通用汽車 (GM) 2016 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to the General Motors Company fourth-quarter 2016 earnings conference call.

歡迎參加通用汽車 2016 年第四季財報電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference call is being recorded Tuesday, February 7, 2017.

謹此提醒，本次電話會議於 2017 年 2 月 7 日星期二錄製。

I would now like to turn the conference over to Randy Arickx, Vice President of Corporate Communications and Investor Relations.

我現在想將會議交給企業傳播和投資者關係副總裁蘭迪·阿里克斯 (Randy Arickx)。

Please go ahead, sir.

請繼續，先生。

Thanks, operator.

謝謝，接線生。

Good morning, and thank you for joining us as we review GM's financial results for the fourth-quarter and year-ended December 31, 2016.

早安，感謝您加入我們，我們將回顧通用汽車第四季和截至 2016 年 12 月 31 日的年度財務表現。

Our press release was issued this morning, and the conference call materials are available on the GM investor relations website.

我們的新聞稿已於今天上午發布，電話會議資料可在通用汽車投資者關係網站上取得。

We are also broadcasting this call via webcast.

我們也透過網路廣播來廣播這次電話會議。

Included in the chart set material published this morning, we've included the key takeaways from each chart in the notes pages, in order to provide color on the results.

在今天早上發布的圖表集材料中，我們在註釋頁面中包含了每個圖表的關鍵要點，以便為結果提供顏色。

This morning, Mary Barra, General Motors Chairman and Chief Executive Officer, will provide brief opening remarks, followed by Chuck Stevens, GM's Executive VP and CFO.

今天上午，通用汽車公司董事長兼首席執行官瑪麗·巴拉(Mary Barra) 將發表簡短的開幕致辭，通用汽車執行副總裁兼首席財務官查克·史蒂文斯(Chuck Stevens) 隨後將致辭。

And then we will open the line for questions from the analyst community.

然後我們將開通分析師社群提問熱線。

Before we begin, I would like to direct your attention to the legend regarding forward-looking statements on the first page of the chart set.

在我們開始之前，我想請您注意圖表集第一頁上有關前瞻性陳述的圖例。

The content of our call will be governed by this language.

我們通話的內容將受此語言管轄。

In the room today, we also have Tom Timko, Vice President, Controller and Chief Accounting Officer; and Dhlvya Suryadevara, Vice President, Treasurer and Chief Investment Officer, to assist in answering your questions.

今天在場的還有副總裁、財務長兼首席會計官 Tom Timko；副總裁、財務主管兼首席投資長 Dhlvya Suryadevara 協助回答您的問題。

Now I'll turn the call over to Mary Barra.

現在我將把電話轉給瑪麗·巴拉。

Thanks, Randy, and good morning, everyone.

謝謝蘭迪，大家早安。

Thank you for joining us today.

感謝您今天加入我們。

GM delivered a second straight year of record earnings in 2016, setting records for net revenue, EBIT-adjusted, EBIT-adjusted margins, EPS diluted-adjusted and automotive-adjusted free cash flow.

2016年，通用汽車連續第二年實現創紀錄的盈利，創下了淨收入、息稅前調整後利潤率、攤薄調整後每股收益和汽車業調整後自由現金流的記錄。

Highlights and results for the full year include: net revenue of $166 billion, up 9% year over year.

全年亮點和業績包括：淨收入達 1,660 億美元，年增 9%。

EBIT-adjusted of $12.5 billion, up nearly 16% from a year ago.

調整後息稅前利潤為 125 億美元，比去年同期成長近 16%。

EBIT-adjusted margins of 7.5%, up more than 40 basis points.

息稅前調整後利潤率為 7.5%，成長超過 40 個基點。

Net income of $9.4 billion.

淨利潤為 94 億美元。

EPS diluted-adjusted of $6.12, up 22%.

攤薄調整後每股收益為 6.12 美元，成長 22%。

EBIT-adjusted of $12 billion in North America, up from $11 billion.

北美地區經調整後的息稅前利潤為 120 億美元，高於 110 億美元。

And EBIT-adjusted margins of more than 10% for the second straight year.

息稅前調整後利潤率連續第二年超過 10%。

Automotive-adjusted free cash flow was $6.9 billion, up $4.7 billion.

汽車業調整後的自由現金流為 69 億美元，增加 47 億美元。

Gross-adjusted of nearly 29% was up 1.7 percentage points, demonstrating the positive impact of our disciplined capital allocation framework.

調整後毛利率接近 29%，上升了 1.7 個百分點，反映了我們嚴格的資本配置框架的正面影響。

And we returned $4.8 billion to shareholders in 2016 through a combination of share buybacks and dividends.

2016 年，我們透過股票回購和股利結合的方式向股東返還了 48 億美元。

By nearly every measure, 2016 was a great year.

幾乎從所有方面來看，2016 年都是偉大的一年。

And this morning, we are announcing record global sales for the fourth consecutive year at nearly 10 million vehicles.

今天早上，我們宣布全球銷量連續第四年創下近 1,000 萬輛的紀錄。

This underscores the progress we are making in strengthening our brands and putting the customers at the center of everything we do.

這突顯了我們在強化品牌以及將客戶置於一切工作的中心方面所取得的進展。

Our results last year were largely driven by growing retail share in North America, another year of record sales in China, and strong margins in both regions.

我們去年的業績主要得益於北美零售份額的成長、中國銷售額又創歷史新高，以及這兩個地區的強勁利潤率。

So let me go a little deeper into each of the regions.

讓我更深入地了解每個區域。

First, in GM North America.

首先是通用汽車北美公司。

GM's US brands sold more than 3 million vehicles and gained 0.5 a percentage point of retail share in 2016, the largest of any full-line auto maker.

2016 年，通用汽車美國品牌的汽車銷量超過 300 萬輛，零售份額提高了 0.5 個百分點，成為全系列汽車製造商中最大的。

And this is thanks to the disciplined go-to-market strategy we've been utilizing.

這要歸功於我們一直以來採用的嚴格的市場進入策略。

Chevrolet was the fastest growing US brand, led by strong gains in mid-size pickups, strong crossovers, and large SUVs, gaining 0.5 a percentage point of US retail market share.

雪佛蘭是成長最快的美國品牌，其中型皮卡、跨界車和大型 SUV 的強勁成長帶動了該品牌的成長，在美國零售市場份額中增加了 0.5 個百分點。

In the US, full-year GM average transaction prices were about $35,400 about $4,300 above the industry average, and up $750 over the 2015 average.

在美國，通用汽車全年平均交易價格約為 35,400 美元，比行業平均高出約 4,300 美元，比 2015 年平均上漲 750 美元。

Full-year incentive spending as a percent of ATP was 12%, well-below domestic and many other global competitors.

全年獎勵支出佔 ATP 的百分比為 12%，遠低於國內和許多其他全球競爭對手。

And on the quality front, our progress continues.

在品質方面，我們不斷進步。

Consumers Report recommended 12 GM models in its annual Reliability Survey, and Buick was the first domestic brand included in the survey's top-three brands.

《消費者報告》在年度可靠性調查中推薦了通用汽車的12款車型，別克是第一個進入該調查前三名的國產品牌。

In the fourth quarter, we delivered the first Chevrolet Bolt EV to dealers and customers in California.

第四季度，我們向加州的經銷商和客戶交付了第一輛雪佛蘭 Bolt EV。

With an EPA estimated 238 miles of range, it has won multiple awards, including the 2017 North American Car of the Year, Motor Trend Car of the Year, and Green Car Journal Car of the Year, and others.

它的 EPA 估計續航里程為 238 英里，贏得了多項獎項，包括 2017 年北美年度汽車、Motor Trend 年度汽車和 Green Car Journal 年度汽車等。

More launches in hot crossover segments are coming in 2018.

2018 年將會有更多熱門跨界車推出。

We have the Chevrolet Equinox and Traverse, the GMC Terrain, which will join newer entries like the GMC Acadia, the Buick Envision and Cadillac XT5, to form one of the industries freshest lineups in the very important SUV segment.

我們擁有雪佛蘭 Equinox 和 Traverse、GMC Terrain，它們將與 GMC Acadia、別克 Envision 和凱迪拉克 XT5 等新產品一起，形成非常重要的 SUV 細分市場中行業最新鮮的產品陣容之一。

In China, China drove record sales and strong margins in a very volatile environment.

在中國，中國在非常動盪的環境中創造了創紀錄的銷售額和強勁的利潤率。

GM and its joint ventures delivered nearly 3.9 million vehicles, up 7% over a record 2015.

通用汽車及其合資企業交付了近 390 萬輛汽車，比創紀錄的 2015 年增長了 7%。

Cadillac, Buick and Baojun deliveries reached all-time highs.

凱迪拉克、別克、寶駿銷量創歷史新高。

GM launched 13 new models in 2016, and we plan to introduce 18 new or refreshed models across five brands this year.

通用汽車在 2016 年推出了 13 款新車型，今年我們計劃在 5 個品牌中推出 18 款全新或改款車型。

Cadillac retail sales were up nearly 46% for the year.

凱迪拉克全年零售額成長近 46%。

The brand sold more than 100,000 vehicles, driving global sales up 11% to a 30-year high.

該品牌銷量超過 10 萬輛，帶動全球銷量成長 11%，創 30 年來新高。

And Baojun sales rose 49%, with strong products, like the 730 MPV, and the 560 SUV, and the new Baojun 310 hatchback.

寶駿銷量成長49%，旗下MPV 730、SUV 560、新寶駿310兩廂等強勢產品。

As we look at Europe, without the negative impact of Brexit, we would have achieved breakeven in 2016.

就歐洲而言，如果沒有英國脫歐的負面影響，我們本來可以在 2016 年達到損益兩平。

However, we aren't satisfied with these results, and the team is focused on mitigating the effect through further cost efficiencies, and by leveraging the momentum of a fresh Opel/Vauxhall portfolio.

然而，我們對這些結果並不滿意，團隊致力於透過進一步提高成本效率並利用新的歐寶/沃克斯豪爾產品組合的勢頭來減輕影響。

Opel/Vauxhall full-year sales rose 4% on the strength of the Astra, which was the European Car of the Year, along with the Saphira and the Mokka X. Sales improved in 18 of 22 markets, including Germany.

歐寶/沃克斯豪爾全年銷量成長了 4%，其中 Astra 以及 Saphira 和 Mokka X 榮獲歐洲年度汽車獎。

For 2017, we are planning seven launches, including the [Impira E].

2017 年，我們計劃推出 7 款產品，其中包括 [Impira E]。

In South America, we see an opportunity for significant year-over-year improvement because of our continued work to restructure the business.

在南美洲，由於我們持續致力於業務重組，我們看到了同比顯著改善的機會。

Chevrolet continues its market leadership in our key market of Brazil, where we successfully launched 12 products in 2016.

雪佛蘭在巴西這一主要市場繼續保持市場領先地位，2016 年我們在巴西成功推出了 12 款產品。

And for the second consecutive year, Onyx was the top-selling vehicle.

