福特汽車 (F) 2006 Q2 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by and welcome to the Ford Motor Company second-quarter earnings conference call.

感謝您的耐心等待並歡迎參加福特汽車公司第二季財報電話會議。

My name is Carlo and I will be your coordinator for today's presentation.

我叫卡洛，我將擔任今天演講的協調員。

At this time, all of our participants are in listen-only mode.

此時，我們所有的參與者都處於僅聽模式。

We will be facilitating a question-and-answer session towards the end of today's prepared remarks. (OPERATOR INSTRUCTIONS)

我們將在今天準備好的演講結束時安排問答環節。 （操作員說明）

I would now like to turn this presentation over to your host for today's conference, [Diane Patton], Director of Investor Relations.

現在，我想將這份簡報交給今天會議的東道主，投資者關係總監 [Diane Patton]。

Please proceed, ma'am.

請繼續，女士。

Thank you, Carlo.

謝謝你，卡洛。

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 with me this morning are Bill Ford, Ford's Chairman and CEO;

今天早上與我一起參加電話會議的有福特公司董事長兼執行長比爾福特 (Bill Ford)。

Don Leclair, our Chief Financial Officer; and Mark Fields, President in Americas.

Don Leclair，我們的財務長；以及美洲區總裁馬克‧菲爾茲 (Mark Fields)。

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 Kozman], Director of Accounting; and K.R.

Ann Marie Petach，副總裁兼財務主管； [馬克‧科茲曼]，會計主任；和 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 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 will be using today have been posted on Ford's investor and media websites for your reference.

首先，今天早上的收益報告和我們今天將使用的幻燈片的副本已發佈在福特的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 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 everyone 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。

And these risk factors are also detailed 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。

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

說到這裡，我想把電話轉給比爾福特。

Thank you, Diane, and good morning, everyone.

謝謝你，黛安，大家早安。

Don Leclair will take you through the details of our second-quarter financial results in a moment.

唐·勒克萊爾稍後將向您詳細介紹我們第二季度的財務業績。

But first I want to give you my perspective on our performance and the status of our turnaround efforts.

但首先我想向您介紹我對我們的業績和扭虧為盈工作狀況的看法。

We lost $123 million in the second quarter, or $0.07 a share.

第二季我們虧損 1.23 億美元，即每股虧損 0.07 美元。

And this was caused by losses in our North American automotive operation and reduced contributions from Ford Credit and our worldwide automotive operation.

這是由於我們北美汽車業務的虧損以及福特信貸和我們全球汽車業務的貢獻減少所造成的。

PAG also had a loss.

PAG也出現了虧損。

We are six months into our North American restructuring, and I'm encouraged by what is going on behind the scenes.

我們的北美重組已經進行了六個月，我對幕後發生的事情感到鼓舞。

We have the right strategy and the cultural change has been remarkable.

我們有正確的策略，文化變革也非常顯著。

There is a new sense of candor and urgency and an awareness of what needs to be done and an intense focus on fixing the business.

人們有了一種新的坦率和緊迫感，意識到需要做什麼，並高度專注於解決業務問題。

But Mark Fields has a top job that keeps getting tougher.

但馬克·菲爾茲的最高職位卻越來越艱難。

The fact is the truck and SUV markets that sustained our profitability for so long are getting smaller and more competitive.

事實上，長期維持我們獲利能力的卡車和 SUV 市場正在變得越來越小，但競爭也越來越激烈。

And while we continue to do very well within those segments with leading products such as the F-Series and the Explorer, the market shift continues to impact our revenue.

儘管我們憑藉 F 系列和 Explorer 等領先產品繼續在這些細分市場中表現出色，但市場轉變繼續影響我們的收入。

As you know, we're moving fast to meet growing customer demand for cars and crossovers, and we will be extremely competitive in these areas.

如您所知，我們正在迅速採取行動，以滿足客戶對汽車和跨界車不斷增長的需求，我們將在這些領域極具競爭力。

But the speed and the magnitude of the market shift is putting added pressure on our costs.

但市場轉變的速度和規模給我們的成本帶來了額外的壓力。

We continue to face rising fuel and commodity prices, currency disadvantages, higher healthcare obligations, and legacy costs.

我們繼續面臨燃料和大宗商品價格上漲、貨幣劣勢、醫療保健義務增加以及遺留成本等問題。

The competitive landscape is continually shifting, as evidenced by the GM/Renault/Nissan discussions.

競爭格局不斷變化，通用汽車/雷諾/日產的討論就證明了這一點。

As you would expect, our team is watching all these issues and planning around a variety of scenarios.

正如您所期望的，我們的團隊正在關注所有這些問題並圍繞各種場景進行規劃。

We are well aware of the need to act quickly and decisively to reduce our losses and to regain our moment.

我們深知需要迅速果斷地採取行動，以減少損失並奪回先機。

In January, Mark and his team launched the Way Forward, our comprehensive plan to reinvigorate our automotive business in North America.

一月份，馬克和他的團隊啟動了“前進之路”，這是我們重振北美汽車業務的綜合計劃。

We said then that we would achieve profitability by 2008 and we remain committed to this goal.

我們當時就說過，我們將在 2008 年實現盈利，並且我們將繼續致力於實現這一目標。

We have seen an improvement in the North American results in the second quarter.

我們看到第二季北美業績有所改善。

But the external factors I have outlined are not going to get any easier, which means we need to go farther and faster.

但我所概述的外部因素不會變得更容易，這意味著我們需要走得更遠、更快。

Mark and his team have been working on plans to accelerate their efforts.

馬克和他的團隊一直在製定計劃以加快他們的努力。

Within the next two months, we will be in a position to update you on the additional actions that we're going to be taking.

在接下來的兩個月內，我們將能夠向您通報我們將要採取的其他行動的最新情況。

We have made significant progress in the last six months.

過去六個月我們取得了重大進展。

We said we would idle 14 manufacturing facilities and reduce plant-related employment by 25,000 to 30,000 people between 2006 and 2012.

我們表示，2006 年至 2012 年間，我們將閒置 14 個生產設施，並減少與工廠相關的就業人數 25,000 至 30,000 人。

But with buyouts and attrition, we will be already about one-third of the way to our target employment number by the end of this year.

但透過收購和自然減員，到今年年底，我們的目標就業人數將達到三分之一左右。

We are also on track to reduce our production capacity by 700,000 units this year, or by 15%.

今年我們還計劃將產能減少 70 萬輛，即 15%。

By 2008, it will be reduced by more than 1 million units, or about 25%.

2008年，將減少100萬台以上，約25%。

Salary-related costs were cut 10%, the equivalent of 4000 salaried positions, in the first quarter.

第一季與薪資相關的成本削減了 10%，相當於 4000 個帶薪職位。

That's on top of a reduction equivalent to about 2750 salaried positions in 2005.

除此之外，2005 年還削減了約 2750 個帶薪職位。

In addition, the Company's officer ranks were reduced by 12% in the first quarter.

此外，第一季公司高階主管人員隊伍減少了12%。

In June, we completed a $43 million transformation of our Dearborn Development Center.

6 月，我們完成了耗資 4,300 萬美元的迪爾伯恩發展中心改造。

This important upgrade to our product test facilities is part of an extensive effort to reduce the time it takes us to bring new vehicles to customers by more than a year.

此次對我們產品測試設施的重要升級是我們為將新車交付給客戶所需的時間縮短一年多而做出的廣泛努力的一部分。

Our quality continues to improve, as demonstrated by the early indicators of substantial reductions in warranty costs for our 2006 products.

我們的品質不斷提高，2006 年產品保固成本大幅降低的早期指標就證明了這一點。

That improvement allowed us to introduce the best warranty and roadside assistance package of any full-line auto company, American, European, or Asian, on our Ford, Lincoln, and Mercury brands last week.

這項改進使我們上週能夠在福特、林肯和水星品牌上推出美國、歐洲或亞洲全線汽車公司中最好的保固和道路救援套餐。

When we announced Way Forward in January, we said our goal was to reduce the rate of decline of our U.S. market share this year, which we have done.

當我們在一月份宣布「前進之路」時，我們表示我們的目標是減少今年美國市場份額的下降速度，我們已經做到了。

Through the first six months of the year, our share was down 0.3 points compared to an average annual share loss of 1.1 points in the previous five years.

今年前 6 個月，我們的股價下跌了 0.3 個百分點，而前五年平均每年股價下跌 1.1 個百分點。

Of course, our ultimate goal is to stabilize and then grow our share, but to do that we face an uphill battle against the market segment trends that I talked about earlier.

當然，我們的最終目標是穩定並擴大我們的份額，但要做到這一點，我們面臨著與我之前談到的細分市場趨勢的艱苦鬥爭。

We have taken a number of actions to maintain liquidity as we work through the negative factors that we face.

在應對面臨的負面因素時，我們採取了一系列行動來維持流動性。

We sold Hertz for $5.6 billion in cash.

我們以 56 億美元現金出售了赫茲。

We formed Automotive Component Holdings to facilitate the sale of a number of plants from Visteon Corporation, while protecting the flow of critical parts.

我們成立了汽車零件控股公司，以促進偉世通公司的許多工廠的出售，同時保護關鍵零件的流動。

We are in active discussions on several of those properties, and in the meantime, we have achieved significant improvement in the quality and cost of the facilities that we are operating.

我們正在積極討論其中幾個資產，同時，我們正在運營的設施的品質和成本方面取得了顯著的改進。

Our agreement with the UAW to reduce health care costs has been ratified and has been approved by the court.

我們與 UAW 就降低醫療保健費用達成的協議已獲得批准並獲得法院批准。

I expect it to provide annual savings of about $650 million and a reduction in retiree health care liability of about $5 billion.

我預計它每年可節省約 6.5 億美元，並減少退休人員醫療保健負債約 50 億美元。

At the same time, we've reduced salary benefits and executive bonuses.

同時，我們減少了薪資福利和高階主管獎金。

The benefit reductions are expected to provide annual savings of about $400 million and a reduction in health care liability of about $3 billion.

福利削減預計每年可節省約 4 億美元，並減少約 30 億美元的醫療保健責任。

Last week, we reduced our dividend by half and the fees we pay to our Board members by half.

上週，我們將股息減少了一半，並向董事會成員支付的費用也減少了一半。

As I said, Mark and his team have intensified their efforts, with an emphasis on reducing costs and accelerating product development.

正如我所說，馬克和他的團隊加大了工作力度，重點是降低成本和加速產品開發。

I have every confidence they will be successful because they have proven themselves around the world.

我完全相信他們會成功，因為他們已經在世界各地證明了自己。

In other regions where similar plans have had a chance to take root and grow, our automotive operations are making progress and we're going to build on that.

在類似計劃有機會紮根和發展的其他地區，我們的汽車業務正在取得進展，我們將在此基礎上再接再厲。

Mark Schulz and his international operations team have given a mandate to help better align Ford of Europe, PAG, Ford Asia-Pacific and Africa, combined with Mazda, to achieve greater growth and competitiveness.

馬克舒爾茨 (Mark Schulz) 和他的國際營運團隊已授權幫助福特歐洲公司、PAG、福特亞太和非洲公司與馬自達更好地結合起來，以實現更大的成長和競爭力。

In Europe, we have taken some difficult actions over the past five years and they are paying off.

在歐洲，過去五年我們採取了一些艱難的行動，並且正在發揮作用。

Ford of Europe has had two years of consistent and improving profits.

歐洲福特公司的獲利連續兩年持續成長。

I visited with Mark a few weeks ago to review their upcoming products, and based upon what I saw, I am very excited about our prospects in Europe.

幾週前，我拜訪了馬克，回顧了他們即將推出的產品，根據我所看到的情況，我對我們在歐洲的前景感到非常興奮。

In Asia, the results of our strong investments to grow the Ford brand are showing very good progress.

在亞洲，我們為發展福特品牌而進行的大力投資取得了非常好的進展。

We are pursuing these rapidly growing markets aggressively, and our year-to-date sales are up 10%.

我們正在積極開拓這些快速成長的市場，今年迄今的銷售額成長了 10%。

And that includes 75% increase in India and 100% increase in China.

其中印度成長了 75%，中國成長了 100%。

South America is a great turnaround story for Ford.

南美洲對福特來說是一個偉大的轉變故事。

After years of losing money, we are now profitable there.

經過多年虧損後，我們現在已經獲利。

Mazda has also returned to sustained profitability after years of losses.

馬自達在經歷多年虧損後也恢復了持續獲利。

As you would expect, there are a number of common factors in our successes around the globe.

正如您所料，我們在全球取得成功有許多共同因素。

Our turnarounds were all focused on building exciting products that have strong appeal to customers.

我們的轉型重點是打造對客戶具有強烈吸引力的令人興奮的產品。

Also, it has been built around improving quality and lowering our costs.

此外，它還圍繞著提高品質和降低成本而建立。

The other common factor is that our current North American leadership team helped plan and execute these successes, and that is what gives me so much confidence in our efforts here.

另一個共同因素是我們目前的北美領導團隊幫助規劃和執行了這些成功，這讓我對我們在這裡的努力充滿信心。

Serious challenges remain for us in North America.

我們在北美仍面臨嚴峻的挑戰。

We don't underestimate them.

我們不會低估他們。

But we have a proven track record of success around the world and the leadership team that helped deliver those results is here now.

但我們在世界各地擁有良好的成功記錄，幫助實現這些成果的領導團隊現在就在這裡。

Our total worldwide sales and revenue have been going up for the last four years.

過去四年來，我們的全球總銷售額和收入一直在成長。

When we get North America back on track and performing as it should, we will be a formidable and profitable global competitor.

當我們讓北美重回正軌並發揮應有的作用時，我們將成為一個強大且有利可圖的全球競爭對手。

We have a difficult transition period ahead of us, but I have great confidence in our ultimate success and in the future of the Ford Motor Company.

我們面臨著一個艱難的過渡期，但我對我們的最終成功和福特汽車公司的未來充滿信心。

Now Don will take you through the second quarter results, and after that, we will answer any of your questions.

現在唐將帶您了解第二季的業績，之後我們將回答您的任何問題。

Thank you.

謝謝。

Don?

大學教師？

Thanks, Bill, and good morning, everyone.

謝謝比爾，大家早安。

On the first slide, we have a summary, and in the second quarter, we lost $0.03 a share from continuing operations.

在第一張投影片上，我們有一個摘要，在第二季度，我們因持續營運而每股虧損 0.03 美元。

And on a net income basis, including special items, we lost $0.07 a share.

在包括特殊項目在內的淨利潤基礎上，我們每股虧損 0.07 美元。

As expected, we had a loss in North America, and as Bill mentioned, we are continuing to implement the Way Forward plan and adapt it to the changing industry conditions.

正如預期的那樣，我們在北美出現了虧損，正如比爾所提到的，我們正在繼續實施「前進之路」計劃，並使其適應不斷變化的行業狀況。

North America, South America, and Europe reported improved results from a year ago, but PAG was unprofitable and worse than year ago.

