通用汽車 (GM) 2024 Q4 法說會逐字稿

Good morning, and welcome to the General Motors Company fourth quarter and calendar year 2024 earnings conference call.

早安，歡迎參加通用汽車第四季和 2024 年財報電話會議。

(Operator Instructions) As a reminder, this conference call is being recorded Tuesday, January 28, 2025.

（操作員說明）謹此提醒，本次電話會議於 2025 年 1 月 28 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.

謝謝阿曼達，大家早安。

We appreciate you joining us as we review GM's financial results for the fourth quarter and calendar year 2024.

感謝您與我們一起回顧通用汽車第四季和 2024 年的財務表現。

Our conference call materials were issued this morning and are available on GM's Investor Relations website.

我們的電話會議資料已於今天上午發布，可在通用汽車的投資者關係網站上取得。

We are also broadcasting this call via webcast.

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.

今天加入我們的有通用汽車董事長兼首席執行官瑪麗·巴拉 (Mary Barra) 和通用汽車執行副總裁兼首席財務官保羅·雅各布森 (Paul Jacobson)。

Dan Berce, President and CEO of GM Financial, will also be joining us for the Q&A portion.

通用汽車金融公司總裁兼執行長 Dan Berce 也將參加我們的問答部分。

On today's call, management will make forward-looking statements about our expectations.

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。

These statements are subject to risks and uncertainties that could cause our actual results to differ materially.

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。

These risks and uncertainties include the factors identified in our filings with the SEC.

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。

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.

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.

謝謝，阿什什，早安。

I'd like to begin by thanking our employees, dealers, and suppliers for helping us deliver another outstanding year.

首先，我要感謝我們的員工、經銷商和供應商幫助我們再創輝煌的一年。

A year ago on this call, I said that we were optimistic about 2024, given the choice we would offer customers, including industry-leading full-size pickups, new and redesigned SUVs and an expanding portfolio of EVs.

一年前，在這次電話會議上，我表示，鑑於我們將為客戶提供的選擇，包括業界領先的全尺寸皮卡、新型和重新設計的SUV 以及不斷擴大的電動車產品組合，我們對2024 年感到樂觀。

And I stressed that we will be focused on execution and profitability.

我強調，我們將專注於執行力和獲利能力。

I'm proud to say that our full year revenue grew by 9% last year.

我很自豪地說，去年我們的全年收入成長了 9%。

We were number one in the US in retail, fleet, and total sales.

我們的零售、車隊和總銷售額在美國排名第一。

We grew our market share, and we distanced ourselves from the industry's pricing incentives and inventory pressures.

我們擴大了市場份額，並遠離了該行業的定價激勵和庫存壓力。

In our growing EV business, we produced and wholesaled 189,000 vehicles in North America.

在不斷成長的電動車業務中，我們在北美生產和批發了 189,000 輛汽車。

We doubled our market share over the course of the year as we scaled production.

隨著生產規模的擴大，我們的市佔率在這一年中翻了一番。

And our portfolio became variable profit positive in the fourth quarter.

我們的投資組合在第四季變得可變利潤為正。

This combination of compelling vehicles and high volume and growing segments, strong execution and discipline led to record EBIT-adjusted, record adjusted automotive free cash flow and record EPS diluted adjusted.

引人注目的車輛、高產量和不斷增長的細分市場、強大的執行力和紀律相結合，導致了創紀錄的調整後息稅前利潤、創紀錄的調整後汽車自由現金流和創紀錄的稀釋調整後每股收益。

At the same time, we continue to allocate capital consistently and in a balanced manner.

同時，我們繼續持續、均衡地配置資本。

We invested to drive the business forward, and we improved our balance sheet.

我們進行投資以推動業務發展，並改善了我們的資產負債表。

Our employees and owners are all sharing in our success.

我們的員工和業主都在分享我們的成功。

I'm pleased to share that our global salary team earned strong performance bonuses, and our US hourly employees once again earned the industry's highest profit-sharing totaling more than $640 million.

我很高興與大家分享，我們的全球薪資團隊獲得了豐厚的績效獎金，我們的美國小時工再次獲得了行業最高的利潤分享，總計超過6.4億美元。

That's a record payout of up to $14,500 per person, equal to more than two months of extra pay for average UAW-represented team member.

這是每人高達 14,500 美元的創紀錄支出，相當於 UAW 代表的團隊成員平均多出兩個多月的薪水。

Investors in GM also earned a 50% total return, and we ended the year with fewer than 1 billion shares outstanding, a goal we reached ahead of plan.

通用汽車的投資者也獲得了 50% 的總回報，年底我們的流通股數不到 10 億股，這一目標提前實現了。

Throughout the year, we also addressed challenges with resolve.

一年來，我們也堅定面對挑戰。

In China, we have been working with our JV partners to drive better performance in the market by rightsizing the businesses, launching new products, reducing dealer inventory, and building to demand.

在中國，我們一直與合資夥伴合作，透過調整業務規模、推出新產品、減少經銷商庫存和按需生產來推動市場取得更好的業績。

We are making good progress and reported positive equity income for the fourth quarter before restructuring costs.

我們取得了良好進展，並報告了第四季度扣除重組成本之前的正股本收入。

To improve year-over-year results and make SGM sustainably profitable, they will be implementing a wide range of restructuring initiatives this year that include reducing capacity to operate within utilization levels of about 80% or better.

為了改善同比業績並使上海通用汽車可持續盈利，他們今年將實施一系列重組舉措，其中包括減少產能，使利用率保持在約 80% 或更高。

We are in the process of finalizing details with our partner.

我們正在與合作夥伴敲定細節。

Importantly, we believe SGM has the resources to complete its restructuring without additional capital from GM.

重要的是，我們相信上海通用汽車有資源完成其重組，而無需通用汽車額外提供資金。

As you know, we also stopped funding robotaxi development at Cruise.

如您所知，我們也停止資助 Cruise 的機器人計程車開發。

We have a proposed restructuring plan that will refocus our autonomous driving strategy on personal vehicles.

我們提出了一項重組計劃，將把我們的自動駕駛戰略重新集中在私家車上。

We expect to see a run rate savings of about $1 billion on an annualized basis by ending robotaxi development.

我們預計，透過結束機器人計程車的開發，每年可節省約 10 億美元的運行率。

And we look forward to acquiring the small number of Cruise shares we don't own in finalizing the restructuring plan later this quarter.

我們期待在本季稍後敲定重組計劃時收購我們不擁有的少量 Cruise 股票。

The momentum we have in both ICE vehicles and EVs will drive our results once again in 2025.

我們在內燃機汽車和電動車領域的發展勢頭將在 2025 年再次推動我們的業績成長。

For example, the redesigned Chevrolet and GMC full-size SUVs that we launched late last year are supporting even stronger ATPs than the outgoing models, thanks to the refined exteriors, all-new interiors and new models like our GMC Yukon AT4 Ultimate.

例如，我們在去年年底推出的重新設計的雪佛蘭和 GMC 全尺寸 SUV 憑藉精緻的外觀、全新的內飾以及 GMC Yukon AT4 Ultimate 等新車型，支持比即將推出的車型更強大的 ATP。

We also have a full year of our new compact and midsized ICE SUVs, which include some of our highest volume nameplates like the Chevrolet Equinox, Chevrolet Traverse, and GMC Acadia.

我們還有一整年的新款緊湊型和中型 ICE SUV，其中包括一些銷量最高的品牌，如雪佛蘭 Equinox、雪佛蘭 Traverse 和 GMC Acadia。

They are great examples of our strategy to pair bold designs to drive higher ATPs with discipline and capital efficiency to drive better profitability.

它們是我們策略的一個很好的例子，將大膽的設計與紀律和資本效率相結合，以推動更高的 ATP，以提高獲利能力。

As Mark shared at Investor Day, we're seeing EBIT improvements in the 10-percentage point range on some of these vehicles.

正如馬克在投資者日分享的那樣，我們看到其中一些車輛的息稅前利潤提高了 10 個百分點。

Cadillac is also very well positioned.

凱迪拉克的定位也非常好。

Last year, Cadillac had its best full year sales since 2016, thanks to the ongoing success of the Escalade with its refined exterior and stunning new interior, our high-performance V Series and Blackwing models and the LYRIQ, which is now the country's best-selling midsized luxury electric SUV according to S&P Global Mobility.

去年，凱迪拉克取得了自2016 年以來最好的全年銷量，這要歸功於憑藉精緻外觀和令人驚嘆的全新內飾的凱雷德、我們的高性能V 系列和Blackwing 車型以及目前國內最佳的LYRIQ 的持續成功——根據標準普爾全球移動公司的數據，正在銷售中型豪華電動 SUV。

This year, we expect the Escalade IQ, OPTIQ, and VISTIQ to further grow GM share of the luxury EV market.

今年，我們預計 Escalade IQ、OPTIQ 和 VISTIQ 將進一步增加通用汽車在豪華電動車市場的份額。

EV adoption has been higher in luxury segments.

豪華車領域的電動車採用率更高。

We are being guided by the customer, and we'll continue to be.

我們正在以客戶為指導，並將繼續如此。

And these new Cadillacs stand out with their beautiful designs, advanced technology, and customer-focused innovation.

這些新款凱迪拉克以其精美的設計、先進的技術和以客戶為中心的創新而脫穎而出。

Here are just a few examples.

這裡僅舉幾個例子。

The OPTIQ, which is scaling now and the seven-passenger VISTIQ, which launches in the spring, will be the first Cadillacs to offer AKG audio systems with Dolby Atmos that reveal more depth, detail, and clarity in the customer's favorite music.

目前正在擴展的OPTIQ 和將於春季推出的七人座VISTIQ 將成為第一款配備採用杜比全景聲(Dolby Atmos) 技術的AKG 音響系統的凱迪拉克汽車，該系統可讓客戶喜愛的音樂呈現出更多的深度、細節和清晰度。

All Cadillac EVs now come equipped with vehicle-to-home capability, allowing them to power a home during outages using a GM energy powershift charger and our vehicle-to-home equipment package.

所有凱迪拉克電動車現在都配備了車到戶功能，允許它們在停電期間使用通用汽車能源動力換檔充電器和我們的車到戶設備包為家庭供電。

And with the VISTIQ, Cadillac will be the first GM brand to roll out a new ADAS feature that builds on adaptive cruise control and lane centering.

憑藉 VISTIQ，凱迪拉克將成為第一個推出基於自適應巡航控制和車道居中的新 ADAS 功能的通用汽車品牌。

The new feature allows an attentive driver to engage the system and travel on millions of miles of roads with a light hand on the wheel.

這項新功能允許專心的駕駛員使用該系統，並輕握方向盤即可在數百萬英里的道路上行駛。

Then there's the Cadillac Escalade IQ.

然後是凱迪拉克凱雷德 IQ。

With its presence, range, performance, comfort, and technology, it's really in a class of its own.

憑藉其外觀、範圍、性能、舒適性和技術，它確實是獨一無二的。

One of our New York area Cadillac dealers, who has decades of experience with other luxury franchises, says it's the most impressive vehicle he has ever driven.

我們紐約地區的一位凱迪拉克經銷商擁有數十年的其他豪華車特許經營經驗，他說這是他駕駛過的最令人印象深刻的車輛。

Customers are noticing.

客戶正在註意到。

Since production began late last year, we've sold more than 1,500 Escalade IQs.

自去年年底開始生產以來，我們已售出超過 1,500 輛 Escalade IQ。

2025 will also be a year of rapid growth for Super Cruise across all of our brands.

2025 年也將是我們所有品牌 Super Cruise 快速成長的一年。

Our customer-focused strategy with Super Cruise is to continuously refine and expand its capabilities to make it indispensable.

