通用汽車 (GM) 2024 Q3 法說會逐字稿

Good morning, and welcome to the General Motors third-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, October 22, 2024.

早上好，歡迎參加通用汽車 2024 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 2024 年 10 月 22 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, Amanda, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the third quarter of 2024. 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，我們將審查通用汽車 2024 年第三季的財務業績。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。

Thank you, Ashish, and good morning, everyone. I want to begin by recognizing the incredible job our team, our suppliers, and our dealers have been doing all year long. We have been able to grow our retail market share in the US with above-average pricing, well-managed inventories and below-average incentives.

謝謝你，阿什什，大家早安。首先，我想表彰我們的團隊、我們的供應商和我們的經銷商全年所做的令人難以置信的工作。我們透過高於平均的定價、管理良好的庫存和低於平均的激勵措施，擴大了在美國的零售市場份額。

Now with our strong third quarter results, we expect our full year EBIT adjusted to be in the range of $14 billion to $15 billion and EPS diluted adjusted to be in the range of $10 to $10.50, both at the upper end of our previous guidance. And we are once again raising our adjusted automotive free cash flow. I want to be clear, though, we are not mistaking progress for winning. The competition is fierce, and the regulatory environment will keep getting tougher. That's why we're focused on optimizing our ICE and EV margins.

現在，憑藉我們強勁的第三季業績，我們預計調整後的全年息稅前利潤將在140 億美元至150 億美元之間，稀釋後每股收益將在10 美元至10.50 美元之間，兩者均處於我們先前指導的上限。我們再次提高了調整後的汽車自由現金流。不過，我想澄清的是，我們並沒有將進步誤認為勝利。競爭非常激烈，監管環境也將變得更加嚴格。這就是我們專注於優化內燃機和電動車利潤率的原因。

We have a very strong record in ICE, and we are on track to produce and wholesale about 200,000 EVs in North America this year and make our portfolio variable profit positive this quarter. This is the first step. We are working with urgency to make our EVs profitable on an EBIT basis as quickly as possible. To get there, we will continue to drive improvements across the business.

我們在 ICE 領域擁有非常出色的記錄，今年我們預計在北美生產和批發約 20 萬輛電動車，並在本季度使我們的投資組合可變利潤為正。這是第一步。我們正在緊急努力，盡快讓我們的電動車在息稅前利潤的基礎上獲利。為了實現這一目標，我們將繼續推動整個業務的改進。

Apart from our financial performance and the progress we've made growing our ICE business and scaling EVs, one of the things that truly stands out about the quarter is the resiliency and compassion of our suppliers and dealers after the storms that hit the Southeast. We are saddened by the destruction and loss of life and grateful for their significant contributions to relief efforts, which GM and our employees have supported through contributions to the Red Cross.

除了我們的財務表現以及我們在發展ICE 業務和擴大電動車規模方面取得的進展之外，本季真正引人注目的事情之一是我們的供應商和經銷商在東南部風暴過後所表現出的彈性和同情心。我們對破壞和生命損失感到悲痛，並感謝他們為救災工作做出的重大貢獻，通用汽車和我們的員工透過向紅十字會捐款來支持救災工作。

One GM supplier that stands out is RIS Solutions in Old Fort, North Carolina, which makes carpets for our full-size SUVs. They worked tirelessly to support their employees and their community as well as GM. They even drilled a new well to restore water service to the plant and to their neighbors. This is a great example of the steps people in our business are willing to take to support their employees and manage events outside of their control.

位於北卡羅來納州老堡的 RIS Solutions 是通用汽車脫穎而出的供應商之一，該公司為我們的全尺寸 SUV 生產地毯。他們孜孜不倦地工作，為員工、社區以及通用汽車提供支援。他們甚至打了一口新井，以恢復工廠和鄰居的供水服務。這是我們企業中的人們願意採取的步驟來支持員工和管理他們無法控制的事件的一個很好的例子。

At Investor Day, we focused on the business drivers for 2024 and 2025 that are within our control. They include a wide range of new and redesigned ICE SUVs that are more profitable than the outgoing models; steadily improving EV profitability as we scale production and expand our portfolio; fixed cost discipline; capital efficiency; and improved results in China. We're building momentum in all of these areas.

在投資者日，我們重點關注了我們控制範圍內的 2024 年和 2025 年業務驅動因素。其中包括各種新型和重新設計的 ICE SUV，它們比即將推出的車型利潤更高；隨著我們擴大生產規模和擴大產品組合，電動車獲利能力穩步提高；固定成本紀律；資本效率；並改善了中國的業績。我們正在所有這些領域積蓄動力。

For example, the new Chevrolet Traverse, GMC Acadia, and Buick Enclave continue to grow their volumes and retail market share with very strong pricing, and the new ICE Chevrolet Equinox is arriving in dealerships in greater volume. We've seen month-over-month gains in retail segment share for the Equinox, ATPs are about $6,000 higher than the outgoing models, and we're attracting younger buyers.

例如，新雪佛蘭 Traverse、GMC Acadia 和別克 Enclave 的銷售和零售市場份額繼續以非常強勁的價格增長，而新 ICE 雪佛蘭 Equinox 則以更大的銷售進入經銷商。我們看到 Equinox 的零售市場份額逐月增長，ATP 比即將推出的型號高出約 6,000 美元，而且我們正在吸引年輕買家。

Without a doubt, these vehicles, along with our new full-size SUVs, are some of the best we've ever delivered from a design, safety and technology standpoint. And I can say definitively that one of our other new ICE models, the Chevrolet Corvette ZR1, is the fastest car we've ever built. It's a 1,064-horsepower engineering marvel, and Mark Race recently drove it at 233 miles per hour on a high-speed oval in Papenburg, Germany, a speed that's unrivaled by any current production car priced under $1 million.

毫無疑問，從設計、安全和技術的角度來看，這些車輛以及我們的新全尺寸 SUV 都是我們迄今為止提供的最好的車輛之一。我可以肯定地說，我們的另一款新 ICE 車型雪佛蘭 Corvette ZR1 是我們製造過的速度最快的汽車。這是一個1,064 匹馬力的工程奇蹟，Mark Race 最近在德國帕彭堡的一個高速橢圓形賽道上以每小時233 英里的速度駕駛它，這個速度是目前任何售價低於100 萬美元的量產車都無法比擬的。

That wasn't a one-off in performance either. Five engineers also exceeded 230 miles per hour on multiple runs. If you haven't seen the video Chevrolet posted to TikTok and YouTube, please check them out. Like the breathtaking performance of the Corvet, our strategic portfolio of EVs is separating GM from our competitors. As you know, we earned the number two EV sales position for the third quarter. Our total share is approaching 10% of the EV market, and our EV conquest rates are more than 60%.

這也不是一次性的表現。五名工程師多次跑步時速也超過了 230 英里/小時。如果你還沒有看過雪佛蘭發佈到 TikTok 和 YouTube 上的視頻，請查看。就像 Corvet 令人驚嘆的性能一樣，我們的電動車策略組合正在將通用汽車與我們的競爭對手區分開來。如您所知，我們在第三季度獲得了電動車銷量第二的位置。我們的電動車市場總份額接近10%，電動車佔領率超過60%。

If you attended Investor Day, I hope you have a deeper appreciation for the role our battery manufacturing capabilities and overall sales strategy are playing in our drive to EV profitability. The scale and vertical integration we have achieved with LG ES in Ohio and Tennessee is a major competitive advantage that's driving down cell costs, so are the world-class yield rates we're seeing.

如果您參加了投資者日，我希望您對我們的電池製造能力和整體銷售策略在我們推動電動車盈利方面所發揮的作用有更深入的認識。我們與 LG ES 在俄亥俄州和田納西州實現的規模和垂直整合是一個主要的競爭優勢，可以降低電池成本，我們所看到的世界一流的良率也是如此。

Because we jointly produce ourselves, we reap the benefits of lower commodity prices, and we're generating significant manufacturing credits at both the cell and module level. It will be years before some of our competitors approach this level of performance. To drive more EV sales growth, all of our brands have been conducting extensive dealer outreach and training. For example, Chevrolet has been meeting with more than 7,000 dealership sales employees to educate them about EV technology and charging and the competitive advantages we have in areas like affordability, range, capability, and the total cost of ownership.

因為我們自己聯合生產，所以我們獲得了較低商品價格的好處，並且我們在電池和組件層面都獲得了大量的製造信用。我們的一些競爭對手需要數年時間才能達到這種性能水平。為了推動電動車銷售的進一步成長，我們所有的品牌都在進行廣泛的經銷商推廣和培訓。例如，雪佛蘭已經與 7,000 多名經銷商銷售員工會面，向他們介紹電動車技術和充電以及我們在價格承受能力、續航里程、功能和總擁有成本等方面的競爭優勢。

People are leaving these meetings energized and just as confident in our EV portfolio as they are in our winning ICE products. The training should really pay off in 2025 as we continue to expand our truck portfolio with both lower-cost and longer-range versions of the Silverado EV.

人們離開這些會議時都充滿活力，對我們的電動車產品組合充滿信心，就像對我們獲獎的 ICE 產品一樣充滿信心。隨著我們繼續透過低成本和長續航版本的 Silverado EV 來擴展我們的卡車產品組合，培訓應該會在 2025 年真正得到回報。

Our longest-range work trucks will have the ability to go nearly 500 miles on a full charge. Our most affordable work truck will begin at about $57,000, and both the LT with standard content and the LT premium package are priced so eligible customers may qualify for the full $7,500 federal tax credit. We will also have our full range of Equinox EV and Blazer EV models in the market starting in the first quarter, including a new more affordable Blazer as well as an expanded portfolio of GMC Sierra EVs.

我們續航里程最長的工作卡車充滿電後可行駛近 500 英里。我們最實惠的工作卡車起價約為 57,000 美元，標準內容的 LT 和 LT 高級套餐的定價使符合條件的客戶有資格獲得全額 7,500 美元的聯邦稅收抵免。從第一季開始，我們還將在市場上推出全系列 Equinox EV 和 Blazer EV 車型，包括價格更實惠的新款 Blazer 以及擴大的 GMC Sierra EV 產品組合。

Our Cadillac portfolio is expected to be another driver of volume and share growth, conquest sales and EV profitability improvements as we go forward. EV consideration is much stronger among luxury customers than the mainstream market, about 9 points higher, so we expect it to grow faster. These customers want beautiful designs, advanced technology, performance and range, everything Cadillac delivers with the LYRIQ, OPTIQ, VISTIQ, and the Escalade IQ. No other luxury brand has so much to offer.

