福特汽車 (F) 2023 Q3 法說會逐字稿

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

今天是個好日子。我叫加里，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 年第三季財報電話會議。

All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) (technical difficulty)

所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （操作說明）（技術難度）

Thank you, Gary. Welcome to Ford Motor Company's third quarter 2023 earnings call.

謝謝你，加里。歡迎參加福特汽車公司 2023 年第三季財報電話會議。

With me today are Jim Farley, President and CEO; John Lawler, Chief Financial Officer; and Peter Stern, President, Ford Integrated Services. Also joining us for Q&A is Marion Harris, CEO of Ford Credit.

今天與我在一起的有總裁兼執行長吉姆法利 (Jim Farley)；約翰‧勞勒，財務長；史特恩（Peter Stern），福特綜合服務部總裁。福特信貸執行長 Marion Harris 也加入了我們的問答環節。

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

今天的討論包括一些非 GAAP 參考資料。這些數據與我們收益表附錄中最具可比性的美國公認會計準則衡量標準進行了調整。您可以在股東.forward.com 上找到該簡報以及我們其餘的獲利資料和其他重要內容。

Our discussion also includes forward-looking statements about our expectations. Actual results may differ from those stated. The most significant factors that could cause results to differ are included on Page 20.

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 20 頁列出了可能導致結果不同的最重要因素。

Unless otherwise noted, all comparisons are year-over-year. Company EBIT, EPS, and free cash flow are on an adjusted basis.

除非另有說明，所有比較均為逐年比較。公司息稅前利潤、每股盈餘和自由現金流均經過調整。

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

現在，我想把電話轉給吉姆。

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

謝謝你，林恩。大家好，感謝您今天加入我們。

I wanted to start by thanking the Ford team who worked tirelessly and creatively over the past several months to reach a tentative agreement with the United Auto Workers. I'm so pleased for our employees. This week, I was able to visit each of the struck plants. I was impressed by their preparation for start-up, and the feeling I got is people just want to get back to work. Once the deal is ratified, we will provide all of you a deeper look at the contract and its impact on our business. Right now, we're focused on restarting three important assembly plants, calling back more than 20,000 Ford employees to work, supporting our suppliers as they restart, and shipping lots of Super Duties, Explorers, and Broncos to our customers.

首先，我要感謝福特團隊，他們在過去幾個月裡不知疲倦地、創意地工作，與美國汽車工人聯合會達成了初步協議。我為我們的員工感到非常高興。本週，我參觀了每一座遭受攻擊的工廠。他們為新創公司所做的準備給我留下了深刻的印象，我的感覺是人們只是想重返工作崗位。一旦交易獲得批准，我們將讓大家更深入地了解該合約及其對我們業務的影響。目前，我們的重點是重啟三個重要的組裝廠，召回 20,000 多名福特員工上班，支持我們的供應商重啟，並向我們的客戶運送大量 Super Duties、Explorer 和 Broncos。

It's been a challenging situation, for sure. Matter of fact, our business is never short of challenges, especially right now with the evolution of the EV market and new global competitors from China, as well as the technology disruptions. But I am more excited and motivated than ever. Our team is making tremendous progress every day towards building a Ford that thrives at the intersection of fantastic and iconic vehicles, terrific brands, and especially software and services. We are deep into the development of our future software platforms, which provide the foundation for rapid innovation and a profitable new software and services business and constantly improving experiences for our customers. We believe Ford+ is the right strategy to win in this constantly evolving industry transformation. We're building a more dynamic and less cyclical company, and we are nowhere near peak profitability. We have the right team and talent, and we are in the process of building a culture of excellence and execution.

當然，這是一個充滿挑戰的情況。事實上，我們的業務從來不缺乏挑戰，尤其是現在隨著電動車市場的發展和來自中國的新的全球競爭對手以及技術的顛覆。但我比以往任何時候都更加興奮和動力。我們的團隊每天都在取得巨大進步，致力於打造一款在出色的標誌性車輛、出色的品牌，尤其是軟體和服務的交叉點上蓬勃發展的福特汽車。我們正在深入開發未來的軟體平台，這為快速創新和盈利的新軟體和服務業務以及不斷改善客戶體驗奠定了基礎。我們相信福特+是在這個不斷發展的產業轉型中獲勝的正確策略。我們正在建立一家更有活力、週期性更少的公司，但我們距離獲利高峰還差得很遠。我們擁有合適的團隊和人才，並且正在建立卓越和執行力的文化。

In a moment, John will detail the quarter, which I would call mixed. The strength of our products and revenues and businesses defined definitely came through in our results. But at the same time, we were never negatively impacted by the strike, and our cost and quality remain a drag on our business.

稍後，約翰將詳細介紹這個季度，我將其稱為混合季度。我們的產品、收入和業務的實力無疑在我們的業績中得到了體現。但同時，我們從未受到罷工的負面影響，我們的成本和品質仍然拖累我們的業務。

Now, last week, we made some important leadership changes. Kumar Galhotra as COO will now control the key levers for transformative change in our industrial system, powertrain, ICE, and hybrid products, vehicle hardware engineering, cycle plan, quality, supply chain, and manufacturing, and work in tandem, of course, with Doug Field, Chief of our EV, Digital, and Design Officer, to move us forward. I believe this will accelerate our progress on cost and quality, and I hope we get into that in the Q&A. These are my top 2 priorities.

上週，我們做出了一些重要的領導變動。 Kumar Galhotra 作為首席營運長現在將控制我們的工業系統、動力總成、內燃機和混合動力產品、車輛硬體工程、週期計劃、品質、供應鏈和製造等領域變革的關鍵槓桿，並與Doug Field，我們的電動車、數位化和設計總監，推動我們前進。我相信這將加速我們在成本和品質方面的進步，我希望我們在問答中討論這一點。這是我的首要任務。

Overall, we are seeing the clear benefits of creating 3 distinct growth businesses now with Ford Blue, Model e, and Pro. The story of Ford Blue comes down to product strength. Incredibly strong brands like Mustang and Bronco and Raptor, they have durable pricing power and real choice between gas and hybrid. Ford is America's best-selling brand now through three quarters, even with the effects of the strike, and we have a wave of new products coming in the next few months, the new F-150, the Ranger, a brand-new Explorer, and Expedition and Navigator. In fact, close to 60% of our volume and revenues in the U.S. will be new and refreshed next year. I am so thankful we have kept our foot on the gas to freshen our ICE and HEV products as we enter a changing market. In Europe, we bring out new versions of Puma and Kuga or high-volume gas and hybrid SUVs, and the Ranger pickup and our Everest SUV that's based on it continued to gain share in international markets. So, bottom line, Ford Blue will be strong and a growing business for years to come. We also remain bullish on Model e and our EV future, but clearly, the market is a moving target. I'm optimistic because customers are smart and are rational, and for many of them, EVs are a great choice. I've been spending a ton of time in our product development center with both Doug Field and Alan Clarke, and you should see the Gen 2 and Gen 3 EVs we're working on. Our Gen 2 all-new full-size pickup truck, for example, is one of the most thrilling vehicles I have ever seen in my career. Let me be specific. Stunning performance like no truck has ever performed, building unexpected innovation for truck customers far beyond the normal truck attributes, a super flexible cabin that feels like a lounge or a tiny office. Take the wheels off this truck, and it's still a mind-blowing product and a digital experience that totally is immersive and personalized. I'd take this truck 7 days of the week over a Cybertruck.

總體而言，我們看到了現在創建福特 Blue、Model e 和 Pro 三個不同成長業務的明顯好處。福特藍的故事歸結於產品實力。野馬、野馬和猛禽等令人難以置信的強大品牌，它們擁有持久的定價能力以及在汽油和混合動力之間的真正選擇。即使受到罷工的影響，福特現在仍然是美國最暢銷的品牌，目前已經有三個季度了，我們將在接下來的幾個月內推出一波新產品，新的F-150、Ranger、全新的Explorer 、以及探險家和領航員。事實上，明年我們在美國的銷售和收入中近 60% 將是新的和更新的。我非常慶幸，當我們進入不斷變化的市場時，我們一直保持動力，更新我們的內燃機和混合動力汽車產品。在歐洲，我們推出了新版本的 Puma 和 Kuga 或大容量汽油和混合動力 SUV，而 Ranger 皮卡和基於它的 Everest SUV 繼續在國際市場上獲得份額。因此，最重要的是，福特藍在未來幾年將表現強勁，業務不斷成長。我們仍然看好 Model e 和電動車的未來，但顯然，市場是一個不斷變化的目標。我很樂觀，因為客戶很聰明、很理性，對他們中的許多人來說，電動車是一個不錯的選擇。我在我們的產品開發中心與 Doug Field 和 Alan Clarke 一起度過了大量時間，您應該看到我們正在開發的第 2 代和第 3 代電動車。例如，我們的第二代全新全尺寸皮卡車是我職業生涯中見過的最令人興奮的車輛之一。讓我具體說一下。前所未有的卡車性能令人驚嘆，為卡車客戶打造了遠遠超出普通卡車屬性的意想不到的創新，一個超級靈活的駕駛室，感覺就像一個休息室或一個小辦公室。卸下這輛卡車的輪子，它仍然是一個令人興奮的產品和完全沉浸式和個性化的數位體驗。我每週 7 天都會開這輛卡車，而不是 Cyber​​truck。

A great product is not enough in the EV business anymore. We have to be totally competitive on cost. Tesla actually gave us a huge gift with a laser-focus on cost and scaling the Model Y. They set the standard, and we are now making real progress on our second and third cycle EVs that are in the midst of being developed today as we get closer to the introduction. While our Gen 2 EVs were targeting to deliver an EBIT margin comparable to ICE by 2026, the dynamic changes in the market, pricing, adoption rates, regulations are forcing us to further reduce the cost of our EVs. The key levers to deliver this competitive cost structure are scaling, vertical integration, and batteries. So let's double-click on each of these 3.