北美、南美和歐洲的表現較一年前有所改善，但 PAG 未獲利且比一年前更差。

Ford Credit, however, remained solidly profitable, earning a pretax profit of $656 million.

然而，福特信貸仍保持穩健獲利，稅前利潤為 6.56 億美元。

And we continue to have strong liquidity, with cash of $23.6 billion.

我們仍然擁有強勁的流動性，擁有 236 億美元的現金。

Now to slide 2, second quarter revenue was $42 billion and automotive sales were $37.7 billion; they're both down from 2005.

現在看投影片 2，第二季營收為 420 億美元，汽車銷售額為 377 億美元；兩者均較 2005 年下降。

Changes in exchange rates and adverse mix primarily explain the automotive revenue decline.

匯率變化和不利因素是汽車收入下降的主要原因。

Unit sales were up slightly.

單位銷量略有上升。

Total revenue was down by more than the decline of Automotive because of the sale of Hertz late last year.

由於去年底出售赫茲，總收入的下降幅度超過了汽車部門的下降幅度。

The second-quarter tax rate on continuing operations, excluding special items, was 57%.

第二季持續經營業務（不包括特殊項目）的稅率為57%。

And as we mentioned last quarter, our tax rate is adjusted for the effect of one quarter's worth of our recurring tax credit, and so it does not necessarily represent what we expect our full-year tax rate to be.

正如我們上個季度提到的，我們的稅率根據四分之一的經常性稅收抵免的影響進行了調整，因此它並不一定代表我們預期的全年稅率。

Now on to slide 3.

現在轉到投影片 3。

This slide describes the special items on the second-quarter earnings.

這張投影片描述了第二季收益的特殊項目。

Special items decreased earnings by $0.04 a share.

特殊項目使每股收益減少 0.04 美元。

In April, we indicated that we expected that $1.7 billion in special charge we took in the first quarter for the jobs bank and employee separation programs to change, as we had reached specific plans with the unions regarding each of these affected facilities and as we gain experience with acceptance rates for buyout packages.

4 月份，我們表示，我們預計第一季為就業銀行和員工離職計劃收取的17 億美元特別費用將會發生變化，因為我們已經與工會就這些受影響的設施達成了具體計劃，並且隨著我們獲得擁有收購包接受率的經驗。

During the second quarter, we reached agreement on buyout packages for workers who will be displaced by the idling of the Atlanta assembly plant and we reached agreement on the relocation of a number of our St. Louis employees.

在第二季度，我們就因亞特蘭大組裝廠閒置而失業的工人的買斷方案達成了協議，並就聖路易斯一些員工的搬遷達成了協議。

And the net impact of these agreements and other minor changes was to improve pretax earnings by $146 million, or $0.05 a share.

這些協議和其他細微變化的淨影響是將稅前收益提高了 1.46 億美元，即每股 0.05 美元。

When we continued to reduce personnel at facilities other than those being idled, as we improve our manufacturing capacity utilization and efficiency, in total, separation programs reduced pretax earnings by $171 million, or $0.06 a share.

當我們繼續減少閒置設施以外的設施的人員時，隨著我們提高製造產能利用率和效率，離職計劃總共減少了稅前收益 1.71 億美元，即每股 0.06 美元。

In addition, there was a related charge of $315 million pretax, or $0.11 a share, for pension curtailment related to the second quarter buyouts.

此外，與第二季收購相關的退休金削減還產生了 3.15 億美元的稅前相關費用，即每股 0.11 美元。

This represents the impact of earlier retirements, enhanced benefits, and accelerated recognition of future service costs associated with our U.S. hourly pension plan.

這代表了提前退休、提高福利以及加速認識與我們的美國每小時退休金計畫相關的未來服務成本的影響。

We also recognized gains during the second quarter that we consider non-recurring, and these consisted primarily of our share of the gain Mazda received on the transfer of its pension liabilities back to the Japanese government, as has been the case with many Japanese companies.

我們也確認了第二季的非經常性收益，這些收益主要包括我們在馬自達將其退休金負債轉回日本政府時所獲得的收益中所佔的份額，就像許多日本公司的情況一樣。

And the net loss from continuing operations was $0.07 a share.

持續經營業務的淨虧損為每股 0.07 美元。

Now on to slide 4, which shows pretax results by sector.

現在轉到幻燈片 4，其中顯示了按部門劃分的稅前結果。

The Company's pretax loss was $162 million.

公司稅前虧損為1.62億美元。

That is $1.2 billion worse than a year ago.

比一年前少了 12 億美元。

That is comprised of $808 million for the auto sector, down 563, and a profit in financial services of 646, a decline of 651 compared with 2005.

其中汽車產業利潤為 8.08 億美元，比 2005 年下降 563 美元；金融服務業利潤為 646 美元，比 2005 年下降 651 美元。

Slide 5 shows an explanation of the changing Automotive profits from the year ago.

幻燈片 5 顯示了對去年汽車利潤變化的解釋。

In the second quarter, Automotive results were a loss of $800 million; that is about $600 million worse than last year.

第二季汽車業務虧損 8 億美元；這比去年少了約 6 億美元。

Compared with a year ago, volume and mix was about $300 million unfavorable, and this is more than explained by lower industry volumes, primarily in the U.S.

與一年前相比，銷量和產品組合約為 3 億美元，這是不利的，這可以透過行業銷量下降（主要是在美國）來解釋。

Vehicle mix in the U.S. also was unfavorable.

美國的車輛結構也不利。

These impacts were partly offset by additions to dealer stock during the quarter and favorable mix outside of the U.S.

這些影響在一定程度上被本季經銷商庫存的增加以及美國以外地區的有利組合所抵消。

Absolute dealer stocks, while up about 2% from the end of the first quarter, were down 7% from a year ago.

絕對經銷商庫存雖然較第一季末成長約 2%，但較去年同期下降 7%。

Now, net pricing was unfavorable by $100 million, mainly reflecting higher incentives in North America, and costs were $700 million favorable.

現在，淨定價不利了 1 億美元，主要反映了北美更高的激勵措施，而成本有利了 7 億美元。

We will cover that more on the next slide.

我們將在下一張投影片中詳細介紹這一點。

Exchange was $300 million unfavorable, primarily reflecting the expiration of favorable hedges that were put in place a few years ago.

不利匯率為 3 億美元，主要反映了幾年前實施的有利對沖到期。

And other factors were unfavorable by about $600 million, primarily reflecting the non-recurrence of last year's favorable tax-related interest associated with audit settlements.

其他因素不利約6億美元，主要反映去年與審計結算相關的有利稅收相關利息不再出現。

And also included here are operating losses associated with ACH, the former Visteon locations.

這裡也包括與 ACH（前偉世通工廠）相關的營運損失。

Now on to cost performance.

現在談性價比。

In the first six months, we were $700 million better than a year ago and all of this improvement occurred during the second quarter.

前六個月，我們比一年前增加了 7 億美元，所有這些改善都發生在第二季。

So the chart shows the first six months, and at the bottom of the chart, you can see by causal factor the makeup of the second quarter.

因此，該圖表顯示了前六個月，在圖表底部，您可以透過因果因素看到第二季的組成。

Quality-related expenses improved by $200 million -- you can see at the bottom of the slide in the lower left -- which looks like a generally favorable performance at all operations except Jaguar Land Rover, where we made some accrual adjustments for prior models.

品質相關費用減少了2 億美元（您可以在左下角的幻燈片底部看到），這看起來是除捷豹路虎之外的所有運營部門總體良好的業績，我們對捷豹路虎之前的車型進行了一些應計調整。

Costs remained unfavorable by $200 million for the first half because of the non-recurrence of favorable reserve adjustments in the first quarter of last year, which were related to field service action and after-warranty adjustments.

由於去年第一季沒有再次發生與現場服務行動和保固後調整有關的有利準備金調整，上半年成本仍然不利2億美元。

Manufacturing and engineering costs of $500 million favorable in the first half, and that primarily reflects the effects of the headcount reductions.

上半年製造和工程成本有利 5 億美元，這主要反映了裁員的影響。

Net product costs were $500 million lower than last year, and depreciation and amortization increased by about $100 million.

淨產品成本比去年減少了 5 億美元，折舊和攤提增加了約 1 億美元。

And that is more than explained by the accelerated depreciation related to the plant closings, partly offset by the favorable impact of the Jaguar/Land Rover fixed asset impairment we took last year.

與工廠關閉相關的加速折舊足以解釋這一點，部分被我們去年採取的捷豹/路虎固定資產減損的有利影響所抵消。

Pension and retiree health care expenses were unchanged compared with last year, with improvements associated with the revisions of our salary plan, offset by the impact of lower discount rate and lower long-term expected return.

退休金和退休人員醫療保健費用與去年相比沒有變化，但由於薪資計劃的修訂而有所改善，但被較低的貼現率和較低的長期預期回報的影響所抵消。

These costs did not yet include any savings associated with the recent health care agreement with the UAW, which was approved last week in the courts.

這些費用還不包括與美國汽車工人聯合會最近簽署的醫療保健協議相關的任何節省費用，該協議上週在法院獲得批准。

Overhead costs were $100 million favorable, and the cost of advertising and sales promotions were up $100 million in the second quarter.

第二季管理費用節省了 1 億美元，廣告和促銷成本增加了 1 億美元。

Further investment in advertising is planned to strengthen the image of our brands and improve the awareness of the new products we are introducing.

計劃進一步投資廣告，以加強我們的品牌形象並提高我們推出的新產品的知名度。

We made good progress on cost reductions this quarter.

本季我們在降低成本方面取得了良好進展。

During the next two quarters, however, we will be facing increases associated with our product programs, commodity costs, and the extended powertrain warranty we announced last week, as well as higher advertising.

然而，在接下來的兩個季度，我們將面臨與我們的產品計劃、商品成本、我們上週宣布的延長動力系統保固以及更高的廣告相關的成長。

As a result, you shouldn't take this quarter's performance and extrapolate it to the full year.

因此，您不應該根據本季的業績來推斷全年。

On slide 7, this shows the pretax results for each of our Auto operating segments and other Auto operations, excluding special items.

在投影片 7 上，顯示了我們每個汽車業務部門和其他汽車業務的稅前結果，不包括特殊項目。

North America had a pretax loss of 797 and PAG, a loss of 162, and all other operations were profitable.

北美稅前虧損797，PAG虧損162，其他業務全部獲利。

The Other Automotive was a loss of $85 million.

Other Automotive 虧損 8,500 萬美元。

That is down $483 million from a year ago, more than explained by the non-recurrence of the tax related interest adjustments discussed earlier.

這比一年前減少了 4.83 億美元，這超出了先前討論的稅收相關利息調整不再發生的原因。

On slide 8, start into the Automotive segments by operations, starting with North America.

在投影片 8 上，從北美開始按業務劃分汽車細分市場。

Vehicle unit sales were down 28,000, more than explained by lower industry volume.

汽車銷量下降 28,000 輛，原因是行業銷量下降。

Second-quarter U.S. share was 16.7, unchanged from the year ago.

第二季美國市佔率為 16.7，與去年同期持平。

Retail sales of trucks were lower, largely because of segment shifts.

卡車零售額下降，主要是由於細分市場的變化。

This was offset by an increase in fleet sales and an increase in the retail sales of cars, primarily the Fusion, Milan, and Zephyr.

這被車隊銷售的成長和汽車（主要是 Fusion、Milan 和 Zephyr）零售量的成長所抵消。

Revenue was $19.2 billion, down $700 million, reflecting lower volumes, higher mix of passenger cars, and higher incentives.

收入為 192 億美元，減少 7 億美元，反映出銷量減少、乘用車組合增加以及激勵措施提高。

And net pricing was slightly negative during the quarter.

本季度淨定價略為負值。

Pre-tax losses were $797 million in the quarter.

該季度稅前虧損為 7.97 億美元。

That is $110 million better than a year ago.

這比一年前增加了 1.1 億美元。

The improvement is more than explained by cost reductions in most areas of the business, and that was partly offset by the higher mix of passenger cars, higher incentives, and adverse exchange.

大多數業務領域的成本降低足以解釋這種改善，而乘用車組合的增加、激勵措施的提高和不利的交換在一定程度上抵消了這一改善。

Now on to South America.

現在前往南美洲。

Volumes were 90,000; that's up 5000 from a year ago, mainly reflecting the stronger industry.

銷量為 90,000；比一年前增加了5000，主要反映了行業的走強。

Marketshare declined because of production capacity constraints in a growing market.

由於不斷增長的市場中的產能限制，市場份額下降。

During the second quarter, we introduced the Fusion into the Brazilian market to help respond to the industry demand.

第二季度，我們將Fusion引入巴西市場，以協助回應產業需求。

Revenue was $1.3 billion compared with $1 billion last year, reflecting higher volumes and stronger pricing and a stronger Brazilian currency.

營收為 13 億美元，而去年為 10 億美元，反映出銷售量增加、定價更強勁以及巴西貨幣走強。

South America posted a pretax operating profit of $95 million, an improvement of 7, more than explained by higher volume.

南美洲公佈的稅前營業利潤為 9,500 萬美元，提高了 7%，這超出了銷售增加所解釋的範圍。

Ford of Europe vehicle unit sales were 459,000, up 5 from the year ago.

福特歐洲汽車銷量為45.9萬輛，比去年同期成長5輛。

Second-quarter marketshare was 8.3 in the 19 markets we track, down 0.1 points.

在我們追蹤的 19 個市場中，第二季的市佔率為 8.3，下降了 0.1 個百分點。

Revenue was 7.4; that's $500 million down from the year ago, more than explained by unfavorable currency translation due to a stronger U.S. dollar.

收入為7.4；這比一年前減少了 5 億美元，這不僅是美元走強造成的不利貨幣換算造成的。

The second quarter pretax profit was $105 million; that is up $39 million compared with a year ago.

第二季稅前利潤為1.05億美元；與一年前相比增加了 3900 萬美元。

This improvement is more than explained by cost reductions, primarily in material costs.

這種改進不僅可以透過成本降低（主要是材料成本降低）來解釋。

Unfavorable market mix of vehicle sales and lower net pricing were partial offsets.

車輛銷售的不利市場組合和較低的淨定價被部分抵消。

On PAG, second-quarter vehicle unit sales were 194,000 units -- that's down 8000 -- more than explained by lower sales at Volvo and Jaguar.

PAG 第二季度汽車銷量為 194,000 輛，下降了 8000 輛，這超出了沃爾沃和捷豹銷量下降的解釋。

Second-quarter U.S.

美國第二季度

PAG marketshare was 1%, down 0.1 points from a year ago, mainly Jaguar and Volvo.

PAG市佔率為1%，年減0.1個百分點，主要是捷豹和沃爾沃。

Second-quarter European marketshare was 2.2, and that was also down 0.1, mainly Volvo.

第二季歐洲市佔率為2.2，也下降了0.1，主要是沃爾沃。

Second-quarter revenue was $7.8 billion, down $100 million, mainly reflecting currency exchange and lower sales.

