福特汽車 (F) 2014 Q1 法說會逐字稿

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

美好的一天，女士們先生們，歡迎參加福特第一季財報電話會議。

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

我叫塔萬達，我將擔任你們今天的協調員。

(Operator Instructions).

（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 conference over to Mr. George Sharp, Executive Director of Investor Relations.

我現在將會議交給投資者關係執行董事喬治夏普先生主持。

Please proceed, sir.

請繼續，先生。

Thank you, Tawanda and good morning.

謝謝你，塔萬達，早安。

Welcome to everyone joining us today either by phone or by webcast.

歡迎今天透過電話或網路廣播加入我們的所有人。

On behalf of the entire Ford management team, I would like to thank you for taking the time to be with us this morning so we can provide you with additional details of our first-quarter 2014 financial results.

我謹代表整個福特管理團隊感謝您今天早上抽出時間與我們在一起，以便我們能夠向您提供 2014 年第一季財務業績的更多詳細資訊。

Presenting today are Alan Mulally, President and CEO of Ford and Bob Shanks, Chief Financial Officer.

今天出席會議的有福特公司總裁兼執行長艾倫·穆拉利 (Alan Mulally) 和財務長鮑勃·尚克斯 (Bob Shanks)。

Also participating are Mark Fields, Chief Operating Officer; Stuart Rowley, Corporate Controller; Neil Schloss, Corporate Treasurer; Paul Andonian, Director of Accounting; Mike Seneski, Ford Credit CFO.

營運長 Mark Fields 也出席了會議； Stuart Rowley，公司財務總監；尼爾‧施洛斯 (Neil Schloss)，公司財務長； Paul Andonian，會計總監；麥克‧塞內斯基 (Mike Seneski)，福特信貸財務長。

Copies of this morning's press release and presentation slides are available on Ford's investor and media website.

今天早上的新聞稿和簡報幻燈片的副本可在福特的投資者和媒體網站上找到。

Please note that the financial results discussed today are preliminary and include references to non-GAAP financial measures.

請注意，今天討論的財務結果是初步的，其中包括對非公認會計準則財務指標的參考。

Final data will be included in our Form 10-Q and any non-GAAP financial measures are reconciled to the US GAAP equivalent in the appendix of the slide deck.

最終數據將包含在我們的 10-Q 表格中，任何非 GAAP 財務指標都會與幻燈片附錄中的美國 GAAP 同等指標進行調整。

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有關我們對福特未來業績預期的前瞻性陳述。

Of course, actual results could be different.

當然，實際結果可能會有所不同。

The most significant factors that could affect future results are summarized at the end of this presentation and detailed in our SEC filings.

本簡報末尾總結了可能影響未來結果的最重要因素，並在我們向 SEC 提交的文件中詳細介紹了這些因素。

With that, I'd now like to turn the presentation over to Alan.

至此，我現在想將簡報交給艾倫。

Thank you, George and good morning to everyone.

謝謝你，喬治，祝大家早安。

We are pleased to have the opportunity today to review our first-quarter 2014 business performance as we continue to move forward with the implementation of our ONE Ford plan.

我們很高興今天有機會回顧我們 2014 年第一季的業務表現，同時我們繼續推進 ONE 福特計畫的實施。

Let's get started and turn to the first slide please.

讓我們開始吧，請看第一張投影片。

Our ONE Ford plan shown here continues to guide everything that we do.

這裡展示的「ONE Ford」計畫將繼續指導我們所做的一切。

We continue to aggressively restructure the business to operate profitably at the current demand and the changing model mix, accelerate development of the new products our customers want and value, finance our plan and improve our balance sheet and work together effectively as one team leveraging our global assets.

我們繼續積極重組業務，以便根據當前需求和不斷變化的模型組合實現盈利，加速開發客戶想要和重視的新產品，為我們的計劃提供資金，改善我們的資產負債表，並作為一個團隊有效地合作，利用我們的全球資產。

Our commitment remains to serve customers in all markets with a full family of best-in-class vehicles -- small, medium and large; cars, utilities and trucks -- delivering profitable growth for all.

我們仍然致力於為所有市場的客戶提供一流的全系列車輛（小型、中型和大型）；汽車、公用事業和卡車—為所有人帶來獲利成長。

Now let's turn to slide 2 and review a summary of our first-quarter accomplishments.

現在讓我們轉向投影片 2，回顧一下我們第一季的成就。

The Company achieved its 19th consecutive profitable quarter in the first quarter with a positive operating-related cash flow and continued strong liquidity.

公司第一季實現了連續第 19 個季度獲利，經營相關現金流為正，流動性持續強勁。

Once again, the top line grew with wholesale volume up 6% from a year ago and Company revenue improving about 1%.

營收再次成長，批發量較上年同期成長 6%，公司營收成長約 1%。

We saw higher marketshare in Asia Pacific where we achieved a record share in China.

我們在亞太地區的市佔率有所提高，在中國的市佔率也創下了紀錄。

Among our business units, Asia Pacific reported a record quarterly profit.

在我們的業務部門中，亞太地區公佈了創紀錄的季度利潤。

North America, Middle East & Africa were profitable and Ford Credit once again delivered solid results.

北美、中東和非洲實現獲利，福特信貸再次取得穩健表現。

Europe reduced its loss substantially compared with last year, but South America incurred a larger loss.

歐洲損失較去年大幅減少，但南美損失較大。

This year will feature the most product launches in our history and we remain on track with the 23 global product launches we announced late last year.

今年將推出我們歷史上最多的產品，並且我們仍將繼續保持去年底宣布的 23 個全球產品發布的勢頭。

Overall, the Company's results were solid, but the quarter was impacted adversely by several significant factors that are not representative of the underlying run rate of our business.

總體而言，公司業績穩健，但本季受到幾個重大因素的不利影響，這些因素並不代表我們業務的基本運作率。

Based on our solid start, we continue to expect the Company's full-year pretax profit to range from $7 billion to $8 billion.

基於我們良好的開局，我們繼續預計公司全年稅前利潤將在 70 億美元至 80 億美元之間。

Our outlook for automotive revenue, operating margin and operating-related cash flow also remains unchanged.

我們對汽車收入、營業利潤率和營運相關現金流的展望也保持不變。

Before turning to the financial details, let's recap some of our other achievements from the first quarter.

在討論財務細節之前，讓我們先回顧一下第一季的一些其他成就。

As shown on slide 3, we revealed several concepts and products in the first quarter, including the all-new 2015 F-150, the Figo and Ka four-door concepts, the new 2015 Focus five door and wagon and the new 2015 Expedition and Lincoln Navigator.

如幻燈片3 所示，我們在第一季發布了多款概念車和產品，包括全新2015 年F-150、Figo 和Ka 四門概念車、新款2015 年Focus 五門和旅行車以及新款2015 年Expedition 和林肯領航員。

We accelerated the momentum of our our global Transit line with the launch of the two ton Transit in Europe, the Transit Connect in US and Canada and the Transit Custom in Australia.

隨著在歐洲推出兩噸級 Transit、在美國和加拿大推出 Transit Connect 以及在澳洲推出 Transit Custom，我們加快了全球 Transit 系列的發展勢頭。

In Asia Pacific, we expanded the production of EcoSport to Thailand making it the fourth plant globally to build the all new urban SUV.

在亞太地區，我們將 EcoSport 的生產擴大到泰國，使其成為全球第四家生產全新城市 SUV 的工廠。

We announced an investment of $168 million at the Ohio assembly plant for production of the all-new 2016 F-650 and F-750 medium duty trucks beginning in spring of 2015.

我們宣佈在俄亥俄州組裝廠投資 1.68 億美元，用於從 2015 年春季開始生產全新 2016 年 F-650 和 F-750 中型卡車。

Also in the US, we announced an investment of $580 million and an additional 650 jobs to build a new 2.7 liter EcoBoost engine at Lima engine plant in Ohio to increase production of Super Duty at Kentucky Truck.

同樣在美國，我們宣布投資 5.8 億美元並新增 650 個工作崗位，在俄亥俄州利馬發動機工廠生產新型 2.7 升 EcoBoost 發動機，以提高肯塔基卡車 Super Duty 的產量。

We also announced new automated driving research projects with MIT and Stanford University, as well as expansion of our research and engineering center in Nanjing, China.

我們也宣布與麻省理工學院和史丹佛大學合作新的自動駕駛研究項目，並擴大我們在中國南京的研究和工程中心。

And finally, in January, we increased our quarterly dividend by 25%, the second increase since restoring the dividend in January of 2012.

最後，1 月份，我們將季度股息提高了 25%，這是自 2012 年 1 月恢復股息以來的第二次上調。

Now, Bob Shanks will take you through the detail of our first-quarter financial results.

現在，鮑伯·尚克斯將帶您詳細了解我們第一季的財務表現。

Bob?

鮑伯？

Thanks, Alan and good morning, everyone.

謝謝艾倫，大家早安。

Starting at the top on slide 4, first-quarter wholesale volume was 1.6 million units, up 92,000 units from a year ago and revenue was $35.9 billion, up $300 million.

從幻燈片 4 頂部開始，第一季批發量為 160 萬台，比去年同期增加 92,000 台，收入為 359 億美元，增加 3 億美元。

Pretax profit was $1.4 billion, excluding special items, $765 million lower than a year ago.

不包括特殊項目的稅前利潤為 14 億美元，比去年同期減少 7.65 億美元。

After-tax earnings per share at $0.25 were $0.16 lower.

每股稅後收益為 0.25 美元，比去年同期低 0.16 美元。

Net income attributable to Ford, including pretax special item charges of $122 million, was $989 million, which was $622 million lower than a year ago.

福特歸屬淨利潤為 9.89 億美元，其中包括 1.22 億美元的稅前特殊項目費用，比去年同期減少 6.22 億美元。

Earnings were $0.24 a share, down $0.16.

每股收益為 0.24 美元，下降 0.16 美元。

The pretax special item charges of $122 million are for separation-related actions, primarily in Europe to support our transformation plan.

1.22 億美元的稅前特殊項目費用用於與離職相關的行動，主要是在歐洲支持我們的轉型計畫。

You can find additional detail in Appendix 3.

您可以在附錄 3 中找到更多詳細資訊。

Automotive operating-related cash flow was $1.2 billion, our 16th consecutive quarter of positive performance.

汽車營運相關現金流為 12 億美元，這是我們連續第 16 個季度實現積極業績。

And automotive gross cash was $25.2 billion, exceeding debt by $9.5 billion.

汽車業現金總額為 252 億美元，超過債務 95 億美元。

Our first-quarter operating effective tax rate, which isn't shown, was 38%.

我們第一季的營運有效稅率（未顯示）為 38%。

Consistent with prior guidance, we expect our full-year operating effective tax rate to be about 35%.

與先前的指引一致，我們預計全年營運有效稅率約為 35%。

As shown on slide 5, both of our sectors, automotive and financial services, contributed to the Company's first-quarter pretax profit.

如幻燈片 5 所示，汽車和金融服務這兩個行業都為公司第一季的稅前利潤做出了貢獻。

As shown in the memo, the year-over-year decline in Company first-quarter pretax profit is explained primarily by the automotive sector.

如備忘錄所示，公司第一季稅前利潤年減的主要原因是汽車業。

Within automotive, lower results in North and South America were offset partially by an improvement of nearly $600 million from the other automotive regions.

在汽車領域，北美和南美的業績下降被其他汽車地區近 6 億美元的成長所部分抵消。

Compared with fourth quarter 2013, Company pretax profit was $63 million higher, more than explained by financial services.

與 2013 年第四季相比，公司稅前利潤增加了 6,300 萬美元，這超出了金融服務的解釋。

The key market factors and financial metrics for our automotive business in the first quarter are shown on slide 6. Beginning this quarter, we will report global and total regional industry SAAR and marketshare data to improve transparency and reflect the markets covered by each of our automotive business units.

我們汽車業務第一季的關鍵市場因素和財務指標如幻燈片6 所示。從本季度開始，我們將報告全球和整個區域行業SAAR 和市場份額數據，以提高透明度並反映我們每個汽車業務覆蓋的市場業務部門。

As you can see on the far left and as already mentioned, wholesale volume increased by 6% compared with a year ago.

正如您在最左邊看到的那樣，正如已經提到的，批發量與一年前相比增加了 6%。

Automotive revenue on the other hand was unchanged.

另一方面，汽車收入沒有變化。

The higher volume is more than explained by higher industry volumes in all regions except South America, improved marketshare in Asia Pacific and the favorable change in dealer stocks.

除南美洲外，所有地區的行業銷售增加、亞太地區市場份額的提高以及經銷商庫存的有利變化都足以解釋銷售的增加。

Global industry SAAR is estimated at 86.5 million units, up over 3% from a year ago.

全球產業 SAAR 預計為 8,650 萬台，比去年同期成長 3% 以上。

Ford global marketshare is estimated at 6.9%, unchanged from a year ago.

福特全球市佔率預估為 6.9%，與去年同期持平。

Operating margin was 3.4%, down 1.8 percentage points from a year ago and automotive pretax profit was $919 million, down $724 million.

營業利益率為 3.4%，較去年同期下降 1.8 個百分點，汽車業稅前利潤為 9.19 億美元，較去年同期下降 7.24 億美元。

Lower results in North and South America more than explain the change in both metrics.

