Ready for, for, getting back into your seats. For folks on the side, if you could settle down and get in your seats, or if you could quiet down over there, just because we got a bit of an echo over here. Next up, we're very happy to have Ford Motor Company. We have a dear friend, John, John Lawler, who's the Vice Chair currently, prior CFO and had many, many roles in the company over, over the years. John, his new role is focused much more on strategy, traveling the planet, trying to understand what's going on in the industry everywhere, as well as Ford everywhere. So it's a, all-encompassing job. I'm sure John has not slept in a very, very long time, given everything that's going on right now in the industry and with Ford, and it goes way beyond just the recent tariff noise. John, thank you very much for all the help over the years, the partnership, and especially coming today. We really, really appreciate your time. Thanks for having me. We're going to kick off with the obligatory tariff question just to get that out of the way and then get into some of the real meat of what's going on at the company, in the industry. Hopefully, we'll get through this pretty quickly. You know, there's a lot going on with tariffs. There's a lot of extreme uncertainty. I just wonder if you could kind of sort of review some of the public statements and how Ford is thinking about this at the moment. In reality, Ford is very, very well positioned. It's been a great American company for a very long time, and has been, you know, very sort of responsible in supporting, you know, the country and producing here in a way that maybe many other companies are not. I just wonder if you could kind of talk about your current take, your current positioning, and what your thinking is, on the current situation. Yeah. I think, you know, personally, I believe one of the most important things you have to do in a corporation is position yourself for success no matter what happens. I think we've done that. Our balance sheet's in great shape. We've got a good position from a cash standpoint and liquidity. I think we're positioned really well as a company to manage through whatever's coming at us. I'd also say, as you mentioned, we are positioned better than most in the industry because we are the most American company. We assemble more vehicles than anybody else. We have the most hourly workers, and we export the most vehicles from the U.S. I think that gives us a unique position. Now, are there going to be headwinds as this unfolds? Exactly. There will be. Quite honestly, we're all working through that right now to understand how all the tariffs align, what the impact is going to be, how we're going to work through this. We're going to work on managing what we can control, continue to engage the dialogue, and, you know, continue to work through this. At this point, there's really not much more I can say. We will have more information when we do earnings in a couple of weeks. You know, as things unfold and we understand how things are going to shape up, you know, we'll have a point of view and we'll communicate it at the right time. Great. Appreciate that. Beyond this, though, there's a lot going on in the industry, right? I mean, if we had, you know, around the clock, you know, a month or two ago, there's still, you know, a tremendous amount to talk about. Maybe just in an overarching way, as you think about all the changes that are going on in the industry, globally, I mean, we kind of refer to it as tectonic shifts. It might be a whole lot more than that with a tsunami layered on top. I mean, maybe you could talk about, you know, your view and how you're approaching your new role and trying to understand, you know, how the industry is evolving and changing and how Ford fits into that. Absolutely. You know, I moved out of the CFO role at the end of February, and pretty much for the last two months, I've been on the road. You know, I've been in Asia, I've been in Europe, of course, the States. Tectonic, I think, is, I like the idea of adding the tsunami on the top of that. When you look at the industry, it is transforming dramatically. Look, not only do we have the Chinese coming in, which are real competitive players. Right, we had, if you just go back and you look at the domestic OEMs, the Japanese came, then the Koreans came, the Chinese are coming, right? They are a force to reckon with in Asia, Europe, and eventually they will be here. I don't think we could, don't know what the timeframe is, but I don't think we can say no, they're not going to come to the U.S. You have the competitive nature of the industry accelerating. This is much different than what we saw in the past when we saw the rise of different companies around the world, in that not only are they bringing product and technology, they're leaders in electrification, but the pace of change in the product development system is unbelievable. I guess what is it now? If you look at the Chinese from concept to market, two years, maybe less, and that's shrinking. They're leaders in cockpit software. When I left China in 2016, it was a digital society back