通用汽車 (GM) 2024 Q1 法說會逐字稿

Good morning, and welcome to the General Motors Company First Quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, April 23, 2024.

早安，歡迎參加通用汽車 2024 年第一季財報電話會議。 （操作員說明）謹此提醒，本次電話會議於 2024 年 4 月 23 日星期二錄製。

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, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the first quarter of 2024. 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，大家早安。感謝您加入我們，我們將回顧通用汽車 2024 年第一季的財務業績。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. In January, we outlined clear priorities for 2024 that are designed to build on our strength and learn from the challenges we faced in 2023. I'm very pleased to share that the team is executing well against all of them.

謝謝阿什什，大家早安。一月份，我們概述了 2024 年的明確優先事項，旨在增強我們的實力，並從 2023 年面臨的挑戰中吸取教訓。

Around the world, we are very focused on growth and profitability, which means taking full advantage of our winning product portfolio to grow share without chasing unprofitable business.

在全球範圍內，我們非常注重成長和獲利能力，這意味著充分利用我們的致勝產品組合來增加份額，而不是追逐無利可圖的業務。

In North America, the fundamental strengths of Chevrolet, Buick, GMC and Cadillac truly stand out. The team delivered a 10.6% EBIT margin in the quarter, thanks to our industry-leading full-size pickups, the momentum we're building in midsize pickups, the growth we are seeing in our SUV business, profit improvement in our EV portfolio and our overall operating discipline.

在北美，雪佛蘭、別克、GMC和凱迪拉克的基本實力確實脫穎而出。該團隊在本季度實現了10.6% 的息稅前利潤率，這要歸功於我們行業領先的全尺寸皮卡、我們在中型皮卡方面的勢頭、我們在SUV 業務中看到的增長、我們電動汽車產品組合的利潤改善以及我們的整體營運紀律。

We again grew retail shares and market share in the U.S. during the quarter with incentives that remained well below the industry average, especially in our truck business. We grew our combined Chevrolet and GMC full-size pickup sales by 3% year-over-year and grew our retail market share 1.8 points to 43.8%, with much lower incentives than our closest competitors whose sales were down.

本季度，我們在美國的零售份額和市場份額再次成長，激勵措施仍遠低於行業平均水平，尤其是在我們的卡車業務方面。我們的雪佛蘭和 GMC 全尺寸皮卡銷量同比增長了 3%，零售市場份額增長了 1.8 個百分點，達到 43.8%，而我們的激勵措施遠低於銷量下降的最接近的競爭對手。

In March, we doubled sales of the GMC Canyon year-over-year. And the Chevrolet Colorado were the fastest-growing truck in the midsize pickup segment, thanks to its purity of function, simple elegance and execution and value. Those are MotorTrend's words, not mine.

三月份，我們 GMC Canyon 的銷量比去年同期翻了一番。雪佛蘭 Colorado 憑藉其純粹的功能、簡潔的優雅以及執行力和價值，成為中型皮卡市場中成長最快的卡車。這是 MotorTrend 的話，不是我的話。

We also continue to gain market share and grow EBIT with our new small SUVs, including the Chevrolet Trax and the Buick Envista. These vehicles are helping us win new customers, and we will continue to excel at customer retention.

我們也透過雪佛蘭 Trax 和別克 Envista 等新型小型 SUV 繼續獲得市場份額並提高息稅前利潤。這些車輛正在幫助我們贏得新客戶，我們將繼續在客戶保留方面表現出色。

During the quarter, S&P Global Mobility announced that GM has now had the highest loyalty of any OEM for 9 consecutive years. That's a powerful competitive advantage.

在本季度，標準普爾全球移動宣布，通用汽車已連續 9 年擁有所有 OEM 中最高的忠誠度。這是一個強大的競爭優勢。

In our EV business, we are building momentum in production and profitability. For example, we have increased battery module production by 300% over the last 6 months. Quality is very good and continuing to improve. And the installation and validation of our new high-speed module assembly lines is on track. We are projecting to double our current capacity by the end of the summer.

在我們的電動車業務中，我們正在增強生產和獲利能力。例如，過去 6 個月我們將電池模組產量增加了 300%。品質非常好並且持續改進。我們新的高速模組裝配線的安裝和驗證正在按計劃進行。我們預計到夏末將現有產能增加一倍。

EV production rose sharply during the quarter, and our dealers translated that into a 21% year-over-year increase in EV retail customer delivery. For example, the Cadillac LYRIQ outsold all of the EVs from European luxury brands in the first quarter. And since mid-March, we are now delivering Chevrolet Blazer EVs with updated and improved software.

本季電動車產量大幅成長，我們的經銷商將其轉化為電動車零售客戶交付量年增 21%。例如，凱迪拉克 LYRIQ 第一季的銷售量超過了歐洲豪華品牌的所有電動車。自 3 月中旬以來，我們現在提供配備更新和改進軟體的雪佛蘭 Blazer 電動車。

All of our product programs are benefiting from the end-to-end improvements we've made in software, including the increased rigor we have instilled in our quality and validation processes. More importantly, the talented executives and engineers we've hired from the tech industry are raising the bar for software design and execution, which will help us truly differentiate our customer experience and the suite of software-driven products and services we offer.

我們所有的產品計劃都受益於我們在軟體方面所做的端到端改進，包括我們在品質和驗證流程中所灌輸的更嚴格的要求。更重要的是，我們從科技業聘請的才華橫溢的高管和工程師正在提高軟體設計和執行的標準，這將幫助我們真正使我們的客戶體驗以及我們提供的軟體驅動產品和服務套件脫穎而出。

We're also making progress at Cruise. The team is back on the road in Phoenix updating mapping, gathering more road information. This is a critical step for validating our improved self-driving system and building upon the more than 5 million driverless miles we've logged before the pause. We are engaging frequently with regulators and stakeholders in building trust as we regain momentum. Safety will remain front and center and will guide our progress. I am pleased with our ICE performance, our progress in EV execution and growth, our new software organization's performance and the steps we're taking to regain momentum at Cruise.

我們在 Cruise 方面也取得了進展。團隊回到鳳凰城的道路上更新地圖，收集更多道路資訊。這是驗證我們改進的自動駕駛系統並以我們在暫停之前記錄的超過 500 萬英里的無人駕駛里程為基礎的關鍵一步。隨著我們重新獲得動力，我們經常與監管機構和利害關係人接觸，以建立信任。安全仍將是首要和核心，並將指導我們的進步。我對我們的 ICE 表現、我們在電動車執行和成長方面的進展、我們新軟體組織的表現以及我們為恢復 Cruise 勢頭而採取的步驟感到滿意。

In addition, I'm very proud of the GM team and all of our stakeholders for really leaning in to keep our momentum going. Their commitment and tenacity helped give us the confidence to raise our full year 2024 EBIT, EPS and automotive adjusted free cash flow guidance.

此外，我為通用汽車團隊和所有利益相關者真正努力保持我們的勢頭感到非常自豪。他們的承諾和堅韌讓我們有信心提高 2024 年全年息稅前利潤、每股收益和汽車調整後自由現金流指引。

In our ICE business, the redesigned Chevrolet Traverse, GMC Acadia and Chevrolet Equinox are all launching in high-volume segments starting this quarter. So are the Chevrolet Spin and the S10 in South America, and they have higher margins than the outgoing models.

在我們的 ICE 業務中，重新設計的雪佛蘭 Traverse、GMC Acadia 和雪佛蘭 Equinox 都將從本季開始在大量市場推出。南美市場的雪佛蘭 Spin 和 S10 也是如此，它們的利潤率比即將推出的車型更高。

Then this summer, the sunny new Buick Enclave will arrive. It's the first Enclave to offer Super Cruise. Later in the year, we will make important design and technology upgrades to our best-selling GMC Yukon, Chevrolet Tahoe and Chevrolet Suburban full-size SUVs. They include redesigned, tech-focused interiors, safety and security features that include a suite of connected cameras, riding and handling improvements, styling enhancements and more.

那麼今年夏天，陽光明媚的全新別克昂科雷即將到來。這是第一個提供超級巡航的英克雷。今年晚些時候，我們將對最暢銷的 GMC Yukon、雪佛蘭 Tahoe 和雪佛蘭 Suburban 全尺寸 SUV 進行重要的設計和技術升級。它們包括重新設計、以技術為中心的內裝、安全和保全功能，包括一套連網攝影機、騎乘和操控改進、造型增強等等。

Marking our performance team also have the unbelievable Corvette ZR1 coming, and we can't wait to put customers behind the wheel. And we've already begun installing equipment at our Fort Wayne assembly plant to produce our next-generation full-size ICE pickups.

標誌著我們的性能團隊即將推出令人難以置信的 Corvette ZR1，我們迫不及待地想讓客戶駕駛。我們已經開始在韋恩堡組裝廠安裝設備，以生產下一代全尺寸 ICE 皮卡。

In our EV business, the Ultium Cell plant, Spring Hill, is shipping sales and scaling production through the year. The Chevrolet Equinox EV will arrive in showrooms this quarter, and we're very excited because it will be the most affordable, long-range EV in the market. It will also offer Super Cruise like all of our Chevrolet, GMC and Cadillac EVs on the Ultium platform. We will then introduce more affordable trim series for the Chevrolet Equinox EV, the Blazer EV and the Silverado EV in the second half of the year, which will help grow volume and share.

在我們的電動車業務中，位於 Spring Hill 的 Ultium Cell 工廠正在全年實現銷售並擴大生產。雪佛蘭 Equinox 電動車將於本季上市，我們非常興奮，因為它將成為市場上最實惠的長續航電動車。它還將像 Ultium 平台上的所有雪佛蘭、GMC 和凱迪拉克電動車一樣提供 Super Cruise。然後，我們將在下半年推出雪佛蘭Equinox EV、Blazer EV和Silverado EV等更實惠的內飾系列，這將有助於增加銷售和份額。

Also in the second half of the year, Cadillac will expand its EV lineup to include the OPTIQ and the Escalade IQ. This is important because EV adoption in luxury segments is higher and more resilient than in the broader market.

同樣在今年下半年，凱迪拉克將擴大電動車產品線，包括 OPTIQ 和 Escalade IQ。這很重要，因為與更廣泛的市場相比，豪華車領域的電動車採用率更高、更具彈性。

Two of our most highly anticipated launches are the GMC Sierra EV Denali and the Chevrolet Silverado EV RST. They are best-in-class in ways that truly matter to truck customers. By optimizing the battery, aerodynamics and other systems, we were able to increase the range of the RST and the Denali by 10% to an estimated 440 miles, which is about 40 miles better than the median range of ICE vehicles on the road today. No EV pickup on the road today even comes close, and it's possible to go even further.

