Ladies and gentlemen, thank you for standing by. I'm Constantinos, your core call operator. Welcome, and thank you for joining the Ford Otosan A.Ş. conference call and live webcast to present and discuss the 2023 full year financial results. At this time, I would like to turn the conference over to Ms. Gül Ertuğ, Chief Financial Officer, Bahar Efeoğlu Ağar, Head of Investor Relations. Ms. Ertuğ, you may now proceed. Thank you very much. Dear investor community, greetings to all of you. I would like to welcome you all to our 2023 full year earnings presentation. I hope you are able to hear me all right. Let's move to the next page, please, Duygu. I would like to give a heads-up regarding our presentation. First, maybe on the disclaimer, a few seconds I want to pass on that one. This year, due to the communique, the directive we have received from the Capital Markets Board, we are supposed to make our declarations in line with the standards of IAS 29, inflationary accounting provisions. In fact, that is the reason why we are holding this meeting on the sixth of March. Normally, you would expect the results to be announced much earlier, but this year we are taking on this action. Maybe some of us in the room would be old enough to remember the old days, but in this period, in fact, with our young team, it has been an interesting experience for all of us to make this in this professional manner. We have concluded it. Today, we will be sharing the results with you in line with these rules. I know that, for some of you, this might have been a little bit maybe difficult to follow because you have the willingness to compare them against the earlier years, but we are proceeding with this in line with the regulatory rules. To the extent possible within our presentation, the analyst presentation, for the non-inflationary accounting portion, we have provided you with some data. Let's proceed to the flow of the day, what we are intending to do within our investor call. I will start with the highlights of the year 2023, just touch on some physicals and like we will be going into our performance. I will leave the word to Bahar for the flow, and she will give some updates since we last met. We will be proceeding to the financial results and our guidance. Afterwards, we will open up the floor for your questions. We will have a question and answer session. I'll say let's give it a start. We are happy to announce that we have completed quite a successful year in terms of our performance, beating our budget targets. If we touch on the highlights, what we achieved this year, we have kept number-one position in commercial vehicles in the domestic market with a market share of overall 27%. For the overall industry ranking, we are in number-three position. You know, our LCV, light commercial vehicle segment turned out to be 23%, medium commercial vehicles, 32.5%, and for Ford Trucks, 29.7%. Performance in the domestic market was quite robust. We see a 38% rise in volumes in terms of the units and a 54% increase in our domestic revenues. It was quite a successful year and results achieved in the domestic markets. Also, with the full integration of our Craiova plants added onto our export performance, we have a good result. Volumes up by 26% and our overall export revenues were up by 20%. Over here, most of you, I believe, have had the chance to follow us in last year when we made our quarterly updates. Especially for the Q4 of last year, we were supposed to be launching several of our key products, Custom 1-ton vehicles and Courier. For the successful and quality launch, in fact, I had informed several of you in the declaration that we were paying a significant importance on the successful rollout in terms of quality and market acceptance. That's why in Q4, the launch of these vehicles, we have seen a deferral. That is the reason why even if we have an increase in the overall volumes, the export revenues over here coming from Craiova Plant didn't support as much. Plus, we have had a one-time tax-related issue coming from the earlier pre-acquisition level of the Craiova Plant. That is reflected in our financial results. For the overall capacity utilization across all of our plants, we see successful results. Gölcük, achieving 88%, Yeniköy 93%, Eskişehir 98%, and Craiova Plant 75%. Thanks to our performance and like both the cost performance and also the effect of the very good pricing and cost control, OpEx control in the market, we have achieved a successful EBITDA level, on average EUR 2,183. For the PBT per unit, we achieved EUR 2,388. While we were doing all of these things in quite a heavy CapEx periods, launching our vehicles and the capacity increases, we were also able to distribute our dividends. The dividend payment occurred in two installments in a total value of TRY 15.4 billion in nominal terms. This highlights quite a successful result for the year. For some further details, now I will leave the floor to Bahar, so that she can delve into a little bit more details on the issue. Bahar, will you take over, please? Thank you so much, Gül Ertuğ. Hello, everyone. Thank you all for joining us today. Now let me continue with our significant contribution to both Turkish and Romanian automotive industry and also for the Europe in this period. In 2023, as you can also see from this slide, Ford Otosan produces 40% of total auto production in Turkey, whereas 37% in Romania, which makes us number one producer in Turkey and number two in Romania. On the other