then, and it's just only advancing. They're leaders in battery technology. They're leaders in development. They have the lowest cost structure in the industry. All of that's coming together. You have, on top of that, the pace of change for electrification. ICE vehicles are going to be around longer. You have multi-energy with ICE, so HEVs, plug-ins, EREVs, that's coming. You have to invest in all of that. EVs aren't going away. You have advanced digital electrical architectures. You have the software-defined vehicle. All of that requires capital, and it requires not only the dollars to invest, but the human capital to make that happen. Each of us can't afford to do that on our own. Step back and look what's happened to the industry over the last couple of years. Do you know that between, probably over the last 10 to 12 years, there were roughly $80+ billion of profit in China? Now, a big chunk of that was the global OEMs, and they used that to invest in products. They used that to fund development. Profits in China are down over 40% over the last three years. I don't think it's going to get any easier. It's only going to get tougher. How are we going to replace that? To fund all of these things coming at us, we have to think about the industry differently. We have to think about joint ventures. We have to think about partnerships. Maybe there'll be consolidation. If something doesn't change, all of us can't do all of this on our own, especially with what has been one of the largest profit pools and cash generators in this industry over the last 10 to 12 years drying up. Tectonic, yeah. Tsunami, absolutely. We have to figure this out. That is what I'm trying to do, is figure out what our plays will be, how we work this. As I said, we're positioned really well right now because of the strength of our balance sheet, the cash we have on hand, and what we've done so far working on restructuring the company. Yeah, I think that this is going to be an inflection point for the industry and every company in the industry, regardless of what happens with tariffs. Interwoven into that, you know, the changes that are in China are the EV revolution. Yeah. Right? I mean, and we look at, you know, product cycles dropping from sort of, you know, looking at Car Wars, five to six years now, to 18-24 months, which is going to make all of our lives more, more, more challenging. You know, the old adage is you guys were over in China, you know, your partners are learning from you, but now there's a tremendous amount potentially for you to learn from them. As we kind of think about sort of in this context of the EV revolution, evolution, you know, big bang, whatever you want to call it, you know, what are the lessons that you think you're learning as you're kind of going through this? I mean, you've been going this for a while, you know, certainly trying to learn from them beyond just the last few months. you know, what do you think you're learning at Ford from these folks, and how can you increase those cycle times and become really competitive with them? Because as you said, they're not going away, and they're going to continue to grow and spread probably over time. Yeah. I think the number one thing that we're learning, relative to them, is one, we need to increase our development cadence, that's for sure. It seems like there's two development processes in the world right now. There's the East, and it's the process that Tesla follows, which is an agile approach to developing the vehicles, which has cut the development time dramatically. There's the linear waterfall process that we've been using in the industry for decades. We need to learn how to do that, and then we need to find the right transfer function to bring that back. Now, we had realized this a few years ago, and what we did is we went out and we hired folks that were doing it similar to the way the Chinese do it with Alan Clarke and some of the folks from Tesla and some of the other tech companies. We put that in place with our Advanced Electrical Development Center out in California, previously known as skunkworks. They are using that process, and we're very much using that to accelerate the pace of development. We're also looking at our, with our partners and working with our partners to develop electric vehicles, as well to understand how they do it. Now, let me digress for a second and then come back to that. When you look at our China business, we've already changed how we approach it and how we learn from our partners. One of the silver linings in us hitting the skids in 2019, 2020 in China before everybody else is we had to adjust our business, which we did. We went low capital. We leveraged the partners' platforms. We leveraged the partners' development process to create Ford-branded vehicles off of those platforms, and we used those to export. Last year in China, including exports out of China to Southeast Asia and South America, the China business, if you frame it that way, was roughly $900 million of EBIT. You have to look at that differently and have to leverage their capabilities and their platforms and their development process, and