 And we're going to move past the introduction in the business and financial and let's analyze just exactly what the CEO, the new CEO, had to say during this presentation. Thank you, Carter. Welcome, everyone. I was named CEO of Lordstown Motors just under three months ago. Since then, a lot has happened at Lordstown and in the EV industry generally. The country and the world were already headed. I just want to say that at Lordstown, one quarter equals one year. I did towards a day when most new vehicles would have electric powertrains, but EV growth has accelerated at an even faster pace. And all of that was before the US infrastructure bill, past six days ago, putting more than seven billion into a half a million or more electric vehicle charging stations. Every part of the automotive industry, including and perhaps especially the large commercial fleet sector that Lordstown is targeting, is headed to an electric future. The conversion to electric powertrains provides a once in a lifetime opportunity for startup OEMs to penetrate the automotive market, which is why we've seen so many EV startups over the past couple of years. Very astute observation, obviously very guided thinking here. Seems to really be on point there. Let's move on. But the cold hard reality of the automotive industry is that scale really matters. While I personally believe that the endurance pickup truck is different from and will be better than many competitive offerings, a great truck alone does not make a great business. Okay, so signals a shift in the business model for Lordstown Motors from being a one product startup, perhaps looking to build a family of products off of that one product to let's see what he has to say. To succeed, Lordstown Motors needs innovation, a competitive cost structure, a vehicle development platform that brings products to market quickly and efficiently and a differentiated commercial plan. We need a strategy that wins meaningful market share in our target markets against. Wait a minute, that was a lot there. Let's just go back and hear what he had to say again. And we'll be better than many competitive offerings. Agreed? Okay, this is a bit about the truck being better than most offerings and so on. Now he's going to talk about why Lordstown has to go think bigger than just the endurance pickup truck. Great truck alone does not make a great business. To succeed, Lordstown Motors needs innovation, a competitive cost structure, a vehicle development platform that brings products to market quickly and efficiently and a differentiated commercial plan. Okay, differentiated. Well, that was a mouthful. But he's saying that they got to move on and move on to thinking bigger about Lordstown Motors and what they have to do, basically. And he's talking about speed to market and a platform that allows that. So let's see what he has to say here. We need a strategy that wins meaningful market share in our target markets against much larger competitors. Okay, that's self-explanatory. So he's talking about strategy here and, you know, he's obviously mentioned moving, changing the business model. And the strategy is to edge out bigger, bigger businesses. I think namely Ford here in the commercial market. Let's move forward. I joined Lordstown Motors because I believe that the company has a strategic path to becoming a competitive EV manufacturer by focusing on partnerships and targeting the commercial vehicle segment. Okay, that's important. And he didn't say they have a, he joined because, not because of the product, the endurance, but because of the potential for partnerships. I think that's important. So the emphasis is going off the endurance. So he's basically splitting the company up into two parts. The endurance is one section, but the other section is Lordstown Motors as a standalone entity, apart from the endurance specifically. And it sounds like he's looking to, well, let's hear what he said again, joint venture partners. So this is a change from what we've all been looking forward to the start of production focused entirely on the endurance. And he's talking about moving forward with much bigger ideas. Let's hear that again. We share in our target markets against much larger competitors. I joined Lordstown Motors because I believe that the company has a strategic path to becoming a competitive EV manufacturer by focusing on partnerships and targeting the commercial vehicle segment. Okay, partnerships and the commercial vehicle segment. So it looks like he's not bent on the consumer segment. And he's laying it all out here. He's talking about partnerships to gain traction and momentum in the meaningful market share against much larger adversaries through partnerships. So that pretty much defines the agreement with Foxconn. Let's see. So we've moved past the endurance, thinking bigger, and into other vehicles. Let's not put words in his mouth. Let's see what he has to say. The partnership with Foxconn is an important first step that supports the critical success important first step. So are there going to be other partnerships? We don't know. But he does signify it as a first step. So obviously, there are other shoes to fall here. And there's probably going to be more changes. Let's see what he has to say. Factors I just mentioned, particularly competitive and much more flexible cost structure