通用汽車 (GM) 2023 Q1 法說會逐字稿

Good morning, and welcome to General Motors Company First Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, the conference call is being recorded, Tuesday, April 25, 2023. I would now like to turn the conference over to Ashish Kohli, GM Vice President of Investor Relations. Thank you. You may begin.

早上好，歡迎來到通用汽車公司 2023 年第一季度收益電話會議。 （操作員說明）提醒一下，電話會議將於 2023 年 4 月 25 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。謝謝。你可以開始了。

Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the first quarter of 2023. 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. Joining us today are 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 join us for the Q&A portion of the call.

謝謝，朱莉，大家早上好。感謝您在我們審查通用汽車 2023 年第一季度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。今天加入我們的有通用汽車董事長兼首席執行官瑪麗·博拉 (Mary Barra)；通用汽車執行副總裁兼首席財務官保羅·雅各布森；和 Cruise 的首席執行官 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 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。我們通話的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. Thank you for joining us. Paul, Kyle, Dan and I are glad to have this opportunity to discuss our first quarter results with you. Once again, we delivered strong earnings, and I appreciate the efforts of everyone involved, including the GM team, our dealers, our suppliers, our unions, that all helped us meet strong customer demand for our products.

謝謝，Ashish，大家早上好。感謝您加入我們。 Paul、Kyle、Dan 和我很高興有機會與您討論我們第一季度的業績。我們再次實現了可觀的收益，我感謝所有相關人員的努力，包括通用汽車團隊、我們的經銷商、我們的供應商、我們的工會，他們都幫助我們滿足了客戶對我們產品的強烈需求。

Highlights include our international markets outside of China, which had a record quarter, and North America, where we earned 10.9% EBIT-adjusted margins. In the U.S., we are the market leader in retail and fleet sales, including commercial sales. We earned the largest year-over-year increase in U.S. market share of any automaker, and we did it with strong production and inventory discipline as well as consistent pricing.

亮點包括我們在中國以外的國際市場，該市場的季度創紀錄，以及北美，我們在那裡獲得了 10.9% 的調整後息稅前利潤率。在美國，我們是零售和車隊銷售（包括商業銷售）的市場領導者。在所有汽車製造商中，我們在美國的市場份額同比增幅最大，而且我們憑藉強大的生產和庫存紀律以及一致的定價做到了這一點。

We delivered more than 20,000 EVs in the U.S. in the quarter, on the strength of record Bolt EV and EUV sales and rising Cadillac LYRIQ deliveries. This moves us up to the second market position and increased our EV market share by 800 basis points.

得益於創紀錄的 Bolt EV 和 EUV 銷量以及凱迪拉克 LYRIQ 交付量的增長，本季度我們在美國交付了 20,000 多輛電動汽車。這使我們上升到第二市場位置，並將我們的電動汽車市場份額增加了 800 個基點。

We also continue to sell more trucks in the U.S. than anyone by a wide margin. In addition, the $2 billion of fixed cost reductions we are targeting will flow to the bottom line faster than we originally expected. And the enterprise value of these fixed cost reductions will have even greater than $2 billion of value because we're strengthening our culture, which has consistently delivered strong results; we're reducing our executive ranks by more than 15% through voluntary separations, which will help reduce bureaucracy; and we are empowering our leaders to structure their teams to be faster and more agile. In addition, we are prioritizing programs and projects that have the highest revenue and cost impact. We understand the bar continues to be raised, so we're holding ourselves accountable to drive improvements every single day.

我們還繼續在美國銷售更多的卡車，遠遠超過任何人。此外，我們所針對的 20 億美元固定成本削減將比我們原先預期的更快地流入利潤線。這些固定成本削減的企業價值甚至將超過 20 億美元，因為我們正在加強我們的文化，這種文化一直在帶來強勁的成果；我們通過自願離職將我們的高管職位減少了 15% 以上，這將有助於減少官僚作風；我們正在授權我們的領導者構建他們的團隊，使其更快、更敏捷。此外，我們正在優先考慮對收入和成本影響最大的計劃和項目。我們知道標准在不斷提高，因此我們每天都在推動改進。

As we look at the performance of the business and the opportunity ahead of us with new ICE and EV launches, we're able to raise our full year 2023 earnings guidance to a range of $11 billion to $13 billion. The new ICE products we are launching around the world will build on this momentum and support strong mix, pricing and EBIT.

當我們審視業務表現以及新的 ICE 和 EV 發布帶來的機遇時，我們能夠將 2023 年全年的盈利預期提高到 110 億美元至 130 億美元。我們在全球推出的新 ICE 產品將建立在這一勢頭之上，並支持強大的組合、定價和息稅前利潤。

In GMI, the new Chevrolet Trax, is off to a very fast start in Korea with more than 13,000 orders placed in the first week of sale. In Brazil, the new Chevrolet Montana pickup saw more than 10,000 orders out of the gate. And demand for our new midsize and heavy-duty pickups in North America is growing, especially at the high end. Over the last years, we've evolved our premium truck offerings from a niche to a franchise. And we did it through manufacturing investments, design, demonstrated capability and technologies like Super Cruise.

在 GMI，新款雪佛蘭 Trax 在韓國開局非常迅速，在銷售的第一周就下達了 13,000 多份訂單。在巴西，新款雪佛蘭 Montana 皮卡的訂單量超過 10,000 輛。北美對我們新型中型和重型皮卡的需求正在增長，尤其是在高端市場。在過去的幾年裡，我們已經將我們的優質卡車產品從利基市場發展為特許經營。我們通過製造投資、設計、展示能力和 Super Cruise 等技術做到了這一點。

Our customers are responding. 60% of dealer and customer orders for the new Chevrolet Colorado, our high-end Z71, ZR2 and Trail Boss models. Last year, it was 42%. 75% of the GMC Canyon orders are for higher-end AT4 and Denali models. Last year, it was 45%. 52% of Chevrolet Silverado HD orders are for the top-of-the-line high-country model. And 30% of the GMC Sierra heavy-duty orders are for the new Denali Ultimate, which is a brand-new model that didn't exist a year ago.

我們的客戶正在響應。 60% 的經銷商和客戶訂購了新款雪佛蘭 Colorado、我們的高端 Z71、ZR2 和 Trail Boss 車型。去年，這一比例為 42%。 75% 的 GMC Canyon 訂單用於更高端的 AT4 和 Denali 車型。去年，這一比例為 45%。 52% 的雪佛蘭 Silverado HD 訂單用於頂級高端車型。而 GMC Sierra 重型車訂單中有 30% 是新款 Denali Ultimate，這是一年前還不存在的全新車型。

Our profitable growth opportunities extend into other segments as well. For example, the Chevrolet Trax and Trailblazer and the Buick Encore GX and Envista will help us win new customers from brands that walked away from affordable vehicles or scaled-back customer choice. All 4 of these small SUVs are beautifully designed, packed with technology and include a long list of standard active safety and driver assistance technologies, yet they all have starting MSRPs below $30,000, with the Trax starting below $25,000. As a measure of just how good these vehicles are, the Trax earned a 63% lease residual. That's 24 points above the previous generation and the best we've ever done in this segment.

我們的盈利增長機會也延伸到其他領域。例如，雪佛蘭 Trax 和 Trailblazer 以及別克 Encore GX 和 Envista 將幫助我們從那些放棄負擔得起的汽車或縮減客戶選擇的品牌中贏得新客戶。所有這 4 款小型 SUV 都設計精美，充滿技術，包括一長串標準的主動安全和駕駛員輔助技術，但它們的建議零售價都低於 30,000 美元，Trax 的起價低於 25,000 美元。作為衡量這些車輛質量的標準，Trax 獲得了 63% 的租賃剩餘。這比上一代產品高出 24 分，是我們在該細分市場中取得的最好成績。

As for the Envista, one auto writer said its gorgeous styling resembles the Lamborghini and another said, as far as rivals go, the 2024 Envista might be playing in the sandbox alone, because it's both premium and affordable. At the same time, our EV volumes and market share are growing as cell production rises and our teams master new hardware, software and manufacturing technologies that we are deploying.

至於 Envista，一位汽車作家表示其華麗的造型類似於蘭博基尼，另一位作家表示，就競爭對手而言，2024 Envista 可能只能在沙盒中玩，因為它既優質又實惠。與此同時，隨著電池產量的增加以及我們的團隊掌握了我們正在部署的新硬件、軟件和製造技術，我們的電動汽車銷量和市場份額也在增長。

As Paul and I have shared, we plan to produce 400,000 EVs over the course of '22, '23 and the first half of 2024, including 50,000 EVs in North America in the first half of this year and double that in the second half. So far this year, we've built more than 2,000 Cadillac LYRIQs, and production will continue to rise to help us meet pent-up demand.

正如保羅和我分享的那樣，我們計劃在 22 年、23 年和 2024 年上半年生產 400,000 輛電動汽車，其中包括今年上半年在北美生產 50,000 輛電動汽車，下半年將翻一番。今年到目前為止，我們已經製造了 2,000 多輛凱迪拉克 LYRIQ，產量將繼續增加，以幫助我們滿足被壓抑的需求。

Both GMC HUMMER EV models are shipping from factory zero, and production is scaling. Our production ramp is carefully cadenced as we add additional trim series to the HUMMER EV pickup and began production of EDITION 1 SUV.

兩款 GMC HUMMER EV 車型都從零工廠發貨，並且生產規模正在擴大。隨著我們為 HUMMER EV 皮卡添加額外的裝飾系列並開始生產 EDITION 1 SUV，我們的生產坡道得到了精心的控制。

The team at CAMI has now built more than 500 BrightDrop Zevo 600 vans, and the Zevo 400 begins production in the second half of the year, and we've added Purolator and Ryder as customers. We already have 340 fleet customers for the Silverado EV, and the team at Ramos Arizpe is making great progress preparing for the launches of the Blazer EV and the Equinox EV in the second half of the year. All of this is enabled by rising production at Ultium cells in Ohio, which we expect to reach full capacity at the end of the year. Everything we learned in Ohio will be applied to our next-use Ultium cell plants, including in Tennessee, where we will begin hiring and training production workers in a matter of weeks.

CAMI 的團隊現在已經建造了 500 多輛 BrightDrop Zevo 600 廂式貨車，Zevo 400 將於下半年開始生產，我們已經增加了 Purolator 和 Ryder 作為客戶。我們已經有 340 個 Silverado EV 車隊客戶，Ramos Arizpe 的團隊正在為今年下半年推出 Blazer EV 和 Equinox EV 做準備，取得很大進展。所有這一切都得益於俄亥俄州 Ultium 電池產量的增加，我們預計該電池將在今年年底達到滿負荷生產。我們在俄亥俄州學到的一切都將應用於我們下一次使用的 Ultium 電池工廠，包括在田納西州，我們將在幾週內開始在那裡招聘和培訓生產工人。

Work also continues to transform our assembly plant in Orient Township, Michigan to build the GMC Sierra EV and the Chevrolet Silverado EV. We have progressed so far, that it's now time to plan to end the Chevrolet Bolt EV and EUV production, which will happen at the very end of the year. When Orient EV assembly reopens in 2024 and reaches full production, employment will nearly triple, and we'll have a company-wide capacity to build 600,000 electric trucks annually. We'll need this capacity because our trucks more than measure up to our customers' expectation, and we'll demonstrate that work and EV range are not mutually exclusive terms for Chevrolet and GMC trucks. So stay tuned.

