福特汽車 (F) 2020 Q4 法說會逐字稿

Good day, ladies and gentlemen.

女士們，先生們，美好的一天。

My name is Holly, and I'll be your conference operator today.

我的名字是霍莉，今天我將成為您的會議接線員。

At this time, I would like to welcome you to the Ford Motor Company Fourth Quarter and Full Year 2020 Earnings Conference Call.

在這個時候，我想歡迎您參加福特汽車公司 2020 年第四季度和全年收益電話會議。

(Operator Instructions)

（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。

Please go ahead.

請繼續。

Lynn, you're on mute.

林恩，你靜音了。

If you can unmute.

如果可以取消靜音。

Thanks.

謝謝。

Thank you.

謝謝你。

Presenting today are Jim Farley, our President and CEO; and John Lawler, our Chief Financial Officer.

今天的演講嘉賓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。

Also joining us for Q&A is Marion Harris, CEO of Ford Credit.

Ford Credit 首席執行官 Marion Harris 也加入了我們的問答環節。

Jim will make opening comments, John will talk about our fourth quarter and full year results and then we'll turn to Q&A.

Jim 將發表開場白，John 將談論我們的第四季度和全年業績，然後我們將轉向問答環節。

Today's discussion will include some non-GAAP references.

今天的討論將包括一些非 GAAP 參考。

These are reconciled to the most comparable U.S. GAAP measures 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措施相一致，可在股東.ford.com 上與我們的其他收益材料一起找到。

Today's discussion includes forward-looking statements about our expectations.

今天的討論包括關於我們預期的前瞻性陳述。

Actual results may differ from those stated.

實際結果可能與所述結果不同。

The most significant factors that could cause actual results to differ are included on Slide 30.

可能導致實際結果不同的最重要因素包含在幻燈片 30 中。

Unless otherwise noted, all comparisons are year-over-year.

除非另有說明，否則所有比較均為同比。

Company EBIT, EPS and free cash flow are on an adjusted basis, and product mix is volume weighted.

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 upcoming IR events.

我們即將舉行的 IR 活動的快速更新。

On Tuesday, February 9, JPMorgan will host our pre -- post-earnings fireside chat featuring Hau Thai-Tang, Chief Product Platform and Operations Officer; and John Lawler.

2 月 9 日，星期二，摩根大通將主持我們的財報前和財報後爐邊談話，由首席產品平台和運營官 Hau Thai-Tang 主持；和約翰勞勒。

On February 24, Jim Farley will keynote at the Wolfe Global Auto Tech and Mobility Conference.

2 月 24 日，Jim Farley 將在 Wolfe 全球汽車技術和移動會議上發表主題演講。

On February 25, Bob Holycross, Vice President of Sustainability, Environment and Safety Engineering, will speak at RBC's inaugural ESG Conference, highlighting how our achievements in sustainability will benefit our customers, the planet and create a competitive advantage.

2 月 25 日，可持續發展、環境和安全工程副總裁 Bob Holycross 將在 RBC 的首屆 ESG 會議上發言，強調我們在可持續發展方面的成就將如何造福於我們的客戶、地球並創造競爭優勢。

On March 10, Stuart Rowley, President of Ford Europe; and Hans Schep, General Manager, Commercial Vehicles for Ford Europe, will participate in the Jefferies Auto Conference.

3月10日，福特歐洲總裁Stuart Rowley；福特歐洲商用車總經理 Hans Schep 將參加傑富瑞汽車大會。

And on March 23, Bob Holycross will speak about clean technology at JPMorgan's Global ESG Conference.

3 月 23 日，Bob Holycross 將在摩根大通的全球 ESG 會議上談論清潔技術。

Lastly, we continue to target late spring for our Capital Markets Day, and we'll provide more details on that later.

最後，我們的資本市場日繼續以春末為目標，稍後我們將提供更多詳細信息。

Now I'd like to turn the call over to Jim Farley.

現在我想把電話轉給 Jim Farley。

Jim?

吉姆?

Thank you, Lynn.

謝謝你，林恩。

And thanks, everyone, for joining us today.

感謝大家今天加入我們。

Last year was like no other with COVID dramatically and often tragically affecting all of us.

去年與以往不同的是，COVID 對我們所有人產生了巨大而悲慘的影響。

But tough times can bring out the best in people and, boy, was that true at Ford.

但是艱難時期可以激發出最好的人，男孩，福特就是這樣。

I'm really proud of how our people mobilized with speed and resolve to respond to this crisis.

我為我們的人民如何迅速而堅定地動員起來應對這場危機感到非常自豪。

We harnessed our capabilities, and we developed a lot of new ones.

我們利用了我們的能力，並開發了許多新的能力。

Our team members put others above themselves in both returning to work but also to make life-saving equipment.

我們的團隊成員在重返工作崗位和製造救生設備方面都將他人置於自己之上。

And I'd like to share just a few highlights of our pandemic response, including our new Finish Strong initiative to help limit the spread of the virus and save as many lives as possible until this pandemic is under control.

我想分享一下我們應對大流行病的一些亮點，包括我們新的 Finish Strong 倡議，以幫助限制病毒的傳播並儘可能多地挽救生命，直到這場大流行得到控制。

To date, Ford has manufactured 55 million medical-grade masks.

迄今為止，福特已經生產了 5500 萬個醫用級口罩。

And by midyear, we will have donated 100 million masks.

到年中，我們將捐贈 1 億個口罩。

In partnership with UAW, we've also produced 20 million face shields, 50,000 patient ventilators, more than 32,000 powered respirators in collaboration with 3M and 1.4 million washable isolation gowns.

與 UAW 合作，我們還與 3M 合作生產了 2000 萬個面罩、50,000 台患者呼吸機、32,000 多台動力呼吸器和 140 萬件可清洗隔離衣。

More to the point of today's call, we relied on the same grit and resourcefulness to deliver a very strong year financially under difficult circumstances.

更重要的是，我們依靠同樣的勇氣和足智多謀，在困難的情況下實現了非常強勁的財務年度。

We improved our execution while putting in place a specific and compelling plan, backed by some important early actions that are transforming Ford into a far stronger company, a company that competes and wins on behalf of our customers and other stakeholders in this exciting new landscape, which will be defined by electrification and connected customer experiences.

我們改進了執行力，同時制定了一個具體而令人信服的計劃，並得到了一些重要的早期行動的支持，這些行動正在將福特轉變為一家更強大的公司，一家在這個令人興奮的新環境中代表我們的客戶和其他利益相關者競爭和獲勝的公司，這將由電氣化和互聯客戶體驗來定義。

After safely and smoothly restarting our manufacturing production in May, following last year's shutdown, we sharply rebounded in the second half of the year as we rebuilt our inventories to meet strong pent-up demand.

繼去年的停產後，我們在 5 月份安全、順利地重新啟動了製造生產，在我們重建庫存以滿足被壓抑的強勁需求的同時，我們在下半年大幅反彈。

In fact, we more than doubled our second half adjusted EBIT from the year before, yielding a 7.3% adjusted EBIT margin.

事實上，我們下半年調整後的息稅前利潤比去年增加了一倍多，調整後的息稅前利潤率為 7.3%。

In the fourth quarter, we successfully launched 3 incredibly important vehicles that exemplify our new Ford and our direction.

在第四季度，我們成功推出了 3 款非常重要的車輛，這些車輛體現了我們的新福特和我們的方向。

Our first all-electric Mustang Mach-E, which we and, more importantly, others believe is the first credible mass-marketed competitor to Tesla.

我們的第一款全電動 Mustang Mach-E，我們，更重要的是，其他人認為它是特斯拉第一個可靠的大眾市場競爭對手。

And the F-150, the 2021 F-150, America's favorite vehicle, it's now connected.

F-150，即 2021 年的 F-150，美國最喜歡的車輛，現在已經聯網。

You can sleep in it.

你可以睡在裡面。

You can work in it.

你可以在裡面工作。

It's incredibly capable, and it is such a fantastic product.

它的功能令人難以置信，而且它是如此出色的產品。

And the Bronco Sport, the first member of our reimagined legendary Bronco brand, which has generated as much excitement as anything to come out of Detroit in my career.

還有 Bronco Sport，它是我們重新構想的傳奇 Bronco 品牌的第一個成員，在我的職業生涯中，它給底特律帶來了不亞於任何事物的興奮。

Now as we recap last year's results and discuss expectations for this year and beyond, I want to underscore that everything we do is in service of our plan.

現在，當我們回顧去年的結果並討論對今年及以後的預期時，我想強調我們所做的一切都是為我們的計劃服務。

Simply put, we're seeing real improvements in our core automotive business, and we are laser-focused on further progress this year.

簡而言之，我們看到我們的核心汽車業務取得了真正的進步，我們今年將重點放在進一步的進展上。

Now this includes growing the company, generating consistently strong free cash flow for our core automotive business as well as Ford Credit.

現在這包括發展公司，為我們的核心汽車業務以及福特信貸產生持續強勁的自由現金流。

We will allocate that capital to its best and highest uses for creating sustained value, to achieve that we are competing like a challenger now, earning customers and must-have products and services and rewarding customer experiences.

我們將把這些資本分配給創造持續價值的最佳和最高用途，以實現我們現在像挑戰者一樣競爭，贏得客戶和必備的產品和服務，並獎勵客戶體驗。

We're moving with urgency to deliver leading quality, reducing our costs and restructuring underperforming businesses.

我們正在緊急行動，以提供領先的質量，降低我們的成本並重組表現不佳的業務。

We will start to grow again, but most importantly, in the right areas, allocating more capital, resources and talent to take advantage of our strength in pickups, commercial vehicles and utilities; being a leader in the electric vehicle revolution around the world, where we have strength, but also where we have scale; expanding our leading commercial vehicle business with a suite of software services that earns loyalty and generates reoccurring revenue and incubating, then scaling, then integrating new businesses, some of them enabled by Argo AI's world-class self-driving system.

我們將再次開始增長，但最重要的是，在正確的領域，分配更多的資金、資源和人才，以利用我們在皮卡、商用車和公用事業方面的優勢；成為全球電動汽車革命的領導者，我們有實力，也有規模；通過一套軟件服務擴展我們領先的商用車業務，這些服務可以贏得忠誠度並產生經常性收入，並孵化、擴展、整合新業務，其中一些由 Argo AI 的世界級自動駕駛系統提供支持。

Today, I'll touch on a few of our planned highlights with emphasis on capital allocation, electrification and connectivity.

