Good morning, ladies and gentlemen, and thank you for waiting. Welcome to Iochpe-Maxion's third earnings conference call. Present at the conference today and available for Q&A session are Mr. Marcos Oliveira, Chief Executive Officer, and Mr. Elcio Ito, Chief Financial and Investors Relations Officer. We inform the participants that this conference call is being broadcast on the internet at the company's website, www.iochpe.com.br. The presentation is available to download at Investors Information section. We also inform you that all participants will be in listen-only mode during the company's presentation, and then we will start the Q&A session. During this call, in case any participants should need assistance, please press star zero to reach the operator.
Before proceeding, we would like to mention that forward-looking statements are based on beliefs and assumptions of Iochpe-Maxion's management, as well as information currently available to the company. Forward-looking statements are not guarantees of performance, involve risks, uncertainties, and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur. Now, I will turn the conference over to Marcos Oliveira, Iochpe-Maxion CEO. Mr. Oliveira, you may begin your conference.
Good morning, everyone, and welcome to Iochpe-Maxion earnings presentation. The demand for new vehicles in the main markets has been consistent. During the Q3 , our automotive global market has faced uncertainties and the supply of inputs, especially semiconductors, has been uncertain. According to IHS, the demand for light vehicles has gone down compared to the previous quarter.
Another highlight has been the segment of commercial vehicles with a growth according to LMC. We have reached an adjusted EBITDA of this for the , an increase regarding the previous year. It's important to highlight that without considering recurring events, especially the gains of the company for the factory would have been of 13. Our adjusted EBITDA would be BRL 483.7 million, with an increase with a margin of 13.5%. Our growth for the last quarter shows our operational efficiency and the positive effect of the diversified business model of the company based on geographies, clients, portfolio of company, and segments of commercial and light vehicles. I'll follow the slides in the presentation made available in the company's website.
Slide number two, we show the recovery of the global market and the forecast for light and commercial vehicles. LMC high for commercial vehicles. You can see that the global production of light vehicles forecast for 2021 is very consistent with the volume produced in 2020, reaching about 74.8 million vehicles for 2021. You can also see that the forecast shows a projected growth for 2021. When we exclude China, we can see a projected growth of 13% for light vehicles in 2022, reaching a global volume of 82.7 vehicles for next year. On commercial vehicles, we also have a consistent volume in the global production of commercial vehicles between 2020 and 2021 when we consider all markets.
When we exclude China, you can see an important growth in 2021 of about 19% compared to the year 2020. Very concentrated in North and South America and with some growth in Europe. The forecast for 2022 shows a growth of about 17% in the production of commercial vehicles, excluding China for 2022. Successive downward revisions for 2021 due to the semiconductor crisis result in a probable IHS high IHS changing, but the scenario is positive for the coming years due to repressed demand. Commercial vehicles show a positive scenario in 2021, as they have less exposure to the semiconductor crisis. In slide number three, we can see the main highlights for Q3 2021 of the company. The positive effect of a diversified business model.
We had net revenue of BRL 3.6 billion, an increase of 42.5% versus the Q3 of 2020. Our adjusted EBITDA was of BRL 483.7 million, with a 13.5% margin, or 455.3 million and 12.7% margin, not considering the non-recurring effects. Our gross profit was of BRL 495.6 million, 90.38% compared to the Q3 of 2020. Our financial leverage with a net debt to the adjusted EBITDA of 2.66x, with a reduction compared to the Q3 of 2020 of 7.02x, and a reduction compared to the Q2 of 2021 of 2.75x. Our net income for the Q3 of 2021 was of BRL 177 million. In slide 4, we can see a little more details on the growth of our net operating revenue.
We have reached BRL 3.584 million compared to BRL 2.515 million for the Q3 of 2020. A growth of 43% compared to the Q3 of 2020, of 13% versus the Q2 of 2021, and 41% when compared to the Q3 of 2019. The increase of, in revenue in the Q3 of 2021 was due to higher sales, launches of new programs and products, and a greater product mix and a higher raw material prices. We can observe on the right of the slide number 4, the revenues per region for the Q3 of 2021 and a growth in the participation of, South America, especially thanks to the growth of commercial vehicles segment. South America has reached 32.5% of the net operating consolidated revenue of the company.
