福特汽車 (F) 2006 Q4 法說會逐字稿

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

美好的一天，女士們先生們，歡迎參加福特汽車公司第四季度財報電話會議。

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

我叫辛迪，我將擔任你們今天的協調員。

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

此時，所有參與者都處於只聽模式。

We will conduct a question-and-answer session towards the end of today's presentation. (OPERATOR INSTRUCTIONS).

我們將在今天的演講結束時進行問答環節。 （操作員說明）。

As a reminder, this conference is being recorded for replay purposes.

謹此提醒，本次會議正在錄製以供重播。

I would now like to turn the call over to Mr. Raj Modi, Director of Investor Relations.

我現在想將電話轉給投資者關係總監拉傑·莫迪先生。

Please proceed, sir.

請繼續，先生。

Thank you, Cindy and good morning, ladies and gentlemen.

謝謝你，辛迪，早上好，女士們先生們。

Welcome to all of you who are joining us either by phone or webcast.

歡迎所有通過電話或網絡廣播加入我們的人。

On behalf of the entire Ford management team, I would like to thank you for spending time with us this morning.

我謹代表整個福特管理團隊感謝您今天早上與我們在一起。

With me this morning are Alan Mulally, President and CEO;

今天早上與我在一起的有總裁兼首席執行官艾倫·穆拉利 (Alan Mulally)；

Don Leclair, Chief Financial Officer; and Mark Fields, President of the Americas.

唐·勒克萊爾，首席財務官；以及美洲區總裁馬克·菲爾茲 (Mark Fields)。

Also in the room are Peter Daniel, Senior Vice President and Controller;

出席會議的還有高級副總裁兼財務總監 Peter Daniel；

Ann Marie Petach, Vice President and Treasurer;

Ann Marie Petach，副總裁兼財務主管；

Mark Kosman, Director of Accounting; and K.R.

馬克·科斯曼，會計總監；和 K.R.

Kent, Ford Credit's CFO.

肯特，福特信貸公司首席財務官。

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

在我們開始之前，我想快速回顧一下幾個項目。

A copy of this morning's earning release and the slides that we will be using today have been posted on Ford's investor and media websites for your reference.

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

The financial results discussed here and are presented on a preliminary basis.

這裡討論的財務結果是初步提出的。

Final data will be included in our Form 10-K for the year 2006.

最終數據將包含在我們 2006 年的 10-K 表格中。

Additionally, the financial results presented here are on a GAAP basis and in some cases, on a non-GAAP basis.

此外，此處提供的財務業績基於公認會計原則（GAAP），在某些情況下，基於非公認會計原則（Non-GAAP）。

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

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

Finally, today's presentation includes some forward-looking statements about our expectations for Ford's future performance.

最後，今天的演示包括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存在重大差異。

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

本演示文稿末尾總結了有關可能影響未來結果的因素的更多信息。

These risk factors are also detailed in our SEC filings, including our annual, quarterly and current reports to the SEC.

這些風險因素也在我們向 SEC 提交的文件中進行了詳細說明，包括我們向 SEC 提交的年度、季度和當前報告。

With that, I would like to turn the presentation over to Alan Mulally, Ford's President and CEO.

接下來，我想將演講交給福特公司總裁兼首席執行官艾倫·穆拉利 (Alan Mulally)。

Thank you, Raj and good morning, everyone.

謝謝拉吉，大家早上好。

We will begin by reviewing a few of the key financial results for 2006, then Don will take us through the details for 2006 and the outlook for 2007.

我們將首先回顧 2006 年的一些主要財務業績，然後 Don 將向我們介紹 2006 年的詳細信息以及 2007 年的展望。

Then I will come back and wrap up before we take your questions.

然後我會回來總結一下，然後再回答你的問題。

Let's begin with slide 2.

讓我們從幻燈片 2 開始。

As expected, unfavorable volume and mix in North America, including lower dealer inventories, contributed to a deterioration in the fourth-quarter operating results.

正如預期的那樣，北美地區不利的銷量和組合，包括經銷商庫存減少，導致第四季度經營業績惡化。

During the period, losses from continuing operations were $2.1 billion, excluding our special items.

在此期間，持續經營虧損為 21 億美元，不包括我們的特殊項目。

Including special items, our fourth-quarter net loss was $5.8 billion.

包括特殊項目在內，我們第四季度的淨虧損為 58 億美元。

This includes $3.8 billion of charges, primarily reflecting personal separations related to the enterprise-wide buyout program in the United States.

其中包括 38 億美元的費用，主要反映與美國企業範圍內的收購計劃相關的個人離職。

For the full year, we reported a net loss of $12.7 billion.

我們報告全年淨虧損 127 億美元。

This included the effects of special charges, primarily separation costs and fixed asset impairments.

這包括特殊費用的影響，主要是離職成本和固定資產減值。

We recognize the position we are in and we are taking the appropriate steps to confront the issues we are facing.

我們認識到我們所處的位置，我們正在採取適當的措施來應對我們面臨的問題。

We have a plan and we are on track to deliver it.

我們有一個計劃，並且正在按計劃實現它。

An otherwise difficult year did, however, end with a success.

然而，原本艱難的一年最終以成功結束。

Thanks to strong investor interest, our financing effort allowed us to finish the year with $33.9 billion of cash, a very strong liquidity position.

由於投資者的濃厚興趣，我們的融資工作使我們在這一年結束時擁有 339 億美元的現金，流動性狀況非常強勁。

Turning to slide 3.

轉到幻燈片 3。

In 2006, we began taking aggressive steps to address our operational issues and we accelerated our efforts to return North America to profitability no later than 2009.

2006 年，我們開始採取積極措施解決運營問題，並加快努力，爭取在 2009 年之前使北美地區恢復盈利。

These efforts included reducing our salary-related costs in North America by about one third or the equivalent of 14,000 positions largely by the end of this quarter.

這些努力包括到本季度末將我們在北美的薪資相關成本減少約三分之一或相當於 14,000 個職位。

Buyout offers were extended to all UAW hourly employees.

買斷優惠擴大到所有 UAW 小時工。

We had about 38,000 acceptances; the vast majority of whom will leave by September of this year.

我們收到了大約 38,000 份錄取；其中絕大多數人將於今年九月離開。

And we idled our St. Louis and Atlanta assembly plants to eliminate excess production capacity, $1.4 billion of cost savings in North America that go toward our goal of reducing North America's 2005 operating costs by $5 billion by the end of 2008.

我們還閒置了聖路易斯和亞特蘭大裝配廠，以消除過剩的生產能力，在北美節省了 14 億美元的成本，這有助於實現我們到 2008 年底將北美 2005 年運營成本降低 50 億美元的目標。

We launched some great new products, such as the Ford Edge, the Lincoln MKX, the Ford Expedition and the Lincoln Navigator, all in North America, as well as the Ford S-MAX, Galaxy and Transit in Europe, the Jaguar XK, Land Rover LR2, Volvo S80 and C30 and the Mazda CX9.

我們推出了一些出色的新產品，例如北美的福特 Edge、林肯 MKX、福特 Expedition 和林肯 Navigator，以及歐洲的福特 S-MAX、Galaxy 和 Transit、捷豹 XK、Land羅孚LR2、沃爾沃S80 和C30 以及馬自達CX9。

The initial response to these new products has been very positive.

這些新產品的初步反應非常積極。

As I mentioned, we ended the year with $33.9 billion in cash, provide us ample liquidity to fund our restructuring, to keep investing in new products and to provide a cushion for a recession or other unforeseen event.

正如我所提到的，我們年底擁有 339 億美元的現金，為我們的重組提供充足的流動性，繼續投資新產品，並為經濟衰退或其他不可預見的事件提供緩衝。

And we have streamlined our senior management organization and formed a global team to drive efficiencies in product development across all of our business fields.

我們還精簡了高級管理組織，組建了一支全球團隊，以提高所有業務領域的產品開發效率。

Turning to slide 4 - summarize the results of our operation.

轉向幻燈片 4 - 總結我們的操作結果。

As discussed on the last slide, North America has begun restructuring in earnest and is on track to profitability in 2009.

正如最後一張幻燈片中所討論的，北美地區已開始認真進行重組，並有望在 2009 年實現盈利。

Our other regions are gaining momentum and have had some successes in 2006 that we expect to build on in 2007.

我們的其他地區正在蓬勃發展，並在 2006 年取得了一些成功，我們預計 2007 年將在此基礎上再接再厲。

South America had another very strong year with profits growing substantially.

南美洲又度過了非常強勁的一年，利潤大幅增長。

In Europe, we significantly increased profitability compared with 2005.

在歐洲，與 2005 年相比，我們的盈利能力顯著提高。

We won both car and van of the year in Europe with our S-MAX and Transit vehicle.

我們憑藉 S-MAX 和 Transit 車輛贏得了歐洲年度轎車和貨車獎。

We foresee continuing profitable growth for Ford of Europe.

我們預計歐洲福特的盈利將持續增長。

P.A.G. also improved substantially as the year progressed.

P.A.G.隨著這一年的進展，也有了顯著的改善。

Our fourth-quarter results were strong and we expect to build on this momentum with new product introductions at both Volvo and Land Rover.

我們第四季度的業績強勁，我們預計沃爾沃和路虎將在這一勢頭的基礎上推出新產品。

In Asia-Pacific, we incurred a loss in 2006, largely reflecting the segment shift out of higher-margin large cars in Australia and slower economic growth in Taiwan.

在亞太地區，2006年我們出現了虧損，主要反映了澳大利亞利潤率較高的大型汽車業務的轉移以及台灣經濟增長放緩的影響。

We have had strong performances, however, in our fastest-growing segments.

然而，我們在增長最快的領域表現強勁。

Our sales in 2006 were up more than 90% in China and in India.

2006 年，我們在中國和印度的銷售額增長了 90% 以上。

In anticipation of further growth in China, we are launching new engine and assembly plants later this year.

考慮到在中國的進一步增長，我們將於今年晚些時候啟動新的發動機和裝配廠。

Mazda continues to perform well with operating profits improving again during the past year.

馬自達繼續表現良好，去年營業利潤再次改善。

In addition, Ford Credit continues to support our automotive business and produce solid profits.

此外，福特信貸繼續支持我們的汽車業務並產生豐厚的利潤。

And now, I will turn this over to Don.

現在，我將把這個交給唐。

Thanks, Alan.

謝謝，艾倫。

Over to slide 6.

轉到幻燈片 6。

This shows our standard financial metrics for the fourth quarter and the full year.

這顯示了我們第四季度和全年的標準財務指標。

Fourth-quarter and full-year revenue were down from 2005.

第四季度和全年收入均較 2005 年有所下降。

That reflected lower volume, higher incentives and adverse mix mainly on the automotive revenue decline and revenue was also down in total because of the sale of Hertz late in 2005.

這反映了銷量下降、激勵措施增加以及不利的組合，主要是汽車收入下降，而且由於 2005 年末出售赫茲，收入總額也下降。

We are changing our reporting metric on unit sales from vehicle unit sales to vehicle wholesales.

我們正在將單位銷售的報告指標從車輛單位銷售更改為車輛批發。

Wholesales are better aligned with profitability.

批發與盈利能力更好地保持一致。

We have it included in the appendix of this presentation to provide relevant historical information.

我們將其包含在本演示文稿的附錄中，以提供相關的歷史信息。

Wholesales for the fourth quarter and the full year were both down from year-ago levels.

第四季度和全年的批發量均低於去年同期水平。

Also, we are showing our book equity here at the bottom of the slide and as we mentioned last quarter, a new accounting standard, number 158, was issued in September.

此外，我們在幻燈片底部顯示了我們的賬面權益，正如我們上季度提到的，新的會計準則（第 158 號）於 9 月發布。

This changed the accounting for pensions and OPEB to reflect previously unrecognized amounts, such as assumption changes, benefit plan changes into equity and these amounts previously were disclosed in the footnotes.

這改變了養老金和 OPEB 的會計處理，以反映以前未確認的金額，例如假設變更、福利計劃變更為權益，這些金額之前已在腳註中披露。

The new accounting standard does not affect the amount of pension or OPEB expense.

新會計準則不影響養老金或OPEB費用的金額。

On slide 7, provides some details on our special items.

第 7 張幻燈片提供了有關我們特殊項目的一些詳細信息。

Special items reduced earnings by $3.8 billion pretax in the fourth quarter and primarily reflected a charge of $1.9 billion for personnel reductions mainly related to the enterprise-wide buyout.

特殊項目使第四季度稅前收益減少了 38 億美元，主要反映了與全企業收購相關的人員削減費用 19 億美元。

In addition, there was a charge of $1.4 billion for pension curtailment related to the North American hourly separation programs.

此外，與北美小時離職計劃相關的養老金削減費用為 14 億美元。

And finally, we continued to reduce personnel outside of the U.S. and charges for this were $420 million.

最後，我們繼續減少美國以外的人員，費用為 4.2 億美元。

These were mainly at Volvo, Ford Australia and Jaguar and Land Rover.

這些主要是沃爾沃、福特澳大利亞、捷豹和路虎。

Slide 8 shows the pretax results by sector, excluding special items and the total fourth-quarter loss was $2.1 billion.

幻燈片 8 顯示了按部門劃分的稅前業績，不包括特殊項目，第四季度總虧損為 21 億美元。

That is $2.6 billion worse than a year ago.

這比一年前少了 26 億美元。

That included a loss of $2.5 billion on the auto side and a profit in financial services of $416 million.

其中汽車業務虧損25億美元，金融服務業務盈利4.16億美元。

The total Company loss for the full year was $3.3 billion, including a loss of $5.2 billion on the auto side and a profit in financial services of over $1.9 billion.

公司全年總虧損33億美元，其中汽車方面虧損52億美元，金融服務盈利超過19億美元。

Now let's turn to the automotive sector.

現在讓我們轉向汽車行業。

Slide 9 shows an explanation of the change in full-year automotive profits from a year ago.

幻燈片 9 顯示了全年汽車利潤較上年同期變化的解釋。

For the full year, we lost $5.2 billion and that is about $4.2 billion worse than 2005.

全年我們損失了 52 億美元，比 2005 年損失了約 42 億美元。

Compared with 2005, volume and mix was about $3.3 billion unfavorable and net pricing was unfavorable by $1.9 billion.

與 2005 年相比，銷量和產品組合下降了約 33 億美元，淨定價下降了 19 億美元。

These declines were more than explained by adverse volume and mix and higher incentives in North America.

這些下降的原因不僅僅是北美地區銷量和結構的不利以及更高的激勵措施。

Costs were $1.4 billion favorable and we'll cover that more on the next slide.

成本優惠為 14 億美元，我們將在下一張幻燈片中詳細介紹這一點。

Exchange was about $600 million unfavorable largely due to the expiration of hedges that were put in place a few years ago.

匯率損失約為 6 億美元，主要是由於幾年前實施的對沖到期。

The interest was nearly $400 million favorable, primarily reflecting the impact of higher interest rates on our cash portfolio.

利息近 4 億美元，主要反映了利率上升對我們現金投資組合的影響。

As shown at the bottom of the slide, the fourth-quarter automotive results were a loss of $2.5 billion, $2.4 billion worse than last year and the decline is more than explained by adverse volume and mix and higher incentives in North America.

如幻燈片底部所示，第四季度汽車業業績虧損 25 億美元，比去年虧損 24 億美元，而虧損的主要原因是北美銷量和組合的不利以及更高的激勵措施。

Now the details of our favorable cost performance of $1.4 billion are shown on slide 10.

現在，幻燈片 10 顯示了我們 14 億美元的良好性價比的詳細信息。

Warranty expense was $100 million unfavorable and this reflected favorable coverage performance at North America, but this was more than offset by higher costs in Jaguar and Land Rover where we made some accrual adjustments related primarily to prior models.

保修費用為 1 億美元，這反映了北美地區良好的保修表現，但這被捷豹和路虎的較高成本所抵消，我們在這兩個地方主要針對之前的車型進行了一些應計調整。

Manufacturing and engineering costs were about $1 billion favorable.

製造和工程成本優惠約 10 億美元。

Net product costs were flat compared with 2005 levels.

淨產品成本與 2005 年水平持平。

Depreciation and amortization increased by about $100 million and this was more than explained by the acceleration of depreciation associated with announced plant closings.

折舊和攤銷增加了約 1 億美元，這可以用與宣布關閉工廠相關的折舊加速來解釋。

Pension and retiree healthcare expenses were $500 million lower than 2005 reflecting primarily our retiree healthcare agreement with the union and improvements related to revisions to our salaried benefit plan.

養老金和退休人員醫療保健費用比 2005 年減少了 5 億美元，這主要反映了我們與工會簽訂的退休人員醫療保健協議以及與我們的工資福利計劃修訂相關的改進。

These were partly offset by the impact of reducing the discount rate and long-term expected return assumptions.

這些被降低貼現率和長期預期回報假設的影響部分抵消。

And overhead costs were $400 million favorable and the cost of advertising and sales promotion were up $300 million.