Onyx 連續第二年成為最暢銷汽車。

In Q4, GM led the entire region with 16.8% market share, and calendar-year share was 15.9%, up 0.5 a percentage point year over year.

第四季度，通用汽車以16.8%的市佔率領先整個地區，歷年市佔率為15.9%，年增0.5個百分點。

So let me make a few comments also about the future of personal mobility.

因此，讓我對個人出行的未來發表一些評論。

We made remarkable progress last year in technology and innovation, especially in the game-changing technologies that are helping us redefine personal mobility.

去年，我們在技術和創新方面取得了顯著進展，特別是在幫助我們重新定義個人移動性的改變遊戲規則的技術方面。

We launched Maven, our personal mobility brand, and scaled it up very quickly.

我們推出了個人行動品牌 Maven，並迅速擴大規模。

It is operating in 16 cities, and it's Express Drive program for Lyft drivers has about 5,000 vehicles, with plans to add several hundred Bolt EVs in California.

該公司在 16 個城市開展業務，為 Lyft 司機提供的 Express Drive 計劃擁有約 5,000 輛汽車，並計劃在加州增加數百輛 Bolt 電動車。

And we are learning a great deal about developing transportation as a service in urban markets, due to our work with Maven.

透過與 Maven 的合作，我們在城市市場中開發交通即服務方面學到了很多知識。

By mobilizing in-house talent and acquiring Cruise Automation, we are now making progress on autonomous as well.

透過調動內部人才和收購 Cruise Automation，我們現在在自動駕駛方面也取得了進展。

We're testing more than 40 autonomous Bolt EVs on public roads in Metro Detroit, San Francisco and Scottsdale.

我們正在底特律都會區、舊金山和斯科茨代爾的公共道路上測試 40 多輛 Bolt 自動駕駛電動車。

And last December, we announced that we plan to be the first high-volume OEM to build fully autonomous test vehicles at a mass-production assembly plant.

去年 12 月，我們宣布計劃成為第一家在量產組裝廠製造全自動測試車輛的大量 OEM。

And in terms of connectivity, OnStar celebrated its 20th Anniversary, reaching 1.5 billion customer interactions, and putting nearly 12 million OnStar-connected vehicles on the road globally.

在互聯方面，OnStar 慶祝了成立 20 週年，實現了 15 億次客戶互動，並在全球投放了近 1,200 萬輛 OnStar 互聯車輛。

And entered an industry-first partnership with IBM Watson to launch OnStar Go.

並與 IBM Watson 達成業界首個合作關係，推出 OnStar Go。

So if I look at where we are as we start 2017, I'm very proud of the progress we've made, and I'm confident that we can do even more, and build on our momentum.

因此，如果我看看 2017 年伊始我們所處的位置，我對我們所取得的進展感到非常自豪，並且我相信我們可以做得更多，並鞏固我們的勢頭。

As we shared last month in the Deutsche Bank Conference, in 2017, we expect earnings per share diluted-adjusted of $6 to $6.50 per share.

正如我們上個月在德意志銀行會議上分享的那樣，我們預計 2017 年稀釋調整後每股收益為 6 美元至 6.50 美元。

We also expect to improve revenues and maintain or improve EBIT-adjusted and EBIT-adjusted margins.

我們也期望提高收入並維持或提高息稅調整後利潤率和息稅前調整後利潤率。

In addition, we expect to generate about $6 billion in automotive-adjusted free cash flow.

此外，我們預計將產生約 60 億美元的汽車調整自由現金流。

Based on our outlook, our Board approved an additional $5 billion in common stock repurchases.

根據我們的展望，董事會額外批准了 50 億美元的普通股回購。

This increase in our stock buyback program is further proof that we are committed to driving shareholder value, and we remain committed to generating strong business results that will eventually be appreciated by the market.

我們股票回購計劃的增加進一步證明我們致力於推動股東價值，並且我們仍然致力於創造最終將受到市場讚賞的強勁業務成果。

Our projections for improved performance in 2017 are based on a number of factors.

我們對 2017 年業績改善的預測是基於多種因素。

First, we have continued strong sales and income in North America and China.

首先，我們在北美和中國的銷售和收入持續強勁。

Economic indicators show significantly improved optimism in the US economy, and we believe auto sales will continue to be at or near record levels.

經濟指標顯示美國經濟的樂觀情緒顯著改善，我們相信汽車銷售將繼續達到或接近歷史最高水準。

We also have an intense focus on material logistics manufacturing and general administration costs.

我們也非常關注材料物流製造和一般管理成本。

Frankly, we're looking at costs in all areas of the business.

坦白說，我們正在考慮業務所有領域的成本。

Last month we raised our 2018 cost-efficiency target from $5.5 billion to $6.5 billion.

上個月，我們將 2018 年成本效益目標從 55 億美元提高到 65 億美元。

We also have growth of adjacent businesses like GM Financial, Customer Care & Aftersales, OnStar, and Maven.

我們的鄰近業務也取得了成長，例如通用汽車金融、客戶服務和售後服務、OnStar 和 Maven。

And finally, our strong vehicle launch cadence.

最後，我們強勁的車輛發布節奏。

We expect our percentage of global volume from new or refreshed models to grow to 38% in the 2017 through 2020 timeframe, with more than half in the popular crossover truck and SUV segments.

我們預計，2017 年至 2020 年期間，新或更新車型的全球銷售百分比將成長至 38%，其中超過一半是流行的跨界卡車和 SUV 細分市場。

We appreciate that there will be headwinds, but I am confident that we have the right strategy and the right team to manage them with integrity, and to drive achievement of our commitments.

我們知道會遇到阻力，但我相信我們擁有正確的策略和合適的團隊來誠信地管理這些阻力，並推動實現我們的承諾。

As I said when we gave our full-year outlook, we are here to win.

正如我在給出全年展望時所說，我們是為了勝利。

And now let me turn it over to Chuck.

現在讓我把它交給查克。

Thanks, Mary.

謝謝，瑪麗。

I'd like to provide some perspective on the quarter and our results for the full year, as well as provide additional insights into our 2017 outlook.

我想提供一些對本季和全年業績的看法，並提供 2017 年展望的更多見解。

Solid and as expected, Q4 results capped another record year of earnings, as we exceeded the commitments we outlined for 2016.

由於我們超越了 2016 年的承諾，第四季的業績表現穩定且符合預期，為獲利再創新高奠定了基礎。

EBIT-adjusted was a record $12.5 billion, up $1.7 billion year over year.

調整後息稅前利潤為創紀錄的 125 億美元，年增 17 億美元。

EBIT-adjusted margin was a record 7.5%, up 40 basis points year over year.

息稅前調整後利潤率為創紀錄的 7.5%，較去年同期成長 40 個基點。

That revenue was a record $166.4 billion, up $14 billion year over year.

該收入達到創紀錄的 1,664 億美元，年增 140 億美元。

Our strong results for the year were driven by record results in North America and GM Financial, sustained strong performance in China, and continued improvements in South America and Europe.

我們今年的強勁業績得益於北美和通用汽車金融創紀錄的業績、中國持續強勁的業績以及南美和歐洲的持續改善。

And it was these strong results in 2016 and our outlook for 2017 that gave us confidence to announce the additional $5 billion in common stock repurchases.

正是 2016 年這些強勁的業績以及我們對 2017 年的展望讓我們有信心宣布額外 50 億美元的普通股回購。

We are committed to returning all available free cash flow to shareholders, with the focus on share buybacks.

我們致力於將所有可用的自由現金流返還給股東，並專注於股票回購。

This is best reflected in our recent decision to maintain the current dividend per share and reallocate the relief cash from a smaller share count, to make additional share repurchases.

這最好體現在我們最近決定維持當前的每股股息，並重新分配較少股份數量中的救濟現金，以進行額外的股份回購。

Turning to the fourth quarter, we generated $43.9 billion in net revenue, $2.4 billion in EBIT-adjusted, and delivered $1.28 in earnings per share diluted-adjusted.

談到第四季度，我們的淨收入為 439 億美元，調整後息稅前利潤為 24 億美元，攤薄調整後每股收益為 1.28 美元。

This is very much in line with our prior guidance.

這非常符合我們先前的指導。

In North America, revenue was a record $119 billion for the year, up $12.4 billion year over year.

在北美，全年營收達到創紀錄的 1,190 億美元，年增 124 億美元。

EBIT-adjusted grew to a record $12 billion for the year, up $1 billion year over year.

全年調整後息稅前利潤增至創紀錄的 120 億美元，較去年同期成長 10 億美元。

Our EBIT-adjusted margin was 10.1%, achieving our target of sustaining strong margins of 10%-plus for the year.

我們的息稅前利潤調整後利潤率為 10.1%，實現了今年維持 10% 以上強勁利潤率的目標。

And in fact, North America has now achieved 10%-plus EBIT-adjusted margins for two straight years, and we expect to once again generate a 10%-plus margin in North America in 2017.

事實上，北美地區現已連續兩年實現 10% 以上的 EBIT 調整後利潤率，我們預計 2017 年北美地區的利潤率將再次達到 10% 以上。

In Q4, North America generated $2.6 billion of EBIT-adjusted off a record $31.3 billion of revenue, down $200 million year over year.

第四季度，北美地區經調整後的息稅前利潤為 26 億美元，營收達到創紀錄的 313 億美元，年減 2 億美元。

Volume and price were net positives, which were offset with costs, mix and FX.

數量和價格均為淨正值，但被成本、組合和外匯所抵銷。

We continue to view the US industry as healthy and supportive of our strong earnings outlook.

我們仍然認為美國行業健康並支持我們強勁的獲利前景。

The US light vehicle industry finished the year with a 17.5 million units sold, and we continue to expect the industry to remain strong into 2017 and over the foreseeable future.

美國輕型汽車產業全年銷量為 1,750 萬輛，我們繼續預計該產業在 2017 年和可預見的未來將保持強勁。

We remain absolutely committed to our disciplined, retail-focused, go-to-market strategy, matching supply with demand, and being thoughtful about our sales to daily rental companies.

我們仍然絕對致力於我們嚴格的、以零售為中心的、進入市場的策略，使供應與需求相匹配，並對我們對日租公司的銷售進行深思熟慮。

This strategy is paying off through higher retail share, higher transaction prices and better residuals.

這項策略透過更高的零售份額、更高的交易價格和更好的剩餘價值獲得了回報。

Retail share for the full year was 16.8%, up 50 basis points versus 2015.

全年零售份額為 16.8%，比 2015 年上升 50 個基點。

We will continue to focus on retail share, with additional planned reduction of daily rentals of approximately 30,000 to 50,000 units in 2017.

我們將繼續專注於零售份額，並計劃在 2017 年額外減少約 30,000 至 50,000 套的日租金。

Moving to incentives and transaction prices, for 2016, we significantly outperformed our closest competitors on incentives as a percent of ATPs.

至於激勵和交易價格，2016 年，我們在激勵措施佔 ATP 的百分比方面明顯優於最接近的競爭對手。

GM incentives were up 80 basis points year over year, while the industry was up 100 basis points year over year.

