福特汽車 (F) 2005 Q3 法說會逐字稿

Good day ladies and gentlemen and welcome to the Ford Motor Company third-quarter earnings conference call.

女士們、先生們，美好的一天，歡迎參加福特汽車公司第三季財報電話會議。

My name is Rachel and I will be your coordinator today.

我叫雷切爾，今天我將擔任你們的協調員。

At this time all participants are in a listen-only mode.

此時所有參與者都處於只聽模式。

We will be taking questions following today's presentation. (OPERATOR INSTRUCTIONS) As a reminder, ladies and gentlemen, this conference is being recorded for replay purposes.

我們將在今天的演講後回答問題。 （操作員說明）女士們先生們，謹此提醒，本次會議正在錄製以供重播之用。

I would now like to turn the presentation over to your host for today's call, Ms. Barbara Gasper, Vice President of Investor Relations.

現在我想將演講內容交給今天電話會議的東道主投資者關係副總裁芭芭拉·加斯珀 (Barbara Gasper) 女士。

Thank you operator.

謝謝運營商。

And good morning to all of you joining us this morning either by phone or by the Internet.

今天早上透過電話或網路加入我們的大家早安。

On the conference call with me this morning are Bill Ford, Ford's Chairman and CEO along with Don Leclair, our Chief Financial Officer.

今天早上與我一起參加電話會議的有福特董事長兼執行長比爾福特 (Bill Ford) 以及我們的財務長唐勒克萊爾 (Don Leclair)。

Additionally here in the room are Jim Gouin, Vice President and Controller; and Marie Petach, Vice President and Treasurer;

出席會議的還有副總裁兼財務長 Jim Gouin；副總裁兼財務主管 Marie Petach；

Patricia Little, our Director of Accounting; and Dave Cosper, Ford Credit's CFO.

Patricia Little，我們的會計總監；以及福特信貸公司財務長戴夫‧科斯珀 (Dave Cosper)。

Before we begin, I would like to review a couple of quick items.

在我們開始之前，我想快速回顧一下幾個項目。

First, copies of this morning's earnings release and the slide deck that we be using here today have been posted on the Ford investor and media websites for your reference.

首先，今天早上的財報和我們今天使用的幻燈片的副本已發佈在福特投資者和媒體網站上，供您參考。

I would also point out that the financial results presented here are on a GAAP basis and in some cases, on a non-GAAP basis.

我還想指出，這裡提供的財務表現是基於公認會計原則（GAAP）的，在某些情況下，是基於非公認的會計原則（Non-GAAP）。

Any non-GAAP financial measures discussed on this call are reconciled to their GAAP equivalent as part of the appendix to the slide deck.

本次電話會議中討論的任何非公認會計準則財務指標均與幻燈片附錄中的相應公認會計準則財務指標進行了調整。

Finally, I need to remind everyone that today's presentation includes some forward-looking statements about our expectation for Ford's future performance.

最後，我需要提醒大家，今天的演示包含一些關於我們對福特未來業績預期的前瞻性陳述。

Actual results could differ materially from those suggested by our comments here.

實際結果可能與我們在此評論中建議的結果有重大差異。

Additional information about the factors that could affect future results is summarized at the end of this presentation.

本簡報末尾總結了有關可能影響未來結果的因素的更多資​​訊。

These risk factors are also detailed in our SEC filings including our Forms 10-K, 10-Q and 8-K.

這些風險因素也在我們的 SEC 文件中進行了詳細說明，包括我們的 10-K、10-Q 和 8-K 表格。

With that, I'd like to turn the call over to Bill Ford.

說到這裡，我想把電話轉給比爾福特。

Bill?

帳單？

Thank you, Barbara.

謝謝你，芭芭拉。

And good morning everyone.

大家早安。

Today I want to talk to you about two issues, first our earnings for the quarter; second, the measures we're taking to address our operating challenges and the steps we are taking to build the business.

今天我想和大家談兩個問題，第一是我們這個季度的獲利；第二是我們這個季度的業績。其次，我們為解決營運挑戰所採取的措施以及為發展業務所採取的步驟。

As we've indicated this morning, we're reporting a third-quarter loss of 203 million or $0.10 a share.

正如我們今天早上所指出的，我們報告第三季虧損 2.03 億美元，即每股虧損 0.10 美元。

This includes a pre-tax loss of 1.2 billion in our North American automotive operations.

其中包括我們北美汽車業務 12 億美元的稅前虧損。

While these results are clearly not what we want them to be, I would encourage you to look at the full-year performance.

雖然這些結果顯然不是我們想要的，但我鼓勵您看看全年的表現。

We remain poised to deliver our third consecutive year of positive net income.

我們仍然準備好連續第三年實現正淨利。

I would also encourage you to look at where we were a few short years ago when we lost 5.6 billion.

我還鼓勵大家看看幾年前我們損失了 56 億美元時的情況。

We cut costs, closed plants, eliminated marginally profitable models, trimmed our workforce, restructured our finance company and replenished our product pipeline.

我們削減成本、關閉工廠、取消微利模式、裁員、重組財務公司並補充產品線。

The result is that so far this year our Company has reported 1.9 billion of net income despite the very difficult and challenging state of our North American automotive operations.

結果是，儘管我們的北美汽車業務面臨著非常困難和充滿挑戰的狀況，但今年迄今為止，我們公司仍報告了 19 億美元的淨利潤。

I'd like to focus for a moment on North America and address the progress we are making and the challenges ahead.

我想專注於北美，並討論我們正在取得的進展和未來的挑戰。

First, a renewed sense of urgency has been instilled at every level of this Company to adjust to an abrupt shift in the marketplace with growing demand for vehicles with improved fuel economy.

首先，公司各個層面都建立了新的緊迫感，以適應市場的突然轉變，對燃油經濟性更高的車輛的需求不斷增長。

While this shift is something we anticipated, the future arrived faster than we expected because of this year's sharp spike in fuel prices.

雖然這種轉變是我們預料到的，但由於今年燃油價格的大幅上漲，未來到來的速度比我們預期的還要快。

Even though our fleet fuel economy is the best it has been since 2000, reduced demand for vehicles that had sustained our profitability particularly larger SUVs, hurt our results.

儘管我們的車隊燃油經濟性是自​​ 2000 年以來最好的，但維持我們盈利能力的車輛需求減少，尤其是大型 SUV，損害了我們的業績。

Nevertheless, we're aggressively transitioning which is why we've devoted so much attention to the development of cars, crossovers and hybrid electric vehicles.

儘管如此，我們正在積極轉型，這就是為什麼我們如此關注汽車、跨界車和混合動力電動車的開發。

You may remember that in 2004 we talked about the year of the car and we began bringing customers who are car customers back to our showrooms.

您可能還記得，2004 年我們討論了汽車年，並開始將汽車客戶帶回我們的展間。

We introduced the Ford 500 and the Mercury Montego sedan, which offered industries best all-wheel drive fuel economy.

我們推出了福特 500 和 Mercury Montego 轎車，它們提供了業界最佳的全輪驅動燃油經濟性。

The Mustang redefined what an American sports car should be.

野馬重新定義了美國跑車的定義。

And as our year-to-date results show, our car sales are up for the first time since 1993.

正如我們今年迄今的業績所示，我們的汽車銷量自 1993 年以來首次出現成長。

Our determination to reclaim share in the car market is underscored by the Ford Fusion which has received critical acclaim and is leaving showroom lots as quickly as it is delivered.

福特 Fusion 彰顯了我們奪回汽車市場份額的決心，該車受到了廣泛好評，並且在交付後就迅速離開了展廳。

We also own the fastest-growing lineup in the crossover segment led by the best-selling crossover, the Ford Escape.

我們還擁有跨界車領域成長最快的產品線，其中以最暢銷的跨界車福特 Escape 為首。

And we're introducing our second full hybrid this fall with the Mercury Mariner.

今年秋天，我們將推出第二款完全混合動力的 Mercury Mariner。

The Escape and Mariner hybrids are the only hybrids designed, engineered and built in America.

Escape 和 Mariner 混合動力車是唯一在美國設計、製造和製造的混合動力車。

And as I announced last month, we will have the capability to build 250,000 hybrids a year by 2010 and half of our name badges will have hybrid options.

正如我上個月宣布的那樣，到 2010 年，我們將有能力每年生產 25 萬輛混合動力車，而我們一半的名牌將有混合動力選項。

These actions and others show that we are not content to stand pat with our product line-up in a changing market.

這些行動和其他行動表明，我們不滿足於在不斷變化的市場中固守我們的產品線。

We know that the days of unlimited inexpensive gasoline are over and we're planning our product line-up accordingly.

我們知道無限廉價汽油的時代已經結束，我們正在相應地規劃我們的產品系列。

Some demand will continue for large vehicles.

對大型車輛的一些需求將繼續存在。

But we must make the value proposition of all of our vehicles more appealing.

但我們必須讓我們所有車輛的價值主張更具吸引力。

And that means improving fuel economy across the board to ease the burden at the pump for America's families and lesson our dependence on foreign oil.

這意味著全面提高燃油經濟性，以減輕美國家庭的加油負擔，並減少我們對外國石油的依賴。

We will target new segments of customers especially in parts of the country where people like our brand but have lost touch with what it can deliver in their daily lives.

我們將瞄準新的客戶群，特別是在該國的部分地區，人們喜歡我們的品牌，但對我們的品牌在日常生活中所能提供的服務失去了聯繫。

For example, we will do better with safety conscious drivers especially women with whom our marketshare needs to rebound.

例如，我們將在具有安全意識的駕駛員方面做得更好，尤其是女性駕駛員，我們的市場份額需要反彈。

Our most significant challenge going forward is our cost structure which clearly isn't where it needs to be.

我們未來面臨的最重大挑戰是我們的成本結構，這顯然不符合其所需的程度。

And that is why one, Mark Fields' principal charges is to align our plants and our people to the market.

這就是為什麼馬克菲爾茲 (Mark Fields) 的主要職責之一就是讓我們的工廠和員工適應市場。

Today I'm not going to foreclose options for Mark and Anne Stevens and their newly positioned team by making announcements.

今天，我不會透過發佈公告來取消馬克和安妮史蒂文斯及其新定位團隊的選擇權。

Rather I've asked them to make recommendations for my review by December and we will deliver a complete plan for North America's turnaround in January which will then be discussed with you.

相反，我已要求他們在 12 月之前為我的審核提出建議，我們將在 1 月份提供北美地區週轉的完整計劃，然後與您進行討論。

That plan will include significant plant closings where facilities don't fit our strategy moving forward.

該計劃將包括關閉那些不符合我們未來策略的工廠。

We're also in the process of reducing our payroll in North America especially in areas that don't contribute to the bottom line.

我們也正在減少北美地區的工資，特別是那些對獲利沒有貢獻的領域。

This is not a sacrifice that we will ask only the UAW and its membership to bear.

我們不僅要求美國汽車工人聯合會及其成員承擔這項犧牲。

There will be sacrifices asked of people throughout our Company from top to bottom in these very difficult circumstances and we will reduce structure as well as jobs.

在這些非常困難的情況下，我們公司從上到下的所有人員都需要做出犧牲，我們將減少結構和工作。

Reducing unaffordable structure in North American and elsewhere is a painful but it essential step in improving the bottom line.

減少北美和其他地區難以承受的結構是一個痛苦的過程，但它是提高利潤的重要一步。

But I'm committed to improving our top line as well.

但我也致力於提高我們的營收。

As you've seen, we've delivered considerable progress over the past several months that will favorably impact our results in the years to come.

正如您所看到的，我們在過去幾個月中取得了相當大的進展，這將對我們未來幾年的業績產生積極影響。

Our deal with Visteon, our largest supplier, was completed without a lot of brinksmanship and in the way that minimized disruption and set the foundation for reduced costs and assured continuous supply of our critical components.

我們與最大的供應商偉世通的交易是在沒有太多邊緣政策的情況下完成的，並且以最大限度地減少干擾的方式完成，為降低成本和確保關鍵組件的持續供應奠定了基礎。

Our deal with Hertz will bring in 5.6 billion and strengthen our balance sheet as we said we would do in April.

我們與赫茲的交易將帶來 56 億美元的收入，並加強我們的資產負債表，正如我們在 4 月所說的那樣。

Very recently, we introduce a vastly streamlined model for supply chain management that will simplify our processes, encourage innovation from our suppliers and reduce material cost by billions of dollars over time.

最近，我們推出了一個極其簡化的供應鏈管理模型，該模型將簡化我們的流程，鼓勵供應商創新，並隨著時間的推移將材料成本降低數十億美元。

And as you might expect, we are in discussions with the UAW regarding healthcare.

正如您所料，我們正在與美國汽車工人聯合會就醫療保健問題進行討論。

We also recently concluded positive discussions with Bridgestone resulting in a payment of $240 million.

我們最近也與普利司通完成了積極的討論，最終支付了 2.4 億美元。

Other progress of note has been our recent contract with the Canadian Auto workers; a global workforce reduction and continuing profitable push into the growth markets of Asia led by Mark Schultz.

其他值得注意的進展是我們最近與加拿大汽車工人簽訂的合約；馬克舒爾茨 (Mark Schultz) 領導的全球勞動力減少和持續獲利的進軍亞洲成長市場。

Jim Padilla is heading for China tomorrow where he will review our progress in expanding our manufacturing base and growing sales and dealer bodies.

吉姆·帕迪拉 (Jim Padilla) 明天將前往中國，在那裡他將回顧我們在擴大製造基地以及發展銷售和經銷商機構方面取得的進展。

Next week I'm going to India where we're introducing an important vehicle to the market into Thailand where we're expanding our capacity in ethanol vehicles which are particularly important in that market.

下週我將前往印度，在那裡我們將向市場推出一款重要的車輛；在泰國，我們將擴大乙醇車輛的產能，這在該市場中尤其重要。

These visits reflect our resolve to change not only our Company's size but its shape and position ourselves appropriately in this global marketplace.

這些訪問反映了我們不僅要改變公司規模，還要改變其形態，並在全球市場中適當定位自己的決心。

But for all the progress we recognize we're very far from the finish line.

