text: However, we operate in a cyclical industry that is sensitive to shifting consumer trends, political and regulatory 
  uncertainty, including with respect to trade and the environment, all of which can be compounded by inflationary pressures, 
  rising energy prices, interest rate fluctuations and the liquidity of enterprise customers. For example, as inflationary pressures 
  increased across the markets in which we operate, central banks in developed countries raised interest rates rapidly and 
  substantially, which impacted the affordability of vehicle lease and finance arrangements. Further, sales of vehicles in the 
  automotive industry also tend to be cyclical in many markets, which may expose us to increased volatility as we expand and 
  adjust our operations. Moreover, as additional competitors enter the marketplace and help bring the world closer to sustainable 
  transportation, we will have to adjust and continue to execute well to maintain our momentum. Additionally, our suppliers’ 
  liquidity and allocation plans may be affected by current challenges in the North American automotive industry, which could 
  reduce our access to components or result in unfavorable changes to cost. These macroeconomic and industry trends have had, 
  and will likely continue to have, an impact on the pricing of, and order rate for our vehicles, and in turn our operating margin. 
  Changes in government and economic incentives or tariffs may also impact our sales, cost structure and the competitive 
  landscape. We will continue to adjust accordingly to such developments, and we believe our ongoing cost reduction, including 
  improved production innovation and efficiency at our newest factories and lower logistics costs, and focus on operating 
  leverage will continue to benefit us in relation to our competitors, while our new products will help enable future growth. 