今天，我將談談我們計劃中的一些亮點，重點是資本配置、電氣化和連通性。

Back in 2017, vehicle lines that accounted for just 60% of our company's revenue generated 150% of our EBIT, and most of the vehicles generating that EBIT earned a multiple of the cost of capital.

早在 2017 年，僅占我們公司收入 60% 的車輛生產線就產生了 150% 的息稅前利潤，而產生該息稅前利潤的大多數車輛賺取了資本成本的倍數。

This imbalance was simply not sustainable, and we immediately began reshaping and rebalancing our business.

這種不平衡是不可持續的，我們立即開始重塑和重新平衡我們的業務。

We allocated capital to our strengths.

我們將資金分配給我們的優勢。

We jettisoned underperforming assets.

我們拋棄了表現不佳的資產。

We created a more focused portfolio and built the financial flexibility to unleash significant untapped value at Ford.

我們創建了一個更有針對性的投資組合，並建立了財務靈活性，以釋放福特巨大的未開發價值。

We've already made a tremendous progress.

我們已經取得了巨大的進步。

Through last year, we've invested $7.1 billion in EBIT and $1.6 billion in cash in our global redesign, reshaping our portfolio, our geographic footprint and our industry footprint.

去年，我們在 EBIT 上投資了 71 億美元，在全球重新設計中投資了 16 億美元，重塑了我們的投資組合、地理足跡和行業足跡。

In the first phase of redesign in Europe, for example, we prioritized profitable growth in commercial vehicles, where Ford is the #1 vehicle brand in the region, but also a smaller, more targeted portfolio of passenger cars in the strongest segments and exciting imports like Mustang and Edge that build our brand and make a solid return.

例如，在歐洲重新設計的第一階段，我們優先考慮商用車的盈利增長，其中福特是該地區排名第一的汽車品牌，但在最強勁的細分市場和令人興奮的進口中，我們也有更小、更有針對性的乘用車組合像 Mustang 和 Edge，它們建立了我們的品牌並獲得了豐厚的回報。

We shrunk our manufacturing footprint in Europe.

我們縮小了在歐洲的製造足跡。

We've reduced regional headcount by 20%.

我們已將區域員工人數減少了 20%。

We lowered our annual structure cost by $1.1 billion through last year.

到去年為止，我們將年度結構成本降低了 11 億美元。

And in the fourth quarter, Europe delivered its strongest quarterly profit in more than 4 years, achieving an EBIT margin of 5.8%.

在第四季度，歐洲實現了 4 年多來最強勁的季度利潤，息稅前利潤率達到 5.8%。

Let's turn to South America.

讓我們轉向南美洲。

We've lost more than $4.5 billion over the last decade in South America, not acceptable.

過去十年，我們在南美損失了超過 45 億美元，這是不可接受的。

In 2020, we exited our non-core heavy truck business in the region.

2020 年，我們退出了該地區的非核心重卡業務。

We discontinued focus on Fiesta.

我們不再關注嘉年華。

And we further reduced headcount, in fact, by more than 40% through the end of last year.

事實上，到去年年底，我們進一步減少了 40% 以上的員工人數。

And with these actions, last year, we posted the smallest loss in South America since 2013.

通過這些行動，去年我們在南美髮布了自 2013 年以來的最小虧損。

And then in early January, we went further.

然後在一月初，我們走得更遠。

As Ford Brazil announced, it would end production and close 3 facilities, that decision will derisk our business by concentrating it on a more profitable asset-light model on our industry-leading Ranger pickup trucks, our Transit commercial vehicles and key imports.

正如福特巴西公司宣布的那樣，它將停止生產並關閉 3 家工廠，該決定將通過專注於我們行業領先的 Ranger 皮卡車、我們的 Transit 商用車和主要進口產品的更有利可圖的輕資產模型來降低我們的業務風險。

We remain committed to serving our customers in Brazil and South America, but now with the portfolio of exciting, connected and increasingly electrified SUVs, pickups, including this amazing new Ranger and commercial vehicles, sourced in Argentina and Uruguay and other markets.

我們仍然致力於為巴西和南美的客戶提供服務，但現在擁有令人興奮、互聯且日益電氣化的 SUV、皮卡產品組合，包括這款令人驚嘆的新型 Ranger 和商用車，採購於阿根廷、烏拉圭和其他市場。

Now we didn't take these actions lightly.

現在我們沒有輕率地採取這些行動。

And Ford is working with all of our stakeholders in Brazil to mitigate the impacts of these decisions.

福特正在與我們在巴西的所有利益相關者合作，以減輕這些決定的影響。

At the same time, we know they were right and necessary.

同時，我們知道它們是正確和必要的。

And we're optimistic about our new business model for South America.

我們對我們在南美的新商業模式持樂觀態度。

Now before John walks through the last year's results and how we see 2021, I want to update you on Ford's connectivity and electrification plans.

現在，在約翰介紹去年的結果以及我們如何看待 2021 年之前，我想向您介紹福特的連通性和電氣化計劃。

2021 is a strategic inflection point for Ford.

2021年是福特的戰略拐點。

We have hundreds of thousands of fully network vehicles now in the field.

我們現在在該領域擁有數十萬輛完全聯網的車輛。

And now we're seeing the evolving institutional capability inside Ford to leverage that data, streaming off those vehicles and also use our over-the-air updates to improve quality and revolutionize the Ford customer experience and, importantly, that means commercial vehicles too and customers.

現在，我們看到福特內部不斷發展的機構能力來利用這些數據，從這些車輛中傳輸出來，並使用我們的無線更新來提高質量並徹底改變福特的客戶體驗，重要的是，這也意味著商用車和顧客。

We have more than 100,000 subscribers to our telematics and commercial vehicle software business, we call Ford Commercial Services, and we are just starting.

我們的遠程信息處理和商用車軟件業務擁有超過 100,000 名訂戶，我們稱之為福特商業服務，而我們才剛剛起步。

Ford's development and delivery of connected vehicles will be enhanced by a new 6-year partnership with Google that we announced earlier this week.

我們本週早些時候宣布與 Google 建立新的 6 年合作夥伴關係，這將加強福特的聯網汽車開發和交付。

The 2 companies are establishing a collaborative group that we call Team Upshift to not only unlock personal consumer experiences but to create and make the most of data-driven opportunities in our industrial system.

這兩家公司正在建立一個我們稱之為 Team Upshift 的協作小組，不僅要解鎖個人消費者體驗，還要在我們的工業系統中創造和充分利用數據驅動的機會。

The partnership will greatly enhance the Ford team's ability to innovate and deliver a consistent world-class consumer experience and as well provide Ford with a powerful technology and tools to modernize our manufacturing, our supply chain management and speed of our implementation of the data-driven business models and innovation across our whole company.

此次合作將大大提高福特團隊的創新能力和提供一致的世界級消費者體驗，並為福特提供強大的技術和工具，以實現我們的製造、供應鏈管理和數據驅動實施速度的現代化。整個公司的商業模式和創新。

Now as I said a few minutes ago and many times before, Ford will be a leader in electric vehicle revolution around the world.

現在，正如我在幾分鐘前和之前多次說過的那樣，福特將成為全球電動汽車革命的領導者。

We will do this in areas where we have strength and great scale.

我們將在我們有實力和規模的領域做到這一點。

It's early in the transition, but the trend is clear.

現在還處於轉型初期，但趨勢很明顯。

We watched 1 out of 10 vehicles sold in Europe in December be pure electric.

我們觀察到 12 月在歐洲銷售的 10 輛汽車中就有 1 輛是純電動汽車。

EV sales in China continue to grow, and the reality is that customers, including in the U.S., are increasingly giving e-mobility greater consideration.

中國的電動汽車銷量繼續增長，現實情況是，包括美國在內的客戶越來越多地考慮電動汽車。

We have no intention to cede ground to others in vehicle segments where Ford is the established leader.

在福特是公認的領導者的汽車領域，我們無意讓步給其他人。

We are rapidly building on our electric vehicle plans and building out our manufacturing and our R&D capabilities.

我們正在迅速建立我們的電動汽車計劃，並建立我們的製造和研發能力。

We're also increasing financial flexibility so we can accelerate and flex to keep pace with the evolving EV needs of our customers.

我們還提高了財務靈活性，以便我們能夠加快步伐並靈活應對客戶不斷變化的電動汽車需求。

Now the Mustang Mach-E, our first dedicated BEV platform, which last month was named North America Utility of the Year, embodies how we lead in electric vehicles.

現在，我們的第一個專用 BEV 平台 Mustang Mach-E 上個月被評為北美年度公用事業，體現了我們在電動汽車領域的領先地位。

It's on sale now.

它現在正在出售。

It has stunning design.

它有驚人的設計。

It is a fully connected and ready for the over-the-air updates with a tremendous technology experience.

它是一個完全連接的設備，可以通過豐富的技術體驗進行無線更新。

It's delivering high-quality, exceptional performance at a price in the mid-30s.

它以 30 年代中期的價格提供高質量、卓越的性能。

It's a fantastic vehicle, which also happens to be a full battery electric.

這是一輛很棒的汽車，它也恰好是一個完整的電池電動汽車。

And there are many more dedicated BEVs like this one that are coming in.

還有更多像這樣的專用 BEV 即將問世。

As you know, Ford is a global leader in commercial vehicles, and we're on the leading edge of the electric revolution there, too.

如您所知，福特是商用車領域的全球領導者，我們也處於電動革命的前沿。

We are the first company to announce plans for an all-electric van and an all-electric pickup truck.

我們是第一家宣布推出全電動貨車和全電動皮卡車計劃的公司。

With the E-Transit coming later this year, it has 3 different lengths, 3 different heights.

隨著今年晚些時候推出的 E-Transit，它有 3 種不同的長度、3 種不同的高度。

We have a van, a stripped chassis and a cutaway, and there's more coming on E-Transit.

我們有一輛麵包車，一個剝離的底盤和一個剖面圖，還有更多的 E-Transit 即將推出。

And then we're going to launch the BEV F-150 in the middle part of next year.

然後我們將在明年年中推出 BEV F-150。

In a recent study by Cox Automotive, they showed that the all-electric F-150 was the highest consideration rate and is the most appealing among major EV pickups that are coming to the market.

在 Cox Automotive 最近的一項研究中，他們表明全電動 F-150 是考慮率最高的車型，也是即將上市的主要 EV 皮卡中最具吸引力的車型。

Our successful Ford Transit franchise is a critical pillar of our electrification plan.

我們成功的福特全順特許經營權是我們電氣化計劃的重要支柱。

We understand the needs of these customers.

