福特汽車 (F) 2017 Q2 法說會逐字稿

Good morning.

早上好。

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

我叫多蘿西，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 Motor Company earnings conference call.

此時，我想歡迎大家參加福特汽車公司的財報電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I would now like to turn the conference over to Ted Cannis, Director of Investor Relations with Ford Motor Company.

我現在想將會議轉交給福特汽車公司投資者關係總監泰德坎尼斯。

Please go ahead, sir.

請繼續，先生。

Thanks very much, Dorothy.

非常感謝，多蘿西。

Good morning and welcome, everybody, to Ford Motor Company's second-quarter 2017 earnings review.

大家早上好，歡迎來到福特汽車公司 2017 年第二季度收益回顧。

Presenting today are Jim Hackett, our President and CEO, and Bob Shanks, our Chief Financial Officer.

今天出席的有我們的總裁兼首席執行官 Jim Hackett 和我們的首席財務官 Bob Shanks。

Also participating are John Lawler, Vice President and Controller; Neil Schloss, Vice President, Corporate Treasurer, and CFO of Ford Smart Mobility; and Paul Andoninan, Director of Accounting; and Marion Harris, Ford Credit CFO.

與會者還有副總裁兼財務總監 John Lawler； Ford Smart Mobility 副總裁、公司財務主管兼首席財務官 Neil Schloss；和會計總監 Paul Andoninan；和福特信貸首席財務官 Marion Harris。

The results discussed today include some non-GAAP references.

今天討論的結果包括一些非 GAAP 參考資料。

These are reconciled to the most comparable US GAAP measures in the appendix.

這些與附錄中最具可比性的 US GAAP 措施相一致。

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

今天的討論還包括一些關於我們對未來業績預期的前瞻性陳述。

As you know, actual results may vary.

如您所知，實際結果可能會有所不同。

As a reminder, copies of the Ford and Ford Credit second-quarter earnings presentations and press releases are available on Ford's investor and media websites.

提醒一下，福特和福特信貸第二季度收益報告和新聞稿的副本可在福特的投資者和媒體網站上找到。

With that, I'd like to turn it over to Jim.

有了這個，我想把它交給吉姆。

Thank you, Ted, and thank you for joining our call today.

謝謝你，泰德，感謝你今天加入我們的電話會議。

You know, success for me today is to start my first call as CEO of Ford Motor Company to assert two important points as a baseline.

你知道，今天對我來說，成功是開始我作為福特汽車公司首席執行官的第一次電話會議，以斷言兩個重要點作為基準。

The first: Ford is a fantastic company with not only an incredible history, but I think a very bright future.

第一：福特是一家了不起的公司，不僅擁有令人難以置信的歷史，而且我認為前途光明。

You know, I've had time leading another business in another industry.

你知道，我曾經領導過另一個行業的另一家公司。

And during that time, I often traveled to Silicon Valley.

那段時間，我經常去矽谷旅行。

It was so frequent that I did learn and understand the culture there.

它是如此頻繁，以至於我確實學習和了解了那裡的文化。

In fact, it steeped into my thinking, optimism, innovation, and questioning the status quo.

事實上，它融入了我的思考、樂觀、創新和質疑現狀。

Out there, being a young company is cool.

在那裡，成為一家年輕的公司很酷。

And in this realm, a company that is 114 days old is a hot item.

而在這個領域，成立114天的公司就是熱門項目。

But what I also learned from all these experiences is that a company that has lasted 114 years is rare.

但我也從所有這些經歷中學到的是，一家持續 114 年的公司是罕見的。

And it doesn't get there by luck, decree, or sticking with the status quo.

它不會靠運氣、法令或堅持現狀到達那裡。

Rather, in the face of the facts that fewer than one in five startups succeed, a company that has persisted 114 years, well, it has had to remake itself many times.

相反，面對只有不到五分之一的創業公司成功的事實，一家堅持了114年的公司，好吧，它不得不多次重塑自己。

When war engulfed the world or when gasoline was 100 times more expensive than when the industry started or when a pickup truck was reimagined to yield one of the largest collective gasoline savings in the car inventory park today.

當戰爭席捲全球時，當汽油價格比工業起步時貴 100 倍時，或者當一輛皮卡被重新設計以產生當今汽車庫存公園中最大的集體汽油節省之一時。

In this way, Ford Motor Company is a jewel in the eyes of those who study long-lived businesses.

這樣一來，福特汽車公司就是那些研究長壽企業的人眼中的一顆明珠。

In the eyes of customers, who have seen us evolve, trust us and they love the Ford brand.

在見證了我們發展的客戶眼中，信任我們，他們熱愛福特品牌。

The second point starts with a humble underpinning that Ford can be a much better company.

第二點始於一個卑微的基礎，即福特可以成為一家更好的公司。

We have an opportunity to be extraordinary in the way we relate to and deliver value to our customers.

我們有機會以非凡的方式與客戶建立聯繫並為客戶創造價值。

In this way, we can deliver much more value, of course, to our shareholders.

通過這種方式，我們當然可以為股東創造更多價值。

Now I'd like to briefly update you on how we are approaching the work in the first 100 days and some of the earliest thinking as we develop our compelling strategy and plan.

現在，我想簡要介紹一下我們在前 100 天是如何處理這項工作的，以及我們在製定引人注目的戰略和計劃時的一些最早想法。

And you will hear a reference that we are going to be coming back to you in the fall with more details on that strategy and plan.

您會聽到一個參考消息，我們將在秋季返回給您，並提供有關該戰略和計劃的更多詳細信息。

Now, with the slides you will see graphics here that support my comments.

現在，通過幻燈片，您將在此處看到支持我的評論的圖形。

And I'm sure you're familiar with the fortify, transform, and grow strategic framework that was articulated over the past 12 months or so.

我敢肯定，您熟悉過去 12 個月左右的時間裡制定的鞏固、轉型和發展戰略框架。

And that's on the right side of this slide.

它位於這張幻燈片的右側。

What we are doing as a team in my first 100 days is unpacking that on the right with fresh eyes.

在我上任的頭 100 天裡，我們作為一個團隊所做的就是用全新的眼光打開右邊的包裝。

And we focused on a few early priorities.

我們專注於一些早期的優先事項。

Let me identify those for you.

讓我為你識別那些。

Initially, we evaluated how to maximize revenue opportunities.

最初，我們評估瞭如何最大化收入機會。

As you hear, there's a leveling in the business.

正如您所聽到的，業務處於平衡狀態。

So by utilizing data modeling, we identified sweet spots between volume, mix, and price to help deliver higher transaction prices in an increasingly competitive market.

因此，通過利用數據建模，我們確定了數量、組合和價格之間的最佳點，以幫助在競爭日益激烈的市場中提供更高的交易價格。

We are also evaluating and improving the fitness of the Company.

我們也在評估和改善公司的健康狀況。

Now, I have been talking about this concept of fitness.

現在，我一直在談論健身這個概念。

And of course, it includes cost, but it really involves taking a much deeper system or holistic view of all parts of the business to ensure that we are really as fit as we need to be to compete and win.

當然，它包括成本，但它確實涉及對業務的所有部分採取更深入的系統或整體觀點，以確保我們真正適合競爭和獲勝所需的狀態。

And win.

並獲勝。

I want to emphasize that.

我想強調這一點。

We are also evaluating capital deployment opportunities, something I've heard from many of you.

我們也在評估資本部署機會，我從你們很多人那裡聽說過。

And we know we are going to be quicker and more purposeful with our decisions on where to play and how to win.

我們知道我們會更快、更有目的性地決定在哪裡比賽和如何獲勝。

And that will affect the capital decisions.

這將影響資本決策。

We are also renewing our focus on innovation.

我們也重新關注創新。

This is something that I humbly bring in this job.

這是我在這份工作中虛心帶來的東西。

This is something I care a great deal about.

這是我非常關心的事情。

One of the things that I did subtly was I elevated the Chief Technology Officer position reporting to me.

我巧妙地做的一件事是提升了向我匯報的首席技術官職位。

This was to reassert our leadership in critical technologies.

這是為了重申我們在關鍵技術方面的領導地位。

And we are building a more robust mobility business under Marcy Klevorn, who also has responsibility for as Chief Information Officer the computing in our business.

我們正在 Marcy Klevorn 的領導下建立更強大的移動業務，他還作為首席信息官負責我們業務中的計算。

And we have a unique opportunity to merge the mobility and computing for future digital services.

我們有一個獨特的機會，可以為未來的數字服務融合移動性和計算能力。

We are transforming the culture and we are creating an environment to win.

我們正在改變文化，我們正在創造一個獲勝的環境。

This is going to be hard to describe without you following me around every day.

如果沒有你每天跟著我，這將很難描述。

But it starts with a renewed recognition that we are in an incredibly competitive industry and the competition just doesn't relax because we're thinking through a problem, opportunity, or because we had a management change.

但它始於重新認識到我們處於一個競爭異常激烈的行業，而競爭並沒有因為我們正在思考問題、機會或因為我們進行了管理層變動而放鬆。

It's relentless.

這是無情的。

Well, we have a talented team here at Ford.

好吧，我們福特有一支才華橫溢的團隊。

And we believe we can be really competitive.

我們相信我們可以真正具有競爭力。

A team that we are working on empowering and reenergizing to grow our business.

我們正在努力增強和重振我們的團隊，以發展我們的業務。

So that work in those five points is well underway in that 100 days and I look forward to sharing more, as I said, with you later this year about detailed plans to make Ford even stronger and more innovative.

因此，在那 100 天內，這五點的工作正在順利進行，正如我所說，我期待在今年晚些時候與您分享更多關於使福特變得更強大和更具創新性的詳細計劃。

Not only built to weather the business cycles, but to win in future growth areas.

不僅要經受住商業周期的考驗，還要在未來的增長領域取勝。

Okay, well, turning to the second quarter, I do believe we delivered a solid performance.

好的，好吧，轉向第二季度，我相信我們表現出色。

I'm really proud of our team; with all the change we went through, they did it.

我真的為我們的團隊感到驕傲；隨著我們經歷的所有變化，他們做到了。

But it needs to be said no one here is satisfied.

但不得不說，這裡沒有人滿意。

We know -- and I want to emphasize this -- we all know we have a lot of work to do.

我們知道——我想強調這一點——我們都知道我們有很多工作要做。

And our entire team is focused on these areas of growing revenue, improving fitness, optimizing the capital deployment, and innovation in all parts of the business.

我們整個團隊都專注於增加收入、提高健康度、優化資本配置以及業務各個部分的創新等領域。

And having the spirit of an environment to win.

並擁有取勝的環境精神。

In order to improve the top and bottom lines, we are going to be focusing on these things in the quarters ahead.

為了改善頂線和底線，我們將在未來幾個季度專注於這些事情。

On the next slide, I will share a few highlights from the quarter, if you happened just to be gone during the last quarter and you didn't know what was going on at Ford.

在下一張幻燈片上，我將分享本季度的一些亮點，如果你恰好在上個季度離開並且你不知道福特發生了什麼。

Some exciting things here are our F-Series, including the Super Duty, continue to perform extremely well.

一些令人興奮的事情是我們的 F 系列，包括 Super Duty，繼續表現得非常好。

And we look forward to the refreshed F-150 going on sale this fall.

我們期待今年秋天上市銷售的更新版 F-150。

This is our product that is so successful, we are going to be building on momentum here.

這是我們非常成功的產品，我們將在此基礎上繼續發展。

The quarter, we also had sales success in China in a number of areas, including the best-ever June sales for Ford Motor Company and the best-ever June and quarterly sales for the Lincoln brand.

本季度，我們在中國的多個領域也取得了銷售成功，包括福特汽車公司創下有史以來最好的 6 月銷售額，以及林肯品牌創下有史以來最好的 6 月和季度銷售額。

This quarter in Europe, where we launched the all new Fiesta.

本季度在歐洲，我們推出了全新的嘉年華。

This is an important model for us in the region.

這對我們在該地區來說是一個重要的模式。

It's a very popular vehicle.

這是一款非常受歡迎的車型。

All the early reviews have been great.

所有的早期評論都很棒。

We are also making important strides in quality.

我們也在質量方面取得了重要進展。

We improved significantly to become -- listen to this -- the number-two-ranked non-premium brand in this year's J.D. Power Initial Quality Study.

在今年的 J.D. Power 初始質量研究中，我們取得了顯著進步，成為 - 聽這個 - 排名第二的非高端品牌。

It's our best result in the 31 year history of the Company.

這是我們在公司 31 年曆史上的最好成績。

I was really proud to hear about that, receive that, as I walked into my job.

當我開始工作時，我真的很自豪聽到這個消息，接受它。

And credit is due to all the hard-working folks at Ford for that accomplishment.

這一成就要歸功於福特所有辛勤工作的員工。

This quarter, we also made a decision: it was in the news that we would source the next-gen Ford Focus for the North American market from China initially.

本季度，我們還做出了一個決定：有消息稱，我們將首先從中國採購面向北美市場的下一代福特福克斯。

This decision meets the preservation of capital and it's going to deliver significant savings.

該決定符合資本保全的要求，並且將帶來可觀的節省。

At the same time, we were proud to announce further investment in the Kentucky truck plant.

同時，我們自豪地宣布進一步投資肯塔基卡車工廠。

This is going to build the new Expedition and Lincoln Navigator later this year, both very important new entries for us in large SUV segment.

這將在今年晚些時候打造新的 Expedition 和 Lincoln Navigator，這兩款車型對我們在大型 SUV 領域來說都是非常重要的新產品。

I'm going urge all of you to take a ride in those.

我會敦促你們所有人都乘坐這些。

I think you're going to be really surprised.

我想你會非常驚訝。

Well, now, I'd like to turn it over to our Chief Financial Officer, Bob Shanks.

好吧，現在，我想把它交給我們的首席財務官 Bob Shanks。

He is going to take you through the second-quarter financials.

他將帶您了解第二季度的財務狀況。

And then, of course, we will be happy to take your questions today.

然後，當然，我們今天很樂意回答您的問題。

Thank you again.

再次感謝你。

Bob?

鮑勃？

Thanks, Jim, and good morning, everyone.

謝謝，吉姆，大家早上好。

Thank you for joining us today.

感謝您今天加入我們。

We are going to start on slide 6 and I will just cover very briefly the headlines.

我們將從幻燈片 6 開始，我將非常簡要地介紹標題。

And then we are going to start diving through the results for the balance of the presentation.

然後我們將開始深入研究演示文稿的平衡結果。

So as you can see here, the Company did grow in the quarter.

因此，正如您在這裡看到的那樣，公司在本季度確實實現了增長。

Our adjusted pre-tax profit combined with a low effective tax rate generated an adjusted earnings per share that was $0.56.

我們調整後的稅前利潤與較低的有效稅率相結合，產生了 0.56 美元的調整後每股收益。

That was up 8% from a year ago.

這比一年前增長了 8%。

We did generate another quarter of automotive operating cash flow on the positive side, and we did generate a margin of 5.9% on the automotive business.

我們確實在積極方面產生了另外四分之一的汽車經營現金流，我們確實在汽車業務上產生了 5.9% 的利潤率。

Let's turn now to slide 7 and look at the key financial summary.

現在讓我們轉到幻燈片 7 並查看主要財務摘要。

And I just want to highlight several things here to bring out a bit more texture in terms of what happened.

我只想在這裡強調幾件事情，以便在發生的事情方面帶出更多的質感。

So starting and focusing only on the second quarter at the top in terms of wholesales, we generated 1.7 million units in the quarter.

因此，從批發量來看，我們只關注第二季度的最高點，本季度我們生產了 170 萬台。

That was down 43,000 units.

那是減少了 43,000 個單位。

55,000 of that was Europe, and within that, almost all of that was the Fiesta.

其中 55,000 個是歐洲，其中幾乎所有的都是嘉年華。

And we will talk about the impact of that when we get to the European section.

當我們到達歐洲部分時，我們將討論它的影響。

The revenue increase was 4/10.

收入增長為 4/10。

Only 1/10 of that was on the automotive side of the business.

其中只有 1/10 在汽車業務方面。

The balance was in financial services.

餘額用於金融服務。

Going down further to special items pre-tax: $248 million charge.

進一步深入到稅前特殊項目：2.48 億美元的費用。

That was related to write-offs that we took associated with the decision to deploy capital away from small cars and specifically the next-generation Focus in both North and South America.

這與我們決定將資本從小型汽車，特別是北美和南美的下一代福克斯部署相關的註銷有關。

And as you know, we have announced that we are going to put the next-generation Focus for North America primarily in China, with some derivatives also to come later from Europe.

如您所知，我們已經宣布，我們將把麵向北美的下一代福克斯主要投放在中國，一些衍生產品也將在稍後從歐洲推出。

Further down from there, you can see the provision from income taxes: $209 million.

再往下看，您可以看到所得稅的準備金：2.09 億美元。

You can see that's nearly $700 million better than the prior year.

你可以看到這比前一年多了近 7 億美元。

Within that, there is $421 million of good news that comes from distributions that we've taken from overseas that bring with them foreign tax credits that we've realized on the balance sheet.

其中，有 4.21 億美元的好消息來自我們從海外獲得的分配，這些分配帶來了我們在資產負債表上實現的外國稅收抵免。

And what I will say right now is that for the full year, we expect to have additional actions that we'll be taking in the same space, different types of actions in different parts of the business, but with the same effect that will generate a tax rate for the full year of about 15%.

我現在要說的是，對於全年，我們希望在同一領域採取更多行動，在業務的不同部分採取不同類型的行動，但產生的效果相同全年稅率約為 15%。

This result was a 10.2% effective tax rate in the quarter.

這一結果是本季度的有效稅率為 10.2%。

Because of that, and then combined with the Company pre-tax result of $2.5 billion, which was down about 16%, we were still able to generate an improvement on net.

