Ladies and gentlemen, thank you for attending this conference call. We'll now begin Hyundai Motor Company's Business Results Conference call for the first quarter of 2025. Once again, the presentation materials can be downloaded from the Financial Supervisory Services Electronic Disclosure System at dart.fss.or.kr or from our IR website at www.hyundai.com. Joining us at this conference call are Executive Vice President Seung Jo Lee, the Head of Planning and Finance Division; Executive Vice President Zayong Koo, the Head of IR Division; Vice President Chang Hwan Kim of Finance and Accounting Subdivision; Michael Yun, the Head of IR Group; and Senior Vice President Hyungseok Lee, Head of Planning and Finance Division of Hyundai Capital. We'll first have Hyundai Motor Company's presentation on the business results, followed by a Q&A session with the attending investors. Those who have questions are advised to press the star button, followed by number one after the presentation. Now we'll proceed with the presentation by Michael Yun, the Head of IR Group at Hyundai Motor Company. Hello, this is Michael Yun, the Head of IR Group. Welcome to Hyundai Motor Company's 2025 Q1 business results conference call. On behalf of Hyundai Motor Company, I appreciate your time for participating in today's call. Please refer to the presentation titled "HMC 2025 Q1 Business Results" on our IR website. This presentation includes sales performance and profit analysis, and for a summary of quarterly cash flow statement and detailed regional sales breakdowns, please refer to the appendix. First, the sales performance. For your reference, starting from this quarter, we have slightly adjusted the scope of disclosed sales performance data, taking into consideration factors such as the increased significance of the U.S. market and our major business regions. In Q1 of 2025, the global wholesales recorded 1,001,120 units, down 0.6% year-over-year, while global retail sales totaled 956,354 units, an increase of 1.0% year-over-year. Although the global wholesales slightly declined year-over-year, wholesale, excluding China, rose by 1.3% year-over-year. In the U.S. market, the market continued its steady sales momentum, driven by hybrid models, showing a year-over-year increase of 1.1%. Notably, retail sales experienced robust growth, rising 10.8% year-over-year. In particular, hybrid model sales increased 43.0% year-over-year, led by sales expansion of SUVs such as the TUCSON and the SANTA FE. Additionally, with emerging discussions of potential changes in EV-related policies, EV sales also grew 16.8% year-over-year. In the European market, the total sales volume decreased by 3.8% year-over-year amid weakening industry demand caused by a slowdown in economic recovery. However, the planned mix shift towards eco-friendly vehicles is progressing steadily, as evidenced by a 61.1% increase in EV sales and a 24.7% increase in hybrid vehicle sales, in line with efforts to meet fuel efficiency regulations. In the domestic market, sales increased by 4.0% year-over-year, primarily due to the base effect from the previous year's shutdown of conversion work at the Asan plant. In the Indian market, SUV sales rose slightly by 1.0% compared to the previous year. However, due to intensified competition, wholesale sales for Q1 declined by 4.2% year-over-year. Next up is sales by vehicle type. Starting this quarter, to easily identify quarterly sales trends of key segments, we will share data from the current quarter along with the previous four quarters. Global SUV sales, including Genesis, totaled 576,385 units, accounting for 57.6% of total sales, while global passenger car sales reached 374,673 units, making up 37.4%. Amid emerging concerns about a potential slowdown in the real economy, consumer preferences for affordability have strengthened compared to the previous year. Eco-friendly vehicle sales increased by 38.4% due to a mix shift to respond to the fuel efficiency and strong sales in the U.S. High EV sales growth rate in the U.S. and European market led to a year-over-year 40.4% increase, and hybrid sales also increased by 40.4% year-over-year, driven by hybrid SUV sales growth. This is the end of the sales summary, and now I'll move on to the financial summary. This page summarizes our income statement. Consolidated revenue increased by 9.2% year-over-year to KRW 44.4 trillion, and operating