Forvia SE (FRVIA) Earnings Call Transcript & Summary

[Presentation] Welcome to our 2021 CMD. And without waiting, thank you very much for your interest. So the agenda of today's event, we will start with new perspectives. I will show you how we see the future. Business group profitable growth. Each of our business group will shortly tell you what their strategic priorities are and how they want to grow profitable in the coming years until 2025 and until 2030 for clean mobility. We will have a specific focus on ESG strategy. Michel Favre will speak about our financial ambition, and we will end this meeting with takeaways and Q&A session. So we are in the middle of the crisis, but we see light at the end of the tunnel. So our strategy has to respond to the challenges of the automotive industry. What are they? Social pressure for climate change and sustainability. This is very true, and this has accelerated everywhere, and accelerating electrification through regulations and also incentives. We make the assumption that full electric vehicles, battery electric vehicles and fuel cell electric vehicles, could reach up to 30% in 2030. This was our aggressive scenario we presented during our 2019 CMD. We also believe and see massive investments being made in the hydrogen value chain, we will see here on a very strong development, and I will tell you why. Development of advanced driver assistance systems on the road to autonomous driving, limited to level 2 and level 3 systems for the moment, and this at a level of 85% in 2030. Increased connectivity driven by consumer demand, OEM, productivity and 5G availability. In 2025, we should have above 80% of all vehicles connected to Internet. And finally, but probably the most important, affordability is an automotive priority. When we look at our 2 axes of development on which we are very much focused: Sustainable Mobility and Cockpit of the Future. Sustainable Mobility, solutions for ultra-low and zero emissions, our addressable market should grow by 9% per annum in 2020 until 2030. Cockpit of the Future, here we are speaking about solutions for personalized and connected experiences with an addressable market growing at 7% per annum between '20 and '30. All of that means an addressable market of EUR 120 billion in 2030. We are focused on 14 product lines. We were focused on 18 product lines. So during the last 12 months, we have further reduced the number of product lines on which we want to develop ourselves. On all these product lines, we believe that we have -- that we are or that we have the potential to be in a leading position. So you have Sustainable Mobility on one hand with 5 of these product lines, Cockpit of the Future with 9 product lines. What is here remarkable are the ones related to Faurecia Clarion Electronics. You have cockpit electronics. You have display technologies. And you have the ADAS, so all the lower speed automated drive. Hydrogen. We have invested at an early stage in hydrogen because we believe in it. And we believe in it not related to the mobility. We believe in it in terms of energy. We think that hydrogen will be available in significant volumes and at affordable prices soon. Why this? Because energy will continue to grow. The demand will grow. It is linked to demographics, but also to the development of the different regions. You see here that demographics means plus 2 billion people until 2050. The energy requirements will grow by about 75% from 17 terawatt in 2019 to 30 terawatt in 2050. And on top of that, the electricity share in the energy will grow by 3.3x from 2.75 terawatt to more than 9 terawatt. So this electricity is requested, and it is requested decarbonated. To achieve decarbonated energy, we need to invest massively in renewable. Why is hydrogen then the right solution? You will not be able to put your renewable close to the populations. You have to go to remote places where also you have the climate conditions to do it. It means that you will have to transport this electricity, and you will have this energy and that you will also have to store it. The best way to do it is to transform it into hydrogen. Transportation. Transportation, you have significant versatility on this. You can transport it as hydrogen compressed or liquid. You can transform it into ammonia, or you can even use carrier -- chemical carriers to do that in improved conditions. It means that we will get this hydrogen available where the uses are and the uses are what? They are home, they are heating, they are decarbonation of the industry and they are mobility. For the mobility -- this is what counts to us most. You need to have a hydrogen, which will be at about EUR 1.5 per kilogram. And EUR 1.5 per kilogram is achievable if your electricity will be below EUR 20 per megawatt hour, which is already achieved, and it will continue to go down. Hydrogen is gaining momentum around the world. That's very clear. You all have seen it. 30 countries have already decided to publish, to communicate their hydrogen strategy. Europe has announced significant fundings of an excess of USD 220 billion by 2030. 228 projects were announced, commitments were given, out of which 25 are related to mobility projects. And it's, I think, remarkable to notice 55 of them are European-based projects. On the right-hand side, you have what I've started to explain. Clean hydrogen will fall, from a cost point of view, by 60% by 2030. Here, we expect to be around EUR 2 and significantly sooner than previously expected, and we have also here the road map to the EUR 1.5 per kilogram. You see that the scale effect is achieved with 65 gigawatt electrolyzer capacity, and this would mean an investment of about USD 50 billion, which is perfectly aligned and compatible with the funds which were announced. Hydrogen mobility will accelerate rapidly. It will accelerate why? Because of the cost, because of the TCO, because of the flexibility. The use cases are much more improved, in fact, versus the alternative. Our costs should get down by 80% until 2030, out of which about 2/3 of the cost reduction is related to scale. For the stack, we are focused on improving the durability and the energy density. And we are on track to become a benchmark and to address all the segments. For the vehicle usage, TCO, we are forecasting a cost reduction of about 75% by 2030. Our assumptions, as far as mobility is concerned for 2030, volume assumptions, we forecast more than 500,000 commercial vehicles. And we also expect more than 2 million passenger vehicles and light commercial vehicles at the same time frame. We believe that the fueling stations will grow very quickly, more than 500 in 2025, and it's expected only in France to have more than 1,000 in 2030. So it will grow quickly. The infrastructure is easy to be put in place. We have started at an early stage to think that together we are stronger than alone. We believe very much in collective intelligence. And this in order to boost innovation, which is an absolutely must. And not only to boost innovation but also to shorten time to market. We cannot afford to make investment without visibility in terms of return, especially in a world of uncertainty and where several options are open. In the last 3 years, we have spent about EUR 600 million in innovation, and we want to invest from 2021 to 2025 an excess of EUR 1.1 billion in sustainable technologies. We have started our digital service factory with now more than 100 data specialists and AI solution experts. And we also have started, and I've announced it last year, an R&D efficiency program an R&D and program management efficiency project, with which we want to do productivity. In other words, we want to save money on applications in order to transfer these savings on innovation. Let us have a look to our best-in-class ecosystem. We have strategic and technology partnerships. And we are very happy to have in this ecosystem, names like HELLA, MAHLE, Michelin, Accenture, Microsoft, ZF, Palantir, Schneider Electric, but we also have investments in start-ups or companies we have acquired like Aptoide, IRYStec, GuardKnox and some others. I think that this is very important. You will also hear from my colleagues from the different business groups, how we are working together and what it triggers, what it allows us to do in terms of acceleration. The continuous order intake is for me not only an indication of the future growth, but it's also for me a recognition of the quality of our relationship, the quality of our performance recognized by our customers. So here, you have the 2019 order intake with EUR 25 billion, the EUR 26 billion achieved in 2020, our target for 2021 and for 2022. We have put here the 4 years just to explain that if we would achieve this, we would mechanically achieve about EUR 25 billion in 2025. We need about 5 years to renew our sales. So this is the equation we are facing. And we are very confident that we will be able to do this. We will do this enriching the content per vehicle in each of our business group, and again, it will be detailed. We want to grow strongly in the premium electric and commercial vehicle segments. We are strategically positioned in China, where we will drive doubling our sales to reach EUR 5 billion until 2025. So our sales ambition will be to -- is, sorry, above EUR 24.5 billion in 2025. With it, we have also a strong profitable growth and cash generation ambition and this starting from 2021. The figures and our guidance for 2021 were presented this morning. And here simply, again, the 2022 elements and the 2025 elements. In 2022, we are just confirming what we did previously, which is the guidance we made in 2019 with just a small caveat that we will -- that we are confirming the figures. With EUR 2 billion less sales at EUR 18.5 billion, we committed to achieve 8% and 4% of net cash flow versus sales. In 2025, with sales equal or higher than EUR 24.5 billion, we will be above 8%, and we will be close to 4.5% in terms of net cash flow versus sales. We will outperform the market during the period by at least 500 basis points. We do that building on leadership positions to increase market share, through innovation to enrich our content per vehicle, we spoke about that, but also, and that's very important, operational excellence based on customer satisfaction, digital transformation, standardization and massification. This is not enough. We have to consider ESG as a priority. It's not difficult for us. It's part of our convictions. We have there 2 priorities: CO2 neutrality and gender diversity. This is totally shared inside the group, and there is an absolute consensus related to our convictions and our values in order to achieve an inclusive culture. The employee engagement survey we made recently showed an index up 12 points in 2020 to reach 75% -- 76%, which is significant in a period of time like the one we lived in 2020. We were also able to recruit 33% of female Faurecians, which is significantly above what we achieved in 2018 with 26%, and it's not the end of the journey. Carbon neutrality is a strategic initiative. Our ambition is to be neutral Scope 1 and 2 in 2025 and Scope 3 under our control in 2030. This means that we will work on all our operations, our plants, our sites, but that we are also working on the design and the content of our product. And here again, the BGs will detail this. We have a road map, which is validated with -- or by SBTi, which I think is important. It shows that we are compliant with the 1.5 degrees, and we are doing this with a partner, Schneider Electrics. We will also have a new shareholding structure, and this is related to the spin-off. And this will provide, obviously, new opportunities. It will be a diversified shareholder base with an increased free float and market visibility and free float exceeding 85%. Increased independence of Board members, and this should allow us to seize market opportunities. We want to continue to grow, to grow organically, I spoke about that, but also externally. So now, I pass the floor to my colleagues from the business groups for profitable growth.