正因為如此，再加上公司 25 億美元的稅前業績，下降了約 16%，我們仍然能夠實現淨利潤的改善。

You can see a $2 billion; that was up $72 million from a year ago.

你可以看到 20 億美元；這比一年前增加了 7200 萬美元。

Adjusted EPS, I touched on.

調整後的每股收益，我談到了。

And then further down the page, you see liquidity, which is continuing to be strong and we will talk more about that later.

然後在頁面的下方，您會看到流動性，它繼續保持強勁，我們稍後會詳細討論。

Okay, let's go to the next slide, slide 8. And here what I would like to do is just briefly talk about where the profits were earned.

好的，讓我們轉到下一張幻燈片，第 8 張幻燈片。在這裡，我想做的只是簡要談談利潤的來源。

So on the far left, you can see the total Company adjusted pre-tax profit of $2.5 billion.

所以在最左邊，您可以看到公司調整後的稅前利潤總額為 25 億美元。

$2.2 billion of that was generated by the automotive segment.

其中 22 億美元來自汽車行業。

We had very strong results in financial services: $600 million.

我們在金融服務方面取得了非常強勁的業績：6 億美元。

And then in all other, that's primarily our treasury-related activities.

然後在所有其他方面，這主要是我們與財務相關的活動。

Think of that as net interest expense and portfolio gains and losses.

將其視為淨利息支出和投資組合損益。

And then there's a very small piece of that that's related to the Ford Smart Mobility LLC.

然後有一小部分與福特智能移動有限責任公司有關。

When you look below the chart, you can see that the decline in the automotive segment drove the decline in the overall business.

當您查看圖表下方時，您會發現汽車部門的下滑導致了整體業務的下滑。

We had a very nice improvement in the financial services and a small decline in all other that was largely around the treasury-related activities.

我們在金融服務方面有了非常好的改善，而在所有其他主要與財務相關的活動方面都有小幅下降。

Let's move on to slide 9. And here what we are going to do is start looking at the automotive segment only.

讓我們繼續看幻燈片 9。在這裡，我們要做的是開始只關注汽車領域。

So on the far left, it's a $2.2 billion of profit that we generated in that segment.

所以在最左邊，這是我們在該領域產生的 22 億美元的利潤。

And then you can see right beside that the North American result.

然後你可以在旁邊看到北美的結果。

So effectively every dollar that we earned in the automotive segment was earned in North America.

因此，實際上我們在汽車領域賺取的每一美元都是在北美賺取的。

When you look to the right of that, you can see the ups and downs of the other regions.

當你向右看時，你可以看到其他地區的起伏。

They all net to breakeven, but I would highlight within that, we did generate our ninth consecutive quarterly profit in Europe and we had a good result in Asia-Pacific.

他們都達到了盈虧平衡，但我要強調的是，我們確實在歐洲連續第九個季度實現盈利，而且我們在亞太地區取得了不錯的成績。

If you look below the chart, declines in North America and Europe on a year-over-year basis is what drove the decline in the segment.

如果您查看圖表下方，北美和歐洲同比下滑是導致該細分市場下滑的原因。

All the other regions improved.

所有其他地區都有所改善。

Now let's move further into the automotive segment and focus on our key metrics.

現在讓我們進一步進入汽車領域並關注我們的關鍵指標。

And we will just go right across the page.

我們將直接穿過頁面。

You can see the top line and the first two metrics there.

您可以在那裡看到第一行和前兩個指標。

The wholesales I've touched on, down 3%.

我提到的批發量下降了 3%。

The revenue basically flat, as I mentioned.

正如我提到的，收入基本持平。

SAAR is not shown on the page, but the SAAR for the global industry is estimated at about 93.2 million units.

頁面上未顯示 SAAR，但全球行業的 SAAR 估計約為 9320 萬台。

That was up 4% and that was driven by increases in the industries of Asia-Pacific, Europe, and South America.

增長了 4%，這是由亞太地區、歐洲和南美洲的行業增長推動的。

Market share at 7.4% was down 1/10, and that was driven by declines in North America, Europe, and Middle East and Africa, with the other regions going in a positive direction.

市場份額為 7.4%，下降了 1/10，這是受北美、歐洲、中東和非洲市場份額下降的推動，而其他地區則朝著積極的方向發展。

Then you can see the margin was down and the pre-tax result was down as well.

然後你可以看到利潤率下降了，稅前結果也下降了。

Let's go to the next slide.

讓我們轉到下一張幻燈片。

And let's look at what was behind the decline in profitability: $641 million.

讓我們看看盈利能力下降背後的原因：6.41 億美元。

Basically it was 3 factors.

基本上是3個因素。

It was higher commodity costs, and we talked about that in the first-quarter call.

這是更高的商品成本，我們在第一季度的電話會議上談到了這一點。

As you can see here in the second quarter an impact of $387 million, with that mainly being steel.

正如您在此處看到的，第二季度產生了 3.87 億美元的影響，其中主要是鋼鐵。

But we did have increases across the other commodities.

但我們確實在其他商品上有所增長。

If you take that combined with the first quarter, we are at a roughly $600 million of increase.

如果將其與第一季度相結合，我們將增加大約 6 億美元。

We are looking about $1.2 billion for the full year.

我們預計全年收入約為 12 億美元。

So we expect to have about the same amount of headwind in the second half on a year-over-year basis that we've seen here in the first quarter.

因此，我們預計下半年的逆風將與我們在第一季度看到的同比增長大致相同。

Second factor is exchange.

第二個因素是交流。

You can see $154 million.

你可以看到 1.54 億美元。

Most of that around Europe.

大部分在歐洲。

That is more than explained by weakness in the pound sterling and then also weakness in Asia-Pacific related to the Chinese renminbi.

英鎊疲軟以及與人民幣相關的亞太地區疲軟不僅可以解釋這一點。

And then the third factor, just to refresh your memories.

然後是第三個因素，只是為了喚醒你的記憶。

This time a year ago, we were telling you about a gain on a sale of an entity called OEConnection that generated a profit improvement of $150 million.

一年前的這個時候，我們向您介紹了出售一家名為 OEConnection 的實體的收益，該實體產生了 1.5 億美元的利潤增長。

Obviously, this year on a year-over-year basis it's not occurring.

顯然，今年與去年同期相比並沒有發生。

So those three factors explain what happened.

所以這三個因素解釋了發生的事情。

I don't want to leave the page, though, without highlighting the fact that our market factors were positive, over $200 million.

不過，我不想離開頁面，而不強調我們的市場因素是積極的，超過 2 億美元。

And within that, when you look at the callout box on volume and mix, look at the very, very strong mix that we generated.

在其中，當您查看音量和混音上的標註框時，請查看我們生成的非常非常強大的混音。

Most of that being mix among in terms of products, but also some very good performance in terms of series mix and options, which is the strategy that the team has been deploying for some time now to drive the mixes of each of our individual products into the higher series.

其中大部分是在產品方面的混合，但在系列組合和選項方面也有一些非常好的表現，這是團隊一段時間以來一直在部署的策略，以推動我們每個產品的組合進入更高的系列。

And it's proving to be quite successful.

它被證明是相當成功的。

We did generate an improvement in that pricing for the segment and the year as well.

我們確實在該細分市場和當年的定價方面有所改善。

Let's move on now to the regions.

現在讓我們繼續討論區域。

And we will start first as always with North America, and these are the key factors.

我們將一如既往地首先從北美開始，這些是關鍵因素。

Starting from the left, wholesales were down just a little bit, about 8,000 units, 1%.

從左邊開始，批發量略有下降，大約 8,000 台，下降 1%。

The revenue up 3%.

收入增長 3%。

That was driven by the mix.

這是由混合驅動的。

If we look at the SAAR, the SAAR for the region at 21 million units was down 0.5 million units.

如果我們看一下 SAAR，該地區的 SAAR 為 2100 萬台，下降了 50 萬台。

That was fully explained by a decline in the US.

這完全可以用美國的衰退來解釋。

The US came in at 17 million SAAR.

美國的收入為 1700 萬 SAAR。

And again, that was down 500,000 units.

再一次，減少了 500,000 台。

Market share was down 1/10.

市場份額下降了 1/10。

That was explained by the US and that was explained by lower fleet and that was explained by cars.

這是由美國解釋的，由較低的車隊解釋的，由汽車解釋的。

If we move over to margin, you can see we had a strong margin of 9%, but that was down from last year.

如果我們轉向利潤率，您會看到我們的利潤率高達 9%，但這比去年有所下降。

And then a profit of $2.2 billion, down 19%.

然後是利潤 22 億美元，下降了 19%。

If we move to the next slide and look at what was behind the $0.5 billion decline in profitability, very similar to the automotive segment.

如果我們轉到下一張幻燈片，看看 5 億美元的盈利能力下降背後的原因，這與汽車領域非常相似。

But I would call out just the two factors.

但我只想指出兩個因素。

One: the higher commodity cost.

一：商品成本較高。

Most of the Company's commodity cost decline occurred here.

公司商品成本的下降大部分發生在這裡。

And then of course the non-repeats of the gain on the sale of the OEConnection LLC majority stake that we had.

然後當然是出售我們擁有的 OEConnection LLC 多數股權的收益的非重複。

I do want to highlight the engineering.

我確實想強調工程。

You can see the engineering here is up $126 million.

你可以看到這裡的工程增加了 1.26 億美元。

That was the increase for the segment as well.

這也是該細分市場的增長。

And that was largely explained by the investments that we're making in shrinking our utility lineup and also a bit of the investment in our ADs.

這在很大程度上可以解釋為我們在縮減公用事業陣容方面所做的投資以及對廣告的一些投資。

Again, I want to highlight the market factors.

我想再次強調市場因素。

We had favorable mix: 217 million units.

我們有有利的組合：2.17 億台。

Most of that was driven by Super Duty, so that was both the mix among effect as well as a very strong derivative performance within the Super Duty.

其中大部分是由 Super Duty 驅動的，因此這既是效果的混合，也是 Super Duty 中非常強大的衍生性能。

Then you can see we did have higher pricing as well in the quarter.

然後你可以看到我們在本季度確實有更高的定價。

Okay, let's go on to slide 14.

好的，讓我們繼續幻燈片 14。

Here what I would like to underscore again some of the metrics we've been sharing with you that demonstrate the disciplined approach we are taking to the business here in the United States.

在這裡，我想再次強調我們一直與您分享的一些指標，這些指標證明了我們在美國開展業務時所採取的嚴格方法。

But I just want to note that this is the same approach we take to our business everywhere in the world, not just the US.

但我只想指出，這與我們在世界各地開展業務所採用的方法相同，而不僅僅是美國。

But we will use the US to highlight the effect of that.

但我們將利用美國來強調其影響。

So you can see around transaction prices, our transaction prices in the quarter driven by strong mix, particularly Super Duty.

因此，您可以看到圍繞交易價格，我們本季度的交易價格受到強勁組合的推動，尤其是 Super Duty。

F-Series Raptor is in that as well; five times what the industry saw in terms of an increase.

F 系列猛禽也在其中；行業增長的五倍。

If you look to the right, incentive as a percent of vehicle price over the last number of months, you can see that we've been around no increase.

如果你向右看，在過去幾個月中激勵佔車輛價格的百分比，你會發現我們一直沒有增加。

And in fact, two of the three months, there was a decline, which drove a small decline for the quarter and that compares with an increase for the industry.

事實上，三個月中有兩個月出現下降，導致本季度出現小幅下降，而與行業的增長相比。

Then on the lower left, we ended the quarter at 79 days of gross supply for the US.

然後在左下方，我們以 79 天的美國總供應量結束了本季度。

That was only up 1 day for the full year.

全年僅上漲 1 天。

Our take on our stock levels are that they are in very, very good shape overall.

我們對我們的庫存水平的看法是它們總體上處於非常非常好的狀態。

Okay, let's move now to South America.

好的，讓我們現在轉到南美洲。

And here, again, third quarter in a row we are seeing improvement on a year-over-year basis.

在這裡，我們再次看到連續第三個季度同比有所改善。

And the key metrics and right across the board.

以及關鍵指標和全面的。

And I think the thing that was very encouraging here is the SAAR for the region at 4.2 million units was up 6/10.

我認為這裡非常令人鼓舞的是該地區的 SAAR 為 420 萬台，增長了 6/10。

Half of that was Brazil.

其中一半是巴西。

Finally we've gotten to a quarter where Brazil is up on a year-over-year basis.

最後，我們到了一個季度，巴西同比增長。

Now, a lot of that was direct sales, but the other economic metrics we are looking at in terms of PMI, inflation, exchange is stabilizing.

現在，其中很多是直接銷售，但我們正在關注的其他經濟指標，如 PMI、通貨膨脹、匯率正在穩定。

All of that is looking more favorable, although of course all of us are watching very closely the political developments there.

所有這些看起來都比較有利，當然我們所有人都在密切關注那裡的政治發展。

Looking at wholesales, wholesales were up 12%, revenue up 18%.

從批發來看，批發增長了 12%，收入增長了 18%。

We had very strong performance by the Ka.

Ka 的表現非常出色。

And that was evidenced in the market share, which was up by 5/10 of a point.

這在市場份額上得到了證明，市場份額上升了 5/10 個百分點。

And again, completely driven by the Ka.

再一次，完全由 Ka 驅動。

Margin improved, and you can see the pre-tax loss reduced by $80 million.

利潤率有所提高，您可以看到稅前虧損減少了 8000 萬美元。

Go to the next slide, which is slide 16, and look at what was behind that improvement in the loss.

轉到下一張幻燈片，即第 16 張幻燈片，看看損失改善背後的原因。

And you can see it's entirely driven by favorable market factors, both the volume.

你可以看到它完全是由有利的市場因素驅動的，包括數量。

And you can see that a lot of it was around the pricing.

你可以看到其中很多都與定價有關。

The good news for me was around the cost.

對我來說，好消息是成本。

Because we are starting to see a much mitigated level of inflation and the efforts of the team have been making in terms of reducing cost is now more clearly flowing through.

因為我們開始看到通貨膨脹水平大大降低，而且團隊在降低成本方面所做的努力現在更加明顯。

And you can see here that despite the fact we still have some inflationary pressures, costs were flat in the quarter.

你可以在這裡看到，儘管我們仍然面臨一些通脹壓力，但本季度的成本持平。

A little bit of bad news on exchange, but even that is much less somewhat it has been.

關於交換的一些壞消息，但即使是這樣也沒有那麼多了。

So feeling much, much better about the direction of the business now in South America.

現在對南美的業務方向感覺好多了。

And certainly the work the team is done over the last several years to really thrift out, reduce, lean the business.

當然，團隊在過去幾年中為真正節儉、減少和精簡業務所做的工作。

I think with the top line now starting to come back, I think a lot of that is going to flow right through.

我認為隨著頂線現在開始回歸，我認為其中很多都會直接流過。

If you go to the following slide in terms of Europe.

如果你轉到以下關於歐洲的幻燈片。

In Europe, all the key metrics are lower.

在歐洲，所有關鍵指標都較低。

I will explain what is behind that.

我將解釋其背後的原因。

I have already talked to the wholesales.

我已經和批發商談過了。

The revenue is down largely because of the volume.

收入下降主要是因為銷量。

The SAAR was actually up 20.7 million across the region.

該地區的 SAAR 實際上增加了 2070 萬。

That was up 9/10.

那是 9/10。

Within that, the UK was down.

其中，英國表現不佳。

So we are now finally seeing what we had expected to see from the effect of pricing and other effects across the economy, a slowdown in the UK industry.

因此，我們現在終於看到了我們預期的價格影響和整個經濟的其他影響，即英國工業放緩。

So that was down 2/10 of a point of SAAR.

所以這是 SAAR 點的 2/10。

On the other hand, Russia, similar to Brazil.

另一方面，俄羅斯與巴西類似。

Really excited to see this market starting to come back now in terms of some of the external metrics.

真的很高興看到這個市場在一些外部指標方面開始回歸。

The SAAR was up 2/10 as well on a year-over-year basis.

SAAR 也同比增長 2/10。

When we look at share, the share was down 2/10 of a point.

當我們查看份額時，份額下降了 2/10 個百分點。

That was more than explained by Fiesta.

這超出了 Fiesta 的解釋。

So that's another one of these Fiesta launch effects that I will talk about shortly.

這就是我稍後將要討論的 Fiesta 發布效果中的另一種。

Within that, our commercial vehicles performed very, very well.

其中，我們的商用車錶現非常非常好。

We once again on a brand basis were the number-one-selling commercial vehicle brand.

我們再次在品牌基礎上成為銷量第一的商用車品牌。

And we grew share in the quarter in addition.

此外，我們在本季度的份額也有所增加。

When you look at margin and pre-tax results, both of them down sharply.

當您查看利潤率和稅前結果時，它們都大幅下降。

And if you go to the next page, we will talk about what is behind that.

如果您轉到下一頁，我們將討論其背後的內容。

So I am on slide 18.

所以我在幻燈片 18 上。

So we were down about $380 million.

所以我們減少了大約 3.8 億美元。

Almost literally half of that is related across a number of these factors due to Brexit.

由於英國退歐，幾乎其中一半與許多這些因素有關。

The biggest impact is exchange, so a much bigger effect than actually is what is shown in the singular bar there directly related to Brexit.

最大的影響是交換，因此與英國退歐直接相關的單一欄中顯示的影響比實際影響大得多。

We also saw the industry decline, which is buried within the -- in fact, the industry, as I mentioned to you, the industry was up, but you can see the industry dollars is down.

我們還看到了行業衰退，這是埋在——事實上，正如我向你提到的，行業在上升，但你可以看到行業美元在下降。

That's the effect of the UK because it's a high-margin market.

這就是英國的影響，因為它是一個高利潤市場。

Then we had of course an offset in terms of pricing.

然後我們當然在定價方面有抵消。

So that's buried within that small improvement net pricing.

因此，這隱藏在那個小的改進淨定價中。

We did also see launch effects of the all-new Fiesta, and that spread across a number of these factors.