North America with 29.7%, Europe 28.3%, and Asia and others 9.4%. In slide number 4, we see some more details of this positive effect of our diversified business model. When we see the growth in the share of revenue from structural components and wheels for commercial vehicles. The lower participation of wheels for light vehicles due to the semiconductor crisis was compensated by the growth of commercial vehicles. We can see that when structural components from the Q3 of 2021 represents 25% of the company's revenues, compared to 17% in the Q3 of 2020. Aluminum wheels for light vehicles is of 25%. Steel wheels for light vehicles, 24%, both lower than the Q3 of 2020.
Steel wheels for commercial vehicles representing 24% of the consolidated revenues of the company, compared to 20% in the Q3 of 2020. When we look at the revenue by segment, we can see a growth of 85.2% in commercial vehicle revenues. Commercial vehicles represented 37% of the revenues in the Q3 of 2020, now represents 48% in the Q3 of 2021. Likewise, the revenue by division of the company with a total growth of 100.3% in revenue from the Structural Components division. Structural Components in the Q3 of 2021 now represents 27% of the company's revenues, and Wheels represents 73%.
In slide number 6, we can see evolution of revenue by segment and the growth in the representativity of commercial vehicles. Which has reached 48.4% of the company's revenue in the Q3 of 2021. It was 39.6% in 2020. The growth has to do with the dynamics we mentioned previously, with the impact of semiconductors in the production of light vehicles globally, and a smaller impact on the commercial vehicle segment. The growth of commercial vehicles, especially in North America, pushed by the growth of the American economy and the increase of production in commercial vehicles in South America, especially in Brazil.
In slide 7, the revenues by client show a little bit of these dynamics of the segments with different growths and different models or business segments, and strategies for different companies compared to their business plans for the various regions. It's important to observe in slide 7, the growth in aftermarket segment, which represents 4.2% of our revenues in the Q3 of 2020, and 6.21% of our revenues for the Q3 of 2021. The trailers revenues has also increased, reaching about 2% of our consolidated revenues.
On slide 8, when we look at the operational performance per region, when we look at South America, when we look at the table on the left-hand side, we can see the decrease in the Brazilian market performance in the Q3 of 2021, a decrease of almost 21% compared to 2020. We see the growth in commercial vehicles compared to the Q3 of 2020. This dynamics is reflected in the net operating revenue that had the growth of 100.5%, reaching BRL 1,165 million, growing 131.5% for commercial vehicles revenue and 54.7% for light vehicles. As we mentioned before, representativity of South America was greater.
It represented 23.1% in the Q3 of 2020, and now in the Q3 of 2021, representing 32.5% of the consolidated net operating revenue globally. On slide number 9, when we look at North America region, starting on the bottom left-hand side, we had a decrease of 26.6% of light vehicle production in the Q3 of 2021 compared to the Q3 of 2020, and a decrease of 7.7% in the Q3 of 2021 compared to the Q3 of 2020. We can see a slightly lower decrease in the commercial vehicle segment that was less impacted by the availability of semiconductors for the factories.
When we look at the net operating revenue of the company, we see a growth of 33.5%, reaching BRL 1,065,000 in 2021, and a slightly better growth in commercial vehicles, representing 56% of growth compared to 2020, and in light vehicle segment, a growth of 16.9%. North America represented 31.7% of the net revenue in 2020, is now up to 29.7% in the Q3 of 2021. On slide number 10, when we look at Europe, we can see the decrease in light vehicle production of around 33% in the Q3 of 2021 against the same period in the previous year, and a slight growth in the production of commercial vehicles, around 2% in the Q3 of 2021.
When we look at the net revenue, we've reached BRL 1.016 billion, a growth of 10.3%. Compared to the same period in the previous year, we see a better, slightly better growth. A growth of 50.4% for commercial vehicles compared to the same period in the previous year. Europe represented almost 37% in the Q3 of 2020.
It's now up to 28.3% of the consolidated net operating revenue in the Q3 of 2021. On slide 11, when we look at operational performance for Asia, looking especially for India and Thailand markets, we can see a growth in the vehicle production in India for light vehicles around 5.9% in the Q3 of 2021 and a growth of 25% in the production of commercial vehicles in India when comparing with the Q3 of 2020. Thailand had a relatively stable market when we consider produced vehicles reaching 8.6%. We can see the growth of the India market.
When we look at the growth of the net operating revenue of around 57.2% in the Q3 of 2021, reaching BRL 338 million, this is an important growth of 107.2% for commercial vehicles and 43.7% for light vehicles. This revenue growth is especially in commercial wheels in our operation in India and China, but also continuous growth in the India market due to our capacity of aluminum wheels being produced in our plant in India. In the Q3 of 2021, Asia and other markets represented 9.4% of the net revenue of the company, compared to 8.6% in the same period in the previous year.
