Welcome to our next presentation. Representing Ford Motor Company, we have John Lawler, Chief Financial Officer. John, thanks for making the effort and the logistical effort. I know you've got a board meeting coming up. You have some other things on your mind as well. A few. Okay. Yeah, the topic on everybody's mind, of course, UAW. We're going to launch into that right now. No, we're not actually, okay? So I'm telling the audience here, we are not going to entertain UAW questions, given contract expiry on, well, yeah, in at more like hours and a couple of days, September 14th. So don't waste the opportunity to ask a better question that can actually be addressed. Does that- Thank you. Lynn, how'd I do there? Perfect. Thank you. Thank you. So, John, just any messages at the top you want to convey to the audience? Yeah on the Ford story here? Thanks, Adam. A few comments just to orientate the audience around the industry and what's happening. So as you know, we are going through this industry and Ford and the other OEMs, an incredible transformation, change like we've never seen before. You know, I've been at the company 33 years, and the aperture that's opening up is just tremendous. And so we'll unpack that a bit, I think, today as we talk, of course. Mm-hmm. Then the other thing I would say is that when you have that much change, you need new leadership. The team that Jim has brought in, the senior team, and then as we've populated down through the organization, we've brought the best talent in. Talent I don't think we would have been able to attract if the industry wasn't going through this level of change and we weren't doing some of the things that we're doing. You know, with the changes that we've made, you know, our industrial business is now generating strong, positive, free cash flow. Last year, we were $9 billion, primarily from auto. That was not always the case in the past, as you know. You know, we're committed to delivering 40%-50% of that back to shareholders, and we're aiming to deliver a ROIC of at least 20%. So, you know, with the aperture opening up in the business, de-risking the business, de-risking the assets, I think we have a really good opportunity here, moving forward with the businesses that we have. And then, of course, we led by segmenting. We moved away from running the business by regions. We're now running it by customer groups, and that's a whole host of benefits that come with that, hopefully we'll talk about a little bit more. And then we have three great businesses in there. Pro, which is a $50 billion commercial business, where it's the intersection right now between commercial, hardware, and tech. We've got the ability to generate mid-teen EBIT margins. Blue, our iconic vehicles, we can do this with less capital, see ourselves in most low double-digit margins. E, which is a BEV start-up buried within Ford. There, we're a first mover with the vehicles we have today. Second generation's clean sheet of paper, 20% gross margins, 8% EBIT margins, we believe we can get to, and that drives us to the 10% overall EBIT margin come 2026. Business is coming together. A lot of change in the industry, a lot of change at Ford. That's a lot, a lot to talk about. Again, look forward to getting into this. You can't improve what you can't measure. That's right. Let's start with the segmentation. Definitely a break from the rest of the industry- Mm-hmm ... kind of showing investors what I think many already suspected and what many of your competitors are experiencing, which is, look, running a- starting an EV start-up is, you know, a lot of upfront losses. And then also showing the transparency around the parts of the business that are generating some pretty outsized returns. Tell us what, what drove that decision, and how has it changed your decision-making and culture to be able to move a bit faster during this, you know, pretty unprecedented time? Yeah. The first thing I'd say is a benefit that came from that, that I wasn't expecting was the ability to attract the talent we are. Mm-hmm. If we hadn't done that, I don't think we would have been able to bring somebody in like Peter Stern to talk about integrated services, because you can see how it all fits together. But when the leadership team, you know, as we first started and we had the Ford + strategy and, and Jim was working with the team, we kept asking ourselves, "This isn't right." I mean, these are customer groups. Each of these customer groups is different. They have different needs. We need to change how we're doing things to meet those needs. And so it didn't work inside. And if it didn't work inside, how were we gonna explain the business? And so we, we looked at it, and we looked at our options, and we said, "Segment it. We're gonna segment it differently. We're gonna segment it around customer groups." And as we did that, we realized that it was gonna change not only the way we could talk about the business and provide that transparency externally, but it would allow us the ability to actually think about the business differently. You know, in consumer products companies, consumer companies, tech companies, they do this, and they usually do that to drive additional growth. And we also saw that we had one person for accountability, we had transparency and focus, and that's what we've seen since we've done that in the business, and it's really allowing us to move much quicker. So, on