WEBVTT - Cadillac Drives Into Electric Vehicle Future 0:00:00.160 --> 0:00:04.200 This is Bloomberg Business Week with Carol Messer and Bloomberg 0:00:04.280 --> 0:00:08.880 Quick Takes Tim Stinovic on Bloomberg Radio. There is overall 0:00:08.920 --> 0:00:12.840 a worldwide push toward electrification. It's causing a three year 0:00:12.880 --> 0:00:17.120 wave hulf. Initial public offerings in the EV electric vehicle 0:00:17.120 --> 0:00:19.119 space could raise about a hundred billion until the end 0:00:19.160 --> 0:00:22.040 of that's, according to be of a meantime, A recent 0:00:22.079 --> 0:00:25.400 report says the global EV market is expected to reach 0:00:25.440 --> 0:00:30.360 tim nearly nine eighteen billion in and GM looking to 0:00:30.400 --> 0:00:32.760 be a major player in all of it. Cadillac, in fact, 0:00:32.880 --> 0:00:35.120 is looking to be an all electric company by the 0:00:35.200 --> 0:00:38.440 year twenty thirty. Joining us now is Rory Harvey, Global 0:00:38.479 --> 0:00:41.600 vice president of Cadillac. He joins us on the phone 0:00:41.640 --> 0:00:45.040 from New York City. Rory, how are you? It'll be fine, 0:00:45.080 --> 0:00:47.960 thanks yourself, Juan, Well, thanks, it's really it's really great 0:00:48.000 --> 0:00:51.199 to have you. Um, why go electric now? Why is 0:00:51.240 --> 0:00:54.760 why is now the right time versus a few years ago? Yeah? 0:00:54.800 --> 0:00:56.880 I guess you know. There are multiple factors that coming 0:00:56.920 --> 0:00:59.920 to play that, and one is is the market at 0:01:00.000 --> 0:01:03.880 option ready for these? The second is is the infrastructure 0:01:03.880 --> 0:01:07.319 out there? The third is other capabilities there? The fourth 0:01:07.400 --> 0:01:09.959 is are the demander or is the demand there. I 0:01:09.959 --> 0:01:12.080 think there's lots of different data sources. I'm sure that 0:01:12.160 --> 0:01:15.120 you have access to many of them that you extrapolate 0:01:15.160 --> 0:01:17.000 what is going to happen with eb adoption. And from 0:01:17.000 --> 0:01:19.560 our perspective, we think now that the time is right 0:01:19.600 --> 0:01:22.440 absolutely to put up on the accelerated panel. We have 0:01:22.600 --> 0:01:25.600 a great portfolio today of icicles, but we think now 0:01:25.720 --> 0:01:28.240 is the time to compliment that word switching to eving. 0:01:28.720 --> 0:01:30.960 So I'm going to ask a different question that why 0:01:31.000 --> 0:01:32.839 does it Why is it going to take to twenty thirty? 0:01:32.920 --> 0:01:35.280 Why not sooner? Especially when you've got you know, a 0:01:35.319 --> 0:01:39.280 company like Tesla that has definitely at this point is 0:01:39.319 --> 0:01:41.680 out front and center and has the first mover advantage. 0:01:41.680 --> 0:01:43.920 They're now ranked is the world's most valuable car company 0:01:43.959 --> 0:01:47.360 by far. You've got Ruvian supporting this second house market 0:01:47.400 --> 0:01:50.560 cap among US carmakers despite having no sales revenue yet. 0:01:50.600 --> 0:01:54.360 I mean, that's a topic for another conversation. So I'm 0:01:54.360 --> 0:01:56.840 just curious, you know, why not try and do it 0:01:57.120 --> 0:02:00.320 sooner rather than later? Is it logistically it's just got 0:02:00.320 --> 0:02:03.240 to take this amount of time. No, I think it's 0:02:03.280 --> 0:02:05.960 a it's balancing basically, what we need to do, what 0:02:06.000 --> 0:02:08.320 we need to do in terms of market opportunity with 0:02:08.360 --> 0:02:10.119 our ice vehicles, what we need to do in terms 0:02:10.160 --> 0:02:12.080 of evs. So as an example, if you looked at 0:02:12.120 --> 0:02:15.400 the Lyric, which will be the first EV in terms 0:02:15.400 --> 0:02:18.200 of luxury crossover from Cadillac, we pulled that forward by 0:02:18.280 --> 0:02:20.960 nine months. So we brought that forward and accelerated it 0:02:21.000 --> 0:02:23.960 to the back end of March in twenty two. That 0:02:24.000 --> 0:02:26.959 will be followed by the Celestique, which will be an 0:02:27.000 --> 0:02:30.000 ultra luxury brand. And indeed, you know, without giving the 0:02:30.040 --> 0:02:31.840 time in a way of all of the product portfolio, 0:02:32.320 --> 0:02:34.200 if you look at GM across the board, we will 0:02:34.240 --> 0:02:38.200 have thirty products by twenty five that are EV variants, 0:02:38.200 --> 0:02:40.640 with about sixty of those sold in the US. So 0:02:40.919 --> 0:02:44.919 there is a fairly aggressive introduction of the evs moving forward. 0:02:45.160 --> 0:02:47.560 I guess the thirty time scale is, you know, the 0:02:47.840 --> 0:02:50.200 period of time when we would be selling the last 0:02:50.240 --> 0:02:53.360 ice vehicles from the Cadillac perspective, but we will certainly 0:02:53.360 --> 0:02:55.600 be in the market much earlier than that compliment in 0:02:55.600 --> 0:02:58.320 our ice vehicle cells. With EVY vehicles. You know, Tim 0:02:58.320 --> 0:03:01.120 and I talk or a lot about um wanting our 0:03:01.120 --> 0:03:04.359 next car to be an electric vehicle. Uh, Tim lives 0:03:04.360 --> 0:03:06.120 in the city. I lived just outside the city. In 0:03:06.120 --> 0:03:08.280 the urban environment, you do wonder about, Okay, how the 0:03:08.280 --> 0:03:10.359 heck am I going to charge this puppy? How much 0:03:10.400 --> 0:03:12.960 of your timing also is thinking about the bigger, broader 0:03:13.080 --> 0:03:15.800 infrastructure problems that I feel like we've been talking about 0:03:15.800 --> 0:03:17.760 for a few years that in order for evs to 0:03:17.880 --> 0:03:20.440 really come, you need to have the EV support network 0:03:20.480 --> 0:03:22.760 to be there as well, especially when it comes to charging. 0:03:23.800 --> 0:03:26.400 You're absolutely right, Carol, I mean that's that's fundamental. And 0:03:26.440 --> 0:03:28.360 if you look at some of the metropolitan areas, you 0:03:28.400 --> 0:03:31.000 know there's a big push in terms of infrastructure. If 0:03:31.040 --> 0:03:33.280 you look at some of the legislation and some of 0:03:33.320 --> 0:03:35.320 the activities that the states are putting in place, you 0:03:35.360 --> 0:03:37.760 have AMENDMENTUM is really starting to build. But it's a 0:03:38.080 --> 0:03:40.480 it's a fundamental issue in terms of being able to 0:03:40.520 --> 0:03:43.800 facilitate demand with customer convenience. And from that point of view, 0:03:44.040 --> 0:03:45.640 you know, there's a number of things that we're doing, 0:03:45.680 --> 0:03:47.800 whether it be working with our dealer partners to put 0:03:48.040 --> 0:03:50.480 charging stations in place that we made an announcement the 0:03:50.520 --> 0:03:53.440 week before last. In terms of that, whether it be 0:03:53.880 --> 0:03:57.080 our mobile app, which basically gives customers the ability to 0:03:57.080 --> 0:03:59.840 be able to determine where to charge, which charges are up, 0:03:59.840 --> 0:04:02.760 and NY minimum downtime, et cetera. But it is one 0:04:02.800 --> 0:04:06.040 