隨著我們的前進，我們的凱迪拉克產品組合預計將成為銷量和份額增長、征服銷售和電動汽車盈利能力提高的另一個驅動力。豪華車客戶對電動車的考慮比主流市場強烈得多，高出約 9 個百分點，因此我們預計其成長速度會更快。這些客戶需要精美的設計、先進的技術、性能和產品系列，以及凱迪拉克 LYRIQ、OPTIQ、VISTIQ 和 Escalade IQ 所提供的一切。沒有其他奢侈品牌能提供如此多的服務。

Let's turn to China where the team is making progress aligning production to demand. In the third quarter, GM and our JVs grew sales 14% from second quarter for our best performance since the third quarter of 2022. Our growing portfolio of EVs and plug-in hybrids played a key role. In fact, our new energy vehicles outsold ICE models for the first time.

讓我們轉向中國，那裡的團隊在調整生產與需求方面取得了進展。第三季度，通用汽車及其合資企業的銷售額較第二季度增長14%，創下2022 年第三季度以來的最佳業績。關鍵作用。事實上，我們的新能源汽車銷售首次超過了內燃機汽車。

Importantly, our dealer inventory has been reduced by more than 50% since the start of the year, which will allow us to better manage our pricing and costs. We will also continue to drive dealer engagement and discipline on fixed cost, inventory, pricing and incentives. However, the operating environment in China continues to be challenging, and there is more hard work to do with our partner. There are a series of shareholder and joint venture Board meetings planned during the fourth quarter that will be focused on restructuring actions to make the business sustainable and profitable, and we will share next steps as soon as we can.

重要的是，自今年年初以來，我們的經銷商庫存已減少了 50% 以上，這將使我們能夠更好地管理定價和成本。我們也將繼續推動經銷商在固定成本、庫存、定價和激勵方面的參與和紀律。然而，中國的經營環境仍充滿挑戰，我們與合作夥伴還有更多艱辛的工作要做。計劃在第四季度舉行一系列股東和合資公司董事會會議，重點討論重組行動，以使業務可持續發展並實現盈利，我們將盡快分享後續步驟。

We will also provide an update on Cruise, so we can share more details about their future funding model. In the meantime, the Cruise team continues to improve their technology and cost structure. Another area where you can expect news in the weeks and months ahead is in capital efficiency. As Kurt Kelty shared, we continue to refine our sales strategy with the incorporation of prismatic cells and new chemistries. We're seeing enterprise-wide benefits from winning with simplicity, and we'll continue to add EV capacity in a measured cadence by converting existing component and assembly plants.

我們還將提供有關 Cruise 的最新信息，以便我們可以分享有關其未來融資模式的更多詳細信息。同時，Cruise 團隊不斷改進技術和成本結構。未來幾週和幾個月內您可以期待訊息的另一個領域是資本效率。正如 Kurt Kelty 分享的那樣，我們透過結合棱柱形電池和新化學物質，繼續完善我們的銷售策略。我們看到以簡單取勝為整個企業帶來了好處，並且我們將透過改造現有的零件和組裝廠，繼續以可衡量的節奏增加電動車產能。

And we're making good progress with Hyundai on specific areas of cooperation. We are nearing the completion of our first definitive agreement, and we expect to have something to share soon. I'll close my prepared remarks by reiterating the commitment we made at Investor Day to build on our competitive strengths and deliver the performance that differentiates us from others in the industry. We know that's what investors expect and it's the best way for us to demonstrate both leadership and our true long-term growth potential.

我們與現代汽車在具體合作領域也取得了良好進展。我們即將完成第一份最終協議，我們預計很快就會有一些東西可以分享。在結束我準備好的演講時，我將重申我們在投資者日所做的承諾，即增強我們的競爭優勢並提供使我們有別於業內其他公司的業績。我們知道這是投資者的期望，也是我們展現領導力和真正長期成長潛力的最佳方式。

Thank you. And now I'd like to turn the call over to Paul to walk you through the quarter.

謝謝。現在我想將電話轉給保羅，讓他帶領您完成本季的工作。

Thank you, Mary, and I appreciate you all joining us this morning. I'm pleased to report that our business continues to perform well, demonstrating ongoing discipline and a focus on delivering consistent financial results. And none of this would have been possible if it weren't for the hard work and dedication of our amazing team. A big thanks to everyone.

謝謝你，瑪麗，我也謝謝大家今天早上加入我們。我很高興地報告，我們的業務繼續表現良好，並展示了持續的紀律和對提供一致的財務表現的關注。如果沒有我們出色的團隊的辛勤工作和奉獻精神，這一切都不可能實現。非常感謝大家。

It all begins with our stellar ICE portfolio, where we've been able to maintain strong pricing compared to the industry, and our highly profitable full-size pickup and full-size SUVs continue to gain market share in their respective segments. We've been able to achieve these market share gains with significantly lower incentives than our competitors.

這一切都始於我們出色的 ICE 產品組合，與行業相比，我們能夠保持強勁的定價，並且我們高利潤的全尺寸皮卡和全尺寸 SUV 繼續在各自的細分市場中獲得市場份額。我們能夠以比競爭對手低得多的激勵措施實現這些市場份額的成長。

For example, in the third quarter, our US incentives were approximately 2.4 percentage points lower than the industry average, a gap that has widened from last year's third quarter where we were 1 percentage point below the industry. This demonstrates the strength of our products and our disciplined go-to-market strategy.

例如，在第三季度，我們的美國激勵措施比業界平均低約2.4個百分點，這一差距比去年第三季度比業界平均低1個百分點有所擴大。這證明了我們產品的實力和我們嚴格的市場進入策略。

I also want to highlight our ongoing commitment to financial discipline and that we are on track to meet our $2 billion net fixed cost program by the end of this year. On capital allocation, we repurchased $1 billion worth of stock in the quarter, retiring another 23 million shares. We ended the quarter with a diluted share count of 1.12 billion, down 19% compared to the end of the third quarter last year.

我還想強調我們對財務紀律的持續承諾，並且我們預計在今年年底前實現 20 億美元的淨固定成本計劃。在資本配置方面，我們在本季回購了價值 10 億美元的股票，並註銷了另外 2,300 萬股。本季末，我們的稀釋後股票數量為 11.2 億股，比去年第三季末下降 19%。

We anticipate that the ASR will be completed by the end of October. Our current estimate is that we will retire approximately 25 million additional shares associated with the program in the fourth quarter, bringing the total number of shares retired as part of this program to nearly 250 million. All told, when you compare our third quarter results to last year, you can see that the company continues to execute well.

我們預計 ASR 將在 10 月底完成。我們目前的估計是，我們將在第四季度註銷約 2500 萬股與該計劃相關的額外股票，從而使作為該計劃一部分註銷的股票總數達到近 2.5 億股。總而言之，當您將我們第三季的業績與去年相比時，您可以看到該公司繼續表現良好。

Revenue was up 10% to $49 billion, with year-over-year volume growth in both ICE and EVs. This is driven by having a great product portfolio and offering customers attractive choices in key segments. The higher wholesale volumes are also supported by three consecutive years of retail market share growth along with conquest rates at 60% or above for our EV sales.

營收成長 10%，達到 490 億美元，內燃機和電動車銷量較去年同期成長。這是因為擁有出色的產品組合併在關鍵領域為客戶提供有吸引力的選擇。批發量的增加也得益於零售市場份額連續三年的成長以及我們電動車銷售的 60% 或以上的佔領率。

We achieved $4.1 billion in EBIT adjusted, 8.4% EBIT-adjusted margins, and $2.96 a share in EPS diluted adjusted, up roughly 30% year over year. Some of the performance during the quarter was timing, including a pull forward of some full-size SUV production to support the ramp of the refresh model during the fourth quarter and prioritizing full-size pickup availability. We estimate these factors had an EBIT impact of around $400 million for the third quarter that would have otherwise occurred in the fourth quarter.

我們的調整後息稅前利潤為 41 億美元，調整後息稅前利潤率為 8.4%，調整後攤薄每股收益為 2.96 美元，年增約 30%。本季的一些表現恰逢其時，包括一些全尺寸 SUV 產量的提前，以支持第四季度更新車型的成長，以及優先考慮全尺寸皮卡的供應。我們估計這些因素對第三季的息稅前利潤產生了約 4 億美元的影響，否則本應在第四季發生。

We achieved adjusted automotive free cash flow of $5.8 billion during the third quarter, up $900 million compared to last year due to EBIT improvements, lower capital expenditures, and improved working capital driven by higher production volume at the end of Q3.

由於息稅前利潤改善、資本支出減少以及第三季末產量增加帶來的營運資本改善，我們第三季調整後的汽車自由現金流為 58 億美元，比去年增加 9 億美元。

North America delivered third quarter EBIT-adjusted margins of 9.7%, which resulted in $4 billion of EBIT adjusted, up $500 million year over year. This was driven by higher wholesale volumes, strong pricing, ongoing cost containment, and the EV valuation allowance benefit.

北美地區第三季息稅前利潤調整後利潤率為 9.7%，調整後息稅前利潤為 40 億美元，較去年同期成長 5 億美元。這是由更高的批發量、強勁的定價、持續的成本控制和電動車估值補貼福利所推動的。

Pricing for the quarter was up $900 million year-over-year and better than what we assumed in our guidance. About half of this pricing benefit was from really strong performance from our midsized SUVs, especially the Chevrolet Traverse. The rest was primarily from pricing adjustments that we made on our full-size SUVs and the Corvette in the fourth quarter of last year, which have now been fully lapped.

該季度的定價年增 9 億美元，優於我們在指導中的假設。大約一半的價格優勢來自於我們中型 SUV 的強勁性能，尤其是雪佛蘭 Traverse。其餘的主要是我們去年第四季對全尺寸SUV和克爾維特進行的價格調整，現在已經完全成熟。

I also want to address another topic of interest, namely how we are addressing warranty costs. The continued inflationary pressures, combined with warranty claims on a few of our high-volume vehicles, led to a $700 million year-over-year adjustment in the third quarter from both reserve and rate adjustments. The primary issue causing the increased warranty accruals has been identified, and the fix was put into production earlier in the year. Despite this expense, as you can see, our financial results remained strong. We are committed to the highest standards of quality and customer satisfaction.

我還想談談另一個感興趣的話題，即我們如何解決保固成本。持續的通膨壓力，加上我們一些大批量車輛的保固索賠，導致第三季準備金和利率調整同比調整了 7 億美元。導致保固費用增加的主要問題已經確定，修復已於今年稍早投入生產。正如您所看到的，儘管有這筆支出，我們的財務表現仍然強勁。我們致力於最高的品質標準和客戶滿意度。

Lastly, dealer inventory levels ended the quarter at 68 days for ICE vehicles, along with 10 to 12 EVs per dealer to help increase customer awareness. The seasonally strong fourth quarter sales period, launch timing and lower wholesale due to the holiday season as well as continuing discipline with our production levels puts us on track to end the year with total ICE inventory in our targeted range of 50 to 60 days and an appropriate level of EVs.

