福特汽車 (F) 2021 Q4 法說會逐字稿

Good day, ladies and gentlemen. My name is Holly, and I'll be your conference operator today. At this time, I would like to welcome you to the Ford Motor Company Fourth Quarter and Full Year 2021 Earnings Conference Call. (Operator Instructions)

女士們，先生們，美好的一天。我的名字是霍莉，今天我將成為您的會議接線員。在這個時候，我想歡迎您參加福特汽車公司 2021 年第四季度和全年收益電話會議。 （操作員說明）

At this time, I would like to turn the call over to Lynn Antipas Tyson, Executive Director of Investor Relations.

此時，我想將電話轉給投資者關係執行董事 Lynn Antipas Tyson。

Thank you, Holly. Welcome to Ford Motor Company's Fourth Quarter 2021 Earnings Call. With me today are Jim Farley, our President and CEO; and John Lawler, our Chief Financial Officer. Also joining us for Q&A is Marion Harris, CEO of Ford Credit.

謝謝你，霍莉。歡迎參加福特汽車公司 2021 年第四季度財報電話會議。今天和我在一起的是我們的總裁兼首席執行官 Jim Farley；和我們的首席財務官 John Lawler。 Ford Credit 首席執行官 Marion Harris 也加入了我們的問答環節。

Today's discussions include some non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You can find the deck, along with the rest of our earnings materials and other important content, at shareholder.ford.com.

今天的討論包括一些非公認會計原則的參考。這些與我們收益表附錄中最具可比性的美國公認會計原則措施相一致。您可以在 sharepoint.ford.com 上找到該套牌以及我們的其他收益材料和其他重要內容。

Today's discussion also includes forward-looking statements about our expectations. Actual results may differ from the stated. The most significant factors that could cause actual results to differ are included on Page 30. Unless otherwise noted, all comparisons are year-over-year. Company EBIT, EPS and free cash flow are on an adjusted basis. Product mix is volume weighted.

今天的討論還包括關於我們預期的前瞻性陳述。實際結果可能與所述不同。可能導致實際結果不同的最重要因素包含在第 30 頁。除非另有說明，否則所有比較均為逐年比較。公司息稅前利潤、每股收益和自由現金流是在調整後的基礎上計算的。產品組合是體積加權的。

A quick update on our near-term IR events. On Tuesday, February 8, John Murphy from Bank of America will host a fireside chat with John Lawler and Kumar Galhotra, who is President, Americas and International Markets Group. On Wednesday, February 23, Jim Farley will participate in a fireside chat with Rod Lache at the Wolfe Global Auto, Auto Tech and Mobility Conference. And on Thursday, February 24, Bob Holycross, our Vice President, Sustainability, Environment and Safety Engineering; and Dave Webb, Ford's Treasurer, will participate in the RBC Global Environmental, Social and Governance Conference.

快速更新我們近期的 IR 事件。 2 月 8 日星期二，美國銀行的 John Murphy 將與 John Lawler 和美洲和國際市場集團總裁 Kumar Galhotra 進行爐邊談話。 2 月 23 日，星期三，Jim Farley 將在 Wolfe 全球汽車、汽車技術和移動會議上參加與 Rod Lache 的爐邊談話。 2 月 24 日星期四，我們的可持續發展、環境和安全工程副總裁 Bob Holycross；福特財務主管 Dave Webb 將參加 RBC 全球環境、社會和治理會議。

Now I'll turn the call over to Jim Farley.

現在我將把電話轉給 Jim Farley。

Thanks, Lynn. Hello, everyone. While some may have described 2021 as a breakthrough year for Ford, I would simply portray it as a year of important progress for the company. We strengthened our base business last year and now expect to deliver even stronger results this year. And just as critical, we started moving with real speed and ambition to build a modern Ford.

謝謝，林恩。大家好。雖然有些人可能將 2021 年描述為福特的突破年，但我只想將其描述為公司取得重要進展的一年。我們去年加強了基礎業務，現在預計今年將取得更強勁的業績。同樣重要的是，我們開始以真正的速度和雄心壯志打造現代福特。

Our true breakthroughs are still ahead of us, like rapidly scaling production of our popular new battery electric vehicles, like turning Ford Pro into a growth engine for our commercial customers' businesses and ours, like building our intelligent software platform to revolutionize our customers' experience.

我們真正的突破仍在前方，例如迅速擴大我們廣受歡迎的新型電池電動汽車的生產規模，例如將福特 Pro 轉變為我們和我們商業客戶業務的增長引擎，例如構建我們的智能軟件平台以徹底改變我們的客戶體驗.

Even with the recent momentum, I know some observers may remain skeptical that a 118-year-old company like Ford will emerge as a winner in these disruptive times in our industry. And I'm okay with that. We're going to compete like a challenger, speak with our actions, prove ourselves over time.

即使以最近的勢頭，我知道一些觀察家可能仍然懷疑像福特這樣擁有 118 年曆史的公司會在我們行業的這些顛覆性時代成為贏家。我對此沒意見。我們將像挑戰者一樣競爭，用我們的行動說話，隨著時間的推移證明自己。

So let's dive into last year. As I mentioned, we have significantly improved our base business. In North America, our largest market, we have a very hot portfolio of new vehicles. We've now won awards of North America Truck and [the] Utility of the Year for 2 years running. That's never happened by any company. The new Bronco, the Bronco Sport, the Maverick, the Mustang Mach-E, all of them brand-new nameplates for our lineup, all of them hits. Last month, we launched E-Transit. In the spring, we're in the middle of launching the F-150 Lightning.

所以讓我們深入到去年。正如我所提到的，我們已經顯著改善了我們的基礎業務。在我們最大的市場北美，我們擁有非常熱門的新車組合。我們現在連續 2 年獲得北美卡車和 [the] Utility of the Year 的獎項。這是任何公司都沒有發生過的。新的 Bronco、Bronco Sport、Maverick、Mustang Mach-E，所有這些都是我們陣容的全新銘牌，都是熱門產品。上個月，我們推出了 E-Transit。在春天，我們正在發射 F-150 閃電。

Few people ask us any more about why we phased out sedans, but many more are asking when they could take delivery of the new Bronco or Maverick or Lightning. So we're doing everything we can in our powers to increase our production and break constraints. We don't like making our customers wait, and we're taking action to ensure that they don't pay unreasonable markups.

很少有人再問我們為什麼要淘汰轎車，但更多人在問他們什麼時候可以接收新的 Bronco、Maverick 或 Lightning。因此，我們正在竭盡全力增加產量並打破限制。我們不喜歡讓我們的客戶等待，我們正在採取行動確保他們不會支付不合理的加價。

We've also made progress outside of North America, and this is very important. Ford has been a one-legged stool for too long. We stayed in Europe and South America and other regions because we really believe we can create sustainably strong businesses in those markets. And we want to serve these customers with better, more connected and electric products and services.

我們在北美以外也取得了進展，這非常重要。福特一直是單腿凳太久了。我們留在歐洲、南美和其他地區，因為我們真的相信我們可以在這些市場創造可持續發展的強大業務。我們希望為這些客戶提供更好、更互聯的電動產品和服務。

The deep restructuring in Europe and South America have put us in a position to grow profitability going forward. In China, we're now set up to play a much bigger role in the EV boom going on there. We've quietly grown Lincoln into a strong contender in the world's largest luxury vehicle market. In fact, China is now the #1 Lincoln market globally. Our international markets group is profitable, and we're now preparing for the important launch of our next-generation Ranger pickup this year.

歐洲和南美的深度重組使我們能夠在未來提高盈利能力。在中國，我們現在準備在那裡的電動汽車熱潮中發揮更大的作用。我們已經悄悄地將林肯發展成為全球最大豪華車市場的有力競爭者。事實上，中國現在是全球排名第一的林肯市場。我們的國際市場集團正在盈利，我們現在正在為今年重要推出的下一代 Ranger 皮卡做準備。

While we remain in the teeth of the COVID crisis and semiconductor shortages, our overall business is still in great shape. And at the same time, we're rapidly making progress on key aspects of the Ford+ plan. And for customers, that means more distinctive products and solutions, more always-on relationships with our brands and adding ever-improving user experiences.

儘管我們仍處於 COVID 危機和半導體短缺的困境中，但我們的整體業務仍處於良好狀態。與此同時，我們正在福特+計劃的關鍵方面迅速取得進展。而對於客戶而言，這意味著更獨特的產品和解決方案，與我們的品牌建立更多永遠在線的關係，並增加不斷改進的用戶體驗。

Now to deliver these things, we're building new muscles, and that certainly includes scaling up our production of electric vehicles, as I mentioned. We undercalled the demand for our first wave of EVs. The Mustang Mach-E, the E-Transit, the F-150 Lightning. In the past 6 months, we doubled our 2023 planned capacity for EVs to 600,000 units a year.

現在要交付這些東西，我們正在打造新的肌肉，這當然包括擴大我們的電動汽車生產，正如我所提到的。我們低估了對第一波電動汽車的需求。 Mustang Mach-E、E-Transit、F-150 Lightning。在過去的 6 個月中，我們將 2023 年的電動汽車計劃產能翻了一番，達到每年 600,000 輛。

Now this required everything, from working with SK and LG to increase battery supplies, to knocking down walls at our Rouge Electric Vehicle Center, while the mortar was still wet to make room to improve and build more Lightnings. Our team knows how to scale manufacturing, and we're now harnessing that capability to ramp up production of EVs.