the talent side then, your Gen 1 product, if you think about Model e profitability right now, a lot of room to improve. Okay, we could say it that way. Oh, absolutely. And you're just being up- Absolutely ... You're being upfront with it. And it seems like it had... It's in the process of getting a bit worse before it gets better, right? Given the trend from the two key results. But when we follow up afterwards, I think your message, if I'm summarizing correctly, was, "Look, Gen 1 was designed before we brought in Doug Field and a lot of the talent." And so that was kind of our first attempt to see, you know, to learn and struggle. Right. And they kinda looked at it, and then now Gen 2 will be the more the moment of truth and the measurement of, all right, this is what the new team can do. And that's all kind of pretty platitudinous stuff, but like, you know, through the eyes of the CFO, and you're signing off on these, you know, bet the company kind of investments here... Walk us through how we get, how we approach breakeven, and how some of that, how that the talent you've hired manifests itself into real hard dollar improvement. Right. Well, as you said, the talent's critical. Mm-hmm. It's a different way of doing things. You know, converting an ICE vehicle to a BEV is not efficient. We see that. It's in our results today. These Gen 2 products are a clean sheet, and we have Doug, who is probably one of the best integrators of software and hardware, but he also understands how to build BEVs because he's done it before, and he's made profitable BEVs. Yeah. And that's the difference, and so he's brought a whole new approach. Now, in our Gen 2 vehicles, has he been able to change everything, so the way would be optimized? No, but we've already started Gen 3. We have people like Alan Clarke, who are experts and have spent their whole life designing BEVs, now working on Gen 3 and working with Doug on Gen 2. And so when you look at that walk, we had a walk at Capital Markets Day that showed that a big part of that improvement from our margins was volume and mix. Mm-hmm. I think what people need to understand or what we need to do a better job explaining, 'cause it's on us to do that, is that when we have a new product and our next-gen vehicles are new, we put that all in product and mix. So that's a 54, roughly 54-point improvement when you get to the Gen 2, because these are designed efficiently from the ground up. And one of the things that concerns yourself with there, with that walk, that people have communicated to us is that you only had a -4% pricing. So that was a -4% pricing on existing products, which are largely going away over- Mm-hmm This time frame. So the way we set this up, and I think it's important to understand this, how we set up the Gen 2 vehicles, is we know that we're moving from early adopters to early majority. Now, early majority are unwilling to pay as much of a premium. Mm-hmm. Right? And so we're starting to see those prices converge towards gas, and that's how we set the targets. So we set the targets so that we'd be competitive in 2026 and beyond with gas vehicles. And then we said, "Okay, we want to get to an 8% EBIT margin." So we said, "Okay, what's the cost structure that we can afford?" Get to a 20% gross margin, and that's how we set up the entire equation. And that's what Doug and his team are working towards delivering when we launch the Gen 2 of products. Do you need— Clearly, you need... You can't get there with Gen 1. Is 8%, do you need Gen 3 to do that, or is it Gen 2? Target at 8%. The targets that Doug has and what we're targeting, marching towards, is 8% on the Gen 2 products. Okay. Now, you know, you've been in auto business 34 years. You know, the relationship between volume and, you know, fixed cost absorption- Right -operating leverage. You pushed out some of the ramp, and it did affect that time horizon of, you know, mid- to the latter part of this decade, but you reiterated the 8% target. So what offset that then? How were you able to- I mean, clearly, and I think you're demonstrating with that, that volume isn't the only arbiter of profitability- No And we want to try to get people away from thinking about that. But kind of, you know, at the molecular level, what, what, what offset that? Because your, the volume is progressing a lot lower than maybe you would have thought of a year or so ago. Yeah. So that's the other key concern, right? One was, well, pricing is too high. Mm-hmm. Well, we've solved that and how we set the targets and we move forward. The other was the volume. Breakeven was well below the 2 million that we had said. Mm-hmm. It was, you know, 1 million or less, and so we have some room in there. The other thing is that we're continuing to drive further efficiencies. Mm-hmm. The whole game for us in Gen 2 is really around driving the lowest kilowatt-hours to get the range and performance that we need. It's really around battery chemistries. You've got LFP mix now that wasn't in the mix when we first set those targets. We were NCM, so now we have LFP coming into the picture. We've done incredible work, and that's the type of work that Alan and Doug have brought to us around aerodynamics and what it means for these vehicles and how you get... You design the entire vehicle, and this was new, right? I've been in product development from a finance standpoint, been around developing vehicles for 30 