通用汽車 (GM) 2023 Q2 法說會逐字稿

Good morning, and welcome to the General Motors Company Second Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, July 25, 2023. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations.

早上好，歡迎參加通用汽車公司 2023 年第二季度收益電話會議。 （操作員說明）謹此提醒，本次電話會議將於 2023 年 7 月 25 日星期二錄製。我現在將會議轉交給通用汽車公司投資者關係副總裁 Ashish Kohli。

Thank you, Amanda, and good morning, everybody. We appreciate you joining us as we review GM's financial results for the second 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.

謝謝你，阿曼達，大家早上好。感謝您加入我們，我們將審查通用汽車 2023 年第二季度的財務業績。我們的電話會議材料已於今天上午發布，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來廣播這次電話會議。

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 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瑪麗·巴拉 (Mary Barra)；保羅·雅各布森 (Paul Jacobson)，通用汽車執行副總裁兼首席財務官；以及 Cruise 首席執行官凱爾·沃格特 (Kyle Vogt)。通用汽車金融公司總裁兼首席執行官 Dan Berce 也將參加我們電話會議的問答部分。

On today's call, management will make forward-looking statements about our expectations. These statements are subject to risks and uncertainties that could cause our actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the safe harbor statement on the first page of our presentation as the content of our call will be governed by this language.

在今天的電話會議上，管理層將對我們的期望做出前瞻性陳述。這些陳述存在風險和不確定性，可能導致我們的實際結果出現重大差異。這些風險和不確定性包括我們向 SEC 提交的文件中確定的因素。請查看我們演示文稿第一頁上的安全港聲明，因為我們的通話內容將受此語言管轄。

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

至此，我很高興將電話轉給瑪麗。

Thanks, Ashish, and good morning, everyone. Our operating results continue to demonstrate strong growth, thanks to an incredible customer response to our new trucks and SUVs around the world and strong execution of our business planned by the GM team, our dealers and suppliers.

謝謝阿什什，大家早上好。我們的經營業績繼續表現出強勁的增長，這要歸功於世界各地的客戶對我們的新卡車和 SUV 的巨大反響，以及通用汽車團隊、我們的經銷商和供應商對我們業務計劃的大力執行。

Together, we delivered $3.2 billion in EBIT-adjusted in the second quarter, including an $800 million charge for new commercial agreements we have with LG E and LG ES. The charge reflects the conscious decision we made during the Chevrolet Bolt EV recall to serve our customers in ways that go beyond traditional remedies, and we're taking new steps that will reduce our costs and improve our margins over time. We'll provide more about EV margin improvement and IRA benefits at the Investor Day in November.

第二季度，我們總共實現了 32 億美元的經調整息稅前利潤，其中包括與 LG E 和 LG ES 簽訂的新商業協議的 8 億美元費用。這項收費反映了我們在雪佛蘭 Bolt EV 召回期間做出的有意識的決定，以超越傳統補救措施的方式為我們的客戶提供服務，並且我們正在採取新的措施，隨著時間的推移，這將降低我們的成本並提高我們的利潤。我們將在 11 月的投資者日提供有關 EV 利潤率改善和 IRA 福利的更多信息。

Our momentum is broad-based. Year-over-year, we have now delivered 4 consecutive quarters of higher retail marketer in the U.S., and our total share was up almost 1 full point in the first half, with strong pricing and incentive discipline. We lead the U.S. industry in both commercial and total fleet deliveries calendar year-to-date. We now have led the U.S. industry in initial quality for the second year in a row. We are focused on strong cost discipline, and we are taking additional steps to lower our capital spending. All of this impacts the bottom line, so we are raising our full year earnings, free cash flow and EPS guidance for the second time this year. We now expect full year EBIT-adjusted earnings to be in the range of $12 billion to $14 billion, up $1 billion from our guidance.

我們的勢頭基礎廣泛。與去年同期相比，我們現已連續 4 個季度在美國實現了較高的零售營銷業績，憑藉嚴格的定價和激勵紀律，我們的總份額在上半年增長了近 1 個百分點。年初至今，我們在商業交付量和車隊總交付量方面均處於美國行業領先地位。現在，我們已連續第二年在初始質量方面領先於美國行業。我們專注於嚴格的成本控制，並且正在採取額外措施來降低資本支出。所有這些都會影響利潤，因此我們今年第二次提高全年盈利、自由現金流和每股收益指導。我們現在預計全年息稅前調整後收益將在 120 億美元至 140 億美元之間，比我們的指導增加 10 億美元。

Adjusted automotive free cash flow is now expected to be up $1.5 billion, in a range of $7 billion to $9 billion and EPS is now expected to be in a range of $7.15 to $8.15 per share. The actions we are taking to be more efficient are also having an immediate effect on capital spending. We now expect capital spending in 2023 to be in the $11 billion to $12 billion range, which is about $1 billion less than the high end of our prior guidance, and we're working on more reductions. This guidance assumes that we successfully negotiated new labor agreements without work stoppage.

調整後的汽車自由現金流預計將增加 15 億美元，在 70 億至 90 億美元之間，每股收益預計在 7.15 至 8.15 美元之間。我們為提高效率而採取的行動也對資本支出產生了立竿見影的影響。我們現在預計 2023 年的資本支出將在 110 億至 120 億美元範圍內，比我們之前指導的上限少約 10 億美元，並且我們正在努力進一步削減。本指南假設我們在沒有停工的情況下成功談判了新的勞動協議。

Our results and our new guidance underscore the strength of our products today. Last quarter, we talked about new vehicles we're launching to support strong margins. All of them are connecting with customers. At the higher end of the pickup market, the GMC Sierra AT4 and Denali models are now 70% of heavy-duty retail sales. Premium models also account for more than 70% of sales for the new GMC Canyon Mid-size pickup.

我們的成果和新的指導方針強調了我們今天產品的實力。上個季度，我們討論了我們為支持強勁利潤而推出的新車。他們所有人都在與客戶建立聯繫。在高端皮卡市場，GMC Sierra AT4 和 Denali 車型目前佔重型皮卡零售量的 70%。高端車型也佔新款 GMC Canyon 中型皮卡銷量的 70% 以上。

For the Chevrolet Colorado, our high-performance off-road models, the Z71 Trail Boss and ZR2 represent more than half of retail sales. The new Chevrolet Trax is also off to a very fast start, and it's driving solidly profitable growth. In the U.S., we delivered more than 20,000 Trax in the second quarter, and we expect that to keep growing. Half of these customers are new to General Motors.

對於我們的高性能越野車型雪佛蘭 Colorado，Z71 Trail Boss 和 ZR2 佔零售量的一半以上。新款雪佛蘭 Trax 的起步也非常快，並且正在推動利潤的穩健增長。在美國，我們第二季度交付了超過 20,000 輛 Trax，並且預計這一數字將繼續增長。這些客戶中有一半是通用汽車的新客戶。

All of these new vehicles help us deliver more than a $1,600 per unit increase in ATPs in the U.S. compared to first quarter with flat incentives and essential inventory. We have the largest ATP increase in the industry by far. The other growth products I highlighted last quarter is the Chevrolet Montana in South America and the Trax Korea also continue to build momentum. The Montana is our first compact pickup for the Brazil market. And in just 4 months, it has earned 1/3 of the segment. We're now expanding distribution to other markets in South America.

與第一季度相比，在激勵措施和基本庫存持平的情況下，所有這些新車都幫助我們在美國的 ATP 每單位增加了 1,600 美元以上。迄今為止，我們的 ATP 增幅是業內最大的。我上季度強調的其他增長產品是南美的雪佛蘭 Montana 和 Trax 韓國也繼續保持增長勢頭。 Montana 是我們面向巴西市場的第一款緊湊型皮卡。僅僅 4 個月的時間，它就佔據了該細分市場 1/3 的份額。我們現在正在將分銷範圍擴大到南美洲的其他市場。

In Korea, the Trax is an unqualified success, just like it is in the U.S. Pricing is strong and has earned more than 50% of market share in its segment and 2/3 of the customers are new to GM. These hits and the great work the team has done on cost have us on track to deliver significantly higher EBIT-adjusted in GM International this year, excluding China equity income.

在韓國，Trax 取得了絕對的成功，就像在美國一樣。定價強勁，在該細分市場中贏得了超過 50% 的市場份額，並且 2/3 的客戶都是通用汽車的新客戶。這些成功以及團隊在成本方面所做的出色工作使我們有望在今年實現通用汽車國際公司經調整後的息稅前利潤（不包括中國股權收入）的顯著提高。

Looking ahead, we have several launches in growing segments around the world that will keep our momentum going. In North America, these include the 2024 Chevrolet Traverse, which we rebuild earlier this month. It goes into production in Lansing, Michigan late this year. In the EV market, we achieved our target to produce 50,000 electric vehicles in North America in the first half. About 80% were the Chevrolet Bolt EV -- EUV platform, but the Ultium platform production is increasing. We've had more than 2,000 customer-reserved GMC Hummer, EVs and Cadillac Lyriqs in transit to dealers at the end of June.

展望未來，我們將在全球不斷增長的細分市場中推出多項產品，這將保持我們的發展勢頭。在北美，其中包括我們於本月初重建的 2024 款雪佛蘭 Traverse。該產品將於今年年底在密歇根州蘭辛投入生產。在電動汽車市場，我們上半年實現了北美生產5萬輛電動汽車的目標。大約80%是雪佛蘭Bolt EV——EUV平台，但Ultium平台產量正在增加。截至 6 月底，我們已有超過 2,000 輛客戶預訂的 GMC 悍馬、電動汽車和凱迪拉克 Lyriq 正在運往經銷商的途中。

With both [Cell] and vehicle production increasing, we continue to target production of roughly 100,000 EVs in the second half of the year and will continue to grow from there. Demand for our EVs remains very strong because the Ultium platform is purpose-built for electric vehicles, and it doesn't force customers to compromise on style, performance, utility, range or towing.

隨著[電池]和汽車產量的增加，我們繼續目標是在今年下半年生產約 100,000 輛電動汽車，並將在此基礎上繼續增長。對我們電動汽車的需求仍然非常強勁，因為 Ultium 平台是專門為電動汽車打造的，它不會迫使客戶在款式、性能、實用性、續航里程或牽引力上做出妥協。

We have experienced unexpected delays in the ramp because our automation equipment supplier has been struggling with delivery issues that are constraining module assembly capacity. We are working on multiple fronts to put this behind us as quickly as possible and things are already improving. For example, we have deployed teams from GM manufacturing engineering to work on-site with our automation supplier to improve delivery times. We've also added manual module assembly lines, and we're installing more module capacity at our North American EV plants beginning with Factory Zero and Springhill this summer, Ramos Arizpe in the fall and CAMI in the second quarter of next year. And to address pent-up demand among our Hummer EV customers, we are planning to increase production by thousands of units.

由於我們的自動化設備供應商一直在努力解決限制模塊組裝能力的交付問題，因此我們的產能出現了意外的延誤。我們正在多方面努力，盡快解決這個問題，而且情況已經在改善。例如，我們部署了通用汽車製造工程團隊與我們的自動化供應商進行現場合作，以縮短交貨時間。我們還增加了手動模塊裝配線，並且我們正在北美電動汽車工廠安裝更多的模塊產能，從今年夏天的 Factory Zero 和 Springhill 開始，到秋天的 Ramos Arizpe 以及明年第二季度的 CAMI。為了滿足悍馬電動汽車客戶被壓抑的需求，我們計劃增加數千輛的產量。

In the meantime, Ultium Cells LLC is delivering great quality and production is ahead of schedule. Looking ahead, the next phase of our EV acceleration is coming into sharper focus. For example, we have now secured more than half of our 2030 direct sourcing target from many critical raw and process materials we need with significant onshoring. During the quarter, this included an expansion of our cathode active material joint venture in Canada, and an investment to bring manganese sulfate processing to a new facility in Louisiana.

