福特汽車 (F) 2020 Q2 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 Sedarius, and I'll be your conference operator today.

我的名字是 Sedarius，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 Second Quarter 2020 Earnings Conference Call.

在這個時候，我想歡迎您參加福特汽車公司 2020 年第二季度收益電話會議。

(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。

Thank you, Sedarius.

謝謝你，塞達留斯。

Welcome, everyone, to Ford Motor Company's Second Quarter 2020 Earnings Call.

歡迎大家參加福特汽車公司 2020 年第二季度財報電話會議。

Presenting today are Jim Hackett, our President and CEO; and Tim Stone, our Chief Financial Officer.

今天的演講嘉賓是我們的總裁兼首席執行官 Jim Hackett；和我們的首席財務官 Tim Stone。

Also joining us today for Q&A are Jim Farley, Chief Operating Officer; and Marion Harris, CEO of Ford Credit.

今天也加入我們進行問答的還有首席運營官 Jim Farley；和福特信貸首席執行官馬里恩哈里斯。

Jim Hackett will begin with some color on the quarter, and then Tim will talk about our results in more depth, and then we'll turn to Q&A.

Jim Hackett 將從本季度的一些顏色開始，然後 Tim 將更深入地討論我們的結果，然後我們將轉向 Q&A。

Our results discussed today include some non-GAAP references.

我們今天討論的結果包括一些非 GAAP 參考。

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

這些與我們收益甲板附錄中最具可比性的美國公認會計原則衡量標準相一致，該附錄與我們的其他收益材料一起可在 sharepoint.ford.com 上找到。

Today's 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, and the most significant factors that could cause actual results to differ are included on Slide 23.

實際結果可能與所述結果不同，可能導致實際結果不同的最重要因素包含在幻燈片 23 中。

In addition, unless otherwise noted, all comparisons are year-over-year.

此外，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 on a volume-weighted basis.

公司息稅前利潤、每股收益和自由現金流為調整後的基礎，產品組合為體積加權基礎。

A quick update on 2 upcoming IR events.

快速更新 2 個即將舉行的 IR 活動。

First, on Monday, August 3, RBC will host a fireside chat with us: Tim Stone; Hau Thai-Tang, our Chief Product Development and Procurement Officer; and Gary Johnson, our Chief Manufacturing and Labor Affairs Officer, will participate.

首先，8 月 3 日星期一，RBC 將與我們進行爐邊談話：Tim Stone； Hau Thai-Tang，我們的首席產品開發和採購官；我們的首席製造和勞工事務官 Gary Johnson 將參加。

And then on Wednesday, August 15, Kumar Galhotra, President, Americas and International Markets Group, will participate in the Jefferies Industrial Conference.

然後在 8 月 15 日星期三，美洲和國際市場集團總裁 Kumar Galhotra 將參加 Jefferies 工業會議。

Now let me turn the call over to Jim Hackett.

現在讓我把電話轉給吉姆哈克特。

Thanks, Lynn, and hello to everyone.

謝謝，林恩，大家好。

In a moment, I will share with you how absolutely proud I am of the way our team has performed during the COVID pandemic, which, of course, has challenged every aspect of our business.

稍後，我將與您分享我對我們團隊在 COVID 大流行期間的表現感到非常自豪，這當然對我們業務的各個方面提出了挑戰。

But before I do, I don't want this moment to pass without giving some important perspective on where Ford Motor Company stands relative to racial justice.

但在我這樣做之前，我不想讓這一刻過去，而不是對福特汽車公司相對於種族正義的立場提出一些重要的看法。

I've been heartened, frankly, to see our industry, like other industries, step up in the aftermath of the killing of George Floyd.

坦率地說，我很高興看到我們的行業和其他行業一樣，在喬治·弗洛伊德被殺後挺身而出。

And of course, hand-in-hand with others, there's a deep outpouring of collective grief and frustration that moved us all very deeply.

當然，與其他人一起，集體的悲痛和挫敗感深深地傾瀉而出，深深地感動了我們所有人。

It was much more than a moment in time that will fade, but, rather, we must make it a turning point for our society.

這不僅僅是一個會消退的時刻，而是我們必須讓它成為我們社會的轉折點。

Ford is committed to leading from the front with action to enable social mobility and economic success in the African-American community, including programs in which the company has invested for more than a century.

福特致力於從前沿採取行動，在非裔美國人社區實現社會流動性和經濟成功，包括該公司一個多世紀以來投資的項目。

The Ford Motor Company Fund, in particular, invests in a broad range of initiatives addressing social justice, racism, inequality and economic opportunity, and we're looking forward to more opportunities to effect positive change.

福特汽車公司基金尤其投資於解決社會正義、種族主義、不平等和經濟機會的廣泛舉措，我們期待有更多機會實現積極變革。

In the past week since Mr. Floyd's death, I have met nightly with a small team of people to think as deeply as possible about what has not worked in the past that we need to address in the future.

在弗洛伊德先生去世後的過去一周裡，我每晚都會與一小群人會面，盡可能深入地思考過去沒有奏效的問題，我們需要在未來解決這些問題。

We've begun to map the experience of black lives at Ford and see areas where improvements and enhancement would go a long way to address many of the concerns that have been voiced.

我們已經開始繪製福特黑人生活的經歷，並看到改進和增強將大大有助於解決許多已表達的擔憂的領域。

Ford is committed to leading from the front and taking action, and the results will prove themselves over time.

福特致力於從前線領導並採取行動，隨著時間的推移，結果將證明自己。

This is deeply a part of our culture and history.

這是我們文化和歷史的一部分。

And the Ford Motor Company Fund, in particular, has invested over many decades at the ground level to address issues of social justice, racism, inequality and economic opportunity, and we look forward to sharing much more of this in the future.

尤其是福特汽車公司基金，數十年來一直在基層進行投資，以解決社會正義、種族主義、不平等和經濟機會等問題，我們期待在未來分享更多此類問題。

Okay.

好的。

So let me turn to the quarter, which I would summarize in 2 ways: first, strong execution in this challenging environment; and second, meaningful progress on our plan to create a vibrant Ford Motor Company with exciting products that people want and well positioned to capitalize on the new technology and trends that are transforming our industry.

因此，讓我轉向本季度，我將總結為兩種方式：第一，在這個充滿挑戰的環境中執行力強；其次，我們在創建一家充滿活力的福特汽車公司的計劃方面取得了有意義的進展，該公司擁有人們想要的令人興奮的產品，並且能夠充分利用正在改變我們行業的新技術和趨勢。

I couldn't be prouder, as I said, of the optimism and the effectiveness our team demonstrated managing through and beyond the COVID crisis.

正如我所說，我為我們的團隊在度過和超越 COVID 危機時表現出的樂觀態度和效率感到無比自豪。

From the start, I think Ford has distinguished itself on 3 principles: protecting our team and doing our part to limit the spread of the virus, safeguarding the health of our business and stepping up to build and supply much needed personal protective and health care equipment.

從一開始，我認為福特就在 3 項原則上脫穎而出：保護我們的團隊並儘自己的一份力量限制病毒的傳播，保障我們業務的健康，並加緊製造和供應急需的個人防護和醫療保健設備.

On all 3 counts, the team performed exceptionally well under difficult circumstances.

在所有三個方面，球隊在困難的情況下都表現得非常出色。

The strong execution enabled us to deliver much better financial results than we expected just 3 months ago.

強大的執行力使我們能夠提供比 3 個月前預期的更好的財務結果。

For example, our team did a fantastic job safely restarting production, and wholesale exceeded targets.

例如，我們的團隊在安全重啟生產方面做得非常出色，並且批發量超過了目標。

Frankly, our focus on safety enabled our efficient restart as we followed our return-to-work playbook very, very closely.

坦率地說，我們對安全的關注使我們能夠高效地重啟，因為我們非常非常密切地遵循我們的重返工作崗位手冊。

Our focus on safety also extended to our supply chain as we work directly with our suppliers and logistics providers to minimize disruption.

我們對安全的關注也延伸到我們的供應鏈，因為我們直接與供應商和物流供應商合作，以盡量減少中斷。

In addition, our team also worked hard on costs, including CapEx, which helped reduce losses and cash burn in the quarter, and these factors are what led to our outperformance.

此外，我們的團隊還在成本方面努力工作，包括資本支出，這有助於減少本季度的虧損和現金消耗，這些因素是我們表現優異的原因。

Another highlight of the quarter is our profitable commercial vehicle business.

本季度的另一個亮點是我們盈利的商用車業務。

It continues to gain share globally.

它繼續在全球範圍內獲得份額。

And Ford Credit, it remains a pillar of strength for our customers and it's a competitive advantage.

而福特信貸，它仍然是我們客戶的力量支柱，也是競爭優勢。

Overall, I'm proud to tell you that the balance sheet remains extremely solid and positions us to weather further disruptions and headwinds.

總的來說，我很自豪地告訴你，資產負債表仍然非常穩固，使我們能夠經受住進一步的干擾和逆風。

Tim will provide further details in a moment on the balance sheet.

蒂姆將在資產負債表上提供更多細節。

Importantly, this intense focus on managing through the crisis has not knocked us off our mission to author our own destiny and shape the future of Ford.

重要的是，這種對危機管理的高度關注並沒有讓我們放棄創造自己的命運和塑造福特未來的使命。

Since our last earnings call, we have revealed the all-new 2021 F-150 and our new Bronco family of vehicles.

自上次財報電話會議以來，我們已經發布了全新的 2021 F-150 和我們新的 Bronco 系列車輛。

These vehicles, along with upcoming Mustang Mach-E, represent Ford's modern product vision: highly desirable, iconic vehicles packed with innovation and human-centered design features.

這些車輛以及即將推出的 Mustang Mach-E 代表了福特的現代產品願景：極具吸引力的標誌性車輛，具有創新和以人為本的設計特徵。

And they're fully connected in ways that will enhance quality and constantly improving ownership experience through fast, over-the-air updates.

並且它們之間的完全連接方式將通過快速的無線更新來提高質量並不斷改善擁有體驗。

Let me give you some color on the F-150.

讓我給你一些關於 F-150 的顏色。

The all-new version we showed in June was born from decades of deep focus on what customers want and new human-centered design capabilities that helped us invent the unobvious features and capability customers will love and value.

我們在 6 月展示的全新版本源於數十年來對客戶需求的深入關注以及以人為本的新設計功能，這些功能幫助我們發明了客戶喜愛和重視的不明顯的功能和功能。

The new F-150 is packed with dozens of new innovative features and upgrades that we believe will make this the market-leading truck for 43 years, and that's an even stronger proposition for our customers.

新的 F-150 包含數十種新的創新功能和升級，我們相信這將使這款卡車成為市場領先的卡車 43 年，這對我們的客戶來說是一個更強大的主張。

We're in great shape to launch the new one -- the new F-150 on time and with high quality, which, of course, requires now changeover in our plants in Dearborn and Kansas City.

我們準備好按時推出高質量的新 F-150，當然，這需要我們在迪爾伯恩和堪薩斯城的工廠進行轉換。

Now the important sell-down of the current model is also going well, as demonstrated by great news in our market share.

現在，當前模型的重要銷售也進展順利，正如我們市場份額的好消息所證明的那樣。

For example, in the U.S., while sales declined, we performed better than the industry due in part to the strength from our trucks, that being the F-150 Ranger and our SUVs, Explorer and Lincoln Aviator and Corsair.

例如，在美國，雖然銷量下降，但我們的表現優於行業，部分原因在於我們的卡車（即 F-150 Ranger 和我們的 SUV、Explorer、Lincoln Aviator 和 Corsair）的實力。

Our total share was up 20 basis points in the quarter to 14.5%.

我們的總份額在本季度上升了 20 個基點，達到 14.5%。

And within that number, our retail share was up 120 basis points to 13.3% as F-Series gained 250 basis points of segment share to 33.3%.

