通用汽車 (GM) 2023 Q3 法說會逐字稿

Good morning, and welcome to the General Motors Company Third Quarter 2023 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded today, October 24, 2023.

早安，歡迎參加通用汽車 2023 年第三季財報電話會議。 （操作員說明）謹此提醒，本次電話會議於今天（2023 年 10 月 24 日）錄製。

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

我現在想將會議交給通用汽車公司投資者關係副總裁 Ashish Kohli。

Thanks, Amanda, and good morning, everybody. We appreciate you joining us as we review GM's financial results for the third quarter of 2023. Our conference call materials were issued this morning and are available on GM's Investor Relations website. We're also broadcasting this call via webcast.

謝謝阿曼達，大家早安。感謝您加入我們，我們將回顧通用汽車 2023 年第三季的財務業績。我們的電話會議資料已於今天上午發布，可在通用汽車的投資者關係網站上取得。我們也透過網路廣播來廣播這次電話會議。

Joining us today are Mary Barra, GM's Chair and CEO; and Paul Jacobson, GM's Executive Vice President and CFO. 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執行長瑪麗巴拉 (Mary Barra)；以及通用汽車執行副總裁兼財務長保羅‧雅各布森 (Paul Jacobson)。通用汽車金融公司總裁兼執行長 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，管理階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。請查看我們簡報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. Thank you for joining us. I'd like to begin by thanking the entire GM team for once again delivering very strong results, including $3.6 billion of EBIT-adjusted in the third quarter. Our supply chain team and logistics partners in North America have done great work, improving the flow of vehicles from our assembly plants to our dealers. Our U.S. dealers have helped us outperform the market from a share standpoint with strong ATPs and essentially flat incentives. We were profitable in every region, including China.

謝謝阿什什，大家早安。感謝您加入我們。首先，我要感謝整個通用汽車團隊再次取得了非常強勁的業績，包括第三季調整後 36 億美元的息稅前利潤。我們在北美的供應鏈團隊和物流合作夥伴做了出色的工作，改善了車輛從組裝廠到經銷商的流動。我們的美國經銷商憑藉著強大的 ATP 和基本持平的激勵措施，幫助我們從股票的角度跑贏了市場。我們在每個地區都實現了盈利，包括中國。

And GM International is on track to deliver significantly higher EBIT in 2023 compared to a year ago, thanks to our operating discipline and the lift we're getting from successful vehicles like the Chevrolet Montana and the Trax.

由於我們的營運紀律以及雪佛蘭 Montana 和 Trax 等成功車輛的提振，通用汽車國際公司預計在 2023 年實現比一年前大幅提高的息稅前利潤。

I'd also like to recognize our teams in Canada and Korea. They reached new competitive labor agreements and ratified them with little or no disruption to our operations. Because we are in a highly competitive cyclical industry, we have been laser focused on 4 fundamentals to strengthen our position. They are delivering vehicles that customers love and are willing to pay for, a competitive cost structure, marketing efficiency and incentive discipline and matching production to demand. Driving these fundamentals has been and will continue to be the foundation of our consistently strong earnings.

我還想表彰我們在加拿大和韓國的團隊。他們達成了新的競爭性勞工協議並批准了這些協議，而對我們的營運幾乎沒有影響。由於我們處於競爭激烈的周期性產業，因此我們一直專注於四個基本面來鞏固我們的地位。他們提供客戶喜愛且願意付費的車輛、具有競爭力的成本結構、行銷效率和激勵紀律，並將生產與需求相匹配。推動這些基本面一直並將繼續成為我們持續強勁獲利的基礎。

For example, GM has now led the industry in full-size pickup sales for 3 consecutive years, and we have led full-size SUVs for nearly 50 years. Our overall incentives have gone from consistently above the industry average to consistently below. And we are on track to exit 2024 with fixed costs that are $2 billion lower net of increased depreciation and amortization than 2022. And we're launching several new SUVs this year and next year that will be more profitable than the models they replace.

例如，通用汽車現在已經連續3年在全尺寸皮卡銷量上領先產業，我們已經領先全尺寸SUV近50年。我們的整體激勵措施已從持續高於行業平均變為持續低於行業平均水平。我們預計在2024 年結束時實現固定成本，扣除折舊和攤銷增加後的淨成本將比2022 年減少20 億美元。我們將在今年和明年推出幾款新SUV，這些車型將比它們所取代的車型更有利可圖。

We're also taking immediate steps to enhance the profitability of our EV portfolio and adjust to slowing near-term growth. These steps include moderating the pace of our EV acceleration in 2024 and 2025 to maintain strong pricing. The new launch timing at Orion Assembly also enables us to make engineering and other changes that will make the trucks more efficient and less expensive to produce, and therefore, more profitable.

我們也立即採取措施，提高電動車投資組合的獲利能力，並適應近期成長放緩的情況。這些步驟包括減緩 2024 年和 2025 年電動車加速的步伐，以保持強勁的定價。 Orion Assembly 的新發佈時間也使我們能夠進行工程和其他方面的改變，使卡車的生產效率更高、生產成本更低，從而獲得更多利潤。

Let's dig a little deeper into the steps we're taking with our ICE portfolio to keep margins and EBIT strong during -- in a very competitive environment. Over the last several years, we have bolstered our position in high-margin segments, including full-size pickups, full-size SUVs and large luxury SUVs. We did this by managing capacity to meet demand, expanding the range of premium trim series that we offer and with innovations like Super Cruise in the MultiPro Tailgate and factory lifted trucks. And we're not going to let up. As I said, we're launching a wide range of SUVs that will have automotive gross margins up 5 points higher -- up to 5 points higher than the models they replace. The first 2 are the Chevrolet Trax and Buick and Vista. These affordable small SUVs are rapidly gaining market share, and more than 50% of the Chevrolet Trax customers are new to GM.

讓我們更深入地探討我們對 ICE 投資組合採取的措施，以在競爭非常激烈的環境中保持強勁的利潤率和息稅前利潤。過去幾年，我們鞏固了在高利潤細分市場的地位，包括全尺寸皮卡、全尺寸 SUV 和大型豪華 SUV。我們透過管理產能以滿足需求、擴大我們提供的優質裝飾系列的範圍以及 MultiPro 尾門和工廠起重卡車中的 Super Cruise 等創新來做到這一點。我們不會放棄。正如我所說，我們將推出多種 SUV，這些車型的汽車毛利率將提高 5 個百分點，比它們所取代的車型高出 5 個百分點。前兩款是雪佛蘭 Trax、別克和 Vista。這些經濟實惠的小型 SUV 正在迅速贏得市場份額，超過 50% 的雪佛蘭 Trax 客戶都是通用汽車的新客戶。

Then in the first half of 2024, we began launching the new Chevrolet Traverse, GMC Acadia and Buick Enclave, followed by the next generation of the ICE, Chevrolet Equinox and GMC Terrain, which begin launching midyear.

然後在 2024 年上半年，我們開始推出新雪佛蘭 Traverse、GMC Acadia 和別克 Enclave，隨後是下一代 ICE、雪佛蘭 Equinox 和 GMC Terrain，這些車型將於年中推出。

Here are the profit drivers. First, fair and growth segments. The larger SUVs compete within a segment that we expect to grow by 25% to 3 million units over the next 3 years and the smaller SUVs compete in the industry's largest segment, which we expect to grow 9% to $3.4 million over that same period. Second, they're outstanding products. They offer more comfort and interior roominess, better cargo space, enhanced safety features and innovative technologies, including Super Cruise, which will be a segment exclusive in its first. And third, we develop them efficiently. We have simplified the powertrain lineups where we're using 60% of the parts and reduce build combinations by 80% to 90%.

以下是利潤驅動因素。首先，公平和增長部分。大型 SUV 所在的細分市場預計在未來 3 年內成長 25%，達到 300 萬輛，而小型 SUV 所在的細分市場是業界最大的細分市場，我們預計同期成長 9%，達到 340 萬輛。其次，它們是出色的產品。它們提供更舒適、更寬敞的內部空間、更好的貨物空間、增強的安全功能和創新技術，其中包括超級巡航，這將是該細分市場的首個獨家技術。第三，我們有效地發展它們。我們簡化了動力總成系列，使用了 60% 的零件，並將建造組合減少了 80% 至 90%。

Now let's look at EVs. Our commitment to an all-EV future is as strong as ever, and we continue to plan to have annual EV capacity of 1 million units in North America as we exit 2025. This will allow us to participate in the EV market upside, but we are also scaling a way that's consistent with the operating discipline I mentioned.

現在讓我們看看電動車。我們對全電動汽車未來的承諾一如既往，我們繼續計劃在 2025 年退出時在北美擁有 100 萬輛電動車的年產能。這將使我們能夠參與電動車市場的上漲，但我們也在以與我提到的操作規則一致的方式進行擴展。

Over the course of 2023, our battery cell manufacturing joint venture in Ohio has made tremendous progress. The plant will be running at full capacity next month as planned, and they are targeting the production of 36 million cells this year. Next year, production in Ohio is expected to rise to 100 million cells. At the same time, our battery module constraint is getting better, which helps us more -- or helped us more than double the Ultium platform production in the third quarter compared to the second quarter. And we are now in the process of installing and testing our high-capacity module assembly lines, which will continue into the first part of next year.

2023 年，我們位於俄亥俄州的電池製造合資企業取得了巨大進展。該工廠將於下個月按計畫滿載運行，今年的目標是生產 3,600 萬片電池。明年，俄亥俄州的電池產量預計將增加至 1 億個。同時，我們的電池模組限制正在變得更好，這對我們有更多幫助，或者說幫助我們使第三季的 Ultium 平台產量比第二季度增加了一倍以上。我們現在正在安裝和測試我們的高容量模組組裝線，該工作將持續到明年上半年。

We are currently challenged getting some of the critical equipment components, but we have a dedicated team working with our suppliers to resolve all issues and get these lines running at rate. By midyear, we expect that modules will no longer be a constraint, and we will be focused on building to customer demand rather than setting new production targets.

目前，我們在獲取一些關鍵設備零件方面面臨挑戰，但我們有一個專門的團隊與供應商合作來解決所有問題並使這些生產線正常運作。到年中，我們預計模組將不再成為限制，我們將專注於滿足客戶需求，而不是設定新的生產目標。

Software is another critical piece of the strategy, and Mike Abbott and his team are actively engaged in the early assessment in each of these launches. Since he joined our team this summer, Mike has been moving aggressively to build a world-class software organization to fully execute our software-defined vehicle strategy while accelerating our vision.

軟體是該策略的另一個關鍵部分，Mike Abbott 和他的團隊積極參與每次發布的早期評估。自從今年夏天加入我們的團隊以來，Mike 一直積極致力於建立一個世界一流的軟體組織，以全面執行我們的軟體定義汽車策略，同時加速我們的願景。

We now have executives with experience from Apple, Google, Microsoft, Amazon, Uber and other leading tech companies heading up our human interface design group, our product software and services group, our software engineering and our software strategy group. These -- the team is optimizing the software strategy and fine-tuning the plans for our new vehicles to help make sure we execute with the highest possible quality and customer experience while positioning the company to drive significant revenue growth from subscriptions in the future. To give the team time to do this, we'll move out the launches of 3 products: the Chevrolet Equinox EV, the Silverado EV, RST and the GMC Sierra EV Denali, each by only a few months. This will ensure their success.

