福特汽車 (F) 2015 Q1 法說會逐字稿

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

女士們先生們，美好的一天，歡迎來到第一季度收益電話會議。

My name is Mark and I will be your operator for today.

我叫馬克，今天我將擔任您的接線員。

(Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

（操作員說明）提醒一下，正在錄製此會議以供重播。

I would now like to turn the call over to George Sharp, Executive Director of Investor Relations for Ford Motor Company.

我現在想把電話轉給福特汽車公司投資者關係執行董事喬治夏普。

Please proceed, sir.

請繼續，先生。

Thank you, Mark, and good morning.

謝謝你，馬克，早上好。

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 2015 financial results.

我謹代表整個福特管理團隊，感謝您今天上午抽出時間來參加我們的會議，以便我們向您提供我們 2015 年第一季度財務業績的更多詳細信息。

Copies of this morning's press release and presentation slides are available on Ford's Investor and Media websites.

今天上午的新聞稿和演示幻燈片的副本可在福特的投資者和媒體網站上找到。

Presenting today are Mark Fields, President and CEO, and Bob Shanks, Chief Financial Officer.

今天出席會議的有總裁兼首席執行官 Mark Fields 和首席財務官 Bob Shanks。

Also participating are Stuart Rowley, Corporate Controller; Neil Schloss, Corporate Treasurer; Paul Andonian, Director of Accounting; and Mike Seneski, Ford Credit CFO.

與會者還有公司財務總監 Stuart Rowley；公司財務主管 Neil Schloss； Paul Andonian，會計總監；和福特信貸首席財務官 Mike Seneski。

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

今天的演講包括一些關於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.

可能影響未來結果的最重要因素在本演示文稿的末尾進行了總結，並在我們提交給美國證券交易委員會的文件中進行了詳細說明。

Finally, any non-GAAP financial measures are reconciled to the US GAAP equivalent in the appendix of the slide deck.

最後，任何非 GAAP 財務指標都與幻燈片附錄中的美國 GAAP 等效指標相一致。

Our Form 10-Q is planned to be released this afternoon.

我們的 10-Q 表格計劃於今天下午發布。

With that, I would now like to turn the presentation over to Mark Fields.

有了這個，我現在想把演示文稿交給 Mark Fields。

Okay.

好的。

Thanks, George, and good morning, everybody.

謝謝，喬治，大家早上好。

Why don't we just get right into the first slide?

為什麼我們不直接進入第一張幻燈片？

As you can see here, our plan for profitable growth and, of course, our focus as a business continue to deliver and they remain unchanged.

正如您在這裡看到的，我們的盈利增長計劃，當然，我們作為企業的重點繼續交付，並且保持不變。

It starts with accelerating the pace of progress of our One Ford Plan while at the same time delivering product excellence and driving innovation in every part of our business.

首先是加快我們 One Ford 計劃的進展速度，同時在我們業務的各個方面提供卓越的產品並推動創新。

Going on to slide 2 you can see that the first quarter was a good start to the year, in which our results will grow progressively stronger as we launch the new products and we continue to build momentum.

轉到幻燈片 2，您可以看到第一季度是今年的一個良好開端，隨著我們推出新產品，我們的業績將逐漸增強，並且我們將繼續保持勢頭。

While wholesales were about unchanged due to major product launches and the revenue was down, mainly because of the effect of a stronger US dollar on our international operations, we grew our global market share and achieved profitability in four of our six business units.

雖然主要產品發布導致批發量基本保持不變且收入下降（主要是因為美元走強對我們的國際業務的影響），但我們擴大了全球市場份額並在六個業務部門中的四個部門實現了盈利。

We are updating our guidance for the year for some of our business units.

我們正在更新部分業務部門的年度指南。

We now expect North America's operating margin to be stronger than previously expected and that the loss in South America will be greater, but still an improvement from last year, due to the deteriorating external conditions that we see there.

我們現在預計北美的營業利潤率將強於之前的預期，而南美的虧損將更大，但仍比去年有所改善，因為我們看到那裡的外部條件正在惡化。

We are also reconfirming that 2015 will be a breakthrough year for Ford, including Company pre-tax guidance of $8.5 billion to $9 billion, with Automotive revenue, our operating margin, and operating-related cash flow to be higher than in 2014.

我們還再次確認 2015 年將是福特取得突破的一年，包括公司稅前指導 85 億至 90 億美元，汽車收入、我們的營業利潤率和與運營相關的現金流將高於 2014 年。

On slide 3, as we talk about our plan to deliver profitable growth, you can see that we delivered in the first quarter.

在幻燈片 3 中，當我們談論實現盈利增長的計劃時，您可以看到我們在第一季度實現了目標。

From several new Ford and Lincoln products and new plants and facilities, to being named the only automaker on the list of the World's Most Ethical Companies and growing our dividend, we are very pleased with our progress.

從幾款新的福特和林肯產品以及新工廠和設施，到被評為全球最具商業道德公司名單上的唯一一家汽車製造商，以及增加我們的紅利，我們對我們的進步感到非常滿意。

So with that, why don't I turn it over to Bob and he will take us through the details.

因此，為什麼我不把它交給鮑勃，他會帶我們了解細節。

So, Bob, why don't you take it away?

那麼，鮑勃，你為什麼不把它拿走呢？

Thanks, Mark, and good morning, everybody.

謝謝，馬克，大家早上好。

Let's start at the top on slide 4.

讓我們從幻燈片 4 的頂部開始。

Our first quarter wholesale volume was 1.6 million units, which was down 21,000 units from a year ago; and our revenue was $33.9 billion, which was down $2 billion.

我們第一季度的批發量為 160 萬台，同比下降 21,000 台；我們的收入為 339 億美元，減少了 20 億美元。

Our pre-tax profit was $1.4 billion, $24 million better than a year ago; and after-tax earnings per share at $0.23 were $0.02 lower.

我們的稅前利潤為 14 億美元，比一年前增加了 2400 萬美元；每股稅後收益為 0.23 美元，下降 0.02 美元。

Net income attributable to Ford was $924 million.

歸屬於福特的淨收入為 9.24 億美元。

That was $65 million lower than a year ago, more than explained by a higher operating tax rate this quarter.

這比一年前減少了 6500 萬美元，這完全可以用本季度較高的營業稅率來解釋。

Automotive operating-related cash flow was $500 million.

與汽車運營相關的現金流為 5 億美元。

That was lower than a year ago due to less favorable working capital changes and higher net spending.

由於不太有利的營運資本變化和較高的淨支出，這一數字低於一年前。

Automotive gross cash at the end of the quarter was $19.5 billion, exceeding debt by $6.1 billion.

本季度末汽車業務總現金為 195 億美元，超過債務 61 億美元。

Our first quarter operating effective tax rate was 34%, compared to 26% a year ago.

我們第一季度的運營有效稅率為 34%，而一年前為 26%。

The increase is mainly the geographic mix of our regional results.

增長主要是我們區域結果的地理組合。

We expect our second quarter rate to be about 34% as well, and for the full year we now expect our rate to be about equal to or higher than our 2014 rate of 26%.

我們預計第二季度的增長率也將達到 34% 左右，而對於全年，我們現在預計我們的增長率將與 2014 年的 26% 持平或更高。

This outlook continues to assume extension of US research credit legislation in the fourth quarter.

這一前景繼續假設美國研究信貸立法在第四季度延期。

Now as you can see on slide 5, both of our sectors, Automotive and Financial Services, contributed to our first quarter pre-tax profit; and both improved compared with the first and fourth quarters of 2014.

正如您在幻燈片 5 中看到的那樣，我們的兩個部門，汽車和金融服務，都為我們第一季度的稅前利潤做出了貢獻；與 2014 年第一季度和第四季度相比均有所改善。

Let's now turn to slide 6 where you can see the key market factors and financial metrics for our Automotive business.

現在讓我們轉到幻燈片 6，您可以在其中查看我們汽車業務的關鍵市場因素和財務指標。

Now, stepping back first and looking at the full year, we expect to achieve strong top-line growth as we leverage a growing global industry, as well as improve our global market share on the strength of our 24 product launches last year and the 15 we've planned for 2015.

現在，先回顧一下全年，我們預計隨著我們利用不斷增長的全球行業實現強勁的收入增長，並憑藉我們去年推出的 24 款產品和 15 款產品的優勢提高我們的全球市場份額我們計劃在 2015 年。

We also have more capacity coming online in Asia Pacific in the second half that will drive incremental volume and revenue.

下半年，我們還將在亞太地區上線更多產能，這將推動銷量和收入的增長。

We also expect improvements to the bottom line, specifically higher Automotive operating margin and strong growth in Automotive pre-tax profit, driven by North America and Asia Pacific, with improved results in Europe and South America as well.

我們還預計，在北美和亞太地區以及歐洲和南美業績改善的推動下，利潤將有所改善，尤其是汽車業營業利潤率將提高，汽車業稅前利潤將強勁增長。

We continue to expect most of the Company improvement to occur in the second half.

我們繼續預計公司的大部分改善將發生在下半年。

Focusing now on the first quarter, we estimate that global industry SAAR, shown on the lower left, was 87.5 million units; that was up 1% from a year ago.

現在關注第一季度，我們估計左下方顯示的全球行業 SAAR 為 8750 萬台；比一年前增加了 1%。

And as already noted, we grew our global market share to 7%.

如前所述，我們的全球市場份額增長到 7%。

Wholesale volume was down slightly from a year ago due to the effects of major product launches, which contributed to lower dealer stock increases and constrained our share growth.

由於主要產品發布的影響，批發量比一年前略有下降，這導致經銷商庫存增加減少並限制了我們的份額增長。

Our revenue was down 6% due to the unfavorable exchange effects of the strong US dollar on international operations as well as the lower volume.

由於強勢美元對國際業務的不利匯兌影響以及銷量下降，我們的收入下降了 6%。

We are very pleased that our operating margin improved, which at 3.6% was up two-tenths of a percentage point, and that our Automotive pre-tax profit of $936 million was essentially unchanged from a year ago.

我們很高興我們的營業利潤率有所提高，達到 3.6%，上升了十分之二個百分點，而且我們的汽車稅前利潤為 9.36 億美元，與一年前基本持平。

As shown on slide 7 our unchanged automotive Automotive pre-tax profit was the result of higher net pricing, favorable exchange, and favorable mix; higher cost and lower volume were offsets.

如幻燈片 7 所示，我們不變的汽車稅前利潤是更高的淨定價、有利的匯率和有利的組合的結果；較高的成本和較低的產量被抵消了。

The strong net pricing mainly reflects new products in North and South America, as well as partial recovery in South America of the adverse operating effects of the region's weaker currencies and high local inflation.

強勁的淨定價主要反映了北美和南美的新產品，以及南美對該地區貨幣疲軟和當地高通脹的不利經營影響的部分複蘇。

The non-repeat of unfavorable balance sheet exchange effects last year, primarily in Venezuela in Argentina, explains most of the favorable exchange.

去年主要在委內瑞拉和阿根廷的不利資產負債表匯率影響沒有重複，這解釋了大部分有利的匯率。

The good news on mix came from North America, primarily Super Duty, and in Europe primarily Transit and Mondeo.

混合動力方面的好消息來自北美，主要是 Super Duty，歐洲主要是全順和蒙迪歐。

The higher costs are driven principally by three factors.

較高的成本主要由三個因素驅動。

First, the effects of new products launched since the first quarter a year ago.

一是一年前一季度以來新品上市效果。

Secondly, new plants in Asia Pacific launched over the past year, or to be launched later this year.

其次，亞太地區的新工廠已於過去一年推出，或將於今年晚些時候推出。

And finally, investments for future new products and capacity to support our growth beyond 2015.

最後，對未來新產品和產能的投資，以支持我們在 2015 年之後的增長。

North America was the major driver of the lower volume due to product launch effects.

由於產品發布效應，北美是銷量下降的主要原因。

As shown below the chart, Automotive pre-tax profit improved over fourth quarter 2014 because of lower cost and favorable exchange.

如下圖所示，由於較低的成本和有利的匯率，汽車稅前利潤比 2014 年第四季度有所改善。

Slide 8 shows Automotive pre-tax results by business unit, along with Other Automotive, which is mainly net interest expense.

幻燈片 8 顯示了按業務部門劃分的汽車稅前結果，以及其他汽車，主要是淨利息支出。

Previously, we had guided that we expected Automotive net interest expense to be equal to or higher than last year's expense of $583 million.

此前，我們曾指導我們預計汽車淨利息支出等於或高於去年的 5.83 億美元支出。

We now expect full-year expense to be about $650 million, including the impact of the external debt of our Russia operation, Ford Sollers, which was fully consolidated as of March 31, along with incremental funding in Brazil.

我們現在預計全年支出約為 6.5 億美元，其中包括截至 3 月 31 日已完全合併的俄羅斯業務 Ford Sollers 的外債影響，以及巴西的增量資金。

Before we move on to the business units, just a reminder here on slide 9. We said back in January that we expect results in the second half of the year to be stronger than the first half due to the timing of our product and capacity launches.

在我們繼續討論業務部門之前，請在幻燈片 9 中提醒一下。我們在 1 月份曾說過，由於我們的產品和產能發布的時間安排，我們預計今年下半年的業績將強於上半年.

As shown here, this is still the case.

如此處所示，情況仍然如此。

Now what I would like to do is to take you through each of the Automotive business units, starting with North America on slide 10.

現在我想帶您了解每個汽車業務部門，從幻燈片 10 上的北美開始。

We expect North America to have a very strong year in 2015, with substantial top-line growth, higher pre-tax profit, and an improved operating margin.

我們預計 2015 年北美將有一個非常強勁的一年，收入大幅增長，稅前利潤更高，營業利潤率也有所提高。

This is based on continued robust industry sales; our strong product lineup, including products launched last year and planned for this year; our continued discipline in matching production with demand; and a lean cost structure.

