福特汽車 (F) 2016 Q1 法說會逐字稿

Good morning.

早上好。

My name is Tiffany and I will be your conference operator today.

我叫蒂芙尼，今天我將擔任你們的會議接線員。

At this time, I would like to welcome everyone to the Ford first-quarter earnings conference call.

在這個時候，我想歡迎大家參加福特第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the call over to Ted Cannis, Executive Director, Ford Investor Relations.

我現在想把電話轉給福特投資者關係執行董事泰德坎尼斯。

All right.

好的。

Thanks very much, Tiffany.

非常感謝，蒂芙尼。

Good morning and welcome, everybody, for the first-quarter 2016 financial results.

大家早上好，歡迎大家公佈 2016 年第一季度的財務業績。

As normal, copies of the press release and the presentation slides are available on Ford's investor website and the media websites.

與往常一樣，新聞稿和演示幻燈片的副本可在福特的投資者網站和媒體網站上找到。

As always, the results discussed today include some non-GAAP references and those are reconciled to the US GAAP equivalent in the appendix to the slides.

與往常一樣，今天討論的結果包括一些非 GAAP 參考資料，並且這些參考資料與幻燈片附錄中的美國 GAAP 等價物相一致。

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

此外，今天的演示文稿還包括一些關於我們對未來業績預期的前瞻性陳述。

Actual results may vary and those most significant factors are included in our presentation.

實際結果可能會有所不同，這些最重要的因素已包含在我們的演示文稿中。

Also, by the way, later today we will be issuing the 10-Q and Ford Credit will be hosting a call at 11 AM to review their results.

另外，順便說一句，今天晚些時候我們將發布 10-Q，福特信貸將在上午 11 點召開電話會議，審查他們的結果。

Now presenting today and we will have a few more comments, Mark Fields, our President and CEO; Bob Shanks, our Chief Financial Officer.

我們的總裁兼首席執行官馬克·菲爾茲 (Mark Fields) 現在在今天的演講中，我們將發表更多評論； Bob Shanks，我們的首席財務官。

Also participating are Stuart Rowley, Vice President and Controller; Neil Schloss, Vice President and Corporate Treasurer; Paul Andonian, Director of Corporate Accounting; and Marion Harris, our Ford Credit CFO.

與會者還有副總裁兼財務總監 Stuart Rowley； Neil Schloss，副總裁兼公司財務主管；公司會計總監 Paul Andonian；和我們的 Ford Credit 首席財務官 Marion Harris。

Before we dive in, we just made some changes to the presentation just to make it a little clearer for you; a bit of a more overall look to the business and highlight key points.

在我們深入探討之前，我們只是對演示文稿進行了一些更改，只是為了讓您更清楚一些；更全面地看待業務並突出重點。

And also, we just wanted to show you how we're continuing to focus on creating value and driving our long-term growth.

而且，我們只是想向您展示我們如何繼續專注於創造價值和推動我們的長期增長。

With that, Mark, ready to go.

有了這個，馬克，準備好了。

Thanks, Ted, and good morning, everyone.

謝謝，泰德，大家早上好。

We have some very strong results to share with you today.

今天我們有一些非常重要的成果要與您分享。

In fact, an all-time record quarter for the Company and very strong performance across the business.

事實上，這是公司創歷史新高的季度，整個業務的表現都非常強勁。

Our company pretax profit came in at $3.8 billion and that was $2.1 billion better than a year ago.

我們公司的稅前利潤為 38 億美元，比一年前增加了 21 億美元。

Our net income was $2.5 billion and our operating earnings per share was $0.68.

我們的淨收入為 25 億美元，每股營業收入為 0.68 美元。

Both those results are more than double versus last year.

這兩項結果都是去年的兩倍多。

Our revenue was $37.7 billion and that was up $3.8 billion, increasing 15% from last year at constant exchange and 11% as reported.

我們的收入為 377 億美元，同比增長 38 億美元，按固定匯率計算比去年增長 15%，據報導增長 11%。

We grew global market share from 6.9% to 7.1% and that was driven by improvements in North America, Europe, and our Asia Pacific regions.

我們的全球市場份額從 6.9% 增長到 7.1%，這得益於北美、歐洲和亞太地區的改善。

Our Automotive operating margin came in at 9.8% and that was a quarterly record, and Automotive operating-related cash flow was $2.7 billion and that was a record for the first quarter.

我們的汽車業務營業利潤率為 9.8%，創下了季度記錄，與汽車業務相關的現金流為 27 億美元，創下了第一季度的記錄。

We also provided $1.7 billion of distributions to our shareholders in the quarter as well.

我們還在本季度向股東提供了 17 億美元的分配。

We had tremendous performance across our portfolio of businesses.

我們在我們的業務組合中取得了巨大的業績。

Here in North America we achieved a record quarterly profit and a record operating margin of 12.9%.

在北美，我們實現了創紀錄的季度利潤和 12.9% 的營業利潤率。

Looking at Europe, we earned $434 million in the quarter and that was up $476 million from a year ago.

看看歐洲，我們在本季度的收入為 4.34 億美元，比一年前增加了 4.76 億美元。

This was also our fourth consecutive profitable quarter in Europe.

這也是我們在歐洲連續第四個盈利季度。

Our revenue in Asia Pacific climbed 18% to $2.7 billion and pretax profit more than doubled.

我們在亞太地區的收入增長了 18%，達到 27 億美元，稅前利潤增長了一倍多。

And Ford Credit grew pretax profit and they delivered more than $500 million in the quarter.

福特信貸增加了稅前利潤，他們在本季度交付了超過 5 億美元。

So all-in-all, a very strong start to the year and, given our strong start, we remain confident in our expectations to deliver another strong year in 2016.

因此，總而言之，今年開局非常強勁，鑑於我們的強勁開局，我們對在 2016 年再創佳績充滿信心。

We're taking the opportunity today to reaffirm the guidance for the Company that we gave in January, which is to deliver performance equal to or better than last year's record.

我們今天藉此機會重申我們在 1 月份為公司提供的指導，即實現與去年的記錄相同或更好的業績。

Now let's turn to slide 4. We are continuously focused on the four drivers of shareholder value that you can see on the screen here.

現在讓我們轉到幻燈片 4。我們一直關注股東價值的四個驅動因素，您可以在此處的屏幕上看到。

That is about growth, returns, risk, and rewards.

那就是關於增長、回報、風險和回報。

First, let's talk about growth.

首先，讓我們談談增長。

Growth is strong and it's especially evident in our trucks, our SUVs, and as we pursue expansion into mobility.

增長強勁，這在我們的卡車、SUV 以及我們追求移動出行領域的擴張中尤為明顯。

Second, let's focus on returns.

其次，讓我們關注回報。

We expect strong returns from our healthy mix, targeted increases in investments that will make the business stronger in the years ahead, and diversifying regional profitability.

我們預計我們健康的組合會帶來豐厚的回報，有針對性地增加投資將使未來幾年的業務更加強大，並實現區域盈利能力的多元化。

This includes continuing our momentum in Europe and Asia, acting decisively in South America, reducing high-cost car capacity, of course increasing efficiencies across the business, and leveraging partnerships where we can.

這包括繼續我們在歐洲和亞洲的發展勢頭，在南美採取果斷行動，減少高成本汽車產能，當然還包括提高整個企業的效率，以及盡可能利用合作夥伴關係。

Third, let's turn to risk.

第三，讓我們轉向風險。

Our risk profile is improving as we work to reduce our breakeven levels globally with a focus on sustaining our robust structure in North America, strengthening our regional diversity, and maintaining one of the strongest balance sheets in the industry.

我們的風險狀況正在改善，因為我們致力於在全球範圍內降低我們的盈虧平衡水平，重點是維持我們在北美的穩健結構，加強我們的區域多樣性，並保持業內最強大的資產負債表之一。

And finally, let's talk about rewards.

最後，讓我們談談獎勵。

We're continuing to reward our shareholders with the payout of our regular dividend, plus a supplemental dividend, and we will remain absolutely focused on driving total shareholder returns and ensuring we maintain our regular dividend through a downturn.

我們將繼續通過支付定期股息和補充股息來回報我們的股東，我們將繼續專注於推動股東總回報並確保我們在經濟低迷時期維持定期股息。

Looking at the first quarter on slide 5, as I mentioned earlier, we made a lot of progress in all four focus areas.

看看幻燈片 5 的第一季度，正如我之前提到的，我們在所有四個重點領域都取得了很大進展。

We grew our top line and announced actions to continue to grow our core business, while expanding our business model into new areas of emerging opportunities around mobility.

我們增加了我們的收入並宣布了繼續發展我們的核心業務的行動，同時將我們的業務模式擴展到圍繞移動性的新興機會的新領域。

Our returns were strong, setting a number of records as I mentioned earlier, and demonstrating very strong broad-based performance.

我們的回報率很高，正如我之前提到的那樣創下了多項記錄，並展示了非常強勁的廣泛表現。

In terms of risks, our business units outside of North America collectively were profitable and improved year over year.

在風險方面，我們在北美以外的業務部門整體盈利並逐年改善。

We also at the same time saw the progress we've made in improving our risk profile, which was recognized by ratings upgrades in the quarter by Moody's, S&P, and DBRS.

與此同時，我們還看到了我們在改善風險狀況方面取得的進展，穆迪、標準普爾和 DBRS 本季度的評級上調證明了這一點。

And finally, in terms of rewards, we increased distributions with the addition of a supplemental dividend of $1 billion.

最後，在獎勵方面，我們通過增加 10 億美元的補充股息來增加分配。

Looking at slide 6, among some of the other quarter's -- other highlights we were recognized for the strength of our products, notably the F-150, as well as for our ethics as the only automaker on the list of the World's Most Ethical Companies.

看看幻燈片 6，在其他季度的一些其他亮點中，我們因產品實力（尤其是 F-150）以及我們作為全球最具商業道德公司名單上唯一一家汽車製造商的道德而受到認可.

We continue progress in our journey to grow the Lincoln brand and, of course, advances in new technologies and new mobility projects.

我們在發展林肯品牌的旅程中繼續取得進展，當然，還有新技術和新移動項目的進步。

So with that, now let's turn to our view of the global business environment and what's ahead.

因此，現在讓我們談談我們對全球商業環境和未來的看法。

Looking at the global business environment on slide 7, conditions remain broadly supportive of growth in the global economy.

從幻燈片 7 的全球商業環境來看，條件仍然廣泛支持全球經濟的增長。

This will be driven by the US; continued modest recovery in the Euro area; growth in the UK, despite probably some increased volatility that we are seeing ahead of the June Brexit referendum; and continued growth in China, although at slower pace that we've seen in recent years.

這將由美國推動；歐元區繼續溫和復蘇；英國的增長，儘管我們在 6 月英國退歐公投之前看到波動性可能有所增加；中國的持續增長，儘管我們近年來看到的速度較慢。

We also expect conditions in Brazil and Russia to remain difficult through 2016.

我們還預計 2016 年巴西和俄羅斯的情況仍將困難重重。

And before I turn it over to Bob, who will take us through some of the details of our performance, let me just underscore again the strength and the broad-based nature of the record quarter that our team delivered, the very strong start to the year, and our expectations to deliver another strong year in 2016.

在我把它交給 Bob 之前，他將向我們介紹我們表現的一些細節，讓我再次強調我們團隊創造的創紀錄季度的實力和廣泛性，非常強勁的開端年，我們期望在 2016 年再創佳績。

With that, Bob, do you want to take it away?

有了這個，鮑勃，你想把它拿走嗎？

I sure will.

我一定會的。

So let's start the financial review here on slide 9 by looking at the key financial metrics, both for the Company and also the automotive and the financial services sector.

因此，讓我們通過查看公司以及汽車和金融服務行業的關鍵財務指標，從幻燈片 9 開始財務審查。

Because I'm going to cover many of these metrics on subsequent slides, I just want to pull out a few things from this one.

因為我將在後續幻燈片中介紹其中的許多指標，所以我只想從這張幻燈片中提取一些內容。

First, I'd ask you look at the year-over-year performance in the column to the right.

首先，我會請您查看右側欄中的同比表現。

Just scan down that column and you can see everything is essentially positive and very, very positive versus a year ago.

只需向下瀏覽該列，您就會發現與一年前相比，一切基本上都是積極的，而且非常非常積極。

The one exception is special items.

一個例外是特殊物品。

We did not have any special items a year ago.

一年前我們沒有任何特殊物品。

We have two that we are booking in this quarter.

我們在本季度預訂了兩個。

The larger of the two was at $186 million; relates to buyouts that were part of the UAW contract that we agreed in the fourth quarter.

兩者中較大的一個為 1.86 億美元；涉及作為我們在第四季度達成的 UAW 合同一部分的收購。

The remainder of the special items relate to charges associated with our exits from the Japanese and the Indonesian markets.

其餘特殊項目與我們退出日本和印度尼西亞市場相關的費用有關。

If you go just above that you can see our operating EPS of $0.68, $0.39 better than where we were a year ago, so more than doubling that.

如果你略高於這一水平，你會看到我們的運營每股收益為 0.68 美元，比一年前高出 0.39 美元，翻了一番還多。

And if you go down two lines to after-tax results or net income at $2.5 billion, again we more than doubled that particular metric.

如果你向下看兩條線，稅後結果或淨收入為 25 億美元，我們再次將這一特定指標翻了一番以上。

What's not shown on the slide is our tax rate that came in at 29.5%, which was lower than what it was a year ago.

幻燈片上沒有顯示的是我們的稅率為 29.5%，低於一年前的水平。

So with that let's turn to the next slide and here we will look at the Company results.

因此，讓我們轉到下一張幻燈片，在這裡我們將查看公司的結果。

These are absolutes and we will look at it by segment.

這些都是絕對的，我們將按細分來看。

To the far left you can see the record profit of $3.8 billion.

在最左邊，您可以看到創紀錄的 38 億美元利潤。

Going right beside that we've got the North American result, $3.1 billion.

除此之外，我們還得到了北美的結果，31 億美元。

Go to the far right, financial services came in very strong at about $0.5 billion, and within that Ford Credit was $514 million.

轉到最右邊，金融服務收入非常強勁，約為 5 億美元，其中福特信貸為 5.14 億美元。

We had the best result in Europe since 2008 at $434 million.

自 2008 年以來，我們在歐洲取得了最好的成績，達到 4.34 億美元。

We doubled our profit in Asia Pacific at $220 million and then in South America we had a loss, as expected, and in the Middle East & Africa we fell into a loss driven by largely the external environment exchange.

