福特汽車 (F) 2025 Q4 法說會逐字稿

Thank you, Leila, and welcome to Ford Motor Company's fourth-quarter 2025 earnings call.

謝謝萊拉，歡迎參加福特汽車公司2025年第四季財報電話會議。

With me today are Jim Farley, President and CEO; and Sherry House, CFO. Joining us for Q&A is Andrew Frick, President of Ford Blue and Model e, Alicia Bohler Davis, President of Ford Pro, Kumar Galhotra, Chief Operating Officer, and Kathy O'Callaghan, CEO of Ford Credit.

今天陪我一起的有總裁兼執行長吉姆法利和財務長雪莉豪斯。參與問答環節的嘉賓有：福特藍十字和福特E型車總裁安德魯·弗里克、福特專業服務總裁艾莉西亞·博勒·戴維斯、首席營運官庫馬爾·加爾霍特拉以及福特信貸首席執行官凱西·奧卡拉漢。

Jim will give a high-level overview of the business, and Sherry will provide added text on the financials and our guidance for 2026. We'll be referencing non-GAAP measures today. These are reconciled to the most comparable U.S. GAAP measures in the appendix of our earnings deck. You can find the deck at shareholder.ford.com. Our discussion also includes forward-looking statements.

Jim 將對公司業務進行高階的概述，Sherry 將提供有關財務狀況和我們對 2026 年的指導意見的補充說明。今天我們將參考非GAAP指標。這些指標已在我們的獲利報告附錄中與最可比較的美國通用會計準則指標進行了核對。您可以在shareholder.ford.com網站上找到相關資料。我們的討論也包含前瞻性陳述。

Our actual results may differ. The most significant risk factors are included on page 21 of our deck. Unless otherwise noted, all comparisons are year over year. Company EBITS, EPS, and free cash flow are on an adjusted basis. Upcoming IR engagements include Sherry House at the Wolfe Research Auto, Auto Tech, and Semiconductor Conference in New York City tomorrow, February 11th.

實際結果可能有所不同。最重要的風險因素列在我們的簡報第 21 頁。除非另有說明，所有比較均為同比比較。公司息稅前利潤、每股盈餘和自由現金流量均為調整後數據。即將舉行的投資者關係活動包括明天（2 月 11 日）在紐約市舉行的 Wolfe Research 汽車、汽車技術和半導體會議上與 Sherry House 會面。

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

現在，我把電話交給吉姆。

Thank you, Lynn. Thank you to the Ford team, to all of our dealers, to our suppliers, and all of our partners. We executed very well last year. We managed through numerous challenges that came our way, from multiple tariffs to supply chain disruptions and delivered good results in all areas within our control of Ford.

謝謝你，琳恩。感謝福特團隊、所有經銷商、供應商和所有合作夥伴。我們去年表現非常出色。我們克服了許多挑戰，從多項關稅到供應鏈中斷，並在福特公司所有可控領域都取得了良好的成績。

We continue to grow $187 billion of revenue. We also lowered material and warranty costs and made significant progress in quality. Our US market share climbed to 13.2%. our best performance in six years. I'm pleased to say we delivered TSR of 42%.

我們持續成長，營收達到1870億美元。我們還降低了材料和保固成本，並在品質方面取得了顯著進步。我們在美國的市佔率攀升至13.2%，這是六年來最好的成績。我很高興地宣布，我們的總股東回報率達到了 42%。

On the bottom line, we generated $6.8 billion to adjust to EBIT for the full year. This includes $2 billion headwind for Novelis fires and the net tariff impact of $2 billion. That's a $1 billion higher tariff impact than we communicated just in October due to the unexpected and late year change in tariff credits for auto parts. Without that, a full year of EBIT on that one timer, without that one timer would have been $7.7 billion of EBIT.

最終，我們全年調整後的息稅前利潤為 68 億美元。這其中包括Novelis火災造成的20億美元不利影響和20億美元的淨關稅影響。由於汽車零件關稅抵免政策在年底前發生了意料之外的變化，關稅影響比我們在 10 月公佈的數據高出 10 億美元。如果沒有那筆交易，那筆交易全年的息稅前利潤（EBIT）將達到 77 億美元。

The takeaway from my perspective is we closed last year a much stronger business with a solid foundation to achieve our target of 8% adjusted EBIT target by 2029. Let's talk about that foundation. We dealt decisively with the reality of the market and shifted our focus of our EV business to a high volume, affordable end of the market, we'll hear more in a second.

從我的角度來看，關鍵在於我們去年結束了一個實力更強、基礎更穩固的業務，從而能夠實現到 2029 年調整後 8% EBIT 的目標。我們來談談這個基礎。我們果斷應對了市場現實，並將電動車業務的重點轉移到了高銷量、價格適中的市場領域，稍後我們將詳細介紹。

We made big strides in cost and quality. And yes, that means we recalled many of our old vehicles to take care of our customers. We quietly, but very thoughtfully, modernized the company, upgrading our talent, all of our IT tools and enterprise tools, the culture of the company, and the facilities to unleash the performance and efficiency of our team. We've looked, we're now locked in a more vibrant and profitable product and technology roadmap. No boring products is what we like to say. And boy, we can't wait to see -- wait for you to see our next generation.

我們在成本和品質方面都取得了長足進步。是的，這意味著我們召回了許多舊車輛，以服務我們的客戶。我們悄悄但深思熟慮地對公司進行了現代化改造，升級了我們的人才、所有 IT 工具和企業工具、公司文化以及設施，從而釋放了我們團隊的績效和效率。我們已經考察過了，現在我們正致力於制定一個更具活力和盈利能力的產品和技術路線圖。我們喜歡說，我們絕不推出乏味的產品。我們迫不及待地想看到——迫不及待地想讓你們看到我們的下一代。

We have another wave of sophisticated and passionate vehicles for work, adventure, fun, and off-road with the tech suite that will change the experience of owning a Ford and drive our IES business. Bottom line, the earnings power of our business is accelerating, and our Ford+ strategy distinguishes us from the competition in clear ways.

我們又推出了一系列先進且充滿熱情的車輛，適用於工作、冒險、娛樂和越野，其技術套件將改變擁有福特汽車的體驗，並推動我們的 IES 業務發展。總而言之，我們業務的獲利能力正在加速成長，而我們的福特+策略使我們以明顯的方式與競爭對手區分開來。

First is the revenue power of Ford Pro. It's a durable commercial business. Our competitors cannot match. Global demand for Super Duty and Transit franchise is extremely healthy. In the US Ford pros class one through seven market share is over 42%. Roughly the size of our two largest competitors combined in Europe with the number one commercial brand for the 11th straight year.

首先是福特Pro的收入能力。這是一個可持續發展的商業模式。我們的競爭對手無法與之匹敵。全球對Super Duty和Transit系列車型的需求非常強勁。在美國，福特汽車一至七級車的市佔率超過 42%。規模大致相當於我們在歐洲的兩大競爭對手的總和，並且連續 11 年蟬聯商業品牌第一。

But crucially, we're diversifying that revenue. Software and physical services grew 10% and now contributes 19% for Ford Pro's EBIT, rapidly approaching our 20% target. And we continue to deepen our competitive mode, thanks to our dealers who are specializing in investing in more and forming new partnerships like ServiceTitan to broaden our reach and integrate directly with the trades.

但至關重要的是，我們正在實現收入來源多元化。軟體和實體服務成長了 10%，目前為 Ford Pro 的息稅前利潤貢獻了 19%，正迅速接近我們 20% 的目標。我們不斷深化我們的競爭模式，這要感謝我們的經銷商，他們專注於加大投資，並與 ServiceTitan 等公司建立新的合作夥伴關係，以擴大我們的業務範圍，並直接與貿易部門整合。

Second is our strength of our diverse truck and off-road lineup in Ford Blue. We have a powerful position in pickup trucks from the affordable Maverick all the way through the F series, including globally the Ranger and for just one, the North America truck of the year for the sixth year in a row and unprecedented industry feed. We also have the highest share of revenue in the US pickup market growing almost two full share points of revenue last year.

其次，我們強大的優勢在於我們多樣化的福特藍色卡車和越野車產品線。我們在皮卡車領域擁有強大的地位，從價格親民的 Maverick 一直到 F 系列，包括全球暢銷的 Ranger，以及連續六年榮獲北美年度最佳卡車稱號的 Ranger，並取得了前所未有的行業成就。我們在美國皮卡市場也擁有最高的收入份額，去年營收份額增加了近兩個百分點。

Furthermore, we are translating our off-road dominance directly into the profitability of the company. Raptor, and importantly, our off-road performance trims now account for more than 20% of the US sales mix. This gives us massive earning power, and with pending EPA changes, puts us in a strong position to satisfy those unfulfilled demands in the market.

此外，我們將我們在越野領域的優勢直接轉化為公司的獲利能力。Raptor車型，更重要的是，我們的越野性能車型目前占美國銷售組合的20%以上。這賦予了我們巨大的獲利能力，加上即將到來的EPA政策變更，使我們處於有利地位，能夠滿足市場上尚未滿足的需求。

You see this all coming to life in improving customer loyalty and advocacy. As evidenced by our higher net promoter scores, our corporate reputation is also getting stronger. Important to our dealing with policymakers, our partners, and of course, our communities. In fact, Time Magazine named Ford the most iconic company in America based on its very large serving base of its readers. We also expect to achieve the seventh straight year as America's number one auto producer. And we produce more than five vehicles in America for everyone that we import. This year, we anticipate a more stable policy environment for our partnership with the administration this year, especially given a reset in the emission standards.