我們還在繼續改造我們位於密歇根州東方鎮的裝配廠，以建造 GMC Sierra EV 和雪佛蘭 Silverado EV。到目前為止，我們取得了進展，現在是時候計劃結束雪佛蘭 Bolt EV 和 EUV 的生產了，這將在今年年底發生。到 2024 年 Orient EV 組裝重新開始並全面投產時，就業人數將增加近兩倍，我們將擁有全公司每年生產 600,000 輛電動卡車的能力。我們將需要這種能力，因為我們的卡車不僅能滿足客戶的期望，而且我們將證明工作和 EV 範圍對於雪佛蘭和 GMC 卡車來說並不是相互排斥的條款。敬請期待。

As we scale EVs, we will lower fixed costs and will continue to drive margin improvements we outlined at Investor Day. This includes optimizing our pouch cells for energy density, range and cost using new approaches pioneered at our Wallace Battery Center and by our technology partners. And we announced this morning that we're also working with Samsung SDI to add cylindrical and prismatic cells to our portfolio. Having multiple strong cell partners will allow us to expand into new segments more quickly, grow our annual EV assembly capacity in North America significantly above 1 million units and integrate cells directly into battery packs to reduce weight, complexity and cost. Reducing vehicle complexity and expanding the use of shared subsystems between ICE and EV programs is another priority.

隨著我們擴大電動汽車的規模，我們將降低固定成本，並將繼續推動我們在投資者日概述的利潤率提高。這包括使用華萊士電池中心和我們的技術合作夥伴開創的新方法優化我們的軟包電池的能量密度、範圍和成本。我們今天早上宣布，我們還與三星 SDI 合作，將圓柱形和棱柱形電池添加到我們的產品組合中。擁有多個強大的電池合作夥伴將使我們能夠更快地擴展到新的細分市場，將我們在北美的年電動汽車組裝能力顯著提高到 100 萬輛以上，並將電池直接集成到電池組中以減輕重量、複雜性和成本。降低車輛複雜性並擴大 ICE 和 EV 程序之間共享子系統的使用是另一個優先事項。

For example, we are reducing the overall complexity of our software configurations and related hardware on all future ICE and EV products. One important part of our efforts includes the reduction of infotainment screen configurations by 60% across our entire portfolio. By reducing complexity, we can focus on delivering new and improved digital experiences much more quickly.

例如，我們正在降低所有未來 ICE 和 EV 產品的軟件配置和相關硬件的整體複雜性。我們努力的一個重要部分包括將整個產品組合中的信息娛樂屏幕配置減少 60%。通過降低複雜性，我們可以專注於更快地提供新的和改進的數字體驗。

We also expect that our supply chain will be an even bigger competitive advantage starting in '26 and '27, because of the direct investments we've made in lithium, nickel and other commodities as well as CAM, which will allow us to purchase significant quantities of material on favorable commercial terms. All of this is coming together in a way that will fundamentally change the narrative that traditional automakers can't deliver competitive EV margins. We have a lot of work to do, but we have the right trajectory, and I believe we can get there much faster than people think.

我們還預計，從 26 年和 27 年開始，我們的供應鏈將具有更大的競爭優勢，因為我們對鋰、鎳和其他商品以及 CAM 進行了直接投資，這將使我們能夠購買大量以優惠的商業條件提供大量材料。所有這一切的結合將從根本上改變傳統汽車製造商無法提供具有競爭力的電動汽車利潤率的說法。我們有很多工作要做，但我們有正確的軌跡，我相信我們可以比人們想像的更快到達那裡。

Now before I turn the call over to Paul, I would like to invite Kyle to share an update on Cruise, which continues to expand the scale and scope of its operations. Kyle, over to you.

現在，在我將電話轉給 Paul 之前，我想邀請 Kyle 分享 Cruise 的最新消息，Cruise 繼續擴大其運營規模和範圍。凱爾，交給你了。

Thanks, Mary. I'd like to give a brief update on our progress. Since last quarter, our driverless fleet has increased by 86% from 130 to 242 concurrently operating AVs. We've completed over 1.5 million driverless miles, and the pace continues to accelerate. Our first million miles took us about 15 months to complete, while the next million miles will likely take less than 3. We're also regularly completing over 1,000 driverless trips with passengers every day, and we're seeing strong retention from our early users. This is significant quarter-over-quarter growth in our services well liked, but we've had limits on when and where it operates. But today, I'm excited to share that right now, a small portion of our fleet is now serving driverless rides 24 hours a day across all of San Francisco. For us, this is a milestone years in the making and represents that our driverless fleet has real commercial value. We're completing the work needed to roll it out to the rest of our driverless fleet as soon as we can.

謝謝，瑪麗。我想簡要介紹一下我們的進展情況。自上個季度以來，我們的無人駕駛車隊增加了 86%，同時運營的 AV 從 130 輛增加到 242 輛。我們已經完成了超過 150 萬英里的無人駕駛里程，而且這一步伐還在繼續加快。我們的前一百萬英里花了大約 15 個月的時間才完成，而接下來的一百萬英里可能只需要不到 3 個月。我們還定期完成每天超過 1,000 次載客無人駕駛旅行，我們看到早期用戶的保留率很高.這是我們廣受歡迎的服務的顯著季度環比增長，但我們對其運營的時間和地點有所限制。但今天，我很高興現在就可以分享這一點，我們車隊的一小部分現在全天 24 小時在整個舊金山提供無人駕駛服務。對我們來說，這是一個里程碑式的歲月，代表著我們的無人駕駛車隊具有真正的商業價值。我們正在完成所需的工作，以盡快將其推廣到我們無人駕駛車隊的其餘部分。

Another key part of rapid scaling is a readily available supply of vehicles. Fortunately, our purpose-built and cost-optimized AV, the Cruise Origin, will be testing in Austin soon. This vehicle has been validated almost entirely in simulation, reducing our historical reliance on expensive and time-consuming supervised test-mile collection. The launch of the Origin is a critical step on our path to profitability as well and towards hitting $1 billion in revenue in 2025. We remain on track and slightly ahead as of today.

快速擴展的另一個關鍵部分是隨時可用的車輛供應。幸運的是，我們專門打造且成本優化的自動駕駛汽車 Cruise Origin 很快將在奧斯汀進行測試。該車輛幾乎完全在模擬中得到驗證，減少了我們過去對昂貴且耗時的監督測試里程收集的依賴。 Origin 的推出也是我們實現盈利並在 2025 年達到 10 億美元收入的關鍵一步。截至今天，我們仍保持在正軌並略微領先。

Thanks, Mary. Back to you.

謝謝，瑪麗。回到你身邊。

Well, thanks, Kyle. And now I'm going to turn it over to Paul for a deeper dive into the quarter.

好吧，謝謝，凱爾。現在我要把它交給保羅，讓他更深入地了解這個季度。

Thank you, Mary, and thank you, Kyle, and good morning, everyone. Thank you for joining us today. I'm pleased to report a strong start to the year as the team continues to execute on our transformation. We're strategically transitioning the business, while at the same time, leveraging our important ICE portfolio with new and refreshed products, driving continued robust demand for our vehicles while pricing has remained stable.

謝謝瑪麗，也謝謝凱爾，大家早上好。感謝您今天加入我們。我很高興地報告今年開局良好，因為團隊繼續執行我們的轉型。我們正在戰略性地轉型業務，同時利用我們重要的 ICE 產品組合和新產品，推動對我們車輛的持續強勁需求，同時定價保持穩定。

We're also excited to bring on incremental EV volumes, particularly in the second half of the year, as we increase battery cell production at Ultium cells. And as Mary mentioned, we took initial steps in Q1 towards implementing our $2 billion cost initiative, of which we now expect to realize about 50% in 2023, with the majority of this benefit occurring in the back half of the year. The performance-based exits in roughly 5,000 individuals, who participated in the voluntary severance program, will drive approximately $1 billion towards this target.

我們也很高興能夠增加電動汽車的銷量，尤其是在今年下半年，因為我們增加了 Ultium 電池的電池產量。正如 Mary 提到的那樣，我們在第一季度採取了初步措施來實施我們 20 億美元的成本計劃，我們現在預計將在 2023 年實現約 50%，其中大部分收益將在今年下半年實現。參與自願遣散計劃的大約 5,000 人基於績效退出，將為實現這一目標帶來大約 10 億美元。

But people cost is just one of several areas we're focusing on. The remaining $1 billion will come from the following initiatives: actions to reduce complexity across the portfolio and throughout the business, in everything we do from vehicle design to engineering and manufacturing. Prioritizing our growth initiatives. We simply cannot do everything. We're focusing on projects like Cruise, BrightDrop and software-defined vehicles, which offer the biggest returns on revenue and margin. And lastly, we're being tactical on overhead and discretionary costs, including corporate travel, IT costs and marketing spend. These actions will have a near-term impact on costs, but we also outlined a number of additional medium- to long-term opportunities at our Investor Day in November last year, which we are aggressively pursuing.

但人員成本只是我們關注的幾個領域之一。剩餘的 10 億美元將來自以下舉措：降低整個產品組合和整個業務複雜性的行動，涉及我們從車輛設計到工程和製造的所有工作。優先考慮我們的增長計劃。我們根本無法做到所有事情。我們專注於 Cruise、BrightDrop 和軟件定義車輛等項目，它們提供最大的收入和利潤回報。最後，我們在管理費用和可自由支配成本方面採取策略，包括公司差旅、IT 成本和營銷支出。這些行動將對成本產生短期影響，但我們也在去年 11 月的投資者日概述了一些額外的中長期機會，我們正在積極尋求這些機會。

For example, we are developing a fully integrated battery ecosystem and taking a portfolio approach to battery raw materials. We will source from a mix of established and early-stage miners, giving us both security of supply and lower pricing volatility. These are meaningful advantages as we scale into the back half of the decade.

例如，我們正在開發一個完全集成的電池生態系統，並對電池原材料採取組合方式。我們將從老牌和早期礦工的混合採購，為我們提供供應安全和較低的價格波動。隨著我們進入本世紀後半期，這些都是有意義的優勢。

The Treasury Department's recent guidance on the clean energy consumer purchase incentive also validated our battery supply chain work with our entire fleet of EVs under the MSRP cap qualifying for the full $7,500 incentive this year.

財政部最近關於清潔能源消費者購買激勵的指南也證實了我們的電池供應鏈與我們整個電動汽車車隊的合作符合 MSRP 上限，今年有資格獲得 7,500 美元的全額激勵。

Now let's discuss another important topic, dealer inventory. As we mentioned on the last earnings call, our plan is to balance supply with demand, and that's exactly what we did this quarter. Early in the year, production improved as supply constraints started to ease and began to outpace still healthy and growing demand. As a result, we proactively planned some downtime, which allowed us to end the quarter with U.S. dealer stock flat compared to December, while we gained 1.3 points of share and increased volumes 4% year-over-year. These production actions were contemplated in our 2023 guidance metrics laid out at the beginning of the year.