我們現在擁有來自蘋果、谷歌、微軟、亞馬遜、Uber 和其他領先科技公司的經驗豐富的高管，領導我們的人機介面設計團隊、產品軟體和服務團隊、軟體工程和軟體策略團隊。這些 - 該團隊正在優化軟體策略並微調我們的新車計劃，以幫助確保我們以盡可能高的品質和客戶體驗執行，同時定位公司以推動未來訂閱收入的顯著成長。為了給團隊時間來完成這項工作，我們將推遲 3 款產品的發佈時間：雪佛蘭 Equinox EV、Silverado EV、RST 和 GMC Sierra EV Denali，每款產品的發佈時間僅推遲幾個月。這將確保他們的成功。

We believe our products will succeed and the costs are coming out quickly. For example, our cost per cell has already decreased 45% over the last 12 months as production volume in Ohio has ramped up. We also expect to achieve significant margin improvement on our battery electric trucks through engineering efficiency and improvements, supplier cost and reducing order complexity, buildable combinations and manufacturing complexity.

我們相信我們的產品將會成功，而且成本很快就會顯現出來。例如，隨著俄亥俄州產量的增加，我們的每個電池成本在過去 12 個月中已經下降了 45%。我們還希望透過工程效率和改進、供應商成本以及降低訂單複雜性、可建造組合和製造複雜性來顯著提高電池電動卡車的利潤率。

Another key launch for us is the next-generation Chevrolet Bolt EV. I know there has been some speculation in the market as to why we are developing a new Bolt EV. Our strategy is to build on the tremendous equity we have in the brand and to do it as efficiently as possible. Our prior portfolio plans included several newly designed vehicles in the entry-level segments and a capital commitment of $5 billion over the next several years. However, by leveraging the best attributes of today's Bolt EUV as well as Ultium, our latest software and NACS, we will deliver an even better driving, charging and ownership experience with a vehicle we know customers love.

我們推出的另一個重要產品是下一代雪佛蘭 Bolt EV。我知道市場上有一些關於我們為什麼要開發新型 Bolt 電動車的猜測。我們的策略是建立在我們擁有的龐大品牌資產的基礎上，並儘可能有效率地做到這一點。我們先前的投資組合計劃包括入門級細分市場中的幾款新設計的車輛以及未來幾年 50 億美元的資本承諾。然而，透過利用當今 Bolt EUV 以及 Ultium、我們最新的軟體和 NACS 的最佳屬性，我們將透過我們知道客戶喜愛的車輛提供更好的駕駛、充電和擁有體驗。

In the process, we are saving billions in capital and engineering expense delivering a significantly cost improved battery pack using purchased LFP cells. We're getting to market at least 2 years faster, and our unit cost will be substantially lower. This will be our first deployment in North America of LFP technology in the LTM platform.

在此過程中，我們節省了數十億美元的資本和工程費用，使用購買的 LFP 電池提供了成本顯著降低的電池組。我們的產品上市速度至少要快 2 年，而且我們的單位成本也會大幅降低。這將是我們在北美首次在 LTM 平台上部署 LFP 技術。

So now let's turn to Cruise. Since the early days of our company, GM has been defining the future of transportation and today that's more true than ever with Cruise. In February, we celebrated Cruise becoming the first company to eclipse 1 million driverless miles. Fast forward to today, and they have logged more than 5 million miles, and they continue to expand. Just last week, we announced that GM and Cruise are working with Honda to bring driverless rides to Tokyo in early 2026. We'll do that with our origin, the world's first-ever vehicle purpose-built for autonomous driving on public roads.

現在我們來談談克魯斯。自公司成立之初起，通用汽車就一直在定義交通運輸的未來，而如今，Cruise 的這一理念比以往任何時候都更加真實。今年 2 月，我們慶祝 Cruise 成為第一家無人駕駛里程超過 100 萬英里的公司。快進到今天，他們已經行駛了超過 500 萬英里，並且還在繼續擴張。就在上週，我們宣布通用汽車和Cruise 正在與本田合作，將於2026 年初在東京推出無人駕駛乘車服務。我們將透過我們的起源來實現這一目標，這是世界上第一款專門為公共道路自動駕駛而製造的車輛。

As Cruise continues to push the boundaries of what AV technology can deliver to society, safety is always at the forefront, and this is something they are continuously improving. In fact, it's our 0 crash vision that keeps us pressing forward, and we know from the data that Cruise AVs are involved in far fewer collisions than human drivers. This remains the focus of their ongoing discussions with government partners and regulators at the federal and state levels.

隨著 Cruise 不斷突破 AV 技術為社會帶來的影響，安全始終是最重要的，這也是他們不斷改進的方面。事實上，正是我們的零碰撞願景讓我們不斷前進，而且我們從數據中知道，Cruise AV 發生的碰撞事故比人類駕駛員少得多。這仍然是他們與聯邦和州各級政府合作夥伴和監管機構持續討論的焦點。

And now let's talk about strikes. We know we have ongoing strikes at some of our U.S. facilities. I know many of you are concerned about the impact of higher labor costs on our business in the U.S. Let me address this head on. I'll start with the macro environment, and then I'll cover how we're positioning the business for success. It's been clear coming out of COVID that the wages and benefits across the U.S. economy would need to increase because of inflation and other factors. This has been playing out in many sectors for some time now. And I believe that the offer we have on the table with the UAW is better than the contracts that employees at companies like Caterpillar, UPS and Kaiser Permanente have ratified.

現在我們來談談罷工。我們知道我們的一些美國設施正在遭受持續的罷工。我知道你們很多人都擔心勞動成本上升對我們在美國的業務的影響。讓我正面解決這個問題。我將從宏觀環境開始，然後介紹我們如何定位業務以獲得成功。從新冠疫情中可以明顯看出，由於通貨膨脹和其他因素，整個美國經濟的工資和福利需要增加。一段時間以來，這種情況已經在許多領域上演。我相信，我們向 UAW 提出的報價比 Caterpillar、UPS 和 Kaiser Permanente 等公司的員工批准的合約要好。

The current offer is the most significant that GM has ever proposed to the UAW. The majority of our workforce will make $40.39 per hour or roughly $84,000 a year in salary by the end of this agreement's term. It also includes cost of living reinstatement, a 25% increase to the company's 401(k) contributions, world-class health care with no out-of-pocket premiums or deductibles for our senior members and enhanced paid time off and several other benefits.

目前的報價是通用汽車向美國汽車工人聯合會提出的最重要的報價。到本協議期限結束時，我們大多數員工的薪資將達到每小時 40.39 美元，每年約 84,000 美元。它還包括恢復生活費用、公司 401(k) 繳款增加 25%、高級會員無需自付費用的世界一流醫療保健或免賠額，以及增加的帶薪休假和其他多項福利。

Since negotiations started this summer, we've been available to bargain 24/7 on behalf of our represented team members and our company. They've demanded a record contract, and that's exactly what we've offered for weeks now, a historic contract with record wages that have increases, that are substantial, record job security and world-class health care. It's an offer that rewards our team members, but it does not put the company and their jobs at risk. Accepting unsustainably high costs that would put our future and the GMT members job at risk is simply something that I will not do.

自今年夏天談判開始以來，我們一直可以代表我們代表的團隊成員和我們公司進行 24/7 的討價還價。他們要求一份創紀錄的合同，而這正是我們幾週以來所提供的，一份具有創紀錄的工資增長的歷史性合同，這是巨大的，創紀錄的工作保障和世界一流的醫療保健。這是一個獎勵我們團隊成員的提議，但它不會讓公司和他們的工作面臨風險。接受不可持續的高成本會讓我們的未來和 GMT 成員的工作面臨風險，這是我不會做的事情。

Clearly, given the industry's changing pricing and demand outlook and higher labor costs, we have work to do to ensure we achieve low to mid-single-digit EBIT -- EV margins targets that we've laid out for 2025. The work has already begun, and I'm confident we will achieve our target and grow from there.

顯然，考慮到行業定價和需求前景的變化以及勞動力成本的上升，我們還有很多工作要做，以確保實現中低個位數的息稅前利潤——我們為2025 年制定的電動車利潤率目標。我相信我們將實現我們的目標並從此不斷成長。

So when you add up all the things we've talked about so far, it should be more clear than ever that we have taken and will continue to take decisive steps to grow our revenue while sustaining strong 8% to 10% EBIT margins in North America through 2025. We are optimizing both our ICE portfolio and our cost structure to continue to deliver strong profits. We are strengthening our EV business, and then we will accelerate further. And we have assembled a world-class team to deliver new high-margin reoccurring revenue streams from software-defined vehicles. It does remain a truly exciting time for us.

因此，當你把我們到目前為止討論的所有事情加起來時，應該比以往任何時候都更加清楚，我們已經採取並將繼續採取果斷措施來增加我們的收入，同時維持北方8% 至10% 的強勁息稅前利潤率美國到 2025 年。我們正在優化我們的 ICE 產品組合和成本結構，以繼續創造強勁的利潤。我們正在加強我們的電動車業務，然後我們將進一步加速。我們組建了一支世界一流的團隊，透過軟體定義的車輛提供新的高利潤經常性收入流。對我們來說，這確實仍然是一個真正令人興奮的時刻。

So now I'll ask Paul to take you through the third quarter financials in greater detail, and then we'll move to Q&A.

現在我將請保羅更詳細地向您介紹第三季的財務狀況，然後我們將進入問答環節。

Thank you, Mary, and good morning, everyone. I'd like to start by thanking our team members for once again delivering strong results in the face of several challenges. To those employees that continue to build vehicles through the uncertainties of the UAW strike, thank you for your focus, your commitment to quality and passion to deliver great products to our customers.

謝謝你，瑪麗，大家早安。首先，我要感謝我們的團隊成員在面對多項挑戰時再次取得了強勁的成果。對於那些在 UAW 罷工的不確定性中繼續製造車輛的員工，感謝你們的專注、對品質的承諾以及為我們的客戶提供優質產品的熱情。

In Q3, the UAW strike had a roughly $200 million EBIT impact. And so far, in Q4, we estimate the lost production has had an incremental $600 million EBIT impact. Moving forward, we estimate that the impact of the UAW strike to be approximately $200 million per week based on the facilities impacted as of yesterday. We're not going to speculate on the duration and the extent of the UAW strike. And because of this uncertainty, we've chosen to withdraw our 2023 full year guidance metrics, even though our strong underlying business fundamentals were pushing us towards the upper half of the range prior to any strike impacts. After we have a ratified contract, we will provide an investor update to quantify the final impact of the strike as well as labor costs moving forward.