Welcome to the business group, Faurecia Seating. Seating is seen and recognized as an innovative leader. In an attractive, profitable growth market, we are a global leader with worldwide presence, serving all major customers. We have 2 main activities: frames and mechanisms as well as complete seats, which include covers and comfort modules, combined with our complete seat design and assembly capabilities. In frames and mechanisms, Faurecia Seating is a recognized leader in front frame platforms and mechanisms with the remaining addressable market to develop further growth. In complete seats, we are the #3 in terms of market share. Our focus on execution, combined with our vertical integration and leadership in innovation, are clear USPs to further pursue our growth in the complete seat business. Profitable growth is our key ambition. What are our key drivers for our success? Faurecia Seating has enjoyed a strong profitable growth over the last years, which will accelerate in the next years through 3 key drivers. First of all, enrich the seat value through new functionalities; a personalized experience; modularity, which is the capability to offer reconfigurable interiors and upgradable system solutions; and new sustainable materials and recyclable components to protect the environment and, of course, contribute to a sustainable mobility. The second driver is our profitable growth, which is linked to our vertical integration, our component strategy and our optimal product mix as well as targeting the right customer and vehicle segments. Lastly, third profitable growth driver is our projected regional sales acceleration in North America and China, fueled by our strong existing order book, good customer mix and our improved integrated footprint in these regions. For Faurecia, the average value for a set of car seats will increase within the next few years by more than 15%, reaching an average of EUR 820 per car seat. Additional value and content will be added to our seats, allowing our OEM customers to create strong differentiators. Key driver of this increased value are the automotive megatrends and the consumers' expectations. We address these trends through our 3 smart seat pillars. First of all, personalization. Being customer-centric, we call it the seat for me, to deliver an individual experience to end users through smart comfort systems. Second of all, modularity. Offering a reconfigurable cockpit for all occupants in a safe condition. And finally, the third element, environmental care, what we call the Seat for the Planet. It is based on sustainable materials, recyclability and energy savings. Let's focus now first on our modular platforms for frames and mechanisms. Our platforms are capable to address all use cases. In our frames and mechanism business, we have developed the new generation of front seat and rear seat platforms. This product plan has been designed to address all mobility use cases with 3 major features. First of all, safety: ensure the occupant safety in all cockpit configurations through our new generation of smart actuators or seat belt integration. This always allows to detect the position of the occupant in order to properly activate the safety functions, when necessary. Our concept can, therefore, serve current requirements up to autonomous driving modes. Second element is the modularity and scalability. Here, we deliver our technology bricks like long-range tracks and swiveling, which are the enablers of the cabin reconfigurations. In parallel, we see tremendous opportunities for value growth in rear seats, which are moving from the conventional bench to more sophisticated modules, offering complex kinematics and comfort features. And finally, cost and weight performance, which will remain a key factor for the overall system. In frames and mechanisms, we continue to invest strongly in our innovations, build on our global presence and our ambition to remain the leader in the worldwide global platforms. As a result, in 2022, 25% of all vehicles produced worldwide will at least have 1 frame or mechanism component inside their car. Next, we will have a look to our complete seats. In complete seats, we show our full set of competencies, design and system integration of the frames and mechanisms, but also the foam, covers, comfort components, and finally, the just-in-time assembly of the complete seats. Faurecia Seating is developing different complete seat product solutions like smart headrest, thermal fit and pneumatics. The product and system competence of Faurecia provides intelligent, adaptive, comfortable and even connected seats to cover the future trends of mobility. Human care and well-being drive our innovation. We develop technologies capable to monitor occupants for a predictive and personalized experience up to mobility and wellness services. We have been able to generate last year 85 patents just in this specific domain and to initiate several codevelopment programs with our customers. All of this will lead to an additional EUR 300 million of annual accretive revenue by 2025. Finally, in enriching our seat value and creating an additional USP, it is our strategy and our commitment to contribute to the Faurecia group CO2 neutrality in 2030. Accordingly, our innovation is called Seat for the Planet. Let's now have a look at our video, Seat for the Planet. Video, please. [Presentation]

All these product innovations will allow us to show the targeted profitable growth. At Faurecia Seating, we are proud and confident to commit to our future growth strategy. We will outperform the market by 600 basis points during the next 5 years. One of our strengths, delivering this over-proportional future growth, resides in our strong vertical integration, organized around product lines. Both product lines will outperform the market significantly, frames and mechanisms by 750 basis points and complete seats by 500 basis points. Our strategy remains to keep the optimum balance between components, platforms and complete seat products in our overall seating sales. Another key attribute of our Seating business is our presence with all worldwide OEMs in all vehicle segments. Our improved presence in the higher value segments, the C, D and E segments, as well as the more successful vehicle models like SUVs, hybrid and electrical vehicles will be another key contributor to our future success. The content per vehicle for these segments vary from EUR 400 range for C segments, depending on the regions, and as high as EUR 2,400 for the E segment. Another significant market driver is the powertrain transition from ICE to hybrids and electrical vehicles. Here, we have already secured our presence. 40% of our 2020 order intake was with hybrids or electrical vehicles. Therefore, our above-average growth rates for C, D, and E segments as well as our strategically well balanced order book will further support our profitable growth strategy. Another key driver of our strategy is our regional growth. North America and China offer significant opportunities for additional market share gains. We will double the size of both regions by 2025. The largest part of the doubling is already secured as a significant part will happen by 2022. Now let's go first to North America. Kelly Muldoon, how do we achieve this doubling of our sales?

Thank you, Eelco. In North America, our sales will double by 2025. And we're already accelerating along this trajectory with the booking of major business awards with SOPs starting in 2022, 2023 and 2024. The highest growing segment for our region will be in SUVs and trucks, where we boast a higher average content per vehicle. The highly anticipated launches coming up with Ford and Jeep are also great illustrations of our ongoing momentum, where Faurecia will be a full solution partner offering the complete seat, the frame and the components. As we continue along this growth trajectory, our continued focus will also be on expanding our market share with our traditional OEM customers, increasing our sales in new value spaces, diversifying our customer base with new entrants and also growing outside of the passenger car market in areas such as tractor seats for the agriculture business. In conjunction with our growth, we're also focused on improving our profitability. And we target to converge to the average profitability of the Seating business group. To do this, we're running specific actions, and some of these include optimizing our vertically integrated footprint in Mexico, continuing to focus on our program in delivery excellence, and also maintaining the sizable sales increase that we forecast for 2022 and onwards. Overall, North America will continue to be a high-growth and high-opportunity region for Faurecia Seating. All right. Back to you, Eelco.

Thank you, Kelly. Now let's go to China, and we'll ask Ma Chuan, how do you plan to double the sales in China?

Thank you, Eelco. For the next 5 years, we have a very nice growth perspectives, which are structured around 3 pillars: number one, accelerating our organic growth through global platform business with international OEMs in China, like Nissan, Daimler and BMW; second, expanding our presence with domestic OEMs and the recent JVs with BYD and BAIC Group will continue to boosting our market share development in China; number 3, structuring business development opportunities with EV customers, capitalizing our existing relationships with top EV OEMs in China like BYD, Li Auto and Nio. Finally, our innovation portfolio adapted to the Chinese market specificities will fuel further our CPV growth, which is already on the high end and will enable us to accelerate our profitable growth here in China.

Thank you, Chuan. As a conclusion, Faurecia Seating will deliver a strong profitable growth outperformance. With an average order intake of more than EUR 10 billion per year during the last 3 years, resulting into a 3-year cumulative order intake of EUR 30 billion, we can clearly say we feel very confident to achieve the EUR 7.5 billion in 2022 and more than EUR 9.5 billion in 2025, especially as the first big increase in 2022 to EUR 7.5 billion is already secured by more than 95% of booked business. All of this results into an outperformance of 600 basis points compared to the market growth over the next 5 consecutive years. After a solid second semester in 2020, we are confident to deliver also our profitability road map of at least 7% in 2022 and 7.5% in 2025. This will be strongly supported by our sales growth and is structured around 4 pillars: enriching seed value, boosting our sales in North America and China, delivering operational excellence and focusing on our optimum product portfolio in the right vehicle segments. Finally, as key takeaways, Faurecia is among the market leaders in a growing and structured market with #1 position for global frame platforms and mechanisms and with #3 position for complete seats. Second, strong sales acceleration, reaching more than EUR 9.5 billion of revenue in 2025, delivering 600 basis points of outperformance versus the market, doubling our sales in North America and China as well as new sales of innovative products. Finally, our operating margin will improve from 6.5% to at least 7% in 2022 and 7.5% in 2025, supported by our operational excellence and strong secured current and future growth. Thank you very much. And now, I would like to hand over to my colleague, Patrick Popp from Interiors.

