Good afternoon. I am Yoon Tae-sik head of IR Group. Welcome, everyone, to HMC's second-quarter business results conference call. On behalf of the Hyundai Motor Group, Hyundai Motor Company, I appreciate your time. Please refer to the presentation "HMC 2025 Q2 Business Results" on our IR website. The presentation includes quarterly key events, sales performance, and profit analysis. For a quarterly summarized cash flow statement and detailed regional sales breakdowns, please refer to the appendix. First, second-quarter key messages. Starting from this quarter, we'll briefly introduce the key messages of our quarterly performance. Sales have continuously stabilized post-COVID, with second-quarter sales reaching 1,066,000 units, the highest level since 2020, up 0.8% compared to the previous year. The favorable exchange rate environment has persisted, recording an average exchange rate of KRW 1,404 to a dollar and a quarter-end rate of KRW 1,356 to the dollar. The quarter-end rate being lower than the average rate had a favorable effect on debt evaluation. Lastly, the Palisade Hybrid successfully addressed the demand for SUVs in Q2, achieving a wholesale sales volume of around 15,000 units. We plan to continue expanding sales to increase our market share in the hybrid market. Next, the sales performance. In the second quarter of 2025, HMC recorded global wholesale of 1.07 million units, up 0.8% from the year before, and retail sales reached 1.04 million units, reflecting a 0.9% increase overall for the year. Next, I'll go over details about factors affecting wholesale sales performance in our key markets. In the U.S., sales increased by 3.3% year-over-year to 262,305 units. The growth in ICE and hybrid sales has continued to show a strong trend. Sales of electric vehicles recorded a significant increase of 32.5% compared to the previous year, reaching 78,713 units due to the expansion of EV and HEV sales. Notably, the Tucson, Elantra, and Santa Fe models contributed to strong sales performance in the U.S., d espite increasing uncertainty regarding EV sales targets due to policy changes in the second half, solid sales growth is expected to continue in the latter half. In the European market, sales increased by 2.6% year-over-year to 161,000 units. Growth in key markets such as Turkey, the U.K., and Spain contributed to the overall increase in European sales. Sales of electric vehicles recorded a strategic increase of 27.3% compared to the previous year, reaching 72,064 units. Strong sales of the Santa Fe Hybrid and Tucson and Santa Fe PHEV drove the overall sales growth in the European market. In the second half of the year, we aimed to achieve growth in EV sales volume alongside a successful launch of INSTER and Ioniq 9. In Korea, sales increased by 1.5% year-over-year, totaling 188,540 units. The successful launch of the PALISADE HEV effectively captured the SUV demand and continued the upward sales trend. Sales of electric vehicles significantly increased by 45.6% compared to the previous year, reaching 68,550 units due to the lineup enhancement. Additionally, the new Ioniq 9 had a positive impact, resulting in a 55.8% growth in EV sales. In the second half of the year, we plan to expand the sales through production optimization to effectively meet customers' demand for popular models and improve the competitiveness of key models through various initiatives. Next, let me explain the sales analysis by vehicle type. Global SUV sales, including Genesis, totaled 644,935 units, accounting for 60.5% of total sales. Global passenger vehicle sales reached 366,287 units, representing 34.4% of total sales. The trend of SUVs taking a big portion of the total sales continued, supported by the enhancement of our key SUV lineup, including the new PALISADE. Sales of electric vehicles increased by 36.4% compared to the previous year, driven by a shift towards fuel-efficient and eco-friendly vehicle mixes, mainly in the European market and strong sales in the U.S. market. EV sales also saw significant growth, increasing by 33.9% year-over-year due to the robust growth of EV sales in the European market. Additionally, hybrid sales have continued to show strong growth, up 38.5%. Now, I'll move on to the profit and losses. First, our income statement. In Q2, consolidated revenue rose by 7.3% year-over-year to KRW 48.3 trillion, and operating income fell by 15.8% year-over-year to KRW 3.6 trillion. The automotive business revenue increased by 5.1% year-over-year due to favorable forex impact and expansion in high-value segment, especially HEV vehicles. The operating profit decreased by 39.5% year-over-year with tariff impact from the U.S. market and general increase in incentives. Revenue from finance business increased by 16.4% year-over-year due to continuous growth in the U.S. market penetration rate and asset size. Operating profit increased by 16.4%. Net income decreased by 22.1% year-over-year to KRW 3.3 trillion. Next is quarterly revenue and