 change the global supply problem for hydrocarbons, which has been based upon, call it, a decade of bad policy, and they can't change the price of food. So we're going to see energy and food prices march higher over the next year, and we're going to see the economy cool off. And you already see Fedsland Futures telling you that they're going to have to cut rates sometime in mid-2023, and I agree with that. You know, I just don't see that happening. You had Q1 at minus 1.4. You'd have to average, the next three quarters will have to average over 4% growth to hit the Feds staff's target of 2.8, so that's just not going to happen. So I think that we're in a scenario where we have a stagflationary environment. I think the economy is going to cool off, and we will have a recession by the end of this year or the beginning of next year, and we'll still have rising food prices and rising energy prices. And unfortunately, the Feds monetary policy just can't change that. I believe that the amount that they can raise rates is indicative or kind of anchored in the delta from the base and not necessarily equalizing it with, quote, the neutral rate. So I don't think they're going to get much over 200 basis points and hikes before they have to pause and turn the other way. But again, the tapestry or the characterization of a bear market is when they bounce them on decelerating volume. That's a terrible volume day. And as much as the last bounce day that we had also came on decelerating volume. So again, get ready. So people are like, oh, we're going to rally into month end. Well, okay, we're not. The central case for investors is the Feds going to tighten until they achieve what they want, which is engineering a soft landing. But really what they'd like to see is a demand destruction by either jobs falling or GDP contracting. And I think the thing that is not really priced and very difficult to price is a lot of things could go right. I mean, something as simple as labor market could start to ease because you get rebounders, people coming back to the workforce or the job market weekends. Or we could have a real decline in goods prices now that we've seen it from these retailers. They have too much inventory. That's actually deflationary. Supply chains could come back online better than expected and possibly the war could end. I mean, so I think if you think the cumulative probability of many of these things is much greater than the market's discounting, that means stocks and the Fed could actually be much further along than people realize. A standout in the last couple of weeks is the fact that we declined 16% in less than four months. That's only happened 16 times uniquely since 1940. So it's not, we're in a different mode where I think it's not about fundamental now to technical decline. But the good news is of the 16 instances, 12 out of the 16 times, the market was higher six months later. Average gain is more than double digit. And 15 of the 16 times, the market was higher. 12 months later, average gains 20. So we're in a zone where if the market finds its footing, we're in a world of double digit expected returns. We think unit growth measured correctly is going to surprise hugely on the high side of expectations and that inflation is going to turn down. And we would not be surprised over time to see it go negative once more. Because disruptive innovation is becoming a much bigger base in the economy. Electric vehicles, when we first started ARC, weren't even, they were probably not even 20,000 vehicles. That was 2014. Last year, we were up at 4.8 million units. This year, we think we could be close to 7.5 million units globally as the consumer preference shift accelerates towards electric. And so that's approaching 10% of all auto sales. And I think Nancy's idea of this reshoring, the manufacturing renaissance here in the United States, is going to be a boon for our country. It's going to hurt other countries, but a boon for our country, I think that's one of the reasons the dollar is going up. And I think that our productivity gains are going to be enormous. Because we lost a lot of the industrial world to other countries. Now we can rebuild it here with state-of-the-art technology. And that's very exciting from a productivity point of view. These are my revised stock price estimates. This chart coming up is what the existing share count is now. And I show it under this and the new share count with the looser. This is 2021. I'm not a financial advisor. I'm working out the numbers for the 2025 model year for Ride. And I'm going to play that supporting information, but it's pretty shocking to me. The present value target I have on Ride after the start of production without dilution is $125 a share. OK, so this is the update on that with the full dilution of the shares approved at the shareholder meeting recently. And this is June 2022. That price at the start of production that high, the jump is to $30.50 a share back of the napkin. Not an accountant, not a financial advisor. Don't really like to do the numbers. Can't really do math anymore, but this is my best estimate at this point. You know, production growth, 15% increase. So we should be able to double production growth easily at large time because we're starting at such a low level. We can probably, we can at least double every year from this year or let's just say next year to 2025, no problem. So the average price we're going to get when we do that, we're starting at $125 without dilution. We're going to be at $190. And with dilution, we're going to be at $171. Now, again, here's the 2022 revision on that price target. That revision on the price after we ramp up production is $45.60 a share. And again, this is with the full 150 million share dilution applied to the existing stock. So, you know, this is from the starting point where we are now of $2 a share. So this is the update. This is what I come up with. Now, here's a chart, which isn't very good. But we're starting right here at 6, OK? And then this point here is when we get certified and they roll the truck off the line and we start sending out the product, even if it's five units, whatever it is, that shop. I predict the stock is going to shoot up to this level. And then over the three years, here's the endurance right here, we're going to see this hockey stick. And I believe since we are starting again at such, we're starting at zero, we can double production every year easily. I think these prices are, if you've seen my last few videos, you've seen how I come up with this number, these numbers. So by 2025, if we average these two, you know, it's 180 a share, which is 30x, 30x from present value, something like that. Anyway, this is my evaluation. I just want to go down here. OK, these are forecast numbers I did back in September of last year, based on the Schmidt buildout of the plant. Foxconn may improve this capacity, we don't know. But these were numbers that were carefully thought out and also included in the expected demand. These are some production targets that I've come up with. So we got 15 cars an hour at top production speed, eight hours, 120 per shift, potential 480 a day, 110,000 units a year for the first year. 65,000, a present plant capacity as we have it aligned right now is 174,800 units. OK, with this projection, we're going to be running at that capacity. We're going to have to increase plant capacity year two and year three. By 2025, the plant maximum capacity is going to have to be expanded by 280,000 units a year. So we're looking at, I don't know what these total sales are, 300, 380, 400. OK, we're talking about, let's say, half a million units in sales. This is what I'm projecting. So you're going to have to build a new plant elsewhere or they have 70% of open space at the present plant. So the point is, someone mentioned in comments Schmidt, the president, he said, shouldn't we get an executive in there instead of having a production guy? No, we should not. We're going to have explosive growth. According to these projects, these numbers I've worked out, you can do your own numbers, you can work them out. I'm going to go over what this scenario is in a minute. But the point is, we're going to have to expand the plant twice to meet demand, OK? And we have room there and Schmidt's the guy to do it. And now this is a rosy scenario. I'm not a financial advisor. We still got a 34% chance of a black swan, OK? We got this new virus coming around. Who knows what's going to happen? Many things could happen, recalls and so forth. Failure, OK? But these numbers and that stock price means that we sell all units made. And I think they'll do that. They'll sell every unit they make. Just by the forward lightning demand right now, they're going to sell every unit they make. There's only one model, the endurance, OK? So these numbers are based on selling every endurance they can build over that time period to 2025. And by the way, these are, I believe, achievable PEs and everything else at those stock prices. If you get into speculating, they can go above those prices. And on the stock price, I think that the change is coming. The tipping point has been hit with EVs. I think this stock price, if you saw my latest video about Ford, the Osborn effect, I think this stock price certainly can be speculated up and invested up. I think there's a lot of room to grow. This is a conservative estimate. But the top end is unlimited, I think, depending on the rebound in the macro economy and so forth. There's a van coming. We've already got the high top van coming. They said next year in one of the calls. We don't know if that would be a secondary product. They also have an SUV planned the following year in 2023, big sellers. So these production numbers could double with any success with these other products. So I'm just talking about one product. And also, now, what we can assume fleet sales, but at some point, they're going to break out into public sales. So we're just talking gross sales, OK? Now, again, they're going to have to expand the capacity just to meet the needs of my opinion. Now.