我們對 Super Cruise 以客戶為中心的策略是不斷完善和擴展其功能，使其變得不可或缺。

This is how we are setting the stage for a recurring high-margin revenue streams from subscriptions.

這就是我們為訂閱帶來的經常性高利潤收入流奠定基礎的方式。

Since we launched Super Cruise, we have added hundreds of thousands of miles of new roads to its network and introduced features like automatic lane change and hands-free towing.

自從我們推出 Super Cruise 以來，我們已經在其網路中增加了數十萬英里的新道路，並引入了自動變換車道和免提牽引等功能。

This has helped make about 60% of our roughly 360,000 Super Cruise customers regular users.

這幫助我們約 36 萬名 Super Cruise 客戶中的約 60% 成為了正式用戶。

This year, we expect our Super Cruise equipped fleet to roughly double in size.

今年，我們預計配備超級巡航的船隊規模將擴大一倍左右。

Subscription revenue is becoming an increasingly important part of the Super Cruise opportunity, now that our first customers have completed their three-year trial.

既然我們的第一批客戶已經完成了三年的試用，訂閱收入正成為超級郵輪機會中越來越重要的一部分。

Last year, we saw subscription attach rates of about 20% off of a base of roughly 18,000 vehicles.

去年，我們看到約 18,000 輛汽車的訂閱附加費約為 20%。

This year, an additional 33,000 vehicles will end their trial period, and we target to more than double subscription revenue.

今年，還有 33,000 輛汽車將結束試用期，我們的目標是將訂閱收入增加一倍以上。

Within five years, we expect to approach about $2 billion in total annual revenue from Super Cruise.

五年內，我們預計 Super Cruise 的年總收入將接近 20 億美元左右。

These are just a few of the many exciting opportunities ahead of us, and we look forward to sharing more details with you as we go forward.

這些只是我們面前的眾多令人興奮的機會中的一小部分，我們期待在前進的過程中與您分享更多細節。

Before I turn the call over to Paul, I'd like to mention the projects we're pursuing with Hyundai.

在我把電話轉給保羅之前，我想先提一下我們正在與現代汽車合作的專案。

As Hyundai has shared, our teams are moving quickly to finalize the first of several product and purchasing agreements that are designed to help us move faster, lower cost, and become more capital efficient.

正如現代汽車所分享的那樣，我們的團隊正在迅速採取行動，敲定多項產品和採購協議中的第一份協議，這些協議旨在幫助我們更快地行動、降低成本並提高資本效率。

The collaborations will be global in nature, targeting specific segments and areas of the business, and we'll be sharing more details very soon.

這些合作將是全球性的，針對特定的細分市場和業務領域，我們很快就會分享更多細節。

I would also like to address the uncertainty around public policy, trade, and regulation.

我還想談談公共政策、貿易和監管的不確定性。

It remains to be seen how things will evolve.

事態將如何演變還有待觀察。

So our 2025 guidance Paul will share in his remarks does not take into account future policy changes.

因此，保羅將在他的演講中分享的我們的 2025 年指導並未考慮未來的政策變化。

We have been both proactive with Congress and the administration.

我們一直積極主動地與國會和政府合作。

And in our conversations, we have stressed the importance of a strong manufacturing sector and American leadership in advanced technologies.

在我們的談話中，我們強調了強大的製造業和美國在先進技術方面的領導地位的重要性。

It's clear that we share a lot of common ground, and we have appreciated the dialogue.

顯然，我們有很多共同點，我們很欣賞這場對話。

We believe the President wants to use policy and regulations in ways that will strengthen, not harm domestic manufacturers like GM.

我們相信總統希望利用政策和法規來加強而不是損害像通用汽車這樣的國內製造商。

We look forward to continuing to work with the President and his team as they consider how to strike the right balance on these important issues.

我們期待繼續與總統及其團隊合作，考慮如何在這些重要議題上取得適當的平衡。

With respect to possible tariffs, we are working across our supply chain logistics network and assembly plants so that we are prepared to mitigate near-term impacts.

關於可能的關稅，我們正在整個供應鏈物流網絡和組裝工廠開展工作，以便做好減輕短期影響的準備。

Many of these actions are no cost or low cost.

其中許多行動是無成本或低成本的。

What we won't do is spend a large amount of capital without clarity.

我們不會做的是在不明確的情況下花費大量資金。

Whatever happens on these fronts, we have a very broad and deep portfolio of ICE vehicles and EVs that are both growing market share.

無論這些方面發生什麼，我們都擁有非常廣泛和深入的內燃機汽車和電動車產品組合，這些產品的市場份額都在不斷增長。

And we'll be agile and execute as efficiently as possible.

我們將保持敏捷並儘可能有效率地執行。

With that, I'd like to invite Paul to walk you through our results and 2025 financial guidance, and then we'll move to Q&A.

接下來，我想邀請 Paul 向您介紹我們的業績和 2025 年財務指引，然後我們將進入問答環節。

Thank you.

謝謝。

Thank you, Mary, and I appreciate you all joining us this morning as we summarize another year of strong financial results for GM.

謝謝瑪麗，我也感謝大家今天早上加入我們，我們總結了通用汽車又一年強勁的財務表現。

Our full year EBIT-adjusted of $14.9 billion was at the high end of the range we guided to in October driven by a particularly strong November and December.

在 11 月和 12 月業績特別強勁的推動下，我們全年經調整後的息稅前利潤為 149 億美元，處於我們 10 月份指導範圍的高端。

This resulted in $10.60 of EPS diluted adjusted, up 38% year-over-year and partially aided by a significantly lower share count as we continue to return excess capital to shareholders.

這導致攤薄調整後每股收益為 10.60 美元，年增 38%，部分原因是我們繼續向股東返還多餘資本，導致股票數量大幅減少。

We increased our full year revenue by 9% to $187 billion with a 6% rise in wholesale volumes and ATPs above $50,000.

我們的全年營收成長了 9%，達到 1,870 億美元，批發量成長了 6%，ATP 超過 5 萬美元。

Throughout the year, our incentives as a percentage of ATP steadily improved, starting the first quarter nearly 1 percentage point below the industry average and ending the year at the lowest incentive levels in the industry and more than 3 points below average.

全年，我們的激勵措施佔 ATP 的比例穩步提高，從第一季開始就低於行業平均水平近 1 個百分點，到年底則處於行業最低激勵水平，比平均水平低 3 個百分點以上。

Our strategy of disciplined pricing and incentives continues to separate us from most of our peers.

我們嚴格的定價和激勵策略繼續使我們與大多數同行區分開來。

And at the same time, we are growing market share.

與此同時，我們的市場份額也在不斷增長。

Our US market share for the full year was up 30 basis points to 16.5%, and we ended the year on a positive note at 17.5% in the fourth quarter, the highest since the fourth quarter of 2018, excluding the impacts of the pandemic in 2020.

我們全年的美國市佔率成長了 30 個基點，達到 16.5%，第四季的市佔率達到 17.5%，為 2018 年第四季以來的最高水平，剔除 2018 年疫情的影響。

Our performance was fueled by strong EV growth and a refreshed ICE portfolio.

我們的業績得益於強勁的電動車成長和更新的內燃機產品組合。

ICE dealer inventory ended at 53 days, at the low end of our 50- to 60-day year-end target driven by strong sales and appropriately balancing our production to demand.

ICE 經銷商庫存期末為 53 天，處於我們 50 至 60 天年終目標的低端，這得益於強勁的銷售和適當平衡我們的生產與需求。

And we are also making significant progress on EVs.

我們在電動車方面也取得了重大進展。

In 2024, we wholesaled 189,000 EVs and delivered more than 146,000 units.

2024 年，我們批發了 189,000 輛電動車，交付了超過 146,000 輛。

Recall at the end of the third quarter, we had around 100 days of EV dealer inventory so that customers would have the opportunity to see and experience our products.

回想一下，第三季末，我們有大約 100 天的電動車經銷商庫存，以便客戶有機會看到和體驗我們的產品。

This strategy paid off, and we successfully reduced this to 70 days by year-end as our EV deliveries rose.

這項策略得到了回報，隨著電動車交付量的增加，到年底我們成功地將這一時間縮短至 70 天。

As Mary highlighted, a big focus of the company has been improving EV profitability.

正如瑪麗所強調的那樣，公司的一大重點是提高電動車的獲利能力。

We achieved variable profit positive on our EVs in the fourth quarter through continued manufacturing scale and efficiencies from higher production, improved material costs, including lower cell costs from scale and performance and expansion of our EV portfolio with the launch of the Cadillac Escalade IQ and Sierra EV.

透過持續提高生產規模和效率、改善材料成本（包括透過規模和性能降低電池成本以及透過推出凱迪拉克Escalade IQ 和Sierra 擴大我們的電動車產品組合），我們的電動車在第四季度實現了可變利潤正值電動車。

There's more work to achieve our goal of a positive EBIT margin, but we believe in good progress.

要實現我們的正息稅前利潤率目標還有更多工作要做，但我們相信會取得良好進展。

For instance, the Equinox EV has seen a $1,000 improvement in variable profit since its launch in just the second quarter of last year.

例如，自去年第二季推出以來，Equinox EV 的可變利潤提高了 1,000 美元。

Next, I'd like to discuss capital allocation.

接下來我想談談資本配置。

We continue to balance three key elements: investing in our business, maintaining a strong balance sheet, and returning excess capital to our shareholders.

我們持續平衡三個關鍵要素：投資我們的業務、維持強勁的資產負債表以及向股東返還多餘資本。

First, we believe that the amount of capital we are investing back into the business is appropriate to efficiently support long-term profitable growth.

首先，我們相信我們投資回業務的資本金額適合有效支持長期獲利成長。

Our forecasted capital spend in 2025, including battery JV investments, remained similar year-over-year at $10 billion to $11 billion.

我們預測 2025 年的資本支出（包括電池合資投資）與去年同期持平，為 100 億至 110 億美元。

Second, we paid off $750 million of senior notes in the fourth quarter ahead of their maturity in 2025.

其次，我們在第四季提前償還了 2025 年到期的 7.5 億美元優先票據。

We have another $1.75 billion maturing later this year.

今年晚些時候，我們還有 17.5 億美元到期。

We will assess refinancing opportunities or debt extinguishment as we progress throughout the year.

隨著全年的進展，我們將評估再融資機會或債務清償。

Third, we returned a substantial amount of capital to our shareholders during 2024.

第三，我們在2024年向股東返還了大量資本。

We generated full year adjusted auto free cash flow of $14 billion and returned nearly 55% of this free cash flow or approximately $7.6 billion.

我們全年調整後的汽車自由現金流為 140 億美元，並返還了該自由現金流的近 55%，約 76 億美元。

In the fourth quarter, we completed the ASR retiring an additional 25 million shares.

第四季度，我們完成了 ASR，註銷了另外 2500 萬股。

We also repurchased 87 million shares in the open market during the quarter at an average of $53.84 a share.

本季我們也在公開市場回購了 8,700 萬股股票，平均每股價格為 53.84 美元。

This resulted in us ending the year with an outstanding share count of 995 million, achieving our goal from early last year to reduce our share count below of 1 billion shares earlier than scheduled.

這使得我們年底的流通股數達到 9.95 億股，提前實現了去年初將股票數量減少到 10 億股以下的目標。

On a diluted basis, this represents 1.02 billion shares, a decrease of 28% since the end of 2022 and a decrease of 12% compared to the end of 2023.

稀釋後，這意味著10.2億股，自2022年底以來減少了28%，比2023年底減少了12%。

Moving forward, we expect to continue returning excess capital to our shareholders and further reducing the share.

