Good morning, everyone, and welcome to Nemak's second quarter 2024 Earnings Webcast. Armando Tamez, Nemak's CEO, Alberto Sada, CFO, and Denise Reyes, Investor Relations Officer, are here this morning to discuss the company's business performance and answer any questions that you may have. As a reminder, today's event is being recorded and will be available on the company's investor relations website. I will now turn the call over to Denise Reyes. Thank you, operator. Good morning, and welcome, everyone. We greatly appreciate your participation. Armando Tamez, our CEO, will lead off today's call by providing an overview of business and financial highlights from the quarter. Alberto Sada, our CFO, will then discuss our financial results in more detail. Afterwards, we will open for a Q&A session, which participants may access via dial-in or webcast. Before we get started, let me remind you that information discussed on today's call may include forward-looking statements regarding the company's future financial performance and prospects, which are subject to risks and uncertainties. Actual results may differ materially, and the company cautions you not to place undue reliance on these forward-looking statements. Nemak undertakes no obligation to publicly update or revise any forward-looking statements, whether because of new information, future events, or otherwise. I will now turn the call over to Armando Tamez. Thank you, Denise. Hello, everyone, and welcome to Nemak's second quarter 2024 Earnings Webcast. This quarter, we improved our EBITDA to $163 million. This result came despite challenging conditions in the automotive industry, with light vehicle production declining in some regions. Overall, our volume decreased 6% and EBITDA improved 6% compared to the same period last year. To continue on our path towards margin recovery, we are focusing on internal efforts to improve our cost structure and commercial negotiations to offset inflationary impacts and address underutilized capacity in the eMobility, Structure, and Chassis Applications segment. The implemented cost reduction program encompasses actions directed towards aligning our fixed cost structure with the volume trends we are seeing, and replicating best practices within our global footprint. Our benchmark tools have reached a new level, with agility and flexibility at the forefront of our plans. To provide more color on the items that comprise this program, we're optimizing discretionary spending, rightsizing headcount to current volume requirements, and further improving our manufacturing costs on the back of cost improvement projects. On the commercial negotiation front, we have made partial progress in the matter of labor inflation recovery, while negotiating in parallel the repricing of certain products that are below the desired profitability targets. We also continue discussing with our customers the underutilized capacity in the eMobility, Structure, and Chassis Applications segments. Overall, we expect to conclude all the mentioned negotiations during the second half of this year, and feel confident that the response from our customers will be positive. Moving on to awarded contracts. Year to date, we have been awarded business for approximately $165 million in both segments. Considering our current capacity in the ICE powertrain field, most of these new contracts will be satisfied with minimum investments, allowing us to maximize our existing asset base. Our order book in the eMobility, Structure, and Chassis Applications segment remains at $1.8 billion, reflecting the slowdown in electrification, which has also decelerated sourcing decisions as OEMs continue to reassess their product offering and strategy. In line with the pullback, we are currently reevaluating peak revenue for the contracts in our order book for the eMobility, Structure, and Chassis Applications segment, which is expected to be lower than was originally anticipated. In parallel, we are reducing the investments associated with these contracts for the purpose of preventing excess capacity. As adoption of electrification has slowed in the short term, the relevance of the internal combustion engine will certainly be extended, and volume requirements will be higher than previously anticipated. For Nemak, this presents an opportunity to capitalize existing assets to produce more volume in the ICE powertrain segment and shift to a cash generation scenario. At the same time, hybrid vehicles are becoming more attractive to end consumers as they combine powertrain and electrification technology, offering the ability to combine and switch at the user's convenience. This trend suits our product portfolio, since hybrid vehicles require ICE powertrain components, as well as eMobility, Structure, and Chassis components. Moving on to innovation topics, I am pleased to announce that Nemak was named a 2024 Automotive News PACE Award winner. PACE Awards are prestigious among the automotive sector and accepted as the industry benchmark for innovation, recognizing suppliers for superior innovation and technological advancements. These awards