it's working well for us. We're trying to take that transfer function and bring it back. We've made a huge step forward in electrification with the skunkworks team out in California, and we need to bring those learnings together, and we need to continue to accelerate that. I'd also say what we're learning from them is they are the lowest cost structure in the industry. How do you use that? Now, one of the things that we need to do is we need to work with our partners to understand how you bring that cost structure outside of China. Is it going to be the same cost structure? No. Whoever can do that at the lowest increase, is it 10%? Is it 15%? Is it 20%? Whoever can do that at the lowest increase is going to win and establish that cost structure and that supply structure outside of China. These are the types of things we're working on. Then the other thing I would say when it comes to electrification, John, we made the shift, and I think this was an advantage of being a first mover, having, you know, the Mach-E and the Lightning and the Transit van out there early, although not optimized, and we understand that. We learned a lot about the customers, and we learned a lot about where to play and how to win. Three, four years ago, the whole narrative in the industry was, I can remember it as one, who's going to invest in those money, which I've talked about in the past was a mistake because it seemed like whoever invested the most was winning. Now it's $10 billion, $20 billion, $30 billion, $40 billion, $50 billion. That was a mistake across the industry. The other thing that proved to be an error state was everybody thought battery costs were going to come down dramatically, right? What was it that we'd be at, what, roughly by $26, $50 a kWh for a pack? We're nowhere close to that. As we started to pivot and we went with the Advanced Development Center, we started to look at where we would play in electrification, and we concluded it was small and medium-sized utilities and pickup trucks. The reason why is because those smaller form factors require a smaller battery. These large vehicles with these huge batteries at the cost of electrification today for the battery, the kilowatt hour, they just don't work. That is why we pivoted, and that is what we're going to be coming out with, with the products we launch out of the skunkworks team. It's a little bit of a roundabout answer, but that's how we're thinking about it, and that's how we're pulling it together. When skunkworks was first announced, you know, there's a lot of skepticism, right? I think what's become clear, and we're going to have some great folks from Caresoft later today doing a presentation on some of the, you know, the Chinese teardowns, you know, it really is becoming clearer that some of the ICE notions and the platforms that have been created by other folks and to yourselves as well to sort of leverage some of the know-how in the past really is kind of almost sort of missing the whole point. Stuff like NVH, you know, are totally different in an EV that allows you to, you know, take costs down. I mean, if you think about, you know, the skunkworks team and what you're learning in China and then learning from some suppliers, you know, do you think that you've kind of made this step forward with the non-ICE folks and these all, you know, whole new crew, understanding really what needs to be done? Because I think there's some platforms that some people have out there that are EV platforms that are, you know, 20% heavier than the, you know, than Teslas and the Chinese. And it's just, you know, you're like, oh, that's a great platform, but it's still incredibly inefficient. Or you're seeing that payoff pitch come from the skunkworks team at this point. Absolutely. It is because of the talent we have. Alan Clarke was the chief vehicle architect engineer, I guess, for most of the Tesla platforms. He understands the importance of that, and that is what he has brought. Absolutely. We believe that our vehicles coming off of that platform and the top hats we put on that platform will be fully competitive with the global base, the Chinese as well as anybody else that is out there. You had a question on time? Yeah. I mean, the technology's everywhere now, and it's growing, but maybe if we could drill down on autonomy, do you think it's important to build that in-house? Can you look outside and integrate? Just give us a little update on autonomy. Yeah. You know, we'll be pragmatic when it comes to the autonomy. We were with Argo. I think we moved sooner than anybody else in moving away from Argo until L4. We brought a lot of the best engineers from that team inside with Latitude. We've created a great product in BlueCruise. You know, it's the number one rated. We have over 300 million miles now on with the system, and it's only getting better. 