福特汽車 (F) 2018 Q1 法說會逐字稿

Good day.

再會。

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

我的名字是傑森，今天我將成為您的會議接線員。

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

在這個時候，我想歡迎大家參加福特汽車公司第一季度財報電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the call over to our host, Lynn Antipas Tyson, Executive Director of Investor Relations.

我現在想把電話轉給我們的主持人，投資者關係執行董事 Lynn Antipas Tyson。

Ma'am, you may begin.

女士，您可以開始了。

Thank you, Jason.

謝謝你，傑森。

Welcome, everyone, to Ford Motor Company's First Quarter 2018 Earnings Call.

歡迎大家參加福特汽車公司 2018 年第一季度財報電話會議。

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

今天的演講嘉賓是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 joining us are Marcy Klevorn, Executive Vice President and President of Mobility; Joe Hinrichs, Executive Vice President and President, Global Operations; Jim Farley, Executive Vice President and President, Global Markets; and Brian Schaaf, CFO, Ford Credit.

加入我們的還有執行副總裁兼移動業務總裁 Marcy Klevorn； Joe Hinrichs，執行副總裁兼全球運營總裁； Jim Farley，執行副總裁兼全球市場總裁；和福特信貸首席財務官 Brian Schaaf。

Jim will begin with a brief review of the quarter and then cover a review of our strategy and updated financial targets.

Jim 將首先簡要回顧本季度，然後回顧我們的戰略和更新的財務目標。

Bob will then review the quarterly results in more detail.

然後 Bob 將更詳細地查看季度結果。

After Bob's section, we'll open the call up for questions and following Q&A, Jim will have a few closing remarks.

在 Bob 的部分之後，我們將打開問題電話，在 Q&A 之後，Jim 將有一些結束語。

Our results discussed today include some non-GAAP references.

我們今天討論的結果包括一些非 GAAP 參考。

These are reconciled to the most comparable U.S. GAAP measure in the appendix of our earnings deck, which can be found, along with the rest of our earnings materials, at shareholder.ford.com.

這些與我們收益甲板附錄中最具可比性的美國公認會計原則衡量標准進行了核對，該附錄與我們的其他收益材料一起，可在 sharepoint.ford.com 上找到。

Today's discussions include some forward-looking statements about our expectations for future performance.

今天的討論包括一些關於我們對未來業績的預期的前瞻性陳述。

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

實際結果可能會有所不同，最重要的因素包含在我們的演示文稿中。

Also all comparisons are year-over-year unless noted otherwise.

此外，除非另有說明，否則所有比較都是逐年比較。

Company EBIT and EPS are on an adjusted basis and product mix is on a volume-weighted basis.

公司息稅前利潤和每股收益為調整後的基礎，產品組合為體積加權基礎。

Now let me turn the call over to Jim.

現在讓我把電話轉給吉姆。

Thank you, Lynn, and thanks, everyone, for joining us.

謝謝你，Lynn，也謝謝大家加入我們。

Our goal today is to provide an update on fitness, share with you our strategic approach to creating value and detail our updated performance targets.

我們今天的目標是提供有關健身的最新信息，與您分享我們創造價值的戰略方法並詳細說明我們更新的績效目標。

I said last October that the transformation of Ford had to start with getting the business fit.

我去年 10 月說過，福特的轉型必須從讓業務適應開始。

In fact, this preceded the ever-important strategic questions.

事實上，這早於重要的戰略問題。

We are improving our speed, decision making and execution and today, we're ready to dimension this for you.

我們正在提高我們的速度、決策制定和執行能力，今天，我們已準備好為您確定這一點。

I'm really proud of the work of our team and even more excited about the value we believe these actions will create for our stakeholders.

我為我們團隊的工作感到非常自豪，對我們相信這些行動將為我們的利益相關者創造的價值感到更加興奮。

But simply put, the items I want to detail for you are at the center of our value creation efforts.

但簡而言之，我想為您詳細介紹的項目是我們價值創造工作的核心。

One, through our fitness and strategy work, we have gained clarity on where we need to focus.

第一，通過我們的健身和戰略工作，我們已經清楚地了解了我們需要關注的地方。

And this includes answering questions on what do we do with the businesses not earning their cost of capital and identifying which underlying processes need to be modernized.

這包括回答有關我們如何處理沒有賺取資本成本的企業以及確定哪些基礎流程需要現代化的問題。

Two, we have also gained clarity on our vehicle portfolio and where we want to play.

第二，我們還清楚地了解了我們的車輛組合以及我們想在哪裡玩。

And in parallel, we'll leverage a suite of propulsion systems, think of these as the internal combustion system, hybrids and battery electric vehicles, to give customers what they want regardless of fuel prices.

同時，我們將利用一套推進系統，將其視為內燃機系統、混合動力車和電池電動汽車，無論燃料價格如何，都能為客戶提供他們想要的東西。

And three, I'm also pleased to share that our work to support our vision for smart vehicles in the smart world is starting to gel and showing the potential to create long-term value.

第三，我也很高興與大家分享，我們支持我們在智能世界中實現智能汽車願景的工作正在開始凝聚，並顯示出創造長期價值的潛力。

And we'll share more today on this emergent work.

今天我們將分享更多關於這項新興工作的信息。

Okay.

好的。

Next, I would like to briefly review our first quarter results so please turn to Page 2. Looking at the quarter, we delivered a solid company EBIT and year-over-year improvement in company operating cash flow.

接下來，我想簡要回顧一下我們的第一季度業績，請轉至第 2 頁。縱觀本季度，我們實現了穩健的公司息稅前利潤和公司經營現金流的同比改善。

Our balance sheet remains strong with $38 billion in liquidity.

我們的資產負債表保持強勁，擁有 380 億美元的流動性。

We also made several important acquisitions.

我們還進行了幾項重要的收購。

We purchased Autonomic, which is already leading development of our Transportation Mobility Cloud.

我們購買了 Autonomic，它已經引領了我們交通出行雲的開發。

And we acquired TransLoc, a provider of transit system software for cities.

我們還收購了城市交通系統軟件提供商 TransLoc。

Both acquisitions are critical to advancing our mobility strategy.

這兩項收購對於推進我們的移動戰略至關重要。

In the quarter, we also strengthened our collaboration with Mahindra Group, and we're working to jointly develop new SUVs and electric vehicles for customers in India and emerging markets.

在本季度，我們還加強了與馬恆達集團的合作，我們正在努力為印度和新興市場的客戶共同開發新的 SUV 和電動汽車。

And in this quarter, we've also been building momentum from a product perspective.

在本季度，我們還從產品的角度建立了動力。

We made investments in manufacturing to meet the surging demand in North America for our new Lincoln Navigator and Ford Expedition.

我們對製造進行了投資，以滿足北美對我們新的林肯領航員和福特遠征隊不斷增長的需求。

These trucks are selling extremely well.

這些卡車賣得非常好。

We also introduced the EcoSport in the fast-growing sub-compact SUV segment.

我們還在快速增長的次緊湊型 SUV 細分市場中引入了 EcoSport。

We reinforced our leadership in trucks and SUVs with the launch of the first-ever Ranger Raptor in Asia Pacific.

我們在亞太地區推出了首款 Ranger Raptor，鞏固了我們在卡車和 SUV 領域的領先地位。

This is a high-performance pickup unique to just Ford Motor Company.

這是福特汽車公司獨有的高性能皮卡。

We established our first proving ground for our autonomous vehicle business.

我們為自動駕駛汽車業務建立了第一個試驗場。

This is through a collaboration with Miami-Dade County in Florida and partners such as Domino's and Postmates.

這是通過與佛羅里達州邁阿密戴德縣以及 Domino's 和 Postmates 等合作夥伴的合作完成的。

With them, we launched a series of pilot programs to build a business that moves goods efficiently and profitably in those congested urban areas.

與他們一起，我們啟動了一系列試點計劃，以在擁擠的城市地區建立高效且有利可圖的貨物運輸業務。

I'm proud to tell you that we're on track together with Argo AI to deliver a commercial-grade, self-driving vehicle at scale in 2021 for the movement of people and the movement of goods.

我很自豪地告訴你，我們正在與 Argo AI 合作，在 2021 年大規模交付商用級自動駕駛汽車，用於人員流動和貨物流動。

Finally in the U.K., we expanded our footprint in mobility and launched our Chariot commuter shuttle services in London.

最後在英國，我們擴大了我們在移動領域的足跡，並在倫敦推出了我們的 Chariot 通勤班車服務。

This marks Chariot's first expansion outside the U.S.

這標誌著 Chariot 在美國以外的首次擴張。

Well, now, please turn to Page 3, and let's dive into the highlights of our fitness and its impact on our overall business.

好吧，現在，請轉到第 3 頁，讓我們深入了解我們的健身亮點及其對我們整體業務的影響。

Over our plan period, which covers 2019 through 2022, we're telling you today that we've identified $11.5 billion of cumulative cost and efficiency opportunities.

在我們從 2019 年到 2022 年的計劃期內，我們今天告訴您，我們已經確定了 115 億美元的累積成本和效率機會。

This is incremental to the $14 billion in reduced material and engineering costs we outlined last October.

這是我們去年 10 月概述的 140 億美元材料和工程成本降低的增量。

We've also identified opportunities to reduce the capital intensity of our business model by a cumulative $5 billion over that same time frame in 2019 through 2022.

我們還發現了在 2019 年至 2022 年的同一時間範圍內將我們業務模式的資本密集度累計降低 50 億美元的機會。

By applying just the results of our fitness review over our plan period, we have some great news.

通過在我們的計劃期間僅應用我們的健身審查結果，我們有一些好消息。

We now expect our EBIT margin and our return on invested capital to bottom out this year in 2018.

我們現在預計我們的息稅前利潤率和投資資本回報率將在 2018 年觸底。

We also expect to meet our 8% EBIT target in 2020.

我們還預計在 2020 年實現 8% 的息稅前利潤目標。

This is a full 2 years earlier than our previous target of 2022.

這比我們之前的 2022 年目標提前了整整 2 年。

And we're going to achieve a return on invested capital in the high teens now by 2020.

到 2020 年，我們將在青少年時期實現投資資本回報。

This reduction in capital -- I apologize for this.

資本減少——我為此道歉。

This reduction in capital intensity means that we now expect our annual CapEx spend to peak this year at $7.5 billion and then decline.

資本密集度的降低意味著我們現在預計我們的年度資本支出將在今年達到 75 億美元的峰值，然後下降。

By 2022, we expect to deliver balanced CapEx spend and depreciation and amortization.

到 2022 年，我們預計將實現平衡的資本支出支出以及折舊和攤銷。

They'll be aligned with each other.

它們將相互對齊。

Now these targets do assume continued healthy economic conditions.

現在，這些目標確實假設了持續健康的經濟狀況。

Now if there is a down cycle, we believe a more fit Ford will drive a more resilient business model.

現在，如果出現下行週期，我們相信更合適的福特將推動更具彈性的商業模式。

Okay, turn to Slide 4. Following the work of the past 11 months, we can now give you a more clear view of how we plan to improve our returns.

好的，轉到幻燈片 4。在過去 11 個月的工作之後，我們現在可以讓您更清楚地了解我們計劃如何提高回報率。

We believe this reflects a profound refocus of our business.

我們相信，這反映了我們業務重心的深刻轉變。

In this chart, we used our actual 2017 EBIT results to plot the parts of our business based on margins and returns, so let me take your eyes to the green bubble in the northeast corner.