On slide 12, when we look at the gross profit, we can see a profit of BRL 496 million in the Q3 of 2021 compared to BRL 256 million in the Q3 of 2020. The increase of gross profit in the Q3 of 2021, due to the revenue growth and greater operating leverage of the company, reached gross profit, gross margin of 13.8% in the Q3 of 2021. When we look at the nine months of 2021 compared to the first nine months of 2020, we can see a growth of BRL 304 million to BRL 1.326 billion in the first nine months of 2021, reaching a gross margin of 13.4%.
The first 9 months of 2020 had an important impact in the beginning of the pandemic, which impacted a lot for the Q2 of 2020. On slide 13, the adjusted EBITDA of BRL 484 million in the Q3 of 2021 compared to BRL 241 million in the Q3 of 2020. A growth of the EBITDA margin about 9.6% to 13.5% in the Q3 of 2021.
When we look at the first nine months of both years, we can see a growth of the adjusted EBITDA from BRL 306 million to BRL 1.46 billion in the first nine months of 2021, and a growth in the EBITDA margin from 5.2% in 2020 to 14.8% in the first nine months of 2021. It's important for us to remember that the Q3 of 2021 benefited from the gain related to the sale of the Akron plant in the United States for around BRL 18.3 million and from a net gain from the legal proceeding from the exclusion of ICMS on the PIS/COFINS basis around BRL 10 million.
If we don't consider the non-recurring effects in the Q1 of 2021, the EBITDA would be BRL 455.3 million with a margin of 12.7%. On slide number 14, we see the net income profit of BRL 177 million in the Q3 of 2021 versus loss of BRL 19 million in the Q2 of 2020. Throughout the first nine months of 2021, we reached a profit of BRL 443 million comparing to the loss of BRL 362 million in the first nine months of the previous year.
Our investments, especially focused on health and safety, maintenance, launching new products, and improving productivity, reached BRL 112 million in the Q3 of 2021. A total of BRL 252 million in the first nine months, almost 5% lower than those BRL 264 million of investment in the first nine months of 2020. On slide 16, we can see the financial leverage and liquidity ratio we reached in the Q3 of 2021. A net debt of BRL 4 billion, 500 million, and 23,000. The adjusted EBITDA of 2 versus 2.74 in the Q2 of 2021, and the trajectory being stable with the leverage being around 7 in the previous period. In the liquidity ratio cash and short-term debt, we reached 0.54 times in the Q3 of 2021.
We can see the composition of the indebtedness, the gross debt breakdown represented in the Q3 of 2021 around BRL 5.624 billion in gross debt. With around BRL 1.007 billion of cash, representing a net debt of BRL 4.523 billion. The gross debt breakdown shows 47% in reais, 11% in dollars, 37% in euros. When we look at the right-hand side in the same graph, in the same slide, we can see the short-term debt that represented 43% of the company debt in the Q3 of 2020. Now representing 33% in the Q3 of 2021, with the average term represented two.three years in the Q3 of 2020, is now up to four point one years in the Q3 of 2021.
On slide 18, we have some recognition for the company in the Q3 of 2021, showing our commitment in the continuous improvement of our products and the trustability of our products and services. Also, our representativity, not only in commercial vehicles but also in light vehicles, structural components, wheels and all over the world. Represented here with the recognition in three regions, especially in Brazil, Thailand and India, in the Q3 of 2021. On slide 19, I'd like to mention that we will publish our second report for sustainability next week. I would also like to invite you to our investor day on December seventh, where we'll talk more about the company focusing especially in the ESG initiatives for the company in 2021. Now let's open to the Q&A session. We will now start the Q&A session.
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The first question comes from Lucas from XP Investimentos. Congratulations on your presentation. First, just to understand better the margin and the maintenance of this level. Just to understand a few points. First, there's still some temporal discrepancy. I want to understand if this has been resolved. You have mentioned in the conference call the gross margin. I would like to understand if there is a greater participation in business in Brazil with added value and understand the factors behind what is affecting positively the margin. Think if it makes sense with the normalization of the light vehicle segment. It would be interesting to understand better how it affects the margin for 2022 and 2023. Also, we have an expressive growth.