管理費用節省了 4 億美元，廣告和促銷成本增加了 3 億美元。

Now slide 11 shows our pretax results for each of our operating automotive segments, as well as Other Automotive.

現在，幻燈片 11 顯示了我們每個運營汽車部門以及其他汽車部門的稅前業績。

We will focus here on Other Automotive.

我們將重點關注其他汽車。

In the fourth quarter, Other Automotive, which consists of interest and financing-related costs, was a loss of $59 million.

第四季度，其他汽車業務（包括利息和融資相關成本）虧損 5900 萬美元。

That is an improvement of $43 million when compared with the prior year, more than explained by higher interest income.

與上一年相比，增加了 4,300 萬美元，利息收入的增加足以解釋這一點。

For the full year, Other Automotive profit of $247 million and that reflected primarily higher interest income from our cash portfolio.

其他汽車業務全年利潤為 2.47 億美元，這主要反映了我們現金投資組合利息收入的增加。

Now for the next section of slides, we will cover each of the automotive operations, starting with North America.

現在，在幻燈片的下一部分中，我們將介紹每個汽車業務，從北美開始。

Wholesales were down in the fourth quarter by 214,000 units to 626,000.

第四季度批發量減少 214,000 輛，至 626,000 輛。

That decline is explained by our decision to reduce dealer inventories by over 160,000 units, as well as lower marketshare.

這種下降的原因是我們決定將經銷商庫存減少 160,000 多輛，以及降低市場份額。

Revenue for the fourth quarter was $15.1 billion and that is down $6.3 billion from a year ago and that decline reflected lower volumes, higher incentives and a higher mix of passenger cars.

第四季度收入為 151 億美元，比去年同期減少 63 億美元，這一下降反映了銷量下降、激勵措施提高以及乘用車組合的增加。

More than half of this decline reflected the reduction in dealer inventories.

這一下降的一半以上反映了經銷商庫存的減少。

And the loss was $2.6 billion worse than in 2005.

損失比 2005 年增加了 26 億美元。

I will cover that more on slide 13.

我將在幻燈片 13 上詳細介紹這一點。

And the largest causal factor for the $2.6 billion decline is volume and mix reflecting lower dealer inventories, unfavorable mix and lower marketshare.

造成 26 億美元下降的最大原因是銷量和產品組合，反映出經銷商庫存減少、不利的產品組合和市場份額下降。

These totaled $1.9 billion.

這些總額為 19 億美元。

Also net pricing was $1.2 billion unfavorable, largely reflecting higher incentive spending.

此外，淨定價為 12 億美元，這主要反映了激勵支出的增加。

These market factors were partly offset by about $300 million of cost reductions reflecting lower OPEB expense and lower manufacturing and engineering costs.

這些市場因素被約 3 億美元的成本削減所部分抵消，這反映出 OPEB 費用的降低以及製造和工程成本的降低。

And the full-year explanation is shown at the bottom of the slide.

全年解釋顯示在幻燈片底部。

Now the next four slides are intended to provide you with an update on our progress at improving the business structure in North America.

現在，接下來的四張幻燈片旨在向您介紹我們在改善北美業務結構方面取得的最新進展。

Slide 14 shows our U.S. marketshare for Ford and Lincoln Mercury.

幻燈片 14 顯示了福特和林肯 Mercury 在美國的市場份額。

We had a very strong retail share in September and there was some payback in the fourth quarter and in total, not shown on the slide, our second-half retail share was about 11% and for the full year, marketshare was 16%, including retail at 10.8% and fleet at 5.2%.

我們在9 月份擁有非常強勁的零售份額，第四季度取得了一些回報，總的來說，我們下半年的零售份額約為11%，全年的市場份額為16%，包括幻燈片中未顯示的部分。零售佔 10.8%，車隊佔 5.2%。

As previously indicated, consistent with our plan to reduce sales to daily rental companies, we have eliminated production of the Taurus, Freestar and Monterey during 2006.

如前所述，根據我們減少日租公司銷量的計劃，我們在 2006 年停止了 Taurus、Freestar 和 Monterey 的生產。

So going forward, our fleet share will decline while we focus on our retail market share.

因此，展望未來，我們的機隊份額將會下降，而我們將專注於零售市場份額。

To achieve that, we have begun to accelerate our pace of new product introductions.

為了實現這一目標，我們已開始加快新產品推出的步伐。

Most recently with our new crossover vehicles, the Ford Edge and Lincoln MKX and coming soon are an upgraded version of the Escape and the Mariner, the new Super Duty truck, freshenings of the Ford Five Hundred, Freestyle, Montego and Focus, as well as the Mustang Shelby GT.

最近，我們推出了新款跨界車福特 Edge 和林肯 MKX，即將推出的還有 Escape 和 Mariner 的升級版、新型 Super Duty 卡車、福特 500、Freestyle、Montego 和 Focus 的更新版本，以及野馬謝爾比GT 。

And this pace of new product introduction is consistent with a plan to replace or significantly freshen 70% of the product line-up in North America by 2008.

這種新產品推出的步伐與到 2008 年更換或大幅更新北美 70% 產品線的計劃是一致的。

Now slide 15 tracks our progress in achieving our employment reduction goals.

現在幻燈片 15 跟踪我們在實現減少就業目標方面取得的進展。

As of the end of December, we reduced our salaried equivalent positions to 37,700.

截至 12 月底，我們將同等薪資職位減少至 37,700 人。

That is a reduction of 4800 since year-end 2005.

自 2005 年底以來，減少了 4800 人。

We expect to achieve most of the remaining reductions early this year.

我們預計將在今年年初實現大部分剩餘削減。

December 31 hourly employment, excluding ACH, was 77,900 and that is a reduction of 7700 from the end of 2005.

截至 12 月 31 日，每小時就業人數（不包括 ACH）為 77,900 人，比 2005 年底減少了 7700 人。

Our plan is to operate with 55,000 to 60,000 employees by the end of 2008.

我們的計劃是到 2008 年底擁有 55,000 至 60,000 名員工。

We are on track to achieve this and a further 7000 people have left already this month.

我們正在努力實現這一目標，本月已有 7000 人離開。

There were 11,100 ACH hourly employees at the end of last year.

截至去年底，ACH 小時工人數為 11,100 名。

That's a reduction of 2800 since the end of 2005 and a further 1000 have already left this year.

自 2005 年底以來，已經減少了 2800 人，今年又有 1000 人離開。

Our plan is to sell or close all of the ACH facilities by the end of 2008 and to date, we have reached agreement in principle to sell three facilities and announced plans to close four additional facilities.

我們的計劃是在 2008 年底之前出售或關閉所有 ACH 設施，迄今為止，我們已原則上同意出售三處設施，並宣布計劃關閉另外四處設施。

In summary, we are on plan in all these areas.

總而言之，我們在所有這些領域都在按計劃進行。

Slide 16 shows our maximum installed assembly capacity and our straight-time manned capacity and changes since the year-end 2005.

幻燈片 16 顯示了我們的最大裝機裝配能力以及自 2005 年底以來的實時載人能力和變化。

And since then, we have reduced our maximum installed capacity to 4.1 million units, down 700,000 and our straight-time manned capacity 3.4 million units and by the end of 2008, we will reduce our maximum installed capacity to 3.6 million and that is with all plants assumed to operate on two shifts and our actual straight-time manned capacity by year-end 2008 is projected to be 3 million.

從那時起，我們將最大裝機容量減少到410萬台，減少了70萬台，連續載人容量為340萬台，到2008年底，我們將把最大裝機容量減少到360萬台，這是所有假設工廠實行兩班制，到2008 年底，我們的實際直線載人產能預計將達到300 萬。

That is about equal to our projected sales.

這大約等於我們預計的銷售額。

The Wixom assembly plant is scheduled to stop production in the second quarter of this year.

威克瑟姆組裝廠計劃於今年第二季度停產。

Beginning of January this year, we eliminated shifts at Norfolk and Twin Cities and later this year, we will idle the Norfolk assembly plant and eliminate shifts at St. Thomas and Michigan Truck.

今年一月初，我們取消了諾福克和雙城的輪班，今年晚些時候，我們將閒置諾福克裝配廠，並取消聖托馬斯和密歇根卡車的輪班。

And we will be adding a third crew at the Dearborn Truck Plant.

我們將在迪爾伯恩卡車工廠增加第三名工作人員。

Reducing our manned capacity in this manner allows us to achieve major cost savings while allowing plant idlings to be coordinated with product changes, which we believe is the best economic approach for us and by the end of the decade, our maximum installed capacity will be reduced so that it closely matches our projected vehicle sales.

以這種方式減少我們的載人容量使我們能夠節省大量成本，同時允許工廠空轉與產品變化相協調，我們認為這對我們來說是最好的經濟方法，到本世紀末，我們的最大裝機容量將減少因此它與我們預計的車輛銷量非常匹配。

Slide 17 shows our cost performance in North America, which was $1.4 billion for the year and our plan for 2008 is to reduce our annual operating cost by $5 billion compared with 2005.

幻燈片 17 顯示了我們在北美的成本績效，當年為 14 億美元，我們 2008 年的計劃是比 2005 年減少 50 億美元的年度運營成本。

Much of these savings will be associated with our personnel reductions and capacity reductions and we will make further progress toward that goal this year.

其中大部分節省將與我們的人員削減和產能削減有關，今年我們將在實現這一目標方面取得進一步進展。

As previously discussed, our cost reduction efforts will not stop in 2008.

正如之前所討論的，我們的成本削減努力在 2008 年不會停止。

They will continue.

他們將繼續。

Although the make-up of the reductions will likely change over time with more of the cost reductions coming from our product and purchased material costs.

儘管隨著時間的推移，成本削減的構成可能會發生變化，更多的成本削減來自我們的產品和採購材料成本。

Now onto South America and slide 18.

現在轉到南美洲並查看幻燈片 18。

Fourth-quarter wholesales were 106,000 units.

第四季度批發量為 106,000 台。

That is up 17,000.

增加了 17,000。

Full-year sales were 381,000, up 46,000, primarily reflecting stronger industry volumes.

全年銷量為 381,000 輛，增長 46,000 輛，主要反映了行業銷量的強勁增長。

For the fourth quarter, revenue was $1.7 billion compared with $1.3 billion in '05 and full-year revenue was $5.7 billion, up $1.3 billion and both increases reflected higher vehicle volume, a stronger Brazilian currency and favorable pricing.

第四季度的收入為17 億美元，而05 年為13 億美元，全年收入為57 億美元，增加了13 億美元，這兩項增長都反映了汽車銷量的增加、巴西貨幣的走強和有利的定價。

South America posted a pretax profit of $114 million in the fourth quarter, down slightly from a year ago.

南美洲第四季度稅前利潤為1.14億美元，較去年同期略有下降。

And the full-year pretax profits were $551 million.

全年稅前利潤為5.51億美元。

That is an increase of $152 million and the increase in profits is explained by higher volumes and that was partly offset by unfavorable exchange.

增加了 1.52 億美元，利潤的增加是由於銷量增加，但部分被不利的匯率所抵消。

And we had a good year in Ford of Europe.

我們在歐洲福特度過了美好的一年。

In the fourth quarter, wholesales were 494,000 units, up 22,000.

第四季度批發量為49.4萬台，同比增加2.2萬台。

Fourth-quarter marketshare was 8.3 and that is up 4/10 of a point compared with 2005.

第四季度的市場份額為 8.3，比 2005 年增長了 4/10 個百分點。

Revenue was $8.8 billion, up $900 million and the fourth-quarter profit of $232 million was an improvement of $208 million compared with a year ago and that is primarily explained by higher volume.

收入為 88 億美元，增加 9 億美元，第四季度利潤為 2.32 億美元，比去年同期增加 2.08 億美元，這主要是由於銷量增加。

And for the full year, profits were $469 million; $396 million better than 2005.

全年利潤為 4.69 億美元；比 2005 年增加 3.96 億美元。

In the fourth-quarter and full-year results included the favorable impact of about $90 million from several non-recurring factors that individually were immaterial, but were largely all in the same direction.

在第四季度和全年業績中，幾個非經常性因素帶來了約 9,000 萬美元的有利影響，這些因素單獨而言並不重要，但基本上都朝著同一方向發展。

Now P.A.G., fourth-quarter wholesales were 200,000 units.

現在 P.A.G. 第四季度的批發量為 200,000 台。

That is up 4000 from 2005.

比 2005 年增加了 4000 個。

In the fourth quarter, U.S. P.A.G. share was 1.1%.

第四季度，美國 P.A.G.份額為1.1%。

That is down 1/10 from 2005, primarily at Volvo.

這比 2005 年下降了 1/10，主要是沃爾沃。

Fourth- quarter Europe P.A.G. marketshare was 2.3, equal to a year ago and the revenue was $8.6 billion, up more than $600 million from the year ago, reflecting primarily increases at Volvo and positive mix at Jaguar.

第四季度歐洲 P.A.G.市場份額為 2.3，與去年同期持平，收入為 86 億美元，比去年同期增長超過 6 億美元，主要反映了沃爾沃的增長和捷豹的積極組合。

Fourth-quarter pretax profits were $191 million.

第四季度稅前利潤為 1.91 億美元。

That is $129 million better than a year ago and the improvement primarily reflects favorable volume and mix at Volvo due to the new product introductions, as well as favorable pricing at Jaguar and Land Rover and these were partly offset by the effect of a weaker U.S. dollar against the European currencies.

這比一年前增加了1.29 億美元，這一增長主要反映了沃爾沃因新產品推出而帶來的良好銷量和產品組合，以及捷豹和路虎的優惠定價，而這些在一定程度上被美元疲軟的影響所抵消。兌歐洲貨幣。

Full-year results were a loss of $327 million, $238 million worse than in 2005 and the decline is more than explained by prior model warranty accrual adjustments at Jaguar and Land Rover, as well as unfavorable currency exchange.

全年業績虧損 3.27 億美元，比 2005 年虧損 2.38 億美元，而虧損的主要原因是捷豹和路虎之前的車型保修應計調整以及不利的貨幣兌換。

Those declines were partly offset by cost reductions and favorable mix and pricing.

這些下降部分被成本降低以及有利的產品組合和定價所抵消。

Now onto Asia-Pacific, Africa and Mazda.

現在進入亞太地區、非洲和馬自達。

Fourth-quarter results were a loss of $84 million and for the full year, we lost $17 million.

第四季度業績虧損 8400 萬美元，全年虧損 1700 萬美元。

We will cover Asia-Pacific more on the next slide.

我們將在下一張幻燈片上詳細介紹亞太地區。

Mazda continues to perform well and for the fourth quarter, we earned $51 million from our investment in Mazda and associated operations and for the full year, we earned $168 million.

馬自達繼續表現良好，第四季度，我們從馬自達及相關業務的投資中賺取了 5100 萬美元，全年賺取了 1.68 億美元。

The full-year decline of $87 million is more than explained by the non-recurrence of gains on our investment in Mazda convertible bonds in 2005.

全年下降 8700 萬美元的原因是我們 2005 年投資馬自達可轉換債券不再產生收益。

Now on slide 22 on Asia-Pacific, wholesales were up slightly versus 2005.

現在在第 22 張幻燈片上，亞太地區的批發量比 2005 年略有增長。

Volume increases in China and India were partly offset by declines in other markets, mainly in Taiwan and Australia.

中國和印度的銷量增長部分被其他市場（主要是台灣和澳大利亞）的下滑所抵消。

Excluding the volume growth in China, which is not included in our consolidated revenue, our wholesales would have been down by 10,000 units.

如果不計入我們合併收入中的中國銷量增長，我們的批發量將會減少 10,000 台。

For the full year, wholesales increased by 44,000 units compared with 2005 and volume increases of about 90% in China and India were partly offset by volume declines, mainly in Taiwan and Australia.

全年批發量比 2005 年增加了 44,000 台，中國和印度的銷量增長了約 90%，但部分被銷量下降（主要是台灣和澳大利亞）所抵消。

Revenue was $400 million below 2005 in the fourth quarter mainly reflecting the lower volumes, adverse exchange and mix.

第四季度的收入比 2005 年低 4 億美元，主要反映了銷量下降、不利的交易和組合。

The Asia-Pacific reported a loss of $135 million in the fourth quarter and that is $96 million worse than 2005, reflecting adverse volume and mix, as well as exchange, partly offset by favorable cost reductions.

亞太地區第四季度虧損 1.35 億美元，比 2005 年虧損 9,600 萬美元，反映了不利的數量和組合以及交易，但部分被有利的成本削減所抵消。

Slide 23 shows automotive cash and cash flow.

幻燈片 23 顯示了汽車現金和現金流。

As Alan mentioned, we ended the year with cash of $33.9 billion.

正如艾倫提到的，我們年底的現金為 339 億美元。

That is an increase of $10.3 billion compared with September 30 and an increase of $8.8 billion compared with year-end 2005.

與 9 月 30 日相比增加了 103 億美元，與 2005 年底相比增加了 88 億美元。

That includes $12 billion of financing that we completed in December.

