Welcome to the GB Global Auto Conference. My name is Edison Yu. I lead the U.S. Auto Research here. We're going to kick things off, with a bang, this morning with Ford. Very pleased to be joined by Andrew and Navin. Thank you. Good morning. Good morning, everyone. How you doing, Edison? Excellent. Andrew is the President of Ford Blue and also Ford Model e. Naveen is the CFO of Ford Pro. Between the two of you, I'm sure we can cover many aspects of Ford. Maybe I'll start with Andrew. I know you recently, you know, ascended to the role, basically, you know, running several divisions now. I think investors actually haven't heard as much from you publicly over the last couple of years. I would love to know more about your background at Ford and also kind of your high-level priorities coming in. Okay, very good. Good morning, everyone. It's great to be here with you, and Edison, thank you for hosting us today. Yes, I've been actually, I'll be celebrating my 30th year with Ford on Thursday of this week. Big week and very excited to be here with all of you. My background primarily has been in marketing, sales, and service in the U.S. I worked in our International Markets Group as a general manager and have been able to work in several positions serving both the Ford and the Lincoln brands over those years. Over the last few years, through general management, have taken on the role of Ford Blue and then more recently Model e and Interim for Pro. From a priority standpoint, our objectives are very clear. We are obviously very focused on cost and quality and reducing that across the Ford Blue business right now. We're fortunate to have a lot of iconic vehicles in our portfolio, and we're really looking to grow at this point. Our Model e business, we are looking to improve our overall profitability as we come out of our first generation of products and into our second and working on now our advanced electric vehicles for our third generation. On the Pro business, we just want to continue to accelerate our growth. This is a huge competitive advantage for Ford. It's an area that we do extremely well in across North America and in Europe. We continue to grow, and we continue to, we want to continue to, from a prioritization standpoint, just build upon the competitive moats that we've been able to set up with our Pro business. It's been a dynamic start to the year. I think anyone who has been following the auto industry. To say the least. I would agree that it must be the stable year after everything that's happened, but we cannot catch a break there. There's been tectonic shifts in U.S. policy in light of that. I think most people would agree that Ford has emerged, at the very least, as a relative beneficiary. Where do you see the most opportunities from a competitive perspective? That could be both for consumer and for commercial. Yeah, I would start with, first of all, that is true. I mean, we are really in a position right now to leverage the American footprint and our deep roots that we've had in America for quite some time. As many of you know, over 80% of the vehicles we sell in the U.S. are built here in the U.S., which gives us an advantage. It's something that we are not in a position where we're having to react too strongly at this point because this is not a course correction for Ford. This is a continuation of our strategy and our deep commitment to U.S. manufacturing. It puts us in a bit of a different position than many of our competitors that are having to react to this. We're on pretty stable ground at this point as it relates to that footprint, which gives us some optionality in how we want to compete in the market. We have, like we were saying, we have optionality across our Ford Blue, our Model e, and our Pro business. We also have optionality across our vehicle lines in terms of where we want to flex and do competitively. And we have optionality across our powertrain lineup as well. You know, we sell our ICE vehicles, we sell our hybrid vehicles, and electric vehicles as well. So, we have the ability to really react nimbly to the market and the changing customer dynamics. All of our iconic vehicles, really F-150, Explorer, Bronco, on the Pro side, Super Duty, and Transit are all 100% built here in the U.S. We really have an opportunity as we look at how we want to flex in the market and compete in the market. We have the ability to look at how we're set up versus our competition and really take advantage of our footprint and really leverage that for us. How important is growth and market share right now in the U.S.? You obviously have some structural advantages with the new policies, and I think we've noticed some of the promotional activity that's been implemented. Is that kind of more of a focus now given the situation relative to, you know, perhaps pricing going forward? Yes. First of all, market share is important to us, but it's important to us if it's done profitably. It is really that balance of growing our share and doing it in a very profitable way. From a promotional standpoint, like you talked about, it was very important for Ford to take a leadership position in the market on April 2nd when a lot of the tariffs went into place. We felt we're uniquely positioned to really lead in this perspective. Consumers have looked to Ford. You know, we've been around for over 120 years. We've been through wars. We've been through pandemics. We've been through recessions, recessions where