All right. Good morning, everybody, thank you so much for joining us for this session with the Ford Motor Company as part of Deutsche Bank's ESG conference. My name is Emmanuel Rosner, and I'm the Lead U.S. Autos and Automotive Technology Analyst at Deutsche Bank. As you all know, Ford is a leading global automaker. It is in the process of an internal reorganization to split its combustion engine and its EV businesses to run separate company strategies for each. It has set very ambitious EV volume goals and has been at the forefront of securing, sourcing, and partnership agreements with critical suppliers in the EV supply chain. I'm very pleased to be joined by Bob Holycross to represent the company. Bob is Ford Motor Company's Vice President, Sustainability, Environment and Safety Engineering. He's the company's top Environment and Safety Officer. He's responsible for implementing sustainability best practices throughout the company and leading its global environment, human rights, and safety strategy, policy, and performance. Bob began his career at Ford in 1993 as a Ford College Graduate. Thanks for being with us, Bob. The format for this session will be a fireside chat around prepared questions from me, but also all of you on the call. To submit a question, please type it in the dedicated box and I will try my best to incorporate it into the conversation. I think to kick it off, I believe Ford has prepared a short video which we will show now. Alina, we're ready. We believe in the power of creating a world with fewer obstacles and limits. Where people have the freedom to build a better life and to pursue their dreams. To shorten the distance between where you are... And where you wanna go. To connect people down the road and over the horizon. To discover possibilities and enjoy the thrill- Pride of moving freely. From day one, we've provided people with tools to help them move forward. Upward. We've innovated to expand their opportunities. We've worked to earn their trust every single day. We honor our legacy. As we build the future. A better world. A better world. A better world for generations to come. Because when everyone is free to move. Free to dream. Free to dream. We do what we do best. We change the world. Awesome. Well, Emmanuel, thank you. Thanks so much for the overview. Bob, thanks for being with us. I think you were gonna kick it off with a few remarks about Ford's ESG efforts. Yes, thank you. Didn't mean to jump ahead. As you can tell, I'm very excited to be here with you today, Emmanuel. Thanks for the invitation and welcome to everybody joining online. It's hard to follow that video and bring the energy level and justice to it. We're so excited at Ford about the journey we've been on. We're gonna celebrate our 120 year anniversary this year. Sustainability and ESG are all about how we're gonna be around for the next 120 years or more. Our purpose to help build a better world where every person is free to move and pursue their dreams, as you saw come to life in that video, is at the heart of everything we do. It underpins the strategy that we're undertaking, as you mentioned, in terms of our Ford+ plan for growth and value creation. Along that journey, we do have our overarching goal to be carbon neutral no later than 2050, which is consistent with the science, climate-based science. Obviously, we're not waiting until 2050. We have goals and specific targets that are science-based and endorsed by the Science Based Targets initiative that we'll reach along the way. Obviously, our sustainability reporting will demonstrate exactly how we're making progress. You mentioned the way we've reorganized the business around the three customer-focused business segments, Ford Blue for our internal combustion engine business, Ford Model e for electrification, Ford Pro for our commercial business. This really allows us to develop the best products and services and experiences to meet the needs of these different customer groups as we transition to that zero emissions transportation future. We're investing more than $50 billion in the electrification business by 2026. We started with our most iconic products, the F-150, the Mustang, our Transit commercial van. We're on track for a run rate of over 600,000 EVs by the end of this year and 2 million by late 2026. The customer response to these vehicles has just been incredible. We were the second best-selling EV brand in the US last year. Mustang Mach-E production continues to grow with an order bank well into the thousands. F-150 Lightning has been America's best-selling electric truck since its launch. The E-Transit leads the electric van segment at nearly 75% share in the U.S. The great thing is we're bringing all new customers to the Ford brand with these products too. Once someone has experienced an EV, they usually don't wanna go back. This has truly been a growth business for us, incremental, and we're so excited to see when people get into these products, what their experience continues to be. Now we're working on our second cycle of EVs. They're being built from a clean sheet of paper. They'll be fully software updatable vehicles that will completely revolutionize the customer experience. Obviously, our long-term success will depend on how we create value for our customers, our employees, our communities, while