北美和南美較低的結果足以解釋這兩個指標的變化。

As mentioned, the first-quarter results include several significant adverse factors that we do not consider to be representative of the underlying run rate of our business.

如前所述，第一季業績包括幾個重大不利因素，我們認為這些因素不能代表我們業務的基本運作率。

They are shown here on slide 7. In North America, these factors total about $500 million.

它們如幻燈片 7 所示。在北美，這些因素總計約 5 億美元。

They include a $400 million increase in warranty reserves for field service actions, which include safety recalls and other product campaigns related to 2008 through 2013 models, as well as expense for 2001 through 2005 model vehicles.

其中包括為現場服務行動增加 4 億美元的保固準備金，其中包括安全召回和與 2008 年至 2013 年車型相關的其他產品活動，以及 2001 年至 2005 年車型的費用。

We also experienced premium freight and labor costs of about $100 million during the quarter related to the harsh winter weather in the US, which disrupted our operations as well as those of many of our suppliers.

本季我們也經歷了約 1 億美元的高額運費和勞動力成本，這與美國冬季的嚴酷天氣有關，這擾亂了我們以及許多供應商的營運。

In South America, we saw significant currency devaluations across our major markets during the quarter.

在南美洲，本季我們主要市場的貨幣大幅貶值。

These are shown in Appendix 12.

這些內容如附錄 12 所示。

In addition to the operating effect of these exchange rate movements, we've recorded charges of about $400 million related to the one-time balance sheet impact of these changes.

除了這些匯率變動對營運的影響之外，我們還記錄了約 4 億美元的費用，這些費用與這些變化對資產負債表的一次性影響有關。

Included is $310 million related to the Venezuelan Bolivar.

其中包括與委內瑞拉玻利瓦爾相關的 3.1 億美元。

In total, these factors reduced pretax profit by about $900 million or the equivalent of $0.17 per share.

總的來說，這些因素使稅前利潤減少了約 9 億美元，相當於每股 0.17 美元。

They also account for a year-over-year decline in Company pretax profit of $700 million as shown in the memo.

如備忘錄所示，他們也認為公司稅前利潤比去年同期下降了 7 億美元。

While similar factors could occur in the future, it is unusual for items like these to occur in this magnitude in the same quarter.

雖然未來可能會發生類似的因素，但在同一季度發生如此大規模的此類事件是不尋常的。

Isolating these factors provides a better understanding of what we believe to be the underlying run rate of the Company and our North and South America business units.

隔離這些因素可以更好地了解我們認為的公司以及北美和南美業務部門的基本運作率。

Slide 8 shows the factors that contributed to the $724 million decline in automotive first-quarter pretax profit, including the items just reviewed on the prior slide.

投影片 8 顯示了導致汽車第一季稅前利潤下降 7.24 億美元的因素，包括上一張投影片中剛剛回顧的項目。

The year-over-year decline in automotive pretax profit can be explained fully by the warranty and premium weather-related costs in North America and the balance sheet exchange effects in South America.

汽車稅前利潤的同比下降完全可以歸因於北美的保固和保費天氣相關成本以及南美的資產負債表匯率影響。

All other factors effectively offset one another.

所有其他因素都有效地相互抵消。

Slide 9 shows the first-quarter pretax results for each of our automotive operations, as well as other automotive.

幻燈片 9 顯示了我們每個汽車業務以及其他汽車業務的第一季稅前業績。

Effective with this quarter, we are reporting results for Middle East & Africa, our new business unit that was formed to facilitate an increase focus on this important growth region.

從本季開始，我們將報告中東和非洲的業績，這是我們新成立的業務部門，旨在促進對這一重要成長地區的更多關注。

To allow comparison, we have revised prior-year financials and physicals for each of our other business units to align with this new reporting structure.

為了進行比較，我們修改了其他每個業務部門的上一年財務和實物數據，以與這項新的報告結構保持一致。

Total automotive sector bottom-line reporting, of course, is not impacted by this change.

當然，汽車產業的整體利潤報告不會受到這項變化的影響。

You can find detail on the revisions in Appendices 14 through 16.

您可以在附錄 14 至 16 中找到有關修訂的詳細資訊。

As you can see, North America reported a solid first-quarter result notwithstanding the factors discussed earlier while Asia Pacific's profit was a record for any quarter.

正如您所看到的，儘管存在前面討論的因素，北美地區第一季的業績依然強勁，而亞太地區的利潤創下了任何季度的記錄。

Europe cut its loss by more than half from year ago and by nearly two-thirds from fourth quarter 2013.

歐洲的虧損比去年同期減少了一半以上，比 2013 年第四季減少了近三分之二。

The automotive operations outside North America improved $265 million from a year ago notwithstanding the larger loss in South America mainly due to the factors discussed earlier.

北美以外的汽車業務較上年同期增長了 2.65 億美元，儘管南美地區的虧損較大（主要是由於前面討論的因素）。

The change in other automotive from a year ago was more than explained by an unfavorable fair value adjustment of our investment in Mazda.

其他汽車業務較一年前的變化很大程度上是由於我們對馬自達投資的公允價值調整不利所致。

For the full year, we now expect net interest expense to be about $700 million, a $100 million improvement from our prior guidance reflecting higher interest income.

我們現在預計全年淨利息支出約為 7 億美元，比我們先前的指導增加了 1 億美元，反映出利息收入的增加。

Now I'll look at each of the regions within the automotive sector starting on slide 10 with North America.

現在，我將從投影片 10 中的北美開始，介紹汽車產業的各個地區。

North America's first-quarter pretax profit continued to be driven by robust industry sales, our strong product lineup, continued discipline in matching production to demand and a lean cost structure even as we continue to invest for future growth.

北美第一季稅前利潤繼續受到強勁的行業銷售、強大的產品陣容、生產與需求匹配的持續紀律以及精益成本結構的推動，儘管我們繼續為未來成長進行投資。

North America wholesale volume and revenue declined 2% and 5% respectively in the first quarter.

第一季北美批發量和營收分別下降 2% 和 5%。

The volume decrease is more than explained by lower marketshare.

銷量下降的原因不僅是市場佔有率下降。

This was offset in part by higher industry sales, including a US SAAR of 16 million units that was 400,000 units higher than a year ago and a favorable change in dealer stocks.

這在一定程度上被較高的行業銷量所抵消，其中包括美國 SAAR 為 1,600 萬輛，比一年前增加了 40 萬輛，以及經銷商庫存的有利變化。

The decline in revenue mainly reflects the lower wholesale volume, as well as unfavorable mix, lower net pricing and the adverse effect of a weaker Canadian dollar.

收入下降主要反映批發量下降、不利的產品組合、淨定價下降以及加幣疲軟的不利影響。

North America operating margin was 7.3%, down 3.8 percentage points from last year and pretax profit was $1.5 billion, about $900 million lower than last year's record profit.

北美營業利益率為7.3%，比去年下降3.8個百分點，稅前利潤為15億美元，比去年創紀錄的利潤低約9億美元。

The adverse impact of $500 million associated with the warranty reserve and weather-related premium cost, as noted earlier, is worth 2.5 percentage points of operating margin.

如前所述，與保固準備金和與天氣相關的保費成本相關的 5 億美元的不利影響相當於營業利潤率的 2.5 個百分點。

On slide 11, we show the factors that contributed to North America's first-quarter decline in pretax profit from last year.

在投影片 11 中，我們展示了導致北美第一季稅前利潤較去年下降的因素。

The deterioration is more than explained by unfavorable market factors and higher cost.

這種惡化的原因不僅是不利的市場因素和較高的成本。

The unfavorable volume and mix is explained primarily by planned reductions and daily rental sales and lower small car share, as well as unfavorable series mix and option take rates ahead of the launch of our new products.

不利的銷售和組合主要是由於計劃減少和日租銷售以及小型車份額下降，以及在新產品推出之前不利的系列組合和期權採用率造成的。

Net pricing is lower mainly due to Fusion and Escape, which had very low levels of incentives a year ago due to the launch of these models.

淨定價較低主要是由於 Fusion 和 Escape 一年前由於推出這些型號而獲得的激勵水平非常低。

The higher costs are more than explained by the unfavorable $500 million related to the factors previously discussed.

與前面討論的因素相關的 5 億美元不利成本足以解釋成本上升的原因。

As shown in the memo, pretax profit was lower than in fourth quarter 2013, more than explained by unfavorable market factors, including higher incentive spending, unfavorable product mix and lower industry volume.

如備忘錄所示，稅前利潤低於 2013 年第四季度，主要原因是不利的市場因素，包括激勵性支出增加、不利的產品組合和產業銷售下降。

Ford's US marketshare trends are shown on slide 12.

福特的美國市佔率趨勢如投影片 12 所示。

Starting with the left chart, our total US marketshare was 15.3% in the first quarter, down 6/10 of a percentage point from a year ago, reflecting planned reductions in daily rental sales and lower small car retail share.

從左圖開始，第一季我們的美國市場總份額為 15.3%，比去年同期下降 6/10 個百分點，反映出計劃中的日租銷售減少和小型車零售份額下降。

Total F-Series share was unchanged from a year ago.

F 系列的總份額與一年前持平。

Compared with the fourth quarter, our marketshare was down 1/10 of a percentage point.

與第四季相比，我們的市佔率下降了1/10個百分點。

As shown in the right chart, our retail marketshare of the retail industry was 13.5% in the first quarter, down 5/10 of a percentage point from last year explained primarily by lower small car segmentation and share performance, as well as F-Series.

如右圖所示，第一季我們在零售業的零售市佔率為13.5%，比去年下降了5/10個百分點，主要是由於小型車細分市場和市佔率表現以及F系列的下降。

F-Series results reflect our disciplined approach to incentive spending as we manage inventory ahead of the launch of the new F-150.

F 系列績效反映了我們在推出新款 F-150 之前管理庫存時嚴格的激勵支出方法。

Compared with the fourth quarter, our retail marketshare was down 2/10 of a percentage point with losses on F-Series offset partially by Fusion and Escape.

與第四季度相比，我們的零售市佔率下降了 2/10 個百分點，其中 F 系列的損失被 Fusion 和 Escape 部分抵消。

F-Series results reflect our disciplined incentive strategy, as well as seasonal full-size pickup segmentation trends.

F 系列的業績反映了我們嚴格的激勵策略以及季節性全尺寸皮卡細分趨勢。

Turning to our full-year guidance for North America, we continue to expect pretax profit to be lower than last year and operating margin to range from 8% to 9%.

談到我們對北美的全年指引，我們仍然預計稅前利潤將低於去年，營業利潤率將在 8% 至 9% 之間。

Now let's turn to slide 13 and review South America where we are continuing to execute our strategy of expanding our product lineup and progressively replacing legacy products with global ONE Ford offerings.

現在，讓我們轉向幻燈片 13，回顧南美洲，我們將繼續執行擴大產品陣容並逐步以全球 ONE 福特產品取代傳統產品的策略。

Now, however, we are also dealing with slower GDP growth in our larger markets, weaker currencies, high inflation, along with political and social turmoil in some countries.

然而，現在我們還面臨較大市場GDP成長放緩、貨幣疲軟、高通膨以及一些國家的政治和社會動盪等問題。

In the first quarter, wholesale volume and revenue decreased from a year ago by 8% and 18% respectively.

第一季批發量和營收分別年減8%和18%。

The lower volume is more than explained by a 200,000 unit decline from last year's SAAR of 5.9 million units.

銷量下降的原因是與去年 590 萬台的 SAAR 相比減少了 20 萬台。

This includes the impact of import restrictions in Argentina and lower production in Venezuela resulting from limited availability of US dollars.

這包括阿根廷進口限制的影響以及美元供應有限導致委內瑞拉產量下降的影響。

The revenue decline is explained primarily by unfavorable exchange and unfavorable volume and mix offset partially by higher net pricing.

收入下降的主要原因是不利的匯率以及不利的銷售和組合，但較高的淨定價部分抵消了不利的影響。

Operating margin was negative 27%, down significantly and pretax loss was $510 million, a deterioration of $292 million.

營業利潤率為負 27%，大幅下降，稅前虧損為 5.1 億美元，惡化了 2.92 億美元。

The balance sheet exchange effects discussed earlier account for about 75% of the quarterly loss.

前面討論的資產負債表匯率影響約佔季度虧損的 75%。

On slide 14, we show the factors causing a decline in South America's first-quarter pretax results from a year ago.

在投影片 14 中，我們展示了導致南美洲第一季稅前業績較去年同期下降的因素。

The decline is explained by unfavorable exchange, higher cost mainly associated with economics-related effects caused by high local inflation and lower volume mainly due to the weaker industry.

下降的原因包括不利的匯率、較高的成本（主要與當地通膨高企造成的經濟相關影響有關）以及主要由於行業疲軟導致的銷售下降。

Although net pricing was substantial, including some pricing associated with new products, it was not enough to offset the currency and inflation-related effects.

儘管淨定價相當可觀，包括與新產品相關的一些定價，但不足以抵消貨幣和通膨相關的影響。

As shown in the memo, pretax results deteriorated compared with fourth quarter of 2013 more than explained by unfavorable exchange.

正如備忘錄所示，與 2013 年第四季相比，稅前業績惡化的原因不僅僅是不利的匯率。

For the full year, we now expect South America to incur a larger loss than in 2013.