這一切都體現在提高客戶忠誠度和口碑。從我們不斷提高的淨推薦值可以看出，我們的企業聲譽也不斷增強。這對我們與政策制定者、合作夥伴以及社區的溝通至關重要。事實上，《時代》雜誌曾將福特評為美國最具代表性的公司，理由是福特擁有非常龐大的讀者群。我們還有望連續第七年成為美國最大的汽車生產商。我們在美國生產的汽車數量超過我們進口汽車數量的五倍。今年，我們預計與政府的合作將擁有更穩定的政策環境，尤其是在排放標準重置的情況下。

We also expect year-over-year profit improvements driven by richer Ford Bluemix, Ford Pro Growth, and reduced model e-losses. We're also targeting another $1 billion of industrial cost improvements. And to drive strong execution, the management's compensation is directly tied to hitting key milestones for cost and quality and software for the vehicles that will come out in the next few years.

我們也預計，在福特Bluemix、福特Pro Growth以及車款電子損耗減少的推動下，利潤將年增。我們也計劃再投入10億美元用於工業成本的降低。為了推動強有力的執行，管理層的薪酬與未來幾年即將推出的車輛的成本、品質和軟體等關鍵里程碑的達成情況直接掛鉤。

Our Ford+ plan is now focused, it is not just focused on near term, short term profitability. Let me be specific about some of the most important drivers for our long-term value creation.

我們的福特+計劃現在更加重視長遠發展，而不只關注短期獲利能力。讓我具體談談我們長期價值創造的一些最重要驅動因素。

First, affordable EVs. We aren't just building compliance vehicles at Ford. We're launching a cost-efficient universal EV platform that will drive profitable growth in the lower price segments where the EVs have continued to thrive in America. We will launch multiple vehicles off that same platform, starting with the midsize pickup, bringing younger, and more diverse customers into our brand. The universal platform also gives us a scalable hedge against a potential regulation snapback in the future.

首先是價格適中的電動車。在福特，我們不僅僅是在製造合規車輛。我們正在推出一個經濟高效的通用電動車平台，這將推動電動車在美國持續蓬勃發展的低價位細分市場的獲利成長。我們將基於同一平台推出多款車型，首先推出中型皮卡，為我們的品牌吸引更年輕、更多不同背景的客戶。該通用平台還為我們提供了一種可擴展的對沖機制，以應對未來可能出現的監管反彈。

Second is Ford Energy. This is very strategic business. Our startup with a short payback period that uses our manufacturing muscle and cost advantage with our LFP batteries to diversify our revenue and de-risk the core automotive business.

第二名是福特能源公司。這是一項極具策略意義的業務。我們是一家投資回報週期短的新創公司，利用我們在磷酸鐵鋰電池方面的製造實力和成本優勢，實現收入多元化，降低核心汽車業務的風險。

Third, we're controlling the optical architecture at Ford. By bringing this in-house, we lower cost cut our supply chain risk, and build the brain needed to enhance the user experience to differentiate and expand our integrated services profit pool.

第三，我們正在掌控福特的光學架構。透過內部開發，我們可以降低成本，減少供應鏈風險，並建立提升用戶體驗所需的智慧系統，從而實現差異化並擴大我們的綜合服務利潤池。

Fourth, smart partnerships. We continue to build on our partnership platform. We're looking for ways to help us move faster, to get access to IP that will eventually become commoditized and to lower our capital expenditures and improve our scale. Our recent agreements with CATL and Renault are different but good examples.

第四，建立明智的合作關係。我們將繼續完善我們的合作夥伴平台。我們正在尋找各種方法來幫助我們更快地發展，獲得最終會商品化的智慧財產權，降低資本支出，並擴大規模。我們最近與寧德時代和雷諾達成的協議雖然有所不同，但也是一個很好的例子。

And finally, our product roadmap. We're doubling down on our icons, making the next generation F-150 and Super Duty absolutely breakthroughs in terms of cost, technology, powertrain choice, and functional features. We're also expanding our off-road and performance lineups across our most important and popular franchises. At the same time, we also plan to expand our market coverage with more affordable trucks and SUVs. And we'll do it with a broad mix of powertrains, gas, different kinds of hybrids, and fully electric. Customers want choice. Overall, we enter this year with the right portfolio, the right strategy, and the discipline to execute.

最後，是我們的產品路線圖。我們正在加倍投入到我們的經典車型中，力求使下一代 F-150 和 Super Duty 在成本、技術、動力系統選擇和功能特性方面實現絕對突破。我們還在我們最重要和最受歡迎的系列中擴展越野和高性能產品線。同時，我們也計劃透過推出價格更實惠的卡車和SUV來擴大市場覆蓋範圍。我們將採用多種動力系統，包括汽油動力、各種混合動力和純電動動力。顧客想要選擇。總的來說，我們今年擁有正確的投資組合、正確的策略以及執行的紀律。

Sherry?

雪莉酒？

Thank you, Jim. Looking back on you, our performance clearly demonstrated two things: capital discipline and improved cost performance. Our top line remains healthy. Revenue grew for the fifth consecutive year as we continue to expand our share of revenue, including non-traditional segments like hybrid trucks, while accelerating the growth of our higher margin paid software subscriptions. We also stayed disciplined on inventory, cutting US gross stocks by 16% in ending the year at 56 retail day supply, the low end of our target range.

謝謝你，吉姆。回顧過去，我們的表現清楚地顯示了兩件事：資本紀律和成本績效的提升。我們的營收依然保持健康成長。公司營收連續第五年成長，我們不斷擴大營收份額，包括混合動力卡車等非傳統領域，同時加速了高利潤率付費軟體訂閱業務的成長。我們也嚴格控制庫存，將美國總庫存減少了 16%，年底庫存量為 56 個零售日，處於我們目標範圍的下限。

We generated $3.5 billion of free cash flow and ended the year with close to $29 billion in cash and nearly $50 billion in liquidity. We continue to prioritize our balance sheet, a significant competitive advantage that provides flexibility to accelerate investments into accretive opportunities like Ford Energy, and both software and physical services. These are high-margin, high-growth opportunities grounded in disciplined capital allocation that will drive a higher returning, more resilient business model over time.

我們產生了 35 億美元的自由現金流，年底現金餘額接近 290 億美元，流動資金接近 500 億美元。我們將繼續優先考慮資產負債表，這是一個重要的競爭優勢，使我們能夠靈活地加速投資於像福特能源這樣的增值機會，以及軟體和實體服務。這些高利潤、高成長的機會建立在嚴謹的資本配置之上，隨著時間的推移，將推動更高回報、更具韌性的商業模式。

We remain committed to our investment grade rating, while also delivering top quartile shareholder returns through both share price appreciation and dividends, including the declaration of our first quarter regular dividend of $0.15 per share last week.

我們將繼續致力於維持投資等級評級，同時透過股價上漲和分紅，為股東帶來前四分之一的回報，包括上周宣布的第一季每股0.15美元的常規股息。

Now, turning to segment highlights. Ford Pro, once again, demonstrated its importance and persistence is a key profit pillar for Ford by delivering more than $66 billion of revenue in EBIT of $6.8 billion with a double digit margin. Pro achieved this in the face of tariffs, production losses due to Novelis, normalization in US industry pricing, and more commoditized areas like government and delivery vans in the challenging macroeconomic and regulatory landscape in Europe, where we achieved market share growth. In the US, transit had record sales up 6% and Super Duty had its best sales in over 20 years, up 10%.

現在，讓我們來看看本節的亮點。Ford Pro再次證明了其重要性和持續性，成為福特汽車的關鍵利潤支柱，創造了超過660億美元的收入，息稅前利潤為68億美元，利潤率達到兩位數。面對關稅、Novelis 造成的生產損失、美國行業定價正常化以及歐洲充滿挑戰的宏觀經濟和監管環境下政府和送貨車等商品化領域的挑戰，Pro 取得了這一成就，並在歐洲實現了市場份額增長。在美國，運輸車輛的銷量創下歷史新高，成長了 6%；而 Super Duty 的銷量也創下 20 多年來的最佳紀錄，成長了 10%。

Pro continues to evolve its business by diversifying revenue streams and building out its high margin. service infrastructure. Paid software subscriptions grew by 30% last year.

Pro公司透過多元化收入來源和建立高利潤率的服務基礎設施，不斷發展其業務。去年付費軟體訂閱量成長了30%。

In 2025, we made meaningful progress in Ford Model E, improving structural costs, our mix of higher margin products, and driving adoption of affordable high volume vehicles. Model E delivered revenue and volume growth of 73% and 69%, respectively, driven by new product introductions in Ether losses for the year improved to 4.8 billion loss, reflecting fewer losses on Gen 1 products, partially offset by increased investment in our Gen 2 products as we prepare for the launch of our UEV platform in 2027. The lower Gen 1 losses were driven by cost reductions and higher volume in Europe, where margins are stronger.

2025 年，我們在福特 Model E 方面取得了實質進展，改善了結構性成本，提高了高利潤產品的組合，並推動了經濟實惠的大批量汽車的普及。Model E 的營收和銷量分別成長了 73% 和 69%，這主要得益於新產品的推出。以太坊年度虧損改善至 48 億，反映出第一代產品的虧損減少，但部分被我們為 2027 年推出 UEV 平台而增加的第二代產品投資所抵銷。第一代產品虧損減少是由於歐洲市場成本降低和銷售增加，而歐洲市場的利潤率更高。

Lastly, in December, we rationalized the role of pure EVs in our near term product portfolio based on changing market realities in the US. Our disciplined approach to capital allocation will significantly improve the run rate of the business going forward.

