Why don't we start with the numbers. You beat estimates on sales and operating profit
but you still face supply chain a supply chain crisis here. How are you dealing with that.
This is absolutely true. Quarter three really was difficult for us. It drove our volume brands into the red numbers.
Premium remained quite resilient. Now Porsche Audi doing quite well but the volume brands really suffered a lot. We also
prioritizing semiconductors towards higher margins. So all in all I think we are happy with the results and I'm sure that we
have seen the worse. So Q4 should be much better now. It should be reversed and then we should see an increase of semiconductor
supply basically quarter after quarter. This is how we see the supply chain recovery. There will be remaining constraints for
even for next year. But I hope that months over months we will show a better resilience of the supply chain. So we're working
hard for that. We have big teams that are supplier direct contact Mr. Semiconductor Manufacturers. We see foundries. And
so our teams are working really hard to get more as we should. But there are also some positives. No we had we had very good
very strong sales says we could double. ISE says over last year saw also some positive signs from out of courtesy.
Sure you had talked about the possibility of making your own semiconductors. Is that still a topic of discussion at
Volkswagen. As for sure for sure but it takes time. No we have to build up
the resources as the semiconductor landscape in the car really is consolidating. Now we're coming to
hire more performance compute units in the car. It makes sense. It could make sense in one or the other area to do your own
semiconductor design. We are working on that. This is our way forward. Not for all the semiconductor. Semiconductor content in
the cars is growing significantly but 7 to 8 percent year after year. So there's a lot of
silicon going into the car in the future. Some of it will be will be made by our own entities.
Obviously citing other supply chain issues you know beyond semiconductors are you. Are you. Are you having trouble getting
hold of any other components for cars or are you seeing substantial price increases.
We see we see price increases in commodities in precious metals and steel. We even see some constraints in some of the areas.
But so far this is man neutral. Terminating really or crucial is a semiconductor supply and will remain semiconductors flat.
Are you able to pass on those price increases I know you know. Dealers certainly in the US are charging far above MSR P when
they can. Are you able as a manufacturer to start raising prices.
We see some movement in our used car business. No used car prices are quite stable even coming up. Is this as the demand is
stronger than the supply. We also see some possibility to reduce our sales incentives though. This is a worldwide trend. And this
also is you can see in our numbers no SBC sales numbers. Basically on the level of last year we still believe we have a
much higher revenue. So the we could if we can improve the quantity of our assets. Yes.
We do see demand stronger than supply. Certainly for the Gulf or at least where we've we've seen reports that you've got a
backlog of a hundred thirty thousand for the T go on more than one hundred thousand. What kind of backlog are you looking at
right now. This is. You mentioned it. Not even more on the sales. We have
delivery times for up to six months seven months now which is already quite critical. No because customers are not prepared to
wait for so long. But it's through the whole range. I think we have a good product portfolio a longest lead times for the top
premium brands then evenings and even in on the volume side. We have several months waiting times for the delivery of the cars
which is which we are sorry about now. We are doing our best and hopefully next year we should be. We should be there once again.
Get closer to the customer orders. Well I suppose it's better than other problems. You could have.
When we get to the end of the year are you going to have a backlog of half a million cars. What kind of numbers are we
talking about. That might be the number B which we should consider.
All right let's let's talk about the easy battery ventures that you've got.
You mentioned sales are going incredibly well. Demand is stronger than supply and the market loves the businesses right
now. Are you are you thinking that listing some of these businesses or are you moving forward with us. Those plans are on
the battery side. We are considering let's say because there's a huge investment going in which we can do from our own balance
sheets. So there might be opportunities for investors but it's still in the process of
working out considering we are in the process of building up our investment roadmap. We have to build six plants only in Europe.
We made some investments already in China. Mary Karr We are already also considering
some additional plans for our growing Evey says. So I would say this in a year or so we should have a clearer picture of how we
going to finance that and which are the possibilities for investors to come in.
Isn't it a great time right now to go to market with some of these assets Herbert.
I think it's it's good times. We are not yet ready in those areas. So I hope that the conditions remain positive in the
capital markets. Manager magazine says he has hired Goldman Sachs in fresh fields for the possible IPO of Porsche. Can you
tell us any more about that. No I icon.
All right. I didn't really expect that.
Let's talk about the electrification. For me the exciting news is that Claudia Domenic Holly and DAX
have signed up to make electric bikes for Moto GP for the Moto E series.
Does this mean you're gonna be able to electrify your entire range. That's probably a long way to go no. As you are a
motorcycle rider you know that electrification on the motorbike side goes much slower than on the car side. I think it's also
not so necessary because it's only a small proportion of CO2 emissions. Very small very tiny. And on the Eevee side we see
electrification coming. I think the approach Moto GP having a special serious use electric bags makes a lot of sense. And
cardio is really excited because the I think the racing electric racing will improve a lot using do carty evey bike. So you're
going to see some change and we're all excited about it. It would be very sporty bikes relatively lightweight for for being
electric. This is the biggest challenge and it will be a race where the
riders don't have to swap bikes anymore. So I think it's a good first step for the motorcycle side.
I'm looking forward to it. Herbert thanks so much for your time this morning really appreciate it.
Thank you Matt.