展望未來，我們預計將繼續向股東返還多餘資本並進一步減持股份。

Getting into the fourth quarter results.

進入第四季業績。

Total company revenue was $48 billion, up 11% year-over-year driven by higher wholesales and consistent pricing.

在批發量增加和定價穩定的推動下，公司總收入為 480 億美元，年增 11%。

We achieved $2.5 billion in EBIT-adjusted, 5.3% EBIT-adjusted margins, and $1.92 in an EPS diluted adjusted.

我們實現了 25 億美元的 EBIT 調整後利潤率、5.3% 的 EBIT 調整後利潤率和 1.92 美元的稀釋調整後每股收益。

We completed the net $2 billion fixed cost reduction program.

我們完成了淨 20 億美元的固定成本削減計劃。

Compared to the end of 2022, we realized $900 million in lower marketing spend and $700 million in lower automotive engineering costs.

與 2022 年底相比，我們的行銷支出減少了 9 億美元，汽車工程成本減少了 7 億美元。

The remainder was realized through rationalization across some of our earlier-stage initiatives, which was partially offset by higher depreciation and amortization.

其餘部分是透過我們一些早期計劃的合理化來實現的，部分被較高的折舊和攤提所抵消。

A quick update on our EV inventory valuation allowances.

我們的電動車庫存估價津貼的快速更新。

We ended the year with a balance of $1.4 billion, which includes a small reduction in the fourth quarter.

我們年底的餘額為 14 億美元，其中第四季略有減少。

We expect further reductions as we move through 2025, but the pace and magnitude will be dependent on EV demand.

我們預計到 2025 年將進一步減少，但速度和幅度將取決於電動車需求。

We achieved adjusted automotive free cash flow of $1.8 billion during the fourth quarter, up $500 million year-over-year primarily driven by EBIT performance.

第四季度，我們實現了 18 億美元的調整後汽車自由現金流，年增 5 億美元，這主要是由息稅前利潤 (EBIT) 業績推動的。

North America delivered fourth quarter EBIT-adjusted of $2.3 billion, up $300 million year-over-year.

北美地區第四季調整後息稅前利潤為 23 億美元，較去年同期成長 3 億美元。

We benefited from the absence of 2023's fourth quarter strike in inventory adjustments.

我們受惠於 2023 年第四季庫存調整沒有罷工。

Additionally, the fixed cost program contributed to offsetting higher labor and warranty costs.

此外，固定成本計劃有助於抵消更高的勞動力和保固成本。

While we remain disciplined on pricing, we faced a slight headwind from full-size truck incentives.

儘管我們在定價方面仍然嚴格遵守，但全尺寸卡車激勵措施給我們帶來了輕微的阻力。

I want to take a moment to emphasize the strong full year North American margin of 9.2%, well within our targeted 8% to 10% range.

我想花點時間強調北美全年利潤率高達 9.2%，完全在我們 8% 至 10% 的目標範圍之內。

We are executing well on our product launches, along with being disciplined on cost, pricing, and inventory levels.

我們在產品發布方面表現良好，並且在成本、定價和庫存水準方面受到嚴格控制。

Our broad and refreshed product portfolio is a key factor driving these strong results.

我們廣泛且更新的產品組合是推動這些強勁業績的關鍵因素。

In the fourth quarter, we achieved a margin of 5.8%.

第四季度，我們的利潤率為 5.8%。

This included certain discrete items, including breach of warranty and legal reserves, which roughly impacted margin by 1.3 percentage points.

這包括某些離散項目，包括違反保固和法定準備金，這大約影響了利潤率 1.3 個百分點。

I'd now like to discuss the continued higher warranty costs, which include the initial product warranty accrual, recall campaigns, and breach of warranty exposure.

我現在想討論持續上漲的保固成本，其中包括初始產品保固應計費用、召回活動和違反保固風險。

Despite our success, we know we have an opportunity to improve our results by aggressively targeting our warranty expense.

儘管我們取得了成功，但我們知道我們有機會透過積極瞄準保固費用來改善我們的業績。

The first priority is always our customers focusing on parts availability.

我們的客戶始終將專注於零件可用性作為首要任務。

At the same time, the team is actively working to tackle the root cause of issues as they arise.

同時，團隊正在積極努力解決出現問題的根本原因。

Our commitment starts with the initial quality of our products, an area where we are a leader in the industry.

我們的承諾始於產品的初始質量，我們在這一領域處於行業領先地位。

We've achieved a significant reduction in claims with a decrease in the US of over 30% since 2018.

自 2018 年以來，我們的索賠數量大幅減少，美國的索賠數量減少了 30% 以上。

However, this benefit has been more than offset by a 100% increase in the cost of repair driven by both parts and labor inflation over the same period.

然而，這一收益被同期零件和勞動力通膨導致的維修成本 100% 的增長所抵消。

Rest assured, we remain committed to finding ways to mitigate inflationary pressures and navigate the strict regulatory and legal landscape.

請放心，我們仍然致力於尋找減輕通膨壓力並應對嚴格監管和法律環境的方法。

We are optimistic that our intense focus on driving down repair costs and improving quality will reduce our warranty costs over time.

我們樂觀地認為，我們對降低維修成本和提高品質的高度重視將隨著時間的推移降低我們的保固成本。

GM International delivered fourth quarter EBIT-adjusted of $200 million driven by strong execution and tight cost controls in South America and the Middle East along with positive China equity income of $17 million, excluding the restructuring charge.

通用汽車國際公司在南美洲和中東地區強勁的執行力和嚴格的成本控制以及1700萬美元的中國股權收入（不包括重組費用）的推動下，第四季度息稅前調整後的息稅前利潤為2億美元。

The team in China has done a great job of reducing inventory with SGM's inventories down over 60% from the end of 2023.

中國團隊在去庫存方面做得非常出色，上海通用汽車的庫存比2023年底下降了60%以上。

They have implemented effective cost reductions and have been focusing on enhancing product competitiveness, which helped fourth quarter sales increased 40% sequentially versus the third quarter.

他們實施了有效的成本削減，並一直致力於增強產品競爭力，這使得第四季度銷售額較第三季度環比增長了 40%。

We recorded a $4.1 billion special item in our auto China equity income, approximately half of this related to an impairment while the rest is connected to various restructuring actions we have taken so far in China.

我們在中國汽車股權收入中記錄了 41 億美元的特殊項目，其中約一半與減損有關，其餘則與我們迄今在中國採取的各種重組行動有關。

It's important to note that these charges are not expected to require any capital from GM as the joint venture has sufficient cash to cover these costs.

值得注意的是，這些費用預計不需要通用汽車提供任何資金，因為合資企業有足夠的現金來支付這些費用。

We believe these actions, along with a comprehensive product launch plan in 2025 that ensures at least one NEV option per product program, will help us achieve our target of the China business returning to profitability in 2025.

我們相信，這些行動，加上 2025 年全面的產品推出計劃，確保每個產品計劃至少有一種新能源汽車選項，將幫助我們實現中國業務在 2025 年恢復盈利的目標。

GM Financial also had a strong year of profitability and capital return to GM.

通用汽車金融公司今年也取得了強勁的獲利能力和資本回報。

Fourth quarter EBT-adjusted was consistent year-over-year at $700 million.

第四季息稅前調整後的息稅前利潤與去年同期持平，為 7 億美元。

Higher net financing revenue offset lower lease termination gains and higher provision expense driven by increased loan origination volume.

淨融資收入的增加抵銷了租賃終止收益的減少和貸款發放量增加所導致的撥備費用的增加。

GM Financial's full year EBT-adjusted was $3.0 billion at the top of their guidance range, and they pay dividends of $1.8 billion to GM.

通用汽車金融公司全年EBT調整後的利潤為30億美元，處於其指導範圍的頂部，並向通用汽車支付了18億美元的股息。

Cruise expenses, excluding the special items for the restructuring charge, were $400 million in the quarter, down from $800 million in 2023.

不包括重組費用的特殊項目，本季遊輪費用為 4 億美元，低於 2023 年的 8 億美元。

As Mary said, we believe our refocused autonomous driving strategy will lead to efficiencies and a $1 billion annual run rate savings in our investment relative to the $1.7 billion we spent on Cruise in 2024.

正如瑪麗所說，我們相信，我們重新調整自動駕駛策略的重點將提高效率，並且相對於 2024 年在 Cruise 上花費的 17 億美元，我們的投資每年可節省 10 億美元。

These decisions led to a $500 million restructuring charge in the fourth quarter, which was classified as a special item with approximately two-thirds being cash based.

這些決定導致第四季度產生了 5 億美元的重組費用，該費用被歸類為特殊項目，其中約三分之二是基於現金的。

Additionally, later this year, we plan to include the expenditures for the Cruise employees in our North America segment.

此外，今年晚些時候，我們計劃將郵輪員工的支出納入北美部門。

This will impact our North America margin by around 50 basis points this year.

這將影響我們今年北美的利潤率約 50 個基點。

However, we still expect to remain within our 8% to 10% range.

然而，我們仍預計將保持在 8% 至 10% 的範圍內。

It will also increase our auto fixed costs and reduce our adjusted automotive cash flow as the cash used by Cruise was excluded previously.

它還將增加我們的汽車固定成本並減少我們調整後的汽車現金流，因為 Cruise 使用的現金之前被排除在外。

Moving to our 2025 guidance.

轉向我們的 2025 年指導。

We expect EBIT-adjusted in the $13.7 billion to $15.7 billion range, EPS diluted adjusted to be in the $11 to $12 per share range and adjusted automotive free cash flow in the $11 billion to $13 billion range.

我們預計調整後的息稅前利潤將在137 億美元至157 億美元的範圍內，稀釋後每股收益將在每股11 美元至12 美元的範圍內，調整後的汽車自由現金流將在110億美元至130 億美元的範圍內。

It's important to note that our guidance does not account for the impact of future policy changes by the new administration, including tariffs, tax reform, or other regulation changes.

值得注意的是，我們的指導意見並未考慮新政府未來政策變化的影響，包括關稅、稅改或其他監管變化。

We do anticipate some headwinds in both volume and mix, stemming from a modest decline in ICE wholesale volume in North America as we appropriately balance dealer inventory levels.

我們確實預計，由於我們適當平衡經銷商庫存水平，北美 ICE 批發量小幅下降，銷量和產品組合都會出現一些阻力。

However, this will be partially offset by higher EV volume.

然而，這將被電動車銷量的增加部分抵消。

We're optimistic in our robust product portfolio and our ability to drive market share expansion through strong ICE sales complemented by a strategically diverse lineup of EVs.

我們對強大的產品組合以及透過強勁的內燃機銷售和戰略多元化的電動車陣容來推動市場份額擴張的能力感到樂觀。

Additionally, we are planning for a similar US industry year-over-year to 2024.

此外，我們也計劃在 2024 年美國產業實現類似的目標。

In terms of pricing, we're assuming a decline in North America of 1% to 1.5% year-over-year to capture potentially higher incentives or a moderation in ATPs.

在定價方面，我們假設北美地區的定價年減 1% 至 1.5%，以獲得潛在的更高激勵措施或 ATP 的放緩。

While we are not seeing this at the moment, we believe it's a prudent way to plan our budget as we have in years past.

雖然我們目前還沒有看到這一點，但我們相信，像過去幾年一樣，這是規劃預算的謹慎方式。

Offsetting these headwinds, we anticipate EV profitability improvements at the low end of our $2 billion to $4 billion EBIT year-over-year target.

為了抵​​消這些不利因素，我們預計電動車獲利能力將在 20 億至 40 億美元的 EBIT 同比目標的低端有所改善。

This improvement is based on wholesales of around 300,000 units and is predicted to come from scale, fixed cost absorption and a continued focus on cell and vehicle cost reductions.