就全年而言，我們現在預計南美洲將遭受比 2013 年更大的損失。

Based on our present assumptions, we expect the rest of the year to be about breakeven to a small loss.

根據我們目前的假設，我們預計今年剩餘時間將達到損益兩平或小幅虧損。

Let's turn now to Europe beginning on slide 15 where we continue to implement our transformation plan and remain on track to achieve profitability in 2015.

現在讓我們從幻燈片 15 開始轉向歐洲，我們將繼續實施轉型計劃，並繼續在 2015 年實現盈利。

Europe's wholesale volume and revenue improved from a year ago, up 11% and 18% respectively.

歐洲的批發量和營收較去年同期有所改善，分別成長11%和18%。

The volume increases more than explained by higher industry volumes reflecting a SAAR of 14.5 million units for the Europe 20 market, up over 1 million units, as well as favorable changes in dealer stocks and higher marketshare for Europe 20.

銷量的成長超出了行業銷量增加的解釋，反映出歐洲 20 國市場的 SAAR 為 1,450 萬輛，增加了超過 100 萬輛，以及經銷商庫存的有利變化和歐洲 20 國市場份額的提高。

The increase in revenue mainly reflects the higher volume and favorable exchange.

收入的增加主要反映了銷售量的增加和有利的匯率。

Europe's operating margin was a negative 2.5%, an improvement of 4 percentage points from a year ago and the pretax loss was $194 million, a $231 million improvement.

歐洲的營業利潤率為負2.5%，比一年前提高了4個百分點，稅前虧損為1.94億美元，比去年同期增加了2.31億美元。

The first-quarter loss includes $76 million of restructuring costs.

第一季虧損包括 7,600 萬美元的重組成本。

Slide 16 shows the factors that contributed to the improvement in Europe's first-quarter pretax results from a year ago.

投影片 16 顯示了歐洲第一季稅前業績較去年同期有所改善的因素。

The improvement reflects lower cost, favorable market factors and favorable exchange.

這種改善反映了成本降低、有利的市場因素和有利的匯率。

This was offset partially by lower joint venture results and royalties in Russia and Turkey included in other.

這部分被合資企業業績下降以及俄羅斯和土耳其特許權使用費（包括在其他項目中）所抵消。

As shown in the memo below the chart, pretax results improved compared with fourth quarter 2013 with both factors favorable.

如圖表下方的備忘錄所示，稅前業績較 2013 年第四季有所改善，這兩個因素都有利。

Our European marketshare trends are shown on slide 17.

我們的歐洲市佔率趨勢如幻燈片 17 所示。

Starting with the left chart, our total first-quarter marketshare for Europe 20 was 8%, up 3/10 of a percentage point from a year ago reflecting improved share from Mondeo and Kuga.

從左圖開始，我們第一季在歐洲 20 國家的總市佔率為 8%，比去年同期成長了 3/10 個百分點，反映出蒙迪歐和 Kuga 份額的提高。

Although not shown on the chart, our commercial vehicle share also improved in the first quarter driven by the new Transit Connect as we continue to roll out our all new commercial vehicle range.

儘管圖表中沒有顯示，但隨著我們繼續推出全新的商用車系列，在新的 Transit Connect 的推動下，我們的商用車份額在第一季也有所提高。

As shown on the right chart, or passenger car share of the retail segment of the five major European markets was 8.3% in the first quarter, down 1/10 of a percentage point from the same period last year.

如右圖所示，第一季歐洲五大市場零售領域乘用車市佔8.3%，較去年同期下降1/10個百分點。

Lower share reflects adverse segmentation changes offset partially by improved performance for Fiesta and Kuga.

份額下降反映了不利的細分變化，部分被嘉年華和 Kuga 業績的改善所抵消。

We continue to focus on the quality of our marketshare and improving our sales channel mix achieving a higher share of the fleet segment in the first quarter.

我們繼續關注市場份額的質量，並改善我們的銷售管道組合，在第一季實現更高的機隊份額。

We are very pleased with the start to the year by our operations in Europe and the progress the team continues to make in implementing our transformation plan notwithstanding external headwinds in Russia and Turkey.

儘管俄羅斯和土耳其面臨外部阻力，但我們對歐洲業務的年初以及團隊在實施轉型計劃方面繼續取得的進展感到非常滿意。

As a result, our full-year guidance for Europe is unchanged.

因此，我們對歐洲的全年指引保持不變。

We expect results to improve compared with 2013.

我們預計業績將比 2013 年有所改善。

Let's now turn to Middle East & Africa on slide 18.

現在讓我們轉向幻燈片 18 上的中東和非洲。

In the first quarter, we wholesaled 51,000 vehicles in the region, 3,000 fewer units than a year ago.

第一季度，我們在該地區批發了 51,000 輛汽車，比去年同期減少了 3,000 輛。

Revenue was $1.2 billion, $100 million lower.

營收為 12 億美元，減少 1 億美元。

The lower volume reflects lower dealer stock increases.

成交量下降反映出經銷商庫存增加較少。

The lower revenue was more than explained by the lower volume and unfavorable exchange primarily due to a weaker South African rand.

收入下降的主要原因是銷售下降和南非蘭特疲軟導致的不利匯率。

Operating margin was 4.7%, up 1 percentage point from a year ago and pretax profit was $54 million, up $7 million.

營業利益率為 4.7%，較去年同期上升 1 個百分點，稅前利潤為 5,400 萬美元，增加 700 萬美元。

Our full-year guidance for Middle East & Africa remains unchanged.

我們對中東和非洲的全年指導保持不變。

We expect results to be about breakeven.

我們預期結果將達到損益兩平。

Let's now review Asia Pacific on slide 19.

現在讓我們回顧一下幻燈片 19 上的亞太地區。

Our strategy in Asia Pacific continues to be to grow aggressively with an expanding portfolio of ONE Ford products with manufacturing hubs in China, India and ASEAN.

我們在亞太地區的策略是繼續積極發展，擴大 ONE Ford 產品組合，並在中國、印度和東協設有製造中心。

As shown on the left, first-quarter wholesale volume was up 32% and net revenue, which excludes our China joint ventures, grew 19%.

如左圖所示，第一季批發量成長了 32%，淨收入（不包括我們的中國合資企業）成長了 19%。

Our China wholesale volume not shown was up 45% in the quarter.

我們的中國批發量（未顯示）本季成長了 45%。

The higher volume in the region reflects mainly improved marketshare.

該地區成交量的增加主要反映了市場份額的提高。

The higher industry volume also contributed.

較高的工業總量也做出了貢獻。

We estimate the first-quarter SAAR for the region at 38.9 million units, up 1.9 million units from a year ago wholly explained by China.

我們估計該地區第一季的年增率為 3,890 萬台，比去年同期增加 190 萬台，這完全是由中國造成的。

Our first-quarter marketshare was 3.4%, 7/10 of a percentage point higher than a year ago.

我們第一季的市佔率為 3.4%，比去年同期提高了 7/10 個百分點。

This was driven by China where our marketshare improved 9/10 of a percentage point to a record 4.5% reflecting continued strong sales of EcoSport, Kuga and Mondeo.

這是由中國推動的，我們的市佔率提高了 9/10 個百分點，達到創紀錄的 4.5%，反映出 EcoSport、Kuga 和 Mondeo 的持續強勁銷售。

Asia Pacific's higher revenue is more than explained by favorable mix and the higher volume.

亞太地區較高的收入不僅僅是由於有利的組合和較高的銷售。

Operating margin was 11.1%, up 12.4 percentage points from a year ago and pretax profit was $291 million, up $319 million.

營業利益率為 11.1%，較去年同期上升 12.4 個百分點；稅前利潤為 2.91 億美元，較去年同期增加 3.19 億美元。

Strong results in China drove the region's record profit.

中國的強勁業績推動了該地區創紀錄的利潤。

The improvement in Asia Pacific's first-quarter pretax profit from a year ago is explained on slide 20.

第 20 張投影片解釋了亞太地區第一季稅前利潤較上年同期有所改善。

For the region, the improvement in profitability is more than explained by favorable volume and mix and the higher royalties from our joint ventures included in other.

對於該地區來說，盈利能力的改善不僅可以透過有利的銷售和組合以及我們的合資企業的更高特許權使用費來解釋。

Higher costs, including investment for future growth, were a partial offset.

更高的成本，包括未來成長的投資，被部分抵銷。

As shown in the memo, Asia Pacific pretax results improved from fourth quarter 2013 explained primarily by lower cost.

如備忘錄所示，亞太地區稅前業績較 2013 年第四季有所改善，主因是成本下降。

For the full year, we now expect Asia Pacific to earn a higher pretax profit than a year ago improved from our prior guidance of about even.

就全年而言，我們現在預計亞太地區的稅前利潤將高於去年同期，與我們先前的指導值相同。

Let's turn now to Ford Credit, which remains key to our global growth strategy, providing world-class dealer and customer financial services, maintaining a strong balance sheet and producing solid profits and distributions.

現在讓我們來看看福特信貸公司，它仍然是我們全球成長策略的關鍵，提供世界一流的經銷商和客戶金融服務，維持強勁的資產負債表並產生穩定的利潤和分配。

Slide 21 shows the factors that contributed to the largely unchanged result from a year ago.

投影片 21 顯示了導致結果與一年前基本持平的因素。

Higher volume reflecting increases in nearly all products globally was largely offset by unfavorable residual performance in North America.

全球幾乎所有產品的銷售成長在很大程度上被北美地區不利的剩餘表現所抵消。

As shown in the memo, pretax profit was higher than in fourth quarter 2013 explained primarily by favorable lease residual performance, as well as lower operating costs included in other.

如備忘錄所示，稅前利潤高於 2013 年第四季度，主要是由於有利的租賃剩餘績效以及其他營運成本的降低。

These changes are consistent with normal seasonality.

這些變化與正常的季節性一致。

For the full year, we now expect Ford Credit pretax profit to be about equal to higher than 2013.

我們現在預計福特信貸全年的稅前利潤將與 2013 年持平或更高。

This reflects improved financing margin performance.

這反映了融資保證金表現的改善。

Our guidance for Ford Credit managed receivables, managed leverage and distributions to its parent is unchanged.

我們對福特信貸管理應收帳款、管理槓桿和分配給母公司的指引保持不變。

Next on slide 22 is our automotive gross cash and operating-related cash flow.

接下來的投影片 22 是我們的汽車總現金和營運相關現金流。

Automotive gross cash at the end of the quarter was $25.2 billion, $400 million higher than year-end 2013.

本季末汽車業現金總額為 252 億美元，比 2013 年底增加 4 億美元。

Automotive operating-related cash flow was $1.2 billion with favorable changes in working capital and automotive profit offset partially by unfavorable timing and other differences, as well as net spending.

汽車營運相關現金流為 12 億美元，營運資本和汽車利潤的有利變化部分被不利的時機和其他差異以及淨支出所抵消。

During the quarter, we contributed $500 million to our global funded pension plans, down substantially from the last two years due to the recent improvements in the funded status of our plans.

本季度，我們向全球資助退休金計畫貢獻了 5 億美元，由於我們計畫的資助狀況最近有所改善，這筆金額較過去兩年大幅下降。

Dividends paid in the quarter totaled about $500 million.

本季支付的股息總額約為 5 億美元。

Slide 23 shows that automotive debt at the end of the quarter was $15.7 billion, unchanged from year-end 2013.

投影片 23 顯示，本季末汽車債務為 157 億美元，與 2013 年底持平。

We ended the quarter with net cash of $9.5 billion and automotive liquidity of $36.6 billion, both $400 million higher than year-end 2013.

截至本季末，我們的淨現金為 95 億美元，汽車流動性為 366 億美元，均比 2013 年底增加了 4 億美元。

Although not yet included in our total liquidity, we are in process of amending and extending our corporate revolving credit facility.

儘管尚未包含在我們的總流動資金中，但我們正在修改和擴展我們的企業循環信貸額度。

The facility, which is presently $10.7 billion, is expected to grow to about $12 billion.

該設施目前價值 107 億美元，預計將成長至約 120 億美元。

This will provide the Company with additional liquidity as we expand our business globally and continues to show the great support we have from our global and growing bank group for the ONE Ford plan.

隨著我們在全球範圍內拓展業務，這將為公司提供額外的流動性，並繼續展示我們的全球且不斷發展的銀行集團對 ONE Ford 計劃的大力支持。

Consistent with our capital and funding strategy, we plan to allocate $2 billion to Ford Credit to support its liquidity.

根據我們的資本和融資策略，我們計劃向福特信貸撥款 20 億美元，以支持其流動性。

We expect to close this transaction later this month and will provide details in our first-quarter 10-Q filing.

我們預計將於本月稍後完成這筆交易，並將在第一季 10 季報告中提供詳細資訊。

This concludes our review of the financial details of our first-quarter earnings.

我們對第一季財報財務細節的審查到此結束。

So with that, I'd now like to turn it back to Alan who will take us through our outlook for the business environment, as well as our 2014 planning assumptions and key metrics.

因此，現在我想請 Alan 來為我們介紹我們對商業環境的展望，以及我們 2014 年的規劃假設和關鍵指標。

Alan?

艾倫？

Thank you, Bob.

謝謝你，鮑伯。

Slide 24 summarizes our view of the business environment for 2014.

投影片 24 總結了我們對 2014 年商業環境的看法。

We project global economic growth to be in the 2.5% to 3% range and global industry sales to be about 85 million to 90 million units.