Thank you, Eelco. Hello. My name is Patrick Popp. I'm the Executive Vice President for Interiors. And it is my pleasure to walk you today through a presentation on our business. My intention is to have you leave with 3 takeaways to ponder in the days and weeks ahead. First, Faurecia Interiors is and will remain the market leader in a robust and growing environment. Second, in 2020, we have shown strong resilience, and we accelerated our transformation. Third, these actions put us on a path to outperform the market until 2025 by 400 basis points, while expanding our margins by 200. 2020 was a year of an unprecedented crisis. Together with our employees, we succeeded in finishing the full year with an operating profit, positive cash flow and a breakeven point that is 100 basis points lower than 2019. We also made a number of significant changes to our business model. We recently announced the divestment of AST, and we will also exit the aluminum decoration businesses. Not easy decisions. However, in none of these businesses are we the technology or market leader. And exiting those businesses allows us to invest our resources and cash back into the group. We also acquired SAS. SAS is our former joint venture with Continental. This acquisition closes an important gap in our portfolio. All these actions result in a streamlined, optimized global business, which is centered on 4 market-leading global product lines: instrument panels, where we are the global market leader; door panels, where we are also the #1; interior modules, where we are the global core leader; and center consoles, where we are the #3, but growing strongly. All these product lines operate in environments in markets that are enjoying strong underlying growth because of the automotive megatrends of sustainability, electric vehicles and Cockpit of the Future. To take maximum advantage of this growth environment, we designed a strategy that stands firmly on 3 pillars. First, technology, leadership and operational excellence, which is focused on creating competitive advantages, especially for smart and sustainable materials as well as our overall cost competitiveness. Second, to increase the content per vehicle, especially the high-value content, which is based on the opportunity that the megatrends create by allowing us to add new content and new functionality to car interiors. And last, but not least, the third leg of our strategy is the growth in high-value segments and markets such as North America, where we have been underrepresented for historic reasons. This strategy is yielding results. Our customers trust us. They trust our company. They value what we offer. In the second half of last year, we could strongly accelerate our orders. As a matter of fact, we achieved for the full year a record order intake of EUR 7.4 billion. That is EUR 7.4 billion in 2020 versus EUR 6 billion in 2019 and about the same amount in 2018. Let me give you some more detail on these 3 pillars. Technology leadership enables us to meet the increasing expectations -- the fast increasing expectations of our customers regarding smarter, more valuable and more sustainable car interiors. We can meet these expectations while also meeting more stringent cost and quality requirements because we are finessing our manufacturing processes to become fully standardized and to be located in specialized plants. This results in plants that are more simple, in organizations that are more simple, in processes that are more simple. It is a paradigm shift in our industry. This paradigm shift drives production volumes per plant. We expect that average production volumes will increase by 30%. This improves productivity. This improves profitability. This improves return on capital invested. And of course, there's automation and digital. In 2019, only 20% of our parts were manufactured in data connected processes. In 2021, this year, we will reach almost 100%. Machine connectivity, together with artificial intelligence, reduces significantly process variability. And it also allows us to improve key operational parameters, such as machine uptime or material yield. A few more words on technology leadership, especially around sustainability. Our ambition is to achieve EUR 1 billion in sales based on biosourced materials. And in order to accelerate our efforts and also to take advantage of the tailwinds we are experiencing in the market, we just decided to create a new product line focused on smart and sustainable materials. Let's watch the video together. [Presentation]

The second pillar of our growth strategy is to increase the high-value content per vehicle. Let me start at this point with SAS. SAS, as I said earlier, was acquired and fully integrated in 2020. SAS is the global core leader for interior modules. They offer unique expertise with respect to just-in-time management, complexity management or logistics services provided to our OEM customers. They bring us even closer to our customers and they allow us to expand our content per vehicle by more than 100 years. That is because our OEM customers outsource those activities to allow them to focus more on what they consider as their core. In addition, on top of this, the automotive megatrends allow us to add more content and more functionality to our products. And we have tailored our innovation portfolio in particular for those innovations that benefit from the megatrends. Air vents is 1 great example. Air vents are critical for the climatization of the cabin. We have expanded our product portfolio to offer a one-stop shop solution for our customers for both air vents and instrument panels in a beautiful integrated weight-optimized package. Another example is radiant panels. Radiant heating is much more comfortable to human beings than the conventional HVAC heating. It is also much more energy efficient. And that feature, in particular, makes it critical and really important for electric vehicles, especially in winter, because it allows to warm passengers faster, and it increases the range of the battery because of its much more efficient energy consumption. We are collaborating with MAHLE on the best design possible. LED lighting is a third great example. LED lights are becoming almost ubiquitous in modern cockpits and in modern car interiors. We are collaborating with HELLA for the best possible integration and to have the perfect light design. And as a last example, you see deco-control bars. Those control bars significantly increase the value of an instrument panel because they offer additional functionality and design differentiation. We are able to manufacture those using our standard materials and processes. And together with our sister business group, FCE, we are able to offer fully integrated electronic solutions. To sum all of this up, you see that we have a tremendous opportunity in front of us to increase our content per vehicle above what we have today, which is about EUR 140 to EUR 150 for the instrument panel or door panel, respectively. For example, adding interior lighting to an instrument panel increases the value between EUR 10 to EUR 30. Adding a radiant panel to a door panel increases the value by EUR 30 or more. Of course, how the overall content per vehicle increases depends on the take rates in the years to come. But I can assure you that we have active customer projects on all of these innovations. And while some of them like lighting are already in production, others will see the day of production by the end of this year. Let me now switch gear and turn to the last leg of our growth strategy. That is to accelerate our momentum in fast-growing, high value segments. And I want to focus, in particular, on the premium and electric vehicle segment. Here, we plan to double our sales between 2020 to 2025. That is from EUR 1 billion today to more than EUR 2 billion in '25. And we had traditionally underproportional sales in these segments. However, in recent years, we succeeded in winning a number of flagship products in the market, such as the Porsche Cayenne or the Daimler S Class. It allowed us to prove that we fully understand premium customer quality expectations. And in addition, the innovations that I shared with you earlier are in demand by those customer -- in increasing demand by those customer, especially given that they are changing their differentiation strategy from conventional powertrains to modern car interiors. Last, but not least, regarding electric vehicles, FIS is positioned extremely well. Today, we have a market share of 25% globally. This is due, on 1 hand, to, I would say, what I would call a natural fit because of our leadership in sustainable materials, but we have also made dedicated efforts for new lightweight design architectures as well as the radiant panels that I shared earlier, which are dedicated and specific designed for the needs of electric vehicles. Let me now switch to North America and have Luis Navarro, our President over there, explain to you what we are doing in this exciting environment.

The North America market is a very attractive market for Faurecia Interiors. It shows a 5% growth on a yearly basis with a higher content per vehicle versus the global average. We estimate EUR 570 versus a EUR 350 in global average. In Faurecia Interiors, we started in 2019 a transformation plan around 3 axes: growth, footprint and resources and investment rationalization. Today, we can confirm we will grow by 2025 from a EUR 1.3 billion product sales today to EUR 2.2 billion, of which 70% of the contracts have been already booked. This will place Faurecia Interiors as the leader of the market from a 15% market share today to a 25% market share by 2025. This growth will be also improving our customer portfolio diversification through the three big but also through new customers like Audi, Volvo or BMW.

I would like to summarize what all of this means from a sales and profitability perspective. In 2022, our sales will be at EUR 5.5 billion, similar levels as in 2019. However, our profitability will have improved by 150 basis points. This improvement is driven on 1 hand by the fixed cost reductions of about 100 basis points we made in 2020 as well as the operational improvements I presented to you during this presentation. Furthermore, we will add EUR 1 billion more in sales between 2022 and 2025. This will lead us to EUR 6.5 billion in sales, outperforming the market by 400 basis points. Profitability will be at 7.5%. Our order intake -- our record order intake in 2020 at EUR 7.4 billion sets us on a clear path of success to reach this target. To sum it all up, Faurecia Interiors is the leader and will remain the leader in a robust and growing market. Our product lines; our instrument panels, where we are the #1; door panels, where we are also the global leader; interior modules, where we are a global co-leader; and center consoles, where we are #3 and growing strongly. Based on the record order intake from last year as well as our overall order book, we will reach EUR 6.5 billion in sales in 2025, outperforming the market by 400 basis points. Key enablers for this growth are our technology leadership and our operational excellence. They enable the growth, and they also expand our margins by 200 basis points while increasing barriers to entry to this exciting business. Thank you very much for your attention. I pass on to Jean-Paul in Tokyo, Japan.

Thank you very much, Patrick. Good afternoon to all of you. When we spoke together about 1 year ago, Faurecia Clarion Electronics had just been created. In 2020, first of all, we have completed our integration. So in this complex COVID environment, despite the limitations in terms of travel and face-to-face gathering, which are typically so critical to integration phases, we were still able to come together as 1 global team. And this was an absolute perquisite for the 2 priorities we have set forth in last year's CMD: to boost our cost competitiveness and to accelerate our order intake. We have exceeded both objectives. Cost-wise, we have downsized by 40% our SG&A and support functions, allowing us to significantly lower our breakeven point. In R&D, we have boosted our efficiencies with integration of our different teams under single global R&D division. In parallel, we have started to rebalance our R&D footprint to a high-cost to low-cost countries. And in this regard, we have launched a new tech center in India with already more than 140 engineers as we speak. In operations, we have consolidated our locations into 3 regional techno plants in China, in Hungary and in Mexico. And they're supported in Asia by final assembly locations close to our customers in Japan, in Thailand and towards the end of this year in India. For material content, we have successfully rolled out our Bill of Material competitiveness initiative, and we'd be flowing to the P&L in excess of EUR 150 million of cost savings through the next years. To conclude this recap of 2020, we have secured about EUR 2.5 billion in awards after EUR 1.9 billion in 2019. This is EUR 400 million more than targeted. All these acquisitions were made at profit levels consistent with our 2025 ambitions. So looking ahead, we will keep the same focus on the quality and the speed of our execution and our agility, whether we are talking about cost efficiency or growth. In parallel, we will increase our investment in innovation as it is one of the most fundamental long-term growth drivers in our industry. Our approach in this regard centers around our core clients, and it leverages the strength of our ecosystem, internally with Interiors, with Faurecia Seating, with Cockpit of the Future and the digital software factory organizations. Externally, with a growing number of associated strategic partners and investment in start-ups. We have structured our portfolio into 3 product lines with fairly intuitive definitions. Each of them is led by a global director and supported by dedicated organizations in each and every region for optimal customer interaction. Their focus is about 3 value propositions for our customers and for our end users. It's about improving customer experience inside the cockpit, it's about enhancing digital convenience and finally, about providing active safety inside and around the vehicle. As you will see, every product line comprises a mix of core high volume products, emerging functions and markets and high growth, high profitability segments. We actually consider that this combination is key to reaching in a balanced way our profitable growth ambitions. So by means of introductions to these product lines, let's watch together a brief video of what we demonstrated in the 2020 CES in Las Vegas. [Presentation]