通用汽車激勵措施年增 80 個基點，而產業激勵措施較去年同期成長 100 個基點。

Furthermore, GM's average transaction prices increased at a faster rate than the industry in 2016.

此外，2016年通用汽車的平均交易價格漲幅高於業界。

Year-end day supply is well-positioned at 71 days, in line with our target of 70 days.

年末供應量處於 71 天的有利位置，符合我們 70 天的目標。

Looking ahead to Q1, we expect aggregate dealer inventory levels to remain higher than a year ago, as the industry remains strong and we've built dealer stock ahead of our upcoming crossover launches.

展望第一季度，我們預計經銷商總庫存水準將保持高於一年前的水平，因為行業依然強勁，而且我們在即將推出的跨界車之前已經建立了經銷商庫存。

Having said that, we will continue to manage inventories with discipline and take the necessary actions, as demonstrated by our recent shift reductions to match car production with demand.

話雖如此，我們將繼續嚴格管理庫存，並採取必要的行動，正如我們最近減少班次以使汽車產量與需求相匹配所證明的那樣。

Okay, moving on to the rest of the world, China continues to deliver solid results, with equity income of $2 billion for the full year, about equal to a year ago.

好吧，轉向世界其他地區，中國繼續取得穩健的業績，全年股權收入達 20 億美元，與一年前持平。

While we see slower growth in China for 2017, we are confident our new launches will improve our mix and enable us to continue to deliver strong equity income.

雖然我們預計 2017 年中國的成長將放緩，但我們相信我們的新產品將改善我們的產品組合，並使我們能夠繼續提供強勁的股權收入。

After years of depressed conditions in South America, we are starting to see light at the end of the tunnel.

在南美洲經歷了多年的低迷狀況之後，我們開始看到隧道盡頭的曙光。

We have worked hard at restructuring our business and lowering our breakeven point.

我們努力重組業務並降低損益平衡點。

Our efforts continue to pay off.

我們的努力繼續得到回報。

The team narrowed losses by nearly $250 million this year compared to 2015, in a more challenging environment.

在更具挑戰性的環境下，該團隊今年的虧損比 2015 年減少了近 2.5 億美元。

We anticipate continued improvement in South America throughout 2017.

我們預計 2017 年南美市場將持續改善。

Shifting to Europe, as Mary stated earlier, we are not satisfied with these results.

轉移到歐洲，正如瑪麗之前所說，我們對這些結果並不滿意。

Despite a $300 million impact from Brexit, we reduced losses by more than $550 million year over year, and would have achieved our breakeven objective absent Brexit.

儘管英國脫歐造成了 3 億美元的影響，但我們比去年同期減少了超過 5.5 億美元的損失，在沒有英國脫歐的情況下也能實現盈虧平衡目標。

However, Brexit is a reality, and we need to take renewed action to get back on the path to a sustainable business -- and we will.

然而，英國脫歐已成為現實，我們需要採取新的行動，重新走上永續發展的道路——我們會的。

Heading into 2017, we would expect relatively flat performance versus 2016, as we work to mitigate the Brexit impact.

進入 2017 年，我們預計業績將與 2016 年相比相對持平，因為我們正在努力減輕英國脫歐的影響。

A few comments on GM Financial in our Corp segment.

對我們公司部門中的通用汽車金融公司的一些評論。

GM Financial posted record revenue of $9.6 billion and record earnings before tax-adjusted of $900 million, up $100 million year over year.

通用汽車金融公司公佈創紀錄的營收 96 億美元，稅前調整後獲利創紀錄的 9 億美元，年增 1 億美元。

Earnings assets grew 36% to about $77 billion, supporting expected future earnings growth.

獲利資產成長 36%，達到約 770 億美元，支持預期的未來獲利成長。

We anticipate continued earnings before tax growth in 2017 as we execute the full captive strategy in the United States.

由於我們在美國執行全面自保策略，我們預計 2017 年稅前利潤將持續成長。

In the Corp segment, costs were about $400 million for Q4, which resulted in costs of about $900 million for the year.

在企業部門，第四季的成本約為 4 億美元，全年成本約為 9 億美元。

The increased costs in the quarter were primarily related to our investments in autonomous and mobility.

本季成本增加主要與我們在自動駕駛和移動出行方面的投資有關。

These costs will continue to be captured in the Corp sector.

這些成本將繼續體現在企業部門。

We expect a similar level of total quarterly corporate sector costs throughout 2017 as we saw in Q4.

我們預計 2017 年企業部門季度總成本水準與第四季相似。

Turning to cash flow and capital allocation, adjusted-automotive free cash flow grew to $6.9 billion for the year, up $4.7 billion year over year.

就現金流和資本配置而言，調整後的汽車自由現金流全年增至 69 億美元，年增 47 億美元。

These results include increased capital spending of $1.7 billion, as we made investments in our portfolio in line with our previously communicated plan.

這些結果包括資本支出增加 17 億美元，因為我們根據先前傳達的計劃對我們的投資組合進行了投資。

Q4 adjusted-automotive free cash flow grew by $2 billion year over year, primarily driven by timing in working capital, including rental car activity and sales allowance accruals.

第四季調整後汽車自由現金流年增 20 億美元，主要受到營運資本時機的推動，包括汽車租賃活動和應計銷售補貼。

We anticipate this effect to partially reverse in 2017.

我們預計這種影響將在 2017 年部分逆轉。

However, we still expect to generate approximately $6 billion in automotive free cash flow this year, consistent with the guidance we provided at the Deutsche Bank conference.

然而，我們仍預計今年將產生約 60 億美元的汽車自由現金流，這與我們在德意志銀行會議上提供的指導一致。

Our strong cash flow generation and earnings growth continues to support a significant return of capital to shareholders, in line with our capital allocation framework.

根據我們的資本配置框架，我們強勁的現金流產生和獲利成長持續為股東提供可觀的資本回報。

We returned $4.8 billion to shareholders throughout the year, including $2.3 billion in common stock dividends and $2.5 billion in share repurchases, completing our initial $5 billion authorization one quarter early.

我們全年向股東返還 48 億美元，其中包括 23 億美元的普通股股息和 25 億美元的股票回購，提前一個季度完成了我們最初的 50 億美元授權。

In Q4, the Company also completed the first $1 billion of the next $4 billion authorization.

第四季度，公司也完成了下一個 40 億美元授權的前 10 億美元。

We expect to complete the remaining $3 billion in 2017.

我們預計在 2017 年完成剩餘的 30 億美元。

Last month, we announced a third share repurchase authorization of $5 billion, to be completed as expeditiously as possible.

上個月，我們宣布了第三筆 50 億美元的股票回購授權，將盡快完成。

The under-funded status of the US pension plans improved by $3.2 billion in the year to $7.2 billion, due primarily to improved return on assets, and contributions of $2.1 billion.

美國退休金計畫的資金不足狀況在這一年改善了 32 億美元，達到 72 億美元，這主要是由於資產回報率的提高以及 21 億美元的繳款。

Now I want to share more details on our 2017 outlook.

現在我想分享更多關於我們 2017 年展望的細節。

As we outlined last month, we expect to deliver full-year 2017 EPS diluted-adjusted of $6 to $6.50.

正如我們上個月概述的那樣，我們預計 2017 年全年攤薄調整後每股收益將達到 6 美元至 6.50 美元。

Looking at the earnings cadence for 2017, for the full Company, we expect the quarterly earnings to be more evenly distributed throughout the year than in the recent past, with a slightly stronger Q1 and slightly weaker Q3, due to K2 Production downtime.

綜觀 2017 年的獲利節奏，對於整個公司而言，我們預計全年的季度獲利分佈將比最近幾年更加均勻，由於 K2 生產停工，第一季略強，第三季略弱。

In North America, we expect to generate another year of 10%-plus margins, primarily due to strong material cost performance and pricing driven by our new crossovers, partially offset by carryover pricing and increased content in our new launches.

在北美，我們預計明年的利潤率將達到10% 以上，這主要是由於我們的新跨界車帶來了強勁的材料成本效益和定價，但部分被結轉定價和新產品中增加的內容所抵消。

We see a significant opportunity for growth in adjacencies in 2017, specifically GM Financial, where we expect to once again improve earnings as we continue to grow our US captive capability.

我們看到了 2017 年周邊業務成長的重大機會，特別是通用汽車金融公司，隨著我們繼續增強我們在美國的自保能力，我們預計該業務的利潤將再次提高。

As we look around the world, we see an opportunity for improvement year over year in South America as the macro conditions improve, especially in our key market of Brazil.

放眼全球，隨著宏觀環境的改善，我們看到南美洲有逐年改善的機會，特別是在我們的關鍵市場巴西。

And we see continued strong profit performance in China.

我們看到中國的獲利表現持續強勁。

We expect these key drivers will lead to another strong year, maintain or improve EBIT-adjusted and EBIT-adjusted margin, and generate higher revenues, compared to 2016.

我們預計，與 2016 年相比，這些關鍵驅動因素將帶來另一個強勁的一年，維持或提高息稅前調整後利潤率和息稅前調整後利潤率，並產生更高的收入。

The Company also expects to generate about $15 billion in automotive operating cash flow and $6 billion in automotive-adjusted free cash flow.

該公司還預計將產生約 150 億美元的汽車營運現金流和 60 億美元的汽車調整自由現金流。

Lastly, I want to say a few words regarding recent news.

最後，我想就最近的新聞說幾句話。

We are supportive of efforts by President Trump and Congress to implement tax reform that improves the competitiveness of American companies.

我們支持川普總統和國會實施稅收改革以提高美國企業競爭力的努力。

GM continues to share job creation ideas and industry information with lawmakers, to help them create proposals that will be positive for the US economy and keep vehicles affordable.

通用汽車繼續與立法者分享創造就業機會的想法和行業訊息，幫助他們制定對美國經濟有利並保持汽車價格實惠的提案。

Within the topic of tax reform, border adjustment tax is an area that has drawn the most attention and speculation.

在稅制改革話題中，邊境調節稅是最受關注和猜測的領域。

As you can appreciate, at this stage, there is significant uncertainty as to what proposals will actually be enacted, and we expect to have more dialogue with you over time as details emerge.

正如您所理解的，現階段，具體將實施哪些提案存在很大的不確定性，隨著時間的推移，隨著細節的出現，我們希望與您進行更多的對話。

At this point, we can offer high-level insight into our assessment of the industry and GM's current sourcing picture.

此時，我們可以提供對行業評估和通用汽車當前採購情況的高級見解。

Our analysis shows the US auto industry, on average, derives in the mid-50% range of its content from non-US sources.

我們的分析顯示，美國汽車產業平均有 50% 的內容來自非美國來源。

Ours is lower.

我們的更低。

If current proposals are enacted, we expect to be less affected than some others.

如果目前的提案得到實施，我們預計受到的影響將比其他一些提案小。

We are also taking a holistic view in considering other favorable elements of tax reform.

我們也正在全面考慮稅改的其他有利因素。

For example, we would receive a benefit from our meaningful annual US exports.

