 Finally, delayed start and more panelists will join us, but we'll have a very fully charged morning discussion, and thanks for joining us so early in the morning and right before the premier's speech. But we're talking about a very exciting topic, the scaling up of electric mobility. In 2017, if I can share with you, the global sales of electric cars crossed the threshold of 1 million units, and if you look at China, where we're in, China holds more than half of global sales and also the largest electric car stock in the global total, which we're called the double 50 percent, we cross both thresholds. And these numbers are exciting, but what's behind it is the policy incentives, availability of infrastructure, industrial innovation, public bias, enthusiasm, and most importantly, what's lying ahead. When the invisible hand, we replace the visible hand and take it from there and move the market more driven by demand rather than the policy incentives. We have a super panel to discuss with that today. Some are still on the way, and some distinguished guests are already here. Let me introduce very briefly to you, start from the gentleman on my right side. Mr. Wang Gang, who needs very little introduction, currently the president of China Association for Science and Technology and chairman of China's Zhigong Party. And as we all know, former minister of science and technology for 11 years, and probably, if I can share an anecdote, back in 2013, he's probably the first minister to drive an EV to a two session to the National Party's Congress. The first minister to develop the first EV and drive. And drive it. Exactly. And also, the gentleman on the, again, right hand side is Mr. Francois Provost and the chairman of Group of Renew Asia Pacific Region and CEO of Dongfeng Renew Autonomic Automotive Company. So, let's start it with Mr. Wang first. Share with us, please, the path of how China develops the EV and leapfrog so quickly. Good morning, ladies and gentlemen. I'm very delighted to be here to meet all of you. I want to start by thanking all of you for your passion and trust into the electric vehicles development. I want to share with you three points. And a brief review of China's history of EV market development. Back in 2001, I just returned from Germany and interested by the Ministry of Science and Technology of China, I began to serve as the chief scientist for China's EV sector. I was among the first to champion the R&D for EVs in China. And the reason we started to develop EV is because we want to reduce energy footprint, control air pollution, and also stimulate innovative development of the automotive industry as a whole. So back then, we mapped out our strategy to include PEV, HEV, and fuel cell electric vehicle. We also made planning for power and electric control system as the core technology priorities. So 10 years later, in 2011, after China successfully held the 2008 Olympic Games and also the Shanghai Expo, we tested the market and began to roll out EVs in the public transport sector. As of last year, China already sold 779,000 units of EV. The total car park has reached 1.46 million units, accounting for half of the global total. So in the first half of this year, China already sold 600,000 units of EV, which means China's total car park of EVs reached over 2 million units, which means we can save about 10 million tons of oil and helping us reduce pollutants discharge and carbon emission. So I think we are well on the path to realize our goals set out in the beginning. I also want to share with you our future perspective. In recent years, starting with the Nordic countries and also European countries, Japan and India, some of the neighboring countries also formulated planning for EV. And I have been closely following some of the industry leaders, including Volkswagen, BMW, Mercedes-Benz and Renault, and also a GM. Those industry leaders also have identified very specific plans for EV development in the future. In my view, the new energy vehicle development in China represents an opportunity for us to upgrade our industry and also an opportunity for China to tackle air pollution. So based on our experience, we need to continuously strengthen the short gaps. One of the major weaknesses of EV is the range challenge. And maybe in the future, we can leverage the application of hydrogen motor to extend the range of EVs. The second priority is to enhance quality, including the energy and power density, energy specific power, and also control system, including telematics and smart vehicles. The third point is to enhance China's infrastructure, including charging posts and hydrogen refilling stations and infrastructures. And also innovation capacity, safe operation, the scaling up of business models, those are the challenges we can help resolve with constant innovations in the age of the internet. Another major issue on people's minds is to optimize our policy environment. Starting from 2010, the Chinese government formulated policies targeting at EV, providing financial subsidies to new energy vehicles based on the size and capacity of the batteries. And starting from last year, the government began to exit and retire some of the subsidy policies, and we have adopted an incremental approach. For EVs who have already achieved market success, we can speed up the process of exit. But for fuel cell EVs, they may continuously depend on government financial support. And starting from this year, we also implemented the new energy vehicle credit system and a carbon trade scheme to supplement the overall policy framework. And also we will innovate the arrangement of right of way and access to road. For example, in Beijing, the commercial vehicles are banned from hitting the road, at least for one day per week, but there was no such restriction for EVs, so electric vehicles will enjoy better access to road. Many other cities in China are also following the step of Beijing. And also in the age of the Internet and digitalization, we also pay attention to innovating our business model. For example, car sharing is a major trend going forward. And we already have car-hailing apps on people's