第二季營收為 78 億美元，減少 1 億美元，主要反映了貨幣兌換和銷售額下降。

The second-quarter results were a loss of $162 million, a deterioration of $179 million from a year ago.

第二季業績虧損 1.62 億美元，比去年同期虧損 1.79 億美元。

That is more than explained by the continuous impact of the expiration of favorable hedges that we put in place a few years ago, as well as adjustments to the warranty accrual, mainly for prior model Jaguar/Land Rover, lower marketshare at Volvo.

這不僅是因為我們幾年前實施的有利對沖到期的持續影響，以及對應計保固的調整，主要是針對先前車型捷豹/路虎，沃爾沃市場份額較低。

And the lower marketshare at Volvo mainly reflects the fact that we are balancing out some old models now, and we haven't quite got to introducing several new models that we will have in the second half of the year at Volvo.

沃爾沃較低的市場份額主要反映了我們現在正在平衡一些舊車型，而我們還沒有完全推出沃爾沃下半年將推出的幾款新車型。

And all these factors were partly offset by favorable product and market mix, mainly at Jaguar and Land Rover.

所有這些因素都被有利的產品和市場組合（主要是捷豹和路虎）所部分抵消。

Now in Asia Pacific, Africa/Mazda we had a profit of $36 million, and Asia Pacific earned $4 million.

現在在亞太地區，非洲/馬自達我們的利潤為 3,600 萬美元，亞太地區的利潤為 400 萬美元。

And we earned $32 million from our investment in Mazda and associated operations.

我們透過對馬自達及相關業務的投資賺取了 3,200 萬美元。

That is down $25 million from a year ago, and that decline is more than explained by the non-recurrence of gains on our investment in Mazda's convertible bonds, which we had last year.

這比一年前減少了 2500 萬美元，而這種下降的原因是我們去年投資的馬自達可轉換債券不再出現收益。

And those bonds now have been all converted to equity.

現在這些債券已經全部轉為股權。

On Asia Pacific, unit sales were up 23,000 or 20%.

在亞太地區，銷量成長了 23,000 輛，即 20%。

Volume increases in China and India, which were both up over 90% in the quarter, were offset partly by declines in Taiwan and Australia.

中國和印度的銷售成長在本季度均成長了 90% 以上，但部分被台灣和澳洲的銷售下降所抵消。

Australian volumes continue to be affected by higher fuel prices, causing the segment shift away from large cars, which affects our Falcon sales.

澳洲的銷量繼續受到燃油價格上漲的影響，導致該細分市場從大型汽車轉向，這影響了我們的獵鷹銷售。

Revenue was $200 million lower than last year, primarily because of currency exchange and because we have a higher mix of small cars compared with a year ago.

收入比去年減少了 2 億美元，主要是因為貨幣兌換，而且與去年相比，我們擁有更多的小型汽車。

The unit sales increase was explained primarily by volume growth in China, and the revenue from those sales is not included in our consolidated results.

單位銷售的成長主要是由於中國銷售的成長，這些銷售的收入不包括在我們的合併業績中。

Asia-Pacific in Africa earned a profit of $4 million in the second quarter.

非洲亞太區第二季獲利400萬美元。

That is $32 million down from a year ago, and lower Falcon volumes and weaker industry volumes in Australia, New Zealand, and Thailand -- Taiwan, rather -- were partly offset by cost reductions.

這比一年前減少了 3200 萬美元，而獵鷹銷量的下降以及澳大利亞、新西蘭和泰國（更確切地說是台灣）行業產量的下降被成本削減所部分抵消。

Slide 14 shows cash and cash flow.

幻燈片 14 顯示了現金和現金流量。

We ended the quarter with cash of $23.6 billion.

本季結束時，我們的現金為 236 億美元。

That is down $100 million compared with the end of the first quarter, and down $1.5 billion from the end of last year.

與第一季末相比減少了 1 億美元，比去年年底減少了 15 億美元。

Our operating related cash flow was $200 million positive for the quarter.

本季我們與營運相關的現金流為 2 億美元。

And within that, net spending was $200 million favorable; working capital was $300 million unfavorable -- this primarily reflected seasonally higher inventory; and all other was $1.1 billion favorable, and that included expense and payment timing differences for items such as marketing, warranty, and retiree related costs.

其中，淨支出為 2 億美元；營運資金為 3 億美元不利 -- 這主要反映了季節性較高的庫存；其他所有優惠為 11 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。

Marketing was the main causal factor in there.

行銷是其中的主要因素。

Cash payments from Ford's separations were $300 million during the quarter, and we made $200 million contribution to pension plans in the second quarter, mainly in the UK.

本季福特離職支付的現金為 3 億美元，第二季我們向退休金計畫繳款 2 億美元，主要在英國。

Now on to slide 15.

現在轉到投影片 15。

The slide shows pretax results for Financial Services.

這張投影片顯示了金融服務業的稅前業績。

Earnings at Ford Credit were $656 million in the second quarter, down $506 million.

福特信貸第二季獲利為 6.56 億美元，年減 5.06 億美元。

Other financial services recorded a loss of $10 million for the second quarter, which is $8 million better than a year ago because of a non-recurrence of a loss on our small property sale in the second quarter of last year.

其他金融服務第二季虧損 1,000 萬美元，比去年同期增加 800 萬美元，因為去年第二季我們的小型房產銷售沒有再出現虧損。

And the absence of Hertz accounted for $153 million.

赫茲的缺席帶來了 1.53 億美元的損失。

Now, on slide 16, we show the change in Ford Credit's pretax profits for the second quarter compared with a year ago.

現在，在投影片 16 上，我們顯示了福特信貸第二季稅前利潤與去年同期相比的變化。

Ford Credit remained solidly profitable in the second quarter, with a pretax profit of $656 million and a return on equity of 15.6%.

福特信貸第二季維持穩健獲利，稅前利潤為 6.56 億美元，股本報酬率為 15.6%。

This was, however, down $506 million compared with last year, and that is pretty much in line with our expectations.

然而，與去年相比，這一數字減少了 5.06 億美元，這與我們的預期基本一致。

The decline in earnings mainly reflected higher borrowing costs, the impact of lower receivable levels, and lower credit loss reserve reductions and higher depreciation expense.

獲利下降主要反映了借貸成本上升、應收帳款水準下降、信用損失準備金減少減少以及折舊費用增加的影響。

The portfolio continues to perform very well, and the loss to receivables ratio in the second quarter was the lowest in recent history.

該投資組合持續表現良好，第二季的應收帳款損失率達到近期歷史最低水準。

As of the end of the quarter, managed receivables were $151 billion, down $9 billion from a year ago.

截至本季末，管理的應收帳款為 1,510 億美元，比去年同期減少 90 億美元。

Slide 17 summarizes where we are on our planning assumptions and operational metrics.

投影片 17 總結了我們的規劃假設和營運指標的進展。

For the full year we expect total industry sales to be about 17.2 million in the U.S. and 17.6 million in the 19 markets we track in Europe.

對於全年，我們預計美國的行業總銷量約為 1,720 萬輛，我們追蹤的 19 個歐洲市場的行業總銷量約為 1,760 萬輛。

And based on external data, we believe we are on track to improve our quality performance; and based on our marketshare performance to date, we now expect our full-year marketshares to be down.

根據外部數據，我們相信我們正在改善品質績效；根據我們迄今為止的市場份額表現，我們現在預計全年市場份額將會下降。

Our cost changes are expected to be favorable for all of 2006, with a caution about the magnitude that I mentioned earlier.

我們的成本變化預計對 2006 年全年都是有利的，但對我之前提到的幅度要謹慎。

Capital expenditures are expected to be about $7 billion, and we do expect our year-end cash balance to be above $20 billion.

資本支出預計約為 70 億美元，我們預計年終現金餘額將超過 200 億美元。

Now on slide 18, we show our full year milestones that we shared with you in January, and all operations are expected to be consistent with this.

現在，在投影片 18 上，我們展示了 1 月與您分享的全年里程碑，所有營運預計都將與此保持一致。

PAG, however, will be much closer to breakeven than was our original expectation.

然而，太盟集團將比我們最初的預期更加接近損益平衡。

Slide 19 shows the full-year special items, the forecasted special items, and it is projected to be around $3.6 billion.

投影片 19 顯示了全年特殊項目、預測特殊項目，預計約 36 億美元。

This is about $200 million higher than we estimated in April, and higher pension curtailment costs are offset partly by onetime gains in reductions in other estimates.

這比我們 4 月的估計高出約 2 億美元，而較高的退休金削減成本被其他估計的一次性削減收益部分抵消。

We expect the cash payments during this year for these special items and for some separation expenses that we recorded last year to be about $1.5 billion, and that is a couple hundred million better than what we told you at the end of the first quarter --.

我們預計今年這些特殊項目和去年記錄的一些離職費用的現金支付約為 15 億美元，這比我們在第一季末告訴您的要好幾億美元—— 。

Now, slide 20 shows our present production plans for the third quarter.

現在，投影片 20 顯示了我們目前第三季的生產計劃。

Third-quarter production in North America is projected at 670,000.

北美第三季產量預計為 67 萬輛。

That is down 58,000 from a year ago; it is also down about 40,000 from what we previously announced.

比一年前減少了 58,000 人；也比我們之前宣布的減少了約 40,000。

That is down 45,000 units in truck and up 5000 in car.

卡車減少 45,000 輛，轎車增加 5000 輛。

And this reflects our intention to manage our dealer's inventories carefully.

這反映了我們謹慎管理經銷商庫存的意圖。

Ford Europe's production is projected at 410,000 units, and that is up 38,000 from a year ago.

福特歐洲的產量預計為 41 萬輛，比去年同期增加 38,000 輛。

That change mainly reflects change in the timing of vacation shutdowns.

這項變更主要反映了假期關閉時間的變化。

PAG's production is projected at 150,000, down 3000 from last year.

PAG的產量預計為15萬輛，比去年減少3000輛。

Now in wrapping up, I would like to summarize a few points.

現在總結一下，我想總結幾點。

Our new products are being well-received.

我們的新產品很受歡迎。

In the U.S., the Fusion, Milan, and Zephyr are contributing to higher retail car marketshare.

在美國，Fusion、Milan 和 Zephyr 正在為提高零售汽車市場份額做出貢獻。

And more products, such as the Ford Edge and the Lincoln MKX in the growing crossover segment, will be out in the fourth quarter.

更多產品，例如不斷增長的跨界車細分市場中的福特 Edge 和林肯 MKX，將於第四季度推出。

We also introduced new products in our international operations late in the second quarter and have many more new products coming throughout the year.

我們也在第二季末在國際業務中推出了新產品，並且全年都會推出更多新產品。

We have high expectations that these will be successful.

我們對這些活動成功抱有很高的期望。

Last week, we announced significant warranty enhancements to our 2007 model Ford, Lincoln, and Mercury vehicles, sold in the U.S. and Canadian markets, along with increased standardization of customer valued safety features.

上週，我們宣布對在美國和加拿大市場銷售的 2007 年福特、林肯和水星汽車進行重大保固增強，同時提高客戶重視的安全功能的標準化。

We expect these actions to enhance the market acceptance of our products.

我們希望這些行動能提高我們產品的市場接受度。

We continue to take actions to address our cost structure.

我們繼續採取行動解決我們的成本結構問題。

The UAW health care agreement was approved by the court last week and will be implemented in August.

UAW醫療保健協議已於上週獲得法院批准，將於8月實施。

Capacity reductions are on track; the Atlanta assembly plant will be idled during the fourth quarter, and our assembly capacity will be reduced by 700,000 units this year, or about 15%.

產能削減已步入正軌；亞特蘭大組裝廠將在第四季閒置，今年我們的組裝產能將減少70萬台，約15%。

We expect to achieve over 12,000 hourly personal reductions in North America by year-end, including about 2000 at ACH.

我們預計到年底，北美地區將減少超過 12,000 名每小時人員，其中 ACH 減少約 2000 名。

And these reductions are in addition to the salary reductions and benefit changes we implemented previously.

這些削減是我們先前實施的減薪和福利變化之外的。

In addition, we have made progress on improving our material costs, despite higher commodity costs.

此外，儘管商品成本較高，但我們在降低材料成本方面取得了進展。

The issues we faced at the beginning of 2006 have become more difficult.

2006年初我們面臨的問題變得更加困難。

Consistently higher gasoline prices in the U.S. have caused consumer purchase preferences to shift away from SUVs and large trucks.

美國汽油價格持續上漲導致消費者的購買偏好從SUV和大型卡車轉向。

We are committed to achieving North American profitability by no later than 2008.

我們致力於在 2008 年之前實現北美獲利。

We are continuing to work on that goal.

我們正在繼續努力實現這一目標。

It is fair to say it is getting tougher, but that is our job and we are all working toward that goal.

公平地說，事情變得越來越困難，但這是我們的工作，我們都在朝著這個目標努力。

Now I will turn it over to Diane to begin the Q&A.

現在我將把它交給黛安開始問答。

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

現在，我們準備開始問答環節。

Following our normal practice, we will 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，我們將先回答投資界的問題，然後回答與會的媒體的問題。

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

為了讓我們在規定的時間內回答盡可能多的問題，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。

With that, operator, can we please have first question?

那麼，接線員，我們可以問第一個問題嗎？

(OPERATOR INSTRUCTIONS) Chris Ceraso, Credit Suisse.

（操作員說明）Chris Ceraso，瑞士信貸。

A couple questions here.

這裡有幾個問題。

First, I noticed that this looks like it was in first quarter in five where your assets at the finance company went up; they have been coming down for quite a while.

首先，我注意到，這看起來像是在五年第一季度，您在金融公司的資產增加；他們已經下降了一段時間了。

Is there a change in direction here?

這裡的方向有改變嗎？

It looks like you have made a bit of a push in leasing.

看起來你們在租賃方面做了一些推動。

We had expected the balance sheet to continue shrinking because the cost of financing keeps going up.

我們原本預期資產負債表將持續收縮，因為融資成本不斷上升。

Could you just comment on the direction for the finance company, vis-a-vis the size of the balance sheet?

您能否評論一下財務公司的發展方向以及資產負債表的規模？

I think that we're still projecting a decline in balance of this year.

我認為我們仍然預計今年的餘額會下降。

You're right.

你說得對。

We did have more activity in the leasing area, and that was really consistent with the overall trend in the industry in the U.S. in the first half.

我們在租賃領域確實有更多的活動，這與上半年美國該行業的整體趨勢非常一致。

I don't we'll see such a large increase in leasing going forward in the second half, but we do want to maintain a strong relationship between our marketing and sales operations and Ford Credit.

我認為下半年租賃業務不會如此大幅成長，但我們確實希望在行銷和銷售業務與福特信貸之間保持牢固的關係。

And in doing that, we did decide to participate a little more strongly in the leasing area when we are able to command those, and that is consistent with our plan.

在這樣做的過程中，我們確實決定在我們能夠掌控這些領域時更加積極地參與租賃領域，這與我們的計劃是一致的。

So just a slight midcourse correction consistent with the overall [America].

