通用汽車 (GM) 2025 Q1 法說會逐字稿

Good morning, and welcome to the General Motors Company first quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded, Thursday, May 1, 2025.

早安，歡迎參加通用汽車 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次電話會議將於 2025 年 5 月 1 日星期四進行錄音。

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

現在，我想將會議交給通用汽車投資者關係副總裁 Ashish Kohli。

Thanks, Julie, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the first quarter of 2025. Our conference call materials were issued this morning and are available on GM's investor relations website. We are also broadcasting this call via webcast.

謝謝，朱莉，大家早安。感謝您與我們一起回顧通用汽車 2025 年第一季的財務表現。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查閱。我們也透過網路廣播播放了這通通話。

Joining us today are Mary Barra, GM's Chair and CEO; and Paul Jacobson, GM's Executive Vice President and CFO; Susan Sheffield, President and CEO of GM Financial, who has taken over from Dan Berce after his recent retirement, will also be joining us for the Q&A portion of the call.

今天與我們一起出席的還有通用汽車董事長兼首席執行官瑪麗·博拉 (Mary Barra)；以及通用汽車執行副總裁兼首席財務官保羅·雅各布森 (Paul Jacobson)；通用汽車金融公司總裁兼首席執行官蘇珊·謝菲爾德 (Susan Sheffield) 在丹·伯斯 (Dan Berce) 最近退休後接替了他的職位，她也將參加此次電話會議的問答環節。

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.

在今天的電話會議上，管理階層將對我們的預期做出前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致我們的實際結果大不相同。

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.

這些風險和不確定性包括我們向美國證券交易委員會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，因為我們電話會議的內容將受此語言的約束。

And with that, it's my pleasure to turn the call over to Mary.

現在，我很高興將電話轉給瑪麗。

Well, thanks, Ashish, and good morning, everyone. I want to thank you for joining today's call, which was, as you all know, originally scheduled for Tuesday. We've had continual discussions with the President and his team since before the inauguration and had a good understanding of the President's plans heading into this week.

好吧，謝謝，Ashish，大家早安。我要感謝你們參加今天的電話會議，眾所周知，這次電話會議原定於週二舉行。自就職典禮之前以來，我們就一直與總統及其團隊進行持續討論，並且對總統本週的計劃有充分的了解。

But we felt it was important to hold this call after official actions were taken, so we could have a more productive discussion with all of you. We're grateful to President Trump for his support of the US auto industry.

但我們認為在採取官方行動後舉行這次電話會議很重要，這樣我們才能與大家進行更有成效的討論。我們感謝川普總統對美國汽車工業的支持。

The administration invested the time to understand what it takes to be successful in this capital-intensive and highly competitive global industry, how we can work together to strengthen and grow American manufacturing and the importance of companies like GM to communities across the country. Almost 1 million people in the US depend on GM for their livelihood, including our employees, suppliers and dealers.

本屆政府投入了時間來了解如何在這個資本密集、競爭激烈的全球產業中取得成功，如何共同努力加強和發展美國製造業，以及通用汽車等公司對全國各地社區的重要性。美國有近 100 萬人依靠通用汽車維持生計，其中包括我們的員工、供應商和經銷商。

We have a network of 50 US manufacturing plants and part facilities in 19 states, which includes 11 vehicle assembly plants, and we've invested $60 billion here over the last five years. Our business is growing and will continue to grow our investment in this country as we move forward.

我們在美國 19 個州擁有 50 家製造工廠和零件工廠，其中包括 11 家汽車組裝廠，過去五年我們在這裡投資了 600 億美元。我們的業務正在成長，隨著我們的前進，我們將繼續增加對這個國家的投資。

With the policy clarity we now have, we are updating our full year EBIT adjusted guidance to a range of $10 billion to $12.5 billion, including a current tariff exposure of $4 billion to $5 billion. Paul will address this more from a detailed perspective in a few minutes.

根據目前政策的明確性，我們將全年息稅前利潤調整後指引更新至 100 億美元至 125 億美元之間，其中包括 40 億美元至 50 億美元的當前關稅風險。幾分鐘後，保羅將從更詳細的角度來討論這個問題。

We look forward to maintaining our strong dialogue with the administration on trade and other policies as they continue to evolve. As you know, there are ongoing discussions with key trade partners that may also have an impact.

我們期待與政府就貿易和其他政策的不斷發展保持密切對話。如您所知，我們正在與主要貿易夥伴進行討論，這也可能產生影響。

We will continue to be nimble and disciplined and keep you updated as we know more. Over the last several years, we have been preparing for shifts in global trade policy by strengthening our US manufacturing capability and supply chains.

我們將繼續保持靈活和自律，並在了解更多資訊後及時向您通報。過去幾年來，我們一直在透過加強美國的製造能力和供應鏈來為全球貿易政策的變化做準備。

Since 2019, we have increased our direct purchases in the US for North American production by 27%. And the content in our US assembled vehicles is more than 80% USMCA compliance.

自 2019 年以來，我們在美國為北美生產直接採購的量增加了 27%。我們在美國組裝的車輛中超過 80% 符合 USMCA 標準。

In addition, we have reduced our direct material spend in China for US production to less than 3%. And we have grown to become the largest battery cell manufacturer in the US through our joint venture plants in Ohio and Tennessee.

此外，我們已將在中國用於美國生產的直接材料支出減少至3%以下。並且我們透過在俄亥俄州和田納西州的合資工廠發展成為美國最大的電池製造商。

As tariff policy came into focus, we increased full-size pickup production at our Fort Wayne truck plant, which was already running three shifts by approximately 50,000 units on an annualized basis, and we are developing plans to further increase US vehicle production.

隨著關稅政策的實施，我們增加了位於韋恩堡的卡車工廠的全尺寸皮卡產量，該工廠已經實行三班倒，年產量約為 50,000 輛，並且我們正在製定進一步增加美國汽車產量的計劃。

GM teams are also working directly with our suppliers to further increase their US content and drive even higher levels of USMCA compliance. And we are increasing production of US assembled battery modules, a low-cost way to increase US content.

通用汽車團隊也直接與我們的供應商合作，進一步增加其美國成分，並推動更高水準的 USMCA 合規性。我們正在增加美國組裝電池模組的產量，這是增加美國成分的低成本方式。

Alongside these actions, we are scrutinizing our discretionary spending everywhere. And we are taking steps to ensure that we stay aligned with a strong consumer demand for our ICE vehicles and the evolving regulatory environment around vehicle emissions.

除了採取這些行動之外，我們還在仔細檢視各地的可自由支配的開支。我們正在採取措施，確保滿足消費者對 ICE 汽車的強勁需求以及不斷變化的汽車排放監管環境。

Some of these steps include extending production of the Cadillac XT5 at the Spring Hill assembly plant in Tennessee through the end of 2026. We are also focused on growing our EV business responsibly. We have some of the best and most successful EVs on the market today, including the Chevrolet Equinox [EB] and the Cadillac Lyric.

其中一些措施包括將田納西州斯普林希爾組裝廠的凱迪拉克 XT5 的生產延長至 2026 年底。我們也致力於負責任地發展我們的電動車業務。我們擁有當今市場上最好、最成功的電動車，包括雪佛蘭 Equinox [EB] 和凱迪拉克 Lyric。

To protect our brands, we have moderated EV production to ensure that we stay aligned with the consumer demand to avoid the heavy discounts our competitors offer. This will reduce our scale-driven profitability improvement, but we need to follow the consumer.

為了保護我們的品牌，我們已經調整了電動車的生產，以確保與消費者需求保持一致，並避免競爭對手提供的大幅折扣。這會降低我們規模驅動的獲利能力的提升，但我們需要跟隨消費者。

We're also focusing our EV investments on greater efficiency and cost reductions across the value chain instead of further portfolio expansion. We've announced an agreement to sell our share of the LTM sales plan in Lansing to LG Energy Solution, which will result in us recouping our capital investment.

我們也將電動車投資重點放在提高整個價值鏈的效率和降低成本上，而不是進一步擴大產品組合。我們已宣布一項協議，將我們在蘭辛的 LTM 銷售計劃中的份額出售給 LG Energy Solution，這將使我們收回資本投資。

In addition, we'll continue to execute our plan to develop US sources for battery cell and electric motor inputs like lithium, rare earth metals, permanent magnets and cathode active material. Many of our supply chain initiatives are coming online later this year or early next year.

此外，我們將繼續執行我們的計劃，開發美國電池和電動馬達的輸入來源，如鋰、稀土金屬、永久磁鐵和陰極活性材料。我們的許多供應鏈計劃將於今年稍後或明年年初上線。

In 2027, we expect our joint venture with Lithium Americas to open Phase 1 of the Paccar Pass project in Nevada and we are contracted for 100% of that offtake. GM's business is fundamentally strong as we adapt to the new trade policy environment.

2027 年，我們預計與 Lithium Americas 的合資企業將在內華達州啟動 Paccar Pass 專案的第一階段，並且我們已簽訂了該專案 100% 的承購合約。隨著我們適應新的貿易政策環境，通用汽車的業務從根本上表現強勁。

Great execution is driving sales and market share growth with consistently lower incentives, lower inventory and solid margins. And I'm very proud of our employees, our dealers and our suppliers for their hard work. In Q1, we gained almost two full points of market share year-over-year in the US, which outpaced every other major automaker.

出色的執行力正在透過持續降低激勵措施、降低庫存和穩定利潤來推動銷售和市場份額的成長。我為我們的員工、經銷商和供應商的辛勤工作感到非常自豪。在第一季度，我們在美國市場的份額同比增長了近兩個個百分點，超過了所有其他主要汽車製造商。

In addition, our first quarter share of the US EV market was 10% and rose to 12% in March, solidifying our position as the number two EV seller and our Q1 margin in North America was 8.8%, well within our 8% to 10% range target range despite the addition of cruise expenses.

此外，我們第一季在美國電動車市場的份額為 10%，並在 3 月上升至 12%，鞏固了我們作為第二大電動車銷售商的地位，儘管增加了郵輪費用，但我們在北美第一季度的利潤率為 8.8%，遠低於我們 8% 至 10% 的目標範圍。

Our momentum is broad-based. Chevrolet became the fastest-growing EV brand. Cadillat gained ICE and EV market share both year-over-year and sequentially from Q4. And our redesigned ICE SUVs, including the Chevrolet Equinox, Traverse and Tahoe are hits because customers love their design, performance and value.

我們的勢頭是廣泛的。雪佛蘭成為成長最快的電動車品牌。自第四季起，凱迪拉克的內燃機和電動車市佔率年比和季比均有所成長。我們重新設計的 ICE SUV，包括雪佛蘭 Equinox、Traverse 和 Tahoe，之所以大受歡迎，是因為顧客喜歡它們的設計、性能和價值。

Importantly, they are more profitable than the prior generation, thanks to our focus on capital efficiency, complexity reduction and manufacturing efficiencies. In addition, sales of our redesigned Chevrolet Suburban and GMC Yukon were up more than 30% and the Cadillac escalate had its best-ever first quarter, thanks to a combination of new gas power bottle and the all-electric IQ.