hand, we continue to support Ford's performance in the European markets with our flagship products, and also proud to share that currently Ford Otosan produces 70% of Ford's commercial vehicle sales and 1/3 of passenger car sales in Europe. We believe that our contribution to Ford will rise in the upcoming period with our renewed product portfolio, which Gül Ertuğ mentioned earlier. Also it will have zero emission options in the market in the upcoming period as well. Let me proceed with the domestic market performance. This year, domestic market reached historical high levels and tested almost 1.3 million units with an increase of 56%. When we look at the performance in each segment, there was significant year-on-year growth in the passenger cars and also medium commercial vehicle segments, with increases of 63% and 50% respectively. As a result, the share of passenger car sales in total increased by four points and reaching around 76% level in this period. Actually, the main reasons behind the strong year-on-year growth can be explained as, the high demand for the vehicles in the inflationary environment since they are seen as an, investment instrument. Additionally, remarkable improvement in the vehicle availability with the easing supply chain and, logistic constraints. We can say that also supports this performance. Let's see how Ford Otosan performed in the strong market environment. This year we were partially benefiting from the robust domestic demand, because we mainly prioritize domestic market in allocation with the support of Ford Motor Company, and we were focusing on, meeting high customer demand. However, we experienced limited positive impact on our sales, mainly due to the end of Courier production in July and delays in the launch of new generation Courier and Custom models. Actually, in order to achieve best quality and efficiency metrics in the launch period. As a result, our domestic sales increased by 32% in total, and we maintained third position by attaining 8.9% market share, which is a bit below the previous year figures. On the passenger car segment, although we are a relatively small player, our sales almost tripled thanks to the better availability in our models. On the other hand, we sustained our leadership in commercial vehicles with around 27% market share, despite facing with supply chain related challenges, especially in the beginning of the year, and also deferrals in the launch timings, as we mentioned earlier. We were able to keep number two position in both light CV and heavy truck segments, whereas maintaining undisputed leadership in medium commercial vehicles with around 23% market share. I would also like to highlight that we continue to focus on our pricing discipline as part of our profitable-to-grow market share strategy in passenger segment and profitable growth strategy in commercial vehicles. Let me also give some update on our main export markets. According to the full year figures by ACEA, European van market rose by 16%, which is our largest export market. Improved availability, low base year impact, and acceleration in fleet renewals can be accepted as expected in this performance. Considering the increasing average age of vehicles in Europe, which is actually 14 years in commercial vehicles and 12 years in passenger cars, it's expected to create higher replacement demand in the near future. In this environment, Ford was able to preserve its number one position in the commercial vehicle market with the support of our best-selling products. We continue to play critical role in their performance, as 70% of Ford CV sales are produced by Ford Otosan. Best market performance, we saw similar trends. It is 15% year-on-year growth. In this segment, we contributed to Ford's performance with our best-selling Puma model by producing 1/3 of Ford's PC sales in Europe. With the gradual launch of our TV and PC models with ICE and BEV options in the upcoming period, we expect to further strengthen our contribution to Ford, especially in the European and UK region. Let's move to Ford Trucks performance. As a recent development in the last quarter, we increased our truck production capacity to around 23,000 levels in order to meet the rising demand of the markets we operate in. Now we can look at the sales performance in the international market. In 2023, our sales reached to around 7,400 units, actually, which was slightly lower than 2023 figures and below the market performance. In fact, the main reason behind this performance was the volume allocation to domestic markets, rather than exports, in order to actually meet the urgent logistic needs of impacted cities from the earthquake, which we experienced in February, and reconstruction of the regions, the impacted regions. As a result, the share of exports in our total truck sales decreased from 58% to 48% levels in this period. However, in total, Ford Trucks achieved all-time high production and sales units of more than 19,000 units. It's a very important indicator for us to follow the actually rising performance, rising success of Ford Trucks business. On the other hand, our international expansion plans are also on track, and we are targeting to be in 50 countries by 2024. Currently, we are in around 49 countries. Let me also give some update on the ongoing plant and product-related investments. In November, with a vision to lead the sustainable and technological transformation of the automotive industry, we integrated our Yeniköy plant, which we