這是基於持續強勁的行業銷售；我們強大的產品陣容，包括去年推出和今年計劃推出的產品；我們在生產與需求相匹配方面的持續紀律；和精簡的成本結構。

In the quarter, wholesale volume and revenue were down 5% and 2% from a year ago, respectively.

本季度，批發量和收入分別比去年同期下降 5% 和 2%。

The lower wholesale volume reflects launch-related declines of about 40% for F-150 and over 50% for Edge.

較低的批發量反映了與發射相關的 F-150 下降約 40%，Edge 下降超過 50%。

All other vehicles were actually up 7%.

所有其他車輛實際上上漲了 7%。

The declines for F-150 and Edge resulted in lower US market share, which was down six-tenths of a percentage point to 14.7%, as well as lower stock increases this year than in 2014.

F-150 和 Edge 的下滑導緻美國市場份額下降，下降了十分之六個百分點至 14.7%，並且今年的庫存增幅低於 2014 年。

Higher industry sales, reflecting a US SAAR of 17.1 million units, were a partial offset.

反映美國 SAAR 為 1710 萬輛的較高行業銷售額被部分抵消。

Our lower revenue in North America was driven by the lower wholesale volume as well as the adverse effect on our revenue in Canada and Mexico of the strong US dollar.

我們在北美的收入下降是由於批發量下降以及美元走強對我們在加拿大和墨西哥的收入造成的不利影響。

This was offset largely by higher net pricing and favorable mix.

這在很大程度上被較高的淨定價和有利的組合所抵消。

North America operating margin was 6.7%, down six-tenths of a percentage point from last year.

北美營業利潤率為 6.7%，比去年下降了十分之六個百分點。

Pre-tax profit was $1.3 billion, which was down $160 million.

稅前利潤為 13 億美元，減少了 1.6 億美元。

Let's now go to slide 11 for a closer look at the factors behind the lower profit.

現在讓我們轉到幻燈片 11 以更仔細地了解較低利潤背後的因素。

As shown on this slide, lower volume for F-150 and Edge due to their launches explains North America's lower pre-tax profit in the first quarter.

如本幻燈片所示，由於 F-150 和 Edge 的推出導致銷量下降，這解釋了北美第一季度稅前利潤較低的原因。

All other factors essentially offset one another.

所有其他因素基本上相互抵消。

We expect results in North America to improve substantially over the balance of the year as we benefit from a full supply of F-150 and Edge, as well as other new products we have yet to launch including Explorer and Lincoln MKX.

我們預計北美的業績將在今年餘下時間大幅改善，因為我們受益於 F-150 和 Edge 的全面供應，以及我們尚未推出的其他新產品，包括 Explorer 和 Lincoln MKX。

As shown below the chart, North America pre-tax profit declined compared with fourth quarter due to higher costs and lower volume.

如下圖所示，由於成本上升和銷量下降，北美地區稅前利潤較第四季度有所下降。

In terms of full-year guidance, we continue to expect North America to be strongly profitable this year at a level that will exceed last year's results.

就全年指引而言，我們繼續預計北美今年的盈利水平將超過去年。

Today, we are increasing our operating margin guidance from 8% to 9%, to 8.5% to 9.5%.

今天，我們將營業利潤率指引從 8% 提高到 9%，提高到 8.5% 到 9.5%。

This reflects our strong confidence in the F-150 and our positive view of the product's impact on our business now that the launch is successfully behind us.

這反映了我們對 F-150 的強烈信心，以及我們對該產品對我們業務的影響的積極看法，因為它已經成功推出。

We also expect the recently launched Mustang, Transit, and Edge to continue to perform strongly, and we are very excited about the upcoming launches of the Explorer and the MKX.

我們還預計最近推出的 Mustang、Transit 和 Edge 將繼續表現強勁，我們對即將推出的 Explorer 和 MKX 感到非常興奮。

Now let's turn to slide 12 and talk about South America.

現在讓我們轉到幻燈片 12，談談南美洲。

The business environment in South America has deteriorated beyond our expectations, with negative GDP growth, continued high inflation, further currency weakness across the region.

南美洲的商業環境惡化超出我們的預期，GDP 負增長，通脹持續高企，整個地區的貨幣進一步疲軟。

The industry pricing environment is also difficult, particularly in Brazil, with actions taken to date generally lagging the combined adverse effects of the weaker currencies and high local inflation.

行業定價環境也很困難，特別是在巴西，迄今為止採取的行動通常滯後於貨幣疲軟和當地高通脹的綜合不利影響。

Our strategy of replacing legacy products with One Ford products is bearing fruit.

我們用 One Ford 產品替換舊產品的戰略正在取得成果。

The new Ka is improving our market share in the region, which at 9.7% was up a strong 1.1 percentage points.

新 Ka 正在提高我們在該地區的市場份額，該市場份額為 9.7%，強勁增長 1.1 個百分點。

In Brazil, EcoSport and Fusion continue to lead their segments.

在巴西，EcoSport 和 Fusion 繼續領先各自的細分市場。

And as a result of the success of the F-Series and Cargo, Ford led the light and semi-light truck segments in the first quarter.

由於 F 系列和 Cargo 的成功，福特在第一季度引領了輕型和半輕型卡車市場。

As we continue to sustain a strong product lineup, our team in South America also is focused on finding other revenue opportunities, reducing cost, continuing to match production to real demand, and increasing local content to mitigate further the adverse effects of the weak local currencies.

隨著我們繼續維持強大的產品陣容，我們在南美的團隊也專注於尋找其他收入機會、降低成本、繼續將生產與實際需求相匹配，並增加當地含量以進一步減輕當地貨幣疲軟的不利影響.

In the first quarter, our wholesale volume and revenue decreased from a year ago by 3% and 20%, respectively.

第一季度，我們的批發量和收入分別比去年同期下降了 3% 和 20%。

The lower volume resulted from a 1.1 million unit decline in industry SAAR, reflecting the impact of Brazil's weaker economy and Argentina import restrictions.

銷量下降是由於工業 SAAR 下降了 110 萬輛，反映了巴西經濟疲軟和阿根廷進口限制的影響。

Our revenue decline resulted from the weaker currencies and unfavorable volume and mix.

我們的收入下降是由於貨幣疲軟以及不利的銷量和組合。

Operating margin was a negative 12.5%, a significant improvement from a year ago, while pre-tax loss was $189 million.

營業利潤率為 12.5%，較一年前有了顯著改善，而稅前虧損為 1.89 億美元。

That was an improvement of $321 million.

增加了 3.21 億美元。

As we show on slide 13, South America's profit improvement was due to favorable exchange, most of which reflects a non-repeat of last year's unfavorable balance sheet exchange effects of $310 million in Venezuela.

正如我們在幻燈片 13 中顯示的那樣，南美洲的利潤改善是由於有利的匯率，其中大部分反映了委內瑞拉去年 3.1 億美元的不利資產負債表匯率影響的非重複。

Although volume was effectively unchanged, we are very proud that our team was able to offset the effect of lower industry volume by growing our market share, as shown on the chart in the callout box for volume and mix.

儘管銷量實際上沒有變化，但我們感到非常自豪的是，我們的團隊能夠通過增加市場份額來抵消行業銷量下降的影響，如銷量和組合標註框中的圖表所示。

As you can see below the chart, the first quarter loss was about the same as in fourth quarter 2014.

如下圖所示，第一季度虧損與 2014 年第四季度大致相同。

For the full year, we continue to expect our pre-tax loss to improve from 2014, but the loss now will be greater than what we had expected due to the more difficult external environment.

對於全年，我們繼續預計我們的稅前虧損將從 2014 年開始改善，但由於外部環境更加困難，現在的虧損將大於我們的預期。

Let's turn to slide 14 now and talk about Europe, where we are continuing to implement our transformation plan focused on product, brand, and cost.

現在讓我們轉到幻燈片 14，談談歐洲，我們將繼續實施以產品、品牌和成本為重點的轉型計劃。

We confirmed earlier this month our commitment to the Russian market, where we agreed to certain changes with our partner Sollers that will allow both parties to continue to support the Ford Sollers joint venture in the near term, while providing a platform for future growth in this very important market.

本月早些時候，我們確認了我們對俄羅斯市場的承諾，我們同意與我們的合作夥伴 Sollers 進行某些更改，這將使雙方能夠在短期內繼續支持福特 Sollers 合資企業，同時為未來的增長提供平台非常重要的市場。

As a result of these changes, we consolidated our Russian operations as of March 31.

由於這些變化，我們在 3 月 31 日整合了我們在俄羅斯的業務。

This had no effect on first quarter earnings.

這對第一季度的收益沒有影響。

In the quarter, our Europe 20 market share improved two-tenths of a percentage point to 8.2%.

本季度，我們在歐洲 20 強市場的份額提高了十分之二個百分點，達到 8.2%。

The success of our full line of Transit vehicles and continued strong performance of our Ranger compact pickup contributed to a 2.8 percentage point improvement in our commercial vehicle share to 13.3%.

我們全順車型的成功以及我們 Ranger 緊湊型皮卡的持續強勁表現使我們的商用車份額提高了 2.8 個百分點，達到 13.3%。

In fact, Ford was the leading commercial brand in Europe 20 in the first quarter.

事實上，福特在第一季度是歐洲 20 強的領先商業品牌。

Our Europe wholesale volume improved 2% from a year ago, while revenue declined 11%.

我們在歐洲的批發量比一年前增長了 2%，而收入下降了 11%。

The higher volume resulted from a 1.2 million unit increase in the Europe 20 SAAR, which was 15.7 million units, as well as from Ford's higher market share.

較高的銷量是由於歐洲 20 SAAR 增加了 120 萬輛，即 1570 萬輛，以及福特較高的市場份額。

This was offset largely by the non-repeat of last year's dealer stock increase.

這在很大程度上被去年經銷商庫存增加的非重複所抵消。

The strong US dollar explains our lower revenue.

強勢美元解釋了我們較低的收入。

Europe's operating margin was a negative 2.7%, down two-tenths of a percentage point from a year ago, and the pre-tax loss was $185 million, which was unchanged.

歐洲的營業利潤率為負的 2.7%，比一年前下降了十分之二個百分點，稅前虧損為 1.85 億美元，與去年同期持平。

Although results were about the same as last year, you can see on slide 15 that there was a lot of variability among the factors.

儘管結果與去年大致相同，但您可以在幻燈片 15 中看到因素之間存在很大差異。

Higher industry, share, and favorable mix were offset partially by the non-repeat of last year's stock increase.

更高的行業、份額和有利的組合部分被去年庫存增長的非重複所抵消。

The lower net pricing was driven in part by the aging of selected vehicle lines; but a portion also resulted from higher incentive activity in the UK and Switzerland.

較低的淨價部分是由於選定車輛系列的老化所致；但也有一部分是由於英國和瑞士較高的激勵活動。

This was driven in part by more competitive activity that was triggered by a stronger pound sterling and Swiss franc versus the euro, that made sales in these two markets more attractive.

這在一定程度上是由於英鎊和瑞士法郎兌歐元走強引發了更多競爭活動，這使得這兩個市場的銷售更具吸引力。

In total, costs more about flat, including the impact of lower discount rates on pension expense.

總體而言，成本更多地持平，包括較低貼現率對養老金支出的影響。

As shown below the chart, first quarter pre-tax results improved from fourth quarter 2014 due to favorable market factors, lower cost, and favorable exchange.

如下圖所示，由於有利的市場因素、較低的成本和有利的匯率，第一季度稅前業績較 2014 年第四季度有所改善。

For the full year, we continue to expect Europe's pre-tax loss to improve from 2014, including the consolidation of Ford Sollers.

對於全年，我們繼續預計歐洲的稅前虧損將從 2014 年開始有所改善，包括對 Ford Sollers 的整合。

Now let's turn to slide 16 and review Middle East & Africa, where we are focused on building our distribution capability, expanding our One Ford product offering tailored to the needs of the markets in the region, and leveraging our global low-cost sourcing hubs.

現在讓我們轉到幻燈片 16 並回顧一下中東和非洲，我們在中東和非洲專注於建立我們的分銷能力，擴展我們根據該地區市場需求量身定制的 One Ford 產品供應，並利用我們的全球低成本採購中心。

Our wholesale volume and revenue declined 8% from a year ago.

我們的批發量和收入比一年前下降了 8%。

The lower volume was a result of unfavorable changes in dealer stocks, while the lower revenue reflects the lower volume as well as the impact of the stronger US dollar.

銷量下降是經銷商庫存不利變化的結果，而收入下降反映了銷量下降以及美元走強的影響。

Operating margin was 7.5%.

營業利潤率為 7.5%。

That was 2.8 percentage points higher than a year ago.

這比一年前高出 2.8 個百分點。

Pre-tax profit was $79 million, an improvement of $25 million.

稅前利潤為 7900 萬美元，增加了 2500 萬美元。

This was driven by favorable exchange.

這是由有利的交換所推動的。

For the full year, we now expect Middle East & Africa to deliver about breakeven results, which is an improvement from our prior guidance of a loss somewhat larger than 2014.

對於全年，我們現在預計中東和非洲將實現盈虧平衡，這比我們之前的虧損略大於 2014 年的指導有所改善。

All right, let's now go to slide 17 and we'll talk about Asia Pacific.

好的，現在讓我們轉到幻燈片 17，我們將討論亞太地區。

We are continuing our strategy in this region to invest for growth in incremental capacity, new products, and of course Lincoln in China.

我們正在繼續我們在該地區的戰略，投資於增量產能、新產品，當然還有林肯在中國的增長。

We expect Asia Pacific to have a strong year, with top- and bottom-line results improving substantially in the second half versus the first half, due to added capacity and new products we launched from the middle of the year; notably, the three-row Edge, the all-new Taurus, Figo, the all-new Everest, the refreshed Ranger, and the all-new Lincoln MKX.