我們在亞太地區的利潤翻了一番，達到 2.2 億美元，然後在南美，正如預期的那樣，我們出現了虧損，在中東和非洲，我們陷入了主要受外部環境交換驅動的虧損。

And I will talk about that in a bit.

我稍後會談到這一點。

And in Other Automotive that's largely net interest expense.

在其他汽車中，這主要是淨利息支出。

Now when you look at the operations outside of North America, the business units outside North America, we did make a profit there.

現在，當你看看北美以外的業務，北美以外的業務部門時，我們確實在那裡賺了錢。

It was nearly $400 million and that was more than $400 million better than a year ago.

它接近 4 億美元，比一年前多了 4 億美元。

All right, let's go to the next slide and we will start going through the details of the automotive sector starting with the sector itself.

好吧，讓我們轉到下一張幻燈片，我們將從汽車行業本身開始詳細介紹汽車行業。

These are the key metrics and as you just scan across you can see all of them very, very strong and all of them improved compared with 2015 first quarter.

這些是關鍵指標，當你瀏覽時，你會發現所有這些指標都非常非常強勁，而且與 2015 年第一季度相比，它們都有所改善。

Starting at the left, we had strong growth in the top line, both wholesales and revenue up double digits.

從左邊開始，我們的收入增長強勁，批發和收入都增長了兩位數。

Revenue at constant exchange was actually up 15%.

按固定匯率計算的收入實際上增長了 15%。

We grew our market share and that was in a global SAAR that also grew, up 3%.

我們增加了我們的市場份額，並且在全球 SAAR 中也增長了 3%。

And that was around North America, Asia Pacific, and Europe.

那是在北美、亞太地區和歐洲。

Operating margin was a record at 9.8%, up sharply, and then Automotive also set a record at $3.3 billion.

營業利潤率創下 9.8% 的記錄，大幅上升，然後汽車也創下了 33 億美元的記錄。

Again, up sharply from where we were a year ago.

與一年前相比，我們再次大幅上升。

Let's go to the next slide and we will look at what was behind the improvement.

讓我們轉到下一張幻燈片，看看改進背後的原因。

This is slide 12.

這是幻燈片 12。

A $2 billion improvement and, as you can see, it was driven largely by higher volume, favorable mix, and favorable cost performance, driven by favorable contribution cost.

20 億美元的改進，正如您所看到的，這主要是由更高的銷量、有利的組合和有利的成本績效推動的，這是由有利的貢獻成本驅動的。

We did have negative net pricing, but within that $548 million decline there was a one-time stock accrual effect that I will talk about in just a minute.

我們確實有負淨定價，但在這 5.48 億美元的跌幅中，存在一次性股票增值效應，我將在稍後討論。

And that was over $600 million.

那是超過 6 億美元。

You will note in the callout box for volume and mix, mix and other we had over $1 billion of good news on product mix.

您會在標註框中註意到音量和混合、混合和其他我們在產品組合方面有超過 10 億美元的好消息。

And that was a theme that really drove performance, not only in North America, but also in Europe and in Asia Pacific.

這是一個真正推動績效的主題，不僅在北美，而且在歐洲和亞太地區。

Let's go to the next slide.

讓我們轉到下一張幻燈片。

Now we will start going through the business units with North America.

現在我們將開始審視北美的業務部門。

North America, of course, had extraordinary performance and it was very, very strong right across the board.

當然，北美的表現非常出色，而且在各個方面都非常非常強大。

Very strong improvement in the top line at over 20%.

收入增長非常強勁，超過 20%。

Revenue about the same.

收入差不多。

Market share was up in a growing industry, both for the region and in the US, and that was driven by two things.

在該地區和美國，一個不斷發展的行業的市場份額有所上升，這是由兩件事推動的。

One, it was in North America -- rather, in US and it was fleet sales.

第一，它在北美——更確切地說，在美國，它是車隊銷售。

It was around SUVs, Transit, and F-Series.

它圍繞 SUV、Transit 和 F 系列展開。

But also in Canada.

而且在加拿大。

We had very strong performance in Canada.

我們在加拿大的表現非常出色。

We were up 1.5 points of share; that was driven by F-150 and by the Edge.

我們上漲了 1.5 個百分點；由 F-150 和 Edge 驅動。

Operating margin of 12.9%, a record, and then the $3.1 billion that we talked about earlier.

營業利潤率為 12.9%，創歷史新高，然後是我們之前談到的 31 億美元。

So really, really strong performance in North America.

在北美的表現真的非常強勁。

Just some -- we have gotten some questions around fleet sales and Bob mentioned fleet.

只是一些 - 我們收到了一些關於機隊銷售的問題，鮑勃提到了機隊。

There's just absolutely no change to our approach in fleet.

我們在艦隊方面的做法絕對沒有改變。

Fleet is good business for us, including rental, commercial, and government sales.

Fleet 對我們來說是一項很好的業務，包括租賃、商業和政府銷售。

We understand these customers real well; their use cases.

我們非常了解這些客戶；他們的用例。

Rental deliveries, as we've said before, were frontloaded this year.

正如我們之前所說，今年的租賃交付是提前完成的。

This is primarily due to the model year changeover, which in some of our vehicles was late last year, and based on rental company requests.

這主要是由於車型年的轉換，我們的一些車輛是去年年底，並且是根據租賃公司的要求。

Because keep in mind, rental companies like to purchase their vehicles as close as possible to job one as possible.

因為請記住，租賃公司喜歡購買盡可能靠近工作地點的車輛。

For the full year, we expect our rental sales to be about the same as last year with government and commercial sales up slightly, driven by the availability of the new F-150, because a lot of variants have now come on board.

對於全年，我們預計我們的租賃銷售額將與去年大致相同，政府和商業銷售額將略有增長，這是受新 F-150 上市的推動，因為現在有很多變體已經上市。

So we have good margins in the fleet business and, as you can see, they contributed nicely to a record performance in the quarter in North America.

因此，我們在車隊業務中的利潤率很高，正如您所看到的，它們為北美本季度創紀錄的業績做出了很好的貢獻。

Thanks, Mark.

謝謝，馬克。

Let's go to the next slide and we will look at what drove the improvement in North America's results of $1.5 billion.

讓我們轉到下一張幻燈片，看看是什麼推動了北美 15 億美元業績的改善。

As you can see here, it was higher volume, it was favorable mix, and it was lower cost performance.

正如你在這裡看到的，它是更高的體積，它是有利的組合，而且它是更低的性價比。

So it was very strong in some really key parts of the business.

因此，它在業務的一些真正關鍵部分非常強大。

Within -- there's three or four things I want to call out here.

在裡面——我想在這裡提出三四件事。

If you look at the stock performance of $691 million in the callout box there for volume and mix, that is more than explained by the F-Series.

如果您查看標註框中 6.91 億美元的股票表現以了解成交量和組合，這超出了 F 系列的解釋。

This time last year we were launching F-Series -- F-150, rather, in Kansas City.

去年的這個時候，我們在堪薩斯城推出了 F 系列——F-150。

Obviously, that's behind us now and we're operating both Dearborn and Kansas City at three crews.

顯然，這已經過去了，我們正在三個團隊中運營迪爾伯恩和堪薩斯城。

So that's simply reversing what was an anomaly last year and making it more normal.

所以這只是扭轉了去年的反常現象，使之變得更加正常。

So on a year-over-year basis picked up that good news.

因此，與去年同期相比，收到了這個好消息。

If you go into mix, mix and other, about $0.5 billion of that was actually favorable product mix.

如果你進入混合、混合和其他，其中大約 5 億美元實際上是有利的產品組合。

Again that was around returning to normal with F-150, but also a year ago we were launching the Oakville products, the Edge as well as the MKX.

同樣，這與 F-150 恢復正常有關，但也是在一年前，我們推出了 Oakville 產品、Edge 和 MKX。

We are benefiting from the fact that that plant is now up and running and we've got normal supply of those successful products.

我們受益於該工廠現已啟動並運行的事實，我們已經正常供應這些成功的產品。

If you go into the net pricing, this one is interesting.

如果你進入淨定價，這個很有趣。

You can see the incentives and other of negative $1.2 billion.

你可以看到負 12 億美元的獎勵和其他。

Half of that, half of that is a one-time stock accrual that is taking place and most of that, about 80% of it, again is driven by the anomaly of last year.

其中一半，其中一半是正在發生的一次性股票應計，其中大部分，大約 80%，也是由去年的異常情況驅動的。

Last year, because we were launching the F-150 at Kansas City, we had extremely low levels of inventory and we also had very low levels of incentives.

去年，因為我們在堪薩斯城推出 F-150，我們的庫存水平極低，我們的激勵水平也非常低。

In the first quarter this year, of course we had normal supply.

今年第一季度，我們當然有正常的供應。

The incentives, while they are still lower than our domestic competitors, they're at what we would consider to be normal levels and so that effect is reflected in the stock adjustment.

激勵措施雖然仍低於我們的國內競爭對手，但處於我們認為的正常水平，因此這種影響反映在庫存調整中。

If you think about it, that's an accounting adjustment.

如果您考慮一下，那就是會計調整。

It didn't have any effect in the quarter in terms of what incentives were given to customers.

就向客戶提供的激勵措施而言，它在本季度沒有任何影響。

And so, if you take that out, we actually had somewhat positive -- small, but positive net pricing.

因此，如果你把它去掉，我們實際上有一些積極的 - 小但積極的淨定價。

Then with the favorable mix that I talked about, we ended up having higher US retail transaction prices.

然後，在我談到的有利組合下，我們最終獲得了更高的美國零售交易價格。

They were up about $1,500 if you exclude lease.

如果不包括租賃，它們上漲了約 1,500 美元。

Okay, let's go to the next slide.

好的，讓我們轉到下一張幻燈片。

We will look at South America.

我們將看看南美洲。

South America, the team is doing a great job in a very, very difficult environment.

南美，球隊在非常非常困難的環境中表現出色。

And this is really around Brazil, because we actually are very encouraged by what we're seeing in Argentina from the actions that the government, the new government has taken since it has come into power.

這確實是在巴西附近，因為我們實際上對我們在阿根廷看到的政府，新政府自上台以來所採取的行動感到非常鼓舞。

Very, very positive and really bodes well for what we can see from that part of the region in the months and years ahead.

非常非常積極，對於我們在未來數月和數年內從該地區的那部分地區可以看到的情況來說確實是個好兆頭。

But if you look at the metrics, we did have a sharp decline in wholesale, down 38%.

但如果你看一下這些指標，我們的批發量確實急劇下降，下降了 38%。

Revenue was down 44%.

收入下降了 44%。

Half of that actually was exchange.

其中一半實際上是交換。

If you look at market share, we had a decline.

如果你看一下市場份額，我們就會下降。

As we pulled back from certain sales, it just didn't make any sense in terms of profitability, so we lost share, if you will, in an industry that was down.

當我們從某些銷售中撤回時，就盈利能力而言沒有任何意義，所以我們失去了市場份額，如果你願意的話，在一個低迷的行業中。

The results of that is we had a sharp decline in the operating margin and we were able to keep the increased loss, if you will, to about $67 million.

其結果是我們的營業利潤率急劇下降，如果你願意的話，我們能夠將增加的虧損保持在大約 6700 萬美元。

And we will go through that on the next slide, please, slide 16.

我們將在下一張幻燈片上進行介紹，請是第 16 張幻燈片。

This was really around industry volume.

這實際上是圍繞行業量。

You can see that we had a negative industry volume, effect of $91 million.

你可以看到我們的行業銷量為負，影響為 9100 萬美元。

That was Brazil itself down 29%.

那是巴西本身下跌了 29%。

The team continued to do a great job on cost performance.

該團隊繼續在性價比方面做得很好。

Last year we did over $400 million in terms of cost performance.

去年我們在性價比方面做了超過 4 億美元。

We did $76 million in the quarter and during the quarter -- and there's not much effect from this, but during the quarter we did remove the third crew at Camacari, which is something I mentioned to the analysts and investors that were listening in on the Let's Chat call back in March.

我們在本季度和本季度期間完成了 7600 萬美元——這並沒有太大影響，但在本季度我們確實撤掉了 Camacari 的第三名工作人員，這是我向正在收聽的分析師和投資者提到的事情讓我們在 3 月回電吧。

Teams still working to get more costs out because the environment is still very, very difficult.

團隊仍在努力降低成本，因為環境仍然非常非常困難。

We still expect probably next year that we will start to see things bottom out, particularly from the commodity cycle, and start to turn around.

我們仍然預計明年我們可能會開始看到情況觸底反彈，尤其是商品週期，並開始好轉。

Let's go to the next slide and we will turn to Europe, which is a great, great story.

讓我們轉到下一張幻燈片，我們將轉向歐洲，這是一個非常非常棒的故事。

Europe, if you look at the metrics, wholesale volume up, while revenue as reported was flat.

歐洲，如果你看指標，批發量上升，而報告的收入持平。

Actually up 6% at constant exchange.

按固定匯率計算實際上上漲了 6%。

We had higher share in an industry that was growing.

我們在一個不斷增長的行業中佔有更高的份額。

That share was driven in terms of markets by Italy, Germany, and Russia.

這一份額是由意大利、德國和俄羅斯在市場方面推動的。

In terms of product, it was basically SUVs and commercial vehicles.

產品方面，基本是SUV和商用車。

The operating margin was over 6%.

營業利潤率超過 6%。

And again that profit, that was the best that we've had since 2008.

再次獲得利潤，這是我們自 2008 年以來的最高水平。

So very, very strong performance in Europe.

在歐洲的表現非常非常強勁。

Let's go to the next slide and see how we got there.

讓我們轉到下一張幻燈片，看看我們是如何到達那裡的。

The improvement of nearly $0.5 billion came from everything.

近5億美元的改善來自一切。

Industry was favorable.

工業是有利的。

The volume factors were favorable.

體積因素是有利的。

The mix was favorable to the tune, within that $160 million that's shown on the slide, of about $300 million that was both product mix from what we've done around the products over the last number of years, as well as series mix and options.

這種組合有利於調調，在幻燈片上顯示的 1.6 億美元中，大約 3 億美元是我們過去幾年圍繞產品所做的產品組合，以及系列組合和選項.

And then we had favorable cost performance, both contribution costs and structural costs.

然後我們有良好的成本效益，包括貢獻成本和結構成本。

And even though it's not shown on the slide, even though the Russian market continues to be very challenging, actually Russia improved on a year-over-year basis as well.