years. Mm-hmm. The whole approach is different. It's about a system design, and system designed to optimize and minimize the amount of kilowatts you need, and so making that battery smaller and driving that, and then leveraging the scale not only for the vehicles that we're building, but also the scale of the components that will be shared across the Blue platforms as well. You know, trims, frames for seats, things like that. Mm-hmm. And so when you bring all that together, the team's working hard, and we're still marching towards that 8% target, and that's what we're committed to deliver. John, I was talking with a pretty well-capitalized EV startup. I won't say which one. Mm-hmm. But one that is familiar with Ford. I'll leave it at that. And they said, "Look," and in the opinion of this CEO, said, Ford bringing in the management team, and particularly Doug Field, the team from the outside. Okay. That Doug's main job was to try to find a way to take his hardware and software skills and to, you know, vertically integrate into those areas that could, not even about, you know, the battery or electrification, but in the connected services and particularly in the kind of hardware, software integration around ADAS. Mm-hmm. It was a very specific thing. I don't know if you agree with that. I don't know if you agree. You've been on record about the huge opportunity you have in getting a subscription model and have an always-on relationship with the customer. How important is it for you to approach a vertical integration, let's say, like a Tesla or a BYD on that topic, on those skill sets, versus, you know, working with a Mobileye or, you know, some of your established and trusted third-party supplies? Yeah, I think it's going to be a mix. Mm-hmm. There are some things that third parties do that they'll be best at, that we can integrate in. Mm-hmm. But it's also critically important for us to control the software and to manage that system... and that's where Doug comes in, is that integration between software and technology and the hardware. Mm-hmm. That's why, you know, we think Doug's one of the best in the world at it. Mm-hmm. He's got a good team. He's built a good team internally. We're very pleased with where we're headed on, you know, L3 driver assist technologies. We're very pleased at what he's doing around the fully networked vehicle, and what that is, is- Mm ... a distributed architecture, central compute. We control all the modules in the vehicle, so it's a digital product that can be updated over the air, and allows us to provide those software and services. So I think it's gonna be a combination of finding the best external systems or hardware that we, we can partner up with Doug and control that software. It's critical that we control the domain software to control the vehicle- Mm-hmm ... being able to update it over the air. John, I'm gonna move to demand. Okay. First, broadly, and focusing on the U.S. and then kind of specifically on EV demand. Okay. So, how are you feeling? What are you seeing from dealers on the U.S. auto consumer broadly? Yeah, I think it's mixed messages right now. Mm-hmm. Industry is still pretty strong, better than what we had expected this year. Mm-hmm. Consumers are seeing some pressure. But I would say that, you know, revenues are holding up pretty strongly. Mm-hmm. When you look across the industry, you know, transaction prices are still in the 90%+ of MSRP. Dealer margins are still much stronger than they've historically been. Incentives are still at very reasonable levels relative to history. And so I would say that, you know, we're continuing to move forward. We've always set it forward that we expected to see some pricing pressure go forward because of affordability. You know, we know that a consumer has to spend a higher percentage of their monthly disposable income on a vehicle, and we expect that over time. Mm ... to revert back to what it had been before the COVID pandemic. But I don't think anything is unfolding from that standpoint, different than what we had been messaging or what we had expected from a standpoint of consumer and demand. Now, let's see where the consumer goes, let's see where the balance sheet continues to go, and let's see what happens with, you know, jobs and income security. Some dealers we've been talking to, including some Ford dealers, have been noting the increase in cash buying, Yeah ... cash purchases. One Ford dealer I talked to in the Northeast region, I don't want to say represents the whole country, but says, you know, pre-COVID, maybe 10%, 15% of new and used volume combined at the franchise would be cash, and now it's like 40% +. I don't know if that's consistent with what you're hearing at a time of kind of higher interest rates and, you know, historically high prices, that kind of affordability issue. How long, how long can that last? Are these just wealthy families that, you know, bought out their leases, and now that you have supply and that's kind of coming in, and maybe we can't rely on that to continue in the next year, or do you think something else has changed? I don't know fundamentally that anything's really changed. What I would say is that credit is still, you know, able to service our customers. Mm-hmm. We're not seeing credit business fall off dramatically. I would say that, when you look at the consumer in general and purchasing vehicles, you know, we're seeing extension a little