通用汽車 (GM) 2025 Q3 法說會逐字稿

Good morning, and welcome to the General Motors Company third quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, October 21, 2025.

早安，歡迎參加通用汽車 2025 年第三季財報電話會議。（操作員指示）提醒一下，本次電話會議將於 2025 年 10 月 21 日星期二錄製。

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

現在我想將會議交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 third quarter of 2025. Our conference call materials were issued this morning and are available on GM's investor relations website.

謝謝，阿曼達，大家早安。感謝您與我們一起回顧通用汽車 2025 年第三季的財務表現。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。

We are also broadcasting this call via webcast. Joining us today are Mary Barra, GM's Chair and CEO; along with 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.

我們也透過網路廣播播放了此次通話。今天參加會議的有通用汽車董事長兼首席執行官瑪麗·博拉 (Mary Barra)；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首席執行官蘇珊·謝菲爾德 (Susan Sheffield) 也將參加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. 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，可能導致我們的實際結果大不相同。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, I'm delighted to turn the call over to Mary.

說完這些，我很高興將電話轉給瑪麗。

Good morning, everyone. I want to begin by recognizing the dedication and hard work of our entire GM team, including our employees, dealers, and suppliers. Their agility in helping navigate a rapidly changing regulatory and policy environment while keeping our customers at the center has been outstanding. Thanks to their efforts and our leading portfolio of vehicles, we delivered another very strong quarter of earnings and free cash flow.

大家早安。首先，我要讚揚我們整個通用汽車團隊，包括我們的員工、經銷商和供應商的奉獻精神和辛勤工作。他們在幫助我們應對快速變化的監管和政策環境的同時，始終以客戶為中心，展現了卓越的敏捷性。由於他們的努力和我們領先的車輛組合，我們又實現了非常強勁的季度盈利和自由現金流。

In the US, we achieved our highest third quarter market share since 2017 with strong margins, and our restructured China business was profitable once again. Based on our performance, I'm pleased to share that we are raising our full year guidance.

在美國，我們憑藉強勁的利潤率實現了自 2017 年以來第三季最高的市場份額，重組後的中國業務再次獲利。根據我們的業績，我很高興地宣布，我們正在提高全年業績預期。

I also want to thank the President and his team for the important tariff updates they made on Friday. The MSRP offset program will help make US produced vehicles more competitive over the next five years, and GM is well positioned as we invest to increase our already significant domestic sourcing and manufacturing footprint. We appreciate the administration's ongoing support for American innovation and jobs, and we look forward to progress on trade deals with countries like Canada and Mexico.

我還要感謝總統和他的團隊週五做出的重要關稅更新。製造商建議零售價補償計畫將有助於提高美國生產的汽車在未來五年內的競爭力，而通用汽車在投資擴大我們已經很重要的國內採購和製造足跡方面也處於有利地位。我們感謝政府對美國創新和就業的持續支持，並期待與加拿大和墨西哥等國家的貿易協定取得進展。

As trade policies have evolved, we have acted with urgency and discipline to strengthen GM's position. Earlier this year, we announced $4 billion in capital investments to onshore production at plants in Tennessee, Kansas, and Michigan over the next two years.

隨著貿易政策的演變，我們採取緊急和有紀律的行動來加強通用汽車的地位。今年早些時候，我們宣布未來兩年將向田納西州、堪薩斯州和密西根州工廠的陸上生產投資 40 億美元。

Today I'm happy to share that we have decided to more than double the planned Chevrolet Equinox production at our Fairfax Assembly plant in Kansas, above and beyond what we announced earlier this year. Once these investments come online, we plan to produce more than 2 million vehicles per year in the United States.

今天，我很高興地告訴大家，我們已決定將堪薩斯州費爾法克斯裝配廠的雪佛蘭 Equinox 產量增加一倍以上，這超出了我們今年早些時候宣布的目標。一旦這些投資到位，我們計劃每年在美國生產超過 200 萬輛汽車。

We are also investing close to $1 billion to build a new generation of advanced fuel efficient V8 engines in New York. Importantly, we are maintaining our capital discipline while addressing this production and creating new jobs in the United States.

我們也投資近 10 億美元在紐約製造新一代先進的節能 V8 引擎。重要的是，我們在解決這個生產問題並在美國創造新的就業機會的同時，也保持了資本紀律。

We are also monitoring the supply of certain chips from China. This is an industry issue I know you're all aware of. While this has the potential to impact production, we have teams working around the clock with our supply chain partners to minimize possible disruptions. The situation is very fluid, and we will provide updates throughout the quarter as appropriate.

我們也在監控來自中國的某些晶片的供應。我知道大家都知道這個行業問題。雖然這可能會影響生產，但我們的團隊正與供應鏈合作夥伴全天候合作，以盡量減少可能造成的中斷。情況非常不穩定，我們將在整個季度內根據需要提供最新資訊。

On the regulatory side, our portfolio and capacity plans over the last several years had been heavily influenced by steadily increasing stringency requirements for fuel economy and emissions. To meet these requirements, we were working aggressively to install and scale EV capacity.

在監管方面，過去幾年我們的投資組合和產能計畫受到燃油經濟性和排放日益嚴格的要求的嚴重影響。為了滿足這些要求，我們正在積極安裝和擴大電動車容量。

Now with an evolving regulatory framework and the end of the federal consumer incentives, it's clear that near term EV adoption will be much lower than planned. This is resulting in higher variable costs as we expect to utilize less capacity across our EV plants and supply chain.

現在，隨著監管框架的不斷發展和聯邦消費者激勵措施的結束，很明顯，短期內電動車的採用率將遠低於計畫。由於我們預計電動車工廠和供應鏈的產能利用率會降低，因此這會導致更高的變動成本。

All of this drove our decision to transition Orion Assembly from EV to ICE production and to sell our joint venture-owned cell plant in Michigan to LG Energy Solution. It's also why we recorded a $1.6 billion special item charge in the third quarter.

所有這些都促使我們決定將 Orion Assembly 從電動車生產轉向內燃機生產，並將我們在密西根州的合資電池工廠出售給 LG Energy Solution。這也是我們在第三季記錄 16 億美元特殊項目費用的原因。

$1.2 billion of the charge is for noncash impairments, most of which are related to the Orion transition, reductions in battery module Assembly capacity, our decision to stop development of next-generation hydrogen fuel cells and the write-off of CAFE credits and associated liabilities. The remaining $0.4 billion is for cash charges related to supplier contract cancellation costs.

其中 12 億美元的費用用於非現金減值，其中大部分與獵戶座轉型、電池模組組裝能力下降、我們決定停止開發下一代氫燃料電池以及註銷 CAFE 信用和相關負債有關。剩餘的 4 億美元是與供應商合約取消成本相關的現金費用。

Our retail product portfolio is unchanged. We will continue to build award-winning products like the Chevrolet Equinox EV and the Cadillac Escalade IQ, which have been very successful with customers. We're proud of them and we believe their performance will improve even in a smaller market.

