Good morning. This is Sara Hwang, Head of IR from LG Energy Solution. Thank you for joining our Q2 2024 earnings conference call. First, I'd like to introduce who are present today. CFO Lee Chang-Sil, Kang Chang-Beom, CSO; Jang Seung-Kwon, In-Charge of Finance and Accounting Group; Lee Sang-Hyun, In-Charge of Finance; Jung Jae-Wook, In-Charge of Planning and Management; Kim Kyung-Hoon, In-Charge of Advanced Automotive Battery Planning and Management; Do In-Ha, In-Charge of Mobility and IT Battery Planning and Management; and Choi Shin-Geun, In-Charge of ESS Battery Planning and Management. For your reference, the presentation for business performance and strategy will be conducted with simultaneous interpretation, after which we will have Q&A with consecutive interpretation. The presentation slide will be webcast live and also downloadable on the corporate website. In this conference call, I'm going to briefly share our Q2 2024 performance, and then CFO will share the second-quarter progress and changes in the market and our key action plans in response to that, and followed by Q&A session. Please note that the forward-looking statement, including the call, are subject to change according to amendments in future business environment and corporate strategies. First, let me explain business results. In Q2, revenue increased slightly Q/Q to reach about KRW 6.2 trillion on the back of a double-digit growth in shipment despite a decline in battery ASP due to weak metal prices. The Advanced Automotive Battery Division posted an increase in revenue Q/Q despite still sluggish demand in Europe. It was driven by a twofold growth in shipment in North America, enabled by our proactive response to the launch of new EV models by our key customer. The Mobility and IT Battery Division showed a decline in shipment and revenue QoQ as the demand for cylindrical EV batteries was weak and IT batteries had low seasonality. In the meantime, ESS Battery Division experienced significant improvement in revenue driven by a twofold growth in shipment with our proactive response to grid-scale projects in North America. Next, profitability. Following the previous quarter, there were fixed cost burdens due to adjusted utilization rate in Europe and China from demand slowdown and impact of input raw material costs higher than battery ASPs, but then the IRA tax credit effect doubled Q/Q in line with the solid battery sales in North America, as mentioned earlier, with that operating profit in Q2 improved by 24% to KRW 195.3 billion, with an operating profit margin of 3.2%. On the other hand, excluding the IRA tax credit effect, we recorded an operating loss of KRW 252.5 billion due to the base effect of one-up compensation profit in the previous quarter. As for major non-operating items, we posted a non-operating loss of KRW 104 billion, with the continued depreciation of the Korean won against the dollar at the end of the period. It was mainly due to foreign currency-related losses, including the transfer loss on foreign currency-denominated borrowings. Net income before tax amounted to KRW 91 billion, while net loss was KRW 24 billion. Next, financial position. The assets at the end of Q2 2024 increased by about KRW 2.2 trillion to KRW 51,501 billion due to acquisition of tangible assets and others. That increased by about KRW 1.3 trillion to reach KRW 23,869 billion Q/Q. On the other hand, equity recorded an increase of about KRW 0.9 trillion, amounting to KRW 27,632 billion. The liability-to-equity ratio and debt-to-equity ratio were similar levels to the previous quarter at 86% and 48%. And the net debt-to-equity ratio increased slightly to 34% Q/Q, as cash and other assets decreased. During this quarter, we generated about KRW 0.9 trillion in EBITDA, with an improved EBITDA margin of 15.1%, 1.8 percentage points off Q/Q, despite positive cash flow from EBITDA generation others due to about KRW 2.9 trillion of CapEx and changes in working capital. The cash balance at the end of the second quarter decreased by about KRW 1.4 trillion Q/Q, recording about KRW 3.9 trillion. With this, let me end my explanation on the business performance. Next, CFO Lee Chang-Sil will brief you on our recent progress and provide an updated guidance for the company based on the recent changes, and then followed by our key action plans for the second half. Good morning and evening. This is Chang-Sil Lee. First, the most meaningful business achievement of this quarter is the first winning of a large-scale supply order for LFP battery for EVs as a Korean battery player. This deal with Renault highlights not only our efforts in diversifying our chemistry but also our differentiated technological leadership in Europe, as we are the first to apply cell-to-pack technology in pouch-type batteries. And that achievement is considered to be very meaningful for us. CTP technology enhances energy density per unit volume. At the same time, it helps simplify the manufacturing processes, further improving our price competitiveness. Starting from the end of 2025, we plan to mass-produce and deliver the batteries with a capacity of 39 GWh, equivalent to produce about 590,000 units of mainstream EVs in Poland for five years. On the operational front, we have successfully commenced the operation of the JV with Hyundai Motor Group in Indonesia since April and are currently producing and delivering battery products stably. Utilizing this JV as a new production hub in Asia will actively respond to the rapidly growing demand in the ASEAN EV market. In addition, with a supply contract with Hanwha Qcells for 4.8 GWh grid-scale ESS batteries signed off in May, we achieved meaningful results in the ESS business unit as well. In this large-scale power grid project in the U.S., our company plans to provide differentiated customer value as a total solution provider, providing not just system integration but also battery production for the customer. Also, starting from the second half of this year, we will supply products