When you look at the level of stock, we have some changes in the cost of raw materials and understand how it can be better throughout this year, and if this would be growing for the next year or if we have something more for the short term. We have 2 issues: the margins and the net capital. Thank you, Lucas, for the questions. I'll start with the first one, and then I'll talk a little bit about the second one. Regarding the margins, throughout the year 2021, we have been trying to align the prices of our products compared to the constant increase in raw materials observed around the world. We have been doing that quite consistently quarter- to- quarter.
Especially between the first and the Q3 , trying to reach a balance between the cost of raw materials and the prices practiced in the market. Today, our prices are very well aligned. We have changes that happened until the third, the first semester of this year. We've been trying with our global clients to adjust the prices of our products based on the increase in raw materials, especially steel and aluminum in the various regions we operate. I'd say we have not 100% alignment. There's always some difference due to different implementation with different clients and products. I'd say that we are quite well aligned regarding costs of raw materials and the prices practiced in the market.
Regarding the mix of products, we see a clear growth observed in the segment of commercial vehicles, both in Wheels and Structural Components, and a greater growth in the production of commercial vehicles in all regions, especially South America, North America, but also Europe. This faster growth in the commercial vehicles that has been less affected by the availability of semiconductors, as is the case with the light vehicle segment. This has increased. The production has grown for commercial vehicles in 2021. We also have the launching of new products and increased capacity like this stamping plant that has presented higher growth than the growth in the rest of our product lines.
Also, higher than the growth of the segment of commercial vehicles in North and South America and Brazil. Of course, throughout time, as the light vehicle segment starts growing again more normally, this balance of both segments will not stay as they are now. It should move towards historical values because we have an accelerated growth of our products in commercial vehicles and then in light vehicles. But we should have more normal index of products as both segments grow in the same speed. Once again, I believe that when we go back to normal, our mix of commercial vehicles will still be higher than the historical mix we have observed due to our programs and our capacity for commercial vehicles, which has been very well used in North and South America and also Europe.
I'll let Elcio talk a little bit more about capital.
Marcos was talking about the mix, and I would say that even in wheels we had reduction because of the semiconductors. Because the companies are directing their production to vehicles that use more added value wheels that help the revenue of the company. As we go back, as Marcos said, there might be some impact on the margin, but obviously, as we generate a higher amount of gross profit, that should affect the total of the company. With regard to stocks, it's an important topic throughout the entire year due to the higher cost of aluminum and steel that we have observed during the last year.
The difference that when we talk about steel year- after- year, we had an increase of over 270% with the indicator of CRU for North America. When we look specifically at the quarter, it is important to notice the two components of the stock, price and volume. In case of the raw materials for CRU in the Q3 compared to the Q2 , we had an increase of 20% for CRU in the average from the second to the Q3 In the case of aluminum, about 10%. Also, these were increases in dollars. If you add that to the exchange rate evaluation, we have an impact of about 9%. This is an important component in the increase of stocks in this quarter. It has to do with the prices.
Additionally, we had a small increase in volume due to the sudden stop at the factories, which affects the purchases we have scheduled in advance and production. When you have these sudden stops, the forecast made two or three months in advance is affected. We are always getting organized to meet the demand. We expect for the next periods two factors. The average price should continue to increase in the margin until the prices are completely normalized. We should have a positive effect as semiconductors continue more constant, which is something we expect to happen with regards to the Q3 . We expect to have better planning and consequently a subsequent reduction of volumes. I imagine a positive effect for the future.
It shouldn't change completely in the Q4 , but in the following periods, we should have more normalized adjustment. Reminding you that we didn't change our policies regarding stocks in the company. We did have a structural increase in prices, but not in volumes. A final comment regarding the dynamics of commercial and light vehicles, especially when we look at short, medium term for 2022. If we remember the conditions of IHS, still in 2022, the growth of commercial vehicles should be higher than that of light vehicles in the main markets where the company operates, except for China. If we look at the forecast projected for the future, we should have a 13% of growth in 2022 compared to 2021. The commercial vehicles growth should be of 17% in 2022 compared to 2021.
In medium term, the performance of commercial vehicles would be more robust, not only thanks to the semiconductor issue that should be improved in the next 15-18 months, but throughout the year 2021, it should be gradually improving. Also, due to the economic growth and impact of actions conducted, so it's like the trillion-dollar package of the American government that should have a continuous impact in the demand for trucks in North America. The performance in Brazil, thinking of the agro sector and other sectors that demand transportation of goods, especially trucks.