我們的零售產品組合維持不變。我們將繼續打造屢獲殊榮的產品，例如雪佛蘭 Equinox EV 和凱迪拉克 Escalade IQ，這些產品在客戶中非常受歡迎。我們為他們感到驕傲，我們相信即使在較小的市場中他們的表現也會有所提升。

However, we have decided to stop BrightDrop production at CAMI Assembly and assess the site for future opportunities. This is not a decision we made lightly because of the impact on our employees. However, the commercial electric van market has been developing much lower than expected, and changes to the regulatory framework and fleet incentives have made the business even more challenging.

然而，我們決定停止在 CAMI Assembly 生產 BrightDrop，並評估該地點的未來發展機會。由於這會對我們的員工產生影響，所以我們不會輕易做出這個決定。然而，商用電動貨車市場的發展遠低於預期，監管框架和車隊激勵措施的變化使業務更具挑戰性。

Our actions on BrightDrop and our ongoing work to reset our capacity will cause us to recognize a charge in the fourth quarter. By acting swiftly and decisively to address overcapacity, we expect to reduce EV losses in 2026 and beyond, making us much better positioned as demand stabilizes.

我們對 BrightDrop 採取的行動以及我們正在進行的重置產能的工作將使我們在第四季度確認一項費用。透過迅速果斷地解決產能過剩問題，我們預計在 2026 年及以後減少電動車的損失，使我們在需求穩定時處於更有利的地位。

EVs remain our North Star, so we will continue to invest in new battery chemistries like LMR, new form factors and other architectural improvements to drive improved profitability. I'm equally confident in our ICE strategy. It is clear that ICE volumes will remain higher for longer. We lead the industry today, and we are increasingly well positioned to meet strong sustained demand.

電動車仍然是我們的北極星，因此我們將繼續投資 LMR 等新型電池化學、新外形尺寸和其他架構改進，以提高獲利能力。我對我們的 ICE 策略同樣充滿信心。顯然，ICE 交易量將在較長時間內保持在較高水準。如今，我們處於行業領先地位，並且越來越有能力滿足強勁的持續需求。

For example, we are onshoring production of the Chevrolet Blazer, developing a next-generation Cadillac CT5 and redesigning and extending the Cadillac XT5. And when Orion Assembly comes back online in early 2027, it will produce the Cadillac Escalade and then add our next generation of full-size light-duty pickup trucks.

例如，我們正在國內生產雪佛蘭 Blazer，開發下一代凱迪拉克 CT5，並重新設計和擴展凱迪拉克 XT5。當 Orion Assembly 於 2027 年初恢復生產時，它將生產凱迪拉克凱雷德，然後增加我們的下一代全尺寸輕型皮卡。

Looking ahead, our top priority as a leadership team remains returning North America to our historical 8% to 10% EBIT margins. To do this, we will continue to drive EV profitability improvements, maintain our overall production, pricing and incentive discipline, manage our fixed costs, and further reduce our tariff exposure net of our self-help initiatives.

展望未來，作為領導團隊，我們的首要任務仍然是讓北美恢復到歷史水準 8% 至 10% 的息稅前利潤率。為了實現這一目標，我們將繼續推動電動車獲利能力的提高，維持整體生產、定價和激勵紀律，管理固定成本，並進一步降低自救措施帶來的關稅風險。

In addition, cross-functional teams are attacking our warranty expense by addressing the root cause inside GM at our suppliers and at our dealerships. We are also executing plans to grow software and services like OnStar and Super Cruise to generate even greater revenue during and after each vehicle sale.

此外，跨職能團隊正在透過解決通用汽車內部、供應商和經銷商處的根本原因來降低我們的保固費用。我們也正在實施一項計劃，以發展 OnStar 和 Super Cruise 等軟體和服務，從而在每次汽車銷售期間和之後創造更大的收入。

So far this year, we have recognized nearly $2 billion in revenue from OnStar, Super Cruise and other software services, and our deferred revenue was up 14% from Q2 to almost $5 billion. That's off a base of 11 million OnStar subscribers, which is up 34% year over year. This includes more than 500,000 Super Cruise customers, which nearly doubled year over year.

今年迄今為止，我們已從 OnStar、Super Cruise 和其他軟體服務中獲得了近 20 億美元的收入，我們的遞延收入較第二季度增長 14%，達到近 50 億美元。OnStar 用戶數已達 1,100 萬，較上年同期成長 34%。其中包括超過 50 萬名 Super Cruise 客戶，年增近一倍。

We expect robust double-digit revenue growth through the end of the decade with gross margins of about 70%. We also continue to make great strides in our autonomous strategy and in the development of our next-generation software-defined vehicle platform.

我們預計到本世紀末，營收將實現強勁的兩位數成長，毛利率將達到 70% 左右。我們也在自動駕駛策略和下一代軟體定義汽車平台的開發方面繼續取得長足進步。

It will be transformational because we will be able to evolve the software layer of each vehicle independently from the hardware-defined physical layer. For customers, their vehicles will become smarter, more capable and more personalized over time.

這將是變革性的，因為我們將能夠獨立於硬體定義的實體層來開發每輛車的軟體層。對於客戶來說，隨著時間的推移，他們的車輛將變得更加智慧、功能更強大、更個人化。

Our platforms will be more stable and last longer. We will see large reductions in complexity. And we will create new revenue streams from features and services. This work is exciting and full of opportunity, and we're hosting a media event in New York tomorrow to hear from the leaders who are executing our technology strategy.

我們的平台將更加穩定，使用壽命更長。我們將看到複雜性大幅降低。我們將透過功能和服務創造新的收入來源。這項工作令人興奮且充滿機遇，我們明天將在紐約舉辦一場媒體活動，聽取執行我們技術策略的領導者的意見。

We will share more on these and other initiatives with you as we go forward because great vehicles, innovative technology, a rewarding customer experience along with strong financial results will continue to set GM apart in an increasingly competitive landscape.

我們將在未來與您分享更多關於這些和其他舉措的信息，因為優秀的汽車、創新的技術、令人滿意的客戶體驗以及強勁的財務業績將繼續使通用汽車在日益激烈的競爭環境中脫穎而出。

Thank you, and I will now turn the call over to Paul to discuss the quarter in more detail.

謝謝，現在我將把電話轉給保羅，讓他更詳細地討論本季的情況。

Thank you, Mary, and good morning, everyone. I also want to start by recognizing the entire GM team for delivering another quarter of outstanding results, driven by our compelling portfolio of internal combustion and electric vehicles. We continue to demonstrate disciplined incentives, pricing and inventory management while attaining a 17% US share in the quarter, up 50 basis points year over year.