bit in term loan length, but not that much, versus what we've seen historically. So I don't think that much has really changed, Adam. There may be pockets around the country where specifically they're seeing something, but overall, on a macro basis, we haven't seen significant changes. Seems like you've revisited the portfolio a bit, kind of trimming some of the, you know, the wood here. It looks, in terms of Edge, Escape, and Transit Connect, kind of not going forward with those products. First, I just want to confirm that. Do I have that accurate? Well, yeah, that's- Okay ... I'm not gonna confirm or deny that- Okay ... from a product planning standpoint. But what I will say is that, you know, we have been very specific, especially since Jim took over as CEO- Mm-hmm ... that we will restructure what we need to, and we will allocate capital to the highest and best use. Mm-hmm. If we don't believe that we can get a return on that capital that's adequate, we will move away from those products, as we've shown we have in the past with some of the things we've done with sedans. We've restructured South America- Mm-hmm ... restructured Europe, we've restructured India. So we'll make those decisions if required, and we'll allocate to the highest, best use. Okay. Again, not, I don't want to get near the UAW conversation, but, you know, we're at a still a time of inflation. While material costs might be normalizing in certain areas and supply chains recovering, you know, labor inflation is the theme. We're seeing it across a lot of industries. So just moving forward, just, you know, structurally, how does... What are some of the things at Ford's disposal you could do to create more room or, you know, whether it's restructuring actions or things other than price, you know, is it that you can cut, including some of your relationships with your suppliers and/or your dealers who are still enjoying these, let's say, historically, very, very high margins? Yeah, the dealers are, but I think they're coming down, and I think they'll- Mm-hmm ... continue to come down. One of the things I would say is that inflation has been high. It's moderating a bit. Mm-hmm. So whenever you have high inflation, you need productivity. So we need to drive productivity. That's gonna be the, the main game for us and for our suppliers, and we'll work closely with the suppliers. We have opportunities, to help drive that. You know, we've talked about this in the past. Jim and I have talked about it numerous times, the level of complexity we have- Mm-hmm ... in the business. Our designs aren't as efficient as they need to be. We haven't always purchased them as efficiently or set up the supply chain as efficiently as it needs to be. So our focus, Adam, over this year and over the next couple of years, really needs to be about driving productivity as a hedge to that inflation that we're seeing and what comes through. And that, that's our focus, is cost reductions, driving those cost reductions- Mm-hmm ... getting as much top line as we can, new products, leveraging our iconic vehicles, et cetera, et cetera. We're gonna have some car dealers on the agenda in the next couple of days, and I'm pretty sure we'll see. Mm-hmm. We'll see when they, when they present. They're gonna comment on disappointing EV demand- Yeah -in the United States and, and piling up inventory in reference to German, EV. I'm talking pure BEV- Mm-hmm As well as some of the U.S. You yourselves are seeing inventory rising for the Mach-E. Are you seeing the EV consumer get a little, maybe go through a bit of an adjustment phase or kind of flatlining a bit, and, you know, if so, why? Yeah, I would say that what we're seeing is the transition now to this early majority. Mm-hmm. The curve isn't accelerating as quickly as I think a lot of people expected. Mm-hmm. I think some of that is their willingness to pay less of a premium for the EV. I also think that some of the inconveniences that come with an EV, they're less willing to deal with that. So that means to me, that the curve's gonna push out a little bit, but we'll get there eventually, and that's what we're seeing. I mean, think about the U.S. this year, EV sales are up 50%, so it's coming. It's here. It's just at what rate of pace and change is that gonna unfold? And that's what we're looking at, is we'll see it... I think we're seeing it flatten a bit. You mentioned the H word in the second quarter call, hybrid- Mm-hmm Which was kind of... I didn't, I didn't expect to hear that, but it's, it seems consistent with other OEMs, which is, look, if, if ICE is gonna be here a bit longer than we thought because of that pushout, we need to make what ICE we do make as efficient as possible, and it seems like there's demand for those products. So how do you integrate, how disruptive, or what kind of time delay between your decision to say, "All right, we're going back to hybrid?" Let me walk us through that, and, and, what's any potential impact on your mix- Yeah -and profitability? The key there is, I wouldn't say we're going back to hybrid. I think we're number three in the U.S. now in hybrids, and it had always been part of our plan, but we hadn't talked about it much because we were leaning into EVs- Mm-hmm -which was a new startup piece of the business in Pro, and we hadn't talked that much about Blue. Blue's strengths really are the iconic vehicles that we have, where we can do these