WEBVTT - New Red Sea Attacks, Tesla's EV Crown Challenged

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<v Speaker 1>Good morning.

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<v Speaker 2>It's Wednesday, the twenty seventh of December in London. This

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<v Speaker 2>is the Bloomberg Daybreak Curate podcast. I'm Stephen Carroll. Coming

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<v Speaker 2>up today. Risks of a wider conflict in the Middle

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<v Speaker 2>East rise as the US strikes targets in Iraq and

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<v Speaker 2>Houthi militants attack another ship in the Red Sea. The

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<v Speaker 2>SMP five hundred years record highs as the Santa Claus

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<v Speaker 2>rally picks up steam plus Tesla is about to be

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<v Speaker 2>surpassed by China's byd as the world leader in electric

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<v Speaker 2>car sales. Let's start with a round up of our

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<v Speaker 2>top stories, and there are more warning signs that the

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<v Speaker 2>war in Gaza could escalate into a wider conflict across

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<v Speaker 2>the Middle East. Houthi rebels and Yemen renewed their drone

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<v Speaker 2>strikes on merchant vessels in the Red Sea, with shipping

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<v Speaker 2>from MSc confirming a container ship was hit while en

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<v Speaker 2>route to Pakistan. It's the latest in a string of

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<v Speaker 2>attacks in the region in recent days. On Monday, the

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<v Speaker 2>United States that its forces launched three air strikes on

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<v Speaker 2>Iran backed groups in Iraq. Defense Secretary Lloyd Austin called

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<v Speaker 2>the strikes a necessary and proportionate response to an earlier

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<v Speaker 2>attack that injured three US personnel. The SMP five hundred

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<v Speaker 2>is trading close to a record highs The so called

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<v Speaker 2>Santa Claus rally left the Wall Street benchmark just half

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<v Speaker 2>a percent off its previous peak, the traditional end of

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<v Speaker 2>the year gains of average of one point three percent

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<v Speaker 2>in the last five trading sessions of the year and

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<v Speaker 2>the first two trading sessions of the new year. Bloomberg's

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<v Speaker 2>executive editor for Asian Markets, Paul Dobson says some traders

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<v Speaker 2>have their eyes on a prize.

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<v Speaker 3>It may be an anticipation of big New year flows

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<v Speaker 3>into equity funds and people trying to get a little

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<v Speaker 3>bit ahead of that. As part of the explanation, I think,

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<v Speaker 3>you know, we're getting very close to that record high

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<v Speaker 3>in the SMP, and the market loves the target to chase, right,

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<v Speaker 3>so trying to achieve that before the end of the

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<v Speaker 3>year is probably something that some people are anticipating.

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<v Speaker 2>That's Bloomberg's Paul Dobson. Their US docs have risen by

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<v Speaker 2>four and a half percent this month so far, with

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<v Speaker 2>the since the start of the year now surpassing twenty

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<v Speaker 2>four percent. Tesla could soon lose its title as the

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<v Speaker 2>world's leader in electric vehicles. The Chinese automaker BYDS sales

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<v Speaker 2>are forecast to overtake Tesla this quarter. It's a meteoric

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<v Speaker 2>rise for the brand, which Elon Musk wants scoffed at.

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<v Speaker 2>Here is the Tesla CEO speaking to Bloomberg twelve years ago.

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<v Speaker 4>There's competitors now ramping up, and as you're familiar with BYD,

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<v Speaker 4>which is also on the West Coast, I think they're

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<v Speaker 4>ramping up production of their electric vehicles. A warm buffet

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<v Speaker 4>owed ten percent.

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<v Speaker 1>Stake in that.

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<v Speaker 4>Why do you last trying to compete?

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<v Speaker 2>Why do you last?

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<v Speaker 3>Have you seen their car?

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<v Speaker 4>I have seen their car. Yeah, in fact that the

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<v Speaker 4>Berkshire Halfway meeting. I saw their cars. Yeah, well they

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<v Speaker 4>are on a Tell me why you're laughing. You don't

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<v Speaker 4>see them at all as a competitors.

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<v Speaker 1>Why is that?

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<v Speaker 4>I mean they offer a lower price point.

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<v Speaker 5>I don't think they have a great product.

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<v Speaker 2>So that was Elon Musk speaking to Bloomberg in twenty eleven.