我們也確實看到了全新嘉年華的發布效果，並且影響了很多這些因素。

So again, for those of you that don't know, Fiesta is our biggest-selling product in Europe.

再一次，對於那些不了解的人，Fiesta 是我們在歐洲最暢銷的產品。

This is an all-new product.

這是一個全新的產品。

We are just in the launch phase.

我們正處於啟動階段。

The initial reaction from the media has been extremely strong on the product.

媒體對產品的最初反應非常強烈。

So very excited to get this to the market and give the customers the opportunity to enjoy it.

非常高興能將其推向市場並讓客戶有機會享受它。

The third factor is commodity cost.

第三個因素是商品成本。

And you can see it out in the callout box for contribution cost of about $70 million.

您可以在標註框中看到大約 7000 萬美元的捐款成本。

So those three factors fully explain the decline.

所以這三個因素充分解釋了下降的原因。

When you look at the rest of the business, the other item I would like to highlight is once again, we had the year-over-year improvement in Russia.

當你看看其他業務時，我想再次強調的另一個項目是，我們在俄羅斯取得了同比增長。

In terms of what we expect for the rest of the year, we expect Europe to remain profitable, although it's going to be below the levels of 2016.

就我們對今年剩餘時間的預期而言，我們預計歐洲將保持盈利，儘管將低於 2016 年的水平。

And it's basically the same story we've been talking about.

這基本上是我們一直在談論的同一個故事。

We think that the profits will be down about $500 million, $600 million -- about $600 million related to Brexit.

我們認為利潤將下降約 5 億美元、6 億美元——約 6 億美元與英國脫歐有關。

That probably is about the decline that we will see in total for the business.

這可能與我們將看到的業務總體下降有關。

In addition, you will see some headwinds from higher commodity costs, which will offset probably in other parts of the business.

此外，您會看到商品成本上漲帶來的一些不利因素，這可能會在業務的其他部分抵消。

Okay, let's go to the following slide, which is slide 19.

好的，讓我們轉到下一張幻燈片，即第 19 張幻燈片。

And now we turn to the Middle East and Africa.

現在我們轉向中東和非洲。

And just to refresh your memory, we have been talking here about declining industries, declining performance for us in the Middle East.

只是為了讓您記憶猶新，我們一直在這裡談論衰落的行業，我們在中東的業績下降。

A lot of this due to external factors related to geopolitical issues and the lower price of well.

這在很大程度上是由於與地緣政治問題和較低的油井價格相關的外部因素。

That is continuing, although maybe some signs of it starting to mitigate when we look at some of the external economic factors.

這種情況仍在繼續，儘管當我們審視一些外部經濟因素時，可能有一些跡象表明這種情況開始有所緩解。

When you look at wholesales, down pretty sharply: 37%.

當你看批發時，下降幅度相當大：37%。

Revenue was down because of the volume.

由於銷量下降，收入下降。

The industry was down about 12% of the markets where we participate.

該行業在我們參與的市場中下跌了約 12%。

You can see that our share was down 1.2 points.

你可以看到我們的份額下降了 1.2 個百分點。

That was almost fully explained by the Middle East, where we are still working through some performance issues.

中東幾乎完全解釋了這一點，我們仍在努力解決一些性能問題。

And go to the right of that, you can see the margin down.

然後轉到它的右側，您可以看到邊距下降。

Yet for the first time now for a while, we're starting to see the loss reduce.

然而，一段時間以來，我們第一次開始看到損失減少。

And that improved from $65 million a year ago to $53 million this quarter.

這一數字從一年前的 6500 萬美元增加到本季度的 5300 萬美元。

When we turn to the following slide, it's a small improvement.

當我們轉到下一張幻燈片時，這是一個小改進。

But to me, the thing that's interesting and exciting about this is how we got there.

但對我來說，有趣和令人興奮的是我們是如何到達那裡的。

When you look at the cost factors, the team continues to do a really good job in the face of a lot of difficulties on the top line to generate cost savings.

當您查看成本因素時，面對頂線的許多困難以節省成本，團隊繼續做得非常好。

The exchange is moving in our direction as well.

交易所也在朝著我們的方向發展。

That's around South Africa and euro.

那是在南非和歐元附近。

If you go to the far left, though, you see the impact of volume.

但是，如果你走到最左邊，你會看到音量的影響。

And it's across all elements of the business: industry, share, stock adjustments in line with that.

它涉及業務的所有元素：行業、股票、股票調整。

So a lot of work ahead of us on that, but we still continue to expect the Middle East and Africa to improve this year compared to 2016 due to lower cost, favorable exchange, and lower volume.

因此，我們在這方面還有很多工作要做，但我們仍然預計今年中東和非洲的情況會比 2016 年有所改善，原因是成本較低、匯率有利且產量較低。

And a lot of -- that in fact, all of that improvement is going to take place in the second half of the year.

很多——事實上，所有這些改進都將在今年下半年發生。

So I expect to see better results on a year-over-year basis in the second half of the year than what we have seen in the first half.

因此，我預計下半年的同比結果會比上半年更好。

When you get to the following slide on Asia-Pacific, the last of our automotive business units, a lot of positive stories here.

當你看到下面這張關於亞太地區的幻燈片時，我們最後一個汽車業務部門，這裡有很多積極的故事。

Wholesales up 24,000 units or 7%.

批發量增加 24,000 台或 7%。

That is all explained by China.

這一切都由中國解釋。

Circling back to the first quarter, we talked about some issues that we had in China in the first quarter and we were down.

回到第一季度，我們談到了第一季度在中國遇到的一些問題，我們感到沮喪。

We talked about improving in the quarter in China, and the team succeeded in that regard.

我們談到了本季度在中國的改進，團隊在這方面取得了成功。

They've revised their go-to-market strategy.

他們已經修改了進入市場的策略。

I think we still have more work ahead of us, frankly, but we did generate an improvement year over year in terms of sales in China in the quarter.

坦率地說，我認為我們還有更多工作要做，但我們確實在本季度在中國的銷售額方面取得了同比增長。

But more work ahead of us.

但我們還有更多工作要做。

And you can see some of that here on the wholesales to support that.

你可以在批發市場上看到其中的一些來支持這一點。

Our revenue was up on our consolidated activities.

我們的收入增加了我們的綜合活動。

Interestingly, that includes some of the activities inside China, including Lincoln, because those are consolidated.

有趣的是，這包括在中國境內的一些活動，包括林肯，因為這些活動是合併的。

In terms of SAAR, the SAAR was at 43.7 million units.

SAAR 方面，SAAR 為 4370 萬單位。

That was up 2.3 million; of that, China was 1.9 million.

增加了 230 萬；其中，中國為 190 萬。

So the industry has recovered from the first quarter and is growing quite nicely now.

所以這個行業已經從第一季度開始復蘇，現在增長得相當好。

When we look at market share, we were up 1/10.

當我們查看市場份額時，我們上升了 1/10。

And that was driven by JMC along with Lincoln.

這是由 JMC 和林肯共同推動的。

And China -- it was all China that drove the market share.

而中國——推動市場份額的全是中國。

Margin recovered nicely to about 4%, and pre-tax results at $143 million, an improvement of $150 million from a year ago.

利潤率恢復良好，達到 4% 左右，稅前利潤為 1.43 億美元，比一年前增加 1.5 億美元。

On the lower right of the slide -- I'll spend a second on this.

在幻燈片的右下角——我會花點時間討論這個。

So this is as we usually report our China JV net income.

所以這是我們通常報告我們的中國合資企業淨收入。

So it's equity after-tax, what we get, was $195 million.

所以我們得到的稅後股權是 1.95 億美元。

The margin was 10.7%.

利潤率為 10.7%。

Both of those were down, so let's talk about the profit.

兩者都下降了，所以讓我們談談利潤。

I will explain it through the profits.

我將通過利潤來解釋它。

The profits were down, that we get, about $100 million.

我們得到的利潤下降了大約 1 億美元。

The majority of that is due to lower investment incentives that we receive in China.

其中大部分是由於我們在中國獲得的投資激勵較低。

Most of that is due to just the timing of incentives this year versus the timing of incentives last year.

其中大部分是由於今年激勵措施的時間與去年的激勵時間相比。

For the full year, we expect incentives to be a bit lower, but much less than what we are seeing in the quarter.

對於全年，我們預計激勵措施會有所降低，但遠低於我們在本季度看到的水平。

So this -- you need to think about this as not something you multiply 4 times.

所以這個 - 你需要考慮這不是你乘以 4 倍的東西。

We also had some headwinds related to the exchange that I mentioned earlier.

我們也遇到了一些與我之前提到的交易所相關的不利因素。

Go to the following slide, and we will look at the improvement of $150 million and what was behind that.

轉到下一張幻燈片，我們將了解 1.5 億美元的增長及其背後的原因。

So you can see it was driven by favorable volume.

所以你可以看到它是由有利的數量驅動的。

We also had favorable mix in the quarter.

我們在本季度也有有利的組合。

It was offset in part by the negative net pricing in China that we continue to see.

我們繼續看到中國的負淨定價部分抵消了這一影響。

But then we had favorable cost performance.

不過那時我們有了有利的性價比。

I've talked about the exchange.

我已經談到了交流。

And then within the other, that is more than explained by the timing and the lower level of investment incentives in the quarter that I referenced just a bit earlier.

然後在另一個方面，這不僅僅是我之前提到的那個季度的時間和較低水平的投資激勵所解釋的。

If we think about the full year, we expect Asia-Pacific to improve.

如果我們考慮全年，我們預計亞太地區會有所改善。

That's no change from prior guidance, and that will be driven by favorable volume and mix and lower cost.

這與之前的指導沒有變化，這將受到有利的數量和組合以及較低成本的推動。

We still expect on a full-year basis industry pricing to be negative.

我們仍然預計全年行業定價為負。

And we also expect to see unfavorable exchange due to the renminbi flowthrough as well.

我們還預計，由於人民幣的流入，也會出現不利的匯率。

Okay, that's it for automotive.

好的，這就是汽車。

Let's move now to Ford Credit, where we've got some really great performance to talk about.

現在讓我們轉到 Ford Credit，我們有一些非常好的表現可以討論。

And you can see it here on the slide.

你可以在幻燈片上看到它。

The business grew $8 billion in terms of managed receivables, and that was driven largely by retail financing globally.

該業務在管理應收賬款方面增長了 80 億美元，這主要是由全球零售融資推動的。

And then the pre-tax result was up 55% at $619 million.

然後稅前結果增長了 55%，達到 6.19 億美元。

We will talk in a second about what was behind that.

我們稍後會討論這背後的原因。

But it was pretty broad-based when you look at what drove the improvement.

但是，當您查看推動改進的因素時，它的基礎非常廣泛。

If you look at some of the portfolio metrics on this particular slide: very strong.

如果您查看這張特定幻燈片上的一些投資組合指標：非常強大。

Average placement FICO at over 740, consistent more or less where it had been.

平均安置 FICO 超過 740，或多或少與之前一致。

The delinquencies remain in a very, very good place.

違約率仍然在一個非常非常好的地方。

And the loss-to-receivables ratio, while it's up, is certainly well within our expectations for where we are at this point in the cycle.

損失與應收賬款的比率雖然上升，但肯定在我們對周期中此時所處位置的預期之內。

So overall, very robust portfolio performance combined with great bottom-line performance and growth.

因此，總體而言，非常強勁的投資組合表現與出色的底線表現和增長相結合。

If you turn to the next slide on slide 24, this is what is behind it.

如果您轉到幻燈片 24 的下一張幻燈片，這就是它背後的內容。

You can see most of the factors are green and positive.

您可以看到大部分因素都是綠色和積極的。

We had favorable volume and mix; that's the growth that we talked about.

我們有有利的數量和組合；這就是我們談到的增長。

The margin was favorable.

利潤率是有利的。

Credit loss reserve was good.

信用損失準備較好。

We actually did increase the reserve for credit losses in the quarter.

我們實際上確實增加了本季度的信用損失準備金。

We just increased it much less so than last year.

我們只是比去年增加了很多。

Lease residuals are flat.

租賃殘差持平。

I think that's a victory.

我認為這是一場胜利。

That has been one of the biggest headwinds of the business now for quite a number of quarters.

在很多個季度裡，這一直是該行業最大的阻力之一。

But as has been written about by many of you and others in the media, we are seeing less of a downward draft on auction values than what we had expected, and certainly that's reflected here.

但正如你們中的許多人和媒體中的其他人所寫的那樣，我們看到拍賣價值的下行幅度低於我們的預期，這當然反映在這裡。

We still expect our auction values or residual values to fall on an average basis by about 6%.

我們仍然預計我們的拍賣價值或剩餘價值平均下降約 6%。

But if you go back to what I said in the first quarter, I said about 6%.

但如果你回到我在第一季度所說的，我說大約 6%。

That was a round down to 6%.

這是一個下降到 6% 的回合。

This quarter, it is a round up to 6%.

本季度，這是一輪高達 6% 的增長。

So even within that number, we are seeing some improvement.

因此，即使在這個數字內，我們也看到了一些改善。

Then you go to the far right, you can see other.

然後你走到最右邊，你可以看到其他的。

And we had a $90-million improvement in our derivatives, and this was based on favorable interest rate movements.

我們的衍生品有 9000 萬美元的改進，這是基於有利的利率變動。

If you go to the following slide and look at some of our financing trends, again, this continues I think a similar story to what we talked about in the quarter.

如果您轉到下一張幻燈片並查看我們的一些融資趨勢，我認為這將繼續與我們在本季度討論的內容類似。

We are seeing leasing pull back a bit.

我們看到租賃業務有所回落。

And you can see that we came down, as did the industry.

你可以看到我們和整個行業一樣走下坡路。

And to the far right on the upper part of the chart, you can see what I was talking about.

在圖表上部的最右側，您可以看到我在說什麼。

In the quarter, we had a seasonally or a sequential increase for the second quarter in a row in terms of average auction values.

在本季度，我們的平均拍賣價值連續第二個季度出現季節性或環比增長。

And on a year-over-year basis, down only about 4.5%.

與去年同期相比，僅下降了約 4.5%。

Again, that is less than what we had expected -- or more than -- less than what we had expected.

同樣，這低於我們的預期——或高於——低於我們的預期。

If you go to the lower left in terms of severity, that's looking very healthy.

如果你在嚴重性方面轉到左下角，那看起來非常健康。

And we talked about the LTR.

我們談到了 LTR。

So overall, what we are seeing is strong credit quality, strong business environment, and healthy consumer credit conditions.

因此，總體而言，我們看到的是良好的信用質量、良好的商業環境和健康的消費信貸狀況。

And that's reflected in the really great results of Ford Credit.

這反映在福特信貸的真正偉大成果中。

Let's move on now to cash flow, looking at the automotive segment.

現在讓我們轉向現金流，看看汽車領域。

So in the middle of the page, you can see the $1.3 billion that we generated.

所以在頁面中間，您可以看到我們產生的 13 億美元。

The one thing I would highlight is the negative impact of changes in working capital.

我要強調的一件事是營運資金變化的負面影響。

That was primarily in payables.

這主要是應付賬款。

A lot of that associated with the launch of the Fiesta in Europe, so we had much lower production in the last 45 days of the quarter related to that.

很多與歐洲嘉年華的推出有關，因此我們在本季度最後 45 天的產量要低得多。

We also had some inventory holds in other parts of our business for various reasons, which have subsequently unwound.

由於各種原因，我們在業務的其他部分也持有一些庫存，這些庫存隨後被解除。

But at the end of the quarter, that had an impact.

但在本季度末，這產生了影響。

The only other things I would highlight is that we are still on track to our guidance for capital spending, pension contributions, and also full-year shareholder distributions.

我要強調的唯一其他事情是，我們仍在按照我們對資本支出、養老金繳款以及全年股東分配的指導方針行進。

Moving on to slide 27, the balance sheet metrics.

轉到幻燈片 27，資產負債表指標。

The only thing I would comment here -- we can take questions later -- is everything is in great shape.

我在這裡唯一要評論的是——我們可以稍後再提問——一切都很好。

The balance sheet remains strong.

資產負債表依然強勁。

Ford Credit, well capitalized.

福特信貸，資本充足。

A lot of -- a good liquidity there.

很多 - 那裡有很好的流動性。

In terms of pensions, we still expect by the time we get to the end of the year -- it's not reflected here.

在養老金方面，我們仍然預計到年底時——這裡沒有反映出來。

But based on what we are seeing in terms of the key metrics that drive our pension funding obligation status, we expect it to improve from where it had been at the end of 2016.

但根據我們在推動養老金融資義務狀況的關鍵指標方面所看到的情況，我們預計它會比 2016 年底有所改善。

Moving on to more of an outlook discussion, looking at GDP and industry planning assumptions.

繼續進行更多的前景討論，著眼於 GDP 和行業規劃假設。

GDP is unchanged in the second column from what we guided previously.

第二列中的 GDP 與我們之前的指導沒有變化。

But on the right-hand side, industry is up a bit on a global basis.

但在右側，工業在全球範圍內略有上升。

We have taken the US down a couple hundred thousand units from prior guidance of 17.5 million.

我們已將美國的銷量從之前指導的 1750 萬台下調了數十萬台。

That's really driven primarily by lower fleet sales.

這實際上主要是由較低的機隊銷量推動的。

Brazil up 1/10, Europe up a couple tenths, and China down a couple of tenths.

巴西上漲了 1/10，歐洲上漲了十分之二，中國下跌了十分之二。

So some small movements up or down, but probably the one that's most noteworthy to you is the US.

所以有一些小幅上漲或下跌，但最值得注意的可能是美國。

A little bit softer than what we had expected, but that's driven by fleet sales.

比我們預期的要軟一點，但這是由車隊銷售推動的。

Now let's spend a little bit of time on guidance because we are making a couple of changes here.