of the challenges that the industry places in terms of ensuring, 0:04:06.040 --> 0:04:08.560 particularly in some of those densely populated areas, that the 0:04:08.600 --> 0:04:11.440 infrastructure is there. So again, that's part of the reason 0:04:11.480 --> 0:04:13.640 that at the moment we have the need to be 0:04:13.680 --> 0:04:16.320 able to satisfy customers from a nice vehicle perspective, but 0:04:16.360 --> 0:04:19.039 also from an ev perspective. Hey, Rory, is you know 0:04:19.080 --> 0:04:22.080 when it comes to battery charging stations, how much of 0:04:22.120 --> 0:04:24.360 it is the private sector responsibility? How much is it 0:04:24.440 --> 0:04:26.440 public sector? Is it a little bit of both? I 0:04:26.440 --> 0:04:28.359 think it's a it's a little bit of both, you know. 0:04:28.400 --> 0:04:30.560 I think it's uh, it's down to the incentives that 0:04:30.600 --> 0:04:32.880 are available. It's down to the distribution. It's down to 0:04:33.120 --> 0:04:35.880 private companies because there's a business opportunity, it's down to 0:04:36.000 --> 0:04:38.320 public I think this one is a team effort in 0:04:38.400 --> 0:04:40.680 terms of putting the infrastructure in place. I did want 0:04:40.680 --> 0:04:42.719 to ask you about I mentioned Tessa and now ranked 0:04:42.720 --> 0:04:45.560 as the world's most valuable car company. Get Rivian it's 0:04:45.600 --> 0:04:48.440 boring the second highest market cap among US car makers. 0:04:48.480 --> 0:04:52.640 How do you see Tessa and Rivian in the overall 0:04:52.720 --> 0:04:57.159 auto market? Yeah, I guess that's an interesting question. To 0:04:57.200 --> 0:05:00.479 be a very candidate, I'd prefer to talk about GM 0:05:00.520 --> 0:05:02.679 and and how we sit in the overall market, because 0:05:02.720 --> 0:05:05.600 you know, we have our vision of the car company, 0:05:05.600 --> 0:05:08.840 which has zero crashings, zero emissions of the zero congestion, 0:05:08.960 --> 0:05:11.680 and we believe that that's a key catalyst for growth. 0:05:11.760 --> 0:05:15.080 There's no doubt that there are incremental competitors that have 0:05:15.160 --> 0:05:17.599 come into the industry over the recent past, and that 0:05:18.200 --> 0:05:20.680 some of those are having successes. As you mentioned earlier 0:05:20.680 --> 0:05:22.880 in your opening, some of them at the moment have 0:05:23.000 --> 0:05:25.320 sold a very limited amount of vehicles. But I think 0:05:25.360 --> 0:05:27.760 the the exciting part from my perspective is that I 0:05:27.800 --> 0:05:30.799 think that this is an incredible opportunity for General Motors, 0:05:30.800 --> 0:05:33.400 and I think it's a great investment opportunity for us 0:05:33.400 --> 0:05:36.840 in terms of growth. We had an invested day probably 0:05:36.839 --> 0:05:39.159 about a month ago now, where again we put forward 0:05:39.160 --> 0:05:42.960 our strategy, which was to double our revenue by whilst 0:05:43.000 --> 0:05:45.440 also expanding our margins. So I think if you look 0:05:45.440 --> 0:05:47.839 at some of the data points, it just shows the 0:05:47.880 --> 0:05:50.080 opportunity that there is for general motors. But do you 0:05:50.080 --> 0:05:51.800 think that there, you know, some of the disruption that's 0:05:51.800 --> 0:05:54.359 going on the auto market actually last because of some 0:05:54.440 --> 0:05:57.560 of these upstarts, or do you think time will tell 0:05:57.600 --> 0:05:59.800 in terms of whether or not the traditional automakers that 0:05:59.839 --> 0:06:02.640 are around for a long time ultimately take the lead. 0:06:02.680 --> 0:06:04.120 And just got about thirty seconds and then we'll come 0:06:04.120 --> 0:06:06.480 back and talk some more. Yeah, I think it'll be 0:06:06.520 --> 0:06:08.400 a combination of both. I think there's a lot of 0:06:08.440 --> 0:06:10.400 changes that have happened in the marketplace. There's a lot 0:06:10.400 --> 0:06:13.039 of disruption, there's a lot of new thinking, and I 0:06:13.080 --> 0:06:15.040 think from a general modus perspective, how comes to the 0:06:15.080 --> 0:06:16.760 fact that you know, I do believe that this is 0:06:16.800 --> 0:06:20.119 an exciting opportunity, and I believe that we've got robust plans, 0:06:20.160 --> 0:06:21.919 and I think that we've got plans that will enable 0:06:22.000 --> 0:06:23.640 us to lead. I gotta say it does feel good 0:06:23.680 --> 0:06:27.240 that everybody's all in an electrification, certainly coming off of 0:06:27.320 --> 0:06:30.480 Cup twenty six, and we continue to watch, uh the environment. 0:06:30.480 --> 0:06:32.160 At this point, we're gonna we just got to get 0:06:32.240 --> 0:06:36.080 rid of our I'm ready. I mean, we're definitely ready 0:06:36.279 --> 0:06:38.240 and thinking about the next car Rory Harvey. We're going 0:06:38.279 --> 0:06:39.880 to come back with him. He's global vice president of 0:06:39.920 --> 0:06:43.640 Cadillac overseeing their day to day operations there. This is 0:06:43.640 --> 0:06:46.119 Bloomberg Radio. You want to get back to our guest 0:06:46.200 --> 0:06:48.680 here on business week. Rory Harvey is still with US 0:06:48.680 --> 0:06:51.360 global vice president of Cadillac on the phone in New 0:06:51.400 --> 0:06:54.640 York City. Hey, Rory, you know, I'm thinking about GM 0:06:54.720 --> 0:06:58.640 and they're all in on UM electric vehicles. Cadillac obviously 0:06:58.680 --> 0:07:02.359 a key part of that component UM. I am curious 0:07:02.360 --> 0:07:05.080 about in the transitioning, especially at a time where we're 0:07:05.080 --> 0:07:08.200 talking so much about supply chains. Are you guys able 0:07:08.279 --> 0:07:13.160 at this point to get all the raw materials, the 0:07:13.200 --> 0:07:16.000 minerals and things that you need to easily and continue 0:07:16.040 --> 0:07:19.320 to make this transition and keep to your timeline. Yes, 0:07:19.360 --> 0:07:21.239 So I guess there's a There's a couple of parts 0:07:21.240 --> 0:07:23.560 for that, so I will I'll answer it first in 0:07:23.680 --> 0:07:25.920 terms of relating to semi conductors, which is one of 0:07:25.960 --> 0:07:29.280 the challenges that the closed automotive industry is is facing today. 0:07:29.400 --> 0:07:31.800 So you know that has been a challenge throughout the 0:07:32.080 --> 0:07:34.680 course of one and it's still a challenge today. Having 0:07:34.680 --> 0:07:36.720 said that, I would say that you know, we are 0:07:36.720 --> 0:07:38.840 seeing a better flow of chips now. There's been a 0:07:38.920 --> 0:07:40.720 terrific amount of work that has been done with the 0:07:40.760 --> 0:07:43.880 supply chain, indeed, getting more involved and deeper into the 0:07:43.880 --> 0:07:46.960 supply chain to be able to secure the right level 0:07:46.960 --> 0:07:48.880 of supply of chips and moves and forward. Um. It 0:07:49.000 --> 0:07:52.400 is going to continue into two. But as an example, 0:07:52.440 --> 0:07:54.440 if you looked at North America and our plants in 0:07:54.480 --> 0:07:56.760 North America, we've