在這個數字中，我們的零售份額上升了 120 個基點，達到 13.3%，而 F 系列的細分市場份額上升了 250 個基點，達到 33.3%。

Turning to the all-new Bronco.

轉向全新的 Bronco。

The outpouring of enthusiasm from the public and media after the reveal earlier this month, candidly, speaks for itself.

坦率地說，本月早些時候披露後公眾和媒體的熱情不言而喻。

Reservations for Bronco, well, they've surpassed even our most optimistic initial projections.

Bronco 的預訂量甚至超過了我們最樂觀的初步預測。

Our entire team, like the over 150,000 customers, who reserved one, are super excited about the Bronco.

我們的整個團隊，就像預訂了一個的超過 150,000 名客戶一樣，對 Bronco 感到非常興奮。

This family of vehicles has big upside potential in the growing off-road category, and this is a category where the leading OEM has not been seriously challenged until now.

該系列車輛在不斷增長的越野類別中具有巨大的上升潛力，而在這一類別中，領先的原始設備製造商直到現在還沒有受到嚴重挑戰。

And we have proven credibility in this off-road space with Raptor, in particular.

我們已經證明了在這個越野領域的可信度，尤其是猛禽。

And we are the #1 cross-shop brand for Jeep today.

今天，我們是 Jeep 的第一大跨店品牌。

Initial customer demand for Bronco is so high that we are actively working to increase our annual production right now.

最初客戶對 Bronco 的需求如此之高，以至於我們現在正在積極努力增加我們的年產量。

I also want to give you a quick personal story on the status of the Mach-E, which will go on sale later this year.

我還想給你一個關於 Mach-E 狀態的簡短個人故事，它將在今年晚些時候開始銷售。

I had an opportunity to drive an advanced prototype recently in Ann Arbor.

我最近有機會在安娜堡駕駛一輛先進的原型車。

The experience was just stunning from start to finish.

這種體驗從頭到尾都令人驚嘆。

When you sit in the driver's seat, everything's personalized.

當您坐在駕駛座上時，一切都是個性化的。

My profile automatically loaded into the Mach-E before I pressed the start button.

在我按下開始按鈕之前，我的配置文件自動加載到 Mach-E 中。

Seat position, screen colors, preferences, Apple CarPlay and Waze were seamlessly integrated into the SYNC 4 system.

座椅位置、屏幕顏色、偏好、Apple CarPlay 和 Waze 無縫集成到 SYNC 4 系統中。

I then set off on the drive in Whisper mode.

然後我在耳語模式下啟動了驅動器。

Now the drive was astonishingly smooth and powerful.

現在驅動器非常平穩和強大。

And I used the one-pedal driving system.

我使用了單踏板驅動系統。

Braking and battery regeneration were perfectly integrated.

制動和電池再生完美結合。

Then I did switch to Unbridled mode.

然後我確實切換到了無拘無束的模式。

You can see me smiling, and I can tell you the performance was pure Mustang, sure-footed and incredibly quick as I took curves.

你可以看到我在微笑，我可以告訴你，我的表現是純粹的野馬，我走彎道時腳步穩健且速度極快。

The experience was incredibly intuitive, and the cluster tells you exactly what you need to know with nothing extraneous.

這種體驗非常直觀，集群可以準確地告訴您您需要知道的內容，沒有任何多餘的東西。

Yes, I left with a big smile on my face because I know our customers will soon enjoy the same experience.

是的，我帶著燦爛的笑容離開了，因為我知道我們的客戶很快就會享受到同樣的體驗。

When I see these products come to life, I feel better and better about our decision to reallocate capital spending from sedans to trucks and commercial vehicles and SUVs.

當我看到這些產品投入使用時，我對我們將資本支出從轎車重新分配到卡車、商用車和 SUV 的決定感到越來越好。

It was controversial at the time.

這在當時是有爭議的。

It's paying off.

它正在得到回報。

And we have even more new products in the pipeline in areas where Ford is strong today and in white spaces where we can earn stronger returns and grow share.

在福特今天強大的領域以及我們可以獲得更高回報和擴大份額的空白領域，我們還有更多新產品正在籌備中。

Now these new products are critical to our target to reduce the age of our showroom in the U.S. by over 40% or more competitive 3.1 years by 2023.

現在，這些新產品對於我們的目標至關重要，即到 2023 年將我們在美國的陳列室的年齡減少 40% 以上或更具競爭力的 3.1 年。

OEMs really with the highest replacement rate and younger showroom age have generally gained market share profitably.

真正具有最高更換率和年輕展廳年齡的原始設備製造商普遍獲得了有利可圖的市場份額。

It's a good place to be in.

這是一個很好的地方。

By several third-party measurements, Ford brand reputation is improving as well, and we believe we have much more potential for improvement as we launch these new exciting products.

通過多項第三方測量，福特的品牌聲譽也在提高，我們相信隨著我們推出這些令人興奮的新產品，我們有更大的改進潛力。

I just want to take a moment and touch on our plan for electric vehicles.

我只想花點時間談談我們的電動汽車計劃。

We're about midway through our plan to invest more than $11.5 billion through 2022, and there'll be more after that with an increasing mix of spend on all-electric vehicles.

我們計劃到 2022 年投資超過 115 億美元的計劃即將進行到一半，之後隨著全電動汽車支出的增加，我們還會有更多投資。

We're bringing the power of choice to our customers with hybrids, plug-in hybrids and pure electric.

我們通過混合動力車、插電式混合動力車和純電動車為客戶提供首選動力。

By the fourth quarter, we'll have 15 electrified nameplates available to customers around the world, and nearly 10% of our wholesales will have come from some Ford -- form, excuse me, of electrification.

到第四季度，我們將為全球客戶提供 15 個電氣化銘牌，我們近 10% 的批發商將來自福特——對不起，是電氣化形式。

We're deploying this technology across our lineup and price points to bring improved capability, fuel economy and emissions to as many people as possible just as we did with our EcoBoost technology a decade ago.

我們在我們的產品陣容和價位上部署這項技術，以盡可能多地為更多人帶來性能、燃油經濟性和排放，就像我們十年前使用 EcoBoost 技術所做的那樣。

Nameplates that will follow our all-electric are the Territory in China, our Escape and Kuga plug-in hybrids, which offer an estimated 100 MPGe, and the F-150 PowerBoost hybrid, I just ordered one of these, as well as our Mustang Mach-E BEV.

將跟隨我們的全電動車型的銘牌是中國的領土，我們的 Escape 和 Kuga 插電式混合動力車，估計提供 100 MPGe，以及 F-150 PowerBoost 混合動力車，我剛訂購了其中一個，還有我們的野馬馬赫-E BEV。

These will be followed by an all-electric versions of our market-leading F-150 and Transit vans.

緊隨其後的是我們市場領先的 F-150 和 Transit 貨車的全電動版本。

Electric vehicles are also a big part of Lincoln's future, and you'll see this unfold in the months and years ahead.

電動汽車也是林肯未來的重要組成部分，您將在未來數月和數年內看到這一點。

As you know, in June, we finalized our strategic alliance with VW, which will accelerate execution of our commercial vehicle and electric vehicle strategy.

如您所知，我們在 6 月份與大眾完成了戰略聯盟，這將加速我們商用車和電動汽車戰略的執行。

This alliance also significantly strengthens Argo AI, which now combines unmatched expertise with the global reach of Ford and VW together.

該聯盟還顯著加強了 Argo AI，它現在將無與倫比的專業知識與福特和大眾的全球影響力結合在一起。

This positions Ford well as self-driving vehicles become a significant new source of revenue and profit in the years to come.

這使福特和自動駕駛汽車成為未來幾年重要的新收入和利潤來源。

The AV journey will be a long one, but Ford is now well positioned to run this race and compete like few others can.

自動駕駛汽車的旅程將是一段漫長的旅程，但福特現在已做好準備參加這場比賽並像其他人一樣競爭。

Finally, in a moment, Tim will provide an update on the progress of our global redesign.

最後，Tim 稍後將提供我們全球重新設計的最新進展。

We're aggressively reshaping our business and restructuring underperforming operations around the world, rationalizing our product portfolio to play to our strengths and attacking costs.

我們正在積極重塑我們的業務並重組全球表現不佳的業務，合理化我們的產品組合以發揮我們的優勢並降低成本。

Obviously, Ford isn't immune to the effect of the pandemic, including a new vehicle market that has been waylaid by the pandemic.

顯然，福特也不能倖免於大流行的影響，包括受到大流行影響的新車市場。

But we continue to manage through this crisis even as we continue to create a vibrant, profitably growing company, one that we're confident will win in an era of smart vehicles for a smart world.

但是，即使我們繼續創建一家充滿活力、盈利增長的公司，我們仍將繼續管理這場危機，我們相信這家公司將在智能汽車時代為智能世界贏得勝利。

With that, I'll turn it over to Tim for more color on the quarter and our expectations for the remainder of the year.

有了這個，我將把它交給蒂姆，以了解本季度的更多色彩以及我們對今年剩餘時間的預期。

Tim?

蒂姆？

Great.

偉大的。

Thanks, Jim.

謝謝，吉姆。

In addition to our operational execution this quarter, in the face of unprecedented industry headwinds, our results demonstrated progress as we fix areas of the business that have held us back in the past, including cost and launch execution, an acceleration in areas of strength like commercial vehicles and SUVs as well as newer capabilities like connectivity, tangible progress in electrification and autonomous vehicles, both essential to our long-term growth.

除了本季度的運營執行之外，面對前所未有的行業逆風，我們的業績證明了我們在修復過去阻礙我們的業務領域方面取得了進展，包括成本和啟動執行，在優勢領域的加速，如商用車和 SUV 以及更新的功能，如連接性、電氣化和自動駕駛汽車的切實進步，這對我們的長期增長至關重要。

And lastly, the favorable impact of our global redesign and a more focused portfolio of fresh products for customers.

最後，我們的全球重新設計和為客戶提供更集中的新鮮產品組合的有利影響。

We also demonstrated discipline in the management of our balance sheet and continue to maintain strong liquidity to ensure financial flexibility in these uncertain times.

我們還在資產負債表管理方面表現出紀律，並繼續保持強勁的流動性，以確保在這些不確定時期的財務靈活性。

We ended the quarter with over $39 billion in cash and liquidity, reflecting almost $10 billion of new debt in the quarter, including the $8 billion unsecured issuance we completed in April.

我們在本季度結束時擁有超過 390 億美元的現金和流動性，反映了本季度近 100 億美元的新債務，包括我們在 4 月完成的 80 億美元無擔保發行。

During the second quarter, our working capital dynamics played out, as we highlighted on our first quarter earnings call.

正如我們在第一季度財報電話會議上強調的那樣，在第二季度，我們的營運資金動態發揮了作用。

As production resumed in mid-May, our payables and cash balance recovered sharply.

隨著 5 月中旬恢復生產，我們的應付賬款和現金餘額急劇恢復。

The restoration of production payables will continue into the third quarter as we reach near full production in late June.

隨著我們在 6 月下旬接近滿負荷生產，生產應付賬款的恢復將持續到第三季度。

On July 27, we repaid $7.7 billion of our outstanding $15.4 billion corporate revolvers.

7 月 27 日，我們償還了 154 億美元的公司左輪手槍中的 77 億美元。

We also extended $4.8 billion of our lines of credit from April '22 to July '23.

我們還將 48 億美元的信貸額度從 22 年 4 月延長至 23 年 7 月。

Our current liquidity of almost $40 billion is sufficient to maintain or exceed our target cash balance of $20 billion through the second half of this year even if global demand declines or if there's another wave of COVID-related plant closures.

我們目前近 400 億美元的流動性足以維持或超過今年下半年 200 億美元的目標現金餘額，即使全球需求下降或出現另一波與 COVID 相關的工廠關閉。

Looking at our results in automotive, both wholesales and revenue were down due to the suspension in manufacturing.