其中包括我們 12 月份完成的 120 億美元融資。

Operating cash flow was $1.8 billion negative for the quarter and $5.6 billion negative for the full year.

本季度運營現金流為負 18 億美元，全年運營現金流為負 56 億美元。

The full-year change includes net spending of about $300 million favorable and working capital changes of about $2 billion unfavorable and this reflected lower production volumes on Accounts Payables, the effect on our inventory of having several new product launches at year-end and the changes in our value-added tax receivables collection process in Europe.

全年變化包括約 3 億美元的有利淨支出和約 20 億美元不利的營運資本變化，這反映了應付賬款產量的下降、年底推出的幾款新產品對我們庫存的影響以及變化我們在歐洲的增值稅應收賬款徵收流程。

Pension payment timing differences were $1.3 billion favorable for the full year.

養老金支付時間差異為 13 億美元，對全年有利。

Separation programs were an outflow or $1.2 billion and we contributed $800 million to our pension plans worldwide.

離職計劃導致資金外流，即 12 億美元，而我們向全球養老金計劃貢獻了 8 億美元。

Earlier this year, we indicated our plan to draw down our retiree VEBA over time and that had a favorable impact of $3.4 billion on our cash for the full year.

今年早些時候，我們表示計劃逐步提取退休人員 VEBA，這對我們全年的現金產生了 34 億美元的有利影響。

On slide 24, we show our liquidity position at the end of last year and as Alan mentioned, we are beginning this period of extensive restructuring with a strong liquidity position.

在幻燈片 24 中，我們展示了去年年底的流動性狀況，正如艾倫提到的，我們正以強勁的流動性狀況開始這一大規模重組時期。

Including our cash and credit lines, that amounted to $46 billion.

包括我們的現金和信貸額度在內，總計達 460 億美元。

This level of liquidity is higher than we previously anticipated due to somewhat improved automotive cash flow in the fourth quarter and a strong market acceptance of the recent capital market actions.

由於第四季度汽車現金流有所改善以及市場對近期資本市場行動的強烈接受，這一流動性水平高於我們之前的預期。

This allowed us to increase the size of our convertible notes and bank revolver offering.

這使我們能夠增加可轉換票據和銀行左輪手槍發行的規模。

In addition, we have $3 billion in our long-term VEBA, which is accessible over time and as we announced previously, we are continuing to pursue the sale of Aston Martin and APCO.

此外，我們還有 30 億美元的長期 VEBA，隨著時間的推移，這些資金是可以使用的，正如我們之前宣布的，我們將繼續尋求出售阿斯頓·馬丁和 APCO。

Now let's turn to financial services.

現在讓我們轉向金融服務。

Earnings at Ford Credit were $406 million in the fourth quarter at $76 million down from 2005 and for full year, Ford Credit earned over $1.9 billion and that is down $970 million.

福特信貸公司第四季度的盈利為 4.06 億美元，比 2005 年下降了 7,600 萬美元；福特信貸公司全年盈利超過 19 億美元，比 2005 年下降了 9.7 億美元。

Other Financial Services reported earnings of $10 million for the fourth quarter and $13 million for the full year.

其他金融服務公司報告第四季度盈利 1000 萬美元，全年盈利 1300 萬美元。

Slide 26 covers the change in Ford Credit's pretax profit for the fourth quarter compared with 2005 and the decrease in earnings primarily reflected higher borrowing costs and higher depreciation expense, partly offset by mark-to-market valuations on our derivative portfolio.

第26 張幻燈片涵蓋了福特信貸第四季度稅前利潤與2005 年相比的變化，收益的下降主要反映了借貸成本的增加和折舊費用的增加，部分被我們衍生品投資組合的按市價估值所抵消。

Bankruptcy filings, repossession ratios and loss of receivables ratio all improved compared with the same period last year and we ended the year with managed receivables at $148 billion and that is down $2 billion from a year ago.

與去年同期相比，破產申請、收回率和應收賬款損失率均有所改善，年底我們管理的應收賬款為 1,480 億美元，比去年同期減少了 20 億美元。

Now slide 27 provides an update on our pension plan.

現在幻燈片 27 提供了我們養老金計劃的最新情況。

Worldwide, 2006 pension expense, excluding special items, was $1.4 billion, up $200 million from 2005, reflecting lower discount rates and lower expected asset returns.

全球範圍內，2006年養老金支出（不包括特殊項目）為14億美元，比2005年增加2億美元，反映出較低的貼現率和較低的預期資產回報。

Year-end 2006, our U.S. funded plans were overfunded by $1.2 billion and worldwide, our pension plans were underfunded by about $8 billion, an improvement of $2.4 billion from year-end 2005.

2006 年底，我們的美國資助計劃資金過剩了 12 億美元，而在全球範圍內，我們的養老金計劃資金不足約 80 億美元，比 2005 年底減少了 24 億美元。

Slide 28 provides information on OPEB and excluding special items, our 2006 OPEB expense was $2.1 billion and that is down $700 million reflecting improvements associated with our salaried benefit plan and our retiree healthcare agreement with the UAW.

幻燈片28 提供了有關OPEB 的信息，不包括特殊項目，我們2006 年OPEB 支出為21 億美元，減少了7 億美元，反映出我們的工資福利計劃以及與UAW 的退休人員醫療保健協議相關的改進。

Not shown on the slide, total U.S. healthcare expense, including active employees, was $3.1 billion or about $1200 per vehicle.

幻燈片中未顯示，美國醫療保健總費用（包括在職員工）為 31 億美元，即每輛車約 1200 美元。

Retiree benefit payments were $1.5 billion in 2006 and the VEBA balance was $4.9 billion at year-end 2006.

2006 年退休人員福利金為 15 億美元，2006 年底 VEBA 餘額為 49 億美元。

Of this, $1.8 billion is available to be used within the 18 months -- next 18 months to pay for retiree benefits as included in our automotive cash.

其中，18 億美元可在 18 個月內使用，即未來 18 個月，用於支付我們汽車現金中包含的退休人員福利。

And at year-end 2006, our OPEB plans had a funding shortfall of $25.9 billion and that is a $6.9 billion improvement from 2005.

截至 2006 年底，我們的 OPEB 計劃資金缺口為 259 億美元，比 2005 年減少了 69 億美元。

Slide 29 summarizes the results of our planning assumptions and operational metrics.

幻燈片 29 總結了我們的規劃假設和運營指標的結果。

Total industry sales were 17.1 million in the U.S. and 17.8 million in the 19 markets that we track in Europe.

美國的行業總銷量為 1710 萬輛，我們跟踪的歐洲 19 個市場的行業總銷量為 1780 萬輛。

And on the operational metrics, we improved our current model quality performance and our marketshare was down in the U.S. and several other markets.

在運營指標上，我們提高了當前模型的質量表現，但我們在美國和其他幾個市場的市場份額有所下降。

Europe and Asia-Pacific and Africa were flat.

歐洲、亞太地區和非洲持平。

Our cost performance was $1.4 billion favorable.

我們的成本效益為 14 億美元。

Capital expenditures were $6.8 billion and year-end cash was $33.9 billion and excluding the proceeds of our recent financing, our year-end cash would have been about $22 billion.

資本支出為 68 億美元，年終現金為 339 億美元，如果不包括我們最近融資的收益，我們的年終現金約為 220 億美元。

On slide 30, you can see that the results for all our business segments are in-line with the outlook we provided at the third-quarter earnings review.

在幻燈片 30 上，您可以看到我們所有業務部門的業績都與我們在第三季度收益審查中提供的前景一致。

Now I will spend a few minutes on our 2007 outlook.

現在我將花幾分鐘時間展望 2007 年。

And if you go to slide 32, that shows our planning assumptions and metrics and we are expecting total industry sales in the U.S. to be about 16.8 million and 17.6 million for Europe.

如果您查看幻燈片 32，就會看到我們的規劃假設和指標，我們預計美國的行業總銷售額約為 1680 萬輛，歐洲為 1760 萬輛。

We expect the industry pricing environment to continue to be tough in the U.S.

我們預計美國的行業定價環境將繼續嚴峻。

We expect to continue to improve our quality and on marketshare, we plan to reduce fleet shares in the U.S., but new product introductions should allow us to stabilize retail share in the U.S. and grow share in most other regions.

我們希望繼續提高我們的質量和市場份額，我們計劃減少在美國的機隊份額，但新產品的推出應該使我們能夠穩定在美國的零售份額並增加在大多數其他地區的份額。

We plan to continue to reduce costs during 2007 and we are on track to deliver $5 billion of cost reductions in North America compared with 2005 by the end of next year.

我們計劃在 2007 年繼續降低成本，到明年年底，我們有望在北美實現比 2005 年減少 50 億美元的成本。

We have defined previously that during 2007 to 2009, cumulative automotive-related cash outflows would be about $10 billion and restructuring expenditures would be about $7 billion.

我們之前定義，2007年至2009年，汽車相關現金流累計流出約為100億美元，重組支出約為70億美元。

We also have said that we expect over half of this $17 billion cash outflow will occur this year.

我們還表示，預計這 170 億美元現金流出的一半以上將發生在今年。

These cash outflows include our plans to continue to invest in new products at about the same level we have over the last several years or about $7 billion annually.

這些現金流出包括我們計劃繼續以與過去幾年相同的水平投資新產品，即每年約 70 億美元。

Slide 33 describes how our costs will be changing in 2007 by major category.

幻燈片 33 按主要類別描述了 2007 年我們的成本將如何變化。

We expect commodity costs to increase this year by about $1 billion.

我們預計今年商品成本將增加約 10 億美元。

We expect regulatory compliance costs, particularly those for diesel emissions, to continue to increase for the year.

我們預計今年的監管合規成本，尤其是柴油排放成本將繼續增加。

The advertising costs should be about flat and all other costs will be declining, driven largely by structural improvements and other product cost efficiencies.

廣告成本應該基本持平，所有其他成本都將下降，這主要是由於結構改進和其他產品成本效率的推動。

Slide 34 shows our 2007 outlook by operation.

幻燈片 34 按業務展示了我們 2007 年的展望。

We expect improved results in North America, but we will still incur a substantial loss there this year.

我們預計北美地區的業績會有所改善，但今年我們仍將在該地區遭受重大損失。

Losses are also expected in Asia-Pacific and Africa.

預計亞太地區和非洲也會出現損失。

We expect P.A.G. to be profitable this year and we also should see continuing improvement in results from South America, Europe and Mazda.

我們預計 P.A.G.今年要實現盈利，我們還應該看到南美、歐洲和馬自達的業績持續改善。

In total, we expect that results from our automotive operations before interest will improve from last year.

總的來說，我們預計利息前汽車業務的業績將比去年有所改善。

Net interest expense, however, will be unfavorable and that primarily reflects the impact of the new debt, as well as the absence of tax-related interest income.

然而，淨利息支出將是不利的，這主要反映了新債務的影響以及缺乏與稅收相關的利息收入。

Total automotive results, therefore, are expected to be worse in 2007 than in 2006.

因此，預計 2007 年汽車行業整體業績將比 2006 年更差。

Now the next slide, slide 35, starts with a total automotive and goes from there down to net income.

現在下一張幻燈片，即幻燈片 35，從汽車總量開始，然後到淨利潤。

In 2007, Ford Credit's pretax profits are expected to be substantially lower than in 2006 due to margin and volume pressures, as well as lower credit loss reserve releases.

由於利潤率和銷量壓力以及信貸損失準備金釋放的減少，2007年福特信貸公司的稅前利潤預計將大幅低於2006年。

Also beginning this year, Ford Credit will suspend dividends to Ford.

同樣從今年開始，福特信貸將暫停向福特派發股息。

Year-end managed receivables will be in the range of $140 billion to $145 billion, down from $148 billion at the end of last year.

年終管理的應收賬款將在 1,400 億至 1,450 億美元之間，低於去年年底的 1,480 億美元。

Total pretax results, excluding special items, will be worse than in 2006.

不包括特殊項目的稅前總業績將比 2006 年更差。

And as we have mentioned before, we will no longer record tax offsets with the bulk of our losses and we expect our overall taxes to be around zero or possibly even an expense this year until we return to sustained profitability.

正如我們之前提到的，我們將不再記錄大部分虧損的稅收抵銷，我們預計今年的總體稅收將為零左右，甚至可能成為支出，直到我們恢復持續盈利。

The profit impact of special items, however, is expected to be substantially less than in 2006 and should be in the range of $1 billion to $2 billion, excluding any gains or losses from the sale of operations.

然而，特殊項目對利潤的影響預計將大大低於 2006 年，應在 10 億至 20 億美元之間，不包括出售業務的任何損益。

And including the impact of special items, we expect our net results to be substantially better than in 2006.

考慮到特殊項目的影響，我們預計我們的淨利潤將大大好於 2006 年。

Slide 36 provides some further information on our plan by quarter.

幻燈片 36 提供了有關我們按季度計劃的更多信息。

We expect U.S. marketshare to be down compared with 2006 through the third quarter reflecting lower fleet sales.

我們預計截至第三季度美國市場份額將比 2006 年有所下降，反映出車隊銷量下降。

As we indicated late last year, North American production is expected to be down through the first half of 2007, which should increase somewhat in the second half.

正如我們去年年底指出的那樣，北美產量預計將在 2007 年上半年下降，而在下半年將有所增加。

During the third quarter of 2006, we realized over $600 million of favorable tax-related interest.

2006 年第三季度，我們實現了超過 6 億美元的稅收優惠利息。

This is not expected to repeat in 2007.

預計 2007 年這種情況不會重演。

The structural cost reductions will grow during the year as personnel are separated, plants are idled and capacity is reduced.

隨著人員離職、工廠閒置和產能減少，結構性成本削減將在年內進一步擴大。

On the tax front during 2006, our pretax losses were reduced by tax offsets into the third quarter, but during this year, as I mentioned, there will be essentially no tax offsets.

在稅收方面，2006年，我們的稅前虧損在第三季度通過稅收抵免而減少，但今年，正如我提到的，基本上不會有稅收抵免。

In total, consistent with what we have been saying, we expect U.S. marketshare and most earnings comparisons will be tough for the next three quarters.

總的來說，與我們所說的一致，我們預計未來三個季度美國市場份額和大多數盈利比較將很困難。

Slide 37 covers our production plans for the first quarter in the North America.

幻燈片 37 介紹了我們在北美第一季度的生產計劃。

We're scheduling 740,000 units and that is a 10,000 unit reduction from the previously announced level of 750,000 units.

我們計劃生產 740,000 台，比之前宣布的 750,000 台減少了 10,000 台。

Ford Europe -- looking for 520,000 units.

福特歐洲——尋求 520,000 輛。

That is up 29,000 from a year ago and for P.A.G., we expect first-quarter production of about 210,000 units, up 15,000 from 2006.

這比去年同期增加了 29,000 輛，對於 P.A.G. 來說，我們預計第一季度的產量約為 210,000 輛，比 2006 年增加 15,000 輛。

Now I will turn it back to Alan.

現在我將把它轉回給艾倫。

Thank you, Don.

謝謝你，唐。

Before we take your questions, I'd like to close by reiterating our four key priorities.

在回答大家的問題之前，我想重申我們的四個關鍵優先事項。

First, continuing the aggressive restructuring of our automotive business.

首先，繼續積極重組我們的汽車業務。

This requires taking dramatic steps, which have already begun.

這需要採取重大步驟，而這些步驟已經開始。

In 2007, this will mean further progress on reducing our operating costs while also strengthening our presence in key segments, such as our crossovers and our passenger cars.

2007 年，這將意味著我們在降低運營成本方面取得進一步進展，同時加強我們在跨界車和乘用車等關鍵領域的影響力。

Second, we will continue to focus on our product development and manufacturing efforts.

其次，我們將繼續專注於產品開發和製造工作。

A top priority will be the development of a truly global product plan, one that takes full advantage of our global assets and resources.

首要任務是製定一項真正的全球產品計劃，充分利用我們的全球資產和資源。

As the Company moves faster to build cars and trucks people want and value, we will reduce the complexity of our vehicles by having fewer engine and transmission combinations, fewer platforms and more top hats and as we make our investments in new products, we will continue to improve our production systems' quality, productivity and flexibility.

隨著公司更快地生產人們想要和重視的汽車和卡車，我們將通過減少發動機和變速箱組合、更少的平台和更多的頂帽來降低車輛的複雜性，並且隨著我們對新產品的投資，我們將繼續提高我們生產系統的質量、生產力和靈活性。

Our third priority is the one we have accomplished, funding our plan.

我們的第三個優先事項是我們已經完成的優先事項，即為我們的計劃提供資金。

Going forward, we will ensure that capital is used wisely and always with an eye towards creating value for our shareholders.

展望未來，我們將確保資本得到明智使用，並始終著眼於為股東創造價值。

Finally, we will remain focused on teamwork, responsibility and accountability.

最後，我們將繼續關注團隊合作、責任和問責。

The core values of our fourth priority working together.