但儘管取得了所有進展，我們也承認我們距離終點線還很遠。

Change and challenge are coming at an accelerated pace and we must continue to respond rapidly but also strategically.

變化和挑戰正在加速到來，我們必須繼續做出快速且策略性的反應。

As I said to Mark Fields when I appointed him at our new North American team, this is certainly not business as usual.

正如我在任命馬克·菲爾茲加入我們新的北美團隊時對他所說的那樣，這肯定與往常不同。

We need a dramatically different business structure and we need innovation to drive everything we do.

我們需要一個截然不同的商業結構，我們需要創新來推動我們所做的一切。

There's been a lot of written in the past couple of weeks about the fundamental changes in our industry.

過去幾週有很多關於我們行業根本性變化的文章。

With events unfolding, it is certainly not surprising that people are reflecting on the future not just of the domestic autos but of U.S. manufacturing as a whole.

隨著事態的發展，人們不僅反思國內汽車的未來，而且反思整個美國製造業的未來，這當然不足為奇。

Let me just make this observation.

讓我做一下這個觀察。

In the most open market in the world the landscape is constantly changing.

在世界上最開放的市場中，情況不斷變化。

Our industry is beginning a dramatic restructuring which is sorely needed.

我們的行業正在開始進行急需的重大重組。

And change is often uncomfortable and the consequences will be painful to some.

改變往往令人不舒服，而且其後果對某些人來說也是痛苦的。

While the challenges are great, so are the opportunities.

雖然挑戰很大，但機會也很大。

We can and will dramatically change the structure and the focus of our business.

我們能夠而且將會大大改變我們業務的結構和重點。

Unless there be the slightest doubt, I will be in charge of this effort without any reluctance whatsoever.

除非有絲毫懷疑，否則我將毫不猶豫地負責這項工作。

We have some difficult days ahead of us and some tough actions to take.

我們將面臨一些困難的日子，需要採取一些艱難的行動。

But we had a blueprint for moving forward and the right team to execute our plan.

但我們有前進的藍圖，也有合適的團隊來執行我們的計劃。

Thank you.

謝謝。

Now Don will take you through our third-quarter results.

現在唐將帶您了解我們的第三季業績。

Thanks, Bill.

謝謝，比爾。

And good morning to everyone.

大家早安。

In the third quarter we incurred an operating loss from continuing operations equal to $0.10 a share.

第三季度，我們因持續經營業務而產生了每股 0.10 美元的營運虧損。

And because the quarter was a loss there was no dilution in the calculation of earnings per share.

由於該季度出現虧損，因此每股收益的計算並未稀釋。

North America reported a substantial loss which was disappointing but expected and South America and Asia-Pacific both were profitable.

北美地區出現大幅虧損，令人失望，但在意料之中，南美和亞太地區都獲利。

PAG improved by 63 million from last year and Ford Credit earned a pretax profit of about 900 million.

PAG較去年增加了6,300萬，福特信貸則獲得了約9億的稅前利潤。

And we continue to have strong liquidity with nearly 20 billion of automotive cash.

我們繼續擁有強大的流動性，擁有近 200 億的汽車現金。

Now on to slide two, which shows our standard financial metrics and I just want to point a couple of items out here.

現在轉到第二張投影片，它顯示了我們的標準財務指標，我只想在這裡指出幾個項目。

Third-quarter revenue was 40.9 billion and automotive sales were 34.7, both up from last year.

第三季營收為409億，汽車銷售量為34.7，均較去年同期成長。

Changes in exchange rates increased automotive revenue by about 1%.

匯率變動使汽車收入增加了約 1%。

And the remainder of the change reflects primarily favorable net pricing.

其餘的變化主要反映了有利的淨定價。

Our unit sales were up 23,000 units and this includes for the first time 14,000 Mazda 6 vehicles produced at Auto Alliance International because we now are consolidating AAI, our vehicle assembly JV with Mazda, which is located in southeast Michigan.

我們的銷量成長了 23,000 輛，其中包括首次在國際汽車聯盟生產 14,000 輛馬自達 6 車輛，因為我們現在正在整合我們與馬自達位於密西根州東南部的汽車組裝合資企業 AAI。

The third-quarter tax rate on continuing operations excluding special items was 19.4% and the rate for the first nine months was 13.6%.

第三季不包括特殊項目的持續經營業務稅率為19.4%，前9個月的稅率為13.6%。

And the rate for the first nine months is a rate we expect to see for the balance of the year.

前九個月的利率是我們預計今年剩餘時間的利率。

Now slide three shows our pretax results by sector excluding special items.

現在，第三張幻燈片顯示了我們按部門劃分的稅前業績，不包括特殊項目。

And as Bill mentioned, we lost 203 million in the third quarter with a loss of over 1.3 on the auto sighed and profits and financial services of over 1.1 billion.

正如比爾所提到的，我們第三季虧損了 2.03 億美元，其中汽車業務虧損超過 1.3 億美元，利潤和金融服務虧損超過 11 億美元。

Slide four shows the impact of the most significant operating factors on our third-quarter auto earnings when compared with a year ago.

第四張投影片顯示了與去年同期相比，最重要的營運因素對我們第三季汽車收益的影響。

Volume and mix was 200 million unfavorable compared with last year.

數量和結構與去年相比不利2億。

This was more than explained by lower dealer inventory in North America offset partly by stronger North American industry volume.

北美經銷商庫存的減少被北美工業銷售的強勁部分抵消，這足以解釋這一點。

Mix deterioration in North America was largely offset by improvements at Land Rover and overall market share was about unchanged.

北美混合動力的惡化在很大程度上被路虎的改善所抵消，整體市佔率基本上保持不變。

Net pricing was favorable by 200 million, more than accounted for by improvements in Land Rover in South America.

淨定價有利 2 億美元，超過了路虎在南美洲的改進所帶來的影響。

Cost performance was unfavorable by 300 million for the quarter.

本季成本績效不利3億。

We will talk more about that.

我們將更多地討論這一點。

Foreign exchange was unfavorable by about 300 million, primarily reflecting the impact of a somewhat weaker U.S. dollar compared with a year ago and the expiration of favorable hedges that were put in place a few years ago.

外匯不利約3億美元，主要反映了美元較上年同期略弱以及幾年前實施的有利對沖政策到期的影響。

And other was unfavorable by 100 million more than explained by the non-recurrence of tax related interest income last year.

其他比去年未發生涉稅利息收入所解釋的不利多出1億。

Now our cost performance for the first nine months of this year was 1.7 billion unfavorable.

現在我們今年前九個月的性價比是17億不利。

And costs increased by about 300 million during the third quarter consistent with what we told you in July.

第三季成本增加了約 3 億美元，與我們 7 月告訴您的一致。

Quality related expenses in the first nine months were unfavorable by 500 million and the third quarter was unfavorable by 200 million.

前九個月品質相關費用減少了5億，第三季減少了2億。

The third-quarter result includes a recent recovery of 240 million of recall related costs from Bridgestone Firestone.

第三季業績包括普利司通凡士通近期收回的 2.4 億美元召回相關成本。

This was more than offset by an increase in our reserves for prior model year coverages and the non-recurrence of the favorable impact of reserve adjustments in the third quarter of last year.

這被我們上一年度覆蓋範圍的準備金增加以及去年第三季度準備金調整的有利影響不再出現所抵消。

Manufacturing and engineering costs were 700 million favorable, reflecting ongoing improvements in our plants and processes.

製造和工程成本為 7 億美元，反映出我們工廠和流程的持續改善。

Overhead costs for the first nine months were about unchanged.

前九個月的間接費用幾乎沒有變動。

Net product costs for the first nine months were 1.2 billion higher compared with last year and included an increase of 200 million in the third quarter.

前 9 個月的淨產品成本比去年增加了 12 億美元，其中第三季增加了 2 億美元。

And this increase includes the impact of our new product programs as well as higher commodity prices which we discussed on several occasions.

這一增長包括我們的新產品計劃以及我們多次討論過的商品價格上漲的影響。

Depreciation and amortization was about 100 million higher for the first nine months and pension and retiree healthcare expenses were 600 million higher for the first nine months consistent with our original plan for this year.

前 9 個月折舊和攤銷增加約 1 億，前 9 個月退休金和退休人員醫療費用增加 6 億，與我們今年的原計劃一致。

And as indicated in July, we expect cost performance to improve in the fourth quarter reflecting acceleration of our cost reduction efforts including some previously announced plans to reduce salaried related costs.

正如 7 月所指出的，我們預計第四季度的成本績效將有所改善，反映出我們削減成本努力的加速，包括先前宣布的一些降低薪資相關成本的計畫。

Slide six shows pretax results for each of our operating automotive segments and for other automotive.

幻燈片六顯示了我們每個營運汽車部門和其他汽車部門的稅前表現。

In other automotive was a loss of 241 million in the quarter, a little worse than our normal run rate because of portfolio losses.

其他汽車領域本季虧損 2.41 億美元，由於投資組合損失，比我們的正常運行率略差。

And this was 210 million worse than last year primarily related to lower tax related interest.

這比去年少了 2.1 億，主要與稅收相關利息減少有關。

Now look let's look at North America.

現在讓我們來看看北美。

Vehicle unit sales were down by 6000 units in the third quarter and this change was more than explained by lower dealer inventories in the U.S.

第三季汽車銷量下降了 6000 輛，這項變化的主要原因是美國經銷商庫存下降。

Our third-quarter U.S. share was 17.5% and that is up two-tenths of a point from last year.

我們第三季在美國的市佔率為 17.5%，比去年增長了十分之二。

Revenue was 18.2 billion, up 100 million from the year ago.

營收182億，年增1億。

This was more than explained by favorable exchange rates and net pricing in Canada and Mexico.

加拿大和墨西哥有利的匯率和淨定價足以解釋這一點。

Net pricing in the U.S. was 1.5% negative.

美國的淨定價為負 1.5%。

Pretax losses were about 1.2 billion in the quarter, 685 million worse than 2004 reflecting lower dealer inventories, unfavorable vehicle mix, lower net pricing and higher warranty and material costs; higher industry volume and market share were partial offsets.

該季度稅前虧損約為 12 億美元，比 2004 年減少 6.85 億美元，反映出經銷商庫存減少、車輛結構不利、淨定價降低以及保固和材料成本增加；較高的行業產量和市場份額被部分抵消。

We continue to see very strong results in South America.

我們繼續在南美看到非常強勁的業績。

Third-quarter sales were 88,000 units, up 12,000 from 2004, primarily reflecting the stronger industry volumes in all the markets as well as higher market share in Brazil.

第三季銷量為 88,000 輛，比 2004 年增加 12,000 輛，主要反映了所有市場的行業銷量成長以及巴西市場份額的提高。

Revenue was 1.2 billion, up 400 million from the year ago reflecting higher vehicle volume and pricing as well as a stronger Brazilian real.

營收為 12 億歐元，比去年同期增加 4 億歐元，反映出汽車銷售和定價的增加以及巴西雷亞爾的走強。

And South America posted a pretax profit of 96, up 37 million from a year ago and higher volumes and net pricing in excess of higher commodity costs were the primary reasons for that improvement.

南美洲的稅前利潤為 96，比一年前增加 3,700 萬，銷售量增加和淨定價超過商品成本上漲是這項改善的主要原因。

At Ford of Europe, vehicle unit sales were 371,000, down slightly from a year ago and our market share was 8.6%, down two-tenths of a point.

歐洲福特汽車銷量為 371,000 輛，比去年同期略有下降，市佔率為 8.6%，下降了十分之二個百分點。

Share decreases in Spain, Italy and the UK more than offset improvements in France and Germany.

西班牙、義大利和英國的份額下降遠遠抵消了法國和德國的份額成長。

Revenue was 6.4 billion, an increase of 500 million primarily due to favorable net pricing mix and net pricing was 1 point positive for the quarter.

營收為 64 億美元，成長 5 億美元，主要得益於有利的淨定價組合，本季淨定價上​​漲 1 個百分點。

Third-quarter pretax loss was 55 million; 22 million worse than a year ago and the decrease was more than explained by higher material costs.

第三季稅前虧損5500萬；比一年前減少了 2200 萬，材料成本上升足以解釋這一下降。

We expect Europe to be profitable in the fourth quarter.

我們預計歐洲將在第四季度實現盈利。

Now turning to PAG, third-quarter vehicle unit sales of 169,000 units were the same as a year ago.

現在來看 PAG，第三季汽車銷量為 169,000 輛，與去年同期持平。

Market shares were equal in both the U.S. and Europe with improvements by Land Rover offsetting declines at Jaguar and Volvo.

美國和歐洲的市佔率持平，路虎的成長抵消了捷豹和沃爾沃的下降。

Third-quarter revenue was 6.8 billion, up 700 million from a year ago reflecting a richer mix and improved net pricing, especially at Land Rover.

第三季營收為 68 億美元，比去年同期成長 7 億美元，反映出產品組合更加豐富，淨定價有所改善，尤其是路虎。

Third-quarter results were a loss of 108 million, an improvement of 63 million from last year.

第三季業績虧損1.08億美元，比去年同期增加6,300萬美元。

That is more than explained by the impact of new products resulting in a richer mix and improved net pricing primarily at Land Rover.

這可以透過新產品的影響來解釋，新產品帶來了更豐富的產品組合併改善了淨定價（主要是路虎）。

And unfavorable currency exchange was a significant partial offset.

不利的貨幣兌換是一個重大的部分抵銷。

We expect PAG to be profitable in the fourth quarter which is a significant improvement from last year both for the fourth quarter and for the full year.

我們預計太盟集團第四季將實現獲利，第四季和全年均較去年有顯著改善。

Asia-Pacific, Africa and Mazda had a profit of 133 million.

亞太、非洲、馬自達利潤1.33億。

And we earned 112 million from our investment in Mazda and associated operations in the third quarter and that is up 99 million from a year ago.

第三季度，我們從對馬自達的投資及相關業務中獲得了 1.12 億美元的收入，比去年同期增加了 9,900 萬美元。

The improvement reflects gains in our investment in Mazda's convertible bonds and higher operating results at Mazda.

這項改善反映了我們對馬自達可轉換債券的投資收益以及馬自達更高的經營績效。

Now Asia-Pacific's vehicle unit sales increased by 4000 units and revenue was essentially unchanged.