我們了解這些客戶的需求。

We're going to offer a wide variety of configurations that I mentioned.

我們將提供我提到的各種配置。

And we are developing not just the vehicles, but a whole suite of connected vehicles to serve them -- connect to services.

我們不僅在開發車輛，而且還在開發一整套聯網車輛來為它們服務——連接到服務。

For instance, we know from our leadership position that the average daily route driven in a Transit is 74 miles.

例如，根據我們的領導地位，我們知道乘坐 Transit 的平均每日路線為 74 英里。

And they do not overbuy batteries.

他們不會過度購買電池。

We validated that with over 30 million miles of telemetry data from our Ford customers.

我們通過來自福特客戶的超過 3000 萬英里的遙測數據驗證了這一點。

Now with that data, we can forecast and optimize the battery life and provide over-the-air alerts, so when the vehicle needs service before anything fails for 100% uptime, we can do that, that van stays on the road, working, where it belongs.

現在有了這些數據，我們可以預測和優化電池壽命並提供無線警報，因此當車輛需要維修以確保 100% 正常運行時間之前，我們可以做到這一點，讓貨車保持在路上，工作，它所屬的地方。

Those are just 2 of dozens of examples of how we're employing and using data to help our commercial customers be safe and more efficient and to make more money, while at the same time creating an incredibly competitive advantage for Ford.

這些只是我們如何使用和使用數據來幫助我們的商業客戶更安全、更高效並賺更多錢的幾十個例子中的兩個，同時為福特創造了令人難以置信的競爭優勢。

The value proposition for our customers extends to customizing vehicle's interiors, digital experiences, ease service networks, to maximize uptime and lower their operating cost.

我們客戶的價值主張延伸到定制車輛內飾、數字體驗、簡化服務網絡、最大限度地延長正常運行時間並降低運營成本。

These are very sticky, annuity-like capabilities that remove pain points and create opportunities for our customers.

這些是非常粘的、類似年金的功能，可以消除痛點並為我們的客戶創造機會。

No commercial vehicle provider is better positioned than Ford to innovate and introduce services like these at scale.

在大規模創新和引入此類服務方面，沒有哪家商用車供應商比福特更有優勢。

We are accelerating our plans right now, breaking constraints, increasing battery capacity, improving our costs and getting more battery electrics into our cycle plan.

我們現在正在加快我們的計劃，打破限制，增加電池容量，降低我們的成本，並將更多的電池電力納入我們的循環計劃。

We are now planned to invest at least $22 billion in electrification in the next few years through 2025, and that's just electrification.

我們現在計劃在未來幾年到 2025 年至少投資 220 億美元用於電氣化，而這只是電氣化。

When you include the spending on autonomous driving, our total commitment is at least $29 billion.

如果包括自動駕駛方面的支出，我們的總承諾至少為 290 億美元。

The majority of our investment in electrification supports a widening portfolio of BEVs on platforms from both Ford and alliance partners.

我們在電氣化方面的大部分投資支持福特和聯盟合作夥伴平台上不斷擴大的 BEV 產品組合。

This electrification number does not even include the potential, of course, for vertical integration of battery production, whether alone or in a JV.

當然，這個電氣化數字甚至不包括電池生產垂直整合的潛力，無論是單獨還是在合資企業中。

As the size of our ICE manufacturing footprint decreases, the scope of our dedicated global BEV manufacturing capacity is now growing.

隨著我們 ICE 製造規模的縮小，我們專門的全球 BEV 製造能力的範圍正在擴大。

So far, we're busy, and we're included a whole new facility in Dearborn at the Rouge to make the electric F-150.

到目前為止，我們很忙，我們在迪爾伯恩的胭脂區建立了一個全新的工廠來生產電動 F-150。

We're building the Kansas City facility for the E-Transit; Oakville, Canada for several battery electric SUVs; and in China and Cuautitlan, Mexico for the Mach-E.

我們正在為 E-Transit 建造堪薩斯城設施；加拿大奧克維爾的幾款電池電動 SUV； Mach-E 在中國和墨西哥的 Cuautitlan。

And there's a lot more to come.

還有更多的事情要做。

Our team is busy.

我們的團隊很忙。

Thanks for your time and attention.

感謝您的時間和關注。

And as you can hear, I'm very excited about our future.

正如你所聽到的，我對我們的未來感到非常興奮。

John will now talk about our results in more detail and outlook for the year.

約翰現在將更詳細地談論我們的業績和今年的展望。

Over to you, John.

交給你了，約翰。

Thanks, Jim.

謝謝，吉姆。

So when you analyze our fourth quarter results or even our second half performance last year, it's important to key in on the durable changes we've made to our underlying earnings power, including an automotive business increasingly positioned to sustainably generate strong free cash flow.

因此，當您分析我們去年第四季度的業績甚至是我們去年下半年的業績時，重要的是要重點關注我們對基本盈利能力所做的持久變化，包括汽車業務越來越定位於可持續地產生強勁的自由現金流。

Right now, our year-end liquidity of nearly $47 billion provides the financial flexibility to opportunistically invest in growth and even accelerate investments, if we choose to, in key areas like electrification and connected services.

目前，我們近 470 億美元的年終流動性提供了財務靈活性，可以在電氣化和互聯服務等關鍵領域進行機會性投資，甚至加速投資（如果我們選擇的話）。

And at our 8% company adjusted EBIT margin, the target that we're aiming for, we believe we can generate healthy annual free cash flow to fuel our growth.

在我們 8% 的公司調整後息稅前利潤率，我們的目標是，我們相信我們可以產生健康的年度自由現金流來推動我們的增長。

And when we initially set our 8% target, the secular forces accelerating today were still in their infancy.

當我們最初設定 8% 的目標時，今天加速增長的世俗力量仍處於起步階段。

EV penetration at scale was years out.

電動汽車的大規模滲透已經過去了好幾年。

Connectivity and digital services were still nascent.

連接和數字服務仍處於初期階段。

And autonomous vehicles will -- they were still largely in labs.

自動駕駛汽車將——它們仍然主要在實驗室中。

So you fast forward to 2021 and the landscape is vastly different and so are the calls on our capital.

所以你快進到 2021 年，情況大不相同，對我們首都的呼喚也是如此。

Our goal remains to hit the 8% margin and, in doing so, to reallocate profit and capital from a far healthier core business to exciting growth opportunities that will unlock long-term value.

我們的目標仍然是達到 8% 的利潤率，並在此過程中將利潤和資本從更健康的核心業務重新分配到令人興奮的增長機會，從而釋放長期價值。

So let's take a look at the fourth quarter performance.

那麼讓我們來看看第四季度的表現。

In automotive, both wholesale and revenue declined by 9%.

在汽車領域，批發和收入均下降了 9%。

While a lower industry influenced both of these metrics, so did the plan changeover in North America to launch our all-new 2021 F-150.

雖然較低的行業影響了這兩個指標，但北美的計劃轉換也影響了我們全新的 2021 F-150。

Our initial estimate was for a decline of 100,000 units, and we came in right on that number.

我們最初的估計是減少 100,000 台，而我們得到了正確的數字。

Fourth quarter revenue benefited from broad-based gains in net pricing and product and series mix, especially in North America and Europe.

第四季度收入受益於淨定價以及產品和系列組合的廣泛收益，尤其是在北美和歐洲。

Let's take a look at our individual regions in a bit more detail, starting with North America.

讓我們更詳細地了解一下我們的各個地區，從北美開始。

The North American business offset some of its decline in top line metrics with continued growth and an increase in mix of commercial vehicles.

北美業務通過持續增長和商用車組合的增加抵消了部分頂線指標的下降。

Together, volume and revenue of Transit and Super Duty vehicles were up 14% and 24%, respectively.

Transit 和 Super Duty 車輛的銷量和收入分別增長 14% 和 24%。

With the launch of the new F-150 now complete, we're building every vehicle we can.

隨著新型 F-150 的推出現已完成，我們正在製造我們所能製造的每一輛車。

EBIT was $1.1 billion, up 53% with a margin of 4.9%.

息稅前利潤為 11 億美元，增長 53%，利潤率為 4.9%。

This growth was driven by excellent yield management and the non-reoccurrence of the UAW contract cost in the fourth quarter of last year, all of which was partially offset by the lower F-150 volume I mentioned.

這種增長是由出色的產量管理和去年第四季度的 UAW 合同成本不再發生推動的，所有這些都被我提到的較低 F-150 數量所部分抵消。

In South America, wholesale and revenue declined 15% and 10%, respectively, reflecting industry softness and forward share losses as we refocused our portfolio on strengths in Ranger pickups, Transit van and key imports.

在南美，批發和收入分別下降 15% 和 10%，反映了行業疲軟和遠期份額損失，因為我們將投資組合重新集中在 Ranger 皮卡、Transit van 和主要進口產品的優勢上。

On a full year basis, Ranger gained 1.8 points of share to 15.6%.

全年來看，Ranger 的份額增加了 1.8 個百分點，達到 15.6%。

Revenue performance in South America was better than wholesale, as we took aggressive price actions to offset inflation and currency pressures.

南美的收入表現好於批發，因為我們採取了激進的價格行動來抵消通貨膨脹和貨幣壓力。

As Jim mentioned, in 2020, we exited our non-core heavy truck business in the region, discontinued the focus in Fiesta and further reduced headcount, in total, by more than 40% through the end of 2020.

正如 Jim 所說，2020 年，我們退出了我們在該地區的非核心重型卡車業務，不再專注於嘉年華，到 2020 年底，員工總數進一步減少了 40% 以上。

These actions and other actions that we've been taking contributed to the fifth consecutive quarter of year-over-year improvement in regional EBIT.

我們一直在採取的這些行動和其他行動促成了區域息稅前利潤連續第五個季度同比增長。

And we posted the smallest loss in South America since 2013.

我們公佈了自 2013 年以來南美地區的最小虧損。

With our recent announcement to exit manufacturing in Brazil, we have fundamentally derisked this portion of our business and delivered another significant milestone in our global redesign.

隨著我們最近宣布退出巴西的製造，我們從根本上降低了這部分業務的風險，並在我們的全球重新設計中實現了另一個重要的里程碑。

Shifting to Europe.

轉移到歐洲。

Europe wholesales and revenues were both negatively affected by lower industry volumes.

歐洲的批發和收入都受到行業銷量下降的負面影響。

However, Ford's revenue in the region was up modestly, aided by higher net pricing and improved mix.