operating income analysis. For revenue, favorable forex rate had an 878 billion impact and slight decrease in consolidated volume yielded a negative volume effect of KRW 99.6 billion. Despite increase in incentive spending, hybrid model sales growth led to positive mixed effect of KRW 1.6 trillion. Additionally, increased finance revenue contributed to overall revenue growth of 7.3% year-over-year. In case of operating profit, favorable forex rate resulted in positive forex impact of KRW 632.1 billion. The rising incentives combined with the sales mix led to a negative KRW 740 billion impact. The recovery in finance performance contributed to KRW 92 billion. The tariff impact began to show this quarter, resulting in a negative impact of KRW 828.2 billion. All those factors contributed to the operating profit decrease by 15.8% year-over-year. The Q2 cost of goods sold ratio recorded a 81.1%, up 2.7 percentage points. In case of SG&A, recorded KRW 5.5 trillion, which is a 0.9% increase compared to last year due to increase of marketing-related expenses and R&D. Finally, our net profit decreased by 22.1% to KRW 3.3 trillion. This concludes the end of the presentation for the second-quarter business results. Thank you. And Lee Seung Jo, Head of Finance Division, will explain the Q2 business performance and tariff impact as well as countermeasures. Good afternoon. I am EVP Seung Jo Lee, Head of Finance Division. I'll now present HMC's Q2 2025 business performance and U.S. tariff impact and acquiry plans and the second-quarter dividend. In the second quarter of 2025, the operating profit declined by KRW 828 billion due to tariff impact, and the average incentives in our major markets increased, resulting in an incentive increase of KRW 535.6 billion compared to the same quarter last year. Still, HMC posted record high sales of hybrid models at 170,000, which is 15.8% of total sales. The Genesis brand also showed solid performance, taking up 5.5% of the total sales, continuously enhancing the company's fundamentals. The sales of hybrid models and Genesis achieved 21.3% of the total global sales, surpassing the 20% mark for the first time. Moreover, thanks to the FX impact with the average KRW 1,404 to a dollar in this quarter, leading to the positive impact of KRW 632.1 billion, combined with the implementation of the proactive contingency plan announced in the first quarter, offset the tariff impact, allowing HMC to achieve KRW 3.6 trillion in operating profit above market consensus. If we exclude the tariff and FX impact, operating profit would have been approximately KRW 3.8 trillion, with operating profit margin of 7.9%. Now, I'll elaborate on our measures to mitigate the U.S. tariff impact. As you are already aware, in the current situation of global uncertainty, it is very difficult for a single company to predict how the tariff situation unfolds in the future. Therefore, I'll share with you HMC's countermeasures to mitigate the impact from tariffs, assuming that the current tariff policy remains in place. As short-term measures, the company will first closely monitor competitors and market situation and implement a flexible incentive policy and pricing strategy. Second, adopt fundamental solutions such as reducing material and manufacturing costs, as well as pursuing changes in parts sourcing to achieve efficiency in manufacturing. Third, proactively implement the contingency plan by prioritizing the investment without disrupting our core businesses. From mid to long term, the company will first seek to localize sourcing of key parts through company-wide collaborative efforts from R&D, production, and quality. Second, thoroughly review expanding local vehicle production based on different scenarios to flexibly address different market changes. By implementing our short and mid to long-term strategies, we'll continue our effort to not only mitigate tariff impact but also improve the company's fundamentals. Now, let me share our second quarter 2025 dividend plan. In August 2024, HMC announced a value-up program promising a minimum dividend of KRW 10,000 per share and quarterly dividend of KRW 2,500. In accordance with the program, a quarterly dividend of KRW 2,500 for both common and preferred stocks will be provided this quarter. Additionally, as explained in the last quarter, the dividend record date has been fixed at August 31. For the second quarter, the dividend record date is August 31, and the payment date is September 30. At this very moment, the tariff impact and market uncertainties persist. While maintaining the 2025 annual guidance explained in the beginning of the year for now, Hyundai Motor Company will communicate updated guidance with the market as soon as we gain more clarity on tariff policy after August 1. Furthermore, President José Muñoz and our management at Hyundai Motor Group will employ all measures available to recover profit and thoroughly prepare plans to deal with the tariff impact as well as market