在這張圖表中，我們使用了 2017 年的實際 EBIT 結果來繪製基於利潤率和回報的業務部分，所以讓我帶你看看東北角的綠色氣泡。

This represents the areas of our business that deliver 8%-plus EBIT and 10%-plus ROIC.

這代表了我們提供 8% 以上 EBIT 和 10% 以上 ROIC 的業務領域。

I mean, this part of our business alone generates $14 billion of profit, an operating margin of 16% and a return on invested capital of 40%.

我的意思是，僅我們這部分業務就產生了 140 億美元的利潤，16% 的營業利潤率和 40% 的投資資本回報率。

This is a tremendous business and we have a lot to work with in this category.

這是一項巨大的業務，我們在這一領域有很多工作要做。

Now if you'll apply even modest valuation assumptions to this portion of our business, there's about a 50% upside to our current stock price.

現在，如果你對我們這部分業務應用哪怕是適度的估值假設，我們目前的股價就有大約 50% 的上漲空間。

But however, 3 parts of our business dilute our overall returns.

但是，我們業務的 3 個部分稀釋了我們的整體回報。

The yellow bubble reflects marginally profitable areas that don't return the cost of capital.

黃色泡沫反映了不返還資本成本的微利領域。

They don't -- they're lower margin and they don't return the cost of capital.

他們沒有——他們的利潤率較低，而且他們不返還資本成本。

The low-performing areas that have neither the right margin or the returns are shown in the bottom left in the red.

既沒有右邊距也沒有回報的低績效區域以紅色顯示在左下角。

And investments we're making in the new products for future growth are depicted by the gray circle in the middle.

中間的灰色圓圈描繪了我們為未來增長而對新產品進行的投資。

They're just getting started.

他們才剛剛開始。

So here's the key point.

所以這裡是關鍵點。

We're going to feed the healthy part of our business and deal decisively with the areas that destroy value.

我們將支持我們業務的健康部分，並果斷地處理破壞價值的領域。

Where we can raise the returns of certain underperforming parts of our business via the fitness initiative you hear us talk about or an alternative business model, we will.

如果我們可以通過您聽到我們談論的健身計劃或替代商業模式來提高我們業務中某些表現不佳的部分的回報，我們會的。

And then we'll disposition the rest.

然後我們將處理其餘的。

Okay, turn to Page 5. And I want to take a deeper look now at fitness.

好的，轉到第 5 頁。我現在想更深入地了解健身。

As I've mentioned, we identified $11.5 billion of costs and efficiency opportunities that will drive improved EBIT margin.

正如我所提到的，我們確定了 115 億美元的成本和效率機會，這些機會將推動 EBIT 利潤率的提高。

We expect to capture about 1/3 of this by 2020.

我們預計到 2020 年將占到其中的 1/3。

There's some good examples of where this will come from.

有一些很好的例子可以說明這將來自哪裡。

In marketing and sales, we've identified 3 key areas.

在營銷和銷售方面，我們確定了 3 個關鍵領域。

On the fixed marketing side, we can better improve our digital capabilities and improve our return on investment on media.

在固定營銷方面，我們可以更好地提升我們的數字化能力，提高我們在媒體上的投資回報率。

In addition, via regionalization and personalization, we can better optimize our yield management in our incentives program.

此外，通過區域化和個性化，我們可以在激勵計劃中更好地優化收益管理。

Within engineering, we're moving to 5 flexible architectures that underpin our vehicles with a modular catalog strategy covering 70% of the value of the vehicle.

在工程方面，我們正在轉向 5 種靈活的架構，這些架構通過涵蓋 70% 車輛價值的模塊化目錄策略來支撐我們的車輛。

These changes will reduce the time from sketch to production by 20% and deliver significant new cost savings.

這些變化將從草圖到生產的時間縮短 20%，並顯著節省新的成本。

Also, they will contribute to complexity reduction in orderable configurations.

此外，它們將有助於降低可訂購配置的複雜性。

This will deliver savings throughout the enterprise, from the supply base to manufacturing and to our dealers.

這將為整個企業帶來節約，從供應基地到製造再到我們的經銷商。

In manufacturing, we're redesigning our freight network using big data, and we developed much more aggressive labor targets for our next-generation vehicles.

在製造業，我們正在使用大數據重新設計我們的貨運網絡，我們為我們的下一代車輛制定了更加激進的勞動力目標。

If you will, turn to Page 6. Our fitness work has also allowed us to reduce the capital intensity of our business by $5 billion over our plan horizon, 2019-2022.

如果願意，請轉到第 6 頁。我們的健身工作還使我們能夠在 2019-2022 年的計劃範圍內將業務的資本密集度降低 50 億美元。

We had expected to invest $34 billion and that's now dropped to $29 billion.

我們原本預計投資 340 億美元，現在已降至 290 億美元。

For example, we've identified opportunities to drive capital reduction through reuse of equipment and tools in our plants, as well as additional benefits from the move to the common modules that I mentioned earlier.

例如，我們已經確定了通過在我們的工廠中重複使用設備和工具來推動減少資本的機會，以及遷移到我之前提到的通用模塊的額外好處。

Well, to put this all together, I want to share with you the framework on Page 7 that we're using to drive a more competitive, higher-return and resilient business.

好吧，總而言之，我想在第 7 頁與您分享我們用來推動更具競爭力、更高回報和彈性業務的框架。

Our industry is undergoing a complete redesign of what we think of as the historic transportation system and the role of automakers and everyone else in that system.

我們的行業正在對我們所認為的歷史交通系統以及汽車製造商和該系統中其他所有人的角色進行徹底的重新設計。

This redesign will reshape how our customers live, work and move, how business is transacted, how cities are managed, how urban congestion and pollution are controlled.

此次重新設計將重塑我們客戶的生活、工作和出行方式，商業交易方式，城市管理方式，城市擁堵和污染控制方式。

At Ford, we want to do more than compete in this new world.

在福特，我們想做的不僅僅是在這個新世界中競爭。

We intend to lead its design.

我們打算領導它的設計。

Enabling human progress through freedom of movement has always been central to our mission, and it's the reason we have been successful for 115 years.

通過行動自由促進人類進步一直是我們使命的核心，這也是我們 115 年來取得成功的原因。

We'll remain true to our heritage as we transform our business model to capitalize on the trends I just described, by making smart choices, by building smart vehicles that integrate the best technology and providing -- and by providing customers with the most trusted mobility platform and services in the industry.

在我們轉變業務模式以利用我剛才描述的趨勢時，我們將繼續忠於我們的傳統，通過做出明智的選擇，通過製造集成了最佳技術和提供的智能車輛 - 並通過為客戶提供最值得信賴的移動性行業平台和服務。

We are on an incredibly exciting journey to redefine the automotive industry.

我們正踏上重新定義汽車行業的激動人心的旅程。

And as we said, it starts with making these smart choices.

正如我們所說，首先要做出這些明智的選擇。

One of those is our first choice to have a winning portfolio.

其中之一是我們擁有成功投資組合的首選。

As I've mentioned, we will focus on products and markets where we know we can win.

正如我所提到的，我們將專注於我們知道我們可以獲勝的產品和市場。

Let me share a specific example.

讓我分享一個具體的例子。

By 2020, almost 90% of our Ford portfolio in North America will be trucks, utilities and commercial vehicles, including, of course, their electrified versions.

到 2020 年，我們在北美的福特產品組合中近 90% 將是卡車、公用事業和商用車，當然也包括它們的電動版。

Given declining customer demand and their product -- excuse me, and product profitability, we will not invest in next generations of traditional Ford sedans for North America.

鑑於客戶需求下降及其產品——對不起，以及產品盈利能力，我們不會投資於北美的下一代傳統福特轎車。

Over the next few years, our Ford car portfolio in North America will transition to 2 vehicles: our best-selling Mustang and an exciting all-new Focus Active crossover coming out next year.

在接下來的幾年裡，我們在北美的福特汽車產品組合將過渡到 2 款車型：我們最暢銷的 Mustang 和明年推出的令人興奮的全新 Focus Active 跨界車。

Our second choice is a full commitment to new propulsion, including adding hybrid electrics to high-volume, profitable vehicles like the F-150, the Mustang, the Explorer and the new Bronco.

我們的第二選擇是對新推進系統的全面承諾，包括為 F-150、Mustang、Explorer 和新 Bronco 等大容量、盈利的車輛添加混合動力。

Our battery electric vehicle rollout starts in 2020 with a performance utility, and we'll have 16 battery electric vehicles by 2022.

我們的電池電動汽車將於 2020 年開始推出性能實用程序，到 2022 年，我們將擁有 16 輛電池電動汽車。

In our endeavor to make electric vehicles more desirable, we'll deliver vehicles with the capability, performance and interior design that customers need and want without the traditional fuel economy penalty they used to see.

在我們努力使電動汽車更受歡迎的過程中，我們將提供具有客戶需要和想要的能力、性能和內飾設計的汽車，而不會出現他們過去看到的傳統燃油經濟性損失。

Our third choice is autonomous technology.

我們的第三個選擇是自主技術。

We're going to develop a profitable autonomous vehicle service that offers the most trusted and human-centered, ride-hailing and goods delivery experience.

我們將開發一種有利可圖的自動駕駛汽車服務，提供最值得信賴和以人為本的叫車服務和貨物配送體驗。

Our partners at Argo AI have been -- have assembled an incredible collection of talent and expertise.

我們在 Argo AI 的合作夥伴已經聚集了令人難以置信的人才和專業知識。

I can't really exaggerate that.

我真的不能誇大其詞。

This is a great group of people, and we're working hand-in-hand with them to build a great AV business model.

這是一群偉大的人，我們正在與他們攜手合作，建立一個偉大的 AV 商業模式。

Our final choice is the mobility experience.

我們最終的選擇是移動體驗。

Now this is about creating and scaling our mobility platform and services that will drive a new, what we're calling sticky revenue and profit streams for us.

現在這是關於創建和擴展我們的移動平台和服務，這些平台和服務將為我們帶來一個新的，我們稱之為粘性收入和利潤流的東西。

But we see ourselves not just as a provider of mobile solutions but also as an orchestrator of digital connections from vehicle to street, to business to home.

但我們不僅將自己視為移動解決方案的提供者，而且還將自己視為從車輛到街道、從企業到家庭的數字連接的協調者。

That's going to be an exciting proposition.

這將是一個令人興奮的提議。

It's all enabled by fitness, as I said.

正如我所說，這一切都歸功於健身。

We're starting here and talking about 4 components: the first is the improved operating leverage; the second is the adaptive business model as evidenced by our Mahindra agreements, that's plural, there's more than one, be it build, partner or buy to generate the highest returns; and the third is improve capital efficiency; the fourth is our bedrock, a strong balance sheet.

我們從這裡開始討論 4 個組成部分：第一個是提高的運營槓桿；第二個是我們的 Mahindra 協議所證明的適應性商業模式，這是複數的，有不止一個，無論是建立、合作還是購買，以產生最高的回報；三是提高資金效率；第四個是我們的基石，強大的資產負債表。

We work hard to maintain that.

我們努力保持這一點。

So before I turn it over to Bob, I want to emphasize so there's no question.

所以在我把它交給鮑勃之前，我想強調一下，所以毫無疑問。

We're committed to taking the appropriate actions to drive profitable growth and maximize returns of our business over the long term.

我們致力於採取適當的行動來推動盈利增長並最大限度地提高我們業務的長期回報。

We do have a bias towards urgent action.

我們確實傾向於採取緊急行動。

We aren't just exploring partnerships, we've now done them.

我們不只是在探索合作夥伴關係，我們現在已經完成了。

We aren't just talking about ideas, but we've made decisions.

