福特汽車 (F) 2006 Q1 法說會逐字稿

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

美好的一天，女士們先生們，歡迎參加福特汽車公司第一季財報電話會議。

My name is Cindy and I will be your coordinator for today.

我叫辛迪，我將擔任你們今天的協調員。

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 conducting a question-and-answer session towards the end of this conference. (OPERATOR INSTRUCTIONS)

我們將在本次會議結束時舉行問答會議。 （操作員說明）

I would now like to turn the presentation over to [Diane Patton], Managing Director of Investor Relations.

我現在想把演講交給投資者關係董事總經理[黛安·巴頓]。

Please proceed.

請繼續。

Thank you, operator.

謝謝你，接線生。

Good morning to all of you joining us either by phone or by the Internet.

透過電話或網路加入我們的大家早安。

On the conference call this morning are Bill Ford, Ford's chairman and CEO, Don Leclair, our Chief Financial Officer, and Mark Fields, President of the Americas.

今天早上參加電話會議的有福特董事長兼執行長比爾福特、財務長唐勒克萊爾和美洲區總裁馬克菲爾茲。

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

出席會議的還有副總裁兼財務長 Jim Gouin；

Ann Marie Petach, Vice President and Treasurer, [Mark Hassen], our Director of Accounting, and K.R.

Ann Marie Petach，副總裁兼財務主管，[Mark Hassen]，我們的會計總監，以及 K.R.

Kent, Ford Credit CFO.

肯特，福特信貸財務長。

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 slides that we will be using today have been posted on Ford's investor and media websites for your reference.

首先，今天早上的財報副本和我們今天將使用的幻燈片已發佈在福特的投資者和媒體網站上，供您參考。

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

我還想指出，這裡提供的財務結果是基於公認會計原則（GAAP）的，有些情況是基於非公認的會計原則（Non-GAAP）。

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

本次電話會議中討論的任何非 GAAP 財務指標均與幻燈片附錄中的 GAAP 同等指標進行了調整。

Finally, I need to remind everybody that today's presentation includes some forward-looking statements about our expectations 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 Form 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。

And 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, and thank you all for joining us this morning.

謝謝大家，也謝謝大家今天早上加入我們。

I'd like to begin the call by giving you my perspective on overall business conditions, an update on what we're doing to transform our business, and how we're responding to the specific challenges facing the U.S. automotive sector.

在通話開始時，我想向大家介紹我對整體業務狀況的看法、我們為業務轉型所做的最新努力，以及我們如何應對美國汽車產業面臨的具體挑戰。

I'm also going to touch on our commitment to our customers and the innovative spirit that I have been focusing on the past few months.

我還將談到我們對客戶的承諾以及過去幾個月我一直關注的創新精神。

And then I'll turn it over to Don for more detail about the financials.

然後我會將其轉交給唐以獲取有關財務狀況的更多詳細資訊。

First, the bottom line.

首先，底線。

We made earnings from continuing operations of $458 million in the first quarter, excluding special items largely related to our restructuring that totaled $2.5 billion.

第一季我們的持續經營利潤為 4.58 億美元，不包括主要與重組相關的特殊項目，總計 25 億美元。

While we are not satisfied with our performance, particularly the loss in North American motive, we are encouraged by the success of our global operations and also of the credit company.

雖然我們對我們的表現並不滿意，特別是北美動機的損失，但我們對我們的全球業務以及信貸公司的成功感到鼓舞。

We are also deeply motivated by our mandate to change Ford and earn the confidence and pride of our loyal customers, prospective customers, dealers, employees and other stakeholders.

改變福特並贏得忠實客戶、潛在客戶、經銷商、員工和其他利害關係人的信心和自豪感也深深激勵著我們。

We've said that we intend to restore automotive profitability in North America no later than 2008 and we remain committed to deliver our promise.

我們已經說過，我們打算在 2008 年之前恢復北美汽車業的盈利能力，並且我們仍然致力於兌現我們的承諾。

Now I'd like to offer some perspective on our global business.

現在我想就我們的全球業務提供一些看法。

South America, Europe and the PAG group continue to deliver year-over-year profit improvement, and PAG is in its busiest new product year ever.

南美、歐洲和 PAG 集團的利潤繼續實現同比增長，PAG 正處於有史以來最繁忙的新產品年。

Ford of Europe and PAG are on a product offensive with over 20 new product introductions this year.

歐洲福特公司和 PAG 正在展開產品攻勢，今年推出了 20 多種新產品。

Land Rover in particular has tremendous momentum, with record sales in the first quarter, up 26% globally and 34% in the U.S.

尤其是路虎，其勢頭強勁，第一季銷量創歷史新高，全球成長 26%，美國成長 34%。

We're also performing well in emerging growth markets such as Turkey and Russia, where our sales and our share grew.

我們在土耳其和俄羅斯等新興成長市場也表現良好，我們的銷售額和份額都在成長。

Asia-Pacific and Africa retail sales volumes for Ford brand were up nearly 14%, with particularly strong results in China, India and South Africa.

福特品牌在亞太和非洲的零售量成長了近 14%，其中中國、印度和南非的表現尤其強勁。

And we're continuing to invest in key market such as China, where we're introducing more products, building more factories, adding dealers as our sales grow and leveraging strategic partnerships.

我們將繼續投資中國等關鍵市場，隨著銷售的成長，我們將在中國推出更多產品、建造更多工廠、增加經銷商，並利用策略合作夥伴關係。

While we're not yet earning what we consider an acceptable return in Europe, PAG and Asia, continued progress in new products, cost, quality and brand image will continue to deliver stronger results.

雖然我們尚未在歐洲、PAG 和亞洲獲得我們認為可接受的回報，但新產品、成本、品質和品牌形象的持續進步將繼續帶來更強勁的業績。

Ford Credit continues to be a strong contributor to our overall progress, with a dividend to the parent of 250 million in the first quarter and a strong cash position.

福特信貸繼續為我們的整體進步作出重要貢獻，第一季向母公司派發股息 2.5 億美元，現金狀況強勁。

At Mazda, we continue to have very strong momentum, reporting record results for its last quarter.

在馬自達，我們繼續保持非常強勁的勢頭，報告了上季度創紀錄的業績。

The progress we've made in Europe, PAG, Asia and Mazda not only have helped our bottom line, but frankly, have helped inform our strategy in North America, where we launched our Way Forward plan three months ago.

我們在歐洲、PAG、亞洲和馬自達的進展不僅有助於我們的盈利，而且坦率地說，有助於為我們在北美的戰略提供信息，三個月前我們在北美啟動了前進計劃。

Mark Fields, Anne Stevens and Bob Shanks have all turned around operations at Ford.

馬克·菲爾茲 (Mark Fields)、安妮·史蒂文斯 (Anne Stevens) 和鮑勃·尚克斯 (Bob Shanks) 都扭轉了福特的營運局面。

They know how to assemble a team, perform an honest assessment, develop credible sets of objectives and, importantly, to execute it.

他們知道如何組建團隊、進行誠實的評估、制定可信的目標，更重要的是執行它。

Three months in, we're in the very early stage of this strategy to transform the way we do business down to its very core.

三個月後，我們正處於這項策略的早期階段，該策略旨在徹底改變我們的業務方式。

As we said in January, the transformation isn't going to be quick and it isn't going to be painless.

正如我們在一月份所說的那樣，這種轉變不會很快，也不會一帆風順。

It will involve risks and the financial rewards won't be immediate, but we will get there.

這將涉及風險，並且不會立即獲得經濟回報，但我們將實現這一目標。

I'm confident that we will reshape Ford into a more efficient, nimble and cost-effective company rooted in innovation and committed to delighting and satisfying our customers.

我相信，我們將把福特重塑為一家更有效率、更靈活、更具成本效益的公司，植根於創新，致力於取悅和滿足我們的客戶。

And thankfully, we have the financial wherewithal and the global strength to do this right.

值得慶幸的是，我們擁有足夠的財力和全球實力來做到這一點。

Part of doing it right means streamlining decision-making to become a leaner, quicker organization.

正確行事的一部分意味著簡化決策，成為一個更精簡、更快速的組織。

And that is why I had decided not to replace Jim Padilla, who has elected to retire after 40 years of extraordinary leadership.

這就是為什麼我決定不取代吉姆·帕迪拉（Jim Padilla），他在經歷了 40 年的非凡領導後選擇退休。

I am assuming his responsibilities myself and will chair our six-person operating committee.

我將親自承擔他的職責，並將擔任我們的六人運營委員會的主席。

Part of doing it right also means changing the mindset of our people, and Mark and his team are communicating constantly to drive home the urgency of our challenge.

正確行事的一部分也意味著改變我們員工的心態，馬克和他的團隊不斷溝通，讓人們認識到我們面臨的挑戰的緊迫性。

We are all mindful of the industry environment, the pressure on our suppliers and our dealers, unfavorable market share trends and the fact that our issues in North America are structural rather than cyclical.

我們都關注行業環境、供應商和經銷商面臨的壓力、不利的市場份額趨勢以及我們在北美的問題是結構性而非週期性的事實。

Another part of getting it right means constant improvement in the basis of our business.

做到正確的另一部分意味著不斷改進我們的業務基礎。

We're putting extraordinary effort into improving quality and rightsizing capacity.

我們正在付出巨大的努力來提高品質和調整產能。

We're also committed to clearer pricing, protecting our leadership in key areas such as trucks, offering more daring design, working more effectively with our suppliers, driving down our costs and continuing our investments in new products.

我們也致力於更清晰的定價，保護我們在卡車等關鍵領域的領先地位，提供更大膽的設計，更有效地與供應商合作，降低成本並繼續投資新產品。

And we're encouraged by the sales acceleration of our new midsize car lineup, which was up 28% in March over February.

我們對新中型車系列的銷售加速感到鼓舞，3 月的銷量比 2 月成長了 28%。

The Fusion, the Milan and the Zephyr get up to 32 miles per gallon on the highway, which we know is increasingly important to our customers in this time of rising gas prices.

Fusion、Milan 和 Zephyr 在高速公路上每加侖行駛里程可達 32 英里，我們知道，在汽油價格不斷上漲的時期，這對我們的客戶來說越來越重要。

With customers seeking relief at the pump, you should know that we have 12 vehicles in our fleet that get 30 miles or more per gallon and 1.5 million ethanol capable vehicles on the road.

對於尋求加油的客戶來說，您應該知道，我們的車隊中有 12 輛每加侖可行駛 30 英里或更多的車輛，並且有 150 萬輛支援乙醇的車輛在路上行駛。

But we are also on track to sell 900,000 F-Series again this year, supporting businesses and families across America.

但今年我們也有望再次銷售 90 萬輛 F 系列，為美國各地的企業和家庭提供支援。

We've introduced the all-new Explorer Sport Trac, and in the fast-growing crossover segment, we're going to field a very strong pair of entries this fall with the Ford Edge and the Lincoln MKX.

我們推出了全新的 Explorer Sport Trac，在快速成長的跨界車細分市場中，我們將在今年秋天推出一對非常強大的車型：福特 Edge 和林肯 MKX。

But we still need to find a way to differentiate ourselves from other companies.

但我們仍然需要找到一種方法來使自己與其他公司區分開來。

And that is why I'm personally leading an effort to distinguish ourselves from our competitors through a renewed commitment to innovation.

這就是為什麼我親自領導一項努力，透過重新致力於創新來使自己與競爭對手區分開來。

Innovation fueled the birth of this company.

創新推動了這家公司的誕生。

Innovation has been responsible for the Company's success over the past 100 years.

過去 100 年來，創新一直是公司成功的原因。

And I'm convinced it will drive this company to regain its competitive edge and will serve as our compass going forward.

我相信它將推動這家公司重新獲得競爭優勢，並將成為我們前進的指南針。

And that is why we are instilling a disciplined process to shake ideas out of the system, separating the great ideas from the good ones, rewarding those who develop them and putting our best ideas into motion.

這就是為什麼我們正在灌輸一個嚴格的流程，將想法從系統中剔除，將偉大的想法與好的想法分開，獎勵那些開發它們的人，並將我們最好的想法付諸實踐。

We understand the potential risks here.

我們了解這裡的潛在風險。

We also understand the potential rewards, which is why our commitment to all our stakeholders is to stay focused on powerful opportunities, to win customers, to strengthen our business model and to create competitive advantages for the future.

我們也了解潛在的回報，這就是為什麼我們對所有利害關係人的承諾是專注於強大的機會，贏得客戶，加強我們的業務模式並為未來創造競爭優勢。

With that, I will turn it over to Don for more details about our first-quarter performance.

這樣，我將把它交給唐，以了解有關我們第一季業績的更多詳細資訊。

Don?

大學教師？

Thanks, Bill, and good morning, everyone.

謝謝比爾，大家早安。

In the first quarter, we earned $0.24 a share from continuing operations, and on a net income basis, including special items, we had a loss of $0.64 per share.

第一季度，我們透過持續經營業務每股賺取 0.24 美元，而在包括特殊項目在內的淨利潤基礎上，我們每股虧損 0.64 美元。

As expected, we had a loss in our North American operations and we launched our Way Forward plan in January to address those issues.

正如預期的那樣，我們的北美業務出現了虧損，我們在一月份啟動了前進計劃來解決這些問題。

All of our other auto operations were profitable, with South America, Europe and PAG reporting improved results.

我們所有其他汽車業務均實現盈利，其中南美、歐洲和 PAG 報告業績有所改善。

And Ford Credit remained solidly profitable, earning a pretax profit of $751 million, and we continue to have strong liquidity with cash of $23.7 billion.