儘管幻燈片上沒有顯示，儘管俄羅斯市場仍然非常具有挑戰性，但實際上俄羅斯也同比有所改善。

So the team really delivering across all aspects of the business in Europe and you can see the results of that.

因此，該團隊真正交付了歐洲業務的各個方面，您可以看到結果。

Just a little bit more color on Europe.

歐洲只是多了一點顏色。

If you recall, a central part of our European transformation plan that we launched at the end of 2012 was continuing to invest in our core business of great product.

如果您還記得，我們在 2012 年底啟動的歐洲轉型計劃的核心部分是繼續投資於我們的優質產品核心業務。

And as you can see from the results here, it's really starting to pay off.

正如您從這裡的結果中看到的那樣，它真的開始得到回報。

Actually our average transaction prices in Europe on a year-over-year basis were up over $1,200 and actually our high series models and Sport derivatives accounted for 60% of our Ford passenger vehicle sales.

實際上，我們在歐洲的平均交易價格同比上漲超過 1,200 美元，實際上我們的高級系列車型和 Sport 衍生產品占我們福特乘用車銷量的 60%。

Things like Titanium, Vignale, ST versions of Focus and Fiesta, and even Mustang, which I don't know if you caught this, but in March, Mustang was the best-selling sports car in Germany, beating folks like Porsche 911.

像 Titanium、Vignale、ST 版的 Focus 和 Fiesta，甚至 Mustang，我不知道你是否注意到了這一點，但在 3 月份，Mustang 是德國最暢銷的跑車，擊敗了保時捷 911 等人。

So this is really allowing us to accelerate our efforts in total.

所以這真的讓我們能夠加快我們的總體努力。

Many of the things that we saw in the North American turnaround we have used as a blueprint for Europe and it's paying off.

我們在北美的轉變中看到的許多事情已被用作歐洲的藍圖，並且正在取得成效。

Great, let's go on to the next region, Middle East & Africa.

太好了，讓我們繼續下一個地區，中東和非洲。

This is a region also that has many, many challenges externally: geopolitical issues, weak currencies, a number of the markets are major oil producers and so they are suffering, if you will, in terms of low oil prices.

這個地區也面臨著許多外部挑戰：地緣政治問題、貨幣疲軟、一些市場是主要的產油國，因此，如果你願意的話，它們正在遭受低油價帶來的痛苦。

But within that environment the team basically held on wholesales.

但在那種環境下，團隊基本上堅持批發。

Revenue was actually flat, excluding exchange.

收入實際上持平，不包括交換。

As reported, it was down 9%.

據報導，它下降了 9%。

We held our own in terms of share and that was in a declining industry.

我們在份額方面保持了自己的地位，那是在一個衰退的行業中。

It was down about 7%, 8%.

它下降了大約 7%、8%。

But if you take Iran out, which actually is growing, and we don't participate in Iran, it was down over 20%.

但如果你把伊朗排除在外，它實際上在增長，而我們不參與伊朗，它下降了 20% 以上。

In that environment we did move into a small loss of $14 million and that was largely driven by weakness of the South African rand.

在那種環境下，我們確實出現了 1400 萬美元的小幅虧損，這主要是由於南非蘭特疲軟造成的。

We've got operations in South Africa and adversely impacted by the weakness of that currency.

我們在南非開展業務，並受到該貨幣疲軟的不利影響。

All right, let's go to the next slide and turn to the great story here in Asia Pacific.

好吧，讓我們轉到下一張幻燈片，轉到亞太地區的精彩故事。

They had another strong quarter driven by new products.

在新產品的推動下，他們又迎來了一個強勁的季度。

You can see wholesale is up 9%.

你可以看到批發價上漲了 9%。

Revenue up 18%, 25% at constant exchange.

收入增長 18%，按固定匯率計算增長 25%。

Here we also grew share in a region that also was growing.

在這裡，我們也在一個也在增長的地區增加了份額。

The AP SAAR was up over 2 million units, as was China, so strong performance there that was really driven by the new products that we have introduced.

AP SAAR 和中國一樣增加了超過 200 萬台，那裡的強勁表現確實受到我們推出的新產品的推動。

And China was one of the big factors there as well in terms of market contribution to the share.

就市場對份額的貢獻而言，中國也是其中的重要因素之一。

But we saw share improvement in Australia, New Zealand, South Korea, ASEAN, Australia so a lot of good things going on in terms of market performance across the region.

但我們看到澳大利亞、新西蘭、韓國、東盟、澳大利亞的份額有所改善，因此該地區的市場表現出現了很多好事。

Our operating margin was over 8% and the pretax results at $220.

我們的營業利潤率超過 8%，稅前利潤為 220 美元。

On the lower right of the slide, slide 20 -- I don't think I mentioned that -- you can see the very strong performance we had from our China JVs that came in at $443 million.

在幻燈片的右下角，幻燈片 20——我想我沒有提到——你可以看到我們在中國的合資企業的表現非常強勁，達到 4.43 億美元。

That was up sharply, over 20%, and they generated a margin of 16.4%.

這一數字急劇上升，超過 20%，他們產生了 16.4% 的利潤率。

The other good thing about the performance in the region is that we had good news coming from China, but we also had good news coming from the other parts of the region: India, ASEAN, and Australia.

該地區表現的另一個好消息是，我們有來自中國的好消息，但我們也有來自該地區其他地區的好消息：印度、東盟和澳大利亞。

So that was very encouraging.

所以這是非常令人鼓舞的。

Let's go to the next slide and this is how we got there.

讓我們轉到下一張幻燈片，這就是我們到達那裡的方式。

It was largely around volume, so industry share and then the favorable mix that I had mentioned earlier.

這主要是圍繞數量、行業份額以及我之前提到的有利組合。

This was again driven by the new products.

這再次受到新產品的推動。

Edge was one of the big factors, but we saw good news from the Ranger, we saw good news from Mondeo, and a number of other products.

Edge 是重要因素之一，但我們看到了來自 Ranger 的好消息，我們看到了來自蒙迪歐和許多其他產品的好消息。

Again, a broad-based contribution there.

同樣，那裡有廣泛的貢獻。

I just came back from the Beijing Auto Show and it was very interesting to see consumers' almost fervor for SUVs.

我剛從北京車展回來，看到消費者對SUV的近乎狂熱，非常有趣。

You saw it not only in the exhibitors that were there, but just looking at the folks that were crowded around the vehicles.

您不僅在現場的參展商身上看到了這一點，而且還看到了擁擠在車輛周圍的人們。

And I think the investments that we've made over the last couple of years to have a full lineup of SUVs -- small, medium, and large -- is really great for timing of the market.

而且我認為我們在過去幾年中為擁有完整的 SUV 系列（小型、中型和大型）而進行的投資對於市場時機來說真的很棒。

At the same time we introduced the Raptor.

同時我們推出了 Raptor。

And I have tell you, I, literally, had to, as we were done presenting it, run out of the way because of the people running up to the vehicle.

我已經告訴過你，從字面上看，我不得不，因為我們已經完成了展示，因為人們跑向車輛。

I think that vehicle will do well.

我認為那輛車會做得很好。

Not only just from a sales standpoint -- and it won't play a major role, but we will sell, I think, every one we can -- but what it will do to continue to accelerate the perception of our brand.

不僅從銷售的角度來看——它不會發揮主要作用，但我認為我們會賣掉每一個我們能賣的——但它會做些什麼來繼續加速我們品牌的認知。

Okay.

好的。

Let's move on to another part of the business we absolutely love, that's Ford Credit.

讓我們繼續討論我們絕對喜歡的業務的另一部分，那就是福特信貸。

I should mention that today at 11 o'clock, and the details are in the press release, we are going to have a Ford Credit earnings call for the first time.

我應該提一下，今天 11 點，詳細信息在新聞稿中，我們將首次召開 Ford Credit 財報電話會議。

And that will be led by Bernard Silverstone and Marion Harris.

這將由 Bernard Silverstone 和 Marion Harris 領導。

You will be able at get much more deeply into that part of the business, but we have added some extra slides and data here to support this call, so let's go through it.

您將能夠更深入地了解這部分業務，但我們已在此處添加了一些額外的幻燈片和數據來支持此次通話，所以讓我們來看看吧。

On slide 22, you can see contract volume was flat.

在幻燈片 22 上，您可以看到合約量持平。

We grew everywhere with the exception of the US, and that was largely driven by the type of marketing programs that we had in effect in the US in the first quarter.

除美國外，我們在所有地方都實現了增長，這在很大程度上是由我們第一季度在美國實施的營銷計劃類型推動的。

Managed receivables were up.

管理應收賬款上升。

Pretax results over $0.5 billion, as I mentioned, and up.

正如我提到的，稅前收入超過 5 億美元，甚至更高。

If we look at some of the metrics around US retail and lease performance, we still had a very strong FICO score.

如果我們看一下美國零售和租賃業績的一些指標，我們的 FICO 分數仍然非常高。

If you look at the delinquencies, over 60 days they were only up 1 basis point; loss to receivables up 11 basis points.

如果你看一下拖欠率，超過 60 天他們只增加了 1 個基點；應收賬款損失上升 11 個基點。

And those are levels that we still consider to be at the very low end of our historical performance, so very healthy.

這些水平我們仍然認為處於我們歷史表現的非常低端，因此非常健康。

Let's go to the next slide and look at the improved results year over year of $31 million that was driven by a strong growth in all of our products and regions.

讓我們轉到下一張幻燈片，看看我們所有產品和地區的強勁增長推動的同比增長 3100 萬美元。

We did have unfavorable performance in credit losses and also lease residuals.

我們確實在信用損失和租賃剩餘方面表現不佳。

I kind of referred to the lease residual performance at Let's Chat in March and that was driven by a couple of factors.

我有點提到 3 月份 Let's Chat 的租賃剩餘表現，這是由幾個因素驅動的。

One, we had losses on units that came in during the quarter and we also have an expectation of lower auction values going forward.

第一，我們在本季度收到的單位出現虧損，我們也預計未來的拍賣價值會降低。

So we have had an impact in terms of accumulated supplemental depreciation and that is very much in line with what I said at Let's Chat about that metric coming in: bad news year over year, but less than $100 million.

因此，我們在累計補充折舊方面產生了影響，這與我在 Let's Chat 中所說的關於即將到來的指標的說法非常一致：年復一年的壞消息，但不到 1 億美元。

If you look at the credit loss, that was also impacted.

如果您查看信用損失，那也會受到影響。

There were two things there.

那裡有兩件事。

Charge-offs increased related to severities and then we also have increases to the reserves.

與嚴重性相關的沖銷增加，然後我們也增加了準備金。

Expectations, again, of the impact of lower auction values going forward, but also just the business being bigger.

再次預期較低的拍賣價值會產生影響，但也只是業務規模更大。

Let's go to the next slide.

讓我們轉到下一張幻燈片。

This is an added slide giving you some additional metrics around some areas that I know of interest from analysts and investors.

這是一張添加的幻燈片，為您提供一些我知道分析師和投資者感興趣的領域的額外指標。

On the upper left, if you look at lease performance, the industry has been -- we have been seeing increasing lease rates over the last number of years, but even during the last few quarters.

在左上角，如果你看一下租賃業績，這個行業一直——我們看到過去幾年的租賃率一直在上升，甚至在過去幾個季度也是如此。

And you can see in the first quarter it was 32%.

你可以看到第一季度是 32%。

We have traditionally not been at the same level as the industry, which was the case.

傳統上，我們與行業不在同一水平，情況確實如此。

In the first quarter we came in at 26%.

第一季度，我們的增長率為 26%。

Our expectations are that for the full year we will come in at a level that will be below that.

我們的期望是，全年我們的收入水平將低於該水平。

Again, we are continuing to follow a proprietary modeling that we do of lease, making sure that we don't have any concentration of risk, whether it's geographical, product series, and so forth.

同樣，我們將繼續遵循我們對租賃所做的專有建模，確保我們沒有任何風險集中，無論是地域、產品系列等。

We are very comfortable at the level of leasing, but that number will come down for the full year.

我們對租賃水平非常滿意，但這一數字全年都會下降。

On the bottom just beneath that, you can see our experience in terms of auction values at first-quarter mix across all periods there.

在其下方的底部，您可以看到我們在第一季度所有時期的拍賣價值方面的經驗。

And you can see that we have seen a decline in both 24-month and 36-month auction values versus a year ago.

你可以看到，與一年前相比，我們看到 24 個月和 36 個月的拍賣價值都有所下降。

We are up sequentially from the first -- from the fourth quarter.

我們從第一季度開始依次上升——從第四季度開始。

We would normally have expected that increase to be higher.

我們通常會預期增幅會更高。

It hasn't occurred and that is largely based on supply.

它沒有發生，這主要取決於供應。

We have, across the industry, more units coming back from the increasing rates of lease over the last number of years.

在整個行業中，我們有更多的單位從過去幾年不斷增加的租賃率中恢復過來。

We will have about 200,000 units coming back this year.

今年我們將有大約 200,000 台產品回歸。

Demand, for us anyway, is still very healthy and about where it has been; we just have more units coming back.

無論如何，對我們來說，需求仍然非常健康，而且與過去的水平差不多；我們只是有更多的單位回來。

So we have assumed going forward, as I mentioned earlier, lower auction values.

因此，正如我之前提到的，我們假設未來的拍賣價值會降低。

And that's built into our guidance.

這已納入我們的指導方針。

If you go to the upper right, you can see the retail contract placement terms, our experienced.

如果你去右上角，你可以看到我們經驗豐富的零售合約配售條款。

Of course, this has been, again, an industry trend of longer-term placement terms, for us at least, over the last number of quarters.

當然，這再次成為長期配售條款的行業趨勢，至少對我們來說，在過去的幾個季度裡是這樣。

We are sort of around that 64-month level.

我們大約處於 64 個月的水平。

We do have -- we are participating in terms that exceed that and you can see that on the line.

我們確實有——我們參與的條款超出了這個範圍，你可以在線上看到這一點。

About 3% to 4% of our business has been at 73 months or higher, which is well below what the industry is at.

我們約有 3% 至 4% 的業務已達到 73 個月或更長時間，這遠低於行業水平。

If you go below that you can see our FICO scores.

如果低於該值，您可以看到我們的 FICO 分數。

You can see we did have a decline in the first quarter.

你可以看到我們在第一季度確實有所下降。

That is not unusual.

這並不罕見。

We've gone back and looked at the last five years, and when you generally see that happen, a lot of that is mainly due to the types of marketing programs that we have in place in the quarter, which tends to drive a little bit fewer customers to Ford Credit than to other alternative financing.