現在，這需要一切，從與 SK 和 LG 合作增加電池供應，到推倒我們 Rouge 電動汽車中心的牆壁，而砂漿仍然是濕的，以便騰出空間來改進和建造更多閃電。我們的團隊知道如何擴大製造規模，我們現在正在利用這種能力來提高電動汽車的產量。

We also have a task force dedicated to lowering the bill of materials for our BEVs, above and beyond just the usual decline in material costs. For example, on Mustang Mach-E, in just the last month our team found $1,000 of opportunity per vehicle. And that's delivered through design simplification, vertical integration and leveraging our scale with supply chain as we ramp up production. And that team is just getting started.

我們還有一個工作組致力於降低我們的 BEV 的材料清單，而不僅僅是材料成本的通常下降。例如，在 Mustang Mach-E 上，僅在上個月，我們的團隊就發現每輛車 1,000 美元的機會。這是通過設計簡化、垂直整合以及在我們提高產量時利用我們的供應鏈規模來實現的。而那個團隊才剛剛開始。

We plan to take full advantage of our first-mover position in the fully electric pickup truck market, starting with Lightning. But there's much more to come. In the coming months, we'll break ground on the BlueOval City electric truck plant in Tennessee. It will be the largest, the most advanced manufacturing complex in our history, and it will produce Ford's second generation of a full-sized electric pickup in high volumes starting in 2025. And at the same time, we have 3 large-scale battery plants in Tennessee and Kentucky, which will be coming on stream with capacity to produce enough battery cells for more than 1 million vehicles a year. This is in addition to our battery sourcing in China and Europe.

我們計劃從 Lightning 開始，充分利用我們在全電動皮卡車市場的先發優勢。但還有更多。在接下來的幾個月裡，我們將在田納西州的 BlueOval City 電動卡車工廠破土動工。這將是我們歷史上最大、最先進的製造綜合體，將從 2025 年開始大批量生產福特第二代全尺寸電動皮卡。同時，我們擁有 3 個大型電池工廠在田納西州和肯塔基州，該工廠將投產，每年可生產超過 100 萬輛汽車的電池。這是我們在中國和歐洲採購電池的補充。

We are well on our way to achieve at least a 40% mix of BEVs by 2030, with strong margins and equal to our higher market share in the key high-profit, high-volume segments we compete. For example, the F-150 Lightning, if we had full production today to meet our current demand, we would rival the Model Y as the leading BEV nameplate in the U.S. market.

到 2030 年，我們正在努力實現至少 40% 的 BEV 組合，利潤率很高，並且在我們競爭的關鍵高利潤、大容量細分市場中擁有更高的市場份額。例如，F-150 Lightning，如果我們今天滿負荷生產以滿足我們當前的需求，我們將與 Model Y 競爭，成為美國市場上領先的 BEV 銘牌。

We can't grow a profitable BEV business without a very healthy ICE business. And to do this, we're reducing complexity everywhere while increasing leveraging the benefits of our connectivity. Now this includes things like fewer top hats guided by customer demand, and a judicious approach to vehicle content based on deep insights generated from that same vehicle data. We're also being disciplined with capital as we deploy that to our ICE products, recognizing that as the mix of BEVs increases we will continue to manufacture ICE vehicles, but with a focus on optimizing cash returns. So our goal is to continue to improve our automotive EBIT margins. Let me say that again. Our goal is to continue to improve our auto EBIT margins even as we ramp up the mix of BEVs.

如果沒有非常健康的 ICE 業務，我們就無法發展盈利的 BEV 業務。為了做到這一點，我們正在降低各地的複雜性，同時增加利用我們連接的好處。現在，這包括諸如以客戶需求為導向的更少的禮帽，以及基於從相同車輛數據產生的深入洞察力的車輛內容的明智方法。在將資本部署到我們的 ICE 產品時，我們也受到資本的約束，認識到隨著 BEV 組合的增加，我們將繼續製造 ICE 車輛，但重點是優化現金回報。因此，我們的目標是繼續提高我們的汽車 EBIT 利潤率。讓我再說一遍。我們的目標是繼續提高我們的汽車 EBIT 利潤率，即使我們增加了 BEV 的組合。

In 2021, we began to bring our vision of an always-on experience for retail and commercial customers to life. Our customers are realizing the benefits of our over-the-air software updates. But that's just the beginning.

2021 年，我們開始將我們為零售和商業客戶提供始終在線體驗的願景變為現實。我們的客戶正在意識到我們無線軟件更新的好處。但這僅僅是開始。

We're using our hubs in places like Palo Alto to attract more and more great software engineers and technology specialists. And we're fundamentally changing the culture of engineering inside Ford. The hardware will always be important, but the software and the embedded systems will define the next generation of our vehicles' experiences.

我們在帕洛阿爾託等地使用我們的中心來吸引越來越多的優秀軟件工程師和技術專家。我們正在從根本上改變福特內部的工程文化。硬件總是很重要，但軟件和嵌入式系統將定義我們下一代車輛的體驗。

I think customers will be amazed at the benefits as we move to central compute rather than the distributed compute we have across all the supplier-provided modules today. Our human-centered interface professionals are now in one single organization, with authority over the in-car digital experiences, interfaces, screens and controls. And we're committed to providing an environment where software engineers can do the very best work of their careers.

我認為當我們轉向中央計算而不是我們今天在所有供應商提供的模塊中擁有的分佈式計算時，客戶將會對這些好處感到驚訝。我們以人為本的界面專業人員現在在一個組織中，對車載數字體驗、界面、屏幕和控件擁有權威。我們致力於提供一個環境，讓軟件工程師可以在他們的職業生涯中發揮出最好的水平。

Before I turn it over to John, let me close: the velocity of change at Ford is increasing. We're not seeking half measures. Fear of change and risk has never served legacy automakers well in the past couple of decades. We're done with incremental change. We have a clear plan, a bias fraction (sic) [fraction bias] and whatever-it-takes mindset. We're confident our strong base business will generate the capital we need to fund a very exciting future.

在我把它交給約翰之前，讓我結束：福特的變化速度正在加快。我們不是在尋求一半的措施。在過去的幾十年裡，對變化和風險的恐懼從未讓傳統汽車製造商受益。我們已經完成了增量更改。我們有一個明確的計劃，一個偏差分數（原文如此）[分數偏差]和不惜一切代價的心態。我們相信，我們強大的基礎業務將產生我們需要的資金，為一個非常令人興奮的未來提供資金。

We're recruiting incredible talent from outside the company to work with the best people from Ford. As excited as our customers are for that great portfolio we have in the market today, we can't wait to show them what's coming in the future.

我們正在從公司外部招聘令人難以置信的人才，與福特最優秀的人一起工作。儘管我們的客戶對我們今天在市場上擁有的出色產品組合感到興奮，但我們迫不及待地向他們展示未來會發生什麼。

Now I'll turn it over to John, who will take you through the results for the quarter and our expectations for this year.

現在我將把它交給約翰，他將帶你了解本季度的結果和我們對今年的預期。

Thank you, Jim. In the face of ongoing challenges with semiconductor constraints and industry-wide supply chain disruptions, we executed our Ford+ plan, including closing out our global redesign, strengthening our product portfolio and investing in exciting new opportunities fundamental to growth and value creation.

謝謝你，吉姆。面對半導體限制和全行業供應鏈中斷帶來的持續挑戰，我們執行了 Ford+ 計劃，包括結束我們的全球重新設計、加強我們的產品組合以及投資於對增長和價值創造至關重要的令人興奮的新機會。

For the year, we posted a $10 billion in adjusted EBIT with a margin of 7.3%. That's our strongest performance since 2016. We delivered right at the midpoint of our guidance range, adjusting for the reclass of our first quarter Rivian gain to a special item. And despite a 6% decline in wholesales, our automotive business posted its strongest EBIT margin since 2016. North America delivered an 8.4% EBIT margin and is firmly on the glide path to a 10% EBIT margin. In addition, our operations outside the U.S. collectively posted their best results since 2017.

今年，我們公佈了 100 億美元的調整後息稅前利潤，利潤率為 7.3%。這是我們自 2016 年以來最強勁的表現。我們在指導範圍的中點交付，調整了我們第一季度 Rivian 收益的重新分類為特殊項目。儘管批發業務下降了 6%，但我們的汽車業務實現了自 2016 年以來最強勁的息稅前利潤率。北美實現了 8.4% 的息稅前利潤率，並且正穩步向 10% 的息稅前利潤率下滑。此外，我們在美國以外的業務共同發布了自 2017 年以來的最佳業績。

I'm very proud of the team's hard work, their resiliency last year as we rose to the challenge and optimized constrained production to protect customer orders, new launches, our electrification strategy and our most profitable vehicles. We also remain highly disciplined with our incentive spend and mix management which, combined with improvement in warranty costs, more than offset commodity headwinds and supply chain-related production losses.

我為團隊的辛勤工作和去年的彈性感到非常自豪，因為我們迎接挑戰並優化受限生產以保護客戶訂單、新產品發布、我們的電氣化戰略和我們最賺錢的車輛。我們還對我們的激勵支出和組合管理保持高度紀律，再加上保修成本的改善，足以抵消商品逆風和與供應鏈相關的生產損失。

Ford Credit, whose profits and dividends are an important source of capital for us, delivered a strong year. EBT was $4.7 billion as auction values were at record highs and credit losses were near record lows.

福特信貸的利潤和股息是我們重要的資本來源，今年表現強勁。 EBT 為 47 億美元，因為拍賣價值創歷史新高，信貸損失接近歷史低點。

Free cash flow was $4.6 billion, and we ended the year with strong cash and liquidity, more than $36 billion and $52 billion, respectively, which now includes our stake in Rivian valued at $10.6 billion at the end of the year.

