Jim Farley

The EPA changes are really welcome, frankly.

And we're seeing that play out really in our business.

Part of the reasons why our valuation is increasing is because people understand we can build more profitable vehicles now.

We've made progress on mitigating some of the tariffs, but we have more work to do.

We have a high exposure to aluminum, for example.

The EPA changes are really welcome, frankly.

We've made progress on mitigating some of the tariffs, but we have more work to do.

We have a high exposure to aluminum, for example.

The EPA changes are really welcome, frankly.

Well, a couple things.

First of all, the tech transfer, this sport that Laurent leads, this team that Laurent leads, you know, leader in aerodynamics, predictive failure components and software control of the hybrid system, high discharge batteries.

These are all core capabilities that we need for the next five to ten years as a company.

So the tech transfer is very relevant for us, like maybe four valves or overhead cams were in the 60s.

But the tech transfer is totally different today.

Formula One is a complete digital sport.

And that's where we're going as a company, number one.

Number two is racing, especially in the off-road world, gives us credibility for customers that the product they buy has real capability that's been tested in a way that a brand who doesn't race can't say.

and that's what Porsche and Ferrari knew for a long time, especially for us in the off-road world.

This is really important.

Racing is a fundamental part of our company's business because