我們預期全球經濟成長在2.5%至3%範圍內，全球產業銷售量約為8,500萬至9,000萬台。

US economic growth is projected to be in the 2.5% to 3% range with industry sales still supported by replacement demand as a result of the older age of vehicles on the road.

美國經濟成長預計在 2.5% 至 3% 範圍內，由於道路上車輛老化，行業銷售仍受到更換需求的支撐。

Near-term conditions have shown signs of improvement after some weakness in January and February data.

繼 1 月和 2 月數據疲軟之後，近期狀況已顯示出改善的跡象。

In South America, Brazil's economy is slowing due to high interest rates put in place to contain inflation while the situation in Argentina and Venezuela remains volatile with both economies facing unclear economic policy direction.

在南美，巴西經濟因抑制通膨而採取高利率而放緩，而阿根廷和委內瑞拉局勢仍不穩定，兩個經濟體都面臨不明確的經濟政策方向。

In Europe, an economic recovery is underway.

在歐洲，經濟正在復甦。

For 2014, we expect GDP growth of about 1% in the euro area and 2% to 2.5% in the UK.

2014年，我們預期歐元區GDP成長約1%，英國GDP成長2%至2.5%。

The European Central Bank left its policy interest rate unchanged at 0.25% in April and indicated that it will keep rates low for an extended period.

歐洲央行4月將政策利率維持在0.25%不變，並表示將長期維持低利率。

The Bank of England also indicated it will keep rates low until economic growth reduces excess capacity in the UK economy.

英國央行也表示，將維持低利率，直到經濟成長減少英國經濟的過剩產能。

And in Asia Pacific, China's economic growth is expected to be slightly below 7.5% with several challenges, including excess capacity and excess debt.

在亞太地區，中國經濟成長預計略低於7.5%，面臨產能過剩和債務過剩等多項挑戰。

The government intends to be more focused on structural reforms and is willing to accept lower growth within a reasonable range of 7.5%.

政府打算更重視結構性改革，願意接受較低的成長水平，在7.5%的合理區間內。

Growth in India is expected to improve modestly to about 5% from last year as high inflation and high interest rates remain impediments to stronger growth.

由於高通膨和高利率仍然阻礙更強勁的成長，印度的成長預計將比去年小幅提高至 5% 左右。

Overall, despite challenges in the emerging markets, we expect global economic growth to continue in 2014.

總體而言，儘管新興市場面臨挑戰，我們預計 2014 年全球經濟將持續成長。

Slide 25 recaps the guidance disclosed earlier for all of our business units, as well as for net interest expense.

投影片 25 回顧了先前揭露的針對我們所有業務部門以及淨利息支出的指引。

Other than South America, the guidance is improved or unchanged.

除南美洲外，指導意見有所改善或維持不變。

Our Company guidance for 2014 is detailed on slide 26.

本公司 2014 年的指導詳見投影片 26。

We continue to expect full-year industry volume to range from 16 million to 17 million units in the US and China to range from 22.5 million to 24.5 million units.

我們仍預期美國全年產業銷量將在 1,600 萬至 1,700 萬台之間，中國將在 2,250 萬台至 2,450 萬台之間。

We now expect Europe 20 markets to be in the 14 million to 15 million unit range reflecting improved economic growth prospects and replacement demand.

我們現在預計歐洲 20 個市場的銷量將在 1,400 萬至 1,500 萬輛之間，反映出經濟成長前景和更換需求的改善。

In terms of our financial performance, we continue to expect automotive revenue to be about equal to 2013, automotive operating margin to be lower than 2013 and automotive operating-related cash flow to be substantially lower than 2013.

就我們的財務表現而言，我們繼續預期汽車收入將與 2013 年持平，汽車營業利潤率將低於 2013 年，汽車營運相關現金流將大幅低於 2013 年。

This includes capital spending of about $7.5 billion to support new or significantly refreshed products and capacity actions.

其中包括約 75 億美元的資本支出，用於支援新的或大幅更新的產品和產能行動。

We now expect Ford Credit pretax profit to be about equal to or higher than 2013 and we continue to expect Company pretax profit to be in the $7 billion to $8 billion range as we continue to create innovative products such as the all-new F-150.

我們現在預計福特信貸的稅前利潤將大致等於或高於2013 年，並且隨著我們繼續創造創新產品（例如全新F-150），我們繼續預計公司稅前利潤將在70 億至80 億美元範圍內。

Overall, we expect 2014 to be a solid year for the Ford Motor Company and a critical next step forward in implementing our ONE Ford plan to continue delivering profitable growth for all.

總體而言，我們預計 2014 年對福特汽車公司來說將是堅實的一年，也是實施「ONE 福特」計畫以繼續為所有人帶來獲利成長的關鍵的下一步。

In closing, our ONE Ford plan is built on a compelling vision, comprehensive strategy and relentless implementation.

最後，我們的 ONE Ford 計劃建立在令人信服的願景、全面的策略和不懈的實施之上。

Our ONE Ford plan continues to deliver profitable growth around the world and we are absolutely focused on building great products, creating a stronger business and contributing to a better world.

我們的 ONE 福特計劃繼續在全球範圍內實現盈利增長，我們絕對專注於打造卓越的產品、創造更強大的業務並為更美好的世界做出貢獻。

We delivered solid results in the first quarter despite several significant adverse factors that are not representative of the underlying run rate of our business and challenges in several important emerging markets.

儘管有一些重大不利因素不能代表我們業務的基本運作率以及幾個重要新興市場的挑戰，但我們在第一季取得了穩健的業績。

We remain on track in implementing our plan for full-year 2014, including continued strength from North America, although down from recent years, as we launch three times the number of products as in 2013, a loss in South America as we adjust to the changing environment and continued risks in Argentina and Venezuela, successful execution of our transformational plan for Europe as we progress towards profitability in 2015 notwithstanding new challenges in Russia and Turkey, launch of our Middle East & Africa business unit, continued strong growth and profitability in Asia Pacific, consistent solid performance from our Ford Credit operation and positive automotive operating-related cash flow.

我們仍按計劃實施2014 年全年計劃，其中包括北美市場的持續強勢，儘管與近幾年相比有所下降，因為我們推出的產品數量是2013 年的三倍，而南美市場則因我們適應市場的變化而出現虧損。阿根廷和委內瑞拉不斷變化的環境和持續存在的風險，儘管俄羅斯和土耳其面臨新的挑戰，但隨著我們在2015 年實現盈利，我們成功執行了歐洲轉型計劃，推出了中東和非洲業務部門，亞洲持續強勁增長和盈利太平洋地區，我們的福特信貸業務始終保持穩健的業績，並且與汽車業務相關的現金流積極。

Now we would be pleased to take your questions.

現在我們很樂意回答您的問題。

George?

喬治？

Thanks, Alan.

謝謝，艾倫。

Now we will open up the lines for about a 45-minute Q&A session.

現在我們將開放約 45 分鐘的問答環節。

We will begin with questions from the investment community and then take questions from the media.

我們將從投資界的提問開始，然後回答媒體的問題。

Now in order to allow for as many participants as possible within this timeframe, please keep your questions brief and please avoid asking more than two.

現在，為了在這段時間內允許盡可能多的參與者，請保持您的問題簡短，並避免詢問兩個以上。

Tawanda, can we have the first question?

塔萬達，我們可以問第一個問題嗎？

(Operator Instructions).

（操作員說明）。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Hey, good morning, everybody.

嘿，大家早安。

Two brief questions.

兩個簡短的問題。

First, on the Asia Pacific margin, 11.1%, pretty astonishing result.

首先，亞太地區的利潤率為 11.1%，這是相當驚人的結果。

I think that is about at least three times maybe the margin that the market expected.

我認為這至少是市場預期利潤率的三倍。

Can I give you a chance right now to kind of say hold your horses, folks; please don't extrapolate this; consider the following headwinds that should keep us lower than that?

我現在可以給你們一個機會，讓你們冷靜一下嗎，夥計們；請不要推斷這一點；考慮一下以下的阻力會讓我們低於這個水平嗎？

That is my first question.

這是我的第一個問題。

Okay, so I will say hold some of your horses.

好吧，我會說留住你的一些馬。

We have improved our guidance so we do expect the region to contribute more positively than we did three months ago because the performance is strong and it is being driven by China and the great response that consumers are giving our products and our brands.

我們改進了我們的指導，因此我們確實預計該地區將比三個月前做出更積極的貢獻，因為表現強勁，並且是由中國以及消費者對我們的產品和品牌的巨大反響推動的。

So it is going to do better.

所以它會做得更好。

I would not multiply it times four, which I think is the gist of the question, Adam.

我不會將其乘以四，我認為這是問題的要點，亞當。

And that is largely around the fact that we still have these six plants under construction.

這主要是因為我們仍然有這六家工廠正在興建中。

Some of them will be coming onstream later this year.

其中一些將於今年晚些時候投產。

I think two other ones come onstream in 2015.

我認為另外兩個項目將於 2015 年投產。

So as we get closer to launch of those facilities, the cost will increase.

因此，隨著我們越來越接近這些設施的啟動，成本將會增加。

We bring people on board, we start to train them before we start producing, that type of thing.

我們讓人們加入進來，在開始生產之前開始培訓他們，諸如此類。

The other factor is we have got Lincoln launching later this year.

另一個因素是我們將在今年稍後推出林肯。

Of course, as we -- we are already incurring expense related to that, but as we get closer to the launch in the latter part of the year, there will be more expense associated with that.

當然，我們已經產生了與此相關的費用，但隨著我們接近今年下半年的發布，與之相關的費用將會增加。

So I think those are the caveats I would put on, but clearly the region is doing fabulously and we think it is going to have a great, great year.

所以我認為這些是我要提出的警告，但顯然該地區的表現非常出色，我們認為這將是非常非常好的一年。

And finally, what we have been talking about and it has been kind of eeking through a bit more quarter by quarter, you are starting to see the payoff of the big investments in the region.

最後，我們一直在談論的，並且逐季度地努力，你開始看到該地區大規模投資的回報。

Yes, it is really moving the needle now.

是的，現在確實正在改變。

All right, second question on the F-Series changeover, another chance for you to take this opportunity to tell us anything in the remaining quarters of the year outlook, particularly in the second half for your -- aside from the 13-weeks downtime and the cadence there you have already talked about -- that you might say, please, guys, this is complicated, big, big change for us, add a little more -- any chance we'd add any more caution in that second-half outlook in North America for us or not?

好吧，關於 F 系列轉換的第二個問題，您還有機會藉此機會告訴我們今年剩餘季度的展望，特別是下半年的展望 - 除了 13 週的停機時間和你已經談到過的節奏— —你可能會說，拜託，夥計們，這對我們來說是複雜的、巨大的、巨大的變化，再加一點——我們有機會在下半場增加更多的謹慎北美的前景對我們是否有利？

Thanks.

謝謝。

Well, let me give a couple comments first broadly and then Mark can comment further on F-Series.

好吧，讓我先大致發表一些評論，然後馬克可以進一步評論 F 系列。

So one thing I would say, first at the Company level, we had a solid start for the year and I am sure we are going to get questions throughout the call on the slide 7 and the factors that we showed as being sort of standouts, if you will, in terms of the size and the fact that they are all sort of occurring in the quarter.

所以我想說的一件事是，首先在公司層面，我們今年有一個良好的開端，我相信我們會在幻燈片 7 的整個電話會議中收到問題，以及我們表現出的突出因素，如果你願意的話，就規模以及它們都在本季發生的事實而言。

But we see the run rate of the business as being very healthy and very strong both in case of total Company.

但我們認為，就整個公司而言，業務的運作率非常健康且非常強勁。

North America, I'd even say in South America and you heard my comments about the balance of the year, clearly the first quarter is not indicative of what we expect in the balance of the year there.

北美，我甚至會說在南美，你聽到了我對今年剩餘時間的評論，顯然第一季並不代表我們對今年剩餘時間的預期。

So the run rate of the business is much healthier than what the initial view of the bottom line would see.

因此，業務的運作率比最初看到的利潤要健康得多。

In fact, if anything, when you think about the emerging market issues, which are more intense than what we expected three months ago, we are absorbing that and still think the business is going to deliver what we expected and in fact, we are now starting to see elements of the business where we are changing the guidance upward.

事實上，如果有的話，當你想到新興市場問題時，這些問題比我們三個月前的預期更加嚴重，我們正在吸收這一點，並且仍然認為業務將實現我們的預期，事實上，我們現在正在開始看到我們正在向上改變指導的業務要素。

So I just want to give you that sense of how we are kind of seeing the overall business.

所以我只想讓您了解我們如何看待整體業務。

In terms of calendarization of profits for the balance of the year, what I will say is that we expect the rest of the quarters to be substantially stronger than what we are seeing in the first quarter and of course, things will fluctuate from quarter to quarter, but they should all be better than what we are seeing in the first quarter.

就今年剩餘時間的利潤日曆而言，我要說的是，我們預計其餘季度將大大強於我們在第一季度看到的水平，當然，情況會逐季度波動，但它們都應該比我們在第一季看到的更好。

And so, Mark, do you want to comment on F-Series?

那麼，馬克，您想對 F 系列發表評論嗎？

Yes.

是的。

Overall, Adam, the preparations for the launch are going well and the team is very energized; they are going through obviously a number of the production builds, but it is going on plan.