我們最期待的兩款產品是 GMC Sierra EV Denali 和雪佛蘭 Silverado EV RST。它們在對卡車客戶真正重要的方面是一流的。透過優化電池、空氣動力學和其他系統，我們能夠將 RST 和 Denali 的續航里程增加 10%，達到估計的 440 英里，比當今道路上的 ICE 車輛的平均續航里程長出約 40 英里。如今在路上行駛的電動皮卡還沒能與之相媲美，而且還有可能走得更遠。

A few weeks ago, 2 road testers took the RST on a drive from Las Vegas to Phoenix. And they drove it like customers do: unpaved and gravel roads, at freeway speeds, at different temperatures, and different elevations. At the end, they managed to travel 460 miles on a single charge.

幾週前，兩名道路測試人員在從拉斯維加斯開往菲尼克斯的途中駕駛了 RST。他們像客戶一樣駕駛它：未鋪砌的碎石路，以高速公路速度，在不同的溫度和不同的高度。最終，他們一次充電即可行駛 460 英里。

It's the same story for towing. One journalist drove a Silverado EV Work Truck and 3 competing battery electric trucks on a 500-mile trip over the Rocky Mountains while towing trailers. It wasn't even a competition. The Silverado EV stopped once to charge, while every other truck had to stop 4 to 5 times.

拖車也是同樣的情況。一名記者駕駛一輛索羅德電動工作卡車和 3 輛與之競爭的電動卡車，拖著拖車，在落基山脈上進行了 500 英里的旅行。這甚至不是一場比賽。 Silverado EV 需要停下來充電一次，而其他卡車則必須停下來 4 到 5 次。

Chevrolet and GMC are also the only pickup brands that allow drivers to tow while using Super Cruise, our hands-free driving technology. This is just one of the several features that uniquely differentiates our products. This is exactly the kind of design and engineering functionality that excites people, motivates them and turns them into customers.

雪佛蘭和 GMC 也是唯一允許駕駛者使用我們的免持駕駛技術 Super Cruise 進行牽引的皮卡品牌。這只是我們產品的眾多獨特功能之一。這正是那種讓人們興奮、激勵並將他們轉變為客戶的設計和工程功能。

It's the same formula for Chevrolet and GMC have filed with ICE trucks, and those results speak for themselves. Based on the feedback we're hearing from customers and dealers, the early sales momentum we are seeing, we're confident that continuing to scale EV production is the right move.

這與雪佛蘭和 GMC 向 ICE 卡車提交的公式相同，這些結果不言而喻。根據我們從客戶和經銷商那裡聽到的反饋以及我們看到的早期銷售勢頭，我們相信繼續擴大電動車生產規模是正確的舉措。

We know that transparency matters in every transformation. So Paul and I will give you regular updates throughout the year, including at our Investor Day we're planning for this fall, as we achieve our EV production, sales and profitability milestones.

我們知道透明度對於每一次轉型都很重要。因此，保羅和我將全年定期向您提供最新信息，包括我們計劃在今年秋天舉行的投資者日，因為我們將實現電動車生產、銷售和盈利的里程碑。

All of these great ICE and EV products were made possible by the investments we made to drive transformation and growth. As a result, our spending was above historic levels for several years. Now that the foundation is largely built and we're starting to see results, our focus has turned back to driving free cash flow through enhanced profitability and capital discipline, finding ways to spend less for the same results and with an unwavering focus on the customer.

所有這些出色的內燃機和電動車產品都是透過我們為推動轉型和成長而進行的投資而實現的。因此，我們的支出多年來一直高於歷史水平。現在基礎已基本建立，我們開始看到成果，我們的重點已轉向透過增強盈利能力和資本紀律來推動自由現金流，尋找方法以更少的支出獲得相同的結果，並堅定不移地關注客戶。

You're already seeing some examples of this. Our winning with simplicity discipline is a great example of how we're improving capital efficiency and lowering costs.

您已經看到了一些這樣的例子。我們以簡單紀律取勝是我們如何提高資本效率和降低成本的一個很好的例子。

The next-generation Ultium-based Chevrolet Bolt EV is another. It's a profitable and capital-efficient program that will deliver one of the most affordable electric vehicles around when it arrives in late 2025. There will be many more examples as we move forward.

下一代基於 Ultium 的雪佛蘭 Bolt EV 是另一個。這是一項有利可圖且資本效率高的計劃，將在 2025 年底推出一款最實惠的電動車。

With that said, I'd now like to turn the call over to Paul to take you through our results and our new higher guidance for the calendar year.

話雖如此，我現在想將電話轉給保羅，讓他帶您了解我們的結果以及我們對本日曆年的新的更高指導。

Thank you, Mary, and I appreciate you all joining us this morning. We're off to a good start to the year, and I'd like to thank our team for all their hard work in helping deliver another strong set of financial results.

謝謝你，瑪麗，我也謝謝大家今天早上加入我們。我們今年有了一個良好的開端，我要感謝我們的團隊為幫助實現另一組強勁的財務業績所做的辛勤工作。

We experienced consistent pricing trends during the quarter, below the 2% to 2.5% headwind we built into our full year guidance. For Q1, pricing was down only about $200 million year-over-year driven by demand for our products and a disciplined go-to-market strategy that prioritizes profitability and margins. And so far in April, we've seen pricing remain relatively consistent.

本季我們經歷了一致的定價趨勢，低於我們在全年指引中設定的 2% 至 2.5% 的逆風。第一季度，由於對我們產品的需求以及優先考慮盈利能力和利潤的嚴格的市場進入策略的推動，定價僅同比下降了約 2 億美元。四月到目前為止，我們看到定價保持相對穩定。

That said, our comparisons get tougher as we lap price increases taken in Q2 of last year. The U.S. retail industry experienced a slight mix shift away from the full-size truck segment during the quarter. However, we increased our volume and share with lower incentives than our competitors, which speaks to our strong truck franchises and our customer loyalty.

也就是說，當我們回顧去年第二季的價格上漲時，我們的比較變得更加困難。本季度，美國零售業經歷了全尺寸卡車細分市場的輕微混合轉變。然而，我們以比競爭對手更低的激勵措施增加了銷售和份額，這證明了我們強大的卡車特許經營權和客戶忠誠度。

Retail sales were up 6%, while fleet sales decreased more than 20% driven by 2 main factors. First, we encountered some production constraints impacting the timing of fleet deliveries on our commercial van and midsize pickups. We expect to recover most of this volume in the second half of the year.

在兩個主要因素的推動下，零售額成長了 6%，而車隊銷售額下降了 20% 以上。首先，我們遇到了一些生產限制，影響了我們的商用貨車和中型皮卡的車隊交貨時間。我們預計今年下半年將恢復大部分銷售。

Second, we made the strategic decision to produce more retail full-size SUVs compared to last year to satisfy our strong customer demand. Retail sales on our full-size SUVs have a higher trim mix that earned us more revenue per vehicle. We are committed to growing our strong and profitable fleet business, but we'll continue to balance fleet and retail customer demands with a focus on profitability.

其次，我們做出了比去年生產更多零售全尺寸SUV的策略決策，以滿足我們強勁的客戶需求。我們的全尺寸 SUV 的零售銷售擁有更高的裝飾組合，這為我們每輛車帶來了更多收入。我們致力於發展強大且獲利的車隊業務，但我們將繼續平衡車隊和零售客戶的需求，並專注於獲利能力。

We generated healthy cash flow during the quarter, helping support $600 million of year-to-date open market stock repurchases incremental to the ongoing ASR, retiring another 14 million shares since the beginning of the year. We now have approximately $800 million remaining in our existing share repurchase authorization.

我們在本季產生了健康的現金流，幫助支持了年初至今 6 億美元的公開市場股票回購增量，以補充正在進行的 ASR，自年初以來又退出了 1,400 萬股股票。目前，我們現有的股票回購授權中還剩下約 8 億美元。

In addition, we completed the first tranche of the $10 billion ASR last fall, retiring 4 million shares in Q1. Our fully diluted share count at the end of the quarter was 1.16 billion, down 17% from where we were just 1 year ago. Given the strong momentum we've seen thus far and our confidence in the 2024 outlook, we are raising full year guidance to EBIT adjusted in the $12.5 billion to $14.5 billion range, EPS diluted adjusted to the $9 to $10 range and adjusted automotive free cash flow in the $8.5 billion to $10.5 billion range.

此外，我們去年秋天完成了 100 億美元 ASR 的第一部分，在第一季註銷了 400 萬股股票。截至本季末，我們完全攤薄後的股票數量為 11.6 億股，比一年前下降了 17%。鑑於我們迄今為止看到的強勁勢頭以及我們對2024 年前景的信心，我們將全年指引上調，息稅前利潤調整為125 億美元至145 億美元範圍，攤薄每股收益調整為9 至10 美元範圍，調整後的汽車自由現金流量在 85 億至 105 億美元之間。

Now let's get into the Q1 results. We grew total company revenue by 8% to $43 billion driven by higher wholesale volumes in North America. Over the last 24 months, we've achieved consistent revenue growth, resulting in a CAGR of more than 15% over that period.

現在讓我們看看第一季的結果。由於北美批發量的增加，我們的公司總收入成長了 8%，達到 430 億美元。在過去 24 個月中，我們實現了持續的收入成長，期間複合年增長率超過 15%。

We also achieved $3.9 billion in EBIT adjusted, 9.0% EBIT-adjusted margins and $2.62 in EPS diluted adjusted. EBIT adjusted was up year-over-year and well above consensus driven by our continued strong ICE performance, improving EV profitability and our strategic cost actions, mitigating the effect of higher labor costs.

我們還實現了 39 億美元的調整後息稅前利潤、9.0% 的息稅前調整利潤率和 2.62 美元的攤薄調整後每股收益。調整後的息稅前利潤同比增長，遠高於共識，這得益於我們持續強勁的 ICE 業績、電動汽車盈利能力的提高以及我們的戰略成本行動，減輕了勞動力成本上升的影響。

We achieved adjusted automotive free cash flow of $1.1 billion, up materially versus being flat in Q1 of 2023 driven by improved working capital benefits through inventory management and production timing. North America delivered Q1 EBIT-adjusted margins of 10.6%, driving $3.8 billion of EBIT adjusted, up $300 million year-over-year primarily from higher wholesale volumes combined with steady pricing and ongoing cost containment.