call it the plant of the future, and we expanded our capacity in that plant to 245K units. Therefore, as part of our investments for Turkey, announced in 2021, we redesigned our plant with cutting-edge solutions, smart factory practices and sustainability. Besides, this is also a very critical point to actually evaluate the performance of the new plant. We have flexible production capability in Yeniköy plant, which gives us opportunity to produce all ICE, BEV, and plug-in hybrid models on the same platform. Our Yeniköy plant started to manufacture all-new Ford Custom, which we have Transit and Tourneo options on it in the fourth quarter. With that fresh model, we were able to won the International Van of the Year award with our flagship product. Also, the plug-in hybrids and all-electric versions of Custom will be available in the markets this year in 2024, which we expect to support our electrification journey. In addition to that, as part of the Ford Volkswagen strategic alliance, Ford Otosan will also manufacture Volkswagen's next-generation 1-ton commercial vehicle in the upcoming period. With the completion of investments, we expect to expand plant's capacity more than 400K levels by 2025. Now I stop here, and Gül Ertuğ will continue with our financial performance and guidance for 2024. We will be happy to answer your questions. Thank you so much. Thank you very much, Bahar. Let's start with our financial highlights on the revenues. After the inflation accounting adjustments, all of these numbers are reflected. We have been able to achieve almost TRY 412 billion, and the export portion of it is almost TRY 302 billion, and domestic revenue is TRY 110 billion. Over here, we see the overall revenue is up by 28%, export revenue is 20%, and I had explained the explanation at the start of my speech. Domestic revenue is 54%. Out of that, on the EBITDA, since we are seeing that the application of the inflationary accounting on our basis, due to the total assets valuation, we are seeing a monetary gain. Out of this, in fact, it is supporting our EBITDA levels. On the appendix page, you can compare the results, but we see over here a result equaling TRY 50.7 billion, 46% up versus a revalued level for 2022. Excluding the other items, it would be TRY 43.3 billion. Operating profit strong, TRY 44 billion. The net other income increased 197% year-over-year due to the net FX gain from operating activities. Profit before tax, we see TRY 47.4 billion, 86% up. Mainly supported by the monetary gain due to the high monetary liability position and the net income levels. Here we see the effect of the impact of the deferred tax asset on the net income, partially offset by the additional tax-related action due to the earthquake of last year, reaching TRY 49 billion. If you take a look at the margins, this year you are seeing that in fact we are keeping our performance on the low double digits margins still achieved. Thanks to our strong performance, the enhanced vehicles we produce and give to the markets. Strong domestic volume, pricing discipline, the ongoing cost reduction measures and OpEx control. The impact of the exchange on our export business, these all helped us. Last year, I should say, it was a strong year with regards to, like, even though we have suffered from the earthquake issue, as Bahar explained, overall it was quite strong. Going forward, maybe I will touch more on the guidance page. A word of caution will be important here, because in 2024, the availability of the vehicles in market and possible tightening, we expect the pricing ability on the domestic units to be slightly less. You should be expecting some type of a normalization. As you see our investments going on and the volumes, new products coming up, the export volume will be going up. As we introduce more of our battery electric vehicles, they will be coming into the picture with increased volumes through Puma as the passenger vehicle. It will be, I think, mindful to expect some level of normalization on the margins, but it is very healthy thanks to the strong performance. If we continue with the following page, in fact, this year we had some significant cost headwinds. You are all aware of the inflation, CPI, actions. There has been also EUR/TRY. If you look at that, there has been the depreciation of Turkish lira at 48%. However, its pace was less than the CPI, maybe a little bit larger than the PPI. Over there, in fact, we are seeing important cost pressures. I believe this is all of the exporters are subject to that. With the innovative approach, heavy cost reduction work, and also the engineering support on the quality, we have been able to manage our work in this area. Due to our business model with the export operations, even though we had these headwinds, it didn't hurt us badly. Of course, we are mindful that it is very important going forward because it is, at the end of the day, it is affecting overall competitiveness. That's why, going forward, we are placing more and more attention and focus on this area. Let's continue. I will not go into details of the by model increase, but we can follow on with the balance sheet and cash flow statement. Over here, you see that we have a strong balance sheet, overall assets going up by 24%. The cash flow, especially out of the operating activities, it is very strong, 48% up versus last year. We are going through a significant investment period. That's why you are seeing the impact over there. Also we are having some important financing activities. We are having some long-term loans coming into the picture, that you are seeing the results of them. On the following page, you are seeing the overall result of our financial ratios. I can say that, in fact, on all of them with respect to last year, we are performing much better. The net debt over EBITDA values, we are keen on in this heavy investment period. We are at 1.19 level, and our return on equity is 67.2%. If we check through the margins, like I tried to explain, in fact, we are doing quite well on all of them versus last year. There's significant improvement, but let's also keep in mind that there will be some level of normalization around there. On the next page, what do we have? Here comes our guidance. 