我們第四個優先事項的核心價值觀是共同努力。

This means a continuous focus on how our progress measures up against our promises and on what we must do to deliver even greater improvement going forward.

這意味著我們要持續關注我們的進展如何兌現我們的承諾，以及我們必須採取哪些措施來實現更大的改進。

In summary, we know where we are.

總而言之，我們知道我們在哪裡。

We are dealing with it and we are on plan.

我們正在處理這個問題，並且正在按計劃進行。

With that, we would like to take your questions.

就此，我們願意回答您的問題。

Thank you.

謝謝。

Thank you, Alan.

謝謝你，艾倫。

Ladies and gentlemen, we are going to start the Q&A session now.

女士們、先生們，我們現在開始問答環節。

We have about an hour for the Q&A.

我們有大約一個小時的問答時間。

We will begin with questions from the investment community and then take questions from the media who are also on the call.

我們將從投資界的問題開始，然後回答參加電話會議的媒體的問題。

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

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

So with that, Cindy, can we please have the first question?

那麼，Cindy，我們可以問第一個問題嗎？

Rod Lache, Deutsche Bank.

羅德·拉什，德意志銀行。

I have got two for Don and one for Alan.

我有兩份給唐，一份給艾倫。

Just really quickly, Don, you had previously given a walk from 2006 to 2009 and it looks like the starting point now is closer to $6 billion loss in North America versus -- I think you had previously walked from $5 billion.

很快，唐，您之前已經從 2006 年走到了 2009 年，現在的起點看起來更接近北美的 60 億美元損失，而我認為您之前是從 50 億美元開始的。

Can you give us a little bit of an update on that?

您能給我們介紹一下最新情況嗎？

And there has been some talk about bidding activity on some of these ACH facilities like Sterling.

還有一些關於 Sterling 等 ACH 設施競標活動的討論。

Can you elaborate on what is happening as far as resolving those issues?

您能否詳細說明解決這些問題的進展情況？

And thirdly, Alan, do you have any preliminary thoughts on these proposals from the President on healthcare taxes and these CAFE moves?

第三，艾倫，您對總統關於醫療保健稅的這些提議以及 CAFE 的這些舉措有什麼初步想法嗎？

Do they have any bearing on your thinking strategically as far as healthcare or cost savings?

它們對您在醫療保健或節省成本方面的戰略思考有影響嗎？

You bet.

你打賭。

We will start with Don.

我們將從唐開始。

We will go in order.

我們將按順序進行。

Rod, we showed that chart on our -- I think November 14 conference call and at that time, we were in fact forecasting just about this same level of loss in North America.

羅德，我們在 11 月 14 日的電話會議上展示了該圖表，當時我們實際上預測北美的損失水平大致相同。

As you may recall, we had some bars that had numbers in them and we had some bars that didn't and that first bar in '06 actually was slightly more than $6 billion loss.

您可能還記得，我們有一些柱狀圖中有數字，也有一些柱狀圖中沒有數字，06 年的第一根柱狀圖實際上損失略高於 60 億美元。

So actually since that time, things have gotten just a little bit better, mainly on the cost side and it is very consistent with what we have said.

事實上，從那時起，情況有所好轉，主要是在成本方面，這與我們所說的非常一致。

So our plan going from '06 to '09 achieving profitability is essentially as it was.

所以我們從 06 年到 09 年實現盈利的計劃基本上是這樣的。

So to repeat, the '06 number that we showed on that chart was about $6 billion loss for North America.

重複一遍，我們在該圖表上顯示的 06 年數字是北美損失約 60 億美元。

And you had $3.6 billion going forward as the planned cost savings?

您未來計劃節省 36 億美元的成本嗎？

You had five in total and now you're saying that it is $1.4 billion was in 2006 already?

你總共有五個，現在你說 2006 年已經有 14 億美元了？

So 3.6 billion going forward?

那麼未來36億是多少？

And on that chart, we had showed $4 billion and now if you stay exactly with the arithmetic, it is $3.6 billion.

在那張圖表上，我們顯示了 40 億美元，現在如果你嚴格按照算術計算的話，那就是 36 億美元。

But I have to tell you that Mark Fields and his team has a plan to get to profitability in '09 and we have been through it time and again.

但我必須告訴你，Mark Fields 和他的團隊有一個在 09 年實現盈利的計劃，我們已經一次又一次地經歷過這個計劃。

We go through it with Alan every Thursday as you know and it is right there and we are on track.

如你所知，我們每週四都會與艾倫一起進行討論，結果就在那裡，我們正在步入正軌。

Now on ACH, as I mentioned, we have reached agreement in principle to sell three of those businesses and we have announced the closure of four other locations.

現在，正如我提到的，在 ACH 上，我們已原則上達成協議，出售其中三項業務，並宣布關閉其他四個地點。

That puts us almost halfway through that.

這使我們幾乎完成了一半。

We are having discussions with several suppliers and we really don't want to go any more into it than that, but when we have something to share with you, we will share it.

我們正在與幾家供應商進行討論，我們真的不想再深入討論，但當我們有東西要與您分享時，我們會分享。

Rod, on your question about the State of the Union message, we will clearly continue to evaluate exactly what that would mean to us, but I would like to give you or be pleased to give you my initial reaction.

羅德，關於你關於國情咨文信息的問題，我們顯然將繼續準確評估這對我們意味著什麼，但我想或很高興向你提供我的初步反應。

On the healthcare, it looks like, with the $15,000 deduction that is in the proposal, that we would not be hurt by that.

在醫療保健方面，提案中扣除了 15,000 美元，看來我們不會因此受到傷害。

On the positive side of that, I think it is terrific, like all of us believe, that the administration is trying to move forward to deal with this very important piece of our competitiveness and we are absolutely committed to working with the administration on improving our competitiveness for all manufacturing in the United States.

從積極的一面來看，我認為正如我們所有人所相信的那樣，政府正在努力解決我們競爭力中這一非常重要的部分，這是非常棒的，我們絕對致力於與政府合作，改善我們的競爭力。美國所有製造業的競爭力。

On the energy policy, we are very pleased with the way the President presented that by looking at a total reduction on oil without getting into the specifics on how we would do that as far as the CAFE rule.

在能源政策方面，我們對總統提出的方式感到非常滿意，他考慮了石油總量的減少，但沒有詳細說明我們將如何根據 CAFE 規則做到這一點。

Clearly with the amount -- the number that he put out, it would be very aggressive if you accomplished all of that with just a fuel mileage increase each year, but he also committed that he believes the right way to do that is to have the Department of Transportation and the experts and the automobile industry really determine what we can do with all of our investment in enabling technology and then make a reasonable proposal going forward.

顯然，從他給出的數字來看，如果你通過每年增加燃油里程來實現所有這些目標，那將是非常激進的，但他也承諾，他認為做到這一點的正確方法是讓交通部、專家和汽車行業真正確定了我們可以用我們在支持技術上的所有投資做什麼，然後提出合理的建議。

So again, we are committed to working with them and we think we have room there to develop a viable improvement plan that doesn't hurt us.

因此，我們再次致力於與他們合作，我們認為我們有空間制定可行的改進計劃，不會對我們造成傷害。

Himanshu Patel, JPMorgan.

希曼舒·帕特爾，摩根大通。

Three questions as well.

還有三個問題。

First one for Alan.

第一個是艾倫的。

Alan, you have set up a decent amount of liquidity now.

艾倫，你現在已經建立了相當數量的流動性。

I am wondering would you be interested in using some of that liquidity to engage in a deal with the union whereby you potentially would buy out the healthcare benefits?

我想知道您是否有興趣利用其中一些流動性與工會達成協議，從而您可能會買斷醫療保健福利？

Number two, for Don on the cash flow statement, just a little bit more color on what the big cash inflow source was on other payment timing differences?

第二，對於現金流量表中的唐來說，只是對其他付款時間差異的主要現金流入來源有更多的了解嗎？

Was it incentive accruals or something else?

是應計獎勵還是其他什麼？

And then I guess a third one for Alan again.

然後我又猜第三個是艾倫的。

Sort of thoughts on Jaguar and Volvo now.

現在對捷豹和沃爾沃有一些想法。

Have you guys, after having looked at the business, any sense of what you would like to do with that going forward?

在研究了這項業務之後，你們是否知道未來想做什麼？

You bet.

你打賭。

Let's see if we can do this in the order that you asked them.

讓我們看看是否可以按照您要求的順序執行此操作。

On the healthcare and our liquidity, we believe we are in a really solid position on liquidity to handle not only the automotive losses, but the restructuring charges and to have a cushion to deal with unforeseen larger economic cycle events going forward.

在醫療保健和我們的流動性方面，我們相信我們的流動性處於非常穩固的地位，不僅可以應對汽車損失，還可以應對重組費用，並有緩衝來應對未來不可預見的較大經濟周期事件。

On the healthcare and specifically what we do with the union, we have -- in our dialogues, we have everything on the table, all the elements about competitiveness that we are talking to the UAW about and clearly some of the more recent agreements that people have made and have some pretty innovative features in it, like the arrangement with Goodyear and so we are clearly looking at all those and they will be in our dialogue on increasing our competitiveness with the UAW.

關於醫療保健，特別是我們與工會所做的事情，在我們的對話中，我們把一切都擺在桌面上，我們正在與美國汽車工人聯合會談論有關競爭力的所有要素，顯然還有人們最近達成的一些協議。我們已經做出了一些非常創新的功能，例如與固特異的安排，因此我們正在明確地關注所有這些，它們將參與我們關於提高與 UAW 競爭力的對話。

We have no specific plans to move that healthcare to the union.

我們沒有將醫療保健轉移到工會的具體計劃。

Don, do you want to take the second and I will come back?

唐，你想接受第二次，我會回來嗎？

Yes, the biggest piece of the expense and payment timing difference is pension and OPEB.

是的，最大的費用和付款時間差異是養老金和 OPEB。

That is normally what it is and that is what it is this year.

通常情況就是這樣，今年也是如此。

There are other things that tend to be more variable such as marketing reserve changes and warranty reserve, but the biggest piece of it is pension and OPEB.

還有其他因素往往變化較大，例如營銷儲備金變化和保修儲備金，但其中最大的部分是養老金和 OPEB。

Is there any sort of reversal on that in the next quarter, Don?

唐，下個季度會有任何逆轉嗎？

No, that will be a long time before that reverses, many years out in the future.

不，這需要很長一段時間才能逆轉，甚至是在未來很多年。

On our portfolio across the world, we are continuing to evaluate all the brands and their financial performance and projections, and we have made no additional decisions except for Aston Martin, which is proceeding on our schedule to divest of that good business this year.

在我們全球的投資組合中，我們正在繼續評估所有品牌及其財務業績和預測，除了阿斯頓·馬丁之外，我們沒有做出任何其他決定，阿斯頓·馬丁今年正按照我們的計劃剝離這項良好的業務。

On Jaguar and Land Rover and Volvo, I would like to comment though that we are very pleased with the progress that all three of those businesses are making, especially over this last year.

關於捷豹、路虎和沃爾沃，我想評論的是，我們對這三個業務所取得的進展感到非常滿意，特別是在去年。

They continue to improve.

他們不斷進步。

They've got a very good product lineup of Volvos coming back really strong.

他們擁有非常好的沃爾沃產品線，並且非常強勁地回歸。

Jaguar is making great progress on their cost structure, just also support their new product line.

捷豹在成本結構方面取得了巨大進步，同時也支持了他們的新產品線。

And, of course, Land Rover is doing very well.

當然，路虎的表現也非常好。

So even though some of them are coming back from a lost position, we are very pleased with their progress both on the quality of productivity and on the product development.

因此，儘管他們中的一些人從失敗中恢復過來，但我們對他們在生產力質量和產品開發方面取得的進步感到非常高興。

We will continue, as any good business, we will continue to look at our entire portfolio strategically and operationally going forward.

我們將繼續，就像任何優秀的企業一樣，我們將繼續從戰略和運營角度審視我們的整個投資組合。

But no additional decisions as of now.

但目前還沒有其他決定。

Jonathan Steinmetz, Morgan Stanley.

喬納森·斯坦梅茨，摩根士丹利。

A couple of questions.

有幾個問題。

First, a big picture one for Alan and then one for Don.

首先，給艾倫一張大圖，然後給唐一張。

Alan, I guess with $5 billion plus in automotive losses and you are talking about $3.6 billion of incremental cost cutting, sort of the math doesn't work through '08 anyway to get anywhere near profitability.

艾倫，我猜汽車損失超過 50 億美元，而您談論的是 36 億美元的增量成本削減，從某種角度來說，無論如何，在 08 年都無法實現盈利。

I am just wondering what you need to see to put out some additional cost-cutting targets, what extra information you need to gather here and how long you think that process takes?

我只是想知道您需要看到什麼才能製定一些額外的成本削減目標，您需要在這裡收集哪些額外信息以及您認為該過程需要多長時間？

Well, going back to where you started, our plan is to take out $5 billion by 2008, and then continue our cost reduction forever.

好吧，回到你開始的地方，我們的計劃是到 2008 年拿出 50 億美元，然後永遠繼續我們的成本削減。

And our plan, you mentioned 2008, I think you probably meant 2009.

還有我們的計劃，你提到2008年，我想你可能指的是2009年。

Our plan is to return to profitability in 2009.

我們的計劃是在 2009 年恢復盈利。

And as we discussed, we have taken about $1.4 billion up until now.

正如我們所討論的，到目前為止我們已經籌集了大約 14 億美元。

So we feel like we are right on plan through this year and next year to take out the $5 billion.

因此，我們認為今年和明年拿出 50 億美元的計劃是正確的。

The more that I review the details, the more confident I am that we can continue that cost reduction through 2009 and on.

我對細節審查得越多，就越有信心我們能夠在 2009 年及以後繼續降低成本。

Now, having said that, you know the operating mode that we have is to have a solid plan that we absolutely believe that we can deliver on.

現在，話雖如此，你知道我們的運營模式是有一個可靠的計劃，我們絕對相信我們可以實現。

And then you know every quarter every year, keep looking, keep identifying the risks and identifying the opportunities, mitigate the risks and keep looking for more opportunities to improve the plan incrementally.

然後你知道每年每個季度，繼續尋找，繼續識別風險和機會，減輕風險並繼續尋找更多機會來逐步改進計劃。

And I think over time, we are going to be able to do that.

我認為隨著時間的推移，我們將能夠做到這一點。

Don, on the credit company, I guess the provisions were about $30 million in the quarter; the charge-offs are almost $200 million.

唐，關於信貸公司，我猜該季度的準備金約為 3000 萬美元；沖銷額近2億美元。

You talked about that being unfavorable next year.

你談到明年的情況不利。

Can you give any clarity on how unfavorable we should expect that or where maybe that allowance account goes?

您能否明確說明我們應該預期這種情況有多不利，或者該津貼賬戶可能去向何處？

I mean is this going to start being a couple hundred million dollar a quarter line item on the provision side in all likelihood?

我的意思是，在供應方面，這是否很可能會成為每季度幾億美元的項目？

Yes, let me come back to one thing on that question you asked Alan just so we are clear, coming from the $5 billion automotive loss this year.

是的，讓我回到你問艾倫的問題上的一件事，這樣我們就清楚了，今年汽車業損失了 50 億美元。

That included a large one-time dealer inventory reduction in the fourth quarter that we don't expect to repeat.

其中包括第四季度經銷商庫存的一次性大幅削減，我們預計不會重複這種情況。

So the running rate that we are coming from for 2006 is not nearly good or bad as it seems.

因此，我們得出的 2006 年運行率並不像看起來那麼好或那麼壞。

And then you put on the cost reductions, the 3.6, plus the continued cost reductions in '09, and that is how that math works.

然後你加上成本削減，3.6，再加上 09 年持續的成本削減，這就是數學的運作方式。

And on your credit question, I am going to ask K.R. to answer that.

關於你的信用問題，我要問 K.R.來回答這個問題。

On the credit losses, they are a function of the portfolio quality, the servicing and collection practices and obviously the economic conditions.

就信用損失而言，它們是投資組合質量、服務和收款實踐以及經濟狀況的函數。

And over the last several years as we have improved the quality and improved our servicing and collection practices, you have seen the improvements we have had in the reserve itself.

在過去的幾年裡，隨著我們提高了質量並改進了我們的服務和收集實踐，您已經看到了我們在保護區本身方面所取得的進步。

Going forward, a lot of it depends on how the credit metrics continue to perform.

展望未來，很大程度上取決於信用指標的持續表現。

And the last couple of years, they have been performing very well.

在過去的幾年裡，他們的表現非常好。

It won't be as large as we've seen in the last couple of years, but it might be a little bit of an improvement but not very large.

它不會像我們過去幾年看到的那麼大，但可能會有一點改進，但​​不會很大。

Eric Selle, JPMorgan.

埃里克·塞勒，摩根大通。

Two follow-up questions.

兩個後續問題。

One, Himanshu's question on the buy-down of the healthcare, I was just wondering how has the union, Alan, received potential changes in the retiree healthcare given that the current contract does go through 2011?