與此同時，Ultium Cells LLC 正在提供卓越的品質，並且生產進度提前。展望未來，我們下一階段的電動汽車加速將成為人們更加關注的焦點。例如，我們現在已經實現了 2030 年直接採購目標的一半以上，其中包括我們需要的許多關鍵原材料和加工材料，以及大量的本土生產。本季度，這包括擴大我們在加拿大的陰極活性材料合資企業，以及投資將硫酸錳加工引入路易斯安那州的新工廠。

As with our recent announcements, these agreements provide us with significant offtake and favorable commercial terms, which is a key component of the EV margin improvement strategy we outlined last quarter.

與我們最近發布的公告一樣，這些協議為我們提供了重要的承購權和有利的商業條款，這是我們上季度概述的電動汽車利潤率改善戰略的關鍵組成部分。

Now let's talk about fixed costs. Due to the success of the $2 billion fixed cost reduction plan we announced earlier this year, we have identified another $1 billion in fixed costs that we will deliver over the same 2023 to 2024 time frame. This new action will offset about $1 billion in depreciation and amortization, which means that relative to 2022, our automotive fixed costs will be down $2 billion on a net basis as we exit '24.

現在我們來談談固定成本。由於我們今年早些時候宣布的 20 億美元固定成本削減計劃取得了成功，我們已確定將在 2023 年至 2024 年的同一時間範圍內再削減 10 億美元的固定成本。這項新舉措將抵消約 10 億美元的折舊和攤銷，這意味著相對於 2022 年，我們的汽車固定成本將在我們退出 24 年後淨額下降 20 億美元。

Key components include about $1 billion from the voluntary separation program, another $800 million in reduced sales and marketing expense and the remainder coming from significant reduction in all areas of the business, including engineering expense, travel and administrative costs.

關鍵組成部分包括自願離職計劃帶來的約 10 億美元，銷售和營銷費用減少後的另外 8 億美元，其餘部分來自所有業務領域的大幅削減，包括工程費用、差旅和行政費用。

We're not done by any stretch. Mark and I have asked Norm De Greve, our new Chief Marketing Officer, to take a fresh review of our spending and put us on a course, to deliver world-class levels of marketing efficiency. Our product teams are also embracing a strategy we call winning with simplicity that will reduce design and engineering expense, supplier cost, order complexity, build up of combinations and manufacturing complexity. For example, our teams are applying even greater discipline around our color and trim pallet, the way we package features and options and reuse.

我們還沒有完成任何任務。馬克和我已要求我們新任首席營銷官 Norm De Greve 對我們的支出進行重新審查，並引導我們採取行動，以提供世界一流水平的營銷效率。我們的產品團隊還採用一種我們稱之為“以簡單取勝”的策略，該策略將降低設計和工程費用、供應商成本、訂單複雜性、組合構建和製造複雜性。例如，我們的團隊正在對我們的顏色和裝飾托盤、我們包裝功能和選項以及重複使用的方式應用更嚴格的紀律。

For our EV and ICE vehicles, we are targeting a 50% reduction in trim levels through a smart bundling of customer features and options. This results in fewer part numbers to simplify marketing, engineering, manufacturing while maintaining the best features customers want. Yet we are maintaining market coverage for all major segments and price points and the U.S. will compete in ICE and EV segments that represent about 90% of the industry volume in 2030. And our next-generation full-size pickup and SUVs will show just how powerful winning with simplicity will be. We're investing significantly less capital and expect to deliver vehicles that will have much higher levels of customer-facing content and even better margins than today.

對於我們的電動汽車和內燃機汽車，我們的目標是通過智能捆綁客戶功能和選項，將裝飾水平降低 50%。這樣可以減少零件數量，從而簡化營銷、工程和製造，同時保持客戶所需的最佳功能。然而，我們正在維持對所有主要細分市場和價位的市場覆蓋，到 2030 年，美國將在內燃機和電動汽車細分市場展開競爭，這兩個細分市場約佔行業銷量的 90%。我們的下一代全尺寸皮卡和 SUV 將展示如何強大就會以簡單取勝。我們投資的資本大大減少，並期望交付的車輛將具有比現在更高水平的面向客戶的內容和更高的利潤。

Another great example of a capital-efficient program is the next generation Chevrolet Bolt that we plan to execute. Our customers love today's Bolt. It has been delivering record sales in some of the highest customer satisfaction and loyalty scores in the industry. It's also an important source of Conquest sales for the company and for Chevrolet. More than 70% of customers are new to GM. We will keep the momentum going by delivering a new Bolt that delivers what customers have come to expect, which is great affordability, range and technology.

資本效率計劃的另一個很好的例子是我們計劃執行的下一代雪佛蘭 Bolt。我們的客戶喜歡今天的 Bolt。它的銷售額一直創下了行業最高的客戶滿意度和忠誠度分數。它也是該公司和雪佛蘭 Conquest 銷售的重要來源。超過 70% 的客戶是通用汽車的新客戶。我們將通過推出一款新的 Bolt 來保持這一勢頭，滿足客戶的期望，即卓越的經濟性、範圍和技術。

And we will execute it more quickly compared to an all-new program and with significantly lower engineering expense and capital investment by updating the vehicle with Ultium and Ultifi technologies and by a pioneer winning with simplicity discipline. We will have more details to share soon.

與全新計劃相比，我們將更快地執行它，並通過使用 Ultium 和 Ultifi 技術更新車輛以及以簡單原則取勝的先驅者，顯著降低工程費用和資本投資。我們將很快分享更多細節。

Now before we move to Paul's comments and Q&A, I'd like to invite Kyle to update you on the important steps Cruise has taken to scale its business and make it profitable. So Kyle, over to you.

現在，在我們討論保羅的評論和問答之前，我想邀請凱爾向您介紹 Cruise 為擴大業務並實現盈利而採取的重要步驟的最新情況。那麼凱爾，交給你了。

Thanks, Mary. We are halfway through our first year of rapid scaling, and it's going extremely well. We're on a trajectory that most businesses dream of, which is exponential growth, driven by continuous improvement, engineering innovation and solid product markets. Our formula for driving this growth is quite simple. Number one, we increased the supply of vehicles. Number two, we increased the service availability, so more people can use it. And number three, we make the product awesome.

謝謝，瑪麗。我們快速擴張的第一年已經過半，進展非常順利。我們正走在大多數企業夢想的軌道上，在持續改進、工程創新和穩固的產品市場的推動下，呈指數級增長。我們推動這種增長的公式非常簡單。第一，我們增加了車輛的供應。第二，我們提高了服務的可用性，以便更多的人可以使用它。第三，我們讓產品變得很棒。

So let's talk about how we're doing on all those and then get into the numbers. On the supply side, we recently had 390 concurrent driverless AVs. We believe this is the largest and fastest-growing AV fleet in the world. Yet you will see several times this within the next 6 months. This is all on the Bolt platform, which we can scale the thousands of AVs, but we're also about to transition to Origins, which are a game changer for costs and are incredible to ride in. And today, I'm pleased to share that our test vehicles are already running in driverless mode on public roads in multiple cities, and we are confident in our regulatory and permitting path despite this being the first time a major OEM has manufactured a vehicle without traditional controls.

因此，讓我們談談我們在所有這些方面的表現，然後討論數字。在供應方面，我們最近擁有 390 輛並發無人駕駛 AV。我們相信這是世界上規模最大、增長最快的自動駕駛車隊。然而，在接下來的 6 個月內，您會多次看到這種情況。這一切都在 Bolt 平台上進行，我們可以擴展數千台自動駕駛汽車，但我們也即將過渡到 Origins，它改變了成本，並且乘坐體驗令人難以置信。今天，我很高興我們的測試車輛已經在多個城市的公共道路上以無人駕駛模式運行，我們對我們的監管和許可路徑充滿信心，儘管這是大型 OEM 第一次製造沒有傳統控制的車輛。

As a result, we believe we are the only AV company with a well-defined and significantly derisked path to reach billions in revenue. On the second item, availability, we're rapidly expanding cities, hours and service area. As very recently, we now operate a significant portion of our San Francisco fleet 24/7 across the entire city. We've expanded geofences and hours in Austin and Phoenix, and we plan to expand significantly in the next 30 days.

因此，我們相信我們是唯一一家擁有明確且顯著降低風險的途徑來實現數十億收入的自動駕駛公司。關於第二項，可用性，我們正在迅速擴大城市、時間和服務區域。最近，我們在整個城市運營著舊金山車隊的很大一部分（24/7）。我們已經擴大了奧斯汀和菲尼克斯的地理圍欄和工作時間，併計劃在未來 30 天內大幅擴大。

Lastly, we've done the prep work, and we'll launch commercial service in 2 or 3 more cities in the next 12 weeks alone, bringing us to as many as 6 commercial markets with several more following shortly after. All the critical ingredients, things like mapping, ground infrastructure, validation, user acquisition, et cetera, have become several times more efficient as we move from city to city.

最後，我們已經完成了準備工作，僅在接下來的 12 週內，我們將在另外 2 到 3 個城市推出商業服務，從而使我們到達多達 6 個商業市場，不久之後還會有更多的商業市場。當我們從一個城市搬到另一個城市時，所有關鍵要素，如測繪、地面基礎設施、驗證、用戶獲取等，都變得更加高效數倍。

On the third, making the product awesome. We have over 85,000 5-star reviews in San Francisco alone. People love the product and it gets better every month with each new software update. And based on data from tens of thousands of users across multiple cities, it's clear to us now that demand will greatly exceed supply for several years that gives us margin opportunity and the potential to be ahead of plan on revenue growth.

第三，讓產品變得更棒。僅在舊金山，我們就有超過 85,000 條 5 星級評論。人們喜歡這個產品，並且隨著每次新的軟件更新，它每個月都會變得更好。根據來自多個城市數万名用戶的數據，我們現在很清楚，需求將在幾年內大大超過供應，這為我們提供了利潤機會，並有可能領先於收入增長計劃。

Now that is rapid scaling. I'll share a few additional data points before we move on. Cruise tracked million miles, just 49 days after hitting 2 million miles, and the next mile million is going to be even faster. We're now doing over 10,000 rides per week, but more importantly, we're growing rides at 49% per month on average over the last 6 months. 28-day user retention is nearly at the level of a fully matured human ride hill service, and it continues to trend upwards. The product is extremely sticky despite the limitations in hours and service availability that exists today.

現在正在快速擴展。在我們繼續之前，我將分享一些額外的數據點。 Cruise 在達到 200 萬英里後僅 49 天就追踪了 100 萬英里，下一個百萬英里將會更快。現在，我們每週的乘車次數超過 10,000 次，但更重要的是，在過去 6 個月裡，我們的乘車次數平均每月增長 49%。 28 天的用戶留存率幾乎達到了完全成熟的人力騎行山地服務的水平，並且還在繼續呈上升趨勢。儘管目前存在時間和服務可用性的限制，但該產品仍然具有極高的粘性。

All of that scaling is occurring while also improving safety and driving down cost. So let's take a look at those. Safety continues to improve despite increasing complexity. Our analysis of the first 1 million miles shows AV's experienced 54 for fewer collisions than human drivers in similar environments, and 92% fewer where the AV was the primary contributor. In other words, the vast majority of collisions are caused by inattentive or impaired human drivers, not the AV.