2023, in terms of the local market, it was an extraordinary year. At the start of the year when we were doing our budgets, we weren't expecting to have an industry of 1.3 million units, but we achieved that. Since that became a reality, in fact, most of the pent-up demand has been, we believe it has been fulfilled in 2023. That's why with the effect of that high base, we are expecting to see some level of contraction in 2024. You might argue the first two months of the year came in quite strong. However, we believe that is mostly due to this handicapped certificate that which has supported the volumes over there. We all know that we will be having a local election this year on the thirty-first of March. Afterwards, we are expecting some level of normalization versus last year. As for our export operations, in fact, in our export markets, we are expecting to see a somewhat similar level of industry, maybe a little bit higher in some of the markets. Now, since we are in the catch-up mode, we have reached our ramp-up level for the newly introduced vehicles. Due to that reason, even if the overall market in Turkey and Europe in net, it should show, maybe, a reduction. We are not reflecting that into our sales and production volumes, thanks to the product launches. Our overall wholesale volume across the board. We are expecting it to be in between 660,000-720,000. There will certainly be the launches that Bahar has mentioned. They will be continuing within this year. We will be having BEV versions of our vehicles coming in. However, again, likewise, keeping a careful eye on the quality and market readiness of the vehicles to be fully intact. Because not just us, but also Ford Motor Company places a lot of importance on quality launch. That is also, in fact, reflecting itself in the reduction of our warranty costs, which also, in turn supports our EBITDA margins. That's why we might have some deferral action in those, or the intended volume might not be fully realized. That's why we have placed a somewhat conservative approach over there. In this period, we will be continuing the long-term investment plan that we had shared with all of you earlier in announcements. Out of that CapEx investment, the fixed investment, covering both Craiova, Turkish products and general investments, we are targeting to have an investment of EUR 900 million-EUR 1 billion of investments. I think that concludes my section, and we can open it up for your questions. The first question comes from the line of Hanzade Kılıçkıran with J.P. Morgan. Please go ahead. Gül and Bahar, thank you very much for the presentation and congratulations on the successful results. Actually, you explained some part of my question during your presentation, but I am trying to understand it a little bit better. I understand that you are looking for some normalization in your profitability in 2024, because of increasing share of exports. Is it possible to provide a soft guidance, what level of normalization we should be forecasting in our model? I mean, is it going to be a normalization to like 8%-8.5% EBITDA margin or a bit better? As you already progress on the EV side, I think EV is also going to dilute your margins, going forward. Is there a target of sustainable EBITDA margin in your business model? I'm sure there is, but is it possible to share it with us? You highlighted that you are looking for mostly flat demand environment in Europe, right? I'm not really sure. I wonder, how do you see the demand environment in Europe across markets, particularly in the UK market? I'm trying to understand whether this 14%+ export volume growth is largely because of the new generation model launches or some sort of better demand in Europe is also feeding this guidance. Thank you very much, Hanzade again. Let me take your questions in order. I will try to be as clear as I can be. Maybe in terms of full numbers, full figures, I might not be able to give the numbers, but I will try to be as clear as possible. In fact, when I said there will be some level of normalization, I was also like, maybe at the start, I was thinking of the Turkey market, firstly. In this year, in fact, we are seeing that the availability of the vehicles in the market, it is higher. Like most of the brands, they have the availability over there. Due to the current, you know, with the involvement of Mehmet Şimşek and his team, there are certain macroeconomic actions taken in order to take the inflation under control. There has been some interest related updates. We have on Turkish lira reached 45% levels, and like this is in an effort to combat inflation. Due to that and due to the availability of the vehicles in Turkey, there is a possibility that some of the demand, which was originally taken