第一，希曼舒（Himanshu）關於醫療保健購買的問題，我只是想知道，考慮到目前的合同確實要到 2011 年，艾倫（Alan）工會如何接受退休人員醫療保健方面的潛在變化？

I mean when it was done, it seemed like it was an untouchable and now it seems like it is an attainable goal.

我的意思是，當它完成時，它似乎是一個遙不可及的目標，而現在它似乎是一個可以實現的目標。

You bet.

你打賭。

Let me just make a comment and then I will ask Don for his opinion too for historical context.

讓我發表評論，然後我也會詢問唐對歷史背景的看法。

But we have continued to talk about this with the UAW and my understanding, Don, is over the last few years, we have made a lot of progress in the retiree healthcare area especially.

但我們繼續與美國汽車工人聯合會討論這個問題，據我了解，唐，在過去幾年裡，我們特別是在退休人員醫療保健領域取得了很大進展。

I am very pleased and positive with the UAW's response to working all the elements of continuing to improve our productivity and I am cautiously optimistic that it is going to be a big part of our negotiations this year.

我對 UAW 對繼續提高我們生產力的所有要素的反應感到非常高興和積極，我對這將成為我們今年談判的重要組成部分持謹慎樂觀的態度。

Don, you want to add anything else?

唐，你還想補充什麼嗎？

No, I don't think so, Alan.

不，我不這麼認為，艾倫。

Maybe that we have had a good and constructive dialogue with the union.

也許我們與工會進行了良好且建設性的對話。

That has been continuing.

這種情況一直在持續。

We have a number of things that we need to do and we both want to work together and our goal is to improve the competitiveness of Ford Motor Company here.

我們有很多事情需要做，我們都希望共同努力，我們的目標是提高福特汽車公司在這裡的競爭力。

That is about as much as we want to say about it now.

我們現在想說的就這麼多了。

That sounds great.

聽起來不錯。

And then the second question is on Ford Motor Credit.

第二個問題是關於福特汽車信貸的。

There was one line item, bullet point, to one of your slides back in the fourth quarter talking about Ford Motor Credit's profitability declining in '07, but increasing in 2008.

在第四季度的一張幻燈片中，有一個行項目（要點）談到福特汽車信貸公司的盈利能力在 07 年下降，但在 2008 年有所上升。

And as I look out, as the prior question, consumer losses are probably going to increase, the portfolio is going to shrink and financial margins are probably going to be lower.

正如我所看到的，正如前面的問題一樣，消費者損失可能會增加，投資組合將會收縮，財務利潤可能會降低。

What is going to offset that 2008 versus 2007 beyond the branch consolidation and people cut?

除了分支機構合併和裁員之外，還有什麼可以抵消 2008 年與 2007 年相比的影響呢？

I have got to think that there has to be a bigger swing number there.

我必須認為那裡必須有一個更大的擺動數。

There are a lot of things involved there and there certainly are improvements in operating costs and in 2007, we are in the process of doing the restructuring and then in 2008, you see the benefits of the restructuring.

其中涉及很多事情，運營成本肯定有所改善，2007 年，我們正在進行重組，然後在 2008 年，你會看到重組的好處。

So there is actually quite an improvement in operating costs from '07 to '08.

所以從07年到08年，運營成本實際上有了很大的改善。

But the main thing that drives the profits is we tend to price from Ford Credit to the auto company in arrears of the change in interest rates.

但推動利潤的主要因素是，我們傾向於從福特信貸向汽車公司定價，以拖欠利率變化。

So in a rising interest rate environment, the margins of the credit company get squeezed and then as interest rates stabilize, eventually the margins catch up.

因此，在利率上升的環境中，信貸公司的利潤受到擠壓，然後隨著利率穩定，利潤最終會趕上。

Then if interest rates go down, the interest rate -- because we price in arrears, margins will expand.

然後，如果利率下降，利率——因為我們以拖欠價格定價，利潤率將會擴大。

So that is what you're seeing there is a margin expansion in '08.

這就是您所看到的 08 年利潤率擴張的情況。

So basically it is like a raw material.

所以基本上它就像一種原材料。

It is sticky on the upside, but you'd benefit if it were to drop or stabilize as you pass that through to Ford --.

它的上行方向是粘性的，但如果當你將其傳遞給福特時它會下降或穩定，你就會受益。

'07 is the trough of profitability for Ford Credit.

07年是福特信貸盈利的低谷。

And is there any effort to move towards shoring up better financing potentially through the conduit program you guys have in Brazil?

是否有任何努力可以通過你們在巴西的渠道計劃來支持更好的融資？

Is there any thought to doing that in the U.S.?

有沒有想過在美國這樣做？

No, we have a number of things that we are doing on the funding front.

不，我們在資金方面正在做很多事情。

We've got a lot of sources, a lot of flexibility.

我們有很多資源，很大的靈活性。

I think we ended '06 with $22 billion in cash.

我認為 06 年結束時我們擁有 220 億美元的現金。

So we have a lot of flexibility and a lot of alternative avenues.

所以我們有很大的靈活性和很多替代途徑。

We have pursued those kinds of things in the past and we may continue to selectively, but I don't think so here in the U.S.

我們過去曾追求過這些事情，我們可能會繼續有選擇地進行，但我不認為在美國會這樣。

Chris Ceraso, Credit Suisse.

克里斯·塞拉索，瑞士信貸。

A couple of points of clarification and then more of a strategic question.

有幾點需要澄清，然後是更多的戰略問題。

First, can you just give us a feel for where we are on the Super Duty launch, you started building those and when will they be available?

首先，您能否讓我們了解一下 Super Duty 的發布情況，您開始構建這些產品以及它們何時可用？

The second one on the quick questions, on slide 35, Don, you mentioned that, including special items, results would be much better, but just want to clarify that ex items net results for the business will be worse year-to-year?

第二個關於快速問題的問題，在幻燈片35 上，Don，您提到，包括特殊項目在內，結果會好得多，但只是想澄清一下，企業的排除項目淨結果會比去年更差？

And then the more strategic question on marketshare.

然後是關於市場份額的更具戰略性的問題。

Can you just talk a little bit about how you expect to see marketshare trends shape up in the near term?

您能否簡單談談您對近期市場份額趨勢的預期如何？

Will you dip below that 14% to 15% target?

你會低於 14% 到 15% 的目標嗎？

And maybe talk about where you see retail share in 2007 and then do you expect it to come back up in the later years to be in line with that target?

也許可以談談您對 2007 年零售份額的看法，然後您是否預計它會在以後幾年回升以符合該目標？

You bet.

你打賭。

We have got Mark here and he was actually at the Super Duty launch.

我們請來了馬克，他實際上參加了 Super Duty 的發布會。

So it would be fun for him to give you a perspective on the acceptance.

因此，他向您提供有關接受的看法會很有趣。

On the Super Duty launch, as you know, we went to manufacturing launch late last year.

如您所知，在 Super Duty 的發布中，我們於去年年底進行了製造發布。

So we have been working our way up the ramp-up curve for production.

因此，我們一直在努力提高生產曲線。

We actually just started shipping both gas and diesel units earlier this week.

實際上，我們本週早些時候剛剛開始運輸天然氣和柴油裝置。

So those will start showing up on dealer lots in the next couple of weeks and we will have a market launch sometime toward mid to the late February.

因此，這些產品將在接下來的幾週內開始出現在經銷商批次上，我們將在二月中下旬的某個時候推出市場。

So the launch is going extremely well and we're very pleased with it.

因此，發布進展非常順利，我們對此感到非常滿意。

Do you want to cover the marketshare, Mark, on North America?

馬克，你想覆蓋北美的市場份額嗎？

On the marketshare trend question, Chris, obviously our target throughout the business plan period is to be in the 14% to 15% range and we have said within that, our focus is going to be primarily retail share during that time period.

關於市場份額趨勢問題，克里斯，顯然我們在整個業務計劃期間的目標是在 14% 到 15% 的範圍內，我們已經說過，在此期間我們的重點將主要是零售份額。

Most of that share loss we expect to come out of fleet sales.

我們預計大部分份額損失將來自車隊銷售。

As you look at 2007, we ended 2006 at about 10.8% retail share.

回顧 2007 年，我們在 2006 年底的零售份額約為 10.8%。

Our objective going forward in '07 is to achieve somewhere in the range of that range somewhere in the 10.5% to 11% range and we think when we look back on how we are going to achieve that, obviously we have some key products coming into the market like the Super Duty, which is 40% of our F-Series sales.

我們 07 年的目標是在 10.5% 到 11% 的範圍內實現這一目標，我們認為，當我們回顧如何實現這一目標時，顯然我們有一些關鍵產品正在進入Super Duty 等市場占我們F 系列銷量的40%。

Our new Escape, which is a very high-volume segment, which also is a segment that is growing quite well these days, as well as the freshened Five Hundred and Freestyle and then the Focus a little later this year, as well as we will have a full year of the Edge and the MKX, which launched late last year.

我們的新 Escape 是一個銷量非常大的細分市場，也是最近增長良好的細分市場，還有更新的 Five Hundred 和 Freestyle，以及今年晚些時候的 Focus，我們也會去年年底推出的Edge 和MKX已經一整年了。

So I think we are being realistic and when we look out a little further to your question of will the share come down and dip up on retail, I think we are being very realistic and our goal is to stabilize that and as we come out with new products, see how we do in the marketplace, but I think we are being very realistic in our share assumptions going forward.

因此，我認為我們是現實的，當我們進一步關注你的問題，即零售業的份額是否會下降和上升時，我認為我們是非常現實的，我們的目標是穩定這一點，隨著我們推出新產品，看看我們在市場上的表現如何，但我認為我們對未來的份額假設非常現實。

And especially dealing with the stopping of the Taurus and the Freestar and the Monterey.

尤其是處理金牛座、自由星和蒙特利的停止問題。

And then on your question on profits, I think I would like to answer that by going back to slide 34 and just going through the whole list to make sure we are all straight on what we are saying here.

然後關於你關於利潤的問題，我想我想通過返回幻燈片 34 並瀏覽整個列表來回答這個問題，以確保我們都明白我們在這裡所說的內容。

As far as the automotive operations are concerned, that is in effect earnings before interest and taxes, we expect to improve from '06 to '07, not by a lot, but we expect an improvement.

就汽車業務而言，即實際上的息稅前利潤，我們預計從 06 年到 07 年將有所改善，雖然幅度不會很大，但我們預計會有所改善。

We expect the interest; the Other Automotive will be worse because of the interest on the new financing that we acquired in December, as well as a non-recurrence of a tax benefit in the third quarter of 2006.

我們期待利息；由於我們 12 月份獲得的新融資的利息以及 2006 年第三季度不再享受稅收優惠，其他汽車業務的情況會更糟。

So Total Automotive, including interest, will be worse.

所以Total Automotive，包括利息在內，情況會更糟。

Then if you go all the way down, the credit company will be worse as we discussed because of the margin pressure and the non-recurrence of credit loss releases and because of lower volume.

然後，如果一路下跌，正如我們所討論的，由於保證金壓力和信貸損失釋放不再重複以及交易量較低，信貸公司的情況將會更糟。

So in total, the pretax results, excluding items, will be worse.

因此總的來說，扣除項目後的稅前業績會更差。

The tax situation will be worse because we had a tax offset to the losses in '06 and we will not have that in '07.

稅收情況會更糟，因為我們對 06 年的損失進行了稅收抵免，而 07 年就沒有了。

In fact, we may have tax expense in certain jurisdictions to go along with the losses in other jurisdictions.

事實上，我們在某些司法管轄區可能會產生稅收費用，同時也會在其他司法管轄區產生損失。

So taxes will be about zero this year and they will be worse than last year.

因此，今年的稅收將接近於零，而且會比去年更糟糕。

So the after-tax results, excluding items, will be worse, but we will have far less in the area of special items.

因此，不包括項目的稅後結果會更糟，但我們在特殊項目領域的表現會少得多。

We mentioned going from $12 billion down to $1 billion or $2 billion, right around in there.

我們提到從 120 億美元降到 10 億美元或 20 億美元，就在那裡。

So the net results, net income will be significantly better for the Company this year.

因此，公司今年的淨利潤、淨利潤將明顯好轉。

One quick one, Don, if I can.

如果可以的話，快一點，唐。

Where do you see pension and healthcare expense in '07, just a ballpark?

您認為 07 年的養老金和醫療費用在哪裡，只是一個大概？

I think pension and healthcare expense will be about the same.

我認為養老金和醫療費用將大致相同。

I think we will have higher service and interest costs and that will partly be offset by the full-year effect of the UAW healthcare.

我認為我們將面臨更高的服務和利息成本，而這將被 UAW 醫療保健的全年影響部分抵消。

We had that in for about half the year in '06.

我們在 06 年的時候就已經這樣做了大約半年。

We'll have a full year of that.

我們將度過一整年。

So a little improvement there.

所以有一點改進。

So I would say about the same.

所以我想說的是同樣的事情。

Ronald Tadross, Banc of America Securities.

羅納德·塔德羅斯，美國銀行證券公司。

I just have I guess one question for Alan and then maybe the other one I think is for Don.

我只是想問艾倫一個問題，然後我想另一個問題可能是問唐。

Alan, maybe I missed some of the timing of the labor negotiations.

艾倫，也許我錯過了一些勞資談判的時間。

Could you just tell us a little bit about what is happening now and when do you whittle down the issues on the table to the ones that are important?

您能否告訴我們一些現在正在發生的事情以及您何時將桌面上的問題縮小為重要的問題？

And then maybe just for Don, the $1 billion increase in commodity costs, does that mean your product costs in '07, your total product, will be up or down?

然後，也許僅對唐而言，商品成本增加了 10 億美元，這是否意味著您 07 年的產品成本（即您的總產品成本）會上升還是下降？

Well, let me take the product cost one first and the commodity costs are going up $1 billion and we expect our total product costs to be nearly offsetting that.

好吧，讓我首先考慮產品成本，商品成本上漲了 10 億美元，我們預計我們的總產品成本將幾乎抵消這一成本。

So you'll be flat overall?

那麼你整體上會持平嗎？

Close to that, yes.

接近那個，是的。

On the union negotiations, we haven't started the formal negotiations.

關於工會談判，我們還沒有開始正式談判。

As you know, that timing is led by them as they talk to all three of the companies here.

如您所知，這個時機是由他們主導的，因為他們與這裡的所有三家公司進行了交談。

But we continue to work with them on all of our quality and productivity issues in a normal way, but that schedule will probably -- I would think we will know a lot more about that from them over the next couple months.

但我們繼續以正常方式與他們合作解決所有質量和生產力問題，但該時間表可能 - 我認為我們會在接下來的幾個月內從他們那裡了解更多信息。

And then, Alan, I think you took a strike at Boeing.

然後，艾倫，我認為你對波音公司進行了罷工。

I don't know -- I know it's a bit sensitive issue.

我不知道——我知道這是一個有點敏感的問題。

But maybe you could just tell us philosophically how you think about a strike because I think a lot of investors believe really to make the significant gains in a business, companies need to take a strike.

但也許你可以從哲學上告訴我們你如何看待罷工，因為我認為很多投資者都相信，為了在企業中真正獲得重大收益，公司需要採取罷工。

Sure.

當然。

I'd be glad to give you my thought about that.

我很樂意告訴你我對此的想法。

I have always approached it by really focusing on the business and what is required to make the business more competitive going forward because if we -- the only way for this to work for all of us is if we execute this turnaround and we deliver a viable profitable growth going forward plan for Ford because if not, then all the constituents, all the stakeholders, the only way we can all benefit is if we have a profitable growth for all going forward.

我一直通過真正關注業務以及如何使業務更具競爭力來實現這一目標，因為如果我們——讓這對我們所有人都有效的唯一方法就是我們執行這一轉變並提供可行的解決方案福特的未來盈利增長計劃，因為如果沒有，那麼所有選民、所有利益相關者、我們所有人都能受益的唯一方法就是我們未來所有人都能實現盈利增長。

So my focus has always been on what does it take to improve our competitiveness going forward.

因此，我一直關注如何提高我們未來的競爭力。

I have also been very respectful of the union as an institution and either one of us, the union or Ford, can destroy the Ford Company.

我也非常尊重工會作為一個機構，我們中的任何一個，工會或福特，都可以摧毀福特公司。

So it is not about taking a big stance.

因此，這並不是要採取什麼大的立場。

I think it is more about what do we really need to do to improve the competitiveness of Ford.

我認為更多的是我們真正需要做什麼來提高福特的競爭力。

And the strike that you mentioned at Boeing with the IAM, we did have a short work stoppage, but we got to the place where we really got down to the issues of what it really takes to be competitive and for that moment, we couldn't come to an agreement.