在電動車產業，僅僅有出色的產品已經不夠了。我們必須在成本上具有完全的競爭力。特斯拉實際上給了我們一份巨大的禮物，重點關注成本和擴展Model Y。他們制定了標準，我們現在正在第二輪和第三輪電動車方面取得真正的進展，這些電動車今天正在開發中，我們正在開發中。更接近介紹。雖然我們的第二代電動車的目標是到 2026 年實現與 ICE 相當的息稅前利潤率，但市場、定價、採用率、法規的動態變化迫使我們進一步降低電動車的成本。實現這種具有競爭力的成本結構的關鍵槓桿是規模化、垂直整合和電池。因此，讓我們雙擊這 3 個中的每一個。

On scaling, this is much more than building new facilities or scaling high-quality batteries or thermal propagation. We're leveraging digital prognostic capabilities in our manufacturing lines to improve quality. We are also reducing complexity, and we are optimizing our vehicle design and engineering for manufacturability. Yeah, we're designing these vehicles for our manufacturing team.

在擴展方面，這不僅僅是建造新設施或擴展高品質電池或熱傳播。我們正在生產線中利用數位預測功能來提高品質。我們還降低了複雜性，並優化了車輛設計和工程以提高可製造性。是的，我們正在為我們的製造團隊設計這些車輛。

On vertical integration, this is the most fundamental change. We are insourcing batteries, inverters, scaling production of our drive units and gearboxes, and designing and producing unit castings in-house at Ford. In addition, on our next-generation utility vehicles, vertical integration will increase by nearly 50%. This level of integration, along with the new zonal electric architecture and designing in-house modules and battery cell to structure will allow us to significantly reduce material cost. Now, none of this will be easy, and it has some risk, and you've seen our competitors struggle as they build-out and ramp-up these capabilities. So, we are so glad we started years ago on this journey.

就垂直整合而言，這是最根本的改變。我們正在內購電池、逆變器，擴大驅動裝置和變速箱的生產，並在福特內部設計和生產裝置鑄件。此外，在我們的下一代多用途車上，垂直整合將增加近50%。這種程度的集成，加上新的分區電氣架構以及設計內部模組和電池結構將使我們能夠顯著降低材料成本。現在，這一切都不容易，而且存在一定的風險，您已經看到我們的競爭對手在建立和提升這些功能時陷入困境。所以，我們很高興幾年前就開始了這趟旅程。

And finally, batteries. They're the single biggest cost component of any EV. Our more energy-efficient Gen 2 products, we use extreme aero to get the very smallest batteries possible for competitive range. And with our LFP batteries, we'll have the lowest or one of the lowest-cost batteries assembled in the U.S. Our overall EV priorities are very clear, disciplined capital allocation and investment that drives profitable, high-returning and enduring EV business, and we will constantly balance growth, scale, and profitability. These great EVs will be paired with modern shopping and buying experiences that are transparent or have non-negotiated pricing and a streamlined checkout and delivery that will come to life early in 2024. And this is also a significant cost reduction.

最後是電池。它們是所有電動車中最大的成本組成部分。我們的第二代產品更節能，我們使用極端的空氣動力技術來獲得盡可能小的電池，以實現具有競爭力的續航里程。憑藉我們的磷酸鐵鋰電池，我們將在美國組裝成本最低或成本最低的電池之一。我們的電動車整體優先事項非常明確，嚴格的資本配置和投資，推動盈利、高回報和持久的電動車業務，以及我們將持續平衡成長、規模和獲利能力。這些出色的電動車將與透明或非協商定價的現代購物和購買體驗相結合，以及將於 2024 年初實現的簡化結帳和交付。這也是顯著的成本降低。

I saved Ford Pro for the last because it's a massive driver of Ford's growth and profitability. Our competitors seem to be trying to cut and paste our strategy, but the reality is the moats we've built over many decades for our Pro business won't be easy to cross. The network of literally thousands of local outfitters across Europe, North America, and China and customer-driven engineering we have for vehicles like F-Series and Transit is formidable across all those regions. Our commercial order banks are healthy. This may be a surprise to everyone. We see a large backlog of infrastructure projects. Thank you, 5G and road-works. And we have very loyal customers.

我把福特 Pro 放在最後，因為它是福特成長和利潤的巨大推動力。我們的競爭對手似乎試圖複製我們的策略，但現實是我們幾十年來為專業業務建立的護城河並不容易跨越。我們在歐洲、北美和中國擁有由數千家當地裝備商組成的網絡，以及我們為 F 系列和 Transit 等車輛提供的以客戶為導向的工程技術，在所有這些地區都非常強大。我們的商業訂單銀行狀況良好。這可能會讓每個人都感到驚訝。我們看到基礎設施項目大量積壓。謝謝你，5G 和道路工程。我們有非常忠實的客戶。

Fleet orders, for example, for the 2024 Super Duty are coming in faster than last year's orders, and we expect strong demand to continue as more customers recognize what Ford has to offer in total. In addition to the new Super Duty, we are preparing to launch the new Transit Custom in Europe. Think of this product as a Super Duty for Europe. It's a best-selling vehicle in the UK, not the best-selling commercial vehicle, the best-selling vehicle and the leading one-ton van in Europe. And it's a key profit pillar for Europe and one of the reasons why we stayed there. When it comes to software and services, Ford Pro is the tip of our digital spear. Customers know and trust our vehicles, of course. And we're building on this with software-driven services that provide businesses with data insights, vehicle access, even vehicle control, and functionality. This helps them drive productivity and efficiency in their fleet operations. And I've asked Ted Cannis to also lead our large and profitable aftersales business. His focus will increase our post-warranty service business and profitability. He's already adding mobile service capability and delivering an effortless experience to both commercial and retail customers. There is so much upside in this aftersales, parts, repair, and collision business, especially with Ted leading it and for Ford Pro.

例如，2024 年 Super Duty 的車隊訂單比去年的訂單來得更快，而且我們預計，隨著越來越多的客戶認識到福特所提供的產品，強勁的需求將持續下去。除了新款 Super Duty 之外，我們也準備在歐洲推出新款 Transit Custom。將此產品視為歐洲的超級任務。它是英國最暢銷的汽車，而不是歐洲最暢銷的商用車、最暢銷的汽車和領先的一噸廂型車。這是歐洲的關鍵利潤支柱，也是我們留在歐洲的原因之一。在軟體和服務方面，Ford Pro 是我們數位矛頭的尖端。當然，客戶了解並信任我們的車輛。我們在此基礎上提供軟體驅動的服務，為企業提供資料洞察、車輛存取、甚至車輛控制和功能。這有助於他們提高車隊營運的生產力和效率。我還邀請 Ted Cannis 領導我們規模龐大、利潤豐厚的售後服務業務。他的重點將是增加我們的保固後服務業務和盈利能力。他已經增加了行動服務功能，並為商業和零售客戶提供輕鬆的體驗。售後、零件、維修和碰撞業務有很大的優勢，尤其是在 Ted 的領導下以及福特 Pro 業務上。

I want to briefly touch on China where our strategy to turn our business around is gaining traction. The restructuring of our EV business there is nearly complete and the internal combustion engine business is now profitable. We are now expanding China's role to a profitable export hub, including Ford Pro. We've already exported a record number of vehicles so far from China to markets like Mexico, South America, and Asia. There is so much more opportunity ahead for us. Yes, the China market is extremely competitive in the middle, but Ford can succeed by staying asset-light, partnering where it makes sense, and competing in very narrow segments where we can clearly win like commercial vehicles, off-road vehicles, large SUVs, and Lincoln.

我想簡單談一下中國，我們扭轉業務的策略正在中國取得進展。我們在那裡的電動車業務重組已接近完成，內燃機業務現已實現盈利。我們現在正在將中國的角色擴大到一個有利可圖的出口中心，其中包括福特 Pro。到目前為止，我們從中國向墨西哥、南美洲和亞洲等市場出口的車輛數量已經創紀錄。我們還有更多的機會。是的，中國市場的中間競爭非常激烈，但福特可以透過保持輕資產、在有意義的地方合作以及在非常狹窄的細分市場中競爭來取得成功，在這些細分市場中我們可以明顯獲勝，例如商用車、越野車、大型SUV和林肯。

Finally, I'm so pleased to have Peter Stern on today to share more about our newly formed Ford Integrated Services, which will create and market valuable software-enabled customer experiences across Blue, e, and Pro. Now, this is transformational because the cornerstone of Ford+, the plus in our plan, is creating incredible customer services and experiences enabled by not just hardware but software. There's simply no one in the world better able than Peter, who is the driving force behind services at Apple, to build this strategically vital business for us.

最後，我很高興今天邀請 Peter Stern 分享更多關於我們新成立的福特整合服務的信息，該服務將在 Blue、e 和 Pro 上創建和營銷有價值的軟體支援的客戶體驗。現在，這是變革性的，因為福特+的基石，即我們計劃中的附加功能，正在創造令人難以置信的客戶服務和體驗，不僅透過硬件，而且透過軟體來實現。世界上沒有人比彼得更有能力為我們打造這項具有重要戰略意義的業務，他是蘋果服務背後的推動者。

Peter, over to you.

彼得，交給你了。

Thanks, Jim.

謝謝，吉姆。

I've spent my career creating new customer experiences and launching businesses at the intersection of hardware, software, and services. And I came to Ford because this company puts that kind of innovation at the center of its long-term strategy. As you said, it's literally the plus in Ford+. Now, over 2 months in, I'm even more excited to be here and to be part of this exceptional team that's working together to bring the Ford+ plan to life for our customers, employees, and shareholders. Our vision for integrated services is to transform every aspect of the Ford customer experience across our three segments. We're making our vehicles even more connected, convenient, productive, secure, and exhilarating.

我的職業生涯致力於創造新的客戶體驗，並在硬體、軟體和服務的交叉領域開展業務。我來到福特是因為這家公司將這種創新置於長期策略的中心。正如您所說，這實際上是福特+的優點。現在，兩個多月過去了，我更加興奮能夠來到這裡並成為這個傑出團隊的一員，他們共同努力為我們的客戶、員工和股東實現福特+計劃。我們對整合服務的願景是改變福特三個細分市場客戶體驗的各個方面。我們正在讓我們的車輛變得更加互聯、便利、高效、安全和令人興奮。

Over the past couple of months, we've identified a portfolio of services that will improve our customers' lives and businesses by building on our industry-leading early successes with Ford Pro Intelligence and BlueCruise. This portfolio will elevate the Ford brand and introduce us to millions of new customers who may have never considered a Ford before. It will drive new high margin, acyclical recurring revenue streams for Ford and result in stronger relationships with our customers. And we'll do this while adhering to the values that distinguish Ford from our competitors, like our respect for customer privacy, safety, and very importantly, choice. Whether you choose to add our services or not, you'll have an amazing vehicle.