as like a way of preserving value was buying a vehicle. That might now go into several other investment options, even though maybe in real terms still there is a room for such asset ownership. I think we think it is still there, but there will be some other options. Since there is greater availability in the market, the pricing ability versus 2023 might be a little bit tighter. This kind of explains the domestic view. For the export view, you are right, since within our business model, the export markets with Ford Motor Company, we have certain particular supply contracts for each vehicle line we produce and we export to Ford. Over there, on the exports, it is, since the risks and rewards mechanism is different, we are the entrepreneurial entity in Turkey, but we are not the entrepreneur in the other markets. That's why you can take that the margins on the exports are less. With respect to commercial vehicle versus passenger vehicle, commercial vehicles are more profitable. As the battery electric units comes up, not necessarily the nature of the business and the nature of our agreements are not necessarily different. At the start of these vehicles, if you look into their cost structure, the bill of material and the overall makeup of the transfer price, the battery units are a little bit more expensive. That's why when you compare the overall remaining margin to the overall transfer price, their margins turn out to be smaller. As they tend to increase in numbers, from a like mathematical perspective, the weighted average of all that combined action will be coming to a little bit of a lower level. This was what I was trying to say, but Bahar can help me out here. As far as I recall, we do not give out the breakdown of these units. We are providing the overall result as an average. That's why I'm not entitled to say more than this. I hope with overall inference, this is going to be helpful for you in your model so that you can put it clearly. Like you were asking about in your question, I think how the European markets are going to act. In fact, based on our data sources and our interaction with Ford Motor Company, we are seeing somewhat of a level market. At the earlier times, there were like talks around could there be a recession, could the demand come down. We are not seeing the signals of that. Still, like market by market, you know that our production, our units are sold in a large variety of markets. Within Europe, maybe there can be mixed bag, mixed stories. In U.K., it might be stronger, and in Germany it might turn out to be a little bit lower. Overall, as an overall average, we are expecting to be to have a level market, maybe a slight positive end. Because of the pent-up demand over there, we projected the overall numbers in a little bit conservative sides while we were converting them into our own wholesale numbers. Since now the launches are in place, we believe, thanks to our newly introduced vehicles, we will be capturing the market intact. Can you remind me your last question? I think I missed that. Apologies. The line has been dropped for the questioner. Oh, actually, she just joined the Q&A session. I'll just pass the floor to Ms. Hanzade Kılıçkıran. Please go ahead. Thank you. Sorry, Hanzade. Uh, did- I forgot the last one. No, you answered my questions, but I unfortunately was cut off in the first part, so I missed the comments around the margin. That's fine, I can ask later. I don't want you to repeat that part. The export question has been answered. Okay. Okay. Thank you very much. Thank you. Thanks. Thanks for your interest and consideration. Thank you. The next question comes from the line of Cemal Demirtaş with Ata Invest. Please go ahead. Thank you very much for the presentation and congratulations for good results. My first question is about, you know, the sales in domestic market so far. In first two months we had growth, you know, significant growth in extraordinary two months. Mm-hmm. Do you receive any signals? You are cautious and most of the sector participants are cautious. When do you think we are going to get more signal about possible slowdown? Or should you already see some initial signal? That's my first question. The second one is, you know, the inflation accounting side. Again, I repeat for many companies and, you know, you, most of the companies didn't give anything. You had limited disclosure, like many. Mm-hmm You know, the Koç Group companies and only one company gives much more details about the inflation accounts related to their balance sheet and income statement. There's only one. I wish it has been more disclosure. I talked to many companies before, but as you mentioned at the beginning, regulators only mentioned one thing. Mm-hmm. I would expect for like global companies to be, you know, more than the regulation requires. I just want to. I was disappointed for all. It's not specific to Ford. Mm-hmm. I would like to reiterate that again. I will go to my question. In order to make forecasts, at least, you know, for the following quarters, we are going to be dealing with inflation accounting for the following two, three years at least because of the inflation, even if we see. It's very important and we have a comparison to some extent for 2023. Could you further elaborate from your perspective as you give the numbers, we see that you are positively impacted. I can see that. About the mechanism especially you have, monetary provisions, monetary gains, what are the drivers behind that? Going