and a vehicle development platform. Competitive and flexible cost structure. I think that's contract manufacturing, a cost effective. And what was that the platform? And I think that's he's implying here a move towards the NIH platform and away from the endurance hub motor platform. That would be the thrust I get from that. Let's hear it again. Partnerships and targeting the commercial vehicle segment. The strategic partnership with Foxconn is an important first step that supports the critical success factors I just mentioned, particularly competitive and much more flexible cost structure and a vehicle development platform. Our partnership with Foxconn by no means guarantees our success, but it does address some significant preconditions. I'll talk more about our Foxconn relationship in a few minutes. But first, let me start with an update on our top operational priority. Okay, so he's put that out there as the overall overreaching goal. Now he's going to move into the specific endurance program issues and launching the startup production on the endurance. So you have the endurance on one hand and then really in a separate silo you have this joint manufacturing effort model, which sounds like the endurance is not part of, but let's see. Bringing the endurance to market as soon as possible. In the third quarter, we continued to build and test prototype vehicles. We began building pre production vehicles earlier this quarter. These vehicles are production design intent based on learnings from our prior CAE. So they have started the pre production vehicles, which is, you know, it's behind schedule, but they are on track with delays, it seems. I think perhaps things were held up by the merger talks or the sale talks with Mitsubishi Foxconn and I think perhaps that's understandable because, you know, they're building them on a line that they're not going to own anymore. So there's some justification there for the delay and they are in the PPV program, which is the final step. These are essentially production vehicles that are going to go out for certification and testing. I believe he said, well, let's not put words in his mouth, let's see what he says. And prototype vehicle testing work. We expect to build approximately 100 pre production vehicles over the next three months to pursue a variety of validation activities aimed at achieving full homologation. So the next three months, is that what he said? Full homologation. Let's see. Our CAE and prototype vehicle testing work. We expect to build approximately 100. Yeah, they're going to build 100 PPV vehicles, pre production vehicles over the next three months. Over the next three months. So that's November, December, January, and they've already started. So we're at January next year to pursue a variety of validation activities aimed at achieving full homologation. This reflects a modest delay in our pre-production build schedule from earlier expectations and is largely the result of parts shortages, raw material availability, delayed semiconductor shipments, and other supply chain disruptions, which, as you all know, are impacting the entire automotive industry. Okay, the delay in the pre-production. Okay, we're going to have to give them a pass on that because it's true. Ford has got trucks parked on raceways because they can't get a certain component. You know, GM as well. I mentioned the ABS circuit board for the braking systems in my last video. I believe that's in shortage. Now, the thing is, just as an aside here, this is one of advantage Tesla has in that they've designed their architecture. They don't have, I can't say totally, but they're basically have the operating system for the entire automobile on one chip. Okay, one processor and one circuit board, and they don't have circuit boards distributed all over the car as Ford and GM does. They have one basic, certain there's a circuit board in the motor assembly and so forth, but the point is, this is where they can do updates because they have everything running off of one board and one chip. And this is what gives them the advantage. And when there's a chip shortage, what they can do is reprogram the operating system of the car around that chip shortage, whereas GM, Ford and the rest of them, they're tied to these legacy systems, which have a separate circuit board for the ABS system, maybe a separate circuit board for the, you know, the fuel economy timing on the motor and a separate circuit board for the PCM, they have a central control computer as well, and then they maybe have a separate, so you see what I'm saying. And I think the endurance, although Burns was a programmer, and we don't know exactly how the system was worked out, but it sounds as if there are separate components, they are using the GM part spin, so you can expect these separate components. So I think we're going to have to give them a pass on that along with the rest of the series. Let's go back to the call. In vehicle bill, as well as revised testing schedules mean that we expect commercial production and customer deliveries to begin in the third quarter of 2022. Okay, so third quarter of 2022 is production, startup production. And what he's saying is the part shortages have thrown a monkey wrench and everything. And as I mentioned in my previous call, they're probably limited, well, you know, why, you know, why