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<v Speaker 2>After that clip was reshared online, he responded saying BYD's

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<v Speaker 2>vehicles are highly competitive these days. The Chinese firm's lower

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<v Speaker 2>prices have been undercutting Tesla has more expensive vehicles, but

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<v Speaker 2>BYD is struggling to replicate its domestic success internationally, as

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<v Speaker 2>the EU is considering joining the US and slapping higher

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<v Speaker 2>tariffs on imports of Chinese electric cars. Apple will challenge

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<v Speaker 2>a ban on sales of its watches after the White

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<v Speaker 2>House refuse to overturn the measure. The tech company is

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<v Speaker 2>in a patent dispute with medical technology maker Massimocorp over

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<v Speaker 2>the blood oxygen level sensor in its products. Masamo's CEO

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<v Speaker 2>Jokiani says Apple should take responsibility for its actions.

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<v Speaker 6>There needs to be an honest dialogue. There needs to

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<v Speaker 6>be an apology. These guys have been caught with their

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<v Speaker 6>hands and the cookie jar, and instead of being embarrassed

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<v Speaker 6>and doing the right thing, they're blaming everybody and they're

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<v Speaker 6>fighting everybody.

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<v Speaker 2>Masamo CEO Joke Kiani, speaking before the ban on Apple watches,

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<v Speaker 2>which was imposed by the US International Trade Commission. Apple

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<v Speaker 2>has already stopped selling its Series, Series nine and Ultra

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<v Speaker 2>two watches, but says it strongly disagrees with the legal

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<v Speaker 2>decision and will take all actions to return its devices

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<v Speaker 2>to stores and the European Union is preparing a backup

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<v Speaker 2>plan worth up to twenty billion euros to help fund Ukraine.

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<v Speaker 2>That's according to The Financial Times. Now. Unidentified officials speaking

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<v Speaker 2>to the newspaper say the plan would sidestep Hungary's objections

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<v Speaker 2>to the plan, which would see member states issue guarantees

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<v Speaker 2>to the EU budget allowing the European Commission to borrow

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<v Speaker 2>up to twenty billion euros on capital markets for Ukraine.

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<v Speaker 2>A spokesperson for the Commission to climb to comment to

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<v Speaker 2>The Financial Times. This as elsewhere in Europe, Turkey's Foreign

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<v Speaker 2>Affairs Committee endors Sweden's entry to NATO, paving the way

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<v Speaker 2>for a vote by its full parliament as early as

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<v Speaker 2>this week. Now, in a moment, we'll bring you more

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<v Speaker 2>on that story that China's BYD looks set to overtake

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<v Speaker 2>Tesla in the electric car making space. But another Bloomberg

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<v Speaker 2>story that caught my eye this morning, in the spirit

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<v Speaker 2>of the end of year sales some of you may

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<v Speaker 2>be indulging in perhaps also reflection of higher interest rates

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<v Speaker 2>playing out across the commercial property sector, and office building

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<v Speaker 2>in Los Angeles has sold for fifty two percent less

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<v Speaker 2>than it did five years ago. The building near Century

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<v Speaker 2>City in Beverly Hills went for just under forty five

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<v Speaker 2>million dollars on Tuesday, versus almost ninety three million in

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<v Speaker 2>twenty eighteen, the last time it was sold. It's the

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<v Speaker 2>latest big property deal in the LA area, illustrating the

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<v Speaker 2>pressure in the market this as more companies look to

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<v Speaker 2>remote work and of course you're dealing with the impact

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<v Speaker 2>of higher borrowing costs. The property firm Harbor Associates, which

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<v Speaker 2>both the building with F andF Capital, say they're starting

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<v Speaker 2>to see distress in parts of the market. Just in

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<v Speaker 2>case you're looking for a bargain this time of year,

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<v Speaker 2>might be worth looking at commercial property for that. Well,

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<v Speaker 2>let's turn back to the stories that are moving markets today,

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<v Speaker 2>shares rallying and Asia. As we've been telling you is

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<v Speaker 2>the S and P five hundred on Wall Street is

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<v Speaker 2>close to another record high. So is this just the

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<v Speaker 2>SOUNTA rally at work, something we're used to seeing at

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<v Speaker 2>this time of year, or are there more underlying factors

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<v Speaker 2>at play. Our executive editor for Asia Markets, Pol dubs

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<v Speaker 2>And joins us now for more. Paul, great to have

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<v Speaker 2>you with us. One of the stories moving markets in

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<v Speaker 2>Asia today, This economic data from China on industrial profits

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<v Speaker 2>at thirty percent jump year on year in November. What

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<v Speaker 2>does that tell us, first of all, about the state

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<v Speaker 2>of the Chinese economy?