我們預計亞太地區今年表現強勁，由於我們從年中開始增加產能和推出新產品，下半年的營收和利潤業績將比上半年大幅改善；值得注意的是，三排 Edge、全新 Taurus、Figo、全新 Everest、煥然一新的 Ranger 和全新 Lincoln MKX。

As shown on the left, our first quarter wholesale volume was up 5% compared with a year ago, while our net revenue, which excludes our China JVs, declined 14%.

如左圖所示，我們第一季度的批發量與去年同期相比增長了 5%，而我們的淨收入（不包括我們的中國合資企業）下降了 14%。

Our China wholesale volume, which isn't shown, was up 10% in the quarter.

我們在中國的批發量（未顯示）在本季度增長了 10%。

This reflects in part strong market reception to the all-new Escort as well as Lincoln, which is off to an encouraging start, with several of our China dealers already among the brand's highest-volume dealers globally.

這在一定程度上反映了市場對全新 Escort 和林肯的強烈接受，這是一個令人鼓舞的開端，我們的幾家中國經銷商已經躋身該品牌全球銷量最高的經銷商行列。

Our higher volume in the region was driven by a favorable change in dealer stocks, including recovery of stocks to targeted levels.

我們在該地區的銷量增加是由經銷商庫存的有利變化推動的，包括庫存恢復到目標水平。

We estimate first quarter SAAR for the region at 38.9 million units, which is unchanged from a year ago, although we did see signs of slowing growth in China during the quarter.

我們估計該地區第一季度的 SAAR 為 3890 萬輛，與一年前持平，儘管我們確實看到該季度中國增長放緩的跡象。

Our first quarter market share for the region at 3.4% and our China market share at 4.5% were both equal to first quarter records set last year.

我們第一季度在該地區的市場份額為 3.4%，我們在中國的市場份額為 4.5%，均與去年第一季度創下的紀錄持平。

The lower revenue was a result of the lower volume from our consolidated operations as well as weaker currencies.

收入減少是由於我們的合併業務量減少以及貨幣疲軟。

Operating margin was 4.5%, which was down 6.6 percentage points from a year ago.

營業利潤率為 4.5%，同比下降 6.6 個百分點。

Pre-tax profit was $103 million, down $188 million.

稅前利潤為 1.03 億美元，減少 1.88 億美元。

Our China joint ventures contributed $360 million to pre-tax profit this quarter, reflecting our equity share of their after-tax earnings.

我們在中國的合資企業本季度貢獻了 3.6 億美元的稅前利潤，反映了我們在其稅後收益中的股權份額。

On slide 18 you can see that the decline in Asia Pacific's first quarter pre-tax profit is explained primarily by higher structural cost.

在幻燈片 18 中，您可以看到亞太地區第一季度稅前利潤下降的主要原因是較高的結構性成本。

This reflects costs related to our plans to introduce 18 new vehicles this year and to bring online new capacity with four new plants.

這反映了與我們計劃今年推出 18 款新車以及通過四家新工廠實現新產能相關的成本。

We will see the volume and revenue benefits of these investments in the second half.

我們將在下半年看到這些投資的數量和收入收益。

For the full year we continue to expect Asia Pacific pre-tax profit to be higher than in 2014, with the improvements occurring in the second half, consistent with the launch timing of new capacity and products.

對於全年，我們繼續預計亞太地區的稅前利潤將高於 2014 年，並在下半年有所改善，這與新產能和新產品的推出時間一致。

Let's now discuss Ford Credit on slide 19.

現在讓我們討論幻燈片 19 上的 Ford Credit。

Ford Credit is a strategic asset that provides world-class financial services to our dealers and customers and is an integral part of our global growth and value creation strategy.

Ford Credit 是一項戰略資產，可為我們的經銷商和客戶提供世界一流的金融服務，是我們全球增長和價值創造戰略不可或缺的一部分。

It maintains a strong balance sheet that provides solid profits and distributions to Ford.

它保持著強勁的資產負債表，為福特提供可觀的利潤和分配。

In the first quarter, Ford Credit continued to demonstrate solid growth supporting Ford, including the launch of operations in India.

第一季度，福特信貸繼續展示支持福特的穩健增長，包括在印度開展業務。

Origination practices continue to be consistent, and costs remain well controlled and in line with expectations.

原產地做法繼續保持一致，成本得到很好的控制並符合預期。

In the quarter, Ford Credit's pre-tax profit was largely unchanged from a year ago.

本季度，福特信貸的稅前利潤與一年前基本持平。

Favorable volume and mix primarily reflects higher consumer finance receivables globally and an increase in leasing in North America.

有利的數量和組合主要反映了全球較高的消費金融應收賬款以及北美租賃的增加。

Lower portfolio pricing drove the lower financing margin.

較低的投資組合定價導致較低的融資利潤率。

And the higher credit losses primarily reflect the non-repeat of reserve releases that occurred in the first quarter last year.

而較高的信用損失主要反映了去年第一季度發生的準備金釋放的非重複性。

As shown below the chart, favorable lease residual performance due to higher auction values in North America contributed to the higher pre-tax profit compared with fourth quarter 2014.

如下圖所示，與 2014 年第四季度相比，由於北美較高的拍賣價值導致有利的租賃剩餘表現有助於提高稅前利潤。

For the full year, we continue to expect Ford Credit pre-tax profit to be equal to or higher than 2014; year-end managed receivables to range from $123 billion to $128 billion; and distributions to be about $250 million.

對於全年，我們繼續預計 Ford Credit 的稅前利潤將等於或高於 2014 年；年終管理的應收賬款從 1230 億美元到 1280 億美元不等；分配金額約為 2.5 億美元。

We now expect managed leverage to be at the upper end of our range of 8-9to1 in the near term because of the translation impact of the strong US dollar.

由於強勢美元的轉換影響，我們現在預計短期內管理槓桿將處於我們 8-9 比 1 範圍的上限。

Next, on slide 20, is our Automotive gross cash and operating-related cash flow.

接下來，在幻燈片 20 上，是我們的汽車總現金和與運營相關的現金流量。

Automotive gross cash at the end of the quarter was $19.5 billion; that was a decrease of $2.2 billion from the end of the fourth quarter.

本季度末汽車業總現金為 195 億美元；這比第四季度末減少了 22 億美元。

Automotive operating-related cash flow was a positive $500 million, driven by our Automotive pre-tax profit.

在我們的汽車稅前利潤的推動下，與汽車業務相關的現金流為正 5 億美元。

In the first quarter, we had higher than normal levels of non-operating-related cash outflows associated with separation payments, the one-time payment for Mazda's interest in AAI, which is our former joint venture assembly plant in Michigan, debt repayments and pension contributions.

第一季度，我們的非經營相關現金流出高於正常水平，與離職金、馬自達在 AAI 中的權益一次性付款有關，這是我們在密歇根州的前合資裝配廠、債務償還和養老金捐款。

For the balance of the year, AAI will not repeat; and quarterly cash outflows related to separation and debt payments and pension contributions will be, on average, much lower.

對於年內餘額，AAI不再贅述；平均而言，與離職、債務支付和養老金繳款相關的季度現金流出量將低得多。

Debt repayments in the quarter totaled $600 million, and we made pension contributions of $800 million to our funded pension plans.

本季度的債務償還總額為 6 億美元，我們為我們的養老金計劃提供了 8 億美元的養老金供款。

We continue to expect contributions to funded plans for the full year to total $1.1 billion.

我們繼續預計全年資助計劃的捐款總額將達到 11 億美元。

We also made dividend payments of $600 million during the quarter.

我們還在本季度支付了 6 億美元的股息。

Slide 21 shows that our Automotive debt was $13.4 billion at the end of the quarter, $400 million lower than fourth quarter.

幻燈片 21 顯示，本季度末我們的汽車債務為 134 億美元，比第四季度低 4 億美元。

We had maturities in Europe and Asia Pacific and continued to pay down US Department of Energy loans.

我們在歐洲和亞太地區到期，並繼續償還美國能源部的貸款。

These reductions were offset partially by the consolidation of Ford Sollers' external debt.

這些減少部分被福特索勒斯外債的合併所抵消。

We ended the quarter with net cash of $6.1 billion and Automotive liquidity of $30.2 billion.

本季度結束時，我們的淨現金為 61 億美元，汽車流動性為 302 億美元。

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

儘管尚未包括在我們的總流動性中，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 $12.2 billion, is expected to grow to $13.4 billion.

該設施目前價值 122 億美元，預計將增至 134 億美元。

The increase in the facility will be almost entirely allocated to Ford Credit to support its growth and liquidity plans.

該貸款的增加將幾乎全部分配給福特信貸，以支持其增長和流動性計劃。

With that, this concludes our review of the financial details of our first quarter earnings, so I would like to turn it back to Mark, who is going to take us through our outlook for the 2015 business environment as well as our planning assumptions and key metrics.

至此，我們對第一季度收益的財務細節的審查就結束了，所以我想把它轉回給馬克，他將向我們介紹我們對 2015 年商業環境的展望以及我們的計劃假設和關鍵指標。

Mark?

標記？

Okay; thanks a lot, Bob.

好的;非常感謝，鮑勃。

So let's start on slide 22 with our view of the business environment.

因此，讓我們從幻燈片 22 開始，了解我們對商業環境的看法。

We do expect this year to be a year of growth globally, with GDP expanding in about the 3% range.

我們確實預計今年將是全球增長的一年，GDP 將增長 3% 左右。

This will be driven by the US, China, although at levels lower than in years past, an improved growth in the euro area, and particularly with the UK continuing to perform at a higher level versus the rest of the continent.

這將受到美國和中國的推動，儘管其水平低於過去幾年，但歐元區的增長有所改善，尤其是英國的表現繼續高於歐洲大陸其他地區。

The main areas of concern continue to be in South America, which as Bob mentioned continues to face difficulties, and also Russia.

主要關注領域仍然是南美洲，正如 Bob 提到的，南美洲繼續面臨困難，還有俄羅斯。

We also expect the strong US dollar and the weak commodity prices, including oil, to continue throughout the balance of the year.

我們還預計強勢美元和疲軟的大宗商品價格（包括石油）將在今年餘下時間繼續。

So all in all we see conditions as still being supportive of modest growth in the global auto industry in 2015.

因此，總而言之，我們認為 2015 年的條件仍然支持全球汽車行業的溫和增長。

Let's turn to our total Company guidance, which you can see on slide 23.

讓我們轉向我們的總體公司指南，您可以在幻燈片 23 上看到。

As both Bob and I have said, we do expect this year to be a very strong one for Ford Motor Company.

正如鮑勃和我所說，我們確實預計今年對福特汽車公司來說將是非常強勁的一年。

In terms of industry sales outlook, we are raising our guidance for Europe 20, while we are trimming it back a bit in China.

就行業銷售前景而言，我們提高了對歐洲 20 強的指引，同時略微下調了中國的指引。

And industry sales here in the US still look to be on track to be between 17 million and 17.5 million units.

美國的行業銷量仍有望保持在 1700 萬至 1750 萬台之間。

All of our other financial guidance at the Company level remains on track to what we said back in January.

我們在公司層面的所有其他財務指導都與我們在 1 月份所說的一致。

We said we were going to see growth in Automotive revenue compared with 2014, a higher Automotive operating margin, higher positive operating cash flow, equal to higher results at Ford Credit, and a Company pre-tax profit of between $8.5 billion and $9.5 billion.

我們表示，與 2014 年相比，我們將看到汽車業務收入增長、更高的汽車業務營業利潤率、更高的正經營現金流、相當於福特信貸的更高業績，以及公司稅前利潤在 85 億美元至 95 億美元之間。

So we feel good about our first quarter results and believe that they have us on track for the breakthrough year that we expect 2015 to be.

因此，我們對第一季度的業績感到滿意，並相信它們讓我們走上了我們預期 2015 年取得突破的一年。

Then just to sum up on slide 24, our plan and our priorities as a Company remain unchanged, and we remain on track to deliver our near- and long-term objectives that we've laid out.

然後在幻燈片 24 上總結一下，我們的計劃和我們作為公司的優先事項保持不變，我們仍然在實現我們制定的近期和長期目標的軌道上。

Across Ford we're accelerating the pace of our One Ford plan; we're delivering product excellence with passion; and we are driving innovation into every part of our business.

在整個福特，我們正在加快我們的 One Ford 計劃的步伐；我們滿懷熱情地提供卓越的產品；我們正在推動創新進入我們業務的每個部分。

And all of this is supported by a day in and day out relentless execution on the operational fundamentals of our business.

所有這一切都得到了日復一日不懈地執行我們業務運營基礎的支持。

I think nothing brings this to life better than the achievement by the Ford team in successfully launching the all-new F-150.

我認為沒有什麼比福特團隊成功推出全新 F-150 的成就更能體現這一點了。

As we sit here today, the launches of our Dearborn and Kansas City plants are complete and will reach full production during the balance of the second quarter.

當我們今天坐在這裡時，我們迪爾伯恩和堪薩斯城工廠的投產已經完成，並將在第二季度剩餘時間內全面投產。

Earlier this month, the all-new F-150 SuperCrew, the SuperCab, and the regular Cab all earned the US government's highest possible crash safety rating.

本月早些時候，全新的 F-150 SuperCrew、SuperCab 和普通 Cab 都獲得了美國政府可能的最高碰撞安全評級。

I think that adds to the F-150's strengths as the toughest, smartest, and most capable F-150 that we've ever produced.

我認為這增加了 F-150 作為我們生產過的最堅固、最智能、最有能力的 F-150 的優勢。

On top of that achievement, outside experts also project that the F-150 residual values will be higher than not only our outgoing model but also well above those of our highest volume competitors.