also caring for the planet. We know there's a long way to go. This is definitely a journey, but we are on the road to better and couldn't be more excited at this point in our history and just so pleased to be here with you today to highlight this progress that we're making. Awesome. Yeah, thanks so much, Bob, for this overview. Maybe to kick it off, we're in the middle of an important transition period where global automakers, such as yourselves, are setting out on multi-decade long goals to reach essentially zero-emission vehicles. As you look at where we're now in the automotive industry, what do you think are the biggest challenges to creating a sustainable future? Is it the product, the technology, scaling, sourcing, recycling? What is really the biggest challenge here? Yeah, it's a great question, Emmanuel. I think, you know, as we're demonstrating, the technology is really coming to life. I think we are kind of past the tipping point of our ability to scale electrification, which is at the heart of this transition. The reality is that's probably the biggest piece of this is how do we scale? Scaling involves a number of different aspects, right? It comes down to sourcing, as, you know, we talked about, but also infrastructure development and, you know, solid holistic policies around this transition as well, which are starting to get some traction. You know, with the excitement and the momentum that we have in how we're starting, we like to use the baseball analogy that we're still in the early innings of this. I think we are past the tipping point when it comes to the technology. It's not just about the electrification of the propulsion system. It's entirely about the software and the services and the full range of what we can provide our customers that we know well. As we continue to scale up to the levels, that I've talked about in the near term, to really kind of bring this to the next level as we get out beyond 2030, is gonna involve, you know, a very holistic set of things to come together, both from a policy perspective, as well as the infrastructure side of it. You know, I think we've got a great start. Let's talk maybe a little bit more about the sourcing strategy. With the shift to this EV powertrain, battery technology and chemistry are an important component of your transition. Talk to us about how you're securing the raw materials you need to meet your ambitious EV goals. Do you have enough visibility into the supply chain? How are you working with partner to make sure raw material extractions and mining are aligned with your ESG strategies and are sustainable in the long run? Yeah. It's a, it's an important aspect of this as well. We do have great visibility into our supply chain. As we've come out of COVID, and we, and we know some of the challenges we've had with supply chain, it's just reinforced the importance of elements of vertical integration and where we bring things in-house, how we diversify our supply, both in terms of our partners, but also where all these raw materials and components come from. As we work towards raw materials for electric vehicles in particular and some of the new partnerships and new suppliers that we're engaging with, the key for us is going to be to continue to align around our principles for how we do this in the most sustainable way possible. We expect those that make things for us are held to the same principles from an ESG perspective as we hold ourselves to. We codify that in things like terms and conditions in the outset of the deals to make sure that everything is well understood. It doesn't stop there. Once we are in an arrangement with a particular supplier, in terms of the operational aspects of that, we will continue to hold ourselves and suppliers to those standards in operation through audits and data collection and full transparency. We'll report on that. We'll rely on third-party validation, things like the Initiative for Responsible Mining Assurance is one of the third parties that we use for external auditing. you know, everything that has to kinda come together, Ford was the first automaker to join IRMA, as we call it. we're gonna continue to engage ourselves as well. it's a partnership, and we're sharing best practices with each other. you know, look, it's a journey for us. There's some elements of this that are new. If we find issues along the way, we're gonna address them head-on, and we'll do it in partnership with our suppliers and, you know, across the globe in terms of where we have our own operations. it's been an exciting opportunity to partner with some new folks and to be, you know, fully transparent on our expectations and how we'll move forward in this space. Now, the passing of the Inflation Reduction Act is pretty significant for the EV and the auto industry as a whole. The incentive to onshore the EV supply chain is also prominent within this bill. How long do you think this will take, and what is Ford doing now to take advantage of this? When might we see the benefits of the work you're doing now? Yeah. This is a real important one. It was great to get this over the finish line, so to speak, in addition to some of the other legislation that's passed in the U.S. in particular. There are a number of different aspects, both from the consumer side and the business side, that