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<v Speaker 3>Yeah, hi, good morning, Stephen. I think there's a few

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<v Speaker 3>different ways to read and interpret that data. First of all,

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<v Speaker 3>you know, on the headliner or on the surface, on

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<v Speaker 3>the headline, it looks like a pretty strong figure, quite

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<v Speaker 3>a lot more than people expected. Now, if you dig

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<v Speaker 3>into it a little bit, one of the explanations is

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<v Speaker 3>that there was a large number incorporated in there as

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<v Speaker 3>the sort of one off kind of windfall for some companies.

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<v Speaker 3>It's not exactly clear what that relates to. The detail

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<v Speaker 3>is rather sketchy. It's only one sentence in a several

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<v Speaker 3>page long announcement, but it looks like some companies benefited

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<v Speaker 3>from the overall rally in equity markets and also the

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<v Speaker 3>stronger currency to realize some gains that they've been sort

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<v Speaker 3>of waiting to cash in chips on. So that gave

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<v Speaker 3>the gave the sort of industrial profits figure and extra

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<v Speaker 3>kind of rosy sheen. But if you look at the

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<v Speaker 3>year on year or the year to date figure more precisely,

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<v Speaker 3>for the eleven months, we're still down compared with the

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<v Speaker 3>same period a year ago, So that tells you more

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<v Speaker 3>about the kind of struggle that Chinese industrial companies have

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<v Speaker 3>been under this year. Despite one or two bright spots

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<v Speaker 3>you mentioned, you know, kind of electric vehicles as being

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<v Speaker 3>one of them, but overall, the corporate outlook is still

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<v Speaker 3>very gloomy. The confidence is still low, and the equity

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<v Speaker 3>prices are reflecting that this.

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<v Speaker 2>Is coming, Paul. After we had that massive route on

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<v Speaker 2>Chinese shares last Friday, eighty billion dollars wiped off some

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<v Speaker 2>of the country's biggest tech names. This over fear is

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<v Speaker 2>of a crackdown online gaming. Today things are looking a

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<v Speaker 2>bit more positive for that sector. What's happened?

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<v Speaker 3>Yeah, and again it's a bit of a glass half full,

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<v Speaker 3>glass half empty kind of a story. Yes, they're looking

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<v Speaker 3>a bit more positive, but no, they haven't retraced all

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<v Speaker 3>of the losses that we saw on Friday. What we

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<v Speaker 3>got over the weekend was some retrenchment, some signals that

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<v Speaker 3>maybe the authorities realized they might have gone a little

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<v Speaker 3>bit too far. So there was some talk in the

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<v Speaker 3>local media about the possibility that these guidelines or regulations

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<v Speaker 3>aren't final and that there could be some recalibration of

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<v Speaker 3>that still going forwards. There was some explanation about what

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<v Speaker 3>the benefits of those could be as well, and there

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<v Speaker 3>were a lot of new approvals given full games over

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<v Speaker 3>the past few days as well. And on top of that,

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<v Speaker 3>a bunch of gaming companies announced buybacks, so several different

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<v Speaker 3>kind of strands to try to all the market back

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<v Speaker 3>from that really negative sentiment hit that it took on Friday.

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<v Speaker 3>But you know, again, it's those clouds hanging over the market.

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<v Speaker 3>It's the restrictions the readiness of the authorities to take

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<v Speaker 3>these kinds of actions in that kind of big common

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<v Speaker 3>prosperity unbreda. That's one of the reasons the confidence is

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<v Speaker 3>so shot in the market at the moment, among international

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<v Speaker 3>investors in particular.

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<v Speaker 2>Okay, so that's the situation that some of the stories

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<v Speaker 2>playing out in Asian markets today. If we look at

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<v Speaker 2>the US, though, we had the S and B five

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<v Speaker 2>hundreds on the cosp of record high yesterday. Is this

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<v Speaker 2>just the traditional Santa rally or is there something more

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<v Speaker 2>significant here?

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<v Speaker 3>It's a good question. I mean, the Santa Rally is

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<v Speaker 3>kind of a legitimate phenomenon. It's over these sort of

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<v Speaker 3>last five days of trading in December and then the

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<v Speaker 3>first two of the next year, typically the market does rally.