在過去的幾個月裡，我們在 Ford Pro Intelligence 和 BlueCruise 行業領先的早期成功基礎上確定了一系列服務，這些服務將改善客戶的生活和業務。該產品組合將提升福特品牌，並將我們介紹給數百萬以前可能從未考慮過福特的新客戶。它將為福特帶來新的高利潤、非週期性經常性收入來源，並與我們的客戶建立更牢固的關係。我們將在做到這一點的同時，堅持福特有別於競爭對手的價值觀，例如我們尊重客戶隱私、安全，以及非常重要的選擇。無論您是否選擇添加我們的服務，您都將擁有一輛令人驚嘆的車輛。

Our momentum around software and services is building fast. Here are three examples. First, Ford Pro Intelligence builds on Ford's industry-leading share in the commercial vehicle space by making the people who drive our vehicles even more productive and by reducing total cost of ownership. Adoption of vehicle telematics, fleet management, and charging optimization were up 20% sequentially in the third quarter, and our average revenue per subscription was up nearly 10% over the past 6 months, both contributing to strong revenue growth. And we're still in the early stages of our rollout. We ended the quarter with 476,000 paid subscriptions for our commercial solutions, a jump of nearly 50% year-over-year. And we have an ambitious product road-map for Pro. For example, over the next few weeks, we'll launch the Ford Pro dashcam. This product uses machine vision and in-vehicle intelligence to detect in-cab and on-road events, simplify fleet operations, and encourage safer driving. While we're still early in our journey, Pro Intelligence is an area that we'll continue to expand and drive value for both our customers and Ford.

我們圍繞軟體和服務的勢頭正在快速增強。以下是三個例子。首先，福特專業智慧以福特在商用車領域領先的行業份額為基礎，提高了駕駛我們車輛的人員的工作效率並降低了整體擁有成本。第三季度，車輛遠端資訊處理、車隊管理和充電優化的採用率環比增長了20%，過去6 個月我們的平均每次訂閱收入增長了近10%，這兩者都促進了收入的強勁增長。我們仍處於推出的早期階段。截至本季末，我們的商業解決方案付費訂閱量達到 476,000 人，較去年同期成長近 50%。我們為 Pro 制定了雄心勃勃的產品路線圖。例如，在接下來的幾週內，我們將推出福特 Pro 行車記錄器。該產品使用機器視覺和車載智慧來檢測駕駛室內和道路上的事件，簡化車隊操作並鼓勵更安全的駕駛。雖然我們仍處於起步階段，但 Pro Intelligence 是我們將繼續擴展並為客戶和福特創造價值的領域。

Second, in September, we announced that the 2024 F-150 will be the first vehicle available in North America with Ford Stolen Vehicle Services. This is a fully integrated theft prevention and recovery service that provides unique features like inclination and movement alerts. So, you get notified if your truck is jacked up or moved while the engine is off. And third, BlueCruise is one of the most consequential consumer applications of artificial intelligence in the world today. Some of you experienced our last version at Capital Markets Day. If you haven't felt what it's like to take your hands off the wheel and your foot off the gas and let BlueCruise take over steering, acceleration, and braking, please visit a Ford dealer, so we can demonstrate it. Launch to-date, our vehicles have been driven hands-free for 125 million miles. That's the equivalent of 500 trips to the moon, which I imagine would be largely hands-free as well. Real-world driving data from Mustang Mach-E vehicles using BlueCruise shows a more than 10 times reduction in lane departures compared with unassisted driving. And for the second time in a row, BlueCruise was just rated the best hands-free system on the market, and this was based on BlueCruise 1.0. BlueCruise 1.3 is rolling out now and adds lane change support and other refinements that keep drivers in hands-free mode, on average, 5 times longer than version 1.0. Our technology team, led by my partner, Doug Field, is the best in the business, and BlueCruise is the proof.

其次，我們在 9 月宣布 2024 年 F-150 將成為第一款在北美透過福特失竊車輛服務提供的車輛。這是一項完全整合的防盜和恢復服務，提供傾斜和移動警報等獨特功能。因此，如果您的卡車在引擎關閉時被頂起或移動，您會收到通知。第三，BlueCruise 是當今世界最重要的人工智慧消費者應用之一。你們中的一些人在資本市場日體驗了我們的最後一個版本。如果您還沒有感受到雙手離開方向盤、腳離開油門、讓 BlueCruise 接管轉向、加速和煞車的感覺，請訪問福特經銷商，以便我們進行演示。迄今為止，我們的車輛已實現免持駕駛行駛 1.25 億英里。這相當於去月球 500 次，我想這基本上也是免持的。使用 BlueCruise 的 Mustang Mach-E 車輛的真實駕駛數據顯示，與無輔助駕駛相比，車道偏離減少了 10 倍以上。 BlueCruise 連續第二次被評為市場上最好的免持系統，這是基於 BlueCruise 1.0 的。 BlueCruise 1.3 現已推出，增加了變換車道支援和其他改進，使駕駛員保持免持模式的時間平均比 1.0 版本長 5 倍。我們的技術團隊由我的合作夥伴 Doug Field 領導，是業界最優秀的，BlueCruise 就是證明。

Despite these encouraging successes, what we're about to do in Integrated Services won't be easy. Our multi-year playbook depends on our next-generation vehicles that are even more connected. We must also round-out our customer-centric portfolio of services and evolve our customer relationship management technologies. Our dealers are a key competitive advantage for Ford, and with them, we need to make it easier to become and stay a services customer. We need to build a relationship centered around the customer, not the vehicle, because in the services space, the sale of the vehicle should be the beginning of a beautiful long-term relationship with our customers. And that necessitates not only new people, processes, and technologies, but also new measures of success.

儘管取得了這些令人鼓舞的成功，但我們在綜合服務領域要做的事情並不容易。我們的多年策略取決於我們互聯程度更高的下一代車輛。我們也必須完善以客戶為中心的服務組合，並發展我們的客戶關係管理技術。我們的經銷商是福特的關鍵競爭優勢，有了他們，我們需要更輕鬆地成為並維持服務客戶。我們需要建立以客戶為中心的關係，而不是以車輛為中心，因為在服務領域，車輛的銷售應該是與客戶建立美好長期關係的開始。這不僅需要新的人員、流程和技術，還需要新的成功衡量標準。

So, as we progress in our services evolution, you're going to hear us talk about key metrics like addressable units in operation, attach rates, and average revenue per subscription. And as we move each of these levers in the context of a low-variable cost, high-margin service business, it will have a multiplicative effect on profits. There's incredible value to be unlocked here for our customers and for Ford, and I'm proud to be a part of the team making that happen during this pivotal moment in our history.

因此，隨著我們在服務發展方面取得進展，您將聽到我們談論關鍵指標，例如營運中的可尋址單元、附加率和每次訂閱的平均收入。當我們在低變動成本、高利潤服務業務的背景下移動這些槓桿時，它將對利潤產生倍增效應。對於我們的客戶和福特來說，這裡有令人難以置信的價值，我很自豪能夠成為團隊的一員，在我們歷史上的這個關鍵時刻實現這一目標。

John, over to you.

約翰，交給你了。

Thanks, Peter.

謝謝，彼得。

Through the first 3 quarters, we delivered $9.4 billion in adjusted EBIT, a strong result that is indicative of our underlying run rate of the business. Now, given our year-to-date performance, we were on-track to comfortably deliver our full-year adjusted EBIT guidance of $11 billion to $12 billion. With that said, the UAW strike created significant uncertainty regarding our full-year results, and even though we have reached a tentative agreement and our employees are starting to return to work, we have withdrawn our guidance for the year. This is in part because of the continued disruption in the industry with the ongoing strikes, the follow-on impact to our shared supply base, the ramp-up of production in our plants and at our supplier partners, as well as other ancillary effects. And to provide some context, in the third quarter, the strike had an EBIT impact of roughly $100 million, and so far, the strike has trimmed about 80,000 units from our plant. This would reduce 2023 EBIT by roughly $1.3 billion. Once we have a ratified agreement and begin to ramp operations, we will be in a better position to update you on our full-year guidance.

前三個季度，我們實現了 94 億美元的調整後息稅前利潤，這一強勁業績表明了我們業務的基本運作率。現在，考慮到我們今年迄今的表現，我們預計將輕鬆實現 110 億至 120 億美元的全年調整後息稅前利潤指引。話雖如此，UAW 罷工為我們的全年業績帶來了很大的不確定性，儘管我們已經達成了初步協議並且我們的員工開始重返工作崗位，但我們還是撤回了今年的業績指引。部分原因是持續的罷工對產業造成持續破壞、對我們共享供應基地的後續影響、我們工廠和供應商合作夥伴產量的增加以及其他附帶影響。提供一些背景信息，第三季度，罷工對息稅前利潤的影響約為 1 億美元，到目前為止，罷工已使我們工廠的產量減少了約 80,000 輛。這將使 2023 年息稅前利潤減少約 13 億美元。一旦我們獲得批准的協議並開始擴大運營，我們將能夠更好地向您更新我們的全年指導。

So, let me now turn to our third-quarter results, which was once again -- it once again showed our Ford+ plan in action and the benefits of our diversified portfolio. Our leading Pro business and resilient ICE and hybrid products continue to deliver solid results that more than offset the investments we are making in our EV future. Our revenue remains strong, up 11%, reflecting a product lineup that resonates with customers, driving higher net pricing that remains resilient. Wholesales were flat, dampened by supply constraints affecting both F-Series and Transit production, additional unit holds for quality assurance, and the first UAW work stoppage for Ford in almost 50 years. Adjusted EBIT in the quarter was $2.2 billion with a margin of 5%; both improved year over year. However, costs increased, underscoring the fact that we still have more work to do, especially on warranty expense and material cost.

