I'll now turn the conference over to your host, Proterra's Investor Relations, Aaron Chew. You may begin. Thank you, operator. Thank you all for joining us for Proterra's second quarter 2021 conference call. Joining us today from Proterra are our Chairman and CEO, Jack Allen, our Chief Financial Officer, Amy Ard, as well as President of Proterra Powered and Energy, Gareth Joyce. After the markets close, we publish a quarterly letter on our website and in an SEC filing, which we encourage everyone participating in the call to read for insights into our operating and financial results and a detailed discussion of industry dynamics and our outlook. During this conference call, we will make statements related to our business and industry that are forward-looking statements under federal securities laws. These statements are not guarantees of future performance. They are subject to a variety of risks and uncertainties. Our actual results could differ materially from expectations reflected in any forward-looking statements. For a discussion of the material risks and other important factors that could affect our actual results, please refer to our SEC filings available on the SEC's website and via the investor relations section of our website, as well as the risks and other important factors discussed in today's quarterly letter. Additionally, non-GAAP financial measures will be discussed on today's conference call. A reconciliation of these measures to their most directly comparable GAAP financial measures can be found in today's earnings release. We'll kick off the call today by introducing our Chairman and Chief Executive Officer, Jack Allen, for his opening remarks. Thanks, Aaron, and thanks to everyone who's on our call today. We're incredibly excited to announce our inaugural quarter results for Q2 2021. This is an opportunity to not only show how we are distinguished from a crowded field, but also to highlight how our business is performing today and poised to grow tomorrow. Just a kind of a quick table of contents of what we're going to do. We're all going to keep our prepared remarks to a minimum. I'll spend a few minutes highlighting not only the extent to which we have already grown our business today, but also how we have put the pieces in place that give us confidence in our future revenue growth outlook. Amy Ard will discuss the financials, including gross margins and cash, but we're going to leave the bulk of the call to Q&A so we can address the topics most important to you. First things first, three takeaways for this quarter. Number one, we are delivering strong results today. We may be a new public company, but we're not a new company. We are a technology company that's been innovating on battery electric commercial vehicles for over a decade. We're now on our fifth generation bus and our 4th generation battery. We have achieved serial production of batteries and buses many years ago. Let's go to Q2 in a quick summary. We produced 41 megawatt hours of batteries for both Proterra Powered and Proterra Transit. That's up 30% from Q2 2020. We delivered 54 buses, up 50% from a year ago when production was curtailed due to COVID. More than 50% of the deliveries in the quarter were to existing customers, including 12 to the Los Angeles Department of Transportation to bring its fleet of Proterra Transit electric buses to 25. We also delivered buses to six new customers across the map, from GoRaleigh in North Carolina to Bow Valley Regional Transit in Alberta, Canada. We also announced a sizable follow-on order for 42 transit buses from Miami-Dade Transit, which will bring its Proterra fleet to 75 buses. Importantly, this deal also includes Proterra Energy charging solutions as well. Proterra Powered delivered battery systems for 30 vehicles. We also established new partnerships last month that expand our reach further with two established companies. The first is ROUSH CleanTech for its electric F-650 truck platform. This is a very popular work truck. It's often used for box trucks, utility trucks, and shuttle buses. The partnership is launching with a very important first customer, Penske Truck Leasing. Next is Taylor Machine Works for our second partnership in off-highway equipment after the electric excavator with Komatsu that we announced in Q1. This one is focused on vehicles used in ports, including both an electric forklift as well as an electric container handler. This serves to really highlight the energy density and safety of our technology by packing in almost 1 megawatt hour of energy on board, which can carry loads up to 75,000 pounds. Ironically, not far away from the weight of a Class 8 truck with a full payload. Proterra Energy installed 4 megawatts of charging solutions to bring the cumulative total to 55 megawatts installed since 2016. Altogether, this translated into record revenue of $59 million in Q2, up 39% year to year. Transit accounted for 82% and Power and Energy for the other 18%. Gross margin was 2%. We've now been positive in gross margin for six quarters in a row, though I'll readily admit that's not where we want to be, and Amy will get more into that later. Most importantly, we're executing on our plan and we're following through with what we said we would do. Entering into the year, we expected revenue of $246 million. Halfway through the year, we've generated 46% of that, or $113 million of revenue. We did this even in the face of all the challenges that you all are probably hearing about in every Q2 call in just about every industry. We also are experiencing widespread turbulence across the global supply chain. It's led to shortages, delays, and