現在讓我們討論另一個重要話題，經銷商庫存。正如我們在上次財報電話會議上提到的那樣，我們的計劃是平衡供需，而這正是我們本季度所做的。今年年初，隨著供應限制開始緩解並開始超過仍然健康且不斷增長的需求，產量有所改善。因此，我們主動計劃了一些停機時間，這使我們在本季度結束時美國經銷商庫存與 12 月持平，而我們的份額增加了 1.3 個百分點，銷量同比增長 4%。我們在年初制定的 2023 年指導指標中考慮了這些生產行動。

We are still planning to a 15 million unit SAR and targeting to end 2023 with 50 to 60 days of total dealer inventory. Although seasonality, production schedules, and timing of fleet deliveries may take us out of this range from time to time.

我們仍計劃達到 1500 萬單位 SAR，目標是到 2023 年底經銷商總庫存為 50 至 60 天。儘管季節性、生產計劃和車隊交付時間可能會使我們不時超出此範圍。

Now let's get into the Q1 results. Revenue was $40 billion, up 11% year-over-year. We achieved $3.8 billion in EBIT-adjusted, 9.5% EBIT-adjusted margins and $2.21 in EPS diluted adjusted. Total company results were down only $200 million year-over-year, despite a combined $800 million headwind from lower pension income and lower GM financial earnings, providing more evidence that the underlying business remains quite strong.

現在讓我們進入第一季度的結果。收入為 400 億美元，同比增長 11%。我們實現了 38 億美元的調整後息稅前利潤、9.5% 的調整後息稅前利潤率和 2.21 美元的調整後攤薄每股收益。儘管養老金收入下降和通用汽車財務收益下降共帶來 8 億美元的阻力，但公司總業績同比僅下降 2 億美元，這提供了更多證據表明基礎業務仍然相當強勁。

Adjusted auto free cash flow was essentially flat year-over-year, driven by higher capital expenditures related to our EV investments, seasonal working capital headwinds and GM Financial dividend timing. However, we used our strong balance sheet to repurchase $365 million of stock in Q1, retiring 9 million shares and early retiring $1.5 billion in debt maturing later this year. Given the strong Q1 results and our current outlook, we are increasing our full year guidance to EBIT-adjusted in the $11 billion to $13 billion range, EPS diluted adjusted to the $6.35 to $7.35 range and adjusted automotive free cash flow in the $5.5 billion to $7.5 billion range. I'll provide more details on this after I cover the regional results.

調整後的汽車自由現金流量同比基本持平，原因是與我們的 EV 投資相關的資本支出增加、季節性營運資本逆風和 GM Financial 派息時間安排。然而，我們利用強勁的資產負債表在第一季度回購了 3.65 億美元的股票，退市了 900 萬股，並提前退市了今年晚些時候到期的 15 億美元債務。鑑於第一季度的強勁業績和我們目前的前景，我們將調整後的全年指引提高至 110 億美元至 130 億美元的息稅前利潤，調整後的每股收益調整至 6.35 美元至 7.35 美元的範圍，並將汽車自由現金流調整至 55 億美元至 130 億美元的範圍內75 億美元的範圍。在介紹區域結果後，我將提供更多詳細信息。

North America delivered Q1 EBIT-adjusted of $3.6 billion, up $400 million year-over-year, and EBIT-adjusted margins of 10.9%. Results were primarily driven by higher pricing and volume, partially offset by mix, lower pension income, warranty reserve adjustments and higher commodity and logistics costs.

北美第一季度調整後息稅前利潤為 36 億美元，同比增長 4 億美元，調整後息稅前利潤率為 10.9%。業績主要是由更高的定價和銷量推動的，部分被混合、較低的養老金收入、保修準備金調整以及更高的商品和物流成本所抵消。

We saw a $1.3 billion pricing tailwind year-over-year in the quarter, driven largely by the price increases in 2022 carrying into 2023. We expect this year-over-year pricing benefit to moderate as we progress through the year. However, we anticipate pricing performance on our all-new midsize pickups and refreshed HD pickups to partially offset this headwind.

我們在本季度看到了 13 億美元的定價同比增長，這主要是由於 2022 年到 2023 年的價格上漲。我們預計隨著我們在今年的進展，這一同比定價收益將放緩。然而，我們預計我們全新的中型皮卡和更新後的高清皮卡的定價表現將部分抵消這一不利因素。

Demand for our full-size pickups remain strong, with increased year-over-year total sales of our Silverado and Sierra full-size pickups up 3%. We also gained 0.3 percentage points of total market share to continue our #1 position in full-size pickup sales. Encouragingly, April-to-date performance is also trending well as demand remains healthy, inventory levels are essentially flat, pricing has been consistent, and we're seeing a steady increase in industry volume.

對我們的全尺寸皮卡的需求依然強勁，我們的 Silverado 和 Sierra 全尺寸皮卡的總銷量同比增長 3%。我們還獲得了 0.3 個百分點的總市場份額，繼續我們在全尺寸皮卡銷量中的第一名。令人鼓舞的是，由於需求保持健康，庫存水平基本持平，定價保持一致，我們看到行業銷量穩步增長，因此 4 月至今的表現也呈良好趨勢。

GM International delivered Q1 EBIT-adjusted of $350 million, largely flat year-over-year, despite the fact that equity income in China was down $150 million due to lower volume and pricing pressure, partially offset by cost actions. The environment in China has been very challenging as the industry navigates continued COVID-related impacts, regulatory changes for both EV and ICE vehicles and greater-than-expected competitive pricing actions. The China team is taking aggressive actions to offset. However, we don't expect an improvement in equity income until the second half of the year.

通用汽車國際第一季度調整後息稅前利潤為 3.5 億美元，與去年同期基本持平，儘管由於銷量和定價壓力下降，中國的股權收益下降了 1.5 億美元，部分被成本行動所抵消。中國的環境一直非常具有挑戰性，因為該行業應對與 COVID 相關的持續影響、電動汽車和內燃機汽車的監管變化以及超出預期的競爭性定價行動。中國隊正在採取積極的行動來抵消。然而，我們預計股票收益要到今年下半年才會有所改善。

EBIT-adjusted in GM International, excluding China equity income, was $250 million, up over $150 million versus last year. The successful turnaround the team has executed over the past few years continued with another record quarter. The results were driven by higher pricing, volume and mix, partially offset by commodity and logistics costs and foreign currency headwinds. For the full year, we expect pricing to be up on a year-over-year basis, leveraging the strength of the portfolio and more than covering FX headwinds.

不包括中國股票收入在內，通用國際調整後的息稅前利潤為 2.5 億美元，比去年增加了 1.5 億美元以上。該團隊在過去幾年中執行的成功轉變繼續創造另一個創紀錄的季度。這些結果是由更高的定價、數量和組合推動的，部分被商品和物流成本以及外匯逆風所抵消。對於全年，我們預計定價將同比上漲，利用投資組合的優勢，而不是彌補外匯逆風。

For GM International, we anticipate moderately improved full year 2023 results relative to '22. The strong results and momentum for the rest of GM International are anticipated to more than offset continued headwinds in China.

對於 GM International，我們預計 2023 年全年業績相對於 22 年會有適度改善。預計通用汽車國際其他部門的強勁業績和勢頭將抵消中國持續的逆風。

GM Financial delivered first quarter EBT adjusted of over $750 million, down $500 million year-over-year, as expected, primarily due to the expected decrease in net leased vehicle income, driven by lower lease sales mix as a result of reduced new vehicle production since Q3 2021 and lower net gains on lease terminations. Also, while higher cost of funds impacted results versus 2022, it was partially offset by higher effective yields on new originations and growth in the loan portfolio.

GM Financial 交付的第一季度 EBT 調整後超過 7.5 億美元，同比下降 5 億美元，與預期一致，這主要是由於新車產量減少導致租賃銷售組合下降導致租賃車輛淨收入預期下降自 2021 年第三季度以來，租賃終止的淨收益減少。此外，雖然與 2022 年相比較高的資金成本影響了業績，但新發放的有效收益率和貸款組合的增長提高了部分抵消了這一影響。

GM Financial's key metrics, balance sheet and liquidity remained strong, providing them the ability to support the GM enterprise across economic cycles. We've seen no material impact due to the recent banking crisis. In fact, earlier this month, we were able to renew our $16 billion revolving credit facilities while also receiving a ratings upgrade of GM and GM Financial bonds from Moody's. This upgrade should improve credit spreads on future bond issuances and improve cost of funds as their debt portfolio reprices. GM Financial also paid a $450 million dividend to GM in Q1. Our full year GM Financial expectations of EBT adjusted in the mid-$2 billion range and dividends similar to 2022 have not changed.

GM Financial 的關鍵指標、資產負債表和流動性仍然強勁，使其能夠在整個經濟周期中支持 GM 企業。由於最近的銀行業危機，我們沒有看到任何實質性影響。事實上，本月早些時候，我們能夠續簽 160 億美元的循環信貸額度，同時還獲得了穆迪對 GM 和 GM Financial 債券的評級升級。此次升級應該會改善未來債券發行的信用利差，並隨著債務組合重新定價而改善資金成本。通用汽車金融還在第一季度向通用汽車支付了 4.5 億美元的股息。我們對 EBT 的全年 GM Financial 預期在 20 億美元左右的範圍內調整，與 2022 年類似的股息沒有改變。

Corporate expenses were $300 million in the quarter, down slightly year-over-year as we continue to invest in growth initiatives.

本季度公司支出為 3 億美元，同比略有下降，因為我們繼續投資於增長計劃。

Cruise expenses were $550 million in the quarter, up $250 million year-over-year, driven by an increase in operating spend as well as by the inclusion of stock-based compensation expense this quarter versus Q1 2022. As we look forward to the rest of the year, our goal is to remain agile and adapt to the dynamic macro environment. Our updated guidance assumes that the pricing benefit we saw in Q1 is neutralized over the rest of the year as we cycle price increases taken in 2022 and incentives gradually increase.

本季度郵輪費用為 5.5 億美元，同比增長 2.5 億美元，這是由於運營支出增加以及本季度與 2022 年第一季度相比納入了基於股票的補償費用。我們期待著其餘的今年，我們的目標是保持敏捷並適應動態的宏觀環境。我們更新後的指南假設，隨著我們在 2022 年採取的周期性價格上漲和激勵措施逐漸增加，我們在第一季度看到的定價優勢在今年剩餘時間被抵消。

Commodity and logistics costs have been stickier than originally estimated, primarily due to higher steel prices on market index contracts. For the full year, we now expect commodity and logistic costs to be essentially flat year-over-year versus our prior expectation for a modest tailwind. Our expectation to realize at least $300 million EBIT-adjusted benefit in 2023 from the clean energy production tax credits is unchanged.

商品和物流成本比最初估計的更具粘性，這主要是由於市場指數合約的鋼材價格上漲。對於全年，我們現在預計大宗商品和物流成本同比基本持平，而我們之前的預期是適度的順風。我們預計到 2023 年通過清潔能源生產稅收抵免實現至少 3 億美元的調整後息稅前收益的預期不變。

And while we continue to experience parts availability and logistics challenges as we did in Q1, we expect these issues to gradually improve over the next few quarters and are, therefore, still expecting 2023 year-over-year wholesale volume to increase 5% to 10%. As Mary mentioned, we are making great progress towards our goal of 1 million units of North America EV capacity in 2025. As we scale and launch multiple high-volume EVs in strategically important segments, we will see the benefits of the Ultium platform expand and help us deliver margins in the low to mid-single digits by 2025.