謝謝你，瑪麗，大家早安。我首先要感謝整個通用汽車團隊，在我們引人注目的內燃機和電動車產品組合的推動下，又一個季度取得了出色的業績。我們繼續展示嚴格的激勵措施、定價和庫存管理，同時在本季獲得了 17% 的美國市場份額，年增 50 個基點。

Our US incentives remain below the industry average for the 10th consecutive quarter. During the quarter, we reduced dealer inventories by 16% year over year, ending at 527,000 units. ICE inventory is turning quickly, and we actively managed EV inventory down by almost 30% since the end of the second quarter, bringing it to a more appropriate level as we move forward.

我們的美國激勵措施連續第 10 季低於行業平均。本季度，我們經銷商庫存年減 16%，至 527,000 輛。內燃機庫存正在快速週轉，自第二季末以來，我們積極管理電動車庫存，使其下降了近 30%，以便在未來達到更合適的水平。

As we highlighted at a recent conference, this performance exemplifies how the team has structurally transformed GM over the past decade to focus on profitable growth and durable cash flows. We have successfully adapted to evolving macro conditions while restructuring underperforming business units. Combined with a leaner cost structure and the support of GM Financial, these actions have enabled us to significantly improve free cash flow efficiency while maintaining a strong, resilient balance sheet.

正如我們在最近的一次會議上所強調的那樣，這一表現體現了團隊在過去十年中如何對通用汽車進行了結構性轉型，以專注於獲利成長和持久現金流。我們成功適應了不斷變化的宏觀環境，同時重組了表現不佳的業務部門。結合更精簡的成本結構和通用金融的支持，這些措施使我們能夠顯著提高自由現金流效率，同時保持強勁、有彈性的資產負債表。

Let's now turn to the third quarter financial results. Total company EBIT adjusted was $3.4 billion, down $700 million year over year. This included a gross tariff impact of $1.1 billion, which was a little less than we had expected due to lower import volumes from Korea. We were able to offset more than 30% of this amount through go-to-market, footprint and cost initiatives.

現在讓我們來看看第三季的財務表現。公司調整後的息稅前利潤總額為 34 億美元，較去年同期下降 7 億美元。其中包括 11 億美元的總關稅影響，由於來自韓國的進口量較低，這一數字略低於我們的預期。我們能夠透過市場進入、足跡和成本措施抵消其中 30% 以上的損失。

The administration's recently announced expansion of the MSRP tariff offset broadens the scope of parts eligibility for the program and will make US vehicle production more competitive. Additionally, this supports tariff mitigation in 2026 and beyond while we work to adjust our supply chains. On heavy-duty tariffs, the impacts to GM will be minimal and are already factored into the tariff guidance we've provided.

美國政府最近宣布擴大製造商建議零售價關稅抵銷範圍，擴大了該計畫的零件適用範圍，並將使美國汽車生產更具競爭力。此外，在我們努力調整供應鏈的同時，這也支持了 2026 年及以後的關稅減免。就重型產品關稅而言，對通用汽車的影響將微乎其微，並且已將其納入我們提供的關稅指導中。

Adjusted automotive free cash flow was $4.2 billion, partially aided by $300 million in cash tariff offset reimbursements, which have now commenced and will continue into Q4. North America delivered Q3 EBIT-adjusted margins of 6.2%, enabled by record crossover deliveries and strong performance of our full-size pickups and SUVs.

調整後的汽車自由現金流為 42 億美元，部分得益於 3 億美元的現金關稅抵銷補償，現已開始並將持續到第四季。北美第三季息稅前利潤調整後利潤率為 6.2%，這得益於創紀錄的跨界車交付量以及全尺寸皮卡和 SUV 的強勁表​​現。

As in the second quarter, EBIT-adjusted margins in Q3 would have been around 9% excluding tariffs, well within our prior margin target of 8% to 10%. Pricing was up modestly year over year with model year 2026 incremental pricing being partially offset by a small fleet headwind.

與第二季一樣，第三季的息稅前利潤調整後利潤率（不含關稅）約為 9%，遠低於我們先前 8% 至 10% 的利潤率目標。價格較去年同期略有上漲，2026 年車型的增量價格被小型車隊逆風部分抵消。

EV sales reached record levels in Q3, supported by a pull forward in demand ahead of the consumer purchase incentive being eliminated. GM solidified its number two position in the US EV market with 67,000 deliveries and a 16.5% share.

在消費者購買激勵措施取消之前，由於需求提前成長，電動車銷售在第三季達到創紀錄水準。通用汽車以 67,000 輛的交付量和 16.5% 的市場份額鞏固了其在美國電動車市場的第二大地位。

In October, we are not surprised to see EV demand soften significantly, and we expect this trend to continue into early 2026 before we see what the natural demand is for EVs. Throughout this period, you can be assured that we will build the demand and continue to focus on improving EV profitability, including through material cost reductions by leveraging larger module sizes and new battery chemistries.

10 月份，我們並不意外地看到電動車需求大幅疲軟，我們預計這種趨勢將持續到 2026 年初，之後我們才能看到電動車的自然需求。在此期間，您可以放心，我們將創造需求並繼續專注於提高電動車的盈利能力，包括利用更大的模組尺寸和新的電池化學成分來降低材料成本。

Warranty expense was a $900 million headwind year over year in the third quarter. This is too high, and we need to do better. That being said, our customers always come first, and we are committed to looking after them as we take a comprehensive, multipronged approach to reduce warranty expenses.

第三季保固費用年減 9 億美元。這太高了，我們需要做得更好。話雖如此，我們的客戶永遠是第一位的，我們致力於照顧他們，並採取全面、多管齊下的方法來降低保固費用。

We are asking our dealers in the spirit of partnership to help us lower warranty repair costs. We are also pursuing deeper supplier quality validation and leveraging data, AI tools, OnStar connectivity and proactive over-the-air updates to identify and resolve issues faster.

我們請求經銷商本著合作精神幫助我們降低保固維修成本。我們也正在尋求更深入的供應商品質驗證，並利用數據、人工智慧工具、OnStar 連接和主動無線更新來更快地識別和解決問題。

Internally, GM is managing repairs to minimize customer inconvenience, and we are refining repair processes, such as shifting from full transmission replacements in many cases to targeted component fixes, which have already yielded substantial cost reductions. In fact, because of these actions, we've seen overall warranty cash outlays stabilize over the past few months.

在內部，通用汽車正在管理維修，以盡量減少客戶的不便，並且我們正在改進維修流程，例如在許多情況下從完全更換變速箱轉變為有針對性的部件修復，這已經大幅降低了成本。事實上，由於這些行動，我們看到過去幾個月整體保固現金支出趨於穩定。

Turning to GM International. GM China is continuing its successful turnaround and is comparing favorably to many of its global peers. In the third quarter, our market share grew 30 basis points year over year to 6.8%, and China equity income, which has now risen for four consecutive quarters, was $80 million. We continue to expect the full year to be profitable.

