通用汽車公司 (GM) 今天公佈了其第四季度和 2022 日曆年的收益。通用汽車負責投資者關係的副總裁 Ashish Kohli 打開電話並介紹了首席執行官 Mary Barra。巴拉首先承認通用汽車團隊在面對利率上升、大宗商品價格上漲和供應鏈中斷等外部挑戰時為履行承諾所做的努力。
Kohli 在將電話轉給 Barra 之前審查了前瞻性聲明的披露。巴拉回顧了通用汽車第四季度和 2022 日曆年的財務業績。她討論了公司為改善核心業務、投資新技術和推動股東價值所做的努力。
Berce 回顧了通用汽車第四季度和 2022 日曆年的財務業績。他討論了公司為改善核心業務、投資新技術和推動股東價值所做的努力。
Vogt 回顧了通用汽車第四季度和 2022 日曆年的財務業績。他討論了公司為改善核心業務、投資新技術和推動股東價值所做的努力。
通話以問答環節結束。
通用汽車預計清潔能源稅收抵免將對公司的利潤產生積極影響。通用汽車對其執行計劃和實現增長的能力充滿信心。特斯拉計劃今年提價,但漲幅很小。該公司仍有望提高其俄亥俄州和田納西州工廠的產量。
在回答有關特斯拉競爭力的問題時,保羅表示,重要的是要注意特斯拉的主要競爭對手一開始也不存在。他接著說,特斯拉正在全面擴展,並且與 ICE 和 EV 並發運行相關的摩擦成本,但他們希望在經歷這種轉型時能夠擴展。他還表示,該公司正在積極管理業務,而 20 億美元的成本削減計劃就是證明。
通用汽車高管表示,他們預計 2022 年將有強勁表現,資本支出水平略高於 2022 年,但營運資本積累不會那麼多。他們還表示,他們正在將自己定位為利用市場最終的優勢。
通用汽車首席執行官瑪麗博拉在結束語中表示,公司專注於執行其計劃並為股東創造價值。
特斯拉計劃今年提價,但漲幅很小。保羅表示,該公司仍有望提高俄亥俄州和田納西州工廠的產量,特斯拉的主要競爭對手一開始也不在那裡。他接著說,特斯拉正在全面擴展,並且與 ICE 和 EV 並發運行相關的摩擦成本,但他們希望在經歷這種轉型時能夠擴展。
通用汽車高管表示,他們預計 2022 年將有強勁表現,資本支出水平略高於 2022 年,但營運資本積累不會那麼多。他們還表示,他們正在將自己定位為利用市場最終的優勢。通用汽車首席執行官瑪麗博拉在結束語中表示,公司專注於執行其計劃並為股東創造價值。通用汽車計劃削減 20 億美元的成本,以實現其電動汽車目標。該公司計劃通過減少所有業務領域的固定成本來實現這一目標,例如裁員、關閉工廠和減少廣告。通用汽車在削減成本方面也很謹慎,並沒有因為預期價格戰或經濟衰退而採取任何行動。
該公司一直積極確保電池原材料的供應,並與其他公司合作以確保長期供應。該公司對其實現電動汽車目標的能力充滿信心。
首席執行官表示,他們預計結構成本將下降 20 億美元。他接著說,位於俄亥俄州洛茲敦的 Ultium 的坡道已步入正軌並且進展順利。
發言人正在討論增加批發量的潛力,特別提到車隊銷售可以在支持 5-10% 的增長方面發揮作用。他們指出,雪佛蘭和 GMC 今年推出了幾款新車型,可能有助於促進這一增長。總體而言,他們認為傳統內燃機汽車和電動汽車的銷量都有可能全面增加。由於員工的辛勤工作,通用汽車 (GM) 在 2020 年的財政年度表現強勁。公司致力於成為電動汽車 (EV) 市場的領導者,並為此做出多項近期承諾和長期投資。一個例子是在美國的四家工廠投資超過 8.5 億美元,以製造通用汽車的第六代小型 V-8 發動機。這種新發動機將比以前的型號更省油,排放更低。通用汽車還在建立一條電動汽車供應鏈,這將在北美創造就業機會,包括三個合資電池廠在美國創造的 11,000 個工作崗位。在最新的 J.D. Power 美國初始質量研究中,通用汽車在行業倒退的同時取得了進步。通用汽車和別克品牌在行業中處於領先地位,雪佛蘭擁有六款頂級車型,克爾維特是行業中排名最高的品牌。這種對滿足客戶和提供行業領先質量的承諾幫助我們符合條件的美國小時工獲得了創紀錄的總計 5 億美元的利潤分享,使三年總額達到 12 億美元。通用汽車預計 2023 年將是又一個強勁的一年,調整後的息稅前利潤將在 105 億美元至 125 億美元之間。該公司專注於降低其所有產品的複雜性,並全面減少公司管理費用。
通用汽車在 2020 年的財政年度表現強勁。該公司致力於成為電動汽車市場的領導者,並為此做出多項近期承諾和長期投資。一個例子是在美國的四家工廠投資超過 8.5 億美元,以製造通用汽車的第六代小型 V-8 發動機。這種新發動機將比以前的型號更省油,排放更低。通用汽車還在建立一條電動汽車供應鏈,這將在北美創造就業機會,包括三個合資電池廠在美國創造的 11,000 個工作崗位。在最新的 J.D. Power 美國初始質量研究中,通用汽車在行業倒退的同時取得了進步。通用汽車和別克品牌在行業中處於領先地位,雪佛蘭擁有六款頂級車型,克爾維特是行業中排名最高的品牌。這種對滿足客戶和提供行業領先質量的承諾幫助我們符合條件的美國小時工獲得了創紀錄的總計 5 億美元的利潤分享,使三年總額達到 12 億美元。通用汽車預計 2023 年將是又一個強勁的一年。該公司正致力於降低其所有產品的複雜性,並全面減少公司管理費用。 2019 年第四季度,通用汽車 (GM) 公佈了強勁的業績,調整後的息稅前利潤為 3 億美元。這包括在中國的 2 億美元股權收入,由於銷量和定價壓力下降,該收入同比略有下降,部分被成本行動所抵消。通用國際調整後的息稅前利潤(不包括中國股權收益)為 1 億美元,同比小幅增長,公司四個季度均實現盈利。這些一致的結果是由有利的定價和銷量推動的,部分被商品成本的組合所抵消。
GM Financial 業績強勁,2019 年第四季度 EBT 調整後為 8 億美元,同比下降 4 億美元。這主要是由於較低的租賃車輛淨收入和較高的資金成本,部分被零售和商業貸款組合的增長所抵消。二手車價格有所下降,但繼續高於合同剩餘價值,第四季度的租約退還率低於 10%。
通用汽車計劃繼續發展其 Cruise 和 BrightDrop 業務,同時投資電動汽車 (EV)。該公司預計電動汽車市場的行業總量將增長到 1500 萬美元,通用汽車計劃利用其垂直整合和本地採購戰略。通用汽車預計 EBIT(息稅前收益)在 105 億美元至 125 億美元之間,EPS(每股收益)在 6 至 7 美元之間,汽車業自由現金流在 50 億美元至 70 億美元之間.
在 GM Financial,該公司近年來的信用表現一直很強勁,導致過去兩年取得了“非凡的業績”。然而,通用汽車預計收益將在 2023 年恢復正常,達到 20 億美元左右。該公司預計,到 2023 年,銷量和混合動力將略有增長,銷量同比增長 5% 至 10%,混合動力部分抵消了通用汽車繼續增加轎車、小型 SUV 和跨界車細分市場的產量,以及通用汽車國際銷量增長。
至於北美定價,通用汽車預計激勵措施將從 2022 年創下的歷史最低水平增加,但這一不利因素將被許多 23 年款車型的廠商建議零售價上漲以及通用汽車希望在其新產品上實現的定價所部分抵消在 23 年。通用汽車還預計在北美以外採取定價行動,主要是為了幫助抵消外匯逆風。 2023年第一季度,通用汽車全球銷量同比增長3%,其中中國和美國增長強勁。在中國,受 SUV 和 MPV 細分市場持續增長的推動,銷售額增長了 7%。在美國,由於跨界車、SUV 和卡車的增長,銷售額增長了 1%。由於持續的大流行,歐洲銷售額下降了 1%。
通用汽車是一家美國跨國公司,總部位於底特律,設計、製造、營銷和分銷汽車和汽車零部件,並銷售金融服務。該公司由 William C. Durant 於 1908 年 9 月 16 日作為控股公司創立。從 1931 年到 2007 年,它是最大的汽車製造商,並在 2019 年再次成為最大的汽車製造商。截至 2020 年,通用汽車在財富 500 強美國最大公司總收入排名中排名第 10 位。
在文中,通用汽車討論了他們未來幾年的財務前景。他們預計大宗商品和物流成本將略有上升,而且他們簽訂的合同將有助於保護他們免受更高市場成本的影響。他們還致力於在未來兩年內將成本降低 20 億美元。預計資本支出將增加,但自由現金流將保持強勁。
本季度,由於信貸表現放緩,通用金融的淨沖銷略有上升,但仍低於大流行前的水平。 GM Financial 在 2022 年支付了 17 億美元的股息,他們預計 2023 年也將獲得類似的股息。本季度公司支出為 4 億美元,同比持平,因為他們繼續投資於增長計劃並提高生產力。
本季度郵輪費用為 5 億美元,同比增加 2 億美元,這主要是由於對股權獎勵的修改導致補償費用發生會計變化。基於 Cruise 在 2022 年取得的巨大進步以及他們快速擴展和運營業務的計劃將導致 2023 年成本適度增加,通用汽車的樂觀情緒繼續增強。
展望 2023 年,通用汽車預計核心汽車運營業績將持續強勁,不包括較低的養老金收入和通用汽車金融貢獻的影響。這種積極趨勢歸功於整個組織的強大執行力。
2023年第一季度,通用汽車全球銷量同比增長3%,其中中國和美國增長強勁。在中國,受 SUV 和 MPV 細分市場持續增長的推動,銷售額增長了 7%。在美國,由於跨界車、SUV 和卡車的增長,銷售額增長了 1%。由於持續的大流行,歐洲銷售額下降了 1%。
使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主
Operator
Operator
Good morning, and welcome to the General Motors Company Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)
早上好,歡迎來到通用汽車公司 2022 年第四季度收益電話會議。 (操作員說明)
As a reminder, this conference call is being recorded Tuesday, January 31, 2023. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.
提醒一下,本次電話會議將於 2023 年 1 月 31 日星期二進行錄製。我現在想將會議轉交給通用汽車投資者關係副總裁 Ashish Kohli。
Ashish Kohli - VP of IR
Ashish Kohli - VP of IR
Thanks, Michelle, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the fourth quarter and calendar year 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,米歇爾,大家早上好。感謝您在我們審查通用汽車第四季度和 2022 日曆年的財務業績時加入我們。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獲取。我們還通過網絡廣播廣播此電話會議。
Joining us today is Mary Barra, GM's Chair and CEO; Paul Jacobson, GM's Executive Vice President and CFO; and 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董事長兼首席執行官 Mary Barra;通用汽車執行副總裁兼首席財務官保羅·雅各布森; Cruise 首席執行官 Kyle Vogt; GM Financial 總裁兼首席執行官 Dan Berce 也將加入我們的電話問答環節。
Before we begin, I'd like to direct your attention to the forward-looking statements disclosure on the first page of our presentation. The content of our call will be governed by this language. And with that, I'm delighted to turn the call over to Mary.
在我們開始之前,我想請您注意我們演示文稿首頁上披露的前瞻性陳述。我們通話的內容將受此語言約束。有了這個,我很高興把電話轉給瑪麗。
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Thanks, Ashish, and good morning, and thank you all for joining us this morning. I want to begin today's call by recognizing the General Motors team, all of our employees and including our dealers and suppliers. It takes experience, skill and teamwork to adjust to external factors like higher interest rates, commodity price increases and supply chain disruptions and deliver our commitments year in and year out.
謝謝,Ashish,早上好,感謝大家今天早上加入我們。我想通過認可通用汽車團隊、我們所有的員工以及我們的經銷商和供應商來開始今天的電話會議。需要經驗、技能和團隊合作才能適應外部因素,例如更高的利率、大宗商品價格上漲和供應鏈中斷,並年復一年地兌現我們的承諾。
Our team rose to meet every challenge thrown at them in 2022, and they delivered record EBIT adjusted in a year of firsts that really sets us apart from our competition. For example, GM led the U.S. industry in total sales and delivered the largest year-over-year increase in market share of any OEM alongside record ATPs. This reflects the strength of our product portfolio, including our clear leadership in full-size pickups and full-size SUVs, great quality and improved availability. Chevrolet and GMC delivered more than 1.1 million full-size pickups, full-size SUVs and midsized pickups in the U.S., which is about 350,000 units more than our closest competitor.