福特信貸仍保持穩健獲利，稅前利潤為 7.51 億美元，我們繼續擁有強勁的流動性，擁有 237 億美元的現金。

I'd like to point out a couple of items on slide 2.

我想指出投影片 2 上的一些內容。

First-quarter revenue $41.1 billion and auto sales of $37 billion were both down from 2005, and changes in exchange rates explain the majority of the revenue decline.

第一季營收為 411 億美元，汽車銷售額為 370 億美元，均較 2005 年下降，而匯率變動是營收下降的主要原因。

Unit sales were up slightly.

單位銷量略有上升。

And the first-quarter tax rate on continuing operations, excluding special items, was 9.1%.

第一季持續經營業務（不包括特殊項目）的稅率為9.1%。

This was 12 points lower than the first quarter of 2005.

這比 2005 年第一季低了 12 個百分點。

The tax rate of 9.1% starts with this quarter's profits at the standard 35% rate, and that rate was reduced primarily by the effect of one quarter's worth of the recurring annual tax benefits.

9.1% 的稅率從本季利潤以標準 35% 稅率開始計算，該稅率的降低主要是由於四分之一的經常性年度稅收優惠的影響。

We believe this process provides the best tax rate for each quarter, but it will probably yield a tax rate that will vary each quarter, and therefore does not necessarily represent what we expect our full-year tax rate to be.

我們相信這個過程提供了每個季度的最佳稅率，但它可能會產生每個季度都會變化的稅率，因此不一定代表我們預期的全年稅率。

Now slide 3 shows the special items and the impact they had on the first-quarter earnings.

現在投影片 3 顯示了特殊項目及其對第一季收益的影響。

The special items reduced earnings by $0.88 a share, and we have recognized a $1.7 billion pretax charge, and that's $0.61 a share, during the quarter for costs associated with expected layoff and jobs bank benefits, as well as voluntary termination packages that we agreed with our unions.

這些特殊項目使每股收益減少了0.88 美元，我們已經確認了17 億美元的稅前費用，即本季度每股0.61 美元，用於與預期裁員和就業銀行福利以及我們同意的自願終止方案相關的成本我們的工會。

The pretax charge includes estimated costs for approximately 11,000 employees expected to be affected by the idling of the St. Louis, Atlanta, Wixom, Norfolk and Twin Cities assembly plants, the Batavia transmission plant and the Windsor Casting plant.

稅前費用包括預計將受到聖路易斯、亞特蘭大、威克瑟姆、諾福克和雙城裝配廠、巴達維亞變速箱廠和溫莎鑄造廠閒置影響的約 11,000 名員工的估計成本。

The pretax charge also includes the costs associated with the eliminations of a production shift at our St. Thomas assembly plant and voluntary termination packages that have been and will be offered to 3,500 UAW represented employees assigned to automotive components holdings, which are the former Visteon operations.

稅前費用還包括取消聖托馬斯組裝廠生產班次的相關成本，以及已經並將向 3,500 名 UAW 代表的分配到汽車零部件控股公司（前偉世通業務部門）的員工提供的自願解約方案。 。

Over time, we expect the 1.7 billion special to change as we agree specific plans with the unions regarding each of the affected facilities and as our experience with acceptance rates for buyout packages grows.

隨著時間的推移，隨著我們與工會就每個受影響的設施達成具體計劃以及我們對買斷方案接受率的經驗不斷增長，我們預計 17 億美元的特別計劃將會發生變化。

There was another charge of $414 million, or $0.14 a share, for pension curtailment.

另外還有 4.14 億美元（即每股 0.14 美元）的退休金削減費用。

This essentially is an accelerated recognition of future service and other costs associated with our U.S. hourly pension plans.

這本質上是對未來服務和與我們美國每小時退休金計劃相關的其他成本的加速認識。

Facility-related costs reduced pretax earnings by $281 million, or $0.10 a share, and these costs were primarily related to reserving for undepreciated assets at the St. Louis assembly plant.

與設施相關的成本使稅前收益減少了 2.81 億美元，即每股 0.10 美元，這些成本主要與聖路易斯裝配廠未折舊資產的預留相關。

The charge-offs will include certain environmental remediation costs associated with the plants being idle.

沖銷將包括與閒置工廠相關的某些環境修復成本。

We also have costs for accelerated depreciation related to other idle facilities in the first quarter and ongoing, but those costs were not treated as special items.

我們還有與第一季和持續的其他閒置設施相關的加速折舊成本，但這些成本沒有被視為特殊項目。

In addition, we continue to reduce personnel at facilities other than those being idled as we move toward our goal of reducing manufacturing employment in North America by 25 to 30,000 people.

此外，我們繼續減少閒置設施以外的設施的人員，以實現將北美製造業就業人數減少 25 至 30,000 人的目標。

Further, we undertook personnel reductions in Europe, and in total, those separation programs reduced pretax earnings by $95 million or $0.03 a share.

此外，我們在歐洲進行了人員削減，這些離職計劃總共使稅前收益減少了 9,500 萬美元，即每股 0.03 美元。

Now slide 4 shows pretax results by sector for the first quarter, excluding special items, and total company pretax earnings were $560 million, which is $1.1 billion lower than a year ago.

現在投影片 4 顯示了第一季按行業劃分的稅前業績（不包括特殊項目），公司稅前總收益為 5.6 億美元，比一年前減少了 11 億美元。

This includes a pretax loss of $184 million for the auto sector and pretax profits in Financial Services of $744 million.

其中包括汽車業 1.84 億美元的稅前虧損和金融服務業 7.44 億美元的稅前利潤。

Now on to slide 5, this slide shows an explanation of the change in profits from a year ago for the auto sector.

現在轉到投影片 5，這張投影片解釋了汽車產業與一年前相比的利潤變化。

Now compared with 2005, volume and mix was about $200 million unfavorable.

現在與2005年相比，銷量和結構約為2億美元，不利。

This is more than explained by dealer inventory reductions.

這不僅可以用經銷商庫存減少來解釋。

Fewer vehicles were added to dealer inventories this year than during the first quarter of a year ago.

今年經銷商庫存中增加的車輛數量比去年第一季少。

And the impact of lower market shares was more than offset by mix improvements, primarily at Land Rover, and higher industry volume.

市佔率下降的影響被混合改進（主要是路虎的改進）和更高的行業銷售所抵消。

Net pricing was unfavorable by $400 million, primarily reflecting the effects of higher lease and fleet mix in North America.

淨定價不利 4 億美元，主要反映了北美租賃和機隊組合增加的影響。

Costs in total were unchanged from last year, and we will talk more about that in a minute.

總成本與去年相比沒有變化，我們稍後將詳細討論這一點。

The impact of exchange was $100 million unfavorable, primarily reflecting the continued impact of the expiration of hedges that were put in place a few years ago.

匯率的影響為 1 億美元不利，主要反映了幾年前實施的對沖到期的持續影響。

And other factors were unfavorable by about $100 million, primarily reflecting operating losses associated with ACH, the former Visteon operations.

其他因素造成約 1 億美元的不利影響，主要反映了與 ACH（前偉世通業務）相關的營運虧損。

Now costs during the first quarter were essentially unchanged.

現在第一季的成本基本上沒有變化。

Quality-related expenses were unfavorable by $400 million, primarily reflecting the non-recurrence of favorable reserve adjustments in the first quarter of last year related to field service actions and after-warranty adjustments.

品質相關費用不利 4 億美元，主要反映去年第一季與現場服務行動和保固後調整相關的有利準備金調整不再發生。

Current model costs generally are trending favorably and our internal measures of things gone wrong showed improvement during the first quarter.

目前的模型成本總體上呈現良好趨勢，我們對問題的內部衡量標準在第一季有所改善。

Manufacturing and engineering costs were $200 million favorable, reflecting ongoing improvements in our plants and processes.

製造和工程成本節省了 2 億美元，反映出我們工廠和流程的持續改善。

And net product costs were $300 million lower than last year, and this was despite continued strong commodity prices.

儘管大宗商品價格持續強勁，淨產品成本仍比去年低 3 億美元。

Depreciation and amortization increased by about $100 million during the first quarter, more than explained by the acceleration of depreciation associated with announced plant closings, partly offset by the favorable impact of the Jaguar and Land Rover fixed asset impairment charge we took last year.

第一季折舊和攤銷增加了約 1 億美元，主要原因是與宣布關閉工廠相關的折舊加速，部分被我們去年採取的捷豹和路虎固定資產減損費用的有利影響所抵消。

And pension and retiree health care expenses were unchanged compared with a year ago, with improvements associated with the revisions of our salary plans offset by the impact of reducing our discount rate and long-term expected return assumptions.

退休金和退休人員醫療保健費用與一年前相比沒有變化，與工資計劃修訂相關的改善被降低折現率和長期預期回報假設的影響所抵消。

These costs do not yet include any savings associated with our recent healthcare agreement with the UAW, which remains subject to court approval.

這些費用還不包括我們最近與 UAW 達成的醫療保健協議相關的任何節省費用，該協議仍有待法院批准。

Overhead costs were unchanged from last year, and the costs of advertising and sales promotion were about the same as a year ago.

管理費用與去年同期持平，廣告和促銷費用與去年同期大致相同。

During the next few quarters, further investments in advertising are planned to strengthen the image of our brands and approve the awareness of the new products we are introducing.

在接下來的幾個季度中，我們計劃進一步投資廣告，以加強我們的品牌形象並提高我們所推出的新產品的知名度。

Now slide 7 shows our pretax results during the first quarter for each of the operating segments in the automotive side.

現在投影片 7 顯示了我們第一季汽車方面每個營運部門的稅前業績。

And all the operations aside from North America were profitable, and other automotive had a loss of $162 million in the first quarter, and that is $100 million favorable compared with a year ago.

除北美以外的所有業務均實現盈利，其他汽車業務第一季虧損 1.62 億美元，比去年同期有利 1 億美元。

The improvements primarily related to higher interest income from our cash portfolio, and that reflects higher short-term interest rates and higher cash balances.

這些改善主要與我們現金投資組合的利息收入增加有關，這反映了更高的短期利率和更高的現金餘額。

Now on to North America.

現在前往北美。

Vehicle unit sales were down in the first quarter by 35,000 units to 863,000, and that decline was more than explained by lower market share and stock changes.

第一季汽車銷量下降 35,000 輛，至 863,000 輛，市佔率下降和庫存變化足以解釋這一下降。

Fewer vehicles were added to dealer inventories this year than during the first quarter of 2005.

今年經銷商庫存中增加的車輛數量比 2005 年第一季少。

And at the end of March 2006, U.S. dealer inventories were down 11% from a year ago.

截至 2006 年 3 月，美國經銷商庫存比一年前下降了 11%。

Our first-quarter U.S. share was 17.2%, down 0.5 point from a year ago, more than explained by lower sales of midsize and large SUVs.

第一季我們在美國的市佔率為 17.2%，比去年同期下降 0.5 個百分點，這主要是由於中型和大型 SUV 銷量下降所致。

Revenue was $19.8 billion, down 1.3 from a year ago, and the decline reflected lower volumes, higher incentive costs and a higher mix of passenger cars.

營收為 198 億美元，比去年同期下降 1.3%，下降反映出銷量下降、激勵成本上升以及乘用車組合增加。

And pretax results were a loss of $457 million.

稅前業績虧損 4.57 億美元。

Now this slide provides some detail on our North American performance, and a decline in profitability from last year primarily reflected lower volumes associated with our lower market share and the smaller increase in dealer inventories, which I mentioned; increased incentives associated with a higher mix of leasing and fleet sales; a non-recurrence of the favorable warranty reserve adjustment last year; accelerated depreciation charges associated with announced plant idlings; unfavorable exchange; and the losses associated with ACH, the former Visteon activities we now operate.

現在，這張投影片提供了我們北美業績的一些細節，去年獲利能力的下降主要反映了與我們較低的市佔率相關的銷量下降以及我提到的經銷商庫存增幅較小；增加與租賃和車隊銷售的更高組合相關的激勵措施；不再重複去年的優惠保固準備金調整；與宣布的工廠閒置相關的加速折舊費用；不利的交換；以及與 ACH（我們現在經營的前偉世通業務）相關的損失。

And these declines were offset in part by lower net product cost and other improvements, primarily associated with the implementation of our personnel and capacity reduction actions.

這些下降部分被淨產品成本的降低和其他改進所抵消，這些改進主要與我們實施人員和產能削減行動有關。

Now slide 10 summarizes the key elements of the progress in North America.

現在投影片 10 總結了北美取得進展的關鍵要素。

We're addressing our fixed cost structure through capacity actions and personnel reductions.

我們正在透過產能行動和裁員來解決我們的固定成本結構問題。

We've idled the St. Louis plant at the end of last month and announced the idling of Norfolk and Twin Cities last week.

我們已於上月底閒置了聖路易斯工廠，並在上周宣布了諾福克和雙城工廠的閒置。

We've achieved overall personnel reductions in the first quarter of 2700 people, mostly late in the quarter.

第一季我們整體裁員 2700 人，大部分是在季度末。

In addition, we've achieved about 2000 additional reductions already this month.

此外，本月我們已經實現了約 2000 人的額外削減。

And we expect continued reductions throughout the year.

我們預計全年將繼續減少。

Sales of the Fusion, Milan and Zephyr have continued to increase and we expect further growth this quarter.

Fusion、Milan 和 Zephyr 的銷售持續成長，我們預計本季將進一步成長。

We introduced the all-new Explorer Sport Trac late in the first quarter and expect to see it contribute to our retail market share.