300 million? Yeah. And then $300 million. And then, you know, we'll eventually move into L3, which is eyes off the road, right? I think it's an unlock, and it's an important unlock. Now, the road into true L4, where you don't have a driver at all, that's a ways off, and we're going to be pragmatic about that. There's nothing that says we're absolutely going to develop it in-house. We may partner. We may look at others. You know, I think we're on a good trajectory right now with that for the L2 to L3. Now, one of the things we have to come to grips with in the industry, though, is that that ADAS technology is going to be different in the West than it is in China. When you look at the software-defined vehicle, the fully integrated electrical architecture, and then ADAS technologies, right now, the industry's probably requiring three fully developed systems, which are not inexpensive. You're going to have China. You're going to have the West. And then you're probably going to need a system for low-cost markets because they're not going to be able to afford the full system, but there's going to be some of that technology and benefit they're going to want. How are we going to do that efficiently? Can every OEM do all three of those on their own? How is this going to develop? These are the types of things we're thinking about. How do we position ourselves to win? What's the best path forward in that? That's helpful. Thank you. Yeah. Maybe if we could talk about, one of the more mundane but very practical technologies of the connected vehicle. Yeah. With Ford Connect, you guys are kind of, you know, leveraging this to some degree. As we look at this, you know, this is talking about the dealer level. There's $1.2 trillion captured at the dealers and $53 billion of profit. Beyond that, in the lifetime of vehicles, another $1.2 trillion that's not captured, you know, at the dealership level and for you guys. And that's $133 billion profit. It's two and a half times the profit, half the revenue. You know, I, you know, I've talked to Farley about this a number of times. You guys have the opportunity and the right to play because it's your asset that you created in the beginning. It's kind of a little bit wild that, you know, over time, somebody else is picking your pocket, making the, you know, the profit returns. You really have a right to play here. This connected car technology, you know, may be opening the door to you playing in that lifetime revenue, much more than you have in the past. You got a good business there right now on, you know, on the OEM parts with your dealers, but there's a lot more to be had, another $1.2 trillion, $133 billion of profit. You know, how do you think about that connected car technology and using that and utilizing that to get after that half the market that you and your dealers are not getting after? How do you partner with these dealers to get after it as well? Yeah. I've got a lot to say on this. You're going to have to get my back in. Yeah. Keep going. You want to hear about that. Yeah. Outside of the competitive landscape and how quickly things are changing in the industry, this is the most important question in my mind. Let's all face it. The multiples in our industry are terrible. I like to use a different word, but I probably shouldn't say that. Public form. Yeah, exactly. They're terrible. What drives that? Why is the, you know, just compare yourselves to best-in-class industrials. Our margins are bad. Capital efficiency is atrocious. We haven't been good stewards of capital. Growth hasn't really been there. Our cyclicality is off the charts. Peak to trough during recession, right? Those are the four things. If you compare us to best-in-class industrials, I think that really hold us back. It comes back to what you just mentioned, John, is that we invest billions of dollars in the hardware. How much of the TAM generated by that hardware do we capture? You just said it. We get our pockets picked. It leaks out. That's why our margins are so low. That's where our capital efficiency is. One of the reasons why our capital efficiency is so low. Peak to trough. This idea of the connected vehicle and having revenue streams that create value that not only are higher margin, more capital efficient, and reduce the peak to trough cyclicality in the industry, that is the unlock for the industry that, quite honestly, I did not think was ever going to happen. It is going to take us being from an old, you know, smokestack industrial, grinded out, capital-intensive industry to the one that is dynamic and has opportunities to grow and have better margins and capital efficiency. That is what we need to make happen. I think we are well along the path with the connected vehicle and what we are doing, starting with Pro and the integrated services that we are building out. It is not just software. It is the physical services. You are right. I think we capture about 37% of the physical services that are available to us. Every point to share is worth $30 million EBIT. Our goal is to get to 50% by 2026, but is 50% enough? No. It should be more than that. Why are we not capturing 85% or 100%? Now we are developing a relationship with the customers. We have the data coming off the vehicle. We can create value. We can get to the point, and we are working to get to the point of guaranteed uptime. All of those things are going to allow us to have a different relationship