build out, why get certified and everything, if there's going to be a part shortage that isn't going to allow them to go into production. So in other words, it sounds as if they're timing the startup production to the estimated start of the availability of these parts that are needed for mass production. Burns had said that they had bought enough chips for the first year of production. I made a video on this. You know, maybe he didn't, this needs clarification. But again, I think we're going to have to give him a pass on this. It sounds like the whole reason for the delay in the startup production is, in fact, this part shortage affecting the entire industry. Understandable. I think we're going to have to give him a pass on it. I think the explanation could be clearer. But anyway, let's move on. From there, we would expect to gradually ramp production through the back half of the year. Next, I want to update you on our progress tackling the commercial fleet segment. While all major OEMs are accelerating their electric pickup truck programs, we believe demand will outstrip supply for the foreseeable future and continue to grow. We also believe that demand will be especially strong among commercial fleet customers who are particularly focused on total cost of ownership and performance. That's where we believe the endurance will deliver. Yes, the endurance will in fact deliver on total cost of ownership. I mean, it just blows away the forward lightning. And I've mentioned this in my last video. I think that he's correct in this. Let's just move forward. The hub motor design offers unique benefits in its combination of horsepower, torque, handling, and turning radius. Today we have some updates on our go-to-market progress. As you know, our primary sales channel is fleet management companies and commercial fleet operators. Our team spends a lot of time at trade shows and other industry events, and we're seeing the results from this outreach. We're receiving strong positive feedback from potential customers who have recently evaluated or experienced a ride in the endurance. Okay. He is tap dancing around any potential order numbers. Doesn't want to get indicted. I'm sure as Laura has told him not to mention any specifics here. Let's just see how he how good he tap dances. We continue to execute on our commercial fleet first strategy and have received additional indications of interest from a number of commercial customers, including fleet management companies. These indications of interest while non-binding and subject to certain conditions are a show of confidence in the endurance and demand for electric pickup trucks generally and are important steps in building our order book. In addition to our focus on the private sector fleet market, we are also excited about the opportunity with the public sector with growing demand emerging from federal, state, and local government entities for zero-emission vehicles. Okay. Q's view did a brief video on some orders they got from the U.S. government. Again, he's tap dancing around this, but with the EV move overall and the Biden infrastructure package and the environmental focus of this administration, the purchase of government purchase, public sector purchase of these trucks makes perfect sense. Let's move on with this call. As a fleet first OEM, Lordstown is well positioned to help meet the myriad of federal, state, and local initiatives targeted at transitioning public fleets to zero emission with the endurance. Since our last earnings call, we've also made progress. I'm just going to mention I did a video on this. The municipal and fleet opportunity is very big. The cities, both in the United States and even more so in Europe, the municipalities are looking to go all EV in Europe by mandate. And in the U.S. as well, there's local mandates. So that's also a strong market. Let's move on. Towards securing the resources fleet operators will need after they purchase the endurance. You've heard us say before that trucks with fewer moving parts will need less maintenance, but our fleet customers will expect timely and easy access to options when they do need service. So to support our fleet management partners, we've signed a memorandum of understanding with Cox Automotive with the mutual goal to provide service and support to all Lordstown Motors EV fleet customers. Okay, so that's a shout out to the order book saying, you know, you wanted us to confirm service. Here it is. We're confirming. Okay, so he is sending a it's a dog whistle to the fleet customers, I believe. Cox Automotive service marketplace has more than 6,000 service centers, 3,000 partner locations, and 800 mobile technicians nationwide. The Cox team would deliver a full suite of service solutions, including preventative scheduled maintenance, vehicle pickup and delivery, battery servicing, vehicle and collision repairs, and roadside assistance. Coupled with our advanced connected vehicle technology and over the air update capabilities, we're confident that we'll be able to meet our customers needs once we have executed a commercial agreement and they begin to take delivery. Well, let's just go through that one more time. The connected vehicles. This is the stuff Burns, Steve Burns was a specialist in and what he felt was very important, the software infrastructure, the back end and the front end for these fleet vehicles. Let's just hear what he has to say on that again. 