重要的是，由於我們注重資本效率、複雜性降低和製造效率，它們比上一代產品更有利可圖。此外，由於新型汽油動力車和全電動 IQ 的結合，我們重新設計的雪佛蘭 Suburban 和 GMC Yukon 的銷量增長了 30% 以上，而凱迪拉克 Escalate 也創下了有史以來最好的第一季業績。

In their review of the [Escalade IQ, Motor Trend] it may be the best luxury machine Cadillac has ever built, which speaks volumes about design, performance, technology and everything we're delivering in that vehicle.

在他們對 [Escalade IQ、Motor Trend] 的評論中，它可能是凱迪拉克有史以來製造的最好的豪華機器，這充分說明了設計、性能、技術以及我們在這款車中提供的一切。

The success of these products also supports the 2025 Super Cruise growth targets that we outlined in January, which include doubling the number of Super Cruise equipped vehicles on the road and we're off to a good start. In the first quarter, we expanded our Super Cruise equipped fleet by more than 100% year-over-year or about 230,000 units.

這些產品的成功也支持了我們在一月份提出的 2025 年超級巡航增長目標，其中包括將道路上配備超級巡航的汽車數量增加一倍，我們已經有了一個良好的開端。第一季度，我們配備 Super Cruise 的車隊數量年增超過 100%，達到約 23 萬輛。

Tariffs had a relatively small impact in Q1 and there were other headwinds and onetime factors that impacted the results, which we will discuss. They included some cost pressures and lower full-size pickup wholesales because of planned downtime for plant upgrades.

關稅對第一季的影響相對較小，還有其他不利因素和一次性因素影響了結果，我們將對此進行討論。其中包括一些成本壓力以及由於工廠升級而計劃停工導致的全尺寸皮卡批發量下降。

Behind the scenes, our supply chain team worked with speed and agility during the quarter to overcome the effects of a fire at a supplier factory that could have severely impacted production of full-size pickups and SUVs. As things played out, we were able to quickly move some of the production and recover and repair tools from the damage site, limiting the impact to about 7,000 units in the quarter.

在幕後，我們的供應鏈團隊在本季快速且靈活地開展工作，克服了供應商工廠火災的影響，這場火災可能嚴重影響全尺寸皮卡和 SUV 的生產。隨著事態的發展，我們能夠迅速將部分生產設備從受損現場轉移並恢復和修復，將本季的影響限制在約 7,000 台。

All of these units are expected to be recovered in the second quarter. The team in China also deserves recognition for delivering positive equity income while restructuring the business. They are launching very competitive new products and growing sales volume and market share.

預計所有這些單位都將在第二季恢復。中國團隊在重組業務的同時實現了正股權收益，也值得肯定。他們不斷推出極具競爭力的新產品，銷售量和市佔率不斷成長。

For example, all new vehicles launched in China start will be launching in China starting in the second half of this year, and they will be new energy vehicles, and the premium models will be marketed under the Electrosub-brand. Bill will also lead the development of a sophisticated ADAS, smart topic and chassis designs across our Chinese vehicle portfolio.

例如，今年下半年開始，所有在中國上市的新車都將是新能源車，高階車型將以Electrosub品牌銷售。Bill 也將領導我們中國汽車產品組合中先進的 ADAS、智慧主題和底盤設計的開發。

As I said, we started the year strong after growing revenues 9% and delivering record results in 2024 because the fundamentals of our business remain strong. We managed everything under our control, and we continue to thoughtfully plan for the future.

正如我所說，由於我們業務的基本面依然強勁，我們在 2024 年實現了 9% 的收入成長和創紀錄的業績，從而迎來了強勁的開年。我們把一切都控制在自己的範圍內，並繼續為未來做周到的規劃。

This includes developing our next-generation software-defined vehicle platform, which will be simpler, but have even more capability. It includes adding new features and products developed by our software and services team.

這包括開發我們的下一代軟體定義汽車平台，它將更簡單，但功能更強大。它包括添加由我們的軟體和服務團隊開發的新功能和產品。

We will also continue to grow and enhance capabilities of Super Cruise, the industry's best L2 driver assistance technology. We'll also develop L3 and even more advanced automated autonomous technologies in collaboration with the team from Cruise.

我們也將繼續發展和增強業界最佳的 L2 駕駛輔助技術 Super Cruise 的功能。我們也將與 Cruise 團隊合作開發 L3 及更先進的自動駕駛技術。

Leveraging the economies of scale we have made us the OEM producer of lithium ion cells in the US. And we're introducing new battery chemistries and form factors that will deliver the EV range and performance our customers have come to expect from GM with even lower pack costs to improve profitability.

利用規模經濟，我們已成為美國鋰離子電池的 OEM 生產商。我們正在推出新的電池化學成分和外形尺寸，以提供客戶對通用汽車所期望的電動車續航里程和性能，同時降低電池組成本，從而提高盈利能力。

And finally, we're continuing to deploy AI solutions across the business. This includes exciting collaboration with NVIDIA next-generation vehicles, factories and robots using AI, simulation and accelerated computing. You'll hear more about these profit-driven value-creating initiatives throughout the year.

最後，我們將繼續在整個業務中部署人工智慧解決方案。這包括與 NVIDIA 下一代汽車、工廠和機器人使用人工智慧、模擬和加速運算的令人興奮的合作。您將在全年聽到更多有關這些以利潤為導向的價值創造舉措的信息。

So now I'd like to turn the call over to Paul.

現在我想把電話轉給保羅。

Thank you, Mary. I appreciate you all joining us this morning. Our robust vehicle portfolio, combined with our continued disciplined market strategy has once again delivered solid financial results.

謝謝你，瑪麗。感謝大家今天上午加入我們。我們強大的汽車產品組合，加上我們持續嚴謹的市場策略，再次帶來了穩健的財務表現。

Our Q1 US sales growth outpaced every other major automaker US deliveries were up 17% year-over-year, and our market share grew to 17.2%, marking a nearly 2 point improvement from the prior year, all while maintaining incentives around 300 basis points below the industry average. We ended the quarter with ICE US dealer inventory of 49 days, down from 53 days at the end of Q4.

我們第一季在美國的銷售成長超過了所有其他主要汽車製造商，美國交付量年增 17%，我們的市佔率成長至 17.2%，比上年提高了近 2 個百分點，同時激勵措施保持在比行業平均水平低 300 個基點左右。本季末，ICE 美國經銷商庫存為 49 天，低於第四季末的 53 天。

Inventory is turning quickly and nearly 90% of the inventory at quarter end was comprised of model year 2025. As we all know, we are witnessing a significant shift in policy under the new administration, and we are encouraged by the President's recent actions to strengthen the auto industry.

庫存週轉很快，季末近 90% 的庫存都是 2025 年款的。眾所周知，我們正在見證新政府政策的重大轉變，總統最近為加強汽車工業所採取的行動令我們感到鼓舞。

As Mary outlined, we have already implemented several no-regret strategies to mitigate some of the impact with additional measures being evaluated. Adapting to this dynamic environment will take some time, but we remain confident in our ability to respond effectively and offset at least 30% of our exposure.

正如瑪麗所概述的，我們已經實施了幾項無悔策略來減輕部分影響，並且正在評估其他措施。適應這種動態環境需要一些時間，但我們仍然有信心我們能夠有效應對並抵消至少 30% 的風險。

We believe our product portfolio and continued strong demand for our vehicles positions us ahead of the competition during this period of transition. So let me begin by summarizing our Q1 results.

我們相信，我們的產品組合和對我們車輛的持續強勁需求使我們在這段過渡時期處於競爭優勢。首先讓我總結一下我們的第一季業績。

Total company revenue for the quarter was $44 billion, up 2% year-over-year, with wholesales also up 2%. We achieved $3.5 billion in EBIT adjusted, 7.9% EBIT adjusted margins and $2.7 billion or $2.78 in EPS diluted adjusted.

本季公司總營收為 440 億美元，年增 2%，批發收入也成長 2%。我們的調整後息稅前利潤為 35 億美元，調整後息稅前利潤率為 7.9%，調整後每股收益為 27 億美元或稀釋後每股收益為 2.78 美元。

Our EBIT adjusted was down slightly from last year's Q1 performance. So let me walk you through some of the key items on the bridge. Pricing was up around $900 million year-over-year, demonstrating our ongoing disciplined market strategy as well as continued strong demand for our products, like the new midsized SUV family, the Chevrolet Traverse, GMC Acadia and BuicOnclave as well as our compact SUVs, the Chevy Equinox and GMC Terrain.

我們的調整後息稅前利潤與去年第一季相比略有下降。那麼讓我帶您了解這座橋上的一些關鍵物品。定價年增約 9 億美元，體現了我們持續嚴謹的市場策略以及對我們產品的持續強勁需求，例如新款中型 SUV 系列、雪佛蘭 Traverse、GMC Acadia 和 BuicOnclave，以及我們的緊湊型 SUV、雪佛蘭 Equinox 和 GMC Terrain。

Let's turn to volume and mix. Wholesale volumes of light-duty full-size trucks declined year-over-year largely due to a few weeks of scheduled downtime at our full-size truck plants for upgrades, along with the effects of the supplier fire that Mary mentioned earlier.

讓我們來討論音量和混音。輕型全尺寸卡車的批發量同比下降，主要是因為我們的全尺寸卡車工廠計劃停工幾週進行升級，以及瑪麗之前提到的供應商火災的影響。

However, this was more than offset by the Chevy Trax and Buick and Vista delivering exceptional year-over-year growth, propelling us to a leading position in the US small SUV segment. In EVs, we achieved over 90% year-over-year growth, securing the number two position in the US Models like the Equinox EV are gaining meaningful traction with mainstream customers.

然而，雪佛蘭 Trax、別克和 Vista 的出色同比增長足以抵消這一影響，推動我們在美國小型 SUV 領域佔據領先地位。在電動車領域，我們實現了超過 90% 的年成長，穩居美國第二的位置，Equinox EV 等車型正在獲得主流客戶的青睞。

Meanwhile, Cadillac continues its momentum with EVs now accounting for 20% of its US sales. FX was a headwind of around $300 million in the quarter, primarily attributable to weakness in the Mexican peso. Fixed costs were up $400 million year-over-year due to higher depreciation and amortization, ongoing warranty pressure and higher labor costs, partially offset by the reductions at Cruise.

與此同時，凱迪拉克繼續保持強勁勢頭，而電動車目前佔其美國銷量的 20%。本季外匯業務遭受約 3 億美元的損失，主要原因是墨西哥比索疲軟。由於折舊和攤銷增加、持續的保固壓力和勞動力成本增加，固定成本比去年同期增加了 4 億美元，但 Cruise 的削減部分抵消了這一增長。

Relative to warranty costs, we faced persistent inflation challenges and are also taking voluntary measures to address the 6.2 liter [087] engine supplier quality issues in some model year 2021 and to 2024 vehicles. The good news is that dealers have already begun applying the remedy to vehicles in their position. It's the right thing to do for our customers.

相對於保固成本，我們面臨持續的通貨膨脹挑戰，並且還在採取自願措施解決某些 2021 年款和 2024 年款車輛的 6.2 升 [087] 發動機供應商品質問題。好消息是，經銷商已經開始對其車輛採取補救措施。這對我們的客戶來說是正確的做法。

Despite around $500 million of incremental expenses for the 087 in the second quarter, we expect warranty to still be a slight year-over-year tailwind in 2025. We are focused on maintaining our cost discipline. Comparisons become easier as the year progresses, and we expect fixed costs, including crews, but excluding depreciation and amortization, to be roughly flat year-over-year in 2025.