第三季度，UAW 罷工對息稅前利潤產生了約 2 億美元的影響。到目前為止，我們估計第四季的生產損失已對息稅前利潤產生了 6 億美元的增量影響。展望未來，根據截至昨天受影響的設施，我們估計 UAW 罷工的影響每週約為 2 億美元。我們不會猜測 UAW 罷工的持續時間和範圍。由於這種不確定性，我們選擇撤回 2023 年全年指導指標，儘管我們強大的基本業務基本面正在推動我們在罷工影響之前接近該範圍的上半部分。在合約獲得批准後，我們將向投資者提供最新信息，以量化罷工的最終影響以及未來的勞動力成本。

Despite these challenges, we are already working to offset the incremental costs. Mary mentioned the great work the team is doing with the net $2 billion fixed cost program announced earlier in the year and the Winning with Simplicity initiative to drive further efficiencies and cost savings. Higher labor costs will make it even more imperative that we continue to focus on the most significant and margin-accretive parts of the business.

儘管存在這些挑戰，我們已經在努力抵消增量成本。 Mary 提到了該團隊在今年稍早宣布的 20 億美元淨固定成本計劃以及旨在進一步提高效率和節省成本的「以簡單取勝」計劃方面所做的出色工作。更高的勞動成本將使我們更有必要繼續專注於業務中最重要和最能增加利潤的部分。

Let's move now to the Q3 results. Total company revenue was up 5% to more than $44 billion, driven primarily by our consistent pricing and higher wholesale volumes, which were up 2% year-over-year. We achieved $3.6 billion in EBIT-adjusted, 8.1% EBIT-adjusted margins and $2.28 in EPS diluted adjusted inclusive of the $200 million UAW strike impact during the quarter.

現在讓我們來看第三季的結果。公司總營收成長 5%，超過 440 億美元，這主要得益於我們穩定的定價和更高的批發量（年增 2%）。我們實現了 36 億美元的 EBIT 調整後利潤、8.1% 的 EBIT 調整後利潤和 2.28 美元的攤薄調整後每股收益，其中包括本季 2 億美元的 UAW 罷工影響。

Production volumes and pricing were up year-over-year. However, these benefits were more than offset from other parts of the business normalizing, including mix and GM Financial, along with our continued investments in EVs and Cruise resulting in a $700 million decrease year-over-year. Adjusted auto free cash flow was $4.9 billion, up $0.3 billion year-over-year, driven by the continued strength of our core auto operating performance.

產量和價格較去年同期上漲。然而，這些收益被業務正常化的其他部分所抵消，包括混合和通用汽車金融，以及我們對電動車和郵輪的持續投資，導致同比減少 7 億美元。調整後的汽車自由現金流為 49 億美元，年增 3 億美元，這得益於我們核心汽車經營績效的持續強勁。

North America continued to deliver strong results with $3.5 billion in EBIT-adjusted. Pricing continued to be robust, and we are starting to see the benefits of our fixed cost reduction program, realizing about $500 million year-over-year savings in Q3 from lower people costs and marketing savings.

北美地區持續取得強勁業績，調整後息稅前利潤為 35 億美元。定價持續強勁，我們開始看到固定成本削減計畫的好處，第三季透過降低人員成本和行銷節省實現了約 5 億美元的年比節省。

Expected headwinds from pension income, warranty costs and mix along with the impact of the UAW strike more than offset these tailwinds resulting in a $400 million decrease year-over-year. As we shared in our prior quarter's update on warranty costs, the quality of our vehicles continues to be strong as demonstrated by the decrease in claim rates year-over-year. However, we have experienced an increase in the cost of repairing vehicles due to inflationary factors. We are committed to reducing the number of claims and finding efficiencies to minimize costs and are optimistic that year-over-year warranty headwinds will begin moderating in Q4.

退休金收入、保固成本和組合的預期阻力，以及 UAW 罷工的影響，足以抵消這些阻力，導致年比減少 4 億美元。正如我們在上一季的保固成本更新中分享的那樣，我們的車輛品質仍然強勁，索賠率比去年同期下降就證明了這一點。然而，由於通膨因素，我們的車輛維修成本有所增加。我們致力於減少索賠數量並尋求效率以最大限度地降低成本，並樂觀地認為同比保固不利因素將在第四季度開始緩解。

EBIT-adjusted margin was 9.8% and at the top of our 8% to 10% guided target range. In the U.S., we continue to drive profitable market share growth with 0.7 percentage points year-over-year in Q3, growing both retail and fleet share. At the same time, we continued to hold incentive spend consistently low and reduced marketing spend by $200 million year-over-year.

息稅前調整後利潤率為 9.8%，位於我們 8% 至 10% 指導目標範圍的頂部。在美國，我們第三季持續推動獲利市佔率年增 0.7 個百分點，零售和車隊市佔率均有所成長。同時，我們繼續將激勵支出保持在較低水平，並比去年同期減少了 2 億美元的行銷支出。

We have completely modified our approach to incentives over the last few years. J.D. Power PIN data shows our 2021 U.S. incentive spend as a percentage of ATP, was 1 percentage point above the industry average of 6%. In 2023, we are trending about 0.5 percentage point below the industry average of 3.7%. This $1,500 per vehicle relative performance improvement from 2021 to 2023 equates to more than $3.5 billion in annualized EBIT improvements and is attributable to our strong product portfolio and disciplined inventory strategy. And as Mary mentioned, new and updated products coming in 2024 will have improved profitability, bold designs and new technology to help continue our sales and pricing momentum.

在過去的幾年裡，我們徹底改變了我們的激勵方式。 J.D. Power PIN 數據顯示，我們 2021 年美國激勵支出佔 ATP 的百分比比行業平均 6% 高出 1 個百分點。 2023 年，我們的成長率將比產業平均 3.7% 低約 0.5 個百分點。從 2021 年到 2023 年，每輛車相對性能提升 1,500 美元，相當於年化息稅前利潤改善超過 35 億美元，這要歸功於我們強大的產品組合和嚴格的庫存策略。正如瑪麗所提到的，2024 年推出的新產品和更新產品將具有更高的獲利能力、大膽的設計和新技術，以幫助我們繼續保持銷售和定價動能。

Total U.S. inventory has remained within our 50- to 60-day range with a slight sequential increase to 443,000 units at the end of Q3. This is a testament to the hard work of our team who have navigated through the continued logistics challenges and uncertainties related to the UAW strike.

美國總庫存維持在 50 至 60 天的範圍內，第三季末略有環比增加至 443,000 輛。這證明了我們團隊的辛勤工作，他們克服了與 UAW 罷工相關的持續物流挑戰和不確定性。

GM International had a solid Q3 performance with Q3 EBIT-adjusted of $350 million, which was consistent year-over-year. Despite a decrease of $150 million in China equity income, which amounted to $200 million for the quarter, GM International ex-China EBIT-adjusted was $150 million, a significant improvement from breakeven in 2022.

通用汽車國際公司第三季業績穩健，調整後息稅前利潤為 3.5 億美元，與去年同期持平。儘管中國股權收入減少了1.5 億美元（本季為2 億美元），但通用汽車國際公司（中國除外）調整後的息稅前利潤為1.5 億美元，較2022 年的盈虧平衡有了顯著改善。

I want to take a moment to thank the entire international team for the work they're doing to deliver profitable results, including the actions in China to help mitigate some of the industry challenges.

我想花點時間感謝整個國際團隊為實現盈利成果所做的工作，包括在中國為幫助緩解一些行業挑戰而採取的行動。

GM Financial had a strong quarter with an EBIT-adjusted of $750 million, their fourth-highest Q3 ever in spite of higher interest rates and lower used car values. This performance was in line with expectations and primarily due to lower net leased vehicle income. We also saw increased finance charge income associated with portfolio growth and a higher effective yield offset by that increased interest expense.

儘管利率上升和二手車價值下降，通用汽車金融公司第三季的業績表現強勁，息稅前調整後的息稅前利潤達到 7.5 億美元，為有史以來第四高的季度。這一業績符合預期，主要是由於租賃車輛淨收入下降。我們也看到與投資組合成長相關的財務費用收入增加，以及利息支出增加所抵銷的有效收益率提高。

Corporate expenses were $300 million in the quarter and consistent with the prior year. Cruise expenses were $700 million in the quarter, and we expect a similar quarterly run rate moving forward as they balance expanding operations with further efficiencies. A larger fleet of AVs and additional resources drove the incremental $200 million of expenses year-over-year.

本季公司支出為 3 億美元，與上年持平。本季的遊輪費用為 7 億美元，我們預計，隨著他們在擴大業務與進一步提高效率之間取得平衡，未來的季度運行率也會類似。更大的自動駕駛車隊和額外資源導致支出較去年同期增加 2 億美元。

I also want to highlight a few items Mary shared on our retime EV volume and product production decisions. These actions will impact our previous EV production targets, including the 100,000 EV target we had for the second half of 2023 and cumulative 400,000 EVs from 2022 to the first half of 2024. We are not providing new targets, but are moving to a more agile approach to continually evaluate EV demand and adjust production schedules to maximize profitability. We purposely built flexibility into our manufacturing facilities and are uniquely positioned among our competitors to be able to flex our production between ICE and EVs.

我還想強調瑪麗分享的關於我們重新調整電動車產量和產品生產決策的一些內容。這些行動將影響我們先前的電動車生產目標，包括我們在2023 年下半年設定的10 萬輛電動車目標，以及從2022 年到2024 年上半年累計生產40 萬輛電動車的目標。我們沒有提供新的目標，但正在轉向更敏捷的目標持續評估電動車需求並調整生產計劃以最大限度提高盈利能力的方法。我們特意在我們的製造設施中建立了靈活性，並在我們的競爭對手中處於獨特的地位，能夠在內燃機和電動車之間靈活地進行生產。

For example, our Ramos facility builds both ICE and EV variants of the Blazer and the Equinox along with Spring Hill, which builds the Cadillac LYRIQ along with existing ICE vehicles. These actions prioritize Ultium profitability versus volume, which helps solidify our North America EBIT-adjusted margin target of 8% to 10% through 2025. And the cash flows funding our future in EVs, AVs, software-defined vehicles and other new businesses.

例如，我們的 Ramos 工廠生產 Blazer 和 Equinox 的 ICE 和 EV 車型，以及 Spring Hill，Spring Hill 生產凱迪拉克 LYRIQ 以及現有的 ICE 車輛。這些行動優先考慮Ultium 的獲利能力和銷量，這有助於鞏固我們到2025 年北美地區EBIT 調整後的利潤率目標，即8% 至10%。現金流為我們未來的電動車、自動駕駛汽車、軟體定義汽車和其他新業務提供資金。

Given a more agile approach to our EV transition, we now expect to retime at least $1.5 billion of capital spending at our Orion plant, implement engineering improvements and improve EV profitability prior to accelerating production of battery electric trucks. We'll provide more detail around EV profitability once we have clarity on labor costs.