have a trajectory of 29 years, with major Tier One automotive suppliers participating and submitting innovations that have been embraced by a customer and that have made it into commercial production. The recognized projects are decided by an independent panel of experts. Nemak's award was granted for the Sustainable Material Card for a lightweight, high-pressure die casting product, which enables more accurate simulation of crash test performance and results in design optimization. This innovation was applied to the e-bracket design in conjunction with BMW, resulting in a 30% lighter component, while using recycled materials and renewable energy. Additionally, Nemak received the PACEp ilot Recognition, which spotlights innovations that have not reached commercialization yet. Our recognition was for an aluminum subframe prototype designed for Ford. This structural component was manufactured using novel casting techniques and innovative design concepts, achieving 43% weight reduction. Both recognitions demonstrate our dedication to innovative lightweighting solutions, and underscore our ability to design cutting-edge components alongside our customers. Our innovation efforts are a key element in our strategic agenda, and I would like to share more insight on a particular project we are developing. We are collaborating with one of our customers and leading the design of a hollow structural component, which will be the first of its kind in the industry. Through innovation in the process and the design, we are taking lightweighting to the next level, creating structural components with new hollow geometries that deliver top safety performance. I am confident that these efforts will soon reach the production field, as we continue to lead in innovations in the automotive industry. Regarding our sustainability agenda, we continue advancing our roadmap implementation. During the quarter, we certified another three facilities with Aluminum Stewardship Initiative Performance Standard. With this milestone, we're the first Mexican company to have certified plants in Mexico. The Aluminum Stewardship Initiative Standard certification paves the way for more sustainable efforts, and is the precedent for the next step of chain of custody. Our plan is to certify all facilities further supporting our sustainability targets. This concludes my remarks. Thank you for your attention. I will now hand off the call to Alberto, Nemak's CFO. Thank you, Armando, and good morning, everyone. I will begin with an overview of industry trends, followed by a discussion of our financial results for the second quarter of 2024. During the quarter, we delivered consistent financial results as EBITDA increased 6% year-over-year. This improvement was driven by advances in customer negotiations and the implementation of cost reduction initiatives, offsetting the impact of persistent inflation and lower volume. The latter was largely attributed to the slowdown in the adoption of EVs, as well as changes in customer production schedules. Transitioning to industry trends, during the second quarter, the seasonally adjusted annual rate for light vehicle sales in the U.S. was 15.7 million units, slightly below the same period of last year. This level was sustained by robust economic conditions, as well as a gradual improvement in incentives, offset by temporary disruptions in car dealership management software, which is estimated at 100,000 vehicles in the quarter. The sales are expected to be recovered in the next months. In terms of consumer demand, the market is signaling a growing preference for hybrid and ICE vehicles, slowing down the EV adoption growth rate. During the quarter, light vehicle production in North America showed a 2% increase versus the same period of last year to 4.2 million units. This result reflects the ongoing demand for light vehicles in the region and the continued inventory buildup. In Europe, seasonally adjusted annualized sales increased 3% year-over-year to 16.3 million units, supported by resilient consumer demand. In turn, light vehicle production in the region decreased 3% year-over-year, mainly attributed to a decline in EV adoption, as well as high comparison basis due to more robust production last year, as OEMs made efforts to meet pent-up demand. In China, the seasonally adjusted annual rate for sales remained at a stable level at 25.7 million units, supported by government incentives and fleet renewals. Production in the region grew 9% to 7.3 million units, reflecting an increase in exports. In South America, the automotive market in Brazil recorded a 15% increase in light vehicle sales, nearing pre-pandemic, pre-pandemic levels at 2.3 million units. This growth was supported by positive consumer sentiment as well as incentives. Production in South America decreased 1%, reflecting the impact of floods in Brazil in recent months. Turning to our financial results, during the second quarter, Nemak's volume was 10.3 million equivalent units, a 6% decline year-over-year due to lower EV production and changes in product mix among customers. Revenue was $1.3 billion, down 