我們不僅在談論想法，而且還做出了決定。

We're going to host an Analyst Meeting in New York in September where we'll walk you through more details on our strategy.

我們將於 9 月在紐約舉辦分析師會議，屆時我們將向您詳細介紹我們的戰略。

September 26 is when we're scheduling that.

9 月 26 日是我們安排的時間。

In the coming months though, you'll see more announcements about the specific actions we're taking to transform Ford.

不過，在接下來的幾個月中，您將看到更多關於我們為改造福特而採取的具體行動的公告。

So let me turn it over to our Chief Financial Officer, Bob Shanks.

所以讓我把它交給我們的首席財務官 Bob Shanks。

Bob?

鮑勃？

Thanks, Jim, and good afternoon, everyone.

謝謝，吉姆，大家下午好。

I don't plan today to talk to specific slides.

我今天不打算討論具體的幻燈片。

Instead, I'm going to share some details of our first quarter results and our perspective on them, talk to our company guidance for the full year and provide additional texture on selected elements of the business that are consistent with our full year outlook.

相反，我將分享我們第一季度業績的一些細節以及我們對它們的看法，與我們公司的全年指導進行討論，並就與我們全年展望一致的選定業務要素提供額外的紋理。

As Jim mentioned, first quarter results were solid.

正如吉姆所說，第一季度的業績很穩健。

They were in line with our expectations and consistent with our outlook for the full year.

它們符合我們的預期，與我們對全年的展望一致。

Company revenue at $42 billion was up 7%, driven by higher volume from consolidated operations, favorable exchange-related effects and higher net pricing.

公司收入為 420 億美元，增長 7%，這得益於合併業務的銷量增加、有利的交易所相關影響和更高的淨定價。

Revenue was up across all parts of the business, except Middle East and Africa where it was flat, with Europe delivering the greatest increase.

除中東和非洲持平外，該業務所有部分的收入均有所增長，其中歐洲的增幅最大。

And this was due to exchange and higher pricing on new products and to recover Brexit-related effects, with incentives holding flat year-over-year.

這是由於新產品的交換和更高的定價以及恢復與英國脫歐相關的影響，激勵措施與去年同期持平。

Wholesale volumes at 1.7 million units were up 2%, driven by lower volume at our unconsolidated China joint ventures.

由於我們未合併的中國合資企業的銷量下降，批發量達到 170 萬台，增長了 2%。

Volumes at consolidated operations were up about 3%.

合併業務的交易量增長了約 3%。

Industry SAARs were up globally and in each region, with the largest growth coming from Asia Pacific, and that was mainly China.

全球和每個地區的行業 SAAR 均有所上升，其中增長最快的來自亞太地區，主要是中國。

Ford's global market share was 6.5%.

福特的全球市場份額為 6.5%。

That was down 60 basis points year-over-year with declines in each region.

這與去年同期相比下降了 60 個基點，每個地區都有所下降。

This reflects mainly lower market shares in China, the U.S. and the U.K.

這主要反映了中國、美國和英國的市場份額下降。

Company EBIT was $2.2 billion, down $335 million from last year.

公司息稅前利潤為 22 億美元，比去年減少 3.35 億美元。

This was driven by Automotive, which delivered an EBIT of $1.7 billion, down $443 million.

這是由汽車部門推動的，其息稅前利潤為 17 億美元，下降了 4.43 億美元。

The Automotive's lower EBIT was caused by commodity cost increases of about $480 million, along with adverse exchange effects of about $240 million.

汽車的 EBIT 較低是由於商品成本增加約 4.8 億美元，以及約 2.4 億美元的不利匯兌影響。

These effects were offset partially by higher net pricing, particularly in Europe, and higher volume from favorable stock changes in North America.

這些影響部分被較高的淨定價（尤其是在歐洲）和北美有利的庫存變化帶來的較高銷量所抵消。

The North America stock changes reflect pipeline fill for the newly launched EcoSport and a stock build for Focus.

北美庫存變化反映了新推出的 EcoSport 的管道填充和 Focus 的庫存增加。

The Focus build is to support sales after production concludes at Michigan assembly as we begin the transition of the facility for production of Ranger.

當我們開始過渡生產 Ranger 的設施時，Focus 構建是為了在密歇根組裝結束後支持銷售。

Importantly, total costs, excluding commodities, was about flat compared to last year.

重要的是，不包括商品的總成本與去年相比基本持平。

The increase in commodity cost was largely metals driven, in part by the market's reaction to potential increases in U.S. tariffs.

大宗商品成本上漲主要受金屬驅動，部分原因是市場對美國關稅可能增加的反應。

Nearly 1/2 of our full year exposure to commodity price changes is locked in as of quarter-end due to fixed contracts or hedges that we have in place.

由於我們實施了固定合同或對沖，截至季度末，我們全年近 1/2 的商品價格變化風險被鎖定。

In Automotive, North America was the largest EBIT contributor, earning $1.9 billion, down $195 million.

在汽車領域，北美是最大的 EBIT 貢獻者，收入為 19 億美元，減少了 1.95 億美元。

EBIT margin was 7.8%, which was down 1.1 points.

息稅前利潤率為 7.8%，下降 1.1 個百分點。

And the year-over-year declines were more than explained by higher commodity cost.

同比下降的原因不僅僅是商品成本上升。

Market factors, the combination of volume, mix and net pricing, were positive, and total cost was flat, excluding commodities.

市場因素，包括數量、組合和淨定價，是積極的，總成本持平，不包括商品。

For the full year, we're guiding to lower EBIT in North America due to higher commodity cost and higher spending-related expense to support growth.

全年，由於商品成本上升和支出相關支出增加以支持增長，我們正在指導降低北美的息稅前利潤。

We are committed to returning North America EBIT margin to the 10% level it achieved, on average, from 2012 to 2016 through fitness and making smart choices to play where we can win.

我們致力於將北美的息稅前利潤率恢復到 2012 年至 2016 年平均達到的 10% 水平，通過健身和明智的選擇在我們可以取勝的地方進行比賽。

In addition to reallocating capital to strengthen our SUV and truck portfolio as Jim described, 51% of North America's portfolio on a volume-weighted basis will be new or significantly refreshed from the beginning of last year through 2019.

除了按照 Jim 的描述重新分配資金以加強我們的 SUV 和卡車產品組合外，從去年年初到 2019 年，北美 51% 的產品組合（按體積加權計算）將是全新的或顯著更新。

The benefits of fitness actions will start to lift margins in North America next year.

健身行動的好處將在明年開始提高北美的利潤率。

Outside North America, in the Automotive segment, results were a combined loss of $203 million, with each region incurring a loss, except Europe.

在北美以外的汽車部門，結果是合併虧損 2.03 億美元，除歐洲外，每個地區都出現虧損。

The combined loss was $248 million worse than a year ago, more than explained by Asia Pacific.

綜合損失比一年前多 2.48 億美元，超過了亞太地區的解釋。

Asia Pacific's loss of $119 million was driven by a loss in Ford China.

亞太地區1.19億美元的虧損是由福特中國的虧損推動的。

While we earned China equity income of $138 million, this was more than offset by engineering costs incurred by Ford for future products, including for newly-localized entries, including Lincoln and next-generation Explorer as well as a loss for Lincoln as we continue to establish and grow the brand and the network.

雖然我們在中國獲得了 1.38 億美元的股權收入，但這被福特為未來產品（包括林肯和下一代 Explorer 等新本地化產品）產生的工程成本以及林肯的虧損所抵消，因為我們繼續建立和發展品牌和網絡。

The China loss was offset partially by a profit in the rest of Asia Pacific.

中國的損失被亞太其他地區的利潤部分抵消。

This includes a substantial improvement in India, although it still incurred a small loss.

這包括印度的顯著改善，儘管它仍然遭受了少量損失。

This improvement, of course, was achieved without the benefit we expect to see in the future from collaborating with Mahindra.

當然，這種改進是在沒有我們期望在未來與 Mahindra 合作中看到的好處的情況下實現的。

We also benefited in the quarter from record first quarter sales in the Asia Pacific markets outside of China.

我們在本季度還受益於中國以外亞太市場創紀錄的第一季度銷售額。

We expect to incur a loss in Asia Pacific again in the second quarter, with profits returning in the second half as we begin to launch 16 new products.

我們預計第二季度亞太地區將再次出現虧損，隨著我們開始推出 16 種新產品，下半年利潤將恢復。

For the full year, EBIT will be lower, driven by our first half performance, with the run rate of the business strengthening through the fourth quarter.

在我們上半年業績的推動下，全年息稅前利潤將下降，而第四季度的業務運行率將有所增強。

Now as we announced in December, an aggressive product growth plan gets underway in Asia Pacific later this year with the new Escort and the all new Focus, resulting in 69% of the region's volume being all new or significantly refreshed from the beginning of '17 through 2019.

正如我們在 12 月宣布的那樣，今年晚些時候將在亞太地區推出一項激進的產品增長計劃，推出新的 Escort 和全新的 Focus，導致該地區 69% 的銷量是全新的或從 17 年初開始大幅更新到 2019 年。

This is part of our announced plan to bring 50 new vehicles to China by 2025, including 8 all-new SUVs and at least 15 electrified vehicles from Ford and Lincoln.

這是我們宣布的到 2025 年將 50 輛新車引入中國的計劃的一部分，其中包括 8 輛全新 SUV 和至少 15 輛福特和林肯的電動汽車。

In addition, of course, the new Zotye Ford JV will launch an all-new range of affordable all-electric vehicles.

此外，當然，新的眾泰福特合資公司將推出一系列全新的經濟實惠的全電動汽車。

Now turning to Europe, we earned an EBIT of $119 million, which was $90 million lower than a year ago.

現在轉向歐洲，我們的息稅前利潤為 1.19 億美元，比一年前減少了 9000 萬美元。

We delivered strong net pricing increases in the quarter, but this was more than offset by lower volume and unfavorable mix, adverse exchange due to sterling and higher commodity cost.

我們在本季度實現了強勁的淨定價增長，但這被較低的銷量和不利的組合、英鎊帶來的不利匯率和較高的商品成本所抵消。

The adverse volume and mix were due mainly to a weaker industry and lower Ford market share in the U.K. as well as lower demand for diesel passenger vehicle derivatives in the region.

不利的數量和組合主要是由於英國行業疲軟和福特市場份額下降，以及該地區對柴油乘用車衍生品的需求下降。

For the full year, we expect EBIT in Europe to improve from 2018 -- 2017 levels due to a heavy mix of new products, which should drive strongly higher net pricing.

對於全年，我們預計歐洲的息稅前利潤將從 2018 年至 2017 年的水平有所改善，這是由於新產品的大量組合，這將推動淨定價大幅上漲。

From the end of last year through 2019, Europe will benefit from an 88% volume-weighted mix of all new or significantly new products.

從去年底到 2019 年，歐洲將受益於所有新產品或顯著新產品的 88% 的體積加權組合。

Now at our Mobility segment, we incurred a loss of $102 million, which was driven by autonomous vehicle development cost.

現在在我們的移動部門，我們蒙受了 1.02 億美元的虧損，這是由自動駕駛汽車開發成本驅動的。

Results benefited from a onetime gain on investments in Smart Mobility of about $58 million.

結果受益於智能移動投資的一次性收益約 5800 萬美元。

The quarterly loss was $38 million worse than last year, more than explained by increased investment in autonomy.

季度虧損比去年多 3800 萬美元，這主要是因為對自動駕駛的投資增加。

Now if you adjust for the onetime gain, the quarterly loss would have been $160 million.