we're going to be able to take advantage of. One in particular around the battery production tax credit of $45 per kWh. That's worth over $7 billion for us and our partners over the next few years, between 2023 and 2026, with a, you know, a big step up in 2027 as our battery plants ramp to full production. Our commercial business, Ford Pro, is, you know, the largest commercial vehicle brand in North America. We expect more than half, probably upwards of 65% of our customers to qualify for the $7,500 EV tax credit with no limitation on income or vehicle price and source of battery and assembly. From a commercial vehicle standpoint, it's an important incentive for us to have the security and confidence as we ramp up. Diversifying and localizing our battery and component supply chain in the countries where we build the vehicles themselves obviously provides opportunities for us in our sustainability journey for reducing our environmental footprint and the availability and affordability for our customers. Now the combustion engine side, you know, of your business, I mean, I guess the company will eventually transition to all EV, but I guess in the meantime, your customers are still buying gasoline-based products. This is still a critical, you know, components of the company profitability. What opportunities do you have within the ICE business to also incorporate design, manufacturing, materials improvement, and deliver better CO2 performance? Yeah. The ICE business is certainly not standing still. There are continuing opportunities for CO2 reduction with these vehicles as well. Look, even with the ambitious targets we set and the success we're having in meeting some of our early goals, internal combustion engine vehicles are still a big part of our lineup. They're providing an important mechanism in terms of funding our transition. We have to keep them fresh and continually improving the fuel economy and CO2 of those vehicles. Customers are demanding that, not just for the environment, but also for, you know, operating costs. We're proud of the work that has been done on our base powertrain engines, our EcoBoost engines that are downsized and boosted. Those have provided significant CO2 reductions. We've also invested in traditional hybrid electric vehicle powertrains and have them across some of our highest volume nameplates like the F-150. As we continue to leverage those opportunities, we'll see improvements there. Again, it's, it isn't just about the powertrain. We've done a lot of work to take weight out of the vehicle, lightweight materials, aluminum-intensive body structures. Over 700 pounds were taken out of our pickup platforms. It's an ongoing journey as we continue to get every last bit of CO2 we can out of those products as well. Look, we're even seeing opportunities with some of the aspects of our business like racing. You know, we're gonna be returning to Formula 1 in 2026 and announced that as we return to Formula 1, there's opportunities for vehicles that can run on sustainable low-carbon fuels for racing. You know, we are gonna have these vehicles on the road for a long time. While some segments, the new vehicles we produce will be fully electric, obviously we've got a number of these vehicles that will continue on the road and opportunities to continue to take carbon out of the fuel will only help overall CO2 reductions in the atmosphere. A lot going on in that space. Yes, for sure. Let me ask you a couple more questions on the supply chain. I think you may have started to answer some of them. How are you working with your supply base to bring them along the carbon neutrality journey with you? The past couple of years have been a, you know, turbulent time, you know, for the world. Sure. Whether it's supply chain disruption, chip shortages, or labor shortage, in your partnership with suppliers upstream, how has your approach to sustainability changed during this period, whether it's taking a more deliberate strategy to sourcing material or, you know, securing the supply? Sure. You know, what I talked about earlier, more specific to, you know, raw materials for electric vehicle batteries, the same principles overall apply to our entire supply base, right? When you think about the whole portfolio of products we have and the relationships we have with a number of suppliers, some of those very long-term relationships, we continue to look at this as a partnership when it comes to the carbon neutrality journey. We've set out very specific, you know, supplier codes of conduct that we incorporate, as I mentioned, into terms and conditions. It's not just a, you know, "Here's what you must do and, you know, we have the hammer to hold you to it." It is a partnership. You know, it becomes about sharing best practices. There's, you know, groups that we're a part of, even across the industry that share those best practices. We recently announced that we joined Manufacture 2030, which is an organization designed to help with common principles and reporting frameworks for suppliers as they go on their own journey to achieve carbon neutrality. We've got some next steps that we're excited about in terms of not only more transparency around emissions in the whole value chain for our products, including the supply base, but how suppliers set those targets and how that