現在亞太地區的汽車銷量增加了4000輛，收入基本上沒有變化。

Volume was higher in South Africa and China and that was partly offset by a decline in Australia.

南非和中國的成交量較高，但澳洲的成交量下降部分抵消了這一影響。

Australian volumes and share was negatively impacted by higher fuel prices causing a slowdown in large car sales which affected our Falcon products.

澳洲的銷售和市佔率受到燃油價格上漲的負面影響，導致大型汽車銷售放緩，影響了我們的獵鷹產品。

Pretax profit was 21 million for the quarter, 14 million lower than 2004 primarily explained by mix including the shift toward lower Falcon sales.

該季度稅前利潤為 2,100 萬美元，比 2004 年減少 1,400 萬美元，這主要是由於 Falcon 銷量下降等混合因素造成的。

Now slide 13 shows third-quarter cash and cash flow.

現在幻燈片 13 顯示了第三季的現金和現金流量。

We ended the quarter with those gross cash of 19.6 billion, that's down 2.2 billion compared with the end of the second quarter.

本季末，我們的現金總額為 196 億美元，比第二季末減少了 22 億美元。

Our operating related cash flow was 2.9 billion negative for the quarter and within that net spending was 200 million negative and working capital was 300 million positive.

本季我們與營運相關的現金流為負 29 億美元，其中淨支出為負值 2 億美元，營運資本為正值 3 億美元。

And other, which represents primarily expense and payment timing differences for items such as marketing, warranty and retiree related costs was 1.7 billion unfavorable.

其他主要包括行銷、保固和退休人員相關成本等費用和付款時間差異，為 17 億美元。

This is typical of the third quarter for us.

這對我們來說是第三季的典型情況。

In fact, the operating related cash flow was identical to what we had last year in the third-quarter.

事實上，與營運相關的現金流與去年第三季的情況相同。

We now expect operating cash flow for the full year to be slightly worse than breakeven and this reflects primarily the effects of production changes being taken in the fourth quarter which we will talk more about later.

我們現在預計全年的營運現金流將略差於損益平衡點，這主要反映了第四季度生產變化的影響，我們將在稍後詳細討論。

Now on to financial services, the credit company earned 900 million in the third quarter, that's 233 million lower than last year.

現在來看金融服務，這家信貸公司第三季的營收為 9 億美元，比去年同期減少了 2.33 億美元。

Hertz earned 262 million.

赫茲賺了2.62億美元。

That is up 13 million from a year ago reflecting higher car and equipment rental volumes partly offset by lower pricing.

這一數字比一年前增加了 1300 萬，反映出汽車和設備租賃量的增加，部分被較低的價格所抵消。

And other financial services had a loss of 25 million in the third quarter.

其他金融服務第三季虧損2500萬。

That is down 33 million from a year ago and that deterioration primarily reflects the write off of aircraft leases that are related to the Delta bankruptcy.

這比一年前減少了 3300 萬，這種惡化主要反映了與達美航空破產相關的飛機租賃的沖銷。

Now slide 15 talks about Ford Credit.

現在幻燈片 15 討論的是福特信貸。

And the change as I mentioned was down 200 million.

正如我所提到的，變化減少了 2 億。

Volume was down 100 million reflecting a lower level of managed assets.

成交量下降 1 億，反映出管理資產水準較低。

Financing margin also was down reflecting primarily higher interest rates and this was partly offset by improvements in credit losses.

融資利潤率也下降，主要反映了利率上升，但信貸損失改善部分抵消了這一影響。

And lease residuals were about unchanged from last year.

租賃殘差與去年基本持平。

And we've been telling you for some time now that Ford Credit's profits would decline because of higher financing costs and non-recurrence of release of credit loss reserves.

一段時間以來，我們一直告訴大家，由於融資成本上升以及信用損失準備金不再釋放，福特信貸的利潤將會下降。

And that's been continuing.

而且這種情況一直持續著。

Moreover, the asset base has been shrinking as we focus down on our core business.

此外，隨著我們專注於核心業務，資產基礎一直在萎縮。

So as you update your profit models for Ford Credit for the fourth quarter, we suggest you use a decline on a year-over-year basis slightly larger than year-to-date trends we've seen for the last two quarters.

因此，當您更新福特信貸第四季度的獲利模型時，我們建議您使用比我們在過去兩個季度看到的年初至今趨勢略大的同比下降幅度。

Now I would like to spend a minute on our strategy for Ford Credit.

現在我想花一點時間談談我們的福特信貸策略。

The unwinding of our previous diversified financial services strategy will be essentially complete with the sale of Hertz.

隨著赫茲的出售，我們先前多元化的金融服務策略將基本結束。

If you recall, we sold First Nationwide Bank, U.S.

如果您還記得的話，我們出售了美國第一國民銀行

Leasing, Triad.

租賃、三合會。

We've spun off the Associates.

我們已經剝離了聯營公司。

We stopped financing non-Ford assets.

我們停止為非福特資產提供融資。

Ford Credit is now focused solely on supporting Ford sales and consistently delivering solid financial results and this remains our plan going forward.

福特信貸現在只專注於支持福特銷售並持續交付穩健的財務業績，這仍然是我們未來的計劃。

Clearly our present credit ratings have impacted our unsecured funding costs and capacity.

顯然，我們目前的信用評級影響了我們的無擔保融資成本和能力。

And accordingly, we focused on increasing our securitization capability across asset classes in places where we do business.

因此，我們專注於提高我們開展業務的地區跨資產類別的證券化能力。

We've made good progress in this regard and we continue to have extremely strong liquidity.

我們在這方面已經取得了良好進展，並且我們仍然擁有極其強勁的流動性。

We believe that the synergies between the auto side and the credit side are very important and we're focused on maintaining and improving that.

我們認為汽車端和信貸端之間的綜效非常重要，我們致力於維持和改善這種綜效。

We are comfortable with the direction we are headed in, but we are continuing to be open to opportunities as events unfold.

我們對前進的方向感到滿意，但隨著事件的發展，我們將繼續對機會持開放態度。

Now on to slide 16.

現在轉到投影片 16。

The fourth-quarter production in North America is projected at 810,000, that's down 19 from a year ago and 20,000 below our previously announced level.

北美第四季產量預計為 81 萬輛，比去年同期下降 19，比我們先前宣布的水平低 20,000 輛。

And this change is in response to recent sales trends.

這項變化是為了回應最近的銷售趨勢。

Ford Europe's production is projected at 445,000 units, that is up 11,000 from last year.

福特歐洲的產量預計為 445,000 輛，比去年增加 11,000 輛。

And PAG is projected at 180,000, the same as last year.

PAG預計為18萬，與去年持平。

Now slide 17 summarizes where we are on planning assumptions and operational metrics.

現在投影片 17 總結了我們在規劃假設和營運指標方面的進展。

And for the full year we now expect total industry sales to be around 17.4 million, for both the U.S. and Europe.

我們現在預計美國和歐洲全年的行業總銷售額約為 1740 萬輛。

On the operational metrics, our quality performance is essentially flat so far this year based on published metrics.

在營運指標方面，根據已發布的指標，今年迄今為止我們的品質表現基本上持平。

Marketshare has been disappointing in the first nine months particularly in North America.

前九個月的市佔率令人失望，尤其是在北美。

Our full-year share outlook is worse than our goal with the decline in North America more than offsetting improvements in several other areas.

我們的全年股價前景比我們的目標更糟糕，北美地區的下滑遠遠抵消了其他幾個地區的改善。

We expect our cost performance in the fourth quarter to be slightly favorable but will not offset the deterioration we had in the first nine months.

我們預期第四季的成本績效會稍微有利，但不會抵銷前九個月的惡化。

Capital expenditure was 5.1 billion for the first nine months and we expect the full year to be pretty much (inaudible).

前 9 個月的資本支出為 51 億美元，我們預計全年資本支出將相當多（聽不清楚）。

And in terms of operating related cash flow, we expect that to be slightly worse than breakeven for the year.

就營運相關現金流而言，我們預計今年將略差於損益兩平點。

Now on to profits by operation.

現在開始透過營運來獲利。

On the auto side, the outlook is unchanged from our second-quarter earnings call for all operations except PAG.

在汽車方面，我們對除 PAG 之外的所有業務的第二季財報電話會議的前景沒有變化。

And we now expect PAG to fall short of its milestone primarily due to lower marketshare and higher costs.

我們現在預計 PAG 將無法達到其里程碑，主要是由於市場份額下降和​​成本上升。

This would still however represent a significant improvement from last year.

然而，這仍然比去年有顯著的進步。

And our total Company earnings are now expected to be at the low end of our range of $1.00 to $1.25 and this would be from continuing operations excluding special items.

我們的公司總收益目前預計將處於 1.00 美元至 1.25 美元區間的低端，這將來自不包括特殊項目的持續經營業務。

Now slide 19 shows the impact of special items in discontinued operations on both the third quarter and the first nine months.

現在投影片 19 顯示了已終止業務中的特殊項目對第三季和前九個月的影響。

And it also includes the special items we expect for the full year.

它還包括我們預計全年的特殊項目。

And in total, special items reduce earnings per share by $0.06 in the third quarter.

總的來說，特殊項目使第三季每股收益減少了 0.06 美元。

And discontinued operations had a minimal affect on earnings.

終止營運對獲利的影響微乎其微。

And consistent with our prior expectation, Visteon related charges were 180 million in the quarter.

與我們先前的預期一致，偉世通本季相關費用為 1.8 億美元。

And for the full year, these are now expected to be in the range of 575 to 625 million, a little bit better than we had said before.

就全年而言，目前預計該數字將在 5.75 至 6.25 億之間，比我們之前所說的要好一些。

Personnel reduction programs during the third quarter resulted in charges of 158 million and for the full year we expect charges for personnel reductions to total about 700 million.

第三季的裁員計畫導致費用為 1.58 億美元，我們預計全年的裁員費用總計約為 7 億美元。

The third quarter also included fuel cell technology charges related to our previously announced restructuring of our investment in Ballard as well as gains from the sale of our remaining interest in noncore businesses.

第三季還包括與我們先前宣布的巴拉德投資重組相關的燃料電池技術費用，以及出售我們在非核心業務中剩餘權益的收益。

In addition, it includes elimination of depreciation on certain long-lived assets in Hurst, which from an accounting standpoint is held for sale.

此外，它還包括消除赫斯特某些長期資產的折舊，從會計角度來看，這些資產是持有待售的。

We expect a gain on the Hertz transaction of around 1.1 to 1.3 billion when it is completed and obviously this assumes that we close on that in the fourth quarter.

我們預計赫茲交易完成後將獲得約 110 至 13 億美元的收益，顯然這是假設我們在第四季完成這項交易。

And our full-year results also include a cumulative change in accounting principles related to asset retirement obligations.

我們的全年業績還包括與資產報廢義務相關的會計原則的累積變化。

And recent accounting guidance has expanded the circumstances and timing of when companies must accrue the future costs such as certain environmental obligations related to eventual retirement of assets such as plants and other buildings.

最近的會計指南擴大了公司必須提列未來成本的情況和時間，例如與工廠和其他建築物等資產最終報廢相關的某些環境義務。

And essentially the new accounting will pull forward potential future asset retirement related liabilities.

從本質上講，新的會計方法將提前潛在的未來資產報廢相關負債。

We're still working through the numbers on that and we can't estimate that yet but we will have it for the fourth quarter.

我們仍在研究相關數據，目前還無法估計，但我們將在第四季度得到它。

Now we're going to summarize some of the actions we've taken to improve our business structure.

現在我們將總結我們為改善業務結構所採取的一些行動。

And it doesn't represent the entire plan.

而且它並不代表整個計劃。

It's an update of where we are and what we've done during the third quarter and it provides an indication of where we are headed.

這是對我們在第三季度的狀況和所做工作的更新，它表明了我們的前進方向。

Regarding excess capacity.

關於產能過剩。

This summer we closed the Browns Lane plant and we consolidated our operations.

今年夏天，我們關閉了 Browns Lane 工廠並整合了我們的業務。

We plan to close the Lorraine, Ohio plant at the end of this year and we recently agreed with the Canadian auto workers on a plan to close the Windsor Casting plant.

我們計劃在今年年底關閉俄亥俄州洛林工廠，最近我們與加拿大汽車工人就關閉溫莎鑄造廠的計劃達成協議。

We know we have excess capacity.

我們知道我們的產能過剩。

As Bill mentioned, we are developing plans to address it and we will address it.

正如比爾所提到的，我們正在製定解決這個問題的計劃，我們將解決這個問題。

As part of our objective to improve the competitiveness of our supply base, we've finalized our Visteon agreement.

作為提高供應基地競爭力目標的一部分，我們已經敲定了偉世通協議。

We will have a reduction in hourly personnel at our automotive components operations through buyouts and we intend to reduce our hourly personnel by about 1500 out of a total that we plan of 5000.

我們將透過收購減少汽車零件業務的小時工，我們計劃將小時工總數從 5000 人中減少約 1500 人。

And we should have that done by the end of this year.

我們應該在今年年底前完成這項工作。

And we've launched an initiative to improve our supply base.

我們也發起了一項改善供應基礎的計畫。

We announced a sub B car program with Fiat in Europe, and we've announced our plans to sell Hertz and we're improving our securitization capabilities and our funding of the credit company.

我們宣布了與菲亞特在歐洲的 sub B 汽車計劃，我們還宣布了出售赫茲的計劃，我們正在提高我們的證券化能力和對信貸公司的融資。

And to improve our global operational efficiencies, we've taken a number of personnel reduction actions which along with natural attrition will reduce by the end of the year our total personnel by more than 10,000 people versus the end of last year.

為了提高我們的全球營運效率，我們採取了一系列裁員行動，加上自然減員，到今年年底，我們的員工總數將比去年年底減少 10,000 多人。

And besides improving the cost structure, we're also focusing on the top line and also focusing on growth and innovation.

除了改善成本結構之外，我們還關注營收以及成長和創新。

We've introduced several new products such as our new midsized cars which are out now; sales of crossover vehicles are up 40% through September; and we have plans to launch more products in the expanding crossover segment such as the new Lincoln Aviator next year.