鑑於我們採取更靈活的電動車轉型方法，我們現在預計在加快電池電動卡車的生產之前，重新安排 Orion 工廠至少 15 億美元的資本支出，實施工程改進並提高電動車的獲利能力。一旦我們明確了勞動力成本，我們將提供有關電動車盈利能力的更多細節。

In closing, I want to emphasize that our EV momentum is building. We see it in everything from cell production to manufacturing to software. We continue to install significant EV capacity and have the agility and decisiveness to make further adjustments to both accelerate or moderate our transition to adapt to customer preferences. Higher labor costs are at the top of everyone's mind, but will likely be another example of the numerous challenges this team has tackled over the last few years, and I remain confident we'll continue to execute and find solutions to grow EPS moving forward. The cost initiatives we're implementing are not one and done, but rather a change in mindset that we expect will drive efficiencies for years to come, fundamentally strengthening the company.

最後，我想強調我們的電動車勢頭正在增強。我們在從電池生產到製造再到軟體的各個方面都看到了它。我們繼續安裝大量的電動車產能，並有敏捷性和果斷性進行進一步調整，以加速或緩和我們的轉型，以適應客戶的偏好。更高的勞動力成本是每個人最關心的問題，但這可能是該團隊在過去幾年中解決的眾多挑戰的另一個例子，我仍然相信我們將繼續執行並找到解決方案來提高每股收益。我們正在實施的成本計劃並不是一勞永逸的，而是一種思維方式的改變，我們預計這將在未來幾年提高效率，從根本上增強公司實力。

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

我們的開場白到此結束，現在我們將進入電話會議的問答部分。

(Operator Instructions) Our first question comes from 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。

I was hoping you could provide a little bit more color on the slower demand growth for EVs. Obviously, GM is just getting started now with mass market Ultium products, still the fastest-growing segment within the market. And just at a high level, is this kind of an assessment of the premium that you think EV buyers are willing to pay? Or are you less optimistic on the IRA becoming a point-of-sale benefit next year? And just given the investments that you're making, why wouldn't lower volume or pricing assumptions affect the 2025 EV earnings expectations?

我希望您能就電動車需求成長放緩提供更多資訊。顯然，通用汽車現在才剛開始向大眾市場推出 Ultium 產品，這仍然是市場中成長最快的細分市場。從較高的層面來看，這種評估是否是您認為電動車購買者願意支付的溢價？或者您對 IRA 明年成為銷售點福利不太樂觀？鑑於您正在進行的投資，為什麼較低的銷售或定價假設不會影響 2025 年電動車的獲利預期？

What I would say is the observation about slowing EV demand growth is something that everybody has been talking about. We've seen it in competitor earnings profiles, et cetera. But I want to be clear, we're not seeing that in our portfolio right now. Now admittedly, that's in considerably lower volumes than some others that are out there. But we continue to see strong demand for our portfolio, and we're making progress on increasing Ultium EV production with Ultium products up 2x, 3Q versus 2Q.

我想說的是，關於電動車需求成長放緩的觀察是每個人都在談論的。我們已經在競爭對手的獲利概況等中看到了這一點。但我想澄清的是，我們目前在我們的投資組合中還沒有看到這一點。誠然，現在的數量比其他一些產品要低得多。但我們仍然看到對我們產品組合的強勁需求，並且我們在增加 Ultium EV 產量方面取得了進展，其中 Ultium 產品的產量增長了 2 倍，第三季度比第二季度增長了 2 倍。

So we are scaling. But what we've seen here is an opportunity to slow some of that scaling down and take advantage of some of the learnings that we've seen through the engineering and manufacturing process in the early stages. And what it allows us to do is to build a stronger foundation before we scale aggressively upwards. So that's really what we're seeing. I wouldn't chalk it up necessarily to price. And what we're seeing in our portfolio is our customers have been remarkably resilient in the order book continuing to keep their orders on the books.

所以我們正在擴大規模。但我們在這裡看到的是一個機會，可以放慢一些規模縮小的速度，並利用我們在早期階段的工程和製造過程中學到的一些知識。它讓我們能夠在積極向上擴張之前打下更堅實的基礎。這就是我們所看到的。我不會將其歸結為價格。我們在我們的投資組合中看到的是，我們的客戶在訂單簿上一直保持著非常強的彈性，繼續將訂單保留在帳簿上。

And just secondly, obviously, there's consequences to almost any change that affects the business. At a high level, do you think that GM will need to make adjustments to the company's product strategy to adjust for higher labor costs in some of your competitors. And can you clarify whether this $2 billion net fixed cost reduction kind of contemplates a scenario for UAW costs?

其次，顯然，幾乎任何影響業務的變化都會產生後果。從較高的層面來看，您認為通用汽車是否需要調整公司的產品策略，以適應某些競爭對手更高的勞動成本。您能否澄清一下，這 20 億美元的淨固定成本削減是否考慮了 UAW 成本的情景？

Rod, this is Mary. Yes, we're committed to the $2 billion that we've talked about. And we already have tremendous work underway to continue to take costs out of the business. So I don't really think this changes our product portfolio. As Paul said, as we get further into the transformation to EV, it's a bit bumpy, which is not unexpected. And so what we're moving to is something that we can react much more -- in a much more agile way to make sure that we are -- have the right vehicles, and I believe our portfolio that we have that looks at the most important segments and make sure that we have the right entries. I mean we're already seeing strong demand for entries when we have EVs that people actually want to buy. So I think there's a lot of focus in the portfolio to have the right cells, but just to give ourselves more flexibility.

羅德，這是瑪麗。是的，我們致力於我們所討論的 20 億美元。我們已經開展了大量工作，以繼續降低業務成本。所以我真的不認為這會改變我們的產品組合。正如保羅所說，隨著我們進一步向電動車轉型，會遇到一些坎坷，這並不令人意外。因此，我們正在轉向的是我們可以做出更多反應——以一種更敏捷的方式，以確保我們——擁有合適的工具，我相信我們擁有的投資組合是最有價值的重要的部分並確保我們有正確的條目。我的意思是，當我們擁有人們真正想購買的電動車時，我們已經看到了對產品的強勁需求。因此，我認為投資組合中非常注重擁有合適的細胞，但只是為了給我們自己更多的靈活性。

And I think the Bolt EV versus the previous AV that we had in the portfolio is a great example. We were able to get the Bolt EV more quickly. As we've mentioned, it will require a lot less capital to deploy. And frankly, we're leveraging the strong customer enthusiasm that people have for the Bolt EV. So it's decisions like that where we're still going to have the right portfolio, but do it more effectively from a cost and timing perspective.

我認為 Bolt EV 與我們產品組合中先前的 AV 相比就是一個很好的例子。我們能夠更快地獲得 Bolt EV。正如我們所提到的，部署所需的資本要少得多。坦白說，我們正在利用人們對 Bolt EV 的強烈熱情。因此，在這樣的決策中，我們仍然會擁有正確的投資組合，但從成本和時間的角度來看更有效。

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。

Just first going back to the Ultium targets in 2025. Can you just review kind of the factors that are allowing you to maintain that low to mid-single-digit EV margin target? Maybe given the lower volume, maybe you could touch upon any changes to the LG relationship from maybe recent changes there? And also, if you can quantify a bit some of the engineering changes you alluded to that can enhance profitability.

首先回到 2025 年的 Ultium 目標。您能否回顧一下使您能夠維持低至中個位數電動車利潤率目標的因素？也許考慮到音量較低，也許您可以談談 LG 關係最近發生的變化？而且，如果您可以量化您提到的一些工程變更，則可以提高獲利能力。

Sure. Thanks, Itay. And exactly, as Paul said, we're taking steps to better position ourselves as we expand. But we are very much committed to the low to mid-single-digit margin target in 2025 for our EVs. And there's -- it's not one thing, it's multiple things. So first, as I mentioned just a minute ago, it's having the right products in the right segments that have the right features, the right range, the right functionality, et cetera. That's number one. And I think the Silverado EV is a prime example when you look at the range that vehicle has and bidirectional charging. So also the feedback that we're getting on the Blazer EV is outstanding as well. So those are just 2 examples.

當然。謝謝，伊泰。確切地說，正如保羅所說，我們正在採取措施，在擴張過程中更好地定位自己。但我們非常致力於 2025 年電動車的低至中個位數利潤率目標。這不是一件事，而是多件事。首先，正如我剛才提到的，它在正確的細分市場中擁有正確的產品，這些產品具有正確的特性、正確的範圍、正確的功能等等。這是第一名。當你考慮車輛的行駛里程和雙向充電時，我認為 Silverado EV 是一個很好的例子。因此，我們從 Blazer EV 獲得的回饋也非常出色。這只是兩個例子。

It's also the fact that we'll be well into the scale of the battery cells at that point in time. And I already mentioned how much the cost has come down just from having 1 module to virtually having by the end of the year. On plan, we'll have the Lordstown plant fully ramped and then we're on track for the other plants. So getting the Ultium battery cell scaled will be another important piece.

事實上，我們屆時將充分了解電池的規模。我已經提到過，到今年年底，成本從僅擁有 1 個模組到幾乎擁有一個模組已經下降了多少。按照計劃，我們將讓洛茲敦工廠全面投產，然後其他工廠也將步入正軌。因此，擴大 Ultium 電池的規模將是另一個重要的部分。

I talked about last time what we're doing with Winning with Simplicity and really honing in and going to market in a simpler way that, frankly, we think is better for the consumer because they're not making -- they're not overwhelmed with the number of choices they need to make. And taking that kind of order complexity and build combination complexity out drops a tremendous amount of cost to the bottom line from designing it, engineering it, sourcing it and planning for it to get line sight.

我上次談到了我們在「以簡單取勝」方面所做的事情，並以一種更簡單的方式真正磨練和進入市場，坦率地說，我們認為這對消費者更好，因為他們不會製造－他們不會不知所措他們需要做出的選擇數量。消除這種訂單複雜性和建造組合複雜性，可以大大降低設計、工程、採購和規劃以獲得直線視線的底線成本。

And then we've seen product improvements. With the Ultium, it was our first generation. We learned a lot from the Bolt that went into, how we designed this first round of Ultium products. But we're already seeing improvements we can make in Ultium and then improvements we can make to -- beyond the EV platform in these vehicles that will make them more efficient. And it's appropriate application of things like giga castings, which is already on the CA. We learned a lot on the CT6. It will be a part of CELESTIQ, and there's other vehicles that we haven't announced yet that it will be an important part of. So there's -- it's just -- it's frankly looking at fundamentally everything, but we remain committed to get there. And frankly, where lithium prices are trending is another enabler.

然後我們看到了產品的改進。 Ultium 是我們的第一代產品。我們從 Bolt 中學到了很多東西，包括我們如何設計第一輪 Ultium 產品。但我們已經看到我們可以在 Ultium 中進行改進，然後我們可以在這些車輛的電動車平台之外進行改進，從而提高它們的效率。它是對諸如千兆鑄件之類的東西的適當應用，這些鑄件已經在CA上。我們在 CT6 學到了很多。它將成為 CELESTIQ 的一部分，我們還沒有宣布它將成為其他車輛的重要組成部分。所以，坦白說，我們正在從根本上審視一切，但我們仍然致力於實現這一目標。坦白說，鋰價格的趨勢是另一個推動因素。

That's all very helpful. And a quick follow-up, maybe I wanted to touch upon Cruise. With Cruise, really scaling out to multiple cities and making a lot of progress. Any just thoughts on funding going forward as well as any strategic thoughts you can share as we kind of -- Cruise kind of goes into the next stage of growth?