with the customer, to create value. That is going to allow us to grow, we think, especially in Pro, our penetration, right? Our share of wallet, and then the ability to drive significant benefit for our commercial customers. We can't do that on our own. We have to do that with the dealers. We have some very, very good commercial dealers out there that understand the commercial business. They are working with us to do mobile vans, right? We are growing that at over 30% a year, I believe. Those mobile vans allow customers to get their vehicle serviced on the job site. We can do 80% of all service needed for a customer with one of those mobile service units. We can go to their place of business, where they are working. They do not have to stop their work, and we can service their vehicle. We have commercial service centers, which are unique centers because they have special abilities to work on these big vehicles with cherry pickers or, you know, large attachments like, you know, those that clean out sewers and things like that. You need a special physical location to do service on those types of vehicles, certain service on those types of vehicles. We have roughly 32 of those today. We are moving to 100. Those are our dealer partners. We cannot do that on our own. We cannot do mobile fleets on our own. We cannot do the commercial service centers on our own. They have established very good relationships. We are working to build out the software side of it through fleet management and telematics. That is coming in very well, right? We have over 650,000 subscriptions. A lot of those are, you know, telematics fleet management that have a good ARPU, and that's growing as well. We need to do that in conjunction with those great dealers like the Penske and others around the world, around the country that are going to help us. How do we bring that globally, right, for Pro? Yeah, it's a big unlock for the industry. It's a big unlock for Ford. I think we're positioned better than anybody else in the space to take advantage of it. We're continuing to build that out. That is a huge focus for the leadership team and a huge focus for Jim. Maybe to wind you up a little bit more on this, as you look at this, I mean, we look at, you know, peak to troughs and trough to peaks of, you know, five to 10 years. If you can get into a 10-year realization of revenue off a vehicle or operate, you know, in the used market to some extent with the help of the dealers, you potentially take a lot of cyclicality out of the earnings stream. You know, when you do this in Pro, you're learning a lot that hopefully you can apply to Blue and E. You know, how far along was that? I mean, and you get into one of these wild things where if you're, you know, dealing with a second and third customer and the vehicle's being serviced at your dealerships, vehicle gets captured at that dealership, you then have this opportunity to understand what's going on with the vehicle, understand the residual value. If you're understanding what's going on with the residual value and supporting it, that has big impacts on your new vehicle pricing. This whole becomes this very, you know, amazing ecosystem that has, you know, not been, it's kind of been known, but not levered, you know, that well at all by Ford and your dealers, or as much as it should be. I mean, you recognize this stuff. You mean where are we on the retail side of being able to do that? When you think about sort of there's the revenue and profit opportunity kind of directly, but indirectly, the benefit to the business is massive because you pick up a couple of points on pricing, you know, you're dropping trades at bottom line and, you know, it could be tremendous. Yeah. And the margins in both service and software are much higher. Exactly. As we pick that up. You know, we are more advanced and further ahead when it comes to commercial, but we're learning from that. You know, BlueCruise, right, and ADAS, that's being applied across both. That's one unlock for the retail side of the business, both E and Blue. You look at things like Secure. Safety and security is really important to commercial customers, but it's important to retail customers as well. We're building out that business line. Not only is it while driving and having security there, but while the vehicle's parked and how do you leverage the vehicle, you know, to provide additional security, protect what's in the vehicle, and other things. We're looking at not only, does it matter around the commercial customer to have uptime and predictive failure, but that's just as important for the retail customer as well, right? If when we take this data and we build this out, we need to get to the point where a customer can be confident they will never have an incident other than, let's say, something happening with a tire or an accident where they're on the side of the road because we're going to be out in front of things. You have the trade cycle management. If we understand the vehicle, how it's used, where it's operated, and we understand when the trade cycle should happen for optimization for that individual, and then we