這項改進基於約 30 萬輛的批發量，預計將來自規模、固定成本吸收以及對電池和車輛成本降低的持續關注。

Regarding Cruise, our guidance includes around $500 million of the $1 billion annual savings we previously discussed.

關於 Cruise，我們的指導包括我們之前討論的每年節省 10 億美元中的約 5 億美元。

This is based on our assumption that Cruise employees will be fully integrated into GM by midyear.

這是基於我們的假設，即 Cruise 員工將在年中完全融入通用汽車。

We anticipate other costs outside of Cruise and the EV profitability improvements to be favorable.

我們預計 Cruise 以外的其他成本和電動車盈利能力的改善將是有利的。

This is mainly due to variable costs such as commodities and logistics, which are expected to more than offset headwinds from depreciation and amortization and higher labor costs.

這主要是由於商品和物流等可變成本，預計這些成本將足以抵消折舊和攤提以及勞動力成本上升的不利影響。

For GM International, we expect a tailwind from restructuring the China business and are targeting profitable equity income for the full year.

對於通用汽車國際公司而言，我們預期中國業務重組將帶來推動作用，並目標是全年實現盈利的股權收入。

GM International outside of China should be similar to what was delivered in 2024.

通用汽車國際公司在中國以外的交付情況應該與 2024 年交付的類似。

For GM Financial, we expect EBT-adjusted to be in the $2.5 billion to $3 billion range, reflecting the targeted return for the credit risk profile and asset mix in a largely stable economic environment.

對於通用汽車金融公司，我們預計息稅前調整後的利潤將在 25 億至 30 億美元之間，反映了在基本穩定的經濟環境下信用風險狀況和資產組合的目標回報。

We expect an increase in earning assets driven by both loan and lease portfolios.

我們預計，在貸款和租賃投資組合的推動下，獲利資產將會增加。

We are forecasting another year of robust adjusted automotive free cash flow.

我們預測調整後的汽車自由現金流將強勁成長。

However, we anticipate year-over-year headwinds in the range of $1 billion to $3 billion from the nonrepeat of working capital benefits realized in 2024 and primarily from dealer inventory restocking, the timing of payments for previously accrued liabilities, notably warranty, and the inclusion of Cruise spend.

然而，我們預計，由於 2024 年實現的營運資金收益不再重複，且主要來自經銷商庫存補貨、先前應計負債的支付時間（尤其是保固）和包括遊輪支出。

Capital spending is expected to be similar year-over-year and in the $10 billion to $11 billion range, including battery JV investments.

資本支出預計將比去年同期相似，在 100 億至 110 億美元之間，其中包括電池合資企業投資。

We continue to strategically spend on our ICE portfolio and build flexibility into our manufacturing capabilities to maintain agility to adapt to consumer preferences between ICE and EV powertrains.

我們繼續對我們的內燃機產品組合進行策略性投資，並在我們的製造能力中建立靈活性，以保持適應消費者在內燃機和電動車動力總成之間的偏好的靈活性。

Our full year EPS guidance assumes weighted average diluted share count of approximately 1 billion shares, which excludes the impact of any future open market purchases.

我們的全年每股盈餘指引假設加權平均稀釋後股份數量約為 10 億股，其中不包括任何未來公開市場購買的影響。

In closing, I want to express my sincere attitude to every GM team member.

最後，我想向GM團隊的每位成員表達我最真誠的態度。

Their hard work and dedication have been pivotal in driving our strong financial performance in 2024.

他們的辛勤工作和奉獻精神對於推動我們在 2024 年實現強勁的財務表現至關重要。

A relentless focus on execution, discipline, and adaptability enabled us to successfully navigate a dynamic and challenging landscape.

對執行力、紀律和適應性的不懈關注使我們能夠成功應對充滿活力且充滿挑戰的環境。

And we believe these key success factors are going to continue to support our efforts towards another promising year in 2025.

我們相信，這些關鍵的成功因素將繼續支持我們努力邁向 2025 年又一個充滿希望的一年。

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) Dan Levy, Barclays.

（操作員指示）Dan Levy，巴克萊銀行。

Hi.

你好。

Good morning.

早安.

Thank you for taking the questions.

感謝您提出問題。

I wanted to start with the question on the guidance.

我想從有關指導的問題開始。

And specifically, if we could double-click on the volume assumptions.

具體來說，我們是否可以雙擊體積假設。

I know you're talking about headwind.

我知道你說的是逆風。

But I'm wondering if we could maybe get a sense of the magnitude.

但我想知道我們是否可以了解其規模。

The third-party data forecasters have your North America production down 9% for 2025.

第三方資料預測機構預計 2025 年北美產量將下降 9%。

I know a lot of that is just a nonrepeat of inventory build.

我知道其中很多只是庫存的重複建設。

Maybe you can just give us a sense of what type of SAAR or share assumptions you have.

也許您可以讓我們了解 SAAR 的類型或分享您的假設。

And then maybe if you could just comment, specifically on the share.

然後也許您可以發表評論，特別是針對分享。

It was really strong in the fourth quarter.

第四季的表現確實很強勁。

Is there any sustainability to that?

這有永續性嗎？

So, hey, Dan.

所以，嘿，丹。

Thanks for the question.

謝謝你的提問。

You are getting a little garbled at the end.

最後你會發現有點亂碼。

I think that's the connection, but I think you were asking about SAAR assumptions for '25 and then the share uplift that we saw at the back half of the year, particularly in the fourth quarter, how sustainable is that.

我認為這就是聯繫，但我認為您問的是 25 年的 SAAR 假設，以及我們在今年下半年看到的份額提升，特別是在第四季度，這種增長的可持續性如何。

So we're looking at 2025 on a SAAR basis to be fairly similar to Q -- or to 2024.

因此，我們認為基於 SAAR 的 2025 年與 Q 或 2024 年非常相似。

I think the -- there is some speculation out there that we saw a big pull ahead in demand in the month of December, whether that was EV-driven or just consumer-driven ahead of inauguration.

我認為，有人猜測我們在 12 月看到了需求的大幅增長，無論是電動車驅動的還是就職前的消費者驅動的。

I think one of the things is we're adopting a little bit of a wait and see on that.

我認為其中一件事是我們對此採取了一點觀望態度。

January has been really noisy as Mary had mentioned in comments this morning about both the weather, the fires in California, et cetera.

正如瑪麗今天早上在評論中提到的那樣，一月真的很吵鬧，包括天氣、加州的火災等等。

So it's tough to glean whether there was a big pull forward.

因此很難收集是否有很大的推動力。

So we've got of projected demand to be pretty similar to last year.

因此，我們預計需求與去年非常相似。

On the share side, I think really proud of the team.

在分享方面，我認為我們的團隊非常自豪。

They have done a tremendous job.

他們做了非常出色的工作。

And as we've said for a few years, as we have been able to ramp up EVs, we saw the opportunity to grow share in EVs and ICE, and it was not mutually exclusive.

正如我們幾年來所說，隨著我們能夠增加電動車的數量，我們看到了增加電動車和內燃機汽車份額的機會，而且這並不相互排斥。

And I think the team has been doing that.

我認為團隊一直在做這件事。

We are at a share level that we haven't seen if you exclude COVID since 2018.

如果排除新冠疫情，我們目前的份額水準是自 2018 年以來從未見過的。

I think that's tremendous results.

我認為這是巨大的成果。

I think the team is not going to stop there.

我認為團隊不會就此止步。

But we're going to continue to work towards that.

但我們將繼續為此努力。

Going forward, I think we had -- we were projecting an opportunity or some pretty big ICE impacts from not having as much restocking.

展望未來，我認為我們預測了一個機會或一些相當大的 ICE 影響，因為沒有那麼多的補貨。

I think we're going to kind of wait and see to where demand is.

我認為我們將拭目以待，看看需求在哪裡。

We obviously do have an opportunity to build a little bit of inventory within the 50- to 60-day window that we've outlined at year-end as a result of that demand surge that we saw in 4Q.

由於我們在第四季度看到的需求激增，我們顯然確實有機會在年底概述的 50 至 60 天窗口內建立一點庫存。

But we're going to kind of watch that.

但我們會關注這一點。

But other than that, I think a pretty similar environment in '25 than what we experienced in '24.

但除此之外，我認為 25 年的環境與我們在 24 年經歷的非常相似。

Great.

偉大的。

Thank you.

謝謝。

As a follow-up, a bit of a policy question.

作為後續行動，有一點政策問題。

I know you're waiting to see how everything plays out.

我知道你正在等著看一切如何發展。

But President Trump has said he's reversing the EV mandate as we all expect some reversal in the tax credits, perhaps some change in EPA.

但川普總統表示，他將撤銷電動車強制令，因為我們都預期稅收抵免會出現一些逆轉，也許 EPA 也會發生一些變化。

In this environment, can you give us a sense of how you're thinking about resource allocation toward how much overhead spend can you pull back on, just how the strategy shifts amid a potential change in EV policy?

在這種環境下，您能否讓我們了解您如何考慮資源分配，以及可以減少多少間接費用，以及在電動車政策潛在變化的情況下策略如何轉變？

Well, I think you've seen us over the last few years be very mindful of what consumer demand is for EVs and make decisions like we did with Orion and like the third plant that we're in the process of selling our share to LG.

嗯，我想你已經看到我們在過去幾年中非常關註消費者對電動車的需求，並做出像我們對 Orion 所做的決定，以及我們正在將股份出售給 LG 的第三家工廠。

So we're going to continue to make decisions like that to be appropriate with our capital as we look at how EVs are going to grow.

因此，當我們考慮電動車將如何發展時，我們將繼續做出與我們的資本相適應的決定。

We never expect it would be a straight line.

我們從沒想過它會是一條直線。

We're also going to deploy capital appropriately to our ICE portfolio.

我們也將適當地將資本配置到我們的 ICE 投資組合中。

I think we have the strongest portfolio General Motors has had in decades.

我認為我們擁有通用汽車幾十年來最強大的產品組合。

We have a little bias there.

我們對此有一點偏見。

But I think we're seeing that with the response in the market as well.

但我認為我們也從市場的反應中看到了這一點。

So we're going to continue to be very efficient as we deploy capital to both ICE and EV, again, guided by consumer demand.

因此，在消費者需求的引導下，我們將繼續以非常有效率的方式部署資金給內燃機和電動車。

Okay.

好的。

Thank you.

謝謝。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾‧羅斯納，沃爾夫研究中心。

Thank you very much.

非常感謝。

Good morning.

早安.

My first question on the -- this margin exit rate in 2024.

我的第一個問題是──2024 年的保證金退出率。

Were that sort of at the large LC and RV charges like you had last year or the strike and ATPs in the quarter, I think some investors may have expected a bit of a higher exit rate in terms of margin.

如果是像去年那樣的大額 LC 和 RV 費用，或者本季的罷工和 ATP，我認為一些投資者可能會預期利潤率的退出率會更高一些。

I know you mentioned about 130 basis points of onetime-type items.

我知道您提到了大約 130 個基點的一次性項目。

Can you just come back and comment on the quarter performance and to what extent, I guess, what would the bridge look like towards 8% to 10% in 2025?

您能回來評論一下本季的表現嗎？

Yes.

是的。

Good morning, Emmanuel.

早上好，伊曼紐爾。

I'm not surprised about this question.

對於這個問題我並不感到驚訝。

We did say in the remarks that there were two specific issues really around warranty and policy.

我們確實在評論中說過，實際上有兩個關於保固和政策的具體問題。

One was a legal settlement on the oil consumption case, which we recorded in the fourth quarter.