smartphones, and also we are seeing efforts to promote autonomous driving. These new innovations will certainly enhance the efficiency of vehicle uses. The third point I want to share with you is that the market needs to stay open and even open wider to the outside world. This year, during the opening ceremony, President Xi Jinping made an important speech at Boao Forum, stressing the importance of opening up further to the outside world. And the automotive sector is one of the major areas for China to open up. And the State Council also followed up with corresponding measures to facilitate opening up. Last year, China hosted the 8th Clean Energy Ministerial Meeting with participation from over 30 countries. And the conference adopted a decision that by 2030, new energy vehicles' sales should account for at least 30 percent of the total sales. So that's the so-called 30-30 target, 30 percent of EVs in new car sales by 2030. So governments need to follow up with standard-making and policy-making and legislation to allow us to attend that target. So I think in all, thanks to the vigorous efforts in the past years, new energy vehicles and EVs will serve as major measures for us to transform the sector. Smart vehicle, electric vehicle really represent the future technology trends and directions. So I sincerely hope all of you, I see many familiar faces here. Some of you are from the auto industry, others are from the investment community, and still some are from the R&D community and small and medium-sized enterprises. We need collaborative efforts to promote an EV to live up to the expectation of addressing air pollution and industry upgrading. Thank you. Thank you. You touched a lot of grounds and also set up a very good start. And we'll come back to some of the points later, including the policy incentives and the market opening. But let's switch to Francois and some of the parts that Mr. Wang mentioned actually will affect your business, like the market opening. You will plan to, how do you see the Chinese market? And as the leading global EV provider, how do you compare the China market to let's say European market? Yes, thank you. First table, more or less everyone in the world, the key success factor for quick EV ramp-up are the same. And the first important point is strong government policy. And for sure it is the case in China, as explained by Mr. Wang. So it means not only subsidies, because we speak a lot of subsidies, but strong regulation in terms of emissions. And today Chinese regulation is most severe in the world, but also infrastructure. Without infrastructure the quick EV ramp-up is impossible. So in China the plan is to have about 5 million posts by 2020. And non-monetary regulations such as free access to city, free parking or access to bus line for instance. So when you have this comprehensive scheme of policies you have a very quick EV ramp-up. It is the case in China already, especially in some cities. In Europe you take the case of Norway, about 30% of the market already full electric vehicle. So this is the global scheme. And for sure as China puts this as a strong priority and is doing this with a very comprehensive and global approach, the ramp-up will go very quickly. In terms of differences between China and Europe, maybe three. The first one is Chinese policy is unified, in Europe we have many, many policies depending on the countries. And China is very much unified nationally. Of course there is some local policy on top, so this is a strong point. The second is about the customer. China is mainly first buyer customers, compared with a mature market like in Europe. So it means that in China, even if the car is electric car, customer is quite price sensitive. So it means it's even tougher for OEM to convince customer to go to EV if there is no plate limitation and so on. Because the customer will look firstly to the price of the car. It's also why subsidies is also very important. On the contrary Europe is more mature market for automotive. So people understand what we call TCO, total cost of ownership. And of course you can pay little more the car itself because afterwards the usage of the car is very cheap. The feeling of electricity is much cheaper than gasoline. And the maintenance of an electric car is minus 40% compared with a normal IC car. So this is second differences. And the short one maybe about the industry itself, in Europe electric market is managed by traditional OEMs. For instance, we have 20% of market share in Europe. And in China we see a lot of new companies, start-ups, willing to do breakthrough with electric cars. So this is interesting to see what will happen in China. And for sure I completely agree with Mr. Wang that China is already the biggest market in the world and will keep leadership in terms of volume, but also in terms of technologies in China. And he's why we strongly invest in China, especially with our partner Dongfeng, in order to develop a full range of electric cars. Thank you. And thanks for also the two participants who joined us now on the stage. Eric Xing Luo, chief executive officer of GCO system integration technology, you can see again. And also our custom Bridgfield, CEO of Byton. And before that, of course, the veteran of BMW, and also the father of I8, luxury plug-in, paper model. And our last but not least, Depender Saluja, who broke Typhoon to a comment and joined us today, got delayed by Typhoon a little bit. He's the partner and managing principle of Capricorn investment. So welcome, gentlemen. And also let's continue our discussion on how you see the Chinese market and also put that into the global perspective. So let's just directly jump to our probably, Karsten, tell us what the EV technology development that most excites you, because now you are completing the new company after so many years at the BMW, the mature one. Yeah, good morning, everyone. Thank you for having me here. I have to apologize first to being a bit late. The reason is that the traffic situation has been very much different than expected. It was a disaster. Which leads me directly to the business model of Biden, because we want to be, we