最後，本季末，經銷商的 ICE 車輛庫存水準為 68 天，每個經銷商擁有 10 至 12 輛電動車，以幫助提高客戶認知度。季節性強勁的第四季度銷售期、上市時間和由於假日季節導致的批發量減少以及對生產水平的持續約束，使我們預計在年底實現 ICE 總庫存在 50 至 60 天的目標範圍內，並且適當水平的電動車。

GM International third quarter EBIT adjusted was $50 million, down $300 million year-over-year, driven by the continued challenges in the China market. As for our international business, excluding China equity income, we are seeing stability and consistent results compared to the prior year. Our cost actions and disciplined approach to pricing and volume are driving margin growth in South America and the Middle East, which is offsetting competitive and FX headwinds.

受中國市場持續挑戰的推動，通用汽車國際公司第三季調整後息稅前利潤為 5,000 萬美元，較去年同期下降 3 億美元。至於我們的國際業務，不包括中國股權收入，與前一年相比，我們看到了穩定且一致的結果。我們的成本行動以及嚴格的定價和銷售方法正在推動南美和中東的利潤成長，從而抵消競爭和外匯不利因素。

GM Financial has consistently performed well with third quarter EBT adjusted of $700 million, down $50 million year-over-year due to credit reserves within our expectations and still tracking in the range of $2.75 billion to $3 billion for the full year. They continue to drive portfolio growth and paid a $450 million dividend to GM during the quarter.

通用汽車金融公司一直表現良好，第三季息稅前利潤調整後為7 億美元，由於信貸儲備符合我們的預期，同比減少5,000 萬美元，全年仍保持在27.5 億美元至30 億美元的範圍內。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 $350 million from a year ago, reflecting a reduction in operational activities. We are continually looking for opportunities to prioritize further expense reductions even as we continue to make progress.

本季遊輪費用為 4 億美元，比去年同期減少 3.5 億美元，反映營運活動的減少。儘管我們不斷取得進展，但我們仍在不斷尋找機會優先考慮進一步削減開支。

Let's move now to the rest of the year. Given the positive momentum we've seen thus far and our confidence in the rest of the year, we are narrowing full year 2024 guidance to EBIT adjusted to the $14 billion to $15 billion range; EPS diluted adjusted to the $10 to $10.50 a share range, which are both at the high end of our prior guidance; and increasing our adjusted automotive free cash flow to the $12.5 billion to $13.5 billion range.

現在讓我們展望今年剩下的時間。鑑於我們迄今為止看到的積極勢頭以及我們對今年剩餘時間的信心，我們將 2024 年全年息稅前利潤指引縮小至 140 億至 150 億美元的範圍；稀釋後每股收益調整至每股 10 美元至 10.50 美元範圍，均處於我們先前指引的高端；並將調整後的汽車自由現金流增加至 125 億美元至 135 億美元的範圍。

Our cash flow remains strong, and the increased guidance is driven by the timing of certain accruals such as warranty. For EBIT adjusted, our guidance assumes lower earnings in the fourth quarter, in part due to the $400 million I discussed earlier, along with lower expected ICE wholesale volume, which can be attributed to two factors. First, we experienced a few days of downtime at our facilities that produce full-size pickups and SUVs earlier this month due to supply chain disruption caused by the hurricanes. In addition, we are in the process of ramping our refreshed full-size SUVs, which will have an impact on production rates as these are our most profitable vehicles, any production changes have an outsized impact on profitability.

我們的現金流仍然強勁，指導的增加是由某些應計費用（例如保固）的時間推動的。對於調整後的息稅前利潤，我們的指引假設第四季度收益較低，部分原因是我之前討論過的 4 億美元，以及預期的 ICE 批發量較低，這可歸因於兩個因素。首先，由於颶風造成供應鏈中斷，本月早些時候我們生產全尺寸皮卡和 SUV 的工廠經歷了幾天的停機。此外，我們正在提高更新的全尺寸 SUV 的產量，這將對生產率產生影響，因為這些是我們最賺錢的車輛，任何生產變化都會對獲利能力產生巨大影響。

Second, the fourth quarter is impacted by seasonality as it tends to have about eight fewer production days due to the holidays. We have also incorporated an impact from higher EV volumes and lower pricing in part due to higher seasonal industry incentives. In closing, I want to reiterate a few important points. The anticipated results for the fourth quarter should not be seen as a reflection of the company's full year earnings potential.

其次，第四季受到季節性影響，由於假期，生產天數往往會減少約八天。我們也考慮了電動車產量增加和價格降低的影響，部分原因是季節性產業激勵措施增加。最後，我想重申幾個要點。第四季的預期業績不應被視為該公司全年獲利潛力的反映。

In fact, we are expecting full year results for 2025 to be in a similar range to our robust performance in 2024. We are on track to produce and wholesale approximately 200,000 EVs this year and reach variable profit positive in Q4. Our EV momentum is growing. We continue to invest in the business and create products our customers love and are willing to pay for as this is fundamental to our success. While at the same time, we're finding efficiencies and opportunities to make the business more profitable.

事實上，我們預計 2025 年全年業績將與 2024 年的強勁業績處於類似範圍。我們的電動車勢頭正在增長。我們繼續投資業務並創造客戶喜愛並願意付費的產品，因為這是我們成功的基礎。同時，我們正在尋找提高業務效率和提高業務利潤的機會。

Finally, we expect to consistently return excess capital to our shareholders and are making progress towards our goal of reducing the number of outstanding shares to less than 1 billion in early 2025. And by the way, that is just the next mile marker, not the end goal. This concludes our opening comments, and we'll now move to the Q&A portion of the call.

最後，我們預計將持續向股東返還多餘資本，並正在朝著2025 年初將流通股數量減少至10 億股以下的目標取得進展。 。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) Joe Spak, UBS.

（操作員說明）Joe Spak，UBS。

Thank you and good morning. I guess just to start, Paul. With the warranty, can you just go over that again? How much was that sort of the onetime reserve release you also talked about a rate adjustment. By that, I'm assuming you mean an accrual rate? And is that -- I guess, that continues at least into the first half of '25. Is that how we should think about it?

謝謝你，早安。我想這只是開始，保羅。有了保修，你能再檢查一下嗎？您還談到了利率調整，一次性準備金釋放是多少。我假設你指的是應計利率？我想，這種情況至少會持續到 25 年上半年。我們該這樣思考嗎？

Yeah, good morning, Joe. Thanks for your questions. So you're right, it was both. What I would say is we have been pretty clear over the last several quarters that we've seen a lot of inflation, particularly in parts and labor for the warranty claims, while quality has been improved, down -- events are down about 25% over the last couple of years. We are seeing that inflation. We've continued to see that. So we do a review in the third quarter on the warranty accruals, and this is what it was determined.

是的，早上好，喬。感謝您的提問。所以你是對的，兩者都是。我想說的是，在過去的幾個季度中，我們非常清楚地看到，我們看到了很大的通貨膨脹，特別是保修索賠的零件和勞動力，而質量卻得到了改善，下降了——事件下降了約25%在過去的幾年。我們正在看到通貨膨脹。我們繼續看到這一點。因此，我們在第三季對應計保固進行了審查，這就是確定的結果。

There were also a couple, as I said in the prepared remarks, a couple of quality issues that we had uncovered in prior model years that we've already fixed in the production lines and don't see a problem going forward. So we think that there's some stability there. And hopefully, as we eclipse the largest part of the inflationary cycle, this can be a tailwind over the next few years on comparison.

正如我在準備好的發言中所說，我們在前幾年的車型中發現了一些品質問題，我們已經在生產線上修復了這些問題，並認為未來不會出現問題。所以我們認為那裡有一定的穩定性。希望當我們超越通膨週期的最大部分時，相較之下，這可能會成為未來幾年的順風車。

Okay. And then maybe just one housekeeping. I think last quarter, you talked about the inventory in line being about $600 million in the back half, maybe $300 million per quarter and it was $600 million this quarter. So is that also a timing thing? Or I know I think all of last year was about a $1.7 billion headwind. So it still seems like there's a little bit more room to run on that. I just -- I guess I just want to understand how you expect the remainder of that inventory (technical difficulty).

好的。然後也許只是一項家事服務。我想上個季度，您談到下半年的庫存約為 6 億美元，每季可能為 3 億美元，本季為 6 億美元。那麼這也是一個時間問題嗎？或者我知道我認為去年全年大約有 17 億美元的逆風。因此，這方面似乎仍有更多的發揮空間。我只是 - 我想我只是想了解您對該庫存的其餘部分有何期望（技術難度）。

Yeah. So I think this is some of the seasonality that we've talked about and what we alluded to in the difference. So we pulled forward some production here in the -- from the fourth quarter into the third quarter in anticipation of some of the lost production days. So that is about $400 million that we see was kind of a pull forward. But we do expect that by the end of the year as is consistent with our targeted to be back in that 50- to 60-day range. So there's some impact here, and that's why we're seeing some of the discrepancy between third quarter and fourth quarter at the midpoint of our raised guidance.

是的。所以我認為這是我們討論過的一些季節性以及我們在差異中提到的。因此，我們將一些生產從第四季度提前到了第三季度，因為預計會損失一些生產天數。因此，我們認為這大約 4 億美元是一種拉動。但我們確實預計到今年年底，這將回到 50 至 60 天的範圍內，這與我們的目標一致。因此，這裡存在一些影響，這就是為什麼我們在我們提出的指導意見中點看到第三季和第四季之間存在一些差異的原因。

Sorry, to be clear, I was talking about the inventory unwind on the EV side.

抱歉，需要澄清的是，我正在談論電動車方面的庫存釋放。

I'm sorry. You're talking about the lower of cost or market --?

對不起。你說的是成本或市場中較低者──？

Yeah, exactly --

是的，正是——

Sorry, I thought that was an inventory question. So yeah, so as you know, that adjustment is a function of both the inventory that we have on hand for finished cells as well as finished products, but also a function of our ongoing improvements in profitability. So we think that slows down a little bit as we get to year-end, but we're going to continue to watch that. But I think it can be a little bit of a tailwind next year, but probably not as much as we saw in '24.

抱歉，我以為這是庫存問題。所以，是的，如您所知，這種調整既取決於我們現有的成品電池和成品庫存，也取決於我們不斷提高的獲利能力。因此，我們認為隨著年底的到來，這種情況會有所放緩，但我們將繼續關注這一情況。但我認為明年可能會有一點順風，但可能沒有我們在 24 年看到的那麼多。

Thank you.

謝謝。

Yeah. Sorry for missing that. I misunderstood the question, sorry.