income increased by 2.1% year-over-year to KRW 3.6 trillion. The automotive division's revenue increased by 11.2% year-over-year due to favorable FX environment and expansion in high-value segments, especially hybrid models or HEVs. The operating profit decreased by 3.5% year-over-year, with a hike in incentive levels in the U.S. and European market and selling expenses. Revenue from the finance division increased by 11.2% year-over-year due to continued growth in the U.S. market penetration rate and asset size. Operating profit increased by 34.3%. Net income increased by 0.2% year-over-year to KRW 3.8 trillion. Next is quarterly revenue and operating income analysis. For revenue, KRW 2.6 trillion occurred from favorable FX rate and global sales expansion, excluding China, yielding a volume effect of KRW 72.6 billion. Despite a higher incentive spending, hybrid model sales growth led to a positive mix effect of KRW 868.9 billion. Additionally, the finance division revenue increased, contributing to the overall revenue growth of 9.2% year-over-year. Regarding operating profit, a favorable FX rate resulted in positive FX effect of KRW 600.6 billion. Rising incentive levels led to the net mix effect to result in KRW -416 billion. The continuous growth in the finance division contributed to KRW 14.6 billion, and the operating profit increased by 2.1% year-over-year. Our first quarter cost of goods sold ratio recorded 79.8%, a 0.5 percentage point increase year-over-year. SG&A recorded KRW 5.3 trillion, which is a 9.8% increase compared to last year due to the increase of our new year marketing-related expenses and R&D. Finally, our net profit increased 0.2% to KRW 3.4 trillion. That concludes the end of the presentation of the 2025 Q1 business results. Next, Executive Vice President Seung Jo Lee, the Head of Planning and Finance Division, will assess the company's business results in Q1. Good afternoon. This is Executive Vice President Seung Jo Lee, the Head of Planning and Finance Division. I will now present our Q1 2025 business performance, U.S. tariff impact and recovery plans, as well as Q1 dividend and treasury stock cancellation. In Q1 2025, despite industry average incentives rising in both the Europe and U.S. markets, and our investments in new vehicles and future technology have expanded, with all-time high sales of hybrid and strong sales in North America, in addition to a favorable FX rate effect compared to the same period last year, we posted a record high first quarter operating profit of KRW 3.6 trillion and an 8.2% operating profit margin, outperforming market consensus and annual guidance OEM. Next, I would like to address the impact of U.S. tariff on our business performance and our countermeasures. As an individual corporate entity, our focus will be on mitigating the effects through profitability recovery initiatives. As there remains a high degree of uncertainty regarding some specific elements in the tariff impact calculations, it is too early to disclose specific figures. Once uncertainty clears somewhat, we will connect with the market once again. Now, I will elaborate on our countermeasures in response to the impact of the U.S. tariff policy. Instead of relying on external variables, we intend to leverage our internal capabilities to drive a structured response. We are going to use this as a momentum to change our fundamentals. We have launched U.S. Tariff Response TFT as a specific countermeasure to establish a company-wide response system, and we will optimize our production and sales strategy by region and model type to leverage our core strengths. We are preparing to pursue a CapEx and OpEx contingency plan based on company-wide and region-wide investment by priority and efficiency. Moreover, we will conduct a cost reduction via production efficiency improvement at our newly opened HMGMA and original Alabama plant. We will also implement mid- to long-term U.S. Localization strategies, which include parts sourcing and logistics. Finally, we will continue our efforts to recover profitability by responding to supply and demand fluctuation by implementing flexible and efficient pricing strategy and incentive policy. By actively pursuing these company-wide recovery plans, we believe we can meet the annual guidance announced last January, and therefore we'll maintain our guidance for sales growth of 3%-4% and operating profit