Good morning. Welcome to the broadcast of Ford Motor Company's Annual Meeting of Shareholders. I would now like to introduce Ford's Chair of the Board of Directors, Mr. William Clay Ford Jr. Well, thank you, and welcome, everyone. I'm Bill Ford, Chair of your Board of Directors, and it's my privilege to call to order our 70th Annual Meeting of Shareholders taking place today, May 8th. Thank you to everyone who's joined us. It's now just after 8:30 A.M., so let's get started. I now declare the polls open for voting. At this time, I'd like to introduce the company officers who are joining me here on this webcast today: Jim Farley, our President and CEO and member of the Board of Directors, Sherry House, our Chief Financial Officer, Steven Croley, our General Counsel and Chief Policy Officer, and Sarah Fortt, our Deputy General Counsel and Corporate Secretary. Also, in addition to Jim and me, the other Board of Directors nominees are attending today's meeting through this live webcast. I'd like to take this moment to thank the board for the great work they do on our behalf. Before we get to the business of the meeting, I'd like to take you through the mechanics of our virtual meeting. We'll conduct the meeting in accordance with the agenda and the rules posted on the virtual meeting website. One item to note on the agenda: after the Proxy Statement was filed, we were able to successfully secure the withdrawal of Proposal 6, a shareholder proposal requesting a report on our DEI strategy. Because the proposal was withdrawn, we will not be tabulating the votes for that proposal. If you'd like to submit a question during the meeting, you may do so by typing your question in the box located at the bottom left corner of the webcast screen. We'll respond to questions pertinent to meeting matters during the Q&A period immediately following remarks by Jim and me. If we're unable to respond to any questions during the meeting due to time constraints, we'll post answers to a representative set of questions on our IR website as soon as practical after the meeting, and they'll remain there for one week after posting. Additionally, if you've not voted your shares, you may do so by clicking on the Vote Here button at the bottom of the webcast screen. The polls will remain open until the conclusion of the Q&A period of this meeting. Okay, let's now take care of the business of the meeting. The agenda is shown at the top half of the webcast screen. We'll start with matters to be voted on today, and after that, I'll report on the state of our business, and Jim will share with you where we're taking our company. After Jim's report, we'll show a brief video and then have a question- and- answer period. The shareholder who has a proposal in our Proxy Statement will be given three minutes to speak in support of that proposal. Representatives of Broadridge Financial Services have been appointed as inspectors of election for this meeting. Proposal 1, Election of Directors. The first item to be voted upon is the election of our directors. The 15 director nominees who have been nominated by the Board of Directors as candidates for election are shown in the Proxy Statement. And Sarah, will you please make the nomination? I nominate as directors of Ford Motor Company the 15 nominees named in our Proxy Statement. Thank you, Sarah. Proposal 2. The next item of business is Proposal 2 in the Proxy Statement, Ratifying the Selection by the Audit Committee of PricewaterhouseCoopers as the independent registered public accounting firm to audit the company's books for 2025. Joining us today is Maura DePrisco, PwC's current global audit engagement partner for Ford. Sarah, would you please move Proposal 2? I move the adoption of the resolution in the Proxy Statement relating to ratifying the selection of the independent registered public accounting firm. Thank you, Sarah. The Board of Directors recommends a vote for this proposal. We'll now move to Proposal 3, which relates to a shareholder advisory vote to approve the compensation of named executives as disclosed in the Proxy Statement. Our detailed reasons in support of this proposal are set forth in our Proxy Statement. And Sarah, will you please move this proposal? I move the adoption of the resolution in the Proxy Statement related to the approval on an advisory basis of the compensation of the named executives as disclosed in the company's Proxy Statement. Thank you, Sarah. The Board of Directors recommends a vote for this proposal. We now move on to Proposal 4, which relates to the approval of the company's Tax Benefit Preservation Plan. We're seeking your approval of this proposal to help protect the company's tax assets. The Tax Benefit Preservation Plan was initially approved by shareholders in 2010 and has been extended with shareholder approval every three years in order to protect the company's tax assets. Our more detailed reasons for this proposal are set out in our Proxy Statement. And Sarah, would you please move Proposal 4? I move the resolution in the Proxy Statement related to approval of the Tax Benefit Preservation Plan. Thank you, Sarah. The board recommends a vote for this proposal. We'll now proceed to Proposal 5, which is a shareholder proposal requesting that the company issue a report describing how it plans to align supply chain greenhouse gas emissions reduction strategies with our Net Zero goals. The board recommends a vote against Proposal 