總的來說，Adam，發布的準備工作進展順利，團隊也非常有活力；顯然他們正在經歷一些生產建設，但正在按計劃進行。

As we mentioned last quarter, we had three weeks of the downtime of the 13 in the first quarter.

正如我們上季度提到的，第一季 13 週的停機時間中有三週。

And remember, we mentioned that inclusive of that 13 was the summer shutdown week so you can deduce what quarter that will be in.

請記住，我們提到這 13 週是夏季停工週，因此您可以推斷該週將在哪個季度。

But clearly, as we said, we go to manufacturing launch in the fourth quarter, so you can pretty much surmise where a lot of the downtime is going to be as we get the plant ready to go.

但顯然，正如我們所說，我們將在第四季度開始生產，因此您幾乎可以猜測當我們準備工廠投產時，大量停機時間將發生在哪裡。

But overall when you stand back and look at our F-Series business, even with the existing model, our share is about the same as the full year for last year.

但總體而言，當您退後一步看看我們的 F 系列業務時，即使使用現有型號，我們的份額也與去年全年大致相同。

We continue to run the plants I think very efficiently.

我認為我們繼續有效率地運作這些工廠。

Our transaction prices are actually holding up very well.

我們的交易價格實際上保持得很好。

Actually our -- when you look at our transaction prices for our 2014 model year, they are probably at the top of the segment of the under 8,500.

實際上，當您查看我們 2014 年車型的交易價格時，您會發現它們可能處於 8,500 輛以下細分市場的頂部。

So that business is going well.

所以說生意進展順利。

We are also looking at potential production opportunities for the existing F-Series in the remainder of this year.

我們也正在尋找今年剩餘時間內現有 F 系列的潛在生產機會。

We have more work to do.

我們還有更多工作要做。

That could help us potentially get to the upper half of the margin range that we have for North America, but we have some more work to do on that.

這可能有助於我們達到北美利潤範圍的上半部分，但我們在這方面還有更多工作要做。

Brian Johnson, Barclays.

布萊恩·約翰遜，巴克萊銀行。

Yes, I just want to focus on the China results and kind of two related questions.

是的，我只想關注中國的結果和兩個相關問題。

One, can you give us the outlook for Asia Pacific ex-China and just directionally, is that getting better, about the same or worse?

第一，您能否向我們介紹一下除中國以外的亞太地區的前景，以及方向性的情況，是變得更好、大致相同還是更糟？

And then secondly within China, how much of your success is from CUVs versus the car lineup?

其次，在中國，你們的成功有多少是來自 CUV 與轎車系列？

How do you feel about your CUV position competitively?

您對您的 CUV 競爭地位有何看法？

And as you kind of bring these plants on board, how are they going to be split between producing CUVs and cars?

當你將這些工廠納入進來時，它們將如何在生產 CUV 和汽車之間進行分配？

Okay, Brian, I will handle the first one and Mark will address the second one.

好的，布萊恩，我將處理第一個問題，馬克將解決第二個問題。

So as I mentioned in the remarks earlier, the quarter's results were driven by China and I think that is both in terms of the year-over-year results and an absolute.

正如我之前在演講中提到的，本季的業績是由中國推動的，我認為這既是同比業績也是絕對業績。

The rest of Asia Pacific is not as strong.

亞太地區其他地區則沒有那麼強大。

It is not necessarily a drag on the business, but it is sort of in a different place I think in terms of where we are in putting in place the big global production hubs that we are working on in India and also in Thailand.

這不一定會拖累業務，但我認為，就我們在印度和泰國建立大型全球生產中心而言，這有點不同。

So I think we will see them start to contribute in a more positive way a little bit after, if you will, the results that we are seeing now with China.

因此，我認為，如果你願意的話，在我們現在與中國看到的結果之後，我們將看到他們開始以更積極的方式做出貢獻。

Mark?

標記？

Yes, on the second question, when you look at our share performance in China, as Bob mentioned upfront, it was actually -- it was a record for the quarter at 4.5%, which was up a point versus a year ago.

是的，關於第二個問題，當你看看我們在中國的股價表現時，正如鮑勃之前提到的，實際上，這是本季度創紀錄的4.5%，比一年前上升了一個百分點。

When you look at some of the elements driving that, to your point, when you look at the segment, the SUV/CUV segment in China, as an industry, it was up about 28%.

當你看看推動這一趨勢的一些因素時，就你的觀點而言，當你看看中國的 SUV/CUV 細分市場作為一個行業時，它增長了約 28%。

Our sales were up almost 300% and the reason for that was all the products that we introduced last year, the EcoSport, we have the Explorer there, the Kuga, so we have a full lineup there.

我們的銷售額成長了近 300%，原因是我們去年推出的所有產品，EcoSport，我們有 Explorer、Kuga，所以我們有完整的產品線。

And that has been a really important part of our growth in addition to the car side of the business, which we have done very well with.

除了汽車業務之外，這是我們成長的一個非常重要的部分，我們在這方面做得非常好。

And then when you look at the texture of that, a lot of our growth has been in the Tier 3 through 6 cities and that has been supported by our network expansion.

然後，當你觀察其結構時，我們的大部分成長都發生在三至六線城市，而這得到了我們網路擴張的支持。

When you think of maybe some of the infrastructure around there, it lends itself well to SUVs and CUVs.

當您想到周圍的一些基礎設施時，您會發現它非常適合 SUV 和 CUV。

And actually the type of demographics of the customer that we are getting is very encouraging in addition to the profile of the segmentation.

實際上，除了細分概況之外，我們獲得的客戶人口統計類型也非常令人鼓舞。

We are getting younger customers than the industry average and interestingly depending upon the model lines, 70% to 90% of the customers that are buying our vehicles, it's either a first-time purchase or in addition to the car in the household.

我們的客戶比行業平均更年輕，有趣的是，根據車型系列，70% 到 90% 購買我們車輛的客戶要么是首次購買，要么是除了家裡的汽車之外。

So I think that bodes well for us going forward.

所以我認為這對我們未來的發展來說是個好兆頭。

Interesting.

有趣的。

So the CUV almost becomes the plus one car for the mass affluent in China?

那麼CUV幾乎成為中國大眾富裕階層的加一車呢？

Well, we are also doing well and we continue to do well with our Focus.

嗯，我們也做得很好，我們的焦點將繼續做得很好。

As we said, our overall sales in the first quarter are up 45%, so we are doing well with Focus.

正如我們所說，我們第一季的整體銷售額成長了 45%，因此我們的 Focus 表現良好。

Fusion is doing very well there and the Mondeo is actually doing very well.

Fusion在那裡表現得很好，而蒙迪歐實際上也表現得很好。

Mondeo is the Fusion, so both of them.

蒙迪歐是Fusion，所以兩者都是。

It is a combination of both, but clearly our full family of SUVs and CUVs has really helped turbocharge that.

它是兩者的結合，但顯然我們的全系列 SUV 和 CUV 確實幫助增強了這一點。

Okay, thanks.

好的謝謝。

Colin Langan, UBS.

柯林‧蘭根，瑞銀。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

One, any color on why the recall cost was so large within the quarter and is it the nature of the repair?

第一，有什麼顏色可以解釋為什麼本季的召回成本如此之大嗎？這是否是維修的本質？

Just any color on why it is such a large recall cost, is my first question.

我的第一個問題是，為什麼召回成本這麼大？

I have been waiting for this.

我一直在等待這個。

Thanks, Colin.

謝謝，科林。

I appreciate the question.

我很欣賞這個問題。

I really do.

我真的這麼做。

Because this is a really important thing that we explain.

因為這是我們要解釋的非常重要的事情。

So let me go into a little bit of detail here.

讓我在這裡詳細介紹一下。

So first of all this is a warranty reserve adjustment and I need to explain how we at Ford account for field service actions.

首先，這是保固準備金調整，我需要解釋福特如何考慮現場服務行動。

We use something that is called a pattern estimation model.

我們使用一種稱為模式估計模型的東西。

So what that means is that every time that we sell a vehicle, we actually accrue a bit of reserve, if you will, for field service actions that could happen in the future.

因此，這意味著，每次我們出售車輛時，如果您願意的話，我們實際上都會為將來可能發生的現場服務行動累積一些儲備。

So nothing specific in terms of a particular issue or problem, but based on history we expect that something could happen.

因此，就特定問題而言，沒有什麼具體的內容，但根據歷史，我們預期可能會發生一些事情。

So we reserve for that.

所以我們為此保留。

And then what we do as we go forth in time, go forward in time, we then sort of top that reserve up or we might take it down based on what we are seeing to changes in more recent history, if you will.

然後，隨著時間的推移，我們所做的事情，然後我們會根據我們所看到的最近歷史的變化，將其保留下來，或者我們可能會取消它，如果你願意的話。

I think we go back to about 2008 right now, so we don't go all the way back, but kind of drop a year every year.

我想我們現在可以回到 2008 年左右，所以我們不會一路倒退，而是每年都會下降。

And so it is just -- it's all based on history and what's actually happened.

所以這一切都是基於歷史和實際發生的事情。

So what we've seen, we have seen more recalls at Ford and across the whole industry in the last couple of years or so.

所以我們看到，在過去幾年左右的時間裡，我們看到福特和整個行業發生了更多的召回。

So as that has occurred, what we've had to do is we have had to continue to look at the reserves and adjust them and that is what is happening in this quarter.

因此，當這種情況發生時，我們必須做的是我們必須繼續關注儲備並進行調整，而這就是本季發生的情況。

It is based on a process that is disciplined, written in concrete.

它是基於一個有紀律、具體的流程。

There is nothing behind this beyond just the update of the data and letting the data tell us that we need to increase the reserves based on what has happened.

這背後沒有什麼，只是更新數據，讓數據告訴我們，我們需要根據發生的情況增加儲備。

Now, a couple of other things to let you know is if we then have vehicles that are older, for example, than 2008 and something happens, what we do is we actually have the impact of that flow right through to the bottom line because we don't have any reserves in place.

現在，還有其他幾件事要讓您知道的是，如果我們有比 2008 年更舊的車輛，並且發生了一些事情，我們所做的實際上是我們會直接影響到底線，因為我們沒有任何儲備。

Because we only hold them for, as I said, maybe six, seven, eight years.

因為正如我所說，我們只持有它們，也許六、七、八年。

If there is -- also another little tweak on this, if there is an action that exceeds, in the case of North America, $250 million of cost, we will let that go right to the bottom line.

如果對此還有一個小小的調整，如果有一項行動超過（就北美而言）2.5 億美元的成本，我們將直接將其納入底線。

So we wouldn't adjust our reserves, if you will, on a go-forward basis for that action.

因此，如果您願意的話，我們不會在未來的基礎上調整我們的儲備金。

We just let it flow through to the bottom line.

我們只是讓它流向底線。

And actually we had an instance of that at one point last year.

事實上，去年我們就遇過這樣的例子。

So this is simply a reserve adjustment.

所以這只是準備金調整。

It is accounting.

這是會計。

It is not cash.

這不是現金。

It is not related to any particular problem that we know of or that we are concerned about.

它與我們知道或關心的任何特定問題無關。

It is just an anticipation that something could happen based on what we've seen in terms of patterns of data over the model years that we are talking about.

這只是根據我們在我們正在討論的模型年中所看到的資料模式，對可能發生的事情的預期。

So based on that and letting our process work, we've increased the reserves in the quarter by about $400 million in total.

因此，在此基礎上，並讓我們的流程發揮作用，我們在本季總共增加了約 4 億美元的準備金。

And most of that is related to what I've talked about in terms of just topping up the reserve.

其中大部分與我所說的補充儲備有關。

So hopefully, everybody understands that and recognizes it is what it is, but it is not a problem per se.

所以希望每個人都能理解這一點並認識到它是什麼，但這本身並不是一個問題。

And how often is that calculation done?

該計算多久進行一次？

Is that a quarterly analysis that you do or is that an annual?

您所做的分析是季度分析還是年度分析？

Yes, this particular adjustment is we conduct what are called sort of deep dives twice a year.

是的，這種特殊的調整是我們每年進行兩次所謂的深度研究。

It is in the first quarter and the third quarter.

這是第一季和第三季。

So that is why it is happening in this quarter.

這就是本季發生這種情況的原因。

And if I go back, because I did go back to look at -- I expected that you guys might ask about what happened in the past.

如果我回去，因為我確實回去看看——我預計你們可能會問過去發生了什麼。

I am looking at 2013, and we actually didn't have much that was taking place in 2013.

我正在展望 2013 年，實際上 2013 年我們並沒有發生太多事情。

We had one quarter where we had some reserve adjustments going on, but coincidentally in that quarter we also had a supplier recovery on a particular action which sort of offset that.

我們有一個季度進行了一些準備金調整，但巧合的是，在該季度我們也對供應商的一項特定行動進行了復甦，這在某種程度上抵消了這一影響。

So that is why we didn't call either the recovery or the reserve adjustment up, because they were sort of offsetting each other.

這就是為什麼我們沒有稱復甦或準備金調整為上調，因為它們在某種程度上是相互抵消的。

One last question.

最後一個問題。

I believe in your comments, you said that North America margins should be in the 8% to 9% range.

我相信您的評論，您說北美的利潤率應該在 8% 到 9% 的範圍內。

You are starting off at 7.3%, and there is a lot of launch costs in the second half of the year.