我們的團隊奮起迎接 2022 年向他們提出的每一個挑戰,他們在一年中實現了創紀錄的調整後息稅前利潤,這讓我們在競爭中脫穎而出。例如,通用汽車在總銷售額方面領先美國行業,並在所有 OEM 中實現了最大的市場份額同比增幅以及創紀錄的 ATP。這反映了我們產品組合的實力,包括我們在全尺寸皮卡和全尺寸 SUV 領域的明顯領先地位、卓越的品質和更高的可用性。雪佛蘭和 GMC 在美國交付了超過 110 萬輛全尺寸皮卡、全尺寸 SUV 和中型皮卡,比我們最接近的競爭對手多出約 350,000 輛。
Our commercial fleet business is another area of profitable market share. The team has earned the business of more than 300 major commercial accounts over the last several years, which led to our best year for commercial delivery since 2006. The inflection point was driven by our investment in midsize and full-size pickups, including our capacity expansions to build more crew cabs and heavy-duty pickups.
我們的商業車隊業務是另一個有利可圖的市場份額領域。該團隊在過去幾年贏得了 300 多個主要商業客戶的業務,這是我們自 2006 年以來商業交付最好的一年。拐點是由我們對中型和全尺寸皮卡的投資推動的,包括我們的產能擴建以建造更多的載人駕駛室和重型皮卡。
Our growing portfolio of EVs will enhance our strong sales and share performance across the board because we're targeting the most popular segments at multiple price points. This year, we will have 9 EVs in the market in North America, including the Chevrolet Bolt EV and EUV, which saw record sales. In fact, they were the best-selling mainstream EVs in the second half of the year, and we plan to build more than 70,000 this year for North America and other markets.
我們不斷增長的電動汽車產品組合將全面提升我們強勁的銷售和股票表現,因為我們以多個價位瞄準最受歡迎的細分市場。今年,我們將在北美市場推出 9 款電動汽車,包括銷量創紀錄的雪佛蘭 Bolt EV 和 EUV。事實上,它們是下半年最暢銷的主流電動汽車,我們計劃今年為北美和其他市場生產超過 70,000 輛。
Quality is another area where our team deserves recognition. In the latest J.D. Power U.S. Initial Quality Study, GM improved, while the industry went backwards. Not only did we get better, GM and the Buick brand led the industry, Chevrolet had 6 top ranked vehicles and the Corvette was the highest ranked nameplate in the industry. This commitment to satisfying customers and delivering industry-leading quality helped our eligible U.S. hourly employees earned record profit sharing totaling $500 million, which brings the 3-year total to $1.2 billion.
質量是我們團隊值得認可的另一個領域。在最新的 J.D. Power 美國初始質量研究中,通用汽車取得了進步,而該行業卻倒退了。我們不僅變得更好,通用汽車和別克品牌在行業中處於領先地位,雪佛蘭擁有 6 款頂級車型,克爾維特是行業中排名最高的品牌。這種對滿足客戶和提供行業領先質量的承諾幫助我們符合條件的美國小時工獲得了創紀錄的利潤分享總額 5 億美元,使 3 年總額達到 12 億美元。
Looking ahead, we expect that 2023 will be another strong year for GM. We expect to deliver EBIT adjusted in the range of $10.5 billion to $12.5 billion which reflects operating performance similar to 2022, when you include the normalization of GM Financial's results and pension accounting.
展望未來,我們預計 2023 年將是通用汽車又一個強勁的一年。我們預計調整後的息稅前利潤在 105 億美元至 125 億美元之間,這反映了與 2022 年類似的經營業績,其中包括 GM Financial 業績和養老金會計的正常化。
Our guidance includes a total of $2 billion in cost savings in the automotive business over the next 2 years. The areas we're focusing on include continuing to reduce complexity in all of our products and reducing corporate overhead expenses across the board. I do want to be clear, though, we're not planning layoffs. We are limiting our hiring to only the most strategically important roles and will use attrition to help manage overall head count.
我們的指導意見包括在未來 2 年內為汽車業務節省總計 20 億美元的成本。我們關注的領域包括繼續降低我們所有產品的複雜性,並全面減少公司管理費用。不過,我確實想說清楚,我們沒有計劃裁員。我們將招聘限制在最具戰略意義的角色,並將使用自然減員來幫助管理總體人數。
On the revenue side of the equation, we expect the new products in key segments will continue to support profitable growth. This includes the Chevrolet Corvette E-Ray, our first electric supercar and the quickest production Corvette in history; our new midsized Chevrolet Colorado and GMC pickups; our new Chevrolet Silverado and GMC Sierra heavy-duty pickups; and the all-new Chevrolet Trax, which is the best entry-level Chevrolet we ever built.
在收入方面,我們預計關鍵領域的新產品將繼續支持盈利增長。這包括雪佛蘭克爾維特 E-Ray,我們的第一款電動超級跑車和歷史上生產速度最快的克爾維特;我們新的中型雪佛蘭科羅拉多和 GMC 皮卡;我們的新款雪佛蘭索羅德和 GMC Sierra 重型皮卡;以及全新的雪佛蘭 Trax,這是我們打造的最好的入門級雪佛蘭。
We're especially excited about the Trax and so our dealers in North America, Korea and other international markets. The Trax really stands out in a segment where customers are often forced to sacrifice for a low price. But the Trax is stylish, roomy, packed with safety technology, and it's very affordable. It's combined city highway fuel economy is 30 miles per gallon, and it's also more profitable than the model it replaces.
我們對 Trax 以及我們在北美、韓國和其他國際市場的經銷商感到特別興奮。 Trax 在客戶經常被迫犧牲低價的細分市場中脫穎而出。但 Trax 時尚、寬敞、配備安全技術,而且非常實惠。它的綜合城市公路燃油經濟性為每加侖 30 英里,而且它也比它所取代的車型更有利可圖。
The third-generation Chevrolet Montana pickup that we're launching in South America and Mexico starting next month follows the same formula. The Montana's design is inspired by products like the Blazer and Trailblazer, and it will offer customers more room, the best combination of fuel economy and performance in its segment and a comprehensive suite of safety features and an innovative reconfigurable bed.
我們下個月開始在南美和墨西哥推出的第三代雪佛蘭蒙大拿皮卡遵循相同的公式。 Montana 的設計靈感來自 Blazer 和 Trailblazer 等產品,它將為客戶提供更多空間、燃油經濟性和性能在其細分市場中的最佳組合,以及一套全面的安全功能和創新的可重新配置床。
So let's talk about our growing EV portfolio. At our November Investor Day, we took you deep into the products and supporting strategies that will help us achieve solid EV profitability in 2025. And this is a breakout year for the Ultium platform. Production at our Ultium Cells joint venture in Ohio is on track and the plant in Spring Hill will open later this year. Ultium Cells started hiring and training launch team members in October, and they began equipment installation in November.
因此,讓我們談談我們不斷增長的電動汽車產品組合。在我們 11 月的投資者日,我們帶您深入了解了將幫助我們在 2025 年實現穩固的電動汽車盈利能力的產品和支持策略。今年是 Ultium 平台取得突破的一年。我們在俄亥俄州的 Ultium Cells 合資企業的生產正在按計劃進行,位於斯普林希爾的工廠將於今年晚些時候開業。 Ultium Cells 於 10 月開始招聘和培訓發射團隊成員,並於 11 月開始設備安裝。
These plants will help us meet pent-up demand for the Cadillac LYRIQ, the GMC HUMMER EV pickup and the BrightDrop Zevo 600, and it keeps our other EV launches on track. For example, BrightDrop continues to add new customers, including DHL Canada, and they are on track to achieve the goal of $1 billion in revenue for the year.
這些工廠將幫助我們滿足對凱迪拉克 LYRIQ、GMC HUMMER EV 皮卡和 BrightDrop Zevo 600 的壓抑需求,並使我們的其他 EV 發布保持在正軌。例如,BrightDrop 不斷增加新客戶,包括 DHL Canada,他們有望實現全年收入 10 億美元的目標。
In April, we launched the Silverado EV Work Truck at Factory ZERO for fleets, so we have opened up the order banks to begin converting initial demand for more than 200 customers into firm orders for 2023 production with the first deliveries in the spring. Interest is so strong that we believe demand will exceed supply in 2023 and into '24.
4 月,我們在 Factory ZERO 為車隊推出了 Silverado EV 工作卡車,因此我們開放了訂單銀行,開始將 200 多個客戶的初始需求轉化為 2023 年生產的確定訂單,並在春季首次交付。興趣如此強烈,以至於我們相信需求將在 2023 年和 24 年超過供應。
In the fall, we will begin building the sold-out Silverado RST First Edition, Chevrolet's flagship electric pickup, which will feature trailering-capable Super Cruise, 4-wheel steering and a multi-flex midgate and up to 400 miles of range. We'll follow with other retail-focused models in' '24, including the Silverado EV Trail Boss.
秋季,我們將開始生產已售罄的雪佛蘭旗艦電動皮卡 Silverado RST First Edition,它將配備具有拖車功能的 Super Cruise、4 輪轉向和多柔性中門以及長達 400 英里的續航里程。我們將在 24 世紀推出其他以零售為重點的車型,包括 Silverado EV Trail Boss。
This summer, we'll also see the launches of the Chevrolet Blazer EV and Equinox EV. More than 40% of Blazer's reservation holders are new to EVs. Among the 60% who have owned an EV or hybrid, most are either Tesla customers or are loyal Bolt EV and Volt customers. What's common to everyone is they want an all-electric SUV that's stylish and roomy with enough range and fast-charging capability to make it their daily driver, and they want it from a brand like Chevrolet with a proven record and reputation for quality.
今年夏天,我們還將看到雪佛蘭 Blazer EV 和 Equinox EV 的發布。超過 40% 的 Blazer 預訂持有人是電動汽車的新手。在擁有電動汽車或混合動力車的 60% 中,大多數是特斯拉客戶或忠實的 Bolt EV 和 Volt 客戶。每個人的共同點是,他們想要一款時尚、寬敞、續航里程足夠且具有快速充電能力的全電動 SUV,使其成為日常駕駛者,而且他們希望雪佛蘭這樣的品牌擁有久經考驗的記錄和質量聲譽。
The Equinox EV has many of the same attributes in an even more affordable package, which makes it unique and another growth opportunity for GM. More than 1/3 of the customers interested in the Equinox EV say affordability is their key consideration, and the latest data says nearly half live on the East or West Coast or in Texas, which are all growth markets for us.
Equinox EV 在更實惠的包裝中具有許多相同的屬性,這使其獨一無二,也是通用汽車的另一個增長機會。超過 1/3 對 Equinox EV 感興趣的客戶表示,負擔能力是他們的主要考慮因素,最新數據顯示近一半居住在東海岸或西海岸或德克薩斯州,這些都是我們的增長市場。
This cadence of cell production and product launches, combined with strong demand for the Bolt EV and EUV keeps us on track to produce 400,000 EVs in North America from 2022 to mid-2024, and with the Ultium platform volumes increasing significantly in the second half of this year.
這種電池生產和產品發布的節奏,加上對 Bolt EV 和 EUV 的強勁需求,使我們有望在 2022 年至 2024 年中期在北美生產 400,000 輛 EV,並且 Ultium 平台的產量在 2024 年下半年顯著增加今年。
Our team in China is also scaling Ultium. The Cadillac LYRIQ, which was the first to launch in September, and our dealers are very excited about it. They delivered around 2,400 units through December with about 80% of customers coming from other manufacturers. Excitement is also building at Buick, which is now building preproduction units of the Buick Electra 5, an SUV inspired by the Electra-X concept. It will be the first in an all-new portfolio of Buick EVs.
我們在中國的團隊也在擴展 Ultium。 9 月率先推出的凱迪拉克 LYRIQ,我們的經銷商對此非常興奮。截至 12 月,他們交付了大約 2,400 台,其中大約 80% 的客戶來自其他製造商。別克也令人興奮,它現在正在建造別克 Electra 5 的試生產單元,這是一款受 Electra-X 概念啟發的 SUV。這將是別克全新電動汽車產品組合中的第一款。
All of these launches and initiatives will help us deliver near-term commitments we made at Investor Day, and we continue to make bold moves to drive profitable long-term growth. One example is our planned investment of more than $850 million in 4 U.S. plants to build the sixth generation of our small-block V-8, which will deliver even better fuel economy, about a 5% improvement and double-digit reduction in emissions and more performance for our truck and SUV customers.