轉向通用國際。通用汽車中國公司正在繼續成功轉型，其表現與許多全球同行相比毫不遜色。第三季度，我們的市佔率年增30個基點至6.8%，中國股票收益已連續四季成長，達到8,000萬美元。我們仍然預計全年將實現盈利。

GM International ex-China EBIT adjusted was nearly $150 million and remain relatively stable year over year, supported by strong full-size pickup and full-size SUV sales in the Middle East. GM Financial posted another solid quarter with Q3 EBT adjusted of $800 million. They continue to deliver value for our customers and dealers while paying a $350 million dividend in the third quarter.

通用汽車國際（中國除外）的息稅前利潤調整後接近 1.5 億美元，年比保持相對穩定，這得益於中東地區全尺寸皮卡和全尺寸 SUV 的強勁銷售。通用汽車金融公司再次公佈了穩健的季度業績，第三季息稅前利潤調整後為 8 億美元。他們繼續為我們的客戶和經銷商創造價值，同時在第三季支付了 3.5 億美元的股息。

Regarding capital allocation, we invested $2.1 billion in capital projects, paid down $1.3 billion of balance sheet debt and repurchased $1.5 billion of stock in the quarter. Despite a challenging external environment, we've repurchased $3.5 billion in stock year-to-date. As a result, our diluted share count at the end of Q3 stood at 954 million, a 15% reduction year over year.

關於資本配置，我們在本季向資本項目投資了 21 億美元，償還了 13 億美元的資產負債表債務，並回購了 15 億美元的股票。儘管外部環境充滿挑戰，但今年迄今我們已回購了價值 35 億美元的股票。因此，第三季末我們的稀釋股數為 9.54 億股，年減 15%。

Looking ahead, we expect our share count to continue trending lower as we continue to repurchase shares. Regarding our outlook, let me now walk through our updated guidance, along with key supporting assumptions.

展望未來，隨著我們繼續回購股票，我們預計我們的股票數量將繼續呈下降趨勢。關於我們的展望，現在讓我介紹我們的最新指導以及關鍵的支持假設。

Based on strong product traction, ongoing disciplined execution and assuming minimal production disruption from the chip issue Mary mentioned earlier, we are raising our calendar year 2025 guidance to EBIT-adjusted of $12 billion to $13 billion, EPS diluted adjusted of $9.75 to $10.50 per share and adjusted automotive free cash flow of $10 billion to $11 billion. This increase reflects our confidence in our underlying business performance and also incorporates the administration's recently approved expansion of the MSRP tariff offset.

基於強大的產品吸引力、持續嚴格的執行以及假設瑪麗之前提到的晶片問題對生產造成的干擾最小，我們將 2025 日曆年的指導上調至調整後的息稅前利潤 120 億美元至 130 億美元，調整後的每股攤薄收益 9.75 美元至 10.50 美元，調整後的汽車現金流 1010 億美元。這一成長反映了我們對基本業務表現的信心，同時也考慮了政府最近批准擴大建議零售價關稅抵銷額度。

We expect capital expenditures to be at the lower end of our $10 billion to $11 billion guidance range as we recalibrate our plan in light of policy and upcoming footprint changes. Our gross tariff exposure for 2025 has improved from the original $4 billion to $5 billion gross impact to a range of $3.5 billion to $4.5 billion, driven by the expansion of the MSRP tariff offset.

我們根據政策和即將到來的足跡變化重新調整計劃，預計資本支出將處於 100 億美元至 110 億美元指導範圍的低端。受建議零售價關稅抵銷額擴大的推動，我們 2025 年的總關稅風險已從原來的 40 億至 50 億美元的總影響改善至 35 億至 45 億美元的範圍。

We expect to offset around 35% of this lower gross tariff impact through go-to-market cost and footprint initiatives. Relative to deliveries, we now expect a calendar year 2025 total vehicle SAAR of around 16.5 million units. From a wholesale perspective, seasonality will play a role in Q4 relative to Q3 with seven fewer production days in the US, along with lower EV wholesales following the phaseout of the consumer credit.

我們預計透過市場成本和足跡舉措來抵消約 35% 的較低總關稅影響。相對於交車量，我們現在預計 2025 年全年汽車總銷量 SAAR 約為 1,650 萬輛。從批發角度來看，與第三季相比，第四季的季節性因素將發揮一定作用，因為美國的生產天數減少了 7 天，隨著消費信貸的逐步取消，電動車批發量也將下降。

For the full year, we continue to expect North American pricing to be up 0.5 point to 1%. In the fourth quarter, model year 2026 pricing will be partially offset by higher seasonal industry incentives. We will maintain disciplined production levels and are on track to achieve our year-end inventory target of 50 to 60 days.

就全年而言，我們繼續預期北美價格將上漲 0.5 個百分點至 1%。第四季度，2026 年車型的定價將因更高的季節性行業激勵措施而部分抵消。我們將保持嚴格的生產水平，並預計將實現 50 至 60 天的年底庫存目標。

GM Financial is on track to deliver on its guidance of $2.5 billion to $3 billion of EBT adjusted for the full year, reflecting continued strong performance. Now looking ahead to 2026, we have multiple levers to carry our current momentum forward, including progress on EV losses, warranty costs, tariff offsets, regulatory requirements and fixed costs. As a result, we expect next year to be even better than 2025.

通用汽車金融預計將實現全年調整後息稅前利潤 25 億至 30 億美元的預期，反映出其持續強勁的業績表現。展望 2026 年，我們有多種手段來維持當前的勢頭，包括電動車損失、保固成本、關稅抵銷、監管要求和固定成本的進展。因此，我們預計明年的情況會比 2025 年更好。

In closing, GM is stronger and more resilient than ever. We are adjusting our business to a new tariff and regulatory environment. In addition to the self-help initiatives I mentioned earlier, we are expanding our US capacity and working together with our suppliers to increase US content.

總而言之，通用汽車比以往任何時候都更加強大、更具韌性。我們正在調整我們的業務以適應新的關稅和監管環境。除了我之前提到的自助措施之外，我們還在擴大美國產能，並與供應商合作增加美國含量。

We see a clear path back to our historical 8% to 10% EBIT margins in North America over time and remain committed to continuing to repurchase shares in accordance with our capital allocation policy. Thank you, and I look forward to your questions.

我們看到，隨著時間的推移，北美地區的息稅前利潤率將顯著回升至 8% 至 10% 的歷史水平，並且我們將繼續致力於根據我們的資本配置政策回購股票。謝謝，我期待您的提問。

(Operator Instructions)

（操作員指示）

Joseph Spak, UBS.

瑞銀的約瑟夫·斯帕克。

Thanks. Good morning, everyone. Paul, maybe just can we dive in a little bit on some of the updated tariff disclosure? You lowered the gross by $500 million from the MSRP offset. You mentioned more parts. Is that specifically some of the language around engines in the release from last Friday?