儘管第二季 087 的增量費用約​​為 5 億美元，但我們預計 2025 年保固費用仍將同比略有增長。我們專注於維持成本紀律。隨著時間的推移，比較變得更加容易，我們預計到 2025 年，包括工作人員在內的固定成本（但不包括折舊和攤提）將與去年同期基本持平。

Now let's move to North America. Notwithstanding higher wholesales quarter-over-quarter US dealer inventories were down, in part due to a meaningful step-up in the SAAR throughout the quarter. The industry undoubtedly benefited from some pull-ahead demand from customers purchasing vehicles ahead of potential tariff impacts, particularly in margin.

現在讓我們轉到北美。儘管批發量環比增加，但美國經銷商庫存卻下降，部分原因是整個季度 SAAR 大幅上升。毫無疑問，汽車產業受益於客戶在潛在關稅影響生效前購買汽車所帶來的一些提前需求，尤其是在利潤方面。

But the strong demand has continued into April, where we've seen US deliveries up around 20% versus last year. Q1 margin was 8.8%, well within our 8% to 10% target range despite the addition of the expenses that were formerly accrued.

但強勁的需求一直持續到 4 月份，美國的交付量比去年同期成長了約 20%。第一季的利潤率為 8.8%，儘管增加了以前累積的費用，但仍遠低於我們 8% 至 10% 的目標範圍。

With respect to our international business, GM International EBIT adjusted, excluding China equity income was breakeven in a seasonally low quarter, influenced in part by this year's timing of holidays in the Middle East. China equity income reached nearly $50 million.

就我們的國際業務而言，通用汽車國際息稅前利潤（不包括中國股權收益）在季節性低迷的季度中實現收支平衡，部分原因是今年正值中東假期。中國股權收益達近5000萬美元。

The team in China, including our JV partner, have made significant strides in reducing inventory and costs while also focusing on enhancing the competitiveness of our products. Their efforts are yielding results as evidenced by a third consecutive quarter of sequential market share growth.

包括我們的合資夥伴在內的中國團隊在降低庫存和成本方面取得了重大進展，同時也致力於提高我們產品的競爭力。他們的努力正在取得成果，市佔率連續第三個季度成長就是明證。

Notably, sales of our new energy vehicles increased 53% year-over-year. GM Financial also performed well with Q1 EBT adjusted of almost $700 million, in line with last year. Higher provision expense from increased loan origination volume was partially offset by higher net financing revenue and leased vehicle income.

值得注意的是，我們的新能源汽車銷量較去年同期成長53%。通用汽車金融公司也表現良好，第一季息稅前利潤調整後接近 7 億美元，與去年同期持平。貸款發放量增加導致的撥備費用增加，被淨融資收入和租賃汽車收入的增加部分抵銷。

GM Financial continues its proven track record of profitability and consistent capital return to GM with another $350 million dividend paid during the quarter. Now let me spend a few minutes on tariffs. Beginning in early April, a 25% vehicle import tariff was imposed for vehicles that are US MCA compliant, which all of our North American produced vehicles are.

通用金融繼續保持其盈利能力和持續向通用汽車提供資本回報的良好記錄，並在本季度額外支付了 3.5 億美元的股息。現在請容許我花幾分鐘時間討論關稅問題。從 4 月初開始，符合美國 MCA 標準的車輛將被徵收 25% 的汽車進口關稅，我們在北美生產的所有車輛都符合該標準。

The US content is not subject to the tariff once the necessary administrative processes are implemented in the coming weeks. Since the election, our manufacturing and supply chain teams have been focused on developing strategies to help mitigate the impact of potential tariffs.

一旦未來幾週內實施必要的行政程序，美國產品將不再受到關稅影響。自大選以來，我們的製造和供應鏈團隊一直致力於制定策略，以幫助減輕潛在關稅的影響。

These strategies are now actively being put into action. Mary mentioned a few of these examples in her remarks. We'll take additional mitigation measures, including cost reduction targets where it makes sense to do so.

目前這些策略正在積極付諸實施。瑪麗在她的演講中提到了其中幾個例子。我們將採取額外的緩解措施，包括在合理的情況下降低成本的目標。

We're reviewing the cost initiatives that were implemented during COVID, but we want to ensure that we don't cut [too deep]. The environment is very different today than COVID as demand remains quite strong.

我們正在審查在新冠疫情期間實施的成本計劃，但我們希望確保不會削減[太深]如今的環境與 COVID 截然不同，需求依然強勁。

They've also announced tariffs on imported parts. While we source parts globally, our guiding principle is to buy where we build. The US is GM's primary location for sourcing part supply for US assembly, comprising well over half of its annual parts expenditure.

他們還宣布對進口零件徵收關稅。雖然我們在全球範圍內採購零件，但我們的指導原則是在生產地採購。美國是通用汽車在美國組裝過程中採購零件的主要地點，佔其年度零件支出的一半以上。

Steel and aluminum are largely sourced local to production. We have a proven track record of working collaboratively with our suppliers to navigate industry challenges, and we anticipate that this occasion as we work to increase US sourcing further will be no different.

鋼鐵和鋁主要產自當地。我們在與供應商合作應對行業挑戰方面有著良好的記錄，我們預計，在我們進一步增加美國採購的努力中，這次也不會例外。

By working together, guided by transparency and trust, we are carefully evaluating the actions we can take with our suppliers to help mitigate the impact on their business. One of Tuesday's presidential actions will provide a tariff offset based on the more than 1.5 million vehicles we build in the US each year.

透過合作，在透明和信任的指導下，我們正在仔細評估可以與供應商採取的行動，以幫助減輕對其業務的影響。總統週二的一項舉措將根據美國每年生產的 150 多萬輛汽車提供關稅抵消。

This will help mitigate a substantial portion of tariffs on parts going into those vehicles and help avoid added costs on US vehicle production. This offset program supplements, but does not replace continued preferential treatment for USMCA compliant parts.

這將有助於減輕這些車輛零件的很大一部分關稅，並有助於避免美國汽車生產增加成本。此補償計劃是 USMCA 合規零件的持續優惠待遇的補充，但不能取代。

The other action will ensure that tariffs on parts don't stack on top of each other. We believe both of these are smart policies that help encourage companies to do more in the US while also ensuring satisfactory return on invested capital.

另一項舉措將確保零件關稅不會相互疊加。我們相信這兩項都是明智的政策，有助於鼓勵企業在美國開展更多業務，同時確保投資資本獲得令人滿意的回報。

Now let's move to our 2025 guidance. Based on Q1 results, our underlying business trends remain strong and would have kept us on track with the initial guidance that was given on the Q4 earnings call with better pricing offsetting warranty and FX headwinds.

現在讓我們轉向 2025 年的指導。根據第一季的業績，我們的基本業務趨勢依然強勁，並且將使我們與第四季度收益電話會議上給出的初步指導保持一致，以更好的定價抵消保固和外匯不利因素。

Post clarity from the presidential actions of Tuesday, we are expecting a $4 billion to $5 billion impact from tariffs. This includes about $2 billion coming from vehicles we import from Korea as well as tariffs on vehicle imports from Mexico and Canada in addition to indirect material imports.

在周二總統行動明確之後，我們預計關稅將帶來 40 億至 50 億美元的影響。其中包括從韓國進口的約 20 億美元汽車關稅以及從墨西哥和加拿大進口的汽車關稅和間接材料進口。

Based on the current commercial environment, our updated guidance assumes we can offset at least 30% of this headwind via self-help initiatives. This results in EBIT adjusted in the $10 billion to $12.5 billion range.

根據當前的商業環境，我們更新後的指導假設我們可以透過自助措施抵消至少 30% 的不利因素。這導致息稅前利潤調整在 100 億美元至 125 億美元之間。

EPS diluted adjusted in the $8.25 to $10 per share range and adjusted automotive free cash flow in the $7.5 billion to $10 billion range. Pricing was strong in the first quarter as well as during the month of April. We now expect pricing to be relatively consistent for the remainder of the year.

每股攤薄收益調整後在 8.25 美元至 10 美元之間，調整後的汽車自由現金流在 75 億至 100 億美元之間。第一季和四月的定價都很強勁。我們現在預計今年剩餘時間內的價格將保持相對穩定。

As a result, we expect North American pricing to be up 0.5 point to 1% year-over-year versus our prior guidance of being down 1% to 1.5%. On the EV side, we have a strong portfolio and saw significant year-over-year growth in both volume and US shared in the first quarter.

因此，我們預計北美價格將年增 0.5 個百分點至 1%，而我們先前預測的價格將下降 1% 至 1.5%。在電動車方面，我們擁有強大的產品組合，第一季銷量和美國市場份額均實現了顯著的同比增長。

We maintained our number two position in the US market, notwithstanding the US EV industry moderation from the fourth quarter last year to the first quarter this year. Going forward, we will continue to remain disciplined and manage EV production in line with demand.

儘管美國電動車產業從去年第四季到今年第一季有所放緩，但我們仍然保持了在美國市場第二的位置。展望未來，我們將繼續保持紀律，根據需求管理電動車的生產。

Inventory levels for EVs remained reasonable at 78 days at quarter end, and our EV incentives continue to be well below the industry average. We are continuing our momentum on EV profitability improvement. In the first quarter, nearly 50% of our entries were variable profit positive.

截至季末，電動車的庫存水準保持在 78 天的合理水平，我們的電動車激勵措施繼續遠低於行業平均水平。我們正在繼續努力提高電動車的獲利能力。第一季度，我們近50%的業務實現了可變利潤。

The portfolio was near breakeven on variable profit, primarily due to a mix of production during the quarter. Going forward, we expect to continue to make progress on our EBIT improvement journey, but the actual year-over-year improvement is going to depend on total volumes and tariffs.

該投資組合的浮動利潤接近損益平衡，主要得益於本季的生產組合。展望未來，我們預計將在息稅前利潤改善方面繼續取得進展，但實際的同比增長將取決於總銷量和關稅。

With cruise operations now included in North America, we are continuing to target at least $500 million in year-over-year savings versus in 2025 versus 2024. We anticipate commodities to be relatively flat year-over-year, while rates for steel and aluminum have increased recently, these are somewhat mitigated by our limited exposure to index pricing.

隨著郵輪業務現已涵蓋北美，我們將繼續設定目標，到 2025 年，與 2024 年相比，每年節省至少 5 億美元。我們預期大宗商品價格年比將相對持平，而鋼鐵和鋁的價格近期有所上漲，但由於我們對指數定價的曝險有限，這些影響在一定程度上得到緩解。

For GM International, we expect a tailwind from restructuring the China business and are continuing to target profitable equity income for the full year. GM International outside of China should be similar to what was delivered in 2024. We expect higher profitability in the second half driven by seasonality and some new launches.

對於通用汽車國際公司而言，我們預期重組中國業務將帶來順風，並將繼續以全年獲利的股權收益為目標。通用汽車國際在中國以外的地區交付的產品應該與2024年的產品類似。我們預計，受季節性因素和一些新產品推出的影響，下半年獲利能力將會提高。

For GM Financial, we continue to expect EBT adjusted in the $2.5 billion to $3 billion range, and we also continue to expect capital expenditures in the range of $10 billion to $11 billion, including battery JV investments. Finally, I'd like to turn to capital allocation.

