福特汽車 (F) 2024 Q4 法說會逐字稿

Good day, everyone.

大家好。

My name is Leo, and I will be your conference operator today.

我叫 Leo，今天我將擔任您的會議主持人。

At this time, I would like to welcome you to the Ford Motor Company fourth-quarter 2024 earnings conference call.

現在，我歡迎您參加福特汽車公司 2024 年第四季財報電話會議。

(Operator Instructions).

（操作員指令）。

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

現在，我想將電話轉給投資人關係執行董事 Lynn Antipas Tyson。

Thank you.

謝謝。

Welcome to Ford Motor Company's fourth-quarter '24 earnings call.

歡迎參加福特汽車公司 24 年第四季財報電話會議。

With me today are Jim Farley, President and Chief Executive Officer; and Sherry House, our new CFO effective tomorrow, February 6.

今天與我在一起的有總裁兼執行長吉姆法利 (Jim Farley)； Sherry House 將於明天（2 月 6 日）擔任我們的新任財務長。

Joining us for Q&A will be John Lawler, Vice Chair and current CFO; and Cathy O'Callahan, CEO of Ford Credit.

副主席兼現任財務長 John Lawler 將與我們一起參與問答環節；以及福特信貸執行長凱西·奧卡拉漢（Cathy O'Callahan）。

Today's discussions include some non-GAAP references.

今天的討論包括一些非 GAAP 參考。

These are reconciled to the most comparable US GAAP measures in the appendix of our earnings deck, you can find the deck on the rest of our earnings materials and other important content at shareholder.ford.com.

這些與我們收益報告附錄中最具可比性的美國 GAAP 指標進行了協調，您可以在holder.ford.com 上找到我們其餘收益資料和其他重要內容。

Our discussion also includes forward-looking statements about our expectations.

我們的討論還包括關於我們期望的前瞻性陳述。

Actual results may differ from those stated.

實際結果可能與所述結果不同。

The most significant factors that could cause actual results to differ are included on Page 23.

第 23 頁列出了可能導致實際結果不同的最重要的因素。

Unless otherwise noted, all comparisons are year over year.

除非另有說明，否則所有比較都是同比的。

Company EBIT, EPS, and free cash flow are on an adjusted basis.

公司息稅前利潤、每股盈餘和自由現金流量均已調整。

Lastly, I'd like to call out a near-term IR engagement.

最後，我想提一下近期的 IR 參與。

On February 11, Jim Farley and Sherry House will participate in a fireside chat in New York with Emmanuel Rosner at the Wolf Global Autotech and Mobility Conference.

2 月 11 日，Jim Farley 和 Sherry House 將在紐約舉行的 Wolf 全球汽車技術和移動會議上與 Emmanuel Rosner 進行爐邊談話。

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

現在，我將電話轉給吉姆。

Thank you, Lynn, and hello, everyone.

謝謝你，Lynn，大家好。

We appreciate that you're joining us.

感謝您的加入我們。

I want to start by welcoming Sherry House to our first earnings call as our incoming CFO.

首先，我歡迎雪莉·豪斯 (Sherry House) 作為新任財務長參加我們的第一次財報電話會議。

And I want to thank John Lawler, as he transitions to our Vice Chair.

我要感謝約翰·勞勒 (John Lawler)，他即將擔任我們的副主席。

Last year was a year of progress in key areas, building on our fundamentals at Ford.

去年是福特在關鍵領域取得進步的一年，鞏固了我們的基本原則。

Our global revenue reached an all-time record at the company of $185 billion.

我們的全球收入達到了1850億美元的歷史最高水準。

This was our fourth consecutive year of top line growth driven by some of the strongest and most durable franchises in our industry.

這是我們連續第四年實現營收成長，這得益於我們行業中一些最強大、最持久的特許經營權。

Ford is the undisputed leader of pickup trucks in our industry.

福特是我們行業中皮卡車無可爭議的領導者。

The F-Series is once again America's best-selling pickup and the best-selling vehicle of any kind.

F 系列再次成為美國最暢銷的皮卡和各類車輛中最暢銷的車型。

The Ranger has grown into a strong global franchise for us.

Ranger 已成長為我們一個強大的全球特許經營品牌。

It's key to our profitability in many markets around the world at Ford.

這是我們福特在全球多個市場中獲利的關鍵。

And by the way, Ranger won North America Truck of the Year.

順便說一句，Ranger 贏得了北美年度卡車獎。

That's a fifth time in a row Ford has won that award.

這是福特連續第五次獲得該獎項。

Hybrid trucks are a key growth area for us.

混合動力卡車是我們的關鍵成長領域。

It's not what you think about when you think of hybrids, but this nontraditional channel is allowing us to capture the lion's share of revenue and command pricing power within the pickup truck market with unique features like Pro Power on board.

它並不是您在考慮混合動力汽車時所想到的東西，但這種非傳統管道讓我們能夠憑藉諸如 Pro Power 等獨特功能在皮卡車市場中佔據最大份額的收入並掌握定價權。

Vans are another stronghold globally for us with our best-selling transit family.

廂型車是我們全球另一個強大的市場，我們最暢銷的車款是運輸車系列。

And the story is no different for Pro as a whole.

對於 Pro 整體而言，情況並沒有什麼不同。

Our commercial business is focused on unit sales and series mix to maximize revenue.

我們的商業業務專注於單位銷售和系列組合，以最大化收入。

And last year, we really saw that, a sizable growth in mix of profitable high series Super Duties and Transit wagon.

去年，我們確實看到，高利潤系列 Super Duties 和 Transit 旅行車的銷售量大幅成長。

But at the same time, Pro is building something new, reoccurring revenue streams through our software and physical services business.

但同時，Pro 正在透過我們的軟體和實體服務業務建立一些新的、經常性的收入來源。

Pro software subscriptions rose 27% and to nearly 650,000 subscriptions last year.

去年專業軟體訂閱量成長了27%，達到近65萬份。

Telematics software grew 100%.

遠端資訊處理軟體成長了 100%。

Mobile service units increased 57%.

流動服務單位增加了57%。

And the stickiness of that ecosystem of services is increasing.

而且該服務生態系統的黏性正在增強。

The second half of last year, 25% all of our brand new telematics customers in North America purchased additional software, including dash cams and fleet management software.

去年下半年，我們在北美的所有全新遠端資訊處理客戶中有 25% 購買了額外的軟體，包括行車記錄器和車隊管理軟體。

And with BlueCruise, equipped units have now -- in operations have now more than doubled in the last year to just under 700,000 vehicles.

而有了 BlueCruise，配備該設備的單位現在——在運營的車輛數量在去年增加了一倍多，達到近 700,000 輛。

And since launch, our customers have now driven over 300 miles -- 300 million miles hands free.

自推出以來，我們的客戶已經無需動手駕駛超過 300 英里——3 億英里。

So you can see our relationship with our customers no longer ends the point of sale or financing.

所以你可以看到我們與客戶的關係不再侷限於銷售點或融資。

We're starting to build lasting relationships and creating new avenues for reoccurring growth at Ford.

我們正在開始建立持久的關係並為福特的持續成長創造新的途徑。

Last year, Ford had the highest share of revenue among all brands in our home market, the US.

去年，福特在我們的本土市場——美國，其收入份額在所有品牌中最高。

But the key for us is matching this revenue growth with improved execution and discipline on cost and quality.

但對我們來說，關鍵是將收入成長與更好的執行力以及對成本和品質的嚴格控制相匹配。

We're working differently and it's starting to show.

我們的工作方式不同，而且這種不同已開始顯現。

We've upgraded talent throughout our industrial system.

我們提升了整個工業體系的人才水準。

We brought in industry's best third-party experts to inspect and validate our findings.

我們聘請了業內最好的第三方專家來檢查和驗證我們的發現。

We're identifying best practices to attack our operational issues.

我們正在尋找最佳實踐來解決我們的營運問題。

We're quantifying the upside, and most importantly, we're bringing home the savings.

我們正在量化上行空間，最重要的是，我們正在實現節約。

We're changing our culture to be more focused on quality and with accountable measures for all of our engineering teams and leadership.

我們正在改變我們的文化，更加重視質量，並對我們所有的工程團隊和領導層採取負責任的措施。

These changes produce green shoots, delivering about $500 million of net cost reductions in last year's second half.

這些變化產生了積極的效果，使去年下半年淨成本削減了約 5 億美元。

But this is, frankly, a small down payment on the work to be done at Ford.

但坦白說，這只是福特即將開展的工作的一小部分首付。

We're focused on closing our competitive cost gap over the next few years.

我們致力於在未來幾年縮小競爭成本差距。

And lastly, we continue to monitor and adapt to the changing market conditions, which last year unfolded about what we thought.

最後，我們將繼續監測和適應不斷變化的市場條件，去年的市場條件和我們的想法一致。

The EV market, we continue to see new models launch, increased competition with increased pricing pressure.

在電動車市場，我們不斷看到新車型的推出，競爭加劇，價格壓力加大。

On hybrids, we continue to see the market grow aggressively.

就混合動力車而言，我們繼續看到市場強勁成長。

But now in diverse markets like truck customers who are learning that a hybrid could also mean uncompromised towing and torque and payload and other performance advantages including fuel economy.

但現在在卡車等多樣化市場中，客戶開始意識到混合動力也意味著不折不扣的牽引力、扭力和有效載荷以及燃油經濟性等其他性能優勢。

In the ICE market, the industry's inventories and pricing have normalized.

在ICE市場，產業庫存和定價已經恢復正常。

We also see the Chinese OEMs continue to expand and be a major force in our industry.

我們也看到中國原始設備製造商不斷擴張並成為我們行業的主力力量。

Their operational fitness is incredible.

他們的作戰適應能力令人難以置信。

Their supply chains are now expanding globally and they're increasing their exports around the world.

他們的供應鏈現在正在全球擴張，並且正在增加其在世界各地的出口。

So let's talk about this year.

那我們來談談今年吧。

We expect the company's adjusted EBIT of $7 billion to $8.5 billion range.