因此，現在讓我談談我們的第三季業績，它再次展示了我們的福特+計劃的實施以及我們多元化投資組合的好處。我們領先的專業業務以及具有彈性的內燃機和混合動力產品繼續帶來堅實的成果，遠遠抵消了我們對電動車未來的投資。我們的收入仍然強勁，成長了 11%，這反映出我們的產品陣容與客戶產生了共鳴，推動了保持彈性的更高淨定價。由於供應限制影響了 F 系列和 Transit 的生產，為確保品質而保留了額外的設備，以及福特近 50 年來首次 UAW 停工，導致批發量持平。本季調整後息稅前利潤為 22 億美元，利潤率為 5%；兩者均逐年改善。然而，成本增加，凸顯出我們還有更多工作要做，特別是在保固費用和材料成本方面。

Adjusted free cash flow was $1.2 billion in the quarter, down year-over-year, driven by unfavorable working capital. Through the first nine months, we generated $4.8 million of adjusted free cash flow, resulting in a conversion rate of 51%, in line with our target range. Our disciplined capital allocation continues to drive strong free cash flow, which will be critical as we adjust our spending to match the pace of EV adoption. We ended the quarter with over $29 billion in cash and $50 billion in liquidity, one of our strongest quarters ever, and this includes the new $4 billion contingent liquidity facility we put in place in August to help withstand uncertainties in the present environment.

由於營運資本不利，本季調整後自由現金流為 12 億美元，較去年同期下降。前 9 個月，我們產生了 480 萬美元的調整後自由現金流，轉換率為 51%，符合我們的目標範圍。我們嚴格的資本配置繼續推動強勁的自由現金流，這對於我們調整支出以適應電動車採用的步伐至關重要。本季結束時，我們擁有超過290 億美元的現金和500 億美元的流動性，這是我們有史以來最強勁的季度之一，其中包括我們在8 月份為幫助抵禦當前環境的不確定性而設立的新的40 億美元的或有流動性工具。

Now, turning to our customer-focused segments. Ford Pro generated EBIT of $1.7 billion and delivered a strong double-digit margin of 12%. Both metrics improved, driven by our Super Duty and Transit franchises that helped deliver a 16% improvement in revenue that's reflecting strong demand and continued pricing power. In addition, we are launching a new version of our flagship product in Europe, the Transit Custom, which, along with the new Super Duty and F-150, will give Pro its freshest vehicle lineup in years. We also continue to see strong growth in both our new software subscriptions and mobile repair orders, up roughly 50% and 200%, respectively, for the quarter.

現在，轉向我們以客戶為中心的細分市場。 Ford Pro 的息稅前利潤為 17 億美元，利潤率高達 12%，達到兩位數。在我們的 Super Duty 和 Transit 特許經營權的推動下，這兩項指標均有所改善，收入增長了 16%，這反映了強勁的需求和持續的定價能力。此外，我們正在歐洲推出旗艦產品的新版本 Transit Custom，它與新的 Super Duty 和 F-150 一起，將為 Pro 提供多年來最新鮮的車輛陣容。我們也看到新軟體訂閱和行動維修訂單持續強勁成長，本季分別成長約 50% 和 200%。

Regarding Model e, our EV start-up incurred $1.3 billion of losses in the quarter, reflecting continued investment in our next-generation products and a more challenging market for our Gen 1 products. Given the dynamic EV environment, we are being judicious about our production and adjusting future capacity to better match market demand. For example, we have taken out some Mustang Mach-E production, and we are also slowing down several investments, including making a decision with SK On to delay the second BlueOval SK JV battery plant in Kentucky. And we have also said we are evaluating our BlueOval Battery Park Michigan plant to determine the best path forward. In fact, all told, we have pushed about $12 billion of EV spend, which includes CapEx, direct investment, and expense. The ultimate success of our EV transition will be driven by our Gen 2 and Gen 3 products, which will be cost-optimized and guided by the learnings of our first-generation vehicles that are currently in the market.

關於 Model e，我們的電動車新創公司本季虧損 13 億美元，反映出我們對下一代產品的持續投資以及我們第一代產品面臨的更具挑戰性的市場。鑑於動態的電動車環境，我們正在謹慎對待我們的生產並調整未來產能，以更好地滿足市場需求。例如，我們已經取消了部分 Mustang Mach-E 的生產，同時我們也放慢了幾項投資，包括與 SK On 決定推遲在肯塔基州建造第二個 BlueOval SK 合資電池工廠。我們還表示，我們正在評估密西根州的 BlueOval Battery Park 工廠，以確定最佳的前進道路。事實上，總而言之，我們已經推動了約 120 億美元的電動車支出，其中包括資本支出、直接投資和費用。我們的電動車轉型的最終成功將由我們的第二代和第三代產品推動，這些產品將進行成本優化，並以目前市場上第一代汽車的經驗為指導。

Turning to Ford Blue. In the third quarter, we delivered EBIT of $1.7 billion, up $300 million, driven by lower commodity costs and higher net pricing that more than offset higher warranty costs. The higher warranty was driven by recalls and higher per unit repair costs due to inflation. Importantly, Blue continues to be profitable in all regions with a strong, fresh portfolio poised for continued global success. Hybrids also continue to be a success, a strategy we've had in place now for almost 2 decades. We are the clear leader of the hybrid pickup truck segment in the US, thanks to Maverick and F-150. We expect to extend its lead next year when we introduce our refreshed 2024 F-150 with more advanced technologies. The F-150 PowerBoost Hybrid not only offers a 25% improvement in CO2 emissions, but on average, they are more profitable than our highest-volume gas powertrains. And hybrids aren't just limited to North America as we are launching a (inaudible) Ranger for Europe and IMG next year.

轉向福特藍。第三季度，我們的息稅前利潤為 17 億美元，成長了 3 億美元，這是由於商品成本下降和淨定價上升，這足以抵消保固成本的上升。較高的保固期是由召回和通膨導致的單位維修成本較高所推動的。重要的是，Blue 繼續在所有地區實現盈利，擁有強大、新鮮的產品組合，為在全球範圍內持續取得成功做好了準備。混合動力也持續取得成功，這項策略我們已經實施了近 20 年。由於 Maverick 和 F-150，我們是美國混合動力皮卡車市場的明顯領導者。當我們明年推出採用更先進技術的更新版 2024 F-150 時，我們預計將擴大其領先地位。 F-150 PowerBoost 混合動力系統不僅可以將二氧化碳排放量減少 25%，而且平均而言，它們比我們產量最高的燃氣動力系統更有利可圖。混合動力車不僅限於北美，我們明年還將為歐洲和 IMG 推出一款（聽不清楚）Ranger。

Ford Credit generated EBIT of $358 million. As expected, our results were down year-over-year, reflecting lower lease residuals and financing margin and the non-reoccurrence of derivatives market valuation gains. Credit loss performance remains strong and below our historical average, but continues to normalize. Auction values remain strong but are down sequentially, in line with our expectations.

福特信貸產生的息稅前利潤為 3.58 億美元。如預期，我們的業績年減，反映出租賃殘差和融資利潤率下降以及衍生性商品市場估值收益不再出現。信用損失表現仍然強勁，低於我們的歷史平均水平，但繼續正常化。拍賣價值依然強勁，但逐年下降，符合我們的預期。

Finally, turning to software and services. We continue to see sustained quarter-over-quarter growth in subscriptions across all 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. And as Peter highlighted, as we continue to build-out our capabilities here, we expect it to be a significant source of future value creation.

最後，轉向軟體和服務。我們繼續看到我們所有業務部門的訂閱量持續季度環比增長，最重要的是，毛利率達到 50% 左右。我們的下一代數位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。正如彼得所強調的，隨著我們繼續在這裡增強我們的能力，我們預計它將成為未來價值創造的重要來源。

In closing, there's obviously a tremendous amount going on in our business, but I'm confident in our Ford+ plan and the underlying run rate of our business.

最後，我們的業務顯然發生了巨大的變化，但我對我們的福特+計劃和我們業務的基本運行率充滿信心。

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

我們準備好的發言就到此結束。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。

We will now begin the question-and-answer session. (Operator Instructions) Our first question today is from Adam Jonas with Morgan Stanley.

我們現在開始問答環節。 （操作員指令）我們今天的第一個問題來自摩根士丹利的 Adam Jonas。

So, John, I know you pushed out the $12 billion of the direct and capital investment and other expenditure on EVs, but I guess I'm saying -- I'm interpreting that as just temporary, that you still plan on spending it. So my question is, how long can you keep allocating $10 billion a year, round number, to EVs?

所以，約翰，我知道您取消了 120 億美元的直接資本投資和其他電動車支出，但我想我是說 - 我將其解釋為只是暫時的，您仍然計劃花費它。所以我的問題是，每年向電動車撥款 100 億美元還能持續多久？

Yeah. So Adam, we're going to match demand and capital needed to meet that demand. The first step here is given the flatter growth curve that we're seeing relative to what the industry expected and we expected, we've made this decision to push out $12 billion of capital expenditures, but it doesn't mean that we'll actually go ahead and pull the trigger on it if we don't need to. And we're going to look at the overall EV business and be balanced about that. There's a lot that's going to change between now, in '26, and '30, and we're going to adjust appropriately. So it's something that's going to adjust as we move and how that business develops, and we'll adjust that capital allocation appropriately. And we'll change our strategy and make different decisions as well. And one of the other things I'd say is that -- well, I'll pass it over to Jim because Jim has something he wants to say.