我們回顧過去五年，當你普遍看到這種情況發生時，其中很多主要是由於我們在本季度實施的營銷計劃類型，這往往會推動一些與其他替代融資相比，福特信貸的客戶更少。

If you look at the line, you can see our risk portfolio continues to be in that 5% to 6% range that we've had for quite a number of years.

如果你看這條線，你會發現我們的風險投資組合繼續處於我們已經有很多年的 5% 到 6% 的範圍內。

So very robust balance sheet and strong performance by Ford Credit.

如此強勁的資產負債表和福特信貸的強勁表現。

All right, let's go to the next slide and we will look at cash.

好吧，讓我們轉到下一張幻燈片，我們將看看現金。

This is slide 25.

這是幻燈片 25。

I think the best thing to say about the very strong performance on cash flow is it just underscores the quality of the earnings.

我認為關於現金流非常強勁的表現最好的說法是它只是強調了收益的質量。

You can see the $3.3 billion of automotive pretax profit.

你可以看到 33 億美元的汽車稅前利潤。

Over 80% of that flew right through to cash flow, so it's very, very strong quality of earnings message there.

其中超過 80% 直接流向了現金流，因此那裡的盈利信息質量非常非常強。

With that cash flow we had some paydown of debt, normal maturities.

有了這些現金流，我們就可以償還一些正常到期的債務。

We did fund some of our funded pension plans.

我們確實為我們的一些基金養老金計劃提供了資金。

We're still on track to $1.5 billion for the year and then, of course, the dividends that Mark mentioned.

我們今年仍有望達到 15 億美元，當然還有馬克提到的股息。

In addition, in the quarter we completed the anti-dilutive share repurchase program that was about $145 million.

此外，本季度我們完成了約 1.45 億美元的反稀釋股份回購計劃。

Ended with very strong liquidity and Automotive debt of about $13 billion.

以非常強勁的流動性和約 130 億美元的汽車債務結束。

That is up a little bit from where we were at the end of last year and that was largely exchange and some non-cash debt changes.

這比我們去年底的水平略有上升，這主要是交換和一些非現金債務的變化。

Okay, with that I'm going to turn it over to Mark.

好的，我將把它交給馬克。

Thanks, Bob.

謝謝，鮑勃。

Slide 26 summarizes our industry and our GDP planning assumptions going forward.

幻燈片 26 總結了我們的行業和我們未來的 GDP 規劃假設。

Again, all-in-all, we see conditions as being supportive of growth in the automotive industry sales globally and for the major markets that you see on the slide here.

同樣，總而言之，我們認為條件有利於全球汽車行業的銷售增長以及您在此處幻燈片中看到的主要市場。

Our expectations for the full-year industry sales by market are unchanged.

我們對按市場劃分的全年行業銷售額的預期保持不變。

I won't go through slides 27 and 28, but they show our guidance for each of the business units and our company guidance, both of which are unchanged.

我不會通過幻燈片 27 和 28，但它們顯示了我們對每個業務部門的指導和我們公司的指導，兩者都沒有改變。

Just to provide some additional color on guidance, we are through the first quarter.

只是為了提供一些額外的指導色彩，我們已經度過了第一季度。

We had a really good start to the year and we will continue to focus on delivering our guidance, which is equal to or better than last year's record.

我們今年的開局非常好，我們將繼續專注於提供與去年的記錄相同或更好的指導。

So just kind of bringing it all together on slide 29, the first quarter was an absolutely terrific start to the year for us.

因此，將所有內容放在幻燈片 29 上，第一季度對我們來說是今年絕對出色的開端。

It was an all-time record quarter for the Company.

這是公司的歷史記錄季度。

It was very strong performance across our businesses.

我們的業務表現非常強勁。

Our commitment remains to accelerate our pace of progress even further and, again, focusing on those four key areas that drive creating value in the Company: growth, returns, risks, and rewards.

我們的承諾仍然是進一步加快我們的進步步伐，並再次關注推動公司創造價值的四個關鍵領域：增長、回報、風險和回報。

Importantly, we are building on our strengths as we expand our business model to be both an auto and a mobility company and also taking advantage of emerging opportunities through Ford Smart Mobility.

重要的是，我們正在鞏固我們的優勢，因為我們將我們的業務模式擴展為汽車和移動公司，並通過福特智能移動利用新興機會。

And importantly, as we grow, we are committed to growing lean and focusing on profitability.

重要的是，隨著我們的成長，我們致力於實現精益化並專注於盈利能力。

So I guess the bottom line is that we expect 2016 to be another strong year with sustained strong financial performance and returns and with continued strength into 2017.

所以我想底線是我們預計 2016 年將是又一個強勁的一年，財務業績和回報持續強勁，並在 2017 年繼續保持強勁勢頭。

And I believe our results this quarter clearly demonstrate that our passion for products, our focus on innovation in all areas of our business, and driving improved mix -- they are driving improved mix, a strong business structure, and of course, exciting new technology that benefits our customers around the world, all of which is paying off with record performance.

我相信我們本季度的業績清楚地表明，我們對產品的熱情、我們對業務所有領域創新的關注以及推動改進的組合——它們正在推動改進的組合、強大的業務結構，當然還有令人興奮的新技術這使我們在世界各地的客戶受益，所有這些都以創紀錄的業績獲得回報。

We are proud of our achievements with the full understanding we have to continually earn them.

我們為我們的成就感到自豪，並充分理解我們必須不斷獲得這些成就。

We're excited about the future and we are confident in our ability to continue to drive growth, returns, and rewards at lower risk across the entire company.

我們對未來感到興奮，我們相信我們有能力繼續以較低的風險推動整個公司的增長、回報和回報。

So with that, why don't we open it up your questions?

那麼，為什麼我們不打開你的問題呢？

(Operator Instructions) Pat Archambault, Goldman Sachs.

（操作員說明）Pat Archambault，Goldman Sachs。

Thank you very much.

非常感謝。

Good morning and congrats on a great result.

早上好，祝賀你取得了很好的成績。

I guess maybe two areas of questions for me is first on the walk in North America.

我想對我來說，可能有兩個問題首先是在北美散步。

Just a little bit more, perhaps, on the pricing versus cost piece.

也許更多一點，關於定價與成本部分。

Maybe I'll just take it at a very, very high level.

也許我會把它放在非常非常高的水平上。

I think one would've expected that, given the newness of the portfolio, pricing would be still up as it was in previous quarters.

我認為人們會預期，鑑於投資組合的新穎性，定價仍會像前幾個季度一樣上漲。

And I get that there was that inventory adjustment, but even with that it seems that pricing wouldn't have been up much.

我知道有庫存調整，但即便如此，定價似乎也不會上漲太多。

Then also, likewise, on the positive side, I guess -- I think I was quite surprised by the extent of benefits from lower variable costs, just given all the new content.

然後，同樣，在積極的方面，我想——我認為我對較低的可變成本帶來的好處的程度感到非常驚訝，只是考慮到所有新內容。

I guess that took me by surprise as well.

我想這也讓我感到驚訝。

So maybe we could talk a little bit about that and how we think about those things going forward.

所以也許我們可以談談這個以及我們如何看待這些事情的發展。

I'll take that, Pat.

我會接受的，帕特。

If you look at the pricing, you can see we did have strong absolute pricing of about $600 million and that was pretty much -- if I take the stock accrual aside, that was pretty much offset by incentives.

如果你看一下定價，你會發現我們確實有大約 6 億美元的強勁絕對定價，這幾乎是——如果我把股票應計費用放在一邊，這幾乎被激勵措施所抵消。

Again, I think this quarter, in terms of a run rate, is sort of more normal.

同樣，我認為本季度的運行率比較正常。

Last year was the anomaly because of what was going on with the F-Series and the Oakville launch.

去年是反常的一年，因為 F 系列和 Oakville 的發布。

And I think that really is influencing this because last year we largely did have -- while we had the new product, we had very low levels of incentives because of how tight the inventory was at that time.

我認為這確實影響了這一點，因為去年我們在很大程度上確實有——雖然我們有新產品，但由於當時庫存非常緊張，我們的激勵水平非常低。

Really what you've got is you've got F-Series, or F-150, which is an important product for us in terms of absolute volume, coming back to more normal levels.

實際上，您擁有的是 F 系列或 F-150，就絕對數量而言，這對我們來說是一個重要的產品，恢復到更正常的水平。

But still better than our key competitors.

但仍優於我們的主要競爭對手。

So I think that's largely what is at play.

所以我認為這在很大程度上是在起作用。

We are seeing some benefit from the Edge and the MKX, although again Edge was in the first-quarter performance last year as well.

我們看到 Edge 和 MKX 帶來了一些好處，儘管 Edge 去年第一季度的業績也同樣出色。

So I don't think you are actually seeing so much in terms of brand-new product in this quarter versus the lack of that product in the year-ago period, which is maybe a little bit unusual in this particular quarter.

因此，我認為與去年同期缺乏該產品相比，本季度你實際上並沒有看到太多的全新產品，這在這個特定的季度可能有點不尋常。

In terms of the contribution cost, again I think it's the same factor.

就貢獻成本而言，我再次認為這是相同的因素。

We didn't have as much in the way of adverse or increased product-related cost, new product cost, because we had F-Series largely in the quarter last year.

我們沒有那麼多不利或增加的產品相關成本、新產品成本，因為我們在去年這個季度主要有 F 系列。

Not a lot of volume, but it was there.

音量不是很大，但它在那裡。

Edge was there.

邊緣在那裡。

As a result, what you can see is the great performance the team delivers quarter in and quarter out in terms of material efficiencies flowing through.

因此，您可以看到團隊在材料效率方面每季度都表現出色。

We also had some good news on -- down in that warranty, freight, and other.

我們也有一些好消息——在保修、運費和其他方面。

A lot of that was freight.

其中很多是運費。

We had a lot of premium freight in the quarter a year ago related to some of the launches, and so that's coming through.

一年前的這個季度，我們有很多與一些發射相關的優質運費，所以這是通過的。

One thing maybe I'd take the opportunity to answer, I did say, I think it was back at Deutsche Bank, that I didn't think we'd see as much benefit on commodities this year.

有一件事我可能會藉此機會回答，我確實說過，我認為這是在德意志銀行，我認為今年我們不會在商品上看到那麼多的好處。

That, clearly, has changed based on what's happened subsequently to continued decline in commodities I think.

很明顯，這已經根據我認為商品持續下跌之後發生的事情發生了變化。

Last year we had, I think, it was $930 million of good news on commodities for the full year.

我認為，去年我們全年收到了 9.3 億美元的商品好消息。

At the moment, it looks like we're tracking to something like that.

目前，看起來我們正在追踪類似的東西。

I still think we will have a little bit more bad news on exchange this year on a year-over-year basis than we had last year, but the net of the two are still going to be a bit more good news than what we had expected.

我仍然認為，與去年同期相比，今年我們在交易所的壞消息會比去年多一點，但兩者的淨值仍然會比我們的好消息多一點預期的。

Just one more thing in terms of what to expect going forward.

就未來的預期而言，還有一件事。

Our teams, I think, are doing a really terrific job of really understanding the consumer and what costs should we be putting in products.

我認為，我們的團隊在真正了解消費者以及我們應該在產品中投入多少成本方面做得非常出色。

And I think you are seeing that in the mix in terms of the average transaction prices.

我認為你在平均交易價格方面看到了這一點。

Our average transaction prices are up more than double the rest of the industry.

我們的平均交易價格比其他行業高出一倍多。

And that really comes down to understanding the customers and putting the right costs in the vehicles that drive revenue.

這真正歸結為了解客戶並將正確的成本投入到可推動收入的車輛中。

Understood.

明白了。

Could I squeeze one last one in just on production?

我可以在生產中擠出最後一個嗎？

I think they were some comments out this morning in the press about having to reduce production in the back half just given the inventory situation.

我認為他們今天早上在媒體上發表了一些評論，稱鑑於庫存情況不得不減少後半部分的產量。

More on that?

更多關於那個？

What we really see in the second half is primarily around two other factors.

我們在下半年真正看到的主要是另外兩個因素。

One is normal seasonality.

一種是正常的季節性。

You've got, both here and in Europe -- and in fact, in Europe you have more -- summer shutdown weeks.

在這里和歐洲都有——事實上，在歐洲你有更多——夏季停工週。

You also have the shutdowns that occur at the end of the year, so it's just normal to have less production and, therefore, less wholesales in the second half than in the first half.

您還會在年底發生停產，因此下半年的產量減少是正常的，因此下半年的批發量比上半年少。

It was a bit different last year because of the launches, but this is going to be a more normal year.

由於發布，去年有點不同，但今年將是更正常的一年。

Secondly, we've got the Super Duty launch that I referred to that will take place in the third quarter.

其次，我提到的 Super Duty 發布將在第三季度進行。

While we will be able to contain that in terms of down weeks within the normal scheduled summer downtime, you still have the launch curve, which is going to take some volume out.

雖然我們能夠在正常計劃的夏季停機時間內將停機時間控制在幾週內，但您仍然有啟動曲線，這將減少一些數量。

Which is one of the reasons why we are a little heavy on Super Duty stock today, because we have to anticipate that, make sure we have got enough inventory to get through that whole launch.

這就是為什麼我們今天對 Super Duty 庫存有點沉重的原因之一，因為我們必須預見到這一點，確保我們有足夠的庫存來完成整個發布。

So that's a key factor.

所以這是一個關鍵因素。

In terms of tweaking production for inventory, that is just going to be the normal process.

就庫存調整生產而言，這只是正常過程。

We see ebbs and flows of demand in inventory and we will adjust as we go forward, but it's really those first two factors that are the key ones that are affecting us.

我們看到庫存需求的起伏，我們將在前進的過程中進行調整，但實際上前兩個因素才是影響我們的關鍵因素。

And it's not just in North America, but particularly in Europe, too.

不僅在北美，尤其是在歐洲。

Got it.

知道了。

Thanks a lot for the color and congrats on the quarter.

非常感謝顏色，並祝賀本季度。

Ryan Brinkman, JPMorgan.

瑞安布林克曼，摩根大通。

Good morning.

早上好。

Congrats on the quarter.

祝賀這個季度。

Thank you for taking my questions.

謝謝你回答我的問題。

You mentioned that warning you gave intra-quarter about the $100 million headwind to Ford Credit in 1Q from lower used car prices, impact of lease residuals, etc.