然而，得益於更高的淨定價和改進的組合，福特在該地區的收入小幅增長。

Our commercial business in Europe strengthened its #1 position to a 14.3% share, which is a gain of 70 basis points.

我們在歐洲的商業業務鞏固了其第一名的地位，達到 14.3% 的份額，增長了 70 個基點。

Ford has the broadest network of commercial vehicle dealers in Europe, including close to 800 dedicated Transit centers.

福特擁有歐洲最廣泛的商用車經銷商網絡，包括近 800 個專門的運輸中心。

And during the quarter, the commercial, passenger and Imports vehicle businesses were all profitable.

本季度，商用、客運和進口汽車業務均實現盈利。

And the reduced manufacturing footprint that Jim had referenced, along with the $1 billion decline in structural costs over the last 2 years, allowed Europe to deliver its strongest quarterly profit in 4 years with an EBIT of $400 million and achieving an EBIT margin of 5.8%.

Jim 提到的製造足跡減少，加上過去 2 年結構成本下降 10 億美元，使歐洲實現了 4 年來最強勁的季度利潤，息稅前利潤為 4 億美元，息稅前利潤率達到 5.8% .

Now turning to China.

現在轉向中國。

China delivered a 27% increase in wholesale.

中國的批發量增長了 27%。

Retail sales grew 30%, outpacing the overall industry sales growth of 12%.

零售額增長 30%，超過了整個行業 12% 的銷售額增長。

Ford share in China grew by 40 basis points to 2.4%, with a 12-point increase in the mix of utilities to 36%.

福特在中國的份額增長 40 個基點至 2.4%，公用事業組合增長 12 個基點至 36%。

The mix of commercial vehicles reached 45% in the quarter, supported by strength in light trucks, pickups and other vehicles.

在輕型卡車、皮卡和其他車輛的強勢支持下，本季度商用車的佔比達到 45%。

Importantly, our dealer network return on sales remains positive.

重要的是，我們的經銷商網絡的銷售回報率仍然為正。

Now while it's still a modest EBIT loss, this was China's third consecutive quarter of year-over-year profit improvement, aided by an enhanced mix of vehicles, including locally built Lincoln products.

現在，雖然息稅前利潤仍是小幅虧損，但這是中國連續第三個季度實現利潤同比增長，這得益於車輛組合的增強，包括本地製造的林肯產品。

The China-specific Lincoln models accounted for 76% of the brand's in-country retail sales.

林肯中國專用車型占該品牌國內零售額的 76%。

That's up from just 2% last year.

這比去年僅 2% 有所上升。

Wholesales and revenue results for the International Market Group varied, but its retail sales increase of 1.8% countered an industry decline of 3%.

國際市場集團的批發和收入結果各不相同，但其零售額增長 1.8%，抵消了行業下降 3% 的影響。

IMG continues to capitalize on its strength in Ranger pickups and Everest SUVs, and Ranger was the best-selling 4x4 pickup in Australia.

IMG 繼續利用其在 Ranger 皮卡和 Everest SUV 方面的實力，Ranger 是澳大利亞最暢銷的 4x4 皮卡。

Now just this week, we announced a $1 billion investment to modernize and upgrade our Ranger pickup plant in South Africa, an important low-cost export hub that supplies 100 markets, including Europe.

就在本週，我們宣布投資 10 億美元，對我們在南非的 Ranger 皮卡工廠進行現代化改造和升級，這是一個重要的低成本出口樞紐，為包括歐洲在內的 100 個市場提供產品。

This paves the way to significantly expand production for the next-generation Ranger starting in 2022 and profitably grow this important business for us.

這為從 2022 年開始顯著擴大下一代 Ranger 的生產鋪平了道路，並為我們實現這一重要業務的盈利增長。

Excluding the impact of India, IMG was profitable in the quarter, led by Australia and Vietnam.

剔除印度的影響，IMG 在本季度實現了盈利，其中澳大利亞和越南領先。

In December, Ford and Mahindra jointly decided not to complete a previously announced joint venture.

去年 12 月，福特和馬恆達共同決定不完成此前宣布的合資企業。

This outcome was driven by the fundamental changes in global economic and business conditions caused in part by the global pandemic.

這一結果是由部分由全球大流行引起的全球經濟和商業狀況的根本變化推動的。

While we continue our independent operations in India, we are actively evaluating alternatives and reassessing capital allocation for India.

在我們繼續在印度開展獨立業務的同時，我們正在積極評估替代方案並重新評估印度的資本配置。

Turning to Mobility.

轉向移動性。

We now plan to invest at least $7 billion in autonomous vehicles through 2025, including the $2 billion we spent through 2020.

我們現在計劃到 2025 年在自動駕駛汽車上至少投資 70 億美元，其中包括到 2020 年的 20 億美元。

Our plans include standing up a commercial AV business by 2022 to move both people and goods.

我們的計劃包括到 2022 年建立商業 AV 業務，以運送人員和貨物。

And we also believe that Argo AI self-driving system remains on a short list of leaders in the autonomous technology.

而且我們還認為，Argo AI 自動駕駛系統仍然是自動駕駛技術的領導者之一。

With improving unit economics, we continue to grow our Spin scooter network, which has become more relevant in a COVID world as people explore alternative modes of transportation.

隨著單位經濟效益的提高，我們繼續發展我們的 Spin scooter 網絡，隨著人們探索替代交通方式，該網絡在 COVID 世界中變得更加重要。

In fact, indicative of the strength of our city relationships, Spin won the overwhelming majority of all scooter permits that applied for in the U.S. in municipalities last year.

事實上，Spin 去年在美國市政當局申請的所有踏板車許可證中獲得了絕大多數，這表明了我們城市關係的實力。

Now let's turn to Ford Credit.

現在讓我們轉向福特信貸。

Ford Credit delivered another strong quarter, with EBIT up almost $300 million to $900 million, a record fourth quarter.

福特信貸實現了又一個強勁的季度，息稅前利潤增長近 3 億美元至 9 億美元，創第四季度的紀錄。

Improved auction values drove the performance, and we continue to experience strong credit performance with a low loss-to-receivables ratio.

拍賣價值的提高推動了業績，我們繼續經歷強勁的信貸業績和較低的損失與應收賬款比率。

All told, we delivered $1.7 billion in adjusted EBIT in the quarter, up $1.2 billion with an adjusted EBIT margin of 4.8%, which was up 3.6 points.

總而言之，我們在本季度實現了 17 億美元的調整後息稅前利潤，增長了 12 億美元，調整後的息稅前利潤率為 4.8%，增長了 3.6 個百分點。

Considering how the first half of 2020 unfolded, I'm incredibly proud of how the Ford team came together to finish the year with such strength, setting a firm foundation for this year.

考慮到 2020 年上半年的發展，我為福特團隊如何以如此強大的實力完成這一年感到無比自豪，為今年奠定了堅實的基礎。

So let's turn to 2021.

那麼讓我們回到2021年。

The global semiconductor shortage situation is fluid, and we're evaluating and updating the potential effects on our business in real time.

全球半導體短缺形勢瞬息萬變，我們正在實時評估和更新對我們業務的潛在影響。

We want to be transparent and also prudent.

我們希望透明且謹慎。

Therefore, we think it's premature to size what the ultimate impact will be on our full year results.

因此，我們認為現在確定最終對我們全年業績的影響還為時過早。

That said, we ended 2020 having achieved positive lasting change and the underlying trajectory of our earnings power, including the ability of our automotive business to generate consistent levels of strong free cash flow over time.

也就是說，我們在 2020 年底實現了積極的持久變化和我們盈利能力的基本軌跡，包括我們的汽車業務隨著時間的推移產生穩定水平的強勁自由現金流的能力。

For 2021, we were on a course to earn between $8 billion and $9 billion in adjusted EBIT, including a $900 million noncash gain on our investment in Rivian.

2021 年，我們的調整後息稅前利潤將在 80 億美元至 90 億美元之間，其中包括我們對 Rivian 的投資獲得的 9 億美元非現金收益。

That scenario anticipated continued EBIT improvement in each of our regional businesses, except for South America, which we expect to be flat through their transition this year.

這種情況預計我們每個區域業務的息稅前利潤將持續改善，但南美除外，我們預計今年過渡期間將持平。

We anticipate ability to be flat and Ford Credit EBT to improve.

我們預計能力持平，福特信貸 EBT 將有所改善。

We also expect to generate between $3.5 billion and $4.5 billion in adjusted free cash flow.

我們還預計將產生 35 億至 45 億美元的調整後自由現金流。

However, the global semiconductor shortage is creating uncertainty across multiple industries and will influence our operating results this year.

然而，全球半導體短缺正在給多個行業帶來不確定性，並將影響我們今年的經營業績。

The situation is changing constantly.

情況在不斷變化。

So it's premature to size what the shortage will mean for our full year results.

因此，現在判斷短缺對我們全年業績的影響還為時過早。

However, right now, our current estimates from suppliers support a scenario where we could lose 10% to 20% of our planned first quarter production.

然而，就目前而言，我們目前對供應商的估計支持我們可能會損失 10% 到 20% 的第一季度計劃產量的情況。

If that scenario is extended through the first half, this could adversely impact our full year adjusted EBIT by between $1 billion and $2.5 billion, net of reasonable cost recoveries and some production makeup in the second half of the year.

如果這種情況延續到上半年，這可能會對我們全年調整後的息稅前利潤產生 10 億至 25 億美元的不利影響，扣除合理的成本回收和下半年的一些生產構成。

So we should expect full year cash and EBIT effects to be about equal with quarterly cash implications more volatile, given the mechanics of the company's working capital.

因此，考慮到公司營運資金的機制，我們應該預計全年現金和息稅前利潤影響與季度現金影響大致相當。

So our team is working with our suppliers around the clock to optimize the constrained supply, minimize the profit impact while also prioritizing customer orders, new vehicle launches and compliance with our CO2 emissions regulations.

因此，我們的團隊全天候與供應商合作，以優化受限供應，最大限度地減少利潤影響，同時優先考慮客戶訂單、新車發布和遵守我們的二氧化碳排放法規。

For example, similar to other actions we've already taken, we are adjusting shifts next week at our Dearborn Truck Plant and Kansas City Assembly Plant.

例如，與我們已經採取的其他行動類似，我們將在下週調整迪爾伯恩卡車廠和堪薩斯城裝配廠的班次。

These actions are contemplated in the 10% to 20% scenario for the first quarter volume that I just mentioned.

這些行動是在我剛才提到的第一季度銷量的 10% 到 20% 情景中考慮的。

We will provide you with an update on the semiconductor issue when we report our first quarter 2021 financial results and that's on April 28.