derivatives at low capital. Mm-hmm. Then we have both ICE and hybrid. That long tail and being able to provide the, our consumers a powertrain- Mm-hmm that fits their duty cycle, whether it be all full electric, hybrid, or gas diesel, I think we're positioned really well for that, and so it's not moving back into hybrid, it's leveraging that, and then building on that tail. Mm-hmm as that extends and leveraging the hybrid technologies to do that. I also think, Adam, that new technologies coming to the hybrid space are gonna allow us to serve duty cycles differently. Mm-hmm. So it won't be the traditional, just plug-in hybrid or full hybrid or EV. There'll be other types of hybrid technologies that are gonna come along as well. I mean, like 129 or whatever miles for a E-Transit. I'm sure you've learned a lot, but, you've mentioned about batteries needing to get smaller- Mm-hmm -in vehicles. Mm-hmm. So walk us through then, how you compensate for some of those inconveniences there in terms of... Is it a techno- Yeah. Is it? I mean, the Tesla deal obviously got a lot of attention. We'll talk about that, but, you know, how it seems like those, the objectives of duty cycle but yet smaller batteries might be kind of conflicting. Right. So the idea is that you set your goal on what the duty cycle is. Mm-hmm. Let's just say range, 300-mile range- Mm-hmm you know, at X miles per hour. So it's not about making the battery smaller and lowering that range. Mm-hmm. It's about making the battery smaller and being more efficient to hit that range through optimizing the rest of the vehicle, and that's what we're doing. Mm-hmm. As you bring the battery size down, which is the most expensive element of a BEV vehicle, an EV, but you can deliver that range through a more efficient, complete design. Okay. Let's talk about Ford Pro. I mean, you alluded to it, $50 billion of revenue. I think it puts it near or within, you know, Fortune 50 companies- Mm-hmm In terms of revenue and EBITDA in that, in that territory. Doesn't seem to be getting a lot of credit from the market right now. So, you know, what can your team do other than just execute, to kind of change that? Yeah, we feel that as well. Mm-hmm. And so I think that the point there is we have to continue to execute and grow the business. And there's plenty of opportunities there from continuing to expand our penetration in software. You know, today we have 550,000 paid subscribers for software. More than 80% of that is with Pro. Mm-hmm. You know, average revenue per month is about $989 a unit, so there's opportunity for growth there. The other area of incredible opportunity for Pro from a growth standpoint, you know, to consistently maintain these, you know, mid-teen targets, is services. Our penetration rate on services is about 30%. Mm-hmm. It should be 50% or more. We're targeting 50% by 2026. That is an incredible amount of growth opportunity from a standpoint of both revenue and profits for the business. Mm. So I think it's to keep executing, it's to keep growing the business. It's bringing those margins through, generating the free cash flow, and building out the moats that we have. Last summer, I think it was, you presented at a Morgan Stanley ESG conference, and later that day, you announced the pretty surprising to the market agreement with Tesla to cooperate on charging infrastructure, and the stock had a, you know, pretty... went on like a, I think, a 30% rally over the next 10 days. Why do you think that was? I think consumers were excited about us providing a ability to mitigate one of the biggest pain points in electrification- Mm-hmm. Mm-hmm You know, through the Tesla charging network. Now, with the charging network we have, all of our E dealers putting in high-speed chargers and now being part of the Tesla charging network... it brings a convenience for them because charging anxiety, range anxiety is real with BEVs. Mm-hmm. Like, I drive a BEV, and the fact that I'm gonna be able to now leverage that charging network makes it much easier- Mm-hmm To go on a trip, you know, that's more than just going back and forth to work or around town. And so no capital required, part of a good network, provides convenience for our customers, solves one of their pain points. Good decision for the customers, good decision for the company. Questions for John? We have mics in the back or just speak up if you got a question. I'm patient. Actually, I'm not. Okay. I'll give you another chance in a minute here, as we're coming up on time. The Chinese. Yeah. A lot's been written, and a lot of your OEM competitors have talked about how, and you've talked about how- Sure ... we went to China. You know, we met with the companies, we drove these vehicles, we talked to the designers, and we came back and we're like, "These are good. These are good cars. Mm-hmm. Really good. They are. You followed up with the Changan joint venture. Tell us the potential there. Or, kind of, that's without me putting the words in your mouth, how big of a shock was that? And what is the potential of working with Changan in EVs beyond maybe the Chinese domestic market? How much of it is just giving you a little more relevancy in that market versus something that could happen outside of China? Yeah. So for me, it was interesting 'cause I had spent six years in China. Mm-hmm. I came back to the States in mid-2016, after spending, you know, more than six years there. You