對於通用汽車金融，我們繼續預期調整後的息稅前利潤將在 25 億美元至 30 億美元之間，我們也繼續預期資本支出將在 100 億美元至 110 億美元之間，其中包括電池合資企業投資。最後，我想談談資本配置。

Let me start by reiterating that there is no change to our capital allocation policy. We continue to balance investing in our business maintaining a strong balance sheet and returning capital to our shareholders, investing in our business to optimize long-term profitable growth remains our top priority.

首先我要重申，我們的資本配置政策沒有改變。我們繼續平衡對業務的投資，保持強勁的資產負債表並向股東返還資本，投資我們的業務以優化長期盈利增長仍然是我們的首要任務。

Our balance sheet is strong. on April 1, we paid off $500 million of senior notes, which leaves another $1.25 billion maturing later this year. We will assess refinancing opportunities or debt extinguishment as we progress through the year.

我們的資產負債表強勁。 4 月 1 日，我們償還了 5 億美元的優先票據，剩餘 12.5 億美元將於今年稍後到期。我們將在今年內評估再融資機會或債務清償機會。

We have also entered into an agreement with Altium sells to provide a $1.8 billion five year term loan that will facilitate a full voluntary prepayment of all remaining amounts under the US Department of Energy's Advanced Technology Vehicle Manufacturing loan program.

我們也與 Altium 達成協議，提供 18 億美元的五年期貸款，以促進美國能源部先進技術汽車製造貸款計劃下所有剩餘金額的全額自願預付。

We are grateful for the support of everyone at the local, state and federal level who help make these plans possible. Going forward, the JV's simplified capital structure will allow it to grow and evolve with even greater flexibility.

我們感謝地方、州和聯邦各級所有人的支持，是他們幫助實現這些計劃。展望未來，合資公司的簡化資本結構將使其能夠更靈活地發展壯大。

Back in February, we announced a $2 billion accelerated share repurchase, or ASR, retiring 33 million shares immediately. The total number of shares ultimately repurchased under the ASR program will be determined upon final settlement, which is expected to conclude this quarter.

早在今年二月，我們就宣布了一項價值 20 億美元的加速股票回購計畫（ASR），立即回購 3,300 萬股股票。ASR 計畫最終回購的股票總數將在最終結算時確定，預計本季完成。

We ended the first quarter with a diluted share count of 983 million shares, down 15% compared to the end of the first quarter last year. GM has $4.3 billion of capacity remaining under its share repurchase authorization but we are temporarily pausing additional repurchases until we have more certainty with respect to our operating environment.

第一季末，我們的稀釋股數為 9.83 億股，與去年第一季末相比下降了 15%。通用汽車的股票回購授權剩餘產能為 43 億美元，但我們將暫時停止額外回購，直到我們的營運環境更加確定為止。

In closing, I want to express my sincere gratitude to every member of the GM team for delivering another great quarter. Although the current environment poses challenges, we will navigate this evolving landscape with the same agility and resilience that have defined our successful responses to past industry disruptions.

最後，我要向通用汽車團隊的每位成員表達誠摯的感謝，感謝他們又一個出色的季度。儘管當前環境充滿挑戰，但我們將以同樣的敏捷性和韌性來應對這一不斷變化的形勢，正如我們過去成功應對行業動盪一樣。

Thank you, and we'll now move to the Q&A portion of the call.

謝謝，我們現在進入電話會議的問答部分。

(Operator Instructions)

（操作員指示）

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Good morning, everyone. I just had one tariff question and one follow-up. On tariffs, with this week's relief on parts tariffs, is there scope for the industry to also receive similar relief on the import vehicle tariffs? And then to that, how should we think about the plan and for full mitigation of tariffs and maybe how long it would take roughly?

偉大的。謝謝。大家早安。我只有一個關稅問題和一個後續問題。關於關稅，隨著本週零件關稅的減免，汽車產業是否也有可能獲得類似的進口汽車關稅減免？那麼，我們應該如何考慮該計劃以及全面降低關稅大概需要多長時間？

Hey, good morning Itay. Thanks for the question. Look, as we said in the comments, the environment remains fluid, and we're hopeful that the administration is going to continue to work on trade agreements across the world, and we'll continue to assess that going forward.

嘿，早上好，Itay。謝謝你的提問。正如我們在評論中所說，環境仍然充滿變數，我們希望政府能夠繼續致力於世界各地的貿易協定，我們也將繼續對此進行評估。

As far as all set, I think we've said it will take a little bit of time to implement, particularly the any manufacturing or supply chain moves. And I think that was evident in what the President did with a kind of two year rolling relief here with the offsets.

就一切準備就緒而言，我想我們已經說過，實施起來需要一點時間，特別是任何製造或供應鏈的舉措。我認為，總統採取的為期兩年的滾動減免抵消措施就明顯證明了這一點。

And we're going to work actively to try to find the optimal way to do that across the board. We've really looked at our addressing the tariffs are offset mitigation in three buckets. One is go-to-market.

我們將積極努力，嘗試找到全面實現這一目標的最佳方法。我們確實從三個方面研究了解決關稅問題的措施。一是進入市場。

When you look at where the environment is right now, we feel good about where pricing is versus where we started the year. And that's been evidenced by what you saw in the first quarter as well as what continued into April.

當你觀察當前的環境時，我們對與年初相比的定價感到滿意。第一季以及四月份的情況都證明了這一點。

So we've assumed pricing remains constant from here. We do expect the SAAR to come down a little bit off of the peaks that we're seeing right now. but still in line with our full year target that we started with about 16 million units for the rest of the year.

因此我們假設價格從現在起保持不變。我們確實預計 SAAR 會從目前看到的峰值略有下降。但仍符合我們全年的目標，今年剩餘時間的銷售量約為 1,600 萬台。

The second bucket is cost reductions. As we've talked about, we've pulled out the COVID playbook. It will take some time to roll those things in. We don't want to panic. We don't want to overcut because it is a very different environment in COVID, and we want to make sure that we're investing in our great product portfolio.

第二個方面是降低成本。正如我們之前所討論的，我們已經拿出了 COVID 應對方案。將這些事情完成需要一些時間。我們不想恐慌。我們不想過度削減，因為 COVID 的環境非常不同，我們希望確保我們投資於我們優秀的產品組合。

And then lastly is the footprint responses and supply chain responses, et cetera. That's what's going to take a little bit of time. So as we continue to go through, we'll provide more detail on our progress on each of those.

最後是足跡響應和供應鏈響應等等。這需要一點時間。因此，隨著我們繼續進行，我們將提供有關每個方面進展的更多詳細資訊。

That's very helpful, Paul. And a quick follow-up and a big picture question. With all these disruptions we've seen in new vehicle production in the last four years, how does that shape your pace of investments in EV and AI to capture more of that installed base revenue.

這非常有幫助，保羅。並進行快速跟進和提出宏觀問題。過去四年來，我們看到新車生產出現了許多中斷，這對您在電動車和人工智慧方面的投資步伐有何影響，以獲取更多的安裝基礎收入？

Maybe to that, if you could provide an update on like the timing of the next-gen software-defined vehicle platform and maybe some of the L3 offerings you're working with the Cruise team.

對此，您是否可以提供有關下一代軟體定義汽車平台的時間表以及您與 Cruise 團隊合作的一些 L3 產品的最新資訊？

Yes. So when you look at, I mean, the timing we have successfully integrated the cruise team into working with the GM team, and it's going quite well. We're going to talk more about what the time line is for the software-defined vehicle as well as continuing to make improvements and getting to L3 from an [EV] technology perspective.

是的。所以當你看到，我的意思是，我們已經成功地將巡航團隊整合到與通用汽車團隊的合作中，而且進展相當順利。我們將從 [EV] 技術角度進一步討論軟體定義汽車的時間表以及如何繼續改進並達到 L3。

What we're committed to do in the meantime is to keep adding features to Super Cruise. Hopefully, everybody saw that it was just stated as the best as driver assistance technology by motor trend. And we're going to continue to add features like we have towing right now, no one else in the industry has telling with their L2.

同時，我們致力於繼續為 Super Cruise 添加功能。希望大家都看到，它剛被 Motor Trend 評為最佳駕駛輔助技術。我們將繼續添加一些功能，例如我們現在擁有的牽引功能，業內沒有其他人擁有 L2 功能。

So we can go to L2, L2+ and then on the way to three. So we'll share more about the actual timing for it in the later this year. But I would just say on the software-defined vehicle, there's already been tremendous progress made in our software development process and more importantly, our software validation process.

因此我們可以進入 L2、L2+，然後進入 L3。因此，我們將在今年稍後分享更多有關實際時間的資訊。但我只想說，在軟體定義汽車方面，我們的軟體開發流程，更重要的是，我們的軟體驗證流程已經取得了巨大進展。

It has led to simplicity and less variations of the software that is allowing us to dramatically improve the quality prove the speed of putting additional services and things that our customers will value. So that's all on the way to the whole next generation of SDV. So again, more to follow on that later in the year. And then your the first part of your question, Itay was?

它使得軟體變得簡單且變化更少，使我們能夠顯著提高質量，並加快提供客戶重視的附加服務和事物的速度。這就是整個下一代 SDV 的發展方向。因此，我們將在今年晚些時候繼續關注此事。那麼你的問題的第一部分是什麼？

Just to the pace of AVAI investments, it sounds like you're accelerating those in light of all the disruptions we've seen in the last few years?

就 AVAI 投資的步伐而言，聽起來你們正在加快投資步伐，以應對過去幾年我們看到的所有混亂局面？

Well, we're going to continue to invest because we think autonomy is so important, again, improving L-3 all the way to L4 and that's why we did the change that we announced last year with Cruise because we really want to focus on personal autonomy. And that's going to be, I think, very important and a differentiator from a technology perspective as we go forward.

好吧，我們將繼續投資，因為我們認為自主性非常重要，再次，將 L-3 一直改進到 L4，這就是我們去年與 Cruise 宣布的改變的原因，因為我們真的想專注於個人自主性。我認為，從技術角度來看，這將是非常重要的，也是我們前進過程中的差異化因素。

From an artificial intelligence perspective, we announced the partnership we had with NVIDIA. We have many other partnerships going on because we think we can leverage AI to make our business much more efficient and faster.

從人工智慧的角度來看，我們宣布與 NVIDIA 建立合作夥伴關係。我們正在進行許多其他合作，因為我們認為我們可以利用人工智慧使我們的業務更有效率、更快捷。

And so those are continuing. We just hired a new head of AI who's working across each area of the business. And each of my direct has a goal to demonstrate how they're leveraging AI to either improve the way we do business or the cost of how we do business. So very active on that front.

這些仍在繼續。我們剛聘請了一位新的人工智慧主管，負責各個業務領域。我的每個直屬部門都有一個目標，就是展示他們如何利用人工智慧來改善我們的經營方式或降低營運成本。因此在這方面非常活躍。

That's all very helpful. Thanks so much.

這一切都非常有幫助。非常感謝。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Thanks. Good morning, everyone. Just wondered if we could sort of get a little bit more details on some of the guidance. So the guidance was lowered by $3.5 billion seems like you're saying about a $4.5 billion tariff impact. I'm assuming that's the gross number, but includes the reimbursement mechanism.