你提到的波音公司與 IAM 的罷工，我們確實有過短暫的停工，但我們已經到了真正開始思考如何才能保持競爭力的問題，在那一刻，我們無法做到這一點。無法達成協議。

But as you noticed, the dialogue was so clear and so real that within a few weeks, we were able to -- we all appreciated that we were going to really hurt the Corporation and hurt each other that we found a way to take the final steps together and still move the Company forward as far as our productivity and financial performance.

但正如你所注意到的，對話是如此清晰和真實，以至於在幾週之內，我們能夠——我們都意識到我們將真正傷害公司並傷害彼此，因此我們找到了一種方法來取得最後的勝利共同努力，仍然推動公司在生產力和財務業績方面不斷前進。

So that is my general approach to negotiations.

這就是我談判的一般方針。

I appreciate that.

我很感激。

Just one follow-up.

只是一個後續行動。

It seems like the union needs to save face in front of their members or at least look like they are working for their members.

工會似乎需要在會員面前保住面子，或者至少看起來是在為會員工作。

Is there anything other than a strike that you think might help them do that?

您認為除了罷工之外還有什麼可以幫助他們做到這一點嗎？

Well, I am really pleased with the cooperativeness and the relationship that Ford has with the UAW leadership and even though we have agreements in place, we have continued on both sides to improve our competitiveness since the last fundamental agreement was signed and all of our cooperative operating agreements with each of the sites and each of the locals, everybody has been working the competitiveness of Ford.

嗯，我對福特與 UAW 領導層的合作和關係感到非常滿意，儘管我們已經達成協議，但自上次基本協議簽署以來，我們雙方都在繼續提高我們的競爭力，並且我們所有的合作通過與每個工廠和每個當地人簽訂運營協議，每個人都在努力提高福特的競爭力。

So I am -- I look at this as just another step on a relationship and an attitude that the only way this is going to be good for everybody associated with Ford, including the employees and the union, is if we keep finding ways together to improve our competitiveness.

所以我——我認為這只是關係和態度上的又一步，只有我們繼續共同尋找方法，才能使與福特相關的每個人（包括員工和工會）受益。提高我們的競爭力。

So I don't think of this as a one-off one-time big deal as much as a continuous improvement in our competitiveness where both of us are committed to it.

因此，我不認為這是一次性的大事，而是我們雙方都致力於不斷提高競爭力的過程。

Robert Barry, Goldman Sachs.

羅伯特·巴里，高盛。

Just a couple of housekeeping items and then a bigger picture question for Alan.

只是一些家務用品，然後是艾倫的一個更大的問題。

One is in the past, I think you had indicated that the interest expense would track or the other category would track at about 150 to 200.

一個是過去，我認為您已經表示利息支出將跟踪或其他類別將跟踪大約 150 到 200。

You said it is now going to be worse.

你說現在情況會更糟。

Is there any better sense you can give us on numerically what that would be?

您能否從數字上給我們提供更好的理解？

I would say you could use about $300 million per quarter for that.

我想說每個季度大約可以使用 3 億美元。

If I could, I want to come back on one question we had earlier about what the pension and OPEB expense.

如果可以的話，我想回到我們之前提出的一個問題，即養老金和 OPEB 費用是多少。

I was not thinking about the change in discount rates and that would really swing things to a slight decline.

我沒有考慮貼現率的變化，這確實會讓事情略有下降。

So we expect slightly lower pension and OPEB expense in '07 compared with '06 reflecting the things I mentioned the first time I tried to answer it plus the discount rate.

因此，與 06 年相比，我們預計 07 年的養老金和 OPEB 費用會略低，這反映了我第一次嘗試回答這個問題時提到的事情加上貼現率。

So slightly down on that.

所以稍微有點下降。

And then on slide 13, the volume mix bar.

然後是幻燈片 13 上的音量混合欄。

Could you roughly break out what part was volume and what was mix?

你能粗略地分解一下哪部分是音量，哪部分是混音嗎？

Yes, the volume and mix is about 20% volume and the balance is mix.

是的，體積和混合約為 20% 體積，其餘為混合。

And then I guess the big picture question is on the move to common global platforms.

然後我想大局問題是轉向共同的全球平台。

I guess I am trying to think about what is happening here that is different and when it is going to have an impact because I feel like there has been a move to common platforms by Ford and most OEMs for some time.

我想我正在嘗試思考這裡發生的不同情況以及何時會產生影響，因為我覺得福特和大多數原始設備製造商已經轉向通用平台一段時間了。

Are we on a different trajectory now or is the plan to be on a different trajectory and when will the incremental impact come?

我們現在是否處於不同的軌道上，或者計劃是否處於不同的軌道上，增量影響何時會到來？

Is it something that really won't start to show up in the results until a few years down the road as you start actually designing and starting to manufacture new products?

難道只有幾年後，當您開始實際設計和開始製造新產品時，它才真正開始出現在結果中嗎？

Sure.

當然。

I think you've got it exactly the way we were looking at it.

我想你已經明白了我們的看法。

I was very pleased at the progress, the initial progress that Ford has made around the world because as you know in this area because as you know Ford traditionally has grown up as pretty independent Fords in the Americas, Europe and Asia-Pacific, but a few years ago, the leadership decided that one of the competitiveness factors going forward would be that we would actually use more of our products and leverage these assets and resources around the world.

我對福特在全球取得的初步進展感到非常高興，因為正如你所知，在這一領域，福特傳統上在美洲、歐洲和亞太地區成長為相當獨立的福特汽車，但幾年前，領導層決定，未來的競爭力因素之一是我們將實際使用更多我們的產品並利用世界各地的這些資產和資源。

We have done that not only with the Ford brands, but also by utilizing the best practices at Mazda and at Volvo.

我們不僅對福特品牌做到了這一點，還利用了馬自達和沃爾沃的最佳實踐。

So I would characterize our plan going forward now as accelerating that trend and we have just so much opportunity to do it because in the automobile industry with the investment we make each year not only in the product, but also in capital on the manufacturing side, that we can absolutely design or create this new product family and our new more flexible, more efficient production system every year going forward with every model introduction.

因此，我將我們現在的計劃描述為加速這一趨勢，我們有很多機會做到這一點，因為在汽車行業，我們每年不僅在產品上進行投資，而且在製造方面的資本上進行投資，我們絕對可以設計或創造這個新產品系列以及我們新的更靈活、更高效的生產系統，每年都會推出每種型號。

So our plan is that with every new product development, that we not only develop the new product, but we also leverage in the resources across the world and we also link that together with the manufacturing plan and more flexible manufacturing with more of the platforms in each of our manufacturing facilities as we drive the quality of the productivity also.

因此，我們的計劃是，對於每一個新產品的開發，我們不僅開發新產品，而且還利用世界各地的資源，並將其與製造計劃和更靈活的製造與更多平台聯繫起來。我們的每一個製造工廠也在提高生產力的質量。

And the good thing is that it can happen pretty aggressively because just in North America, as Mark has pointed out, our plan is to refresh 70% of our products by 2008 and have 100% of them refreshed by 2010.

好消息是，這種情況可以非常積極地發生，因為正如 Mark 所指出的，僅在北美，我們的計劃是到 2008 年更新 70% 的產品，到 2010 年更新 100% 的產品。

And so I think as we go forward here, that next year, the year after, every year, we will continue to improve our operational performance by this key strategy.

因此，我認為，當我們向前邁進時，明年、後年、每年，我們將繼續通過這一關鍵戰略提高我們的運營績效。

I see.

我懂了。

So as you are essentially refreshing the products, you are moving them on to what you would target three years down the road or five years down the road being a few global platforms?

因此，當您實質上更新產品時，您是否正在將它們轉移到您三年或五年後的目標，成為一些全球平台？

Exactly.

確切地。

Exactly.

確切地。

Because the neat thing is because of how much we do each year, that you have a real opportunity with every introduction to create a more, not only a more efficient platforms, but a more efficient production system.

因為最棒的是我們每年所做的事情，每次介紹您都有一個真正的機會來創建一個更高效的平台，而且是一個更高效的生產系統。

Are the gains just -- they come -- slowly build over time or is that one step back, two steps forward as you are --?

收益只是——它們來了——隨著時間的推移慢慢積累，還是像你一樣後退一步，前進兩步——？

I think it is going to be steps forward, not steps back.

我認為這將是向前邁進，而不是後退。

We are where we are.

我們就在我們所在的地方。

We have a solid plan and in the operating rhythm that we have described is that we wanted to make sure we had a really solid plan going forward and then each year with each -- with our product development and our capital expenditure, we have a vision out there now that we're getting clearer and clearer on about where is the manufacturing footprint going to be, what are the vehicles in the line-up going to be, what is going to be the rationalization of the productline inside each brand.

我們有一個可靠的計劃，在我們所描述的運營節奏中，我們希望確保我們有一個真正可靠的未來計劃，然後每年通過我們的產品開發和資本支出，我們都有一個願景現在，我們越來越清楚地了解製造足跡將在哪裡、產品線中的車輛將是什麼、每個品牌內部產品線的合理化將是什麼。

Every year is another step to a simpler, more efficient productline and production system.

每一年都是朝著更簡單、更高效的產品線和生產系統邁進的一步。

Also I might point out that we talk a lot about the vehicles themselves that we see, the top hats and the platforms, but another tremendous opportunity for us is to do the same thing on the engines and the transmissions and so we have that in the plan also.

另外我可能會指出，我們談論了很多我們看到的車輛本身，高頂帽子和平台，但我們的另一個巨大機會是在發動機和變速箱上做同樣的事情，所以我們在計也。

This is Don.

這是唐。

Just to come back on your question on 13.

回到你13號的問題。

I misspoke.

我說錯了。

It is 80% volume, 20% mix for the fourth quarter on the bars and for the full year, it is about one third mix, two thirds volume and of the volume in the fourth quarter, a large chunk of that went to dealer inventory reductions.

第四季度的金條銷量佔 80%，混合銷量佔 20%，全年大約佔第四季度銷量的三分之一、三分之二銷量，其中很大一部分用於經銷商庫存減少。

Okay.

好的。

Cindy, could we have the next question please?

辛迪，我們可以問下一個問題嗎？

Micki Maynard, Media.

米基·梅納德，媒體。

I would like to have you walk me through some numbers here because when, Don, you were giving your discussion, you said that I believe in 2008, you would be at straight-time capacity of 3 million in North America.

我想讓你向我介紹一些數字，因為 Don，當你進行討論時，你說我相信 2008 年，北美的直接產能將達到 300 萬。

Do I remember that correctly?

我記得正確嗎？

Straight-time manned capacity?

直線載人能力？

Hello?

你好？

Yes.

是的。

So last year in North America, you did about 3.1 million units, including Canada, at 17% marketshare just in North America.

去年，你們在北美生產了約 310 萬台，其中包括加拿大，僅在北美就佔據了 17% 的市場份額。

You are saying your marketshare will drop to 14% and the market, the broader market is expected to drop this year.

你說你的市場份額將下降到14%，而市場，大盤預計今年會下降。

How will you maintain 3 million units if you are saying marketshare is going down and the market itself is expected to go down?

如果你說市場份額正在下降並且市場本身預計也會下降，你將如何維持 300 萬台？

I am not sure I am recognizing the numbers that you are quoting there right now.

我不確定我是否認識您現在引用的數字。

Maybe we could take that off-line because I see different numbers.

也許我們可以把它離線，因為我看到了不同的數字。

Okay.

好的。

Well, then let me ask one other question.

好吧，那我再問一個問題。

There have been some media reports here in Detroit in the last couple of days that Ford is considering paying bonuses to some executives, either retention bonuses or just regular bonuses for 2006.

過去幾天，底特律有一些媒體報導稱，福特正在考慮向一些高管發放獎金，要么是留任獎金，要么只是 2006 年的常規獎金。

I wonder if that actually is under consideration and if that is something that you plan to do?

我想知道這是否真的正在考慮之中，以及您是否打算這樣做？

Yes, it is under consideration as part of our overall compensation plan to make sure that we are paying competitive wages and benefits, but we have not made any final decisions yet.

是的，它正在考慮作為我們整體薪酬計劃的一部分，以確保我們支付有競爭力的工資和福利，但我們尚未做出任何最終決定。

When do you expect to do that?

您預計什麼時候這樣做？

I think over the next couple of months.

我想在接下來的幾個月裡。

Bryce Hoffman, Detroit News.

布萊斯霍夫曼，底特律新聞。

I want to follow up on Micki's question actually.

我實際上想跟進米奇的問題。

You talked, Alan, about how much progress you have made with the UAW on these competitive operating agreements and how you applaud their spirit of cooperation.

艾倫，您談到了您與 UAW 在這些競爭性運營協議方面取得的進展，以及您如何讚揚他們的合作精神。

We understand though that they have kind of put that on hold, talks on the COAs right now because of this bonus issue.

我們知道，由於這個獎金問題，他們現在已經暫停了關於 COA 的談判。

Can you comment on that?

你能對此發表評論嗎？

We continue to work with them on the COAs, but we had a couple of them that did slow up for a little bit, but our commitment is to keep working it together.

我們繼續與他們就 COA 進行合作，但其中有幾個確實放慢了一些速度，但我們的承諾是繼續合作。

And just one follow-up question, just a point of clarification, Alan.

只是一個後續問題，只是需要澄清一點，艾倫。

You said that you are cautiously optimistic that it is going to be a big part of our negotiations this year in response to the question about healthcare or were you talking about UAW healthcare benefits?

您說您對此持謹慎樂觀態度，認為這將成為我們今年談判的重要組成部分，以回答有關醫療保健的問題，或者您是否在談論 UAW 的醫療保健福利？

No, I was thinking of it more in a general sense than healthcare.

不，我更多的是從一般意義上思考它而不是醫療保健。

All the wages and benefits, including the healthcare, need to be -- we need to continually be addressing it.

所有的工資和福利，包括醫療保健，都需要——我們需要不斷地解決這個問題。

And just to add to your question, there are so many different ways that we are getting at this that you're seeing a lot of companies work together with their employees to get added.

補充一下你的問題，我們有很多不同的方法來解決這個問題，你會看到很多公司與他們的員工合作來獲得增加。

So we don't have a one specific improvement plan that we want.

所以我們沒有一個我們想要的具體改進計劃。

We want to be open to all thoughts about how to improve our competitiveness and that is going to be our attitude going in.

我們希望對所有有關如何提高競爭力的想法持開放態度，這將是我們的態度。

Tom Krisher, Associated Press.

湯姆·克里舍，美聯社。

Of the $33.9 billion in automotive sector cash, you borrowed $12 billion of that.

在汽車行業 339 億美元的現金中，您借了其中的 120 億美元。

Is that correct?

那是對的嗎？

In December, that's correct.

十二月，這是正確的。

And then how much of that $33.9 billion is obligated to pension and other fixed costs?

那麼這 339 億美元中有多少用於支付養老金和其他固定成本呢？

How much can you actually tap into of that?

您實際上可以利用多少？

Well, we can access nearly all of it very quickly.

嗯，我們可以非常快速地訪問幾乎所有內容。

None of it is directly attached in that sense.

從這個意義上說，它們都不是直接相連的。

Let me come back -- try to come back to Micki Maynard's question.

讓我回來——嘗試回到米奇·梅納德的問題。

Micki, are you still on?

米奇，你還在嗎？

No she can't.

不，她不能。

Let me just try -- unfortunate -- try to answer the question.

讓我嘗試一下——不幸的是——嘗試回答這個問題。

We are looking at capacity in North America and that is capacity that is in place to service the market in the U.S. and Canada and in Mexico.

我們正在研究北美的產能，即為美國、加拿大和墨西哥市場提供服務的產能。

We have some exports on the U.S. that go outside, but count as U.S. production.

我們對美國有一些出口到國外，但算作美國的生產。

We have some sales, mainly in Mexico, that are imported from outside North America.

我們有一些銷售，主要是在墨西哥，是從北美以外進口的。

We did have total sales in North America of about 3.1 million.

我們在北美的總銷量確實約為 310 萬輛。

We expect that to decline this year by 100,000 units or so consistent with the marketshare going down.

我們預計今年銷量將下降 10 萬台左右，與市場份額下降一致。

Production isn't going down quite as much because production changed at the end of last year.

由於去年年底產量發生了變化，產量並沒有下降那麼多。

It's got the dealer inventory reduction in it, so it gets a little hard to track, but we do expect to have our capacity by the end of this year quite closely aligned to our actual sales.

其中包括經銷商庫存減少，因此有點難以跟踪，但我們確實預計到今年年底我們的產能將與我們的實際銷售額非常接近。

That is our manned capacity.

這就是我們的載人能力。

Now we are not going to get our installed capacity down until later on.

現在我們要等到晚些時候才會降低裝機容量。

But we do expect to be quite close on the manned capacity at the end of '08.

但我們確實預計 08 年底的載人能力將非常接近。

Actually very close at the end of '07 and then have the installed capacity brought in line with sales by the end of the decade.

實際上在 07 年底非常接近，然後到本世紀末裝機容量與銷售額保持一致。

Amy Wilson, Automotive News.

艾米·威爾遜，《汽車新聞》。

Alan, I wanted to ask you about how you are thinking about your management team and where it is right now.

