“So I would say we are in the third inning of selling out the 2028 capacity of 20 gigawatt-hours.”

In context

“James D. Farley Jr. (President and CEO): Sure. Just to take a step back, what we hear from our customers is we are in the center of the market. A 20-foot containerized LFP prismatic solution DC block with a two- and a four-hour configuration is exactly the heart of the market. So that is a real positive. They also appreciate our approach to service, prognostics, digital remote monitoring — that is a real big positive that Ford can bring to the product. People are excited about the talent in our team. We have specialized talent that have real experience in this market building this business. The kind of conversations we are having, we are in real depth now. The demand signal is very strong for us. And given there is about a six-month lag between kind of when you start and when the projects have to land, we are kind of — we are, like, in the first or second inning to tell you everything about the customers for 2028 capacity. But it looks really good. We are in line with our forecast inside the company, which I will not go over, but we are seeing a broad group of customers. They are not just utility providers. In fact, every day that goes by we see broader applications of storage batteries from broader customer bases. We have a whole process where we are monitoring the customers as they go through because these are project-oriented. These are project quotes. We go from initial early discussions, then to the legal and contracting phase, and then we have the final contract at the end. So I would say we are in the third inning of selling out the 2028 capacity of 20 gigawatt-hours. I would say just to emphasize in my speech that we have the capacity to upgrade at Kentucky 1 and that we are building prototype cells already in Marshall, Michigan. So this is not a theoretical business. We are building cells already. And, obviously, Kentucky 1 is building out a little bit later than Marshall. Hope that gives you some more texture.”