謝謝。大家早安。只是想知道我們是否可以獲得有關一些指導的更多詳細資訊。因此，指導金額降低了 35 億美元，似乎您說的是 45 億美元的關稅影響。我假設這是總數，但包括報銷機制。

But if you could confirm that. And then the 30% mitigation you said is from self-help, does that include the pricing or not because the pricing assumption looks to be like plus $3 billion versus the prior guide.

但如果你能證實這一點。然後，您說的 30% 的緩解來自自助，這是否包括定價，因為定價假設看起來比之前的指南增加了 30 億美元。

So if that's the case, I'm just wondering what maybe some of the other offsets are? It doesn't sound like volume is that much of a change. I don't know if there's anything in warranty or I know you sort of changed some of the language on EV improvement as well. So maybe you could just help us with some of those factors.

所以如果是這樣的話，我只是想知道其他一些抵消措施可能是什麼？聽起來音量並沒有太大的變化。我不知道保固方面是否有任何內容，或者我知道您也改變了一些有關 EV 改進的語言。所以也許您可以幫助我們解決其中的一些因素。

Yeah. So first of all, on the tariff calculation, it really is a straight $4 billion to $5 billion, which is expected tariff after the actions, including the offset mechanism that the President signed with reduced by 30%, which is our self-help initiatives that I described earlier.

是的。首先，關於關稅的計算，這實際上是直接的 40 億到 50 億美元，這是採取行動後的預期關稅，包括總統簽署的抵消機制降低了 30%，這是我之前描述的我們的自助舉措。

So that was the metric, that we did and kind of rounded it off into the 10% to 12.5% range. That was the genesis of how we calculate it. As pricing goes, I want to be clear, we haven't assumed any increases in pricing, so the pricing that we've seen year-to-date, the current environment of where we sit has been somewhat offset by continued warranty pressure and some other FX challenges that we've seen.

這就是我們採用的指標，並將其四捨五入到 10% 到 12.5% 的範圍內。這就是我們計算方法的起源。至於定價，我想明確一點，我們並未假設價格會上漲，因此，今年迄今為止我們看到的定價，以及我們目前所處的環境，在一定程度上已被持續的保修壓力和我們看到的一些其他外匯挑戰所抵消。

But when you net all that together, I think we feel good about where the pricing environment is today. We're obviously going to continue to watch it, but we're not banking on any additional pricing beyond what we've already seen in the market.

但當你把所有這些因素綜合起來時，我認為我們對目前的定價環境感到滿意。我們顯然會繼續關注，但我們不會指望市場上已有價格以外的任何額外定價。

Perfect. And that's a good segue to the second question, which is I know you assuming pricing holds, I guess, it is obviously, I think, a change versus what you guidance was before. But even going forward and holding it at this level, you've over the past couple of years, I think, been very disciplined on pricing and not chasing volume.

完美的。這很好地引出了第二個問題，我知道您假設價格保持不變，我想，這顯然與您之前的指導相比有所變化。但即使繼續保持在這個水平，我認為過去幾年裡，你們在定價方面非常自律，而不是追求數量。

I'm wondering how you just think about potential pricing actions going forward, especially given what maybe some competitors might do. So is there a greater risk that there's pricing actions because there's obviously sort of different cost structures in the industry versus what was even a couple of months ago.

我想知道您如何看待未來的潛在定價行動，尤其是考慮到一些競爭對手可能會採取的行動。那麼，定價行動的風險是否會更大，因為與幾個月前相比，該行業的成本結構顯然有所不同。

Well, Joe, a lot to unpack there. What I would say is, over the past few years, we have seen a lot of pricing actions by our competitors, whether it be inventory-driven or campaign driven. It's been clear that our competitors have generally carried much higher inventory than we have.

好吧，喬，有很多事情要解決。我想說的是，過去幾年來，我們看到競爭對手採取了許多定價行動，無論是庫存驅動還是活動驅動。顯然，我們的競爭對手的庫存通常比我們高得多。

And despite the fact that we've operated very independently with our own pricing, our own go-to-market approach. We've continued to get share in the industry, and we've done it the right way. We've expanded margins. We've reduced incentives. We're not buying share. It's coming to us because of our vehicle portfolio.

儘管我們營運非常獨立，有自己的定價和行銷方式。我們繼續在行業中贏得份額，並且我們做得對。我們擴大了利潤率。我們減少了激勵措施。我們不買股票。這是我們透過車輛組合獲得的。

So I seen other actions by competitors, including discounting, that might continue. But at the end of the day, our strategy has worked really, really well for us. And it's that disciplined approach that I think has led to our outperformance relative to others.

因此，我看到競爭對手採取的其他行動（包括折扣）可能會繼續下去。但最終，我們的策略確實非常有效。我認為，正是這種嚴謹的方法使我們的表現優於其他公司。

Thank you.

謝謝。

Emmanuel Rosner, Wolfe Research.

伊曼紐爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Thank you so much. Just to make sure I understand the tariff offsets. Can you just give us a little bit more color on what is going into that 30% plus offset from self-help, is it truly sort of like that discipline on pricing?

太感謝了。只是為了確保我理解關稅抵消。您能否向我們詳細介紹一下這 30% 加上自助抵銷額度的具體內容，這是否真的有點像定價紀律？

Is it cost? What sort of costs are you able to take out quickly so that you would still get all that benefit within 2025. So I guess, broadly, what goes into those tariff offsets for this year?

有成本嗎？您能夠快速消除哪些成本，以便在 2025 年之前仍能獲得所有利益。那我想，整體來說，今年的關稅抵銷額是多少？

Well, thanks, Emmanuel. And as Paul said, it is self-help. It's, one, taking steps like we did to add volume to Fort Wayne to build 50,000 more full-size trucks on an annualized basis that's already in place. It's building more battery modules in this country. We already build all the sales in this country, but battery modules that's more content in the United States that improves the tariff position.

好吧，謝謝你，伊曼紐。正如保羅所說，這是自助。首先，我們採取類似措施，增加韋恩堡的產量，每年生產 50,000 輛全尺寸卡車，目前這一目標已經實現。它正在這個國家生產更多的電池模組。我們已經在這個國家完成了所有的銷售，但電池模組在美國的含量更高，從而改善了關稅地位。

And there's things like that, that we're going to continue to look and do then it's working with our supply base to make sure they're USMCA compliant first off, but then to look for opportunities with our suppliers where we can leverage capacity in this country that they have to build more from a US perspective.

還有諸如此類的事情，我們將繼續關注和行動，然後與我們的供應商合作，確保他們首先符合 USMCA 的規定，然後與我們的供應商一起尋找機會，利用這個國家的產能，從美國的角度來建立更多產能。

And then as Paul said, the third is discipline within the company. As we face a challenge like this, is we delivered the message even as we ended last year and reinforced it earlier in the week that we need everybody to show great discretion on discretionary spending, and that message is resonating. So we're going to be effective.

然後正如保羅所說，第三是公司內部的紀律。當我們面臨這樣的挑戰時，我們早在去年年末就傳達了這樣的訊息，並在本週早些時候重申了這一點，即我們需要每個人在可自由支配的開支上表現出極大的判斷力，而這一訊息引起了共鳴。因此我們將會取得成效。

We're going to, as Paul said, continue to invest in our great product portfolio, both ICE and EV. Our investments in EV will be primarily focused on improving our cost structure, so there's a lot of things that we can do to build on what is already a very strong greater than 80% USMCA compliant and the lion's share of that is US content.

正如保羅所說，我們將繼續投資於我們優秀的產品組合，包括 ICE 和 EV。我們對 EV 的投資將主要集中在改善我們的成本結構上，因此我們可以做很多事情來鞏固我們已經非常強大的 USMCA 合規性（超過 80%），其中大部分是美國內容。

We're going to continue on what we've been doing from a battery raw materials and supply chain resiliency. And as I mentioned in my remarks, those steps that we took and started a couple of years ago are going to pay off this year and into next year and then even '27 from a lithium perspective.

我們將繼續在電池原料和供應鏈彈性方面開展工作。正如我在演講中提到的那樣，從鋰的角度來看，我們幾年前採取和開始採取的措施將在今年、明年甚至 2027 年獲得回報。

So it's just fundamentally having a resilient supply chain. And as Paul said, it's from a supply perspective, it's by where we build. So it's working on improving US content, and it's being very cost focused.

因此，從根本上來說，這只是擁有一條有彈性的供應鏈。正如保羅所說，這是從供應角度來看的，是我們建造的地方。因此，它正在致力於改善美國內容，並且非常注重成本。

Yes. And then as we look beyond this year, can you confirm this $4 billion to $5 billion impact, this is essentially what you're getting from but, call it, nine months of the year. So you would have potentially something larger, sort of like as you move forward and therefore need potentially larger offsets?

是的。然後，當我們展望今年以後時，您能否確認這 40 億至 50 億美元的影響，這基本上就是您從一年中的九個月中獲得的結果。因此，您可能會得到更大的東西，有點像您向前移動，因此需要潛在的更大的偏移量？

And in this context in focus of what you would be considering in terms of larger offsets, I'm particularly curious if there's room to reduce fixed costs within your EV spend in particular. Obviously, this administration is relaxing their rules.

在此背景下，在關注您在更大補償方面所考慮的問題時，我特別好奇是否有空間降低您的電動車支出中的固定成本。顯然，本屆政府正在放寬規定。

The Congress seems to be potentially going after even California's ability to have its own waiver. And so does that enable you potentially to take some fixed cost out on the powertrain side and on the EV investment?

國會似乎甚至有可能要求加州獲得自己的豁免權。那麼這是否能讓您從動力系統方面和電動車投資中節省一些固定成本？

Well, Emmanuel, you raised a really good point, and we are monitoring carefully what's happening from an emissions regulatory perspective. But right now, nothing's changed. And so we need to make sure that we're compliant until whatever actions are taken from a reconciliation process or what actions are taken by the EPA and (inaudible).

嗯，伊曼紐爾，你提出了一個很好的觀點，我們正在從排放監管的角度密切關注正在發生的事情。但目前，一切都沒有改變。因此，我們需要確保遵守規定，直到協調過程或環保署採取任何行動為止，（聽不清楚）。

We are evaluating our spend. And as I already mentioned, we're going to focus on how do we make our EVs more cost effective. We reaffirmed our capital being in that 10% to 11% range.

我們正在評估我們的支出。正如我已經提到的，我們將重點放在如何讓我們的電動車更具成本效益。我們重申我們的資本在10%到11%的範圍內。

And so we're going to work within that as we deploy smart capital that's going to generate the right return that may be increasing what we do in the US, continuing to invest in our strong internal combustion engine portfolio and improving the efficiency of our EVs. But we're going to work within our dollar amount.

因此，我們將在這一框架內開展工作，部署智慧資本，以產生正確的回報，這可能會增加我們在美國的業務，繼續投資於我們強大的內燃機產品組合，並提高我們電動車的效率。但我們會在預算範圍內開展工作。

So you could make the conclusion as we deploy some capital from an investment in the US perspective, that's going to have to come from somewhere. But we think we can do what we have planned to do with all three of those components within the guidance we already gave. And so that's what we're focused on doing.