can leverage that through the used vehicle market, we're starting to capture a much bigger part of the TAM that we've never played in. This opens up this whole aperture of things that we need to be working through. We are starting on the pro side. We are leveraging what we are learning. We are bringing that back to the retail side. We are just scratching the surface at the unlock. It is really not showing up yet in the numbers, but that is what we need to figure out how to do. Again, I keep coming back to it. I think we have positioned ourselves really well. Now we need to start bringing this home and bringing it to the bottom line. Yeah. It's kind of wild because it's out there. It exists. It's not recreating new, you know, revenue or creating revenue or subscriptions necessarily. There's a massive, once again, $1.2 trillion that, you know, you could get after and make a lot more money with the help of the dealers and partners. Yeah, exactly. Maybe if we could flip back to Model e for a second and we'll go through each of the three segments pretty quickly here. You know, there's a lot of change in, you know, there's the tariff noise, but then there's the other stuff that's going on from CARB, ACC II, it's an EPA, you know, potentially relaxing, you know, fuel economy and emissions regulations. As you think about that, I mean, and I applaud you guys for canceling, you know, I don't love it when you cancel programs because it messes up our coverage analysis, but it's a good, but it, you know, it was a good decision, you know, to cancel that three-row EV. I agree with you all day long. I think that was a very smart decision. Given what's potentially changing from the regulatory standpoint for CARB, ACC II, or CARB, you know, all together, and it's an EPA, you know, easing their standards, you know, how do you think about the investment in EVs? Because obviously this is your biggest, most important market. China is a little bit of an opportunity. The rest of the world is a bit of an opportunity. This is your home market where, you know, your bread and butter is. Is there the opportunity to potentially pull back a little bit further or change strategy? Or, you know, how do you think about that business at this point? Yeah, it's not a matter of, you know, if, it's when. And it's the rate of change. You know, one of the things we did is we never stopped investing in multi-energy, right? We were hybrids, plug-in hybrids. There's other technologies coming, EREVs. And we think that's going to be a really good bridge into electrification. But we still need to be moving forward on electrification. And we like where we're positioned with the California team and what we're developing there. And we've already pulled back on some of the investment. You know, we've been clear about that. So we're going to find the right balance. And one of the things that, you know, we're thinking about very deeply as a company is, I think this industry for the 35 years that I've been involved in it has really run as operators, not investors. We're thinking about the business as both an operator because it's such a tough business to operate. You have, you know, I think that's one of the biggest unlocks for us is our cost structure because we slipped a little bit from that operating standpoint. We're getting that back in line, right? It's the fact that we have to be investors. Whatever we invest in has to give us a return on that capital above our cost of capital. As we've talked about in the past, we have a different hurdle rate for each of the businesses based on their risk profiles. That's how we're thinking about the business. Yep, there's opportunity to pull back. There's opportunities to partner. There's opportunities to leverage what others have done. We're not doing everything on our own. That is what we're working through and we're developing. Don't have any specifics to announce right now, but it's at the front of our minds and how we're going to do that with electrification because this tail of ICE is going to be longer. Multi-energy is going to be in there, and electrification is going to be in there. Things are changing dramatically here in the U.S., but they're not necessarily changing around the rest of the world. We have to think about it. That is the other huge tsunami that's hitting the industry. Before tariffs, it was becoming much more regionalized because of the pace of change of electrification adoption, as well as the taste of the consumers are diverging more than I've seen in the past. You've got regionalization on top of it. We have to be able to satisfy our customers in every one of the regions where we operate. That is important for us because with the shifts that are happening in the industry, we believe we need to be a global player because, you know, the competitive nature of where the Chinese are heading, they're looking to dominate around the world. If we get pushed back into just operating here in the United States and being a U.S. automaker, you know, large profit, but where does that put us as a company in 10 to 15 years? We have to compete, and we have to learn to compete globally