我們在第一季末推出了全新的 Explorer Sport Trac，並期望看到它為我們的零售市場份額做出貢獻。

And at the same time, we strengthened our share of the large pickup business with a 5% increase in F-Series sales.

同時，我們加強了在大型皮卡業務中的份額，F 系列銷量成長了 5%。

And finally, new products are in the near-term pipeline, including a number of new entries, and we will talk about those later.

最後，新產品即將推出，包括許多新產品，我們稍後再討論。

Now on to South America, where first-quarter sales were 84,000, up 11 from last year.

現在來看南美洲，第一季銷量為 84,000 輛，比去年增長 11 輛。

Market share has declined because of production capacity constraints in a growing market, and we are looking at options to address this.

由於不斷增長的市場中的產能限制，市場份額有所下降，我們正在尋找解決這一問題的方案。

Revenue was $1.2 billion, up from $900 million a year ago, reflecting higher vehicle volume and pricing and a stronger Brazilian real.

營收為 12 億美元，高於一年前的 9 億美元，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 $134 million, and that is an improvement of 57, reflecting higher pricing.

南美洲公佈的稅前利潤為 1.34 億美元，提高了 57%，反映出更高的定價。

It was partially offset by higher commodity prices and higher industry volume.

大宗商品價格上漲和工業產量增加部分抵消了這一影響。

At Ford of Europe, vehicle unit sales were 434,000; that is down 11,000.

歐洲福特汽車銷量為 434,000 輛；減少了 11,000。

First-quarter market share was 8.8% in the 19 markets we track, down 2/10 of a point compared with a year ago.

在我們追蹤的 19 個市場中，第一季的市佔率為 8.8%，與去年同期相比下降了 2/10 個百分點。

And the decline in part reflected lower Galaxy sales in anticipation of the all-new Galaxy later this quarter.

這一下降在一定程度上反映了 Galaxy 銷量的下降，因為人們預計本季晚些時候將推出全新 Galaxy。

And revenue was $6.8 billion, down $900 million, primarily explained by unfavorable currency exchange.

營收為 68 億美元，減少 9 億美元，主要原因是不利的貨幣兌換。

The first-quarter pretax profit was $91 million, up $32 million compared with a year ago.

第一季稅前利潤為9,100萬美元，比去年同期增加3,200萬美元。

This improvement is more than explained by cost reductions, primarily material costs, and favorable mix, partly offset by lower net pricing.

這種改善可以透過成本降低（主要是材料成本）和有利的組合來解釋，但部分被較低的淨定價所抵消。

And during the first quarter, Ford Europe negotiated an investment security agreement with the German Works Council that provides job protection while achieving a more competitive manufacturing cost base.

在第一季度，福特歐洲與德國工人委員會談判達成了一項投資安全協議，該協議提供就業保護，同時實現更具競爭力的製造成本基礎。

Now on PAG, first-quarter vehicle unit sales of 183,000 were down 5000 from a year ago.

目前，PAG 第一季汽車銷量為 183,000 輛，比去年同期減少 5,000 輛。

And that is more than explained by declines at Volvo and Jaguar, partly offset by increases at Land Rover and Aston Martin.

沃爾沃和捷豹的下滑足以解釋這一點，但路虎和阿斯頓馬丁的成長部分抵消了這一影響。

First-quarter U.S. market share was 1.1%, down 1/10 of a point, largely at Volvo and Jaguar, partly offset by an increase at Land Rover.

第一季美國市佔率為 1.1%，下降了 1/10 個百分點，主要由沃爾沃和捷豹佔據，部分被路虎的成長所抵銷。

First-quarter Europe market share was 2.3%, down 1/10, primarily at Volvo.

第一季歐洲市佔率為 2.3%，下降 1/10，主要是沃爾沃。

First-quarter revenue was $7.1 billion, down $0.5 billion, primarily reflecting currency exchange.

第一季營收為 71 億美元，減少 5 億美元，主要反映了貨幣兌換。

And first-quarter profits were $163 million, and that is an improvement of $218 million from last year.

第一季利潤為 1.63 億美元，比去年增加了 2.18 億美元。

That is primarily explained by cost improvements and higher sales of Range Rover Sport that contributed to improve mix.

這主要是由於路虎攬勝運動版的成本改善和銷售增加導致了產品組合的改善。

These improvements were partly offset by unfavorable exchange and lower net pricing.

這些改善被不利的匯率和較低的淨定價部分抵消。

Now Asia-Pacific, Africa and Mazda reported a profit of $47 million in the first-quarter, and Asia-Pacific and Africa earned a profit of $2 million, and we will cover that on the next slide.

現在，亞太、非洲和馬自達第一季的利潤為 4,700 萬美元，亞太和非洲的利潤為 200 萬美元，我們將在下一張幻燈片中介紹這一點。

We earned $45 million from our investment in Mazda, and that is down $9 million from a year ago and the decline (technical difficulty) lower gains during the first quarter on all of our investment in Mazda's convertible bonds.

我們從馬自達的投資中獲得了 4500 萬美元的收益，比一年前減少了 900 萬美元，第一季我們對馬自達可轉換債券的所有投資收益的下降（技術難度）也降低了。

And those bonds now have all been converted to equity.

現在這些債券已經全部轉為股權。

Asia-Pacific and Africa sales were up 22,000 from 2005.

亞太地區和非洲的銷量比 2005 年增加了 22,000 輛。

The volume increases in China, where we were up over 100%, in India where we were up over 80%, and South Africa, where we were up nearly 30%, were up partly offset by declines in Taiwan and Australia.

中國的銷量成長超過 100%，印度的銷量成長超過 80%，南非的銷量成長近 30%，但部分成長被台灣和澳洲的銷量下降所抵消。

Australian volumes continue to be negatively affected by higher fuel prices, which caused a slowdown in large car sales, which affected our Falcon products.

澳洲的銷售量持續受到燃油價格上漲的負面影響，這導致大型汽車銷售放緩，影響了我們的獵鷹產品。

Revenue was $300 million lower than 2005, primarily because we had a higher mix of lower-revenue small cars compared with a year ago.

收入比 2005 年減少了 3 億美元，主要是因為與一年前相比，我們擁有更多的低收入小型汽車。

Essentially all of the unit sales increase was associated with our unconsolidated subsidiaries, primarily our affiliates in China, and the revenue from these vehicles is not included in our consolidated results.

基本上所有單位銷售的成長都與我們未合併的子公司（主要是我們在中國的附屬公司）有關，這些車輛的收入不包含在我們的合併業績中。

Asia-Pacific and Africa had a profit of $2 million, and lower Falcon volumes, unfavorable exchange, and the non-recurrence of a sale last year of our interest in Mahindra & Mahindra were partly offset by improved performance in our joint ventures, mainly in China.

亞太和非洲地區的利潤為 200 萬美元，獵鷹銷量下降、匯率不利以及去年我們不再出售 Mahindra & Mahindra 的股權，這些都被我們合資企業業績的改善所部分抵消，主要是在中國。

Now slide 16 shows cash and cash flow.

現在幻燈片 16 顯示現金和現金流量。

We ended the quarter with cash of $23.7 billion, and that is down $1.4 billion compared with the year end, but up $800 million compared with a year ago.

本季末，我們的現金為 237 億美元，比年末減少 14 億美元，但比去年同期增加 8 億美元。

Our operating cash flow during the quarter was $700 million unfavorable.

本季我們的營運現金流為 7 億美元，不利。

And within that, net spending was about zero and working capital is $600 million unfavorable.

其中，淨支出約為零，營運資本為 6 億美元。

This primarily reflected seasonally higher inventories.

這主要反映了季節性庫存增加。

And Other was $100 million favorable, and that includes expense and payment timing differences for items such as marketing, warranty and retiree related costs.

其他優惠為 1 億美元，其中包括行銷、保固和退休人員相關成本等費用和付款時間差異。

Separation related payments during the quarter were $400 million and we made $300 million of contributions to funded pension plans last quarter.

本季與離職相關的付款為 4 億美元，上季我們向資助退休金計畫繳款了 3 億美元。

Now on to Financial Services.

現在談談金融服務。

Earnings at Ford Credit were $750 million, $310 million lower than last year.

福特信貸公司的獲利為 7.5 億美元，比去年減少 3.1 億美元。

Other Financial Services had a loss of $7 million; that is $11 million better than last year because of the non-recurrence of a loss on a property sale.

其他金融服務損失 700 萬美元；由於出售房產不再出現虧損，比去年增加了 1,100 萬美元。

And this period marks our first without Hertz.

這是我們第一次沒有赫茲的時期。

Slide 18 explains the change in Ford Credit's pretax profit.

幻燈片 18 解釋了福特信貸公司稅前利潤的變化。

Profit was down $310 million, and this is in line with our expectations and what we talked about on January 23rd.

利潤減少了 3.1 億美元，這符合我們的預期以及我們 1 月 23 日談論的內容。

The decrease in earnings primarily reflected higher borrowing costs, the impact of lower receivable levels and higher depreciation expense, offset partly by improved credit loss performance.

收益下降主要反映了借貸成本上升、應收帳款水準下降和折舊費用上升的影響，但部分被信用損失業績改善所抵銷。

And at the end of the quarter, managed receivables were $140 [million billion], down 16 from the first quarter of 2005.

截至本季末，管理的應收帳款為 1,400 億美元，比 2005 年第一季下降了 16%。

I'd to spend a little time on our strategy for Ford Credit.

我想花一點時間討論我們的福特信貸策略。

Ford Credit is a strategic asset of Ford Motor Company, and we believe there is value created in the synergies that exist between our auto and credit businesses, and our prime plan is to retain control of those synergies and of that value created.

福特信貸是福特汽車公司的戰略資產，我們相信我們的汽車和信用業務之間存在的協同效應可以創造價值，我們的首要計劃是保留對這些協同效應和所創造的價值的控制。

For this year, we are on track to reduce assets down into the range of $140 to $145 billion by year end, and our receivable portfolio is of high quality and it continues to perform well.

今年，我們預計在年底前將資產減少到 140 至 1,450 億美元的範圍，而且我們的應收帳款投資組合質量很高，並且繼續表現良好。

We have a funding strategy for Ford Credit that maintains liquidity as well as access to diverse funding sources.

我們為福特信貸制定了融資策略，以保持流動性以及獲得多樣化的融資來源。

And year-to-date, we've issued $16 billion of term funding, of which $2 billion is unsecured.

今年迄今為止，我們已發行了 160 億美元的定期資金，其中 20 億美元是無擔保的。

Ford Credit recently issued unsecured funding in the public market of $1.5 billion in the U.S., and we view the cost of that funding to be an acceptable price to pay for the capital it provides for Ford Credit's support of auto sales.

福特信貸最近在美國公開市場發行了 15 億美元的無擔保融資，我們認為這筆資金的成本對於支付福特信貸支持汽車銷售的資金來說是可以接受的價格。

We continue to add committed funding capacity beyond our current needs and for the near-term to maintain a significant cash balance so that we have flexibility on when we go to market.

我們將繼續增加超出當前需求的承諾融資能力，並在短期內保持大量現金餘額，以便我們在上市時擁有靈活性。

Over time, as auto profitability improves, we believe our unsecured spreads should have stabilized and improved, allowing greater and more economical access to the unsecured debt market.

隨著時間的推移，隨著汽車獲利能力的提高，我們相信我們的無擔保利差應該會穩定並改善，從而允許更多、更經濟地進入無擔保債務市場。

In the meantime, we will continue to access the markets as we see fit, including potentially additional unsecured funding to ensure Ford Credit continues to support the auto business.

同時，我們將繼續進入我們認為合適的市場，包括可能提供額外的無擔保資金，以確保福特信貸繼續支持汽車業務。

Now just a word on where we see our special items for the year.

現在簡單介紹一下我們在哪裡可以看到今年的特別商品。

In January, we told you that we expected full-year special charges of about $1 billion, and we went through that.

一月份，我們告訴大家，我們預計全年特殊費用約為 10 億美元，我們也做到了這一點。

At that time, we also noted that we were taking a look at the impact of the Way Forward plan on costs for our jobs bank and how we should account for those costs.

當時，我們也指出，我們正在研究「前進之路」計畫對我們就業銀行成本的影響，以及我們應該如何解釋這些成本。

Our present expectation is that full-year special items will be around $3.4 billion, and the primary change from our January estimate, as we anticipated, is the reserve for costs related to the jobs bank, as well as associated pension curtailment charges.

我們目前的預期是全年特殊項目約為 34 億美元，正如我們所預期的那樣，與我們 1 月份估計相比的主要變化是與就業銀行相關的成本準備金以及相關的退休金削減費用。

Now regarding the UAW VEBA, when the court has approved the plan, we will record the expense for all three contributions for 2006, 2007 and 2011.

現在關於 UAW VEBA，當法院批准該計劃時，我們將記錄 2006 年、2007 年和 2011 年所有三項捐款的費用。

And we expect that to occur in the second quarter.

我們預計這將在第二季發生。

We have had discussions with the Securities and Exchange Commission on the appropriate accounting here, and we expect to have further discussions with them later this month.

我們已經與美國證券交易委員會就適當的會計處理進行了討論，我們預計將在本月晚些時候與他們進行進一步的討論。

And finally, we expect the cash (technical difficulty) 2006 for these special items and for some separation expenses recorded in 2005 to be about equal to half of the special charges we take this year.

最後，我們預計 2006 年這些特殊項目和 2005 年記錄的一些離職費用的現金（技術難度）大約相當於我們今年收取的特殊費用的一半。

Now slide 21 summarizes where we are in our planning assumptions, and both in the U.S. and in Europe we expect the industry volumes to be a little bit above our planning base.