由於庫存管理和生產時間表改善了營運資本效益，我們實現了 11 億美元的調整後汽車自由現金流，較 2023 年第一季的持平大幅成長。北美第一季的息稅前利潤調整後利潤率為10.6%，調整後息稅前利潤為38 億美元，同比增長3 億美元，這主要得益於批發量的增加以及穩定的定價和持續的成本控制。

During the quarter, we continued to benefit from our fixed cost reduction program, realizing an incremental $300 million from lower marketing and engineering spend. Our fixed cost base is at its lowest since Q1 2022. And we are on track to achieve the full $2 billion net of depreciation and amortization by the end of 2024.

本季度，我們繼續受益於固定成本削減計劃，透過降低行銷和工程支出實現了 3 億美元的增量。我們的固定成本基礎處於 2022 年第一季以來的最低水準。

Dealer inventory levels ended the quarter slightly above our 50- to 60-day end-of-year target at 63 days. However, we believe we are well positioned from an inventory standpoint as we head into a seasonally stronger part of the year and incur a few weeks of planned downtime in Q2 on our full-size pickups to prepare for future launches and to install new equipment.

本季末經銷商庫存水準略高於我們 50 至 60 天的年終目標（63 天）。然而，我們相信，從庫存的角度來看，我們處於有利地位，因為我們進入了一年中季節性強勁的時期，並且我們的全尺寸皮卡在第二季度計劃停工幾週，為未來的推出和安裝新設備做好準備。

GM International Q1 EBIT adjusted was breakeven, down $350 million year-over-year. China equity income was a loss of $100 million, down $200 million year-over-year as we lowered production to balance dealer inventory levels. This was slightly better than expected due to a continued focus on cost efficiencies. Having made progress reducing inventory levels, production is normalizing, and we expect to return to profitability in Q2.

通用汽車國際公司第一季調整後息稅前利潤達到損益平衡，年減 3.5 億美元。由於我們降低產量以平衡經銷商庫存水平，中國股權收入虧損 1 億美元，比去年同期減少 2 億美元。由於持續關注成本效率，這略優於預期。在降低庫存水準方面取得進展後，生產正在正常化，我們預計第二季將恢復盈利。

EBIT adjusted in GM International excluding China equity income was $100 million, down $150 million year-over-year driven by lower volume in South America and strategic decisions to protect margins. We anticipate new product launches and further cost efficiencies will help drive profitability improvements beginning in Q2.

通用汽車國際公司（不包括中國股權收入）調整後的息稅前利潤為 1 億美元，年減 1.5 億美元，原因是南美銷售下降以及保護利潤率的策略決策。我們預計新產品的推出和進一步的成本效率將有助於推動第二季開始的獲利能力提高。

GM Financial continues to perform well with Q1 EBT adjusted of $700 million, in line with last year and tracking well within the full year $2.5 billion to $3 billion guidance range. They continue to drive portfolio growth and paid a $450 million dividend to GM during the quarter.

通用汽車金融公司繼續表現良好，第一季息稅前利潤調整為 7 億美元，與去年一致，並很好地落在全年 25 億至 30 億美元的指導範圍內。他們繼續推動投資組合成長，並在本季度向通用汽車支付了 4.5 億美元的股息。

Cruise expenses were $400 million in the quarter, down from $800 million in Q4 '23, reflecting our cost reduction activities and a more focused operational plan. As Mary mentioned, Cruise is resuming operations in Phoenix, along with testing in simulated environments and on closed courses while they work to earn trust and build partnerships with regulators and customers. We expect full year Cruise expenses to be around $1.7 billion.

本季的遊輪費用為 4 億美元，低於 2023 年第四季的 8 億美元，反映出我們的成本削減活動和更有針對性的營運計劃。正如瑪麗所提到的，Cruise 正在鳳凰城恢復運營，並在模擬環境和封閉課程中進行測試，同時他們努力贏得信任並與監管機構和客戶建立合作夥伴關係。我們預計全年郵輪費用約為 17 億美元。

Let's move now to one of the most important metrics we're focused on: EV profitability. We continue to see sequential and year-over-year improvements in variable profit and EBIT margins as we benefit from scale, material cost and mix improvements.

現在讓我們轉向我們關注的最重要指標之一：電動車獲利能力。由於我們受益於規模、材料成本和組合的改進，我們繼續看到可變利潤和息稅前利潤率連續和同比改善。

Since last year, we have significantly reduced cell costs with a large driver being lower battery raw material costs, especially for lithium. We ramped our first battery JV plant last year. And as they increased production and made other efficiencies, the cost of cells came down significantly. And cell plant #2 in Tennessee is ramping even faster based on the learnings from plant 1 and is expected to reach full installed capacity by the end of the year.

自去年以來，我們大幅降低了電池成本，其中一個重要推動因素是電池原料成本的降低，尤其是鋰的成本。去年，我們建立了第一座電池合資工廠。隨著產量的提高和其他效率的提高，電池的成本顯著下降。田納西州的 2 號電池工廠根據 1 號工廠的經驗教訓，產能成長速度更快，預計今年底達到滿容量。

Collectively, these factors are helping improve vehicle profitability. For example, we have seen more than $12,000 of year-over-year cost savings in the LYRIQ alone. As we continue to ramp, we expect to see the benefits from the production tax credit continue to grow and our fixed cost absorption to improve meaningfully.

總的來說，這些因素有助於提高汽車獲利能力。例如，我們發現僅 LYRIQ 就比去年同期節省了超過 12,000 美元的成本。隨著我們繼續擴大規模，我們預計生產稅收抵免的好處將繼續增長，我們的固定成本吸收將顯著改善。

We wholesaled 22,000 Ultium-based EVs in Q1, up from less than 2,000 in the first quarter of last year and remain on track to achieve our 200,000 to 300,000 unit production and wholesale volume target for 2024. We will share more on EV profitability as we progress through the year.

我們在第一季批發了22,000 輛基於Ultium 的電動車，高於去年第一季的不到2,000 輛，並有望實現2024 年200,000 至300,000 輛的產量和批發量目標。汽車獲利能力的資訊一年來的進步。

I would also like to touch on EV pricing, which we recently adjusted on the 2024 Blazer EV. This action has been well received by our dealers and customers. And as Mary mentioned, the vehicle is gaining momentum. We assume some pricing pressure for both ICE and EVs in our business plan and guidance for 2024, but we continue to work on finding additional offsets through cost performance and other efficiencies.

我還想談談電動車的定價，我們最近對 2024 年 Blazer EV 進行了調整。這項措施得到了我們經銷商和客戶的一致好評。正如瑪麗所提到的，這輛車正在蓄勢待發。我們在 2024 年的商業計劃和指導中假設內燃機和電動車都面臨一定的定價壓力，但我們將繼續努力透過成本效益和其他效率來尋找額外的抵銷措施。

Importantly, this pricing action doesn't change our expectation to achieve positive variable profit for our EV portfolio in the second half of the year or our mid-single-digit margin target in 2025. We remain confident that when consumers see our new EVs and get a chance to drive them, they will appreciate the unique combination of design, performance, range and value that we offer at multiple price points. And because of our supply chain efforts, customers are well positioned to leverage the $7,500 clean energy consumer purchase tax credit.

重要的是，這項定價行動並沒有改變我們對下半年電動車產品組合實現正可變利潤的預期，也沒有改變我們在2025 年實現中個位數利潤率目標的預期。消費者看到我們的新電動車和如果有機會駕駛它們，他們會欣賞我們在多個價位提供的設計、性能、範圍和價值的獨特組合。由於我們在供應鏈方面的努力，客戶可以充分利用 7,500 美元的清潔能源消費者購買稅收抵免。

In closing, I want to reiterate our capital allocation framework along with our intention to be much more consistent in how we deploy capital. We are generating strong cash flow, which is funding our EV transformation and growth opportunities. These efforts include investing in future products, transitioning manufacturing capacity to EVs and deploying resources into cutting-edge battery technology.

最後，我想重申我們的資本配置框架，以及我們在資本配置方式上更一致的意圖。我們正在產生強勁的現金流，為我們的電動車轉型和成長機會提供資金。這些努力包括投資未來產品、將製造能力轉向電動車以及將資源部署到尖端電池技術上。

At the same time, you've seen us adapt to the dynamic market, particularly for EVs and made bold decisions to be more efficient with our capital spend, something we will continue to do moving forward.

同時，您已經看到我們適應了充滿活力的市場，特別是電動車市場，並做出了大膽的決定，以提高我們的資本支出效率，這是我們將繼續前進的事情。

Our balance sheet remains strong. And on shareholder returns, we executed the ASR last November. And the response has been overwhelmingly positive, with GM stock outperforming its peers and being up nearly 50% since the announcement. We have seen about a 1 turn improvement in our P/E multiple since the ASR, but we are still significantly undervalued relative to our historical average as well as our competitors and other industrial companies.

我們的資產負債表仍然強勁。在股東回報方面，我們去年 11 月執行了 ASR。市場反應非常積極，通用汽車股價表現優於同行，自公告發布以來已上漲近 50%。自 ASR 以來，我們的本益比提高了大約 1 倍，但相對於我們的歷史平均值以及我們的競爭對手和其他工業公司，我們的估值仍然被嚴重低估。

Obviously, we're not satisfied and know that we have a lot of work to do on our valuation and remain committed to improving it. As we move forward, we believe the strong cash generated by our ICE portfolio along with improved execution on our EV strategy as well as tangible progress on Cruise will help generate significant returns for all GM stakeholders.

顯然，我們並不滿意，並且知道我們在估值方面還有很多工作要做，並將繼續致力於改進它。隨著我們的前進，我們相信我們的 ICE 投資組合產生的強勁現金、電動車策略執行的改進以及 Cruise 的切實進展將有助於為通用汽車的所有利益相關者帶來可觀的回報。

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

我們的開場評論到此結束，現在我們將進入電話會議的問答部分。

(Operator Instructions) Our first question comes from the line of Joe Spak with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Joe Spak。

First on the guidance, Paul, I just want to understand the pricing assumption. Is it now just 2% to 2.5% negative for the remaining 3 quarters?

首先關於指導，保羅，我只想了解定價假設。現在剩下的 3 個季度是否只有 2% 到 2.5% 的負值？

And then you mentioned a couple of things on mix. So you've got higher EV sales, smaller crossovers. Both of those seem like they should continue through the year. And then I think you also mentioned some potential trim headwinds in pickups. But then on the other hand, you have the EV variable profit turning positive in the second half.

然後你提到了一些關於混音的事情。因此，電動車銷量更高，跨界車更小。這兩項似乎都應該持續一整年。然後我想你也提到了皮卡中一些潛在的裝飾阻力。但另一方面，電動車可變利潤在下半年轉為正值。

So I guess I just want to understand a little bit better how those all intersect. And should we actually see some, maybe net improvement in mix as we move through the year?