based on NCM chemistry and gradually shift to LFP products to further enhance our price competitiveness. Moving on to our progress in SCM, we enter into a long-term supply agreement with a Liontown, an Australian lithium mining company, with this we could secure a supply of high-quality lithium spodumene of 1.75 million tons over the next 15 years. In addition, we have also signed a convertible bond investment agreement, strengthening our strategic cooperation with a partner while securing IRA-compliant raw materials. In terms of R&D, we have set up a foundation to significantly reduce cell design time with the development of AI recommendation solutions that can help us support optimal cell chemistries customized for our customer requirements. We have also entered into an MOU for co-technological development with ADI to measure internal cell temperatures of battery cells without a separate device. As such, we are continuing our efforts to enhance our differentiated capabilities in BMS. In terms of finance, we successfully issued a $2 billion USD-denominated corporate bond, including global green bond, earlier this month with favorable coupon rates. With this, we were able to obtain financial resources for new production site expansion and R&D investment. Next, I'd like to touch upon recent demand dynamics. Considering ESS shows a relatively stable demand outlook with increasing growth potential, I'd like to focus on the EV demand aspect, which tends to show quite significant changes. While the overall direction of the global EV demand growth remains unchanged, external volatilities are intensifying, such as a prolonged high-interest rate trend dampening consumer sentiment, major OEMs adjusting their electrification pace more aggressively than anticipated, and upcoming political events such as the U.S. presidential election. Given this, there is a high possibility that the EV market growth this year may fall below the previous expectations set at the beginning of this year. The global EV market growth forecast in 2024, initially expected to be in mid-20% YoY, is now expected to be in early 20%. The North American region has seen the most changes in OEMs' electrification strategies. Accordingly, its EV growth rate is expected to be adjusted downward from mid-30% to early 20%. Similarly, Europe from early 20% to mid-10%, which we believe will have an impact on global battery sales. Furthermore, the lithium hydroxide price, which has the most influence on product prices, has actually fallen below the forecast of around $20/kg in the first half of this year, reaching around $14/kg right now. The lithium price trend has remained weak until now in July, suggesting that battery prices are likely to remain low in the second half of this year. Given this, our company's annual revenue for 2024 was previously expected to increase at mid-single-digit% YoY, but given these factors, it is now expected to decrease by over 20% YoY due to a much slower shipment growth than expected and continuously weak ASPs. However, despite the challenging business environment in the second half, we are planning for meaningful growth compared to the first half, driven by demand improvement from new model launches in North America and Europe. Also, we expect sales growth in ESS business from expanding our sales in the power grid ESS projects. Now, I'd like to discuss our key action plans that we'll focus on in the second half of the year. At this point, the most important challenge is to enhance operational efficiency and investment flexibility to respond to the rapidly changing business environment. Thus, we are considering adjusting the expansion pace of new production capacities and scale of additional production capacities as needed by monitoring closely the demand landscape and our strategic priorities. For existing production facilities, we'll explore line conversions for different applications such as ESS or new products to maximize the utilization rate at each production site. Through these operational efficiency measures, we aim to improve profitability by reducing and optimizing fixed cost burdens. Secondly, leveraging our clear competitive advantage in products and technology will accelerate efforts to launch new products in a timely manner and secure future technology. On the product front, we expect that the 4680 and new cylindrical form factor will be able to start mass production smoothly at our Ochang plant in the second half of this year. Additionally, the ESS LFP product, which began production in Nanjing, China, at the end of last year, is gradually expanding production capacity to actively respond to demand in North America and Europe. Regarding technology, we have established pilot lines for the dry electrode process at our Ochang plant this year, with the goal of applying it to mass production by 2028. Thirdly, with our competitive product offerings, we aim to diversify our customer and business portfolios. For pouch batteries for EVs, we are currently in discussions with various customers regarding orders for mainstream products such as LFP and high-voltage mid-nickel NCM, and we'll actively respond to high interest from not only EV startups but also existing major OEMs for the 46-S eries. To secure mid-to-long-term future growth drivers and diversify portfolio, we aim to gradually expand into new service and software-based businesses such as BaaS, EaaS, and BMS, together with the expansion of ESS business. Together, through this, we would like to build a more balanced business portfolio. Furthermore, we'll consistently execute efforts to enhance product cost competitiveness. Firstly, we'll expand direct sourcing of raw materials from major minerals such as lithium to precursors, strengthening control over the value chain through continued investment in upstream companies. Additionally, we'll strengthen cooperation with cost-leading suppliers to enhance fundamental material cost competitiveness. We'll also accelerate the process optimization and introduction