謝謝。大家早安。保羅，也許我們可以稍微深入了解一下更新後的關稅揭露資訊嗎？您將總收入從建議零售價抵銷中降低了 5 億美元。您提到了更多部分。這是上週五發布的新聞稿中有關引擎的具體語言嗎？

And how exactly does that work? Because I thought the rule of thumb was if you had about 80% USMC content on a vehicle made in the US, it was basically effectively no tariff. So it seems like it's an additional reimbursement. I just want to understand how that flows through.

那麼它究竟是如何運作的呢？因為我認為經驗法則是，如果一輛美國製造的車輛含有約 80% 的美國海軍陸戰隊零件，基本上就不需要關稅。所以這看起來像是一筆額外的報銷。我只是想了解這是如何進行的。

Yeah. Good morning, Joe. So the President's announcement on Friday did a number of things beyond just the heavy-duty tariff. It included the lengthening of the MSRP offset to 3.5%. It also included the ability to designate parts into 232 that expands the pool of eligible parts. So that's where we're seeing some savings on the tariff.

是的。早安，喬。總統週五宣布的除了高關稅之外，還有很多其他措施。其中包括將建議​​零售價偏移量延長至 3.5%。它還包括將零件指定為 232 的能力，從而擴大了合格零件的池子。這就是我們看到的關稅節省。

And these are parts that are imported into the US for US production. So that expanded pool of parts gives us some ability to use that MSRP offset a little bit more. So that's where the savings are being driven from.

這些零件都是進口到美國用於美國生產的。因此，擴大的零件庫使我們能夠更多地利用 MSRP 偏移。這就是我們節省成本的原因。

Okay. And if that's all in the fourth quarter, again, like all else equal, does that imply it's like $1.5 billion year over year tailwind into '26?

好的。如果這一切都發生在第四季度，那麼，在其他條件相同的情況下，這是否意味著 26 年的銷售額將年增 15 億美元？

Well, I mean, we haven't given any specific guidance on '26 yet because as we've said before, we need to get Korea results, Mexico, Canada et cetera. As we've said that we expect that we can be in a position where our net tariff exposure, which is net of our self-help initiatives, could be lower in '26 than it was in 2025 despite having an extra quarter that we have to lap. So that's what we're setting our sights on. We'll have more details as we give 2026 guidance as more of these deals get finalized.

嗯，我的意思是，我們還沒有對 26 年給予任何具體的指導，因為正如我們之前所說的那樣，我們需要獲得韓國、墨西哥、加拿大等國的成果。正如我們所說的那樣，我們預計，儘管我們還有一個額外的季度需要彌補，但我們 2026 年的淨關稅風險（扣除我們的自助舉措）可能會低於 2025 年。這就是我們的目標。隨著更多此類交易的最終敲定，我們將在提供 2026 年指導時提供更多詳細資訊。

Okay. And then I guess dovetailing off that, I know you mentioned in the slides and in the commentary, you expect a stronger 2026, and some of the levers you have. I was just wondering if you could touch, if you don't mind, on maybe some preliminary high-level industry or macro factors, especially since it seems like there's some incremental concerns in the market about the consumer and credit. So how do you sort of preliminarily view demand into '26 and maybe also some of the competitive dynamics with the competitor having some additional product in the pickup segment?

好的。然後我想與此相吻合的是，我知道您在幻燈片和評論中提到，您預計 2026 年將會更加強勁，並且您擁有一些槓桿。我只是想知道，如果您不介意的話，您是否可以談談一些初步的高層行業或宏觀因素，特別是因為市場似乎對消費者和信貸有一些逐漸增加的擔憂。那麼，您如何初步看待 26 年的需求，以及競爭對手在皮卡領域推出一些額外產品時的一些競爭動態？

Yeah. Well, look, Joe, I think it's too early to start to speculate on 2026. I think our commentary that we could see '26 being better than '25, you start with, if the environment is the same, there's a lot of tools that we have that can lower our costs and drive better performance.

是的。好吧，喬，我認為現在開始推測 2026 年還為時過早。我認為我們的評​​論是，我們可以看到 26 年比 25 年更好，首先，如果環境相同，我們有很多工具可以降低成本並提高效能。

And we've touched on some of those, and we're getting better at warranty, reducing some of our EV losses, the net tariff burden, et cetera. So we'll obviously have more color as we complete our 2026 budget and get to our full year guidance in January. And we'll have a better understanding of where the consumer is and where the macro sits as well.

我們已經觸及其中的一些問題，我們在保固方面做得越來越好，減少了一些電動車損失、淨關稅負擔等等。因此，當我們完成 2026 年預算並在 1 月獲得全年指導時，我們顯然會擁有更多色彩。我們將更了解消費者在哪裡以及宏觀在哪裡。

Thank you.

謝謝。

Thanks, Joe.

謝謝，喬。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Good morning, everyone, and congrats. Just a first question on just the shifting emissions regulations. I'm just curious if you could talk about the extent of which over the next few years, it could allow you to sell more ICE full-size pickups and SUVs. As we think about our Orion capacity, should we think about that as effectively incremental volume growth opportunity for GM? Or is it sort of, to some degree, just a tariff mitigation from [Solow]?

偉大的。謝謝。大家早安，恭喜。第一個問題是關於不斷變化的排放法規。我只是好奇，您是否可以談談在未來幾年內，它可以在多大程度上讓您銷售更多的 ICE 全尺寸皮卡和 SUV。當我們考慮獵戶座的產能時，我們是否應該將其視為通用汽車有效的增量成長機會？或者某種程度上，這只是一種關稅減免[索洛]？

Well, Itay, thanks, and as we look at shifting emission regulation, first, we -- all the signals are there are going to be less. We've already seen some of it change. We are waiting, and I think it will be early into next year where it's finalized. But anticipating that we're going to be able to sell our internal combustion engine vehicles for longer. There's a couple of triggers.

好吧，Itay，謝謝，當我們考慮改變排放法規時，首先，我們——所有的訊號都表明排放將會減少。我們已經看到其中的一些變化。我們正在等待，我認為要到明年年初才能最終確定。但我們預計我們的內燃機汽車將能夠銷售更長時間。有幾個觸發因素。

First as we announced that installing Equinox into Fairfax, we have unmet demand from an Equinox perspective. So that's one upside. The second is around full-size trucks. And right now, we -- our demand -- we are supply-constrained from a full-size SUV. So when Orion comes online, that's going to give us an opportunity to fully maximize really what is the franchise for GM with full-size utilities.

首先，當我們宣布將 Equinox 安裝到費爾法克斯時，從 Equinox 的角度來看，我們的需求尚未得到滿足。所以這是一個好處。第二個是關於全尺寸卡車。而現在，我們的需求——全尺寸 SUV 的供應受到限制。因此，當 Orion 上線時，這將為我們提供一個機會，讓我們能夠充分發揮通用汽車在全尺寸實用車型方面的專營權。

And then with the truck, some of it will be -- we'll be shifting more to the US to -- from a tariff perspective, but also there could be global demand from a full-size truck perspective. So I think some of it is tariff mitigation, but there definitely is upside on some of the vehicles that have been constrained and demand has exceeded what we've been able to build.