we didn't take bailout money. We really want to be very, we want to be there for customers at times of uncertainty. On April 2nd, we launched our From America for America campaign that provided customers with employee pricing. You know, they pay what we pay. We did that to really take the long game on being there for customers at times of uncertainty. They looked to Ford. They looked to Ford for stability, and that's what we were able to do. It's really paid off for us in the last 60 days. You've seen a lot of the results in the market last month. This goes back to your question on growth and how we're doing it. Last month, coming out of May, we just closed, you know, 10 days ago or so. We actually posted a 14.7% share here in the U.S. That's up 1.9 points of share on a year-over-year basis. You know, a lot of times in this industry, we fight for tenths of share, and to have a 1.9% increase year-over-year was very strong. We did it with our profit pillars. Our trucks had the best, when you look at our whole truck portfolio, it had the best month we had had in two decades, 20 years. Our Bronco business continues to grow. Our Bronco family sold around 30,000 units, and Bronco beat Wrangler for the seventh consecutive month. We also were able to grow with our all-new Expedition and Navigator that we just launched. Expedition was up 45%. These are all profit pillars that we're really leaning into as we look for areas to grow in the market. You know, we're leaving the month of May, and, you know, almost halfway now through the year, our inventories are in a really good position. Our dealers have really gotten behind the From America,For America campaign, and we'll continue to run that through the 4th of July time period. The same is true on the Pro side. With Super Duty and Transit, we've been really able to lean into those vehicles and take advantage of a really strong commercial market right now as well. Do you want to add on anything on the commercial side? Do those kind of dynamics apply as well from a competitive and from a kind of growth market share standpoint? Yeah, absolutely. We look at very similar dynamics on the Pro commercial side. Compared to retail, we're looking at volume opportunities, share opportunities, market equation, and we want to grow profitably. Additionally, in the Pro business, we look at our connected vehicle install base and our growth in software and services because that's what sustains the competitive advantages and differentiation that Ford Pro has. Our moats are our deep relationships with customers, the breadth of our vehicle lineup. We have the widest vehicle lineup in the commercial industry, our partnerships with outfitters, and we can configure these vehicles for virtually any on-road use case. We have the largest dealer distribution and service footprint of any commercial brand. We're continuing to deepen those moats. Where Pro goes is with software, we can augment all of that. Taking software and connected vehicles, we're really unlocking value for customers. They're able to do more with these vehicles, be more productive, as well as minimize downtime. We're helping customers grow their business and their top line as well as optimize on costs. It's a virtuous cycle for Pro. We're helping customers. We're leveraging data and insights, which is helping make our vehicles and solutions better and better and more and more optimized. We're growing into higher margin parts and services. This market environment and policy really creates opportunity for us to deepen that market leadership. Because of the breadth of our lineup and the customers and the variety of use cases we serve, that's a real key competitive advantage for Pro. Why that's the case is as policy drives growth in specific areas, for example, investment in infrastructure and rollout of data centers to support artificial intelligence or residential services, we calibrate our solutions to where the market is. We can capitalize on those opportunities. Two years ago, when we presented our Capital Markets Day, our Ford Pro strategy, we have real tangible proof points of progress. We have over 675,000 digital software subscriptions in the fleet solution space. This is telematics and fleet management. We've been growing subscriptions, average revenue per subscription, and we've been growing with both smaller and larger businesses. On the parts side, our attached creative parts is about 35%, and two years ago was a little bit of 30%. We have grown that through capacity actions, adding mobile service, dedicated commercial service space, as well as on the demand side, leveraging software to lease vehicles, customer data and inputs, and our dealers' physical service networks. This is all really integral to delivering the Ford Plus plan. Our ambition a few years in the future is to have 20% of our profits in Pro come from parts and services. What we are doing in Pro is deepening our leadership, but it is growing and diversifying the business into more durable profit streams and reducing capital intensity and our exposure to cyclicality. Yeah, Navin brings up a really good point. There is investment on our side. Our dealer body has also been, and our dealer network has also been investing in this area as well, you know, millions over the last several years. And, you know, just to double-click on one of those services around mobile service, through this year so far, we have done over 1.5 million mobile services, 1.5 