incorporates into our overall journey to make sure as, you know, from a life cycle perspective, our vehicles are carbon neutral by 2050, as I mentioned. It's a great opportunity for us and we've been inspired by a lot of the progress that our suppliers have made. There were recent media articles, that have alleged a link between some suppliers and within the auto industry and some environmental and human rights issue. How do you mitigate this type of supply chain risk within the company's operations? You know, it's an important question. We take any allegation or any report very seriously. We have the mechanisms in place to make sure any allegation is fully investigated, whether that comes from the media, whether it comes from our own employees in our own facilities, from our suppliers or anybody that has access. It's very important to make sure, number one, we have a platform where we create an environment to have any potential issues brought to the surface. That being said, obviously our goal is to not have any issues. If we find something, we will investigate it. If we find that there's actions that need to be taken, corrective actions, we'll ensure that those are done. If they're not done to our satisfaction, then we always reserve the right to seek other sources of supply. We do take these very seriously. We recognize the supply chain and mapping all the way down, up and down that supply chain can be very complex. That doesn't stop us from understanding every aspect of it. That's gonna continue to be part of the partnership we have with our suppliers, and it's something that we will not never compromise in terms of, you know, what our principles are for respecting human rights and respecting the environment. We'll continue to, you know, make any opportunities to understand what may be going on first and foremost for us. I guess, you know, focusing back on, you know, vehicle emissions, can you talk about the complexity of dealing with different governmental policies, whether it's state by state in the U.S. or the European Union, where they are effectively banning the sale of new, you know, petrol and diesel cars from 2035. How are you navigating, you know, local sustainability targets as a global company? Yeah, this is a real important question. It's something that we've been working on for a long time in terms of regulatory frameworks around emissions and, you know, especially when it comes to how do short-term regulatory frameworks, you know, integrate with these long-term sustainability goals as we, you know, obviously look beyond 2030 - 2050. One of the things that we've learned early on that's very key is to have, you know, clear direction and stability in, you know, where the regulations go. Obviously we're talking about different regions around the world. The regulations are different. They can be complex. There are certain basic principles that drive towards the same overall goals when it comes to zero emissions. Timetables may be different. The compliance demonstration protocols may be different. You know, when we look at the U.S., for example, and saw some of the volatility in these regulatory policies, you know, as we had transitions in government over the last several years, we made it clear that we wanted to be consistent in what our approach was, so that we had that long-term signal to, you know, essentially help with the confidence in the investments we're making. In the absence in some cases of where, you know, in the U.S. state governments and the federal government were maybe not aligned, we worked to broker voluntary agreements, you know, aligned with the state of California and their leadership. We were one of the only automakers, we were the first automaker to partner with California, under the last administration, to commit to the goals that had been set. Those now have been codified in the emissions regulations of this administration. You know, there will be politics that can come into play here that may change things along the way, but our commitment is gonna remain consistent, and we're gonna use the leverage of our brand to help shape those policies and make sure that we do have the stability and the confidence in standards around the world, whether that's in Europe or China or the US, all working towards the same goal for sure. Moving to customer engagement. The COVID world taught us that we can do many things remotely. How is Ford shifting, you know, your customer engagement strategy, whether through dealers or direct sales model? When a customer knows what they wanna buy and don't have to travel to a dealer, there's trip save in both time and fuel emissions. It could have, you know, large impact when operated wide scale. Can you share your view of how this trend has been developing and what your strategy is for customer engagement? For sure. I'll tell you, this is one of the most exciting aspects that we've seen most recently with the opportunities we can, we can provide our customers. You know, their expectations are changing. They're looking for more convenience. We now have services that we're able to provide in what we kinda call the shop, buy, and own experience at Ford. You know, it's things as simple as being able to more widely offer vehicle pickup and delivery for all our vehicles, whether they're internal combustion engines or