我們預計該公司調整後的息稅前利潤將在 70 億美元至 85 億美元之間。

Sherry is going to get into the details.

雪莉將深入探討細節。

We want to be clear, though, that our guidance has not factored in impacts from changes in policy by the current administration.

不過，我們要先明確的是，我們的指導並未考慮到現任政府政策變化的影響。

That said, from an operational standpoint, we believe a few weeks of tariffs are manageable given the rate and flow of our products.

儘管如此，從營運的角度來看，考慮到我們產品的價格和流量，我們認為幾週的關稅是可以負擔的。

As everyone is aware, we're already seeing changes in trade policy, and we expect changes in tax policy like the IRA and emissions policy CO2 that could be very consequential for our industry.

眾所周知，我們已經看到貿易政策的變化，我們預計個人退休帳戶（IRA）等稅收政策和二氧化碳排放政策的變化可能會對我們的行業產生重大影響。

At this early point, I want to emphasize a few things.

在此早期階段，我想強調幾件事。

There's no question that tariffs at 25% level from Canada and Mexico, if they're protracted, would have a huge impact on our industry, with billions of dollars of industry profits wiped out and adverse effect on the US jobs, as well as the entire value system in our industry.

毫無疑問，如果加拿大和墨西哥的25％關稅長期持續，將對我們的行業產生巨大影響，數十億美元的行業利潤將化為烏有，對美國就業以及我們行業的整個價值體系產生不利影響。

Tariffs would also mean higher prices for customers.

關稅也意味著消費者需要支付更高的價格。

We said that we believe based on our conversations in D.C. with the Trump administration and congressional leaders that they are committed to strengthening, not weakening, our nation's auto industry.

我們表示，根據我們在華盛頓與川普政府和國會領導人的對話，我們相信他們致力於加強而不是削弱我們國家的汽車工業。

That is certainly our expectation.

這當然是我們的期望。

And we look forward to working with our leaders to make sure that, that becomes a reality, because they understand and appreciate how vital our industry is to jobs, the economy, our national security, and the communities across our country.

我們期待與我們的領導人共同努力，確保這一點成為現實，因為他們理解並認識到我們的行業對就業、經濟、國家安全和全國社區的重要性。

As America's leading auto producer and the leading export of automobiles, we applaud the administration for the agreement they announced with Mexico and Canada on Monday, and we are closely monitoring the situation in China.

作為美國最大的汽車生產國和最大的汽車出口國，我們對政府週一與墨西哥和加拿大宣布達成的協議表示讚賞，並密切關注中國的情況。

There is a fundamental transformation happening in the backdrop of these policy changes in our industry globally.

在全球這些政策變化的背景下，我們的產業正在發生根本性的轉變。

Of course, the overall tariff and trade situation, the growing importance of digital vehicles, the Chinese OEMs growing to become a global reality, these dynamics will all play out for some time to come, but Ford controls its future.

當然，整體的關稅和貿易狀況、數位化汽車日益增長的重要性、中國原始設備製造商逐漸成為全球現實，這些動態都會在未來一段時間內發揮作用，但福特掌控著自己的未來。

While we are certainly operating interesting times, at the end of the day, we control our destiny.

儘管我們確實處於一個有趣的時代，但歸根究底，我們還是掌握著自己的命運。

Our products and services are compelling, and get even stronger this year with great new launches like the Expedition, the Navigator, the all new electric Puma as well as Ford Pro service offerings.

我們的產品和服務引人注目，今年隨著 Expedition、Navigator、全新電動 Puma 以及 Ford Pro 服務產品的推出，我們的產品和服務變得更加強大。

We will match that potent revenue power with real progress on cost.

我們將把強大的收入能力與成本方面的真正進步相匹配。

To realize this multibillion-dollar upside opportunity on cost, we will stay focused on the following areas: faster identification of defects and issues in the field; deploying dedicated teams into our supply base to help them improve key manufacturing disciplines to improve their part quality to us; holding suppliers accountable when they send us defects; reducing complexity to eliminate waste; dramatic increase in our OTA capability.

為了實現這一價值數十億美元的成本上漲機會，我們將繼續專注於以下領域：更快地識別現場缺陷和問題；在我們的供應基地部署專門團隊，幫助他們改進關鍵的製造規範，以提高他們提供給我們的零件品質；當供應商向我們發送有缺陷的產品時，要求其承擔責任；降低複雜性以消除浪費；我們的OTA能力大幅提升。

We performed $9 million over their updates in fourth quarter alone, 80% of those were focused on addressing customers' concerns and warranty.

僅在第四季度，我們就為他們的更新花費了 900 萬美元，其中 80％ 專注於解決客戶的疑慮和保固問題。

We're enhancing our software development process.

我們正在增強我們的軟體開發流程。

For example, more upfront experts reviewing coding, not just ours, but our suppliers to catch potential issues early.

例如，更多的前期專家審查編碼，不僅是我們的，還有我們的供應商的，以便儘早發現潛在問題。

And we're continuing to integrate AI, data analytics and other tools in process to further improve our manufacturing efficiency.

我們將繼續整合人工智慧、數據分析和其他工具，以進一步提高我們的製造效率。

Early input metrics provide us confidence in our 2025 cost reduction target.

早期的投入指標使我們對 2025 年的成本削減目標充滿信心。

We already have over $1 billion of product design cost reduction ideas to be implemented this year.

我們今年已經有超過 10 億美元的產品設計成本削減設想將付諸實行。

We have fewer lost units during our launches.

我們在產品發布過程中遺失的單位數量減少了。

The improvement in the number of days from warranty defect and field fix is an encouraging sign for us in warranty.

保固缺陷和現場修復所需天數的減少對於我們的保固來說是一個令人鼓舞的信號。

We're seeing 18% improvement in the quality of our vehicles leaving our facilities for the '25 model year launches.

我們發現，從我們的工廠出廠的 25 款車型的品質提高了 18%。

And we're increasing the number of supplier technical assistant site visits for critical suppliers.

我們正在增加供應商技術助理對關鍵供應商進行現場訪問的次數。

I want to touch on our EV strategy since it's so critical for any car company.

我想談談我們的電動車策略，因為它對任何汽車公司都至關重要。

We're on course.

我們正在按計劃進行。

We're deep in the development of our next generation of vehicles that we believe will be affordable, high volume, and great for our business.

我們正在深入開發下一代汽車，我們相信這些汽車價格實惠、產量大，並且對我們的業務非常有利。

On the US retail side, the sweet spot that has emerged is small- and medium-sized trucks and utilities.

在美國零售方面，出現的最佳點是中小型卡車和公用事業。

These vehicles use case fits perfectly for EVs daily commuters, well suited as the second vehicle in the household.

這些車輛的使用情況非常適合電動車的日常通勤者，非常適合作為家庭中的第二輛車。

They require smaller, much lower-cost batteries.

它們需要更小、成本更低的電池。

These vehicles can be offered at lower prices to help adoption of EVs for the customers who really appreciate their lower operating cost.

這些車輛可以以較低的價格出售，以幫助真正看重較低營運成本的客戶採用電動車。

But for larger retail electric utilities, the economics are unresolvable.

但對於較大的零售電力公司來說，經濟問題是無法解決的。

These customers have very demanding use cases for an electric vehicle.

這些客戶對電動車的使用要求非常高。

They tow, they go off road, they take long road trips.

他們拖曳、他們越野、他們進行長途公路旅行。

These vehicles have worse aerodynamics and they're very heavy, which means very large and expensive batteries.

這些車輛的空氣動力學性能較差，而且非常重，這意味著電池非常大且昂貴。

Retail customers have shown that they will not pay any premium to these large EVs, making them a really tough business case given the expense in the batteries.

零售客戶已經表明，他們不會為這些大型電動車支付任何額外費用，考慮到電池的成本，這使其成為一個真正艱難的商業案例。

For Ford, the -- our commercial customers do show potential for large EVs.

對福特來說，我們的商業客戶確實展現出大型電動車的潛力。

They're willing to pay a premium over ICE because they can really measure the TCO advantages of EV and they can live with depot charging.

他們願意支付比內燃機汽車更高的價格，因為他們能夠真正衡量電動車的 TCO 優勢，而且他們可以接受車庫充電。

They don't have the same range anxiety that retail customers have.

他們不像零售客戶有里程焦慮。

Profitability for these larger family haulers that take long trips will be more frequently occurred through partial electric options.

這些進行長途旅行的大型家庭用車的盈利能力將更多地透過部分電動選項實現。

Yes, PHEV, but especially hybrid and EREVs than on 1 take gas can get over 700 miles of range, which still drive most miles all electric.

是的，PHEV，但特別是混合動力車和 EREV，相比之下，1 加侖汽油可以行駛超過 700 英里，而且大部分里程仍需純電動。

Ford will be developing flexible body on frame and unibody platforms that will be designed for these multi-energy powertrains that are needed, given the realities of customer affordability and range requirements.

福特將根據客戶的承受能力和續航里程要求，開發靈活的車身框架和一體式車身平台，以滿足這些多能源動力系統的需求。

We are in the heart of our transformation of Ford.

我們正處於福特轉型的核心。

My optimism comes from our improved execution and our commitment to delivering on Ford+, creating a more dynamic, more capital-efficient higher-margin company.

我的樂觀來自於我們改進的執行力和我們對實現「福特+」的承諾，從而創造一個更具活力、資本效率更高、利潤率更高的公司。

Now I'd like to hand it over to Sherry to walk you through last year's operating performance and an outlook for this year.

現在我想把時間交給Sherry，讓她向大家介紹一下去年的營運表現以及今年的展望。

Great.

偉大的。

Thank you very much, Jim, and greetings to everyone on the call with us today.

非常感謝你，吉姆，並向今天與我們通話的每個人致以問候。

We really appreciate you taking the time to get a current update on the business.

我們非常感謝您花時間了解最新的業務更新。

Before I get started, I want to personally thank John Lawler, Jim, and the entire Ford team for their incredible support over the last several months as I've ramped up in this new role.