5% year-over-year, primarily due to volume reduction and product mix. EBITDA was $163 million, representing a 6% increase year-over-year, despite lower top line. This improvement was driven by operational efficiencies and progress in commercial negotiations with certain customers. Consequently, EBITDA per equivalent unit increased to $15.9. In turn, operating income was $57 million, mainly the same factors that benefited EBITDA, which were more than offset by the impairment of obsolete assets for $13 million. Net income totaled $45 million, favored by a positive non-cash benefit related to adjustments in deferred taxes. Compared to the same period of 2023, net income was $25 million higher, as we saw a stable foreign exchange position versus last year. Furthermore, during the quarter, we received incentives associated with investments in one of our regions, which were booked as financial income and the corresponding financial expense. Regarding our balance sheet, by the end of the quarter, Nemak's net debt was $1.75 billion, compared to $1.68 billion at the end of last quarter, representing a 4% sequential increase. This increase was primarily driven by working capital requirements, derived from seasonal effects and pending collection of customer claims. As a result, the net debt to EBITDA ratio was 2.9 x, compared to 2.8 x at the end of March 2024, as we continue to balance debt levels with operational needs. Additionally, the interest coverage ratio was 4.7 x versus 4.6 x in the last quarter. Regarding capital expenditures, Nemak invested $79 million in the second quarter, 40% below the same period of last year. Our CapEx reflects our streamlined investment strategy, which seeks to optimize expenditures and enhance operational efficiency while supporting long-term growth. Nemak remains committed to balancing long-term value creation with cash flow generation. Looking ahead, future investments will be contingent on the rate of electrification adoption. This approach ensures the maximization of existing assets while aligning our growth strategy with market demand. Moving to our regional results, during the second quarter, revenue in North America decreased 8% year-over-year to $668 million, due to lower volume and changes in product mix as a result of the slowdown in EV adoption and changes in customer production patterns. In turn, EBITDA was $71 million, down 4% compared to the same quarter of last year, favored by customer negotiations on inflation and idle capacity, and partly offset by lower volumes, continued labor cost inflation, and additional launching expenses. In Europe, revenue decreased 2% year-over-year to $438 million. In turn, EBITDA in the region was $67 million, a 10% increase versus the same period of last year, favored by an improved product mix, lower energy costs, and commercial negotiations. These factors, together with operating efficiencies, helped to offset inflationary effects in the region. In the rest of the world, revenue showed a 5% increase year-over-year, totaling $156 million. This growth was primarily attributed to higher volume and improved product mix. EBITDA in the region benefited from volume, product mix, and sustained operating efficiencies, resulting in a positive contribution of $24 million, 36% higher compared to the same period of last year. To further support margin recovery, we continue to address ongoing inflationary pressures while working with our customers on commercial negotiations, but we are progressing. We expect a successful conclusion during the second half of the year. Meanwhile, we continue to focus on cost saving initiatives, which include reorganizing and minimizing non-essential expenses. Our efforts to optimize our operations and fixed costs are expected to yield benefits in the upcoming quarters. Looking ahead, generating free cash flow remains a top priority. We're confident that by adhering to disciplined capital allocation and remaining flexible in response to the evolving electrification landscape, we continue to lay the groundwork for future success. Thank you for your attention. I will now turn the call back over to Denise. Thank you, Alberto. We are now ready to move on to the Q&A portion of the event. As a reminder, participants may ask questions directly via dial-in or send questions in writing via web. Operator, please instruct participants calling in on how to place their questions. Thank you. We will now conduct our question-and-answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star, the star keys. Once again, to ask a question, press star one on your telephone keypad. We will pause for a few moments while we poll for questions. Thank you, and our first question comes from Alfonso Salazar with Scotiabank. Please state your question. Yes, thank you, Armando, Alberto, and Denise. I have a number of questions, but I will restrain myself to three only. The first one is if you can provide some color on the market for hybrids. We understand that as EVs slow down, demand for hybrids is going to increase. So if you can give us more color on what to expect in the second half, and