從我們在汽車領域的業績來看，由於製造暫停，批發和收入均下降。

To give you some color on wholesales, earlier this year, pre-COVID, we expected wholesale units to be about 800,000 higher than the 645,000 we reported in the quarter.

為了給你一些關於批發的顏色，今年早些時候，在 COVID 之前，我們預計批發單位將比我們在本季度報告的 645,000 高出約 800,000。

Our decline in Automotive EBIT was driven by the decline in volume, but this was partially offset by over a $1 billion improvement in both net pricing and cost.

我們的汽車 EBIT 下降是由銷量下降推動的，但這部分被淨定價和成本提高 10 億美元以上所抵消。

The cost improvement was the net of 4 primary areas: lower structural costs due to suspended production and one-time cost actions like reduced marketing, both of which were partially offset by higher material costs for new products and regulatory compliance and higher warranty.

成本改善是四個主要方面的淨值：由於停產和一次性成本行動（如減少營銷）而降低的結構成本，這兩者都被新產品的材料成本和法規遵從性以及更高的保修期部分抵消。

We do expect warranty to be up for the year.

我們確實希望保修期能延長一年。

Looking at our business units in more detail.

更詳細地了解我們的業務部門。

North America was shut down for 6 weeks in the quarter, but like the other regions, manufacturing came up smoothly.

北美在本季度停產了 6 週，但與其他地區一樣，製造業發展順利。

In fact, North America was operating at about 95% of pre-COVID production levels by the end of the quarter.

事實上，到本季度末，北美的生產水平約為 COVID 之前的 95%。

In addition to the improvements in share that Jim mentioned, the North America team is laser-focused on minimizing the impacts of lower volume through the aggressive management of costs, including reducing facility costs, media spend and the elimination of all discretionary spending.

除了 Jim 提到的份額提高之外，北美團隊還專注於通過積極管理成本（包括降低設施成本、媒體支出和消除所有可自由支配的支出）來最大限度地減少銷量下降的影響。

The team also focused on yield management actions, which benefit both revenue and EBIT.

該團隊還專注於收益管理行動，這對收入和息稅前利潤都有好處。

In South America, our plants were mostly idled in the quarter.

在南美，我們的工廠在本季度大部分處於閒置狀態。

But as with North America, we brought production up efficiently.

但與北美一樣，我們有效地提高了產量。

Market share declined, largely driven by lower sales to rental companies and our global redesign actions last year to exit heavy trucks and unprofitable products, such as Fiesta and Focus.

市場份額下降，主要是由於對租賃公司的銷售額下降以及我們去年為退出重型卡車和非盈利產品（如嘉年華和福克斯）而採取的全球重新設計行動。

However, both Ranger and EcoSport did well as Ranger, the #2 midsized pickup globally, gained share.

然而，Ranger 和 EcoSport 的表現都不錯，全球排名第二的中型皮卡 Ranger 獲得了份額。

Relative to profitability, this was the third consecutive quarter of improving year-over-year results as we continue to hone our cost position, including lower headcount and improved mix.

相對於盈利能力，這是連續第三個季度實現同比增長，因為我們繼續磨練我們的成本狀況，包括減少員工人數和改善組合。

In Europe, all of our plants came up successfully by May 4. Profitability was favorably impacted by the benefits of our global redesign as well as our more focused approach on 3 customer segments: commercial vehicles, select passenger vehicles and imports.

在歐洲，我們所有的工廠都在 5 月 4 日之前成功投產。我們的全球重新設計帶來的好處以及我們更專注於 3 個客戶群的方法對盈利能力產生了有利影響：商用車、精選乘用車和進口車。

Relative to global redesign, we are on track to deliver by the end of this year roughly a $1 billion improvement in structural cost since the actions began during the third quarter of 2018.

相對於全球重新設計，自 2018 年第三季度開始採取行動以來，我們有望在今年年底前實現約 10 億美元的結構成本改善。

This includes 10,000 positions in Western Europe, of which 7,500 reductions have been completed and a reduction of over 2,000 positions in Europe.

其中包括西歐10,000個職位，其中7,500個已完成裁員，歐洲裁員2,000多個。

The balance of the positions in Western Europe will be eliminated by the end of this year.

西歐的頭寸餘額將在今年年底前消除。

We've also reduced costs by reducing our manufacturing footprint by 6 facilities down to a total of 17.

我們還通過將製造足跡減少了 6 個，減少到總共 17 個，從而降低了成本。

Our sharper focus on product strength allow us to extend our leadership in commercial vehicles as we reached 15.1% share in June, an increase of 220 basis points.

我們更加專注於產品實力，使我們能夠擴大我們在商用車領域的領先地位，我們在 6 月份達到 15.1% 的份額，增加了 220 個基點。

We are on track this year to meet the new CO2 regulatory requirements for both passenger and commercial vehicles, supported by our growing portfolio of electrified vehicles.

在我們不斷增長的電動汽車產品組合的支持下，我們今年有望滿足乘用車和商用車的新二氧化碳監管要求。

For example, in the first half of this year, our new Puma MHEV reached 80% mix, and Kuga PHEV and MHEV collectively reached 57% mix.

例如，今年上半年，我們新的彪馬MHEV混合比例達到了80%，而Kuga PHEV和MHEV合計達到了57%的混合比例。

And on the horizon, a BEV Transit will join our Transit family of ICE and hybrid powertrains.

BEV Transit 即將加入我們的 ICE 和混合動力系統 Transit 系列。

In China, the only region to post a gain in wholesales, wholesales were up double digits as we benefited from the newly launched Escape and Lincoln Corsair and strong commercial vehicle sales.

在中國是唯一一個批發量增長的地區，由於我們受益於新推出的 Escape 和 Lincoln Corsair 以及強勁的商用車銷售，批發量增長了兩位數。

Corsair, our first locally produced Lincoln product, contributed to a 12% increase in sales for Lincoln.

Corsair 是我們在本地生產的第一款林肯產品，為林肯的銷售額增長做出了 12% 的貢獻。

And the all-new locally produced Aviator is launching now.

全新的本地生產的 Aviator 現已推出。

China also posted its second consecutive quarter of share gain, up 20 basis points to 2.5%, its highest market share since the third quarter of 2018.

中國的市場份額也連續第二個季度增長，增長 20 個基點至 2.5%，為 2018 年第三季度以來的最高市場份額。

Our strength in commercial vehicles was supported by a 34% increase in sales at JMC, our JV partner, which gained 40 basis points of share.

我們在商用車領域的實力得益於我們的合資夥伴江鈴汽車的銷售額增長了 34%，該公司的份額增加了 40 個基點。

As with other regions, through cost discipline, China has done a great job mitigating the profit impact of COVID.

與其他地區一樣，通過成本紀律，中國在減輕 COVID 對利潤的影響方面做得很好。

China's focus on cash flow also delivered a step function change in working capital, driven by the benefits of localization as well as CapEx efficiencies.

在本地化優勢和資本支出效率的推動下，中國對現金流的關注也帶來了營運資本的階躍函數變化。

In Mobility, we continue to make investments to commercialize our autonomous vehicle business, including product development, engineering and testing.

在 Mobility 方面，我們繼續投資以將我們的自動駕駛汽車業務商業化，包括產品開發、工程和測試。

Our 6 test markets for Argo AI constitute what we believe is the largest, active, urban test footprint of any self-driving vehicle developer.

我們對 Argo AI 的 6 個測試市場構成了我們認為是所有自動駕駛汽車開發商中最大、活躍的城市測試足跡。

As Jim mentioned, in the quarter, we closed our new partnership with VW and Argo AI.

正如 Jim 所說，在本季度，我們與大眾和 Argo AI 結束了新的合作夥伴關係。

This generated a gain of $3.5 billion, which was recorded as a special item.

這產生了 35 億美元的收益，被記錄為特殊項目。

Argo AI, which is the self-driving system portion of our AV business, is now deconsolidated.

Argo AI 是我們 AV 業務的自動駕駛系統部分，現已分拆。

Despite the deconsolidation, we do expect our investment in AV, reflected in our consolidated Mobility results, to continue at similar levels for the reasons I noted earlier.

儘管分拆，但由於我之前提到的原因，我們確實預計我們對 AV 的投資（反映在我們的綜合 Mobility 結果中）將繼續保持相似水平。

In Mobility, we also continue to invest to build out capabilities in connected services, including our FordPass and Ford Commercial Solutions platforms.

在移動性方面，我們還繼續投資以增強互聯服務的能力，包括我們的 FordPass 和 Ford Commercial Solutions 平台。

In fact, we have centralized our enterprise connectivity team to accelerate the delivery of human-centered, connected experiences for our customers.

事實上，我們已經集中了我們的企業連接團隊，以加速為我們的客戶提供以人為本的連接體驗。

We expect this sharpened focus to also provide benefits to the enterprise through improved customer experience and quality.

我們希望這種更加突出的重點也將通過改善客戶體驗和質量為企業帶來好處。

Ford Credit delivered a strong, profitable quarter, demonstrating its uniquely compelling value for customers and competitive advantage.

福特信貸實現了強勁的盈利季度，展示了其為客戶提供的獨特而引人注目的價值和競爭優勢。

Our prudent actions in the first quarter ensured we were adequately reserved in light of the macro uncertainty created by COVID.

鑑於 COVID 造成的宏觀不確定性，我們在第一季度採取的謹慎行動確保我們有足夠的保留。

Portfolio performance was strong, and delinquencies and charge-offs were record low levels.

投資組合表現強勁，拖欠和沖銷均創歷史新低。

Ford Credit provided extensions to about 11% of U.S. customers through May, an unprecedented move.

福特信貸在 5 月份之前為約 11% 的美國客戶提供了延期服務，這是前所未有的舉措。

Over 90% of these customers have resumed payments without delinquency, and we're very pleased with the performance of this portfolio.

這些客戶中有超過 90% 已恢復付款而沒有拖欠，我們對該產品組合的表現感到非常滿意。

Lease share remained below industry average, and off-lease auction performance was better than expected, up 3% sequentially and down 2% year-over-year.

租賃份額仍低於行業平均水平，非租賃拍賣表現好於預期，環比增長 3%，同比下降 2%。

We began the quarter with closed auctions, growing inventory and falling prices.

我們在本季度開始時進行了封閉式拍賣、庫存增加和價格下跌。

However, in May, we saw a healthy recovery in auction volume and prices.

然而，在 5 月份，我們看到拍賣量和價格出現健康復蘇。

At present, we forecast lower auction values for the full year of about 5%, consistent with third-party estimates.

目前，我們預測全年拍賣價值下降約 5%，與第三方估計一致。

Now let me turn to guidance.

現在讓我轉向指導。

Guidance assumes no meaningful change to the current economic environment, continued steady improvement and the stability of the global automotive supply base and no further significant COVID-related disruptions to production or distribution.

指導假設當前經濟環境不會發生有意義的變化，全球汽車供應基礎持續穩定改善和穩定，並且不會對生產或分銷造成進一步的與 COVID 相關的重大中斷。

In the third quarter, we expect to be profitable with adjusted EBIT of $0.5 billion to $1.5 billion, reflecting the economic impact of COVID, weaker global demand for new vehicles, parts and services and lower profit from Ford Credit.

在第三季度，我們預計將實現盈利，調整後的息稅前利潤為 5 億美元至 15 億美元，這反映了 COVID 的經濟影響、全球對新車、零部件和服務的需求疲軟以及福特信貸的利潤下降。

Our recent practice has been to comment on the upcoming quarter only, but because of the significant launch activity in the fourth quarter, we thought some early color would be helpful.