5 for the reasons set out in our proxy. I now ask the operator to play the recorded statement from Annie Sanders on behalf of Green Century Investments. My name is Annie Sanders, and I'm representing Green Century Capital Management as the sponsor of Proposal Number 5. Ford rightfully takes pride in being the first in the industry 25 years ago to publish a sustainability report outlining how it would deliver what its customers want and what the planet needs. The company has since pursued important environmental initiatives, including an aim to achieve carbon neutrality by 2035 in Europe and by 2050 globally to tackle what it acknowledges as among the biggest challenges of our generation, climate change. H owever, while Ford has outlined climate targets and plans for its operational and vehicle use emissions, it does not disclose similar plans for its supply chain emissions, which constitute 11% of its contribution to climate change. In effect, this proposal asks Ford to fully include supply chain emissions in its plans to mitigate climate risk. A comprehensive climate transition plan describes the strategies, milestones, and timelines for a company to deliver on its decarbonization targets, including progress reporting, all of which are as necessary for Ford's supply chain as they are for its other emission sources. Ford has taken important steps that will reduce supply chain emissions, including supplier target setting requirements and several non-binding MOUs with low- carbon steel suppliers signed in 2022, but it has yet to report on results or incorporate such steps into a supply chain emissions reduction plan that charts a path to its Net Zero goals. With companies such as Volkswagen and BMW disclosing supply chain climate emissions reduction targets and plans, and additional companies including Mercedes, Volvo, and Porsche locking in supply of near-zero steel and other low carbon supply chain materials, Ford faces competitive risks, particularly in Europe. Ford states in its 2024 sustainability report that decarbonizing the supply chain is a complex task of growing importance as it electrifies its portfolio. To meet its 2035 and 2050 Net Zero targets, Ford will need to significantly scale up procurement of near-zero steel and low- carbon aluminum from its current target of 10% by 2030. Given constrained supply of these materials, disclosure of a clear plan and related actions could signal demand, lock in supply of scarce resources, and minimize supply chain disruption. Ford acknowledges failure to address climate risk as the most severe risk on a global scale over the next 10 years. Disclosing plans to reduce its supply chain emissions in line with its Net Zero goals will help assure investors that Ford has a plan to address associated supply chain, competitive, and regulatory risks in line with investor expectations. We therefore urge a vote for Proposal Number 5. Thank you. Oh, thank you, Ms. Sanders, for that message. Okay, we've covered each of the proposals listed in the Proxy Statement. Before I offer comments on our business, I want to remind you that the polls are still open. If you mailed in a proxy or if you voted over the telephone or online, you don't need to vote at this time unless you wish to change your vote. To vote your shares online, please click on the Vote Here button at the bottom of the webcast screen. Now, Jim and I will briefly report on the state of our business. The products and services we offer truly improve people's lives, and I'm very proud of our business and our team. Throughout our history, challenging times have brought out the best in our company. During the Second World War, we transformed our industrial system into the Arsenal of Democracy. In the Great Recession, we remade our company to better serve our global customers. When COVID forced the world to shut down, we sprang into action producing life-saving PPE and respirators. And when the chip shortage hit, we remade our supply chains even stronger. And now, once again, Ford is adapting even as powerful forces reshape our industry. We're making real progress in addressing cost and quality issues and strengthening our underlying business. We are assembling the best team possible, and we're on track for 90% of our global employees to be in new or renovated workspaces by 2027. We now offer our customers the widest choice of gas, hybrid, and electric vehicles. And we're taking this moment to remind Americans and U.S. policymakers that while others move production overseas, we never left, and we remain the most American auto manufacturer. Jim and I have been meeting with lawmakers in Washington and have told them that our production cycles are longer than political cycles. Policy certainty is critical for every U.S. automaker trying to navigate any period of significant change. And so we were pleased to see the Trump administration provide greater clarity on its trade policies last week. And we're continuing to make sure that our leaders in Washington understand what U.S. automakers and our workers need in order to win over the long term and the impact that policies have on our employees and our customers. And through it all, we are staying true to our values. Ford is still a family company committed to delivering opportunities for our employees and value for our investors. And that means continuing to make our business more environmentally sustainable, giving back to the communities we