現在讓我們花一點時間在指導上，因為我們在這裡做了一些改變。

So as you guys all know that we have historically provided an adjusted pre-tax profit outlook for the Company.

所以你們都知道，我們歷來為公司提供了調整後的稅前利潤前景。

We have then separately provided a tax rate.

然後我們單獨提供了稅率。

So we are going to be moving from this point forward to a methodology which is used by others and is understood very well by you and the Street to use an adjusted EPS.

因此，我們將從這一點出發，轉向一種其他人使用的方法，並且您和華爾街都非常了解使用調整後的 EPS。

So you see that in the first column.

所以你在第一列看到了。

So our guidance for the year is $1.65 to $1.85.

因此，我們今年的指導價為 1.65 美元至 1.85 美元。

To the right of that, importantly, is the tax rate that I referred to earlier.

最重要的是，右邊是我之前提到的稅率。

Now to help you understand how to think about the guidance, if you take the last quarter guidance and you put it on the same basis, it would be $1.58.

現在幫助您了解如何考慮指導，如果您採用上一季度的指導並將其放在相同的基礎上，則為 1.58 美元。

That was the about $9 billion, 30% tax rate.

那是大約 90 億美元，稅率為 30%。

So clearly the range is higher, but it is driven by the tax rate.

很明顯，這個範圍更高，但它是由稅率驅動的。

So to help you further, if you were to take the top end of that range, that's effectively about the $9 billion.

因此，為了進一步幫助您，如果您要達到該範圍的上限，那實際上大約是 90 億美元。

It's a little bit less in an absolute sense than $9 billion, but that's effectively about the $9 billion.

從絕對意義上講，它比 90 億美元少一點，但實際上大約是 90 億美元。

And then beneath that, think about that as our view of potential risks as we think about market factors or cost performance over the balance of the year.

然後在此之下，將其視為我們在考慮今年餘下時間的市場因素或成本績效時對潛在風險的看法。

So it's not necessarily something that we see happening, but as we look at history from this point forward and we think about the environment that we are in, we are providing for various outcomes on both market factors and cost performance that takes us to the lower end of the range.

因此，這不一定是我們看到正在發生的事情，但是當我們從現在開始回顧歷史並思考我們所處的環境時，我們正在提供市場因素和成本績效方面的各種結果，這些結果將我們帶到了較低的位置範圍的盡頭。

The other thing I would highlight is the tax rate.

我要強調的另一件事是稅率。

And then the other thing that may be helpful to you, as we think about the second half of the year, we do expect the second half of the year to be lower than the first half.

然後另一件事可能對你有幫助，因為我們考慮下半年，我們確實預計下半年會低於上半年。

That's based on seasonal factors, historical experience, but this year also related to the launch of the Expedition and the Navigator.

這是基於季節性因素和歷史經驗，但今年也與 Expedition 和 Navigator 的推出有關。

Those will be going through effectively launch the entire quarter.

這些將在整個季度有效啟動。

Don't expect to see any wholesales until the beginning of the fourth quarter.

預計在第四季度初之前不會看到任何批發。

And then in terms of 2018, we've provided a view on 2018 ever since Investor Day back in September.

然後就 2018 年而言，自 9 月的投資者日以來，我們已經提供了對 2018 年的看法。

We have continued to share that with you at other events.

我們在其他活動中繼續與您分享。

We are not doing that today because of the reassessment that Jim has us working on, and we will share more on the business later this year, as he said earlier.

我們今天不這樣做是因為吉姆讓我們進行重新評估，正如他早些時候所說，我們將在今年晚些時候分享更多關於業務的信息。

And then on slide 30, this is our full-year guidance puts and takes.

然後在幻燈片 30 上，這是我們的全年指導意見。

It has been updated and reflects our latest thinking.

它已經更新並反映了我們的最新想法。

So if you have any questions on that, we can take that later.

因此，如果您對此有任何疑問，我們可以稍後再處理。

Then finally on slide 31, our view of the key takeaways.

最後是幻燈片 31，我們對關鍵要點的看法。

So a solid quarter; certainly a lot of excitement here as we progress our 100-day review.

如此穩固的季度；在我們進行為期 100 天的審查時，這里肯定有很多激動人心的事情。

The second one is around all the metrics we've shared.

第二個是圍繞我們共享的所有指標。

Ford Credit: strong results.

福特信貸：業績強勁。

The balance sheet in great shape.

資產負債表狀況良好。

Continuing to run the business in a very healthy way.

繼續以非常健康的方式經營業務。

And of course, the guidance update that we just talked about.

當然，還有我們剛才談到的指南更新。

So with that, Ted, I think we are ready to move into Q&A.

因此，特德，我想我們已經準備好進入問答環節了。

So with that, we'd like to turn it over to questions for the team here.

因此，我們想把它轉交給這裡的團隊的問題。

(Operator Instructions) Ryan Brinkman, JPMorgan.

（操作員說明）摩根大通的 Ryan Brinkman。

Great, thanks for taking my question.

太好了，謝謝你提出我的問題。

My first question is really on tax.

我的第一個問題是關於稅收的。

You touched on the drivers of the significant reduction in tax rate this year.

您談到了今年大幅降低稅率的驅動因素。

Firstly, is there anything you can say more about the change from 30% to 15%, which is pretty big?

首先，關於從 30% 到 15% 的變化，你有什麼可以多說的嗎，這個變化很大？

And secondly, does the lower tax rate this year have the potential to impact future years?

其次，今年較低的稅率是否有可能影響未來幾年？

And thirdly, is the change more to book taxes or will there also be an improvement to cash taxes?

第三，改變更多的是賬面稅還是現金稅也會有所改善？

And if so, how material could that benefit be?

如果是這樣，那麼這種好處有多大？

Yes, thanks, Ryan.

是的，謝謝，瑞安。

It's a good question.

這是個好問題。

So in terms of tax, think about the effect that we are talking about as being 2017.

因此，就稅收而言，想想我們正在談論的 2017 年的影響。

I would think when we get into 2018, we will move back to a more normal tax rate of around 30%.

我認為當我們進入 2018 年時，我們將回到 30% 左右的更正常的稅率。

Obviously we will update you on that when we provide the guidance for next year, but I would see that is something that we are doing this year.

顯然，當我們提供明年的指導時，我們會向您介紹最新情況，但我認為這是我們今年正在做的事情。

So the other way to think about what's happening -- the tax team, who, as I said, has just done a great job, they had line of sight to the actions that we are talking about affecting 2017 that we would be taking in some of the years ahead of us.

因此，換一種方式來思考正在發生的事情——稅務團隊，正如我所說，剛剛做得很好，他們對我們正在討論的影響 2017 年的行動有一定的看法，我們將採取一些行動我們未來的歲月。

But frankly, in anticipation of potential corporate tax reform -- and again, no idea when that happens.

但坦率地說，在預期潛在的公司稅改革時——再一次，不知道什麼時候會發生。

But also not knowing what it is, the team recommended that we take these actions that we had planned to do perhaps later in our planning period and pull them into this year, which is what we are doing.

但也不知道它是什麼，團隊建議我們採取這些我們計劃在計劃期後期採取的行動，並將它們拉到今年，這就是我們正在做的事情。

And I'm not going to get into specifics of the one action that we took in the quarter.

我不會詳細介紹我們在本季度採取的一項行動。

As I said, there will be others in the second half of the year.

正如我所說，今年下半年還會有其他人。

But effectively they are bringing distributions back to the US.

但實際上，他們正在將分銷帶回美國。

Those distributions are bringing with them foreign tax credits, which we're then recognizing on the balance sheet.

這些分配帶來了外國稅收抵免，然後我們在資產負債表上確認了這一點。

So in terms of the impact on cash taxes, this is a book tax effect.

因此，就現金稅的影響而言，這是帳面稅的影響。

Would not expect it to have any near-term impact on cash taxes, but certainly at some point in the future it will.

預計它不會對現金稅產生任何近期影響，但肯定會在未來某個時候產生影響。

So this is real in terms of both profit and cash, but the cash impact will be later.

所以這在利潤和現金方面都是真實的，但現金影響將在以後出現。

Okay, thank you.

好的謝謝。

Then just lastly from me.

最後是我。

I'd like to ask on Ford Credit.

我想問一下 Ford Credit。

Obviously very strong in the quarter.

顯然在本季度非常強勁。

When you first guided to $1.5 billion for full year 2017 in November last year, in the absence [of anything] better, I just assumed $750 million in the first half, $750 million in the back half.

去年 11 月，當你首次指導 2017 年全年達到 15 億美元時，在沒有更好的情況下，我只是假設上半年為 7.5 億美元，下半年為 7.5 億美元。

You have done $1.1 billion to date.

迄今為止，您已經完成了 11 億美元。

Can you say anything about the cadence of Ford Credit profits this year in order to help us maybe gauge how much better than $1.5 billion could the division be tracking for the full year?

你能否談談今年福特信貸的利潤節奏，以幫助我們衡量該部門全年追踪的利潤比 15 億美元好多少？

And then just sticking with Ford Credit, the lease residuals, those tracking better.

然後堅持使用福特信貸，租賃殘差，那些追踪得更好。

Does that do anything to change your previously communicated outlook that prices would continue to fall through 2019?

這是否會改變您之前傳達的價格將在 2019 年繼續下跌的前景？

Or some of the actions you are doing on rental cars or something else maybe helping you rethink that?

或者您在租用汽車時所做的某些操作或其他可能會幫助您重新考慮的事情？

Yes, so in terms of cadence, we are not providing a specific number in terms of profit for the year.

是的，所以就節奏而言，我們沒有提供當年利潤的具體數字。

It will be better.

會好起來的。

Second half will be lower than the first half, so I certainly wouldn't take $1.1 billion times 2. That is not happening, but it will be better than the $1.5 billion.

下半年將低於上半年，所以我當然不會接受 11 億美元乘以 2。這不會發生，但會比 15 億美元好。

And to the question that you had around how are we thinking about -- and let's not talk about auction values, but more residual values as a percent of a sales price.

對於你提出的我們如何思考的問題——我們不要談論拍賣價值，而是談論更多的剩餘價值佔銷售價格的百分比。

Because we actually expect over time that those will rise and we want to focus on the percentage, if you will, residual values as a percent of that.

因為我們實際上預計隨著時間的推移這些會上升，我們希望關注百分比，如果你願意的話，剩餘價值佔其中的百分比。

But we are still expecting, as I said, that's about 6% year over year, which would suggest a pretty sharper decline later this year in order to land in that spot.

但正如我所說，我們仍然預計同比增長約 6%，這表明今年晚些時候將出現更大幅度的下滑，以達到該水平。

So we'll have to wait and see if that happens.

所以我們將不得不等待，看看是否會發生這種情況。

Frankly, the team just gave me a report yesterday, you know, the latest weekly report, and things are still holding up well.

坦率地說，團隊昨天剛給了我一份報告，你知道的，最新的每週報告，事情仍然進展順利。

So we haven't seen the signs yet of anything happening.

所以我們還沒有看到任何事情發生的跡象。

We have certainly heard that -- we can expect to see some declines coming from the next-day LG update.

我們當然聽說過——我們可以預期在第二天的 LG 更新中會出現一些下降。

So we will have to work our way through that, but that is what we are kind of providing for in that guidance.

因此，我們將不得不努力解決這個問題，但這正是我們在該指南中提供的內容。

In terms of looking at 2018 and 2019, nothing has changed in terms of our expectations.

回顧 2018 年和 2019 年，我們的預期沒有任何變化。

We are still expecting that residual values as a percent of vehicle price will be declining.

我們仍然預計殘值佔車輛價格的百分比將會下降。

And we are building that into all of the new business that we are writing.

我們正在將其構建到我們正在編寫的所有新業務中。

Very helpful.

很有幫助。

Thank you.

謝謝。

Brian Johnson, Barclays.

布賴恩約翰遜，巴克萊銀行。

Yes, just want to get underneath the puts and takes and revisions to the outlook.

是的，只是想了解看跌期權和看跌期權以及對前景的修正。

It looks like with the tax credit benefit you will be taking that it appears that the midpoint of pre-tax seems to be, as you mentioned, coming down from the roughly $9 billion you talked about.

看起來你將獲得的稅收抵免福利，正如你提到的那樣，稅前的中點似乎低於你所說的大約 90 億美元。

Can you A, confirm that?

你能確認嗎？

And B, with the regions performing a little bit better this quarter, where is that up?

B，本季度各地區的表現略有好轉，這是在哪裡？

And with certainly Ford Credit now poised to contribute more, where do you sense an operating weakness is likely to come from?

當然，福特信貸現在準備做出更多貢獻，您認為運營弱點可能來自哪裡？

Yes, so first of all, you shouldn't assume that our own point of view in terms of where the business is is at the midpoint.

是的，所以首先，你不應該假設我們自己對業務所在位置的看法處於中點。

But you are right.

但你是對的。

I mean, you can calculate and figure out what the midpoint is and it would be further below the prior guidance of $9 billion than just a bit below, which is where the top end is.

我的意思是，你可以計算並弄清楚中點是多少，它會比先前指導的 90 億美元低一點，而不是略低於最高點。

But please don't assume that is necessarily where we are in terms of our own single-point estimate.

但請不要假設就我們自己的單點估計而言，這必然是我們所處的位置。

But to the point you are raising, we are looking at the business both in terms of market factors and cost performance.

但就您提出的觀點而言，我們正在從市場因素和成本績效兩個方面來看待業務。

We are trying to provide some recognition of the fact that we don't have control over everything.

我們正試圖承認我們無法控制一切這一事實。

And so there's two I'd highlight.

所以我要強調兩個。

One is the commodity cost, which, as I said, will be up based on what we think right now about $1.2 billion on a year-over-year basis.

一個是商品成本，正如我所說，根據我們現在認為的同比增長約 12 億美元，商品成本將會上升。

By the way, they were favorable last year by $900 million, so you can see how they can swing.

順便說一句，他們去年獲得了 9 億美元的優惠，所以你可以看到他們如何搖擺不定。

The exchange is another factor that obviously will be what it is going to be.

交易所是另一個因素，它顯然會成為未來的樣子。

And then frankly, the other one is around warranty expense and the potential for recalls.

然後坦率地說，另一個是關於保修費用和召回的可能性。

We don't forecast recalls.

我們不預測召回。

In fact, we don't know -- I personally don't know about recalls or others until the team has done the work and the data supports an action.

事實上，我們不知道——我個人不知道召回或其他，直到團隊完成工作並且數據支持行動。

And then we move and we move very, very quickly.

然後我們移動，我們移動得非常非常快。

But as you are very well aware, we have seen some recalls that have had material financial impact over the last number of quarters.

但正如您非常清楚的那樣，我們已經看到一些召回事件在過去幾個季度中產生了重大的財務影響。

And so this provides us a little bit of space for that as well.

因此，這也為我們提供了一點空間。

But I would add, Brian, that a couple of things since the first-quarter guidance that has taken place -- actually three things -- very specifically that we've accommodated in this range.

但我要補充一點，布賴恩，自第一季度指導以來發生的幾件事——實際上是三件事——非常具體地說，我們已經適應了這個範圍。

One is higher incentives across all regions of the world.

一是在世界所有地區都提供更高的激勵措施。

Not really large in any one region, but when you add them up, it's a factor.

在任何一個地區都不是很大，但當你把它們加起來時，它就是一個因素。

The second is higher warranty expense already in North America.

第二個是北美已經存在更高的保修費用。

And that's related to coverages.

這與覆蓋範圍有關。

So not recalls, but coverages.

所以不是召回，而是報導。

Normal 36 months, 36,000 miles, that sort of thing.

正常 36 個月，36,000 英里，諸如此類。

Also something [sum up] related to our extended warranty that we've provided on some of our components.

還有一些 [總結] 與我們為某些組件提供的延長保修有關。

Then the last, which is an offset, which is what you raised, is a favorable view of what Ford Credit is going to bring to the business.

然後是最後一個抵消，這是你提出的，是對福特信貸將給企業帶來什麼的有利看法。

So those three together, you know, in an absolute sense, would take you a bit lower than $9 billion, but contained within the upper end of the guidance.

所以這三者加在一起，你知道，從絕對意義上說，你會花費不到 90 億美元，但包含在指導的上限之內。

The rest of it is really a risk assessment.

其餘部分實際上是風險評估。

And now a question for Jim.

現在有一個問題要問 Jim。

I know you are still in the midst of this 100-day fitness assessment.

我知道您仍在進行為期 100 天的健身評估。

But one thing that jumps out at us is the gap in North American margins between Ford and GM, which now running around 300 basis points.

但我們突然想到的一件事是福特和通用汽車在北美的利潤率差距，目前約為 300 個基點。

What's your observations of that?

你對此有何看法？

Ford is still -- historically has traded at a premium to GM, partly thinking that the brand equity was stronger, the brands were better positioned.

福特仍然 - 歷史上一直以高於通用汽車的價格進行交易，部分原因是認為品牌資產更強大，品牌定位更好。

But to the extent that is, it's certainly not showing up in the margins in North America.

但就此而言，它肯定不會出現在北美的邊緣。

So wondering if you have some points of view on that, and how just preliminary that might be addressed at the end of the 100 days?

所以想知道您是否對此有一些看法，以及如何在 100 天結束時初步解決這個問題？

Well, I think, Brian, it fits the early comments I made about fitness.

好吧，我認為，布賴恩，這符合我早期對健身的評論。

That notion means you are scanning for competitive improvements, people coming at you that you don't expect.

這個概念意味著你正在掃描競爭改進，人們來找你是你沒有預料到的。

As we start talking about the future, we will be talking about competitors that are outside our industry.

當我們開始談論未來時，我們將談論我們行業之外的競爭對手。

So that kind of thing gets my attention.

所以那種事情引起了我的注意。

I can understand it in ways with the SUV segment being so strong and our franchise being really strong in that same area.

我可以通過 SUV 細分市場如此強大以及我們的特許經營權在同一領域非常強大的方式來理解它。

And this kind of perspective that you are bringing up is something that we talk about.

