 Well hello everyone. It is fantastic to be here. I think there's been a bunch of really good lead up for the conversation that Mike and I are going to have with you this morning. I was struck by the question that Secretary Perry asked Jerry Brown, Governor Brown last night. He said if you had two years more, what's your unfinished business? What would you do? And his answer was about transportation electrification, charging the vehicles themselves. Well interestingly about, literally about 12 months ago today, I got a call from an investor friend of mine who said, Kathy, I have this great opportunity for you. It would require you moving from Silicon Valley to Los Angeles, but here's what it is. I'd love you to take the reins at America's largest fast charging infrastructure company, EVGO. And interesting for me, for somebody who spent 30 years in the clean energy sector and looking at all of these changes and all of the dynamism, something that I had observed is in 2016 for the very first time, emissions from the electric, from the stationary electricity sector were lower than the greenhouse gas emissions from the transportation sector. So we have a lot of unfinished business here, but for me the opportunity to help accelerate the modernization and the reduction in pollution from the transportation sector was too good an opportunity. And I thought, well, maybe Los Angeles isn't so bad. So my husband and I moved south a year ago, and I took the reins at EVGO, and I have been immersed in this transformation since. Now, my colleague and friend Mike, as soon as he finished with graduate school, he joined General Motors. So he is a veteran of this sector and has been, again, from his perspective, witnessing similar dynamism. And for a company that's been around, I just read this last night, it's 110th year anniversary, General Motors. The stalwart leader in the U.S. auto industry sold 9.6 million vehicles last year. GM is a force. We've had many conversations in the electricity panel this morning. Chris's vision on what's happening with AVs. All of this leads us to where we are now. And so we'll spend the next 30 minutes or so having a conversation about what we're seeing as two business practitioners trying to accelerate this change in the sector. So I'll start with this. GM has a new theme that somebody referenced yesterday that is become your refrain, 000. It has. Tell us what that is. So let me talk about 000. Chris, in his talk, referenced the fact that we're seeing incredible change in the transportation industry coming. And he referenced some of the technology drivers behind that connectivity, autonomous technology, certain was he talked about it and electrification. And all three are happening at more or less the same time. And then you throw on top a business model change around sharing, transportation as a service, ride sharing, car sharing, and so on. It's become certainly for as long as I've worked at the company, by far the most dynamic time in the industry right now. And our CEO, Mary Barra, has said on several occasions, we expect more change in the next five years than we've seen in the last 50. And so one of the things you do as a big, established company that's been around for a hundred years, you see all this change coming, you got to put some thought into what's our vision? Where are we going? What do we tell people that we're trying to get to? And so one of the things we try and do at General Motors is put the customer in the center of everything we do. And when you look at the demographic trends in society, certainly large urban cities, sometime in the next couple of decades, more than half the human population will live in large urban centers. And that'll be the first time in human history that's happened. And so we have pretty focused on transportation in urban centers. And then started thinking about what do our customers want from a transportation system, especially in a large urban center, in this future vision. And although it seems obvious once you say it, at the time it took a little while, but after thinking about it, we came up with this vision of zero crashes, zero missions, and zero congestion. And that's the zero, zero, zero, that Kathy references. Because if we can deliver that, and we think we can deliver that using these technologies, not this year, not next year, but over time, that's what our customers are looking for. And so Mary stood up last year and publicly announced this is our vision for the company. And it's been just as useful inside the company to signal to all 200,000 employees of General Motors where we're headed as it has been in our discussions externally as well. And just to emphasize, you know, it's a little bold when today battery electric vehicles are less than 1% of the vehicles we sell to have the CEO stand up and say, that's our vision for our entire portfolio. We're headed towards zero missions. So that's zero, zero, zero. That's fantastic. And do you feel it when when you go to work at the your various offices in Detroit from top to bottom? Or is it just is it just the technology people? Is it the marketing people? Does everybody feel this? It's the company's vision. Right. So everybody in the company has heard this, understands that's where we're headed. Again, they all understand that that doesn't mean we're going to stop building gas engine pickup trucks next year. This is something that's going to take a long time for us to get there. But what it does is it gives a strong signal to the organization that if you're working on a project that's moving the company in this direction, then you're consistent with a long term vision of the company. And again, as big as the company is, it's important to have that overall unifying vision, I think. I mean, from your perch and with your tenure, you see a lot of things that are happening with technology. And of course, at a company, you have to marry technology opportunity with