我們推出了一些新產品，例如現已上市的新中型轎車；截至 9 月份，跨界車銷量成長 40%；我們計劃在不斷擴大的跨界車領域推出更多產品，例如明年的新款林肯飛行家。

We're expanding into new and growing markets; increased vehicle assembly capacity in China; launched a new focus in Asia-Pacific; and the new Fiesta in India in the fourth quarter.

我們正在拓展新的和不斷成長的市場；提高中國的汽車組裝能力；在亞太地區推出新的重點；以及第四季在印度推出的新嘉年華。

We have two full hybrid vehicles on the road today and as you know, we announced plans to increase that by tenfold.

今天，我們有兩輛全混合動力汽車上路，如您所知，我們宣布計劃將其數量增加十倍。

And as Bill recently announced, a strategic driver of our future will be a focus on innovation.

正如比爾最近宣布的那樣，我們未來的戰略驅動力將是對創新的關注。

In summary, we remain committed to improving our business.

總之，我們仍然致力於改善我們的業務。

And as we have said before, nothing is off the table.

正如我們之前所說，沒有什麼是不可能的。

We will continue to share additional details of our plans with you as we move forward.

隨著我們的進展，我們將繼續與您分享我們計劃的更多細節。

Now I will turn it back to Barbara.

現在我將把它轉回給芭芭拉。

At this time, we are ready to begin the question-and-answer session.

此時，我們準備開始問答環節。

Following our normal practice, we begin with questions from the investment community and then take questions from the media who are also on the call.

按照我們的慣例，我們先回答投資界的問題，然後回答參加電話會議的媒體的問題。

In order to allow as many questions as possible within our timeframe, we ask that you keep your questions brief so that we don't have to move callers along after a couple of minutes.

為了在我們的時間範圍內允許盡可能多的問題，我們要求您的問題簡短，這樣我們就不必在幾分鐘後讓來電者繼續提問。

Operator, can we please have the first question?

接線員，我們可以問第一個問題嗎？

(OPERATOR INSTRUCTIONS) Himanshu Patel with J.P. Morgan.

（操作員說明）Himanshu Patel 和 J.P. Morgan。

Good morning.

早安.

The comments about a restructuring program being announced in January.

有關一月份宣布的重組計劃的評論。

I'm just wondering does that require a definitive word from the UAW on healthcare?

我只是想知道這是否需要 UAW 關於醫療保健的明確說法？

Or are you guys prepared to talk about that regardless largely because maybe it is focused on capacity?

或者你們準備好談論這個問題了，不管很大程度上是因為它可能關注的是容量嗎？

This is Bill.

這是比爾。

The North American plan probably will contain elements of both of capacity -- and we are in discussions with the UAW now and that won't surprise you.

北美計劃可能會包含這兩種能力的要素——我們現在正在與美國汽車工人聯合會進行討論，這不會讓你感到驚訝。

I think that while we want to wait for the GM deal to get ratified and so we are not saying a lot.

我認為，雖然我們想等待通用汽車交易獲得批准，所以我們不會說太多。

I think it is fair to say that the UAW has never cut deals where they've left any company disadvantaged versus others.

我認為可以公平地說，美國汽車工人聯合會從未達成過讓任何公司相對於其他公司處於不利地位的交易。

We are working on it and we are doing it quietly.

我們正在努力，而且正在悄悄地做。

But I think you'll see elements of both in the January announcement.

但我認為您會在一月份的公告中看到兩者的元素。

Bill, does the patent agreements, do they get implemented immediately or is there still a negotiating period that happens between Ford and the union after the GM deal is ratified?

比爾，專利協議是否會立即實施，還是在通用汽車交易獲得批准後，福特與工會之間是否仍存在談判期？

Well first of all we have to see the specifics of the GM deal.

首先我們必須了解通用汽車交易的具體細節。

And we need to go through it.

我們需要經歷它。

And so I think to answer your question there will be a negotiating period but I don't think it will be a lengthy one.

因此，我認為要回答你的問題，將會有一個談判期，但我認為這不會是一個漫長的過程。

We have to see how the elements of the GM deal apply or don't apply to us.

我們必須看看通用汽車交易的要素如何適用或不適用於我們。

Because we haven't gone through the fine detail yet and won't for a little while.

因為我們還沒有詳細討論細節，而且暫時不會討論。

So while that certainly will be a framework I think that we will work with, we certainly will have discussions with the UAW.

因此，雖然我認為這肯定是我們將使用的框架，但我們肯定會與美國汽車工人聯合會進行討論。

Okay.

好的。

And then on Ford Motor Credit, it sounds like your body language is at least right now suggesting that you don't want to go down the path that GM has announced with GMAC potentially.

然後在福特汽車信貸方面，聽起來你的肢體語言至少現在表明你不想走通用汽車已經宣布的與 GMAC 潛在的道路。

What about things like whole loan sales?

整個貸款銷售之類的事情怎麼樣？

I mean these are -- it just seems like there is actions being taken at GMAC aside from the announcement of potentially selling part of the business that where they seem a lot more worried about their access to funding in the long-term than FMC.

我的意思是，除了宣布可能出售部分業務之外，GMAC 似乎還採取了一些行動，他們似乎比 FMC 更擔心自己的長期融資管道。

I'm just trying to understand strategically, is there something in FMC that makes it less of a concern?

我只是想從策略上理解，FMC 中是否有什麼東西可以讓它不再那麼令人擔憂？

Well, let me just say Ford Motor Credit is a very different animal then GMAC for the reasons that Don described.

好吧，我只想說，出於唐所描述的原因，福特汽車信貸公司與通用汽車金融服務公司 (GMAC) 截然不同。

I mean we have really pared our business back down to our core business.

我的意思是，我們確實已經將業務削減回核心業務。

We don't have a mortgage business.

我們沒有抵押貸款業務。

We are really out of all the things at that didn't pertain to the financing of Ford cars and trucks.

我們確實擺脫了與福特汽車和卡車融資無關的所有事情。

And as such, Ford Motor Credit is quite different then GMAC today.

因此，福特汽車信貸公司與今天的 GMAC 截然不同。

And we do see it as a strategic asset for us.

我們確實將其視為我們的策略資產。

And while we certainly are keeping all options open and always have as we've looked at all our businesses, our intent is very much to keep Ford Credit a strategic part of our business.

雖然我們當然會保留所有選擇，並且正如我們在審視我們所有業務時始終保留的那樣，但我們的目的是讓福特信貸成為我們業務的戰略組成部分。

In response to the specific financing questions, I might turn it over to Don or to David Cosper to go ahead and answer that.

針對特定的融資問題，我可能會將其交給 Don 或 David Cosper 來回答。

Yes, I would just mention that so far this year we have been doing whole loan sales.

是的，我只想提一下，今年到目前為止，我們一直在進行整體貸款銷售。

We do them opportunistically and I think we've done a total of 12 billion so far over the last several years.

我們會趁機做這些事情，我認為在過去幾年裡我們總共做了 120 億美元。

So we are doing what we think is right for Ford Credit given where we are and where we see our prospects going forward.

因此，考慮到我們的現狀以及我們對未來前景的看法，我們正在做我們認為對福特信貸來說正確的事情。

Is there a logic, and I guess more specifically entering into a long-term agreement similar to what GM did with Banc of America where you are assured a certain level of transactions with them on the other side for the next few years?

是否有一個邏輯，我想更具體地說，是達成一項類似於通用汽車與美國銀行所做的長期協議，確保您在未來幾年內與另一方進行一定水平的交易？

Will as I said, we're going to monitor things as we go along.

正如我所說，我們將在進展過程中監控一切。

And if opportunities arise, we will keep our eyes open.

如果有機會，我們會保持警覺。

Okay, thank you.

好的謝謝。

Rod Lache with Deutsche Bank.

德意志銀行的羅德‧拉什 (Rod Lache)。

Hello.

你好。

Actually this is Andrew Teller (ph) from Churchill Investments.

實際上，這是邱吉爾投資公司的安德魯泰勒（Andrew Teller）。

A couple of things.

有幾件事。

Obviously it is a very challenging economy for you guys right now and you are facing a lot of challenges upcoming for the next year or so.

顯然，現在對你們來說是一個非常具有挑戰性的經濟，你們將在明年左右面臨許多挑戰。

What are you guys doing to work with your supply base to collaborate better with your suppliers to reduce raw material costs and improve your entire supply chain?

你們正在做什麼來與你的供應基地合作，以便更好地與供應商合作，以降低原材料成本並改善整個供應鏈？

We announced a couple weeks ago a dramatically different approach to our supply base, reducing the number of suppliers, making them more strategic suppliers, getting them involved more upfront in our processes.

幾週前，我們宣布了對我們的供應基地採取截然不同的方法，減少供應商的數量，使他們成為更具策略性的供應商，讓他們更參與我們的流程。

And as part of our innovation drive that we are doing internally, we are clearly extending that to our supply base as well, expecting that our new approach to suppliers will allow us to get the best innovation from them.

作為我們內部創新驅動的一部分，我們顯然也將其擴展到我們的供應基地，期望我們對供應商的新方法將使我們能夠從他們那裡獲得最好的創新。

It is a very different approach for us in terms of supply base.

就供應基礎而言，這對我們來說是一種非常不同的方法。

Obviously specific issues like commodity prices are issues that we all face.

顯然，大宗商品價格等具體問題是我們所有人都面臨的問題。

And the there is no silver bullet.

而且沒有靈丹妙藥。

But I think closer collaboration with them and more upfront collaboration with them will allow both of us to have a much more streamlined process.

但我認為與他們更密切的合作以及更多的前期合作將使我們雙方的流程更加簡化。

And therefore reduce our costs and get better innovation out of them.

從而降低我們的成本並從中獲得更好的創新。

What are the most important raw materials that concern you going into '06?

進入 06 年，您關心的最重要的原料是什麼？

Well, I think if you look at commodity prices across the board, I mean all of them are issues for us.

好吧，我認為如果你全面審視大宗商品價格，我的意思是所有這些對我們來說都是問題。

As it pertains to our customers, obviously gasoline prices because that has the biggest affect on us.

就我們的客戶而言，顯然是汽油價格，因為這對我們影響最大。

We also have our components are largely steel and to the extent that we have many petrochemically based ones as well, the price of crude oil remains an issue.

我們的零件主要是鋼鐵，我們還有許多石化產品，原油價格仍然是一個問題。

But these aren't new issues for us.

但這些對我們來說並不是新問題。

What I've noticed over the past four or five years by following your Company is the quality has always been a top driver of your company and why you guys have been able to still have a good brand in the marketplace.

在過去的四、五年裡，透過關注你們公司，我注意到品質一直是你們公司的首要驅動力，也是你們能夠在市場上仍然擁有良好品牌的原因。

How are you guys making sure that your suppliers are meeting your quality standards?

你們如何確保你們的供應商符合你們的品質標準？

Are you scorecarding them on a quarterly basis or meeting with them regularly through these global supplier forums?

您是每季對他們進行一次記分，還是透過這些全球供應商論壇定期與他們會面？

What are you doing to ensure that all your supply base is meeting your strict guidelines?

您正在採取哪些措施來確保您的所有供應基地都符合您的嚴格指導方針？

Well, obviously part of this new push to more strategic suppliers, the selection of the suppliers wasn't exactly haphazard.

顯然，作為推動更具策略性供應商的新措施的一部分，供應商的選擇並不完全是隨意的。

There was a big push on our part for quality.

我們大力推動品質。

Quality, reliability, innovation, those really are the big things that really went into our formulation as we sat down and figured out who were going to be our strategic partners going forward.

品質、可靠性、創新，當我們坐下來思考誰會成為我們未來的策略夥伴時，這些確實是我們制定方案中真正考慮的重要因素。

So the recent announcement that we've had on our supply base is very much with an eye upon -- was made very much with an eye upon getting consistently good quality out of our supply base, and that should come as no secret.

因此，我們最近就供應基地發布的聲明非常著眼於從我們的供應基地獲得始終如一的優質產品，這應該不是什麼秘密。

Rod Lache with Deutsche Bank Securities.

德意志銀行證券公司的羅德‧拉什 (Rod Lache)。

Am I on the line now?

我現在在線上嗎？

I think you are up, Rod.

我想你已經起來了，羅德。

Okay, thanks.

好的謝謝。

I guess I've got two questions.

我想我有兩個問題。

First one, Bill, if you could just kind of address broadly speaking, you've been talking for a while about Ford's need to address overcapacity in North America.

首先，比爾，如果您能籠統地說一下，您已經談論福特需要解決北美產能過剩問題有一段時間了。

And obviously, it's an industrywide problem.

顯然，這是一個全行業的問題。

Do you subscribe to the view that Ford and the industry in total needs to kind of realign its costs to their current size and revenue structure, including incentives?

您是否同意這樣的觀點，即福特和整個行業需要根據當前的規模和收入結構（包括激勵措施）重新調整成本？

Or are you thinking kind of at the end of all this, Ford will and the industry will be somewhat smaller but somewhat less dependent on discounting and all the things that have kind of driven down profitability lately?

或者你是否認為，在這一切結束後，福特和整個行業將會變得更小，但對折扣和最近降低盈利能力的所有因素的依賴程度會有所降低？

Rod, no matter how you cut it with either of those viewpoints, we have overcapacity today.

羅德，無論你如何看待這兩種觀點，我們今天的產能過剩。

And it is exacerbated by the fact that we have gone to more flexible manufacturing.

我們轉向更靈活的製造，這一事實加劇了這種情況。

And we've discussed many times, and I know you know well, you don't need as many bricks and mortars when you do that.

我們已經討論過很多次了，我知道你很清楚，當你這樣做時，你不需要那麼多的磚塊和灰泥。

So we are taking a look -- well, we're not just taking a look; we are developing detailed plans on our capacity actions.

所以我們正在觀察──嗯，我們不只是觀察；我們正在觀察。我們正在製定關於能力行動的詳細計劃。

But going forward, and I've mentioned this in the past, we are also going to grow our top line.

但展望未來，我過去曾提到過這一點，我們也將增加我們的營收。

We are not going to shrink ourselves into oblivion.

