Raymond Wang: Absolutely. So, from a market share standpoint, with what we’ve seen in Q3. I would actually admit that we were expecting a much faster rebound to close that gap in the fourth quarter of the year to even drive our performance even higher than what we’ve delivered. Now, from a timing standpoint, some of the volatility that we’ve witnessed in the market, such as the drawback of the Chinese community and supply side after the listing of their pandemic restrictions. Further delayed the drive back into the business to capture to fulfill with this gap into the later end of the fourth quarter. And in addition to that, as well, because it’s been so long, under these pandemic restrictions, is taking a bit longer for our clients, the forklift OEMs to bring their, to ramp their operations back up to speed again, to meet it.
So, we were a little too optimistic, we thought that they would be able to move fast enough for the fourth quarter. But this is something that we’re going to see that’s going to continue to drive performance as they ramp up to fulfill that gap isn’t there’s been pent up for so long into the Q1 and the remainder of the year for 2023. Now for the market share standpoint, that’s absolutely correct. Our balance sheet will show that even from a supply standpoint, we’ve had our own challenges with the volatility in the market and these restrictions, but we were at an advantageous position where we had a majority of the raw material and components in our facilities on decks that we were able to deliver to the clients as necessary. And we’re continuing to drive that forward.
It’s going to take about another quarter to normalize to get back into the flow with our pipeline for both the raw material coming in, and our finished products going out but we will anticipate normalization in the end of Q1.
Rommel Dionisio: And just to follow-up on that point on the supply chain. Are you also seeing in the benefit of lower freight costs as well and perhaps components as the supply chain gets better? Thank you.
Raymond Wang: Yes, we are, we absolutely are. One thing that was a also a little surprising on our end, in a prior earnings call, I was showcasing that our sales of drive train units were beginning to shift into the global space. So, we’re starting to see just a slight decrease of our sales performed in China versus the global markets. And because of that, we were keeping a very close eye on freight charges going outside the country of China. However, we’ve started to see that actually claw itself back. So now the sale is performed to meet demand is continuing to rise back up into China and reduce down on the global side. I think that this is just a evidence of the challenges that the pandemic and supply and logistics challenges have had on a global scale, where countries that were trying to move away from globalization are struggling to ramp up their manufacturing capabilities to satisfy their needs and all the other challenges, we’ve addressed the call.
So, they’re so integral live back on the manufacturing strength in China. Now, with that said, from a Greenland standpoint, I think that it’s important for us to further diversify the markets of our core components business. One of the purposes of HEVI was to further diversify our entire business model. So it’s not entirely dependent upon the core component, manufacturing in one specific region. So, we need to be a little more aggressive and not just rely on HEVI to do that diversification, but also explore opportunities with our core component business as well.