所以我想我只是想更好地理解它們是如何交叉的。隨著這一年的推移，我們是否真的應該看到混合方面的一些改善，也許是淨改善？

You're right that at the end of the day, 2% to 2.5% for the rest of the year is in our assumptions. So essentially, what we have done with the guidance has taken the outperformance that we saw in Q1 and built it into the full year. So really not much has changed on the assumption going forward.

你說得對，我們的假設是今年剩餘時間的成長率為 2% 到 2.5%。因此，從本質上講，我們根據指導所做的工作已經將我們在第一季看到的優異表現延續到了全年。因此，未來的假設其實並沒有太大改變。

So when you look at seasonality and you look at trend lines, keep in mind, in the second half of the year, we've got more EV volume coming in. And also we've got some of those pricing headwinds that we've built in. So we feel like this was a good move to go ahead and take it up from where we are. But we're still sort of guided by the same principles as when we put out our initial guidance for the year going forward.

因此，當您查看季節性和趨勢線時，請記住，在今年下半年，我們將迎來更多的電動車銷量。舉措，可以繼續前進，並從我們現在的情況出發。但我們仍然遵循與我們提出未來一年初步指導時相同的原則。

So as far as mix goes, we've talked about that a lot. We've obviously been trending fairly strong. We are lapping some price increases that we took last year. So as I said, the year-over-year comps get a little bit more difficult.

就混合而言，我們已經討論了很多。顯然我們的趨勢相當強勁。我們正在接受去年的一些漲價。正如我所說，逐年比較會變得更加困難。

But overall, I think the market is holding up fairly well. And as we said before, if we see pricing continuing with this momentum, we expect that we'd be in a position to take up guidance again.

但整體而言，我認為市場表現相當不錯。正如我們之前所說，如果我們看到定價繼續保持這種勢頭，我們預計我們將能夠再次接受指導。

Okay. As a second question just on Cruise, with the relaunch, I understand the manually operated and mapping. But Mary, you emphasized an improved system. So maybe you could just give us a little bit more color on how much of the existing technology stack is really sort of being leveraged and what's been redone.

好的。作為關於 Cruise 的第二個問題，隨著重新啟動，我了解了手動操作和映射。但是瑪麗，你強調了改進的系統。因此，也許您可以為我們提供更多信息，說明現有技術堆疊的實際利用程度以及重做的內容。

And then just on the financial side, does the guidance assume any further steps towards that relaunch? And what about capital need with the cash bounce down to $700 million?

那麼，就財務方面而言，該指南是否採取了任何進一步的措施來重新啟動？當現金反彈至 7 億美元時，資本需求又如何呢？

Sure. Well, first, Cruise, we're very excited that they're back on the roads in Phoenix. As we said, it is manual, but then we'll progress to supervised and then to unsupervised.

當然。嗯，首先，克魯斯，我們很高興他們回到鳳凰城的道路上。正如我們所說，它是手動的，但隨後我們將進展到有監督，然後是無監督。

And the core tech stack, what we've been doing since we made the decision to pause is continuing to work and improving it. So we've actually strengthened the safety of the system by continuing to make sure we comprehend, I would say, a low probability but higher severity type issues.

而核心技術堆疊，自從我們決定暫停以來我們一直在做的是繼續工作和改進它。因此，我們實際上透過繼續確保我們理解機率較低但嚴重性較高的問題來增強系統的安全性。

Because what we recognized in October although I think mainly it was an issue of not having built the right relationship with the regulatory agencies at all levels as well as the public and then being transparent, but we also realized even though we demonstrated and externally validated that the technology was safer than an average human driver, we need to do more.

因為我們在十月認識到的，雖然我認為主要是沒有與各級監管機構以及公眾建立正確的關係，然後是透明的問題，但我們也意​​識到，儘管我們證明並外部驗證了這一點這項科技比普通人類駕駛者更安全，我們需要做更多的事情。

And so that's what we've been focused on. That's why we're -- as we're going back to Phoenix, we're making sure we're up to date. But very excited about where we are in the technology and very much believe in it.

這就是我們一直在關注的重點。這就是為什麼我們——當我們返回鳳凰城時，我們要確保我們了解最新情況。但對我們在技術領域的進展感到非常興奮，並且非常相信它。

For what we plan to do this year of getting back on the road and demonstrating that the model works in one city, as I've said in the past and then expanding from there, we believe it's comprehended in the budget that we have.

對於我們今年計劃要做的事情，即重新上路並證明該模型在一個城市有效，正如我過去所說，然後從那裡擴展，我們相信它已包含在我們的預算中。

And then as you look at how we plan to fund the business, we're exploring quite a few options right now, including potentially outside -- taking outside investments as well. And so we'll have more to say about that as we move through the year. But I'm very excited to be back on the road.

然後當你看看我們計劃如何為業務提供資金時，我們現在正在探索相當多的選擇，包括潛在的外部投資——以及接受外部投資。因此，隨著這一年的推移，我們將對此有更多的討論。但我很高興能回到路上。

We believe in the technology. We're making it even better. That didn't stop through this whole period since last October.

我們相信技術。我們正在讓它變得更好。自去年十月以來，這種情況一直沒有停止過。

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 2 questions for me. Maybe first for Paul. Just can you remind us how we should think about the volume mix of your new and refreshed ICE crossovers that the next couple of quarters and how you're thinking about the prior margin improvement targets that you spoke about, I think it was last quarter?

只是問我 2 個問題。也許首先是保羅。您能否提醒我們應該如何考慮未來幾季新的和更新的 ICE 跨界車的銷售組合，以及您如何考慮您提到的先前的利潤率改善目標，我認為是上個季度？

And then maybe for Mary, hopefully kind of go back to the software strategy and maybe tell us some of the goals that we should be expecting for software and the Ultifi platform over the next 6 to 12 months?

然後，也許對 Mary 來說，希望能回到軟體策略，並告訴我們在未來 6 到 12 個月內我們應該對軟體和 Ultifi 平台抱持的一些目標？

Thanks for the question. On our crossover, as we've talked about the new Chevy Trax and Buick Envista, both of which are significantly improved from their prior profitability of the -- before the upgrades. And we've seen, particularly the Chevy Trax, really take off. Sales were up 500% in the quarter, and it's really performing well for us.

謝謝你的提問。在我們的跨界車中，正如我們所討論的新雪佛蘭 Trax 和別克 Envista，這兩款車的盈利能力均較升級前的先前盈利能力顯著提高。我們已經看到，尤其是雪佛蘭 Trax，真正起飛了。本季銷售額成長了 500%，這對我們來說確實表現良好。

So some of the trends in average transaction prices, I think, are muddied by the fact that the volume on those crossovers are going up considerably. But we've still seen strength in our truck pricing and our SUV pricing as well. So we continue to think that, that's accretive and additive to the portfolio, and it's built into our strong guidance that we're updating today.

因此，我認為，平均交易價格的一些趨勢因這些交叉交易量大幅上升的事實而變得混亂。但我們仍然看到卡車定價和 SUV 定價的優勢。因此，我們仍然認為，這對投資組合具有增值作用，並且它已納入我們今天更新的強有力的指導中。

And then as it relates to the software strategy as we move through the year and beyond, first, as Mike stepped back over the past year, though, he did an incredible job of reevaluating and changing our software development process as well as our validation process and brought in an incredibly strong team of probably more than a dozen people at the senior level to really focus on having the right software strategy as we move forward. So I'm very confident.

然後，由於它與我們今年及以後的軟體策略相關，首先，隨著麥克在過去的一年中退一步，他在重新評估和改變我們的軟體開發流程以及驗證流程方面做了令人難以置信的工作並引進了一支非常強大的團隊，其中可能有十幾名高層人員，在我們前進的過程中真正專注於制定正確的軟體策略。所以我非常有信心。

We paused at the beginning this year with the Blazer as we saw limited number of consumers had an issue where we've moved past that now. And that's allowed us to strengthen the software of all of our upcoming vehicles.

今年年初，我們暫停了 Blazer，因為我們發現少數消費者遇到了問題，但現在我們已經解決了這個問題。這使我們能夠增強所有即將推出的車輛的軟體。

And so the goals for the next couple of months are to launch with quality on time, and we're on a path to do that. And then as we go forward, as the new software goes across multiple vehicles, then that gives us an opportunity to focus more on growing subscriptions and services. But I'm very pleased with where we are, with the team that we have, and the progress they've made. And it's showing in our ability to launch with quality.

因此，接下來幾個月的目標是按時高品質發布，我們正在努力做到這一點。然後，隨著我們的前進，隨著新軟體適用於多種車輛，這使我們有機會更多地關注不斷增長的訂閱和服務。但我對我們所處的位置、我們擁有的團隊以及他們所取得的進步感到非常滿意。這體現在我們高品質推出的能力。

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, I just wanted to ask one strategic question on China. At this point, it's really not a moneymaker for you. And there's a lot of, obviously, noise on a geopolitical basis and sort of our relationship or the U.S. relationship with China.

瑪麗，我只想問一個關於中國的戰略問題。在這一點上，它對你來說確實不是賺錢的工具。顯然，在地緣政治基礎上以及我們的關係或美國與中國的關係上存在著許多噪音。

I'm just curious, is it time to really start thinking about strategic alternatives over there to potentially closing or selling the business? How do you kind of think about that in the context of sort of the broader portfolio over the next few years?

我只是很好奇，是時候真正開始考慮可能關閉或出售業務的策略替代方案了嗎？在未來幾年更廣泛的投資組合背景下，您如何看待這一點？

Yes. Just in general, with everything that's happened over the last several years with COVID and then with the supply chain issues around the chip shortage and then just broad supply chain issues, we have worked and really strengthened the resiliency of our supply chain, and we'll continue to do that.

是的。總的來說，隨著過去幾年新冠疫情發生的一切，以及圍繞晶片短缺的供應鏈問題，以及廣泛的供應鏈問題，我們已經努力並真正增強了我們供應鏈的彈性，我們’我會繼續這樣做。

But over the long term, we're committed to China. We believe that it's a market that, over the medium term, will have substantial growth. We're continuing to draw not only our global solutions, but in some cases, local solutions as we advance our electrification strategy.

但從長遠來看，我們致力於中國。我們相信，從中期來看，這個市場將會大幅成長。在推動電氣化策略的過程中，我們不僅繼續制定全球解決方案，而且在某些情況下制定本地解決方案。

Right now, NAVs account for about 30% of GM's total China deliveries and that's from a Q1 perspective. And we're going to build on that through this year because we have an intense NAV launch cadence. From Q2 then moving forward, we have several PHEVs we'll be launching and moving with full EVs as well.