例如，我們將從每年有意義的美國出口中受益。

Importantly, we expect our cash taxes to remain low over the next few years.

重要的是，我們預計未來幾年我們的現金稅將保持在較低水準。

We believe foreign exchange, GDP growth, and how costs and benefits are allocated through the supply chain, are among the major variables that will ultimately dictate the economic outcome for GM and the industry.

我們認為，外匯、GDP 成長以及供應鏈中成本和收益的分配方式是最終決定通用汽車和產業經濟成果的主要變數。

We'll continue to work with our government on tax reform measures that support US manufacturing and the US economy.

我們將繼續與政府合作制定支持美國製造業和美國經濟的稅收改革措施。

So to sum it up, quarter in line with expectations, a record full year in 2016, and we will continue to meet our commitments in 2017, as we have done over the past three years.

總而言之，季度符合預期，2016 年全年創歷史新高，我們將繼續履行我們在 2017 年的承諾，就像我們在過去三年中所做的那樣。

That concludes our opening comments.

我們的開場白就到此結束。

We'll now move to the question-and-answer portion of the call.

我們現在將進入通話的問答部分。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of John Murphy with Bank of America.

我們的第一個問題來自美國銀行的約翰‧墨菲。

Good morning, guys.

早安，夥計們。

Good morning.

早安.

Just a first question on the 2017 guidance, particularly in North America.

這是關於 2017 年指導的第一個問題，特別是在北美。

And when we think about this, the changeover costs for the crossovers is going to be met with some upside revenue, because the product will actually launch.

當我們考慮到這一點時，跨界車的轉換成本將得到一些上漲的收入，因為該產品將真正推出。

But when you look at the truck changeover, on the actions you're taking in the second half of the year, getting real benefit on the revenue side is not going to occur until 2018.

但是，當你看看卡車的轉變，以及你在下半年採取的行動時，要到 2018 年才能在收入方面獲得真正的好處。

I'm just curious if you can delineate what level of pressure you're expecting from those truck changeover costs in the second half of the year?

我只是好奇您是否能描述一下您預計下半年卡車更換成本的壓力有多大？

And really, when you expect the benefit from the revenue to occur as we get into 2018?

事實上，您預計 2018 年何時會從收入中獲益？

Yes, John, good try, to get me to answer when we are launching the next generation truck.

是的，約翰，很好的嘗試，讓我在我們推出下一代卡車時回答。

That is [not going to] happen.

這是[不會]發生的。

Well, it's coming.

嗯，它來了。

Yes, no doubt.

是的，毫無疑問。

What I would say, when I look at North America in total, again, starting with the overall guidance, we expect another strong year of 10%-plus percent margins in North America.

我想說的是，當我再次審視北美地區的整體情況時，從整體指引開始，我們預計北美地區的利潤率將再次強勁，達到 10% 以上。

The big drivers, again, with the puts and takes, volume and mix, roughly, are going to be flat.

同樣，主要的推動因素，包括看跌期權、成交量和組合，大致將持平。

Volume will be down year over year, partially due to our taking action on passenger cars, and partially due to the ramp-up of the new crossovers and some of the changeover of the trucks.

銷量將逐年下降，部分原因是我們對乘用車採取了行動，部分原因是新跨界車的增加和卡車的一些轉換。

But mix will be favorable, fundamentally offsetting that.

但混合將是有利的，從根本上抵消這一點。

Price will be favorable, and cost will be favorable.

價格會優惠，成本也會優惠。

Those two will largely or more than offset FX.

這兩者將在很大程度上或超過抵消外匯。

Those are the biggest drivers in 2017 for North America.

這些是 2017 年北美地區最大的推動因素。

So it sounds like the truck changeover costs are relatively low then in the second half, but are still a little bit of a headwind.

因此，聽起來卡車轉換成本比下半年相對較低，但仍然有點阻力。

Is that a fair characterization?

這是一個公平的描述嗎？

Yes, I would say that, as we're going through this launch cadence, whether it's trucks or crossovers, or the vehicles that we launched this year, or some of the impact in fourth quarter in North America related to Duramax, you always have some those.

是的，我想說的是，當我們經歷這種發布節奏時，無論是卡車還是跨界車，或者我們今年推出的車輛，或者第四季度在北美與 Duramax 相關的一些影響，你總是有一些那些。

I wouldn't say that they are materially different in -- the cost themselves -- in 2017 versus 2016.

我不會說 2017 年與 2016 年的成本本身有本質上的差異。

The bigger impact is on the volume side.

更大的影響是在音量方面。

Okay, that's helpful.

好的，這很有幫助。

And then secondly, I'm just wondering if you could talk about your lease penetration in the fourth quarter and the full year in 2016?

其次，我想知道您能否談談 2016 年第四季和全年的租賃滲透率？

What generally your marketing plans are, split between lease penetration and marketing or incentive dollars in 2017?

2017 年，您的行銷計畫大致是什麼，分為租賃滲透率和行銷或激勵資金？

And what you're seeing in the industry?

您在業界看到了什麼？

Because it seems like there's some divergent views among the automakers, and I'm just curious what you're seeing?

因為汽車製造商之間似乎存在一些不同的觀點，我只是好奇你看到了什麼？

Yes, lease penetration in 2016, in the fourth quarter, was roughly 25%, 26%.

是的，2016 年第四季的租賃滲透率約為 25%、26%。

That feels like the right number for us relative to overall penetration, when you look at the makeup of our products, whether luxury mix, truck mix.

當你看看我們產品的組成時，無論是豪華車組合還是卡車組合，這對我們來說相對於整體滲透率來說是正確的數字。

And generally, that would be running at an appropriate level, from an industry perspective.

一般來說，從行業角度來看，這將在適當的水平上運行。

With low interest rates, it feels to me, from an industry perspective, that leasing is filling some of the gap on subvented financing.

在低利率的情況下，從行業角度來看，我覺得租賃正在填補一些受資助融資的缺口。

And that's been running very low.

而且這個數字一直很低。

So the biggest drivers are cash deals, and then leasing, and then standard payment terms.

因此，最大的推動因素是現金交易，然後是租賃，然後是標準付款條件。

Very low subvented financing at this point.

此時的資助融資非常低。

Okay.

好的。

And then just lastly, and I know this is kind of a tough question to answer at this point, because we aren't even sure what policy issues are going to be.

最後，我知道目前這是一個很難回答的問題，因為我們甚至不確定會出現哪些政策問題。

Policy has to actually settle in North America.

政策必須真正在北美解決。

But Mary, in your discussion with Trump and new Administration, are you hearing anything about a recognition that there could be a response overseas, particularly in China?

但是瑪麗，在您與川普和新政府的討論中，您是否聽到任何關於海外可能會做出反應的認識，特別是在中國？

Which is a very important market for you near term and long term, that might not be so great for your business.

從短期和長期來看，這對您來說都是一個非常重要的市場，但對您的業務可能不太好。

Is that being taken into the calculus as these decisions are being made, or is this more just US-focused in the discussion so far?

在做出這些決定時是否考慮到了這一點，或者到目前為止的討論更側重於美國？

Well, you know, I think if you look at it, there's a wide range of topics -- whether it's tax, trade, regulations -- and there's a lot of, I'll say, information being shared, just to level the foundation.

嗯，你知道，我想如果你看一下，你會發現有各種各樣的主題——無論是稅收、貿易、監管——而且我會說，有很多資訊被分享，只是為了奠定基礎。

For instance, I've shared a lot of information about the dynamics in the auto industry, and how all those things would be impacted.

例如，我分享了很多有關汽車行業動態的信息，以及所有這些事情將如何受到影響。

So I would say, right now, it's very constructive dialogue, and the Administration really listening to the input that we have, and to kind of put things in context.

所以我想說，現在這是非常有建設性的對話，政府確實聽取了我們的意見，並將事情放在背景中。

So that's where we are at right now, John.

這就是我們現在所處的情況，約翰。

Okay, thank you very much.

好的，非常感謝。

Our next question will come from the line of Adam Jonas with Morgan Stanley.

我們的下一個問題將來自摩根士丹利的亞當喬納斯。

Thanks.

謝謝。

Mary, just got two questions for you.

瑪麗，我有兩個問題想問你。

First, on safety.

首先，關於安全。

Toyota has targeted 100% of their vehicles sold in the US to have active safety in AEB of some form, as standard, by the end of this year.

豐田的目標是，到今年年底，其在美國銷售的 100% 車輛都將某種形式的 AEB 主動安全系統作為標準配置。

That's their goal, and it sounds like they are on track to do that.

這是他們的目標，而且聽起來他們正在實現這一目標。

When could we expect GM to make AEB standard on all of its vehicles, to ensure the safest possible baseline technology available to all consumers, regardless of their ability to speck up to the higher trim levels?

我們什麼時候才能期望通用汽車在其所有車輛上製定 AEB 標準，以確保所有消費者都能獲得最安全的基線技術，無論他們是否有能力達到更高的裝飾水平？

So Adam, we're looking across the whole portfolio.

亞當，我們正在審視整個投資組合。

We made the commitment with many other OEMs, from a [new set] perspective, for the emergency automatic braking.

我們與許多其他整車廠從[新組]的角度做出了緊急自動煞車的承諾。

We are looking across -- and so we have the commitment made.

我們正在放眼全局，因此我們做出了承諾。

We are looking across each of those product lines to look and see what we think is best from a customer perspective, of what they are going to value.

我們正在審視每一個產品線，從顧客的角度來看我們認為最好的產品，以及他們最重視的產品。

Clearly it will be available, but giving the customer some choice there.

顯然它是可用的，但給客戶一些選擇。

So I don't have the specific rollout in front of me, but I know the team has worked across the entire portfolio, across all brands, to implement those plans.

因此，我面前沒有具體的部署，但我知道團隊已經在整個產品組合、所有品牌中開展工作，以實施這些計劃。

Okay, second question is more structural.

好的，第二個問題更具結構性。

Since your IPO, the S&P is up 95%, GM stocks up around 6%.

自 IPO 以來，標準普爾指數上漲了 95%，通用汽車股票上漲了 6% 左右。

I'm not trying to pick on you, because Ford stock is down over 20% from your IPO date in 2010.

我並不是想挑剔你，因為福特的股價較你 2010 年 IPO 之日下跌了 20% 以上。

So there's clearly an OEM business model problem being discounted by the market, and it does appear to go way beyond just GM.

因此，顯然 OEM 商業模式的問題被市場忽視了，而且它似乎確實遠遠超出了通用汽車的範疇。

But look, your stock is really cheap, and you admitted earlier in your comments, you think under-appreciated by the market.

但你看，你的股票真的很便宜，而且你之前在評論中承認，你認為市場低估了。

Question is, is there something radical or structural -- like a change of business unit structure, legal organization structure, like what Alphabet has done on the Google -- something more radical that needs to be done to address the strategic concerns and risks discounted by investors, or to otherwise unlock hidden value?