are a start-up for smart mobility solutions in the future. Traffic cannot go on like it is today. This is what we are working on, on a very generous scope. Yeah, now coming back to our question, what about this Biden? You might ask, does it make sense to create another company building and selling electric cars? And the clear answer is no. There are so many cars companies out, very great players. They all will be able to build and sell electric cars. But what's happening right now, it goes much beyond being electric. Electric is something which will happen. There are some requirements to do. We need more products, cheaper products. Quality has to be higher. There has to be some infrastructure, but all the things which you already mentioned. But this is on the way. You can buy electric cars today with a range of 500 kilometers, which gives you everything you want. They might be a bit too expensive, but this is under development. The real development, what we see, is something different. We see technology trends coming up, like being smart, so high-speed connectivity, and intelligence, which leads to autonomous driving. And this not only will lead to complete different products in all those objects we called cars before, but it will lead to complete different business models. And this is a real chance for new companies. Because, again, building and selling electric cars, there are many companies out who can do this. But come up as a complete new business model, it's much more difficult if you have a company with 100,000 or 200,000 employees today. So Biden's intent is to create the first smart device on wheels. And this will be a car. Yes, it will be an electric car. But the real thing is that we will create a complete new user experience, and that we will use the car as a platform to make business with our customers. And this business will be based on digital services, on data. And eventually, we will become a provider of shared mobility. And this is a real chance, because shared mobility will solve a lot of issues not only for customers, but for societies. Societies have two challenges today. One is pollution and sustainability. And I think we know this in China very well. The other point is there are too many cars out there. They are using too much space in the streets and parking, and so on and so forth. So there's no alternative to come up with a shared economy and shared mobility approach. You need the right products and the right business models for doing so. And this is why we founded Biden. Exciting. And we'll come back to the technology later. But now let's shift to Eric. And you provide solutions in a lot of scenarios and represent the Chinese companies. So how do you see the EV market here? And since we both had a green BRI session yesterday, there's one argument that's saying the EV is not as green as it looks. So there might be less emission, but there will be pollution coming out of the electricity it generates. So how do you see, how do you address the green issue? Thank you. Good morning, everyone. Here we are talking about EV mobility. You can see how critical it is. Three out of five panelists are late because of the traffic. It took me one hour. I'm very sorry. So as Mr. Wang is an instrumental leader for the China EV, China mobility. So I'm not going to get into that details. But GCR is an energy company. We are the number one non-state energy company. We own 40 gigawatts of power, including most of the new energy power. We will have over 400 power plants globally. So I try to offer a different perspective from an energy company, how we think the EV mobility or EV, what it is, what it is, and what kind of solution we have. As you know, the power, the energy is the revolution from the traditional energy, fossil fuel, fixed energy to the distribution. Now it's moving to the mobile power business. So we believe the mobility, the essential part is how you manage the mobile power. Mobile power means first has to be clean. Second is where you need, when you need, how you get the power. So that's our solutions. We believe the car, make cars easy, particularly make the EV car. It's very easy. But how you manage the life cycle of the battery, okay? Increase the density of the power, the cruise speed, and also most important, how you get to charging the power, where you get the power, how you can make the power competitive, and eventually what do you do with this recycled battery? Okay, that's GCR is offering. We provided the total solution we call power management. As I make the car, it's very, it's not part. It's less complicated than the traditional car. So what we are doing right now, first we are working with the software bank in India. First we try to electrify the tri-bicycle, right? There are all, all are the share service of India. Software bank has a majority shareholder. So we provide total solution for the tri-bicycle. That's our pilot program. It's a software engine program. Then now in China, we signed a multiple license with Jiangsu, with Henan, with Zhengzhou, we call Electrify City, okay? Number one, I said we have over 400 power plant. How we get our power to the charging port, okay? We don't like to sell the power to the Chinese state grid. It's a very, very low price, right? If you sell to the charging power, you get five, six times of the price, right? Number two, how we build the charging station. Right now if you look at the charging station, for the independent Chinese station owner, it's very difficult to survive because they need to buy the power. They need to listen to the network. Then they have to figure out how to sell the power, to whom? So our solution is we control the pack. Now we are making the pack, or for we don't make the battery, we buy the battery, we make the pack, and we use the big data and the clouding, we control the pack systems. And the pack is belong to us. The car is belong to the driver, but the pack, the battery is belong to us. So we try to control where you charge, how you charge, and what's the cycle. Number one is the cost. Number two, we want to sell the power. Number three, we want to monitor the life of the battery so we