最後，在 12 月，我們根據美國不斷變化的市場現實，對純電動車在我們近期產品組合中的作用進行了合理化調整。我們嚴謹的資本配置方法將顯著提高公司未來的營運效率。

Our performance in Ford Blue was supported by our industry leading power of choice in strength of our truck and SUV franchises. Revenue was roughly flat, is higher net pricing in the strength of our product lineup offset most of the 5% decline in sales, which includes disruption for Novelis. In the US, Blue had the two best selling hybrid trucks. Bronco had record sales, and Explorer was the number one in three-row SUV. Our higher margin Raptor franchise also had record sales. Blue delivered $3 billion in EBIT, as lower warranty, other cost improvements, and growth in software and physical services were more than offset by planned and unplanned loss of production and adverse exchange.

我們在福特藍標業務中的出色表現，得益於我們卡車和SUV特許經營權的強大實力，使我們擁有了行業領先的選擇權。收入基本上持平，較高的淨價以及我們強大的產品陣容抵消了大部分 5% 的銷售額下降，其中包括 Novelis 的業務中斷。在美國，Blue擁有兩款最暢銷的混合動力卡車。Bronco 的銷量創下紀錄，而 Explorer 則是三排座 SUV 中的銷售冠軍。我們利潤率較高的猛禽特許經營店也創下了銷售紀錄。Blue 實現了 30 億美元的息稅前利潤，其中保固成本降低、其他成本改善以及軟體和實體服務的成長被計劃內和計劃外的生產損失以及不利匯率所抵消。

Ford Credit delivered full year EBT of $2.6 billion and distributions of $1.7 billion. EBT was up 55% for the year, reflecting improved financing margin. Ford Credit continues to originate a high quality book with US retail and lease FICO scores exceeding 750. We are excited about the recent approval of our industrial bank application. This long-term initiative will expand our capabilities, enabling us to offer additional savings options to customers, further diversify and lower our cost of funding over time.

福特信貸全年稅前利潤為26億美元，分紅為17億美元。全年成長 55%，反映出融資利潤率的提高。福特信貸持續推出高品質的貸款業務，其美國零售和租賃客戶的 FICO 信用評分均超過 750 分。我們很高興工業銀行申請最近獲得批准。這項長期計畫將擴大我們的能力，使我們能夠為客戶提供更多節省成本的選擇，並隨著時間的推移進一步實現融資多元化和降低融資成本。

So let me turn to our 2026 outlook. For the full year, we expect company adjusted EBIT of $8 billion to $10 billion, adjusted free cash flow of $5 billion to $6 billion, and capital expenditures of $9.5 billion to $10.5 billion, as we shift capital to higher return growth opportunities across our portfolio, including roughly $1.5 billion for Ford Energy.

那麼，讓我們展望一下2026年。我們預計全年公司調整後息稅前利潤為 80 億至 100 億美元，調整後自由現金流為 50 億至 60 億美元，資本支出為 95 億至 105 億美元，因為我們將資本轉移到投資組合中回報更高的成長機會，其中包括對福特能源的約 15 億美元投資。

Our full year outlook for the industry assumes a US SAR of $16 million to $16.5 million, and flat industry pricing. Excluding Novelis, tailwinds and headwinds for Ford include positive market factors, including favorable mix associated with the sunset of low-margin nameplates and benefits from changes in the US regulatory environment, flat cost, which I would like to unpack further.

我們對全年產業的展望假設美國沙烏地裡亞爾收入為 1,600 萬至 1,650 萬美元，產業價格保持不變。除諾維利斯外，福特的順風和逆風包括積極的市場因素，例如低利潤車型停產帶來的有利產品組合，以及美國監管環境變化帶來的好處，還有成本持平，這一點我想進一步分析。

We expect lower tariff costs of about $1 billion, reflecting a full year's worth of credit expansion. We also expect further material and warranty cost reductions, building off our momentum in 2025. These combined savings allow us to absorb about $1 billion of higher commodity prices driven by inflation and pressure on DRAM, as well as incremental investment in support of our UEV platform, the ramp of Ford Energy, in cycle plan actions that will drive higher return growth in 2027 and beyond. Additionally, we expect our high margin software and physical services profit to grow by about 6.5%.

我們預計關稅成本將降低約 10 億美元，這反映了一整年的信貸擴張。我們也預計，在 2025 年，材料和保固成本將進一步降低，並延續我們的發展動能。這些節省下來的資金使我們能夠吸收約 10 億美元的上漲商品價格（由通貨膨脹和 DRAM 壓力引起），以及對 UEV 平台和福特能源產能提升的增量投資，這些週期計劃行動將在 2027 年及以後推動更高的回報增長。此外，我們預計高利潤率的軟體和實體服務利潤將成長約 6.5%。

Now, let me frame Novelis for you. We expect year over year improvement of about $1 billion, which is back half weighted. This includes $1.5 billion to $2 billion of temporary costs including tariffs to ensure continuity in aluminum supply. These costs are not expected to be repeated in 2027.

現在，讓我來為你描繪諾維利斯的形象。我們預計將年增幅約為 10 億美元，其中後​​半部分權重較大。這其中包括 15 億至 20 億美元的臨時成本，包括為確保鋁供應連續性而徵收的關稅。預計這些成本在 2027 年不會再次出現。

From a calendarization perspective, we expect our first quarter EBIT to be roughly flat sequentially as we continue to work through the impact of Novelis. We expect to approach a more normalized EBIT in the second quarter, with a plan to hit our underlying EBIT run rate level in the second half, as volume stabilizes and our portfolio optimization takes hold. To help you better understand this calendarization, we have included a first half, second half bridge for you in our earnings deck.

從日曆角度來看，由於我們仍在努力消除Novelis的影響，我們預計第一季息稅前利潤將與上一季大致相同。我們預計第二季息稅前利潤將趨於正常水平，並計劃在下半年達到我們預期的息稅前利潤運行水平，屆時銷量將趨於穩定，我們的投資組合優化也將逐步生效。為了幫助您更好地理解這種日曆安排，我們在收益報告中為您準備了上半年和下半年的銜接表。

Our segment outlook anticipates another robust year for Pro, with EBIT of $6.5 billion to $7.5 billion. The fundamentals of Pro's business are strong. In North America, we expect continued share growth in an industry that's roughly flat, enabled by conquest sales in a diversified channel mix, which we believe to be well-balanced at roughly one-third large corporations, one-third SMB, and one-third government and rental fleets. We still see untapped demand for crew cab and diesel super duty in most of our contractual deals for the year have already been agreed to.

我們預計 Pro 業務部門今年將再創佳績，息稅前利潤將達到 65 億至 75 億美元。Pro公司的業務基本面很強勁。在北美，我們預計在一個大致平穩的行業中，市場份額將繼續增長，這得益於多元化渠道組合中的征服式銷售，我們認為這種組合相當均衡，大約三分之一是大型企業，三分之一是中小企業，三分之一是政府和租賃車隊。我們仍然看到對雙排座駕駛室和柴油重型卡車的巨大需求，而且我們今年的大部分合約交易都已經達成。

Ford Pro continues to improve its durability by growing its mix of profitable software and physical services globally through precision customer targeting, demand generation initiatives, and pro specific solutions. While Pros underlying business continues to strengthen, we expect 2026 results to be dampened by the near term impact in novellas, ramping Oakville to bolster super duty capacity in Canada, and a tougher regulatory climate in Europe.

Ford Pro 透過精準的客戶定位、需求創造計畫和專業人士專屬解決方案，持續擴大其在全球獲利軟體和實體服務的組合，從而持續提高其持久性。儘管 Pros 的基礎業務持續增強，但我們預計 2026 年的業績將受到短期小說市場的影響、奧克維爾工廠擴建以增強加拿大重型卡車產能以及歐洲更嚴格的監管環境的抑制。

We expect losses of $4 billion to $4.5 billion for Ford Model E. This reflects about $1.6 billion of improvement in Gen 1 products driven by lower US volume and cost savings from restructuring the business. These savings will be partially offset by around $600 million in higher Gen 2 costs as we near the launch of LFP batteries in Marshall, Michigan and our UAV platform in Kentucky, along with roughly $400 million in startup costs for Ford Energy. The team is aggressively working on additional Gen 1 cost reductions in ways to further optimize the market equations in the US and Europe. We continue to target Model E reaching breakeven in 2029.

我們預計福特E型車將虧損40億至45億美元。這反映了第一代產品在美國銷售下降以及業務重組帶來的成本節約，從而帶來了約16億美元的收益。這些節省的費用將被第二代產品約 6 億美元的較高成本部分抵消，因為我們即將在密西根州馬歇爾推出 LFP 電池，並在肯塔基州推出我們的無人機平台，此外，福特能源公司還需要約 4 億美元的啟動成本。該團隊正積極致力於進一步降低第一代產品的成本，以進一步優化美國和歐洲的市場格局。我們繼續以Model E在2029年實現損益平衡為目標。

For Ford Blue, we expect EBIT of $4 billion to $4.5 billion, reflecting improvement in the underlying business as we recover from Novelis, favorable mix as we lean into our revenue, and profit pillars and continued progress and cost. Exciting new products like Bronco RTR and Mustang Dark Horse SC will help us expand our off-road leadership and grow our performance business. Furthermore, like Pro, we expect continued growth in our software and physical service offerings for retail customers through increased convenience and engagement.

對於福特藍籌股，我們預計息稅前利潤為 40 億美元至 45 億美元，這反映了隨著我們從 Novelis 的困境中恢復過來，基礎業務有所改善，隨著我們依靠收入和利潤支柱，業務組合趨於有利，以及持續的進步和成本控制。像 Bronco RTR 和 Mustang Dark Horse SC 這樣令人興奮的新產品將幫助我們擴大在越野領域的領先地位，並發展我們的高性能業務。此外，與 Pro 一樣，我們預計透過提高便利性和互動性，我們的軟體和實體服務產品將持續成長，以惠及零售客戶。

Lastly, Ford Credit’s EBT will be about $2.5 billion.

