, and it will make Hyundai the first OEM to have a portfolio, including both mass market EVs and a high-performance EV. Our ICE N models provided a platform for hardware advancements and suspension, body durability, and braking system, while our EVs enabled new functionalities such as BMS, thermal management, and software control for high-performance driving. By integrating the best of both worlds, we are opening a new domain of high-performance EVs. Going from ICE to EV, we've already delivered a new driving experience. Now, the new IONIQ 5 N will offer a whole new experience to our customers. The new car will feature the comfort of a family car and the high performance of a sports sedan at the same time, which is a combination no maker has yet achieved. Moreover, the new OTA upgrades will place HMC in a leading position in the global EV market. Recently, HMC has kicked off a heritage project to promote our long-lasting, people-centered innovation and our vision of progress for humanity. Inheriting technology from the past and advancing it further to create people-centered innovation is a value only a company with heritage can pursue, as heritage is the very foundation of all new innovations. The IONIQ 5, which marked the beginning of electrification, was inspired by our historic asset, the Pony, and our high-performance EV, IONIQ 5 N, to be released this year, will also inherit our legacy from the past. As a CEO of a global auto OEM, I am well aware of the challenges and risks that legacy OEMs are faced with, and I believe that our Hyundai Motor Way, which we will continue to share with you, will enable us to rise to these challenges and find new and sustainable sources of profit. I sincerely ask for your continued interest and support for Hyundai Motor Way. Thank you.