雖然我們繼續像第一季度那樣遇到零件可用性和物流方面的挑戰，但我們預計這些問題將在接下來的幾個季度內逐漸改善，因此仍預計 2023 年批發量同比增長 5% 至 10% %。正如 Mary 提到的，我們正在朝著 2025 年 100 萬輛北美電動汽車產能的目標取得巨大進展。隨著我們在具有戰略意義的重要領域擴大和推出多款大批量電動汽車，我們將看到 Ultium 平台的優勢不斷擴大，幫助我們在 2025 年之前實現中低個位數的利潤率。

In closing, I also want to say how proud and thankful I am for all of our amazing team members for their tireless efforts. They've executed quarter after quarter and delivered 2 consecutive years of record profits despite many external challenges. Needless to say, my optimism for GM's long-term potential remains very high.

最後，我還想對我們所有出色的團隊成員的不懈努力表示自豪和感謝。儘管面臨許多外部挑戰，他們還是一個季度又一個季度地執行，並連續 2 年實現了創紀錄的利潤。不用說，我對通用汽車的長期潛力仍然非常樂觀。

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

我們的開場評論到此結束，現在我們將進入電話會議的問答部分。

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

（操作員說明）我們的第一個問題來自美國銀行的約翰墨菲。

I just wanted to -- Paul, you mentioned that the first quarter pricing would reverse through the course of the year, and that's something close to neutral. But it seems like there are some lessons that have been learned for the last couple of years on creating mix and price upside and managing the business to be more profitable over time. So I'm just curious if you can talk about maybe the lessons that were learned, the products that are being launched. Because I mean, it seemed like the mid-pickups and the HD refresh, you're leaning into higher mix.

我只是想 - 保羅，你提到第一季度的定價會在一年中發生逆轉，這接近中性。但似乎在過去幾年中已經吸取了一些教訓，包括創造組合和價格上漲以及管理業務以隨著時間的推移更有利可圖。所以我很好奇你是否可以談談吸取的教訓，以及正在推出的產品。因為我的意思是，它看起來像是中間拾音器和 HD 刷新，你傾向於更高的混音。

But then Mary, you mentioned 4 crossovers below $30,000, that's kind of going in the other direction. I mean, how do you think about managing this going forward? And do you think this current price level is something that you might be able to maintain even though you give back what you gained in the first quarter in the face of what sort of an increasing threat from 1 large player, Tesla, that is cutting price aggressively in the market.

但是瑪麗，你提到了 4 個低於 30,000 美元的交叉點，這有點相反。我的意思是，您如何看待未來的管理？你認為當前的價格水平是否可以維持，即使你回饋了第一季度的收益，面對來自一個大公司特斯拉的越來越大的威脅，那就是降價積極地在市場上。

Yes. Thanks for kicking us off today. I think there's a lot to unpack in your question. I'll just start by saying we need to be very conscious of the macro environment around us. And as we said, going into the year, we were planning I think somewhat conservatively in recognition of that macro. So about a 15 million units SAR with some normalization of incentives and pricing to a little bit lower demand. We certainly hadn't seen that in Q1. And despite that forecast, we're still comfortable taking up our guidance, because I think we've reflected some of that in the back half. And certainly, if we see demand hold up, I would expect that we can outperform these results across the board. But we want to make sure that we're very conscious of the macro.

是的。謝謝你今天讓我們離開。我認為你的問題有很多要解壓的地方。我首先要說的是，我們需要非常注意我們周圍的宏觀環境。正如我們所說，進入這一年，我們正在計劃我認為有點保守以識別該宏。因此，大約 1500 萬單位的 SAR 具有一些標準化的激勵和定價，以降低需求。我們當然沒有在第一季度看到這一點。儘管有這樣的預測，我們仍然樂於接受我們的指導，因為我認為我們已經在後半部分反映了其中的一些。當然，如果我們看到需求持續增長，我希望我們能夠全面超越這些結果。但我們要確保我們非常清楚宏觀。

When you ask about lessons learned, I think we certainly have really focused on vehicle margins. And I think one of the important steps this quarter, that I'm not sure that the market digested all that well, was when we took down capacity for a couple of weeks at a plant to balance production to demand. And I think when you look back on that decision to have inventories flat while we gained share and increased volumes over the time period, I think, is one of those really valuable lessons learned that we can take to the future going forward.

當您詢問經驗教訓時，我認為我們確實真正關注了車輛利潤率。我認為本季度的重要步驟之一，我不確定市場是否消化得很好，就是我們在一家工廠降低了幾週的產能以平衡生產與需求。我認為，當你回顧那個讓庫存持平而我們在這段時間內獲得份額和增加銷量的決定時，我認為，這是我們可以在未來繼續前進的那些真正有價值的經驗教訓之一。

So on the trim side, clearly, what we are seeing is strong demand for the higher-end trims. Mary mentioned in her remarks, the demand for the Denali Ultimate. This is a trim level that didn't even exist a year ago, yet customers were asking for it, and you see they've responded with their orders. So I think there's lots to look at lots of encouraging signs for how we think about the business going forward.

因此，在內飾方面，很明顯，我們看到的是對高端內飾的強勁需求。瑪麗在發言中提到了對 Denali Ultimate 的需求。這是一年前甚至不存在的裝飾水平，但客戶要求它，而且您看到他們已經回應了他們的訂單。因此，我認為對於我們如何看待業務的發展，有很多令人鼓舞的跡象值得關注。

Yes. I would just add, John, that we also -- you have to have the right portfolio for the market. We're doing really well at the very high end, especially in trucks that Paul mentioned. But having the Trax and the Envista, the Buick Envista at affordable levels, and we've been able to do that profitably because of the work we've done to reduce complexity leverage the scale of components across the vehicles.

是的。我只想補充一點，約翰，我們也 - 你必須擁有適合市場的投資組合。我們在高端領域做得非常好，尤其是在保羅提到的卡車領域。但是擁有 Trax 和 Envista，別克 Envista 處於可承受的水平，我們已經能夠盈利，因為我們為降低複雜性所做的工作利用了整個車輛的組件規模。

For instance, the Trax only has 1 powertrain. So I think when you talk about mix, I think the opportunity, you still have to cover the market for what people can afford but doing it in a way that you've really reduced complexity, I think, is one of the big lessons learned, and we're going to continue to drive that not only across the ICE portfolio, but the EV portfolio as well.

例如，Trax 只有 1 個動力總成。所以我認為，當你談論混合時，我認為機會，你仍然必須覆蓋人們能夠負擔得起的市場，但我認為，以一種你真正降低複雜性的方式來做，是吸取的重要教訓之一，我們將不僅在 ICE 產品組合中，而且在 EV 產品組合中繼續推動這一點。

And maybe if I could just ask one follow-up. The CAPU of 96% in North America that was outlined in the financial data, it was based on a 2-shift straight time. That's given where absolute lines are. That's actually much higher than I would have thought. Taking that higher is going to require adding extra shifts. I mean, how do you do that? And how do you sort of balance sort of this maybe step up in volume that you might execute on later this year?

也許我可以問一個後續問題。財務數據中概述的北美 96% 的 CAPU，是基於 2 班制連續時間。給出了絕對線所在的位置。這實際上比我想像的要高得多。更高的要求將需要增加額外的班次。我的意思是，你是怎麼做到的？你如何平衡今年晚些時候可能執行的數量？

Do you add third shifts? I mean, you just -- you get into this thing where you're seeing like drop -- you're managing the business very optimally right now. And if you start growing volume, I think you're going to become a lot less optimal as you start adding third shifts, particularly with that 96% CAPU number?

你加第三班嗎？我的意思是，你只是 - 你進入了你看到的東西 - 你現在正在以最佳方式管理業務。如果你開始增加數量，我認為當你開始增加第三班時，你會變得不那麼理想，特別是在 96% 的 CAPU 數字下？

Yes. So John, it obviously varies by vehicle type and where we are, and we've been running pretty much as flat out as we can on full-size SUVs and pickup trucks over time. So there's a little bit of the margins, but that's something that we've got to really manage aggressively across the board. So there are opportunities to be able to do that. Should we see demand pick up. But balancing it to demand, I think, is the most important piece of that as we can. So if we need to take down to moderate some of the growth, I think you'll see us do that. Opportunities to make up for it are really centered around making sure that we've got those shift capacities as well as the parts and components and logistics to be able to move the inventory when it's finished, too.

是的。所以約翰，它顯然因車輛類型和我們所處的位置而異，而且隨著時間的推移，我們一直在全尺寸 SUV 和皮卡車上盡可能地全力以赴。所以有一點利潤，但這是我們必須全面積極管理的事情。所以有機會能夠做到這一點。我們應該看到需求回升嗎？但我認為，平衡需求是我們力所能及的最重要的部分。因此，如果我們需要採取措施來緩和一些增長，我想你會看到我們這樣做。彌補它的機會實際上集中在確保我們擁有這些轉移能力以及零部件和物流，以便能夠在完成後轉移庫存。

But fair to say that's all variable cost that comes in?

但公平地說，這就是所有可變成本嗎？

Absolutely.

絕對地。

Our next question comes from Itay Michaeli with Citi.

我們的下一個問題來自花旗的 Itay Michaeli。

Congrats. just 2 questions for me. First, maybe, Paul, I was hoping you could maybe talk a bit about the -- how we should think about the cadence for North America earnings for the rest of the year, particularly with the strong start you mentioned in April, an in terms of the production and any product ramp that you'll have for the trucks?

恭喜。只問我兩個問題。首先，也許，保羅，我希望你能談談——我們應該如何考慮今年剩餘時間北美收益的節奏，特別是你在 4 月份提到的強勁開局，以及卡車的生產和任何產品坡道？

And then secondly, maybe for Mary and Kyle, congrats on the 1.5 million driverless miles. Hope you can share a bit of, a, where you're seeing safety metrics on those miles and performance metrics relative to expectations? And how the experience is informing you on future scaling plans for Cruise?

其次，也許是為了瑪麗和凱爾，祝賀無人駕駛汽車行駛了 150 萬英里。希望您能分享一點，a，您在哪裡看到這些里程的安全指標和與預期相關的績效指標？這些經驗如何讓您了解 Cruise 的未來擴展計劃？

Yes, thanks for the question. So on the cadence side, I think we alluded to on the full year guidance. The original guidance was that we thought the second half was going to be more challenging. So as we lap the price increases of last year as well as building in a little bit of time, if there are any downturns in demand, that's where we kind of see it. So I would say it's a little bit of a first half, second half story. We still got time to be able to manage the second half. We're watching it closely. As we said in the prepared remarks, April has been very strong for us as well and has continued to be strong. So I would say that the risk still lies a little bit in the second half, but it's one that even with that out there, we felt comfortable raising our guidance today.

是的，謝謝你的提問。因此，在節奏方面，我認為我們提到了全年指導。最初的指導是我們認為下半場會更具挑戰性。因此，當我們將去年的價格上漲以及在一段時間內建設時，如果需求出現任何下滑，那就是我們看到的地方。所以我會說這是一個前半部分，後半部分的故事。我們還有時間來管理下半場。我們正在密切關注它。正如我們在準備好的評論中所說，4 月對我們來說也非常強勁，而且一直很強勁。所以我想說下半年的風險仍然存在一點點，但即使存在這種風險，我們今天也很樂意提高我們的指導。

And Kyle, do you want to take the question on Cruise scaling?