最後，福特信貸的 EBT 約為 25 億美元。

Relative to special items for 2026, in December, we announced actions to rebalance our EV portfolio and assets and launch more multi-energy platforms. In 2026 and 2027, we expect to record about $7 billion in charges related to our updated EV strategy in the expected disposition of our BOSK investment.

關於 2026 年的特殊項目，我們在 12 月宣布了重新平衡電動車產品組合和資產以及推出更多多能源平台的措施。預計在 2026 年和 2027 年，我們將計入約 70 億美元的費用，這與我們更新後的電動車戰略以及預期處置我們對 BOSK 的投資有關。

Cash expenditures are expected to be up to about $5.5 billion with most of this weighted in 2026. As I mentioned at the beginning, our 2025 performance demonstrated progress against our Ford+ plan, not just in growth and profitability, but also quality, capital discipline, the right product portfolio, and consistent cash generation. Our underlying business is strong, and we are relentlessly working to strengthen it further as we continue to focus on improving both quality and cost as well as returns in cash flow.

預計現金支出將達到約 55 億美元，其中大部分將集中在 2026 年。正如我在開頭提到的，我們的 2025 年業績表明，我們在 Ford+ 計劃方面取得了進展，不僅在增長和盈利能力方面，而且在質量、資本紀律、正確的產品組合和持續現金流方面也是如此。我們的基礎業務實力雄厚，我們將繼續不懈努力，進一步加強業務，同時繼續專注於提高品質、降低成本以及提高現金流回報。

I'll now turn it over to the operator so we can start Q&A.

現在我將把電話交給接線員，我們開始問答環節。

(Operator Instrucitons) Dan Levy, Barclays.

（操作員說明）Dan Levy，巴克萊銀行。

Hi, good evening, and thank you for taking questions. I want to first start with a question on slide 19 and some of the assumptions you have for 2026. And maybe you can help us unpack the pieces on the market factors, which seem to be quite positive and what's driving the year-over-year increase.

您好，晚上好，感謝您回答問題。我想先問一個關於第 19 頁投影片的問題，以及您對 2026 年的一些假設。或許您可以幫助我們分析市場因素，這些因素看起來相當積極，是什麼推動了年成長。

Now I know you said that there's $1 billion of Novelis, but maybe you can help unpack the magnitude of other benefits you're getting on the mix side? And how that all of this can on powertrain and how all this can offset maybe some of the declines on volume from Escape Core sale and also the more competitive environment? And maybe if you could just a word on tariff assumptions as well.

我知道您說過Novelis的價值是10億美元，但您能否幫忙詳細分析您在投資組合方面獲得的其他收益的規模？所有這些因素將如何影響動力系統？所有這些因素又將如何抵消Escape Core銷量下滑以及日益激烈的市場競爭帶來的影響？或許您還能就關稅假設談上幾句嗎？

Yeah, sure. Thank you so much, Dan, for the question. So let me just start with the Novelis improvement of $1 billion year-over-year, and I'll unpack that slightly for you. That assumes $2.5 billion to $3 billion, reflecting the nonrecurrence of 2025 losses and our past the actions at Dearborn and Kentucky truck plants. So you'll recall that we had about $2 billion of losses last year.

當然可以。丹，非常感謝你的提問。那麼，就讓我先從諾貝麗斯公司年增 10 億美元的業績說起，我來稍微解釋一下。這假設損失為 25 億至 30 億美元，反映了 2025 年損失不會再次發生，以及我們過去在迪爾伯恩和肯塔基卡車工廠的行動。你應該還記得，我們​​去年虧損了約20億美元。

The expectation is that would be nonrecurring as we enter into 2026. Originally, we thought we would make up about $1 billion of that. Now we think we'll make up $0.5 billion to $1 billion based on the second fire in November.That's going to be offset by $1.5 billion to $2 billion of temporary costs and that's to ensure supply continuity. There will be tariffs and premium freight associated with that supply continuity of aluminum until we can get the Novelis hot mill back up and running sometime between May and September.

預計這種情況在2026年將不再發生。最初，我們認為我們可以彌補其中約 10 億美元的缺口。現在我們認為，根據11月份的第二次​​火災，我們可以彌補5億至10億美元的損失。但這將被15億至20億美元的臨時成本抵消，這些成本是為了確保供應的連續性。在諾維利斯熱軋廠於五月至九月期間恢復運作之前，鋁的供應持續性將受到關稅和額外運費的影響。

With respect to the positive market factors, yes, it does include the sunset of low-margin nameplates, namely Escape but there's also benefits that we expect to achieve from changes in the US regulatory environment and the biggest impact there would be about $0.5 billion less of credit in the US. You'll note that we had about $0.7 billion of credits last year, but about $0.5 billion of that is attributed to the US.

就積極的市場因素而言，是的，這確實包括低利潤率品牌（例如 Escape）的停產，但我們也期望從美國監管環境的變化中獲得好處，其中最大的影響將是美國信貸減少約 5 億美元。你會注意到，我們去年獲得了約 7 億美元的抵免額，但其中約 5 億美元歸功於美國。

Cost, roughly flat, excluding the Novelis impacts, -- we had industrial cost improvements. We're expecting maybe around $1 billion, again, in material and warranty costs. We're expecting tariff costs lower by $1 billion year-over-year. But again, that's going to be offset by the Novelis temporary cost '26. We'll have higher commodity prices, we think, and there's also investment in UEV, Board Energy, and the cycle plan that we spoke about.

成本基本上持平，不包括 Novelis 的影響——我們的工業成本有所改善。我們預計材料和保固成本可能再次達到 10 億美元左右。我們預計關稅成本將比前一年減少10億美元。但同樣，這將被 Novelis 的臨時成本 '26 所抵消。我們認為大宗商品價格將會上漲，此外，我們還對 UEV、Board Energy 和我們之前提到的周期計劃進行了投資。

We also expect there to be continued growth in the high-margin software and physical services businesses that we talked about in Pro but across all the retail, including Blue. Other factors are largely balance exchange, compliance, et cetera.

我們也預計，我們在 Pro 中提到的高利潤軟體和實體服務業務將繼續成長，整個零售業（包括 Blue）也將保持成長。其他因素主要包括平衡交換、合規性等。

And then did you have a further question on tariffs?

那麼，您還有其他關於關稅的問題嗎？

No, thank you. I think you covered the tariff question. As a follow-up, Jim, I'd like to just ask conceptually how you're looking at the investment in EV and AV. And really, it's just in the context of if we look at the arc of investment you had in the past five years, we know that you and others went through this very heavy push on EV, AV software, sort of had mixed versus and you took a big impairment.

不，謝謝。我認為你已經解決了關稅問題。吉姆，我想接著問一下，從概念上講，你是如何看待電動車和自動駕駛汽車的投資的。實際上，如果我們回顧一下您過去五年的投資軌跡，您會發現您和其他人曾大力投資電動車、自動駕駛軟體，結果喜憂參半，而且您還遭受了很大的損失。

A lot of companies took a big impairment on the back of what happened with the regs, but it seems like your resetting strategy now, there's a fresh push on EV with UAV. You're making more investments on ADAS and software.So help us understand in light of the experience for the last few years and how maybe capital inefficient it was for the industry as a whole, how you're making sure that this new round of investments is being done in a more capital-efficient manner.

由於監管政策的變化，許多公司遭受了重大損失，但現在看來你們正在調整策略，電動車和無人機領域正在迎來新的發展動力。你們正在加大對ADAS和軟體的投資。鑑於過去幾年的經驗，以及過去幾年整個行業的資本效率可能較低，請幫助我們理解你們如何確保新一輪投資以更有效率的方式進行。

Thank you for your question. So I think the customer has spoken. That's the punch line. The customers in their duty cycle has spoken. There's enough choice around the world on electrification for us to cherry pick customers' choices around the world and come up with the right strategy, not only in the US, but around the world.

謝謝你的提問。所以我覺得顧客已經表達了他們的意願。這就是笑點所在。客戶在其工作週期內已經表達了他們的意見。在全球範圍內，電氣化的選擇非常多，我們可以從全球客戶的選擇中挑選合適的方案，制定正確的策略，不僅適用於美國，也適用於全世界。

In the US, you hit it, our bets is on UEV. We believe this platform, local is in LAP will hit the majority of profitable EVs sold in the US, which are EV, high-volume. Tesla's shown that they could -- we can make money in that market, even without subsidy from the government at the right cost level. But that's only part of our strategy. In addition to that, we're betting on hybrid across our lineup and EREV where it makes sense for our duty cycle like a large trucks, where towing is a real important application in both F hedge and pure electric will definitely not work.

在美國，如果你成功了，我們押注UEV。我們相信，這個位於洛杉磯的本地平台將覆蓋美國銷售的大部分獲利電動車，這些電動車銷量很高。特斯拉已經證明他們可以——即使沒有政府補貼，只要成本水平合適，我們也能在這個市場賺錢。但這只是我們策略的一部分。除此之外，我們還押注於全系混合動力車型，以及在大型卡車等適合我們用車週期的車型上採用增程式電動車（EREV），因為牽引是大型卡車非常重要的應用場景，而純電動車型肯定行不通。

So we're looking to make CO2 reductions across our lineup, but we're doing it in a very efficient way. Overseas, the story is a bit different. Overseas, we're looking to piggyback like in Europe with Renault and Volkswagen, on capital-efficient, high-scale, lower-cost solutions like BCAR EVs in Renault. We think that is a market depending on how the EU and the UK incentivize them where that can be profitable.

