通用汽車 (GM) 2022 Q3 法說會逐字稿

Good morning, and welcome to the General Motors Company Third Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, Tuesday, October 25, 2022.

早上好，歡迎參加通用汽車公司 2022 年第三季度收益電話會議。 （操作員說明）提醒一下，本次會議正在錄製，時間為 2022 年 10 月 25 日，星期二。

I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.

我現在想將會議轉交給通用汽車投資者關係副總裁 Ashish Kohli。

Thank you, Madison, and good morning, everyone. We appreciate you joining us to review GM's financial results for the third quarter of 2022. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We are also broadcasting this call via webcast.

謝謝你，麥迪遜，大家早上好。感謝您與我們一起審查通用汽車 2022 年第三季度的財務業績。我們的電話會議材料於今天上午發布，可在通用汽車的投資者關係網站上查閱。我們也通過網絡廣播廣播這個電話。

Joining us today is Mary Barra, GM's Chair and CEO; Paul Jacobson, GM's Executive Vice President and CFO; as well as Kyle Vogt, CEO of Cruise. Dan Berce, President and CEO of GM Financial, will also be joining us for the Q&A portion of the call.

今天加入我們的是通用汽車的主席兼首席執行官 Mary Barra；通用汽車執行副總裁兼首席財務官 Paul Jacobson；以及 Cruise 的 CEO Kyle Vogt。通用汽車金融總裁兼首席執行官丹·伯斯（Dan Berce）也將與我們一起參加電話會議的問答部分。

Before we begin, I would like to direct your attention to the forward-looking statements on the first page of our presentation. The content of our call will be governed by this language.

在我們開始之前，我想請您注意我們演示文稿第一頁上的前瞻性陳述。我們的通話內容將受此語言約束。

And with that, I'm delighted to turn the call over to Mary.

有了這個，我很高興把電話轉給瑪麗。

Thanks, Ashish, and good morning, everyone. Thanks for joining the call.

謝謝，Ashish，大家早上好。感謝您加入通話。

During the third quarter, the GM team once again demonstrated our ability to deliver strong results while executing our growth strategy and managing multiple headwinds. The third quarter brings our EBIT-adjusted earnings for the first 9 months of the year to $10.7 billion, which keeps us on track to deliver our full year guidance.

在第三季度，通用汽車團隊再次展示了我們在執行增長戰略和管理多重逆風的同時實現強勁業績的能力。第三季度使我們今年前 9 個月的 EBIT 調整後收益達到 107 億美元，這使我們能夠實現全年指導。

We translated improved supply chain performance into another quarter of full-size pickup and full-size SUV sales leadership with very strong mix and pricing. The Cadillac Escalade also continues to lead its segment by a wide margin.

我們將改善的供應鏈績效轉化為另一個季度的全尺寸皮卡和全尺寸 SUV 銷售領先地位，具有非常強大的組合和定價。凱迪拉克凱雷德也繼續大幅領先其細分市場。

Chevrolet and GMC unveiled new midsize and heavy-duty pickups to help maintain our strong position when they launch. And the Chevrolet Bolt EV and EUV are selling at record levels, thanks to their range, technology and value. And in September, they outsold the Ford Mustang Mach-E more than 2:1.

雪佛蘭和 GMC 推出了新的中型和重型皮卡，以幫助我們在推出時保持強勢地位。雪佛蘭 Bolt EV 和 EUV 的銷量創下歷史新高，這要歸功於它們的續航里程、技術和價值。而在 9 月，他們以超過 2:1 的比例超過了福特 Mustang Mach-E。

BrightDrop is generating revenue in the last-mile delivery segment. And later this year, CAMI Assembly is set to launch BrightDrop production, making its candidate's first large-scale EV plant. Production will ramp up in 2023 to begin fulfilling major orders from our customers, including Walmart, FedEx and Merchants Fleet.

BrightDrop 在最後一英里交付領域產生了收入。今年晚些時候，CAMI Assembly 將啟動 BrightDrop 生產，使其成為候選的第一家大型電動汽車工廠。生產將在 2023 年增加，以開始履行我們客戶的主要訂單，包括沃爾瑪、聯邦快遞和 Merchants Fleet。

In addition, BrightDrop launched Trace Grocery eCart last month to help speed up online grocery order fulfillment, with Kroger slated to be the first customer. And as Kyle shared last month, Cruise has begun its expansion into Austin and Phoenix, and he'll share an update in a few minutes.

此外，BrightDrop 上個月推出了 Trace Grocery eCart，以幫助加快在線雜貨訂單的履行速度，Kroger 將成為第一個客戶。正如凱爾上個月分享的那樣，克魯斯已經開始向奧斯汀和鳳凰城擴張，他將在幾分鐘內分享最新消息。

So it has been a great team effort by everyone, and I really want to thank and recognize the GM team, our suppliers and our dealers. While the operating environment remains challenging our team continues to adjust quickly when and where it needs to. This is especially true of our supply chain and manufacturing teams.

因此，每個人都付出了巨大的團隊努力，我真的要感謝和認可通用汽車團隊、我們的供應商和經銷商。雖然運營環境仍然充滿挑戰，但我們的團隊繼續在需要的時間和地點快速調整。我們的供應鍊和製造團隊尤其如此。

During the quarter, we completed and shipped nearly 75% of the unfinished vehicles we held in the company inventory in June. That's well ahead of the plan we shared at our last earnings call. As we've moved through the year, we have seen gradual improvement in the supply chain, including semiconductors.

在本季度，我們完成並運送了 6 月份公司庫存中近 75% 的未完成車輛。這遠遠超出了我們在上次財報電話會議上分享的計劃。隨著這一年的過去，我們看到包括半導體在內的供應鏈逐漸改善。

Short-term disruptions will continue to happen, but we're taking concrete steps to minimize them and build long-term resiliency. This includes several strategic supply agreements for mature nodes where supply is most constrained. We are also working directly with semiconductor suppliers, ensuring long-term forecasts to increase transparency and ensure their planning cycles include our volume.

短期中斷將繼續發生，但我們正在採取具體措施將其最小化並建立長期彈性。這包括幾個供應最受限制的成熟節點的戰略供應協議。我們還直接與半導體供應商合作，確保進行長期預測以提高透明度並確保他們的計劃週期包括我們的數量。

I'd also like to recognize the GM China team. Despite disruptions caused by COVID lockdowns, morale is strong, and the business has returned to profitability, and they are building momentum in China's fast-growing EV market. This includes strong sales of the Wuling Hong Guang Mini EV, which remains China's best-selling electric vehicle; the September launch of the Cadillac LYRIQ; and the debut later this year of the first Buick EUV on the Ultium platform.

我還要感謝通用汽車中國團隊。儘管 COVID 封鎖造成了中斷，但士氣高漲，業務已恢復盈利，他們正在中國快速增長的電動汽車市場上建立勢頭。這包括五菱宏光Mini EV的強勁銷售，它仍然是中國最暢銷的電動汽車； 9 月推出凱迪拉克 LYRIQ；以及今年晚些時候在 Ultium 平台上首次亮相的別克 EUV。

As we grow EV volumes, we continue to benefit from investments we have made in new ICE products and manufacturing capacity, especially in our truck portfolio, where we are the industry leader. In fact, we took full-size pickup leadership from the Ford F-Series in 2020 and have held it ever since.

隨著電動汽車銷量的增長，我們繼續受益於我們對新 ICE 產品和製造能力的投資，特別是在我們處於行業領先地位的卡車產品組合中。事實上，我們在 2020 年從福特 F 系列中獲得了全尺寸皮卡的領導地位，並一直保持至今。

We'll press our advantage with the new 2024 Chevrolet Silverado HD and GMC Sierra HD, which will be available in the first half of 2023. The far-ranging improvements to these trucks, including redesigned interiors, enhanced trailering technology and new high-feature models, like the ZR2 for Chevrolet and the Denali Ultimate for GMC, are designed to support continued strong pricing.

我們將在 2023 年上半年推出新款 2024 Chevrolet Silverado HD 和 GMC Sierra HD 來發揮我們的優勢。這些卡車的廣泛改進，包括重新設計的內飾、增強的拖車技術和新的高性能雪佛蘭的 ZR2 和 GMC 的 Denali Ultimate 等車型旨在支持持續強勁的定價。

We are also launching all-new Chevrolet Colorados and GMC Canyons in the first half of 2023, which will include new premium off-road offerings. Importantly, the launches will be accompanied by significant reductions in complexity. For example, we reduced the number of cab and bed configurations from 3 to 1 to focus on the fastest-turning model, and we've also reduced our engine options from 3 to 1.

我們還將在 2023 年上半年推出全新的雪佛蘭 Colorados 和 GMC Canyons，其中將包括新的優質越野產品。重要的是，這些發布將伴隨著複雜性的顯著降低。例如，我們將駕駛室和床的配置數量從 3 種減少到 1 種，以專注於轉向最快的車型，我們還將發動機選項從 3 種減少到 1 種。

Going forward, all Colorados and Canyons will be powered by the Silverado and Sierra's high-output, 2.7-liter turbo engine, which is a great solution for customers and our business. The new engine offers more horsepower and torque than the outgoing gas powertrains, and we expect a 1- to 2-mile per gallon fuel economy improvement on most models.

展望未來，所有 Colorados 和 Canyons 都將由 Silverado 和 Sierra 的高輸出 2.7 升渦輪發動機提供動力，這對客戶和我們的業務來說都是一個很好的解決方案。新發動機提供的馬力和扭矩比即將推出的燃氣動力系統更大，我們預計大多數車型每加侖燃油經濟性會提高 1 到 2 英里。

Let's turn next to our EV supply chain and manufacturing base, where we are vertically integrating and scaling. To meet strong demand, we will soon be transitioning production of the Cadillac LYRIQ and GMC HUMMER EV from using imported cells to cells produced at our Ultium Cells joint venture plant in Ohio.

讓我們看看我們的電動汽車供應鍊和製造基地，我們在那裡進行垂直整合和擴展。為了滿足強勁的需求，我們將很快將凱迪拉克 LYRIQ 和 GMC HUMMER EV 的生產從使用進口電池轉變為在俄亥俄州的 Ultium Cells 合資工廠生產的電池。

At the same time, work is underway for higher production at Factory ZERO as well as volume production at CAMI Assembly in Ramos Arizpe starting in 2023 and Orion assembly in 2024. Construction is also underway on 2 more Ultium cell plants that will open in 2023 and 2024, respectively. This will help us meet strong and growing demand for the GMC HUMMER EV, the Chevrolet Silverado EV and Chevrolet Equinox EV and Blazer EV, along with the GMC Sierra EV and BrightDrop vans.

與此同時，ZERO 工廠的更高產量以及 2023 年開始在 Ramos Arizpe 的 CAMI Assembly 和 2024 年的 Orion 裝配的量產工作正在進行中。另外 2 家 Ultium 電池工廠的建設也正在進行中，這些工廠將於 2023 年開業，分別為 2024 年。這將幫助我們滿足對 GMC HUMMER EV、雪佛蘭 Silverado EV、雪佛蘭 Equinox EV 和 Blazer EV 以及 GMC Sierra EV 和 BrightDrop 貨車的強勁且不斷增長的需求。

All of our 2023 launches are progressing well. However, due to a slightly slower launch of cell and pack production than we expected, our plan is now to produce 400,000 EVs in North America over the course of 2022, '23 and the first half of 2024. We are always gated by quality, and everything we've learned will help us scale more than -- to more than 1 million units of annual capacity in 2025 with even greater confidence.