艾倫，我想問你如何看待你的管理團隊以及它現在的狀況。

Obviously you have set that out as a crucial part of the plan and you have brought in one of your former colleagues from Boeing on the HR side.

顯然，您已將其列為計劃的關鍵部分，並且您還聘請了一位來自波音公司人力資源方面的前同事。

Do you have any other plans to bring in any other help or do you think your management team is exactly where it needs to be?

您是否還有其他計劃來引入任何其他幫助，或者您認為您的管理團隊是否完全符合其需要？

I have no other plans at this time.

我目前沒有其他計劃。

I think that just to comment on Jerry, Jerry is a terrific leader and a lot of experience in HR and negotiations and Joe Laymon had a chance to meet Jerry when he was recruiting me and came to appreciate him as much as I do.

我認為，就傑里而言，傑里是一位出色的領導者，在人力資源和談判方面擁有豐富的經驗，喬·雷蒙（Joe Laymon）在招聘我時有機會見到傑里，並像我一樣欣賞他。

I thought it was terrific that Joe wanted to utilize his talents when he retired from Boeing and they've got a great relationship and as I've said before, Joe is doing a great job.

我認為喬從波音公司退休後想發揮自己的才能真是太棒了，他們之間的關係很好，正如我之前所說，喬做得很好。

He is our HR leader, but I think it is terrific that he is tapping into Jerry's expertise going forward here.

他是我們的人力資源主管，但我認為他在這裡利用傑里的專業知識是非常棒的。

On the Ford leadership team, I am really, really pleased with the direction in which we are headed.

在福特領導團隊中，我對我們前進的方向感到非常非常滿意。

The announcement we made a few weeks ago where we streamlined the organization and we really added even more focus to each of the markets in each of the regions around the world is being very well-received.

幾週前我們宣布精簡了組織，並且確實更加關注全球各個地區的每個市場，這一消息受到了熱烈歡迎。

Mark clearly is doing a great job in the Americas and then having Lewis Booth in Europe and P.A.G. reporting to me directly now and also John Parker who manages Asia-Pacific and Africa and the Mazda relationship reporting to me directly.

馬克顯然在美洲做得很好，然後劉易斯·布斯在歐洲和 P.A.G.現在直接向我匯報，管理亞太和非洲以及馬自達關係的約翰·帕克也直接向我匯報。

It is the communication and the speed of the communication, the speed of the action of those three business units right to the market, right to the customers has been terrific.

這是溝通和溝通的速度，這三個業務部門針對市場、針對客戶的行動速度非常出色。

And then to leverage our assets and our resources across the world by naming Derrick to lead the product development and Bennie for quality and manufacturing engineering and Tony Brown for the purchasing worldwide and Nick for the information technology has been really terrific.

然後任命 Derrick 負責產品開發，Bennie 負責質量和製造工程，Tony Brown 負責全球採購，Nick 負責信息技術，從而充分利用我們在世界各地的資產和資源，這真是太棒了。

And you can imagine the dynamics of that now when we are all together on Thursdays in our other meetings.

你可以想像現在當我們週四聚在一起參加其他會議時的動態。

We have all the functional expertise now represented.

我們現在擁有所有職能專業知識。

There is drive in quality and productivity for the discipline all being pulled together by the three business units.

三個業務部門共同推動了該學科的質量和生產力的發展。

And so we are pulling together fast and I am very pleased with the team we have in place.

因此，我們正在快速齊心協力，我對我們現有的團隊非常滿意。

Do you see as far as the functional disciplines go, is there any more opportunity going forward for another one of those global jobs?

您是否認為就職能學科而言，未來是否還有更多機會從事另一項全球性工作？

I think we are pretty good for right now.

我認為我們現在已經很好了。

We will continue to look as we go forward on the plan to see if we have any other areas that we can enhance it.

我們將繼續關注該計劃的進展，看看是否還有其他可以改進的領域。

But it is a pretty robust team now and many companies I have noticed that are also moving to this model where traditionally maybe you had the HR function, the finance function, maybe legal and communications that went across the enterprise and across the globe, across the world, but I think more and more people are appreciating the value of a global perspective to leverage the assets across the Company in the engineering, the manufacturing, the IT and the purchasing world.

但現在它是一個非常強大的團隊，我注意到許多公司也在轉向這種模式，傳統上你可能擁有人力資源職能、財務職能，也許還有跨企業、跨全球、跨全球的法律和溝通部門。但我認為越來越多的人正在認識到全球視角的價值，以充分利用公司在工程、製造、IT 和採購領域的資產。

Quite clearly it is -- it has been a real asset to our competitors.

很明顯，它對我們的競爭對手來說是一筆真正的資產。

Bill Koenig, Bloomberg News.

比爾·科尼格，彭博新聞社。

As long as we are asking about reports and I won't be proud, it was in the Detroit News yesterday, there was a story about a $715 million loss at Jaguar last year and it is projected to be lower, but still substantial this year.

只要我們詢問報導，我就不會感到驕傲，昨天底特律新聞報導了捷豹去年虧損 7.15 億美元的報導，預計虧損會更低，但今年仍然很可觀。

First of all, are those figures correct?

首先，這些數字正確嗎？

And second, do you have the time to be dealing with a problem as thorny as Jaguar while you've got an even thornier North American problem?

其次，當你面臨更棘手的北美問題時，你是否有時間處理像捷豹這樣棘手的問題？

Sorry.

對不起。

Could you say the last -- I was still listening to your first question.

你能說最後一個嗎——我還在聽你的第一個問題。

I missed your second question.

我錯過了你的第二個問題。

Okay.

好的。

The second question is do you have the time and resources to deal with Jaguar, which has been going on for 18 years, at the same time you've got an even thornier, bigger problem in North America?

第二個問題是，你們有時間和資源來應對已經持續了18年的捷豹事件，同時你們在北美還有更棘手、更大的問題嗎？

Okay.

好的。

I understand.

我明白。

On the first question, the numbers are wrong and I would also like to comment that we are really pleased with the progress at Ford of Europe and Jaguar and Land Rover and Volvo are making.

關於第一個問題，這些數字是錯誤的，我還想評論說，我們對歐洲福特、捷豹、路虎和沃爾沃所取得的進展感到非常滿意。

They each have -- we have invested in -- their new product line-up is being very well-received.

他們每個人——我們都投資了——他們的新產品系列非常受歡迎。

They are making tremendous progress, all of those brands, on their quality and productivity.

所有這些品牌在質量和生產力方面都取得了巨大進步。

So we are very pleased with their progress.

所以我們對他們的進步感到非常滿意。

On the second, I think my thought on that is that they have very, very solid plans in place and it is not taking a lot of extra effort to get a plan.

關於第二點，我認為我的想法是他們制定了非常非常可靠的計劃，並且不需要花費很多額外的努力來製定計劃。

The real effort is helping them and just paying attention to everybody staying on the plan and executing on the plan that they have, which is a very good business plan going forward and clearly each of the businesses is in the same place right now.

真正的努力是幫助他們，只是關注每個人堅持計劃並執行他們已有的計劃，這是一個非常好的未來商業計劃，顯然每個企業現在都處於同一個位置。

North America has a very good plan -- South America, Asia-Pacific and Europe.

北美有一個非常好的計劃——南美、亞太和歐洲。

So the real thing right now is that everybody stays laser-focused on implementing this plan, making sure we have got all of the risks identified, mitigating those risks and in continuing to look for more opportunities to keep improving our plan year after year.

因此，現在真正的事情是，每個人都集中精力實施該計劃，確保我們已識別出所有風險，減輕這些風險，並繼續尋找更多機會來年復一年地改進我們的計劃。

John Stoll, Dow Jones.

約翰·斯托爾，道瓊斯。

I would like to follow up on the question earlier about bonuses.

我想跟進之前關於獎金的問題。

I guess given the financial condition and the numbers and also the ongoing costs, your drive to cut costs on a plant by plant level.

我想考慮到財務狀況、數字以及持續的成本，您會努力逐個工廠削減成本。

It was sort of surprising to hear that you are considering bonuses.

聽說你正在考慮獎金，我感到有點驚訝。

Is this a shift in -- because Ford hasn't published or are provided bonuses recently and I'm wondering if this is a shift in mentality and how to compensate workers, incentivize workers and how that should be sort of received by the UAW after the COAs?

這是一種轉變嗎？因為福特最近沒有發布或提供獎金，我想知道這是否是心態的轉變，以及如何補償工人、激勵工人以及 UAW 應該如何接受這一轉變。 COA？

Sure.

當然。

I would be glad to share a thought about that with you.

我很高興與您分享對此的想法。

The most important thing in our consideration for all of our employees is that we are paying or compensating our employees competitively.

我們為所有員工考慮的最重要的事情是我們為員工提供有競爭力的薪酬或報酬。

The executives, the management, all of our employees, that we are competitive because at the end of the day, everything about our performance going forward is going to be dependent on having a skilled and the motivated team going forward and a big part of that is that it is -- that we are competitive with the other businesses that we are competing against.

高管、管理層、所有員工都認為，我們具有競爭力，因為歸根結底，我們未來業績的一切都將取決於擁有一支技術精湛、積極進取的團隊，而這在很大程度上取決於我們的團隊。就是我們與我們競爭的其他企業具有競爭力。

The issue about the leadership and the bonuses is it really fits into that because as you know, more of the compensation of the senior leaders is tied to performance on accomplishing the plan.

關於領導力和獎金的問題是，它確實符合這一點，因為如您所知，高級領導者的更多薪酬與完成計劃的績效掛鉤。

We use the word bonus, but it really is an inherent key piece of their compensation and we want to make sure that it is competitive and that we pay them for the performance that they are achieving.

我們使用獎金這個詞，但它確實是他們薪酬中固有的關鍵部分，我們希望確保它具有競爭力，並且我們根據他們所取得的績效向他們支付報酬。

Now we are in a tough situation right now and we are in a turnaround situation and we need the absolute best, skilled and motivated team in all of the positions and so that is the way we are looking at it is to make sure that we are paying for performance, even though it is really -- it is a turnaround situation.

現在我們正處於一個艱難的境地，我們正處於扭轉局面，我們需要在所有職位上擁有絕對最好的、技術精湛且積極進取的團隊，所以這就是我們看待它的方式，以確保我們按績效付費，儘管這確實是一種扭轉局面。

But we need that performance and that performance against the plan more than ever and we need the right team and a motivated team to do that.

但我們比以往任何時候都更需要這樣的表現和按照計劃的表現，我們需要合適的團隊和積極進取的團隊來做到這一點。

We have really clear expectations, really clear expectations on the performance and we are going to continue to pay competitively for that performance.

我們有非常明確的期望，對業績有非常明確的期望，我們將繼續為這種業績支付有競爭力的費用。

And so that is kind of the fundamental philosophy in all of the paycodes.

這就是所有支付代碼的基本理念。

Can I ask an unrelated question on product development?

我可以問一個與產品開發無關的問題嗎？

One of the benchmarks that has been floated out there and you have done it is and nobody I don't think blames you for pointing --.

已經提出的基準之一，你已經做到了，我認為沒有人會責怪你指出——。

John, you are cutting out.

約翰，你要退出了。

Could you please --?

能不能請你 - ？

Sorry, Raj.

對不起，拉傑。

Can you hear me now, Raj?

拉傑，你現在能聽到我說話嗎？

Yes.

是的。

One of the product development questions that I had was you've pointed to Toyota as a benchmark and I don't think anybody would blame you for that.

我遇到的產品開發問題之一是您指出豐田作為基準，我認為沒有人會因此責怪您。

One of the advantages that Toyota has is an almost infinite pile of cash that allows them to take risks and innovate in ways that other manufacturers can't.

豐田擁有的優勢之一是擁有幾乎無窮無盡的現金，這使他們能夠承擔風險並以其他製造商無法做到的方式進行創新。

How does Ford work around sort of the limited margins?

福特如何解決利潤有限的問題？

You guys are tiptoeing, as it is financially and to go and innovate or out-innovate or try to at least keep pace with the top global competitors seems miles away from where we are right now.

你們都在小心翼翼，因為從財務角度來看，去創新或超越創新，或者試圖至少跟上全球頂級競爭對手的步伐，似乎離我們現在的位置還有很遠的距離。

Is that true and how do you encourage product development in that kind of an atmosphere?

這是真的嗎？您如何在這種氛圍下鼓勵產品開發？

I think that it absolutely is not true because if you look at the data, we are investing -- our investment is very, very competitive with our competition and the neatest thing about the plan that we have put together is that many companies in a situation like this maybe would sacrifice long-term viability by not investing in what they need to do on product development in the near term and our plan is clearly to continue to invest to create long-term products that the customers really want and value and a viable Ford.

我認為這絕對不是真的，因為如果你看一下數據，我們正在投資——我們的投資與我們的競爭對手相比非常非常有競爭力，我們制定的計劃中最巧妙的一點是，許多公司都處於這種情況像這樣，如果不投資於短期內產品開發所需的工作，可能會犧牲長期生存能力，我們的計劃顯然是繼續投資，創造客戶真正想要和重視的長期產品，以及可行的產品福特。

So when you think about our priorities that we have talked about, the first one is to restructure ourselves aggressively to match the capacity to the lower demand and the model mix and operate profitably.

因此，當您考慮我們所討論的優先事項時，第一個是積極重組自己，以使產能與較低的需求和模型組合相匹配，並實現盈利。

So that is the number one thing we have to do that allows us to keep investing.

因此，這是我們必須做的第一件事，讓我們能夠繼續投資。

The second is that we are accelerating the development of our new products and our new production system that will also enable us long term to have the products and services that people want.

第二是我們正在加快新產品和新生產體系的開發，這也將使我們能夠長期擁有人們想要的產品和服務。

That leads us to the third part of the plan and that was the reason that we secured the loan and the financing to be able to finance not only the restructuring in the near term, but also the long-term product development.

這引出了我們計劃的第三部分，這就是我們獲得貸款和融資的原因，不僅能夠為短期重組提供資金，而且還能為長期產品開發提供資金。

So there is nothing that I can see right now that I wish I had more money for to invest across our productline.

因此，我現在看不出我希望有更多的錢來投資我們的產品線。

I just want to get absolutely laser-focused on an investment strategy that ends up with a clear, rational, really competitive productline and production system, but we have the money and the plans in place to do that now.

我只是想完全專注於一項投資策略，最終形成一個清晰、合理、真正有競爭力的產品線和生產系統，但我們現在有資金和計劃來做到這一點。

So I don't think we are at a disadvantage.

所以我不認為我們處於劣勢。

I think we are down to doing what we have done in the past and that is to make the vehicles that people want.

我認為我們會繼續做我們過去所做的事情，那就是製造人們想要的車輛。

When you think about it, we are in this situation because we had really focused on the bigger SUVs and trucks and we have done very well in that. 30 years of industry leadership with the F-Series, fabulous Explorers and Expeditions and the bigger SUVs and now we are going to complement that with a great set of new, smaller cars and crossovers and SUVs that our customers really do want.

仔細想想，我們之所以處於這種境地，是因為我們真正專注於更大的 SUV 和卡車，而且我們在這方面做得非常好。 F 系列、出色的 Explorer 和 Expeditions 以及更大的 SUV 佔據了 30 年的行業領導地位，現在我們將通過一系列客戶真正想要的新型小型汽車、跨界車和 SUV 來補充這一點。

So we have the investment in place and I am very confident that we can create a very competitive productline.

因此，我們的投資已經到位，我非常有信心我們能夠創建一條非常有競爭力的產品線。

Another nice thing or a neat thing about that is that it is not just about a car as we know it today, but you saw the response that we got from the sync capability where we are starting to network the car and link it to the global Internet system and I think those kind of innovations that allow people to be connected in our new world are going to be -- this is important in our vehicle design as the other elements that people appreciate in the past.

另一個好處或巧妙的事情是，它不僅僅是我們今天所知道的汽車，而且您看到了我們從同步功能中得到的響應，我們開始將汽車聯網並將其鏈接到全球互聯網系統和我認為那些讓人們在新世界中相互聯繫的創新將會——這對於我們的車輛設計非常重要，就像人們過去欣賞的其他元素一樣。

Sarah Webster, Detroit Free Press.

莎拉·韋伯斯特，底特律自由報。

Alan, you said that you feel that your capital expenditures on product development is competitive, but GM just recently upped their spend to $8 billion.

艾倫，您說您認為您在產品開發上的資本支出具有競爭力，但通用汽車最近剛剛將支出增加到 80 億美元。

Toyota spends $10 billion and you are still at $7 billion.

豐田花了 100 億美元，而你還是 70 億美元。

And I guess given the fact that you have conceded that your system for product development is less efficient than it needs to be, it seems like Ford should be investing at least some of the money that you have obtained through your financing to upping your expenditure.

我想鑑於您已經承認您的產品開發系統效率低於所需的效率，福特似乎應該至少將您通過融資獲得的部分資金用於增加支出。

I guess if you could address that one more time?