margin of 7%-8%. Next, let me share quarterly dividend for Q1. In August 2024, we announced the Value-Up program, where we have first introduced a minimum dividend of KRW 10,000 per share and a quarterly dividend of KRW 2,500 starting from 2025. In line with the Value-Up program, we will pay a quarterly dividend of KRW 2,500 for both common and preferred stock this quarter. Additionally, we have implemented record date for year-end dividend in 2024 to improve dividend transparency for our investors. Consistently, improvement of quarterly dividend system has been approved at the 57th general shareholders meeting this March, so that record dates for quarterly dividends are determined by the board resolution. Accordingly, the record date for quarterly dividend for Q1 has been determined as May 30th by the board instead of the last day of March. Dividend payment date will be June 30th. Now, let me share our plans for cancellation of treasury stock. First, we plan to implement mid- to long-term shareholder return policy previously announced in April 2023. We have promised to cancel 1% of the issued stock annually for the three years starting from 2024, and this year's cancellation is the second round. In addition to that, we will cancel treasury stock, which has been bought back from last year, last November to this February for shareholder value enhancement. This accounts for a cancellation of 1.2% of issued stock. Total number of treasury stock cancelling accounts for roughly KRW 1.1 trillion. Amid expanding uncertainties and rapidly changing auto environment, we will continue our efforts to implement shareholder return policy for our investors and shareholders, as we have promised in the Value-Up program. In times of past challenges, such as the COVID-19 pandemic and the semiconductor shortage, we have successfully optimized profitability and improved our fundamentals by responding swiftly and flexibly to changes. Likewise, regarding the tariff impact, our management team, led by President José Muñoz, along with our group, will closely monitor and analyze market conditions and risks to recover profits and overturn these challenges and turn the challenges into opportunities. We sincerely appreciate the continued support of our shareholders and investors. Thank you for your attention. Next, Senior Vice President Hyungseok Lee, the Head of Planning and Finance Division of Hyundai Capital, will assess the Q1 results for the finance business and the business outlook for Q2. Hello, this is Hyungseok Lee from the Planning and Finance Division of Hyundai Capital. Allow me to share the finance business's performance for the first quarter of 2025 and our outlook for the first half of the year. Despite market uncertainties caused by rapidly changing domestic and global politics in Q1, Hyundai Capital continues stable business operations based on a strong captive asset portfolio, while further strengthening collaboration with the group. Although U.S. Government tariff policy raised global stock market volatility significantly, the bond market remained relatively stable, and in Q1, Hyundai Capital successfully issued $500 million in global bonds and HCA $5 billion, continuing active funding activities both domestically and internationally. Next, I will go over the details for each company. First is Hyundai Capital. Based on strong credit ratings and competitive funding capabilities, we continue to support the group's auto sales financing, maintaining the proportion of auto finance at 83% of total product assets in Q1. With the launch of various financial products specific for eco-friendly models, in line with the group's recent electrification strategy, lease assets grew by 3.9% year-over-year. With increasing leasing-based revenue, operating profit per Q1, excluding derivatives effect, rose by 3.8% year-on-year. Due to the minimization of funding costs based on a diversified borrowing portfolio, interest expenses decreased by 3.2% year-on-year. However, despite a delinquency rate in the 0% range, the worsening soundness of the financial sector led to an increase in provisioning for bad debt. Additionally, higher leasing costs drove up operating expenses by 6.4% year-over-year, resulting in a 17.6% decrease in operating profit year-on-year. However, with improved profits from overseas subsidiaries in Europe, including Germany, the U.K., and France, equity method