其中之一是石油消耗案的法律和解，我們在第四季度記錄了這一情況。

That will be in our 10-K.

那將在我們的 10-K 中。

And then the second is we've continued to see some breach of warranty pressure as we talked about in the regulatory and legal environment.

第二個是我們繼續看到一些違反保固的壓力，正如我們在監管和法律環境中所討論的那樣。

We're trying to get a little bit ahead of that just based on the trends that we see.

我們正試圖根據我們看到的趨勢領先一點。

Those two items in and of themselves were a little bit more than one point as we talked about.

正如我們所討論的，這兩件事本身就不僅僅是一個問題。

That kind of puts us in line with normal seasonality.

這使我們符合正常的季節性。

I'd also point out, remember that we had -- I think we disclosed about $300 million in 3Q.

我還想指出，請記住，我們在第三季披露了大約 3 億美元。

That was a pull forward of vehicles that we're expected to deliver in the fourth quarter.

這是我們預計在第四季度交付的車輛的一個拉動。

That benefited September and Q3 at the expense of Q4.

這使 9 月和第三季受益，但第四季卻受到影響。

And then lastly, normal seasonality.

最後，正常的季節性。

We've got 11 fewer production days just generally based on the holiday schedule.

根據假期安排，我們的生產天數通常減少了 11 天。

Remember, we lost a couple of days at Arlington because of the floods in North Carolina and the tragedy that impacted that community and a supplier that we had there.

請記住，由於北卡羅來納州的洪水以及影響社區和我們在那裡的供應商的悲劇，我們在阿靈頓損失了幾天。

So I'm not overly worked up about it.

所以我對此並沒有過度激動。

I think when you look at some of those one-off events, I think we're pretty good.

我認為當你看到其中一些一次性事件時，我認為我們相當不錯。

The one thing I do want to say because I know we've received some inbound questions.

我確實想說的一件事是因為我知道我們收到了一些入站問題。

EV mix wasn't really a meaningful factor in that 4Q.

電動車組合在第四季並不是一個真正有意義的因素。

It does have a downward impact, but it was really outweighed significantly by those pressures that I just highlighted.

它確實有向下的影響，但它確實被我剛才強調的那些壓力所抵消。

So that hopefully gives a little bit more confidence in the construct going forward for 2025.

因此，這有望讓人們對 2025 年的建構更有信心。

I appreciate this color.

我很欣賞這種顏色。

Second question is around capital allocation.

第二個問題是關於資本配置。

So it was good to hear you restate the capital allocation policy.

因此，很高興聽到您重申資本配置政策。

And it seems like based on the guided CapEx and sort of other actions, it would leave again some considerable amount of capital returned to shareholders.

看起來，基於指導性資本支出和其他一些行動，這將再次將相當數量的資本返還給股東。

I think you're probably through most of your existing authorization for buybacks.

我認為您可能已經完成了大部分現有的回購授權。

So what would be the next step here?

那麼下一步是什麼？

Well, Emmanuel, thanks for the question.

嗯，伊曼紐爾，謝謝你的提問。

We're really proud of the strong free cash flow generation that we had in 2024, and we expect another year of very strong free cash flow.

我們對 2024 年強勁的自由現金流產生感到非常自豪，我們預計又一年會出現非常強勁的自由現金流。

We're going to continue to follow our capital allocation policy.

我們將繼續遵循我們的資本配置政策。

So we'll be working with the Board on the next phase, and we'll provide updates as we move forward.

因此，我們將在下一階段與董事會合作，並在進展過程中提供最新資訊。

But you can look to us following the capital allocation framework as we've done this year, or I should say done in 2024.

但你可以關注我們今年所做的資本分配框架，或者我應該說 2024 年所做的。

Yes.

是的。

Thank you very much.

非常感謝。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thank you.

謝謝。

Good morning.

早安.

Just one quick one on the quarter and then a bigger picture one.

先簡單介紹一下本季的情況，然後再介紹一下更大的情況。

GM pricing in the quarter, I think when you showed some of the pricing data and the sales release, it looked like things are really strong, accelerating through the quarter.

通用汽車在本季度的定價，我認為當您展示一些定價數據和銷售發佈時，看起來情況確實很強勁，並且整個季度都在加速。

Incentives are low yet -- and the factor was still a slight year-over-year headwind.

激勵措施仍然較低，而且與去年同期相比仍然存在輕微的阻力。

Was there any incentive accrual or anything in the quarter that weighed on that?

本季是否有任何應計獎勵或任何對此產生影響的因素？

And maybe related to pricing also, the 1% to 1.5% for 2025.

也許也與定價有關，2025 年為 1% 至 1.5%。

Does that include -- is that overall like including the EV portfolio?

這是否包括——總體而言就像包括電動車產品組合一樣？

And do you expect some pricing on -- pressure on EVs?

您預計電動車的定價會面臨一些壓力嗎？

Yes.

是的。

Hey, Joe. Thanks for the question.

嘿，喬。謝謝你的提問。

What I would say is there is a little bit of noise in the sort of year-over-year interplay in the accrual on the inventory for incentives.

我想說的是，激勵庫存應計額的逐年交互作用中存在一些噪音。

But commercially, I think everything that you mentioned is right.

但從商業角度來說，我認為你提到的一切都是對的。

It was a strong year for pricing across the board and strong demand in the fourth quarter, and we expect that to continue going forward in pricing.

今年是全面定價強勁的一年，第四季需求強勁，我們預計定價將繼續向前發展。

For the 1% to 1.5%, you'll notice that that's down a little bit from the way we've haircut in prior years.

對於 1% 到 1.5% 的人，您會發現這比我們前幾年的理髮方式略有下降。

I think that's a statement that we expect a little bit more stability as our competitors have worked down some of their higher inventory balances.

我認為這表明我們期望更加穩定，因為我們的競爭對手已經降低了一些較高的庫存餘額。

So we expect a year of a little bit more stability, but down 1% to 1.5%,

因此，我們預計這一年會更加穩定，但會下降 1% 至 1.5%，

I would remind you, is just kind of the way we look at a planning assumption.

我想提醒您，這只是我們看待規劃假設的方式。

It's not necessarily in our expectations, but it's how we run the business and how we guide the business going forward so that we can adjust if we see that but not necessarily an indication of the commercial market.

這不一定符合我們的預期，但這是我們經營業務以及指導業務前進的方式，以便我們可以在看到這種情況時進行調整，但不一定是商業市場的跡象。

Like I said, January, the pricing has been good.

就像我說的，一月份，定價很好。

In fact, I think ATPs were up a little bit.

事實上，我認為 ATP 有所上升。

Incentives were down a little bit.

激勵措施略有下降。

But there's just so much noise and we're just -- we're being cautious until we get a little bit more smooth data from the marketplace just because January was so noisy.

但噪音太大了，我們只是——我們一直保持謹慎，直到我們從市場獲得更平穩的數據，因為一月份太吵鬧了。

Okay.

好的。

And just going back to policy.

回到政策上來。

I know you're not going to do anything without prudence here.

我知道你不會在這裡不謹慎地做任何事。

You're going to take some careful evaluation and have profitability and capital in your mind.

您將進行一些仔細的評估，並考慮到盈利能力和資本。

I just was wondering if you could spend a minute talking about the flexibility you have in your footprint.

我只是想知道您是否可以花一點時間談談您的足跡的靈活性。

I mean we know about the ICE, EV flexibility because you showed us that in Tennessee, but I'm curious a little bit more about just shifting mix of production between plants, especially on the full-size vehicles which are produced across North America if there are any sort of near-term actions on tariffs, et cetera?

我的意思是，我們了解內燃機和電動車的靈活性，因為您在田納西州向我們展示了這一點，但我對在工廠之間轉移生產組合更加好奇，特別是在北美生產的全尺寸汽車上，如果近期有關稅等方面的行動嗎？

Yes, Joe, it's a good question.

是的，喬，這是個好問題。

And we've been studying multiple scenarios.

我們一直在研究多種場景。

But from a Mexico perspective, we do build trucks in Mexico and in Canada and in the United States.

但從墨西哥的角度來看，我們確實在墨西哥、加拿大和美國製造卡車。

And so we have the capacity in the United States to shift some of that.

因此，美國有能力改變其中的一些情況。

We also sell trucks globally, and so we can look at where the international markets are being sourced from.

我們也在全球範圍內銷售卡車，因此我們可以了解國際市場的採購來源。

So there's plays that we can do on that perspective to minimize the impact if there are tariffs either on Canada or Mexico.

因此，我們可以從這個角度採取一些行動，以盡量減少對加拿大或墨西哥徵收關稅的影響。

We're encouraged that President of Mexico has indicated that they are working and having conversations to take the steps necessary that the Trump administration is looking for, specifically around immigration and some other things to avoid the tariffs.

我們感到鼓舞的是，墨西哥總統表示，他們正在努力並進行對話，以採取川普政府正在尋求的必要措施，特別是在移民和其他一些避免關稅的問題上。

But we're doing the planning and have several levers that we can pull.

但我們正在製定計劃，並且有幾個可以利用的槓桿。

Okay.

好的。

Thank you very much.

非常感謝。

John Murphy, Bank of America.

約翰‧墨菲，美國銀行。

Good morning, everybody.

大家早安。

Sorry to stay on the mundane topic of policy.

很抱歉繼續討論政策這個平凡的議題。

But just trying to understand the baseline of where you're starting where you're assuming policy doesn't change.

但只是試著去了解你假設政策不會改變的起點的基線。

I mean Trump through the Unleashing American Energy executive order essentially canceled CARB's waiver so they can't execute on the ACC2.

我的意思是，川普透過「釋放美國能源」行政命令基本上取消了 CARB 的豁免，因此他們無法執行 ACC2。

Was your understanding that you do not have to comply with CARB's ACC2 and get to 35% of your volume is EVs in California and the other states?

您是否理解，您不必遵守 CARB 的 ACC2，並且在加州和其他州將電動車佔銷量的 35%？

I mean just what is your interpretation there?

我的意思是你的解釋是什麼？

And how are you going to operate going forward because obviously, that ratchets up to 45% next year and then 100% by 2035.

未來將如何運營，因為顯然，明年這一比例將上升至 45%，然後到 2035 年將上升至 100%。

Yes.

是的。

Our message to President Trump and the administration is that as EV requirements are changed, we've got to make sure that the stringency is as well.

我們向川普總統和政府傳達的訊息是，隨著電動車要求的改變，我們必須確保嚴格性也隨之改變。

Frankly, even today's environment before anything changes, what's happening from a CARB perspective across multiple states is just not where the customer is at.

坦白說，即使今天的環境在發生任何變化之前，從 CARB 的角度來看，多個州所發生的事情也不是客戶所在的地方。

And we've been engaging at the state level.

我們一直在州一級進行參與。

Our dealers have been engaging at the state level.

我們的經銷商一直在州一級參與。

And so there's a tremendous amount of work going on in that.

因此，這方面還有大量工作要做。

As it relates to what specifically has happened through executive order, I think there's still some more policy work that needs to be done.

由於它與透過行政命令具體發生的事情有關，我認為還有更多的政策工作需要完成。

So we can comply and make sure we're not in a penalty situation, which we're watching carefully.

因此，我們可以遵守並確保我們不會處於處罰情況，我們正在仔細觀察這種情況。

But I don't disagree with you that I think there's directional change coming.

但我不同意你的觀點，我認為方向性的改變即將到來。

It's just -- it's not completely done yet, but we're watching and providing our input at the state level and the federal level.

只是——它還沒有完全完成，但我們正在州一級和聯邦一級觀察並提供我們的意見。

But your understanding, Mary, is right now that the 35% requirement that would have been put in place is actually not in place at the moment, right, because of that executive order?