是的。因此，亞當，我們將匹配需求和滿足該需求所需的資本。第一步是考慮到我們看到的成長曲線相對於產業預期和我們的預期更為平坦，我們已經決定推出 120 億美元的資本支出，但這並不意味著我們會如果不需要的話，實際上可以扣下板機。我們將審視整個電動車業務並對此保持平衡。從現在到 26 年到 30 年，將會發生很多變化，我們將進行適當的調整。因此，隨著我們的發展以及業務的發展，這將進行調整，我們將適當調整資本配置。我們將改變我們的策略並做出不同的決定。我要說的另一件事是——好吧，我會把它交給吉姆，因為吉姆有話要說。

I just want to emphasize the importance of our Gen 2 and Gen 3 products because they're very transformation in our profitability in EV. We've learned a lot in Gen 1. We've reduced the material costs. We've got the learning loop on the software. We learned how to scale batteries. We have the LFP battery now. We're starting to ship to customers, but there's only so much we can do on Gen 1. On Gen 2, as I said, we have a totally different approach from aero vertical integration designed for manufacturability and there's a lot of other things we can do beyond allocating less capital to battery plants, for example. We've learned a lot about derivatives like rally. We're going to push services a lot more like Level 2+, Level 3 autonomy. And we really plan on even redesign or improving the scale of components by working with other companies. And the other big breakthrough is going to be which we're designing in parallel the Gen 3 products where we use the battery as a structural member of the vehicle, we go to low-cost sourcing, go to smaller vehicles, we maximize unit casting even more than we are and radical cost reduction in our distribution.

我只是想強調我們的第二代和第三代產品的重要性，因為它們極大地改變了我們在電動車領域的獲利能力。我們在第一代中學到了很多。我們降低了材料成本。我們已經有了軟體的學習循環。我們學習瞭如何擴展電池。我們現在有磷酸鐵鋰電池。我們開始向客戶發貨，但我們在Gen 1 上能做的只有這麼多。在Gen 2 上，正如我所說，我們採用了與為可製造性設計的航空垂直集成完全不同的方法，而且我們還有很多其他事情例如，除了減少電池廠的資金分配之外，我們還可以做更多的事情。我們已經了解了很多關於拉力等衍生品的知識。我們將推出更像 2+ 級、3 級自治的服務。我們確實計劃透過與其他公司合作來重新設計或改進組件的規模。另一個重大突破是我們正在並行設計第三代產品，我們使用電池作為車輛的結構部件，我們採用低成本採購，採用更小的車輛，我們最大限度地提高單元鑄造甚至比我們現在的水平還要高，而且我們的分銷成本也大幅降低。

I think the other thing that's important to understand about Ford's strategy on EVs is Pro. We actually followed a very different strategy for Pro using a multi-energy platform. So we didn't bet on pure electric vehicles for Transit, for example, and we're now launching the Transit Custom in Europe, and that has diesel, gas, and it will have eventually hybrid and pure electric. That's a very different bet in our Pro. We're even starting to export Pro vehicles from China to develop markets around the world that are pure electric. And that part won't change our product strategy.

我認為了解福特電動車策略的另一件重要的事情是 Pro。實際上，我們使用多能源平台對 Pro 採取了非常不同的策略。例如，我們沒有押注於 Transit 的純電動車，我們現在在歐洲推出 Transit Custom，它有柴油、天然氣，最終將有混合動力和純電動車。這在我們的 Pro 中是一個非常不同的賭注。我們甚至開始從中國出口純電動 Pro 車輛，以開發世界各地的市場。這部分不會改變我們的產品策略。

Maybe just a follow-up. On hybrids, you pointed out in the prepared remarks the growth there, and I think you've made comments that technology is something you want to lean-in on more as a transition. Not that you won't continue to sell your Gen 1 EVs, but that there is just real demand for hybrids. Can you refresh us as you kind of turn that dial back up on hybrids categorically, how the margins on those products might compare to your normal ICE margins? Is it accretive? Is it kind of in the ballpark? I didn't know if there was any kind of sacrifice or gap there between hybrid and the normal pure ICE.

也許只是後續行動。關於混合動力車，您在準備好的評論中指出了那裡的增長，我認為您已經發表評論說，技術是您希望更多依靠的過渡。並不是說您不會繼續銷售第一代電動車，而是對混合動力車的真正需求。當您明確轉向混合動力車時，您能否向我們介紹這些產品的利潤率與您的正常 ICE 利潤率相比如何？是否具有增值性？是在球場上嗎？我不知道混合動力車和普通的純 ICE 之間是否存在任何犧牲或差距。

Yeah. You want me to jump in, Jim?

是的。你想讓我加入嗎，吉姆？

Yeah.

是的。

There's added costs as you'd expect for the battery and the motors, et cetera. But if you look at, let's just take F-Series, for example. If you take the hybrid on average, they have a higher margin than our highest volume gas versions because of the mix and what we have in the vehicle and the pricing we can get for the hybrid technology and the fuel efficiency that comes along with that. And one of the things we learned about hybrid, because we're executing very differently than our first-gen hybrids is we have Pro power on board. We have a lot of other attributes that people are willing to pay for, like F-150 powering a jobsite or your house as back up energy. That's another advantage of having those batteries that maybe some of our competitors haven't had the same pricing power. The F-150 now, a hybrid, is up 40% year-over-year, and we think the new F-150 new hybrid will be 20% mix, and it may be the best-selling hybrid in the United States. So, our hybrid strategy is a little different than our competitors because the work cycle for our products are different, but hybrid has a really big place. We're trying to challenge ourselves, Adam, to execute hybrids, so they do more than just propel the vehicle for pricing power.

正如您所期望的，電池和馬達等會增加成本。但如果你看一下，我們就以 F 系列為例。如果你平均考慮混合動力車，它們的利潤率比我們最大容量的汽油版本更高，因為混合動力車、我們的車輛配備以及混合動力技術的定價以及隨之而來的燃油效率。關於混合動力車，我們了解到的一件事是，我們的執行方式與第一代混合動力車非常不同，那就是我們擁有專業動力。我們還有許多其他人們願意付費的功能，例如 F-150 為工地或您的房屋提供備用能源。這是擁有這些電池的另一個優勢，而我們的一些競爭對手可能沒有相同的定價能力。現在的F-150是混合動力，年成長40%，我們認為新的F-150新混合動力將是20%混合動力，它可能是美國最暢銷的混合動力。因此，我們的混合策略與競爭對手略有不同，因為我們產品的工作週期不同，但混合策略確實佔有很大的地位。亞當，我們正在努力挑戰自己，執行混合動力汽車，因此它們所做的不僅僅是推動車輛的定價能力。

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

下一個問題來自美國銀行的約翰‧墨菲。

Just a first question, Jim, on warranty and an accelerated sort of headwind on a year-over-year basis, accelerated a bit in the quarter. But if I look at the full-year numbers, even if we added back this -- I think it's Slide 32 -- if we added back the $1.7 billion on warranty, the $9.4 billion in EBIT you've done year-to-date, you'd already even be in your range in the first 3 quarters of the $11 billion to $12 billion in EBIT you'd been talking about before. So I mean, it's a major issue here for the numbers and results in cash flow. What's going on and how are you going to get a handle on this and reverse this hopefully in the next year or 2?

吉姆，第一個問題是關於保固和同比加速的逆風，本季有所加速。但如果我看一下全年數據，即使我們加回這一點——我認為是幻燈片 32——如果我們加回 17 億美元的保固期，那麼今年迄今為止您已完成的 EBIT 為 94 億美元，您甚至已經在前3 個季度的EBIT 範圍之內，也就是您之前談論的110 億至120 億美元的EBIT。所以我的意思是，現金流的數字和結果是一個主要問題。發生了什麼事？您將如何處理這個問題並有望在未來一兩年內扭轉這一局面？

Yeah. So John, that's exactly right. One of the things we're seeing is that it's not just the quality issues which are an important piece of this, and I think Jim wants to comment on that. But we're also seeing tremendous inflation from the dealers on the repair costs. And that's driving quite a bit of it. If you look at the increase that we had in the quarter for the warranty on a year-over-year, the $1.2 billion, and say that about $300 million of that was inflationary costs and roughly $900 million was the issue with warranties. So that's what we're seeing there. And the issue around the quality, that's something that Jim's going to be going to cover here.

是的。所以約翰，這是完全正確的。我們看到的一件事是，這不僅僅是品質問題，這也是其中的一個重要部分，我認為吉姆想對此發表評論。但我們也看到經銷商的維修成本大幅上漲。這在很大程度上推動了這一趨勢。如果你看看本季我們的保固年增 12 億美元，並說其中約 3 億美元是通膨成本，約 9 億美元是保固問題。這就是我們所看到的。吉姆將在這裡討論有關品質的問題。

I want to slow it down a little bit and explain kind of our operational headwinds, not just quality but cost as well, and give a little bit of context and maybe highlight some of the stuff we've done, but the work we have to do. A couple of years ago, when we started as a management team, the team that's doing cost and quality is same team, and we have a lot of revenue power in the company, but we also have a lot of technology, and that technology that we rolled out like cameras before our competitors, it puts a huge burden on that electric architecture with a lot of extra modules and software. We definitely had the largest complexity customer-facing of any brand, and we also ran the business on products instead of platforms and systems. Our engineers and supply chain team did not have competitive tools like IT systems and parts release IT. We weren't cooperating with the suppliers the right way on cost reduction. We kind of negotiated them every year, but we weren't really getting into redesigning the parts and getting the complexity out of the suppliers' manufacturing system. We didn't really use a lot of strategic sourcing. So we had a lot of concentration on our suppliers and lack of leverage. We had inconsistent application within our manufacturing system for our QOS. So some plants were fantastic like in China and Mexico. All the plants were completely uncompetitive and run differently. And we traveled hopefully on a lot of the launches. The gateways, we would have some issues, and the team had kind of a hero mentality to try to close them out at the end of the launch, and we would get in trouble. I'm really proud of the progress we made like in the last 18 months, but it's maybe just the tip above the water and the low-lying fruit. We now have to get after that systematic issue and those issues that I mentioned.