income increased by 15.9% year-on-year, resulting in pre-tax profits growing by 3.1% and net income increasing by 8.4% year-on-year. We expect to see high volatility in both domestic and global markets in Q2 of 2025. Hyundai Capital will focus not only on expanding its size but also on enhancing profitability through cost efficiency and minimize risk through stable business operations and soundness management centered on high-quality auto financing. Moreover, Hyundai Capital Australia, which recently received an A- credit rating from the global credit rating agency S&P Global Ratings, will expand its operations. In the second half of the year, we will begin operations of our Indonesian subsidiary, further strengthening our position as a leader in the global auto finance market. Next is Hyundai Capital America, or HCA. In [Q8], with strong vehicle sales across the group, the acquisition rate rose to the 70% range, leading to an expansion of asset size across the entire portfolio. In particular, with a significant increase in leasing for eco-friendly vehicles, lease assets grew by 41.6% year-on-year, and total product assets grew by 19.9% year-on-year. Not only did the asset size increase, but the profitability of both installment and lease products also improved, leading to a 9% increase in operating income year-over-year. Due to increased borrowings for business expansion, interest expenses rose, but by managing the proportion of prime customers at 88% and minimizing the increase in provisioning for bad debt, operating profit increased by 66.6%, and net income grew by 63.5% year-on-year. In Q2, the U.S. market is expected to remain unstable, depending on the scope and impact of the tariff policies. However, based on its strong customer portfolio, HCA is reducing credit risk by maintaining a low delinquency rate and has secured liquidity through large-scale bond issuance in Q1 to proactively prepare for various scenarios. As market volatility is higher than ever, we will closely monitor the market conditions in the first half of the year and minimize uncertainties through effective risk management and continue to provide stable financing support for the group's auto sales. That is the end of the finance business presentation. Thank you for listening. With that, we will conclude the presentation and take your questions. Please limit your questions to two per person. Thank you. [Foreign language] 지금부터 질의응답을 시작하겠습니다. 질문을 하실 분은 전화기 버튼의 별표와 1번을 누르시기 바랍니다. 질문을 취소하시려면 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. [Foreign language] 처음으로 질문해 주실 분은 한국투자증권의 김창훈 님입니다. The first question will be provided by Chang Ho Kim from Korea Investment & Securities. Please go ahead with your question. 네, 안녕하십니까. 질문 기회 주셔서 감사합니다. 저 두 가지 질문 드리고 싶은데요. 첫 번째는 아무래도 관세 이슈가 좀 많이 불거지고 있는데, 관세 영향 잠깐 설명 주시긴 했지만 조금 더 세부적인 저희 관세 영향, 수익성 영향과 중장기 대응안을 어떻게 좀 저희가 봐야 되는지 설명 주시면 감사할 것 같고요. 그리고 현재 환율이 굉장히 높은 수준에 있습니다. 현재 수준의 환율이라면 상당 부분 만회도 가능할 것 같은데, 저희 환율 민감도도 다시 한번 설명해 주시면 감사하겠습니다. 그리고 두 번째는 환원 정책입니다. 오늘 또 소각까지 발표해 주셨는데, 저희 TSR 기준 35%를 근간으로 하는 주주 환원 정책에 대한 변함은 없는 것인지, 그렇다면 저희 추가 소각이 2025년 하반기에 또 남아 있는 것인지, 그래서 소각, 그리고 자사주 매입, 그리고 배당 종합해서 환원 정책을 한번 다시 한번 짚어 주시면 감사하겠습니다. Thank you for giving me the last question. I have two questions for you. First is regarding tariffs. It's becoming a big issue right now. I know you gave us a basic explanation on how it's going to affect the business, but could you elaborate a bit more? For example, how it's going to impact the profit and also what is your response in the long term? Furthermore, with the current FX rate, it's pretty high, so I think it is possible to recover some of the losses through the FX rate. How sensitive and how reliable are you on the FX rate? That's my first question. My second question is regarding the shareholder return policy. You did give us your plan to do more taxation on the stock, but will your TSR 35% not change? Will this still remain as the same? You also have, I'm sure you also have additional cancellation plans, but will this take place in the latter half of this year? 네, 먼저 첫 번째 질문에 말씀을 드리겠습니다. 잘 아시는 바와 같이 관세에 대해서는 여러 가지 지금 변동성이 심하기 때문에 수시로 변하고 있고, 그래서 이것에 대해서 저희가 명확하게 금액적으로 말씀드리기는 굉장히 어려운 상황입니다. 모두에도 말씀드렸다시피 어느 정도 불확실성이 제거되면 그때 정확한 숫자를 갖고 저희가 소통을 하도록 하겠습니다. Thank you for your question. I'll answer your first question. There are so many uncertainties regarding tariffs. There are so many changes going on even now. As we have mentioned, it's very difficult to give a clear number at this point in time. When these uncertainties are somewhat gone, we will come back with a clear answer. 