所有這些擴展都在提高安全性並降低成本的同時發生。那麼讓我們來看看這些。儘管複雜性不斷增加，但安全性仍在不斷提高。我們對前 100 萬英里的分析顯示，在類似環境中，自動駕駛汽車比人類駕駛員發生的碰撞事故少了 54 英里，而在自動駕駛汽車作為主要貢獻者的情況下，碰撞事故發生率減少了 92%。換句話說，絕大多數碰撞事故是由人類駕駛員疏忽或受損造成的，而不是自動駕駛汽車。

And we expect the gap between human and AV performance to get much wider over the next 12 months. On the cost side, we're seeing ideal trends. Our operational cost per mile traveled has gone down by an average of 15% per month for the last 6 months, led by optimizations in infrastructure, process improvements and automation. Our fixed cost due to machine learning training and simulation are also decreasing over time due to better simulation techniques and investments in efficiency, but most exciting is the step function improvements in cost we will see as our newer vehicles and AV architectures launch. Due to having a much longer service life, the Origin significantly reduces our cost per mile.

我們預計，在未來 12 個月內，人類和自動駕駛性能之間的差距將變得更大。在成本方面，我們看到了理想的趨勢。過去 6 個月，在基礎設施優化、流程改進和自動化的帶動下，我們每英里行駛的運營成本平均每月下降 15%。由於更好的模擬技術和對效率的投資，我們因機器學習訓練和模擬而產生的固定成本也隨著時間的推移而減少，但最令人興奮的是隨著我們新的車輛和自動駕駛架構的推出，我們將看到成本的階躍功能改進。由於使用壽命更長，Origin 顯著降低了我們每英里的成本。

We also have an optimized sensing and compute architecture in late-stage development that costs about 75% less than what will be on the very first Origins. It's the first time Cruise's custom chips will hit the road, which we expect before the end of next year. As our fleet rolls over to this architecture, we'll start to see cost head below $1 per mile, the magic threshold at which robotaxis become cheaper for most people than owning a car.

我們還在後期開發中擁有優化的傳感和計算架構，其成本比第一個 Origins 的成本低約 75%。這是 Cruise 的定制芯片首次上路，我們預計在明年底之前上市。當我們的車隊轉向這種架構時，我們將開始看到每英里的成本低於 1 美元，對於大多數人來說，機器人出租車變得比擁有汽車更便宜的神奇門檻。

Lastly, we have something else that's been in the works for a few years that is highly disruptive to the already highly disruptive AV industry. More on that later this year. So putting these things together, it's clear now that Cruise is no longer a science project. There was one significant risk and reasons to doubt but it's now a rapidly growing business with a transformational product in a multitrillion dollar TAM. We've made incredible progress in Q2 over Q1, and I'm excited to continue that momentum in the months ahead. We're truly just being started. Back to you, Mary.

最後，我們還有其他一些事情已經進行了幾年，這對已經具有高度顛覆性的 AV 行業具有高度顛覆性。今年晚些時候會有更多相關內容。因此，將這些事情放在一起，現在很明顯，巡航不再是一個科學項目。存在一個重大風險和值得懷疑的理由，但它現在是一項快速增長的業務，擁有價值數万億美元的 TAM 轉型產品。與第一季度相比，我們在第二季度取得了令人難以置信的進步，我很高興能在未來幾個月繼續保持這一勢頭。我們確實才剛剛開始。回到你身邊，瑪麗。

Thanks, Kyle, and thanks for sharing the progress that Cruise team is making is just incredible. So before we move into Paul's remarks, I'd like to address our negotiation with the UAW, which just kicked off and with Unifor. First and most importantly, I want to say how proud I am of our talented and experienced manufacturing workforce. There's a direct connection between their hard work and our success, and we have a great future ahead of us.

謝謝凱爾，感謝您分享 Cruise 團隊正在取得的令人難以置信的進步。因此，在我們開始討論 Paul 的講話之前，我想談談我們與 UAW（剛剛開始）以及 Unifor 的談判。首先也是最重要的是，我想說我對我們才華橫溢、經驗豐富的製造員工隊伍感到多麼自豪。他們的辛勤工作與我們的成功有著直接的聯繫，我們擁有美好的未來。

As we've talked about today, the future includes continued investment in strategic ICE vehicle like the full-size trucks, full-size SUVs and mid-sized SUVs. Our future also includes retooling existing assembly plants and upskilling the team as we transform the company to grow rapidly in EVs. We have a long history of negotiating fair contracts with both unions that reward our employees and support our long-term success of the business.

正如我們今天所討論的，未來包括對全尺寸卡車、全尺寸 SUV 和中型 SUV 等戰略性內燃機汽車的持續投資。我們的未來還包括重組現有裝配工廠並提高團隊技能，以實現公司在電動汽車領域的快速發展。我們長期以來一直與兩個工會談判公平合同，以獎勵我們的員工並支持我們業務的長期成功。

Our goal this time will be no different. That's the best possible outcome for all of our employees, plant communities, dealers, suppliers and investors, and we look forward to constructive talks. So thank you, and now let me turn the call over to Paul.

這次我們的目標也不例外。對於我們所有員工、工廠社區、經銷商、供應商和投資者來說，這是最好的結果，我們期待進行建設性的談判。謝謝你，現在讓我把電話轉給保羅。

Thank you, Mary, and good morning, everyone. Thank you for joining us. I'd like to start by thanking the team for their collaboration on delivering yet another quarter of strong results and consistently meeting or exceeding our financial targets. At the same time, we are growing the business with 4 consecutive quarters of year-over-year U.S. retail share growth and stable incentive spend. The core auto operating performance continues to fuel the results and fund investments to drive growth in our business with Q2 EBIT-adjusted of $3.2 billion, including the $800 million charge from the LG agreements.

謝謝你，瑪麗，大家早上好。感謝您加入我們。首先，我要感謝團隊的合作，讓我們又取得了一個季度的強勁業績，並持續達到或超過我們的財務目標。與此同時，我們的業務不斷增長，美國零售份額連續 4 個季度同比增長，激勵支出穩定。核心汽車經營業績繼續推動業績和基金投資，以推動我們業務的增長，第二季度調整後的息稅前利潤為 32 億美元，其中包括 LG 協議產生的 8 億美元費用。

We also generated a 7.2% EBIT-adjusted margins, including 180 basis point headwind from those LG agreements. Aided by a strong consumer and a robust product portfolio, we are raising guidance for the second time this year, driven by great products, successfully balancing supply with demand and proactive cost management. We have made bold commitments and to achieve them, we are focusing on a solid foundation.

我們還實現了 7.2% 的息稅前調整利潤率，其中包括 LG 協議帶來的 180 個基點的阻力。在強大的消費者和強大的產品組合的幫助下，我們今年第二次提高指導，在優質產品、成功平衡供需和主動成本管理的推動下。我們做出了大膽的承諾，為了實現這些承諾，我們專注於堅實的基礎。

As Mary mentioned, we are well along our way to achieving the $2 billion automotive fixed cost reduction. We're also announcing another $1 billion fixed cost reduction to offset higher depreciation and amortization from the significant manufacturing investments we've been making in our ICE and EV portfolios. This expands the impact to the plan with the only automotive fixed costs excluded being the lower pension income, a nonoperating noncash items.

正如 Mary 提到的，我們正在努力實現 20 億美元的汽車固定成本削減目標。我們還宣布再削減 10 億美元的固定成本，以抵消我們在內燃機和電動汽車投資組合中進行的重大製造投資帶來的更高的折舊和攤銷。這擴大了對該計劃的影響，唯一排除的汽車固定成本是較低的養老金收入，即非經營性非現金項目。

The product simplification initiatives are expected to have incremental benefits in the years to come as we refresh future ICE products and transition to EVs. We are also taking a capital-efficient approach to our growth initiatives. For example, we have a profitability driven strategy towards selectively reentering Europe. And we recently announced a collaboration with Tesla to double access to charging for our customers without much incremental investments.

隨著我們更新未來的內燃機產品並過渡到電動汽車，產品簡化計劃預計將在未來幾年產生增量效益。我們還採取資本效率高的方法來實施我們的增長計劃。例如，我們有一個以盈利為導向的戰略，有選擇地重新進入歐洲。我們最近宣布與特斯拉合作，為我們的客戶提供雙重充電服務，而無需太多增量投資。

Cumulatively, these factors, along with a reduction in headcount, marketing spend and overhead costs will result in us realizing about $1 billion of year-over-year fixed cost savings in 2023, with most of this benefit coming in the second half of the year. Getting into the Q2 results. Revenue was $44.7 billion, up 25% year-over-year, driven by supply chain improvements and stable pricing. Wholesale volumes year-over-year were up 20% in Q2 and 12% year-to-date. For the full year, we now anticipate being towards the high end of our 5% to 10% guidance range. We achieved $3.2 billion in EBIT-adjusted, 7.2% EBIT-adjusted margins and $1.91 in EPS-diluted adjusted.

總的來說，這些因素加上員工人數、營銷支出和管理費用的減少，將使我們在 2023 年實現同比固定成本節省約 10 億美元，其中大部分收益將在今年下半年實現。進入第二季度的結果。在供應鏈改善和穩定定價的推動下，收入為 447 億美元，同比增長 25%。第二季度批發量同比增長 20%，年初至今增長 12%。對於全年，我們現在預計將接近 5% 至 10% 指導範圍的高端。我們的息稅前利潤調整後利潤率為 32 億美元，息稅前利潤調整後利潤率為 7.2%，稀釋後每股收益調整後利潤率為 1.91 美元。

Total company results were up $900 million year-over-year driven by supply chain improvements versus Q2 2022. But more importantly, we also had a combined $1.4 billion of headwinds from the LG agreements, lower pension income and lower GM financial earnings. ROIC was above our 20% target, demonstrating consistently strong and improving core operating performance. Adjusted auto free cash flow was $5.5 billion, up $4.1 billion year-over-year, driven by improved supply chain conditions and higher earnings year-over-year.

與 2022 年第二季度相比，由於供應鏈的改善，公司總體業績同比增長了 9 億美元。但更重要的是，我們還面臨著 LG 協議、養老金收入下降和通用汽車財務收益下降帶來的總計 14 億美元的阻力。 ROIC 高於我們 20% 的目標，展現出持續強勁且不斷改善的核心運營績效。調整後的汽車自由現金流為 55 億美元，同比增加 41 億美元，這得益於供應鏈狀況的改善和同比盈利的提高。

During the quarter, we repurchased $500 million of stock, retiring another 14 million shares, bringing the 2023 total to $865 million and 24 million shares retired. We expect our strong balance sheet and cash flow to support continued share repurchases as part of our capital allocation framework moving forward.

本季度，我們回購了 5 億美元的股票，另外註銷了 1,400 萬股股票，使 2023 年的股票總額達到 8.65 億美元，註銷了 2,400 萬股股票。我們預計強勁的資產負債表和現金流將支持持續的股票回購，作為我們未來資本配置框架的一部分。

North America delivered Q2 EBIT-adjusted of $3.2 billion, up $900 million year-over-year and EBIT-adjusted margins of 8.6%. The strength of the product portfolio supported market share growth, higher ATPs and again, stable incentives. North America performance was impacted by $700 million of the LG agreement charge, which was a 190 basis point headwind to margin in the segment. We've seen 2 consecutive quarters of warranty-related costs, an area we're monitoring very closely.

北美第二季度實現 EBIT 調整後 32 億美元，同比增長 9 億美元，EBIT 調整後利潤率為 8.6%。產品組合的優勢支持了市場份額的增長、更高的 ATP 以及穩定的激勵措施。北美地區的業績受到 7 億美元 LG 協議費用的影響，該費用使該領域的利潤率下降了 190 個基點。我們已經連續兩個季度看到與保修相關的成本，我們正在密切監控這一領域。

The fundamental quality of our vehicles remains strong as evidenced by the J.D. Power ratings. However, inflationary factors have increased the cost to repair vehicles. And we've also seen incremental expenses associated with the recent ARC airbag inflator recall.