million. It is not insignificant in terms of how we are really focused on our customers and providing differentiated levels of service for them. I think it's safe to say the growth has been impressive. I wanted to shift to costs. Ford, I think even you have acknowledged this, has had a cost issue for a while. I think the commonly cited number at one point was $7 billion. Obviously, it's been shrinking. How much progress are we making to address that, in particular on warranty? Can we accelerate that pace of improvement? Yeah, we are making progress. This has been a main focus of the company for the past several years, and we're starting to see it really pay off. We've had three consecutive quarters of year-over-year improvement. What I really like about how the company is approaching it is we're trying to change our, not by doing little tactical things, but really fundamentally changing the system and the culture in the company around how we operate to make this long-term durable. We're starting to see this pay off. You know, systematically, we're really working as a team, as a governance process, like across the whole team. It's not just relying on individual team members, but across our PD engineering team, our manufacturing team, our supply chain team. We're doing so much more in terms of vehicle tear downs, understanding what the competition looks like, where there's opportunities. That's been a big accelerant for some of the growth that you've seen and some of the results that you've started to see. In the manufacturing lanes, we're doing Gemba Walks and going to the plants and spending a lot of time at individual stations, making sure that we're leveraging the best of our plants across the whole Ford ecosystem in each individual plant. We've seen really good progress there. We've spent a lot of time with our supply chain team and our supplier partners. So much of our progress will be done through the supplier partners. I'm really proud of how the team is working differently. We've actually brought in a lot of specialists into the organization to bring new technical skills and new technical tools to us. We're starting to see the results, a $1 billion improvement on a year-over-year basis, excluding the tariff impact. But, you know, we just went through the major launches for us this year, and we did not lose any production. Our production, that is the first time in many years we had not lost production through a launch. Our production stability has improved quite a bit. Our zero MIS, which is the quality leaving the plant when it leaves the plant at zero months in service, is up considerably, double-digit improvement. Our three months in service quality is up double-digit improvement. We are seeing these start to pay off. We are doing much longer-term testing. We are really, you know, across every niche of the business, just running the business in a different way. We are closing the gap, as you said, but we still have a long way to go. We are still really balanced in our approach. We're, you know, we understand what's ahead, and we know this is a big opportunity for us at the same time. Edison, I'll add that growing the Pro services ecosystem is directly linked to us addressing costs as a company. Those connected vehicles and the software, that data directly links into our quality systems. Like Andrew mentioned earlier at Mobile, growing our physical services and our proactive service and our reactive service, that helps us not just minimize vehicle downtime for customers, but optimize on total cost of repair, which will translate into improved warranty costs. Longer term, that data will help inform the vehicles and the solutions we provide, and we can optimize on cost there. Including on things like order to delivery, where we're driving more efficiencies in those processes for customers. The customers benefit because they know when vehicles are coming and entering into their fleets, and we optimize on inventory and working capital, which will also benefit costs. Growing those services is also just really directly linked into the cost optimization that we're doing in the company as well. Speed to resolution, as we have issues, really does matter. It really helps the warranty side. Another element of cost, and I promise we won't dwell on this too much, tariffs. Someone's probably going to throw something at me if we talk about this too much. But, you know, what are we planning to do to mitigate some of these? I realize you're probably in the best position among the OEMs, but for example, I saw you raised prices on models produced in Mexico. Is that kind of the response, basically, to some of these costs? Yes. I mean, we were clear in our first quarter earnings that we see about a $2.5 billion headwind associated with this on the gross basis and net around $1.5 billion because we do plan to offset, you know, around $1 billion of cost actions and mitigating actions. The pricing environment's really interesting because, you know, it's really important as the way we're looking at it is we're really doing a, we spend a lot of time doing market analysis and segment analysis. We are looking literally vehicle by vehicle, segment by segment. Where's our manufacturing footprint set up? Where are our competitors? Where are they likely to price? How are they likely to price? A lot of people just think top-line pricing is what we should be looking for. The reality is there are many different ways to