這一切都非常有幫助。快速跟進，也許我想談談克魯斯。透過 Cruise，真正擴展到多個城市並取得了很大進展。當我們—克魯斯進入下一個成長階段時，您對未來的融資有什麼簡單的想法以及任何可以分享的策略想法嗎？

Well, we're going to have a lot more to say about Cruise. In the latter part of this year, Paul will be at Barclays Conference. We also will have fourth quarter earnings and then our Investor Day. So we do believe that Cruise has tremendous opportunity to grow and expand. Safety will be our gating factor as we do that and continuing to work with the cities that we're deploying in. So we'll have more to say at a later date. But rest assured, we do have funding plans that will support Cruise's expansion.

好吧，關於克魯斯，我們還有很多話要說。今年下半年，保羅將出席巴克萊會議。我們也將公佈第四季度的收益，然後是投資者日。因此，我們確實相信 Cruise 有巨大的發展和擴張機會。當我們這樣做並繼續與我們正在部署的城市合作時，安全將是我們的控制因素。因此，我們稍後會有更多內容要說。但請放心，我們確實有支持 Cruise 擴張的融資計劃。

Our next question comes from Joseph Spak with UBS.

我們的下一個問題來自瑞銀集團的 Joseph Spak。

Just to follow up again on the Ultium strategy and some of these changes here. How flexible are you finding that program as to be able to sort of make these changes? And are some of these learnings you talked about that you plan to implement on Silverado also scalable to the other products? Or should we think that -- basically, should we think about there being a need for like an Ultium 2.0 platform in a couple of years versus sort of what we're seeing today in the market?

只是再次跟進 Ultium 戰略以及其中的一些變化。您認為該程式能夠靈活地進行這些變更嗎？您談到的計劃在 Silverado 上實施的一些經驗是否也可以擴展到其他產品？或者我們是否應該考慮——基本上，我們是否應該考慮幾年內是否需要像 Ultium 2.0 平台這樣的平台，而不是我們今天在市場上看到的平台？

As we've already said, the Ultium platform is chemistry agnostic, and so we will continue to make -- look to make programs. And as we go forward, we will adapt. There'll be, I think, Ultium 2.0 as we get into the latter part of the -- of this decade as well as many other parts of the vehicle. Again, I think it's hard to really explain without being in person, and we'll do this when we're together at our Investor Day of the simplification that we can do to the vehicles that makes them easier to build. And frankly, the mindset change we've had from a complexity perspective is pretty significant. So again, it's -- yes, there's going to be improvements. We'll continue to drive efficiencies in the Ultium platform, but it's also broadly across the entire vehicle.

正如我們已經說過的，Ultium 平台與化學無關，因此我們將繼續製作——尋求製作程序。隨著我們的前進，我們將適應。我認為，當我們進入這個十年的後半段時，將會出現 Ultium 2.0 以及車輛的許多其他部分。再說一次，我認為如果不親自去現場，很難真正解釋清楚，當我們在投資者日聚在一起時，我們會這樣做，我們可以對車輛進行簡化，使它們更容易製造。坦白說，從複雜性的角度來看，我們的思考方式發生了非常重大的變化。再說一次，是的，將會有改進。我們將繼續提高 Ultium 平台的效率，而且它也廣泛應用於整個車輛。

Okay. And then Mary, on the -- there was a comment about the Ohio battery JV being able to be at full capacity by the end of this year. I think that's like 35 gigawatt hours, if I recall correctly. So how does that JV, which I know you're only a part owner, sort of plan to balance that with GM's own EV demand? Is there going to be like a continued ramp there and produce and maybe build some stock or look for additional offtake or -- and also does this revised time line impact any of the other battery JVs coming online?

好的。然後瑪麗，有一條關於俄亥俄州電池合資企業能夠在今年年底滿載運轉的評論。如果我沒記錯的話，我認為這大約是 35 吉瓦時。那麼，我知道您只是該合資企業的一部分所有者，該合資企業計劃如何平衡通用汽車自己的電動車需求？是否會持續增加產能，生產並可能建立一些庫存或尋求額外的承購，或者——這個修改後的時間表是否會影響任何其他上線的電池合資企業？

No. We plan on having the ramp at Lordstown. We'll continue as it is, and the plant in Spring Hill comes online next year. And then we have Plant 3 in Michigan that follows and then the work with Samsung. We'll keep all of those on track because we believe strongly that we need those cells. Now obviously, if we have to evaluate and slow something down, but at this time, we don't see a need to do that with the plans that we've outlined here. Joe, just on that, again, I want to reiterate, we're going to respond to demand, and we're going to make sure we have the right products at the right time, but we're not overbuilding.

不。我們計劃在洛茲敦設置坡道。我們將繼續保持現狀，Spring Hill 的工廠將於明年上線。然後我們在密西根州建立了第三工廠，然後是與三星的合作。我們會讓所有這些都走上正軌，因為我們堅信我們需要這些細胞。現在顯然，如果我們必須評估並放慢某些事情的速度，但此時，我們認為沒有必要按照我們在此概述的計劃來這樣做。喬，就這一點，我想再次重申，我們將響應需求，我們將確保我們在正確的時間擁有正確的產品，但我們不會過度建造。

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。

Mary and Paul, when you think about the capital commitment that's going on in the business, obviously, it's always very large. But with EVs and things that are shifting on technology and products -- product plans, it seems a little bit more uncertain, a little bit more dynamic than it has historically. I mean you think about returns on capital as we shift into this EV world, can they potentially be higher and shorter dated so they give you more flexibility to make changes like you just did with the Bolt? Or are we still thinking about sort of 7- to 10-year decisions like we did on the ICE side? Because I mean there's -- I think there's a lot of folks that think this is a real risk, but it sounds like it also might be an opportunity to be more flexible.

瑪麗和保羅，當你想到企業中正在發生的資本承諾時，顯然，它總是非常大。但隨著電動車以及技術和產品方面正在發生變化的事物（產品計劃），它似乎比歷史上更加不確定，更加動態。我的意思是，當我們轉向電動車世界時，您會考慮資本回報率，它們是否可能會更高、更短，以便為您提供更大的靈活性來做出改變，就像您剛剛對Bolt所做的那樣？或者我們仍在考慮類似 7 到 10 年的決策，就像我們在 ICE 方面所做的那樣？因為我的意思是——我認為有很多人認為這是一個真正的風險，但聽起來這也可能是一個更靈活的機會。

Yes. John, it's Paul. I think that's what we're aiming to, and I think creating the foundation of reducing complexity and buildable combinations and more simpler engineering design, manufacturing, I think, is going to give us that agility going forward. I think the other thing that you're going to see us, and I think the Orion announcement is a good example of this is we're also engineering improvements on the fly. So I think if you look at the historical record, it would be -- you'd produce a vehicle. You'd identify some improvements in customer features, profitability, et cetera, and you'd wait for a mid-cycle model improvement to actually go in and implement those changes.

是的。約翰，是保羅。我認為這就是我們的目標，我認為為降低複雜性和可建造的組合以及更簡單的工程設計、製造奠定基礎將為我們提供前進的靈活性。我認為您將會看到我們的另一件事，我認為 Orion 的公告就是一個很好的例子，那就是我們也在動態進行工程改進。所以我認為如果你看一下歷史記錄，你就會生產一輛汽車。您會發現客戶功能、獲利能力等方面的一些改進，並且您會等待中期模型改進才能真正投入並實施這些變更。

And it's really more of a mindset that's, I would say, more conducive to software that says, here's an opportunity to really improve the profitability, the capability of the vehicle, let's go ahead and put it in line. So the Orion decision represents an early application of that where we've seen a slowing in the demand growth, create the opportunity to go in and build these from the ground up as we expand and scale up. And I think it's going to make us more nimble in the future and ultimately lead to more consistent ROIC.

我想說，這實際上更像是一種更有利於軟體的心態，它說，這是一個真正提高盈利能力、車輛能力的機會，讓我們繼續吧，讓它保持一致。因此，獵戶座的決定代表了我們看到需求成長放緩的早期應用，隨著我們的擴張和規模擴大，創造了進入並從頭開始建立這些產品的機會。我認為這將使我們在未來變得更加靈活，並最終帶來更一致的投資報酬率。

Okay. And then just one follow-up on the strength in sales year-to-date. The U.S. market really seems to be buoyed by fleet sales more than retail at the moment. And you guys usually have a better line of sight and visibility into orders from your fleet customers. So I wonder if you could confirm that, that strength has really been driven by fleet relative to expectations at the beginning of the year.

好的。然後是對今年迄今為止的銷售實力的一次跟進。目前，美國市場似乎確實更多地受到車隊銷售的推動，而不是零售。你們通常對車隊客戶的訂單有更好的視線和可見度。因此，我想知道您是否可以證實，相對於年初的預期，這種強勁勢頭確實是由機隊推動的。

And two, is there visibility that this is going to last kind of like it did in '10, '11 and '12 sort of as a consistent driver of the upside of the cycle or early in the cyclical recovery?

第二，是否有跡象表明，這種情況會像「10」、「11」和「12」那樣持續下去，作為週期上行或週期性復甦早期的一致驅動力？

Well, I think, John, we've been consistently talking about pent-up demand from the last couple of years, and that's been really evident in the fleet customers. But I would say that the retail share gains and the performance of the retail customer has been strong as well. In fact, we've seen gains in market share pretty consistently this year, both from fleet and from retail while we've increased production, while we have kept incentives down and while we have reduced marketing spend.

嗯，我想，約翰，我們一直在談論過去幾年被壓抑的需求，這在車隊客戶中非常明顯。但我想說的是，零售份額的成長和零售客戶的表現也很強勁。事實上，今年我們在增加產量、降低激勵措施和減少行銷支出的同時，從車隊和零售方面都看到了市場份額的持續成長。

So I think it's a real testament, especially to the North America team for what they've performed through and what they've done in the face of that strength. And while we hear reports out there in the macro that consumer sentiment might be weakening, et cetera, we haven't seen that in demand for our vehicles, and we've been pretty consistent about that on the retail side as well. So we're continuing to enjoy that. And I think we're operating from a much more disciplined lens around margin improvement as a result of what we've seen in that transformation.

所以我認為這是一個真正的證明，特別是對北美團隊來說，他們的表現以及他們在面對這種力量時所做的事情。雖然我們聽到宏觀的報告稱消費者信心可能正在減弱等，但我們還沒有看到對我們車輛的需求，而且我們在零售方面的情況也非常一致。所以我們將繼續享受這一點。我認為，由於我們在轉型中看到的結果，我們正在從更嚴格的角度圍繞利潤率改善進行運作。

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伊曼紐爾·羅斯納。

First, a couple of clarifications on the 2025 targets for the EV business. So low to mid-single-digit margin. I think when you initiated that guidance, this was excluding the IRA cell manufacturing credit. But I think including them, you could have gone to mid- to high single digits. Is that still very much the case? Or are you saying that now, including IRA, you would be at the low to mid-single digits?