因此，我們正在努力減少全線產品的二氧化碳排放，我們是以非常有效率的方式實現這一目標的。海外的情況則略有不同。在海外，我們希望像在歐洲一樣，借助雷諾和大眾汽車的資源，利用資本效率高、規模大、成本低的解決方案，例如雷諾的 BCAR 電動車。我們認為這是一個取決於歐盟和英國如何激勵他們才能獲利的市場。

Elsewhere will be opportunistic between PHEVs and hybrids, for Ranger, our body on frame and our growing export business from China will be opportunistic based on that customer in Australia or South Africa or Brazil, exactly what they want. I think the real question that I ask myself is how will the Chinese change the game with all of these in terms of pricing power, given the overly competitive subsidized reality and, for example, in January, the Chinese market being down 25% year-over-year.

其他地方的市場將取決於插電式混合動力車和混合動力車的市場表現，而對於 Ranger 來說，我們的非承載式車身以及我們從中國不斷增長的出口業務將取決於澳大利亞、南非或巴西的客戶的需求，我們將根據他們的具體需求來製定市場策略。我認為我真正想問自己的問題是，考慮到過度競爭的補貼現實，以及例如1月份中國市場同比下降25%的情況，中國人將如何利用所有這些優勢來改變定價權的遊戲規則。

If that persists, we will have to future-proof our cost around that pricing reality. That in the regulatory environment, I think, are the wildcards in this strategy, but that's the same wildcard every OEM has. But I do believe this is the right allocation of capital. It's a combination of partnerships where it makes sense, efficient partial electrification investments where we have revenue power and really hitting the EV market in the core of the market and our home market, but there's not a lot of competition.

如果這種情況持續下去，我們將不得不根據這種定價現實來調整未來的成本。我認為，監管環境是這項策略中的不確定因素，但這也是每個原始設備製造商都面臨的不確定因素。但我相信這是正確的資本配置方式。這是在合適的地方建立合作夥伴關係，在有盈利能力的地方進行高效的部分電氣化投資，真正打入核心市場和我們本土市場的電動汽車市場，但競爭並不激烈。

Great, thank you.

太好了，謝謝。

Joseph, Spak, UBS.

Joseph, Spak, 瑞銀集團。

Thanks. Good afternoon, everyone. Sorry to go back to this so quickly -- sorry, but just to make sure I got this Novelis impact right in my head here. So it was a $2 billion impact in '25. You're talking about - that's lower by $1 billion in '26, but that's still inclusive of $1.5 billion to $2 billion of temporary costs.So the delta to get you back higher, I guess, is the volume portion of it.

謝謝。大家下午好。很抱歉這麼快又提起這件事——抱歉，但我只是想確保我了解Novelis的影響。因此，2025 年的影響達到了 20 億美元。你說的是──2026年這個數字會減少10億美元，但這其中仍包含了15億到20億美元的臨時成本。所以，我想，要讓這個數字回升，關鍵在於銷售部分。

So I guess, put another way, if all that temporary sourcing costs and logistics and higher tariffs is really temporary. You're basically saying that $9 billion EBIT is more like $10.5 billion or a little bit above that. Is that the right way you're thinking about that?

所以，換句話說，如果所有這些臨時採購成本、物流成本和更高的關稅真的是暫時的。你的意思是說，90億美元的息稅前利潤實際上更接近105億美元，或者略高於這個數字。你是這樣想的嗎？

It is a fair way to think about it. Yes, so basically, we'd have nonrecurrence of the $2 billion from last year, right? So that would start to 2026 better. And then we had planned on being able to make up about $1 billion of that. Now we think it's probably $0.5 billion to $1 billion.

這種想法不無道理。是的，所以基本上，去年那20億美元的損失不會再發生，對吧？這樣一來，到2026年情況就會好轉。然後我們計劃彌補其中約 10 億美元的損失。現在我們認為大概是 5 億美元到 10 億美元之間。

So that's how I said top line 2.5 to 3, but we have temporary costs and those are to be 1.5 to 2. So when you take that off that gets you with the net positive $1 billion for the year. And I do agree that you would have some tailwinds on that going into 2027.

所以，我之前說總成本是 2.5 到 3，但有臨時成本，這些成本是 1.5 到 2。所以扣除這部分後，你今年的淨收益將達到10億美元。我同意，到 2027 年，這方面會有一些有利因素。

Given Novelis is so important, Kumar, do you want to say anything about the variability of those costs and how reliable is our aluminum supply now?

鑑於諾維利斯公司如此重要，庫馬爾，你能否談談這些成本的波動性以及我們目前的鋁供應可靠性？

Okay, so two facts there, Jim. We expect the mill to start back up somewhere in the middle of the year. the range between somewhere May and September. And we have a team working closely with Novelis on the ground there, so we know exactly where things stand. But the more important part is the second part of your question, we have contingency plans to secure sufficient supply for various scenarios, no matter where we end up with the start date between May and September.

好的，吉姆，這裡有兩個事實。我們預計工廠將於年中某個時候恢復生產，時間範圍在五月到九月之間。我們在當地有一個團隊與諾維利斯公司密切合作，所以我們非常清楚事情的進展。但更重要的是你問題的第二部分，我們有應急計劃來確保在各種情況下都能有足夠的供應，無論最終的開工日期是在 5 月還是 9 月之間。

Okay. Thank you for that. And then just a second question, another one, I guess, on market factors. I want to focus, I guess, specifically on two area is, one is you've got some competitors out there that are sort of trying to regain share in North American trucks and European LCVs. So how you think about the market impact there. I know you mentioned in your remarks some affordable trucks and Pro.

好的。謝謝。還有一個問題，我想，這個問題是關於市場因素的。我想重點關注兩個方面，一是一些競爭對手正試圖重新奪回北美卡車和歐洲輕型商用車的市場份額。那麼，您認為這會對市場造成什麼影響？我知道你在演講中提到了一些價格實惠的卡車和專業版。

And then even beyond that, like is there any more granularity or color you could give us just sort of what gets you comfortable with the forward specific market mix factors that can sort of aid profitability to help offset some of these costs?

此外，您能否更詳細地說明一下，哪些因素能讓您更放心地看待未來的特定市場組合因素，從而有助於提高獲利能力，抵銷部分成本？

Yeah, Joe, it's Andrew Frick. First of all, let me comment on the first part around full-size pickup. That is always a competitive segment. So this is nothing new for us. And as the leader, we have to be ready for challenges at all times. We have a great pickup lineup right now, great F-Series lineup. We cover the breadth of the entire segment, and we've actually been growing.

是的，喬，我是安德魯‧弗里克。首先，我想就第一部分關於全尺寸皮卡的內容發表一下看法。那始終是個競爭激烈的領域。所以這對我們來說並不新鮮。身為領導者，我們必須隨時做好迎接挑戰的準備。我們現在擁有非常棒的皮卡陣容，非常棒的F系列陣容。我們涵蓋了整個細分領域，而且實際上我們還在不斷發展壯大。

In fact, last year, as Jim mentioned, we grew 2 points of revenue share and 1.5 points of volume share in 2025, and we've actually expanded our truck leadership position over our key competitors each of the last two years and by a sizable margin. But as we enter this year in '26, we, of course, always approach it humbly. Our dealer network is really set up and is a real strength for us. They continue to invest in the truck business.

事實上，正如吉姆去年提到的那樣，我們在 2025 年的收入份額增長了 2 個百分點，銷量份額增長了 1.5 個百分點，而且在過去兩年裡，我們實際上已經大幅擴大了我們在卡車運輸領域的領先地位，領先於我們的主要競爭對手。但當我們進入 2026 年之際，我們當然始終保持謙遜的態度。我們的經銷商網路已經非常完善，這是我們的一大優勢。他們繼續投資卡車運輸業務。

Our stock positions are on the low end of our day supply range right now. And our overall market approach is to remain disciplined in our market equation, balancing the stock share and our incentive spending. And we're going to continue to maximize series and powertrain mix as we as we approach that segment.

我們目前的庫存量處於每日供應範圍的低端。我們整體的市場策略是保持市場策略的嚴謹性，平衡股票份額和激勵支出。隨著我們接近該細分市場，我們將繼續最大限度地提高系列和動力總成組合的靈活性。

And really, on the second part around broader market and our portfolio we're looking to improve our mix based on customer demand across the whole portfolio. And Terry mentioned some of the product mix impacts. We started making some of those in the second half of last year based on the changing conditions.

而實際上，在第二部分，圍繞著更廣泛的市場和我們的產品組合，我們正在尋求根據整個產品組合的客戶需求來改善我們的產品組合。特里也提到了一些產品組合方面的影響。根據不斷變化的情況，我們從去年下半年開始製作其中一些產品。

For example, we're increasing hybrids on Maverick to address demand, while F-150 were increasing V8 Lariat Raptors, both again, tied to customer demand. So part of our ongoing efforts to optimize the market equation, our approach is to balance our mix while also increasing our revenue. And that was evident last year as we increased our share revenue again on pickups and 4x4 vehicles.

例如，為了滿足市場需求，我們正在增加 Maverick 混合動力車型的數量，同時 F-150 也增加了 V8 Lariat Raptor 車型的數量，這兩項舉措都與客戶需求息息相關。因此，作為我們不斷優化市場格局努力的一部分，我們的方法是在平衡產品組合的同時增加收入。去年，我們在皮卡和四輪傳動車領域的市佔率再次成長，這充分證明了這一點。

Alicia, any comment from you on Pro for our assumptions this year for market equation, what you're seeing given that we're competitively quoting for several months now?

Alicia，對於我們今年的市場方程式假設，你有什麼看法？鑑於我們已經進行了幾個月的競爭性報價，你看到了什麼？

Started off, we've been a leader in Europe -- from a fleet perspective for the past 11 years, and it was a very competitive market last year. We expect it to continue to be. Right now, we're seeing strong demand from an orders perspective on our light commercial vehicle side. We absolutely have a very competitive environment, but we have very competitive products.