因此，只是與整體[美國]一致的輕微中途修正。

Any change in the Company's view with regard to maybe selling a stake in the finance company?

公司對於可能出售財務公司股份的看法有何改變？

Does the Company still think that the Motor Company will eventually get back to investment-grade so you can continue to own all of the Ford Credit?

公司是否仍然認為汽車公司最終會恢復到投資級別，以便您可以繼續擁有所有福特信貸？

Well, we are committed to improving the Motor Company, and I guess along with that goes the view that we will return to investment-grade.

嗯，我們致力於改善汽車公司，我想隨之而來的是我們將恢復投資等級的觀點。

That is our plan.

這就是我們的計劃。

We think Ford Credit is a very core part of our business and we do intend to hold onto it.

我們認為福特信貸是我們業務的一個非常核心的部分，我們確實打算保留它。

Then lastly, just a quick one on the Q3 truck schedule.

最後，簡單介紹一下第三季的卡車時間表。

Our view was the inventory there don't look to be in very bad shape.

我們的觀點是，那裡的庫存狀況看起來並不糟糕。

Is this a signal that July is shaping up pretty weak or that you plan to maybe dial back on incentives and suffer some volume declines there?

這是一個信號，表明 7 月的情況相當疲軟，還是您計劃削減激勵措施並導致銷量下降？

This is Mark Fields.

這是馬克·菲爾茲。

It is too early to tell to see how July will work its way out.

現在判斷七月將如何結束還為時過早。

Because as we have seen over the last couple of months, it is really the last ten days or so that really determine the market.

因為正如我們在過去幾個月中看到的那樣，真正決定市場的是過去十天左右的時間。

But clearly, as we look forward, we have done well in that segment.

但顯然，正如我們展望的那樣，我們在該領域做得很好。

Our segment share is up on the full-size pickup segment a little over 3 points this year.

今年我們在全尺寸皮卡市場的市佔率上升了 3 個多點。

But the issue is the segment is lower than it was in the first quarter.

但問題是該細分市場低於第一季。

So we think this is just a prudent view in terms of managing our inventories, and we feel that in the production and the production that we have on the ground that we will be able to participate fully in the marketplace.

因此，我們認為這只是管理庫存方面的謹慎觀點，我們認為在生產和生產方面，我們將能夠充分參與市場。

But it is just being prudent.

但這只是謹慎而已。

Thanks a lot.

多謝。

Rod Lache, Deutsche Bank.

羅德‧拉什，德意志銀行。

I have a couple questions.

我有幾個問題。

Just first of all, Don, you mentioned that the cost improvement in the next two quarters is going to be less because of some headwinds, the powertrain warranty, advertising -- and did you say audits?

首先，唐，您提到由於一些不利因素、動力系統保固、廣告等因素，未來兩季的成本改善將會減少，您是否提到了審計？

No.

不。

Okay.

好的。

What were the three components, then, of the cost headwind?

那麼，成本逆風的三個組成部分是什麼？

Advertising, commodity costs, and the extended powertrain warranties.

廣告、商品成本和延長動力系統保固。

Okay.

好的。

This question may be for either Bill or Mark.

這個問題可能是問比爾的，也可能是問馬克的。

There is a comment in the release about a new plan or some additional clarity being revealed in the next 60 days.

新聞稿中有一條關於新計劃的評論或未來 60 天內將披露的一些額外說明。

I'm just wondering, just given the structural challenges that we are all looking at in the industry, are you thinking that more significant structural changes are required at Ford and for the industry, or is your objective here just to provide more intensification of the head count reduction plan and some of the plans that you had already minority outlined at this point?

我只是想知道，考慮到我們在行業中都面臨的結構性挑戰，您是否認為福特和整個行業需要進行更重大的結構性變革，或者您的目標只是提供更多的強化裁員計劃以及您目前已經少數概述的一些計劃？

Rod, this is Bill.

羅德，這是比爾。

It really is a recognition of the fact that while Way Forward as launched in January is working in virtually every respect, that the conditions that we are facing now are different.

這確實是對這樣一個事實的認識：雖然一月份啟動的「前進之路」幾乎在各個方面都在發揮作用，但我們現在面臨的情況有所不同。

And I have asked Mark to accelerate the actions that were already anticipated in Way Forward just to go faster and pull them ahead.

我已經要求馬克加快《前進之路》中已經預期的行動，只是為了更快地推動他們前進。

It is not -- you mentioned headcount.

這不是——你提到的人數。

Frankly, it is an all-cost attack on all fronts, and that is what we're doing.

坦白說，這是一次全方位的不惜一切代價的進攻，而這正是我們正在做的事情。

So it is really, in my mind, an acceleration of a plan that we have already had in place in recognition of the fact that the external environment has gotten more difficult and we have to go faster.

因此，在我看來，這實際上是對我們已經制定的計劃的加速，因為我們認識到外部環境變得更加困難，我們必須走得更快。

Okay.

好的。

Just one last thing.

只是最後一件事。

You mentioned on -- there is a slide in the appendix that shows some reconciliation for the cash flow.

您提到－附錄中有一張投影片顯示了現金流量的一些調節。

And it shows a $1.4 billion drawdown in the short-term VEBA.

它顯示短期 VEBA 減少了 14 億美元。

Is that excluded from the cash from operations that you showed on slide 14 or was that included in that Other?

這是否被排除在您在投影片 14 上顯示的營運現金之外，還是包含在「其他」中？

It is included in the sense that it is in both sides.

它包含在雙方的意義上。

When we talk about cash and marketable securities and the short-term VEBA, we add that all in.

當我們談論現金和有價證券以及短期 VEBA 時，我們會將其全部加進去。

So what happens is we did draw the short-term VEBA, and that happens from time to time.

所以我們確實繪製了短期 VEBA，而且這種情況時常發生。

We put money in and take money out, basically depending on our views of taxes.

我們存錢或拿錢，基本上取決於我們對稅收的看法。

And so that is what we did in the second quarter.

這就是我們在第二季度所做的。

So it is not really in the explanation because it is included in cash as we define it.

所以它並沒有真正出現在解釋中，因為它包含在我們定義的現金中。

Okay, I think I understand.

好吧，我想我明白了。

Basically, it is an addition to the cash but reduction to the VEBA, so it does not really affect the walk.

基本上，它是對現金的補充，但對VEBA的減少，所以它並沒有真正影響步行。

Is that what you're saying?

你是這麼說的嗎？

That's right, it doesn't affect the walk.

沒錯，不影響走路。

Okay.

好的。

Thank you.

謝謝。

Jonathan Steinmetz, Morgan Stanley.

喬納森·斯坦梅茨，摩根士丹利。

A few questions.

幾個問題。

First one is for Bill.

第一個是給比爾的。

When you talk about augmenting the plan, in terms of headcount, is something like a buyout, like GM did, on the table at least in terms of offering something to the entire hourly workforce, or is that not a solution that works for you?

當你談論擴大計劃時，就員工人數而言，是否有類似於通用汽車那樣的收購，至少可以為整個小時工提供一些東西，或者這不是一個適合你的解決方案？

Well, we have been doing buyouts all along.

嗯，我們一直在進行收購。

We just have not been making a lot of noise about it.

我們只是沒有對此大聲喧嘩。

But as I said, we're going to get about one-third of our target out by the end of this year.

但正如我所說，到今年年底，我們將實現大約三分之一的目標。

Part of it too is the demographic between the two workforces in terms of retiree eligibles.

部分原因還在於兩種勞動力之間的退休人員資格之間的人口統計。

So we have taken a slightly different approach, but one that we think works for us.

因此，我們採取了一種略有不同的方法，但我們認為這種方法對我們有用。

But I have nothing more to add at this point about that.

但目前我對此沒有什麼好補充的。

Okay.

好的。

Next question is for Don.

下一個問題是問唐的。

On slide 6, when you talk about the net product cost being $200 million favorable in the quarter and $500 million for the year, and you're sort of cautioning against extrapolating that, do you expect that to still be positive as we go forward or is this a situation where you have had some favorable contracts in place relative to commodity prices and things start to roll off in a big way?

在投影片6 上，當您談到本季的淨產品成本為2 億美元，全年為5 億美元，並且您有點警告不要進行推斷時，您是否認為隨著我們的前進，淨產品成本仍然是積極的？這是一種情況，即您已經簽訂了一些相對於大宗商品價格有利的合同，並且事情開始大幅下滑？

Well, what I was saying was I expect us to continue to reduce our costs.

嗯，我的意思是我希望我們繼續降低成本。

We will have some commodity cost increases in the second half because of expiration of hedges.

由於避險到期，下半年我們的大宗商品成本將會增加。

That is really what I was referring to.

這確實是我所指的。

I did not make any comment about whether it is going to be positive or negative, just that at that rate in the second quarter, I would not expect that to continue.

我沒有對它是積極還是消極發表任何評論，只是按照第二季度的速度，我不認為這種情況會持續下去。

I would not want you to take $700 million improvement in the second quarter and multiply that out and assume that we'll get that in each of the third and fourth quarters.

我不希望你在第二季獲得 7 億美元的改進，然後將其相乘，並假設我們將在第三季和第四季分別實現這一目標。

As a general caution as you build your profit model, that kind of cost performance, while they are continuing to work on it, we do have the commodity challenges and we are working our way through that, and there is a bit of the timing difference between the first half and the second half because of hedges.

作為一般性警告，當你建立你的盈利模式時，這種成本效益，雖然他們正在繼續努力，但我們確實面臨商品挑戰，我們正在努力解決這個問題，而且有一點時間上的差異由於對沖，上半場和下半場之間。

Okay, and last question for Don.

好的，最後一個問題問唐。

On ACH, you said you're making progress both in reducing losses and on some sales and that kind of thing.

在 ACH 上，您說您在減少損失和某些銷售等方面都取得了進展。

Do you expect to have anything sold by the end of the year there?

您預計到年底會賣出任何東西嗎？

We're certainly hopeful of that, whether we have a closing or not.

無論是否結束，我們都對此充滿希望。

But we are in serious discussions on a couple of these, and we are making really good progress on improving the efficiency and some of the basic parts of those businesses.

但我們正在認真討論其中的一些問題，並且我們在提高效率和這些業務的一些基本部分方面取得了非常好的進展。

And we are cautiously optimistic that we will be making significant progress with further buyouts and further cost reductions and good progress toward achieving the goal that we had in mind last year when we made this agreement.

我們謹慎樂觀地認為，我們將透過進一步收購和進一步降低成本取得重大進展，並在實現我們去年達成這項協議時所設想的目標方面取得良好進展。

Okay, thank you very much.

好的，非常感謝。

John Murphy, Merrill Lynch.

約翰‧墨菲，美林證券。

Bill, you had mentioned that your turnarounds in other regions outside of North America were product-led.

比爾，您曾提到您在北美以外其他地區的扭虧為盈是由產品主導的。

I was wondering what products in North America you specifically think are going to help you lead the turnaround as you work through the Way Forward.

我想知道您特別認為北美的哪些產品將幫助您在前進之路上實現轉變。

Also, if there is a possibility of pulling forward the launch of the new F-150.

另外，是否有可能將新款F-150的上市時間提早。

I'm going to actually have Mark -- I could answer it, but I think Mark is sitting right here and I'll have him do it.

我實際上會請馬克——我可以回答這個問題，但我認為馬克就坐在這裡，我會讓他來回答。

Yes, as we look at our products in the second half of this year, we have a lot on our table in terms of what we need to launch in the second half of this year.

是的，當我們審視今年下半年的產品時，我們有很多需要在今年下半年推出的產品。

I think pointing to your question, one of the most important set of products we have coming up in the fourth quarter is the Edge and the MKX.

我認為針對你的問題，我們在第四季推出的最重要的產品之一是 Edge 和 MKX。

And obviously, the reason those are so important is because that segment is continuing to grow, and as we see customers migrate out of traditional SUVs, they are primarily going to crossovers.

顯然，這些之所以如此重要，是因為該細分市場正在持續成長，而且當我們看到客戶從傳統 SUV 轉向時，他們主要轉向跨界車。

And we feel we have a set of products that are very, very competitive, and we think actually with the new Edge, we will have the definitive crossover in that segment, because that will be the first high-volume crossover in that segment.

我們覺得我們擁有一套非常非常有競爭力的產品，我們認為實際上有了新的Edge，我們將在該細分市場中擁有決定性的跨界車，因為這將是該細分市場中的第一個大批量跨界車。

In addition to that, we have a number of other products on tap in the second half of this year.

除此之外，我們今年下半年還有許多其他產品可供開發。

Maybe we don't talk about them as much as we should, but our folks will be very busy launching our new full-sized SUVs, Expedition and Navigator, some improvements to our Fusion, Milan, and Zephyr, which has been very successful.

也許我們沒有盡可能多地談論它們，但我們的員工將非常忙於推出我們的新型全尺寸 SUV、Expedition 和 Navigator，以及對我們的 Fusion、Milan 和 Zephyr 的一些改進，這些產品非常成功。

So less than 12 months later we're putting all-wheel-drive and a new engine in the Zephyr.

因此，不到 12 個月後，我們就在 Zephyr 中配備了全輪驅動系統和新引擎。

We have a lot on our plate.

我們有很多事情要做。

As we look forward, as we look at our acceleration plan, clearly we're looking at opportunities to try and continue to further buttress our product plan.

當我們展望未來時，當我們審視我們的加速計劃時，顯然我們正在尋找機會嘗試並繼續進一步支持我們的產品計劃。

We have made a lot of progress since we launched the Way Forward strategy, and we're going to continue to work on that.

自從我們啟動「前進之路」策略以來，我們已經取得了很大進展，我們將繼續為此努力。

But I won't comment on anything else beyond what we have on tap for the second half of this year.

但除了我們今年下半年的活動之外，我不會評論任何其他事情。

But the F-150 launch, is it even possible to consider pulling that forward?

但F-150的發射，是否有可能考慮提前？

Or is that something that is relatively set in stone for the 2009 model year?

或者說這對 2009 年車款來說是相對固定的嗎？

I won't get into specifics of the actual date of the product; but I think we have a good cadence on that product.

我不會詳細介紹產品的實際日期；但我認為我們在該產品上有很好的節奏。

In addition, as you know, through the first half of this year, as I mentioned, although the segment is shrinking our share of that segment, the full-size pickup segment, is up over 3.5 points.

此外，正如您所知，正如我所提到的，今年上半年，儘管我們在該細分市場中的份額正在縮小，但全尺寸皮卡細分市場的份額卻增長了 3.5 個百分點以上。

Clearly we have some new competition coming, but you'll recall on the last earnings call there was a question around about new competition coming, and I think our teams have put together a very good set of plans going forward to combat that.

顯然，我們即將迎來一些新的競爭，但你會記得在上次的財報電話會議上，有一個關於新競爭即將到來的問題，我認為我們的團隊已經制定了一套非常好的計劃來應對這一問題。

In addition, very early next year we are going to be coming out with an updated new Super Duty, which as you know is a big mainstay of our products.