現在，如果你根據一次性收益進行調整，季度虧損將是 1.6 億美元。

This would be a reasonably good quarterly run rate this year for the Mobility segment, with about half of the projected full year loss due to investments in Smart Mobility and the remainder for AV development.

對於移動領域來說，這將是今年相當不錯的季度運行率，預計全年虧損的一半左右是由於對智能移動的投資，其餘的則用於自動駕駛汽車的開發。

Turning to Ford Credit.

轉向福特信貸。

We saw a very strong quarter with Ford Credit earning $641 million, $160 million higher than a year ago.

我們看到一個非常強勁的季度，福特信貸的收入為 6.41 億美元，比一年前增加了 1.6 億美元。

The improvement was broad-based, including growth in receivables globally.

改善是廣泛的，包括全球應收賬款的增長。

In the quarter, Ford Credit's portfolio remained robust with healthy U.S. consumer credit metrics, including an improved loss-to-receivables ratio.

本季度，福特信貸的投資組合保持穩健，美國消費者信貸指標健康，包括虧損與應收賬款比率有所改善。

Auction values improved versus a year ago by about 1% at constant mix.

在恆定組合下，拍賣價值與一年前相比提高了約 1%。

We now expect full year average auction values to decline just 1% to 2%.

我們現在預計全年平均拍賣價值將僅下降 1% 至 2%。

At the end of the quarter, Ford Credit's managed leverage was 8.4, in line with our target of 8:1 to 9:1.

本季度末，福特信貸的管理槓桿為 8.4，符合我們 8:1 至 9:1 的目標。

For the foreseeable future, we plan to maintain Ford Credit's managed receivable levels at about the same level as at the end of the quarter.

在可預見的未來，我們計劃將福特信貸的管理應收賬款水平維持在與本季度末大致相同的水平。

Our focus is to maintain a strong risk profile for Ford and Ford Credit, balancing receivables, funding requirements, liquidity, profitability and distributions.

我們的重點是保持福特和福特信貸的強大風險狀況，平衡應收賬款、資金需求、流動性、盈利能力和分配。

This will allow us to continue supporting auto sales while preserving capacity for future mobility initiatives.

這將使我們能夠繼續支持汽車銷售，同時保留未來移動計劃的能力。

It also will enable relatively consistent distributions to Ford, approximately equal to Ford Credit's annual net income.

它還將實現對福特的相對一致的分配，大約等於福特信貸的年淨收入。

For the full year, we expect Ford Credit's EBT to be flat to lower than last year as we continue to plan for lower financing margins due to rising interest rates.

全年，我們預計福特信貸的 EBT 將持平至低於去年，因為我們繼續計劃由於利率上升而降低融資利潤率。

And while we expect auction values to trend better than our initial expectations, as I just noted, we do expect them to be down slightly year-over-year.

正如我剛才所說，雖然我們預計拍賣價值的趨勢將好於我們最初的預期，但我們確實預計它們會同比略有下降。

Now turning to the company's EBIT margin.

現在轉向公司的息稅前利潤率。

We delivered 5.2%, which was down 1.2 percentage points from a year ago, and that reflected the performance in Asia Pacific, North America and Europe.

我們實現了 5.2%，比一年前下降了 1.2 個百分點，這反映了亞太地區、北美和歐洲的表現。

Adjusted EPS in the quarter was $0.43.

本季度調整後的每股收益為 0.43 美元。

That was up $0.03, driven by a lower adjusted effective tax rate.

由於調整後的有效稅率較低，因此上漲了 0.03 美元。

The adjusted effective tax rate was 9%, which includes a $235 million benefit for capital loss carryforwards.

調整後的有效稅率為 9%，其中包括 2.35 億美元的資本損失結轉收益。

Net income was $1.7 billion, $144 million or 9% higher than a year ago, more than explained by a lower effective tax rate.

淨收入為 17 億美元，比一年前增加 1.44 億美元或 9%，這完全可以用較低的有效稅率來解釋。

Company operating cash flow came in at $3 billion, which was up $1 billion from a year ago due to higher distributions from Ford Credit.

由於福特信貸的更高分配，公司運營現金流為 30 億美元，比一年前增加了 10 億美元。

Ford's balance sheet, as Jim mentioned, remains strong with cash and marketable securities totaling $27.6 billion and ample liquidity of more than $38 billion.

正如吉姆所說，福特的資產負債表依然強勁，現金和有價證券總額達 276 億美元，流動性充足，超過 380 億美元。

Now looking at the full year, our company guidance reflects company revenue to be up modestly; company adjusted EPS to be in the range of $1.45 to $1.70; company operating cash flow to be positive and about the same as a year ago; pension contributions of about $0.5 billion; capital spending of about $7.5 billion; and an adjusted effective tax rate of about 15%.

從全年來看，我們的公司指引反映公司收入小幅增長；公司調整後每股收益在 1.45 美元至 1.70 美元之間；公司經營現金流為正，與一年前大致相同；約5億美元的養老金繳款；資本支出約 75 億美元；調整後的有效稅率約為 15%。

As Jim mentioned, we expect 2018 to be the trough for company EBIT, EBIT margin and ROIC and the peak for capital spending.

正如 Jim 所說，我們預計 2018 年將是公司 EBIT、EBIT 利潤率和 ROIC 的低谷，以及資本支出的高峰。

So with that, let's now turn it back to the operator who will get us started on our Q&A session.

有了這個，現在讓我們把它轉回讓我們開始問答環節的操作員。

(Operator Instructions) And your first question comes from Adam Jonas of Morgan Stanley.

（操作員說明）您的第一個問題來自摩根士丹利的 Adam Jonas。

Jim, first question is a Ford question.

吉姆，第一個問題是福特問題。

You made reference to potential disposition of underperforming businesses.

您提到了對業績不佳企業的潛在處置。

Could this potentially entail exiting a geographic region?

這可能需要退出一個地理區域嗎？

Well, the short answer is we'll restructure as necessary and we'll be decisive.

好吧，簡短的回答是我們將根據需要進行重組，我們將果斷行事。

The decisions have lots of implications for stakeholders, so we're not ready to talk specifics at this time.

這些決定對利益相關者有很多影響，所以我們現在還沒有準備好談論細節。

Okay.

好的。

But it sounds like it's on the table -- all options on table.

但聽起來它已經擺在桌面上——所有選項都擺在桌面上。

Yes, yes, yes, I want to affirm that.

是的，是的，是的，我想確認這一點。

Jim, my follow-up question's a bit more macro but relates to Ford indirectly.

吉姆，我的後續問題有點宏觀，但與福特間接相關。

I'll let others ask about restructuring.

我會讓其他人詢問有關重組的問題。

What is your position, Jim, on raising the U.S. federal gas tax if the proceeds went to funding improvements in U.S. transport infrastructure?

如果收益用於資助美國交通基礎設施的改善，吉姆，你對提高美國聯邦汽油稅的立場是什麼？

That's a creative idea.

這是一個創造性的想法。

And the way I've been thinking about the transportation system in the future is that if we cut and paste the old system, as we do the kinds of things we're talking about to modernize our infrastructure, we're not going to make the progress that we really need to deal with the congestion and capacity issues in big cities.

我一直在思考未來交通系統的方式是，如果我們剪切和粘貼舊系統，當我們做我們正在談論的使我們的基礎設施現代化的事情時，我們不會製造我們真正需要解決大城市的擁堵和容量問題的進展。

So we definitely have to, in the future, think about a model where we're using this cloud structure and these smart vehicles to improve that.

所以我們絕對必須在未來考慮一個模型，我們使用這種雲結構和這些智能車輛來改進它。

I haven't really thought about how we fund that totally.

我還沒有真正考慮過我們如何完全資助它。

But what we can see in the models that we're talking about with this cloud structure is there's revenue for cities in a model like that.

但是，我們在使用這種雲結構討論的模型中可以看到，在這樣的模型中，城市可以獲得收入。

And your next question comes from Rod Lache of Deutsche Bank.

您的下一個問題來自德意志銀行的 Rod Lache。

I wanted to also probe your comment about raising the profitability that you mentioned on Slide 4. There were 3 buckets: the fitness improvements, alternative business models and the dispositions.

我還想探討您在幻燈片 4 中提到的關於提高盈利能力的評論。有 3 個桶：健身改進、替代商業模式和處置。

Can you elaborate a little bit on what the alternatives might be, when we might see those deals, how long it would take to get savings from those?

您能否詳細說明一下替代方案可能是什麼，當我們看到這些交易時，需要多長時間才能從中獲得節省？

And maybe, I know you're not really talking about whether these are regions or anything specific, but how big could these actions be?

也許，我知道你並沒有真正談論這些是區域還是特定的東西，但這些行動有多大？

Are we talking about alternatives and dispositions for businesses that are a few billion in revenue?

我們是在談論收入數十億的企業的替代方案和處置方式嗎？

Or are you reassessing tens of billions of revenue?

還是你在重新評估數百億的收入？

I'm going to ask Bob to help with the way that we're planning this.

我要請 Bob 幫助我們制定這個計劃。

But I would just want to, I guess, emphasize, Rod, that the way you think about these low-performing businesses, it's been easy to identify what's wrong and what we need to do about it.

但我想，我只想強調，羅德，你看待這些表現不佳的企業的方式，很容易識別出什麼是錯的，我們需要做些什麼。

And I think the hammering, maybe, that has been around in our business is gone.

而且我認為我們業務中一直存在的錘擊可能已經消失了。

We're starting to understand what we need to do and making clear decisions there.

我們開始了解我們需要做什麼並在那裡做出明確的決定。

So the detail in terms of the construction, I'm going to let Bob...

所以關於構造的細節，我會讓鮑勃...

Yes, let me start -- the first thing, I guess, I want to focus on is actually the upper right.

是的，讓我開始——我想，我想關注的第一件事實際上是右上角。

So I just want to reemphasize that the capital allocation process here is to generate incremental capital for the parts of the business where we're already strong and we know we can be even stronger and more profitable, generating even higher returns.

所以我只想再次強調，這裡的資本分配過程是為我們已經很強大的業務部分產生增量資本，我們知道我們可以變得更強大、更有利可圖，從而產生更高的回報。

So that's the ultimate objective.

所以這是最終目標。

Now if you go to the lower left, Rod, the way I would think about it, let me just give you some specific examples.

現在如果你去左下角，羅德，按照我的想法，讓我給你一些具體的例子。

The first thing I want to say is this is a snapshot in time, so it's not necessarily a view of the businesses over a longer period of time, and I'll give you a couple of examples.

首先我想說的是，這是一個時間快照，所以它不一定是一個較長時期內的業務視圖，我會給你舉幾個例子。

So in there is most of the Lincoln brand.

所以里面有大部分的林肯品牌。

As you know, that only launched in China 2.5 years ago or so.

如您所知，它僅在 2.5 年前左右在中國推出。

It's grown dramatically.

它急劇增長。

It has a great reputation.

它享有盛譽。

It's getting price points consistent with the Germans in the segments in which we compete.

在我們競爭的領域，它的價格點與德國人一致。

But we're importing everything.

但我們正在導入所有內容。

And of course -- and we're also growing the business from scratch.

當然——我們也在從零開始發展業務。

So I've already mentioned to you that we're going to localize the first Lincoln products.

因此，我已經向您提到，我們將對林肯的第一批產品進行本地化。

But imagine the transformation of the business model, able to get out from underneath these 25% duties, the long freight journey that it takes over there and the expense and so forth, and how that can start to change how that business model looks.

