Hello, I'm John Saager, Vice President of Capital Markets and FP&A, and I'm here with our Co-Founder and Chairman, Jagdeep Singh, as well as our newly appointed CEO, Dr. Siva Sivaram, and our Lead Independent Director, Brad Buss. We'll talk today about Siva's new role as CEO of QuantumScape and what Jagdeep's role will be as he continues his duties as Chairman of the Board. We wanted to share this exciting news and give some of the background behind the thinking that went into this move, as well as give Siva a chance to share his perspective on the CEO role. Thank you all for taking the time. Jagdeep, can you tell us why you chose Siva for this role, and I think most importantly for investors, why now? So this process started about a year ago, right after we shipped our A0 prototype cells to customers, and we realized then that we would need to prepare for the next phase of the company's evolution, which was obviously high-volume production of these cells that we're making. The other aspect of the timing was in 2023, as I think our investors know. We achieved a number of really important product milestones. We increased our cathode loading to get higher energy density. We improved our packaging to further improve energy density. We demonstrated the first Raptor films, which is our new process for mass production of our films. And then when you couple that with the fact that we raised an additional $300 million during the year and we strengthened our partnership with Volkswagen, we really are in the best position that we've ever been in relative to the company's ability to industrialize this really important technology. So whether it's product and technology, whether it's customer, whether it's cash balance, we, in my opinion, are in the strongest position we've ever been in. And we thought this was a perfect time to also transition on the CEO front, allow Siva to now come in. He's been President. He's done a fantastic job having come in as CEO and continuing to put his imprint on the company relative to our ability to scale up into mass production and become more of an execution-oriented company going forward. Siva, I'm curious, from your perspective, why QuantumScape, and more specifically, why QuantumScape at this stage of their development? Jagdeep actually reached out to me about a year ago. In February of last year, we both started talking. I had been the President of Western Digital last. I had been in the company for well over a decade. We had taken multiple technologies from concept to technology development to very high-volume production or multiple generations of semiconductor and hard-drive technologies. It was at that point I was thinking that I could leave and join a place where I could do something more meaningful and impactful. QuantumScape was one of those opportunities. QuantumScape has the ability to transform an entire industry, has the fundamentals of the technology well developed, has a great bunch of people who are dedicated and motivated to do this, a large market, a market that can have a meaningful impact on the world. I thought this is the kind of opportunity that I wanted to pursue, and I was so happy that Jagdeep actually reached out to me. Once I joined here as President in September, I saw inside how well the company is run, the culture, the people. It was then a natural step for me to come and run this place. Siva, if I can add, you might recall that when I reached out to you a year ago, that wasn't the first time that we had spoken. You came and visited us about a decade ago, and then again, maybe five or seven years ago. So in some ways, you've been following the company for quite some time now. It's just that now the stage of the company that we're at and the skill set and capabilities that you bring are now much better aligned than they would have been 10 years ago. That's the case. I mean, the company is at the transformational stage. It is at a place where the technology is ready, the product is getting integrated, the customer is waiting. It is time for us to go take it into high volume. This is in my wheelhouse to go to it. Well, the board is very happy that you're here, so thank you. And Brad, I'm curious about your perspective. From your seat, how did this work from a process perspective, and then what are your thoughts around Siva? Sure. I mean, succession planning is one of the most important jobs that a board must deal with. We do it on an annual basis. About a year ago, as Jagdeep talked about, with all the success the company had, he came to us like, "Wow, we really need to get some more high-volume manufacturing. We got to start thinking about the next decade, really, and where we're going to be taking the company." The board agreed 100%. We got a search firm going. We had some really great candidates. But Siva really rose to the top very quickly. I mean, his technical background, the business, the high volume, being in the drive industry is perfect for what we're doing. So we were very excited when he came on as President and even more excited that we really think the timing makes sense. We're putting a fiscal year to bed. We're starting 2024. The timing makes sense. Jagdeep is totally supportive and aligned. We're very excited that Jagdeep's staying as an active Chairman and a large shareholder, so thank you for that as well. We're very supportive of Siva and look forward to working with you. Thank you, Brad. Brad, if I can add, you've got a long