福特汽車 (F) 2023 Q2 法說會逐字稿

Good day, everyone. My name is MJ, and I will be your conference operator today. At this time, I would like to welcome you to the Ford Motor Company Second Quarter 2023 Earnings Conference Call. (Operator Instructions)

今天是個好日子。我叫 MJ，今天我將擔任你們的會議操作員。現在，我歡迎您參加福特汽車公司 2023 年第二季度收益電話會議。 （操作員說明）

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

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

Thank you, MJ, and welcome to Ford Motor Company's Second Quarter 2023 Earnings Call. With me today are Jim Farley, President and CEO; and John Lawler, Chief Financial Officer. Also joining us for Q&A is Marion Harris, CEO of Ford Credit; and Ted Cannis, CEO of Ford Pro.

謝謝 MJ，歡迎參加福特汽車公司 2023 年第二季度財報電話會議。今天與我在一起的有總裁兼首席執行官吉姆·法利 (Jim Farley)；約翰·勞勒（John Lawler），首席財務官。福特信貸首席執行官 Marion Harris 也加入了我們的問答環節；和福特 Pro 首席執行官特德·坎尼斯 (Ted Cannis)。

Today's discussion includes some non-GAAP references. These are reconciled to the most comparable U.S. GAAP measures in the appendix of your earnings deck. You can find the deck along with the rest of our earnings materials and other important content at shareholder.ford.com. Our discussion also includes forward-looking statements about our expectations. Actual results may differ from those stated. The most significant factors that could cause actual results to differ are included on Page 26. Unless otherwise noted, all comparisons are year-over-year. Company EBIT, EPS and free cash flow are on an adjusted basis and product mix is volume weighted.

今天的討論包括一些非 GAAP 參考資料。這些數據與您的收益表附錄中最具可比性的美國公認會計準則衡量標准進行了調整。您可以在股東.福特.com 上找到該演示文稿以及我們其餘的盈利材料和其他重要內容。我們的討論還包括有關我們期望的前瞻性陳述。實際結果可能與所述結果不同。第 26 頁列出了可能導致實際結果不同的最重要因素。除非另有說明，所有比較均為逐年比較。公司息稅前利潤、每股收益和自由現金流均經過調整，產品組合按數量加權。

A quick update on some IR -- upcoming IR event before I turn the call over to Jim. On Thursday, August 10, Ford Pro's CFO, Navin Kumar, will do a fireside chat at the JPMorgan Automotive Conference in New York with auto analyst, Ryan Brinkman. And on Wednesday, September 27, our Treasurer, Dave Webb, will participate in a green financing panel at the Goldman Sachs Global Sustainability Forum.

在我把電話轉給吉姆之前，先簡單介紹一下即將舉行的 IR 活動的最新情況。 8 月 10 日星期四，Ford Pro 的首席財務官 Navin Kumar 將在紐約摩根大通汽車會議上與汽車分析師 Ryan Brinkman 進行爐邊談話。 9 月 27 日星期三，我們的財務主管戴夫·韋伯 (Dave Webb) 將參加高盛全球可持續發展論壇的綠色融資小組。

Before I turn it over to Jim, I just want to recognize one really important individual investor who's on the call, and that's my mom, who has listened to every single one of our Ford Investor Relations call since I joined. She is a tough cookie and always gives us a good working over after we do the call. So I just want to say, mom, welcome to being on the call.

在我把它交給吉姆之前，我只想認識一位非常重要的個人投資者，他正在參加電話會議，那就是我的媽媽，自從我加入以來，她聽取了我們福特投資者關係電話會議的每一次電話會議。她是個堅強的人，在我們打電話後總是給我們很好的指導。所以我只想說，媽媽，歡迎接聽電話。

Jim, I'll turn it over to you.

吉姆，我會把它交給你。

Well, first, mom, thank you for Lynn. Thanks to all of you for joining us on the May Capital Markets event, where we shared our vision to refound a 120-year-old American icon and create a Ford that thrives at this exciting intersection between great vehicles and digital experiences.

嗯，首先，媽媽，謝謝你為林恩。感謝大家參加我們 5 月的資本市場活動，我們在會上分享了我們的願景，即重新打造具有 120 年曆史的美國標誌，打造一款在偉大車輛與數字體驗的激動人心的交叉點上蓬勃發展的福特汽車。

Now the world is changing fast, but I have never been more confident in our Ford+ plan. As you've heard me say, our intention is to match this exciting long-term vision for Ford with boringly predictable execution quarter after quarter, year after year. And that's the biggest takeaway from our second quarter: strong growth, strong earnings, cash flow and progress on the fundamentals of our business, including software. We are very bullish on the potential for Ford Pro, which had an outstanding quarter. It's unique to Ford. It's a true powerhouse.

現在世界正在快速變化，但我對我們的福特+計劃從未如此有信心。正如您所聽到的，我們的目的是將福特令人興奮的長期願景與季復一季、年復一年的乏味可預測的執行相匹配。這是我們第二季度最大的收穫：強勁的增長、強勁的盈利、現金流以及我們業務基本面的進展，包括軟件。我們非常看好福特 Pro 的潛力，該車季度表現出色。這是福特獨有的。這是真正的強者。

At the same time, Ford Blue is taking advantage of fresh, appealing products to generate healthy revenues, healthy share and profits, while Model e continues to scale with popular, first-generation electric vehicles. We're going to dive more into the electric vehicle market during Q&A. But clearly, this transition to EVs is dynamic and so much more than just a change in propulsion.

與此同時，Ford Blue 正在利用新鮮、有吸引力的產品來創造健康的收入、健康的份額和利潤，而 Model e 則繼續通過流行的第一代電動汽車擴大規模。我們將在問答期間更多地探討電動汽車市場。但顯然，向電動汽車的轉變是動態的，不僅僅是推進力的變化。

The number of global entrants is increasing even at the high end and the pricing pressure has dramatically increased in the past 60 days. Despite these puts and takes, we have confidence in the underlying trajectory of Ford's business. Our portfolio businesses are strong, thanks to businesses like Pro and Blue, and we are raising our estimated EBIT guidance this year to $11 billion to $12 billion.

即使是高端市場，全球進入者的數量也在不斷增加，過去 60 天的定價壓力也急劇增加。儘管有這些變化，我們對福特業務的基本軌跡充滿信心。得益於 Pro 和 Blue 等業務，我們的投資組合業務表現強勁，並且我們將今年的預計息稅前利潤指引提高至 110 億至 120 億美元。

Operationally, we continue to be focused on capital discipline, solid returns even as we face uncertainties in the external environment. Supply chain disruptions are persistent, but they're now easing. And we have more work to do to streamline our industrial system, reducing costs and improving quality.

在運營上，即使外部環境存在不確定性，我們仍繼續關注資本紀律和穩健的回報。供應鏈中斷持續存在，但現在正在緩解。在簡化工業體系、降低成本和提高質量方面，我們還有更多工作要做。

While EV adoption is still growing, the paradigm has shifted. EV price premiums over internal combustion vehicles fell more than $3,000 in the second quarter and nearly $5,000 in the first half. We expect the EV market to remain volatile until the winners and losers shake out, and we are confident from a brand, from our incredible product strategy, our software, our scale and our cost position, we will be one of the winners long-term.

儘管電動汽車的採用仍在增長，但范式已經發生了變化。第二季度電動汽車相對於內燃機汽車的價格溢價下降了 3,000 多美元，上半年下降了近 5,000 美元。我們預計電動汽車市場將保持波動，直到贏家和輸家分出勝負，我們對品牌、我們令人難以置信的產品戰略、我們的軟件、我們的規模和我們的成本地位充滿信心，我們將成為長期的贏家之一。

But why do I say that? We moved quickly to establish our EV nameplates in unique segments, not like others, the Lightning, Mach-E, the E-Transit. We're building EV brand loyalists. It's critical. Many of our EV customers are all new to Ford. This is a significant asset to Ford given our new Gen 2 products and profitability that we'll be launching soon.

但我為什麼這麼說呢？我們迅速採取行動，在獨特的細分市場建立了我們的電動汽車銘牌，而不是像其他產品那樣，如 Lightning、Mach-E、E-Transit。我們正在培養電動汽車品牌的忠實擁護者。這很關鍵。我們的許多電動汽車客戶都是福特的新手。考慮到我們即將推出的新第二代產品和盈利能力，這對福特來說是一筆重要資產。

For Gen 2, we focused on fewer, higher-volume models in the right segments to take advantage of our strengths and knowledge of customers, even Conquest customers. For example, work vehicles, pickups for retail customers and spacious 7-passenger SUVs. I am so glad we didn't bet the farm on 2-row crossovers or ICE like EV platforms like so many have. We moved early on LFP, especially production in the U.S., giving us a diversity of chemistries and a cost advantage.