electric vehicles. Mobile service, where we can do a number of vehicle service actions in the driveways of customers or at their place of business or what have you. This is a big opportunity, not only in terms of what it can do in terms of saving trips and for the environment, but when we think about, you know, getting vehicles up and running and reducing the downtime, especially where, in the, you know, event a vehicle may be under a recall, and we wanna make sure those vehicles get repaired as soon as they can. The, to be able to do remote service and pickup and delivery is huge. As many know, we've created a new model around our electrified vehicles, our Model e dealer program, which takes effect in January of next year. It's been adopted by nearly two-thirds of our 3,000 dealers. You know, it's a framework that is really geared towards the unique electric vehicle experience. It's making sure dealers are fully educated and have the tools they need to be able to engage with customers as they're shopping for these vehicles. It is about having public charging available at these dealerships. I'm grateful for one of our Ford dealers in Northern Michigan, when I make trips to Northern Michigan, to be able to stop and charge my vehicle there. It's about transparent, non-negotiable pricing. The remote pickup and delivery I talked about. Then probably the biggest opportunity is what we're calling the vast array of digital experiences and new features that can be made available, what we kinda call the always-on relationship with the customer, where, you know, the opportunities for new features and services don't just stop at vehicle delivery, but can be added over time through over-the-air updates. It's a really exciting model, and we're excited about the dealers, all the dealers that have jumped into this. It's gonna continue to support the scaling that we talked about earlier for these vehicles. Of course, as part of, you know, customer engagement, you know, let's touch on last mile delivery as society as a whole is moving to more efficient way of shipping goods, you know, from point A to point B. Can you talk about the commercial vehicles you have in that space and how quickly businesses of all sizes will decarbonize their fleets? How is Ford capitalizing on the growing market for commercial EVs? Yeah, this is something that is really exciting because of the reach that we have in the commercial vehicle segment. We know these customers better than anybody. You know, while there's been a lot of attention on, you know, last mile delivery, the reality is that's really just a small part of the overall commercial segment. It's, you know, only about 10%. When you think about the 90% of use cases for commercial vehicles, whether it's in, you know, small businesses, the construction workers, plumbers, electricians, emergency responders, there are several vocations where, you know, we see electric vehicles, you know, fully fitting into operation. This is what's, you know, it's a big enabler to keep vehicles up and running because of the lower amount of maintenance that's required and the opportunities for us to provide a full suite of solutions for those customers, whether it's the charging experience, the financing experience, the tools they need to keep their vehicles up and running. We see that, you know, commercial electrification solutions, 60% of US fleet managers are planning to add EVs just in the next couple of years alone. Those incentives that we talked about under the Inflation Reduction Act are, you know, extremely important to help to help scale to that. It is gonna take time. You know, we're gonna have to have integrated solutions or integrated solutions across internal combustion engine vehicles and electric vehicle business to be able to keep the full suite of vehicles these businesses need operating efficiently. That's what's been so great about what Ford Pro has been able to accomplish now as a dedicated business unit, is to really be that one-stop shop that provides the suite of software charging, financing, and the like for these businesses, both private and in municipalities and government. We're excited about a lot more to come in that space, but it's a unique opportunity because of the relationships we've had with these customers for so many years. Let's also talk about the life cycle of the products you are, you know, selling and manufacturing. Software is an important element of that relationship with the customer. What does that look like in a Ford vehicle? Can you give us some examples of how this is helping to meet your sustainability goals? Yeah. I mean, the opportunity here with a lot of the software, and having more and more vehicles connected is going to enable what we talked about before in terms of less trips to the dealership for repairs. It's going to help give us more line of sight into how vehicles may be performing even, you know, ahead of when a potential issue may surface. You know, in terms of maintenance, being able to have, you know, better and more robust communication with customers on making sure maintenance is performed. It's also providing opportunities for, you know, insurance-based programs that use embedded and connected vehicle systems. When it comes to, as I mentioned earlier, even potential issues where, you know, if we've