然後對於卡車來說，從關稅角度來看，我們將把更多的卡車銷往美國，但從全尺寸卡車的角度來看，全球也可能有需求。所以我認為部分原因是關稅減免，但對於一些受到限制且需求超過我們生產能力的車輛來說，肯定是有好處的。

Terrific. That's very helpful. And then maybe as a follow-up, Mary. It's great to see the progress on Super Cruise and software and services. Curious how you're thinking about your next generation of Super Cruise. And maybe if you can also talk about where you are in the journey to personal AVs with the cruise team. Just love to get maybe an update on how you're thinking about the road map there.

了不起。這非常有幫助。然後也許作為後續，瑪麗。很高興看到超級巡航、軟體和服務的進展。好奇您對下一代超級巡航有何看法。或許您也可以與郵輪團隊討論您在個人自動駕駛汽車方面的進展。只是想了解一下您對那裡的路線圖的看法。

Sure. Well, I'm really pleased when we look at what we're having, that we're continuing almost with every quarter, Super Cruise gets better. We've now done integration with Google Maps. So our vehicles can follow a planned route when Super Cruise is engaged.

當然。嗯，當我看到我們所擁有的一切時，我真的很高興，我們幾乎每個季度都在繼續，Super Cruise 變得越來越好。我們現在已經完成了與 Google 地圖的整合。因此，當超級巡航啟動時，我們的車輛可以按照計劃的路線行駛。

We're working -- the cruise team and GM are working, and we have vehicles now that are operated by trained test drivers to gain more and more insights to train the next generation of features. Also bringing Sterling Anderson on, in addition to his product expertise, obviously, from his time at Aurora has significant expertise in the autonomy area, and this activity is now under him. So I think you're going to see Super Cruise continue to get better and better.

我們正在努力——巡航團隊和通用汽車正在努力，我們現在擁有由訓練有素的測試駕駛員操作的車輛，以獲得越來越多的見解來訓練下一代功能。此外，斯特林·安德森 (Sterling Anderson) 也加入了我們，除了他的產品專業知識之外，顯然，他在 Aurora 任職期間在自主領域擁有豐富的專業知識，現在這項活動由他負責。所以我認為你會看到 Super Cruise 變得越來越好。

We also are working on our next-generation software-defined vehicle that will really be a step-function improvement and I think put us at parity or potentially better than the best in the industry today. And we'll be sharing more about that on our GM Forward event.

我們也致力於開發下一代軟體定義汽車，這將是一個真正的階梯式改進，我認為它將使我們與當今行業中最好的汽車處於同一水平，甚至可能更好。我們將在 GM Forward 活動中分享更多相關資訊。

But I think that positions us well. And we're going to keep working, because we do believe it's going to be very important from -- to have personal autonomy and the PAV work. And we see Super Cruise continuing to build that we get to a full level for over time.

但我認為這對我們有利。我們將繼續努力，因為我們確實相信，擁有個人自主權和 PAV 工作非常重要。我們看到 Super Cruise 正在持續發展，並隨著時間的推移達到全面水平。

So we're definitely committed from an AV perspective, but we're making progress, I would say, driver assistance technology with Super Cruise. And we're really excited to see the adoption rates and the attach rates that we're seeing from a Super Cruise perspective.

因此，從 AV 的角度來看，我們絕對致力於此，但我想說，我們在超級巡航駕駛輔助技術方面正在取得進展。我們非常高興看到從超級巡航的角度來看的採用率和附著率。

Terrific. That's very helpful. Thank you.

了不起。這非常有幫助。謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, good morning. Thank you for taking the questions. Wanted to just jump back on to the tariffs. And it looks like your mitigation is yielding stronger benefits. Maybe you could just unpack that a bit because it seems like in the market, pricing is a bit maxed out. We haven't seen the type of price increases we would have expected.

嗨，早安。感謝您回答這些問題。只想重新討論關稅問題。看起來，你們的緩解措施正在產生更大的效益。也許你可以稍微解釋一下，因為在市場上，定價似乎有點過高。我們還沒有看到我們預期的價格上漲。

So looks like you're probably getting benefits off the other two buckets you've discussed, which is cost and footprint. What's the runway on actions there and how this plays out in '26? Just to be clear, the current guidance for '25 tariffs does not include any easing of Korea tariffs, is that correct?

因此看起來您可能從討論過的另外兩個方面獲益，即成本和足跡。那裡的行動路線是怎麼樣的呢？在 26 年會如何發展？需要明確的是，目前對 25 項關稅的指導並不包括放寬韓國關稅，對嗎？

Yeah, good morning, Dan, thanks for that question. So let me start with the first part. So if you go back to what we said at the beginning of the year, we really kind of highlighted three buckets, go-to-market, footprint changes and fixed cost reductions.

是的，早安，丹，謝謝你提問。那麼讓我從第一部分開始。因此，如果回顧我們年初所說的內容，我們實際上強調了三個面向：進入市場、足跡變化和固定成本削減。

So go to market, we were pretty quick out of the gate talk about changing our pricing forecast for the year if you remember in the first quarter call. And that's held up. And we still expect to be up 0.5% to 1% on pricing year over year, somewhat helped by model '26, continue to help by the disciplined inventory and incentive approach that we've taken across the board. So that continues to bode pretty well for us.

因此，如果您還記得第一季的電話會議，那麼進入市場後，我們很快就開始談論改變今年的定價預測。而這項計劃一直被擱置。我們仍預期價格將比去年同期上漲 0.5% 至 1%，這在一定程度上得益於模型 26，並將繼續得益於我們全面採取的嚴謹庫存和激勵方法。所以這對我們來說仍然是一個好兆頭。

On the manufacturing footprint piece, we have some of those savings. As you recall, we announced an increase in the [line] rate in Fort Wayne that's given us a little bit more utilization there, that has flown through. But the bulk of that is really going to be when the capital expenditures that we announced this year start to take effect in late '26, early '27 time frame.

在製造足跡方面，我們節省了一些成本。大家還記得，我們​​宣布提高韋恩堡的線路費率，這讓我們在那裡的利用率有所提高，這項措施已經實施。但其中大部分實際上要等到我們今年宣布的資本支出在 26 年底、27 年初開始生效時才能實現。

And then the third bucket is fixed cost. So I think we've done well to be disciplined there. We've seen a flattening of the curve pretty much, and I think we're maintaining that discipline. So all of those things we expect will hold into 2026 and the manufacturing footprint bucket can expand a little bit.

第三個部分是固定成本。所以我認為我們在這方面做得很好，遵守紀律。我們已經看到曲線基本上趨於平緩，我認為我們正在保持這種紀律。因此，我們預計所有這些情況都將持續到 2026 年，並且製造業足跡範圍可以稍微擴大。

And that's where we feel comfortable that we -- I believe, we can get our net tariffs to lower than what they are in 2025. And you're correct that there's no impact right now on any Korean changes in our guidance. We're still waiting for that to be finalized.

