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Driven by a stronger focus on a sustainable environment, increased traffic security, a desire for enhanced comfort, and supported by significant technology developments and government regulations, our industry is facing profound and accelerated changes. Consequently, automakers are reinventing themselves, and new players are entering the market. Furthermore, the automotive industry is gearing up to address the strong growth that is expected for electrification, autonomous driving, connectivity, and mobility in general.
Against this backdrop and still under a cloud of uncertainty, new alliances are being formed in order to globally respond to a diverse range of market transformations, including the steep rise of emerging economies. These new alliances include those involved in the IT and electrical equipment industries, as well as those focused on further improving end-user experiences. Thus, we believe that competition is increasing quickly and intensely, demonstrating a global nature that will transcend the boundaries of both nations and industries.
Amidst this increasingly competitive environment across the automotive industry, moving forward we will progressively focus and differentiate to sustainably develop and deploy world-leading products and services. By doing so, we will become an even more robust company, able to sustainably grow while staying close to our stakeholders.
Building on our strong foundation forged through eighty-plus years of automotive experience at Hitachi, we will apply our abundant know-how and technologies to support fundamental social innovation. By doing so, we can achieve a better society, thus generating value for all of our stakeholders around the world.
This year also marks the 10th anniversary since Hitachi Automotive Systems was established. This is a key milestone in our development, and reflects the strong progress made over the past ten years, as well as the support of our key stakeholders including our customers, business partners, shareholder and others.
I look forward to working with all of our stakeholders, and through sharing our technological innovations, we can create a better and more sustainable tomorrow.