increased freight costs. The supply chain inconsistency has also led to inefficiency on our production lines. We've had price hikes from everything from metals to plastics, and now this new resurgence of COVID is further complicating plant efficiency. So far, we have been doing what's the necessary blocking and tackling to get the job done in spite of these challenges. As a result, while there's still plenty of hurdles for us to overcome in the second half, we are affirming 2021 revenue guidance of $246 million. The second takeaway is that all three of our businesses, Transit, Powered, and Energy, are all incredibly well-positioned to capitalize on commercial vehicle growth trends. Transit is already putting up strong results today and is poised for strong growth in the years ahead, as electrification of the North American transit bus market grows from around 10% over the last couple years to the 50% level that third-party forecasts have by the middle of this decade. We believe Proterra Powered offers even a larger opportunity that is poised to accelerate our growth further, starting in 2022 and 2023. Just using North America as an example, there are 5,000 or 6,000 transit buses sold per year. The medium and heavy-duty commercial vehicle market is 100 times that, at a half a million plus units per year. We expect Proterra Energy not only to serve as an enabler of electrification for our transit and powered customers, but position us to capture a higher portion of lifetime customer value. These two businesses are demonstrating their growth prospects already. We have 10 powered partnerships to develop and supply electric commercial vehicle products across nine different OEMs. This demonstrates the wide applicability of our technology, as well as the breadth of adoption by a range of different vehicle OEMs, from incumbents to startups, and from vans to excavators. This is providing us with early scope that will ultimately enable the scale needed to grow our volumes and our margins even further. Proterra Energy has cumulatively installed 55 MW of charging solutions for both transit and school buses. Included in this is the first installation in Q2 of our new 1-MW capable charging system, which can connect 40 vehicles with no need for a new transformer or switchgear, while reducing square feet utilized by up to 30%. A couple of points to highlight and better understand the growth outlook for Powered. An initial development deal for a new vehicle program, that doesn't hit the income statement immediately. It could take a year or two of development before it turns into a high-volume supply contract. You may not see it in our financials today, but we are priming the platform for revenue and margin growth in the years ahead. Out of our 10 partnerships, seven of them are in supply contracts. While we provided battery packs to 8 of our partners by the end of Q2, it's really important to understand that only one of them is actually in serial production today. To better understand the near-term revenue growth, one more of our partnerships will enter serial production later this year, another three to four are expected to enter serial production next year, and the rest in 2023. Let's think about what's beyond that. Though we have 10 partnerships in place, we aren't standing still. We entered the year with five, and not even eight months into the year, we've doubled that. We expect to continue to announce new partners regularly, which would support our volume growth ambitions. Proterra Powered revenue growth has only just begun, and it's poised to accelerate next year and the year after. The third takeaway is one I'm incredibly excited about, and that's our new expanded agreement with LG. Along with our Q2 results, we also announced a major expansion of our partnership with LG Energy. This is an important step to address one of the most prominent supply chain risks to our growth prospects over the next couple years. First, we're making an upfront commitment for a low nine-figure dollar sum, securing dedicated production lines at a U.S. manufacturing facility in which LG will be producing cylindrical cells with chemistry optimized for commercial vehicle applications. This represents an upfront commitment for a steady supply of U.S.-made cells totaling multiple gigawatt hours per year. By Proterra providing this demand visibility and this financial commitment, we are helping to enable LG to pioneer U.S. manufacturing of cylindrical battery cells completely customized for the heavy-duty applications. In turn, we have secured a high volume of cell supply through 2028, and we believe these will be the first cylindrical cells produced for commercial vehicles that can qualify as tariff-free under the USMCA. This also creates new American jobs in battery technology and manufacturing that is really poised to grow through the rest of the decade. Second, we are extending our existing contract that was set to expire at the end of 2022. We expect that this contract will provide sufficient cells for our production needs before the U.S. facility starts production, as well as potential incremental volumes above and beyond what the domestic facility can provide, if and when demand requires that. This is a really big deal. Solidifies our partnership with a critical cell supplier like LG. It locks in supply, which allows us to provide sufficient visibility and reliable supply to our OEM customers. Most importantly, it's USMCA compliant. All in, we believe this provides us a significant competitive advantage over the next few years. A couple of final points from me that we think will be of interest. We're also