 Good morning again. Good afternoon, depending on where you're joining from. My name is Arthely Fernandez. I'm the head of the Technology and Innovation Unit at the IA, and it's my real pleasure to welcome you to this webinar today where we are going to be unpacking some of the key insights of this year 2023 edition of the IA's Global EV Outlook. We'll have with us today a group of representing in a way the team behind the project with some of the principal authors with us here today to unpack some of these key findings of this piece of analysis. The report was actually just released just the day where we had our executive director, Dr. Fatih Birol, and the head of the Energy Technology and Policy Division, Dr. Timo Good, presenting or launching the report with a live stream press conference that was attended attended by more than 22,000 reviewers. And so we're very happy to see as well that this outlook has already received quite good press coverage with articles renting from many different newspapers and organizations from Financial Times, Bloomberg, Reuters, CNBC, and many others. So that's really, really rewarding for us, and we're looking forward to see how the report develops further. Actually, this year is exactly 10 years ago when the IA released the Global EV Outlook for the first time back in 2013. And it was not an annual report at the time actually, but it was just one that was established in support to the Electric Vehicle Initiative or the Clean Energy Ministerial that the IA has been coordinating since then. And this initiative has the objective to bring countries together to foster electric vehicle deployments. We have some of these partners joining us today, as well as in another session we had in the morning as well here in Paris. At the time, the sales of electric cars were very low globally, just less than 0.5% of total sales. So it's really just an niche market. Electric cars were expensive in particular when we look at batteries, but several members of the Electric Vehicle Initiative set themselves some ambitious targets. And collectively, the objective of these countries was to reach a stock of 20 million electric vehicles on the road by 2020, which at the IA we translated into a sales target of around 6 million electric cars for that year. Ever since, we've seen how governments have been actively put in place a wide range of policies and instruments to achieve these targets, policies to improve vehicle fuel economy, to reduce emissions, financial support for the purchase of electric cars, support for manufacturing of batteries and different electric vehicle components, and as well as city-level efforts to also incentivize the use of electric cars in urban areas. The IA has been supporting these efforts, working hand-by-hand with governments in this endeavour, tracking progress every year, sharing the new analytical insights and examining different policy approaches to this global EV outlook report, but also regularly convening decision makers and then the umbrella of the Electric Vehicle Initiative to foster global dialogue so that the future of electric vehicles is truly global and is not just limited to a few countries. Now, the outcome of all of this government effort has been really impressive. We've seen how global sales of electric cars exceeded 6 million in 2021 and the stock target of 20 million electric cars was reached another year later in 2022. So, really electric cars are now at the cusp of mass markets. So, just from the team, from the whole project team, a special thank you to the EBI members, particularly that are joining us today for the support throughout all these years, but also in particular for the production of this year's edition. And just before they've been a bit deeper into the analysis, just wanting to mention a couple of practical points. We'll have certainly the discussion after the presentation with some opportunity to pose questions to the different authors of the report. So, please keep putting your questions in the Q&A function in Zoom so we can make sure that we can gather as many as questions as possible and address them at the end of the presentation. And of course, the slides, as well as the report, I mean, the slides will be available and the report is also available, sorry, as of yesterday on the website. So, with that, I'll just hand it over to my colleague Jembatis Lemawa, who is one of the authors of the report to get started with the presentation. Thank you very much. Thanks, Aratheli. Good morning, good afternoon, everyone. In the next four to five slides, I will be walking you through the recent trends in electric car sales that we've been seeing first globally and then looking at specific countries as well as emerging markets. So, on this first slide, I really want to bring your attention to the fact that the growth in electric car sales has been impressive in recent years. They stood at $6 million in 2021 and then they increased to over $10 million last year in 2022. The three largest markets remain China, Europe, and the United States. And it's interesting to note that today, half of the electric cars in the world are on Chinese roads. Sales increased in Europe by 15% and a very strong 55% in the United States. Given the positive market fundamentals and the policy support that we're seeing, we expect that the sales will continue to remain strong this year, reaching $14 million. But these are absolute sales and not sales share, as a share of the total car sales. And