serve, and supporting those communities in good times and in bad. When floods hit Spain and Southeast Asia, or when hurricanes tore through the southeastern United States, Ford was there with our partners to help and to keep helping after others went home. I'm proud of where Ford is today. Even amid uncertainty in our economy and our industry, we're pushing forward with our transformation, making steady progress on our plans for the future. We're leaning in where we're already strong, building vehicles that excite our customers and giving them the freedom to choose among powertrains. We're maintaining our key leadership positions across our product portfolio. Our F-Series continues to be America's best-selling truck in its 48th year, and Ford is the leader in hybrid pickups with F-150 and Maverick. In the U.K., Puma is in the running to be the best-selling vehicle this year, and our Transit vans and Ranger trucks power small businesses that drive economies all around the world. We're gaining momentum in the race to lead on electric and software-defined vehicles as well. Ford was the number two electric vehicle brand in the U.S. in 2024, and we're helping to deliver the electric vehicle transition in Europe as well as elsewhere with the new generation of vehicles. Ford Pro is growing its advantage through leading products, services, and software solutions. The world is changing fast, but so are we. I'm excited for our future, and I'm glad that you're with us on this journey. Now I'm pleased to turn it over to our CEO, Jim Farley. Thank you, Bill. Thank you for your continued leadership and for reminding us at Ford that we are always going to be at our best as we face these incredible opportunities and the transformation of our industry. I want to thank all of you on the call as well for your support and faith in our company and its future. Our team is committed to transforming this company through our Ford+ plan into a higher growth, higher margin, more capital-efficient, and more durable business. The Ford+ strategy is positioning us to thrive at the intersection of great vehicles, our iconic brands, and increasingly innovative software and services. And of course, as Bill said, we're doubling down on what we do best, providing customers with outstanding vehicles, software, and services for work, adventure, and everyday use that make their lives better. You just won't find boring me-too products at Ford. We just launched the all-new Expedition and Navigator in North America and the all-new Puma in Europe, and customers love our rugged off-road vehicles from Broncos to Raptors and Tremors. Sales of our off-road performance vehicles grew 20% in the first quarter in the U.S. These are very profitable and high-satisfaction vehicles, and Ford has won North America Truck of the Year five times in a row. Ford+ positions us to win in the new and challenging environments. We're making steady progress towards delivering on our cost and quality improvements. Efforts to remake our industrial system across the value chain from how we design vehicles, purchase parts, and manufacture vehicles are all starting to really bear fruit. Excluding recent tariff-related impacts, we've reduced costs across the industrial system on a year-over-year basis in each of the last three quarters. We're also modernizing our technology and IT systems across the company, and we're on track to deliver a net $1 billion in cost reductions this year. That's excluding any tariff impacts. Our top priority beyond safety is improving quality. It's our biggest cost unlock. That's why 70% of the annual bonus at Ford is now linked directly and indirectly to quality. Rebuilding our industrial system is hard work and takes time. External data is now validating our progress. Ford and Lincoln Vehicles were the most improved brands in the J.D. Power's 2025 U.S. Vehicle Dependability Study. Statistics show that our initial quality is steadily improving, and while warranty costs remain elevated, we are detecting, quarantining, and addressing issues faster. Our digital software capabilities are continuing to grow. We now have almost 1 million paid subscriptions at Ford. This all helps improve our quality and resolve issues more quickly. Ford has now delivered over 60 million over-the-air updates. This gives our team confidence that we can deliver year-over-year warranty savings this year. Let me talk about Pro for a minute. It continues to be a unique advantage for Ford with deep competitive moats and the industry-leading repair and upfitter network. Strong demand for our Super Duty trucks and Transit vans helped lift Ford's Pro 2024 full-year revenue by 15% to $67 billion, with an EBIT of $9 billion and a margin of 13.5%. Services continue to grow as a percent of our revenue profits at Pro as well. We're also now starting production of the GTD, the new Mustang, America's first vehicle to compete in the Nürburgring in under seven minutes. In fact, we've done it twice. We're running. We're returning to Formula 1 next year, and Ford vehicles have already racked up podium finishes this year in the 24 hours at Daytona and the Dakar Rally. We're turning Ford Performance into a profitable business on its own that goes beyond testing, innovating, and engaging our fans. All these developments are translating into increased revenue. Last year, Ford delivered a record $185 billion in revenue. That was up 5%, our fourth consecutive year of