首先，對電動車業務 2025 年目標進行一些澄清。如此低至中個位數的利潤。我認為當您發起該指導時，這不包括 IRA 電池製造信用。但我認為包括他們在內，你可能會達到中高個位數。現在情況仍然如此嗎？還是你是說現在，包括愛爾蘭共和軍（IRA）在內，你的收入將處於中低個位數？

And then on the volume piece, so I guess the capacity piece. To the extent that your capacity is flexible between EVs and ICE, would you consider reducing the 2025 EV capacity target in the future as the industry dynamics or demand was weaker than expected?

然後是容量部分，所以我猜是容量部分。如果您的產能在電動車和內燃機之間靈活，您是否會考慮減少未來 2025 年電動車產能目標，因為產業動態或需求弱於預期？

Well, first, on the first question, we remain committed to low single-digit margins before IRA. Nothing has changed there. And so as you said, it would be similar to ICE like margins with what we believe we know the IRA to be. We still are waiting for final clarification from treasury on a couple of aspects of that.

好吧，首先，關於第一個問題，我們仍然致力於 IRA 之前的低個位數利潤。那裡什麼都沒有改變。正如你所說，它的利潤率與 ICE 類似，我們相信我們知道 IRA 的利潤率。我們仍在等待財政部就其中幾個方面做出最終澄清。

And then again, as Paul outlined, with the flexibility we have in Ramos, with the flexibility that we have in Spring Hill and our plants, I don't think it's that we'll adjust down the amount of capacity that we'll have. It's just that we're going to be able to respond very quickly to EV or AV, depending on where the customers and what they demand. So I think we're going to need the capacity. And again, the flexibility that we have is, I think, going to be one of the ways that GM is going to be better positioned to serve the market for both ICE and EV as we move in this transition period.

然後，正如保羅所概述的那樣，憑藉我們在拉莫斯的靈活性、我們在斯普林希爾和我們工廠的靈活性，我不認為我們會調整我們將擁有的產能。 。只是我們將能夠非常快速地響應電動車或自動駕駛汽車，這取決於客戶在哪裡以及他們的需求。所以我認為我們需要這種能力。再說一次，我認為，我們擁有的靈活性將成為通用汽車在這個過渡時期更好地服務內燃機和電動車市場的方式之一。

Okay. That's helpful. And then I guess more broadly for the overall business. Just clarifying your net cost reduction target of $2 billion. This is -- I assume this is before any labor cost inflation expected from the new contract, but can you please clarify this? And assuming that this does not include that inflation in the net reduction, what sort of actions are you contemplating to try and offset that labor cost inflation? What could be done above and beyond the $2 billion to offset any additional cost increase?

好的。這很有幫助。然後我更廣泛地猜測整個業務。只是澄清 20 億美元的淨成本削減目標。這是——我認為這是在新合約預期的任何勞動力成本上漲之前，但你能澄清一下嗎？假設這不包括淨減少中的通貨膨脹，您正在考慮採取什麼樣的行動來嘗試抵消勞動成本通貨膨脹？除了 20 億美元之外，還可以採取哪些措施來抵消任何額外的成本增加？

So Emmanuel, it's Paul. What I would say is that the $2 billion is around controllable fixed costs, and we remain committed to being able to do that. The implications of the UAW contract when it is agreed to and ratified will flow significantly and largely through cost of goods sold in our margin performance. So when you look at the ways that we have to offset that, those are things that affect the EV profitability, et cetera, going forward.

以馬內利，就是保羅。我想說的是，20 億美元大約是可控的固定成本，我們仍然致力於做到這一點。當 UAW 合約獲得同意和批准後，它的影響將在很大程度上透過我們的利潤表現中的銷售成本來體現。因此，當你考慮我們必須採取哪些措施來抵消這一影響時，就會發現這些因素會影響電動車的獲利能力等。

So what we've got to do is make sure that, number one, we sign a contract that we know we can compete in the global marketplace because we want to make sure that these are good jobs and they're good jobs for the next people as well that are going to taking over. We're protecting the brand, the company and the franchise in the future. So we're going to have to look at potentially reducing fixed costs further. We're going to have to look at efficiencies across the board in engineering and designing the vehicles, and that's a little bit of trying to get ahead of some of those inflationary pressures that we saw with the steps that we've taken earlier this year. So we're going to continue to look at doing that. And we've got some work cut out for us, but we're committed to making it work.

因此，我們要做的就是確保，第一，我們簽署一份合同，我們知道我們可以在全球市場上競爭，因為我們希望確保這些都是好工作，而且它們是下一個工作的好工作以及將要接管的人。我們將在未來保護品牌、公司和特許經營權。因此，我們將不得不考慮進一步降低固定成本的可能性。我們將不得不全面考慮車輛工程和設計的效率，這有點試圖超越我們在今年早些時候採取的措施中看到的一些通膨壓力。所以我們將繼續考慮這樣做。我們還有一些工作要做，但我們致力於使其發揮作用。

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。

Mary, you've acknowledged for some time that the General Motors share price is not really getting any credit for the Cruise business. I think many would argue that at $29, the stock might even be implying a negative value for Cruise, which I think you reckon would be pretty ridiculous. So my question is, sides continuing on growing and executing on the business, and I know we're going to learn a lot in the next year. Is there anything else that your management team or Board could possibly do to unlock value for the Cruise business?

瑪麗，您已經承認一段時間以來，通用汽車的股價並沒有真正從郵輪業務中獲得任何功勞。我認為很多人會認為，以 29 美元的價格，該股甚至可能意味著 Cruise 的價值為負，我認為你認為這是相當荒謬的。所以我的問題是，雙方繼續發展和執行業務，我知道我們明年會學到很多。您的管理團隊或董事會還可以採取其他措施來釋放郵輪業務的價值嗎？

All right. Adam, first of all, I completely agree with you. I think the stock is undervalued, even if it was just an ICV and software company. I think the Cruise piece of it is further. I think as we continue to expand Cruise in a very thoughtful way, focused on safety, I think people will see and start to unlock. I mean, just last week, we announced the opportunity that we have with Honda and Cruise and General Motors in Japan. And so to be able to be involved in driving expansion, not just in the United States, but globally, I think it's going to be an important part of Cruise's mid- to longer-term future of success. So we do believe in the technology. As I said in my remarks, it is safer than a human driver and it's constantly improving and getting better, and that's what we're focused on doing.

好的。亞當，首先，我完全同意你的觀點。我認為該股票被低估，即使它只是一家智慧網聯汽車和軟體公司。我認為克魯斯的部分更進一步。我認為，隨著我們繼續以一種非常深思熟慮的方式擴展 Cruise，專注於安全，我認為人們會看到並開始解鎖。我的意思是，就在上週，我們宣布了與日本本田、克魯斯和通用汽車的合作機會。因此，能夠參與推動擴張，不僅在美國，而且在全球範圍內，我認為這將成為 Cruise 中長期成功的重要組成部分。所以我們確實相信這項技術。正如我在演講中所說，它比人類駕駛員更安全，而且它不斷改進並變得更好，這就是我們專注於做的事情。

It's really amazing to see the growth in San Francisco. I know people that use it every day. Just a follow-up for Paul. You guys have been very specific, I think, within a range at least of a 2025 EV target of the mid- to high single digits without IRA. You're obviously not disclosing where EV margins are today. So I'm not going to press you on that because you would have disclosed it. You're choosing not to.

看到舊金山的成長真是令人驚奇。我認識每天都使用它的人。只是保羅的後續行動。我認為，你們的目標非常具體，至少是在沒有 IRA 的情況下實現中高個位數的 2025 年電動車目標。您顯然沒有透露目前的電動車利潤率。所以我不會在這個問題上向你施壓，因為你會透露它。你選擇不這樣做。

But I think in some of your comments, if I heard you correctly, Paul, you said you will -- you're not doing it today because of the labor situation or until you get the clearer picture on labor. But when we get through this standoff with UAW, can we expect that you will be specific of what the starting point is in the next year so we could understand the delta from how loss-making the EVs are today? Clearly, they're loss-making, but I had to put a number on it so that investors can have greater transparency of the delta. Is that something you can commit to, please?

但我認為在你的一些評論中，如果我沒聽錯的話，保羅，你說過你會的——你今天不會這樣做，因為勞工狀況或直到你對勞工有更清晰的了解。但是，當我們解決與 UAW 的僵局時，我們是否可以期望你們具體說明明年的起點是什麼，以便我們能夠了解電動車目前的虧損程度？顯然，他們正在虧損，但我必須給出一個數字，以便投資者能夠對三角洲有更大的透明度。請問這是你可以承諾的事嗎？

First of all, just to clarify in your comments, the target is low to mid-single digits ex-IRA. I think you said mid- to high in your question, I just want to correct for the record. But yes, clearly, look, as we've said repeatedly this year, the margins in EVs are just relatively nonsensical, mainly because we've got a big scaled infrastructure with limited production across the board. So we are absolutely committed to presenting that road map, and we'll do that at our Investor Day.

首先，請在您的評論中澄清一下，目標是低至中個位數（前愛爾蘭共和軍）。我認為你在問題中說的是中高，我只是想糾正一下。但是，是的，顯然，正如我們今年反覆說過的那樣，電動車的利潤相對來說是荒謬的，主要是因為我們擁有大規模的基礎設施，但全面的產量有限。因此，我們絕對致力於展示該路線圖，我們將在投資者日這樣做。

And the decision to push out Investor Day was really -- we've got a lot of good strategic data points to put out there. We want to make sure that it wasn't something that was dominated by the UAW. So when the weather gets a little bit warmer in Charlotte in March, we'll have that Investor Day. We'll provide that road map, including kind of where we've come from and where we're going to get to that low to mid-single-digit margin target, and we're making good progress internally.

推出投資者日的決定實際上是——我們有很多很好的策略數據點可以在那裡發布。我們想要確保這不是由美國汽車工人聯合會（UAW）主導的事情。因此，當三月夏洛特的天氣變暖一點時，我們就會迎來投資者日。我們將提供該路線圖，包括我們從哪裡來以及我們將在哪裡達到中低個位數的利潤目標，並且我們在內部取得了良好的進展。

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。

Curious to get your thoughts on incentive spend for the fourth quarter and just the overall pricing backdrop in North America. I mean, obviously, we have -- there are production limitation types of strike right now. Just how are U.S. inventory day supply trending today relative to quarter-end? And yes, just any color there would be great.

我很想知道您對第四季度激勵支出以及北美整體定價背景的看法。我的意思是，顯然，我們現在有生產限制類型的罷工。與季末相比，今天美國庫存日供應趨勢如何？是的，任何顏色都會很棒。

Yes. So in terms of incentive strategy, like I said in my prepared remarks, I think the team deserves a lot of credit for really transforming the approach, and the go-to-market strategy is not just around incentives but how we market the vehicles and really across the board that has been a huge contributor to some of the profitability that we've had on the backs of the strength in the consumers and the products that we're producing across the board. So I expect that strategy to continue.