Our biggest product line, cockpit electronics, is fundamentally about personalized experiences. Cockpit electronics include infotainment as our core product, but also presents significant growth opportunities with the emergence or increase in penetration of interior monitoring systems, remote tuners and active noise control solutions. Combined, all of these new functions virtually double what we have access to in terms of content per vehicle. In-vehicle infotainment, IVI, is a fairly major segment and our customers often focus on economics and time to market. This is a foundation for our new platform, named ESSENTIAL. It addresses approximately 80% of the IVI market, so modular and account approach. OEMs can, in essence, freely select the processing power, memory sizes, operating system, connectivity options, peripherals without engaging into long, costly, risky developments. We have consolidated our complex legacy IVI portfolio into this unique platform, which comes about 40% cheaper than the prior generations. ESSENTIAL [ platform, ] MyTrenza, which was acclaimed at the 2020 German Innovation Awards as the best human machine interface in the industry. It was developed by our Japanese teams, and it offers a seamless intuitive solution to operate the IVI system. ESSENTIAL also host Aptoide, our in-house app store. And altogether, this provides a comprehensive, consistent and user-friendly infotainment solution, which we have already started to market, thanks to a very short development lead time of about 15 months. Switching to interior monitoring systems, the market there originates in safety regulations such as Euro NCAP. But we are already engaged in discussions with OEMs to go beyond legal requirement and to add functionalities in the field of comfort and wellness. In our mind, this is a key market trend. And we believe that in the face of a rapidly increasing vehicle electrification, powertrain performance will be less and less relevant. And that actually experience in the cockpit will become the key differentiation for the OEMs. So together with regulatory mandates, this is for us a basis for the market growth we're expecting in the next years. Our ecosystem provides for the full range of technologies required. Internally, this includes sensing and interaction in interiors and in seating; artificial intelligence and self-learning capabilities through DSF, digital software factory; a holistic cockpit approach through Cockpit of the Future; and finally, obviously, swiftly, algorithmic software, hardware and display capabilities. Externally, we are engaged also with partners such as Human Fab to expand our knowledge in areas such as health and sensing. This unrivaled ecosystem, this unrivaled combination of know-hows and experiences is a foundation for ambition to be amongst the top 3 players in the industry. So to conclude with cockpit electronics, 3 high growth segments. First, remote tuners. This device connects the vehicle to the radio, so we're talking AM/FM or digital audio broadcasting. Remote tuners are increasingly adopted by OEMs as a stable techno break in the vehicle architecture. We are currently selling Parrot's Octopus 3 product to German OEMs, for instance, and it leverages close to 10 years of experience in digital broadcasting. Since we have also kicked off our Octopus 4 platform with an all-in-one architecture that consolidate into a single dedicated ASIC, which is usually addressed by as many as 3 separate chips. We're expecting a significant cost advantage as a result, and we are aiming here as well to be in the top 3 in the industry. Second, active noise control, ANC. Creo's expertise is our differentiator in this domain. We acquired Creo in 2019 for their strong expertise and acoustics in vibrations and in aerodynamics, fully in line with our target. Our technical leadership and algorithms were recently qualified by 2 OEMs as best-in-class, and we envision a strong market position, therefore. Finally, the app store. Our app store is designed to offer through the IVI an immediate and seamless access with no cables, no interface to all usual applications, such as streaming and navigation in particular. And this consistently through the life of the vehicle. It's specifically designed for the automotive experience and for compliance with regional regulations. Our app store also includes a secure payment gateway for future transactions and pay-as-you-go services, short term, if we're thinking of [ tolls ] but many more monetization opportunities in the long term. As a key differentiation versus the largest consumer market-based competitors, we are not requesting the ownership of the data. In particular, vehicle parameters remain with the carmarker. Displays constitute our second biggest market. Please let's put together a video from Edouard Da Silva, our Display Global Product Line Director. He will walk you through our strategy and road maps in this domain.

Hello. My name is Edouard Da Silva. I'm Display Product Line Director at FCE. Digital transformation is accelerating in the automotive industry. Display systems are the perfect instrument of this transformation, enabling digital interaction and contextual interfaces. As a consequence, displays are booming up in cockpit design with surface that are becoming larger and larger up to pillar-to-pillar configuration that set up a new paradigm for integration. This system will enter in SOP in November 2020 with FAW. With 1.4 meter lens and nearly 8-kilograms, it will become probably the largest display module in the automotive industry. Fully designed and developed by Faurecia, it demonstrates our leadership capabilities for large and complex display integration. Composed of 3 full HD displays, optically bundled into 1 piece of glass in order to ensure high visibility and best-in-class [ precise ] quality. The system is also featuring a 1 piece magnesium frame in order to reach best-in-class mechanical robustness and thermal dissipation. To enable this 3-in-1 configuration, Faurecia has deployed its expertise both in cockpit design and modernization as well as in optical bonding, which has been recently accelerated by the acquisition of CovaTech in Taiwan. This module will be produced in China, leveraging our new and highly automated assembly and optical bonding lines. Faurecia will be responsible of providing the complete solution, including the control unit that drives the 3 displays. With this full digital dashboard, all function of the car is going to be operated from the touch interface. We are pleased to support the automotive HMI transformation by providing a new design freedom for display integrations.

So to conclude on displays, we think that we are building a strong ecosystem to support our growth. Edouard already addressed CovaTech. Please let me introduce IRYStec. IRYStec is a Canadian startup that we acquired in April 2020. They bring image enhancements capabilities, especially what we call [ smart gimmick. ] Their proprietary technology named DRIVEvue enhances the contrast in images to improve the readability in all light conditions, especially bright light. It also enables up to 30% energy saving and the corresponding extension in display life. IRYStec technology is already deployed on Mercedes E Class and more vehicles are to follow. ADAS is our third product line. It comprises 2 segments that we have both pioneered: vision systems, where we have been first to market, very first to market with Nissan in 2007; and then parking assistant and fusion-based parking systems, where we have been among the first to market a few years later. In parking systems, we have 30% market share. We are leader. We are leaders in fusion-based parking systems that merge vision sensing and ultrasonic sensing. Fusion technology is the must-have for the future. It's a must have to deliver value-adding functionalities. And this is our area of leadership. We'll be leveraging this leadership to bring to market advanced parking and low speed solutions such as [ key route ], driver assist, valet parking, among many other functionalities. This will be introduced on premium segments as early as 2021. And then it will be expanded to broader vehicle categories. In parallel, we're working on partnerships to address the expected convergence between low-speed and high-speed ADAS. Our expansion in surround view systems is a foundation for our approach on mirrors. We don't look at them as a mere digitalization of a mechanical component, but as an evolution of external viewing towards enhancements, such as blind spot elimination, alert on incoming vehicles and so on. In addition, e-mirrors provide excellent design freedom and reduce the vehicle's CO2 impact. For us, going from surround view to e-mirrors more than triples our content per vehicle. The technologies required to be a leader in this market match the key competencies and strengths we have addressed earlier on in this presentation. Advanced exterior sensing capabilities, high-quality display and image rendering capabilities and cockpit integration for the most functional and the safest placement of the displays, thinking especially about [ their factor. ] Please now let me introduce you to Keyvan Kargar, our VP for Global Sales and Programs, and he will present to you our commercial performance and road map. Keyvan?

Thank you, Jean-Paul. In 2020, we have delivered EUR 2.5 billion order intake, more than our initial commitment. It is the second consecutive year in which we have run our growth strategy based on 2 axes: expansion of our product portfolio with traditional customers and expansion to new customers. 48% of our order intake comes from these new customers. In 2020, Japanese OEM already represent less than half of our order intake. And by 2025, our sales will be 65% outside of Japan. Nissan Mitsubishi continued to be our first customer, Ford become the second, ahead of Subaru, Suzuki and PSA. We confirmed 8 new customers in 2020. Great Wall Motors, GAC for China market, Renault for Europe and Ford for North America are some of them. This expansion is in line with our product line strategy, delivering 43% of our order intake for cockpit electronics and display product line's very strong acceleration in 2020 leading to an order intake of 38%. Considering what we have already delivered and committed to deliver in 2021, we confirm our road map to be at EUR 2.5 billion sales in 2025. Thank you.

Thank you very much, Keyvan. As Keyvan explained it, we are confirming our ambition to double our sales between 2020 and 2025 and we'll convert this growth into 6% operating margin in 2020. Our ambition is to deliver 7.5% in 2025 with the top line reaching EUR 2.5 billion at that horizon. So in conclusion, I would like to leave you with the following takeaways. We have completed our integration in 18 months, bringing together all of our entities under the banner of one global team. We have deployed 3 product lines with clear strategies, clear road maps and strong ecosystems. We have met or exceeded our objective for the year in terms of cost competitiveness, improvement and order intake, and we're able to secure the breakeven for the year. We are fully on track with our ambition to reach EUR 2.5 billion supply in 2025. This represents more than doubling the pro forma level of 2019, and we will achieve this with a profitability level consistent with Faurecia Group average. And all together, we are planning to execute this growth with balanced geographies and balanced product lines. Thank you very much for your attention. And now, I would like to hand over to Mathias Miedreich of Clean Mobility.