起價為 7.3%，下半年的啟動成本很高。

Is that still the valid range to think about for the full year, or did I mishear that?

這仍然是全年考慮的有效範圍嗎，還是我聽錯了？

No, absolutely.

不，絕對是。

Because when you think about the first quarter, we were at 7.3%, including all the things that we have just been talking about, the weather issues, the reserve adjustment.

因為當你想到第一季時，我們的成長率為 7.3%，包括我們剛才談論的所有事情，天氣問題，準備金調整。

So if you think about the run rate of the business in the quarter, we were nearly at 10% in North America.

因此，如果你考慮本季業務的營運率，我們在北美的運作率接近 10%。

As the year progresses, we have a lot of new products that will be coming in addition to the F-Series.

隨著時間的推移，除了 F 系列之外，我們還將推出許多新產品。

Some of that will give us some favorable product mix.

其中一些將為我們帶來一些有利的產品組合。

This quarter, we had unfavorable series mix and options.

本季度，我們有不利的系列組合和選擇。

But that will start to be offset by favorable product mix as the year progresses.

但隨著時間的推移，這種影響將開始被有利的產品組合所抵消。

The other thing I think that is different than where we were three months ago, we guided to the fact that we thought North America would have negative pricing for the year.

我認為與三個月前不同的另一件事是，我們認為北美今年將出現負定價。

And certainly we see that in the quarter, but as we look ahead, I think we are starting to see the possibility of that being maybe more flat, maybe potentially somewhat positive because the overall environment has been a bit more positive, more disciplined across the industry in general than what we maybe thought would be the case three months ago.

當然，我們在本季度看到了這一點，但當我們展望未來時，我認為我們開始看到這種情況可能會更加平穩，可能會有些積極的可能性，因為整個環境更加積極，更有紀律。整個產業的情況比我們三個月前想像的還要好。

Mark, anything to add?

馬克，有什麼要補充的嗎？

No, just mentioned earlier, as we look at that 8% to 9%, we are looking at additional production opportunities on the current F-Series, which, all things being equal, could actually push us up in the upper range of that, but we have some more work to do.

不，剛才提到，當我們考慮 8% 到 9% 時，我們正在尋找當前 F 系列的額外生產機會，在所有條件相同的情況下，這實際上可以將我們推向上限，但我們還有更多工作要做。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Hi, good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

There have been a couple already on China and Asia Pacific, but I would like to approach it from a little bit different of an angle.

已經有一些關於中國和亞太地區的文章了，但我想從一個稍微不同的角度來探討它。

Obviously, the results there are quite strong despite the impact of some pretty aggressive growth-related investments.

顯然，儘管受到一些相當激進的成長相關投資的影響，但結果仍然相當強勁。

So I am curious what comments that you could make regarding the potential earnings power of this region a few years out after which presumably we could see some tapering of the growth investments.

因此，我很好奇您對幾年後該地區的潛在盈利能力有何評論，之後我們可能會看到成長投資有所縮減。

Well, we've said, I think, Ryan, for quite a long time that we thought towards mid-decade or so that the region would contribute very meaningfully, significantly to the bottom line of the Company and I think that is still our point of view.

瑞安，我想，我們已經說過很長一段時間了，我們認為到十年中期左右，該地區將為公司的盈利做出非常有意義、顯著的貢獻，我認為這仍然是我們的觀點看法。

We expect this to be one of the larger regions of the business going forward.

我們預計這將成為未來更大的業務領域之一。

It is the largest region of the world in terms of industry and we are making great progress in participating in that.

就工業而言，它是世界上最大的地區，我們在參與這一領域方面正在取得巨大進展。

We also have capacity increases that are still ahead of us.

我們也面臨產能增加的問題。

We have more expansion of our product portfolio ahead of us.

我們還需要進一步擴展我們的產品組合。

As I mentioned earlier, we see India and Southeast Asia maybe lagging a bit behind where we are in China in terms of the maturity of our investments there.

正如我之前提到的，我們看到印度和東南亞在投資成熟度方面可能落後於我們在中國的水平。

So I think that is an opportunity down the road, so I think we feel like this will be a region that will definitely be a meaningful significant contributor to Ford's bottom line.

所以我認為這是一個未來的機會，所以我認為我們認為這個地區肯定會對福特的利潤做出有意義的重大貢獻。

Okay, great, thanks.

好的，太好了，謝謝。

And then for my second and final question, I guess maybe just one on South America.

對於我的第二個問題，也是最後一個問題，我想可能只是關於南美洲的問題。

You continue to take really a lot of price down there and at the same time, some of the vehicle production forecasters, IHS, etc., they have recently slashed their expectations for sales and production in the back half of the year a lot, including for you guys.

你繼續大幅下調價格，同時，一些汽車產量預測機構、IHS 等最近大幅下調了對下半年銷售和產量的預期，包括為了你們。

So I wonder if you think that it might be a concern as we transition to a potentially I guess softer demand environment, that it might become more difficult to continue to offset with price the inflationary currency pressures as well as you have been in recent years.

因此，我想知道您是否認為，隨著我們過渡到可能更為疲軟的需求環境，您是否認為這可能是一個令人擔憂的問題，因為繼續用價格來抵消通貨膨脹的貨幣壓力可能會變得更加困難，就像您近年來所做的那樣。

Yes, I think it is different by market.

是的，我認為市場不同。

We are actually, at least up till now, we have been able to more or less, maybe it depends on timing of a quarter because we've seen such significant depreciation that sometimes you can't fully recapture that all in a quarter, but I think in the case of Venezuela and in the case of Argentina, we've seen better ability to, over a relatively reasonable period of time, to offset the effect of operating exchange weakness and/or local inflation.

事實上，至少到目前為止，我們或多或少能夠做到這一點，也許這取決於一個季度的時間，因為我們已經看到瞭如此顯著的貶值，有時你無法在一個季度內完全收回所有這些，但是我認為就委內瑞拉和阿根廷而言，我們已經看到在相對合理的時間內有更好的能力來抵消經營匯率疲軟和/或當地通膨的影響。

I think it is different in Brazil; it is a much more competitive environment.

我認為巴西的情況有所不同；這是一個競爭更加激烈的環境。

All that capacity, as you mentioned, that is coming in, it is making it I think a tougher place in order to capture -- to offset, if you will, the affects that I talked about.

正如你所提到的，所有這些能力的到來，我認為它使它成為一個更難捕捉的地方——如果你願意的話，抵消我談到的影響。

I think the thing that is the positive for us though is the complete transformation of the portfolio, all the new products that are coming in, some still ahead of us because we are seeing an extremely favorable response from consumers both in terms of what it has done for us in share, but also our ability to get a really healthy price, a transaction price for those products.

我認為對我們來說積極的事情是產品組合的徹底轉變，所有即將推出的新產品，其中一些仍然領先於我們，因為我們看到消費者在其所擁有的產品方面都做出了極其積極的反應為我們所做的貢獻是份額，而且我們有能力獲得真正健康的價格，即這些產品的交易價格。

But nonetheless, Brazil is -- we have been talking about this for some time of being a concern around the competitive environment and all the capacity coming in.

但儘管如此，巴西——我們一段時間以來一直在談論這個問題，因為它是對競爭環境和所有產能的擔憂。

(multiple speakers).

（多個發言者）。

I appreciate all the color.

我欣賞所有的顏色。

The only other thing I'd add is to Bob's point about the product lineup and working on the revenue side.

我唯一要補充的是鮑伯關於產品陣容和收入方面工作的觀點。

As you can imagine, following our process of looking at the business environment, the team there is very focused on looking at -- optimizing our footprint that we have down there.

正如您可以想像的那樣，按照我們研究業務環境的過程，那裡的團隊非常專注於優化我們在那裡的足跡。

We are working on our logistical costs, which are very important, material cost reductions, seeing where we can accelerate localization actions and just overall structural cost improvements.

我們正在努力降低物流成本，這是非常重要的，材料成本降低，看看我們可以在哪裡加速本地化行動，並改善整體結構成本。

So we are working both sides of the profit equation for that part of the world.

因此，我們正在為該地區的利潤等式的兩邊進行研究。

Very helpful.

很有幫助。

Thank you.

謝謝。

Rod Lache, Deutsche Bank.

羅德‧拉什，德意志銀行。

Good morning, everybody.

大家早安。

I was hoping -- just not to harp on this too much -- but the field service charge is a pretty big number.

我本來希望——只是不要過多地談論這一點——但現場服務費是一個相當大的數字。

Can you just elaborate on how much of it is related to adjusting the pattern estimation model, how much of it is discrete and how much is older vehicles?

您能否詳細說明其中有多少與調整模式估計模型有關，有多少是離散的，有多少是舊車輛？

You did mention that there were some 2001 to 2005 vehicles in there, which obviously is going to raise some questions in light of what some others are dealing with.

您確實提到那裡有一些 2001 年至 2005 年的車輛，鑑於其他人正在處理的情況，這顯然會引發一些問題。

So what is the issue there and maybe if you could just say specifically what is the issue with the 2001 to 2005 models?

那麼問題出在哪裡？也許您可以具體說明 2001 至 2005 年車型的問題是什麼？

Yes, and they are all public.

是的，而且它們都是公開的。

We have about $400 million associated with the field service actions.

我們有大約 4 億美元與現場服務行動相關。

Of that, about $350 million relates to the 2009 through 2013 model years -- is it 2008, 2009?

其中，大約 3.5 億美元涉及 2009 年至 2013 年的車型——是 2008 年還是 2009 年？

2008 through 2013 model years.

2008 至 2013 年式。

We then have two issues that were for the older model years.

然後我們有兩個針對舊型號的問題。

We have a Crown Vic -- I think it is a Crown Vic Grand Marquis lighting control module that was a recall that was for the 2003 through 2005 model years.

我們有一個 Crown Vic——我認為這是一個 Crown Vic Grand Marquis 照明控制模組，是 2003 至 2005 車型年的召回產品。

That was about maybe about $30 million, $40 million and then we had an Escape subframe issue that was roughly $30 million and that was 2001 through 2004.

那大約是 3000 萬美元、4000 萬美元，然後我們在 2001 年到 2004 年期間遇到了 Escape 副車架問題，大約花費了 3000 萬美元。

And then there was maybe about $10 million of just general offsets to all of that.

然後可能還有大約 1000 萬美元的一般抵銷額。

Okay, so none of it (multiple speakers).

好的，所以都沒有（多個發言者）。

Most of it is the reserve adjustments.

其中大部分是準備金調整。

The other two are relatively small.

另外兩個相對較小。

Okay.

好的。

So there is not like a review of historical vehicles or something like that that is unusual?

那麼對歷史車輛的回顧或類似的事情是不是很不尋常？

No, no, no.

不不不。

Those are simply -- we are always looking at data to understand where we have issues.

這些很簡單——我們總是透過查看數據來了解哪裡有問題。

Those were things that clearly popped up and indicated that we had an issue and per our normal process addressed them ASAP.

這些事情清楚地出現，表明我們遇到了問題，並按照我們的正常流程盡快解決了這些問題。

Okay.

好的。

And just two more things, just your material costs have been, in North America, a really big offset to the price and mix recently through the past three quarters in a row.

還有兩件事，就是你的材料成本，在北美，在過去的連續三個季度裡，對價格和組合來說是一個非常大的抵銷。

Obviously, it is dependent on timing of new launches.

顯然，這取決於新產品的發佈時間。

Could you just give us some thoughts on how we should be thinking about price mix versus materials looking forward?

您能否給我們一些關於我們應該如何考慮未來價格組合與材料的想法？

And then on China, you mentioned again that you have a lot of plants, six plants that are in launch and you'd previously said that higher launch costs are going to be a factor this year, but this quarter it seems like your cost structure was actually improved.

然後在中國，您再次提到您有很多工廠，六家工廠正在啟動，您之前曾說過較高的啟動成本將成為今年的一個因素，但本季度似乎是您的成本結構實際上得到了改善。

So can you quantify the magnitude of the launch costs that you would anticipate for this year?

那麼您能化今年預計的發射成本嗎？

In the case of North America, for the full year, we still would expect to see I think positive material cost overall.

就北美而言，我認為全年材料成本總體上仍會呈現正值。

We are seeing very good material cost reductions.

我們看到材料成本大幅下降。

We will have as the new products are introduced increases related to them, but because they are launching, if you will, more second half, if you will, at least a lot of the volume on a year-over-year base, the effect will be probably more in 2015 than in this year.

隨著新產品的推出，與它們相關的產品將會增加，但因為它們正在推出，如果你願意的話，下半年會更多，如果你願意的話，至少在同比基礎上增加很多數量，效果2015 年可能會比今年更多。

In the case of Asia Pacific, what we are seeing there is, as you said, the quarter doesn't indicate what we expect to see for the full year, but for the full year, we will see more cost come in and that will largely be around spending-related, manufacturing, more in terms of engineering and also advertising sales promotion as we launch and support the products.

就亞太地區而言，正如您所說，本季度並沒有表明我們對全年的預期，但對於全年，我們將看到更多的成本進來，這將很大程度上是圍繞與支出相關的製造，更多的是在工程方面，以及在我們推出和支援產品時的廣告促銷。

And then our general admin and expense selling will go up.

然後我們的一般管理和費用銷售將會上升。

Some of that related to Lincoln, some of it just related to the overall growth of the business that we need to put resources in place to support it.