what's commercially sensible. When we think about the technology innovations that are happening, and we just had this fantastic talk from Yichwe about what's on batteries, in particular, what's most exciting from your perspective on on on the technology front that's going to inform and get us to the 000 vision? So I think Chris Hermsen did a great job talking about autonomous. And I think that's one of the most fundamental aspects, as he said, of moving us towards zero crashes and eliminating all the deaths that currently happen on roads and highways. So I won't spend a lot of time talking about that technology. I think in the electrification area, certainly, again, consistent with the earlier speaker, battery technology has been the real unlock for why that why this is the time that electrification will happen in transportation. We've been through a couple of hype cycles in the industry over the last couple of decades. And the industry's gotten really excited about electric vehicles. And then they didn't happen at scale. This time it will happen. We're convinced of that. We've announced that we're going to roll out 20 zero mission vehicles between now and 2023. And again, those aren't hybrid vehicles. Those are zero mission vehicles. And so if you think about that, and the way the company, you know, we don't have more capital to allocate and engineering resources to allocate just because the industry is going through this period of change. So what's implied in a statement like that is a shift in resources away from vehicles as we know them today towards the zero mission vehicles going forward. So I think that's important. And then connectivity underlies all of this. The fact that obviously with the Internet of Things coming together, I would argue the vehicle is probably the most complicated machine most people come in contact with on a daily basis. And so the role it will play in the Internet of Things through this connectivity link, I think is really interesting for the industry. So all of those are huge technologies as we think about where we're going. Question for the audience, hands up if you've driven not just written in but driven an EV. Okay, brave people, hands up for folks who have not. Okay, well, that's it's probably 7030 that have that were at Stanford, we're in Silicon Valley. So that's not unexpected. I mean, I thought Patty Poppy's observation yesterday that the EV always gets the best parking place in Detroit was a funny one because in here, they're fought after here in Palo Alto and certainly in Los Angeles as well, which brings me to another another topic area, which is the competitive landscape. Right. So here we're ground zero for Tesla. Tesla had Elon announced amazing results. A couple of weeks ago, the Model 3 has indeed achieved its ramp of thousands and thousands and thousands of vehicles. You know, the EVs in the market in the United States doubled between June and September. So it's just it's obvious on a huge trajectory. The data that I have is that more than $100 billion, $100 billion of investment by auto OEMs or automakers to get EVs onto the road by 2022. And that doesn't even include the Chinese manufacturers for whom we don't have data. There are literally now 400 individual companies in China in the EV business. So this is a giant, a very significant competitive landscape. What that amounts to is 160 new EV models that that you guys are going to be able to make choices about purchasing in your next car purchase decision by 2022. So this is we're at an inflection point here. So question for for how GM thinks about this competitive landscape. I mean, do you see that you're competing EV to VEV? Are you saying your EVs are going to compete with plug ins or internal combustion engines? Or is there some sort of weird thing coming in from the side about hydrogen? How do you think about winning in a competitive landscape given that you're GM? So I want to emphasize one of the points you made, which is China, because I think sometimes here in the US, we get a little wrapped up in what our national policy is. But any global automaker sees China moving very aggressively, arguably more aggressively than any other country in the world towards EV vehicles. And so there's a huge incentive for any global automaker to be doing electric vehicles for China for nowhere else. Now, again, with our vision, we're going to work very aggressively here as well. To your question, and it goes back a little bit to the vision. If you say as a company that your vision is zero emissions, then it becomes pretty clear when you think about it, you better you should spend your time trying to get those zero emission vehicles to work. And so we're not spending nearly as much effort on hybrids because we see those as somewhat of a transitional state between where, between ICE engine vehicles and eventually zero emission vehicles. And so we see the goal is zero emission vehicles. And we see the goal is those replacing ICE vehicles. So it's not that, again, the market's not going to grow. We're not going to sell more vehicles per year because we offer zero emission vehicles. They're going to replace our ICE fleet over time. Very good. Very good. What are you guys seeing in terms of the impact of tariffs? So tariffs are obviously a very dynamic subject right now. And as complicated as a global automotive company's supply chain is, it's almost impossible to even calculate the impact of a tariff because our supply chain has so many tears to it and goods move all around the world right now. But it's definitely a, it's a negative impact. I can't tell you exactly how much, you know, what the industry needs because of the time constant on these investments that we make. Building automotive plants is to build a new one is four or five years. A car program is in design for three years and then in production for five or six years. So it's called an eight year investment. When we say things