got the majority of them for general 0:07:56.760 --> 0:07:59.280 motors back up and running, and indeed, as of Monday 0:07:59.280 --> 0:08:02.679 of this week, every single Cadillac plant in North America 0:08:02.840 --> 0:08:05.600 is now operational. So that step one in terms of 0:08:06.000 --> 0:08:08.800 getting inventories to recover so that we can fulfill what 0:08:08.960 --> 0:08:11.840 is very strong customer demand at the moment um. So 0:08:12.080 --> 0:08:14.800 we're looking forward to some stability coming during the course 0:08:14.840 --> 0:08:18.440 of two. There. Then in addition in terms of you know, 0:08:18.480 --> 0:08:21.000 the materials that are required going forward in terms of 0:08:21.000 --> 0:08:24.760 batteries UM. Again, we've made some recent announcements in terms 0:08:24.840 --> 0:08:27.679 of some of the ventures and infrastructures that we're putting 0:08:27.680 --> 0:08:30.360 in place to ensure that we can secure the right 0:08:30.440 --> 0:08:33.840 levels of supply to enable and support the transition as 0:08:33.880 --> 0:08:36.440 we need to and at this particular point in time, 0:08:36.480 --> 0:08:39.840 there is absolutely no delays to our EV platforms in 0:08:39.920 --> 0:08:43.080 terms of rollout schedule. Indeed, I mentioned earlier that we're 0:08:43.080 --> 0:08:45.720 looking to pull the lyric ahead by nine months versus 0:08:45.760 --> 0:08:48.560 the original plan, so we will start producing that vehicle 0:08:48.600 --> 0:08:53.280 in March of two. As Carol mentioned, you've been pretty 0:08:53.360 --> 0:08:55.600 much a General Motors for pretty much your whole career, right, 0:08:56.920 --> 0:09:00.280 that's correct, thirty two years, and so well, contextualize the shift, 0:09:00.400 --> 0:09:03.760 the shift to electric vehicles for us, and how big 0:09:03.800 --> 0:09:06.560 of a shift that's happening inside General Motors and inside 0:09:06.600 --> 0:09:08.800 Cadillac right now? Is this the biggest shift you've seen 0:09:08.880 --> 0:09:12.000 during your entire career? I would say so, Um, you know, 0:09:12.040 --> 0:09:13.720 thirty two years is a long time, and I think 0:09:13.920 --> 0:09:15.640 you know, I would say to somebody that there's been 0:09:15.640 --> 0:09:18.040 more changes in the automotive industry in the last five 0:09:18.120 --> 0:09:20.360 years than there were in the twenty seven years that 0:09:20.400 --> 0:09:22.559 I've experienced before that, and there'll be more changes in 0:09:22.600 --> 0:09:24.240 the next two years than there's been in the last 0:09:24.240 --> 0:09:27.240 five years. So the pace of change is absolutely dramatic 0:09:27.240 --> 0:09:29.679 at the moment. And this is no doubt in my mind, 0:09:29.800 --> 0:09:31.920 the biggest shift that we would have seen in my 0:09:32.000 --> 0:09:35.520 period in the automotive industry. It's interesting what you know 0:09:35.600 --> 0:09:37.920 as we moved through this shift. What is it that 0:09:39.120 --> 0:09:42.360 I guess isn't the major risk to it progressing as 0:09:42.400 --> 0:09:45.800 you hope when you look at you know your timeline 0:09:45.840 --> 0:09:47.520 and as you said, you moved it up for the lyric. 