這就是我們感到安心的地方——我相信，我們可以將淨關稅降至低於 2025 年的水平。您說得對，目前韓國的任何變化都不會對我們的指導產生影響。我們仍在等待最終確定。

Okay, great. Thank you. I have a follow-up I wanted to ask about EVs. And wondering, you've talked about the opportunity for improving some of the EV -- reducing some of the EV losses that you have. Maybe you could just give us a sense of what you might be assuming or the parameters on whether it improves reduced overhead spend, reducing some of the EV sales.

好的，太好了。謝謝。我還有一個關於電動車的後續問題想問。並且想知道，您談到了提高部分 EV 的機會——減少部分 EV 損失。也許您可以讓我們了解您的假設或參數，看看它是否會改善降低管理費用，從而減少部分電動車的銷售。

And then how do we think about the EV line-up in this environment when, on a true economic basis, presumably, most of those vehicles have had problems or challenges on a variable profit basis, how you think about the need to sell those vehicles if you don't have the regulatory requirements out there?

那麼，在這種環境下，我們如何看待電動車陣容呢？從真正的經濟角度來看，大概大多數電動車在可變利潤方面都遇到了問題或挑戰，如果沒有監管要求，您如何看待銷售這些電動車的必要性？

Well, first, we do see EVs as being our North Star. The consumer feels -- or indications that we have really strong EVs as we've seen our market share grow throughout this year. So we think we've got EVs people want to have.

首先，我們確實將電動車視為我們的北極星。消費者感覺——或者說跡象表明我們的電動車確實很強大，因為我們看到我們的市場份額在今年全年都在增長。所以我們認為我們已經擁有了人們想要的電動車。

We did expect that we'll see EV sales slow in October and probably in Q4 based on the pull-ahead that we saw in Q3. So it's really going to be into early next year when we're going to know what true EV demand is. But we will -- our plan is to keep the retail EVs that we have again because they're so strongly recognized from a leading perspective.

根據第三季的領先優勢，我們確實預計 10 月電動車銷量將會放緩，並且可能在第四季也會放緩。因此，要到明年年初我們才能知道真正的電動車需求是多少。但我們會——我們的計劃是保留我們擁有的零售電動車，因為它們從領先角度獲得瞭如此強烈的認可。

And what we're really going to focus on is working on costs. We also are going to stay true to what we've said before that we're going to build to consumer demand. We're not going to overbuild. We're going to maintain that discipline.

我們真正要關注的是成本問題。我們也將信守我們先前所說的，我們將滿足消費者的需求。我們不會過度建設。我們將保持這一紀律。

We're going to maintain our discipline from an incentive. We're about half of what the rest of the industry is from an EV incentive perspective. So that discipline, I think, has paid off. And then we're going to work on how do we improve the EV profitability.

我們將從激勵的角度來維持我們的紀律。從電動車激勵的角度來看，我們的水平大約是業內其他公司的一半。所以我認為，這種紀律已經得到了回報。然後我們將研究如何提高電動車的獲利能力。

As Paul mentioned, we have several layers -- or levers to pull. For instance, all the work we're doing on complexity reduction, commonizing parts. Having an EV platform once we make a change, we can work it across all of our vehicles quickly. So that's the advantage of having the dedicated EV platform.

正如保羅所提到的，我們有幾個層面或槓桿需要拉動。例如，我們所做的所有工作都是為了降低複雜性、實現零件通用化。一旦我們做出改變，我們就有了一個電動車平台，可以快速地將其應用到我們所有的車輛上。這就是專用電動車平台的優勢。

We're investing in new battery technologies, LMR, that will allow us to take cost out of the vehicle in a -- from a significant fashion. And so those are just a handful of things that we're working on to improve EV profitability as we go forward. But continue to stay in the market and have strong EVs because we do think they're the future.

我們正在投資新的電池技術 LMR，這將使我們能夠大幅降低汽車成本。因此，這些只是我們為提高電動車獲利能力而正在努力做的一些事情。但我們會繼續留在市場上並擁有強大的電動車，因為我們確實認為它們是未來。

And Dan, I'll just add one more thing too, because, obviously, the EV demand is going to be pretty choppy for the near future, we think, as we come out of the [$7,500] and what we've already seen in October with some pretty significant pullback in demand. We do think that the EV market is going to stabilize from a supply standpoint.

丹，我還要補充一點，因為，顯然，我們認為，隨著我們走出 [7,500 美元] 的困境，以及我們在 10 月份已經看到的需求大幅回落，電動汽車的需求在不久的將來將會非常不穩定。我們確實認為從供應的角度來看電動車市場將會穩定下來。

We had a number of competitors out there that really we're selling EVs for whatever they could get for them because they really wanted to get the credits on the environmental side. So we do think it will be a more stable environment.

我們有很多競爭對手，他們實際上不惜一切代價銷售電動車，因為他們真的想在環境方面獲得積分。所以我們確實認為這將會是一個更穩定的環境。

While we have faced that competition with much more stable incentive levels in our portfolio, I think that will bode well for us in a more stable market as well. So I think that vehicle quality that Mary talked about against a more stable backdrop is going to be helpful as well.

雖然我們面臨的競爭是我們投資組合中激勵水平更加穩定，但我認為這對我們在更穩定的市場中也將是一個好兆頭。因此我認為瑪麗談到的在更穩定的背景下的車輛品質也會有所幫助。

Great. Thank you.

偉大的。謝謝。

Mike Ward, Citi Research.

花旗研究部的麥克沃德 (Mike Ward)。

Thanks very much. Good morning, everyone. Just as an outsider looking in, it seems like there's been a pretty significant cultural shift at General Motors to move fast. And I'm just curious, does that make GM less capital intensive as we get to less volatile market environments? And what's the best way for us to track that? Is it cash flow? Is it CapEx to revenue? How should we think about that?

非常感謝。大家早安。作為一個局外人，我們似乎可以發現通用汽車的文化發生了相當大的轉變，朝著快速發展的方向發展。我只是好奇，隨著市場環境波動性降低，這是否會降低通用汽車的資本密集度？那麼我們追蹤這一情況的最佳方法是什麼？是現金流嗎？資本支出與收入的關係是這樣的嗎？我們該如何看待這個問題？

Well, I'll talk about the cultural shift. I definitely think the team has really excelled in this area, from, as we get a challenge, and I've always said with all my experience at GM, when we have a clear challenge in front of us, that's when the team does their best work, aligns and really exceeds expectations on what they're able to do.

好吧，我來談談文化轉變。我確實認為團隊在這方面確實表現出色，當我們面臨挑戰時，我總是說，根據我在通用汽車的所有經驗，當我們面臨明確的挑戰時，團隊就會盡最大努力，協調一致，真正超出他們對自己能力的預期。

And I think you've seen that time and time again through COVID, through the semiconductor shortage, through some of the challenges we've had post COVID. And now this year into a dramatically changing regulatory environment and a change from -- the change to EVs as well as tariffs.

