通用汽車 (GM) 2025 Q2 法說會逐字稿

Good morning, and welcome to the General Motors Company second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, July 22, 2025. I would now like to turn the call over to Ashish Kohli, GM's Vice President of Investor Relations.

早安，歡迎參加通用汽車 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次電話會議將於 2025 年 7 月 22 日星期二錄製。現在我想將電話轉給通用汽車投資者關係副總裁 Ashish Kohli。

Thanks, Amanda, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the second-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，阿曼達，大家早安。感謝您與我們一起回顧通用汽車 2025 年第二季的財務表現。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, 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執行長瑪麗·博拉 (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)。通用汽車金融總裁兼執行長蘇珊謝菲爾德 (Susan Sheffield) 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 actual results to differ materially. These risks and uncertainties include the factors identified in our filings with the SEC. Please review the Safe Harbor statement on the first page of our presentation, as the content of our call will be governed by this language.

在今天的電話會議上，管理階層將對我們的預期做出前瞻性陳述。這些聲明受風險和不確定性的影響，可能導致實際結果大不相同。這些風險和不確定性包括我們提交給美國證券交易委員會 (SEC) 的文件中確認的因素。請仔細閱讀我們簡報首頁上的安全港聲明，因為我們電話會議的內容將受此條款約束。

And with that, I am delighted to turn the call over to Mary.

說完這些，我很高興將電話轉給瑪麗。

Thank you, Ashish, and good morning, everyone.

謝謝你，Ashish，大家早安。

Today, we reported another quarter of earnings that highlights the core strengths of General Motors. They include the appeal of our vehicles, customer loyalty to our brands, the growing value of technologies like OnStar and Super Cruise, as well as the creativity and resiliency of our global team. I am grateful for everyone's contributions: our employees, our dealers, and our suppliers.

今天，我們報告了另一個季度的收益，凸顯了通用汽車的核心優勢。其中包括我們汽車的吸引力、客戶對我們品牌的忠誠度、OnStar 和 Super Cruise 等技術不斷增長的價值，以及我們全球團隊的創造力和韌性。我感謝每個人的貢獻：我們的員工、我們的經銷商和我們的供應商。

In the US and around the world, we have demonstrated consistent execution of our production and go-to-market strategies. We do have opportunities from a quality perspective at both the supplier and the GM level, which Paul will talk more about in his remarks, but we are fundamentally very strong and resilient.

在美國和世界各地，我們都展示了我們生產和市場進入策略的一致執行。從供應商和總經理兩個層面的品質角度來看，我們確實有機會，保羅將在他的演講中詳細談論這一點，但我們從根本上來說非常強大且有韌性。

As we discussed today, we have delivered strong underlying operating performance, and we are positioning the business for a profitable long-term future as we adapt to new trade and tax policies and a rapidly evolving tech landscape. Our clear priorities are to grow our already expansive US manufacturing footprint and domestic supply chain, further strengthen our international business, and continue to innovate in batteries, software, and autonomous technology.

正如我們今天所討論的，我們實現了強勁的基礎營運業績，並且隨著我們適應新的貿易和稅收政策以及快速發展的技術格局，我們正在為長期盈利的未來做好業務定位。我們的明確優先事項是擴大我們已經廣泛的美國製造足跡和國內供應鏈，進一步加強我們的國際業務，並繼續在電池、軟體和自主技術方面進行創新。

In China, we have been working closely with our JV partner to improve sales, inventory management, cost, and profitability. The performance of our new energy vehicles has been especially strong, and in Q2, we reported our second consecutive quarter of year-over-year sales growth. We were the only foreign OEM to gain share, and we reported positive equity income.

在中國，我們一直與合資夥伴密切合作，以提高銷售、庫存管理、成本和獲利能力。我們的新能源汽車表現尤為強勁，第二季度，我們報告銷售連續第二個季度同比增長。我們是唯一一家市場份額獲得增加的外國 OEM，並且報告了正股權收益。

In the US, the industry saw a spike in demand during the quarter due to tariff-related sales pull ahead, especially in April and May. Then in June and July, demand returned to levels that are in line with our full-year outlook of 16 million units. Throughout the first and second quarters, GM outperformed the market in total fleet and retail market share year over year.

在美國，由於關稅相關的銷售提前，尤其是在 4 月和 5 月，該行業在本季度的需求出現激增。然後在六月和七月，需求恢復到與我們的全年預測 1600 萬台相符的水平。在第一季和第二季度，通用汽車的總車隊和零售市佔率均比去年同期表現優異。

We also gained total fleet and retail market share sequentially from Q1 to Q2, despite increased incentives from our competitors. We delivered all of this with inventories at the end of June that were down year over year by almost 10%. Our incentives remained well below industry average for both ICE and EVs, and our pricing has been relatively consistent.

儘管競爭對手加大了激勵力度，但我們的總車隊和零售市場份額仍從第一季到第二季連續成長。我們交付了所有這些產品，但截至 6 月底，庫存比去年同期下降了近 10%。我們的激勵措施遠低於內燃機和電動車的行業平均水平，而且我們的定價相對穩定。

I'm particularly pleased that the crossover portfolio we highlighted at our last Investor Day has been delivering record results. These 10 all-new or redesigned crossovers took huge leaps forward in design and technology, resulting in strong demand and revenue growth while reducing complexity contributed to stronger profitability.

我特別高興的是，我們在上次投資者日重點介紹的交叉投資組合取得了創紀錄的表現。這 10 款全新或重新設計的跨界車在設計和技術上取得了巨大飛躍，帶來了強勁的需求和收入成長，同時降低複雜性也有助於提高獲利能力。

The Chevrolet Equinox alone gained nearly 6 points of retail market share year over year in the industry's largest segment, thanks to the popularity of both the ICE and EV models. We are growing in EVs because we have a strategic portfolio of vehicles that people love for their design, performance, range, and value.

由於 ICE 和 EV 車型的受歡迎程度，僅雪佛蘭 Equinox 這款車型就在該行業最大的細分市場中同比增長了近 6 個百分點的零售市場份額。我們在電動車領域不斷發展，因為我們擁有一系列策略性的汽車，這些汽車因其設計、性能、續航里程和價值而受到人們的喜愛。

Five years ago, the EV market essentially had one player. Today, there are 30, and Chevrolet is now the number two EV brand, thanks to the success of the Blazer EV and the Equinox EV. And in Q2, Cadillac became the number five EV brand overall. Cadillac has also become the luxury EV leader fueled by the launch of the Escalade IQ and conquest rates that are above 75% for the LYRIQ and approaching 80% for the OPTIQ.

五年前，電動車市場基本上只有一個參與者。如今，雪佛蘭電動車數量已達 30 輛，憑藉 Blazer EV 和 Equinox EV 的成功，雪佛蘭已成為第二大電動車品牌。在第二季度，凱迪拉克成為排名第五的電動車品牌。凱迪拉克也憑藉Escalade IQ的推出，以及LYRIQ超過75%、OPTIQ接近80%的銷量率，成為了豪華電動車領域的領導者。

At the same time, all electric road trips are getting easier by the day thanks to our fast-charging collaborations which have been focused on regional interstate corridors outside of the coast. For example, GM Energy 350-kilowatt chargers are now available at nearly 200 pilot travel centers along I-75 between Michigan and Florida, on the routes between Minneapolis and Milwaukee, Detroit and Cleveland, San Antonio and Houston, and Dallas and Nashville.

同時，由於我們的快速充電合作主要集中在沿海以外的區域州際走廊，所有電動公路旅行都變得越來越容易。例如，通用能源 350 千瓦充電器現已在密西根州和佛羅裡達州之間 I-75 公路沿線、明尼阿波利斯和密爾瓦基、底特律和克利夫蘭、聖安東尼奧和休士頓、達拉斯和納許維爾之間的路線上的近 200 個試點旅行中心投入使用。

Stations are typically no more than 150 miles apart, so it's easy to take long distance trips knowing you'll have access to reliable, fast chargers and convenient services when you need them. In addition, the first of Iona's charging stations, which can deliver up to 400 kilowatts, are now in service in North Carolina, Texas, Pennsylvania, Ohio, Kansas, Arizona, and Missouri.

充電站之間的距離通常不超過 150 英里，因此您可以輕鬆進行長途旅行，因為您知道在需要時可以使用可靠、快速的充電器和便利的服務。此外，Iona 的首批充電站可提供高達 400 千瓦的電力，目前已在北卡羅來納州、德克薩斯州、賓夕法尼亞州、俄亥俄州、堪薩斯州、亞利桑那州和密蘇裡州投入使用。

By the end of the year, our customers will have access to more than 65,000 public fast-charging bays across the country. That will grow to more than 80,000 by the end of next year and 100,000 by the end of 2027, a more than 50% improvement in just three years. The growth of our ICE and EV business is also fueling the expansion of our highly acclaimed Super Cruise technology, which in turn is helping guide the development of our personal autonomous vehicles.

到今年年底，我們的客戶將可以使用全國超過 65,000 個公共快速充電站。到明年年底，這一數字將增長到 8 萬多，到 2027 年底將增長到 10 萬，短短三年內增長超過 50%。我們的 ICE 和 EV 業務的成長也推動了我們備受讚譽的超級巡航技術的擴展，這反過來又有助於指導我們個人自動駕駛汽車的發展。

We're making steady progress growing Super Cruise. The technology is now offered on 23 models, and we continue to add new capabilities. We're on track to have more than 600,000 customers by year end, each of whom has paid upfront for three years of service, with 70% of new Cadillacs delivered equipped with Super Cruise.

我們正在穩步推進 Super Cruise 的發展。該技術現已應用於 23 款車型，並且我們將繼續增加新的功能。我們預計到今年年底將擁有超過 60 萬名客戶，每位客戶都已預付了三年的服務費用，其中 70% 的新凱迪拉克配備了超級巡航系統。

Additionally, we have changed the way we approach the market for our OnStar products, and we now price our vehicles to include a period of basic OnStar services. As a result, our OnStar subscriber totals are increasing at record rates, and we now have even more ways to engage directly with our customers throughout the life of the vehicle to drive our industry-leading loyalty even higher.

此外，我們改變了 OnStar 產品的市場定位，現在我們的車輛定價中包含了一段時間的 OnStar 基本服務。因此，我們的 OnStar 用戶總數正以創紀錄的速度成長，而且我們現在擁有更多方式在車輛的整個生命週期內直接與客戶互動，以進一步提高我們行業領先的忠誠度。

As of today, we have booked $4 billion of deferred revenue from Super Cruise, OnStar, and other software services that we will recognize over time. Our projected Super Cruise revenue will be more than $200 million in 2025 and is expected to more than double in 2026. As we continue to scale, we anticipate growing at a robust double-digit CAGR through the end of the decade.

截至今天，我們已經從 Super Cruise、OnStar 和其他軟體服務中獲得了 40 億美元的遞延收入，這些收入將隨著時間的推移而確認。我們預計超級郵輪的營收在 2025 年將超過 2 億美元，預計在 2026 年將成長一倍以上。隨著我們不斷擴大規模，我們預計到本世紀末，我們的複合年增長率將達到兩位數。

We have also introduced a new and improved My GM Rewards customer loyalty program and credit card portfolio that gives our members access to more savings opportunities on GM products and services, and exclusive access to member-only experiences like track side access at racing events and off the grid EV excursions. We invested in these programs because our loyalty program members are very valuable. They buy vehicles with higher MSRPs and visit dealers for service at nearly twice the rate of non-members.

