1 00:00:02,440 --> 00:00:06,840 Speaker 1: Bloomberg Audio Studios, podcasts, radio news. 2 00:00:07,040 --> 00:00:09,720 Speaker 2: The last time we spoke, we've had some changes. The 3 00:00:09,760 --> 00:00:13,240 Speaker 2: EU has voted to impose some tariffs on Chinese automobiles. 4 00:00:13,520 --> 00:00:15,680 Speaker 2: What I want to understand from you is whether you've 5 00:00:15,720 --> 00:00:18,720 Speaker 2: had some Chinese car companies knock on your door, dial 6 00:00:18,840 --> 00:00:21,360 Speaker 2: your phone number and ask you to sell some of 7 00:00:21,400 --> 00:00:23,280 Speaker 2: your brands to them. Is that happening. 8 00:00:26,920 --> 00:00:28,960 Speaker 3: Well, first of all, thank you for inviting me. Yet 9 00:00:29,040 --> 00:00:32,200 Speaker 3: that happened in the past. In the past, some Chinese 10 00:00:32,520 --> 00:00:35,440 Speaker 3: car companies asked me to sell them some of our brands, 11 00:00:36,280 --> 00:00:41,320 Speaker 3: which I believe is a significant asset of our stellants company, 12 00:00:41,360 --> 00:00:45,200 Speaker 3: and therefore I rejected the request, and we are keeping 13 00:00:45,200 --> 00:00:48,160 Speaker 3: our brands and of course doing good business with them. 14 00:00:48,520 --> 00:00:50,199 Speaker 3: So the answer to that I gave them is no, 15 00:00:50,320 --> 00:00:51,120 Speaker 3: thank you very much. 16 00:00:51,280 --> 00:00:53,880 Speaker 2: Have they followed up on that request in the aftermath 17 00:00:53,880 --> 00:00:56,120 Speaker 2: of that vote at the EU in the last few weeks. 18 00:00:58,760 --> 00:01:01,160 Speaker 3: No, they didn't. No, they didn't. But it's obvious that 19 00:01:02,080 --> 00:01:05,679 Speaker 3: with our Leap Motors investment and the equity that we 20 00:01:05,720 --> 00:01:08,840 Speaker 3: have in Lip Motors, and most importantly the fact that 21 00:01:08,880 --> 00:01:12,600 Speaker 3: we control all of their exports outside of China, it 22 00:01:12,680 --> 00:01:16,360 Speaker 3: is quite clear that We have the manufacturing footprint not 23 00:01:16,400 --> 00:01:19,280 Speaker 3: only in Europe but all over the world to bring 24 00:01:19,319 --> 00:01:23,200 Speaker 3: to our partner and to ourselves the manufacturing sourcing that 25 00:01:23,240 --> 00:01:26,840 Speaker 3: we need to go and do a good business out 26 00:01:26,880 --> 00:01:29,800 Speaker 3: of the constraints that we need to manage. And of 27 00:01:29,840 --> 00:01:33,440 Speaker 3: course tariffs are a constraint, and you can go around 28 00:01:33,520 --> 00:01:37,479 Speaker 3: tariffs if you manufacturing inside of the bubble that has 29 00:01:37,520 --> 00:01:40,920 Speaker 3: been built. This is what we are offering to Lip Motors. 30 00:01:41,400 --> 00:01:45,280 Speaker 3: Everything that is sold outside of China is under our 31 00:01:45,319 --> 00:01:48,240 Speaker 3: control through a fifty one forty nine JV called the 32 00:01:48,320 --> 00:01:51,320 Speaker 3: Lipwotter's International and we are of course creating that value 33 00:01:51,720 --> 00:01:55,200 Speaker 3: thanks to our dealer network system and our manufacturing system 34 00:01:55,200 --> 00:01:58,560 Speaker 3: all over the world. This is a competitive edge of 35 00:01:58,680 --> 00:02:02,360 Speaker 3: salentties that most of our competitors cannot reach. 