 Yeah, what the heck is homologation, homologation. It's critical in earnings call. What the heck is it? Let's go through it in this video right here. Okay, so this is the quarter third quarter of the last earnings call and this is from the executive commentary and this is the president of Lordstown, Negevani, Dan. Let's just call him Dan. And since the beginning of the fourth quarter we have begun building the first of what we expect approximately 100 preproduction vehicles that we will use to pursue a variety of validation activities aimed at achieving full homologation. What the heck is homologation? Then he goes on to explain that this is a delay due to supply chain challenges and so forth. What is homologation? I never heard of this term before. So we're going to go over it in this video. Let's just go through this. Now this is from Google and says here deliveries production will begin in third quarter of 2022, which we all know. I think that may be pushed forward but let's just move on with this homologation topic. Okay, this is from Google. What is automotive industry homologation? Automotive is the process of certifying vehicles or a particular component of vehicle that it has satisfied the requirements set by various statutory regulatory bodies. Okay, the important part of this is this right here. It is mandatory to get this approval to export automobile products or components. So it would seem to me that they're looking to set up, and I think probably all manufacturers do this now, set up a world car. I mean that would be what is implied by this delay, that they want to meet these certifications for all these different markets, including the European Union, Asia, China, so forth. So basically certifying a vehicle, you know, every part has a part number, every part has a certification from one or another engineering associations and so forth, or testing organizations. Most of the endurance parts are from the GM catalog. The other ones have to be, and also a Lafay also has certification. So most of this car is certified or this truck, sorry, in my opinion. Maybe I'm wrong. I don't know. But it's taken a while. Now you've got to, you've got to certify every bolt and nut, because if there's a recall, you know, you know, just like Tesla just recently had a recall, you know, the hood latch. Well, they have to have every little part of that in an exploded drawing, and they have every washer, every bolt has a number, every part has a number, and they say this recall involves this part right here, this part number. This is what the certification homologation is all about, and that's what you have to do, and each one of these parts has to be certified and listed and cataloged and so forth. But the interesting thing here is export products or components. So with the, you know, Foxconn deal, we're looking at worldwide distribution, okay? And they have the means to do that, and we have a rail spur there, and we have a major highway there, and we can get these trucks to the Great Lakes and out of the Great Lakes off to Europe, or wherever we want to put them, or we could take them on a rail line and go south, so on and so forth. Anyway, this is what homologation is. So it's pulling everything together and certifying it under all these varied regulations, so that this vehicle meets these requirements in all these different markets. Now, down here I have a homologation special car, this is when they build a race car that has to be a street car certification, so they have to make sure that the race car meets the, can be driven legally on the street, basically. But that's in there by mistake, basically. What is the difference between homologation and certification? Because we hear they've been going for certification, then they mentioned homologation, homologation, certification, tomato, tomato. As now, as nouns, the difference between homologation and certification is that homologation, and this is in organic chemistry in parentheses, any reaction that converts a compound into the next member of a homologous series. So what we're doing here really is we are converting a compound, which is the mixture of all these parts into the next member of the homologous series, which is a vehicle which is approved under the laws of all these different markets. And it says, lengthening a carbon chain. Certification is the act of certifying. So homologation is, could be seen as producing, at least in my mind, producing all the certification. I mean, all the documentation and so forth on these different parts and so on. While certification is the act of, you know, giving these to a law giving or an approving body. Okay, so this is what homologation is. In the next section here, I'm going to go over some other examples. This is two of Z, two of Sud. They do vehicle homologation for global market access and vehicle approval certificates, homologation allows vehicles, component manufacturers to gain legal access to target markets, allowing them to generate higher revenues that applies to Lordstown. Ensure rapid delivery, avoid costly penalties for noncompliance, avoid recalls and boost brand reputation. Just want to mention here that Steve Burns had a guy