你提出的這種觀點是我們談論的話題。

So I can just confirm it's the kind of thing that doesn't go over the top of our head.

所以我可以確認這是一種不會超過我們頭腦的事情。

It's not something at all that I'm worried about addressing.

這根本不是我擔心要解決的問題。

And I also have great optimism that when we talk to you about how we are going to address that, there is big opportunity there.

而且我也非常樂觀，當我們與您討論我們將如何解決這個問題時，那裡有很大的機會。

Just for all the listeners, and in regard here, we changed the organization on May 22.

為了所有的聽眾，就此而言，我們在 5 月 22 日更改了組織。

So there were 19 direct reports in the last administration.

所以在上一屆政府中有 19 名直接下屬。

I have 8. And I'm an executive team that the speed in which they can address something like what you just talked about is a big improvement.

我有 8 個。我是一個執行團隊，他們解決您剛才談到的問題的速度是一個很大的進步。

You wouldn't know that based on the data that you are looking at right now, but that's the promise that I hope to prove to you.

根據您現在正在查看的數據，您不會知道這一點，但這是我希望向您證明的承諾。

Hey, Brian, it's Bob.

嘿，布萊恩，我是鮑勃。

The only thing that I would add -- and again, it's not to denigrate Jim's performance because I think what they are doing is quite impressive, I think.

我唯一要補充的是——再說一遍，這並不是要詆毀吉姆的表現，因為我認為他們所做的令人印象深刻，我認為。

But we do have to -- and you guys recognize this as well and they do as well.

但我們確實必須——你們也認識到了這一點，他們也認識到了這一點。

There has been a lot of stock build.

已經有很多庫存。

So I think when you want to compare margins and that type of thing, you really have got to neutralize that effect on both sides.

所以我認為當你想比較利潤率和那種類型的東西時，你真的必須抵消雙方的影響。

And if you look at our business in the quarter, we actually had a stock decline in the quarter in the US.

如果你看看我們本季度的業務，我們實際上在本季度美國的股票有所下跌。

In North America, we had a very small stock -- favorable stock change.

在北美，我們的庫存非常少——有利的庫存變化。

That was not the US, which is where the high margins are.

那不是美國，那裡是高利潤率的地方。

So that's the only caveat I would put is on an apples-to-apples basis, probably the gap isn't quite as large as what you said.

所以這是我要提出的唯一警告是在同類基礎上，可能差距沒有你說的那麼大。

Okay.

好的。

And just final question around capital.

最後一個關於資本的問題。

Are you open to bold moves around capital consumption ranging, whether it's from investing in product lines all the way to spinning out or joint venturing major parts of the business that consumes big chunks of cash?

您是否願意圍繞資本消耗範圍採取大膽舉措，無論是從投資產品線一直到分拆還是合資經營消耗大量現金的主要業務？

Yes, I mean, you called it bold.

是的，我的意思是，你稱之為大膽。

I think it's just part of the fitness cadence and discipline that I'm really trying to stress.

我認為這只是我真正想要強調的健身節奏和紀律的一部分。

This is one of the most important things the leadership can do is making choices in a way that really preserves capital, gets the kind of returns that you would expect.

這是領導層可以做的最重要的事情之一，就是以真正保留資本的方式做出選擇，獲得您期望的回報。

So of course, all of that is in the air up for grabs.

所以當然，所有這些都懸而未決。

Okay, thanks.

好的謝謝。

Rod Lache, Deutsche Bank.

Rod Lache，德意志銀行。

Jim, I'd like to just ask a couple more questions about the things that you are assessing in the first 100 days.

吉姆，我想再問幾個問題，關於你在前 100 天要評估的事情。

First of all, just on this innovation question, what do you think can change to accelerate the pace of innovation and the clock speed at a company like Ford?

首先，就這個創新問題而言，您認為可以改變什麼來加快像福特這樣的公司的創新步伐和時鐘速度？

And to make the Company more competitive in terms of speed and risk-taking with some of the tech companies that you've had quite a bit of exposure to?

並使公司在速度和風險承擔方面與您接觸過的一些科技公司更具競爭力？

Rod, this is the area that you probably have the most confidence.

羅德，這可能是你最有信心的領域。

I'm humble about what I'm about to say to you because I have to prove it here.

我對我要對你說的話很謙虛，因為我必須在這裡證明這一點。

But surprisingly, in a company like Ford, all the talent is here, all the capability is here.

但令人驚訝的是，在福特這樣的公司裡，所有的人才都在這裡，所有的能力都在這裡。

So I got to confirm that with you.

所以我得和你確認一下。

It's -- what happened in business history, there was a little bit of a shift in terms of the way that you understand the nature of the way people use products.

這是——商業歷史上發生的事情，在你理解人們使用產品方式的本質方面發生了一點轉變。

You marry that with really rigorous development processes and you have success.

你將其與真正嚴格的開發流程結合起來，你就成功了。

And so the inference is that that front-end part, the way we understand use, think about that as building more value in products.

所以推論是前端部分，我們理解使用的方式，將其視為在產品中創造更多價值。

But there's also a reductive opportunity.

但也有一個減少的機會。

There is stuff that people don't care about in vehicles that we shouldn't have there.

車裡有些東西人們不關心，但我們不應該放在車裡。

And in the course of doing that, I want to confirm that this is one of the pleasant surprises I've had when I got closer to Ford from just being on the Board is they have mastery in key systems like the financial systems as an example.

在這樣做的過程中，我想確認這是我在董事會中接近福特時遇到的驚喜之一，他們精通金融系統等關鍵系統.

They have mastery in the ability to engineer a product to market.

他們精通將產品推向市場的能力。

The quality metrics that you are hearing about, and there is an ongoing report of quality.

您聽到的質量指標，以及持續的質量報告。

There's definitely change there.

那里肯定有變化。

So I want to leverage what got better over the last, say, seven or eight years in those areas and marry them with some of the innovation techniques that I won't go on about today -- I want to share all that -- that I understand.

因此，我想利用過去七八年在這些領域取得的進步，並將它們與我今天不會繼續討論的一些創新技術結合起來——我想分享所有這些——我明白。

And the way you walk away from that discussion is you realize that people all of a sudden are saying I like the Ford products better.

你離開討論的方式是你意識到人們突然說我更喜歡福特產品。

And they like them a lot now.

他們現在很喜歡他們。

They are really popular.

他們真的很受歡迎。

The Mustang and F-150.

野馬和 F-150。

But I see opportunity in every area where we can be better.

但我在我們可以做得更好的每個領域都看到了機會。

So just to understand that a little bit better, is the management team, and you specifically, dissatisfied with what you see at this point in terms of the clock speed or the changes that you are seeing from an innovation perspective?

因此，為了更好地了解管理團隊，特別是您，是否對您此時在時鐘速度或從創新角度看到的變化方面所看到的不滿意？

Well, this is the kind of question that could come up a few times a day.

好吧，這種問題一天可能會出現幾次。

So let me just step back and tell you.

所以讓我退後一步告訴你。

One of the first things we did, going from 19 to 8, is we addressed what I call the point of view ownership.

從 19 歲到 8 歲，我們做的第一件事就是解決了我稱之為觀點所有權的問題。

Think of that as when you have a lot of things that are triangulating for attention and clarity, these are big decisions.

把它想像成當你有很多事情需要通過三角測量來獲得注意力和清晰度時，這些都是重大決定。

The simple notion that somebody owns that point of view is an empowering and freeing stance.

有人擁有那種觀點的簡單概念是一種賦權和自由的立場。

So we went through exercises together as a team to clear that up and we are already seeing the effect.

因此，我們作為一個團隊一起進行了練習以解決這個問題，我們已經看到了效果。

So we are speeding up decision-making.

因此，我們正在加快決策速度。

We are speeding up the way that choices are clarified.

我們正在加快明確選擇的方式。

A neat consequence from that -- that was a word that Alan used to use, wasn't it?

一個巧妙的結果——這是 Alan 曾經使用過的一個詞，不是嗎？

Neat.

整潔的。

Neat and cool.

整潔涼爽。

Neat and cool.

整潔涼爽。

So a neat consequence of that is we've been able to free up time on the executives' calendars.

因此，一個很好的結果是我們已經能夠在高管的日曆上騰出時間。

I just did the math last night.

我昨晚剛算了一下。

It's about 30 minutes a day that when taken off of their calendars that were corporate requirements.

從公司要求的日曆中扣除大約每天 30 分鐘。

So when you work the hours these folks do and how hard they are working all over the world, that's found money.

因此，當您按照這些人的工作時間以及他們在世界各地工作時的努力工作時，就會發現錢。

And then that translates in ways -- the body language is now translating down to the teams that work for these folks.

然後以各種方式轉化——肢體語言現在轉化為為這些人工作的團隊。

So again, if you were following me around, we got some early momentum here.

所以再一次，如果你跟著我，我們在這裡得到了一些早期的動力。

It's too early to report in this quarterly call to you.

現在向您報告本季度電話會議還為時過早。

But you asked the question: how do I see that infiltrating?

但是你問了一個問題：我如何看待這種滲透？

And that is what you pick up in startup companies, in tech companies.

這就是你在初創公司、科技公司中學到的東西。

They haven't grown to the size of Ford, so they didn't have the kind of hierarchy that I inherited.

他們還沒有發展到福特的規模，所以他們沒有我繼承的那種等級制度。

So they have some advantages in that regard that we don't have to cede that to anybody else.

所以他們在這方面有一些優勢，我們不必將其讓給任何其他人。

We can bring those in and that's what we have begun to do.

我們可以把它們帶進來，這就是我們已經開始做的事情。

Great, thank you.

太好了謝謝。

And just lastly, a question on how you are thinking about capital allocation and the portfolio of businesses and products.

最後，關於您如何考慮資本配置以及業務和產品組合的問題。

One of the biggest paybacks that we've seen over time in the industry is actually when the industry exits segments that have been -- the companies have been involved with maybe just -- maybe it's based on tradition more than anything else.

隨著時間的推移，我們在該行業看到的最大回報之一實際上是，當該行業退出細分市場時——這些公司可能已經參與其中——也許它基於傳統而不是其他任何東西。

But they are obviously challenging segments.

但它們顯然是具有挑戰性的細分市場。

And you could think about regions that have been challenging for many reasons -- many years and may be so for a long time.

你可以想想那些由於多種原因一直充滿挑戰的地區——很多年，可能會持續很長時間。

Is this reassessment that you are looking at also that broad that you are questioning regions or segments and markets that Ford is currently in?

您正在審視的這種重新評估是否也廣泛到您質疑福特目前所處的地區或細分市場？

Yes, and I don't want to dismiss your question with this response.

是的，我不想用這個回復來駁回你的問題。

You have got to believe the capability of the folks running the Company, including myself, don't fall asleep on that question.

你必須相信經營公司的人（包括我自己）的能力不會在這個問題上睡著。

There is other forces that tend to put that in a vice and hold it.

還有其他力量傾向於將其置於惡習中並持有它。

That's what you are accurate about.

這就是你是準確的。

You have to break that hold to say what is causing us to hang in there.

你必須打破這種束縛，才能說出是什麼讓我們堅持下去。

And every time if you look back with me that we hung in a market, it was because we actually took actions to improve and maybe it didn't work.

每次你和我一起回顧我們在市場上的表現，那是因為我們確實採取了改進行動，但也許它沒有奏效。

So I think the new reality that I can confirm to you is that we really have to ask ourselves what do we have to believe to get to the kind of returns that we expect and you expect.

所以我認為我可以向你確認的新現實是，我們真的必須問自己，我們必須相信什麼才能獲得我們期望和你期望的那種回報。

And if we can't answer that, then we can't be there.

如果我們不能回答這個問題，那麼我們就不能在那裡。

That's making the choice when you hear us talk about playing to win and where to play.

當您聽到我們談論為勝利而戰以及在哪裡比賽時，這就是做出選擇。

That is what that code means is that you are clarifying where you are going to put capital.

那就是該代碼的意思是你正在澄清你要投入資金的地方。

You've seen decisions from us already in the short 60-plus days that the new team has come together.

在新團隊聚集在一起的短短 60 多天裡，您已經看到我們做出的決定。

And the decision to put the focus in China is an example of that.

將重點放在中國的決定就是一個例子。

We saved a bunch of money doing that, and there is other things like that that will be forthcoming.

我們這樣做節省了一大筆錢，而且還有其他類似的東西即將到來。

Great.

偉大的。

Thank you.

謝謝。

John Murphy, Bank of America.

約翰·墨菲，美國銀行。

Maybe just a first question here, Bob, on the guidance.

鮑勃，也許這裡只是關於指南的第一個問題。

And just doing some real dumb guy's math here, it looks like at the high end of the range, which you are relatively more endorsing than the low end, you do about $4 billion in pre-tax in the second half of the year roughly.

只是在這裡做一些真正愚蠢的人的數學，看起來在範圍的高端，你比低端相對更認可，你在今年下半年大致做了大約 40 億美元的稅前。

And your guidance range, though, does kind of imply a pre-tax range of almost $1 billion.

不過，您的指導範圍確實暗示了近 10 億美元的稅前範圍。

So that $1 billion is against that $4 billion in the second half of the year.

因此，這 10 億美元與下半年的 40 億美元形成對比。

I'm just curious.

我只是好奇。

You kind of highlighted these three factors.

你有點強調了這三個因素。

But is there something else going on?

但是還有其他事情發生嗎？

Or is it just a big recall, maybe around Takata, that you think might create incremental expense in the second half of the year?

或者這只是一次大召回，也許是圍繞高田，你認為這可能會在下半年增加費用？

Because it's just a big relative range to that remainder of the year.

因為與今年剩餘時間相比，這只是一個很大的相對范圍。

Yes, I agree with you.

是的，我同意你的看法。

I think it is in part around some of the -- if I go back and look at the last year and a half in particular, we've had a number of material recalls that, again, for the reasons I mentioned, don't know about them and then they happen.

我認為部分原因是——如果我回過頭來看看過去一年半的時間，我們已經進行了多次材料召回，同樣，由於我提到的原因，不了解它們，然後它們就會發生。

And not in the guidance because didn't know about them.

並且不在指南中，因為不了解它們。

So what we are trying to protect for is the possibility of something like that.

所以我們正在努力保護的是類似事情的可能性。

Again, nothing that obviously has been acted upon because otherwise by definition we would have done it.

同樣，沒有任何明顯的行動，因為否則根據定義我們會這樣做。

Takata is actually not relevant in that conversation I think, at least from our point of view, because we actually have gone back to the government and indicated that there is no facts or circumstances that would support us in doing something.

我認為高田實際上與那次談話無關，至少從我們的角度來看，因為我們實際上已經回到政府並表示沒有任何事實或情況可以支持我們做某事。

So we are having that conversation with them.

所以我們正在與他們進行對話。

But it's really more around risk assessment of that, if something like that happening.

但它實際上更多地圍繞著風險評估，如果這樣的事情發生的話。

Also just looking at our historical experience in terms of market factors, what could happen in terms of market factors from this point forward.

也只是看看我們在市場因素方面的歷史經驗，從這一點來看，市場因素可能會發生什麼。

Commodity is out there.

商品在那裡。

They've started to actually get a little bit better from the first quarter.

從第一季度開始，他們實際上已經開始好轉了。

But that's a concern.

但這是一個問題。

Exchange and other.

交流等。

So it's really more around risk assessment.

所以它實際上更多地圍繞風險評估。

That's the way I would think about it and not that there is something going on, there's something that we have in mind.

這就是我思考它的方式，並不是說有什麼事情正在發生，而是我們有一些想法。

I think it is fair to say that at the moment, we are more towards the upper part of that range.

我認為可以公平地說，目前我們更接近該範圍的上半部分。

But we are just trying to protect for the potentiality of something of along the lines that you talked about occurring.

但我們只是試圖保護您所說的某些事情發生的可能性。

That's it.

就是這樣。

Okay.

好的。

That's very helpful.

這很有幫助。

What I would expect when we get to the third quarter -- obviously the range will be a lot less and we will narrow it down and have a better feel for ultimately where we are coming out, for obvious reasons.

當我們進入第三季度時，我會期待什麼——顯然範圍會小得多，我們會縮小範圍，並且對最終的結果有更好的感覺，原因很明顯。

But this is where we are today.

但這就是我們今天的處境。

Okay, that's very helpful.

好的，這很有幫助。

And then just a second question on your mix being positive $310 million in the quarter.

然後是關於您的組合的第二個問題，本季度為 3.1 億美元。

I think you highlighted it goes far beyond just segment shift, but there's also a shift in vehicle lines as you are upselling the consumer.

我認為你強調它遠遠超出了細分市場的轉變，但隨著你向消費者推銷，車輛系列也發生了轉變。

I'm just curious how much of that do you think is sticky over time?

我只是好奇你認為隨著時間的推移，其中有多少是粘性的？

How much of that is very Ford-specific?

其中有多少是福特特有的？

And are you getting into a higher set of customers that are willing to pay you mass-market luxury premium prices that will stick around for a while?

您是否正在吸引更多願意為您支付會持續一段時間的大眾市場奢侈品溢價的客戶群？

Well, this is something that we've had a lot of success in in North America.

好吧，這是我們在北美取得了很大成功的事情。

It is a big part of the story here, both around product mix but also the derivative mix.

這是故事的重要組成部分，既圍繞產品組合，也圍繞衍生品組合。

Stephen Odell and then Jim Farley in Europe made that a central part of the transformation plan there, and that's been extremely successful.

Stephen Odell 和 Jim Farley 在歐洲將其作為轉型計劃的核心部分，並且非常成功。

I mean, Jim is still pushing the team there.

我的意思是，Jim 仍在推動團隊發展。

But everywhere around the world for the dollars to be mined from that approach.

但世界各地都希望從這種方法中開採美元。

So I wouldn't say -- and I should mention also China.