so, when we look at the sales share of electric cars, they accounted for 14% of total car sales last year and we expect this to grow to 18% this year. So, this is for global numbers, but when we zoom in a little bit to specific country data, it's quite interesting to see that in just five years, there's been tremendous progress across the board. Last year, more than 10 European countries, in addition to China, had achieved a sales share of over 20%. And this means that electric cars are no longer marginal. They are truly reaching mass market adoption. In China, for example, 29% of cars sold last year were electric, which is well above the 20% target that the government had set for 2025. In Europe, Nordic countries still lead the way, but the larger markets like Germany, the UK and France are actually catching up. Germany 31%, the UK 23%, France 21%. In the United States, things are still a little bit earlier in the curve at 8% last year, but we expected to increase quickly in the years to come, given the recent policy developments. So, this was for the major markets in terms of electric cars, but it's interesting also to look at the picture in emerging economies. In emerging markets, generally, sales of electric cars remain lower. Electric cars are too expensive on one hand, and motorcycles are much more prevalent in these countries. So, as an example, in India, the top EV company by revenue is Ola, and it doesn't even sell electric cars, only motorcycles. Despite that, though, we saw an increasing boom last year in India, Indonesia and Thailand, and this is an interesting trend to watch. In India, 90% of the sales last year were by domestic car maker Tata, and in Indonesia and Thailand, part of this increase can be explained by Chinese car makers coming to the market with much cheaper models, and affordability means that sales could actually increase. So, we expect sales to continue increasing, because all of these three countries are putting together support schemes for EVs, like, for example, India's production-linked incentive schemes. Elsewhere, sales remain a bit lower, but there are interesting trends to watch. For example, in Latin America, I encourage you to look at what's happening in Brazil, in Mexico, in Chile, as well as in Southeast Asia, like in Vietnam. In most cases, really, though, electrification of motorcycles is quicker and a very interesting trend to watch as well. Now, we have not yet really looked at the types of vehicles that are sold. We just said cars, but what types of cars? It's interesting to see that across the board, large models and SUVs still dominate the sales for electric cars. In China and Europe, for example, 40 to 45% of electric car sales were large ones and SUVs, and it's about the global average. China is where the smallest and cheapest cars are available. In the United States, there are hardly any small electric car sales relative to larger ones and to SUVs, and these make up 70% of the sales. So the size of your vehicle is very important, and why? Because it has implications for critical minerals demand. If you have a larger vehicle, you have a larger battery, that means that you have a higher critical minerals demand. For example, we found that in Europe, an average SUV being sold last year was about twice as heavy as a small car, and that meant 75% higher in terms of critical minerals demand. Of course, it remains important to have electric SUVs rather than conventional SUVs. To compare electric cars versus non-electric cars, it's not much different. Over 60% of IC car sales last year were large cars and SUVs, and we can explain this because car makers generate greater profits from larger models, and so they have an incentive to focus on these. Now, how can we explain the increasing sales of electric cars in the last few years? Well, policy has been instrumental. As sales have increased, global spending on electric cars is also increasing, and on this chart, what you can see is consumer and government spending in the last few years. Last year, the total spending, which excludes charging, it's really just about purchasing electric cars, it increased by 50% to reach 425 billion. Most of this money, as you can see, is being spent by consumers, so that means individuals and companies who purchase an electric car. The rest of it, around 10%, is spent by governments through subsidies. The share of government support in this total spending stood at over 20% when electric cars were still emerging, but it has been decreasing as subsidies also decreased. Looking forward, we expect consumer spending to continue increasing, because obviously many, many consumers are now adopting electric cars. However, public spending could in fact stabilize. What we're seeing is that many European countries in China, subsidies are actually decreasing, but maybe in other countries like the United States, India, and other countries, public spending could in fact increase, thereby stabilizing the share of government support. Electricity electrification, however, is not only about cars, and so on this note, I will pass the rest of the presentation to my colleagues, Jacob here, who will start talking about other vehicle segments. Thanks a lot, Jean-Baptiste. So indeed, when you're talking about electric vehicles, it is important to look beyond just cars. More than 35% of road transport CO2 emissions come from heavy duty vehicles like buses and trucks, and in some Asian countries like Vietnam and Indonesia, two and three wheelers