我們 2023 年的所有發射都進展順利。然而，由於電池和電池組生產的啟動速度比我們預期的稍慢，我們現在的計劃是在 2022 年、23 年和 2024 年上半年在北美生產 400,000 輛電動汽車。我們始終以質量為關，我們所學到的一切都將幫助我們更有信心在 2025 年將年產能擴大到超過 100 萬台。

For growth beyond 2025, we continue to secure our future with strategic supply agreements and direct investments in natural resource recovery, processing and recycling. The most recent example is the strategic investment we made in Queensland Pacific Metals of Australia to secure cost-competitive nickel and cobalt. The new clean energy tax credits of the U.S. certainly validate our strategy, and they will be a strong tailwind to expand domestic supply chain capacity and drive EV adoption.

對於 2025 年以後的增長，我們將繼續通過戰略供應協議和對自然資源回收、加工和回收的直接投資來確保我們的未來。最近的例子是我們對澳大利亞昆士蘭太平洋金屬公司的戰略投資，以確保具有成本競爭力的鎳和鈷。美國新的清潔能源稅收抵免肯定驗證了我們的戰略，它們將成為擴大國內供應鏈產能和推動電動汽車採用的強大動力。

As we scale the Ultium platform, we have been very intentional to position the company for volume growth, but with flexibility, efficiency and increased EV profitability over time. This includes fully leveraging the Chevrolet Bolt EV and EUV. We're planning to increase Bolt production from about 44,000 vehicles in 2022 to 70,000 vehicles next year because demand is at record levels.

隨著我們擴展 Ultium 平台，我們非常有意識地為公司定位，以實現銷量增長，但隨著時間的推移具有靈活性、效率和增加的 EV 盈利能力。這包括充分利用雪佛蘭 Bolt EV 和 EUV。我們計劃將 Bolt 的產量從 2022 年的約 44,000 輛增加到明年的 70,000 輛，因為需求處於創紀錄的水平。

We will use our industry-leading loyalty to move Bolt customers into one of our new EVs, like the Chevrolet Equinox EV, for their next purchase. Our Bolt EV and EUV owner base should surpass 200,000 at the end of next year. If we retain them at our average customer loyalty rate of 64%, that's more than 100,000 future customers for Ultium platform vehicles. I believe we can do even better because our new EVs are that good.

我們將利用我們行業領先的忠誠度將 Bolt 客戶吸引到我們的一款新電動汽車中，例如雪佛蘭 Equinox EV，以便他們下次購買。到明年年底，我們的 Bolt EV 和 EUV 車主群將超過 200,000 輛。如果我們以 64% 的平均客戶忠誠度留住他們，那麼 Ultium 平台車輛的未來客戶將超過 100,000 名。我相信我們可以做得更好，因為我們的新電動汽車非常好。

As I've said, customer demand is strong and growing for the LYRIQ, the HUMMER EV, the Silverado EV the Blazer EV. And the early customer and media response to the Equinox EV and the GMC Sierra EV we just unveiled have been overwhelmingly positive. Electric.com wrote that affordability makes the Equinox EV a win for the company and EV buyers everywhere. And MotorTrend said, it could be one of the first vehicles to trigger a tidal wave of EV demand.

正如我所說，客戶對 LYRIQ、HUMMER EV、Silverado EV 和 Blazer EV 的需求強勁且不斷增長。早期客戶和媒體對我們剛剛推出的 Equinox EV 和 GMC Sierra EV 的反應非常積極。 Electric.com 寫道，經濟實惠使 Equinox EV 成為公司和各地電動汽車購買者的勝利。 MotorTrend 表示，它可能是首批引發電動汽車需求浪潮的車輛之一。

And with the Sierra EV, GMC will be the only brand with 3 all-electric trucks in the market. And they are all incredibly distinctive, thanks to the flexibility of the Ultium platform. The Sierra EV Denali's Edition 1, 400 miles of range, 350-kilowatt DC fast charging; 9,500 pounds of towing, bold styling and luxurious refinements make it unlike anything else in the market.

憑藉 Sierra EV，GMC 將成為市場上唯一擁有 3 輛全電動卡車的品牌。由於 Ultium 平台的靈活性，它們都非常獨特。 Sierra EV Denali 的第 1 版，400 英里的續航里程，350 千瓦的直流快速充電； 9,500 磅的牽引力、大膽的造型和奢華的改進使其與眾不同。

In addition, the agreement we struck with Hertz to deliver as many as 175,000 EVs over the next 5 years will build on this momentum. Huge segments of the U.S. population have never driven an EV, and renting one for personal or business travel will be far more immersive than a test drive at a dealer. These customers, as well as experienced EV drivers, will see just how exciting and well-executed our products are, and this can help increase purchase consideration and sales for GM EVs.

此外，我們與赫茲達成的在未來 5 年內交付多達 175,000 輛電動汽車的協議將建立在這一勢頭之上。很大一部分美國人口從未駕駛過電動汽車，而為個人或商務旅行租一輛電動汽車將比在經銷商處試駕更具沉浸感。這些客戶以及經驗豐富的電動汽車司機將看到我們的產品是多麼令人興奮和執行良好，這有助於提高通用電動汽車的購買考慮和銷量。

There have been many other exciting developments this summer and fall, and I'd like to briefly mention 2 that speak directly to the power of our brands and the new business opportunities ahead of us. The first is the Cadillac CELESTIQ that we revealed just days ago. It is a completely bespoke work of automotive art, built around the most advanced and innovative technology we have ever engineered. Media described the CELESTIQ as the most advanced, most luxurious and one of the most important vehicles Cadillac has ever made. But one headline really captured its essence: Cadillac outrolls Rolls Royce.

今年夏天和秋天還有許多其他令人興奮的發展，我想簡單提一下 2 直接說明我們品牌的力量和我們面前的新商機。第一個是我們幾天前發布的凱迪拉克 CELESTIQ。這是一款完全定制的汽車藝術作品，圍繞我們設計過的最先進和創新的技術打造。媒體將 CELESTIQ 描述為凱迪拉克製造的最先進、最豪華和最重要的車輛之一。但一個標題真正抓住了它的精髓：凱迪拉克超越勞斯萊斯。

The second is the growth of Super Cruise. Our customers have now traveled 40 million miles with Super Cruise engaged, and the numbers are growing very quickly. We recently doubled its road network to more than 400,000 miles of interstates and non-divided highways, making it even more valuable to customers who already have highly -- are as highly satisfied with the technology. By the end of next year, it will be available on 22 models globally.

二是Super Cruise的增長。現在，我們的客戶在使用 Super Cruise 的情況下已經行駛了 4000 萬英里，而且這個數字還在快速增長。我們最近將其道路網絡翻了一番，達到超過 400,000 英里的州際公路和非分隔高速公路，使其對已經對該技術高度滿意的客戶更具價值。到明年年底，它將在全球 22 款車型上上市。

While we are expanding the competitive advantage we have in advanced driver assistance systems with Super Cruise, the Cruise team in San Francisco continues to make rapid progress in autonomous vehicles. Kyle is with us, so I'd like to invite him to share an update with you.

雖然我們正在通過 Super Cruise 擴大我們在高級駕駛員輔助系統方面的競爭優勢，但舊金山的 Cruise 團隊繼續在自動駕駛汽車方面取得快速進展。 Kyle 和我們在一起，所以我想邀請他與您分享最新消息。

Thanks, Mary. Overall, we remain largely on track for our goals this year, including expansion in San Francisco and the goal we announced in September to begin commercial driverless operation in 2 new markets.

謝謝，瑪麗。總體而言，我們今年的目標基本保持在軌道上，包括在舊金山的擴張以及我們在 9 月宣布的在 2 個新市場開始商業無人駕駛運營的目標。

We've now driven well over 400,000 fully driverless miles in San Francisco and given thousands of rides to members of the public, and we expect to expand our service area and hours of operation soon. We believe this is now the largest, fastest-growing and most successful commercial robotaxi service in existence and by a large margin. We've done this while building up a solid track record around safety, especially our safety culture, which drives our decision-making and approach to responsible EV deployment.

我們現在已經在舊金山駕駛了超過 400,000 英里的完全無人駕駛里程，並為公眾提供了數千次乘車服務，我們預計很快會擴大我們的服務區域和營業時間。我們相信這是目前規模最大、增長最快、最成功的商業機器人出租車服務，而且幅度很大。我們做到了這一點，同時在安全方面建立了良好的記錄，尤其是我們的安全文化，它推動了我們的決策和負責任的電動汽車部署方法。

Our product experience is getting better all the time, and we see this reflected in increased adoption and in many rave reviews we receive across both our ride-hail and delivery operations. As you may recall, we plan to do early commercialization in '21 and '22, and we have. Next year marks the beginning of our rapid scaling phase, where we plan to churn through the backlog of users waiting to use our service, ramp up our operations and start to generate meaningful revenue.

我們的產品體驗一直在變得更好，我們看到這反映在越來越多的採用率和我們在打車和送貨業務中收到的許多好評如潮的評價中。您可能還記得，我們計劃在 21 年和 22 年進行早期商業化，我們已經做到了。明年標誌著我們快速擴展階段的開始，我們計劃在該階段處理等待使用我們服務的積壓用戶，擴大我們的運營並開始產生有意義的收入。

As for our new markets, Austin and Phoenix, we remain on track to complete our first commercial driverless public rides and deliveries by the end of the year. This will begin at limited scale initially and ramp up as we produce more vehicles. Our current status is that our mapping systems worked as expected, and we've started supervised testing in Austin with more than a dozen vehicles. As we had hoped, we're finding that most of our AV systems generalize well to new markets.

至於我們的新市場奧斯汀和鳳凰城，我們仍有望在年底前完成我們的第一個商業無人駕駛公共遊樂設施和交付。這將從最初的有限規模開始，並隨著我們生產更多車輛而增加。我們目前的狀態是我們的地圖系統按預期工作，我們已經開始在奧斯汀用十幾輛車進行監督測試。正如我們所希望的那樣，我們發現我們的大多數 AV 系統都能很好地推廣到新市場。

And for the handful of things that are unique to Austin, I've seen donkeys, pedicabs, police on horses, our continuous learning machine is able to automatically mine for these unusual things and then retrain our neural networks to better handle these situations. The same technology is already in use in San Francisco and will be used in all other markets so that our AV system will continuously adapt to changes that occur within that market, such as new kinds of scooters or predominance of HUMMER EVs or however else cities might change.

對於奧斯汀獨有的少數事物，我見過驢、三輪車、騎馬的警察，我們的持續學習機器能夠自動挖掘這些不尋常的事物，然後重新訓練我們的神經網絡以更好地處理這些情況。同樣的技術已經在舊金山使用，並將用於所有其他市場，這樣我們的 AV 系統將不斷適應該市場內發生的變化，例如新型踏板車或悍馬電動汽車的優勢，或者其他城市可能改變。

As for the industry, we're seeing increased separation between the company's operating commercial driverless services and those that are still stuck in the trough of disillusionment. What's happening here is that the companies with the best product have pulled ahead and are accelerating. The best talent follows the best products, and those people are what makes a company great. They have a highly vested interest in identifying and moving to the clear winners, and they're good at it.