對於第二代，我們專注於在正確的細分市場中生產數量更少、銷量更高的車型，以利用我們的優勢和對客戶（甚至是 Conquest 客戶）的了解。例如，工作車輛、零售客戶皮卡和寬敞的 7 座 SUV。我很高興我們沒有像很多人那樣把賭注押在 2 排跨界車或像電動汽車平台這樣的 ICE 上。我們很早就開始了 LFP，特別是在美國的生產，這為我們提供了多種化學物質和成本優勢。

We are now offering Mach-E with LFP technology for sale in the U.S. With the addition of Tesla Superchargers and the fast chargers that our dealers are installed, the BlueOval charging network will be the single largest integrated fast charge network across the U.S. and Canada, and this blanket coverage from tens of thousands of fast chargers is core to our strategy. It helps us with smaller, lower cost and faster charging batteries.

我們現在在美國銷售採用 LFP 技術的 Mach-E。隨著特斯拉超級充電器和我們經銷商安裝的快速充電器的加入，BlueOval 充電網絡將成為美國和加拿大最大的單一集成快速充電網絡，數以萬計的快速充電器的全面覆蓋是我們戰略的核心。它幫助我們生產更小、成本更低、充電速度更快的電池。

We have the flexibility to offer customers choice of ICE, hybrids and full electrics in the years to come. Our hybrid offerings are extremely popular. F-150 is the best-selling vehicle in the U.S. for 46 years, 10% of all F-150s and 56% of all Mavericks sold in the U.S. are sold as hybrids. We are adding hybrid options across our ICE lineup, and we expect to quadruple our hybrid sales in the next 5 years, and we're already #2 in the market last year.

未來幾年，我們可以靈活地為客戶提供內燃機、混合動力和全電動汽車的選擇。我們的混合產品非常受歡迎。 F-150 46 年來一直是美國最暢銷的車輛，美國銷售的所有 F-150 中的 10% 和 Maverick 中的 56% 是混合動力汽車。我們正在我們的 ICE 系列中增加混合動力選項，我們預計在未來 5 年內將我們的混合動力銷量翻兩番，去年我們已經在市場上排名第二。

Starting January 1, we moved to a new retail model for Model e, way ahead of our competition. Again, a differentiated model that will deliver non-negotiated price, a simple shopping and ownership experience and remote services for all of our customers. This is critical to a conquest digital brand. And finally, with these new models, we are nimble and we can adapt to the market fluctuations real time, and you've seen this with both the Mach-E and the Lightning as we are adding enormous capacity to meet our pent-up demand.

從 1 月 1 日開始，我們為 Model e 轉向新的零售模式，遠遠領先於我們的競爭對手。同樣，這是一種差異化的模式，將為我們所有的客戶提供非協商價格、簡單的購物和擁有體驗以及遠程服務。這對於征服數字品牌至關重要。最後，通過這些新型號，我們變得靈活，可以實時適應市場波動，您已經在 Mach-E 和 Lightning 上看到了這一點，因為我們正在增加巨大的容量來滿足我們被壓抑的需求。

We are optimizing for the long-term value creation. More than 60% of Mach-E and half of Lightning customers are new to Ford. These new customers have significant lifetime value potential beyond because of the shippable software. But we are disciplined as we grow, and we won't bear an unlimited cost to acquire those customers and build our installed base.

我們正在針對長期價值創造進行優化。超過 60% 的 Mach-E 客戶和一半的 Lightning 客戶都是福特的新客戶。由於可交付的軟件，這些新客戶具有巨大的終身價值潛力。但隨著我們的成長，我們會遵守紀律，我們不會承擔無限的成本來獲取這些客戶並建立我們的安裝基礎。

In line with that, we are now targeting to reach 600,000 annual production units of EVs by next year, and we maintain flexibility on where we reach when we reach 2 million total EV global capacity because we are balancing growth, profitability and returns. At the same, we believe demand for our internal combustion and our hybrid portfolio will be durable with the window of growth in Ford Blue potentially longer and richer than most expected. We've proven we can design and develop popular vehicles that stand out from the competition irregardless of their propulsion, and we made sure Ford is profitable as we move through this ICE to EV transition.

與此相一致，我們現在的目標是到明年電動汽車年產量達到 60 萬輛，並且我們在電動汽車全球總產能達到 200 萬輛時保持靈活性，因為我們正在平衡增長、盈利能力和回報。與此同時，我們相信對我們的內燃機和混合動力產品組合的需求將是持久的，福特藍的增長窗口可能比大多數人預期的更長、更豐富。我們已經證明，我們可以設計和開發在競爭中脫穎而出的流行車輛，無論其動力如何，並且我們確保福特在我們從內燃機向電動汽車轉型的過程中實現盈利。

So let me cover a few highlights for each of our business segments. The appeal in pricing power of Ford Blues, iconic vehicles, those Mustang lineups, the Maverick, the F-150, the Explorers, all those cool, new derivatives from Ford, boy, these products remain strong. Ford was America's #1 brand in the first half of this year. Also in the first half of this year, our best seller, F-150, by the way, 100% built in the U.S. that our competitors can't say, grew almost 3x the rate of the overall pickup truck market. We expect our pricing and revenue power to continue in the second half as we have new launches such as Mustang. And I would add that the pace of new product introductions at Ford will only accelerate from here. We plan to introduce, for example, an all-new F-150 and F-150 PowerBoost hybrid at the Detroit Show in September.

因此，讓我介紹一下我們每個業務部門的一些亮點。福特藍調、標誌性車輛、野馬系列、Maverick、F-150、探索者以及所有來自福特的酷炫新衍生品的定價能力吸引力，天哪，這些產品仍然強勁。福特是今年上半年美國第一大品牌。同樣在今年上半年，我們最暢銷的 F-150，順便說一句，100% 在美國製造，這是我們的競爭對手無法比擬的，它的增長速度幾乎是整個皮卡市場的 3 倍。我們預計下半年我們的定價和收入能力將繼續，因為我們推出了野馬等新產品。我想補充一點，福特推出新產品的步伐從此只會加快。例如，我們計劃在 9 月份的底特律車展上推出全新的 F-150 和 F-150 PowerBoost 混合動力車。

Now outside North America, the Ranger and its sister product, the Everest SUV, are the backbone of a much stronger, more profitable international business. The all-new version of the Ranger and Everest are more popular and profitable than the previous model, and Ranger alone is now the truck leader and 18 separate large pickup truck markets around the globe. Our aftersales business continues to grow, and we are on track to launch over 2,000 mobile service units by the end of this year. That is unique to Ford.

現在在北美之外，Ranger 及其姊妹產品 Everest SUV 已成為更強大、利潤更高的國際業務的支柱。全新版本的 Ranger 和 Everest 比之前的車型更受歡迎，利潤也更高，僅 Ranger 就已經成為卡車領導者，並在全球 18 個獨立的大型皮卡車市場中佔據領先地位。我們的售後業務持續增長，預計到今年年底將推出超過 2,000 個移動服務單位。這是福特獨有的。

Ford Blues, other top priorities are to improve quality and reduce our cost structure. To do that, we've launched a lean, disciplined operating system that reaches into every one of our plants, every part we buy, every engineering decision we make. We're making progress, but this is just the start of our culture change.

福特藍調，其他首要任務是提高質量和降低我們的成本結構。為此，我們推出了一個精益、規範的操作系統，該操作系統滲透到我們的每一家工廠、我們購買的每一個零件、我們做出的每一個工程決策。我們正在取得進展，但這只是我們文化變革的開始。

Turning to Pro, which is proving to be a unique strength to Ford. I mean what one of our competitors would give to have Ford Blue -- Pro? It's a $50 billion commercial business with the potential to become a high-margin, high-multiple hardware, software and service company akin to John Deere. In the quarter, volume, pricing, paid software subscriptions continue to accelerate as we capture significant pent-up demand across multiple commercial sectors and locations in both North America and in Europe. We are now realizing the full benefits of our new Super Duty. Super Duty sales in Q2 were up 28%, and the strong demand for our flagship work product is going to fuel our earnings growth for years to come.

轉向 Pro，事實證明這是福特的獨特優勢。我的意思是，我們的競爭對手願意付出什麼代價來購買福特藍 Pro？這是一項價值 500 億美元的商業業務，有潛力成為一家類似於約翰迪爾 (John Deere) 的高利潤、高倍數硬件、軟件和服務公司。在本季度，隨著我們抓住北美和歐洲多個商業部門和地點的大量被壓抑的需求，銷量、定價和付費軟件訂閱繼續加速增長。我們現在正在認識到新的 Super Duty 的全部好處。第二季度 Super Duty 銷售額增長了 28%，對我們旗艦工作產品的強勁需求將推動我們未來幾年的盈利增長。

And our van business also continued to grow in the quarter. And that's before the launch of the all-new version of Ford Pro's other key profit pillar, the one-tonne Transit in Europe. Our share of the U.S. Class 1–-7 commercial truck and van market is over 40% this year so far. That is twice our nearest competitor and brand twice. And it's a similar story in Europe, where the Transit franchises help make Ford the top-selling commercial brand for 8 years in a row.