uncertainties. We sincerely appreciate the continued support from shareholders and investors. Thank you for listening. Next is a presentation from Yong Seok, CFO of Hyundai Capital, on the finance business's second quarter result and the third quarter outlook. Good afternoon. I am VP Yong Suk, Head of Finance Division, Hyundai Capital. I'll now report the second quarter business results and the outlook for the second half of the business for the finance business. In the second quarter, Hyundai Capital and Hyundai Capital America, as the group's captive financial companies, continue to provide financing for car sales. I'll now elaborate on the details. First is Hyundai Capital. In the second quarter, despite slow domestic economic growth and heightened competition, we expanded group collaboration by releasing financial products aligned with new model launch and utilizing subvention for SUV, Genesis, and EVs. As a result, total financing volume, including installment and lease, increased 9.8% year-over-year. The auto financing portion in our asset portfolio is maintained at a high level of 82%, with lease profits increased by 13.7% in the second quarter from a year ago. Operating income went up by 3.7%, excluding forex and derivatives effect. As for financing, we have achieved 44.67% of our annual target. It includes a green bond issued in April and a sustainability-linked bond issued in July. Within our domestic bonds, around 25.8% was financed through ESG bonds. In the meantime, supported by the decrease in market interest rate and our efforts to reduce financing costs by repaying high-interest loans, second quarter interest rate expenses went down by 2.9%. With the delinquency rate, while the delinquency rates are rising across the financial markets, we maintained the rate below 1%. However, as we preemptively managed risks by expanding provision reserves and increasing release funds, that debt expenses rose, which led to an increase in operating expense by 3.8% year-over-year. As a result, operating income declined by 4.6%. However, our pre-tax income of expecting non-operating income, such as equity messed with gain, of our subsidiaries, hiked by 3.5%. In the second quarter, Hyundai Capital will continue to reduce OpEx and financing costs and actively sell NPLs to secure profits. We also will continuously provide financing for the car sales of the group. We'll prepare for the business start of the Indonesian HQ and review establishment of overseas corporations and strategic regions for the group's auto sales. These activities will enable us to keep increasing the coverage of the group's global auto financing. Next is HCA. In the second quarter, led by the group's strong auto sales, our customers' penetration rate continued to surge. Both installment and lease showed sound growth, and overall product assets grew 20% from last year. Not only the asset size, but also product interest rates went up, leading to second quarter operating income to hike by 4.3%. We achieved 60.3% of the annual financing target by successfully issuing $3.5 billion size bond in June and EUR 1.2 billion bond in the EU market, first time ever. As such, we could secure liquidity and diversify financing portfolio. Based on the active financing activities, the size of loans expanded, and the second quarter interest expenses increased 22.3% year-over-year. From the perspective of asset soundness, unlike market concerns, our prime customers taking up more than 85% of total customers contributed to a continuous decline in delinquency rate from the end of 2024. Due to the rise of used car prices and active remarketing activities, the risk of residual value is also limited. As asset soundness improved, bad debt expenses decreased by 17.3% year-over-year, and the total operating expenses slightly increased by 3.0% year-over-year, and operating income went up by 26.9% year-over-year. In the second half, market uncertainties are expected to grow, mainly due to the tariff policy. However, Hyundai Capital America will launch financing programs aligned with the group's sales and pricing strategies. So that it can expand its role of providing auto financing and will respond to market changes flexibly by closely monitoring the market with Hyundai Motor Company. That is all for the presentation of finance segment. Thank you for your attention. [Foreign language]. 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. 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. 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. 