of advanced smart factories to improve production efficiency. Investors, analysts, and shareholders, as we are halfway through 2024, it is evident that the business environment is more challenging than initially expected. In light of this, it is crucial for us to be agile in response to the direction and pace of market changes while securing a strong competitive position. LG Energy Solution will thoroughly prepare ourselves by focusing on fundamental competitiveness rather than resting on our laurels or maintaining an overly optimistic view of market growth to solidify our position as a leading company in the industry, thus making the crisis into an opportunity. Thank you. This is the end of our presentation, and let us move on to the Q&A session. For more participants to get chances, please limit your questions to two. [Foreign language] Questions will be taken according to the order. You have pressed star and one. For translation, please press star and two on your phone. [Foreign language] The first question will be provided by Yong-Jin Jung from Shinhan Securities. Please go ahead with your questions. [Foreign language] So there are two questions that I would like to ask you. The first question is that initially I think that the overall expectation was towards the second half of the year with regards to EV demand that we would be able to see a more positive market sentiment. However, it does seem to be, as of now, that the predominant view is that there will be a sluggish demand situation for a longer period of time. So if you could provide an update in terms of your demand outlook and also outlook for the third quarter, that would be appreciated. The second question that I would like to ask you is that during your presentation, you did mention that in terms of strategic priorities, you would rethink what your priorities are in terms of investments and also try to be more flexible. I do believe that that means that in terms of the overall CapEx cycle and also the schedule going forward, that there may be some updates that you may provide there and changes there, especially with regards to your investments in Arizona. I do think that this is a main area of interest for investors. So if you could provide an update there, that would be appreciated also. [Foreign language] So this is the CFO, and maybe I can address the two questions that you have asked. I do believe that they're very good questions. First, to talk about the overall outlook that we have for the market, it is true that, as we have mentioned before and as you have discussed, that the overall market backdrop is more sluggish than we had initially expected. However, we continue to monitor the situation, and if we share the views of the company in the third quarter and towards the second half of the year, we do believe that the overall impact of weaker key metal prices will be less effective on the ASP. To talk about more of the positive aspects that we see taking place within the market, there will continue to be new model launches in the North American EV market, so we will have demand that we need to cater to there. In addition to that, for some of the European OEMs, their overall inventory levels have decreased as a result of that. We do see restocking orders coming in. Added to that, on the ESS side, which is a key focus for us in terms of our overall orders and development, there are North American grid-scale projects that are ongoing, and we do believe that that will contribute to sales growth. So if we take and to ensure that we do not miss any of the opportunities that are available, we are coming up with a various approach to try to address these opportunities. Taking all of this into consideration with regards to our total sales, we do believe that there will continue to be a gradual increase going forward. From a profitability standpoint, because of the falling metal prices, we do think that the impact there will be less toward the second half. In addition to that, as our overall revenue grows, if you look at the per unit fixed cost that we have, that burden will be less. As we have mentioned, on the raw material side, there are various initiatives that we are engaging upon to try to save as much as possible. We do have various core plans that are ongoing there. In addition to that, we have been focused on capacity expansion. However, now we do think that it is a time to rethink our overhead cost and try to optimize them in the key areas and try to reposition ourselves. So as a result of that, even if we do take out the IRA tax credit effects, we do think that in terms of the operating profit, we will be able to turn to the black and maintain a number in the black, and we will continue to exert our best efforts in this area. If we look at the second half of the year and the outlook there, I do think that there are uncertainties in the global macroeconomic backdrop. There's also the uncertainties related to the U.S. elections. In addition to that, if we look at the electrification pace of the key OEMs, it does seem to be that they're moderating their speed, and there's a lot of sales focus in the short term on hybrids. So as a result of that, versus the initial expectations that we had in the beginning of the year, we do think that the downstream market recovery may be more slow than we had initially expected. However, that having been said, taking a longer-term perspective, if we look at the mid to long-term horizon, we still believe that there will continue to be a policy stance towards more environmentally friendly vehicles on the global landscape, and we still believe that there's no change in the overall direction of electrification by OEMs. Nevertheless, of course, we will continue to monitor closely the changing market environment and also any changes in our customer demand so that we can use this opportunity or this challenging situation as an opportunity and make sure that we're able to continue to perform. At the same time, we want to be prepared for the