我們的貨車業務在本季度也繼續增長。那是在福特 Pro 的另一個主要利潤支柱——一噸級 Transit 在歐洲推出的全新版本之前。今年到目前為止，我們在美國 1‐-7 級商用卡車和貨車市場的份額已超過 40%。這是我們最接近的競爭對手的兩倍，也是我們品牌的兩倍。歐洲的情況也類似，全順特許經營權幫助福特連續 8 年成為最暢銷的商業品牌。

Ford Pro has all the attributes of the business that is difficult to disrupt. Our combination of services, software, dominant product and dominant market share, upfitting and large dealer physical repair network will not be easy to match. Accordingly, we will continue to shift more investment to fuel Ford Pro's growth and press our advantage with full flexibility between EV and ICE.

Ford Pro 擁有難以顛覆的業務的所有屬性。我們的服務、軟件、主導產品和主導市場份額、改裝和大型經銷商實體維修網絡的結合將不容易匹配。因此，我們將繼續加大投資來推動福特 Pro 的增長，並通過電動汽車和內燃機車之間的充分靈活性來發揮我們的優勢。

So now let's get to the biggest change in our industry. And it happens to start including with Ford Pro because Ford Pro is at the forefront of this biggest change, the digital transformation, going to software and services as a differentiator. We already have over or about 550,000 subscribers, paid subscribers and service subscribers, and Ford Pro is 80% of those. We are already seeing 50% gross margins on today's software services. For example, telematics, where customers are now paying $20 a month, and that's before we even introduced our fully-networked architecture in the new vehicles that launched just in the year or 2.

現在讓我們來看看我們行業中最大的變化。它恰好從福特 Pro 開始，因為福特 Pro 處於這一最大變革的最前沿，即數字化轉型，將軟件和服務作為差異化因素。我們已經擁有超過或大約 550,000 名訂戶、付費訂戶和服務訂戶，而 Ford Pro 佔其中的 80%。我們現在的軟件服務毛利率已經達到 50%。例如，在遠程信息處理方面，客戶現在每月支付 20 美元，而這還是在我們在一兩年內推出的新車中引入完全網絡化架構之前。

Moving to the next profitable software segment. Since launch, BlueCruise customers have traveled nearly 1.4 million hands-free hours across North America, and that is a 44% increase since the end of Q1, 44% increase in 3 months. In July, we hit our 100 millionth-mile driven, hands-free with BlueCruise. Our Version 1.0 was chosen by consumer reports earlier this year as the #1 rated system in the U.S. And since then, we've continued to enhance and accelerate launching 2 more versions of BlueCruise through over their updates, each significantly improving the driver's experience. And we are now shortening the cycle time between these new versions.

轉向下一個有利可圖的軟件領域。自推出以來，BlueCruise 客戶在北美地區的免提旅行時間已接近 140 萬小時，自第一季度末以來增加了 44%，三個月內增加了 44%。 7 月，我們通過 BlueCruise 實現了免提行駛 100 萬英里。今年早些時候，我們的 1.0 版本被消費者報告選為美國排名第一的系統。從那時起，我們通過更新繼續增強和加速推出 BlueCruise 的另外 2 個版本，每個版本都顯著改善了駕駛員的體驗。我們現在正在縮短這些新版本之間的周期時間。

As a company, we're investing significantly in software. But the bigger story is the elite talent we have brought into Ford. They are attracted by the opportunity to revolutionize the experience of owning and driving a vehicle for millions of customers, especially for an iconic brand like Ford. I really believe we have the industry's best minds working on this incredible digital revolution. And with that talent, we are moving from our supplier control firmware to our own fully-networked electric architecture. And this will reach across all vehicles: ICE, hybrids and EVs.

作為一家公司，我們在軟件方面進行了大量投資。但更重要的是我們為福特引進了精英人才。他們被有機會徹底改變數百萬客戶的擁有和駕駛車輛的體驗所吸引，尤其是像福特這樣的標誌性品牌。我堅信，我們擁有業界最優秀的人才來致力於這場令人難以置信的數字革命。憑藉這些人才，我們正在從供應商控制固件轉向我們自己的完全網絡化的電力架構。這將適用於所有車輛：內燃機、混合動力和電動汽車。

This is a key point because it allows us to have far higher installed base than just EVs alone. Think of the F-150. There are 3 key applications sit on top of this new software platform. The first one is safety and security. We haven't launched it yet. But boy, are we working hard to launch it. It will give customers ability to monitor the surroundings in their vehicle on job sites or at home. It will transform the experience of owning a Ford.

這是一個關鍵點，因為它使我們擁有比單純電動汽車更高的安裝基礎。想想 F-150。這個新軟件平台上有 3 個關鍵應用程序。第一個是安全和保障。我們還沒有推出它。但是，我們正在努力推出它嗎？它將使客戶能夠在工作現場或家中監控車輛周圍的環境。它將改變擁有福特汽車的體驗。

The second one, of course, is driver assist technology. BlueCruise is just the beginning of our ambition. And the third one is productivity. Like the telematics software that we sell at Pro, but we're not going to stop there. Right around the corner, we'll have predictive failure components. Imagine our productivity gain for our Pro customers who never were off the road because they know something is going to go bad before it does. This is just the beginning of these 3 applications. These services will bring high-margin, reoccurring revenue streams that are less capital-intensive and cyclical than our traditional vehicle sales.

第二個當然是駕駛輔助技術。 BlueCruise 只是我們雄心壯志的開始。第三個是生產力。就像我們在 Pro 上銷售的遠程信息處理軟件一樣，但我們不會就此止步。就在不久的將來，我們將擁有預測故障組件。想像一下，我們的 Pro 客戶的生產力得到了提高，他們從未離開過道路，因為他們知道事情會在事情發生之前就變壞。這只是這 3 個應用程序的開始。這些服務將帶來高利潤、經常性的收入流，與我們傳統的汽車銷售相比，這些收入流的資本密集度和周期性較低。

To wrap up, there is understandably a lot of interest in the UAW contract discussions that began 2 weeks ago. We won't negotiate in public, but I would like to share our general approach and our belief system. When it comes to building in America and partnering with UAW, Ford stands apart from all the other automakers and most other major industrial companies. We believe, as Sean and Chuck do, the Ford should do our part to support the middle class, create vibrant communities and build a strong American and industrial base.

總而言之，人們對兩週前開始的 UAW 合同討論很感興趣，這是可以理解的。我們不會公開談判，但我想分享我們的總體做法和信仰體系。在美國的建設以及與 UAW 的合作方面，福特在所有其他汽車製造商和大多數其他主要工業公司中脫穎而出。我們相信，正如肖恩和查克所做的那樣，福特汽車應該儘自己的一份力量來支持中產階級，創建充滿活力的社區並建立強大的美國和工業基礎。

Everyone knows Ford didn't go bankrupt, and we didn't take a bailout, but they may not know that we added a significant amount of UAW manufacturing jobs, in fact, thousands of jobs in the U.S. since The Great Recession. We have actually done more than is required by our contract to add jobs, move employees from temporary to full time, improve benefits, and we're on our way to spending $1 billion to improve our factory working conditions. It comes with some additional costs.

每個人都知道福特沒有破產，我們也沒有接受救助，但他們可能不知道我們增加了大量的 UAW 製造業工作崗位，事實上，自大衰退以來，美國增加了數千個工作崗位。實際上，我們在增加就業機會、將臨時員工調為全職員工、改善福利等方面所做的工作超出了合同要求，而且我們即將花費 10 億美元來改善工廠的工作條件。它需要一些額外費用。

But for us, this is not simply a number-crunching exercise. We believe over time, customers will appreciate and reward our approach and our workforce will be more committed to delivering excellence through our transformation. So although these negotiations promise to be challenging, our goal is to build a bridge to the future with our employees based on mutual trust and a spirit of problem solving with the UAW leadership, and of course, our incredible workforce.

但對我們來說，這不僅僅是一個數字運算練習。我們相信，隨著時間的推移，客戶將欣賞並獎勵我們的方法，我們的員工將更加致力於通過我們的轉型提供卓越的服務。因此，儘管這些談判有望具有挑戰性，但我們的目標是在與 UAW 領導層以及我們令人難以置信的員工隊伍的相互信任和解決問題的精神的基礎上，與我們的員工建立一座通向未來的橋樑。

Over to you, John.

交給你了，約翰。

Thanks, Jim. For the power of our 3 customer-focused segments is really starting to [sign] through. In the quarter, we delivered an 8% increase in wholesale, adjusted EBIT of $3.8 billion and an 8.4% adjusted EBIT margin. The year-over-year improvement in adjusted EBIT was primarily driven by higher net pricing and volume, partially offset by higher cost as we ramp EVs and expected lower Ford credit profits.

謝謝，吉姆。因為我們以客戶為中心的 3 個細分市場的力量真正開始發揮作用。本季度，我們的批發業務增長了 8%，調整後息稅前利潤為 38 億美元，調整後息稅前利潤率為 8.4%。調整後息稅前利潤的同比改善主要是由更高的淨定價和銷量推動的，但部分被我們增加電動汽車和預計福特信貸利潤下降導致的成本上升所抵消。

In the quarter, we delivered $2.9 billion of adjusted free cash flow, underscoring the improved performance generated from our industrial footprint. This consistency, combined with disciplined capital allocation, provides significant flexibility to fund our growth while also consistently returning capital to our shareholders. We continue to target returning 40% to 50% of free cash flow to investors. And earlier this month, we declared our third quarter regular dividend of $0.15 per share.