price a vehicle. We're starting to see that play out in the marketplace right now. There is top-line pricing, which some companies have taken and some are starting to take more of as we get into the June time period here. We've seen more activity in the last, you know, I'd say, you know, 20 days or so. It's important to also look at the net pricing. What I mean by that is there are a lot of levers. There's variable marketing incentives. There are different series mixes that companies can use as a lever to manage their overall pricing. We've seen companies, you know, change the way they provide customer incentives, maintenance packages. We've seen companies say, "Oh, we're not going to actually raise prices. We're committed to not raising prices." Yet they de-escalated their variable marketing. They took away maintenance packages, and they did other things, which is a form of net pricing. There are a lot of ways that companies are doing this. We're watching this literally every single day. We're game planning it around our strengths and where we can lean into the market. This goes back to growing and growing profitably and leveraging the footprint that we have here in the U.S. because it is really important for us to take advantage of the market where we can and price in an intelligent way. Like I said before, we're really going to balance that mix of production, pricing, and overall competitiveness based on what's most profitable for Ford. It is a, you used the word dynamic earlier. It is an extremely dynamic market right now, and competitors are facing a lot. Fortunately, we're in a better position. It allows us to be more nimble and react and lean into customers. I like to say right now, at these times of crisis, just like our From America, For America campaign during these times, we want to really be on the right side of the customers and lean into the customers. On the Ford Pro side, I guess, how do we think about it from the fleet perspective, maybe, perhaps, or the government customer perspective? Is the tariff, you sort of pass that on, or is it mitigated differently? It's exactly the same levers that Andrew talked about on the detail side. This is one of the great things of having Andrew as a partner because there are things that are very segment-specific, like growing our services ecosystem. When it comes to market equation, tariff mitigation actions, we're working together as one team, and we're balancing across the business. Now, in the fleet space, you have, you know, orders that we get in from large corporate fleets, and we're negotiating those directly. We have our dealers engaging with small businesses. There's a lot of dynamics there. There could be things like picking what Andrew said about variable marketing incentives. You have some volume-weighted incentives in those markets. You have these other levers and dials. That said, three weeks ago, we had our fleet showcase event in Detroit. We had a top 400 large accounts coming in, and we were talking to them about the business, the market environment, our vehicle lineup, and our services. There is a lot of optimism. Demand for trucks, chassis, wagons continues to be robust in the environment. We look at the same levers. Additionally, Edison, like I mentioned earlier, we're really focused on growing our connected vehicle install base. What we're looking at also on top of all of the levers that we just talked about is customer lifetime value, share wallet growth, units and operation potential, and other loyalty factors. We have in the commercial space, you know, again, our two primary vehicles with Super Duty and Transit, both built here in the U.S. Our competitors are not in that same position. There is an opportunity with highly profitable vehicles for Ford and two vehicles that our Pro customers really rely on for their business to generate their own revenue. We are really going to take advantage of that situation and lean in. It has already paid off in the last, you know, 60 days or so. Wanted to talk about Model e. You've obviously taken the lead over there. We've heard Jim talk about Skunk Works being the foundation of the future EV strategy. I guess, what is the objective until then? Because I realize you kind of keep some of the Skunk Works stuff under wraps, right? I'm going to surprise people. Sure. From now until the next couple of years, what is the strategy? The EV strategy really hasn't fundamentally changed. We want to exercise the right capital allocation, first and foremost. We want to put our money into the vehicles and into our Model e vehicles where we know we have a long-term sustainable future. It is important to know we have a strong basis, even in this first generation, where we've learned a lot. I mean, the last three years, we've been the number two automaker in EV sales in the U.S. Mach-E and Lightning are two main vehicles that have done very well in the market. Mach-E continues to grow. What does not get talked about a lot right now is we actually are launching right now new vehicles in Europe. We have the Capri, we have the Explorer, we have our next-generation Puma electric vehicle that we just launched that is doing extremely well. Those are all in a better profit position than even the Mach-E and the Lightning have been here in the U.S. We are improving on that profitability as well. In the near term, it is about competing in the market with those products. It is about allocating capital in a very