所以我不會說——我還應該提到中國。

We have also picked up over time a lot of good news there from bringing in the Edge, the Taurus.

隨著時間的推移，我們也從引入 Edge Taurus 中獲得了很多好消息。

We are taking the same derivative strategy in China, too.

我們在中國也採取同樣的衍生策略。

So it's not just a single market that we are taking that approach because we know it works, it's successful, and customers actually love those types of products.

因此，我們採用這種方法的不僅僅是一個單一的市場，因為我們知道它有效，它是成功的，而且客戶實際上喜歡這些類型的產品。

What I would say, though, just to condition you, when we look at the first half, we've picked up quite a bit of good news on mix on a year-over-year basis, about $700 million.

不過，我要說的是，只是為了給你條件，當我們看上半年時，我們已經從去年同期的基礎上獲得了相當多的好消息，大約 7 億美元。

I don't see that happening in the second half.

我認為下半場不會發生這種情況。

In the second half, it is probably a bit flat to even maybe slightly negative.

在下半場，它可能有點平淡甚至可能略微消極。

And that's because on some of the big contributors of the more recent improvements, and particularly Super Duty, we start lapping ourselves in terms of when the product came in and the derivatives and the high derivatives at the beginning of the launch, etc.

那是因為對於最近改進的一些重要貢獻者，尤其是 Super Duty，我們開始在產品推出的時間以及推出之初的衍生品和高衍生品等方面自欺欺人。

I think Fiesta will give us an opportunity in Europe.

我認為嘉年華會給我們在歐洲的機會。

So I think that's one that we should look out for because I would expect that to follow.

所以我認為這是我們應該注意的問題，因為我希望它會隨之而來。

But I do believe if you take it out longer than just the half, certainly Jim's view is that there's gold to be mined in them there hills and he's going to keep pushing us.

但我確實相信，如果你把它拿出來的時間超過一半，吉姆的觀點肯定是那裡的山上有金子可以開採，他會繼續推動我們。

I would add, Bob, that coming in new, when I was on the Board, we got to tour that plant that was building the new F-150 with the aluminum underpinnings.

鮑勃，我要補充一點，當我在董事會時，我要補充說，我們參觀了那個正在用鋁製底座建造新 F-150 的工廠。

And when you drive that vehicle and you know its handling characteristics.

當你駕駛那輛車時，你就會知道它的操控特性。

And I made reference to its contribution in this last year to MPG improvement.

我提到了它在去年對 MPG 改進的貢獻。

It is the significant factor that's improved our goal, our march, towards a cycle plan more than any other vehicle in anybody's inventory.

與任何人庫存中的任何其他車輛相比，它是改善我們的目標、我們的行軍、朝著循環計劃邁進的重要因素。

But where I want to go is when I drove that vehicle for the first time and the kind of feeling I had, I believe the word spreads in this kind of industry.

但我想去的地方是我第一次駕駛那輛車的時候和我的那種感覺，我相信這個詞在這種行業中傳播開來。

And here we have a product that's now starting to be understood and very popular.

在這裡，我們有一種產品現在開始被理解並且非常受歡迎。

Then as I mentioned in my comments, the refresh is coming.

然後正如我在評論中提到的那樣，刷新即將到來。

And as Bob is conditioning you, we know we've sold a lot of these vehicles.

當鮑勃正在訓練你時，我們知道我們已經售出了很多這樣的車輛。

But we are not -- we believe there is still a lot to be had and that's what's helping that transaction price go up.

但我們不是——我們相信還有很多東西可以擁有，這就是幫助交易價格上漲的原因。

I apologize.

我道歉。

Maybe just to follow-up on that.

也許只是為了跟進。

I mean, the Expedition and Navigator launching next year.

我的意思是，Expedition 和 Navigator 將於明年推出。

I mean, if you make up some ground on GM and Ford, that might be a $1 billion to $2 billion opportunity.

我的意思是，如果你在通用汽車和福特汽車上佔據一席之地，那可能是一個價值 10 億到 20 億美元的機會。

Is that also -- I mean, off the back of the F-150 platform and similarly fuel efficient, is there a real big opportunity here when the Expedition and Navigator launch next year?

這也是——我的意思是，在 F-150 平台的支持下，同樣具有燃油效率，當 Expedition 和 Navigator 明年推出時，這裡真的有很大的機會嗎？

Or actually really hit dealerships next year?

或者明年真的會打擊經銷商？

We definitely see the Expedition and Navigator as an opportunity, both in terms of volume and certainly in terms of price -- transaction price, mix, and so forth.

我們絕對將 Expedition 和 Navigator 視為一個機會，無論是在數量上還是在價格方面——交易價格、組合等等。

That's a really big opportunity.

這是一個非常大的機會。

That's why I wanted to make sure that you understood.

這就是為什麼我想確保你理解。

Even the [all of them] was quite profitable, right.

甚至 [all them] 都非常有利可圖，對吧。

So I wanted to make sure that when I was talking about the third quarter, you understood we are basically not wholesaling hardly any of those, old or new, in the quarter.

所以我想確保當我談論第三季度時，你明白我們在本季度基本上沒有批發任何新舊產品。

And then we will start filling the pipeline in the fourth quarter, and then of course it really will take off and take off in 2018.

然後我們將在第四季度開始填充管道，然後它當然會在 2018 年真正起飛並起飛。

And this is why I talk about the handling of those vehicles in my early comments.

這就是為什麼我在早期評論中談論這些車輛的處理方式。

You are going to have to drive one to feel what I'm talking about.

你將不得不駕駛一輛來感受我在說什麼。

But there's a definite marked improvement.

但是確實有明顯的改善。

I think competitively, it's going to be really interesting how they react to that.

我認為在競爭中，他們對此的反應將非常有趣。

We're looking forward to it.

我們很期待。

Thank you very much.

非常感謝。

David Tamberrino, Goldman Sachs.

David Tamberrino，高盛。

Good morning and thank you for taking our questions.

早上好，感謝您接受我們的提問。

The first one, just stick with the US market.

第一個，堅持美國市場。

I think you brought down your assumptions from around a 17.8 million to 17.5 million total SAAR, so about 17.2 million light.

我想你把你的假設從大約 1780 萬降低到 1750 萬總 SAAR，所以大約 1720 萬光。

Wondering how you feel about the market going forward from 2017 into 2018 and 2019.

想知道您對 2017 年到 2018 年和 2019 年市場的看法。

Are we in a plateau mode in the 17 million?

我們是否處於 1700 萬的高原模式？

Should it grind lower into the 16 million?

它應該降低到 1600 萬嗎？

That's kind of point one.

這是第一點。

And then on the back of that, Jim, as you think about North America cycle peaking and coming down, what type of levers do you expect to pull to maintain profitability?

然後吉姆，在您考慮北美週期達到頂峰和下降時，您希望拉動什麼類型的槓桿來維持盈利能力？

Are you going to be quick to pull out production?

你會很快停止生產嗎？

Is it incentives?

是激勵嗎？

Do you drive back more sales to the daily rental channel?

您是否將更多的銷售額帶回了日租渠道？

How are you thinking about navigating what looks like a cycle peak and decline from there last year, at least in North America?

至少在北美，您如何考慮從去年的周期高峰和下降中導航？

Okay, Dave, let me take those and see if then Jim would like to comment.

好吧，戴夫，讓我拿走這些，看看吉姆是否願意發表評論。

So in terms of industry, we already -- we don't have it in this deck, but we had indicated in our prior guidance -- and I think it was 17.7 million the prior guidance -- that we would see a further decline in 2018.

因此，就行業而言，我們已經——我們沒有在這個平台上，但我們在之前的指導中已經指出——我認為之前的指導是 1770 萬——我們會看到進一步下降2018.

So I think the way to think about it -- I know we are all kind of struggling with this to figure it out.

所以我認為思考它的方式——我知道我們都在努力解決這個問題。

Because I see what you guys are forecasting, too.

因為我也看到你們在預測什麼。

Our view is that however you want to describe it -- an eroding plateau, I've seen that -- however you want to characterize it: very strong sales.

我們的觀點是，無論你想如何描述它——一個正在侵蝕的高原，我已經看到了——無論你想如何描述它：非常強勁的銷售。

We don't see anything in terms of the economy, the health of the consumer, housing, oil -- the oil production is back up.

我們在經濟、消費者的健康、住房、石油方面看不到任何東西——石油生產已經恢復。

And that's had an impact on trucks for example -- that would suggest that over the next, let's say, two years that there's any kind of significant collapse or dramatic change we do think it's going to decline.

例如，這對卡車產生了影響——這表明在接下來的兩年裡，我們確實認為它會發生任何重大的崩潰或戲劇性的變化。

We think it will be a soft gradual decline.

我們認為這將是一個溫和的逐漸下降。

What we are seeing this year seems to be more on the retail side probably -- or fleet side related what's happening with auction values.

我們今年看到的情況似乎更多地出現在零售方面——或者與拍賣價值相關的車隊方面。

A lot of that with rental.

很多都是租金。

But that seems to be the effect this year.

但這似乎是今年的影響。

We will have to just wait and see when we go into the next two years or so what does happen.

我們將不得不拭目以待，看看接下來兩年左右會發生什麼。

But that's our view.

但這是我們的看法。

And what we will do is, as we always do, we update this monthly and we will share it with you kind of a real-time as we have the chance to get together.

我們要做的是，一如既往，我們每月更新一次，我們將與您實時分享，因為我們有機會聚在一起。

But that's our view: it's declining, but it's still going to be very strong.

但這是我們的觀點：它正在下降，但它仍然會非常強勁。

In North America, Bob, the belief is, David, that all the work we are doing for new products, these are going to be forthcoming.

在北美，鮑勃，相信大衛，我們正在為新產品所做的所有工作，這些都將即將到來。

So there's an improvement in the mix of products because of what we are inventing.

因此，由於我們的發明，產品組合有所改善。

We see opportunities, as I mentioned a minute ago, in the F-Series with the refresh.

正如我剛才提到的，我們在 F 系列中看到了更新的機會。

You've already acknowledged the Expedition and the Navigator.

您已經確認了 Expedition 和 Navigator。

Transit as well -- this is a product that has a very high share and has a big advantage in terms of people love what it can do.

Transit 也是如此——這是一款佔有率非常高的產品，並且在人們喜歡它的功能方面具有很大的優勢。

So we are investing there as well.

所以我們也在那裡投資。

So think of the North American product mix isn't sitting still.

所以想想北美的產品組合併沒有停滯不前。

The other thing that I would add in terms of things that we would think about as the industry softens a bit.

我要補充的另一件事是，隨著行業的軟化，我們會考慮的事情。

To me, there is no better time than to follow the principles of a disciplined approach to the business.

對我來說，沒有比遵循紀律嚴明的業務方法更好的時間了。

You have got to be even more disciplined.

你必須更加自律。

You have got to be anticipating a bit more where the industry is going, where you see changes.

你必須對這個行業的發展方向、你看到的變化有更多的預期。

You got to act superfast.

你必須行動超快。

And if anything, what -- and I know this is Jim Farley's mindset and Joe as well.

如果有的話，是什麼——我知道這是 Jim Farley 和 Joe 的想法。

The other thing that we should do -- you don't wait for it to happen.

我們應該做的另一件事——你不要等待它發生。

You've got to start leaning yourself down in the areas that you know will be affected by the downturn on the way towards what will be a downturn.

在走向衰退的過程中，你必須開始在你知道會受到衰退影響的領域進行自我調整。

So, for example, stocks.

因此，例如，股票。

We do have targets on stocks.

我們確實有股票目標。

But can we bring a little bit lower than the target stocks?

但是能不能帶一點低於目標的個股呢？

And can we like glide our way down a bit so that when the sharper downturn occurs that we are in better shape once it starts.

我們能否稍微下滑一點，以便在出現更劇烈的衰退時，一旦開始，我們就會處於更好的狀態。

In earlier calls, Bob, I remember you were establishing that we were managing the days in inventory.

在早些時候的電話中，Bob，我記得你確定我們正在管理庫存天數。

Let's be candid -- the world thought oh, there's something amiss here.

讓我們坦率地說——全世界都認為哦，這裡有些不對勁。

But as this quarter now in the industry plays out, we are real happy with our position right now in inventories.

但隨著本季度的行業發展，我們對目前的庫存狀況感到非常滿意。

We were managing that very well.

我們處理得很好。

Understood.

明白了。

I think that was clear.

我認為這很清楚。

And on the go-forward as we think about new Company kind of three pillars of autos that's changing -- mobility, electric vehicles, autonomous vehicles -- should we be expecting or naturally do we expect spend to continue to increase from here on all three of those?

在我們考慮新公司的未來時，我們正在考慮正在發生變化的汽車的三大支柱——機動性、電動汽車、自動駕駛汽車——我們是否應該期望或自然地期望支出從這三個方面繼續增加那些？

I mean, is that the way that we or you are going to be approaching the business and somewhat expediting some of the things that were going on at Ford Smart Mobility at a total Company level.

我的意思是，這就是我們或您將要接近業務的方式，並在某種程度上加快福特 Smart Mobility 在整個公司層面上發生的一些事情。

And getting further into that electric vehicle platforms that were going to come out by 2020, further into the autonomous vehicle development, further into mobility?

進一步進入將於 2020 年推出的電動汽車平台，進一步進入自動駕駛汽車開發，進一步進入移動性？

When you are asking the question, Joe, are you thinking about incremental?

當你問這個問題時，喬，你在考慮增量嗎？

Or are you asking me the question can we get our total fitness to absorb?

或者你是在問我我們能否讓我們的整體適應能力吸收？

Or excuse me, David.

或者對不起，大衛。

Sorry.

對不起。

Well, it's a mixture of both, right.

好吧，這是兩者的混合，對吧。

Because the spend seems like it should increase to bring forward the clock speed, if you will, or pull forward some of this.

因為花費似乎應該增加以提高時鐘速度，如果你願意的話，或者提前一些。

But then again, against a backdrop of a declining North America market, how should we think about overall spend?

但話又說回來，在北美市場下滑的背景下，我們應該如何考慮整體支出？

Yes, so I'm going to let Bob tell you the way we are planning that in the current numbers.

是的，所以我要讓鮑勃告訴你我們在當前數字中計劃的方式。

But I will just give you the way my body language is.

但我只會告訴你我的肢體語言。

I want to question that you have to sit here and hear us say that the core business as we knew it, all the spending there is as fit as it needed to be.

我想質疑你必須坐在這裡聽我們說我們所知道的核心業務，那裡的所有支出都符合需要。

And everything new has to be incremental.

一切新事物都必須是漸進的。

I haven't bought that yet.

我還沒有買那個。

The only thing I would add, David, is that this year we expect in terms of CapEx, and we use that as the surrogate for what do you spend because there is engineering and other things.

大衛，我唯一要補充的是，今年我們預計在資本支出方面，我們用它來代替你的支出，因為有工程和其他東西。

But CapEx of about $7 billion.

但資本支出約為 70 億美元。

When you look at our 10-Q, which will come out later today, we had guided over the next 5 years previously to $8 billion to $9 billion.

當您查看我們今天晚些時候發布的 10-Q 時，我們曾在未來 5 年指導過 80 億至 90 億美元。

I think we are going to take that down to about $8 billion.

我認為我們將把它降低到大約 80 億美元。

So I at the moment would see us moving up to that level after this year, not necessarily all next year.

所以我現在會看到我們在今年之後上升到那個水平，不一定是明年。

But we will have to wait and see where that pans out.

但我們將不得不拭目以待。

But certainly that's about the level that we see the business running in terms of CapEx.

但可以肯定的是，這與我們在資本支出方面看到的業務運行水平有關。

And one of the things that's interesting in that regard -- a lot of the things that we will do in some of the mobility spaces, digital services, they are not capital intensive.

在這方面有趣的事情之一——我們將在一些移動空間、數字服務中做的很多事情，它們不是資本密集型的。

We have to remember that.

我們必須記住這一點。

Also, if you think about the actions that we took around the Focus for North America, we freed up $1 billion.

另外，如果你想想我們圍繞北美焦點採取的行動，我們釋放了 10 億美元。

So part of this is finding smarter ways, which is what Jim was talking on, to deploy and allocate our capital.

因此，其中一部分是找到更聰明的方法，這就是吉姆所說的，來部署和分配我們的資本。

Not just spend more.

不只是多花錢。

Okay.

好的。

And finally, just in China, can you just talk to what you are seeing from a price-down perspective?

最後，就在中國，你能不能從降價的角度談談你所看到的？

Has that accelerated since the first-quarter update?

自第一季度更新以來，這種情況是否加速了？

And exiting the second quarter, how do you feel your inventories are, given a slower sales pace that we saw, at least in the second quarter?

在第二季度結束時，鑑於我們看到的銷售速度放緩，至少在第二季度，您如何看待您的庫存？

Yes, the overall industry pricing accelerated in the second quarter, which I think we had expected.

是的，整個行業定價在第二季度加速，我認為這是我們預期的。

I think we are still on track towards -- I want to say 5% for the full year.

我認為我們仍在朝著 - 我想說全年 5% 的方向前進。

And that seems to be pretty much in line with what we are experiencing ourselves.

這似乎與我們自己的經歷非常吻合。

So I think that seems to be the path that we are on.

所以我認為這似乎是我們正在走的道路。

We took a lot of actions in the second quarter to get our stocks in shape because of the issues, the sales performance issues, and also the lower industry that we talked about in the first quarter of the year.

由於銷售業績問題以及我們在今年第一季度談到的較低行業，我們在第二季度採取了很多行動來調整我們的庫存。

So I think we are in pretty good shape right now.

所以我認為我們現在的狀態非常好。

And then going back to the earlier question that we had that you gave us around what do you do.

然後回到我們之前提出的關於您的工作的問題。

Jim is being really fast with Joe.

吉姆和喬在一起真的很快。

As soon as we see a sales miss or anything in the external environment that suggests that we need to take out stuff, we are doing it ASAP.