從過去 11 年的船隊規模來看，我們一直是歐洲的領導者，而去年歐洲市場競爭非常激烈。我們預計這種情況還會持續下去。目前，從訂單角度來看，我們的輕型商用車需求強勁。我們確實面臨著非常激烈的競爭環境，但我們的產品也極具競爭力。

And we also have services that we're continuing to invest in and grow where we're offering our fleet customer solution for uptime and productivity. So we're seeing strong demand for orders coming through in the quarter, and we've also seen just solid pricing, right?

此外，我們也持續投資和發展一些服務，為我們的車隊客戶提供提高正常運作時間和生產力的解決方案。所以我們看到本季訂單需求強勁，而且價格也相當穩定，對吧？

And so our initial assumption was that we'd see a small decline in pricing to start the year, and we actually have not seen that yet. But we're very tied into where it's happening in the market and making sure that we're responding there for customers.

因此，我們最初的假設是年初價格會略有下降，但實際上我們還沒有看到這種情況。但我們與市場動態息息相關，並確保我們能夠及時回應客戶的需求。

Thank you.

謝謝。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Great, thank you so much. My first question is on capital expenditure. So you're making these investments into higher return products and technology going forward. But I think at the income statement level, it's roughly offset by ongoing cost savings. So you're investing, if I get the numbers right, maybe an extra $1 billion, but you have $1 billion in savings. At the CapEx level, it seems like you're actually taking it up and I was a bit surprised by this.

太好了，非常感謝。我的第一個問題是關於資本支出的。所以，你們正在加大對高回報產品和技術的投資。但我認為從損益表層面來看，持續的成本節約大致抵銷了這種影響。所以，如果我沒算錯的話，你投資了可能額外的 10 億美元，但你本身就有 10 億美元的存款。從資本支出層面來看，你們似乎真的在著手實施，這讓我有點驚訝。

So how should we think about the CapEx needs for these investments over the next few years? Is this sort of like a new run rate? Or is there sort of like an initial boost needed because of the energy storage investment?

那麼，我們該如何考慮未來幾年這些投資的資本支出需求呢？這算是一種新的運作率嗎？或者說，由於儲能投資，是否需要某種初始推動力？

Thank you for the question, Emmanuel. So guidance reflects an increase in capital spending of a little more than $1 billion, as you noted, so $9.5 billion to $1.5 billion. That increase is driven by our investment in Ford Energy, which is the largest portion of it is expected to be in 2026. We had talked about a $2 billion investment in Florida Energy and $1.5 billion of this fixed.

謝謝你的提問，伊曼紐。因此，正如您所指出的，指導意見反映出資本支出增加了略多於 10 億美元，從 95 億美元增加到 15 億美元。這一成長主要得益於我們對福特能源的投資，預計其中最大部分將在 2026 年實現。我們曾討論過向佛羅裡達能源公司投資 20 億美元，其中 15 億美元是固定支出。

The mix of our capital spending continues to shift, we have a new capital allocation process. It's changed. It's really pushing our capital into more accretive areas of the business. And we've consistently state nimble, adjusting to customer demand and changing regulatory environment as well.

我們的資本支出結構不斷變化，我們採用了新的資本配置流程。情況已經改變了。這確實促使我們的資本投入業務中更具增值潛力的領域。我們一直秉持靈活應變的原則，不斷調整自身以適應客戶需求和不斷變化的監管環境。

So what I would say is that roughly 75% of our capital over the plan period is going into a higher return, larger truck and multi-energy portfolio and that balance 25% is our Ford Energy and continued modeling investments like in UAV, DRAB, and things of that nature.

因此，我想說的是，在計畫期間內，我們大約 75% 的資金將投入到回報更高、規模更大的卡車和多能源投資組合中，而剩餘的 25% 將用於我們的福特能源以及無人機、DRAB 等類似領域的持續建模投資。

And the goal for that capital allocation is very clear. It's to get to EBIT margin for our company. We are investing more in blue as well, hybrid and new products that will be very profitable. And we are decelerating the investment Model e though it's still at high levels, as Sherry said, we are descaling that investment. So the goal is to set up the company over the next couple of years to be that 8% margin company, and that's the kind of capital we need to invest.

而這筆資金配置的目標非常明確。這是為了實現我們公司的息稅前利潤率。我們也在增加對藍色、混合型和新產品的投資，這些產品將非常有利可圖。正如雪莉所說，雖然投資模式 e 仍處於較高水平，但我們正在放緩投資速度，縮小投資規模。因此，我們的目標是在未來幾年內將公司打造為 8% 的公司，而這正是我們需要投入的資本。

Thank you. And then as a follow-up still on the model then. I guess to get to this ultimate target, you probably also have to actually bring back model profitability. Can you talk maybe about some of the levers and cadence between now and 2029. It seems like you don't -- you're having a lot of savings this year on January 1, but investments on the new generation. Is the improvement towards breakeven? Is that going to be back-end loaded towards 2029? Or can we expect some steady improvement throughout the time period?

謝謝。然後，作為對該模型的後續研究。我想，要達到這個最終目標，可能還需要真正恢復該車型的獲利能力。您能否談談從現在到 2029 年期間的一些關鍵因素和節奏？看起來你並沒有──你今年1月1日有很多存款，但投資對象卻是新一代。這種改善是否接近損益平衡？這項計劃會延後到 2029 年實施嗎？或者我們可以預期在此期間情況會穩定改善嗎？

Yeah, thank you. I think you can expect steady improvement throughout the time period as the UAV products come onboard '27 and then get even more profitable in '28 and beyond with additional variants that can improve the profit margin as will the introduction of B vehicles in Europe that also will be coming on board as well. And all of that's going to be happening as some of the Gen 1 becomes lower volume.

是啊，謝謝。我認為，隨著無人機產品在 2027 年投入使用，以及 2028 年及以後推出更多衍生產品，利潤率將進一步提高，整個時期內業績將穩步提升。此外，歐洲 B 型車輛的引進也將帶來利潤成長。所有這些都將隨著第一代產品產量的下降而發生。

Thank you.

謝謝。

Ryan Brinkman, JP Morgan.

Ryan Brinkman，摩根大通。

Hi, thanks for taking my question. I was intrigued by Jim's comment that full year 2025 tariff costs track $2 billion versus the $1 billion that was communicated at the time of the 3Q earnings due to a late year change in tariff credits on auto parts, such that full year EBIT pro forma for this would have been $7.7 billion, which is substantially better than billion to $6.5 billion that was guided to on the 3Q call.

您好，感謝您回答我的問題。吉姆的評論讓我很感興趣，他指出，由於汽車零件關稅抵免政策在年底發生了變化，2025 年全年關稅成本預計將達到 20 億美元，而第三季財報發佈時公佈的金額為 10 億美元。如果計入這一因素，全年息稅前利潤 (EBIT) 將達到 77 億美元，這比第三季財報電話會議上預測的 65 億美元要好得多。

Firstly, can you help on what exactly was the regulatory change? I'm aware of the change to tariff on the non-USMCA compliant parts. So I thought that was a positive though, allowing for a longer phase out to the offsets there? And then secondly, the fact that for your EBIT pro forma for the unexpected headwind tracked $1.2 billion to $1.7 billion better than expected. Can you talk about what is it that tracks so materially better than at the time of 3Q name?

首先，您能幫忙詳細說明一下具體的監管變化是什麼嗎？我知道對不符合美墨加協定規定的零件徵收關稅已經有所變動。所以我認為這反而是個好兆頭，因為它允許更長的過渡期，使偏移量能夠逐漸減少？其次，考慮到意外的不利因素，您的 EBIT 準備數據比預期高出 12 億至 17 億美元。你能談談是什麼因素使得產品在實質方面比第三季名稱發佈時有瞭如此顯著的提升嗎？

And then finally, as we head into 2026, you characterized the headwind as maybe one time. Is there any headwind relative to the tariff credit change that continues with you? Or did it only impact the fourth quarter?

最後，當我們邁入 2026 年時，您將逆風描述為可能只發生過一次。關稅抵免政策的變化是否對您造成任何不利影響？或者它只影響了第四季？

Thanks. Go ahead, Steve. I think we got all great question. and very important question for Ford. Because we're the most American company, we have a very different footprint than our competitors. It's largely related to parts recovery and the timing. Go ahead, Steve.

謝謝。請繼續，史蒂夫。我認為我們提出的問題都很好，而且對福特來說都是非常重要的問題。因為我們是最美國化的公司，所以我們的業務佈局與競爭對手截然不同。這主要與零件回收和時間安排有關。請繼續，史蒂夫。

Sure. Thanks. Yes, the short explanation is a credit that we have against tariff liabilities on parts became effective on November 1. And we had understood it would become effective instead on May 3. And so that delta is about the $1.9 billion that Sherry referenced.

當然。謝謝。是的，簡而言之，我們針對零件關稅負債所享有的抵免額已於 11 月 1 日生效。我們先前了解到，該規定將於5月3日生效。因此，差額大約是雪莉提到的 19 億美元。

It will mean to your last question that going forward, we can use this credit, and this is a onetime hit. But that was the hiccup that we experienced in December and accounts for about $1 billion of the difference.

對於你最後一個問題，這意味著今後我們可以使用此信用額度，而且這是一次性優惠。但那是我們在 12 月遇到的一個小問題，造成了約 10 億美元的差額。

Sorry. (multiple speakers) You had a follow-up question about just Q4 must have been coming in stronger given that we would have been at $7.7 billion. You're absolutely right. It was crossed -- a lot of that was cost. And you might have noted that we said that we ended up with $1.5 billion of cost improvements on a year-over-year basis versus what we originally were targeting at one, and it's multiple elements of cost little bit of price in there, too.