forward when we make calculation because from now on we are going to be make bold calculations to put into our model, you know, the models. The nominal and the interest, the inflation accounting IAS. Could you give us more hints about this side, you know, how really you were affected and what was the driver behind that positive impact on your financials? Thank you. Thank you very much. Let me start with your query regarding the domestic markets. In fact, I tried to explain it, but let me try to give a little bit further detail. The first two months turned out to be strong in the Turkey market, but I'm sure you're also aware of the situation. Everybody is really careful on how the overall economists view the macroeconomic changes will adjust. Since we are coming from a 1.3 million industry in the earlier rounds, I believe there is somewhat of a consensus in the expectation for the industry for this year. I believe maybe our initial going-in position can be a little bit conservative, but we since for especially after the election time period, even though there are certain guidelines that we are all collectively working towards, there could be some changes in the demand structure. We wanted to go back with a little bit of a conservative view. Having said this, I think I should also make the highlight that since the vehicle launches and the ramp-ups regarding them, the overall production in the quality manner that has come to a place which in fact the units that we had lost in the Q4 of last year now we have the potential to recover, and now the overall levers are in our hands. If there is a possibility to see some larger demands, I think we are well equipped to react to that. Overall, we are more mindful, and we are seeing this more prudent to act in this manner. That's why this is the guidance we have provided. Like I said, I believe there is pretty much consensus on the industry expectation. Regarding your disappointment for the inflation accounting, I understand where you're coming from, but maybe this explanation I have to make. Overall, whatever we explain, whatever we disclose to the public, it has to be independently audited. Now with this communiqué, with this legislative change, let's say, we have adjusted our valuation towards the IAS 29 principles, and our independent auditors audited these results. Like, whatever they audited, we are to disclose this value. If we disclose something unaudited, that would be against the rules. We cannot act in that manner. I cannot speak on behalf of the other companies. Maybe some other multinationals, I don't know, maybe they had the chance to have independent audit in place. Since this was not the case for our particular issuance, this is what we had to go with. In fact, in this interim, in order to give some support to you, we tried to provide some additional information. If the inflation accounting was not in place, what would the numbers be? That is on the appendix page 24 of our investor presentation. I'm really hoping that this is going to help you in your analysis. Not just for this audio call or investor call, but for the later on periods, we will not be entitled to share more than this since our audited numbers are with the inflation accounting. I hope going forward as we keep on issuing our results in the quarterly calls and as data builds up, I hope this is not going to adversely affect your calculations too much. I understand the frustration, but I think we did our utmost potential for this disclosure. I understand that you are willing to understand a little bit more details how this turned out that we have monetary gains. For this one, Ünal, in order to give the best explanation, I will give the word to you so that to the extent possible, we shed some lights to our investors so that they can follow it better and maybe make their projections in a healthy way. Floor is yours, Ünal. Yes, sure. Sure. Thank you. Hi Cemal. Gül Ertuğ already explained very clearly about why we couldn't share. In fact, that's not our choice. I just want to rephrase that again. That's not our choice, but by regulation, we cannot disclose any more information. Of course, we want to help you. However, that's what we can do. So regarding to your question about our monetary gain, we are a very high, very heavily asset, high company. Looking at the other way, we are a monetary liability. We are holding a high monetary liability position in our balance sheet. For the IAS 29 implications, what we did is, you know, from 2004, the last inflation accounting period, that was the 2004 for IFRS, we adjusted all our balance sheet to the end of 2023. Holding a high monetary liability position, this gives us a monetary gain in our financials because we are adjusting all our assets with the high inflation rates, and we don't have a high non-monetary position in our liability section, even including our capital structure. As you all know very well, our capital, Ford Otosan is distributing almost all of its profits to the shareholders, so we don't have a high capital position in our balance sheet as well. That's the main driver that you asked under our margin position in 2023. Thank you. Thank you very much. The next question is from the line of Faruk Erim with Ata Portfoy. Please go ahead. Hello. Congratulations for the strong results. I would like to ask about the intense competition created by Chinese brands in the automotive industry. We know that they challenge global players with their low-cost production, especially