Winnie Dong: Thank you so much.
Operator: The next question is from Mark Delaney with Goldman Sachs. Your line is open.
Mark Delaney: Yes. Good morning and thank you for taking the questions. The first was about the future vehicle with Foxconn. You spoke a little bit around the cost to commercialize that. Could you elaborate a bit more on the magnitude of cost to potentially commercialize your next vehicle and also speak to potential sources of funding? Is your expectation that Foxconn would fund most or all of that, or do you need other significant sources of capital?
Edward Hightower: Well, Mark, thank you for the question. So, what we laid out is that approximately $100 million €“ well, $100 million of the preferred investment that Foxconn is making that we announced back in November will go towards the predevelopment work for the future platform and new program. This program, it fits with the ambitions of both Foxconn and us. Foxconn has ambitions to become a greater part of the EV supply chain through the EV €“ through their growing EV ecosystem. And as their preferred vehicle development partner, we will be doing all of the design, engineering, development, testing, homologation, certification of these vehicles that leverage those components and then build them in the Foxconn EV Ohio plant.
So €“ but however, as you know, $100 million is not sufficient to take a vehicle from concept all the way into production. So, we do anticipate needing to raise additional capital once we have a well-defined program with the business case, the markets, the customers, the architecture identified, the cost structure. And then we will be in collaboration going back to the market to raise the additional capital to take that vehicle into production. And that will be €“ we will be sharing more with you on that process as it progresses throughout the year.
Adam Kroll: And Mark, it’s Adam. I think part of what I would add to that is, it doesn’t have to all come from us. It doesn’t have to all come from equity. There is a number of different avenues we can and would expect to pursue. We are not certainly at a point where we can talk more specifically, but we want to make sure, obviously, people are aware, more capital will need to come to bring the program to market. But there is numerous alternatives that we have considered and we will continue to pursue when the time is right.
Mark Delaney: Okay. That’s helpful color. Thank you. And then on the quality issues that you are working through for the Endurance, you spoke a bit on timeline and some of the things you are doing. Any cost criteria and numbers you can share as you are starting to get line of sight? What might the cost per unit be for repair? I mean what does that do to the ongoing billing materials as well? Thanks.
Edward Hightower: We don’t expect it to be a material change to the bill of material cost that we have. Some of the changes will be software update related. Some of them will be component design modifications, not that will not materially change the cost of those components. So, we are €“ the good thing is we have line of sight to those issues, and it’s implementing €“ completing the implementation of the plan to get all the changes we need into production, any vehicles retrofit needed done, any customer updates needed done, and then we will give guidance on what that timing looks like.
Adam Kroll: Hey Mark, we don’t expect it to be material. I mean as Ed said, it’s affected 19 vehicles.
Mark Delaney: Thank you.
Operator: We have no further questions at this time. I will turn it over to the presenters for any closing remarks.
Edward Hightower: Well, in closing, I would just like to thank our team for their resilience and attention to detail on both the Endurance and the vehicle development process deliverables for our next platform and vehicle program. I will also like to thank our shareholders for their continued support. And thank you for all of you who joined the call today. Thank you.
Operator: Ladies and gentlemen, this concludes today’s conference call. Thank you for participating. You may now disconnect.
