Your second question is about the inventory build-up and the market demand. Well due to the pandemic, consumers are uncertain about our future income, which has resulted in a decline in demand for the forecast with actual demand surprised by the uncertainties. So we will have to wait and see if these pent-up demand will be unleashed in the future. We are monitoring the situation very closely. It’s worth mentioning that the consumer demand for an EV is clearly on a rise. Although the some IC engine cars, internal combustion engine cars are becoming cheaper customers, I mean consumers they are still demanding more for an EV rather than for the ICE cars. So the consumer demand for these types — for the traditional ICE cars are declining. Thank you.
Operator: The next question comes from with Citi. Please go ahead.
Unidentified Analyst: Thank you. from Citi. I have two questions. The first question is that earlier, Mr. Lin mentioned the new partnerships with several traditional OEMs. So why do these OEMs choose to work with Cango? And what are the company’s competitive advantages? And my second question is about the Cango U-Car. You also mentioned that the self-owned used cars are an advantage of Cango U-Car, so does the company plan to build Cango U-Car into a purely self-owned car platform.
Jiayuan Lin: Thank you very much. I like your two questions. Earlier, I met with several OEMs and all of them concerned their recognition of our competitive advantages. Because over the decades, we have been serving small and medium sized dealers in lower tier markets. And thanks to our hard work, we have built up strong and rich auto sales expertise in these markets and the major OEMs, they have recognized our capabilities and also our deep penetration into the lower tier markets and they do hope to leverage our network in these markets to sell their vehicles. In addition to selling vehicles, we also provide a wide range of services including warehousing, logistics, delivery, financing facilitation and insurance. We can also customize our services to dealers based on the specific needs and geographical locations.
So such service capabilities are unique in the lower tier markets making us very different from our competitors and such capabilities have been widely recognized by both OEMs and dealers. So about your second question, a purely self-owned model will be asset heavy and requires large amount of cash flow and also investment, this is definitely not what we want. Right now we want to validate our business logic through the self-owned vehicle. I mean the self-owned model to attract more dealers so that we can build a used car transaction platform while we call Cango U-Car. And then we will address these challenges and enhance used cars efficiency with our platform. So the self-owned model will be one of our models rather than the only one. Thank you.
Operator: We have no further questions at this time. I’ll now hand back to management for closing remarks.
Jiayuan Lin: Thank you very much. That closes today’s earnings call.