我們將在 4 月 28 日報告 2021 年第一季度財務業績時向您提供有關半導體問題的最新信息。

So before we open the call for Q&A, I will end where Jim began.

因此，在我們打開問答電話之前，我將從 Jim 開始的地方結束。

It cannot be overstated that 2020 was a year like no other, no other in our lifetime.

毫不誇張地說，2020 年是我們一生中獨一無二的一年。

The Ford team responded exceptionally, both personally and professionally.

福特團隊在個人和專業方面都做出了非凡的反應。

We're exceedingly proud of all of our colleagues around the world.

我們為我們在世界各地的所有同事感到無比自豪。

We made tough, strategically sound decisions in 2020 that have created durable beneficial changes to our underlying earnings power, including an automotive business that is increasingly positioned to sustainably generate strong free cash flows.

我們在 2020 年做出了艱難、戰略上合理的決定，為我們的潛在盈利能力帶來了持久的有益變化，包括汽車業務越來越定位於可持續地產生強勁的自由現金流。

And that financial flexibility will allow us to make right investments for long-term profitable growth and value creation.

這種財務靈活性將使我們能夠為長期盈利增長和價值創造做出正確的投資。

(Operator Instructions) And our first question is going to come from the line of Ryan Brinkman with JPMorgan.

（操作員說明）我們的第一個問題將來自摩根大通的 Ryan Brinkman。

It looks like even after adjusting for the Rivian gain, you're guiding to 2021 profits well above consensus, presumably helped by the volume, pricing and mix benefits of a number of highly anticipated new products, including the new F-150, the Bronco, Bronco Sport and Mustang Mach-E.

看起來即使在調整了 Rivian 的收益之後，你的 2021 年利潤也遠高於共識，這可能是由於一些備受期待的新產品的數量、定價和混合優勢的幫助，包括新的 F-150、Bronco ，野馬運動和野馬馬赫-E。

I know you have a lot of confidence in these vehicles, but are there any objective measures that you can share with investors as to why they should also be confident in the profit contribution of these models?

我知道你對這些車型很有信心，但你有什麼客觀的衡量標準可以與投資者分享，為什麼他們也應該對這些車型的利潤貢獻充滿信心？

So I know it's early days.

所以我知道現在還為時尚早。

But do you have any anecdotes about how quickly the vehicles are turning on dealer lots, how the pricing has been trending for the new F-150, what the earlier customer reaction has been to the Mach-E, are you doing a lot of test drives?

但是你有沒有關於車輛在經銷商批次上的速度有多快的軼事，新 F-150 的定價趨勢如何，早期客戶對 Mach-E 的反應是什麼，你做了很多測試嗎？驅動器？

And I realize the Bronco still has yet to even launch.

我意識到野馬還沒有發射。

So maybe there are fewer metrics there, but maybe you could tell us a bit more about the weight list, for example, whether it continues to grow or how trim levels or options have been tracking relative to expectation or what the general community response has been.

所以也許那裡的指標較少，但也許你可以告訴我們更多關於權重列表的信息，例如，它是否繼續增長，或者修剪水平或選項相對於預期的跟踪情況，或者一般社區的反應是什麼.

Thanks for your question.

謝謝你的問題。

Just really quick on the F-150, some of the metrics -- objective metrics we see that give us encouragement is, obviously, we're starting the year at a day supply level that we haven't seen for a long time.

在 F-150 上真的很快，一些指標——我們看到給我們鼓勵的客觀指標是，顯然，我們以我們很長時間沒有看到的日供應水平開始了這一年。

That's one thing.

那是一回事。

So a lot of opportunity to build wholesale and dealer inventory into the year.

因此，今年有很多機會建立批發和經銷商庫存。

We're starting the year with 53-day supply.

我們以 53 天的供應量開始新的一年。

The mix of high series, which is always a big indicator of demand for the vehicle, is about 20 points higher than we normally see in the outgoing model.

高系列的混合，一直是車輛需求的重要指標，比我們通常在即將推出的車型中看到的高出約 20 個點。

So Lariat Plus mix is extremely strong.

因此，Lariat Plus 混合非常強大。

You also look at the Super Duty demand.

您還可以查看 Super Duty 需求。

Super Duty was up 14%.

Super Duty 上漲了 14%。

It had a great improved vehicle, but I think the F-150 improvement is even bigger.

它有一個很大的改進車輛，但我認為 F-150 的改進更大。

And even during the sell-down and the start-up of the new truck, that demand is -- we're turning vehicles in 6 days, the F-150.

即使在新卡車的銷售和啟動期間，這種需求也是——我們將在 6 天內轉動車輛，即 F-150。

If you turn to the Mach-E, really good demand so far.

如果你轉向 Mach-E，到目前為止需求真的很好。

We have -- about 70% of the customers are new to Ford.

我們有——大約 70% 的客戶是福特的新手。

So we have -- new to Ford being they haven't owned a Ford for 15 years.

所以我們有 - 福特的新手，因為他們已經 15 年沒有擁有福特了。

The cross-shop vehicles are Porsche Boxster, Porsche 911, Mercedes E-Class.

跨店車輛為保時捷 Boxster、保時捷 911、奔馳 E 級。

We're also seeing in the reservations as we turn them into orders high all-wheel drive mix more than we thought.

我們也在預訂中看到，因為我們將它們變成了比我們想像的更多的高全輪驅動組合訂單。

The extended battery is much more popular than we expected.

擴展電池比我們預期的要受歡迎得多。

And don't forget, we have 127,000 federal tax credits that each were $7,500 each, and that is a big advantage on the pricing side.

別忘了，我們有 127,000 個聯邦稅收抵免，每個抵免額為 7,500 美元，這在定價方面是一個很大的優勢。

So really strong demand, early orders for Mach-E.

如此強勁的需求，Mach-E 的早期訂單。

On Bronco, obviously, the Bronco Sport is turning, I think, in like 6 days.

顯然，在 Bronco 上，Bronco Sport 正在轉向，我認為，在 6 天內。

We sold everyone wholesale through dealers in the fourth quarter.

我們在第四季度通過經銷商批發銷售給大家。

I think we sold over 5,000.

我想我們賣了5000多。

It's just like the F-Series turning incredibly fast, Ryan.

這就像 F 系列轉得非常快，瑞恩。

And I would say, the Bronco, we're now just shy of 200,000 reservations, and we're now starting -- in a little bit, we'll turn those into orders.

我想說的是，Bronco，我們現在還不到 200,000 份預訂，我們現在開始了——過一會兒，我們會把這些變成訂單。

The encouraging thing about Bronco is just the interest.

Bronco 令人鼓舞的地方就是興趣。

Not only do we have a lot of orders and confident in reservation, but the mix is stronger than we thought.

我們不僅有很多訂單並且對預訂充滿信心，而且組合比我們想像的要強大。

It's encouraging to see the 2-door (inaudible), but the 4-door is very, very strong mix.

看到 2 門（聽不清）令人鼓舞，但 4 門是非常非常強大的組合。

And the demand is at the dealership levels or even our reservation system are really, really strong.

經銷商層面的需求甚至我們的預訂系統都非常非常強大。

And I think we could pass some Bronco Sport in January.

我認為我們可以在一月份通過一些 Bronco Sport。

I think we passed 8,000 units.

我想我們通過了 8,000 個單位。

So I mean -- and that's the brand-new model to our lineup.

所以我的意思是——這是我們陣容的全新模式。

So that gives you a picture for the demand side.

因此，這為您提供了需求方的圖片。

And maybe, John, any comments about the rest of the performance?

也許，約翰，對剩下的表演有什麼評論嗎？

Yes.

是的。

I'd just say, Ryan, that when you look at it, Jim went through the portfolio transformation, but the global redesign is really starting to take hold and derisking the business.

我只想說，瑞恩，當你看到它時，吉姆經歷了投資組合轉型，但全球重新設計確實開始佔據主導地位並降低業務風險。

We're starting to see some strength in China.

我們開始在中國看到一些實力。

The localization of key project -- of products there, Lincoln, for sure; improving our cost structure there by localizing.

關鍵項目的本地化——那裡的產品，林肯，肯定的；通過本地化改善我們的成本結構。

We're leveraging capacity at the JVs to build Lincolns and commercial vehicles.

我們正在利用合資企業的能力來製造林肯和商用車。

Our partnering to share investments and improve scale.

我們合作分享投資和擴大規模。

You saw that with the South Africa announcement we had, building the Ranger and a VW pickup now in that facility.

你已經看到我們在南非發布的公告，現在在該工廠建造 Ranger 和大眾皮卡。

So I think we're starting to see strength across all the areas we've been talking about.

所以我認為我們開始看到我們一直在談論的所有領域的力量。

We're also focusing on the basics of the business, right?

我們還專注於業務的基礎知識，對嗎？

We've renewed our focus on our quality improvement.

我們重新關注質量改進。

We're leveraging all of our connected vehicles to identify issues faster, improve our warranty expense, improve our ownership experience.

我們正在利用我們所有的聯網車輛更快地發現問題，降低我們的保修費用，改善我們的擁有體驗。

We're also leaning into electrification now, as Jim said, with Mach-E being on the road, the E-Transit coming, the F-150 BEV next year.

正如吉姆所說，我們現在也傾向於電氣化，Mach-E 正在上路，E-Transit 即將推出，F-150 BEV 明年推出。

And we're really transforming the team as well.

我們也在真正改變團隊。

We're bringing in new talent.

我們正在引進新的人才。

We're organizing ourselves to grow our core businesses and expand that through connectivity and digital services.

我們正在組織自己來發展我們的核心業務，並通過連接和數字服務來擴展它。

And so when you look at all of that across the business and you start to see some of the strength take hold, it gives us confidence in the year, and it allows us to move forward with the confidence we're projecting.

因此，當您查看整個業務的所有這些並開始看到一些優勢時，它使我們對這一年充滿信心，並且使我們能夠以我們所預測的信心向前邁進。

So I think there's a lot of good things going on here.

所以我認為這裡發生了很多好事。

And our next question is going to come from the line of John Murphy with Bank of America.

我們的下一個問題將來自美國銀行的約翰墨菲。

I just wanted to ask a question, Jim, just around the transition to EVs and maybe using F-150 as an example, you can maybe talk around.

我只是想問一個問題，Jim，關於向電動汽車的過渡，也許以 F-150 為例，你可以談談。

I mean, when do you think sort of the tipping point is for the consumers, where they see enough EVs on the road that your ICE vehicles become somewhat obsolete and it depresses resids.