在開始之前，我要親自感謝約翰·勞勒、吉姆以及整個福特團隊，感謝他們在過去幾個月裡在我擔任新職務期間給予我的大力支持。

I'm very excited for the opportunity, and I'm especially excited for the future of Ford.

我對這個機會感到非常興奮，我對福特的未來尤其感到興奮。

2024 was another important year for us as we continue to execute against the Ford+ plan.

2024 年對我們來說是另一個重要的一年，因為我們將繼續執行 Ford+ 計畫。

We finished the year with global wholesales up 1% to 4.5 million units, supported by growth at Ford Pro.

在 Ford Pro 業務成長的推動下，我們今年的全球批發量成長了 1%，達到 450 萬輛。

Revenue increased 5% to $185 billion. and we delivered 11 consecutive quarters of top line growth.

營收成長 5% 至 1850 億美元。我們連續11個季度實現了營收成長。

Our strategic decision to offer retail and commercial customers freedom of choice through a compelling portfolio of products continues to pay off.

我們的策略決策是透過引人注目的產品組合為零售和商業客戶提供自由選擇，這項決策繼續獲得回報。

We delivered $10.2 billion in adjusted EBIT with a margin of 5.5%.

我們實現調整後息稅前利潤 102 億美元，利潤率為 5.5%。

Adjusted free cash flow was $6.7 billion and our cash conversion rate was 65%, above our target range of 50% to 60%.

調整後的自由現金流為 67 億美元，現金轉換率為 65%，高於我們 50% 至 60% 的目標範圍。

Our balance sheet is strong with more than $28 billion in cash and close to $47 billion in liquidity.

我們的資產負債表強勁，擁有超過280億美元的現金和近470億美元的流動資金。

We believe it's prudent to have extra cash on hand during this dynamic time in the industry, marked by evolving customer needs, regulations and a fluid macro environment.

我們認為，在這個行業充滿活力的時期，手頭上留有額外的現金是明智之舉，因為客戶需求、法規和宏觀環境都在不斷變化。

Excess cash also provides us the opportunity to strategically pursue adjacencies and signature partnerships that would be accretive to our growth and ROIC.

過剩的現金也為我們提供了策略性地尋求鄰接關係和標誌性合作夥伴關係的機會，這將有利於我們的成長和投資報酬率。

We hold ourselves accountable to strong capital discipline, as we continue to efficiently invest in our future with plans to consistently reward our shareholders with 40% to 50% of free cash flow.

我們嚴格遵守資本紀律，並計劃持續以 40% 至 50% 的自由現金流回報股東，持續有效率地投資未來。

Over the past three years, we've paid out over $10 billion to our shareholders.

過去三年來，我們向股東支付了超過100億美元。

And today, I'm pleased to announce that we declared our first quarter regular dividend of $0.15 per share plus a supplemental dividend of $0.15 per share, payable on March 3 to shareholders of record on February 18.

今天，我很高興地宣布，我們宣布第一季常規股息為每股 0.15 美元，外加每股 0.15 美元的補充股息，將於 3 月 3 日支付給 2 月 18 日登記在冊的股東。

Now, let us take a closer look at our segment performance.

現在，讓我們仔細看看我們的分部表現。

Strong demand in Super Duty chassis cabs and Transit wagon helped to live Ford Pro's revenue by 15% to $67 billion, while wholesales were up 9%.

Super Duty 底盤駕駛室和 Transit 旅行車的強勁需求幫助 Ford Pro 的收入增長了 15%，達到 670 億美元，而批發量則增長了 9%。

And full year EBIT was $9 billion with a margin of 13.5%.

全年息稅前利潤為 90 億美元，利潤率為 13.5%。

Software and Physical Services represented 13% of Pro's EBIT.

軟體和實體服務佔 Pro 息稅前利潤的 13%。

Ford Pro Intelligence continues to drive recurring high-margin, noncyclical revenue.

Ford Pro Intelligence 繼續推動經常性高利潤、非週期性收入。

Paid subscriptions, attachment rate, and monthly average revenue per unit were all up strongly in 2024.

2024 年，付費訂閱量、附加率和每台設備的月平均收入均強勁上漲。

The Model e team, where I've been spending a lot of my time, did a tremendous job delivering $1.4 billion in cost reductions last year, net of a $100 million increase in spend to anchor new battery plants in next-gen EVs.

我花了大量時間在 Model e 團隊上，他們做出了巨大貢獻，去年削減了 14 億美元的成本，這還不包括為在下一代電動車中建造新電池廠而增加的 1 億美元支出。

This cost performance was particularly important given industry pricing pressure, which resulted in year-over-year reductions in revenue and wholesales of 35% and 9%, respectively.

鑑於產業定價壓力，這種成本表現尤其重要，這導致收入和批發額分別年減 35% 和 9%。

Model e remains focused on continuous improvements in gross margins and disciplined capital allocation that will drive profitable growth in the future.

Model e 將繼續專注於持續提高毛利率和嚴格的資本配置，以推動未來的獲利成長。

Ford Blue's full year revenue was flat due to positive net pricing, which offset a 2% decline in wholesales driven by the discontinuation of low-margin products.

福特藍色全年營收持平，得益於正的淨定價，抵消了因低利潤產品停產導致的批發量 2% 的下降。

EBIT was $5.3 billion with a margin of 5.2% and includes a positive impact to building stock in our home market.

息稅前利潤為 53 億美元，利潤率為 5.2%，對我們本土市場的建築庫存產生了正面影響。

In 2024, our Blue investment strategy, mirrored customer demand with significant investments targeted at the next generation of our most iconic brands such as F-Series and Explorer, and is also focused on bringing multi-energy solutions, particularly hybrid powertrains across a broader part of our product portfolio.

2024 年，我們的藍色投資策略反映了客戶需求，針對我們最具代表性的品牌（如 F 系列和 Explorer）的下一代進行了大量投資，同時也致力於在我們更廣泛的產品組合中提供多能源解決方案，特別是混合動力系統。

Ford Credit, generated earnings before taxes of $1.7 billion for the year.

福特信貸公司全年稅前利潤為 17 億美元。

So let's turn to our 2025 outlook.

讓我們來展望一下 2025 年。

For the full year, we expect company adjusted EBIT of $7 billion to $8.5 billion, adjusted free cash flow of $3.5 billion to $4.5 billion. and capital expenditures of $8 billion to $9 billion.

我們預計公司全年調整後息稅前利潤為 70 億美元至 85 億美元，調整後自由現金流為 35 億至 45 億美元。以及80億至90億美元的資本支出。

Relative to tariffs, the precise impacts of new tariffs would depend on a number of secondary and tertiary effects, such as price elasticities, how our Tier 1 and Tier 2 suppliers react, substitution effects, possible duty drawbacks, and so on.

相對於關稅，新關稅的具體影響將取決於一系列二級和三級效應，例如價格彈性、我們的一級和二級供應商如何反應、替代效應、可能的關稅減免等等。

Other potential changes in policies such as changes to the consumer tax credit or CTC, commercial and production tax credits or PTC, would also be harmful.

其他潛在的政策變化，例如消費者稅收抵免或 CTC、商業和生產稅收抵免或 PTC 的變化，也可能造成損害。

However, the impacts of such changes are much smaller for Ford in 2025 than later years.

不過，對福特來說，2025 年這些變化的影響比以後幾年小得多。

For example, PTC will become a more meaningful benefit for us later this year with the launch of our BOSK battery factory.

例如，隨著我們 BOSK 電池工廠的啟動，PTC 將在今年稍後為我們帶來更有意義的收益。

And for the longer term, '27 and beyond, changes to these programs would be very material.

從長遠來看，即 27 年及以後，這些計劃的變化將非常重大。

Hence, we continue to stay in close contact with the administration to support a strong auto sector into the future.

因此，我們將繼續與政府保持密切聯繫，支持未來汽車產業的強勁發展。

Our full year outlook assumes headwinds related to market factors.

我們的全年展望假設存在與市場因素相關的不利因素。

We're planning for lower industry pricing of roughly 2%, driven by higher incentive spending throughout the year.

我們計劃將行業價格降低約 2%，這得益於全年更高的激勵支出。

For Ford, we expect this will be partially offset by top line growth from upcoming launches.

對福特而言，我們預計這一影響將被即將推出的車型的營收成長所部分抵消。

We expect these headwinds to be partially offset by about $1 billion of net cost reductions, primarily coming from lower warranty expense and material cost.

我們預計這些不利因素將被約 10 億美元的淨成本削減部分抵消，主要來自較低的保固費用和材料成本。

Our team is aggressively working to deliver more than $1 billion, which would likely lift us to the higher end of our guidance range, and we expect the majority of these savings to occur in the second half of the year.

我們的團隊正在積極努力，實現超過 10 億美元的目標，這可能會使我們達到指導範圍的高端，我們預計大部分節省將在今年下半年實現。

From a calendarization perspective, we expect our first quarter adjusted EBIT to be roughly breakeven.

從日曆角度來看，我們預期第一季調整後的息稅前利潤將大致達到損益兩平。

This sequential decline in EBIT versus the fourth quarter of 2024 is more than explained by a reduction in wholesales and unfavorable mix including the impact of launch activity at major US assembly plants, including Kentucky Truck and Michigan assembly plants.

與 2024 年第四季相比，息稅前利潤的連續下降主要是由於批發減少和不利的產品組合，包括肯塔基卡車和密西根州組裝廠等美國主要組裝廠的啟動活動的影響。

Our plans to utilize Oakville for our next major truck launch will help us better optimize production stability during major launch periods, a benefit we highlighted to you when we announced the repurposing of that manufacturing facility.

我們計劃利用奧克維爾進行下一次大型卡車的發布，這將幫助我們在主要發布期間更好地優化生產穩定性，這是我們在宣布重新利用該製造工廠時向您強調的一項好處。

We expect a more normalized adjusted EBIT in the second quarter with a plan to hit our underlying EBIT level in the second half as cost improvements tied to lower material costs start to accrue to the bottom line.