future, so we will try to strengthen our overall fundamental response mechanisms step by step to ensure that we can have a differentiated competitiveness for the future. [Foreign language] Capacity utilization of our existing facilities. That means that for existing unused lines that we have, we are in the process of taking measures so that we can transfer that to other applications or also use it for new products. At the same time, for any new CapEx that we are planning to invest in, we will look at the overall strategic priorities that we have, also the market demand to ensure that we are able to determine where we need to prioritize first and then immediately, just if necessary, to ensure that in terms of the overall size and also the ramp-up speed in itself, we can prevent any such over-investment situation as much as possible. Recently, if you look at the ESS market, we do think that for the overall demand potential and growth, this is a market in which there still is a lot of potential available. However, nevertheless, we still have made the decision to suspend some of the capacity expansion plans in Arizona. The reason there is that, as mentioned on the demand side, we still think that the potential is large. However, we think that there are opportunities to utilize the existing production sites that we have to meet the customer demand in a timely manner. So in short, for new CapEx execution, I do think that we will continue to try to address the changes that we see in the market demand in a more flexible manner to ensure that we review whether the CapEx is really necessary and how effective it will be. And for this time being, to ensure that we can only execute the CapEx in strategically and very necessary areas only. [Foreign language] The next question will be presented by Hyun-Soo Kim from Hana Securities. Please go ahead with your questions. [Foreign language] Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. One related to policy and the second related to GM. First, on the policy side, of course, for EV sales in general, policy cannot help but have a large impact. So I do believe that going forward, the outcome of the U.S. elections will be very important. This is something that you did briefly touch upon, but if you could elaborate a bit more about how the outcome of the U.S. elections would have an impact on the EV market and the battery market, and how you think that there could be differences according to such outcome, and what impact the company would be subject to as a result of that. The second question that I would like to ask you is about GM. I do think that you have adjusted your yearly sales and revenue guidance for this year downwards. However, with regards to the overall supply volume that you have towards GM, do you think that there is a possibility that there could be additional downside to that going forward? And for your phase two JV expansion plans, are there any adjustments that you would have there? [Foreign language] So this is the CSO Kang Chang-Beom, and maybe I can address your first question about the results of the U.S. elections and how there could be policy changes that may have an impact on the company. So if the current administration does continue after the elections, of course, we do believe that the current IRA policy stance in itself will continue. However, if there is a change in office on the EV demand side, it may become a bit weaker. However, towards the stance towards China, we do think that there could be stronger measures taking place. So as a whole, that would be on the, so on that side, that would be more beneficial for us. So we do think that it's a complex dynamic. To elaborate a bit more, if there is a change in office on the FEOC-related regulations, there might be some strengthening of that. So as a result, for the scope of EV vehicles that are eligible for IRA subsidies, it may become more narrow. We do think that that is a measure that could be possible through executive order. So as a result of that, for EV demand and the growth in that area, we do think that there is a possibility that it may become weaker. However, with regards to the AMPC benefits that we're currently enjoying, because to change this, it would require a very complex administrative process and also political consent, we do think that for the AMPC tax credits that we receive, for the broad scope of that under the current legislation, that that will continue going forward. In addition to that, for the overall stance that the U.S. has in trying to onshore a lot of the EV and battery supply chain and try to have various measures versus China in terms of their policy stance, regardless of the political overall group or the political, the overall party that wins, we do think that that will continue going forward. In addition to that, for the FEOC, more stronger regulations. As a result of that, we do think that it may, it will become more difficult for Chinese companies to enter into the market. So from a competitive situation or a competitive dynamic standpoint, we do think that our overall position within the U.S. market will become stronger. From a supply chain perspective also, right now we already have a very stable supply chain in place, and we continue to strengthen our local production capabilities, and we also enjoy a very strong customer portfolio. So even if there are any changes in the IRA policy in itself, we do believe that we have the agility to be able to quickly adapt to such a situation. [Foreign language] So maybe I can address your second question about any possible downside to GM supply and also with regards to any changes in the phase two expansion of our JV. This is Kyung-Hoon Kim from the Advanced Automotive Battery Planning and Management Team. So initially, what we, versus the expectations that we had, as we have mentioned, the overall downstream demand is low, and this is a situation that we continue to monitor very closely. If we look at the yearly EV production targets for our customers, we