自由現金流為 46 億美元，我們以強勁的現金和流動性結束了這一年，分別超過 360 億美元和 520 億美元，其中包括我們在年底價值 106 億美元的 Rivian 股份。

In 2021, we continued to advance our capital strategy given the improvements we're seeing in the underlying business. We reinstated the regular dividend at $0.10 per share in the fourth quarter as we continue to focus on creating value for our shareholders. We also further strengthened our balance sheet by repurchasing $7.6 billion of high-cost debt, deleveraging the balance sheet and significantly reducing our ongoing interest expense. We introduced the industry's first fully integrated sustainable financing framework, covering both an auto OEM and its captive finance company. And in November, following the launch of the framework, we completed our inaugural $2.5 billion green bond issuance, which was met with incredible investor demand and will help fund our exciting BEV portfolio. Our strong balance sheet, including cash, provides a solid foundation to continue to invest in our Ford+ priorities.

鑑於我們在基礎業務中看到的改善，我們在 2021 年繼續推進我們的資本戰略。由於我們繼續專注於為股東創造價值，我們在第四季度恢復了每股 0.10 美元的定期股息。我們還通過回購 76 億美元的高成本債務、去槓桿化資產負債表並顯著降低我們的持續利息支出，進一步加強了我們的資產負債表。我們推出了業內首個完全整合的可持續融資框架，涵蓋汽車 OEM 及其專屬金融公司。 11 月，隨著該框架的推出，我們完成了首筆 25 億美元的綠色債券發行，滿足了令人難以置信的投資者需求，並將有助於為我們令人興奮的 BEV 投資組合提供資金。我們強大的資產負債表（包括現金）為繼續投資於我們的 Ford+ 優先事項提供了堅實的基礎。

So let me briefly touch on the fourth quarter. With a margin of 5.4%, adjusted EBIT was $2 billion, and we generated $2.3 billion in free cash flow. Some modeled stronger EBIT for us in this quarter. We know that was largely driven by higher volume expectations relative to the 10% sequential increase we guided to in October and lower corporate other expenses.

因此，讓我簡要介紹一下第四季度。利潤率為 5.4%，調整後息稅前利潤為 20 億美元，我們產生了 23 億美元的自由現金流。有些人在本季度為我們模擬了更強的息稅前利潤。我們知道，這在很大程度上是由於相對於我們在 10 月份指導的 10% 連續增長的更高銷量預期以及較低的企業其他費用。

North America delivered $1.8 billion of profit with a margin of 7.1%. Volume was up 10% on a sequential basis as supply chain constraints eased and [custed] demand for our products remained strong. South America delivered a modest profit for the second consecutive quarter, and the business is now set up to deliver sustainable profitability. With restructuring of the legacy business complete, the region is now focused on strengthening Ford's position in the truck market, growing its new commercial vehicle business and enriching customer experiences. In Europe, the underlying trajectory of our business continues to accelerate towards a 6% EBIT margin. However, the adverse effect of near-term supply chain disruption continues to mask that improvement. Importantly, we were the #1 commercial vehicle brand in Europe for the seventh consecutive year, and transit continues to have an extremely healthy order bank. Mustang Mach-E sales in the region are off to a strong start, with the order bank building momentum as we accelerate the transition to BEV.

北美地區實現了 18 億美元的利潤，利潤率為 7.1%。隨著供應鏈限制的緩解和對我們產品的 [custed] 需求保持強勁，銷量環比增長 10%。南美洲連續第二個季度實現了適度的利潤，該業務現已建立以提供可持續的盈利能力。隨著傳統業務重組的完成，該地區現在專注於加強福特在卡車市場的地位，發展其新的商用車業務並豐富客戶體驗。在歐洲，我們業務的基本軌跡繼續加速達到 6% 的息稅前利潤率。然而，近期供應鏈中斷的不利影響繼續掩蓋了這種改善。重要的是，我們連續第七年成為歐洲排名第一的商用車品牌，而全運繼續擁有極其健康的訂單庫。 Mustang Mach-E 在該地區的銷售開局強勁，隨著我們加速向 BEV 的過渡，訂單庫建設勢頭強勁。

In China, Lincoln continues to be a real bright spot and gain share in the highly profitable and growing premium segment. In the fourth quarter, we achieved record sales of the brand in China, contributing to an almost 50% increase for the year. We are expanding the Lincoln portfolio in 2022 with the launch of the all-new Zephyr. The order bank for that vehicle opened recently and is off to a fast start.

在中國，林肯繼續成為一個真正的亮點，並在高利潤和不斷增長的高端市場中獲得份額。第四季度，該品牌在中國的銷售額創下歷史新高，全年增長近 50%。隨著全新 Zephyr 的推出，我們將在 2022 年擴大林肯的產品組合。該車輛的訂單銀行最近開業，並且正在快速啟動。

In the fourth quarter, we also achieved an important electrification milestone in China as we began local production and customer deliveries of the Mustang Mach-E. Our direct-to-customer model for Mach-E allows people to order online and through 25 Ford Select city stores.

第四季度，我們在中國也實現了一個重要的電氣化里程碑，我們開始在當地生產野馬 Mach-E 並向客戶交付。我們的 Mach-E 直接面向客戶的模式允許人們通過 25 家福特精選城市商店在線訂購。

Our international markets group performed well in the fourth quarter and had a record year playing to its strengths, especially from our flagship Ranger pickup, which delivered full year segment share of 14.9%, up 1.1 percentage points year-over-year. We also announced major investments in both South Africa and Thailand to modernize production and launch the next-generation Ranger from 4 assembly plants later this year.

我們的國際市場集團在第四季度表現良好，並且發揮了創紀錄的優勢，尤其是我們的旗艦 Ranger 皮卡，全年細分市場份額為 14.9%，同比增長 1.1 個百分點。我們還宣佈在南非和泰國進行重大投資，以實現生產現代化，並在今年晚些時候從 4 家裝配廠推出下一代 Ranger。

And in mobility, we've made steady progress towards the scaled commercialization of moving people and moving goods, and we are confident in Argo's progress in delivering a Level 4 autonomous vehicle solution. And in addition, we are rationalizing our investment portfolio and focusing on autonomous development.

在移動性方面，我們在移動人員和移動貨物的規模商業化方面取得了穩步進展，我們對 Argo 在提供 4 級自動駕駛汽車解決方案方面取得的進展充滿信心。此外，我們正在合理化我們的投資組合併專注於自主發展。

Now I'll share with you our current thinking about 2022. We expect supply constraints to remain fluid throughout the year, reflecting a variety of factors including semiconductors and COVID. Based on what we see now, we believe our full year wholesales will be up about 10% to 15% in 2022, with a high single to low digit decline in the first quarter, reflecting supplier shortages related to Omicron shutdowns and semiconductors.

現在，我將與您分享我們目前對 2022 年的看法。我們預計供應限制將在全年保持流動，這反映了包括半導體和 COVID 在內的多種因素。根據我們現在看到的情況，我們認為我們的全年批發量將在 2022 年增長約 10% 至 15%，第一季度將出現高個位數至低位數的下降，這反映了與 Omicron 停產和半導體相關的供應商短缺。

For the full year, we expect to earn between $11.5 billion and $12.5 billion in adjusted EBIT, and that's up 15% to 25% versus 2021. And the high end of the range equates to an adjusted company EBIT margin of 8% and our North America business at 10% EBIT margin which, if we achieve, would be 1 year earlier than the target we shared with you last May.

全年，我們預計調整後息稅前利潤將在 115 億美元至 125 億美元之間，與 2021 年相比增長 15% 至 25%。該範圍的高端相當於調整後的公司息稅前利潤率為 8%，而我們的北美國業務的息稅前利潤率為 10%，如果我們實現這一目標，將比我們去年 5 月與您分享的目標提前 1 年。

Now turning to GAAP results for a minute. It's important to point out that each quarter, we will mark to market our investment in Rivian, which sits in cash and marketable securities on our balance sheet. This is not something we can forecast. The mark to market may cause volatility in our quarterly GAAP, net income and EPS results.

現在轉向 GAAP 結果一分鐘。重要的是要指出，每個季度，我們都會對我們在 Rivian 的投資進行標記，該投資在我們的資產負債表上以現金和有價證券的形式出現。這不是我們可以預測的。按市值計價可能會導致我們的季度 GAAP、淨收入和每股收益結果出現波動。

So looking at how our adjusted EBIT guidance rolls up. Our range assumes significantly higher profits in North America and collective profitability outside of North America as we realize the full benefits of our global redesign efforts. We also expect Ford Credit EBT to be strong, but lower than 21 -- 2021 profits, and we expect mobility and Corporate Other EBIT to be roughly flat. Lastly, we expect to generate adjusted free cash flow of between $5.5 billion and $6.5 billion.

因此，看看我們調整後的 EBIT 指導是如何匯總的。我們的產品系列假設在北美地區的利潤顯著提高，在北美以外的地區實現集體盈利，因為我們意識到我們全球重新設計工作的全部好處。我們還預計福特信貸 EBT 將強勁，但低於 21 - 2021 年的利潤，我們預計移動性和企業其他 EBIT 將大致持平。最後，我們預計將產生 55 億至 65 億美元的調整後自由現金流。

Now other assumptions we factored into our guidance include: first, we expect customer demand enthusiasm to remain strong for our new and iconic nameplates. We will have a full year of production of the award-winning Bronco and Maverick in addition to a robust BEV lineup, with Mustang Mach-E, E-Transit and F-150 Lightning all in production. Second, with wholesales up about 10% to 15%, we anticipate the pricing environment to remain strong, although the interplay between volume and pricing will remain dynamic. Third, we expect commodity headwinds of about $1.5 billion to $2 billion. Fourth, we anticipate other inflationary pressures which will impact a broad range of costs. And fifth, at Ford Credit, we expect auction values to remain strong in 2022 as supply constraints persist. However, as I mentioned, we anticipate lower EBT reflecting primarily nonrecurrence of reserve releases, fewer returned off-lease vehicles and more normalized credit losses.