本季度，我們實現了 29 億美元的調整後自由現金流，凸顯了我們的工業足跡帶來的業績改善。這種一致性，加上嚴格的資本配置，為我們的增長提供了巨大的靈活性，同時也持續向股東返還資本。我們的目標仍然是向投資者返還 40% 至 50% 的自由現金流。本月早些時候，我們宣布第三季度定期股息為每股 0.15 美元。

Our balance sheet remains strong. We ended the quarter with nearly $30 billion of cash and over $47 billion of liquidity. And we were recently upgraded by both Moody's and DBRS, again, demonstrating the improving trajectory of the business.

我們的資產負債表仍然強勁。本季度結束時，我們擁有近 300 億美元的現金和超過 470 億美元的流動資金。最近，我們再次獲得穆迪和 DBRS 的評級，這表明我們的業務正在不斷改善。

Now turning to our customer-focused business segments. With revenue growth of 5%, Ford Blue delivered $2.3 billion in EBIT with a margin of over 9%. Despite these strong results, EBIT declined modestly year-over-year, including the nonrecurrence of a onetime insurance settlement. That said, costs were flat, and we expect this to continue to improve in the second half of this year.

現在轉向我們以客戶為中心的業務部門。 Ford Blue 的收入增長了 5%，息稅前利潤達 23 億美元，利潤率超過 9%。儘管取得了這些強勁的業績，但息稅前利潤同比小幅下降，其中包括不再發生一次性保險和解。也就是說，成本持平，我們預計今年下半年這一情況將繼續改善。

Now importantly, Ford Blue continues to be profitable in every region, reflecting the disciplined capital allocation that has fundamentally derisked our global business. We're now really starting to see the results, a fresh, exciting product lineup that is driving both strong demand and price in key markets across the globe.

現在重要的是，福特藍繼續在每個地區實現盈利，這反映出嚴格的資本配置從根本上降低了我們全球業務的風險。我們現在真正開始看到結果，一個令人興奮的新鮮產品陣容正在推動全球主要市場的強勁需求和價格。

And perhaps the strongest example of this is Ranger, an incredible product, which many don't understand, is effectively our F-150 equivalent outside North America and that drives meaningful bottom line results for both Blue and Pro.

也許最有力的例子是 Ranger，這是一款令人難以置信的產品，但許多人不理解，它實際上相當於我們在北美以外的 F-150，並且為 Blue 和 Pro 帶來了有意義的底線結果。

Now turning to Model e. Revenue increased 39% year-over-year and more than doubled sequentially as we added capacity for both the Mach-E and the F-150 Lightning. Contribution margin and EBIT margin were both negative as pricing and volume pressures intensified, and that's impacting all OEMs. Given the rapid and dynamic changes on the pricing environment, we no longer expect to achieve contribution margin breakeven for our Gen 1 products this year.

現在轉向 Model e。由於我們增加了 Mach-E 和 F-150 Lightning 的產能，收入同比增長 39%，環比增長了一倍多。由於定價和銷量壓力加劇，邊際貢獻率和息稅前利潤率均為負值，這對所有原始設備製造商都產生了影響。鑑於定價環境的快速動態變化，我們不再期望今年第一代產品能夠實現邊際貢獻盈虧平衡。

One of the primary benefits of Ford's industry-leading reporting transparency, product leadership and customer insight is that we can quickly react to market realities. We know that once a customer chooses an EV brand, they stick with that brand over time. So as we make pricing decisions and assess customer acquisition costs, we're not only weighing the immediate impact on profitability but also how this translates to the lifetime value of that customer.

福特行業領先的報告透明度、產品領先地位和客戶洞察力的主要好處之一是我們可以快速對市場現實做出反應。我們知道，一旦客戶選擇了電動汽車品牌，他們就會長期堅持該品牌。因此，當我們做出定價決策並評估客戶獲取成本時，我們不僅要權衡對盈利能力的直接影響，還要權衡這如何轉化為該客戶的終身價值。

Despite the dynamic environment, we remain committed to delivering our 8% EBIT margin target in 2026, and we have a real strategic benefit. Our second-generation products are being developed now, complete with all new digital architecture. So while the path to sustainable profitability may not look quite the same as we previously thought, we're confident in our ability to deliver through a more efficient product design, cost efficiencies and growth in software and services, which will continue to accelerate.

儘管環境瞬息萬變，我們仍然致力於在 2026 年實現 8% 的息稅前利潤率目標，並且我們擁有真正的戰略利益。我們的第二代產品正在開發中，配備了全新的數字架構。因此，雖然實現可持續盈利的道路可能與我們之前想像的不太一樣，但我們對通過更高效的產品設計、成本效率以及軟件和服務的增長提供服務的能力充滿信心，而這些增長將繼續加速。

Now as we've demonstrated over the last several years, we will continue to be laser-focused on disciplined capital allocation and ultimately delivering a leading and profitable EV footprint that provides us with the flexibility to scale volumes based on customer demand.

現在，正如我們在過去幾年中所證明的那樣，我們將繼續專注於嚴格的資本配置，並最終提供領先且盈利的電動汽車足跡，使我們能夠根據客戶需求靈活地擴大產量。

Now Ford Pro. Ford Pro's results, they continue to accelerate, demonstrating the power of our portfolio approach. For this quarter, Ford Pro delivered a 22% increase in revenue driven by transit in our all-new Super Duty. EBIT more than doubled to $2.4 billion, resulting in a healthy margin of over 15%. The significant year-over-year improvement in EBIT reflects higher net pricing and increased volume, both outstanding proof points of the strength of our commercial business. And we continue to be encouraged by our leading market position in the U.S. and Europe, our strong order banks, the upcoming launch of our new one-tonne Transit and a huge opportunity to grow software and services, and I'll talk more about this in a moment. But with over 450,000 customer subscriptions and with significant growth each quarter, this is a key pillar of our Ford Pro business.

現在是福特Pro。 Ford Pro 的業績繼續加速，展示了我們投資組合方法的力量。本季度，福特 Pro 在全新 Super Duty 的運輸推動下實現了 22% 的收入增長。息稅前利潤 (EBIT) 增長了一倍多，達到 24 億美元，利潤率保持在 15% 以上。息稅前利潤的同比顯著改善反映了淨定價的提高和銷量的增加，這兩者都是我們商業業務實力的突出證明。我們在美國和歐洲的領先市場地位、強大的訂單庫、即將推出的新型一噸 Transit 以及發展軟件和服務的巨大機會繼續令我們感到鼓舞，我將詳細討論這一點一會兒。但憑藉超過 450,000 名客戶訂閱，並且每個季度都有顯著增長，這是我們 Ford Pro 業務的關鍵支柱。

Ford Credit generated EBT of $390 million. Results were in line with our expectations, but down $550 million from a year ago, reflecting lower financing margin, the nonrecurrence of credit loss reserve releases and residual value performance, all of which was already reflected in our full year outlook. Credit loss performance remains strong and below our historical average but is expected to increase and auction values remain robust, but are down from their peak in the first half of 2022.

福特信貸產生的稅前利潤為 3.9 億美元。業績符合我們的預期，但較上年同期減少了 5.5 億美元，反映出融資利潤率下降、信用損失準備金釋放不再重複以及殘值表現，所有這些都已反映在我們的全年展望中。信用損失表現仍然強勁，低於我們的歷史平均水平，但預計會增加，拍賣價值仍然強勁，但較 2022 年上半年的峰值有所下降。

Before turning to our outlook, let me provide a little more context regarding software services. In my mind, this is the real opportunity for value creation. We are already seeing sustained double-digit quarter-over-quarter growth in subscriptions across all of our business segments and most importantly, at gross margins of around 50%. And our next-generation digital platform will enable a step-function change in capability, allowing us to scale and deliver value to both our retail and commercial customers even faster.

在展望我們的前景之前，讓我先提供一些有關軟件服務的背景信息。在我看來，這才是真正創造價值的機會。我們已經看到我們所有業務部門的訂閱量都實現了持續兩位數的季度環比增長，最重要的是，毛利率達到了 50% 左右。我們的下一代數字平台將實現功能的階梯式變化，使我們能夠更快地擴展規模並為零售和商業客戶提供價值。

Regarding our outlook, we now expect full year total company adjusted EBIT of $11 billion to $12 billion, primarily reflecting stronger net pricing in Ford Pro and Ford Blue with adjusted free cash flow of $6.5 billion to $7 billion and capital expenditures between $8 billion and $9 billion. Our guidance reflects headwinds, which include continued global economic uncertainty and inflationary pressures, higher industry-wide customer incentives and continued EV pricing pressure, increased warranty costs, lower past service income, exchange and costs associated with union agreements. And tailwinds include improvement in the supply chain and higher industry volume, our all-new Super Duty and lower commodity costs.

