Yes, thank you.
This industry exists because we have a long history, since the 1960's, of regulatory alignment with the U.S. We build cars for a North American market. Not only has the government chosen to put in place the ZEV sales mandate, but it is out of line with the federal U.S. That's the key.
You are right that some states have this, but at the federal U.S. level, there is no ZEV sales mandate, so we are now coming out of long-standing regulatory alignment with the U.S., which is very serious and should be avoided. That is a significant change.
Not only that, but the government has now misaligned its sales targets for the United States. We were currently on track, previous to the emissions reduction plan, to target a 50% ZEV sales rate in 2030. The federal government has changed that to 60%.
What underpins all of this is that we have aligned emissions regulations with the federal EPA. We cannot move out of alignment. It would make investment in Canada a challenge, and there is no reason to do so. The Americans are on the same track as us. We have to work with them and keep our alignment in place.