我想放慢一點速度，解釋一下我們的營運逆風，不僅是質量，還有成本，並提供一些背景信息，也許會強調我們已經完成的一些工作，但我們必須做的工作。幾年前，當我們開始擔任管理團隊時，負責成本和品質的團隊是同一個團隊，我們在公司擁有很大的收入能力，但我們也擁有很多技術，而這些技術我們在競爭對手之前推出了相機，這給帶有大量額外模組和軟體的電氣架構帶來了巨大的負擔。我們面對的客戶無疑是所有品牌中最複雜的，而且我們也基於產品而不是平台和系統來經營業務。我們的工程師和供應鏈團隊沒有 IT 系統和零件發布 IT 等有競爭力的工具。我們沒有以正確的方式與供應商合作降低成本。我們每年都會對它們進行談判，但我們並沒有真正開始重新設計零件並消除供應商製造系統的複雜性。我們並沒有真正使用大量的戰略採購。因此，我們非常關注供應商，缺乏影響力。我們的製造系統中的 QOS 應用程式不一致。所以有些植物非常棒，像是中國和墨西哥的植物。所有工廠都完全沒有競爭力且運作方式不同。我們滿懷希望地參加了許多發表會。網關，我們會遇到一些問題，團隊有一種英雄心態，試圖在發布結束時關閉它們，我們會遇到麻煩。我對我們在過去 18 個月中取得的進展感到非常自豪，但這可能只是露出水面的一角和低窪的果實。我們現在必須解決這個系統性問題和我提到的那些問題。

On complexity, we have reduced the new F-Series from 1.4 billion combinations to less than 1,000. And on our new SUVs, we reduced the customer-facing complexity by over 90%. Our QOS execution is getting better. We're about 10% improvement in our problems at 3 months in service, which is a lot of progress for North America. So the initial quality is getting better. We now have the talent, both the expertise, but also the execution talent. We're now starting to strategically source our EV components, which we now can apply to our ICE business. I'm really proud of the launch progress we made. We're now seeing launch spikes we've never seen in a decade at Ford. We are slowing down those launches, and in the case of Super Duty, its cost is $1 billion, but it was the right trade because it prevents a lot of recalls and issues down the road for the company and we have made progress on material. We have billions of dollars of opportunity next year, but we have to deliver and release the parts, and I'm very confident that Kumar's new organization will be able to really get after the part of the iceberg that's below the water. That's been a problem at Ford for decades. Thank you for asking your question, and I just wanted to take a little extra time to give the full context.

在複雜性方面，我們將新 F 系列的組合從 14 億種減少到不到 1,000 種。在我們的新款 SUV 上，我們將面向客戶的複雜性降低了 90% 以上。我們的 QOS 執行情況越來越好。服務 3 個月後，我們的問題改善了約 10%，這對北美來說是一個很大的進步。所以最初的品質越來越好。我們現在有人才，既有專業知識，也有執行力人才。我們現在開始策略性地採購我們的電動車零件，現在我們可以將其應用於我們的內燃機業務。我對我們所取得的發布進展感到非常自豪。我們現在看到了福特十年來從未見過的產品發布高峰。我們正在放慢這些產品的發布速度，就Super Duty 而言，其成本為10 億美元，但這是正確的交易，因為它可以防止公司未來出現大量召回和問題，而且我們在材料方面取得了進展。明年我們有數十億美元的機會，但我們必須交付和釋放這些部分，我非常有信心庫馬爾的新組織將能夠真正抓住水下的冰山部分。幾十年來，這一直是福特的一個問題。感謝您提出問題，我只是想花一點額外的時間來提供完整的背景資訊。

Maybe I'll just sneak in one follow-up. EV demand is not materializing quite as robustly as we were expecting this year. Pricing is a little bit down, costs are going to be up with labor. So I mean, as you mentioned, EVs are going to become more challenging going forward, but when you think about like a program or a product like the Explorer that we have, at least in car, where it's launching in calendar year '25 as a model year '26, and you might disagree or agree with that, but that product is coming at some point soon. That was an EV variant and an ICE variants we had and we are expecting, and it would have been sort of an expectation that maybe you would have crossed out that ICE variant and just had an EV 6 months ago, but now, actually, things have switched in the other direction, you might actually cross out the EV and just keep the ICE. I mean, how are you making these decisions right now with sort of these tectonic shifts going on? I mean, there's data. There's consumer groups and all sorts of stuff, but they're incredibly difficult and impactful decisions that you have to make. What is the process, Jim, that you're going through on these powertrain decisions as you're going through the product launches over the coming years in planning?

也許我會偷偷地進行一項後續行動。電動車需求並未像我們今年預期的那樣強勁。價格稍微低一點，成本會隨著勞動力的增加而上升。所以我的意思是，正如您所提到的，電動車未來將變得更具挑戰性，但是當您想到我們擁有的像Explorer 這樣的程序或產品時，至少在汽車領域，它將於25 年推出26 年款，您可能不同意或同意這一點，但該產品很快就會推出。這是我們擁有的EV 變體和ICE 變體，我們正在期待，這可能是一種期望，也許你會劃掉ICE 變體，並在6 個月前剛剛擁有一輛EV，但現在，實際上，事情如果轉向另一個方向，您實際上可能會劃掉 EV 並保留 ICE。我的意思是，隨著這些結構性轉變的發生，您現在該如何做出這些決定？我的意思是，有數據。有消費者群體和各種各樣的東西，但它們是你必須做出的極其困難和有影響力的決定。吉姆，當您規劃未來幾年的產品發佈時，您在製定這些動力系統決策時會經歷什麼過程？

Yeah, got it. So, things are changing. EVs are still in high demand. It's just, as you said, the pricing is much lower, and there's a lot of overcapacity in the middle of the market. For us, I think our EV strategy and our ICE strategy is to go after customers we know really well. And so on our ICE and hybrids, very much of a loyalty target. And in the case of EVs, many of the same segments, but a conquest strategy. And I would say we feel very confident on that strategy because Ford has a great reputation in those segments like full-size truck or pickups or vans, commercial vehicles or three-row crossovers, but our products are not substitutional because the customers who we're going after are different, but they are the same segment. So we know the use cycle really well, but the innovation will be pointing in different things. The F-150, I think, is probably the best example at Ford because we have world-class ICE. We have a hybrid that'll probably be 20% mix and then we have lightning and the next-generation lightning that we're working on right now.

是的，明白了。所以，事情正在改變。電動車的需求仍然很高。只是正如你所說，定價要低得多，而且市場中間存在大量產能過剩。對我們來說，我認為我們的電動車策略和內燃機策略是追求我們非常了解的客戶。我們的內燃機車和混合動力車也是如此，這在很大程度上是忠誠度目標。就電動車而言，有許多相同的細分市場，但卻是一種征服策略。我想說，我們對這項策略非常有信心，因為福特在全尺寸卡車、皮卡或貨車、商用車或三排跨界車等領域享有盛譽，但我們的產品不是替代品，因為我們的客戶我們追求的目標不同，但它們是同一細分市場。因此，我們非常了解使用週期，但創新將指向不同的面向。我認為 F-150 可能是福特最好的例子，因為我們擁有世界一流的 ICE。我們有一個混合，可能是 20% 的混合，然後我們有閃電和我們現在正在研究的下一代閃電。

And when you compare the ICE, the hybrid F-150 to the EV F-150, you will be surprised at how much more conquest the vehicle is executed and we believe that innovation will give us pricing power for those EV conquest customers. The first generation has helped us there, but I think that's our strategy. As far as the changeability of that strategy or flexibility, we certainly have choice, but as John mentioned, we're really flexing the capital and the timing of the capital, especially around battery plants and overall manufacturing capacity. So we're not changing the product strategy, but we are flexing, and that's our bet, is that we will flex the capacity.

當您將 ICE、混合動力 F-150 與 EV F-150 進行比較時，您會驚訝於該車輛執行了更多的征服，我們相信創新將為我們這些 EV 征服客戶提供定價能力。第一代在這方面幫助了我們，但我認為這就是我們的策略。至於策略的可變性或靈活性，我們當然有選擇，但正如約翰所提到的，我們確實在調整資本和資本的時間安排，特別是在電池工廠和整體製造能力方面。因此，我們不會改變產品策略，但我們正在靈活調整，這是我們的賭注，我們將靈活調整產能。

From a product planning standpoint, we've made, I think, really good bets on the ICE and HEV side in case the EV market is not as fast as we thought. We have affordable Mavericks. We have a strong international business now with Ranger and Everest. Those markets won't go EV anytime soon. And the markets where we're in, like F-150, Super Duty Pro, they're not duty cycles that are going to go EV, and we have really fresh product. So our bet is maybe different than others who just said, look, we're going to get rid of an ICE Explorer and go to an EV Explorer. That's not our strategy.

從產品規劃的角度來看，我認為，我們在內燃機和混合動力車方面做出了非常好的賭注，以防電動車市場沒有我們想像的那麼快。我們有負擔得起的小牛隊。我們現在與 Ranger 和 Everest 擁有強大的國際業務。這些市場不會很快轉向電動車。我們所處的市場，如 F-150、Super Duty Pro，它們的工作週期不會轉向電動車，而且我們有非常新鮮的產品。因此，我們的賭注可能與其他人不同，他們只是說，看，我們將擺脫 ICE Explorer 並轉向 EV Explorer。那不是我們的策略。

The next question is from Dan Levy with Barclays.

下一個問題來自巴克萊銀行的 Dan Levy。

I appreciate, Jim, the commentary that you gave on warranty and just cost more broadly, but I wanted to ask the question maybe in a slightly different way. This is, obviously, as you pointed out, a lingering issue. I think you said at the CMD earlier this year, it's a $7 billion cost gap versus your competitors for Blue. What exactly is the line of sight or how confident are you that these issues can be turned around? These have been issues for some years. And specifically, in the context of your pivoting to new architectures here where there's obviously going to be some uncertainty on your end. What gives you the confidence or the line of sight to actually turning around these cost headwinds?