got a vehicle under a recall, and we need to get. We can do things like a software update to make those fixes, making sure that, you know, the vehicles are capable of receiving those over-the-air updates. It's just gonna help keep both retail and commercial customers operating their vehicles more efficiently, in getting to the heart of issues, you know, sooner rather than later. We see this as part of what we call this always-on relationship with customers, and, you know, it's gonna be a big part of our sustainability goals, too, when it comes to the environment because obviously, you know, for internal combustion engine vehicles, if they're running properly and efficiently, that helps to continue to make sure they're performing, their emissions performance is at the level that it's supposed to be. This is something that we see as a big opportunity. Maybe a couple more topic as we sort of explore the various parts of, you know, the business. Maybe let's shift to manufacturing. How does it look like today at Ford, existing in new plants versus maybe 5 or 10 years ago? Can you talk about electricity usage, water usage, recycling, reuse? Can you just remind us of your midterm and longer-term goals in these regards? Yes. This is an area that really excites us at Ford, as strange as that may sound. I mean, the reality is we've been making improvements in our manufacturing operations in terms of efficiency and emissions reductions for several years. We've had targets and goals in place that we've been reporting on for more than 20 years, right? Ford was one of the first companies to have a dedicated sustainability reporting, and this was the foundation of a lot of that to track exactly what we've been doing with our manufacturing facilities, you know, in addition to the transition our vehicles have been making towards zero emissions. Everything is grounded around, you know, the key tenets around air, water, waste, energy, and we've made some really exciting progress in this. On energy, we are well on track to have all of our facilities, not just our manufacturing facilities, powered by 100% carbon-free electricity by 2035. We've made some exciting announcements recently with our partners, for example, here in Michigan with DTE to continue to invest in solar arrays. We now have enough solar capacity and other renewable capacity to essentially power all of our facilities in the state of Michigan with carbon-free electricity, and that's well ahead of the 2035 goal in that respect, for example. It's not just about our existing facilities, right? With these new facilities that we're building, whether it's Blue Oval City in Tennessee or, what's happening with our Cologne Electrification Center in Germany, which we'll be talking more about as we get into this year with the product that is gonna be coming out of that facility. These are facilities that are designed to be carbon neutral when they launch. It's not just about the electricity that powers them, but about how we have more efficient power for other operations in Tennessee, for example. You know, the potential for using things like geothermal power. We've made significant improvements in how we're reducing emissions and waste. We have, the majority of our facilities, nearly three-quarters or more that are true zero waste to landfill facilities, so no waste, being put into to landfills. Water is an important issue. It often doesn't get the attention that it deserves, like air emissions does. But we've made an 80% reduction in the use of fresh water, since 2000. That's over 13 billion gallons. A lot of the new technologies to be able to use recycled water, you know, on-site at facilities, helps with that goal as well. It really is a fully holistic approach, and we've got a lot of experience in it. We're gonna continue to improve the facilities that we have, and then the opportunities with these new facilities and, with the new technologies we have and the partnerships that we'll do with the local communities where these facilities are. That's what we believe is one of our unique differentiators. We take actions not just within the gates of our own facilities, but in partnerships with the communities around us. You know, with our neighbors in Tennessee and our new Blue Oval Battery Park that we announced in Southern Michigan, we're just really excited to bring more people on the journey with us. Ford has issued 2 green bonds over the last 18 months or so. Can you talk about how the proceeds of these bonds are being used and how the company's aligning its financing efforts with the corporate strategy? Yeah. It. This was something that we were really excited about because with all the reporting and progress that we've made on our sustainability journey and the transparency we have around that, this allowed us to kind of, you know, put our money where our mouth is, in terms of the green bonds and what we kinda call our broader sustainable financing framework. Again, these, you know, one of the benefits of a green bond like this is we can allocate, you know, the support of the design and development and the manufacturing of our electric vehicles, but also use it for creating a positive social and environmental impact, you know, as we transition to these EVs. You know, through August of last year, over $2 billion, nearly 90% of