我們也推出了全新升級的 My GM Rewards 客戶忠誠度計畫和信用卡組合，使我們的會員在購買 GM 產品和服務時獲得更多優惠機會，並可享受會員專屬體驗，例如在賽車比賽中進入賽道和進行離網電動車旅行。我們投資這些計劃是因為我們的忠誠度計劃成員非常有價值。他們購買建議零售價較高的汽車，前往經銷商進行維修的頻率幾乎是非會員的兩倍。

To build on our leadership positions in ICE and increasingly in EV, and develop new sources of competitive advantage in AV software and services, we continue to strengthen our team with experienced executives and tech innovators like Sterling Anderson. Sterling, who was the Co-Founder and Chief Product Officer for autonomous trucking company, Aurora, is now GM's Chief Product Officer.

為了鞏固我們在 ICE 和 EV 領域的領導地位，並在 AV 軟體和服務領域開發新的競爭優勢，我們將繼續透過像 Sterling Anderson 這樣經驗豐富的高階主管和技術創新者來加強我們的團隊。斯特林曾擔任自動駕駛卡車公司 Aurora 的聯合創始人兼首席產品官，現任通用汽車的首席產品官。

We are also embracing AI across the enterprise, which is why we recruited Google and Cisco veteran, Barak Turovsky, to lead our efforts under Apple veteran Dave Richardson, who leads Software and Services Engineering. Barak is building a world-class team of applied AI experts and researchers as we redefine how intelligence powers vehicle performance, customer experience, and operational excellence at GM.

我們也在整個企業中擁抱人工智慧，這就是為什麼我們聘請了谷歌和思科資深人士巴拉克·圖羅夫斯基 (Barak Turovsky) 來領導我們的工作，由蘋果資深人士戴夫·理查森 (Dave Richardson) 領導軟體和服務工程。巴拉克正在組建一支由應用人工智慧專家和研究人員組成的世界級團隊，重新定義智慧如何為通用汽車的車輛性能、客戶體驗和卓越營運提供動力。

I believe everything we're doing strategically and proactively, along with closer alignment of emissions rules with consumer demand, will further differentiate us from our competitors, increase our resiliency, and drive overall profitability. For example, the $4 billion of new investment in our US assembly plants will add 300,000 units of US capacity for high-margin light duty pickups, full-size SUVs and crossovers, to help us greatly reduce our tariff exposure, satisfy unmet customer demand, and capture upside opportunities as we launch new models.

我相信，我們所做的一切策略性和主動性，以及排放規則與消費者需求的更緊密結合，將進一步使我們與競爭對手區分開來，提高我們的彈性，並提高整體獲利能力。例如，我們對美國組裝廠新增40億美元的投資將為美國增加30萬輛高利潤輕型皮卡、全尺寸SUV和跨界車的產能，以幫助我們大幅降低關稅風險，滿足未滿足的客戶需求，並在推出新車型時抓住上行機會。

The capacity begins coming online in just 18 months, after which we project building more than 2 million vehicles in the US each year as we scale. At Orion Assembly in Michigan, this includes production of the Cadillac Escalade followed by the launch of our next generation full-size light duty pickups. Adding Chevrolet Equinox ICE production at Fairfax Assembly in Kansas and moving Blazer ICE production to Spring Hill in Tennessee will further reduce our tariff exposure and increase utilization of our [existing] US capacity.

該產能僅需 18 個月即可投入使用，之後隨著規模擴大，我們預計每年將在美國生產超過 200 萬輛汽車。在密西根州的 Orion Assembly，這包括生產凱迪拉克凱雷德，隨後推出我們的下一代全尺寸輕型皮卡。在堪薩斯州費爾法克斯組裝廠增加雪佛蘭 Equinox ICE 的生產，並將 Blazer ICE 的生產轉移到田納西州斯普林希爾，將進一步降低我們的關稅風險，並提高我們[現有]美國產能的利用率。

In addition, we will have even more flexibility to adjust our mix of ICE and EV production than we do today, which will help us operate both Spring Hill and Fairfax more efficiently and a slower growth EV market.

此外，與現在相比，我們將擁有更大的靈活性來調整內燃機和電動車的生產組合，這將幫助我們更有效率地經營斯普林希爾和費爾法克斯，並應對成長較慢的電動車市場。

Despite slower EV industry growth, we believe the long-term future is profitable electric vehicle production, and this continues to be our North Star. As we adjust to changing demand, we will prioritize our customers, brands, and a flexible manufacturing footprint, as well as leveraging battery investments and other profit improvement plans. The battery strategy we are executing is central to our efforts to make EVs profitable and an even better choice for our customers.

儘管電動車產業成長放緩，但我們相信，從長遠來看，電動車生產是盈利的，這仍然是我們的北極星。隨著我們適應不斷變化的需求，我們將優先考慮我們的客戶、品牌和靈活的製造足跡，並利用電池投資和其他利潤改善計劃。我們正在實施的電池策略對於我們努力使電動車獲利並成為客戶的更好選擇至關重要。

Domestically developed and produced cells are also necessary for a resilient and secure American-oriented supply chain. Our joint venture cell plan in Indiana, for example, will produce prismatic cells to help lower pack and total vehicle cost. Foundation work is almost done, and more than 50% of the sales structure has been erected. We have also confirmed that Ultium cells Spring Hill in Tennessee will begin producing LFP cells developed by our Korean partner, LGES, in addition to high nickel pouch cells starting in late 2027.

國內開發和生產的電池對於面向美國的有彈性和安全的供應鏈也是必要的。例如，我們在印第安納州的合資電池計劃將生產方形電池，以幫助降低電池組和整車成本。地基工程已基本完工，銷售結構已建成 50% 以上。我們也確認，位於田納西州斯普林希爾的 Ultium cells 將從 2027 年底開始生產由我們的韓國合作夥伴 LGES 開發的 LFP 電池以及高鎳軟包電池。

The new lithium-manganese-rich or LMR chemistry that we are developing with LGES will be another game changer because of its unique balance of energy density, charging capability, and cost efficiency driven by its reduced nickel and cobalt content. In large truck packs, we believe the potential savings from LMR may be even greater than using LFP at today's metal prices.

我們與 LGES 合作開發的新型富鋰錳或 LMR 化學物質將再次改變遊戲規則，因為它透過降低鎳和鈷含量實現了能量密度、充電能力和成本效率的獨特平衡。在大型卡車包裝中，我們相信，以當今的金屬價格計算，LMR 的潛在節省可能比使用 LFP 更大。

Our expertise in leading cell chemistries and formats is also creating new business opportunities. Today, GM's second-life EV batteries are being repurposed by Redwood materials. In addition, we're finalizing an agreement with Redwood to supply battery modules to Redwood Energy, their new energy storage business, which has been formed to meet surging power demand for AI data centers and other applications.

我們在領先的細胞化學和形式方面的專業知識也正在創造新的商機。如今，通用汽車的二手電動車電池正採用紅木材料進行再利用。此外，我們正在與 Redwood 敲定一項協議，向其新成立的儲能業務 Redwood Energy 供應電池模組，該業務的成立是為了滿足人工智慧資料中心和其他應用領域不斷增長的電力需求。

Importantly, all of the cells our JVs build have and will continue to qualify for the advanced technology manufacturing tax credits. And we're grateful for the continued support of the administration and Congress as we invest in American battery innovation and job creation.

重要的是，我們的合資企業生產的所有電池都已符合並將繼續符合先進技術製造稅收抵免的資格。我們感謝政府和國會在我們投資美國電池創新和創造就業機會過程中給予的持續支持。

As you can see, we are well positioned to succeed in an ICE market that has now a longer runway. We will continue to drive improved profitability for ICE and focus on EV profitability improvement to generate ongoing strong free cash flow. In addition, we'll continue to drive American innovation in batteries, AV, and software to further differentiate GM.

如您所見，我們已做好準備，在如今跑道更長的 ICE 市場中取得成功。我們將繼續推動 ICE 獲利能力的提高，並專注於 EV 獲利能力的提高，以產生持續強勁的自由現金流。此外，我們將繼續推動美國在電池、AV 和軟體方面的創新，以進一步實現通用汽車的差異化。

Thank you, and I'd now like to turn the call over to Paul, who will share more details about the quarter.

謝謝，現在我想把電話轉給保羅，他將分享更多關於本季的細節。

Thanks, Mary, and good morning, everyone. Appreciate you taking the time to join us. The team continues to execute well on our discipline strategy which leverages our leading product portfolio and emphasizes prudent inventory management to support stable pricing while delivering consistent performance.

謝謝，瑪麗，大家早安。感謝您抽空加入我們。團隊繼續出色地執行我們的紀律策略，該策略利用我們領先的產品組合併強調審慎的庫存管理，以支持穩定的定價，同時提供一致的性能。

Our agility and responsiveness to evolving consumer preferences and regulatory demands remain key strengths that set us apart. For the first half, total company revenue was a record $91 billion driven by strong demand, stable vehicle pricing, and continued growth at GM Financial. North America revenue was also a first-half record at nearly $77 billion up slightly year over year.

我們對不斷變化的消費者偏好和監管要求的敏捷性和回應能力仍然是我們脫穎而出的關鍵優勢。上半年，受強勁需求、穩定的汽車價格以及通用汽車金融持續成長的推動，公司總收入達到創紀錄的 910 億美元。北美地區的營收也創下了上半年的新高，達到近 770 億美元，比去年同期略有成長。

We maintained production levels in line with our full-year plan as early quarter sales acceleration normalized. This measured approach, combined with strong sales that outpaced the industry, reduced US dealer inventory to 526,000 units, down nearly 10% year over year and almost 12% compared to the end of 2024. EBIT adjusted was $3 billion for the quarter, inclusive of a net tariff impact of approximately $1.1 billion with minimal mitigation offset.

隨著季度初銷售加速正常化，我們保持了與全年計劃一致的生產水準。這種審慎的做法，加上超過該行業的強勁銷售，導緻美國經銷商庫存減少至 526,000 輛，年減近 10%，與 2024 年底相比下降近 12%。本季調整後的息稅前利潤為 30 億美元，其中包括約 11 億美元的淨關稅影響以及極小的緩解抵消。

As we've previously mentioned, mitigation efforts will take time to yield results, limiting their effect on the second quarter. However, we're still tracking to offset at least 30% of the $4 billion to $5 billion full-year 2025 tariff impact through strategic actions such as manufacturing adjustments, targeted cost initiatives, and consistent pricing.

正如我們之前提到的，緩解措施需要時間才能產生效果，從而限制其對第二季的影響。然而，我們仍在努力透過製造調整、有針對性的成本措施和一致的定價等策略行動來抵消 2025 年全年 40 億至 50 億美元關稅影響中的至少 30%。

Looking at our sales performance, GM's US market share reached 17.3% in the first half of the year, marking a consistent upward trend and a 1.2 percentage point increase year over year, more than double the gain of our closest competitor. As Mary mentioned, continued growth across a number of SUV segments was a key driver, with the Chevrolet Equinox standing out as its total sales rose more than 20% compared to the same period last year.

從銷售業績來看，通用汽車上半年在美國市場的佔有率達到17.3%，持續維持上升趨勢，比去年同期成長1.2個百分點，增幅是我們最接近的競爭對手的兩倍多。正如瑪麗所提到的，多個 SUV 細分市場的持續增長是主要推動力，其中雪佛蘭 Equinox 表現突出，其總銷量與去年同期相比增長了 20% 以上。

Our share gains came on the back of strong product, not aggressive pricing. Indeed, in the first half of the year, our US incentives as a percentage of average transaction price were more than 2% points below the industry average, highlighting the strength of our product portfolio, our disciplined production strategy, and our sustained pricing power.