36 00:02:02,440 --> 00:02:04,200 Speaker 2: Right now, challus give us a little bit more to 37 00:02:04,200 --> 00:02:06,160 Speaker 2: detail on how taris might impact the company. And I 38 00:02:06,200 --> 00:02:07,720 Speaker 2: just want to say for the benefit of the audience, 39 00:02:07,840 --> 00:02:09,760 Speaker 2: Lead Motor, of course, is a jav At joint invention 40 00:02:09,919 --> 00:02:12,520 Speaker 2: you have with the Chinese manufacturers. Some of those cars 41 00:02:12,520 --> 00:02:14,720 Speaker 2: are behind you as we speak. Callus, how are you 42 00:02:14,760 --> 00:02:17,320 Speaker 2: thinking about retalentory measures coming from the Chinese? How well 43 00:02:17,360 --> 00:02:20,040 Speaker 2: insulated you think you are from the potential of that developing. 44 00:02:23,320 --> 00:02:25,880 Speaker 3: Well, First of all, what we see when we work 45 00:02:25,919 --> 00:02:29,160 Speaker 3: with our partners from Lip Motors is exactly where their 46 00:02:29,200 --> 00:02:33,880 Speaker 3: competitive edge is. Their competitive edge is very localized in 47 00:02:33,919 --> 00:02:36,760 Speaker 3: a certain number of systems of the car, which is 48 00:02:36,800 --> 00:02:39,000 Speaker 3: good to know because that's where we need to work 49 00:02:39,040 --> 00:02:42,800 Speaker 3: harder to be more competitive compared to what we do today. 50 00:02:42,840 --> 00:02:45,440 Speaker 3: So we see that. We also see that they have 51 00:02:45,639 --> 00:02:48,680 Speaker 3: the ability to be much more affordable than the Western 52 00:02:48,680 --> 00:02:52,200 Speaker 3: world and then meet the expectations of the consumer base 53 00:02:52,280 --> 00:02:54,160 Speaker 3: that we have in the Western world, which is basically 54 00:02:54,520 --> 00:02:58,320 Speaker 3: the consumers want to buy evs at the price of ices, 55 00:02:58,800 --> 00:03:01,200 Speaker 3: and that's exactly what they are able to do today. 56 00:03:01,639 --> 00:03:03,400 Speaker 3: We are also able to do that with some of 57 00:03:03,440 --> 00:03:06,480 Speaker 3: our offerings in Europe, but we need to expand this 58 00:03:06,600 --> 00:03:09,640 Speaker 3: competitive edge to many other brands and many of the models. 59 00:03:09,639 --> 00:03:12,640 Speaker 3: So that is a competitive advantage that our company has, 60 00:03:12,919 --> 00:03:16,640 Speaker 3: and by having this stability with them, we can leverage 61 00:03:16,639 --> 00:03:19,840 Speaker 3: their cost competitiveness, their speed to go to market, and 62 00:03:19,880 --> 00:03:22,919 Speaker 3: at the same time, if needed, to go around the 63 00:03:22,960 --> 00:03:25,640 Speaker 3: custom duties that the Western world is trying to impose 64 00:03:25,639 --> 00:03:29,360 Speaker 3: on us. That also means that compared to other Western 65 00:03:29,400 --> 00:03:32,200 Speaker 3: World actors, we are in a much better position for 66 00:03:32,240 --> 00:03:33,839 Speaker 3: the future than some of them. 67 00:03:34,040 --> 00:03:36,120 Speaker 1: Carlos, can you just elaborate on that. Are you basically 68 00:03:36,200 --> 00:03:39,680 Speaker 1: saying that the only way to really provide cost effective 69 00:03:39,880 --> 00:03:44,080 Speaker 1: EVS to a European consumer is to get around some 70 00:03:44,240 --> 00:03:46,640 Speaker 1: of the up to forty five percent tariffs that the 