此外，明年初我們將推出更新的 Super Duty，如您所知，這是我們產品的一大支柱。

We are going to have big strength there, and we expect to get even stronger in that over 8500 segment.

我們將在這方面擁有強大的實力，並且我們預計在超過 8500 的細分市場中會變得更加強大。

Another question on PAG.

關於 PAG 的另一個問題。

As we think about the profitability the segment has given you in the past two quarters, and the big swing to a pre-tax loss this quarter, largely it sounds like because of hedges, how should we think the profitability of PAG going forward?

當我們考慮該部門在過去兩個季度為您帶來的盈利能力，以及本季度稅前虧損的大幅波動（這聽起來主要是因為對沖）時，我們應該如何看待 PAG 未來的盈利能力？

Because it is tough to figure out here.

因為這裡很難弄清楚。

Also importantly, what is going on at Jaguar?

同樣重要的是，捷豹發生了什麼事？

Could that be a brand that we rationalized or maybe sold off going forward?

這是否是我們合理化或可能未來出售的品牌？

One of the things that is catching PAG this quarter is it is sort of at the -- right in the eye of a product lull.

本季吸引 PAG 關注的事情之一是，它正處於產品停滯期。

There's a lot of product coming in PAG in the second half of the year, principally at Volvo.

今年下半年，PAG 將推出大量產品，主要是沃爾沃。

Volvo is launching three new products at the end of the year.

沃爾沃將於今年底推出三款新產品。

You've got a new Freelander coming at Land Rover as well.

路虎也推出了新神行者。

So I think that PAG you'll start to see it get its act together as we go forward.

因此，我認為隨著我們的前進，PAG 將會開始齊心協力。

So while I am not happy with what has happened in the second quarter with the PAG results, I do think it is very much in this case a product issue.

因此，雖然我對第二季度 PAG 結果並不滿意，但我確實認為在這種情況下這很大程度上是產品問題。

And there's a lot of new product coming, as I say, particularly at Volvo.

正如我所說，有很多新產品即將推出，特別是Volvo。

In terms of rationalizing brands, we don't have any plans to do that.

在品牌合理化方面，我們沒有任何計劃這樣做。

But we continue to look at the entire portfolio of the Ford Motor Company and ask ourselves what makes sense going forward.

但我們繼續審視福特汽車的整個投資組合，並問自己未來的意義何在。

Just (indiscernible) characterize that correct, is the way I understand it, the fourth quarter and the first quarter are probably more indicative of the way the profits are going to develop at PAG, as opposed to this second quarter going forward.

按照我的理解，（難以辨別）正確的描述是，第四季和第一季可能更能說明 PAG 利潤的發展方式，而不是未來的第二季。

Certainly going forward -- as Bill said the second quarter was a loss, and our goal was profitability this year.

當然，正如比爾所說，第二季是虧損的，我們的目標是今年獲利。

I indicated you I thought we would be profitable but just.

我向你表明我認為我們會獲利，但只是獲利。

We're going to be a lot closer to breakeven.

我們將更加接近收支平衡。

So that is a good indication of where we are this year.

因此，這很好地表明了我們今年的情況。

I think what Bill was saying was coming out of this year we will be profitable.

我認為比爾所說的是今年我們將實現盈利。

We need to offset the loss we incurred in the second quarter.

我們需要彌補第二季的損失。

I don't really want to get into what's the exact magnitude.

我真的不想討論確切的大小。

But certainly our intention is longer-term to earn a good return in that business.

但可以肯定的是，我們的長期目標是在該業務中獲得良好的回報。

We think we have plans that will let us do that, and the products that Bill was mentioning are a good stepping stone for us in that direction.

我們認為我們有計劃可以讓我們做到這一點，比爾提到的產品是我們朝這個方向邁進的一個很好的墊腳石。

Thank you very much.

非常感謝。

Himanshu Patel, JPMorgan.

希曼舒‧帕特爾，摩根大通。

Two questions.

兩個問題。

First, the Renault-Nissan discussions that are currently going on with General Motors, I'm just wondering, Bill, could you shed some light on your take on the viability of these type of alliances in the industry?

首先，雷諾-日產目前正在與通用汽車進行討論，我只是想知道，比爾，您能否闡明您對行業中此類聯盟的可行性的看法？

And if Ford was interested in doing something along that front, what are the particular areas where you think there could be some sort of opportunity to partner up with another player?

如果福特有興趣在這方面做一些事情，您認為哪些特定領域可能有機會與其他公司合作？

Well, I really don't know anymore about the Nissan/Renault/GM hookup than you do at this point.

好吧，我現在真的比你更了解日產/雷諾/通用汽車的關係了。

I think it is -- the whole notion of joint ventures for us is not a new one.

我認為合資企業的整個概念對我們來說並不是一個新概念。

Obviously, we have joint ventures with PSA, with GM, obviously with Mazda.

顯然，我們與標緻雪鐵龍、通用汽車、馬自達都有合資企業。

So joint ventures for us are something that we have historically pursued, and I think done very well.

因此，對我們來說，合資企業是我們歷來追求的目標，而且我認為做得非常好。

I think we have been a good partner for companies.

我認為我們一直是公司的良好合作夥伴。

But it is hard for me to analyze this deal that seems to be on the table beyond, I think, everything that has been in the press.

但我很難分析這項似乎已經擺在桌面上的交易，我認為，這超出了媒體報導的所有內容。

Clearly, though, we are not only cognizant of what is going on, but as you would suspect, we are game planning and trying to figure out just exactly where this industry is headed and what might be happening.

但顯然，我們不僅了解正在發生的事情，而且正如您所懷疑的那樣，我們正在進行遊戲規劃，並試圖弄清楚這個行業的確切發展方向以及可能發生的情況。

So there's a lot of effort going on inside the Company just to keep abreast of what we thing is developing within the industry.

因此，公司內部付出了很多努力，只是為了跟上產業內的發展趨勢。

I guess maybe a slight separate question on that.

我想也許對此有一個小小的單獨的問題。

Given the market share losses that both G.M., Ford have seen over the past few years, do you think you are getting to a point now where you need to start thinking about scale again, particularly in the North American operations?

考慮到過去幾年通用汽車和福特汽車的市場份額都在下降，您認為您現在是否已經到了需要重新開始考慮規模的地步，特別是在北美業務？

Well, it is interesting.

嗯，這很有趣。

If you looked at it, we actually have great global scale.

如果你看一下，我們實際上擁有很大的全球規模。

And particularly, as I said with Mazda in Asia and our growth in Asia, we're starting to get some critical mass in Asia.

特別是，正如我在談到馬自達在亞洲和我們在亞洲的成長時所說的那樣，我們開始在亞洲獲得一些臨界質量。

We certainly have it in Europe and in South America.

我們在歐洲和南美當然有它。

So really the issue is North America.

所以真正的問題是北美。

And frankly, I am less concerned about scale than I am about sort of the long-term viable cost structure.

坦白說，我更關心的是長期可行的成本結構，而不是規模。

That is really what we are working on, is trying to determine not only now, but as we look into the future, what is the right structure for us given what we think is going on the marketplace and also within our own controllable costs.

這確實是我們正在努力的方向，不僅是現在，而且在我們展望未來時，考慮到我們認為市場上正在發生的情況以及在我們自己可控的成本範圍內，什麼是適合我們的結構。

So we don't really approach it from the viewpoint of what is the right future market share for us.

因此，我們並沒有真正從什麼是適合我們的未來市場份額的角度來看待這個問題。

We really are trying to say, okay, where is our customer headed?

我們真的想說，好吧，我們的客戶要去哪裡？

What cost structure do we need to support those customers?

我們需要什麼樣的成本結構來支援這些客戶？

And we are going at it from that standpoint.

我們將從這個角度出發。

So there is no magic line in the sand, so to speak.

所以可以這麼說，沙裡沒有魔法線。

But needless to say, we have to turn around North America and a lot of that is putting an affordable cost structure into place.

但不用說，我們必須扭轉北美的局面，其中很大一部分就是建立一個負擔得起的成本結構。

Okay.

好的。

Then one last follow-up, maybe for Mark.

然後是最後一個後續行動，也許是針對馬克的。

Any thoughts to bringing over some of the Ford Europe products to North America more aggressively than -- I know it has been tried in the past with various platforms, arguably with varying degrees of success.

有沒有想過更積極地將一些福特歐洲產品引入北美——我知道過去已經在各種平台上進行過嘗試，可以說是取得了不同程度的成功。

Any thoughts to perhaps accelerating those efforts?

有什麼想法可以加速這些努力嗎？

Well, I think one of the issues that Bill spoke to in terms of looking at our scale, he has been very clear in making sure that as an organization, we better use our scale, not only within North America in terms of commonality that we have and components and systems in our vehicles, but also looking across the enterprise.

嗯，我認為比爾在考慮我們的規模方面談到的問題之一，他非常明確地確保作為一個組織，我們更好地利用我們的規模，而不僅僅是在北美範圍內，就我們所擁有的共通性而言我們的車輛中擁有零件和系統，但也著眼於整個企業。

So we are looking very intently in terms of looking at commodities and systems and components and how we leverage our scale globally.

因此，我們正在非常專注地研究商品、系統和組件，以及我們如何在全球範圍內利用我們的規模。

As it pertains to products, clearly anything that we do in this area has to make sure it delivers the brand and the brand promise and the way we position the brand in the North American marketplace.

就產品而言，顯然我們在這一領域所做的任何事情都必須確保它提供品牌和品牌承諾以及我們在北美市場定位品牌的方式。

So we are very actively working, I think, much more closely with our colleagues over in Ford of Europe and Asia Pacific than we had in the past, particularly in the areas of systems and components.

因此，我認為，我們正在非常積極地與福特歐洲和亞太地區的同事合作，比過去更加密切，特別是在系統和零件領域。

And products -- I am not ruling that out, but nonetheless, it is something that we can take advantage of if we wanted to and if it makes sense for the marketplace.

還有產品——我並不排除這種可能性，但儘管如此，如果我們願意並且對市場有意義的話，我們可以利用它。

Thank you.

謝謝。

Michael Bruynesteyn, Prudential Equity Group.

Michael Bruynesteyn，保德信股票集團。

Could you talk a little bit more about this warranty program?

能多談談這個保固計畫嗎？

We've seen other automakers try it.

我們已經看到其他汽車製造商嘗試過。

In fact, the way we've seen Asian automakers with quality problems use it to get a foothold in the U.S. market.

事實上，我們看到存在品質問題的亞洲汽車製造商利用它在美國市場站穩腳跟。

What kind of message is Ford sending with this, and could you talk about the cost of the program as well, please?

福特藉此傳達了什麼樣的訊息？您能否談談該計劃的成本？

I will handle the first part of the question.

我將處理問題的第一部分。

In terms of -- it's very simple.

就而言——這非常簡單。

The message that we're sending in the marketplace is Ford Motor Company has a lot of confidence in its products and will stand behind those products with the best warranty and roadside assistance program by any full-line manufacturer in the U.S.

我們向市場傳達的訊息是，福特汽車對其產品充滿信心，並將為這些產品提供美國全線製造商提供的最佳保固和道路救援計劃。

And I think that is a pretty strong statement that we need to send, because to one degree or another, there might be some doubts in customers' minds in terms of perception of our quality, which is definitely lagging the reality, and we want to bridge that gap.

我認為這是我們需要發出的一個非常強烈的聲明，因為在某種程度上，客戶對我們的品質的看法可能存在一些疑問，這肯定落後於現實，我們希望能彌補這一差距。

Mike, as far as your question on cost -- this is done -- I assume you know we can't talk about that.

麥克，至於你關於成本的問題——已經完成了——我想你知道我們不能談論這個。

But I will say that we have done a fair amount of study on this.

但我要說的是，我們對此做了相當多的研究。

We can extrapolate, we think, quite accurately from our extended service contract what the cost effect will be.

我們認為，我們可以從我們的擴展服務合約中非常準確地推斷出成本影響是什麼。

And we have a great deal of confidence in our powertrains and the quality direction, and that is why we are stepping forward with this, as Mark said.

正如馬克所說，我們對我們的動力系統和品質方向充滿信心，這就是我們向前邁進的原因。

Okay.

好的。

And then when you reviewed the business unit, Don, I think almost every one of them said there was negative FX.

然後，當你審查業務部門時，唐，我認為幾乎每個人都說外匯為負。

But the total for the Company overall was only about 300 million, I think it was -- or at least in the Automotive side.

但我認為，公司整體的總金額只有 3 億左右，或至少在汽車領域是如此。

So was it just thinly spread out or how should we think about the breakdown of that FX between the business units?

那麼，它只是分散得很薄嗎？或者我們應該如何考慮業務部門之間外匯的細分？

Well, I did mention foreign exchange as it relates to revenue on several of the areas.

嗯，我確實提到了外匯，因為它與幾個領域的收入有關。

The main areas where the exchange affected the business from a profit standpoint was in PAG, and then to a lesser extent, in North America.

從利潤角度來看，交易所影響業務的主要地區是 PAG，其次是北美地區。

There was a little bit in Ford of Europe and a little bit in Asia, but it was mainly PAG.

歐洲福特有一點，亞洲有一點，但主要是PAG。

I'd say 2/3 PAG and 1/3 North America, as far as the effect on profits go.

就對利潤的影響而言，我想說 2/3 PAG 和 1/3 北美。

Okay.

好的。

Finally, are there any sort of inflection points that we should be looking for from the outside with regard to the Way Forward plan gaining traction?

最後，關於「前進之路」計畫獲得關注，我們是否應該從外部尋找任何類型的轉折點？

What signposts do you think we should look at?

您認為我們應該關注哪些路標？

I think the most important ones for us in the near term -- I'd ask Mark and Bill to chime in of course -- would be the new products.

我認為近期對我們來說最重要的——當然我會請馬克和比爾插話——將是新產品。

I think particularly the Edge and the MKX that Mark mentioned, and then the new Volvo products and Land Rover that Bill was talking about.

我特別想到馬克提到的 Edge 和 MKX，然後是比爾談到的沃爾沃新產品和路虎。

And then just the continued improvement of our cost structure, particularly here in North America as we go forward with the plant closings and the employment reductions.

然後，隨著我們繼續關閉工廠和裁員，我們的成本結構不斷改善，特別是在北美。

And those are things that we talk about and we disclose pretty publicly, and I think those are really the key things.

這些是我們談論並公開披露的事情，我認為這些確實是關鍵的事情。

Aside from that, it will be how effective we are with the product acceptance, positioning the product, a combination of the advertising, the bold moves and the warranty policy and so on.

除此之外，還包括我們對產品的接受度、產品定位、廣告的結合、大膽的舉措以及保固政策等方面的效果如何。

Okay.

好的。

In terms of fleet sales, that type of thing, is it something that is a temporary jump or is it something that we're going to see over an extended period?

