Sachin Lawande: Now I want to be clear that in second half, the expectation of underlying vehicle production versus the first half, there has been a lot of perhaps expectations that it’s somehow going up. But in reality, if you look at all of the forecasts for vehicle production, the second half is coming in flat with first half. And then, when you look at specific customer mix for Visteon, it’s a slight negative. So in that environment, our sales growth continues to be driven by this ramp-up of products that have been recently launched and the new program launches that I just mentioned. And that’s what’s driving that outperformance. Now BMS and some of the other programs, if the ramp-up occurs at a level that is perhaps higher than what we might have assumed, there may be some upside there.
But we are pretty pleased with even at the midpoint of our sales guidance, let’s say, 8% sequential growth second half over first half, and we think that’s a pretty strong performance. And for the full year, we will be on track with our growth over market, especially looking at our midterm guidance and what we need to be able to achieve our midterm guidance. This year’s performance will put us very much on track to achieve a [indiscernible].
Emmanuel Rosner: Great. That’s super helpful color. And then just as a quick follow-up, on a full year basis, the unchanged revenue guidance, are you still seeing it being negated by semi shortages in the back half? Or is this sort of like largely behind? And is it fair to say like the overall, on a full year basis again versus previous expectation, production is looking better than previously anticipated but you also de-risk BMS, at least some of like the puts and takes in here?
Sachin Lawande: Yes. So I would say from a semiconductor viewpoint, our expectation for second half is a gradual improvement as compared to the first half. So we do expect that we would be able to deliver to more of the customer demand as compared to the first half. And in terms of our expectation, if you look at the first half, I would say that our actual performance has come very close to our initial expectation at the beginning of the year. So it is something that we take a lot of pride in looking at our outlook and try to not just be only optimistic, but very realistic and thoughtful about what we think is likely to happen. And we feel the same about the second half. So I would say that it would come very much in line with what – and how we thought it would initially play out, despite some of the puts and takes that invariably happen.
So yes, BMS is going to be a little lower, but we have seen pickup in other areas. So I think it nets out to where we thought we would be at the end of the year.
Emmanuel Rosner: I would say in summary that we are really on track for our 2023 guidance, sales and EBITDA. We’ve got a good run rate, and that gives us a lot of confidence achieving our ‘26 targets, especially when we had a lot of new business wins in the second quarter. So I think that’s kind of how I would summarize it.
Ryan Wentling: This concludes our earnings call for the second quarter of 2023. Thank you, everyone, for participating in today’s call and your ongoing interest in Visteon. Thank you.
Operator: And ladies and gentlemen, this concludes Visteon’s second quarter 2023 earnings results call. You may now disconnect.