71 00:03:46,680 --> 00:03:47,720 Speaker 1: EU just voted on. 72 00:03:51,400 --> 00:03:54,440 Speaker 3: What I'm saying is that we are leveraging a strategy 73 00:03:54,520 --> 00:03:58,720 Speaker 3: that is based on two major pillars. There is one 74 00:03:58,720 --> 00:04:03,200 Speaker 3: pillar with lip Motors that brings EV technology at the 75 00:04:03,240 --> 00:04:07,760 Speaker 3: price of ice despite the tarvists that you are mentioning, 76 00:04:07,800 --> 00:04:10,920 Speaker 3: because we can go around the tarvis by manufacturing the 77 00:04:10,960 --> 00:04:14,360 Speaker 3: cars inside of the bubble. That's one. On the other side, 78 00:04:14,560 --> 00:04:17,200 Speaker 3: we have a dedicated platform that we call the smart 79 00:04:17,200 --> 00:04:21,560 Speaker 3: car platform that we are using to bring compact cars 80 00:04:21,600 --> 00:04:24,480 Speaker 3: to the market like new Citron C three that we 81 00:04:24,520 --> 00:04:28,400 Speaker 3: bring to the market at twenty twenty three thousand euros, 82 00:04:28,760 --> 00:04:31,120 Speaker 3: which is the core of the market in terms of 83 00:04:31,200 --> 00:04:36,760 Speaker 3: PUREV and that price is extremely competitive. It's on par 84 00:04:37,000 --> 00:04:40,560 Speaker 3: with the Chinese capability, and that kind of offering is 85 00:04:40,600 --> 00:04:43,039 Speaker 3: also profitable for astilities. So not only we have the 86 00:04:43,080 --> 00:04:46,440 Speaker 3: pillar of lip Motor, which is very strategic. We also 87 00:04:46,520 --> 00:04:49,719 Speaker 3: have the internal pillar, which is the smart car platform 88 00:04:50,000 --> 00:04:52,640 Speaker 3: that we are now using for example for the three 89 00:04:52,960 --> 00:04:56,520 Speaker 3: Citro N hatchback, but also for the c Cross crossover version, 90 00:04:56,880 --> 00:04:59,839 Speaker 3: and many other models will follow Fiat models, but also 91 00:05:00,320 --> 00:05:03,440 Speaker 3: Opple models, and that is going to bring a lot 92 00:05:03,480 --> 00:05:05,760 Speaker 3: of competitiveness to the market. So what I'm saying is 93 00:05:05,800 --> 00:05:10,880 Speaker 3: that Sententtis is in a perfect condition to leverage affordability 94 00:05:11,279 --> 00:05:14,360 Speaker 3: with profitability and zero emission in the near future. 95 00:05:14,560 --> 00:05:18,480 Speaker 1: Carlos, how important is it in order to retain profitability 96 00:05:18,680 --> 00:05:22,120 Speaker 1: and increase going forward? How important is it to pair 97 00:05:22,200 --> 00:05:25,040 Speaker 1: back certain brands that aren't performing as well and that 98 00:05:25,160 --> 00:05:28,200 Speaker 1: don't fit within those targets? And thinking in particular in 99 00:05:28,279 --> 00:05:29,120 Speaker 1: North America. 100 00:05:33,240 --> 00:05:36,400 Speaker 3: In North America, we have a very specific problem which 101 00:05:36,480 --> 00:05:40,080 Speaker 3: is a very operational problem, not at all rocket science. 