Bayerische Motoren Werke Aktiengesellschaft

Our CEO, Oliver Zipse, and our CFO, Walter Mertl, are also back in the room with me. The line will be open shortly for your questions. The operator will first give you some technical instructions.

Ladies and gentlemen, we will now begin our Q&A session. If you have a question, we ask that you please use the raise hand function at the bottom of your Zoom screen. Or if you have dialed in, please press star nine to enter the queue. Once your name has been announced, you can ask a question. If you want to withdraw your question, please lower your hand using the raise hand function in the Zoom app or via telephone. Press star nine. Thank you. And a moment for the first question, please. Our first question comes from Tim McCossar at Deutsche Bank. Please unmute your line.

Yeah, thank you very much. It's Tim from Deutsche Bank. I have two questions, please. The first one is, I think the key element to discuss today is the pricing element of your EBIT bridge. All of your competitors have already reported. We've seen reporting season with very clear trends. Volume was generally very weak. Pricing was generally very strong for your competitors. For you, that's not the case. Less volume issues, clearly speak for your superior supply chain and model cycle management. We love that about you guys. That's great. But the pricing raises a few question marks. So two questions on that. Is all of the negative pricing that we've seen in the bridging Q1 BEVs, or do you also see this for ICE? And secondly, will pricing stay as negative, get worse or better over the remainder of the year? And as an add-on question, Oliver, you are always very outspoken in your opinions. All German OEMs are against an import tariff from China. You said it as well again this morning. Why is this probably still coming nonetheless? Does Ursula von der Leyen just like to listen to Luca de Meo too much? Or are there key points when you talk to EU politicians that express where that would be the case? Thank you.