吉姆，我很欣賞您對保固和更廣泛的成本的評論，但我想以稍微不同的方式提出這個問題。正如您所指出的，這顯然是一個揮之不去的問題。我想您今年稍早在 CMD 上說過，Blue 與您的競爭對手相比存在 70 億美元的成本差距。視線到底是什麼，或是您對扭轉這些問題有多大信心？這些問題多年來一直存在。具體來說，在轉向新架構的背景下，您顯然會遇到一些不確定性。是什麼讓您有信心或有能力真正扭轉這些成本不利因素？

Yeah. Maybe I'll start, Jim, and then hand it over to you. What I would say is that there's a real focus now in the company, and Jim mentioned it in his remarks, around excellence and delivering, right, execution. When you look at the real fundamental issues that we've had across the industrial platform, it's the way we work together, our focus of the work, and the structure of the work, and there have been those that have thought this has been an issue for years and others that haven't. And I think as a team, we are coalesced around those root cause issues. We have great new talent in the company, Liz Door, from a supply chain standpoint, her domain expertise is outstanding. Bryce Currie from a manufacturing standpoint, outstanding. And then in addition to having Doug, bringing Kumar back into the fold, who grew up in the system as a design and release engineer and understands the Ford system and understands the air states really well, having them all together now driving this foundational change is important. And as Jim said, it's the area under the iceberg, right? It's what's under the water, and it's the most important piece of it. And the progress isn't showing up as quickly as we would like in the part you see above the water, but the change is being driven below the water. And it's the same root cause issues that are driving the quality problems, as well as the cost structure issues. And it's the material cost at about $4 billion, and now we have warranties about $2 billion, and then you have manufacturing, et cetera, in there. And so, it's the talent. It's what we're attacking. It's the relentless focus on excellence, and it's the way we're working together as a team to go after these issues. And having the new team in place and having the new talent in place and watching what they're going after and how they're working together as an integrated team is what we need to get this done.

是的。也許我會開始，吉姆，然後把它交給你。我想說的是，公司現在真正關注的是卓越和執行力，吉姆在他的演講中提到了這一點。當你看到我們在整個工業平台上遇到的真正的基本問題時，你會發現這是我們合作的方式、工作的重點以及工作的結構，有些人認為這是一個問題。問題已經存在多年，而其他問題則沒有。我認為作為一個團隊，我們圍繞著這些根本原因問題團結起來。我們公司有很多優秀的新人才，Liz Door，從供應鏈的角度來看，她的領域專業知識非常出色。從製造的角度來看，布萊斯·柯里（Bryce Currie）非常出色。然後，除了 Doug 之外，還讓 Kumar 重新加入，他是在系統中作為設計和發布工程師長大的，非常了解福特系統並非常了解空氣狀態，現在讓他們一起推動這一根本性變革是重要的。正如吉姆所說，這是冰山之下的區域，對吧？它是水下的部分，也是其中最重要的部分。在水面以上的部分，進展並沒有像我們希望的那樣快地顯現出來，但變化正在水下推動。造成品質問題以及成本結構問題的根本原因是相同的。材料成本約為 40 億美元，現在我們有約 20 億美元的保修，然後還有製造等等。所以，這就是人才。這就是我們要攻擊的。這是對卓越的不懈關注，也是我們作為一個團隊共同努力解決這些問題的方式。我們需要讓新團隊就位，讓新人才就位，觀察他們的目標以及他們如何作為一個綜合團隊一起工作。

And I would just complement that in 2 ways. On quality, our real test for our commitment, talent, all things that John talked about came together in the launches of our most important products like Super Duty. And I am so confident in our tackling these systemic issues because of what happened on our recent launches. The team doubled down on testing. They did the extra work on supplier quality and readiness in the factory and really tested the vehicle for failure. And we did something that Ford maybe hasn't done in the past. We held the vehicle until it was right. And in the case of Super Duty, that was $1 billion-plus decision. And that was proof to me this team understands that quality is our top priority. That message was sent throughout the company. Everyone got the memo.

我只想透過兩種方式補充這一點。在品質方面，我們對我們的承諾、人才的真正考驗，約翰談到的所有東西都集中在我們最重要的產品（如 Super Duty）的推出中。由於我們最近發布的產品中發生的事情，我對解決這些系統性問題非常有信心。團隊加倍努力進行測試。他們在工廠對供應商品質和準備進行了額外的工作，並真正測試了車輛是否有故障。我們做了一些福特過去可能沒有做過的事情。我們握住車輛直到它正確為止。就 Super Duty 而言，這是一個耗資超過 10 億美元的決定。這向我證明了這個團隊明白品質是我們的首要任務。該訊息已傳遍整個公司。每個人都收到了備忘錄。

On cost, on EV, I'm encouraged because we're designing from scratch, and a lot of the talent we brought-in approaches that cost is a pride point for them in designing it in. The real test for us as a leadership team beyond quality is going to be bringing our material cost and negotiated parts price cost down on our carryover ICE vehicles. That is going to be the test, and we believe we have more than $1 billion of ideas already in the hopper for this year, for 2024 and we got to deliver it on those ideas. They'll test our standards from rust protection and NVH. They're going to test our standards. They're going to test our parts release process. It's going to be -- but it's us to execute.

在成本、電動車方面，我很受鼓舞，因為我們是從頭開始設計的，我們引入的許多人才成本是他們在設計過程中的驕傲點。對我們作為領導力的真正考驗超越品質的團隊將降低我們遺留的ICE 車輛的材料成本和協商的零件價格成本。這將是一場考驗，我們相信今年和 2024 年我們已經有超過 10 億美元的想法，我們必須根據這些想法來實現。他們將從防鏽保護和 NVH 方面測試我們的標準。他們將測試我們的標準。他們將測試我們的零件發布流程。這將會是——但要由我們來執行。

Just a follow-up quickly on pricing, which I think has continued to outperform beyond anyone's expectations. Maybe you can give a little bit of voiceover on what you're seeing on pricing, especially in light of all the questions out there on affordability and how long you think some of these pricing tailwinds can be sustained into next year.

只是對定價的快速跟進，我認為定價繼續超出任何人的預期。也許您可以就您在定價方面看到的情況發表一些旁白，特別是考慮到有關負擔能力的所有問題以及您認為其中一些定價順風可以持續到明年多久。

I think it's different for each of the business segments, right? We're continuing to see incredible downward pressure on pricing this year on the EVs, right? But Pro, really strong pricing power right now. As Jim mentioned in his prepared remarks, we've got really good strength in the orders coming in for the model year. We're a good ways through the model year, and the pricing is held. And then when you look at the fresh lineup we have on Blue, we're continuing to see the pricing hold for the most part. Now, are we starting to see that there's some pressure on pricing? Sure. And we said there would be, but it's been more resilient than we thought this year. That's for sure, especially through the third quarter.

我認為每個業務部門的情況都不同，對嗎？今年我們繼續看到電動車定價面臨令人難以置信的下行壓力，對吧？但專業人士，現在的定價能力確實很強。正如吉姆在他準備好的演講中提到的那樣，我們在該車型年度的訂單方面擁有非常強勁的實力。我們在車型年中取得了很好的成績，定價也保持不變。然後，當您查看 Blue 上的新產品陣容時，我們會繼續看到大部分定價保持不變。現在，我們是否開始看到定價面臨一些壓力？當然。我們說過會有的，但今年比想像的更有彈性。這是肯定的，尤其是在第三季。

But affordability, we've talked about this before. Affordability is an issue. Right now, it takes a consumer about 14% of their monthly disposable income for a vehicle. Pre-COVID and pre the inflation that we've seen, it was about 13%. So we think it's going to revert back to that, and then we think it's going to happen over the next 12 to 18 months. And so, to do that, it would be about a net price reduction of $1,800. But we also believe that part of that's going to come through the OEMs in lower prices. But it's also going to come through dealer margins because dealers are still transacting at a much higher percent of MSRP than they have in the past. And so, it's going to be both of those. Now, we expected some of that to occur throughout the year. So far, it hasn't much. And so, I think you're going to start to see that come through as we move into next year.

但負擔能力，我們之前已經討論過。負擔能力是一個問題。目前，消費者大約需要花費每月可支配收入的 14% 來購買車輛。在新冠疫情之前和我們所看到的通貨膨脹之前，這一數字約為 13%。所以我們認為情況會回到原來的狀態，然後我們認為這會在未來 12 到 18 個月內發生。因此，要做到這一點，淨價將減少約 1,800 美元。但我們也相信，其中一部分將透過原始設備製造商以較低的價格實現。但這也將透過經銷商利潤來實現，因為經銷商的建議零售價百分比仍然比過去高得多。所以，這兩者都會發生。現在，我們預計其中一些會在全年發生。到目前為止，還沒有太多。因此，我認為當我們進入明年時，您將開始看到這一點。

The next question is from Rod Lache with Wolfe Research.

下一個問題來自 Wolfe Research 的 Rod Lache。

I wanted to ask a couple things on EVs. I think that certainly, I mean, I don't think -- you've been saying that the deflation that you're seeing in EVs has been steeper than you assumed, but obviously, your original plan assumed some level of deflation through 2026. I think it was even price parity with ICE in some cases, and yet you assumed 8% margin in that time frame. Am I correct in those assumptions that your ultimate view was that you would get to price parity with ICE? And if that's the case, what do you need to do in order to push harder? Do you need to actually reduce prices even below ICE in order to achieve your plan or do you need to achieve even a greater price premium?

我想問一些有關電動車的問題。我認為當然，我的意思是，我不認為- 您一直在說，您在電動汽車中看到的通貨緊縮比您想像的要嚴重，但顯然，您最初的計劃假設到2026 年將出現一定程度的通貨緊縮.我認為在某些情況下它甚至與 ICE 價格平價，但您假設該時間範圍內的利潤率為 8%。您的最終觀點是您將與 ICE 實現價格平價，我的假設是否正確？如果是這樣的話，你需要做什麼才能更努力？您是否需要實際降低價格，甚至低於 ICE 才能實現您的計劃，還是需要更高的溢價？

Yeah, Rod, John. Exactly. If you look at our three-row SUV, the way we thought about that, our Gen 2 product was, it's going to have the exterior of size of an Explorer and the interior space of an Expedition. And so when we looked at that and setting the targets for the team in 2026, we said, well, we should start-out with a revenue assumption that it will be priced on an ICE -- you know, as an ICE would be between those 2 to vehicles. And so that's how we set up the affordable targets that we gave the team to design to. And a lot has changed, but the team is working diligently to try to deliver that. And we are continuing to see pricing pressure in the EV segment, but right now, there's still a premium to gas in many areas. So I think what you're going to find is, over time, that premium is going to reduce as we move forward. And that's what we have built into our planning assumptions for our second-generation vehicle and then as well for our third-generation vehicle, that you're going to see another step down on pricing so that these vehicles are affordable. And that's all setting up our cost structure that we're targeting and going after, which was the basis of setting our 8% margin.