0:09:48.040 --> 0:09:51.280 But what is the biggest risk to all of this? Yeah, 0:09:51.320 --> 0:09:53.439 I think you know one of the the challenges that 0:09:53.480 --> 0:09:55.319 you've got. I'm not sure if I describe it as 0:09:55.360 --> 0:09:57.839 a risk. Is the pace of change and the rate 0:09:57.840 --> 0:10:02.960 of adoption, the rate of infrastructure, the range anxiety UH, 0:10:03.320 --> 0:10:06.760 customer's ability to be able to charge, etcetera. So I 0:10:06.760 --> 0:10:09.320 think there's a number of elements that peeped together in 0:10:09.400 --> 0:10:11.280 terms of the jigsaw, and I wouldn't say that it's 0:10:11.640 --> 0:10:14.200 a risk overrul in terms of the change. I would 0:10:14.200 --> 0:10:15.920 say it's a time and impact in terms of how 0:10:15.920 --> 0:10:19.040 aggressive is the adoption rate of EV is going to 0:10:19.080 --> 0:10:21.320 be UM So I think it's more in terms of 0:10:21.360 --> 0:10:25.240 a question as to when rather than if, Well, you 0:10:25.240 --> 0:10:27.000 know what worry. One thing I do think about and 0:10:27.200 --> 0:10:29.679 there's something to be said like, oh wait, my brother 0:10:29.840 --> 0:10:31.480 just got an e V, right and you start to 0:10:31.480 --> 0:10:34.120 see it and you understand it. I do wonder what's 0:10:34.160 --> 0:10:36.559 the tipping point? Ultimately? Is it that all of a 0:10:36.600 --> 0:10:38.760 sudden you see I mean, I've certainly seen a lot 0:10:38.800 --> 0:10:40.840 more evs on the road that I have in a 0:10:40.880 --> 0:10:42.080 long time. I felt like I used to go to 0:10:42.120 --> 0:10:44.240 California and I'd see a fair amount, But now I'm 0:10:44.280 --> 0:10:46.560 seeing them, I feel like all over the place, and 0:10:46.600 --> 0:10:49.120 there's a variety. Um, but what do you feel like 0:10:49.160 --> 0:10:52.040 will be that ultimate tipping point for Do we need 0:10:52.080 --> 0:10:54.480 the governments to continue to give some kind of you know, 0:10:54.559 --> 0:10:58.520 tax incentive or tax breaker? What is it? Yeah? I 0:10:58.520 --> 0:11:00.840 think again, I don't think it's one thing that's going 0:11:00.840 --> 0:11:02.920 to do the tipping point. I think you're absolutely spot on, 0:11:02.960 --> 0:11:04.960 you know, seeing other people in the vehicles, hearing other 0:11:04.960 --> 0:11:07.480 people's experiences in terms of the vehicles, look at the 0:11:07.520 --> 0:11:11.120 penetrations of e vs over in California. Tax credits are 0:11:11.120 --> 0:11:13.520 obviously something that will help us take in terms of 0:11:13.760 --> 0:11:16.360 being a tipping point for some. Infrastructure will help in 0:11:16.440 --> 0:11:18.000 terms of being a tipping point for some. And I 0:11:18.000 --> 0:11:20.240 think it's a culmination of all these factors. And then 0:11:20.280 --> 0:11:22.240 it's just really a question is to the rate of 0:11:22.280 --> 0:11:26.760 momentum and the rate of change. So I'm just trying 0:11:26.760 --> 0:11:29.840 to think about the rate of change and how fitting 0:11:29.840 --> 0:11:31.600 that into the context of what we think about when 0:11:31.600 --> 0:11:33.600 it comes to the environment. Is it Is it happening 0:11:33.640 --> 0:11:38.439 fast enough? Certainly from our perspective, you know, from a 0:11:38.480 --> 0:11:40.960 from a Cadillac point of view, from a selfish perspective, 0:11:41.280 --> 0:11:44.240 I would like it to happen very aggressively. And that's 0:11:44.280 --> 0:11:46.480 part of the reason that we're thinking about other things 0:11:46.480 --> 0:11:48.440 that we could do to support. So as an example, 0:11:48.600 --> 0:11:50.880 I mentioned, you know, the week before last, we're doing 0:11:51.120 --> 0:11:53.160 an agreement with our dealer partners in terms of how 0:11:53.240 --> 0:11:55.480 we can get more charging out