J.D. Power 評級證明了我們車輛的基本質量依然強勁。然而，通貨膨脹因素增加了車輛維修成本。我們還看到了與最近 ARC 安全氣囊充氣機召回相關的費用增加。

Total U.S. dealer inventory was 428,000 units at quarter end, essentially flat from last quarter. Inventory on dealer lots of our new and most in-demand vehicles continue to run at around 10 days, including our full-size SUVs, the All-New Colorado and Canyon Mid-size trucks, the Chevrolet Trailblazer and the Chevy Bolt. We are still targeting the end 2023 with 50 to 60 days of total dealer inventory. Although seasonality, production schedules, and timing of fleet deliveries may test out of this range from time to time.

截至季度末，美國經銷商庫存總量為 428,000 輛，與上季度基本持平。我們經銷商的大量新款和最受歡迎的車輛的庫存繼續維持在 10 天左右，包括我們的全尺寸 SUV、全新 Colorado 和 Canyon 中型卡車、雪佛蘭 Trailblazer 和雪佛蘭 Bolt。我們的目標仍然是到 2023 年底經銷商庫存總量為 50 至 60 天。儘管季節性、生產計劃和車隊交付時間可能會不時超出此範圍。

Supply chain and logistics challenges are trending in the right direction. However, there are ongoing logistics congestion and industry-wide railcar capacity shortages that we continue to take actions to mitigate. GM International delivered Q2 EBIT-adjusted of $250 million, largely flat year-over-year. China equity income was $100 million, up $150 million year-over-year as we lap the COVID shutdowns in Q2 of 2022 and aggressively took actions to help offset industry challenge. I'd like to thank the China team for their tireless efforts and perseverance through multiple years in a challenging environment.

供應鍊和物流挑戰正朝著正確的方向發展。然而，物流擁堵和全行業鐵路車運力短缺的情況持續存在，我們將繼續採取行動來緩解這些問題。通用汽車國際公司第二季度經調整的息稅前利潤為 2.5 億美元，與去年同期基本持平。我們在 2022 年第二季度經歷了新冠疫情導致的停工，並積極採取行動幫助抵消行業挑戰，中國股票收入為 1 億美元，同比增長 1.5 億美元。我要感謝中國團隊多年來在充滿挑戰的環境中的不懈努力和堅持。

EBIT-adjusted in GM International in China equity income was $150 million, down $150 million year-over-year, driven by dollar charge from the LG agreements and $150 million of mark-to-market gains recorded in the prior year. Absent these items, the results would have been up year-over-year with price increases more than offsetting FX headwinds due to the strength product portfolio, a trend we expect to continue in the second half of the year.

通用汽車國際公司在中國的股本收入經調整後的息稅前利潤為 1.5 億美元，同比減少 1.5 億美元，這是由於 LG 協議產生的美元費用以及上一年記錄的 1.5 億美元按市值計算的收益所致。如果沒有這些項目，業績將同比增長，由於產品組合實力雄厚，價格上漲足以抵消外匯不利因素，我們預計這一趨勢將在今年下半年繼續。

GM Financial delivered EBT-adjusted of over $750 million, down close to $350 million year-over-year, in line with expectations and primarily due to a higher cost of funds and lower net leased vehicle income, partially offset by increased finance charge income from portfolio growth and a higher effective yield. GM Financial's key metrics, balance sheet and liquidity remains strong, providing them the ability to support the GM enterprise and our customers across economic cycles. As a result, we are taking our full year EBIT-adjusted guidance up to the $2.5 billion to $3 billion range. Corporate expenses were $350 million in the quarter, down $400 million year-over-year, primarily due to differences in year-over-year mark-to-market changes in the portfolio.

通用汽車金融公司的息稅前利潤調整後的利潤超過 7.5 億美元，同比下降近 3.5 億美元，符合預期，主要是由於資金成本較高和租賃車輛淨收入較低，但部分被財務費用收入增加所抵消投資組合增長和更高的有效收益率。通用汽車金融公司的關鍵指標、資產負債表和流動性仍然強勁，使他們有能力在整個經濟周期中支持通用汽車企業和我們的客戶。因此，我們將全年 EBIT 調整後指引上調至 25 億至 30 億美元範圍。本季度公司費用為 3.5 億美元，同比減少 4 億美元，主要是由於投資組合按市值計算的同比變化存在差異。

Cruise expenses were $600 million in the quarter, up $50 million year-over-year, driven by an increase in operating spend as they continue to expand operations successfully. As we look forward, due to the strong Q2 core performance and outlook, we are again increasing our full year guidance to EBIT-adjusted in the $12 billion to $14 billion range, EPS diluted adjusted to the $7.15 to $8.15 range and adjusted automotive free cash flow in the $7 billion to $9 billion range. Most of the underlying assumptions in our guidance remain unchanged from Q1, with stronger pricing, the main driver behind the increased outlook as we foreshadowed.

該季度的遊輪費用為 6 億美元，同比增加 5,000 萬美元，這是由於他們繼續成功擴大運營而導致運營支出增加。展望未來，由於第二季度強勁的核心業績和前景，我們再次將全年指引上調，調整後的息稅前利潤為 120 億至 140 億美元，攤薄後每股收益調整為 7.15 至 8.15 美元，調整後的汽車自由現金流量在 70 億至 90 億美元之間。我們指引中的大部分基本假設與第一季度相比保持不變，定價走強，這是我們所預示的前景增強的主要驅動力。

In addition, we expect better cost performance in commodities and logistics costs to be neutral for the full year. We're bringing the high end of our 2023 capital spend guidance down by $1 billion this year to the $11 billion to $12 billion range, in part due to our simplification initiatives. We are evaluating and we'll provide an update on the medium-term capital spend outlook at our Investor Day later in the year, but expect the spend to come down from the previous $11 billion to $13 billion range.

此外，我們預計全年商品成本效益將有所改善，而物流成本將保持中性。今年，我們將 2023 年資本支出指導上限下調 10 億美元，降至 110 億至 120 億美元的範圍，部分原因是我們的簡化舉措。我們正在評估並將在今年晚些時候的投資者日提供中期資本支出前景的最新信息，但預計支出將從之前的 110 億美元至 130 億美元範圍內下降。

For full year adjusted automotive free cash flow guidance, we expect working capital headwinds related to the module assembly challenges Mary mentioned to offset the benefit from the higher EBIT-adjusted lower short-term timing impact result revenue more of cells. But this is expected to unwind as module assembly capacity increases.

對於全年調整後的汽車自由現金流指引，我們預計瑪麗提到的與模塊組裝挑戰相關的營運資本阻力將抵消更高的息稅前利潤調整後較低的短期時序影響導致更多電池收入帶來的好處。但隨著模塊組裝產能的增加，這種情況預計將會緩解。

In closing, we remain very well-positioned for the future and achieving our medium and our long-term targets as we've highlighted. We're focusing on profitability, and our recent results demonstrate are not sacrificing margin for volume. We will continue this strategy with the decisions we're making today, helping to drive a fundamentally stronger company beyond 2023. And when you factor in our expected revenue growth, including the opportunities from the software-defined vehicle, AV and other new businesses, this sets us up to grow margin as we get to the back half of the decade. This concludes our opening comments, and we'll now move to the Q&A portion of the call.

最後，我們仍然為未來做好了充分的準備，並實現我們所強調的中期和長期目標。我們專注於盈利能力，我們最近的結果表明並沒有為了銷量而犧牲利潤。我們將在今天做出的決策中繼續這一戰略，幫助公司在 2023 年之後從根本上變得更強大。當你考慮到我們的預期收入增長，包括來自軟件定義汽車、自動駕駛汽車和其他新業務的機會時，這將使我們在進入本世紀後半葉時能夠提高利潤率。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 the line of Rod Lache with Wolfe Research.

（操作員說明）我們的第一個問題來自 Wolfe Research 的 Rod Lache 的線路。

Congratulations on these numbers. I was hoping to maybe ask you first a broader question about EVs. You made some assumptions for EV pricing and EV costs when you laid out your hands for mid-decade profitability. And I'm hoping that you can just update us a little bit on your thinking just based on how the markets evolved with some cases with more aggressive competitive pricing. And obviously, we're also seeing some manufacturers put in different manufacturing innovations to drive down costs. What are your latest thoughts on that? And have any of your observations led you to change any of your plans?

祝賀這些數字。我希望首先問您一個有關電動汽車的更廣泛的問題。當您為十年中期的盈利能力而努力時，您對電動汽車定價和電動汽車成本做出了一些假設。我希望您能根據市場的演變以及一些更具競爭力的定價案例向我們介紹一下您的想法。顯然，我們還看到一些製造商投入了不同的製造創新來降低成本。您對此有何最新想法？您的觀察是否導致您改變了計劃？

Thanks, Rod, for the question. I would say we're doing a lot in that space. Our -- what we said last year at Investor Day, it gets low to mid-single-digit margins for our EV portfolio by 2025 remains unchanged. Even with all the things that are moving in that, we're committed to getting there. I think when you look at the incredible cost discipline that we're demonstrating right now as well as winning with simplicity, it's just going to take cost out of every part of the business and make everything more efficient. And we think actually be better from a consumer perspective.

謝謝羅德的提問。我想說我們在這個領域做了很多事情。我們去年在投資者日所說的，到 2025 年我們的電動汽車投資組合的利潤率將保持在低至中個位數，這一點保持不變。即使所有事情都在發生變化，我們仍致力於實現這一目標。我認為，當你看到我們現在所展示的令人難以置信的成本紀律以及以簡單取勝時，你會發現它只會降低業務各個部分的成本，並使一切變得更加高效。我們認為，從消費者的角度來看，實際上應該更好。

As it relates specifically to manufacturing costs, there's quite a bit of work. We have a special team that is looking at how do we continue to drive efficiency, especially in the body shop. And of course, the battery team is working on how do we take cost out from an LTM perspective with what we've learned by now having that up and running. So I think there are several areas we're working on. We intend to have industry-leading margins, and we're not going to stop until we get there and we still have a lot of levers to pull. I don't know, Paul, if you want to add anything.

由於它與製造成本特別相關，因此需要做很多工作。我們有一個特殊的團隊正在研究如何繼續提高效率，特別是在車身修理廠。當然，電池團隊正在研究如何利用我們在啟動和運行過程中所學到的知識，從 LTM 的角度來降低成本。所以我認為我們正在幾個領域開展工作。我們打算擁有行業領先的利潤率，在實現這一目標之前我們不會停下來，而且我們仍然有很多槓桿可以發揮。保羅，我不知道你是否想補充什麼。

No, I think you covered it. I think, Rod, one of the things that we've asked -- we've been asked on this call frequently is about pricing strategy. And when you look at the demand we have for our vehicles and as we're ramping up production, we still have pent-up demand. People are hanging in there with orders. And I think with some of the challenges identified as we ramp production, we see a lot of consistent strong demand for the products that we're producing. And I think that comes from a purpose-built EV that we did from the ground up, which I think is going to continue to impress people as we get more vehicles out on the road.

不，我想你已經涵蓋了。我認為，羅德，我們在這次電話會議上經常被問到的問題之一是關於定價策略的。當你看看我們對車輛的需求以及我們正在提高產量時，我們仍然有被壓抑的需求。人們帶著命令堅守在那裡。我認為，隨著我們提高產量，我們發現了一些挑戰，我們看到對我們正在生產的產品有很多持續的強勁需求。我認為這來自我們從頭開始製作的專用電動汽車，隨著我們讓更多的車輛上路，我認為這將繼續給人們留下深刻的印象。

Okay. And just a follow-up on that. Just -- it sounds like you're not changing your expectations for mid-decade pricing. Just wanted to clarify whether there's been any changes based on observations that you've made on capacity growth and competitive actions. And then secondly, can you just maybe elaborate a little bit on this $800 million LG charge? And what that actually means. You alluded to lower cost, but it wasn't clear whether that was a one-timer or was that launch cost or something else.