我們的份額成長得益於強勁的產品，而不是激進的定價。事實上，今年上半年，我們的美國激勵措施占平均交易價格的百分比比行業平均低 2% 以上，突顯了我們的產品組合優勢、嚴謹的生產策略和持續的定價能力。

Turning to capital allocation, we remain focused on striking the right balance between investing in the business, maintaining a strong balance sheet, and returning capital to shareholders. During the second quarter, we announced nearly $900 million for the Tonawanda Propulsion plant to support our next-generation V8 engine, along with a $4 billion investment in our US manufacturing footprint. These strategic investments will expand capacity, support next-generation full-size SUV and pickup production, and enhance flexibility to shift between ICE and EVs based on market demand.

談到資本配置，我們仍專注於在投資業務、維持強勁的資產負債表和向股東返還資本之間取得適當的平衡。在第二季度，我們宣布向 Tonawanda Propulsion 工廠投資近 9 億美元，以支持我們的下一代 V8 發動機，同時也向美國製造工廠投資 40 億美元。這些策略投資將擴大產能，支援下一代全尺寸 SUV 和皮卡的生產，並增強根據市場需求在 ICE 和 EV 之間轉換的靈活性。

Importantly, not all of this nearly $5 billion investment is incremental to our prior capital plans. A portion is being offset through cost efficiencies, internal reallocations, and by aligning the timing of investments with product updates. Our annual capital spending outlook remains unchanged at $10 billion to $11 billion for 2025, with a modest increase to $10 billion to $12 billion projected for 2026 and '27. This includes key investments in our battery joint ventures such as Ultium cells production of LMR and LFP chemistries, as well as our partnership with Samsung SDI.

重要的是，這近 50 億美元的投資並非全部都是我們先前資本計畫的增量。透過提高成本效率、內部重新分配以及將投資時間與產品更新相結合，可以抵消部分損失。我們對 2025 年年度資本支出預期保持不變，仍為 100 億美元至 110 億美元，預計 2026 年和 2027 年將小幅增加至 100 億美元至 120 億美元。這包括對我們的電池合資企業的關鍵投資，例如 Ultium 電池的 LMR 和 LFP 化學生產，以及我們與三星 SDI 的合作。

With regard to our balance sheet, we issued $2 billion of debt during the quarter. The proceeds will be used for general corporate purposes, including a $1.8 billion term loan to Ultium Cells LLC, to support the voluntary early repayment of their US Department of Energy loan, as well as refinancing a portion of the $1.25 billion note maturing in October.

關於我們的資產負債表，我們在本季發行了 20 億美元的債務。此次募集的資金將用於一般公司用途，包括向 Ultium Cells LLC 提供 18 億美元定期貸款，以支持其自願提前償還美國能源部貸款，以及為 10 月份到期的 12.5 億美元票據的部分內容進行再融資。

Our balance sheet remains strong, which gives us ample flexibility to navigate the current environment while continuing to invest in key future projects and return capital to our shareholders. Speaking of shareholder returns, we completed the $2 billion ASR during the quarter, retiring an additional 10 million shares, which brought the total shares retired under this program to $43 million.

我們的資產負債表仍然強勁，這為我們提供了充足的靈活性來應對當前環境，同時繼續投資於未來的關鍵項目並向股東返還資本。說到股東回報，我們在本季完成了 20 億美元的 ASR，額外退出了 1,000 萬股，這使得該計畫下退出的股票總額達到 4,300 萬美元。

On a diluted basis, this resulted in 971 million shares at the end of the second quarter, representing a 4% reduction since the end of 2024 and a 15% decrease compared to the end of Q2 last year. Supported by our strong cash flows with increased visibility around tariffs in the broader business environment, we resumed open market repurchases in early July.

以稀釋後計算，第二季末股份數量為 9.71 億股，較 2024 年底減少 4%，較去年第二季末減少 15%。在強勁現金流和更廣泛的商業環境中關稅透明度提高的支持下，我們於 7 月初恢復了公開市場回購。

Let me now walk through the second quarter financial results in more detail. Total company EPS diluted adjusted was $2.53 and EBIT adjusted was $3 billion down $1.4 billion year over year. This decline was primarily driven by a net tariff impact of $1.1 billion in the quarter. We benefited from lower fixed costs, improved mix, and foreign currency impacts which largely offset the effect of lower volume, EV inventory adjustments, and higher warranty related charges.

現在讓我更詳細地介紹一下第二季的財務表現。該公司稀釋後每股收益總計 2.53 美元，調整後息稅前利潤總計 30 億美元，年減 14 億美元。這一下降主要是由於本季 11 億美元的淨關稅影響所致。我們受益於較低的固定成本、改善的產品組合和外匯影響，這在很大程度上抵消了銷售下降、電動車庫存調整和保固相關費用增加的影響。

Adjusted automotive free cash flow was $2.8 billion down $2.5 billion year over year. The decline was primarily driven by tariff payments as well as headwinds from working capital and lower dealer inventory levels.

調整後的汽車自由現金流為 28 億美元，年減 25 億美元。下降的主要原因是關稅支付以及營運資金和經銷商庫存水準較低的不利因素。

In North America, we delivered EBIT adjusted of $2.4 billion and EBIT adjusted margins of 6.1%. Excluding the impact of tariffs, our margin would have been approximately 9%, which underscores the fundamental strength of our business. On a comparative basis, this keeps us well within our pre-tariff margin target of 8% to 10%.

在北美，我們的息稅前利潤調整後為 24 億美元，息稅前利潤調整後利潤率為 6.1%。排除關稅的影響，我們的利潤率約為 9%，突顯了我們業務的基本實力。從比較的角度來看，這使我們遠遠保持在關稅前的 8% 至 10% 的利潤率目標範圍內。

In addition to the impact of tariffs, warranty expenses have also been obscuring our strong performance, including a $300 million increase in the second quarter compared to last year. The main factors behind the higher warranty expenses relate to L87 issues and higher warranty claims from software issues on some of our early EV launches.

除了關稅的影響外，保固費用也掩蓋了我們強勁的業績，其中第二季與去年相比增加了 3 億美元。保固費用增加的主要原因與 L87 問題以及我們早期推出的一些電動車的軟體問題導致的保固索賠增加有關。

Let me be clear, we are not happy with our warranty trend and are facing these challenges head on, with the top priority always being our customers. We've provided extended warranties in some instances and taken other proactive steps to support those affected, including shifting some supply of our components to our after-sales group to decrease repair times.

讓我明確一點，我們對我們的保固趨勢並不滿意，並且正在直面這些挑戰，我們的首要任務始終是我們的客戶。在某些情況下，我們提供了延長保固期，並採取了其他積極措施來支援受影響的客戶，包括將部分零件供應轉移給售後團隊以減少維修時間。

To address the root causes, we are pursuing multiple paths. We are working to improve supplier quality across the board and are engaging more on critical component operations than ever before to ensure they consistently meet our high standards.

為了解決根本原因，我們正在尋求多種途徑。我們正在努力全面提高供應商的質量，並比以往更加重視關鍵部件的運營，以確保他們始終符合我們的高標準。

Spending on a per vehicle basis for software-related issues is down roughly 25% year over year when comparing most recently built vehicles to last year's models. Our expanded use of over the air updates, lower number of incidents per vehicle, and increased robustness in our infotainment system updates are all contributing to this improvement.

與去年生產的車輛相比，每輛車在軟體相關問題上的支出較去年同期下降了約 25%。我們擴大了無線更新的使用範圍，降低了每輛車的事故數量，並提高了資訊娛樂系統更新的穩健性，所有這些都有助於實現這一改進。

Additionally, we are leveraging our enhanced diagnostics and developing new prognostic tools to identify issues sooner, develop repair procedures faster, and minimize unnecessary repairs. Complexity reductions enabled by winning with simplicity initiatives are also supporting improved launch quality as seen on our recent Tahoe and Yukon launches.

此外，我們正在利用增強的診斷功能並開發新的預測工具來更快地發現問題，更快地制定修復程序並最大限度地減少不必要的修復。正如我們最近的 Tahoe 和 Yukon 發射所見，透過簡單制勝措施實現的複雜性降低也有助於提高發射品質。

As we look to the second half of the year, we expect overall warranty costs to stabilize, and for the full year, we now expect warranty to be a year-over-year headwind. We remain fully committed to continuously raising our quality standards and delivering stronger results for both our customers and our business.

展望下半年，我們預計整體保固成本將趨於穩定，而就全年而言，我們預計保固成本將年減。我們始終致力於不斷提高我們的品質標準，為我們的客戶和企業提供更出色的成果。

North America pricing was a $200 million headwind in Q2 compared to last year. We continue to benefit from robust retail pricing, particularly with our new vehicle launches. However, we experienced a year-over-year headwind in fleet pricing primarily due to increased competition resulting in pricing moderation. We expect the headwind from fleet pricing to continue into the second half of the year.

與去年同期相比，第二季北美的定價面臨 2 億美元的阻力。我們繼續受益於強勁的零售定價，特別是我們的新車推出。然而，我們的車隊定價年比遭遇逆風，主要是由於競爭加劇導致定價放緩。我們預計車隊定價的不利因素將持續到今年下半年。

GM International delivered second quarter EBIT adjusted of $200 million, an increase of $150 million year over year driven by improved profitability from our China equity income. We expect this strong performance to continue into the second half of the year. Our China team is executing well and launching competitive NEV products that are fueling our market share gains and delivering positive equity income.

通用汽車國際公司第二季調整後息稅前利潤為 2 億美元，較去年同期增加 1.5 億美元，得益於中國股權收益獲利能力的提高。我們預計這種強勁的表現將持續到今年下半年。我們的中國團隊表現良好，推出了具有競爭力的新能源汽車產品，推動了我們的市場份額成長並帶來了正的股權收益。

Outside of China, our operations in South America and the Middle East continue to deliver consistent results. GM Financial delivered EBT adjusted of $700 million and is on track to deliver within the full year EBT adjusted range of $2.5 billion to $3 billion. The team continues to grow the portfolio while paying a $350 million dividend to GM during the quarter. Credit performance and used vehicle prices remain healthy, reflecting relatively stable underlying consumer demand and market conditions.

除中國以外，我們在南美洲和中東的業務繼續取得穩定的成果。通用金融的息稅前利潤調整後為 7 億美元，並有望實現全年息稅前利潤調整後 25 億美元至 30 億美元的目標。該團隊繼續擴大投資組合，同時在本季向通用汽車支付了 3.5 億美元的股息。信貸表現和二手車價格維持健康，反映出相對穩定的潛在消費需求和市場條件。

Now turning to the forward outlook, our guidance and most of our underlying assumptions remain unchanged at EBIT adjusted in the $10 billion to $12.5 billion range, 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. To help with your modeling, let me first provide some thoughts on the first-half to second-half comparison.

現在轉向未來展望，我們的指導和大多數基本假設保持不變，調整後的息稅前利潤在 100 億美元至 125 億美元之間，調整後的每股攤薄收益在 8.25 美元至 10 美元之間，調整後的汽車自由現金流在 75 億美元至 100 億美元之間。為了幫助您建模，讓我先提供一些關於上半年和下半年比較的想法。

EBIT adjusted for the first half of the year totaled $6.5 billion. At the midpoint of our full-year guidance. This suggests that second half results will be about $1.75 billion lower. There are three key factors causing this dynamic. The first is an additional quarter of net tariff impact in the second half, which accounts for around $1 billion of this GAAP. The second is that we expect North America wholesale volumes to be down a low-single-digit percentage, reflecting typical seasonality from fewer production days in the July shutdown.