問題是，是否有一些激進的或結構性的事情——比如業務部門結構、法律組織結構的改變，就像Alphabet 對谷歌所做的那樣——需要採取一些更激進的事情來解決戰略問題和風險。

I realize that's a very ethereal question, and I ask it this way deliberately and respectfully, just to see how you respond, Mary.

我意識到這是一個非常空靈的問題，我故意並尊重地這樣問，只是為了看看你如何回應，瑪麗。

Thank you.

謝謝。

Sure, Adam, so when we look at it, I divide it into two pieces.

當然，亞當，所以當我們看它時，我把它分成兩部分。

One, we come to work every day looking to -- how do we drive shareholder value and long term value for all of our shareholders?

第一，我們每天工作時都在尋找──如何推動股東價值和所有股東的長期價值？

We believe -- and we've got a track record of demonstrating performance and meeting our commitments for three years now -- we're going to continue to did that with our outlook for 2017.

我們相信，我們在 2017 年的展望中將繼續做到這一點，並且我們已經在三年來展示績效和履行我們的承諾方面取得了良好的記錄。

We've identified how we can continue to make this business better.

我們已經確定瞭如何繼續使這項業務變得更好。

I think we have more opportunity.

我認為我們有更多的機會。

But then also, the way that we are investing in the future, which I think is huge opportunity, with transportation-as-a-service.

但另一方面，我們投資未來的方式，我認為這是巨大的機會，交通即服務。

Building on the platform for transportation-as-a-service is connectivity.

建立在交通即服務平台之上的是互聯互通。

We have a lead with OnStar.

我們在安吉星方面處於領先地位。

And as we continue to roll that out very quickly around the globe, and continue to not only provide that connectivity in each of our vehicles, but to build on what we can do with that connectivity, I believe we're just scratching the surface of what we can do with the data we have in the vehicle, and continuing to add vehicle for customers.

隨著我們繼續在全球範圍內快速推廣這項技術，不僅繼續在我們的每輛車中提供這種連接，而且還進一步利用這種連接來實現我們可以做的事情，我相信我們只是觸及了表面。

So I think that's a huge opportunity.

所以我認為這是一個巨大的機會。

Clearly on electrification, we've got the lead with the Bolt EV, having that vehicle in the marketplace, getting great reviews.

顯然，在電氣化方面，我們的 Bolt EV 處於領先地位，該車輛已推出市場並獲得好評。

It's not just a great electric vehicle, it's a great vehicle, and that's the feedback we're getting from customers.

它不僅僅是一輛出色的電動車，而且是一輛出色的汽車，這就是我們從客戶那裡得到的回饋。

That gives us the foundation to really push forward in electrification, and be very successful from an electrification perspective, leveraging our global scale.

這為我們真正推動電氣化奠定了基礎，並利用我們的全球規模從電氣化的角度取得了巨大成功。

So that is something that I think is huge opportunity.

所以我認為這是一個巨大的機會。

Autonomous and transportation-as-a-service and sharing -- clearly the work that we're doing from an autonomous perspective, and really looking from the traditional business to miles traveled and how we can participate strongly in that -- that's why we've made the investments and have made great progress.

自主、交通即服務和共享——顯然我們從自主的角度正在做的工作，真正從傳統業務轉向行駛里程以及我們如何強有力地參與其中——這就是我們的原因」我們已經進行了投資並取得了巨大進展。

Last year, really accelerated our progress on autonomous.

去年，我們在自動駕駛方面的進展確實加快了。

And we released a video a week or two ago showing the progress, and that progress is happening on a weekly basis, not monthly or quarterly.

我們在一兩週前發布了一段視頻，展示了進展情況，而且這種進展是每週發生的，而不是每月或每季度發生的。

So I look at how we're working to make sure we're as efficient as possible in the basic business of cars, trucks and crossovers around the globe.

因此，我研究了我們如何努力確保我們在全球汽車、卡車和跨界車的基本業務中盡可能高效。

But then looking at all of the opportunity that technology has to transform this industry.

但接下來看看科技改變這個產業的所有機會。

And I think we're well-positioned.

我認為我們處於有利位置。

And that's what we are working hard on every day.

這就是我們每天努力工作的目標。

Because I think that will change the dialogue and change the calculus of how this Company is valued.

因為我認為這將改變對話並改變對公司估值的計算。

Thanks.

謝謝。

Our next question will come from the line of Colin Langan with UBS.

我們的下一個問題將來自瑞銀集團的 Colin Langan。

Great, thanks for taking my questions.

太好了，感謝您回答我的問題。

Just following up on your comments on the potential for a border tax adjustment, could you frame the kind of cost increase you might expect if a border tax were implemented?

就您對邊境稅調整的可能性的評論進行跟進，您能否列出如果實施邊境稅，您可能預期的成本增加類型？

And would you need to do any structural changes?

您需要進行任何結構性改變嗎？

I know some of your pickup capacity is down in Mexico.

我知道你們在墨西哥的部分接送能力有所下降。

Would you have to relocate it?

需要搬遷嗎？

How are you thinking about the planning, if something actually does go through?

如果確實有事情發生的話，你是如何考慮這個計劃的？

Well, one, I think it's too early to speculate on the potential implications of the border-adjusted tax.

嗯，第一，我認為現在推測邊境調整稅的潛在影響還為時過早。

That's one part of tax reform.

這是稅改的一部分。

There's a number of moving pieces.

有許多移動部件。

And what we want to do is engage constructively around how we can best work with the Administration to make sure that this is good for the economy, good for the manufacturing footprint.

我們想做的是建設性地討論如何最好地與政府合作，以確保這有利於經濟，有利於製造業足跡。

As you can imagine, very complicated dynamic, with supply footprint, manufacturing footprint, long lead investment.

正如你可以想像的那樣，這是非常複雜的動態，包括供應足跡、製造足跡、長期投資。

So a number of moving pieces here that we want to participate in and engage in, around transition timing and other aspects of this.

因此，圍繞著過渡時間和其他方面，我們希望參與和參與一些令人感動的事情。

So again, too early to speculate on what the potential implications are.

所以，現在猜測潛在影響還為時過早。

But do you think you're better at the position than the industry -- is what you said in your comments?

但你認為你在這個職位上比這個行業更好嗎——正如你在評論中所說的那樣？

Is that fair?

這樣公平嗎？

When I look at the percent of import content, yes, we are better-positioned than the industry, on average.

當我查看進口內容的百分比時，是的，平均而言，我們比行業處於更好的位置。

Got it.

知道了。

And in your comments -- I don't know if I got this right -- you said in the auto other line, the Q4 run rate of $400 million would continue.

在您的評論中——我不知道我是否理解正確——您在汽車其他行中表示，第四季度 4 億美元的運行率將繼續下去。

I think that implies around a $500 million year-over-year increase in other auto.

我認為這意味著其他汽車的同比增長約為 5 億美元。

One, is that correct?

一、這樣說對嗎？

And then when we are thinking about adjusted EBIT being higher, what are the main pieces that would offset that increase?

然後，當我們考慮調整後的息稅前利潤較高時，哪些主要因素可以抵銷這種成長？

Well, I think you're thinking about it correctly.

嗯，我認為你的想法是正確的。

As we talked about, the expenditures that we'll be making on autonomous vehicles will be in the corporate sector, as we look to start to provide more visibility around that, especially as we start to monetize that opportunity on a go-forward basis.

正如我們所討論的，我們將在自動駕駛汽車上進行的支出將在企業部門，因為我們希望開始提供更多的可見性，特別是當我們開始在未來的基礎上將這一機會貨幣化時。

And the puts and takes on that, as you look at the overall results, I would expect aggregate profitability to be better in North America.

從整體結果來看，我預期北美的整體獲利能力會更好。

I would expect profitability to be better in South America in GM Financial, as well, and relatively flat in Europe, relatively flat in China.

我預期通用汽車金融公司在南美洲的獲利能力也會更好，而歐洲的獲利能力相對持平，中國的獲利能力相對持平。

Those are the big drivers.

這些是主要的驅動因素。

And just lastly, in your outlook, what is the raw material impact?

最後，在您看來，原材料的影響是什麼？

How much of a headwind should we expect (multiple speakers)

我們應該期待多大的逆風（多個發言者）

It is a headwind in 2017, I would say, in the low hundreds of millions of dollars, at a corporate level, at this point in time.

我想說，在企業層面上，此時此刻，這在 2017 年是一個逆風，在數億美元的水平上。

Not a significant magnitude, but certainly factored into our outlook.

雖然幅度不大，但肯定會影響我們的前景。

All right, thank you very much.

好的，非常感謝。

Yes.

是的。

Our next question will come from the line of Itay Michaeli with Citi.

我們的下一個問題將來自花旗銀行的 Itay Michaeli。

Good morning, everybody.

大家早安。

Good morning.

早安.

Just to follow up on the last question.

只是為了跟進最後一個問題。

Chuck, I think you mentioned, in 2017 North America cost should be favorable.

Chuck，我想你有提到過，2017年北美成本應該是有利的。

If we tie that back into slide 16, is that sort of a fixed cost being favorable, or is that the net of fixed as well as material carryover being favorable?

如果我們將其與投影片 16 連結起來，是那種固定成本有利，還是固定成本和材料結轉的淨額有利？

The net of the two.

兩人之網。

The net of the two, great.

兩人的網，太棒了。

And then as we think about the autonomous costs in 2017 and the fourth quarter, are there any metrics you can share in terms of, by the end of the year, where you think you're going to be in terms of the size of your fleet?

然後，當我們考慮 2017 年和第四季度的自動駕駛成本時，您是否可以分享一些指標，以了解您認為到年底您的汽車規模將達到什麼程度？

In terms of testing, and other metrics that we should be following, as we track your progress?

當我們追蹤您的進度時，在測試和我們應該遵循的其他指標方面？

Yes, not at this time.

是的，目前還不行。

I think as the year unfolds, you'll hear more about that from us, of what our plans are, and some of those milestones that we'll be sharing.

我認為隨著這一年的展開，您會從我們這裡聽到更多關於這一點、我們的計劃以及我們將分享的一些里程碑的資訊。

Great.

偉大的。

And lastly, maybe for you Mary, on the same topic, as you meet with the Administration -- I know there's a lot of discussion on tax and policy.

最後，也許對你來說，瑪麗，當你與政府會面時，關於同一主題——我知道有很多關於稅收和政策的討論。

What are your early thoughts on how the Administration is looking at autonomous and future driverless cars and ride sharing?

您對政府如何看待自動駕駛和未來無人駕駛汽車以及乘車共享有何早期想法？

Any initial thoughts on how they're approaching that element of it?

關於他們如何處理這個元素有什麼初步想法嗎？

Well, I think we've had a very constructive and positive conversation about the regulatory environment.

嗯，我認為我們就監管環境進行了非常有建設性和積極的對話。

And clearly putting safety at the forefront and doing the right thing for the environment, but looking at the opportunities of how do we streamline and how do we enable technology.

明確將安全放在首位，為環境做正確的事情，但同時也著眼於我們如何簡化流程以及如何啟用技術的機會。

So I think it has been a very positive dialogue that has covered, in a general sense, autonomous.