我們最近的做法是僅對即將到來的季度發表評論，但由於第四季度的重大發布活動，我們認為一些早期的顏色會有所幫助。

We expect adjusted EBIT to be a loss in the fourth quarter, driven by the volume impact of the new F-150 launch, and lower ongoing industry volumes.

我們預計調整後的息稅前利潤將在第四季度出現虧損，這是由於新 F-150 推出的銷量影響以及持續的行業銷量下降。

Note that our major launches in North America have shifted to the fourth quarter, in line with our COVID-related production disruption.

請注意，我們在北美的主要發布已轉移到第四季度，這與我們與 COVID 相關的生產中斷一致。

We anticipate that downtime, changeover and ramp-up will reduce F-150 wholesale significantly in the quarter.

我們預計，停機時間、轉換和增產將在本季度顯著減少 F-150 的批發量。

This launch impact will more than offset the nonrecurrence of the 2019 UAW contract bonuses in the fourth quarter, which is worth roughly $600 million.

這一發布影響將抵消 2019 年第四季度 UAW 合同獎金的非重複性，該獎金價值約 6 億美元。

While the new Bronco Sport and Mustang Mach-E are also launching in the quarter, the limited level of wholesales will not have a material impact on our fourth quarter results.

雖然新的 Bronco Sport 和 Mustang Mach-E 也在本季度推出，但有限的批發水平不會對我們的第四季度業績產生重大影響。

We also expect lower Ford Credit profits in the fourth quarter versus last year.

我們還預計福特信貸第四季度的利潤將低於去年。

All that said, we expect adjusted EBIT to be a loss for the full year.

儘管如此，我們預計調整後的息稅前利潤將在全年出現虧損。

I'm optimistic that we're well positioned for what lies ahead and to deliver excellent products and services for our customers.

我很樂觀地認為，我們已經為未來做好準備，並為我們的客戶提供卓越的產品和服務。

With that, let me turn the call back to Jim for a few comments before we move to Q&A.

有了這個，在我們轉到問答環節之前，讓我把電話轉回給 Jim 發表一些評論。

Thanks, Tim.

謝謝，蒂姆。

Yes, just a few comments.

是的，只是一些評論。

I want to reinforce the following about the quarter and the second half of this year.

我想加強關於今年季度和下半年的以下內容。

In the face of unprecedented sector headwinds operationally, we maintained robust safety protocols and aggressively mitigated production losses while effectively navigating a tenuous supply base.

面對運營上前所未有的行業逆風，我們保持了穩健的安全協議，並在有效應對脆弱的供應基礎的同時，積極減少生產損失。

I mean, everything was in motion.

我的意思是，一切都在運動。

We are keenly focused on cost and cash discipline.

我們非常關注成本和現金紀律。

Jim Farley led an effort here that's just extraordinary.

吉姆法利在這裡領導了一項非同尋常的努力。

We're optimistic and ready for the production ramp-up of the F-150, the Mach-E, as you've heard, the Bronco Sport and Bronco, all with the spirit of high-quality and extreme focus on doing a great job there.

我們對 F-150、Mach-E、Bronco Sport 和 Bronco 的量產持樂觀態度並做好準備，所有這些都本著高品質的精神和極度專注於做偉大的事在那里工作。

We continue important investments.

我們繼續進行重要投資。

We didn't stop spending on the future, in commercial vehicles, AV, connectivity and electrification.

我們並沒有停止在商用車、AV、連接和電氣化方面的未來支出。

We did continue to implement our global redesign and portfolio refresh, and we have measurable results to show that this is going very well.

我們確實繼續實施我們的全球重新設計和產品組合更新，我們有可衡量的結果表明這進展順利。

And as you just heard from Tim, we did a great job of this.

正如您剛剛從蒂姆那裡聽到的那樣，我們在這方面做得很好。

We had a disciplined management of our balance sheet and an extremely strong liquidity position from all the actions we took earlier this year.

從今年早些時候採取的所有行動中，我們對資產負債表進行了嚴格的管理，並擁有極其強大的流動性頭寸。

This ensures our financial flexibility, particularly, as we know, in uncertain times.

這確保了我們的財務靈活性，尤其是在不確定時期。

So operator, with that, let's move to Q&A, please.

那麼運營商，請讓我們進入問答環節。

(Operator Instructions) Your first question comes from the line of John Murphy with Bank of America.

（操作員說明）您的第一個問題來自美國銀行的 John Murphy。

Just a first question, Tim.

只是第一個問題，蒂姆。

As we look at sort of the guidance you had given us on the second quarter, you kind of blew it out of the water here.

當我們看到你在第二季度給我們的指導時，你有點把它從水里吹出來了。

I mean, you're talking about a $5 billion-plus EBIT loss, and you came in well better than that.

我的意思是，你說的是超過 50 億美元的息稅前利潤損失，而你的表現要好得多。

I'm just curious.

我只是好奇。

What changed?

發生了什麼變化？

And what do you think the major factors are?

您認為主要因素是什麼？

And then also, I mean, if you think about price and cost, which seem to be 2 big levers, how sticky could those benefits be going forward?

然後，我的意思是，如果你考慮價格和成本，這似乎是兩個重要的槓桿，這些好處在未來會有多粘？

So really just what changed?

那麼，到底發生了什麼變化？

And how durable is the change?

這種變化有多持久？

Great.

偉大的。

Ultimately, the performance of the second quarter comes down to operational execution by the teams.

最終，第二季度的表現歸結為團隊的運營執行。

And if you look at our return to work, we did so not only safely, but production and our wholesales vehicle sales came with that and inventory management.

如果你看看我們的複工，我們不僅安全地這樣做了，而且生產和我們的批發汽車銷售也隨之而來，庫存管理也隨之而來。

Really strong performance by the teams.

球隊的表現真的很出色。

We were near full production by the end of the quarter and with greater cost reductions and cash reductions than we had anticipated initially as well, again, based on that keen focus on cost and cash.

到本季度末，我們已接近滿負荷生產，並且基於對成本和現金的高度關注，成本和現金減少也比我們最初預期的要大。

It was also a favorable pricing environment for products and mix.

這也是產品和組合的有利定價環境。

And then Ford Credit, the auction values and credit losses, the overall portfolio performance was strong.

然後是福特信貸，拍賣價值和信貸損失，整體投資組合表現強勁。

So I guess, at the end of the day, a strong execution.

所以我想，在一天結束時，執行力很強。

And the second part of your question, again, was -- as it relates to how much of that is going to prevail beyond the year?

你的問題的第二部分，再次，是 - 因為它涉及到今年以後有多少會佔上風？

Yes.

是的。

How sticky is that sort of that outperformance?

這種出色的表現有多粘人？

Because it does sound like a lot of it was micro, and, as you said, just execution.

因為聽起來確實很多都是微觀的，而且，正如你所說，只是執行。

I mean, do you think some of that was sort of transitory in response to sort of austerity measures?

我的意思是，你認為其中一些是對緊縮措施的回應嗎？

Or how sticky is this?

或者這有多粘？

I think the operational execution is something we pride ourselves on and expect to work really hard to make sure it's very sticky.

我認為運營執行是我們引以為豪的事情，並期望非常努力地工作以確保它非常具有粘性。

We've got a lot of work ahead of us, for sure, in the back half of the year with some really important launches in the fourth quarter and continue to drive improvements and to fix, accelerate and grow areas that we've talked about.

當然，在今年下半年，我們還有很多工作要做，第四季度有一些非常重要的發布，並繼續推動改進，修復、加速和發展我們討論過的領域.

But reflected in our guidance for profitability in the third quarter is that we're going to continue to operate in an operationally excellent manner.

但在我們對第三季度盈利能力的指導中反映的是，我們將繼續以出色的運營方式運營。

Okay.

好的。

And then just a second question.

然後只是第二個問題。

I think Jim Farley is on.

我認為吉姆法利在上。

When we look at the Bronco launch, a lot of hype around the truck, which is -- at least, from my opinion, is well deserved.

當我們看到 Bronco 的發佈時，卡車周圍有很多炒作，至少在我看來，這是當之無愧的。

A lot of excitement there around the Sport as well this year, but it seems like this is sort of the start of something much more than even just those 2 vehicles when you talk about the Bronco family.

今年圍繞這項運動也有很多令人興奮的事情，但當你談論 Bronco 家族時，這似乎不僅僅是那兩輛車的開始。

So just trying to understand, will we be looking at something 4, 5, 6 years down the line where there could be a portfolio of Bronco vehicles that mimics or mirrors sort of more what Jeep has?

因此，只是想了解一下，我們是否會在 4、5、6 年後看到可能出現模仿或反映更多 Jeep 的 Bronco 車輛組合？

I'm just trying to understand what the potential is above and beyond what we know at the moment, and it seems like there's a lot more on the horizon.

我只是想了解我們目前所知道的潛力是什麼，而且似乎還有更多的潛力。

Thanks, John.

謝謝，約翰。

As Jim and Tim mentioned, the Bronco reception has been very positive.

正如 Jim 和 Tim 所提到的，Bronco 的接待非常積極。

The reservation numbers are far beyond what we expected.

預訂人數遠遠超出我們的預期。

And these are 2 broad appeal nameplates in 3 body styles that we don't have in our portfolio today.

這些是我們今天的產品組合中沒有的 3 種車身樣式的 2 個廣泛吸引力的銘牌。

So we're not getting ahead of ourselves on Bronco.

所以我們在 Bronco 上並沒有超越自己。

We have a lot of work to do to launch these products, to do it with world-class quality.

為了推出這些產品，我們有很多工作要做，要以世界一流的品質來做。

And don't forget, our ambition is to launch over 200 accessories and really create a brand, a sub-brand within Ford like we have like F-Series.

別忘了，我們的目標是推出 200 多種配件，並真正創建一個品牌，一個福特內部的子品牌，就像我們擁有的 F 系列一樣。

So we have a lot to do, and that's what we're focused on.

所以我們有很多事情要做，這就是我們所關注的。

John, there is no shortage of great ideas for Broncos at Ford Motor Company, but we have a great foundation to start with, with these 3 body styles.

約翰，福特汽車公司的野馬隊不乏偉大的想法，但我們有一個很好的基礎開始，這三種車身風格。

I would expect Ford, like we've always done, like we've learned from F-Series over the years, decades, that we'll roll out a family of Broncos like we're doing in our own way, targeted to our own customers, where we see openings in the market for customers to be thrilled.

我希望福特，就像我們一直做的那樣，就像我們多年來從 F 系列學到的那樣，我們將推出一個野馬家族，就像我們以自己的方式做的那樣，針對我們的自己的客戶，我們看到市場上的機會讓客戶興奮不已。

And we do see that opportunity in the market.

我們確實在市場上看到了這個機會。

So I wouldn't hold ourselves or benchmark ourselves against another OEM.

因此，我不會以其他 OEM 為基準，也不會以自己為基準。

Our idea is to play to win by going after specific customers that are underserved.

我們的想法是通過追求服務不足的特定客戶來贏得勝利。

Your next question comes from the line of Emmanuel Rosner with Deutsche Bank.

您的下一個問題來自德意志銀行的 Emmanuel Rosner。

My first question is, I'm trying to understand a little bit better, how do you think about the rest of the year?

我的第一個問題是，我正在努力更好地理解，你如何看待今年剩下的時間？

When I look at your cost performance in the quarter, maybe on Slide 11, so $1.1 billion overall on net basis, but $1.8 billion qualified as structural.

當我查看您在本季度的成本績效時，可能是在幻燈片 11 上，因此總體淨額為 11 億美元，但 18 億美元符合結構性要求。

Any way to dimension for us how much of those structural costs are more temporary actions in the quarter when you had shutdowns for an extended period of time versus something that we could assume could continue on a year-over-year basis going forward?

有什麼方法可以為我們衡量這些結構性成本中有多少是本季度的臨時行動，當您長時間停工時，我們可以假設未來可能會繼續同比？

And then still about the rest of the year's outlook, any way for you to dimension for us the magnitude of the impact from the F-150 changeover either in terms of weeks of shutdown or units, anything that could be helpful to dimension it?