其中一些與林肯有關，一些與我們需要投入資源來支持業務的整體成長有關。

So it is really across I guess I'm saying all parts of the business, but it is going to be sort of a growth quarter by quarter as the business expands.

因此，我想我指的是業務的所有部分，但隨著業務的擴展，它將逐季度地成長。

Pat Archambault, Goldman Sachs.

帕特·阿尚博，高盛。

Yes, thank you.

是的，謝謝。

Actually just sort of building on that last question on Europe, the losses were pared back more than I think a number of us had thought.

實際上，只是在關於歐洲的最後一個問題的基礎上，損失的減少比我認為我們中的許多人想像的要多。

Can you just give us a sense of sequentially how some of the cost cadence plays out because I guess you still have the big Mondeo launch at Valencia, which I imagine is going to be sort of a headwind and any other factors obviously we are not thinking about as we sort of try and model that out?

您能否讓我們了解一些成本節奏是如何發揮的，因為我猜您仍然在瓦倫西亞推出了大型蒙迪歐，我認為這將是一種逆風，而我們顯然沒有考慮到任何其他因素當我們嘗試建模時？

Yes, I guess I would say, first of all, you know that there is sort of a pattern to profits in general in Europe.

是的，我想我會說，首先，你知道歐洲總體上有某種利潤模式。

Usually the first half is better than the second-half third quarter.

通常上半場比下半場第三節好。

I don't think that was the case last year, but third quarter is usually a weaker quarter because of the extensive plant shutdowns that take place for holidays and so forth.

我認為去年的情況並非如此，但第三季度通常是一個疲軟的季度，因為在假期等期間工廠大量停工。

Of course, all of that, as you said, Pat, is dependent upon particular cadence of product launches that we have over the course of the year.

當然，正如您所說，帕特，所​​有這一切都取決於我們在這一年中產品發布的特定節奏。

But, again, there, we have had some launches and we are launching actually some things right now in Europe, so I don't know that I'd call out any particular thing in terms of the cadence of our structural costs going forward.

但是，我們已經推出了一些產品，而且我們現在實際上正在歐洲推出一些東西，所以我不知道我會在未來結構性成本的節奏方面提出任何具體的事情。

I think probably the fluctuations up and down will be more around volume levels and I don't think I would call anything else out.

我認為上下波動可能更多地圍繞成交量水平，我不認為我會指出其他任何事情。

Okay.

好的。

That is helpful.

這很有幫助。

And one other one on South America.

另一張是關於南美洲的。

Can you -- you might have said it, but can you kind of parse out what was sort of balance sheet remeasurement in Venezuela versus what was just kind of operating headwinds just from the lack of volume?

你可以——你可能已經說過了，但你能分析一下委內瑞拉的資產負債表重新衡量與僅僅由於成交量不足而帶來的營運阻力嗎？

And maybe can you give us a sense of just what you are seeing on the ground there?

也許你能讓我們了解一下你在那裡所看到的情況嗎？

I mean it sounds like production is at a standstill.

我的意思是，聽起來生產已陷入停滯。

I understand visibility is poor, but what are the prospects for that to improve in coming quarters?

我知道能見度很差，但未來幾季改善的前景如何？

You are talking about Venezuela specifically?

您具體是在談論委內瑞拉嗎？

Yes, yes.

是的是的。

So maybe, Mark, can comment on that.

馬克，也許可以對此發表評論。

In terms of the balance sheet effects of the amount that we talked about on slide 7, $310 million of that is Venezuela specifically, about $70 million is related to Argentina.

就我們在投影片 7 中討論的金額對資產負債表的影響而言，其中 3.1 億美元與委內瑞拉有關，約 7,000 萬美元與阿根廷有關。

And then on a year-over-year basis, you can see on slide 14 the year-over-year basis, the balance sheet effect was roughly half of what we are seeing in total and of that, a good portion of that --well, actually most of the overall effect is actually Argentina and Venezuela, a bit of Brazil.

然後，在同比基礎上，你可以在幻燈片 14 上看到，在同比基礎上，資產負債表效應大約是我們所看到的總體效應的一半，其中很大一部分——嗯，實際上大部分的整體影響其實是阿根廷和委內瑞拉，還有一點巴西。

Yes, from a volume standpoint and an industry standpoint in Venezuela, as we said last quarter, what we did in the fourth quarter of last year was literally cut our production by three quarters versus the running rate in the first three quarters of 2013 and what we mentioned is that is our assumption going forward the remainder of 2014.

是的，從委內瑞拉的產量和行業角度來看，正如我們上個季度所說，我們去年第四季的產量實際上比 2013 年前三個季度的產量減少了四分之三。我們提到的是，這是我們對2014 年剩餘時間的假設。

And when you look at the industry development to put it in perspective, the first quarter of last year, the Venezuelan industry was about 113,000 units on a SAAR basis.

從產業發展的角度來看，去年第一季度，以 SAAR 計算，委內瑞拉的汽車產業約為 113,000 輛。

This year, it is 12,000 units.

今年是 12,000 台。

So I think we've baked those assumptions into our plan and we will continue to watch the environment there and also continue to support our Venezuelan customers at the same time minimize our exposures.

因此，我認為我們已將這些假設納入我們的計劃中，我們將繼續關注那裡的環境，並繼續支持我們的委內瑞拉客戶，同時最大限度地減少我們的風險。

Itay Michaeli, Citi.

伊泰‧米凱利，花旗銀行。

Great, thank you.

太好了謝謝。

Good morning.

早安.

Just going back to the warranty item in the quarter, Bob, why wouldn't that also potentially impact other regions if you are assessing sort of the overall experience just given the Company's global platforms and commonality?

回到本季的保固項目，鮑勃，如果您正在評估公司的全球平台和通用性的整體體驗，為什麼這不會潛在地影響其他地區？

Well, because in part some of the products may not be in some of the regions.

嗯，因為部分產品可能不在某些地區。

I mean we do the same reserve analysis everywhere.

我的意思是我們在各地都進行相同的儲備分析。

You also have different suppliers.

您還有不同的供應商。

In some cases, products are tailored to different designs, different powertrains.

在某些情況下，產品是根據不同的設計、不同的動力系統量身定制的。

So they are global, but there are differences region by region.

所以它們是全球性的，但各個地區之間存在差異。

We also -- as we launch, we don't launch everything all at one time.

當我們推出時，我們也不會一次推出所有內容。

So as we launch in one region, then the next and the next and the next, we kind of learn from the first region and we kind of build those learnings into launch at the next region, including design changes and so forth.

因此，當我們在一個區域推出時，然後是下一個、下一個、再下一個，我們會從第一個區域中學習，並將這些知識融入下一個區域的啟動中，包括設計變更等。

So it is not all apples and apples, if you will.

所以，如果你願意的話，這並不全是蘋果和蘋果。

Sure.

當然。

Then just second question, hoping to gauge your temperature on the mid-decade 8% to 9% margin outlook.

接下來是第二個問題，希望能了解您對十年中 8% 至 9% 利潤率前景的看法。

I know in December you labeled it at risk citing Europe.

我知道您在 12 月以歐洲為由將其標記為處於危險之中。

It seems like Europe is probably going better, Asia is certainly going better, but South America going worse.

看起來歐洲可能會更好，亞洲肯定會更好，但南美洲會更糟。

Just maybe give us an update of what you are thinking.

也許請告訴我們您的最新想法。

Is that more at risk, less at risk or roughly the same today than it was in December?

今天的風險與 12 月相比是更大、更小還是大致相同？

I don't think at the moment I would say anything different.

我認為目前我不會說任何不同的話。

Okay, the same.

好吧，一樣的。

Okay, great, thank you.

好的，太好了，謝謝。

Ladies and gentlemen, we will now take questions from the media.

女士們、先生們，我們現在回答媒體提問。

Dee-Ann Durbin, Associated Press.

迪安‧德賓，美聯社。

Good morning, gentlemen.

早安，先生們。

Thanks for taking the call.

感謝您接聽電話。

Alan, it's time for my quarterly question about your future.

艾倫，現在是我關於你的未來的季度問題了。

There is some speculation out there obviously that the leadership change is going to happen earlier than the end of this year.

顯然有一些猜測稱，領導層更迭將在今年年底之前發生。

Can you comment on whether the plans have changed?

您能否評論一下計劃是否有變化？

Well, clearly, we don't comment on speculation and we have no change to the plan and I just might point out, as I think you well know, is that Bill and I have put a very high priority seven years ago that we would further develop our team worldwide and have a very robust leadership development and succession plan.

嗯，很明顯，我們不會對猜測發表評論，我們也不會改變計劃，我只是可能會指出，正如我想你很清楚的那樣，比爾和我七年前就非常重視我們將進一步發展我們的全球團隊，並制定非常健全的領導力發展和繼任計畫。

We are very, very pleased with the progress on that to date.

我們對迄今為止所取得的進展感到非常非常滿意。

Thanks.

謝謝。

Thanks.

謝謝。

David Whiston, Morningstar.

大衛‧惠斯頓，晨星公司。

Thanks for getting me in.

謝謝你讓我進來。

A question on the credit line extension.

關於信用額度延長的問題。

Is that primarily being done to increase the captives liquidity or are you also expecting some higher CapEx than planned or even returning more cash to shareholders down the road?

這樣做主要是為了增加自保流動性，還是您還期望資本支出高於計劃，甚至未來向股東返還更多現金？

Yes, thanks for the question.

是的，謝謝你的提問。

No, it is just basically as we get bigger and as we continue to expand and grow, we thought it was prudent for us to take advantage of actually very strong interest from our global banking group and also very healthy capital markets for us to increase and extend the credit facility.

不，基本上，隨著我們變得更大，隨著我們繼續擴張和發展，我們認為，我們應該謹慎地利用我們的全球銀行集團實際上非常強烈的興趣以及非常健康的資本市場來增加和發展業務。擴大信貸額度。

The other thing that is kind of great about it is we are actually returning to sort of normal credit facility five-year terms.

另一件很棒的事情是我們實際上正在恢復正常的五年信貸安排。

I think it is the first time we have been there for quite a number of years with this change.

我認為這是我們多年來第一次出現這種變化。

So we feel very positive about that too.

所以我們對此也感到非常正面。

So that is it; that is what is behind it.

就是這樣；這就是背後的原因。

Okay.

好的。

And the incentive spending in North America, I know you have got some pretty tough comps in the US given how well you guys have been doing there, but this quarter unfavorable headwinds from volume and mix combined with the incentive spending, are you guys more just playing defense now for now until the next generation F-Series is out?

至於北美的激勵支出，我知道考慮到你們在美國的表現，你們在美國的表現相當艱難，但本季銷量和組合方面的不利阻力與激勵支出相結合，你們是否更公正現在暫時處於防守狀態，直到下一代F 系列問世？

Well, I think overall when you look at our incentive spend, we look at our incentive spend in conjunction with our overall margins and transaction prices and when you look at our transaction prices, they are at the top end of the industry and it kind of reinforces the margin that we have in North America.

嗯，我認為總的來說，當你看我們的激勵支出時，我們會結合我們的整體利潤率和交易價格來看待我們的激勵支出，當你看我們的交易價格時，它們處於行業的頂端，這有點像是增強了我們在北美的利潤率。

Clearly, in a number of our products, they are kind of late in their lifecycle, so we are accounting for that.

顯然，在我們的許多產品中，它們的生命週期都處於後期，因此我們正在考慮這一點。

And also at the same time as those new products come on, that will offer us opportunities once those products are launched.

同時，隨著這些新產品的推出，一旦這些產品推出，這將為我們提供機會。

That is kind of the way we are looking at it balanced and making sure we profitably grow and take care to that.

這就是我們平衡看待它並確保我們獲利成長並照顧這一點的方式。

And David, I would just add that, in the quarter comparison, which is what you are seeing on the data today, a bit of that is, if you will, a difficult comp because last year we had just launched the Kuga and we had just launched the Fusion.

大衛，我想補充一點，在季度比較中，這就是你今天在數據中看到的，如果你願意的話，其中有一點是一個困難的比較，因為去年我們剛剛推出了 Kuga，我們有剛剛推出了融合。

They were in very, very high demand.

他們的需求量非常非常大。

We had very tight supplies and so incentive levels for those products were very, very low and those are high-volume products for us.

我們的供應非常緊張，因此這些產品的激勵程度非常非常低，而這些產品對我們來說是大批量的產品。

Now it is more normal, if you will.

如果你願意的話，現在它變得更正常了。

Okay, thanks very much.

好的，非常感謝。

Jeff Flock, Fox Business Network.

傑夫‧弗洛克，福克斯商業網。

Yes, good morning, gentlemen.

是的，早安，先生們。

Mr. Mulally, just to confirm and to clarify what you said earlier, I'm sorry that I have to ask about this, but there you go.

穆拉利先生，我只是為了確認並澄清你之前所說的話，很抱歉我不得不問這個問題，但你就這樣吧。

Earlier, I believe you said you were going to stick to the plan in terms of succession and I think if I recall correctly, you said that you plan to serve through the end of 2014.

早些時候，我相信您說過您將堅持繼任計劃，而且我想如果我沒記錯的話，您說過您計劃任職到 2014 年底。

Does that then indicate that the plan is that you will serve through the end of 2014?

這是否表示您的計劃是服務到 2014 年底？

Can you clarify that?