好的。這只是後續行動。只是——聽起來你並沒有改變對十年中期定價的預期。只是想澄清根據您對產能增長和競爭行動的觀察是否有任何變化。其次，您能否詳細說明一下 LG 的 8 億美元費用？這實際上意味著什麼。您提到了降低成本，但不清楚這是一次性成本還是啟動成本或其他成本。

So first of all, on pricing in our plan. Of course, we're going to be -- we're going to watch what's going on in the marketplace. But I think one of the things we demonstrated for almost 15 years now is we're going to be very disciplined with incentives and with our vehicles. And when -- I think when you look at the original pricing that we announced, I think it was very in line with what the customer expects for the value they're going to see from the products. And so far we're seeing that. So we believe we have priced the vehicles right. Again we have a lot of pent up demand. The feedback we're getting anecdotally for instance, from Lyriq, new Lyriq owners, they're just delighted with the vehicle.

首先，關於我們計劃中的定價。當然，我們將觀察市場上發生的事情。但我認為近 15 年來我們所展示的一件事是，我們將在激勵措施和車輛方面非常嚴格。我認為，當您查看我們宣布的原始定價時，我認為這非常符合客戶對他們將從產品中看到的價值的期望。到目前為止我們已經看到了這一點。因此，我們相信我們對車輛的定價是正確的。我們再次有大量被壓抑的需求。例如，我們從 Lyriq 和新 Lyriq 車主那裡得到的反饋，他們對這輛車非常滿意。

So I think we've got the pricing strategy right. Of course, we're going to watch it. And we're not changing our mid -- our 2025 EV profitability guidance. We'll pull all the levers that we have to either get there if there's challenges or make it even stronger. So again, Rod, we know it's a dynamic business, but we're committed to get there. And I think this leadership team continues to be able to do what they say.

所以我認為我們的定價策略是正確的。當然，我們會觀看。我們不會改變 2025 年電動汽車盈利指引。我們將動用一切手段，要么在遇到挑戰時實現這一目標，要么使其變得更加強大。羅德，我們知道這是一個充滿活力的行業，但我們致力於實現這一目標。我認為這個領導團隊將繼續能夠言出必行。

As it relates to the $800 million. There were many issues that we wanted to take care of, but I would say a chunk of it was us doing the right thing for our customers that goes beyond what a traditional recall expense back to a supplier would be as we look at that because we chose to do the right thing from a timing perspective. And I think our customers are happy as evidenced by the -- still the strong. Actually, we can't build enough Bolts right now. So we'll share more about what everything means for our EV margins when we get to November. But again, we thought it was the right thing to do, and we are -- have been and will continue to work with our partner, LG ES, to take cost out of what of the Ultium and specifically the Cells.

因為這涉及到8億美元。我們想要解決很多問題，但我想說，其中很大一部分是我們為客戶做了正確的事情，這超出了我們考慮的傳統召回費用給供應商的範圍，因為我們從時機的角度選擇做正確的事情。我認為我們的客戶很高興，這一點仍然很強大。事實上，我們現在無法製造足夠的螺栓。因此，到 11 月時，我們將更多地分享一切對我們的電動汽車利潤率的影響。但我們再次認為這是正確的做法，而且我們已經並將繼續與我們的合作夥伴 LG ES 合作，以降低 Ultium（特別是 Cells）的成本。

Our next question comes from Itay Michaeli with Citi.

我們的下一個問題來自花旗銀行的 Itay Michaeli。

Congrats on the results. Just wanted to ask a couple of questions on the Ultium ramp. First, the issue what you identified with the automation equipment for the modules. Can you talk about when you expect that to be fully resolved? And are you still targeting the $400,000 of cumulative volume by the first half of next year?

祝賀結果。只是想問幾個關於 Ultium 斜坡的問題。首先，您所發現的模塊自動化設備的問題。你能談談你預計這個問題什麼時候能得到徹底解決嗎？您是否仍以明年上半年累計銷量 40 萬美元為目標？

Itay, yes, we so we're not walking away from any of the targets we put out, whether it's 100,000 in the second half of this year, leading then to 400,000 by middle of next year. And what you're going to see in the second half of this year and then really [pent] up in the first half of next year is a lot more Ultium-based product. We were surprised the supplier, we thought they were in better on track for the delivery that they had. So we have seen in our teams to help them get the automation up and running. We've already seen a lot of improvement from I'll say, the last 4 to 6 weeks, we're going to continue on that path. But to derisk it, we've also added additional lines because we don't want module production to gate our launch of all the products that we have coming in the second half of this year and continuing into next.

是的，我們不會放棄我們制定的任何目標，無論是今年下半年的 100,000 人，還是到明年年中達到 400,000 人。您將在今年下半年看到更多基於 Ultium 的產品，然後在明年上半年真正被[壓抑]。我們對供應商感到驚訝，我們認為他們的交貨進度更好了。因此，我們在我們的團隊中看到了幫助他們啟動和運行自動化的情況。我想說，過去 4 到 6 週以來，我們已經看到了很大的進步，我們將繼續沿著這條道路前進。但為了消除這種風險，我們還增加了額外的生產線，因為我們不希望模塊生產阻礙我們今年下半年推出並持續到明年的所有產品的推出。

And we know we're going to need that module assembly capability anyway as we continue to grow beyond the 400,000. So disappointing, I've personally been reviewing the lines. As you know, I've spent time in ME earlier in my career running. So we'll get this behind us. I'm very confident of the teams we have in place. So you'll see it improve as we get through I would say, into the end of third quarter, beginning of fourth quarter. And then I think it will primarily be behind us by the end of the year, if not a month or so sooner.

我們知道，隨著我們的數量不斷增長到超過 400,000 個，我們無論如何都將需要這種模塊組裝能力。太令人失望了，我個人一直在審查這些台詞。如您所知，我在跑步職業生涯的早期就曾在 ME 中度過過一段時間。所以我們會把這個拋在腦後。我對我們現有的團隊非常有信心。因此，當我們進入第三季度末、第四季度初時，你會看到它有所改善。然後我認為，到今年年底，甚至早一個月左右，它就會基本結束。

Terrific. That's all very helpful. And then just a follow-up on -- broadly on U.S. EV demand. There's been a lot of focus on rising inventory. So just curious how you slot reservation orders as you ramp up Ultium products. And also how you're thinking about the Silverado EV pricing just given the recent action from your competitor.

了不起。這一切都非常有幫助。然後是美國電動汽車需求的後續行動。庫存上升一直是人們關注的焦點。因此，我很好奇在增加 Ultium 產品時如何安排預訂訂單。以及考慮到競爭對手最近的行動，您如何看待索羅德電動汽車的定價。

Yes. So I think from the recent competitive action, if you look at the Silverado work truck, the range, the towing capability, the overall performance. It's a true truck. So when people aren't having to make compromises or trade-offs. So I'm very confident, and we have strong demand for the Silverado work truck as well as the RST, which will be -- that's from a retail perspective, out toward the end of the year. So I'm very confident with where we are in the pricing for the Silverado EV. And that's -- your first question, Itay, was?

是的。所以我認為從最近的競爭行為來看，如果你看看索羅德工作卡車的續航里程、牽引能力和整體性能。這是一輛真正的卡車。因此，當人們不必做出妥協或權衡時。所以我非常有信心，我們對 Silverado 工作卡車以及 RST 有著強烈的需求，從零售的角度來看，這將在今年年底推出。因此，我對 Silverado EV 的定價非常有信心。 Itay，你的第一個問題是？

Just probably on EV demand, what you're seeing in reservations and just how confident are you kind of -- what you're seeing for your products in the next few months.

可能只是取決於電動汽車的需求、您在預訂中看到的情況以及您對未來幾個月產品的信心程度。

Yes. Again, we're seeing with Lyriq, we're seeing with the Hummer truck and SUV, frankly, the Bolt, I mean these vehicles are getting to the dealers' lots. And if they're not already sold, the -- they've got a list of people who are waiting for them. So -- and we still have a lot of reservations and people who put deposits down. The churn on that is very, very low. And for the rare customer who decides they're not going to wait for the vehicle, there are several more waiting in line. So again, we're very confident. And it's not by accident. It's because we -- there's been some criticism that we should have been faster with our EVs. We're going as fast as we can, but we wanted to make sure we were leveraging a platform that's going to give us efficiency with Ultium and that consumers weren't going to have to compromise. So I'm very confident with the product portfolio we have coming, the pricing and the demand.

是的。同樣，我們看到了 Lyriq，我們看到了悍馬卡車和 SUV，坦率地說，還有 Bolt，我的意思是這些車輛正在進入經銷商的地盤。如果它們還沒有被出售，那麼他們就會有一份正在等待它們的人的名單。所以——我們仍然有很多保留和存款的人。其流失率非常非常低。對於極少數決定不等待車輛的顧客，還有更多的人在排隊等候。再說一遍，我們非常有信心。這並非偶然。這是因為我們——有人批評我們的電動汽車應該更快。我們將盡可能快地前進，但我們希望確保我們所利用的平台能夠提高 Ultium 的效率，並且消費者不必做出妥協。因此，我對我們即將推出的產品組合、定價和需求非常有信心。

Our next question comes from Mark Delaney with Goldman Sachs.

我們的下一個問題來自高盛的馬克·德萊尼。

GM had strong pricing and mix again in the second quarter even as supply and inventory for the industry are gradually recovering and borrowing costs for consumers are higher. Can you talk about how you expect the market environment to evolve in the second half of the year? And are there any levers for GM in particular in order to help to sustain some of the strong core automotive performance that you've been seeing?

儘管該行業的供應和庫存逐漸恢復且消費者的借貸成本較高，但通用汽車在第二季度再次進行了強勁的定價和混合。您能否談談您預計下半年市場環境將如何演變？通用汽車是否有任何手段可以幫助維持您所看到的一些強大的核心汽車性能？

Mark, it's Paul. Thanks for the question. We're still kind of operating somewhat cautiously as we said from the beginning of the year. We're not assuming major increases in pricing or in average transaction prices going forward. So we expect that to continue, and it really starts with the demand that we see for our vehicles. We've tried to keep inventory pretty consistent. We've grown it a little bit to get it to the lower end of that 50- to 60-day range that we're working on. But overall, maintaining discipline on the incentive side as well. So we've really been focused on driving share with margin performance. I think the team has done a good job. As to whether that will continue, we're kind of taking it day by day, month by month. And we're very pleased with the results. But as long as we see demand continuing to be as strong as it is for our vehicles, we think we're going to continue to perform.

馬克，是保羅。謝謝你的提問。正如我們從今年年初所說的那樣，我們的運營仍然有些謹慎。我們不假設未來定價或平均交易價格會大幅上漲。因此，我們預計這種情況會持續下去，而這實際上始於我們對車輛的需求。我們努力保持庫存相當一致。我們對其進行了一些增長，使其達到我們正在研究的 50 至 60 天範圍的下限。但總體而言，在激勵方面也要保持紀律。因此，我們確實專注於通過利潤表現來提高份額。我認為團隊做得很好。至於這種情況是否會持續下去，我們正在日復一日、月復一月地進行。我們對結果非常滿意。但只要我們看到對我們車輛的需求繼續強勁，我們就認為我們將繼續表現。

That's helpful. And on Cruise, good to hear all of the updates on the progress that Cruise is making. I recall you mentioned Cruise vehicles being safer by 54%. Maybe you can elaborate a bit on how you're measuring the safety of the vehicles that Cruise has with its AVs relative to a human driver. And are there any specific features on the origin as it relates to safety that you could point out as perhaps drivers of additional improvement going forward?