上半年調整後的息稅前利潤總計65億美元。處於我們全年指導的中間點。這意味著下半年業績將下降約 17.5 億美元。造成這種動態的原因有三個關鍵因素。第一個是下半年淨關稅影響的額外一個季度，佔本 GAAP 的約 10 億美元。第二，我們預期北美批發量將下降低個位數百分比，這反映了 7 月停產導致生產天數減少的典型季節性。

The last is increased spending related to preparations for the launch of our next-generation full-size trucks, which are scheduled to begin rolling out as model year 2027 vehicles, including also ramping investments at Orion Assembly to increase capacity in the US.

最後一項是增加與推出下一代全尺寸卡車準備工作相關的支出，這些卡車計劃作為 2027 年款車型開始推出，其中還包括加大對 Orion Assembly 的投資以增加其在美國的產能。

Now, let's move to a year-over-year perspective for the full year. We continue to plan for a full-year total US SAAR of around 16 million units. This implies a second-half SAAR in the low-to-mid 15 million range. Pricing remains stable in the second quarter as well as so far in July. Our guidance assumes this continues throughout the second half of the year. Our full-year North American pricing assumption is unchanged at a year-over-year increase of 0.5% to 1%.

現在，讓我們來看看全年的年比情況。我們繼續計劃全年美國 SAAR 總量達到約 1,600 萬單位。這意味著下半年 SAAR 將處於 1500 萬至 1500 萬的低點至中位數範圍內。第二季以及七月份迄今的價格保持穩定。我們的指導假設這種情況將持續整個下半年。我們對全年北美定價的假設保持不變，仍為年增 0.5% 至 1%。

Turning to tariffs, the environment remains dynamic. The second-quarter net impact of $1.1 billion was slightly lower than we had expected due to the timing of certain indirect tariff costs. As a result, we will likely see third-quarter net tariff costs higher than in the second quarter.

談到關稅，環境依然動態。由於某些間接關稅成本的時間安排，第二季的淨影響為 11 億美元，略低於我們的預期。因此，我們可能會看到第三季的淨關稅成本高於第二季。

For the full year, while there have been some puts and takes since we gave our initial guidance, our gross tariff impact remains unchanged at $4 billion to $5 billion this year as we continue to produce and import vehicles from Canada, Mexico, and Korea to avoid interruptions for our customers and dealers. Over time, we remain confident that our total tariff expense will come down as bilateral trade deals emerge and our sourcing and production adjustments are implemented.

就全年而言，雖然自我們給出初步指引以來出現了一些波動，但今年我們的總關稅影響仍保持在 40 億至 50 億美元不變，因為我們將繼續從加拿大、墨西哥和韓國生產和進口汽車，以避免對我們的客戶和經銷商造成乾擾。隨著時間的推移，我們仍然相信，隨著雙邊貿易協議的達成以及我們的採購和生產調整的實施，我們的總關稅費用將會下降。

As mentioned earlier, we are making solid progress on our mitigation efforts and remain on track to offset at least 30% of this impact, with roughly one-third coming from each of our key actions: manufacturing adjustments, targeted cost initiatives, and consistent pricing.

如前所述，我們在緩解措施方面取得了紮實進展，並有望抵消至少 30% 的影響，其中大約三分之一來自我們的每項關鍵行動：製造調整、有針對性的成本舉措和一致的定價。

Next, I'd like to address the recent EV legislation signed by the administration. While we are still seeking further clarification on certain aspects, we anticipate these changes to have a minimal impact on our 2025 results. Our recent investments in US manufacturing give us the capabilities to flexibly produce an ICE and EV mix based on changing customer demand.

接下來，我想談談政府最近簽署的電動車立法。雖然我們仍在尋求對某些方面的進一步澄清，但我們預計這些變化對我們 2025 年的業績影響甚微。我們最近對美國製造業的投資使我們能夠根據不斷變化的客戶需求靈活地生產 ICE 和 EV 組合。

We also anticipate that a more rational EV market, along with the need to balance regulatory requirements against reduced EV incentives, positions us well for sustained profitability in the years ahead. I want to be clear that our EV journey is about giving consumers choice, and over the last few years, a steady number of consumers are choosing electric vehicles. We offer a compelling EV portfolio and see significant growth potential, particularly in coastal markets where we remain under penetrated.

我們也預計，更理性的電動車市場，以及平衡監管要求和減少的電動車激勵措施的需要，將使我們在未來幾年保持持續盈利。我想明確指出的是，我們的電動車之旅是為了給消費者選擇，在過去幾年中，有穩定數量的消費者選擇了電動車。我們提供引人注目的電動車產品組合，並看到了巨大的成長潛力，特別是在我們仍未滲透的沿海市場。

Now that we have a robust portfolio of EVs on the road, our investment focus has turned to driving down costs and improving profitability. Mary shared examples of how new battery chemistries and form factors are driving cost efficiencies. However, we are also working to improve efficiency by making our vehicles lighter and more aerodynamic, enabling us to achieve greater range with smaller batteries.

現在我們擁有強大的電動車組合，我們的投資重點已轉向降低成本和提高獲利能力。瑪麗分享了新電池化學成分和外形尺寸如何提高成本效率的例子。然而，我們也在努力透過使我們的車輛更輕、更符合空氣動力學來提高效率，使我們能夠用更小的電池實現更大的續航里程。

We are also standardizing key components such as electric motors across models to drive scale and reduce complexity. While we anticipate headwinds to EV profitability from lower volume due to the recent removal of government incentives, we remain focused on controlling what we can. These efforts are essential to improving our EV profitability and are critical to supporting the company's long-term success.

我們也正在對不同車型的電動馬達等關鍵部件進行標準化，以擴大規模並降低複雜性。儘管我們預計，由於近期政府取消激勵措施，電動車銷量將下降，從而對電動車的盈利能力帶來阻力，但我們仍將專注於控制力所能及的範圍。這些努力對於提高我們的電動車獲利能力至關重要，對於支持公司的長期成功也至關重要。

In closing, everything we've achieved in the first half of the year reflects the commitment and hard work of the entire GM team. By staying focused on our key priorities and investing in our future, we are well positioned to navigate a dynamic environment and deliver strong returns for our shareholders.

最後，我們上半年所取得的一切成就都反映了整個通用汽車團隊的承諾和辛勤工作。透過專注於我們的關鍵優先事項並投資於我們的未來，我們有能力應對動態環境並為股東帶來豐厚的回報。

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) Michael Ward, [Research].

（操作員指示）邁克爾沃德，[研究]。

Well, I wonder if you could walk through the accounting for the $600 million you called out on the delta with the EVs.

好吧，我想知道您是否可以詳細解釋一下您在電動車三角洲項目上花費的 6 億美元。

So I think you're referring to the lower of cost or market adjustment?

所以我認為您指的是成本或市場調整中較低者？

Exactly, yeah.

確實如此。

Yeah. So as a reminder, with the sell inventory that we have, we are required to mark any potential losses on that inventory and take it to the inventory that reflects finished goods, et cetera. And as we work towards EBIT profitability, over time, that'll start to come down. But as we are seeing adjustments in the market, as we are looking at expectations on pricing as well as production and demand, we made an adjustment to that reflecting what we think is future pressure on EV sales and going forward related to that inventory.

是的。因此提醒一下，對於我們擁有的銷售庫存，我們需要標記該庫存上的任何潛在損失，並將其帶到反映成品等的庫存中。隨著我們努力實現息稅前利潤獲利，隨著時間的推移，這一數字將開始下降。但隨著我們看到市場調整，隨著我們看到對定價以及生產和需求的預期，我們對此做出了調整，以反映我們認為未來電動車銷售的壓力以及與庫存相關的未來壓力。

That number will, we expect, ultimately get better as inventory comes down and we see more stability in pricing, but think about it as more of timing from that standpoint and we expect that it'll get better over time.

我們預計，隨著庫存下降和價格更加穩定，這個數字最終會變得更好，但從這個角度來看，這更多的是一個時機問題，我們預計它會隨著時間的推移而變得更好。

And just as it relates to tariffs, you're taking as the world sits today, and you're talking about the $4 billion to $5 billion (inaudible) mitigation, what would be the best case scenario? We get a settlement with US, Canada, Mexico, Korea, what would the impact look like over the -- right now, like for this year, if the world changed tomorrow, and I went back the other way. And then what do you have strategically that helps you from a performance standpoint as you go forward with your -- the $4 billion investment?

就關稅而言，您考慮到當今世界的形勢，並談到 40 億至 50 億美元（聽不清楚）的減免，最好的情況是什麼？我們與美國、加拿大、墨西哥、韓國達成了和解，如果明天世界發生了變化，而我又回到了原來的方向，那麼這會對現在，比如今年，產生什麼樣的影響呢？那麼，從策略角度來看，在您推進 40 億美元投資的過程中，有哪些東西可以幫助您提高績效？

Yeah. Michael, it really -- I mean, obviously, our tariff impact would be lower if the tariffs with Mexico, Canada, and Korea were lower. So that would have an immediate impact. You have to look at how much lower it's going to be to know what the total impact there would be, but that would have immediate because, as Paul said earlier today, we have continued to bring the vehicles in from Korea because their contribution margin positive and they're very much in demand.

是的。邁克爾，真的——我的意思是，如果與墨西哥、加拿大和韓國的關稅較低，我們的關稅影響顯然會較低。因此這將產生直接的影響。你必須看看它會低多少才能知道整體影響是什麼，但那會立即產生影響，因為正如保羅今天早些時候所說，我們繼續從韓國進口汽車，因為它們的貢獻利潤率為正，而且需求量很大。

I mean, customers love those vehicles. We've made some short-term shifts of production into our US footprint. I think what's going to happen, though, as we've always said, we feel we'll be able to offset 30%. A lot of that will come in later this year as well as we'll continue to make improvements across the board as we get into next year, and 18 months from now, the capacity, the $4 billion that we talked about, that capacity will come online and then that will have another step function improvement.

我的意思是，顧客喜歡這些車輛。我們已將一些生產短期轉移到美國。我認為，正如我們一直所說的那樣，我們覺得我們能夠抵消 30%。其中許多將在今年稍後實現，同時，隨著明年的到來，我們將繼續全面改進，18 個月後，我們談到的 40 億美元產能將上線，然後將實現另一個階躍功能改進。

And in some cases, the capacity we're adding is also for unmet demand. So it's a win-win from that perspective. So we're on a, I think, a positive trajectory as we look into later this year into next year and clearly into '27 will be substantially better. And to your original question, when we see what the final agreements are between these key countries for us, then we'll be able to size that as well.

在某些情況下，我們增加的產能也是為了滿足未滿足的需求。從這個角度來看，這是一個雙贏的局面。因此，我認為，當我們展望今年晚些時候、明年，甚至 2027 年時，我們正處於積極的軌道上，情況顯然會好得多。對於您最初的問題，當我們看到這些主要國家之間達成的最終協議時，我們就能確定其規模。

So you're prepared for the worst-case scenario, so there are potential for some upside the way we look at it?

所以你已經為最壞的情況做好了準備，那麼從我們的角度來看，它還有可能會出現一些好處？

I think that's a fair comment. I don't want to predict what worst case is, but I think with what we know today, I think that that's what we've used, so I think there's potential.

我認為這是一個公正的評論。我不想預測最壞的情況是什麼，但我認為根據我們今天所知道的情況，我認為這就是我們所採用的，所以我認為有潛力。

Yeah, I don't think anybody can predict what's going to happen, so thank you very much.