關於我們的前景，我們目前預計全年公司調整後息稅前利潤為 110 億至 120 億美元，主要反映福特 Pro 和福特 Blue 的淨定價強勁，調整後自由現金流為 65 億至 70 億美元，資本支出為 80 億至 9 美元十億。我們的指引反映了不利因素，其中包括持續的全球經濟不確定性和通脹壓力、更高的全行業客戶激勵和持續的電動汽車定價壓力、保修成本增加、過去服務收入、交換和與工會協議相關的成本降低。有利因素包括供應鏈的改善和更高的行業產量、我們全新的超級關稅和更低的商品成本。

Now turning to the segments. We now expect Ford Blue to deliver full year EBIT of about $8 billion. We expect higher volumes and stronger mix to more than offset any potential pricing headwinds. Ford Model e to report an EBIT loss of around $4.5 billion, largely reflecting the present pricing environment, disciplined investment in new products and capacity and other costs. We also expect Ford Pro's EBIT to approach $8 billion with a significant year-over-year improvement driven by pricing and volume, including the benefit from the launch of the all-new Super Duty. And Ford Credit EBT is anticipated to be about $1.3 billion.

現在轉向細分市場。我們現在預計 Ford Blue 全年息稅前利潤將達到約 80 億美元。我們預計更高的銷量和更強大的產品組合將足以抵消任何潛在的定價阻力。福特 Model e 報告息稅前利潤損失約為 45 億美元，主要反映了當前的定價環境、對新產品和產能的嚴格投資以及其他成本。我們還預計福特 Pro 的息稅前利潤將接近 80 億美元，在價格和銷量的推動下，同比將出現顯著改善，其中包括推出全新 Super Duty 帶來的好處。福特信貸 EBT 預計約為 13 億美元。

So that wraps up prepared remarks, and we'll use the balance of time to address what's on your minds. Thank you. And operator, please open the line for questions.

準備好的發言就到此為止，我們將利用剩餘的時間來解決您的想法。謝謝。接線員，請打開線路提問。

(Operator Instructions) Your first question today comes from Adam Jonas with Morgan Stanley.

（操作員說明）今天您的第一個問題來自摩根士丹利的 Adam Jonas。

So first to Lynn's mother, [Tony]. I've actually never met you before, but I feel like I know you and I've heard so many stories from your daughter, not just about your humor and your amazing Puerto Rican cooking, but also for your values and how you've always stood up for what is right. So I just want to say God bless you, Tony .

首先是林恩的母親，[托尼]。事實上，我以前從未見過你，但我覺得我認識你，我從你女兒那裡聽過很多故事，不僅僅是關於你的幽默和你令人驚嘆的波多黎各烹飪，還有你的價值觀和你如何做事。始終堅持正義。所以我只想說上帝保佑你，托尼。

And just one question, Jim. Thank you for showing the losses in Model e when nobody else in this industry has the courage to do so amongst the legacy peers. Losing $40,000 a unit on Model e obviously can't continue. So is this something that you feel you can just grow your way out of? Or does something more radical need to change? And I'm thinking Audi and Volkswagen are turning to SAIC and Xpeng in China. There seems to be something a pivot going on -- in the industry where there's a willingness to work with competitors, your stuff with Tesla was your -- some of your peers seem to reluctantly follow you and you really showed leadership there. So I'm wondering if you could embrace or more of that collaborative approach to be -- remain relevant in EVs while also being more capital disciplined.

只有一個問題，吉姆。感謝您展示 Model e 中的損失，而這個行業中沒有其他人有勇氣在傳統同行中這樣做。 Model e 每輛虧損 4 萬美元顯然無法繼續下去。那麼你覺得你可以通過成長來擺脫這種情況嗎？或者是否需要進行更徹底的改變？我認為奧迪和大眾正在轉向中國的上汽集團和小鵬汽車。似乎有一些事情正在發生——在這個願意與競爭對手合作的行業中，你在特斯拉的東西就是你的——你的一些同行似乎不情願地追隨你，而你確實在那裡表現出了領導力。因此，我想知道您是否可以接受或更多采用這種協作方法，以便在電動汽車領域保持相關性，同時也更加嚴格資本紀律。

You're absolutely right. I would say, Adam, when Doug came on board and at the same time, we did the Model Y teardowns, especially Texas. And we really understood the BYD teardowns and even Changan, our partner in China. Our eyes were opened more than a year ago, and so we were fortunate that our new platform that no one's seen yet are coming at a time when our traditional competitors have already designed and made their bet on the EV platforms. And I could tell you that, that moment was one of the biggest eye-opening moment in my personal career, where I realized we had completely changed our approach to platforms.

你是絕對正確的。我想說，亞當，當道格加入時，我們同時進行了 Model Y 的拆解，特別是在德克薩斯州。我們非常了解比亞迪的拆解，甚至了解我們在中國的合作夥伴長安。一年多前，我們就已經大開眼界，所以我們很幸運，在我們的傳統競爭對手已經設計並押注於電動汽車平台的時候，我們還沒有見過的新平台即將問世。我可以告訴你，那一刻是我個人職業生涯中最令人大開眼界的時刻之一，我意識到我們已經徹底改變了我們對待平台的方式。

The inverter technology, the efficiency in the system as -- of the vehicle, the massive complexity reduction and cost competitive reduction that we have to make in the second cycle products was just dramatic. The battery pack design that we see from our competitors is completely uncompetitive from what we saw and what we're now executing against. The gearboxes, the motors, how we thought about investment in braking systems and wiring systems, the diversity of battery chemistry like LFP, it was all just a moment when we all looked at each other and said, "We have to go left to beat the -- and compete with these competitors that make a really good living on EV." And so we're executing that.

逆變器技術、車輛系統的效率、我們在第二週期產品中必須大幅降低複雜性和成本競爭力的降低是巨大的。我們從競爭對手那裡看到的電池組設計與我們所看到的和我們現在正在執行的設計完全沒有競爭力。變速箱、電機、我們如何考慮制動系統和佈線系統的投資、LFP 等電池化學的多樣性，這一切都只是我們互相看著對方說的那一刻，“我們必須向左走才能擊敗- 並與這些依靠電動汽車過上美好生活的競爭對手競爭。”所以我們正在執行它。

And as John said, Adam, the other epiphany was for us, and thank God we have Pro because it's come to fruition is the enormous cost but importance of upgrading the electric architecture so we could be a winner in sending software to the vehicle. This decision by Ford in the second cycle products to bundle this new, simpler, more energy-efficient platform but compete in segments where we have a great reputation but we can still conquest with very simple top hat engineering and add to it an advanced electrical architecture where we can win the war of shipping software to the vehicle was our bet -- is our bet. And we like our bet, and we think it's competitive.

正如約翰所說，亞當，另一個頓悟是我們的，感謝上帝，我們有了 Pro，因為它的實現是巨大的成本，但升級電氣架構的重要性，這樣我們就可以成為向車輛發送軟件的贏家。福特在第二週期產品中的決定是捆綁這個新的、更簡單、更節能的平台，但在我們享有盛譽的細分市場中競爭，但我們仍然可以通過非常簡單的頂帽工程征服並為其添加先進的電氣架構我們能贏得這場向車輛運送軟件的戰爭是我們的賭注——這是我們的賭注。我們喜歡我們的賭注，我們認為它具有競爭力。

In the meantime, we learned about battery scaling, which is not easy in Georgia. We learned about how to build 10,000, 20,000 unit a month batteries in one facility in high quality. We learned about the thermal propagation that will protect our brands over time, and I'm very optimistic. However, in a place like China, we may have to use our local JV partners' platforms because they are the best in the world in certain segments. Maybe not for a full-size truck or a large 3-row crossover. But for some segments, it may be just perfect for us. So we're not trained changing strategy at Ford. We've always been on that strategy, including China.

與此同時，我們了解了電池擴展，這在喬治亞州並不容易。我們了解瞭如何在一個工廠中每月生產 10,000 個、20,000 個高質量電池。我們了解到熱傳播將隨著時間的推移保護我們的品牌，我對此非常樂觀。然而，在中國這樣的地方，我們可能不得不使用當地合資夥伴的平台，因為他們在某些領域是世界上最好的。也許不適用於全尺寸卡車或大型三排跨界車。但對於某些細分市場來說，它可能對我們來說是完美的。所以我們在福特沒有接受過改變戰略的培訓。我們一直堅持這一戰略，包括中國。

The next question comes from Rod Lache with Wolfe Research.

下一個問題來自 Wolfe Research 的 Rod Lache。

I wanted to also ask a question about Model e. Just pushing out the EV targets, the volume targets make sense when we see contribution margins from volume being offset by additional price. But I was hoping that you might -- people talk to us about kind of the longer term. What does it mean with regard to your 2026 targets? I'm glad to hear that you aren't fixated on 2 million units. What is your ability to adjust investment in structural costs when you have to make commitments to suppliers or to your infrastructure to be capable of hitting that? And are you still committed to the 8% margin target?