你提到你警告說，由於二手車價格下降、租賃殘差的影響等，你在第一季度給福特信貸帶來了 1 億美元的逆風。

Yet your profit there was strong and it rose year over year.

然而，你們那裡的利潤很高，而且逐年上升。

So can you talk some more about the tailwinds impacting that business that are allowing you to offset that headwind, whether just an increase in portfolio or something else?

那麼，您能否多談談影響該業務的有利因素，這些因素使您能夠抵消不利因素，無論是增加投資組合還是其他因素？

Then, as the year progresses, what is your outlook for both the headwind from used car prices and the tailwind from the offsetting factors?

那麼，隨著時間的推移，您對二手車價格的逆風和抵消因素的順風有何看法？

Good morning.

早上好。

I think it's largely the same thing that I said at Let's Chat, which is we would expect to see sort of an adverse year-over-year from lease residuals in most of the quarters that we have ahead of us, if not all of them.

我認為這在很大程度上與我在 Let's Chat 中所說的相同，即我們預計在我們前面的大多數季度（如果不是全部的話）中，租賃殘差同比都會出現不利情況.

Although it will start to mitigate as we get towards the end of the year.

儘管隨著我們接近年底，它會開始減輕。

So we think -- and we built that in.

所以我們認為 - 我們將其內置。

As I mentioned in March, we do have an expectation of lower auction values and that's particularly on the car side of the business, but we have built that in.

正如我在 3 月份提到的那樣，我們確實期望較低的拍賣價值，尤其是在汽車業務方面，但我們已經建立了這一點。

I think that will be on a year-over-year basis as a headwind, although again mitigating towards the end of the year.

我認為這將作為逆風逐年增長，儘管到年底會再次減弱。

But that will be offset by strong growth of the business, not only in North America, but in other parts of the world as well.

但這將被業務的強勁增長所抵消，不僅在北美，而且在世界其他地區也是如此。

So I think that will be offset.

所以我認為這將被抵消。

Again, the other thing I should mention is the team is really, really focused on cost performance.

同樣，我應該提到的另一件事是團隊真的非常注重性價比。

Our operating cost performance is the best in the business and that will continue to be something that will keep us lean and mean and enable Ford Credit to continue to generate the types of profitability that it has.

我們的運營成本績效是業內最好的，這將繼續使我們保持精益和節儉，並使福特信貸能夠繼續產生它所擁有的盈利類型。

And then, Ryan, on your question on used car prices, obviously you've seen some of the Manheim reports.

然後，Ryan，關於你關於二手車價格的問題，顯然你已經看過一些 Manheim 的報告。

This is not a demand issue.

這不是需求問題。

The demand is there; it's really a supply issue as more of these three-year leases come off.

需求就在那裡；這確實是一個供應問題，因為這些三年期租約中有更多租約即將到期。

We're going to watch it closely.

我們將密切關注它。

Obviously we've done a lot of the studies to see: are used car buyers actually cross-shopping with new cars?

顯然，我們已經做了很多研究來了解：二手車購買者實際上是在交叉購買新車嗎？

It's very small, it's in the single digits, but clearly it does have implications for trade-in values, so we're going to continue to watch that closely.

它非常小，只有個位數，但顯然它確實對以舊換新價值有影響，因此我們將繼續密切關注。

Okay, thanks.

好的謝謝。

Then just on the 6.3% margin in Europe, obviously that's really impressive.

然後僅在歐洲 6.3% 的利潤率，顯然這確實令人印象深刻。

If I go back to your last analyst day in September 2014, it looks like you were guiding then for 3% to 5% margin by 2020.

如果我回到 2014 年 9 月你的最後一個分析師日，看起來你當時的指導目標是到 2020 年 3% 到 5% 的利潤率。

How sustainable do you think this improvement in Europe is?

您認為歐洲的這種改善有多可持續？

I understand it's a seasonally stronger quarter, but presumably as volume continues to normalize higher over time, does that now mean there's upside it to your out-year 3% to 5% outlook?

我知道這是一個季節性強勁的季度，但大概隨著時間的推移，交易量繼續正常化，這是否意味著你的年外 3% 到 5% 的前景有上升空間？

I think we're going to have a great year in Europe.

我認為我們將在歐洲度過美好的一年。

And as we said, our -- even though we are off to a very good start and I think we're going to continue to have a very good year, our objective is to make Europe a very sustainable and vibrant, profitable part of our business and achieving 6% to 8% operating margin.

正如我們所說，我們的 - 儘管我們有一個很好的開端，而且我認為我們將繼續擁有非常好的一年，但我們的目標是使歐洲成為我們的一個非常可持續、充滿活力、盈利的部分業務並實現 6% 至 8% 的營業利潤率。

And that's what we are focusing on.

這就是我們關注的重點。

Importantly, as we do it, we are seeing a lot of the things that we've done over the past couple of years pay off.

重要的是，在我們這樣做的過程中，我們看到過去幾年我們所做的很多事情都得到了回報。

On the cost side, as you know, we reduced our capacities.

如您所知，在成本方面，我們降低了產能。

On the brand side, if you look at, for example, our channel mix in Europe, we're about 6 points above the rest of the industry in terms of channel mix of retail and fleet, which is good business for us.

在品牌方面，例如，如果你看一下我們在歐洲的渠道組合，就零售和車隊的渠道組合而言，我們比其他行業高出約 6 個百分點，這對我們來說是一筆好生意。

If you look at the investments we've made in our commercial vehicle brand, we are number one, the best-selling commercial vehicle brand.

如果你看看我們對商用車品牌的投資，我們是第一，最暢銷的商用車品牌。

As I mentioned earlier, we are seeing very rich mix in Europe, which I think bodes well, particularly based on the experience we have seen over a period of time here in North America.

正如我之前提到的，我們在歐洲看到了非常豐富的組合，我認為這是個好兆頭，特別是根據我們在北美一段時間內看到的經驗。

Okay, thanks.

好的謝謝。

Just lastly then, I'm curious with your planned new plant in Mexico and now with the really essentially complete intertwining of the US, Mexican, and Canadian auto markets, whether you have given much thought to the potential risk to your North American operations, and to the industry in general, from all of this weird rethinking on both sides of the political aisle of the benefits of NAFTA.

就在最後，我很好奇你們在墨西哥計劃的新工廠，以及現在美國、墨西哥和加拿大汽車市場真正基本上完全交織在一起，你們是否充分考慮了你們北美業務的潛在風險，對整個行業而言，從所有這些對北美自由貿易協定的好處的政治通道雙方的奇怪重新思考。

I can't speak to what's being said on the campaign trail.

我無法對競選活動中的言論發表意見。

Obviously, we have these trade agreements and I think, as we look at our business, we have made a big commitment obviously here to our facilities here in the US.

顯然，我們有這些貿易協定，我認為，當我們審視我們的業務時，我們顯然已經對我們在美國的設施做出了重大承諾。

You've seen some of the numbers in terms of backing that up.

你已經看到了一些支持它的數字。

Not only just the absolute numbers of what -- we've invested $10 billion over the last number of years and another $9 billion going forward, of which you saw some of that announced two days ago.

不僅僅是絕對數字——我們在過去幾年投資了 100 億美元，未來還將投資 90 億美元，其中一些是兩天前宣布的。

But, clearly, we manufacture more vehicles here in the US than any other OEM and employ more people.

但是，很明顯，我們在美國生產的車輛比任何其他原始設備製造商都多，僱用的員工也更多。

But at the same time, we are looking at our footprint and we are seeing what does it make sense for our business?

但與此同時，我們正在審視我們的足跡，看看它對我們的業務有何意義？

And I think we have a good plan going forward to support our growth, despite some of the political campaign chatter right now.

我認為我們有一個很好的計劃來支持我們的增長，儘管現在有一些政治競選言論。

Rod Lache, Deutsche Bank.

Rod Lache，德意志銀行。

Good morning, everybody.

大家早上好。

Had a couple things, first, on North America.

首先，在北美有幾件事。

Obviously the Q1 numbers are up a lot and, as you said, the full-year earnings will be flat, which implies some, I guess, negative comparisons later in the year.

顯然，第一季度的數字上升了很多，正如你所說，全年收益將持平，這意味著，我猜，今年晚些時候會有一些負面比較。

And I think you alluded to some of those drivers.

我想你提到了其中一些司機。

It sounds like a lot of it is related to the launches.

聽起來很多都與發布有關。

So as we think about the pluses and minuses -- last year obviously you had a pretty significant number of launches.

因此，當我們考慮利弊時 - 去年顯然你有相當多的發射。

This year you've got the Super Duty and I presume next year is going to be the same.

今年你有 Super Duty，我想明年也一樣。

So as you look out to 2017 are there some drags that are being incurred right now that you think might go away as we look further out?

因此，當您展望 2017 年時，是否有一些您認為隨著我們展望未來可能會消失的阻力正在發生？

Rod, I think you touched on a number of them.

Rod，我想你提到了其中的一些。

When you look at our Super Duty launch, we will have the full benefit of that launch in 2017.

當您查看我們推出的 Super Duty 時，我們將充分享受 2017 年推出的產品帶來的好處。

Couple of other things.

其他一些事情。

We continue to see here in the US customers migrating from passenger cars into SUVs.

我們繼續看到美國客戶從乘用車轉向 SUV。

And when you look at our lineup and you look at the performance there, we think that continues to bode well for us.

當您查看我們的陣容並查看那裡的表現時，我們認為這對我們來說仍然是個好兆頭。

I think our work overall, as I mentioned earlier, really understanding the costs that we are putting into the product to drive mix, will be important.

我認為我們的整體工作，正如我之前提到的，真正了解我們投入產品以推動組合的成本將很重要。

So I would look at it -- you could look at it saying, oh my gosh, the second half is going to be weaker and that's going to run into 2017.

所以我會看著它——你可以看著它說，天哪，下半年會更弱，而且會持續到 2017 年。

As we said, this is kind of a normal year in terms of the calendarization of our profits and sales, but the bottom line, as we get into 2017 we see continued strength based on the foundational elements of the business: product, brand, and cost.

正如我們所說，就我們的利潤和銷售額的日曆化而言，今年是正常的一年，但歸根結底，隨著我們進入 2017 年，我們看到基於業務基本要素的持續實力：產品、品牌和成本。

Okay.

好的。

Can you comment on where you expect to end the year with respect to inventory days, to the extent that there is some -- a little bit of an elevated level in the field?

您能否評論一下您預計今年年底的庫存天數，在一定程度上 - 該領域的水平有所提高？

Is that something that gets corrected by the end of the year?

這會在年底前得到糾正嗎？

And how should we be thinking about the outlook for the non-raw-material cost inflation going forward?

我們應該如何看待未來非原材料成本通脹的前景？

In terms of inventory, Rod, as I said back in March, our expectations are that you will continue to see the inventory levels come down, particularly as we get further into the higher selling seasons in the spring and the summer.

在庫存方面，Rod，正如我在 3 月份所說，我們的預期是您將繼續看到庫存水平下降，特別是隨著我們進一步進入春季和夏季的較高銷售季節。

And then towards the end of the year we always end strong, usually with the end-of-year sales as well.

然後到年底，我們總是以強勁的勢頭結束，通常也有年終銷售。

I think you'll see us very, very normal by the time we get into the second half of the year in particular, so I don't see anything unusual there at all.

我想你會看到我們非常非常正常，尤其是在我們進入下半年的時候，所以我根本看不出有什麼不尋常的地方。

We are a bit heavy right now on Super Duty, as I said.

正如我所說，我們現在對 Super Duty 有點沉重。

And then, of course, with the very low volume January and February sales months, the visibles, if you will, of the day supply look high, but we are actually quite comfortable with where we are.

然後，當然，由於 1 月和 2 月的銷售量非常低，如果您願意的話，當天的可見供應量看起來很高，但實際上我們對自己的處境感到非常滿意。

So I don't think you're going to see anything unusual other than what I just mentioned.

所以我認為除了我剛才提到的以外，您不會看到任何不尋常的事情。

In terms of the raw materials (multiple speakers).

在原材料方面（多個揚聲器）。

The non-raw materials.

非原材料。

Oh, non-raw materials.

哦，非原料。

I think you're going to have very strong cost performance across the business this year in North America; you saw the positive news.

我認為您今年在北美的整個業務將擁有非常強勁的成本效益；你看到了正面消息。

And the same thing with Europe.

歐洲也是如此。

You will see seasonal cost increases in the second half and I think you'll see some cost increases, for sure, coming from the new Super Duty, which is normal.

下半年你會看到季節性成本增加，我想你會看到一些成本增加，當然，來自新的 Super Duty，這是正常的。

We'll have the product-related costs that will come through in the second half of the year, which is not unusual in and of itself, but also remember we haven't updated this product in 19 years.

我們將在今年下半年產生與產品相關的成本，這本身並不罕見，但也請記住，我們已經 19 年沒有更新該產品了。

We're going to be coming out with a product that's going to really set the standard and be something that we can sustain over the next 5 to 10 years.

我們將推出一款真正樹立標準的產品，並成為我們可以在未來 5 到 10 年內維持下去的產品。

Is that something that should be (multiple speakers)?

這是應該的（多個揚聲器）嗎？

Should that be more benign than what we've been seeing with F-Series and Edge and some of the other products that had a lot of content cost added, some of which was regulatory?

這是否應該比我們在 F 系列和 Edge 以及其他一些增加了大量內容成本的產品中看到的情況更溫和，其中一些是監管？

Is there any color you can provide on the trajectory of that content cost related to regulatory?

關於與監管相關的內容成本的軌跡，您是否可以提供任何顏色？

We will talk more about that we get to the launch itself.

我們將更多地討論我們進入發布本身。

And we've got an investor day, which happens to be about the same time, so I think we will provide more insight and texture at that time.

我們有一個投資者日，恰好在同一時間，所以我認為我們將在那個時候提供更多的見解和紋理。

The only thing I would add on that, on the Super Duty, is just look at our performance on F-150 in terms of the content that we put in it and what it's driving in terms of revenue.

我唯一要補充的是，在 Super Duty 上，只是看看我們在 F-150 上的表現，包括我們在 F-150 上投入的內容以及它在收入方面的推動力。

Even in the quarter the F-150, our average transaction price was up $1,700 year over year, so customers are really seeing that value.

即使在 F-150 這個季度，我們的平均交易價格也同比上漲 1,700 美元，因此客戶真正看到了這個價值。

And that's the same approach the team is taking on Super Duty.

這與團隊在 Super Duty 中採用的方法相同。

Great, thank you.