그래서 아까 질문 주신 중장기 전략 측면에서 조금 더 저희가 설명을 드리면, 지금 미국 정부의 관세 부과에 따른 저희의 어떤 재무적 영향을 최소화하기 위해서 관세 대응 TFT를 4월 중순에 발족을 했습니다. 그리고 그 부문별 대응 체계를 구축하고 단기뿐만 아니라 중장기적 대응 전략을 강구하고 있습니다. However, regarding the mid to long-term strategy, if I could touch a bit more on that, to respond to the policies and the tariff regulations that the U.S. government is currently announcing and to minimize any of the impact that has on our financial business, we have in mid-March launched a U.S. tariff response TFT. This TFT will look at not only the short-term impact but also the mid to long-term impact that the tariff will have on our business. 말씀하신 관세는 완성차뿐만 아니라 부품, 철강 및 알루미늄 등 포괄적으로 부과될 예정이기 때문에 서플라이 체인 전 영역에서 종합적인 대응이 필요한 상황입니다. 그렇기 때문에 TFT에서는 부품 소싱 및 물류까지 포함한 미국 현지화 전략을 수립하고 미국 현지 공장인 HMGMA 및 HMGMA의 생산 효율화 방안을 중장기적으로 마련할 계획입니다. The tariff not only impacts finished cars but also auto parts as well, steel and aluminum. We need to take a comprehensive approach in terms of the supply chain. Therefore, the TFT will look into not only the car business itself but also the sourcing, logistics as well, and how we can use localized parts and logistics as well. As a result, we will look into how we can further make the production of our HMMAA and HMGMA more efficient. 먼저 부품 소싱의 미국 현지화를 위해 서브 및 엔드 케이디 전체 목록을 검토하여 현지화 우선순위 리스트를 수립하고 현지 공급업체 발굴을 진행하고 있습니다. 당사는 관세 정책에 선제적으로 대응하기 위하여 이미 미국에 현지 전문가를 파견하여 업체를 발굴하고 있고 점검 중에 있습니다. 통상 부품 업체 신규 공급 시 개발 및 품질 및 성능 테스트에 일정 기간이 소요되나 상대적으로 빠른 진행이 가능한 패스트 트랙 아이템을 선정하여 이에 우선 집중하여 관세 절감 효과를 최대한 앞당길 예정입니다. 이와 함께 신규 업체 추가에 따른 물류 최적화 방안도 같이 준비 중에 있습니다. As for identifying the localized sourcing for the parts, we have looked at all the key parts for the subparts as well as the end-use parts, and we have prioritized which of the suppliers are the best in terms of the local suppliers so that we can identify the best suppliers in the U.S. market. Furthermore, we have sent a specialist already to the U.S. so that he can take a further look into these suppliers because when we want to change suppliers, it's not just looking at the supplier itself. It really takes time to look at how the development is made, what the quality is, what are the functions of these parts. However, to save time, we have come up with a certain item, a list of items that have to go on fast track so that we can pull forward and minimize the impact of the tariff that has on our business. [Foreign language] As you know, when we announced our U.S. investment plan in March 2023, considering the additional 200,000 units of production capacity at the newly operating HMGMA, we believe this will be a great help in responding to tariffs. Also, to reduce costs through production efficiency at our U.S. plants, at the Alabama plant, we plan to strengthen operations compared to existing business plans by identifying material cost reduction ideas through competitor teardowns, reducing logistics costs, and optimizing logistics. The accumulated cost competitiveness know-how from Alabama will be horizontally deployed to the newly operating HMGMA. In addition, to maintain production efficiency under an uncertain industry environment, the stability of the supply chain, such as timely delivery by suppliers, is important, so we are working to strengthen management systems such as delivery schedules and inventory checks. Furthermore, as we had announced in mid-March regarding our investment in the U.S., we have made announcements at that time so that we can increase the production capacity of HMGMA, the Metaplant. We believe that this investment will further help in minimizing the impact of the tariff. Also, to ensure efficiency of the U.S. production, we will use the know-how that we have gained with our Alabama plant through work such as tearing down the competitive parts as well as achieving optimization of logistics and also achieving efficiency of logistics. All of this know-how that has been built up in Alabama will be shared and cascaded to [audio distorion]. That is very important. Overall, to achieve production efficiency in the industry, it is also very important that the suppliers have an on-time supplying schedule and also quality as well. All of this will also be surveyed and inspected. [Foreign language] 판매 측면에서도 경쟁사 동향을 고려해서 가격 절감 및 효율적인 인센티브 정책을 수립하고 수익성 기반에서 거점하고 차종별 공급 및 판매 최적화 방안을 빠른 시일 내에 수립 및 시행할 예정입니다. 