就車隊銷售而言，這種情況是暫時的跳躍還是我們將在很長一段時間內看到的情況？

What we saw -- obviously, on a year-to-date basis, our fleet sales are up about 4 points.

我們所看到的——顯然，今年迄今為止，我們的車隊銷量增長了約 4 個百分點。

We said in the beginning of the year that our fleet sales would be up in the range of anywhere between 0 and 5%, and we are still committed to that.

我們在今年年初表示，我們的車隊銷售將成長 0% 到 5% 之間，我們仍然致力於實現這一目標。

As you look at our overall fleet percentage, one of the issues is that our retails have fallen short, so that has bumped the percentage up.

當您查看我們的整體機隊百分比時，問題之一是我們的零售量不足，因此百分比有所上升。

I would like to note, though, that as you look at the composition of our fleet sales -- as you know, it is made up of daily rental, of commercial and government business.

不過，我想指出的是，當您查看我們的車隊銷售的組成時，如您所知，它由每日租賃、商業和政府業務組成。

And the daily rental business -- our daily rental business is only up about 1% on a calendar year-to-date basis.

而日租業務——我們的日租業務今年迄今僅成長了約 1%。

And actually our percentage of total fleet is well below some of our competitors.

事實上，我們佔機隊總數的百分比遠低於我們的一些競爭對手。

So it is really a mathematical issue that is hitting us right now.

所以這確實是我們現在面臨的一個數學問題。

It is not looking for opportunities to kind of juice the fleet market by putting more units in there.

它並沒有尋找機會透過投放更多車輛來刺激車隊市場。

Okay, thank you very much.

好的，非常感謝。

Robert Barry, Goldman Sachs.

羅伯特·巴里，高盛。

Two questions.

兩個問題。

One is on the market share.

一是市場佔有率。

Actually, it looked like the market share was flat in North America and you've maybe been making some progress there.

事實上，看起來北美的市佔率持平，而你可能已經在那裡取得了一些進展。

But I am just wondering if we should really view that as a positive result, given you have also highlighted that the incentive spending is up so much.

但我只是想知道我們是否真的應該將其視為積極的結果，因為您也強調了激勵支出增加了這麼多。

Should we -- it seems to suggest that Ford is willing to buy share by raising the incentive so much.

我們是否應該——這似乎表明福特願意透過大幅提高激勵措施來購買股票。

Is that accurate, or how are you thinking about using incentives in order to meet the market share goal?

這是準確的嗎？或者您如何考慮使用激勵措施來實現市場份額目標？

I would not characterize it as going out and raising incentives to buy market share.

我不會將其描述為走出去並提高購買市場份額的激勵措施。

A couple of things.

有幾件事。

Number one, as you look at our share performance, a lot of that is driven by some of our new products -- obviously the Milan, the Zephyr, and the Fusion, which has garnered about 8% of that segment.

第一，當你看看我們的份額表現時，你會發現其中很大一部分是由我們的一些新產品推動的——顯然是Milan、Zephyr 和Fusion，它們佔據了該細分市場約8% 的份額。

And as you know, that is the most -- we're right in the peak of the most competitive segment in the industry.

如您所知，這是最 - 我們正處於行業中競爭最激烈的領域的頂峰。

I think when you look at our share performance in the second quarter, as you point out, our share was basically flat year-over-year.

我認為，正如您所指出的，當您查看我們第二季度的股票表現時，我們的份額與去年同期基本持平。

But if you step back and you break it out between segment shifts, which we don't control, and our own share performance within those segments, actually on a total share basis, segment shifts impacted us negatively by 0.8 and our share performance in those segments was improved by 0.8.

但如果你退後一步，在我們無法控制的細分市場變化和我們自己在這些細分市場中的股票表現之間進行分析，實際上在總份額的基礎上，細分市場變化對我們產生了0.8 的負面影響，而我們在這些細分市場中的股票表現細分市場改善了 0.8。

An example of that is what I mentioned earlier about our full-size pickup segment performance.

我之前提到的關於我們的全尺寸皮卡細分市場表現的一個例子。

So what we're trying to do in the second quarter as an example is offset these segment moves with our performance.

因此，我們在第二季度試圖做的事情就是用我們的業績來抵消這些細分市場的變化。

And we did that to one degree or another in the second quarter, and that has basically been a similar story for the full year.

我們在第二季或多或少做到了這一點，全年的情況基本上都是類似的。

As we go forward, as we mentioned, one of the key milestones that you should look at and we are looking is are we slowing our rate of marketshare decline.

正如我們所提到的，隨著我們前進，您應該關注並且我們正在關注的關鍵里程碑之一是我們減緩市場份額下降的速度。

In the first six months of this year, we're down 0.3 percentage point.

今年前六個月，我們下降了 0.3 個百分點。

Clearly we're not happy with losing share.

顯然，我們對失去市場佔有率並不滿意。

But nonetheless, when you compare that with the year-ago period, we were down 1.1 points.

但儘管如此，與去年同期相比，我們還是下降了 1.1 個百分點。

As we go through the next couple of months, obviously the share performance won't look too pretty, and that is partly in fact that we had the Family Plan last year and we had a lot of whitewater in the markets.

當我們經歷接下來的幾個月時，顯然股價表現看起來不會太漂亮，部分原因是我們去年實施了家庭計劃，市場上有很多白水。

But clearly our objective is to make sure that we, for the balance of the year, slow our rate of share decline versus the year-ago period.

但顯然，我們的目標是確保今年餘下的時間裡，我們的份額下降速度較上年同期放緩。

But again, we will keep our incentives competitive and attractive, but not excessive.

但同樣，我們將保持我們的激勵措施具有競爭力和吸引力，但不會過度。

And to one degree or another, that is dictated by us looking at a lot of the competition.

在某種程度上，這是由我們對大量競爭對手的觀察所決定的。

I was wondering if you could comment on the profitability of the Mexico products.

我想知道您是否可以對墨西哥產品的盈利能力發表評論。

You have been building a lot of those.

你已經建造了很多這樣的東西。

They are pretty high volume; they have been selling pretty well.

它們的容量相當大；他們賣得很好。

And of course my sense was that the profitability was better on products like the Fusion than on your average midsize car.

當然，我的感覺是，像 Fusion 這樣的產品的盈利能力比普通中型汽車要好。

Yet they don't seem to be moving the needle -- or maybe there's just sort of things offsetting them.

然而他們似乎並沒有取得任何進展——或者也許只是有一些事情抵消了他們的影響。

Could you talk about any maybe initial costs that are still weighing on the profitability of the Mexico products and when they might become more impactful on the overall results?

您能否談談仍然影響墨西哥產品盈利能力的任何可能的初始成本，以及它們何時可能對整體結果產生更大的影響？

Rob, this is Don.

羅布，這是唐。

We typically don't comment on our productline profits.

我們通常不會評論我們的產品線利潤。

I'm sure you know that.

我相信你知道這一點。

But I will say that the goal of the product program is profitable and we are on track there.

但我要說的是，產品計劃的目標是獲利，我們正在朝著這個目標邁進。

We launched successfully and we hit our internal cost targets.

我們成功啟動並達到了內部成本目標。

And that vehicle line and all those components are part of the whole set that Mark and his team are working on improving.

該車輛系列和所有這些組件都是馬克和他的團隊正在努力改進的整套產品的一部分。

So that is about as much as we can say about it now.

我們現在能說的就這麼多了。

Okay.

好的。

I then I just had one last follow-up on the question asked earlier about the cash flow and the short-term VEBA.

然後，我對之前提出的有關現金流和短期 VEBA 的問題進行了最後一次跟進。

Do you have any money left in the short-term VEBA?

短期VEBA還有錢嗎？

And if you don't, how is that going to impact cash flow in the coming quarters?

如果不這樣做，這將如何影響未來幾季的現金流？

We don't have any left, and it isn't going to affect it at all.

我們已經沒有剩下的了，這根本不會影響它。

Because as we were saying, the way we define cash is cash and short-term VEBA.

因為正如我們所說，我們對現金的定義是現金和短期 VEBA。

So if we had, as an example, still had some money in the short-term VEBA, we would have less cash from marketable securities because it adds up to the same total.

因此，舉例來說，如果我們在短期 VEBA 中仍有一些資金，那麼我們從有價證券中獲得的現金就會減少，因為它加起來的總額是相同的。

And we make those decisions based on tax matters.

我們根據稅務問題做出這些決定。

Okay.

好的。

Maybe not the cash balance, but the actual cash flow that you report cash flow from Auto operations (multiple speakers).

也許不是現金餘額，而是您報告的汽車業務現金流量（多個發言者）的實際現金流量。

Maybe I should take this off-line, because the amount of money we have in the short-term VEBA, the way we define cash, cash is cash and short-term VEBA.

也許我應該把這個下線，因為我們在短期 VEBA 擁有的資金量，我們定義現金的方式，現金就是現金和短期 VEBA。

So if we had less short-term VEBA, we would have more cash.

因此，如果我們的短期 VEBA 減少，我們就會有更多現金。

If we had more short-term VEBA, we have less cash.

如果我們有更多的短期 VEBA，我們的現金就會更少。

The cash doesn't change and it doesn't enter into the cash flow change calculation at all.

現金不會發生變化，也完全不進入現金流量變化計算。

Okay.

好的。

How much cash is left in the long-term VEBA?

長期 VEBA 還剩下多少現金？

About 6.5 billion or so.

大約65億左右。

It is not what's left.

這不是剩下的。

We have put in there.

我們已經放在那裡了。

We have not taken anything out of the long-term VEBA since its inception.

自長期 VEBA 成立以來，我們沒有從其中刪除任何內容。

Ronald Tadross, Banc of America Securities.

羅納德‧塔德羅斯，美國銀行證券公司。

I guess it sounds like your new products are doing well.

我想聽起來你們的新產品表現不錯。

You point that out.

你指出這一點。

But your share is still declining.

但你的份額仍在下降。

I am wondering why you think you are losing share if we assume that you are turning your product portfolio, your whole product portfolio, at the same rate as everyone else.

我想知道如果我們假設你正在以與其他人相同的速度轉變你的產品組合，你的整個產品組合，你為什麼認為你正在失去份額。

Presumably, you are always going to have a few good products that are doing well, but how do we change that equation where the new products actually stabilize the whole Company's share?

想必，你總是會有一些表現良好的好產品，但我們如何改變這個等式，讓新產品真正穩定整個公司的份額？

Yes, this is Mark again.

是的，這又是馬克。

I guess the bottom-line answer to that is the segment shifts that are occurring in the marketplace.

我想這個問題的根本答案是市場中正在發生的細分市場變化。

As you look at our -- where we're strong, particularly strong and have high segments share -- for example, the full-size pickup segment -- as we mentioned earlier, that segment is down.

當你看看我們的——我們很強大，特別強大並且擁有很高的細分市場份額——例如，全尺寸皮卡細分市場——正如我們之前提到的，該細分市場正在下降。

It represented 13.5% of the industry in the first quarter.

第一季佔行業的13.5%。

In the second quarter, it came in at 12.7% as a percent of the total industry.

第二季佔產業總量的比重為12.7%。

So clearly the pie, at least in the quarter for the full-size pickup segment, is shrinking.

顯然，至少在本季全尺寸皮卡市場的蛋糕正在縮小。

And because we have such a dominant segment share in that, that disproportionately affects our share.

由於我們在這方面擁有如此主導的市場份額，這對我們的份額產生了不成比例的影響。

As I mentioned earlier, those segment shifts are impacting us negatively again in the second quarter by about 0.8, and we have been able to offset that by our performance within that.

正如我之前提到的，這些細分市場的變化在第二季度再次對我們產生了約 0.8 的負面影響，我們已經能夠透過我們的業績來抵消這一影響。

But clearly there is only so fast we can run with our current portfolio.

但顯然，我們目前的投資組合運行速度有限。

But as we mentioned, as we look towards the end of this year, when we come on with our Edge and our Mark X, where if you look at the segments, the segments that are losing calendar year-to-date are full-size pickups and vans; and where they are growing is in crossovers and in medium-sized cars.

但正如我們所提到的，當我們展望今年年底時，當我們推出 Edge 和 Mark X 時，如果您查看這些細分市場，您會發現今年迄今為止正在虧損的細分市場是全尺寸的皮卡車和貨車；它們的成長領域是跨界車和中型汽車。

And in medium-sized cars, as you mentioned, we have new products in there that are doing very well, the Fusion, Milan, and Zephyr.

在中型車方面，正如您所提到的，我們的新產品Fusion、Milan 和Zephyr 表現得非常好。

And we're going to be coming in with the MKX, the Lincoln MKX and the Edge in the fourth quarter, right into the teeth of the segments that are growing.

我們將在第四季度推出 MKX、林肯 MKX 和 Edge，直接進入正在成長的細分市場。

So that is really what is hitting us.

所以這才是真正打擊我們的因素。

Rob, this is Bill.

羅布，這是比爾。

One of the things that I think it is important to remember is when we launched Way Forward, when we came up with our product plan, we did it with the realization that natural resources were not going to become any more plentiful.

我認為重要的是要記住的一件事是，當我們推出 Way Forward 時，當我們提出我們的產品計劃時，我們意識到自然資源不會變得更加豐富。

And so the product plan that we developed as part of the Way Forward really took that into account.

因此，作為前進之路的一部分，我們制定的產品計劃確實考慮到了這一點。

What we could not anticipate was how quickly the price of oil and therefore gasoline were to rise.

我們無法預料的是石油和汽油價格上漲的速度有多快。

But this general trend is one that we not only anticipated but planned our products around.

但我們不僅預見了這一總體趨勢，而且還圍繞著這一趨勢規劃了我們的產品。

So what we've got coming, both at the back end of this year and into the future, reflects our view that oil was not going to stay down at a very low price.

因此，無論是今年年底還是未來，我們所看到的情況都反映了我們的觀點，即石油價格不會保持在非常低的水平。

So I think the products we have coming are absolutely the right ones for this environment.

所以我認為我們即將推出的產品絕對適合這種環境。

It is just that it happened quicker than we could anticipate.

只是事情發生得比我們預想的還要快。

Bill, if you're leveraged to those truck segments, still pickups, it sounds like you are assuming those segments are going to continue to decline.

比爾，如果你對這些卡車細分市場（仍然是皮卡）進行槓桿化，聽起來你似乎假設這些細分市場將繼續下降。

Shouldn't that continue to be a challenge for you?

這對你來說不應該繼續是個挑戰嗎？

Well, when you look at -- again, we won't get into specific details about our future product programs, but I think it is clear -- as Bill said, we clearly recognize two things.

好吧，當你再看一遍時，我們不會詳細討論我們未來產品計劃的具體細節，但我認為很清楚——正如比爾所說，我們清楚地認識到兩件事。

Number one, in the segments that are experiencing declines, like the full-size SUVs, we've recognized that but still among the less -- there are still going to be a core group of customers that want those products, and therefore we're coming out, obviously, with two new ones this year.