我們不會把自己縮小到被遺忘的地步。

We are certainly aware, though, of where the market is and where our position in the market is.

不過，我們當然知道市場在哪裡以及我們在市場中的地位。

And we think that our plan is based upon what is feasible on for us.

我們認為我們的計劃是基於對我們來說可行的。

I'm not going to put too fine a point on it now, because I have marked Mark Fields and Anne Stevens to come back with their plan.

我現在不打算對此說太多，因為我已經標記馬克菲爾茲和安妮史蒂文斯回來提出他們的計劃。

I don't want to leave you with the impression, however, that we are going into radio silence internally until they come up with their plan.

然而，我不想給你們留下這樣的印象：在他們提出計劃之前，我們將在內部陷入無線電靜默。

I mean, I am working with them and Don is working with them daily as they come up with it.

我的意思是，我正在與他們一起工作，唐每天都在與他們一起工作，因為他們想出了這個方案。

So it's not like we are just waiting for this puff of white smoke in December, and then we will have the plan.

因此，我們並不是只等待 12 月的這股白煙，然後我們就會有計劃。

This is a very interactive process, as you might suspect.

正如您可能懷疑的那樣，這是一個互動性很強的過程。

One of the things that they are looking at is what is our appropriate market share going forward and the product plan behind that to support it.

他們關注的事情之一是我們未來適當的市場份額以及支持它的產品計劃。

And that obviously will factor into our capacity discussions.

這顯然會影響我們的產能討論。

Okay, thank you.

好的謝謝。

Don, could you maybe talk a little bit about Ford Credit's share in the Ford business looks like it has declined pretty significantly.

唐，您能否談談福特信貸在福特業務中的份額，看起來已經大幅下降。

And I guess part of that may be incentive structures and part of it may be pressures on the business.

我想部分原因可能是激勵結構，部分原因可能是業務壓力。

If you are not looking to look for -- if you're not looking for a strategic investor or some way to in the near-term reduce the funding costs, is the alternative basically shrinking the business?

如果你不想尋找策略性投資者或某種方式來在短期內降低融資成本，那麼替代方案是否基本上會縮減業務？

No, I think what we saw in the third quarter really did have a lot to do with incentive structure, and that has changed now as we are into the fourth quarter.

不，我認為我們在第三季度看到的情況確實與激勵結構有很大關係，隨著我們進入第四季度，這種情況已經改變了。

And the Ford Credit share of the business is bouncing back more toward normal levels.

福特信貸業務的份額正在反彈至正常水平。

As far as our funding goes, we are in good shape.

就我們的資金狀況而言，我們的狀況良好。

We have a very diversified source of funding, and we feel confident that we can support the sales of the auto side and achieve the synergies that are so important to us.

我們擁有非常多元化的資金來源，我們有信心能夠支持汽車方面的銷售並實現對我們來說非常重要的協同效應。

Okay, thank you.

好的謝謝。

Robert Barry with Goldman Sachs.

高盛的羅伯特·巴里。

Good morning, thank you.

早安，謝謝。

A couple questions.

有幾個問題。

One is on this metric related to quality.

其中一個是與品質相關的指標。

I know you have mentioned in the past it relates to older model vehicles, but it seems to be getting worse as we progress through the year.

我知道您過去曾提到它與舊型號車輛有關，但隨著我們今年的進展，情況似乎變得更糟。

Can you give a little bit more color into what is happening there and what we should expect from an outlook perspective on that?

您能否對那裡正在發生的事情以及我們從前景的角度應該期待什麼提供更多的資訊？

I really don't want to go into it in too much detail.

我真的不想討論太多細節。

Let me say it primarily relates to some issues we had in 2004 model year, the same issues we talked about on the conference call in July.

我想說的是，這主要與我們在 2004 年車型中遇到的一些問題有關，這些問題與我們在 7 月的電話會議上討論過的問題相同。

The issues are behind us now, in terms of current production.

就目前的生產而言，這些問題現在已經成為過去。

They have been for some time.

他們已經有一段時間了。

The fixes are in place and we've taken steps to help our customers along the way as we work through this together.

修復工作已經到位，我們已採取措施幫助我們的客戶，共同解決這個問題。

And we expect going forward to be on a positive track on quality.

我們預計未來將在品質方面走上正面的軌道。

Starting next quarter or in '06?

從下個季度開始還是從 06 年開始？

Starting next quarter.

從下個季度開始。

Then just a question on product cost, if you could maybe give a little bit more color on what is in there.

然後是關於產品成本的問題，您是否可以對其中的內容提供更多資訊。

How much of that is related to adding content to vehicles, how much of it is the raw mats, and is there also something in there related to a system you are providing to your two and three suppliers?

其中有多少與向車輛添加內容有關，有多少是原始墊子，其中是否也有與您向兩個和三個供應商提供的系統相關的東西？

Well, this is one of the more complicated areas in all of this, as you might expect.

嗯，正如您所料，這是所有這一切中最複雜的領域之一。

Of course, they are all in there.

當然，他們都在裡面。

It does include a large measure of added product content and features that our customers want.

它確實包括我們客戶想要的大量附加產品內容和功能。

It also includes cost reductions that our engineers work on with our suppliers and that our suppliers work on on their internal operations.

它還包括我們的工程師與供應商合作以及我們的供應商在其內部營運中努力降低成本。

Then it includes the cost of higher raw materials costs, particularly crude oil and plastics-related things, as well as steel.

然後，它包括較高的原材料成本，特別是原油和塑膠相關的東西，以及鋼鐵。

And then as I'm sure you are all aware, we have a number of suppliers that have experienced financial difficulties, and it includes something for that.

我相信你們都知道，我們有許多供應商遇到了財務困難，其中包括一些解決方案。

I would say in terms of the plan that we had for the start of the year, the biggest area of difference is in commodity prices on steel and crude oil related in particular.

我想說，就我們年初的計畫而言，最大的差異在於鋼鐵和原油相關的大宗商品價格。

Is your expectation --?

你的期望是──？

Does that help?

這樣有幫助嗎？

I'm sorry.

對不起。

Yes, go ahead.

好，去吧。

I was just going to ask if your expectation was still for a flat steel impact in '06 or if there is a possibility for a slight tailwind there?

我只是想問一下，您的預期是否仍然是 06 年的扁鋼衝擊，或者是否有可能出現輕微的順風？

Well, I'd rather not comment on that now, because we are still working through our discussions with the steel suppliers.

好吧，我現在不想對此發表評論，因為我們仍在與鋼鐵供應商進行討論。

Just one last question.

只是最後一個問題。

Could you tell us what the return on plan assets has been year-to-date on the pension?

您能否告訴我們退休金今年迄今的計劃資產報酬率是多少？

Well, through September 30 it was around 7.5%.

截至 9 月 30 日，這一比例約為 7.5%。

Great, thank you.

太好了謝謝。

Rod Tadross with Banc of America Securities.

美國銀行證券公司的羅德‧塔德羅斯。

Thanks a lot, good morning everyone.

非常感謝，大家早安。

I just want to follow up on the warranty thing, because it seems like it is a big change.

我只想跟進保固問題，因為這似乎是一個很大的變化。

I mean, excluding the Firestone thing, your quality related category is up about $700 million -- over $700 million, which is like $100 a vehicle.

我的意思是，排除 Firestone 的影響，與品質相關的類別上漲了約 7 億美元——超過 7 億美元，相當於每輛車 100 美元。

And last year you guys accrued about $500 a vehicle on warranty.

去年，你們每輛車的保固期累積了大約 500 美元。

So I am wondering -- I mean, it's up like 20% if you look at it that way, and I'm wondering if it can be down 20% next year or are we just going to -- or are we at a little bit of a higher level?

所以我想知道 - 我的意思是，如果你這樣看，它會上漲 20%，我想知道明年是否會下降 20%，或者我們只是打算 - 或者我們會稍微下降級別高一點？

And then also separately on material costs also I mean a lot of your global competitors are accepting raw material increases from their suppliers and still showing material cost improvements.

然後，在材料成本方面，我的意思是，許多全球競爭對手正在接受供應商的原材料增加，並且仍然表現出材料成本的改善。

So I am wondering if there's something else we're missing here because it seems like you guys are resisting the raw material increases a little more at least according to your suppliers and yet your total material costs are negative?

所以我想知道我們是否還遺漏了其他東西，因為至少根據你們的供應商的說法，你們似乎抵制原材料增加一點，但你們的總材料成本卻是負數？

Or are up.

或者已經起來了。

Well, I'm sure our suppliers all have you know -- all of us would have a different view of how those discussions go.

嗯，我確信我們的供應商都知道——我們所有人對這些討論的進行方式都會有不同的看法。

But we are working very carefully with our supply base now as a part of the new plan we have to try and consolidate the supply base to work our way through the issues.

但我們現在正在與我們的供應基地非常仔細地合作，作為新計劃的一部分，我們必須嘗試鞏固供應基地，以解決問題。

As far as our quality is concerned, you are right.

就我們的品質而言，您是對的。

Our costs are up this year and they are up in part because of the issues in large part because of the issues we had with the 2004 models that I discussed earlier.

今年我們的成本增加了，部分原因是由於我之前討論過的 2004 年型號所存在的問題。

They are also up because of the nonrecurrence of reserve releases that we had in 2004.

它們的上漲也是因為 2004 年我們不再釋放儲備金。

I expect our quality to be as it manifests itself in our financial statements through warranty reserves to be headed in the right direction in the fourth quarter and to improve next year.

我預計我們的品質將透過保固儲備在財務報表中體現出來，在第四季度朝著正確的方向發展，並在明年得到改善。

And our quality has been improving on our vehicles in the field and our financial statements tend to lag that a little bit which I think, as you all realize, is good conservative accounting.

我們在現場的車輛品質一直在提高，我們的財務報表往往滯後一點，我認為，正如你們都意識到的那樣，這是很好的保守會計。

Jonathan Steinmetz with Morgan Stanley.

摩根士丹利的喬納森·斯坦梅茨。

Thanks.

謝謝。

Good morning everyone.

大家，早安。

Bill, just a question and I'm not looking to pin you to an exact number but when you think about what the sizing of the Company just directly, are you thinking in North America about flat market share, slightly up, slightly down?

比爾，只是一個問題，我不想給你一個確切的數字，但當你直接考慮公司的規模時，你是否在考慮北美市場份額持平、略有上升、略有下降？

Just some idea on magnitude.

只是對大小的一些想法。

I think if we look at our current product plan that we have in place and assuming that Mark and Anne don't recommend dramatic changes, I wouldn't expect dramatic changes to our market share going forward either.

我認為，如果我們看看我們目前製定的產品計劃，並假設馬克和安妮不建議進行重大改變，我也不認為我們的市場份額未來會發生重大變化。

Now that could change between now and January as we work through the fine print and go through each product program.

現在，從現在到一月份，隨著我們完成細則和每個產品計劃，情況可能會改變。

But directionally, for your purposes, I wouldn't plan on big, big changes in market share in North America.

但從方向上來說，出於您的目的，我不會計劃對北美市場份額進行巨大的變化。

Okay, just a couple housekeeping questions.

好的，只有幾個家事問題。

Don, do you have on the Mazda the breakout on how much of this was a convert gain?

唐，你對馬自達有沒有了解其中有多少是轉換增益的突破？

Yes, it is about half and half.

是的，大約是一半一半。

Of that improvement there about half was related to the convert and about half to operations at Mazda.

其中約一半與改裝有關，約一半與馬自達的營運有關。

Okay.

好的。

And do you have the fleet retail mix for the quarter?

您有本季的車隊零售組合嗎？

18% which is unchanged from last year.

18%，與去年持平。

Great, thank you very much.

太好了，非常感謝。

Mike Bruynesteyn with Prudential.

保誠集團的麥克布魯因斯坦。

Good morning.

早安.

First, Bill, could you give us some color on your innovation initiative?

首先，比爾，您能為我們介紹一下您的創新計畫嗎？

A number of people here at Tokyo have been talking about it around the auto show.

東京的一些人在車展期間一直在談論這個問題。

And maybe what you -- when you expect that to impact your earnings or your results?

當您預計這會影響您的收入或結果時，您可能會做什麼？

Well I think this will be to answer your last question -- I mean it will be a thing that will gain momentum and I don't expect it to show up immediately.

嗯，我認為這將回答你的最後一個問題——我的意思是這將是一件將會獲得動力的事情，我不希望它立即出現。

But what has really been interesting, Mike, is the employee response.

但麥克，真正有趣的是員工的反應。

I've been flooded with e-mails from employees with ideas and not just product innovation, everything from plant ideas to ideas to saving money, ideas to reach the customer.

我收到了大量員工的電子郵件，他們的想法不僅僅是產品創新，還有從工廠想法到省錢想法、到達客戶的想法等各種想法。

And one of the things that we are working on internally is a process to properly vent all these ideas and make sure that they not only get a proper airing but that they go to the appropriate areas.

我們內部正在做的事情之一是建立一個適當地表達所有這些想法的過程，並確保它們不僅得到適當的傳播，而且到達適當的領域。

And that we have the right receptivity internally when good ideas come up.

當好的想法出現時，我們內在有正確的接受能力。

And so while it will be a little chaotic at first because there is a lot of pent-up demand apparently which I think is great.

因此，雖然一開始會有點混亂，因為顯然有很多被壓抑的需求，我認為這很好。

If we do this right, this is something we're not going to -- this is not something that's the flavor of the quarter.

如果我們做對了，我們就不會發生這樣的事情——這不是本季的風格。

This is a commitment I think for many years and it is a cultural change.

這是我多年來的承諾，也是一種文化變革。

And so like anything -- and all our leaders in the Company have signed up to this and believe very much in it.

就像任何事情一樣，我們公司的所有領導者都簽署了這項協議，並對此深信不疑。

It will be a gradual thing.

這將是一個漸進的事情。

I don't think there is going to be "aha" moment, frankly.

坦白說，我認為不會有「頓悟」時刻。

They good news is and the reason we were comfortable with innovation as a direction is we're already doing lots of it.

好消息是，我們對創新作為方向感到滿意的原因是我們已經做了很多事情。

We just weren't collecting it and communicating it effectively.