announcing that we'll be reporting two separate business segments starting in Q3. Transit will be separate from Power and Energy. As a part of this, we've also announced that Josh Ensign will be moving from Chief Operating Officer to be the President of Proterra Transit, continuing to report to me. Finally, I can't end this call without expressing our gratitude to all of our employees for their incredible hard work and dedication to our mission. All in, we are positioning ourselves to ride the wave of commercial and industrial vehicle electrification this decade, having demonstrated the breadth of demand for our products, from transit to our 10 commercial vehicle programs, being able to secure battery cell supply to ensure we can fulfill that demand, finally, demonstrating an important ability to execute on our plan. I will now pass it off to Amy for a couple of highlights on the financials. Thanks, Jack, for the overview of our operations and strategy. Jack also just highlighted our record revenue of $59 million. I will offer a few comments primarily on margins and cash in the quarter. First, on gross margins. On one hand, we delivered gross margin of 2%, positive for the sixth quarter in a row. This is important, as it is difficult to get to gross margin positive in an unscaled but growing hardware manufacturing environment. On the other hand, we are not satisfied with this performance and believe we can be doing better. We have been impacted by anomalous factors throughout the last few quarters. The first is COVID and its impact on supply chain and production. While we have not had any significant supplier shutdowns, we have experienced slower deliveries of parts, specifically resin and plastic parts, which have impacted productivity on the line. We have also seen global logistics challenges affecting parts delivery, which again constrains production and limits our ability to optimize productivity. The second factor is the startup inefficiencies at our L.A. battery factory. We started production in Q4 2020, but we really began to ramp production in 2021. Startup inefficiencies associated with the early ramp of the one new automated line have led us to maintain incremental staffing that will not be duplicative once we're fully ramped. Additionally, new equipment and new processes have led to higher initial levels of scrap, though this is already returning back to more normal levels as we calibrate the automation process. At the end of the day, we believe the key factor driving gross margin improvement will be scale and higher volume, and we think that's just a matter of time. Once the impact of COVID has passed, we remain confident in our ability to drive margins higher as volumes ramp over the next few years. On to cash. The first thing I'd point out is our cash flow can be lumpy. Depending on customer delivery timing and the number of buses that each customer receives, accounts receivable and inventory can be highly variable and have an outsized effect from one quarter to the next. Two notable impacts in Q2 on cash. The first was AR. It was a use of cash of $14 million in the second quarter, but this was largely related to a delay in one customer's payment that was subsequently made in July. To mitigate the aforementioned COVID impacts, raw material inventory increased by $10 million as we secured battery supplies well in advance of production. As our production is scaling and we are adding new customers to our pipeline, we are trying to ensure that no unforeseen supply chain constraints will impact our customers. While free cash flow is negative $38 million in Q2, I apologize, it was negative $52 million through the first six months of the year, which is a more normalized run rate. All in, we ended the quarter with over $750 million in cash, and we continue to believe we have more than sufficient capital to fund our business until we achieve positive free cash flow within our five-year planning period. One quick final point about an accounting issue that has increased our net loss, but is not reflective of the underlying health of our business. We have certain derivative and warrant liabilities associated with our convertible debt and merger transaction that require quarterly adjustments to fair value. These adjustments amounted to a $130 million loss in the quarter, but to reiterate, this loss is not only non-cash, but not reflective of our business or underlying trends. With that, I'll pass it back to Jack for some closing comments before opening it up to Q&A. Thanks, Amy. In closing, two points. We put up a solid Q2, and we're executing on our plan for 2021 so far, despite really an onslaught of challenges. Proterra Transit's putting up strong results already. As Proterra Powered starts to recognize material revenue for more than one customer, revenue growth should improve. Obviously, as Amy said, we have sufficient cash to execute our growth plans. I'm incredibly excited about the expanded LG relationship. Thank you for your interest and your support. We look forward to the chance to update you on how we are executing on our plan each quarter. With that, the operator, I'd like to open it up for Q&A. Sure. At this time, we'll be conducting our question and answer session. One moment please, while we poll for questions. Our first question is from Itay Michaeli with Citi. Please proceed with your question. Great. Thanks. Hi everybody, and congrats on the first earnings call. Thank you. Just to give you a 1st question, maybe for Amy on the gross margin in the quarter. I think you mentioned some of the supply chain headwinds that you incurred. Any way to quantify what those