102 00:05:40,960 --> 00:05:44,280 Speaker 3: In North America, we got trapped by a marketing plan 103 00:05:44,520 --> 00:05:48,680 Speaker 3: on the second quarter of twenty four that was very audacious, 104 00:05:48,839 --> 00:05:51,640 Speaker 3: very daring, and it didn't work. It failed. So we 105 00:05:51,680 --> 00:05:54,119 Speaker 3: got trapped by that marketing plan and then we needed 106 00:05:54,200 --> 00:05:57,720 Speaker 3: sometime to discuss the best way to rebound with our 107 00:05:57,839 --> 00:06:00,520 Speaker 3: US dealers, which we did. I did it personally in 108 00:06:00,560 --> 00:06:03,400 Speaker 3: August this year. Now we have a new, let's say, 109 00:06:03,440 --> 00:06:07,400 Speaker 3: more conventional plan that is active and it's working very well. 110 00:06:07,800 --> 00:06:10,119 Speaker 3: Over the last three months, we could reduce our US 111 00:06:10,160 --> 00:06:13,680 Speaker 3: dealer inventory by fifty two thousand vehicles, and we will 112 00:06:13,680 --> 00:06:16,880 Speaker 3: be before the end of this year, before Christmas below 113 00:06:17,600 --> 00:06:19,960 Speaker 3: the ceiling of three hundred and thirty thousand vehicles, which 114 00:06:19,960 --> 00:06:23,719 Speaker 3: we consider is the seiling for a normalized inventory. This 115 00:06:23,880 --> 00:06:27,200 Speaker 3: problem is now being fixed. It's not rocket science. We 116 00:06:27,240 --> 00:06:29,479 Speaker 3: have discussed it with our dealer body. I think we 117 00:06:29,560 --> 00:06:33,039 Speaker 3: have the right dynamics right now and we expect this 118 00:06:33,160 --> 00:06:35,760 Speaker 3: to be fixed this year. So that was what happened. 119 00:06:35,960 --> 00:06:39,239 Speaker 3: Regarding the brands, the brands are very healthy, the rem brand, 120 00:06:39,279 --> 00:06:41,320 Speaker 3: the Jeep brand, with all the new models that we 121 00:06:41,360 --> 00:06:44,039 Speaker 3: are bringing, the Dodge brand, but also very soon the 122 00:06:44,080 --> 00:06:46,680 Speaker 3: new Chrysler models. I think they are very healthy. We 123 00:06:46,839 --> 00:06:50,520 Speaker 3: just need to do a proper operational work in terms 124 00:06:50,600 --> 00:06:53,839 Speaker 3: of way to go to market and collaboration with our dealers. 125 00:06:53,880 --> 00:06:56,080 Speaker 3: I think we have the capability to do that, and 126 00:06:56,160 --> 00:06:59,839 Speaker 3: I believe that Ram and Jeep are already leading the 127 00:07:00,240 --> 00:07:03,080 Speaker 3: in terms of the market share recovery that you can 128 00:07:03,120 --> 00:07:06,560 Speaker 3: see as we improve our market share between September and 129 00:07:06,680 --> 00:07:09,320 Speaker 3: July from seven point two to eight point zero percent. 130 00:07:09,760 --> 00:07:12,960 Speaker 3: So market share is up, inventories are down. There will 131 00:07:12,960 --> 00:07:15,680 Speaker 3: be normalized by Christmas, and I think we are back 132 00:07:15,760 --> 00:07:18,760 Speaker 3: on a quite nice trend. But now we need to 133 00:07:18,800 --> 00:07:21,520 Speaker 3: deliver the results. This is what our investors and the 134 00:07:21,520 --> 00:07:23,960 Speaker 3: community of investors expect from Uskallos. 135 00:07:24,000 --> 00:07:25,600 Speaker 2: Are you open to selling any brands? 136 00:07:29,680 --> 00:07:34,239 Speaker 3: Not necessarily. I'm not necessarily open on that. Of course, 137 00:07:34,240 --> 00:07:38,200 Speaker 3: we consider any offerings or any proposals, like in any 138 00:07:38,320 --> 00:07:41,520 Speaker 3: open minded business team, as we consider we are, so 139 00:07:41,960 --> 00:07:44,640 Speaker 3: if there are proposals, will study. But we are not 140 00:07:45,040 --> 00:07:48,800 Speaker 3: seeking any sale of any of our brands right now. 141 00:07:49,040 --> 00:07:50,040 Speaker 3: That's very clear. 