對不起。（多位發言者）您還有一個後續問題，鑑於我們第四季度的業績達到了 77 億美元，那麼第四季度的業績肯定更加強勁。你說得完全正確。它被跨越了——其中很大一部分原因是成本。您可能已經注意到，我們說過，我們最終實現了同比成本降低 15 億美元，而我們最初的目標只是降低 1 億美元，這其中包含了多種成本因素，也包括價格因素。

Okay, very helpful. Thank you. And then just lastly, while I know you don't report EBIT by region, could you speak to the performance in Europe, including how you would rate the strength and profitability of both your passenger vehicle and commercial vehicle businesses there? And how the outlook for the 2 businesses could be impacted by the EV portfolio changes announced on December 15, or the agreement that was signed with Renault on December 9, regarding the two incremental Ford-branded EVs and cooperation on light commercial vehicles. Thanks.

好的，很有幫助。謝謝。最後，雖然我知道貴公司不按地區公佈息稅前利潤，但您能否談談貴公司在歐洲的業績，包括您如何評價貴公司在歐洲的乘用車和商用車業務的實力和盈利能力？12 月 15 日宣布的電動車產品組合變化，以及 12 月 9 日與雷諾簽署的關於兩款新增福特品牌電動車和輕型商用車合作的協議，將如何影響這兩家企業的前景？謝謝。

Thank you. Well, we've always been very consistent. The core of our European business is our Pro strategy continues to be very profitable. And in fact, this is kind of the first year we've seen the benefits of the VW scale with our one ton band, where it's worth a lot of money to combine our scale.

謝謝。我們一直都很始終如一。我們歐洲業務的核心是我們的Pro策略，該策略持續獲利。事實上，今年是我們第一次看到大眾汽車的秤在我們一噸級產品中發揮作用，將我們的秤與大眾的秤結合起來，能帶來很多收益。

Your question obviously points to the growing concern around the profitable passenger cars in Europe. And that's exactly where the conversation should go when it comes to Europe. We obviously are taking steps to address our profitability of our PassCar business as we have for many years. Jim Bomback and the team are very focused on using Renault's platform, especially their B-sized EV to dramatically reduce our costs and improve the profitability of our EV business in Europe. And we see that as a very critical moment for us.

你的問題顯然反映了人們日益關注歐洲利潤豐厚的乘用車市場。而這正是我們在討論歐洲議題時應該關注的方向。顯然，我們一直在採取措施解決PassCar業務的獲利問題，就像我們多年來所做的那樣。Jim Bomback 和他的團隊非常專注於利用雷諾的平台，特別是他們的 B-Class 電動車，以大幅降低我們的成本並提高我們在歐洲的電動車業務的盈利能力。我們認為這對我們來說是一個非常關鍵的時刻。

We also have plans exciting plans for Europe on our passenger cars, but we will play very carefully in specific segments to our strengths to make sure that not only we build a profitable passenger car business but we also support our dealer profitability so they can invest even more in growth in Pro.

我們也為歐洲的乘用車市場制定了令人興奮的計劃，但我們將在特定細分市場中非常謹慎地發揮自身優勢，以確保我們不僅能夠建立一個盈利的乘用車業務，還能支持經銷商的盈利能力，以便他們能夠對專業車業務的增長進行更多投資。

Now, the real rob is going to be how the UK and European, the [EU], handle the choice between CO2 reduction and jobs. And this is a place where Ford is quite outspoken because we're not a national champion. -- we can really speak on behalf of the customers on what the right balance is between CO2 reduction and where customers really stand as well as job risk. And I will tell you that most of the variability of that profitable passenger car market is going to come down to the policies with the EU and the UK

現在真正的難題將是英國和歐洲（歐盟）如何處理二氧化碳減排和就業之間的選擇。而福特在這方面相當直言不諱，因為我們並非全國冠軍。 ——我們能夠真正代表客戶發聲，探討如何在減少二氧化碳排放、客戶的實際利益以及就業風險之間找到合適的平衡點。我可以告訴你，這個利潤豐厚的乘用車市場的大部分波動性，最終將取決於歐盟和英國的政策。

governments.

政府。

Thank you.

謝謝。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Great. you hear me?

很好，你聽到了嗎？

Yes, we can.

是的，我們可以。

Okay, great. Thanks for taking the question. Awesome. Thanks for taking the question. I just wanted to come back to energy storage and hoping you can just provide a little bit more context around your capital allocation decision there?

好的，太好了。感謝您回答這個問題。驚人的。感謝您回答這個問題。我只是想再談談儲能問題，希望您能就您在儲能方面的資金配置決策提供更多背景資訊？

And along with that, this is a -- I know you're two years away or so from really ramping up that production, but this is a much longer lead time market than your traditional auto market. So I'm just curious you can share any feedback or context around what customers you might be speaking to and maybe the feedback that you've been receiving and maybe where you see yourselves really fitting into that market? Thank you.

此外，我知道你們距離真正提高產量還有兩年左右的時間，但這比傳統的汽車市場交貨週期要長得多。所以我很好奇，您能否分享一下您正在與哪些客戶溝通，以及您收到的回饋，以及您認為自己在市場中真正扮演的角色？謝謝。

Sure. It's early days. But at the strategy level, there is no doubt that the growth for battery storage for both data center build-out and grid stability places like California, Texas, and Florida is exploding both for consumers and business users like data centers. We have been deeply engaged with customers as we develop this business plan, and we continue to engage them in specific contracts or for our 20-gigawatt hour capacity in '27 and beyond. I would say this is not -- this is not at the pace of auto industry. We can build the factories faster than auto, and we can scale our revenue much faster.

當然。現在下結論還為時過早。但從策略層面來看，毫無疑問，對於加州、德州和佛羅裡達州等地的資料中心建置和電網穩定性而言，電池儲能的成長正在爆發式成長，無論是對消費者還是對資料中心等商業用戶而言都是如此。在製定這項商業計劃的過程中，我們與客戶進行了深入的溝通，並且我們將繼續與他們簽訂具體合同，或就我們在 2027 年及以後的 20 吉瓦時產能與他們進行溝通。我認為這——這跟不上汽車產業的發展速度。我們建造工廠的速度比汽車產業快得多，而且我們擴大收入規模的速度也快得多。

We also have a significant advantage technology-wise. We have access working with CATL and licensing new technology, but in our own plants. We have a significant advantage with the LNP technology compared to our competitors who are either importing with high tariffs, LFP, or trying to run this business with lithium batteries, and much higher costs locally made. We believe that Ford has the manufacturing expertise to scale this business. We have great partners that can help us, and we're really excited to be a customer-facing business.

我們在技術方面也擁有顯著優勢。我們可以透過與寧德時代合作並獲得新技術許可，但這些技術是在我們自己的工廠中應用的。與我們的競爭對手相比，我們在 LNP 技術方面具有顯著優勢。我們的競爭對手要么以高關稅進口 LFP，要么試圖用鋰電池開展這項業務，而本地生產的成本要高得多。我們相信福特擁有擴大這項業務規模所需的製造技術。我們擁有優秀的合作夥伴，他們可以幫助我們，我們非常高興能夠成為一家面向客戶的企業。

We don't want to be a contract manufacturer of batteries. We want to have end-to-end solutions for customers where Ford Energy people will be calling fulfilling, not just a sales contract, but servicing those customers over the long term. We believe this is a great adjacency for our Pro business, fits right in the wheelhouse of our expertise. And given our -- our advantage technologically maybe for a period of time before battery costs commoditized, we feel like the customers are very excited.

我們不想成為電池的代工製造商。我們希望為客戶提供端到端的解決方案，福特能源的人員不僅會履行銷售合同，還會長期為客戶提供服務。我們認為這與我們的專業業務非常契合，完全符合我們的專業領域。鑑於我們在技術上的優勢——或許在電池成本商品化之前的一段時間內——我們感覺客戶們非常興奮。

When we come calling to large grid suppliers, energy companies, they're really excited about the Ford being in this business. We're a trusted company. They've been buying our vehicles for a long time, and we've done our homework on this business.

當我們拜訪大型電網供應商、能源公司時，他們對福特涉足這個行業感到非常興奮。我們是一家值得信賴的公司。他們長期以來一直購買我們的車輛，我們對這項業務也做了很多功課。

Great. Yeah, that makes a lot of sense. And maybe just to follow up with another question on capital allocation. I mean, Jim, I think you've been a pretty big advocate of partnerships in the past where it makes sense. So when it comes to your autonomy strategy, sounds like you're trying to do a lot of that yourselves in-house. Can you maybe just elaborate on why that's the right decision, why a partnership doesn't make sense in this context?

偉大的。是的，這很有道理。或許還可以再問一個關於資本配置的問題。吉姆，我的意思是，我認為你過去一直非常支持在合適的情況下建立夥伴關係。所以，就你們的自主策略而言，聽起來你們正在嘗試在公司內部自行完成很多工作。您能否詳細解釋為什麼這是正確的決定，為什麼在這種情況下建立合作關係沒有意義？

Good question. BlueCruise is largely some higher based system that Ford basically perfected the customer experience. But Level 3 is quite different. It's a very important safety critical system, where people are traveling in high speed on the highways with our eyes off. And we have real expertise coming from Argo. The people that we got out of the Argo team that are now in latitude are very experienced people.

問得好。BlueCruise 基本上是福特用來完善客戶體驗的一套更高層次的系統。但第三級就完全不同了。這是一個非常重要的安全關鍵系統，因為人們在高速公路上高速行駛時，我們的視線往往會被分散。而且我們擁有來自 Argo 的真正專業知識。我們從 Argo 團隊中選拔出來的，現在在 Latitude 工作的人都是經驗非常豐富的人。

And we don't think the technology is exclusive we think why we want to bring this in-house is 2 reasons, affordability. These are very expensive hardware solutions and software. By bringing them inside the company, we can save thousands of dollars per vehicle in cost. That's why we're launching L3 with the UAV.