我的意思是，你認為什麼時候是消費者的臨界點，他們在路上看到足夠多的電動汽車，以至於你的 ICE 車輛變得有些過時並且它抑制了殘渣。

And how do you kind of work through that transition?

你是如何度過這種轉變的？

And specifically also around the F-150, I mean, can you position this as a performance enhancement, particularly around torque for trucks that you can actually get paid a tremendous amount of money for kind of like you did with Ecoboost.

特別是在 F-150 周圍，我的意思是，您能否將其定位為性能增強，尤其是在卡車扭矩方面，您實際上可以獲得巨額資金，就像您使用 Ecoboost 所做的那樣。

I mean I think if you choke around Ecoboost, it wasn't really fuel economy that people loved with the low-end torque, right?

我的意思是我認為，如果您對 Ecoboost 感到窒息，那麼人們對低端扭矩的喜愛並不是真正的燃油經濟性，對吧？

I mean -- so I mean, just what's the tipping point where you kind of get hit a little bit on your resids, on your outgoing ICE vehicles?

我的意思是——所以我的意思是，在你即將離任的 ICE 車輛上，你的殘渣受到一點打擊的臨界點是什麼？

How do you manage that transition?

你如何管理這種轉變？

And how do you think about how you position in EVs?

您如何看待自己在電動汽車中的定位？

Thank you for your question.

謝謝你的問題。

It's stunning how fast the industry is changing.

行業變化的速度之快令人震驚。

I watched the market really carefully in Europe, and 10% in December pure battery electric is amazing.

我仔細觀察了歐洲的市場，12月10%的純電池電動是驚人的。

Our time is now at Ford.

我們的時間現在在福特。

We're not talking about aspirations.

我們不是在談論抱負。

We committed to California and Paris Accord and carbon neutrality a long time ago when it wasn't easy, and I'm very proud of that.

很久以前，我們致力於加州和巴黎協議以及碳中和，當時這並不容易，我為此感到非常自豪。

This year, as you mentioned, we're launching Mach-E.

正如您所提到的，今年我們將推出 Mach-E。

It's in the market now.

它現在在市場上。

We think it's a real competitor to Tesla in their stronghold part of their price market.

我們認為它是特斯拉在價格市場的據點部分的真正競爭對手。

The F-150 electric is a lot of inbound interest from our loyal customers.

F-150 電動車引起了我們忠實客戶的極大興趣。

We sold 780,000 F-150s last year.

去年我們售出了 780,000 架 F-150。

We are going to find, and we are finding within that a duty cycle that matches electric for some of those customers.

我們將找到，並且我們正在為其中一些客戶找到與電力相匹配的佔空比。

It's such a large scale.

規模如此之大。

In Transit electric, the inbounds on that vehicle are really high.

在 Transit Electric 中，該車輛的入站量非常高。

This is our turf.

這是我們的地盤。

And we're not just going to have 1 delivery vehicle.

而且我們不僅要擁有一輛送貨車。

We're going to have 3 lengths, 2-wheel bases, 3 roof heights, a cut through, a cabin chassis and a van, and we're not done.

我們將有 3 個長度、2 個軸距、3 個車頂高度、一個切口、一個機艙底盤和一個貨車，我們還沒有完成。

So we are the leader in the Transit business.

因此，我們是 Transit 業務的領導者。

We have the body builder connections.

我們有車身製造商的聯繫。

100% of our Transits get updated.

我們 100% 的 Transit 得到更新。

And we know every one of those of updaters.

我們知道每一個更新者。

So -- and we are getting more inbound for that.

所以 - 我們正在為此獲得更多的入站服務。

So how do we manage the move?

那麼我們如何管理移動呢？

I think it's a really good question.

我認為這是一個非常好的問題。

I don't know if any of us have the answer.

我不知道我們中的任何人是否有答案。

The costs are coming down quickly.

成本正在迅速下降。

But for me and the team, the move to electric is not about batteries and motors, it's about a digital vehicle and a new customer experience.

但對我和團隊來說，轉向電動不是電池和電機，而是數字汽車和新的客戶體驗。

And that is universal, whether it's F-150, ICE or a battery electric, that digital experience that we're talking about.

這是通用的，無論是 F-150、ICE 還是電動電池，我們正在談論的數字體驗。

We have 130,000 Commercial Solution customers now.

我們現在擁有 130,000 個商業解決方案客戶。

We have 9 million Ford Pass customers.

我們有 900 萬福特 Pass 客戶。

That is universal.

那是普遍的。

So that's goodness that we'll get back in all of our business.

因此，我們將恢復所有業務，這真是太好了。

We just have to be very flexible, which we have those large commercial vehicle manufacturing facilities that are very flexible.

我們只需要非常靈活，我們擁有非常靈活的大型商用車製造設施。

And we'll invest in both.

我們將同時投資兩者。

And we'll flex with the customers.

我們將與客戶一起彎曲。

So I think we're ready.

所以我想我們已經準備好了。

This is our year.

這是我們的一年。

We're going to have great offers.

我們將有很棒的優惠。

And I think it's really on us.

我認為這真的取決於我們。

The real proof point to me is not going to be how many we sell in the first year.

對我來說真正的證明點不是我們在第一年賣出了多少。

It will be how much better the vehicle is a year or 2 after we launch it with the same customer.

在我們與同一個客戶一起推出後，這輛車會在一兩年內變得更好。

And our next question is going to 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。

So $22 billion is a pretty huge commitment to EVs.

因此，220 億美元是對電動汽車的巨大承諾。

I was hoping you can talk about the level of volumes you're aspiring towards.

我希望你能談談你渴望達到的音量水平。

It sounds kind of like a similar commitment to another company that's targeting about 1 million units.

這聽起來有點像對另一家目標約 100 萬台的公司的類似承諾。

Can you talk about your Ford's cost competitiveness and the trajectory of costs for EVs?

你能談談你的福特的成本競爭力和電動汽車的成本軌跡嗎？

Do you agree with these expectations of cost per kilowatt hour declining to the $55 to $80 range in 5 years?

您是否同意每千瓦時成本在 5 年內下降到 55 至 80 美元的預期？

And then lastly, in the context of what you said earlier, Jim, about allocating capital towards businesses that have strong returns, do you think that by 2025, you can achieve similar profitability and returns in EVs that you achieve in ICE?

最後，在您之前所說的背景下，吉姆，關於將資本分配給具有高回報的企業，您是否認為到 2025 年，您可以在電動汽車中實現與在 ICE 中實現的相似的盈利能力和回報？

Well, clearly, we need to see improvements in cost structure similar to what you've been talking about in that 55 to 80 kilowatt hour for the pack.

嗯，很明顯，我們需要看到成本結構的改進，類似於你在 55 到 80 千瓦時的電池組中所說的那樣。

And that's going to happen over time, and we definitely are pushing in that direction.

這會隨著時間的推移而發生，我們肯定會朝著這個方向努力。

And that's going to be required.

這將是必需的。

We're going to see the ICE and the BEV converge as they transition.

我們將看到 ICE 和 BEV 在過渡時會聚。

And yes, we do see them being profitable.

是的，我們確實看到它們是有利可圖的。

In fact, Mustang is profitable today, the Mach-E.

事實上，Mustang 今天是盈利的，Mach-E。

So it's going to transition over time.

所以它會隨著時間的推移而轉變。

We're deeply focused on driving that cost structure down on our BEV vehicles.

我們非常專注於降低 BEV 車輛的成本結構。

We're leaning into our strengths where we see some synergies and taking advantage of that.

我們正在發揮我們的優勢，我們看到一些協同效應並利用它。

So it's definitely a focus we have from a standpoint of the $22 billion commitment to EVs.

因此，從 220 億美元的電動汽車承諾的角度來看，這絕對是我們關注的焦點。

And as Jim said, as we lean into our strengths, we're focused on BEV.

正如吉姆所說，當我們發揮自己的優勢時，我們專注於 BEV。

We're focused on expanding that growth.

我們專注於擴大這種增長。

We're focused on the digital experience and the customer experience with those vehicles.

我們專注於這些車輛的數字體驗和客戶體驗。

And as that transition takes hold, over time, we're going after the larger segments, right?

隨著這種轉變的進行，隨著時間的推移，我們正在追求更大的細分市場，對吧？

These are segments that we lead in.

這些是我們領先的細分市場。

There's a strong customer base.

有強大的客戶基礎。

And with that, as Jim said, there's duty cycles, there's specific needs for these customers with these vehicles, and we're going to continue to work with them to give them the solutions they need from a battery electric standpoint.

正如吉姆所說，有工作週期，這些車輛對這些客戶有特定需求，我們將繼續與他們合作，從電池電力的角度為他們提供所需的解決方案。

But at this point, we're not going to guide on a number of volume and by when at this point.

但在這一點上，我們不打算在這一點上指導數量和時間。

And Rod, I think just to complement John, expect us to be a lot more specific in spring as we move on.

而羅德，我想只是為了補充約翰，希望我們在春季繼續前進時更加具體。

It's just -- this is not the right venue to go over specifics, but please rest assured, we are really excited to share all the specifics of our BEV plan.

只是 - 這不是討論細節的正確場所，但請放心，我們真的很高興能分享我們 BEV 計劃的所有細節。

We just want to give you an idea of how we're allocating the capital.

我們只想讓您了解我們如何分配資金。

And 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。

Just one question.

就一個問題。

You mentioned a couple of time the landscape is quite different now than when you first laid out that timeline for 8% EBIT margins.

您有幾次提到現在的情況與您第一次為 8% 的息稅前利潤率制定時間表時完全不同。

And now you're significantly stepping up the investment, which is objectively a good thing.

現在你正在顯著增加投資，客觀上這是一件好事。

So I know you're still targeting that level.

所以我知道你仍然瞄準那個水平。

But is the timeline shifting?

但時間線是否發生了變化？

Yes.

是的。

What I can say is that we are continuously putting pressure on ourselves to pull that timeline ahead as quickly as possible.

我能說的是，我們不斷給自己施加壓力，以盡快將時間表提前。

And so it is shifting.

所以它正在發生變化。

We're focused on it.

我們專注於它。

We're focused on improving the business as quickly as we can and continuing to invest in our growth areas.

我們專注於盡快改善業務，並繼續投資於我們的增長領域。

We see a stepped-up improvement in 2021.

我們看到 2021 年的情況會有所改善。

You saw that in the guidance and outside of the chip issue.