第一，在正在經歷衰退的細分市場中，例如全尺寸 SUV，我們已經認識到這一點，但在少數群體中，仍然會有一群核心客戶需要這些產品，因此我們'顯然，今年我們將推出兩款新產品。

We have a dominant position in full-size pickups.

我們在全尺寸皮卡領域擁有主導地位。

Now, one could argue are we going to continue to see the reduction in the full-size pickup segment?

現在，有人可能會爭論我們是否會繼續看到全尺寸皮卡市場的減少？

And I think to one degree or another, what we are experiencing right now in that segment is, particularly for the purpose buyers, the commercial use buyers, I think they're deferring purchases.

我認為，在某種程度上，我們現在在該領域所經歷的是，特別是對於目的買家、商業用途買家來說，我認為他們正在推遲購買。

Those vehicles are used as tools, and that I think represents about 75% of the segment.

這些車輛被用作工具，我認為約佔該細分市場的 75%。

The other 25% in the personal use, you could argue are those folks going to be staying in the segment?

另外 25% 供個人使用，您可能會說這些人會留在該細分市場嗎？

And I think that remains to be seen.

我認為這還有待觀察。

But nonetheless, as Bill mentioned, as we look at our plan going forward -- and we have not discussed our marketshare goals going forward -- we clearly recognize that there are going to be shifts in the marketplace.

但儘管如此，正如比爾所提到的，當我們審視未來的計劃時——而且我們還沒有討論未來的市場份額目標——我們清楚地認識到市場將會改變。

And I think our product plans anticipate those shifts.

我認為我們的產品計劃預見了這些轉變。

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

卡洛斯，我們現在可以回答一些媒體問題嗎？

Sure. (OPERATOR INSTRUCTIONS) Micki Maynard, the New York Times.

當然。 （操作員說明）Micki Maynard，《紐約時報》。

I have a question -- I think maybe Mark will want to answer this one -- about as you're looking at accelerating the Way Forward plan, there were a number of things that you had delineated, some names of plants that you were planning to close, and in fact, the plant closings end in 2012.

我有一個問題——我想也許馬克會想回答這個問題——當你考慮加速前進計劃時，你已經描述了很多事情，你正在計劃的一些植物名稱關閉，事實上，該工廠的關閉將於2012 年結束。

Is that something we should be looking for you to accelerate over the next 60 days, maybe giving an announcement and speeding up the timetable on that?

我們是否應該要求您在未來 60 天內加速完成這件事，也許發佈公告並加快時間表？

I think, Micki, as Bill mentioned, we're looking at every element of the Way Forward plan.

我認為，米基，正如比爾所提到的，我們正在研究前進計劃的每一個要素。

As we've said, you look at our performance in the second quarter, and obviously we did improve slightly from last year.

正如我們所說，你看看我們第二季的表現，顯然我們確實比去年略有改善。

But the bottom line is, as Don was mentioning, the externals aren't getting any easier.

但最重要的是，正如唐所提到的，外部因素並沒有變得更容易。

And what we have been doing as we have managed the business month-to-month is to start to put the plans together to accelerate our actions, which means going potentially further and faster and deeper than we originally envisioned.

我們在每月管理業務時一直在做的就是開始整合計劃以加速我們的行動，這意味著可能比我們最初的設想走得更遠、更快、更深入。

But we have to -- we're going through that progress right now.

但我們必須——我們現在正在經歷這一進展。

We are not making any excuses for the externals.

我們不會為外在因素找任何藉口。

We're going to deal with them head-on, and we're going to look at every element of the plan.

我們將正面應對他們，我們將研究計劃的每一個要素。

And within the next couple of months, we will announce what those decisions are.

在接下來的幾個月內，我們將宣布這些決定是什麼。

I want to just ask one more thing about, we couldn't have anticipated this happening, as Bill just said.

我想再問一件事，正如比爾剛才所說，我們無法預料到會發生這種情況。

A year ago, people in parts of the country were paying $3 a gallon for gas, and that was before Katrina when price spiked.

一年前，該國部分地區的人們支付每加侖 3 美元的汽油價格，那是在卡崔娜颶風之前，價格飆升。

Were your folks just telling you that that was regional, that it was not a national trend?

你的家人只是告訴你那是地區性的，而不是全國性的趨勢嗎？

Because I remember pulling up at gas stations on the East Coast last summer and just staring at the price and being surprised at how high it was.

因為我記得去年夏天在東海岸的加油站停下來，盯著價格，驚訝於它的價格有多高。

Why didn't you think that that was going to carry forward?

為什麼你不認為這會繼續下去？

This is Bill.

這是比爾。

We did, but as you know, our product plans take several years to unfold.

我們做到了，但如您所知，我們的產品計劃需要幾年時間才能展開。

And when we saw what was going on last summer and when we tried to future where we thought natural resources were going, we did not wait.

當我們看到去年夏天發生的事情以及當我們嘗試未來我們認為自然資源的去向時，我們沒有等待。

And the products that you're going to be -- you will see coming from us reflect that reality.

您將看到的我們的產品反映了這一現實。

Do I wish we had them all out this year in response to it?

我希望今年我們能把它們全部拿出來回應它嗎？

Heck yes, I do.

哎呀，是的，我願意。

But I think to answer your question, we did see it.

但我想回答你的問題，我們確實看到了。

We agree with you.

我們同意你的觀點。

We did some futuring, and the product plan that we have reflects that.

我們做了一些未來的規劃，我們的產品計劃也反映了這一點。

James Mackintosh, The Financial Times.

詹姆斯‧麥金托什，《金融時報》。

Could I ask a couple of quick questions?

我可以問幾個簡單的問題嗎？

Firstly, just could you explain exactly what the points are that you're saying have changed since January when you announced the plan, where exactly this got more difficult?

首先，您能具體解釋一下您所說的自一月份宣布該計劃以來發生了哪些變化，具體在哪裡變得更加困難？

Because it does feel like what has being going on the first six months of this year is very similar to what was going on in the last six months of last year.

因為確實感覺今年前六個月的情況與去年最後六個月的情況非常相似。

Then secondly, just talk a bit more about PAG, and in particular, the milestone of PAG of now being close to breakeven rather than solidly in profit.

其次，再多談談 PAG，特別是 PAG 的里程碑，也就是現在接近損益平衡，而不是穩定獲利。

Obviously, you have had a (indiscernible) experience, but really where are the differences within your planning, what had gone wrong there?

顯然，你有過一次（難以辨別的）經歷，但實際上你的計劃中的差異在哪裡，哪裡出了問題？

Well, I think what has changed at least from a North American standpoint, obviously, we have seen because of the higher gas prices, it has significantly affected the customer buying habits.

嗯，我認為至少從北美的角度來看，發生了變化，顯然，我們已經看到，由於汽油價格上漲，它極大地影響了客戶的購買習慣。

And when you combine the high gas prices with the higher interest rates, that is eating into real income growth, and that led to consumer confidence going down.

當你將高油價與更高的利率結合時，就會侵蝕實際收入成長，並導致消費者信心下降。

It is down about 8 points, and we did not anticipate that it would drop to that degree.

下降了大約8個點，我們沒有預料到會下降到這個程度。

I think secondly when you look at the other things that impact customers' willingness to purchase, housing starts are down, job growth is down.

其次，我認為，當你考慮影響顧客購買意願的其他因素時，新屋開工率下降，就業成長下降。

Then the other big thing, James, that has hit us is, as you mentioned, raw materials.

詹姆斯，正如您所提到的，對我們造成影響的另一件大事是原料。

And they are not where they were back in December.

現在他們已經不再是十二月時的樣子了。

When you look at some of the precious metals, whether it be platinum or palladium, that is up 25% since the beginning of the year.

當你觀察一些貴金屬時，無論是鉑金還是鈀金，自年初以來已經上漲了 25%。

Copper is up 64%.

銅價上漲64%。

And steel is up in the neighborhood of about 15%.

鋼鐵價格上漲約 15%。

So clearly, we have made some projections, but it has moved faster than we expected and now we have to react to that.

顯然，我們已經做出了一些預測，但進展速度比我們預期的要快，現在我們必須對此做出反應。

(multiple speakers) on the PAG?

（多位發言者）在 PAG 上？

Just on PAG, you are right.

就PAG而言，你是對的。

I'm not saying we can forecast exchange rates properly, but we did know about the hedges rolling off.

我並不是說我們可以正確預測匯率，但我們確實知道對沖措施正在消失。

So we knew that whatever happened -- and that was in fact in our plan.

所以我們知道無論發生什麼事——這實際上都在我們的計劃中。

On a year-over-year basis, of course, that is an issue.

當然，與去年同期相比，這是一個問題。

As far as what is really different in PAG, it is a couple of things.

至於 PAG 的真正不同之處，有幾件事。

It has been a little bit more competitive a market, I think, than we had anticipated.

我認為，市場競爭比我們預期的要激烈一些。

So the incentives are higher, particularly here in the U.S., but also in Europe.

因此，激勵措施更高，尤其是在美國，而且在歐洲也是如此。

And the sales and our share are a little bit lower than our expectations.

銷售額和份額略低於我們的預期。

And then as Mark mentioned, I think we did look for a little bit of softening or improvement in commodity prices and in fact we didn't see that.

然後，正如馬克所提到的，我認為我們確實希望大宗商品價格有所軟化或改善，但事實上我們並沒有看到這一點。

It got a little bit tougher.

事情變得有點難了。

And that is the main differential of what changed in PAG as far as our original expectation, James.

詹姆斯，就我們最初的預期而言，這就是 PAG 發生的主要變化。

Could you just talk me through the impact on different brands?

能談談對不同品牌的影響嗎？

It is primarily Volvo and Jaguar that have worsened (multiple speakers).

情況惡化的主要是沃爾沃和捷豹（多個揚聲器）。

No, I wouldn't say.

不，我不會說。

Most of the brands have been tracking along approximately in the same proportions with respect to the original plan.

大多數品牌都以與原計劃大致相同的比例進行。

Right.

正確的。

Clearly, it is still Jaguar really that is the core -- the problem here.

顯然，捷豹才是真正的核心──問題所在。

No, I wouldn't say -- certainly Jaguar is the one that we have the most work to do on.

不，我不會說——捷豹肯定是我們要做的工作最多的一款。

We have a good plan and we have consolidated the operations -- the assembly operations in Castle Bromwich and made some improvements.

我們有一個很好的計劃，我們已經整合了業務——布羅姆維奇城堡的組裝業務，並做了一些改進。

But we had those in our plan.

但我們的計劃中有這些。

So Jaguar is tracking along the plan pretty much the way Volvo and Land Rover are in terms of the comparison to the plan.

因此，就與計劃的比較而言，捷豹正在跟踪該計劃，就像沃爾沃和路虎一樣。

Clearly in an absolute setting, Jaguar is the biggest issue in the three.

顯然，從絕對角度來看，捷豹是三者中最大的問題。

Okay, thanks very much.

好的，非常感謝。

Sarah Webster, the Detroit Free Press.

莎拉·韋伯斯特，底特律自由報。

Bill, you mentioned earlier that you are watching the potential for a GM/Renault/Nissan alliance.

比爾，您之前提到您正在關注通用汽車/雷諾/日產聯盟的潛力。

I guess it begs the question does Ford need a partner?

我想這引出了一個問題：福特需要合作夥伴嗎？

Is this something you're looking at or you think you might need in the future?

這是您正在考慮的或您認為您將來可能需要的東西嗎？

Sarah, as I said, we have global scale and we certainly do have partnerships around the world already.

莎拉，正如我所說，我們擁有全球規模，而且我們當然已經在世界各地建立了合作夥伴關係。

Having said that, of course we are not only aware but vitally interested in everything that is going on around the industry, and obviously it is not our top priority.

話雖如此，我們當然不僅了解而且對行業中正在發生的一切非常感興趣，顯然這不是我們的首要任務。

Our top priority is to fix our business, and we have to do that.

我們的首要任務是修復我們的業務，我們必須這樣做。

We've got to fix the North American business, so that is where we're focused.

我們必須解決北美業務，所以這就是我們的重點。

But we are certainly aware of everything that's going on around the world and we will continue to be so.

但我們當然了解世界各地正在發生的一切，我們將繼續如此。

But we have global scale.

但我們擁有全球規模。

We have partnerships around world.

我們在世界各地都有合作夥伴。

And of course we are always talking to everybody in the industry, as we always have.

當然，我們一直在與行業中的每個人交談，一如既往。

Another follow-up question on your plans to possibly expedite the Way Forward.

關於您可能加快前進道路的計劃的另一個後續問題。

Are you telling workers that they should prepare themselves for more plant closure announcements in the next few months, or is there a possibility you could pull up some of the '08 idlings that you have already announced sooner?

您是否正在告訴工人們，他們應該為未來幾個月內更多工廠關閉公告做好準備，或者您有可能提前取消一些已經宣布的 08 年空轉？

Sarah, what we are communicating to our employees is that we are looking at every element of the plan.

莎拉，我們向員工傳達的是，我們正在考慮計劃的每個要素。

We have not made any decisions yet.

我們還沒有做出任何決定。

But when we do, our employees will be the first to know.

但當我們這樣做時，我們的員工將是第一個知道的。

Thank you.

謝謝。

Jeffrey McCracken, the Wall Street Journal.

傑弗瑞‧麥克拉肯，《華爾街日報》。

Bill or Mark, I was curious what prompted the decision to accelerate the Way Forward plan.

比爾或馬克，我很好奇是什麼促使我們決定加速前進計畫。

Is there anything specifically?

有什麼具體的嗎？

Is it kind of the performance of the F-Series in the second quarter, the drop of the F-Series in the second quarter?

是不是F系列第二季的表現，F系列第二季的下滑？

Is there some other external factor?

還有其他外部因素嗎？

You mentioned commodity costs, but I'm wondering what and perhaps when you realized you needed to accelerate the Way Forward plan.

您提到了商品成本，但我想知道什麼以及也許您何時意識到需要加快前進計劃。

Jeff, this is Bill.

傑夫，這是比爾。

There was no one event.

沒有發生任何一件事。

It was not just a particular segment shift or a particular spike in a particular commodity.

這不僅僅是特定細分市場的轉變或特定商品的特定飆升。

It was really more -- and I know you have been the call -- it was more really an accumulation of all the things that we've been talking about.

這確實是——我知道你一直在呼籲——這實際上是我們一直在談論的所有事情的積累。

The fact that gasoline prices are very high and are hanging in there.

事實上，汽油價格非常高，而且一直持續下去。

The fact that commodity prices have gotten more expensive from when we launched the Way Forward plan.

事實上，自從我們推出「前進之路」計畫以來，大宗商品價格變得更加昂貴。

The fact that the competitive activity in the marketplace is intensifying in terms of incentives.

事實上，市場上的競爭活動在激勵方面正在加劇。

It was really a culmination of all the things that we are looking at in terms of our business structure, and where we said, okay, Way Forward is working.

這確實是我們在業務結構方面所關注的所有事情的頂峰，我們說，好吧，前進之路正在發揮作用。

The levers that we've pulled on Way Forward are the right ones.