除了這一成就之外，外部專家還預測，F-150 的殘值不僅會高於我們即將推出的型號，而且會遠高於我們銷量最大的競爭對手。

Looking at customer reception, well, I have to tell you the customer reception to the product has been simply outstanding.

看看客戶接待，嗯，我必須告訴你，客戶對產品的接待非常出色。

It's now clear that the bottom-line contribution to our business from F-150 will be even stronger than we had originally expected.

現在很明顯，F-150 對我們業務的底線貢獻將比我們最初預期的還要強大。

I think successes like this give us confidence in our five long-term objectives, which include being in the top five in global sales, creating a better balance of profitability and sales around the world, achieving 8%-plus operating margins, being in the top quartile in total shareholder returns, and importantly, remain highly regarded by all of our stakeholders.

我認為像這樣的成功讓我們對我們的五個長期目標充滿信心，其中包括躋身全球銷售額前五名、在全球範圍內實現盈利能力和銷售額的更好平衡、實現 8% 以上的營業利潤率、在股東總回報的前四分之一，重要的是，我們所有利益相關者仍然高度重視。

So, we have the right strategic framework; I think we have the right proven operating process; and of course, I think we have the right team to deliver this, because Ford is a growth Company in a global, growing industry.

所以，我們有正確的戰略框架；我認為我們擁有經過驗證的正確操作流程；當然，我認為我們有合適的團隊來實現這一目標，因為福特是全球不斷發展的行業中的一家成長型公司。

And we are a proven innovator, in a period and a time here in the industry where we're seeing rapid technological advancement than we've ever seen before.

我們是一個久經考驗的創新者，在這個行業的一段時間內，我們看到了前所未有的快速技術進步。

We're operating the business for today, but also we are pushing ourselves to think and act and disrupt like a startup company: anticipating customers' wants and needs 10 and 15 years down the road.

我們經營今天的業務，但我們也在推動自己像初創公司一樣思考、行動和顛覆：預測未來 10 年和 15 年客戶的需求。

And both are absolutely core to our plan for profitable growth.

兩者都是我們盈利增長計劃的絕對核心。

With that, why don't we open up the phone line for your questions.

有了這個，我們為什麼不打開電話線來回答您的問題。

George?

喬治？

Thanks, Mark.

謝謝，馬克。

Now we'll open the lines for about a 45 minute Q&A session.

現在我們將打開大約 45 分鐘的問答環節。

As usual, we will begin with questions from the investment community then take questions from the media.

像往常一樣，我們將從投資界的問題開始，然後是媒體的問題。

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

現在，為了讓盡可能多的參與者參與此框架，請保持您的問題簡短，並請避免問兩個以上。

Mark, can we have the first question?

馬克，我們可以問第一個問題嗎？

John Murphy, Bank of America Merrill Lynch.

約翰·墨菲，美銀美林。

Good morning, guys, and thanks for the new press release format; it's actually incredibly helpful.

早上好，伙計們，感謝新的新聞發布格式；它實際上非常有用。

Oh, thanks, John.

哦，謝謝，約翰。

First question, just on North America.

第一個問題，關於北美。

If we think about what's going on the first half, it's understandable that margins are a bit depressed; and it's certainly understandable that they will bounce back up in the second half of the year.

如果我們考慮上半年的情況，利潤率有點低迷是可以理解的；他們將在下半年反彈當然是可以理解的。

But it looks like the second half will be somewhere in the ballpark of 11%, plus or minus.

但看起來下半年將在 11% 左右左右。

Is there anything that's happening in the second half of the year other than these two launches that is abnormal, that would inflate these margins?

除了這兩次異常發射之外，今年下半年還有什麼事情會誇大這些利潤率嗎？

I'm just trying to understand which part of the year is more representative of what we should be thinking about for margins going forward in North America.

我只是想了解一年中的哪一部分更能代表我們應該考慮的北美未來利潤率。

Well, I think, as you think about -- is there anything abnormal?

嗯，我想，正如你所想的——有什麼不正常的嗎？

No.

不。

I think as we talked about, in the first quarter, you heard Bob's comments around the wholesale reductions that we've seen in F-Series and Edge; and as we get into the second half of the year, I think we are seeing great, really good acceptance to our new products, not only F-150 but Mustang, Transit.

我想正如我們所說，在第一季度，你聽到了 Bob 關於我們在 F 系列和 Edge 中看到的批發減少的評論；當我們進入下半年時，我認為我們看到了對我們新產品的非常非常好的接受，不僅是 F-150，還有 Mustang、Transit。

The Edge is still very early days, but it's off to a great start; and we have the Explorer coming.

Edge 還處於早期階段，但它已經有了一個良好的開端；我們有 Explorer 來了。

So I think barring any kind of external shock, if you will, to the economy, what you will see is running at regular production rates.

因此，我認為除非對經濟造成任何形式的外部衝擊，否則您將看到的是正常生產率。

John, to put that into perspective on margin, as we mentioned it's very clear, now that we are through the launch -- mostly through the launch -- of the F-150, with a little bit of the final acceleration curve in the balance of the second quarter, it's clear we are seeing higher revenues.

約翰，從利潤率的角度來看，正如我們提到的那樣，很明顯，現在我們已經完成了 F-150 的發布——主要是通過發布——最終加速曲線有一點平衡第二季度，很明顯我們看到了更高的收入。

We're seeing likely a richer mix, lower costs, and I think that's -- than we originally expected as we launched last year.

我們可能會看到更豐富的組合、更低的成本，我認為這比我們去年推出時最初預期的要多。

So we are growing the top line, which is allowing us to grow the bottom line.

所以我們正在增加收入，這使我們能夠增加利潤。

If you look at the first quarter -- if we ran at the regular production rates of F-Series and Edge, we would have seen a margin of 10% or a bit above in North America.

如果你看一下第一季度——如果我們以 F 系列和 Edge 的正常生產率運行，我們在北美的利潤率會達到 10% 或更高一點。

So I think that's our expectation going forward, and that's why we raised the overall guidance for the business unit.

所以我認為這是我們對未來的期望，這就是我們提高業務部門整體指導的原因。

Very helpful.

非常有幫助。

John, what we also are seeing is the launch effects are largely in the first quarter; somewhat in the second quarter.

約翰，我們還看到，發布效果主要出現在第一季度；第二季度有點。

There is not as much of an effect on launches in the second half of the year, which maybe is a little bit unusual, but that is what you are seeing occur this year.

對今年下半年的發布影響不大，這可能有點不尋常，但這就是你今年看到的情況。

We actually have a similar effect that's taking place in the case of Asia Pacific, where we have had a lot of costs in place right now to support the plants that we will be opening around midyear, which will bring with them new product and new volume, new revenue, new capacity.

我們實際上在亞太地區產生了類似的影響，我們現在已經投入了大量成本來支持我們將在年中前後開設的工廠，這些工廠將帶來新產品和新產量，新收入，新產能。

So a very similar story in both markets in terms of the second half versus first half.

因此，就下半年和上半年而言，兩個市場的情況非常相似。

Okay.

好的。

Then if I can just ask a second question around Europe, I'm just curious.

然後，如果我能問第二個關於歐洲的問題，我只是好奇。

As you look at the commitment to Russia, it's different than what you are seeing from one of your other big competitors out there.

當你審視對俄羅斯的承諾時，它與你從其他大競爭對手那裡看到的不同。

I'm just curious what you're seeing in Russia that you think is different.

我只是很好奇你在俄羅斯看到的你認為不同的東西。

Is that a function of the potential growth in the market?

這是市場潛在增長的結果嗎？

Your relationship with Sollers?

你和索勒斯的關係？

Product cadence?

產品節奏？

I'm just trying to understand what is different there.

我只是想了解那裡有什麼不同。

Also, as we think about that and in Europe in total, it looks like the second half should be better in Europe -- much better than it does in the first half.

此外，正如我們考慮的那樣，在整個歐洲，看起來歐洲下半年應該更好——比上半年好得多。

And the first half looks like it's running pretty well as well.

上半年看起來也運行得很好。

So just trying to understand the cadence in Europe as well.

所以我也想了解歐洲的節奏。

Well, John, I will take the question on Russia; and Bob, maybe you can take the question on general Europe.

好吧，約翰，我將回答有關俄羅斯的問題；鮑勃，也許你可以回答關於整個歐洲的問題。

But essentially what we see in Russia is it's a big and important market.

但從本質上講，我們在俄羅斯看到的是一個巨大而重要的市場。

Even at its reduced rate right now, it still is going to be one of the bigger markets in Europe.

即使現在以較低的利率計算，它仍將成為歐洲較大的市場之一。

And we still hold the view that when the market stabilizes and ultimately recovers that this could be one of the biggest, if not the biggest, market in Europe.

我們仍然認為，當市場穩定並最終復甦時，這可能是歐洲最大的市場之一，即使不是最大的市場。

And it's important for us to be there.

我們在那裡很重要。

At the same time, we've been making a lot of progress on our presence there -- obviously, the joint venture with Sollers.

與此同時，我們在那裡的業務取得了很大進展——顯然，是與 Sollers 的合資企業。

And we've invested, as you know, over the last couple years where, by the time we get to the balance of this year, we are going to have a full lineup of vehicles that are localized for Russian customers.

如您所知，我們在過去幾年中進行了投資，到今年年底時，我們將擁有為俄羅斯客戶本地化的全系列車輛。

And although the market is difficult right now -- everybody knows how difficult it is -- I think we've done a good job in localizing our products.

儘管現在市場很困難——每個人都知道這有多困難——但我認為我們在產品本地化方面做得很好。

As we closed last year we were probably about 40% localized; and, obviously, that is going to increase going forward.

當我們去年關閉時，我們大概有 40% 是本地化的；而且，很明顯，這種情況會在未來增加。

99% of our sales in Russia are for vehicles that are actually produced in Russia.

我們在俄羅斯銷售的 99% 是在俄羅斯實際生產的車輛。

So when we look at the market environment, when we look at what we've done in terms of our product portfolio, in terms of localization, and -- to your point, John -- I think we have a very good working relationship with Ford Sollers, where we're both very dedicated to making sure that this business not only develops and succeeds, I think we're going to be very well positioned for future growth in Russia when we start seeing stabilization and ultimate growth.

因此，當我們審視市場環境時，當我們審視我們在產品組合、本地化方面所做的工作時，以及——就你的觀點而言，約翰——我認為我們與Ford Sollers，我們都非常致力於確保這項業務不僅發展並取得成功，我認為當我們開始看到穩定和最終增長時，我們將為俄羅斯未來的增長做好準備。

And that will have not only benefits for Russia but also benefits for our European business.

這不僅有利於俄羅斯，也有利於我們的歐洲業務。

Bob, you want to just talk about Europe?

鮑勃，你想談談歐洲嗎？

Yes.

是的。

In terms of what you might expect in Europe, normally, John, the second half is worse than the first half.

就你對歐洲的期望而言，通常情況下，約翰，下半場比上半場更糟糕。

That's largely around the fact that you've got the plant shutdowns in the third quarter for about a month, and then you've got the usual seasonal effect on costs in the fourth quarter.

這主要是因為第三季度工廠停產了大約一個月，然後第四季度對成本產生了通常的季節性影響。

I think this year could be mitigated just a little bit, because we do have a number of significant products that are in the process of being launched or will launch in the balance of the year.

我認為今年可能會有所緩解，因為我們確實有許多重要產品正在推出或將在今年餘下時間推出。

That would include the S-MAX, the Galaxy, the C-MAX, the Grand C-MAX are coming onboard.

這將包括 S-MAX、Galaxy、C-MAX、Grand C-MAX 即將登機。

We've also got -- I think the Mustang comes later this year, small volume.

我們還有——我認為 Mustang 會在今年晚些時候推出，數量很少。

Edge I think launches toward the end of the year.

我認為 Edge 將在今年年底推出。

So it might be a little bit different, but I think you are probably going to see probably a little bit of worse performance in the second half versus the first half.

所以它可能有點不同，但我認為你可能會看到下半場的表現可能比上半場差一點。

And that's just normal seasonal results there.

這只是正常的季節性結果。

Colin Langan, UBS.

科林蘭根，瑞銀。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Just following up on Europe, can you help us quantify the impact of the Sollers consolidation when we think about it quarter-over-quarter?

僅關注歐洲，當我們按季度考慮時，您能否幫助我們量化 Sollers 合併的影響？

On a pre-tax basis, what kind of headwind will that be?

在稅前基礎上，這會是怎樣的逆風？

Yes, when you think about the Russian operations, the effects that we've been reporting all along -- up until I think after the second quarter last year, when we wrote off the equity in Sollers -- it isn't just the Ford Sollers JV, but we ship components there, we ship parts there, we are incurring engineering expense on behalf of Ford Sollers for which we were receiving royalties.

是的，當你想到俄羅斯業務時，我們一直在報告的影響 - 直到我認為去年第二季度之後，當我們註銷 Sollers 的股權 - 不僅僅是福特Sollers JV，但我們在那裡運送部件，我們在那裡運送零件，我們代表福特索勒斯承擔工程費用，我們為此收取版稅。

So now that we are fully consolidating it, of course all of that just becomes intercompany, if you will.

所以現在我們正在完全整合它，當然，如果你願意的話，所有這些都會變成公司間的。

So while there would be some impact, I don't think it probably is going to be quite as great is what you might think, because there was a lot of effect that was already in our consolidated operations before we picked up the JV.

因此，雖然會有一些影響，但我認為它可能不會像你想像的那麼大，因為在我們收購合資企業之前，我們的合併運營已經產生了很多影響。

So you'll just be picking up sort of the in-market JV results.

因此，您只會獲得某種市場內合資企業的結果。

We do expect -- and I think we have talked about this already, Colin -- that we will have a greater drag on the business this year from total Russian operations than what we saw last year.