were, either from a dollar or margin perspective? Maybe how to think about gross margin, like in the second half of the year? Sure. First I'd say, I do want to continue to highlight that we have had positive gross margin for 6 quarters in a row. Which I think is really a testament to where we are in our life cycle. What I would say is, the factors that impacted Q2, both of those factors combined probably would've added 200 basis points if they hadn't occurred. As we look forward, I guess what I would say is, we do not know the impact of COVID, but we do continue to expect to have positive margin as we go through the second half of the year. Great. Terrific. Just a second question. With some of the new business development progress you reported, any update at all to the, I think, the prior kind of backlog or order book of about $750 million? Any update to that at all? We are not going to be discussing our backlog or our bookings on a quarterly basis. We're going to annually provide an update on our backlog. The reason for that is because bookings can be lumpy, and therefore we think an annual measure is more demonstrative of how the business is doing. We focus on deliveries because deliveries equal revenue, and we think that's what's most important for us on a quarter-to-quarter basis. Go ahead. Just a last question. I'll sneak one in. I think the OpEx guidance for the fourth quarter of $35 million, any rough sense of how to think about that from the R&D and SG&A split? Just have to talk more about the incremental investments that you're making. I'll tell you the three reasons, but I won't split it for you into R&D and SG&A. I'll give you some context into why we're doing that and how we're thinking about this. The reason why our OpEx is increasing, we have three things that have changed in the last several months. We think we have higher clarity of cell technology developments. We've had meetings with dozens of OEMs that have clarified their needs and requirements, and quite frankly, we raised additional capital, so we felt like we had more capital to spend in order to meet the needs of our customers. With that money, we're going to broaden our offerings, we're going to increase our integration capabilities, we're going to expand our geographic reach, and we're going to build out additional infrastructure, compliance, regulatory service. It will split between R&D and G&A, but that's how we're thinking about it in terms of the incremental OpEx for Q4. Terrific. That's all very helpful. Thank you. Our next question is from Sean Milligan with Williams Trading. Please proceed with your question. Thanks for taking the questions this afternoon. I think in the letter you talk about a pipeline of 1,000 buses on the transit side. Can you talk about some of the hurdles that you're seeing in terms of getting those to convert to orders? Is it really just timing of kind of funding clarity from the infrastructure bill, or what are you seeing there, and kind of how can we think about converting that to backlog? Sure. The transit industry has really been quite severely impacted by COVID. We do see that ridership is coming back up and as indicated on our analyst call, we did see that there was significant number of RFPs out there. Certainly more this year than last year. They were taking longer to convert with just the uncertainty that's out there. We certainly hope that the Infrastructure Bill, if it's passed, helps provide a lot of clarity around that to be able to convert that pipeline into backlog and into production. Okay, thanks. I guess in terms of the infrastructure bill and potential funding there, you obviously have a large competitor that's international. Is there clarity on whether they're able to compete for the transit awards? I realize that there may be some nuances about state level or municipality, but can you provide us some information about that? Are you referring to BYD here? Is that who you're referring to? Yes. This slide or? Yeah. BYD. BYD mainly. Yeah. Right. The NDAA that was passed in a bipartisan fashion a year or so ago, provides a restriction on funding to be used from a federal transit agency to a Chinese-owned or operated company. I believe that kicks in in the beginning of 2022. That's really what we know about it right now. Okay, great. Thank you. I'll go back in the queue. Our next question is from Jon Lopez with Vertical Group. Please proceed with your question. Hi. Thanks so much. I apologize, I'm coming over from another one, so if I'm asking anything you guys have covered, we can take it offline. I wanted to start just on the OpEx side. First of all, the $35 million that you referenced, Amy, that's a GAAP figure? Yes. Okay. Are we expecting the stock comp number to continue running around where it's been running, $5 million or so, as was the case in Q2? There was, I would say, a 1-off larger charge in Q2 related to some milestone grants of about $2 million. It will run at sort of an adjusted rate from Q1. It'll be probably the Q2 rate less that one-off adjustment, I'd say. Okay. Closer to three? I'm not going to give you the exact number because we're continually hiring, that number may change period over period. I will tell you that there was a one-off that is not going to continue into Q3 and Q4. Okay. I got you. The second one is just on the LG announcement. I'm guessing you covered some of this before. When does the cash disbursement take place, and what's the timeframe over which you begin to get access to that capacity? The LG agreement provides a number of things for us. First off, it's an extension of the current contract as well as the U.S. bill, the