目前，資產淨值約佔通用汽車中國總交付量的 30%，這是從第一季的角度來看的。今年我們將在此基礎上繼續努力，因為我們的 NAV 發布節奏很快。從第二季開始，我們將推出幾款插電式混合動力車，並與全電動汽車一起使用。

So we also have established the Durant Guild, and that allows us to focus on some niche segments in China that are premium and more lifestyle-oriented. And for instance, the Tahoe and the Yukon will be available for preorder later this year.

所以我們還成立了杜蘭特公會，這使我們能夠專注於中國一些高端、更注重生活方式的細分市場。例如，Tahoe 和 Yukon 將於今年稍後接受預訂。

So we think, clearly, that market has shifted and the landscape has shifted from -- with the capability of the Chinese OEMs. But we still think there's a role in a place for GM to play with luxury premium. And again, as I mentioned, leveraging not only our global solutions but local solutions. So that is our focus, but we've done that while focusing on supply chain resiliency as well.

因此，我們認為，顯然，隨著中國原始設備製造商的能力，市場已經發生了變化，格局也發生了變化。但我們仍然認為通用汽車在豪華車溢價方面可以發揮作用。正如我所提到的，不僅利用我們的全球解決方案，而且利用本地解決方案。這就是我們的重點，但我們在做到這一點的同時也關注供應鏈的彈性。

Okay. And then I just have one quick follow-up on pricing. Saying 2% to 2.5%, I understand is your best estimate right now. But [current] pricing is difficult. So I'm just curious, maybe, Paul, if you could give us sort of a high level how you think about pricing because there's a lot of cross currents. I mean there's EV price cutting, but there seems like there is resilience on the ICE side.

好的。然後我對定價進行了快速跟進。說 2% 到 2.5%，我知道這是你目前最好的估計。但[目前]定價很困難。所以我只是好奇，也許，保羅，你能否向我們介紹一下你對定價的看法，因為存在著許多分歧。我的意思是電動車價格下調，但內燃機方面似乎有彈性。

When you look at your cap, you're at 100% capacity utilization, which means you're kind of tight on your sort of structural supply. Look at 0- to 6-year old vehicles, they're going to continue to shrink through the next 2 years probably. So like the used vehicle market is going to stay relatively tight.

當你查看你的上限時，你的產能利用率為 100%，這意味著你的結構性供應有點緊張。看看 0 到 6 年車齡的車輛，它們可能會在未來 2 年內繼續萎縮。因此，二手車市場將保持相對緊張。

So I mean I think people are looking at this dealer inventory and saying, hey, things are getting a little bit toppy. There's risk on pricing. When you look at some of the structural aspects of supply, they're reasonably constrained. And it seems like even in a Tier 2 and 3 supply base, they're constrained and on labor.

所以我的意思是，我認為人們在查看經銷商庫存時會說，嘿，事情變得有點緊張了。定價存在風險。當你觀察供應的一些結構性方面時，你會發現它們受到了合理的限制。似乎即使在二級和三級供應基地，他們的勞動力也受到限制。

I mean I just -- it just seems like its resilience may be with us a little bit longer than people are fearing. I mean the Canyon as well as your vans you said you were short on some stuff that you were getting to fleets that you'll catch up later in the year.

我的意思是，它的恢復能力似乎比人們擔心的要長一些。我指的是峽谷以及你們的貨車，你們說你們缺少一些東西，你們將在今年稍後趕上這些東西。

So there's -- and just all these kind of pockets of shortages that still persist. And it seems like the kind of things going to last for longer than people are fearing. How do you really kind of concoct or come up with that estimate of 2% to 2.5%? And where do you think things will kind of land over the next couple of years?

因此，所有這些短缺仍然持續存在。而且這種事情的持續時間似乎比人們擔心的還要長。您是如何炮製或得出 2% 至 2.5% 的估計值的？您認為未來幾年事情會走向何方？

Yes. Well, as we've talked about, the 2% to 2.5%, I want to be very clear, is not an expectation. That's an assumption that we've put into the guidance and provided for people to run their models from that standpoint.

是的。嗯，正如我們所討論的，我想非常明確的是，2% 到 2.5% 並不是一個期望。我們已將這一假設納入指南中，並讓人們從這個角度運行他們的模型。

But as we've seen with the first quarter outperformance, we were there. And April is actually holding up quite well for us with ATPs actually trending slightly higher than where they did coming out of the quarter.

但正如我們所看到的第一季的優異表現，我們已經做到了。事實上，4 月對我們來說表現得很好，ATP 的趨勢實際上略高於本季的水平。

So not really an expectation as much as we've built an assumption in recognizing that there may be some macro headwinds out there. We do know that our comps get tougher as we lap our price increases that we took in the summer of last year.

因此，這並不是真正的預期，而是我們在認識到可能存在一些宏觀阻力時建立的假設。我們確實知道，隨著去年夏天的價格上漲，我們的競爭變得更加艱難。

But overall, the commercial environment continues to be resilient. And I think this is a very common theme that we've had now for more than a year worth of quarters of -- there's a lot of sort of downward bias, but we're continuing to manage commercially month-to-month and producing in line with demand. And I think with that balance, it's been very favorable for us on both pricing and margins.

但整體而言，商業環境持續保持彈性。我認為這是一個非常普遍的主題，我們已經有一年多的季度了——存在許多向下的偏差，但我們將繼續按月進行商業管理並生產符合需求。我認為，有了這種平衡，我們在定價和利潤方面都非常有利。

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。

First quarter EBIT was strong and annualizing at about $15.5 billion. I think kind of the full year on EBIT is now $12.5 billion to $14.5 billion for the year. So I'm hoping to better understand some of the factors that temper EBIT over the balance of the year compared to the first quarter run rate.

第一季息稅前利潤強勁，年化約 155 億美元。我認為全年息稅前利潤現在是 125 億至 145 億美元。因此，我希望更了解與第一季運行率相比，今年剩餘時間影響息稅前利潤的一些因素。

So I would say it comes down to a couple of things. One is there's still the assumption in there of the down 2% to 2.5%. And as we scale up EVs and we continue to make progress about getting them to variable profit positive, the margins on those are not as strong as ICE, obviously.

所以我想說這可以歸結為幾件事。一是仍有下降 2% 至 2.5% 的假設。隨著我們擴大電動車規模，並繼續在實現可變利潤為正方面取得進展，這些產品的利潤率顯然不如 ICE。

So we see a little bit of pressure in the back half from that. But overall, we'll remain consistent. And as I've said, if we don't see that pricing softness, I would expect that there's an opportunity to outperform these numbers.

所以我們看到後半場有一點壓力。但總體而言，我們將保持一致。正如我所說，如果我們沒有看到定價疲軟，我預計有機會超越這些數字。

That's helpful, Paul. Another question on EVs and on the pricing topic. The company spoke to good demand and feedback for its EVs, but the broader market has been quite competitive for EV in terms of pricing.

這很有幫助，保羅。關於電動車和定價主題的另一個問題。該公司表示對其電動車的需求和反饋良好，但更廣泛的市場在定價方面對電動車的競爭相當激烈。

Hoping to better understand if you think GM is going to need to take additional pricing actions this year to reach the 200,000 to 300,000 outlook that you have in North America? Or did the demand signals you have from the market suggests you can hit that kind of volumes this year with relatively firm pricing going forward?

希望更了解您是否認為通用汽車今年需要採取額外的定價行動才能達到您在北美的 200,000 至 300,000 輛前景？或者，您從市場獲得的需求訊號是否表明，今年您可以在相對穩定的定價下達到這樣的銷售量？

Sure. Well, obviously, the early results here as we're ramping up Ultium are pretty strong with retail sales up about 20% year-over-year despite the fact that the Bolt, which is sunsetting the prior generation, was down about 60% during the quarter.

當然。嗯，很明顯，我們正在大力推廣 Ultium，但早期結果相當強勁，零售額同比增長了約 20%，儘管 Bolt（正在淘汰上一代）在 2017 年下降了約 60%。

So retail demand remained strong. We've obviously seen a lot of softness in fleet, particularly on the rental side for EVs, but we see customers responding. Now these are on admittedly lower volumes as we scale up, but we're building that momentum that I think we need with the products to be able to show consumers what our capabilities are.

因此零售需求仍然強勁。我們顯然看到了車隊的許多疲軟，特別是在電動車的租賃方面，但我們看到客戶做出了反應。現在，隨著我們規模的擴大，這些產品的銷售無疑有所下降，但我們正在建立我認為我們需要的產品動力，以便能夠向消費者展示我們的能力。

When you look at the statistics that Mary cited in the script about the range and what's in our earnings deck, you see that the purpose-built EVs are actually better in terms of performance, range, charging speed, towing capabilities, et cetera, than many of the other products that are out there on the market. And I think as consumers continue to see that, we'll be well positioned as EV demands at the retail side continue to trend. So obviously going to watch it closely, but the early indications are strong.

當您查看瑪麗在腳本中引用的有關續航里程和收益表中的統計數據時，您會發現專用電動車實際上在性能、續航里程、充電速度、牽引能力等方面比電動車更好。有許多其他產品。我認為，隨著消費者繼續看到這一點，隨著零售方面的電動車需求繼續呈趨勢，我們將處於有利地位。顯然我們會密切關注，但早期跡像很明顯。

Our next question comes from Dan Ives with Wedbush.

我們的下一個問題來自丹艾夫斯和韋德布希。

So does it -- and for Mary and Paul, does it feel like now the UAW in the rearview mirror, a lot of the EV strategy now coming to fruit that the company is just in a strong position, which is less uncertainty? I mean can you maybe compare today even 6 to 9 months ago internally?

那麼，對於瑪麗和保羅來說，現在是否感覺 UAW 已成為後視鏡中的一部分，許多電動車策略正在取得成果，表明該公司處於強勢地位，不確定性較小？我的意思是，您能否在內部比較今天甚至 6 到 9 個月前的情況？

No, I think you make a really good point, Dan. We do -- I feel much better of where we are, as I mentioned. We now have -- we're ramping up, and the module issue is behind us. All the additional lines that we were scaling are all on track. So we feel very good about that.

不，我認為你說得很好，丹。我們確實如此——正如我所提到的，我對我們現在的處境感覺好多了。現在我們正在加速，模組問題已經過去了。我們正在擴展的所有額外線路都已步入正​​軌。所以我們對此感覺非常好。

Obviously, we're pleased that we were able to get an agreement with UAW. We continue to work with them on a number of fronts and build the relationship with the new leadership team as they were named pretty close to when we started negotiations last year. So I feel that we're continuing to talk, raise issues with each other and problem solve where we have challenges. I feel much better about that.