我們確實預計——科林，我認為我們已經討論過了——與去年相比，我們今年在俄羅斯的整體業務對業務的拖累更大。

But the good news is I think with the change in terms of how we are going to work together, we're going to be able to move very quickly.

但好消息是，我認為隨著我們合作方式的改變，我們將能夠非常迅速地採取行動。

We've got a lot of new products that are coming.

我們有很多即將推出的新產品。

I think the last one is Fiesta, which is going to be a significant product for the marketplace.

我認為最後一個是 Fiesta，它將成為市場上的重要產品。

It's really encouraging that some aspects of what had been very variable factors like the ruble, at least for the moment appear to have somewhat stabilized and actually are settling in at a rate that's quite a bit better than what it was at the beginning of the year, which will help.

確實令人鼓舞的是，盧布等變化很大的因素的某些方面，至少目前似乎已經穩定下來，而且實際上正在以比年初好得多的速度穩定下來，這將有所幫助。

So I think overall we still feel like we are pretty much on track with what we had expected at the beginning of the year and already contained in terms of our guidance for the European loss.

因此，我認為總體而言，我們仍然覺得我們與年初的預期基本一致，並且已經包含在我們對歐洲損失的指導中。

My second question.

我的第二個問題。

Any color on South America in terms of how we should think about the cadence throughout the rest of the year?

就我們應該如何考慮今年餘下時間的節奏而言，南美洲有什麼顏色嗎？

Any reason to think things are going to get worse, or is this -- is Q1 actually a more difficult start?

任何認為事情會變得更糟的理由，或者這 - Q1 實際上是一個更困難的開始嗎？

Well, again, it's a great question, Colin, on what the crystal ball looks like.

好吧，科林，這是一個很好的問題，關於水晶球是什麼樣子的。

I think from our standpoint, as you know we are changing the guidance based on the deterioration that we've seen in the external environment.

我認為從我們的角度來看，正如你所知，我們正在根據我們在外部環境中看到的惡化情況來改變指南。

And I think we are just going to stay focused on the things that we can control.

而且我認為我們將繼續專注於我們可以控制的事情。

Obviously, that's continuing to put fresh product into the marketplace; Bob mentioned some of the market share gains that we've had.

顯然，這將繼續向市場投放新鮮產品；鮑勃提到了我們已經獲得的一些市場份額。

We're also in that very important market -- the team is energized around, as you can imagine, further reducing costs, looking at more localization, looking at optimizing our footprint, those type of things.

我們也在那個非常重要的市場——正如你想像的那樣，團隊充滿活力，進一步降低成本，考慮更多本地化，考慮優化我們的足跡，這些類型的事情。

So as we go through the balance of the year, we'll deal with the external environment.

因此，在我們度過這一年的餘下時間時，我們將應對外部環境。

But stepping back, we do expect South America -- it's an important and attractive market, as it has been in the previous decade; and we do expect it to be a positive contributor to our profits in the future.

但退一步說，我們確實期待南美洲——它是一個重要且有吸引力的市場，就像過去十年一樣；我們確實希望它能為我們未來的利潤做出積極貢獻。

But the timing to the profitability, to be quite honest, is going to be based again on the stabilization of the market but also ultimately some improvement in the external environment.

但老實說，盈利的時機將再次取決於市場的穩定，但最終也取決於外部環境的一些改善。

All right.

好的。

Thank you very much.

非常感謝你。

Emmanuel Rosner, CLSA.

伊曼紐爾羅斯納，里昂證券。

Hi, good morning, everybody.

嗨，大家早上好。

I wanted to drill down a little bit on your net pricing in North America.

我想深入了解你們在北美的淨定價。

On slide 11, we saw some real encouraging sign on the gross pricing front, with those pricing incentives netting $650 million or so.

在幻燈片 11 上，我們在總定價方面看到了一些真正令人鼓舞的跡象，這些定價激勵淨賺了 6.5 億美元左右。

But a lot of it seems to be offset by your material, excluding commodities.

但是很多好像都被你的材料抵消了，不包括商品。

So was there anything specific in the material performance this quarter?

那麼本季度的材料性能有什麼特別之處嗎？

Or would you expect essentially material to become essentially a large headwind as a result of the new product that's coming out?

或者您是否認為由於新產品的推出，材料本質上會成為一個巨大的逆風？

Thanks, Emmanuel.

謝謝，伊曼紐爾。

Yes, that's a really good question.

是的，這是一個非常好的問題。

I am looking at slide 11 here in front of me; and for those of you that have the slides, if you could refer to that.

我正在看我面前的幻燈片 11；對於那些擁有幻燈片的人，請參考一下。

Because I think if you look at that picture and you just imagine on the volume and mix, which is pretty flat here, you imagine that being very, very strong, I mean, that is what the year is going to look like.

因為我認為，如果你看那張照片，想像一下音量和混音，這裡非常平坦，你想像的是非常非常強大，我的意思是，這就是今年的樣子。

You're going to have a lot of strong, positive growth on the top line; mix as well.

您的收入將會有很多強勁、積極的增長；混合為好。

You're going to have very strong net pricing around the new product.

您將對新產品有非常高的淨定價。

But you are going to have higher costs, both contribution costs and structural costs; and that's what we talked about at the beginning of the year.

但是你會有更高的成本，包括貢獻成本和結構成本；這就是我們在年初談論的內容。

That is exactly the picture that we painted for North America.

這正是我們為北美描繪的畫面。

But that's going to yield the very strong margins that Mark referred to in the balance of the year, which is going to give us that 8.5% to 9.5%.

但這將產生馬克在今年餘下時間提到的非常強勁的利潤率，這將使我們達到 8.5% 至 9.5%。

So given a 6.7% in the quarter, that sort of -- you can back into what that means for the balance of the year.

因此，考慮到本季度的增長率為 6.7%，您可以回到這對今年餘下時間的意義。

We're going to have very strong margins.

我們將擁有非常可觀的利潤率。

But that's the picture of what the business will look like.

但這就是業務的樣子。

Just to clarify this, right now the pricing and materials sort of like offset each other.

只是為了澄清這一點，現在定價和材料有點像相互抵消。

So I understand obviously the pricing will become a larger benefit as your volumes ramp up.

所以我很清楚，隨著您的銷量增加，定價將成為一個更大的好處。

Would it still be -- would you still expect it to be offset by an increase in materials?

它仍然會 - 您是否仍然期望它會被材料的增加所抵消？

Or are you saying that materials increases is the magnitude that we are seeing this quarter, but pricing is upside?

或者你是說材料增加是我們本季度看到的幅度，但價格上漲？

Well, I think you will see stronger pricing.

好吧，我想你會看到更強勁的定價。

But I think what you have to look at is the pricing and the volume together as well as the mix; it's not just one or the other.

但我認為你必須要看的是定價和數量以及組合；這不僅僅是一個或另一個。

It's those two.

就是那兩個

The first two bars there, which is volume, mix, and pricing, you have to think about them all together.

那裡的前兩個欄，即數量、混合和定價，你必須一起考慮它們。

Because the product is going to drive volume; the product is going to drive better mix; and then of course we're also going to get the pricing.

因為產品將推動銷量；該產品將推動更好的組合；然後我們當然也會得到定價。

So all of those things together are going to drive the top line.

因此，所有這些因素加在一起將推動收入增長。

And then the partial offset to that is going to be both the investments that we are making in the business on the structural or the fixed side, and then of course the contribution costs, which are driven by the product costs that we are putting in.

然後，部分抵消將是我們在結構或固定方面對業務進行的投資，當然還有貢獻成本，這是由我們投入的產品成本驅動的。

Okay; that's very clear.

好的;這很清楚。

One last one on China.

最後一張是關於中國的。

You were mentioning slowing growth that you saw during the quarter.

您提到本季度增長放緩。

Was that a comment about the industry or about Ford specifically?

那是針對行業的評論還是針對福特的評論？

And then coming with this slowing growth are you seeing some pricing pressure as well?

然後隨著這種增長放緩，你是否也看到了一些定價壓力？

Well, when you step back and you look at our performance in the first quarter, the industry was up about 3% and we were up a little over 9%.

好吧，當你退後一步，看看我們第一季度的業績時，整個行業上漲了約 3%，而我們上漲了 9% 多一點。

So almost triple that.

所以幾乎是三倍。

But as you step back and look at the economy -- and we were just there obviously last week for the Shanghai Motor Show and spend the balance of the week there -- we expect the economy, as we mentioned earlier, to be growing in about the 7% range.

但是，當你退後一步看經濟時——顯然我們上周剛剛參加了上海車展，並在那裡度過了一周的剩餘時間——正如我們之前提到的，我們預計經濟將在大約7% 的範圍。

But you are seeing it obviously down from previous years because you are seeing less demand for exports.

但你看到它明顯低於前幾年，因為你看到出口需求減少。

But you are also seeing this shift from economy that has relied on growth through industry and investment to one that's shifting towards more service-oriented and consumer-led economy.

但你也看到了這種轉變，從依賴通過工業和投資實現增長的經濟轉向更加以服務為導向和以消費者為主導的經濟。

So I think that is having some ramifications in there.

所以我認為這會產生一些影響。

And as you can expect, you are seeing it different play out in different regions around the country.

正如您所料，您會看到它在全國不同地區的不同表現。

For example in Chongqing, where our headquarters is, I think the GDP growth there was about 10% last quarter, and obviously less in other regions.

比如我們總部所在的重慶，我認為上個季度GDP增長在10%左右，其他地區明顯要低一些。

We are seeing the industry -- as you saw from our guidance, we tapped it down a bit, so we expect some modest growth.

我們看到了這個行業——正如你從我們的指導中看到的那樣，我們略微降低了它，所以我們預計會有適度的增長。

But we are seeing signs of some slower growth.

但我們看到了增長放緩的跡象。

You are seeing it in B and C segments, some of the smaller segments, as it gets more competitive there.

你會在 B 和 C 細分市場看到它，一些較小的細分市場，因為它在那裡變得更具競爭力。

And also we're seeing a bit of shift as customers look at small SUVs.

而且，隨著客戶關注小型 SUV，我們也看到了一些轉變。

The pricing, to your point -- actually net pricing has been negative for a number of years in the marketplace.

就您的觀點而言，定價實際上多年來在市場上的淨定價一直為負。

We've baked that into our plan, and our pricing has been less negative because of the products that we've been introducing.

我們已經將其納入我們的計劃，並且由於我們一直在推出的產品，我們的定價已經不那麼消極了。

So our first quarter performance is encouraging for us as we stand back.

因此，當我們退後一步時，我們第一季度的表現對我們來說是令人鼓舞的。

I mentioned our share was even with a year ago, which was a record.

我提到我們的份額與一年前持平，這是一個記錄。

It was actually up a bit from the fourth quarter as we have introduced products like the Escort.

它實際上比第四季度有所上升，因為我們推出了 Escort 等產品。

We have seen in general the Western OEMs in the first quarter, as a group their share dropped.

我們在第一季度總體上看到了西方 OEM 廠商，作為一個整體，它們的份額下降了。

We have held our share.

我們持有我們的份額。

Our new Escort is doing well.

我們的新 Escort 表現不錯。

We have moved up in the passenger car rankings from number eight to number five in the quarter.

我們在本季度的乘用車排名從第八位上升到第五位。

And even -- not forgetting our JMC business, which is our commercial business, that they've had their best share ever, and it was up significantly from last year.

甚至 - 不要忘記我們的 JMC 業務，這是我們的商業業務，他們擁有有史以來最好的份額，而且比去年大幅增長。

So regardless of the industry situation we are seeing, I think we are well positioned in terms of whatever the market throws at us.

因此，無論我們看到的行業情況如何，我認為我們在市場拋給我們的任何方面都處於有利地位。

Because new products like the Edge and Everest, which are in the SUV category, which is an important growing category -- even in the C segment, which as I mentioned is getting more competitive, the best kind of elixir for that is having fresh product.

因為像 Edge 和 Everest 這樣的新產品屬於 SUV 類別，這是一個重要的增長類別 - 即使在 C 細分市場，正如我提到的那樣，它變得越來越有競爭力，最好的長生不老藥就是擁有新鮮的產品.

And we've introduced our Escort; our new Focus is coming around midyear; and of course other products like our Focus ST are in the process of launching now; and going into new segments like the Taurus which will be coming in later this year, which is an important segment there.

我們已經介紹了我們的 Escort；我們的新 Focus 將在年中左右推出；當然還有其他產品，比如我們的 Focus ST 現在正在推出；並進入新的細分市場，例如將於今年晚些時候推出的金牛座，這是那裡的一個重要細分市場。

So overall, stepping back, it is slowing.

所以總的來說，退後一步，它正在放緩。

We are seeing more pricing pressure in some segments.

我們在某些細分市場看到了更大的定價壓力。

But I think we have a lot of confidence in our future there because I think we have a strong product portfolio.

但我認為我們對未來充滿信心，因為我認為我們擁有強大的產品組合。

We're expanding our manufacturing presence.

我們正在擴大我們的製造業務。

Obviously we are growing our jobs in the country due to our growth.

顯然，由於我們的增長，我們正在增加該國的就業機會。

We are marrying that to expanding our distribution network, and we are growing our market share.

我們正在將其與擴大我們的分銷網絡相結合，並且我們正在擴大我們的市場份額。

And we also have a very good working relationship with our partner.

我們還與我們的合作夥伴建立了良好的工作關係。

So as we step back and we look at the year we do expect a strong year.

因此，當我們退後一步，回顧我們確實期待強勁的一年。

Second quarter, as Bob mentioned earlier, we've launched a number of our plants, like in India and our Hangzhou plant.