我還想問一個關於 Model e 的問題。只要推出電動汽車目標，當我們看到銷量的貢獻率被額外的價格所抵消時，銷量目標就有意義了。但我希望人們能夠與我們談論更長遠的問題。這對您的 2026 年目標意味著什麼？我很高興聽到您並不專注於 200 萬台。當您必須向供應商或基礎設施做出承諾以實現這一目標時，您調整結構性成本投資的能力有多大？您仍然致力於 8% 的利潤率目標嗎？

Yes. Rod, it's John. So we're not walking away from the 8% margin run rate at the end of '26. We've got several years to work that. It may look a little bit different than what we shared at Capital Markets Day, but there's levers that we can pull. We don't necessarily have to spend at the same rate. Some of the battery factories to be flexible. The transition from ICE components to electrical components is optional from a timing standpoint, so we can make those changes. And as Jim said, we've got the team working on that second generation of products, which is critical, and we have some time to work this in understanding whether pricing is settling and coming up with the right value equation. So we're not walking away from the 8% at this point, and we're going to continue to work that.

是的。羅德，這是約翰。因此，我們不會放棄 26 年底 8% 的利潤率。我們還有幾年的時間來努力做到這一點。它可能看起來與我們在資本市場日分享的內容略有不同，但我們可以利用一些槓桿。我們不一定要以同樣的速度支出。一些電池廠要靈活一些。從時間角度來看，從 ICE 組件到電氣組件的過渡是可選的，因此我們可以進行這些更改。正如吉姆所說，我們的團隊正在開發第二代產品，這是至關重要的，我們有一些時間來了解定價是否穩定並提出正確的價值方程式。因此，我們目前不會放棄 8%，我們將繼續努力。

As far as the volume trade-off, Rod, it's interesting. The elasticity model that we're now building because of our high volume, we're at the middle part of the year this year, we'll build about 120,000 EVs. So we're learning a lot about that elasticity between price and volume. It's actually not as different than ICE than we thought. So we have a lot of information that we didn't have a year ago on the volume trade-off profit optimization, plus all the levers that John talked about on the 8%.

就數量權衡而言，羅德，這很有趣。由於產量高，我們現在正在構建的彈性模型，今年年中，我們將製造約 120,000 輛電動汽車。因此，我們對價格和銷量之間的彈性有了很多了解。它實際上與 ICE 並沒有我們想像的那麼不同。因此，我們擁有大量一年前沒有的關於交易量權衡利潤優化的信息，以及約翰談到的 8% 的所有槓桿。

The next question comes from Dan Levy with Crédit Suisse (sic) [Barclays].

下一個問題來自瑞士信貸銀行（原文如此）[巴克萊銀行] 的 Dan Levy。

Dan Levy with Barclays. Wanted to ask, Jim, on a comment you made earlier about plan to quadruple your number of hybrids. I don't remember what the base plan is, but just tying into maybe Rod's question, I'm wondering what part of your push to decarbonize where there may be a little more flexibility and where you lever in. And how do hybrid factor in? Is the push on hybrids incremental? Was that always part of the plan? How are you looking at interplay between hybrids and EVs?

巴克萊銀行的丹·利維。吉姆，我想問一下您之前發表的關於計劃將混合動力車數量增加四倍的評論。我不記得基本計劃是什麼，但只是結合羅德的問題，我想知道你推動脫碳的哪一部分可能有更多的靈活性以及你在哪裡利用。以及混合因素如何影響？對混合動力車的推動是否漸進？這一直是計劃的一部分嗎？您如何看待混合動力汽車和電動汽車之間的相互作用？

Great question. I think how -- in general how we think about it is, a year ago -- 2 years ago, the industry thought of kind of this extreme between a hybrid and EV. What we now realize and are seeing in markets, especially like China, that there's an infinite number of degrees of electrification in between both of those. And the customers are very rational about buying an EREV versus a long-range PHEV versus a [SERA] hybrid for towing, customers are really acting pretty rationally based on their duty cycle.

很好的問題。我認為，總的來說，我們是如何看待這一問題的，一年前——兩年前，業界對混合動力和電動汽車之間的這種極端的想法是如何的。我們現在意識到並在市場上看到的，特別是像中國這樣的市場，這兩者之間存在無限的電氣化程度。客戶對於購買 EREV、遠程 PHEV 以及用於牽引的 [SERA] 混合動力車的態度非常理性，客戶根據他們的工作週期採取的行動確實相當理性。

So I would say a couple of years ago we decided to continue our hybrid investment in our heavier vehicles. And those hybrid systems are quite different, let's say, to Toyota and the Japanese OEMs. And we have been surprised, frankly, at the popularity of hybrid systems for F-150. It's now more than 10% mix for us, and it's increasing.

所以我想說，幾年前我們決定繼續對重型車輛進行混合動力投資。可以說，這些混合動力系統與豐田和日本原始設備製造商有很大不同。坦率地說，我們對 F-150 混合動力系統的流行感到驚訝。現在我們的混合比例超過 10%，而且還在增加。

And what we've learned is that we have to tie. What the customer really likes is when we take a hybrid system that's more efficient with certain duty cycles, and then we add new capabilities because of the batteries like Pro Power Onboard. We're seeing a lot of customers find that combination of using the battery for something beyond just moving the vehicle. And that popularity, I mean we never thought we would be at 60% hybrid mix for Maverick. It was far beyond our expectation.

我們學到的是我們必須打平。客戶真正喜歡的是，我們採用在特定工作循環下效率更高的混合系統，然後我們通過 Pro Power Onboard 等電池添加新功能。我們看到很多客戶發現電池的組合用途不僅僅是移動車輛。我的意思是，我們從未想過我們會為 Maverick 提供 60% 的混合動力。這遠遠超出了我們的預期。

And so we're just listening to the market. We believe that ICE customers, Blue customers don't want to be left behind. They want modern powertrains, and decarbonizing with them is just as attractive to us. That's one of the reasons why we separated the business because we want a future-proof Blue and Pro.

所以我們只是傾聽市場的聲音。我們相信 ICE 客戶、Blue 客戶不想被拋在後面。他們想要現代動力系統，而利用它們實現脫碳對我們同樣有吸引力。這就是我們分離業務的原因之一，因為我們想要面向未來的 Blue 和 Pro。

On Pro side, we're very lucky. We have a lot of great multi-energy platforms. So we have a lot of choices between electrification, partial electrification and ICE and the infinite number in between. The platforms are designed for that flexibility. So all I'm saying is you're going to see a lot more hybrid systems from us, but don't think of them in the traditional sense of an escape hybrid or Prius. They're probably going to come to life differently than most people think, and customers like that.

在專業版方面，我們非常幸運。我們有很多很棒的多能源平台。因此，我們在電氣化、部分電氣化和內燃機之間有很多選擇，以及介於兩者之間的無限多種選擇。這些平台就是為了這種靈活性而設計的。因此，我想說的是，您將從我們這裡看到更多的混合動力系統，但不要將它們視為傳統意義上的逃生混合動力車或普銳斯。他們的生活可能會與大多數人想像的不同，而顧客也喜歡這樣。

Great. And are there other levers in terms of flexibility on the plan where some elements can be deferred, again, just a function of, like you said, listening to the market?

偉大的。就計劃的靈活性而言，是否還有其他槓桿可以推遲某些要素，就像您所說的那樣，只是傾聽市場的聲音？

You mean capital deployment to EVs? Or -- can you be more specific?

您的意思是對電動汽車的資本部署？或者——你能說得更具體一些嗎？

Capital deployment to EV program development reuse. I mean one of your competitors earlier this week announced that one of their programs, which was expected to cease, was being refreshed and was a function of sort of reuse of capital. So are there things you can do?

資本部署到電動汽車項目開發再利用。我的意思是，本週早些時候，你們的一位競爭對手宣布，他們的一項計劃（預計將停止）正在更新，這是一種資本再利用的功能。那麼你有什麼可以做的嗎？

I see. So we don't -- I want to be really clear about this. You -- all of you haven't yet seen our second cycle EV strategy or even the third cycle that we're working on, and I'm not going to tell our competitors about that right now. But I will tell you that it's very important to know that Ford strategy is not to build compliant vehicles that are very affordable for acquisition cost but lose lots of money. That's not our strategy when it comes to electrification. Our strategy is to make 8% margin irregardless of the price point, and we're going to allocate capital along those lines.

我懂了。所以我們不——我想澄清這一點。你們——你們所有人還沒有看到我們的第二週期電動汽車戰略，甚至我們正在研究的第三週期，我現在不會告訴我們的競爭對手這一點。但我要告訴你的是，非常重要的是要知道福特的戰略不是製造購置成本非常實惠但卻損失大量資金的合規車輛。這不是我們的電氣化戰略。我們的策略是無論價格如何，都賺取 8% 的利潤，我們將按照這些原則分配資本。

So the pressure we're putting on ourselves is that we enter segments, we execute the product with -- rule efficiency and simplicity, and we upgrade the electric architecture for lots of software revenue and profits with great margins for all of our electric vehicles and our hybrid vehicles. And they all have to stand on their own in the segments that we report, and you will see all those results transparently.