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<v Speaker 3>The average is gain of more than one percent in

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<v Speaker 3>that period, so there is something to be held within that,

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<v Speaker 3>and there may be an anticipation of big New year

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<v Speaker 3>flows into equity funds and people trying to get a

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<v Speaker 3>little bit ahead of Father's part of the explanation. I think,

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<v Speaker 3>you know, we're getting very close to that record high

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<v Speaker 3>in the SMP, and the market loves to target to chase, right,

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<v Speaker 3>So trying to achieve that before the end of the

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<v Speaker 3>year is probably something that some people are anticipating and

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<v Speaker 3>quite excited about as well. The real question is do

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<v Speaker 3>we touch that and then immediately nose dive or is

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<v Speaker 3>this just a barrier we push through and carry on

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<v Speaker 3>going into the new year. There's certainly plenty of reasons

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<v Speaker 3>that the market is excited about the outlook through the economy,

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<v Speaker 3>particularly if the Fed can engineer this soft landing and

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<v Speaker 3>start to reduce interest rates without having to panic, and

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<v Speaker 3>do it in a way to sort of save a

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<v Speaker 3>worsening outlook for the economy. So that's what people will

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<v Speaker 3>People will be weighing as they as they think about

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<v Speaker 3>those record highs and that Santa rally into the new year.

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<v Speaker 2>Thank you for legitimizing my use of the term Santa rally.

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<v Speaker 2>It always sounds much more incredible if you tell us

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<v Speaker 2>about the too. Look, of course, you mentioned the BET

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<v Speaker 2>and the Federal Reserve there. That's one of the big

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<v Speaker 2>factors that we're mentioning or we're on in markets. We

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<v Speaker 2>did have a treasury auction in the US yesterday, big

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<v Speaker 2>demand there. What does that tell us about that expectations

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<v Speaker 2>around radcuts in the US?

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<v Speaker 3>Yeah, well, they're there, and they're they're pretty firmly entrenched now.

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<v Speaker 3>And that's one of the questions I think, is that

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<v Speaker 3>supply demand factor for treasuries. Earlier in the year, there

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<v Speaker 3>was quite a lot of concern about just how much

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<v Speaker 3>you debt the US was going to need to sell

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<v Speaker 3>in order to fund the deficits, and that seemed to

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<v Speaker 3>add to that kind of really bearish move that we

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<v Speaker 3>saw in treasuries in say the second and third quarters.

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<v Speaker 3>But that seems to have swung around, and appetite seems

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<v Speaker 3>to be there at the moment, particularly for those just

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<v Speaker 3>shorter maturities, which is where the auction's focused. Yesterday, you

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<v Speaker 3>know the FED bets are already quite keenly priced. The

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<v Speaker 3>market is looking for five or six over the course

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<v Speaker 3>of the year. The Fed says we'll do three. So

0:11:54.679 --> 0:11:57.200
<v Speaker 3>the market is, you know, kind of already looking for

0:11:57.240 --> 0:12:02.240
<v Speaker 3>something much more aggressive. And so whether you know that

0:12:02.559 --> 0:12:05.280
<v Speaker 3>eventuality can play out, and whether there's still value for

0:12:05.360 --> 0:12:07.520
<v Speaker 3>treasuries when yields to this low is another thing that

0:12:07.760 --> 0:12:11.040
<v Speaker 3>investors will meet away and be watching the data very

0:12:11.080 --> 0:12:13.640
<v Speaker 3>carefully for going into going into twenty twenty four.

0:12:14.120 --> 0:12:16.640
<v Speaker 2>Okay, Paul Dobson, our executive editor for Asian Markets, thanks

0:12:16.640 --> 0:12:18.040
<v Speaker 2>so much for joining us the details of some of

0:12:18.080 --> 0:12:21.560
<v Speaker 2>those market moving stories as we move towards the final

0:12:21.679 --> 0:12:27.040
<v Speaker 2>trading days of the year. Now, China's BYD is poised

0:12:27.080 --> 0:12:31.000
<v Speaker 2>to surpass Tesla as the new worldwide leader in fully

0:12:31.080 --> 0:12:35.240
<v Speaker 2>electric vehicle sales. It'll be both a symbolic turning point

0:12:35.520 --> 0:12:38.360
<v Speaker 2>when it happens for the EV market and further confirmation

0:12:38.440 --> 0:12:41.560
<v Speaker 2>of China's growing clout and the global automotive industry. It's

0:12:41.600 --> 0:12:44.880
<v Speaker 2>a subject of today's Bloomberg Big Take. Katrina Necklace joins

0:12:44.960 --> 0:12:47.480
<v Speaker 2>us now for more on the story. Katrina, great to

0:12:47.480 --> 0:12:50.360
<v Speaker 2>have you with us, So BYD looks to be ending

0:12:50.480 --> 0:12:53.800
<v Speaker 2>twenty twenty three on a high. When will we actually

0:12:53.880 --> 0:12:56.800
<v Speaker 2>know whether the Chinese automakers are pass Tesla?