as important as tariffs changing so quickly, there's no way it can't have at least some negative effect on what our, what our planning assumptions were. The tariffs issue actually makes me think of a larger macro issue that's very, very important to GM, which is what's the role of policy and regulations and how does that inform your decision making? A couple of weeks, maybe it's last week even, Mary published a letter in USA today in advance of your earnings call, which was basically a new GM regulatory proposal, an open letter to the federal government. Why don't you, if you don't mind, let's just describe a little bit what she had in mind and what that means. So the comment period for the review of the fuel economy standards here in the US closed Friday. So we submitted our comments on Friday. As part of that, we advocated for a national zero mission vehicle program. Not exactly the way California does it, but at least to get to a national program. So a couple of points I would make here, you know, our input into this policy discussion. One, we never asked for fuel economy targets to be frozen. It would be entirely inconsistent if your vision is zero emissions to say that fuel economy standards shouldn't continue to move society towards that zero mission future. We as a company have stated publicly on many occasions, we recognize the science of climate change. We're not trying to argue against that. Again, that's part of what feeds this vision of zero emissions. What would be helpful, though, is to get to a national program so that we don't have different and sometimes somewhat competing programs inside of the US. So we've been very consistent asking for a national program. We would like to find a way that California and the ZEV states and the federal government come to a conclusion. We were hoping that the proposal around a national ZEV standard would at least be a step in that direction. That would be a good outcome. It would be a good outcome. We will keep trying. Overall, well, let me just pivot to another topic, which is the shared economy. Now, I've got two kids plus a daughter-in-law, so I've essentially got three kids that, essentially, when they graduate and they both and all three of them went to Stanford, I'm proud to say, when they graduated from Stanford, they moved up to San Francisco. It was a few years ago. They moved up to San Francisco, so my husband and I said, oh, here, we said to Wyatt, here, take the old family car. It was a Prius. Happy graduation. When our daughter graduated two years later, we just had the same thing. We were, like, weirdly a two Prius family, or maybe not so weirdly, but we were a two Prius family. Take the old second Prius, and Laura, our now daughter-in-law, had a Prius as well, anyway. They were all living in San Francisco, and within a period of a couple years, they gave the cars back. They're millennials who were living in an urban setting, and they said, whoa, whoa, whoa, we've done the math. It's actually more of a pain in the neck than not to own a car. And I said, well, what are you guys going to do? And they said, we take, we take over and lift. We rent zip cars on the weekends. It's actually really easy. So it's fascinating that, you know, again, in my own family experience. Now, what the data says when you zoom up, the analysts who have been thinking about the shared economy, and shared vehicles in particular, 1% of vehicle miles traveled in 2016 were via rideshare. The forecast is that by 2030, 25% of vehicle miles traveled are going to be via rideshare. And that has incredibly important implications if you're in the transportation sector large. I mean, if you're a car sharing company, obviously. But if you're an automaker, how does that, how does that impact your provision at GM? So in this section, one of the areas that GM and EV go are working together. So I'm going to ask Kathy to comment as well. But we could see a few years ago that sharing was going to change the business model around at least part of our industry. Both ridesharing and car sharing. Ridesharing, there were two dominant companies in the U.S. It seemed a tall order to try and establish a new ridesharing company because Uber and Lyft were already there. And so we ended up investing $500 million in Lyft in order to work with them and understand better the ridesharing industry. Car sharing is a very different business, much smaller scale, not nearly as much. It's not a two sided market. So it's easier to get into. And so we established our own car sharing brand Maven two and a half years ago. And that was our way to learn something about both the sharing economy as well as running one of these businesses. Because to Kathy's point, it will have an impact on how the business of transportation is is executed going forward. So we started Maven, which started as a very traditional car sharing operation. Put a car in a certain place, let people rent it by the hour, by the day and use it somewhat similar to your weekend example. As we spent time talking to Lyft, we found out something really interesting, which is that there are lots of people that want to earn money driving for ridesharing companies, but they either don't have cars that qualify or they don't have cars at all. And so it turned out there was this huge opportunity to make vehicles available to gig employees, ridesharing drivers primarily. And so we started a program that we called Maven Gig, which is targeted to rent vehicles to people that are then going to use those vehicles in the gig economy, hugely successful, arguably a much bigger business than the traditional car sharing. And then just recently what we've added is a peer to peer component, where you if you own a General Motors vehicle, you can put your vehicle on the Maven platform and make it available for other people to use and you can earn revenue. It's like Airbnb for cars. Same idea. Yeah. So a variety of different business models. I