我們預計第二季調整後的息稅前利潤將更加正常化，並計劃在下半年達到我們的基本息稅前利潤水平，因為與降低材料成本相關的成本改善開始累積到底線。

To help you better understand this calendarization and the levers for each quarter, we have included a full year 2025 bridge for you in our earnings deck.

為了幫助您更好地理解這種日曆化和每季的槓桿，我們在收益平台中為您提供了 2025 年全年的橋樑。

Our segment outlook anticipates another strong year at Ford Pro with EBIT of $7.5 billion to $8 billion at target margins.

我們的分部展望預計福特專業業務今年將再創佳績，息稅前利潤將達到 75 億至 80 億美元，利潤率達到目標值。

The fundamentals of Pro's business are strong, especially Super Duty chassis cabs in Transit wagon in North America in the Transit family in Europe.

Pro 的業務基本面強勁，尤其是北美 Transit 旅行車和歐洲 Transit 系列的 Super Duty 底盤駕駛室。

And we continue to grow our mix of profitability coming from software and physical services globally.

我們將繼續在全球擴大來自軟體和實體服務的獲利組合。

We expect a loss of $5 billion to $5.5 billion for Ford Model e, holding losses stable year over year.

我們預計福特 Model e 的虧損將在 50 億至 55 億美元之間，虧損額與去年同期相比保持穩定。

While continued industry pricing pressure remains, we plan to materially increase our global volume, driven by the full year impact of European launches, and we significantly increased investment in our battery facilities and next-generation products, which are just two years away.

雖然行業定價壓力持續存在，但我們計劃大幅增加全球銷量，這得益於歐洲產品發布全年的影響，並且我們大幅增加了對電池設施和下一代產品的投資，這些產品僅需兩年時間即可面世。

The team started the year with a strong pipeline of cost savings ideas, which, together with the launch of our BOSK battery JV later in 2025 enables meaningful savings through eligibility of the production tax credit.

該團隊在年初就提出了一系列成本節約理念，這些理念與我們將於 2025 年下半年成立的 BOSK 電池合資企業相結合，透過獲得生產稅收抵免資格，可以實現有意義的節約。

And for Ford Blue, we expect EBIT of $3.5 billion to $4 billion, reflecting lower volume and unfavorable mix, driven by the non-repeat of last year's stock build and anticipated adverse exchange partially offset by several cost reduction initiatives that are already underway.

對於福特藍色，我們預計息稅前利潤為 35 億美元至 40 億美元，這反映了銷量下降和產品組合不利的影響，其原因是去年的庫存積累未重演，且預期出現不利匯率，但已在進行的幾項成本削減舉措部分抵消了這一影響。

Cost remains our largest value unlock to achieve Blue's margin target.

成本仍然是我們實現 Blue 利潤目標的最大價值釋放。

Lastly, Ford Credit EBT will be about $2 billion.

最後，福特信貸 EBT 將達到約 20 億美元。

Our performance in 2024 demonstrates the positive progress in our Ford+ plan, capital discipline, the right product portfolio and consistent cash generation to reward our shareholders, customers and employees.

我們 2024 年的業績證明了我們的 Ford+ 計劃、資本紀律、正確的產品組合和持續的現金創造取得了積極進展，以回報我們的股東、客戶和員工。

Importantly, I see us working differently as a company, evidenced by our second half cost progress.

重要的是，我看到我們公司的工作方式有所不同，這從我們下半年的成本進度就可以看出。

We are carrying forward a higher level of discipline and execution into 2025, commensurate with our goal to deliver at least $1 billion of net cost reductions this year.

我們將在 2025 年繼續推行更高水準的紀律和執行力，這與我們今年實現至少 10 億美元淨成本削減的目標相符。

We're relentlessly working to make our business better, and we remain highly focused on improving both quality and cost.

我們始終不懈努力地改善我們的業務，並高度注重提高品質和降低成本。

That concludes our prepared remarks, and I'd now like to open it up to your questions.

我們的準備好的演講到此結束，現在我想開始回答大家的提問。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示） 巴克萊銀行的丹‧利維 (Dan Levy)。

Hi, good evening.

嗨，晚上好。

Thank you taking the questions.

謝謝您回答這些問題。

I wanted to double-click on your commentary first on calendarization of earnings throughout the year.

我想先雙擊您關於全年收益日曆化的評論。

In the first quarter, you have to assume, I think something like a 25% volume decline to get to breakeven.

在第一季度，你必須假設，我認為銷量會下降 25% 左右才能達到收支平衡。

If you could just talk through that, what's the confidence of recovery in subsequent quarters?

如果您可以簡單談一談的話，您對接下來幾季的復甦有什麼信心？

Is it volume?

是音量嗎？

And then should we expect inventory to be fully rightsized by the end of the first quarter?

那麼，我們是否應該預期庫存在第一季末將完全達到合適的規模？

Okay.

好的。

So as I talked about for the year over year, you're really seeing the pricing come in, and also the net cost improvements year over year.

因此，正如我談到的同比情況一樣，您確實看到了價格的上漲，以及淨成本的同比改善。

But when you go for just the first quarter, what you're seeing is largely the impact of wholesales that are coming down in the nonrecurrence of a stock bill that's happening.

但如果只看第一季度，你會看到，批發業務的下滑主要是因為庫存帳單不再發生而產生的影響。

We also see adverse exchange, primarily in Argentina, Brazil, and Turkey.

我們也看到不利的匯率，主要在阿根廷、巴西和土耳其。

So that's really what's happening in that particular quarter.

這正是那個特定季度發生的情況。

Dan, quarter over quarter, our wholesales were down almost 20%.

丹，與上一季相比，我們的批發量下降了近 20%。

Okay, so it's really clear.

好的，很清楚了。

And we expect this with activity in January.

我們預計一月將進行相關活動。

And we expect that with this activity that's happening in the factories, where it's impacting Super Duty, Navigator, Expedition, that may come down a bit more as well.

我們預計，隨著工廠活動的開展，Super Duty、Navigator、Expedition 等車型的銷售量可能也會有所下降。

Like 40,000 units, so it's a very large reduction in the first quarter and we're planning another reduction in Q2 again.

大約 40,000 台，所以第一季的減幅非常大，我們計劃在第二季再次減產。

So we'll be right where we want.

這樣我們就能到達我們想要去的地方。

Our dealer day supply for our sales will be right in that mid-50% range, which is exactly where we wanna be as a company.

我們的經銷商日供應量將在 50% 左右，這正是我們公司想要達到的目標。

Great.

偉大的。

As a follow-up, Jim, you frequently talked about the critical nature of EVs.

作為後續問題，吉姆，您經常談到電動車的關鍵性。

You actually gave a very long blog post on this sort of the summer.

您實際上就這個夏天發表了一篇很長的部落格文章。

But I think we also know that your strategy is, in part, driven by compliance.

但我認為我們也知道，您的策略在一定程度上是由合規性驅動的。

So we've heard President Trump talk about pulling back the, so to speak, EV mandate.

因此，我們聽到川普總統談到撤銷所謂的電動車授權。

How should we think about your EV plans and resource allocation in this environment?

在這種環境下，我們應該如何看待您的電動車計畫和資源分配？

And to what extent would you maybe revisit timing of skunkworks or the NextGen Lightning, which I believe are planned for 2H '27 given the changing environment.

您可能會在多大程度上重新考慮臭鼬工廠或下一代閃電計劃的時間安排？

Well, we're really confident of our EV strategy, because believe it or not, most things that are happening are kind of playing to our strength.

嗯，我們對我們的電動車策略非常有信心，因為不管你信不信，正在發生的大多數事情都在發揮我們的優勢。

We believe that if the EPA or the California waiver is pulled, if there's some change to the CO2 regime in the US starting from '27.

我們認為，如果美國環保署或加州的豁免被撤銷，從27年開始美國的二氧化碳制度將會發生一些變化。

By the way, the next two years, nothing happens.

順便說一句，接下來的兩年沒有發生任何事情。

So be '27 and beyond, we believe that, that will still be some kind of modest CO2 improvement required.

因此，我們相信，到27年及以後，仍需要某種程度的二氧化碳減排改善。

But more importantly, EVs are 8% of the US industry.

但更重要的是，電動車占美國工業的 8%。

They're growing.

它們正在成長。

The satisfaction with the vehicles is higher than combustion and vehicles -- and people who buy these vehicles don't go back to combustion to large parts.

人們對這些車輛的滿意度比內燃機汽車高，而且購買這些車輛的人不會再回頭購買內燃機汽車了。

So this is a very vibrant market.

這是一個非常活躍的市場。

It's also a global capability for Ford.

這也是福特的一項全球能力。

Given what's happening around the globe, this is not just happening in the US, it's happening everywhere, this capability of making money in high-volume EVs, getting new customers is going to be a global capability.

考慮到全球正在發生的事情，這不僅發生在美國，而是在世界各地發生，這種透過大批量電動車賺錢、獲得新客戶的能力將成為一種全球性的能力。

So that's why it's strategically important for us.

所以這就是為什麼它對我們來說具有戰略重要性。

Actually, in this kind of environment, this skunkworks platform becomes more important.

事實上，在這種環境下，這個臭鼬工廠平台變得更加重要。

It's more affordable for customers.

對於顧客來說，它更加實惠。

Let's say that CTC goes away.

假設 CTC 消失了。

In that environment, without a leasing advantage, for example, more affordable on the actual cost of the vehicle becomes more important, not less.

在這種環境下，沒有租賃優勢，例如，更實惠的車輛實際成本變得更重要，而不是更不重要。

So I would say our bet a couple of years ago to build that platform, I think, winds up being -- well, we'll see, but winds up being a good move.

因此我想說，我們幾年前建立該平台的賭注最終是——好吧，我們拭目以待，但最終是一個好的舉措。

We have made some decisions on the three row and others, and we will continue to make adjustments.

我們對三排和其他一些問題已經做出了一些決定，也會繼續進行調整。

We are not shy about our lower capital ambition as a team.

