On the first question, we should take the opportunity from the U.S.'s slowing down, because it was very difficult before this for us to compete on batteries and EVs in the era of the Inflation Reduction Act under the Biden administration. This is an opportunity for us to try to catch up and potentially win in this area.
We're working with the Europeans and should really focus on harmonizing our vehicle standards with them. That would be a slam dunk, because we've been trying to do this for 25 years. It would be the first thing that could help us import more vehicles from Europe, specifically electric vehicles, and export more to them as well. I think that's a great idea.
As for the second piece on the investments, I totally agree, which is why we've been very clear that we need a whole supply chain approach and to capture more value upstream from vehicle assembly, or even the battery cell itself. If you go from lithium spodumene to lithium hydroxide, you've already increased value creation tenfold. If you go from lithium hydroxide to cathode material, you've already increased value creation. Capturing that value is going to be what helps us get the bang for our buck. The thesis that this is going to happen magically is going to be challenged, but where we're trying to help is by spurring investments upstream from where assembly plants have been located.