是的。抱歉錯過了。我誤解了這個問題，抱歉。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good morning, everyone. Just wanted to follow up on the 2025 outlook here. You guys are kind of indicating that there will be $2 billion to $4 billion improvement in the EV losses that will benefit EBIT, yet you're saying sort of the total EBIT will be about similar year-over-year, which implies a pretty big deterioration in the ICE business, which seems given the state of where volumes are, pricing, your product intros, it seems like a pretty big drop. It's probably not going to happen.

大家早安。只是想在這裡跟進 2025 年的展望。你們表示電動車損失將減少 20 億至 40 億美元，這將有利於息稅前利潤，但你們說息稅前利潤總額將與去年同期相似，這意味著相當大的ICE 業務的惡化，考慮到銷售、定價、產品介紹的狀況，這似乎是一個相當大的下降。這可能不會發生。

So I think if you look at this from an optimism standpoint, you would say there could be $2 billion to $4 billion of upside to your guide. I guess maybe a skeptic would say you're not going to get that benefit from EVs as hard as you may try, there might be $2 billion to $4 billion of downside. But it just seems like the skew, or the bias would probably be to the upside as the ICE business holds in close to flat. So I'm just curious what you think in the -- sort of the core business outside of EVs is actually going to deteriorate by that much.

所以我認為，如果你從樂觀的角度來看這個問題，你會說你的指南可能有 20 億到 40 億美元的上漲空間。我想懷疑論者可能會說，你不會盡你所能地從電動車中獲得這種好處，可能會帶來 20 億到 40 億美元的損失。但這似乎是一種偏差，或者當 ICE 業務接近持平時，這種偏差可能會向上。所以我很好奇你對電動車以外的核心業務的看法實際上會惡化那麼多。

Yeah. So John, as we said at Investor Day where we gave some high-level headwinds and tailwinds with the most prominent really being the progress that we're making on EVs, we'll give official guidance on '25 as we get into fourth quarter like we typically do. But there are a lot of things that go into that where you know we're going to see labor cost inflation next year. We're also going to go into the year as we as we consistently do with pricing assumptions, et cetera, but all of that's a little bit preliminary just because we're in the middle of our budget process as we are setting our targets for 2025.

是的。因此，約翰，正如我們在投資者日上所說，我們給了一些高層逆風和順風，其中最突出的是我們在電動車方面取得的進展，當我們進入第四季度時，我們將在25年給官方指導就像我們通常做的那樣。但有很多事情涉及明年我們將看到勞動成本上漲。我們也將像我們一貫所做的定價假設等一樣進入這一年，但所有這些都有點初步，因為我們正處於預算流程的中間，因為我們正在設定目標2025 年。

Okay. And then just maybe one follow-up on the comment on Cruise capitalization that you also made at Investor Day. It sounds like you're looking to raise some kind of capital there. But the reality is you have plenty of capital. So what is the motivation for raising capital there? Is it for a strategic partner or maybe getting very low-cost capital or lower cost capital than you may be able to raise in the rest of the business just to fund Cruise? I mean, what's really the motivation there?

好的。然後也許是您在投資者日發表的有關郵輪資本化評論的一個後續行動。聽起來你想在那裡籌集某種資金。但現實是你有足夠的資本。那麼在那裡籌集資金的動機是什麼？是為了策略夥伴，還是可能獲得非常低成本的資本或比您在其他業務中籌集的資本成本更低的資本，只是為了資助 Cruise？我的意思是，真正的動機是什麼？

Well, I think as we look -- going forward, we believe in autonomy in general, but I think we want to make sure we're investing in autonomy as efficiently as possible. And there's a number of conversations that we're having with partners that I think just allows us to manage that investment more wisely. So that's what we're looking to do.

嗯，我認為，展望未來，我們總體上相信自治，但我認為我們希望確保盡可能有效地投資於自治。我們正在與合作夥伴進行大量對話，我認為這些對話可以讓我們更明智地管理投資。這就是我們想要做的。

So probably a partner with low-cost capital is probably both, Mary, right, as a motivation?

因此，瑪麗，擁有低成本資本的合作夥伴可能兩者兼而有之，作為動力？

Yeah. I don't want to speculate on what partner, but I just want to say that we're looking at ways that we can be more efficient. One of the things people say about the auto industry is we don't -- we do a lot of -- all do a lot of different things and don't always leverage where we can partner with other OEMs or with other companies. And so we're really looking to leverage that, especially across the business, as we've mentioned with the MOU that we have with Hyundai, the continuing work that we do with Honda. And as we look at the investment going forward in Cruise and Autonomy, we think it's important to do that there as well.

是的。我不想猜測哪個合作夥伴，但我只想說我們正在尋找提高效率的方法。人們對汽車產業的評價之一是我們沒有——我們做了很多——所有人都做了很多不同的事情，並且並不總是利用我們可以與其他原始設備製造商或其他公司合作的地方。因此，我們確實希望利用這一點，特別是在整個業務中，正如我們在與現代簽訂的諒解備忘錄中提到的，以及我們與本田所做的持續工作。當我們考慮未來對 Cruise 和 Autonomy 的投資時，我們認為這也很重要。

Okay. Thanks very much.

好的。非常感謝。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi, good morning. Thanks for taking the question. Wanted to start first with a question on the pricing in the bridge, which was up $900 million. I think this is maybe a little bit of a surprise to some folks because some of the third-party data appeared negative. You're now tracking at over $1 billion of positive price, and that's in the face of all of this price normalization. So maybe you could just give a little more color on the pricing piece of the bridge, why it has been so resilient for you and really not -- what we're seeing is a third-party data is not showing up in your bridge. And I know you've talked about normalization actually, but maybe you can give us some flavor for perhaps how your pricing can hold in even if the industry is weaker, perhaps it relates to just where you are with the product refresh cycle? I know you talked about refresh ICE SUVs, just more color on price in the bridge and resiliency.

嗨，早安。感謝您提出問題。首先想問大橋的定價問題，橋的定價上漲了 9 億美元。我認為這可能會讓一些人感到有點驚訝，因為一些第三方數據似乎是負面的。您現在追蹤的正價格超過 10 億美元，而且這是在所有價格正常化的情況下實現的。因此，也許您可以在橋的定價部分上提供更多信息，為什麼它對您來說如此有彈性，但事實並非如此——我們看到的是第三方數據沒有顯示在您的橋中。我知道您實際上已經談到了標準化，但也許您可以給我們一些了解，即使行業較弱，您的定價也能保持不變，也許這與您在產品更新周期中所處的位置有關？我知道您談到了更新的 ICE SUV，只是在橋上的價格和彈性上有更多的色彩。

Yeah, sure, Dan. Certainly, this is an aspect of the business that we've been very proud of, and it starts with the product portfolio. So not only have we been on a pretty consistent refresh cycle with our vehicles, as I mentioned in the prepared remarks, we're also still lapping price increases that we were able to take last year. So some of that, we think, probably stabilizes as we get into the fourth quarter as we lap the -- fully lap those price increases from last year, but it's something that we've tried to hold on to.

是的，當然，丹。當然，這是我們一直非常自豪的業務方面，而這首先是產品組合。因此，正如我在準備好的評論中提到的那樣，我們的車輛不僅處於相當一致的更新周期，而且我們仍然在追求去年的價格上漲。因此，我們認為，隨著我們進入第四季度，隨著我們完全消化去年的價格上漲，其中一些可能會穩定下來，但這是我們一直試圖堅持的東西。

I think our incentive behavior in the market has been very disciplined from the perspective of doing what is important for our products and our customers. And in fact, that gap to the industry average has been widening even beyond the 100 basis points that we've talked about historically, nearly doubling that in the September quarter. And I think a lot of that has to do with our disciplined approach to inventory as well. So we're going to continue to do that. But like I said, really proud of the products and what's out there, and we're seeing that in the demand for our vehicles.

我認為，從做對我們的產品和客戶重要的事情的角度來看，我們在市場上的激勵行為非常有紀律。事實上，與行業平均水平的差距一直在擴大，甚至超出了我們歷史上討論過的 100 個基點，在 9 月季度幾乎翻了一番。我認為這在很大程度上也與我們嚴格的庫存方法有關。所以我們將繼續這樣做。但就像我說的，我們對我們的產品和現有產品感到非常自豪，我們在對我們的車輛的需求中看到了這一點。

And can you just remind us, as far as the SUV refreshes next year, that comes typically with the price increase? Or --

您能否提醒我們，就 SUV 明年的更新而言，這通常會伴隨著價格上漲？或者 -

Yeah, it should. As we come out with the new full-size SUV refreshes, hopefully later this year, early next year. So more to come on that, and we think that momentum is going to continue with these great products.

是的，應該的。當我們推出新款全尺寸 SUV 時，希望在今年稍後、明年初推出。未來還會有更多這樣的事情發生，我們認為這些出色的產品將繼續保持這種勢頭。

Okay. Thank you. Second question is on cash and the free cash flow, just two-part question. One is on the free cash, maybe you can explain the midpoint of the free cash guide was raised by $3 billion even though EBIT was raised by (inaudible), maybe color on that. And then also, your cash now is $27 billion on the balance sheet. You've talked about a $20 billion target. Maybe you can just give us a sense of how you're thinking about the cash position on the balance sheet. If $20 billion is the target or is that more of a minimum level that we should think of?

好的。謝謝。第二個問題是關於現金和自由現金流，只是由兩部分組成的問題。一是關於自由現金，也許你可以解釋一下，儘管息稅前利潤提高了（聽不清楚），但自由現金指南的中點提高了 30 億美元，也許可以對此進行色彩描述。而且，您現在資產負債表上的現金為 270 億美元。您談到了 200 億美元的目標。也許您可以讓我們了解您如何看待資產負債表上的現金部位。如果 200 億美元是目標，還是我們應該考慮的最低水準？

Yeah. So Dan, on the free cash flow, what -- when you look at the earnings trajectory this year, and now we're just a touch over 75% done with the year, what we've seen is generally go-to-market pricing has outperformed our initial expectations, while the costs that have come in have really been cash deferred costs. So when you look at warranty expense, for example, that's not a cash cost in the current year, but rather an accrual against expectations of future cash outlays.

是的。丹，關於自由現金流，當你看看今年的盈利軌跡時，現在我們今年完成了 75% 以上，我們看到的通常是進入市場定價超出了我們最初的預期，而產生的成本實際上是現金遞延成本。因此，例如，當您查看保固費用時，這不是當年的現金成本，而是針對未來現金支出預期的應計費用。

So because of that, the performance that we've seen and what we've been able to raise our guide has actually had a disproportionately strong effect on cash flow for that. So that really explains that. You're right, we were over $26 billion at quarter end. We continue to work through our capital allocation process, as we've talked about, our CapEx and our balance sheet are both in strong comfortable places. We have been somewhat limited, as we've talked about, in terms of share repurchases just because of the banks working through the tail end of the accelerated share buyback last year. We expect that to be done this month, and we can continue down the path of applying our capital allocation program.