我想你能否再解決一次這個問題？

Sure, Sarah.

當然，莎拉。

Good morning to you.

早上好。

I think the way -- well, the way we are thinking about it is is that as we focus our portfolio and we focus our family in each of the brands that allow us to get a more investment per vehicle and then to have that consistency of purpose that we've talked about, I think will allow us to get a lot more value for our investment dollar.

我認為，我們思考的方式是，當我們專注於我們的產品組合，我們將我們的家族集中在每個品牌上時，這使我們能夠在每輛車上獲得更多的投資，然後保持一致性我們已經討論過的目的，我認為將使我們的投資獲得更多價值。

But I would like to say again I have looked through the entire product development plan not only on the capital that we mentioned, which is the $7 billion that Don mentioned earlier, but also through all of the engineering investment that we make that helps create the products that between the engineering investment and the capital investment, which covers the production, that I don't know of -- there is not other money that I would like to invest.

但我想再說一遍，我不僅查看了整個產品開發計劃，還查看了我們提到的資本（Don 之前提到的70 億美元），還查看了我們所做的所有工程投資，這些投資有助於創建介於工程投資和資本投資（涵蓋生產）之間的產品，我不知道——沒有其他資金我願意投資。

I think we have got the right amount of money and we are getting clearer and clearer on the focus on our product development strategy.

我認為我們已經獲得了適量的資金，而且我們對產品開發戰略的關注也越來越清晰。

And with every product development, every new car, we are also -- it is also going to be part of a more flexible, enhanced, higher-quality production system where we can do more vehicles per plant, more flexibility, more volume and you add those two together and I think that is going to be a key to our competitiveness going forward.

隨著每一個產品的開發，每一輛新車，我們也將成為一個更靈活、更增強、更高質量的生產系統的一部分，在這個系統中，我們可以在每個工廠生產更多的車輛，更大的靈活性，更大的產量，並且您將這兩者加在一起，我認為這將成為我們未來競爭力的關鍵。

We are really creating -- we're creating our new Ford productline and new production system with every introduction.

我們真正在創造——我們正在通過每一次推出來創造新的福特產品線和新的生產系統。

I feel very good about the investments that we have in place right now.

我對我們目前的投資感覺非常好。

I also wanted to address this issue of bonuses and compensation.

我還想解決獎金和薪酬的問題。

As far as I know, executives at Ford have been getting retention bonuses related to the Way Forward all the way back as far as December of 2005.

據我所知，早在 2005 年 12 月，福特高管就一直在領取與“前進之路”相關的留任獎金。

Are you under the impression that your staff, your white-collar staff, there is not compensated fairly or competitively today?

您是否認為您的員工、白領員工目前的薪酬不公平或沒有競爭力？

I am sorry, Sarah.

對不起，莎拉。

Would you say it again?

你能再說一遍嗎？

I want to make sure I answer the question you are asking.

我想確保我回答了您提出的問題。

Well, you said that you are considering these bonuses because you want the staff there to be appropriately compensated and it is our understanding that retention bonuses have been going out not just through all of 2006, but in part of 2005 as well.

嗯，您說您正在考慮這些獎金，因為您希望那裡的員工得到適當的補償，據我們了解，保留獎金不僅在 2006 年全年發放，而且在 2005 年的部分時間也發放。

And I guess I am wondering if you don't feel that your staff there is already appropriately compensated?

我想我想知道您是否認為您的員工已經得到了適當的補償？

I see what you mean -- I think.

我明白你的意思了——我想。

I don't know about the past as well, but I know that when you look at 2006 and the objectives that we laid out because the team here really started in 2005 with their 2006 plan on this turnaround and when you look at the key measures for quality and cycle time and cost and marketshare and customer satisfaction that this team has made great progress, especially through the latter half of 2006, made great progress against those objectives.

我也不了解過去，但我知道，當你看看 2006 年和我們制定的目標時，因為這裡的團隊實際上是在 2005 年開始實施他們的 2006 年扭轉計劃，當你看看關鍵措施時在質量、週期時間、成本、市場份額和客戶滿意度方面，這個團隊取得了很大的進步，特別是通過2006 年下半年，在實現這些目標方面取得了很大的進展。

So that is kind of the basis of the pay-for-performance.

這就是績效工資的基礎。

Now getting back to the bigger issue is that including in the pay-for-performance is you want the total compensation to be competitive so you attract the types of people you need and clearly at the higher levels, more of their compensation is at risk.

現在回到更大的問題是，包括在績效工資中的是你希望總薪酬具有競爭力，這樣你才能吸引你需要的人員類型，並且顯然在更高的級別，他們的更多薪酬面臨風險。

So you really do want to have their performance and their compensation tied together and as hard as this is, they are really performing on many aspects of the plan and that is what you want to compensate them for so you can keep the people, the talented people that you really do need.

因此，你確實希望將他們的績效和薪酬聯繫在一起，儘管這很困難，但他們確實在計劃的許多方面都表現出色，這就是你想要補償他們的，這樣你就可以留住員工、人才你真正需要的人。

Jeff McCracken, Wall Street Journal.

傑夫·麥克拉肯，《華爾街日報》。

On slide 32, you talked about industry net pricing and you expect it to be lower in 2007.

在幻燈片 32 上，您談到了行業淨定價，並預計 2007 年該價格會更低。

I am wondering -- I guess my question is why it would be lower if you were going to be getting out of the rental car business in '07?

我想知道 - 我想我的問題是，如果您在 07 年退出汽車租賃業務，為什麼價格會更低？

Wouldn't it theoretically get better in '07 if you have or are exiting the rental car business?

如果您已經或正在退出租車業務，理論上 07 年情況會不會好一些？

I wonder if perhaps any of that relates to the F-Series or the F-150 and the cost pressures that would come with a new Silverado and a new Tundra.

我想知道這是否與 F 系列或 F-150 以及新索羅德和新坦途帶來的成本壓力有關。

Let me try and answer that, Jeff, because what slide 32 was trying to show and maybe we weren't clear enough is the U.S. industry net pricing.

讓我嘗試回答這個問題，Jeff，因為第 32 張幻燈片試圖展示的是美國行業淨定價，也許我們還不夠清楚。

So what we were trying to say there is that we expect the pricing environment overall in the U.S. to be down as it has been the last few years.

因此，我們想說的是，我們預計美國的整體定價環境將像過去幾年一樣下降。

You can see that on Bureau of Labor Statistics reporting.

您可以在勞工統計局的報告中看到這一點。

So what we are saying is that we expect these volumes -- we project to be slightly down from last year mainly in the first half and that is consistent with the overall level of economic activity in the country, gasoline prices and so on and within that, we expect that pricing environment to continue to be tough.

因此，我們所說的是，我們預計這些數量將比去年略有下降，主要是在上半年，這與該國經濟活動的總體水平、汽油價格等一致。 ，我們預計定價環境將繼續嚴峻。

That competitive setting -- and we weren't really saying anything about our own performance within that tough pricing environment and the point you make is correct that we do expect a benefit from having reduced our participation in the daily rental business and some of it we will see right away and in terms of less incentives going out to sell cars to the daily rental companies and then later on, we expect improvement in residual values.

在這種競爭環境下，我們並沒有真正談論我們在艱難的定價環境中的表現，您提出的觀點是正確的，我們確實希望通過減少對日常租賃業務的參與而受益，其中一些我們我們將立即看到，並且就向每日租賃公司出售汽車的激勵措施減少而言，然後，我們預計殘值會有所改善。

So that slide there was really talking about a total industry setting where we have our own plan internally, Mark does, to try and improve our margins on the pricing side.

因此，那張幻燈片實際上討論了整個行業環境，馬克在內部有自己的計劃，試圖提高定價方面的利潤。

So do you think --?

那麼你認為——？

The last question please.

最後一個問題請。

What's that?

那是什麼？

Jeff, did you have another one?

傑夫，你還有另一份嗎？

I guess my follow-up was just what is your projection for Ford net pricing?

我想我的後續問題是您對福特淨定價的預測是什麼？

Is it to be lower in '07 or flat or up?

07 年是下降還是持平還是上升？

I think our projection, Jeff, very simply is about flat to maybe slightly down and again, as Don was mentioning, I think there's a number of things that are working in our favor, as Don mentioned, exiting the Taurus and the Freestar business, which has -- which is not particularly a good business for us in terms from a pricing standpoint.

傑夫，我認為我們的預測非常簡單，就是持平甚至略有下降，正如唐提到的，我認為有很多事情對我們有利，正如唐提到的，退出金牛座和自由星業務，從定價的角度來看，這對我們來說並不是一項特別好的業務。

But at the same time when you look at the flow of products we have coming, the Edge, the MKS, very importantly the Super Duty, which again is 40% of our F-Series sales, plus the fact that it shouldn't be lost on us that we had some of our competitors taking very significant actions in the fourth quarter of last year to address their inventory problems.

但與此同時，當你看看我們即將推出的產品流時，Edge、MKS，非常重要的是 Super Duty，它又占我們 F 系列銷量的 40%，而且事實上它不應該是我們忘記了，我們的一些競爭對手在去年第四季度採取了非常重大的行動來解決他們的庫存問題。

When you look at our position going into 2007, our inventory position -- we're very comfortable with our inventory position.

當你看看我們進入 2007 年的狀況時，我們的庫存狀況——我們對我們的庫存狀況非常滿意。

We're about 66 days supply, down 10 days from last year and down 20% in total volume.

我們的供應量約為 66 天，比去年減少了 10 天，總量減少了 20%。

So we are going to have to see how the market goes, but I think we're very prepared both from an inventory and a new product introduction standpoint.

因此，我們將不得不看看市場如何發展，但我認為從庫存和新產品推出的角度來看，我們都做好了充分的準備。

We will watch the market and if it is more competitive, then we will take actions on the cost side to offset that.

我們將觀察市場，如果競爭更加激烈，那麼我們將在成本方面採取行動來抵消這一影響。

Cindy, we have time for one more question, please.

辛迪，我們還有時間再問一個問題。

John Murphy, Merrill Lynch.

約翰·墨菲，美林證券。

I got in under the wire here.

我是從這裡的鐵絲網下面進來的。

A lot of pressure on you.

你的壓力很大。

If I could sneak maybe two quick ones in here.

如果我能偷偷溜進去的話，也許有兩個快的。

First, the cash burn for the quarter was much better than we expected and I think it was generally expected and I don't know if I am reading too much into it here, but does that mean the restructuring actions may be moving slower than expected or also maybe conversely that you guys might be more efficient with your cash than previously been expected and this $17 billion burn through 2009 might be an aggressive assumption?

首先，本季度的現金消耗比我們預期的要好得多，我認為這是普遍預期的，我不知道我是否在這裡讀得太多，但這是否意味著重組行動的進展可能比預期慢或者反過來說，你們的現金使用效率可能比之前預期的更高，而2009 年燒掉170 億美元可能是一個激進的假設？

Then second, Alan, just specifically on your management philosophy here, there has been a lot of expectation for a long time that you would come out with sort of your new plan, maybe the new way, way way forward plan and I was just wondering if you think what is out there already with the Way Forward plan is sufficient for milestones and a roadmap publicly and maybe even internally and then with your Thursday meetings that you just continue to chip away and maybe go faster in those milestones that are out there already or do you need to come out with a new plan above and beyond the Way Forward?

其次，艾倫，特別是關於你的管理理念，很長一段時間以來，人們一直對你提出新計劃抱有很大的期望，也許是新的方式、前進的方向計劃，我只是想知道如果你認為前進計劃中已經存在的內容足以公開實現里程碑和路線圖，甚至可能在內部，然後在周四的會議上，你只需繼續努力，也許在那些已經存在的里程碑中走得更快或者您是否需要製定一個超越前進方向的新計劃？

We will have Don go first and then I will finish up.

我們讓唐先走，然後我來完成。

I will try and answer your question on the cash flow in the fourth quarter.

我將嘗試回答你關於第四季度現金流的問題。

I don't know what you were projecting, but our cash outflow in the fourth quarter was a little bit better than we were expecting and that was mainly from cost performance.

我不知道你的預測是什麼，但我們第四季度的現金流出比我們預期的要好一些，這主要來自性價比。

I'd say that it doesn't indicate anything at all that our restructuring is behind.

我想說，這根本不表明我們的重組落後了。

In fact, our restructuring is on plan or maybe a little ahead of plan in the sense that we have got more people that took the industry-wide buyout and we are on plan with ACH.

事實上，我們的重組正在按計劃進行，或者可能比計劃提前了一點，因為我們有更多的人接受了全行業的收購，而且我們正在與 ACH 進行計劃。

So from my perspective, the plant idlings are on schedule.

因此，從我的角度來看，工廠的空轉正在按計劃進行。

So we are on schedule or a little ahead of schedule with the restructuring.

因此，我們的重組工作正在按計劃進行，或者說稍微提前了一些。

We did a little bit better on operating cash flow, just a little and I would say right now, we want to stick with the projection we made for '07 to '09 cash outflow that we used as a part of the financing that we raised in December.

我們在經營現金流方面做得更好一點，只是一點點，我現在想說的是，我們希望堅持我們對07 年至09 年現金流出所做的預測，我們將其用作我們籌集的融資的一部分在十二月。

Very good, Don.

非常好，唐。

On your other question about the plan and going forward, I think the way I would characterize that is that we have a very solid plan in place that we think deals with our business realities and returns it to profitability and has the investment needed in the near term to create a productline that people really do want and value in our new world and a new production system that delivers even higher quality and productivity for a viable Ford going forward.

關於你關於計劃和未來發展的另一個問題，我認為我的描述方式是，我們有一個非常可靠的計劃，我們認為該計劃能夠處理我們的業務現實，使其恢復盈利，並在近期獲得所需的投資。術語，即創建一條人們在新世界中真正想要和重視的產品線，以及一個新的生產系統，為福特未來的發展提供更高的質量和生產力。

Now, clearly, Mark and the North America team really led this dealing with the reality when they started -- when they looked at the world with really clear glasses in 2004 and 2005 and started with the Way Forward plan.

現在，顯然，馬克和北美團隊在開始時就真正領導了這一處理現實的工作——當他們在 2004 年和 2005 年用真正清晰的眼鏡看待世界並開始製定“前進之路”計劃時。

I think that they also took a really good move by -- as the economic situation deteriorated, developed the accelerated plan and I had a chance to participate with Mark and the team on that.

我認為，隨著經濟形勢惡化，他們也採取了非常好的舉措，制定了加速計劃，我有機會與馬克和團隊一起參與這件事。

But also the other thing we have done over the last few months is really focused the rest of the brands on a better, continuous improvement plan also and all of that is what we have reflected in the current plan.

但過去幾個月我們所做的另一件事是真正將其他品牌的重點放在更好的、持續改進的計劃上，所有這些都是我們在當前計劃中所反映的。

And so I think it is a solid plan.

所以我認為這是一個可靠的計劃。

I think that with respect to your comment about the milestones, we did -- we have put out really clear metrics and milestones to share with you and with everybody outside Ford and inside Ford because we want everybody helping on this plan and so the data that we have shown on the employment and the facilities and the divestitures, all of those, that is the plan and we're making great progress on that as Don mentioned and we will continue to update everybody.

我認為，關於您對里程碑的評論，我們確實 - 我們已經制定了非常明確的指標和里程碑，與您以及福特內外的每個人分享，因為我們希望每個人都為這個計劃提供幫助，因此數據我們已經在就業、設施和資產剝離方面展示了所有這些，這就是計劃，正如唐提到的那樣，我們在這方面取得了巨大進展，我們將繼續向大家通報最新情況。

Now having said that, all good businesses have a good solid plan and they are always looking at the risks to mitigate those and they are always looking for additional opportunities to improve the plan.

話雖如此，所有優秀的企業都有一個良好可靠的計劃，他們總是在尋找減輕這些風險的風險，他們總是在尋找額外的機會來改進計劃。

So as we go forward here each quarter, each year, our goal is to mitigate those risks and keep improving the plan incrementally going forward.

因此，當我們每個季度、每年向前推進時，我們的目標是減輕這些風險並不斷改進計劃。

But I think we have got a good solid plan and we have got -- even more importantly, we have got an operating rhythm and an attitude and a team that knows that our real success here is based on mitigating those risks and finding more opportunities to improve the plan as we go forward.

但我認為我們已經有了一個良好可靠的計劃，而且更重要的是，我們有一個運營節奏、一種態度和一支團隊，他們知道我們在這裡真正的成功是基於減輕這些風險並尋找更多機會在我們前進的過程中改進計劃。

So I think we in a good operating rhythm and we will keep sharing our progress with you each quarter.

所以我認為我們的運營節奏良好，我們將每個季度繼續與您分享我們的進展。

That concludes today's presentation.

今天的演講到此結束。

Thank you for joining us.

感謝您加入我們。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude today's presentation and you may now disconnect your lines.

今天的演示到此結束，您現在可以掛斷電話了。

Everybody have a great day.

每個人都有美好的一天。