第二季度，正如 Bob 之前提到的，我們已經啟動了一些工廠，比如在印度和杭州的工廠。

We have -- we really won't significantly start producing product out of that until the second half; so you may see a business in Asia Pacific that's about breakeven for the second quarter, but I think we are well positioned for the balance of the year.

我們有 - 我們真的不會在下半年開始大量生產產品；所以你可能會看到亞太地區的一家企業在第二季度實現收支平衡，但我認為我們在今年餘下時間里處於有利地位。

But we will watch the market closely and we will follow our process, which, if we see the market slowing down, we will match production to demand and take appropriate actions.

但我們會密切關注市場並遵循我們的流程，如果我們看到市場放緩，我們將讓生產與需求相匹配並採取適當的行動。

Rod Lache, Deutsche Bank.

Rod Lache，德意志銀行。

Good morning, everybody.

大家早上好。

I wanted to follow up, first of all, on the Asia Pacific question.

我想首先跟進亞太問題。

You had, obviously, some cost headwinds in China and India.

顯然，你在中國和印度遇到了一些成本阻力。

We see that in the earnings growth; China equity earnings up like 2% on volume that is up 10%.

我們在盈利增長中看到了這一點；中國股票收益增長了 2%，成交量增長了 10%。

Could you just give us a sense of the magnitude of the headwinds that go away in China and India as you look out to the back half?

當您展望後半部分時，您能否讓我們了解一下中國和印度的逆風強度？

And a question on pricing trajectory there.

還有一個關於定價軌蹟的問題。

There has obviously been some mixed commentary from some of the Germans.

顯然，一些德國人的評論褒貶不一。

At a high level, maybe an industry level, what do you see as the trajectory of price deflation there compared to prior years?

在較高的層面，也許是行業層面，與往年相比，您認為那裡的價格通縮軌跡如何？

Well, I'll take a shot, and if Mark wants to supplement, he can.

好吧，我試試看，如果 Mark 想補充，他可以。

I want to go back and use the same approach I did on North America, because it's simple and I think it portrays what we are seeing.

我想回去使用我在北美所做的相同方法，因為它很簡單，而且我認為它描繪了我們所看到的。

If you look at slide 18, which is the Asia Pacific slide, what is really unusual when you look at this slide versus what we've seen in prior quarters is you normally would see a really big positive bar on volume and mix.

如果你看一下第 18 張幻燈片，這是亞太地區的幻燈片，當你看這張幻燈片與我們在前幾個季度看到的相比時，真正不尋常的是你通常會看到一個非常大的數量和混合的積極酒吧。

And you can see it's actually flat.

你可以看到它實際上是平的。

So we've seen negative net pricing, as Mark said, for quite a period of time, as particularly China matures.

因此，正如馬克所說，我們在相當長一段時間內看到了負淨定價，尤其是隨著中國的成熟。

There is increasing productivity, competition intensifies, prices have been declining.

生產力不斷提高，競爭加劇，價格一直在下降。

And as he said, we have modeled that into our future plans, and so it's consistent with what you are seeing here in the quarter.

正如他所說，我們已將其模擬到我們未來的計劃中，因此它與您在本季度看到的情況一致。

We've been putting costs in the business, and that's to support a growing business, not only for current quarter, current year, but forward years as well.

我們一直在業務中投入成本，這是為了支持不斷增長的業務，不僅是當前季度、當年，還有未來幾年。

In this particular quarter, you are seeing a little bit of bad news on exchange, but really not material.

在這個特定的季度，您會看到一些關於交易所的壞消息，但實際上並不重要。

So really what's missing, Rod, is the volume and mix because we essentially were flat for the quarter.

因此，Rod，真正缺少的是數量和組合，因為我們本季度基本持平。

What we do think is going to change materially in the second half of the year with the new capacity coming on stream and the new products, we would expect to see a very strong contribution in the volume and mix category.

隨著新產能的投產和新產品的推出，我們確實認為下半年會發生重大變化，我們預計在數量和組合類別中會做出非常強勁的貢獻。

I think pricing will be helped by the new products.

我認為新產品將有助於定價。

But I think some of the effects of the slowing industry that Mark talked about, plus the natural negative trend of pricing particularly in China, probably is still going to be at play.

但我認為馬克談到的行業放緩的一些影響，加上定價的自然負面趨勢，尤其是在中國，可能仍在發揮作用。

And you will continue to see cost coming in the business as we move through the year, although I think it will start to mitigate when we get into the second half of the year, on a year-over-year basis.

隨著我們這一年的發展，您將繼續看到業務中的成本，儘管我認為當我們進入今年下半年時，成本將開始下降，與去年同期相比。

I would just add, Rod, as you look at the industry, I think some of the pricing pressure will be maybe more concentrated, as I mentioned, in some of the small cars, B and C cars.

羅德，我想補充一點，當你審視這個行業時，我認為一些定價壓力可能會更加集中，正如我提到的，在一些小型車、B 級和 C 級汽車中。

Because we are seeing a bit of the same phenomenon in China as we are in other parts of the world, this migration from passenger vehicles to small and medium-size SUVs.

因為我們在中國看到了與世界其他地區相同的現象，即從乘用車向中小型 SUV 的遷移。

So I think you will see it may be more pronounced in those segments.

所以我認為你會看到它在這些細分市場中可能更加明顯。

But again as Bob mentioned, the best thing to do is to make sure you have fresh product in that environment, which we will, and we will deal with that.

但正如 Bob 提到的那樣，最好的辦法是確保你在那種環境中有新鮮的產品，我們會這樣做，我們會處理這個問題。

Also stepping back, as you know, the Chinese government is very conscious of the economic performance of the country, and I think they will be looking at that and hopefully implement measures that, if they see a significant slowing, they will maybe take some actions.

另外退一步說，如你所知，中國政府非常關注國家的經濟表現，我認為他們會關注這一點並希望實施措施，如果他們看到經濟顯著放緩，他們可能會採取一些行動.

But nonetheless, I think that is the area you may see some more pricing pressure.

但儘管如此，我認為這是你可能會看到更多定價壓力的領域。

Okay.

好的。

Just to clarify, Bob, are you suggesting that basically the cost inflation is going to be similar going forward, but you are going to see the volume benefit associated with that?

只是澄清一下，鮑勃，你是在暗示未來成本通脹基本上會相似，但你會看到與此相關的數量收益嗎？

Is that essentially what you are saying?

這本質上是你在說什麼嗎？

Yes.

是的。

Okay.

好的。

Then in Europe also a question on pricing.

然後在歐洲還有一個關於定價的問題。

Were you expecting pricing to be in this ballpark?

您是否期望定價在這個範圍內？

Do you think that moderates as the market begins to improve?

你認為隨著市場開始好轉，這種情況會緩和嗎？

And can you just refresh us on the bridge to breakeven from here?

你能不能讓我們重新振作起來，從這裡開始實現收支平衡？

I'm sorry, you're referring to --?

對不起，你指的是——？

The European --

歐洲——

Oh, the European; yes.

哦，歐洲人；是的。

Well, let me talk about Asia Pacific first.

好吧，讓我先談談亞太地區。

I just want to underscore something that Mark said earlier, which is we do expect that we could see something around a breakeven in Asia Pacific in the second quarter.

我只想強調 Mark 之前說過的話，我們確實預計第二季度亞太地區會出現盈虧平衡。

And that's really because as we look and get closer to the launches of those plants and the products, the launch costs will start to become even more material than what they have been; so that will probably be the story around the second quarter.

這真的是因為當我們觀察並接近這些工廠和產品的啟動時，啟動成本將開始變得比以前更加重要；所以這可能是第二季度的故事。

But when you get into the third and fourth quarter, you are exactly right.

但是當你進入第三節和第四節時，你就完全正確了。

We are going to see -- our expectations are that you are going to see very strong top-line growth that you are not seeing in this particular quarter because of the factors that we just mentioned.

我們將會看到 - 我們的期望是，由於我們剛才提到的因素，您將看到您在這個特定季度看不到的非常強勁的收入增長。

When you get to Europe, Europe is a challenging market.

當你到達歐洲時，歐洲是一個充滿挑戰的市場。

We have made a lot of progress with our transformation plan.

我們的轉型計劃取得了很大進展。

I think the share improvement is very, very encouraging, and we are doing that with healthy share.

我認為份額的改善非常非常令人鼓舞，我們正在以健康的份額來做到這一點。

We actually are under-indexing in the short-cycle segments, rental and the demo sales.

實際上，我們在短週期細分市場、租賃和演示銷售方面的指數不足。

We are getting this the hard way: we are getting it with retail, we are getting it especially with commercial vehicles.

我們很難做到這一點：我們通過零售來實現這一點，尤其是在商用車方面。

I mentioned the number: 2.8 points up, number one brand in Europe.

我提到了這個數字：2.8分，歐洲第一品牌。

And not that long ago, we were what - number seven or something?

就在不久之前，我們是什麼——第七名還是什麼？

I mean, the improvement has been dramatic, and the profitability of those segments is helpful as well.

我的意思是，改善是巨大的，這些細分市場的盈利能力也很有幫助。

But we do have the impact of Russia.

但我們確實受到了俄羅斯的影響。

We talked about that being a material impact in terms of an absolute loss.

我們談到這是絕對損失方面的重大影響。

We certainly are working very hard to improve that as we go forward.

在我們前進的過程中，我們當然會非常努力地改進它。

In the case of overall Europe, we're going to have to do more.

就整個歐洲而言，我們將不得不做更多的事情。

While we are seeing the improvement in share in the particular quarter we are talking about, we had that impact on the stocks.

雖然我們看到我們正在談論的特定季度的份額有所改善，但我們對股票產生了影響。

I don't want to pass that by, because that was a little unusual.

我不想忽略它，因為那有點不尋常。

We usually will grow stocks in the quarter because we are preparing for the spring selling season; and then you've got the plant shutdown in the third quarter.

我們通常會在季度增加庫存，因為我們正在為春季銷售旺季做準備；然後你在第三季度關閉了工廠。

We did not do that this quarter because we ended last year a little bit heavy on stocks.

我們本季度沒有這樣做，因為我們去年結束時庫存有點重。

We've got ourselves in a really good position in terms of days supply; we're at targeted levels as of the end of the quarter.

我們在天數供應方面處於非常有利的位置；截至本季度末，我們達到了目標水平。

But we did that by not building stocks, if you will, in the quarter.

但是，如果你願意的話，我們在本季度沒有增加庫存。

So I wanted to make sure that you pay attention to that when you look at that callout box on the variance slide for Europe, because that was about $144 million.

所以我想確保你在查看歐洲差異幻燈片上的標註框時注意這一點，因為那大約是 1.44 億美元。

So that was a bit unusual.

所以這有點不尋常。

But as we go forward we are going to have to continue to work the top line.

但隨著我們的前進，我們將不得不繼續努力。

We are going to have to continue to drive for greater share.

我們將不得不繼續努力爭取更大的份額。

We're going to have to work on the pricing.

我們將不得不研究定價。

One thing I do want to underscore again in the quarter: that negative pricing, you have to look at the exchange good news, because it was somewhat related in part because of what went on in Switzerland and the UK and the strength of those currencies relative to the euro.

我確實想在本季度再次強調一件事：負定價，你必須看看交易所的好消息，因為它在某種程度上是相關的，部分原因是瑞士和英國發生的事情以及這些貨幣相對的強勢到歐元。

But it's really around costs.

但這確實與成本有關。

We're going to have to take more costs out of the business and work on Russia in order for the business to continue to march towards profitability.

我們將不得不從業務中扣除更多成本並在俄羅斯開展工作，以便業務繼續走向盈利。

Brian Johnson, Barclays.

布賴恩約翰遜，巴克萊銀行。

Yes, good morning.

是的，早上好。

I want to return to North America, but talk more about the dynamics in the car market and how those might have progressed over the year -- and actually since you gave the Investor Day update.

我想回到北美，但更多地談談汽車市場的動態以及這些市場在過去一年中可能取得的進展——實際上是在你提供投資者日更新之後。

Specifically, you eliminated a shift for small and mid car -- or for small car.

具體來說，您消除了小型和中型汽車或小型汽車的轉變。

Where are small and mid cars shaping up both in terms of volume and in terms of pricing environment, and maybe as well fleet dynamics, versus what you thought?

與您的想法相比，中小型汽車在數量和定價環境以及車隊動態方面的發展情況如何？

And within your 50 basis point margin increase are you actually contemplating a headwind from cars versus what you might have thought in the fall, offset perhaps by the F-150?

在你 50 個基點的利潤率增長中，你是否真的在考慮來自汽車的逆風與你在秋天可能想到的，也許被 F-150 抵消？

I think as you step back and you look at the car market, at the highest level, when you look at the industry, Brian, you can see that the industry on a percentage basis has increased on trucks and decreased on passenger vehicles.

我認為，當你退後一步，從最高層面看汽車市場時，當你看這個行業時，布賴恩，你會發現該行業在百分比基礎上卡車增加了，乘用車減少了。

We've seen that pronounced, obviously, in the C-car segment.

顯然，我們已經在 C 級車領域看到了這一點。

The C-car segment last year this quarter was about 20% of the industry.

去年本季度，C 級車細分市場約佔行業的 20%。

It's now about 18.5%, so it's down.

現在大約是 18.5%，所以下降了。

Our share of Focus is about flat within that.

我們在 Focus 中的份額基本持平。

But because of that reduction that is why we took the shift off.

但由於這種減少，這就是我們取消班次的原因。

On the car side -- and we talked about this back in January; we saw that shift.

在汽車方面——我們在一月份討論過這個問題；我們看到了這種轉變。

And we expected and we factored into our plan a more aggressive, if you will, environment on that, particularly given our competitors in terms of some of the products that they ship into the country here.