Thank you very much, Jean-Paul. Good afternoon, ladies and gentlemen. My name is Mathias Miedreich. I'm leading the Clean Mobility business group of Faurecia. In the next minutes, I would like, together with some of my colleagues, to talk to you about how we see the development of the Clean Mobility market, of how Faurecia is positioning itself in this market and especially how we see the growth and profitability drivers for our 3 distinct product lines in this market, which are the ultra-low emission systems for passenger cars, commercial vehicle and industry emission solutions and last but not least the zero-emission hydrogen solutions. The first very important thing to point out is how we see the underlying development of the powertrain mix. In our last Capital Markets Day, we have introduced the idea of 2 scenarios, a base scenario with 15% of electrification in 2030 and an accelerated scenario of 30%. As of today, we believe that this accelerated scenario has become the reality, driven by increased legislative efforts on CO2, by the availability of a much better infrastructure to drive electric mobility, and last, but not least, by significant improvement in TCO, total cost of ownership, for the underlying electrification technologies. In this market of 30%, we see 2% of light vehicles representing around 2 million vehicles in 2030 being driven by hydrogen powertrains. On top of that, around 500,000 vehicles in the commercial vehicles segment, adding up to around 2.5 million of hydrogen vehicles being produced in 2030. So we can say our fast electrification scenario is fully confirmed. The main part of this presentation, as I said, will focus on the underlying drivers for growth and profitabilities for our 3 product lines, starting with the ultra low-emission passenger car that is driven by CPV increase through hybridization. We will detail that in a minute. But also our capability through operational excellence to strongly generate cash and profitability. The commercial vehicle segment that is a big growth story for us, where we have been able to secure significant contracts in the last 2 years and where we also see a strong growth of content per vehicle. And finally, hydrogen. As Patrick has pointed out earlier already in his presentation, hydrogen is not a question. It is set as the main power source for some of the segment of the automotive industry, and it has gained a strong momentum in the last 12 to 18 months. We feel ourselves very well positioned in this market through our activities in hydrogen storage systems and distribution services, but as well through our partnership with Michelin, focusing on the stack systems and stack solutions through our joint venture in Symbio. So now let's go into the details. Let's start with the ultra-low emission systems on passenger cars. I hand over to Yves Andres. He is the Senior Vice President of our Faurecia Clean Mobility Europe division, and he will give us the details of this segment. Yves, the stage is yours.

Thank you, Mathias, for this global overview. Let's now have a look at how we will be facing the ultra-low emission passenger car product line over the next 10 years. Obviously, as already mentioned, we will focus on 3 areas, which is the increasing content per vehicle on hybrid powertrains, our strengthening of the leadership position, as well as an increase in our -- and focus on our operational excellence. Let's start with a focus on the content per vehicle growth on the hybrid powertrains. Our advanced PHEV structure, plug-in hybrid structure, will focus on making the front side of the air quality cleaner, the acoustic performance of the vehicle quieter, and obviously, the [ all ] architectures smaller to allow the battery pack positioning for our OEMs. On the air quality side and driven by emission regulations, we will add an electrically heated catalyst that will allow us to heat up in just a few seconds the ceramic substrate up to the desired temperatures, allowing us to decrease pollutants by 85% versus current Euro 6d emission regulations. The next approach will be, obviously, on the acoustic performance where we need to bring a quieter and smaller exhaust line to the market by reducing the acoustic volume and working on 3 topics: reshaping the exhaust line to allow the battery pack positioning, rebalancing acoustic volume from the rear of the vehicle to the center of the vehicle and rethinking in the end the rear end of the vehicle by adding content on the electrically actuated valve and resonance-free pipe technologies. With this, we will reduce the acoustic volume by 30%. And with all these technological bricks and innovations, we will, in the end, to have a 40% drive up in the content per vehicle, mostly driven by emission regulations, but mostly technological bricks that are currently in development and in discussions with all leading OEMs in the world. The second positive aspect out of this is that, obviously, as you can see, today, our market shares on mild hybrids and plug-in hybrids are well above average. And these will be exactly the segments where we will see growth rates around 20% and higher, having a multiplicator effect with the increasing content per vehicle that we have just revisited. Moving then on the strengthening of our leadership position. We have already secured major awards with leading OEMs in all major geographies of the world, securing lifetime platforms on the engine and vehicle side up to 10 years versus precrisis level that were around 5 years contracts. This is fully aligned with the needs and the expectations of our customers that are trying to reduce the complexity by reducing the number of engines and platforms and downsizing mostly their engines to 3 and 4 cylinder petrol engines that we have secured and that we'll see as another benefit higher hybridization rate, and therefore, higher content on each vehicle. Finally, to address this higher output need, we need to have best-in-class operations that will focus on digital processes, automation, standardization of our tooling and equipment, which we have already started 5 years ago, and that will allow us focus on the massification of our industrial assets and lead on the long term to significantly increase sales per square meter up to 25% and more growth expected on this by 2025 versus the 2019 level. It is also important to mention that we will already deliver EUR 100 million of fixed cost savings in 2022 with actions that are currently being implemented and will be fully rolled out by the end of this year. This will allow us to not only secure the benchmark profitability that we have today, but also significantly boost our cash generation capabilities by focusing on these 4 operational excellence aspects. So as a summary, the ultra-low emissions for passenger vehicle business segment will be driven by growing content per vehicle on hybrid vehicles, strengthening of the leadership position and focusing on operational excellence that will lead, obviously, to earn extended cash generation. While at the same time, we will sustain a sales level that is higher than the 2019 level and significantly growing our market share up to 30% by the end of the decade. So that's it for the low-emission passenger vehicle product line. Mathias, I hand over back to you for the 2 other product lines. Thank you.

Thank you very much, Yves. Let's come now to the second product line, commercial vehicles. Also here, content per vehicle increase is one of the main drivers of our growth trajectory. So you can see that in 2019, the average content per vehicle and piece price was around EUR 400 per system, and this is growing over EUR 600 in 2030 over 2 steps. First, driven by the emerging emission legislation all over the world, especially in Asia with China VI, further deployment or the whole off-highway segment that is more and more emissionized. And then going towards the Euro 7 stage with increased demand for low NOx treatments, especially at low temperatures, and where Faurecia has the leading technology of heated dosing that is especially adapted to this market needs. But as I said to you earlier, it's not only CPV. It is especially the success that we had in the marketplace over the last years that is helping us to drive our market share. You can see that in the last years we have been able to secure in all of the major regions of the world the key platforms of commercial vehicles to be equipped with Faurecia emission solutions in North America, Europe as well as in Asia, that helps us to drive our market share to up to 28% in 2025. From 2023, we will be the market leader, that is already sure. It's booked. It's to be launched right now. And we also have a very high booking ratio in 2025 that makes us very confident that the projected sales curve is also happening. On top of that, I said it earlier, the underlying market of commercial vehicle is recovering step-by-step after the last 2 years of downturn, which helps us to grow the top line into the direction that we want, which is to double it latest until 2025 and then nearly double it again until 2030. You can see on top of this graph as well, we have the light blue segment that is representing our high horsepower business that we are conducting through Hug Engineering. As you know, we have acquired Hug Engineering a couple of years ago, and we see a very good growth in the international segments of high horsepower depollution that helps us to drive the top line above EUR 2 billion until 2030. So to summarize, again, content per vehicle, our market success to secure key platforms in Europe, but as well in North America and in Asia. And the growth of the underlying market will help us to achieve this quite significant growth of our top line in commercial vehicle. Last, but not least, let's talk about hydrogen. As I have laid out before, we see around 2.5 million vehicles being produced in 2030 that are driven by hydrogen powertrains and hydrogen fuel cell systems. The breakdown of these vehicles, the majority, of course, will be in the light commercial vehicle, around 2 million cars being produced, cars and light commercial vehicles, especially and around 500, as I said, in the commercial vehicle segment. In terms of CPV, the picture is reversed. So you can see a very high CPV, up to EUR 50,000 for a heavy-duty truck that is making this segment especially attractive. And this is also the first segment that we see starting on the hydrogen mobility with all the players on the market. And this will transform into a significant market until 2030 up to EUR 17 billion in the 2 segments of hydrogen storage systems and fuel cell stacks. If we dive deeper into this market and who are the players and what are the entry barriers of this market, we see a quite interesting picture. It is a relatively new market. However, it is already quite structured in terms of the players that are existing. So if we look to the entry barriers, it's clear you have to master a complex technology that is a power generation from hydrogen into storage systems, into the whole software and management solutions of that. So it's complex, but it is also important to be able to produce that at a large scale. The automotive industry is demanding for high-volume production because only then we can achieve the economies of scale that are required. And this based on automotive requirements in terms of durability, quality, repeatability, which is, as we know, not an easy trade and only the best-in-class companies are able to do that today, and the time to market is of essence because the market is booming and solutions need to be on the road quickly. If we segment this market into very simple metrics, on the one axis we distinguish between the classes in the market, so the hydrogen storage system market and then the lower end the fuel cell stack and stack systems and services. And on the other axis, we distinguish between type of players, so the classical Tier 1 suppliers, the OEMs themselves that have positioned also [ as a make in ] some of the segments and the hydrogen specialists, these are more smaller companies that come from either the fuel cell STACK side or the tank and hydrogen storage systems side. We see no player today that is in this segment, matching the full value chain. On the OEM side, there is one player that is fully integrated. Obviously, it is Toyota, but the majority of the OEMs are -- have -- are decided and are in the progress to do [ a make ] strategy on the STACK side. This looks as a close market in the first place. But on the second look, it is not because there will be a Tier 2 market opening up for companies like Faurecia, that we can deliver components or subsystem into this market that will enlarge the addressable market compared to our current view. Then finally, the Tier 1s. We can only see 3 Tier 1s that are addressing the full system of hydrogen-powered vehicles, including tank and STACK, and Faurecia is one of them. And we think we have reasons to believe that we are one of the, if not the best player in this market. And one underlying rationale for that is that today, we're already controlling 75% of the value chain that is necessary to implement such a system today through our activities in hydrogen storage through the activities that we do with Symbio and the rest at 25%, we don't do. But we are specifying through the knowledge we have from the system and making sure that the full system is very competitive. But also, as you can see on the display, the several subsystems and components will enable us to reach every market segment, even though an OEM has decided to integrate the full STACK system. To give you more details on those 2 subcategories of hydrogen, I would like to hand over now to Christophe Bouly. He is the Vice President of our Zero Emission division in Faurecia Clean Mobility; and Philippe Rosier, who is the CEO of Symbio. Gentlemen, the stage is yours.