call him. I don't know if he's still with Lordstown, but he was all about international markets. Now watch them do a presentation to a German trade show. I believe that's somewhere on my website. Now what these guys do is, well, let's listen to this video, it's self-explanatory. Let me put it back to the start here. And let's just play this and you can see what this company does is it enables or enhances a company's ability to get this global homologation, which allows for sales in multiple international markets. Just watch the video. It's real short. As an automotive manufacturer or supplier, you need to export your products to multiple markets. So again, how well do you understand these countries regulations and processes? Is this why the delay because Foxconn wants to go international country to country cultural differences and lack of local language capabilities? Was the original homologation just for the US market? Something to think about. In many instances, you might find yourself having to repeat the same tests to satisfy another regulation with similar requirements. But there are ways that you can streamline these processes for better efficiency and cost savings. Now this is what these guys based on the intended markets requirements your automotive products are destined for. Toof Zood identifies similar requirements between regulations so that you can achieve multiple certifications within a single project. We provide a singular point of contact for our customers looking to navigate the homologation process for different markets. We also cross barriers languages and cultures with our interconnected network of experts in key automotive export markets. With Toof Zood, you save time and money. Okay, I'm going to stop it there. The rest is just an advertisement for this particular company who may or may not be in use by Lord Sound. That's not the point. The point is, this shows you the complexity of international homologation. I think the delay implies international homologation. This may be part of the Foxconn deal. That's just me speculating. I am not a financial advisor. That's the way this looks to me. But you can see that not only does this homologation have to take place for the U.S. market, but all these other markets, if you want to do business internationally. And Lord's time can do that. And especially with Foxconn being involved, that's definitely a thing. So I think that that may be at the root of this delay. Again, just speculating. It's a possibility going from just homologation for the U.S. market with that certification to a global access with those multiple certifications possibly. Potentially. Hi, this is T-TypeMaster T-Systems. They might have a little T-Mobile copyright problem here. This is another video. This is involving homologation. Homologation explain. Let's just go through the circle. A type master from engineering to customer. The leading solution for homologation management in vehicle construction. What is homologation? This is Tom. Tom has just fulfilled his dream of a new car and is taking his first ride. Funny how all these services are for the European Union. An important part of that process was homologation. But wait, what does homologation actually mean? All vehicle manufacturers who want to launch a new vehicle on the market must comply with certain rules and regulations. This is not only the case in Germany but in most countries around the world. To ensure that everyone sticks to the rules, each country has its own monitoring authority. Only when everything is in order, approval is granted so nothing stands in the way of vehicle production. Okay, there you go. In the view these rules are standardized. This means that Tom's car is approved for use on the roads in Italy, Spain, France and all the other EU countries. But why all these laws and directives? The laws ensure that every vehicle manufacturer in the EU has the same rules when it comes to the approval of its model ranges. In technical language, this is referred to as type approval, type testing or homologation. There you go. This is extremely important. It ensures that everyone complies with the exhaust regulations to protect our environment, the safety of the vehicle and traffic or the noise level within specified values. Some simplified things that have to be met. Thanks to homologation, Tom's car is perfectly suited for the road. With this in mind, Tom enjoys the ride in his new car even more. Type master. Okay, that's just an ad. That's just an ad. But that's a brief, I think that's a pretty good brief explanation of what's involved in homologation. And this is for the EU. This is also for the American market. All of those requirements have to be met for the American market. And as I said, everything has to be documented and so forth. So let me close this out here and let's move on to the next section. All right, just to do a wrap up a little bit of detail on this, just to give you an idea, this is another homologation testing service. And again, we've gone over this automotive homologation testing. I just want to uh, is able to assist with many of the United States and United Nations standards. Okay, now these are some of the