in automobiles. How is the situation in Ford Otosan and the light and heavy commercial vehicles that you produce? Thank you. Thank you very much. I'm going to take the question for MCV. We are not in terms of mass production, we are not selling electric vehicles in the HCV yet, but we have E-Transit. In fact, within 2023, we have had around 15,000 units of sales under Ford Pro across Europe, and it has been a successful vehicle. In fact, in your comments, you are right. There is going to be significant competition in the EV world. In fact, if we compare our finalization, the latest demand uptake and the latest electrification curves versus the earlier ones, we are seeing some slowdown in the take-up of the electrification. When the Chinese brands come in, there could be a potential that there will be some tough competition over there. For our plans, what I can say is both for the 1-ton units, Custom units and our 2-ton vehicles, we have carried out the structure of our Yeniköy and Gölcük plants in such a way that, and also for the Craiova case in Romania, we have constructed the plants in such a way that there is utmost flexibility to turn into ICE versus BEV. Like, if the electrification demand over there falls, we can make up for it with the ICE versions. Of course, there are certain things that we have to follow on because it's not just the plant capacity and the vendors, the suppliers are also important on this one. We made our plans accordingly because we are all mindful, like both Ford Otosan and Ford Motor Company, we are mindful that we are just going through this electrification journey, electrification revolution, maybe I should say, all together in these years. For that reason, in fact, all OEMs are paying utmost attention to put the right capacity, right technology at the right point. Of course, there will. Like we have the sustainability targets, the net carbon zero neutrality plans, and we have commitments on those fronts, and we are doing our investments in line with our commitments. While doing so, we also placed big importance on this flexibility issue because we are seeing from the markets some signals and also hearing from some other OEMs that there could be some changes. Maybe the initial projected speed of electrification might not be in that way. If that turns out to be the case, like even though there are some Chinese entrants into the markets, we believe the ICE versions of the production, we are protected and we are flexible. This doesn't mean that like, okay, we are giving up on electrification. No, we are not. We are best utilizing the time to adjust into the new technology with the best vehicle view in the market. For Ford Pro, maybe I should also give some information. It is not just the vehicle itself and like how it is electrified, but also in the professional world, Ford Pro stands for professional. Our commercial vehicles are the best partners for the vocations across Europe. For the 1-ton, we are the sole producer for the world. The Ford Pro value proposition comes together with certain service actions, some connectivity, certain uptime, propositions. In fact, thanks to all of these actions, we are seeing some high traction in the market. We believe with the support of all this network, we have a competitive advantage towards the Chinese brands. Some of them, yes, you are right, they might be competing with lower prices, but we believe the overall product proposition with our vehicles, they are competitive. I hope this answers your question. Yes. Yes. Thank you so much. Thank you. We will now move to our webcast question. Actually, we do have a follow-up question from our audio participant, Hanzade Kılıçkıran with J.P. Morgan. Please go ahead. Good afternoon. I have one more question about your CapEx. You are also targeting a similar CapEx this year. When I look at your past three years CapEx, it's already reached EUR 2.6 billion. Your kind of target announced like couple of years ago for the next five years. How should we think about 2025 in terms of CapEx side? Is it a low CapEx year or you will continue to do some sort of CapEx moderate CapEx in 2025? Bahar, I think we don't have that slide in this presentation, but can you help me out, please, with the overall journey that we are having both on our overall vehicle investments, the product investments, plus the capacity run taking us to 900K units overall. Over there, maybe we can give some level of information for the investments falling into 2025. Sure. Sure, Gül Ertuğ. Our Our production capacity was around 455K by 2019. We added Romania plant and by launching new products on Custom and Courier sites, our production capacity reached to around 746K level by the end of last year. We expect to exceed it to 900K levels by 2025. So far, when we look at the previous CapEx investments levels in the last three-year period, we had EUR 300 million investment in 2021, which we started to have our investments heavy investment period. It increased to EUR 800 million level in 2022, and 2023, according to the 2023 actual, it's around EUR 900 million, and we expect to have a similar level of CapEx spending for this year. That's why Hanzade is asking, what's our expectation for 2025. We may share a general outlook for the upcoming two years actually, for 2024 and 2025 to make their models in a better way. Thank you. We will now move to our webcast question. Sorry. Oh, apologies. Hanzade Kılıçkıran. You may expect some level of high CapEx levels for 2025 as well