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]. The first question will be provided by Heejin Lim from Citi Securities. Please go ahead with your question. [Foreign language] Hello. T his is Heejin Lim from Citi Securities. Thank you for the opportunity. I have two questions about the tariff impact. Yesterday, there was an announcement of the Japanese tariff, which is 15%. And going forward, for our company in the U.S. tariff policy, is it going to be changed in terms of our pricing policy? Let's say if we have our scenario for tariff at 25% versus 15% or lower, will there be any changes in our pricing in the U.S.? Or rather, regardless of the tariff changes based on incentives or the peer pricing, our pricing will be maintained. Would that be your sense? That is my first question. And is it going to change your decision-making, and how is that going to be going forward for your thought process? And my second question is regarding the second quarter impact by the tariff. It's not going to be impacted by the full quarter. If we assume that the current tariff is maintained at the current number, then what is it going to be for the full quarter impact? And can you give us the breakdown between the export volume and also the component as well regarding the tariff impact? Thank you. [Foreign language]. There was an announcement yesterday that the tariff negotiation between Japan and the U.S. was concluded for the time being, and it was at the rate of 15%. As an individual company, I think your understanding because for us it will be difficult to, it will be premature to c omment on the 15% rate impact. We could possibly expect. We could possibly expect that the rate will be lower than 25%, but as the two countries' negotiations are currently underway, it will be too premature. For your second question about the pricing impact, I would like to answer after the interpretation. [Foreign language] Let me answer your second question about pricing policy. As we mentioned in the first quarter earnings result, we will take the stance of the fast follower because we are not going to lead the pricing in the market. Rather, we will monitor the market situation closely, and we will try our best to meet our customers' value. As such, we are going to flexibly respond to the market. [Foreign language] Again, on your second question, we are not fully impacted by the tariff situation in the second quarter, and you asked about the second half outlook for our impact by the tariff policy. As you mentioned, we were impacted by the tariff policy at about KRW 828.2 billion for the second quarter, and it is not the full quarter result. [Foreign language] Again, in the second half compared to the second quarter, in the third quarter and fourth quarter, we expect, of course, there will be bigger impact. On our book, and it is premature again to precisely comment on the exact figures. Also regarding the tariff impact on components out of our total impact, there's a credit-related policy on completed vehicles in the U.S. If that is being considered, then it's going to be about 20% out of our total impact by the tariff. [Foreign language] [Foreign language]. The following question will be presented by Eun Young Yim from Samsung Securities. Please go ahead with your question. [Foreign language] Good afternoon. I'm Yim Eun-young of Samsung Securities. Thank you for the opportunity. My first question is. As GDP C SOE explained the plan, the mitigation plan for the tariff in his presentation. And when I look at the media online press, I see that Hyundai Motor Company is not going to have a price increase. Price increases in the in the third quarter, meaning in September and October. So I was wondering about the company's priority. Was it, is it going to be the market share increase or is it to defend the company's profitability in the US market? That's my second part of the question. I'm sorry, it's my first part of the question. My second part of the question is that from the third quarter, if the tariffs of 25% remain in place, I believe the impact will be over KRW 1 trillion. I believe the company has set aside a provision quite excessively. I was wondering in this AV transitional period, is the provision going to be used as a buffer in this uncertain situation? [Foreign language] I'd like to first answer your first part of the question. By September and October, you said we are not going to increase prices, but it's very, it's hard for us to tell you definitely we are going to increase prices or not at this point because we are going to take the fast follower approach. And when or if. Ever we are going to increase prices soon is something that we cannot tell you at the moment. But again, we are monitoring the market situations and we'll adopt the right pricing strategies depending on different scenarios. And we, at the same time, we are reviewing many ways to generate more revenue, including port installed options and freight prices. So we are looking into different options to improve our opportunities. [Foreign language] And also on your question on our priority or priority in the US market, whether our priority be the MS or profit. So our strategy is to achieve both targets of the MS as well as profitability. We like to defend our market share in the U.S. market at the same time maintain the current level of profitability, which is of course challenging, but with the right strategy we'll be able to