是的。因此，就激勵策略而言，就像我在準備好的發言中所說的那樣，我認為該團隊真正改變了方法，值得稱讚，進入市場的策略不僅僅圍繞著激勵措施，還在於我們如何行銷車輛和確實，在消費者的力量和我們全面生產的產品的支持下，這對我們的盈利能力做出了巨大貢獻。所以我希望這項策略能夠持續下去。

Certainly, as we looked at quarter end, inventories have trended a little bit higher and, of course, this varies on a product-by-product basis. And we're watching that very closely in partnership with our dealers to try to make sure in light of the work stoppage that we are getting vehicles to market where we have them. So we're going to continue to manage that very tactically across the board. But everything that we're seeing in the demand set right now is pretty strong for our vehicles, and we expect that to continue through the rest of the year.

當然，正如我們所看到的季度末，庫存呈現略高趨勢，當然，這會因產品而異。我們正在與我們的經銷商合作密切關注這一情況，以確保在停工的情況下，我們能夠將車輛推向我們擁有車輛的市場。因此，我們將繼續全面地從戰術上進行管理。但我們目前在需求中看到的一切對我們的車輛來說都相當強勁，我們預計這種情況將持續到今年剩餘時間。

Okay. That's helpful. And then my follow-up, can you just confirm the materials and freight impact in the quarter? And just at a high level, as we think about next year based on current commodity spot pricing, any visibility you might have in supplier costs? Just how we should -- how we can think about this cost bucket for 2024. I believe the 2023 guide, the prior 2022 guide for an expectation of neutral. Any color there would be great.

好的。這很有幫助。然後我的後續問題，您能否確認本季的材料和運費影響？就高水準而言，當我們根據當前商品現貨定價考慮明年時，您對供應商成本可能有任何了解嗎？我們應該如何思考 2024 年的成本桶。我相信 2023 年指南，即先前的 2022 年指南，其預期為中性。任何顏色都會很棒。

Yes. It's a little early to get into that. We're in the midst of our budget process right now. But what I would say is we have seen some logistics and delivery pressure that we've talked about before, particularly with vehicles coming into North America from Mexico with rail challenges, et cetera. So I expect there will be parts where there's some inflationary pressure. But as we've said over the last couple of years, the amount that we spend on expedited logistics, et cetera, has been coming down as the chip shortage, and some of the supply chain shortages have been tempered from the peaks in '21 and '22.

是的。現在討論這個還為時過早。我們現在正處於預算過程中。但我想說的是，我們已經看到了我們之前討論過的一些物流和交付壓力，特別是從墨西哥進入北美的車輛面臨鐵路挑戰等。所以我預期有些地區會存在一定的通膨壓力。但正如我們在過去幾年中所說的那樣，隨著晶片短缺，我們在加急物流等方面的支出一直在下降，而且一些供應鏈短缺已經從 21 年的峰值有所緩解和'22。

I will say that there's a bit of concern on my mind in terms of the supply chain's ability to ramp up after the work stoppage. Obviously, we're focused on getting this finalized as quickly as we can. But it's important that we don't end up in a situation where we can't ramp up to full production because the supply chain has to rebuild, et cetera. So we're watching that closely and making sure that we're in a position. But more to come on 2024 as we work through that and work through the budget.

我想說的是，我對停工後供應鏈的復原力有些擔憂。顯然，我們的重點是盡快完成這項工作。但重要的是，我們最終不會陷入因供應鏈必須重建等原因而無法全面生產的情況。所以我們正在密切關注並確保我們處於有利位置。但隨著我們解決這個問題並制定預算，2024 年還會有更多事情發生。

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。

I wanted to start first with just a question on the volume versus price mix interplay. Pre-COVID, you were at, call it, 3 -- anywhere from 3.2 million to 3.6 million units of annual volume. This year on some of the consensus numbers, strike aside, will be closer to, call it, 3 million units. Now you're absorbing more in the way of labor costs. I think we're waiting to see what happens with EVs, but most would view EVs to be a cost challenge. So you've already done a really good job showing us the benefits of mix and pivoting to profitable units. I think that was something you alluded to in your prepared remarks and really a business that you've, in a way, shown slight pivots away from volume. How much more do you think the business can focus more on mix and profitable units and relatively reduce focus on volume?

我想先問一個關於數量與價格組合相互作用的問題。在新冠疫情之前，你可以稱之為 3——年產量從 320 萬到 360 萬單位不等。今年，拋開一些共識數字，今年將更接近 300 萬台。現在您正在吸收更多的勞動成本。我認為我們正在等待電動車的發展，但大多數人認為電動車是一個成本挑戰。因此，您已經向我們展示了混合和轉向盈利部門的好處，做得非常好。我認為這是您在準備好的發言中提到的內容，而且您確實在某種程度上表現出了稍微偏離數量的業務。您認為企業可以在多大程度上專注於組合和獲利單位，並相對減少對數量的關注？

Well, Dan, I appreciate the question. We really want to focus on both, but it's got to be profitable growth. When you look at the EVs and even our ICE vehicles, I just mentioned that the Trax, 50% of the customers for the new Trax are new to General Motors. So from an EV's point specifically, we think that along the coast where EV adoption is higher, that's going to be a growth opportunity for us over the next several years. And we're going to just focus on continuing to have winning ICE and winning EV products that people want to buy. And so I don't -- I felt like your question is saying, are you just going to shrink? And the answer is no. That's not our intent. Our intent is to be profitable and then grow and expand, and we think we have the opportunity to do that.

嗯，丹，我很欣賞這個問題。我們確實想同時關注這兩方面，但必須是獲利成長。當你看到電動車甚至我們的內燃機汽車時，我剛剛提到了 Trax，新款 Trax 的 50% 的客戶都是通用汽車的新客戶。因此，具體從電動車的角度來看，我們認為在電動車採用率較高的沿海地區，這將是我們未來幾年的成長機會。我們將專注於繼續贏得人們想要購買的內燃機和電動車產品。所以我不是——我覺得你的問題是在說，你會縮小嗎？答案是否定的。這不是我們的意圖。我們的目的是獲利，然後成長和擴張，我們認為我們有機會做到這一點。

And Dan, I think I'll add that I think the challenges of the last few years, I think, have taught us a lot about ourselves and about the quality of our products. And it all starts with that when you create products that customers love. You have an opportunity to think about the business. So while the profitability and the margins have gone up, we've been really focused on that. But some examples of that are what we're doing with buildable combinations, what we've been doing with marketing spend, et cetera. It's really focused on driving at the unit level, the margin improvement across the board. So focusing on those premium mixes where we know the demand is focusing on the premium vehicles where there's supply constraints.

丹，我想我要補充一點，我認為過去幾年的挑戰教會了我們很多關於我們自己和我們產品品質的知識。當您創造出顧客喜愛的產品時，這一切就開始了。您有機會思考業務。因此，雖然獲利能力和利潤率有所上升，但我們一直非常關注這一點。但其中的一些例子是我們在可建立組合方面所做的事情，我們在行銷支出方面所做的事情等等。它真正關注的是單位層面的推動，全面提高利潤率。因此，重點關注那些我們知道需求的高端車型，而重點關注供應有限的高端車輛。

Those are lessons that we can take into the future going forward and are going to help us not just with ICE profitability and margins, but also help pave the way for an EV strategy that is really focused on consistent margin performance going forward. So incredibly proud of what the organization has done and certainly think there's more to come. Now we've been doing all of this in a lower SAAR environment and feel really good about our ability to continue that should we get back to more historical normal levels at higher volumes across the board. So I think it's been good lessons learned, and you never let a good crisis go to waste. And I think that's where we've seen some really good long-term permanent learnings for the organization.

這些是我們可以在未來學到的教訓，不僅有助於我們提高 ICE 的獲利能力和利潤率，而且有助於為真正專注於未來持續利潤表現的電動車策略鋪平道路。對於該組織所做的一切感到非常自豪，並且肯定認為還會有更多的事情發生。現在，我們一直在較低的 SAAR 環境中進行所有這些工作，並且對我們繼續這樣做的能力感到非常滿意，如果我們全面恢復到更高的歷史正常水平。所以我認為這是很好的教訓，你永遠不會讓一次好的危機白白浪費。我認為這就是我們為組織看到的一些非常好的長期永久學習的地方。

Great. And then second question, I wanted to just go into the dynamics behind the battery plants. Thank you for the commentary earlier that you're starting to run at capacity on Lordstown. Spring Hill, that sounds like that's a slight delay. I think that was just the launch this year saying at 2024. Lansing is after that. Maybe you could just give us a sense on where the other 2 battery plants stand? And to what extent is the gating factor more on supply versus more so listening to the near-term demand? And if you need to, you can delay some investment to ramp on the other 2 battery plants?

偉大的。然後是第二個問題，我想談談電池廠背後的動態。感謝您先前的評論，您已經開始在洛茲敦滿載運轉。 Spring Hill，聽起來有點延遲。我認為這只是今年發布的，說的是 2024 年。蘭辛是在那之後。也許您可以讓我們了解一下其他兩家電池廠的情況？控制因素在多大程度上取決於供應而不是更多地聽取近期需求？如果需要的話，您可以推遲一些投資來擴大其他兩家電池工廠的產能嗎？

So as I mentioned before, we will have the Lordstown plant up full capacity at the end of this year, which then allows for it to have a full year next year. The Spring Hill plant will start early next year. There was a couple of weeks that pushes in -- it was supposed to originally start at the end of this year, it's a couple of weeks, due to some construction delays. But it now is on track, and it will ramp with all the benefit of the learnings. And we fully believe we're going to need all the cells from both of those plants.

正如我之前提到的，我們將在今年年底讓洛茲敦工廠滿載運轉，這樣就可以在明年實現全年生產。 Spring Hill 廠將於明年初投產。原本計劃在今年年底開始的項目需要幾週的時間才能啟動，但由於一些施工延誤，已經推遲了幾週的時間。但它現在已步入正軌，並將受益於所學知識的所有好處。我們完全相信我們將需要這兩種植物的所有細胞。

And then when you get to the Michigan plant, again, we think that there's going to be demand there. We continue to though be agile and resilient and build to where customer demand is. We can obviously make some changes there. But right now, the cadence I talked about is when those plants start and the fourth plant will be likely very early '26, having good progress with Samsung. So we're not slowing the ramp of the battery plants down at all. I think as you know, battery cells are the constraint of the industry. And so we're going to -- we think we're going to need all of those even with this ramp change that we've made with Orion and on some of the other programs I mentioned. It's just -- it's a couple of months in most cases.

然後，當你再次到達密西根工廠時，我們認為那裡會有需求。我們持續保持敏捷性和彈性，並根據客戶需求進行建置。顯然我們可以在那裡做出一些改變。但現在，我談到的節奏是這些工廠何時開工，第四家工廠很可能會在 26 年初建成，與三星合作取得了良好進展。因此，我們根本不會放慢電池工廠的建造速度。我認為如您所知，電池是該行業的限制。因此，我們認為，即使我們對 Orion 和我提到的其他一些項目進行了斜坡變化，我們仍然需要所有這些。只是——在大多數情況下是幾個月。

Our next question comes from Colin Langan with Wells Fargo.