top-line growth, and we're continuing our momentum this year, specifically in controlling our costs and improving our quality. In the first quarter of the year, we generated revenue of $41 billion, which was down year-over-year because of our planned factory downtime linked to those beautiful new Expeditions, Navigators, and Pumas. International operations collectively were profitable this quarter, underscoring the strength of our global portfolio and the results of our strategic restructuring overseas. China delivered $900 million of EBIT last year, something we're very proud of, and that includes exports, and we saw strong performance last year across South America and Ford Pro in Europe. Overall, Ford continues to maintain a strong balance sheet. We ended last year with over $27 billion in cash and $45 billion in liquidity. We consistently hit our cash conversion rate targets of 50% - 60% every quarter. Our adjusted free cash flow for last year was $6.7 billion. That's a 65% conversion rate. This cash gives us flexibility we need to navigate the current fast-changing environment, invest in that terrific growth, and deliver value back to our shareholders, all of you. Our regular second-quarter dividend of $0.15 per share puts us over $10 billion paid out in dividends during the last three years. We can't control every challenge that comes at us, but as America's most American automaker, Ford is well-positioned to weather the geopolitical storms. Because while other automakers move production and job overseas, as Bill said, Ford's commitment to America, it never wavered. We assembled the most vehicles here in our home country. We employed more American auto workers than anyone else, and we're especially proud that we export more U.S.-made vehicles to other markets than any other car company. We're going to keep putting our customers first. That's why we're giving all Americans employee pricing on select vehicles through July 4th weekend. And it's why we extended our very successful Ford Power Promise to make it even easier for customers to charge at home. We're giving customers freedom of choice, as Bill said, to find the cars and trucks that meet their needs regardless of the powertrain preferences they have. And we're doing everything in our power to keep costs down for our customers and minimize the impact on our employees. Tectonic shifts are certainly reshaping the global auto industry. At Ford, we're focused on what we can control, executing our Ford+ plan, managing the impact of tariffs, and making continued progress on cost and quality forever. I'm confident that we have the right team, as Bill said. We have the right strategy to emerge from this period as a winner and reward our valued shareholders, all of you. Thank you for your support as we continue moving Ford Motor Company forward. Now, please enjoy a brief video about our business. Which automaker employs the most hourly workers in the country? Ford. Which automaker assembles the most vehicles in the country? Ford. That's not a coincidence. It's a commitment. For the next couple of months, we're going to offer our customers the same deal that our employees get. Welcome to Kentucky Truck Plant, the home of the all-new Expedition. I need this train to stay alive. Ladies and gentlemen, please welcome Eminem. I need this train to be alone. A concert at Michigan Central. This was so cool. Last night, the stars came out for a special show to celebrate the reopening of the once-abandoned iconic train station. That's how I'm feeling. That's how I'm feeling right now. Ford's proud to honor Bronco Off-Roadeo event has meant everything. Bill Ford was here today with his family, so clearly it's important to him personally and to the company. Ford knows that for the 100,000 breast cancer patients who have mastectomies each year, they designed this accessory that allows patients to travel comfortably on their road to recovery. One of the groups on the ground helping survivors is Team Rubicon, a veteran-led humanitarian organization. It serves global communities before, during, and after disasters and crises. Ford Performance held its season kickoff celebration down in Charlotte, all with the key players and drivers from all the different forms of auto racing. This is called SuperVan. All right, well, we should go for a ride. I'm down. We got the electric Transit acceleration. Pretty good for a van. But it tops out at 130, and I don't want to hit that Mercedes in front of us. I want to mention this cool new thing that our friends over at Ford are doing. They just announced that they're going to be giving out special adapters that will allow Ford electric vehicles to connect to Tesla Superchargers. All right, I promised you guys a world exclusive for Fox & Friends in the morning, and it is the 60th Anniversary edition right here. I am glad to announce that Motor Trend's 2025 SUV of the Year is the Lincoln Nautilus. I'm gonna keep on dancing at the Pink Pony Club, Pink Pony Club. I'm up and jaws are on the floor. Lover's in the bathroom and a line outside the door. Black lights and a mirrored disco ball. Every night's another reason why I left it all. Nürburgring is the world's most difficult track. It has a nickname. The Green Hell. We wanted to really compete with the best in the world with Mustang. There's no North American manufacturer that's done a sub-seven in that yet. Our mission with GTD is pretty simple. It's go beat the