make sure that our production plans are aligned with those targets. Based upon that, I do think that we have already mentioned the expected guidance that we have in terms of IRA tax credit for the year. Of course, there continue to be external uncertainties, and the market situation is rapidly changing. We do believe that there could be a possibility of changes in overall demand. However, that has been said for our key strategic customers in North America, there does seem to be an improvement in their EV sales performance. Added to that, there are new EV models that are being launched, and as a result of that, we do think that the second half demand will show more momentum. So versus the plan that we have already shared with you, we do think that any possible additional downside risk would be limited. Going forward, we will continue to communicate closely with our customers and monitor the market very closely to adjust our JV production speed if necessary and also ensure that we are very effective and efficient in terms of our mass production. [Foreign language] The following question will be presented by Hyun-Ryul Cho from Samsung Securities. Please go ahead with your questions. [Foreign language] Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First is about your cylindrical batteries. If you look at the second quarter Tesla performance, it's already out and it does seem to be that on the sales side the growth has not been very strong. However, what is more noticeable is that in terms of their production, there has been a more rapid decrease there versus the sales slowdown that they have had. So I do think that this is something that is noticeable and as a result of that, it does seem to be that Tesla has adjusting their inventory accordingly, which probably had an impact on our overall performance. If we look at the second half of the year, because of the inventory adjustments, we do think that their overall wholesale sales may be a bit stronger than their production and that may have an impact on the second half. How do you see the overall demand momentum towards the second half of the year with this customer? Is the first question that I would like to ask. The second question is with regards to your 4680 batteries. This is something that you did briefly touch upon during the presentation. If you could elaborate a bit more about how the development has gone in terms of the actual mass production timing, when that will take place, and also in terms of orders for this battery type, if you could be maybe a bit more detailed about what type of orders you see, that would be appreciated. [Foreign language] So this is Do In-Ha from the Mobility and IT Battery Planning and Management Department. So maybe I can also adjust the two questions together that you have asked. First, with regards to our cylindrical batteries and the second half outlook that we have, of course, it would be difficult for us to have a clear picture about our customer inventory levels. However, we do believe that if you look at the numbers that have been released in the market, there has been a decline in production in the second quarter. However, with regards to vehicle deliveries, it has actually outperformed market expectations. So we do believe that that may have led and possibly has led to a decrease in overall inventory levels. So even though the overall downstream demand recovery is slower than expected and that there are the U.S. upcoming elections and also uncertainties related to when rate cuts will start, if at all, because of this lower inventory level in the first half of the year, and added to that the fact that there are new model releases that are expected within the year, we do think that there are somewhat strong drivers for growth towards the second half of the year in terms of demand. So from our perspective, we are trying to ensure that we can appropriately and in a timely manner address the demand that we see and also ensure that we can continue to seek out any additional revenue opportunities and be prepared for such a situation. To address your second question about the 4680, right now in Ochang, the 4680 new line is in the last stages of completion. And as we have mentioned, we do think that the overall mass production will start without any issues in the second half of the year. Internally, there was some discussion about whether we should try to, and as much as possible, accelerate the overall mass production timeline. However, based upon discussions with our customers and also the need for some internal maintenance, we have decided at the end of the day to go ahead with mass production according to our initial plans, which were the end of third quarter, early fourth quarter type of timing. In addition to the already received orders that we have from customers, we are continuously engaging with supply agreements and discussions with other customers about not only the 4680 but a wide spectrum of 46-S eries batteries. And right now, we do think that we can supply the overall production that is necessary from our Arizona site from 2026 and thereafter. [Foreign language] The next question will be presented by Hye-Young Jeon from DAOL Investment & Securities. Please go ahead with your questions. [Foreign language] Yes, thank you for the opportunity to ask questions. There are two questions that I would like to ask you. First is that if the demand remains sluggish for longer, I do think that if you look at the production sites outside of the U.S. With regards to your Poland factory and also the factory that you have in Nanjing, it could be a situation in which the low utilization situation there could continue for a longer period of time. So from the company's perspective, when do you actually believe utilization will recover? And in terms of how the recovery would take place, what is your view on that situation? The second question that I would like to ask is about your ESS business. Different from the EV market recently and the developments that