但想像一下商業模式的轉變，能夠擺脫這 25% 的關稅，它在那裡承擔的長途貨運旅程和費用等等，以及如何開始改變商業模式的外觀。

Second example I'd give, we've talked about -- within that category is also small cars and essentially most of our MPV-type products.

我要舉的第二個例子，我們已經討論過——在這個類別中也是小型車，基本上我們的大多數 MPV 型產品。

So we've already talked about what we're going to do in North America, so that's pretty straightforward.

所以我們已經討論了我們將在北美做什麼，所以這很簡單。

That's just we're not going to invest where it doesn't make sense.

那隻是我們不會在沒有意義的地方投資。

But a second example is the partnership with Mahindra.

但第二個例子是與 Mahindra 的合作。

So is there a way in which we can participate, in this case, India, where actually cars, although increasingly SUVs or crossovers, are a big part of the business, but do so in a way that builds on someone who's already very successful.

那麼有沒有一種我們可以參與的方式，在這種情況下，印度，實際上汽車，雖然越來越多的 SUV 或跨界車，是業務的重要組成部分，但這樣做的方式是建立在已經非常成功的人的基礎上。

Some of that may involve different segments because they're a really strong player in SUVs, but they're just really successful in general.

其中一些可能涉及不同的細分市場，因為它們是 SUV 中非常強大的參與者，但總的來說它們確實非常成功。

As you heard us say, we're already improving.

正如你聽到我們所說，我們已經在改進。

Imagine where we might be able to go through a deeper, closer partnership with Mahindra.

想像一下，我們可以在哪裡與 Mahindra 建立更深入、更緊密的合作關係。

And then, of course, there's always the fitness.

然後，當然，總是有健身。

Fitness is going to raise all boats.

健身將提升所有船隻。

Some areas of that category would benefit from that.

該類別的某些領域將從中受益。

So it's a combination of all those things but everything going back to the earlier response that Jim gave, everything, every tool in our toolkit is on the table in terms of addressing that part of our business.

所以它是所有這些東西的組合，但一切都可以追溯到 Jim 之前給出的回應，我們工具包中的所有東西，每一個工具都在處理我們業務的這一部分時擺在桌面上。

Okay.

好的。

Can you elaborate on the timing on when you would expect to disclose some of these alternative plans or deals or dispositions?

您能否詳細說明您希望披露其中一些替代計劃或交易或處置的時間？

And maybe just as a follow-on, restructurings of structurally challenged businesses or plants and things like that could be pretty costly in this industry.

也許只是作為後續，結構性挑戰的企業或工廠的重組以及類似的事情在這個行業可能會非常昂貴。

At this point, do you see all of this being accomplished with the $28 billion of cash that you have, the cash flow or any elaboration on -- aside from just framing what the savings target is, what is this going to cost?

在這一點上，您是否看到所有這一切都是通過您擁有的 280 億美元現金、現金流或任何詳細說明來完成的——除了製定儲蓄目標之外，這將花費多少？

Well, to your first question, and I don't want to be trite, I don't intend to be at all, but Jim did mention there are lots of ramifications and implications from the types of things that we ultimately will do, and that's a range of options that we have.

好吧，對於你的第一個問題，我不想老套，我根本不打算這樣做，但吉姆確實提到了我們最終將要做的事情的類型有很多影響和影響，並且這是我們擁有的一系列選擇。

And so what we will do is we will share with you, when we can, the decisions that we've made so you can understand in sort of a progressive manner the progress that we're making in addressing that and moving the business forward.

因此，我們將在可能的情況下與您分享我們所做的決定，以便您以一種漸進的方式了解我們在解決該問題和推動業務發展方面取得的進展。

In terms of restructuring, the first thing I would say is we do expect to continue to generate positive cash flow moving forward.

在重組方面，我要說的第一件事是我們確實希望在未來繼續產生正現金流。

So it may be going out as we restructure, if, in fact, that's what we have to do at various points in time in various parts of the business, but it's [a combination] at the same time from the upper right, if you will, that's on this chart.

所以它可能會在我們重組時消失，如果事實上，這是我們必須在不同時間點在業務的各個部分做的事情，但它同時是右上角的[組合]，如果你會，在這張圖表上。

So it's not a zero-sum game.

所以這不是零和遊戲。

The other thing that I would expect is that addressing this will take -- it's not as if it's all done tomorrow at one time.

我期望的另一件事是解決這個問題需要 - 並不是說明天就可以一次性完成。

There'll be some element of time.

會有一些時間因素。

Just go back and look at the North American restructuring, which was the last really significant one, but even the one that we did in Europe in sort of '11, '12, '13.

回過頭來看看北美的重組，這是最後一次真正重要的重組，甚至是我們在 11 年、12 年、13 年在歐洲所做的重組。

I mean, that was sort of over a period of time.

我的意思是，那是在一段時間內。

That's just the way it works out.

這就是它的工作方式。

So I think that we certainly want to move fast and will do so, but that -- it just -- that's what it takes.

所以我認為我們當然希望快速行動，並且會這樣做，但這 - 它只是 - 這就是它所需要的。

So I think the element of time probably helps us here as well.

所以我認為時間因素在這裡也可能對我們有所幫助。

But again, Rod, the confidence I'd like to get across tonight is decisions aren't in pause or dwell.

但是再次，羅德，我今晚想表達的信心是決策不會暫停或停留。

So the planning is the work.

所以計劃就是工作。

Your next question comes from Colin Langan of UBS.

您的下一個問題來自瑞銀的 Colin Langan。

Just a follow-up on the comments about cars and cutting the majority of your cars in the U.S. Just to confirm that, they're in that red bubble on Slide 5 where they're losing money today?

只是對有關汽車的評論的後續行動，並在美國削減了您的大部分汽車。只是為了確認這一點，他們在幻燈片 5 上的那個紅色泡沫中，他們今天正在賠錢？

Or any color on how large those losses are?

或者這些損失有多大？

And any color on how should we expect -- are you going to close capacity?

關於我們應該如何期待的任何顏色 - 你會關閉產能嗎？

Do you expect to fill that void with all SUVs?

您是否希望用所有 SUV 來填補這一空白？

I don't know.

我不知道。

Any broad color there?

那裡有廣泛的顏色嗎？

Yes.

是的。

So Colin, let me have Jim Farley talk about the portfolio implications, and then Joe Hinrichs will talk about the industrial system that supports [the same].

所以 Colin，讓我讓 Jim Farley 談談投資組合的影響，然後 Joe Hinrichs 將談談支持 [相同] 的工業系統。

Jim?

吉姆?

Sure.

當然。

So thanks for the question.

所以謝謝你的問題。

How we think about our lineup in North America especially is that we are developing incremental nameplates we don't have today and shifting the allocation of capital [in the] portfolio to utility body styles.

我們如何看待我們在北美的陣容，尤其是我們正在開發我們今天沒有的增量銘牌，並將投資組合中的資本分配轉移到公用事業體風格。

And there'll be a variety -- a growing variety of those products.

而且會有各種各樣的產品——這些產品的種類越來越多。

And to give you a flavor, we'll have more authentic off-roaders, building our Built Ford Tough background like Bronco and other new nameplates we don't sell today.

為了給您帶來風味，我們將擁有更多真正的越野車，構建我們的 Built Ford Tough 背景，如 Bronco 和我們今天不銷售的其他新銘牌。

We will refresh our entire lineup of traditional crossovers and SUVs that everyone knows like Explorer and Escape.

我們將更新我們眾所周知的傳統跨界車和 SUV 的整個陣容，例如 Explorer 和 Escape。

And then we're going to be introducing and taking capital and redeploying it for also new silhouettes, products that give customers the utility benefits without the penalty of the fuel economy.

然後我們將引入和吸收資金並將其重新部署到新的輪廓上，這些產品可以為客戶提供實用性優勢而不會影響燃油經濟性。

And they'll be performance and active executed, so they'll be very emotional.

他們會表現出色並積極執行，所以他們會非常情緒化。

So what you'll see is a whole portfolio of vehicles that will be much higher performing in terms of returns, much better for our brands, so a stronger business.

因此，您將看到一個完整的車輛組合，它們的回報率會更高，對我們的品牌來說更好，因此業務更強大。

And we will have a very diverse passenger car business.

我們將擁有非常多樣化的乘用車業務。

It just won't be traditional silhouetted sedans that tend to be commoditized.

它不會是傾向於商品化的傳統剪影轎車。

So -- thanks, Jim.

所以——謝謝，吉姆。

When you look at the manufacturing question very quickly, we have a plan.

當您快速查看製造問題時，我們有一個計劃。

We have a very high utilization rate in our North American manufacturing plants today and we have a plan to utilize those plants.

今天，我們北美製造工廠的利用率非常高，我們計劃利用這些工廠。

And we have a product for Hermosillo to replace for when the Fusion balances out.

我們有一個產品供 Hermosillo 替換，以供 Fusion 平衡時使用。

And as we have mentioned previously, the battery electric SUV we're launching in 2020 also will be built in Mexico.

正如我們之前提到的，我們將於 2020 年推出的電池電動 SUV 也將在墨西哥製造。

So we have a really great plan with all the products that Jim talked about to leverage our manufacturing capacity moving forward.

因此，我們對 Jim 談到的所有產品製定了一個非常好的計劃，以利用我們的製造能力向前發展。

Got it.

知道了。

And just last question.

最後一個問題。

Your original guidance was $1.6 billion in commodity and FX.

你最初的指導是 16 億美元的商品和外匯。

I think it was $700 million in Q1.

我認為第一季度是 7 億美元。

Is it on pace or did the steel tariffs unravel some of that?

是步調一致還是鋼鐵關稅解決了其中的一些問題？

Any broad color there if that's still the right number?

如果那仍然是正確的數字，那裡有任何廣泛的顏色嗎？

I'm going to let Bob clear that up.

我會讓鮑勃澄清這一點。

Yes, the -- based on where we are today, Colin, it looks like about $1.5 billion year-over-year for the full year.

是的，根據我們今天的情況，科林，全年的年增長率約為 15 億美元。

So we had about $0.5 billion in the first quarter.

所以我們在第一季度有大約 5 億美元。

So if you think about that on a year-over-year basis progressively as we move forward, it starts to moderate a bit, which you might expect because we've now had 2 years -- will be 2 years of pretty sharp increases.

因此，如果您在我們前進的過程中逐年逐年考慮這一點，它會開始有所緩和，您可能會預料到，因為我們現在已經有 2 年 - 將是 2 年相當急劇的增長。

So that's our outlook right now.

這就是我們現在的展望。

So the tariff, so that positive steel price increase was incorporated in your original number?

那麼關稅，使鋼價的積極上漲被納入您的原始數字？

No, the tariffs are not assumed in the $1.5 billion.

不，15 億美元中沒有假設關稅。

I mean, we'll have to wait and see if that happens.

我的意思是，我們將不得不等待，看看是否會發生這種情況。

But we do believe that in the case of steel, that it has essentially already been priced in by the market.

但我們確實相信，就鋼鐵而言，它基本上已經被市場定價。

Your next question comes from Ryan Brinkman of JPMorgan.

您的下一個問題來自摩根大通的 Ryan Brinkman。

Maybe just another one on sort of where you selectively compete.

也許只是另一個你有選擇地競爭的地方。

Clearly, you made a bet -- strategic bet on Russia, or rather stuck with Russia when it was going through a very rough patch due to its long-term potential.

顯然，你下了一個賭注——對俄羅斯進行戰略性賭注，或者更確切地說，在俄羅斯由於其長期潛力而正在經歷一段非常艱難的時期時，它堅持了下來。

Obviously, markets like China, nobody is going to question given the tremendous long-term potential.