您在指導和芯片問題之外看到了這一點。

And we're going to continue to work that.

我們將繼續努力。

And as we do move closer to that 8% and we achieve those targets, we're generating good healthy free cash flows that we're going to invest in the business.

隨著我們確實接近 8% 並實現了這些目標，我們正在產生良好的健康自由現金流，我們將投資於業務。

So yes, we are putting tremendous pressure on the team to move that forward and achieve that as quickly as we can.

所以，是的，我們給團隊施加了巨大的壓力，讓他們向前推進並儘快實現這一目標。

And our next question will come from the line of Dan Levy with Crédit Suisse.

我們的下一個問題將來自瑞士信貸的 Dan Levy。

Jim, I'd like to ask a question on partnership because if we think about the tenure of Jim Hackett, it seems like one of the core focuses is really on building out partnerships, and I think we saw with VW, Mahindra, Zotye, Rivian.

吉姆，我想問一個關於夥伴關係的問題，因為如果我們考慮吉姆哈克特的任期，似乎核心重點之一就是建立夥伴關係，我想我們看到了大眾、馬恆達、眾泰，里維安。

But when we look at how things have played out in recent months, I know we've seen you terminate plans with Mahindra and Zotye.

但是，當我們查看最近幾個月的情況時，我知道我們已經看到您終止了與 Mahindra 和眾泰的計劃。

It seems like vehicle with Rivian has sort of been deemphasized.

似乎帶有 Rivian 的車輛已經被淡化了。

But on the flip side, we also see you forming this partnership with Google.

但另一方面，我們也看到您與 Google 建立了這種合作關係。

So wondering how you expect to use partnership as you're setting your agenda?

所以想知道在設置議程時如何使用合作夥伴關係？

And specifically, I'd be curious for that view as it relates to EV?

具體來說，我會對這種與電動汽車有關的觀點感到好奇嗎？

Thank you so much for your question.

非常感謝你的問題。

This is a fundamental approach that we all committed to and continue to be committed to.

這是我們所有人都承諾並將繼續承諾的基本方法。

We love what RJ is doing at Rivian.

我們喜歡 RJ 在 Rivian 所做的事情。

It's a strategic investment.

這是一項戰略投資。

It's not a transactional investment for this or that.

這不是這個或那個的交易投資。

And so we'll keep you updated.

因此，我們會及時通知您。

But that's a very fundamental bet, and it looks like the market is liking what he's doing, too, which is good for Ford.

但這是一個非常基本的賭注，看起來市場也喜歡他的所作所為，這對福特來說是件好事。

The partnership with Google is very fundamental.

與 Google 的合作關係非常重要。

It goes far beyond.

它遠遠超出。

We want our team working on things that will differentiate us.

我們希望我們的團隊致力於使我們與眾不同的事情。

Google has got a great platform for navigation and content delivery, and we can co-create on top of that.

谷歌有一個很棒的導航和內容交付平台，我們可以在此基礎上共同創造。

And their -- the system is great, but we're going to use Amazon Voice, and we're going to work hard with Apple on Power PLAY.

他們的系統很棒，但我們將使用 Amazon Voice，我們將在 Power PLAY 上與 Apple 一起努力。

And we're going to have a great relationship with Microsoft on commercial vehicles, which will tell you about some other day.

我們將與微軟在商用車方面建立良好的關係，這將在其他日子告訴你。

But our partnerships in the technology area, including the Chinese technology firms, is just going to get deeper and deeper and deeper.

但是我們在技術領域的合作，包括中國的科技公司，只會越來越深。

And as far as our relationships, our partnerships, they will change with electrification.

至於我們的關係，我們的伙伴關係，它們將隨著電氣化而改變。

And you should expect more work in that regard.

你應該期待在這方面做更多的工作。

Anyways, I don't think you're going to have to wait too long to hear more about that actually.

無論如何，我認為您實際上不必等待太久才能聽到更多信息。

So it's a fundamental approach.

所以這是一個基本的方法。

The technology partners are becoming more and more important for us to deliver that digital experience, but also to build the capability inside the company for large-scale AI/ML deployment to our industrial system, the customer experience, using the data off the vehicles for quality improvement.

技術合作夥伴對我們提供數字體驗變得越來越重要，同時也在公司內部建立能力，將大規模 AI/ML 部署到我們的工業系統，客戶體驗，使用來自車輛的數據質量改進。

And we don't have all the answers.

我們沒有所有的答案。

And these companies can really help us, and we can help them.

這些公司真的可以幫助我們，我們也可以幫助他們。

I hope that makes sense to you.

我希望這對你有意義。

Our next question is going to 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。

So one follow-up question on the increased spending in -- towards electrification.

因此，關於增加電氣化支出的後續問題。

I understand you're not prepared to give specifics, but directionally speaking, I'm curious if you can give us color on what you were trying to achieve with it.

我知道您不准備提供具體細節，但從方向上講，我很好奇您是否可以為我們嘗試用它實現的目標提供顏色。

I guess how will this be spent?

我想這將如何花費？

And what is the goal here?

這裡的目標是什麼？

Are you developing a dedicated, flexible architecture for all your electric vehicles?

您是否正在為所有電動汽車開發專用、靈活的架構？

Are you accelerating the rollout of electric vehicles?

您是否正在加速推出電動汽車？

I guess I'm just curious how this will be used.

我想我只是好奇這將如何使用。

And a point of clarification on this as well.

並對此進行澄清。

So your slides seemed to -- and your presentation implies that you will focus on the areas that -- where you lead all these pickups, do you feel these commercial vehicles seem to have some sort of commercial angle to it?

所以你的幻燈片似乎 - 你的演示文稿暗示你將專注於 - 你領導所有這些皮卡的領域，你覺得這些商用車似乎有某種商業角度嗎？

Will your electrification strategy be mostly aimed at commercial customers?

您的電氣化戰略是否主要針對商業客戶？

Or will you have also high-volume passenger vehicles?

或者您還會有大容量乘用車嗎？

So thank you for your question.

所以謝謝你的問題。

The answer is absolutely, this accelerated spending is on products and industrializing those products.

答案是肯定的，這種加速的支出是在產品上並將這些產品工業化。

And we recognize in the guidance for explaining that, that there's more spending to come on our battery vertical integration decisions.

我們在解釋這一點的指南中認識到，我們的電池垂直整合決策需要更多的支出。

We just don't have anything announced today.

我們今天沒有任何宣布。

We have -- I'm not going to get into it, but we have 2 battery electric dedicated platforms.

我們有 - 我不打算進入它，但我們有 2 個電池電動專用平台。

They will include high-volume passenger cars.

它們將包括大容量乘用車。

But as we've always said, we're going to invest in the segments where we're the strongest.

但正如我們一直說的那樣，我們將投資於我們最強大的領域。

And you can imagine what those nameplates are and what those segments are.

您可以想像這些銘牌是什麼以及這些細分市場是什麼。

And we will have a great lineup of commercial battery electric vehicles and as well, importantly for me, is the investment in the digital experiences and the physical services to make that work.

我們將擁有大量商用電池電動汽車，而且，對我而言，重要的是投資於數字體驗和實體服務以使其發揮作用。

We've learned over all these years that Ford's strength in commercial is far beyond the product.

這些年來，我們了解到福特在商業領域的實力遠遠超出了產品。

In fact, the product is often regulated to be defined as it is.

事實上，產品通常被規定為按原樣定義。

Our strength is our distribution network.

我們的優勢在於我們的分銷網絡。

Our ability to keep vehicles on the road, our upfitters, our bailment policies and all of those strengths will come to bear as we electrify those lineup.

我們保持車輛上路的能力、我們的裝修人員、我們的保釋政策以及所有這些優勢都將在我們使這些陣容電氣化時發揮作用。

And we have more ambitions as you can see with the FCS software business.

正如您在 FCS 軟件業務中看到的那樣，我們有更多的雄心壯志。

That business is growing very fast.

該業務增長非常快。

It's a telematics and commercial services business.

這是一個遠程信息處理和商業服務業務。

And that's a good example of the kind of investments we're making beyond the 4 walls of the product.

這是我們在產品的 4 面牆之外進行的投資的一個很好的例子。

So as we electrify, we're not just going to bring more products, we're going to get more digital, and we're going to get into physical services and digital services as well.

因此，當我們實現電氣化時，我們不僅要帶來更多產品，我們還將獲得更多數字化，我們還將涉足實體服務和數字服務。

But they'll be in the nameplates in the segments that we have a great reputation.

但它們將出現在我們享有盛譽的細分市場的銘牌上。

As John said, we have a good owner base.

正如約翰所說，我們擁有良好的業主基礎。

And our next question is going to come from the line of Adam Jonas with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的亞當喬納斯。

Jim, so first off, I just have to say the Mach-E kicks a**.

吉姆，所以首先，我不得不說馬赫-E 踢了一個**。

I've rolled up, and Lynn can tell you, she [shamed] me.

我捲了起來，林恩可以告訴你，她[羞辱]了我。

I rolled up in my Y. I spent a half hour in the thing, I got back in the Y and I have to admit I have some regrets.

我捲起我的Y。我在這件事上花了半個小時，我回到了Y，我不得不承認我有些遺憾。

I miss it.

我想念它。

This thing is going to sell super-fast, so bravo to the team.

這東西會賣得非常快，所以對團隊來說太棒了。

My question is on cell supply.

我的問題是關於電池供應。

What's your latest thinking on making your own cells or JV'ing with someone or pure outsourcing?

您對自己製造細胞或與某人合資或純粹外包的最新想法是什麼？

And I ask this, Jim, because as you can understand, many of us on this call, right, can see a situation where we have a potentially dramatic misalignment between -- basically where demand massively exceeds supply of cells, and this really could threaten the commercial targets of an OEM's EV volumes unless you get this sorted out.

我問這個，吉姆，因為正如你所理解的，我們中的許多人在這次電話會議上，對，可以看到我們之間存在潛在的戲劇性錯位 - 基本上是需求大大超過電池供應，這真的可能威脅到除非您對此進行了整理，否則 OEM 電動汽車數量的商業目標。

Please tell me.

請告訴我。

We don't have to wait until late spring for that.

我們不必等到春末。

But let me know where your head is.

但是讓我知道你的頭在哪裡。

All right.

好的。

Thank you.

謝謝你。

Appreciate the feedback on the product.

感謝對產品的反饋。

And to me, the real test for our fitness on Mach-E will be, as I said, how that product performs, its range, its capability, its quality a year or 2 for that same customer.