所有這些發布和舉措將幫助我們兌現我們在投資者日做出的近期承諾,並且我們將繼續採取大膽舉措來推動盈利性長期增長。一個例子是我們計劃在美國的 4 家工廠投資超過 8.5 億美元,以建造我們的第六代小型 V-8,這將提供更好的燃油經濟性,排放和排放量減少約 5% 和兩位數。為我們的卡車和 SUV 客戶提供更多性能。
We're also building an EV supply chain that is long-term competitive advantage for GM and a major source of new jobs, especially in North America. For example, our first 3 joint venture cell plants are expected to create 11,000 jobs in the U.S. with about 6,000 in construction and 5,100 in operations. In Quebec, construction of our joint venture cathode active material plant is moving quickly and the structure should be complete midyear. In Texas, MP Materials has started construction of its first rare earth metal alloy and magnet manufacturing facility, and they expect to begin delivering product to us late this year.
我們還在建立電動汽車供應鏈,這對通用汽車來說是長期的競爭優勢,也是新工作崗位的主要來源,尤其是在北美。例如,我們的前 3 家合資電池廠預計將在美國創造 11,000 個工作崗位,其中約 6,000 個在建,5,100 個在運營。在魁北克,我們的合資正極活性材料工廠的建設進展迅速,結構應該在年中完成。在得克薩斯州,MP Materials 已開始建設其第一個稀土金屬合金和磁鐵製造工廠,他們預計將在今年晚些時候開始向我們交付產品。
After several months of optimizing engineering and process parameters, Controlled Thermal Resources is now recovering lithium from its geothermal brine resource in California's Imperial County. This is an important step in completing the engineering design to recover lithium from geothermal brine at scale.
經過數月的優化工程和工藝參數後,Controlled Thermal Resources 現在正在從位於加利福尼亞州帝國縣的地熱鹵水資源中回收鋰。這是完成從地熱鹵水中大規模回收鋰的工程設計的重要一步。
In Australia, Queensland Pacific Metals has secured all major approvals to begin construction of a new facility that will be an environmentally sustainable center for processing nickel and cobalt. In December, Ultium Cells signed a supply agreement with POSCO Chemical to support -- source artificial graphite from Korea.
在澳大利亞,Queensland Pacific Metals 已獲得所有主要批准,可以開始建設新設施,該設施將成為環境可持續的鎳和鈷加工中心。去年 12 月,Ultium Cells 與 POSCO Chemical 簽署了供應協議,以支持從韓國採購人造石墨。
And today, we announced the largest ever investment by an automaker in battery raw materials. Specifically, we are making an equity investment of up to $650 million in Lithium Americas to help them develop the largest known lithium resource in the U.S. and the third largest globally. Lithium Americas estimates that the potential output from this project could support annual production of up to 1 million EVs and create 1,000 new jobs in construction and another 500 in operations.
今天,我們宣布了汽車製造商有史以來最大的電池原材料投資。具體來說,我們正在對 Lithium Americas 進行高達 6.5 億美元的股權投資,以幫助他們開髮美國已知最大、全球第三大的鋰資源。 Lithium Americas 估計,該項目的潛在產出可以支持每年生產多達 100 萬輛電動汽車,並在建築領域創造 1,000 個新工作崗位,在運營領域創造 500 個新工作崗位。
Production is scheduled to start in the second half of 2026. And after our initial investment, GM will have exclusive access to the lithium offtake in the first phase of the project. It's a landmark transaction, and it certainly won't be the last major supply chain announcement for GM. We continue to pursue strategic supply agreements and partnerships to further secure our long-term needs and drive investment in the United States and across North America.
生產計劃於 2026 年下半年開始。在我們的初始投資之後,通用汽車將獨家獲得該項目第一階段的鋰承購權。這是一項具有里程碑意義的交易,而且肯定不會是通用汽車最後一次重大供應鏈公告。我們繼續尋求戰略供應協議和合作夥伴關係,以進一步確保我們的長期需求並推動在美國和整個北美的投資。
As I said, all of these launches and initiatives tie back to the road map we shared at Investor Day. We're executing a product strategy in ICE and EV that is designed to support strong pricing and grow our share, especially in EVs, by competing in multiple segments and price points. We're expanding domestic cell production to drive EV growth, and we are turning our EV supply chain into a powerful competitive advantage. And we're maintaining strong financial results during a period of high investments, which includes taking a very strategic approach to managing our costs.
正如我所說,所有這些發布和舉措都與我們在投資者日分享的路線圖有關。我們正在 ICE 和 EV 中執行一項產品戰略,該戰略旨在通過在多個細分市場和價格點進行競爭來支持強勁的定價並增加我們的份額,尤其是在 EV 中。我們正在擴大國內電池生產以推動電動汽車的增長,我們正在將我們的電動汽車供應鏈轉變為強大的競爭優勢。我們在高投資期間保持了強勁的財務業績,其中包括採取非常戰略性的方法來管理我們的成本。
Next, I would like to dedicate a few minutes to Cruise because 2022 was a very significant year for them as well. So Kyle, I'm turning it over to you.
接下來,我想花幾分鐘時間介紹 Cruise,因為 2022 年對他們來說也是非常重要的一年。所以凱爾,我把它交給你了。
Kyle Vogt - Co-Founder, President, CTO & CEO
Kyle Vogt - Co-Founder, President, CTO & CEO
Thanks, Mary. Before I share more about the rapid scaling ahead of us for 2023, I'd like to take a minute to highlight what we accomplished in 2022. As you said, last year was the year that fully-driverless AVs transitioned from being a moonshot to reality, with the Cruise taxi fleet serving thousands of rides to real customers in a major U.S. market, and making its first fully-driverless deliveries.
謝謝,瑪麗。在我分享更多關於我們在 2023 年實現的快速擴展之前,我想花一點時間強調一下我們在 2022 年取得的成就。正如您所說,去年是完全無人駕駛的 AV 從登月計劃過渡到現實中,Cruise 出租車車隊為美國主要市場的真實客戶提供了數千次乘車服務,並首次進行了完全無人駕駛的交付。
We started the year with just a handful of cars on the road and a service that was restricted to employees. In January, though, we welcomed our first public riders and a few months later, launched our commercial service, the first ever in a major U.S. city. And since then, we're approaching 1 million driverless miles, have completed tens of thousands of driverless rides and run the largest driverless AV operation in the world, currently peaking at 130 driverless AVs at the same time in our Redhill fleet.
年初,我們只有幾輛汽車在路上行駛,而且服務僅限於員工。不過,在一月份,我們迎來了第一批公共乘客,幾個月後,我們推出了我們的商業服務,這是美國主要城市的首個商業服務。從那時起,我們的無人駕駛里程已接近 100 萬英里,已經完成了數万次無人駕駛騎行,並開展了世界上最大的無人駕駛 AV 運營,目前我們的 Redhill 車隊同時擁有 130 輛無人駕駛 AV。
We scaled responsibly, safely and transparently, including the release of the most comprehensive safety report in the industry. It outlines the key tenets and processes we put in practice each day that make our products an obvious choice against a backdrop of tragedies on the road caused by human error.
我們以負責任、安全和透明的方式擴大規模,包括發佈業內最全面的安全報告。它概述了我們每天實踐的關鍵原則和流程,這些原則和流程使我們的產品成為在人為錯誤造成的道路悲劇背景下的明顯選擇。
We finished the year delivering on our promise, a bold one, to complete our first commercial driverless rides in Austin and Phoenix. In Austin, we went from 0 footprint to revenue-generating rides in just a few months, and this proves that our technology scales quickly to new regions with minimal modification to our investment. And I think at this point, it's fair to say that our focus on complex cities like San Francisco, doing that first has paid off, and we've opened the door to rapid scaling this year and beyond.
我們在這一年結束時兌現了我們的承諾,一個大膽的承諾,在奧斯汀和菲尼克斯完成了我們的第一次商業無人駕駛遊樂設施。在奧斯汀,我們在短短幾個月內就從零足跡發展為創收遊樂設施,這證明我們的技術可以快速擴展到新地區,而對我們的投資進行的修改最少。我認為在這一點上,可以公平地說,我們對舊金山等複雜城市的關注首先得到了回報,我們為今年及以後的快速擴張打開了大門。
Looking ahead, this is the year when we really hone in on our key enablers for growth and profitability, with an amazing experience, low cost available everywhere. We're going to expand our service in both existing and new markets, and we'll have more to come on this soon. And we're working to ensure that our riders have an experience that is not only better than traditional ride-hail, but the best transportation experience possible.
展望未來,今年是我們真正專注於增長和盈利的關鍵推動因素的一年,我們將提供令人驚嘆的體驗和隨處可見的低成本。我們將在現有市場和新市場中擴展我們的服務,我們很快就會有更多的服務。我們正在努力確保我們的乘客不僅擁有比傳統叫車服務更好的體驗,而且擁有盡可能最佳的交通體驗。
The Origin will go into volume production later this year with closed course testing underway right now. And I can say after riding in an autonomous Origin myself, I can say that it's going to be hard to go back to the conventional vehicle format for an AV.
Origin 將於今年晚些時候投入量產,目前正在進行封閉課程測試。我可以說,在我自己駕駛一輛自動駕駛的 Origin 之後,我可以說很難回到 AV 的傳統車輛格式。
And as part of driving down costs and increasing availability, you'll also see us to continue to improve our operational efficiency and scale. And as an example, the most recent 100,000 driverless miles that we did clocked in 8x faster than the first 100,000 miles that we did, and we expect our rapid expansion to continue at similar rates this year and next.
作為降低成本和提高可用性的一部分,您還將看到我們繼續提高運營效率和規模。舉個例子,我們最近 100,000 英里的無人駕駛里程比我們最初的 100,000 英里快 8 倍,我們預計今年和明年我們的快速擴張將繼續以類似的速度進行。
Our operational efficiency also extends to how we spend our cash. We continually look for creative ways to reduce expenses, including more recently, increasing our use of automation, increasing our cloud compute efficiency and reducing our R&D real estate footprint. Our major investments in lower costs, vehicles and hardware, such as the Cruise Origin, better routing and pricing algorithms and operational efficiencies are going to drop costs and improve our unit economics as we scale to more cities, drive up revenue and continue our march toward profitability.
我們的運營效率還延伸到我們如何使用現金。我們不斷尋找創造性的方法來減少開支,包括最近,增加我們對自動化的使用,提高我們的雲計算效率和減少我們的研發房地產足跡。我們在降低成本、車輛和硬件(例如 Cruise Origin)、更好的路線和定價算法以及運營效率方面的主要投資將降低成本並提高我們的單位經濟效益,因為我們會擴展到更多城市,增加收入並繼續邁向盈利能力。
We will be thoughtful and focused with our spending, but we do intend to pursue the massive market opportunity in front of us by significantly increasing our commercial footprint and operating scale. It's abundantly clear that we have a massive opportunity ahead of us, and it's fully within our reach. We will continue to go after it with integrity and with urgency.
我們將深思熟慮並專注於我們的支出,但我們確實打算通過顯著增加我們的商業足跡和經營規模來尋求擺在我們面前的巨大市場機會。很明顯,我們面前有一個巨大的機會,而且它完全在我們的能力範圍內。我們將繼續以誠信和緊迫的態度追求它。
Thanks, Mary. Back to you.
謝謝,瑪麗。回到你身邊。
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Well, thanks, Kyle. And now let me turn the call over to Paul, who's going to go into a detailed discussion of our results and our outlook.
好吧,謝謝,凱爾。現在讓我把電話轉給保羅,他將詳細討論我們的結果和前景。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Thank you, Mary, and good morning, everyone. Thank you for joining us. I also want to start my remarks by thanking the entire GM team. They remain focused on execution and consistently meeting our commitments, no matter the obstacles, and this is exactly what they achieved in 2022.
謝謝你,瑪麗,大家早上好。感謝您加入我們。我還想通過感謝整個通用汽車團隊來開始我的發言。他們仍然專注於執行並始終如一地履行我們的承諾,無論遇到什麼障礙,這正是他們在 2022 年取得的成就。
We generated full year revenue of $156.7 billion, representing strong year-over-year growth of 23%. This improvement was driven by the team overcoming numerous logistics challenges and collaborating with the supply chain to increase parts availability. As a result, we grew wholesale volumes 25% within our objective of 25% to 30% for the year. We continue to face some supply chain and logistics issues, but overall, things remain trending in the right direction.
我們實現了 1567 億美元的全年收入,同比增長 23%。這一改進是由團隊克服眾多物流挑戰並與供應鏈合作以提高零件可用性推動的。因此,我們在全年 25% 至 30% 的目標範圍內實現了 25% 的批發量增長。我們繼續面臨一些供應鍊和物流問題,但總的來說,事情仍然朝著正確的方向發展。
For the full year, we achieved $14.5 billion in EBIT adjusted, 9.2% EBIT-adjusted margins and $7.59 in EPS diluted adjusted. These results were above the record profits we achieved in 2021 and at the high end of our revised EBIT-adjusted guidance range of $13.5 billion to $14.5 billion as December revenue and FX came in better than expected. They also speak to the robust health of our underlying business, which allowed us to offset $5.5 billion of commodity and logistics headwinds, $2 billion of incremental EV and growth spend and $1 billion lower GM financial results.