decide when we can retire the battery to make the storage because we own significant power plant globally. But essentially the new energy is, solar wind is intimate power, but how you make the power more constant to resolve some of the issues of curtailment and all these different, the storage is part of the solution. That's why we have the complete cycle, we call power solutions for the EV. What we believe, only if you solve this big problem, then EV can be increased, exploded. Then back to your carbon solutions, that's another question is how we can better utilize the power. Because when you retire the EV, everyone knows you still have 80% of the battery. So what do you do with that? You throw away, I think the minister of industrial technology just made a regulation, who will sell the pack who has to recycle the power, recycle the battery. That's become the big trend for, that's the GCR solutions. We, the car and the battery is different. It's separate. We'll make it easier and make it simple. Then we manage the entire power from where you get the power, how you distribute the power, how you charge the power, how you manage the battery, how you recycle the battery, eventually has a total equal, we call equal environment for their total EV solutions. Thank you. It's very important, the entire life cycle of that and the eco environment. And DePenter, you are from, share with us from the investor perspective. You see the ecosystem as well, especially technology development in different sectors. And what factors are pivotal, the most important in driving up the EV development? Sure. Thank you. So we are based in Silicon Valley and have been investing in this space for a while. We started investing in electric mobility about 15 years ago. And we were one of the first outside investors in Tesla and at that time, we also invested in about seven electric car type of companies, whether it was batteries or cars themselves. So we've had a good dozen years or so thinking about this and working on it, some fun things, some struggles. Over the last five, seven years, I think it has become very clear to the world why this makes sense. 15 years ago, people used to look at us like we were crazy. Why would you ever take on it? And we were all engineers and we were all coming from the semiconductor industry and we were all coming from the electronics industry. And it made no sense for us for mobility not to become electrified. Just the math, the physics, the simple economics, the first principles made complete sense and it was just a matter of time. So it was a question of when, not if. And I think now we are here, I can't go to a major airport in China without seeing big commercials for electric vehicles, which is amazing. Like this is obviously going to be one of the regions. So our focus area has been cars and then since then, electric airplanes. We have invested in a few electric airplane technologies primarily around vertical takeoff and landing and to be able to do high congestion type of area. So everything we were complaining about this morning, our hope is that one of these companies will turn that one and a half hour drive into five minutes so that that last mile and the everyday mile can be addressed. And I think that is right around the corner. This is not, it's not a stunt. Yes, there are many companies that are building it more like a stunt or something that is very conceptual but it is again similar to that aha moment in electric vehicles 12 years ago at this point, the math and the physics and the fundamental first principles add up where we can do electric aviation as well, primarily for short haul and high congestion type of markets. And then to pull it all together, you mentioned business models. We're looking at a variety of business models, different ways of bringing electric mobility out to people. From a technology point of view, I think batteries remain the big challenge and the big opportunity. We are thrilled that there's been a lot of work around the world including China on very important incremental improvements where batteries have been improving 10, 20, 30%. I remember when we first started electric vehicles, it used to be roughly $1200 a kilowatt hour. Now everybody's talking $100 kilowatt hour or less. That curve has come down even faster than Moore's law for solar. Everybody was amazed about solar, but if you look at the price performance improvement in batteries from 2011 to 18, it's even more dramatic than it was for solar, which is an amazing story for this space. However, I think what we see now is the next phase, which is solid state batteries coming to reality. People have been working on those for many years. Many of you may have seen the press release from Volkswagen. They did with one of our portfolio companies, which is building the next first factory of solid state batteries. Solid state batteries have been this long-promised product, and we think they will be the next big step change in all elements of storage, whether it's power density or energy density or cycle life or safety or cost. And if you can address those, it takes it into a whole different level. And then in areas like power electronics, et cetera, we see a lot of interesting stuff happening. New materials like gallium nitride, et cetera, that will make motors better, faster, cheaper. They'll make wireless charging easier. They'll make form factors smaller. So all of a sudden, to your question about ecosystem, now that people are no longer stepping back and saying, huh, do we only have golf carts? The whole ecosystem is stepping up, and we are seeing a lot of innovation happening in the space, and you'll be seeing big jumps in solid state batteries. You'll be seeing big jumps in power electronics materials, and you'll see very exciting things in business models as more and more people come into the space. Very exciting. Just a reminder to our audience, we meant to have a very interactive session, so don't hesitate to raise your hand and jump in. If you have a question, we should make use of the time we have with our guests. So I will start quickly with one question and probably open up to the