作為一個團隊，我們並不羞於承認我們的較低資本目標。

And we're going to make sure that the EVs we produce are not me-too products, that they play to our strengths.

我們要確保我們生產的電動車不是模仿產品，而是發揮我們的優勢。

And we know commercial EV customers are out there.

我們知道商用電動車客戶就在那裡。

We know that they like these vehicles.

我們知道他們喜歡這些車輛。

So those are our two big bets.

這就是我們的兩個大賭注。

We can make changes to our lineup.

我們可以對陣容做出調整。

We don't see that at this point in time.

目前我們還沒有看到這一點。

But we -- as we said, we're not shy about making those adjustments we need to, Dan.

但是，正如我們所說的，我們並不羞於做出我們需要的調整，丹。

Does that make sense?

這樣有道理嗎？

Yes, thank you.

是的，謝謝。

That's really helpful color.

這確實是很有用的顏色。

Daniel Roeska, AllianceBernstein.

聯博集團的 Daniel Roeska。

Good evening.

晚安.

Thanks for taking the question.

感謝您回答這個問題。

And Sherry, welcome again.

歡迎 Sherry 再次光臨。

Jim, let me start kind of with a quite strategic question.

吉姆，讓我先問一個相當有策略性的問題。

It seems like the business is facing a level of uncertainty not seen before.

看來該業務正面臨前所未有的不確定性。

Maybe that -- I hope that's fair, both from the strategic challenges you mentioned, but also kind of from the policy and the rapid change in domestic policy.

也許——我希望這是公平的，既從您提到的戰略挑戰來看，也從政策和國內政策的快速變化來看。

As you guide forward kind of through this shopping water, what are some of the convictions on guiding principles kind of that still hold true in this environment?

當您在這種購物潮流中前進時，在這種環境下，哪些指導原則仍然適用？

And what are some of the principles or convictions where you and the Board had to go back and kind of say, well, we'll have to take a look at that or that's become a little bit more uncertain?

您和董事會必須回顧並說，好吧，我們必須研究這個問題，或者這個問題變得有點不確定，是基於哪些原則或信念？

So kind of just trying to understand how your thinking is making decisions in this environment, what can you rely on and where do you need to kind of exercise extra caution?

所以只是想了解你的想法在這種環境下是如何做出決策的，你可以依賴什麼以及在哪些方面需要格外小心？

Thank you.

謝謝。

Well, first of all, the cost journey that Ford is on is non negotiable.

首先，福特的成本之旅是不可協商的。

It is absolutely mission-critical and control by the company.

這絕對是至關重要的任務，並且受公司控制。

No one else controls that, it's us.

沒有人能控制這一點，只有我們自己能控制。

So we want everyone to understand how serious and how prepared we are to take our cost of business without and improving quality at the same time, which often can become at odds with each other.

因此，我們希望每個人都明白，我們是多麼認真並且準備好承擔業務成本，同時不提高質量，因為這兩者往往會相互衝突。

So that is a guiding principle for Ford Motor Company, I hope, forever.

所以我希望這能永遠成為福特汽車公司的指導原則。

Within that, it's very clear the customers and regulators and leaders around the world are expecting our industry to bring down prices and make affordability more a priority for car companies.

在此之中，很明顯，世界各地的客戶、監管機構和領導人都期望我們的行業降低價格，並使可負擔性成為汽車公司的首要任務。

So one of the second big principles is we are going to invest in affordable vehicles, but we have to do it profitably, which means a transformation at Ford.

因此，第二個重要原則之一是，我們將投資於經濟實惠的汽車，但我們必須獲利，這意味著福特的轉型。

You can see the transformation we've had to take on the EV platform with skunkworks.

您可以看到我們透過臭鼬工廠對電動車平台進行的改造。

We will have to take the same type of approach on body on frame and unibody multi-energy platforms.

我們必須在車架式車身和一體式多能平台上採取同樣的方法。

That's why I mentioned it.

這就是我提到它的原因。

That's the second thing.

這是第二件事。

We want to make sure that we have diverse powertrains.

我們希望確保我們擁有多樣化的動力系統。

That's another really important principle for us.

對我們來說，這是另一個非常重要的原則。

Because we've learned actually when it wasn't popular to invest in hybrids, that it turns out to be a good move.

因為我們實際上已經認識到，當投資混合動力汽車並不流行時，它卻是一個不錯的舉措。

And therefore, we want to lean into EREVs and other new powertrains to make sure that we go with the flow, so to speak, of the customers.

因此，我們希望依靠 EREV 和其他新動力系統來確保我們能夠順應客戶的潮流。

I think the last one is, I have never in my 40 years had a chance to have reoccurring revenue where the company is not susceptible to economic cycles and gas prices.

我認為最後一點是，在我 40 年的職業生涯中，我從來沒有機會讓公司不受經濟週期和油價影響而獲得經常性收入。

And we can do that with Ford Pro.

我們可以透過 Ford Pro 來實現這一點。

I think Ford Pro is leading this industry in showing large-scale services, both software, almost 1 million subscriptions now, and it's getting sticky, so we can start to see the flywheel turn on Pro.

我認為 Ford Pro 在展示大規模服務方面處於行業領先地位，這兩種軟體現在的訂閱量都接近 100 萬，而且越來越大，所以我們可以開始看到 Pro 的飛輪轉動。

And we're just getting serious about repair of the vehicles.

我們開始認真對待車輛的修復。

Those two attaches to our traditional vehicle is, frankly, what I've been waiting for 40 years to do as a leader for the company and for the industry.

坦白說，作為公司和行業的領導者，我 40 年來一直在等待將這兩項附加到我們的傳統車型上。

And how ironic it is that's happening not in the retail world.

諷刺的是，這種事情並沒有發生在零售業。

It's happening in the Pro B2B space.

它正在專業 B2B 領域發生。

Those are the principles that we hold dear at the company, and probably the most important for me, is the best talent and the best culture, because none of that is going to happen unless you get the best people in the company, which we continue to upgrade our industrial team and our technology team and to have a sustainable culture where quality and cost never go out of fashion.

這些是我們公司所珍視的原則，對我來說，最重要的是最好的人才和最好的文化，因為如果沒有最好的人才，這一切都不會發生，我們將繼續升級我們的工業團隊和技術團隊，並建立一種可持續的文化，品質和成本永遠不會過時。

And we have a lot to execute to do all those things, but those are our kind of four- or five-key principles.

為了完成所有這些事情，我們還有很多工作要做，但這些是我們的四到五個關鍵原則。

Thanks.

謝謝。

And then maybe more tactical for Sherry on the guide for Model e in '25.

然後也許雪莉 (Sherry) 對 25 年 Model e 的指南更有策略性。

Volumes in Europe are higher PTCs coming in, in H2, lithium prices are coming down, you're doubling down on cost efforts, yet the guidance flat.

歐洲的 PTC 銷售量較高，下半年鋰價正在下降，你加倍努力降低成本，但指導價格卻持平。

Could you kind of help us close that bridge?

你能幫我們關閉那座橋嗎？

Kind of where do you see the weakness in Model e this year to kind of offset those gains and improvements you're making?

您認為今年 Model e 的弱點在哪裡，會抵銷您所取得的進展和改進嗎？

Yeah.

是的。

So we're making improvements to the Gen 1 products are still not profitable.

因此，我們正在對第一代產品進行改進，但仍然沒有盈利。

What's really interesting about this, though, is that we're able to hold flat while you're increasing the volume significantly.

然而，真正有趣的是，當您大幅增加音量時，我們能夠保持穩定。

The other thing that's going in there is the $1 billion of additional costs that are related to our BOSK battery factory, as well as related to our Gen 2 products.

另一項支出是與我們的 BOSK 電池工廠以及我們的 Gen 2 產品相關的 10 億美元額外成本。

So that $1 billion is about half engineering and about half in the BOSK area as well.

因此，這 10 億美元大約有一半用於工程，另一半用於 BOSK 地區。

And it's about $0.5 billion more than in the past.

比過去增加了約 5 億美元。

So one of the questions that you asked about was just what's kind of going counter to that.

所以您問的一個問題是，什麼與此相反。

So that would be some of the downward pressure that you continue to see that's on the pricing potentially in Europe, potentially in North America.

所以，這將會繼續對歐洲和北美的定價產生一些下行壓力。

What's been great, though, is Model e as it landed Q4 last year, the Mach-E, we had a fantastic selling over 30% increase quarter over quarter, and we stayed above the average transaction prices.

不過，最棒的是，去年第四季上市的 Model e，也就是 Mach-E，我們的銷售量較上季成長了 30% 以上，而且交易價格仍高於平均水準。

So while we're seeing the pressure, we have been continuing to do well even with our Gen 1 products and our sales pace.

因此，儘管我們面臨壓力，但即使採用第一代產品和銷售速度，我們仍然表現良好。

Great.

偉大的。

Thanks.

謝謝。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

So Jim, we've heard that you really, really like the Xiaomi SU7, which, as you know, is their first car.

吉姆，我們聽說你非常非常喜歡小米 SU7，如你所知，這是他們的第一輛汽車。

And I'm just thinking on a country like the United States puts 100% import tariff on another country that isn't even selling vehicles here yet, that's kind of talent.

我在想，像美國這樣的國家對另一個尚未在其境內銷售汽車的國家徵收 100% 的進口關稅，這是一種天才的行為。

Do you think that US tariff policies will be successful in keeping Chinese EVs out of the US market long term?

您認為美國的關稅政策能夠成功長期阻止中國電動車進入美國市場嗎？

Just curious what you think.

只是好奇你的想法。

I mean, because given your experience of working at Asian automaker before, like we've seen this move in the 70s and 80s, you really think -- do you think the Chinese come here or do we keep them out?

我的意思是，鑑於您之前在亞洲汽車製造商工作的經歷，就像我們在 70 年代和 80 年代看到的這種舉動一樣，您真的會想——您認為中國人會來這裡嗎，還是我們會把他們拒之門外？

Does that go ahead?