achieve both. [Foreign language] And on the second part of your question regarding if the tariff impact, tariff of 25% continues to remain in place in the second half, there is going to be the impact over KRW 1 trillion. So your question regarding the sales warranty provision and in this EV transition, is it going to be used as a buffer? So we set aside our provision reasonably according to our standards, and we review the amount of provision at the end of every quarter. For now, we believe that there is no buffer in terms of the provision to be used to mitigate the tariff impact. [Foreign language]. [Foreign language]. The following question will be presented by Kyung Jae Hwang from Merrill Lynch. Please go ahead with your question. [Foreign language] Thank you for the opportunity. This is Kyung Jae Hwang. You initially mentioned about the raw material cost, processing cost, and all the components. If these actions are being executed, when is it going to be happening, and is that going to be factored in the third quarter results? I would like to know if the timing of the visualization of this impact on our cost reduction, especially for the raw material cost and processing cost, is that going to be the negotiation for the pricing overall, or is that going to be limited to a specific segment, including raw materials or such as battery? My second question is related with the comparison to our peers, especially the Japanese peers. As we see the data, expert data released by DOJ, the pricing level in May to the North American region has reduced by about 12%. This seems to be the impact by the tariff. Are we going to respond to tariff impact with the same stance with the peers, or are we going to respond afterwards? What are your plans on this in the third. [Foreign language] Thank you for your question. Your question about component sourcing changes or the raw material cost and processing cost reduction, we are actively engaged in these activities, and you asked about the actual impact on the third quarter results. In terms of processing cost and efficient production methodology, as you know, our operation of HMMA has been about 20 years, so we are going to expand our methodology of efficient production. Will be expanded to meta-plant, and that will be you can see the result in the third quarter results. However, though, in terms of component sourcing changes, it is not going to be achieved. It can be achieved in the shorter term, so the portion of that impact will not be big in the third quarter. However, we have formed a TFT for component sourcing changes. [Foreign language] We have about 200 component suppliers that we collaborate with, and we have received their proposals. For us, and we're going to review those proposals in various ways, and we're going to assess and analyze if that's going to be better for us if we export or if we locally source. These kinds of reviews have to be implemented in steps, and as you know, to change suppliers, it is a massive scale of analysis because our almost priority is quality and customers' safety. To meet our expectations in various items, including quality, production, manufacturing, and procurement, we need to take sufficient time to review these items. [Foreign language] You also mentioned our competitors on pricing policy or the pricing trend, especially of Japan, their price or FOB pricing to the North American region. Our stance or our reaction to this, I guess you mentioned and asked this question because there is a possibility for us to decrease the FOB price with the export. However, FOB pricing changes is highly related with the transfer pricing issue, so we cannot touch that easily. We have been actually reviewing this agenda for a long time. If we, once we conclude our review, then we could officially communicate with the market. As for now, it will be premature to comment on this, and I would like to refrain from commenting on this, especially to prevent any misunderstanding between the two countries. [Foreign language] Lastly, I would like to add another point because on the pricing and the amount within the APA scope, we have been adjusting the FOB pricing, so it has been done annually, and that has been done regardless of the tariff, and we are doing it already. [Foreign language]. The last question will be presented by Chris Roberts from PGIM. Please go ahead with your question. Hi there, thanks very much for making the time for the call. Could I just ask, what is the net cash position in the auto business as of the end of the quarter, please? Because I know that that's the number you've given in the past. Thank you. Hi, this is zayong Koo. The net cash position as of the last quarter is KRW 14.1 trillion, ex-finance. [Foreign language] [Foreign language] That concludes our second quarter 2025 earnings result conference call. Thank you for listening. [Foreign language] If you have any questions, please contact Hyundai Motor Company's IR Group. Thank you very much for your.