일부는 지금 현재 수립해서 시행 중에 있는 아이템도 있고요. 미국 시장에서의 가격 정책에 대해서는 이미 시장에서 호세 무뇨스 사장님께서 말씀드린 바와 같이 6월 2일까지는 가격을 동결할 거고 가격은 시장에서 정한다는 그런 기본 원칙에 입각해서 탄력적으로 운영할 예정입니다. As for our sales policy, we will keep an eye on what competitors are doing and adjust our selling price and incentives accordingly. However, for the fundamentals of our production, we will try to optimize the supply and sales plan by using the regions that we have as well as the segments that we have. Some of these policies are already rolled out. As for the U.S. market in particular, as Mr. Muñoz has announced, we will be freezing the price until 2nd of June. After that, we will let the market decide on what the pricing is going to be. Whatever the case, we are going to go with the flexible pricing strategy. [Foreign language] 인센티브의 경우에도 경쟁사의 차종별 공급 현황, 시장 수요 변동 등 면밀하게 시장을 모니터링해서 적시에 탄력적으로 대응할 수 있도록 하겠습니다. 거점 차종별 공급 및 판매 최적화 방안도 진행 중에 있습니다. 관세의 영향을 최소화하기 위해서 저희 멕시코, 기아 멕시코 공장에서 생산되는 미국산 투산을 HMGMA로 돌리고 HMGMA에서 생산하던 캐나다 판매 물량을 멕시코에서 생산해서 캐나다로 넘기는 그런 거는 지금 시행 중에 있고요. 그다음에 한국산 미국향 물량도 미국 마켓 쇼를 유지한다는 대전제 하에서 수익성 위주로 타 거점으로 이관할 수 있는 물량이 있는지를 지속해서 검토를 하고 있습니다. As for the incentives, again, we will be monitoring what the competitor is doing, what the demand is, as well as what the supply of the competitor is going to be. It is going to be very flexible and also timely at the same time. As for the strategy regarding production sites and models, we will try to minimize the impact of tariffs as much as possible. One of the things that we are doing is the TUCSON that is to be exported to the U.S. that is produced in the Kia Mexico plant will now be produced in HMMA. The models that are produced in HMMA to be exported to Canada will now be relocated to Mexico and exported to Canada. For vehicles that are produced in Korea and exported to the U.S., we will try to see which of the models can be transferred so that we can keep the profitability as well as the market share. [Foreign language] 단기적으로는 경상 및 투자 예산 재검토를 통한 컨티뉴시 플랜을 계획을 수립 중에 있습니다. 거의 마무리 단계에 와 있고요. costs with low marketing effectiveness. For investment budgets as well, we will set priorities from the perspective of securing future competitiveness and efficiency and operate them flexibly. The company expects that through this contingency plan, we will first absorb some of the tariff impact and secure time to respond to mid- to long-term strategies, which will help us maintain business competitiveness even under the tariff environment. Now, in the short term, we are almost completed in making plans on how to use the investment as well as the current account. Of course, for the key businesses, investment will be maintained. However, any unnecessary investment as well as those investments that have low marketing effect will be eliminated as much as possible. As for the investment that will be continued for future businesses, and also it still will be kept to an efficient level, but we will also try to be as flexible as possible in terms of our investment. With such contingency plan, we will try to minimize the impact of the tariff and also respond to mid to long-term business plan as well so that we can secure our business competitiveness as much as possible. [Foreign language] 추가적으로 관세 영향 최소화를 위해서 저희가 선제적으로 대응한 사항으로 보면 일단 완성차 및 부품 재고 비축을 최대한 하기 위해서 3월 말까지 최대한 선적을 추진했고요. 그래서 완성차 기준으로는 지금 3.1개월의 재고를 북미에서 갖고 있고 부품은 그것보다 더 긴 재고를 갖고 있습니다. 그래서 일정 부분의 관세는 부품 재고 비축으로 만회가 될 것으로 예상하고 있습니다. Just a little more on what efforts we are making to minimize the tariff impact. We have actually shipped a lot of the parts that are necessary for the finished vehicles. At this time, we have 3.1 months' worth of inventory already shipped over so that the finished cars can be made. As for the parts itself, we have a longer month inventory as well. [Foreign language] 그리고 환율 민감도에 대해서 여쭤보셨는데 그 부분을 저희가 지금 정확하게 말씀드리기는 곤란하고요. 지금 환율 민감도가 저희 대충은 알고 계시겠지만 상당히 작지 않은 금액입니다. 상당히 크기 때문에 그렇지만 지금 상황에서는 저희가 지금 환율에 대해서 언급하는 것은 좀 부적절하다고 생각하기 때문에 차후에 조금 더 기회가 된다면 말씀드릴 수 있도록 하겠습니다. 두 번째 질문은. You also mentioned regarding how sensitive we are in terms of the FX rates. I'm afraid we are not able to answer that question as of yet with an accurate number, but I'm sure you are aware that the amount is not that small for us. However, I think it's not an appropriate time for us to mention this now, but when the time comes, we will also share this with you soon. [Foreign language] 네, 그다음에 두 번째 질문은 향후 TSR 35%를 지킬 것인가에 대해서 여쭤보셨는데 저희가 작년 CEO 인베스터 데이 때 말씀드렸던 2,500원의 분기 배당, 10,000원의 최소 배당, TSR 35% 이 약속은 저희가 이행할 것입니다. 