As it relates to running the company and how Dana operates as well, the beauty of the way we’ve set the company up, as you know, over the last 6 to 7, 8 years is this leverage the core strategy the priority of the enterprise strategy is to leverage not only people capacity, but also equipment capacity and engineering capacity and so on and so forth. And a lot of our products and components and so on and so forth, we will be able to balance, I’ll call it almost like balancing a line balance in a plant, you can line balance your capacities for all the things I just referred to. — protect the company and actually benefit the company moving forward. So maybe you weren’t going so directly down that the way I see it is there’s plenty of opportunity for us to move forward, and we’re very bullish that there’s going to continue to be the same balance, if I can remind the audience perhaps the same balance on axles being in-house versus outsourced.
There’s going to be some form of balance of that for years to come. And what’s the important point to remind everybody, it’s been that way for decades. There’s plenty of axle business that’s been in-house across end markets in the past. There’ll be plenty of that in the future. But there will be plenty on the outside because there’s plenty of use cases, companies such as Dana that has such a reputation and capability, especially in areas such as the off-road enthusiast market, the truck business, truck business and the commercial vehicle segments, the consumers and dealers in the fleets. I mean, they don’t just pick us because we’re a commodity. They pick us because we help them sell trucks. So that’s not, in my view, is not going to change.
If anything, we’re going to benefit from it. Because of what we’ve done in electrification. We’re not guessing at it. We’ve been doing it now 3, 4, 5 years in production. So I feel very strong about it.
Operator: Your next question comes from the line of Emmanuel Rosner with Deutsche Bank.
Emmanuel Rosner: Thank you very much. So my first question as we start thinking about 2024. I’m curious if you share your thoughts on what is sort of like a good starting point or a good pace to sort of like build our initial forecast? I guess it’s more the first half where 2023, we’ve had some better-than-expected margins? Is it more the second half because you would have, I guess, the full impact from the EV investments as well as some net unrecovered inflation whereas like in the first half, you recovered some inflation related to last year? Or is it sort of like the full year? I’m just curious to what extent you think the exit rate that you’re essentially implying for this year? — is sort of like the right way to think about the business? Or is it would it be better than that?
Timothy Kraus: This is Tim. We’re just trying to get through 2023 here before we get into 2024, but I’ll try to do my best for you. I think the way to think about this is really from our full year forecast and sort of how it implies us coming out of ’23 and into ’24. Earlier this year, we gave a longer-term view. We still see that view as being where we want to get the company. And I think the company’s performance and the raise in guidance here out of ’23 just reiterate the — makes us more confident in our ability to get there if that helps you in sort of planning around ’24 .
Emmanuel Rosner: Yes, it does. I guess another way to ask maybe is it seems slow out the way you’re sort of guiding now what will be left by the end of 2023 in terms of unrecovered inflation both material and nonmaterial, and what would be sort of like the path forward to or I guess, the likelihood of recovering those in 2024?