因此，我們給自己施加的壓力是，我們進入細分市場，我們以規則效率和簡單性來執行產品，我們升級電動架構以獲得大量軟件收入和利潤，為我們所有的電動汽車和汽車帶來巨大的利潤。我們的混合動力汽車。他們都必須在我們報告的細分市場中獨立存在，您將透明地看到所有這些結果。

We don't create greenhouse gas credits between our businesses. We used to allocate capital. It was like $5,000 a vehicle. We're done. We're done with that. We don't play games like that. That's why we created these segments. And if we have a low-cost vehicle like some of our competitors have, it's not going to be a compliance vehicle. It's going to be a vehicle that we convince ourselves we can make 8%. Maybe a lot of that is in software because we do need to build this installed base. I hope that's clear what our top-of-the-house strategy is and maybe how it's different than others.

我們不會在我們的企業之間建立溫室氣體信用額。我們過去常常分配資本。每輛車的價格約為 5,000 美元。我們完成了。我們已經完成了。我們不玩那樣的遊戲。這就是我們創建這些細分市場的原因。如果我們像一些競爭對手那樣擁有低成本工具，那麼它就不會成為合規工具。我們相信這將是一種我們可以賺取 8% 利潤的工具。也許其中很多是在軟件中，因為我們確實需要建立這個安裝基礎。我希望大家清楚我們的頂級戰略是什麼，以及它與其他戰略的不同之處。

The next question comes from John Murphy with Bank of America.

下一個問題來自美國銀行的約翰·墨菲。

Just one really quick follow-up there, Jim. When you're talking about hybrids, are you talking about plug-in hybrids or hybrids that will qualify for the $7,500 IRA credit just that they have batteries that are large enough? I just wanted to make sure we understand that.

只是一個非常快速的後續行動，吉姆。當您談論混合動力車時，您指的是插電式混合動力車還是只要擁有足夠大的電池就有資格獲得 7,500 美元 IRA 信貸的混合動力車？我只是想確保我們理解這一點。

Yes. I want to make it really clear. The term hybrid is going to -- in our industry going to get a lot more complex. Hybrid could be a serial hybrid. It's just a motor powers batteries. It could be a hybrid in the traditional sense that like the F-150 hybrid or the -- and the hybrids I'm referring to are not plug-in hybrids. They are vehicles without a plug.

是的。我想把事情說清楚。在我們的行業中，混合動力一詞將變得更加複雜。混合動力可以是串聯混合動力。它只是一個電機為電池提供動力。它可能是傳統意義上的混合動力車，就像 F-150 混合動力車或——而且我指的混合動力車不是插電式混合動力車。它們是沒有插頭的車輛。

The next question comes from Ryan Brinkman with JPMorgan.

下一個問題來自摩根大通的 Ryan Brinkman。

Thank you for taking my question which is around the outlook for the bigger loss of Model e segment this year. And I get the changed guidance reflects greater price competition. But as some portion of the outlook for a bigger loss may be driven in part also by a conscious decision to reinvest some of the higher-than-expected profit that Pro and Blue back into the business, the accelerating electric vehicle development or other EV-related capabilities. And with regard to that breakeven on a contribution margin target for first-generation EVs, can investors now expect that at some point in 2024?

感謝您回答我的問題，這個問題涉及今年 Model e 細分市場更大虧損的前景。我得到的指導意見的改變反映了更激烈的價格競爭。但由於出現更大虧損的部分前景可能部分是由於有意識地決定將 Pro 和 Blue 的部分高於預期的利潤重新投資回業務、加速電動汽車開發或其他電動汽車 -相關能力。至於第一代電動汽車邊際貢獻的盈虧平衡目標，投資者現在可以期望在 2024 年的某個時候實現嗎？

And then finally here, just given the reiteration of the 8% EV target in '26, could you maybe help us some more with the factors that continue to give you confidence in that target? Is it related at all to Jim's comments at the start of the call for maybe taking some time for the winners in the EV market to be sorted from the losers, reflecting your expectation that by 2026, the number of market participants could be less. And so therefore, pricing competition more rational? Or is the confidence more -- factors under your control that give you that confidence, leaning more on vertical integration and other levers that you might have identified, et cetera?

最後，鑑於 26 年重申了 8% 的電動汽車目標，您能否為我們提供更多幫助，說明那些繼續讓您對該目標充滿信心的因素？這是否與吉姆在電話會議開始時的評論有關，即電動汽車市場的贏家和輸家可能需要一些時間才能區分出來，這反映了您對到 2026 年市場參與者數量可能會減少的預期。那麼，定價競爭是否因此更加理性？或者是信心更多——你控制的因素給了你信心，更多地依靠垂直整合和你可能已經確定的其他槓桿，等等？

Yes, Ryan. I think that the essence of that question highlights the complexity and all the levers that we have to work with here. And so what I would say is we haven't changed our plan. What's changed is that the adoption we're seeing with -- now that we've moved into early majority and the pricing premium of EVs has come off or normalized more quickly than we expected, and so that's impacting the profitability right now.

是的，瑞安。我認為這個問題的本質凸顯了我們在這裡必須使用的複雜性和所有手段。所以我想說的是我們沒有改變我們的計劃。發生的變化是我們所看到的採用情況——現在我們已經進入早期大眾階段，電動汽車的定價溢價下降或正常化的速度比我們預期的要快，因此這正在影響目前的盈利能力。

But we're continuing to work through all of those levers as we build out the second generation of vehicles. And that path, that bridge that we had talked about, we had thought that prices would come down. It's sooner than we had thought. And it might be a little bit deeper than we had thought. But also as we get more and more confidence and gain more and more confidence in the products that Doug is creating and the combination of that product, both the physical hardware and the software and the experience and the ability to execute with a completely optimized system, the entire vehicle, that's giving us confidence in our ability to move towards a sustainably profitable segment in EVs, starting with our second generation. So we're not walking away from that 8% target.

但在我們建造第二代車輛時，我們將繼續利用所有這些手段。我們曾經討論過的那條路、那座橋，我們原以為價格會下降。這比我們想像的要早。而且它可能比我們想像的要深一些。但隨著我們對 Doug 正在創建的產品以及該產品的組合、物理硬件和軟件、經驗以及使用完全優化的系統執行的能力越來越有信心，整個車輛，這讓我們對從第二代產品開始向電動汽車領域的可持續盈利領域邁進的能力充滿信心。所以我們不會放棄 8% 的目標。

And I really want to mention something that I'm compelled to mention, which is in the U.S. right now, pure EVs are, I don't know, 7% to 8% depending on the month. The intention to buy EVs is still 30% to 50%. There are plenty of consumers. The issue is the price their willing to pay has come down, but it's very, very lumpy. It's not consistent across all segments.

我真的很想提一件事，我不得不提，目前在美國，純電動汽車的銷量，我不知道，是 7% 到 8%，具體取決於月份。購買電動汽車的意向仍為 30% 至 50%。有很多消費者。問題是他們願意支付的價格已經下降，但是非常非常不穩定。所有細分市場的情況並不一致。

So one of the most important levers that John is referring to is what segment we compete in with our second-generation products. That's why I said clearly that we are so thankful we did not bet on 2-row crossovers. We have bet on segments that we know deeply, deeply, deeply. And we now know what we know, and we can't unlearn what we've learned from the pure EV companies on cost and complexity. And now we have talent in the company like Doug, where we're shipping almost 0.5 million software, that many software subscribers.

因此，約翰提到的最重要的槓桿之一是我們與第二代產品競爭的細分市場。這就是為什麼我明確表示我們很慶幸我們沒有押注兩排交叉。我們把賭注押在我們非常了解的細分市場上。我們現在知道我們所知道的，我們不能忘記我們從純電動汽車公司在成本和復雜性方面學到的東西。現在，我們公司擁有像 Doug 這樣的人才，我們正在運送近 50 萬個軟件，即許多軟件訂閱者。

So there is real demand for these customers based on duty cycle. It's up to us to get those second cycle products and doing the cost reductions in the meantime. And I think our strategy in the segments we compete, which is not visible to see yet, I think it's going to really differentiate Ford.

因此，根據工作週期，這些客戶存在真正的需求。我們有責任獲得第二輪產品並同時降低成本。我認為我們在競爭的細分市場中的戰略目前尚不可見，我認為這將真正使福特脫穎而出。

All right. One thing, Jim. One of the other things that we are looking at, this is the future and this is about an installed base, and so we're also looking at these customers today and the acquisition cost of them. We know that once you bring them in, they're more loyal. We think about what the retention rates will be over second vehicle or a third vehicle. They come down over time. We also think about it from a modest software attach rate to these vehicles.

好的。一件事，吉姆。我們正在關注的其他事情之一是，這是未來，這是關於安裝基礎的，所以我們也在關註今天的這些客戶以及他們的獲取成本。我們知道，一旦您將他們引入，他們就會更加忠誠。我們考慮第二輛車或第三輛車的保留率是多少。隨著時間的推移，它們會下降。我們還從這些車輛的適度軟件附加率來考慮這一點。

And we very carefully look at the present value of that. And is it still positive given the acquisition costs we have for these customers as invest in the [growth ?] And so we watch that very closely. And we talked about that with the team. I'm not going to give you the specific numbers, but that's how we're thinking about this. And I can tell you, if we get to the point where that lifetime customer value isn't worth the acquisition cost, that's what we said, we won't acquire customers at any cost. And we know where those lines are for. And so that's one of the other tools that we're using -- we're looking at this as we invest in our future.