100 mobile technicians nationwide. The Cox team would deliver a full suite of service solutions, including preventative scheduled maintenance, vehicle pickup and delivery, battery servicing, vehicle and collision repairs, and roadside assistance. Coupled with our advanced connected vehicle technology and over the air update capabilities, we're confident that we'll be able to meet our customers over the air updates and fleet management software. And again, these were Burns and this would be the IP of I had a comment asking with the IP. This would be part of the IP of Lordstown that could apply cross platform to any joint venture they do with the Fox gun. Let's move forward customers needs once we have executed a commercial agreement and they begin to take delivery of our vehicles. We've also expanded our team here at Lordstown. As we shared earlier this week, Edward High Tower, a veteran automotive executive has been appointed president of Lordstown effective November 29. Now this this move is I think also part of moving away from just producing the endurance, which was the focus of all the shareholders and Lordstown up till this point. Now with this new CEO and these new developments, this new appointment represents a broadening of those interests. So let's see what he has to say about that. This is moving into the his new roadmap for Lordstown motors. Seeing Lordstown motors as separate from the endurance as the endurance being one product and Lordstown motors being a separate entity or a new entity, a bigger, a bigger entity than just one vehicle. Let's hear what he has to say. Ed has 30 years of experience serving in product development, engineering, manufacturing, commercial and senior executive roles between Ford BMW and GM. He led GM's $15 billion global crossovers business as the executive chief engineer and vehicle line executive. At BMW, he helped drive five series sales, market share and profitability in the US to record levels. We also announced this week that we're bringing on board Shay Burns. All right. So it looks like the new CEO wants to build, you know, perhaps instead of the big three automakers, maybe he's looking really big picture going to the big four automakers. Of course, that's aspirational, but that staffing pick would indicate that kind of a movement. Now let's hear about Shay. He's the operations guy he's brought in. Senior vice president of operations. Shay has been working with us for a couple of months in advisory capacity and will primarily focus on endurance launch readiness, as well as the implementation of the Foxconn transaction. Shay has over 25 years of experience. Okay, it sounds like Shay is going to take over the endurance project and the CEO and the and Hightower are going to be moving forward with this bigger picture. That would be my take on it, the bigger picture joint venture with Foxconn and they said potential other partners. To the automotive industry, including having previously served as vehicle launch leader at Ford Motor Company and senior director of quality and director of engineering operations at Meritor. Ed and Shay, together with the recent appointment of our new CFO, Adam Kroll, significantly strengthen our engineering, product development, operations and financial teams. This brings me to our partnership with Foxconn, which we believe will be transformative for our company and mutually beneficial for both organizations. Okay, so transformational for our company. So again, I think we've got two silos here. The one silo is the endurance project and the launch of the endurance, that would be the flagship product. And we've always seen the endurance in Lordstown as one of the same. And the new CEO, I got to learn how to pronounce his name, is seeing two silos as one silo, the other silo being Lordstown Motors Corp, which is much bigger of which the endurance is just part of that silo. So he's seen a bigger picture for Lordstown Motors and he's, and you know, he may have something there because you know, Lordstown Motors is getting it on the ground floor with Foxconn or Foxtron. And they said, the CEO said, we don't know how to build EVs and Lordstown certainly does. So there may be something here. Let's just hear what the CEO has to say about Foxconn. As previously disclosed on September 30th, we entered into an agreement in principle or AIP with an affiliate of Hanhai Precision Industries, also known as Foxconn, to work jointly on Lordstown Motors electric vehicle programs in our production and assembly plant in Lordstown, Ohio. Shortly after the AIP, and as a sign of confidence in our partnership, Foxconn purchased $50 million of common stock directly from Lordstown at a price of approximately $6.90 per share. Well, they're putting their money where their mouth is, that's what he's saying. I'm happy to report that a definitive asset purchase agreement with Foxconn was entered into yesterday. The final agreement is substantially similar to what we provided in the agreement in principle. We have agreed to sell the Lordstown facility, excluding certain assets such as our hub motor assembly line and battery module and pack lines for two. Okay, so again, this is the endurance silo part of the business. The endurance program has been separated out. It