顯然，像中國這樣的市場，鑑於其巨大的長期潛力，沒有人會質疑。

And India, I think, falls in that category.

我認為印度屬於這一類。

And thinking about South America, how do you assess the sort of current tradeoff there in terms of the losses you're currently making relative to -- or maybe even the losses that you could make at this point in the cycle after implementing various different fitness initiatives?

想想南美，你如何根據你目前所造成的損失來評估目前的權衡——或者甚至可能是在實施各種不同的健身後在周期中的這一點上可能造成的損失倡議？

How do you weigh that against your assessment of that region's long-term Automotive potential?

您如何權衡您對該地區長期汽車潛力的評估？

I just want to, Ryan, make sure you know, Russia's been good for us.

我只是想，瑞恩，確保你知道，俄羅斯對我們有好處。

We actually -- things have improved there.

我們實際上 - 那裡的情況有所改善。

I don't want that to be left that we're stuck there.

我不希望我們被困在那裡。

I think we're -- it's been a "where to play" and I'm happy with that.

我認為我們是——這是一個“可以玩的地方”，我對此很滿意。

I think I'm going to let Jim talk about the balance of the question around South America.

我想我要讓吉姆談談南美問題的平衡。

So if you think about our business units, North America's story is all about returning to 10%.

所以如果你想想我們的業務部門，北美的故事就是要回到 10%。

And China's story, as you said, is all about growth.

正如你所說，中國的故事是關於增長的。

We have all these great new products.

我們擁有所有這些很棒的新產品。

South America and Europe are improving businesses, but we are looking at our strategic plan.

南美和歐洲正在改善業務，但我們正在研究我們的戰略計劃。

And so what I think is important to say at this point for South America is we have made very significant and promising progress on our strategic plan there.

因此，我認為在這一點上對南美來說很重要的一點是，我們在那裡的戰略計劃取得了非常重要和有希望的進展。

And we're approaching the task with the highest sense of urgency.

我們正以最高的緊迫感來完成這項任務。

We have a lot of teams deployed, and they're working on a comprehensive review of the business.

我們部署了很多團隊，他們正在對業務進行全面審查。

Obviously, we have a lot of stakeholders so we'll have more to share, more details to share at a later date.

顯然，我們有很多利益相關者，所以我們將有更多的東西要分享，更多的細節要在以後分享。

Our business is improving.

我們的業務正在改善。

We're launching new products.

我們正在推出新產品。

And in fact, Camacari is totally maxed out right now.

事實上，Camacari 現在已經完全用盡了。

But we think we know that further -- much further, more fundamental actions are required in South America.

但我們認為我們知道，南美洲需要採取更進一步、更根本的行動。

And then just the last question for me.

然後是我的最後一個問題。

Can you maybe give a couple-year walk in Asia Pacific?

你能不能在亞太地區走一走？

Obviously, we can dissect it from your slide deck.

顯然，我們可以從您的幻燈片中剖析它。

But what has been the primary contributing factor to the softer earnings there relative -- I think, 4Q, a few years ago, and there was a one-timer there, you made over $400 million, you made nearly $300 million in the fourth quarter of '16.

但是，相對於那裡的收益疲軟的主要原因是什麼——我認為，幾年前的第四季度，那裡有一個一次性的，你賺了超過 4 億美元，你在第四季度賺了近 3 億美元16 年。

Maybe just how much of it do you see as cyclical or temporal in nature that you see a light at the end of the tunnel, like, for example, you're launching a lot of new products versus is there something else, something you feel like you need to target the higher end of the market or more selectively target?

也許您認為其中有多少是周期性或暫時性的喜歡您需要瞄準高端市場還是更有選擇性地瞄準？

You tell me, how do you turn that region around?

你告訴我，你如何扭轉那個地區？

I'm going to let Bob give you some of the detail.

我會讓鮑勃給你一些細節。

I think you got near it towards the end of your question when you think of the age of the product, there's a whole refresh that's starting in China.

當您想到產品的時代時，我認為您在問題結束時已經接近它了，中國正在開始全面更新。

But Bob, why don't you fill in and answer that?

但是鮑勃，你為什麼不填寫並回答呢？

Yes, and then maybe if Jim has something to add afterwards.

是的，然後如果 Jim 之後有什麼要補充的話。

So if you go back and look at what happened, I want to start first with outside of China because we had -- we were very challenged outside China if you go back 2 or 3 years ago.

所以如果你回去看看發生了什麼，我想先從中國以外的地方開始，因為如果你在 2 或 3 年前回去，我們在中國以外的地方會遇到很大的挑戰。

We've seen a complete turnaround of that business through a lot of work and effort.

通過大量的工作和努力，我們已經看到該業務的徹底轉變。

So that is a positive story.

所以這是一個積極的故事。

What we've seen is weakness inside China, and I think it's around a number of different things.

我們看到的是中國內部的弱點，我認為這是圍繞著許多不同的事情。

One is the strength of the indigenous brands certainly had an impact, I think, on most players in the market as they became more mature, more developed and offered a tremendous number of new products that are very attractive.

一是本土品牌的實力肯定對市場上的大多數參與者產生了影響，因為它們變得更加成熟、更加發達並提供了大量非常有吸引力的新產品。

We obviously were not able to keep our portfolio as fresh as it needed to be in that environment.

顯然，我們無法在那種環境中保持我們的投資組合所需的新鮮感。

We also saw a downward negative pricing in part, in fact, in large part, driven by the indigenous brands that are coming up, and that certainly affected the portfolio.

我們還看到負定價部分下降，事實上，這在很大程度上是由即將出現的本土品牌推動的，這肯定會影響產品組合。

We had a lot of cost reductions that we achieved in our China JVs to offset a portion of that.

我們在中國合資企業中實現了很多成本降低，以抵消其中的一部分。

But then incrementally, what we saw when the Chinese government revised its policy on the renminbi, it's -- it has, over time, depreciated versus the depreciation trend that it had been on, and that had an impact on the business, particularly given the imported elements as well as just the fact we have a very high net revenue exposure to the business.

但隨著時間的推移，當中國政府修改人民幣政策時，我們看到的是，隨著時間的推移，相對於它一直處於的貶值趨勢，它已經貶值，這對業務產生了影響，特別是考慮到進口元素以及我們對業務的淨收入敞口非常高的事實。

Jim, you might talk about what's coming in China with the new vehicles.

吉姆，你可以談談新車在中國的發展趨勢。

I think that's worth highlighting.

我認為這值得強調。

So where we are right now in the first half of this year, we're at the absolute trough of our product cycle in China.

所以我們現在在今年上半年的情況下，我們在中國處於產品週期的絕對低谷。

And over the next 24 months, we completely revitalized the lineup.

在接下來的 24 個月裡，我們徹底重振了陣容。

As I said, it's a growth story.

正如我所說，這是一個成長故事。

And it's not just all products.

不僅僅是所有的產品。

It's very specific products, especially utilities.

這是非常具體的產品，尤其是公用事業。

In fact, today at the Beijing Auto Show, we showed the new Escort and also our brand-new Focus, which is really a high-volume product.

事實上，今天在北京車展上，我們展示了全新的Escort以及我們全新的Focus，這確實是一款大批量的產品。

We're going to fill in the entire lineup of SUVs on the higher end from there.

我們將從那裡填補高端 SUV 的整個陣容。

So I'm really -- we're really excited about the opportunity that, that new launches gives us.

所以我真的 - 我們對新發布給我們的機會感到非常興奮。

We're also localizing Lincoln, which is a really important part of our -- as well Explorer, a part -- a really important part of leveraging our profitability improvement.

我們還將林肯本地化，這是我們的一個非常重要的部分 - 以及 Explorer 的一個部分 - 這是利用我們的盈利能力提高的一個非常重要的部分。

I also want to highlight though that we're -- the fitness exercises are very live for our China team.

我還想強調的是，我們的中國隊的健身訓練非常活躍。

Today, we launched the national distribution service division.

今天，我們啟動了全國分銷服務事業部。

That's a really important thing.

這是一件非常重要的事情。

We have a complex business with imported products and different divisions and different manufacturers there.

我們有一個複雜的業務，涉及進口產品和不同的部門和不同的製造商。

We've gone now gone to one company to market, distribute all of that product.

我們現在去了一家公司推銷，分銷所有產品。

It's going to be a lot more efficient, a lot more effective.

它會更有效率，更有效。

And we also named our leaders for that business today, which are really experienced local team members.

我們今天還任命了該業務的領導者，他們都是經驗豐富的本地團隊成員。

So I think even how we go to market is going to be more efficient and much more sophisticated with this all new lineup.

因此，我認為即使是我們進入市場的方式也會更加高效和復雜，有了這個全新的陣容。

And of course, we have Zotye right around the corner.

當然，我們的眾泰就在拐角處。

That's a big bet for us to compete in the very value-priced BEV business, which no doubt China will be the largest electrified market in the world.

這對我們來說是一個很大的賭注，可以在極具價值的 BEV 業務中競爭，中國無疑將成為世界上最大的電氣化市場。

So I think we're really well positioned over the next couple of years for growth and profit improvement in China.

因此，我認為我們在未來幾年內為中國的增長和利潤改善做好了準備。

And your next question comes from John Murphy from Bank of America.

你的下一個問題來自美國銀行的約翰墨菲。

Just a first question for you, Jim.

吉姆，這只是你的第一個問題。

I mean, as you're going through this process of reassessing the business, and it seems like you're sort of coming to a sort of formulation on your thought process here, as you think about scale in the business, there seems like there's a shift in the way we all have thought about this traditionally.

我的意思是，當您正在經歷重新評估業務的過程時，您似乎正在對您的思維過程進行某種表述，當您考慮業務規模時，似乎有我們傳統上對此的思考方式發生了轉變。

And some folks are backing away from pure economies of scale in their thought process and the way they're thinking about structuring their businesses.

有些人在他們的思維過程和他們考慮構建業務的方式上正在放棄純粹的規模經濟。

I mean, both theoretically and practically, how do you think about it as you're assessing the business?

我的意思是，在理論上和實踐上，您在評估業務時如何看待它？

There's a lot of things that are tricky on transfer pricing that it's difficult to allocate cost correctly, so it's a -- both a theoretical and practical sort of exercise.

轉讓定價有很多棘手的問題，很難正確分配成本，所以這是一種理論和實踐的練習。

It's difficult to figure out.

很難弄清楚。

So how are you thinking about that?

那麼你是怎麼想的呢？

Is 6.5 million units something, plus or minus, you need to stick to?

你需要堅持 650 萬個單位嗎？

Or could you go a lot smaller?

或者你能變小很多嗎？

Well, I -- let me start with the theoretical position that you asked about.

好吧，我——讓我從你問的理論立場開始。

So the way I think about it, the way we are thinking about it, our whole team, is that to be a global company, you've got to have platform advantages.

所以我的想法，我們的想法，我們整個團隊的想法是，要成為一家全球性公司，你必須擁有平台優勢。

Otherwise, you don't get any scale.

否則，你不會得到任何規模。

And so we do see platforms in the future still continuing.

因此，我們確實看到未來的平台仍在繼續。

I think probably as we're updating our thinking about ONE Ford, we realize that the parallel interest and emphasis around bringing -- about user-centered insights is that we can add to these platforms in regions, region-specific kind of characteristics of vehicles.

我認為可能在我們更新對 ONE Ford 的想法時，我們意識到圍繞帶來以用戶為中心的見解的並行興趣和重點在於，我們可以在這些平台中添加特定區域的車輛特性.

And that -- just that little nuance can make a big difference in the way you achieve scale but you get share.