smart way. It is about making tough choices at times. For example, our battery capacity, making sure that we have the right footprint there to serve our longer-term needs. You know, we made a tough decision on the original three-row Model e vehicle that we ended up canceling because we did not think it was going to be profitable in the long run. We repurposed that capital allocation actually for Super Duty, where we have a tremendous amount of upside with our Pro business. It's about really in the near term making those decisions and investing for the long term. A lot of that has to go into the advanced next generation of EV vehicles that we're really looking forward to. We've learned a lot around how the market's reacting to electric vehicles, around the use cases that make sense for customers. You know, if you look at an F-150, for instance, we offer a gas, hybrid, and electric. For some of our electric F-150 customers, their use case doesn't make sense for them to buy an electric vehicle. They should buy a hybrid with Pro Power on board, or they should buy a gas vehicle. In some cases, they should be buying a Lightning instead of one or the other. We are really trying to educate customers on what the right use case is for their specific needs. Having that flexibility across powertrains really does matter. In the future for electric, we really think that the smaller-sized vehicles, where we actually do very well in trucks and utilities, are going to be a great place to compete. We think they can really lean into the specific customer use cases. We can control the costs in a completely different way than what we are seeing others invest in in the market. We feel good about the near term. We have work to do on this as well. You know, just being completely transparent, you know, we are continuously working our profit improvements and focused on what the customer is and what they are looking for. I think it's a good segue to Europe. You already sort of mentioned it. What are you seeing on the ground over there? It's obviously a much different market than the U.S. You know, whether it's on the mission side, I guess, what's Ford's kind of strategy to deal with that? Also, just longer term, I think it's maybe not clear from the outside. What is the end game in Europe, both on the commercial and consumer? Yeah, I'm happy to take this one. I'll start with Ford Pro. I'm going to start with Ford Pro in Europe. It is good. Our Pro business is strong and growing, and we're managing new entrants, compliance, and costs. The overall commercial market in Europe is softening, and we're seeing some contraction in end markets like manufacturing. That said, Ford Pro's results on a year-to-date basis, our volume has actually grown year on year, and our share has grown by over 3 percentage points. That's been driven by our fresh product lineup that includes the Transit Custom, Ranger, the Transit Courier, and flexibility on powertrains, like Andrew mentioned, ICE, hybrid, electric vehicles. We're giving customers in Europe the power of choice. The Chinese are in the space in Europe in commercial, and they've been to date delivery-focused. The moats we talked about earlier with Pro on our breadth of customers we serve, our use cases, the widest vehicle lineup of anyone in the industry, our partnership with our upfitters, and our services ecosystem, what we are seeing in Europe is Ford Pro has gained share year on year in the commercial space. That is a key critical proof point of showing how we can compete and differentiate versus new entrants in the market. On the compliance side, what the EU is doing in terms of working through three-year fleet averaging for CO2, we strive to be CO2 compliant in every market we operate in. That moves the market in the right direction to start better calibrating regulations with customer demand. For Ford, that gives us levers to optimize on vehicle, vehicle mix, market, and between commercial and consumer retail applications. On the cost side, we have made progress, but we have more work to do. It is everything that Andrew said earlier. What is different about Europe and for the Pro business is that we source our vans from our joint venture partner, Ford Otosan, which is based in Turkey. This is a purchase vehicle arrangement. The Turkish inflation has been persisting, and the lira has not devalued against the dollar at a pace that would offset those costs. Everything that Andrew described earlier in terms of processes, governance, value walks at plants, technical tear-downs, working with suppliers, we are doing that in our joint venture partner, Ford Otosan. It has been driving a very tight partnership with Ford. The learnings we're getting out of doing that work with Ford Otosan is helping influence what we're doing in Ford and vice versa. It's a really good symbiotic partnership. We're making progress, but we have more work to do. On the retail side, we're seeing some pricing pressure as OEMs are taking actions to deliver compliance. Like Andrew mentioned earlier, it's really about having great product. We're really pleased with the Puma EV recent launch, the Capri and Explorer EVs from last year. To summarize on the retail side, it's really about having that great vehicle and EV lineup. Our Pro business has grown historically, and we're going to continue to grow it on volume and on our services. Just like with Ford overall, addressing costs is the biggest unlock for our operation