這樣還可以繼續嗎？

Thanks, Adam.

謝謝，亞當。

Tom Friedman wrote a really interesting piece on this topic that I think is really pertinent for us.

湯姆·弗里德曼就這個主題寫了一篇非常有趣的文章，我認為這對我們來說非常有意義。

In the end, the level of subsidies that these companies have in China is not -- is very material as well as these are digital vehicles with digital footprints and really deep into people's digital life.

最後，這些公司在中國的補貼水準並不高，而且這些都是有數位足跡的數位載體，深入到人們的數位生活。

So we have to have the right policies around privacy, the right policies around national security because these are not the cars of old.

因此，我們必須制定正確的隱私權政策和國家安全政策，因為這些汽車已經不再是老式的汽車了。

They're data collection machines.

它們是數據收集機器。

On the kind of unfair part or the subsidy part, I think we'll have to sort that out as a country.

對於不公平的部分或補貼的部分，我認為我們必須作為一個國家來解決這個問題。

Because they're part of the competitive environment that when you list the kind of advantages the companies have, it's like a page long, right?

因為它們是競爭環境的一部分，所以當你列出公司所擁有的優勢時，它會長達一頁，對嗎？

So we have to resolve that.

所以我們必須解決這個問題。

But at the end of the day, Adam, what I learned after 40 years in this industry, is the company has to stand on its own, toe to toe with the cost of those companies and the product appeal of those companies.

但最終，亞當，我在這個行業工作了 40 年，學到的是，公司必須獨立發展，與那些公司的成本和產品吸引力競爭。

So I guess what I'm saying is, we need to work with our government partners to make it a level playing field as much as possible.

所以我想說的是，我們需要與政府合作夥伴合作，盡可能創造一個公平的競爭環境。

But in the end of the day, it's management's responsibility to beat the SU7 straight up in a street fight.

但最終，管理層的責任是在街頭戰鬥中直接擊敗 SU7。

Got you, Jim.

明白了，吉姆。

Thanks.

謝謝。

Just as a follow-up.

僅作為後續行動。

Autonomy hasn't come up really much in your prepared remarks.

在您準備好的發言中，並沒有過多地提及自治問題。

And I find it interesting, given all the attention around AI, Gen AI has put autonomous vehicle theme on a totally different shot clock, you were clearly very wise to pause and restructure the Argo initiative in hindsight.

我覺得很有趣的是，考慮到人們對人工智慧的關注，Gen AI 已將自動駕駛汽車主題放在了完全不同的時間框架上，事後看來，你暫停並重組 Argo 計劃顯然非常明智。

But I mean Ford is, I think you guys in the US alone, you've got 40 million vehicles on the road driving 1 billion miles a day, probably more than that 1 billion miles a day, Jim, and the data from that storm is just insane.

但我的意思是，福特，我認為僅在美國，就有 4000 萬輛汽車在路上行駛，每天行駛 10 億英里，可能每天超過 10 億英里，吉姆，那場風暴的數據簡直是瘋狂的。

So I hear you on service bays in Ford Pro, and that's all great.

我聽說您談到了福特 Pro 的服務艙，這一切都很棒。

And we understand that on the physical services, but what's the strategy around AI and autonomy really?

我們了解實體服務，但圍繞人工智慧和自主性的策略到底是什麼？

Because I think many argue that if you're an industrial company or auto company like Ford, you either have an AI strategy or you don't have a future.

因為我認為很多人認為，如果你是像福特這樣的工業公司或汽車公司，那麼你要嘛擁有人工智慧策略，要嘛就沒有未來。

I don't know if you agree with that, but how confident are you in Ford's leadership position in autonomy?

我不知道您是否同意這一點，但您對福特在自動駕駛領域的領導地位有多大信心？

And what changes that?

那什麼改變了這一切呢？

Is share are you going to have to pay for that in-house with an in-house effort?

您是否需要透過內部努力來支付這部分費用？

Or is now a time to partner?

還是現在是合作的時候了？

Thanks, everybody.

謝謝大家。

You got it.

你明白了。

I think we're at that point where we have to decide.

我認為我們已經到了必須做出決定的時刻。

Look, Level 3 is around the corner.

瞧，三級即將到來。

We're now -- BlueCruise is now over 300 million miles.

現在，BlueCruise 的飛行里程已超過 3 億英里。

Customers are still paying for it.

顧客仍在為此付錢。

We did drop the price, by the way.

順便說一句，我們確實降價了。

So it is getting commoditized to some extent, but it is still a great opportunity.

因此它在某種程度上正在商品化，但這仍然是一個很好的機會。

But the capability of the company is growing.

但該公司的能力正在不斷增強。

All those Argo people that came with Ford, they are developing a really nice Level 2, Level 3 system that we think will be among the best in its execution.

所有加入福特的 Argo 員工都在開發非常好的 2 級、3 級系統，我們認為這個系統在執行上會是最好的。

We may not be the first.

我們可能不是第一個。

We may not grab all the headlines, but look at BlueCruise, BlueCruise is continuing to win all the consumer awards for the best operating system on Level 2.

我們可能無法抓住所有的頭條新聞，但看看 BlueCruise，BlueCruise 繼續贏得所有消費者頒發的 Level 2 最佳作業系統獎項。

Level 2+ is around the corner, Level 3, we think, is a huge unlock on highway miles, eyes off.

2+ 級即將到來，我們認為 3 級將是高速公路上行駛里程的巨大解鎖，讓我們拭目以待。

I think we're in good shape with our internal capabilities.

我認為我們的內部能力狀況良好。

But look, we're not so pollyannish about our own capability that we're not going to look at other people's system or not believe that Level 4 personal autonomy is going to be interesting at some point.

但是，我們對自己的能力並不會過於樂觀，我們不會關注其他人的系統，也不會不相信 4 級個人自主權在某些時候會變得有趣。

They're making a lot of progress over there in Level 4.

他們在 4 級方面取得了很大進展。

And it is time for us, not just in the US, but globally, they are looking at.

現在對我們來說是時候了，不僅在美國，而且在全球範圍內，他們都在關注。

And that's why we made some of the announcements we did today, because we need a strong strategy team to decide do we partner?

這就是我們今天發布一些公告的原因，因為我們需要一個強大的策略團隊來決定是否要合作？

Do we continue to ride our own team into this Level 4 personal autonomy?

我們是否繼續帶領我們自己的團隊邁向這個四級個人自主權？

And I think you're going to find, just like our move on Argo will be thoughtful and practical.

我想你會發現，就像我們在 Argo 上的舉動一樣，它是深思熟慮和實用的。

We won't get in love with the size of the market.

我們不會愛上市場的規模。

We'll make a practical decision and I think we'll be well positioned.

我們將做出切實可行的決定，我認為我們將處於有利地位。

I'm very confident in Sami and Doug and their technical prowess.

我對薩米和道格以及他們的技術實力非常有信心。

They know the FSD system.

他們了解 FSD 系統。

They know what's out there.

他們知道那裡有什麼。

They know the Waymo system as they get democratized for individual Level 4.

他們了解 Waymo 系統，因為它已為個人 4 級自動駕駛汽車實現了民主化。

And so I think we'll make a good decision.

所以我認為我們會做出正確的決定。

But I think, Adam, we're a lot closer that partnering decision at Ford.

但是亞當，我認為，我們在福特的合作決策方面已經非常接近了。

Thanks, Jim.

謝謝，吉姆。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Great.

偉大的。

Thank you.

謝謝。

My first question is around your plans for cost savings this year, so net $1 billion improvement.

我的第一個問題是關於您今年的成本節約計劃，即淨節省 10 億美元。

Can you give us a little bit more color on what the drivers are for that -- the buckets?

您能否向我們詳細介紹一下推動這現象的因素—儲存桶？

And how do we require confidence that this will be the year where we see visibly a net cost improvement at Ford?

我們怎麼能確信今年福特的淨成本會明顯改善呢？

Because if I'm looking at your guidance, it seems like in the second half of this year, you're probably now guiding for earnings growth despite fairly large cyclical headwinds that are assumed so that sets a high bar for cost execution.

因為如果我看一下你的指導，似乎在今年下半年，儘管假設存在相當大的周期性逆風，但你現在可能仍在指導盈利增長，這為成本執行設定了很高的標準。

So how should we think about the visibility into delivering this execution?

那麼，我們應該如何考慮這項執行的可見性呢？

Yeah.

是的。

Thanks for the question.

謝謝你的提問。

So why we've got confidence going into this year is the approach that we took to building the business plan was very granular.

我們對今年充滿信心的原因是，我們制定商業計劃的方法非常細緻。

We went through all areas of our business, and we're targeting efficiency across all areas of our business.

我們仔細研究了業務的各個領域，並致力於提高所有業務領域的效率。

But there's two in particular that we're extra focused on.

但其中有兩個尤其值得我們關注。

And in Jim's prepared remarks, you also talked about the fact that we're really zoning in on material costs and warranty.

在吉姆的準備好的發言中，您還談到我們確實關注材料成本和保固的事實。

And in fact, we're even getting outside third-party support to be able to look at benchmarks, what is best-in-class and what are all the different ways that we can make that even stronger.

事實上，我們甚至獲得了外部第三方的支持，以便能夠查看基準、了解什麼是同類最佳，以及我們可以採取哪些不同的方式使其變得更加強大。

So it's because of those detailed plans that sit behind those items that we have more confidence.

因此，正是由於這些項目背後有詳細的計劃，我們才更有信心。

The other thing I would say is that on the design costs, we are entering this year with about 90% of our pipeline fill.

我想說的另一件事是，就設計成本而言，今年我們的管道填充率約為 90%。

And let me just double-click on what I mean by that.

讓我雙擊一下我的意思。

So as we think about the cost savings that we want to make from a product design perspective, we have already identified those and we characterized when in which quarter those are going to be introduced into new products.

因此，當我們從產品設計的角度考慮我們想要節省的成本時，我們已經確定了這些成本，並確定了何時、哪個季度將這些成本引入新產品中。

So that gives us a lot of visibility as to when we would expect to see those cost savings be realized.