142 00:07:49,960 --> 00:07:52,360 Speaker 2: Because last time we spoke you talked about corrective action. 143 00:07:52,600 --> 00:07:54,480 Speaker 2: You've got a mandate until I believe the end of 144 00:07:54,520 --> 00:07:57,360 Speaker 2: twenty twenty six. As the CEO of this company, I 145 00:07:57,400 --> 00:07:59,200 Speaker 2: shared some of the details the stats on the other 146 00:07:59,240 --> 00:08:03,000 Speaker 2: capacity across the European or the manufacturing sector. You're familiar 147 00:08:03,000 --> 00:08:04,920 Speaker 2: with them. They're worth repeating. Nearly a third of the 148 00:08:04,960 --> 00:08:07,320 Speaker 2: major car plants from Europe's Big five are producing half 149 00:08:07,320 --> 00:08:10,440 Speaker 2: the vehicles they have the capacity to make. And I'm saying, hey, Carlos, 150 00:08:10,480 --> 00:08:13,000 Speaker 2: just wondering when are we going to make the decision, 151 00:08:13,040 --> 00:08:15,800 Speaker 2: to make the corrective decisions that seemingly need to take place. 152 00:08:16,240 --> 00:08:18,840 Speaker 2: One of two things needs to happen. Either Yuka capacity 153 00:08:19,360 --> 00:08:22,680 Speaker 2: or European politicians. Governments are going to come out with 154 00:08:22,720 --> 00:08:26,120 Speaker 2: the right kind of demand side incentives to buy the vehicles, 155 00:08:26,160 --> 00:08:28,600 Speaker 2: because that's not there right now. When do we actually 156 00:08:28,600 --> 00:08:30,520 Speaker 2: face the reality check? Is it this year? Is it 157 00:08:30,560 --> 00:08:32,600 Speaker 2: next year? How much longer can we hold on with 158 00:08:32,720 --> 00:08:36,640 Speaker 2: excess capacity? 159 00:08:37,080 --> 00:08:40,319 Speaker 3: Your comment is very valid. It is quite clear that 160 00:08:41,400 --> 00:08:44,000 Speaker 3: right now we only ask two things to the governments, 161 00:08:44,040 --> 00:08:47,800 Speaker 3: and specifically the European governments. We ask stability of the rules. 162 00:08:48,880 --> 00:08:51,560 Speaker 3: We do not ask for any kind of postponement because 163 00:08:51,600 --> 00:08:56,200 Speaker 3: we are ethically committed to contribute to fixing the global warming, 164 00:08:56,920 --> 00:08:59,400 Speaker 3: so we don't ask for any postponement. We ask for 165 00:08:59,520 --> 00:09:02,880 Speaker 3: stability from one side, and from the other side, we 166 00:09:02,920 --> 00:09:06,080 Speaker 3: ask the governments to stimulate the demand, which is not 167 00:09:06,120 --> 00:09:08,840 Speaker 3: to help serentists, but to help the consumer so that 168 00:09:08,880 --> 00:09:12,520 Speaker 3: the consumer can buy eves at an affordable price, i e. 169 00:09:12,640 --> 00:09:15,120 Speaker 3: At the same price of IC. So that's what we 170 00:09:15,200 --> 00:09:17,880 Speaker 3: are telling them. We'll see if they have the capability 171 00:09:17,920 --> 00:09:20,520 Speaker 3: to do so, and If not, then we'll have to 172 00:09:20,559 --> 00:09:23,960 Speaker 3: take decisions. As you say, I assume that those decisions 173 00:09:24,000 --> 00:09:26,120 Speaker 3: will be made in the next few months. I think 174 00:09:26,160 --> 00:09:28,280 Speaker 3: before the end of the year. If nothing happens, we'll 175 00:09:28,280 --> 00:09:30,680 Speaker 3: have to make those decisions. That's absolutely clear. 