顯然，我們很高興能夠與 UAW 達成協議。我們繼續在多個方面與他們合作，並與新領導團隊建立關係，因為他們的任命與我們去年開始談判時非常接近。所以我覺得我們正在繼續交談，互相提出問題，並在遇到挑戰時解決問題。我對此感覺好多了。

And as Paul said, we're seeing good progress with our LTM-based EVs because they are purpose-built and they do have -- there's -- customer's not making a trade-off. And we also see the charging infrastructure get better every quarter. So I feel very good about where we are, and I think we've got momentum.

正如 Paul 所說，我們看到基於 LTM 的電動車取得了良好的進展，因為它們是專門設計的，而且客戶確實沒有做出權衡。我們也看到充電基礎設施每季都在變得更好。所以我對我們的現狀感覺非常好，而且我認為我們有動力。

And believe me, we have a very aligned team across GM that is going to seize all these opportunities. I would also add, Dan, that I feel very good, as I mentioned earlier, about where we are with software. The work and the talent that is in the company now and the progress that we've made gives me confidence we're going to be in a good position there as well. So from last year to now, much better, much more positive.

相信我，我們在通用汽車內部擁有一支非常團結的團隊，他們將抓住所有這些機會。丹，我還要補充一點，正如我之前提到的，我對我們在軟體方面的進展感覺非常好。公司現在的工作和人才以及我們所取得的進步讓我相信我們也將在那裡處於有利地位。所以從去年到現在，好多了，也積極多了。

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。

Just thinking about whole sales growth for the full year. Global volumes were up almost 4% in the quarter. Can you help dimension the impact for this current quarter's full-size pickup downtime? And just what the full -- what the first half versus second half split might look like for the LTM volumes relative to that 200,000 to 300,000 units targeted?

只是考慮全年的整體銷售成長。本季全球銷量成長近 4%。您能否協助衡量本季全尺寸皮卡車停機時間的影響？相對於 20 萬至 30 萬單位的目標，LTM 銷售的上半年和下半年的情況會是什麼樣子？

Well, I can -- let me just comment on full-size pickups. We have taken -- announced that we have some down weeks so we start installing equipment so we can have a seamless launch as we get to the next model. And we're just going to stay focused on where the customer demand is at.

好吧，我可以——讓我來評論一下全尺寸皮卡。我們已經宣布，我們有幾週的停工期，因此我們開始安裝設備，以便在推出下一個型號時無縫啟動。我們將持續關注客戶需求所在。

We feel we've got really strong products that, as Paul mentioned, we're growing share. We grew share in the first half with strong pricing. So I think that speaks for the strength of our product.

我們覺得我們擁有非常強大的產品，正如保羅所提到的，我們的份額正在不斷增長。上半年，我們憑藉強勁的定價增加了份額。所以我認為這說明了我們產品的實力。

But we're going to be customer demand, and we're going to make sure that we don't overbuild because I think it's important to manage residuals and to make sure that we're managing our inventory. I think that's one of the things that we've done that allows us to continue to be strong with pricing and with our products. And as it relates to overall wholesale growth, I don't know, Paul, if you want to talk about that from an EV perspective.

但我們將滿足客戶的需求，我們將確保我們不會過度建設，因為我認為管理剩餘物並確保我們管理我們的庫存很重要。我認為這是我們所做的事情之一，使我們能夠在定價和產品方面繼續保持強勢。由於它與整體批發增長有關，我不知道，保羅，你是否想從電動車的角度談論這個問題。

Yes. So on the EV growth, obviously, supply is going to increase throughout the year as we ramp to the 200,000 to 300,000 units of production that we've talked about. Spring Hill is coming online in Q -- came online in Q1, and we're ramping up production pretty steadily in the Ultium cell plant 2.

是的。因此，就電動車的成長而言，顯然，隨著我們將產量提高到我們所說的 20 萬至 30 萬輛，全年供應量將會增加。 Spring Hill 將於第一季上線，我們正在穩步提高 Ultium 電池工廠 2 的產量。

And as module production kicks up, we see an exit rate that's significantly greater. Now of course, we're all going to be paced -- we're going to be paced by where the consumer is from that standpoint. Early indications are that the ramp is going well, and we should expect to see that consistently growing throughout the year.

隨著模組產量的增加，我們看到退出率顯著提高。當然，現在我們都將跟上步伐——從這個角度來看，我們將根據消費者的情況來調整步伐。早期跡象表明，成長進展順利，我們預計全年成長將持續成長。

Got it. And then just to hit on the quarter's China JV losses. Is the expectation to see profitability the remainder of the year? Or could this take another quarter or 2? And then for GMI consolidated, can you just shed any light on the profitability actions that are taking place in South America?

知道了。然後是本季中國合資企業的虧損。預計今年剩餘時間會獲利嗎？或者這還需要四分之一或兩個季度嗎？然後，對於 GMI 合併，您能否透露一下南美洲正在發生的獲利行動？

Yes, sure. So as China -- I think it's progressing as we articulated at the initial guidance range. We did trend slightly better than what we expected, but we foreshadowed the loss in Q1. We do expect that to reverse and be profitable for the rest of the year. And we said results that were similar to slightly down from last year in China.

是的，當然。對於中國來說，我認為它正在按照我們在最初的指導範圍內闡述的那樣取得進展。我們的趨勢略好於我們的預期，但我們預示了第一季的虧損。我們確實預計這種情況會扭轉並在今年剩餘時間內實現盈利。我們說中國的結果與去年相比略有下降。

So the rest of the year is we'll have to manage it. But like I said, Q1 was a little bit ahead of expectations, but generally in line, so we'll be profitable.

所以今年剩下的時間我們必須處理好它。但正如我所說，第一季有點超出預期，但總體符合預期，因此我們將實現盈利。

For the rest of GMI, we had some downtime in South America, in particular. We're watching Argentina fairly closely as we continue to see the reforms that are going on there. But overall, we see that improving from kind of where we were and not overly concerned about that just yet, but that's a market that we're continuing to watch.

對於 GMI 的其他地區，特別是在南美洲，我們經歷了一些停工。我們正在相當密切地關注阿根廷，因為我們繼續看到那裡正在進行的改革。但總的來說，我們看到情況有所改善，目前還沒有過度擔心，但這是我們繼續關注的市場。

Our next question comes from Alex Potter with Piper Sandler. Alex, you may need to unmute your line.

我們的下一個問題來自亞歷克斯·波特和派珀·桑德勒。 Alex，您可能需要取消線路靜音。

Yes. Can you hear me?

是的。你聽得到我嗎？

Yes.

是的。

Got you, Alex.

明白了，亞歷克斯。

Okay. Very good. So first question on Ultium. You talked to the 200,000 to 300,000 production guidance, which is good to see. But at the same time, you talk about how you're going to use consumer demand as sort of a gating factor.

好的。非常好。第一個問題是關於 Ultium 的。你談到了20萬到30萬的產量指導，這是很好看的。但同時，您談到了將如何利用消費者需求作為某種控制因素。

Would you say that the 200,000 to 300,000, is that something that you're going to stick to sort of come hell or high water and then gauge consumer demand from there? Or is it something that you could slow walk maybe towards midyear, toward the second half if it doesn't seem like the consumer demand is materializing?

您是否會說 200,000 到 300,000 是您要堅持的東西，然後從那裡衡量消費者需求？或者，如果消費者需求似乎沒有實現，您是否可以在年中、下半年慢慢推進？

We're never going to build -- just build products come hell or high water because the number is out there. We're always going to be responsive to the customer. But we do believe that we're going to be in that $200,000 to $300,000 range with the number of EVs that we have launching off of Ultium.

我們永遠不會去建造——只是建造產品，不管是地獄還是高水位，因為數字就在那裡。我們將始終對客戶做出回應。但我們確實相信，我們推出的 Ultium 電動車數量將在 20 萬至 30 萬美元之間。

We're seeing strength with HUMMER as we're ramping that up. We're seeing strength with LYRIQ, and Blazer is just now ramping up. We've got the Equinox coming, and there's several more. So I think when you look at the fact that these are all going to meet customers exactly with the performance and functionality that they need, we think we're well positioned there.

隨著我們不斷加大力度，我們看到了悍馬的優勢。我們看到了 LYRIQ 的實力，而 Blazer 剛開始崛起。春分即將到來，還有更多春分。因此，我認為，當你看到這些都將完全滿足客戶所需的性能和功能時，我們認為我們在這方面處於有利地位。

So I would also say though as you look across our portfolio, we are well positioned, whether it's ICE or EV from a -- with the strength of our ICE portfolio. So we're well positioned to respond to the customer.

因此，我還想說，當你縱觀我們的投資組合時，我們處於有利地位，無論是 ICE 還是電動車，憑藉我們 ICE 產品組合的優勢。因此，我們能夠很好地回應客戶。

Like I said, we are very focused on making sure that we don't overbuild, that we're able to maintain our price, our margins. And we think we've got the strength.

就像我說的，我們非常注重確保我們不會過度建設，我們能夠維持我們的價格和利潤。我們認為我們有實力。

And specifically, if you look at Spring Hill, we can build EV or ICE in that plant. So I think we're well positioned. We think we're going to be in the 200,000 to 300,000 range by customer demand, and we'll just continue to adapt.

具體來說，如果你看看 Spring Hill，我們可以在工廠生產電動車或內燃機。所以我認為我們處於有利位置。我們認為，根據客戶需求，我們的數量將在 200,000 到 300,000 之間，我們將繼續適應。

Okay. Perfect. And then second, we talked a little bit about competition within China. I'm interested in hearing sort of your updated views on competition from the Chinese outside China. What's, I guess, GM's stance on this?

好的。完美的。其次，我們討論了一些有關中國內部競爭的問題。我有興趣聽聽您對中國境外競爭的最新看法。我想通用汽車對此的立場是什麼？

Do you think protectionism is necessary? Are you more of a free market sort of philosophy from a company standpoint, competing against the Chinese globally, particularly in places like South America? Yes, any comments on China.

您認為保護主義有必要嗎？從公司的角度來看，你們是否更傾向於自由市場理念，在全球範圍內與中國人競爭，特別是在南美洲等地？是的，有什麼關於中國的評論嗎？

Yes. It's a great question. And first of all, I think in general, we want to have our best products. And if there's a level playing field, then it's -- we want to compete based on products. I think you have to look at where is there a level playing field, and what's happening around the world.

是的。這是一個很好的問題。首先，我認為總的來說，我們希望擁有最好的產品。如果存在公平的競爭環境，那麼我們希望基於產品進行競爭。我認為你必須看看哪裡有公平的競爭環境，以及世界各地正在發生什麼。

But there's a lot that can happen from a regulatory or a trade perspective, but we're focused on is making sure we have great vehicles at the right price, so what is going to help us, GM maintain its share around the world.