maybe more interestingly, in 2025 regarding the hybrids demand. And the second has to do with the imposition of provisional duties in Europe for Chinese EVs. I've seen a lot of mixed comments regarding this, that it's not going to be very useful. Some people think that they are necessary. So just want to see what is your take on these provisional duties, and how they can, you know, help or what are the implications for Nemak in the European region? And the final one has to do with combustion cars being produced in China that are now being sold abroad, especially in three regions, in Russia, in Mexico and Brazil. Probably Russia is not a big issue for you, but Mexico it is, and also in Brazil. We saw that your business in rest of the world volumes were stronger than were strong. And I was expecting to start to see some, you know, pressure because of all these cars that were, years ago, were sold in China, now they are selling abroad. This could lead to some competition and market share loss of some of your clients. So just want to see what you think about that, and any comment that you may have. That's it for me. Thank you, Alfonso, and for your three questions. The market for hybrids, as we are seeing in both regions in which we are participating heavily, the first one is North America and also Europe. We are seeing a big shift from the consumer preference, that the consumers are again thinking that hybrids could be an alternative. And we are seeing, as we speak, significant shift from buyers that were looking to acquire as hybrids. As we have indicated, hybrids for us represent a greater those will have combination of both combustion engine, plus electric motor or components, additional to structural components. We are seeing a rapid change. All our customers are moving in that direction. We're seeing growth in both regions, preference for hybrids. Actually, we are adding additional volume for the so requests from the customer, moving as fast as possible. So for related volume, we are seeing this and think a little bit early we are seeing a higher demand for this type of a vehicle, both in North in North America and as well as in China. And now also we are seeing that volume- Excuse me, sir. I'm sorry, this is the operator. Your sound is cutting off quite a bit. Could you try to get closer to the microphone? Yeah. Thank you. Yeah, as I indicated, we are seeing and experiencing a higher demand for hybrid products, and in both the combustion internal combustion engine, plus also some components, for instance, like battery trays for hybrids also are increasing in demand. Related to duties in for EVs in both Europe and in North America, recently was announced that the government in place impose a heavy tariff on electric vehicles coming from China. They went 100% on vehicles, and a significant also tax increase on batteries coming from China. There is also in Europe, a mandate increase duties on Chinese products, that it vary depending on the OEM, 18%-35% duties on. We are seeing that that is related to try to protect the European as well as the North American sector. Related to increase of vehicles coming from China, as you're indicating, in Russia, we have seen already significant increase in the Chinese participation. They went from 3% to almost 40%. That was related to the reason that most of the Western OEMs abandoned Russia. The other market that we are seeing also increase in Chinese vehicles is Mexico, where they are coming out in any event, something that I feel confident that we review later on, especially coming from Asia as well. Thank you. We will switch to the next question. Our next question comes from Alejandro Azar with GBM. Please state your question. Hi, Alberto, Armando, good morning. Just two quick ones. The first one is on your income statement. There are some interest expenses. I thought they were a bit high, closer to $43 million during the quarter, when usually you guys have around $80 million-$90 million a year. And the other one is, there's a $20 million other financing income. I was wondering if you could explain those $20 million, where do they come from? And my other question is on free cash flow. And I think, Alberto, you already mentioned this on your remarks, but I just wanted to ask again. So there are, like, $200 million impact on working capital. Are you still targeting to have stable working capital or working capital gains during the year? Sure, Alex, thanks for your questions. Related to your first question on the items that we booked through financial expenses and income, as I briefly highlighted on the remarks, those are associated with certain incentives that we got in one of our operations, where we got incentives on investments that were. Yeah, they were categorized as financial income. So that shows that jump in financial income, that shows on the financing cost or financing result. And then there is a corresponding expense associated with commissions and a few other things around those incentives scheme that we closed in this quarter. So that's the reason why you see a spike in interest expense. A little bit has to