太好了謝謝。

George Galliers, Evercore.

喬治·加利爾斯，Evercore。

Good morning, everyone.

大家，早安。

Two questions.

兩個問題。

The first one just on China.

第一個只針對中國。

You reported a nice step up in the JV margin, which remains at a very strong level.

您報告說，合資企業的利潤率有了很好的提升，仍處於非常強勁的水平。

What do you see as the sustainable margin for your China JV over coming quarters?

您認為您的中國合資企業在未來幾個季度的可持續利潤率是多少？

And do you see improvements in mix and structural costs effectively compensating for lower net pricing or could margins (technical difficulty) still?

您是否看到組合和結構成本的改善有效地補償了較低的淨定價或利潤率（技術難度）？

Yes, I think will see very strong results for the course of the year, George, from China.

是的，來自中國的 George，我認為這一年的結果會非常好。

I think the margins, I don't know if they will be at 16%, but they will be double digits.

我認為利潤率，我不知道它們是否會達到 16%，但它們將是兩位數。

They will be very, very strong I would suspect.

我懷疑它們會非常非常強壯。

It might be different by quarter because you get calendarization and volatility by quarter, but I think by the time we get to the end of the year, as we have shown in recent years, you will have very, very strong margins.

每個季度可能會有所不同，因為你會按季度進行日曆化和波動，但我認為到年底時，正如我們近年來所展示的那樣，你將擁有非常非常強勁的利潤率。

I would add, when you look at that number and you look at the Asia Pacific results, you go what am I missing?

我想補充一點，當您查看該數字並查看亞太地區的結果時，您會發現我錯過了什麼？

The China JVs is not the total China profit for Ford.

中國合資企業並不是福特在中國的總利潤。

We incur engineering that we absorb and are reflected in the results for the region that we don't recover from the JVs until we actually start producing the vehicles years later.

我們招致我們吸收的工程，並反映在該地區的結果中，直到我們幾年後真正開始生產車輛後，我們才從合資企業中恢復過來。

We're launching Lincoln.

我們推出林肯。

We've got other allocated costs that sort of sit at the regional level that you wouldn't see there.

我們還有其他分配的成本，這些成本位於您不會在那裡看到的區域級別。

So China very profitable for us and improving year over year, but I think you'll see very strong performance from JVs over the course of the year.

所以中國對我們來說非常有利可圖，而且逐年改善，但我認為你會在這一年中看到合資企業的強勁表現。

How are we offsetting the effect of negative pricing?

我們如何抵消負面定價的影響？

That's through a lot of cost efficiencies through the business and then we have been benefiting also from the very, very strong mix that we have and I think that will continue through the course of the year.

這是通過業務的大量成本效率實現的，然後我們也從我們擁有的非常、非常強大的組合中受益，我認為這將持續到今年。

Okay, thank you.

好的謝謝。

Also just with respect to Europe, I was wondering if you could give any indication on what Brexit, if it happens, might mean for Ford given the importance of the UK market and your fixed cost basis and what strategy or plans do you have in place if it does indeed happen.

同樣就歐洲而言，我想知道您能否就英國退歐（如果發生）對福特意味著什麼給出任何指示，因為英國市場的重要性和您的固定成本基礎以及您制定的戰略或計劃如果確實發生了。

Thanks, George.

謝謝，喬治。

Well, when you look at the issue around the Brexit, obviously, the UK is a very important market for us and what is important for us as a business is stability, particularly stability in trade, and that's important because that allows us to continue to build a strong business in the UK for the over 14,000 folks that are part of the Ford team there.

好吧，當你審視圍繞英國退歐的問題時，很明顯，英國對我們來說是一個非常重要的市場，作為一家企業，對我們來說重要的是穩定，尤其是貿易穩定，這很重要，因為這讓我們能夠繼續為福特團隊在英國的 14,000 多名員工在英國建立強大的業務。

And that's why our position has been that it is beneficial for the UK to be part of a single market, a reformed EU.

這就是為什麼我們的立場是英國成為單一市場、改革後的歐盟的一部分是有益的。

In terms of what may or may not happen, we will apply the same approach in the UK as we do in every other part of the world.

就可能發生或不發生的事情而言，我們將在英國採用與在世界其他任何地方採用的方法相同的方法。

Our aim is to keep our businesses globally competitive.

我們的目標是保持我們的業務在全球範圍內的競爭力。

So wherever that referendum comes out, we will do that.

因此，無論公投結果如何，我們都會這樣做。

Thank you very much.

非常感謝。

John Murphy, Bank of America Merrill Lynch.

約翰·墨菲，美銀美林。

Good morning, guys.

早上好傢伙。

Sort of a simple question on North America.

一個關於北美的簡單問題。

When we look at the guidance of 9.5% or higher, that would, at the low end of the range, indicate sort of a mid to low 8% EBIT margin or pretax margin for the remainder of the year.

當我們查看 9.5% 或更高的指導時，在該範圍的低端，這表明今年剩餘時間的息稅前利潤率或稅前利潤率處於中低 8% 的水平。

As we think about this, and I know there's a lot of puts and takes and there's seasonality here, should we kind of focus a little bit more on the higher component of 9.5% or higher or do you think that 9.5% is something we really should keep in our thought process?

當我們考慮這個問題時，我知道有很多看跌期權，而且這裡有季節性，我們是否應該更多地關注 9.5% 或更高的較高部分，或者你認為 9.5% 是我們真正的目標嗎？應該保留在我們的思維過程中？

Again, let me just restate what the guidance says.

再一次，讓我重申一下指南所說的內容。

It's not 9.5%; it's 9.5% or higher.

不是 9.5%；它是 9.5% 或更高。

So we do see upside potential from where we were last year and so we just need to let the year play out.

所以我們確實看到了去年的上升潛力，所以我們只需要讓這一年結束。

We're in the first quarter.

我們在第一季度。

There's a lot of moving pieces, a lot of things that we have to manage.

有很多動人的事情，很多事情我們必須處理。

We will have, as I mentioned, lower production, which is normal.

正如我所提到的，我們的產量會降低，這是正常的。

In the second half, we will have a launch, which will have an effect in the second half with all the benefits to come later, as Mark mentioned.

在下半年，我們將進行一次發布，這將在下半年產生影響，所有的好處都將在稍後出現，正如馬克提到的那樣。

But we think we will come in at 9.5% or higher and I know Joe and the team are working as hard as humanly possible to make sure that we continue to get everything out of that business unit that we can and they certainly did in the first quarter.

但我們認為我們將達到 9.5% 或更高，而且我知道喬和團隊正在盡可能努力地工作，以確保我們繼續從該業務部門獲得我們能做的一切，他們在第一個階段確實做到了四分之一。

So we feel super good about where we are in the quarter and we will have an extremely strong year.

因此，我們對本季度的情況感覺非常好，我們將有一個非常強勁的一年。

And we'll provide updates on this at the end of the second quarter when we do the second-quarter call.

當我們進行第二季度電話會議時，我們將在第二季度末提供這方面的更新。

That's very helpful and thank you.

這非常有幫助，謝謝。

Then on Europe, you kind of alluded to Russia not being as big a drag in the quarter.

然後在歐洲，你有點暗示俄羅斯在本季度沒有那麼大的拖累。

I was just curious if you could put Russia in context in the European business, sort of size and potential stability and recovery there because it seems like the rest of Europe is firing on all cylinders and if that ever stabilizes, you could even see some real upside to Europe.

我只是很好奇你是否可以將俄羅斯置於歐洲業務的背景下，那裡的規模和潛在的穩定性和復蘇，因為看起來歐洲其他國家正在全力以赴，如果穩定下來，你甚至可以看到一些真正的歐洲的優勢。

Just to put it into perspective from just a sales standpoint or a share standpoint, in Europe in total, our share was up a couple of tenths to I think about 8% in terms of market share.

僅從銷售或份額的角度來看，在整個歐洲，我們的份額上升了十分之二，我認為就市場份額而言約為 8%。

In Russia, we actually doubled our market share in the quarter from a year-ago period.

在俄羅斯，我們在本季度的市場份額實際上比去年同期翻了一番。

We are about 3%.

我們大約是3%。

So you can do the math and see the impact from a volume standpoint.

因此，您可以計算一下並從數量的角度來看影響。

But our approach as you know in Russia going forward, we view that as it's going to be -- it's an important market.

但正如你所知，我們在俄羅斯的做法是未來的發展方向，我們認為這將是一個重要的市場。

It will recover over time and the investments that we've made both on the product side and the distribution side and just the business structure itself I think will position us well for when the market does start to come back around and that will happen when commodities start coming back around.

它會隨著時間的推移而恢復，我們在產品方面和分銷方面所做的投資以及業務結構本身，我認為這將使我們在市場開始復蘇時處於有利地位，而這將在大宗商品時發生開始回來。

I think that is a really good point.

我認為這是一個非常好的觀點。

That's one of the sort of on its own a big profit opportunity for us when the commodity cycle starts to turn.

當大宗商品週期開始轉向時，這對我們來說是一種巨大的獲利機會。

Then just lastly on slide 24, you gave us some great incremental data here on financial services at Ford Credit.

最後在幻燈片 24 上，您在這里為我們提供了一些關於福特信貸金融服務的重要增量數據。

As we look at sort of the slight extension in terms that are happening in the industry but don't seem to be happening for you and then also look at the percentage of loans that are above 73 months, can you talk about what's going on with credit scores and the consumer that's being offered extended terms?

當我們看一下行業中正在發生但似乎沒有發生在您身上的輕微延期，然後再看看超過 73 個月的貸款百分比時，您能談談發生了什麼嗎？信用評分和被提供延長期限的消費者？

It seems like that's only occurring in high credit quality consumers.

這似乎只發生在高信用質量的消費者身上。

And also maybe if you could just comment on prepayment speeds as you've seen an extension in terms, because I think they have been picking up.

而且，如果您看到條款的延期，您可以只對預付款速度發表評論，因為我認為他們一直在回升。

Yes, I'll just give a high-level comment and then we will let Marion supplement.

是的，我只是給出一個高級別的評論，然後我們讓Marion 補充。

What we are seeing and you touched on it and I think we talked about it at Let's Chat, we are seeing these customers have very, very high FICO scores.

我們所看到的以及您所觸及的，我想我們在 Let's Chat 中討論過，我們看到這些客戶的 FICO 分數非常非常高。

These are really high-quality customers.

這些都是真正的優質客戶。

The other thing that's interesting is we are (technical difficulty) come out of that contract early.

另一件有趣的事情是我們（技術困難）提前退出了該合同。

They don't hang in till the bitter end, if you will.

如果你願意的話，他們不會堅持到最後一刻。

And so we are also not seeing any signs here or in Canada, which is about 10 years ahead of us in terms of this trend, in terms of extending the trade cycle.

因此，我們在這里或加拿大也沒有看到任何跡象，就這一趨勢而言，就延長貿易週期而言，加拿大比我們領先大約 10 年。

So right now it just looks like these customers recognize it as being a good deal and they are taking it, but then they don't necessarily hold on to it as long as the contract would allow them to.

所以現在看起來這些客戶認為這是一筆好交易並且他們正在接受它，但他們不一定會堅持下去，只要合同允許他們這樣做。

So you're right in that the industry is higher -- I think is it like a 17% mix or something like that?

所以你是對的，這個行業更高——我認為它是 17% 的混合還是類似的東西？

That's around these 73 months terms.

這大約是這 73 個月的期限。

We are not participating in that.

我們不參與其中。

We actually are offering in very small volume even 84 months.

我們實際上提供的是非常小的數量，甚至 84 個月。

That's something that is out there as well, but again, I think you'll see us trending well below the industry as that trend continues.

這也是那裡存在的東西，但我認為隨著這種趨勢的繼續，你會看到我們的趨勢遠低於行業。

Marion, do you want to add anything?

Marion，你想補充什麼嗎？

No, I think you covered everything, Bob.

不，我認為你涵蓋了一切，鮑勃。

Adam Jonas, Morgan Stanley.

亞當·喬納斯，摩根士丹利。

Really strong quarter.

真正強勁的季度。

Question on -- for Smart Mobility LLC, I think that you made some really important efforts to identify some of the opportunities as the industry changes and to put some of these technologies within a kind of captive company.

關於 Smart Mobility LLC 的問題，我認為你做出了一些非常重要的努力來識別行業變化中的一些機會，並將其中一些技術置於一種專屬公司中。

I guess the question is: is there a rationale to take the LLC and to separately capitalize it or create a tracking stock or some form, which has been done by large companies in the past in your industry and in others, as a way to kind of find a mechanism through which to attract and compensate employees that would be -- that you would be recruiting in that battle for talent that could be done in a more customized way outside the scope of the traditional forces that affect an auto industry -- auto company's performance?

我想問題是：是否有理由採用有限責任公司並將其單獨資本化或創建跟踪股票或某種形式，過去在您的行業和其他行業中大公司已經這樣做過，作為一種方式找到一種機制來吸引和補償員工——你將在這場人才爭奪戰中招募人才，這種方式可以在影響汽車行業的傳統力量範圍之外以更個性化的方式進行——汽車公司業績？

I say that seeing your stock up -- you posted an incredibly strong result.

我說看到你的股票上漲——你發布了一個令人難以置信的強勁結果。

Your multiple is still really, really low.

你的倍數仍然非常非常低。

Stock is up a percent and change.

股票上漲了一個百分點並發生了變化。

At some point does the capital -- the mechanism through which you can raise and attract capital need to match the mission, if you follow?

在某些時候，資本——你可以通過它籌集和吸引資本的機制是否需要與使命相匹配，如果你遵循的話？

Thanks, Adam.

謝謝，亞當。

And those are some really interesting thoughts.

這些都是一些非常有趣的想法。

I think, first off, the reason we set up the LLC to begin with is we wanted it what I call separate, but the connected.

我認為，首先，我們最初設立 LLC 的原因是我們希望它是獨立的，但又是相互聯繫的。

Which is to allow the Ford Smart Mobility group to have the organization and the structure to face off with some of the tech and mobility companies in terms of acting really fast.

這是為了讓福特智能移動集團擁有組織和結構，以快速行動與一些技術和移動公司對峙。

And I think going forward it's still way too early to talk about some of the things you mentioned.

而且我認為展望未來，談論你提到的一些事情還為時過早。

I wouldn't put them off the table, but at the same token, what's really important is this Ford Smart Mobility group is working very tightly with our core operations.