而且——只是那一點細微的差別就可以對你實現規模的方式產生很大的影響，但你會獲得份額。

And if we were just exporting purely vehicles that were made for North America all around the world, I'm not sure that we -- as our -- would be confident in that as the go-forward strategy.

如果我們只是在世界各地出口為北美製造的純車輛，我不確定我們——作為我們的——是否有信心將其作為前進戰略。

The good news about that is we don't disappoint any customers with a move like that.

好消息是我們不會因為這樣的舉動讓任何客戶失望。

We just have to prove that we're great at building platforms that can have scale.

我們只需要證明我們擅長構建具有規模的平台。

I think the second part of it is that if that doesn't happen, then we've got to make the decisions that you're inferring we have to make.

我認為它的第二部分是，如果這沒有發生，那麼我們必須做出你推斷我們必須做出的決定。

And so that's what I meant by we're not [hammering in] about that.

所以這就是我的意思是我們不會[錘擊]這件事。

We really tell ourselves what we have to believe is that we're going to get our cost of capital out to continue.

我們真的告訴自己，我們必須相信的是，我們將把我們的資本成本拿出來繼續下去。

The third thing is that the nature of the technology and the role that it's playing clearly in the Western markets, in Europe, in North America, is going to be important -- as important -- more important than in China based on what my visits have exposed.

第三件事是，基於我的訪問，技術的性質及其在西方市場、歐洲、北美所扮演的角色將比在中國更重要——同樣重要——更重要暴露了。

I mean, their desire to have electrification is well published, but their commitment to autonomy is going to be huge.

我的意思是，他們對電氣化的渴望得到了很好的宣傳，但他們對自治的承諾將是巨大的。

The reason is, as you've heard me talk often about this, is the only way we can get these cities in shape is to have the system being much more choreographed to work together.

原因是，正如您經常聽到我談論的那樣，我們能夠使這些城市成型的唯一方法是讓系統經過精心設計以協同工作。

It's not just a random person in a vehicle driving at any time of day expecting no friction in the way they're getting around, or goods being delivered in the center of London where the commercial vehicle only has 10% of the cube being used in the truck.

這不僅僅是一個在一天中的任何時間駕駛車輛的隨機人，他們期望他們的出行方式沒有摩擦，或者貨物在倫敦市中心交付，而商用車只有 10% 的立方體被用於卡車。

This is all taking up space and reducing the problem.

這一切都佔用了空間並減少了問題。

So the technology is going to help us.

因此，技術將幫助我們。

Well, I believe that there's scale in that kind of thinking as well.

嗯，我相信這種想法也有規模。

It's a difficult thing to design that to work, and I think Ford is going to be able to do that.

設計它來工作是一件困難的事情，我認為福特將能夠做到這一點。

Let me point out, by the way, that we're one of the very few companies that actually have the autonomous team and the vehicles teams working in tandem.

順便提一下，我們是少數幾家真正擁有自主團隊和車輛團隊協同工作的公司之一。

I mean, there's a lot of suppliers for autonomy out there and there's a lot of OEMs.

我的意思是，那裡有很多自治供應商，也有很多原始設備製造商。

But we're only one of a handful of companies that are actually doing the work together, which we think is going to be an advantage.

但我們只是少數幾家實際合作開展工作的公司之一，我們認為這將是一個優勢。

Okay, that's helpful.

好的，這很有幫助。

And maybe sort of a more near-term practical question.

也許是一個更近期的實際問題。

I mean, raws sound like they are becoming a bigger issue.

我的意思是，原始聲音聽起來像是一個更大的問題。

I mean, there's some inflation.

我的意思是，有一些通貨膨脹。

Who knows what's going to exactly happen with tariffs and inflation in the future?

誰知道未來關稅和通貨膨脹會發生什麼？

But is there any possibility that you share more of this with suppliers?

但是，您是否有可能與供應商分享更多此類信息？

I mean, prior to the downturn, the majority of raws were on the balance sheet or on sort of on the -- in the purview of the suppliers, and you guys took them on in the downturn.

我的意思是，在經濟低迷之前，大多數原材料都在資產負債表上，或者在供應商的權限範圍內，你們在經濟低迷時接受了它們。

So is there any way to maybe shift the balance of power back on raws, maybe hold on to steel but give everything else back to the suppliers?

那麼有沒有什麼辦法可以將力量平衡重新轉移到原材料上，或者保留鋼鐵，但將其他一切都還給供應商？

Well, that's -- let me just -- we ought to make the comment about the tariffs and the structure, which is that I've been able to talk to people in, let's just say, in the world that are in leadership positions in government and say that what we crave as business people are certainty and equilibrium.

好吧，那就是 - 讓我只是 - 我們應該就關稅和結構發表評論，也就是說，我已經能夠與世界上處於領導地位的人交談政府並說我們作為商人渴望的是確定性和平衡。

So trade can thrive in a world where that's not in question.

因此，貿易可以在沒有問題的世界中蓬勃發展。

And so we have -- like everyone, we're dealing with the sudden news, and I think we've done a great job internally of dealing with that.

所以我們 - 像每個人一樣，我們正在處理突然的消息，我認為我們在內部處理這個問題方面做得很好。

But let me also take you to -- we're not going to be victims in this kind of thing.

但讓我也帶你去——我們不會成為這種事情的受害者。

So what we're doing with building this modular architecture that underpins the vehicles helps us, in addition to the last question about scale and the implications that you just asked about with suppliers.

因此，除了您剛剛向供應商詢問的關於規模和影響的最後一個問題之外，我們正在構建這種支撐車輛的模塊化架構對我們有幫助。

But let me ask Joe to comment on the history.

但是讓我請喬對歷史發表評論。

I wasn't here in terms of what happened in the past and what might happen in the future.

就過去發生的事情和未來可能發生的事情而言，我不在這裡。

Joe?

喬？

Yes, Jim, thanks.

是的，吉姆，謝謝。

When you -- first of all, over time, as Bob has highlighted on a number of calls, our raw material cost kind of follow the curves in the market.

當你——首先，隨著時間的推移，正如鮑勃在多次電話會議上強調的那樣，我們的原材料成本會跟隨市場曲線。

So we have some ups and downs based on where we are in the cycle.

因此，根據我們在周期中的位置，我們會有一些起伏。

But as you know, we negotiate our steel contracts on a quarterly basis.

但如您所知，我們每季度就鋼鐵合同進行談判。

We spread them out so we can see the -- we can average things out and don't have so much risk.

我們將它們分散開來，這樣我們就可以看到——我們可以將事情平均化並且沒有太大的風險。

As far as the supply base goes, there are Tier 2s and et cetera.

就供應基地而言，有二級等。

Most of the time, they're bearing that risk.

大多數時候，他們承擔著這種風險。

And there are occasions where we will direct source it and we'll be a part of the Tier 2 sourcing for raw materials.

在某些情況下，我們將直接採購它，我們將成為原材料 2 級採購的一部分。

But there is some, obviously, some of the risk and reward that goes in the supply base.

但顯然，供應基地中存在一些風險和回報。

So just to remind everybody that we've gotten a good balance of the upside when the commodity markets were going the other direction.

所以只是提醒大家，當大宗商品市場走向另一個方向時，我們已經很好地平衡了上行空間。

But I don't see us changing our strategy dramatically with the supply base when it comes to raw materials.

但在原材料方面，我認為我們不會在供應基礎上顯著改變我們的戰略。

We both kind of manage the risk and reward together.

我們共同管理風險和回報。

But as Jim was saying, when you look at the architecture strategy and the lessons that we've learned on ONE Ford and the way Jim described it, there's value globally in using flexible architectures.

但正如 Jim 所說，當您查看架構策略和我們在 ONE Ford 上學到的經驗教訓以及 Jim 描述它的方式時，使用靈活的架構在全球範圍內具有價值。

And we've talked about our 5 that we're going to use.

我們已經討論了我們將要使用的 5。

Where we've learned is really the modules within the vehicle need flexibility to be able to offer differentiation for the regional markets.

我們了解到，車輛內的模塊確實需要靈活性，以便能夠為區域市場提供差異化。

And scale of the supply base occurs on the scale of the manufacturing plant locally, not on a global basis.

供應基地的規模發生在本地製造工廠的規模上，而不是全球範圍內。

So for example, if you have a corner module, then you -- the demand, the cost and attributes may be different in China than they are in the U.S. but it may be the same vehicle architecture, but the module that we're going to use may be different for Asia than it is for the United States.

例如，如果你有一個角落模塊，那麼你——中國的需求、成本和屬性可能與美國不同，但它可能是相同的車輛架構，但我們要使用的模塊亞洲的使用可能與美國不同。

Whereas in the past, a lot of our global platform vehicles were global across their modules as well as the platform architecture.

而在過去，我們的許多全球平台車輛在其模塊和平台架構上都是全球性的。

So that's a very important nuance, maybe it's not a nuance, but a very important part of our new strategy, which is to offer a catalog of modules for each of the regions to pick from for their vehicles but still take advantage of the 5 core architectures that we'll use globally.

所以這是一個非常重要的細微差別，也許它不是細微差別，而是我們新戰略的一個非常重要的部分，即為每個地區提供一個模塊目錄，供其車輛選擇，但仍然利用 5 核心我們將在全球範圍內使用的架構。

So we can get the advantage of the engineering scale at the platform level but take advantage of the local scale from a supply base and the country-specific attributes in the region.

因此，我們可以在平台層面獲得工程規模的優勢，同時利用供應基地的本地規模和該地區的國家特定屬性。

And just a real quick one on Ford Motor Credit.

並且只是福特汽車信貸上的一個真正快速的。

I mean, the flattening out of the managed receivables, does that mean that you guys are really looking at just generating cash flow out of Ford Motor Credit and keeping the earnings relatively kind of consistently flat with where they are right now?

我的意思是，管理的應收賬款趨於平緩，這是否意味著你們真的只關注從福特汽車信貸中產生現金流，並保持收益與目前的水平相對一致？

Or is there something else going on?

還是有其他事情發生？

Well, we're really happy with the credit performance.

好吧，我們對信貸表現非常滿意。

Bob, you might talk about the capital structure and (inaudible).

Bob，您可能會談論資本結構和（聽不清）。

Yes.

是的。

No, I mean, it's not an issue with Ford Credit at all.

不，我的意思是，這根本不是福特信貸的問題。

It's extraordinarily healthy and does what it does at the highest level, as J.D. Power has indicated.

正如 J.D. Power 所指出的那樣，它非常健康，並且在最高水平上做到了這一點。

It's really more around managing the overall risk profile for Ford.

它實際上更多地是圍繞管理福特的整體風險狀況。

Because as Ford Credit has gotten bigger and bigger and bigger, it does, even though, it, itself is in fantastic shape, just the nature of the business is that it represents a higher level of risk to Ford.

因為隨著福特信貸變得越來越大，它確實如此，儘管它本身的狀態非常好，只是業務的性質是它對福特來說代表著更高水平的風險。

So we want to kind of better manage that.

所以我們想要更好地管理它。

So that's the reason, primarily, that we're going to cap them, at least for the foreseeable future.

所以這主要是我們要限制它們的原因，至少在可預見的未來是這樣。

The benefit -- and certainly, that wasn't the driver, the benefit of doing that is they don't have to take the profits, the cash they generate and then reinvest in its own growth.

好處——當然，這不是驅動力，這樣做的好處是他們不必拿走利潤，他們產生的現金，然後再投資於自身的增長。

So as a result of that, they're able to take the profitability and the cash it generates and return it back to Ford.