這很有幫助。關於 Cruise，很高興聽到有關 Cruise 所取得進展的所有最新消息。我記得您提到過 Cruise 車輛的安全性提高了 54%。也許您可以詳細說明一下如何衡量 Cruise 的自動駕駛汽車相對於人類駕駛員的安全性。與安全相關的起源是否有任何具體特徵，您可以指出這些特徵可能是未來進一步改進的驅動因素？

Yes, Kye, I'd be happy to. So clarify the 50-some-percent number was a reduction in any kind of collision. And the way that we measure that as we looked at the first 1 million miles of driving across the Cruise fleet and compare that to a human benchmark that we established with leading transportation research institutes. And that was based on millions of miles of driving by human drivers then selected a subset of all those miles and matched it to EV drive. So as close as possible to it, apples-to-apples comparison.

是的，凱，我很樂意。因此需要澄清的是，百分之五十的數字是指任何類型的碰撞都減少了。我們衡量郵輪車隊前 100 萬英里行駛里程的方式，並將其與我們與領先的交通研究機構建立的人類基准進行比較。這是基於人類駕駛員數百萬英里的駕駛里程，然後選擇所有這些里程的子集並將其與電動汽車駕駛相匹配。因此，盡可能接近它，進行同類比較。

But beyond that, the 50-some percent collision reduction doesn't really tell the whole story because that includes things where the AV was sitting still and just got rear-ended by an inattentive driver. That's not really the fault of the AV. When you look at collisions where the AV was the primary contributor, 92% fewer collisions. So most of the time, it's the other vehicle that's the primary contributor towards any collision that we've seen.

但除此之外，50％左右的碰撞減少並不能真正說明全部情況，因為這包括自動駕駛汽車靜止不動並且剛剛被粗心的駕駛員追尾的情況。這並不是 AV 的錯。當您查看 AV 是主要貢獻者的碰撞時，會發現碰撞減少了 92%。因此，大多數時候，我們所見過的任何碰撞事故的主要原因都是另一輛車。

And then I guess another one we're really proud of is AV is that 73% fewer collisions with meaningful risk of injuries. These are the more severe types of collisions, not just the low-speed fender benders. So all these in aggregate tell a very compelling story. And I would emphasize that this is still -- this is the product as it exists today, and we push out a new software update each month, which targets specific kinds of safety improvements. So I think there was a question early on, on how the AVs do well relative to humans. I think our data shows that we're already at least from this data, there's strong evidence of significant safety improvements. And I think it's going to continue improving at a rapid clip as we continue to invest in machine learning technologies and other ways to drive up the safety of the product.

我想我們真正引以為傲的另一件事是 AV ，即具有顯著傷害風險的碰撞減少了 73%。這些是更嚴重的碰撞類型，而不僅僅是低速的擋泥板彎曲。因此，所有這些總的來說講述了一個非常引人注目的故事。我想強調的是，這仍然是現有的產品，我們每個月都會推出新的軟件更新，其目標是特定類型的安全改進。所以我認為很早就存在一個問題，即自動駕駛汽車相對於人類如何表現得更好。我認為我們的數據表明，至少從這些數據來看，我們已經有強有力的證據表明安全性得到了重大改進。我認為，隨著我們繼續投資機器學習技術和其他方法來提高產品的安全性，它將會繼續快速改進。

Our next question comes from John Murphy with Bank of America.

我們的下一個問題來自美國銀行的約翰·墨菲。

I just wanted to ask a question like we often do on cap viewed. I mean 102.7 in North America. A skeptic might say, "Hey, listen, you're running all out and as you bring on more volume, you're going to need to add fixed costs and variable costs." And with the risk of pricing coming down, you can see real compression in margin. But an optimist might say, "Listen, that's staff capacity, pricing will hold up and you'll just bring on variable costs as volumes recover." I'm just curious where in the spectrum, I think you actually are in sort of that range because it does seem like there's some real opportunity if pricing holds up and you just bring on these variable costs, but there might be some real significant upside to margins over time.

我只是想問一個問題，就像我們經常在觀看上限時所做的那樣。我指的是北美 102.7。懷疑論者可能會說：“嘿，聽著，你已經用盡了一切，隨著產量的增加，你將需要增加固定成本和可變成本。”隨著定價風險下降，您可以看到利潤率真正壓縮。但樂觀主義者可能會說，“聽著，這就是員工能力，定價會保持不變，隨著銷量的恢復，你只會帶來可變成本。”我只是很好奇在這個範圍內的哪個位置，我認為你實際上處於這個範圍內，因為如果定價保持不變並且你只是帶來這些可變成本，那麼似乎確實存在一些真正的機會，但可能會有一些真正顯著的上升空間隨著時間的推移，利潤率。

Yes. So certainly, that has been part of what's been working for us for the first 6 months. And despite that higher capacity utilization, you're seeing inventory remaining pretty much flat with a lot of the inventory growth or inventory still strapped in that in-transit bucket. As vehicles are making their way to the dealers, we see them still turning very, very quickly, and that's allowed us to continue to lean in to the pricing and make sure that we've got consistent incentive performance.

是的。當然，這也是我們前 6 個月所做的工作的一部分。儘管產能利用率較高，但您會發現庫存基本持平，大量庫存增長或庫存仍滯留在運輸途中。當車輛到達經銷商手中時，我們看到它們的轉向速度仍然非常非常快，這使我們能夠繼續調整定價並確保我們獲得一致的激勵績效。

And I think you've seen some outperformance from GM over the last several months in that space compared to the industry as a whole. So I think we've shown a willingness to balance supply with demand as we did in the first quarter, where we cut some of the capacity utilization intentionally to make sure that we kept margins flat or kept -- sorry, inventory flat and margins strong. So we're going to continue to watch that. But as we've seen, it's provided tremendous benefits for us so far, and we're going to continue to manage it that way.

我認為過去幾個月裡，與整個行業相比，通用汽車在該領域的表現有些出色。因此，我認為我們已經表現出平衡供需的意願，就像我們在第一季度所做的那樣，我們有意削減了一些產能利用率，以確保我們保持利潤率持平或保持——抱歉，庫存持平，利潤率強勁。所以我們將繼續關注這一點。但正如我們所看到的，到目前為止，它為我們帶來了巨大的好處，我們將繼續以這種方式進行管理。

But if you were to flex up on volume, would it be mostly a variable cost that would come in? Or would there need to be some fixed costs that would come along with that step-up of buying [fleet]?

但如果你要提高產量，那麼主要會產生可變成本嗎？或者隨著購買[機隊]的增加，是否需要一些固定成本？

Yes, it would be mostly variable costs. But when you think about where the company is being utilized, it's at the higher end now, with the demand that we've seen for the higher trim levels on the full-size trucks, SUVs, et cetera. So we might not be able to do it in a linear way. where you've got some mix if you're increasing production on some of the lower-priced smaller vehicles across the board. So we watch that and try to maintain as much balance as we can.

是的，這主要是可變成本。但當你想到該公司的用途時，你會發現它現在處於高端，我們已經看到全尺寸卡車、SUV 等對更高裝飾水平的需求。所以我們可能無法以線性方式做到這一點。如果你全面增加一些價格較低的小型車輛的產量，你就會得到一些混合產品。所以我們會觀察這一點並儘力保持平衡。

Okay. Just a follow-up on fleet. Fleet has been a real good guy for you and the industry. As we think about the durability and resilience of that in the face of even potentially some risk to the economy here, how durable is that. And is there just massive pent-up demand on the fleet that might carry the day even if rates were a little bit higher and we see a little bit of a soft patch in the economy?

好的。只是艦隊的後續行動。對於您和整個行業來說，弗利特都是一個真正的好人。當我們考慮這種情況的持久性和彈性時，即使面對經濟可能面臨的一些風險，它的持久性有多強。即使費率稍微高一點並且我們看到經濟出現一點疲軟，對船隊是否存在大量被壓抑的需求，這些需求可能會持續下去？

Yes. I think you captured it well, John. Obviously, we've got a lot of pent-up demand from the last few years where fleet took the brunt of some of the capacity challenges due to COVID and due to the semiconductor challenges. In fact, if you look at the first half of the year, year-to-date, it was the best fleet performance since 2007, largely fueled by the commercial side of the business. And as we've said before, the fleet business is very different than it was in the past, where it was very, very thin margins in an effort to drive volume. Our fleet business is performing very, very well with margins similar to the retail side. So the business continues to perform, the team is doing a great job, and we expect that to continue for the short and medium term.

是的。我認為你捕捉得很好，約翰。顯然，過去幾年我們有很多被壓抑的需求，由於新冠疫情和半導體挑戰，船隊首當其沖地受到了一些產能挑戰。事實上，如果你看看今年上半年，今年迄今為止，這是自 2007 年以來最好的機隊表現，很大程度上是由商業方面的業務推動的。正如我們之前所說，車隊業務與過去有很大不同，過去為了提高銷量，利潤非常非常微薄。我們的車隊業務表現非常非常好，利潤率與零售業務相似。因此，業務繼續表現良好，團隊做得很好，我們預計這種情況在短期和中期會持續下去。

I'm sorry, just one housekeeping question. The $792 million charge for the LG issue, was that contemplated in your initial guidance? Because if it wasn't, it's actually -- the raise today is more like a $1.8 billion raise in the outlook. I'm just trying to understand if you were contemplating that before?

抱歉，我只是想問一個家政問題。 LG 發行的 7.92 億美元費用是您最初的指導中考慮的嗎？因為如果不是的話，那麼今天的加薪實際上更像是展望中的 18 億美元加薪。我只是想了解您之前是否考慮過這一點？

It's contemplated a guidance raise itself. It wasn't contemplated as we came into the year.

預計會提高指導值。當我們進入這一年時，並沒有考慮到這一點。

Okay. So the raise is significant today. It's actually more than $1 billion on operating basis, if you were to back that out. Is that fair?

好的。因此，今天的加薪意義重大。如果你不承認這一點的話，實際上運營成本超過 10 億美元。這公平嗎？

Yes. Like we said, the business continues to perform going back to what we said in the first quarter as long as the consumer held up and strong, we expected that we'd be able to surpass the guidance we put out and that certainly what you've seen through the second quarter and what we can see July month-to-date has held up very well as well.

是的。就像我們所說的那樣，只要消費者保持強勁並且強勁，業務的表現就會繼續回到我們在第一季度所說的那樣，我們預計我們能夠超越我們發布的指導，這當然是您的預期我們已經看到了第二季度的情況，我們可以看到 7 月至今的表現也非常好。

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。

So a question on the new Bolt. I think in your prepared remarks, you said it will be updated with Ultium and Ultifi technology. Sorry to be pedantic here, but I just want to know, are you using attributes of Ultium? Or is this a full ground-up Ultium platform?

關於新博爾特的問題。我認為在您準備好的發言中，您說過它將使用 Ultium 和 Ultifi 技術進行更新。抱歉在這裡顯得迂腐，但我只是想知道，您使用的是 Ultium 的屬性嗎？或者這是一個完整的 Ultium 平台？

So it will incorporate. When the new version comes out, we will say it's an Ultium-based product. So we are definitely leveraging that technology because that's going to really help us get costs down. Remember, today's Bolt is our second-generation battery technology and from Gen 2 to Ultium. We saw about a 40% reduction as we started to launch. So that's going to really help drive the profitability of that vehicle.