然後還是關於今年剩餘時間的展望，您有什麼方法可以為我們衡量 F-150 轉換的影響程度，無論是停工週數還是單位數量，有什麼有助於衡量它的嗎？

So Emmanuel, it's Jim Hackett.

所以伊曼紐爾，是吉姆哈克特。

I think I'm going to send that to Tim.

我想我要把它寄給蒂姆。

Yes.

是的。

Great.

偉大的。

Thanks, Jim.

謝謝，吉姆。

So as it relates to the cost actions we've been taking, we've been talking about, for some time now, is the focus on fitness and design of the business.

因此，由於它與我們一直在採取的成本行動有關，我們一直在談論，一段時間以來，關注的是業務的適應性和設計。

And so we're going to continue to be passionately focused on making sure the right design for the business and with fitness as a priority.

因此，我們將繼續熱情地專注於確保為企業提供正確的設計，並將健身作為優先事項。

And so, certainly, there are things that we appropriately undertook to preserve cash and reduce cost in response to the environment.

因此，當然，我們適當地採取了一些措施來保護現金並降低成本以應對環境。

But we're also looking at opportunities to learn from this and identify areas to further accelerate our fitness and redesign opportunities that are ahead.

但我們也在尋找從中學習的機會，並確定進一步加速我們的健身和重新設計未來機會的領域。

So that's really what I had to say in that.

所以這就是我要說的。

Otherwise, this is actually reflected in the guidance we have for the third and fourth quarters as we look out.

否則，這實際上反映在我們對第三和第四季度的指導中。

And on the third -- go ahead.

在第三個 - 繼續。

The second part was around the F-150 changeover.

第二部分是圍繞 F-150 的轉換。

Yes.

是的。

On the F-150 side, what we tried to do is characterize it as more impactful than the UAW launch essentially -- sorry, UAW contract bonuses of $600 million.

在 F-150 方面，我們試圖將其描述為本質上比 UAW 發射更具影響力——抱歉，UAW 合同獎金為 6 億美元。

So beyond that, there's not much more we can say.

所以除此之外，我們無話可說。

Certainly, when you have America's best-selling vehicle for 38 years and gaining share with F-Series in the quarter, you can see the popularity of that vehicle is quite meaningful to our overall business.

當然，當你擁有美國 38 年來最暢銷的汽車並在本季度獲得 F 系列的份額時，你可以看到該汽車的受歡迎程度對我們的整體業務非常有意義。

So ramp down and ramp back up with a successful launch will have a big impact on the quarter, which is why we're expecting to have a loss.

因此，成功推出後減速和加速將對本季度產生重大影響，這就是我們預計會出現虧損的原因。

Okay.

好的。

And then I was hoping to get, actually, a little bit more from your latest thoughts on the global redesign plan and the opportunity to use this industry downturn potentially to accelerate this.

然後，實際上，我希望從您對全球重新設計計劃的最新想法以及利用行業低迷可能加速這一進程的機會中獲得更多信息。

I guess, in terms of the -- I think you mentioned during the prepared remarks that you expect $1 billion of benefit by the end of the year.

我想，就 - 我想你在準備好的評論中提到你預計到今年年底將獲得 10 億美元的收益。

I wanted to just first understand on what basis that is.

我想首先了解這是什麼基礎。

Is it for 2020 versus 2019?

是 2020 年還是 2019 年？

Or is it since the beginning of the program?

還是從程序開始開始？

And how to think about the opportunity to accelerate it?

又該如何思考加速的機會呢？

What are your latest thoughts there?

你最近有什麼想法？

Yes.

是的。

So as it relates to the Europe comment, by the end of this year, we expect to have roughly $1 billion improvement in structural cost actions since the beginning of when it was announced in Q3 '18.

因此，與歐洲的評論有關，到今年年底，我們預計自 18 年第三季度宣布結構性成本行動以來，結構性成本行動將有大約 10 億美元的改善。

It's cumulative.

是累積的。

And that includes the reduction of the positions I mentioned, 10,000 positions in Western Europe, 7,500 of which have been completed already, as well as 2,000 positions in Russia as well as the reduction in manufacturing footprint by 6 facilities to a total of 17.

這包括減少我提到的職位，西歐的 10,000 個職位，其中 7,500 個已經完成，以及俄羅斯的 2,000 個職位，以及將製造足跡減少 6 個，總共 17 個。

So again, we're going to, just repeat what I said earlier, we're going to continue to look at opportunities to make sure we have the right design for the business as we look out at the opportunities ahead of us.

因此，我們將再次重複我之前所說的話，我們將繼續尋找機會，以確保我們在尋找我們面前的機會時為業務提供正確的設計。

And nothing incremental to announce at this moment.

目前沒有任何增量可以宣布。

But to date, we've incurred $3.9 billion of EBIT charges and $1.4 billion of cash.

但迄今為止，我們已經產生了 39 億美元的息稅前利潤和 14 億美元的現金。

So we got up to $7.1 billion to go in charges and up to $5.6 billion in cash.

因此，我們獲得了高達 71 億美元的收費和高達 56 億美元的現金。

And the other thing is, we continue to execute on the redesign of South America as well.

另一件事是，我們還將繼續執行南美的重新設計。

So nothing new to announce at this time, but we're keenly focused on it.

因此，目前沒有什麼新消息要宣布，但我們非常關注它。

Your next question comes from the line of Philippe Houchois with Jefferies.

您的下一個問題來自 Philippe Houchois 與 Jefferies 的對話。

I've got a couple of questions.

我有幾個問題。

One is, when I listen to you, Tim, about the Q4 guidance going back into loss because of launch costs, it seems like a lot of assumption's also a weaker Q4.

一個是，蒂姆，當我聽你說第四季度的指導由於發布成本而重新陷入虧損時，似乎很多假設也是第四季度的疲軟。

It seems like it's not set that you're definitely going back into loss.

似乎還沒有確定你肯定會重新陷入虧損。

A lot would depend potentially on the SAAR.

很大程度上可能取決於 SAAR。

I wonder if you can comment and give us some kind of guidance on the range of outcomes potentially.

我想知道您是否可以發表評論並就潛在的結果範圍給我們一些指導。

And my other question was also to you in terms of, you've done quite an impressive work in terms of protecting cash and also starting to deleverage the capital structure.

我的另一個問題也是對你而言，你在保護現金和開始去槓桿化資本結構方面做了相當出色的工作。

I couldn't help noticing your interest expense almost doubled in Q2.

我不禁注意到您的利息支出在第二季度幾乎翻了一番。

That was a point of discussion with a lot investors, the interest expense we put into earnings momentum.

這是與很多投資者討論的一個重點，即我們在盈利勢頭中投入的利息支出。

What are you doing?

你在做什麼？

And how quickly can you actually get the interest expense under control, so we can make sure we don't lose the operating leverage into the financial leverage?

你能多快真正控制利息支出，這樣我們才能確保我們不會將經營槓桿轉變為財務槓桿？

Great.

偉大的。

So let me start with the interest expense.

所以讓我從利息費用開始。

It has ticked up as we bolstered our balance sheet and ensure we have not only a strong cash position, a strong liquidity position, and it suits us very well.

隨著我們加強資產負債表並確保我們不僅擁有強大的現金頭寸和強大的流動性頭寸，而且它非常適合我們，它已經開始上漲。

And then as we looked out, we feel comfortable with our cash position and confident, such that we repaid roughly half of the outstanding revolvers that we drew down earlier this week.

然後，當我們向外看時，我們對自己的現金狀況感到滿意並且充滿信心，因此我們償還了本週早些時候提取的大約一半的未償左輪手槍。

And we'll continue to look at opportunities to repay additional debt, including revolvers, over time as the business performs.

隨著業務的發展，隨著時間的推移，我們將繼續尋找償還額外債務的機會，包括左輪手槍。

And we don't have anything to announce at this time, but, certainly, we'll be looking at opportunities to reduce interest expense and delever the balance sheet in that way.

我們目前沒有任何要宣布的事情，但是，當然，我們會尋找機會以這種方式減少利息支出並去槓桿化資產負債表。

Bear in mind, as the debt levels come down, of course, we have the $40 billion of liquidity as we repaid a lot of the credit.

請記住，隨著債務水平的下降，我們當然擁有 400 億美元的流動性，因為我們償還了很多信貸。

So I feel, as I said, comfortable with our cash and liquidity position.

因此，正如我所說，我對我們的現金和流動性狀況感到滿意。

The interest expense for the back half of the year, you can assume roughly $0.5 billion per quarter, will be a reasonable expectation.

今年下半年的利息支出，您可以假設每季度大約 5 億美元，將是一個合理的預期。

And then your question on SAAR.

然後是關於 SAAR 的問題。

Year-to-date, SAAR is about 13.4 million units in the first half, and we see this improving throughout the year.

年初至今，SAAR 在上半年約為 1340 萬台，我們看到這一情況全年都在改善。

And beyond that, I think we'll add more color as the year progresses, but we do see, again, an opportunity for it to improve as the year progresses.

除此之外，我認為隨著時間的推移，我們會增加更多的顏色，但我們確實看到了，隨著時間的推移，它有機會改進。

Your next question comes from the line of Rod Lache with Wolfe Research.

您的下一個問題來自 Wolfe Research 的 Rod Lache。

I was hoping just to revisit that question about costs.

我希望只是重新審視這個關於成本的問題。

That $1 billion of Europe savings is obviously a big number.

10 億美元的歐洲儲蓄顯然是一個很大的數字。

But when I look at Slide 11, on the bridge in Europe and I look at costs, I see 0. And I'm assuming that, that's because your variable costs, mostly regulatory, is offsetting your structural cost savings.

但是，當我查看幻燈片 11，在歐洲的橋樑上查看成本時，我看到的是 0。我假設這是因為您的可變成本（主要是監管成本）正在抵消您的結構性成本節省。

So just taking a higher-level look, the question about the $1.8 billion of structural costs, and people are wondering whether that there's some significant proportion of that, that could be permanent or some of it may be shifting from the first half to second half or coming back, is there a risk here that the structural costs kind of go away, but the variable cost inflation that we see, like material, freight, warranty, that kind of stays?

因此，只是從更高的層面來看，關於 18 億美元結構成本的問題，人們想知道其中是否有很大一部分可能是永久性的，或者其中一些可能會從上半年轉移到下半年或者回來，這裡是否存在結構性成本消失的風險，但我們看到的可變成本膨脹，如材料、運費、保修等，這種風險仍然存在？

Yes.

是的。

I guess what I'd say is, the team has been very focused on opportunities, not just during this time of COVID crisis, but before that, to get more fit and improve our cost structure.

我想我想說的是，團隊一直非常關注機會，不僅在 COVID 危機期間，而且在此之前，為了更加適應和改善我們的成本結構。

You're seeing that in our underlying results entering into the crisis.

你在我們進入危機的基本結果中看到了這一點。

With the crisis, we've had an opportunity to further reassess how we work, what opportunities we have in our cost structure, to demonstrate it to ourselves, we can take swift action.

在這場危機中，我們有機會進一步重新評估我們的工作方式，我們的成本結構中有哪些機會，向自己展示它，我們可以迅速採取行動。

And the team -- again, the teams around the world have done a great job in all areas.

還有團隊——同樣，世界各地的團隊在所有領域都做得很好。

We're certainly mindful of what you're suggesting that these costs come back in the cost structure in ways that are unwelcome.

我們當然注意到您的建議，即這些成本以不受歡迎的方式回到成本結構中。

But we're going to do everything we can to make sure that -- well, it's certain if they're volume-related costs, but that we're going to get more and more fit over time.

但我們將盡我們所能確保——嗯，如果它們是與數量相關的成本是肯定的，但隨著時間的推移，我們會變得越來越健康。

Okay.