全年,我們實現了 145 億美元的調整後息稅前利潤、9.2% 的調整後息稅前利潤率和 7.59 美元的攤薄調整後每股收益。這些結果高於我們在 2021 年實現的創紀錄利潤,並且由於 12 月的收入和外匯好於預期,在我們修訂後的息稅前利潤調整後指導範圍 135 億美元至 145 億美元的高端。他們還談到了我們基礎業務的強勁健康,這使我們能夠抵消 55 億美元的商品和物流逆風、20 億美元的增量電動汽車和增長支出以及 10 億美元的通用汽車財務業績下降。
We generated adjusted free cash flow of $10.5 billion, which allowed us to both reinvest in growth opportunities and return excess cash to shareholders. In the fourth quarter, we repurchased an additional $1 billion of stock, bringing the 2022 total to $2.5 billion and retiring 65 million shares. We also opportunistically early retired $1 billion of senior unsecured notes in the U.S. and $0.5 billion of unsecured term loans in GM International, both maturing in 2023. Our goal remains to be responsible stewards of your capital.
我們產生了 105 億美元的調整後自由現金流,這使我們能夠對增長機會進行再投資,並將多餘的現金返還給股東。第四季度,我們又回購了 10 億美元的股票,使 2022 年的總額達到 25 億美元,並退回 6500 萬股股票。我們還適時提前償還了美國 10 億美元的高級無擔保票據和通用汽車國際公司 5 億美元的無擔保定期貸款,它們都將於 2023 年到期。我們的目標仍然是成為您的資本的負責任管家。
Getting into the fourth quarter results was $43.1 billion, up 28% year-over-year. We achieved $3.8 billion in EBIT adjusted, 8.8% EBIT-adjusted margins and $2.12 in EPS diluted adjusted. These results were driven by solid unit volume growth of 30% year-over-year during the quarter and robust pricing. North America delivered Q4 EBIT adjusted of $3.7 billion, up $1.5 billion year-over-year and EBIT-adjusted margins of 10.3%, primarily driven by higher volume and pricing, partially offset by mix and higher commodity and logistics costs.
進入第四季度的業績為 431 億美元,同比增長 28%。我們實現了 38 億美元的調整後息稅前利潤、8.8% 的調整後息稅前利潤率和 2.12 美元的調整後攤薄每股收益。這些結果是由本季度 30% 的穩定單位銷量同比增長和穩健的定價推動的。北美第四季度調整後息稅前利潤為 37 億美元,同比增長 15 億美元,調整後息稅前利潤率為 10.3%,這主要是由於銷量和定價的增加,部分被混合以及商品和物流成本增加所抵消。
Production in the second half of 2022 increased with strengthening supply chain and logistics, allowing us to improve dealer inventory for certain vehicles. We ended the year with total dealer inventory, including in-transit vehicles running around 50 days, with a number of vehicles physically on dealer lots improving gradually, but still approximately 1/3 of the level we were at in mid-2019, supporting a favorable supply and demand environment.
2022 年下半年的產量隨著供應鍊和物流的加強而增加,使我們能夠改善某些車輛的經銷商庫存。我們在年底時經銷商庫存總量,包括運行約 50 天的在途車輛,經銷商停車場的實際車輛數量逐漸增加,但仍約為 2019 年年中水平的 1/3,支持良好的供需環境。
I'd also like to share our perspective on inventory levels going forward. We're committed to actively managing production levels to balance supply with demand and are targeting to end 2023 with 50 to 60 days of total dealer inventory on a portfolio basis. This is down 20 to 30 days from mid-2019 and is reliant on a continued improvement in logistical challenges the industry has faced.
我還想分享我們對未來庫存水平的看法。我們致力於積極管理生產水平以平衡供需,目標是到 2023 年底,經銷商總庫存量達到 50 至 60 天。這比 2019 年年中減少了 20 到 30 天,並且取決於該行業所面臨的物流挑戰的持續改善。
Within this portfolio target, trucks are expected to run at higher levels, reflecting greater customer-driven variation requirements and sedans and SUVs are expected to run at this range or lower. Throughout the year, sales seasonality, production schedules and timing of fleet deliveries may take us out of this range from time to time, but that is the targeted range at which we'll manage.
在這個產品組合目標中,卡車預計將在更高水平運行,反映出更大的客戶驅動的變化要求,而轎車和 SUV 預計將在這個範圍或更低水平運行。全年,銷售季節性、生產計劃和車隊交付時間可能會不時使我們超出這個範圍,但這是我們將管理的目標範圍。
We continue to see strong demand for our EVs, with inventory turning on the Bolt EV and EUV in less than 10 days. The GMC HUMMER EV and Silverado -- Chevrolet Silverado EV have generated incredible demand and excitement, leading to over 250,000 combined reservations. We've also seen strong demand for the Cadillac LYRIQ, GMC Sierra EVs as well.
我們繼續看到對我們的 EV 的強勁需求,Bolt EV 和 EUV 的庫存在不到 10 天的時間內就開始了。 GMC HUMMER EV 和 Silverado——雪佛蘭 Silverado EV 產生了令人難以置信的需求和興奮,導致總預訂量超過 250,000。我們還看到對凱迪拉克 LYRIQ、GMC Sierra EV 的強勁需求。
Order books for the model year '23 LYRIQ and Denali Edition 1 Sierra EV were quickly filled with a waitlist that is growing daily. When you add in the interest we've seen for the Equinox EV and the Blazer EV, over 0.25 million hand-raisers, our EV momentum will only build as we enter the largest segments in the world.
23 年款 LYRIQ 和 Denali Edition 1 Sierra EV 的訂單很快就擠滿了等待名單,而且等待名單每天都在增加。當你加上我們對 Equinox EV 和 Blazer EV 的興趣時,超過 25 萬的舉手者,我們的 EV 勢頭只會在我們進入世界上最大的細分市場時增強。
GM International delivered Q4 EBIT adjusted of $300 million, flat year-over-year as the team did an impressive job executing in a volatile environment. This included $200 million of equity income in China, down slightly year-over-year due to lower volume and pricing pressure, partially offset by cost actions. EBIT adjusted in GM International, excluding China equity income was $100 million, up slightly year-over-year and profitable in all 4 quarters. These consistent results were driven by favorable pricing and volume, partially offset by mix in commodity costs.
通用汽車國際公司第四季度調整後息稅前利潤為 3 億美元,同比持平,因為該團隊在動蕩的環境中表現出色。這包括在中國的 2 億美元股權收入,由於銷量和定價壓力下降,同比略有下降,部分被成本行動所抵消。通用國際調整後的息稅前利潤(不包括中國股權收入)為 1 億美元,同比小幅增長,四個季度均實現盈利。這些一致的結果是由有利的定價和銷量推動的,部分被商品成本的組合所抵消。
I want to take a moment and recognize the transformation this team has executed over the last few years, achieving over $2 billion of EBIT-adjusted improvement since 2018. This was done by exiting unprofitable markets, strengthening the portfolio, leveraging our strong brands to significantly improve pricing and mix, all while simultaneously driving down costs. They've done amazing work as a team, and they should be lauded for that.
我想花點時間來認識一下這個團隊在過去幾年中執行的轉型,自 2018 年以來實現了超過 20 億美元的調整後息稅前收益。這是通過退出無利可圖的市場、加強產品組合、利用我們強大的品牌來顯著實現的改善定價和組合,同時降低成本。他們作為一個團隊完成了驚人的工作,他們應該為此受到稱讚。
GM Financial delivered strong results with Q4 EBT adjusted of $800 million, down $400 million year-over-year, primarily due to lower net leased vehicle income and higher cost of funds, partially offset by growth in the retail and commercial loan portfolios. Used vehicle prices have declined, but continue to run above the contract residual value with a Q4 off-lease return rate below 10%.
GM Financial 取得了強勁的業績,第四季度 EBT 調整後為 8 億美元,同比下降 4 億美元,這主要是由於較低的淨租賃車輛收入和較高的資金成本,部分被零售和商業貸款組合的增長所抵消。二手車價格有所下降,但繼續高於合同剩餘價值,第四季度的租約退還率低於 10%。
Overall, portfolio credit metrics continue to be strong in part due to a predominantly prime credit mix, with net charge-offs up slightly due to moderation in credit performance, but still running below pre-pandemic levels. GM Financial paid dividends of $1.7 billion in 2022, and we expect similar dividends in 2023. Corporate expenses were $400 million in the quarter, flat year-over-year as we continue to invest in growth initiatives and drive productivity.
總體而言,投資組合信貸指標繼續保持強勁,部分原因是優質信貸組合占主導地位,淨沖銷因信貸表現放緩而略有上升,但仍低於大流行前水平。 GM Financial 在 2022 年派發了 17 億美元的股息,我們預計 2023 年將派發類似的股息。本季度公司支出為 4 億美元,同比持平,因為我們繼續投資於增長計劃並提高生產力。
Cruise expenses were $500 million in the quarter, up $200 million year-over-year, driven mainly by modifications to equity awards, resulting in an accounting change in compensation expense. Our optimism continues to grow based on the great progress Cruise made in 2022 and their plans for rapid scaling and operationalizing of the business will result in a modest increase in costs during 2023.
本季度郵輪費用為 5 億美元,同比增加 2 億美元,這主要是由於對股權獎勵的修改導致補償費用發生會計變化。基於 Cruise 在 2022 年取得的巨大進步以及他們的業務快速擴展和運營計劃將導致 2023 年成本適度增加,我們的樂觀情緒繼續增強。
Let's now look towards 2023 for GM overall, which I know is a key focal point for everyone. While the environment remains uncertain, at a high level, I'm pleased to report that when you exclude the impacts of lower pension income and GM Financial contribution, we expect to drive consistently strong core auto operating performance in 2023. This continues the trend we saw in 2022, and highlights the strong execution throughout the organization.
現在讓我們展望通用汽車的整體 2023 年,我知道這是每個人的關鍵焦點。雖然環境仍然不確定,但在高水平上,我很高興地報告,當你排除較低的養老金收入和通用汽車金融貢獻的影響時,我們預計將在 2023 年推動核心汽車運營業績持續強勁。這延續了我們的趨勢看到 2022 年,並強調了整個組織的強大執行力。
Our plan is to continue to prioritize growth initiatives such as Cruise and BrightDrop while investing to accelerate our transition to EVs to take advantage of our vertical integration and local sourcing strategies. Assuming a $15 million total industry volume and under current conditions, we expect EBIT adjusted in the $10.5 billion to $12.5 billion range, EPS diluted adjusted in the $6 to $7 per share range, and adjusted automotive free cash flow in the $5 billion to $7 billion range.
我們的計劃是繼續優先考慮 Cruise 和 BrightDrop 等增長計劃,同時投資加速我們向電動汽車的過渡,以利用我們的垂直整合和本地採購戰略。假設行業總銷量為 1500 萬美元,在當前條件下,我們預計調整後的息稅前收益在 105 億美元至 125 億美元之間,每股攤薄後每股收益在 6 至 7 美元之間,調整後的汽車業自由現金流在 50 億美元至 70 億美元之間範圍。
At GM Financial, the strong credit performance in historically high used vehicle prices resulted in extraordinary results over the last 2 years. For 2023, we expect earnings to normalize in the mid-$2 billion range. We expect volume and mix combined to be a slight tailwind, with volumes up 5% to 10% year-over-year and mix partially offsetting as we continue to increase production in the sedan, small SUV and crossover segments, along with GM International volume growth.
在 GM Financial,二手車價格處於歷史高位的強勁信貸表現在過去兩年中取得了非凡的業績。到 2023 年,我們預計收益將在 20 億美元左右的範圍內正常化。我們預計銷量和混合動力將略有增長,銷量同比增長 5% 至 10%,並且隨著我們繼續增加轎車、小型 SUV 和跨界車細分市場的產量以及 GM International 的銷量,混合動力將部分抵消生長。
Regarding North America pricing. While we anticipate incentives will increase from the record low levels we saw in 2022, we expect this headwind to be partially offset by realizing the full year benefit of MSRP increases on many model year '23 vehicles, particularly full-size SUVs and trucks as well as pricing we expect to achieve on our new launches in '23. We're also anticipating pricing actions outside North America, primarily to help offset FX headwinds.
關於北美定價。雖然我們預計激勵措施將從我們在 2022 年看到的創紀錄的低水平增加,但我們預計這一逆風將部分抵消,因為許多 23 年款車型(尤其是全尺寸 SUV 和卡車)實現建議零售價增加的全年收益作為定價,我們希望在 23 年的新發布中實現。我們還預計北美以外的定價行動,主要是為了幫助抵消外匯逆風。
Overall, we see commodities and logistics costs as a slight tailwind. Our longer-term steel and logistics contracts, which help protect us from higher market costs over the last 2 years, renewed at higher rates in the second half of last year. This, combined with the strategic initiatives to locally sourced battery raw materials is expected to largely offset the tailwind we're seeing from lower raw material prices on our spot and indexed exposures.