我們只是沒有收集它並有效地傳達它。

And if you look at things like the roll stability control which came out of Mazda -- I mean out of Volvo which now goes onto our SUVs here in North America, we have examples like that all over the company where we innovated it and then spread it through the company.

如果你看一下來自馬自達的側傾穩定性控制系統——我的意思是來自沃爾沃，現在它已經應用到我們在北美的SUV 上，我們在整個公司都有這樣的例子，我們在那裡進行了創新，然後傳播開來。透過公司。

So it is not like this is a dramatic shift for us but it is clearly a sharpening of focus.

因此，這對我們來說並不是一個巨大的轉變，但顯然是一個焦點的集中化。

Okay, great.

好的，太好了。

Actually I guess it has been a little bit passed by us to what the initiative actually is?

事實上，我想我們已經有點忽略了該倡議實際上是什麼？

We've seen the sort of title referred to but I'm not sure -- what is the initiative?

我們已經看到了所提到的那種標題，但我不確定——倡議是什麼？

Well, it really if you -- I mean if you look as I did at the tremendous strength we have in our research labs; the tremendous capability we have at Volvo for safety innovation; the work that we've been doing in alternate fuels; we had so much of the raw material already there.

嗯，真的，如果你——我的意思是，如果你像我一樣看待我們研究實驗室擁有的巨大力量；沃爾沃擁有強大的安全創新能力；我們在替代燃料方面所做的工作；我們已經有很多原料了。

But really it wasn't being, in my mind, crystallized and focused enough.

但實際上，在我看來，它還不夠具體和集中。

And it really wasn't being celebrated enough within the company.

公司內部確實沒有對此進行足夠的慶祝。

And it is a culture change.

這是一種文化變革。

I don't know how else to put it.

我不知道還能怎麼說。

It really -- and so you are asking for specifics.

確實如此——所以你要求了解具體細節。

This will evolve as we go forward.

這將隨著我們的前進而發展。

And it will start off probably primarily as a product focus but as I say it really will extend to the way we run the Company, the way we reach the customer.

它可能首先會以產品為重點，但正如我所說，它實際上會擴展到我們經營公司的方式，以及我們接觸客戶的方式。

And one of the -- as I said, I'm already flooded with ideas.

其中之一——正如我所說，我已經充滿了想法。

And so our metrics will change over time as we get better at this.

因此，隨著我們在這方面做得更好，我們的指標將隨著時間的推移而改變。

Jon Rogers with Citigroup.

花旗集團的喬恩·羅傑斯。

Yes, thank you.

是的，謝謝。

Bill, along those lines, can you just comment on I mean it seems like you've obviously had some success with the hybrid programs.

比爾，沿著這些思路，你能評論一下嗎？我的意思是，你顯然在混合計劃方面取得了一些成功。

But as you go forward, is diesel part of Ford's longer-term plan to improve fuel efficiency in North America?

但展望未來，柴油引擎是否是福特提高北美燃油效率的長期計畫的一部分？

Absolutely.

絕對地。

Yes, it is.

是的。

And we have taken a multipronged approach to this because we are not sitting on any one technology.

我們採取了多管齊下的方法來解決這個問題，因為我們不依賴任何一種技術。

Obviously we are placing big bucks on hybrids.

顯然，我們在混合動力車上投入了大量資金。

We announced a big ethanol program for next year.

我們宣布了明年的一項大型乙醇計劃。

And not only here but in Thailand which where ethanol is also growing in importance.

不只在這裡，在泰國乙醇也變得越來越重要。

Diesel, as you know, has been a very important part of our strategy in Europe to achieve C02 reductions and fuel economy improvements.

如您所知，柴油一直是我們在歐洲實現二氧化碳減排和提高燃油經濟性策略的一個非常重要的組成部分。

And we have the capability in diesel and are ready to go there.

我們擁有柴油生產能力，並已準備好進入那裡。

We are working on internal combustion hydrogen.

我們正在研究內燃氫氣。

We're working on fuel cells.

我們正在研究燃料電池。

And it is interesting is even a couple years ago these discussions would have taken place largely in the realm of research.

有趣的是，即使在幾年前，這些討論也主要發生在研究領域。

But in every case now, we have vehicles on the road.

但現在在任何情況下，我們路上都有車輛。

There is government support behind all of these initiatives, not only here but around the world.

所有這些舉措背後都有政府的支持，不僅在這裡，而且在世界各地。

And we are I think at the cusp of significant change in the way we propel our vehicles.

我認為我們正處於車輛驅動方式重大變革的風口浪尖。

And I feel very good about our ability to play in any one of these fields because I think they are all going to be important as we go forward.

我對我們在這些領域中的任何一個領域的能力感到非常滿意，因為我認為隨著我們的前進，它們都會變得非常重要。

And then I guess as you roll out your hybrid strategy and reach the longer-term volume expectations that you've set, is that profitable or is it still kind of a niche product?

然後我想，當您推出混合策略並達到您設定的長期銷售預期時，這是有利可圖的還是仍然是利基產品？

And at what point in your mind do you think it gets -- hybrid becomes a market-based solution for the consumer?

您認為混合動力何時會成為消費者的基於市場的解決方案？

Well, I think there has been a lot written about that recently.

嗯，我想最近有很多關於這個的文章。

And I think what will happen and really not it is not unlike any new technology, as you get into the second, third and fourth generation of the technology and as volume ramps up, costs do come down.

我認為會發生什麼，實際上它與任何新技術都沒有什麼不同，當你進入第二代、第三代和第四代技術時，隨著產量的增加，成本確實會下降。

And so we certainly expect that to happen.

所以我們當然希望這種情況發生。

So we know that hybrids are desired by the public.

所以我們知道大眾想要混合動力車。

We've done research in it.

我們對此進行了研究。

But the business equation is something that -- we wouldn't go down this path if we felt that it was never going to make sense for us.

但商業方程式是這樣的——如果我們覺得這條路對我們來說永遠沒有意義，我們就不會走這條路。

Brett Hoselton with KeyBanc Capital Markets.

KeyBanc 資本市場的 Brett Hoselton。

Good morning, gentlemen.

早安，先生們。

Actually two different questions here.

實際上這裡有兩個不同的問題。

First of all, Don, in May when you came to the agreement, initial agreement with Ford with regard to the Visteon assets, you put out or gave us some estimate as to what you think the financial impact would be in the fourth quarter and then into next year.

首先，唐，五月當您與福特就偉世通資產達成協議時，您提出或給了我們一些關於您認為第四季度財務影響的估計，然後進入明年。

You were thinking it was going to be a loss of 125 in the fourth quarter and a loss of 250 to $350 million next year.

你以為第四季會虧損 125 美元，明年會虧損 250 到 3.5 億美元。

My thoughts are or the question is given the changes that have taken place between May and today, do you still anticipate those numbers to be reasonable numbers or would you say that they are likely to be lower or higher than where you had them in May?

我的想法是，或者問題是，考慮到從 5 月到今天之間發生的變化，您仍然預計這些數字是合理的數字，還是說它們可能會低於或高於 5 月的水平？

Well I think the number in the fourth quarter is going to be pretty close.

嗯，我認為第四季的數字將非常接近。

You know, it's going to the real close to 125.

你知道，實際值將接近 125。

Next year it is too early to tell but I think it will be close to that -- maybe at the upper end of that range.

明年現在下結論還為時過早，但我認為它會接近這個數字——也許在這個範圍的上限。

But, you know, certainly close.

但是，你知道，肯定很接近。

And then as far as the divestiture of those assets, is there any sense of what percentage of those assets you would like to divest?

那麼就這些資產的剝離而言，您想剝離多少比例的資產？

I know you have talked about divesting them over the next couple of years.

我知道你已經討論過在未來幾年內剝離它們。

Well, we would and we would like I think realistically what we'd like to do is the next two to three years.

好吧，我們會而且我們會希望我實際上認為我們想做的是未來兩到三年。

But as far as timing and which businesses we're looking at, I would rather not go into that.

但至於時間安排以及我們正在關注哪些業務，我寧願不談這個。

Okay, that's fair.

好吧，這很公平。

Then with regards to be supply base initiative, consolidating your supply base or choosing some suppliers.

然後是供應基地主動性，鞏固你的供應基地或選擇一些供應商。

Traditionally the big three have used competition within their supply base as a means of reducing the pricing.

傳統上，三大巨頭利用其供應基礎內的競爭作為降低定價的手段。

Now effectively what you are suggesting is limiting that competition and selecting individual suppliers.

現在，您實際上建議的是限制競爭並選擇個別供應商。

What is the incentive for the supplier now to provide you with lower costs?

現在供應商為您提供更低成本的動機是什麼？

And is your purchasing staff going to be to able to adjust to this -- what I would suggest would be a new paradigm?

您的採購人員是否能夠適應這一點—我建議採用一種新的範式？

Well, I think that there will still be competition.

嗯，我認為仍然會有競爭。

It will just be done I think in a more thoughtful and measured way as we go forward trying to pick suppliers that we can work with on both cost and productivity and quality and technology.

我認為，當我們繼續嘗試選擇可以在成本、生產力、品質和技術方面合作的供應商時，我認為這將以更深思熟慮和衡量的方式來完成。

And then of course as we go forward, we will be at expecting the best out of the suppliers be it technology, quality or costs down or whatever.

當然，隨著我們的前進，我們將期望供應商能夠提供最好的服務，無論是技術、品質還是成本下降等等。

And there will be more than one supplier involved in each commodity.

而且每一種商品都會有多個供應商參與。

So there will be some competition there.

所以那裡將會有一些競爭。

I am absolutely convinced our purchasing staff can adapt to that.

我絕對相信我們的採購人員能夠適應這一點。

In fact is adapting to it right now very well.

事實上現在適應得很好。

Rob Hinchliffe with UBS.

瑞銀集團 (UBS) 的 Rob Hinchliffe。

Thanks.

謝謝。

Good morning.

早安.

I'm curious, Bill, the restructuring plan when it is announced, you said it is likely to be a significant plan.

我很好奇，比爾，當重組計劃公佈時，你說這可能是一個重大計劃。

I wondered can you characterize the levels of significance and how would you compare it in terms of size to the restructuring plan in '02?

我想知道您能否描述一下其重要性程度，以及您如何將其規模與 02 年的重組計劃進行比較？

I can't.

我不能。

I mean a lot of which -- I mean I tried to make the point this morning (technical difficulty) we haven't just been sitting still waiting for a plan.

我的意思是很多 - 我的意思是我今天早上試圖闡明這一點（技術困難），我們並沒有隻是坐著等待計劃。

I mean we have done a lot this year already.

我的意思是，今年我們已經做了很多事。

And if you add up the cumulative amount we have done, it probably does measure already what we did in '02.

如果你把我們已經完成的累積金額加起來，它可能已經衡量了我們在 02 年所做的事情。

And so what is to come in January is a further fine-tuning of the plan that Mark and Anne will do.

因此，一月份馬克和安妮將對計劃進行進一步的微調。

I felt it was unfair to Mark and Anne to turn over the business to them with a plan -- particularly in the very fluid market that we're now -- I mean I don't just mean customer market.

我覺得把業務交給馬克和安妮制定計劃是不公平的——特別是在我們現在這個流動性很大的市場——我的意思是我不僅僅指客戶市場。

I mean external environment in which you've got the Delphi bankruptcy, obviously healthcare discussions going on.

我指的是德爾福破產的外在環境，顯然正在進行醫療保健討論。

I mean there are a lot of new factors that are going on around this.

我的意思是，圍繞這個問題正在發生很多新的因素。

And so I thought it was only fair to give Mark and Anne the time to assess not only the state of the business but frankly the state of the external environment as well before they came up with a definitive plan or before we handed them one.

因此，我認為在馬克和安妮提出明確的計劃之前或在我們向他們提交計劃之前，給他們時間不僅評估業務狀況，而且坦率地評估外部環境的狀況，這是公平的。

But, as I say, in my opening remarks I listed off a number of things that we've done this year.

但是，正如我所說，在我的開場白中，我列出了我們今年所做的一些事情。

And if I'd saved those things to one announcement, it would have been a hell of an announcement.

如果我把這些事情保存到一個公告中，那將是一個糟糕的公告。

But we didn't.

但我們沒有。

We announced them as they came because we didn't want to wait.

我們在他們到來時就宣布了他們，因為我們不想等待。

So I don't want to give you the impression that we are just sitting by waiting for January to come across.

所以我不想給你這樣的印象：我們只是坐著等待一月的到來。

We are not.

我們不是。

We haven't been, but there will be more announcements in January.

我們還沒有，但一月份將會有更多公告。

So when you say the announcement in January, how would they compare to what that list you just read off?

那麼，當您提到一月份的公告時，它們與您剛剛讀到的清單相比如何？

Is it equal to that or I mean what kind of magnitude are we talking about?

它等於這個還是我的意思是我們正在談論什麼樣的大小？

It is going to be a plan that will be very much an extension of what we have been doing.

這將是一個計劃，很大程度上是我們一直在做的事情的延伸。

There will be metrics in place that will -- that we will measure ourselves and our success going forward.

我們將制定一些衡量標準來衡量我們自己以及我們未來的成功。

But I really -- you know I don't want to let you think that a, we haven't been doing anything; and b, that this January announcement is going to be something radically different because I don't want to preclude any options from Mark and Ann. hand.

但我真的——你知道我不想讓你認為我們什麼都沒做； b，今年一月的公告將是完全不同的，因為我不想排除馬克和安的任何選擇。手。

But we have already signaled and are well down the road on many of these areas where we are headed.

但我們已經發出了信號，並且在我們前進的許多領域正在順利推進。

Chris Ceraso with Credit Suisse First Boston.

克里斯·塞拉索（Chris Ceraso），瑞士信貸第一波士頓公司。

Thanks, good morning everybody.

謝謝大家早安。

I've got a few quick ones.

我有幾個快速的。

First maybe for Dave, the allowance for credit losses as a percent of receivables 1.5%, can you remind us where that stacks up in terms of your historical range?

首先，對於戴夫來說，信用損失準備金佔應收帳款的百分比為 1.5%，您能否提醒我們，就您的歷史範圍而言，該比例是多少？

I know it is kind of toward the lower end but maybe you can give us a little more color there?