in Europe. You mentioned China earlier. Maybe we can go to that part of the world. Ford obviously has a presence there. I think, you know, you've talked about learning, applying some of those learnings as well, taken from the JVs over there to even, you know, U.S. or Europe. I guess, what is the role of China, I guess, for China now going forward? Is it mainly an export hub? Is it mainly to kind of cultivate R&D that can be used also because of the speed of competition? How does one think about that? I think it's everything that you actually just said, really. It is about being an export hub for Ford. We've really right-sized our overall, you know, presence in China to scale to the market and what we're actually selling in the market. That is also a dynamic market, as you can imagine. We've done quite well in China last year, you know, $900 million. A lot of that was based on the export success that we had. You know, I take a vehicle like Territory with our JV partner. We are now exporting Territory all around the world through ASEAN markets, throughout, you know, South Africa. We're in South America. It's doing quite well in Mexico. Actually, in Mexico, Territory is now our best-selling vehicle. We sell more Territorys than we do F-150s in Mexico, where there's a big Chinese influence. It's doing very well for us. It's a very profitable business. It's Capital-L ight because of the partnership that we have. It's a really good investable business there. You know, in terms of what we're learning from the market itself, we were just there a few weeks ago as a leadership team. Speed, you know, the way they're integrating AI into their vehicles and into their customer experience and their digital experience is really impressive. How we leverage the learnings that are there, not only from the actual customer experience that they're going through, but the development plans, their processes, we're taking a lot of that knowledge and trying to transfer it. Now, it's not just a copy and paste because the markets are so different. China is different from, you know, the U.S., different from Europe, et cetera, South America. What we're trying to do is really replicate the intellectual approach, the speed that they do business on, learn from our JV partners, and then transfer that knowledge within the company. It's an impressive, you know, it's an impressive industry. We're learning a lot on their new energy vehicles as well and where the natural demands of electric vehicles and EREV technology and hybrids are really landing because that will likely inform, you know, plus or minus government subsidies and incentives that will inform where natural customer demand may be in other parts of the world. There's a lot to learn in China. If we tied the two regions together, there's obviously a lot of them trying to go to Europe. From that perspective, are you seeing some of the China OEMs getting any traction? Yeah, they're setting their presence up in Europe. They're setting it up in ASEAN markets and South America, Mexico, like I said. You know, I think almost 30% of the Mexican industry now is there. In Europe, yeah, they're growing, increasing their presence, increasing their footprint. This is where I really love our Pro business because our Pro business strength and the over three points of share growth we've seen there and continued investment in Pro, you know, they are not necessarily investing in that area. That's a really good opportunity for us to continue to differentiate the Ford brand and compete in a different way. That's very, you know, that plays to our strength and, you know, really should be a long-term advantage for us. It's a different market, or it's a different type of business. You have to invest over a long time. I hear you. Mr. Ford. Sorry. Switching, we'll switch to something secular, talk about something secular, autonomy, vehicle autonomy, which is everyone's favorite topic, I'm sure. You've hinted that you will partner up potentially with advanced vehicle autonomy. What can you tell us about these efforts and how you think about build versus buy on ADAS or advanced ADAS? I'll take this one. Actually, before I was the CFO of Ford Pro, I actually worked in the autonomy and mobility space at Ford. At Ford, we're taking an evolutionary approach to transitioning to software-defined vehicles. We're focusing on centralizing compute, middleware, and controlling key areas of the software tech stack. That includes infotainment and ADAS. We're really focused on areas that are visible to the customer and integral to the customer experience. To get to the specifics on autonomy, our level two solution is called Blue Cruise. We have over 350 million miles driven. It's won multiple consumer awards. The system is getting more and more capable. For example, last year, we launched automatic lane changing. It's all developed in-house. Building a customer install base with Blue Cruise is really important to build trust in the brand and the solutions. This is a precursor to level three autonomy, which is right around the corner. With level three, it's eyes off on highway driving. That's really game-changing. We're developing those solutions in-house with our Latitude team. That consists of many of the people who were at Argo and transitioned to Ford a few years ago. We believe our level two and our future level three solutions will be among the best in the industry in execution. Regarding level four autonomy, we're