至於行業，我們看到公司運營的商業無人駕駛服務與那些仍陷於幻滅低谷的服務之間的分離越來越大。這裡發生的情況是，擁有最好產品的公司已經領先並正在加速發展。最好的人才追隨最好的產品，而這些人使公司變得偉大。他們在識別和轉移到明顯的贏家方面有著高度的既得利益，而且他們很擅長。

This virtuous cycle fuels the growth of the leaders and stunts the progress of the laggards. And it happens not just with talent, but also with suppliers, partnerships and investors. And you've seen this play out at Cruise with us pulling in timing and expanding scale, which is an anomaly in an industry that is dominated by delayed milestones and missed targets.

這種良性循環促進了領導者的成長，阻礙了落後者的進步。這不僅發生在人才身上，也發生在供應商、合作夥伴和投資者身上。你已經在 Cruise 看到了這種情況，我們在抓緊時間和擴大規模，這在一個以延遲里程碑和錯過目標為主導的行業中是一種反常現象。

Thank you. Back to you, Mary.

謝謝你。回到你身邊，瑪麗。

Thanks, Kyle. I appreciate the update and all the work the team is doing at Cruise. So before I turn the call over to Paul, I want to encourage all of you to join our Investor Day on November 17. We plan to use this time to go deeper into the second phase of our EV growth strategy.

謝謝，凱爾。我感謝更新以及團隊在 Cruise 所做的所有工作。因此，在我將電話轉給 Paul 之前，我想鼓勵大家參加 11 月 17 日的投資者日。我們計劃利用這段時間更深入地研究我們電動汽車增長戰略的第二階段。

Phase 1 was focused on technology innovation, specifically the development of our proprietary Ultium and Altify platforms. Phase 2 is the rapid scaling of our product portfolio based on Ultium and Altify while leveraging ICE vehicles to maintain strong margins.

第一階段專注於技術創新，特別是我們專有的 Ultium 和 Altify 平台的開發。第二階段是我們基於 Ultium 和 Altify 的產品組合的快速擴展，同時利用 ICE 車輛保持強勁的利潤率。

And in Phase 3, we'll drive rapid revenue and margin growth across the entire ecosystem through software-defined vehicles, crews and other initiatives to create a flywheel effect. Phase 2 has already begun. And Mark Reuss, Doug Parks, Travis Katz, Paul and I will show you how it accelerates through 2025. We will include KPIs to help you track our EV progress, including margin improvement.

在第 3 階段，我們將通過軟件定義的車輛、工作人員和其他舉措來推動整個生態系統的收入和利潤快速增長，以創造飛輪效應。第二階段已經開始。 Mark Reuss、Doug Parks、Travis Katz、Paul 和我將向您展示它是如何加速到 2025 年的。我們將包含 KPI 來幫助您跟踪我們的電動汽車進展，包括利潤率的提高。

Then in the first half of 2023, we are playing a deep dive into our software-defined vehicle strategy to show you how we will leverage Altify to help expand revenue and margin. We also plan to share new details about the expansion of Super Cruise, the launch of Ultra Cruise and other high-return technology initiatives. Both events are going to be exciting and compelling.

然後在 2023 年上半年，我們將深入研究我們的軟件定義車輛戰略，向您展示我們將如何利用 Altify 來幫助擴大收入和利潤。我們還計劃分享有關 Super Cruise 擴展、Ultra Cruise 推出和其他高回報技術計劃的新細節。這兩個事件都將是令人興奮和引人注目的。

With that said, I'll turn the call over to Paul. Thank you.

話雖如此，我將把電話轉給保羅。謝謝你。

Thank you, Mary, and good morning, everyone. Thank you for taking the time to join us. We've stressed that this year is about executing. In the beginning of the year, we highlighted $5 billion of inflation [throughout the] business, but set out to perform at or near the record levels that we achieved in 2021. Now that we are more than 3 quarters of the way through the year, I'm extremely proud of the progress that our global team has made. We remain well on our way to achieving the commitments we outlined in February.

謝謝你，瑪麗，大家早上好。感謝您抽出寶貴時間加入我們。我們已經強調，今年是關於執行的。今年年初，我們強調了 [整個] 業務的 50 億美元通貨膨脹，但我們的表現將達到或接近我們在 2021 年實現的創紀錄水平。現在我們已經完成了超過 3 個季度，我為我們的全球團隊所取得的進步感到非常自豪。我們在實現我們在 2 月份概述的承諾的道路上仍然很順利。

Volumes were up 80% year-over-year as we successfully completed and shipped nearly 75% of the vehicles built without certain components held in company inventory at the end of Q2. This tailwind was partially offset by logistical challenges we have seen, particularly from Mexico, which has impacted our ability to recognize revenue on certain in-transit vehicles, along with some spot plant downtime.

由於我們在第二季度末成功完成並運送了近 75% 的未在公司庫存中持有某些部件的車輛，因此銷量同比增長 80%。這種順風被我們看到的物流挑戰部分抵消，特別是來自墨西哥的物流挑戰，這影響了我們確認某些在途車輛收入的能力，以及一些現場工廠停工時間。

Overall, parts availability and supply chain issues continue to slowly trend in the right direction, with the team working tirelessly to navigate the dynamic environment. As a result, we remain on track to increase full year 2022 wholesales by 25% to 30% year-over-year and deliver North American EBIT margins of 10%.

總體而言，零件可用性和供應鏈問題繼續朝著正確的方向緩慢發展，團隊不知疲倦地工作以應對動態環境。因此，我們仍有望將 2022 年全年批發量同比增長 25% 至 30%，並實現 10% 的北美息稅前利潤率。

Q3 revenue of $41.9 billion was a record for the company. We achieved $4.3 billion in EBIT-adjusted, 10.2% EBIT-adjusted margins and $2.25 in EPS-diluted-adjusted. We generated $4.6 billion adjusted auto free cash flow during the quarter and continue to expect $7 billion to $9 billion of cash flow for the full year.

第三季度 419 億美元的收入是該公司的記錄。我們的 EBIT 調整後利潤率為 43 億美元，EBIT 調整後利潤率為 10.2%，EPS 稀釋調整後利潤率為 2.25 美元。我們在本季度產生了 46 億美元的調整後汽車自由現金流，並繼續預計全年將產生 70 億至 90 億美元的現金流。

Our strong cash generation allows us to continue investing in our future while, at the same time, returning cash to shareholders. The confidence in our longer-term outlook informed the Board's decision in August to reinstate our corporate dividend and increase our share repurchase authorization to $5 billion. During the quarter, we bought back $1.5 billion of stock, retiring 38 million shares.

我們強大的現金產生使我們能夠繼續投資於我們的未來，同時向股東返還現金。對我們長期前景的信心促使董事會在 8 月決定恢復我們的公司股息並將我們的股票回購授權增加到 50 億美元。在本季度，我們回購了 15 億美元的股票，退市了 3800 萬股。

North America delivered Q3 EBIT-adjusted of $3.9 billion, up $1.8 billion year-over-year, and EBIT-adjusted margins of 11.2%, primarily driven by higher volume and pricing, partially offset by higher commodity costs as well as investments in growth. Q3 EBIT was positively impacted by the completion of a substantial amount of the vehicles that we built without certain components, which we said last quarter were primarily full-size trucks and SUVs.

北美第三季度調整後息稅前利潤為 39 億美元，同比增長 18 億美元，調整後息稅前利潤率為 11.2%，主要受銷量和定價增加的推動，部分被商品成本上升和增長投資所抵消。第三季度息稅前利潤受到了我們在沒有某些部件的情況下製造的大量車輛的完成的積極影響，我們上個季度說這些車輛主要是全尺寸卡車和 SUV。

As production improves, we're closely monitoring dealer stock and inventory turns to appropriately match supply with demand. The number of vehicles physically on dealer lots is well below historical levels and continues to be tight at around 20 days. Importantly, demand remained strong for our highest-margin projects with very fast turn rates. These include HD pickups, like the Sierra, which is turning in about 10 days, and our full-size SUVs are turning even faster.

隨著生產的改善，我們正在密切監控經銷商的庫存和庫存周轉情況，以適當地匹配供需。經銷商地段上的實際車輛數量遠低於歷史水平，並且在 20 天左右持續緊張。重要的是，對我們利潤率最高且周轉率非常快的項目的需求仍然強勁。其中包括高清皮卡，例如 Sierra，大約需要 10 天的時間，而我們的全尺寸 SUV 的轉向速度更快。

Total dealer stock, including in-transit vehicles, increased due to a combination of higher production, clearing out the portion of company inventory and logistical challenges that have lengthened the [time for] vehicles to arrive at dealers. Pricing in Q3 was favorable versus Q2 and well above Q3 last year. Costs were up year-over-year, primarily due to increased commodity and logistics expenses, engineering, software development costs and the absence of a favorable Bolt recovery in the third quarter last year.

包括在途車輛在內的經銷商總庫存增加是由於產量增加、公司庫存部分清空以及物流挑戰延長了車輛到達經銷商處的[時間]。第三季度的定價優於第二季度，遠高於去年第三季度。成本同比上升，主要是由於商品和物流費用、工程、軟件開發成本增加以及去年第三季度沒有有利的 Bolt 復甦。

GM International delivered third quarter EBIT-adjusted of [$300] million, up $100 million year-over-year, as the team continued to navigate a volatile and dynamic environment. This included $300 million of equity income in China, up slightly year-over-year, as production levels have continued to improve from COVID-related impacts earlier in the year.

通用汽車國際第三季度調整後息稅前利潤為 [3 億美元]，同比增長 1 億美元，因為團隊繼續在動盪和動態的環境中航行。這包括中國 3 億美元的股權收入，同比略有增長，因為今年早些時候與 COVID 相關的影響使生產水平繼續提高。

EBIT-adjusted in GMI, excluding China equity income, was breakeven, also up slightly year-over-year, with results driven by favorable pricing and volume, partially offset by the same mix and commodity costs. Year-to-date EBIT-adjusted is $400 million, reflecting the tremendous work the team has done over the last several years to strengthen this business.

GMI 調整後的息稅前利潤（不包括中國股票收入）實現盈虧平衡，同比也略有上升，其結果受到有利的定價和銷量的推動，但部分被相同的組合和商品成本所抵消。年初至今調整後的息稅前利潤為 4 億美元，反映了團隊在過去幾年中為加強這項業務所做的巨大工作。

GM Financial once again delivered strong results, with Q3 EBIT-adjusted of $900 million, down $200 million year-over-year, primarily due to lower net leased vehicle income. Overall, GM Financial's balance sheet and credit metrics remain healthy, reflecting the strong underlying credit quality of the portfolio. Although moderating off historically strong levels, net charge-offs remain below pre-pandemic levels as credit mix has shifted towards prime customers.

通用汽車金融再次取得強勁業績，第三季度調整後息稅前利潤為 9 億美元，同比下降 2 億美元，主要是由於租賃車輛淨收入下降。總體而言，通用金融的資產負債表和信用指標保持健康，反映了投資組合強大的潛在信用質量。儘管從歷史高位回落，但隨著信貸組合轉向主要客戶，淨沖銷仍低於大流行前的水平。

Corporate expenses were $350 million in the quarter, up $100 million year-over-year, primarily driven by growth initiatives. Corporate also included $100 million gain relating to the disposition of our Stellantis warrants, which we exercised in Q3 when the lockup period expired and resulted in approximately $1.1 billion of cash proceeds. Cruise expenses were $500 million in the quarter, up $200 million year-over-year, driven mainly by modifications to share-based awards, resulting in an accounting change in compensation expense.

