Paul Jacobson: So what I would say is there’s still some goodness to come in ’24. So while we saw battery costs come down, remember, we exited the year with a pretty sizable inventory of cells as we ramp up our module production. So as a result of that, there’s still some historical costs in there from last year. But that will flip pretty much, I think, by the time we get to mid-summer. And in the second half of the year, we’ll see cells that have much closer to current prices. And then as you look at kind of vertical integration and investment steps that we made, most of that capacity is in 2026 and beyond. There isn’t anything that we’ve done that I would say we regret because we locked in higher prices et cetera. Everything that we’ve done has been done with a portfolio approach to make sure that we get value for our investment either through floors and caps or discounts to market et cetera.
So we haven’t done anything that would have locked in sort of historically high prices. And that should be a benefit for us as we roll forward into 2026 and beyond.
Tom Narayan: Great. Thank you so much.
Operator: Thank you. I’d now like to turn the call over to Mary Barra with her closing comments.
Mary Barra: Thank you, and thanks, everyone, for your question. As we’ve talked today, we are making extremely good progress across the board. We’re driving revenue growth. We’ve got great margins, our free cash flow is strong, and that’s enabling us to reinvest in the business and our employees. So we plan to efficiently invest between $10.5 billion and $11.5 billion in capital this year to leverage the strength of not only our ICE business but also grow our EV business profitably. And we’re also advancing our software-defined vehicle capability. So I feel very good about the key areas of focus and how we’re doing there. In addition, we’ve set aside more than $160 million in profit sharing for the first quarter to recognize the contributions of the manufacturing team members in the US, which were significant, both in terms of production volumes and quality.
And our shareholders are also benefiting from the progress too, thanks to our improved execution, a higher dividend and the value-enhancing benefits of the ASR we launched in November. We are on track to reduce our shares outstanding to fewer than 1 billion. So I can say to everyone with confidence and conviction that our team is very much on point. We’re focused and we’re going to do everything in our power to keep this momentum going. 2024 can be a very strong year for GM. So thank you all for your time.
Operator: That concludes the conference for today. Thank you for joining. You may disconnect.
