BEV volume and, consequently, penetration continue to make positive inroads across the West European new passenger car market in line with our expectations and the 2025 regulatory framework. Manufacturers are widening their product portfolios, including lower-priced LFP battery chemistries, while benefitting from scaling advantages, enabling savings to be leveraged across more competitive pricing and enabling 2025 regulatory targets to become more achievable. However, according to OEMs commenting on Q1 results, BEVs still remain margin dilutive at this point, with provisions being put aside for meeting CAFE (corporate average fuel economy) regulations during 2025, with the consensus being OEMs will continue to push BEVs in 2025 rather than relying on the adjustment to the EU regulations to overcomply in future. Our 2025 forecast of a BEV penetration level above 20% remains, which is partly helped by the total new car market growing at a slower pace than originally expected.