本季度公司支出為 3.5 億美元，同比增長 1 億美元，主要受增長計劃的推動。公司還包括與處置我們的 Stellantis 認股權證相關的 1 億美元收益，我們在第三季度鎖定期到期時行使了這些收益，並產生了大約 11 億美元的現金收益。本季度郵輪費用為 5 億美元，同比增長 2 億美元，主要是由於股權獎勵的修改，導致薪酬費用的會計變化。

Now let me provide a few forward-looking comments. We continue to track to the midpoint of the $13 billion to $15 billion EBIT-adjusted range we laid out at the beginning of the year. Year-to-date, we're at $10.7 billion EBIT-adjusted, which implies Q4 EBIT-adjusted in the low $3 billion range. Slightly higher wholesale volumes from completing the remaining vehicles held at company inventory are expected to be more than offset by a normalizing mix, launch-related costs and typical seasonality we see in Q4.

現在讓我提供一些前瞻性的評論。我們繼續追踪我們在年初制定的 130 億美元至 150 億美元的息稅前利潤調整範圍的中點。年初至今，我們的 EBIT 調整後為 107 億美元，這意味著第四季度調整後的 EBIT 處於 30 億美元的低位。完成公司庫存中剩餘車輛的批發量略高，預計將被我們在第四季度看到的正常化組合、發布相關成本和典型季節性所抵消。

We estimate commodity and logistics costs to be around $5 billion headwind year-over-year, consistent with prior expectations. Earlier in the year, raw materials were driving around 2/3 of this $5 billion increase. They have come down and are now closer to half, but this benefit has been offset by other costs such as logistics and supplier claims.

我們估計商品和物流成本同比約為 50 億美元，與之前的預期一致。今年早些時候，原材料推動了這 50 億美元增長的約 2/3。它們已經下降，現在接近一半，但這種好處已被物流和供應商索賠等其他成本所抵消。

We're working collaboratively with our suppliers to jointly identify efficiencies to help mitigate these headwinds. As we move into 2023, we continue to see the dynamics between commodities and pricing as a natural hedge that should trend in similar directions, helping to maintain the earnings power of the company.

我們正在與我們的供應商合作，共同確定效率以幫助緩解這些不利因素。隨著我們進入 2023 年，我們繼續將大宗商品和定價之間的動態視為一種自然對沖，應該朝著相似的方向發展，有助於保持公司的盈利能力。

We also continue to see strong demand for our products, and we'll remain thoughtful in our approach to pricing. We've been agile through this volatile environment over the last couple of years. And as we said last quarter, we're already taking proactive steps to manage costs and cash flows, including reducing some discretionary spending and limiting hiring to critical needs and positions that support growth.

我們還繼續看到對我們產品的強勁需求，我們將在定價方法上保持深思熟慮。在過去的幾年裡，我們一直在這個多變的環境中保持敏捷。正如我們上個季度所說，我們已經在採取積極措施來管理成本和現金流，包括減少一些可自由支配的支出，並將招聘限制在支持增長的關鍵需求和職位上。

In summary, we continue to execute on our near-term financial goals. But more importantly, we're making great progress on the milestones we shared last year. And in just a few weeks, we'll have the opportunity to update you at our Investor Day in New York on November 17.

總之，我們將繼續執行我們的近期財務目標。但更重要的是，我們在去年分享的里程碑上取得了很大進展。再過幾週，我們將有機會在 11 月 17 日在紐約舉行的投資者日向您介紹最新情況。

This concludes our opening comments. We'll now move to the Q&A portion of the call.

我們的開場評論到此結束。我們現在將轉到電話的問答部分。

(Operator Instructions) Our first question comes from John Murphy from Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 John Murphy。

Just a first question around inventory, and I'll promise to state a one follow-up to this. I mean, if we think about [359,000] of units on dealer lots right now, you're saying that's about 20 days' supply. I mean just curious how you think about governing that going forward. So you maintain this very strong price environment, which is driving record profitability. I'm just trying to make sure we stay at tight levels. And how do you think about staying tight to support pricing?

只是關於庫存的第一個問題，我將承諾對此進行跟進。我的意思是，如果我們現在考慮經銷商批次中的 [359,000] 個單位，您會說這大約是 20 天的供應量。我的意思是好奇你如何看待未來的治理。因此，您維持這種非常強勁的價格環境，這正在推動創紀錄的盈利能力。我只是想確保我們保持在緊張的水平。您如何看待保持緊縮以支持定價？

And so Mary, I'll take this question.

所以瑪麗，我會回答這個問題。

Go ahead, Paul.

來吧，保羅。

Apologies. Well, thanks for that question, John. So we're watching this very, very closely, as we've said, looking at dealer turn times, looking at grounded stock. As we've talked about, logistics remain a bit of a challenge for us, whether it's vehicles that are completed, waiting transit to dealers or even some vehicles that we've had some challenges getting across the next quarter from our facilities down there. So a lot of this inventory still is in transit.

道歉。好吧，謝謝你的問題，約翰。因此，正如我們所說，我們正在非常非常密切地關注這一點，查看經銷商的周轉時間，查看接地庫存。正如我們所談到的，物流對我們來說仍然是一個挑戰，無論是完成的車輛、等待運送到經銷商的車輛，甚至是我們在下個季度從我們那裡的設施中遇到一些挑戰的車輛。所以很多庫存仍在運輸中。

The grounded inventory, we continue to speak to our dealers. They say demand is really strong. And many dealers are saying that the only time vehicles sit there when a buyer opts out of a transaction they already had, and it's not very long before they go through their list and find somebody to purchase them. So this is something that we're watching very closely. I think there's a little bit of a surge right now as we complete the vehicles that were partially built at the end of June. But we watch this. We're seeing no signs of concern in the short run.

接地庫存，我們繼續與我們的經銷商交談。他們說需求非常強勁。許多經銷商說，只有當買家選擇退出他們已經進行的交易時，車輛才會坐在那裡，而且他們很快就會瀏覽他們的清單並找到購買它們的人。所以這是我們正在密切關注的事情。我認為隨著我們完成了 6 月底部分製造的車輛，現在有一點點激增。但是我們看這個。我們在短期內沒有看到任何擔憂的跡象。

Okay. And then just a follow-up then on tightness. I mean, cap U during the quarter, I think you said, in North America, is 103.3%, 2 shifts, straight time. That kind of implied capacity of about 3.1 million units. If we look back to some period that was somewhat normal in the third quarter of 2020, it's hard to call anything the last couple of years normal, but kind of normal that cap U was 112%, and your GM&A EBIT margins were 15%, right? So this quarter, we were over 11%.

好的。然後只是對緊度的跟進。我的意思是，本季度的上限 U，我想你說過，在北美，是 103.3%，2 個班次，連續時間。這種隱含的容量約為 310 萬台。如果我們回顧一下 2020 年第三季度有些正常的時期，很難說過去幾年的任何事情都是正常的，但是上限 U 為 112%，而您的 GM&A EBIT 利潤率為 15%，這很正常，正確的？所以本季度，我們超過了 11%。

I'm just curious, as you think about ramping up that cap view curve, Mary, you've been doing this for a while and understand the stuff well. Is there room for margins, all else equal, as volumes recover and that cap U goes up that you could see significant upside to margins over time? And where does that bend backwards? Is it 110%, 115%, 120% cap U? And would you add more capacity to help alleviate that sort of backward bend?

我只是很好奇，當你考慮增加帽視圖曲線時，瑪麗，你已經這樣做了一段時間並且很好地理解了這些東西。在其他條件相同的情況下，隨著交易量的恢復以及上限 U 的上升，您是否可以看到利潤率隨著時間的推移而顯著上升？那在哪裡向後彎曲？是 110%、115%、120% 上限嗎？你會增加更多的容量來幫助緩解這種向後彎曲嗎？

Well, John, I think, overall, we're going to remain disciplined. I do think there's an opportunity to drive strong margins. We're seeing it right now with the mix, for instance, on full-size trucks. Consumers continue to want a very high mix. We think that, that will translate also into EV. And as we move forward in the EV launch and have our battery plants operating and get to scale and continuing to make the battery improvements, we see, again, that's another level to have strong margins.

好吧，約翰，我認為，總的來說，我們將保持紀律。我確實認為有機會推動強勁的利潤率。例如，我們現在在全尺寸卡車上看到了這種混合。消費者繼續想要非常高的組合。我們認為，這也將轉化為電動汽車。隨著我們在電動汽車的推出方面取得進展，讓我們的電池工廠運營並擴大規模並繼續改進電池，我們再次看到，這是另一個具有強勁利潤率的水平。

And then sitting on top of that is from a software perspective. And then overall, beyond, I'll say, the traditional new vehicle sales, the work that we'll have with CarBravo as well as the growth businesses around GM Defense, BrightDrop and Cruise, I think there's quite a lot of upside from a margin perspective in the company.

然後坐在上面是從軟件的角度來看。然後總的來說，除了傳統的新車銷售、我們將與 CarBravo 合作的工作以及圍繞 GM Defense、BrightDrop 和 Cruise 的增長業務，我認為從公司的利潤前景。

But to drill into the specific, we will be as disciplined as possible. And the reason I say as disciplined as possible, we also do have to be responsive to what the competitive environment is. But I think we have -- I think there's -- as an industry, we've learned a lot over this last couple of years of how we can be more efficient between ourselves and the dealers and how we can make sure we're serving the customer in an efficient way.

但要深入了解具體情況，我們將盡可能自律。我之所以說盡可能自律，是因為我們還必須對競爭環境做出反應。但我認為我們已經 - 我認為有 - 作為一個行業，我們在過去幾年中學到了很多東西，我們如何在我們自己和經銷商之間提高效率，以及我們如何確保我們正在服務客戶以一種有效的方式。

(Operator Instructions) Our next question comes from Joseph Spak from RBC Capital Markets.

（操作員說明）我們的下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

Mary or Paul, maybe you could just give a little bit more color on what's going on at the -- it sounds like the battery factories are sort of causing a slight delay there. Is that sort of a timing of some equipment coming in or some extra steps in terms of making sure the quality is there? Maybe just a little bit more color on that.

瑪麗或保羅，也許你可以對正在發生的事情多說一點——聽起來電池工廠在那裡造成了輕微的延遲。在確保質量方面，是一些設備進入的時機還是一些額外的步驟？也許只是多一點顏色。

Sure, Joe. Well, one, I think we had a very aggressive launch plan when we started to build the plant. Let's step back and recognize that the Ohio plant is the size of 30 football fields, and it will employ over 1,000 people. Making sure we had all our people there and trained has taken a little longer than expected.

當然，喬。嗯，一，我認為當我們開始建造工廠時，我們有一個非常積極的啟動計劃。讓我們退後一步，認識到俄亥俄工廠有 30 個足球場那麼大，它將僱用 1,000 多名員工。確保我們所有的人都在那裡並接受培訓所花費的時間比預期的要長一些。

Also, this is the first facility that we're working with LG ES, and we're working together effectively to really leverage not only the expertise that LG ES has but what GM brings. And so there's no one thing, but it has just taken a little longer to make sure that we're able to produce with quality. I'm very confident in the team and how they're working together.