do with higher interest expense due to a little bit more debt and the movement in the reference rate. But the other one has to do with costs associated with these incentives that were booked on the income side as financial income or interest income and expense side, spend side as interest expense. And then related to your second question around free cash flow, yes, we have seasonal effects on working capital that impact first and second quarter of the year, which we'll be gradually seeing come back in the third and fourth quarter. We are totally confident about getting back to the levels that we would normally have as of the end of the year. I think it's important also to mention that this quarter, we have certain commercial claims that we booked in the quarter that will be collected in the next few days. So those were caught at the end of the quarter, and therefore, that represented a little bit higher working capital than otherwise. But we're confident that we'll be recovering most of that working capital during the third or fourth quarter. And one more, if I may, related to the second one, Alberto. So- The claims that you mentioned that had an impact or a benefit on the income statement, we did not see that as a cash entry during the quarter. Is that correct? Yes. Yes, correct, because those had certain payment terms, and we had to wait because some of those negotiations concluded at the end of the quarter. Okay, excellent. Thank you. Thank you very much, Alberto. You're welcome, Alex. Thank you. And there are no further questions over the phone at this time. And I'd like to turn the conference back over to Ms. Reyes to address the questions placed via web. Thank you. Thank you, operator. We will now move on to the questions from the web. The first question comes from Jonathan Koutras from J.P. Morgan, and it reads: How much did the commercial negotiations add to EBITDA in the quarter? And what is the idleness rate in both segments currently, EVSE and chassis? Thanks for the question, Jonathan. Due to the nature of the negotiations with our customers, we're not disclosing the amount of those commercial negotiations and benefits. Certainly, we closed a number of those outstanding discussions, and that had a benefit on the quarter. Some of those had to do with retroactive payments from all the way from the first quarter, and other ones had to do with payments associated with idle capacity, particularly on the EV side. So yes, it is included, but unfortunately, we cannot give any detailed information about that due to the confidentiality nature of some of those negotiations. Related to the idleness on EV and SE segment, I would say that currently, I mean, is evolving and it's changing every quarter. At this point, we should be at a level of around 60%, and that difference between what we're using and what we have invested is part of the negotiations and discussions with our customers. Thank you, Alberto. We will now move on with the second question from Jonathan Koutras, also from J.P. Morgan. What is the peak revenue now estimated from the $1.8 billion order book? Is it around $1.5 billion? Thank you. Yeah. Yeah, thank you. Thank you, Jonathan. I think it's a little bit too early to tell. As I indicated in my speech, our customers are evaluating the preference of electric vehicles. At this point in time, we have $1.8 billion. We know that the electric vehicles are not growing as our customers were anticipating a few years ago, and they are reviewing internally their strategy and also the potential sales. I think we will be announcing what will be, for instance, the impact for Nemak in that regard. As I have indicated, also, we are seeing compensation of more internal combustion engines as well as hybrid vehicles, which I think also will have a beneficial effect on Nemak. Thank you, Armando. We have another question from Emiliano Rangel from Compass Group: What is the situation of recovery in USA? Well, not sure exactly what is intended on that question. From an industry point of view, I think the U.S. market is performing quite sound, as I highlighted on my remarks. That is benefited by an overall sound economic condition. It was. Actually, it was, as I also indicated, it was partly affected on the vehicle sales side because of the interruption at the dealerships because of this situation with the software company that was compromised by a cyberattack. So that had an effect, which on SAR basis, was around 0.5 million or 0.4 million vehicles. So that SAR rate should have been at a level close to 16. We believe that's going quite well, and certainly the expectation for the full year is to remain at those levels. I hope that answered the question. Thank you, Alberto. Next question comes from Cesar Martinez: Having in mind the current debt situation, have the board considered raising capital by issuing stock in the midterm? Yeah, thanks for the question, Cesar. At this point, no, we're not considering raising any capital in the short term or midterm. Basically, the deleveraging that we're expecting in the full year will come from our cash generation, coming