USICA. We are partnering with LG, but this is an LG facility. All of the information around the specific timing and the location and startup, things like that, is going to have to be answered by LG, and they're not quite ready to answer that yet. That's why we really have a multi-pronged agreement with them to extend the current agreement as well as have supply from the U.S. when those manufacturing production lines come online. Okay. I understand. Sorry, just related to the extension, do you have visibility into what your cell availability will be for 2022? That we do, yes. We have provided them a range of what our production needs would be in 2022, and we have a secure agreement from them to provide those. Okay, great. Sorry, my last one, I just wanted to come back to the Infrastructure Bill and sort of your take. The number that seemed to have been earmarked for buses looks a bit smaller, and I guess from our end, it's still a little unclear how much of that is, excuse me, school versus transit. As you think about the impact of that on your business, how do you view that now versus perhaps how you might have viewed it six months ago? Sure. I guess it all depends on what lens you're looking at it. If compared to the first number that was thrown out, yeah, it's smaller. Compared to where it is today, it's significantly more. For example, the Low-No Program in 2021 was $180 million, and that program's not guaranteed. It has to come up and get approved each and every year. Where within the current infrastructure bill is $800 million a year for five years guaranteed. That's just for transit. We view that as being quite positive. In addition to that, there's a minimum of $2.5 billion up to $5 billion for electric school buses. I talked about our agreement with Taylor for port equipment. There's $2.25 billion to electrify the ports in the United States. There's $7.5 billion for charging infrastructure. There's money in there for airports that can be used for shuttle buses. There's a lot in there that is positive for electrifying the United States. That's really helpful. Thank you very much for the thoughts. Our next question is from Ben Kallo with Robert W. Baird. Please proceed with your question. Hey, Jack, Amy, and Aaron, Mr. Ensign. Thanks for taking my question. Hi, Ben. One thing we're trying to figure out is the competitive environment. There was an announcement by one of your competitors today for a big deal, and almost seems like the commercial market is more competitive than, I guess, the passenger vehicle market. Maybe can you talk to that? On those lines, how much do you have to compete with price? Maybe Amy, could you talk about just the levers you have in that margin? Congrats on the sixth quarter in a row of positive gross margin. I know you guys got a ways to go, but just how much does price factor in that with the competitiveness, and what do you pull for levers there? Thank you. Sure, Ben. I think what you're referring to is the agreement between Lightning and Forest River. Is that correct? Yes, sir. I'm going to let Gareth Joyce, our President of Proterra Powered and Energy, answer that as he's very close to Tim and his team at Lightning. Yeah. Thank you. First of all, Lightning's actually someone we enjoy a very good relationship with, fortunately. They're a good vehicle engineering organization. We're proud to partner with them already on their Class 3 van platform. We have active discussions with them for the supply of batteries for this new agreement they just announced. That's work in progress. We're very fortunate that their product platform that spans from Class 3 all the way up to Class 7 is something that aligns very well with our battery platform that spans that same spectrum. We look forward to continuing to partner with them. Just on the margin front, and maybe how cells work into that as well. Just compare this in margin and then cells. Sure. I guess what I would say about that, Ben, is certainly, this is a competitive market. There's no question about that. We have been in this market longer than others. We have a solid relationship with LG. We have an automated manufacturing line. We have more scale than what our competitors do in this space today. Sure, it's a competitive price market, but we're comfortable with where we are from a cost standpoint relative to our competitors. I think one of the big things here is that this agreement with LG provides us the opportunity to be USMCA compliant. From a commercial vehicle manufacturer standpoint, I can just tell you from my Navistar experience, that's going to be paramount. You're not going to want to build a vehicle in the United States and then pay a tariff if you want to ship that to Canada or Mexico. So having a USMCA-compliant battery cells is a big competitive advantage for Proterra. Great. Thank you, guys. Our next question is from Brian Johnson with Barclays. Please proceed with your question. Yes, I've got a couple of questions. First, a little bit more on kind of modeling, housekeeping. The LG announcement, you mentioned an upfront payment to that. I might have missed it in the conversation, but what is the rough timing of when that is? Is it contingent on them actually getting ready to produce at that facility? There's a number of milestones, but they haven't been specifically laid out from a timeline standpoint. We're not in a position to talk about that today. Hopefully, we will be in the fairly near future as LG makes more announcements. Okay, good. Secondly, there's been some press, particularly amongst opponents of EVs, around issues at the Philadelphia SEPTA transit system and then