這樣，我們就能清楚知道何時能夠實現這些成本節約。

Is this why this is back-end loaded?

這就是為什麼這是後端載入的原因嗎？

That's why it's back-end loaded.

這就是它後端加載的原因。

Exactly.

確切地。

It takes time to execute or we have a strong effort.

執行需要時間，或者說我們需要付出巨大努力。

My second question is around pricing.

我的第二個問題是關於定價。

So you're assuming 2% price moderation for the industry, for doing a little bit better. you both have -- in terms of outlook, you're highlighting pricing is moderation as a headwind.

因此，您假設行業價格會下降 2%，以便情況會稍微好一些。就前景而言，你們都強調定價適度是一種逆風。

Now when we look at pickup inventories, there's almost 100 days supply on dealer lots across not just Ford, GM and RAM as well.

現在，當我們查看皮卡庫存時，不僅福特，通用和 RAM 的經銷商處都有近 100 天的供應量。

And there are signs of pricing pressure and mix erosion.

並且有價格壓力和產品組合侵蝕的跡象。

How should we think about the risk of something that is more than just price moderation here?

我們該如何看待不只是價格緩和的風險呢？

The risk is something more than price moderation?

風險不僅僅是價格適中嗎？

Just a little bit of moderation.

只需稍微適度即可。

Yeah, something that a larger price for and pickups when you have so many trucks sitting on the lots across essentially all offerings?

是的，當停車場上停著這麼多卡車時，基本上所有產品的皮卡價格都會更高嗎？

Well, one of the things that we're thinking about is the fact that as we entered -- or as we left Q4, we only had 13 of model year '25 in there.

嗯，我們正在考慮的事情之一是，當我們進入或離開第四季時，我們只有 13 輛 25 年的車型。

And so when we move through Q1, we're expecting that our transactions are then going to be about 50% model year '25.

因此，當我們進入第一季時，我們預計我們的交易量將達到 25 年車型的 50% 左右。

So your natural uptick that you get with the transaction pricing increasing some relative to the model year is one effect that we would see that's counteracting it.

因此，交易價格相對於車型年份有所增加而自然上漲，這是我們會看到的一種抵消效應。

We also have the new product launches of Navigator, Expedition, F-150, so those are some of the effects.

我們也推出了 Navigator、Expedition、F-150 等新產品，這些就是其中的一些影響。

I mean, where we see the pricing pressure maybe in particular, if you were to double-click into Pro, we see some pricing pressure there specifically around the environment for fleets, including take rental.

我的意思是，我們看到的價格壓力可能特別大，如果你雙擊 Pro，我們會看到一些價格壓力，特別是圍繞車隊環境的價格壓力，包括租賃。

So that's one of the areas where we're seeing more of the pricing pressure versus the rest of our portfolio.

因此，與我們投資組合中的其他部分相比，這是我們面臨更大定價壓力的領域之一。

More granularly, I noticed that one of our competitors is running a dealer cash program for the pickup trucks.

更具體地說，我注意到我們的一個競爭對手正在針對皮卡車運行經銷商現金計劃。

That's a very significant change, so we'll watch this very carefully.

這是一個非常重大的變化，因此我們將密切關注。

I mean, we know as a management team, the most important thing is going to be inventory discipline for us, as we go into this period of time, as Sherry said.

我的意思是，我們知道，作為管理團隊，正如雪莉所說的，當我們進入這個時期時，對我們來說最重要的是庫存紀律。

And I just want to reassure you that we will always protect our brands in those key segments and always protect our pricing capability.

我只是想向你們保證，我們將始終保護我們在這些關鍵領域的品牌，並始終保護我們的定價能力。

The cost journey we're on as a company will take years, and it will be great, but we will lose everything if we do not keep our pricing discipline.

我們公司所走的成本之路將持續數年，這將是偉大的，但如果我們不遵守定價紀律，我們將失去一切。

And that really is tied to inventories.

這確實與庫存相關。

So I really like our plan going in for the first half to get our dealer supply inventories back down below 60 days.

因此，我非常喜歡我們上半年的計劃，即將我們的經銷商供應庫存降至 60 天以下。

That's a really big effort by the company and will give us some room.

這是公司所做的真正巨大的努力，將給我們一些空間。

But as you said, we don't know how our competitors are going to act.

但正如你所說，我們不知道我們的競爭對手將如何行動。

And that's why we thought it would be prudent for us to go into this year with a very realistic guide in the range we did.

這就是為什麼我們認為，在今年，我們應該謹慎地制定一個非常現實的指導範圍。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Hi, guys.

嗨，大家好。

Good afternoon.

午安.

Thanks so much for taking the questions.

非常感謝您回答這些問題。

First, on Pro, the company has had a view that pro profits will be resilient in part as you increase your mix of software and services.

首先，對於 Pro，該公司認為，隨著軟體和服務組合的增加，專業利潤將在一定程度上保持彈性。

You just spoke a bit around some of the headwinds you're seeing, especially tied to the daily rental piece of Pro.

您剛才談到了您所看到的一些不利因素，特別是與 Pro 的每日租賃部分相關的因素。

But can you speak a bit more on the puts and takes to that business segment for 2025?

但是您能否再多談談 2025 年該業務部門的前景和前景？

And then maybe with your confidence that you can perhaps sustain or even grow pro EBIT beyond this year, as you think about adding some of the super duty capacity in 2026, and further increasing software and services mix toward that 20% of Pro EBIT target?

然後，也許您有信心可以在今年以後維持甚至增加息稅前利潤，因為您考慮在 2026 年增加一些超級職責容量，並進一步增加軟體和服務組合，以實現 20% 的息稅前利潤目標？

Sure.

當然。

Yeah.

是的。

So as you said, I talked a little bit about some of the softening in pricing around the environment for fleets, including daily rentals.

正如你所說，我談了一些有關車隊環境定價軟化的問題，包括日租價格。

We'd say volume and mix right now, we think are about neutral, maybe a little higher in North America being more offset by some market weakness in Europe.

我們認為目前的銷售和產品組合大約是中性的，北美可能會略高一些，但歐洲市場的一些疲軟會抵消其影響。

The other thing that's coming into play there is you're starting to introduce more EVs into the Pro business.

正在發揮作用的另一件事是，您開始將更多電動車引入專業業務。

So that does hamper profitability slightly.

這確實會稍微影響獲利能力。

I wouldn't say that it's a large percentage of the mix yet, but that is growing.

我還不敢說它目前佔據了很大比例，但它正在成長。

And so our ability to continue to bring costs down, commensurate with the introduction of the EVs coming in, is one of the areas where we're really focused for this year.

因此，我們能否繼續降低成本並與電動車的推出相適應，是我們今年真正關注的領域之一。

The cost, we think, is going to be largely neutral, maybe slightly better.

我們認為，成本基本上保持不變，甚至可能略有降低。

We're expecting material cost efficiencies and some lower product costs, and potentially, lower warranty costs as well due to some of the initiatives that I mentioned earlier.

由於我之前提到的一些舉措，我們預期材料成本效率會提高，產品成本會降低，保固成本也可能會降低。

To give you some context about the changing revenue mix for Pro, in the fourth quarter, we got actually up to about 13% of our Pro business profitability was from services.

為了讓大家了解 Pro 收入結構的變化，在第四季度，我們實際上從服務中獲得了約 13% 的 Pro 業務盈利能力。

We want to grow that to 20%.

我們希望將這一比例成長到20%。

And as you implied in your question, the vehicle side is always going to be super important.

正如您在問題中暗示的那樣，車輛方面始終非常重要。

And the pricing within that is going to be a super important driver for our profitability.

其中的定價將成為我們獲利能力的一個極其重要的驅動因素。

What gives us optimism about the Pro business on the vehicle side is the freshness of our product.

讓我們對車輛方面的Pro業務感到樂觀的是我們產品的新鮮度。

We have a brand new F-Series, a brand new Super Duty, a brand-new one-ton Transit in Europe.

我們在歐洲擁有全新的 F 系列、全新的 Super Duty 和全新的一噸 Transit。

We have the freshest lineup on our vehicles that we have ever had.

我們的車輛陣容是迄今為止最新的。

The competitors may react to that, and we'll see how that plays out in the market.

競爭對手可能會對此做出反應，我們將看看這在市場上將如何發展。

But what we're also really focused on is getting that 13% higher.

但我們真正關注的是將這一比例提高 13%。

As those margins on the vehicle repair side are 35%, on the software side, they're up to like 50%, 60%.

由於汽車維修的利潤率為 35%，因此軟體方面的利潤率高達 50% 至 60%。

So that's really our opportunity to derisk the company's profile.

所以這其實是我們降低公司風險的機會。

Thanks.

謝謝。

My other question was on tariffs.

我的另一個問題是關於關稅的。

And you spoke a bit about this in your prepared remarks, and I know it's a really challenging thing to try and forecast.

您在準備好的演講中談到了這一點，我知道嘗試預測這一點確實是一件很有挑戰性的事情。

But to the extent there are 25% tariffs, put into place to actually come into effect next month.

但就 25% 的關稅而言，該措施將於下個月實際生效。

I know you spoke about a few weeks of ability to absorb it.

我知道您說過需要幾週的時間才能吸收它。

But if tariffs are sustained, maybe just talk a little bit more around what kind of cost impact that may have to Ford to the extent you can size it?

但如果關稅持續下去，您能否再多談一下這會對福特造成什麼樣的成本影響，以及您能估計到什麼程度？

And how much of that you could potentially offset via actions such as pricing?

其中有多少可以透過定價等措施來抵銷？

Thanks.

謝謝。

I think, Sherry and I both said it first in the kind of week scenario.

我想，Sherry 和我都是在那種一週情境下首先這麼說的。

We're in good shape.

我們的情況很好。

If it was a number of weeks, I think with changing our stock level of our components, both ourselves and our suppliers and changing our manufacturing patterns in both Mexico, especially and the US, we can make sure nothing crosses the border for a couple of weeks.