Over the past few years, Faurecia has invested over EUR 160 million in R&D, manufacturing, acquisition and partnership, creating a world-class fuel cell ecosystem. In 2020, the group has created in France, a global center of expertise devoted to the development of benchmark and cost-competitive hydrogen storage system solution. Representing an investment of EUR 25 million, it's a unique site in Europe that enables Faurecia to design successive generation of hydrogen storage system product, tailored to our customer specification, accelerate the development and the validation of our technologies using a benchmark center with state-of-the-art equipment, work on innovative materials and smartphone products with embedded IoT sensors to both divide the cost of the system by 4 by 2030 and increase their safety, durability and recyclability. Develop new industrial processes on pilot lines to anticipate the production phase, but also work on disruptive technologies and services such as hydrogen tank. 2021 marked the start of a production of our third generation of homologated hydrogen storage system to equip several customers for truck and light commercial vehicles. We announced a few months ago our ambition to create by 2023 the first large-scale hydrogen storage production site in France. Globally, we want to manufacture more than 100,000 tons per year by 2025 over several key regions. The decade of hydrogen has began and Faurecia has a strong ambition to lead this dynamic.

Symbio, a Faurecia-Michelin company since November 2019 is a global technology partner for fuel cell systems. Our ambition is to become a leader in hydrogen mobility by 2030, producing 200,000 stacks per year and reaching EUR 1.5 billion in sales. 4 key assets ensure that Symbio can reach this objective. First, Symbio benefits from the strong support of its shareholders and their complementarity advantages. Faurecia's community of 2,000 engineers reinforces its valuable technology know-how and unique expertise in fluid dynamics and system design. Faurecia works closely with all major OEMs worldwide and is developing its leadership on hydrogen storage systems, enabling us to understand and master the full system. Michelin, with 20 years of advanced research, has a key expertise in research on hydrogen components and direct access to fleet customers, including off-highway. Second, Symbio has more than 10 years of experience in integrating efficient stack systems, vehicles equipped by Symbio have travel more than 4 million kilometers to date, and we are immensely proud of this. Third, Symbio's portfolio covers all the relevant use cases from light-duty vehicles to truck, coaches, buses, SUVs and off-road. Most of all, Symbio is taking up the challenge of bending the cost curve, a key factor of competitiveness. Last but not least, we are focusing our R&D efforts on enhancing the durability of our solutions and reducing the quantity of [ platinum use ]. All these efforts will enable Symbio to accelerate industrial expansion, increase its competitiveness and become a global leader in hydrogen mobility

Thank you very much, Christophe and Philippe, that was very impressive. Impressive as well, I think, is what we have achieved in the last 18 months on the customer side. You can see at the bottom of this slide, the customers that we have already secured for launch of activity of mass production in 2022. We are currently launching in our plants in Europe and in Asia, those customer projects, reflecting then in 2022, a sales of EUR 50 million. But not only that is worth mentioning. Also, the activities we are currently doing on a co-development predevelopment RFQ and customer activity stage with all of the main customers in the different subsegments of the mobility market all across the globe. So it's a strong momentum. A specific market I wanted to highlight is the off-road and stationary market because there, it is not only important to deliver the respective products and technologies, a full-service end-to-end approach is necessary. You just imagine you have an excavator that is driven by hydrogen on a construction site. You have to also make sure to have the hydrogen delivered any time to make the mobility happen. And this is something that Faurecia is also positioning itself with its partner ecosystem to be able to offer this end-to-end solution in the off-road and stationary market. You will believe me that I am quite confident based on these customer activities that an order intake of EUR 500 million lifetime sales or more is our ambition in 2021. So this year, with all the OEMs across the different world regions, injecting directly into our sales trajectory, EUR 50 million in 2022, EUR 500 million from 2025 and over EUR 3.5 billion in 2030. And of course, all of this with a profitability that is at par or even above the very good profitability that you know from Faurecia Clean Mobility, classical business. So all together, this is combined in a quite impressive, as I think, top line growth trajectory going to around EUR 6 billion of sales if you include the sales of Symbio that we are today not consolidating. And up to EUR 10 billion in 2030, also including the nonconsolidated Symbio sales. This is based also on a big track record of business acquisition, more than EUR 17 billion have been acquired over the past 3 years. And this will help us together with all the activities that we have mentioned on the zero-emission side to grow our top line. The drivers as we have pointed out, the underlying CPV growth in our classic business of low-emission solutions. Our increased market share, especially in commercial vehicle that is helping us to drive our top line. And of course, our ability through fixed cost reduction, operational excellence to boost the profit and cash generation that would enable the H2 take off in which we are investing quite significantly at the moment. So the key takeaway is, the market-leading position in the low-emission solutions will be further strengthened and reinforced. This will enable cash generation that we will reinvest to a large extent in our zero-emission growth trajectory. We are very well positioned in this sector. I'm very confident that based on the logic that we have tried to explain to you, the EUR 3.5 billion sales is a reasonable target to shoot for. And we are all committed to make that happen. Thank you very much for listening. Now I would like to hand over to my colleague, Nolwenn, who will talk more about the sustainability and CO2 reduction road map of Faurecia.

Thank you, Mathias. As you can see, sustainability is at the heart of our strategy. Of course, because our products, our innovations are key elements of this sustainability journey. But also because we have launched major initiatives, which we believe will transform the group, transform the way we manufacture, the way we work together and with our ecosystem and transform our contribution to the societies and the life of the next generation. To pave our sustainability journey, we have a road map, which I will present to you. We also have 2 initiatives on which I'll focus, which are very well illustrating our sustainability approach. And last, I will talk to you about our governance in this very special moment for Faurecia. As an introduction, let's first watch a short video highlighting our convictions in sustainability. [Presentation]

These are our strong convictions. They are driving all our sustainability approach and the way we build our road map. This road map with objectives in 2025 and 2030 is based on 3 pillars: planet, how does Faurecia contribute to the respect for the planet, and my colleague, Rémi Daudin will talk to you about that; business, how does Faurecia business is based on responsible practices with its own business effects and through its supply chain; and people, what makes Faurecia be a responsible employer with a focus on the safety of our employee, which is our first priority; on diversity and inclusive culture; and on learning and development of our people. This road map is supported by a strong corporate governance with the deep involvement of our Board of Directors, our executive team and our employees. Diversity is a strength. This is one of our convictions. And this is why we have built a comprehensive program. Let me give you a few highlights on what we are doing. We started rather low, and this [ extend ] out to our industry. But we have set very demanding targets. In 2020, we are at 25% of females in our manager and professional populations. We plan to move to 30% in '25. In 2020, we are at 16% of females in our top 300 managers; we plan to move to 24% in 2025. To reach those objectives, we have focused our efforts on recruitments. Despite a very difficult context in 2020, we managed to recruit 33% of females compared to 26% 2 years ago. But this is not only about recruitment. This is also about culture, development and promotion. We train our manager. We plan to train more than 4,000 managers in 2021 on inclusive culture with a focus on unconscious bias in promotion and recruitment. This is a long-lasting race, and we need our managers to be fully mobilized and aligned on those objectives. This is why we have decided to include in the performance, the long-term performance compensation, a criteria related to diversity. This is for the top 300 managers of the group. You hear it. We have a plan, and we are now in the acceleration phase. Let's move to the second highlight of our presentation with our ambitious program for the planet, and I leave the floor to Rémi.

Thank you, Nolwenn. At Faurecia, we are convinced that global warming is a serious challenge for the humanity. And we want to take action to contribute stopping this dramatic trend. This is why in 2019, we have launched an ambitious company-wide program called CO2-neutral with 2 milestones. 2025 we will have all our site CO2 neutral. And in 2030, we will convert to CO2 neutrality on all our controlled scope, upstream and downstream from our plants. For that, we are going to work on operations. We are going to Eco-design our products, and we are going to compensate the leftover with sequestration in our value chain. By doing that, we comply to the highest sustainability standards. For instance, we comply to the task force for climate-related financial disclosure recommendations. We published our goals and targets to the climate disclosure project. And we have submitted our road map to the science-based target initiative, and it has been assessed as compatible with a 1.5-degree global warming, which is the highest scenario available on the market across all industries. So now let's go in more detail about our plan. So at home, in our facilities, we will eliminate all our emissions of CO2 by 2025. For that, we are first going to use less energy. The best ton of CO2 is the one, of course, which is not emitted. We will use smart software to pilot actuators and sensors and reduce this energy consumption. We will make sure that all the electricity and energy we buy is green. So we will produce as much as possible in-house, in our plants through, for instance, solar panels. And the rest we are going to purchase renewable electricity, which will be developed extra for us by investors, and which we will purchase long-term to make sure that we secure this renewable electricity for our operations. Now let's go for what is happening upstream and downstream our plants. In 2030, we will convert to CO2 neutrality for our activities, which are called Scope 3. Again, we will use less material and energy. There is still scope for lightweighting of our products, and we also will use lean architecture. And I'm thinking about, for instance, our Seat for the Planet. We will use better materials. For instance, green manufactured steel or recycled plastics for our parts and also we will use biosourced content. And for instance, we have developed innovative plastics, which are called NAFILean including natural fibers. How are we making sure that this whole plan is happening? For that, we need to move all our value chain from our suppliers to our customers. And we need a proper governance and tools. With our suppliers, we are going to make sure that they move towards a sustainable behavior, and we will rate them accordingly, and we will raise the bar over time. We will calculate the CO2 footprint of their products, and we are going to challenge them about that. And we are going, of course, as partners, advise them on the way to do it with generic action plans. In-house, we will anticipate a tough CO2 world by introducing shadow price of CO2 in our business plans. We will engage our managers with KPIs on both tools and targets. And we will innovate and we will drive our innovation by doing early life cycle assessment of our products. Together with our customers downstream, we have engaged early discussions on prototypes, raw materials, innovation and circular economy. Beyond the reduction of this CO2 footprint, we will make sure that our products are sustainable and that our customers can emit less CO2. And this is happening when they save energy through our products, when they can extend the life, and I refer here, for instance, to our repair lab for electronics. And of course, even better, if they do not emit CO2 at all. And here, I refer to our hydrogen technologies. Overall, we will capitalize about 26 million tons of CO2 avoided by 2030. And this is our handprint for the planet. We have been talking very much about global warming, and this is very important because it has also impacts on the biodiversity on the water resources for instance. Beyond that, we have other action plans with KPIs, as you can see here. And all this is going to be an investment from us of EUR 1.1 billion until 2025. So by all means, we believe that this is a sound investment. This whole plan is fully supported by the Board of Directors and, of course, the Executive Committee, and it is closely monitored. And this is a transition to Nolwenn to talk to us about the governance of the company.