現在，投影片 21 總結了我們的規劃假設，在美國和歐洲，我們預計產業數量將略高於我們的規劃基礎。

On the operational metrics, we don't have the external data we use to track our progress on quality yet.

在營運指標方面，我們還沒有用於追蹤品質進展的外部數據。

These should be available in the second quarter.

這些應該會在第二季推出。

But based on our own internal metrics, we believe our quality performance is on track to improve.

但根據我們自己的內部指標，我們相信我們的品質績效正在改善。

And based on market share performance to date, we now expect full-year market shares to be flat or slightly down.

根據迄今為止的市佔率表現，我們現在預計全年市佔率將持平或略有下降。

Our cost changes are still expected to be favorable for all of 2006, although we are seeing greater-than-expected headwinds, mainly in the area of commodity prices.

儘管我們看到了超出預期的不利因素（主要是在大宗商品價格方面），但預計 2006 年全年的成本變化仍然有利。

We expect our capital expenditures to be in line with our target of $7 billion, and we expect our year-end cash balance to be above $20 billion.

我們預計資本支出將符合 70 億美元的目標，預計年終現金餘額將超過 200 億美元。

And slide 22 shows milestones by operation, and we see no reason to change these now -- everything is pretty much on track.

投影片 22 顯示了營運的里程碑，我們認為現在沒有理由更改這些里程碑 - 一切都基本上步入正軌。

Now on slide 23, we are going to spend some time on the major product introductions we have for the remainder of the year.

現在，在投影片 23 上，我們將花一些時間介紹今年剩餘時間的主要產品。

We have quite a few new vehicles that will be launched during the balance of this year, and several of these are new entries to their segments.

我們將在今年餘下時間推出相當多的新車，其中有幾款是各自細分市場的新產品。

In North America, we have the Shelby GT 500 coming this summer, and later this summer, a major upgrade to the Expedition and Navigator, including stretch versions.

在北美，我們將在今年夏天推出 Shelby GT 500，並在今年夏天稍晚推出 Expedition 和 Navigator 的重大升級，其中包括加長版。

Our midsize cars will offer and all-wheel drive version, and the Zephyr will get a new, more powerful engine to go with the newly available all-wheel drive, as well as a new name, the Mark Z. And we will get a new series on the F-150, and later this year we will introduce the Ford Edge and Lincoln Mark Z, as Bill mentioned, and these are all new entries in the rapidly-growing crossover utility segments.

我們的中型車將提供全輪驅動版本，Zephyr 將配備一個新的、更強大的發動機，以配合新推出的全輪驅動，以及一個新名稱，Mark Z。F-150 的新系列，今年晚些時候我們將推出福特Edge 和林肯Mark Z，正如比爾所提到的，這些都是快速成長的跨界公用事業領域的新產品。

In Europe, we have the new Ford S-Max, our first CE-sized activity vehicle, and the all-new Ford Galaxy minivan, an updated Ford Transit, as well as a Ford Focus Coupe Cabriolet, which is a new entry with a retractable hardtop.

在歐洲，我們擁有新款福特 S-Max（我們的第一款 CE 尺寸活動車）、全新福特 Galaxy 小型貨車（更新版福特全順）以及福特福克斯 Coupe 敞篷車（這是一款新產品，配備了可伸縮硬頂。

And we've got a Volvo C70 convertible coming out and a new Jaguar XK convertible.

我們還推出了Volvo C70 敞篷車和新款捷豹 XK 敞篷車。

The all-new Volvo S80 RANGE will be out later this spring, an updated Volvo XC90, and the new segment entry, the all-new Volvo C30 coupe.

全新沃爾沃S80系列將於今年春季稍晚上市，更新的VolvoXC90以及新的細分市場產品全新沃爾沃C30轎跑車。

So you can see we have a lot of new product coming later this year.

所以你可以看到我們今年稍後將推出很多新產品。

Now in summary, we continue to make progress on several fronts.

現在總結一下，我們在幾個方面繼續取得進展。

We've got new products that are being well received around the world.

我們的新產品在世界各地廣受好評。

In the U.S. particularly the Fusion, Milan and Zephyr and Sport Trac are improving each quarter as we go.

在美國，尤其是 Fusion、Milan、Zephyr 和 Sport Trac 每季都在進步。

And as I mentioned, lots of new products coming.

正如我所提到的，許多新產品即將推出。

We continue to work to improve our cost structure, reducing our capacity first with St. Louis, and then with the other announced capacity reductions.

我們繼續努力改善我們的成本結構，首先減少聖路易斯的產能，然後再減少其他已宣布的產能。

We're taking actions to reduce our benefit costs and we have achieved personnel reductions of 4000 people worldwide since year end.

我們正在採取行動降低福利成本，自年底以來我們已在全球裁員 4000 人。

And we are also working to improve our material costs.

我們也在努力改善我們的材料成本。

All of our auto operations outside the U.S. were profitable and most posted year-over-year improvements.

我們在美國以外的所有汽車業務均實現盈利，並且大多數業務都實現了同比改善。

When you recall our performance in many of these operations just a few years ago, I believe the present result is encouraging.

當您回想起幾年前我們在許多此類行動中的表現時，我相信目前的結果是令人鼓舞的。

We were facing similar situations and developed plans that included new products, actions to address capacity, quality and cost, and we are now seeing the results of those efforts.

我們面臨著類似的情況，並製定了計劃，其中包括新產品、解決產能、品質和成本問題的行動，我們現在看到了這些努力的結果。

We're taking tough actions now in North America and the benefits will be realized down the road.

我們現在正在北美採取強硬行動，其好處將在未來實現。

As we said in January, the North American turnaround process will not be linear or smooth, but we remain committed to turning around the business and we have the plans in place to do so.

正如我們在一月份所說，北美的扭虧為盈過程不會是線性或順利的，但我們仍然致力於扭虧為盈，並且我們已經制定了這樣做的計劃。

And now, we will turn back to the operator to begin the Q&A.

現在，我們將回到接線員開始問答。

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。

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

按照我們的慣例，我們將從投資界的問題開始，然後接受也參加電話會議的媒體的提問。

In order to allow as many participants as possible within our timeframe, we ask that you limit yourself to one question and one follow-up.

為了在我們的時間範圍內允許盡可能多的參與者，我們要求您將自己限制在一個問題和一個後續行動上。

Operator, can we have the first question please?

接線員，我們可以問第一個問題嗎？

Rod Lache of Deutsche Bank.

德意志銀行的羅德·拉什。

Good morning, everybody.

大家早安。

Just first of all, do you have sort of a total structural cost savings objective that -- I mean, you said that you expect costs to be down.

首先，您是否有一個總體結構性成本節約目標——我的意思是，您說您預計成本會下降。

But is there any target number that you are willing to share for this year or as part of the longer-term Way Forward plan?

但您是否願意分享今年的目標數字或作為長期前進計劃的一部分？

No, for right now we are not going to share any targets on cost reduction, other than to say we expect our total cost performance -- and we track that in the way that we have been doing for several years now -- we expect our costs to be favorable this year.

不，目前我們不會分享任何降低成本的目標，除了說我們期望我們的總體成本績效 - 我們以幾年來一直在做的方式跟踪這一點 - 我們期望我們的今年成本有利。

Each quarter that goes through, we will go through and track our progress and talk to you in a fair bit of detail about our progress.

每個季度，我們都會檢查並追蹤我們的進展，並與您詳細討論我們的進展。

And you'll see the benefits of the changes that we are making in structural areas as well as we go through.

您將看到我們在結構領域所做的變革以及我們正在經歷的變革的好處。

Okay.

好的。

Can you talk about the credit loss provisions at Ford Credit?

您能談談福特信貸的信用損失準備金嗎？

It looks like there was a $6 million profit there.

看起來那裡有 600 萬美元的利潤。

What is the outlook for that?

前景如何？

It's a bit surprising that it's a positive number.

這是一個正數，這有點令人驚訝。

What are your expectations for this year?

您對今年有什麼期望？

I'm going to ask K.R.

我要去問 K.R.

Kent, who is our new CFO of Ford Credit, to answer that question for you.

福特信貸公司新任財務長肯特將為您回答這個問題。

Thanks for the question.

謝謝你的提問。

The credit loss provision, the reserve, when you go through it, effectively it reflects the overall portfolio and the improvement in the quality of the portfolio.

信用損失準備金，當你查看它時，它有效地反映了整體投資組合和投資組合品質的改善。

Later on, we'll go through the fixed income presentation, and in that you will see that the loss to receivables has really been improving over time, and in the first quarter in particular, it was very low charge-offs and a very low loss to receivables.

稍後，我們將查看固定收益演示，您會發現應收帳款損失隨著時間的推移確實在改善，特別是在第一季度，沖銷率非常低，而且應收帳款損失也非常低。應收帳款損失。

So the provision itself, the reserve itself, reflects our historical performance on that, as well as looking forward.

因此，準備金本身反映了我們在這方面的歷史表現以及未來的表現。

And so the allowance for credit losses to reserve is appropriately reserved at the $1.4 billion level, and the fallout is the $6 million improvement in the first quarter.

因此，信貸損失準備金適當保留在 14 億美元的水平，其後果是第一季增加了 600 萬美元。

Right, but should we expect that the -- at some point, obviously, your provisions have to kind of equal what the loss trends are.

是的，但我們是否應該預期，在某個時候，顯然，你們的準備金必須與損失趨勢相當。

Is that something we are going to see in the second quarter?

這是我們在第二季會看到的情況嗎？

Is that something that we're going to see anytime soon?

這是我們很快就會看到的嗎？

Well, we are certainly getting close to that now -- that point now.

嗯，我們現在肯定已經接近那個點了。

We will just wait and see the next couple of quarters.

我們將拭目以待接下來的幾季。

But we are certainly close.

但我們確實很接近。

As we said before, we don't expect to see big credit loss reserve reductions anymore.

正如我們之前所說，我們預期信用損失準備金不會再大幅削減。

One last one, if I can get it in.

最後一張，如果我能把它放進去的話。

You took this jobs bank charge in the first quarter.

您在第一季承擔了就業銀行的費用。

Is it safe to assume that that was effective at --that there were some jobs bank people in the first quarter that were basically covered by that reserve?

是否可以安全地假設這在第一季有一些就業銀行人員基本上被該儲備金覆蓋？

And do you have what that number was, how much of that reserve you expended in the quarter?

您知道這個數字是多少嗎？您在本季度花費了多少準備金？

It was a very small number in the scheme of things.

在計劃中，這只是一個很小的數字。

Thank you.

謝謝。

Darren Kimball from Lehman Brothers.

雷曼兄弟的達倫金博爾。

Thanks.

謝謝。

I just wanted to follow up on the subject of material cost reductions.

我只是想跟進材料成本降低的問題。

You said that you had excellent performance in Europe.

你說你在歐洲表現優異。

And I'm just wondering if you could talk a little bit more about how that is achieved in a very difficult environment from a commodity cost standpoint.

我只是想知道您是否可以從商品成本的角度多談談如何在非常困難的環境中實現這一目標。

And I was wondering if you would also characterize North America.

我想知道您是否也會描述北美的特徵。

Let me try out -- I'll start off on that.

讓我嘗試一下——我將從這個開始。

Our performance in Europe was favorable, and I think the commodity -- there are worldwide increases in commodity costs, steel, aluminum, copper, many of the metals, as well as crude oil related things.

我們在歐洲的表現良好，我認為大宗商品——全球範圍內的大宗商品成本上漲，包括鋼、鋁、銅、許多金屬以及與原油相關的東西。

And those increases don't flow through all of the operations at the same time.

而且這些成長不會同時流經所有業務。

And so sometimes we will see things that seem a little tougher here and a little less tough in Europe, and sometimes it will be the other way around.

因此，有時我們會看到事情在這裡看起來更艱難，而在歐洲則不那麼艱難，有時情況恰恰相反。

And right now, in the first quarter we did well in Europe and we made progress in total on cost reductions in the material cost area, including that.

目前，第一季我們在歐洲表現良好，我們在材料成本領域的成本降低方面取得了整體進展，包括這一點。

But we are putting up a little caution -- it is tough out there on the commodity side.

但我們要保持一點謹慎——大宗商品方面的情況很艱難。

And I would add also that Europe has had a very focused effort on -- we've put together what we call the commodity business team in Europe that have really driven this process very, very hard.

我還想補充一點，歐洲在這方面做出了非常集中的努力——我們組建了歐洲的商品業務團隊，他們確實非常非常努力地推動了這一進程。

And Mark and Anne and their team are putting together similar efforts in the U.S.'

馬克和安妮以及他們的團隊正在美國做出類似的努力。”

So I think it is fair to say we're a little further along in Europe in terms of our sophistication, but were taking our learnings from Europe and we're putting them into place in the United States.

因此，我認為可以公平地說，我們在歐洲的成熟度方面稍稍領先一些，但我們正在從歐洲汲取經驗，並將其應用於美國。

Okay.

好的。

And my follow-up question is just on North America and pricing and mix.

我的後續問題只是關於北美以及定價和組合。

I apologize if I am just overlooking it, but I don't see the slide where you normally detail those numbers.

如果我只是忽略了這一點，我深表歉意，但我沒有看到您通常詳細說明這些數字的幻燈片。

Is that something that you can share?

這是你可以分享的嗎？

Well, you know, we haven't been disclosing that now.

嗯，你知道，我們現在還沒有透露這一點。

And we looked all around at all of the automakers around the world and there is really nobody that discloses that.