think, you know, the one that you and I talked about a lot and that I find fascinating, we had this idea of Maven Gig again, where vehicles are being used by by gig business drivers. We have the Bolt, the Chevy Bolt, 238 miles of range on a charge. And we had some discussion about, well, given that we're trying to move towards zero missions, shouldn't we put electric vehicles into this Maven Gig fleet? And we had a lot of debate internally about would that really work? Because of course, the issue is the folks that are gig drivers, they don't have home chargers. I mean, they're, they're not necessarily sort of the the well off suburbanite that so often is pictured as an EV owner. In the end, we decided to try it and it's been honestly a huge success. We have racked up. Last time I looked, I think it's somewhere over 25 million electric miles in this Maven gig program. There's some of the most most sought after vehicles we offer on the program. It's very, I think it's an important part of this whole conversation around zero missions, because if you want to have the greatest impact on emissions and carbon, you want to put these zero mission vehicles, where they'll do the most good. And so you start talking about instead of the number of vehicles, you talk about vehicle miles traveled. We know from our data that, that these vehicles in the Maven gig program are driven on average more than three times as many miles per day as an EV owned by a retail customer. I mean, the data that we have is that sort of, you know, the, the, and you've heard this many times. The average personal, personally owned car is only driving 5% of the time. And then the other time it's parked or near garage or whatever. It's but what we see is that, you know, the, the ride share drivers, they're driving 160 to 250 miles a day because they're earning a living driving people from place to place. And then what gets really interesting. So again, back to the charging, they don't have home chargers. So these are folks using DC fast chargers and not using them occasionally, using them every day, some of them using them more than once a day. And so we've actually spent a lot of time with EV go. And because this whole model then becomes really interesting for charging infrastructure, because we can talk to EV go and say, Hey, we're interested in deploying not one or two, but a fleet of electric vehicles in a specific city. Are you interested in perhaps installing some DC fast charging infrastructure so those drivers can, can operate? Yes. So GM and EV go have been working together for a year and a half when, when Maven gig was invented, GM came to came to EV go and said, look, we're going to put we're going to test this, we're going to put these cars into the hands of rideshare drivers in Boston, Washington DC, Baltimore, San Diego, Los Angeles and San Francisco. Would you be able? Can they charge on your public network? And again, EV go has the largest publicly available DC fast charging network in the country. And just for those of who don't do 24 seven thinking about charging, what most people do when they buy an EV is they plug it into their garage at night and it charges overnight. It takes somewhere between depending how big your battery is and whether you're plugging it into a little simple plug or a 240 volt plug. It takes somewhere between four and 12 hours. What these rideshare drivers need for every moment they're not driving and they're charging, they're not making money. They need DC fast. So they need to be able to charge in 30 to 45 minutes. And that's what that's how quickly the bolt can absorb the power at this point. And so that's our network where that you know, EV go has that network were in 34 states and 66 Metro markets. So when GM came to us sometime in 2017, we said, Sure, let's just make sure we're going to places where we've got enough spare capacity on our network. Fascinatingly, what we saw is that the utilization of our network and that is how many minutes is a charging station. And it's just like, you know, it's an outlet. You can see them at Whole Foods all over California. How frequently, how many minutes a day is that as a car plugged into that charging? Our stations in California went from sort of 15% of the time they were charging a car to over 50%. Based on these rideshare drivers who were coming in and charging once, like on average, the data is 1.2 times a day. Because as Mike says, most of them don't have at home charging. So the need for convenient, reliable, affordable, fast charging is huge. Well, the program was so successful that Mike's colleagues came back to us and said, you know, well, we actually think we need dedicated infrastructure just for our rideshare business. In addition to them being able to use your public network. And so we're now in the midst of deploying our first dedicated Maven-only infrastructure in a variety of cities around the country. And so to Kathy's point, we now have over 900 bolt EVs deployed around the country in these Maven gig fleets. And Kathy describes very well it sort of, it breaks this chicken and egg problem with EV public charging infrastructure. Because typically the charging companies would say, look, we don't want to install infrastructure until we know there are enough cars out there to utilize it. And we would typically say, well, we can't sell cars to retail customers until there's charging infrastructure because they're worried about charging. Working together in this very interesting opportunity, we've changed that. And I think Kathy E.V. Goh also sees changes in the medium duty and heavy duty and as a business as well. So we have this big public network and now we're doing dedicated infrastructure for General Motors with Maven. And we are also very interestingly, again, seeing incoming requests from delivery services, from medium duty truck companies. Because they too are placing orders for delivery vans and vehicles