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You mentioned other brands, and that's what I'm primarily thinking about. These Chinese OEMs are emerging. If you're Inchcape and you distribute Toyota in Singapore, along with a couple of other smaller brands, that's a good business, as long as Toyota remains successful. If BYD or Great Wall wants to get distribution in Singapore, would they be interested in working with you, Inchcape, even if you already distribute Toyota? Would they be willing to work with you if you already distribute another Chinese brand? Would they be willing to work with you at all, considering you're a Western company and they might prefer Chinese distribution? Similarly, what would Toyota's stance be? They might be losing ground, but they haven't lost yet. Would they want to sever ties with you if you took on BYD? I'm trying to understand the brand dynamics.

Let me give you an example for clarity. I'm with Nissan, or rather, Renault Nissan. A few years ago, one of the major players in Africa was CFAO, a French company that distributes many brands across the continent. 10 to 15 years ago, CFAO was bought by Toyota indirectly, making CFAO essentially Toyota. Nissan canceled all importer contracts at that time because they didn't support the fact that CFAO, and by extension Toyota, was distributing their cars. However, 10 years later, they started discussions with CFAO again because they recognized CFAO's significant presence in Africa. This suggests that what might have been an issue in the past is not anymore.

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So, Nissan wouldn't have an issue if I operated a Nissan BYD Great Wall Toyota Ford dealership?

Nissan, could face some issues. However, Nissan currently holds a 3% market share in Europe. The balance of power is not in Nissan's favor, and they will have to accept the presence of Chinese brands in showrooms close to theirs.

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