因此，我們所看到的業績以及我們能夠提高的指導實際上對現金流產生了不成比例的強烈影響。這確實解釋了這一點。你是對的，季末我們的收入超過 260 億美元。正如我們所討論的，我們將繼續完善我們的資本配置流程，我們的資本支出和資產負債表都處於強勁舒適的狀態。正如我們所討論的，我們在股票回購方面受到了一定程度的限制，因為銀行正在經歷去年加速股票回購的尾聲。我們預計這將在本月完成，並且我們可以繼續實施我們的資本配置計劃。

Okay. Thank you.

好的。謝謝。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Great. Thanks for taking my question. I realized just a couple of weeks out on the Investor Day, where you were only preliminarily looking ahead to next year ahead of the formal guidance introduction next quarter. But I'd be curious if there were anything you could share with regard to your assumption for GM or industry pricing in 2025? I guess it's been a very hard number to forecast, given the track record of the past few years at (technical difficulty) any of us guessed it correctly, I'm really looking for accuracy as much as the context with which to judge your outlook for continued very strong profit in 2025.

偉大的。感謝您提出我的問題。我意識到距離投資者日只有幾週了，在下個季度正式發布指導之前，您只是初步展望了明年。但我很好奇您對 2025 年通用汽車或行業定價的假設是否有什麼可以分享的？我想這是一個非常難以預測的數字，考慮到過去幾年在（技術難度）方面的記錄，我們中的任何人都猜對了，我真的在尋找準確性以及判斷你的前景的背景到2025 年持續保持強勁的利潤。

Well, thanks, Ryan. As we said when John asked earlier to and at Investor Day, we're not giving any specifics on 2025 as we go into it. But we'll have more information as we continue to close out 2024 and look at the new refreshes that are coming out, but we'll provide more detail on our fourth quarter call.

嗯，謝謝，瑞安。正如約翰早些時候在投資者日詢問時所說，我們在討論 2025 年時並未給出任何具體細節。但隨著我們繼續結束 2024 年並關注即將推出的新更新，我們將獲得更多信息，但我們將提供有關第四季度電話會議的更多詳細信息。

And then just the thinking around that, is it that you're going to make your numbers regardless to find a way, like the $2 billion to $4 billion profit improvement, there's a lot of swing there, maybe some swing with China, if pricing does track softer, where would you look to offset that so that you can drive for those numbers?

然後圍繞這個問題思考，是否無論找到一種方法，你都會實現你的數字，例如 20 億至 40 億美元的利潤改善，那裡有很多波動，也許與中國有一些波動，如果定價軌跡是否變得更軟，你會在哪裡尋找抵消，以便你可以驅動這些數字？

Well, I think what the team hopefully has demonstrated over the last few years is an ability to be resilient and respond to where the market is. We've done that with cutting fixed costs. We've done that with on the revenue side of the equation as well. So we're going to look all over. But what you've got is a management team that is committed to driving results and driving performance and really demonstrating discipline and resiliency in changing conditions.

嗯，我認為該團隊在過去幾年中有望展示出一種適應市場狀況並做出反應的能力。我們透過削減固定成本來做到這一點。我們在收入方面也做到了這一點。所以我們要全面查看。但您所擁有的是一支致力於推動成果和績效並在不斷變化的條件下真正展現紀律和彈性的管理團隊。

I don't expect that 2025 is going to be any less changed than what we've seen over the last few years. But I think that that's something that we're going to be able to manage through.

我預計 2025 年的變化不會比過去幾年少。但我認為這是我們能夠解決的問題。

Very helpful. Thank you.

非常有幫助。謝謝。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾‧羅斯納，沃爾夫研究中心。

Thank you very much. My first question is another one on free cash flow. It's obviously an incredibly impressive performance and outlook raise for this year. In the context of you saying, hey, next year, with our results could be in the same ballpark, do you feel that this applies to free cash flow as well? Or to the extent that there was some benefit this year from maybe working capital, building up, rebuilding inventory stock, et cetera, that free cash flow may be somewhat different next year?

非常感謝。我的第一個問題是關於自由現金流的另一個問題。這顯然是今年令人難以置信的令人印象深刻的業績和前景提升。您說，嘿，明年，我們的結果可能會處於相同的水平，您認為這也適用於自由現金流嗎？或者說，今年可能從營運資本、建立、重建庫存等方面帶來一些好處，明年的自由現金流可能會有所不同？

Well, thanks, Emmanuel. I mean, clearly, there were a couple of things that were working in our favor this year. As I mentioned, the warranty accruals, which is really cash deferred as well as some inventory build from where we were in '20. We might not laugh, and I think it's more important, honestly, to be disciplined with our inventory than it is to use it as a tool to drive free cash flow. That's just short-term thinking if you're doing that. So I think it's too soon to tell, but we're committed to driving free cash flow performance in the business every bit as much as we are in margins.

嗯，謝謝，伊曼紐。我的意思是，很明顯，今年有一些事情對我們有利。正如我所提到的，保固應計費用實際上是遞延的現金以及我們在 20 世紀的基礎上建立的一些庫存。我們可能不會笑，老實說，我認為對我們的庫存進行紀律比將其用作推動自由現金流的工具更重要。如果你這樣做的話，那隻是短期想法。因此，我認為現在下結論還為時過早，但我們致力於推動業務的自由現金流表現，就像我們提高利潤率一樣。

Okay. That's great to hear. And then I guess as a follow-up, I think you reiterated your commitment to try and reduce share count to 1 billion shares in early 2025. You would probably need to reduce your share count by like 120 million shares over the next three months or so. Is that like a $5 billion buyback?

好的。很高興聽到這個消息。然後我想作為後續行動，我認為您重申了在 2025 年初嘗試將股票數量減少到 10 億股的承諾。這相當於50億美元的回購嗎？

Is that the sort of acceleration that you're targeting just over the next few months essentially? Obviously, would be significantly faster than what we've seen recently. Just generally speaking, is this the right math? And then how should we think about future pace of buybacks?

這就是您在接下來的幾個月所設定的加速目標嗎？顯然，這將比我們最近看到的要快得多。一般來說，這是正確的數學嗎？那我們該如何考慮未來的回購步伐呢？

Yeah. So I will agree with your math that it's about 120 million shares to get there. And we've said that we believe that we can get there in early 2025. So no specific comments on when that is or what the velocity might be. But I think over the past year or so, I think we've demonstrated our commitment to returning capital to shareholders.

是的。所以我同意你的計算，大約需要 1.2 億股才能達到這個目標。我們已經說過，我們相信我們可以在 2025 年初實現這一目標。但我認為在過去一年左右的時間裡，我們已經展現了向股東返還資本的承諾。

Certainly. Thank you.

當然。謝謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Hi, thanks and good morning, everyone. I had a question on the GM Financial side for Dan Berce. We noticed that the net charge-offs increased slightly to 1.2%, but they're still pretty low, looks very manageable. You mentioned a moderation in credit performance. But just wanted to see if you wanted to flag any other color or potential concerns.

嗨，謝謝大家，早安。我向丹貝爾斯詢問了通用汽車財務方面的問題。我們注意到淨沖銷略有增加至 1.2%，但仍然相當低，看起來非常容易管理。您提到了信貸表現的適度調整。但只是想看看您是否想標記任何其他顏色或潛在的問題。

And as a follow-up, at GM Financial penetration is around 39%. Is that the right level to assume going forward? Or could we see this rise if the market got more competitive in 2025? Just wanting to see, again, not for short-term movements, but is this kind of dry powder for you to provide a better deal for your dealers and your customers in a more competitive environment going forward? Thanks.

作為後續，在通用汽車金融滲透率約為 39%。這是未來假設的正確水準嗎？或者，如果 2025 年市場競爭更加激烈，我們是否會看到這種成長？只是想再次看到，不是為了短期走勢，而是這種乾粉是否可以讓您在未來競爭更加激烈的環境中為您的經銷商和客戶提供更好的交易？謝謝。

Yeah. Thanks for the question. So with respect to credit, our charge-offs year-to-date at GM Financial are almost spot on what we expect going into the year. So things are really going as planned. We did expect a modest moderation in credit year-over-year, and that's exactly what we're seeing.

是的。謝謝你的提問。因此，就信貸而言，通用汽車金融公司今年迄今的沖銷幾乎與我們對今年的預期一致。所以事情真的是照計劃進行。我們確實預期信貸將年比適度放緩，而這正是我們所看到的。

Our portfolio is heavily prime, and the prime credits have continued to perform very, very strong with good employment levels, good household income and still pretty -- or it's still pretty strong household balance sheet. So all in all, credit is developing very much in line with what we expected.

我們的投資組合主要是優質信貸，優質信貸的表現繼續非常非常強勁，就業水平良好，家庭收入良好，而且仍然相當不錯——或者說家庭資產負債表仍然相當強勁。所以總而言之，信貸的發展非常符合我們的預期。

And on the second part of your question with respect to penetration levels, we work with the OEM in terms of targeting penetration, a lot of the penetration results from either leasing or subverted or subvented loans. Our long-term target is 40% to 45%. So yeah, we were slightly below that, but the month of October, for instance, we're right in that range. So that is the strategy there, Adam.

關於您關於滲透程度的問題的第二部分，我們與原始設備製造商在目標滲透方面進行合作，許多滲透來自租賃或顛覆或補貼貸款。我們的長期目標是40%到45%。所以，是的，我們略低於這個範圍，但例如十月份，我們就在這個範圍內。這就是策略，亞當。

Thanks very much. And just lastly, on the CapEx, you're targeting stable CapEx, stable on this kind of $11 billion type range. Mary or Paul, I'm wondering how the mix of that CapEx has been changing. If you did like a look back last 12 months between EV, AV, ICE, new products, new capacities, how that might be shifting with the 12 months forward, at least a rate of change or proportion, particularly specifically with respect to some of the AI-related infrastructure that might be coming in? Is that a material number to call out yet? When could it be? And kind of how that mix of CapEx might be changing? Just any color around that without specificity would be very helpful. Thanks.