consume as much gasoline as cars do. So transport electrification in all these modes will be needed to achieve net zero by 2050. For two and three wheelers, as for cars, we are already at the mass market stage, above 15% market share globally. To compare for buses at a global level, we are now approaching 5% global market shares. This is encouraging because we are really entering a phase of early market adoption, especially where there's strong support at the local level. Indeed, electric buses are already quite well established in some markets around two thirds of buses sold in Finland, half of buses sold in Norway and the Netherlands, and one third of buses sold in Denmark were electric. But the next frontier is medium and heavy duty trucks. As is the case for two wheelers and buses, China led in electric truck sales in 2022, with about 52,000 or about 85% of global electric truck sales. So in summary, China accounts for the vast majority of the world's buses, trucks, and two, three wheelers sold today. This tells us three things. First, there are significant market opportunities in most countries for companies to seize. Don Baptiste talked about the example of Ola, India's top EV company by revenue, which makes electric two-wheelers not electric cars. Second, from the Chinese story, we can see that strong policy support, significant involvement of subnational levels of government, like the province or city level, and the right mix of incentives can push bus and truck electrification. Third, a strong policy push will be decisive in the race to electrify the next frontier, medium and heavy duty trucks. Luckily, we are already beginning to see more policy ambition on this front, especially in Europe and the United States. Looking at electric trucks in particular, throughout 2021, buses accounted for the most of the available zero-emission models in the medium and heavy duty segments. But this has changed. Over the past two years, nearly 140 new models of electric medium-duty trucks became available on the market. Most of these new models became available in China, up from only the 35 models that were available mostly in North America in 2021. Ranges of these models are getting longer as well, although these are declared by the manufacturer without any standardized testing procedure. More and more models with declared ranges of 300 to 500 kilometers are becoming available. Another 80 models of heavy duty trucks were introduced to the market in 2021-22, of which only those with declared ranges are shown here. Most of these, again, were made by Chinese OEMs, and some are becoming available not only on the market in China but also elsewhere. This segment requires massive batteries. The battery capacity of vehicles introduced in the past two years ranged from an average of about 350 kilowatt hours to ranges upwards of 750 kilowatt hours. And this increasing availability of medium and heavy duty zero-emission trucks reflects the fact that truck manufacturers are increasingly gaining confidence in supplying larger, heavier zero-emission models with greater payload. Next, I'll turn the presentation over to my colleague, Oskaris, who will talk about trends in charging infrastructure. Thank you, Jacob. So when it comes to trends of charging infrastructure, currently most of the charging demand is met by home chargers, but publicly accessible chargers are crucial to enable further EV adoption. At the end of 2022, there were 2.7 million public chargers worldwide, an increase of 55% compared to 2021, showing that public charger infrastructures are keeping pace with general EV adoption. While China is home to half of electric light-duty vehicles worldwide, it also owns two-thirds of public chargers, as Chinese cities and in general more dense urban areas have limited access to home chargers, thus requiring a greater number of public charging points. And the number of public charging points per electric vehicle can vary quite widely across different countries. On a global basis, there are around 10 electric light-duty vehicles per every public charging point. This number is closer to eight in China, while in Korea there are one public charging point for every two electric vehicles. On the other hand, in New Zealand, we have 100 electric vehicles per each public charging point. In general, we expect this trend to this ratio of public charging points per electric vehicles to remain higher in nascent markets, where governments are trying to encourage EV adoption. But there's another way to measure EV infrastructure coverage, and it is charging capacity per electric vehicles. And such metric takes into account the fast chargers that can deliver more energy and thus charge more vehicles per day. So the governments should consider both aspects of coverage when planning their charging infrastructure strategies to further support the electric vehicle transition. And now I will pass the presentation to Amrita, who will present you the battery trends. If we look at battery trends from the beginning of 2021 to the end of last year, the prices of critical raw materials and minerals such as lithium cobalt and nickel increase dramatically. At their peak, lithium carbonate prices were about six times higher than their average price over the period from 2015 to 2020. This was a result of the interplay between several factors, which includes the supply chain disruptions that were caused during the COVID-19 pandemic, the following recovery from the pandemic, as well