Andres Sheppard: And maybe as a second question, I wanted to come back to the road map, the 2 phases road map that you provided last quarter. I just wanted to confirm, you are still targeting about $1 billion in cumulative sales between ’24 and ’26. And is the goal there, I think in the past, you had mentioned targeting breakeven gross margins by the end of 2024. So I just wanted to see if any changes there or if that’s still the case.
Yaron Zaltsman: It’s Yaron here again. So currently, we are not changing the target. We don’t see any reason to change any information we gave until now for the market, and we are working based on the plan. Just as a reminder, when we are talking about $1 billion revenues, we are talking about thousands of vehicles. This is what it needed in order to reach that amount of sales. And when we are talking about breakeven, it’s on the low hundreds of vehicles, and we plan to start the mass production in the U.S. by the end of year 2024. When we started already on the first batch, we should have a breakeven in gross margin. And as we are increasing the production going to year 2025 onwards, we’ll go also to be in a — we are aiming to be in also a positive EBITDA in the last quarter of the year 2025.
Daniel Barel: Yes. Maybe I’ll add to that — thanks, Yaron. Maybe I’ll add to that, just 2 things, 2 points. We see very strong demand. And I think being able to demonstrate that we more than doubled our order book value in just 3 months speaks for itself. But the fact that it is very strong demand actually make it — we believe it makes it even more important to scale up responsibly and do it in a very deliberate manner. So the idea is that we want to go and start a demo program and make sure that we’ve reached and touched the right points with the voice of the customers and the customers have the ability to try it and like it, right? And we feel confident that they will from the relationship that we have. And then we’re going to ramp up towards the second half of next year and the last quarter where our production tool comes online.
And again, that’s deliberate, as we said earlier, because this is — that we expect would allow us to reach material breakeven, which is important because it means that we are not losing money on the production of each vehicle from the beginning. And if we’re doing low hundreds in a quarter, that naturally means we can do low thousands with more or less the same production rate over a year, right, in 2025. And that would allow us, we believe at this point in time, that by end of 2025 to get to, like Yaron said, EBITDA breakeven and generating cash flow.
Andres Sheppard: And maybe one last one for me. I know we touched on this before, but the $20 million in external funding, any sense of whether that will be something to do in the first half versus the second half of next year? And how are you thinking about it in terms of equity or debt opportunities?
Yaron Zaltsman: It’s Yaron here again. So it’s our decision what kind of funding to make. And I think we are in a situation that we can elaborate and choose whatever we think is the best for our existing shareholders. So when to raise that funding, in what kind of source, we will explore — we will look on it probably in the next few months. And then we’ll make a decision based on the terms of the market. The intention for us is to do it — not to delay it to the second half of next year because, as we said, in order for us to ramp up by the end of next year, we need to have everything in place and also all the bonds that we need to be ordered as well. And therefore, the aim is to do it the latest by half of this year.
Operator: Thank you. I would now like to turn the conference back to Daniel Barel for closing remarks.
Daniel Barel: Thank you, operator. So first of all, thank you, everybody, for taking the time, and thank you for the great questions. I’d like to thank, I think, start by thanking our retail shareholders for their questions they submitted over, say, technology platform over the past week. And I believe we addressed most of them during this Q&A session. Thank you, guys, for the continued support. I want to end today’s call with a final word of thanks, really heartened thanks to our teams around the world, continue to deliver even in the most challenging situation. I’m very proud of you guys, all team REE, for doing that, and excited to bring the hard work and dedication to fruition in the coming days. So looking forward to sharing updates with everybody soon, and thank you again for joining. Goodbye.
Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.