但瑪麗，你現在的理解是，原本應該實施的 35% 要求實際上目前尚未實施，對吧，因為那項行政命令？

Is that how you guys are operating?

你們都是這樣操作的嗎？

I just want to make sure I understand that.

我只是想確保我理解這一點。

Actually, no, because I think there's legislative or legal changes or policy by different organizations that have to align with that.

事實上，不，因為我認為不同組織的立法或法律變更或政策必須與之保持一致。

We're very clear on the direction.

我們的方向非常明確。

But I don't think we can as an auto manufacturer now can assume that that is gone at this precise moment.

但我認為，作為一家汽車製造商，我們現在不能假設這種情況在此時此刻已經消失。

Yes, very uncertain.

是的，非常不確定。

Just one last one, Mary, quickly on the AV commitment.

最後一件事，瑪麗，快點談 AV 的承諾。

Obviously, there's a lot of costs that are being poured across from Cruise into the company, so you're getting some good savings, but you're still spending a lot of money on ADAS and Level 3 to ultimately Level 4 and 5 autonomy.

顯然，Cruise 向公司投入了大量成本，因此您節省了一些錢，但您仍然在 ADAS 和 3 級甚至最終的 4 級和 5 級自動駕駛上花費了大量資金。

Are you still having an internal commitment to developing Level 4 and 5 on your own and sort of a build?

您是否仍有內部承諾自行開發 4 級和 5 級以及某種構建？

Or is there the potential that you think might need to go out and buy just given the way that you're going after this at the moment?

或者考慮到您目前正在追求的方式，您是否認為可能需要出去購買？

Well, John, it's a great question.

嗯，約翰，這是一個很好的問題。

And I think even with what we saw yesterday, there's so much happening from an artificial intelligence perspective of how we move forward.

我認為，即使我們昨天看到了什麼，從人工智慧的角度來看，我們如何前進仍然發生了很多事情。

We do and have built capability inside General Motors.

我們確實並且已經在通用汽車內部建立了能力。

Obviously, our plan that we're working to execute with Cruise would strengthen that, much of what we can do.

顯然，我們正在與 Cruise 合作執行的計劃將加強我們所能做的大部分工作。

There may be strategic partners that we also work with on aspects of this.

我們可能也有一些策略夥伴在這方面合作。

And so we want to be leaders in Level 4 autonomy.

因此，我們希望成為 4 級自治領域的領導者。

And we think we're going to continue to evaluate the landscape to do that capital efficiently as possible but still maintain a leadership position and also the strong relationship with the customer because we think that this is game-changing for our industry.

我們認為，我們將繼續評估形勢，盡可能有效地利用資本，但仍保持領先地位以及與客戶的牢固關係，因為我們認為這對我們的行業來說是改變遊戲規則的。

Great.

偉大的。

Thank you very much.

非常感謝。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Yeah.

是的。

I just wanted to follow up on Murph's line of questioning around autonomy.

我只是想跟進墨菲關於自主權的質疑。

I think you said you had 360,000 enabled vehicles with Super Cruise on the road, and you expect to double that in 2025.

我記得您說過您有 360,000 輛配備超級巡航功能的車輛在路上行駛，您預計到 2025 年這一數字將翻倍。

And that you're moving to -- from a foundation or moving to a foundation and end-to-end approach training your massive data sets.

您正在從基礎遷移到基礎，或遷移到基礎和端到端方法來訓練您的海量資料集。

Can you tell us how moving to end-to-end might change your spending how you approach compute costs?

您能否告訴我們，轉向端到端可能會如何改變您的支出以及計算成本的方式？

You alluded to, Mary, working with strategic partners.

瑪麗，你提到與策略夥伴合作。

I think that resonates too, but maybe elaborate a little further on what that might mean to the bottom line or how you're allocating capital over the next 12 or 24 months?

我認為這也會引起共鳴，但也許可以進一步詳細說明這對淨利潤意味著什麼，或者您在未來 12 或 24 個月內如何分配資本？

And then -- and also, I assume most of those 360,000 units are ICE vehicles.

然後，我假設這 360,000 輛汽車中的大部分都是內燃機汽車。

So I'm wondering if in your answer you can include, is there any significance or difference, disadvantage, if you will, of collecting data from non-software-defined ICE vehicles versus your completely new architecture kind of EV architecture vehicles for training?

因此，我想知道您是否可以在您的回答中包括，從非軟體定義的ICE 車輛收集資料與用於訓練的全新架構類型的EV 架構車輛相比，是否有任何意義或差異、缺點（如果您願意的話）？

Thanks.

謝謝。

Well, just -- thanks, Adam.

好吧，只是——謝謝，亞當。

And from the last question, we can collect information.

從最後一個問題，我們可以收集資訊。

Of course, we're following all the appropriate policy guidelines and rules that we have within General Motors to make sure that we treat customers' data appropriately.

當然，我們遵循通用汽車內部所有適當的政策指南和規則，以確保我們正確處理客戶的資料。

But we can anonymize the data and leverage it to not only improve the performance but to improve the safety.

但我們可以將資料匿名化，並利用它不僅可以提高效能，還可以提高安全性。

And we're really proud of where we are with Super Cruise with our safety record and the fact that we have some features like towing that no one else has.

我們對 Super Cruise 的安全記錄以及我們擁有其他人沒有的一些功能（例如牽引）感到非常自豪。

We're going to continue to build on those.

我們將繼續在此基礎上繼續發展。

I mentioned something is coming as an improvement from a driver assist technology yet this year.

我提到今年駕駛員輔助技術將會有所改進。

And we're going to continue, and I think we can accelerate that if we are able to execute our plan to incorporate the great talent that we have at Cruise for getting Super Cruise in Level 3, Level 3 plus and beyond.

我們將繼續下去，我認為，如果我們能夠執行我們的計劃，整合我們在 Cruise 擁有的優秀人才，以實現 3 級、3 級以上及更高級別的超級巡航，我們可以加快這一進程。

When we talk about -- in our forecast, you asked for the next 12 to 18 months.

當我們談論——在我們的預測中，您詢問了未來 12 到 18 個月的情況。

I think what we shared of savings that we'll see from not pursuing robotaxi of $1 billion on an annualized run rate, that kind of captures and within the spend that we have is what we think we need to spend from a compute perspective as kind of part of the operating budget.

我認為，我們從不追求年化運行率 10 億美元的機器人出租車中所分享的節省，這種捕獲和在我們擁有的支出中，就是我們認為從計算角度來看我們需要花費的資金運營預算的一部分。

So we're going to continue to evaluate it as we saw yesterday, and I mentioned that there's so much change that's happening in this space right now.

因此，我們將繼續評估它，就像我們昨天看到的那樣，我提到這個領域現在正在發生很多變化。

Anything that we do to be more efficient with the spend, of course, we're going to seize that opportunity.

當然，我們會採取任何措施來提高支出效率，我們都會抓住這個機會。

But we remain committed to autonomy because we do think it has such a dramatic impact from a customer experience perspective for the better and actually changes the margin profile of the business as well.

但我們仍然致力於自主化，因為我們確實認為它從客戶體驗的角度來看具有如此巨大的影響，並且實際上也改變了業務的利潤狀況。

Thanks, Mary.

謝謝，瑪麗。

Just as a follow-up on China.

就像中國的後續行動一樣。

Despite the recent challenges that you've addressed proactively, GM does have decades of experience in the market, and you have many billions of invested capital, lots of people and capacity still in place in IP with your JV partners.

儘管您最近積極應對了挑戰，但通用汽車確實擁有數十年的市場經驗，並且您與合資夥伴在知識產權方面仍擁有數十億的投資資本、大量人員和能力。

President Trump has been open to foreign firms participating in the US as long as they make products in America, if I'm paraphrasing accurately.

如果我準確地解釋的話，川普總統對參與美國市場的外國公司持開放態度，只要它們在美國生產產品。

Do you see scope for GM to help your existing or even new Chinese partners kind of gain access to the US using your existing onshore capacity and distribution capability?

您認為通用汽車有空間幫助您現有的甚至新的中國合作夥伴利用您現有的在岸產能和分銷能力進入美國嗎？

I want to see how you'd approach that maybe if not so relevant in the next six or 12 months, but longer term, just given your decades of experience in that market and the relationships that you've built there.

我想看看在接下來的6 或12 個月內，你會如何處理這個問題，即使不是那麼相關，但從長遠來看，考慮到你在該市場數十年的經驗以及你在那裡建立的關係。

Thanks.

謝謝。

Yes.

是的。

Adam, what I've always said broadly on [trade] across the board is give us a level playing field and let us compete and win based on the strength of our products, the technology, design, loyalty, et cetera.

亞當，關於[貿易]，我一直廣泛地說的是給我們一個公平的競爭環境，讓我們根據我們產品的優勢、技術、設計、忠誠度等進行競爭並獲勝。

I think what's happening right now with the overcapacity in China and what's happening around the globe and the subsidies that are occurring, we're not any close to a level playing field.

我認為目前中國的產能過剩以及全球各地正在發生的情況以及正在發生的補貼，我們距離公平競爭環境還很遙遠。

So I also think we have the opportunity, as we mentioned last year, we grew both ICE and EV share.

因此，我也認為我們有機會，正如我們去年提到的，我們增加了內燃機和電動車的份額。

And so I think we're doing a good job of leveraging our capacity that we have in North America.

因此，我認為我們在利用我們在北美的能力方面做得很好。

That's where we're going to stay focused because I think that's what's right for the long term of the industry.

這就是我們將繼續關注的地方，因為我認為這對產業的長期發展是正確的。

I think we all have to get focused on not only where is the vehicle final assembly, where is the supply chain coming from for all the parts, including battery raw materials, but also where is the IP developed because understanding where that research and development is done, as I mentioned earlier today in some of my media spots, it's very important from an auto technology, not only for manufacturing in this country from an economic security perspective, but a lot of the technology as it relates to national security.

我認為我們不僅要關注汽車總裝、包括電池原材料在內的所有零件的供應鏈來自哪裡，還要關注知識產權的開發地點，因為了解研發的地點正如我今天早些時候在一些媒體報道中提所到的那樣，這對於汽車技術來說非常重要，不僅從經濟安全的角度來看對於這個國家的製造業，而且對於與國家安全相關的許多技術也非常重要。

So I think you have to factor all those issues in.

所以我認為你必須考慮所有這些問題。

But right now, I'm focused on leveraging the capacity that we have with General Motors and our opportunities to grow.

但現在，我專注於利用我們在通用汽車的能力和成長機會。

Thanks, Mary.

謝謝，瑪麗。

Chris McNally, Evercore.

克里斯·麥克納利，Evercore。

Thanks so much.

非常感謝。

Yes.

是的。

Just the question is around it seems -- Paul, you made it clear that the guide for policy, particularly on the EV front, it's sort of status quo.

問題似乎在於——保羅，你明確表示政策指南，特別是在電動車方面，這就是現狀。

That's clear.

很清楚。

Could you just go through then if production is still 300,000 units or wholesale 200,000 units, what are the specific drivers to the low end of the range already?

如果產量仍為 300,000 件或批發量為 200,000 件，那麼您能否說明一下，導致該範圍低端的具體驅動因素是什麼？

I mean $2 billion versus the $4 billion, assuming no change in policy.

我的意思是假設政策沒有變化，20 億美元與 40 億美元的對比。

Yes.

是的。

Thanks, Chris.

謝謝，克里斯。

So we -- when we talked about the journey towards profitability, we first highlighted that back in November of '23, we talked about scale being the most important driver in the short to medium term and then battery cost improvements and other vehicle cost improvements starting to kick in after that.