此外，這是我們與 LG ES 合作的第一個設施，我們正在有效地合作，以真正利用 LG ES 擁有的專業知識，以及 GM 帶來的專業知識。因此，沒有一件事，但只是花了一點時間來確保我們能夠生產出高質量的產品。我對團隊以及他們如何合作非常有信心。

And I think we're in that ramp -- but because it's taken a little bit longer also from the battery pack assembly as well. Both of those, as we've ramped up, are taking a little bit longer. And that's why, instead of hitting the 400,000 mark at the end of '23, it's going to seep into 2024.

而且我認為我們正處於那個坡道 - 但因為電池組組裝也需要更長的時間。隨著我們的增加，這兩個都需要更長的時間。這就是為什麼它不會在 23 年底達到 400,000 大關，而是會滲透到 2024 年。

But with everything that we're learning, it gives me great confidence that we're going to be able to start plant 2, 3 and beyond on time. And I have even greater confidence in our ability to scale to the 1 million units of annual EV capacity in 2025 in the U.S. and similarly in China. So it really is just getting that first plant up and going, recognize the size and complexity of it. But I'm really proud of the team and where they're at right now.

但有了我們所學到的一切，這讓我非常有信心，我們將能夠按時啟動第 2、第 3 和更遠的工廠。我對我們在 2025 年在美國和中國實現 100 萬輛電動汽車年產能的能力更有信心。所以它真的只是讓第一家工廠開始運轉，認識到它的規模和復雜性。但我真的為這支球隊以及他們現在所處的位置感到驕傲。

Okay. And maybe somewhat related. But Paul, I know, CapEx, you sort of reiterated $9 billion to $10 billion for the year. You're trending well below that through 9 months. So is that still correct? I mean, is there any incentive to push some of that to next year because of maybe some of the policy changes?

好的。也許有些相關。但是保羅，我知道，資本支出，你重申了今年 90 億到 100 億美元。通過 9 個月，您的趨勢遠低於該值。那麼這仍然正確嗎？我的意思是，由於某些政策變化，是否有動力將其中一些推到明年？

And also, I guess, with the policy changes, any thoughts on if that $9 billion to $10 billion is still the right rate for the next couple of years? Or are you actually incentivized to maybe try to accelerate some of that now?

而且，我猜想，隨著政策的變化，未來幾年這 90 億到 100 億美元是否仍然是正確的利率？或者你現在是否真的有動力嘗試加速其中的一些？

Well, Joe, I think when you look at our historical spend rates, we tend to have CapEx that -- it's a little bit back-loaded from that standpoint. And I think we're still on track for the $9 billion to $10 billion going forward this year.

好吧，喬，我認為當您查看我們的歷史支出率時，我們傾向於將資本支出 - 從這個角度來看，它有點落後。我認為我們今年仍有望實現 90 億至 100 億美元的增長。

As we look at the future years, obviously, we've had some pretty steep acceleration in EV volumes, et cetera. And we'll provide some more updates at Investor Day. But I think we're well within our ability to fund our expansion, our transformation through internally generated funds when you look at the health of the business.

當我們展望未來幾年時，顯然，我們在電動汽車數量等方面有了相當大的加速。我們將在投資者日提供更多更新。但我認為，當您查看業務的健康狀況時，我們完全有能力通過內部產生的資金為我們的擴張和轉型提供資金。

And I think when you look at cash balance, when you look at cash flows, when you look at our ability to repurchase some shares during the quarter, that signals our confidence about being able to balance the spending, be aggressive where we can, as you've seen us over the last couple of years, but also keep that balanced within our means. And you're going to continue to see that from us.

而且我認為，當您查看現金餘額時，當您查看現金流量時，當您查看我們在本季度回購一些股票的能力時，這表明我們對能夠平衡支出的信心，我們可以積極進取，因為在過去的幾年中，您已經看到了我們，但也要在我們的能力範圍內保持平衡。您將繼續從我們這裡看到這一點。

Our next question comes from Rod Lache from Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Rod Lache。

I wanted to ask, first, Mary, I overheard you say in an interview this morning that GM is well positioned for the IRA. I was hoping you can give us maybe some color on the magnitude of the North America content and critical mineral sourcing or the manufacturing credits as you look out to next year? And related to this, your original margin targets sort of midterm and long term, the 10% and 12% were pre-IRA. And I'm curious if you have any thoughts on whether this could be accretive to that.

首先，我想問一下，瑪麗，我在今天早上的一次採訪中無意中聽到你說通用汽車為愛爾蘭共和軍做好了充分的準備。我希望你能給我們一些關於北美含量和關鍵礦產採購或製造信用的信息，因為你期待明年？與此相關的是，您最初的保證金目標是中期和長期的，10% 和 12% 是 IRA 之前的。我很好奇你是否對這是否會增加這一點有任何想法。

Sure. Well, just to maybe touch on that last point. We believe we are very well positioned. And we think we're waiting for the treasury rules to be finalized, but we think it will accomplish. So it positions us with our strong EV portfolio, covering the important segments to really drive affordability to spur consumer adoption. So overall, we feel very well positioned.

當然。好吧，也許只是觸及最後一點。我們相信我們處於非常有利的位置。我們認為我們正在等待國庫規則最終確定，但我們認為它會完成。因此，它為我們提供了強大的電動汽車產品組合，涵蓋了重要的細分市場，以真正推動負擔能力以刺激消費者的採用。所以總的來說，我們感覺非常好。

But if you look at it right now, over the 10-year life cycle of the credit, we will offer a number of models in the segments and price ranges that will be eligible for the full $7,500 credit. And for us, many of these are going to be high-volume entries. We do think some of the vehicles will be eligible for the $3,750 credits starting in January, and then we'll ramp toward full qualification across the broad portfolio in 2 to 3 years as some of the different supply comes online in North America or in the United States.

但是，如果您現在看一下，在信用額度的 10 年生命週期內，我們將提供一些符合 7,500 美元信用額度的細分市場和價格範圍的型號。對我們來說，其中許多將是大量條目。我們確實認為，從 1 月份開始，一些車輛將有資格獲得 3,750 美元的抵免額，然後我們將在 2 到 3 年內在廣泛的投資組合中實現全面資格，因為一些不同的供應在北美或美國上線美國。

We also think there's a significant opportunity to potentially leverage the tax credit of up to $45 per kilowatt hour with respect to battery cells and battery modules produced in the U.S. So that's another opportunity where, again, I think we're better positioned than most because of our aggressive plan to get the battery plants and the pack assembly in this country. And then we do think we see an opportunity for our suppliers to leverage a tax credit for up to 10% of the cost of the U.S.-sourced battery electrode active materials starting in January of next year. So that's just a little bit more color.

我們還認為，對於在美國生產的電池和電池模塊，有可能利用每千瓦時高達 45 美元的稅收抵免的重大機會。所以這是另一個機會，我認為我們比大多數人更有優勢，因為我們積極計劃在這個國家建立電池廠和電池組組裝。然後我們確實認為我們看到了從明年 1 月開始，我們的供應商有機會利用稅收抵免高達美國採購的電池電極活性材料成本的 10%。所以這只是一點點顏色。

Again, we'll have vehicles that are in the right MSRP range to qualify. So when you look at it overall, there's the commercial incentives also that will support BrightDrop in the fleet and rental car. There's the used EV purchase incentive that we think will support EV resell values. And again, we have CarBravo and then the elements from a manufacturing granted loans. So that's just a little bit of the detail. Again, we're waiting for the final rules from treasury, but I think you can see this will really go a long way to helping us drive affordable EVs and drive our profitability while even hitting some of the lower MSRPs.

同樣，我們將擁有符合建議零售價範圍的車輛來獲得資格。因此，從整體上看，商業激勵措施也將支持 BrightDrop 在車隊和租車方面。我們認為二手電動汽車購買激勵措施將支持電動汽車的轉售價值。再一次，我們有 CarBravo，然後是製造貸款的元素。所以這只是一點點細節。同樣，我們正在等待財政部的最終規則，但我認為您可以看到這將真正有助於我們推動負擔得起的電動汽車並提高我們的盈利能力，同時甚至達到一些較低的建議零售價。

That's helpful. And Paul, on your last call, you mentioned that the next recession would be characterized by a risk to pricing as opposed to volume. I mean, since then, rates have obviously gone up and trade-in values have moderated. And even though you have a lot of in-transit inventory, it looks like the aggregate inventory is probably climbing in the 50- to 60-day range.

這很有幫助。保羅，在你上次的電話中，你提到下一次經濟衰退的特點是定價風險，而不是數量風險。我的意思是，從那時起，利率明顯上升，以舊換新的價值也有所緩和。即使您有很多在途庫存，看起來總庫存可能在 50 到 60 天的範圍內攀升。

I was hoping maybe that you can give us a little bit of additional color on how you see that playing out, whether you think we shift from supply constraints to demand constraints. Or any color on this commodity hedge that you mentioned during your prepared remarks.

我希望也許你能給我們一些額外的顏色，說明你如何看待這種情況，無論你是否認為我們從供應限制轉向需求限制。或者你在準備好的評論中提到的這個商品對沖的任何顏色。

Yes. Thanks, Rod. So I think it's obviously -- we've seen some increases in inventory, but that's not a surprise. I think we wholesaled off rounding to 1 million vehicles during the quarter as evidence of both producing and clearing out the vehicles that hadn't been finished in June. So I think we're working through that right now.

是的。謝謝，羅德。所以我認為這很明顯——我們已經看到庫存有所增加，但這並不奇怪。我認為我們在本季度批發了 100 萬輛汽車，作為生產和清理 6 月份未完成的汽車的證據。所以我認為我們現在正在解決這個問題。

I think it's too soon to conclude anything about trends. We do know that there's a lot of pent-up demand from the last couple of years, as evidenced by both MSRPs as well as what turn rates have been doing. So we're watching all of that closely, but I haven't come to any conclusions about any softening or any demand that's occurred today. I think as you look at the dealer statistics as well as GMF, the people that are clamoring to get in our vehicles and still see high demand, particularly for the full-size trucks and SUVs.

我認為現在就趨勢得出任何結論還為時過早。我們確實知道過去幾年有很多被壓抑的需求，建議零售價和周轉率都證明了這一點。所以我們正在密切關注這一切，但我還沒有就今天發生的任何疲軟或任何需求得出任何結論。我認為，當您查看經銷商統計數據以及 GMF 時，那些吵著要上我們的車輛但仍然看到高需求的人，特別是對於全尺寸卡車和 SUV。

Anything on that commodity hedge, Paul, that you mentioned? What -- you just concluded your steel negotiations. Is that -- do you have any measure of the magnitude of that offset?

保羅，你提到的商品對沖有什麼嗎？什麼——你剛剛結束了鋼鐵談判。那是 - 你有任何衡量偏移量的方法嗎？

Yes, nothing specific today, Rod. I mean, keep in mind that, obviously, when you look across all of the commodities, they've come off their highs, which will benefit some tailwind next year. As it relates to steel, remember, we've got a portfolio approach where some is on spot rate, some are on term contracts.

是的，今天沒什麼特別的，羅德。我的意思是，請記住，顯然，當您查看所有商品時，它們已經從高點回落，這將有利於明年的一些順風。由於它與鋼鐵有關，請記住，我們有一種投資組合方法，其中一些是即期匯率，一些是定期合同。

We benefited from that as steel was spiking over the last couple of years, but you'll see some lag, particularly in steel from some of those multiyear contracts, which is fine over the long term, but it won't provide as big of a tailwind next [year] as it otherwise would. So we'll get more detail on that as we give full year 2023 guidance later, but nothing specific now.