一旦我們看到銷售失誤或外部環境中的任何情況表明我們需要取出東西，我們就會盡快採取行動。

Understood.

明白了。

Thank you for the time.

謝謝你的時間。

Joseph Spak, RBC.

約瑟夫·斯帕克，RBC。

Thanks for the time.

謝謝你的時間。

A question for Jim.

吉姆的問題。

So one of the things you've mentioned is looking at capital.

所以你提到的其中一件事就是關注資本。

It's come up a couple of times, and making sure that's used efficiently.

它出現了幾次，並確保它得到有效使用。

So along those lines, and as the industry migrates more towards xEV technology -- well, first, do you have a sense of how much of your current PP&E is related to internal combustion engines?

因此，沿著這些思路，隨著行業更多地轉向 xEV 技術——嗯，首先，您是否了解您當前的 PP&E 有多少與內燃機相關？

And I guess more importantly, what percent of that equipment do you think is flexible enough to be repurposed?

我想更重要的是，您認為這些設備中有多少百分比足夠靈活可以重新利用？

And as you make new capital decisions, are those purchases being made with a certain level of flexibility in mind?

當你做出新的資本決策時，這些購買是否考慮了一定程度的靈活性？

I would say yes, yes, yes.

我會說是的，是的，是的。

I don't know that I'm going to tell you some of the internal strategic things about that.

我不知道我會告訴你一些內部戰略方面的事情。

But remember, Ford's ability to produce an ICE engine and the kind of -- the engineering to bring that to the level of quality that I think is world-class is the same kind of talent that will allow us to bring these new powertrains.

但請記住，福特生產內燃機的能力以及將其提升到我認為世界一流質量水平的工程技術，與我們能夠帶來這些新動力總成的能力相同。

And they themselves can carry the day I believe in the future with robust designs and better business models and better digital services.

他們自己可以通過穩健的設計、更好的商業模式和更好的數字服務來實現我相信未來的那一天。

There is more to the quest for profit than just what's it cost us to build the vehicle.

追求利潤不僅僅是我們製造車輛的成本。

As we can stare at other competitors that are doing this.

因為我們可以盯著其他正在這樣做的競爭對手。

And I'm not worried about the embedded cost.

而且我不擔心嵌入式成本。

Let me just state this for the record: I'm not worried about the sunk cost or the fixed cost we have in the old historical technologies frustrating us about thinking of the future.

讓我鄭重聲明一下：我並不擔心我們在舊的歷史技術中的沉沒成本或固定成本會讓我們對未來的思考感到沮喪。

It really doesn't matter.

真的沒關係。

We are going to do what we got to do to make the Company really successful.

我們將盡我們所能使公司真正成功。

And meet the kind of requirements that we have to meet and win the way you hear me talking about.

並滿足我們必須滿足的要求，並以您聽到我談論的方式贏得勝利。

And I don't think about how many factories I have building gasoline engines.

而且我不考慮我有多少工廠製造汽油發動機。

Now, I know that if I flip that, it's you can ask -- and you are asking a really smart question, which is can you leverage capabilities at Ford?

現在，我知道如果我翻轉它，你可以問——你在問一個非常聰明的問題，你能利用福特的能力嗎？

And absolutely we can.

我們絕對可以。

That's something that you will expect.

這是您所期望的。

And as you go, well, what's an example right now?

隨著你的前進，好吧，現在的例子是什麼？

Just think of the early investment we made in Chariot.

想想我們在戰車上所做的早期投資。

That a Transit platform that we know a lot about as we build the ride hailing and ridesharing service ideas.

在構建叫車和拼車服務理念時，我們非常了解這個 Transit 平台。

And we are learning about users in those kinds of experiences that can backward-integrate into the way people just experience the Transit when they are not sharing it.

我們正在了解那些體驗中的用戶，這些體驗可以向後整合到人們不共享 Transit 時的體驗方式中。

So there's lots of synergies in the future back to what we've already understood about our business.

因此，未來會有很多協同效應回到我們已經了解的我們的業務。

Okay, thanks.

好的謝謝。

Look forward to hearing more about those opportunities.

期待聽到更多關於這些機會的信息。

Itay Michaeli, Citi.

Itay Michaeli，花旗銀行。

Thanks, good morning.

謝謝，早上好。

Just maybe shifting gears to South America.

只是也許轉移到南美洲。

It looked like you've narrowed your losses a bit year to date, on plan with your guidance.

根據您的指導計劃，今年到目前為止，您似乎已經將損失縮小了一點。

But I was hoping you could give us a little bit of a better view of how you are thinking about the second half in South America.

但我希望您能更好地了解您對南美下半年的看法。

Where your breakeven levels there are.

你的盈虧平衡水平在哪裡。

And what the path there is to get back to profitability for Ford in that region.

以及福特在該地區恢復盈利的途徑是什麼。

Thanks, good morning.

謝謝，早上好。

The path is really going to be around what I touched on when we were going through the section, which is a recovery of the industry, firstly.

這條道路實際上將圍繞我在通過該部分時所觸及的內容展開，首先是行業的複蘇。

And the consumers.

還有消費者。

So when we look at the second half of the year, we expect to see substantially better results on a year-over-year basis than what we saw in the first half of the year.

因此，當我們回顧下半年時，我們預計會看到比上半年更好的同比結果。

And much of that is going to be driven on the back of the industry, a little bit of mix, but also some pricing without too much impact of exchange based on how we see the market right now.

其中大部分將在行業的支持下推動，有一些混合，但也有一些定價不會根據我們目前對市場的看法對交易所產生太大影響。

And cost being very, very well controlled with some inflation getting through, but very well controlled.

通過一些通貨膨脹，成本得到了非常非常好的控制，但控制得很好。

As we move forward, I think -- and as momentum continues in the economic recovery, again the leverage effect I think is going to really flow through quite quickly.

隨著我們向前邁進，我認為——隨著經濟復甦勢頭的持續，我認為槓桿效應將再次真正快速地發揮作用。

And then what the team also is working on, of course, is product.

然後團隊也在努力，當然是產品。

We need to make sure that we've got a very robust and exciting product portfolio.

我們需要確保我們擁有非常強大且令人興奮的產品組合。

And in fact later this year, we are going to be launching the EcoSport, the midcycle change on that, which has been a very successful product there.

事實上，今年晚些時候，我們將推出 EcoSport，這是一個週期中期的變化，它在那裡是一個非常成功的產品。

And we will also have coming a midcycle change on the Ka, which is in the highest volume segment in the region.

我們還將對 Ka 進行中期更改，這是該地區銷量最高的細分市場。

So those are the things.

就是這些。

But I think we are going to have to build on the product portfolio and bring more customers into the showrooms from that point of view.

但我認為，從這個角度來看，我們將不得不建立在產品組合的基礎上，並將更多的客戶帶入陳列室。

And the team is working on that.

團隊正在為此努力。

That's very helpful.

這很有幫助。

And then maybe a follow-up for Jim.

然後可能是吉姆的後續行動。

As you go through your 100-day review, can you talk a little bit more about the revenue opportunities that you are looking at?

在您進行 100 天審查時，您能否多談談您正在尋找的收入機會？

And also maybe how Ford's investments in Big Data play into some of the opportunities, both within revenue and fitness that you described on slide 3.

以及福特在大數據方面的投資如何發揮您在幻燈片 3 中描述的收入和健康方面的一些機會。

Well, you led me to that answer in a knowledgeable way that our GDIA helps us.

好吧，您以一種知識淵博的方式引導我找到了答案，我們的 GDIA 可以幫助我們。

This is a important thing that was invested in that's really been worth its value.

這是一項重要的投資，它確實物有所值。

So it helps us understand demand in a lot more granular way.

因此，它可以幫助我們以更精細的方式了解需求。

It helps us understand pricing.

它有助於我們了解定價。

It's going to help us understand pricing even better.

它將幫助我們更好地理解定價。

So right now, we are looking, as I mentioned in my comments, the relationship between mix and pricing is where the revenue opportunities are.

所以現在，正如我在評論中提到的，我們正在尋找組合和定價之間的關係，這是收入機會所在。

That's probably as much as I want to share about it, because it's competitive.

這可能和我想分享的一樣多，因為它具有競爭力。

But there is opportunity there.

但那裡有機會。

And maybe I can just give you an example of what Jim was talking about.

也許我可以給你舉一個吉姆所說的例子。

For example, GDIA for quite some time -- we are probably most progressed in the US in terms of their ability to help guide us in terms of how we play volume versus mix versus incentives versus types of incentives.

例如，GDIA 已經有很長一段時間了——我們可能在美國取得了最大的進步，因為他們有能力幫助指導我們如何玩數量、混合、激勵和激勵類型。

The effectiveness of marketing, the fixed marketing, the advertising sales promotion.

實效營銷、固定營銷、廣告促銷。

So that we've got tremendously strong data and starting to move to the point where we can actually understand individual customers, not just the broader market, but individual customers.

因此，我們獲得了非常強大的數據，並開始轉向我們可以真正了解個人客戶的地步，不僅是更廣泛的市場，而且是個人客戶。

But one of the good examples, and this plays a bit to what we've seen unfold across the industry but perhaps more so at Ford, which is around the cars.

但這是一個很好的例子，這對我們在整個行業所看到的情況有所影響，但在圍繞汽車的福特公司可能更是如此。

As we have looked at the data, and we've looked at our own data and we've looked at the competitors', there's just not much elasticity on the cars.

當我們查看數據、查看我們自己的數據以及查看競爭對手的數據時，汽車的彈性並不大。

So we can put more variable on it.

所以我們可以在上面放更多的變量。

It's not going to do anything other than we spend more variable.

除了我們花費更多的變量之外，它不會做任何事情。

So that has enabled us to pull back a bit.

因此，這使我們能夠稍稍後退。

And in fact, I think in the second quarter, we pulled back on our incentives in an absolute sense, much less than an increase for the industry on cars, if I remember correctly.

事實上，我認為在第二季度，如果我沒記錯的話，我們在絕對意義上取消了我們的激勵措施，遠低於汽車行業的增長。

And we have been able to take those funds and we have been able to allocate them to other segments and specific vehicle lines combined with an aligned advertising sales promotion approach.

我們已經能夠利用這些資金，並且我們已經能夠將它們分配給其他細分市場和特定的車輛系列，並結合一致的廣告促銷方法。

But also Tier 2 marketing by the dealers and Tier 3 to be very aligned and very powerful around where we know the most elasticity is.

而且經銷商和第 3 層的第 2 層營銷在我們知道最具彈性的地方非常一致且非常強大。

And then really drive hard.

然後真的努力開車。

So that I think has saved us incentives and it's probably given us some of the mix effect that we've had.

因此，我認為這為我們節省了動力，並且可能給了我們一些我們已經擁有的混合效應。

It's also I think given us a clearer view about the real underlying strength of the car business in general, but ours specifically.

我認為這也讓我們對汽車行業的真正潛在實力有了更清晰的認識，但具體而言是我們的。

That's very helpful.

這很有幫助。

Thanks so much for all that detail.

非常感謝所有這些細節。

We will take one more analyst and then we will switch to the news media.

我們將再聘請一名分析師，然後我們將轉向新聞媒體。

(Operator Instructions) James Albertine, Consumer Edge Research.

（操作員說明）James Albertine，消費者邊緣研究。

Hi, thanks for taking my question.

嗨，謝謝你提出我的問題。

This is Derek Glynn on for Jamie.

這是傑米的德里克格林。

Jim, in your view, can the success of emerging opportunities be complementary to the success of the core business or is this inversely related?

吉姆，在您看來，新興機會的成功能否與核心業務的成功相輔相成，或者這是否呈負相關？

And similarly, recognizing it's still early days since the investment in Argo AI, what are your views on the strategic vision for that entity and the role it could play going forward?

同樣，認識到投資 Argo AI 仍處於早期階段，您對該實體的戰略願景及其未來可以發揮的作用有何看法？

Thanks.

謝謝。

The important secret in this, Derek, is that humans are in both of those models.

德里克，其中的重要秘密是人類在這兩個模型中。

People use the products in the historic understanding of our industry and that's our target obviously in the future.

人們在對我們行業的歷史認識中使用產品，這顯然是我們未來的目標。

Even though, and I'm being a little facetious, but even though there is robots in the future, as you are talking about with Argo AI.

儘管如此，我有點開玩笑，但即使未來會有機器人，正如你所說的 Argo AI。

So robots are only going to be as effective as how they serve the humans.

因此，機器人只會像它們為人類服務一樣有效。

This is a distinct position that I'm taking and I think is going to be a difference in the way Ford thinks about it.

這是我所採取的一個獨特立場，我認為這將改變福特對它的看法。

So Bill Ford and I had a really intimate discussion about this when I started and the Board then later, which is the history of the Company is evolving itself over this long-lived life.

所以比爾福特和我在我開始時就這個問題進行了非常親密的討論，然後是董事會，這是公司的歷史在這個長期存在的過程中不斷發展。

And not thinking about that it's in a regressive way unable to leave the last phase to the new.

並且沒有想到它以一種倒退的方式無法將最後一個階段留給新階段。

I mean, we just got to do what we have to do to win and be successful in the future.

我的意思是，我們只需要做我們必須做的事情來贏得勝利並在未來取得成功。

What tends to happen -- and you are hearing me preach here a little bit -- is we over-romanticize that future.

往往會發生的事情——你聽到我在這裡講了一點——是我們過度浪漫化了那個未來。

We overdramatize.

我們誇大了。

Bill Gates used to say you overestimate the arrival and you underestimate the impact of these technologies.

比爾蓋茨曾經說過，你高估了這些技術的到來，而低估了這些技術的影響。

So we have to get ready for how disruptive they are.

因此，我們必須為它們的破壞性做好準備。

But they probably aren't as soon as everybody is writing about them.

但是當每個人都在寫他們時，他們可能不會很快。

We're ready, though.

不過，我們已經準備好了。

We are going to be ready.

我們準備好了。

And so Argo was an investment in that area.

因此，Argo 是該領域的一項投資。

John Casesa, our Head of Strategy, helped put this together.

我們的戰略主管 John Casesa 幫助將這些整合在一起。

And it was a really innovative idea, because to get that kind of talent inside Ford, the configuration of the entity in Pittsburgh allows us to have them be us and them be them.

這是一個非常創新的想法，因為要在福特內部獲得這種人才，匹茲堡實體的配置允許我們讓他們成為我們，讓他們成為他們。

They can be both together.

他們可以在一起。

What probably wasn't known as deeply as you can read about today is that deep learning is a phase of artificial intelligence that's recent.

深度學習可能不像您今天所讀到的那樣廣為人知，它是人工智能的一個新階段。

It's only three years really in its awareness.

它真正意識到的只有三年。

And deep learning is kind of the special pixie dust.

深度學習是一種特殊的仙塵。

The way these things are going to really perform, the ability to do that, is what we are targeting with Argo AI, to bring that capability into Ford.

這些東西真正執行的方式，執行這些操作的能力，是我們 Argo AI 的目標，將這種能力帶入福特。

There's very few firms in the world creating what we are talking about that have this capability.

世界上很少有公司能夠創造出我們所說的具有這種能力的產品。

So that promise is something that we have to come and show you.

所以這個承諾是我們必須要給你看的。

But it's situating us really well to be ahead in that game eventually.

但最終在這場比賽中取得領先對我們來說真的很好。

We are not there yet.

我們還沒有。

I wouldn't say we are number one, but we are at the top of the people working on this technology.

我不會說我們是第一，但我們是從事這項技術的人中的佼佼者。

As we go into the media discussions, someone is going to ask me to calibrate that.

當我們進行媒體討論時，有人會要求我對其進行校準。

But you got to trust the way machine learning has evolved.

但你必須相信機器學習的發展方式。

There are differences; there is elite players in it and then others that are kind of good at it.

有差異；其中有精英球員，然後是其他擅長它的人。

We are going to be at an elite level with this capability.

憑藉這種能力，我們將達到精英水平。

Okay, thanks very much.

好的，非常感謝。

That was very helpful.

這很有幫助。

Dee-Ann Durbin, The Associated Press.

Dee-Ann Durbin，美聯社。

Thank you for taking the call.

感謝您接聽電話。

Bob, a quick one.

鮑勃，快一點。

What's the update on the buyout offers?

買斷報價有何最新進展？

Are you getting what you need?

你得到你需要的了嗎？

And if you don't get what you need, do you then consider layoffs?

如果你沒有得到你需要的東西，你會考慮裁員嗎？

And Jim, another quick one.

吉姆，另一個快速的。

Just your take on Ford's stock price and what it's going to take to move the needle to get past the cycle fears that investors just can't seem to get over?

只是你對福特股價的看法，以及要採取什麼措施才能克服投資者似乎無法克服的周期恐懼？

Thanks.

謝謝。

Okay, thanks, Dee-Ann.

好的，謝謝，迪安。

So on the first one, based on the latest that I've seen, it's progressing well.

所以在第一個方面，根據我所看到的最新情況，它進展順利。

I think they have until sometime later this month -- someone's saying today -- to self-select.

我認為他們必須在本月晚些時候——今天有人說——進行自我選擇。

So we will have to see what the final numbers are.

所以我們必須看看最終的數字是多少。

But I have been told it's going well.

但我被告知進展順利。

Just for the analysts on the call, we will reflect any separation cost associated with that in the third quarter as a special item.

僅針對電話會議的分析師，我們將在第三季度將與此相關的任何離職成本作為一個特殊項目反映出來。

Don't know what that number is, but we will report it in the third quarter.

不知道這個數字是多少，但我們會在第三季度報告。

And regarding the share price, there is no CEO in the world that doesn't understand that that currency is not only how they are compensated, their teams are compensated, but is a scorecard for how well things are going.

關於股價，世界上沒有哪個 CEO 不明白這種貨幣不僅是他們獲得補償的方式，他們的團隊獲得補償的方式，而且是事情進展情況的記分卡。

But the way I think about that, it's a consequence.