0:12:58.120 --> 0:13:01.080
<v Speaker 5>Yeah, hi there, so we'll actually get those details in

0:13:01.160 --> 0:13:05.760
<v Speaker 5>early January, probably the second of January, when both BYD

0:13:06.000 --> 0:13:10.160
<v Speaker 5>and Tesla will release their December sales figures, which will

0:13:10.160 --> 0:13:13.840
<v Speaker 5>also also be the fourth quarter sales figures. Analysts that

0:13:13.920 --> 0:13:18.160
<v Speaker 5>track elon Musk Company expect it to shift about four

0:13:18.200 --> 0:13:21.000
<v Speaker 5>hundred and eighty two thousand cars in the fourth quarter,

0:13:21.960 --> 0:13:25.600
<v Speaker 5>and that is not going to be enough to surpass

0:13:25.720 --> 0:13:29.200
<v Speaker 5>BYD at this stage, even though we do expect Tesla

0:13:29.240 --> 0:13:31.600
<v Speaker 5>to get a bit of a late boost from a

0:13:31.679 --> 0:13:35.199
<v Speaker 5>revamped Model three. And you'll also probably remember it launched

0:13:35.640 --> 0:13:39.560
<v Speaker 5>this stainless steel clad cyber trunk which began deliveries in

0:13:39.640 --> 0:13:41.319
<v Speaker 5>late late November.

0:13:41.440 --> 0:13:43.679
<v Speaker 1>Rather but still probably enough, not.

0:13:43.760 --> 0:13:48.000
<v Speaker 5>Enough to retain the title of the world's number one

0:13:48.120 --> 0:13:51.560
<v Speaker 5>selling electric car maker. And you know, it's really quite

0:13:51.559 --> 0:13:55.480
<v Speaker 5>an extraordinary rise for BYD. It's annual sales are expected

0:13:55.520 --> 0:13:58.600
<v Speaker 5>to come in at around three point one million units.

0:13:58.920 --> 0:14:02.080
<v Speaker 5>That actually is enough to catapult this Chinese car maker

0:14:02.200 --> 0:14:06.280
<v Speaker 5>into the top ten car sellers globally, not just for

0:14:06.400 --> 0:14:09.200
<v Speaker 5>electric cars, But for any sort of cars, you know,

0:14:09.480 --> 0:14:10.400
<v Speaker 5>it's still a.

0:14:10.280 --> 0:14:10.960
<v Speaker 1>Long way off.

0:14:11.760 --> 0:14:15.240
<v Speaker 5>You know, world leaders like Toyota, which you know, just

0:14:15.280 --> 0:14:17.960
<v Speaker 5>as an example, is expected to sell about ten point

0:14:18.040 --> 0:14:21.840
<v Speaker 5>seven million cars in twenty twenty three. But considering now

0:14:21.880 --> 0:14:25.440
<v Speaker 5>this Chinese car maker who is taking on the Japanese

0:14:25.680 --> 0:14:29.640
<v Speaker 5>and European legacy giants, and it's the only Chinese car

0:14:29.680 --> 0:14:32.000
<v Speaker 5>maker to be doing this, it's really something.

0:14:32.640 --> 0:14:35.800
<v Speaker 2>Yeah, it certainly is. Now, Tesslain BYD have taken quite

0:14:35.840 --> 0:14:39.720
<v Speaker 2>different approaches. How have BYD you managed to get to

0:14:39.760 --> 0:14:42.120
<v Speaker 2>this point? How have they managed to push up their

0:14:42.160 --> 0:14:43.160
<v Speaker 2>sales to this extent.

0:14:44.240 --> 0:14:47.160
<v Speaker 5>Well, one of the quite unique things about BYD is

0:14:47.200 --> 0:14:50.800
<v Speaker 5>that it makes its own batteries. Many people don't know,

0:14:50.960 --> 0:14:54.600
<v Speaker 5>but Wang chong Fu he started BYD back in nineteen

0:14:54.640 --> 0:14:57.720
<v Speaker 5>ninety five, and back then it was actually a battery maker.