我們從中受益，因為過去幾年鋼鐵價格飆升，但你會看到一些滯後，特別是在一些多年期合同的鋼鐵方面，從長遠來看這是好的，但它不會提供那麼大的明年[年]順風順水。因此，我們將在稍後給出 2023 年全年指導時獲得更多詳細信息，但現在沒有具體內容。

Our next question comes from Itay Michaeli from Citi.

我們的下一個問題來自花旗的 Itay Michaeli。

Congrats on the results. Maybe just to follow up on that last question, Paul. Just it sounds like you do think that pricing, net of commodities, can still be, I guess, intact or neutral into next year. So maybe just -- maybe hoping you can elaborate on that last comment from your prepared remarks. And maybe also talk about the opportunities you see with the HD trucks and the midsized trucks you're launching next year. It sounds like there might be some price opportunities for the company there as well.

祝賀結果。也許只是為了跟進最後一個問題，保羅。只是聽起來你確實認為定價，扣除大宗商品，我猜到明年仍然可以保持不變或保持中性。所以也許只是- 也許希望你能從你準備好的評論中詳細說明最後的評論。也許還可以談談您在明年推出的高清卡車和中型卡車上看到的機會。聽起來那裡的公司也可能有一些價格機會。

Yes, Itay. So I didn't necessarily say that it was going to be flat. I said there was going to be some offset going forward. We already do know about some pressure that's likely to hit next year from pension accounting. Keep in mind that while the funded status hasn't changed, just the differentiation of a very different rate environment is going to cause some headwinds on the pension side.

是的，伊泰。所以我不一定說它會變平。我說未來會有一些抵消。我們已經知道明年養老金會計可能會帶來一些壓力。請記住，雖然資金狀況沒有改變，但利率環境的差異化將在養老金方面造成一些不利因素。

We'll know more as rates settle out at the end of the year, but that could be north of $1 billion. No change to cash, no change to any funding, just the way the (inaudible) works. So we're watching all that, that's why we're trying to necessarily piecemeal all of this stuff going forward, but we'll provide more with our full year guidance.

隨著利率在年底結算，我們會知道更多，但這可能超過 10 億美元。現金沒有變化，任何資金都沒有變化，就像（聽不清）的工作方式一樣。因此，我們正在關注這一切，這就是為什麼我們必須努力將所有這些東西逐步推進，但我們將在全年指導中提供更多信息。

And obviously, when you look at the launches of the new HD, there's a lot of content-rich vehicles coming out. We've continued to see those in strong demand as we rolled them out, both across the SUVs and the light-duty pickups as well. So we expect to see some demand coming there as customers can't get them fast enough.

很明顯，當你看到新 HD 的發佈時，就會出現很多內容豐富的車輛。隨著我們在 SUV 和輕型皮卡中的推出，我們繼續看到需求強勁的車型。因此，我們預計會出現一些需求，因為客戶無法足夠快地獲得它們。

So we think that there is some good news out there. All of that has to be balanced by [everything] that others are seeing out there, even if we're not seeing it, which is why we continue to be cautious in our approach. But what we're focused on is executing every day, and I think this quarter demonstrates the power of the team's ability to do that.

所以我們認為那裡有一些好消息。所有這一切都必須通過其他人在外面看到的 [一切] 來平衡，即使我們沒有看到它，這就是為什麼我們在我們的方法中繼續保持謹慎的原因。但我們關注的是每天執行，我認為本季度展示了團隊執行此操作的能力。

That's very helpful. And maybe a follow-up for Mary and Kyle. Any update on when we should see the deployment of the Cruise Origin next year? Is that more first half or second half? And then, Kyle, when those origins are deployed, what's your targeted ODD in San Francisco at that time?

這很有幫助。也許是瑪麗和凱爾的後續行動。關於明年我們應該何時看到 Cruise Origin 部署的任何更新？是上半場還是下半場？然後，Kyle，當部署這些源時，當時您在舊金山的目標 ODD 是多少？

Kyle, do you want to take that?

凱爾，你要接受嗎？

Sure, no problem. So to begin with, one of the things we did just recently is we started operating the Cruise Origin on the streets of San Francisco, but being driven manually for data collection.

好沒問題。首先，我們最近做的一件事是我們開始在舊金山的街道上運營 Cruise Origin，但需要手動駕駛以收集數據。

And so that's another milestone as we ramp towards production for that vehicle -- volume production next year. When we deploy initially, the ODD will probably look similar to what we're doing with our Bolts, but we're going to announce that a little later as we get closer to the deployment date for that vehicle.

因此，這是我們開始生產該車輛的另一個里程碑——明年量產。當我們最初部署時，ODD 可能看起來與我們使用螺栓所做的相似，但隨著我們接近該車輛的部署日期，我們將稍後宣布。

Our next question comes from Ryan Brinkman from JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

I wanted to ask on commodity costs. I realize it's a complicated equation with buy-ins deal in advance, compensating suppliers in the lag, some hedging. But just straight-lining the latest spot prices through the end of '23 would suggest to me a sizable tailwind next year. So have you done any work to try to dimension this tailwind and maybe how it might compare in magnitude to any headwind you expect to face from higher noncommodity supply chain costs, such as energy, logistics, labor or other costs?

我想問一下商品成本。我意識到這是一個複雜的等式，需要提前購買交易、補償滯後的供應商、一些對沖。但是，僅將截至 23 年底的最新現貨價格直線調整，對我來說明年會有相當大的順風。那麼，您是否做過任何工作來嘗試確定這種順風的大小，以及它與您預期面臨的更高的非商品供應鏈成本（如能源、物流、勞動力或其他成本）所面臨的任何逆風相比如何？

Ryan, again, I want to avoid getting into any specific commentary about 2023 guidance from that standpoint. Obviously, we are watching not just commodities, but logistics, container rates, just overall. There's a lot of things that are moving around and changing and evolving. So if we see slowdowns in the economy, not only would we expect commodity rates to come down further, we'd expect freight rates to come down as well.

瑞安，再次，我想避免從這個角度對 2023 年指導方針進行任何具體評論。顯然，我們不僅關注商品，還關注物流、集裝箱運費等整體情況。有很多東西在四處移動、變化和發展。因此，如果我們看到經濟放緩，我們不僅預計商品價格會進一步下降，而且我們預計運費也會下降。

We probably spend less on expedited premium freights that we've been spending because the supply chain should normalize a little bit. But those are the things that we're working through in the budget. So what I'd ask is give us time to go through that, take our Board through that, and we'll let you know as soon as we pull it all together for a plan in '23.

我們在加急優質貨運上的花費可能比我們一直在花費的少，因為供應鏈應該會稍微正常化。但這些是我們正在預算中解決的問題。所以我要問的是給我們時間來解決這個問題，讓我們的董事會完成它，一旦我們將所有這些都集中起來製定 23 年的計劃，我們就會通知你。

Okay. And then just lastly, is there any color you can provide on potential settlements with suppliers to compensate them for premium noncommodity supply chain costs? Ford called this out as a $1 billion headwind during this quarter versus I didn't see anything in your release along those lines.

好的。最後，您是否可以在與供應商的潛在解決方案中提供任何顏色，以補償他們支付的優質非商品供應鏈成本？福特在本季度將其稱為 10 億美元的逆風，而我在您的新聞稿中沒有看到任何類似的內容。

I'm curious if you're taking a similar approach to settle more quickly or maybe expect to spread these payments over several quarters? Or just any thoughts you might be able to provide on how these negotiations with the suppliers are progressing amidst the higher inflation environment and impact on GM going forward?

我很好奇您是否正在採取類似的方法來更快地結算，或者可能希望將這些付款分散到幾個季度？或者您可以提供任何想法，說明這些與供應商的談判在高通脹環境中的進展情況以及對通用汽車未來的影響？

Yes, sure. So obviously, I won't comment on any specific discussions that [we're having] with our suppliers. But as we alluded to in the prepared remarks, we had focused in on this as well as commodity prices, et cetera, as part of the $5 billion of pressure that we were going to see year-over-year. We've been talking about that all year.

是的，當然。所以很明顯，我不會評論我們與供應商進行的任何具體討論。但正如我們在準備好的評論中提到的那樣，我們一直關注這一點以及商品價格等，作為我們將看到的同比 50 億美元壓力的一部分。我們一整年都在談論這個問題。

So the supplier world isn't new to us. It's not a surprise to us. It is, as we said in the prepared remarks, taking up a little bit more of that bucket than it was before on a percentage basis. But I think, overall, we're in control of that situation, working proactively with our suppliers and making sure we're doing it a way that meets their needs as well as meeting ours and the commitments we've made to the [Street].

所以供應商世界對我們來說並不陌生。這對我們來說並不意外。正如我們在準備好的評論中所說，按百分比計算，它比以前多一點。但我認為，總的來說，我們控制著這種情況，與我們的供應商積極合作，確保我們以一種滿足他們需求的方式來做這件事，同時滿足我們和我們對 [Street ]。

So we won't talk about anything specific with it. It's in there. We've budgeted and planned for that, and there was no surprise from our side on what we've seen. And I think it speaks to the quality of the guidance that we've been able to highlight all year.

所以我們不會談論任何具體的事情。它在裡面。我們已經為此進行了預算和計劃，我們對所看到的情況並不感到意外。我認為這說明了我們全年能夠強調的指導質量。

Our next question comes from Mark Delaney from Goldman Sachs.

我們的下一個問題來自高盛的 Mark Delaney。

The first one is on mix, and the company spoke to some mix normalization in the prepared comments, what do you think is driving that mix normalization? Is it more about what GM has the supply to be able to produce and that broadening out beyond the higher end? Or are you seeing any pressure on mix related to what consumers are able to afford given the macroeconomic backdrop?

第一個是關於混合的，公司在準備好的評論中談到了一些混合規範化，你認為是什麼推動了混合規範化？是否更多的是關於通用汽車能夠生產的供應以及超出高端的範圍？或者，在宏觀經濟背景下，您是否看到與消費者能夠負擔得起的產品相關的任何壓力？

Nothing from the consumer side. I'd say that comment was really aimed towards the fact that we cleared out the vehicles that had been built without the components at the end of June. We talked about 75% of those being full-size trucks and SUVs. So it stands to reason that with only about 25% of that pool left, you'd see some balance. So it's really more due to production and (inaudible) than it is anything on the consumer side.

消費者方面沒有。我想說的是，該評論實際上是針對我們在 6 月底清理了沒有組件的車輛這一事實。我們談到了其中 75% 是全尺寸卡車和 SUV。因此，按理說，只剩下大約 25% 的池子，你會看到一些平衡。所以這實際上更多是由於生產和（聽不清）而不是消費者方面的任何事情。

That's helpful. And my follow-up is on Cruise. And as Cruise is entering the scaling-out phase, and Kyle, thanks for all updates you shared on the progress Cruise is making, are you guys able to share any more color on how investors should expect investment levels at Cruise to trend going forward in order to support that ramp-up relative to the current level of investment?

這很有幫助。我的後續行動是在 Cruise 上。隨著 Cruise 進入擴展階段，Kyle，感謝您分享的關於 Cruise 進展的所有更新，你們能否分享更多關於投資者應該如何預期 Cruise 的投資水平未來趨勢的顏色為了支持相對於當前投資水平的增長？

Kyle, I don't know if you want to comment. I mean, I'll just say we roughly see it slightly higher than 2022 levels, and that's what we're building into the plan. Okay? Anything else, Mark?