Kyle，你想回答關於 Cruise 縮放的問題嗎？

Sure. Yes, I can do that. So we are in this rapid scaling phase right now. And on the safety side, our performance is strong. We're very happy with how that's going. We'll have some more to share on that soon. But for scaling, we've almost doubled our fleet size just in the last quarter, and we expect that kind of rate of improvement to continue. And as we do that, it surfaces just one bottleneck after another that we continuously burn down and move out of the way so we can keep scaling up the fleet.

當然。是的，我能做到。所以我們現在正處於這個快速擴展階段。在安全方面，我們的表現非常出色。我們對進展情況感到非常滿意。我們很快就會分享更多內容。但就規模而言，僅在上個季度，我們的機隊規模幾乎翻了一番，我們預計這種改善速度將繼續下去。當我們這樣做的時候，它只出現一個接一個的瓶頸，我們不斷地消除並移開它，這樣我們就可以繼續擴大艦隊。

Our next question comes from Rod Lache with Wolfe Research.

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

It's great to hear the comments about changing the EV margin narrative. I'm hoping you can maybe just broadly address the developments that we're seeing in North America and China in the EV market. It does look like competition is pretty aggressive in both areas. So I was wondering if anything that you're seeing is surprising to you? And are there strategic adjustments that you are making as you kind of observe the market dynamics in both markets, North America and China? Maybe you could just provide a little color on how you adjust strategy in real time.

很高興聽到關於改變 EV 利潤率敘述的評論。我希望您能大致談談我們在北美和中國看到的電動汽車市場的發展。看起來這兩個領域的競爭確實非常激烈。所以我想知道你所看到的是否讓你感到驚訝？當您觀察北美和中國這兩個市場的市場動態時，您是否正在做出戰略調整？也許您可以提供一些關於如何實時調整策略的顏色。

So let me -- Rod, appreciate the question. Let me start with China. As Paul said, the industry is pretty tough right now. It's still recovering from COVID. Pricing is very aggressive, as you know. And when you look at the fundamentals of the industry in China, you got 50% capacity utilization. You've got more than 100 brands competing. I don't think that's a steady state that you can look at. But if you look a little longer term from a country perspective, I mean, there's still tremendous growth, and I think the market can still be strong and have great profitability potential.

所以讓我-- Rod，欣賞這個問題。讓我從中國開始。正如保羅所說，這個行業現在非常艱難。它仍在從 COVID 中恢復。如您所知，定價非常激進。當你查看中國行業的基本面時，你會發現產能利用率為 50%。您有 100 多個品牌參與競爭。我不認為這是一個你可以看到的穩定狀態。但如果你從一個國家的角度看得更長遠一些，我的意思是，仍然有巨大的增長，我認為市場仍然很強勁，具有巨大的盈利潛力。

So from a GM-specific perspective, we're launching the right EVs right now off the Ultium platform. I think '24 and '25 are going to be key years for us as we not only get the right EV products in market that we think will compete at the right price that allows us to be profitable, but then we're also aggressively pursuing improvements from a structural cost perspective across our China operations.

因此，從通用汽車的特定角度來看，我們現在正在 Ultium 平台上推出合適的電動汽車。我認為 24 和 25 年對我們來說將是關鍵的幾年，因為我們不僅在市場上獲得合適的電動汽車產品，我們認為這些產品將以合適的價格競爭，使我們能夠盈利，而且我們還在積極追求從結構性成本的角度改進我們在中國的業務。

So I think China is in a period right now because of where the industry is and the number of competitors with the pricing challenges that will sort, and I think we'll be well positioned. We do have brands that have value in the country, and we're going to have the right EV portfolio there. And frankly, right now, our ICE portfolio is strong. And so that's going to enable us to fund it as we look at the price challenges.

所以我認為中國現在正處於一個時期，因為這個行業的位置以及面臨定價挑戰的競爭對手的數量將會排序，我認為我們將處於有利地位。我們確實擁有在該國具有價值的品牌，我們將在那裡擁有合適的電動汽車產品組合。坦率地說，現在，我們的 ICE 產品組合很強大。因此，這將使我們能夠在考慮價格挑戰時為其提供資金。

From a U.S. perspective, our main focus right now is twofold. One is getting the EVs out there. We're launching the battery plants, the module, the assembly and then the vehicle, also at the same time, from a Cadillac LYRIQ perspective, we're launching -- it's really the first vehicle with Altify. So there's a lot of new. That's why we have a very measured cadence as we're ramping, where now, the battery cell plant is flowing very well, and that is enabling us now to really focus on module and pack, which we're doing. That's why we said even at the beginning of the year that the second half is when you're really going to see the curve start to accelerate, and we're on track to do that. So we're really focused on getting the vehicles out there, because we think we price them right to begin with.

從美國的角度來看，我們現在的主要關注點是雙重的。一個是讓電動汽車在那裡。我們正在推出電池工廠、模塊、組件，然後是車輛，同時，從凱迪拉克 LYRIQ 的角度來看，我們正在推出——它真的是第一款配備 Altify 的汽車。所以有很多新的。這就是為什麼我們在加速發展時有一個非常有節制的節奏，現在，電池工廠進展順利，這使我們現在能夠真正專注於我們正在做的模塊和電池組。這就是為什麼我們甚至在今年年初就說下半年是你真正會看到曲線開始加速的時候，我們正朝著這個目標前進。所以我們真的專注於讓車輛在那裡，因為我們認為我們一開始就為它們定價。

When you look at where the LYRIQ is below, it starts below $60,000 or right at $60,000; the Equinox at around $30,000; the Blazer in the mid-40s. These are price points that I think are very important. And then when you look at the vehicles from a styling technology perspective, I think they're going to be great.

當您查看 LYRIQ 下方的位置時，它開始低於 60,000 美元或剛好在 60,000 美元； Equinox 售價約為 30,000 美元； 40 年代中期的 Blazer。這些是我認為非常重要的價格點。然後當你從造型技術的角度來看這些車輛時，我認為它們會很棒。

While we're working to really get these vehicles out there because the customer response is so strong, we're also working on costs. And so the $2 billion structural cost reduction that we're working is, as Paul indicated, we're doing well on that, and we'll continue to look for those opportunities. But then we're also looking at how do we continue to drive improvements from both an ICE and the EV margin perspective. And there's a tremendous amount of work going on there.

由於客戶反應如此強烈，我們正在努力真正讓這些車輛上市，同時我們也在努力降低成本。因此，正如保羅所說，我們正在努力削減 20 億美元的結構性成本，我們在這方面做得很好，我們將繼續尋找這些機會。但隨後我們也在研究如何繼續從 ICE 和 EV 利潤率的角度推動改進。那裡正在進行大量的工作。

So get the vehicles out, continue to work on pricing around costs, so you can have the right price. It's really the focus that we have right now, and this is going to be a critical year for that. But as Paul and I both said, we believe, even with not only the challenges of commodities, but also the pricing pressures, we still think we are well positioned to achieve the low mid-single -- low- to mid-single-digit margins in 2025.

所以把車輛拿出來，繼續圍繞成本定價，這樣你就能得到合適的價格。這確實是我們現在的重點，今年將是關鍵的一年。但正如保羅和我所說，我們相信，即使不僅面臨商品的挑戰，而且還有定價壓力，我們仍然認為我們有能力實現中低個位數——中低個位數2025 年的利潤率。

Great. And just kind of keying off of the comment on costs, can you talk a little bit about the components of that $1 billion cost increase that we saw in North America? And obviously, over time, just given the amount of spending on growth initiatives, your structural costs are going to go up, certainly through mid-decade. Can you just provide some thoughts on how we should be thinking about the trajectory of that and the extent to which that changes breakeven points in the business?

偉大的。只是停止對成本的評論，你能談談我們在北美看到的 10 億美元成本增長的組成部分嗎？顯然，隨著時間的推移，只要考慮到增長計劃的支出數量，你的結構性成本就會上升，肯定會持續到 20 世紀中期。您能否提供一些想法，說明我們應該如何思考它的軌跡，以及它在多大程度上改變了企業的盈虧平衡點？

Yes. Thanks, Rod. So a couple of things. On costs in North America, obviously, we had the lower pension income, a little bit higher commodities and logistics costs, in particular. We also saw a bit of an uptick in warranty costs. I think that's probably a bit of an anomaly and won't repeat throughout the year across the board. So we're still getting, like I said, early traction on the $2 billion controllable fixed cost reduction, as we talked about, the biggest placeholder on that being the voluntary program. So the $1 billion of savings will begin to accrue savings really probably late second quarter and then really start to get into bulk in the second half of the year. So that was a really good way to kick start that program, and we're grateful to the employees who chose to take that package.

是的。謝謝，羅德。所以有幾件事。在北美的成本方面，顯然，我們的養老金收入較低，商品和物流成本略高，尤其如此。我們還看到保修成本有所上升。我認為這可能有點反常，並且不會在全年重複出現。因此，正如我所說，正如我們所說，我們仍然在早期關注 20 億美元的可控固定成本削減，這是自願計劃的最大佔位符。因此，這 10 億美元的儲蓄將真正可能在第二季度末開始累積，然後在今年下半年真正開始大量儲蓄。所以這是啟動該計劃的一個非常好的方式，我們感謝選擇接受該計劃的員工。

The other side is a lot of grinding around on overhead as we talked about going forward, a lot of discretionary spend. So we've got teams that are focused on getting savings in discretionary spend, IT-related costs, marketing-related costs across the board. And we think that we can get traction on those things pretty quickly as well. So that's where we feel confident getting to about 50% this year, with the remainder accruing into 2024.

當我們談到前進時，另一方面是很多開銷，很多可自由支配的支出。因此，我們的團隊專注於全面節省可自由支配的支出、IT 相關成本和營銷相關成本。而且我們認為我們也可以很快獲得對這些事情的關注。因此，我們有信心在今年達到 50% 左右，其餘部分將累積到 2024 年。

Now this is important, I think, not just for offsetting some of the near-term pressures, but some more of those competitive dynamics that we've talked about for the long term in an effort to continue to improve the margin trajectory of the company.

現在這很重要，我認為，不僅僅是為了抵消一些近期壓力，而是為了繼續改善公司的利潤軌跡，我們已經討論過的一些長期競爭動態.

Just any color, Paul, on the kind of intermediate term outlook for structural costs? Is that something that you think can be sort of held at this level with the amount of capital that you're spending and the growth initiatives, who would think that there'd be some uplift to that.

保羅，關於結構性成本的中期前景有什麼看法嗎？您是否認為可以通過您花費的資本數量和增長計劃將其保持在這個水平上，誰會認為這會有一些提升。

Yes. Well, we're seeing obviously some pressure in D&A, but that's where -- if you recall, we talked about the $2 billion program offsetting that and resulting in savings. So that's what we're aiming for. That's going to be a little bit of a hurdle to get over, but one that we feel comfortable that we can do.

是的。好吧，我們顯然在 D&A 方面看到了一些壓力，但這就是——如果你還記得的話，我們談到了 20 億美元的計劃來抵消這一壓力並節省開支。這就是我們的目標。這將是一個需要克服的障礙，但我們覺得我們可以做到這一點。

Our next question comes from Dan Levy with Barclays.