as Russia's invasion of Ukraine. Battery prices had been declining for about a decade, but due to the recent volatility in the mineral prices, the average price of a lithium battery pack increased for the first time in 2022. Nonetheless, these prices still remain at a fraction of what they were just a few years ago. However, not all battery chemistries were impacted to the same degree. The strongest relative increase of about 25% was seen for lithium ion phosphate or LFP batteries compared to less than 15% for the nickel manganese cobalt or NMC variants. This is because the price of LFP batteries is more dependent on the fluctuations in prices of lithium. Nonetheless, LFP batteries remain one of the cheapest battery chemistries available on the market today. Now, if we look at most battery chemistries that are common in the market today, they rely on three elements, which are nickel cobalt and lithium. Here, you see the amount of each critical mineral needed per kilowatt hour of battery capacity for some of the common cathode chemistries. A few years ago, nickel cobalt aluminium batteries were the most popular chemistry due to their higher energy density, but they are expensive to manufacture and require quite a significant amount of cobalt, as you can see here. Also, NMC or nickel manganese cobalt 333 batteries were quite popular a few years ago, but these also require a significant amount of cobalt. With the increase in cobalt prices that we saw last decade, the NCA and NMC 333 have been gradually replaced by a succession of chemistries that contain less and less cobalt. Today, NMC 811 becomes one of the most popular chemistries replacing most of the cobalt content with nickel. Lithium ion phosphate or LFP batteries, despite their lower energy density, are also gaining popularity thanks to the use of cheaper and more abundant materials, such as iron and phosphorus, compared to nickel and cobalt that are used in the other chemistries. In the beginning of 2023, we also saw a new type of battery entering the market, mainly in China. These are the sodium ion batteries, which eliminate the use of lithium altogether. Because of their even lower energy density than the LFP batteries, they could initially find applications in low-range cost-effective vehicles. And with this, I pass the floor to Alex on to tell us a little bit about finance. Thank you, Amrita. So competition is getting tougher in the electric car markets. Tesla and BYD are the two historic leaders, and in 2022, together they accounted for 30% of electric car sales. These two companies have different strategies. Tesla is focusing on larger and more expensive vehicles for the American and European markets, while BYD is offering smaller and cheaper models for the Chinese market. Today, many other car makers are getting into the EV race, including incumbent car makers, and this is triggering a price war. For instance, just in the first quarter of 2023, Tesla cut down the prices twice already. On this slide, you can see the share of Chinese of Chinese car makers in the total electric car sales was increasing between 2015 and 2018, but then dropped due to COVID-19. And they're now slowing recovering again. Together with BYD, all those Chinese car makers accounted for 45% 50% of electric car sales in 2022 against 35% for the major incumbent car makers, which include GM, VWU and Toyota, for instance. And looking forward, we can expect aggressive competition as car makers race to capture the global market. For instance, this year BYD is entering Europe with its dolphin model. With the growth of the EV market, the share of vehicles being traded internationally has been declining. Back in 2019, traded EVs represented a quarter of sales, but this is down to 16% in 2022. Over the past five years, the share of global electric cars export coming from China has increased more than eightfold, and the country even overtook the US as the largest EV exporter in 2021. Today, Europe is a net importer of EVs and China a net exporter. In fact, Europe is China's largest trade partner for EVs. And the share of cars manufactured in China and sold in the European market increased to 16% up to 11% the year before. However, most electric vehicles shipped from China and sold in Europe were actually manufactured by Europeans and American manufacturers and not Chinese ones. And now I leave the floor to Shane to tell you about the policy developments. The first thing to mention is the global EV policy explorer. It accompanies the report and is available for free on the IA website. And for 2023, we significantly expanded it. It details EV policies, targets and ambitions from around 90 countries. And these include things like sales targets, manufacturing policies, public economy standards and more. In reviewing policy and developing the Explorer, we found that as expected, light duty vehicles are most well represented in world policy with first time policies in countries like Angola, Ghana, Seychelles, as well as additional signatories to international pledges such as the accelerating to zero coalition. In more mature markets such as the UK, Norway and China and markets with renewed ambitions such as Canada, India and Australia, new policy increasingly focuses on charging as opposed to demand incentives alone. By expanding model availability, as Jacob talked about, and particularly in the case of buses near term cost competitiveness, the heavy duty vehicle segment features more and more in new policies. Interesting