because considering the ongoing projects for EV options of our models and ongoing investments for our 1-ton commercial vehicle projects. After 20 25, you may assume some normalization, some level of normalization. Okay. Thank you very much. We will now move to our webcast questions. The first webcast question comes from Dominic Leone with Consilium Investment Management, and I quote, "Thank you for having us, and congratulations on a great year. Could you please give us further detail on market share changes from 2022 to 2023 for your PC and CV, pages eight and nine of your presentation? Thank you. Bahar, maybe you can give the details. Gül Ertuğ, let me try to give more details about that information. Thanks for your question, Dominic. Actually, you may access further information on the domestic market share performance with segment breakdown on page 53 of our investor presentation. Let me give some summary info on that. For instance, our total market share was around 10.5% as of the end of 2022 in total, but we achieved around 8.9% market share this year. The main reasons behind this performance we explained earlier. In PC segment, we increased around 1.2 points our market share, and we increased it from 1.9% to more than 3% levels with the support of better availability, especially in passenger car segment. On the other hand, on the LCV, MCV and truck side, which we are also local producer, local manufacturer, in these segments, our total market share in commercial vehicles was around 34% by the end of 2022. However, it decreased to 27% levels this year. The main reasons behind this performance was the launch deferrals in some of our flagship models like Custom and Courier, and some of the supply chain related challenges which we faced with, especially in the beginning of this year. I hope this answer your question. We will now move to our next webcast question, which comes from Oliver Pradencki, apologies. I quote, "Can a visible reduction in inflation reduce your profitability, for example, due to lower protecting value demand, but not only? Thank you. Can you read it again? Maybe I couldn't hear it well. Can you repeat it, please? Yes, of course. Can a visible reduction in inflation reduce your profitability, for example, due to lower protecting value demand, but not only? Oh, it's like, in fact, over here in all of these measures, we are seeing inflation as an issue acting against us. If inflation comes to normal terms, I wouldn't see that as a negative result. Like, the entire macroeconomic pattern is targeting to take inflation under control, and I hope that turns out to be a reality. Because we are not just taking advantage as if people are just afraid of inflation, that's why they are buying the vehicles. No, that's not the case. They are buying it for their business, and our vehicles are competitive, very competitive. That's why it should go back to the normal terms. Like, if you think of the export side of our business, the successful high performance vehicles are doing quite well in their markets. Thanks to our business model with Ford, we have the chance of utilizing cost-plus markup methodology on the overall setting. Whatever the cost is, we are able to recover. Ford is not giving us profit guarantees. It's not giving us essentially volume guarantees. When we have our investments, there is a guarantee for the investment recovery. The combined pieces of the domestic and export business model is a healthy one, and I don't think that would hurt us. Just on the contrary, if things come back to normal with the enhanced feature of our vehicles, it should be giving us a positive edge. Maybe what I said earlier might have confused you. I was trying to say that in year 2023, because of the inflation and the interest rates, at first the interest rates were very low, but inflation was very high. In that kind of a little bit, how should I say, a little bit strange environment, since the real interest rates were negative, people thought, "Hey, we need to find a way to save the value of our money." In order to do that, they saw the purchase of a vehicle as kind of preservation of money. Of course, in normal terms, being a successful vehicle producer and not just a producer, but also we have enhanced our abilities in the R&D front, engineering work, and also manufacturing engineering. We would like to operate in a normal market. That's why I'm not seeing that as an overall negative sign. Versus where we were in 2023, since the macroeconomic setup is now trying to be pulled into the normal area, we might lose that part of the volume to some other investment alternatives. That was what I was trying to say. We have already baked that into our projection for the overall volumes. Ladies and gentlemen, there are no further questions at this time. I will now turn the conference over to Ms. Gül Ertuğ for any closing comments. Thank you. Thank you. Thank you very much, and thanks for this question and answer session. I think it has been quite fruitful discussion. Like, I will say once again, for the ones who feel themselves a little bit disappointed, I'm really sad that this turned out to be the case. In line with the regulations, this is the information that we can support you with. If you have any other further question, maybe after this call, if something comes up to your mind, our investor relations team, Bahar, Duygu, Ünal from corporate finance and myself, we will be at your service to try to answer any other questions if that comes up.