現在，我們在指導中考慮的其他假設包括：首先，我們預計客戶對我們新的標誌性銘牌的需求熱情將保持強勁。除了強大的 BEV 產品陣容外，我們還將全年生產屢獲殊榮的 Bronco 和 Maverick，Mustang Mach-E、E-Transit 和 F-150 Lightning 均已投入生產。其次，隨著批發量增長約 10% 至 15%，我們預計定價環境將保持強勁，儘管數量和定價之間的相互作用將保持動態。第三，我們預計商品逆風約為 15 億至 20 億美元。第四，我們預計其他通脹壓力將影響廣泛的成本。第五，在福特信貸，由於供應限制持續存在，我們預計 2022 年拍賣價值將保持強勁。然而，正如我所提到的，我們預計 EBT 較低主要反映了儲備金釋放的非經常性、退租車輛的減少以及更多的標準化信貸損失。

Most importantly, we're committed to our Ford+ plan, and we'll continue to invest aggressively to drive growth and value creation. This includes devoting resources to customer-facing technology, connectivity, our always-on relationships with customers, and electrification. We are confident the long-term payback from those investments will be substantial.

最重要的是，我們致力於我們的 Ford+ 計劃，我們將繼續積極投資以推動增長和價值創造。這包括將資源投入到面向客戶的技術、連接性、我們與客戶的始終如一的關係以及電氣化方面。我們相信，這些投資的長期回報將是可觀的。

So that wraps up our prepared remarks. We'll use the balance of the time to hear and address what's on your mind. Thank you. Operator, please open the line for questions.

這樣就結束了我們準備好的評論。我們將利用剩餘的時間來傾聽和解決您的想法。謝謝你。接線員，請打開電話提問。

(Operator Instructions) And our first question is going to come from the line of John Murphy with Bank of America.

（操作員說明）我們的第一個問題將來自美國銀行的 John Murphy。

Just a first question. Jim, there's been a lot of speculation that you might consider spinning a portion of the future car business, whether it be EV or AV with Argo. But there's also the backside of that, that might make more sense to spin some of your legacy ICE assets and have the entire company become a more pure-play EV/AV company in totality. So I mean how do you think about this? And what would be your motivations either way? And how you -- I mean how are you strategizing this?

只是第一個問題。吉姆，有很多猜測說你可能會考慮分拆未來汽車業務的一部分，無論是 EV 還是 Argo 的 AV。但也有其背後的原因，那就是剝離一些遺留的 ICE 資產並讓整個公司成為一家更純粹的 EV/AV 公司可能更有意義。所以我的意思是你怎麼看這個？無論哪種方式，您的動機是什麼？你如何——我的意思是你是如何制定戰略的？

Thanks, John. Yes, I don't want to speculate on rumors or speculate on the speculation in the press. But I will go back to something we said and I've said over and over again which is, running a successful ICE business and a successful BEV business are not the same. The customers are different. We think the go-to-market is going to have to be different. The product development process and the kinds of products we develop are different. The procurement supply chain are all different. The talent is different. The level of in-sourcing is different. And actually, the rhythm of the business is different -- fundamentally different. So I'm not going to talk about speculation in the press, but I will tell you that the way we're operating the businesses acknowledges those differences. And I'm really excited about the company's commitment to operate the businesses as they should be.

謝謝，約翰。是的，我不想猜測謠言或猜測媒體的猜測。但我會回到我們說過的事情，我已經一遍又一遍地說過，經營一個成功的 ICE 業務和一個成功的 BEV 業務是不一樣的。客戶不一樣。我們認為進入市場的方式必須有所不同。產品開發過程和我們開發的產品種類不同。採購供應鏈各不相同。天賦不一樣。內購的水平是不同的。實際上，業務的節奏是不同的——根本不同。所以我不打算談論媒體的猜測，但我會告訴你，我們經營業務的方式承認這些差異。我對公司承諾按照應有的方式運營業務感到非常興奮。

Our next question will come from the line of Rod Lache with Wolfe Research.

我們的下一個問題將來自 Wolfe Research 的 Rod Lache。

I wanted to ask you a little bit about margins. As John said, it looks like you guys will hit 8% if you hit the high end of your target range. And Jim, you said that you're targeting improving margins from here. So maybe you can give us a little bit more color on that, how we should think about it? I'm not sure that 8% is the benchmark anymore, just given how many years ago that's been and how many changes there are to the business. You're ramping up a lot of spending on engineering and standing up in EV infrastructure, but you're also going to grow the Ford Pro business. So maybe you can just give us some of the puts and takes, how to think about it? And as part of it, if you might just give us a data point on where Ford Pro stood in 2021.

我想問你一點關於利潤的問題。正如約翰所說，如果你達到目標範圍的高端，看起來你們會達到 8%。吉姆，你說你的目標是從這裡提高利潤率。所以也許你可以給我們更多的色彩，我們應該怎麼想？我不確定 8% 是否已經成為基準，只是考慮到多少年前的情況以及業務發生了多少變化。您將在工程和電動汽車基礎設施方面增加大量支出，但您也將發展福特 Pro 業務。所以也許你可以給我們一些看跌期權，怎麼想？作為其中的一部分，如果你能給我們一個關於福特 Pro 在 2021 年所處位置的數據點。

Yes. Rod, it's John. So I guess I would say that, as Jim just said, that we're looking at the ICE business and the BEV business, and we're managing both differently. When you look at the ICE transition, I think there are still a lot of opportunities for us to improve that business. We're very focused on reducing our structural costs. We've done a lot already, but there's a lot more that we think we can do there. We're looking at operating with much lower stock levels as our business continues to develop. So we'll operate at leaner inventories than we have in the past, which will help our top line, and continue to strengthen that top line. We're improving our quality, which is important. We saw that come through this year, from a year-over-year warranty standpoint was down roughly $1.4 billion. And we want to be at the top in quality in every segment, and that's going to have opportunity for the business.

是的。羅德，是約翰。所以我想我會說，正如吉姆剛才所說，我們正在關注 ICE 業務和 BEV 業務，我們對兩者的管理方式不同。當您查看 ICE 過渡時，我認為我們仍有很多機會來改善該業務。我們非常專注於降低結構成本。我們已經做了很多，但我們認為我們可以做的還有很多。隨著我們業務的不斷發展，我們正在考慮以低得多的庫存水平運營。因此，我們將以比過去更精簡的庫存運營，這將有助於我們的收入，並繼續加強該收入。我們正在提高我們的質量，這很重要。我們看到今年實現了這一點，從同比保修的角度來看，它減少了大約 14 億美元。我們希望在每個領域都處於質量領先地位，這將為業務帶來機會。

We're also working to revitalize our business through our digital capabilities, leveraging what we have from the connected vehicle to improve warranty even further, as well as improve what we're doing from a manufacturing standpoint and leverage that technology to bring those types of cost down. There's opportunities in maximizing our parts business, and we're going to lower our distribution costs. There's opportunity there. So we see that over time, as we manage the ICE business, there's opportunity to improve margins even further from there.

我們還致力於通過我們的數字能力重振我們的業務，利用我們從聯網車輛中獲得的東西來進一步改善保修，並從製造的角度改進我們正在做的事情，並利用該技術帶來這些類型的成本降低。有機會最大化我們的零件業務，我們將降低我們的分銷成本。那裡有機會。所以我們看到，隨著時間的推移，當我們管理 ICE 業務時，有機會進一步提高利潤率。

And then when you talk about BEVs, so as we've talked about in past calls, our BEV margins are not where we intend them to be. We have opportunity, but we need to do that through scaling them, right? We're not going to chase top hats. We're going to look at scale. We're going to want to have a strong lineup where we can lean into it with key vehicles in high-volume segments like we are today with Mustang Mach-E, the Lightning, and in our commercial vehicles with the Transit. We're going to reduce complexity, right?

然後當你談論 BEV 時，正如我們在過去的電話會議中談到的那樣，我們的 BEV 利潤率並不是我們想要的。我們有機會，但我們需要通過擴展它們來做到這一點，對嗎？我們不會追逐大禮帽。我們要看規模。我們將希望擁有一個強大的陣容，我們可以在大容量細分市場中使用關鍵車輛，例如我們今天的 Mustang Mach-E、Lightning，以及我們的商用車 Transit。我們要降低複雜性，對吧？

We know that one of the things that we need to do on our vehicles, and we saw that, as Jim talked about, with the team finding $1,000 a unit on Mach-E, and they just got started, is that we need to approach the design of these vehicles differently. And that's what's really important about having the first-mover advantage there. We're on the road with these. We're in production with these. We understand what we need to do in that second generation, and we're off doing that right now, improving what we have on the road today and really bringing that knowledge into our second-generation design.