from the operation as well as certain commercial claims that we have with our customers. So that is the main source of deleveraging through cash generation and the commercial initiatives that we have. Thank you, Alberto. We have a question from Bert Whitson from American Century Investments: What is the difference in Nemak's average content per vehicle for battery electric, hybrids, and ICEs? Yeah. Yeah, thank you, Bert. On average, the ICE content on a vehicle is approximately $600 per vehicle. On the hybrids, it's about $800 because, as I indicated, it has internal combustion components, such as cylinder heads, engine blocks, transmission housing, and also some battery housings or electric motors. And on the pure electrics, the range fluctuates between $1,400-$1,500 per vehicle. I think it's important to mention that, yes, we will have more content from Nemak side on pure electric. But having said that, we will need more CapEx to support the electric vehicles. One of the benefits that we are seeing as we speak is that we are seeing that all our customers are increasing the demand for the internal combustion as well as hybrids. I think it's very important to mention that that will need almost no additional CapEx, from our side, so that will generate more cash flow for the company. Thank you, Armando. Now we have a question from Consuelo Salazar, from Lumo Asesores Financieros: Could you briefly repeat your answer regarding the perspective on Chinese EVs in Europe and USA? Yes. Yeah, sorry, we have a problem with the connection. The new tariffs that were informed by the European Commission range between 18%-35% for Chinese OEMs. Depending on the OEM, they have different tariff on them. For the U.S., for Chinese vehicles, the government imposed a new tariff of 100% tariff. And in Mexico, it is our knowledge that there is no taxes. I think it's important also to mention that Mexico represents only about 1 million units, 1.2 million total units, out of 16 million that are sold in North America. Thank you, Armando. We have a question now from Agustín Bonasora, from PineBridge: Can you comment what is the amount of available credit lines? Yeah, thanks for the question, Agustín. As we have shared on previous calls, we have right now about $400 million worth of committed credit lines that are fully available, that have not been used. And we have, on top of that, non-committed facilities from different financial institutions, the typical trade lines in the amount of close to $350 million. So altogether, we have more than enough credit lines available to fund our needs. Thank you, Alberto. The next question is from Pascal De Filippo from Nuveen. Considering the outlook around EV sales, do you anticipate any changes related to CapEx guidance for the full year? Thank you, Pascal. No, we are expecting to end the year between a range of $380 million-$395 million, as we stated in our guideline at the beginning of the year. Thank you, Armando. Now, a question from Javier Dosal, from AM Advisors. Based on what was mentioned, there was a benefit in the quarter due to underutilized capacity. If this continues into next year, is there an agreed amount in place? If so, is it linked to the percentage of underutilization? Yeah, thanks for the question, Javier. Yes, as highlighted, we have ongoing commercial discussions with our customers to address both, on one side, the inflation situation that we're experiencing on certain cost elements, as well as the capacity utilization or percentage of take rates versus what was originally agreed. So those discussions and negotiations with the customers address both factors. So however, to the point that we see less amount of volume of any particular platforms, we'll be open again to have further discussions with our customers. But for now, I think what we have agreed with certain customers, not all of them, 'cause part of that will be negotiated or will be closed in the second half, addresses the current view on volumes. Thank you, Alberto. We now have a follow-up question on the line, so I will move it back with the operator. Thank you, and our follow-up question comes from Alejandro Azar with GBM. Please state your question. Hey, hi again, Alberto, Armando. I just wanted to pick your brains on a piece of news that was recently on Saudi Aramco buying a 10% stake in HORSE Powertrain. HORSE Powertrain, it's a powertrain company. I think they build around 3 million engines, so the valuation was close to EUR 7 billion. My question was that first, HORSE's shareholders are Renault, Geely, which are your clients. Just wondering if you have a relationship with that company, and what are your views on the value of the powertrain now that, you know, we are seeing at-- we're thinking that it's gonna live a longer life? Yes. Thank you, Alex. No, we are not familiar with this company. It's for us first news. What I can tell you is the following: If, for instance, if we take a look at what the CEOs of major OEMs are declaring, is the fact that they are seeing right now a shift in preference from the consumer. And certainly, we are seeing, as we