因此，你可以得出結論，當我們從美國投資的角度部署一些資本時，這些資本必須來自某個地方。但我們認為，我們可以在已經給出的指導範圍內，並按照計劃對這三個組件進行操作。這就是我們重點要做的事。

But making bigger, broader decisions, it's not really smart to do that until we really know what the regulatory environment is going to be because as you well know, the cost of noncompliance that varies across the different agencies is pretty significant. So we're going to work on compliance until the regime changes.

但是，在做出更大、更廣泛的決策時，在我們真正了解監管環境之前這樣做並不是明智之舉，因為眾所周知，不同機構之間不合規的成本差異很大。因此，我們將致力於遵守規定，直到政權更迭。

Thanks so much. And then Paul can you just confirm on the $4 billion to $5 billion, is that net or gross of the 30% litigation? Am I correct in understanding that on a full year basis, this would be larger?

非常感謝。然後保羅，你能否確認一下 40 億到 50 億美元，這是 30% 訴訟的淨額還是總額？我的理解是否正確，以全年計算，這個數字會更大？

Emmanuel, the $4 billion to $5 billion is our estimated impact after the President's actions for 2025. It does not include the 30% offset that we talked about.

伊曼紐爾，40 億至 50 億美元是我們估計的總統 2025 年行動的影響。這還不包括我們談到的 30% 的抵銷。

And lastly, we're not giving any color on 2026. There are lots of things that are going to change between now and 2026, and we'll provide more detail as the environment continues to evolve.

最後，我們不會透露 2026 年的具體日期。從現在到 2026 年，很多事情都會發生變化，隨著環境的不斷發展，我們將提供更多細節。

Great. Thank you.

偉大的。謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thank you for taking the questions. I wanted to double click on volume, please. Maybe you could just unpack the views on (inaudible). You said you still think going to be $16 million.

嗨，早安。感謝您回答這些問題。我想要雙擊音量。也許你可以直接打開（聽不清楚）。您說您仍然認為會達到 1600 萬美元。

And then maybe you can address just from the volume perspective, just under half of the vehicles you sell in the US are assembled outside of the US, how do you manage those specifically the [affordable] products and those that are coming from Korea?

然後，也許您可以從數量的角度來談談，您在美國銷售的汽車中，有將近一半是在美國境外組裝的，您如何管理這些產品，特別是那些（價格實惠的）產品和來自韓國的產品？

Yes. So Dan, I'll take the first part. Our assumption on SAAR for the rest of the year is essentially reverting back to our business plan. So we've obviously enjoyed a nice tailwind with March being just above 18, April approaching 18 from the early numbers here.

是的。丹，我將講第一部分。我們對今年剩餘時間 SAAR 的假設基本上回歸了我們的商業計劃。因此，我們顯然享受了良好的順風，從早期的數據來看，3 月的數據略高於 18，4 月的數據接近 18。

But we're recognizing that there's a lot of activity there, and we're obviously watching the macro environment carefully as well. No reason to believe that we won't see it kind of go back to what we were expecting for the year.

但我們認識到那裡有很多活動，而且我們顯然也在密切關注宏觀環境。我們沒有理由相信它不會回到我們今年所期望的狀態。

But if it continues to run higher. I think we'll enjoy that, and I think we'll be positioned to do that with where our inventory sits today, but we're not banking on it. So we want to make sure that we're approaching the rest of the year as we thought, adjusted for the pricing environment that we've seen in the first quarter.

但如果價格繼續走高。我認為我們會喜歡這一點，我認為我們會根據我們目前的庫存情況來做到這一點，但我們並不依賴它。因此，我們希望確保我們能夠按照我們的想法來應對今年剩餘的時間，並根據我們在第一季看到的價格環境進行調整。

Yeah. And as it relates to the footprint and the fact that we do have vehicles coming from outside. We do build a significant amount of vehicles here.

是的。因為這與足跡有關​​，而且我們確實有來自外部的車輛。我們確實在這裡製造了大量車輛。

And I think we also fixated on where final assembly is versus all the powertrain plants that we have here, the stamping plants, the fact that we've invested in two battery plants, and that's what allows us to have of such high USMCA compliant parts, some of those being our parts that we put into the vehicles and from an assembly perspective.

而且我認為我們也專注於最終組裝的位置，而不是我們這裡所有的動力總成工廠、沖壓工廠，事實上我們已經投資了兩個電池廠，這就是我們能夠擁有如此高 USMCA 合規性的零件的原因，其中一些是我們安裝到車輛上的零件，從組裝的角度來看。

But as we look at the broader portfolio, as you know, there's trade discussions going on with very important trading partners. We're going to monitor how those situation goes we have excess capacity in the US with the plants that we already have.

但當我們審視更廣泛的投資組合時，正如你所知，我們正在與非常重要的貿易夥伴進行貿易談判。我們將監控這些情況的進展，我們在美國現有的工廠產能過剩。

And so that allows us, if we want to make adjustments, we can do it faster than a greenfield and we can leverage the assets that we already have and that gives us speed and it makes it at lower cost. So there's a lot of levers that we can pull.

這樣，如果我們想要做出調整，我們可以比新建專案更快完成，並且可以利用我們現有的資產，這可以提高我們的速度並降低成本。因此我們可以採取很多措施。

You've seen us do one already with the full-size truck, we'll be announcing more as we go forward. I'm not sharing any more specific details today. But we'll adjust and our commitment to our investors and our owners is that we're going to be smart in the way we deploy capital to respond to a different and a changing environment.

您已經看到我們用全尺寸卡車做了一個，我們將在未來宣布更多消息。我今天不會分享更多具體細節。但我們會進行調整，我們對我們的投資者和所有者的承諾是，我們將以明智的方式部署資本，以應對不同且不斷變化的環境。

Okay. As a follow-up and maybe just touching on that, Mary. I see the CapEx outlook is unchanged. And I think many of us have interpreted the policy changes as a way to drive sort of increased final assembly in the country, which would then require you to move a fair amount of your footprint.

好的。作為後續問題，也許只是談到這一點，瑪麗。我認為資本支出前景沒有改變。我認為我們中的許多人都將政策變化解釋為推動國內最終組裝增加的一種方式，這將需要你轉移相當一部分的足跡。

So maybe you can just address why the near-term CapEx outlook is unchanged, are you just waiting for more certainty on policy and B, if you are to start moving final assembly to the US, how should we think about the timing of those moves, what's easier, what's harder and what the cost is?

因此，也許您可以解釋為什麼近期資本支出前景沒有變化，您只是在等待政策和 B 方面更加確定，如果您要開始將最終組裝轉移到美國，我們應該如何考慮這些舉措的時機，什麼更容易，什麼更難，成本是多少？

Yeah. Dan, I'll take a shot at that. So look, we've been pretty clear about how we're looking at capital, and we've determined $10 billion to $11 billion is the right amount to spend. Obviously, things happen that change priorities, and we have to meet and respond to that.

是的。丹，我會嘗試一下。所以，看，我們已經非常清楚我們如何看待資本，並且我們已經確定 100 億美元到 110 億美元是合適的支出數額。顯然，事情的發生會改變優先事項，我們必須應對並做出反應。

So I think we're going to continue to do that. And I think we'll endeavor to keep it in that range across the board. And you're right in your observation that every decision on production and capacity is an independent one.

所以我認為我們會繼續這樣做。我認為我們會盡力將其保持在這個範圍內。您的觀察很正確，關於生產和產能的每個決定都是獨立的。

They all have different variables and we've got to work through that. But we will prioritize and optimize based on what gives us the biggest return going forward and what's the right timing based on our product cycles and where we are in production, et cetera, to be able to make those calls, and we'll manage capital responsibly.

它們都有不同的變量，我們必須解決這些問題。但我們將根據未來能為我們帶來最大回報的因素以及根據我們的產品週期和生產狀況等確定的正確時機來確定優先次序並進行優化，以便能夠做出這些決定，並且我們將負責任地管理資本。

Yeah. And just to add what Paul said, I agree 100%. We already have run, we were running many different scenarios that started last year. And so we have several things that are underway.

是的。補充保羅所說的話，我完全同意。我們已經運行過，從去年開始我們就運行過許多不同的場景。我們有幾件事正在進行中。

We're just not going to announce them today because there's more work to do as we balance all of that. But again, we're going to be responsible with our capital.

我們今天不會宣布這些消息，因為我們還有很多工作要做，以平衡所有這些。但再次強調，我們將對我們的資本負責。

Okay, thank you.

好的，謝謝。

Mike Ward, Citi Research.

花旗研究部 Mike Ward。

Thanks very much. Good morning, everyone. We've certainly been the negative aspects of the tariff situation all over the media and everywhere else.

非常感謝。大家早安。我們確實已經在各大媒體和其他地方報道過關稅情勢的負面影響。

And I'm just wondering what would be the best case scenario for you? If something came out? Like if USMCA is renegotiated a year early, what impact does that have on you?

我只是想知道對你來說最好的情況是什麼？如果有東西出來了？例如，如果 USMCA 提前一年重新談判，這會對您產生什麼影響？

Well, it's hard to say not knowing what will be done, and we have no control over when USMCA as renegotiated. But what I can tell you is when it was renegotiated during President Trump's first term.

嗯，很難說不知道會發生什麼，而且我們無法控制 USMCA 何時重新談判。但我可以告訴你的是，在川普總統第一任期內，這個問題重新進行了談判。

Again, the administration work to really understand our industry and as they increase the requirements from NAFTA to US MCA we work quickly and complied with that. And I think a lot of the things that we've already done with the high level of US.

再次，政府努力真正了解我們的行業，隨著他們提高從北美自由貿易協定到美國多邊貿易協定的要求，我們迅速採取行動並遵守這些要求。我認為我們已經與美國高層合作完成了很多事情。

content and the work, as I already mentioned, that we've done to get our supply chain to be more resilient and be more by where we build I think we're going to be well situated. But we're going to continue to drive that up. I'm sure we'll have a voice into the negotiations when they happen.

正如我已經提到的，我們所做的內容和工作使我們的供應鏈更具彈性，並且更加符合我們的建設地點，我認為我們將處於有利地位。但我們將繼續推動這一目標的實現。我確信當談判開始時我們會有發言權。

And so we'll manage it just like we did last time and very proud of the fact that all of our vehicles built in North America are USMCA compliant and the parts that we put into our vehicles in the US are more than 80% USMCA compliant.

因此，我們將像上次一樣進行管理，並且非常自豪的是，我們在北美生產的所有車輛都符合 USMCA 標準，而且我們在美國生產的車輛的零件 80% 以上符合 USMCA 標準。

The second thing is one of the areas that's been surprisingly on the positive side of the last four or five years has been cash generation at General Motors. What are some of the things you've done that have stepped up your ability to generate cash and I know you pulled forward the share repurchases in the first quarter, but what would it take to basically put that back on from a market standpoint?

第二件事是，過去四、五年來令人驚訝地呈現積極態勢的領域之一是通用汽車的現金創造能力。您做了哪些事情來提高您創造現金的能力？我知道您在第一季提前了股票回購，但從市場角度來看，要從根本上恢復這項能力需要什麼？

Hey Mike, good morning and congratulations on your new shingle that you (inaudible). I'm actually incredibly proud of the team on cash generation. I think, number one, it starts with the vehicle portfolio and you look at the quality and the demand that we've had for our vehicles over the last few years as we refresh that fleet, it really is a strong anchor for great financial performance.