0:14:57.920 --> 0:15:01.760
<v Speaker 5>It was the first Chinese lithium supplier to Motorola and

0:15:02.080 --> 0:15:05.320
<v Speaker 5>Nokia back in the early two thousands. And you know,

0:15:05.320 --> 0:15:07.400
<v Speaker 5>he used to actually joke back in the time that

0:15:07.520 --> 0:15:11.080
<v Speaker 5>BYD stood for bringing your dollars because back then the

0:15:11.080 --> 0:15:14.760
<v Speaker 5>company was selling batteries mainly to overseas clients and they

0:15:14.760 --> 0:15:19.240
<v Speaker 5>were paying in US dollars. It actually stands for build

0:15:19.280 --> 0:15:24.520
<v Speaker 5>your dreams. So the fact that BYD makes its own

0:15:24.560 --> 0:15:27.320
<v Speaker 5>batteries and now it also makes its own chips, that

0:15:27.400 --> 0:15:30.680
<v Speaker 5>has shielded the company from a lot of supply chain

0:15:30.760 --> 0:15:33.960
<v Speaker 5>qrunches over the years. Remember back in twenty twenty during COVID,

0:15:34.280 --> 0:15:38.920
<v Speaker 5>we had a worldwide shortage of semiconductors and that snarled

0:15:38.960 --> 0:15:41.560
<v Speaker 5>a lot of automakers. They couldn't get the chips that

0:15:41.560 --> 0:15:46.040
<v Speaker 5>they needed to make their cars. BYD was largely you know,

0:15:46.160 --> 0:15:49.840
<v Speaker 5>shielded from that because it actually makes its own chips

0:15:49.920 --> 0:15:53.240
<v Speaker 5>and its own batteries. Another thing that's really put BYD

0:15:54.000 --> 0:15:57.640
<v Speaker 5>in the you know, prime position where with regard to

0:15:57.640 --> 0:15:58.040
<v Speaker 5>where it.

0:15:57.960 --> 0:15:59.480
<v Speaker 1>Is now is its range.

0:15:59.520 --> 0:16:02.960
<v Speaker 5>You know, has always played up the very top premium

0:16:03.040 --> 0:16:07.960
<v Speaker 5>end of electric cars, whereas BYD has electric cars all

0:16:08.000 --> 0:16:10.960
<v Speaker 5>along the price points. So right down at the one

0:16:11.080 --> 0:16:14.760
<v Speaker 5>end you've got the budget Seagull cheap electric compact at

0:16:14.800 --> 0:16:18.160
<v Speaker 5>retails for about ten k I think, and that goes

0:16:18.280 --> 0:16:21.520
<v Speaker 5>right through up into what they've called the Yungwe sports

0:16:21.600 --> 0:16:24.480
<v Speaker 5>utility vehicle, which costs around one hundred and fifty.

0:16:24.200 --> 0:16:25.880
<v Speaker 1>Two thousand dollars.

0:16:26.880 --> 0:16:29.320
<v Speaker 5>So you know, wherever you are, you know, in the

0:16:29.720 --> 0:16:32.280
<v Speaker 5>if you walk into a showroom, you've got a full

0:16:32.920 --> 0:16:35.920
<v Speaker 5>choice of cars when it comes to BYD Electric ones.

0:16:36.280 --> 0:16:38.080
<v Speaker 1>And also it's good looks.

0:16:38.120 --> 0:16:41.320
<v Speaker 5>I mean, you know, back a few years ago BYD

0:16:41.520 --> 0:16:45.440
<v Speaker 5>was really selling quite boxy, unattractive looking cars. But in

0:16:45.440 --> 0:16:49.360
<v Speaker 5>twenty sixteen it hired this guy called wolfling Egger as

0:16:49.400 --> 0:16:54.240
<v Speaker 5>their chief design chief, and he was previously with Audi

0:16:54.280 --> 0:16:57.520
<v Speaker 5>and Alfa Romeo. Over the years, it's also lured away

0:16:57.600 --> 0:17:01.680
<v Speaker 5>some other international executives, including for Rari head of exterior Design.

0:17:01.800 --> 0:17:04.040
<v Speaker 5>So now they cans look really good as well.

0:17:05.280 --> 0:17:07.960
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0:17:08.000 --> 0:17:11.080
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