Okay.
On the IRA, it says clearly that between now and 2029, 100% of the cost of every EV battery produced—which, in this case, would be by Volkswagen and Stellantis—is subsidized by taxpayers. That's 100%. After 2029, that drops to 75%, and then in 2030 it drops to 50%. I think in 2032 it drops to 25%, and then to zero.
In essence, for five or six years, or between now and 2032, a large amount of battery assembly in Canada, based on the IRA public numbers, is being nationalized and paid for by the taxpayer, 100% up until 2029. Using your math and the U.S. IRA numbers, that looks like about a million batteries a year alone at Volkswagen, which is 40% of the cost of the vehicle. Those batteries are then shipped down to Tennessee for assembly.
Is that the way the math comes out on the 20-year payout?