the net proceeds from the first green bond have been allocated to clean transportation projects, and the balance are expected to be, you know, allocated, or have been allocated by, you know, the end of the year. The second green bond of over, or $1.75 billion was issued in August, and we'll allocate those proceeds by the end of the year. A lot of activity in how we're able to use those green bonds to benefit this broader ecosystem. You know, this is something, again, as we continue to show our progress and show our opportunities, you know, we're excited to provide it in the form of our financing framework as well. Great. Maybe just, you know, two more just to wrap it up. One about, you know, people and talent attraction. You've consistently sent a message that new talent is an important part of Ford reorganization. You know, how do you decide what kind of new talent to attract that's good for your transition at the multiple layers of the organization, and at the same time, also align with the diversity and inclusion goals? Yeah. It's, it's been a great opportunity for us with the transition we're making to attract a lot of new talent to company, or a lot of new talent to the company, both in our senior leadership ranks and also, quite frankly, across the country where Ford does business. We've recently invested significantly also in the training of the next generation of auto technicians, over a $500 million investment. We're looking at this from all aspects of the workforce and providing the opportunity for everybody to be on this journey for us. You know, as we bring in that new talent and attract folks, whether it's from software or all the unique talents that are required for the power electronics that go into our systems, one of the things that we're gonna be able to do is, you know, attract talent from a lot of sources that maybe we hadn't traditionally tapped into as much as we would have liked to in the future. Some of that is about even new research and innovation centers. We announced, and it's opened up a new research and innovation center in Atlanta. This is allowing us to attract talent from traditionally black universities. Look, from a diversity, equity, and inclusion aspect, our efforts have been recognized. We're proud of the five years running now that we've been on the Bloomberg Gender-Equality Index. It's gonna take all of us working together across a wide array of people to be able to bring these products and services to our customers. These are our customers. We need to make sure that, you know, our workforce at Ford is representative of the customers we serve around the world. The transition that we're making to electrification has been a big enabler and created a lot of excitement with for folks that quite frankly, maybe wouldn't have ordinarily considered Ford in the past. A lot more to come on that. We're proud of the talent we've been able to attract for sure. Finally, maybe to conclude, how do we track Ford ESG progress from the outside? What are the best metrics to look at? What are the ways you're keeping the organization as a whole accountable internally on each of your ESG goals? Yeah. This is, this is an interesting question in terms of, you know, reporting progress and tracking progress. You know, we've been on the journey for reporting our progress for well over 20 years now. Over the last few years, we've actually integrated our sustainability and ESG reporting with our financial reporting. It's what we call our integrated report now, in terms of bringing it all together. You know, this has exposure, and it's been operationalized in all aspects in the company, and that goes up through the board of directors. We have a Sustainability and Policy Committee of our board. Actually, we just met yesterday and, you know, I have the pleasure and, you know, unique opportunity to be able to engage with our board. We bring a wide array of our team in that work in all aspects of ESG across the company. The metrics that are used, you know, externally around tracking progress are, you know, quite vast and diverse. That presents challenges in some respects. As we see things like different initiatives with governments around the world to standardize some of this reporting, we know the SEC in the U.S. is moving towards requirements. You know, we wanna make sure that as we transition to some of these requirements, it's still gonna be responsive to customers and to stakeholders who are clearly tracking our progress. In, you know, in the meantime, that doesn't change, you know, the level of transparency that we'll continue to report on. You know, we supplement our higher level reporting with very extensive data on all aspects of our business. This is another area where I think there is some opportunity and a chance for, you know, whether it's within industry or in government, to share some best practices and to make sure, you know, in this kind of complex area, the progress can be clear to those that really need to understand it. That sounds great. I think we went over time by a few minutes, but I really very much enjoyed the conversation. Bob, thank you so much for joining us, for presenting to us the framework and the ambitious ESG goals at the Ford Motor Company. Thanks, everybody, for joining and tuning in. Emmanuel, thank you. It was my pleasure.