因此，他們能夠將盈利能力和產生的現金返還給福特。

It certainly helps us.

它當然對我們有幫助。

And also it's -- we also have a mind towards making sure that we do set some capacity aside as Ford Credit to support a role that it might have in the world in terms of mobility opportunities.

而且，我們還打算確保我們確實留出一些容量作為福特信貸，以支持它在移動機會方面可能在世界上發揮的作用。

So that's another factor that's behind that.

所以這是背後的另一個因素。

And our last question for the evening comes from David Tamberrino of Goldman Sachs.

我們今晚的最後一個問題來自高盛的大衛坦貝里諾。

Just a follow-up question on the modular architectures and platforms that you're talking about.

只是關於您正在談論的模塊化架構和平台的後續問題。

Is this very similar to what VW and ultimately, GM have kind of gone down the path of?

這是否與大眾汽車和通用汽車最終走的道路非常相似？

Because if I'm not mistaken, there was some significant CapEx spend and development ahead of those platforms.

因為如果我沒記錯的話，在這些平台之前有一些重要的資本支出和開發。

So I just want to marry that up with the maybe net incremental savings that you're looking at over this 2019-2022 period, and how much of that CapEx and spend has already been baked in or -- through 2017 through 2018 spend?

因此，我只想將其與您在 2019-2022 年期間看到的可能的淨增量儲蓄結合起來，其中有多少資本支出和支出已經計入或 - 到 2017 年到 2018 年的支出？

Let me sneak this in before I hand it to Joe, David, is that -- and we'll directly get at that, is the thing that I -- where I came from, the way I was raised is the nature of interpreting these customer demands and important kind of user insights and the translating of that is what started to differentiate the world-class companies from those that were just trying to get more cost efficiency.

讓我在我把它交給喬之前偷偷溜進去，大衛，是不是——我們會直接明白這一點，就是我——我來自哪裡，我成長的方式是解釋這些的本質客戶需求和重要的用戶洞察力以及對它們的轉化是開始將世界級公司與那些試圖獲得更高成本效率的公司區分開來的原因。

It's -- the genius in this is using these architectures and giving customers exactly what they want in special ways.

這是——這方面的天才在於使用這些架構，並以特殊的方式為客戶提供他們想要的東西。

So I want to make sure, as you're looking for this, this financial information, that it doesn't get stated that we're running to one end of the spectrum here.

所以我想確保，當你正在尋找這個財務信息時，它沒有被說我們在這裡跑到了光譜的一端。

It's -- the balance here is really important.

這是 - 這裡的平衡非常重要。

But Joe, do you want to address that?

但是喬，你想解決這個問題嗎？

Sure.

當然。

Thanks, David.

謝謝，大衛。

I mean, first off, as we started with, we see savings coming from this initiative over the next several years and significant savings both in the engineering spend but also in, as was highlighted, the capital expenditures related to that.

我的意思是，首先，正如我們開始的那樣，我們看到這項計劃在接下來的幾年裡會節省大量資金，並且在工程支出和與此相關的資本支出方面都節省了大量資金。

Importantly, that time reduction is not just about money, but it's also getting to market faster.

重要的是，縮短時間不僅與金錢有關，而且還可以更快地進入市場。

I mean, one of the learnings that we have in looking back over the last several years is Jim Farley and the markets teams have great ideas for products, and we needed -- we need to be able to bring those to market faster.

我的意思是，回顧過去幾年，我們學到的東西之一是 Jim Farley，市場團隊對產品有很好的想法，我們需要 - 我們需要能夠更快地將這些想法推向市場。

So a very important part of this architecture and modular strategy is to be able to execute programs more quickly.

所以這種架構和模塊化策略的一個非常重要的部分是能夠更快地執行程序。

So are there lessons learned from our competitors?

那麼我們從競爭對手那裡吸取了教訓嗎？

Sure, we do benchmarking all the time, and we have learned things from our competitors.

當然，我們一直在做基準測試，我們從競爭對手那裡學到了一些東西。

But this is a unique solution for Ford, but you will see common elements across the industry because we all learn from each other and we do a lot of analysis of each other.

但這對福特來說是一個獨特的解決方案，但你會看到整個行業的共同元素，因為我們都互相學習，互相分析。

But I want to highlight, this time element's very important.

但我想強調，這個時間元素非常重要。

If you think of the discussions we've had around the portfolio age in the United States and China, for example, we can help avoid those situations, those curves of hills, if you will, and valleys, by being able to execute prior programs more quickly and by reducing the costs so therefore, we can afford to do more.

例如，如果您考慮一下我們在美國和中國圍繞投資組合時代進行的討論，我們可以通過執行先前的計劃來幫助避免這些情況、那些曲線（如果您願意）和山谷更快，通過降低成本，因此，我們有能力做更多的事情。

And that is a big part of the benefit of these initiatives.

這是這些舉措的很大一部分好處。

Understood.

明白了。

And if I could just follow up on one more thing.

如果我可以再跟進一件事。

As you think about the long-term strategy here, and you obviously had some announcements for China today and going to a 1 distribution channel, how do you think your relationships with your JV partners could change over time, given the more relaxed stance to JV ownership trends that the regulators in China are opening up at this point?

當您考慮這裡的長期戰略時，顯然您今天發布了一些針對中國的公告並進入 1 分銷渠道，您認為您與合資夥伴的關係會隨著時間的推移而發生變化，因為對合資企業的立場更為寬鬆中國監管機構在這一點上開放的所有權趨勢？

Yes.

是的。

Thanks for that question.

謝謝你的問題。

Jim?

吉姆?

Sure.

當然。

We don't -- we have our 2 JV partners.

我們沒有——我們有兩個合資夥伴。

We're entering a third now.

我們現在進入第三個。

We're looking for approval for Zotye.

我們正在尋求眾泰的批准。

We don't see yet -- it's early days, but we don't see those changing.

我們還沒有看到——現在還處於早期階段，但我們沒有看到這些變化。

They're very important.

它們非常重要。

We have a huge job to do to grow the business and improve our profitability in China.

我們有大量工作要做，以發展業務並提高我們在中國的盈利能力。

And we will absolutely drive change in that business.

我們絕對會推動該業務的變革。

But I -- we don't see a fundamental change in our JV structure.

但我 - 我們沒有看到我們的合資企業結構發生根本變化。

Got it.

知道了。

And then finally, because you are launching all these new products in China.

最後，因為你們正在中國推出所有這些新產品。

Just curious, what type of new technologies are being adopted and placed into those vehicles that's going to compete with some of the local brands that have very quickly put in incremental ADAS features and have really accelerated their product time lines to almost refreshing a new vehicle every year in order to capture incremental market share?

只是好奇，哪些類型的新技術正在被採用並投入到那些將與一些本土品牌競爭的汽車中年才能獲得增量市場份額？

Terrific question.

很棒的問題。

So all of our China products will be connected.

所以我們所有的中國產品都將被連接起來。

That's a very important part of our strategy as a company and there's no place more important than China.

這是我們公司戰略中非常重要的一部分，沒有比中國更重要的地方了。

We also are working with Alibaba on connectivity and in-car experience.

我們還與阿里巴巴在連接和車內體驗方面進行合作。

Would be good to get Marcy's input as well.

得到馬西的意見也很好。

But I think we're really learning from that customer base world leadership in infotainment.

但我認為我們真的在向信息娛樂領域的客戶群世界領先地位學習。

And I think the other -- last thing I want to mention is we've made a commitment company-wide, including China.

我認為另一件事——我想提到的最後一件事是我們已經在整個公司範圍內做出了承諾，包括中國。

And I think it's very important for our China strategy for Co-Pilot360.

我認為這對我們的 Co-Pilot360 中國戰略非常重要。

It's a whole -- I think absolutely, the most comprehensive ADAS-assisted driving suite in the business.

這是一個整體——我認為絕對是業內最全面的 ADAS 輔助駕駛套件。

And that is going to be a big part of our technology story in China.

這將成為我們在中國的技術故事的重要組成部分。

Marcy, do you want to add something about the connectivity and the potential?

Marcy，你想補充一些關於連通性和潛力的東西嗎？

I guess, let's think of it China and broadly.

我想，讓我們考慮一下中國和更廣泛的情況。

Sure.

當然。

So we're actively talking to partners in China.

因此，我們正在積極與中國的合作夥伴交談。

Actually, my team and myself are going out next week.

實際上，我和我的團隊下週要出去。

Stay tuned to hear more about some potential things that will happen there.

請繼續關注以了解更多有關將在那裡發生的一些潛在事情的信息。

And we are working closely with Jim and Joe's team on the in-vehicle experience and making sure we understand the local needs so we can deliver the best services possible.

我們正在與 Jim 和 Joe 的團隊在車載體驗方面密切合作，並確保我們了解當地的需求，以便我們能夠提供最好的服務。

And also working to launch our Transportation Mobility Cloud in China as well.

同時也在努力在中國推出我們的交通出行雲。

So we've got a lot going on, and it will all come together soon.

所以我們有很多事情要做，很快就會走到一起。

And that concludes today's Q&A portion.

今天的問答部分到此結束。

I would now like to turn the call back over to Mr. Jim Hackett.

我現在想將電話轉回給 Jim Hackett 先生。

Well, thank you, everyone.

嗯，謝謝大家。

I want to just summarize a couple of things.

我只想總結幾件事。

Just to remind you that in Ford's cadence, we picked this time in the fall to have a meeting with our investors.

只是為了提醒您，按照福特的節奏，我們選擇了秋天的這個時間與我們的投資者會面。

That's not a target for some restructuring or something like that.

這不是一些重組或類似的目標。

It's just the way we plan our calendar to come back to you.

這正是我們計劃日曆返回給您的方式。

And we'd give you more detail then.

然後我們會給你更多細節。

It's going to be an exciting meeting.

這將是一次激動人心的會議。

I also want you to know that, as we said, we're committed to taking appropriate and decisive action to drive profitable growth.

我還想讓你知道，正如我們所說，我們致力於採取適當和果斷的行動來推動盈利增長。

We need to maximize the returns of our business over the long term.

從長遠來看，我們需要最大化我們的業務回報。

We're going to be fit across the entire business.

我們將適應整個業務。

I can't understate how well this has been going as we've launched this.

我不能低估我們推出這款產品時的進展情況。

We've identified significant cost and efficiency opportunities, as well as you're hearing the opportunity to reduce capital intensity in our business.

我們已經發現了重大的成本和效率機會，並且您聽到了降低我們業務資本密集度的機會。

The cycle that we're launching, we didn't want to disrupt.

我們正在啟動的周期，我們不想破壞。

So it's really all the things that are happening after the launches over the next year that we're able to start having an impact.

因此，我們真正能夠開始產生影響的是明年發布後發生的所有事情。

And we're allocating capital to our high-performing businesses and we're committed, as we've stated, to Rod's question, to either fix or disposition the rest.

我們正在將資金分配給我們的高績效業務，正如我們所說，我們致力於解決羅德的問題，要么修復或處置其餘部分。

And finally, we have a great team.

最後，我們有一個很棒的團隊。

I'm really happy.

我真的很高興。

They're energized.

他們精力充沛。

They're acting with this sense of urgency and commitment.

他們帶著這種緊迫感和承諾行事。

We're working really well together.

我們合作得非常好。

And just to state it simply, we're excited about the future here at Ford Motor Company.

簡單地說，我們對福特汽車公司的未來感到興奮。

So thanks for joining us today.

所以感謝您今天加入我們。

Ladies and gentlemen, this does conclude today's conference call.

女士們先生們，今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連接。

Thank you for your participation.

感謝您的參與。