against the best that are out there. That is what we're doing. Maybe we could talk about that tail on ICE. I mean, you got a great truck portfolio. I mean, based on our analysis, I mean, you have the product portfolio and the pipeline for the next four years is great. You got a lot of truck stuff coming out. Rumors the F-150 might be pushed out a year, but that's, you know, I mean, you know, to get that product right, that's small potatoes and getting everything right. How much more time and how much more profit do you feel like you could squeeze out of this business? I think this gets into our, you've probably seen our Core to F uture, you know, theory of you need to leverage your core. You know, how much longer do you have and how much more money do you think you can make out of this portfolio, you know, X the slightly favored position you are in what might be going on with tariffs or not, just really in this core, you know, extension of ICE? I mean, it could be the kind of thing where you have another five, we'll see what you say or maybe think about, but you might have an extra five years of printing, you know, very high profits on these vehicles or maybe even longer than that to help generate the capital, which is what you need to do in this business to fund the future. I mean, how do you think about that longer tail, the reinvestment in that product and powertrain on the ICE side and how that's kind of shifted or maybe not? Yeah, that tail is going to be very long, I think. I don't think it's five years. I don't think it's 10 years. I think it's plus. Yeah. Think about the technology that's required. These trucks that we have, there's a big part of it that's retail. There's, you know, multi-energy options on that retail side. You know, we're one of the leaders when it comes to hybrid pickup trucks and electric pickup trucks. There's going to be a niche for that. Hybrids is less than a niche, but electric pickup trucks. Those that actually use the truck as a tool, which is the majority of our customers, there isn't a solution that's going to work for them that is electrified. There isn't a battery technology that we know that's emerging that's going to allow those to be efficient and cost-effective. It's going to continue to move into multi-energy. There may be alternatives. We're going to need to continue to develop better emissions platforms for those vehicles. I see those, the tail on that being quite long because there isn't a solution that fixes that. One might say hydrogen, but where's the infrastructure for that? Where's that in development, right? I think those large vehicles that are used for commercial purposes and for work, there's a long tail to that, a long tail. Until we have a breakthrough in technology, the larger form factors, battery electric vehicles just aren't going to work. We talked about that from the standpoint of that cost per kilowatt hour, those batteries are huge. It's the most expensive piece of commodity in an electric vehicle. Until there's a breakthrough there, it's just not going to have the adoption because the pricing and the structure of it's just not going to work. I think there's a long tail. That is why it is important that we have to invest. Coming back to what I said earlier, we have to invest in multi-energy and hybrid technology. We have to invest in EVs. We have to invest in driver-assist technologies. We have to address and advance electrical architectures. We have to invest in the software-defined vehicle. That is capital and talent. Doing that all on your own for every OEM is not containable across the industry. Okay. I want to save some time for cap allocation, but real quickly on Pro, great business on commercial vehicles in Europe, right? I mean, we've talked about kind of more in the context of the U.S. Maybe you just talk about that positioning of Pro or the commercial vehicle business in Europe because that's another great pillar of the company that often gets overlooked. Yeah, the business in Europe is very profitable. We're a segment leader in vans. It's growing. It's a little bit of a different business. We don't see the uptake as much on the software in Europe as we do in the United States. It is a little bit of a different approach with the customers there, but it's a great business for us. What we're figuring out, you know, similar to what we're doing here in Europe, it's not only the form factor, it's the choice that we give our customers between, you know, multi-energy, full ICE and electrification options. The service is important. The uptime is important as well as how we're approaching with them the life cycle. Many of the things that we have here in the U.S. that we've talked about, they apply in Europe. It's a growth business for us. We have the lowest cost footprint with our joint venture in Turkey where we produce the vans. You know, it's a sweet spot for us and we're going to continue to build that out. If you look at the success we have on Pro in the U.S. and we have in Europe, how do we bring that and think about that in more of the emerging markets with affordable commercial vehicles and the know-how