是的，我認為沒有人能夠預測會發生什麼，所以我非常感謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Thanks for taking the questions. Wanted to start first with a question on pricing. I appreciate the commentary that the reason the price in the North America EBIT bridge was negative on (inaudible). But we did see pretty solid third-party data. So retail was tracking up decently based on the third-party data. Retail is the vast majority of your sales. Maybe you could just double-click on the dynamics there.

感謝您回答這些問題。首先想問一下關於定價的問題。我很欣賞這樣的評論：北美息稅前利潤橋價格為負的原因（聽不清楚）。但我們確實看到了相當可靠的第三方數據。因此，根據第三方數據，零售業表現良好。零售佔銷售額的絕大部分。也許您可以雙擊那裡的動態。

And as far as the second half goes, how do we reconcile the assumption of pricing sort of held where it is versus the notion that as others run out of pre-tariff inventory and inventory is now more expensive, others may now need to raise prices?

至於下半年，我們如何協調定價假設與以下觀點：隨著其他公司耗盡關稅前的庫存，並且庫存現在更加昂貴，其他公司現在可能需要提高價格？

Thanks for that and not surprised by the question. I think a couple of things. Number one, as we talked about [fleet], it's largely a comp issue, too. Because remember, what we're lapping is fleet deals that were done under significantly tighter inventory than even where we are today at our tight levels. So we think that's some normalization. I mean, we're still comfortable with our pricing assumption of up 0.5% to 1% for the year going forward.

謝謝您，我對這個問題並不感到驚訝。我想到幾件事。首先，正如我們所討論的[車隊]，這在很大程度上也是一個補償問題。因為請記住，我們所進行的車隊交易是在比我們今天的緊張程度更緊張的庫存下完成的。所以我們認為這是一種正常化。我的意思是，我們仍然對未來一年上漲 0.5% 至 1% 的價格假設感到滿意。

We had the strength in the first quarter. We have tougher comps really through the middle of the year. But as we launch our model year '26 vehicles with our sort of regular pricing strategy that we've encountered. We still see that working quite well. So I think there's a little bit of noise in the quarter here that we will work through, but nothing has changed about the full year. There's a lot of talk out there about what people are going to do, what they're not going to do.

我們在第一節表現強勁。到年中時，我們的競爭確實更加激烈。但是，當我們推出 26 款車型時，我們採用了我們遇到的常規定價策略。我們仍然看到它運作良好。因此我認為本季會出現一些小問題，我們會努力解決，但全年情況沒有任何變化。關於人們將要做什麼、不會做什麼，有許多討論。

As we've said before, we're pursuing our own sort of commercial path, one that is really centered around the discipline and the demand for our products, and that's worked really well for us. So despite having lower incentives, significantly lower incentives than the industry average, we're still picking up share. So I think to the extent that we see pricing change. We're going to continue to look at it according to where we see the demand for our products, which remains strong, and I expect well into the future.

正如我們之前所說，我們正在追求自己的商業道路，這條道路真正以我們的產品紀律和需求為中心，而且這條道路對我們來說非常有效。因此，儘管激勵措施較低，遠低於行業平均水平，但我們的市場份額仍在上升。所以我認為，在某種程度上，我們會看到價格改變。我們將繼續根據對我們產品的需求來考慮這個問題，這種需求依然強勁，我預計未來也會如此。

Okay. Great. Thank you. That's helpful. Second question is just about the EV strategy going forward. And I appreciate the commentary about you want to give consumers choice. But now that the tax credit is on its way out and there's changes in the regulatory schemes, I know we've been a broad lineup across price points, but the profitability has been challenging. And I think these changes indicate profitability is probably going to get a little trickier.

好的。偉大的。謝謝。這很有幫助。第二個問題是關於未來的電動車策略。我很欣賞您想給消費者選擇的評論。但現在稅收抵免即將取消，監管制度也發生了變化，我知道我們的產品線已經涵蓋了各個價位，但獲利能力一直很困難。我認為這些變化表明盈利能力可能會變得更加棘手。

So especially given you're losing some of the scale benefits, which was to drive profit. So how do we look at the depth or the breadth of your EV lineup going forward and the price points at which you're offering vehicles when it seems like it's just going to be much tougher to get profitability at the more lower price point. Is that we just see higher price points and that's the strategy?

尤其是考慮到你正在失去一些規模優勢，而這些優勢原本可以帶來利潤。那麼，當看起來在更低的價格點上獲利會變得更加困難時，我們如何看待未來您的電動車產品線的深度或廣度以及您提供汽車的價格點？我們是否只看到更高的價格點，這就是策略？

Well, I think we're -- we have a very strategic EV portfolio when you look at luxury trucks and then the affordable vehicles like the Blazer and the Equinox EVs. And so we think we're covering the market very well. Before we even had IRA and the $7,500 tax credit and some of the other portions of that, there still was demand for EVs. And we think as charging grows, and that's one of the things we highlighted because we are continuing very capital efficiently through partnerships to make sure we continue to expand the EV charging network.

嗯，我認為我們——當你看到豪華卡車以及 Blazer 和 Equinox EV 等經濟型車輛時，我們擁有非常戰略性的電動車產品組合。因此我們認為我們很好地覆蓋了市場。在我們擁有 IRA 和 7,500 美元的稅收抵免以及其他一些部分之前，對電動車的需求仍然存在。我們認為隨著充電業務的成長，這是我們強調的一點，因為我們正透過合作夥伴關係繼續有效率地投入資本，以確保我們繼續擴大電動車充電網路。

I also think there's an opportunity for EVs for those that have a two-car family that have a garage that they can charge, it makes a lot of sense to have that one of those two vehicles be an EV. So I think as we get through this period, and we go through with the potential pull ahead before the September 1, where the consumer tax credit goes away, then we get to fourth quarter, we'll probably see a little result of that pull ahead.

我還認為，對於擁有兩輛車並且有車庫可以充電的家庭來說，電動車是一個機會，將其中一輛汽車作為電動車是非常有意義的。因此，我認為，當我們度過這個時期，並在 9 月 1 日消費者稅收抵免取消之前經歷潛在的提前增長，然後進入第四季度，我們可能會看到這種提前增長的一些結果。

We get into '26 and I think we'll start to understand what world EV demand is -- what we have been saying is that what we're investing going forward is largely focused on improving our EV profitability, the announcements we've made from a battery perspective with LMR and LFP. Some of the work that we're doing as we move forward to have a lighter architecture is more aerodynamic that allow us to use a smaller battery.

進入 26 年，我想我們將開始了解世界電動車的需求——我們一直在說的是，我們未來的投資主要集中在提高電動車的獲利能力，我們從 LMR 和 LFP 電池角度發布的公告。我們在推進更輕巧的架構時所做的一些工作更加符合空氣動力學，這使我們能夠使用更小的電池。

So we're very focused in this period of time to drive not just get to variable profitability but get to profitability and then to continue to improve. So we have appropriate and strong margins from our EVs as well. And then we're very well positioned in the market for later in this decade into next decade, and we truly offer consumers choice.

因此，我們在這段時間內非常專注於推動不僅實現可變盈利能力，而且實現盈利能力，然後繼續改進。因此，我們的電動車也擁有適當且強勁的利潤率。我們在未來的十年乃至下一個十年的市場中佔據著非常有利的地位，我們真正為消費者提供了選擇。

So we think we've got the foundation with the EV platform that we have that allows us to go from a very small vehicle all the way up to a super truck like the Hummer. We think that's an advantage for us. We think there is going to be an EV market that will grow over time, albeit it will start lower and potentially grow more slowly. But we're well positioned to do that. And right now, we're seeing growth in both ICE and EV from a share perspective with, as Paul mentioned, very disciplined incentives.

因此，我們認為，我們已經擁有了電動車平台的基礎，這使我們能夠從一輛非常小型的汽車一直發展到像悍馬這樣的超級卡車。我們認為這對我們來說是一個優勢。我們認為，電動車市場將會隨著時間的推移而成長，儘管它的起點較低，成長速度也可能較慢。但我們已做好準備，可以做到這一點。目前，從份額角度來看，我們看到 ICE 和 EV 都在成長，正如 Paul 所提到的，激勵措施非常嚴格。

And there's a clear path to grow to get the profitability on the affordable EVs?

是否有一條明確的成長路徑來實現平價電動車的獲利？

I'm sorry, I didn't hear the beginning of your question, Dan.

抱歉，丹，我沒有聽清楚你的問題的開頭。

There's a clear path to get the profitability on the affordable EVs?

有沒有一條明確的途徑來實現平價電動車的獲利？

Well, that that is what we're working on from all aspects and definitely the battery technology changes, and as we grow with affordable, which is in the heart of the market, that gets us the scale benefits as well. So we are focused on each and every vehicle getting to profitability, and we're not going to stop until they do.

嗯，這就是我們正在從各個方面努力的方向，電池技術肯定會發生變化，隨著我們以市場核心的價格提供產品，我們也會獲得規模效益。因此，我們專注於讓每一輛汽車都實現盈利，並且我們不會停下來，直到它們實現盈利。

Great. Thank you.

偉大的。謝謝。

Ryan Brinkman, JPMorgan.

摩根大通的瑞安·布林克曼。

Thanks for taking my question. I wanted to ask on the impact of tariffs on your earnings power as we move beyond this year. Earlier, you've called out $4 billion to $5 billion of tariff impact over the course of 2Q to 4Q '25, so annualizing to maybe $5.3 billion to $6.7 billion with the goal of mitigating at least 30% of the impact this year. But that was before the various investments in US manufacturing announced during the quarter.

感謝您回答我的問題。我想問關稅對你們今年以後的獲利能力有何影響。此前，您曾預測 2025 年第二季至第四季的關稅影響將達到 40 億至 50 億美元，因此年化影響可能達到 53 億至 67 億美元，目標是今年減輕至少 30% 的影響。但那是在本季宣布對美國製造業進行各項投資之前。

How should we think about these footprint actions impacting net tariff costs going forward? What degree of tariff cost mitigation beyond the 30% target for this year? Do you think you might be able to accomplish after these investments come online in 18 months' time?

我們該如何看待這些足跡行動對未來淨關稅成本的影響？除了今年30%的目標之外，關稅成本還能降低多少？您認為這些投資在 18 個月後上線後您能夠實現目標嗎？

I'll take that one. Thanks for the question. We have -- we highlighted that of the $4 billion to $5 billion, about $2 billion of it is Korea. And as Mary mentioned in her comments and a recent question that obviously, the trade deals with Mexico, Canada and Korea are going to be important. We're not speculating on what those are going to look like going forward, but there is a possibility and a likelihood, if you will, that ultimately a tariff rate gets set at a lower level, which would ultimately bring that impact down.

我要那個。謝謝你的提問。我們強調，在 40 億至 50 億美元中，約有 20 億美元來自韓國。正如瑪麗在她的評論和最近的問題中提到的那樣，與墨西哥、加拿大和韓國的貿易協議顯然將非常重要。我們不會猜測未來情況會如何，但如果你願意的話，存在最終將關稅稅率設定在較低水平的可能性，這最終將降低影響。

As far as the other aspects of the tariffs, we talked about the $4 billion, which will bring us, when all that is implemented to producing over 2 million vehicles here in the US, that will take care of part of a large part of the other remaining tariffs that are out there. We're still working through supply chain and other indirect tariffs, but we're not speculating on what it will be. But I expect that it is likely lower than the current run rate of what you would see just as things shake out, remember, we're only 90 days into this.