我不會把他們排除在外，但出於同樣的原因，真正重要的是這個福特智能移動小組正在與我們的核心業務緊密合作。

I guess where we're at on Ford Smart Mobility, we are very focused, Adam, on where to play and how to win.

我想我們在 Ford Smart Mobility 上所處的位置，亞當，我們非常關注在哪裡玩以及如何取勝。

And as you know, we are generally using experiments and pilots to (technical difficulty) technology and customer preferences, but very importantly test the business models, because at the end of the day you want to make money on these things.

正如你所知，我們通常使用實驗和試點來（技術難度）技術和客戶偏好，但非常重要的是測試商業模式，因為最終你想在這些事情上賺錢。

And we're doing that before we make, what I would call, major bets on investments, whether it's internally or externally.

在我們做出我稱之為投資的重大賭注之前，我們正在這樣做，無論是內部還是外部。

And we will have more to say about this as our Ford Smart Mobility strategy progresses this year.

隨著我們今年福特智能出行戰略的推進，我們將對此有更多話要說。

I appreciate that and look forward to hearing for Mr. Hackett.

我對此表示讚賞，並期待聽到哈克特先生的發言。

I just have one follow-up about the cycle.

我只有一個關於週期的後續行動。

Many industry leaders, including yourself, Mark, I think have made statements like -- and I'm not direct quoting, but -- that the automobile will see more changes in the next five years than in the last 50.

許多行業領導者，包括你自己，馬克，我認為已經發表過這樣的聲明——我不是直接引用，但是——汽車在未來五年內將看到比過去 50 年更多的變化。

If you just take that at face value -- first, do you believe categorically with that kind of sentiment?

如果你只是從表面上看——首先，你是否絕對相信那種情緒？

But if that's even order of magnitude correct, what does that mean for the potential for super cycle of unprecedented replacement of vehicles in the parc now that might become obsolete a little faster than in the past?

但是，如果這在數量級上是正確的，那麼對於現在可能比過去更快過時的公園中前所未有的車輛更換超級循環的潛力意味著什麼？

Where do you come out on this with your team?

你和你的團隊在哪裡討論這個問題？

Is this good for SAAR, this urgency to replace and that buying a car is a life-saving decision?

這對 SAAR 有好處嗎？這種更換的緊迫性以及買車是一個救命的決定？

Or does it gets stunted by the fact that you have maybe trillions of dollars of used cars where the equity is kind of stranded and creates a credit problem as people -- trapped in that equity, that negative equity?

或者它是否因為你可能擁有數万億美元的二手車而受到阻礙，其中股權有點擱淺並造成信用問題，因為人們 - 被困在那種股權中，那種負資產？

Thanks, there's a lot of kind of aspects to that question.

謝謝，這個問題涉及很多方面。

I do think -- I do agree -- we've said that we are going to see -- we're at an inflection point as an industry over the next number of years, given the technology that's available.

我確實認為——我確實同意——我們已經說過我們將會看到——鑑於可用的技術，我們在未來幾年內作為一個行業正處於一個轉折點。

Not only in the product itself, but how to serve the customer.

不僅在產品本身，還在於如何服務客戶。

So when you look at your comment around is there going to be a super cycle, listen, I mean there's hundreds of millions of cars, over 100 million cars here or -- I can't remember exactly the numbers.

所以當你看看你的評論是否會有一個超級週期時，聽著，我的意思是這裡有數億輛汽車，超過 1 億輛汽車，或者 - 我不記得確切的數字。

There's a lot of cars here in the US.

美國這裡有很多汽車。

It's going to take a long time, even with breakthrough technologies, where people will change that over.

這將需要很長時間，即使有了突破性的技術，人們也會改變它。

Just the math will show you that that will take a good amount of time.

只是數學會告訴你這將花費大量時間。

In terms of what technology, whether it's autonomous or semiautonomous or all the connected cars will do for the industry, what is it going to mean?

就什麼技術而言，無論是自動駕駛還是半自動駕駛或所有聯網汽車都將為行業做些什麼，這意味著什麼？

From our standpoint, we are looking at this -- first off, it's too early to tell, but we are really looking at this as vehicle miles traveled.

從我們的角度來看，我們正在考慮這一點——首先，現在下結論還為時過早，但我們確實是在考慮車輛行駛里程時的情況。

You could argue that in urban areas there may be less car density either because of costs or just outright legislation [not] to use personal vehicles, which could dampen car sales.

你可能會爭辯說，在城市地區，汽車密度可能較低，要么是因為成本，要么是直接立法[不]使用私家車，這可能會抑制汽車銷售。

But also, at the same time, if you make something more available and you make it less expensive, it's used more.

但與此同時，如果你讓某樣東西更容易獲得併且價格更低，它就會被更多地使用。

If you think about things like autonomous vehicles that will be used 24/7, they will rack up miles sooner, which will drive, as I mentioned earlier, more service revenue and, ultimately, more car sales.

如果你考慮像自動駕駛汽車這樣的東西，它們將 24/7 全天候使用，它們會更快地行駛里程，正如我之前提到的，這將帶來更多的服務收入，並最終帶來更多的汽車銷量。

So I think it's still too early to tell.

所以我認為現在下結論還為時過早。

But our strategy, very clearly, is to continue to make the investments on the technology side and the investments on the mobility side so that we can participate in both of those revenue streams.

但我們的戰略非常明確，是繼續在技術方面和移動方面進行投資，以便我們可以參與這兩個收入流。

Thanks, Mark.

謝謝，馬克。

Makes a lot of sense.

很有道理。

Cheers.

乾杯。

Brian Johnson, Barclays.

布賴恩約翰遜，巴克萊銀行。

Good morning.

早上好。

Just wanted to go back to sort of more of the next five years in terms of North America and Europe.

就北美和歐洲而言，只是想回到未來五年的更多時間。

We seem to, as you have noted, had this heavy shift towards CUVs versus sedans; seems to be creating what some might call a sedan recession.

正如您所指出的，我們似乎已經向 CUV 而非轎車進行了重大轉變；似乎正在造成一些人所謂的轎車衰退。

So as you think about your midterm capacity plans, putting aside NAFTA and political issues, just where do you think you need more CUV capacity?

因此，當您考慮中期產能計劃時，撇開北美自由貿易協定和政治問題不談，您認為哪裡需要更多 CUV 產能？

Do you have -- and I know I keep coming back to this question -- more ability to get additional factories to be able to flex between the two product lines?

你是否有——而且我知道我一直在回到這個問題上——有更多的能力讓更多的工廠能夠在兩條產品線之間靈活調整？

Then, as you look across the industry, do you see maybe a risk of too much capacity coming in to the CUV category?

然後，當您縱觀整個行業時，您是否認為 CUV 類別可能存在產能過剩的風險？

So on the CUVs/SUVs in terms of flexibility; clearly we've said, for example, we're going to come out with four SUVs in actually new segments over the next number of years.

所以在CUVs/SUVs方面的靈活性；很明顯，我們已經說過，例如，我們將在未來幾年內推出四款真正屬於新細分市場的 SUV。

And what we are seeing, Brian, around the world, literally around the world, is this migration from passenger cars to small- and medium- and large-size SUVs and CUVs.

布賴恩，我們在世界各地看到的是從乘用車向小型、中型和大型 SUV 和 CUV 的轉變。

So, clearly, our planning going forward is looking at the marketplace and making sure that we are there for consumers in that.

所以，很明顯，我們未來的計劃是著眼於市場，並確保我們在那里為消費者服務。

So I think you'll see that here in the US.

所以我想你會在美國看到這一點。

You will see it in Europe and you will see it in Asia Pacific as well.

你會在歐洲看到它，你也會在亞太地區看到它。

In terms of your comment of will everybody be going there, well, I think that's the nature of the business in terms of understanding where consumers are going.

就您對每個人都會去那裡的評論而言，我認為這是了解消費者去向的業務本質。

And that's why I keep bringing you back to our strategy of how we are differentiating ourselves on fuel economy, safety, quality, and smart technology, and using our brand.

這就是為什麼我一直讓你回想起我們如何在燃油經濟性、安全性、質量和智能技術以及使用我們的品牌方面脫穎而出的戰略。

If you think about this, Brian, whether it's CUVs or SUVs, this really plays to the sweet spot or really a strength of our brand.

Brian，如果你考慮一下，無論是 CUV 還是 SUV，這確實是我們品牌的最佳選擇或真正的優勢。

We are seeing it now in our results and I think that will bode well going forward.

我們現在在我們的結果中看到了這一點，我認為這預示著未來的好兆頭。

Will you be reducing car capacity and do you think -- will others do it such in a way to take some pressure off the car pricing?

你會減少汽車容量嗎？你認為 - 其他人會以減輕汽車定價壓力的方式這樣做嗎？

I can't speak to others, but clearly, as I mentioned, when you think about the number of SUVs that we're going to be adding, you could see us do that.

我不能和其他人說話，但很明顯，正如我提到的，當你考慮我們將要增加的 SUV 數量時，你可以看到我們這樣做了。

With the caveat that our approach as a company is to offer a full lineup of vehicles and that's for a couple of reasons.

需要注意的是，作為一家公司，我們的做法是提供全系列的車輛，這是出於幾個原因。

Obviously, one, to anticipate any changes in customer demand, any changes in the economic environment, or any changes in the regulatory environment.

顯然，一是預測客戶需求的任何變化，經濟環境的任何變化，或監管環境的任何變化。

Final question on this shift.

關於這個轉變的最後一個問題。

What happens when someone comes in with a five-year-old car, maybe a Japanese brand car, that hasn't held its value and they're looking to get into one of your CUVs?

如果有人開著一輛已經用了五年的車（也許是日本品牌的車），但它的價值已經過時，他們想買你的一輛 CUV，會發生什麼？

Are you hearing anything from the dealers about the need for trade-in allowances, underwater loans, or something to help that car buyer get into -- car owner get into a CUV?

您是否從經銷商那裡聽到任何關於需要以舊換新津貼、水下貸款或幫助購車者進入 - 車主進入 CUV 的東西？

We are not hearing anything above the normal kind of commentary we get from dealers on that, so nothing above the normal.

我們沒有聽到任何超出我們從經銷商那裡得到的正常評論的內容，所以沒有任何超出正常範圍的內容。

Which means they always want money?

這意味著他們總是想要錢？

That was the politically correct way of saying it, yes.

這是政治上正確的說法，是的。

David Whiston, Morningstar.

大衛惠斯頓，晨星。

Thanks, good morning.

謝謝，早上好。

One question on leasing and one question on Europe.

一個關於租賃的問題，一個關於歐洲的問題。

Bob, your comments on leasing mix for Ford, if I heard right, you said it's going to be going down -- your penetration will be going down throughout the year.

鮑勃，你對福特租賃組合的評論，如果我沒聽錯的話，你說它會下降——你的滲透率全年都會下降。

I just want to know how much of that is a function of not having, say, AA type of credit rating versus standard residual risk management.

我只想知道其中有多少是因為沒有 AA 類型的信用評級與標準剩餘風險管理。

And related, do you think the industry is being too excessive in its leasing penetration right now?

與此相關的是，您認為該行業目前的租賃滲透率是否過高？

For us it's -- we do have what we call the ONE Ford lease strategy so we've got some analytics behind what we think is the right and appropriate level of lease.

對我們來說，我們確實擁有所謂的 ONE Ford 租賃策略，因此我們對我們認為正確和適當的租賃水平進行了一些分析。

We look -- because we are really -- we want to make sure we can support what the market needs, but we also want to make sure that we are managing the concentration of risk.

我們看起來 - 因為我們確實 - 我們希望確保我們能夠支持市場需求，但我們也希望確保我們正在管理風險的集中度。

We think that at 26% that will be sort of a high-water mark for us this year.

我們認為 26% 對我們今年來說將是一個高水位線。

And some of it is seasonal.

其中一些是季節性的。

When you get into the summer selling season, it tends to be much more of a -- it's a retail season and it's much around APRs and that sort of thing.

當你進入夏季銷售季節時，它往往更像是一個——這是一個零售季節，而且它與 APR 和類似的事情有關。

So there is just a natural change that occurs in certain times of the year.

因此，一年中的某些時間會發生自然變化。

But that's one of the reasons why we think when we get to the end of the year we will be at something probably a little above last year, but below where we are right now.

但這就是為什麼我們認為到年底時我們可能會略高於去年但低於我們現在的水平的原因之一。

And we think that's the right level given where the market is.

鑑於市場所在，我們認為這是正確的水平。

The other thing I would mention is that, for us, there's a much lower percentage of leasing, in Ford anyway, on Super Dutys and F-150s, on trucks, that has not been -- that's been generally true across the industry, although some of our competitors got pretty heavy on that in the first quarter in some of the regions of the country.

我要提到的另一件事是，對我們來說，無論如何，福特在 Super Dutys 和 F-150 卡車上的租賃比例要低得多，這在整個行業中都是如此，儘管我們的一些競爭對手在第一季度在該國某些地區對此非常重視。

We didn't participate in that, so I think that's another factor as well.

我們沒有參與其中，所以我認為這也是另一個因素。

It's just our natural mix of product.

這只是我們產品的自然組合。

Thanks.

謝謝。

And on Europe, if I heard right, you said 60% of your passenger vehicle volume was on the high-end trim packages, which is impressive.

在歐洲，如果我沒聽錯的話，你說你 60% 的乘用車銷量都在高端裝飾套件上，這令人印象深刻。

I was just curious is the European customer trading up in price given an economic recovery or are you just attracting wealthier customers than in the past?

我只是好奇歐洲客戶是否在經濟復甦的情況下進行價格交易，或者您只是在吸引比過去更富有的客戶？

I think it's a combination, David, of both of those things.

大衛，我認為這是這兩件事的結合。

Okay, thank you.

好的謝謝。

Itay Michaeli, Citi.

Itay Michaeli，花旗銀行。

Good morning and congrats, everyone.

大家早上好，恭喜。

Maybe just to continue on Europe, given the improvement in mix and pricing, and I know there's a lot of political uncertainty out there, as well, for early in the year.

鑑於組合和定價的改善，也許只是繼續歐洲，我知道今年年初也有很多政治不確定性。

But could this be a year where Q1 contributes maybe what it used to contribute in terms of the quarterly cadence back in 2005/2006 when you were profitable in Europe?

但今年第一季度的貢獻可能是它過去在 2005/2006 年歐洲盈利時的季度節奏貢獻的一年嗎？

What prevents this from being sustainable?

是什麼阻止了它的可持續發展？

We think it is sustainable.