所以我認為這是一次非常積極的對話，涵蓋了一般意義上的自主性。

Great, very helpful.

太棒了，非常有幫助。

Thank you very much.

非常感謝。

Our next question will come from the line of Rod Lache with Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Rod Lache。

Good morning, everybody.

大家早安。

Hi, Rod.

嗨，羅德。

Had a couple questions.

有幾個問題。

First maybe for Mary.

首先可能是瑪莉。

In your discussions in Washington about border adjustments, I'm wondering if there's been any discussion about a phase-in of any changes at this point, given the reality of the lead time required for any changes to the industrial footprint?

當你們在華盛頓討論邊境調整時，我想知道考慮到工業足跡的任何改變所需的準備時間的現實，是否有關於目前逐步實施任何改變的討論？

And in addition to the border adjustments, do you see any potential changes to tariffs, and your ability to bring in trucks without significant tariffs?

除了邊境調整之外，您是否認為關稅有任何潛在的變化，以及您在沒有大幅關稅的情況下引進卡車的能力？

So in the conversation, I've done a lot, as have others, recognizing -- we had an automotive industry-focused meeting as well as the strategy and policy meeting.

因此，在談話中，我和其他人一樣做了很多工作，並認識到我們舉行了一次以汽車行業為重點的會議以及策略和政策會議。

But to really make sure everyone is grounded and understands the complexity of our supply chain, as well as the capital-intensive, long-lead nature of our business.

但要真正確保每個人都腳踏實地，了解我們供應鏈的複雜性，以及我們業務的資本密集、長期性。

And I think that understanding has been well-received.

我認為這種理解受到了廣泛歡迎。

Clearly, as Chuck said, there's a lot of moving pieces right now.

顯然，正如查克所說，現在有很多變化。

And that's why we are at the table, and also working at all levels of the Administration to make sure we're providing the input.

這就是為什麼我們坐在談判桌上，並與各級政府合作，以確保我們提供意見。

Because let's recognize the number of jobs that we do provide here -- 100,000 jobs.

因為讓我們認識一下我們在這裡提供的就業數量——100,000 個就業機會。

If you look at the number of vehicles that we sell here versus the number that is produced here, it's almost 80%.

如果你看一下我們在這裡銷售的車輛數量與在這裡生產的車輛數量，你會發現幾乎是 80%。

Now there's puts and takes with exports, but a very high percentage of products are built in this country.

現在出口有進出，但很大比例的產品是在這個國家製造的。

So we've been really providing all of those facts.

所以我們一直在提供所有這些事實。

And then clearly, talking about, if there are shifts, that they have to happen over time.

然後很明顯，如果有變化，它們必須隨著時間的推移而發生。

So that's the input that we've given, and I would say its been very constructive.

這就是我們提供的意見，我想說這是非常有建設性的。

Okay, thanks.

好的，謝謝。

And just two questions on the outlook for 2017.

關於 2017 年的展望只有兩個問題。

First, at a high level, obviously you're expecting a little bit of improvement in North America, and flat China.

首先，從高水準來看，顯然你預期北美會出現一些改善，而中國則持平。

You said that a few times, Chuck.

你說過好幾次了，查克。

And presumably, you're taking into account the headwinds, North America, the non-reccurence of the inventory build, some pricing maybe on legacy products, raw materials, DNA.

想必，你正在考慮逆風、北美、庫存建設的不重複性、一些可能針對遺留產品、原料、DNA 的定價。

And in China you talked about the 5% price deflation that you're expecting.

在中國，您談到了您所預期的 5% 的物價通貨緊縮。

A big offset to that is the cost savings that you're expecting, the $1.5 billion.

對此的一個很大的抵消是您所期望的 15 億美元的成本節省。

I was hoping you could maybe give us a little bit more color on the price and mix benefit that you're anticipating from the new products, the magnitude of the pipeline that you're anticipating, and how that plays a role in your bridge?

我希望您能給我們更多關於您期望從新產品中獲得的價格和混合效益、您期望的管道規模以及這在您的橋樑中如何發揮作用的信息？

In which sector would you like me to start, North America or China?

您希望我從哪個部門開始，北美還是中國？

North America and China, I guess whichever you want to do first.

北美和中國，我想無論你想先做什麼。

Yes, so from a North American perspective, yes, we would expect aggregate profitability to improve year over year.

是的，所以從北美的角度來看，是的，我們預計總獲利能力將逐年提高。

As I indicated earlier, we expect volume to be a headwind, and mix to fundamentally offset that.

正如我之前指出的，我們預計成交量將成為不利因素，而混合則可以從根本上抵消這一影響。

So the favorable mix associated with some of our recently launched product pricing will be favorable, again related to our crossover launches, largely reduced sales allowances.

因此，與我們最近推出的一些產品定價相關的有利組合將是有利的，這又與我們的跨界產品發布有關，很大程度上減少了銷售補貼。

And then overall fix will be slightly favorable when you look at material on carryover, versus fixed.

然後，當您查看結轉的材料時，與固定的材料相比，整體修復會稍微有利。

Fixed costs are going to be relatively flat year over year.

固定成本年將相對持平。

And that will offset some FX headwinds, primarily related to the Mexican peso.

這將抵消一些外匯不利因素，主要與墨西哥比索有關。

So those are the big drivers.

所以這些都是主要的驅動因素。

In China, it's the same kind of dynamic that we've been talking about.

在中國，這也是我們一直在談論的同樣的動態。

Mix will be favorable.

混合將是有利的。

Pricing, we're assuming another 5% headwind.

定價方面，我們假設還有 5% 的阻力。

Carryover in material and mix will largely offset the pricing and cost.

材料和混合物的結轉將在很大程度上抵消定價和成本。

And costs should be slightly up in China as we get the full-year ramp of some of the recently opened facilities.

隨著一些最近開業的設施的全年產量增長，中國的成本應該會略有上升。

But the dynamics over the last couple of years aren't changing in China.

但過去幾年中國的動態並沒有改變。

Great, thank you.

太好了，謝謝。

That's really helpful.

這真的很有幫助。

And just lastly, in your outlook for GM Financial, how are you thinking about the impact of the higher borrowing costs and lower residuals in the forecast?

最後，在您對通用汽車金融公司的展望中，您如何看待預測中較高的借貸成本和較低的殘差的影響？

Factored in.

考慮在內。

I mean, we factored in the expectations from -- at least ALG and other's expectations for what's happened with used car pricing.

我的意思是，我們至少考慮了 ALG 和其他公司對二手車定價變化的預期。

So a continued normalization of used car pricing.

因此，二手車定價持續正常化。

Obviously we factor into our pricing and cost of funds, expectations, continuously rising interest.

顯然，我們考慮了我們的定價和資金成本、預期以及不斷上升的利息。

So that's factored in.

所以這是考慮在內的。

Going back to the conference, Rod, in January, we laid out all of the downsides and headwinds that we saw in 2017, and what we were doing to mitigate that in the context of our guidance.

回到 1 月的會議，Rod，我們列出了 2017 年看到的所有缺點和逆風，以及我們在指導背景下正在採取的緩解措施。

And the factors you mentioned were part of that -- pricing dynamic, continued investment, and new technologies, the pricing environment in the US and China, for example, raw material headwinds in 2017 versus 2016, FX from a global perspective.

您提到的因素也是其中的一部分——定價動態、持續投資和新技術、美國和中國的定價環境，例如，2017 年與 2016 年相比的原材料逆風，從全球角度來看的外匯。

That dynamic is not getting any better.

這種動態並沒有改善。

But when you look at the things that were under our control -- costs, our product launch cadence, which will improve mix and pricing -- we again are confident that we're going to see strong results again in 2017.

但當你看看我們控制下的事情——成本、我們的產品發布節奏，這將改善產品組合和定價——我們再次相信我們將在 2017 年再次看到強勁的業績。

Great, thank you.

太好了，謝謝。

Yes.

是的。

Our next question will come from the line of David Tamberrino with Goldman Sachs.

我們的下一個問題將來自高盛的大衛·坦貝裡諾（David Tamberrino）。

Great, good morning.

太好了，早安。

Thanks for taking our questions here.

感謝您在這裡提出我們的問題。

It's been asked a couple times, Rod just asked it too.

這個問題已經被問過好幾次了，羅德也剛問過。

On leasing and residual values, how did your leasing percentage progress throughout the year?

在租賃和殘值方面，您的租賃百分比全年進展如何？

I think you said 26% for the fourth quarter.

我想你說的是第四季 26%。

It sounds like you don't expect to see a slowdown in that or a pullback in leasing as you're going into 2017.

聽起來您預計 2017 年不會出現放緩或租賃縮減的情況。

Part of that I imagine is because you're driving the higher prime business through GMF, and expect to continue to keep that high.

我想部分原因是您透過 GMF 推動了更高的優質業務，並期望繼續保持這一高水準。

But really wanted to dig into, what is the residual value forecast that you have going forward in your model for 2017 earnings?

但我真的很想深入了解一下，您在 2017 年獲利模型中的剩餘價值預測是多少？

We've seen Ford and now Toyota take down their residual value forecast.

我們已經看到福特和現在的豐田都降低了剩餘價值預測。

Maybe they were just a little bit more aggressive on what residual values would look like before it had to come down.

也許他們只是對剩餘價值在必須下降之前的樣子更加激進一些。

But trying to understand what you're baking in from a price decrease year over year for those vehicles?

但想要了解這些車輛的價格逐年下降會為您帶來什麼影響？

And then, understandingly, I know you're pulling back on daily rental, but that's only half the story.

然後，可以理解的是，我知道你們正在減少每日租金，但這只是故事的一半。

If you're continuing to drive lease penetration in the same rates that you are, at some point in time, is there not going to be an increased supply of your vehicles coming off lease that could be detrimental to residual values in the 2018-2019 timeframe?

如果您在某個時間點繼續以相同的速度推動租賃滲透率，那麼租賃結束後的車輛供應量是否不會增加，這可能會損害 2018-2019 年的剩餘價值大體時間？

Just to answer those in the order that they came in, David, as we move through the 2016 calendar year, our lease penetrations came down.

David，按照出現的順序回答這些問題，隨著 2016 年的到來，我們的租賃滲透率下降了。

You may recall, earlier in the year, first quarter, second quarter 2016, lease penetrations were up in the high-20%s, and we moved them down to where we ended.

您可能還記得，今年早些時候，即 2016 年第一季和第二季度，租賃滲透率上升了 20% 左右，我們將其下調至結束時的水平。

As I said, mid-20% is the appropriate level, and that's something that we would continue to manage.

正如我所說，20% 左右是合適的水平，我們將繼續管理這一水平。

Relative to our lease residual exposure, or our thinking of lease residual, I've covered this before, vis-a-vis, some of the competition.

相對於我們的租賃剩餘風險，或者我們對租賃剩餘的思考，我之前已經針對一些競爭對手介紹過這一點。

We've got a different mix.

我們有不同的組合。

Because GM Financial has been leasing vehicles and been the captive lease provider only for the last couple of years, we have a significantly different mix -- lower penetration of passenger cars, higher penetration of trucks and SUVs.