我們期望並且我們在我們的計劃中考慮了一個更積極的環境，如果你願意的話，特別是考慮到我們的競爭對手在他們運送到這個國家的一些產品方面。

And I think we will see it continue to be competitive going forward.

我認為我們會看到它在未來繼續保持競爭力。

The good news for us is, as we see that shift into trucks and utilities, that's a benefit for us because of our profitability on those vehicles.

對我們來說，好消息是，正如我們看到的那樣，轉向卡車和公用事業，這對我們來說是一個好處，因為我們在這些車輛上的盈利能力。

Okay.

好的。

I guess somewhat related, you mentioned the Asians and the content.

我想有點相關，你提到了亞洲人和內容。

We had an announcement from Toyota prior -- over the last -- probably at the New York Auto Show, that they would be rolling out ADAS at about a $300 mass-market price point, $500 mid and large car price point.

我們之前——可能是在紐約車展上——從豐田那裡得到了一個公告，他們將以大約 300 美元的大眾市場價格點、500 美元的中型和大型汽車價格點推出 ADAS。

How does that affect your thinking vis-a-vis, A, when you might bring ADAS into the US aggressively versus just Europe where it's now rewarded by NCAP; and B, how that factors into your option mix and pricing on the option mix?

這對你的想法有何影響？ B，這如何影響您的期權組合和期權組合定價？

Well, stepping back, as you know we have been a leader in a lot of the technologies, in the semi-autonomous technologies as well as the safety technologies, which are really propagated throughout our vehicle lineup, depending upon the vehicle.

好吧，退一步說，正如你所知，我們在許多技術、半自動技術和安全技術方面一直處於領先地位，這些技術在我們的車輛陣容中得到了真正的傳播，具體取決於車輛。

So I think we've been a leader in that regard.

所以我認為我們在這方面一直處於領先地位。

Clearly we've seen some announcements from some of our competitors, namely you mentioned Toyota in terms of price points.

顯然，我們已經看到一些競爭對手的公告，即您在價格方面提到了豐田。

Obviously, as you know we always look at our vehicle lines; we also do a lot of analysis on our competitiveness.

顯然，如您所知，我們總是關注我們的車輛系列；我們也對我們的競爭力做了很多分析。

So we will factor that in, into our plans going forward.

因此，我們會將其納入我們未來的計劃中。

But stepping back we've had a big commitment to technology and smart technology and delivering it in a way that provides value for customers, but also makes it available to millions of folks.

但退一步說，我們對技術和智能技術做出了重大承諾，並以一種為客戶提供價值的方式提供它，同時也讓數百萬人可以使用它。

So you will continue to see us doing that going forward.

所以你會繼續看到我們這樣做。

Do you think the pace of that is increasing versus maybe where you would have been late last summer, early fall?

與去年夏末、初秋相比，你認為這種速度正在加快嗎？

Well, the pace has gone very fast.

嗯，節奏還是挺快的。

But I think we factor that in.

但我認為我們考慮到了這一點。

When you look at our -- for example, the type of technology, ADAS or otherwise, that we have even on our vehicles like our Focus, we've been anticipating that.

當你看我們的——例如，我們甚至在像福克斯這樣的車輛上使用的技術類型，ADAS 或其他技術，我們一直在期待這一點。

But clearly customers are saying that's very important to them.

但很明顯，客戶表示這對他們來說非常重要。

I think that was just reiterated in a recent survey last week I read -- I can't remember who did it -- that said that most technology, the most important to customers are around safety and around collision avoidance and things of that nature.

我認為上週我讀到的最近一項調查重申了這一點——我不記得是誰做的——說大多數技術，對客戶來說最重要的是圍繞安全和避免碰撞以及類似性質的事情。

We've factored that in and have been implementing that.

我們已經考慮到這一點並一直在實施。

Okay, thanks.

好的謝謝。

Itay Michaeli, Citi.

Itay Michaeli，花旗銀行。

Great; thank you.

偉大的;謝謝你。

Good morning, everyone.

大家，早安。

Just two big-picture questions, maybe starting off with Europe.

只是兩個大問題，也許從歐洲開始。

I think you alluded to it a little bit before.

我想你之前提到過一點。

But as we think about an eventual path to breakeven and profitability, any updated thoughts about what you would need in terms of market conditions?

但是，當我們考慮實現盈虧平衡和盈利的最終途徑時，是否有關於您在市場條件方面需要什麼的最新想法？

Maybe a breakeven point in terms of volume, to help us model that out a little bit better over the next couple of years.

就數量而言，也許是一個盈虧平衡點，以幫助我們在未來幾年更好地模擬這一點。

Well, not really.

好吧，不是真的。

I think one of the things that's going to be important in terms of getting to breakeven and ultimately profitability in Europe is not only the industry size, which clearly the larger the better.

我認為，在歐洲實現盈虧平衡和最終盈利方面，重要的事情之一不僅是行業規模，而且行業規模顯然越大越好。

We've seen some growth, but obviously we would like to see more.

我們已經看到了一些增長，但顯然我們希望看到更多。

But it's the pricing environment as well.

但這也是定價環境。

That's so important.

這太重要了。

As Bob mentioned, when you look at the pricing environment in Europe, we've had a specific strategy to improve our channel mix, which I think we've made a lot of progress.

正如 Bob 所提到的，當您查看歐洲的定價環境時，我們有一個特定的策略來改善我們的渠道組合，我認為我們已經取得了很大的進步。

As Bob mentioned, we actually over-index versus the competitors on retail and fleet business versus the daily rental and self-registrations.

正如 Bob 所提到的，我們實際上在零售和車隊業務方面與競爭對手相比，在日常租賃和自助註冊方面的指標過高。

But it's still a market where in any given day the industry discounts 20% or more across their vehicle lineup.

但它仍然是一個市場，在任何一天，該行業都會在其車輛系列中打折 20% 或更多。

I think from our standpoint, our strategy as we mentioned earlier is bringing out compelling product, working that channel mix, so that we get the growth but that it's profitable growth.

我認為從我們的角度來看，我們之前提到的戰略是推出引人注目的產品，利用渠道組合，這樣我們就能實現增長，但這是盈利性增長。

What we saw even in the last month or two, as Bob mentioned, in the UK we've seen some of our competitors really take advantage of the strong pound, in the case of Switzerland the strong franc, and get very competitive.

正如 Bob 提到的，我們在過去一兩個月看到的情況是，在英國，我們已經看到我們的一些競爭對手真正利用了強勢的英鎊，例如瑞士的強勢法郎，並且變得非常有競爭力。

And we're not going to do that.

我們不會那樣做。

We're going to manage for margin and for profit.

我們將為保證金和利潤進行管理。

Great, that's very helpful.

太好了，這很有幫助。

Then maybe on a similar tone around the consolidated Asia operations, it looks like you are probably running a couple hundred million dollar loss there.

然後，也許以類似的語氣圍繞合併的亞洲業務，看起來你可能在那裡損失了幾億美元。

That of course should improve second half of the year with the volume ramp in India; and of course you have the exit of Australia in the next couple of years.

隨著印度銷量的增加，這當然會在下半年有所改善；當然，在接下來的幾年裡你會退出澳大利亞。

Anything else you can do to improve results there?

你還能做些什麼來改善那裡的結果？

And maybe a timeline to get that region back to profitability; what has to happen there?

也許是讓該地區恢復盈利的時間表；那裡會發生什麼？

Yes, I think on that one, if you look at the quarter and the change year-over-year, the thing that is interesting -- we forget when we show the JV profitability there is a bigger China profitability, so outside the joint ventures.

是的，我認為在這一點上，如果你看一下季度和同比變化，有趣的是——我們忘記了當我們展示合資企業的盈利能力時，中國的盈利能力更大，所以在合資企業之外.

You know we've talked about this in our Investor Day -- or rather Ford University Day.

你知道我們在投資者日——或者更確切地說是福特大學日——討論過這個問題。

We've got the Lincoln business, which is fully consolidated.

我們擁有完全整合的林肯業務。

We are incurring engineering inside Ford that is only paid for years later through royalty rates once the products are in production.

我們在福特內部進行工程設計，只有在產品投入生產後，才會在多年後通過特許權使用費支付費用。

We've got central staff costs, if you will, for our operations and so forth.

我們有中央員工成本，如果你願意的話，用於我們的運營等等。

And of course, if I didn't mention it, because I am forgetting, it could be Lincoln -- the investments for Lincoln.

當然，如果我沒有提到它，因為我忘記了，它可能是林肯——林肯的投資。

So when you look at all of those costs outside of the joint ventures inside China, those are actually the biggest factor in terms of the change year-over-year in profitability outside the joint ventures.

因此，當你查看中國境內合資企業以外的所有這些成本時，這些實際上是合資企業以外盈利能力同比變化的最大因素。

Those costs are actually up, and a lot of that is driven by the investments for Lincoln but also for the imported Ford vehicles that go into the market.

這些成本實際上在上升，其中很大一部分是由對林肯以及進入市場的進口福特汽車的投資推動的。

Many of those are in balance out as we get ready to transition to new products, and so there is an effect on that.

當我們準備過渡到新產品時，其中許多都處於平衡狀態，因此對此產生了影響。

So that is actually, Itay, having the biggest effect year-over-year outside the JVs.

因此，實際上，Itay 在合資企業之外的同比影響最大。

Australia is down a little bit, but that's mostly related to the Australian dollar.

澳大利亞略有下跌，但這主要與澳元有關。

Going ahead, we've got a really long-term view around India and around ASEAN, particular Thailand.

展望未來，我們對印度和東盟（尤其是泰國）有著非常長遠的看法。

We're investing in these operations to expand our position domestically; but we are also positioning these vehicles -- or these markets to be global export hubs.

我們正在投資這些業務以擴大我們在國內的地位；但我們也將這些車輛或這些市場定位為全球出口中心。

So I would expect once these operations -- and this is, I'm talking now probably two, three years down the road, particularly if you bring in Thailand -- it's going to be several years before we get these things to the point where they are really humming, both in terms of domestic contribution but also the export contribution as well.

所以我希望一旦這些行動——我現在說的可能是兩三年後，特別是如果你把泰國引入——我們將需要幾年時間才能把這些事情做到無論是在國內貢獻方面，還是在出口貢獻方面，它們都非常出色。

We've got -- so I would look at that as more medium-term.

我們有——所以我認為這是更中期的。

I agree with you on Australia.

我同意你對澳大利亞的看法。

Once we get past the closure of the plant in October of 2016 we should see a significant turnaround there.

一旦我們度過了 2016 年 10 月關閉工廠的日子，我們應該會看到那裡出現重大轉變。

Ryan Brinkman, JPMorgan.

瑞安布林克曼，摩根大通。

Hi.

你好。

Thanks for taking my question.

感謝您提出我的問題。

What's your latest thinking relative to commodities for the full year?

您對全年大宗商品的最新看法是什麼？

I see it was called out on slide 7 as a $39 million positive.

我看到它在幻燈片 7 上被稱為 3900 萬美元的正面。

That seems pretty small in the context of your business.

在您的業務環境中，這似乎很小。

Should we expect it to turn more material as the year progresses?

隨著時間的推移，我們是否應該期望它會變成更多的材料？

Yes, we think it will improve as the year progresses and probably have a bigger impact in second half than in first half.

是的，我們認為它會隨著時間的推移而改善，下半年的影響可能會比上半年更大。

Okay, great.

好，太棒了。

Then just my second question on the North America profit bridge.

然後是我關於北美利潤橋的第二個問題。

Can you help us think about the higher costs in the quarter, contribution and structural?

你能幫我們考慮一下本季度較高的成本、貢獻和結構嗎？

How much of them are temporary versus permanent?

其中有多少是臨時的，有多少是永久的？

For example, relative to the material ex-commodity, I think that is more permanent, right?

比如相對於物質ex-commodity，我覺得是比較永久的吧？

The higher content in the cars.

汽車中含量較高。

But then in the structural bucket, does some of the manufacturing and engineering headwind relate more to launch costs that then subside?

但在結構方面，一些製造和工程逆風是否更多地與發射成本相關，然後消退？

And advertising, too: was that primarily F-150, and then we can expect it to settle some?

還有廣告：主要是 F-150，然後我們可以期待它解決一些問題嗎？

Well, I think you will continue to see increases in our structural costs, because while these launch costs will go away, or these advertising and sales promotion costs will go away for these particular products, we will have new ones coming along as well.

好吧，我認為你會繼續看到我們的結構成本增加，因為雖然這些發布成本將會消失，或者這些特定產品的廣告和促銷成本將會消失，但我們也會有新的成本出現。

But it is true in the quarter; we do have some substantial launch costs and we are starting to see advertising, sales promotion expense pickup for the new products as well.

但在本季度確實如此；我們確實有一些可觀的發布成本，我們也開始看到新產品的廣告、促銷費用增加。

But I think it's probably unfair to say that that is one-time cost.

但我認為說這是一次性成本可能不公平。

Okay, that's helpful.

好的，這很有幫助。

Thank you.

謝謝你。

Joe Spak, RBC Capital Markets.

加拿大皇家銀行資本市場的 Joe Spak。

Thanks.

謝謝。

Good morning.

早上好。

I guess I just wanted to tie together some of the things you talk about as we think further out in North America.

我想我只是想把你談論的一些事情聯繫在一起，因為我們在北美進一步思考。

Clearly price/mix is going to be strong here.

顯然這裡的價格/組合會很強勁。

You talked about some of the costs, either temporary or otherwise, this year.

你談到了今年的一些成本，無論是臨時的還是其他的。

Then you also mentioned you are considering that you're going to have to add content going forward to remain competitive at what seems like could be increasingly difficult to price for.

然後你還提到你正在考慮你將不得不添加內容以保持競爭力，因為似乎越來越難以定價。

So I guess I am just wondering.

所以我想我只是想知道。

If we think about your longer-term targets it seems like there does have to be another built-in cost offset.