speak, significantly higher demand for the internal combustion engine components, as well as hybrids. We are not seeing, for instance, a significant growth on the electric side this year compared to previous year, and certainly the growth, we are not expecting a significant growth. So basically, most of the OEMs are making statements indicating that they are adapting their strategies to offer customers with more internal combustion engines. As I indicated, previously, we are seeing high preference for customers going to bigger engines, V8s. Last year was the best year ever, for Nemak in terms of sales of larger component cylinder heads and engine blocks, and also transmission housing for big engine displacements. And we are seeing that customers are also moving as fast as they can by offering more of the hybrid vehicles. So definitely, Alex, I think this is positive news for Nemak, because we are seeing that the demand for, which is our core business, basically represents about 88% of our assets and revenues, is for internal combustion engine as well as hybrids. So we are seeing this positive. That will help us to generate more the free cash flow over the next years, so that we can go back to previous leverage ratios of 2x or less than 2x. Thank you, Armando. And one more, if I may, the way my brain thinks is, if you have a sudden shift in what companies are doing, let's say, putting a lot of money on electrification and forgetting about the powertrain business, wouldn't that cause the powertrain assets to or the utilization to tighten now that everyone is moving back to those, to that technology? What are you seeing on that front in terms of industry, in terms of Nemak? And if you think that in the short term, you can get on the negotiations that you are doing on powertrain, you can get more, a more- This price, let's say it like that, because the industry is tight, and nobody new wants to invest in that asset, and you have a leading position on that technology. Yeah. Thanks, Alex. Good question. Certainly, we have, as I indicated, in some with some customers, legacy prices, that doesn't reflect our current cost structure. And we are using this as a leverage to negotiate better prices. And currently, we are making progress in that regard, and we will continue. We will continue pricing our products accordingly to the new market reality, and definitely we will use this as a leverage to open more capacity for certain customers. Okay, thank you. Thank you again, Armando. Thank you. Our next question comes from Alfonso Salazar with Scotiabank. Please state your question. Alfonso Salazar, your line is open. Please go ahead. Please unmute yourself. Sorry, I was on mute. This is more than a question, it's more, probably a suggestion. But, given the big changes that we have seen in the, you know, and the delays on the, the adoption curve, maybe it would be interesting to see if Nemak can provide some long-term guidance, review. I remember that, you know, a few years ago, you provided a very useful long-term guidance on what to expect, and, I don't know if you have some comments on, on what, what could it look like, or, maybe by the end of the year, you can provide a new update on your long-term, outlook. Yeah. Thank you, Alfonso. Actually, we are reviewing, let's say, our business plan for the next five years. We're trying to get, let's say, clarification from customers related to demand on ICE hybrids as well as electric vehicles, so that we can build a robust five-year business plan. Once we have that, Alfonso, yes, we will be able to share a guideline of where do we expect Nemak to be in the next five years. That will be fantastic. Thank you. Thank you. There are no further questions over the phone at this time, and I'd like to turn the conference back over to Ms. Reyes to address the questions placed via web. Thank you, operator. We have received another question on the web. It's from Alan Miranda, from REDD Intelligence. Does Nemak supply any of the Chinese brands that have grown in emerging markets in recent years, like BYD, MG, JAC, et cetera, and how much of your sales come from them? Yeah. As we have indicated, yes, we are selling directly to Chinese OEMs, as well as companies that have a JV with the Chinese. As it was presented by Alberto, our growth, especially in the rest of the world, was significantly, and thanks to higher penetration of our Chinese plants that are performing significantly better than before, as well as filling the open capacity that we have. Yes, we are already having many Chinese customers in our portfolio, and we are in conversations with all the major players for potential opportunities, not only in China, but also in other regions. Thank you, Armando. There are no further questions at this time, and with that, we conclude today's event. I would just like to take this opportunity to thank everyone for participating. Please feel free to contact us if you have any follow-up questions or comments, and have a good day. Ladies and gentlemen, this does conclude today's earnings webcast. Thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.