由於通用汽車金融公司在過去幾年一直從事車輛租賃業務，並且成為專屬租賃提供商，因此我們的組合截然不同——乘用車的滲透率較低，卡車和 SUV 的滲透率較高。

And I'm not going to give you specifics on what we're assuming from used car.

我不會向您詳細說明我們對二手車的假設。

All I would say is, we're anticipating continued moderation and normalization of used car pricing, not inconsistent with third-party-type data that you could get out there, over the next two to three years.

我想說的是，我們預計二手車定價將在未來兩到三年內繼續適度和正常化，與您可以獲得的第三方類型數據不會不一致。

I would say, in total, in the range of about 7% over the next two to three years.

我想說，在未來兩到三年內，整體成長率約為 7%。

But I'm not going to give a year-to-year specific.

但我不會給出逐年的具體情況。

And one of the fundamentals relative to how we're running the business residual [modeling], we're working with GMF, our Express Drive, 100% of our vehicles being re-marketed by GMF, so that we can efficiently absorb and distribute in a way that is not detrimental to residuals, the vehicles that are coming off lease.

與我們如何運行業務剩餘[建模]相關的基本原則之一，我們正在與 GMF、我們的 Express Drive 合作，我們 100% 的車輛由 GMF 再行銷，以便我們能夠有效地吸收和分配以不損害剩餘車輛的方式，即租賃到期的車輛。

And that's one of the reasons we've significantly reduced our daily rental sales as well.

這也是我們大幅減少每日租賃銷售的原因之一。

So taken in balance, I think we've got a reasonably balanced view of what's going to happen, from a residual perspective, over the next number of years.

因此，綜合考慮，我認為，從剩餘的角度來看，未來幾年我們對將要發生的事情有相當平衡的看法。

Okay, that's very helpful.

好的，這非常有幫助。

And then taking your comments on GM pricing obviously expected to be up in the back of product cadence.

然後考慮一下您對通用汽車定價的評論，顯然預計會在產品節奏的後面上漲。

What are you anticipating for the overall market?

您對整體市場有何預期？

And how could that potentially change your view?

這可能會如何改變您的觀點？

I ask that because, during the Q3 2016 earnings call, I think, we were talking about lower sequential incentives from 3Q 2016 to 4Q 2016.

我這麼問是因為，我認為，在 2016 年第三季財報電話會議上，我們討論的是從 2016 年第三季到 2016 年第四季較低的連續激勵措施。

However, from the data that we look at, it seemed as if GM incentives did go up sequentially in the fourth quarter, and is partially being market-driven.

然而，從我們看到的數據來看，通用汽車的激勵措施似乎在第四季度確實有所上升，部分是由市場驅動的。

Given where you ended the January month with your day sales of inventory for passenger cars as well as for light trucks, are you anticipating seeing the market continue to drive incentives higher?

鑑於您一月份結束時的乘用車和輕型卡車庫存日銷量，您是否預計市場將繼續推動激勵措施走高？

Obviously I think you guys pulled back a little bit in the quarter, and that's why your sales were a little bit lower than where some of us expected.

顯然，我認為你們在本季度有所回落，這就是為什麼你們的銷售額略低於我們一些人的預期。

But just trying to understand where you see the overall market going from a pricing perspective relative to your expectations, where you have a product cadence that should be driving positive price?

但只是想了解一下，從定價角度來看，整體市場的走向與您的預期相比，您的產品節奏應該在哪裡推動積極的價格？

Yes, I would say the following.

是的，我會說以下內容。

Over the last number of years, the pricing environment has been moderating.

在過去的幾年裡，定價環境一直在緩和。

If you look at overall incentive spend as a percentage of transaction price, it's been inching up on a consistent basis, which is certainly not unexpected where we are in the cycle.

如果你將整體激勵支出佔交易價格的百分比來看，它一直在持續上升，這在我們所處的周期中當然並不令人意外。

We continue to be very disciplined.

我們仍然非常遵守紀律。

Our actual incentive spend, compared to the industry, has come down.

與業界相比，我們的實際激勵支出有所下降。

Back three or four years ago, we were running at 110% of industry.

早在三、四年前，我們的運作率為業界的 110%。

In the 2016 calendar year, we were closer to 103% or 104%.

2016 年，我們接近 103% 或 104%。

And I think that just highlights the strength of our product lineup.

我認為這凸顯了我們產品陣容的實力。

I would expect to see incentive spending inch up again in 2017.

我預計 2017 年激勵支出將再次小幅成長。

We said that we expected continued pricing challenges, or competitive pricing environment, in the United States and China.

我們表示，我們預計美國和中國將面臨持續的定價挑戰或競爭性定價環境。

Within that though, when you look at our launch cadence, let's remember, in 2016 we have the oldest compact and mid-crossover lineup in the industry, and still perform very well.

不過，當您查看我們的發布節奏時，請記住，2016 年我們擁有業內最古老的緊湊型和中型跨界車陣容，並且仍然表現出色。

That's going to be completely refreshed, which should provide an opportunity.

這將完全刷新，這應該提供一個機會。

Trucks continue to perform very well, demand is strong.

卡車持續表現良好，需求強勁。

We're running all of our plants on three shifts, full-on.

我們所有的工廠都實行三班制，全力運作。

So supply and demand in balance.

所以供需平衡。

Where we have challenges is, our cars, and we're aligning supply and demand on that by cutting production.

我們面臨的挑戰是我們的汽車，我們正在透過削減產量來調整供需。

So on balance, a more challenging pricing environment, but we think we're well-positioned within that, given our product launch cadence.

因此，總的來說，這是一個更具挑戰性的定價環境，但考慮到我們的產品發布節奏，我們認為我們處於有利位置。

Okay, thank you.

好的，謝謝。

It's very helpful.

這非常有幫助。

Our next question will come from the line of Ryan Brinkman, JPMorgan.

我們的下一個問題將來自摩根大通的 Ryan Brinkman。

Great, thanks for taking my questions.

太好了，感謝您回答我的問題。

Just regarding the increase in corporate and eliminations expense in 4Q on autonomous investments, is that due to an actual acceleration in these autonomous investments?

僅就第四季自主投資的企業費用和沖銷費用的增加而言，這是由於這些自主投資的實際加速嗎？

Or potentially to newly or increasingly accounting for them in the corporate and eliminations line?

或者有可能在公司和抵銷項目中重新或越來越多地考慮它們？

Or both?

還是兩者都有？

And then how should we think about these investments tracking going forward?

那我們該如何看待這些投資的未來發展呢？

Roughly at the Q4 level, or maybe something less?

大約在第四季度的水平，或者可能更低？

And then I imagine there's still no change to the guidance you're cost-cutting program over the next several years is expected to more than compensate for increased investments in all-emerging technologies like electrification mobility and autonomy?

然後我想，未來幾年的成本削減計劃指導方針仍然沒有變化，預計將足以彌補對電氣化、移動性和自動駕駛等新興技術的投資增加？

Such that net cost savings will be a net driver of higher EBIT going forward?

這樣一來，淨成本節省將成為未來更高息稅前利潤的淨驅動力？

Is that right?

是這樣嗎？

At the last point, that is correct.

最後一點，這是正確的。

To your first question, that Q4, I would say was run rate, when we have ramped up the AV engineering and cruise automation at roughly plus or minus $150 million a quarter.

對於你的第一個問題，我想說的是第四季度的運行率，當時我們以每季大約正負 1.5 億美元的速度提升了 AV 工程和巡航自動化。

We weren't spending very much at all until we got into the fourth quarter.

在進入第四季之前，我們並沒有花太多錢。

And I would expect to see a run rate similar to that in 2017, roughly $150 million a quarter.

我預計運行率將與 2017 年類似，每季約 1.5 億美元。

That will, we believe, be sufficient.

我們相信，這就夠了。

Because we've already got the architecture, with the Bolt, to put us in a strong position from an AV standpoint.

因為我們已經有了 Bolt 的架構，從 AV 的角度來看，我們處於有利的地位。

And when you look at the overall corporate sector, you've got that year-over-year roughly $450 million increase, plus there's some incremental legal expense in 2017 versus 2016 related to the ignition switch activities.

當你觀察整個企業部門時，你會發現同比增長了約 4.5 億美元，此外 2017 年與 2016 年相比還有一些與點火開關活動相關的增量法律費用。

And as I think about that, beyond 2017, who knows?

我想，2017 年之後，誰知道呢？

But that should start to moderate beyond then.

但此後這種情況應該會開始放緩。

Okay, great, thanks.

好的，太好了，謝謝。

And then just my last question is on China.

我的最後一個問題是關於中國的。

The earnings there tracked very strong, but the margin just a little softer.

那裡的獲利表現非常強勁，但利潤率略有下降。

Is it still the case that the causal factor is broken out, and GMI -- the bridge on slide 20 -- that those exclude non-consolidated operations?

因果因素是否已被打破，GMI（投影片 20 上的橋樑）是否排除了非合併業務？

Would all of the change in equity coming through, or whatever, cause a factor in that other category?

股本的所有變化，或其他什麼，是否會導致其他類別的因素？

And then if so, can you speak directionally to the impact of volume mix, price/cost in Q4?

如果是這樣，您能否直接談談第四季度銷售組合、價格/成本的影響？

And then how you would expect these drivers to net out going forward?

那麼您預計這些驅動程式將如何繼續獲利呢？

The EBIT bridge is on a consolidated basis, so it would exclude China.

息稅前利潤橋是合併基礎上的，因此不包括中國。

We report China equity income -- the drivers of China equity income in 2016 similar to 2015.

我們報告了中國股權收入——2016 年中國股權收入的驅動因素，與 2015 年類似。

Pretty similar.

非常相似。

Volume is positive, mix is positive, pricing has been a 5% headwind, material cost performance has been a positive.

銷售量為正，產品組合為正，定價面臨 5% 的逆風，材料成本效益也為正。

And then as we've ramped up plants, the fixed cost has inched up net-net.

然後，隨著我們擴大工廠規模，固定成本也逐漸增加。

In that dynamic, we've been able to maintain the equity income.

在這種動態下，我們能夠維持股權收入。

But you've seen the margin compression, which we've talked about before, on a go-forward basis, due primarily to pricing, that the margins were going to compress.

但你已經看到了我們之前討論過的利潤率壓縮，在未來的基礎上，主要由於定價，利潤率將會壓縮。

And we saw that play out in 2016.

我們在 2016 年看到了這種情況的發生。

Okay.

好的。

And how do you expect that to track in 2017, these different drivers?

您預計 2017 年這些不同的驅動因素將如何發展？

I think the drivers of the industry over there are very consistent.

我認為那裡的行業驅動因素非常一致。

Higher volume, better mix, pricing, is going to be a headwind kind of in the same zip code, in the 5% range.

更高的銷售量、更好的組合和定價，在相同郵遞區號的情況下，在 5% 的範圍內，將是一種逆風。

Material cost efficiency will be a tailwind.