examples from this year include Panama where one third of new public buses are set to be EVs by 2030, or in Europe where 10 countries now have subsidies for large trucks, five of which were introduced in 2022 and 2023. Major policy announcement of 2022 was the inflation reduction act, touching on all aspects of the light and heavy duty EV transition. It includes policies on mineral supply, manufacturing, corporate and consumer incentives, plus charging. Notably for consumers to receive the full clean vehicle tax credit, the vehicle battery must be at least seven kilowatt hours ruling out small capacity PHEVs. The minerals must have been sourced within North America or with a country that has a free trade agreement with the US, and both the battery and vehicle must have been assembled in North America by a qualified manufacturer. This greatly increases the incentive to manufacture in the United States. Similarly, and largely as part of the Green Deal industrial plan, the EU has implemented a suite of complementary policies addressing supply, manufacturing and demand, including regulating CO2 and non-CO2 emissions, allowing EV manufacturers greater access to funding, skills and markets and critical mineral policy, as well as proposed increased targets with respect to charging. They aim to be able to meet almost 90% of their EV battery demand within the Union by 2030. Over the past one to two years, other key countries or regions have also released important policies that address the supply side of the transition. The same countries have also released demand side policy, often within a short space of time. What is striking about the US and the EU is that they represent a clear attempt to comprehensively and simultaneously cover all aspects of the EV ecosystem in a single revised set of policies. This is, of course, aided by the size of their internal markets and somewhat similar to China whose policy has been more cohesive from the start. Thank you. Great. So now we'll take you through the outlook for electric mobility. And so, as Shane mentioned, it's been an exciting year for EV policy. We're increasingly seeing governments pass legislation that matches their level of ambition. And in terms of ambition, many countries have net zero emission pledges to phase out or by mid-century. And to support these are phasing out the sales of ICE vehicles and trying to aim for 100% zero emission vehicle sales as soon as 2035. On a global level, looking at country ambitions, this implies a target of 40% electric vehicle sales by 2030, as is portrayed in our announced pledges scenario or APS. Our expectation last year, so at this time last year in the addition of the global EV outlook, under the policies that were in place then, we were thinking we would only get to 22% electric vehicle sales, electric car sales by 2030. But things have evolved very quickly over the past year. And so we've made three notable revisions to our outlook. In the United States, the Inflation Reduction Act, combined with California's new ZEV regulation, which has been adopted by a number of states, brings our projected EV sales share up to 50% in 2030, in line with the national target. Just this March in the European Union, new CO2 standards for cars and vans were adopted that align with the goals set out in the fit for 55 package. And so we see the sales share of electric cars in Europe increased to around 60% by 2030. And in China, although subsidies for electric cars are being phased out, local support remains strong, and there are market fundamentals there that are looking good. So electric cars in China are fairly cheap and pretty competitive with internal combustion cars, more so than we see in other markets. And this leads us to expect that electric cars there will achieve a sales share of more than 60% by 2030. And so as a result, this year's outlook at the global level, we expect to see a sales share of electric cars to reach around 35% in 2030 under existing policies. And this is pretty close to what government targets would imply. And so what this means, kind of in a broader energy system perspective is that oil displacement will increase. And we see by 2030, understated policies, displacement of oil from EVs. So what's caused by the adoption of EVs to reach over 5 million barrels per day. So now looking at how the gap between stated policies and announced ambitions has closed in major regions is extremely encouraging. So we see there's no difference between the two in terms of electric car sales in the US, China or the European Union. And when considering Europe as a whole, the gap is fairly small. And so what we wanted to look at was get a sense of the feasibility of achieving this outlook, these ambitions for electric cars. And so we've been tracking announcements by major car makers around the world over the past couple of years, and looking at what those would imply for electric car sales. And so these targets have increased a lot in recent years. And they suggest that electric car sales could make make up around 40 to 50% of global car sales by 2030, and could exceed government ambitions. In fact, car maker announcements are very close to the 60% of electric car sales that are required globally to reach our net zero pathway. And many car makers are actually looking to massively, if not fully electrify cars in the next one to two decades. And we can expect smaller and cheaper electric cars already by 2025, making them more affordable to more consumers. Of