我們環顧了世界各地的所有汽車製造商，確實沒有人透露這一點。

And so we have now stopped providing that.

所以我們現在已經停止提供了。

And we are talking about it, and we will say it's a very difficult pricing environment.

我們正在談論它，我們會說這是一個非常困難的定價環境。

We've said for the total auto sector, that pricing was unfavorable and we said that it was unfavorable in North America as well.

我們已經說過，對於整個汽車產業來說，定價是不利的，我們也說過，在北美也是不利的。

Thank you.

謝謝。

(OPERATOR INSTRUCTIONS) Rob Hinchliffe of UBS.

（操作員說明）UBS 的 Rob Hinchliffe。

Good morning.

早安.

We saw back how important the F-Series was to Ford when it was launched, and yesterday, of course, GM with their new trucks.

我們回顧了 F 系列在推出時對福特的重要性，當然昨天還有通用汽車推出的新卡車。

Looking at the list of vehicles that you listed in the presentation, are there vehicles in there that have that sort of impact, do you think?

看看您在演示中列出的車輛列表，您認為其中是否有具有這種影響力的車輛？

Looking at the volume and mix down in the quarter, pricing down, is there any one or is it just going to be this steady -- a lot of little singles and doubles to kind of turn this around?

看看本季銷量和組合的下降以及價格的下降，是否有任何一個或只是會如此穩定——大量的小單打和雙打來扭轉這一局面？

Rob, hi.

羅布，嗨。

This is Bill Ford.

這是比爾福特。

You may recall that I said a while ago that a large part of our plan was the fact that we recognize we've been too dependent upon a very few vehicles, and that we couldn't count on hitting home runs in the future, even though we'd love to do it.

你可能還記得，我剛才說過，我們計劃的很大一部分是我們認識到我們過於依賴極少數的車輛，並且我們不能指望在未來打出全壘打，即使儘管我們很樂意這樣做。

Therefore, our business structure had to be such that all of our vehicles had profit potential and that we were going to try and hit a lot of singles and doubles.

因此，我們的業務結構必須使我們所有的車輛都具有盈利潛力，並且我們將嘗試擊中大量單打和雙打。

If we hit some home runs in the process, that would be fine, but we weren't going to structure our business so that a very few products would carry us.

如果我們在過程中打出一些本壘打，那也很好，但我們不會在業務結構上讓很少的產品支撐我們。

Because as we look to the future, obviously regardless of what the segment was, we saw more competition and more margin pressure.

因為當我們展望未來時，顯然無論細分市場是什麼，我們都會看到更多的競爭和更大的利潤壓力。

So our business plans that we've put into place really reflect the fact that every one of our vehicles have to be a contributor, but certainly some will be more than others.

因此，我們制定的業務計劃確實反映了這樣一個事實：我們的每一輛車輛都必須做出貢獻，但肯定有些車輛會比其他車輛做出更多貢獻。

And Mark, I don't know if you would like to add anything to that.

馬克，我不知道你是否願意補充一些內容。

No, the only thing to add is when you look at the market and you look at the fragmentation and where it is going, for example, when you look at our approach to the crossover segment and we've seen actually crossovers now eclipse full-size SUVs in the first quarter, we're pretty well positioned not only right now given our product lineup, but as Bill and Don mentioned, towards the back end of this year with the Mark X and the Edge.

不，唯一要補充的是，當你觀察市場時，你會看到碎片化以及它的發展方向，例如，當你觀察我們對跨界細分市場的方法時，我們實際上已經看到跨界現在完全黯然失色-考慮到第一季的尺寸 SUV，我們不僅目前處於有利位置，而且正如 Bill 和 Don 所提到的，在今年年底，我們將推出 Mark X 和 Edge。

So I think we are evolving our product lineup to match, number one, our brand, but secondly where the market is fragmented.

因此，我認為我們正在發展我們的產品陣容，首先是為了匹配我們的品牌，其次是為了適應市場分散的情況。

As Bill said, for each product that we looked at, the intention is to make money.

正如比爾所說，對於我們研究的每種產品，其目的都是為了賺錢。

I guess as a follow-up, looking at slide 9, talking about how increase in leasing was bad for net pricing.

我想作為後續，看投影片 9，談論租賃的增加如何對淨定價不利。

Can you walk through that?

你能走過去嗎？

I understand why fleet is, but why leasing?

我明白為什麼是車隊，但為什麼是租賃呢？

Well it's just a little bit more expensive right now on the leasing side than on the retail side.

嗯，現在租賃方面比零售方面貴一點。

So we were just trying to explain the net price.

所以我們只是想解釋一下淨價。

And it really does reflect those two factors, the higher fleet mix in the first quarter and a higher lease mix than a year ago.

它確實反映了這兩個因素，第一季更高的機隊組合和比一年前更高的租賃組合。

You are just referring to the interest rate costs within the lease?

您只是指租賃內的利率成本嗎？

Right.

正確的。

Even though you have been doing sub (indiscernible) or cut rate financing deals in the past?

即使您過去一直在進行次級（難以辨認）或降息融資交易？

That is correct.

那是對的。

Okay, thank you.

好的謝謝。

Rod Tadross of Banc of America Securities.

美國銀行證券公司的羅德‧塔德羅斯。

Thank you.

謝謝。

Good morning, everyone.

大家，早安。

I recognize some parts of your business are gaining share, like Land Rover.

我認識到您的某些業務部門的份額正在增加，例如路虎。

But you guys, it seems like you are still losing share or at least flattish in share in all brands in aggregate.

但你們這些人，看起來你們仍然在失去份額，或者至少在所有品牌中的份額持平。

So I guess the question is, do you think you need to spend more than $7 billion a year to kind of stop the share loss?

所以我想問題是，你認為你每年需要花費超過 70 億美元才能阻止股票損失嗎？

It seems like the kind of shells keep moving around from one brand to another, but we need to probably spend more.

似乎這種貝殼不斷從一個品牌轉移到另一個品牌，但我們可能需要花更多錢。

And I'm just wondering if you feel that way.

我只是想知道你是否也有這樣的感覺。

That is a valid question and one we look at all the time.

這是一個有效的問題，也是我們一直在關注的問題。

I believe that our cycle plan going forward does give not only adequate, but very good attention to every brand.

我相信我們未來的周期計劃不僅給予每個品牌足夠的關注，而且給予了很好的關注。

But clearly, part of what is underlying our effort is the notion -- and you have heard this before -- commonality.

但顯然，我們努力的部分原因是共通性這個概念——你以前已經聽過這個概念。

If these were all traditional, stand-alone brands which had to do their own cycle plans, I would agree with that statement.

如果這些都是傳統的獨立品牌，必須制定自己的週期計劃，我會同意這種說法。

But we have been pushing very hard now for some time and will continue in the future to -- and at that risk of boring you to death with repetition -- talk about spinning more top hats off of common architectures.

但我們現在已經非常努力地推動了一段時間，並將在未來繼續——冒著重複讓你厭煩的風險——談論從通用架構中剝離出更多的高帽子。

And that is something that is very much part of our plan as we go forward.

這是我們前進計劃的重要組成部分。

And so when you look at it in that light, I think we are more than adequately spending on our products.

因此，當你從這個角度來看時，我認為我們在產品上的支出綽綽有餘。

But it is something we review, as you would suspect, all the time, because we have to make sure that each brand is relevant and has competitive entries.

但正如您所懷疑的那樣，我們一直在審查這一點，因為我們必須確保每個品牌都是相關的並且擁有有競爭力的條目。

And that is true obviously around the world as well.

世界各地顯然也是如此。

So, Bill, what are other automakers missing, the Asian automakers.

那麼，比爾，其他汽車製造商缺少什麼，亞洲汽車製造商。

Because they only have two brands.

因為他們只有兩個品牌。

If it was possible to have all these brands and have commonality and differentiation at the same time and spend less money, why wouldn't everyone do it?

如果可以花更少的錢擁有所有這些品牌，同時具有共性和差異化，為什麼不是每個人都這樣做呢？

I mean what are they missing?

我的意思是他們缺少什麼？

Well, I'm not sure anybody is missing anything.

好吧，我不確定有人錯過了什麼。

I think what has happened, Ron, is that we acquired these brands rather than grew them organically.

羅恩，我認為發生的事情是我們收購了這些品牌，而不是有機地發展它們。

And as we acquired them, they clearly came with their own platforms, their own suppliers, their own power trains.

當我們收購它們時，它們顯然擁有自己的平台、自己的供應商、自己的動力系統。

And what we have been doing is migrating those to much more corporate common type of platforms.

我們一直在做的是將這些遷移到更多企業通用類型的平台。

And that takes a little time.

這需要一點時間。

So if you grow it organically, you control that process, albeit it's a slower one.

因此，如果你有機種植它，你就可以控制這個過程，儘管它是一個較慢的過程。

We went the acquisition route and are now -- and I shouldn't just say now, because this effort has been underway for some time -- but we are continuing to accelerate the integration of all these brands into a corporate effort.

我們走了收購路線，現在——我不應該只是說現在，因為這項努力已經進行了一段時間——但我們正在繼續加速將所有這些品牌整合到企業中。

So it's really just a different way of coming at it.

所以這實際上只是一種不同的實現方式。

So I don't think anybody is missing anything.

所以我認為沒有人錯過任何事情。

I just think it's a different approach and it requires, therefore, a different strategy for us than it does for some of our competitors.

我只是認為這是一種不同的方法，因此我們需要採取與某些競爭對手不同的策略。

Thank you very much.

非常感謝。

John Murphy of Merrill Lynch.

美林公司的約翰‧墨菲。

Good morning.

早安.

I'm just wondering if you could talk about where you are in the process of winding ACH down.

我只是想知道您是否可以談談您在逐步結束 ACH 的過程中所處的階段。

I mean, it sounds like you have buyout offers out there to 3500 workers.

我的意思是，聽起來你們向 3500 名工人提出了買斷要約。

And is there a potential for those buyouts to spread to larger parts of your company.

這些收購是否有可能擴展到公司的更大部門。

Well, we have made improvements in ACH.

嗯，我們已經對 ACH 進行了改進。

We've had the operation now for six months and trying to get control of it, get the place up and running.

我們已經進行了六個月的運營，並試圖控制它，讓這個地方正常運作。

And we've had buyouts last year of about 1500 people, and early in April around a little over 800.

去年我們收購了約 1500 名員工，4 月初約有 800 多人。

So we've gotten 2300 people out.

所以我們已經救了 2300 人。

And we've got plans to do more, so that the total is year will be probably a little over 2000, and get to 3.5 thousand more next year.

我們計劃做得更多，因此今年的總數可能會略高於 2000 個，明年將達到 3500 個。

We are in the process of looking to dispose of these two strategic buyers that have the capital and the management and the talent and the interest in the businesses.

我們正在尋求出售這兩個策略買家，他們擁有資本、管理、人才和對業務的興趣。

And we are working our way through that.

我們正在努力解決這個問題。

And when we have something to report on that, we will talk about it.

當我們有什麼要報告的時候，我們會討論它。

I'm sorry -- just to clarify there -- the 2300 is people that have already taken the buyout offer?

我很抱歉 - 只是想澄清一下 - 2300 是已經接受買斷報價的人嗎？

It is people that have left since we started last October, right.

是從我們去年十月就離開的人，對吧。

Okay.

好的。

But that is not the numerator in the equation or the take rate on that 3500 that have been offered the buyout?

但這不是等式中的分子，也不是已提供買斷的 3500 人的接受率嗎？

No.

不。

That is people who have taken, so we expect another round of buyouts later this year and then some more next year.

這些人已經接受了，所以我們預計今年稍後會進行另一輪收購，明年還會有更多收購。

And we're also looking, as we said, to dispose of the operations.

正如我們所說，我們也在尋求處置這些業務。

So if you just take a step back and think about your cost structure and look at the structural versus the variable costs, could you just give us a general breakdown of the pie there -- what is variable and what is structural?

因此，如果您退後一步，考慮一下您的成本結構，看看結構性成本與可變成本，您能否給我們一個總體的細分情況——什麼是可變成本，什麼是結構性成本？

What the big opportunities might be in that variable side?

在這個可變的方面可能存在哪些巨大的機會？

Well, we could.

好吧，我們可以。

Our cost structure is about more or less half purchased and half inside -- maybe a little more purchased.

我們的成本結構大約是一半是外購的，一半是內部的──也許多一點是外購的。

And we have the whole range of things on the inside -- costs, or structural costs, I guess -- it depends on how you define them -- labor and overhead, freight and logistics costs, and engineering and admin and advertising and sales promotion and so on.

我們內部有各種各樣的東西——我猜成本或結構成本——這取決於你如何定義它們——勞動力和管理費用、貨運和物流成本、工程和管理以及廣告和促銷等等。

But of that half internally, I mean how much would you consider structural?

但在內部的那一半中，我的意思是你會考慮多少結構性的？

I think that is hard to decide and it probably would depend on how you define structural.

我認為這很難決定，這可能取決於你如何定義結構。

I mean, in the very long term none of it is.

我的意思是，從長遠來看，這些都不是。

And in the short run, almost all of it is.

從短期來看，幾乎所有這些都是如此。

And so it really depends on your time horizon.

所以這實際上取決於你的時間範圍。

What we are trying to do now is to size our company to where we think we can be profitable and earn a good return.

我們現在要做的就是將公司規模調整到我們認為可以獲利並獲得良好回報的水平。

And that includes the structural costs, the quality of the vehicles and the purchased components as well, as well as our sourcing footprint and a whole range of things on the cost side.

這包括結構成本、車輛的品質和購買的零件，以及我們的採購足跡和成本的一系列因素。

And then most importantly on the revenue side, product positioning and good sales.