因此，當我們談論實現盈利的旅程時，我們首先強調，早在 23 年 11 月，我們就談到規模是中短期內最重要的驅動因素，然後電池成本的改善和其他車輛成本的改善開始之後開始。

Since that disclosure and certainly what we saw throughout 2024, where we were talking about 200,000 to 300,000 units and came in just a touch below 200,000 but still achieved our variable profit positive.

自從該披露以來，當然還有我們在 2024 年所看到的情況，當時我們談論的是 200,000 至 300,000 台，實際銷量略低於 200,000 台，但仍然實現了我們的可變利潤為正。

The volume trajectory and the growth and therefore the realization of the scale benefits is coming in a little bit slower so -- and lagged in there.

銷量軌跡和成長以及規模效益的實現都有點慢，而且落後。

So with 300,000 units, we think that's a good trajectory based on what we've seen over the last, particularly, six months as we picked up share in EVs, and the vehicle mix is continuing to get a little bit richer with the Escalade IQ, et cetera.

因此，根據過去的情況，尤其是在過去六個月中，我們在電動車中的份額有所增加，隨著凱雷德IQ 的推出，車輛組合繼續變得更加豐富，我們認為，憑藉30萬輛的銷量，這是一個良好的軌跡等等。

We think we can still deliver the low end of that $2 billion to $4 billion of savings improvement, even though it's on lower volume than where we thought we would be more than a year ago and certainly throughout last year.

我們認為，我們仍然可以實現 20 億至 40 億美元儲蓄改善的低端水平，儘管其數量低於我們一年多前以及去年全年的預期。

So going forward, we're going to continue to watch that.

因此，展望未來，我們將繼續關注這一情況。

As many people have asked here on the call, what happens to consumer tax credits, what happens to IRA, et cetera.

正如許多人在電話中詢問的那樣，消費者稅收抵免會發生什麼，IRA 會發生什麼，等等。

There's a lot of moving parts out there.

那裡有很多活動部件。

What I would say is whether we're talking about IRA or tariffs, we've got multiple playbooks that we have been working on, make sure that we can respond or even anticipate some of those moves.

我想說的是，無論我們是在談論愛爾蘭共和軍還是關稅，我們都已經制定了多個劇本，確保我們能夠做出回應，甚至預測其中的一些舉措。

Some of those are very low cost, and we can be very flexible with them.

其中一些成本非常低，我們可以非常靈活地使用它們。

Some of them are bigger deals and bigger transactions like as Mary mentioned, the transaction with LG ES and Ultium Cells 3.

其中一些是更大的交易和更大的交易，就像瑪麗提到的，與 LG ES 和 Ultium Cells 3 的交易。

We've got ways to be able to respond to that.

我們有辦法對此做出回應。

The reason that we guided to the status quo is because there are really infinite permutations on policy, and we didn't want to get into advocacy in our guidance.

我們維持現狀的原因是因為政策確實有無限的排列，我們不想在我們的指導中陷入倡議。

So this is why we've done it.

這就是我們這樣做的原因。

But rest assured, we've got plans in place.

但請放心，我們已經制定了計劃。

And we're continuing to work proactively with the administration and with Congress on what we think are the right things to do, which is preserve American jobs and preserve American innovation.

我們將繼續與政府和國會積極合作，做我們認為正確的事情，即保護美國的就業機會和保護美國的創新。

And I think we're a good actor in that space.

我認為我們是這個領域的好演員。

Super clear.

超級清晰。

And then just the follow-up is on the composition of '25 wholesale growth.

接下來就是 25 年批發成長的組成。

So it sounds like you're guiding wholesale slight down, obviously, EV wholesale up 100,000.

因此，聽起來您正在指導批發量略有下降，顯然，電動車批發量增加了 100,000 輛。

You didn't give a specific number, but you mentioned ICE down.

你沒有給出具體數字，但你提到了 ICE。

One of the things I'm trying to reconcile is the wholesale growth last year was plus 10%.

我試圖協調的事情之一是去年的批發增長為 10%。

Sort of production mid-single-digit sales was plus 4.

產量中個位數銷售額為+4。

Was some of that wholesale growth actually EV or inventory in channel so that is one of the issues on the mix in Q4.

批發成長的一部分實際上是通路中的電動車或庫存，所以這是第四季度組合的問題之一。

Just anything you can add around the wholesale growth above production in the second half of the year.

下半年批發增長高於產量，你可以添加任何內容。

Thanks.

謝謝。

Yes.

是的。

So keep in mind, last year, I think we ended at about 49 days of inventory, if I remember correctly.

所以請記住，如果我沒記錯的話，去年我們的庫存大約是 49 天。

So we've had a fairly sizable build going in and to be able to keep that 50- to 60-day target.

因此，我們已經進行了相當大的建設，以便能夠保持 50 到 60 天的目標。

As you know, coming into the third quarter, we were sitting at about 67 days, and we were able to work through that with the demand that we saw in the fourth quarter.

如您所知，進入第三季度，我們的等待時間約為 67 天，我們能夠根據第四季度的需求來完成這項任務。

So that's the overall assumption is that wholesales would be down a little bit because we didn't have that opportunity to build.

因此，總體假設是批發量會略有下降，因為我們沒有機會進行建設。

What I would say is we do have a little bit of an opportunity to build that's not reflected here.

我想說的是，我們確實有一些建設的機會，但這裡沒有反映出來。

We're being cautious about that just until we see the demand outcome and what some of the market going into 2025 is going to be.

我們對此持謹慎態度，直到我們看到需求結果以及 2025 年部分市場的情況。

Like I said, I would have probably rather had a cleaner January month to be able to make some of those calls, but there's just been so much noise with the retail environment with everything going on weather-wise, inauguration, et cetera, that it's just a little bit too soon to call that build.

就像我說的，我可能寧願在一月份有一個更乾淨的月份，以便能夠撥打其中一些電話，但是零售環境中存在太多噪音，一切都在天氣、就職典禮等方面進行，所以它是只是呼叫該建置有點為時過早。

But should we see consistent demand as we would expect, I think there's an opportunity to take some of that ICE wholesale volume up.

但如果我們看到如我們所預期的持續需求，我認為有機會增加部分 ICE 批發量。

Thanks so much.

非常感謝。

Tom Narayan, RBC.

湯姆·納拉揚，加拿大皇家銀行。

Thanks for taking the question.

感謝您提出問題。

On the North American pricing guidance down 1% to 1.5%, you're guiding for ICE volumes down, higher EV volumes.

北美定價指引下降 1% 至 1.5%，您的指導是 ICE 銷量下降，電動車銷量增加。

I think EVs would come in at higher than ICE pricing.

我認為電動車的定價將高於內燃機汽車。

So it presumably means ICE pricing comes down below the 1% to 1.5% guidance.

因此，這可能意味著 ICE 定價低於 1% 至 1.5% 的指導值。

If so, what level of pricing do you see the ICE portfolio in your '25 guidance?

如果是這樣，您認為 ICE 投資組合在 '25 指南中的定價水準是多少？

I mean, thanks, Tom.

我的意思是，謝謝，湯姆。

I keep going back to this.

我不斷地回到這個話題。

When we talk about the pricing assumption, it's really a combination of ATP and the incentive environment.

當我們談論定價假設時，它實際上是 ATP 和激勵環境的結合。

And what we found that has worked well for us in our internal planning and the setup is to assume that we see a little bit of pricing pressure going forward because it's easier for us to react.

我們發現，在我們的內部規劃和設定中，我們假設我們會看到一點定價壓力，因為這樣我們更容易做出反應。

So what I would say is, yes, we would expect a consistent ATP environment from what we've seen going forward.

所以我想說的是，是的，從我們所看到的未來​​情況來看，我們期望有一個一致的 ATP 環境。

But we've modeled in the risk or the assumption that there's some incentive increases going forward, whether that's market-driven or demand-driven, et cetera.

但我們已經對風險或未來激勵措施增加的假設進行了建模，無論是市場驅動的還是需求驅動的，等等。

And if we don't see that, I would expect that we'll outperform that assumption as we have in years past.

如果我們沒有看到這一點，我預計我們將像過去幾年一樣超越這個假設。

Got it.

知道了。

Thanks.

謝謝。

And my follow-up on Super Cruise, I appreciate the comments on the adoption rate, et cetera.

我對超級巡航的後續行動，我感謝有關採用率等方面的評論。

But wondering to what extent do you think the regulatory kind of system is a support mechanism for Level 2 plus, Level 3?

但想知道您認為監管類系統在多大程度上是 2 級加 3 級的支援機制？

Is this something that could ultimately be the real catalyst that pushes Super Cruise or Level 2, Level 3 down the road?

這最終會成為推動 Super Cruise 或 Level 2、Level 3 發展的真正催化劑嗎？

Or do you see this as just being consumer demand-driven?

或者您認為這只是消費者需求驅動的？

We see it being consumer demand driven.

我們認為這是消費者需求驅動的。

I mean our customers -- the bulk of people who have Super Cruise on their vehicles use it on a regular basis.

我的意思是我們的客戶 - 大多數在車輛上安裝 Super Cruise 的人都會定期使用它。

I think it's over 60%.

我認為超過60%。

And especially as we get newer and newer or I say new features, it is definitely something where when people arrive at their destination after using Super Cruise, they're more rested, which is why 80% of our customers say they either wouldn't buy a car without it, or they strongly would desire it to be on their next vehicle.

尤其是當我們變得越來越新或我說新功能時，當人們在使用超級巡航後到達目的地時，他們肯定會得到更多的休息，這就是為什麼我們 80% 的客戶說他們不會購買一輛沒有它的汽車，或者他們強烈希望在他們的下一輛車上安裝它。

And we're going to look at Super Cruise being standard on our EVs from a Cadillac perspective, the Cadillac or the Escalade IQ, VISTIQ, OPTIQ, LYRIQ.

我們將從凱迪拉克的角度來看，超級巡航成為我們電動車的標準配置，凱迪拉克或凱雷德 IQ、VISTIQ、OPTIQ、LYRIQ。

So this is all, I think, opportunity for us for more people to experience Super Cruise and the way we have safely deployed this technology.

因此，我認為，這就是我們讓更多人體驗超級巡航以及我們安全部署這項技術的方式的機會。

So I'd say it's very much consumer driven.

所以我想說這很大程度上是消費者驅動的。

Got it.

知道了。

Thank you.

謝謝。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes.

是的。

Good morning.

早安.

Thanks for taking the questions.

感謝您提出問題。

The $2 billion to $4 billion of EV savings year-over-year the company was initially targeting for 2025 was driven about half by volume-related drivers.

該公司最初目標是到 2025 年電動車同比節省 20 億至 40 億美元，其中大約一半是由銷量相關驅動因素推動的。

So as you're thinking about the $2 billion and expecting some EV wholesale growth, can you give us a bit more of a sense of how much of that $2 billion is coming from volume and how much is from other factors like materials and battery savings?

因此，當您考慮 20 億美元並預計電動車批發量會有所增長時，您能否讓我們更多地了解這 20 億美元中有多少來自銷量，有多少來自材料和電池節省等其他因素？

And then to the extent there are changes in the policy environment, any sense you can share around what that might do to your EV volumes going forward?

然後，如果政策環境發生變化，您能分享一下這可能對您未來的電動車銷售產生什麼影響嗎？

Yes.

是的。

Good morning, Mark.

早上好，馬克。

What I would say is it's probably about evenly split between scale benefits and other initiatives on cell cost efficiencies.

我想說的是，規模效益和其他電池成本效率措施可能各佔一半。

We're continuing to ramp up cell side too as we talked about at Investor Day.