sounds like from Lordstown Motors. So the endurance has become, rather than the end all be all of the entire company, it's one product that the company is going to be supplying to the marketplace. And they have, as part of that product silo, they've stripped out the battery and the hub motor production line. So the endurance is going to be a, as I said, a standalone product line for Lordstown. But it would seem one of many. Let's hear what he has to say. $230 million. In addition to the reimbursement of certain operating and facility costs incurred from September 1st, 2021 through the closing date. Okay, now this is important because there's a shortfall in operating capital here. And this is one thing that hasn't been quantified. Foxconn is going to reimburse them for all the operating expenses they're playing from September 1 until the final agreement in April. So September, October, November, December, February, March, April. So that is eight months. And that is what that's three quarters about. And if they're burning 90 grand, 90 mil a quarter, I mean, that could represent $250 to $270 million, depending on how much of that OPEX they apply. They'd have to strip out the parts that were just for the endurance silo, I would imagine, and be reimbursed for the parts that were there to run the plant. So this could be a significant source of hidden capital that we can't quantify right now moving forward. The parties have also agreed to pursue a contract manufacturing agreement for the endurance pickup truck. Okay, and again, this is entered as a separate item. It's a separate silo. This is going to be critical. What kind of deal are they going to give? I mean, you know, if they're a joint venture partner, and this is their first product together, you know, it's going to lay the groundwork for everything. So we're going to have to see what kind of deal Novaji can hammer out with our rich Chinese uncle. Let's move forward. Which must be entered into before closing, which is currently targeted for April 30th. Okay, so he's put a deadline on this. It's a negotiating technique. And the whole deal is dependent on it. So it looks like he's already playing hardball a little bit on this. You may have gone over easy on the sale of the plant, but this seems to be something he's negotiating hard. Let's move forward. And that would be the nature of the contract manufacturing agreement. In addition, the parties will pursue a joint venture agreement to co-design engineer and develop vehicle programs for the commercial market in North America and internationally. Okay, now this is that second silo. We have the endurance. That was the first comment. That was the first silo. This is the second silo. This is General Motors Inc. I mean, I'm sorry. That's a Freudian slip. Lordstown Motors Inc. Where they're looking at doing the design work along with the contract manufacturer and taking over the world and moving to a much bigger place. And this is a way for Foxconn to leapfrog and get into the EV business quicker. And I'm sure they have other partners and other things, but they have stated, Foxconn has stated that this is going to be their key R&D and product development center in the United States. So this could be a much bigger deal than any of us see it as now. And Nijvani, the new CEO, this is his vision again for putting the endurance in a silo and then in a separate much bigger silo Lordstown Motors Inc. And also they're talking about developing products for the U.S. and internationally globally. So certainly they can design the products here, establish the manufacturing techniques and then replicate them in Foxconn factories all over the world. Sounds to me like what they're talking about. And Lordstown would be a big part of that. Let's move forward. Using Foxconn's MIH Open Platform. And again, they want to use this Open Platform. They have mentioned it's like the Android phone. It is the skateboard that the whole process is based on and this has been developed by a whole group of companies in Asia and it is considered an open source type of product, although that has a different connotation and definition in Asia, I believe. But so what he's saying here is Hub Motors, no. Lordstown would have the right to commercialize these new EV programs in North America and Foxconn would have the right to commercialize the programs outside of North America. Okay, so there's the split. Lordstown Motors is going to be domestic U.S. and Foxconn is going to be outside globally. But they're both going to be designed by Lordstown. Interesting because Lordstown has the North American rights to the Hub Motors. Perhaps, well, you know, Foxconn would have to get the international rights to the Hub Motors if they were going to use Hub Motors. Perhaps this is what they're going for. We don't know. We don't have that information. But that is his plan. Again, splitting into two silos, the endurance being just simply a project, a product line. Lordstown Motors Inc. moving into being, you know, they got the big three. He wants to make it the big four, the joint venture between Lordstown Motors and Foxconn, building and developing and building electric vehicles for the U.S. market, which will also be sold all over the world. So he's talking about and they're talking about the commercial market here, but it's a quick step over to