總的來說,我們認為大宗商品和物流成本略微有利。我們的長期鋼鐵和物流合同在去年下半年以更高的利率續簽,這有助於保護我們在過去 2 年中免受更高的市場成本的影響。這一點,再加上對本地採購電池原材料的戰略舉措,預計將在很大程度上抵消我們從現貨和指數敞口的原材料價格下降中看到的順風。
The $1 billion lower pension income impacts our fixed costs. This noncash item does not impact our core operating results, but will be a headwind when comparing year-over-year in 2023. As Mary mentioned, we are very focused on keeping automotive controllable fixed costs in check despite our growth initiatives, which is why we are announcing a cost reduction program to take out $2 billion of costs over the next 2 years.
養老金收入減少 10 億美元影響了我們的固定成本。這個非現金項目不會影響我們的核心經營業績,但與 2023 年的同比相比將是一個不利因素。正如瑪麗提到的,儘管我們採取了增長舉措,但我們非常專注於控制汽車行業的可控固定成本,這就是為什麼我們正在宣布一項成本削減計劃,以在未來 2 年內削減 20 億美元的成本。
Included in our guidance is the expectation to achieve 30% to 50% of that in 2023 and the remainder in 2024. This initiative is a result of several factors and demonstrates our continued commitment to closely manage our operations through this transformation and achieve North American margins in the 8% to 10% range through 2025.
我們的指導意見包括預計在 2023 年實現 30% 至 50% 的目標,其餘部分在 2024 年實現。這一舉措是多種因素的結果,表明我們繼續致力於通過這一轉型密切管理我們的運營並實現北美利潤率到 2025 年在 8% 到 10% 的範圍內。
We expect capital spend to be in the $11 billion to $13 billion range, inclusive of $1 billion invested in our Ultium Cells JV. We continue to shift resources to EVs, with around 75% of our product-specific capital dedicated to EVs and AVs. Even with the increase in capital spending, we expect our adjusted free cash flow to remain strong in 2023.
我們預計資本支出將在 110 億美元至 130 億美元之間,包括投資於我們的 Ultium Cells JV 的 10 億美元。我們繼續將資源轉移到電動汽車,我們大約 75% 的產品特定資本用於電動汽車和自動駕駛汽車。即使資本支出增加,我們預計調整後的自由現金流在 2023 年仍將保持強勁。
As we said back in November, we expect that clean energy tax credits will be a material tailwind for GM over time because of the work we've been doing on vertically integrating the supply chain. For 2023, we anticipate at least $300 million in EBIT-adjusted benefit and expect this tailwind to increase significantly over the next few years as our cell production ramps and our North America focused supply chain comes fully into place.
正如我們在 11 月份所說,由於我們一直在垂直整合供應鏈方面所做的工作,我們預計隨著時間的推移,清潔能源稅收抵免將成為通用汽車的重要推動力。到 2023 年,我們預計調整後的息稅前利潤至少為 3 億美元,並預計隨著我們的電池生產量的增加和我們以北美為重點的供應鏈的全面到位,這種順風在未來幾年將顯著增加。
We're closely monitoring the dynamic macro environment as well as customer demand to make sure we're appropriately matching supply with demand. We will take quick and decisive actions on both the supply and the cost side to actively manage the business. What gives us confidence in our 2023 and long-term objectives is the work we've already done to position ourselves for success, repeatedly executing on our commitments and our ability to manage through a very challenging and dynamic environment.
我們正在密切監控動態的宏觀環境以及客戶需求,以確保我們適當地匹配供需。我們將在供應和成本方面採取快速果斷的行動,積極管理業務。讓我們對 2023 年和長期目標充滿信心的是我們已經為成功定位所做的工作,反复履行我們的承諾以及我們在充滿挑戰和充滿活力的環境中進行管理的能力。
With a compelling EV and ICE product portfolio, long-term supply chain commitments, extraordinary manufacturing capabilities, a strong balance sheet and our amazing team, I'm confident we'll continue to enhance the customer experience and deliver compelling growth on both the top and the bottom line. Mary?
憑藉引人注目的 EV 和 ICE 產品組合、長期供應鏈承諾、非凡的製造能力、強大的資產負債表和我們出色的團隊,我相信我們將繼續提升客戶體驗並在這兩個領域實現引人注目的增長和底線。瑪麗?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Okay. So with that, I think we're ready to, operator, to start taking your questions.
好的。因此,我認為我們已經準備好,運營商,開始回答您的問題。
Operator
Operator
(Operator Instructions) Our first question comes from the line of Dan Ives with Wedbush.
(操作員說明)我們的第一個問題來自 Dan Ives 與 Wedbush 的對話。
Daniel Harlan Ives - MD of Equity Research
Daniel Harlan Ives - MD of Equity Research
Yes. Great quarter. Can you just talk about supply in terms of that battery lithium perspective? It just seems like you guys are being much more aggressive, making sure you have that supply through 2025. Just talk about some of those efforts, and just giving you more and more confidence on the sort of the EV targets over the coming years.
是的。偉大的季度。你能從鋰電池的角度談談供應嗎?你們似乎更加積極,確保到 2025 年都有供應。只是談談其中的一些努力,讓你們對未來幾年的電動汽車目標越來越有信心。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Yes. Dan, I'm really proud of what the team has done. Our collaborative effort across supply chain, finance, business development, have led to what I think is the strongest portfolio of battery raw materials going forward. We've fully secured all of our battery raw materials through 2025. And as you can see from the announcement today with the investment in Lithium Americas and the supply that we'll be able to get from the Thacker Pass, we're making rapid improvements and increases in our battery raw materials for 2026 and beyond.
是的。丹,我為團隊所做的一切感到非常自豪。我們在供應鏈、金融、業務發展方面的合作努力,促成了我認為最強大的電池原材料組合。到 2025 年,我們已經完全確保了所有電池原材料的安全。正如您從今天的公告中看到的那樣,通過對 Lithium Americas 的投資以及我們將能夠從 Thacker Pass 獲得的供應,我們正在快速在 2026 年及以後改進和增加我們的電池原材料。
That is core to our strategy, what we've done. We've talked about being creative because what we're really trying to do is to create a portfolio that is in it for the long term. So whether it's a combination of spot price movements, fixed-price contracts, across the board, we're looking at ways to creatively manage that and make sure that we're running it as a partnership. We want our partners to be successful too, especially in this space as we're developing new sources of these raw materials. And this is such a great example of that partnership mentality coming to fruition.
這是我們戰略的核心,也是我們所做的。我們談到要有創造力,因為我們真正想做的是創建一個長期存在的投資組合。因此,無論是現貨價格變動、固定價格合同的組合,還是全面的,我們都在尋找創造性地管理它的方法,並確保我們以合作夥伴的方式運營它。我們希望我們的合作夥伴也能取得成功,尤其是在這個領域,因為我們正在開發這些原材料的新來源。這是這種夥伴關係心態實現的一個很好的例子。
Daniel Harlan Ives - MD of Equity Research
Daniel Harlan Ives - MD of Equity Research
And then just a quick follow-up. Obviously, price cuts that we've seen in Tesla, Ford, but it doesn't seem like GM is going down that path. Can you just hit on that concept because that's a big focus of investors?
然後只是快速跟進。顯然,我們已經在特斯拉、福特看到了降價,但通用汽車似乎並沒有走這條路。你能想到這個概念嗎,因為這是投資者的一大關注點?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Sure. When we look at our strong product portfolio and the interest that we have at the prices that we've already announced, we feel that we're well positioned. Even going into the first month of the year, we've seen a very strong customer interest in our products. And so we think right now, we're priced where we need to be. Of course, we're going to monitor it, and we'll make sure we remain competitive, but we really think with the strength of our product portfolio and what we have coming, we're positioned well.
當然。當我們審視我們強大的產品組合以及我們對我們已經宣布的價格的興趣時,我們覺得我們處於有利地位。即使進入今年的第一個月,我們也看到了客戶對我們產品的強烈興趣。所以我們現在認為,我們的定價在我們需要的地方。當然,我們將對其進行監控,並確保我們保持競爭力,但我們真的認為,憑藉我們產品組合的實力和我們即將推出的產品,我們處於有利地位。
Operator
Operator
And our next caller is Rod Lache with Wolfe Research.
我們的下一位來電者是 Wolfe Research 的 Rod Lache。
Rod Avraham Lache - MD & Senior Analyst
Rod Avraham Lache - MD & Senior Analyst
Just wanted to maybe just first follow up on Dan's question. Look, I know based on the prices that you've laid out for Equinox, Blazer, LYRIQ, that demand for the near term is much greater than your ability to supply. But at the same time, you're only assuming double -- or low single-digit EBIT margin for EVs by mid-decade, and one of your peers is already at 20% growth and pretty healthy EBIT and their costs are still falling. So my question is whether there are changes that you're contemplating or that you could make to close in on that benchmark and generate similar margins any faster.
只是想先跟進 Dan 的問題。你看,根據你為 Equinox、Blazer、LYRIQ 制定的價格,我知道近期的需求遠遠大於你的供應能力。但與此同時,您只假設到 20 世紀中期電動汽車的息稅前利潤率將達到雙倍或較低的個位數,而您的一個同行已經實現了 20% 的增長和相當健康的息稅前利潤,而且他們的成本仍在下降。所以我的問題是,您是否正在考慮進行更改,或者您是否可以進行更改以接近該基準並更快地產生類似的利潤率。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Rod, it's Paul. Thanks for the question. Thanks for being on. I think -- it's important to note that as we look across the competitive landscape, that competitor you referenced wasn't there in the beginning either, right? There's a lot of scaling that we're doing across the board. So as we're running concurrent operations with ICE and EV, there's obviously some frictional cost on utilization, et cetera, that we expect to be able to scale as we go through this transformation.
羅德,是保羅。謝謝你的問題。感謝您的參與。我認為 - 重要的是要注意,當我們審視競爭格局時,你提到的那個競爭對手一開始也不存在,對吧?我們正在全面進行大量擴展。因此,當我們使用 ICE 和 EV 運行並發操作時,顯然在利用率等方面存在一些摩擦成本,我們希望在經歷這種轉變時能夠擴展這些成本。
The ICE portfolio remains really strong, but we're also building the EV factories for the future. And clearly, the production levels that we see now and as we're ramping up aren't there yet. So we expect a tremendous level of operational synergies. We're also going to manage the business aggressively. I think the $2 billion cost reduction program that we're announcing today is a strong testament to that and making sure that we're driving efficiencies we ramp up those productions.
ICE 產品組合仍然非常強大,但我們也在為未來建設電動汽車工廠。很明顯,我們現在看到的以及我們正在提高的生產水平還沒有達到。因此,我們期待巨大的運營協同效應。我們還將積極管理業務。我認為我們今天宣布的 20 億美元成本削減計劃有力地證明了這一點,並確保我們提高效率,提高這些產量。
So it's not a -- I don't think a direct apples-to-apples comparison, but one that we're obviously aware of on the pricing front. The demand is really, really strong for all of our vehicle programs going forward. And we feel good about where we're going and the trajectory that we're on.
所以這不是 - 我不認為是直接的蘋果對蘋果比較,而是我們在定價方面顯然知道的比較。對於我們未來所有的車輛項目來說,需求真的非常強勁。我們對我們要去的地方和我們所處的軌跡感覺良好。
Rod Avraham Lache - MD & Senior Analyst
Rod Avraham Lache - MD & Senior Analyst
Okay. And just secondly, you referenced that $2 billion cost savings. What does that mean for structural cost expansion? And maybe related to that, this 5% to 10% volume assumption that you've suggested would seem to imply that you don't see affordability or rates as a major impediment to growth at this point. Am I interpreting that correctly? Or are you in fact making more room for pricing with this cost saving assumption?
好的。其次,您提到了 20 億美元的成本節約。這對結構性成本擴張意味著什麼?也許與此相關,你所建議的 5% 到 10% 的數量假設似乎意味著你不認為負擔能力或利率是目前增長的主要障礙。我的解釋正確嗎?還是您實際上是通過這種節省成本的假設為定價騰出了更多空間?
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
I would characterize it a little bit differently, Rod. So success is going to be driven by when we look at our fixed cost lines being down $2 billion. That's what we're looking for across the board, and we can get there. And I think it comes across all areas of the business. What I would say is we're being prudent about what we see out in the macro environment.
Rod,我會用不同的方式描述它。因此,當我們看到固定成本線下降 20 億美元時,成功將受到推動。這就是我們正在全面尋找的東西,我們可以實現。我認為它涉及業務的所有領域。我要說的是,我們對我們在宏觀環境中看到的情況持謹慎態度。
Again, we continue to see strength in demand for our vehicles and strength in pricing. But we want to make sure that we're driving efficiency where we can and felt like this was the right time to be able to do that. So we're going to be measured in how we do it. We're still focused on the growth areas of the portfolio. But we recognize that there are ways that we can do things more efficiently, and we expect to be able to drive that into margin performance. We're not doing anything to prepare for a price war or we're not doing anything in anticipation of a recession. I would say it's prudent cost management and just being aware of what's around us.