我們的下一個問題來自巴克萊銀行的 Dan Levy。

First, I wanted to ask about the share buybacks. Interesting to see that you did share buybacks in the quarter. And I'm guessing that speaks to your -- the confidence in your liquidity profile. But as you need to ramp on growth spend and as -- there's an open question on type of cycle normalization that we're going into, how are you going to approach share buybacks?

首先，我想問一下股票回購。有趣的是，您在本季度確實進行了股票回購。我猜這說明了你對流動性狀況的信心。但是，由於您需要增加增長支出，而且 - 關於我們即將進入的周期正常化類型存在一個懸而未決的問題，您將如何進行股票回購？

Well, I think what you saw in the first quarter, when you look -- and our cash generation is cyclical as we move through the year, but we're following our capital allocation framework at, first, reinvesting in the business. And we think we've optimized that to have the right products, both from an ICE and an EV perspective as we make this transformation, along with the focus that we have on some growth businesses like BrightDrop and Cruise that are -- we really think are going to lead to tremendous growth and margin expansion as well.

好吧，我想你在第一季度看到了什麼，當你看的時候——我們的現金產生是周期性的，因為我們在一年中移動，但我們首先遵循我們的資本配置框架，對業務進行再投資。我們認為我們已經優化了這一點，以便在我們進行這種轉型時從 ICE 和 EV 的角度擁有正確的產品，以及我們對 BrightDrop 和 Cruise 等一些增長業務的關注——我們真的認為也將導致巨大的增長和利潤擴張。

But with that, we saw our way to do the share buyback. We're going to continue to evaluate that quarter-by-quarter as we go through the year. But I think we felt confident doing that. We felt confident in raising guidance. And we feel confident overall in our cash position to be able to continue to look for those opportunities.

但有了這個，我們看到了我們進行股票回購的方式。我們將在這一年中繼續逐季度評估。但我認為我們有信心這樣做。我們對提高指導充滿信心。我們總體上對我們的現金狀況充滿信心，能夠繼續尋找這些機會。

Great. And then the second question, I know you've laid out the 2025 low- to mid-single-digit EV margin target. One of your competitors obviously has put out -- they've laid out more clearly where they are in EVs today. I don't know if you're in a position to disclose more thoroughly where you are in terms of the contribution margin standpoint or on an absolute EBIT standpoint. If so, that would be great. But beyond that, in light of the current environment, I think this touches on Rod's question. You have this 400,000 EV target. But given the ongoing cost dynamics, are you going to be nimble with that target or balancing profit dynamics with volume? Or is that purely going to be a function of the supply, and you're going to be very firm on that 400,000 target?

偉大的。然後是第二個問題，我知道你已經制定了 2025 年中低個位數的電動汽車利潤率目標。你的一個競爭對手顯然已經推出 - 他們已經更清楚地展示了他們今天在電動汽車中的位置。我不知道您是否能夠更徹底地披露您在邊際收益方面或在絕對息稅前利潤方面所處的位置。如果是這樣，那就太好了。但除此之外，鑑於當前的環境，我認為這涉及到 Rod 的問題。您有這個 400,000 EV 目標。但考慮到持續的成本動態，您是否會靈活地實現該目標或平衡利潤動態與數量？或者這純粹是供應的函數，你會非常堅定地堅持 400,000 的目標嗎？

Yes. So Dan, I'll start with that. Mary can jump in. I think in the early stages, we're going to be very firm with those targets across the board. Because when you look at the EV profitability, and we're not going to give a lot of details right now just because the numbers aren't that meaningful, when you look at the infrastructure investment that we've made already starting to depreciate that, not fully utilizing as we ramp up, et cetera, that will start to become more clear. So we need to be able to ramp up the capacity to realize the scale benefits and get to the pricing efficiency or the cost efficiency that we're targeting to be able to drive those margins going forward. So I think it's one that we've got to make sure that we look to where the demand is.

是的。丹，我將從這個開始。瑪麗可以加入。我認為在早期階段，我們將非常堅定地全面實現這些目標。因為當你看電動汽車的盈利能力時，我們現在不打算提供很多細節，因為這些數字沒有那麼有意義，當你看我們已經開始貶值的基礎設施投資時，隨著我們的發展，沒有充分利用，等等，這將開始變得更加清晰。因此，我們需要能夠提高實現規模效益的能力，並達到我們目標的定價效率或成本效率，以便能夠推動這些利潤率向前發展。所以我認為這是我們必須確保我們關注需求的地方。

But as we look at the order books and the indications of interest for the vehicles that we've announced and the ones that we've taken orders for, we feel very confident about the demand there for the 400,000 and ramping up to the 1 million, and we'll continue to balance that. But structurally, we obviously have a lot of work to do on costs. We've talked about that. We've got a lot of work to do on scaling, and all of that is coming together and, as you can see, picking up speed pretty quickly as we get into the middle and back part of this year.

但是當我們查看訂單簿和對我們已經宣布的車輛以及我們已經接受訂單的車輛感興趣的跡象時，我們對那裡的 400,000 輛需求非常有信心，並且會增加到 100 萬輛，我們將繼續平衡這一點。但在結構上，我們顯然在成本方面有很多工作要做。我們已經談過了。我們在擴展方面有很多工作要做，所有這些都在一起，正如你所看到的，隨著我們進入今年的中期和後期，速度很快就會加快。

Paul, you said it well.

保羅，你說得好。

Our next question comes from Adam Jonas with 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 want to follow up on Dan and Rod's question and maybe in a different way, I apologize. But again, you expect to earn low- to mid-single-digit EBIT-adjusted margins in the EV portfolio kind of from 2025, before the impacts of clean energy credits. On my numbers at least, that's going to be -- it could be higher than Tesla's margins. But putting that aside, if you are confronted with a choice of doing the 1 million or doing the mid-single-digit margin, if it had to be a choice and you couldn't do both, my interpretation of what you just said is that you'll prioritize volume. Is that the message here in the case that the economics did require you to make a choice on trade-off?

我只是想跟進 Dan 和 Rod 的問題，也許以不同的方式，我很抱歉。但同樣，您預計從 2025 年開始，在清潔能源信貸的影響之前，電動汽車投資組合的調整後息稅前利潤率將達到中低個位數。至少根據我的數字，這將是——它可能高於特斯拉的利潤率。但拋開這一點，如果你面臨選擇是做 100 萬還是做中等個位數利潤，如果這必須是一個選擇而你不能兩者都做，我對你剛才所說的解釋是你會優先考慮音量。在經濟學確實要求您做出權衡取捨的情況下，這是這裡的信息嗎？

Yes. Adam, I mean, I think we're going to work toward profitable growth. I'm not going to say, as we're sitting in 2025, second, third or fourth quarter, that we're going to do this or that, depending on the situation. When you look at the portfolio that we'll have, and I believe it's the right portfolio, we're not duplicating our ICE portfolio. We are very targeted in having the right vehicles from different price points. Because to get to a point where there's that many EVs being sold in the U.S., recognizing competition as well, you have to meet the customer where they're at from an affordability perspective.

是的。亞當，我的意思是，我認為我們將努力實現盈利增長。我不會說，因為我們坐在 2025 年，第二、第三或第四季度，我們將根據情況做這個或那個。當您查看我們將擁有的投資組合時，我相信這是正確的投資組合，我們不會復制我們的 ICE 投資組合。我們非常有針對性地從不同的價位獲得合適的車輛。因為要達到在美國銷售大量電動汽車的地步，同時也認識到競爭，你必須從負擔能力的角度來滿足他們所在的客戶。

And I know you've written about that in some of your notes. So we're going to look and be smart, maintain the brand value, the vehicle value, the residual value. But we think with the portfolio, we're going to be well positioned to achieve the 1 million units with the right profit margins. So -- but we're going to be nimble. So just to put an either/or out there, we're going to make -- I'd say, make our own luck as we do this with the right products and continued cost reduction. I hope it...

我知道你已經在你的一些筆記中寫下了這一點。所以我們要審慎行事，保持品牌價值、車輛價值和剩餘價值。但我們認為，憑藉該產品組合，我們將處於有利地位，能夠以合適的利潤率實現 100 萬台。所以 - 但我們會變得靈活。因此，只是為了放一個非此即彼的結果，我們將製造 - 我會說，當我們用正確的產品和持續降低成本來做到這一點時，我們會自己走運。我希望它...

And I just had a follow-up for Kyle. A lot of tech companies are undergoing cost saving or restructuring kind of actions to give themselves a bit of a lower breakeven point, maybe some more runway given the changing capital markets environment. Now you obviously you have the luxury of having GM as a partner on a lot of levels. That's a huge advantage. But I'm just wondering if you also would have identified some actions that could be taken to maybe reduce that burn rate going forward in a new environment.

我剛剛跟進了 Kyle。許多科技公司正在進行成本節約或重組行動，以降低盈虧平衡點，考慮到不斷變化的資本市場環境，或許還有更多的跑道。現在你顯然可以在很多層面上擁有通用汽車作為合作夥伴的奢侈。這是一個巨大的優勢。但我只是想知道您是否也已經確定了一些可以採取的行動來降低新環境中的燃燒率。

Yes. Thanks for the question. I mean, as we march towards profitability, which is a big focus for us, we've been looking for a lot of ways to do more with less and run really efficiently. And so similar to what Paul mentioned across the board in terms of some of the structuring and streamlining inside of GM, we're doing those types of activities in Cruise as well and seeing some good results there. But really for us, the focus is on rapid scaling and therefore, getting incrementally closer to profitability.

是的。謝謝你的問題。我的意思是，隨著我們朝著盈利能力邁進，這是我們的一大關注點，我們一直在尋找很多方法來用更少的錢做更多的事情並真正高效地運行。與保羅在通用汽車內部的一些結構化和精簡方面全面提到的內容非常相似，我們也在 Cruise 中進行這些類型的活動，並在那裡看到了一些好的結果。但對我們來說，真正的重點是快速擴大規模，從而逐漸接近盈利能力。

Our next question comes from Dan Ives with Wedbush.

我們的下一個問題來自 Dan Ives 和 Wedbush。

So what would you say has been the biggest surprise this quarter on the positive? Something where either from a production perspective, cost or even efficiency from development and specific on the EV side, especially given the transformation that's happening?

那麼，您認為本季度最大的積極驚喜是什麼？從生產的角度來看，開發的成本甚至效率以及電動汽車方面的具體情況，尤其是考慮到正在發生的轉型？

Great question. And I would say it's multiple that I've been extremely pleased with the organization on how we keep finding ways to drive efficiency. When I talked about the fact that our screen configurations were reducing by 60%, so really dialing in on how do we reduce complexity on EVs, by the way, it benefits ICE as well. To be able to have the right models with the right features and then the ability to really start taking advantage of the software platform, that's what's really being rolled out now that we have Ultium and Altify. And so that is something that I'm really proud of the team of what they're doing.