我們知道我們需要在車輛上做的一件事，正如 Jim 所說，我們看到，團隊在 Mach-E 上找到 1,000 美元的單位，他們剛剛開始，是我們需要接近這些車輛的設計不同。這就是在那裡擁有先發優勢的真正重要之處。我們正在努力解決這些問題。我們正在生產這些。我們了解在第二代中我們需要做什麼，我們現在就開始這樣做，改進我們今天在路上的東西，並將這些知識真正融入我們的第二代設計中。

And then as I said earlier, on the ICE business we're going to leverage the compute on the vehicles to really lower our manufacturing costs and leverage that compute to simplify what we do coming down the line, and bring that down to the bottom line of the vehicle and then distribution. We all know the difference in the distribution cost for the legacy system that's out there versus what we see with other manufacturers. So that's an opportunity for us to work with our partners to improve that. So on both of those, we see opportunities. And then as you said, Rod, there's opportunities to grow our business and lean into our leading position in commercial vehicles with Ford Pro. And we're looking to grow that business to a $45 billion in revenues by 2025.

然後正如我之前所說，在 ICE 業務上，我們將利用車輛上的計算來真正降低我們的製造成本，並利用該計算來簡化我們接下來要做的事情，並將其降低到底線車輛，然後分配。我們都知道現有遺留系統的分銷成本與我們在其他製造商處看到的不同。因此，這是我們與合作夥伴合作改進這一點的機會。所以在這兩個方面，我們都看到了機會。然後，正如您所說，羅德，我們有機會發展我們的業務，並通過福特 Pro 鞏固我們在商用車領域的領先地位。我們希望到 2025 年將該業務的收入增長到 450 億美元。

And so I think there's opportunities across both of our key segments and with Ford Pro to improve the business as we move forward beyond the 8%. And now we need to stay extremely focused and relentless on that execution.

因此，我認為隨著我們超過 8% 的發展，我們的兩個關鍵領域以及福特 Pro 都有機會改善業務。現在我們需要在執行上保持高度專注和堅持不懈。

And our next question is going to come from the line of Sam (sic) [Dan] Levy with Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Sam (sic) [Dan] Levy。

Dan Levy with Credit Suisse. I'd like to ask about your JV with GlobalFoundries and just broadly about what you're trying to do with electronic components and sort of the notion of simplification, which you've talked more about. So we've heard that with GlobalFoundries, I think Hau Thai-Tang mentioned you'd like to control more of the sub-sourcing to suppliers. You'd like to dictate more of the design of some of the electronic products that in the past have been handled by the suppliers. Maybe you could help us unpack this. How significant of a change is this in your operating model, where you frankly focused on just the core vehicle itself and outsourcing where you can? How achievable is this, especially given you're concurrently undergoing this transition to EV? And broadly, how should we think of the financial implications given you're going from what's been more of a just-in-time approach on inventory and components to now more of a just in case, and deeper in the supply chain?

瑞士信貸的丹·利維。我想問一下您與 GlobalFoundries 的合資企業，以及您在電子元件方面嘗試做的事情以及您已經談到的簡化概念。所以我們聽說格羅方德，我認為 Hau Thai-Tang 提到您希望控制更多的供應商分包。您想對過去由供應商處理的一些電子產品的設計做出更多規定。也許你可以幫我們解開這個。這對您的運營模式有多大的改變，坦率地說，您只專注於核心車輛本身並儘可能外包？這有多可行，特別是考慮到您同時正在向電動汽車過渡？從廣義上講，我們應該如何考慮財務影響，因為您正在從更多的庫存和組件即時方法轉變為現在更多的以防萬一，更深入的供應鏈？

Thank you for your question. Perhaps the biggest gift for all the pain we're going through now in semiconductors is that we have very painfully learned the lesson that we cannot manage the supply chain for these key components as we have. In fact, you could argue that in the change of transition to these digital electric vehicles, that supply chain could be one of the biggest advantages a particular company has or doesn't have.

謝謝你的問題。對於我們現在在半導體領域所經歷的所有痛苦，最大的禮物也許是我們非常痛苦地吸取了教訓，即我們無法像現在這樣管理這些關鍵組件的供應鏈。事實上，你可以爭辯說，在向這些數字電動汽車過渡的過程中，供應鏈可能是特定公司擁有或不擁有的最大優勢之一。

The way we look at it is, the key electric components: memory chips, semiconductors. I would break semiconductors into 2 types. I'll come back with GlobalFoundries in a second. Feature-rich chips that we still use a lot. A window regulator doesn't need to have a 4-nanometer chip. And the advance -- but we also have sensors, power electronics for our inverters, the batteries themselves all the way back to the mine. The inverter's a different battery chemistries itself have different raw materials and kind of ecosystems that support them. So this is a very important topic for the company.

我們看待它的方式是關鍵電子元件：存儲芯片、半導體。我會將半導體分為兩種類型。稍後我將與 GlobalFoundries 一起回來。我們仍然經常使用的功能豐富的芯片。車窗調節器不需要 4 納米芯片。還有進步——但我們也有傳感器，我們的逆變器的電力電子設備，電池本身一直回到礦井。逆變器的不同電池化學成分本身俱有不同的原材料和支持它們的生態系統。所以這對公司來說是一個非常重要的話題。

How different it is? It's really different. We need different talent at the company. We need physical inspection of the actual producers. We need direct contracts with them. We need to design the SoC ourselves. We need to direct in the case -- in some cases, to even direct prefer build to print or actually use supplier XYZ to get out of where we've been. And this takes talent. It takes a different approach. It takes more resources.

它有多大不同？真的很不一樣。我們公司需要不同的人才。我們需要對實際生產者進行物理檢查。我們需要與他們直接簽訂合同。我們需要自己設計 SoC。我們需要指導這個案例——在某些情況下，甚至指導更喜歡建造而不是打印或實際使用供應商 XYZ 來擺脫我們曾經去過的地方。而這需要天賦。它採用不同的方法。它需要更多的資源。

On GlobalFoundries, it's kind of the first big bet, but there'll be many, many more coming for us. We're very dependent on TSMC for our feature-rich nodes. Obviously, the capacity is at risk over time as the industry moves to more advanced nodes, including us. And as I said, we're going to need feature-rich nodes for many years to come. GlobalFoundries knows how to build them. They know how to build them in the United States. We can partner with the government, depending on the Chips Act, to capacitize here. It will be a few years until we benefit from that, but it's a really big thing to descale ourselves on the feature-rich chips from the current ecosystem that we depend on around the world. And I think GlobalFoundries is a really interesting deal when we get into the details.

在 GlobalFoundries 上，這是第一個大賭注，但我們還會有很多很多的賭注。我們非常依賴台積電的功能豐富的節點。顯然，隨著行業轉向包括我們在內的更先進的節點，容量會隨著時間的推移而面臨風險。正如我所說，未來很多年我們都需要功能豐富的節點。 GlobalFoundries 知道如何構建它們。他們知道如何在美國建造它們。根據《芯片法》，我們可以與政府合作，在此增資。我們還需要幾年的時間才能從中受益，但在我們依賴於全球的當前生態系統的功能豐富的芯片上進行降級是一件非常大的事情。當我們深入了解細節時，我認為 GlobalFoundries 是一筆非常有趣的交易。

We have to put cash up when we participate. Those feature-rich semis will be used by other companies, industrial companies, not just Ford. It's a really interesting deal. And I was talking to the U.S. government today about how critical this is for our company. You can expect the same kind of thing on advanced nodes and all the other components I mentioned, including more deals on the raw material for various types of battery chemistry. And this is a culture change at Ford. As I said, this is part of the rhythm change between ICE and BEV.

當我們參加時，我們必須把現金存起來。這些功能豐富的半成品將被其他公司、工業公司使用，而不僅僅是福特。這是一個非常有趣的交易。我今天正在與美國政府討論這對我們公司的重要性。您可以在高級節點和我提到的所有其他組件上期待同樣的事情，包括更多關於各種類型電池化學原材料的交易。這是福特的文化變革。正如我所說，這是 ICE 和 BEV 之間節奏變化的一部分。

Our next question will come from the line of Ryan Brinkman with JPMorgan.

我們的下一個問題將來自摩根大通的 Ryan Brinkman。

Slide 20 shows you with $36.5 billion of cash and investments, which might be a record, but it is certainly the most that I can remember and compares to, I think, like 5-plus years ago, you used to talk about wanting to have cash of something closer to in excess of $20 billion with like another $10 billion or $13 billion of more liquidity on top of that. I get that there's more uncertainty now with the pandemic and the chip shortage. And of course, you're investing heavily for electrification. Despite those investments, though, I mean, you're still calling for $5.5 billion to $6.5 billion of FCF this year versus the dividend costs like $1.5 billion or $1.6 billion.

幻燈片 20 向您展示了 365 億美元的現金和投資，這可能是一個記錄，但它肯定是我能記住的最多的，並且我認為，就像 5 多年前一樣，您曾經談到想要擁有現金接近超過 200 億美元，此外還有 100 億美元或 130 億美元的流動性。我知道現在由於大流行和芯片短缺，存在更多的不確定性。當然，您正在大力投資電氣化。儘管有這些投資，但我的意思是，你今年仍然要求獲得 55 億至 65 億美元的自由現金流，而股息成本則為 15 億美元或 16 億美元。

So with the current trajectory, it seems like the record cash pile should only grow bigger in 2022. I'm just curious what your thoughts are on this, whether you have any updated thoughts on the optimal capital structure, over what time or under what conditions you might move toward that more optimal capital structure. And it being so far above the earlier targeted cash balance might influence how you go about deciding what to do with the Rivian stake once the lockup expires.

因此，按照目前的軌跡，創紀錄的現金儲備似乎只會在 2022 年變得更大。我只是想知道您對此有何想法，您是否對最佳資本結構有任何更新的想法，在什麼時間或什麼情況下條件下，您可能會朝著更優化的資本結構邁進。而且它遠遠高於早期的目標現金餘額可能會影響您在鎖定期滿後如何決定如何處理 Rivian 股份。

Thanks, Ryan. So yes, we're really pleased with the position we have from a cash standpoint because it gives us the flexibility to invest in the business as we go. We've talked about the investments we'll be making in BEVs. We'll be breaking capacity constraints, and we're going to continue to focus on scaling as quickly as we can.