floor. We're talking about scaling up today, and the opposite of scaling up is actually segmented, and the segmented, one concern of that is segmented policy. And Francois talked about China has a unified market, but China has a lot of local interests, a lot of players in that. And one story, Taixing Carver 2014 is one of the early Tesla buyers, a businessman actually bought 20 chargers and installed that on the way so he can finally drive cross-country and he made a map of it, so whoever wants to do exactly the same nowhere to charge the Tesla, where are we now, four years later? How segmented is that, and how to solve that segmented problem? I talk, even the electric vehicle is a new field for innovation. And just now we have definitely ideas and we have new innovation. I think you talk about, in the past time, we're beginning with the public transfer. That means we promote first the extra bus and the cars, and then we talk about the share cars, car shillings. There's a new model. I think if we have more share cars as a car shillings, and the traffic will be more better. We have the innovation just now in the different fine market, like Tesla, like Weili, and more new companies. I hope you have the new companies. You support the new companies, they go over, over level, and the bigger, and the high-class cars. And now we have the cancer. I think we have the consumer for this area. Reno is one of the pioneers in this direction. I talked about 2002, I visited the first production line for your company. And I think the next pioneer is Mr. Bradford, but he is responsible for the A8. I have visited your plant of A3 in Leibniz. This is a total evolution. It's not only the power system and the production system, total change. The different model, I will remember you, we call it the battery for electric vehicle. They have two life cycle. The first life cycle is in the car, the second life cycle is out the car. You can see any storage, and no, you save a lot of money. You can use more time. But I think we always say, in the future we know, we cannot see which one new innovation is coming. I hope your investor gives more attention in this direction. I think a lot of young people are coming. But I have an idea to solve the problem of the total mankind energy saving, pollution, reduce, and drive the innovation of the car manufacturing. So the solution is innovation. Anybody want to jump in? Maybe I should add a couple of points to Mr. Bradford's comments. First, talking about the segmentation. Right now, our policy, we are not focused on the passenger car, because the passenger car is so local and very, the fragment. We are focused on two segments. One is the logistic car, the city transportation, delivery of your food, your accessories. Normally, they happen overnight. We believe every city, eventually, they were licensed. They will make it logistic transportation into the electric vehicle. Right now, in China, total, they have 24 million logistic cars, global China. But the EV is only less than 1%. You can imagine. So that's the segment we are talking. It's frequently charged, and also it's very dynamic. That's one segment. The second segment we provide power solution is the heavy duty truck. Particularly for the coal. You can imagine for the coal miner, from the miner to the piloting stations, typically it's 75 to 100 kilometers. So one way, they need one charge. So that's our solution. So the power suckers, then it's frequently stopped. That's the two segments we are. You can imagine, in China, total, they have 1.5 million heavy duty trucks, just shut up between the miner and to the piloting station. So that's two segments we are looking at. Second to Mr. Wang's point about storage, can you imagine the number one storage provider globally is Tesla. Right now, if you look at the energy stations built for the grid, it's Tesla. Tesla is everywhere. So why, for the EV to get into energy storage, we are competing with Tesla every time. Because we are just betting what's the cost of the recycle of the retired battery, as you said. Because I was in solar business before. I was some tech in our GCI. We are a larger solar company. The evolution of the battery cost is even more faster than the solar evolution. Today was 10 years ago. Solar total cost is only 10%. $1 today is 10 cents. That's why the grid parity is coming. But we saw the battery cost curve even more dramatically. That's why I said at the beginning I made it clear. I don't want to get into the battery manufacture business. It's really scary. But storage, Tesla right now is really number one. That's how they created the solar dynamic cycle, not just for the second minute, but also for, like Mr. Wang said, after the car, what are you going to do? In the car, it's easier, but after the car, that's the problem as the industry needs to resolve. Thank you. I think what is really exciting about this phenomenon that you just described is that I think we've all sort of seen what's happened in solar. And it's a beautiful thing, right? What's happened in solar in terms of cost curves, price performance, speed with which it has gone. In batteries, we have fundamentally not changed the way we've been making electrochemical batteries in a very long time. And so unlike solar where we got to a semiconductor sort of approach 30 years ago in Bell Labs or 40 years ago when the 50s actually was the early one. But the story of the last 10, 15 years has been about taking a semiconductor material and improving that. That leap was already made. In batteries, that leap has not been made. The phenomenal improvement story that everybody's talking about over the last 10 years has been on an old technology platform which is amazing because we need it. As you said, Tesla has become the largest provider and we know how small a percentage of cars globally that is. What we're going to see now, which is why it is so exciting, is the shift from the old electrochemical packaging approach to these new solid state approaches. And that is going to be like going from the vacuum tube transistor in the semiconductor world which unlocked that whole approach. And while that was aimed