同樣,我們繼續看到對我們車輛的需求強勁和定價強勁。但我們想確保我們在力所能及的地方提高效率,並且覺得現在是時候做到這一點了。因此,我們將根據我們的工作方式進行衡量。我們仍然專注於投資組合的增長領域。但我們認識到,我們可以通過多種方式更有效地做事,我們希望能夠將其轉化為利潤率表現。我們沒有為價格戰做任何準備,也沒有為經濟衰退做任何準備。我會說這是謹慎的成本管理,只是了解我們周圍的情況。
Rod Avraham Lache - MD & Senior Analyst
Rod Avraham Lache - MD & Senior Analyst
That number is net, Paul, the $2 billion cost savings? Or is that a gross savings objective?
這個數字是淨值,保羅,20 億美元的成本節省?或者這是一個總儲蓄目標?
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Net of?
網?
Rod Avraham Lache - MD & Senior Analyst
Rod Avraham Lache - MD & Senior Analyst
Well, in other words, is there -- are your structural costs expected to decline by $2 billion expansion, I guess, is a simple way to ask it? Or is that -- are there other things that are increasing to offset that?
那麼,換句話說,你的結構性成本是否預計會因 20 億美元的擴張而下降,我想,這是一種簡單的提問方式嗎?或者是 - 是否有其他正在增加的東西來抵消它?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
For our automotive business, we're expecting our structural cost to go down $2 billion.
對於我們的汽車業務,我們預計我們的結構成本將下降 20 億美元。
Operator
Operator
And our next caller is Itay Michaeli from Citi.
我們的下一位來電者是花旗銀行的 Itay Michaeli。
Itay Michaeli - Director & Global Head of Autos Sector
Itay Michaeli - Director & Global Head of Autos Sector
Congratulations. Just 2 questions on the outlook. First, can you maybe share kind of what you're expecting for the company's revenue growth in 2023? Do you just kind of want to calibrate that with the 12% CAGR for 2025?
恭喜。只有 2 個關於前景的問題。首先,您能否分享一下您對公司 2023 年收入增長的預期?你只是想用 2025 年 12% 的複合年增長率來校準它嗎?
And secondly, I was hoping you could also maybe quantify the drag this year from some of the investments like the Ultium ramp and some of the other investments that you're making as well. It sounds like while the guidance certainly looks robust, there's certainly a lot of investments still flowing through. So I was hoping maybe you could quantify that as well. And then maybe also just provide a quick update on the Lordstown ramp as well.
其次,我希望你也可以量化今年一些投資的拖累,比如 Ultium ramp 和你正在進行的其他一些投資。聽起來雖然指導看起來確實很穩健,但肯定還有很多投資仍在流動。所以我希望你也可以量化它。然後也許也只是提供 Lordstown 坡道的快速更新。
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
So Itay, you're -- you were a little garbled so let us try. I'll take the last one. The ramp at Ultium in Lordstown, Ohio is on track, going well. The team is really ramping up, really focused on quality and the 2, between LG Energy Solutions and General Motors working really well together. So I'm very pleased.
所以 Itay,你是——你有點亂碼所以讓我們試試。我要最後一個。俄亥俄州洛茲敦 Ultium 的坡道已步入正軌,進展順利。 LG Energy Solutions 和 General Motors 之間的團隊真的在進步,真正專注於質量和 2,合作得非常好。所以我很高興。
As I mentioned, Spring Hill is also on track as is Michigan. And those 3 plants are really what enables us to achieve the goals that we've set for getting to 2025 and 1 million units in North America. So that's all going really, really well.
正如我所提到的,Spring Hill 和密歇根州也走上了正軌。這 3 家工廠確實使我們能夠實現我們設定的目標,即到 2025 年在北美達到 100 萬台。所以這一切都非常非常好。
From a -- I think the middle question you had was about with the investments that we're making in Ultium, to quantify, I think we've talked about what those investments are, but they're part of our capital program that we announced last year, this year and going into next year. So that's part of it. And on...
從一個 - 我認為你的中間問題是關於我們在 Ultium 中進行的投資,量化,我認為我們已經討論了這些投資是什麼,但它們是我們資本計劃的一部分,我們去年宣布,今年和明年。這就是其中的一部分。然後...
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
The first one was on the revenue growth, Itay. So I'll just jump in and say that we obviously experienced pretty significant revenue growth in 2022 driven by 25% increase in wholesale. We're not expecting that similar jump in production in 2023. So we're not giving any specific revenue guidance, but I would say that we would expect the growth rate to be below 2022 levels.
第一個是收入增長,Itay。所以我只想說,在批發增長 25% 的推動下,我們顯然在 2022 年經歷了相當顯著的收入增長。我們預計 2023 年的產量不會出現類似的增長。因此我們沒有給出任何具體的收入指導,但我會說我們預計增長率將低於 2022 年的水平。
Operator
Operator
And our next caller is John Murphy with Bank of America.
我們的下一位來電者是美國銀行的約翰墨菲。
John Joseph Murphy - MD and Lead United States Auto Analyst
John Joseph Murphy - MD and Lead United States Auto Analyst
Just a first question, Mary, on the IRA. I mean there's a lot going on with the interpretation and the final rules being set here. Originally, it looked like GM was going to be relatively advantaged, just the way that you were set up on production and your supply chain. But some of the interpretations on the commercial vehicle side and the fact that lease vehicles may fit the bill of being commercial vehicles, that may open the door to Europeans, Chinese, Japanese, South Koreans, anybody shipping EVs into the U.S. and still getting that $7,500 credit.
瑪麗,關於愛爾蘭共和軍的第一個問題。我的意思是這裡有很多關於解釋和最終規則的事情。最初,看起來通用汽車將具有相對優勢,就像您在生產和供應鏈上的設置方式一樣。但商用車方面的一些解釋以及租賃車輛可能符合商用車的要求這一事實,可能會為歐洲人、中國人、日本人、韓國人打開大門,任何將電動汽車運往美國並仍在使用的人7,500 美元的信貸。
So just curious what your thoughts are on that, how you think the rules should be interpreted. And could there be a chance of this loophole or change stays in force that you might ship EVs in from China?
所以很好奇你對此有何看法,你認為應該如何解釋規則。這種漏洞或變化是否有可能繼續有效,您可以從中國運送電動汽車?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
So our strategy all along for a very long time has been to build where we sell. And I think when you look at the work that we've done with the battery plants in this country and all of this supply investments that we've made, that helps us have, I'll say, supply chain resiliency more so. And it gives us the opportunity with some of the deals we've made to, I think, have a better cost advantage. And also it's good for the country and creates jobs. And that's what IRA was meant to do.
因此,很長一段時間以來,我們的戰略一直是在我們銷售的地方建廠。我認為,當你看看我們在這個國家的電池廠所做的工作以及我們所做的所有這些供應投資時,我會說,這有助於我們擁有供應鏈的彈性。它為我們提供了一些機會,我認為我們已經達成的一些交易具有更好的成本優勢。這對國家也有好處,可以創造就業機會。這就是 IRA 的本意。
And so we're waiting to see what the final rules are going to be from treasury. I think regardless of some of the issues still to be clarified from a lease perspective, General Motors is still going to benefit greatly because if you look at the production tax credits from cells and module perspective and then where we'll be from a battery component and critical minerals, we think we're well positioned. Again, the deal that we announced today or the partnership, the equity investment, I think, continues to reinforce it.
因此,我們正在等待財政部出台的最終規則。我認為無論從租賃的角度仍有待澄清的一些問題,通用汽車仍將受益匪淺,因為如果你從電池和模塊的角度來看生產稅收抵免,然後我們將從電池組件的角度來看和關鍵礦物,我們認為我們處於有利地位。同樣,我認為我們今天宣布的交易或合作夥伴關係、股權投資繼續加強它。
So yes, we're waiting to see what is going to be, but our focus is on having a strong supply chain here. Obviously, when we get the final rules, we'll look because we do have a global footprint, but I think we're focused on supporting North America production primarily from North America and to a certain extent, from Korea. So again, we're waiting to see, but I think you have to go back to what the intent of IRA was.
所以是的,我們在等著看會發生什麼,但我們的重點是在這裡擁有強大的供應鏈。顯然,當我們獲得最終規則時,我們會考慮,因為我們確實有全球足跡,但我認為我們的重點是支持北美的生產,主要來自北美,並在一定程度上來自韓國。所以,我們再次拭目以待,但我認為你必須回到愛爾蘭共和軍的意圖。
John Joseph Murphy - MD and Lead United States Auto Analyst
John Joseph Murphy - MD and Lead United States Auto Analyst
Yes. I agree with you. Just one follow-up. You mentioned fleet sales as an opportunity. Fleet sales have been very low for the past couple of years. I mean, fleets have been very under satiated or not satiated at all on their demand function. And now that supply is becoming more normal, how big a part of a recovery do you think they could have in the market, just maybe in general? Where have they been for GM in '21, '22? And where do you think they might be in '23? And how big a part did that play in sort of the development of EVs profitably into fleets in the early stages of the EV ramp?
是的。我同意你的看法。只是一個跟進。您提到車隊銷售是一個機會。在過去的幾年裡,車隊銷量一直很低。我的意思是,車隊的需求功能一直非常不足或根本不滿足。現在供應變得越來越正常,您認為他們可以在市場上實現多大程度的複蘇,也許只是一般而言?通用汽車在 21 年、22 年去了哪裡?你認為他們可能在 23 年在哪裡?在電動汽車爬坡的早期階段,這對電動汽車的盈利發展到車隊中起到了多大的作用?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Well, I think it's an important part. And I think when you look at BrightDrop, it's just all growth opportunity for us. I think when you look at the Silverado EV Work Truck, I think that's going to be very important as well. And so we're going to make sure that as we grow our fleet commercial rental business, it has an appropriate profitability profile, not from the days 10, 15 years ago when we really stepped back from that.
嗯,我認為這是一個重要的部分。而且我認為,當您查看 BrightDrop 時,這對我們來說都是增長機會。我認為當您查看 Silverado EV 工作卡車時,我認為這也將非常重要。因此,我們將確保隨著我們的車隊商業租賃業務的發展,它具有適當的盈利能力,而不是從 10 年、15 年前我們真正退出的那一天開始。
But I think whether it's what we announced with Hertz and the number of customers that we have interested, every company is working to reduce their carbon footprint. And so the EVs that we have just help support that I think are going to be very strong, and I think we're going to have a good portfolio. So I think that allows us to grow, especially in areas where we weren't involved in the past, EVs is a fresh start there.
但我認為,無論是我們與 Hertz 宣布的內容,還是我們感興趣的客戶數量,每家公司都在努力減少他們的碳足跡。因此,我們剛剛幫助支持的電動汽車將非常強大,我認為我們將擁有良好的產品組合。所以我認為這讓我們得以成長,尤其是在我們過去沒有涉足的領域,電動汽車在那裡是一個新的開始。
John Joseph Murphy - MD and Lead United States Auto Analyst
John Joseph Murphy - MD and Lead United States Auto Analyst
I'm sorry, if you were to think about that 5% to 10% increase in wholesale volumes, would that be dominated by fleet? I'm just -- because I mean everybody is obviously very concerned about the retail customer at the moment, but really neglecting that 1/4 of this market is traditionally fleet, and it's 10% to 15% in the last couple of years. So I mean, the potential doubling in fleet volume, it could come in the market at large and maybe be very supportive of that wholesale increase. So I mean, could you give us some numbers or thoughts on how supportive that could be, that 5% to 10% wholesale increase?
抱歉,如果您考慮批發量增加 5% 到 10%,那會由車隊主導嗎?我只是——因為我的意思是現在每個人顯然都非常關心零售客戶,但實際上忽略了這個市場的 1/4 是傳統的機隊,在過去幾年中這一比例為 10% 到 15%。所以我的意思是,車隊數量可能翻倍,它可能會進入整個市場,並且可能非常支持批發增長。所以我的意思是,你能否給我們一些數字或想法,說明 5% 到 10% 的批發增長會有多大支持?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
I think when we talk about a 5% to 10% increase, we're talking across the board. When you look at the EV launches that we have, the fact that we have brand new Chevrolet Silverado and GMC Sierra heavy-duty pickups, the fact that we have the new midsize, which is just an outstanding midsized truck with the Chevrolet Colorado and the GMC Canyon as well as the Trax. So we think from an ICE perspective, we have an opportunity. We think from clearly, the EV ramp-up that we're going to have this year, it's a part of it. And some of that -- both of those exciting products will be in the fleet business. So I think it's a both answer, John, not a single one or the other.