history of being a semiconductor guy yourself. You've also served on the board of Tesla's board of directors many years. You've seen both some very sophisticated manufacturing technologies in the world of semiconductors and the automotive space, obviously with Tesla. I think in some ways, you can appreciate what we're doing because it's hard to find somebody that has the right combination of understanding technical depth and high-volume production. That's why you and I have gotten so excited about Siva. Big time. Yeah, we were very focused, I think, on the drive industry right from the beginning because of the technology, the mass market adoption. We're looking forward to you bringing that here. Thank you, Brad. And Jagdeep, clearly, when we've been working together in the last four months, I have seen the depth of knowledge that you have of the industry, of the people, the incredible love that the company has for you. These will be big shoes for me to fill, and I'm hoping that we'll do you proud. You will. And again, on just behalf of the board, I mean, we couldn't be more proud of what you've accomplished, Jagdeep, as a co-founder and a CEO over the many years. You and the team have done an amazing job, and I think it's just the beginning of where we're at. So thank you for everything, and looking forward to our continued working relation together with all of us. Absolutely. This has been, obviously, the highlight of my career. I think we're doing something very important and very impactful, as Siva mentioned. And I think the fact that it's taken us this long to get to where we are is just an indication of how hard a problem this has been to solve. But at the same time, it's a really important problem that needs to be solved. And I think you could think of the company as being in two phases: the initial development phase where we develop the technology, the material system, and got it to A- sample, and then the next phase, which is going into B, C, and super high-volume production. And we think that if I was a good fit for the first phase, Siva is going to be a fantastic fit for the second phase. But that does not mean we are letting you go, Jagdeep. You're going to be actively involved with the company and with the technical teams as we go forward. Very much so. And by the way, I should thank you, Siva. You've been very clear in wanting me to stay not just as Chairman, but as an active Chairman. And if there's value I can add on the technical and product front, of course, I will continue to do that. Obviously, I love the company. I think that we are doing something really, really important, and I look forward to working with you to help bring this to market. Brad, thank you for the trust. Our pleasure. Thanks, guys. Now let's hear from two more of our board members: JB Straubel, Co-Founder of Tesla and Founder and CEO of Redwood Materials, and Frank Blome, CEO of PowerCo, Volkswagen's battery arm. I think Siva's strategic vision looking ahead for QuantumScape is incredibly relevant right now. He has a track record of commercializing complicated technology in the semi industry. This is really the right moment, I think, to bring that type of focus and that type of look-ahead strategy on how do we take this complicated technology and move that into mass production one step at a time. Siva has the right skill set and the experience, I believe, to do that. I think the future for QuantumScape is converting and transitioning into a manufacturing company, commercializing and taking what has been more than a decade very successful technology R&D and starting to move that into the manufacturing environment, shifting the focus of the entire organization toward quality, reliability, and manufacturing. This has been a shift that's been evolving over many years, and I think this is a really excellent way to look ahead and see how this new leadership will make that even more feasible. I've known Jagdeep for a very long time, over 10 years. As the Co-Founder of QuantumScape, he bears a lot of credit for bringing the company and the technology to where it's at today. He's the strong leader of this team. He has the trust of the entire organization. Having him an integral part of this transition and staying involved intimately as the Chairman of the Board, I think, guarantees a successful transition. I know Jagdeep loves this technology and loves the company, and I have no doubt that he'll continue to do everything to make sure it's successful and has the impact that it's really entitled to have on the world. It is an exciting time for QuantumScape because the latest test with the 24-layer cells showed the proof of concept for the technology. There's still a way to go, but great opportunities to achieve the next level of lithium-ion battery technology. Siva's track record of bringing high-tech products into mass production is excellent. He's an experienced executive officer and the perfect fit as the CEO for QuantumScape's next phase to commercialize this battery technology, and I personally look forward to working with him. Jagdeep is and was a great leader for QuantumScape. He still is on top of this technology, and he understands what has to be done now. As the Chairman of the Board, Jagdeep will be essential to making the right decisions into this new chapter of the company. Thank all of you for watching and following our progress. We're all very excited about the next phase, so stay tuned for more updates.