Ford is recovering by focusing on light-duty truck models in the United States, which we believe is the right move, since light-duty trucks account for about 80% of the U.S. industry’s new light-duty vehicle sales. Ford’s challenge is to grow its market share profitably while elevating Lincoln to a global luxury brand and controlling costs such as overspending on warranties. The virtually gapless nature of the auto industry makes these tasks difficult, and we see headwinds in areas such as restructuring, raw materials and trade, while investments in mobility and electrification take years to bear fruit. Ford targets 50% all-electric global volume by 2030.