being really thoughtful and practical. We're balancing innovation, capital, and we're well-positioned. In my view, there are four elements. One, we have a really strong technical leadership team in Doug Field and Sammy Omari. They know the space really well. They know the solutions out there. They have a deep understanding of Waymo's solution, for example. The second, while it's a different technology stack with level four versus level two and level three, building and scaling level two and level three with customers builds trust in these autonomy solutions. There is an inextricable linkage there. The third point is we're really confident in our ability to integrate future and more and more advanced autonomy solutions into our platforms into the future. The fourth point is Ford Pro has a really important role to play here because there's autonomy technology, there's the integration with vehicles and putting in all those functional safety redundancy systems, but there's integrating these vehicles into mixed fleets, especially for commercial applications, orchestrating these vehicles among a mixed fleet, servicing these vehicles, charging, maintaining these vehicles. We're doing all of this right now with electric vehicles. In aggregate, we're the country's largest electric vehicle fleet. We have hundreds of thousands of customers. They have a myriad of use cases and needs around range and charging. We are learning a lot. We are getting deep operational expertise, technical know-how, customer use case insights. This is all going to be really relevant as autonomy scales into use cases and expands beyond ride hail over time. On the second part of your question regarding build, buy, and partner, we believe as an industry, OEMs should be evaluating partnerships to unlock value for customers. That can be in vehicle platforms, technology, and just general areas of scaling. What we look at at Ford, because we have a pretty good track record in partnerships, we mentioned Ford Otosan earlier, our Chinese partners, is really customer first and foremost. Is this going to drive differentiated and unlock value for customers? Is our IP with a partner's IP going to be game-changing? Is it going to, you know, advance speed to market, efficiency, drive a better execution? Then fit, which is really important. Strategic fit, long-term growth potential, durability in these partnerships. I come from an M&A background in business development, so I spend a lot of time in this space. And culture, cultural fit, aligned values, aligned brand. Really, does it tie to the tenets of our Ford Plus plan? Is it going to drive growth, diversification, margin expansion, and de-risk in terms of capital expenditures as well as cyclicality? We apply the same frameworks as we look at potential autonomy partnerships in parallel with our internal development of our level two and level three solutions. Like I mentioned, Ford Pro has such a key role to play because it is not just about the technology. is about bringing this ecosystem to customers, especially in the commercial space. That involves maintenance, service, outfitting vehicles, charging solutions, and then deliberately working with customers to scale these solutions over time. The beauty of Pro is that we directly engage with customers. We are getting those insights and the feedback that can help inform how to deploy and scale autonomy. If you use that together with, obviously, Ford Pro has a lot of fleet management, number one fleet management. You also have the biggest U.S. footprint, Robotaxi. Any thoughts there? Yeah. You know, we look at that space. We see scaling there and, you know, what Waymo is doing. I think there's definitely opportunities. I'll give a really discrete tactical example. As autonomy scales and they start mapping out cities, and you want to go in and start mapping those markets, you want to do that in a very asset-light way. That's where Pro can become a really valuable partner in terms of our mobile service, our charging solutions. We've actually set up, you know, our charging solution network with our dealers. That can help, you know, autonomy companies enter markets, test, pilot, validate, start mapping in a really quick and lean way. I love to give a tactical near-term example because there is an ambitious future state out there with autonomy, and there's way more we can do with the Pro ecosystem. Even in the now, as you're starting to see companies like Waymo start mapping and scaling into other markets pretty quickly, we definitely believe we have an important role to play as a partner. Lastly, from my end, Ford is getting back to F1 in a big way. Your crosstown rival has a team now. Why do you think there's this big push from the U.S. to get back to the F1? What is Ford looking to achieve? I'm not sure why there's a broader big push. I can tell you what it means for Ford and why we're excited about it. First and foremost, it is a growing sport, without question, and a very popular sport. I always joke, Lynn always says, and I love this line, it's not a vanity project for Ford, and it's not. This is actually, just like Navin was talking about, technological know-how and really understanding the future of electric vehicles and hybrid propulsions and different technologies, there is no better field to get into than what's going on in the F1 field when it comes to that type of intellectual, you know, advancement. You know, when we look at