Thank you, Rémi. This is indeed a nice transition to talk to you about our changes in our governance and shareholding in this very special time for Faurecia. As you know, the composition of our Board of Directors has recently evolved with the departure of 3 Board members representing PSA. On the top of that, I am very honored to announce that the Board of Directors recently appointed Jean-Bernard Lévy, the Chairman and CEO of EDF, as a new independent Board member and as a chairman of the Governance, Nominations and Sustainability Committee. Jean-Bernard will bring his strong knowledge of the energy industry, and that will be very useful at a time when Faurecia is focusing on topics like hydrogen. Overall, our Board will be much more independent with 82% independent board members and very diverse with 6 nationalities across 3 continents being represented at the Board. Let's talk about our shareholding. Here, again, a big change. At the spin-off, we will be moving from a controlled shareholding to a free-float majority shareholding with more than 85% of our share capital. We will have more than 13% with 4 core shareholders with a lockup period of 6 months. This will give us an increased visibility on the market and much more independence. Still talking about shareholding. We are very pleased to launch an employee shareholding plan, which we called for faur'Eso. The spin-off is indeed a unique opportunity to bring our employees on board and to associate them to the Faurecia future development. This plan will be non-dilutive and will be open to almost all our employees in 15 countries. After its implementation in the first semester of the year, the employees will represent up to 2.6% of our share capital. This was a presentation about the main highlights of our overall sustainability program. You can find much more information and details on our website and especially in our sustainability guide. As you have understood it, the future of Faurecia will be independent and sustainable. Thank you very much. I'm leaving the floor to Michel Favre.

Thank you, Nolwenn. Good afternoon. I will now detail our financial ambitions. And more important, I will detail how we beat them and how we will -- we are securing day after day, the achievement of these ambitions. As you know, volumes are key drivers to achieve our figures. So you can see on this slide what are the curve of volumes we are anticipating -- 70 million cars worldwide production was a figure of last year. We have clearly made our anticipation forecast on 2021, 76 million cars; 2022, 82 million cars; and 2025, 91 million cars, which means that we will recover the figure of 2017 only in 2025. This could be considered as conservative. It is conservative respect to IHS. But whatever, what is important, it means that higher volumes are upside for Faurecia. In this slide, you see what are the growth per business group. This has been detailed this afternoon. The growth will be fueled mainly by Seating, and you know that Seating has gained a lot of businesses starting currently and in 2022, outperformance of Seating will be minimum 600 basis points, higher on the short term. Clarion, on the other side, we speak of a double-digit growth starting this year. For both Interiors and Clean Mobility, we can speak of 400 basis points, something like that, I would say, outperformance in the period. For Interiors, this growth will be fueled by -- by the electrical cars, Tesla will play a big role. And for Clean Mobility, commercial vehicles and from 2024 -- 2025, hydrogen. As you know, the tanks will start some mass market volumes. Altogether, we speak of an outperformance of 500 basis points minimum in the period. If we speak by region, this will change, of course, the mix of the region, higher China, higher Asia. And clearly, here, I will say, growth of commercial vehicles, growth of electrical vehicles, plus volumes will play a big role for our Chinese figures. For North America, a lot of start-up of production and Seating will play a big role here. And for Europe, because whatever the fact that Europe will decrease its stake in the sales, Europe will grow. Europe will outperform the market. And here, clearly, luxury cars, electrical cars and hydrogen will play the role to fuel this growth. Margin improvement. So you have seen, this afternoon, per business group, what we have committed. So we can speak for the whole group, 8% for 2022, above -- and probably when you will make your calculation, you will say much above 8% for 2025. The 3 Interiors business group, which means Seating, Interiors, Clarion will post margin above 7.5%. In Clean Mobility speak -- we can speak of a strong double digit. This will be clearly, I will say, enhanced by the commercial vehicles, which are accretive and this will be achieved with whatever the fact that hydrogen will be dilutive in the period, and will continue to be slightly dilutive in 2024, 2025. How can we commit on that? First, of course, volumes and volumes plus outperformance. And you know that outperformance is content per vehicle increase, mainly. The second thing that we detailed at a previous CMD is our ability to start the new programs as the expected margins, that means minimum 8%. I would say, substituting programs with a lower profitability. As you know, this means a 20 basis point minimum gain year after year. It is a definitive driver of improvement. And the last one, it is our cost management. We have reduced strongly our cost base this year. We have given the figures this morning of EUR 145 million. With the acceleration of restructuring in the second half, I have no problem to commit today to a figure much above EUR 200 million, I will say, cost reduction -- a fixed cost reduction between '19 and 2022, which means more than 100 basis point improvement in the period. So all of this is clearly building our strong confidence to achieve all these figures. EBITDA, behind this slide, there is one message. Depreciation, amortization plus amortization will remain stable now. Because as you know -- as you have seen, we are most and more capping our CapEx and our R&D activation. I will come back on that. This means figures of EBITDA, much above EUR 2 billion from this year onwards. And we can speak for 2022, for instance, above EUR 2.7 billion; and for 2025, circa EUR 3.6 billion. So this is a definitive breakthrough of the group on this profitability, but as well on its financial flexibility. As you know, cash is more and more important. We have made, I would say, a very positive rally from 2013 until now, reaching 3% -- above 3% of sales as net cash flow. This year, whatever the crisis, we were able to drive a positive -- slightly positive, but positive net cash flow. From next year onwards, 4%, and we say, for 2025 4.5%. Our result by first, as I showed before, the EBITDA. Second, the strict control on CapEx. CapEx 2, I would say, key words. One is massification of plants. Second one is clearly the [indiscernible] will be more and more selective on the processes will integrate in our plants. We must have the critical size. They must be strategic in the quality and the control, I would say, of our products. Second thing is R&D capitalization, we want to cap the R&D capitalization and to gain more flexibility. We will work on -- firstly, on the gross cost. And this means, firstly, to capitalize on the fact that we are deploying one software to manage all the projects worldwide, and this will facilitate a global project. Second, we are clearly leveraging our low cost base. As you know, India first, Poland and Mexico as well. And this will reduce the early cost of our R&D people. Working capital, key driver will be -- is and will be reduction in inventories. We want to gain 2 days. This means EUR 180 million, I will say, of cash on the period. We'll continue to cap the factoring of receivable at EUR 1 billion, and restructuring will go back to more normal figure, that means EUR 100 million or less from 2022 onwards. I remind you that it will be EUR 180 million this year. As I have already given you the target, the cumulated net cash flow in the period will be EUR 4 billion, I repeat, EUR 4 billion. This is a, I would say, definitive demonstrations of our capability to generate cash. How we use this cash? Same guidance as the last CMD, 40% for dividend and repurchase of share. As you know, we repurchase share only to avoid any dilution link with the free shares. 60% to deleverage the company or to make bolt-ons. As dividends, thanks to our net cash flow, no problem to go back to dividends this year. We propose EUR 1 per share. And of course, what we want, what we commit is to repay the rally on the dividends that you can see from 2014 onwards. Financial policy. We like maturity. We like to be as much, I would say, independent as a bank as we can. So clearly, to be financed by the financial community and we like flexibility. So you see today how we have built, we still have a strong maturity for our bond issue. You can see as well the flexibility for the cash, but as well, the EUR 1.2 billion of syndicated line. We are back to better level of leverage, 1.9x at the end of 2020. I can commit today 1.5x in 2021, 1x in 2022. And of course, this means strong improvement of credit rating with our rating agencies. So clearly, we have the ambition, as you know, to become investment grade, and I will not say today, which date, but it is clear ambition of this group. So to wrap up, I will say all our ambitions. The guidance for 2021, above EUR 16.5 billion of sales, 7% operating margin, EUR 500 million of net cash flow. The target for 2022, above EUR 18.5 billion of sales, 8% of operating margin, 4% of net cash flow. And the minimum ambition for 2025, above EUR 24.5 billion of sales, above 8% of operating margin, and the net cash flow close at 4.5% of sales, or if you prefer, EUR 1.1 billion. And last but not least, I repeat, the EUR 4 billion cumulative net cash flow in the period '21 to '25. I will now give back the floor to Patrick for the takeaways and the Q&A.

Thank you, Michel. Finally, the last slide. Our takeaways. We are focused from a strategy point of view on 2 areas: Cockpit of the Future and Sustainable Mobility. They both confirm their potential for strong, sustainable and profitable growth. Our addressable market, I said it again, EUR 120 billion. All our targets for 2022 are confirmed. More than 500 basis points of average annual sales outperformance are confirmed. We will be close to EUR 25 billion in 2025, and you've seen the business groups are confident related to the existing order intake and order book. We will achieve a cumulated net cash flow above EUR 4 billion by 2025. We believe that our position in zero emissions hydrogen solutions is unique. It should allow us to become a leader in hydrogen mobility with sales of EUR 500 million in 2025 and EUR 3.5 billion in 2030. We have strong convictions and values, and they are driving Faurecia's sustainability initiatives. In particular, we have 2 main ambitions related to CO2 neutrality, by 2020 -- by 2030, sorry, completely for Scope 1, 2 and 3; and before, in 2025 for Scope 1 and 2. The second one is gender diversity, and Nolwenn has showed us our main targets. The upcoming change in Faurecia's shareholding will offer new opportunities for value creation, and we are looking for this in the next weeks. I hope that we have not been too long that we haven't had too many information, and we are now, Michel, ready for your Q&A.