好的。

And just a question on the launches that you're talking about.

只是關於您正在談論的發布的問題。

You talked about the disruption, but, obviously, there's some pretty big benefits potentially next year.

你談到了顛覆，但顯然，明年可能會有一些相當大的好處。

I was hoping you might just talk specifically about F-150 and what it would take to put that into the positive bucket.

我希望你能具體談談 F-150 以及將它放入積極的桶中需要什麼。

Do you need a significant amount of pricing to offset higher variable costs there?

您是否需要大量定價來抵消那裡較高的可變成本？

And on the Bronco, is it conceivable that you could produce 150,000 units a year there?

在 Bronco 上，您是否可以想像在那裡每年可以生產 150,000 輛？

Or is that just beyond the capability or the scope of what's possible?

或者這只是超出了能力或可能的範圍？

So Rod, it's Jim Hackett.

所以羅德，是吉姆哈克特。

I'm going to ask Jim.

我要去問吉姆。

Can you imagine the calls we've gotten, Rod, about how many can you make?

你能想像我們接到的電話嗎，羅德，你能打多少電話？

So he's been working on that day and night.

所以他一直在那個日夜工作。

So I'll give him that in just a second.

所以我馬上就給他。

But I want to make sure I'm tracking with you on Europe in the sense that you understand that structural cost effort ahead of the pandemic looks to be really prescient, doesn't it?

但我想確保我正在與你一起追踪歐洲，因為你明白在大流行之前的結構性成本努力看起來真的很有先見之明，不是嗎？

And the absorption there without the volume is because of the effort that these guys have put forth.

沒有音量的吸收是因為這些人付出的努力。

So I'm not worried that, as you just portrayed, that there's a variable cost kind of avalanche that smothers us.

所以我並不擔心，正如你剛才所描述的那樣，有一種可變成本的雪崩會讓我們窒息。

I don't think that's going to happen right now.

我不認為現在會發生這種情況。

We're not anticipating a big inflation, for example.

例如，我們預計不會出現大通脹。

In fact, suppliers, you know, are all trying to get back up to levels of efficiency where we start to enjoy some savings.

事實上，供應商，你知道，都在努力恢復到我們開始享受一些節省的效率水平。

So I just want to add that color to the way I think about variable costs.

因此，我只想將這種顏色添加到我對可變成本的思考方式中。

I understand why you were looking at the forecast, but just step back and think about that.

我理解您為什麼要查看預測，但請退後一步考慮一下。

But Jim, do you want to talk about the Bronco great news and the challenge?

但是吉姆，你想談談野馬隊的好消息和挑戰嗎？

Yes.

是的。

Thanks, Jim.

謝謝，吉姆。

Rob, so MAP, right down the street from our Dearborn headquarters, is where we will make Bronco, as you know, in North America, and then the Bronco Sport down in Mexico.

Rob，所以 MAP，就在我們迪爾伯恩總部的街道上，是我們將在北美製造 Bronco，然後在墨西哥製造 Bronco Sport 的地方。

As far as the Bronco that we've received, over 100,000 reservations, that operation's on a 2-shift pattern.

就我們收到的 Bronco 而言，超過 100,000 份預訂，該操作採用 2 班制模式。

So we have some upside.

所以我們有一些好處。

We have a lot of work to do because these are reservations, not orders yet.

我們有很多工作要做，因為這些是預訂，而不是訂單。

So we have a lot of work to do to verify that.

所以我們有很多工作要做來驗證這一點。

The mix is great and the enthusiasm, and we still continue to get lots of reservations.

組合很棒，熱情很高，我們仍然繼續收到很多預訂。

So the team has multiple capacity studies.

因此，該團隊進行了多項能力研究。

We do have some opportunity.

我們確實有一些機會。

It would commit to another shift, which is a big deal for us, as you can imagine.

正如你可以想像的那樣，它將促成另一個轉變，這對我們來說意義重大。

But obviously, the reception's been really positive and looks sustained now.

但很明顯，接待非常積極，現在看起來很持續。

On F-150, we're in the prototype build, both in Kentucky and in Dearborn.

在 F-150 上，我們在肯塔基州和迪爾伯恩都處於原型製造階段。

Looks great.

看起來很棒。

We're on plan with the supplier readiness, manufacturer readiness and all the software.

我們正在計劃供應商準備、製造商準備和所有軟件。

Obviously, this is a big milestone for OTA and a lot of software for us.

顯然，這對於 OTA 和我們的很多軟件來說都是一個重要的里程碑。

So it's an important deliverable for the team.

因此，這對團隊來說是一個重要的可交付成果。

And we have a long way to go on the F-150 launch, but the team's made great progress.

F-150 的發射還有很長的路要走，但團隊取得了長足的進步。

We're finding issues and addressing them immediately.

我們正在發現問題並立即解決。

So we're feeling like I would portray it as on plan.

所以我們覺得我會把它描繪成計劃中的。

And yes, there's upside for Bronco.

是的，Bronco 有好處。

Your next question comes from the line of Joseph Spak with RBC.

您的下一個問題來自於 RBC 的 Joseph Spak。

Tim, maybe I'll ask about the second half guidance this way.

蒂姆，也許我會這樣問下半場的指導。

If there wasn't a program delay, would you have basically issued the same guidance, just the cadence have been a little bit different?

如果沒有節目延遲，你會不會基本上發布相同的指導，只是節奏有點不同？

It's hard for me to undo what's happened over the past few months.

我很難撤銷過去幾個月發生的事情。

The delays that we're having are commensurate with what happened as a result of the production shutdown, and the teams throughout that time frame did a great job getting us ready for launch.

我們遇到的延遲與停產導致的情況相稱，整個時間範圍內的團隊都在為我們的發布做好準備方面做得很好。

So I think the back -- if you look at the back half of the year in aggregate, we're essentially guiding to less than $0.5 billion to $1.5 billion of profit.

所以我認為後面 - 如果你看一下今年下半年的總體情況，我們基本上指導不到 5 億美元到 15 億美元的利潤。

And certainly, there's been a shift to the fourth quarter as a result of those launch delays and the big impact of F-150 being in the fourth quarter.

當然，由於這些發射延遲和 F-150 在第四季度的巨大影響，已經轉向第四季度。

Okay.

好的。

And then maybe just on cash flow and the balance sheet.

然後可能只是現金流和資產負債表。

So you paid back part of the revolver.

所以你償還了左輪手槍的一部分。

If we pro forma that for the June cash and debt levels you indicated, you're sort of back to the December net cash levels, but then you do have at least some losses, right, in the fourth quarter or there's more CapEx.

如果我們對您所指出的 6 月份現金和債務水平進行預估，那麼您將恢復到 12 月份的淨現金水平，但是您確實至少有一些損失，對，在第四季度或者有更多的資本支出。

There's a little bit more redesign cash this year, and I still think more beyond this year.

今年有更多的重新設計現金，我仍然認為今年以後會更多。

So I don't -- I know you sort of usually talk about liquidity, not necessarily sort of net automotive cash or debt, but how do you see that sort of playing out?

所以我不 - 我知道你通常會談論流動性，不一定是汽車淨現金或債務，但你如何看待這種情況？

How do you see the balance sheet sort of playing out over the next couple of years?

您如何看待未來幾年的資產負債表？

Because there still are some calls on the cash, it would seem.

因為仍然有一些現金要求，看起來。

Yes.

是的。

I mean, first, I want to emphasize, for the third quarter, we expect cash flow to be higher than EBIT, and the fourth quarter would be lower due to the timing of the working capital associated with the launches and the seasonal effects.

我的意思是，首先，我想強調，對於第三季度，我們預計現金流量將高於息稅前利潤，而由於與發布相關的營運資金的時間安排和季節性影響，第四季度會更低。

As you look further out, from a liquidity standpoint, we have, of course, confidence in our ability to repay the debt that we have.

當您進一步觀察時，從流動性的角度來看，我們當然對我們償還債務的能力充滿信心。

We have net debt of roughly equal to cash.

我們的淨債務大致等於現金。

And what we said was that, even in scenarios where we have COVID-related plant closures again and/or demand declines that we have $20 billion or more in cash.

我們所說的是，即使在我們再次關閉與 COVID 相關的工廠和/或需求下降的情況下，我們也有 200 億美元或更多的現金。

So certainly, our base expectation is for more than that.

所以當然，我們的基本期望不止於此。

And as we look out to the future, we're focused on optimizing our free cash flow, driving toward our long-term margin opportunities.

當我們展望未來時，我們專注於優化我們的自由現金流，推動我們的長期利潤機會。

And with that will come even greater cash and liquidity opportunities for us to consider not only paying down lines of credit, of course, but repaying debt, reinstating the dividend and anti-dilutive share repurchases as well.

隨之而來的是更大的現金和流動性機會，我們不僅可以考慮支付信貸額度，當然還可以考慮償還債務、恢復股息和反稀釋性股票回購。

Your next question comes from the line of Adam Jonas with Morgan Stanley.

您的下一個問題來自摩根士丹利的亞當喬納斯。

My first question is on EV batteries.

我的第一個問題是關於電動汽車電池。

It's kind of a question about make versus buy.

這是一個關於製造與購買的問題。

So GM is making their own batteries with a joint venture in Ohio with LG.

因此，通用汽車正在與 LG 在俄亥俄州的一家合資企業生產自己的電池。

You're not going that route in terms of owning the physical plant capacity.

就擁有物理工廠產能而言，您不會走這條路。

What drives that thinking?

是什麼驅動了這種想法？

And specifically, there's a lot of options.

具體來說，有很多選擇。

And this isn't the only one, but Elon Musk has offered to sell batteries or like EV powertrain skateboards to other OEMS.

這不是唯一一個，但埃隆馬斯克已經提出向其他 OEM 出售電池或類似 EV 動力總成滑板。

Would you consider doing that?

你會考慮這樣做嗎？

Adam, it's Jim.

亞當，是吉姆。

Thank you.

謝謝你。

It's a question that when maybe a year ago, we started to see lines starting to arrange around make versus buy, own versus source.

這是一個問題，也許一年前，我們開始看到生產線開始圍繞製造與購買、自有與來源進行排列。

So we had a deep discussion about this.

所以我們對此進行了深入的討論。

I've met with a number of the people that you know that are in the supply side of this.

我見過一些你認識的人，他們都在這方面的供應方面。

And it was our estimation, in fact, our whole team went through a really deep dive on this 6 months ago, that the supply chain has ramped up since Elon built his Gigafactory.

事實上，我們的估計是，我們整個團隊在 6 個月前對此進行了非常深入的研究，自 Elon 建立他的 Gigafactory 以來，供應鏈已經加速發展。

And so there's plenty there that does not warrant us to migrate our capital into owning our own factory.

因此，有很多東西不能保證我們將資本轉移到擁有自己的工廠。

There's no advantage in the ownership in terms of cost or sourcing as what Ford can draw on.

福特可以利用的所有權在成本或採購方面沒有優勢。

So I just can confirm to you that it actually works.

所以我可以向你確認它確實有效。

It works for us to go the path we are.

它適合我們走我們現在的道路。

Now with that said, there's some challenges that are in that supply chain between themselves.

話雖如此，他們之間的供應鏈中存在一些挑戰。

There's some litigation that's going on.

有一些訴訟正在進行中。

We're hopeful that, that gets settled quickly.

我們希望這能很快得到解決。

It really doesn't matter to us how it gets settled, but it may -- it confuses some of the suppliers about their investments in some of their plants here in the United States, which is another way of saying, the way the USMCA would benefit as intended is to have these factories be built in the United States for supply of batteries.

如何解決對我們來說真的無關緊要，但它可能會讓一些供應商對他們在美國的一些工廠的投資感到困惑，這是另一種說法，USMCA 的方式預期的好處是在美國建造這些工廠以供應電池。

And so we're well positioned believing that will happen.