非常感謝。最後，在資本支出方面，您的目標是穩定的資本支出，穩定在 110 億美元的範圍內。瑪麗或保羅，我想知道資本支出的組合發生了怎樣的變化。如果您確實想回顧過去12 個月的電動車、自動駕駛汽車、內燃機車、新產品、新產能之間的情況，未來12 個月可能會發生怎樣的變化，至少是變化率或比例，特別是在某些方面可能會出現的人工智慧相關基礎設施？這是一個重要的數字嗎？什麼時候可以呢？資本支出的組合可能會發生什麼樣的變化？只要沒有特殊性的任何顏色都會非常有幫助。謝謝。

Yeah. Thanks, Adam. I'll try that. I think if you look over the last few years, our CapEx has probably pivoted more towards product portfolio and away from infrastructure. As you know, we went through a big wave a few years ago of plant retooling and getting set up for the foundation to grow EVs. And we're really glad we made that investment because it's putting us in a position to be able to realize the scale benefits as we highlighted at Investor Day down at Spring Hill.

是的。謝謝，亞當。我會嘗試一下。我認為，如果你回顧過去幾年，我們的資本支出可能會更多地轉向產品組合，而不是基礎設施。如您所知，幾年前我們經歷了工廠重組的大浪潮，並為發展電動車奠定了基礎。我們真的很高興做出了這項投資，因為它使我們能夠實現規模效益，正如我們在 Spring Hill 投資者日所強調的那樣。

So we're still maintaining a balance between EV and ICE as well. Still about a third of our program capital is going into ICE vehicles, and you see that in the performance of the refreshes that we've put out, whether it's the midsized trucks or the small or midsized SUVs and then, ultimately, the full-size SUVs that are coming. Again, so I think we struck the right balance going forward.

因此，我們仍然在電動車和內燃機汽車之間保持平衡。我們仍有大約三分之一的專案資金投入了 ICE 車輛，您可以從我們推出的更新產品的性能中看到這一點，無論是中型卡車還是小型或中型 SUV，最後是全...即將推出的尺寸SUV。同樣，我認為我們在未來取得了正確的平衡。

We do have a lot of a growing amount of capital for what I would call broad efficiency gains that are going to help lower our cost of production, but also deploy technology in everything that we do from building vehicles to the administrative side of the business as well. So that is playing a part. And we think that the $11 billion area of capital spending against what we're earning is very manageable and represents a disciplined approach.

我們確實擁有大量不斷增長的資本，用於我所說的廣泛效率提升，這將有助於降低我們的生產成本，而且還將技術部署到我們所做的一切中，從製造車輛到業務管理方面，出色地。所以這正在發揮作用。我們認為 110 億美元的資本支出與我們的收入相比是非常容易管理的，並且代表了一種嚴格的方法。

Yeah. The only thing I'd add to that, Adam, is when we stay at that level approach, it definitely leads to, I think, higher-quality execution because we're not driving product engineering up and down or across manufacturing. So that definitely has been helpful. And then as we look at the mix between ICE and EV, there's been cases where we wait until what's the last moment where we have to make a decision on are we going to do a next generation of an ICE version? Are we -- or what are we -- how are we going to look at it from an EV perspective?

是的。亞當，我唯一要補充的是，當我們保持這種水平的方法時，我認為它肯定會帶來更高品質的執行，因為我們不會上下推動產品工程或跨越製造。所以這絕對是有幫助的。然後，當我們考慮 ICE 和 EV 之間的組合時，有時我們會等到最後一刻才決定是否要開發下一代 ICE 版本？我們——或者我們是什麼——我們將如何從電動車的角度看待它？

And so we're really being led by the customer, and we have that flexibility now that we have that infrastructure that Paul talked about. So we're really trying to respond to the market and be very efficient with our capitals.

因此，我們確實是由客戶領導的，而且我們現在擁有保羅談到的基礎設施，因此具有靈活性。因此，我們確實在努力回應市場，並非常有效率地利用我們的資本。

Thanks you, Mary. Thanks, Paul.

謝謝你，瑪麗。謝謝，保羅。

Tom Narayan, RBC.

湯姆·納拉揚，加拿大皇家銀行。

Yeah, thanks for taking my question. Paul, so price mix was a plus $300 million in Q3, North America on the EBIT bridge. Price specifically, $900 million, as you guys talked about, mix was a negative $600 million. EV sales coming at a lower mix that increases in Q4 to get to the 200,000 target. And I think you called out some price headwinds in Q4 versus Q3. So should we expect price mix net in North America to be a net negative in Q4? Is that -- am I kind of understanding that right?

是的，謝謝你回答我的問題。保羅，因此北美第三季的價格組合在息稅前利潤橋樑上增加了 3 億美元。具體來說，價格是 9 億美元，正如你們所說，混合是負 6 億美元。電動車銷量將在第四季以較低的組合增加，以達到 20 萬輛的目標。我認為您指出了第四季度與第三季度相比的一些價格阻力。那麼，我們是否應該預期第四季北美的價格組合淨值為負？我的理解是這樣嗎？

Yeah, I think -- Tom, thanks for the question. I think as you look at some of that lapping, it certainly could be. It's not going to be a benefit like we saw in the third quarter, and that's some of the walk between Q3 and Q4. But I think a lot of that is timing of things that we did a year ago and so on and which is why we haven't said that and don't believe that fourth quarter is really an indicator of the run rate going forward in 2025. So that was augmented a little bit by some of the timing of wholesales in the quarter that we talked about with the pull forward, but I think you're directionally correct.

是的，我想──湯姆，謝謝你的提問。我想，當你看到一些研磨現象時，你會發現這肯定是可能的。這不會像我們在第三季看到的那樣帶來好處，這是第三季和第四季之間的一些進展。但我認為這很大程度上是我們一年前所做的事情的時機等等，這就是為什麼我們沒有這麼說，也不相信第四季度真的是 2025 年運行率的指標因此，我們討論的本季批發的一些時間安排有所增加，但我認為你的方向是正確的。

Okay. And then Mary, on China, the color we're hearing from the German OEM, China is pretty put bluntly, is quite concerning even premium brands losing share to domestic. I know things can improve with a higher BEV mix and restructuring, but you're so strong arguably in the best market in the world right now in the US. I guess how committed are you to China longer term, especially if these losses persist? Thanks.

好的。然後瑪麗，關於中國，我們從德國原始設備製造商那裡聽到的顏色，說得直白一點，即使是高端品牌的份額被國內搶走，也令人非常擔憂。我知道，透過提高純電動車組合和重組，情況可以得到改善，但可以說，你們在美國目前世界上最好的市場上表現得非常強勁。我想您對中國的長期承諾有多大，特別是如果這些損失持續存在的話？謝謝。

Well, we believe that we can turn around the losses, and that's why we have a series of meetings with our partner to make the hard decisions to get the business to be sustainable and profitable. Right now, in the business, one of the things that's driving the improvement is the fact that the GLA, which is really our kind of we'd like to think of it as our full-size truck franchise in China, as we launch that new vehicle, it's doing very, very well. We did just cross over that now for more weighted to new energy vehicles than ICE. I think that's an important transformation that frankly, I would have liked to seen happen a little bit earlier.

好吧，我們相信我們可以扭轉虧損，這就是為什麼我們與合作夥伴舉行了一系列會議，做出艱難的決定，使業務可持續發展並盈利。目前，在業務中，推動改進的因素之一是 GLA，這確實是我們的類型，我們希望將其視為我們在中國的全尺寸卡車專營權，因為我們推出了 GLA新車，性能非常非常好。我們現在確實跨越了這一點，對新能源汽車的權重比對內燃機汽車的權重更大。我認為這是一個重要的轉變，坦白說，我希望看到它早一點發生。

So -- and then when you look at what we have from the premium import channel, that's a very capital-light way to participate in the market with unique products like the Chevrolet Tahoe that we're just starting to take orders for. And again, that gives us more scale. So we're going to be very measured as we go through. But when you look at the size of the China market and the growth opportunity that's in the mid to long term, we think we can participate clearly in a different way than we did just a handful of years ago with the rise of hundreds of competitors from China domestic companies that frankly don't seem to prioritize profitability, they're definitely prioritizing production.

因此，當您查看我們從優質進口管道獲得的產品時，您會發現這是一種非常輕資本的方式，可以透過我們剛開始接受訂單的雪佛蘭 Tahoe 等獨特產品參與市場。再說一遍，這給了我們更大的規模。因此，我們在進行過程中會非常謹慎。但當你看到中國市場的規模和中長期的成長機會時，我們認為，隨著來自中國的數百家競爭對手的崛起，我們可以以一種與幾年前不同的方式參與。 ，中國國內企業似乎不優先考慮獲利能力，他們肯定會優先考慮生產。

It provides for a very challenging environment, and that's where I think we have to play in areas that are our strength and where we have franchises like GLA and then some of the other premium products. But we do believe there's a place we can participate in a very different manner, but do that profitably, and that's what we're 100% focused on getting to as quickly as possible.

它提供了一個非常具有挑戰性的環境，我認為我們必須在我們的優勢領域發揮作用，並且我們擁有 GLA 等特許經營權以及其他一些優質產品。但我們確實相信有一個地方我們可以以一種非常不同的方式參與，但這樣做是有利可圖的，這就是我們 100% 專注於盡快實現的目標。

Got it. Thank you.

知道了。謝謝。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

Hey, good morning and thank you for taking our questions. First, just on Cruise. We noticed that you indicated that the (inaudible) miles have gone up about 3x. Just curious, have you given any sort of rough framework on when you might return to actually unsupervised testing like you were before?

嘿，早上好，感謝您回答我們的問題。首先，就在郵輪上。我們注意到您表示（聽不清楚）里程增加了約 3 倍。只是好奇，您是否給出了任何粗略的框架，說明何時可以像以前一樣返回實際的無監督測試？

Yeah. We hope to -- well, one, we'll be gated by safety, but we hope and we're working hard to get there by the end of the year. meeting the higher standard of role model driver as opposed to, I'll say, average human driver. So that is the goal that the team is working hard to every single day.

是的。我們希望——嗯，第一，我們將受到安全保護，但我們希望並且我們正在努力在今年年底之前實現這一目標。滿足模範駕駛員的更高標準，而不是我想說的普通人類駕駛員。這就是團隊每天努力工作的目標。

Got it. And just a follow-up on China, just in terms of the mechanics, given the losses, do we anticipate at some point having to actually fund the JV in a more material way? Or is the idea that, I guess, the restructuring under discussion would improve that, so we wouldn't have to do that?

知道了。只是中國的後續行動，就機製而言，考慮到損失，我們是否預計在某個時候必須以更物質的方式為合資企業提供實際資金？或者我認為正在討論的重組會改善這一點，因此我們不必這樣做？

Yeah. I think we're looking to create a sustainable business within country. We have a -- as I mentioned in my prepared remarks, we have a series of meetings with the partner, so I don't want to get ahead of that -- of how we're going to go forward. I want to make sure we do that with our partner. So more to follow as we make those decisions.

