In our assessment, we looked at the statement that ministers have made to the effect that the subsidies to Volkswagen and Stellantis would be paid back in less than five years. That's what we did. We did not try to assess whether it was a good or a bad response to the U.S. IRA, or whether it was a good industrial policy or a bad one, recognizing that there could very well be many different reasons for governments to make these decisions, including trying to counter the dominance of China, for example. That's why we didn't pronounce on the policy. We looked at the potential payback period for these government investments.
On October 5th, 2023. See this statement in context.