是的，羅德，約翰。確切地。如果你看看我們的三排 SUV，我們的第二代產品就是這樣想的，它將擁有 Explorer 的外觀尺寸和 Expedition 的內部空間。因此，當我們考慮這一點並為團隊設定 2026 年的目標時，我們說，我們應該從收入假設開始，即它將在 ICE 上定價——你知道，因為 ICE 的價格介於這2 個車輛。這就是我們如何設定可負擔的目標，並交給團隊設計。雖然發生了很多變化，但團隊正在努力實現這一目標。我們繼續看到電動車領域的定價壓力，但目前在許多領域仍然存在比天然氣溢價。所以我認為你會發現，隨著時間的推移，隨著我們的前進，保費將會減少。這就是我們對第二代汽車和第三代汽車的規劃假設，您將看到價格進一步下降，以便這些車輛價格實惠。這就是我們設定目標和追求的成本結構的全部內容，這是設定 8% 利潤率的基礎。

Okay. So, that's still your expectation, that you would get to an 8% margin and you would have a cost structure that reflects price parity with ICE?

好的。那麼，這仍然是您的預期，即您將獲得 8% 的利潤率，並且您將擁有反映與 ICE 價格平價的成本結構？

Yeah, that is the target that the team is going after. There's a lot that has changed, as you know, and the team is working through that. The key 3 elements Jim went over is most importantly, the size of the battery, the efficiencies of watts needed to move the vehicle, the vertical integration, the partnering on what we would say are commodity parts of the business, things that aren't differentiating for additional opportunity there, the scaling and using the capabilities of the vehicle as we build-out the manufacturing facilities to be as lean as efficient as possible. And the team is pushing hard to get every save that we can through there to build-out our Gen 2 vehicles that are profitable and deliver ultimately the 8% target that we've set for them.

是的，這就是團隊追求的目標。如您所知，發生了很多變化，團隊正在解決這些問題。吉姆討論的關鍵 3 個要素是最重要的，電池的尺寸、移動車輛所需的瓦特效率、垂直整合、我們所說的業務的商品部分的合作，而不是業務的商品部分。在我們建造製造設施時，我們要尋求額外的機會，擴大規模並利用車輛的功能，以盡可能精簡和高效。我們的團隊正在努力爭取盡可能節省成本，以打造可獲利的第二代車輛，並最終實現我們為其設定的 8% 目標。

Okay. And just secondly, I'm assuming that you still view vertical integration and batteries and LFP is critical to achieving your cost targets. Just given all of the issues around that, can you just -- and some of the pauses or delays that you've got on some of these plants, can you just give us an update on what the trajectory is to achieving those lower costs in batteries, and how is your plan changing?

好的。其次，我假設您仍然認為垂直整合和電池以及磷酸鋰鐵對於實現您的成本目標至關重要。考慮到與此相關的所有問題，您能否——以及其中一些工廠的一些暫停或延誤，能否向我們介紹一下實現更低成本的最新軌跡？電池，您的計劃有何變化？

Yeah. So, we're continuing to move forward with the vertical integration on the battery itself, working on cell design. We're working on the chemistries. As we said, we have no real change to what we've put out forward before on BlueOval Park battery plant here in Michigan. But LFP is definitely going to be part of our future EVs, and that is a very important cost-reduction step in our path for the Gen 2 vehicles. So it's a combination of all of that. It's a combination of the battery size and the efficiency of the vehicle to get the lowest watts possible to hit the ranges that we're looking to hit. It's the vertical integration across the vehicle, the vertical integration across the battery, and then as well as the chemistries. And all of that comes together to drive the cost reductions we need and the team is working toward is that part of the vehicle's target.

是的。因此，我們將繼續推進電池本身的垂直整合，並致力於電池設計。我們正在研究化學。正如我們所說，我們對先前在密西根州 BlueOval Park 電池廠提出的方案沒有任何真正的改變。但 LFP 肯定會成為我們未來電動車的一部分，這是我們第二代汽車道路上非常重要的降低成本的一步。所以它是所有這些的組合。它是電池尺寸和車輛效率的結合，以獲得盡可能低的瓦數來達到我們希望達到的範圍。這是整個車輛的垂直整合，整個電池的垂直整合，還有化學物質的垂直整合。所有這些共同推動了我們所需的成本降低，而團隊正在努力實現的就是車輛目標的一部分。

And our final question today comes from Emmanuel Rosner with Deutsche Bank.

今天我們的最後一個問題來自德意志銀行的伊曼紐爾·羅斯納。

So I appreciate your candid assessment of the EV business and as well as all the actions that you detailed in terms of trying to reduce the investment and losses in the near term. At the same time, you rightly acknowledged that affecting change on the first generation is not going to be, the easiest, more change would come in Gen 2, Gen 3. So, any way you can just frame for us how much improvement can we expect during this first generation? You're now running at something like a $5 billion annual loss on Model e. Not that long ago, a few months ago, you still had fairly near-term targets to bring that to EBIT positive. Obviously, a lot has changed. But then you're addressing these changes with your actions, so where does it go from here? Does it get worse? Does it get better? Can something be done before Gen 2 and Gen 3 in terms of improving the losses?

因此，我感謝您對電動車業務的坦誠評估，以及您為減少近期投資和損失而詳細說明的所有行動。同時，您正確地認識到，影響第一代的變化不會是最簡單的，更多的變化將出現在第二代、第三代中。所以，您可以透過任何方式為我們框架我們可以改進多少期望在第一代？現在 Model e 的年虧損約為 50 億美元。不久前，幾個月前，您仍然有相當近期的目標，以實現息稅前利潤為正。顯然，發生了很多變化。但當你用你的行動來應對這些變化時，接下來會發生什麼事？情況會變得更糟嗎？情況好轉了嗎？在 Gen 2 和 Gen 3 之前可以做些什麼來改善損失嗎？

So you're right, Emmanuel. Step function change is going to be on the Gen 2s where we'll have more degrees of freedom to make the types of changes I just talked about. On the Gen 1s, we've seen the price come down much quicker than we had expected, of course, and that's showing up in our results. We're continuing to work very diligently on additional cost and design reductions on the Gen 1 products, and the team is also working very diligently to minimize the impact of the lower prices in the near term, in the next couple of years before Gen 2 comes out. And so it's going to be a battle between managing the top line as best we can, adjusting the supply of products relative to demand so that we can balance the pricing from that standpoint and then working like crazy to put whatever cost reductions we can on that Gen 1 vehicle through to the bottom line. So I think it's going to be in the near term, it's going to continue to be just that. It's going to continue to be quarter-to-quarter. And the team working very diligently to hold as much revenue as we can and bring as much cost reduction through the product as we can.

所以你是對的，伊曼紐。階躍功能變更將出現在第二代上，我們將有更多的自由度來進行我剛才談到的變更類型。當然，在第一代產品上，我們發現價格下降的速度比我們預期的要快得多，這也反映在我們的結果中。我們將繼續非常努力地致力於第一代產品的額外成本和設計削減，並且團隊也在非常努力地工作，以盡量減少短期內（即第二代產品之前的未來幾年）較低價格的影響出來。因此，這將是一場戰鬥，我們要盡可能地管理營收，調整產品相對於需求的供應，以便我們可以從這個角度平衡定價，然後瘋狂地努力降低成本。第一代車輛一直到底線。所以我認為這將是在短期內，並將繼續如此。它將繼續按季度進行。團隊非常努力地工作，以保持盡可能多的收入，並透過產品盡可能降低成本。

And then a quick follow-up on Ford Pro. Obviously, extremely strong business and very solid quarter, but at the same time, there was a little bit of a pullback in both volume and mix and margin in the quarter. So can you just go over the factors that drove this and the prospects and timing for normalizing back-up?

然後是福特 Pro 的快速跟進。顯然，業務非常強勁，季度也非常穩健，但同時，本季的銷售、產品組合和利潤率都出現了一些回落。那麼您能否回顧一下推動這一趨勢的因素以及備份正常化的前景和時機？

Yeah. So, when you look at Pro, you know, the volume was down a bit. Part of that was we had some disruptions or hiccups from some suppliers which cost us to lose some F-150 commercial volume in the quarter. We had normal seasonality as well like on motorhomes and things like that. And then when you look at Ranger in Europe, that was down a bit still because of the ramp that we have going on on the new Ranger. And then there was a little bit of improvement with Super Duty. So I think you saw some seasonality. You saw some fluctuations due to some supplier constraints and some missed volume in the quarter. And then of course, we continue to see the strength of the pricing on Super Duty, which is showing up with the higher revenues, yet the volumes were down a bit. So overall, I think it's not that we're seeing a significant reduction in the demand for our Pro vehicles, we're not. The order bank is very robust. We have a lot of demand for the model year, and I think Europe Pro is going to continue to be performing at a high level as we move forward here.

是的。所以，當你看 Pro 時，你知道，音量有點下降。部分原因是我們遇到了一些供應商的干擾或問題，導致我們在本季度損失了部分 F-150 商業銷售。我們有正常的季節性，就像房車之類的一樣。然後，當你看看歐洲的 Ranger 時，你會發現，由於我們在新 Ranger 上進行的坡道，這個數字仍然略有下降。然後 Super Duty 有了一些改進。所以我認為你看到了一些季節性。由於一些供應商限制以及本季度的一些銷售缺失，您看到了一些波動。當然，我們繼續看到 Super Duty 的定價優勢，收入增加，但銷售量略有下降。所以總的來說，我認為我們並沒有看到對專業車輛的需求大幅減少，我們沒有。訂單銀行非常強大。我們對今年的車型有很多需求，我認為隨著我們在這裡前進，Europe Pro 將繼續保持高水準的表現。

This conclude the Ford Motor Company third quarter 2023 earnings conference call. Thank you for your participation. You may now disconnect.

福特汽車公司 2023 年第三季財報電話會議至此結束。感謝您的參與。您現在可以斷開連線。