Natalie Knight: Okay. I think I am going to do those backwards, which is, starting with the topic around Leapmotor in Europe and the level playing field. I think one of the things that we have said pretty consistently as a Group, is that, if we want to win in the EV space over time, we have to be willing and prepared to compete versus the best competitors in the world. And so, when we look at what’s happening in Europe, our view is, you are going to see the Chinese position grow in this market in some way, shape or form. And that’s a question of, is it being on the defensive and looking at how that comes at you or in our case, it’s being much more on the offensive and collaborating and seeing how we can make sure that we really address that issue in a thoughtful way.
I would like to emphasize on this one that in addition to the rights to export, the product from Leapmotor, we also have in the JV, the ability to manufacture the product. So it is something that if we were to start to see there were issues around import duties or where things are made, that’s obviously still an option for us in terms of the strategic thinking we had with that deal. The second question you had was around being a cash flow machine. I like that a lot and that’s something that matters to us as a Group. I think that’s one of the ways we prove our value as a business is that, we’re continually not just investing in the future, but we’re proving what we can do on a daily basis. In terms of a buyback, too early for me to give you guidance in terms of what we want to do next year, we need to finish this buyback first.
But I think in terms of how do we make sure that everyone really is able to benefit from our thinking and how we move forward. I’ve heard your comment. Thanks for the input. Don’t be surprised, a few other investors have given me that as well. So, thank you. And then the third question or your first one was actually, I think, around what were some of – was it surprises about the company or about specific deal surprises about the company is what I’m getting head not on. In terms of – since I’ve joined and what are things that are to the negative. And I guess what I’d say is, from the company itself, I have been, I would say, only positively surprised. It’s an outstanding leadership team. I’m absolutely convinced that we are doing all the right things to play into the future of where this industry is going and the executional muscle of this Group impresses me every day.
When I talk about what are the downsides, I think the two downsides I see are, the macro environment is very challenging out there these days. When you look at whether it’s wars that we’re seeing in some of the regions that we’re in or looking at what’s happening in terms of interest rates, there are challenges and in terms of what that can potentially mean for consumer behavior or at least in terms of the expectations bubble that I think people have as you look ahead at some of those topics. I think that’s the one that I really see. And then obviously, the other one is, I’ve never worked in an industry where, to me, the investment case was so clear from the story, but the ability to have that translate into people seeing it is something that has surprised me a little bit.
And I think that’s just one where we’re going to work at it every day together. We’re going to look at how we make that more transparent, and I think that’s part of my job here. And that’s something that is going to be, I think, has the potential to be a real positive over time as we help people better understand the Stellantis really are our strengths and our strategy going forward.
Tim Rokossa: Thank you very much, Natalie.
Operator: Thank you. That’s all the time we have for Q&A. I will now hand it back to Natalie for closing remarks. Thank you.
Natalie Knight: All right. Well, thank you very much. It was exciting to spend this hour with you being able to explain to you a little bit about where we are in terms of the business. I think for me, the big call out as we’re kind of closing this out are that we do have a focus on what does it take to be a leader in the industry when it comes to profitability, to cash flows, maintaining our momentum and we know there are short-term challenges out there for us. But we believe if we focus on where the future is going, which is electrification and the technology transformation, then we will be in a place to be one of the winners in the market in both the short and long-term. So thanks from my side and talk to you again next quarter.
Operator: Thank you. Ladies and gentlemen, this concludes today’s call. Thank you for your participation. Stay safe. You may now disconnect.