我們在「前進之路」上使用的槓桿是正確的。

But we are dealing with some new realities that require us to accelerate it.

但我們正在應對一些新的現實，需要我們加快腳步。

And so there is no one saying that you or I would point to to say, yes, that was a triggering point.

因此，沒有人說你或我會指出，是的，這是一個觸發點。

It was really more of an accumulation of all the things.

這實際上更多的是所有事物的累積。

And like any plan, when you launch it, you better have built into the plan nimbleness so that -- because the world never remains static and it never remains as you develop it.

就像任何計劃一樣，當你啟動它時，你最好將靈活性融入計劃中，這樣——因為世界永遠不會保持靜止，也永遠不會在你制定它時保持不變。

And so really this is an acceleration of the Way Forward, but it is on things that Mark and his team had anticipated.

所以這確實是前進之路的加速，但它是在馬克和他的團隊預料到的事情上。

Right.

正確的。

In terms of timing, is it something you just began looking at a couple weeks ago or a couple months ago?

就時間而言，您是幾週前還是幾個月前才開始考慮的？

Can you provide a little clarity?

你能澄清一下嗎？

Actually, Jeff, we started looking at it on January 1, and continue to look at every day and every week.

事實上，傑夫，我們從 1 月 1 日就開始關注它，並繼續每天、每週關注。

Right, but you announced something in late January, and I'm just assuming at some point since late January -- January to now -- at some point along the way, you said okay, this plan as we have laid out needs to be accelerated.

是的，但是你在一月下旬宣布了一些事情，我只是假設自一月下旬以來的某個時間點- 一月到現在- 在此過程中的某個時間點，你說好吧，我們制定的這個計劃需要加速。

We need to speed up this or that, push this lever quicker or pull that faster.

我們需要加快這個或那個速度，更快地推動這個槓桿或更快地拉動那個槓桿。

Yes, I think, again, there was no one trigger point, but it was a growing realization that the world around us was not getting any easier, and that for us to reach the kind of cost structure that we feel that we need to go forward, we needed to do some things quickly.

是的，我再次認為，沒有一個觸發點，但人們越來越認識到我們周圍的世界並沒有變得更容易，而且為了達到我們認為需要的那種成本結構展望未來，我們需要快速做一些事情。

Because we were not going to get any -- I was going to say breaks on the externals -- in fact, we were not looking for breaks.

因為我們不會得到任何——我想說的是外部的突破——事實上，我們並不是在尋找突破。

We had just on some forecasting and some of those are getting more difficult or, in some cases, remaining stubbornly high.

我們剛剛進行了一些預測，其中一些變得更加困難，或者在某些情況下仍然頑固地保持在高位。

So -- and I'm talking particularly about some of the commodity costs.

所以——我特別談論一些商品成本。

So we -- but there was no kind of ah ha moment.

所以我們——但是沒有那種啊哈的時刻。

We committed to ourselves that as we launched Way Forward, we continue to very closely monitor everything that was going on both in the marketplace and also in the external environment.

我們向自己承諾，當我們推出 Way Forward 時，我們將繼續密切關注市場和外部環境中發生的一切。

And as we started getting real-time input, we began talking about, all right, we need to start accelerating a lot of our plans.

當我們開始獲得即時輸入時，我們開始談論，好吧，我們需要開始加速我們的許多計劃。

One last follow-up has to do with the pickup truck market.

最後一項後續行動與皮卡車市場有關。

It is still off reasonably substantially in the second quarter.

第二季度仍大幅下滑。

And I'm wondering is it, do you think, something that is tied to housing starts, something tied to the construction industry, something about personal use?

我想知道，你認為，它是與新屋開工有關的東西，與建築業有關的東西，還是與個人使用有關的東西？

Any one of those, Mark or Bill, that is pulling the pickup truck market down?

馬克或比爾中的哪一個正在拉低皮卡車市場？

Yes, I think it's a combination of what you mentioned.

是的，我認為這是您提到的內容的組合。

I think on the commercial end of the business or the purpose use buyer, which represents about 75% of that marketplace, I think to one degree or another they are deferring purchases.

我認為，在企業的商業端或目的用途買家（約佔該市場的 75%）方面，我認為他們在某種程度上推遲了購買。

What is so important to those kinds of buyers and also fleet buyers is operating costs.

對於這類買家和車隊買家來說，最重要的是營運成本。

And when they see gasoline prices going up, that increases their operating costs, so then I think they are a bit hesitant to go out and at this point purchase new vehicles which would increase their depreciation costs.

當他們看到汽油價格上漲時，他們的營運成本就會增加，所以我認為他們在此時購買新車會有點猶豫，這會增加他們的折舊成本。

So in total, their total costs are going up.

因此總的來說，他們的總成本正在上升。

So I think they're looking for ways to kind of keep operating costs fairly stable.

所以我認為他們正在尋找保持營運成本相當穩定的方法。

The question is going to be at what point do those buyers come back into the marketplace, because those products do jobs, and to do your job, you need your tool.

問題是這些買家甚麼時候會回到市場，因為這些產品可以發揮作用，而為了完成你的工作，你需要你的工具。

On the personal use basis, which represents, as I said, about 25%, I think we are seeing to one degree or another some deferral of purchases, and to another degree I think you'll see those folks that used to be in that segment migrate to some other segments.

在個人使用的基礎上，正如我所說，大約佔25%，我認為我們在某種程度上看到了購買的推遲，而在另一個程度上，我認為你會看到那些曾經在那個地方的人段遷移到其他一些段。

That 75/25 breakdown, I know it's for the whole segment.

我知道 75/25 的細分是針對整個細分市場的。

Is that the same with the F-Series as well?

F系列也是如此嗎？

Yes, I think it runs the gamut from ranchers and farmers to contractors to plumbers, you name it.

是的，我認為它涵蓋了從牧場主和農民到承包商到水管工的各個領域，凡是你能想到的。

Okay, thanks.

好的謝謝。

Bill Koenig, Bloomberg News.

比爾‧科尼格，彭博新聞社。

This is a question probably for Don.

這可能是唐的問題。

You talked about costs going [up in] the second half.

您談到了下半年成本的上升。

I wonder if you could comment specifically about the third quarter, in that historically, the third quarter has been one of your toughest quarters -- summer, plant shutdowns.

我想知道您是否可以具體評論一下第三季度，因為從歷史上看，第三季度是您最艱難的季度之一——夏季，工廠關閉。

There's been some years you've had profit and losses in the third quarter.

多年來，您在第三季都有盈利和虧損。

How is this quarter shaping up compared to third quarters (technical difficulty)?

與第三季相比，本季的情況如何（技術難度）？

Bill, as you know, we don't give earnings guidance anymore.

比爾，如你所知，我們不再提供獲利指導。

But there is quite a bit of information contained in what we've presented to you this morning.

但我們今天早上向您提供的內容中包含了相當多的信息。

And I think the most relevant thing would be the production schedule.

我認為最相關的是生產計劃。

As you know, that really drives the profits in the very short-term.

如您所知，這確實會在短期內帶來利潤。

As far as the costs go, I did not say costs would be going up.

就成本而言，我並沒有說成本會上漲。

What I was trying to say was we made really good progress on costs in the second quarter, $700 million favorable, and that we would not continue at the rate in the second half.

我想說的是，第二季我們在成本方面取得了非常好的進展，有 7 億美元的優惠，但下半年我們不會繼續保持這個速度。

That is not to say costs will go up.

這並不是說成本會上升。

I have one quick follow-up.

我有一個快速跟進。

With Jaguar, at what point do you consider proceeding with the plan or fish or cut bait?

對於 Jaguar，您會在什麼時候考慮繼續執行該計劃或釣魚或切斷誘餌？

Well, the plan is -- as Don pointed out, the first step was to rightsize Jaguar and to integrate it into the Land Rover structure, and we are doing that.

嗯，計劃是——正如唐指出的那樣，第一步是調整捷豹的規模並將其整合到路虎的結構中，我們正在這樣做。

So -- and I think the new products that Jag has coming and that actually the products that Jag has on the road are very good.

因此，我認為捷豹即將推出的新產品以及實際上捷豹已經推出的產品都非常好。

So we are staying the course with Jaguar and we have a plan, and the plan is gaining traction and we are going to stay the course there.

因此，我們將與捷豹一起堅持到底，我們有一個計劃，該計劃正在獲得關注，我們將堅持到底。

We have time for one or question, please.

我們有時間回答一個問題。

Amy Wilson, Automotive News.

艾米·威爾遜，《汽車新聞》。

I wanted to ask when the Way Forward plan was announced in January, there was some criticism of the length of time that was forecast to complete that.

我想問一月份何時宣布“前進計劃”，有人對預計完成該計劃的時間長度提出了一些批評。

With this acceleration, should we actually start to think of that instead of it being a six-year plan, should we start to think of it as a shorter period?

隨著這種加速，我們是否應該開始將其視為一個更短的時期，而不是一個六年計畫？

Could be three years?

可以是三年嗎？

Could you talk about that?

你能談談這個嗎？

I think in terms of the Way Forward plan, we always said that was a foundation framework for us and we were going to look -- as Bill mentioned -- we're going to assess our own progress.

我認為就前進計劃而言，我們總是說這是我們的基礎框架，我們將審視——正如比爾所提到的——我們將評估我們自己的進展。

We are going to look at the competitive environment.

我們將關注競爭環境。

We are going to look at changing consumer buying patterns.

我們將研究不斷變化的消費者購買模式。

And as we need to make adjustments, we will.

當我們需要做出調整時，我們就會做出調整。

So as we look at this plan, it is like any other business planning process that we go through.

因此，當我們查看此計劃時，它就像我們經歷的任何其他業務規劃流程一樣。

We will come up with a business plan that makes sense to us, that has obviously near-term actions, but also medium- and long-term actions in it.

我們將提出一個對我們有意義的商業計劃，其中顯然有近期行動，但也有中長期行動。

But as we said, given the market dynamics and the things that were mentioned by Don, we have to move further and faster to achieve what we want to achieve.

但正如我們所說，考慮到市場動態和唐所提到的事情，我們必須走得更遠、更快才能實現我們想要實現的目標。

And we will do that.

我們會這麼做的。

Can you give a time period to that?

你能給出一個時間段嗎？

Is it, like I said, three years?

就像我說的，是三年嗎？

Is it a four-year plan?

這是一個四年計畫嗎？

We're going through -- we normally have a five- or six-year business planning process.

我們正在經歷—我們通常有一個五年或六年的業務規劃過程。

Our business planning process isn't going to change.

我們的業務規劃流程不會改變。

But clearly, as we look at the actions necessary to achieve our objectives, we will calibrate the speed and flow in terms of -- the rate and flow in terms of what we need to do.

但顯然，當我們考慮實現目標所需的行動時，我們將根據我們需要做的事情來校準速度和流量。

I'm wondering too if you could clarify -- you talked about accelerating.

我也想知道你能否澄清一下——你談到了加速。

But, Bill, early on, you also talked about additional actions.

但是，比爾，您早些時候也談到了其他行動。

And Mark, I think you made a comment about potential further and deeper actions as well.

馬克，我認為你也對潛在的進一步和更深層的行動發表了評論。

Should we be thinking about this more as strictly an acceleration or that you're looking at having to cut deeper, or do things beyond the headcount reductions and the number of plants that were previously announced?

我們是否應該將其視為嚴格的加速，或者您是否正在考慮必須進一步削減，或者採取超出先前宣布的裁員和工廠數量之外的措施？

I think, Amy, I would characterize it as both, moving faster and, potentially, if we move further and deeper, we will.

我想，艾米，我會將其描述為兩者，移動速度更快，而且有可能，如果我們走得更遠、更深，我們會的。

And also, I just wanted to go back to the idea of when you announced the plan, the idea of forecasting what you have seen in the last six months that has caused you to announce today that you are going to accelerate the plan.

而且，我只是想回到你宣布該計劃時的想法，預測你在過去六個月中所看到的情況的想法導致你今天宣布你將加快該計劃。

To me, I would think that you would have been putting the plan together initially with the worst-case scenario in force, and the speed and the level of actions that you were planning would all along have been tied to those worst-case scenarios.

對我來說，我認為您最初會在製定計劃時考慮到最壞的情況，並且您計劃的行動的速度和水平始終與這些最壞的情況聯繫在一起。

So I guess I'm just wondering could you explain why the need to accelerate so soon after the announcement, beyond what you said earlier?

所以我想我只是想知道你能否解釋為什麼在宣布之後需要這麼快加速，超出你之前所說的範圍？

Amy, I think we planned appropriately conservative in our assumptions back in December.

艾米，我認為我們在 12 月的時候就計劃了適當保守的假設。

But clearly, if I had a better crystal ball, I would go out and buy one.

但顯然，如果我有更好的水晶球，我會出去買一個。

But nonetheless, when you have the rate and flow of which we've seen the market move over the last basically two months, I think we are not going to get caught into the issue of were we right or were we wrong.

但儘管如此，當你了解過去兩個月市場走勢的速度和流量時，我認為我們不會陷入我們是對還是錯的問題。

The issue is how do we react on an online basis to what is going on.

問題是我們如何在網路上對正在發生的事情做出反應。

And I think I told you that we have had a lot of scenarios that we have looked at, but very importantly -- I think Don mentioned it or Bill mentioned it -- we've baked in flexibility into the plan.

我想我告訴過你們，我們已經研究過很多場景，但非常重要的是——我認為唐或比爾提到過——我們已經將靈活性納入計劃中。

We always said it's the foundation framework.

我們總是說它是基礎框架。

And we are going to use that flexibility now.

我們現在就要利用這種彈性。

Now I'd like to turn it over to Bill for some closing comments.

現在我想把它交給比爾徵求一些結束語。

Thank you, Diane.

謝謝你，黛安。

Well, just to sum up, this team has accomplished a great deal -- capacity actions, salary-related cost, hourly health care buyouts.

嗯，總而言之，這個團隊已經取得了巨大的成就——產能行動、與工資相關的成本、每小時的醫療保健買斷。

But the business environment has become more challenging and the gas prices has hit our dominant segment.

但商業環境變得更具挑戰性，天然氣價格也衝擊了我們的主導市場。

And that is why we are making extraordinary efforts to adjust.

這就是為什麼我們正在做出巨大努力來進行調整。

And you'll be updated on our adjustments in the next couple months, as we discussed today.

正如我們今天所討論的，您將在接下來的幾個月內收到我們調整的最新資訊。

And everything -- we are looking at everything, at all aspect of our business.

一切——我們正在關注我們業務的所有方面。

And we will, in a couple of months, have for you an updated version of Way Forward.

幾個月後，我們將為您提供《前進之路》的更新版本。

Thank you very much for joining us.

非常感謝您加入我們。

Ladies and gentlemen, on behalf of Ford Motor Company, we thank you for your participation in today's conference.

女士們、先生們，我們代表福特汽車公司感謝你們參加今天的會議。

This concludes your presentation and you may now disconnect.

您的演示到此結束，您現在可以斷開連接了。