176 00:09:30,760 --> 00:09:33,079 Speaker 2: Becala's just to sit on that, because this is really important. 177 00:09:33,360 --> 00:09:36,760 Speaker 2: Your message to the European government and government's national government 178 00:09:36,800 --> 00:09:39,439 Speaker 2: across the continent. They've got two three months together and 179 00:09:39,520 --> 00:09:41,640 Speaker 2: act together, otherwise you're going to have to close plants. 180 00:09:45,320 --> 00:09:48,840 Speaker 3: We had a very good concrete example that you reported 181 00:09:48,880 --> 00:09:52,319 Speaker 3: in the media about our dialogue with the UK government 182 00:09:52,360 --> 00:09:55,480 Speaker 3: about the z F mandate. The ZF mandate in the 183 00:09:55,600 --> 00:10:00,960 Speaker 3: UK had a threshold that was the double of the 184 00:10:01,320 --> 00:10:04,640 Speaker 3: natural market demand. So if you need to put in 185 00:10:04,679 --> 00:10:08,040 Speaker 3: the market the double of the market demand in terms 186 00:10:08,120 --> 00:10:11,079 Speaker 3: of pure zero mission vehicles, of course it has a cost. 187 00:10:11,720 --> 00:10:13,280 Speaker 3: It has a cost, and if there is a cost, 188 00:10:13,280 --> 00:10:16,040 Speaker 3: and we need to compensate for that cost with additional 189 00:10:16,559 --> 00:10:20,800 Speaker 3: decisions that will compensate for that cost. That dialogue has 190 00:10:20,880 --> 00:10:24,800 Speaker 3: been ongoing for several months. We are now reaching a 191 00:10:24,840 --> 00:10:26,760 Speaker 3: point where we have to make the decision, and again 192 00:10:27,080 --> 00:10:29,840 Speaker 3: that will happen in the next few weeks. If the 193 00:10:29,880 --> 00:10:34,360 Speaker 3: governments want us to sell a mix of BEVs that 194 00:10:34,559 --> 00:10:37,520 Speaker 3: is above the natural demand of the market, they need 195 00:10:37,559 --> 00:10:41,000 Speaker 3: to help to stimulate the demand so that we can 196 00:10:41,120 --> 00:10:45,400 Speaker 3: reach that level of ZEV mandate without destroying the profitability 197 00:10:45,440 --> 00:10:48,000 Speaker 3: of the companies. If that is the case, then we 198 00:10:48,080 --> 00:10:51,880 Speaker 3: need to restore that profitability to ensure the sustainability of 199 00:10:51,920 --> 00:10:54,880 Speaker 3: the company because we are trying to meet a ZEV 200 00:10:54,920 --> 00:10:59,040 Speaker 3: mandate that is not what the market demand is. So 201 00:10:59,080 --> 00:11:02,800 Speaker 3: that's the situation, which is I think a big opportunity for fustlities. 202 00:11:03,080 --> 00:11:06,520 Speaker 3: Const Tananties is among the companies that has the highest 203 00:11:06,600 --> 00:11:09,320 Speaker 3: number of BEVs on sale. By the end of this year, 204 00:11:09,400 --> 00:11:12,920 Speaker 3: we'll have forty models on sale on the B segment 205 00:11:13,000 --> 00:11:17,679 Speaker 3: only Hatchback and SUV we have sixteen models on this 206 00:11:18,200 --> 00:11:21,600 Speaker 3: most important segment in European market. So we have the offering, 207 00:11:21,640 --> 00:11:24,280 Speaker 3: we have the technology, we have the appealing products, we 208 00:11:24,320 --> 00:11:27,040 Speaker 3: have the design, we have everything. We just need to 209 00:11:27,080 --> 00:11:30,480 Speaker 3: stimulate the demand and help the middle class consumer to 210 00:11:30,800 --> 00:11:33,760 Speaker 3: fix the affordability problem that we still have in our hands. 