그다음에 말씀주신 사항처럼 어떤 방식으로 이것을 할 것이냐에 대해서는 적절한 시점에 주주환원 방식에 대해서는 시장하고 소통을 하도록 하겠습니다. Now, moving on to your second question, whether we will keep the TSR 35%. Yes, as we had announced in last year's CID, the quarterly dividend of KRW 2,500 and a minimum dividend payout of KRW 10,000 as well as TSR of 35% will be kept. We will be keeping that promise. How that will be realized, we will find a time when it's most appropriate to communicate with our shareholders and the market as well. [Foreign language] 다음 질문 받겠습니다. Thank you. Next question, please. [Foreign language] 다음으로 질문해 주실 분은 UBS의 조윤행 님입니다. The following question will be presented by Yoon Jung Chu from UBS. Please go ahead with your question. [Foreign language] 네, 안녕하세요. 질문 주의 감사합니다. 두 가지 질문 드리고 싶은데요. 일단 첫 번째로 여러 가지 불확실한 상황 속에서 의사 결정이 쉽지 않을 것 같기는 합니다만 저희가 GM과의 파트너십을 추진하고 있는 과정에서 좀 업데이트를 주실 수 있는 사항이 있는지, 또 기사상으로 현지 capacity 에 대한 어떤 공유 이런 것도 나왔던데 그거에 대해서 좀 설명을 해주실 수 있는 게 있는지 좀 말씀 부탁드리겠습니다. 두 번째 질문은 주주환원에 관한 건데요. 방금도 말씀을 해주셨지만 저희가 지금 TSR을 계산하는 데 있어서 배당과 더불어 자사주 매입 소각액을 계산할 때 기존 보유 자사주 소각도 포함이 되는지 혹은 신규로 자사주 매입해서 소각한 것만 포함이 되는지 좀 궁금하고요. 만약에 후자라면 저희가 올해 중이든 하반기든 언제쯤 어떤 규모의 자사주 매입을 기대할 수 있는지 방향성 혹은 좀 검토되는 사항이라도 좀 공유해 주시면 투자자들한테 도움이 많이 될 것 같습니다. 감사합니다. Thank you very much for the opportunity. I have two questions for you today. As the uncertainties remain very high, I can see how the business management is not easy for you. However, are there any updates that you could share with us in terms of the GM partnership? I heard about sharing capacity possibly with GM. Can you share any details of that? My second question is about the shareholder return that you briefly touched upon. The TSR target has already been set, and the dividend calculation is receiving a lot of interest. When you calculate this, are you going to include the existing share that you already have purchased, or are you thinking about just canceling the newly purchased share? Please give us more direction about your buyback plan going forward. [Foreign language] 두 번째 질문에 대해서 말씀드리겠습니다. GM하고의 진행 상황에 대해서 좀 업데이트를 해달라고 말씀을 주셨는데 지금 다양한 분야에서 논의가 진행되고 있는 건 맞습니다. 하지만 지금 현재 관세 정책 대응과 연계돼서 지금 논의되고 있는 사항에 대해서 구체적으로 말씀드리기는 지금 어려운 상황입니다. 그래서 분명히 말씀드릴 수 있는 것은 진행은 되고 있다. 그리고 어떤 방향으로든 좋은 결실을 맺을 수 있도록 양사가 노력은 하고 있는 게 맞고요. 그걸 구체적으로 발표나 이렇게 오픈할 시기가 머지않은 장래에 있을 것이라고 생각합니다. To your first question about the update on the current partnership with GM, yes, discussions are ongoing on various fronts, and we're thinking about a lot of opportunities. However, we have some also in connection with the tariff policy as well. I would say that it is not appropriate to share any details at this moment. I can say with certainty that the partnership and discussions are ongoing, and both companies are working very hard to make efforts to create a great outcome going forward. I expect to be able to share more details with you in a foreseeable future. [Foreign language] 두 번째 질문은 TSR 계산 시 배당, 자사주 매입 소각 계산에 대해서 기존 보유 주식의 소각도 포함되는지를 물어보셨는데 저희가 발표할 때도 포함된다고 말씀을 드렸고요. 기존 보유 자사주 소각도 포함해서 계산할 예정이고 신규 매입분도 주주가치 제고 목적 용으로 자사주를 매입하면 그거는 TSR 계산할 때 포함할 예정입니다. Your second question was about the calculation of the TSR, and the short answer to that is that yes, the existing shares that we've previously held will be included as we have already announced. Also, we can cancel some of the new share quite now to meet the commitment to the TSR. [Foreign language] 그러면 또 어떤 방식으로 이 부분을 진행을 할지에 대해서 말씀을 해달라고 요청이 있으셨는데 이거는 첫 번째 질문에서도 말씀드렸다시피 지금 전체적인 관세 대응 방안하고 연계돼서 어떤 방식으로 TSR 35%를 맞춰 나갈지는 관세 대응 방안이나 이런 부분이 마무리되는 시점에 시장하고 소통할 수 있도록 하겠습니다. You also asked about how we're going to return the value to our shareholders. As I mentioned when I answered your first question, we are looking at this in line with our response to the tariff policy. That plan is almost close to finishing, so we are going to find ways to meet the target of TSR of 35% or higher, and then we're going to be sharing the results with the market very soon. [Foreign language] 네, 시간 관계상 마지막 질문을 받도록 하겠습니다. Due to time constraint, we'll now take the last question. [Foreign language] 마지막으로 질문해 주실 분은 다올투자증권의 유지웅 님입니다. The last question will be presented by Jiwoong Yoo from Daol Investment & Securities. Please go ahead with your question. 네, 안녕하세요. 저 다올투자증권의 유지웅입니다. 