Foothill Transit with electric buses. Some of the articles claiming it's Proterra. I just want to kind of give you a chance to comment on those, and then if those were Proterra buses, what's different about what's being delivered currently? Sure. You started off right. There's a lot of reporting out there from people that are against EVs. We do strongly feel that we've been misrepresented in the media. We're not overly surprised by that. Whenever you're bringing progressive technology and disruptive technology to the market, there's always someone who's being disrupted who isn't going to like it. They're going to try to figure out a way to fight back. We're experiencing a little of that going on. Relative to SEPTA, we're bringing new technology here and to a new customer and an excellent transit agency. I've met personally with their CEO, Leslie Richards. We've had challenges to integrate into this existing fleet. We're confident that our teams are working together with SEPTA to resolve these issues. Foothill Transit was our first customer. They're absolutely the pioneers in bringing zero emission electrification to the U.S. Where they got misrepresented is, all they're really trying to do is take their vehicles that were first generation, that they stuck their neck out and brought to market. What they'd really just like to do is retire those and get fifth generation Proterra vehicles. That's all they're trying to do, and it was just misrepresented that there was something else going on that complicated the matter. Just following up on SEPTA, Jack, with your experience at Navistar, obviously truck frames are a big part of what Navistar successfully delivers. Are there changes to the actual body frame, in particular suspension, of the buses that you've overseen in your time at Proterra? The composite bodies that we're building is just fine. Any cracks that we have seen, they're non-structural in nature. They don't impact the safety. They don't impact the integrity of the vehicle at all. We've run our vehicle through the strenuous Altoona test now over eight times. The FTA has certified that vehicle as being passed. This is not a structural issue. This is a cosmetic issue where we have opportunities where there are blemishes, and it's not impacting the safety or the integrity or the performance of the vehicle. Okay. Thank you. Our next question is from Dan Levy with Credit Suisse. Please proceed with your question. Hi. Good afternoon. Thanks for taking questions. Just first following up on some of the near-term gross margin dynamics. Maybe you could just give us a sense on the battery side, just to what extent has raw mat cost impacted your battery cost? How much has that been a drag on gross margins, given there's some lumpiness in when that materializes? What does that say about potential drag in subsequent quarter, given, again, there's lumpiness in when that actually materializes per your agreements? I'm sorry, I didn't hear the first part of that question. You broke up. Oh, yeah. I was just wondering how much raw mat cost inflation has been a drag on your battery cost and thus a drag on gross margins. I think you mentioned earlier on some of the other calls, more specific to raw mats on the battery side and how that has crept through to your margin structure, if at all. I would say thus far raw material price increases have not had a significant impact because they started in the Q1, Q2 timeframe, and the timing between when we start to see that and it converts into revenue occurs later. I think we'll start to see that as we roll into the next year. We're already thinking about that and working on additional cost down initiatives to cover for those potential raw material price increases. We do have locked in pricing on some of the highest value raw materials we have. It would be a more limited impact. Got it. Thank you. it. Thank you. The other point I would make to that is, on many of our transit contracts, we do have CPI provisions that would allow us to recover some of those material price increases if they do materialize also. Sure. Great. As a follow-up, maybe you can just on the LG agreement, if we could zoom out. Help us appreciate the agreement with LG. I think we know obviously there's some supply constraints out there. Generally speaking, how does this position you against your suppliers or your competitors, rather? Do they have similar supply commitments? Does the agreement say anything about the floor or ceiling of volume over the coming years? Just lastly, if you need additional supply, can you flex up on this agreement, or would you have to pursue other agreements with other suppliers? A lot there. To me, the biggest impact of the LG agreement starts with secure supply. You hear on many other conversations with people in the industry that what's impacting their ability to hit revenue is that they can't get battery supply. We've taken that off the table here at Proterra. The second is the U.S. build commitment of this. USMCA is a big deal, and we will be certainly the first to announce that we'll have cylindrical cells for commercial vehicles that will be built in the U.S. In terms of supply, we have a big range of volume here, opportunity certainly with LG. We're confident that between what they do today in Korea and what they'll do here in the United States that we have that supply. There's also other avenues for us beyond that in the years down the road. Great. Thank you. We have reached the end of the question and answer session, and this also concludes today's conference. You may disconnect your lines at this time. Thank you for your participation. Thank you.