are taking there on the ESS side, actually there seems to be a strong demand coming from more solar panels, and also a result of that, there seems to be growth momentum taking place on the ESS side as a whole. So for your ESS performance towards the second half of the year, what would be your outlook there? What is the progress that is being made with regards to LFP ESS? [Foreign language] So this is Jung Jae-Wook from Planning and Management, and maybe I can address your first question about our overall utilization. If we look at the second quarter for the key factories that we have versus the previous quarter, there has been a slight improvement in the overall utilization. However, that having been said, the overall demand recovery from Europe OEMs continues to be slow. For our key customers, they continue to have a very conservative stance towards their inventory policies. As a result of that, if you look at the utilization improvements that have taken place in Poland and Nanjing, it's not been very large. Towards the third quarter, we do think that there will be restocking demand from our key customers, and also there are some new cars that will be launched and are in preparation for such. We do think that there may be a gradual recovery in overall demand. However, for the key sites that we have versus the first half of the year in terms of the utilization, we do think that as a result of that, that will lead to somewhat of a recovery that we will be able to enjoy. We continue to focus on trying to optimize our resource operations and also ensure that for the efficiencies of the input of manpower that we have, that we are as efficient as possible so that we can continue to engage upon various cost reduction efforts. At the same time, for unused lines that we have in our existing sites, we are proactively reviewing the possibility of converting them for other applications or also using them to produce new chemistry products that we have. According to the market situation, we are trying to be more proactive in how we deal and utilize the capacity. [Foreign language] So maybe I can address your second question about the ESS second half outlook and also with regards to the development of LFP ESSs. This is Choi Shin-Geun from the ESS Battery Planning and Management Team. So if we look at the second half in terms of our expectations, we do believe that there will be a significant improvement versus the first half in terms of the top line and also profitability due to the fact that from the third quarter there will be a large-scale grid type project in which we will actually be increasing our supply for. And in addition to that, as of the current state, if you exclude the Chinese players in this year for 2024, we are the only producer that can actually supply LFP ESSs into the market. So if you look at the situation last year, for some of the lines that we had in Nanjing in China, we did convert them for LFP production. And this year, focusing on the North America and Europe areas, we will continue to expand our LFP supply. So we do think that as a result of that going forward, the percentage of revenue that is contributed from LFP products should increase going forward. And also within the ESS market, to ensure that we are prepared for a continuous increase in demand in the LFP side, we will also start producing LFP long cells from the first half of 2025. That will strengthen our overall product competitiveness. And also by having a stable material supply chain in place, we do think that we will continue to strengthen our overall cost competitiveness. [Foreign language] So due to the time constraint, I do believe that we have time for one last question. So please go ahead. [Foreign language] The last question will be presented by Jun-Soo Kwon from KIWOOM Securities. Please go ahead with your questions. [Foreign language] Thank you for the opportunity to ask the last question. I will only ask one question, and it is that from both the U.S. and Europe, if you look at the various tariffs that they are implementing versus China, it seems to be that there are changes taking place there and that they are increasing. So what is the impact on the company from that? [Foreign language] So this is the CSO, and maybe I can address your question. If you look at the recent developments in May of last year in the U.S., on the various China-produced EVs and also battery, the tariff was increased by fourfold. Recently in the European countries also, it does seem to be that there are an increase in tariffs on Chinese-produced EVs. As a result of this overall situation and the competitive environment, we do think that there are on a relative basis is an environment that would be more favorable for our business. From the position of the Chinese companies, in order to avoid the high tariffs that the U.S. is levying, of course, the best solution would be to enter into the U.S. with their own production facilities. However, due to the relationship between the two countries, I do think that this realistically would be a bit challenging. In the European market, Chinese companies are showing signs and increasing their localization of overall production. However, versus the production in China, this means that the overall labor cost will be higher and the overall CapEx also may be higher. So as a result of that, we do think that this creates a situation in which we and the Chinese players would compete on more equal grounds. Right now, in the U.S. and Europe, we already have capacity that is available. We already also have a stable supply chain in place. So based upon this local production capabilities, we are continuously focusing on strengthening our cost competitive solutions. So we do believe that this will enable us to continue to be very competitive within the global markets. [Foreign language] Yes, thank you very much. With this, we would like to wrap up our earnings conference call for 2024. For those of you that participated today, thank you for your presence.