所以它會合併。當新版本發佈時，我們會說它是基於 Ultium 的產品。因此，我們肯定會利用該技術，因為這將真正幫助我們降低成本。請記住，今天的 Bolt 是我們的第二代電池技術，從 Gen 2 到 Ultium。當我們開始推出時，我們看到了大約 40% 的減少。因此，這將真正有助於提高該車輛的盈利能力。

And then with the work that we've done from a software-defined vehicle, Ultifi, it will have latest from that perspective as well. So this is a very capital-efficient quick way to build on the strong consumer response we have to the Bolt and getting affordable vehicle out into the marketplace. So as we continue to look for ways to drive capital efficiency, this is something we look before. But as we've gotten more experience, the team took a look and frankly, I'm super excited about it.

然後，通過我們在軟件定義車輛 Ultifi 上所做的工作，它也將從這個角度來看是最新的。因此，這是一種非常資本高效的快速方法，可以利用消費者對 Bolt 的強烈反應，將價格實惠的汽車推向市場。因此，當我們繼續尋找提高資本效率的方法時，這是我們之前關注的問題。但隨著我們獲得了更多的經驗，團隊進行了研究，坦率地說，我對此感到非常興奮。

Okay. Just a follow-up. Audi announced it's going to use SAIC's next-gen EV platform for China and possibly, elsewhere. Since SAIC is your biggest Chinese JV partner. I'm just wondering, could GM also consider using SAIC's EV platform to address the specific needs of the Chinese EV consumer? Or is the strategy there kind of Ultium-only for China? Like are you open to a potential use of another non-Ultium platform even if you could adapt some technology.

好的。只是後續行動。奧迪宣布將在中國以及其他地方使用上汽的下一代電動汽車平台。因為上汽集團是你們最大的中國合資夥伴。我只是想知道，通用汽車是否也可以考慮使用上汽的電動汽車平台來滿足中國電動汽車消費者的特定需求？或者說 Ultium 的策略是專門針對中國的？就像您是否願意使用另一個非 Ultium 平台，即使您可以採用某些技術。

Yes, Adam, great question. I think the Ultium platform is much more efficient. I think they've already indicated that their dedicated platform wasn't competitive from a cost perspective. We're continuing to take costs out of Ultium. But of course, we always look at what the joint venture partner can bring to the party, and we're going to look to make sure that we're competitive from an EV perspective in that market as well. So we are open and always considering whatever is the most cost-effective way to have a vehicle that's going to have no compromises to meet the performance of, in this case, the Chinese consumer.

是的，亞當，好問題。我認為 Ultium 平台效率更高。我認為他們已經表明，從成本角度來看，他們的專用平台不具有競爭力。我們將繼續降低 Ultium 的成本。但當然，我們總是關注合資夥伴可以為聚會帶來什麼，並且我們將確保我們從電動汽車的角度在該市場也具有競爭力。因此，我們持開放態度，始終考慮以最具成本效益的方式打造一輛不折不扣的車輛，以滿足（在這種情況下）中國消費者的性能需求。

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丹·利維。

First, I just wanted to ask about the commentary on CapEx, which you noted the $11 billion to $13 billion for '24, '25 is under review. You trimmed the CapEx for 2023. Maybe you can just give us a sense of how you're looking at the manufacturing build-out. I think you noted that there's some simplification initiatives. Is that just something that was incremental? Or was that a byproduct? Perhaps looking at the market a little differently in terms of demand. I guess we're just wondering is that the slowdown in spend just purely the simplification. Or is there something else on the manufacturing side where market demand that's causing you to slow down a little bit the way that you're spending?

首先，我只是想問一下有關資本支出的評論，您指出“24、25 年”的 110 億至 130 億美元正在接受審查。您削減了 2023 年的資本支出。也許您可以讓我們了解您如何看待製造業擴建。我想您已經註意到有一些簡化舉措。這只是增量的事情嗎？或者說這是一個副產品？也許在需求方面對市場的看法略有不同。我想我們只是想知道支出的放緩純粹是簡單化造成的。或者在製造方面是否有其他因素導致市場需求導致您的支出放緩？

As there was no market-driven slowdown, this was really us looking and making sure we had the absolute right portfolio entries. And as I mentioned, for both the EV and ICE we're going to -- by 2030, we'll be covering 90% of the segments, but we looked and found ways to do that more efficiently. The Bolt is a good example, instead of doing an All-new vehicle really leveraging the capital that's already there and the benefits we have by having the Ultium platform. And then I think the winning with simplicity, in the past, we've gone in and done complexity reduction. But if you don't do it as you design the vehicle, you drive a lot of capital in vendor tooling and in the plant.

由於沒有市場驅動的放緩，這實際上是我們在尋找並確保我們擁有絕對正確的投資組合條目。正如我所提到的，對於電動汽車和內燃機汽車，到 2030 年，我們將覆蓋 90% 的細分市場，但我們尋找並找到了更有效地實現這一目標的方法。 Bolt 就是一個很好的例子，而不是真正利用現有的資本和我們通過 Ultium 平台獲得的好處來製造全新的車輛。然後我認為以簡單取勝，在過去，我們已經降低了複雜性。但如果您在設計車輛時不這樣做，您就會在供應商工具和工廠中投入大量資金。

And frankly, this is something we've been working on for the last several months. Mark Reuss is leading this initiative with the marketing and manufacturing teams. And we are finding, there's a lot of ways to take cost out of manufacturing and from a capital perspective as well. So it's pretty significant. You'll hear and see more about it. But just the comment I made about getting rid of trims that directly correlates to spending less capital, especially on the vendor tooling side.

坦率地說，這是我們過去幾個月一直在努力的事情。馬克·魯斯 (Mark Reuss) 與營銷和製造團隊一起領導了這項計劃。我們發現，從資本角度來看，有很多方法可以降低製造成本。所以這是非常重要的。您會聽到並看到更多相關信息。但我剛剛發表的關於擺脫與減少資本支出直接相關的修剪的評論，特別是在供應商工具方面。

And then as a follow-up. I just wanted to pass the question on this -- on the charge associated with the Bolt. And really, this pegs the question, Ultium is a new product, and I think there's a lot of unknowns with the new product. How should we think about the type of warranty expense you may need to accrue on these products? How much more -- I mean, is there a need to be an added level of conservatism as the ramping? Or is there some clear data that you have that shows just early on that the quality will be far greater than the initial Bolt, which was -- you've clearly evolved on your architecture. But just wondering how you need to think about warranty expense going forward on the new vehicles.

然後作為後續。我只是想轉達這個問題——關於與博爾特有關的指控。事實上，這解決了這個問題，Ultium 是一個新產品，我認為這個新產品有很多未知因素。我們應該如何考慮這些產品可能需要產生的保修費用類型？還有多少——我的意思是，隨著經濟的增長，是否需要增加一定程度的保守主義？或者您是否有一些明確的數據表明，早期的 Bolt 質量將遠遠高於最初的 Bolt，您的架構顯然已經得到了發展。但只是想知道您需要如何考慮新車的保修費用。

Yes. I would say if you go back, the Bolt's been in market for several years now and actually had very good warranty performance. Remember, this was 2 specific manufacturing defects that have occurred at the same time, caused the issue on the Bolt that was in the LG ES process.

是的。我想說，如果你回頭看，Bolt 已經上市好幾年了，而且實際上具有非常好的保修性能。請記住，這是同時發生的 2 個特定製造缺陷，導致 LG ES 工藝中的 Bolt 出現問題。

We -- our team worked hand-in-hand with them. We understand exactly what happened. When you look at what we're doing at the Ultium plants from a cell perspective and the amount of error proofing and the fact that we're following the quality process and have the traceability, that if there were an issue, we wouldn't have to do the whole population. All of that's been put in place. So I think all those lessons learnt.

我們——我們的團隊與他們攜手合作。我們清楚地了解發生了什麼。當您從細胞的角度來看我們在 Ultium 工廠所做的事情以及防錯量以及我們遵循質量流程並具有可追溯性的事實時，如果出現問題，我們不會必須做到全民。所有這些都已就位。所以我認為所有這些教訓都得到了。

Then when you look at what we've got from an Ultium perspective already and what we're seeing, I think we're very confident that we're going to see strong or I would say, good warranty performance, strong warranty performance on these vehicles because, again, using General Motors manufacturing quality systems and processes across the board. So I don't think that because it's new, I think some of the things we're struggling with to start up with our suppliers is the modules. That's not going to necessarily drive a quality issue. Again, we have quality checks and processes and using the appropriate error proofing to know that when we have a cell, when we have a module when we have a pack, it's measured and checked for quality.

然後，當您從 Ultium 的角度來看我們已經獲得的以及我們所看到的內容時，我認為我們非常有信心我們將看到強大的保修性能，或者我會說，良好的保修性能，強大的保修性能這些車輛同樣是因為全面使用通用汽車製造質量系統和流程。所以我不認為因為它是新的，我認為我們在與供應商合作時遇到的一些困難是模塊。這不一定會導致質量問題。同樣，我們有質量檢查和流程，並使用適當的防錯措施來了解，當我們擁有電池、模塊或電池組時，都會對其進行測量和質量檢查。

Our next question comes from Chris McNally with Evercore.

我們的下一個問題來自 Evercore 的 Chris McNally。

I wanted to quickly go back to the $30 billion autonomous elephant in the room. And just a quick tech question for Kyle. So assuming that the San Francisco policy update goes in sort of the industry's favor, do you just have a broad sense for when the 24/7 rollout will happen in San Francisco for the consumer rides, I know there's internal testing where you're blanketing the city. But just curious on the consumer side. And then just how many AVs would it take to sort of blanket a city like San Francisco to have a disruptive service similar to Uber? Can you do it with under 1,000 to 2,000 Origins?

我想快速回到房間裡那頭價值 300 億美元的自動駕駛大象。我想問凱爾一個簡單的技術問題。因此，假設舊金山的政策更新對行業有利，您是否對何時在舊金山為消費者遊樂設施推出 24/7 服務有一個廣泛的了解？我知道您正在進行內部測試城市。但只是對消費者方面感到好奇。那麼，需要多少自動駕駛汽車才能覆蓋舊金山這樣的城市，才能提供類似於 Uber 的顛覆性服務呢？您可以使用 1,000 到 2,000 個以下的 Origin 來做到這一點嗎？

Yes, good question. So on the San Francisco side, so right now, as I said earlier, a significant portion of our fleet is operating 24/7, and that service is open to employees. So we are not far from opening that up to the general public. I can't give specific dates. But basically, we're operating that service to employees. Things are looking pretty good. So that is coming pretty soon. And as for what it would take to blanket a city like San Francisco. Our goal is, as I think I said on previous calls is to make sure that we ramp up manufacturing capacity. We've got a variety of markets to absorb those vehicles. And there are practical reasons to ramp up gradually in the city, just to make sure it acclimates as it's transitioning to a new form of mobility.

是的，好問題。因此，在舊金山方面，正如我之前所說，我們車隊的很大一部分正在 24/7 運行，並且該服務向員工開放。因此，我們離向公眾開放這一點已經不遠了。我無法給出具體日期。但基本上，我們是為員工提供這項服務。事情看起來相當不錯。所以這很快就會到來。至於需要什麼才能覆蓋像舊金山這樣的城市。正如我在之前的電話會議中所說，我們的目標是確保提高製造能力。我們有各種各樣的市場來吸收這些車輛。在城市中逐步發展是有實際原因的，只是為了確保它適應新的出行方式。

So it's not our intention just to sort of produce vehicles and sort of direct them all into a single city. That's our perspective. There's over 10,000 human ride hill drivers in San Francisco, potentially much more than that, depending on how you count it. Those drivers, of course, aren't working 20 hours a day like a robotaxi could. So it does not make a very high number to generate significant revenue in a city like San Francisco. But certainly, there's capacity to absorb several thousand per city at minimum.