至於關稅的其他方面，我們談到了 40 億美元，當所有措施實施後，這將使我們在美國生產超過 200 萬輛汽車，這將解決剩餘關稅的大部分問題。我們仍在努力解決供應鏈和其他間接關稅問題，但我們不會猜測其結果會如何。但我預計，隨著事態的發展，它可能會低於目前的運行率，請記住，我們才剛開始 90 天。

As to the 30%, I mean, these are shifts in sort of the general operation of the business that we don't necessarily think go away if tariffs are reduced. So I think we've got a longer-term plan to be able to mitigate a substantial part of this. We're obviously looking for things to normalize around these trade deals that will get done. And we expect that will happen. But it's too soon to extrapolate that as a run rate into the future.

至於 30%，我的意思是，這些是業務整體營運的變化，我們認為，即使關稅降低，這些變化也不會消失。所以我認為我們有一個長期計劃，能夠在很大程度上緩解這個問題。我們顯然希望這些貿易協定能夠正常化。我們期待這會發生。但現在將其推斷為未來的運行率還為時過早。

Very helpful. Thank you.

非常有幫助。謝謝。

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）。

Paul, just maybe turning back to some of the tariff comments. And I understand a lot has changed, but you did mention that you expected the biggest headwind to be in the second quarter and now it seems like the third quarter.

保羅，也許只是回顧一些關稅評論。我知道很多事情都發生了變化，但您確實提到，您預計最大的阻力會出現在第二季度，而現在看來，最大的阻力出現在第三季度。

So -- maybe you could just sort of help us understand what large buckets, what sort of changed within that? It seems like in the slide, you're mentioning indirect tariffs such as maybe commodities and/or maybe there's something with the mitigation efforts? Just any color you have there?

那麼——也許您可以幫助我們了解哪些是大桶，其中發生了哪些變化？似乎在幻燈片中，您提到了間接關稅，例如商品關稅和/或與緩解措施有關？那裡有什麼顏色嗎？

Thanks, Joe. You got it. It's really on a lot of the indirect items that we were -- when we came out with the overall tariff guidance, we were estimating the timing on when some of that would hit. So I would expect that we would have more expense potentially in the third quarter, but we're still tracking on that $4 billion to $5 billion despite all the changes that we've seen going forward. So it might be slightly higher in the third quarter and kind of what we're thinking right now.

謝謝喬，你明白了。事實上，當我們推出整體關稅指導時，我們正在對許多間接項目進行評估，以估計其中一些項目何時會受到影響。因此，我預計我們在第三季的支出可能會增加，但儘管我們看到未來發生了種種變化，但我們仍將支出控制在 40 億至 50 億美元左右。因此第三季的成長率可能會略高一些，這也是我們現在所想的。

On the cash side, we actually expect that cash impact potentially to be lower. We still didn't get the full benefit of the MSRP offset just because of the timing. So that will materialize in the second half of the year on the cash side. But from an expense side, just think slightly higher in 3Q, but still on track for the $4 billion to $5 billion for the year.

在現金方面，我們實際上預期現金影響可能會更低。由於時間原因，我們仍然沒有獲得建議零售價抵銷的全部好處。因此，這將在下半年從現金方面實現。但從支出來看，第三季的支出可能會略高一些，但全年支出仍有望達到 40 億至 50 億美元。

Okay. And then just turning back to EVs and regulatory policy, but maybe from a little bit of a different angle. I know in your K, you disclosed it last year, you expensed $1 billion for credits. I was wondering if you'd let us -- it doesn't sound like you expect much sort of change to this year, but I was wondering if you could let us know how much you are counting on that expense to be this year? And is it fair to assume you have a -- if we're comparing '26 to '24, you have a potential $1 billion tailwind from credits?

好的。然後再回到電動車和監管政策的話題，但可能從稍微不同的角度來看。我知道，在你們的 K 中，你們去年披露過，你們為信貸花費了 10 億美元。我想知道您是否會讓我們——聽起來您預計今年不會有太大的變化，但我想知道您是否可以讓我們知道您預計今年的開支是多少？是否可以公平地假設——如果我們將 26 年與 24 年進行比較，那麼您可能從信貸中獲得 10 億美元的順風？

Yeah, Joe, it gets really complicated really fast, as you might imagine, with the different regulatory schemes. But what's in there is CAFE, GHG, state regulations, et cetera. So what we know today is the CAFE penalties under the one Big Beautiful Bill were zeroed out.

是的，喬，正如你可能想像的那樣，由於監管方案不同，事情很快就會變得非常複雜。但其中有 CAFE、GHG、國家法規等等。因此，我們今天知道的是，《美麗大法案》下的 CAFE 罰款被取消了。

So we did have some balance sheet purchased credits that were there this year, but we also have some expenses that we had that already booked. That's going to basically be a wash for us. So I don't expect any material adjustments from CAFE.

因此，我們今年確實有一些資產負債表購買的信用額度，但我們也有一些已經預訂的費用。這對我們來說基本上是一次洗禮。所以我預期 CAFE 不會做出任何實質的調整。

GHG obviously has not been fully answered. We have comments from the administration and in the one Big Beautiful Bill, there are changes to future compliance, but we're still working through that across the board. So I think '25 is a little bit of a transition year as we understand what the future landscape is going to be and what -- how that's going to affect the credits and the liabilities that are on the balance sheet this year. But going forward, we do expect to be a more, I guess, a lower expense rate for compliance in the future.

溫室氣體問題顯然尚未得到充分解答。我們收到了來自政府的意見，並且在《美麗大法案》中，對未來的合規性做出了一些改變，但我們仍在全面努力解決這些問題。因此，我認為 25 年是一個過渡年，因為我們了解未來的情況將會如何，以及這將如何影響今年資產負債表上的信貸和負債。但展望未來，我們確實預期未來的合規費用率會更低。

And just I would add to that, it also gives us the opportunity to sell EV vehicles -- or excuse me, ICE vehicles for longer and appreciate the profitability of those vehicles while we're month by month, quarter by quarter, year by year improving our EV profitability. So I think it's a huge opportunity.

我還要補充一點，這也使我們有機會更長時間地銷售電動車（或者對不起，是內燃機汽車），並在我們逐月、逐季度、逐年提高電動車盈利能力的同時，欣賞這些汽車的盈利能力。所以我認為這是一個巨大的機會。

Thank you.

謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Just first on the guidance, just given still the wide range second half of the year, $3.5 billion to $6 billion. I'm just curious with some of the factors that could materialize that could cause you to be at the low versus high end of that range and whether you have a current bias within the range currently?

首先是指引，考慮到下半年的預期範圍仍然很廣，為 35 億至 60 億美元。我只是好奇，可能出現的一些因素可能會導致您處於該範圍的低端與高端，以及您目前是否在該範圍內存在偏差？

Thanks, Itay. As we have continued to practice as we generally use midpoint convention as how we're thinking about things. The reason to not change is, obviously, there's still things working out -- we don't want a lot of volatility in our guidance from that standpoint. But as we look at the landscape, some of the things that could help us are getting some of the offsets as we've talked about, potentially overperforming on that.

謝謝，Itay。隨著我們不斷練習，我們通常會使用中點慣例來思考事物。顯然，不改變的原因是，事情仍在進展中——從這個角度來看，我們不希望我們的指導出現太大的波動。但當我們審視情況時，我們發現有些事情可以幫助我們獲得一些我們已經討論過的補償，並有可能在這方面取得超額成績。

Some of the challenges are higher tariff rates for longer. But overall, we're aiming for the midpoint and that's the way we try to shoot straight across the guidance. So as the year progresses, we'll have an opportunity to tighten that range as we know more.

其中的一些挑戰是長期維持較高的關稅稅率。但總體而言，我們的目標是中間點，這就是我們試圖直接實現指導的方式。因此，隨著時間的推移，隨著我們了解更多信息，我們將有機會縮小這一範圍。

Right, that's helpful. And then just as a follow up, just with wholesale volume declining on seasonality and you've gained some nice market share, your inventory is in good shape going into the second half of the year. Any thoughts on where US dealer inventory could end the year roughly?

對，這很有幫助。然後作為後續行動，由於批發量因季節性而下降，並且您獲得了一些不錯的市場份額，因此進入下半年，您的庫存狀況良好。您認為今年底美國經銷商庫存大概在多少？

Well, I mean, we remain committed to our 50- to 60-day target -- at the end of the year. That obviously fluctuates with changes in demand. But clearly, the vehicle count, as we highlighted in our comments, was down pretty significantly year-over-year. We have responded, I think, the right way with some component availability into our customer care and after sales group to address some of the more specific warranty issues to make sure customers their vehicles back faster.

嗯，我的意思是，我們仍然致力於實現我們 50 到 60 天的目標——在年底。這顯然會隨著需求的改變而波動。但顯然，正如我們在評論中所強調的那樣，車輛數量比去年同期大幅下降。我認為，我們做出了正確的回應，為我們的客戶服務和售後團隊提供了一些零件，以解決一些更具體的保固問題，確保客戶能夠更快地取回他們的車輛。

That was a very calculated measure that impacted our wholesales to be honest, and something that, I think ultimately, we can improve in the second half of the year. That will have an ability to potentially improve our wholesales. But nothing has changed from that target of wanting to get to that 50- to 60-day target rate.

說實話，這是一項經過深思熟慮的措施，它對我們的批發業務產生了影響，我認為最終我們可以在下半年改善這一狀況。這將有可能改善我們的批發業務。但實現 50 至 60 天目標利率的目標並沒有改變。

Terrific. That's all very helpful, thank you.

了不起。這一切都非常有幫助，謝謝。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Mary, about 15 or 20 years ago, GM was leading the industry in humanoid robot development, working together with NASA on Robonaut 1 and then Robonaut 2, deploying an upper body humanoid on the international space station in 2011.

瑪麗，大約 15 或 20 年前，通用汽車在人形機器人開發方面處於行業領先地位，與美國宇航局合作開發了 Robonaut 1，然後是 Robonaut 2，並於 2011 年在國際太空站上部署了一個上身人形機器人。

Fast forward to today, and most of your key competitors have a humanoid program, and many, myself included, I think that this market is 10 times larger than cars at least. So when can investors learn more about GM's robotics chops in your in-house robot facilities?

快進到今天，大多數主要競爭對手都擁有人形機器人程序，包括我自己在內的許多人都認為這個市場至少比汽車市場大 10 倍。那麼投資者何時可以在通用汽車內部機器人設施中了解更多有關機器人技術的資訊？

Mary, as an engineer, I'm sure you must be super excited about the opportunity to show investors, where GM can dominate here. And Mary, I actually think that this is good for the UAW because we need American human muscle to develop build and service these robots. So when are we going to learn more?

瑪麗，作為一名工程師，我相信你一定對向投資者展示通用汽車可以佔據主導地位的機會感到非常興奮。瑪麗，我真的認為這對 UAW 來說是件好事，因為我們需要美國的人力來開發、製造和維護這些機器人。那我們什麼時候才能了解更多？

Well, Adam, thanks. I actually didn't work directly on that project, but it was in the area I was responsible for. So I know the NASA partnership you're talking about very well. Also, we have a very long and rich history with GMF -- excuse me, GM Robotics, sorry, and we still have a very, very strong partnership. So we have a core capability in the company for sure. There's also partnerships that we're looking at and strategic relationships that we have.