could see that that's where they were moving. The issue was, with COVID, we were kind of isolated from China. Right for a few years. Interesting. And then we went back. It was cooking. It was cooking. Mm-hmm. We went back, and, you know, their investments started to come to fruition. And so when we look at China, we look at it as an opportunity to have an asset-light business. We have two relationships in China. We have JMC, which is a commercial vehicle relationship, and we can leverage them, and we are leveraging them, for exports, and that's positive. Mm-hmm. And then, to devise the business, we can leverage Changan for electric vehicles in China, so we don't have to do it all on our own. The infrastructure, the digital, relationship in the vehicle, the digital hardware, the software, it all needs to be basically developed in China 'cause it's unique to what the Chinese customers want. Mm-hmm. We will leverage them. It's an asset-light business. As far as, you know, what we could take from China, there's no plans to move vehicles from China- Okay ... anywhere else, other than from JMC on exports to ASEAN or lower-cost markets like South America, et cetera, where those commercial vehicles, low-cost commercial vehicles- Mm-hmm profitable for us and would help us in those markets as well. What about in Europe? I mean, you've stayed in Europe. You've dramatically restructured the business in terms of cost, footprint, the segments you're in. I think anyone who's spent time in Europe, it seems like half the country has been in Europe this past summer. You see the Rangers, and you see, you know, obviously, the commercial vehicles and the vans, but the products definitely changed- Mm-hmm There's a lot. But your, your share is small. Mm-hmm. I think from memory, it's, like, 4% or something like that. Yeah. It's 4%-5%. That's... There are many other European CEOs from my former life that are like, once you get below there, you know, maybe need to consider different options. Now, look, you've made mixed improvements. You've addressed some of the losses to a degree. Mm-hmm. Is there an opportunity for Ford to maybe provide more of an on-ramp to other partners that could benefit from your production capabilities and downstream distribution and service network? I'm thinking specifically the Chinese. No, I don't think so. Okay. I don't think that's, you know, where we're gonna play. In Europe, we're gonna focus on our commercial vehicle business. Mm-hmm. Our Ford Pro business, we have about 15%. Ford brand, the commercial business, very profitable for us, and that's where we're focusing. Mm-hmm. We have a partnership with Volkswagen. We talked about we're leveraging the MEB platform for the Explorer vehicle in Europe. Mm-hmm. I don't see that being an area where we would spend our time or energy. We'll focus on commercials and our partnership with Volkswagen. John, what do you think? What is the future of the Chinese in Europe, then? No, I think- I realize that there's a- Yeah ... geopolitical, you know, there are issues there that will protect- No, I think— Don't- I think they're coming to Europe. I think they're gonna go in a big way to Europe. I think it's a market where there's opportunity for them. They're there already, and I think they're gonna continue. And, you know, eventually, you know, I think that's gonna play out, and we'll see what happens, but definitely they're heading to Europe. Any final question for... We'll do one quick one here, and we'll wrap up. Go ahead. Hey, John. Thanks for taking the time. Can you give me your thoughts on input costs, both on the electric vehicle side and also on the traditional side? How have they trended sort of in the last, you know, really the last quarter? And then, as you look out over the next three to six months, how do you see input costs for you guys moving? Yeah. So we are seeing some commodity prices coming down a bit. Overall, we still have a significant opportunity on input costs. Our cost structure is not as competitive as we need it to be. That's not new news, and we're continuing to work that. But, you know, we're seeing supply chains stabilize. We're seeing commodity prices come in a bit. So I would say that, you know, it's unfolding as we expected and as we've talked about. Well, John, I appreciate you coming here and sharing the story. Challenging time, but also a lot of opportunities. I kind of feel like your industry is in a position where, you know, maybe we're in a bad news is good, but also good news is good. I think the market is not giving you the benefit of the doubt, clearly. There are individual parts of your businesses where you could justify well over 100%- Mm-hmm ... of the value of the company. And it's just, I think in the history, the arc of, of Ford's history, coming out of the GFC, you guys do your best work when people are betting against you, when you're down. I, I'm hopeful things don't have to get worse for that to be proven out. But, you know, sharing some of the concepts of the cultural change and how you're re-segmenting and the bets that you're making, and these are really bet the company. That's, I guess, every bit as, disruptive as a GFC or, you know, back when Henry Ford was bringing out the moving assembly line. Yeah, it is. Thanks for helping tell the story with us and look forward to other engagements. Thank you, Adam. All right. Appreciate it. Thanks, John. Thank you. Take care.