如果是幾週的時間，我認為透過改變我們自己和供應商的零件庫存水平，以及改變我們在墨西哥（特別是墨西哥和美國）的生產模式，我們可以確保幾週內沒有任何東西越過邊境。

We have good stock situation in our dealers right now.

目前我們經銷商的庫存狀況良好。

So -- but longer term, 80%-plus of our vehicles are made in the US, 100% of our transmissions, more than half of our engines.

所以 — — 但從長遠來看，我們 80% 以上的車輛、100% 的變速箱和一半以上的引擎都是在美國製造的。

You look at our competitors and they're like a country mile away from that.

看看我們的競爭對手，他們與我們相差甚遠。

And our US plants are busy.

我們的美國工廠非常忙碌。

Like we do not have upside.

就像我們沒有任何優勢一樣。

We have some plans for Tennessee and Kentucky and some expansion plans for our new EVs.

我們針對田納西州和肯塔基州制定了一些計劃，並針對我們的新電動車制定了一些擴張計劃。

But our teams in the US are flat out already.

但我們在美國的團隊已經竭盡全力了。

So there's not -- I mean we would have to make some major strategy shifts in the US, build new plants, et cetera.

所以沒有——我的意思是我們必須在美國做出一些重大的戰略轉變，建造新工廠等等。

If this persists, obviously, it's a devastating impact.

如果這種情況持續下去，顯然會產生毀滅性的影響。

What doesn't make sense to me is why we're having this conversation, while Hyundai Kia is importing 600,000 units in the US with no incremental tariff.

我不明白為什麼現代起亞在美國進口了 60 萬輛汽車，卻沒有徵收增量關稅，我們為什麼要進行這樣的對話。

And why is Toyota able to import 0.5 million vehicles in the US with no incremental tariffs.

為什麼豐田能夠在美國不徵收增量關稅的情況下進口50萬輛汽車？

I mean, there are millions of vehicles coming into our country that are not being applied to these.

我的意思是，有數百萬輛汽車進入我們國家，但都沒有採取這些措施。

So if we're going to have a tariff policy that last for a month or whatever it's going to be years, it better be comprehensive for our industry.

因此，如果我們要製定一項持續一個月甚至幾年的關稅政策，那麼這個政策最好對我們的產業來說是全面的。

We can't just cherry pick one place or the other because this is a bonanza for our import competitors.

我們不能只挑選一個地方，因為這對我們的進口競爭對手來說是一個意外的收穫。

Thank you.

謝謝。

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克（Joseph Spak）。

Thanks, good evening.

謝謝，晚上好。

Sherry, just maybe to start on the free cash flow guidance on a dollar basis looks to be down, I'd say, roughly in line with these lower EBIT year over year.

Sherry，也許一開始，以美元計算的自由現金流指引看起來是下降的，我想說，大致與去年同期的息稅前利潤下降相符。

But given that you're talking about some destocking, I'd imagine there'd be some working capital and timing headwinds.

但考慮到你正在談論去庫存，我想會有一些營運資金和時間上的阻力。

So can you just help us understand some of the drivers that may get that higher?

那麼，您能否幫助我們了解一些可能提高這一水平的驅動因素？

And also maybe what type of distribution reform credit business in the guidance.

也許還應該指出指導意見中涉及哪些類型的分銷改革信貸業務。

Yeah.

是的。

So let me just talk about that a little bit.

所以讓我稍微談談這個問題。

So you will see that the free cash flow that we are guiding for this year is going to be right in line with the 50% to 60%, which is our target.

因此，您會看到，我們今年預期的自由現金流將與我們的目標 50% 到 60% 一致。

We have been running higher than that, as I mentioned in our prepared remarks, part of that is due to timing differences, most notably, that's related to warranty and it's related to some of our marketing incentive items, which is causing timing differences.

正如我在準備好的評論中提到的那樣，我們的運行速度一直高於這個數字，部分原因是時間差異，最明顯的是，這與保固有關，並且與我們的一些行銷激勵項目有關，這導致了時間差異。

So as we go into next year, we do expect that the reduction you're seeing is going to be due to the reduction in EBIT, as you pointed out, there is going to be increasing in working capital, and we do expect some timing differences to continue into this next period as well.

因此，隨著進入明年，我們確實預計您看到的減少將是由於息稅前利潤的減少，正如您所指出的，營運資本將會增加，並且我們確實預計一些時間差異也會持續到下一個時期。

So that would be some of the major items.

這些就是一些主要項目。

We're not guiding on credits distribution at this time, but I think it's fair to say that we're expecting equal or greater than what we've had in the past -- in the past year, I should say.

我們目前還沒有對信貸分配做出指導，但我認為可以公平地說，我們預計信貸分配將與過去（應該說是過去一年）的水平持平甚至更高。

Yeah.

是的。

Thanks a lot.

多謝。

Jim, I want to go back to a little bit of a conversation earlier and on the multi-platform -- multi powertrain strategy -- the energy strategy, sorry.

吉姆，我想回到剛才的談話中，關於多平台——多動力總成戰略——能源戰略，抱歉。

You alluded to EREVs on the calls, I think in various other forms, you've talked about that.

您在電話中提到了 EREV，我想您也以其他各種形式談論過這個問題。

And I guess, I just was wondering if you could spend another minute or so talking about how you plan to really position and market that as a value proposition because there is a world where it may not be as necessary from a regulatory perspective and policy vol.

我只是想知道您是否可以再花一分鐘左右的時間來談談您計劃如何真正定位和推銷它作為價值主張，因為從監管角度和政策角度來看，它可能在某個世界並不那麼必要。

So would it mean that it does rely more on consumer pull?

那麼這是否意味著它確實更依賴消費者的拉力？

So how do you really convince the buyer and what were maybe some lessons learned from the bad experience, because I think the there's probably a little bit of over exuberance about consumer reaction to that?

那麼你怎麼才能真正說服買家，以及從糟糕的經歷中可以學到什麼教訓呢，因為我認為消費者對此的反應可能有點過度興奮？

Yeah. thank you. when you have a chance to spend time with Lee auto, some of the best EREV companies out there and their customers.

是的。謝謝。當您有機會與 Lee auto、一些最好的 EREV 公司及其客戶共度時光時。

What's interesting for me when I started -- when we started to absorb this leadership team, is we were really impressed that the customers thought of these vehicles as EVs.

當我開始吸收這個領導團隊時，對我來說有趣的是，我們對客戶將這些車輛視為電動車感到非常印象深刻。

They do not think of them as hybrids or plug-ins.

他們不認為它們是混合動力車或插電式汽車。

These are electric vehicles.

這些是電動車。

They use 95% of the miles is electric and they plug them in every night.

他們使用 95% 的里程數是電力，而且他們每天晚上都要給電池充電。

And the satisfaction is even higher because they're more affordable for people.

由於價格更實惠，人們的滿意度也更高。

The batteries is so much smaller with 150-mile range versus these huge batteries and three-row crossovers for 300, 350-mile range.

這些電池體積小得多，續航里程只有 150 英里，而這些巨大的電池和三排跨界車的續航里程卻有 300、350 英里。

You're talking about tens and tens and tens of thousands of dollars.

你說的是幾十萬美元。

So for the customer, they're able to buy an electric vehicle that's fully comparable to an ICE vehicle in terms of cost and because there's no transmission, there are no gears, no driveline, there's no axles -- duplicate axles, there's no duplicate powertrain.

因此對於客戶來說，他們能夠購買到在成本方面與內燃機車完全相當的電動車，而且由於沒有變速箱、沒有齒輪、沒有傳動系統、沒有車軸——沒有重複的車軸，沒有重複的動力系統。

The incremental investment of fitting that combustion engine in there is very minimal for the customer.

對於客戶來說，安裝內燃機的增量投資非常小。

So I think at the consumer level, Americans love their big cars.

所以我認為從消費者層面來說，美國人喜歡大汽車。

They love their big trucks.

他們喜歡他們的大卡車。

That's what we do.

這就是我們所做的。

We drive these big vehicles, but some people would love to feel that instant acceleration.

我們駕駛這些大型車輛，但有些人更喜歡瞬間加速的感覺。

They love to be able to drive by a gas station all the time.

他們喜歡經常開車經過加油站。

They love the feeling of electric, but they just can't get it.

他們喜歡電動的感覺，但就是無法得到它。

It's $30,000, $40,000 too expensive for these big vehicles.

對於這些大型車輛來說，價格太貴了 3 萬到 4 萬美元。

So this technology gives them the electric experience without the range anxiety.

因此，這項技術可以讓他們享受電動體驗，而無需擔心續航里程。

Now, it's not perfect, If you tow, it's not a good technology.

現在，它還不完美，如果你拖車，這不是一個好技術。

The batteries have to be too vague.

電池一定太模糊了。

So it's not a panacea, but I think how we look at it is, given we're number three in hybrids.

因此，它不是萬能藥，但我認為，鑑於我們在混合動力汽車領域排名第三，我們應該如何看待它。

The Pro [indiscernible] award thing really surprised us.

Pro[音訊不清晰]獎項確實讓我們很驚訝。

People love hybrids for more than just fuel economy.

人們喜愛混合動力汽車不僅僅是因為省油。

And I think we see this in more degrees of hybrid and PHEVs as a solution for customers.

我認為，我們在更多程度上看到了混合動力和插電式混合動力汽車可以為客戶提供解決方案。

EREV for certain kinds of vehicles, heavy vehicles that don't tow and the Pure EV for commercial or very affordable.

EREV 適用於某些類型的車輛、不牽引的重型車輛，而 Pure EV 適用於商用或非常實惠的車輛。

I don't know if that makes sense to you, but that's what I hear from the customers why they love these vehicles.

我不知道您是否明白這一點，但這就是我從客戶那裡聽到的他們喜歡這些車輛的原因。

This concludes the Ford Motor Company fourth-quarter 2024 earnings conference call.

福特汽車公司 2024 年第四季財報電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。