00:00The whole automotive market globally is under pressure and we as a real global player are
00:22analyzing the situation very, very deeply. For us, and that was our acting also in the
00:29past, it was very important to have a free and fair trade between the regions, but the
00:35current regulations brought us to do more local business, as we decided already in China,
00:41doing more business here in China for China. The same in the US, also we are intending
00:47to invest heavily in the US, so we can't influence the situation coming from the politics or
00:53geopolitics. And so we have to prepare ourselves, being attractive and having the opportunity
00:59to offer the right products to our local customers. Both of us, we are deeply integrated in the
01:05value chain and in terms of engineering, in terms of software, in terms of battery technology.
01:12And so I feel very positive having competitors like BYD is challenging to make our business
01:20better. And at the end, it's very positive to have this for the customers to provide the
01:25best technologies. First of all, we are focusing on China and Chao Peng is doing a great job
01:32and I'm honoring what they are doing there. And therefore, we have chosen this partnership.
01:38I'm very happy about it. Also the progress, the speed, the innovation level. We think step
01:44by step, first, now bringing the first models to the market. Also collaborating in terms of
01:50developing software architectures. Competition is good for developing innovations and innovations
01:57are at the end very positive for the customers. We use Chinese speed also to improving our processes
02:04like the engineering speed. Our new platforms are developed in only two years with a typical
02:11Volkswagen DNA and a very high standard of the technological level we are providing to our
02:18customers. And so we are benefiting a lot what we can learn here in China and bringing also the
02:24process knowledge and the experience to other regions of the world.
Comments