因此，我們處於有利位置，相信這會發生。

And then I got a follow-up for Jim Farley.

然後我得到了吉姆法利的跟進。

Jim, if -- and I'm asking you specifically just because you're kind of -- I'll still consider you new in your role, your new role.

吉姆，如果——我特別問你只是因為你有點——我仍然會認為你是新角色，你的新角色。

If you think 3 years out, how different -- how radically different is Ford Motor Company 3 years from now versus today?

如果你想想 3 年後，福特汽車公司 3 年後與今天有多大不同？

Kind you kind of -- what are some of the big, big changes, not the subtle stuff, the major stuff, that you want to highlight to folks on this call tonight?

好心人——你想在今晚的電話會議上向人們強調哪些重大的、重大的變化，而不是微妙的東西，主要的東西？

Thanks, Adam.

謝謝，亞當。

Yes.

是的。

I would say -- I would characterize Ford's transformation as, we know what we're really good at, and we have tremendous opportunity to grow in those areas.

我會說 - 我會將福特的轉型描述為，我們知道自己真正擅長什麼，並且我們在這些領域擁有巨大的發展機會。

And commercial's a great example.

商業就是一個很好的例子。

It took us decades to build the commercial ecosystem we have today, the exclusive distribution, bailment, upfitters, deep relationship with customers, real deep know-how in the company.

我們花了幾十年的時間來建立我們今天擁有的商業生態系統，獨家分銷、委託、裝修、與客戶的深厚關係，以及公司真正深厚的專業知識。

As we look forward in the next 3 to 5 years, you can expect Ford's commercial business to change a lot.

展望未來 3 到 5 年，您可以期待福特的商業業務發生很大變化。

And part of that is cooperation with Volkswagen in places like Europe, but other parts will be the e-mobility transformation of commercial.

其中一部分是與大眾汽車在歐洲等地的合作，但其他部分將是商業的電動汽車轉型。

So I would say, Adam, you can expect Ford's transformation to be in the areas that we're already really good at.

所以我想說，亞當，你可以期待福特的轉型是在我們已經非常擅長的領域。

We have capability, and that we're humbly approaching the business model and the ecosystem build-out for those new growth opportunities with a fresh set of eyes.

我們有能力，並且我們正以全新的眼光謙虛地接近商業模式和生態系統的構建，以應對那些新的增長機會。

And just like we did decades ago when we built these businesses like commercial and a tremendous opportunity for value creation and for our customers, especially, I think that gives you a good taste for how we see things as well as a much tighter geographic profile.

就像我們幾十年前所做的那樣，當我們建立這些業務時，比如商業和創造價值的巨大機會，特別是為我們的客戶，我認為這讓你對我們看待事物的方式以及更緊密的地理概況有了很好的了解。

Your next question comes from the line of Dan Levy with Crédit Suisse.

您的下一個問題來自瑞士信貸的 Dan Levy。

I wanted to start with a question on Bronco here.

我想從這里關於 Bronco 的問題開始。

And I know you don't disclose your exact variable profit per unit, but maybe if you could just give us a sense from the perspective of variable profit per unit, how we should think of where Bronco potentially could stack up versus other vehicles in the Ford lineup.

而且我知道你沒有透露你確切的單位可變利潤，但也許如果你能從單位可變利潤的角度給我們一個感覺，我們應該如何考慮 Bronco 與其他車輛相比可能在哪裡堆積福特陣容。

Obviously, it's not going to be at the level of F-Series or I would think that to be the case.

顯然，它不會達到 F 系列的水平，或者我認為是這樣。

But I would venture to guess, though, that it could be right up there, maybe above an Explorer or just below an Expedition or Navigator.

但我大膽猜測，它可能就在上面，可能在探索者的上方，或者就在遠征隊或導航者的下方。

Just give us some sense of, from a profit per unit standpoint, how we should be thinking about Bronco and the opportunities.

從單位利潤的角度來看，讓我們了解一下我們應該如何看待 Bronco 和機遇。

We know that your competitor in this area is doing quite well in that product.

我們知道您在該領域的競爭對手在該產品上做得很好。

Yes.

是的。

So my first reaction, I think, thank god we made the decision, right?

所以我的第一反應，我想，感謝上帝，我們做出了決定，對吧？

Because you know what?

因為你知道嗎？

It replaced in the facility where we're making it some of the sedans weren't making money.

它在我們製造它的設施中取代了一些轎車不賺錢。

So you got to think of that with Adam's last question about the makeup of Ford and what's going on and what's coming in, in product.

所以你必須在亞當最後一個關於福特的構成以及正在發生的事情和即將到來的產品方面的問題中思考這一點。

But Jim, I'll let you talk about some of our targets there.

但是吉姆，我會讓你談談我們在那裡的一些目標。

Sure.

當然。

Thanks, Jim.

謝謝，吉姆。

Appreciate the question.

欣賞這個問題。

The real breakthrough for us on Bronco was the localization of the Ranger, the very successful global Ranger here in North America.

對我們來說，Bronco 的真正突破是 Ranger 的本地化，它是北美非常成功的全球 Ranger。

And we already have very strong scale and performance with the Ranger in the U.S. Large Bronco and the C2-based Bronco Sport are both based on existing platforms that we have executed many times.

而且我們已經在美國的 Ranger 擁有非常強大的規模和性能 Large Bronco 和基於 C2 的 Bronco Sport 都基於我們已經多次執行的現有平台。

And so we're not going to go into specific profitability, but you can imagine, compared to a Ranger, the kind of pricing that a Bronco top hat would get.

所以我們不打算討論具體的盈利能力，但你可以想像，與 Ranger 相比，Bronco 大禮帽會得到什麼樣的定價。

And obviously, we already have a great scale for the actual industrial part of the product.

顯然，對於產品的實際工業部分，我們已經有了很大的規模。

So -- and, again, the platform has been very well executed.

所以 - 再一次，該平台執行得非常好。

It has global scale, as does C2 for the Bronco Sport.

它具有全球規模，Bronco Sport 的 C2 也是如此。

And so we see these -- and the pricing premium we carry in the utility market, the off-road market, is pretty well known and, I would say, very robust in terms of, we've delivered it.

所以我們看到了這些——我們在公用事業市場、越野市場上的定價溢價是眾所周知的，而且我想說，就我們已經交付它而言，它非常穩健。

It's not a maybe.

這不是一個可能。

So from our standpoint, as Jim said, we not only replaced the Focus in the case of Bronco and Ranger, but we're coming off of very high scale platforms, C2 and Ranger, and we know that these segments executed right, the product are premium segments.

所以從我們的角度來看，正如 Jim 所說，我們不僅在 Bronco 和 Ranger 的案例中取代了 Focus，而且我們正在脫離非常高規模的平台，C2 和 Ranger，我們知道這些細分市場執行得很好，產品是優質細分市場。

So we're feeling really good about the margin.

所以我們對利潤率感覺非常好。

And Jim, I just -- I want to sneak in because you've all seen our campaign about we build more vehicles in America for -- by Americans in our -- in the whole industry.

吉姆，我只是 - 我想偷偷溜進去，因為你們都看到了我們關於我們在美國為整個行業的美國人製造更多車輛的活動。

And this Bronco is, look, we're hiring people here in Southeast Michigan to build this product, 2,000 to 3,000 additional people.

這輛 Bronco 是，看，我們正在密歇根州東南部僱用人員來製造這個產品，另外還有 2,000 到 3,000 人。

So it's a -- I know I get teased about it because it came up in the discussion with the president, but I was just so proud to be able to explain that here we are in the middle of a pandemic with the kind of challenges in the job market, and Ford's going to be hiring people to build this product.

所以這是一個 - 我知道我被取笑了，因為它是在與總統的討論中提出的，但我很自豪能夠解釋說，我們正處於大流行之中，面臨著各種挑戰就業市場，福特將僱用人員來製造這個產品。

So it's really a great news story.

所以這真的是一個很棒的新聞故事。

That's really helpful color.

這顏色真的很有幫助。

If I could just squeeze one more in on EV and just a question on EV budgeting.

如果我能在 EV 上再擠一點，然後再問一個關於 EV 預算的問題。

Your release said you spent half of the $11.5 billion electrification commitment through '22.

你的新聞稿說，到 22 年，你花費了 115 億美元電氣化承諾的一半。

And I believe that the starting point was '16.

我相信起點是 16 年。

So it tells us clearly your spend is more back-end loaded.

因此，它清楚地告訴我們您的支出更多的是後端負載。

But obviously, 2022 is not an end goal, and you're going to be spending in EV.

但顯然，2022 年不是最終目標，您將在電動汽車上花錢。

You're just starting on the journey then.

那你才剛剛開始旅程。

So is it fair to assume that if I assume, okay, so you still have $3 billion to $4 billion -- $3-plus billion a year that the spend will only accelerate after 2022?

那麼，如果我假設，好吧，那麼假設您仍然有 30 億到 40 億美元——每年 3 多億美元，支出只會在 2022 年之後加速增長，這是否公平？

So how -- just how to think of the electrification spend.

那麼如何 - 只是如何考慮電氣化支出。

Yes.

是的。

Jim, do you want to take that one?

吉姆，你想拿那個嗎？

Sure.

當然。

Again, appreciate your question.

再次感謝您的問題。

Yes.

是的。

Obviously, of the $11 billion, we're at the very tail end of Mach-E and our 2 commercial vehicles.

顯然，在 110 億美元中，我們處於 Mach-E 和我們的 2 輛商用車的最後階段。

And they're really key for us, the commercial vehicles, the Transit electric and the F-150 electric.

它們對我們來說真的很關鍵，商用車、全順電動和 F-150 電動。

We've announced the MEB and a number of nameplates.

我們已經公佈了 MEB 和一些銘牌。

And so you can expect in '22 and beyond as we refresh our product lineup once again globally that electrification will be a key component.

因此，隨著我們再次在全球範圍內更新我們的產品陣容，您可以期待在 22 年及以後，電氣化將成為關鍵組成部分。

And so the spend will continue to play out.

因此，支出將繼續發揮作用。

That figure was given a few years ago.

這個數字是幾年前給出的。

So as you said, '22 seems like right around the corner, but we're not done.

所以正如你所說，'22 似乎就在拐角處，但我們還沒有完成。

And with the $11 billion, we have some really exciting products coming up like the F-150 and the Transit.

憑藉 110 億美元，我們將推出一些非常令人興奮的產品，例如 F-150 和 Transit。

And with the growth of package delivery and our large commercial customer network for F-150, we're are seeing a ton of interest from customers on both of those.

隨著包裹遞送的增長和我們為 F-150 提供的大型商業客戶網絡，我們看到客戶對這兩者都產生了濃厚的興趣。

But we have lots of passenger cars to come as well.

但是我們也有很多乘用車要來。

We're not going to be specific more than what we've shared, but I think you've characterized it fairly and accurately.

我們不會比我們分享的更具體，但我認為你已經公平準確地描述了它。

Your next question comes from the line of Ryan Brinkman with JPMorgan.

您的下一個問題來自摩根大通的 Ryan Brinkman。

First, on South America, I would have expected your losses there to grow considerably in 2Q given the 75% decline in revenue, but instead profitability improved slightly.

首先，在南美，鑑於收入下降 75%，我預計您在第二季度的虧損將大幅增長，但盈利能力略有改善。

Now it looks like more of the help was coming from price than cost, but how would you rate the progress of the restructuring in that region?

現在看起來更多的幫助來自價格而不是成本，但您如何評價該地區重組的進展？

Are there more cost savings to come from actions already announced, but not fully implemented?

已經宣布但尚未完全實施的行動是否可以節省更多成本？

And do you think you're at the point now that if the volume returned that you would already be profitable?