但我認為，這是一個結果。

It's not a leading indicator.

它不是領先指標。

So this share price today does not reflect the team's activities that I believe we are going to embrace and deliver to you.

因此，今天的股價並不反映我相信我們將擁抱並交付給你的團隊活動。

So that has to happen with dispatch.

所以這必須通過調度發生。

And more importantly, what Bob and I talk about, Bill and I talk about, is a reliability where you expect things from us and that we build trust in a way we create value.

更重要的是，Bob 和我談論的，Bill 和我談論的，是一種可靠性，即您對我們的期望，以及我們以創造價值的方式建立信任。

I've been in a business, been around CEOs that have that kind of command.

我一直在一家公司工作，身邊有擁有這種指揮權的 CEO。

And so I long for that.

所以我渴望那個。

And that's my pitch, that the share price over time is going to reflect what we are able to get done.

這就是我的觀點，隨著時間的推移，股價將反映出我們能夠完成的工作。

And we plan on getting a lot done.

我們計劃完成很多工作。

Thank you.

謝謝。

Brent Snavely, Detroit Free Press.

Brent Snavely，底特律自由出版社。

Hi, thanks for taking the question here.

您好，感謝您在這裡提出問題。

I am wondering as the industry goes through this very big trend of car sales declining as SUV crossover and pick-up sales increase, if your review of capital allocation -- I mean, if you are looking at car lines.

我想知道，隨著 SUV 跨界車和皮卡銷量的增加，汽車銷量正在經歷這一非常大的趨勢，如果你對資本配置進行審查——我的意思是，如果你正在研究汽車系列。

And if there are cars in the US get risk of being eliminated as you add SUV models?

如果美國有汽車因為你增加SUV車型而面臨被淘汰的風險？

Well, I'm looking to Bob.

好吧，我在找鮑勃。

Because as I came into the job, I knew we were in the middle of that.

因為當我開始這份工作時，我知道我們正處於其中。

So I want to confirm we do.

所以我想確認我們這樣做。

That is one of the leadership responsibilities and there has been some decisions that have been in the air, so to speak.

這是領導責任之一，可以這麼說，已經有一些決定懸而未決。

But I'm going to let you [take that one].

但我會讓你[接受那個]。

Yes, I think what you are talking about is consumers are moving away from passenger cars into utilities and trucks.

是的，我認為你所說的是消費者正在從乘用車轉向公用事業和卡車。

They have been doing that for quite a long time.

他們已經這樣做了很長時間。

They have been doing it not just here, but in all the major markets of the world.

他們不僅在這裡，而且在世界所有主要市場都這樣做。

And there's no sign that trend is going to continue.

而且沒有跡象表明這種趨勢會繼續下去。

So we will be responding to what the customers want.

因此，我們將響應客戶的需求。

That's around of -- the guidance we have already provided around investing more in utilities and investing more in trucks.

這是關於——我們已經提供了關於更多地投資於公用事業和更多地投資於卡車的指導。

But in some markets, and for some reasons, cars will continue to be important.

但在某些市場，由於某些原因，汽車將繼續發揮重要作用。

We are just going to be very thoughtful about the amount of investment that we make there and make sure that it gives us an appropriate return.

我們將非常仔細地考慮在那裡進行的投資數量，並確保它能給我們帶來適當的回報。

So I think two examples that demonstrate that is the decision around the Focus.

所以我認為有兩個例子可以證明這是圍繞 Focus 做出的決定。

So we will still provide a Focus to customers in North America, but we are going to do that in a way that is very capital efficient.

所以我們仍然會為北美的客戶提供 Focus，但我們將以一種非常具有資本效率的方式來做到這一點。

It saved us $1 billion versus what we had expected.

與我們的預期相比，它為我們節省了 10 億美元。

We will do so in a way that gives us a better return than what we would have done if we had just continued on the path that we had been on.

我們將以一種比如果我們只是繼續沿著我們一直走的道路前進的方式給我們帶來更好回報的方式來這樣做。

And we are going to look at all the individual vehicle lines with a very critical lens as we go forward because we've got to make a return on that investment.

在我們前進的過程中，我們將用一個非常關鍵的鏡頭來審視所有單獨的車輛系列，因為我們必須從這項投資中獲得回報。

Another example is in Europe B-Max.

另一個例子是歐洲的 B-Max。

The B-Max is a small multi-utility vehicle in a segment that's declining.

B-Max 是一款處於下滑趨勢的小型多用途車。

And we are going to be discontinuing that.

我們將停止這樣做。

That is going to be replaced by the EcoSport to be built in the Craiova plant, which is going to be much higher volume, and it's exactly what consumers want.

這將被在克拉約瓦工廠建造的 EcoSport 取代，後者的產量將更高，而這正是消費者想要的。

It's a very big growing segment.

這是一個非常大的增長部分。

So we are going to do that type of activity right across the portfolio everywhere in the world in response to what consumers want.

因此，我們將在世界各地的產品組合中開展此類活動，以響應消費者的需求。

And our desire to get an appropriate return.

而我們渴望得到適當的回報。

And Brent, to add, you know the utility mix in the Company is high.

布倫特，補充一下，你知道公司的公用事業組合很高。

That continues.

那繼續。

And we are adding, of course, the Ranger and the Bronco coming.

當然，我們正在添加 Ranger 和 Bronco。

There is other ideas that are coming in that category.

該類別中還有其他想法。

And for those who wonder, are you worried about over time that as fuel, let's say, starts to shift again or there's a different conscience about utilities, that's why Ford's investment in these aluminum understructures was so prescient.

對於那些想知道的人，你是否擔心隨著時間的推移，比方說，燃料開始再次轉變，或者對公用事業有不同的良心，這就是為什麼福特對這些鋁製底層結構的投資如此有先見之明。

That's why our ability to put hybrid and other kind of powertrains is going to be really important.

這就是為什麼我們安裝混合動力和其他類型動力總成的能力將非常重要。

And so it lets us make an investment in this category that's been very profitable for us and future proof it a little bit because of the way we are thinking about their performance over time.

因此，它讓我們能夠對這一類別進行投資，這對我們來說是非常有利可圖的，並且由於我們考慮他們隨著時間的推移表現的方式，它在未來也有一點證明。

Is there any way you can speed up getting Ranger and Bronco to market and the EcoSport?

有什麼方法可以加快將 Ranger 和 Bronco 推向市場以及 EcoSport 的速度嗎？

Or is that schedule baked in at this point?

還是此時已經確定了該時間表？

Well, you get to come and help me twist arms.

好吧，你得過來幫我扭胳膊。

I take it as soon as I can.

我會盡快服用。

But the rigor of getting this done right I think is the thing that I will lean into.

但是，我認為正確完成這項工作的嚴謹性是我將依靠的東西。

We got to do it the right way.

我們必須以正確的方式去做。

So it's getting all the attention that it deserves to get here at the right price, right time, kind of equation.

所以它得到了所有的關注，它應該以合適的價格、合適的時間、某種等式到達這裡。

Okay, thanks.

好的謝謝。

Christiaan Hetzner, Automotive News.

Christiaan Hetzner，《汽車新聞》。

Yes, many thanks for taking my question.

是的，非常感謝您提出我的問題。

I just want to ask really quickly what your views were about Europe, in particular, in terms of the number of brands competing, the complexity in the market, the role of diesel, upcoming CO2 emissions, targets, and of course Brexit.

我只想很快地問您對歐洲的看法，特別是在競爭品牌的數量、市場的複雜性、柴油的作用、即將到來的二氧化碳排放、目標，當然還有英國退歐方面。

How do you view the region?

您如何看待該地區？

Is it something that over the long term remains attractive for you?

從長遠來看，它對您仍然具有吸引力嗎？

And secondly, very quickly about the Fiesta launch.

其次，關於嘉年華的發布非常快。

How important -- is the Brexit affecting that, given that that is the most important market and the most important car in that market for Ford?

考慮到這是福特最重要的市場和該市場中最重要的汽車，英國退歐是否會影響這一點有多重要？

Thank you.

謝謝。

Well, let me start and then I will give it to Bob to add precision.

好吧，讓我開始吧，然後我會把它交給 Bob 來增加精度。

Because this is something I think about a lot.

因為這是我經常思考的事情。

I think every -- by the, way every CEO that competes in Europe in all industries have stepped back.

我認為每一位 - 順便說一句，在歐洲所有行業競爭的每一位首席執行官都已經退縮了。

The industry that I was in before this had similar kinds of challenges to compete there.

在此之前，我所在的行業面臨著類似的競爭挑戰。

What's top of mind for me is how strong the Ford brand is there.

對我而言，最重要的是福特品牌在那裡的強大程度。

So when you witness other things that have happened in our industry, the Ford brand is highly regarded.

因此，當您見證我們行業中發生的其他事情時，福特品牌受到高度重視。

I have learned the Mustang, for example, I think last year, Joe, was number-one sales in Europe.

我學過 Mustang，例如，我認為去年 Joe 是歐洲銷量第一的。

And that was a decision by us to take that to market and look how well it did.

這是我們決定將其推向市場，看看它的表現如何。

So there's reinforcement over and over again.

所以一遍又一遍地加強。

Jim Farley, who just came to head up all the markets for us, was just in charge of that for the last three years.

剛來負責我們所有市場的吉姆·法利 (Jim Farley) 在過去三年裡一直負責這方面的工作。

And we were able to make that profitable.

我們能夠使它有利可圖。

And now, Brexit was a twist in that.

而現在，英國退歐是其中的一個轉折點。

I don't think any of us saw that.

我認為我們中沒有人看到這一點。

If you were thinking of predictive exercises, the kind of things we are doing right now, we did not sit as a management team and say, hey, Brexit is going to happen.

如果你在考慮預測性練習，我們現在正在做的事情，我們並沒有作為一個管理團隊坐下來說，嘿，英國脫歐將會發生。

And therefore your footprint is going to be under pressure.

因此，您的足跡將面臨壓力。

But we now -- we are business people, so we are accepting that and we are deliberately now thinking about how to play to win there.

但我們現在——我們是商人，所以我們接受這一點，我們現在有意識地思考如何在那裡獲勝。

But I want you to know we are in Europe.

但我想讓你知道我們在歐洲。

Ford can be really successful there.

福特可以在那裡取得真正的成功。

We have got great response to the Fiesta.

我們對嘉年華的反應很好。

I will let Bob tell you about that.

我會讓鮑勃告訴你這件事。

And so I am bullish on it.

所以我看好它。

But then we have got to address the issues that come from Brexit.

但隨後我們必須解決英國脫歐帶來的問題。

And the mobility play, as it had all this promise and it means lots of things to different people, has a real attraction in Europe.

而機動性遊戲，因為它具有所有這些承諾，並且對不同的人意味著很多事情，在歐洲具有真正的吸引力。

There's some things there that we see them as early adopters of that we are trying to leverage.

那裡有一些東西，我們將它們視為我們正在嘗試利用的早期採用者。

So I want to leave the message that Europe is a place we are going to be.

所以我想傳達的信息是，歐洲是我們要去的地方。

The only thing I would add is that we do see opportunity for the Fiesta, as we touched on earlier.

我唯一要補充的是，正如我們之前提到的那樣，我們確實看到了嘉年華的機會。

It's our highest-volume product.

這是我們銷量最高的產品。

It's the fabulous product that we are bringing to the market.

這是我們推向市場的絕佳產品。

And it's clearly it's going to give us an opportunity in 2018 and the latter part of this year.

很明顯，它將在 2018 年和今年下半年為我們提供機會。

I think a couple other points to think about -- PSA and even our own performance has demonstrated that one can make profits in Europe.

我想還有其他幾點需要考慮——PSA 甚至我們自己的表現都表明可以在歐洲獲利。

Now, all we have to do is make better returns in Europe.

現在，我們要做的就是在歐洲獲得更好的回報。

And certainly we are very focused on that.

當然，我們非常關注這一點。

Although to be frank, probably the type of return that you get in Europe won't be what it is in the United States because of the structure of the market, the competitiveness, the products, and so forth.

儘管坦率地說，由於市場結構、競爭力、產品等原因，您在歐洲獲得的回報類型可能不會像在美國那樣。

But we do believe that we can get an appropriate return in Europe.

但我們確實相信我們可以在歐洲獲得適當的回報。

The other point I would make is around Russia.

我要說的另一點是關於俄羅斯的。

There's Europe and there is Russia.

有歐洲，有俄羅斯。

And Russia, clearly, we believe has the opportunity to first grow to potentially be the largest individual market within Europe.

顯然，我們相信俄羅斯有機會首先成長為歐洲最大的獨立市場。

But also to give us very good returns.

也給我們很好的回報。

Although recognizing that we'll be more cyclical than probably the underlying European business itself.

儘管認識到我們可能比潛在的歐洲業務本身更具週期性。

So we still feel a lot of excitement about Europe.

所以我們仍然對歐洲感到很興奮。

We are very committed to Europe.

我們非常致力於歐洲。

We think we can get the appropriate returns in Europe.

我們認為我們可以在歐洲獲得適當的回報。

We are all in and we are working to improve the business in response to the curveball that Jim just mentioned around Brexit.

我們全力以赴，正在努力改善業務，以應對吉姆剛剛提到的圍繞英國退歐的曲線球。

Thank you very much.

非常感謝。

Matthew DeBord, Business Insider.

馬修德博德，商業內幕。

Good morning.

早上好。

Two quick questions for Jim.

問吉姆兩個簡短的問題。

First is Jim, if you could just give us possibly a specific example of a Ford product in which you are applying some of this systemic design thinking that you spoke of earlier in the call.

首先是吉姆，如果你能給我們一個福特產品的具體例子，你正在應用你在電話會議之前提到的一些系統設計思想。

And the second question is about Silicon Valley.

第二個問題是關於矽谷的。

Do you think Silicon Valley is in trouble as far as its transportation and mobility initiatives go and might need trade at this point?

您是否認為矽谷在其交通和流動性計劃方面遇到麻煩，此時可能需要貿易？

Might need the traditional car business to show it the way to bring some kind of value, monetize some of these opportunities?

可能需要傳統汽車業務來展示它帶來某種價值的方式，將其中的一些機會貨幣化？

Matthew, let me take the first one first.

馬修，讓我先說第一個。

The AV is a perfect candidate for the techniques that you hear me talk about and for all kinds of reasons.

出於各種原因，AV 是您聽到我談論的技術的完美候選者。

Just to highlight for you, because we can look back with perfect hindsight and say who were the leaders in the computer industry -- Commodore, Atari, Digital -- at the time when I was young and PCs were starting to come out.

只是為了強調一下，因為我們可以事後回顧並說出誰是計算機行業的領導者——Commodore、Atari、Digital——在我年輕的時候，個人電腦開始問世。

IBM came later.

IBM 後來來了。

And all four of them weren't going to win.

他們四個都不會贏。

And most of what the history will show us was the use evolution of the science happened too late.

歷史將向我們展示的大部分內容是科學的使用進化發生得太晚了。

So I am trying to bring the discipline that says this technology is coming really fast and we've got to make it people-centered very early in our way of winning.

因此，我正試圖引入這樣的紀律，即這項技術來得非常快，我們必須在取勝之道的早期就以人為本。

So let's use that, the leverage of that, as I look at your second question.

因此，當我看你的第二個問題時，讓我們利用它，利用它。

I would never -- it would be arrogant for me to say the Valley is in trouble in any kind of regard.

我永遠不會——如果我說矽谷在任何方面都遇到了麻煩，那都是傲慢的。

The kind of wealth it has created out there and value for shareholders.

它在那裡創造的財富類型和為股東創造的價值。

But I think you've heard me say a few times I don't think we have to cede the future of transportation to them in ways that Ford isn't here.

但我想你已經聽我說過幾次了，我認為我們不必以福特不存在的方式將交通的未來拱手讓給他們。

I just don't believe that.

我只是不相信。

And I've been saying this in meetings I've had with analysts and press that they may need us more than we need them because the export of software is not as difficult as the export of the vehicle constructs that we've learned.

我在與分析師和媒體的會議上一直在說，他們可能比我們更需要我們，因為軟件的出口並不像我們了解到的車輛結構的出口那麼困難。

These vehicles have to protect people, save lives, and have to perform in extreme conditions.

這些車輛必須保護人員、挽救生命，並且必須在極端條件下運行。

So all that stuff that we have a lot of awareness about.

所以我們非常了解所有這些東西。

The concern that anyone would have is are we, were we asleep at the switch that we didn't understand them coming.

任何人都會擔心的是我們，我們是否在開關處睡著了，我們不知道他們來了。

Of course we do.

我們當然知道。

In fact, there's Ford people that have been recruited into some of those businesses.

事實上，已經有一些福特員工被招募到其中的一些業務中。

So I like the challenge of trying to prove to everybody that this technique I'm talking about, our capabilities married together make us a really good player in that future.

所以我喜歡嘗試向每個人證明我正在談論的這項技術的挑戰，我們的能力結合在一起使我們成為未來的真正優秀球員。

All right, sure.

好吧，當然。

Thank you.

謝謝。

This concludes the question-and-answer session.

問答環節到此結束。

I will turn the call back to Jim Hackett for closing remarks.

我會把電話轉回給吉姆哈克特，讓他發表結束語。

Yes, so I just want to thank everyone for joining us today.

是的，所以我只想感謝大家今天加入我們。

I appreciate you being patient with me as I start the 100 days.

感謝您在我開始 100 天時對我耐心等待。

I want you to know every day I get up, I think about clarity and focus and delivering understanding about where we are going.

我想讓你知道，我每天起床，我都會考慮清晰和專注，並傳達對我們前進方向的理解。

And so we look forward to meeting you in the fall with more information.

因此，我們期待在秋季與您會面並提供更多信息。

This concludes the Ford Motor Company earnings conference call.

福特汽車公司財報電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。