我們的下一個問題來自富國銀行的科林·蘭根。

The UAW made a big announcement -- big deal about the concessions at the battery plant. Just wondering if you have any color there because I was a bit surprised because that's in a joint venture, so I wasn't sure how you actually could give concessions. Any color on what the nature of that agreement is and how you're able to kind of come to terms with them there?

UAW 發布了一項重大公告——關於電池廠的特許權的重大事項。只是想知道你們那裡是否有任何顏色，因為我有點驚訝，因為那是一家合資企業，所以我不確定你們實際上如何做出讓步。關於該協議的性質是什麼以及您如何能夠在那裡達成協議？

Right now, the Ultium team that is a separate company is negotiating the employees at Lordstown voted to unionize. And so that local leadership team is negotiating with UAW to have their own agreement. We did have some conversations, and we did put an offer on the table that would put the Ultium cells under the scope of the master agreement. And we believe at the time that it would allow for which it must have benchmark economics and also operating flexibility because the battery cell plant is very different than some of the traditional operations we won right now. But at this point, that offer remains open, but the focus is on LTM getting their own agreement.

目前，作為獨立公司的 Ultium 團隊正在與洛茲敦的員工進行談判，投票決定成立工會。因此，當地領導團隊正在與 UAW 談判以達成自己的協議。我們確實進行了一些對話，並且確實提出了將 Ultium 電池納入主協議範圍的報價。我們當時認為，它必須具有基準經濟性和營運靈活性，因為電池工廠與我們現在贏得的一些傳統業務有很大不同。但目前，該報價仍然開放，但重點是 LTM 能否達成自己的協議。

Got it. Just we're still in early days in EVs. There seems like demand has eased already. And it's great that you have the flexibility to kind of switch between EV and ICE, but the regulations in the U.S. kind of push EV at least at some point in the future. Do you think there's any change in the tone of Washington of potentially pushing out some of those targets? Because doesn't it become a bit of a challenge of consumers aren't interested in buying EVs and just the only way to sell them would be to hit your margins, right?

知道了。只是我們仍處於電動車的早期階段。需求似乎已經有所緩解。很高興您可以靈活地在電動車和內燃機之間切換，但美國的法規至少在未來的某個時候會推動電動車的發展。您認為華盛頓可能推遲其中一些目標的語氣是否有任何變化？因為對於對購買電動車不感興趣的消費者來說，這不是一個挑戰，而銷售電動車的唯一方法就是提高利潤，對吧？

Yes. I mean, obviously, we provide regular input into the administration and the regulatory agencies. I've been very clear on the record that the regulations can't get in front of EV demand, some of which is -- will be enabled by having a robust charging infrastructure. So we regularly have those conversations, and we'll do what it takes to meet the regulatory environment as well.

是的。我的意思是，顯然，我們定期向行政部門和監管機構提供意見。我在記錄中非常明確地表示，法規不能滿足電動車的需求，其中一些需求將透過擁有強大的充電基礎設施來實現。因此，我們定期進行這些對話，並且我們也會盡一切努力來滿足監管環境的要求。

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。

Very much appreciate the plan to be flexible on the cadence of the EV ramp and the opportunity for GM to implement some incremental cost reductions. But given that scale was one of the key inputs in EV profits, can you help us better understand if there is a certain minimum amount of volume that you may need to be at in order to reach your low to mid-single-digit EV margin target in 2025?

非常感謝該計劃在電動車爬坡節奏上保持靈活，並為通用汽車提供了實施一些增量成本削減的機會。但鑑於規模是電動車利潤的關鍵因素之一，您能否幫助我們更了解您是否需要達到一定的最低交易量才能達到低至中個位數的電動車利潤率2025年的目標？

Yes. Mark, so what I would say is it's a little bit of a step function, right? So as we build a plant or transform a plant, we've got to fill that up to maximize efficiency. So the decision to defer Orion is really an example of not rushing to build that full infrastructure before we know that we can fill it up. So ultimately, it leads to more of an efficient transition. So what I would say is we've got good capacity at the facilities that we've already transformed, and we're working to scale those to that capacity as quickly as we can. So it remains a big part of it, but I think you're going to see a little bit of step changes through the transformation as we bring that incremental capacity online. But that's part of our plans. It's all rolled into the targets that we've outlined on our ability to hit the low to mid-single-digit margins on EVs in 2025 and then grow from there.

是的。馬克，所以我想說的是，它有點階躍函數，對吧？因此，當我們建造工廠或改造工廠時，我們必須將其填滿以最大限度地提高效率。因此，推遲獵戶座的決定實際上是一個在我們知道可以填滿基礎設施之前不急於建造完整基礎設施的例子。因此最終，它會帶來更有效率的過渡。所以我想說的是，我們已經改造的設施擁有良好的容量，我們正在努力盡快將其擴展到該容量。因此，它仍然是其中的重要組成部分，但我認為，隨著我們將增量容量上線，您將在轉型中看到一些逐步變化。但這是我們計劃的一部分。這一切都納入了我們概述的目標，即我們有能力在 2025 年實現電動車低至中個位數的利潤率，然後從此增長。

And on the international business, the company was profitable, including in China despite what's been a difficult market backdrop. Can you speak in more detail on how you think the international market will progress from here?

在國際業務方面，該公司實現了盈利，包括在中國，儘管市場背景困難。您能否更詳細地談談您認為國際市場今後將如何發展？

Well, if we first start with the GMI market ex-China, again, we see a really strong improvement across all of the countries that we're in from South America to the Middle East to Korea, et cetera. We're going to continue to focus on it. And the one -- again, it's operating discipline. It's also having the right products for those markets and understanding in some cases, especially in markets like South America, where we price for what's happening from a current foreign currency exchange perspective, and we're seeing the products because of the strength of them hold up. So very pleased with where the GMI markets are.

好吧，如果我們先從中國以外的 GMI 市場開始，我們會再次看到我們所在的所有國家（從南美洲到中東到韓國等）都出現了非常強勁的改善。我們將繼續關注它。其一是操作紀律。它還擁有適合這些市場的正確產品，並在某些情況下了解情況，特別是在南美洲等市場，我們從當前外匯兌換的角度對正在發生的事情進行定價，我們看到這些產品是因為它們具有強大的實力向上。對 GMI 市場的現況非常滿意。

And as you focus on China, China is still -- we're looking for potentially a modest recovery continuing into Q4. But the real focus for General Motors in China is to make sure we get our Ultium products out there from a Buick and a Cadillac perspective and then also focus on the right products from an S-GM-Wuling perspective. And then remember, we're also expanding for premium import, and we think those 3 initiatives are going to position us well in an uncertain market that we're facing in China, but gives us a lot of optionality at the, I'll say, entry level and value part of the market, the mid part of the market and then at the top part of the market.

當你關注中國時，我們仍然在尋找可能持續到第四季的溫和復甦。但通用汽車在中國的真正重點是確保我們從別克和凱迪拉克的角度推出 Ultium 產品，然後從 S-GM-五菱的角度專注於正確的產品。然後記住，我們也在擴大優質進口，我們認為這三項舉措將使我們在中國面臨的不確定市場中處於有利地位，但給我們很多選擇，我會比如說，市場的入門級和價值部分，市場的中間部分，然後是市場的頂部部分。

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

謝謝。我現在想將電話轉回瑪麗·巴拉（Mary Barra），聽取她的結束語。

Great. Well, thank you, Amanda, and thanks, everybody, for joining the call today. It's clear that we're dealing with a lot of near-term uncertainty and then also the -- I'll say, the transition that -- to EVs that we'll have ups and downs. But I hope it's equally clear that we're going to be acting with purpose, we're going to remain agile and we're making sure we have a system that has the ability to respond to where the market is. And our commitment is to deliver a strong and profitable ICE business as well as a strong and profitable EV business for our future.

偉大的。好的，謝謝阿曼達，也謝謝大家今天加入電話會議。很明顯，我們正在應對許多近期的不確定性，然後，我想說的是，向電動車的過渡，我們將經歷起起落落。但我希望同樣清楚的是，我們將有目的地採取行動，我們將保持敏捷，並確保我們擁有一個能夠回應市場狀況的系統。我們的承諾是為我們的未來提供強大且盈利的內燃機業務以及強大且盈利的電動車業務。

In addition, I think if you look deeper into the organization that Mike Abbott has built from a software perspective, this is really foundational for us to be able to capture additional revenue with a very different margin profile than some of the aspects of the vehicle and the business that we have today.

此外，我認為，如果您從軟體角度更深入地了解邁克·雅培（Mike Abbott）建立的組織，這對於我們能夠以與車輛和某些方面截然不同的利潤狀況獲取額外收入來說確實是基礎。我們今天的業務。

And then finally, we see tremendous opportunity with Cruise, and we'll continue to work across -- not only this country working with our regulators to make sure we can deploy Cruise safely. I know the UAW contract is one of the biggest sources of uncertainty right now. But I want to remind you with what I said earlier, we will not agree to a contract that isn't responsible for our employees and for our shareholders. We need to make sure we have a contract that is going to allow us to compete and win in what is a challenging market for EVs and also allows us to support the business that we have with strong margins in our ICE business.

最後，我們看到了 Cruise 的巨大機遇，我們將繼續在各個國家/地區開展工作，與我們的監管機構合作，以確保我們能夠安全地部署 Cruise。我知道 UAW 合約是目前最大的不確定性來源之一。但我想提醒大家，我之前說過，我們不會同意一份對我們的員工和股東不負責的合約。我們需要確保我們簽訂的合約能夠讓我們在充滿挑戰的電動車市場中競爭並獲勝，同時也讓我們能夠支持我們在內燃機業務中擁有豐厚利潤的業務。

When we do reach an agreement, we will schedule an event shortly thereafter to discuss the economics and our strategy for managing them. And as Paul said, we will host our next Investor Day in March to go even deeper into the ICE, EV, AV and specifically, our software plans. When you look at our growth businesses, especially Cruise and software, we're at an inflection point right now, and we see tremendous upside opportunity and growth. And so we look forward to discussing each of them with you in more detail as we move forward.

當我們達成協議後，我們很快就會安排一次活動來討論經濟問題和我們的管理策略。正如保羅所說，我們將在三月舉辦下一次投資者日，以更深入地了解 ICE、EV、AV，特別是我們的軟體計劃。當你看看我們的成長業務，特別是郵輪和軟體時，我們現在正處於一個拐點，我們看到了巨大的上升機會和成長。因此，我們期待在前進的過程中與您更詳細地討論每一個問題。

So make no mistake, GM is very committed to an all-EV future. We're not changing any of our goals there. We're just trying to make sure the company is more agile and resilient so that we can be successful as we manage this transformation. So I want to thank you again for joining us. Thanks for your questions, and I hope everyone has a good day.

因此，毫無疑問，通用汽車非常致力於全電動汽車的未來。我們不會改變我們的任何目標。我們只是想確保公司更加敏捷和有彈性，以便我們在管理這項轉型時能夠取得成功。所以我想再次感謝您加入我們。感謝您的提問，希望大家都有美好的一天。

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

謝謝。今天的電話會議到此結束。感謝您的加入。