我們並不認為這項技術是獨有的，我們認為我們想將這項技術引入公司內部的原因有兩個：價格實惠。這些都是非常昂貴的硬體和軟體解決方案。透過將它們納入公司內部，我們可以為每輛車節省數千美元的成本。這就是我們推出L3無人機的原因。

Many of our competitors are launching Level 3 with our luxury brands. We're going to be doing it with our 30,000 to 35,000 of our views. That's a big strategy choice by Ford.

我們的許多競爭對手都推出了包含我們奢侈品牌在內的第三級產品。我們將利用我們3萬到3.5萬的觀看量來完成這項工作。這是福特公司的重大策略選擇。

We can do that because we did this inside the company, and we had control over the hardware, and it wasn't supplier base. So it was more affordable.

我們之所以能做到這一點，是因為這是我們在公司內部完成的，我們掌控著硬件，而不是依賴供應商。所以價格更實惠。

The second thing is experience. When you're driving down the highway, the eyes off the road. It's very important to have safety critical systems when the vehicle reengages the customer, how that whole process works and all the content sharing and all the other activities that customers can be doing and not driving the car.

第二點是經驗。當你在高速公路上行駛時，視線會離開路面。當車輛重新與客戶互動時，安全關鍵系統至關重要，它決定了整個過程的運作方式，以及客戶在不駕駛車輛的情況下可以進行的所有內容共享和其他活動。

So it's very important for us to control and curate the experience on Level 3. Level 4 strategy could be quite different. I'm not going to go into that today, but I think we look at Level 3 quite differently. Level 4 quite differently than Level 3 of time.

因此，控制和策劃三樓的體驗對我們來說非常重要。第四級策略可能會截然不同。我今天就不深入探討這個問題了，但我認為我們對第三級的看法截然不同。第四級與第三級的時間概念截然不同。

That's super helpful. Thanks so much. Thank you.

這太有幫助了。非常感謝。謝謝。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Yes, good afternoon. Thank you very much for taking the questions. Just to talk first on costs. You talked about $1.5 billion of progress this past year, excluding tariffs and expecting another $1 billion in 2026. If we go back to the '23 Investor Day, you talked about a $7 billion relative cost gap with peers. And I'm curious with the progress for use, where do you think you are on that journey? And is $7 billion still the right number for investors to have in mind over time?

是的，下午好。非常感謝您回答這些問題。先談談費用問題。您提到去年取得了 15 億美元的進展，還不包括關稅，並預計 2026 年還將取得 10 億美元的進展。回顧 2023 年的投資者日，您當時談到了與同行之間存在 70 億美元的相對成本差距。我很好奇在使用上的進展，您認為您目前處於哪個階段？那麼，從長遠來看，70億美元仍然是投資者應該考慮的合適數字嗎？

So you're absolutely right, $1.5 billion last year, another $1 billion this year, most of it from material as well as warranty. And obviously, we refreshed the cost gap scenarios as all the earnings come out, we will redo that, but firmly believe that we're closing that gap quite rapidly.

所以你說得完全正確，去年是 15 億美元，今年又是 10 億美元，其中大部分是材料費和保固費。顯然，隨著所有收益的公佈，我們更新了成本差距情景，我們將重新進行調整，但我們堅信我們正在迅速縮小這一差距。

I just want to highlight the important work that Kumar and Doug are doing on the next-generation product. We're launching high-volume, very meaningful products in the next couple of years and embedded in those products is much lower cost.

我只想強調庫馬爾和道格在下一代產品方面所做的重要工作。我們將在未來幾年推出大批量、非常有意義的產品，而這些產品的成本則低得多。

So not only are we doing it kind of year to year through BOM adjustments, negotiation with our suppliers, lower freight and duty, lower labor content in our plants. We're also embedding that all that thinking into our next generation of products. And to me, that is the ultimate work together because that will change the culture of the company.

因此，我們不僅透過調整物料清單、與供應商談判、降低運費和關稅、降低工廠的勞動力成本等方式逐年實現這一目標，而且還採取其他措施。我們也將所有這些理念融入我們的下一代產品中。對我來說，這才是真正的合作，因為它將改變公司的文化。

Helpful. Thank you for those comments. My other question was around inventory. You mentioned exiting '25 at the low end of your inventory target, obviously facing some challenges around supply chain. But as you think about what's assumed in your guidance and making up for a degree of the lost volume from this past year. Are you assuming you restock dealers as part of your outlook for this year?

很有幫助。感謝您的評論。我的另一個問題是關於庫存的。您提到 2025 年結束時庫存目標處於較低水平，顯然在供應鏈方面面臨一些挑戰。但當你思考你的指導中所做的假設，以及如何彌補過去一年損失的部分業務量。您是否將補貨經銷商納入了今年的計畫？

Or are you planning to shift to demand? And I ask a part to try and to understand around the extra shift of F-Series production, is that something that might be sustainable into 2027? Thanks.

還是你們打算轉向需求導向模式？我想問一部分人，想了解F系列車型額外生產的流程，這種流程能否持續到2027年？謝謝。

Yes. Good question. We ended the year on the low end of our range. We reduced our stock dramatically year to year, leaving '25. So we were down 16%. We had about a 66 gross day supply.

是的。問得好。我們今年的業績處於預期範圍的下限。我們逐年大幅減少庫存，只剩下 25 件。所以當時我們落後了16%。我們大約有66天的總量供應。

We expect in '26 to remain within our targeted levels of the 55 to 65 retail-based supply for the year. We will be on the lower end of our F-150s for the first half of the year as we rebuild in the second half of the year, but we'll stay within our overall range and we have combined with that is the demand side of the business that will allow us to do that, especially in our truck business.

我們預計 2026 年零售供應量將維持在 55 至 65 的目標水準。今年上半年，我們的 F-150 皮卡銷售將處於較低水平，因為下半年我們將進行重建，但我們將保持在整體銷售範圍內，而且業務需求方面也允許我們這樣做，尤其是在我們的卡車業務方面。

Thank you.

謝謝。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Oh, great. Thanks for taking my questions. Just to clarify on -- I think you originally said you lost 90,000, you're going to add capacity of 50,000. It sounds like -- is that still the case that we should see about a 140,000-ish increase? Or I think your comments seem to imply that maybe it's a little lower than that? Any color there on the actual volume recovery we should expect?

哦，太好了。謝謝您回答我的問題。澄清一下——我想你最初說你損失了 90,000，現在你要增加 50,000 的產能。聽起來——我們仍然會看到大約 14 萬左右的增長嗎？或者，我覺得你的評論似乎暗示實際數值可能比這略低一些？關於實際成交量恢復情況，有什麼具體資訊嗎？我們應該預期成交量會如何恢復？

Yes. So we had lost around 100,000 units last year. we're planning to increase by about 50,000 to 60,000 this year. That the plan.

是的。所以去年我們損失了大約10萬台的銷售量。我們計劃今年增加5萬到6萬台。這就是計劃。

Okay. Because I thought you originally said you expected $1 billion and now it's $500 million to $1 billion. So is that just the added cost to get the -- that's what's worse than you originally thought in Q3 as the added cost to get that aluminum over?

好的。因為我以為你最初說的是預期收入10億美元，而現在是5億到10億美元。所以，這只是把鋁運過來的額外成本嗎？ ——這比你最初在第三季預想的還要糟糕，因為運過來的鋁材成本比預想的還要高？

Well, the added cost is definitely a factor and that came after the second fire in November. So the added cost is different than when we had reported after the first fire.

嗯，額外的成本肯定是一個因素，這是在11月發生第二次火災之後產生的。所以新增成本與我們在第一次火災後報告的成本有所不同。

Okay. And then if I look at the free cash flow guide, it's up $2 billion at the midpoint. Adjusted EBIT up $2 billion, but CapEx is up over $1 billion. What's the additional $1 billion sort of help to free cash flow to kind of keep the adjusted up to $2 billion without the CapEx being higher.

好的。然後，如果我看一下自由現金流指南，其中價值增加了 20 億美元。調整後息稅前利潤成長20億美元，但資本支出成長超過10億美元。這額外的 10 億美元如何幫助增加自由現金流，從而在不增加資本支出的情況下，將調整後的現金流維持在 20 億美元以上？

Yeah. So we had you're talking about the cash flow from 3.5 this year to the midpoint, which would be at 5.5 in 2026, right? So that's going to be driven by higher automotive EBIT that's going to be driving with your free cash flow conversion. We also had a receivable from the U.S. government for $1 billion in tariffs. And we do have, as you said, higher capital spending in '26 as we moved into these higher growth opportunities.

是的。所以，您指的是今年的現金流為 3.5，到 2026 年的中點現金流為 5.5，對嗎？因此，這將主要得益於汽車業務息稅前利潤的成長，進而帶動自由現金流的轉換。我們還有一筆應收美國政府的10億美元關稅款項。正如您所說，隨著我們抓住這些高成長機遇，我們在 2026 年的資本支出確實更高。

Got it. Okay. So the receivable from the government. Okay. All right. Thank you very much for taking my questions.

知道了。好的。所以，這是政府應收帳款。好的。好的。非常感謝您回答我的問題。

You're welcome.

不客氣。

This concludes the Ford Motor Company fourth-quarter 2025 earnings conference call. Thank you for your participation. You may now disconnect.

福特汽車公司2025年第四季財報電話會議到此結束。感謝您的參與。您現在可以斷開連線了。