您是否認為您現在處於如果交易量返回您已經盈利的地步？

Or are there more restructuring actions needed to get there?

或者是否需要更多的重組行動才能實現這一目標？

Well, I think Jim mentioned this, and Tim did, is that South America, the journey there, as compared to some of the other markets, started, we phased out of unprofitable vehicles.

好吧，我認為吉姆提到了這一點，蒂姆也提到了，與其他一些市場相比，南美洲的旅程開始了，我們逐步淘汰了無利可圖的車輛。

We ended Focus production, and Pacheco exited heavy trucks business, discontinued Fiesta, ceased operations at Sao Paulo manufacturing, phased out the Sigma engine production.

我們結束了福克斯的生產，帕切科退出了重型卡車業務，停止了嘉年華，停止了在聖保羅的製造業務，逐步停止了 Sigma 發動機的生產。

But Jim's been really working hard on the restructuring to serve our dealer network better in terms of their customers and improving the viability for the remaining dealers.

但吉姆一直在努力進行重組，以更好地為我們的經銷商網絡服務，以更好地服務客戶，並提高剩餘經銷商的生存能力。

So I think this is a story that's still yet to be completed.

所以我認為這是一個尚未完成的故事。

But Jim, I want to let you answer why you think in the short term we had this better-than-expected performance.

但是吉姆，我想讓你回答為什麼你認為在短期內我們的表現好於預期。

Thanks, Jim.

謝謝，吉姆。

The second quarter marks, I think, the third consecutive quarter of year-over-year improvements, although still losses.

我認為，第二季度是連續第三個季度同比增長，儘管仍然出現虧損。

And it really reflects, as Jim said, the progress that we've put in place many years ago to restructure South America.

正如吉姆所說，它確實反映了我們多年前為重組南美而取得的進展。

We had a lot of cost containment.

我們有很多成本控制。

We've taken a lot of headcount out of the business, as you would expect.

正如您所料，我們已經從業務中裁減了大量員工。

And we've also, in the second quarter, took a lot of pricing, which is consistent with the currency situation down there.

而且我們在第二季度也進行了很多定價，這與那裡的貨幣情況是一致的。

But I think Lyle and the team got ahead of the downturn we saw in the market with COVID.

但我認為 Lyle 和團隊在我們看到的 COVID 市場低迷之前走在了前面。

That's been a big beneficiary for us for a while.

一段時間以來，這對我們來說是一個很大的受益者。

As Jim said, we're going to keep restructuring our businesses until they're sustainable.

正如吉姆所說，我們將繼續重組我們的業務，直到它們可持續發展。

So still more work to do.

所以還有更多的工作要做。

South America looks pretty challenging.

南美看起來很有挑戰性。

But the team's doing a great job.

但是球隊做得很好。

We had a flurry of new products a few years ago, and there was cost associated with that.

幾年前，我們推出了一系列新產品，並且與此相關聯的成本。

So I think we had a really good, still fresh lineup.

所以我認為我們的陣容非常好，仍然很新鮮。

We gained a lot of share in the second quarter.

我們在第二季度獲得了很多份額。

It was down about 1 point from last year, but that was a lot to do with the vehicles that we discontinued.

它比去年下降了大約 1 個百分點，但這與我們停產的車輛有很大關係。

So the vehicles we do have are very well accepted.

因此，我們擁有的車輛非常受歡迎。

I just would portray it as we are not -- we have more work to do, as Jim said.

我只是把它描繪成我們不是的樣子——正如吉姆所說，我們還有更多的工作要做。

But a really big credit to the team and way down revenues to have a third consecutive improvement in our profit or losses.

但是對於團隊來說，這是一個非常大的功勞，而且收入大幅下降，使我們的損益連續第三次提高。

That's helpful.

這很有幫助。

And then just lastly, it seems like your market share in China is beginning to rebound.

最後，您在中國的市場份額似乎開始反彈。

What would you primarily attribute the recovery to?

您主要將復蘇歸因於什麼？

Is it the products, the relationship with Changan, distribution strategy, localization of Lincoln, et cetera?

是產品、與長安的關係、分銷策略、林肯的本土化等等？

And then are the pieces or future product programs in place to continue to grow that share, which I think had been like 4% at one point?

然後，是否有合適的產品或未來的產品計劃來繼續增加這一份額，我認為這一份額曾一度達到 4%？

Is there a market share target that you have in mind that is materially higher than where you are now, such that you could continue to grow your sales in that country even if the market sort of languishes for a while?

是否有一個您心目中的市場份額目標遠高於您現在的水平，這樣即使市場暫時萎靡不振，您也可以繼續在該國家/地區增加銷售額？

Well, I'm excited to tell you that the plan's working there.

好吧，我很高興地告訴你，該計劃正在那裡發揮作用。

COVID was -- it kind of helped focus us.

COVID是-它幫助我們集中註意力。

But the commercial vehicles' strength was supported by a 34% increase in sales at JMC, which gained 40 basis points of share.

但商用車的強勢是由江鈴汽車的銷售額增長 34% 支撐的，該公司的份額增加了 40 個基點。

And the second -- it's the second consecutive quarter of share gain, up 20 basis points, which is what you're hinting about.

第二個 - 這是連續第二個季度股價上漲，上漲 20 個基點，這就是你所暗示的。

We were talking about it in a way that this was the breakthrough that we were looking for.

我們談論它的方式是，這是我們正在尋找的突破。

And then Corsair comes in the middle of this.

然后海盜船就出現在這中間。

It's the first locally produced Lincoln product, and it breaks all records that we've had in 1 month for the sale of a product like that.

這是第一款本地生產的林肯產品，它打破了我們在 1 個月內銷售此類產品的所有記錄。

It contributed to the 12% increase in sales for Lincoln.

它促成了林肯 12% 的銷售額增長。

And now the new Aviator is following on.

現在新的飛行員正在跟進。

My only regret is that the whole Board was going to be there in October just to kind of review the progress that you're noting.

我唯一的遺憾是整個董事會將在 10 月份出席會議，只是為了審查您注意到的進展情況。

And we can't travel now because of COVID, but Jim Farley and Anning Chen, our President there, have done a really good job of getting our arms around that market.

由於新冠疫情，我們現在無法旅行，但我們在那裡的總裁 Jim Farley 和 Anning Chen 在讓我們擁抱這個市場方面做得非常好。

Your last question comes from the line of Itay Michaeli with Citi.

您的最後一個問題來自 Itay Michaeli 與 Citi 的對話。

Just a couple of cash flow questions maybe for Tim.

對於蒂姆來說，可能只有幾個現金流問題。

I think year-to-date, the working capital and timing differences has been a use of about almost $5 billion.

我認為今年迄今為止，營運資金和時間差異已經使用了大約 50 億美元。

Curious if you can share roughly how much of that you think you might be able to recover in the second half of the year?

想知道您能否大致分享一下您認為下半年可以恢復多少？

And then secondly to that, with the CapEx coming down from the original guidance, should we expect that to be recovered next year, meaning CapEx would be higher than normal as you kind of recoup some of the deferrals from this year?

其次，隨著資本支出從最初的指導下降，我們是否應該期望明年會恢復，這意味著資本支出會高於正常水平，因為你會從今年收回一些延期？

Let me start with the last part first, thanks for the question.

讓我先從最後一部分開始，謝謝你的提問。

We haven't completed our planning process for next year yet.

我們還沒有完成明年的計劃過程。

We have said for some time now that we're focused on fitness activities, which not only includes cost but also CapEx, to make sure that we're efficiently and effectively allocating capital.

我們已經說過一段時間了，我們專注於健身活動，不僅包括成本，還包括資本支出，以確保我們有效地分配資金。

So we'll continue to focus on that.

因此，我們將繼續關注這一點。

And you're seeing some of that reflected in the results on CapEx this year.

您會在今年的資本支出結果中看到其中的一些反映。

So fitness, you're also seeing the ebb and flow of product programs, but we're pleased with the progress that we're making, $1 billion to $1.5 billion down year-over-year.

所以健身，你也看到產品計劃的潮起潮落，但我們對我們取得的進展感到高興，同比下降 10 億至 15 億美元。

But again, nothing further to share at this stage on 2021.

但同樣，在 2021 年的現階段，沒有什麼可分享的了。

As far as working capital goes, bear in mind, in the second quarter, the working capital dynamics played out that we talked about, production resumed.

就營運資金而言，請記住，在第二季度，我們談到的營運資金動態發揮了作用，生產恢復了。

Of course, during the shutdown period, we had payables we repaid.

當然，在停工期間，我們已經償還了應付賬款。

And as production resumes, those payables start getting built back up.

隨著生產的恢復，這些應付賬款開始增加。

But the restoration of payables will continue into the third quarter.

但應付賬款的恢復將持續到第三季度。

And that's one of the reasons we said that the third quarter cash flow will be better than EBIT and the fourth quarter cash flow with the shutdown seasonally and the launches that are happening, particularly the F-150, this cash flow would be lower than EBIT.

這就是我們說第三季度現金流量將好於息稅前利潤和第四季度現金流量的原因之一.

So I guess what you're seeing is not only the benefits from our fitness and our redesign and our underlying results improving in light of the COVID environment, but even underlying that, that will continue to play out for the back half of this year and then into '21 as we're keenly focused on all -- on cost and cash opportunities.

因此，我想您所看到的不僅是我們的健身和重新設計帶來的好處，以及根據 COVID 環境改善我們的基本結果，甚至在此基礎上，這將在今年下半年繼續發揮作用，然後進入'21，因為我們非常關注所有 - 成本和現金機會。

But as we've talked about earlier, we're in a position now where we have a very strong cash position and liquidity position, and we're comfortable with the outlook as we look ahead.

但正如我們之前談到的那樣，我們現在處於擁有非常強勁的現金頭寸和流動性頭寸的位置，我們對未來的前景感到滿意。

Great.

偉大的。

That's very helpful.

這很有幫助。

And if I could sneak one more in.

如果我能再偷偷溜進去一個。

Just curious, what are you seeing initially on the Ford Promise campaign that you launched about a month ago?

只是好奇，您最初在大約一個月前發起的福特承諾活動中看到了什麼？

Just curious if you're seeing a fair bit of traction there.

只是好奇你是否在那裡看到了相當多的牽引力。

Jim?

吉姆?

Yes.

是的。

Thanks.

謝謝。

One of the really encouraging things for us and the leadership team, as Jim said, is we went out and promoted the reality that we're the highest employment in the U.S. of all the OEMs and also our volume in the U.S. And that plus new products really, we've seen the strengthening of our brand.

正如 Jim 所說，對我們和領導團隊來說，真正令人鼓舞的事情之一是我們走出去宣傳了這樣一個現實，即我們是美國所有原始設備製造商中就業率最高的，也是我們在美國的銷量。產品真的，我們已經看到了我們品牌的加強。

The Promise campaign seems to be doing really well.

承諾活動似乎做得很好。

We had a great second quarter in terms of share performance in the U.S. Retail, as Jim said, was way up a full point.

正如吉姆所說，就美國零售業的股票表現而言，我們第二季度的表現非常出色，上漲了一個百分點。

And part of that was mix, but it's great to see the momentum behind the brand.

其中一部分是混合，但很高興看到品牌背後的動力。

Third quarter looks not to be dramatically different.

第三季度看起來並沒有太大的不同。

We continue to have good momentum.

我們繼續保持良好勢頭。

Sales, still a lot to do.

銷售，還有很多工作要做。

We have good supply situation at Ford in the 70-day range.

福特在 70 天範圍內的供應情況良好。

And so the campaign seems to be doing really well.

因此，該活動似乎做得非常好。

Brand's getting stronger, and we have product to sell.

品牌越來越強大，我們有產品要賣。

This concludes the Ford Motor Company Second Quarter 2020 Earnings Conference Call.

福特汽車公司 2020 年第二季度收益電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。