Jay Giraud: Great question. Yes, there’s a few things about that. It’s important to kind of know that, first of all, we’ve been in the electric vehicle industry for a long time and seen that really about 90% of electric vehicle servicing is software related. In fact, Tesla had a huge recall, and before the media even put up the notice, I think 500,000 cars got a software update. And that was all it took. And that we expect to be quite true for Damon as well. While we will expect to be servicing hardware on the bikes, in addition to doing those software updates, we have an active dialogue going with a nationwide electric vehicle servicing partner that services electric bikes, electric cars, and the like in your driveway. So we’ll be able to provide a concierge service for customers initially in those first three states, California, Florida, Texas. And then we can expand nationwide with this surface partner in the U.S. as well.
Alexandra Schilt: Thank you, Jay. Our next question, isn’t it true that the EV supply chain is challenged right now?
Jay Giraud: So, actually, there’s been a decent drop in the demand of EVs, predominantly because we’ve seen the major OEMs like Ford and Chrysler and General Motors getting pretty beat up in the markets recently related to the auto union issues. And that’s put a pretty big halt on the production and sale of electric vehicles in a lot of their dealerships. And they’re really not set up to sell electric cars the way Tesla is, which sells them online, which is exactly what Damon does. And that’s resulted in quite a surplus in the EV industry with batteries and with components and with electronics and silicon and the like. And it’s actually been really favorable for us because it’s given us quite a bit better pricing advantages.
So we’ve been getting better costs on a lot of our components. We have our supply chain in place, predominantly in Northern Europe, Taiwan and in the U.S. We have no suppliers in China. And we’re ready to start placing orders for production components with our suppliers now.
Alexandra Schilt: Thank you. Next question. Do motorcycle manufacturers have as many production and regulatory hurdles to deal with as automotive manufacturers do?
Jay Giraud: That’s a really important question. I touched on it earlier and I want to stress it. Motorcycle manufacturing, well, for us, it’s motorcycle assembly. So all of the major components, our motor, our gearbox, our inverter, our charger, our major battery components, they’re all produced by world class suppliers, as I mentioned. And they ship us these finished sub-assemblies that we assemble by hand. So it’s about 8 hours of manual labor to assemble a Damon motorbike. We don’t have to have a half mile of robots, we don’t have to crash test. We don’t have to go through rigorous emissions testing because our bikes electric. And that all results in a very streamlined process for certification, which for us is a self-certification process in the U.S. So we only self-certify the bike. And really, that means there’s no regulatory hurdles in front of us to start production.
Alexandra Schilt: All right, well, thank you, gentlemen. That does conclude the Q&A. As mentioned in the opening of this call, you are advised to read and contemplate the information regarding forward-looking statements, risk factors, and where to find more information about the proposed transaction. This information has been published on the SEC website, in our definitive merger announcement press release, and in this conference call date announcement press release. Now I’ll turn it back over to Nadir for the close.
Nadir Ali: Thanks, Alexandra, and thank you all for joining today. We hope you found this call informative and helpful. And as always, we appreciate the support of all of our shareholders and look forward to providing more updates as developments unfold. Thank you and take care, everyone.
Operator: Thank you. This concludes today’s call, and you may disconnect at this time. We thank you for your participation.