Europeans on their turf. They're not like us. Well, I hope you enjoyed that video. At this point, I'd like to answer some of the questions that were submitted online. I remind you that the polls will remain open until the conclusion of the Q&A period. So let's get started. There were a number of really good questions submitted, and we're going to try and pick some that cover a lot of territory. So the first one is about global economic uncertainty and tariffs. The question is, "there's a lot of global economic uncertainty. What impact will tariffs have, and when are you bringing manufacturing back to America?" Well, Jim, maybe I'll take a crack at that first and then turn it over to you. Well, that last statement, "when are you bringing manufacturing back to America?" I don't quite understand that because we never left. We are the most American company. We make the most vehicles here. We export the most vehicles out of here, and we employ the most Americans. So we never left, and we very much support the president's goal of strengthening the American industrial base. And really, in many ways, we are the poster child for what he would like to do. And I will say this too. Over the years, being the most American has actually cost us some money versus moving production overseas. But it was a choice we made. It was a cost we were willing to absorb because we thought it was the right thing to remain the most American manufacturer. And now it's really kind of nice to see, first of all, recognition of that. But secondly, we can now take advantage of that. And so I think for some years, it was a bit of a penalty we paid. Now it's flipped. Now we're in the best shape competitively because we're the most American. And Jim, maybe I'll turn it over to you now to talk a little bit about the tariffs and their specific impact on us. Sure. So in last quarter, we highlighted and were very specific about the tariff impacts: $2.5 billion of negative headwinds, but net about $1.5 billion. As Bill said, though, that was significantly less than our competitors. Now, we don't know exactly how our competitors are going to act in the second and third quarter, but we feel, as Bill said, that we're best positioned at Ford to take advantage of this new regime for a number of reasons. And I want to highlight our continued commitment to the U.S. to continue to grow. As we speak, we have in-flight manufacturing investments in battery capacity going into Tennessee, in Ohio, and in Kentucky. We're really excited about these new investments, and we can't wait to show all of our shareholders these amazing new facilities that add even more capacity for Ford. Just to double-click on what Bill said, Ford last year built 300,000 more vehicles than the closest competitors. Unlike our competitors, we make 100% of our pickup trucks in America. That's not what happens at other car companies. I think it's one of the reasons, as Bill said, that Americans have made F-150 the best-selling vehicle for over 40 years. Great. Yeah, thanks so much, Jim. Okay, here's one about our stock. The stock performance is disappointing. Is it time to start buying back shares to show some confidence in the stock? Jim, if you want to take the lead on this one. Sure. It's fine. Last year, we made a lot of progress in Ford+. We have a lot of great new products. We have the choice of powertrains, as Bill said, that none of our competitors do. I believe we have unparalleled services that are really changing our earning profile and our revenue profile of the company. We really believe in the future value of the company because we're seeing the transformation in front of our eyes. We beat our expectations, our own expectations in the first quarter. We're really well on track outside of the tariffs on our original earnings guidance. All of our businesses are in good shape, and we feel like we're best positioned of all the companies in a tariff regime. The best way to improve the enterprise value and reward all of our shareholders is long-term to grow and improve our margins and improve our return on capital. And that's exactly what's happening with the Ford+ plan. So I've never felt more confident in the direction of the company. As Bill said, we have a great team. We are completely committed to returning cash back to the shareholders. As we said, on April 28th, we declared our regular second quarter dividend of $0.15 per share. And we're really excited about the opportunity this year and to execute our plan. And we have no plans to do other than dilution any kind of stock buybacks. Yeah, and I guess I would just add, over the years, we have done buybacks during my tenure here, and they typically have not worked. And the reason is we're a cyclical company. And even though we're trying to dampen that cyclicality, and I think we're making great strides towards that, if you look historically, cyclical companies usually buy back when times are good. And then occasionally, well, not occasionally, then when the down cycle hits, you wish you had that cash. So we've built up a lot of cash, and it gives us tremendous flexibility to do whatever we want to do going forward. And I like that position, particularly in a time of uncertainty, economic uncertainty, which is where we are now. I think having all that cash allows us to do exactly what we want to do, chart our own future, and also reward our shareholders at the same time. So that's my view. I guess before we