at one application before, this type of storage is going to impact everything. It's going to impact electrification of vehicles. It's going to impact electrification of the grid. I mean in terms of storage of the grid, it's going to impact the storage of consumer electronics. It's going to impact how people view storage in their homes because the price performance is going to come down and the form factors are going to come down. So I think we're now going to see that next phase which we didn't need to in solar. So to me, that innovation curve in storage is even going to be more exciting than we have in solar and it is right around the corner. Wow, the eve of more revolution basically. Yes, and the number of degrees of freedom it is going to open up for us to be able to do electrification of things like transportation is going to be nonlinear because of that because it will give us a lot of freedom in terms of options, sizes, price, performance, cost, et cetera. This might be one of the biggest challenges for the traditional car companies because they look at electric and connected cars in the same way they looked at combustion engine cars for the last 100 years. So this means they say the components has to last forever. So the battery they talk about should be give guarantee 8 or 10 or 12 years for the battery. They talk about range. So a car has to have at least 500, 600 kilometers of range. But if you look to it from a different perspective and I think the world was set here, then you don't need it. You just don't need it. It's nonsense to discuss if you should give 10 years of guarantee for a battery because it will be old after three or four years. It will be old. So you have to think about it as a replaceable part. You can take it out, put it into a second life cycle, minimize the different cost, provide your customer an update. Not only software and battery update. It's very difficult to think towards this direction for a traditional car maker. But this is what you have to do. The range discussion. If you talk about urban mobility, why do you need 500 kilometers of range? Complete nonsense. The only thing you have to do is you have to provide a charging infrastructure, a charging network where you have to access to it and where charging is fast. You cannot wait for two hours, but if you can do it in 20 minutes, it's all good. So my prediction is if cost comes down and it's dramatically coming down, this will not result into bigger batteries and more range into the cars. We use this cost performance to reduce even the size of batteries and to bring the cost down and eventually make those cars competitive. This is a new kind of thinking you need to be successful in this area. How about Francois? Just now, Christon made a very interesting point that this is a mindset change for the traditional car makers. Did you experience the mindset change as well and where do you see the major cost revolution comes from? Yes, it's true that this is a big change and it's quite exciting to have a new company challenging us. If we take the example of the battery range, at the end of the day we have a customer. So we have to convince the customer. And if we take the case of China with, let's say, all the regulation, maybe 10% of the market can be electric cars. If we want to reach 25%, which is the goal, over 20% by 2025, we have to convince a larger range of customers and I see three main usage. The first one is all about car sharing, taxi and so on. And this is the most efficient because a way to reduce the traffic, a way to maximize the efficiency of the government subsidies and also a way to spread electric car experience. With a private car, maybe 50% will enjoy the car a year. With a taxi, 2000, 3000, then you can spread what is electric car and convince the customer that they can buy an electric car. So all what is about, let's say, car sharing, taxi is really one big segment in the coming years. Then, if I take the example of China, all the big cities or tier one cities, here I think that customers demand a big range of battery and at least a minimum of 500 kilometers. And in the next five years, the big challenge for automakers, either old style, but maybe also for you, is to be able to increase the efficiency of the batteries, the range and so on, and to reduce the cost at the same time. And frankly speaking for this, I cannot say we have full visibility about this. And the third one to reach over 20% of the market with EVs in China by 2025 is affordable electric cars. So which will allow a lot of new customers to buy a first car, but this car will not be IC, but this car will be an electric car. And for this as well, we think China will be a much ahead and it's why on Renault's side so Nissan Mitsubishi Alliance side, we invest the full scope, focusing on car sharing, for instance with partnership with DD in China, focusing on electric cars for big cities and once again we think we should provide more than 500 kilometers range autonomy and also affordable electric cars developed in China for China. I think there's one really important point to bridge this, which is the things that you were talking about, we need to make sure that they're not done because there is no alternative. If his customer wants 500 kilometers, we should be prepared to give his customer 2,000 kilometers if they want it without any compromise. And I would say if you think of this, it would have sounded absurd if 10 years ago we were sitting in this panel and we said you know what the consumer needs? They need a supercomputer that is more powerful than any supercomputer built and everyone on the planet needs it in their pocket. It would have been absurd. People would have said what are you talking about? However, what they said, what they were saying was you want to be able to give as much power, as much price performance to every consumer that wants it without compromise and then beautiful things will happen. So as a result of it, we all have a supercomputer in our pocket that nobody said needed to be there but it's unlocking a whole bunch of stuff that is possible. And I see mobility the same way that if the car