對我來說，正如我所說，對我們在 Mach-E 上的適應性的真正考驗將是該產品在一兩年內對同一客戶的性能、範圍、能力和質量。

It's got a lot of character.

它有很多特點。

It was a riot.

這是一場騷亂。

And I wasn't even driving the GT.

而且我什至沒有駕駛GT。

It was a lot of fun.

這很有趣。

Well, that's the key.

嗯，這就是關鍵。

I was just going to say where do you see the GT.

我只是想說你在哪裡看到GT。

Look, our first inning -- if this is a 9-inning ball game, our first inning, I think we played it about right, which is to buy the best technology at the lowest price out there during what you could argue in this first inning was an excess supply of batteries.

看，我們的第一局——如果這是一場 9 局的球賽，我們的第一局，我認為我們的打法是正確的，那就是在你可以爭論的第一局中以最低的價格購買最好的技術局是電池供應過剩。

But now the game is changing.

但現在遊戲正在改變。

And the next step is going to be a much more aggressive electrification plan and the subsequent impact on our battery strategy.

下一步將是一個更加激進的電氣化計劃，以及隨後對我們電池戰略的影響。

And we cannot afford to be in the situation we are with semiconductors right now, which is a good metaphor for what you're bringing up.

而且我們不能承受現在半導體的情況，這是對您提出的內容的一個很好的比喻。

So you can expect from Ford follow on this battery electric commitment, more news on our vertical integration plans.

因此，您可以期待福特繼續履行這一電池電力承諾，了解有關我們垂直整合計劃的更多消息。

And there are options.

並且有選擇。

We could do it ourselves.

我們可以自己做。

We can go to a JV.

我們可以去合資公司。

And as well out there not too far away is a solid-state technology moving very quickly.

同樣，在不遠的地方還有一項發展非常迅速的固態技術。

There's a lot of BEVs bets to be made.

有很多 BEV 賭注。

This company -- this team is in the midst of making those.

這家公司——這個團隊正在製作這些。

And we'll let you know as soon as we can.

我們會盡快通知您。

But we get it.

但我們明白了。

We want to lock it up.

我們想把它鎖起來。

We want to make sure it's not a constraint.

我們要確保它不是一個約束。

And we also want to pick the right technologies and the right partners at the right time and have the flexibility as well as the technology changes, like solid state.

我們還希望在正確的時間選擇正確的技術和正確的合作夥伴，並具有靈活性以及技術變化，例如固態。

I don't know, we can't give you a date right now whether that will be the spring or tomorrow, but please understand, we totally get to the issue and the opportunity.

我不知道，我們現在不能給你一個日期，無論是春天還是明天，但請理解，我們完全解決了問題和機會。

Our last question for the day will come from the line of Philippe Houchois with Jefferies.

我們今天的最後一個問題將來自 Philippe Houchois 與 Jefferies 的對話。

I've got 2 questions, one for Jim and one for John.

我有 2 個問題，一個給 Jim，一個給 John。

Jim, on this alliance with -- relationship with Google is interesting, and we had Renault do a similar arrangement 2 weeks ago in Europe.

吉姆，關於與穀歌的聯盟——與穀歌的關係很有趣，兩週前我們讓雷諾在歐洲做了類似的安排。

If I step back a few years ago, I remember Google being seen as the enemy and the company that car makers had to stay away from and avoid seeing Google getting to the car.

如果我幾年前退後一步，我記得谷歌被視為敵人和汽車製造商必須遠離的公司，並避免看到谷歌進入汽車。

What has changed?

發生了什麼變化？

Is it just simply that you looked at the cost of developing software and you feel like it's too complicated, too costly and then Google is a better solution to bring the connectivity to your customers?

您是否只是簡單地查看了開發軟件的成本，您覺得它太複雜、太昂貴，然後 Google 是一個更好的解決方案，可以為您的客戶帶來連接？

Or has the willingness to find commercial arrangements with Google improved in terms of revenue sharing, for example, that made working with Google maybe less threatening than it might have been a few years ago?

或者，在收益分享方面，與穀歌達成商業安排的意願是否有所提高，例如，這使得與穀歌合作的威脅可能比幾年前要小？

And then for John, I was just wondering, if -- you're the first OEM to give us some guidance on the impact of semiconductor shortage on earnings and I thank you for that.

然後對於約翰，我只是想知道，如果您是第一個就半導體短缺對收益的影響向我們提供一些指導的 OEM，我對此表示感謝。

I'm just trying to understand, you guide for the impact -- what the impact could be in the first half.

我只是想了解，你指導影響 - 上半年的影響可能是什麼。

Let's assume things normalize from the third quarter, how much of that negative impact in the first half would you be able to make up in the second half?

讓我們假設情況從第三季度開始恢復正常，上半年的負面影響有多少可以在下半年彌補？

Or should we think that there's a net loss that we should take into account into our earnings forecast based on what you've given in terms of guidance?

還是我們應該認為根據您在指導方面給出的內容，我們應該將淨虧損考慮到我們的盈利預測中？

So to be really direct about your question, probably 3 things really changed our mind -- or not changed our mind but got us to where we were.

所以要真正直接地回答你的問題，可能有 3 件事真的改變了我們的想法——或者沒有改變我們的想法，但讓我們走到了現在的位置。

First of all, it's not an exclusive relationship.

首先，這不是排他性的關係。

So we want CarPlay to work great in all of the vehicles.

所以我們希望 CarPlay 在所有車輛中都能正常工作。

We want Amazon voice products to work great in our vehicles.

我們希望亞馬遜語音產品在我們的車輛中發揮出色。

But the Google, 3 things really changed, to answer to your question, or evolved.

但是 Google，3 件事真的改變了，回答你的問題，或者進化了。

The first one was we just -- the money we were spending to keep competitive on a generic experience in the vehicle versus what they could offer in a stable, robust platform, the economics just work better.

第一個是我們只是——我們花在車輛通用體驗上保持競爭力的錢與他們在穩定、強大的平台上可以提供的錢相比，經濟效果更好。

And we could take our team and instead of doing generic capabilities, we could put them on really differentiation.

我們可以帶領我們的團隊，而不是做通用能力，我們可以讓他們真正與眾不同。

And we found that in Mach-E.

我們在 Mach-E 中發現了這一點。

If you use the Mach-E, we call, the Menlo Systems, we really started to understand that if we had a stable digital platform inside the vehicle, we could really out co-create and create better, deeper experiences for a Bronco customer or Mach-E or a commercial customer.

如果您使用我們稱之為 Menlo 系統的 Mach-E，我們真正開始明白，如果我們在車內擁有一個穩定的數字平台，我們就可以真正為 Bronco 客戶或Mach-E 或商業客戶。

So basically, it was their commitment to build and to dedicate resources to a really good digital ecosystem in the vehicle.

因此，基本上，他們承諾在車輛中建立一個非常好的數字生態系統並將資源投入其中。

The second one is that we really started to feel a lot more comfortable with our customers' data and how that would be protected.

第二個是我們真的開始對我們客戶的數據以及如何保護這些數據感到更加自在。

And that's really important.

這真的很重要。

Ford is a very trusted brand.

福特是一個非常值得信賴的品牌。

All the data will be held and managed by Ford.

所有數據將由福特持有和管理。

Google won't have access to the Ford customer data in the cloud.

谷歌將無法訪問云端的福特客戶數據。

The third thing was they're cloud.

第三件事是他們是雲。

We're trying to move our enterprise and a lot of our compute into the cloud very quickly for cost and capability.

我們正試圖將我們的企業和大量計算快速遷移到雲中，以提高成本和能力。

And we think their cloud is really competitive, so is Amazon, so is Microsoft.

我們認為他們的雲真的很有競爭力，亞馬遜也是，微軟也是。

But we also saw that they were willing to make a commitment on AI and ML.

但我們也看到他們願意在 AI 和 ML 上做出承諾。

We are already using AI and ML throughout our company, but we need to really accelerate that.

我們已經在整個公司中使用 AI 和 ML，但我們需要真正加快這一進程。

And they have real resources, and we're willing to make the commitment.

他們擁有真正的資源，我們願意做出承諾。

So those are kind of the things that really swayed us.

所以這些是真正影響我們的事情。

I hope that makes sense.

我希望這是有道理的。

But it's not necessarily exclusive, and we really are excited about the subscription business and digital experience that could come off of this and all the other bets we're making with the technology companies.

但這並不一定是獨家的，我們真的對訂閱業務和數字體驗感到興奮，這可能會產生這種情況以及我們與科技公司進行的所有其他賭注。

John?

約翰？

Yes.

是的。

So the scenario we laid out is based on the discussions we've been having with the supply base over the last couple of weeks, and it's very fluid.

因此，我們制定的方案是基於過去幾週我們與供應基地的討論，而且非常不穩定。

And we know that it's an industry impact.

我們知道這是一個行業影響。

And what we see is that we could lose between 10% and 20% of the planned first half production.

我們看到的是，我們可能會損失計劃的上半年產量的 10% 到 20%。

And so when you take that on an annual basis, the impact of that full year could be between $1 billion and $2.5 billion.

因此，如果按年計算，全年的影響可能在 10 億美元到 25 億美元之間。

And like we do and we did -- like we do and like we did with COVID, we've assumed in there some reasonable cost recoveries and our ability to recover some of the production in the second half.

就像我們所做的那樣 - 就像我們所做的那樣，就像我們對 COVID 所做的那樣，我們已經假設了一些合理的成本回收以及我們在下半年恢復部分生產的能力。

And so the net impact on the year would be between $1 billion and $2.5 billion, depending on where this falls out relative to the production disruption in the first half.

因此，對今年的淨影響將在 10 億美元至 25 億美元之間，具體取決於相對於上半年的生產中斷而言，這將落在哪裡。

And that's why we tried to frame it up to give a scenario around what it could be because it's very fluid right now.

這就是為什麼我們試圖構建它以給出一個可能的場景，因為它現在非常流暢。

And as we get through this quarter, in April, we'll be able to share more details.

隨著我們在四月份度過本季度，我們將能夠分享更多細節。

We think we'll have a lot more understanding of exactly how this is going to fall out.

我們認為我們將對這將如何發生有更多的了解。

At this time, we would like to thank you for dialing in for today's Ford Motor Company Fourth Quarter and Full Year 2020 Earnings Conference Call.

在這個時候，我們要感謝您撥入今天的福特汽車公司第四季度和 2020 年全年收益電話會議。

We appreciate your participation and ask that you please disconnect.

我們感謝您的參與，並要求您斷開連接。