in the local communities, 0:11:55.520 --> 0:11:58.120 et cetera. So we have a number of things that 0:11:58.160 --> 0:12:00.480 we're doing to sort of act as a attists to 0:12:00.640 --> 0:12:03.400 try to help support that change and that that growth 0:12:03.400 --> 0:12:05.800 in them or what is the role of dealers and 0:12:05.880 --> 0:12:08.439 mean Tesla's obviously done it differently you recently, I think 0:12:08.480 --> 0:12:10.839 told writers at GYM expects to have only five D 0:12:11.040 --> 0:12:12.760 sixty dealerships by the end of the year. That's a 0:12:13.520 --> 0:12:16.560 drop from three years ago. What's the role of dealers? 0:12:16.600 --> 0:12:18.880 Does it change and do they need to be all 0:12:18.920 --> 0:12:21.640 in on evs as well in order for this to 0:12:21.679 --> 0:12:24.440 make sense for you guys. Yeah, I think that's a 0:12:24.440 --> 0:12:26.120 great question, and yes, they need to be all in 0:12:26.120 --> 0:12:28.120 on e vs UM. You know, if you go back 0:12:28.600 --> 0:12:30.640 three years ago now, we had close to nine d 0:12:30.679 --> 0:12:32.600 CATALAC dealers in the US. By the end of this year, 0:12:32.600 --> 0:12:34.840 we'll be down to five hundred and sixty six dealers, 0:12:34.840 --> 0:12:36.920 so it will be about a thirty six percent production. 0:12:37.240 --> 0:12:39.440 And I guess the reason for that was working with 0:12:39.480 --> 0:12:43.960 our dealer partners, explaining the future, in explaining the changes 0:12:43.960 --> 0:12:47.120 in terms of customer requirements in change, explaining the the 0:12:47.160 --> 0:12:50.000 investment that's required, et cetera. And you know, on the 0:12:50.000 --> 0:12:52.719 basis of that, we've rationalized our dealer network. We think 0:12:52.760 --> 0:12:55.360 that we've got a great footprint of dealers, which mean 0:12:55.400 --> 0:12:57.560 that customers should be able to get top level service 0:12:57.600 --> 0:13:00.200 wherever they are in the US. But absolute you, our 0:13:00.240 --> 0:13:02.240 dealer partners need to be all in and we see 0:13:02.240 --> 0:13:04.880 our dealer partners as a competitive advantage. Right back to 0:13:04.880 --> 0:13:07.240 where we started. Carol's question, is there a chance that 0:13:07.280 --> 0:13:11.760 we can see an all electric portfolio before? Oh, that's 0:13:11.760 --> 0:13:14.079 a that's a leading question and not one that I'm 0:13:14.080 --> 0:13:16.760 going to give anything away on this particular point in time, 0:13:16.760 --> 0:13:19.280 but I would give you just a snippet of encouragement 0:13:19.280 --> 0:13:22.040 in terms of that I mentioned earlier. That is when 0:13:22.080 --> 0:13:24.240 we will be selling sort of the last of the 0:13:24.280 --> 0:13:26.880 ICE variants, So we will have a significant proportion of 0:13:26.880 --> 0:13:30.520 the portfolio that is ev available in advance of that 0:13:30.559 --> 0:13:32.520 time scale, and I guess a little competition in the 0:13:32.559 --> 0:13:35.280 industry will keep everybody on their toes. Rory, thank you 0:13:35.360 --> 0:13:37.520 so much. We so enjoyed this, and be well, have 0:13:37.559 --> 0:13:40.760 a good, happy and healthy holiday season, and hopefully we 0:13:40.800 --> 0:13:42.440 can check you in with you again on the other 0:13:42.480 --> 0:13:45.839 side of or in there early in the new year. 0:13:45.880 --> 0:13:47.760 That would be really great. Rory Harvey, he's global vice 0:13:47.800 --> 0:13:49.720 president of Cadillac, on the phone in New York.