謝謝，瑞恩。所以，是的，從現金的角度來看，我們對我們擁有的頭寸感到非常滿意，因為它讓我們可以靈活地隨時投資業務。我們已經討論了我們將對 BEV 進行的投資。我們將打破容量限制，我們將繼續專注於盡快擴大規模。

The other thing we need to think about is the supply chain for our BEVs. There's opportunities potentially for vertical integration. There's opportunities for looking beyond as we move into these connected vehicles with more advanced electronics, potentially leveraging capital to secure supply chain there. So there's a lot of opportunities as we move forward to leverage this cash to improve the business.

我們需要考慮的另一件事是 BEV 的供應鏈。有潛在的垂直整合機會。隨著我們進入這些配備更先進電子設備的互聯汽車，可能會利用資本來保護那裡的供應鏈，因此我們有機會超越。因此，當我們繼續利用這筆現金來改善業務時，有很多機會。

We're also focused on our shareholders. And of course, total shareholder returns is important as well. So we're going to continue to provide dividends to our consumers -- to our shareholders, which is important for us as we move forward given our shareholder base. So I think what you'll see is that, that cash balance is going to be a benefit for us as we look to grow the business, as we look to expand, as we look to vertically integrate, as we look to secure our supply chain and we continue to develop our Ford+ plan.

我們也關注我們的股東。當然，股東總回報也很重要。因此，我們將繼續為我們的消費者——我們的股東提供股息，這對我們來說很重要，因為我們在股東基礎上向前發展。所以我認為你會看到，當我們尋求發展業務、尋求擴張、尋求垂直整合、尋求確保供應時，現金餘額將對我們有利連鎖店，我們將繼續發展我們的福特+計劃。

Our next question will come from the line of Emmanuel Rosner with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Emmanuel Rosner。

I wanted to ask you a little bit more detail related to 2 items in the 2022 outlook. The first one is your volume and mix assumption. In the fourth quarter, when I look at the North American walk, your wholesale were up something like 60,000 units year-over-year, but the volume mix piece of your North American bridge was up only $100 million, and that's despite what F-150 may be up, like 34% year-over-year if IHS is right. And so just curious what's going on in terms of mix, and why that contribution didn't really flow through to the EBIT. And how to think about, as you grow your volume 10% to 15% in 2022, what kind of EBIT contribution can we expect from this? That's the first item.

我想問你更多與 2022 年展望中的 2 個項目相關的細節。第一個是您的音量和混合假設。在第四季度，當我查看北美步行時，您的批發量同比增長了大約 60,000 台，但您的北美橋樑的銷量組合僅增長了 1 億美元，儘管 F-如果 IHS 正確，可能會增加 150 個，例如同比增長 34%。所以只是好奇在混合方面發生了什麼，以及為什麼這種貢獻沒有真正流入息稅前利潤。以及如何考慮，隨著您的銷量在 2022 年增長 10% 到 15%，我們可以從中獲得什麼樣的 EBIT 貢獻？這是第一項。

And then the second one is in terms of additional investment costs, so you've quantified a step-up in CapEx for 2022. I'm just curious if there are things in the income statement that you're able to quantify in terms of additional investment in technology that we should think about as we model 2022.

然後第二個是額外的投資成本，所以你已經量化了 2022 年資本支出的增加。我只是好奇損益表中是否有你能夠量化的東西在模擬 2022 年時，我們應該考慮對技術的額外投資。

So let me focus on 2022 first. So looking at the walk for 2022, you have to think about the 10% to 15% in the volume growth, but mix is also a strong part of that on a year-over-year basis. We expect to see continued strong mix. Pricing, as I said in my remarks, we do expect the continued strong pricing environment. So when you look at volume, mix and pricing, we expect that to be up about $5.5 billion to $6.5 billion.

所以讓我首先關注2022年。因此，展望 2022 年的走勢，您必須考慮 10% 到 15% 的銷量增長，但混合也是同比增長的重要組成部分。我們預計將看到持續強勁的組合。定價，正如我在講話中所說，我們確實預計持續強勁的定價環境。因此，當您查看數量、組合和定價時，我們預計將增加約 55 億美元至 65 億美元。

And so I'll just walk through what -- where we see that on the bridge to 2022. We are continuing to invest in modernization, and that with -- along with our product related spending as we're continuing to build out our BEV business. That's about $1.5 billion headwind, but that's broadly offset with other efficiencies that we're working on.

因此，我將簡要介紹一下我們在通往 2022 年的橋樑上看到的內容。我們將繼續投資於現代化，以及隨著我們繼續構建 BEV 的產品相關支出商業。這大約是 15 億美元的逆風，但這被我們正在努力提高的其他效率所抵消。

You also see that commodities are going to be a headwind next year of about $1.5 billion to $2 billion. And then Ford Credit is going to be strong, but we do expect them to be down about $1.5 billion. And then, of course, we've got lower net pension income. So we expect the top line to be strong with the volume increase. We continue to expect to have strong mix. And then we expect pricing to be a strength as well on a year-over-year basis.

您還可以看到，明年大宗商品將成為約 15 億至 20 億美元的逆風。然後福特信貸將變得強勁，但我們確實預計它們將下降約 15 億美元。然後，當然，我們的養老金淨收入較低。因此，我們預計隨著銷量的增加，收入將強勁。我們繼續預計會有強勁的組合。然後我們預計定價也將成為同比增長的優勢。

Sorry, what's nice about what we're seeing this year, or our forecast this year, is we're seeing good profit leverage from that incremental top line. And I think that's very encouraging. We have [lots of] statistics about how that compares in the past, but that hasn't always been the case at Ford. And it's great to see that top line flow into our profitability increase.

抱歉，我們今年看到的或我們今年的預測有什麼好處，那就是我們從增加的收入中看到了良好的利潤槓桿。我認為這非常令人鼓舞。我們有[很多]關於過去比較情況的統計數據，但福特並非總是如此。很高興看到頂線流入我們的盈利能力增長。

And our next question is going to come from the line of Colin Langan with Wells Fargo.

我們的下一個問題將來自富國銀行的 Colin Langan。

Just following up on the walk. If I actually annualize Q4, you're running at only $8 billion. What was particularly weaker about this quarter as a sort of starting point? It's also sort of down sequentially on higher sales. Is that seasonality, [or are] higher commodity costs hitting worse this quarter? Any color there?

只是在步行中跟進。如果我真的按年計算第四季度，那麼您的運營成本僅為 80 億美元。作為起點，本季度有什麼特別弱的地方？隨著銷售額的增加，它也有所下降。是季節性因素，還是本季度商品成本上漲？那裡有顏色嗎？

From a quarter-over-quarter basis and what -- how the quarter developed, we hit the midpoint of the guidance. And one of the things is, I think some expected volumes to be up higher than what we had guided. And just we had supply chain constraints hitting us this quarter. Omicron disrupted several of our key suppliers. They couldn't produce. They couldn't get us products. But net-net, when you look at the fourth quarter relative to where we were third quarter, let's say, as a proxy, volume and mix was up slightly. It was up about .6. But then we had additional headwinds on commodities. We had some modernization costs that came through, specifically around our IT as well as connectivity as we're investing in those growth areas. And then we saw costs come through from inflation. We saw costs come through on transportation, on fuel, et cetera. So we're seeing some of those headwinds were hitting us in the fourth quarter.

從季度環比和季度發展情況來看，我們達到了指導的中點。其中一件事是，我認為一些預期的交易量會高於我們的指導。只是我們在本季度遇到了供應鏈限制。 Omicron 擾亂了我們的幾家主要供應商。他們無法生產。他們買不到我們的產品。但是net-net，當您查看第四季度相對於我們第三季度的情況時，可以說，作為代理，數量和組合略有上升。它大約上漲了0.6。但隨後我們在大宗商品方面遇到了額外的不利因素。我們付出了一些現代化成本，特別是在我們投資於這些增長領域的 IT 和連接方面。然後我們看到成本來自通貨膨脹。我們看到了運輸、燃料等方面的成本。因此，我們看到其中一些逆風在第四季度襲擊了我們。

But demand was strong. If we could have met the demand and the production without the disruptions, you would have seen a stronger quarter. And so as we go into 2022, as we see those supply constraints ease, as we see the demand for our really strong product lineup, we see the top line growing. We see continued improvement in mix. We see continued improvement in price. And that's going to be much more of a tailwind versus some of the headwinds we're seeing that...

但需求強勁。如果我們能夠在沒有中斷的情況下滿足需求和生產，那麼您會看到一個更強勁的季度。因此，隨著我們進入 2022 年，隨著我們看到供應限制有所緩解，隨著我們看到對我們真正強大的產品陣容的需求，我們看到收入增長。我們看到組合的持續改善。我們看到價格持續上漲。與我們看到的一些逆風相比，這將更像是順風......

(technical difficulty)

（技術難度）

And just following up on the mix. Any color on how the Lightning will impact as it runs in, obviously, pretty large battery there? Is that going to be dilutive as we think about the second half as that starts to ramp?

並且只是跟進混合。閃電在運行時會如何影響，顯然，那裡有相當大的電池，有什麼顏色嗎？當我們考慮下半年開始上升時，這會稀釋嗎？

No. I don't think that as we ramp up at the start with the launch this year that it's going to have a significant impact on what we see from a standpoint of our profits in North America.