好吧，亞當，謝謝。我實際上並沒有直接參與該項目，但它屬於我負責的領域。所以我非常了解您談論的與 NASA 的合作關係。此外，我們與 GMF——對不起，是 GM Robotics——有著非常悠久而豐富的歷史，我們仍然保持著非常非常牢固的合作關係。所以我們公司一定擁有核心能力。我們也正在尋找合作夥伴關係，並且已經建立了策略關係。

But as we look at automation overall, our first look is we want to not only lead from what happens from a robotics perspective because remember, a lot of things that we leverage robotics for are areas where there is safety challenges to do the work. If there's ergo challenges, we have a very robust ergonomics program in this company to make sure people don't get hurt doing their jobs.

但是，當我們從整體上看待自動化時，我們首先要考慮的不僅僅是從機器人的角度來引領，因為請記住，我們利用機器人技術的許多事情都是在工作中存在安全挑戰的領域。如果存在人體工學挑戰，我們公司有一個非常強大的人體工學計劃，以確保人們在工作中不會受傷。

And then just difficult or very dirty tasks that frankly, no one wants to do, and I don't blame them. And so there's a lot to do there. There's also work to do to get rid of a lot of the indirect. But we've also done a lot of work from a winning with simplicity perspective, and we've talked about that for the last few years.

然後就是那些困難或非常骯髒的任務，坦白說，沒人願意做，我也不會怪他們。因此，那裡有很多事情要做。還需要做一些工作來消除許多間接影響。但我們也從以簡單取勝的角度做了很多工作，過去幾年我們也一直在談論這個問題。

But first has been focused on what was, I'll say, some of the low-hanging fruit to simplify how we go to market from a triple level perspective, free full options, et cetera. But now we're really getting into part design where the parts are just simpler parts or a part that integrates and does more functions.

但首先我們要關注的是一些唾手可得的成果，從三層視角簡化我們進入市場的方式，提供免費的完整選項等等。但現在我們真正進入的是零件設計，其中的零件只是更簡單的零件或整合並具有更多功能的零件。

So there's tremendous work going on across the company to lead to manufacturing efficiency. And then like I said, as we go forward, we're going to continue to capitalize on the core knowledge that we have in this company to make sure we're driving efficiency.

因此，整個公司正在大力開展工作以提高製造效率。就像我說的，隨著我們前進，我們將繼續利用我們在這家公司擁有的核心知識來確保我們提高效率。

I'm also very proud of the fact that way back when assembly lines and all the equipment in a plant was controlled by wires and relays, we did training programs, partnering with the local community colleges to train our workforce to be able to leverage how we run automation today from a computer perspective, we have an active training program that we -- right now, where we're training more and more electricians and technicians as we have more complexity in our plants.

我也非常自豪，很久以前，當裝配線和工廠裡的所有設備都由電線和繼電器控制時，我們就開展了培訓計劃，與當地社區學院合作培訓我們的員工，使他們能夠從計算機的角度利用我們今天運行自動化的方式，我們有一個積極的培訓計劃——現在，隨著工廠的複雜性不斷增加，我們正在培訓越來越多的電工和技術人員。

And so we're going to continue to do that, something I'm very proud of. And I do agree, there's huge opportunity for our workforce as we look to what technology has to offer to improve the jobs. But overall, we're focused on what's going to drive manufacturing optimization across all elements.

因此我們將繼續這樣做，我對此感到非常自豪。我確實同意，當我們期待科技能改善就業時，我們的勞動力將面臨巨大的機會。但總的來說，我們專注於推動所有要素的製造最佳化。

That's great, Mary. It sounds like stay tuned and bless you for investing in those important areas in our country. Just as a follow up on EV profitability, I want to return to that Tesla is still seen as the benchmark in Western EVs by many. Maybe you're now the new benchmark or the new emerging benchmark. But in Western EVs, they're still the big dog -- but if you remove ZEV credits, which is probably appropriate and downstream retail, they're loss-making.

太好了，瑪麗。聽起來請繼續關注並祝福您在我們國家這些重要領域的投資。作為對電動車獲利能力的後續關注，我想再次強調，特斯拉仍然被許多人視為西方電動車的標竿。也許你現在就是新的標桿，或是新興的標竿。但在西方電動車領域，它們仍然是巨頭——但如果你取消零排放汽車積分（這可能是合適的），並且在下游零售領域，它們就會虧損。

I mean they're worse than Renault, their margins are worse than Stellantis. They would really love to have your GMI margins. So add this to Elon's -- it seems to be also exiting the auto industry, clearly pulling capital out of the business and doubling down on AI and (inaudible) Robotaxis. So how does GM expect to be profitable with EVs when players like Tesla are -- apparently cannot.

我的意思是他們比雷諾更差，他們的利潤率比 Stellantis 更差。他們確實很想獲得您的 GMI 利潤。因此，將這一點添加到 Elon 的——它似乎也退出了汽車行業，顯然是從該行業撤出資金，並加倍投入人工智能和（聽不清楚）機器人出租車。那麼，當特斯拉等公司都無法獲利時，通用汽車如何指望透過電動車來獲利呢？

I was just wondering what you'd highlight as your differentiation in terms of how you configure the vehicles or your scale or something about working with the Koreans and your in-house work, something? When you benchmark Tesla, why are they loss-making and you feel that you can be profitable?

我只是想知道，在如何配置車輛或規模方面，或者在與韓國人合作以及內部工作方面，您會突出哪些差異化？當你對標特斯拉的時候，為什麼他們虧損，而你卻覺得自己可以獲利？

Well, I think one of the things I'm very proud of -- I'm not going to comment on Tesla because there's a lot there. And as you know, I don't usually comment on competitors. But I think when I look specifically at General Motors, one of the reasons our EVs are doing so well from a customer perspective is they're true to our brands, whether it's Chevrolet, whether it's Cadillac, whether it's GMC Hummer and GMC.

嗯，我認為我非常自豪的一件事是——我不會對特斯拉發表評論，因為那裡已經有很多了。如你所知，我通常不會對競爭對手發表評論。但我認為，當我具體看待通用汽車時，從客戶角度來看，我們的電動車表現如此出色的原因之一是它們忠於我們的品牌，無論是雪佛蘭、凱迪拉克、GMC 悍馬還是 GMC。

Also beautifully designed vehicles that have the range and the performance that customers are looking for, whether you're talking about a truck or all the technology and safety we put into an Equinox, we're -- that's what we're known for. And that beautiful design without cell efficiency.

此外，我們還生產設計精美的車輛，具有客戶所期望的行駛里程和性能，無論您談論的是卡車還是我們在 Equinox 中採用的所有技術和安全措施，這都是我們聞名的原因。而這種美麗的設計卻沒有電池效率。

As Paul said in his opening remarks, we still believe we have tremendous opportunity to -- as we did our first EV platform to make changes to that to drive more efficiency from a weight perspective, from a simplification perspective. The same is true for batteries, and we're investing in future technologies that are going to allow us to take significant cost out. And then we will get scale.

正如保羅在開場白中所說，我們仍然相信我們有巨大的機會——就像我們對我們的第一個電動車平台所做的那樣，對其進行改變，從重量的角度、從簡化的角度來提高效率。電池也是如此，我們正在投資未來技術，以節省大量成本。然後我們就會獲得規模。

And one of the things I'm really excited about with how we grow -- have been growing our share quarter after quarter is the support that we have from our dealers who now really understand EVs, they understand what the customer is looking for. Like I said, I think we can improve that scale when we think about two family -- two-car families that have an opportunity to have one of those vehicles in the garage BEV even before the charging infrastructure is there.

對於我們的成長，我感到非常興奮的一件事是——我們的份額一直在逐季增長，這就是來自經銷商的支持，他們現在真正了解電動車，了解客戶的需求。就像我說的，我認為，當我們考慮兩個家庭——兩輛車的家庭，甚至在充電基礎設施建成之前，就有機會在車庫裡擁有一輛純電動車時，我們可以提高這個規模。

So it's going to be beautifully designed products with brands people trust. Remember, we have the highest loyalty. It's going to be having the right technology on the vehicle, getting that scale and then the engineering solutions. So I'm very, very bullish on where we're going to be on EVs as we continue to move forward in the next couple of years.

因此，這將是設計精美、品牌值得人們信賴的產品。請記住，我們擁有最高的忠誠度。它將在車輛上採用正確的技術，達到相應的規模，然後提供工程解決方案。因此，我對未來幾年電動車的發展前景非常樂觀。

And Adam, I'll just add to, I think, the other asset that we have is a lot has made about Tesla's simplicity and their scale. And clearly, within a couple of narrow segments, they do have that, and they've realized some good advantages and hats off to them. It also leaves them overexposed to a demand set that has been highly volatile.

亞當，我想補充一點，我認為，我們擁有的另一項資產是特斯拉的簡潔性和規模。顯然，在幾個狹窄的領域內，他們確實擁有這一點，並且他們已經實現了某些優勢，我們向他們致敬。這也使得它們過度暴露於高度不穩定的需求之中。

When you look at what we've done in Spring Hill and what we've announced that we're going to do in Fairfax, we're increasingly building flexibility into our operations, into our manufacturing plant as we go through this period of transition, however long it might be where customers are adopting EVs at a slower or a faster rate. That is going to change year to year for the foreseeable future.

當你看到我們在斯普林希爾所做的以及我們宣布將在費爾法克斯所做的一切時，你就會發現，在經歷這一過渡期時，我們正在不斷增強我們的運營和製造工廠的靈活性，無論客戶採用電動汽車的速度是快是慢，這段過渡期持續多長時間。在可預見的未來，這種情況將逐年改變。

That built in flexibility for us to switch between EV and ICE and make sure that we meet customers where they are as an inherent advantage that we have because we can absorb some of the costs of that manufacturing facility with more ICE production if EV demand goes down. So that flexibility is going to be important for us as we go through the next several years, and I think it's going to be helpful on that journey.

這為我們提供了在電動車和內燃機之間切換的靈活性，並確保我們能夠根據客戶的需求滿足他們的需求，這是我們的固有優勢，因為如果電動車需求下降，我們可以透過增加內燃機產量來吸收製造工廠的部分成本。因此，在接下來的幾年裡，這種靈活性對我們來說非常重要，而且我認為它會對我們未來的發展有所幫助。

Thanks, Paul. Thanks, Mary.

謝謝，保羅。謝謝，瑪麗。

Tom Narayan, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的湯姆‧納拉揚 (Tom Narayan)。

Thanks for taking the question. I wanted to a little -- do a little more maybe drilling down on the Korea operation you guys have. I know it's a substantial part of the tariff amount, obviously. I know we all hope for a resolution there. But the cost dynamics there are better, I believe, than if you were to produce those vehicles in the US. Just curious, in like a worst-case scenario situation where we're at is the current status quo and that continues prospectively.

感謝您回答這個問題。我想更深入地了解你們在韓國的行動。我知道這顯然是關稅金額的很大一部分。我知道我們都希望這個問題能夠解決。但我相信，那裡的成本動態比在美國生產這些汽車好。只是好奇，在最糟糕的情況下，我們所處的狀況就是現狀，而這種情況會持續下去。

How do you think about the Korean business? Is the better economics that are sufficient that you could continue working with the same kind of production same capacity? Or would you make changes there? And then I have a follow up.

您如何看待韓國業務？更好的經濟效益是否足以讓您繼續以相同類型和相同產能進行生產？或者你會在那裡做出改變嗎？然後我有一個後續行動。

Yeah, Tom, we really have to see where this level is at. I mean we've had the operation in Korea for a very, very long time. It's a very efficient operation that we're very proud of. But we've got to evaluate when we have some certainty with what the tariff will be. So I'm not going to speculate.