that we have and the customers at a different stage, but how do we bring them along and leverage the learnings we have both in the U.S. and Europe? That's how we're thinking about it. Okay. You know, we got four minutes left, so we'll go quick on cap allocation here. You know, two big players being the Chinese large and Tesla have a cost of capital advantage. You know, how do you think about, you know, the capital allocation in the context of having that cost of capital disadvantage? You have to generate organically. You're doing a great job, I think, of doing that, you know, versus, you know, and you think about sort of that somewhat disadvantage, right, from those folks who get low cost of capital. Also, you know, how do you think about that sort of in the context of how you invest in product powertrains, but then also return of value to shareholders, whether it be, you know, in dividends or buybacks? I would applaud as a shareholder, well, I'm not a shareholder, but representing shareholders as an equity analyst, kind of what she was, you know, that allocation, you know, of capital. Yeah. We've been pretty clear about the return to shareholders, 40%-50% of free cash flow. We've been at the higher end of that at 50% over the last few years. At that point, 50% of our free cash flow is going into our balance sheet right now. We have a good cash position. That's to invest in organic growth areas or inorganic, depending on how they come along, where we believe it's going to advantage us and we're going to get a higher return on that capital. You know, over the last few years, as I've sat in this seat with many analysts, there's been a lot of pressure around how come we're not doing share buybacks. We have been very consistent that, you know, we believe that the most appropriate use of that capital is for investing in the business so that we have the creative growth opportunities. We have said that we will continue to do that. That is how we are thinking about things. Eventually, over time, if we do not have those opportunities, you know, then we would look at how we distribute that back to shareholders. We are not at that point. We believe 40%-50% is the right allocation right now. With the opportunities we talked about at the beginning of this conversation, the tectonic shifts in the industry, the fact that the capital that's going to be required for all of these developments, no OEM can do all of that on their own, and every OEM can't develop that themselves, how are we going to leverage the position that we have put ourselves in, which is, I think, a very good position to figure out how to pull and knit all of this together with partnerships, joint ventures, potentially rolling things up, et cetera, around the industry so we're advantaged. Capital is going to be a tool that we have because of the strength of our balance sheet to be able to do these things and continue to invest in the business so that in 15 years, in 10 years, we are a global player that is going to be a force to be reckoned with. Remember, we have an advantage. We have the ability to look long-term given our ownership structure and the family. They think about that. That is a gift that we have that we can leverage to really position ourselves for success in the future. We got things to fix today. We're working on it, right? We're working on it. I think we're positioned for the future. I think there was ever a time and a place to have what some people might view as excess cash on the balance sheet now is, right, to create the optionality to operate the way you need to in the future. One last question, which was not on the docket, and I might get in trouble for asking this. John, what car are you driving or truck are you driving right now? You can tell us what you like about it. Oh, that's easy. I drive a Mach-E every day. I love it. Just once you get into an electric vehicle and the handling and the feel and everything, it's amazing. Again, like most customers out there, you know, if you want to go on a trip above 300 miles, you've got to figure out how to charge. That infrastructure, range anxiety, that's there. I also have an F-150, and I love to drive that. If I can get my wife out of it because she loves it. And a Bronco. I like to go off on the trails. Michigan's great because we have lots of trails and off-road opportunities. Those are the three vehicles that I drive the most. That's what I love about our lineup. You know, if there's anything I want to do, and then if I feel like, you know, a hot rodder, I'll go get a Mustang GT and drive that and blah, blah, blah. We just have a great lineup that how could you not want to work at Ford? I mean, look at the products we have. Every time you're at a party or with folks and they find out you work at Ford, they want to talk about the vehicles. It's much better than working at a soap company. I don't know how I talk about shampoo. I don't really have to anymore. John, you know, thank you for the time today. Thank you for all the, you know, the time over the years. We really appreciate the partnership. Thank you so much for spending the time with us today. Thank you.