Cie Automotive Sa Ord (CUOTF) Q1 2026 Earnings Call

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WEBVTT 00:00:01.718 -- 00:00:06.803 Good afternoon, everyone. Welcome to the first quarter results 00:00:06.803 -- 00:00:11.228 for CI Automotive. My name is Lorre. I'm the Director for Corporate Development. 00:00:11.228 -- 00:00:13.670 At the end of the presentation, there will be a Q&A. 00:00:13.670 -- 00:00:17.954 I'd like to remind you that questions can only be asked in writing via the tool provided 00:00:17.954 -- 00:00:21.017 on the webcast. And now I'll hand over to Lorre. 00:00:21.017 -- 00:00:23.398 Go ahead, please. 00:00:25.942 -- 00:00:28.162 Good afternoon. 00:00:28.184 -- 00:00:34.958 Welcome to this conference call. with the results for this first quarter, 2026, 00:00:34.958 -- 00:00:39.964 a quarter that somehow confirms the disparity between markets, with 00:00:39.964 -- 00:00:43.589 markets evolving at very different speeds, 00:00:43.589 -- 00:00:47.994 and with increasingly divergent dynamics 00:00:47.994 -- 00:00:53.320 in an environment where, apart from all the above, demand and production 00:00:53.320 -- 00:00:58.486 don't always evolve in a synchronized way, as we'll see when we 00:00:58.486 -- 00:01:03.819 review what happens in each market. Starting with China, the 00:01:03.819 -- 00:01:09.105 Chinese market situation can be summarized under two concepts, normalization and 00:01:09.105 -- 00:01:13.308 competitive pressure. On the one hand, normalization. 00:01:13.611 -- 00:01:18.937 China has already shown a clear adjustment in demand, with sales falling 00:01:18.937 -- 00:01:24.103 by around 20% in this first quarter, compared to a more limited 00:01:24.103 -- 00:01:30.413 output fall of 10%, a demand adjustment that reflects some normalization 00:01:30.413 -- 00:01:36.201 after the post-COVID years have had very strong growth and 00:01:3...