不。我不認為，隨著我們在今年推出時開始加速，從我們在北美的利潤的角度來看，它不會對我們所看到的產生重大影響。

And then coming back, I think one of the questions, Colin, you had asked that I didn't touch upon was the fourth quarter -- or maybe it was Emmanuel earlier -- on the mix side is, we did have lower Super Duty mix in the quarter, and that was again driven by supply chain disruptions. There were vehicles that we weren't able to build and complete because of certain commodities that weren't coming through to get those vehicles down the line and done.

然後回來，我認為科林，你問的一個問題是我沒有提到的是第四節——或者可能是早些時候的伊曼紐爾——在混合方面，我們確實有較低的 Super Duty本季度混合，這再次受到供應鏈中斷的推動。有些車輛我們無法建造和完成，因為某些商品沒有通過這些商品來生產和完成這些車輛。

Our next question will come from Brian Johnson with Barclays.

我們的下一個問題將來自巴克萊銀行的 Brian Johnson。

I want to talk a little bit about dealer pricing versus your pricing. The Detroit Press ran some articles in January on taking action -- Ford taking action on some of the more egregious markups on EV. Yet if I look at the broader lineup, I see that per J.D. Power, your revenue per unit is up about 3 point -- $3,800, which [points] to your $7.6 billion pricing you cited. Yet the transaction prices are up 5,600, meaning you're leaving about $1,850 of profit in the dealers' hands, which would be about another $3.6 billion of profit.

我想談談經銷商定價與您的定價。底特律出版社在一月份發表了一些關於採取行動的文章——福特對電動汽車上一些更令人震驚的加價採取了行動。然而，如果我看一下更廣泛的陣容，我發現每單位 J.D. Power 的收入增長了大約 3 個百分點——3,800 美元，這[指向]你引用的 76 億美元的定價。然而，交易價格上漲了 5,600，這意味著您在經銷商手中留下了大約 1,850 美元的利潤，這將是另外 36 億美元的利潤。

So just wondering kind of as you kind of go forward, as the dealers especially, move to this simplified inventory model you're looking at, how you're thinking about the balance between your invoice, your revenue per vehicle and the actual transaction prices at the dealer level?

所以只是想知道當你前進的時候，尤其是經銷商，轉向你正在研究的這種簡化的庫存模型，你如何考慮發票、每輛車的收入和實際交易價格之間的平衡在經銷商層面？

I would say the answer to your question for ICE and BEV would be slightly different. We have about 10% of our dealers last year in the supply-constrained environment that were charging above MSRP to our best of our knowledge. We have very good intelligence of who they are. And their future allocation of product will be directly impacted because of that policy. And we've seen really quick action by our team.

我會說你對 ICE 和 BEV 的問題的答案會略有不同。據我們所知，去年在供應受限的環境中，我們約有 10% 的經銷商的收費高於建議零售價。我們非常清楚他們是誰。由於該政策，他們未來的產品分配將受到直接影響。我們已經看到我們的團隊採取了非常迅速的行動。

On the BEV side, this is a quite important topic because the margins that we want to build to in BEV are going to be heavily dependent on a different go-to-market and customer experience. I won't go into it any more than that, but this is a quite important lesson for us of the franchise system and the way we will manage going forward. But I'm very optimistic now that our team has the intelligence in the market, that we put an allocation trigger in for those dealers who choose to price that way. But it's an inefficiency, no doubt about it.

在 BEV 方面，這是一個非常重要的話題，因為我們希望在 BEV 中建立的利潤將在很大程度上取決於不同的上市和客戶體驗。我不會再深入探討了，但這對我們來說是非常重要的一課，關於特許經營系統以及我們未來的管理方式。但我現在非常樂觀，因為我們的團隊擁有市場情報，我們為那些選擇以這種方式定價的經銷商設置了分配觸發器。但這是一種低效率，這是毫無疑問的。

Our next question is going to come from the line of Mark Delaney with Goldman Sachs.

我們的下一個問題將來自高盛的馬克德萊尼。

So maybe you could help us better understand the linearity of reaching the 600,000 annualized EV capacity target and what kind of visibility you have into securing the necessary supply to do that, both in terms of things like semiconductors as well as batteries.

因此，也許您可以幫助我們更好地了解達到 600,000 輛年化電動汽車產能目標的線性度，以及您在確保必要供應方面的可見性，無論是在半導體還是電池方面。

Thank you. So we've been hard at work at this for quite some time, actually. We knew we were oversubscribed pretty early in the process, and the team has been at it. We have been working. Really, the primary lift for us is battery availability. So we've actually been securing extra batteries for quite some time now. We have some manning options for Mach-E. So we will move close to 100,000 units this year on Mach-E. That will be our big move this year. Next year, our big move will be Lightning going 150,000 units. I won't get into battery chemistries and all the details, but I'm really excited about the progress we've made so far in securing batteries.

謝謝你。因此，實際上，我們已經為此努力了很長一段時間。我們知道我們在這個過程的早期就被超額認購了，團隊一直在努力。我們一直在工作。確實，對我們來說主要的提升是電池的可用性。因此，我們實際上已經在相當長一段時間內獲得了額外的電池。我們為 Mach-E 提供了一些人員配置選項。因此，今年我們將在 Mach-E 上移動近 100,000 台。這將是我們今年的重大舉措。明年，我們的大動作將是 Lightning 達到 150,000 台。我不會涉及電池化學和所有細節，但我對迄今為止我們在保護電池方面取得的進展感到非常興奮。

On the F-150 Lightning, we actually had a physical capacity constraint of the facility. And so we took the decision already to again redesign the facility so that we can accommodate the 150,000 units. We have great capacity on F-150 for the nonelectric components. So this is just a matter of the Mach-E getting the labor in place and getting the batteries, and the F-150 getting the batteries out of Georgia and redesigning the facility so we can get the final assembly done.

在 F-150 Lightning 上，我們實際上有設施的物理容量限制。所以我們已經決定再次重新設計設施，以便我們可以容納 150,000 個單位。我們在 F-150 上擁有強大的非電氣元件產能。因此，這只是 Mach-E 將勞動力到位並獲得電池的問題，而 F-150 將電池從喬治亞州運出並重新設計設施，以便我們完成最終組裝。

As far as chips are concerned, these battery electric vehicles and the supply chain are a strategic advantage for our company. So we will protect -- in the constraint where we will protect our battery electric supply production.

就芯片而言，這些電池電動汽車和供應鍊是我們公司的戰略優勢。因此，我們將保護 - 在我們將保護我們的電池電力供應生產的約束條件下。

Our next question will come from the line of Joseph Spak with RBC Capital Markets.

我們的下一個問題將來自 RBC Capital Markets 的 Joseph Spak。

Thank you. Jim, it's really refreshing to hear you talk about the 2 different businesses and how you're managing them and running them and planning for them separately. I guess so to the -- and it's also good to hear you think you would have more to wring out of the ICE business. But I guess the question is, as CEO of Ford, which is managing those 2 businesses, like, to the extent you are able to wring more out of ICE, does that give you leeway to accelerate or increase your investment in the EV business? Like how do you think about combining the 2 businesses back together in terms of the investment spend?

謝謝你。吉姆，聽到您談論這 2 家不同的業務以及您如何分別管理、運營和規劃它們，真是令人耳目一新。我想是這樣 - 而且很高興聽到你認為你會從 ICE 業務中榨取更多。但我想問題是，作為管理這兩項業務的福特的首席執行官，在某種程度上，你能夠從 ICE 中榨取更多，這是否會給你加速或增加對電動汽車業務的投資的餘地？比如，您如何看待將這兩項業務在投資支出方面重新組合在一起？

Absolutely. Absolutely. The profitability of ICE is very important because it gives us optionality, not only of scaling BEV, but also vertically integrating BEV, which is increasingly becoming important for a profit lever. So we definitely want to push our ICE business as fast as far as we can. We're going into this transition with the freshest ICE lineup I can think of any of our competitors. Not just in the U.S., globally. But we think there's, as John said, a ton of other levers that we can pull to improve the margins of our ICE business. We see our ICE business increasingly in kind of specialty groupings of passion brands like Bronco and Mustang.

絕對地。絕對地。 ICE 的盈利能力非常重要，因為它為我們提供了選擇性，不僅可以擴展 BEV，還可以垂直整合 BEV，這對於利潤槓桿變得越來越重要。因此，我們絕對希望盡可能快地推動我們的 ICE 業務。我們將以我能想到的任何競爭對手中最新鮮的 ICE 陣容進入這一轉變。不僅在美國，在全球範圍內。但我們認為，正如約翰所說，我們可以利用大量其他槓桿來提高我們 ICE 業務的利潤率。我們看到我們的 ICE 業務越來越多地出現在 Bronco 和 Mustang 等激情品牌的專業組合中。

And our pickup truck customers retail side using those for recreation and for everything they use them for. And so look at the success of Maverick we've had, for example. So we're really excited about this opportunity for BEV. And you bet you, it gives us all sorts of optionality as a company to really continue to invest in this high-growth business, but also focus -- allow us to focus our cash and our investment in building the margin for the high-growth business through things like vertical integration and new customer experiences, accelerating our physical experiences to the dealers on both businesses.

我們的皮卡車客戶零售方面將這些用於娛樂和他們使用它們的一切。例如，看看我們已經取得的 Maverick 的成功。因此，我們對 BEV 的這個機會感到非常興奮。你敢打賭，它給了我們作為一家公司的各種選擇權，可以真正繼續投資於這個高增長的業務，但也可以集中精力——讓我們把現金和投資集中在為高增長創造利潤上通過垂直整合和新客戶體驗等方式開展業務，加速我們對兩家業務的經銷商的實際體驗。

Our next question is going to come from the line of Itay Michaeli with Citi.