因此，我們的目的不僅僅是生產車輛並將它們全部引導到一個城市。這就是我們的觀點。舊金山有超過 10,000 名山地司機，可能遠不止這個數字，具體取決於您如何計算。當然，這些司機不像機器人出租車那樣每天工作 20 個小時。因此，在舊金山這樣的城市，產生可觀收入的數字並不高。但可以肯定的是，每個城市至少有能力吸納數千人。

Much appreciate it. And then just a high-level question on the strategy for Cruise when it comes to capital funding. Mary, it looks like there's about 3-plus type quarters before you'd have to sort of consider funding Cruise. Just any thoughts on internal versus external funding given the environment.

非常感謝。然後是關於 Cruise 在資本融資方面的戰略的高級問題。瑪麗，看起來大約還有 3 個以上類型的宿舍，然後您就必須考慮為 Cruise 提供資金了。考慮到環境，只是對內部資金與外部資金的任何想法。

I don't really have anything to comment right now. We certainly are generating the free cash flow that we can fund Cruise's expansion, and we'll look to see what's in the best interest of our shareholders.

我現在確實沒有什麼可評論的。我們當然正在產生自由現金流，為 Cruise 的擴張提供資金，我們會考慮什麼最符合股東的最大利益。

Our next question comes from Tom Narayan with RBC.

我們的下一個問題來自 RBC 的 Tom Narayan。

Mary, a question, maybe a philosophical one on autonomy and how you view Ultra Cruise. In light of what we heard from Tesla and how they are potentially planning to license an FSD product. Just curious to how you view Ultra Cruise is would that be a revenue profit center? Or just a product enhancer. How do you see the kind of Level 2-plus product for you?

瑪麗，一個問題，也許是一個關於自主性以及你如何看待 Ultra Cruise 的哲學問題。根據我們從 Tesla 了解到的情況以及他們可能計劃如何獲得 FSD 產品許可。只是好奇您如何看待 Ultra Cruise，這會是一個收入利潤中心嗎？或者只是產品增強劑。您如何看待適合您的 2 級以上產品？

We definitely see the Level 2-plus product as revenue-generating and profit-generating and very pleased with what we have with Super Cruise, and we're going to continue to enhance as we move forward. And we'll have more to share about this when we get to Investor Day in the fall.

我們肯定認為 2 級以上產品可以產生收入和利潤，並且對 Super Cruise 所擁有的產品非常滿意，並且我們將在前進的過程中繼續增強。當我們秋天的投資者日到來時，我們將有更多關於這方面的信息。

Okay. And as a follow-up on Cruise. You made a strong case, obviously, on the safety features. Just wondering if you could give some color on how perhaps you're arguing that on a regulatory perspective, maybe at a federal level, like what are kind of the obstacles? And I mean, is that you see happening more likely now? Is there kind of a greater appeal now that you're seeing all these safety benefits? Is it a stronger case now than maybe it was before?

好的。作為克魯斯的後續行動。顯然，您在安全功能方面提出了強有力的論據。只是想知道您是否可以從監管角度（也許是在聯邦層面）闡述一下您的觀點，比如障礙是什麼？我的意思是，您認為現在更有可能發生這種情況嗎？既然您看到了所有這些安全優勢，是否有更大的吸引力？現在的情況比以前更有說服力嗎？

I think as we continue to grow in miles, but first of all, we're not arguing with the regulators. We're talking to the regulators and sharing the information, which we've been doing for several years now. And so they understand how we're measuring safe with what Kyle referred to with what we did with outside groups and continuing to share the information. I think it's very goal aligned with what the Department of Transportation and NYCTA is looking for us to improve road safety. So of course, we're going to continue that dialogue, share the information, and we're very optimistic of where we're headed.

我認為隨著我們的里程數繼續增長，但首先，我們不會與監管機構爭論。我們正在與監管機構交談並分享信息，我們已經這樣做了好幾年了。因此，他們了解我們如何通過凱爾提到的我們與外部團體所做的事情來衡量安全性，並繼續分享信息。我認為這與交通部和 NYCTA 尋求我們改善道路安全的目標非常一致。當然，我們將繼續對話，分享信息，我們對我們的發展方向非常樂觀。

Our last question comes from Ryan Brinkman with JPMorgan.

我們的最後一個問題來自摩根大通的 Ryan Brinkman。

Okay. Great. It looks like the China equity income in 2Q was similar to 1Q, rounding to $21 billion, down from sort of $0.2 billion a year ago and of course, $0.5 billion quarterly pre-pandemic. What is required, do you think to restore China profitability to where you would like it to be? I don't know, from a sales or a share or perspective? It seems like you've got really great traction in that market for lower-priced EVs, such as for the Wuling brand. How should we think about your strategy for electrifying your higher-end brands in China? Is that the catalyst do you think to higher profits in that market?

好的。偉大的。第二季度的中國股票收入看起來與第一季度相似，四捨五入至 210 億美元，低於一年前的 2 億美元，當然還有疫情前的 5 億美元季度收入。您認為需要什麼才能將中國的盈利能力恢復到您希望的水平？我不知道，從銷售額或份額或角度來看？看起來您在低價電動汽車市場上獲得了巨大的吸引力，例如五菱品牌。我們應該如何思考你們在中國推動高端品牌的戰略？您認為這是該市場更高利潤的催化劑嗎？

Well, definitely, we have strong ICE products and performance there are already but clear to winning as we go forward is having the right portfolio of EVs for Cadillac and Buick especially. And so we have a lot of those vehicles being launched right now, and we're continuing to work to make sure they're efficient in meeting the customer needs. But let's also remember, right now, we're in the high single-digit market. Market share place right now, even with all the -- in fact that there's 100 new EV entries. So we've got to have the right EVs at the right price with the right technology. I was over there I guess, maybe 2 months ago now and did a full review of our product line and obviously spent time understanding where the competition is. I think we've got the right products coming. We've got to go out there and sell them now, engage our team to get that done.

嗯，毫無疑問，我們已經擁有強大的 ICE 產品和性能，但隨著我們前進，我們必須擁有適合凱迪拉克和別克的電動汽車產品組合，才能贏得勝利。因此，我們現在推出了很多這樣的車輛，我們將繼續努力確保它們能夠有效地滿足客戶的需求。但我們也請記住，目前我們正處於高個位數市場。即使事實上有 100 款新的電動汽車進入市場，但目前的市場份額仍然佔據一席之地。因此，我們必須以合適的價格和合適的技術提供合適的電動汽車。我想，大概兩個月前，我就在那裡，對我們的產品線進行了全面審查，顯然花了時間了解競爭對手在哪裡。我認為我們已經推出了合適的產品。我們現在必須出去銷售它們，讓我們的團隊來完成這項工作。

Okay. Great. And then just maybe lastly on the Bolt charge. Is the charge driven more by something differently being done for the consumer versus what was previously communicated? Or is it more of a like rejiggering of the cost-sharing agreement between GM and LG for the previously announced actions?

好的。偉大的。最後也許是博爾特的衝鋒。費用是否更多地是由為消費者所做的與之前傳達的內容不同的事情引起的？或者這更像是對通用汽車和 LG 之間先前宣布的行動的成本分攤協議進行了重新調整？

Well, for a portion of it, obviously, as you announced the recall and then you look what it's going to take, we took some time working with the LG ES team to come up with a diagnostic that then over a period of time, indicates that the vehicle can go from the reduction of 80% battery charge to the -- back to the full battery charge. That took a little longer. And so as we did that, we wanted to make sure we were taking care of the consumers, replacing the battery packs maybe faster than what we would have ended up needing to do and just having attention to them.

嗯，對於其中的一部分，顯然，當你宣布召回，然後你看看會發生什麼，我們花了一些時間與 LG ES 團隊合作，提出了一個診斷，然後在一段時間內，表明車輛可以從減少 80% 的電池電量到恢復到充滿電。這花了一點時間。因此，當我們這樣做時，我們希望確保我們照顧到了消費者，更換電池組的速度可能比我們最終需要做的和僅僅關注他們的速度要快。

Because again, we have a very strong Bolt customer, and we wanted to make sure that they understood we're going to stand behind it. So I think we took the right actions. And as we looked at that, where we were as we were well into having that issue behind us, we looked at what was right from where the costs fell. So we just were doing the right thing. LG is a very strategic partner to us. And like I said, there's a lot of work that we're doing together and individually to continue to improve our cost position.

因為我們有一個非常強大的 Bolt 客戶，我們希望確保他們明白我們將為其提供支持。所以我認為我們採取了正確的行動。當我們考慮這個問題時，我們已經很好地解決了這個問題，我們從成本下降的角度考慮什麼是正確的。所以我們只是在做正確的事。 LG 是我們非常具有戰略意義的合作夥伴。正如我所說，我們正在共同和單獨開展大量工作，以繼續改善我們的成本狀況。

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

我現在想將電話轉給瑪麗·巴拉 (Mary Barra) 徵求結束意見。

Thank you so much, and I want to thank everybody for your questions. As I said at the opening of the call, the success we've had in the second quarter and the first half ties directly to the great new vehicles we've launched and strong execution of our business plan. Our outlook, both for the second half and over the next several years, will increasingly be shaped by our optimized ICE and EV portfolio, our investment that we're making, not only in the vehicles, but also the growth opportunities as well as cost discipline.

非常感謝，我也想感謝大家提出的問題。正如我在電話會議開始時所說，我們在第二季度和上半年取得的成功與我們推出的出色新車和業務計劃的強有力執行直接相關。我們下半年和未來幾年的前景將越來越多地受到我們優化的內燃機和電動汽車產品組合的影響，我們正在進行的投資不僅在車輛上，而且還包括增長機會和成本紀律。

And so this will be the focus of our next Investor Day that's going to be held in mid-November. The agenda will include a detailed look at our software strategy, led by Mike Abbott, who joined us from Apple in May. You're also going to have the opportunity to drive our new SUVs and experience the expanding capabilities, as I mentioned, of Super Cruise.

因此，這將是我們將於 11 月中旬舉行的下一次投資者日的焦點。議程將包括詳細審視我們的軟件戰略，由邁克·阿博特 (Mike Abbott) 領導，他於 5 月份從蘋果公司加入我們。正如我提到的，您還將有機會駕駛我們的新款 SUV 並體驗 Super Cruise 的擴展功能。

And one of the most important vehicles you're going to get to drive is the new Chevrolet Silverado EV Work Truck that we talked about it. I think most powerful examples of the benefits of the investment we made starting in 2018 on the Ultium platform. It offers up to 40% more driving range, faster charging and far greater towing capability than competitors because, again, it was purpose-built to be an EV. And that's something that we've made the investments. We were going through the growing pains right now. Others they're going to need to do that as they get to their dedicated platform.

您將要駕駛的最重要的車輛之一是我們談到的新型雪佛蘭索羅德電動工作卡車。我認為這是我們從 2018 年開始在 Ultium 平台上進行的投資帶來的好處的最有力的例子。與競爭對手相比，它的行駛里程增加了 40%，充電速度更快，牽引能力也更強，因為它是專門為電動汽車而設計的。這就是我們所做的投資。我們現在正在經歷成長的陣痛。其他人在進入其專用平台時需要這樣做。

So I'm very excited about what we're doing, what we're going to be able to demonstrate in November and just know that we're going to continue to execute with discipline across all aspects of the business as we are in Q3 and into Q4. So appreciate everyone and look forward to seeing you then and probably talk to most of you before then.

因此，我對我們正在做的事情以及我們將在 11 月份展示的內容感到非常興奮，並且我知道我們將像第三季度一樣繼續在業務的各個方面嚴格執行並進入第四季度。感謝大家，期待屆時見到你們，並可能在此之前與你們中的大多數人交談。

So thanks for your participation. And I hope everybody has a great day.

感謝您的參與。我希望每個人都有美好的一天。

That concludes the conference for today. Thank you for joining. You may disconnect.

今天的會議到此結束。感謝您的加入。您可以斷開連接。