然後最重要的是收入方面、產品定位和良好的銷售。

If you could just remind us on the OPEB, how much is it going to be reduced when you get the deal cleared with the union?

如果您能提醒我們有關歐佩克的問題，當您與工會達成協議後，歐佩克將減少多少？

Are you talking about the obligation or the expense?

你說的是義務還是費用？

The obligation itself.

義務本身。

If it comes as we have talked about and have discussed, it should be around a $5 billion reduction.

如果正如我們所談論和討論的那樣，應該會減少 50 億美元左右。

Thank you very much.

非常感謝。

Scott Merlis with Thomas Weisel Partners.

斯科特·梅利斯和托馬斯·韋塞爾合夥人。

Good morning everybody.

大家早安。

How are you Bill?

比爾你好嗎？

Looking at your product strategy, I have two more specific questions as a follow-up to earlier questions.

考慮到您的產品策略，我有兩個更具體的問題作為先前問題的後續問題。

One, the strategy for midlife refreshening, which becomes really important as the F-150 ages and some other vehicles.

一是中年煥發活力的策略，隨著 F-150 和其他一些車輛的老化，這一點變得非常重要。

And what I'm driving it there is you want to become more profitable -- you are committing to becoming profitable in North America in '08, but it seems like you're going to be doing that with an old F-150 or a new F-150 that might be in launch.

我在那裡推動的是你想要變得更有利可圖- 你承諾在08 年在北美實現盈利，但看起來你將用一輛舊的F-150 或一輛舊的F-150 來實現這一點可能即將推出的新型 F-150。

So I think that might be an important piece of the puzzle.

所以我認為這可能是這個難題的重要組成部分。

And the second product question would be Ford has chosen to go with the Edge and the MKX, which is a five car -- a five seat CUV strategy.

第二個產品問題是福特選擇了 Edge 和 MKX，這是一款五人座 CUV 策略。

GM with Enclave, Outlook, Acadia is going with a 7-8 seat, a bigger CUV strategy.

通用汽車與Enclave、Outlook、Acadia將採用7-8個席位，這是一個更大的CUV策略。

Since the CUV market is so important, what is your thinking, what is your strategy there?

既然CUV市場如此重要，您的想法是什麼，您的策略是什麼？

I'll have Mark take a shot at this one.

我會讓馬克嘗試一下。

On your question on midlife freshening, particularly F-150, overall our strategy as we look better our product plan going forward, is to make sure we not only look at the launch of the product but what we call the lifecycle of the product, and make sure that we not only have the appropriate cadence of a freshening to keep it fresh in the marketplace, but very importantly to make sure that the feature and what we call "at a glance design" notes that the vehicle is significantly changed.

關於您關於中年清新，特別是F-150 的問題，我們的總體策略是，隨著我們更好地看待未來的產品計劃，我們不僅要關注產品的推出，還要關注我們所說的產品的生命週期，並確保我們不僅有適當的更新節奏以使其在市場上保持新鮮感，而且非常重要的是確保該功能和我們所說的「一目了然的設計」表明車輛發生了重大變化。

And I think as you look at the F-150, I think we have very good plans in place not only to do that at a freshening, but also during the time up to that, we are a leader in the truck segment.

我認為，當您看到 F-150 時，我認為我們已經制定了非常好的計劃，不僅在更新時做到這一點，而且在此之前，我們是卡車領域的領導者。

We know we have some competitors going, we know they have benchmarked our products.

我們知道我們有一些競爭對手，我們知道他們已經對我們的產品進行了基準測試。

But with the products that we do have and the strength we have, both in owner loyalty but also very importantly with our dealer network, we think we are pretty well-positioned.

但憑藉我們現有的產品和我們擁有的實力，無論是在車主忠誠度方面，還是非常重要的經銷商網絡方面，我們認為我們處於相當有利的位置。

On your question on the Edge and MKX, I'd like you to think about our product line-up, particularly on CUVs, as we have the biggest, if you will, buffet table, I think, that customers can choose from.

關於您關於 Edge 和 MKX 的問題，我希望您考慮我們的產品系列，特別是 CUV，因為我們擁有最大的（如果您願意的話）自助餐桌，我認為客戶可以選擇。

In the case of the Edge and the MKX, we specifically focused on five-seaters; we specifically focused on more what I would call crisp ride and handling.

就 Edge 和 MKX 而言，我們特別關註五座；我們特別關注我所說的「清脆的乘坐和操控」。

And that is differentiated from our Freestyle, which is seven-seat, a bit more functional, to appeal to that particular target customer.

這與我們的 Freestyle 有所不同，後者是七人座的，功能性更強一些，可以吸引特定的目標客戶。

And then to complete the portfolio, we have our Escape, which is our small crossover, which I believe also was the highest selling crossover in the first quarter.

然後為了完成投資組合，我們有 Escape，這是我們的小型跨界車，我相信這也是第一季銷量最高的跨界車。

So as opposed to some of our competitors who may be have to put their chips down in one area, we have, I think, the gamut covered.

因此，與我們的一些競爭對手可能不得不把籌碼放在某一領域相反，我認為我們已經涵蓋了所有領域。

And you don't think you'll need anything bigger than the Edge, or you'll just let the -- do you think you'll need anything bigger than the Edge?

你認為你不需要任何比 Edge 更大的東西，或者你只是讓 - 你認為你需要比 Edge 更大的東西嗎？

Well, we have the Freestyle today and of course you get that usual answer -- we don't talk about future product programs.

好吧，我們今天有 Freestyle，當然你會得到通常的答案——我們不談論未來的產品計劃。

But clearly, we're going to make sure we cover the market appropriately in terms of understanding what our customer needs are and how it fits with our brand.

但顯然，我們將確保我們適當地涵蓋市場，了解客戶的需求是什麼以及它如何與我們的品牌相契合。

Thank you very much.

非常感謝。

Jon Rogers of Citigroup.

花旗集團的喬恩·羅傑斯。

Good morning.

早安.

To follow up on that question.

跟進這個問題。

It looks like the pickup truck segment is going to get fairly crowded toward the end of the year as GM launches their new pickup as well as Toyota.

隨著通用汽車和豐田推出新的皮卡，皮卡市場似乎將在今年年底變得相當擁擠。

Can you just talk about your strategy to defend share with an F-Series versus some of those newer products?

您能否談談您捍衛 F 系列與某些較新產品份額的策略？

Yes.

是的。

We have a very specific strategy to defend our share.

我們有一個非常具體的策略來捍衛我們的份額。

First and foremost, understanding very clearly that we do have two new entries coming into the marketplace, I guess I'd suffice it to say that a combination of very strong and bold marketing actions in conjunction with -- as we look at the lifecycle of the vehicle -- product freshening actions to maintain our leadership.

首先也是最重要的是，非常清楚地了解我們確實有兩個新產品進入市場，我想我足以說，當我們審視產品的生命週期時，結合非常強大和大膽的營銷行動車輛——產品更新行動以保持我們的領先地位。

I think secondly, also to utilize our dealer network, which is recognized as the industry leader in terms of selling trucks.

我認為其次，還要利用我們的經銷商網絡，該網絡在卡車銷售方面被公認為行業領導者。

And I guess the only last thing I would leave you with is we have spent a lot of time thinking about if we were one of our competitors, where could they hurt us.

我想我要留給你們的最後一件事是，我們花了很多時間思考，如果我們是我們的競爭對手之一，他們會在哪裡傷害我們。

And we've developed plans appropriately around that with eyes wide open, and I'm pretty confident that we have some good plans to defend our turf.

我們已經睜大眼睛制定了適當的計劃，我非常有信心我們有一些好的計劃來保衛我們的地盤。

And then just one follow-up on Ford Credit.

然後是福特信貸的一項後續行動。

It looks like if the GMAC deal goes through, there will be almost eventually a significant funding cost advantage to some of your competitors.

看來，如果通用汽車金融服務公司 (GMAC) 交易成功，你的一些競爭對手最終幾乎將獲得顯著的融資成本優勢。

Can you just talk about how you're going to deal with that?

你能談談你將如何處理這個問題嗎？

Is it just through the unsecured market and does that concern you longer-term?

是否只是透過無擔保市場？這是否會引起您的長期擔憂？

Well, if that situation occurs and it lasts, as you say, for the longer-term, yes, that is a real concern.

好吧，如果這種情況發生並且像你所說的那樣持續較長時間，是的，這確實是一個令人擔憂的問題。

But right now, we have the ability to increase the amount of the balance sheet that we securitize, and we are on a path to improve the auto profitability, as we discussed.

但現在，我們有能力增加資產負債表的證券化規模，並且正如我們所討論的那樣，我們正在提高汽車獲利能力。

So we think for us, the strategy that we have is the right one.

所以我們認為，對我們來說，我們的策略是正確的。

And we feel strongly that Ford Credit and the synergies that they have with the marketing and sales operations is a really important thing for us to control, and to control all the benefits and the synergies.

我們強烈認為，福特信貸及其與行銷和銷售業務的協同效應對於我們控制以及控制所有利益和協同效應來說非常重要。

That is great.

太棒了。

Thank you.

謝謝。

[William Peck] of ING.

ING 的 [William Peck]。

Good morning.

早安.

Thank you for taking my call.

感謝您接聽我的電話。

The question I have for you is we've talked a lot about different product lines and the future of these.

我要問你的問題是，我們已經討論了很多不同的產品線及其未來。

Can you give little bit of color, a little bit more granularity to the performance auto group and in particular your outlook for Jaguar and its eventual return to profitability, if that is in the cards?

您能否為高性能汽車集團提供一些色彩和更詳細的信息，特別是您對捷豹的展望以及其最終恢復盈利的前景（如果有可能的話）？

Well, yes.

嗯，是。

As you know, we have done a lot to focus on Jaguar over the last few years, a lot of management time and effort, both on the product itself and also on the business structure.

如您所知，過去幾年我們在專注於捷豹方面做了很多工作，投入了大量的管理時間和精力，無論是在產品本身還是業務結構上。

And one of the things that has been hard to do, but we have done it, is to recognize that Jaguar's volume aspirations probably did not fit a brand of its cachet in the marketplace.

其中一件很難做到但我們已經做到的事情是認識到捷豹的銷售願望可能不符合其在市場上的品牌形象。

And so therefore, we have taken down our volume assumptions going forward to, I think, better reflect the kind of fit that Jaguar would have in the marketplace.

因此，我認為，我們降低了銷售假設，以更好地反映捷豹在市場上的契合度。

And anytime you do that, it is tough.

任何時候你這樣做都會很困難。

And we have taken some tough actions.

我們已經採取了一些強硬的行動。

The other piece of it though, importantly, is the product itself.

但重要的是，另一部分是產品本身。

And the products that are coming out of Jaguar now and what we have coming in the future I think are some of the best that we've had coming out.

我認為捷豹現在推出的產品以及未來推出的產品是我們推出的最好的產品之一。

I mean, I think clearly some of the issue has been at Jag, much like the rest of the Company, not enough product differentiation in recent years.

我的意思是，我認為顯然 Jag 存在一些問題，就像公司其他部門一樣，近年來產品差異化不夠。

And we've moved to correct that.

我們已採取行動糾正此問題。

It just seems that over the last few years, there has been some misdirection as far as losing some of the brand cachet with Jaguar moving to a lower-priced vehicle, now again pushing it to the other direction.

在過去的幾年裡，捷豹似乎出現了一些誤導，失去了一些品牌聲譽，轉向了價格較低的汽車，現在又將其推向了另一個方向。

I mean, do you have any sort of timeframe that you give Jaguar for any sort of turnaround?

我的意思是，您是否給了捷豹公司任何週轉的時間表？

We certainly do internally.

我們當然在內部這樣做。

And it’s integrated its operations now with Land Rover largely; there is a lot of synergy and cost savings there.

現在，它已將其業務與路虎進行了很大程度的整合。那裡有很多協同效應和成本節省。

But I'm not going to put a date out there.

但我不會在那裡設定日期。

Thank you.

謝謝。

(OPERATOR INSTRUCTIONS) Himanshu Patel of JPMorgan.

（操作員說明）摩根大通的 Himanshu Patel。

Good morning, guys.

早上好傢伙。

Don, you had mentioned that Ford Motor Credit was -- it was quite critical to maintain strategic control of the synergies there.

唐，您曾提到福特汽車信貸——保持對那裡協同效應的戰略控制非常重要。

And it seems like the thinking here is that eventually the credit rating on the auto side is going to improve, and so this is sort of an interim issue, where you've got a disadvantageous funding cost access.

這裡的想法似乎是，最終汽車方面的信用評級將會提高，所以這是一個臨時問題，你在融資成本方面處於不利地位。

I'm just wondering when you look longer-term, if the auto business fails to get the credit rating or let's say if FMC fails to be able to get the access to capital that you guys would ideally like to have and you stick with your presumption that you need to keep this business under Ford's control, what are kind of the other options you have at FMC?

我只是想知道，當你從長遠來看，如果汽車業務未能獲得信用評級，或者比方說，FMC 是否無法獲得你們理想中想要擁有的資本，而你們堅持自己的想法假設你需要將這項業務置於福特的控制之下，那麼您在FMC 還有哪些其他選擇？

I mean, when you think of things such as either whole loan sales or JVs, maybe, with another bank, are there other options on the table here if you fail to get the sort of lower cost of funding and better access longer-term?

我的意思是，當您考慮諸如整體貸款銷售或合資企業之類的事情時，也許與另一家銀行，如果您無法獲得較低的融資成本和更好的長期融資管道，是否還有其他選擇？

Well, I would answer it this way -- that there are other options.