我知道這有點偏低端，但也許你可以給我們更多的顏色？

Yes, it was 1.52.

是的，是1.52。

Our ten-year average is about -- 1.47.

我們的十年平均值約為 1.47。

So it's getting very close to that level.

所以它已經非常接近這個水平了。

Okay.

好的。

Any changes in the trends in credit losses either in severity or frequency that we've seen in the most recent data?

我們在最新數據中看到的信用損失趨勢在嚴重程度或頻率方面有什麼變化嗎？

Severity has picked up just slightly and that's seasonality.

嚴重程度略有上升，這是季節性的。

The same with repossessions.

收回財產也是如此。

They are running at like 7, 8 year record low levels.

它們正處於七、八年來的最低水準。

So continue to perform very strong.

所以繼續表現非常強勁。

Okay.

好的。

On the revised fourth-quarter production, can you tell us what the car and truck breakdown is on that 810,000 units?

關於修訂後的第四季產量，您能告訴我們這 81 萬輛汽車和卡車的具體情況嗎？

Yes, we can.

我們可以。

I'm not sure I have it at my fingertips.

我不確定我是否掌握了它。

But we will get a hold of it and get it either later in the call or we will call you afterward and tell you.

但我們會在稍後的通話中獲取並獲取它，或者稍後我們會打電話給您並告訴您。

Okay.

好的。

Can you comment maybe on how the market is shaping up in the U.S. for October?

您能否評論一下 10 月美國市場的走勢？

We've heard some pretty grim expectations.

我們聽到了一些相當嚴峻的期望。

Is it really quite that bad or what are you seeing?

事情真的有那麼糟嗎？還是你看到了什麼？

It is definitely softer than we would have liked to have seen.

它絕對比我們希望看到的更柔軟。

But it is not a basket case.

但這並不是一個空殼子。

And I'm not going to get into too much more detail.

我不會透露太多細節。

I mean we are clearly seeing payback from the summer programs.

我的意思是，我們清楚地看到了暑期計畫的回報。

But you know, other than that I guess I wouldn't want to characterize it any further.

但你知道，除此之外，我想我不想進一步描述它的特徵。

Okay.

好的。

And then I don't want to beat this issue -- we've talked about it quite a bit.

然後我不想解決這個問題——我們已經討論過很多次了。

But maybe if you can just answer the question this way with regard to Ford Credit.

但也許你可以這樣回答有關福特信貸的問題。

If we are two or three years down the road, are you comfortable still funding yourself predominantly in the asset-backed market or do you think over a longer time horizon you will eventually need access to the unsecured market at reasonable terms?

如果未來兩三年，您是否仍願意主要在資產支持市場為自己提供資金，或者您是否認為在更長的時間內，您最終需要以合理的條件進入無擔保市場？

Well, for the next couple of years I am comfortable, next two or three that we can fund ourselves.

嗯，在接下來的幾年裡我很舒服，接下來的兩三年我們可以自己資助。

Clearly if you go out long enough, I mean of course, we need access to the unsecured market at reasonable rates.

顯然，如果你出去的時間夠長，我的意思當然是，我們需要以合理的價格進入無擔保市場。

Okay, but for now no plans meet that asset (ph)?

好的，但目前還沒有計劃滿足該資產（ph）？

We are keeping our options open.

我們保留我們的選擇空間。

We are looking at alternatives.

我們正在尋找替代方案。

But for now the strategy we've laid out is the one we're going to follow.

但目前我們將遵循我們所製定的策略。

And just to follow up -- on 810,000; 245,000 are cars, 565,000 are trucks -- total 810.

後續行動——810,000； 245,000 輛汽車，565,000 輛卡車——總共 810 輛。

And just on the state of sales, I think it is important to know that we are projecting 17.4 million units this year.

僅就銷售狀況而言，我認為重要的是要知道我們今年的銷量預計為 1740 萬台。

I think that is pretty much in line with where most people are.

我認為這與大多數人的情況非常一致。

That is up slightly from last year on average.

這比去年的平均水平略有上升。

Last year had a very strong fourth-quarter.

去年第四季表現非常強勁。

If you look at the year to date, the first nine months, we are looking for light and heavy at 17.7 seasonally adjusted compared with 17.2 last year.

如果你看看今年迄今為止的前 9 個月，我們發現經季節性調整後的輕質和重質值為 17.7，而去年為 17.2。

So year-to-date, we are up 3%; for the full year we are projecting to be up just a little bit.

今年迄今為止，我們上漲了 3%；我們預計全年會略有上升。

So it is very reasonable to assume that we are going to have a payback coming off such high levels particularly an 18.5 million third quarter.

因此，我們可以合理地假設我們將從如此高的水平獲得回報，特別是第三季 1850 萬美元。

So we are in the middle of that right now and it is not at all unexpected.

所以我們現在正處於這種情況之中，這一點也不意外。

Okay, thank you very much.

好的，非常感謝。

Operator, can we switch over now and take some questions from the media, please?

接線員，現在可以轉過來接受媒體提問嗎？

Absolutely. (OPERATOR INSTRUCTIONS) Jeremy Peters with the New York Times.

絕對地。 （操作員說明）《紐約時報》的傑瑞米彼得斯。

Hi, it is Danny Hakim from the Times.

大家好，我是《泰晤士報》的丹尼‧哈基姆。

Just a quick question, Bill.

只是一個簡單的問題，比爾。

A month ago you had told us at a press conference that you were going to have a lot more to say on the October earnings call about the turnaround effort.

一個月前，您在新聞發布會上告訴我們，您將在 10 月的財報電話會議上就扭虧為盈的努力發表更多言論。

What changed there?

那裡發生了什麼變化？

Was it the Fields appointment that delayed that?

是菲爾茲的任命推遲了這一進程嗎？

Well, frankly that was the primary driver and for all the reasons that I've already described, Danny.

嗯，坦白說，這是主要驅動力，出於我已經描述過的所有原因，丹尼。

We have concluded Firestone.

我們已經得出了費爾斯通的結論。

We are in discussions with the UAW on healthcare.

我們正在與美國汽車工人聯合會就醫療保健問題進行討論。

I mean there are things that are going on that are new since then.

我的意思是，從那時起，發生了一些新的事情。

But primarily, I did want to give the new team the opportunity to respond to what they -- not only what they found internally but also the external environment.

但首先，我確實想讓新團隊有機會對他們的情況做出回應——不僅是他們內部發現的問題，還有外在環境。

Okay, thank you.

好的謝謝。

Bill Koenig with Bloomberg News.

彭博新聞社的比爾‧科尼格。

Good morning.

早安.

Trying to beat the plant closing thing to the ground but in the sense of -- let me just ask this -- you said back in both I think April and July that you had too much capacity.

試圖阻止工廠關閉，但從某種意義上說——讓我問一下——你在四月和七月都說過，你的產能太多了。

I guess why did you wait to address it since the Mark Fields appointment?

我猜你為什麼在馬克菲爾茲任命後才解決這個問題？

In other words was there any thought about trying to do this analysis prior to Mark's appointment?

換句話說，在馬克被任命之前，有沒有想過嘗試進行這種分析？

Was this considered earlier in the year -- just wondering if you explained that?

今年早些時候是否考慮過這一點——只是想知道你是否解釋過這一點？

Look, Bill.

看，比爾。

Greg Smith and his team did a lot of analysis.

格雷格·史密斯和他的團隊做了很多分析。

We have closed some capacity this year already and we announced that earlier -- I mean earlier in the call, just to remind you -- with Lorraine, Ohio closing and Windsor Casting.

今年我們已經關閉了一些產能，我們早些時候宣布了這一消息——我的意思是在電話會議的早些時候，只是為了提醒大家——關閉俄亥俄州洛林和溫莎選角。

And obviously there has been a tremendous amount of work done on capacity and capacity actions.

顯然，在能力和能力行動方面已經做了大量工作。

And it's not as if the clock is going to start when Mark and Anne get in there.

當馬克和安妮進來時，時鐘似乎不會開始計時。

There's been I would say a tremendous amount of work already done to match our cycle plan with our capacity and with the market needs.

我想說的是，為了使我們的週期計劃與我們的產能和市場需求相匹配，我們已經做了大量的工作。

All I am doing is allowing that new team to get in there and make their own assessments particularly in light of everything that is going on in the external environment as well.

我所做的就是讓新團隊進入並做出自己的評估，特別是根據外部環境中發生的一切。

Okay, thanks.

好的謝謝。

Bernard Simon with The Financial Times.

英國《金融時報》的伯納德‧西蒙。

Good morning.

早安.

Some of the analysts are suggesting to their clients that they GM over Ford because they think GM is more purposeful, more decisive in adapting to the realities in the motor industry.

一些分析師向他們的客戶建議他們選擇通用汽車而不是福特，因為他們認為通用汽車在適應汽車行業的現實方面更有目的性、更果斷。

And I wonder what your response is to that?

我想知道你對此有何回應？

Well, I don't really know what that means.

嗯，我真的不知道這代表什麼。

We've taken a lot of actions already and -- that are well down this road.

我們已經採取了很多行動，並且正在朝著這個方向前進。

Our credit company has already pared itself down to a core mission which is very focused.

我們的信貸公司已經將自身縮減為非常專注的核心使命。

And I believe that we are in a different position.

我相信我們處於不同的位置。

I would remind you that we are profitable this year again.

我想提醒您的是，今年我們再次實現盈利。

And that we have strong products coming across the board.

我們擁有全面的強大產品。

And so I'm not sure when you say that what you mean by that.

所以我不確定你說的是什麼意思。

GM went first in the healthcare discussion and I think that that was appropriate given their situation and there immediacy and the size of their issue.

通用汽車在醫療保健討論中首先進行了討論，我認為考慮到他們的情況以及問題的緊迫性和規模，這是適當的。

But we are obviously in there talking as well.

但我們顯然也在討論。

So I really don't know what actions that they could be taking that we are not or have not already done.

所以我真的不知道他們可能會採取哪些我們沒有或尚未採取的行動。

Thanks.

謝謝。

Bryce Hoffman with The Detroit News.

布萊斯霍夫曼與底特律新聞。

Good morning.

早安.

Bill, you've made it clear that expanding hybrid offerings is a key element of your future strategy.

比爾，您已經明確表示，擴大混合產品是您未來策略的關鍵要素。

How are you going to get the hybrid drive components for these vehicles when Toyota -- the (indiscernible) levy (ph) license law this technology from says it cannot get enough for its own vehicles?

當豐田（難以辨認的）徵稅（ph）許可法表示該技術無法為自己的車輛獲得足夠的混合動力驅動組件時，您將如何獲得這些車輛的混合動力驅動組件？

I know you guys have been talking with Delphi, but their bankruptcy must have put a question mark over that to some degree?

我知道你們一直在與德爾福交談，但他們的破產一定在某種程度上對此打上了問號？

Well, we are talking to Delphi and in fact, we have been assured and believe that they are still on track to deliver that.

嗯，我們正在與德爾福交談，事實上，我們已經得到保證並相信他們仍然有望實現這一目標。

I mean their bankruptcy obviously is something that they are going to have to work through.

我的意思是，他們的破產顯然是他們必須解決的問題。

But we are developing also a lot of in-house capability and are working with some other suppliers quietly and strategically to make sure that we have the ability to pull this off and I'm very confident that we do.

但我們也在開發大量的內部能力，並與其他一些供應商悄悄地、策略性地合作，以確保我們有能力實現這一目標，我對此非常有信心。

Great, thanks.

萬分感謝。

Dee-Ann Durbin with the Associated Press.

迪安·德賓與美聯社。

Good morning.

早安.

Do you expect to reach an agreement with the UAW on healthcare even before January?

您是否預計在一月份之前就與美國汽車工人聯合會就醫療保健達成協議？

And do have any idea yet of the kind of cost savings you could achieve with an agreement similar to GMs?

您是否知道透過類似於通用汽車的協議可以節省哪些成本？

To answer your last question, yes, but we are not going to disclose it today.

回答你的最後一個問題，是的，但我們今天不打算透露。

But we certainly do have an idea of internally of what this could mean to us.

但我們內部確實知道這對我們意味著什麼。

But as I said at the beginning, we are not in a position to announce anything other than to confirm we are discussing this with the UAW.

但正如我一開始所說的，除了確認我們正在與美國汽車工人聯合會討論此事之外，我們無法宣布任何其他事情。

And we need to let the UAW play out with GM and get ratified.

我們需要讓 UAW 與通用汽車合作並獲得批准。

So, I'm not going to put a number out there.

所以，我不會在那裡給出一個數字。

We know what it is and we're very comfortable with it.

我們知道它是什麼，並且對此感到非常滿意。

But this is something that just is going to take a little time.

但這需要一點時間。

Thank you.

謝謝。

One of the things that I have always said is we do our negotiations in private.

我一直說的一件事是我們私下進行談判。

And I have said that to you for the last three years and I'm going to continue to say that to you because for us that has produced very good results.

過去三年我一直對你們這麼說，我將繼續對你們這麼說，因為這對我們來說已經產生了非常好的結果。

And it is something that I think we will continue to hang our hat on.

我認為我們將繼續堅持這一點。

Sarah Webster with the Detroit Free Press.

莎拉·韋伯斯特與底特律自由報。

Good morning.

早安.

I know you want to do your negotiations in private but I wonder if you are at our all concerned about the ratification process of this deal that GM has announced with the UAW?

我知道您想私下進行談判，但我想知道您是否關心通用汽車與美國汽車工人聯合會宣布的這項交易的批准過程？

There has been a lawsuit filed that's somewhat unusual to try to get the retirees to sign onto this and make the agreement binding.

已經提起訴訟，試圖讓退休人員簽署此協議並使協議具有約束力，這有點不尋常。

Is this something that you are very concerned about?

這是您非常關心的事情嗎？

Do you think it will take till January or maybe longer to get this issue resolved?

您認為要到一月或更長時間才能解決這個問題嗎？

Sarah, I don't know what the timeframe of this is, particularly now that it is in court.

莎拉，我不知道這件事的時間表是什麼，特別是現在已經在法庭上。

But I think -- I have great faith in Ron Gettelfinger and his ability to if he thinks he's got a deal that makes sense for the UAW to go ahead and get that deal ratified.