是的。我認為我們正在尋求在國內創建可持續發展的業務。正如我在準備好的演講中提到的，我們與合作夥伴舉行了一系列會議，所以我不想提前討論我們將如何前進。我想確保我們與合作夥伴一起這樣做。因此，當我們做出這些決定時，需要遵循更多內容。

Great. Thank you.

偉大的。謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody. I know a sequential bridge is not the easiest exercise. But at the midpoint of the full year guide, right, we're looking at a $1.5 billion step-down in adjusted EBIT for the fourth quarter. Just at a high level, can you help bucket the major factors that inform that quarterly decline, right, we'll see less ICE volume, more EVs? How could we think about pricing in that quarterly bridge? And to what extent are you seeing intensified competitor actions to address their prolonged dealer inventory problem in the US? Is this dynamic in any way influencing GM's assumptions for the fourth quarter? Thanks.

大家好。我知道順序橋不是最簡單的練習。但在全年指南的中點（右），我們預計第四季調整後息稅前利潤將減少 15 億美元。就高水準而言，您能否幫助我們分析導致季度下降的主要因素，對吧，我們會看到內燃機銷量減少，電動車增加？我們如何考慮季度橋的定價？您在多大程度上看到競爭對手為解決美國經銷商長期庫存問題而採取的強化行動？這種動態是否會以任何方式影響通用汽車對第四季的假設？謝謝。

Yeah. Thanks, James. You're right, I don't want to get into all the details here. But directionally, as we talked about, there's about $400 million of timing that we talked about. There are about eight fewer production days in the fourth quarter than there are in the third due to holidays, around Thanksgiving around Christmas as well as Election Day, Veterans Day, things like that.

是的。謝謝，詹姆斯。你是對的，我不想在這裡討論所有細節。但就方向而言，正如我們所討論的，我們討論了大約 4 億美元的時間表。由於感恩節、聖誕節前後以及選舉日、退伍軍人節等假期，第四季的生產天數比第三季度少了約八天。

So when you combine that with the cutover for the model year on the full-size SUVs, it starts to add up a little bit, so as well as lapping last year. And that's kind of where we are, but we think some of that is isolated to the fourth quarter, obviously, as we have given broad kind of perspective on 2025 going forward.

因此，當你將其與全尺寸 SUV 車型年份的轉換結合起來時，它開始增加一點，去年的圈數也是如此。這就是我們現在的處境，但我們認為其中一些顯然是第四季度的事，因為我們已經對 2025 年的未來給出了廣泛的看法。

So on the pricing side, I think the team has done a really good job of making sure that we're pricing our products to value for the customer, and we've done that somewhat independent. We've been through periods where one competitor or another is significantly taking up incentive levels. We've stayed pretty consistent in that. And as we've said, widen the gap against the industry. So we're going to do what's best for our customers and our products going forward, and that's been a strategy that continue to work for us.

因此，在定價方面，我認為團隊做得非常好，確保我們的產品定價符合客戶的價值，而我們在某種程度上獨立地做到了這一點。我們經歷過一個或另一個競爭對手大幅提高激勵水準的時期。我們在這方面一直保持一致。正如我們所說，擴大與行業的差距。因此，我們將繼續為我們的客戶和我們的產品做最好的事情，這是一個對我們繼續有效的策略。

Got it. Just my follow-on would be just on the intensified competitor actions. Are you seeing anything there? And then my housekeep question for the share count, can you just confirm what the final ASR, right, that's getting completed, officially completed this month, what that ASR impact is on the share count? Thank you.

知道了。我的後續行動就是加強競爭對手的行動。你在那裡看到什麼了嗎？然後我關於份額計數的管家問題，您能否確認最終的 ASR，對吧，即將完成，本月正式完成，ASR 對份額計數的影響是什麼？謝謝。

Sure. So just as I said, we see a lot of behavior from customers we've seen -- or from our competitors. We have seen that manifest itself in terms of higher incentive levels. We've managed through that. This isn't the first time that that's happened over our recent performance, and we're going to continue to manage our product portfolio to our demand. And I think that's a strategy that's worked well for us.

當然。正如我所說，我們看到了很多來自我們所見過的客戶或我們的競爭對手的行為。我們已經看到這體現在更高的激勵水平。我們已經解決了這個問題。這並不是我們最近的業績第一次發生這種情況，我們將繼續根據我們的需求管理我們的產品組合。我認為這是一個對我們很有效的策略。

We -- in the prepared remarks, we talked about 250 million shares. Remember, we got most of the credit in our diluted share count last year when we closed the deal. But this is about another 25 million shares that will be delivered when it's done, and that will be new shares that reduced the denominator on EPS.

我們——在準備好的發言中，我們談到了 2.5 億股。請記住，去年我們完成交易時，我們的稀釋股份數量大部分歸功於我們。但這大約是完成後將交付的另外 2,500 萬股股票，這將是減少每股盈餘分母的新股。

Thank you.

謝謝。

Daniel Roeska, Bernstein Research.

丹尼爾‧羅斯卡，伯恩斯坦研究中心。

Hey, thanks for taking my question and good morning. I'll ask the companion question to Adam's CapEx question. Paul, could you shed some light on your thinking about the R&D budget and whether kind of the $10 billion run rate from last year is the right level going forward? And maybe has any of that shifted in terms of allocation between EV and ICE in product launches, given that the EVs are launched now and maybe also the broader slowdown of EVs in the market?

嘿，謝謝你提出我的問題，早安。我將問 Adam 的資本支出問題的配套問題。 Paul，您能否透露一下您對研發預算的看法以及去年 100 億美元的運行率是否是正確的水平？考慮到電動車現在已經推出，而且市場上電動車的整體放緩，也許電動車和內燃機車在產品發布中的分配發生了變化？

Yeah. So I think when you look at the total sort of product development budget, combined with what we're doing with autonomy and so on. I think we've struck the right balance in terms of our ability to fund and, as Mary mentioned, our ability to drive returns out of our investment. So while we have successfully launched a number of our electric vehicle products. There's still work that can be done in terms of engineering more efficient solutions and the work that Mark talked about at Investor Day around winning with simplicity and removing part numbers and going in and trying to take out complexity from the business is a pretty strong engineering effort that goes into our product development budget.

是的。所以我認為當你看看產品開發預算的總量，再加上我們在自主方面所做的事情等等。我認為我們在融資能力和從投資中獲得回報的能力方面已經取得了適當的平衡，正如瑪麗所提到的。所以雖然我們已經成功推出了多款電動車產品。在設計更有效率的解決方案方面仍然有很多工作可以完成，馬克在投資者日談到的圍繞以簡單取勝、刪除零件編號以及深入並嘗試消除業務複雜性的工作是一項相當強大的工程工作這會納入我們的產品開發預算。

So we're focused on creating a portfolio that's going to win and win for the long term, and that requires us to constantly be looking at that portfolio, both on the EV and the ICE side. So if we find ourselves in a situation where we're not generating as much cash flow, I think there's a lot of things in there that we can take a look at and we can adjust. But where we've been performing fairly consistently. We think that the total budget for product development and CapEx is very affordable and something that we can implement effectively.

因此，我們專注於創建一個能夠長期獲勝的投資組合，這要求我們不斷關注該投資組合，無論是在電動車還是內燃機方面。因此，如果我們發現自己沒有產生那麼多現金流，我認為我們可以考慮並調整很多事情。但我們的表現相當穩定。我們認為產品開發和資本支出的總預算非常實惠，我們可以有效實施。

Thanks. And maybe following up for Mary on that, you recently affirmed your 2035 ICE phase-out target. Kind of between now and then, and I get this is a little bit more strategic, but is there the need for a fully new BEV platform kind of before the end of the decade? Or are you confident that with what Paul just said, you can kind of keep on improving on the BV3 and BT1 to kind of keep up with competition?

謝謝。也許繼瑪麗之後，您最近確認了 2035 年 ICE 淘汰目標。從現在到那時，我認為這更具戰略意義，但在本世紀末之前是否需要一個全新的 BEV 平台？或者您相信按照 Paul 剛才所說的，您可以繼續改進 BV3 和 BT1 以跟上競爭的步伐？

Yeah, we definitely believe when you look at the core of the dedicated EV platform, there's clearly things that we're doing to drive more efficiency, and that work is going to continue -- will continue different production -- different design and production things that are going to help us take cost out of the business, but a complete melt and report by any stretch of the imagination. I would think it's more evolutionary. So that's how you should think about it.

是的，我們絕對相信，當你看到專用電動車平台的核心時，顯然我們正在做一些事情來提高效率，而且這項工作將繼續下去——將繼續不同的生產——不同的設計和生產這將幫助我們降低業務成本，但無論想像力如何，都會完全融化並報告。我認為它更具進化性。所以這就是你應該如何思考的。

Great. That's helpful. Thanks.

偉大的。這很有幫助。謝謝。

Chris McNally, Evercore.

克里斯·麥克納利，Evercore。

Thanks so much team. Paul, I'm not trying to beat the dead horse after (inaudible) question, but I know it's an important one for investors. Would you be able to even just for 2025, maybe prioritize or bucket the two main tailwinds, one being cost wage and the other one being priced just, which is sort of a larger headwind for 2025, so we can start to sort of make our own assumptions?

非常感謝團隊。保羅，我並不是想在（聽不清楚）問題之後擊敗死馬，但我知道這對投資者來說很重要。 2025年，你是否能夠優先考慮或排除兩個主要的有利因素，一個是成本工資，另一個是定價，這對2025年來說是一個更大的逆風，所以我們可以開始讓我們的自己的假設？

Well, thanks for that, Chris, and I think that is beating the dead horse. But as we talked about, there's a number of costs that we continue to look at in the business. What we're committed to is making sure that we keep our fixed cost discipline around that. We've talked about rather than flat, keeping it flat, excluding depreciation. So we'll see some depreciation headwinds next year that we expect going into.

好吧，謝謝你，克里斯，我認為這已經是死馬了。但正如我們所討論的，我們仍在繼續關注業務中的許多成本。我們致力於確保我們圍繞這一點保持固定成本紀律。我們談論的不是持平，而是保持持平，不包括折舊。因此，我們預計明年將會出現一些貶值阻力。

And we'll go into the year on the pricing assumptions that have served us well, which is to make sure that we set up a budget that is affordable for us and one that if the commercial environment stays consistent, one that we think we could outperform. But it would be irresponsible for us to think about and set a budget that as pricing continuing to grow and continuing to expand off of these levels and then have to adjust the business backwards. So we think that this is a strategy that's worked well for us, and we'll get into specifics when we give our fourth quarter results and our 2025 guidance.