the, you know, selling directly to the public as well. Let's move forward. Subject to mutual licensing agreements. Mutual licensing agreements. Interesting. Mutual licensing. Let's replay that. The parties will pursue a joint venture agreement to co-design engineer and develop vehicle programs for the commercial market in North America and internationally using Foxconn's MIH open platform. Lordstown would have the right to commercialize these new EV programs in North America, and Foxconn would have the right to commercialize the programs outside of North America. Subject to mutual licensing agreements. Licensing agreements. Interesting concept. Like I said, Lordstown has the North American hub market license to manufacture and deploy and develop the Elafé motor. Could this global licensing agreement involve Elafé granting an expansion of that license for Lordstown or granting another license to Foxconn where they would change the NIH platform from using the in-board induction electric motors to hub motors, which would be a very easy change to make on that skateboard. They would simply, you know, move the motors to the wheels and eliminate that weight and the structure in the middle where the induction motors are now and would involve a suspension change totally doable to the NIH platform. Interesting. He's not saying that. I don't know. You've got to read between the lines. On high precision industries, the parent of Foxconn is the largest electronics manufacturer in the world, as well as a leading technology solution provider for manufacturers. The company is well known for making Apple iPhones and other consumer electronics, but not everyone may know that the company, under its chairman, Young Lu, is pursuing an aggressive expansion plan in three areas, robotics, digital health, and EV manufacturing. EV manufacturing is one of their major pushes. He has stated, and you can look at some of the videos I have on the Lordstown playlist on my website. I have a speech that he said they want to move aggressively and quickly to rapidly gain global market share in the EV market. They are not fooling around, okay? They want to move fast and break things, Foxconn and their parent company in the EV space. In their recent tech day, Han Hai unveiled three new prototype vehicles, each of which utilizes the company's open source vehicle development platform called MIH, which stands for mobility in harmony. MIH has been referred to as the Android of EV manufacturing. It is designed to promote collaboration in the industry, to lower barriers to entry and cut development time and cost through the use of common standardized components and systems and a flexible modular platform. We look forward to becoming an OEM development partner on the MIH platform and through our joint venture with Foxconn using the MIH platform to jointly design, engineer, and develop commercial vehicles that can be marketed globally. I don't know. Could they be implementing the hub motor as part of the MIH program? I have no idea. It certainly sounds like he's alluding to that. We don't know. This is all speculation. In addition to other strategic benefits, the Foxconn partnership will unlock the tremendous potential of the Lordstown plant by getting it to scale faster. Again, could be alluding to, you see, Lordstown is the leader of hub motor development, not just in the United States, in the universe. They have more experience working with hub motors than anyone out in the real world. I don't know. Is this involved or is this going to be put on the back burner for more conventionally the architecture? I don't know. Sounds like he's alluding to perhaps implementing hub motors on the MIH platform. Let's say I don't know. That's just what I'm hearing. You guys can tell me what you think in the comments. Certainly he's not saying it, so... At 6.2 million square feet and 640 acres, the Lordstown complex was one of the largest internal combustion automotive plants in North America. It is now being converted to a state-of-the-art EV manufacturing facility. Foxconn has an excellent opportunity to fill the plant, having already announced that the Fisker Pair program is intended to be manufactured in Lordstown. LMC and all OEMs whose vehicles are built at the plant will benefit from the increased capacity utilization, possible use of common components, and lower overhead costs. Okay, so again, very smart move by both Foxconn and Lordstown, and everyone participating here, group purchasing of common parts, lowering overhead. Very good concept. As I said earlier, scale in automotive manufacturing matters a lot. Use of shared space, together with the MIH open platform, provides smaller, more specialized OEMs the opportunity to achieve the benefits of scale without being a large, fully integrated automaker. Finally, the partnership with Foxconn should significantly reduce our raw material component and other input costs. As the largest contract manufacturer in the world, Foxconn has the purchasing power, supply chain network, and the logistics capabilities. Again, this is going to have to do with the bill of materials for the builds of the endurance, and I agree. They have leverage to buy, you know, not just 100,000 of those wing nuts, still buy a billion of them, so they'll get them for a better price. That's just an example, but you get my