凱爾，我不知道你是否想發表評論。我的意思是，我只是說我們大致認為它略高於 2022 年的水平，這就是我們正在計劃中構建的內容。好的？還有什麼，馬克？

Thank you.

謝謝你。

Our next question comes from Adam Jonas from Morgan Stanley.

我們的下一個問題來自摩根士丹利的亞當喬納斯。

I just had a follow-up on Cruise. Again, thinking quarterly, cash consumption was $0.5 billion this quarter, rolling out, though, into 2 new cities by the end of the year, further expansion. I just want to confirm, Mary, that if we kind of continue that quarterly run rate of $0.5 billion, maybe increase it slightly, but not dramatically, is that a fair assumption from here?

我剛剛對克魯斯進行了跟進。同樣，按季度考慮，本季度的現金消費為 5 億美元，不過，到年底將擴展到 2 個新城市，進一步擴張。我只是想確認，瑪麗，如果我們繼續保持 5 億美元的季度運行率，可能會略微增加，但不會大幅增加，這是一個公平的假設嗎？

I think that -- yes, that's a fair assumption. And then remember, as we start to scale, we do have a line of credit for the vehicles from GM Financial.

我認為——是的，這是一個公平的假設。然後請記住，隨著我們開始擴大規模，我們確實為通用汽車金融公司的車輛提供了信用額度。

Mary, just a follow-up on GM Financial. While up slightly, the delinquencies, as you pointed out, still really low at 2.5%, and net charge-offs below pre-pandemic levels. Just curious how you would describe the credit outlook for GM Financial. What changes are you making in your portfolio to prepare for further rises in rates and impact on portfolio performance?

瑪麗，只是 GM Financial 的後續報導。雖然略有上升，但正如您所指出的，拖欠率仍然很低，僅為 2.5%，淨沖銷低於大流行前的水平。只是好奇您將如何描述 GM Financial 的信用前景。您正在對您的投資組合進行哪些更改，以準備進一步提高利率和對投資組合業績的影響？

I figured it's an unusual environment given how much of the business has been order-booked. But I -- correct me if I'm wrong, you're moving more into a kind of that -- at the margin to that just-in-time market that we're familiar with -- there's still some order books. So I'd appreciate what you're hearing in real time from the dealers on the credit side.

鑑於有多少業務已被預訂，我認為這是一個不尋常的環境。但是我 - 如果我錯了，請糾正我，你正在更多地進入一種 - 在我們熟悉的即時市場的邊緣 - 仍然有一些訂單。所以我很感激你從信貸方面的經銷商那裡實時聽到的。

Yes, Adam, this is Dan Berce. Yes, first of all, as you point out, our credit metrics are really still quite strong. Pre-pandemic, our net losses ran in the 1.5% range. So they're less than half of that now at 70 basis points.

是的，亞當，這是丹·伯斯。是的，首先，正如您所指出的，我們的信用指標仍然非常強勁。大流行前，我們的淨損失在 1.5% 範圍內。所以他們現在不到 70 個基點的一半。

For several years running now, our portfolio is skewed more and more to prime consumers, and that's defined as 680-plus FICOs. In fact, recent vintages have been 80% prime, and our whole portfolio now is 72% prime. It's also heavily new car finance-related, which typically has been a stronger credit profile. Prime consumers' period typically have a stronger balance sheet buffer, better income levels and historically have been more resilient in weaker economic times.

幾年來，我們的產品組合越來越偏向主要消費者，這被定義為 680 多個 FICO。事實上，最近的年份是 80% 的黃金，而我們的整個產品組合現在是 72% 的黃金。它還與新車融資密切相關，通常具有更強的信用狀況。主要消費者時期通常具有更強的資產負債表緩衝、更高的收入水平，並且從歷史上看，在經濟疲軟時期更具彈性。

As I said last quarter, to your question, our new car portfolio continues to perform substantially better than pre-pandemic levels. Our used car nonprime book is showing more normalization. And as always, we always look for targeted ways to improve our underwriting, and now is no exception. So that would be the area of most focus, the used car nonprime book.

正如我上個季度所說，對於您的問題，我們的新車組合繼續表現好於大流行前的水平。我們的二手車非優質書籍顯示出更多的規範化。與往常一樣，我們一直在尋找有針對性的方法來改善我們的承保，現在也不例外。因此，這將是最受關注的領域，即二手車非優質書籍。

That all being said, we overall expect some normalization in credit, especially with weaker economic conditions. But our reserve levels already contemplate that. And from a dealer standpoint, the through-the-door application flow really doesn't look different now with the on-the-run buyers as opposed to order book buyers. We haven't really seen any difference at the dealer level at all.

話雖如此，我們總體上預計信貸會出現一定程度的正常化，尤其是在經濟狀況疲軟的情況下。但我們的儲備水平已經考慮到了這一點。從經銷商的角度來看，與訂單購買者相比，在途購買者的直接申請流程現在看起來並沒有什麼不同。我們在經銷商層面根本沒有真正看到任何差異。

Our next question comes from Emmanuel Rosner from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

First, a quick follow-up on the delay in the battery ramp-up. Can you please remind us which of the EV models were going to basically use cells from these plants you're ramping up, and therefore, we'll see some sort of delay in their volume ramp up? And I guess, more broadly, how are you going to prioritize cell allocation over the next, call it, 18 months or so when you're a bit more constrained than maybe expected?

首先，快速跟進電池啟動的延遲。您能否提醒我們哪些電動汽車模型將基本上使用您正在增加的這些工廠的電池，因此，我們會看到它們的產量增加會出現某種延遲？而且我想，更廣泛地說，當你比預期的更受限制時，你將如何優先考慮單元分配，稱之為 18 個月左右？

Yes, Emmanuel. So because of the Ultium platform, we really have a lot of flexibility. So the cells coming from Ultium, which are now in production, will be flowing first to support HUMMER production, and we have over 90,000 orders there. And then LYRIQ, which we have really strong interest in both the 2 model years, we're already sold out for the availables, and we have strong interest.

是的，伊曼紐爾。因此，由於有了 Ultium 平台，我們確實擁有了很大的靈活性。因此，來自 Ultium 的電池（現已投入生產）將首先用於支持 HUMMER 的生產，我們在那裡有超過 90,000 個訂單。然後是 LYRIQ，我們對這兩個模型年都非常感興趣，我們的可用產品已經售罄，我們對此非常感興趣。

But then as we get into next year, they'll be spread across also Silverado, Blazer and Equinox EVs for Chevrolet and some of our other models. So we will allocate them across all of those somewhat based on demand and as each of those plants ramp. And we'll make that somewhat dynamically as we go next year, but we'll spread them across all of those vehicles.

但隨著我們進入明年，它們還將分佈在雪佛蘭的 Silverado、Blazer 和 Equinox EV 以及我們的一些其他車型上。因此，我們將根據需求和每個工廠的產能將它們分配給所有這些工廠。我們將在明年進行一些動態化，但我們會將它們分佈在所有這些車輛上。

And again, this is just a slight shift in the acceleration as we get into '24. Because we'll have a plant coming online next year and the following year, you're going to see a steeper ramp. And that's what gives me great confidence in getting to the 1 million units by 2025.

再說一次，這只是我們進入 24 年時加速度的輕微變化。因為明年和次年我們將有一個工廠上線，你會看到一個更陡峭的斜坡。這就是讓我對到 2025 年達到 100 萬台充滿信心的原因。

Okay. And then the follow-up was if you could put a finer point on some of the demand trends you're seeing sort of real time, both in the U.S. and China, if possible.

好的。然後後續行動是，如果可能的話，您是否可以更準確地了解您在美國和中國看到的一些實時需求趨勢。

I think we've covered most of this. I'll start, Paul, and then if you want to add anything. I mean, again, we're still seeing very strong demand. I think what's specific to GM is we have a very strong truck portfolio. If you look at what we have right now, we've refreshed the light-duty trucks. We have now not only the heavy duties coming out early next year, but we also have an all-new midsize trucks. So I think that puts us in a very strong position with trucks.

我想我們已經涵蓋了大部分內容。我會開始，保羅，然後如果你想添加任何東西。我的意思是，我們仍然看到非常強勁的需求。我認為通用汽車的特點是我們擁有非常強大的卡車產品組合。如果你看看我們現在擁有的東西，我們已經更新了輕型卡車。我們現在不僅有明年年初推出的重型卡車，而且我們還有一輛全新的中型卡車。所以我認為這使我們在卡車方面處於非常有利的地位。

Regardless of what the environment is, I think we're going to have a very strong offering from a customer perspective and choice across the full range of those vehicles. We are still seeing strong ATPs, but we're watching carefully to see if and when they moderate, also balancing against incentives.

無論環境如何，我認為從客戶的角度來看，我們將在所有這些車輛中提供非常強大的產品和選擇。我們仍然看到強勁的 ATP，但我們正在仔細觀察它們是否以及何時緩和，同時還要平衡激勵措施。

We're going to continue, we think, to see some semiconductor challenges and, I'll say, overall challenges from the supply base. It's still very tight when you look at how long we've been running that, that even a small hiccup usually has an impact. And so we're going to continue to work those issues, but we see that improving as well.

我們認為，我們將繼續看到一些半導體挑戰，我會說，來自供應基地的整體挑戰。當你看看我們已經運行了多長時間時，它仍然非常緊張，即使是一個小的打嗝通常也會產生影響。因此，我們將繼續解決這些問題，但我們也看到了改進。

So I think the big thing that we're looking at is what will demand be. There's still a lot of different predictions on what the economic situation will be. But I think, overall, from where we are, from a low inventory perspective, strong product offering, and I think we're well positioned to manage through it. I don't know, Paul, if you want to add anything.

所以我認為我們正在關注的最重要的事情是需求是什麼。對於經濟形勢將如何，仍有很多不同的預測。但我認為，總的來說，從我們所處的位置來看，從低庫存的角度來看，強大的產品供應，我認為我們有能力通過它進行管理。我不知道，保羅，如果你想補充什麼。

Yes. Mary, I'll just add that we're still very much in a production-constrained world as an industry against where demand is. And as we look to 2023, we've said publicly that we're kind of planning for a 15 million SAR year, which is kind of below where most people peg demand, but it's actually above where actuals have been for most of the year given some of those supply constraints.

是的。瑪麗，我只想補充一點，作為一個與需求相對的行業，我們仍然處於生產受限的世界中。當我們展望 2023 年時，我們已經公開表示我們正在計劃每年 1500 萬沙特里亞爾，這有點低於大多數人的需求水平，但實際上高於一年中大部分時間的實際水平鑑於其中一些供應限制。

So I think everything Mary said is absolutely true. We're watching it very closely. We are planning for some tightness next year, but that's because we want to be on the proper side. We don't want to get surprised if we see that trending lower. So hopefully, demand remains strong going into 2023, and we can outperform the expectations that we're putting on paper right now. But that's (inaudible) '23.

所以我認為瑪麗所說的一切都是真的。我們正在密切關注它。我們計劃明年會出現一些緊張，但那是因為我們想站在正確的一邊。如果我們看到這種趨勢走低，我們不想感到驚訝。因此，希望到 2023 年，需求仍然強勁，我們可以超越我們現在在紙上提出的預期。但那是（聽不清）'23。

And then in China and the new ones there?