很好的問題。我想說的是，我對組織如何不斷尋找提高效率的方法感到非常滿意。當我談到我們的屏幕配置減少了 60% 的事實時，所以真正地撥入我們如何降低電動汽車的複雜性，順便說一下，它也有利於 ICE。為了能夠擁有具有正確功能的正確模型，然後能夠真正開始利用軟件平台，這才是我們現在真正推出的 Ultium 和 Altify。因此，我為團隊所做的事情感到非常自豪。

And then just overall, I knew we had a strong product set, but the strong customer and dealer reaction that we're seeing to the products that we put out from an EV perspective, I think that also gives me a lot of confidence in the strength of execution.

然後總的來說，我知道我們有強大的產品組合，但我們從電動汽車的角度看到的客戶和經銷商對我們推出的產品的強烈反應，我認為這也讓我對執行力。

And then finally, even as we're in a year of rapid launches, I think we haven't had this many launches I think for more than a decade. The team still very aggressively is working to take cost out, as signified of what we've been able to do with taking 15% of the leadership structure out, which is -- and the way that the teams are looking to optimize, reduce complexity, become more agile. So it's not only -- I feel we have the right products and we're really reducing complexity. I think we have the right culture that is really driving a continuous improvement mindset from a cost perspective. So Dan, those are the 2 things I'm most proud of.

最後，即使我們正處於快速發布的一年，我認為我們已經有十多年沒有進行過如此多的發布了。團隊仍然非常積極地努力削減成本，這表明我們已經能夠將 15% 的領導結構去掉，這就是 - 以及團隊尋求優化、降低複雜性的方式，變得更加敏捷。所以它不僅 - 我覺得我們有合適的產品而且我們真的在降低複雜性。我認為我們擁有正確的文化，從成本的角度真正推動持續改進的心態。所以丹，這是我最引以為豪的兩件事。

Our next question comes from Emmanuel Rosner with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

My first question, Paul, I was hoping you could put maybe a little bit of a finer point in terms of what are the puts and takes you're assuming for the balance of the year in terms of, I guess, revenue and cost. I mean it seems, based on your previous comments, maybe an assumption of some moderation in pricing in North America. But then I think your costs should be going down as a result of some of the headcount reduction. Is that directionally the right way? Are there any other important pieces?

我的第一個問題，保羅，我希望你能更詳細地說明你在今年餘下時間假設的收入和成本是什麼。我的意思是，根據您之前的評論，這似乎是對北美定價有所緩和的假設。但我認為，由於部分裁員，你的成本應該會下降。這是方向正確的方法嗎？還有其他重要的作品嗎？

Yes. Emmanuel, I would say we expect pricing. So North America pricing was about a $1.3 billion benefit in the quarter. As we lap last year's pricing increases, we expect or we're planning for -- I wouldn't say we expect at this point, but we're planning and assuming that we end up giving some of that back so that we're essentially net flat for the year on that, whether that's through incentives or through pricing changes, et cetera. So a little bit of a giveback for the rest of the year.

是的。伊曼紐爾，我想說我們期待定價。因此，北美定價在本季度帶來了大約 13 億美元的收益。隨著我們去年的價格上漲，我們預計或我們正在計劃 - 我不會說我們在這一點上預計，但我們正在計劃並假設我們最終會回饋其中的一部分，以便我們無論是通過激勵措施還是通過價格變化等，今年基本上持平。所以在今年剩下的時間裡有點回饋。

And like I said to the earlier question, that's -- most of that's sort of backloaded. But if we see demand continuing to be strong, then I would say that we'll probably outperform that assumption going forward.

就像我對之前的問題所說的那樣——其中大部分都是後裝的。但如果我們看到需求繼續強勁，那麼我會說我們未來的表現可能會超過該假設。

On the cost side, a little bit kind of moderation from where we were before. We thought commodities and logistics would be down year-over-year. We're now seeing that essentially be flat. Like I said, we've seen some pressure in steel and some other things in logistics across the board. So overall, production up 5% to 10%, as we said; pricing relatively flat for the year, and that's how you can kind of center on where we're projecting at the midpoint.

在成本方面，我們之前的情況有所緩和。我們認為大宗商品和物流將同比下降。我們現在看到這基本上是持平的。就像我說的，我們已經看到了鋼鐵和物流領域的一些其他壓力。所以總的來說，正如我們所說，產量增長了 5% 到 10%；今年的定價相對持平，這就是您可以將重點放在我們預測的中點位置上的方式。

Okay. And then I guess as we're trying to figure out your progress towards some of the EV margin targets, and I understand you're not prepared to share some of the current economics. Are you able to tell us, I guess, what portion of the company's CapEx and engineering is currently spent on EV? And what would be the targets for that EV share of CapEx and engineering maybe by mid-decade?

好的。然後我想當我們試圖弄清楚你在實現一些 EV 利潤率目標方面的進展時，我知道你不准備分享一些當前的經濟學。你能告訴我們嗎，我猜，公司的資本支出和工程目前有多少部分用於電動汽車？到十年中期，電動汽車在資本支出和工程中所佔份額的目標是什麼？

Yes. So right now, we've said it's about 3/4 is on EV, when you look at capital and engineering expense, we still have some mid-cycle vehicles that we're doing on the ICE side. But largely, the engineering and the capital is going into the EV side. That will obviously, as we work through the transformation, go to 100% over the next few years.

是的。所以現在，我們已經說過大約 3/4 在 EV 上，當你看資本和工程費用時，我們仍然有一些我們在 ICE 方面做的中期週期車輛。但在很大程度上，工程和資本正在進入電動汽車方面。顯然，在我們完成轉型的過程中，這將在未來幾年內達到 100%。

Our next question comes from James Picariello with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 James Picariello。

Can you clarify how the structural cost savings range is now trending for this year relative to the $2 billion GM's targeting to be achieved by the end of next year. And then just how should we be thinking about the associated cash costs tied to this effort for this year?

相對於通用汽車到明年年底實現的 20 億美元的目標，您能否闡明今年結構性成本節約範圍的趨勢。那麼我們應該如何考慮今年與這項工作相關的相關現金成本？

So fair question. As we said, when we launched the program last quarter, 30% to 50%, we expected to get in the first year. We're now guiding to the high end of that range. So I think we'll come in about 50%. That ultimately is going to offset some of the pressures that we've seen. So we may not see a full $1 billion come off of structural costs. But certainly, we'll get the savings from where we were going forward.

如此公平的問題。正如我們所說，當我們在上個季度推出該計劃時，30% 到 50%，我們預計會在第一年獲得。我們現在正在引導到該範圍的高端。所以我認為我們會達到 50% 左右。這最終將抵消我們已經看到的一些壓力。因此，我們可能不會看到結構性成本全部減少 10 億美元。但可以肯定的是，我們將從我們前進的地方獲得節省。

The biggest component of that is obviously the voluntary severance program. We disclosed about a $900 million cash charge associated with that. That will largely be spent this year. The rest of the things that we identified, whether it's travel, IT, marketing or some of the complexity, we don't expect will have significant cash costs associated with it.

其中最大的組成部分顯然是自願遣散計劃。我們披露了與此相關的約 9 億美元現金費用。今年將主要花掉這筆錢。我們確定的其他事情，無論是差旅、IT、營銷還是某些複雜性，我們預計不會產生與之相關的大量現金成本。

Got it. That's helpful. And then as we think about fleet mix and the general rule of thumb for the U.S. -- for the industry in the U.S., I think the fleet channels have been starved of, of product for almost 3 years. Is this potentially helping the profitability of your fleet mix of the industry's fleet mix for at least this year, just thinking about that dynamic?

知道了。這很有幫助。然後當我們考慮機隊組合和美國的一般經驗法則時——對於美國的行業，我認為機隊渠道已經缺乏產品近 3 年了。這是否有可能至少在今年幫助您的行業機隊組合的盈利能力，只是考慮這種動態？

Yes, it's a fair question. Obviously, we're seeing gains in fleet. And I think the historical view of fleet as a discount chain to drive volume isn't really there anymore. We're seeing really strong pricing on the fleet side. And we expect that business is going to continue to grow and be a contributor to our margins.

是的，這是一個公平的問題。顯然，我們看到了機隊的增長。而且我認為，將車隊視為推動銷量的折扣鏈的歷史觀點已不復存在。我們看到車隊方面的定價非常強勁。我們預計該業務將繼續增長並為我們的利潤做出貢獻。

Our next question comes from Ryan Brinkman with JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

And thanks too for the earlier comments on China. I do want to ask a bit more around your operations there, though, just because, on the one hand, it seems like less of a needle mover for total company profits than it used to be with North America more profitable than before and consolidated IO flipping from loss-making to profitable. But on the other hand, the equity income there was the lowest in some time, apart from a couple of quarters impacted by COVID closures. So can you talk about any onetime disruptions you might have incurred there in the quarter, such as paradoxically maybe around COVID reopenings as the virus spread or any other onetime factor?

也感謝早些時候對中國的評論。不過，我確實想多問一些關於你們在那裡的運營情況，只是因為，一方面，它似乎不像以前那樣對公司總利潤產生推動作用，因為北美比以前更有利可圖，而且合併後的 IO由虧損轉為盈利。但另一方面，除了受 COVID 關閉影響的幾個季度外，那裡的股票收入是一段時間以來最低的。那麼，您能否談談您在該季度可能遇到的任何一次性中斷，例如自相矛盾的是，隨著病毒傳播或任何其他一次性因素，可能圍繞 COVID 重新開放？

And then what is it that you need to do now to restore profitability to where you want it to be? You're strong at the low end of the EV market. I'm guessing that's probably a more well-rounded higher-end EV lineup that you see the most opportunity to close the gap. So along those lines, can you help us in terms of like what that comment in the shareholder letter around 400,000, I think, Ultium EVs produced over '22 and '23 with 50,000 in the first half in the U.S., doubling in the back half? What does that kind of squeeze to for your anticipated Ultium ramp in China?

然後，您現在需要做什麼才能將盈利能力恢復到您希望的水平？你在電動汽車市場的低端很強大。我猜這可能是您認為最有機會縮小差距的更全面的高端電動汽車陣容。因此，按照這些思路，您能否幫助我們了解股東信中的評論，大約 400,000 輛，我認為，Ultium 電動汽車在 22 年和 23 年上半年在美國生產了 50,000 輛，下半年翻了一番？對於您預期的 Ultium 在中國的增長，這種擠壓有何影響？

And then how are you thinking about the profitability impact to your operations in China once those EVs do launch, maybe in light of some of the recent EV pricing actions in that market?

那麼，一旦這些電動汽車推出，您如何考慮對您在中國的業務的盈利能力影響，也許是考慮到該市場最近的一些電動汽車定價行動？

So great question. And from a China perspective, I think COVID definitely had an impact, and COVID across the country very impacted from a Shanghai-specific perspective, that impacted our business. But I think what is really important for us right now on the low end, we need to build on the strength we've had with the Hong Guang Mini EV. And we're repositioning with SGMW, the Baojun brand to be the right -- have the right brand characteristics from an EV perspective. And so that's very important that we execute that in the Wuling -- SGM Wuling joint venture.