我們的下一個問題將來自 Itay Michaeli 和 Citi 的問題。

I was hoping to go back and get an update on Mach-E profitability. I think a couple of quarters ago, you mentioned you were already positive EBIT. It seems like pricing has been really strong the last few quarters. You talked about taking out maybe $1,000 of cost going forward. And of course, you're scaling up volume. I was hoping maybe you could give an update on kind of where you see Mach-E profitability this year versus your original expectation, and maybe even relative to ICE vehicles, perhaps like the Edge?

我希望能回去獲取有關 Mach-E 盈利能力的最新信息。我想幾個季度前，你提到你的息稅前利潤已經是正數。過去幾個季度的定價似乎非常強勁。你談到了未來可能會花費 1,000 美元。當然，您正在擴大音量。我希望你能提供一個最新的信息，你認為今年 Mach-E 的盈利能力與你最初的預期相比，甚至可能是相對於 ICE 車輛，也許像 Edge？

Yes. Thanks. It's John here. So when we look at our Mach-E profitability, as we said, we are profitable from a Mach-E standpoint. We're seeing great demand. We're seeing strong mix. So we've seen the profits improve. Importantly, what else we're seeing is opportunities to continue to reduce the cost and reduce the complexity. So we're very focused on improving those margins.

是的。謝謝。這裡是約翰。因此，正如我們所說，當我們查看我們的 Mach-E 盈利能力時，從 Mach-E 的角度來看，我們是盈利的。我們看到了巨大的需求。我們看到了強勁的組合。因此，我們看到利潤有所改善。重要的是，我們還看到了繼續降低成本和降低複雜性的機會。因此，我們非常專注於提高這些利潤率。

But overall, as we've said in the past, our fab margins are not yet quite where we'd like them to be, especially relative to our more profitable ICE vehicles. And so we have to continue to do work there, primarily around scaling, reducing the complexity as we move forward. So we're encouraged by what we're seeing on Mach-E so far, especially with the strong demand and the mix, but there's other work that we need to do as well to continue to further improve those margins. And our expectation is that we're fully competitive on our BEV margins as we move forward, and that's what we need to work towards.

但總的來說，正如我們過去所說，我們的晶圓廠利潤率還沒有達到我們希望的水平，尤其是相對於我們更有利可圖的 ICE 車輛而言。因此，我們必須繼續在那裡開展工作，主要是圍繞擴展，在我們前進的過程中降低複雜性。因此，我們對迄今為止在 Mach-E 上看到的情況感到鼓舞，尤其是在強勁的需求和混合動力的情況下，但我們還需要做其他工作以繼續進一步提高這些利潤率。我們的期望是，隨著我們的前進，我們在 BEV 利潤率上完全具有競爭力，這就是我們需要努力的方向。

Just to complement John's input. Yes, I'm struck throughout my career, I'm struck at how different the rhythm of this digital BEV business is versus ICE. We all grew up in a business where you kind of launched the vehicle and then you work on a minor change or a next model. I certainly grew up in that model. And what we're finding with ICE, thank goodness we're scaling now, because what we're finding in Mach-E is that actually, most of the exciting work starts after Job 1. That's when the OTAs really make a customer impact. But on the cost side and the profit side, I guess we have learned so much about the lack of integration in our engineering operations as we compared our engineering on Mach-E to others that are best-in-class.

只是為了補充約翰的意見。是的，我在整個職業生涯中都感到震驚，我對數字 BEV 業務與 ICE 的節奏有多麼不同感到震驚。我們都是在一個企業中長大的，在這種企業中，你推出了汽車，然後你進行了微小的改變或下一個模型。我當然是在那種模式下長大的。我們在 ICE 中發現的，謝天謝地，我們現在正在擴展，因為我們在 Mach-E 中發現的是，實際上，大多數令人興奮的工作都是在工作 1 之後開始的。那是 OTA 真正對客戶產生影響的時候.但在成本方面和利潤方面，我想我們已經了解了很多關於我們的工程操作缺乏集成的知識，因為我們將 Mach-E 上的工程與其他同類最佳的工程進行了比較。

And we are finding lots of profit opportunities as we get after that integration between engineering, supply chain and manufacturing, even within engineering. If I showed you our cooling system for Mach-E, it has 4 motors, probably needs to be 2. It has 60 or 70 hoses, probably needs to be 1/3 of that. And those are the opportunities we're going after. And we are not going to wait for next year. We're not going to wait for a minor change. We are going to reengineer that vehicle now and then use that expertise for Lightning, E-Transit, and of course our all-electric platforms.

隨著工程、供應鍊和製造之間的整合，甚至在工程內部，我們發現了很多盈利機會。如果我向您展示我們的 Mach-E 冷卻系統，它有 4 個電機，可能需要 2 個。它有 60 或 70 個軟管，可能需要 1/3。這些就是我們要追求的機會。我們不會等到明年。我們不會等待微小的變化。我們將不時重新設計該車輛，然後將這些專業知識用於 Lightning、E-Transit，當然還有我們的全電動平台。

And I just -- I'm really excited about this opportunity. Being in the industry as long as I have, I haven't felt this chance to take out so much cost after Job 1, both from the customer's use of the vehicle off the data, as well as actually all these integration opportunities.

我只是 - 我對這個機會感到非常興奮。只要我在這個行業，我在工作 1 之後就沒有感覺到有機會承擔如此多的成本，無論是來自客戶對車輛的使用數據，以及實際上所有這些集成機會。

And the other thing is the vehicles are much more simple than we thought. The F-150 has one cab, one box. And we -- for the same kind of ICE offering, it's like 40 configurations. So they're much simpler. And I'm really excited about -- I guess what I'm saying is we're at the very beginning of this journey. And it is -- it's already very exciting on the profit improvement, as John said. And I haven't seen this kind of opportunity in the past in my career.

另一件事是車輛比我們想像的要簡單得多。 F-150 有一個駕駛室，一個箱子。我們——對於同一種 ICE 產品，它有 40 種配置。所以它們要簡單得多。我真的很興奮——我想我要說的是我們正處於這段旅程的開始。正如約翰所說，這對利潤的改善已經非常令人興奮了。在我的職業生涯中，我過去從未見過這種機會。

Our next question is going to come from the line of Anindya Das with Nomura.

我們的下一個問題將來自野村的 Anindya Das。

Our next question will come from the line of Jeoffrey Lambujon with Tudor, Pickering.

我們的下一個問題將來自 Jeoffrey Lambujon 和 Tudor、Pickering。

I just wanted to go back to the regional discussion as we think about the thoughts you shared on margins in North America that are embedded in the upper end of the full year '22 EBIT guide. I wonder if you could just give us a sense for how you're thinking about the trajectory of margin improvement in Europe and IMG specifically. Just thinking about the semiconductor shortfall evolving over time, the focus on Ford Pro and new product launches potentially helping to accelerate some margin recovery in Europe, and then the continued focus on Ranger and new products in IMG.

我只是想回到區域討論，因為我們考慮您在北美利潤分享的想法，這些想法嵌入在 22 年全年 EBIT 指南的上端。我想知道您是否可以讓我們了解您如何考慮歐洲和 IMG 的利潤率改善軌跡。想想半導體短缺隨著時間的推移而演變，對福特 Pro 和新產品發布的關注可能有助於加速歐洲的一些利潤率復甦，然後繼續關注 Ranger 和 IMG 的新產品。

In Europe, we expect profit improvement. We expect them to be meaningfully profitable in this year, in 2022. And we're still committed, and Europe is on track to deliver the 6% EBIT margin by 2023. They're continuing to move forward. They're seeing favorable pricing environment continue. They're accelerating into the BEV. The Mach-E is a very strong product for them. And again, commercial vehicles, it's a strength of ours, and we continue to see that grow next year and be a pillar for Europe, a strength for Europe.

在歐洲，我們預計利潤會有所改善。我們預計它們將在今年，即 2022 年實現有意義的盈利。我們仍然致力於，歐洲有望在 2023 年實現 6% 的息稅前利潤率。它們將繼續前進。他們看到有利的定價環境仍在繼續。他們正在加速進入 BEV。 Mach-E 對他們來說是一款非常強大的產品。再說一次，商用車，它是我們的強項，我們將在明年繼續看到它的增長，並成為歐洲的支柱，歐洲的強項。

With IMG, as you go into 2022, International Markets Group, we expect them to be down year-over-year, but profitable. And that's going to be driven by 2 key things: the India transition and what we see there, as well as the fact that our Ranger volumes are going to be down year-over-year as we launch the new Ranger. And so it's a transition year for us in the International Markets Group. So they'll be down year-over-year but profitable. And then from there with the new Ranger, we're really excited about that product and what we can leverage with that product as we move forward in our International Markets Group.

對於 IMG，隨著您進入 2022 年，國際市場集團，我們預計它們將同比下降，但有利可圖。這將受到兩個關鍵因素的推動：印度的轉型和我們在那裡看到的情況，以及隨著我們推出新的 Ranger，我們的 Ranger 銷量將逐年下降的事實。因此，對於我們國際市場集團來說，這是一個過渡年。因此，它們將同比下降但有利可圖。然後從那裡有了新的 Ranger，我們對該產品以及我們在國際市場集團前進時可以利用該產品的東西感到非常興奮。

Thank you. And with that, we will conclude today's Ford Motor Company Fourth Quarter and Full Year 2021 Earnings Conference Call. You may now disconnect.

謝謝你。至此，我們將結束今天的福特汽車公司 2021 年第四季度和全年收益電話會議。您現在可以斷開連接。