course, ambitions of the car industry are one thing, but whether the entire electric vehicle supply chain can be built up on time is another. But here too, there's good news coming from industry announcements. So looking at batteries, there were about 1.6 terawatt hours of manufacturing capacity in place globally in 2022. And with the expansion announcements that have been made by the battery industry, this number could reach close to seven terawatt hours in 2030. And that's basically equivalent to what is required in our net zero pathway, which is a really encouraging finding. But I think, you know, despite the optimistic outlook, there's of course still a role for governments to play. So I'd like to conclude by ending with some recommendations for policymakers. And the first is to continue adapting support for electric cars as markets mature. And so this could mean that while you discontinue purchase subsidies like we've seen in some countries, support should be continued in another form, such as by supporting public charging infrastructure, which brings me to the second recommendation, which is to continue expanding EV charging infrastructure to enable further EV adoption, particularly within the population segments that don't have access to home or private charging. And in addition to chargers, investments will be need to be made to support grid upgrades to support this charging infrastructure. And that's particularly important for supporting a heavy duty vehicle charging that requires higher power. And more generally, policymakers should also employ mechanisms such as financial incentives or heavy duty emissions standards like we've seen proposed in the EU to help kickstart the electrification of the heavy duty market. It's also important that EV adoption is promoted in emerging and developing economies. There are promising dynamics we've seen for two and three wheelers as well as buses in developing countries, but sales of electric vehicles overall have picked up only very slowly for cars. So we need to focus efforts there as well. And finally, it's essential to develop the EV supply chain without which the EV transition isn't possible. So while announcements on battery manufacturing capacity are promising, all stages of the supply chain need to be considered. And investment should be made today to build out the supply chain infrastructure, as well as investments in innovative technologies such as alternative battery chemistries to help ensure secure, resilient and sustainable EV supply chains. And so with that, I'll thank you for your attention and hand it back over to ASLA for the Q&A. Thank you very much, Elizabeth, and all of you. We've been receiving some questions to the Q&A chat. Please keep posting questions. We're going to hold for a couple of minutes so we can gather a bit more questions, and then we'll get to address them. So if you could just hold for a couple of minutes and indeed put any question that you may want to ask to address. Thanks. Okay, thanks for your patience. We're just kind of wrapping up all the different questions. So just to get started, the first question is around critical minerals and related to batteries as well. So whether the IA has considered that potential for shortfalls in critical raw materials such as lithium cobalt nickel could limit battery manufacturing and future EV production by 2030 and our views as well on the developments on the sodium ion batteries. And Rita, please, if you could address the question. Thank you. So in our analysis, we do consider that the current and announced levels of critical mineral supplies could be a potential constraint for supporting the deployment of EVs. And we have been highlighting in the past that there could be a mismatch between the supply and the demand of critical minerals and this can hamper the rapid adoption of clean energy technologies or make them more expensive. So on this point, the IA has four strong recommendations. In order to close these gaps, the first of first is investment to scale up mining and processing of critical minerals. However, this alone is not sufficient to close the gap and in order to reach the levels of demand that we have in 2030 in our net zero emission scenario, along with investment in mining, we would also need strengthened R&D efforts in order to reduce the mineral intensities of the current technologies as well as enable mineral substitutions, which is really crucial. And this as we spoke about already in the during the presentation was already observed in the past with the increase in the nickel rich battery chemistry as well as the rise of LFP. And together with technology innovation, another thing that we consider quite important is the change in consumer behavior. And as we saw, there is a growing appetite for SUVs across the world in all major car markets. But if we are able to temper this growth and therefore limit the average size of a car and the average size of the battery needed, it could reduce the amount of critical minerals. And finally, recycling will play an important role, not immediately, but after the next decade or so, recycled minerals obtained from from used batteries can can fulfill a certain amount of the mineral requirements. And when it comes to the sodium ion batteries, we do think it's quite a promising technology. However, it's too early to tell if it can actually be a competitor to lithium ion batteries, which have established themselves quite as a dominant technology in the market. And for