Donovan Schafer: Okay. And then I think Gio made a comment about now you have the 200-mile range and so — because as I understand it part of the doing air cooling on the battery before was realizing the duty cycle of a parcel delivery vehicle, UPS or FedEx Ground, was quite light, you didn’t have aggressive acceleration and deceleration and other things like that, which is what made it kind of appropriate to not do liquid cooling. So, I guess my question is, is it about the kind of change in duty cycle that’s leading to liquid cooling on the batteries? Or is there anything you were seeing with the older generation of step vans or maybe you weren’t getting as much life and performance out of them using their cooling on those prior models?
Giordano Sordoni: Yes. Happy to provide a bit more context, Donovan. So, on the air cooling modules, they actually did really service the use case of parcel delivery quite well and we continue to deliver vehicles as well as powertrain systems with those batteries and that forced air cooling design. One of the things that our design did in order to achieve the air cooling performance was we actually spaced out the cells and that gave us a lower volume metric performance relative to some of the liquid-cooled options. So, what this enables us to do is get a higher gravimetric — sorry, volumetric performance to enable packaging more vehicle — more battery onto the vehicle, improve the overall gravimetric performance because of the way we mount the system now, and ultimately deliver on a platform that now has a broader range of use cases. But if somebody does want to run the vehicle on a dual shift, they can now with the liquid cooling performance that the system offers.
Donovan Schafer: Okay, great. Thanks. That’s helpful. And then I was looking into the New Jersey VIP Program on their website. And it was interesting to see that you — I think it must be part of the paperwork and everything that’s involved in being included in that program where you actually have MSRPs for the vehicles up on the website. That’s not something included in the catalog on like the California HVIP Program. So, I just kind of want to double check here, am I going to leave myself astray if I take the MSRPs from the New Jersey ZIP Program from their website and apply that more broadly? Or is there something — are there — does MSRP kind of vary by state and maybe there’s a markup there where you’re kind of capturing half of whatever the incentive is? Just curious if there’s any — if you can give me a clarification there?
Giordano Sordoni: Absolutely. So, in most of these incentive programs, they want to have a standard price level so that folks aren’t taking advantage of the program. But as we think about ASPs on the vehicle, there are multiple different factors not just the acquisition cost of the vehicle, but there are delivery fees, tax fees, servicing fees, that all go into the end cost of the vehicle. And there are also factors in terms of our large customers where we may offer price competitive discounts that ultimately get them to a more competitive price level. I would say when the best information to rely on when it comes to ASPs is the ASP guidance that we provide quarterly or the actual reporting. So, if you look back at Q4, you saw ASP performance went up significantly because of the price action we took.
And I think that’s a good indicator along with the guidance we provided for the full year for 2023 as to where the vehicles will land and where they end up getting net price to a customer.