These show that the projection of a higher growth in the segment of commercial vehicles in 2022 compared to 2021, when compared to light vehicle segment, is something that allows us, I'd say, to have an interesting mix when we look at this period starting the year 2022.
Perfect. Very clear. Thank you for the answers, and a good day to you all. Thank you.
Our next question comes from Aina Guimarães from BTG Pactual.
Good morning, everyone. We have two questions. First, I would like you to comment on the perspective of leverage. We saw that the leverage kept falling in this quarter, and we would like to know what to expect for the next periods. If you could comment on what to expect in terms of performance regarding geography.
We saw strong volumes in South America and India, and we would like to know what to expect regarding geography in the next periods.
Good morning, Ainá. Thank you for the question. I'll make some comments regarding my previous speech on stocks. You have mentioned correctly, we had a reduction in leverage of 2.64% to 2.66% in the Q3 . Remind you that last year our leverage was very affected by the pandemics. This reduction that happened in this quarter had a lot to do with the international results for this quarter, an EBITDA of BRL 484 million compared to the value of the same quarter last year. That leads to an EBITDA of BRL 7 billion.
We had an increase in the Q3 due to two factors, mainly exchange rate that explains about 30% of this difference. If we had the same levels of June, our net debt would be about BRL 160 million lower. We would have a leverage of 0.58x. This was something that hindered the results of this Q3 , and the leverage would be even higher if it were not for the exchange rate. The third issue we expect a more active dynamic. We have more temporary change for the next years according to the forecast of our purchase department.
We have a positive perspective of continuing the deleveraging of the company and reinforcing that our goal for the management and the council is to have this leverage of 1.5-2x.
Ainá, in relation to your second question, the performance by geography, we would obviously say that we see the availability of semiconductors for the factories in the short term. In the Q2 and along the Q3 , the lack of visibility in relation to the supply of semiconductors by the factories was really great, what caused constant interruptions in the factories and of course in the supply chain due to the lack of semiconductors. Important changes in the production programs of the factories that decided to do a certain program for the next weeks or next months, and they were hindered in the last minute because the semiconductor wouldn't arrive due to lack of the components or logistics issue that affected a lot of the logistics chains in all of the world, especially in Asia and the rest of the world.
In the Q3 , it was highly impacted with low visibility, and in the Q4 we still see limitations in the supply for the factories of semiconductors. The interruptions have been lower and the planning has been a little better, which is positive for us because we are able to prepare a little better for this. The situation is not resolved yet, but it has improved. Talking about visibility and planning, it has improved in the past few weeks globally with all our clients and factories, which is positive, and we believe that throughout 2022 the situation will continue improving continuously.
When we look at the projection of volumes and we use the numbers of IHS and LMC, and we triangulate these numbers with our talks with the factories and we have our own market analysis, we see an interesting growth, as I mentioned in the beginning of my presentation, in the light vehicle segment growing around 13%, excluding China because China still represents volume and revenue lower than our net revenue globally, representing 13%. When we look at light vehicles, North America growing based on these projections, growing in around 20%, closer to 17% actually. Europe growing around 20%. South America growing around 13%-14% compared to 2021. These are interesting growths and are appropriate for the different regions, and we believe this growth because the demand for vehicles is ongoing.
It is strong in South America, Europe and North America, and the vehicles stock produced is still low, but we have a demand of the retail customer. The rentals is still very strong and the possibility is limited because of the production as we talked about this, because of low stocks. This level of growth that I mentioned for light vehicles looks interesting. At the same time, when we look at commercial vehicles, we see a growth of around 17% next year. It's higher than light vehicles. In Europe, closer to 11, 12% of 2022. In North America, around 19%-20% in 2022 compared to 2021. In South America, growth of around 11% in 2022 compared to 2021.
South America has grown a lot this year, so there's a very interesting and attractive production, but still growing two digits in 2022. The perspective is positive. It's a perspective of constant improvement in the next year due to the demand that there is and low stocks, low inventory, and a gradual availability of semiconductors for the factories globally. I hope to have answered your questions. That's great. Thank you. Our next question comes from Victor Mizusaki from Bradesco BBI. Good morning. Congratulations for the results. I have two questions. First is about the margin discussion. The operation in Brazil has a margin superior to abroad. Could you confirm that that's correct?