但從監管或貿易的角度來看，可能會發生很多事情，但我們的重點是確保我們以合適的價格擁有優質的車輛，因此這將幫助我們，通用汽車保持其在全球的份額。

When you look at South America, the Chevy brand is incredibly strong. And we're going to continue to focus on having great designs with great product portfolio with the right features and functions, and we're constantly working on taking cost out of the system. So it's a -- there's value there as well. And that's the way we're going to compete around the world. But I think the focus has got to be on a level playing field.

當你看看南美洲時，雪佛蘭品牌非常強大。我們將繼續專注於擁有出色的設計、出色的產品組合以及正確的特性和功能，並且我們不斷致力於降低系統成本。所以這也是有價值的。這就是我們在世界各地競爭的方式。但我認為重點必須放在公平的競爭環境。

Our next question comes from Rod Lache with Wolfe Research.

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

This is Bruno on for Rod. I'd like to understand the key assumptions you're making in your EV margin outlook for positive contribution margins this year and positive overall margins next year. Based on the hints you've given us, we think you need to improve contribution margins per EV by like 10,000 to 15,000 in 2025 compared to '23.

這是布魯諾替補的羅德。我想了解您在企業價值利潤率前景中對今年正貢獻利潤率和明年正總體利潤率做出的關鍵假設。根據您給我們的提示，我們認為您需要在 2025 年將每輛電動車的邊際貢獻率比 23 年提高 10,000 到 15,000 美元。

I think if I heard correctly, that's about in line with what you're seeing on the LYRIQ year-over-year. But if you could just help us understand the key buckets of lower cost and what's driving that and your underlying assumptions around pricing and costs.

我想如果我沒聽錯的話，這與您在 LYRIQ 上看到的逐年情況大致一致。但是，如果您能幫助我們了解降低成本的關鍵因素、推動成本下降的因素以及您對定價和成本的基本假設。

Yes. Thanks for the question. So if you go back to a presentation that we did back in November, we kind of highlighted the road map for 60 points of EBIT improvement in 2024, about 60% of that is driven by scale benefits.

是的。謝謝你的提問。因此，如果您回顧我們在 11 月所做的演示，我們強調了 2024 年 EBIT 改進 60 個點的路線圖，其中約 60% 是由規模效益驅動的。

So if you think about where we are, we've invested a lot into the infrastructure, battery plants and manufacturing facilities, supply chain, et cetera, to ramp up production. So some of our EBIT losses are really driven by the fact that we need to grow into what we've built.

因此，如果你想想我們現在的處境，你會發現我們在基礎設施、電池廠和製造設施、供應鏈等方面投入了大量資金，以提高產量。因此，我們的一些息稅前利潤損失實際上是由於我們需要成長為我們已經建立的東西這一事實造成的。

And so that's about 60% of that 60 points improvement. The rest is really kind of split evenly between trims and launches and also material cost reductions. So we've gotten off to a good start as we've seen battery raw materials start to come into the cell costs this year. We've done a good job of reducing cell costs.

這大約是 60 點改進的 60%。剩下的部分實際上是在裝飾和發布以及材料成本降低之間平均分配。因此，我們有了一個良好的開端，因為我們今年看到電池原料開始計入電池成本。我們在降低電池成本方面做得很好。

And as we said, the LYRIQ is down $12,000 in cost year-over-year. So that's the type of progress that we expect. And then as we get into 2025, scale becomes a lower driver, and we get into more of material cost reductions in the vehicles that we're producing as they get out of their early years and we start to harness savings in each vehicle line in the second, third year of production, et cetera.

正如我們所說，LYRIQ 的成本比去年同期下降了 12,000 美元。這就是我們期望的進展類型。然後，當我們進入 2025 年時，規模將成為一個較低的驅動因素，當我們生產的車輛度過早期階段時，我們會更多地降低材料成本，並且我們開始利用每個車輛系列的節省生產的第二年、第三年等等。

So there's a pretty good road map there. Pricing, obviously, we're going to continue to watch and see where the market is. As we talked about, what we did on the Blazer was built into our expectations. So we're not changing off of those targets. And we're just a quarter in on the Ultium ramp, but the early indications are positive.

所以那裡有一個非常好的路線圖。顯然，定價方面，我們將繼續觀察市場狀況。正如我們所說，我們在 Blazer 上所做的一切都是基於我們的期望。所以我們不會改變這些目標。我們的 Ultium 升級只完成了四分之一，但早期跡像是積極的。

Okay. And then just stepping back, we wonder if there's multiple paths to the EV losses that are currently being incurred eventually reversing. Specifically if the demand or pricing environment for these EVs is softer than expected, how much flexibility do you have to lower costs in the EV business, including as it relates to battery plans? I think your plans for 160 gigawatt hours eventually over 2 million units. Is there flexibility to rationalize that if the demand differs from your expectations?

好的。然後退一步，我們想知道是否有多種途徑可以最終扭轉目前正在發生的電動車損失。具體來說，如果這些電動車的需求或定價環境比預期疲軟，您有多大的靈活性來降低電動車業務的成本，包括與電池計畫相關的成本？我認為你們的 160 吉瓦時計劃最終會超過 200 萬台。如果需求與您的期望不同，是否可以靈活地合理化？

Well, I think you've seen us take steps before. We had a delay in the Orion plant where we've really kind of taken advantage of some of the slowdown to put improvements into that plant that are going to help us lower the cost that came out of some of the early learnings from production at Factory ZERO and things that we can do going forward.

嗯，我想您之前已經看到我們採取的措施了。我們在 Orion 工廠的建設出現了延誤，我們確實利用了一些放緩的機會對該工廠進行了改進，這將幫助我們降低從工廠生產的一些早期經驗中得出的成本零以及我們未來可以做的事情。

So I think you're going to see us be very nimble. And we're trying to build as much flexibility as we can to navigate from here to significantly higher EV adoption going forward. But when you look at our portfolio across both an ICE, EV, it's probably the best portfolio in our history and customers are responding to that.

所以我想你會看到我們非常靈活。我們正在努力建立盡可能多的靈活性，以便從現在開始大幅提高電動車的採用率。但是，當您查看我們的 ICE 和 EV 產品組合時，您會發現它可能是我們歷史上最好的產品組合，並且客戶對此做出了回應。

So we're going to meet the customer where they are and continue to endeavor to exceed their expectations and really reward them for that loyalty that they have to us going forward. And we think that, that can translate into the EV market as well. But as Mary -- we're going to continue to be guided by demand for our products and our vehicles. And the early indications are that it's going quite well.

因此，我們將滿足客戶的需求，並繼續努力超越他們的期望，並真正獎勵他們對我們未來的忠誠度。我們認為，這也可以轉化為電動車市場。但作為瑪麗，我們將繼續以我們的產品和車輛的需求為導向。早期跡象顯示一切進展順利。

Our next question comes from Chris McNally with Evercore.

我們的下一個問題來自 Evercore 的 Chris McNally。

Just wanted to dive into some of the questions on seasonality, following up to some of Mark's questions prior. Paul, could you talk about the seasonality in wholesale? I think you've talked about full year being up sort of mid-single digits, which would imply somewhere in the low to mid 800,000 range for the rest of the year. But if you could just help us with just a little bit of the cadence, given some of the downtime you mentioned in Q2.

只是想深入探討一些有關季節性的問題，跟進馬克之前的一些問題。 Paul，您能談談批發的季節性嗎？我想你已經談到全年的成長是中個位數，這意味著今年剩餘時間的成長將在 80 萬中低至中的範圍內。但是，考慮到您在第二季度提到的一些停機時間，如果您能幫助我們調整一點節奏。

Yes. There was probably a little bit of pull forward from Q1 to Q2, particularly with the trucks as we prep for that downtime and that retooling that's going to happen for a few weeks. But generally, seasonality, we expect to be very similar with Q1 and Q4 being slightly lower than Q2 and Q3.

是的。從第一季到第二季可能會有一些提前，特別是在卡車方面，因為我們正在為幾週內發生的停機和重組做準備。但總的來說，我們預計季節性非常相似，第一季和第四季略低於第二季和第三季。

So nothing has dramatically changed. But around the edges, maybe a little bit of pull forward from Q2 into Q1. As we look at the second half, I just want to caution that we've got to continue to be guided by the assumption that's in there on pricing, which obviously has a bigger second half impact, given the performance that we've already booked in Q1 and certainly where April is looking right now. And then with the EV volume ratcheting up in the back half, that's where we see a little bit of front half loading in the guidance that we've provided.

所以一切都沒有發生巨大的改變。但在邊緣，可能會從第二季提前到第一季。當我們展望下半年時，我只是想提醒大家，我們必須繼續以定價假設為指導，考慮到我們已經預訂的業績，這顯然會對下半年產生更大的影響在第一季度，當然還有四月現在的情況。然後，隨著後半部的電動車音量逐漸增加，我們在提供的指南中看到前半部的負載增加。

Perfect. All makes sense. And then maybe just on the actual production side, should we think of sort of truck T1 production as maybe has [heightened] in Q1? Do we get back to this level in Q4, just looking at the overall yield and inventory build?

完美的。一切都有道理。然後也許只是在實際生產方面，我們是否應該考慮卡車 T1 的產量可能在第一季[增加]？僅考慮整體產量和庫存建設，我們會在第四季度回到這個水平嗎？

I think that, obviously, we're going to continue to watch demand where it is. The inventory, while we built in March, we're still -- we came out of the quarter about 63 days of inventory across the system.

我認為，顯然，我們將繼續關注需求情況。庫存雖然我們在 3 月建立，但本季整個系統的庫存量仍然約為 63 天。

So some of that was intentional knowing that we were going to have this downtime. So once we get through that, I think we could see third quarter production trend a little bit higher, but we're going to be guided by where demand sits.

所以其中一些是故意的，因為我們知道我們將會有這段停機時間。因此，一旦我們解決了這個問題，我認為我們可能會看到第三季的產量趨勢略高，但我們將受到需求所在的指導。

Our next question comes from Ryan Brinkman with JPMorgan.

我們的下一個問題來自摩根大通的 Ryan Brinkman。

Thanks for all the detail on your planned upcoming BEV launches in the U.S. It does seem likely you will gain share there with the number and attractiveness of the offerings. I'm curious if you have a similarly aggressive EV rollout strategy planned for China, including because it seems your share in China has declined amidst the industry transition there to EVs.

感謝您提供有關計劃即將在美國推出的純電動車的所有詳細資訊。我很好奇你們是否有針對中國的類似積極的電動車推出戰略計劃，包括因為在中國行業向電動車轉型的過程中，你們在中國的份額似乎有所下降。

I heard you citing earlier the increased competitiveness of the domestic Chinese automakers as another contributing factor. And there may be still other factors. But would a blitz of new EVs be sufficient do you think at this stage to stabilize the share trend in China?