我認為當我們談論 5% 到 10% 的增長時,我們是在全面討論。當您查看我們推出的電動汽車時,事實上我們擁有全新的雪佛蘭索羅德和 GMC Sierra 重型皮卡,事實上我們擁有全新的中型,這是一款出色的中型卡車,雪佛蘭科羅拉多和GMC Canyon 以及 Trax。所以我們認為,從 ICE 的角度來看,我們有機會。我們清楚地認為,我們今年將要實現的 EV 增長,這是其中的一部分。其中一些——這兩種令人興奮的產品都將用於車隊業務。所以我認為這是一個雙選答案,約翰,而不是一個或另一個。
Operator
Operator
Our next caller is Ryan Brinkman with JPMorgan.
我們的下一位來電者是摩根大通的 Ryan Brinkman。
Ryan J. Brinkman - Senior Equity Research Analyst
Ryan J. Brinkman - Senior Equity Research Analyst
With regard to the $300 million tailwind you are assuming from clean energy tax credits in '23, I heard you say this could grow substantially over time. I just wanted to check in, try to dimension that potential. Are you assuming a benefit of $35 per kilowatt hour or $45? And are you in a position yet to share or have you resolved internally with your JV partner how these tax benefits are expected to be shared between GM and LG?
關於你在 23 年從清潔能源稅收抵免中獲得的 3 億美元順風,我聽說你說這可能會隨著時間的推移而大幅增長。我只是想檢查一下,嘗試確定這種潛力。您假設每千瓦時收益為 35 美元還是 45 美元?您是否能夠與您的合資夥伴分享或在內部解決 GM 和 LG 之間預期如何分享這些稅收優惠?
I'm just trying to dimension if the opportunity is 1 million vehicles in 2025, times $45 per kilowatt hour or $35, and then to understand whether we need to split that amount 50-50 or if there's some other math we need to take into account.
我只是想確定 2025 年機會是否是 100 萬輛汽車,乘以每千瓦時 45 美元或 35 美元,然後了解我們是否需要將這個數額分成 50-50,或者我們是否需要考慮其他一些數學問題帳戶。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Yes. So Ryan, a lot of detail in your question. I'll take it back to what we said at Investor Day was we expect EV benefits -- tax benefits to be $3,500 to $5,500 per vehicle. The $300 million in 2023 is obviously a function of our ramp rate, of our cell production.
是的。所以瑞安,你的問題有很多細節。我會回到我們在投資者日所說的,我們預計電動汽車的好處——每輛車的稅收優惠為 3,500 美元至 5,500 美元。 2023 年的 3 億美元顯然是我們電池生產的斜坡率的函數。
We're not going to go into any details on how that works across the board. It's our best expectation of where we're going to land is at least $300 million this year and ramping up rapidly as our production increases across our Ultium plants.
我們不會詳細介紹它是如何全面運作的。我們最好的預期是,我們今年的目標至少是 3 億美元,並且隨著我們 Ultium 工廠產量的增加而迅速增加。
Operator
Operator
Our next caller is James Picariello with BNP Paribas.
我們的下一位來電者是法國巴黎銀行的 James Picariello。
James Albert Picariello - Research Analyst
James Albert Picariello - Research Analyst
Just on -- back to GMV pricing relative to the market in North America, how would you assess GM's price competitiveness? Given the latest moves by competitors, it's it sounds as though demand in your order books are quite full. But just given the more recent competitive responses by others, would be curious to get your take whether your GMC is the opportunity to reposition or we also have the IRA defined MSRP caps as well to consider.
剛剛 - 回到相對於北美市場的 GMV 定價,您如何評估 GM 的價格競爭力?鑑於競爭對手的最新舉措,聽起來您的訂單簿中的需求似乎已經滿了。但考慮到其他人最近的競爭反應,很想知道你的 GMC 是否有機會重新定位,或者我們也有 IRA 定義的 MSRP 上限來考慮。
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Sure. Well, I think that's the strength of what General Motors is planning to launch this year. Many of the products that we have are going to be below the caps because we have a full portfolio of EVs at multiple price points. When you think about the Equinox EV, the Blazer EV and then the Silverado as well as the LYRIQ, I think we're really well positioned. And these are brand-new products into the marketplace that we have really strong interest.
當然。好吧,我認為這就是通用汽車計劃今年推出的產品的優勢所在。我們擁有的許多產品都將低於上限,因為我們擁有多個價位的完整電動汽車產品組合。當您考慮 Equinox EV、Blazer EV、Silverado 以及 LYRIQ 時,我認為我們的定位非常好。這些是進入市場的全新產品,我們非常感興趣。
So that's why both Paul and I feel that right now, based on the interest and the fact that the pricing that we put out even before the IRA came out was very appropriate. We're going to -- and because of the strength of the Ultium platform, that's what enables us to do that along with the fact that we're ahead of -- from most of the, I'll say, the traditional OEMs and getting battery cells produced in this country.
所以這就是為什麼保羅和我現在都覺得,基於興趣和我們甚至在 IRA 出來之前就推出的定價是非常合適的事實。我們將 - 由於 Ultium 平台的優勢,這使我們能夠做到這一點以及我們領先的事實 - 來自大多數,我會說,傳統的 OEM 和在這個國家生產電池。
So I think if you look at the strategy we've been executing, we're well positioned. And the strength of our product portfolio, I think, is what is giving us the confidence of where we sit right now with feeling that we priced appropriately.
所以我認為,如果你看看我們一直在執行的戰略,我們就處於有利地位。我認為,我們產品組合的優勢讓我們對現在所處的位置充滿信心,並感覺我們的定價合適。
James Albert Picariello - Research Analyst
James Albert Picariello - Research Analyst
Understood. And then just within the 400,000 cumulative EV production target by the first half of next year, can you just dimension what portion of that would be your EV truck platform?
明白了。然後就在明年上半年 400,000 輛累計電動汽車生產目標中,您能否確定其中哪一部分將是您的電動卡車平台?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
We haven't provided that kind of specific analysis, but the fact that -- well, the HUMMER to begin with, and that will ramp significantly this year and even more next year as we're completely sold out. And then the Silverado that we think we're going to -- the Silverado EV Work Truck and then the RST comes at the -- toward the end of the year. I mean I think all of those are very significant products that are going to do very well, but we're not giving specific numbers.
我們沒有提供那種具體的分析,但事實是——好吧,首先是 HUMMER,隨著我們完全售罄,今年和明年將大幅增加。然後是我們認為我們將要推出的 Silverado——Silverado EV 工作卡車,然後是 RST——將在年底推出。我的意思是我認為所有這些都是非常重要的產品,它們會做得很好,但我們沒有給出具體數字。
Operator
Operator
Mark Delaney with Goldman Sachs.
馬克德萊尼與高盛。
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
Is GM considering changes to its longer-term battery plans for North America as there have been media reports recently suggesting both that GM is considering adopting cylindrical cells and also that GM and LG may not partner on a fourth battery plant?
通用汽車是否正在考慮改變其在北美的長期電池計劃,因為最近有媒體報導表明通用汽車正在考慮採用圓柱形電池,而且通用汽車和 LG 可能不會合作建設第四家電池廠?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
So first, one of the strong points of the Ultium platform is that it's chemistry agnostic, and it can take pouch, prismatic or cylindrical cells. And so we can look to what is going to be the right battery for the specific vehicle from a performance perspective. So we have that complete flexibility.
因此,首先,Ultium 平台的優點之一是它與化學無關,並且可以採用軟包、棱柱形或圓柱形電池。因此,我們可以從性能的角度來尋找適合特定車輛的電池。所以我們擁有完全的靈活性。
We have very important work going on with LG Energy Solutions. They're an incredibly important partner to us. And we're working well together as we mentioned, with the launch of the Orion -- or excuse me, the Lordstown plant and then Spring Hill and then the plant in Michigan. So we're working well together, and we are going to need a fourth plant and more plants beyond that. And as we have those details to share, we will share them. But right now, there's nothing that's really changed in our plan to have battery manufacturing capability here in the U.S. and broadly in North America as well.
我們與 LG Energy Solutions 正在進行非常重要的工作。他們是我們非常重要的合作夥伴。正如我們提到的那樣,隨著獵戶座的發射——或者對不起,Lordstown 工廠,然後是 Spring Hill,然後是密歇根州的工廠,我們合作得很好。所以我們合作得很好,我們將需要第四家工廠和更多的工廠。由於我們有這些細節要分享,我們將分享它們。但現在,我們在美國和北美廣泛地區擁有電池製造能力的計劃並沒有真正改變。
Mark Trevor Delaney - Equity Analyst
Mark Trevor Delaney - Equity Analyst
That's helpful. My second question was on Cruise, and congratulations on the expansion into the new geographies last year. As you think about 2023 and how you're planning to expand, could you elaborate a bit more on your expansion targets for Cruise? And any potential changes in San Fran given the recent feedback from the local government there?
這很有幫助。我的第二個問題是關於 Cruise 的,祝賀 Cruise 去年擴展到新的地區。當您考慮到 2023 年以及您計劃如何擴展時,您能否詳細說明 Cruise 的擴展目標?鑑於當地政府最近的反饋,San Fran 有什麼潛在的變化嗎?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Kyle, do you want to take that one?
凱爾,你要拿那個嗎?
Kyle Vogt - Co-Founder, President, CTO & CEO
Kyle Vogt - Co-Founder, President, CTO & CEO
Yes, sure. I can take that. So we will be expanding in 2023 to several new cities, but our current focus is on expanding our driverless service in San Francisco as well as in Phoenix and Austin following our initial driverless launches there. The initial deployments in Phoenix and Austin were modest, and we want to expand those very quickly.
是的,當然。我可以接受。因此,我們將在 2023 年擴展到幾個新城市,但我們目前的重點是在舊金山以及鳳凰城和奧斯汀首次推出無人駕駛後,擴大我們在舊金山和奧斯汀的無人駕駛服務。 Phoenix 和 Austin 的初始部署規模不大,我們希望迅速擴展這些部署。
And of course, by doing that, expanding into these new cities using this repeatable playbook we've developed across safety and operations and some of the technical features. The barriers to launching in these cities can drive growth in existing markets are much smaller because of that upfront work we've put into solve those really difficult barriers to scale first.
當然,通過這樣做,使用我們在安全和運營以及一些技術特性方面開發的可重複劇本擴展到這些新城市。在這些城市推出可以推動現有市場增長的障礙要小得多,因為我們已經投入了前期工作來解決那些真正難以擴展的障礙。
And I think your second question was on the SFMTA comments about our California Public Utilities Commission permit to expand. And I just want to say there that our safety record is publicly reported and includes having driven millions of miles in an extremely complex urban environment with 0 life-threatening injuries or fatalities. And we're really proud of that record and also that the overwhelming majority of public comments on our permit application, including advocates from the disability community, small businesses and local community groups support expanding our fleet in San Francisco.
我想你的第二個問題是關於 SFMTA 關於我們加州公用事業委員會許可擴展的評論。我只想在那裡說,我們的安全記錄是公開報告的,包括在極其複雜的城市環境中行駛數百萬英里,沒有危及生命的傷害或死亡。我們真的為這一記錄感到自豪,也為我們的許可證申請的絕大多數公眾評論感到自豪,包括來自殘疾社區、小企業和當地社區團體的倡導者支持擴大我們在舊金山的車隊。
Operator
Operator
Our next caller is Adam Jonas with Morgan Stanley.
我們的下一位來電者是摩根士丹利的亞當喬納斯。
Adam Michael Jonas - MD
Adam Michael Jonas - MD
I just want to follow up on Mark's question about the -- about Ultium and the form factor. I appreciate that there's room for flexibility. And you've mentioned in the past, Mary, that the Ultium system was kind of form factor and chemistry agnostic. But if you did change to cylindrical, the 4680 form factor as reported in some of these sources, what kind of thing would drive such a change?
我只想跟進馬克關於 Ultium 和外形尺寸的問題。我很欣賞有靈活性的空間。瑪麗,你過去曾提到 Ultium 系統在某種程度上與外形和化學無關。但是,如果您確實更改為圓柱形,如其中一些來源中所報告的 4680 外形尺寸,那麼什麼樣的事情會推動這種變化?
I'm not saying that you have made that decision, but it seems like it is potential -- there's potential to do that. What kind of -- would it be driven by safety or cost? And kind of how difficult would it be to make that flip?
我並不是說你已經做出了那個決定,但它似乎是有可能的——有可能做到這一點。什麼樣的——它是由安全還是成本驅動的?進行這種翻轉會有多困難?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
So first of all, I'm not going to comment on speculation, Adam. And by the way, hello, but we -- we're looking really at performance. I mean one of the things, when you look at with the way that you configure the packs within Ultium, the difference of the cells is a lot having to do with performance and how do we get the max benefit. Again, our team has been working and looking at all 3 cell form factors for a while. In fact, today, from a prismatic perspective, that's what's in the vehicles, the Ultium-based vehicles that we're launching like the LYRIQ and the Buick in China. So we all along have been looking at all 3 form factors.