As you mentioned, the mix effect, if it makes sense to expect that depending on the demand, as Marcos said, with commercial vehicles abroad, especially in the United States, we have a margin growth in 2022. The second question about stock. You showed the slide that portrayed the increase in sales in the production market. If it makes sense to expect that this is one of the channels for you to reduce the stock level? The last question about JV with Dongfeng results. We have seen increase in the net loss in the operation. If this is related to the expense of pre-operational expense with the expectation of entries in 2022? Thank you. Good morning, Victor. Elcio here. Let me just make a few comments.
About the margin, what we have in general terms, and we always talk about this, the commercial vehicles margin has average, globally speaking, slightly superior than light vehicles. As a reference, this aspect, of course, Brazil has grown more as we showed in the commercial vehicles, but all regions have grown. Brazil has relatively grown a little more than the other regions. Just for us to keep this in mind, commercial vehicles is positive for the gross margin due to the dynamics that we see in the different markets. About stock, this is an important market that has been growing in the last few periods, gaining in representativity, but the reduction in stock will not occur because this is an important channel and this important strategy.
It will happen as we are able to replan and have more visibility and consistency in relation to the projections of the factories according to our production plan. We have to understand that in the last periods, this has been more volatile, and it caused this stock issue that is temporary, and we will month by month replan and understand the changes that we have to do in the raw material purchases. These interruptions have been sequential and continuous and sudden. There was no time for us when we adjusted and there was another interruption, so we didn't have the ideal stock that we would like to. As Marcos said, as this scenario starts to become more stable, we will be able to plan better our stocks.
We never produce for stock, we only produce for demand, and we don't want to have excess stock in our operation because of the cash flow. We will calibrate as the next months will bring more stability to the operations. About Dongfeng, you're correct in your statement. We are very close to beginning the operation. We have a few extra expenses so we can have the plant completely prepared for the beginning of operations. In this aspect, particularly, we are in the process in the second semester of this year, 2021, hiring people, producing the first prototypes in the factory, the installation of the equipment. The gradual production will be onset in the last days of this year, and the ramp-up gradual process will grow quarter by quarter with the training and the productive capacity and the launching of products.
Because the products are aligned with some platforms that our clients have. We have seen this happening in India, in our aluminum wheels factory that started production in the last period of 2019, has grown in 2020 and continues to grow. Aligning this production of our factory with our clients. We believe we will start to see these volumes for our subsidiary with a partnership with Dongfeng in China being more representative gradually over 2022 and entering 2023. Great. Thanks. Our next question comes from Marcelo Mota from Banco J.P. Morgan. A bit more generic question for you. We talked a lot about semiconductors, but the demand is still strong for light vehicles.
I want to understand how you see the programming for your customers with the increase of the price for cars, especially in Brazil, in the local market, there is a fear that demand will be lower for this type of vehicle. How do you see the programming? Does it make sense to think that we need to make a reduction so we can regain volume for next year? Thinking about price and volume in the light vehicles market. Marcelo, good morning. Thank you for the question. In short term, due to the increase of prices in raw materials and the lack of materials such as semiconductors, the factories globally have prioritized a mix using raw materials, the semiconductors that are available, and produce the vehicles that have high demand and consistent demand and generate better results for the businesses.
In the limitation of semiconductors, there is a clear prioritization for more equipped vehicles and vehicles that have better results. I believe that in Brazil's case particularly, we see this in the product mix that has been sold, the growth of the SUV segment that has been important within the last years, particularly in 2021. As the availability of semiconductors start to become more normal, there is a demand for entry vehicles that need to be met as well. It is together with the improvement of the macroeconomic conditions in Brazil, talking about unemployment and access of the buyer to not only more expensive vehicles but also entry vehicles.
I believe that when things become normal, probably not only with the trend of buying, but the preference trend will be more for SUVs and larger and more equipped vehicles, but not only the more traditional vehicles as sedans and hatches. There is a demand that will be met for entry vehicles as well. It will occur as the issue of semiconductors is more normalized.
Perfect. Thank you. We now close the question and answer session. I would like to pass the floor to Mr. Marcos for his final considerations.
The positive effect of our diversified business model with various products, geographies, and segments, the improvement of operational productivity allows us to advance and meet better the current and future needs of the automotive industry and mobility, as you observe in our results and growth of our business.
We remain attentive to the changes in the market to timely focus on executing our long-term plan, but mainly improving our productivity, competitiveness, launching new products, and using consistently our productive capacity globally, very well aligned with environmental, social issues. Thank you very much for participating here with us, and we are at your disposal for any