這麼好的問題。從中國的角度來看，我認為 COVID 肯定產生了影響，從上海特定的角度來看，全國范圍內的 COVID 影響很大，這影響了我們的業務。但我認為目前在低端市場對我們來說真正重要的是，我們需要在宏光 Mini EV 的優勢基礎上再接再厲。我們正在重新定位 SGMW，寶駿品牌是正確的 - 從 EV 的角度來看具有正確的品牌特徵。因此，我們在五菱 - SGM 五菱合資企業中執行這一點非常重要。

In the SGM venture, it's getting the vehicles off of Ultium launched an in-country because we've seen good reception to them. We just did some launch in the last couple of weeks, and the market reaction was very good. So it's getting those vehicles scaled and getting them into the market. We think because they're new, we're going to -- brand new and well received, we're going to be able to achieve the pricing that we intended for those. And we're just kept remain dynamic. And that's why in addition to getting the Ultium EVs launched in China, we've also got to really continue aggressive measures on taking out structural costs, which we already will do have plans in place to execute on, and we'll report on those as we go forward.

在 SGM 合資企業中，它正在讓 Ultium 的車輛在國內推出，因為我們看到他們受到了很好的歡迎。過去幾週我們剛剛做了一些發布，市場反應非常好。因此，它正在擴大這些車輛的規模並將它們推向市場。我們認為，因為它們是新的，我們將 - 全新且廣受歡迎，我們將能夠實現我們為這些產品設計的定價。我們只是保持活力。這就是為什麼除了在中國推出 Ultium EV 之外，我們還必須真正繼續採取積極措施來降低結構性成本，我們已經制定了執行計劃，我們將報告這些當我們前進時。

Okay. Great. And then just lastly, with regard to the reiterated low to mid-single-digit EV margin target in 2025, which I think is encouraging in light of the recent pricing action, this target continues to exclude any benefit from the energy tax credit portion of the Inflation Reduction Act. When you introduce that target -- '25 target at the EV Investor Day last November, it excluded the benefits in part. Because I thought that the act wasn't yet law and there were uncertainties about whether the credit would be refundable against the -- applicable against the manufacturing cost or if it was only against the taxable income, and then possibly maybe you had yet to finalize negotiations with your JV battery partner, LG Energy Solution, how those credits would be shared.

好的。偉大的。最後，關於 2025 年重申的中低個位數電動汽車利潤率目標，鑑於最近的定價行動，我認為這是令人鼓舞的，該目標繼續排除能源稅收抵免部分的任何好處通貨膨脹減少法案。當你在去年 11 月的 EV 投資者日介紹該目標時 - '25 目標，它排除了部分好處。因為我認為該法案尚未成為法律，並且不確定是否可以針對製造成本或僅針對應稅收入退還抵免額，然後可能您還沒有最終確定與您的合資電池合作夥伴 LG Energy Solution 就如何分享這些積分進行談判。

Now that we do have the details around the Act, and it's passed into law, do you have any updated thoughts on how much the low to mid-single digits margin could benefit from those credits? And then with regard to the new JV from Samsung, I mean, you entered into that JV knowing about the IRA. So did you already finalize how that would be shared relative to the credits going into the JV? And did that maybe enter into your thinking to start a JV with an additional partner?

現在我們確實了解了該法案的詳細信息，並且已經通過成為法律，您是否對中低個位數利潤率可以從這些信用中受益多少有任何最新想法？然後關於三星的新合資企業，我的意思是，你在了解 IRA 的情況下進入了該合資企業。那麼，您是否已經確定瞭如何與進入合資企業的信用額度進行分享？這是否可能進入您與其他合作夥伴建立合資企業的想法？

So Ryan, I'll take a shot at that. I think when you look at the guidance that we gave around EVs back in November, yes, we drew sort of 2 lines around it, just to help show you where we're going. So the first was the low to mid-single digits without any tax credits. That's to make sure that you know that we're focused on the vehicle profitability. We've obviously are in this for the long term, and we've got to make sure that we're hitting goals for the long term, assuming that we get a normal world where maybe there aren't EV tax credits. So the vehicle program is one thing.

所以瑞安，我會嘗試一下。我認為，當您查看我們在 11 月份給出的有關電動汽車的指南時，是的，我們圍繞它畫了兩條線，只是為了幫助您了解我們的發展方向。所以第一個是沒有任何稅收抵免的中低個位數。這是為了確保您知道我們專注於車輛的盈利能力。顯然，我們已經長期處於這種狀態，並且我們必須確保實現長期目標，假設我們得到一個可能沒有電動汽車稅收抵免的正常世界。所以車輛計劃是一回事。

The second piece of it, on the tax credits themselves. We did say that about $3,500 to $5,500 per vehicle is what our estimate is. We said about $300 million this year that we would expect to get out of that. We're not going to comment specifically on any deals, how that might be shared, et cetera, across the board. But again, we feel confident about the tax credits in the short term, helping us to narrow that gap between that low to mid-single-digit vehicle profitability on the vehicle and getting it to ICE parity faster than we originally thought. So those are the ways that we're thinking about how we go to it. But longer term, the vehicles have got to stand by themselves.

第二部分，關於稅收抵免本身。我們確實說過，我們的估計是每輛車大約 3,500 到 5,500 美元。我們說今年我們希望從中獲得大約 3 億美元。我們不會具體評論任何交易，如何全面分享這些交易等等。但同樣，我們對短期內的稅收抵免充滿信心，這有助於我們縮小車輛的中低個位數車輛盈利能力與比我們原先想像的更快地達到 ICE 平價之間的差距。所以這些就是我們正在考慮如何實現它的方式。但從長遠來看，車輛必須自行站立。

Our last question comes from Colin Langan with Wells Fargo.

我們的最後一個問題來自富國銀行的 Colin Langan。

GM seems to be leading in sort of securing the raw material supply. Curious what your thoughts are on the 2032 EPA targets that will require about 67% of vehicles to be EV by 2032. Do you think there's enough lithium to hit the targets? Do you think you could get enough lithium by then in the industry? And do you think we have enough capacity in place to get there, I guess, considering you've been pretty good about getting capacity so far.

通用汽車似乎在確保原材料供應方面處於領先地位。想知道您對 2032 年 EPA 目標有何看法，該目標要求到 2032 年約 67% 的車輛為電動汽車。您認為有足夠的鋰來實現目標嗎？您認為屆時您能在該行業獲得足夠的鋰嗎？你認為我們有足夠的能力到達那裡嗎，我想，考慮到你到目前為止在獲得能力方面做得很好。

I'll let Paul talk about -- specifically about lithium. But when we look at the '27 through '32 targets what EPA has put out, we're still digesting them, understanding what it means, and we'll provide comment as appropriate. We do support continuing to increase to combat climate change. But we've got to dig into the details a little bit more on what's being put out there to make sure that we're -- this is being driven -- able to be driven by customer demand, because anything else is not going to be productive. And then Paul, you can talk about the lithium specifically.

我會讓保羅談談——特別是關於鋰。但是，當我們查看 EPA 提出的 27 年至 32 年目標時，我們仍在消化它們，理解其含義，我們將酌情提供評論。我們確實支持繼續增加以應對氣候變化。但是我們必須更深入地了解那裡發布的內容的細節，以確保我們——這是被驅動的——能夠被客戶需求驅動，因為其他任何事情都不會富有成效。然後保羅，你可以具體談談鋰。

Yes. So Colin, obviously, we've been doing a lot of work with multiple partners across the entire battery raw material spectrum. We think that's the prudent thing to do, both for not only from a scarcity perspective, but also making sure we get to a security of supply for our longer-term ambitions. So we're not just looking at, do we do a procurement contract for this year or for that year? We're looking at forming big long-term partnerships. So whether it's the work we did with Lithium Americas, the joint venture that we've done with POSCO, you see these relationships getting set up as structural. And that's where we're really focused to do because we've got the 1 million vehicle target in 2025. We said we're targeting 50% by 2030 and then ultimately, all electric vehicle production in 2035. So building that infrastructure now is where I think we're securing an advantage.

是的。所以 Colin，很明顯，我們一直在與整個電池原材料範圍內的多個合作夥伴做很多工作。我們認為這是謹慎的做法，不僅是為了從稀缺的角度來看，也是為了確保我們的長期目標獲得供應安全。所以我們不只是在看，我們是今年還是那年簽訂採購合同？我們正在考慮建立長期的大型合作夥伴關係。因此，無論是我們與 Lithium Americas 所做的工作，還是我們與 POSCO 的合資企業，您都會看到這些關係已建立為結構性關係。這就是我們真正專注於做的事情，因為我們已經實現了 2025 年 100 萬輛汽車的目標。我們說我們的目標是到 2030 年達到 50%，然後最終在 2035 年實現所有電動汽車的生產。因此，現在建設該基礎設施是我認為我們正在獲得優勢。

Got it. And you're ahead of your $2 billion annual target for the next 2 years. I just wanted to check, does that incorporate the potential changes in the UAW contract, because that could sort of add some costs? And as also the guidance contemplate things like the signing bonus and stuff like that in terms of cash flow that might occur this year from the UAW contract?

知道了。而且您已經提前實現了未來 2 年 20 億美元的年度目標。我只是想檢查一下，這是否包含 UAW 合同中的潛在變化，因為這可能會增加一些成本？此外，指南還考慮了諸如簽約獎金之類的事情，以及今年 UAW 合同可能產生的現金流方面的事情？

We are -- I mean, we aren't even at the negotiations, and we're not going to negotiate in the media here. We're working to make sure we're building a strong relationship with the new leadership, getting to know them and making sure we identify what are the challenges of the business and then it becomes working together to solve the issues to get to a good place. And so beyond that, we're not going to really comment. But I would say with what we've done in the past, we've always demonstrated that we can continue to drive efficiencies, and that's what we'll do.

我們——我的意思是，我們甚至沒有參與談判，我們也不打算在這裡的媒體上進行談判。我們正在努力確保我們與新領導層建立牢固的關係，了解他們並確保我們確定業務面臨的挑戰，然後共同努力解決問題以取得良好的成績地方。因此，除此之外，我們不會真正發表評論。但我要說的是，對於我們過去所做的事情，我們一直證明我們可以繼續提高效率，這就是我們將要做的。

All right. Well, thanks, everybody. I really appreciate all your questions today. And I want to close by reiterating what I said as we opened the call. I really believe we have the right products and strategies in place to continue to deliver strong results. And although we have a lot of work to do, there's a lot of execution as we ramp up EVs, I believe that's where GM shines. We have the capability to execute, and that's exactly what we're going to do. And I believe that we're going to do it faster than most people think. In addition, this is a milestone year for Cruise as they continue to expand their commercial operations. And with the EVs that we have coming, I really think it's a breakout year for Ultium. So I look forward to sharing updates along the way, and I really appreciate your time today. So I hope everyone has a great day.

好的。嗯，謝謝大家。我非常感謝你今天提出的所有問題。最後，我想重申一下我在電話會議開始時所說的話。我真的相信我們擁有正確的產品和戰略，可以繼續取得強勁的成果。儘管我們有很多工作要做，但隨著我們增加電動汽車，我們需要執行很多工作，我相信這就是通用汽車的亮點。我們有能力執行，而這正是我們要做的。而且我相信我們會比大多數人想像的更快地做到這一點。此外，今年是 Cruise 具有里程碑意義的一年，因為他們繼續擴大商業運營。隨著我們即將推出的電動汽車，我真的認為這是 Ultium 取得突破的一年。所以我期待著一路分享更新，我非常感謝你今天的時間。所以我希望每個人都有美好的一天。

Thank you for your participation. Participants, you may disconnect at this time.

感謝您的參與。參與者，此時您可以斷開連接。