嘿，麥克，早安，祝賀你新買的木瓦（聽不清楚）。事實上，我為團隊在現金創造方面的表現感到無比自豪。我認為，首先，一切都從車輛組合開始，看看過去幾年我們更新車隊時車輛的品質和需求，這確實是我們取得優異財務業績的強大支柱。

I think we've done a lot in terms of our go-to-market strategy, approaching it with more discipline in production, inventory management as well as making sure that we we're pricing our products appropriately and not necessarily over-indexing into incentives.

我認為我們在市場進入策略方面做了很多工作，在生產、庫存管理方面採取了更嚴格的紀律，並確保我們的產品定價合理，而不一定過度依賴激勵措施。

And I think the entire commercial team deserves a lot of credit for that in terms of really improving the margin performance and underlying operating cash flow of the business. Then when you combine that with, I know we've been criticized in the past for capital expenditures.

我認為整個商業團隊在真正提高業務的利潤率表現和基礎經營現金流方面應該受到高度讚揚。然後當你把這一點與…結合起來，我知道我們過去曾因資本支出而受到批評。

But if you look at our capital expenditures today, they're roughly approximate to where they were in 2017, 2018 after adjusting for the inflationary pressures that we've seen over the last few years. So I think that disciplined CapEx on top of the really strong operating performance from the vehicle portfolio is really the secret, and we've got to continue to harness that.

但如果你看看我們今天的資本支出，在根據過去幾年的通膨壓力進行調整後，它們大致與 2017 年、2018 年的水平相當。因此，我認為，嚴格的資本支出加上汽車產品組合的強勁營運表現才是真正的秘訣，我們必須繼續利用這一點。

As far as the share repurchase, the banks, the counterparties that were in the ASR that we did in February are still in the market, and that transaction will settle, and it gives us a little bit of time to evaluate the macro environment and kind of where we are, where we were and where we sit.

就股票回購而言，我們二月份進行的 ASR 中的銀行和交易對手仍然在市場上，而且該交易將會結算，這給了我們一點時間來評估宏觀環境以及我們現在所處的位置、過去的位置和現在的位置。

What I would say is that the actions taken by the President this week, do a lot to sort of resolve the uncertainty of the tariff environment. And we're making good progress in terms of figuring out where we sit. And I think the guidance that we put out today is evidence of that.

我想說的是，總統本週採取的行動在很大程度上解決了關稅環境的不確定性。我們在確定自己的位置方面取得了良好的進展。我認為我們今天發布的指導就是證據。

Thank you very much.

非常感謝。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Hey, thanks. Good morning, Mary and Paul, a question on Super Cruise. You mentioned in the deck, you increased the population by 230,000 units year-on-year. So can you confirm how many are on the road right now collecting data in total.

嘿，謝謝。早上好，瑪麗和保羅，我有一個關於超級巡航的問題。您在演講中提到，人口較去年增加了23萬個單位。那麼您能否確認目前路上總共有多少車在收集數據？

I'm curious, anything you wanted to highlight there in terms of rate of change on Super Cruise. It seems like the Waymo Toyota collaboration on autonomous solutions and data collection is in part of validation of your thesis an approach. And I have a follow-up question.

我很好奇，您想強調一下超級巡航的變化率嗎？看起來 Waymo 與豐田在自動駕駛解決方案和資料收集方面的合作在某種程度上驗證了你的論文和方法。我還有一個後續問題。

Okay. You're correct in that we added the 230,000 units. Let us see if we can quickly get what that takes the total volume up to. But as we said, we're committed to doubling that this year, and we're on track because we had 100% year-over-year from a Super Cruise perspective.

好的。您說得對，我們增加了 230,000 個單位。讓我們看看是否能快速得到總量。但正如我們所說，我們致力於今年將這一數字翻一番，而且我們正在按計劃進行，因為從超級巡航的角度來看，我們的同比增長率為 100%。

And yes, I appreciate your comments. Again, personal autonomy, we think is so important as we move forward and that's why it was so important to get the team really focused on what it takes to lead from a personal autonomy perspective.

是的，我很感謝您的評論。再次強調，我們認為個人自主權在我們前進的過程中非常重要，這就是為什麼讓團隊真正專注於從個人自主權的角度進行領導所需的條件如此重要。

So the team is doing that. We have many new members of the team and now we're on the GM side. And now when you combine them with the Cruise team, I'm very excited about the progress. In fact, I'm going to be out there next week to do a deep dive in that review.

所以團隊正在這樣做。我們團隊有很多新成員，現在我們擔任總經理。現在，當你將他們與 Cruise 團隊結合時，我對進展感到非常興奮。事實上，我下週會去那裡深入研究該評論。

And they're telling me, by the calendar year-end, we'll have over 700,000 vehicles that are cruisers (inaudible) equipped. One of my regrets there, Adam, is that during the semiconductor shortage, we had a choice of build without Super Cruise not billed. And so we're catching up quickly from that right now.

他們告訴我，到今年年底，我們將有超過 70 萬輛配備巡洋艦（聽不清楚）的汽車。亞當，我感到遺憾的是，在半導體短缺期間，我們只能選擇不計費的 Super Cruise 進行建造。所以我們現在正在快速追趕。

So that's why you see the growth this year. But we're committed to autonomy and continuing to improve with what we can do year by year. And again, we'll hear more about that later in this year, but the team is working really well.

這就是今年看到成長的原因。但我們致力於自主，並逐年不斷改進我們所能做的事情。再次，我們將在今年稍後聽到更多有關這方面的消息，但該團隊的工作確實非常出色。

Thanks, Mary. Yes, when I got my Tahoe, which I absolutely adore. Unfortunately, Super Cruise is not available at that time. Look, I like my Tesla, but for the record, I love my Tahoe. A follow-up question, Mary,

謝謝，瑪麗。是的，當我得到我的 Tahoe 時，我非常喜歡它。不幸的是，Super Cruise 目前尚未推出。聽著，我喜歡我的特斯拉，但說實話，我愛我的 Tahoe。瑪麗，接下來的問題是，

Adam, we have Super Cruise equipped Tahoes right now. So happy to introduce you to a dealer who could sell one to you, if you'd like.

亞當，我們現在有配備 Super Cruise 的 Tahoe。如果您願意的話，我很樂意向您介紹一位可以賣給您的經銷商。

I don't, the neuro (inaudible) people are great. We'll get talking to them. My follow-up. How are the tariff changes and coupled with the advancements in AI and robotics impact to GM's approach to automation, many of your global competitors is Tesla, BYD, Xiaomi, Huawei, be Hyundai, et cetera, they're looking at things like humanoid robotics.

我不這麼認為，神經科（聽不清楚）人員很棒。我們會和他們交談。我的後續行動。關稅變化以及人工智慧和機器人技術的進步對通用汽車的自動化方法有何影響，您的許多全球競爭對手是特斯拉、比亞迪、小米、華為、現代等，他們正在研究人形機器人之類的技術。

And as you work with NVIDIA and following the hiring of Barak (inaudible), your new Head of is GM exploring humanoid in terms of either labor substitution or even making these robots and developing them given your expertise in complex supply chain and scale manufacturing at quality, or any other form factors or comments on automation you'd like to share?

在您與 NVIDIA 合作並聘請 Barak（聽不清楚）之後，您的新任 GM 負責人是否會在勞動力替代方面探索人形機器人，或者甚至製造這些機器人並根據您在複雜供應鍊和高質量規模製造方面的專業知識進行開發，或者您想分享任何其他形式的因素或關於自動化的評論？

Yeah. I think we're looking at efficiency and great efficiency all the way to the plant floor starts with smart design of the vehicles and then how you design the vehicles and how they can be put together very efficiently and good for the workforce. We've focused a lot already and had tremendous expertise within the company of using automation, robots, cobots to really focus on the difficult to do jobs of putting a vehicle together.

是的。我認為，我們關注的是效率，而高效率一直到工廠車間都始於車輛的智慧設計，然後是如何設計車輛以及如何非常有效率地組裝它們，並為勞動力帶來好處。我們已經集中了很多精力，並且在公司內部擁有豐富的專業知識，可以使用自動化、機器人、協作機器人來真正專注於組裝車輛這一困難的工作。

And when they're difficult to do, you generally then get quality issues and you cause ergonomic issues. So we are going to continue on smart design starting with the way the vehicles are built, all the way through to the factory floor.

當它們難以做到時，通常就會出現品質問題並引發人體工學問題。因此，我們將繼續進行智慧設計，從車輛製造方式開始，一直到工廠車間。

We do have extensive knowledge and work going on and several partnerships as we look at what is the latest technology to make sure we're efficient and we compete and protect our workforce from a safety perspective.

我們確實擁有豐富的知識和正在進行的工作，並且建立了多個合作夥伴關係，我們正在研究最新的技術，以確保我們的效率、競爭力和從安全角度保護我們的員工。

The answer is yes on all of those fronts, but I did really want to reinforce it starts with designing the product well, so it's easy to build. And therefore, then you can leverage automation where it makes the most sense.

所有這些方面的答案都是肯定的，但我確實想強調的是，首先要設計好產品，這樣才易於建造。因此，您可以在最有意義的地方利用自動化。

Thanks Mary.

謝謝瑪麗。

Daniel Roska, Bernstein.

丹尼爾·羅斯卡，伯恩斯坦。

Good morning. Thanks for taking the question. May I invite you to take a longer-term view. With tariffs in place, the cost curve for parts is now higher. And the demand for parts out of the US and US MCA compliant will be higher, too.

早安.感謝您回答這個問題。我請您從更長遠的角度考慮問題。由於關稅實施，零件的成本曲線現在更高了。對美國以外和符合美國 MCA 標準的零件的需求也將更高。

In your mind, as you're preparing for your next round of supplier discussions, what would prevent suppliers from raising prices on US and USMCA parts to capture some incremental margin here as long as the tariffs are in place.

當您準備下一輪供應商討論時，您想問的是，只要關稅仍然存在，什麼會阻止供應商提高美國和 USMCA 零件的價格以獲取一些增量利潤？

Well, Daniel, we have worked hard over the last decade to have a very positive relationship with our suppliers and not make it transactional at sharing the pie of who gets more of the pie versus how do we take cost out, drive more efficiency leverage the good ideas that they have and incorporate that into our vehicles faster.

丹尼爾，過去十年來，我們一直努力與供應商建立非常積極的關係，而不是通過分享誰能分到更多蛋糕的交易來解決問題，而是要降低成本，提高效率，利用他們的好主意，並將其更快地融入到我們的車輛中。

So frankly, I would be disappointed if suppliers, especially with USMCA compliant, they're going to try to leverage this as a margin expansion. And frankly, I don't think our suppliers will. We work regularly. There is going to be some pressure on our supply base.

因此坦白說，如果供應商，特別是遵守 USMCA 的供應商，試圖利用這一點來擴大利潤，我會感到失望。坦白說，我認為我們的供應商不會這麼做。我們定期工作。我們的供應基地將面臨一些壓力。

But again, as we approach it, we always look for how do we together look at making the business more efficient. Less than a month ago, we had our supplier of the year where we had our top suppliers together. We had conversations and breakouts about how do we work on this together. So that's the way we're going to focus on this, not only this year but into the indefinite future.