go further, it wouldn't be an annual meeting without hearing from one of our shareholders who we've heard from every year, I think, since I've been Chairman, and a person who does just amazing work in our community of Detroit, Jane Garcia. Jane is one of those people who truly make the world a better place. She's always upbeat, optimistic, and it's very infectious, and she works tirelessly in our communities and in our city to improve people's lives. So here's something from Jane C. Garcia that I'd like to read. Good morning, Mr. Chairman, Board of Directors, and fellow shareholders. My name is Jane C. Garcia, and I'm a very proud Ford Motor Company shareholder. I want to thank Ford for its swift, compassionate response to the recent water main break crisis in Southwest Detroit on February 7th. Under Mary Culler's leadership, Ford worked closely with the city and nonprofits to support over 450 affected families, an incredible show of care and commitment. Ford's partnership with organizations like LA SED reflects its deep ongoing investment in our community. Ford is truly familia. I also appreciate very much Jim Farley and his team for engaging with Hispanic leaders and expanding Ford's presence in this important market. Muchas gracias, Jane. Thank you, Jane, once again, for everything that you do for our community. Okay, Jim, here's one on quality. What is Ford doing to fix quality, especially as it relates to recalls and warranty? Thank you so much for this question. I just want to highlight once again that 70% of all of our annual bonus at Ford is now linked directly or indirectly to quality. This is our absolute top priority and has been for a few years. Over the last couple of years, we are overhauling our entire industrial system across all the value chain from purchasing and manufacturing and engineering our vehicles, and we're making real progress. If you look outside the company and J.D. Power, Ford was the most improved brand, and I want to give you some statistics about the kind of improvements we're seeing. A couple of years ago in 2022, we had 8.8 million vehicles recalled. Last year, it was down to 4.8. We have a lot more to go. But what I'm especially proud of is we're on track to deliver a year-over-year warranty savings this year, which is good for the company and especially good for our customers and shareholders. Our warranty spikes during launch, which is an incredibly important fitness test for whether the industrial system is improving, are now at industry-leading levels. Zero vehicles were lost during our ramp-up of our recent launches. That's the first time it's happened. And I'm especially thankful for the team's effort in the first quarter. And now, most importantly, we're on track to deliver greater than a 10% improvement in both our zero months in service and three months in service vehicles for our 2025 model year in North America. And that is a significant improvement, which will put many of our vehicles top in their class in quality. So we will never be done with this work, but it's great to see the traction we are getting. Awesome. Thanks, Jim. Okay, here's one on vehicles. Is Ford going to build sedans and non-sports cars like the Taurus and Tempo? Could Ford bring back a redesigned and sleek Mercury Cougar? I guess I'll take the first crack at this. I got to say, this is the first time anybody's asked to bring back the Tempo. But on the other hand, obviously, Taurus and Cougar were iconic vehicles. The great thing about Ford is we have so many great vehicles in our past, and people love them. And like Jim does, I go to a lot of the classic car shows, both the big ones around the world and also some of the neighborhood ones. And everybody brings out their classic Fords of all shapes and sizes, and it's awesome. And they love them. But I think for us to look backwards is not the right thing to do. We have great nameplates, and we could put some of these great names on future products. But I don't think we ever want to go back and recreate an older vehicle and introduce it in today's market. It just doesn't make any sense to me. But as I said, Cougar is a great name. Taurus is a great name. We have so many great names in our history. We could easily put some of them on future products, but they would be future products. They would not be really a recreation of a past model. I would only add that we are really proud of the lineup we have today and the Ford brand and the product reputation in the market continues to grow, but the market's always changing, as Bill said, and passenger cars have been shrinking in the U.S. for over a decade. Collectively, they're unprofitable, but that may change with new technologies like EVs and EREVs, and when we have confidence to serve the customer with a non-me-too product that can be profitable and add value to our shareholders and our customers and our brand, we won't hesitate at all. And we're actually cooking up some stuff that I think will be really exciting for people in that regard, so stay tuned, but we're only going to serve a market if we are convinced it will make money and add value to our shareholders and to add to our brand. Thanks, Jim. Okay, here's one on Ford Pro. Ford Pro is very profitable. Is there a plan to spin off Ford Pro into its own business? Jim, you want to take that one? Sure. Absolutely no. Ford Pro continues to be an incredible competitive advantage for Ford. And we have so much more