是的，湯姆，我們真的必須看看這個水平在哪裡。我的意思是我們在韓國開展業務已經很長時間了。這是一次非常有效率的運作，我們對此感到非常自豪。但我們必須等到確定了關稅之後再進行評估。所以我不想去猜測。

Obviously, we've talked about it with the different choices that we have. But I'm not going to speculate right now until we know where the agreement between Korea and the United States lands. But it's an operation we've had for a long time that's very efficient and high quality.

顯然，我們已經討論過我們所擁有的不同選擇。但在我們知道韓國和美國之間的協議最終結果之前，我現在不會進行猜測。但我們已經進行了很長時間的運作，而且非常有效率、高品質。

Again, as I mentioned, right now, the vehicles that we produce there, they are in high demand, and they sell our contribution margin positive. So I think we're in the right place where we are right now until we get more certainty and then we'll have more to say about it.

再次，正如我所提到的，目前，我們在那裡生產的車輛需求量很大，並且它們的銷售貢獻利潤率為正。所以我認為我們現在的處境是正確的，直到我們獲得更多的確定性，然後我們才會對此有更多發言權。

Got it. And then as you think about outside the U.S. China looks like it was maybe a surprise positively your performance there despite all the negativity we hear in the press with the domestics there. But then the flip side in Europe, you're hearing a lot of and negativity from large OEMs this week with all the competition there.

知道了。然後，當您想到美國以外的中國時，儘管我們在媒體上聽到有關中國國內市場的所有負面消息，但您在中國的表現似乎還是令人驚訝的。但另一方面，在歐洲，由於競爭激烈，本週您會聽到來自大型原始設備製造商的許多負面消息。

How do you think about these two markets for GM? Is it better just to kind of hunker down and stay more focused on the US where you guys are so dominant? Or do you see opportunities, especially with the EV side, battery costs coming down in the future, presents a great opportunity for you guys to kind of expand further in those two markets?

您如何看待通用汽車的這兩個市場？是不是最好還是繼續保持低調，把更多的注意力放在你們主導的美國呢？或者您是否看到了機會，特別是在電動車方面，未來電池成本的下降，為您們在這兩個市場進一步擴張提供了絕佳的機會？

Well, I think from a China perspective, now that we announced the restructuring last year, and it's on track. Very proud of the fact that the team has -- is gaining share. I think we're the only foreign OEM or foreign brands to be able to gain share positive equity income. And I think there's an opportunity. There's -- with what we know today from the geopolitical situation and the relationship between the two companies, countries, I think there's an opportunity for Cadillac and Buick to be strong there.

嗯，我認為從中國的角度來看，我們去年宣布了重組，而且一切都很順利。非常自豪的是團隊的份額正在不斷擴大。我認為我們是唯一能夠獲得正股權收益的外國OEM或外國品牌。我認為這是一個機會。根據我們今天所了解的地緣政治狀況以及兩家公司、兩個國家之間的關係，我認為凱迪拉克和別克有機會在那裡佔據強勢地位。

Buick has a rich history there and the brand means something to the Chinese consumer, and Cadillac is viewed as luxury and a great choice. I mean, one of the vehicles we have there is the GLA has been a very, very successful product. And now that we have it out from a new energy vehicle perspective, it's doing quite well.

別克在中國有著悠久的歷史，該品牌對中國消費者來說意義重大，而凱迪拉克則被視為豪華品牌，是個不錯的選擇。我的意思是，我們擁有的其中一款車型 GLA 是一款非常非常成功的產品。現在從新能源汽車的角度來看，它表現相當不錯。

So I think with what we know today, we can have a smaller but strong business that can grow in China. And I think that's something that we're going to be continuing to focus on. I'm really proud of the team there.

所以我認為，憑藉我們今天所掌握的知識，我們可以在中國擁有規模雖小但實力雄厚、能夠不斷成長的企業。我認為這是我們將繼續關注的事情。我為那裡的團隊感到非常自豪。

And then from a Europe perspective, I think there's a lot of changes that are happening in Europe right now from a regulatory perspective, from what's happening from a competition perspective, especially from the Chinese, I think over time, that will [sell] out.

然後從歐洲的角度來看，我認為歐洲目前正在發生很多變化，從監管角度來看，從競爭角度來看，特別是來自中國的變化，我認為隨著時間的推移，這些變化將會消失。

We're -- we think we have an opportunity in that market. Very proud of the fact that the LYRIQ was named a German luxury car of the year last year. First American brand ever received that honor. So I think we have, especially our EVs that can do very well in the European market, but I think there's some stabilization that has to happen of what are the -- what is the policy situation across Europe that will inform the next step we take.

我們認為我們在該市場有機會。非常自豪LYRIQ去年被評為德國年度豪華車。第一個獲此殊榮的美國品牌。所以我認為我們已經取得了成功，尤其是我們的電動車，它們在歐洲市場上表現得非常好，但我認為必須實現一定的穩定——整個歐洲的政策情況如何，這將為我們下一步的行動提供參考。

And then you didn't mention South America, and I think we have huge opportunity from a South America perspective, we have very strong brands there, a very strong dealer base, and I think there's opportunity there as well as well as in the Middle East.

然後你沒有提到南美，我認為從南美的角度來看我們有巨大的機會，我們在那裡擁有非常強大的品牌，非常強大的經銷商基礎，我認為那裡和中東一樣有機會。

Got it. Thank you.

知道了。謝謝。

Emmanuel Rosner, Wolfe Research.

埃馬紐埃爾·羅斯納（Emmanuel Rosner），沃爾夫研究公司。

Thanks for taking my questions. I wanted to ask you about the share buyback program. So it's good to see GM back in the market buying some on the open market. Can you give us any sense of how much you're hoping or planning to buy in the second half? I believe you still have $4 billion-plus maybe on the authorization. So is the goal to complete that this year? Or would it be an amount less than that?

感謝您回答我的問題。我想問您有關股票回購計畫的問題。因此，很高興看到通用汽車重返市場並在公開市場上購買一些產品。您能否告訴我們您希望或計劃在下半年購買多少？我相信你們可能仍有 40 多億美元的授權。那麼目標是今年完成嗎？或會比這個金額少一點？

Emmanuel, thanks for the question. First of all, we never left the market, as you know, that we were covering with the accelerated share repurchase in the second quarter. So that's been consistent. While we paused open market repurchases, we have said that we're back now and we began repurchasing in early July.

伊曼紐爾，謝謝你的提問。首先，正如你所知，我們從未離開市場，我們在第二季度透過加速股票回購來覆蓋市場。所以這是一致的。雖然我們暫停了公開市場回購，但我們已經表示現在已經恢復，並且已在 7 月初開始回購。

No comment specifically on how much we're going to do. We obviously wouldn't telegraph that. But you're right, we had -- as of the end of the quarter, $4.3 billion remaining on that authorization. And as we've said, we're sticking with our free cash flow guide. And you would expect that seasonally, there's going to be more cash generation in the second half versus what we did according to that guide when you look at the midpoint.

對於我們將會做多少，沒有具體評論。我們顯然不會透露這一點。但您說得對，截至本季末，我們的授權金額還剩下 43 億美元。正如我們所說，我們堅持我們的自由現金流指南。並且，從季節性角度來看，與中點資料相比，下半年的現金產生量將會比我們根據該指南所做的更多。

So I'll just leave it at that, but we are going to maintain that consistent application of our capital allocation policy.

所以我就不多說了，但我們將保持一致的資本配置政策。

Okay. Great. And then second topic I was hoping to ask you a follow up about this -- a follow up on your EV strategy as a result of some of these US regulation changes. I appreciate all the efforts that you highlighted towards flexible manufacturing and the ability to really respond to consumer demand. Is there also an opportunity or appetite at GM to try and reduce the overall capital intensity of the business.

好的。偉大的。然後第二個主題，我希望就此向您詢問一個後續問題——由於美國的一些法規變化，您的電動車戰略的後續問題。我感謝您為實現靈活製造和真正響應消費者需求的能力所做的所有努力。通用汽車是否也有機會或意願嘗試降低業務的整體資本強度？

Obviously, your CapEx remains very stable and steady. Just curious if with this lower EV market predicted as well as essentially easier rules to follow. If there is any appetite there to actually just say, well, maybe down the line at some point, we don't need to spend as much on a go-forward basis as an overall company?

顯然，您的資本支出仍然非常穩定且平穩。只是好奇，如果預測電動車市場較低，以及本質上更容易遵循規則。如果真的有興趣，那麼也許在某個時候，我們不需要像整個公司一樣在未來投入那麼多錢？

Well, Emmanuel, I think from a capital perspective, we feel very comfortable with where we are at the 10% to 11%. And then we've announced that with the footprint changes that we will go to 10% to 12% over the next couple of years. But still very much in line with affordability and balanced capital allocation. And then capital levels that on an inflation-adjusted basis are similar to what we did in 2018 with much better cash flow performance.

嗯，Emmanuel，我認為從資本角度來看，我們對目前的 10% 到 11% 的水平感到非常滿意。然後我們宣布，隨著足跡的變化，我們將在未來幾年內將這一比例提高到 10% 到 12%。但仍然非常符合可負擔性和平衡的資本配置。然後，經通膨調整後的資本水準與我們 2018 年的水準相似，但現金流表現要好得多。

So when you look at EV, I wouldn't say that we're going to be spending significantly less. What I would say is the composition of the investment is changing, where we have been out expanding the portfolio and making sure that we can meet customers where they are.

因此，當你看 EV 時，我不會說我們的支出會大幅減少。我想說的是，投資的組成正在發生變化，我們一直在擴大投資組合，並確保我們能夠在客戶所在地滿足他們的需求。

Our capital is now focused on where can we structurally and architecturally improve the cost and the performance. A lot of announcements that we've made on the battery technology and the teams are hard at work and looking at other things such as aero and materials. So I think there's a path there and one that we feel very comfortable with.

我們的資金現在集中在我們可以在結構和架構上改善成本和性能的地方。我們已經發布了許多有關電池技術的公告，團隊也在努力工作並研究其他方面，例如航空和材料。所以我認為這裡有一條道路，而且我們對此感到非常滿意。

Great. Thanks for the color.

偉大的。謝謝你的顏色。

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

謝謝。現在我想將電話轉給瑪麗·博拉，請她發表最後評論。

Thank you. And I want to thank everybody for your attention and for your questions. We really do appreciate the dialogue. But I hope you step back and see that we are well positioned for the future. We have a lot of momentum with customers as we adapt to the changing markets, trade and tax policy, and we are demonstrating leadership in ICE, EV, software, AV and other important technologies for the future of mobility.

謝謝。我要感謝大家的關注與提問。我們真的很感謝這次對話。但我希望你們退一步來看，我們已經為未來做好準備了。隨著我們適應不斷變化的市場、貿易和稅收政策，我們與客戶保持著良好的發展勢頭，並在 ICE、EV、軟體、AV 和其他未來移動出行的重要技術領域展現出領導地位。

This underscores my belief that GM will emerge from this transition period even stronger financially and with clear momentum, and that we will be uniquely differentiated from our competitors with the strength of our ICE business, the strength of our EV business, and the progress that I know we're going to be making from a technology perspective.

這進一步證實了我的信念：通用汽車將在這段過渡期中變得更加財務強大，發展勢頭更加強勁，而且憑藉我們在內燃機業務、電動汽車業務方面的實力以及我所知道的我們將在技術方面取得的進步，我們將在與競爭對手的競爭中脫穎而出。

So thanks, everybody. I hope you have a great day and be safe.

謝謝大家。我希望您度過愉快的一天並注意安全。

Thank you. That concludes today's conference. Thank you for participating. You may disconnect at this time.

謝謝。今天的會議到此結束。感謝您的參與。您現在可以斷開連線。