211 00:11:34,000 --> 00:11:35,679 Speaker 2: Callis I've got to score? Is one extra question in 212 00:11:35,760 --> 00:11:39,600 Speaker 2: I know you're busy. A European order manufacturer's investable right now, 213 00:11:39,640 --> 00:11:41,480 Speaker 2: your stock is down by more than forty percent. What 214 00:11:41,559 --> 00:11:44,280 Speaker 2: on earth do you tell investors as we're in between 215 00:11:44,320 --> 00:11:46,880 Speaker 2: this horrible window right now where either you're going to 216 00:11:46,920 --> 00:11:48,880 Speaker 2: have to do one thing or the government's going to 217 00:11:48,880 --> 00:11:51,000 Speaker 2: have to do something else, but in between, it's so 218 00:11:51,120 --> 00:11:53,520 Speaker 2: difficult for investor to make a decision to buy your stock. 219 00:11:53,880 --> 00:11:55,720 Speaker 2: What's the message you give investors right now? 220 00:12:00,000 --> 00:12:04,160 Speaker 3: Pactly understand why they are puzzled, and I'm sorry for that. 221 00:12:04,360 --> 00:12:06,880 Speaker 3: It is quite clear that we are going to go 222 00:12:07,000 --> 00:12:10,000 Speaker 3: back to them very soon to tell them that we 223 00:12:10,240 --> 00:12:15,360 Speaker 3: fixed the US dealer inventory issue. This is the number 224 00:12:15,360 --> 00:12:17,960 Speaker 3: one thing we need to fix. It's very operational, it's 225 00:12:17,960 --> 00:12:20,480 Speaker 3: not rocket science, and I understand this is the number 226 00:12:20,520 --> 00:12:23,800 Speaker 3: one priority. I think we are on the right trend. 227 00:12:24,240 --> 00:12:26,960 Speaker 3: As we reduce the inventory by fifty two thousand vehicles 228 00:12:26,960 --> 00:12:29,920 Speaker 3: in the last three months, the dynamics are good. We 229 00:12:30,000 --> 00:12:32,640 Speaker 3: expect to reach a level that is below the ceiling 230 00:12:32,720 --> 00:12:34,960 Speaker 3: of three hundred and thirty thousand by the end of 231 00:12:35,000 --> 00:12:38,679 Speaker 3: this year. As soon as soon as this lending is 232 00:12:38,720 --> 00:12:41,520 Speaker 3: in my hands, which I think it will very soon, 233 00:12:41,559 --> 00:12:43,440 Speaker 3: I will go back to them to explain to them 234 00:12:43,440 --> 00:12:46,160 Speaker 3: that that problem is fixed, and then I will leverage 235 00:12:46,240 --> 00:12:49,160 Speaker 3: all the other competitive edges that we have on our company, 236 00:12:49,200 --> 00:12:51,880 Speaker 3: which I believe are very big in terms of technology, 237 00:12:51,920 --> 00:12:53,960 Speaker 3: in terms of bringing the right TVs with the right 238 00:12:54,000 --> 00:12:57,560 Speaker 3: performance to the market, in terms of strategic partnerships like 239 00:12:57,600 --> 00:12:59,679 Speaker 3: the one we have with it Motel. So they will 240 00:12:59,720 --> 00:13:02,280 Speaker 3: see back very soon. But first I need to take 241 00:13:02,280 --> 00:13:05,280 Speaker 3: care of my homeworks because that's my responsibility and I'm 242 00:13:05,360 --> 00:13:07,360 Speaker 3: excited about fixing those issues.