potential. We're literally just getting started with services. We have 600,000 monthly subscriptions with software. Our service and repair business continues to grow. We're now digitally managing people's fleets. I mean, we are just starting on this service direction. We have over 5,000 remote service trucks now calling on our customers, doing repairs at their facilities, not in a dealership anymore. I am so excited about the future growth opportunity for Pro. It literally could totally change the multiple of the company because the revenues are recurring and services are countercyclical, which we've never had with our vehicles. And by the way, we've literally updated every Pro vehicle globally: new Super Duty, new F-Series, brand new vans in Europe. And we're leading the electric transition for these customers, not just with leading share in the EV market in Europe and the U.S., but even more important, charging services. I mean, we have literally 20% attach rates for all of our electric customers on our depot charging now. And this is core. Pro is so integrated in the company. It relies on the benefits of Ford industrially that separating would have a lot of risks. And we don't want to do that. But we are completely committed to reporting it financially independently so all shareholders can see us grow the top line and grow our profitability, certainly clear in the first quarter. Yeah. Thank you, Jim. We used to refer to Pro as our secret weapon. It's not so secret anymore, but it is doing exactly what we'd hoped it would. Okay, let's just take one more here, and this is on EV mandates and business strategy. The question is, given the changing policy landscape in the U.S. and talk of electric vehicle subsidies and mandates going away, what is Ford's EV strategy and how do hybrids and other technologies fit in? How do you see competition from low-cost Chinese EV makers like BYD? And do they pose a threat to the company? Well, that's a pretty fulsome question. Covers a lot of bases. Jim, you want to take a crack at that? Sure. Well, thank you. Look, we're really excited about the decarbonization of all our powertrains. But as Bill said in his comments, we're also totally committed to giving customers choice, letting them decide. Our hybrid lineup is already strong. We're number three in our home market. And hybrid sales now are 10%-15% of our global sales every month now. And we will expand our hybrid offer. We're now looking at new versions of hybrids called EREVs, which will be even more exciting to give customers more choice in their duty cycle. And as far as EVs, we're almost finished engineering our second cycle of our EVs that will be coming out in a couple of years. We can't wait to share with everyone what that looks like. And we started this skunkworks team relative to BYD a couple of years ago. And that product will be among our first second-generation products to come out. And we know that that is fully competitive with BYD, but it will be focused on North America and our core customers. And it will be a very affordable vehicle, our most affordable EV we've ever had. And as I said, we think it's fully cost competitive. So Ford is totally committed to offering this choice in this next generation of products, expanding even more investment in decarbonizing our footprint. And we're as committed for these vehicles to be non-generic as our ICE vehicles. And I think everyone's going to absolutely love our next generation of these vehicles. That's great. And thank you, Jim. Thanks for answering all these questions. And thank you, everyone who submitted a question today. And as I said earlier, we'll get to all the pertinent questions that we didn't get to answer, and we'll put them up on our IR website. As I indicated earlier, the polls for voting will close upon the conclusion of the Q&A period. Accordingly, I declare the polls closed. So we didn't get to all the questions today. There were many of them. So we will post them on our IR website as soon as practical. And they'll remain up, as I said earlier, for one week. At this time, I'd like to hear the preliminary voting results. Sarah, could you give us those? Thanks, Bill. We will report the final results on a Form 8-K to be filed with the Securities and Exchange Commission. The preliminary results are as follows. With respect to Proposal 1, the election of directors, each of the director nominees received at least 80.45% of the votes. The vote on the remaining proposals was as follows. On Proposal 2, relating to the ratification of the selection of the independent registered public accounting firm, 96.7% of votes cast were in favor. On Proposal 3, relating to approval, on an advisory basis, of the compensation of the named executives, 94.81% of the votes cast were in favor. On Proposal 4, relating to approval of the tax benefit preservation plan, 95.03% of the votes cast were in favor. On Proposal 5, relating to a request to issue a report about supply chain greenhouse gas emissions and Net Zero goals, 94.0% of votes cast were against. Thank you very much, Sarah. In view of the results, I declare that each of the nominees for director named in the Proxy Statement has been duly elected a director of the company. Proposals 2, 3, and 4 have been adopted, and Proposal 5 has been defeated. That takes care of the business of the meeting, and the meeting is adjourned. Thank you all for joining us. This concludes the annual meeting.