材料成本效率將成為有利因素。

And then, between their cost-down, efficiency-up and full run rate on the plants, fixed cost will be up slightly on a year-over-year basis.

然後，在工廠的成本下降、效率提高和滿載運轉率之間，固定成本將比去年同期略有上升。

But generally consistent with what's been driving the business the last couple of years.

但總體上與過去幾年推動業務發展的因素一致。

Okay, very helpful.

好的，非常有幫助。

Thank you.

謝謝。

Yes.

是的。

Our next question will come from the line of Joseph Spak with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的 Joseph Spak。

Thanks for squeezing me in here.

謝謝你把我擠在這裡。

Chuck, first question is, in the fourth quarter in North America, the $1.2 billion in volume: how much of that was -- if you could dimensionalize it -- from the stocking up?

查克，第一個問題是，北美第四季 12 億美元的交易量：其中有多少——如果你能具體計算的話——來自庫存？

Especially since, I believe, on a year-over-year basis for the comp purposes, in the fourth quarter of 2015, you were still destocking.

特別是，我相信，出於比較目的，在 2015 年第四季度，您仍在去庫存。

Yes, for the fourth-quarter 2016 versus 2015, inventory build -- because you've got to look at the change, and the change was about 100,000 units.

是的，2016 年第四季與 2015 年相比，庫存增加了——因為你必須看看變化，變化約為 100,000 件。

And when I look at the net impact of that, about $100 million.

當我查看其淨影響時，約為 1 億美元。

Volume was up, but mix was unfavorable, because a lot of the stock was building up stock of passenger vehicles, which we're now addressing.

銷量有所增加，但混合情況不利，因為大量庫存正在增加乘用車庫存，我們現在正在解決這個問題。

So that's the impact in the fourth quarter.

這就是第四季的影響。

Okay, right.

好吧，對。

And you said volume a headwind for 2017.

你說 2017 年成交量是個逆風。

Is it fair to assume you still have a little bit of stocking up, and then it starts to tail off, in terms of cadence?

假設您仍然有一點庫存，然後就節奏而言開始減少，這是否公平？

Absolutely consistent with what we talked about back in December, we will be building inventory as we move through the first half of the year.

與我們在 12 月談論的內容完全一致，我們將在今年上半年建立庫存。

We will be addressing the passenger car part of this with the shift reductions that we've announced.

我們將透過我們宣布的減少班次來解決乘用車部分的問題。

But we'll build inventory of our crossovers leading into the launch, as well as trucks.

但我們將在上市前建立跨界車以及卡車的庫存。

And then inventory will normalize in the second half, very similar to the dynamic we had when we transitioned from the GMT 900 to the K2.

然後庫存將在下半年恢復正常，這與我們從 GMT 900 過渡到 K2 時的動態非常相似。

And then we would expect to end 2017 in the same zip code as 60- and roughly 70-day supply.

然後我們預計 2017 年底的郵遞區號將達到 60 天和大約 70 天的供應量。

Okay.

好的。

And then on the autonomous and mobility costs, not to beat a dead horse, but you're bringing it out in corporate.

然後在自主和移動成本方面，不是為了打敗一匹馬，而是在企業中把它拿出來。

If you were to somehow allocate it by region, is most of that in North America?

如果按地區分配的話，大部分是在北美嗎？

And then related, where are your electrification costs -- or, how are those being allocated?

然後相關的是，你的電氣化成本在哪裡——或者，這些成本是如何分配的？

Are those also in corporate, or are those to the regions?

也是公司的，還是地區的？

Well, the electrification costs, depending on -- they end up in the vehicles themselves.

嗯，電氣化成本取決於——它們最終會體現在車輛本身上。

And if it's engineering costs associated with electrification, it goes to the region, fundamentally based on engineering resources deployed.

如果是與電氣化相關的工程成本，那麼它會流向該地區，這基本上取決於部署的工程資源。

The reason that we're separating autonomous is because we would expect over time, as we continue to move that business -- along with Maven -- forward into a commercial piece of the business, that we want to make sure that there's visibility around that on the commercial side of autonomous vehicles.

我們之所以將自主業務分離出來，是因為我們預計，隨著時間的推移，當我們繼續將該業務與 Maven 一起推進到業務的商業部分時，我們希望確保該業務的可見性在自動駕駛汽車的商業方面。

Because we would expect to commercialize that obviously.

因為我們顯然希望將其商業化。

Okay, that's helpful.

好的，這很有幫助。

Are you willing to share how much in 2016 roughly you think you spent on electrification?

您願意分享一下您認為 2016 年在電氣化方面大概花了多少錢嗎？

That would have been part of our overall engineering expense.

這將是我們整體工程費用的一部分。

So certainly a portion of the engineering expense, but I'm not going to break that out separately.

所以這肯定是工程費用的一部分，但我不會單獨列出來。

Okay, thanks.

好的，謝謝。

And our final question today will come from the line of Brian Johnson with Barclays.

今天我們的最後一個問題將來自巴克萊銀行的布萊恩·約翰遜。

Thank you.

謝謝。

A couple quick questions.

幾個簡單的問題。

First, can you comment a bit -- we beat the border adjustment tax to death.

首先，你能評論一下嗎——我們徹底擊敗了邊境調節稅。

But prior to NAFTA, there was a thing called a chicken tax.

但在北美自由貿易協定之前，有一種叫做雞稅的東西。

Which, my understanding -- maybe just could you comment on -- my understanding is, that is still in effect and preventing imports of things like the Colorado and whatnot, from Thailand.

我的理解——也許你可以評論一下——我的理解是，這仍然有效，並且阻止從泰國進口科羅拉多河之類的東西。

Would that also apply, in the chance that NAFTA goes away, to Mexico?

如果北美自由貿易協定取消，這也適用於墨西哥嗎？

And if so, have there been discussions, given the importance of pickup truck lines to, dare we say, red states, about whether that makes sense to apply it to the pickup trucks coming up from Mexico?

如果是這樣，考慮到皮卡車線對（我們敢說）紅色州的重要性，是否有人討論過將其應用於來自墨西哥的皮卡車是否有意義？

You know, as it relates to trade overall or NAFTA, it is just really too soon to tell.

你知道，因為它與整體貿易或北美自由貿易協定有關，所以現在下結論還為時過早。

But I mean I think we've got a seat at the table and are providing input, because clearly we don't want to create a situation where we impact jobs in the United States.

但我的意思是，我認為我們已經在談判桌上佔有一席之地並正在提供意見，因為顯然我們不想造成一種影響美國就業的情況。

Which will quickly happen, when you look at how integrated the supply base is, and how things go back and forth.

當你看看供應基地的整合程度以及事情如何來回變化時，這種情況很快就會發生。

So it's really way too soon to speculate.

所以現在猜測還太早。

What we're looking for is fair, free trade, because we believe that, with every country -- because we believe then the strength of our product line will allow us to do well around the globe.

我們正在尋求的是公平、自由的貿易，因為我們相信，與每個國家都如此——因為我們相信我們產品線的優勢將使我們在全球範圍內取得良好的業績。

So in all the conversations, we're making sure people understand possibly some not-understood aspects of the business, so a very informed decision can be made.

因此，在所有對話中，我們確保人們了解業務中可能存在的一些不了解的方面，以便做出非常明智的決定。

As Chuck said, we do support overall tax reform, but the details are key.

正如查克所說，我們確實支持全面的稅務改革，但細節是關鍵。

And that's why we're having such an active voice in making sure the business is understood, the jobs we provide, et cetera.

這就是為什麼我們如此積極確保我們的業務、我們提供的就業機會等被理解。

Okay.

好的。

And second, for Chuck, more on quarter-over-quarter, year-over-year level.

其次，對查克來說，更多的是季度環比、年比水準。

When you look at the pricing majors minus material majors, it was a net $200 million positive.

當您查看定價專業減去材料專業時，您會發現淨收益為 2 億美元。

Your majors were mostly cars [Lux] in 2016, and 2017 they are going to be CUBs.

2016 年你的專業主要是汽車 [Lux]，2017 年他們將是 CUB。

Do you expect that roughly $200 million a quarter pace to continue?

您預計每季約 2 億美元的成長速度會持續下去嗎？

Could it expand?

可以擴大嗎？

Or the other extreme is, their payback is maybe some of the cars which seem to be driving some of the inventory position, need to come out of the system.

或者另一個極端是，他們的回報可能是一些似乎正在推動某些庫存位置的汽車需要從系統中出來。

I would expect that our pricing dynamic, if you're speaking specifically to North America, will be -- year over year, on new, will be a little bit more robust than the $200 million a quarter in 2016, based on the crossover launches.

我預計，如果您專門針對北美市場，我們的定價動態將比 2016 年每季 2 億美元（基於跨界車的發布）年復一年更加強勁。

Okay, thanks.

好的，謝謝。

Yes.

是的。

Thank you.

謝謝。

I'll now turn the call over to Mary Barra.

我現在將把電話轉給瑪麗·巴拉。

Thank you.

謝謝。

So I just have a couple of quick closing comments here, and I want to share a couple of key takeaways.

所以我在這裡只想簡單說幾句結束語，我想分享一些關鍵的要點。

First, the Company is producing strong financial results.

首先，公司正在創造強勁的財務表現。

And I think we've given you a lot of reasons and specifics of why we plan to continue to do just that in 2017, and realize stronger financial results.

我認為我們已經向您提供了許多理由和細節，說明我們計劃在 2017 年繼續這樣做，並實現更強勁的財務業績。

We believe, overall, GM is a better, more disciplined and more focused Company.

我們相信，整體而言，通用汽車是一家更好、更有紀律、更專注的公司。

And you'll see us continue to drive that focus across all 220,000 employees around the globe.

您將看到我們繼續推動全球 220,000 名員工關注這一焦點。

Because we believe there are more efficiencies that we can deliver, higher quality, and continue with strong products, as well as our investment in the future of mobility.

因為我們相信，我們可以提供更高的效率、更高的質量，並繼續提供強大的產品以及我們對未來移動旅行的投資。

All of this to drive strong shareholder value.

所有這些都是為了推動強大的股東價值。

We are taking the steps to make sure, in the very important area of the future of mobility, that we have a leadership role, and we're building on a strong foundation in many of these areas.

我們正在採取措施，確保在未來移動出行這個非常重要的領域中發揮領導作用，並且我們正在其中許多領域打下堅實的基礎。

And overall, if you step back and look at 2016 as a whole, we're demonstrating that we can do what we say what we're going to do, and continuing to build that track record of delivering on our commitments.

總的來說，如果你退一步看一下 2016 年的整體，我們正在證明我們可以做到我們所說的話和我們要做的事情，並繼續建立兌現我們承諾的記錄。

So we look forward to a very strong 2017.

因此，我們期待著非常強勁的 2017 年。

And I want to thank all of you for participating on the call.

我要感謝大家參加這次電話會議。

Ladies and gentlemen, that does conclude the conference call for today.

女士們先生們，今天的電話會議到此結束。

We thank you for your participation, and ask that you please disconnect your lines.

我們感謝您的參與，並請您斷開線路。