我們非常仔細地審視它的現值。考慮到我們為這些客戶投資的[增長成本]，它仍然是積極的嗎？所以我們非常密切地關注這一點。我們和團隊討論了這個問題。我不會給你具體的數字，但這就是我們的想法。我可以告訴你，如果我們達到了終生客戶價值不值得獲取成本的地步，那就是我們所說的，我們不會不惜一切代價獲取客戶。我們知道這些線路的用途。這是我們正在使用的其他工具之一——我們在投資未來時正在考慮這一點。

The next question comes from Philippe Houchois with Jefferies.

下一個問題來自 Jefferies 的 Philippe Houchois。

I just -- I hear what you're saying, Jim, and it's very interesting. It makes perfect sense. But it seems like compared to a few weeks ago, we saw you in Detroit, this is -- it's not a turnaround. It's not about, but it's quite -- it's like you had religion in BEV. And it seems like the last few weeks, I've shaken that contingents quite a lot. And I'm just trying to understand how much of this is a reaction to a more difficult environment, which I completely understand and how much is strategic. And you should have been strategic a while back because I look at competitors, whether it's Toyota or BMW, you have taken a more careful approach about this transition, the complexity and have a bit more flexibility. So just to sense the change of mood.

我只是——我聽到你在說什麼，吉姆，這非常有趣。這是完全有道理的。但與幾週前我們在底特律見到你相比，這似乎不是一個轉變。這不是關於，但它確實——就像你對純電動汽車有信仰一樣。似乎在過去的幾周里，我對這種情況動搖了很多。我只是想了解這在多大程度上是對更困難環境的反應，我完全理解這一點，有多少是戰略性的。你應該在不久前就採取戰略性措施，因為我看看競爭對手，無論是豐田還是寶馬，你對這種轉變、複雜性採取了更謹慎的方法，並且有更多的靈活性。所以只是為了感受心情的變化。

And then if I can add a question, if I do a simple math, the loss per car in Pro was about $32,000. There were 12,000 EVs -- sorry, in e, there were 12,000 EVs in Pro. Does it mean that there's a loss of about $250 million booked in Pro, which means that we've added, the margin will be even higher, something like 18%.

然後我可以補充一個問題，如果我做一個簡單的計算，Pro 中每輛車的損失約為 32,000 美元。有 12,000 輛電動汽車——抱歉，在 e 中，Pro 中有 12,000 輛電動汽車。這是否意味著 Pro 中預訂的損失約為 2.5 億美元，這意味著我們已經添加了利潤率會更高，大約 18%。

Yes. Just one thing. I understand and appreciate the math and doing the math that way. And you look at it and say, wow, it's a big number. You have to remember that there's a lot of investment going into ramp and put the footprint in as well that these vehicles are carrying. And we're -- we added quite a bit of capacity to the second quarter, and so we have to think about it that way as well. We have to break it into what's the contribution margin, what's the gross profit, how much are you investing for the future so that we can scale and grow this business because we know EVs are coming.

是的。就一件事。我理解並欣賞數學並以這種方式做數學。你看著它，說，哇，這是一個很大的數字。您必須記住，坡道和這些車輛所承載的佔地面積都需要大量投資。我們在第二季度增加了相當多的產能，所以我們也必須這樣考慮。我們必須將其分解為邊際貢獻是多少、毛利潤是多少、您為未來投資多少，以便我們能夠擴大和發展這項業務，因為我們知道電動汽車即將到來。

It's not like it's a question whether or not we're going to have EV. So we can do the math that way, but I'm not sure it's the right way to think about how we're approaching this business because there is a lot of upfront cost to invest in that footprint so that we can scale and grow. And remember, we're working on our second-generation and our third-generation vehicles. That has cost as well. So to attach all of it just to these vehicles, I don't think it's quite the right way to be thinking about that as we move forward, respectfully.

我們是否要擁有電動汽車並不是一個問題。所以我們可以用這種方式進行數學計算，但我不確定這是否是思考我們如何開展這項業務的正確方法，因為投資該足跡需要大量的前期成本，以便我們能夠擴展和增長。請記住，我們正在開發第二代和第三代車輛。這也是有成本的。因此，將所有這些都附加到這些車輛上，我認為在我們前進時考慮這個問題的方式並不正確。

On the -- I'm not sure, but I think you're going referring to the F-150 Lightning price decrease, and I want to be really clear. We built about 24,000 electric vehicles at Ford in the first quarter. Our target for the quarter 4 is $100,000. That's 4 times. The ramp on F-150 in September is really significant. We always knew that we had to build an order bank that looked nothing like the original F-150 Lightning order bank because our production is tripling.

關於——我不確定，但我認為您指的是 F-150 Lightning 降價，我想澄清一下。第一季度，我們在福特生產了約 24,000 輛電動汽車。我們第四季度的目標是 100,000 美元。那是4次。 9 月份 F-150 的升級確實意義重大。我們一直都知道，我們必須建立一個與原始 F-150 Lightning 訂單庫完全不同的訂單庫，因為我們的產量增加了兩倍。

And that's really critical for us strategically because we have a second cycle product coming, and it's going to be really profitable, and so that's really important to understand. We didn't cut the price of the F-150 $100,000 to create an order bank for our current production rate. It's for a tripling. And oh, by the way, the F-150 price after the $10,000 decline is still above its launch price.

這對我們的戰略來說非常重要，因為我們即將推出第二個週期產品，它將真正有利可圖，因此理解這一點非常重要。我們沒有將 F-150 的價格降低 10 萬美元來為我們當前的生產率創建訂單庫。這是三倍的。哦，順便說一句，F-150 的價格在下跌 10,000 美元後仍然高於其上市價格。

The last question today comes from Jim Picariello with BNP Paribas Exane.

今天的最後一個問題來自法國巴黎銀行 (BNP Paribas Exane) 的吉姆·皮卡里洛 (Jim Picariello)。

Just looking at the guidance for Blue, now at $8 billion for the year. There's almost a $2 billion step-down, right, first half to second half. Can you just unpack what the key bridge items there -- are there to the sequential step-down? I mean I know there's obvious sensitivity around what could be baked in for the UAW contract impact. But beyond this, how should we be thinking about for Blue volumes, pricing? Any other factors that stand out for the second half?

看看 Blue 的指引，目前該公司今年的營收為 80 億美元。從上半年到下半年，幾乎減少了 20 億美元，對吧。您能否解開其中的關鍵橋樑項目 - 是否有順序降級？我的意思是，我知道 UAW 合同影響的影響因素存在明顯的敏感性。但除此之外，我們應該如何考慮 Blue 的銷量和定價？下半年還有其他突出的因素嗎？

Yes. Thanks. So when you look at that for Blue on a half-over-half basis, we -- pricing held up much better than we thought through the second quarter, but we do have planned in the second half but as we continue to increase volumes in Blue that we will see some pricing pressure there. So we see that happening as we walk through.

是的。謝謝。因此，當你以一半以上的基礎來看 Blue 的情況時，我們的定價比我們在第二季度想像的要好得多，但我們確實計劃在下半年，但隨著我們繼續增加銷量藍色表示我們將在那裡看到一些定價壓力。因此，當我們走過時，我們會看到這種情況正在發生。

We do have in the second half the ratification, which we see when we get to a new contract. And remember, for us, all of that is in our quarter, in our fourth quarter. We don't amortize that. We take it as a full charge in the quarter. And then we're also seeing some inflationary pressures. And we saw that in the quarter as well, we see that going through the second half, primarily around warranty, and that's with the costs that we're seeing come through the dealers. So they're increasing their costs and warranty for the repairs. Their labor rates, et cetera, have gone up with inflation.

我們確實在下半年獲得了批准，當我們簽訂新合同時我們會看到這一點。請記住，對我們來說，所有這些都發生在我們的季度、第四季度。我們不攤銷它。我們將其視為本季度的全額收費。然後我們還看到一些通脹壓力。我們在本季度也看到了這一點，我們看到下半年主要圍繞保修，這就是我們看到的通過經銷商產生的成本。因此，他們增加了維修成本和保修。他們的勞動力價格等隨著通貨膨脹而上升。

And then the other thing we're seeing across the board, we saw it in the second quarter, but we see it through the second half as well, is the cost we're seeing on freight, freight costs. Although some of the rates are coming down. We're seeing constraints overseas. We're seeing rail constraints. So we're generally seeing some constraints around freight, and that's driving up costs as well there. So that's the combination of the puts and takes for Blue as we go our half over half.

然後我們全面看到的另一件事，我們在第二季度看到了，但我們在下半年也看到了，那就是我們看到的運費成本。儘管有些利率正在下降。我們在海外看到了限制。我們看到了鐵路的限制。因此，我們通常會看到貨運方面的一些限制，這也推高了那裡的成本。這就是當我們的一半超過一半時藍色的看跌期權和看跌期權的組合。

This concludes the Ford Motor Company Second Quarter 2023 Earnings Conference Call. Thank you for your participation. You may now disconnect.

福特汽車公司 2023 年第二季度收益電話會議至此結束。感謝您的參與。您現在可以斷開連接。