질문 두 가지 드리겠습니다. 첫 번째, 메타플랜트고요. 올해 들어서서는 작년이랑은 다르게 계획을 기아차 포함이시겠지만 50만 대로 안내를 해주시고 있으시거든요. 그래서 이게 기존에 작년에 언급되고 있었던 30만 대랑 차이가 어떻게 어떤 차종들을 중심으로 형성이 될 건지 말씀해 주시면 도움이 될 것 같고요. 그다음에 만약에 메타플랜트랑 알라바마랑 계속 전기차 생산 계획이 계속 올라가게 되면 저희 한국에서는 또 막상 내년에는 울산 전동화 공장 완공하시게 되어 있으시잖아요. 여기서도 전기차 생산량이 조금 많을 텐데 한국에서도 전기차 CapEx가 저희 회사만 하더라도 어림잡아 300,000대가 금방 넘어설 것 같고 구급차 전반으로도 금방 500,000-600,000대가 바로 넘어갈 것 같거든요. 그래서 약간 전기차 물량에 대한 오버서플라이 이슈가 있을 것 같아 보이는데 이 부분은 일단 어떻게 생각하고 계시는지 말씀 부탁드리겠습니다. 그리고 마지막으로 지금 러시아 쪽은 저희가 3월에 판매량이 좀 집계되신 걸로 나오는데 최근 근황 좀 부탁드리겠습니다. 감사합니다. Thank you. I'm Yoo Jiwoong from Daol Investment & Securities. How the carry-on? I also have two questions. First, regarding Metaplant. This year, your net production plans of 500,000 units. How is this different from last year? Because last year, I understand the capacity was 300,000. How is this different this year? How is this 500,000 being composed of? What are the models that are composing all this 500,000 units? When Metaplant and Alabama plants start producing EVs? You announced plans to produce EVs there. We also have the Ulsan EV plant that is going to be completed next year in Korea. There also will be production plans for EVs as well. I understand the Korean EV plant, the production capacity is also about 300,000 units. Overall, your production capacity will be about 500,000-600,000 units, which could lead to overproduction issues. What are your thoughts on this possible outcome of overproduction of EVs? My second question is regarding Russia. I understand that you have the sales number for March. What is the most recent figure and the business status of the Russian market? Thank you. 첫 번째 질문 말씀하신 것과 50만 대 capacity 확대를 발표를 했는데 작년에 말씀드렸던 30만 대에서 capacity 20만 대를 늘린다는 것은 저희가 원래 원 계획상으로는 20만 대를 상황을 봐서 늘리기로 계획이 돼 있었습니다. 그거를 이제는 저희가 시기를 좀 더 명확히 해서 앞당겨서 진행을 하려고 지금 발표를 했고요. 아시다시피 하이브리드를 투입을 할 예정입니다. 울산이 아니고 HMGMA 공장에 메타플랜트 공장에 내년도부터 하이브리드가 투입이 되고요. 그다음에 capacity가 늘어난 부분에 대해서는 저희가 EV나 하이브리드나 다 투입할 수 있기 때문에 하이브리드 물량으로 대응해서 공장의 가동률이라든지 공장 운영을 할 예정입니다. Thank you. To answer your first question, yes, last year we announced the production capacity to be 300,000. The reason that we, not the reason, but we added now 200,000 more to the capacity. The original plan was to actually announce this 200,000 production increase depending on the situation, what the environment of the business was. We decided to pull this plan forward, actually. That is why we announced our plans to increase capacity by 200,000 so that we have a total production capacity of 500,000. As you understand, we will also be inputting hybrid production in HMGMA as of next year. With the increased capacity, we will not only be producing EVs but also hybrid as well so that we can keep an optimal level of operation and production rate of the plant as well. 네, 두 번째 질문으로 울산 EV 플랜트가 건설이 되면 EV가 오버캐파시티가 되는 게 아니냐라고 질문을 주셨는데요. 그 부분에서는 저희도 여러 가지 방안을 검토 중에 있습니다. 지금 각 공장에 흩어져 있는 EV 차종을 모으는 방법도 있을 수가 있겠고요. 하이브리드를 투입하는 방법도 있을 수 있겠고요. 하지만 지금 시점에 시장하고 명확하게 소통하기에는 내부적인 환경 때문에 조금 어려운 점이 있습니다. 그래서 아직까지는 명확하게 계획은 수립되어 있지 않지만 조만간 어떤 방향으로든 어떻게 운영할지에 대해서 말씀드릴 수 있도록 하겠습니다. More questions regarding the Ulsan EV, you raised concerns on whether there's going to be oversupply of EVs. We are looking into various possibilities as well, whether we will be collecting all the reproductions globally to be produced in Ulsan or to add hybrid production plans in the Eastern plant. Right now, it's not possible to communicate our concrete plan with the market as of yet because of internal reasons. Frankly speaking, we don't have a clear plan on how we are going to—what our plan for the Ulsan plant is yet. We will find time soon once the plan is set so that we can communicate this with the market. 마지막 질문으로 러시아 판매 물량이 있다고 하셨는데 저희가 말씀드린 러시아는 러시아 권역으로 관리하고 있는 거고요. 실제 러시아에서는 판매가 없습니다. 저희가 러시아에 남겨두고 있는 것은 저희가 판매한 차에 대한 서비스, 뭐 이런 것만 지금 유지를 하고 있고요. 실질적으로는 카자흐스탄이나 이런 내 판매된 차고요. 러시아에 대한 상황에 대해서는 지금 시점에 진행되는 상황은 없습니다. To answer your final question regarding Russia, when we say sales in Russia, it's not actually the Russian market itself, but actually the Russian region and the surrounding areas. At this time, we don't have any sales in the Russian market. The only business that we have left there is service and some after-service businesses. The sales that have been recorded for the area is mostly from Kazakhstan. Other than that, we don't have any business going or sales that are recorded from the Russian market.