然後在中國和那裡的新人？

In China, I think we're -- as we now have the LYRIQ, we started offering the LYRIQ in September, and we'll have the Buick Ultium-based product. Those are 2 very important brands that we do well in China. I think we'll continue to see strength in the Hong Guang Mini EV. So I think the real opportunity for us in China is to now, with the products we have, grow our EV portfolio while maintaining our cost.

在中國，我認為我們現在擁有 LYRIQ，我們在 9 月開始提供 LYRIQ，我們將擁有基於別克 Ultium 的產品。這是我們在中國做得很好的兩個非常重要的品牌。我認為我們將繼續看到宏光迷你電動汽車的實力。所以我認為我們在中國的真正機會是現在，利用我們擁有的產品，在保持成本的同時擴大我們的電動汽車產品組合。

And we'll look to see how the company -- or the country does from an economic perspective. But we have a strong portfolio coming from an EV perspective, and I'm really proud of what the team is doing in light of volatile and different headwinds that they face, especially with some of the COVID situation.

我們將從經濟角度觀察公司或國家的表現。但從 EV 的角度來看，我們擁有強大的投資組合，鑑於團隊面臨的動盪和不同的逆風，尤其是在某些 COVID 情況下，我為團隊所做的事情感到非常自豪。

Our next question comes from Colin Langan from Wells Fargo.

我們的下一個問題來自富國銀行的 Colin Langan。

Any color on pricing? I mean any color? Has it improved sequentially? I know that year-over-year, it's still quite a big tailwind. And should we expect it to stay strong? It just feels like there's an awful lot of headwinds out there. Rates are rising. Used car prices are falling. And I know you highlighted demand is strong, but a lot of the market data is a little cautionary.

價格上有顏色嗎？我的意思是任何顏色？有沒有依次改善？我知道年復一年，這仍然是一個很大的順風。我們應該期待它保持強勁嗎？只是感覺那裡有很多逆風。利率正在上升。二手車價格正在下降。我知道你強調需求強勁，但很多市場數據有點謹慎。

I think some of the dealers are saying presold vehicles are sort of back to normal levels with the very -- being very few left. And inventory has ticked up and sales really haven't moved yet, which you would think that demand was there. So should we think pricing is going to have to move for you in the industry to kind of keep the demand flowing?

我認為一些經銷商說預售車輛已經恢復到正常水平，剩下的很少。而且庫存已經增加，銷售確實還沒有發生變化，你會認為需求就在那裡。那麼我們是否應該認為定價將不得不在行業中為你而改變以保持需求流動？

So Colin, I'll take a shot. Mary, you can add anything. Certainly, I think this comes down to the question of how much pent-up demand is there, which I don't think is necessarily specifically knowable over time. But what we're really focused on is trends going forward and managing to those trends as best we can throughout this year. The customer has obviously been very resilient. And I think that speaks to the quality of our products and (inaudible) sought.

所以科林，我會試一試。瑪麗，你可以添加任何東西。當然，我認為這歸結為存在多少被壓抑的需求的問題，我認為隨著時間的推移，這不一定是特別可知的。但我們真正關注的是未來的趨勢，並在今年盡可能地應對這些趨勢。客戶顯然非常有彈性。我認為這說明了我們產品的質量和（聽不清）所尋求的。

So I don't think that piece is going to change. I think the industry could normalize. We could see that, although I don't think we see big increases in production going forward. So depending on how that pent-up demand shakes out, I think that will affect inventory.

所以我認為這部分不會改變。我認為這個行業可以正常化。我們可以看到這一點，儘管我認為未來產量不會大幅增加。因此，取決於被壓抑的需求如何擺脫，我認為這將影響庫存。

But what you're hearing from everyone in the industry (inaudible) learned in inventory management over the last couple of years. And we, ourselves, have cited some of that. So even if we assume some slight softness in '23, as I talked about on the SAR side, we're not seeing it as sort of a major shakeup.

但是您從行業中的每個人那裡聽到的（聽不清）在過去幾年中在庫存管理方面學到的東西。我們自己也引用了其中的一些內容。因此，即使我們假設 23 年會出現一些輕微的疲軟，正如我在 SAR 方面所談到的那樣，我們也不會將其視為重大改組。

Got it. And then just following up on the questions around the IRA. Just for clarification, I think you said you see, I think, over 10 years, the potential to get the full $7,500. I mean -- and then out the gate, you think you can get the $3,750 for sort of the battery component part of it. I mean is that -- I wasn't sure if the $7,500, there's also the commercial credits? Is the $7,500 just for retail buyers that you think is possible, because that sourcing part seems to be the most challenging to get at.

知道了。然後只是跟進有關 IRA 的問題。只是為了澄清，我想你說你看到了，我認為，在 10 年內，獲得全部 7,500 美元的潛力。我的意思是——然後走出大門，你認為你可以獲得 3,750 美元的電池組件部分。我的意思是——我不確定這 7,500 美元是否還有商業信用？ 7,500 美元僅適用於您認為可能的零售買家嗎，因為採購部分似乎是最具挑戰性的。

Yes. We think, out of the gate, we're going to be eligible for the $3,750, and we'll ramp to have full qualification in the next 2 to 3 years, getting up to the $7,500. So which positions us well to be eligible for the complete credit from the consumer perspective. The $7,500 one, through the 10 years, it just takes a couple of years to ramp up based on our expectations with the supply moves that we've already made.

是的。我們認為，一開始，我們將有資格獲得 3,750 美元，我們將在未來 2 到 3 年內逐步獲得完全資格，最高可達 7,500 美元。因此，從消費者的角度來看，這使我們有資格獲得完整的信用。 7,500 美元，在過去的 10 年中，根據我們已經做出的供應變動的預期，只需要幾年的時間就可以增加。

And then as I mentioned, there's also the -- to leverage the tax credit of up to $45 per kilowatt hour with battery cells and battery modules produced in the U.S., again, we're well positioned there. And then the commercial incentives, I think, are going to be very important, especially with BrightDrop, our fleet and rental car.

然後正如我所提到的，還有——利用在美國生產的電池和電池模塊高達每千瓦時 45 美元的稅收抵免，我們在這方面處於有利地位。然後，我認為商業激勵措施將非常重要，尤其是對於 BrightDrop、我們的車隊和租車。

So those opportunities as well as used EV purchase incentives as well. So again, we're waiting to see what treasury does from a rule perspective, but those are just a few of the opportunities we think we're well positioned for and, frankly, better than most.

因此，這些機會以及使用的電動汽車購買激勵措施也是如此。再說一次，我們正在等待從規則的角度來看財政部的作用，但這只是我們認為我們已經做好準備的一些機會，坦率地說，比大多數機會都好。

Our last question comes from James Picariello from BNP Paribas.

我們的最後一個問題來自法國巴黎銀行的 James Picariello。

Just at a high level, the sequential walk to the full year adjusted EBIT midpoint of $14 billion, just curious if you could provide the major puts and takes to get to the midpoint. Obviously, it would be a sequential decline in the fourth quarter relative to a very strong third quarter. Yes, just any color there would be great.

在較高的水平上，連續走到全年調整後的息稅前利潤中點 140 億美元，只是好奇您是否可以提供主要的看跌期權並達到中點。顯然，與非常強勁的第三季度相比，第四季度將出現連續下降。是的，只要有任何顏色都會很棒。

Paul, do you want to take that?

保羅，你願意接受嗎？

Yes, sure. So I would say, it starts with the wholesale. Obviously, we had a really strong quarter as not only did -- were we able to produce, but we also cleared out 75% of that. So it was a little bit front-weighted.

是的，當然。所以我想說，它從批發開始。顯然，我們有一個非常強勁的季度，不僅因為我們能夠生產，而且我們還清除了其中的 75%。所以它有點前置。

If you recall back in the June quarter call, we talked about being 50-50 of clearing those out. So there's nothing sequentially different about the business that we're talking about. But I would expect that we cut wholesale a little bit, just off of the fact that we cleared out the majority of those vehicles from June.

如果你回想一下 6 月季度電話會議，我們談到了 50-50 清除這些問題。因此，我們正在談論的業務沒有什麼不同的順序。但我預計我們會稍微削減批發量，只是因為我們從 6 月起清理了大部分車輛。

Okay. And just on that, in terms of the 25% to 30% wholesales growth, is there a bias towards the lower half of that range based on how supply chains are shaping up and how the third quarter came in? Or how should we think about that?

好的。就這一點而言，就 25% 至 30% 的批發增長率而言，是否存在基於供應鏈如何形成以及第三季度如何進入該範圍的下半部分的偏見？或者我們應該怎麼想？

Yes. No specific commentary on that range. As Mary highlighted, we -- while the chip and the logistics environment is generally improving, there are still some short-term impacts that we digest on a regular basis. And the team does a good job of working through, though, but I wouldn't want to get more specific than the 25% to 30%.

是的。沒有對該範圍的具體評論。正如瑪麗強調的那樣，我們——雖然芯片和物流環境總體上正在改善，但我們仍然會定期消化一些短期影響。不過，團隊在完成工作方面做得很好，但我不想比 25% 到 30% 更具體。

Thank you. I'd now like to turn the call over to Mary Barra for her closing comments.

謝謝你。我現在想將電話轉給 Mary Barra，以聽取她的結束意見。

Well, thank you, Madison. And I just have a couple of comments to close the call. First and foremost, I hope everyone is hearing that the entire team is focused on meeting our commitments, and it's driving results that support the rapid scaling of our EV business and driving continued strong margins.

好吧，謝謝你，麥迪遜。我有幾條評論可以結束通話。首先，我希望每個人都聽到整個團隊都專注於履行我們的承諾，這是推動我們電動汽車業務快速擴展並推動持續強勁利潤率的推動成果。

I think over the last 2 years, especially, we've demonstrated resiliency and the ability to manage headwinds. Many times, that have even been stronger than we've seen in the past. And going forward, we'll continue to show that agility and resiliency and adjust whenever we need to do what we need to do to stay on track.

我認為在過去的 2 年中，尤其是，我們已經展示了彈性和管理逆風的能力。很多時候，這甚至比我們過去看到的還要強大。展望未來，我們將繼續展示敏捷性和彈性，並在我們需要做我們需要做的事情時進行調整以保持在正軌上。

And so I'm very confident of our transformation that's underway, and I think next year is a big year for us. You'll hear at our Investor Day in November much more about the EV strategy, including the KPIs. So I hope you will attend.

所以我對我們正在進行的轉型非常有信心，我認為明年對我們來說是重要的一年。您將在 11 月的投資者日聽到更多關於電動汽車戰略的信息，包括 KPI。所以我希望你能參加。

And Paul, Kyle, Dan and I thank you for the questions today, and we look forward to seeing many of you there. And again, couldn't be more committed to where we are, clearly in execution mode from a GM perspective with our EV/AV strategy. So thank you, everyone. Have a good day.

Paul、Kyle、Dan 和我感謝你們今天提出的問題，我們期待與你們中的許多人見面。再一次，我們不能更專注於我們所處的位置，從通用汽車的角度來看，我們的 EV/AV 戰略顯然處於執行模式。所以謝謝大家。祝你有美好的一天。

That concludes the conference call for today. Thank you for joining.

今天的電話會議到此結束。感謝您的加入。