所以首先,我不會對猜測發表評論,亞當。順便說一句,你好,但我們——我們真的在關注性能。我的意思是其中一件事,當您查看在 Ultium 中配置包的方式時,單元的差異在很大程度上與性能有關,以及我們如何獲得最大利益。同樣,我們的團隊一直在研究所有 3 種電池形狀因素。事實上,今天,從棱鏡的角度來看,這就是車輛中的東西,我們在中國推出的基於 Ultium 的車輛,如 LYRIQ 和別克。所以我們一直在研究所有 3 種外形因素。
Adam Michael Jonas - MD
Adam Michael Jonas - MD
And I just had a follow-up for Paul on the pricing. You mentioned higher incentives, but offset by the increase in -- step-up in the MSRPs. I just want to make sure we're interpreting that correctly, that those are kind of a wash, that you think one more or less compensates for the other to leave the pricing element more or less stable from '22 to '23. Is that -- is that the correct way to think about it broadly? I know it's a volatile environment, but just one as a starting point, is that the message, a wash?
我剛剛跟進了 Paul 的定價問題。你提到了更高的激勵措施,但被 MSRP 的增加所抵消。我只是想確保我們正確地解釋了這一點,這些是一種洗禮,你認為一個或多或少地補償了另一個,使定價元素從 22 年到 23 年或多或少保持穩定。那是廣泛思考它的正確方法嗎?我知道這是一個多變的環境,但作為一個起點,這是否是消息,洗禮?
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Yes. I would say order of magnitude, yes. The pricing increases, we're not contemplating big ones this year, rather the annualization of what we did last year across the board. We have some new launches that would kind of come in. We won't get specific on that. But we are assuming that there's going to be some steady increase, normalization of incentives. That's where we said we're trying to plan conservatively.
是的。我會說數量級,是的。價格上漲,我們今年並沒有考慮大漲,而是我們去年所做的全面年度化。我們有一些新的發布會出現。我們不會具體說明這一點。但我們假設將會有一些穩定的增長,激勵措施的正常化。這就是我們所說的我們正在嘗試保守計劃的地方。
What I'll tell you is January month has come in really, really strong, a continuation of what we saw in December. And we're just watching the environment around us, but we still feel good about where demand sits.
我要告訴你的是,一月份的情況非常非常強勁,是我們在 12 月份看到的情況的延續。我們只是在觀察我們周圍的環境,但我們仍然對需求所在的地方感覺良好。
Operator
Operator
And our next caller is Chris McNally with Evercore.
我們的下一位來電者是 Evercore 的 Chris McNally。
Christopher Patrick McNally - Senior MD
Christopher Patrick McNally - Senior MD
I just want to revisit Ryan's question on the IRA $300 million, and thanks so much for giving that number. Just our math is that, that would be something like 10 to 12 gigawatts from the 2 facilities in Ohio and Tennessee. And without sort of confirming the explicit math, can we just talk about maybe how long it may take to ramp Ohio? And then obviously, Tennessee is only starting at the end of this year, but I think they're about 40 gigawatts each. So it seems like there is a material amount to grow at that capacity growth. But just anything you could talk about the time line on Ohio and Tennessee giga?
我只想重新審視 Ryan 關於 IRA 3 億美元的問題,非常感謝你提供了這個數字。我們的計算是,俄亥俄州和田納西州的 2 個設施大約需要 10 到 12 吉瓦。在沒有確認明確數學的情況下,我們可以談談可能需要多長時間才能讓俄亥俄州上坡嗎?然後很明顯,田納西州今年年底才開始,但我認為它們每個大約 40 吉瓦。因此,在容量增長方面似乎有大量增長。但是關於俄亥俄州和田納西州 giga 的時間線,你能談談什麼嗎?
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Yes. So the plan was we started in fourth quarter, and we said a couple of earnings calls ago that Ohio would add 20% more capacity every quarter. So to be fully up and running by the end of the year, that plan is still on track. I think you'll see us follow a similar but maybe a little faster in Spring Hill because we already have all the experience. And we actually have people from Spring Hill at the Ohio facility right now to make sure we have a smooth start-up there. So -- and we've talked about the plan is roughly around 37, 40. So I think you're in the right ballpark. But that's how those plans for ramp will ramp up.
是的。所以計劃是我們在第四季度開始的,我們在幾個財報電話會議前說過,俄亥俄州將每季度增加 20% 的產能。因此,要在年底前全面啟動並運行,該計劃仍在進行中。我想你會看到我們在 Spring Hill 遵循類似但可能更快一點,因為我們已經擁有所有經驗。事實上,我們現在在俄亥俄州的工廠有來自 Spring Hill 的人員,以確保我們在那裡順利啟動。所以 - 我們已經討論過該計劃大約是 37、40。所以我認為你在正確的範圍內。但這就是那些增加計劃的方式。
Christopher Patrick McNally - Senior MD
Christopher Patrick McNally - Senior MD
Perfect. That's super helpful. And just a follow-on, just from a modeling perspective, should we assume the 300 flows through EBIT? Or is there any benefit that also is going to start to benefit taxes as well? It's more where we're going to see the benefit of IRA if it's only in EBIT or if there is actually some tax component as well.
完美的。這非常有幫助。只是從建模的角度來看,我們是否應該假設 300 流量通過息稅前利潤?還是有任何好處也將開始使稅收受益?如果 IRA 僅在息稅前利潤或實際上還有一些稅收成分,我們將更多地看到 IRA 的好處。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
We think that there will be some that kind of flows through both. Our deck has guide on a lower tax rate of 16% to 18% for 2023. That's largely driven by R&D credits and some IRA. We're not getting any specifics into the breakout between them until we see the regs written, and we get more definition around it. But we do expect that there are likely going to be components in both areas.
我們認為兩者都會有一些類似的流程。我們的平台指導 2023 年將稅率降至 16% 至 18%。這主要是由研發信貸和一些 IRA 推動的。在我們看到 regs 寫入之前,我們不會在它們之間的突破中獲得任何細節,並且我們會圍繞它獲得更多定義。但我們確實預計這兩個領域都可能會有組件。
Operator
Operator
And our last question comes from the line of Emmanuel Rosner with Deutsche Bank.
我們的最後一個問題來自德意志銀行的 Emmanuel Rosner。
Emmanuel Rosner - Director & Research Analyst
Emmanuel Rosner - Director & Research Analyst
Two fairly quick ones. First one is back on pricing. I think you said you're trying to be conservative in your assumptions. So I was just hoping you could be a little bit more specific or explicit around what sort of incentive environment you're assuming because I understand the MSRP going up, just not super clear from the outside, what sort of macro and/or industry environment you're assuming and the impact on the overall industry incentives.
兩個相當快的。第一個是重新定價。我想你說過你試圖在你的假設中保持保守。所以我只是希望你能更具體或明確一些你假設的激勵環境,因為我知道 MSRP 正在上升,只是從外面不太清楚,什麼樣的宏觀和/或行業環境您正在假設以及對整個行業激勵措施的影響。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Yes, Emmanuel, so nothing specific to guide on in terms of our forward incentives beyond. We do expect over time for incentives to increase from the sort of record low levels that we've seen. We've seen slight upticks, but I would say that's largely more of a function of interest rates than it is waning demand or inventories. Inventories still remain very tight. We expect that to be the case, especially grounded inventory at dealers through 2023. So while we see some normalizing of incentives, nothing more specific than that, that we'll guide to.
是的,伊曼紐爾,所以就我們的遠期激勵措施而言,沒有什麼具體可以指導的。我們確實希望隨著時間的推移,激勵措施會從我們所看到的創紀錄的低水平增加。我們看到略有上升,但我想說這主要是利率的作用,而不是需求或庫存的減少。庫存仍然非常緊張。我們預計情況會如此,尤其是到 2023 年經銷商的庫存減少。因此,雖然我們看到一些激勵措施正常化,但沒有比這更具體的了,我們將引導。
Emmanuel Rosner - Director & Research Analyst
Emmanuel Rosner - Director & Research Analyst
Okay. So then just affirming it in terms of macro environment, if that's okay. Are you assuming some sort of recession in the second half, impact on sort of like consumer demand for vehicles? Or are you assuming sort of current conditions continue? And then I just have a follow-up on free cash flow.
好的。那麼就在宏觀環境方面肯定它,如果可以的話。您是否假設下半年會出現某種衰退,影響消費者對汽車的需求?還是您假設當前情況會繼續?然後我只是跟進自由現金流。
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Yes. So again, this is a situation we're watching carefully. But what we see from a new vehicle consumer is a consumer, as Paul said, even in the month of January, we've seen it to be very strong. So we're going to continue to monitor that and take the necessary steps. But we're going to watch and learn as we go through the year.
是的。同樣,這是我們正在仔細觀察的情況。但我們從新車消費者身上看到的是消費者,正如保羅所說,即使在 1 月份,我們也看到它非常強勁。因此,我們將繼續監控並採取必要的措施。但我們將在這一年中觀察和學習。
We told you at Investor Day, we were going to be as we plan this year, but also position ourselves to take advantage of whatever the market ends up being, and we're still on that plan executing. But again, from an early read in January, it's pretty positive.
我們在投資者日告訴過你,我們將按照今年的計劃進行,但也將自己定位為利用市場最終的優勢,我們仍在執行該計劃。但同樣,從一月份的早期閱讀來看,這是非常積極的。
Emmanuel Rosner - Director & Research Analyst
Emmanuel Rosner - Director & Research Analyst
Okay. And then just quickly on free cash flow. Can you just provide a high-level walk between the 2022 strong performance into 2023? Because obviously, the 2 sort of elements you would exclude to make them comparable, the pension income, this is noncash, right? So yes, walk between '22 and '23 would be helpful.
好的。然後快速獲得自由現金流。您能否提供從 2022 年到 2023 年的強勁表現之間的高水平走動?因為很明顯,為了使它們具有可比性,您會排除兩種元素,即養老金收入,這是非現金的,對吧?所以是的,在 22 年和 23 年之間走動會有所幫助。
Paul A. Jacobson - Executive VP & CFO
Paul A. Jacobson - Executive VP & CFO
Yes, just really high level, $10.5 billion in 2022. At the midpoint, we've got a couple of billion dollars more of CapEx going forward, and probably not as much of a working capital build as we saw in 2022. That's high level, how you get to the 5% to 7%.
是的,這是非常高的水平,到 2022 年將達到 105 億美元。在中點,我們未來的資本支出將增加 20 億美元,而且可能沒有我們在 2022 年看到的那麼多的營運資本建設。這是高水平,如何達到 5% 到 7%。
Operator
Operator
I would now like to turn the call over to Mary Barra for her closing remarks.
我現在想把電話轉給瑪麗·博拉 (Mary Barra),聽取她的結束語。
Mary T. Barra - Chairman & CEO
Mary T. Barra - Chairman & CEO
Great. Well, thank you, Michelle, and thanks to everyone for your questions. We, at General Motors, are really excited about the opportunities ahead of us in '23, especially with all the new vehicles that we're launching. Chevrolet and GMC will build on their leadership and pickup trucks, and Chevrolet is giving customers around the world compelling entry-level products, too. And this is the breakout year for the Ultium platform. So when you look at the products we'll have by the end of this year, again, they're all outstanding.
偉大的。好吧,謝謝你,米歇爾,也感謝大家提出的問題。在通用汽車,我們對 23 世紀擺在我們面前的機遇感到非常興奮,尤其是我們推出的所有新車。雪佛蘭和 GMC 將鞏固其在皮卡領域的領導地位,雪佛蘭也為全球客戶提供極具吸引力的入門級產品。今年是 Ultium 平台取得突破的一年。因此,當您查看我們將在今年年底推出的產品時,再次發現它們都很出色。
Again, we expect another year of strong financial results, and our confidence reflects the determination of the GMT -- of the GM team, the strength of our vehicles we're delivering and the valuable relationships we've developed with our dealers, our suppliers and our other partners. So I hope you see with what we did in '22 and what we're indicating we're going to be able to achieve in '23, that we continue to have your confidence, and we look forward to continuing to tell you more about this year as we go forward. So I hope everyone has a great rest of day.
同樣,我們期待又一年的強勁財務業績,我們的信心反映了 GMT 的決心——通用汽車團隊的決心、我們交付的車輛的實力以及我們與經銷商、供應商建立的寶貴關係和我們的其他合作夥伴。因此,我希望您看到我們在 22 年所做的事情以及我們表明我們將在 23 年實現的目標,我們繼續獲得您的信心,我們期待繼續告訴您更多關於今年我們繼續前進。所以我希望每個人都能度過愉快的一天。
Operator
Operator
That concludes today's conference call. Thank you for joining.
今天的電話會議到此結束。感謝您的加入。