company's customers today say I will not buy an electric car till I have 1,000 kilometers, it's possible now. It's going to be possible. Whether they need that or not, consumers will decide, car companies will decide. But the good news is we are now on the cusp of where cars, electric cars will have a 1,000 mile range without any compromise. Electric cars will be the cheapest cars to drive in that category without any compromise. Electric cars will be the best performance cars without any compromise. Whether it's overpowered, over range, et cetera, depends on whoever wants to decide. But they will not be underpowered and under range because they have to be. It will be a product decision and that's a beautiful thing. I completely agree that just to understand what misunderstandings what customers want today is they would love to have 800,000 kilometers. My point is this will, I'm deeply convinced this will change very fast when they start to experience it. And this is what you said. And I can give you two examples. One is I drive a Tesla Model X in California. It has 450 kilometers of range or something like that. And everybody from my family and my friends said I never would buy such a car because the range is too low and blah, blah, blah. After trying it, it's the most wanted car and everybody wants to have it. I have to rent it out all the time. It's really true because driving in the Bay Area you never, never need 450 kilometers. You don't need it. You just don't need it. And if you drive down to Los Angeles you anyway will have to recharge even your combustion engine's car. So you go to one of the supercharger, plug it in for 10 minutes and 10 minutes will give you what is needed to arrive Los Angeles. So everybody says it's cool. Nobody saw it before but after experiences everybody says it's cool. When we do it by 10 our first car coming to the market end of next year will have two battery options. A very small or not very a small one giving you 400 kilometers of range and a very competitive price position. And there will be a big one, 520 or 530 kilometers of range you have to pay for it. I will be very interested to see how customers react on it and how they choose those options and how this will change over time. But you'll take away the excuse. No more excuse. No more excuse. You can have what you want. Customers go with the option. I think the biggest challenge for the innovation is the change and the big opportunities too. For the car maker we must know what the customer needs. Some customers need that drive in the city. Another needs perhaps between the cities or the logistic traffic or big trucks. In the future we must fill in this meeting on the future direction. And now, and just now we must promote electric vehicle I think not only for the personal private cars and for the sharing cars for public uses for the always for the broadband needs and to reduce the traffic in the big city. That is one of the biggest challenges for the progress of technology. My observation is since last eight years every five years the enhanced energy density of double and reduce the price of the half. So this end of 2020 we will come with the same constant like traditional vehicles and produce electric vehicles. In the future I think everybody for the customer for the manufacturer for the investor must face the change and that is our big challenge and big opportunity. Exactly. We're slightly running out of time but we want to take at least two questions from the audience. Okay, we have the gentleman on the front row. Can somebody help with the mic? Please identify yourself and keep the questions short. Very exciting talk. I'm from Bysel actually we are a startup company related to the wireless communication but my question I have two questions to unlock two directions maybe related to vehicles. The first one is maybe Mr. One as we know that 5G is going to our life in China very soon and there is a connected car and direction so what do we think that how where the 5G is needed to connect all the vehicles and to enable them to be automatic and when it will come to our lives and the second question maybe for the companies guys maybe especially for the CEO of the Python is that wireless charging as we know that if we if we charge if we use our EV we have to come down to the vehicle and to charge and if the battery is going out we cannot if there is nobody to help then the vehicle cannot charge and the second question is what do you think of the future of the wireless charging to the vehicle? Thank you. 5G and wireless charging maybe we take another question and we ask them to take it please the gentleman there oh I'm sorry over here Jeremy Warner from the Daily Telegraph in London at the height of the auto boom in the States there were literally thousands of new entrants and companies and I guess the same sort of phenomenon thousands but lots of new companies are being spawned by EVs do you expect the same process of consolidation as occurred in traditional auto to develop this industry and will the present incumbents in auto come to to dominate or will these new entrants survive and prosper? So 5G wireless charging consolidation let's start with probably Mr. Warner 5G and connectivity let me think please give me some time maybe they can answer the other questions first my professional life is starting from the TV set now the solar now it's getting the mobile look at the TV when I started my TV there were over a thousand companies I've met the chairman of TCR last night now there's only less than 18 companies there's a TV set globally and you look at the second one every single of the second one is very consolidated the display electronic part and the distribution then when I started the solar businesses over a thousand companies if you look at a solar company the major player no more than 20 I believe 5 years from now I can you can recall no more than 10 companies for the solar industry okay everyone is a segment and provide total solutions I believe the same for the EV that's my point eventually there's a platform to manage the EV manage the transportation there's a platform to how to make the car