你能澄清一下嗎？

Jeff, no change to the plan.

傑夫，計劃沒有改變。

Well, I appreciate that clarification and the rumors that you are going to coach the Detroit Lions, is that still a nonstarter?

好吧，我很欣賞您的澄清以及您將執教底特律雄獅隊的傳言，這仍然是不可能的嗎？

Yes, that is very interesting, but Bill has a great plan for the Lions.

是的，這很有趣，但是比爾對獅子隊有一個偉大的計劃。

So just to confirm, no change to the plan that was announced earlier and the plan which was that you plan to serve through the end of 2014?

那麼我想確認一下，先前宣布的計劃以及您計劃在 2014 年底之前提供服務的計劃沒有變化嗎？

No change to the plan, Jeff.

計劃沒有改變，傑夫。

Copy that, sir.

複製一下，先生。

Appreciate it.

欣賞它。

Thanks a lot.

多謝。

Karl Henkel, Detroit News.

卡爾漢高，底特律新聞。

Good morning, gentlemen.

早安，先生們。

One quick question, back to the warranty reserve.

一個簡短的問題，回到保固儲備。

Is there any way that you can kind of put that in context?

有什麼方法可以將其放在上下文中嗎？

How big is that reserve and I guess being up $400 million versus Q1 of 2013 in that department, I guess what is a typical year-over-year increase when you look at the reserve directionally heading upward?

該儲備金有多大，我猜該部門的儲備金比 2013 年第一季增加了 4 億美元，我想當你看到儲備金定向向上時，典型的同比增長是多少？

Thanks, Karl, two responses there.

謝謝，卡爾，有兩個回覆。

One, at the end of last year, our total warranty reserve, which would include for field service action of $3.9 billion for the Company and in terms of the second question, I mean this is an unusually large increase and as I mentioned earlier, if I go back and look at the four quarters of last year, we did not have something of this magnitude occur, so this is unusual.

一，去年年底，我們的總保固儲備金，其中包括公司39 億美元的現場服務行動，就第二個問題而言，我的意思是這是一個異常大的增長，正如我之前提到的，如果我回顧去年的四個季度，我們沒有發生如此大規模的事情，所以這是不尋常的。

That is exactly why we are calling it out so that everybody understands the run rate of the business because you wouldn't expect something like this to happen quarter in and quarter out.

這正是我們大聲疾呼的原因，讓每個人都了解業務的運作率，因為您不會期望這樣的事情每季都會發生。

I guess is there any significant impact, as a follow-up, on just the global sales growth for Ford over the last few years and looking into the future having a significant impact on that number increasing further or am I kind of looking into that too much?

我想作為後續行動，對福特過去幾年的全球銷售成長是否會產生重大影響，並且展望未來，是否會對這一數字的進一步增長產生重大影響，或者我也在研究這一點很多？

You mean related to the warranty reserve increase?

你的意思是與保固準備金增加有關？

Yes.

是的。

I don't think so because, again, I think what you are seeing across the whole industry is all OEMs responding very, very quickly in general to the issues that they see.

我不這麼認為，因為我認為整個行業中所有原始設備製造商都對他們看到的問題做出了非常非常快的反應。

Vehicles have a lot more technology in them.

車輛擁有更多的技術。

They are far more complex.

它們要複雜得多。

I just think that -- it just seems to be more of a general industry phenomenon and unfortunately, because we don't like product recalls on field service actions, unfortunately that has been our history as well over the last couple of years, but it is really an industry phenomenon.

我只是認為——這似乎更像是一種普遍的行業現象，不幸的是，因為我們不喜歡現場服務行動中的產品召回，不幸的是，這也是我們過去幾年的歷史，但它確實是一個行業現象。

And also, Karl, if you look from our perspective, we are really pleased with the quality levels we are seeing.

而且，Karl，如果您從我們的角度來看，我們對所看到的品質水準非常滿意。

Clearly all-time record highs in some parts of the world and even here in the US, we are starting to see some encouraging quality data, which hopefully will then lead through to better performance based on the reserves we set up.

顯然，世界某些地區甚至在美國都創下了歷史新高，我們開始看到一些令人鼓舞的高品質數據，希望這些數據能根據我們建立的儲備帶來更好的表現。

But, as we said, we are very committed to delivering best-in-class quality to our customers and everybody is focused on that and encouraging (technical difficulty).

但是，正如我們所說，我們非常致力於為客戶提供一流的質量，每個人都專注於此並鼓勵（技術難度）。

Thank you.

謝謝。

Mike Ramsey, Wall Street Journal.

麥克拉姆齊，《華爾街日報》。

Hi, good morning.

早安.

Karl kind of stole some of my thunder, but -- so if I say that the warranty reserve is reflective of a larger number of recalls over the last several years, not just for Ford, but also for the industry, is that an accurate statement?

卡爾有點搶了我的風頭，但是——所以如果我說保固儲備反映了過去幾年的大量召回，不僅對福特來說，而且對整個行業來說，這是一個準確的說法？

Well, the warranty reserves are going up because of our experience.

嗯，由於我們的經驗，保固準備金正在增加。

What I am trying to say is that our experience though is not necessarily unique, if you will, to the automotive industry.

我想說的是，如果你願意的話，我們的經驗對汽車產業來說並不一定是獨一無二的。

You are seeing more and more companies, a higher number of recalls, a higher number of units being affected and that is an industry phenomenon, but what drives our warranty reserves is our experience.

你會看到越來越多的公司、越來越多的召回、越來越多的設備受到影響，這是一個行業現象，但推動我們保固儲備的是我們的經驗。

And just as a follow-up, I think, gosh, it was 2007, wasn't there the inverse of this that was beneficial?

作為後續行動，我想，天哪，那是 2007 年，不是有相反的好處嗎？

There was a big readjustment of warranty reserves sometime, I think it was 2007.

保固儲備金有一次大幅調整，我想是 2007 年。

Am I crazy or does anyone remember this?

我瘋了還是有人記得這件事？

Yes, I think that is -- it could have been because one of the things that, as I mentioned, we only hold these reserves for about six or seven years.

是的，我認為這可能是因為其中一件事，正如我所提到的，我們只持有這些儲備大約六到七年。

So when that oldest year, if you will, is ready to run off as we move into the next calendar year, if there is anything left in that reserve that hasn't been used, we release it.

因此，如果您願意的話，當我們進入下一個日曆年時，如果您願意的話，當那個最古老的年份準備好結束時，如果該儲備中有任何尚未使用的東西，我們就會釋放它。

So it is possible that that could have happened back in 2007, somewhere in that timeframe.

因此，這有可能發生在 2007 年的某個時間段內。

I actually remember something like that as well, Mike, but I know we've had situations like that.

事實上我也記得類似的事情，麥克，但我知道我們也遇到過類似的情況。

Okay.

好的。

Thanks a lot.

多謝。

Alisa Priddle, Detroit Free Press.

艾麗莎·普里德爾，底特律自由報。

Good morning, gentlemen.

早安，先生們。

Just first a question for Mark.

首先問馬克一個問題。

If you could just clarify, when you say you want to get more production of current F-150s, so are you talking about running more overtime in plants or changing the changeover schedule or what kinds of things are you looking at?

如果您能澄清一下，當您說您希望提高現有 F-150 的產量時，您是在談論工廠加班時間增加還是改變換班時間表，或者您正在考慮哪些事情？

We are working very closely with our supply base in terms of seeing if they can support some additional production opportunities and that may mean running more overtime at some of our -- whether it is Dearborn Truck as we run out the existing model and get ready for the new one or in Kansas City where, as you know, we are not launching that plant till next year.

我們正在與我們的供應基地密切合作，看看他們是否能夠支持一些額外的生產機會，這可能意味著我們的一些工廠需要更多的加班——無論是迪爾伯恩卡車，因為我們用完了現有的型號並準備好新工廠或在堪薩斯城，如您所知，我們要到明年才會啟動工廠。

So yes, it is so far encouraging, more work to do, but it involves the whole team and the good news, Alisa, is it is really based on market demand and as we said, if you look at the month of March, it's another month where we sold over 70,000 F-Series, so the demand is out there.

所以，是的，到目前為止，這是令人鼓舞的，還有更多的工作要做，但它涉及整個團隊，好消息是，Alisa，它確實是基於市場需求的，正如我們所說，如果你看一下3 月份，就會發現又一個月，我們就賣出了超過 70,000 輛 F 系列，所以需求就在那裡。

Customers really like the product, the existing product and we are going to try to get as many as we can to them.

客戶真的很喜歡這個產品，喜歡現有的產品，我們將盡力為他們提供盡可能多的產品。

Okay.

好的。

So you are not talking about changing any of the dates of changeover?

所以你不是在談論改變任何轉換日期嗎？

No.

不。

Those are locked in.

那些都被鎖在裡面了。

Those are locked in.

那些都被鎖在裡面了。

We are making more out of the time we do have.

我們正在利用現有的時間賺更多的錢。

And then, Alan, so it sounds like you will still be with us on the next earnings call.

然後，艾倫，聽起來你仍然會參加我們的下一次財報電話會議。

No change, Alisa.

沒有變化，艾麗莎。

Thank you.

謝謝。

Okay.

好的。

Thank you.

謝謝。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good morning, guys.

早上好傢伙。

Just two quick questions for you.

我只想問你兩個簡單的問題。

First, when you guys were on slide 12 and talking about the drivers of a slight marketshare deterioration, you mentioned daily rent and small cars declining.

首先，當你們在幻燈片 12 上談論市場份額略有下降的驅動因素時，你們提到了日租金和小型汽車的下降。

It seems like that is kind of a trend that has been happening, but also something you might be doing more actively as your larger vehicles are getting more fuel-efficient and particularly as we think forward to the launch of the F-150 where you guys have alluded to the fact that it will be net accretive to your CAFE measurements and standalone on its own.

這似乎是一種已經發生的趨勢，但隨著大型車輛變得更加省油，特別是當我們期待推出 F-150 時，你們可能會更積極地做一些事情。已經提到過，它將對您的CAFE 測量產生淨增值，並且可以獨立運作。

Are we sort of seeing the precursor in the potential for you to deemphasize the not so profitable small car business as we go forward?

隨著我們的發展，我們是否看到了你們可能不再重視利潤不那麼高的小型汽車業務的先兆？

Absolutely not.

絕對不。

We are focused on delivering what customers want and it has not really driven -- those are kind of not the way we are thinking about it.

我們專注於提供客戶想要的東西，但它並沒有真正推動——這些並不是我們思考的方式。

We are thinking very much from a customer and a market end standpoint.

我們從客戶和市場終端的角度來思考。

As you know, we are doing well with our car lineup, we are doing well with our truck lineup and we are going to go wherever the customer demands with that full family of vehicles.

如您所知，我們的汽車系列做得很好，我們的卡車系列也做得很好，我們將用全系列車輛滿足客戶的需求。

Okay.

好的。

But if they demand larger more fuel-efficient vehicles and not many small cars, you will go that direction, you will go where the market goes?

但如果他們需要更大更省油的汽車而不是很多小型汽車，你會朝那個方向發展，你會朝著市場的方向發展嗎？

Well, we are always going to match capacity to demand in the context of running a good business and a profitably growing business.

好吧，在經營良好的業務和獲利成長的業務的背景下，我們始終會匹配產能與需求。

Okay.

好的。

And then a second question, you guys mentioned $2 billion of the new credit facility would be allocated to Ford Motor Credit.

第二個問題，你們提到新信用額度中的 20 億美元將分配給福特汽車信貸公司。

Just curious what that is relative to history and are we seeing more capital being allocated to Ford Motor Credit so you can grow that business significantly sort of similar to where it was historically?

只是好奇這與歷史有什麼關係，我們是否會看到更多的資本被分配給福特汽車信貸，以便您可以將該業務發展得與歷史上的情況類似？

No, we haven't done that before and we are doing that so that we can allow them to diversify their overall funding structure.

不，我們以前沒有這樣做過，但我們這樣做是為了讓他們能夠實現整體融資結構的多元化。

So it is just a better balance sheet for Ford Credit and supports their own overall funding structure.

因此，這對福特信貸來說只是一個更好的資產負債表，並支持他們自己的整體融資結構。

So it is less of a reliance on the securitization market and more of a reliance on your on-balance sheet financing though?

那麼，它對證券化市場的依賴較少，而對錶內融資的依賴更多？

It is also to support -- we had something called FCAR in the past, which we are actually moving away from and we are going to replace that with more unsecured debt and this is just part of supporting that.

這也是為了支持——我們過去有一個叫做 FCAR 的東西，我們實際上正在放棄它，我們將用更多的無擔保債務取代它，這只是支持它的一部分。

Okay, great.

好的，太好了。

Thank you.

謝謝。

Ladies and gentlemen, that concludes the question-and-answer session.

女士們、先生們，問答環節到此結束。

I would now like to turn the conference back over to Mr. George Sharp for closing remarks.

現在我想將會議轉回喬治夏普先生致閉幕詞。

Well, thank you, everyone.

嗯，謝謝大家。

That wraps up today's presentation.

今天的演講到此結束。

We are really glad that you were able to join us.

我們非常高興您能夠加入我們。

Thank you for joining today's conference.

感謝您參加今天的會議。

That concludes the presentation.

演示到此結束。

You may now disconnect and have a great day.

您現在可以斷開連接並度過愉快的一天。