Dr. Geeta Gupta-Fisker: Sure, Chris. So I think that the 8% to 12% gross margins that we have outlined, these are actually GAAP accounting base. They include stock-based compensation. So we have taken into account all the investments we have made, and we have factored those in when we look at these gross margins. I think you asked the question, what are the risks and opportunities. So I think from my point of view, to achieve these gross margins, I don’t frankly see a risk unless battery prices trouble. So, I don’t frankly see a risk on achieving the gross margins. We make these gross margins from the first car. And I think I’ve highlighted that multiple times in multiple earnings calls, and that is because of our asset-light strategy, and we don’t have those huge factory billions of dollars of cost to account or amortize against. Opportunities…
Chris McNally: Sorry, Geeta. I just wanted to — interrupt. Is it possible you could just give how long — I mean you have obviously visibility on your battery prices for a certain number of quarters. So, when you were making the comment about battery, is that for longer-term gross margins? Obviously, there would be more variability. I didn’t want to interrupt.
Dr. Geeta Gupta-Fisker: Yes, sure. So Chris, when it comes to battery prices, our battery contract is already set in stone. And what changes is the certain material prices which are linked to indexes, so which are common to everybody, not just us. The second place where you have the ability to influence the battery price is volume, obviously. So as Henrik mentioned, as our opportunity to grow increases, I’m expecting, as I discussed with our partner, CATL, volume can also have an impact. The third area that can have an impact on battery pricing is if we decide with CATL to jointly participate in mining. I don’t see that happening anytime soon. We’re an asset-light business. But I would never say never, should we have an opportunity to do something which is ethical and which is exciting to address the pricing.
So I’m not concerned about battery pricing. I think we’ve seen the highs of the highs, and I’m expecting that we are now going to get tapering off with respect to battery prices. In terms of — I’ll talk a little bit about opportunities and I’ll come to contract manufacturing. In terms of opportunities, if input prices keep going down, I see that as an opportunity for us to improve our gross margins. Also, I think that we have an opportunity here to look at a very sustainable product with respect to all the components and commodities. I alluded earlier to steel and other areas. Now, let’s look at contract manufacturing. So, contract manufacturing, again, I think we’ve talked about it many times, and you were in the plant, and you saw on your own why we don’t have the inefficiencies.
And Magna doesn’t have the inefficiencies that every startup has. There are multiple products made on the same line. So, we are part of the multiple product lines. That means that you share the cost base along with other customers. So, that’s the first thing. The second thing I want to highlight is that the way the contract — this is launch year. It’s not a full year of production. This is launch year. So any fixed cost they apply for next year, so we have a fairly defined manufacturing agreement. We don’t reveal our assembly cost. That’s our trade secret. So we keep that in-house. But we’re very confident that these prices stay. Of course, there’s been an increase with respect to inflation. So, those labor costs are very well known. The labor is union, but we factored in even those inflationary increases in the gross margins that I gave you guys.
Operator: Our next question is from Jeff Osborne from Cowen and Co.
Jeff Osborne: Two quick ones. Maybe just a follow-up on the prior line of questioning, Geeta. What is the lag of raw material price changes to when it would flow through on your battery pricing? Is that like 6 months, 12 months? Is there any time frame you can add to that?