正如我們在投資者日所討論的那樣，我們也將繼續加大電池方面的投入。

And that's going to provide us some efficiencies going forward.

這將為我們帶來一些未來的效率。

There are some material cost savings that we're starting to bake in, et cetera, but probably split about 50-50 between there.

我們開始考慮節省一些材料成本，等等，但可能會分成大約 50-50 之間。

I think any policy changes -- as I said before, there are literally infinite iterations that you can go through in terms of demand, value of credits, where we are on production tax credits, et cetera.

我認為任何政策變化——正如我之前所說，在需求、信貸價值、我們的生產稅收抵免等方面，你實際上可以經歷無限的迭代。

So that's why we've built in the assumption that this is kind of status quo.

這就是為什麼我們假設這是現狀。

We'll react to that which we can, but we're going to continue to watch this.

我們將盡我們所能做出反應，但我們將繼續關注這一情況。

But this is our best estimate on where we are.

但這是我們對目前狀況的最佳估計。

And I think that's a good journey.

我認為這是一次美好的旅程。

Long term irrespective of what happens as Mary has reiterated many times, this is about providing choice to consumers.

從長遠來看，無論發生什麼，正如瑪麗多次重申的那樣，這都是為了向消費者提供選擇。

And many consumers as we've seen in the share data are opting for our EVs.

正如我們在共享數據中看到的，許多消費者都選擇了我們的電動車。

As a matter of just corporate strategy, we've got to work, and we've got to be focused on making sure we get those to profitability.

作為公司策略的問題，我們必須努力，我們必須專注於確保我們能獲利。

And we're on that journey.

我們正在踏上這段旅程。

And I think the team is making good progress for that.

我認為團隊正在這方面取得良好進展。

And it's going to require a little bit of time to get there depending on how quickly this scales up.

要實現這一目標需要一點時間，具體取決於規模擴大的速度。

But I think we've seen tremendous improvement already, and we're anticipating more of that in the future.

但我認為我們已經看到了巨大的進步，我們預計未來會有更多進步。

Well, and I would also just add that if there are factors that cause EV demand to lessen, we have a great ICE portfolio that we'd happily ramp up production beyond what we have in our current plans for this year.

好吧，我還要補充一點，如果有因素導致電動車需求減少，我們擁有出色的內燃機產品組合，我們很樂意將產量提高到超出今年當前計劃的水平。

So again, that's, that flexibility that Paul talked about.

這就是保羅談到的靈活性。

That's very helpful.

這非常有幫助。

And then can you just be a bit more specific around the assumptions for EV pricing?

那麼能否更具體地介紹一下電動車定價的假設呢？

You spoke already around how you're expecting it for GM in total.

您已經談到了您對通用汽車的整體期望。

But it'd be helpful to have a better sense of the baseline assumptions around EV pricing.

但更了解電動車定價的基線假設會很有幫助。

And if the industry pricing does get more competitive to the extent there are policy changes that could help us to better think through what EV profitability year-over-year may move to you to the extent there is more difficult pricing.

如果行業定價確實變得更具競爭力，那麼政策變化可以幫助我們更好地思考，在定價更加困難的情況下，電動車的逐年盈利能力可能會給您帶來什麼影響。

Thanks.

謝謝。

Yes.

是的。

I think we're assuming fairly consistent pricing on EVs from what we've seen.

我認為，從我們所看到的情況來看，我們假設電動車的定價相當一致。

And there is a lot of, what I would say, irrational incentive behavior out there in the market.

我想說的是，市場上存在著許多非理性的激勵行為。

Depending on what policy changes happen around stringency regulations, et cetera, we might see some of that incentive behavior tamped down because it's clear that people are out there selling EVs really for the sole purpose of compliance.

根據嚴格監管等方面的政策變化，我們可能會看到一些激勵行為被抑制，因為很明顯，人們銷售電動車的唯一目的只是為了合規。

So I think there are a lot of changes going forward.

所以我認為未來會有很多變化。

We're continuing to just keep our head down, focus on building great products.

我們將繼續保持低調，專注於打造出色的產品。

And as you've seen from the chart that we included in the earnings deck, I would put our incentive discipline and our go-to-market strategies up against anybody in the industry in terms of the type of performance that our team is driving.

正如您從我們包含在收益表中的圖表中看到的那樣，我會將我們的激勵紀律和進入市場策略與行業中的任何人在我們團隊所推動的績效類型方面進行比較。

Thank you.

謝謝。

Ryan Brinkman, JPMorgan.

瑞安·布林克曼，摩根大通。

Good morning.

早安.

Thanks for taking my question, which is on China.

感謝您提出我的問題，這是關於中國的問題。

It looks like you gained some pretty solid sequential traction there with sales rising 40% from 3Q driven by inexpensive EVs such as the Wuling Bingo.

看起來你在那裡獲得了一些相當穩固的連續牽引力，在五菱 Bingo 等廉價電動車的推動下，銷售額較第三季度增長了 40%。

What's just the profitability, though, of vehicles such as the Bingo or the Hong Guang Mini EV look like?

那麼，Bingo 或宏光 Mini EV 等車輛的獲利能力到底如何呢？

I'm just curious, what are the ways you can capitalize upon these high-volume but low-priced and not presuming low-profit vehicles.

我只是很好奇，您可以透過哪些方式利用這些大批量但低價且不假定低利潤的工具。

You maybe benefit on the financing side or expect to benefit over time from aftermarket parts and services?

您可能會在融資方面受益，或者希望隨著時間的推移從售後零件和服務中受益？

Some other automakers have mentioned similarly priced vehicles in China might be unprofitable, but they can then make money when exporting them to higher-cost markets.

其他一些汽車製造商提到，類似價格的汽車在中國可能無利可圖，但他們可以透過將其出口到成本更高的市場來賺錢。

So it looks like some good commercial traction, but just curious your thoughts on the best way to take advantage of this brighter area of the China sales picture.

因此，它看起來像是一些良好的商業吸引力，但只是好奇您對利用中國銷售前景中這一光明領域的最佳方式的想法。

Sure.

當然。

Well, Ryan, we don't talk about individual product profitability, but I would say that our joint venture with Wuling is -- Wuling is known to be an incredibly efficient and low-cost producer and to do that well.

瑞安，我們不談論單一產品的盈利能力，但我想說的是，我們與五菱的合資企業是——眾所周知，五菱是一家非常高效和低成本的生產商，而且做得很好。

If you look at their whole portfolio, it kind of is in that space.

如果你看他們的整個投資組合，你會發現它就在那個領域。

So I think there's -- they're one of the leaders, I think, in doing that well before some of the other growth.

所以我認為他們是領導者之一，我認為他們早在其他一些增長之前就做到了這一點。

And those are vehicles that are very popular with consumers as well.

這些車輛也很受消費者歡迎。

As you mentioned, there's all opportunities in addition to the profitability on the vehicle to continue to drive favorability.

正如您所提到的，除了車輛的盈利能力之外，還有所有機會可以繼續提高好感度。

So beyond that, I can't comment on the specific profitability.

除此之外，我無法評論具體的獲利能力。

We do work with Wuling and source some vehicles from Wuling to other markets, international markets, working with us to make sure the product meets the standards for each of those different countries.

我們確實與五菱合作，從五菱購買一些車輛到其他市場、國際市場，與我們合作確保產品符合每個不同國家的標準。

And we've been successful doing that.

我們已經成功地做到了這一點。

Thank you.

謝謝。

Okay.

好的。

Maybe lastly, a quick follow-up on your comments regarding capital allocation.

也許最後，快速跟進您有關資本配置的評論。

I'm curious how some of the uncertainty surrounding regulation, particularly tariffs, could affect your thinking there?

我很好奇圍繞監管（尤其是關稅）的一些不確定性會如何影響您的想法？

Might you potentially want to operate with more than a targeted $18 billion of gross cash for a time?

您是否可能希望暫時使用超過 180 億美元現金總額的目標進行營運？

Or are you thinking any differently about the planned cadence of repurchases in 2025 until we gain greater clarity maybe as soon as April 1 as per one of the executive orders signed last Monday?

或者，在我們根據上週一簽署的一項行政命令最早於 4 月 1 日獲得更明確的信息之前，您對 2025 年計劃回購的節奏有什麼不同的看法嗎？

Or how are you thinking about this?

或者你怎麼看待這個問題？

Yes.

是的。

Ryan, what I would say is that our stated liquidity goals alongside our revolving credit facilities are a target that includes a whole host of risks and things that might happen to us.

瑞安，我想說的是，我們既定的流動性目標以及循環信貸便利性是一個包含一系列風險和可能發生在我們身上的事情的目標。

And when you look at the liquidity, we had going into COVID, for example, that was enough at the time to get us that time going forward.

例如，當你看看流動性時，我們已經進入了新冠疫情，這在當時足以讓我們繼續前進。

So we're not anticipating having to build cash in anticipation of a big draw.

因此，我們並不期望必須累積現金來應對大抽獎。

And I would say it's going to be continued business as usual.

我想說，一切都會照常進行。

We're going to have to execute going forward.

我們必須繼續執行。

As others mentioned, we do have still a little bit of capacity left under the buyback, and we're going to continue to work with the Board and allocate capital.

正如其他人所提到的，我們在回購中確實還剩下一點能力，我們將繼續與董事會合作並分配資本。

But our free cash flow generation is strong.

但我們的自由現金流生成強勁。

And we expect to continue to allocate that and ultimately share that with our investors.

我們預計將繼續分配並最終與我們的投資者分享。

Very helpful.

非常有幫助。

Thank you.

謝謝。

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

我現在想將電話轉給瑪麗·巴拉（Mary Barra），請她發表結束語。

Thank you.

謝謝。

And I want to close by thanking our team once again for their strong execution in 2024, which has set the business up for continued success in 2025.

最後，我想再次感謝我們的團隊在 2024 年的強勁執行力，這為我們的業務在 2025 年取得持續成功奠定了基礎。

If you step back and look, we have a broad, deep and compelling portfolio of internal combustion engine vehicles and EVs to meet customer demand.

如果您退一步看，我們擁有廣泛、深入且引人注目的內燃機汽車和電動車產品組合，可以滿足客戶需求。

And it keeps getting stronger with the strength of our products.

並且隨著我們產品的實力不斷增強。

We continue to innovate, and we're growing technologies like Super Cruise for today and L3 for the future even moving to L4.

我們不斷創新，我們正在開發像今天的超級巡航和未來的 L3 甚至到 L4 等技術。

We're profit-focused, and we're capital disciplined with strong margins, cash flow and a healthy balance sheet.

我們以利潤為中心，嚴格遵守資本紀律，擁有強勁的利潤率、現金流量和健康的資產負債表。

And I want to remind everybody, we have demonstrated our agility many times over the last several years.

我想提醒大家，過去幾年我們已經多次展現了我們的敏捷性。

And although there's a lot of uncertainty with some of the uncertainty, there's pluses in the column as what -- not just negatives.

儘管存在著許多不確定性，但該專欄也有其優點，而不僅僅是缺點。

And we intend to capitalize on all of that.

我們打算利用這一切。

And that's why I believe that 2025 is a year that is full of promise for General Motors.

這就是為什麼我相信 2025 年對通用汽車來說是充滿希望的一年。

And I look forward to sharing our progress with you and demonstrating once again how much the General Motors team is capable of delivering.

我期待與您分享我們的進展，並再次展示通用汽車團隊的能力。

So thank you again for joining, and I hope you all have a great day.

再次感謝您的加入，希望大家有個愉快的一天。

Stay safe.

保持安全。

That concludes the conference call for today.

今天的電話會議到此結束。

Thank you for joining.

感謝您的加入。