好吧，我會這樣回答——還有其他選擇。

And we do have our prime plan and we do look at other options as we go.

我們確實有我們的主要計劃，並且我們確實會考慮其他選擇。

And I might just point out that we've done, I think, over the last three years, $12 billion, maybe more, of whole loan sales.

我可能只是指出，我認為，在過去三年中，我們已經完成了 120 億美元，甚至更多的全部貸款銷售。

That is something that has been a part of our funding strategy, and frankly, will continue to be so.

這是我們融資策略的一部分，坦白說，也將繼續如此。

As far as a JVs and things, I think four years ago we entered into an agreement with [Fadesco]in Brazil.

至於合資企業之類的事情，我想四年前我們與巴西的[Fadesco]達成了一項協議。

And they've been doing the funding largely for our business there and we have been doing the originating and servicing.

他們主要為我們在那裡的業務提供資金，而我們一直在進行發起和服務。

So it is not something -- these are not just options that we'd be looking at in the circumstance that you are asking about, but it's things that we've looked at as we've gone the last couple of years.

所以這不是什麼——這些不僅僅是我們在你所問的情況下考慮的選擇，而是我們在過去幾年裡考慮過的事情。

And I think those are things that we will continue to look at as we monitor the entire credit situation and the progress on our turnaround on the auto side.

我認為，在我們監控整個信貸狀況以及汽車方面的扭虧為盈的進展時，我們將繼續關注這些事情。

Then when you look at North America, I think on one of the slide decks, slide 9, you gave a year-over-year profit walk.

然後，當你觀察北美時，我認為在投影片 9 中的一個投影片上，你給出了同比利潤的變化。

I wonder if you could help us just directionally think about a quarterly profit walk in North America.

我想知道您是否可以幫助我們定向思考北美的季度利潤走勢。

It seems like you had about a 300 million profit deterioration from the fourth to the first quarter.

從第四季到第一季，你們的利潤似乎下降了大約3億。

But production was up, I think, almost 90,000 units.

但我認為產量增加了近 9 萬台。

So was it mainly pricing?

那麼主要是定價嗎？

Because obviously we know what happened with fleet sales.

因為顯然我們知道車隊銷售發生了什麼事。

Or was it more on the mix side or was there something on the cost side that ran up normally unfavorable sequentially?

還是更多是在混合方面，或者是在成本方面有什麼東西通常會連續不利地上升？

I don't know a real crisp explanation for that.

我不知道對此有什麼真正清晰的解釋。

I think it has to do more on the pricing side than anything else right now.

我認為現在它必須在定價方面做更多的事情。

Yes, it's mainly on the pricing side -- if you're going from the fourth quarter to the first quarter, it would be mainly in the pricing area.

是的，主要是在定價方面——如果你從第四季度到第一季度，那麼主要是在定價方面。

Cost is favorable sequentially and volume and mix is relatively flat.

成本連續有利，銷售量和結構相對平穩。

Okay.

好的。

And maybe one last question for Mark.

也許還有馬克的最後一個問題。

Mark, you've been kind of -- maybe if you could just compare the product development approach here between Mazda and what you are seeing at Ford Blue Oval.

馬克，你有點——也許你可以比較馬自達和福特藍色橢圓形的產品開發方法。

I mean is there a whole lot of low-hanging fruit in that area?

我的意思是，該地區是否有很多唾手可得的成果？

Well, I think we've been -- in the terms of the approach, Mazda has been very focused on the last number of years first and foremost understanding their brand and making sure that they have a product philosophy that delivers, product after product, that brand promise and then pricing accordingly.

嗯，我認為我們一直 - 就方法而言，馬自達在過去幾年中一直非常注重首先了解他們的品牌，並確保他們擁有一種產品理念，能夠提供一個又一個產品，該品牌承諾，然後相應定價。

I think the approach we're taking here in the U.S. is a very similar one, where Derrick Kuzak and the product development team, we have developed for them the brand philosophy.

我認為我們在美國採取的方法非常相似，Derrick Kuzak 和產品開發團隊為他們制定了品牌理念。

And Derek and the team are in the process of turning that into a product philosophy that they can execute off of consistently.

德里克和團隊正在將其轉變為他們可以持續執行的產品理念。

And that is on a high level of similar approach.

這是類似方法的高水準。

On a more technical level, clearly we have, with our close relationship with Mazda, as you know, we are implementing what we call our Global Product Development System, our GPDS system, which is based off of a, in one form or fashion, the Mazda product development system.

在更技術層面上，顯然我們與馬自達有著密切的關係，如您所知，我們正在實施我們所謂的全球產品開發系統，我們的 GPDS 系統，該系統以一種形式或方式基於馬自達產品開發系統。

So we're taking a lot of those best practices and incorporating them into our own development processes with the objectives, obviously, of reducing time to market, development time, but also trying to get a lot of synergies out of our engineering efforts.

因此，我們正在採用許多最佳實踐，並將它們納入我們自己的開發流程中，其目標顯然是縮短上市時間和開發時間，但也試圖從我們的工程工作中獲得大量協同效應。

I guess that last point is what I wanted to get some more color on.

我想最後一點是我想要更多的色彩。

Mazda seems to have done a fairly good job on keeping a lid on product development costs and just product cost in general.

馬自達似乎在控制產品開發成本和整體產品成本方面做得相當不錯。

And that has historically been a challenge for Ford Blue Oval.

這對福特 Blue Oval 來說一直是個挑戰。

How easy is that to fix?

修復起來有多容易？

I mean, is that something you can get your hands around in two years or five years?

我的意思是，這是你可以在兩年或五年內掌握的東西嗎？

How should we think of that issue going forward?

今後我們該如何看待這個問題？

Well, obviously, most things in this business aren't easy.

嗯，顯然，這個行業的大多數事情都不容易。

But I guess I'd characterize it as saying one of the things that we are doing is -- a couple of things.

但我想我會把它描述為我們正在做的事情之一是——幾件事。

One is from an organizational standpoint, we reorganized in the fourth quarter of last year to create a central engineering group, which is one of the hallmarks of the Mazda system.

一是從組織的角度來看，我們去年第四季進行了重組，創建了一個中央工程組，這是馬自達體系的標誌之一。

Whereas opposed to having two engineers working in two different product groups, developing HVAC systems, we now have one.

與讓兩位工程師在兩個不同的產品組工作來開發 HVAC 系統不同，我們現在只有一位工程師。

So organizationally, that will help drive a lot of commonality, where we'll get our economies of scale and actually eliminate a lot of duplication of effort so we can free those engineering resources up to either do more products or better features on the products that we do have.

因此，從組織上來說，這將有助於推動許多共通性，我們將獲得規模經濟，並實際上消除大量重複工作，這樣我們就可以釋放這些工程資源來開發更多產品或在產品上提供更好的功能。我們確實有。

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？

Certainly.

當然。

Thank you.

謝謝。

Bill Koenig of Bloomberg.

彭博社的比爾·科尼格。

Good morning.

早安.

Don, can you hear me?

唐，你聽得到我說話嗎？

If you could speak up a little bit, Bill, that would be great.

比爾，如果你能說點話，那就太好了。

Can you hear me now?

你聽得到我嗎？

Yes.

是的。

Sorry -- it was the microphone.

抱歉——是麥克風的問題。

Don, when you were talking about ACH, I just want to doublecheck something you said.

唐，當你談論 ACH 時，我只是想仔細檢查你所說的話。

We are in the process of looking to dispose -- something about two strategic buyers.

我們正在尋求出售——關於兩個戰略買家的交易。

Now, is that for like all the plants or a few plants?

現在，這是所有植物還是少數植物？

I'm just trying to clarify that.

我只是想澄清這一點。

Well, that is our main thrust.

嗯，這是我們的主要目標。

We would said there were a couple of the plants we were going to close.

我們會說我們要關閉幾家工廠。

And then the balance of those we would sell to strategic buyers, people that are interested in the business that have the capital and the management and the interest in those businesses.

然後，我們將剩餘的資產出售給策略性買家，也就是對這些業務感興趣、擁有資本、管理權和興趣的人。

I was just making sure you were talking about TO as opposed to TWO buyers.

我只是想確保您談論的是“TO”而不是“兩個買家”。

Yes -- sorry.

是的——抱歉。

That is a correct assumption.

這是一個正確的假設。

Because if it was the other way, you are making more news than you intended, so --.

因為如果是另一種方式，你製造的新聞就會比你預期的多，所以－－。

No.

不。

Okay, all right.

好吧，好吧。

That is all.

就這些。

Thank you.

謝謝。

Jeff McCracken of Wall Street (sic).

華爾街的傑夫·麥克拉肯（Jeff McCracken）（原文如此）。

Wow -- the whole street is mine.

哇——整條街都是我的。

Okay.

好的。

Good morning Bill, Mark, Don, everybody else.

早安，比爾、馬克、唐，還有其他人。

Bill, you mentioned kind of your overreliance on SUVs, and you need more singles and doubles.

比爾，你提到你對 SUV 的過度依賴，你需要更多的單打和雙打。

Presumably you are talking there about cars and sedans.

想必您正在談論汽車和轎車。

I wonder, if you want to keep the cars and sedans from becoming weak grounders to first, I guess, do you expect or need better pricing with cars and sedans?

我想知道，如果您想讓汽車和轎車不成為弱勢群體，我想，您是否期望或需要更好的汽車和轎車定價？

Or are your gains in profits going to come from the restructuring, the shrinking of the Company and the platform sharing that you've talked a lot about?

還是說你的利潤成長來自於重組、公司收縮以及你講的很多的平台共享？

Well, frankly, we've got to base our plan on the latter.

嗯，坦白說，我們的計劃必須基於後者。

But we will certainly take -- as we look at our product portfolio and what is yet to come -- and Mark mentioned earlier focusing more on features, and obviously therefore some pricing opportunities.

但當我們審視我們的產品組合和未來的發展時，我們肯定會採取這一點，馬克之前提到的更多地關注功能，因此顯然會帶來一些定價機會。

But in this marketplace, for us to base our plan upon pricing I think would be a real mistake.

但在這個市場上，對我們來說，將我們的計劃建立在定價的基礎上，我認為這將是一個真正的錯誤。

So the plan that we have laid out for you really attacks our cost structure in a very meaningful way.

因此，我們為您制定的計劃確實以非常有意義的方式攻擊了我們的成本結構。

Because I think that is the responsible way to do it.

因為我認為這是負責任的做法。

Having said that, we will always look for opportunities to price.

話雖如此，我們總是會尋找定價機會。

And I think if you look at us historically in the North American markets, we've been better than some in terms of being opportunistic in pricing.

我認為，如果你回顧我們在北美市場的歷史，我們在定價機會主義方面比一些公司做得更好。

In fact, I think we've actually got a pretty good track record on that, given what is going on in the competitive marketplace.

事實上，考慮到競爭激烈的市場正在發生的情況，我認為我們在這方面實際上已經取得了相當好的記錄。

And we will continue to do so.

我們將繼續這樣做。

But the major thrust is on the restructuring.

但主要的推動力是重組。

Okay.

好的。

Quick follow-up has to do with the SUVs and the overreliance.

快速跟進與SUV和過度依賴有關。

What has happened to the Explorer?

探索者發生了什麼事？

It seems like there is no way you could have expected or anticipated this kind of drop, given the extensive overhaul -- I mean the new safety features, the new interior, another engine.

考慮到大規模的檢修——我的意思是新的安全功能、新的內飾、另一台發動機，你似乎不可能預料到這種下降。

It's been, as far as I can tell, a double-digit decline pretty much every month since the redesign, a 25% drop this last quarter.

據我所知，自重新設計以來，幾乎每個月都有兩位數的下降，上個季度下降了 25%。

What is going on there?

那裡發生了什麼事？

Well, let me take that one, Jeff.

好吧，讓我來吧，傑夫。

I mean, when you look at our first-quarter results, Explorer was down about 30 -- I think it was 30, 31% somewhere in that neighborhood.

我的意思是，當你看看我們第一季的業績時，Explorer 下降了大約 30%——我認為在該地區的某個地方下降了 30%、31%。

To a certain degree, some of that was planned.

在某種程度上，其中一些是有計劃的。

First off, we have significantly reduced our fleet sales for the Explorer.

首先，我們大幅減少了探索者的車隊銷售。

If you look at our retail share of segment, our actual retail share of segment is a slightly up in the first quarter.

如果你看看我們的零售份額，我們的實際零售份額在第一季略有上升。

The segment itself was down, and obviously a big piece of that is how much of the impact is of new products, i.e. crossover vehicles, and the other impact meaning higher fuel prices.

該細分市場本身有所下降，顯然其中很大一部分是新產品（即跨界車）的影響，以及另一個影響意味著更高的燃油價格。

And when you combine that with the capacity action we took at St. Louis, that kind of justifies us taking our fleet sales down, getting our capacity in line with demand.

當你將其與我們在聖路易斯採取的運力行動結合時，這證明我們有理由減少我們的車隊銷售，使我們的運力符合需求。

But the big question mark going forward, obviously, is what is going to happen with the segment overall.

但顯然，未來的一個大問號是整個細分市場會發生什麼事。

But I guess I'd just say the four-door Explorer on the retail segment is more than holding its own.

但我想我只想說四門探險家在零售領域不僅僅是保持自己的地位。

What was your -- could you give a little more clarity on the fleet side with the Explorer -- I mean what it was and what it is now?