things that have to be documented and homogulated. Okay, controls and displays, transmission shift lever, windshield defrosting, windshield wiper, hydraulic and electric brake system, brake hoses, hood latch, stuff protection and on and on and on door locks and door retention components, rear impact guards, replaceable light source light source, light source information, then a number of content requirements. And here's one, manufacturer identification. That means we got to identify the manufacturer. Who is it? Lordstown or is it Foxconn? Because under the deal, Foxconn is going to be the manufacturer. The deal closes in April. I think this is another thing that's holding them up. I think they want to identify the manufacturer from the get go as Foxconn, perhaps to avoid a complication of doing it first as Lordstown and then transferring it to Foxconn. I think since they're in the middle of it, it makes sense to identify Foxconn as the manufacturer. And that may be the last item they're waiting to fill out on the forms so that they can push the button to enter it. And that is waiting for the CIFAS approval, which is in April. And you can see my other video. I'm going to try to put a little thing up above in here for the CIFAS video I made. Anyway, truck camper loading, utility vehicles, bumpers. All right, you get the idea. This is homologation. Look at that. Like I said, every possible nut bolt, so on and so forth. All right. I think we've defined homologation. Just to wrap it up, this is a summary on the whole homologation. Homologation. Got to watch that one. Let's just cover real few quick points. This is MXUX. This seemed to be very important to the CEO on the last call. He made a major point of mentioning it. This seems to be the key to the delay of the startup production. Is a possible explanation? Because remember, we were all set to start, and then all of a sudden, we got delayed. Now, we had the pandemic, parts applied, so on. But is the change for this responsible for the delay of the startup production? Are we going for a global homologation, or were we previously just going for a US launch homologation? Because I think they're different. I think one is more complex than the other. If anybody watching this knows anything about this, please leave it in the comments. Anyway, it's just I'm just speculating on that at the moment. Or was being global always the plan? Did nothing change? The reason I'm mentioning this is obviously, when you bring in Foxconn, it just expands the distribution network globally in such a way that it would seem to make sense that they were going for global homologation versus just the US. Again, I don't know if this is an issue. I'm speculating. But of course, Foxconn is going to be able to distribute globally. They're going to have the rights to distribute globally under what we know. And Lordstown is going to receive a fee for a licensing fee for each truck they deliver globally. So anyway, we have no way of knowing. But this is an important issue to the CEO. And he made a point of mentioning it. I mean, we got to talk about it. Leave a comment. Tell me what you what you think. Anyway, I hope you get a better understanding of this is a complex topic. You can see how this could get bogged down. If they're starting it one way and then moved into another dimension of it. You know, who knows? Maybe Foxconn's demanding global homologation. Anyway, I'm not a financial advisor. Do your own due diligence rides a high risk investment with potential extreme outcomes in either direction. Just my views right now. We've got a CIFAS approval that has to go through. Or there are some poison pill attributes to the contract that if that fails, could be major problems for Lordstown. That's a risk. Also, this second mortgage, which I'm planning to look into further, or the mortgage that was written from Foxconn to Lordstown. If they cannot pay off that mortgage, according to Q's views, Q has evidently done quite a bit of research on this. That could also be a problem for Lordstown. I think as I understand it right now, that is a stop gap funding measure for Lordstown to ensure that they're going to get to the start of production extended by Foxconn. That's the way I see it. I could be wrong. Or it could just be a filing of the general sale with the county. It may be meaningless. But I'm confident that they're going to start production as long as they can get the agreement hammered out with Foxconn. Foxconn is very eager to start production. Foxconn wants to get on the map. The endurance is ready. The endurance, I mean, you're looking at 2023 for the Ford, 2024 for the Silverado, probably 2024 for the Cybertruck. The truck that's the most ready to go right now, and I think the best light pickup truck or light duty pickup truck, and this is going to be a great consumer vehicle as well, as you see from my last video, is the endurance. All we got to do is wade through this, and I think we're going to hit start of production. I said there was a hint that start of production may be earlier than we thought. Do your own due diligence, please. Anyway, this is MXUX. This is a high risk, high risk, risky. Thanks for watching.