drift. Help us significantly reduce vehicle production costs and minimize our supply chain risk. We also stand to benefit from Foxconn's expertise in hardware and software integration, critical to EVs. Okay, and that's a given too. Although Lordstown is probably, they have a general knowledge, Lordstown has a specific knowledge of this for expertise as a multinational electronics manufacturer. As we grow together, these benefits will only improve. So grow together. Well, that's a pretty rosy scenario. Still in the honeymoon phase here. Before I turn it over to Adam, I wanted to share my overall thoughts about Lordstown's future. Our goal is to become a Capital Light Engineering Design and Development Company focused on Capital Light Engineering and Design Company. That is his roadmap. Moving away from a manufacturer, OEM, to a Capital Light Engineering and Design firm. This is the Apple model. Producing multiple all-electric vehicle programs, primarily multiple programs of which the endurance is just one, where it was the one and only. Now it is one of many. Partly for the North American Commercial Vehicle Market. North American Commercial Vehicle Market. So it's your target. In Foxconn, we gain a great partner that has a vision of an all EV future and the resources to build a global vehicle engineering and manufacturing footprint. The transaction will significantly de-risk our balance sheet. Lower de-risk the balance sheet. I agree. Moving forward. Lower production costs and allow us to lower production costs. Absolutely. Focus on bringing innovative electric vehicles to market quicker and more cost effectively. So they're talking about product development. Becoming a product development firm. Again, becoming Apple. Coming up with the iPod, the iPad, the iPhone. Developing those in-house, as an example that would be Lordstown, and then giving them the Foxconn to build. But rather than being Apple computer products, they're going to be electric vehicles which are going to be designed and engineered by Lordstown and then turned over to Foxconn to produce. It is the Apple model and it is CapEx Lite because they're de-risking all the CapEx to Foxconn, which is going to in turn de-risk by having multiple clients manufacturing out of this facility. So again, this sounds like 2 plus 2 equals 5. Let's see what else he has to say. I'd like to thank the entire Lordstown and Foxconn teams for working so hard to get to this stage. But I do realize that this is only the beginning and Foxconn is only part of the solution. We must execute and execute better and deliver the endurance truck. Our team gets it and will do everything possible to deliver. With that, I'll now turn it over to Adam. Okay, so he has not lost focus. You know, they have to make their bones by launching this product. This is going to be their first product and this is going to be their first joint venture build with Foxconn. So it's important to them. Irregardless of these other bigger plans, they're going to basically rise or fall on the endurance as is the Foxconn venture. So they're very focused on that. I think we can take away from this and we're going to be ending this now. We can take away from this that they have not lost sight of the focus on the endurance. It has been slowed down the development. I believe the part shortages seem to make sense because they don't want to invest a lot of capex until there's enough parts to do the mass production, which makes sense. And we have to look at two silos. Now we have a product silo, which is the endurance. And then we have the Lordstown Motors ink silo of which the endurance is just part of it. So we have to look at this as a much bigger picture. Was there implications that hub motors might be used in the MIH program? Maybe. Maybe in some of the MIH program, maybe not in all of it. There seem to be breadcrumbs there that something like that might be going on. And I think the other key is this September till the closing of the deal with Foxconn, all the op-ex that Lordstown puts into that, aside from what's needed to run the hub motor production line and the battery manufacturing line, is going to be reimbursed by Foxconn. That could be a significant amount of money. If they're doing 90 million a quarter, that's approximately three quarters. So that's $270 million, maybe $250 to $270 million that are invisible right now. So anyway, after parsing through the CEO's comments, I feel more confident about Lordstown right now. I think we're going to have to see, you know, we're just going to have to wait. I don't know how, you know, with the SEC and the DOJ, they're not going to be able to say anything about anything until it's written and down and signed and delivered. So I think we're going to be in the dark. And we're going to have to look for breadcrumbs. It all sounds very exciting. Nijavani, Nijavani, I don't know how to say his name, the new CEO, I apologize. He's got a really big vision for Lordstown, much bigger than Steve Burns had. And let's see if he can make a go of it. He certainly is thinking big. So if you never have a dream, how are your dreams going to come true? Looks like he's got a dream. All right, this is MXUX. I hope you like this video. I'm going to be signing off now. Thanks a lot, guys. A subscribe and like and comment and all that stuff. Thanks for watching MXUX out.