但我認為，我對 Ron Gettelfinger 和他的能力充滿信心，如果他認為自己達成了一項對 UAW 有意義的協議，那麼他就會繼續推進該協議並獲得批准。

But we are -- it's not slowing us down at all.

但我們——它根本沒有減慢我們的速度。

We're continuing our talks.

我們正在繼續我們的會談。

But it will slow us down in terms of an announcement if this drags on a long time.

但如果拖太久，我們的發布速度就會變慢。

And a question about innovation.

還有一個關於創新的問題。

I understand the value that that message would have internally with your workforce.

我了解該資訊對您的員工內部的價值。

But you are bringing that message out to the public in a fairly significant way.

但你正在以相當重要的方式向公眾傳達這個訊息。

I guess I wonder as a consumer, I would guess people expect innovation in their vehicles.

我想我想知道作為一個消費者，我猜人們期望他們的車輛有創新。

Why do you think is a good message to sell vehicles or build your brand?

為什麼您認為這是銷售車輛或打造品牌的好消息？

For two reasons, Sarah.

有兩個原因，莎拉。

First of all, if you look at Ford's history and we did a lot of research on this, this is what people expect from Ford.

首先，如果你看看福特的歷史，我們對此做了很多研究，這就是人們對福特的期望。

We didn't necessarily invent all the things but we were innovated enough to bring them to the public at a price that they could afford.

我們不一定發明所有的東西，但我們有足夠的創新，可以以公眾可以負擔的價格將它們推向公眾。

Whether it is all the way back to the Model T; whether it is the $5.00 a day wage in terms of social innovation; all the way coming forward to seat belts; standard seat belts; standard airbags to roll stability control.

是否一路回到T型車；是否是社會創新方面的日薪 5 美元？一路上前往繫安全帶；標準安全帶；標準安全氣囊可實現側傾穩定性控制。

These are things that people expect from Ford.

這些都是人們對福特的期望。

And what they really -- what the research showed is that was something that expected from us in the past.

研究表明，這是我們過去所期望的。

They weren't sure what to expect from us in the future.

他們不確定未來對我們有何期望。

And if we could show them that it is alive and well at Ford and thriving, it is very believable because it connects so well to our past.

如果我們能夠向他們展示它在福特充滿活力、蓬勃發展，那就非常可信，因為它與我們的過去緊密相連。

And so -- and we found that it was a very strong message that people it does resonate with people particularly if you can give examples of how it helps them in their daily lives.

因此，我們發現這是一個非常強烈的訊息，它確實會引起人們的共鳴，特別是如果你能舉例說明它如何在日常生活中幫助他們。

And that is something that we will continue to do.

這是我們將繼續做的事情。

Rick Copley (ph) with the Chicago Tribune.

《芝加哥論壇報》的里克·科普利（博士）。

Good morning.

早安.

Can you say when you expect North American auto operations to be profitable?

您能透露一下您預計北美汽車業務何時能夠獲利嗎？

No.

不。

I think it would be premature for us to talk about that now.

我認為我們現在談論這個還為時過早。

That is something that we will be discussing later on.

這是我們稍後將討論的事情。

Okay.

好的。

And secondly on plant closings that you may announce in the future, are those likely to happen within the current UAW contract or with the new one negotiated in 2007?

其次，關於您將來可能宣布的工廠關閉問題，這些工廠關閉的情況是在當前的 UAW 合約範圍內還是在 2007 年談判的新合約範圍內發生？

Well obviously anything we discuss we will be discussing with the union and therefore I don't want to signal anything that would get in the way of that.

顯然，我們討論的任何事情都將與工會討論，因此我不想發出任何會妨礙這一點的信號。

Okay, thank you.

好的謝謝。

Amy Wilson with the Automotive News.

艾米·威爾遜與汽車新聞。

Good morning.

早安.

Bill, I wanted to ask you, Bill, a couple of things that you said -- I want to try to get a little deeper understanding.

比爾，我想問你，比爾，你所說的一些事情——我想嘗試更深入地理解。

You talked about Mark and Anne reviewing the product plan and obviously you have had a lot of turnover in your North American team including your top product development person.

您談到馬克和安妮審查產品計劃，顯然您的北美團隊有很多人員流動，包括您的頂級產品開發人員。

Just how much is the product plan up in the air now?

目前該產品計劃還懸而未決嗎？

I mean how much change would you really expect?

我的意思是你真正期望有多少改變？

I wouldn't expect major change, and frankly, it is really not up in the air.

我不希望發生重大變化，坦白說，這確實不是懸而未決的。

We have a very solid cycle plan right now and I think what really Mark and Anne are doing is giving the environment in which we are operating and trying to future out also the price of oil, price of gasoline to our customers -- do we have the right plan?

我們現在有一個非常可靠的周期計劃，我認為馬克和安妮真正正在做的是提供我們經營的環境，並努力向我們的客戶確定未來的石油價格、汽油價格——我們有正確的計劃？

Do we have the right mix of engines?

我們有正確的引擎組合嗎？

Are we positioned correctly to respond to this new reality in which we are operating?

我們的定位是否正確，能夠應對我們所處的新現實？

So you know, frankly the next two years are pretty well set anyway, as you know.

所以你知道，坦白說，無論如何，接下來的兩年都已經做好了準備，正如你所知。

I mean those products are in the pipeline.

我的意思是這些產品正在醞釀中。

They are going to be delivered.

他們將被交付。

And what Mark and Anne are really looking at are three or four years and beyond in terms of where we are going.

馬克和安妮真正關注的是三、四年甚至更長後我們的發展方向。

You also spoke about growing the top line.

您還談到了增加收入。

With your patent, there's been a long pattern of losing marketshare here in North America, your biggest market.

憑藉您的專利，在您最大的市場北美，長期以來一直在失去市場份額。

I'm wondering was that plus with the decline in SUVs which are among your highest revenue vehicles, how can you grow the top line going forward?

我想知道，隨著 SUV（您收入最高的車輛之一）的下降，您如何繼續提高收入？

Well, first of all we are growing around the world and I think it is important to keep that in mind.

嗯，首先，我們正在世界各地發展，我認為記住這一點很重要。

We are growing very fast in Asia and we have very aggressive plans to do that.

我們在亞洲的發展非常迅速，我們有非常積極的計劃來做到這一點。

We are also growing in South America.

我們也在南美洲發展。

We are growing our revenue fairly rapidly down there.

我們在那裡的收入成長相當快。

And we are going to continue to work the North American market, the U.S. market I should say, for the right equation of marketshare and revenue.

我們將繼續致力於北美市場，我應該說是美國市場，以獲得市場份額和收入的正確等式。

I think you mentioned our SUVs our down.

我想你提到了我們的 SUV。

Our car share is up for the first time since '93.

我們的汽車佔有率自 93 年以來首次上升。

And one of the things that Mark and Anne are looking hard at is revenue in North America.

馬克和安妮正在認真關注的事情之一是北美的收入。

But as a corporation, it's easy to see where the revenue growth can and will come from outside of the U.S.

但作為一家公司，很容易看出收入成長可以而且將會來自美國以外的地方。

And what we are wrestling with is how do we make that equation work for the U.S. market?

我們正在努力解決的是如何讓這個方程式適用於美國市場？

Do you think you can actually grow the top line in the U.S. specifically?

您認為您實際上可以增加美國的收入嗎？

I think we can.

我想我們可以。

I think the question is over what time period and what mix will get as there.

我認為問題在於什麼時間段以及屆時會出現什麼組合。

Okay, thanks.

好的謝謝。

Jim Peltz with The Los Angeles Times.

《洛杉磯時報》的吉姆‧佩爾茨。

Bill, I was wondering with regard to dramatically changing your business structure, I wanted to ask you a question about pricing.

比爾，我想知道如何大幅改變您的業務結構，我想問您一個有關定價的問題。

Can you characterize how successful you think the employee pricing promotion was?

您能描述一下您認為員工定價促銷有多成功嗎？

And then going forward, I'm wondering whether there will be a change in how you price your cars and trucks or whether it is still a matter of throwing incentives and cash rebates etc. at people in order to get them to buy them?

然後，展望未來，我想知道汽車和卡車的定價方式是否會發生變化，或者是否仍然是向人們提供激勵措施和現金回扣等以吸引他們購買的問題？

Well, first of all, I think the employee plan worked very well as a clear out plan.

嗯，首先，我認為員工計劃作為一個清晰的計劃非常有效。

It blew out our '05s.

它讓我們的05年代大放異彩。

It did a very nice job of doing that.

它在這方面做得非常好。

And so from that standpoint, it was probably the best old model clear out plan that I have seen.

因此，從這個角度來看，這可能是我見過的最好的舊模型清理計劃。

Now we are getting some payback from that and we've discussed that.

現在我們正在從中得到一些回報，並且我們已經對此進行了討論。

But longer-term, obviously we are not unique in this.

但從長遠來看，顯然我們在這方面並不是獨一無二的。

We would like very much to get away from the incentives and get to more value kind of pricing.

我們非常希望擺脫激勵措施並獲得更有價值的定價。

But the issue is a structural one as you well know.

但眾所周知，這是一個結構性問題。

We have overcapacity in the U.S. and as long as that -- we the industry, I don't mean we Ford -- we the industry have overcapacity in the U.S. and as long as that happens, somebody is going to blink and play the rebate game in a bigger way.

我們在美國產能過剩，只要這種情況——我們這個行業，我不是說我們福特——我們這個行業在美國產能過剩，只要這種情況發生，就會有人眨眼並玩回扣以更大的方式進行遊戲。

I think we have been pretty good over the last four years of not spending dollar for dollar with a lot of our facing competition.

我認為，在過去的四年裡，我們在面臨許多競爭的情況下，沒有一分錢一分貨地做得很好。

And that was really our goal was to spend $0.80 or $0.90 when the competition spent a $1.00.

事實上，我們的目標是在競爭對手花費 1.00 美元時花費 0.80 美元或 0.90 美元。

And we were very good at that.

我們非常擅長這一點。

But longer-term, it is not healthy for the industry and frankly it is probably not sustainable.

但從長遠來看，這對該行業並不健康，而且坦白說，這可能不可持續。

Thank you.

謝謝。

Operator, I think we have time for one more question, please.

接線員，我想我們還有時間再問一個問題。

(indiscernible) with Reuters.

（音頻不清晰）與路透社。

Hi, Bill.

嗨，比爾。

Could you give us an idea of how much capacity reduction you are looking at, say in terms of percentage?

您能否告訴我們您正在考慮減少多少產能（以百分比表示）？

No, I can't.

不，我不能。

Or I won't -- I could but I won't.

或者我不會——我可以，但我不會。

If I did that, you would quickly back it into the number of plants and I'm not going to be locked into that.

如果我這樣做，你會很快將其返回到植物數量中，而我不會被限制於此。

Suffice it to say that we need to take a look at our marketshare and our product plans going forward and then we will match the capacity to that.

我只想說，我們需要看看我們的市場份額和未來的產品計劃，然後我們將與之相匹配的產能。

And so it is not going to be some arbitrary number -- it is going to be very much based upon what we think we can accomplish in this marketplace.

因此，它不會是某個任意的數字——它很大程度上取決於我們認為我們可以在這個市場上實現的目標。

Bill, it is Tom Brown here.

比爾，我是湯姆布朗。

Just as a last question and follow up.

正如最後一個問題並跟進。

If given the state of the manufacturing sector, not just autos -- are you leaning more in favor of the national healthcare plan like Steve Miller is talking about at Delphi?

如果考慮到製造業（而不僅僅是汽車業）的狀況，您是否更傾向於像史蒂夫·米勒（Steve Miller）在德爾福談論的那樣的國家醫療保健計劃？

Look, what I am very much in favor of is healthcare getting a national debate because and I'm not -- please don't misconstrue this -- I am not advocating national healthcare.

聽著，我非常支持醫療保健進行全國性辯論，因為我不——請不要誤解這一點——我並不提倡國家醫療保健。

But I am advocating is the fact that this issue affects anybody who manufactures anything in the U.S.

但我主張的是，這個問題影響到在美國製造任何東西的任何人。

And frankly, this is one issue that big business and small business are completely aligned upon.

坦白說，這是大企業和小企業完全一致的問題。

And so we need to have a debate nationally that includes business and obviously improves includes the politicians.

因此，我們需要在全國範圍內進行一場辯論，其中包括商業界，並且顯然包括政治家在內的辯論。

Because if all you are doing is shifting healthcare from the way we are now around, it is a tough game we are in.

因為如果你所做的只是改變我們現在的醫療保健方式，那麼我們將面臨一場艱難的遊戲。

And so I don't believe we've had adequate national dialogue on this and it has got to come up and it has got to come fast.

因此，我認為我們還沒有就此進行充分的全國對話，而且必須盡快提出。

Thank you.

謝謝。

In closing, I believe Bill has a couple of things to say.

最後，我相信比爾有幾句話要說。

I want to thank you for your questions.

我想感謝你的提問。

I think they were very good and we are very much aware of the challenges ahead.

我認為他們非常好，我們非常清楚未來的挑戰。

But also, as I said earlier, there are also opportunities as this industry goes through restructuring.

但正如我之前所說，隨著這個行業的重組，也存在著機會。

And we are very much aware of those opportunities and are poised to capitalize upon them.

我們非常清楚這些機會，並準備好充分利用它們。

We are making progress, and I do expect that progress to accelerate in the months ahead.

我們正在取得進展，我確實預計未來幾個月進展會加速。

Thank you very much for joining us and look forward to seeing you all soon.

非常感謝您加入我們，並期待很快與大家見面。

Ladies and gentlemen, if you have any additional questions about our third-quarter results, please feel free to call either investor relations or public affairs.

女士們先生們，如果您對我們第三季業績有任何其他疑問，請隨時致電投資者關係部或公共事務部。

Thanks for joining us.

感謝您加入我們。

Ladies and gentlemen, thank you for your participation in today's conference.

女士們、先生們，感謝你們參加今天的會議。

This does conclude your presentation.

您的示範到此結束。

You may now disconnect and have a wonderful day.

您現在可以斷開連接並度過美好的一天。