你的——你能更清楚地說明一下探索者號的艦隊方面——我的意思是它曾經是什麼以及現在是什麼？

Well, I don't have that off the top of my head, but a large part of -- or a majority part of that reduction year-over-year was due to reduced fleet sales.

好吧，我並沒有想到這一點，但同比下降的很大一部分或大部分是由於車隊銷售減少所致。

Okay.

好的。

So this vehicle -- I mean, it's no longer going to be a 500,000 a year or 300,000 a year vehicle though?

所以這輛車——我的意思是，它不再是每年 50 萬輛或 30 萬輛的汽車？

I mean that is pretty much a given?

我的意思是，這幾乎是理所當然的？

No, and we've taken, as you can see from our capacity actions, we've looked at that reality and have acted on it.

不，正如您從我們的產能行動中看到的那樣，我們已經審視了這一現實並採取了行動。

Okay.

好的。

Thank you.

謝謝。

Bernard Simon of Financial Times.

英國《金融時報》的伯納德‧西蒙。

Hi.

你好。

I wonder if I could ask a question about hybrids.

我想知道我是否可以問一個關於混合動力的問題。

Mr. Ford, given what we've read over the last couple of months, the shine seems to have come off the hybrid market a little, and witness the 0% financing on your hybrid Escape.

福特先生，考慮到我們過去幾個月所讀到的情況，混合動力市場的光芒似乎有所減弱，並見證了您的混合動力 Escape 的 0% 融資。

I'm wondering whether you are still comfortable with the fairly ambitious expansion of hybrid production that you outlined last year.

我想知道您是否仍然對去年概述的混合動力生產的相當雄心勃勃的擴張感到滿意。

I think if you look at the way we look at hybrids, it is still a very viable technology.

我認為如果你看看我們看待混合動力的方式，它仍然是一項非常可行的技術。

I mean, ultimately you can hybridize any fuel.

我的意思是，最終你可以混合任何燃料。

And if you start with that assumption, hybrids don't lose their luster.

如果你從這個假設開始，混合動力車就不會失去它們的光彩。

The Escape hybrid is picking up in sales.

Escape混合動力車的銷售量正在回升。

Clearly there has been a lot of noise around hybrids in general in the media that I think has affected some of the short-term results of all hybrids in the marketplace.

顯然，媒體上普遍存在著許多關於混合動力車的噪音，我認為這影響了市場上所有混合動力車的一些短期結果。

But with oil prices where they are in a world which I believe is going to be -- I don't see us either finding cheaper oil anytime in the near future, nor do I see oil going to any more politically stable parts of the world -- I think it is very wise for this company to continue to push as hard as it can on seeking other solutions.

但鑑於石油價格處於我相信的世界，我不認為我們會在不久的將來找到更便宜的石油，也不認為石油會流向世界上任何政治穩定的地區——我認為這家公司繼續盡最大努力尋求其他解決方案是非常明智的。

Some will be shorter-term solutions, like hybrids.

有些是短期解決方案，例如混合動力。

Ethanol obviously is something we've talked a lot about recently that we're pushing very hard on.

顯然，乙醇是我們最近經常談論的話題，我們正在大力推動這個話題。

In fact, we have a number of vehicles on the road that are ethanol capable.

事實上，我們路上有許多具有乙醇功能的車輛。

And we're going to be working very closely with the government and with the fuel suppliers to increase the availability of ethanol, particularly as we get the next-generation (indiscernible).

我們將與政府和燃料供應商密切合作，以增加乙醇的供應，特別是當我們獲得下一代（音訊不清楚）時。

And then longer term, we are still pushing hard on hydrogen.

長遠來看，我們仍在大力推動氫能的發展。

So all of this is predicated on the assumption that oil is a dear resource and is not going to get any less dear as we go into the future.

因此，這一切都是基於這樣的假設：石油是一種昂貴的資源，隨著我們進入未來，石油的價格不會降低。

And so hybrid is very much a part of that equation; it is not the only piece of equation, however.

因此，混合動力在很大程度上是這個方程式的一部分；然而，這並不是唯一的因素。

And you are sticking to those production plans that you outlined last year for hybrids?

你們會堅持去年制定的混合動力車生產計畫嗎？

Yes we are.

是的我們是。

And we're also looking, though, at what -- as the world changes around us, if the goal really is to improve fuel economy and reduce CO2, which clearly are the goals, do we have the right mix to do that?

不過，我們也在關注，隨著我們周圍世界的變化，如果目標確實是提高燃油經濟性和減少二氧化碳排放（這顯然是目標），那麼我們是否有正確的組合來做到這一點？

And that is something we are looking at all the time.

這是我們一直在關注的事情。

Thanks.

謝謝。

Sarah Webster of Detroit Free Press.

底特律自由報的莎拉·韋伯斯特。

Good morning.

早安.

I have another SUV question.

我還有另一個 SUV 問題。

You are launching the Expedition and Navigator later this year.

你們將於今年稍後推出 Expedition 和 Navigator。

And I wonder if the most recent concerns about gas prices are causing you to reevaluate your volume plans with those two vehicles at all or to change your strategy in some way.

我想知道最近對汽油價格的擔憂是否會導致您重新評估這兩款車輛的銷售計劃或以某種方式改變您的策略。

Thanks for the question, Sarah.

謝謝你的提問，莎拉。

Short answer to your question, we are not relooking at our product plans, clearly, because we are about to launch those vehicles.

簡短回答您的問題，顯然，我們不會重新審視我們的產品計劃，因為我們即將推出這些車輛。

In terms of our volume aspirations, I mean, to one degree or another, that is going to be based on what happens with the segment, what happens with the industry.

就我們的銷售願望而言，我的意思是，在某種程度上，這將基於該細分市場和整個行業的情況。

We are seeing whitewater right now in that segment, where the segment -- it has been down.

我們現在在該細分市場看到白水，該細分市場一直在下降。

We've seen the gas prices spike up.

我們已經看到天然氣價格飆升。

But as we've seen last year, it's fairly volatile.

但正如我們去年所看到的，它相當不穩定。

Our approach is we think we have a very competitive set of products coming to the marketplace with some unique competitive advantages versus our competition, particularly in the rear of the vehicle and the fold-down flat seats.

我們的方法是，我們認為我們有一套非常有競爭力的產品進入市場，與我們的競爭對手相比，具有一些獨特的競爭優勢，特別是在車輛後部和折疊式平座椅方面。

And we're going to go after that very aggressively.

我們將非常積極地追求這一點。

How big the segment will be?

該細分市場有多大？

That is going to depend on what happens with fuel prices and customer preferences.

這將取決於燃油價格和客戶偏好的變化。

Thank you.

謝謝。

(indiscernible) Gupta of Reuters.

（音頻不清）路透社的古普塔。

Good morning.

早安.

I was just wondering when would we start seeing a positive impact of the restructuring actions in your North American financial results.

我只是想知道我們什麼時候才能開始看到重組行動對你們北美財務表現的正面影響。

As Don said, our path is not going to be linear or smooth.

正如唐所說，我們的道路不會是線性或平坦的。

I guess the way I would characterize where we are with Way Forward, it is still early days.

我想我會用「前進之路」來描述我們目前的情況，現在還處於早期階段。

As you know, we just announced it a couple of months ago.

如您所知，我們幾個月前剛剛宣布了這一消息。

Our results in the first quarter, from my perspective, is where I expected us to be.

從我的角度來看，我們第一季的業績符合我的預期。

If you recall back to January, I mentioned you should look at us on a couple of different parameters to measure our, let's say, performance.

如果您還記得一月份，我提到您應該透過幾個不同的參數來衡量我們的表現。

Obviously, one is our quarterly performance, which where reporting out today.

顯然，其中之一是我們今天公佈的季度業績。

Secondly is when you look at our share, I mentioned that are we decreasing the rate of loss?

其次，當你看我們的份額時，我提到我們是否正在降低損失率？

And in the first quarter of this year, we did do that; we lost .5 point of share versus 1 point of share on the same period a year ago.

今年第一季度，我們確實做到了；我們的份額比去年同期下降了 0.5 個百分點。

I also mentioned you should look at our launches, both from a manufacturing and a product acceptance standpoint.

我還提到您應該從製造和產品驗收的角度來看待我們的發布。

We launched the Sport Trac with a very good launch, manufacturing launch.

我們推出了 Sport Trac，並且在製造方面取得了非常好的成績。

And the market acceptance of that product, albeit still we're in the first 45 days, is very encouraging.

儘管仍處於最初 45 天，但該產品的市場接受度非常令人鼓舞。

Also mentioned look at are we sticking to the timetable that we put out for our plant idlings.

也提到我們是否遵守為工廠閒置制定的時間表。

And we did idle St. Louis very smoothly, working with our UAW colleagues, and we will continue to implement the plan and the timetable that we've laid out going forward.

我們與 UAW 同事合作，非常順利地閒置了聖路易斯，我們將繼續實施我們已經制定的計劃和時間表。

And then lastly, are we making progress with our relationship with suppliers?

最後，我們與供應商的關係是否有進展？

And clearly, I think we are, but as you talk to some of our supplier colleagues, they will be the judge of that.

顯然，我認為我們是，但當你與我們的一些供應商同事交談時，他們將對此做出判斷。

But I think we are making some good progress there.

但我認為我們正在這方面取得一些良好進展。

Just following up on that, so to be more specific, do you think we would start seeing financial improvements then maybe starting early next year in the U.S.A?

對此進行跟進，更具體地說，您認為我們會在明年初開始看到美國的財務狀況改善嗎？

Well, as we said, we're not providing any future guidance.

嗯，正如我們所說，我們不會提供任何未來的指導。

And clearly what we are focusing on is making sure that from an operating and executing specifics basis that we are keeping our nose to the grindstone in terms of the physicals of the business and driving it appropriately.

顯然，我們的重點是確保從營運和執行細節的基礎上，我們在業務實體方面保持密切關注並適當地推動它。

Thanks, Mark.

謝謝，馬克。

And my next question is to Don -- just to clarify your comments on (technical difficulty) contributions.

我的下一個問題是問 Don，只是為了澄清您對（技術難度）貢獻的評論。

Did you say would be recording all (indiscernible) in the second quarter?

您是否說過會在第二季錄製所有內容（聽不清楚）？

Yes.

是的。

Assuming that we receive the court approval, that would be our plan.

假設我們得到法院的批准，這就是我們的計劃。

And what would the total charge be?

總費用是多少？

$108 million, pretax.

稅前1.08億美元。

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。

Joseph Szczesny of the Oakland Press.

奧克蘭出版社的約瑟夫‧斯澤斯尼 (Joseph Szczesny)。

I had a question about have you been preparing in any way for the impact of a possible strike at Delphi?

我的問題是，您是否已為德爾福可能發生的罷工的影響做好準備？

And I had one follow-up.

我有一個後續行動。

Joe, as you know, we're in a very fluid situation with the supply base in general.

喬，如你所知，我們的供應基地總體上處於非常不穩定的情況。

And so we do game plan a number of scenarios.

因此，我們確實規劃了許多場景。

Our direct exposure to Delphi in this market is rather limited.

我們在這個市場上對德爾福的直接接觸相當有限。

But clearly, whatever goes on with one of our competitors and/or any of the Tier 1 suppliers clearly we follow it very closely.

但顯然，無論我們的競爭對手和/或任何一級供應商發生什麼情況，我們顯然都會非常密切地關注。

And we have been scenario planning for a number of different outcomes.

我們一直在為許多不同的結果進行情境規劃。

And then Mr. Leclair mentioned that you were going to -- it sounded like you were going to spend more on advertising later on this year.

然後勒克萊爾先生提到您將——聽起來您將在今年晚些時候在廣告上花費更多。

Can you kind of elaborate on that a little bit?

能詳細說明一下嗎？

I certainly can, but I think Mark probably would be in a better position to give some more texture on that.

我當然可以，但我認為馬克可能更適合對此提供更多說明。

Yes.

是的。

Clearly we're not going to talk about specific dollar numbers.

顯然我們不會談論具體的美元數字。

But clearly, when you look at the launch cadence and the products that Don went through in his presentation, we have a lot of products launching in the second half of this year, and clearly, we want to focus some more efforts on going confidently to the market about our brands.

但顯然，當你看看唐在他的演講中介紹的發布節奏和產品時，我們在今年下半年推出了很多產品，顯然，我們希望更加努力地自信地關於我們品牌的市場。

So I think you will see from a rate and flow standpoint, we will have more of a voice in the marketplace in the second half of this year.

因此，我認為從費率和流量的角度來看，我們將在今年下半年在市場上擁有更多的話語權。

So your spending year-to-year will be up overall?

那麼您的支出整體上會逐年增加嗎？

Yes.

是的。

Okay.

好的。

Thank you.

謝謝。

But I think you --

但我認為你——

Go ahead.

前進。

No it is fine.

不，沒關係。

Mark answered it.

馬克回答了。

Okay.

好的。

Well, thank you all for joining us today.

好的，謝謝大家今天加入我們。

In closing, I'd just like to reinforce a couple of the key points you heard this morning.

最後，我想重申你們今天早上聽到的幾個要點。

The first is that all operations except North America were profitable.

首先，除北美以外的所有業務均可獲利。

And in North America, our Way Forward plan is gaining traction.

在北美，我們的「前進之路」計畫正在獲得關注。

It's going to take time, but we're encouraged by the progress.

這需要時間，但我們對所取得的進展感到鼓舞。

Thank you all for listening and for participating in our call.

感謝大家收聽並參與我們的電話會議。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the presentation.

簡報到此結束。

You may now disconnect your lines.

現在您可以斷開線路。

Have a wonderful day.

祝你有美好的一天。