我們將根據對我們有利的定價假設進入這一年，這是為了確保我們制定一個我們可以負擔得起的預算，並且如果商業環境保持一致，我們認為我們可以跑贏大盤。但如果我們考慮並製定預算，隨著定價持續增長並繼續超出這些水平，然後不得不向後調整業務，這是不負責任的。因此，我們認為這是一個對我們來說效果很好的策略，當我們給出第四季度業績和 2025 年指導時，我們將詳細說明。

Absolutely. Much appreciated. And then the follow-on question is around the sort of walk of $2 billion to $4 billion in lower EV losses next year. And this is a question I've been sort of surprised that I've been getting from investors, so going to pass it along, which is if EV sales were flat or down year-over-year in 2025, could you still achieve that $2 billion to $4 billion in lower EV losses? It's sort of my way of asking the election question without asking the election question.

絕對地。非常感謝。接下來的問題是明年電動車損失將減少 20 億至 40 億美元。這是我從投資者那裡得到的問題，讓我有點驚訝，所以我想轉達一下，如果 2025 年電動車銷量同比持平或下降，你還能實現這一目標嗎？ 40 億美元？這是我在不問選舉問題的情況下提出選舉問題的方式。

Well, I'm not sure that's an election question as much as it is what our consumer is looking to do. But we've seen the recent uptick in September month, both in terms of demand, but also us getting share gains. And so I think that there is an element of growth next year for us in EVs as we continue to bring our products to market because the customers are responding to those.

好吧，我不確定這是一個選舉問題，但這是我們的消費者想要做的事情。但我們看到最近 9 月的需求上升，而且我們的份額也有所增長。因此，我認為明年我們在電動車領域有一個成長因素，因為我們將繼續將我們的產品推向市場，因為客戶對此做出了反應。

So when you look at what we were able to do to give our customers access to the Tesla Supercharger network, we're out there proactively addressing things like range anxiety with vehicles that have over 300 miles of range as well as supplementing that charging infrastructure with a really efficient solution for them. So we think that there's an opportunity to continue to expand that.

因此，當您了解我們為讓客戶訪問特斯拉超級充電站網路所做的努力時，您會發現我們正在積極解決續航里程超過 300 英里的車輛的里程焦慮等問題，並補充充電基礎設施對他們來說是一個真正有效的解決方案。因此，我們認為有機會繼續擴大這一範圍。

Clearly, as we've articulated for the last year or so, scale is an important piece of it. But what's more important is making sure that we scale to demand, and we're there with a flexible portfolio for consumers and meeting them where they are. So obviously, if we don't grow as much, those scale benefits aren't going to be as fully realized, but our best estimate today, based on the momentum we see and where we see EV adoption going next year, is that we can realize meaningful savings in our EV profitability.

顯然，正如我們在過去一年左右所闡述的那樣，規模是其中的重要組成部分。但更重要的是確保我們能夠根據需求進行擴展，並且我們為消費者提供靈活的產品組合併滿足他們的需求。顯然，如果我們成長得不夠快，這些規模效益就不會完全實現，但根據我們看到的勢頭以及明年電動車採用的情況，我們今天的最佳估計是，我們可以顯著節省我們的電動車盈利能力。

And so Paul, to summarize, the volume is a component of that, but it's not the only component. I mean, obviously, you're only just hitting positive contribution margins now. So I imagine there's also some of the annualization effect and you've also talked about dead cells and things like that. And so volume is one component of that $2 billion to $4 billion, but there's obviously a lot more on the year-over-year compare.

所以保羅，總而言之，這本書是其中的一個組成部分，但它不是唯一的組成部分。我的意思是，顯然，你現在才剛剛達到正的邊際貢獻。所以我想還有一些年化效應，你也談到了死亡細胞之類的事情。因此，銷量只是 20 億至 40 億美元的一部分，但與去年同期相比，銷量顯然要多得多。

For sure. We're constantly making improvements in terms of the efficiency of production as well as the part number reductions that Mark has talked about as well as we should see some mix benefits coming in with the Cadillac Escalade IQ and some of the other vehicles that are coming to market. So there's a lot going on, a lot of moving parts, but that's just our best look where we are today on our journey.

一定。我們在生產效率以及馬克談到的零件數量減少方面不斷進行改進，我們應該會看到凱迪拉克凱雷德 IQ 和即將推出的其他一些車輛帶來一些混合優勢上市。因此，有很多事情正在發生，有很多變化的部分，但這只是我們今天在旅程中最好的樣子。

But again, the most important thing that we can do as a company is get to that positive contribution margin. And I think we've got a good road map. And I think we've proven our resiliency in that even though we're at the lower end of what we projected our production to be at the beginning of the year. So continuing with that kind of scrappiness is, I think, what sets this team apart.

但同樣，作為一家公司，我們能做的最重要的事情就是實現積極的邊際貢獻。我認為我們已經有了一個很好的路線圖。我認為我們已經證明了我們的彈性，儘管我們的產量低於年初的預期。因此，我認為，繼續保持這種鬥志是這支球隊與眾不同的原因。

Really appreciate the detail, Paul.

真的很欣賞細節，保羅。

Thanks, Chris.

謝謝，克里斯。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yeah. Good morning and thanks very much for taking the question. (inaudible) selling the entry-level version of the Equinox EV that's priced starting at $35,000 prior to any IRA credits. I'm hoping to better understand if there are strong sales of that particular SKU, can GM still hit its EV profit improvement outlook for 4Q and 2025?

是的。早上好，非常感謝您提出問題。 （聽不清楚）銷售 Equinox EV 的入門級版本，在沒有 IRA 積分之前，起價為 35,000 美元。我希望更了解該特定 SKU 的銷售是否強勁，通用汽車是否仍能實現第四季度和 2025 年的電動車利潤改善前景？

Yeah. We're going to look across the entire EV portfolio that we're selling. And we talk about some of the different models are really going to be from a Blazer EV and Equinox EV are going to be coming in, in 2025. But we are going to look and make sure we're responding to what the customer likes. We're seeing strong interest in the Equinox with EV with what we have in the market right now. So I think it's doing well.

是的。我們將審視我們正在銷售的整個電動車產品組合。我們談到一些不同的車型確實將來自 Blazer EV，而 Equinox EV 將在 2025 年推出。就目前市場上的產品來看，我們看到人們對電動版 Equinox 表現出了濃厚的興趣。所以我認為它做得很好。

As we go forward and we look to continue to grow, as Paul talked about, that's where additional options, I think, are going to be important.

正如保羅所說，隨著我們前進並希望繼續發展，我認為額外的選擇將變得非常重要。

Thanks, Mary. Another question was just on your manufacturing flexibility. And to the extent there's a material increase in tariffs on vehicles imported into the US, can you talk about how much flexibility GM has to shift more of its production domestically and/or potentially offset tariffs with either pricing or cost reductions? Thanks.

謝謝，瑪麗。另一個問題是關於你們的製造彈性。如果美國進口汽車的關稅大幅增加，您能否談談通用汽車必須有多大的靈活性才能將更多的生產轉移到國內和/或透過定價或降低成本來抵消關稅？謝謝。

Well, I think we're always working on cost reductions. I think it depends on specifically what the tariffs would be. I would tell you, we are paying careful attention to the approach both candidates might take. And I'm not going to speculate on what either might do, but what I will tell you, we have and we'll continue to engage constructively with the policymaking process regardless of the election outcome. When you look at the number of jobs created in the US, even with some vehicles that are manufactured outside, a lot of them are in our partners from an ally perspective.

嗯，我認為我們一直致力於降低成本。我認為這取決於關稅是多少。我想告訴你，我們正在密切關注兩位候選人可能採取的做法。我不會猜測兩者可能會做什麼，但我會告訴你，無論選舉結果如何，我們已經並將繼續建設性地參與政策制定過程。當你看看美國創造的就業機會數量時，即使有些車輛是在國外製造的，從盟友的角度來看，其中許多是在我們的合作夥伴手中。

So I think it's a very complex situation. When USMCA was formed, there was a lot of input being provided. And I think looking at jobs, looking at the jobs that have been created, especially when we look at battery plants and some of the other facilities that we've leveraged for drive motors or drive units, et cetera, that's going to all be factored in.

所以我認為這是一個非常複雜的情況。 USMCA 成立時，提供了大量意見。我認為看看就業機會，看看已經創造的就業機會，特別是當我們看看電池廠和我們用於驅動電機或驅動單元等的其他一些設施時，這些都將被考慮在內在。

So we're going to work constructively. And so it's too hard to speculate, not knowing exactly what's going to happen. But I'd like to just reiterate what Paul has said, we're going to be disciplined, and we'll be resilient and we'll make adjustments to the extent that we can to continue to drive growth and profitability.

因此，我們將進行建設性的工作。因此很難推測，因為不知道到底會發生什麼事。但我想重申保羅所說的話，我們將遵守紀律，我們將保持彈性，我們將在力所能及的範圍內進行調整，以繼續推動增長和盈利能力。

Thank you.

謝謝。

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

謝謝。我現在想將電話轉給瑪麗·巴拉（Mary Barra），請她發表結束語。

Again, I want to thank everybody for your questions. Appreciate your participation. I hope you look, and you see our performance this year demonstrates that our focus is on building great vehicles because great vehicles matter, vehicles that have beautiful designs, the right technologies, the right range of their EVs that customer want to buy -- really want to buy.

我想再次感謝大家提出的問題。感謝您的參與。我希望您看一下，您會看到我們今年的表現表明我們的重點是製造偉大的車輛，因為偉大的車輛很重要，具有精美設計的車輛，正確的技術，客戶想要購買的正確系列的電動汽車- 真的想買。

We're going to continue to improve our ICE and EV profitability. We're going to maintain cost discipline, and we're going to continue to drive and look for ways to improve our capital efficiency. So in the weeks and months ahead, you'll see more clearly than ever how we intend to leverage the tailwinds that are within our control to deliver strong results in 2025 that are in a similar range to 2024.

我們將繼續提高內燃機和電動車的獲利能力。我們將維持成本紀律，並將繼續推動並尋找提高資本效率的方法。因此，在未來幾週和幾個月裡，您將比以往任何時候都更清楚地看到我們打算如何利用我們控制範圍內的有利因素，在 2025 年實現與 2024 年類似範圍內的強勁業績。

As we've said, we'll share more information about Cruise, China and our other new collaborations as soon as we can. And as Paul said, we'll wrap all of this into formal 2025 guidance that we'll share in January. So until then, please stay safe, and I'm sure we'll talk to you soon.

正如我們所說，我們將盡快分享有關 Cruise、中國以及我們其他新合作的更多資訊。正如保羅所說，我們將把所有這些納入正式的 2025 年指導中，並於 1 月分享。因此，在此之前，請保持安全，我相信我們很快就會與您聯繫。

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

今天的電話會議到此結束。感謝您的加入。