that are going to go deliver things around urban areas that, again, need dedicated charging. And that, again, will be a combination of overnight charging and DC fast charging. What's fascinating to me is like when I accepted this offer to go and take the reins at E.V. Goh last year, I thought that all of this was going to take much longer. I thought that the ride share we knew it would happen at some point, that's happened more quickly. I thought that the E.V. Sales would sort of start to climb and then I've been watching what's happening with those E.V. Sales and the appetite for that and the costs coming down. And so they're actually, the economics, the basic economics of driving an E.V. have improved so significantly that it's being an economic decision maker rather than simply an environmental thing. So the demographic of who is buying E.V.s is changing. And then this third area, which has actually moved so much more quickly than I had anticipated, was indeed medium and heavy duty. And those are, you know, Ryder, Penske, FedEx, UPS, they are all placing orders for electric trucks that need to be charged. And then there's, again, the extra category that I think some folks have mentioned here is buses, electric buses. Proteras, I think, a Bay Area Silicon Valley company. Best year, by the way, in for Tara. And their sales are great. And then there are others. But you have municipalities and then private companies that are actually buying electric buses. So this, as I say, we genuinely look at the data in the market. And again, having been being a veteran of solar and wind and batteries and LEDs, I feel like we're here on the inflection point of the electrification of transportation. And I would add one more thing. First, to your point, I think fleets are going to be a very important part of the E.V. charging infrastructure story. But then, on top of all the changes Kathy just talked about, they're autonomous on top of it. People keep talking about you need to have a charger available on every street corner just like gas stations. Well, that's only true because human beings drive to gas stations. As soon as you get to autonomous, I think it changes the fundamentals around how you cite and how dense the charging infrastructure needs to be. And from a utility standpoint, with autonomous vehicles, you get the capability then to precisely schedule them to have so that you can really affect the demand through that charging station. And I know some of the utilities we talked to. Patty Poppy, who spoke to the group yesterday, CMS is one of the utilities we work with on trying to understand the utility viewpoint of this coming change in transportation. And with just like E.V. Go as an infrastructure provider and GM as an automaker, we have a wonderful partnership. We have that commitment into the same sort of partnership with utilities. And again, Anne earlier today and Patty yesterday, absolutely what's interesting is when you look at the charging behavior even without trying to influence when it happens and the rideshare drivers are actually helping the duck curve in California. They happen to charge at a time when there is excess solar because of what they do. Now, if you wanted to affect that with pricing signals and all sorts of things, the world is our oyster. So we build a software backbone that allows us to do surge pricing if we want to. So there is an enormous amount of opportunity for the electrification for utilities, for car companies and what we're simply doing as E.V. Go is enabling that transformation to happen. Just one little quick survey. What do you think you've now heard a little bit about autonomous vehicles? Are we thinking about autonomous vehicles being ready for prime time 2020, 2025, 2030? 2020, hands up? 2025? 2030? Never? All right, so everybody, everybody's a technologist in this audience who believes that we can actually get our arms around the safety. And after Chris's presentation, I hope nobody would say never. Yeah, right. That's right. That's right. Well, I mean, I think, I think Maria GM has said next year, right? She has. So we have said our intent is to deploy autonomous, by the way, EV, because General Motors has said all AVs should be EVs, autonomous vehicles in a ridesharing network. And Chris briefly outlined the economics behind why would you put autonomous into ridesharing networks first. In a large North American city at scale, again, Chris was a great straight man. Doing 10 vehicles is not going to change the world. You've got to be prepared to do tens of thousands. Do all that next year. The gating factor is going to be safety. And so we've laid out, we've made proposals to the regulators on how do we prove that the autonomous system is safer than a human driver. And we have certain benchmarks within that process we have to hit. But for right now, we're on course. So hopefully next year, you'll be able to go ride in a truly driverless ridesharing vehicle. EV. Great. Well, last point that we'll make and we'll close on, because it's, and I'll bring it back to Arun's opening yesterday morning, he had a kind of a wonderful little chart about buy the numbers and he was looking at emissions and everything else. And again, the bottom line was we have 20 years. We have 20 years to get our greenhouse gas inventory in order so that we actually can preserve the planet for our children and our grandchildren. So my final question to Mike is, is the automotive sector, are we on a trajectory where we can achieve that transformation within the required 20 year timeframe? So I can't, I don't know the other OEM's plans. I think I hope I've convinced you that GM recognizes that issue. We're moving very aggressively in 20 years. We're going to have a very different fleet of vehicles with a much, much higher proportion of EV and a lot of AVs out there than what we have today. Terrific. Well, thank you, everybody. Thank you for listening. Thank you very much.