我們認為這是可持續的。

I don't know if it's going to be sustainable at the margin, because we would expect -- again, going back to what is normal.

我不知道它是否會在邊際上可持續，因為我們會期望 - 再次回到正常狀態。

The second half in Europe is generally not as strong as the first half because of the summer shutdowns and the end-of-the-year shutdowns.

由於夏季停產和年底停產，歐洲下半年普遍不如上半年強勁。

That seasonal cost effect that comes into play.

發揮作用的季節性成本效應。

But, yes, we think that we're going to have a good second quarter.

但是，是的，我們認為我們將有一個很好的第二季度。

We think we will be profitable throughout the year and we're going to have strong results in Europe.

我們認為我們全年都將盈利，並且我們將在歐洲取得強勁的業績。

But we do think that it will be a first half stronger than second half story, but it's still going to be a great story all throughout the year for Europe.

但我們確實認為，上半場比下半場更精彩，但對歐洲來說，全年仍將是一個偉大的故事。

Which again is a normal kind of cadence of our profitability.

這又是我們盈利能力的一種正常節奏。

Nothing unusual.

沒有什麼不尋常的。

Absolutely, that's good to hear.

當然，這很高興聽到。

Then maybe just going back quickly to North America.

然後也許只是快速回到北美。

I know you alluded to year-end inventory targets.

我知道你提到了年終庫存目標。

I know you don't provide an annual North America production outlook, but as we think -- I think your first half was up about 11% for North America production.

我知道你沒有提供北美年度產量展望，但正如我們認為的那樣——我認為你上半年的北美產量增長了約 11%。

Any kind of ballpark of how we should be thinking about the full-year in terms of a range or kind of roughly where you think you might come out as you manage through the launches and some of the inventory?

關於我們應該如何根據您認為在管理髮布和一些庫存時可能出現的範圍或大致範圍來考慮全年的任何類型？

No, I don't think we want to provide a guidance for the full year because we still have a lot of year left in front of us.

不，我認為我們不想提供全年的指導，因為我們還有很多年。

I think we're just going to continue to manage the production in line with demand.

我認為我們將繼續根據需求管理生產。

You can see on Appendix A9, the call for the second quarter for North America, 850,000 units.

您可以在附錄 A9 中看到，北美第二季度的需求量為 850,000 台。

That's up 35,000 from where we were a year ago and pretty much in line with where we were in the first quarter.

這比一年前增加了 35,000 人，與第一季度的情況基本一致。

So I don't see anything unusual in the year progressing.

所以我看不出這一年有什麼不尋常的地方。

Again, you will have lower volume in the second half, for the reasons we've talked about, throughout the call, just seasonal and also the effect of the Super Duty launch.

同樣，由於我們在整個電話會議中談到的原因，下半年的交易量將減少，這只是季節性的，也是 Super Duty 發布的影響。

Okay, great.

好的，太好了。

That's very helpful.

這很有幫助。

Thanks so much.

非常感謝。

Joe Spak, RBC Markets.

RBC Markets 的 Joe Spak。

Congrats on a really strong quarter.

祝賀一個非常強勁的季度。

First question is on commodities.

第一個問題是關於商品的。

I believe back in Detroit you had mentioned it would be fairly neutral for the year.

我相信在底特律，你曾提到今年的情況相當中性。

It was obviously up by almost $0.5 billion in the first quarter.

第一季度顯然增加了近 5 億美元。

Is there a change there?

那裡有變化嗎？

Or given that commodities are coming back up a little bit, do you expect to maybe give back a little of that in back half?

或者考慮到大宗商品正在回升一點點，你是否希望在後半段回吐一點？

What I said at the Deutsche Bank conference was that we would have favorable commodities on a year-over-year basis this year versus last year.

我在德意志銀行會議上所說的是，與去年相比，今年我們將擁有同比有利的商品。

It just wouldn't be as favorable as what it was in 2015 versus 2014.

它只是不會像 2015 年和 2014 年那樣有利。

Getting to the neutral point, that was -- the point that I was making was that we would have favorable commodities, not as great as last year, but we'd also have more headwinds from exchange in 2016 than what we saw in 2015.

談到中性點，那是——我要表達的觀點是，我們將擁有有利的商品，雖然不如去年那麼好，但我們在 2016 年的外匯交易中也會遇到比 2015 年更多的不利因素。

So that was the neutral bit.

所以這是中立的一點。

It was good news commodities would be offset by bad news on exchange.

好消息商品將被交易所的壞消息所抵消。

What I said earlier in the call, Joe, is that now we see commodities as being more favorable than what we thought, because the prices have continued to fall.

喬，我早些時候在電話中說的是，現在我們認為大宗商品比我們想像的更有利，因為價格持續下跌。

So I think we will see commodities about as much of good news, based on where we are today, as we saw last year, which was over $900 million.

因此，我認為，根據我們今天的情況，我們將看到與去年一樣多的好消息，去年超過 9 億美元。

But we will still have more bad news on a year-over-year basis from exchange.

但與去年同期相比，我們仍將有更多來自交易所的壞消息。

So the net of those two, while it will be positive, won't be as positive as it was in 2015 versus 2014.

所以這兩者的淨值雖然是正數，但不會像 2015 年和 2014 年那樣正。

Okay, thanks for the clarification.

好的，謝謝你的澄清。

Then on Europe, it sounded like mid- or long-term there is a little bit of a bump to that margin target, 3 to 5 to 6 to 8. Is it fair to think that maybe 1.5 or 2 points of that 3 points is related to the pension accounting change and then maybe 1 point is just from some better operations or mix outlook?

然後在歐洲，這聽起來像是中長期目標，即 3 到 5 到 6 到 8 有一點點顛簸。認為這 3 點中的 1.5 或 2 點可能是公平的嗎？與養老金會計變化有關，然後也許 1 點只是來自一些更好的運營或混合前景？

Certainly the elimination of that drag that we had on pensions, which we were relatively unique compared to our peer set, that certainly helps.

當然，消除我們對養老金的拖累，與我們的同行相比，我們相對獨特，這肯定有幫助。

But actually what it is, it's our view of what we can get out of the business from a performance standpoint of change.

但實際上它是什麼，這是我們從變革的績效角度來看我們可以從業務中獲得什麼的觀點。

The team has done a really, really good job on all the various aspects of the transformation plan -- product, brand, and cost -- and we see more potential now in terms of driving the business to the types of margins that we need than where we were perhaps two years ago.

該團隊在轉型計劃的各個方面——產品、品牌和成本——都做得非常非常好，我們現在看到在推動業務達到我們需要的利潤類型方面比以往更有潛力。我們可能在兩年前的位置。

To put that into perspective, Joe, again we're using this momentum to really drive us towards those margins.

喬，從這個角度來看，我們再次利用這種勢頭真正推動我們實現這些利潤。

Not only is the product launches that we have this year, but we're looking at the product portfolio we have.

不僅是我們今年推出的產品，而且我們正在研究我們擁有的產品組合。

We are focusing on the products that have high growth and high profitability, and we will drop products that actually don't have either of those characteristics.

我們專注於具有高增長和高盈利能力的產品，我們將放棄實際上不具備這些特徵的產品。

At the same time, we are going to continue to work on the costs.

與此同時，我們將繼續努力降低成本。

As we've said before, we have a voluntary separation program going on right now in Europe which, when all is said and done, should save us around $200 million a year annually going forward.

正如我們之前所說，我們目前正在歐洲實施一項自願離職計劃，總而言之，今後每年應該可以為我們節省大約 2 億美元。

So we're going to continue to work every element of that to make sure it's a sustainable and vibrant part of this.

因此，我們將繼續努力其中的每一個要素，以確保它是其中可持續和充滿活力的一部分。

And I would just add, when we had that conversation in 2014 it was only about two years into the plan, so we didn't fully see the potential that we are now seeing from the business.

我只想補充一點，當我們在 2014 年進行那次對話時，計劃只進行了大約兩年，所以我們沒有完全看到我們現在從業務中看到的潛力。

The aspects of the plan are very much the same; it's just the team is really, really delivering and we see a lot more potential now for Europe than perhaps what we had before.

該計劃的各個方面都非常相似；只是團隊真的、真的在交付，我們現在看到歐洲的潛力比以前大得多。

Okay, thanks a lot, guys.

好的，非常感謝，伙計們。

Colin Langan, UBS.

科林蘭根，瑞銀。

Thanks for taking my questions and congrats on a great quarter.

感謝您提出我的問題並祝賀一個偉大的季度。

I understand the comments about second half getting weaker from a seasonal cadence perspective, but how should we think about quarter over quarter?

從季節性節奏的角度來看，我理解關於下半年變弱的評論，但我們應該如何考慮季度環比？

You are going off record margins in North America, you had a $600 million accrual in Q1, and production in North America looks flat.

你在北美的利潤率創下歷史新高，第一季度的應計利潤為 6 億美元，北美的產量看起來持平。

So should Q2 also be a very strong quarter?

那麼第二季度也應該是一個非常強勁的季度嗎？

The same thoughts on Europe.

對歐洲也有同樣的想法。

It looks like production is even up quarter over quarter.

看起來產量甚至比上一季度有所增長。

Should Europe actually maintain a very strong level in Q2 and then fall off in the second half?

歐洲真的應該在第二季度保持非常強勁的水平然後在下半年下跌嗎？

The only thing that I will say about the second quarter is we expect it to be strong, but I don't want to get into calling quarters because I'm always wrong.

關於第二季度，我唯一要說的是我們預計它會很強勁，但我不想進入季度，因為我總是錯的。

But it will be a strong quarter.

但這將是一個強勁的季度。

The first and second quarter, again going back to this theme around what's normal, they are the stronger quarters of the year.

第一季度和第二季度，再次回到正常情況下的主題，它們是一年中較為強勁的季度。

I would expect that to be the case this year.

我預計今年會是這樣。

So we will have a strong second quarter, I won't characterize it any way other than that.

所以我們將有一個強勁的第二季度，除此之外我不會以任何方式描述它。

And then we will have the seasonal effect in the second quarter, along with the product launch impact.

然後我們將在第二季度產生季節性影響，以及產品發布的影響。

And then a really, really strong year.

然後是非常非常強勁的一年。

Is there anything unusual in Q1 that we should be aware of, though, in North America and Europe that actually helped it out that won't recur?

但是，在北美和歐洲，第一季度是否有任何我們應該注意的異常情況實際上幫助了它，而且不會再次發生？

No, I'm glad you asked that question, because there is actually nothing in the results in any of the business units that you would consider to be unusual.

不，我很高興你問了這個問題，因為在任何你認為不尋常的業務部門的結果中實際上沒有任何東西。

This is really quality earnings right across the board.

這確實是全面的優質收益。

Okay.

好的。

Any color on --?

有什麼顏色——？

I saw in the press release you mentioned FordPass is rolling out.

我在新聞稿中看到你提到福特通行證即將推出。

How has that rollout gone?

推出情況如何？

Is that going to be something you are going to advertise going forward?

這將是你未來要宣傳的東西嗎？

Any just color there on that launch.

發射時有任何顏色。

What we're doing, Colin, right now is we should be launching that in the next month or so and we are very excited about it.

Colin，我們現在正在做的是我們應該在下個月左右推出它，我們對此感到非常興奮。

Think about -- we will, obviously, communicate it, because we think it really provides a way for us to have a fundamentally different relationship, not only with our customers, but customers that don't own Fords.

想一想——我們顯然會傳達它，因為我們認為它確實為我們提供了一種建立根本不同關係的方式，不僅與我們的客戶，而且與不擁有福特汽車的客戶。

And so what you will see is -- think about it this way.

所以你會看到的是——這樣想。

It's a launch, but then we will be continually improving it to improve the experience for our customers.

這是一個發布，但我們將不斷改進它以改善我們客戶的體驗。

Okay.

好的。

Thank you very much for the color.

非常感謝你的顏色。

Keith Naughton, Bloomberg.

彭博社的基思·諾頓 (Keith Naughton)。

Good morning.

早上好。

Mark, there has been some headlines recently that have said that Ford did not plan to offer a 200-mile electric car to compete with the likes of the Tesla Model 3 and the Chevy Bolt.

馬克，最近有一些頭條新聞說福特不打算提供 200 英里的電動汽車來與特斯拉 Model 3 和雪佛蘭 Bolt 等車型競爭。

And I just wanted you to clarify, does Ford plan to offer a long-range electric vehicle?

我只是想讓你澄清一下，福特是否計劃提供遠程電動汽車？

Absolutely.

絕對地。

Our approach, very simply, is we want to make sure that we are either among the leaders or a leadership position in the product segments that we are in.

我們的方法非常簡單，就是要確保我們要么處於領先地位，要么在我們所處的產品領域處於領先地位。

And if you look at our BEV today, our Focus has about a 100-mile range and that is very competitive for the price point that it's at in the marketplace right now.

如果你看看我們今天的 BEV，我們的 Focus 有大約 100 英里的續航里程，這對於它目前在市場上的價格點來說非常有競爭力。

That is why, as you know, we've made the announcement late last year where we're going to invest another $4.5 billion into our vehicle lineup on electrification.

這就是為什麼，正如你所知，我們在去年年底宣布，我們將再投資 45 億美元用於我們的電氣化車輛陣容。

And by the time we end the decade we will have 40% of our nameplates around the world that will be electrified.

到這個十年結束時，我們將在全球範圍內實現 40% 的銘牌電氣化。

They will be very competitive from a cost, quality, range standpoint to allow us to move the business forward.

從成本、質量和範圍的角度來看，他們將非常有競爭力，使我們能夠推動業務向前發展。

And will your long-range electric vehicle go 200 miles and when will that come?

你的遠程電動汽車會行駛 200 英里嗎？那會在什麼時候到來？

Well, our electric vehicle will be -- as I said, it comes down to we want to make sure we are among the best or the leaders in those areas.

好吧，我們的電動汽車將——正如我所說，歸根結底我們要確保我們在這些領域中名列前茅或處於領先地位。

In that timeframe, when you look at some of the competitors, what they've announced, clearly that's something that we want to -- we are developing for.

在那個時間範圍內，當你看一些競爭對手時，他們已經宣布了什麼，顯然這是我們想要的——我們正在為之開發。

Thank you, Mark.

謝謝你，馬克。

This concludes the Q&A portion of today's call.

今天電話會議的問答部分到此結束。

I would now like to turn it back over to Mark for any closing remarks.

我現在想把它轉回給馬克，聽取任何結束語。

Thank you very much.

非常感謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。