the moment, there is still quite a bit of improvements to be made in terms of the energy density for sodium ion batteries, but we do see applications definitely for low range vehicles. Thank you very much. And Rita, just a clarification question, whether our projections are capturing the new targets from the Environmental Protection Agency in the U.S. And perhaps Elizabeth can clarify that point please. Sure. Thanks. You know, I think it's great to see all of this policy momentum, but it makes it hard for us to keep up. So in this current publication, we kind of had to draw the line at March end of March 2023. So we've covered policies and market dynamics up until, you know, through the first quarter of 2023. But the EPA proposal was announced in mid April. And so, you know, didn't make it into our projections. But, you know, for as a comparison, our stated policy scenario currently, so without taking into account the EPA proposal, our market share of electric cars in the U.S. reaches around 50%. And the EPA, the kind of the low end assessment in the proposal would have electric cars reach around a 54% market share by 2030. And so, you know, I think we would see a little bit of an increase. But, you know, it's important to, you know, note that this is still in the proposal phase. It's under consultation. So, you know, we don't know what the final targets in the final rule will meet will be. And so, but we'll be keeping an eye on that and adjust our projections and future publications accordingly. Thank you very much. Changing gear here, Abilit, what do you think are the factors that stop in the adoption of electric trucks in Europe in particular? So we can check of responding that one. Thank you. Thanks. So as we've seen, more and more models are coming onto the market, but there are still several issues and in each case policies can help to address them. Charging is one issue. And while it's true that for certain operations like urban deliveries overnight or off shift charging can suffice for a full day of operations, for regional and long haul operations, some share of top up and mid shift charging will be needed to cover longer ranges. This will need to be at very fast charging speeds so that it can be done, you know, during the typically mandated 45 minute break in European countries. So we're talking about speeds of like 350 kilowatts or even as much as one megawatt or greater. And this higher ultrafast charging speed is really only available at some demonstration sites currently. And the standards for it are set to be finalized in 2024. Here, the main policy solution, the alternative fuels infrastructure regulation on which the European Commission and the Parliament have recently reached a consensus, seeks to address this by mandating charging at very high speeds along the main network, highway network, European Europe's main highway network at a mandated distance. Despite the fact that driving on electricity is quite a bit cheaper also for trucks than driving on diesel, there are still some concerns around the price of charging. Here bulk purchase contracts that can be locked in by big shippers or haulers operating the trucks could help. Another big barrier is continuing purchase price gap. Lots of truck operators, owners are, you know, on less than five vehicles even in Europe and simply can't afford to pay the premium in the purchase price of electric trucks. Some business models have been developed by truck manufacturers, for instance, to deliver freight as a service rather than the vehicle itself following an ESCO-like model to address this issue. Targeted subsidies and tax exemptions on the demand side plus sub sales mandates on the supply side can help to address this. The good news here is that truck owners are more rational than car buyers and so for them the total cost of ownership is the key metric. So we can expect to see a rapid shift to electrification or to zero emission trucks once TCO parity has been achieved and proven in a given region. Another issue is just familiarity with the new technology. Lots of individual truck owners or even big haulers are reluctant to move first into this new technology. Thank you very much. I think we ran out a bit of time. There's quite a few questions in there for a couple of clarifications but we can certainly get back by email to make sure that, you know, we're fully aware of all the different work streams we have related to electromobility. I mean, not only in the context of the global EV outlook but also the collaborations we are doing with developing economies as well. So we'll certainly get back on that front and make sure that you have all the information from us. Just a big thank you again from the team for again all the participants today, all the peer reviewers that have helped us to bring this forward and certainly the EV partners that have been contributing to this piece that as mentioned at the beginning, this has been a work of year. So really, really thanks from the whole team. And just a big thank you from my side as well to all the different colleagues here and the ones that couldn't be in this session but just to name them Elizabeth Connelly, Apostolo Spectropolis, Jean Baptiste Lemarrois, Jack of Tita, Alexandre Goe, Oscar Asaloskas, Shane McDonough, Matilde Huseman, Andrew Doe, Hirje Kim, Takashi Nomura, Amrita Desculpta, Adita Ramji, Bichin Chan and Stefanie Bukat. Really, thank you everyone. We'll be in touch and thanks again for joining us today. Thanks. Bye.