and the platform how to do the power total solutions now three major categories that's essential of the entire eco cycle make the car and control the battery the car and battery should be separate then how do you provide the platform to manage the car and manage the smart city so as a consolidation it's definitely yeah consolidation standardized and efficiency that's the trend that's my I think from a disruption point of view this is not any different than most of the other technology disruptions that have happened and and I would just say that if you look at the history about 20 years ago when a couple of car companies large companies did electric vehicles it was because legislation and governments and people they were forced to go there and they viewed it as a tax and they viewed it as something that they had to do to do their business it was not because they viewed it as an innovative next way of doing things and so as long as that mindset exists you're going to see new entrants coming in and doing the real innovation right the new innovation has not happened from within which is not unique to the auto industry I think it happened in almost every industry very hard for the emperors to do their own revolutions and so it hasn't happened so I would say right now you're seeing only the beginnings of those disruptive things it is great to see the large companies join and introduce those things because we need to solve this problem very quickly we can't do this 10,000 cars at a time we need to do this 10 million cars at a time and so it's looking good in the way both are doing it but there's going to be a huge amount of innovation on the outside it's not coming from the inside anytime soon Francois, do you agree and Pro can I have its own revolution? Yes, yes I agree that we'll have a consolidation for sure and for let's say traditional OEM to have new competitors is quite good it's quite good and at the end of the day as you said we have to to ramp up EVs very quickly many challenges to have new actors new players I think it's good I want to explain to some answer of your question connecting it's a bright vintage question the first connecting for the user of electric cars there's a connection to environment according to the charging station and so I think there is no big problem but for the develop of automotive industry the connection is a bright band the connection between the manufacturer the investor the energy provider connecting between the customer and the manufacturer like you said how long range is your need that is a big question you can get your answer only by user and different and that is the next connection the connection for the new and traditional car makers and there's a different design and different markets and if we talk for the next phase automotive drive car to car there is a big challenge but they give more safety this is always connection between countries Chinese, European, Japan and different countries to make the same plug for charge you think it's easy but it's a very difficult thing we need connections we need connectivity all the world and so we need the public opens we need the open open up policy on goal in the future maybe one guest quickly answer the wireless charging question and then we probably have to wrap up who will take it? at one comment interesting with connected cars smart and autonomous are all linked to electric car discussion you could ask why because you can build autonomous cars and smart cars on ICB as well if you want but it is linked because the reason that new companies can come in, new players can come in is that building electric cars is so much easier than combustion engine cars the hurdle for new players to come in is very low now and this is the reason why we will have this disruption because new parties are coming into the game and this is an exciting thing with respect to charging you see it to differentiate between home charging and public charging inductive charging is interesting technology is a bit slower than if you put in a big cable I think it will happen on the home charging point it will be for the foreseeable time not so attractive for public charging because there you need speed what could be of interest and this is a long term perspective one of the problems we have to deal with with smart autonomous cars is we have to operate them in environments today which were built for combustion engine cars for traditional cars for the last 100 years if you think about and these things are going on in China if you would think about designing new cities from scratch in a way that you create a smart city approach, design a smart city then you can think about complete different things very different and in this aspect you could build wireless charging within streets for example or at traffic lights or whatever kind of intersection so if you think about creating a complete new ecosystem then this can become a very interesting technology which will take some time from a technology point of view there have been many new innovations in the last 10 years which are going to make the pulling together of everything that is needed for making cheap wireless charging possible and that is not happening just for wireless charging but it's the innovation that you're seeing in motors, innovation that you're seeing in solar inverters, innovation that you're seeing in wind turbines all of those drivers of cheaper power electronics high frequency switching even the consumer electronics are all going to add to the things that are needed to make wireless charging cheaper so I think again it will be one of those things where it will become simple and easy and people will choose to say do I have a plug-in charger or do I want to have a plug-in charger or whatever it's not going to be difficult to do just because there isn't a solution the solution will be there it will be your choice whether you want it or not thank you so much I'm sure you enjoy the discussion as much as I do we have broad picture policy discussions we have a lot of innovation technology points as well please join me in giving a big round of applause thank you for your insights today