但是，當我們處理這個問題時，我們總是在尋找如何共同努力使業務更有效率。不到一個月前，我們剛剛選出年度最佳供應商，並將我們的頂級供應商聚集在一起。我們進行了討論並討論瞭如何共同努力解決這個問題。因此，我們不僅要關註今年，而且要關注未來很長一段時間。

And maybe as a follow-up, is there a risk that there may be some suppliers in your network we're not able to completely document the US MCA compliance in the upcoming months. And kind of do you expect kind of the parts cost to be a little bit higher in the initial phase as suppliers kind of document the US MCA compliance and you then get to exclude those parts?

作為後續行動，是否存在這樣的風險：您的網路中可能存在一些供應商，我們無法在未來幾個月內完全記錄美國 MCA 合規情況。您是否預計在初始階段零件成本會稍高一些，因為供應商會記錄美國 MCA 合規性，然後您將排除這些零件？

Well, we're working to help them do that because it's in both of our best interest. Again, we have supplier challenges day in and day out every year. We actually have a special team. We work with the suppliers that are struggling.

嗯，我們正在努力幫助他們做到這一點，因為這符合我們雙方的最佳利益。再次，我們每年日復一日地面臨供應商的挑戰。我們實際上有一個特別的團隊。我們與陷入困境的供應商合作。

And we're going to be very thoughtful about how we do that and continue to leverage the goodwill we have with suppliers that we earned during COVID, during the semiconductor shortage and as we move forward. So I'm not going to comment on is there going to be zero.

我們將非常認真地考慮如何做到這一點，並繼續利用我們在 COVID 期間、半導體短缺期間以及未來發展過程中與供應商建立的良好關係。所以我不會評論是否會出現零的情況。

But again, we're going to be very thoughtful and first look to see how do we offset and how do we work together to make it more efficient. We've been actually doing some great work with the supply base of really encouraging and getting them involved earlier in our vehicle design, so we can take advantage of their best ideas and that's where you really get the savings versus if you're talking about looking at it at the end, you're not driving the efficiency that you need to have.

但同樣，我們會非常認真，首先考慮如何抵消以及如何共同努力提高效率。實際上，我們一直在與供應基地合作，大力鼓勵他們並讓他們更早地參與到我們的車輛設計中，這樣我們就可以利用他們的最佳想法，而這才是真正節省成本的地方，而不是等到最後再考慮，就無法達到所需的效率。

We're very much bringing them further left in our development process so we can both win together. And when we have great vehicles that sell well in the marketplace like you're seeing right now, that's best for our suppliers, too.

我們非常希望他們能夠在我們的開發過程中發揮更大的作用，這樣我們才能共同獲益。當我們擁有像您現在看到的一樣在市場上暢銷的優質車輛時，這對我們的供應商來說也是最好的。

Makes sense, thanks.

有道理，謝謝。

John Murphy, Bank of America.

美國銀行的約翰‧墨菲。

Good morning everybody. I just wanted to ask maybe a positive question on tariffs, Mary. As you think about your product cadence going forward and the products you're going after, just curious if there's been any significant changes because as we look at this, the German lux brands are widely disadvantaged and so are really the Korean sort of in the mid-level of the market.

大家早安。瑪麗，我只是想問一個關於關稅的積極問題。當您考慮未來的產品節奏和所追求的產品時，我只是好奇是否有任何重大變化，因為從我們的角度來看，德國奢侈品牌處於普遍劣勢，韓國品牌在中端市場也處於劣勢。

So it seems like there may be a real opportunity for Cadillac and Chevrolet to really kind of lean into this and not just maybe take price, but really take market share.

因此，凱迪拉克和雪佛蘭似乎真的有機會抓住這個機會，不僅要佔據價格優勢，還要真正佔領市場。

John, first of all, thanks for the question. I think you bring up a very good point. We do build what is it, over 1.5 million units in this country and some of our most important where we lead in market share and we're growing share already with the new newly redesigned full-size SUVs that are built in Texas.

約翰，首先，感謝您的提問。我認為你提出了一個很好的觀點。我們確實在這個國家生產了超過 150 萬輛汽車，其中最重要的是我們在市場份額上處於領先地位，而且隨著在德克薩斯州生產的全新設計的全尺寸 SUV，我們的市場份額還在不斷增長。

We saw 30% growth and the escalate as well with both the escalator and the Escalate IQ built in Texas and Michigan. So there is a huge opportunity for us to continue to build and leverage our product strength and the fact that these vehicles are built in the US and have the US MCA compliant.

我們看到德克薩斯州和密西根州建造的自動扶梯和 Escalate IQ 都實現了 30% 的成長，並且還在升級中。因此，我們有巨大的機會繼續打造和利用我們的產品優勢，而且這些車輛在美國製造並符合美國 MCA 標準。

In fact, what we've just seen is the best April since 2007. So I think there is upside opportunity for General Motors in both ICE and EV and believe we were going to leverage every single opportunity.

事實上，我們剛剛看到的是自 2007 年以來最好的四月。因此，我認為通用汽車在 ICE 和 EV 領域都存在上行機會，並且相信我們會利用每一個機會。

And then maybe if I could sneak one last one in on the tariff side on the sort of from the other side of the equation is mean you guys are operating incredibly well in a very tough environment $10 billion to $12 billion of $12.5 billion on EBIT should be commended.

然後，如果我可以從關稅方面偷偷地再說最後一個問題，那麼從等式的另一邊來看，這意味著你們在非常艱難的環境中運營得非常好，息稅前利潤 125 億美元中的 100 億到 120 億美元值得稱讚。

You put a floor of $8 a share out there. You're raising the dividends. You're moving some manufacturing back to the US. From the administration's perspective, as they look at this, you're a success story, you're certainly not a company in trouble by any stretch of the imagination.

你設定的最低股價是每股 8 美元。你正在提高股息。你們正在將部分製造業遷回美國。從管理階層的角度來看，你們是一個成功的故事，無論如何，你們絕對不是一個陷入困境的公司。

You're succeeding in a tough environment. As you're talking to them and working on maybe some further relief from tariffs, I mean, what kind of leverage or angle are you using with them?

您在艱難的環境中取得了成功。當您與他們交談並努力進一步降低關稅時，我的意思是，您會使用什麼樣的槓桿或角度來與他們溝通？

Because the reality is, given the current state of affairs, you're still doing fairly well. So I'm just curious as you have these discussions and maybe hope for relief or push for relief, how do you kind of position yourselves in that discussion?

因為事實是，考慮到目前的情況，你仍然做得相當好。所以我很好奇，當你們進行這些討論並可能希望得到救濟或推動救濟時，你們在討論中是如何定位自己的？

Well, I think one is we're committed to the United States. As I said in my opening remarks, we have more employees in this country than anyone else. We provide over 45,000 and growing good paying jobs from a represented perspective that really the industry created the middle class, and we'll continue to do that.

嗯，我認為首先我們致力於美國。正如我在開場白中所說，我們國家的員工數量比其他國家都多。我們從代表的角度提供了超過 45,000 個高薪工作崗位，並且還在不斷增加，這表明該行業確實創造了中產階級，我們將繼續這樣做。

So I think that, when we look at everything that's going on, and I think you brought a lot of really good points, we want to be in a position and where we're 100% goal aligned with the President is to have a strong US auto industry. And so we have made points of what it takes for us to do that and grow share and then have a level playing field so we can grow from an export perspective.

因此，我認為，當我們審視正在發生的一切時，我認為您提出了很多非常好的觀點，我們希望能夠與總統 100% 一致的目標，那就是擁有強大的美國汽車工業。因此，我們明確了我們需要做些什麼來做到這一點，擴大市場份額，然後建立一個公平的競爭環境，這樣我們就可以從出口的角度成長。

So what we're going to do is continue to leverage the strong product portfolio that we have, continue we've made the point we need to have generate enough that we can reinvest in the business to continue to have strong product programs. And so we're just going to continue to keep executing.

因此，我們要做的是繼續利用我們擁有的強大產品組合，繼續強調我們需要創造足夠的收入，以便我們可以對業務進行再投資，以繼續擁有強大的產品計劃。因此我們將繼續執行。

We have never approached the situation because we understood from the early discussions I had directly with the President that he had a very strong goal to strengthen manufacturing in this country. We want to be a part of it.

我們從未處理過這種情況，因為從我早期與總統的直接討論中我們了解到，他有一個非常強烈的目標，即加強這個國家的製造業。我們希望成為其中的一部分。

So we haven't thought of this as a chaotic environment. We've looked at it as, okay, we complied with US MCA when it was done in his first term. We were able to make that point and show that strongly that's what we're doing.

所以我們不認為這是一個混亂的環境。我們認為，好吧，我們在他第一任期內遵守了美國 MCA。我們能夠闡明這一點，並有力地表明我們正在做的事情。

We talked about the opportunities that make good business sense for us to make some changes to our footprint based on the new environment. So I'd say the conversation has been very productive, and I do want to thank the President and the administration for taking the time, investing their time to understand our industry so we can accomplish our share goals of growing the US auto industry and which will be good for America in the long term.

我們討論了在新環境下對我們的足跡做出一些具有良好商業意義的改變的機會。所以我想說這次談話非常富有成效，我確實要感謝總統和政府花時間了解我們的行業，這樣我們才能實現發展美國汽車工業的共同目標，從長遠來看這對美國有利。

And lastly, I'll just say when you think about our industry, it's not only important from an economic security perspective, it's important from a national security perspective, and we've had those conversations as well. So thank you, John, for both of your questions.

最後，我想說的是，當你想到我們的產業時，它不僅從經濟安全角度很重要，而且從國家安全角度也很重要，我們也進行過這些對話。所以，約翰，謝謝你提出這兩個問題。

Thank you very much.

非常感謝。

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

謝謝。現在我想請瑪麗·博拉發表最後發言。

Well, I really appreciate, first of all, everybody's flexibility, as again, I want to reiterate, we changed this call because we really wanted to provide the best guidance that we could. And we had a good sense that after the actions taken by the administration were announced, we would be able to share with you our guidance for the year, which is exactly what we did.

嗯，首先，我真的很感激大家的彈性，我想再次重申，我們改變這個決定是因為我們真的想提供最好的指導。我們非常清楚，在政府宣布採取的行動後，我們將能夠與大家分享我們對今年的指導，而我們也確實這樣做了。

We're going to continue to work to strengthen our business. I think you've got a leadership team that is committed to being agile and flexible. Focusing on what's important in this industry, and that's having strong product.

我們將繼續努力加強我們的業務。我認為你們擁有一支致力於敏捷和靈活的領導團隊。專注於這個行業中最重要的事情，那就是擁有強大的產品。

Because at the end of the day, the product is what gets earned you more customers, earned you more share make sure you're positioned with the supply base very strong and continue to build on the loyalty that we have in the United States. And we look forward to continuing to grow this business.

因為歸根究底，產品才是讓你贏得更多客戶、贏得更多份額的關鍵，所以要確保你擁有非常強大的供應基礎，並繼續鞏固我們在美國的客戶忠誠度。我們期待繼續發展這項業務。

We've grown for the last three years and continuing to deliver returns to our shareholders. That's what we're focused on. We will continue to be good stewards of you, our owner's capital, and we appreciate your interest today and your support. So thank you all very much.

過去三年我們不斷發展壯大，並持續為股東帶來回報。這就是我們關注的重點。我們將繼續做好您（我們所有者的資本）的管理，我們感謝您今天的關注和支持。非常感謝大家。

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。