[Operator Instructions] We'll now move to our first question over the phone, which comes from José Asumendi from JPMorgan.

Thank you for the very interesting presentation. A few topics, please. The first one is just housekeeping. Can you comment a bit on the -- please, on the operating leverage, gross R&D expenditure for -- that you're thinking about for 2021? As well as can you comment a little bit on your share of sales within the Seating division represented by North America and China. Looks like North America and China can grow very quickly. So roughly, what's the share of sales within Seating with -- represented by North America and China? And Patrick, a couple of topics for you, please. Can you talk a bit about Clarion and electronics? Can you give us some guidance, please. What can generate higher margins? Is it cockpit electronics? Is it ADAS, obviously the display division? And then within this topic, do you see need to add additional components to the ecosystem that Faurecia is offering? I think about LiDAR, I know there's other components out there. So if you could just give us some guidance there? And then the third question for Patrick as well, please. You're widening clearly your expertise, you're integrating additional components into your value chain. I'm just wondering if Faurecia could offer in the future, HPC in collaboration with the semiconductor company, integrating additional components into the environment? And also how do you think about Faurecia's value-adding software? And how many workers do you have dedicated to this field?

Thank you, José. You start.

I'll start with the operating leverage. So you have the global operating leverage. New business starting is 8% or above. When we speak about volumes, more volumes for each model, which will happen in the story, of course, with the recovery. We are speaking of 23% to 25% operating leverage. So it is why it will be very accretive. On the gross cost, we have on one side, the optimization of our mix. I mentioned this morning and this afternoon. The software management to manage a global platform. I mentioned as well the low cost base. India is a definitive low cost base, mainly for Clarion, but not only because we have already -- 2,000 people working for the other BGs. And on the other hand, we have the order intake. So we'll have these 2 things: optimization of cost, order intake, which will increase as the gross cost. So what I can tell you is that I will confirm what we have said before is that we'll have a pressure if we can use the expression of something like 20 basis point coming from R&D, net R&D, mainly the order intake, as well some innovation because we will [ accept ] innovation, but this is fully integrated in our guidance. I repeat, big operating leverage, of course, on the business.

Thank you, Michel. About electronics, it's a complex question. We are aware and we are aware from the starting point when we consolidated Clarion in April 2019, that the electronic and software architecture inside the cars will get transformed and get transformed radically. So we tried, and this is also why we reduced in this field the number of product lines, we try to organize ourselves to stay agile and reactive to these changes. It's also a reason why we invested in display technologies, trying to differentiate ourselves through technology bricks. Because on this one, we have a module. We have hardware, which is independent or which would stay independent from these architectural changes. I will combine your 2 questions, José. I will take also the other part, which is adds. What do we add? What can we add? On this display technologies, we have made very good acquisitions with IRYStec with CovaTech. We will continue we are in the process to finalize another acquisition, which will add technology and will add differentiation. We are also looking to integrate ourselves more in the value chain. So I think that this is a very clear priority for us. Displays less impacted by the change of architecture. IVI. On IVI, we have clearly some activities which are becoming commodities. But at the same time, we try to show you that we have segments on which we can win leading position if it's not already the case, with margins, which are above the commodity business. We are speaking here about active noise cancellation. We are speaking about Aptoide. We are speaking about remote tuner. We are speaking about IMS, Interior Monitoring Systems. And also, we are speaking about, HMI, which, by the way, is also related to the displays, we believe, in voice and touch. When you look at the ADAS, we are here making again the link with the sensors. But we are also here speaking about software, but it's sophisticated software for low-speed ADAS. And as Jean-Paul mentioned it during his presentation, I think we need to work on a fusion between low speed and high speed. Luckily, the market is really split in terms of players between low and high, and we will have to find partnerships. Our aim here is always to improve our technology differentiation. And again, what we are looking for are technology bricks. We are not considering to expand significantly in this area. I think, again, it's important to stay very agile. Integration and software, we have about now 500 software engineers, plus the subcontracted people. So we are quite powerful. And I'm speaking here about a clean -- I'm speaking about, sorry, Clarion electronics only. We have software engineers and AI engineers in our Cockpit of the Future activity, which should be added to this. So the software integration is something important, but we are considering software, maybe in my last comment, as the translation into a functionality of a knowledge of an expertise. So especially when we are looking for acquiring technology bricks, and if it's related to software, it needs to start with an expertise field, which is translated into algorithms.

Maybe just one quick follow-up. You're making a very big goal to become top 3 in displays. Can you just clarify 2 things, please? Is this on the larger displays? Or how are you defining becoming the top 3 in this business starting from 0 nearly? And then second, do you need to step up substantially your production footprint on a global basis to support this target?

In fact, we started the large displays at the moment the market started. And the big issue at the time was the optical bonding. And so through CovaTech, we acquired -- we acquired first, we were able to enter immediately in this field, understanding also that the integration expertise we have into the instrument panel is absolutely critical and vital. And so we could, with the kinematics and with the curves, immediately take some interesting positions. We took them in Asia first, and it is now from -- step after step, it is expanding. So you've seen with IRYStec, we are working on the image quality, we are working on the dimming quality, we are working on the backlighting quality, the contrast. So step-by-step, we are trying through our acquisition, selective acquisitions to add relevant technologies. In a quite short period of time, we entered into Daimler. Jean-Paul spoke about the E-class, but I can tell you also that IRYStec now is on the S-class and will be implemented on new generations of vehicles. José, your last point was?

The footprint. The footprint plans.

The footprint -- sorry. Yes. Yes. So we are considering that we have to be integrated in China, in Europe and in North America. So in North America, in fact, we are integrated with a significant plant in Mexico. In China, we are moving in the moment from our different locations, which are related to the different acquisitions we have made to one single plant, state-of-the-art capable to deal with the different product lines we have. And this is something we will do in the other regions. We have smaller plants. They will be dedicated in Thailand, for example, which will be dedicated to sensors. And we have an assembling plant, which is an historical plant, which we will keep in Japan. But mainly focus on 3 big plants, state-of-the-art, automated and cost-effective plants.

We'll now move to our next question over the phone, which comes from Thomas Besson from Kepler Cheuvreux.

I'll have 2 questions, please. First, a question on M&A. You mentioned that 60% of the cash flow generated will be dedicated to deleveraging and bolt-ons mainly. Can you confirm that at this point, there is no large transaction plan? I mean, historically, there has been a lot of talks about consolidating the Seating business, for instance, and you've just discussed that you are looking more for bricks than anything else for -- eventually for Clarion. But can you confirm that it would be more bolt-on than any large deal? For the first question. And the second question is on hydrogen. We heard your competitor, Plastic Omnium a few months ago, explained our strategy to become the leader in the hydrogen technology. You seem to be totally competing in almost everything you're doing right now. So can you explain us how you're differentiating from Plastic Omnium and from Hexagon, your Nordic competitor? Is there something you can tell us about the profitability of the business moving forward? As you -- for the time, if I understood, you want to show a level of profitability for Clean Mobility that would be above a certain level, but without committing to rising profitability eventually over time.

Thank you, Thomas. M&A, what Michel showed is that it's the split on how we are using our net cash flow. So it means that, yes, we will continue, and this is something we do permanently. We check the market for these technology bricks, and it's an ongoing process. It doesn't mean that we would not consider larger M&As if we would have the opportunity. For the moment, and this is what was explained, our priority is to deleverage the company to give us back all the resources and means to be ready to seize an opportunity at due time. Hydrogen. What is differentiating us? So first, we are a bizarre animal in this hydrogen world. We are not an historical player. So we do not have 10, 15 years of hydrogen behind us. We are not obviously an OEM. We have decided to enter into this field 4 years ago. We started with knowledge, with expertise -- fluid mechanics, for example, stainless steel transformation, for example. So we have some scientific basis, but we are not at all in the field. So we bought competencies. At the time, it was for affordable money, let me put it this way. We bought knowledge, patents from academics, from specialists. And we worked through acquisitions in order to improve our knowledge and to accelerate our homologation. And I think we are winning the race. We homologated one of the first of the 700 bar tanks. We just, last week, we bought CLD. It's clearly how we are working. At the end of this year, we will have 3 plants -- 3 industrial plants, one in China, one in Korea and one in Europe. We are ready. We have the orders in order to start serial production in 2021 at the end of this year and ramping up in 2022. When you look at Symbio, what is specific to Symbio? This alliance is extremely complementary. We have 2,000 engineers who are working on fluid mechanics. We are the first automotive buyer of stainless steel. We have decades of experience in transforming stainless steel in very precise plates. We know how to industrialize mass production and to digitalize and automatize. On the other side, Michelin, they have 600 material experts. They are working on the membrane. They are supporting Symbio on improving the MEA. The cost competitiveness of the future will, of course, come from the scale part, but it will also come from the material transformation part, the material choice and transformation. With Michelin, we are covering all the expertise fields which are needed for this STACK. Furthermore, when you look on the commercial side, we have the intimacy with all the OEMs, passenger cars and commercial vehicles, including off-road. Michelin has a long experience in dealing with fleets. They, for example, know how to sell tires per kilometer. They do that also with off-road fleets. They do it with other mobility segments. And here, again, I think that together, we have all the means. If I take then the storage systems and the STACK systems, I think we are on the right path. Maybe one additional comment. From day 1, Symbio, put on the road, cars where the STACK was a range extender. In other words, they are used to have an dual power in the car, and they are managing this dual power with their software. And I believe that this is the next future to have both kind hybrid, electric in order to expand to increase significantly the potential and the possible use cases.

We'll now move to our next question, which comes from Tom Narayan from Royal Bank of Canada.