我聽到您早些時候提到中國國內汽車製造商競爭力的增強是另一個影響因素。可能還有其他因素。但您認為現階段新電動車的熱潮足以穩定中國的份額趨勢嗎？

Do you have such a blitz planned over the next 1 to 2 years? And would that be a pathway to improved financial performance or given some of the recent pricing trends represent maybe more of an investment with the payoff some years further out?

您在未來 1 到 2 年內有這樣的閃電戰計畫嗎？這是否是改善財務表現的一條途徑，或者考慮到最近的一些定價趨勢可能更多地代表了一項投資，並在幾年後獲得回報？

Yes. I think we do have, I think, some strong NAVs coming in China this year. We're repositioning [LYRIQ]. We've got the Cadillac OPTIQ launch coming. You'll see that at the Beijing Auto Show. And we also have PHEV entries in the Buick GL8 and the Equinox.

是的。我認為今年我們確實在中國推出了一些強大的資產淨值。我們正在重新定位 [LYRIQ]。凱迪拉克 OPTIQ 即將發布。你會在北京車展上看到這一點。我們還在別克 GL8 和 Equinox 中推出了 PHEV 車型。

And then for our ICE vehicles, we do also have like, for instance, a lead with the GL8 and there'll be more upgrades coming there as well. So -- and then on SGM, we're also -- we have a new -- excuse me, new NEV launches as well.

然後，對於我們的 ICE 車輛，我們確實也有類似的領先優勢，例如 GL8，並且還會有更多升級。所以——然後在SGM上，我們也——我們有一個新的——對不起，也推出了新的新能源汽車。

So I think we're going to be better positioned, and that's just going to continue as we move through this year into next year. And that's why I think we can play in the NEV market, both plug-in hybrids, hybrids and ICE vehicles as well as EVs. And then, as I mentioned, with the Durant Guild in the niche segment. So I think there's a place for GM to play and grow share.

因此，我認為我們將處於更好的位置，隨著我們從今年進入明年，這種情況將繼續下去。這就是為什麼我認為我們可以涉足新能源汽車市場，包括插電式混合動力汽車、混合動力汽車、內燃機汽車以及電動車。然後，正如我所提到的，杜蘭特公會進入了利基市場。所以我認為通用汽車有一個發揮作用並擴大份額的地方。

Okay. Great. And probably question is about the new vehicle operations in China, maybe just highlight some of the attractiveness if it is that you can draw from the installed base of vehicles there, the OnStar, the financing, sales, service, GM good rent, to sort of how do you feel about that element of the China business?

好的。偉大的。也許問題是關於中國的新車運營，也許只是強調一些吸引力，如果你可以從那裡的車輛安裝基礎中汲取靈感，安吉星，融資，銷售，服務，通用汽車良好的租金，排序您對中國業務的這要素有何看法？

Well, you mentioned all of the things that come together to allow us to be successful in the market. But I would say one of the other things is last year, we also established in China dedicated software and digital business organization. And that is going to allow us to continue to improve and compete on a software basis and also on a services basis, along with what we have from a GMF perspective, financing as well as OnStar. So we'll continue to build that.

嗯，您提到了讓我們在市場上取得成功的所有因素。但我想說的另一件事是去年，我們還在中國建立了專門的軟體和數位業務組織。這將使我們能夠繼續在軟體和服務方面進行改進和競爭，以及從 GMF 的角度來看，融資和安吉星。所以我們將繼續建造它。

Our last question comes from the line of Tom Narayan with RBC.

我們的最後一個問題來自 RBC 的 Tom Narayan。

Paul, just a follow-up on that comment on the EV margin. So 60% of the 60 basis point improvement is coming from scale benefits. So if BEVs were kind of closer, let's say, to the 200,000 versus the 300,000, is that a net negative or positive to overall margins? Presumably BEVs come at lower margins, but if you're selling a few of them, then there's a negative impact from less scale benefit. So just trying to understand that, like how do we think about that volume number into the company's margins.

保羅，只是對電動車利潤率評論的後續。因此，60 個基點的改善中有 60% 來自規模效益。因此，如果 BEV 的銷量更接近 200,000 輛與 300,000 輛，這對整體利潤率是淨負還是正？據推測，純電動車的利潤率較低，但如果您出售其中一些，那麼規模效益較小就會產生負面影響。所以只是想了解這一點，例如我們如何考慮公司利潤率中的銷售數字。

Yes, what I would say is that, obviously, based on just where we are in the journey, scale matters quite a bit when you build the infrastructure that we have. So certainly, in the short run, lower volume would have a negative effect on that trajectory.

是的，我想說的是，顯然，根據我們所處的階段，當你建立我們擁有的基礎設施時，規模非常重要。因此，從短期來看，成交量下降肯定會對這條軌跡產生負面影響。

But I think what we're looking at is kind of breakeven on the variable profit side around low 200,000. So we still are tracking to be able to get that goal. But I look at that as more of a little bit of timing of when we grow into what we've built.

但我認為我們正在尋找的是可變利潤方面的損益平衡點，大約在 20 萬左右。因此，我們仍在努力實現這一目標。但我認為這更多的是我們成長為我們所建立的東西的一點時機。

And I think from a strategic perspective, growing capacity slightly ahead of adoption to make sure that we can pace and meter ourselves on this journey. Remember, we're playing a 10-, 15-year plus game from that standpoint. So we've built the flexibility in to be able to respond to ebbs and flows. And we're at a phase right now where we've got to grow into that scale we've built.

我認為，從策略角度來看，在採用之前稍微增加容量，以確保我們能夠在過程中調整和衡量自己。請記住，從這個角度來看，我們正在玩一場長達 10 年、15 年以上的遊戲。因此，我們建立了靈活性，能夠應對潮起潮落。我們現在正處於一個階段，我們必須發展到我們已經建立的規模。

But those are all really, really sound investments. And we feel good about where that's going to go in the short to intermediate term. And then we're going to continue to watch that going forward.

但這些都是非常非常合理的投資。我們對中短期內的發展前景感到滿意。然後我們將繼續關注未來的發展。

And a quick follow-up. On the battery raws, obviously, we've seen lithium down like something like 80% or since the peaks. Just curious how your contracts work. When -- have we seen the best of that reduction? Or is there -- is kind of a lag where you see the -- is there more benefits to come given the lag in your battery raw mat contracts?

並快速跟進。顯然，在電池原料方面，我們已經看到鋰的用量自高峰以來下降了 80% 左右。只是好奇你的合約是如何運作的。我們什麼時候看到了這種減少的最佳效果？或者是否存在——您看到的某種滯後——考慮到電池原材料合約的滯後，是否會帶來更多好處？

So what I would say is there's still some goodness to come in '24. So while we saw battery costs come down, remember, we exited the year with a pretty sizable inventory of cells as we ramp up our module production. So as a result of that, there's still some historical costs in there from last year.

所以我想說的是，24 年還是會有一些美好的事情發生。因此，儘管我們看到電池成本下降，但請記住，隨著我們提高模組產量，我們在今年結束時擁有相當大的電池庫存。因此，去年以來仍然存在一些歷史成本。

But that will flip pretty much, I think, by the time we get to mid-summer. And in the second half of the year, we'll see cells that have much closer to current prices.

但我認為，到仲夏時，情況將會發生很大變化。在今年下半年，我們將看到價格更接近當前價格的電池。

And then as you look at kind of vertical integration and investment steps that we made, most of that capacity is in 2026 and beyond. There isn't anything that we've done that I would say we regret because we've locked in higher prices, et cetera. Everything that we've done has been done with a portfolio approach to make sure that we get value for our investment either through floors and caps or discounts to market, et cetera.

然後，當你觀察我們採取的垂直整合和投資步驟時，你會發現大部分產能是在 2026 年及以後實現的。我認為我們所做的一切都沒有讓我們感到後悔，因為我們鎖定了更高的價格等等。我們所做的一切都是透過投資組合方法完成的，以確保我們透過下限和上限或市場折扣等方式獲得投資價值。

So we haven't done anything that would have locked in sort of historically high prices. And that should be a benefit for us as we roll forward into 2026 and beyond.

因此，我們沒有採取任何措施來鎖定歷史高點。當我們邁入 2026 年及以後時，這應該對我們有利。

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

我現在想將電話轉給瑪麗·巴拉 (Mary Barra)，並附上她的結束語。

Thank you, and thanks, everyone, for your question. As we've talked today, we are making extremely good progress across the board. We're driving revenue growth. We've got great margins, our free cash flow is strong, and that's enabling us to reinvest in the business and our employees.

謝謝大家，謝謝大家的提問。正如我們今天所說，我們在各方面都取得了非常好的進展。我們正在推動營收成長。我們的利潤率很高，自由現金流強勁，這使我們能夠對業務和員工進行再投資。

So we plan to efficiently invest between $10.5 billion and $11.5 billion in capital this year to leverage the strength of not only our ICE business but also grow our EV business profitably. And we're also advancing our software-defined vehicle capability. So I feel very good about the key areas of focus and how we're doing there.

因此，我們計劃今年有效投資 105 億至 115 億美元的資本，不僅利用我們的 ICE 業務的優勢，而且使我們的電動車業務實現盈利。我們也正在提升我們的軟體定義車輛功能。因此，我對重點關注領域以及我們在這些領域的表現感到非常滿意。

In addition, we've set aside more than $160 million in profit sharing for the first quarter to recognize the contributions of the manufacturing team members in the U.S., which were significant, both in terms of production volumes and quality. And our shareholders are also benefiting from the progress too, thanks to our improved execution, a higher dividend and the value-enhancing benefits of the ASR we launched in November. We are on track to reduce our shares outstanding to fewer than 1 billion.

此外，我們也為第一季留出了超過 1.6 億美元的利潤分享，以表彰美國製造團隊成員的貢獻，無論是在產量還是品質方面，這些貢獻都非常重要。我們的股東也從這些進展中受益，這要歸功於我們改進的執行力、更高的股息以及我們 11 月推出的 ASR 的增值效益。我們預計將流通股減少至不到 10 億股。

So I can say to everyone with confidence and conviction that our team is very much on point. We're focused, and we're going to do everything in our power to keep this momentum going. 2024 can be a very strong year for GM. So thank you all for your time.

因此，我可以充滿信心地對大家說，我們的團隊非常正確。我們很專注，並將竭盡全力保持這一勢頭。對於通用汽車來說，2024 年可能是非常強勁的一年。謝謝大家抽出寶貴的時間。

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。您可以斷開連線。