it, we're not just slapping a Ford Oval on a vehicle. Like, we are totally involved in the process. We have dedicated motorsports teams and racing teams and engineers that are co-developing. We partnered with Red Bull, who's a proven leader, to be able to actually get the most out of where they've come. We're not building from the ground up. We're actually joining a partnership that's been very successful. They've been extremely collaborative for us in even the early phases as we go to enter it next year. I like a lot of people don't realize that, you know, we do a lot of partnerships like this so we can make our mainstream vehicles better. If you look at NASCAR, for instance, it makes Mustang better for our customers. It's why Mustang has almost 60% segment share. If you look at Bronco, the success of Bronco, we race at King of the Hammers, not just to have fun racing at King of the Hammers. We learn so much about the necessary technology that we want to put in the vehicle, what we want to put in, what we don't want to put in for our mainstream customers that makes Bronco as good as Bronco is. The same will be true with F1, with our future electrified vehicles. Like, we are learning, this is a learning lab for us. It's a great way to practically apply all of the learnings from world-class engineers into our mainstream products. We are really excited about the overall, the sport itself. There's a lot of, obviously, a lot around it worldwide. It's a global business as well, just like we are. You know, there are a lot of marketing opportunities. There are a lot of those aspects to it, of course, that we're going to lean into as well. And a fan base that's really big and exposure for the brand is great. This is, it's a marketing plus technological know-how that we're really looking to get out of it. That's why we're so excited about it, you know. Yeah. And if I'm not to add, you know, I was an engineer like over 20 years ago. And I can geek out about this stuff all the time. And it's great for our talent. You know, when we work with these partners and we get improvements in aero, weight reduction, design changes, system changes, you know, removing a bracket, like those types of things really excite our team because it shows progress and continuing to build on the success. And so, you know, there's everything that Andrew described, but for the internal team, it's really galvanizing in terms of product development and deployment. That is really true. The ability, this relationship and the amount of talent that we've been able to take a look at bringing into the company because people are attracted to this and want to work in this, you know, on this type of a project is really important. We've already built a really good advanced electric vehicle team that you mentioned before. We've got world-class, the best EV leaders in the world are working at Ford now. This is going to continue to attract talent for us. There are a lot of reasons to get into it besides maybe the face value side of it. Thank you for asking that. I think we have time for one question. If anyone in the audience wants to. I think we have one in the back. If we get a mic over there. Thank you. I'd like to come back to your comments on Europe, if I may. Could you comment on the pricing by powertrain? I think you said pricing is a bit under pressure. Is that mostly BEVs or is it also on ICE? If you could comment on the order momentum in that market. Thank you. Yeah. It's a really good question. It's actually changing by the month. It's changing by the month for a few reasons. NavIn talked about the different pricing environment. You have some companies that have chosen to purchase credits to help accomplish those compliance, you know, the regulatory compliance needs. Some have not participated in that pooling. There are certain channels in Europe that are getting really aggressive in their pricing. If you look at some of the EV pricing around some of the fleets, some companies are going very deep into that. They're discounting on certain fleets, you know, 25%-30%, which is more than what we've seen over the last even 60-90 days ago as they're trying to balance their full-year compliance position. We're not in that position. You know, we did purchase credits. We feel very balanced. We've actually seen our ICE pricing stabilize quite a bit. In some cases, we've actually been able to increase our ICE pricing as we try to balance that with our electric vehicles. Generally, the EV pricing environment has come down, very similar to what we've seen in other parts of the world, just as there's certain volume that is trying to be a hit, you know, versus the natural adoption curve. At the same time, you know, that three-year leveling that was announced across, you know, from a compliance standpoint is really helping. People are reacting to that in terms of their near-term pricing actions as well. It is extremely dynamic, maybe more dynamic than anywhere else right now in the world in terms of the ICE EV pricing environment. That's where another, you know, on the Pro side, we've been able to actually, you know, take a totally different tack and not have to participate as much in that pricing and that pricing dynamic that's happening more in the PV passenger vehicle side of the business. Good question. Thanks. Fantastic. Thank you, Edison. Thank you. Edison, thank you very much. Really appreciate you doing this. Thank you to everyone that came forward.