如果我們考慮您的長期目標，似乎確實必須有另一個內置的成本抵消。

How do we think about that?

我們如何看待這一點？

Are you targeting a certain amount of basis points every year in terms of just general efficiencies or other material savings?

您是否每年僅在一般效率或其他材料節省方面設定一定數量的基點？

How do we get comfort that as some of the more pressures enter the system the margins are sustainable?

隨著更多壓力進入系統，利潤率是可持續的，我們如何感到安慰？

Well, we do have specific targets around North America.

好吧，我們在北美確實有特定的目標。

It's to make an operating margin of 9% to -- 8% to -- I'm sorry, I forgot.

這是為了使營業利潤率達到 9% 到 - 8% 到 - 對不起，我忘了。

8% to 10%?

8% 到 10%？

8% to 10%.

8% 到 10%。

I prefer the higher number.

我更喜歡更大的數字。

(laughter)

（笑聲）

We know.

我們知道。

8% to 10%; and I think this year we are looking very good in terms of that range.

8% 至 10%；我認為今年我們在這個範圍內看起來非常好。

As we go forward, I think the biggest concern we have is around regulatory costs that are coming at us, because consumers have shown that they are not willing to pay for that.

在我們前進的過程中，我認為我們最大的擔憂是我們面臨的監管成本，因為消費者已經表明他們不願意為此付出代價。

So we are going to have to really put a lot of focus on the cost side of the business.

因此，我們將不得不非常關注業務的成本方面。

We do generate good cost reductions in working with our supply base.

通過與我們的供應商合作，我們確實降低了成本。

We are going to have to generate I think incremental efficiencies both looking at structural cost -- and there is a lot of opportunities I think in that area for us going forward.

我們將不得不產生我認為增加的效率，既要考慮結構成本——我認為在這個領域我們有很多前進的機會。

But the other thing that I would expect to happen, because I've seen it over the course of my career, is you will see a lot of these new technologies -- you will see efficiencies going down the technology curve as volume increases.

但我希望發生的另一件事，因為我在我的職業生涯中已經看到了，你會看到很多這些新技術——你會看到效率隨著數量的增加而沿著技術曲線下降。

It becomes more -- the volumes increase across the industry, and the industry finds ways to produce these types of technologies at lower cost.

它變得更多 - 整個行業的數量都在增加，並且該行業找到了以更低的成本生產這些類型的技術的方法。

I go back to the 1980s and think about how expensive ABS was, and when we were looking at times when competitors were starting to spread them standard across vehicles, and we were having heart attacks about that because of how expensive they were.

我回到 1980 年代，想想 ABS 是多麼昂貴，當我們看到競爭對手開始將它們作為標準應用到車輛時，我們因為它們太貴而心髒病發作。

We don't even think about that today because the costs are so low.

我們今天甚至都沒有考慮過，因為成本太低了。

That has occurred over time.

隨著時間的推移，這種情況已經發生。

So I think that will be another factor, Joe, that will come to play across the whole industry, not just for us.

所以我認為這將是另一個因素，喬，它將在整個行業中發揮作用，而不僅僅是對我們而言。

Joe, one more factor is, as we work on the cost side, we shouldn't forget obviously the revenue side and just having compelling product.

喬，還有一個因素是，當我們在成本方面工作時，我們顯然不應該忘記收入方面，而只是擁有引人注目的產品。

When you look at vehicles like our Mustang, vehicles like the Transit, what we are reporting out on F-150, when you can have a compelling product either from a functional or a design standpoint you can get good revenue for that.

當您查看像我們的 Mustang 這樣的車輛，像 Transit 這樣的車輛，以及我們在 F-150 上報告的內容時，當您可以從功能或設計的角度擁有引人注目的產品時，您可以獲得豐厚的收入。

So we have to work both.

所以我們必須兩者兼顧。

We have to work the top line and we have to work the costs to make sure that we have a business that is earning a more than appropriate return for us.

我們必須努力工作，我們必須努力降低成本，以確保我們的業務能夠為我們賺取超過適當的回報。

Okay.

好的。

Then you mentioned the strong residual values on the F-150, which we noticed as well.

然後你提到了 F-150 的強大殘值，我們也注意到了這一點。

Is there any stat you can give us maybe -- I know it's early -- but maybe leasing mix or penetration on the new truck versus what it's been historically?

有沒有什麼統計數據可以給我們——我知道現在還早——但也許新卡車的租賃組合或滲透率與歷史上的相比？

Then I guess while we're on the topic of residuals, any -- are you starting to mark residual values on leases broadly a little bit lower as maybe things like used volumes start to pick up over the coming years?

然後我想當我們討論殘差時，任何 - 你是否開始將租賃的殘值標記得略低一點，因為可能在未來幾年使用量之類的東西開始回升？

Well, just to the first part of your question, it's really too early to tell.

好吧，就你問題的第一部分而言，現在下結論還為時過早。

Still early days on the question you're asking around leasing and percentages and by region, etc.

您提出的關於租賃和百分比以及按地區等問題的問題還處於早期階段。

But we'll provide more color on that as we get more into the launch.

但是隨著我們對發布的了解越來越多，我們會提供更多的顏色。

Yes, the only thing I would add on that is that F-150 tends not to be a heavy lease vehicle, so that's really not such a factor in terms of the sales of F-150.

是的，我唯一要補充的是 F-150 往往不是重型租賃車輛，因此就 F-150 的銷售而言，這確實不是一個因素。

But we are seeing good auction values.

但我們看到了良好的拍賣價值。

That was actually one of the favorable things that we talked about in our results today.

這實際上是我們今天在結果中談到的有利因素之一。

So I think the team has done a really, really good job of managing our leasing portfolio.

所以我認為團隊在管理我們的租賃組合方面做得非常非常好。

We are very careful and cautious in terms of the concentration of lease, both geographically, by vehicle line, by series.

我們在租賃集中度方面非常謹慎和謹慎，無論是在地理上，還是按車輛系列，按系列。

So we've learned a lot of lessons over the last number of years, and we've got a lot of data analytics behind our leasing strategies to make sure that we don't go too deep in any particular part of the business, to put those values at risk.

因此，我們在過去幾年中吸取了很多教訓，我們在租賃策略背後進行了大量數據分析，以確保我們不會在業務的任何特定部分過於深入，將這些價值觀置於危險之中。

At this time we will be taking questions from the media.

屆時我們將接受媒體提問。

(Operator Instructions)

（操作員說明）

John Stoll, Wall Street Journal.

約翰·斯托爾，華爾街日報。

The press release was good.

新聞稿很好。

A quick question on cost; and I know there has been a lot of emphasis on this already.

關於成本的快速問題；我知道已經有很多人強調這一點。

But just to kind of dumb it down a bit more, when you look at the cost increase in North America ex-material in the first quarter, I'm just trying to understand that very simply as a run rate versus what you can price for.

但是，為了更簡單一點，當您查看第一季度北美前材料的成本增長時，我只是想非常簡單地將其理解為運行率與您可以定價的價格.

And then, Bob, you had mentioned regulatory cost.

然後，鮑勃，你提到了監管成本。

How much of it cannot be absorbed in pricing and it's just you guys have to eat it?

其中有多少不能被定價吸收，而只是你們必須吃掉它？

And how much of this can be and will be absorbed by the consumer in this environment?

在這種環境下，消費者能夠並且將會吸收其中的多少？

And how long will the consumer be willing to basically pay more?

消費者基本上願意多付多長時間？

And at what point do you see a bit more pressure on pricing in the future?

在什麼時候您認為未來的定價壓力更大？

Yes, I don't think it's as simple as what you are portraying it.

是的，我認為這並不像您描述的那麼簡單。

I do understand what you are talking about.

我明白你在說什麼。

I don't think you can separate the investments you make in delivering and providing customers really strong product, which is what Mark talked about, in terms of what that gives you with volume, what it gives you in terms of mix, as well as the opportunity to price for it.

我不認為你可以將你在交付和為客戶提供真正強大的產品方面所做的投資分開，這就是馬克所說的，就給你帶來的數量、它給你的組合以及為它定價的機會。

So you really have to look at all those factors together, John.

所以你真的必須一起考慮所有這些因素，約翰。

I know you know that, but you have to look at them all together in understanding: are you getting the appropriate total revenue for that particular investment against those costs that you put in as well?

我知道你知道這一點，但你必須將它們放在一起來理解：相對於你投入的那些成本，你是否為該特定投資獲得了適當的總收入？

I think as you will see going forward in the year in North America, you're going to see a cost increase; it's what we've talked about, and we do expect that going forward into subsequent quarters.

我認為，正如您將在北美看到的那樣，您會看到成本增加；這就是我們已經討論過的，我們確實希望在隨後的幾個季度中繼續這樣做。

But you are going to see very, very strong top-line growth both in terms of what is driven by volume, what is coming from mix, and also what is coming from net pricing.

但你會看到非常、非常強勁的收入增長，無論是在銷量驅動、混合動力以及淨定價方面。

So you've really got to look at all of them together to understand whether or not you've got a good equation.

所以你真的必須把所有這些都放在一起看，才能了解你是否有一個好的方程式。

And with the margins that we are talking about, it's very, very clear that the North American business -- the balance of all those things together is actually giving us a very, very strong business.

考慮到我們正在談論的利潤率，非常非常清楚的是，北美業務——所有這些事情的平衡實際上給了我們一個非常非常強大的業務。

How much of the pricing power that you have right now is related to the cadence that you guys have been on, just the investments in product over product and the changeovers?

你們現在擁有的定價權有多少與你們一直以來的節奏有關，只是對產品的投資和轉換？

How much of this is just organic and kind of secular environment?

其中有多少只是有機的和世俗的環境？

Where nobody else is really -- I mean not many of your competitors are being extremely reckless on incentives right now.

真正沒有其他人的地方——我的意思是，現在沒有多少你的競爭對手在激勵措施上極其魯莽。

The atmosphere is actually pretty tight.

氣氛其實挺緊張的。

So how much of this is industry and how much of this is Ford-specific?

那麼其中有多少是工業的，有多少是福特特有的？

And again, what is the sustainability of that, of those trends?

再一次，那些趨勢的可持續性是什麼？

Yes, it's actually a combination of both.

是的，它實際上是兩者的結合。

This is not all strictly equipment-related pricing.

這並不是所有嚴格的設備相關定價。

You are also seeing what we would call pure pricing that is occurring.

您還會看到我們所說的純定價正在發生。

of course, we are very observant and careful about where we are standing competitively.

當然，我們對我們在競爭中所處的位置非常觀察和謹慎。

We have seen continued discipline, as you said, in the overall industry.

正如您所說，我們在整個行業中看到了持續的紀律。

We have seen price increases coming from a number of our other competitors.

我們已經看到許多其他競爭對手的價格上漲。

So the overall environment I think is a very healthy one.

所以我認為整體環境是一個非常健康的環境。

I think in general, competitors are doing a reasonably good job of matching their production to demand; and that certainly is providing an overall lift I think for the entire industry.

我認為，總的來說，競爭對手在將生產與需求相匹配方面做得相當不錯；我認為這肯定會為整個行業提供整體提升。

Then John, to your point about what is our plan going forward, our plan going forward as you know is to keep our product pipeline full.

然後約翰，關於我們未來的計劃，正如你所知，我們未來的計劃是保持我們的產品管道完整。

As Bob mentioned, a good portion of the pricing is based on the new product also that we have out there.

正如 Bob 所提到的，很大一部分定價是基於我們現有的新產品。

And by any third-party external studies that is done on the industry you can see that we plan on keeping that product pipeline absolutely full, and that will be a big element in allowing us to price appropriately going forward.

通過對該行業進行的任何第三方外部研究，您可以看到我們計劃保持該產品管道絕對完整，這將是讓我們能夠適當定價的重要因素。

Dee-Ann Durbin, Associated Press.

Dee-Ann Durbin，美聯社。

Hi.

你好。

Thanks for taking the call.

感謝您接聽電話。

GM said last week the strong dollar cost it about almost $2 billion in revenue in the first quarter.

通用汽車上週表示，強勢美元在第一季度損失了近 20 億美元的收入。

They weren't the only ones talking about it: Facebook has been talking about it, Pepsi.

他們並不是唯一在談論它的人：Facebook 一直在談論它，百事可樂。

Does Ford have any similar calculation on the impact of the dollar in the quarter?

福特對美元在本季度的影響有沒有類似的計算？

Yes, Dee-Ann; that's a good question.

是的，迪安；這是個好問題。

We had a decline in our revenue of $2 billion in the quarter; 70% of that was directly related to exchange.

本季度我們的收入下降了 20 億美元；其中 70% 與交換直接相關。

I think the thing that's very interesting, though, is while that did impact the top line, because it's simply translation of the strong dollar against the overseas operations' revenue, when you look at the bottom line we are actually seeing good news on exchange in the Company.

不過，我認為非常有趣的事情是，雖然這確實影響了頂線，因為它只是強勢美元對海外業務收入的轉化，當你看底線時，我們實際上看到了關於交換的好消息公司。

A lot of that is around this non-repeat of the balance sheet effects that we saw last year in South America.

其中很多是圍繞著我們去年在南美看到的資產負債表效應的非重複。

But even if you strip that out, the effect of exchange on the bottom line in terms of profitability is pretty muted.

但即使你將其剔除，交易所對盈利能力底線的影響也相當微弱。

Great.

偉大的。

Thank you.

謝謝你。

I would now like to hand you over to George Sharp for closing remarks.

我現在想把你交給喬治·夏普做閉幕詞。

Okay, thanks, everyone.

好的，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.

我們真的很高興你能加入我們。

Thank you very much.

非常感謝你。

This concludes today's conference.

今天的會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect and have a great day.

您現在可以斷開連接並度過美好的一天。