我認為你已經在新冠疫情、半導體短缺以及新冠疫情之後我們面臨的一些挑戰中一次又一次地看到了這一點。今年，監管環境發生了巨大變化，電動車和關稅也發生了變化。

And I'm really proud of the team for the results that we are delivering and sharing with you today because I think it speaks to the agility of the team, the speed. We don't sit around and look to blame others. We just say, okay, here's the situation, how are we going to adjust to it and how quickly can we do it?

我為我們今天所取得並與大家分享的成果感到非常自豪，因為我認為這體現了團隊的敏捷性和速度。我們不會坐在那裡責怪別人。我們只是說，好吧，情況就是這樣，我們該如何適應，以及我們能多快做到？

So I think as we go forward, there will be several things that we can look at. I think making the changes we've talked about from a footprint change and saying we're going to maintain our capital discipline within the $10 billion to $11 billion range is one proof point. And I don't know, Paul, if you want to add any others.

因此我認為，隨著我們不斷前進，我們可以專注於幾件事。我認為，從足跡變化的角度進行我們所討論的改變，並表示我們將把資本紀律保持在 100 億美元至 110 億美元的範圍內，就是一個證明點。保羅，我不知道您是否還想添加其他內容。

Well, I look at it very similarly. And I think also, Mike, the capital discipline, the inventory discipline and what we've learned really since COVID, I think, has helped us be more nimble. So the sluggishness of over-inventory, oversupply of times long ago, I think, helped -- hurt us in terms of being able to respond because you were always carrying around that weight. So by being leader, it is allowing us to go faster.

嗯，我的看法非常相似。麥克，我還認為，資本紀律、庫存紀律以及我們自 COVID 以來學到的東西，都幫助我們變得更有彈性。因此，我認為很久以前庫存過剩、供應過剩的低迷狀態對我們做出了幫助——也對我們造成了傷害，因為我們總是背負著這個負擔。因此，作為領導者，我們可以走得更快。

And as we make those decisions faster, I think we're better able to implement them. And that's really what the last few years has been all about, whether it was tariffs or chip shortage or COVID, the team has done an amazing job.

而且，隨著我們更快地做出這些決定，我認為我們能夠更好地實施它們。這就是過去幾年發生的事情，無論是關稅、晶片短缺還是 COVID，團隊都做得非常出色。

It shows up in the numbers. And it looks like when it's -- the surplus cash, you're just going to keep buying back the stock until we see otherwise. Is that the right way to read it?

它體現在數字上。看起來，當有剩餘現金時，你就會繼續回購股票，直到我們看到其他情況。這是正確的閱讀方式嗎？

Well, I think we'll continue to be wedded to our capital allocation policy. As you saw during the quarter, we invested in the business, of about $2 billion. We repurchased about $1.3 billion of debt retired that, and repurchased about $1.5 billion of stock. So that balanced capital allocation has served us really well and we expect to continue that.

嗯，我認為我們將繼續堅持我們的資本配置政策。正如您在本季看到的，我們對該業務的投資約為 20 億美元。我們回購了約 13 億美元的債務，償還了債務，並回購了約 15 億美元的股票。因此，平衡的資本配置對我們非常有利，我們希望繼續保持這種狀況。

I think the other thing, Mike, to think about is the upside that we have from a software and services perspective, we have incredibly talented engineers and people across the company who have been here who really know how to do great vehicles, pair them up with the team that we've been able to bring in from many of the different tech companies from a software perspective and from an AV perspective.

麥克，我認為另一件事是，從軟體和服務的角度來看，我們擁有非常有才華的工程師和全公司的員工，他們真正知道如何製造出優秀的汽車，並將他們與我們從許多不同的科技公司引進的軟體和 AV 團隊配對。

I think we're marrying the two worlds very successfully and I'm really excited about what we have coming in the future, not only the discipline of the core business, but what we can do from a software and services perspective.

我認為我們非常成功地將兩個世界結合在一起，我對我們未來的發展感到非常興奮，不僅是核心業務的紀律，還有我們從軟體和服務的角度可以做的事情。

And we've shared a little bit about that with what we have with OnStar and Super Cruise. But we think there's growth opportunity there with very attractive margins. So I think there's a lot to focus on as we go forward.

我們已經與 OnStar 和 Super Cruise 分享了一些相關資訊。但我們認為那裡有成長機會，利潤率非常誘人。因此我認為，在我們前進的過程中有很多事情需要關注。

I agree. Well, thank you very much. I appreciate the time.

我同意。好的，非常感謝。我很感激你抽出時間。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes, good morning. Thank you very much for taking the questions and congratulations on the good results. You mentioned you expect GM North America margin as to get back to 8% to 10% over time. Can you help us better understand what might have to happen to get back to that level? And how feasible do you think that margin level is without a substantial reduction in tariffs?

是的，早安。非常感謝大家回答問題，並祝賀取得好成績。您提到，您預計通用汽車北美利潤率將隨著時間的推移回升至 8% 至 10%。您能否幫助我們更好地理解需要採取哪些措施才能恢復到該水準？您認為，如果不大幅降低關稅，這幅度的削減有多大可行性？

Well, good morning Mark, thanks for the question. As we said earlier this year, that's our aspirational target, and we're not making excuses about what's happening to us. So I think giving some time to adjust the business is what gives us confidence to be able to get back to that 8% to 10% level.

嗯，早上好，馬克，謝謝你的提問。正如我們今年早些時候所說的那樣，這是我們的理想目標，我們不會為發生在我們身上的事情找藉口。因此，我認為給予一些時間來調整業務會讓我們有信心回到 8% 到 10% 的水平。

So we talked about some of the levers in the script about having a lower net tariff burden, whether it's agreements that get done or we continue to exercise our self-help and make sure that we're balancing the other inputs around the P&L, is helpful.

因此，我們討論了腳本中的一些關於降低淨關稅負擔的槓桿，無論是達成的協議還是我們繼續行使自助權並確保平衡損益表中的其他投入，都是有幫助的。

We've got, we believe, the opportunity to come over the hump on warranty expense. As we said, cash outflows has stabilized. That's a good indicator. So the liability has to catch up a little bit on the accruals. But hopefully, as we get into '26 and into '27 and beyond, we'll start to see some tailwinds on the warranty piece of it.

我們相信，我們有機會克服保固費用方面的困難。正如我們所說，現金流出已經穩定下來。這是一個很好的指標。因此，負債必須稍微彌補應計項目。但希望隨著我們進入 26 年、27 年及以後，我們將開始看到保固方面出現一些順風。

We think rightsizing EV capacity is going to be an important step for that too. As we've seen -- we talked a lot over the last couple of years about scaling into EVs was going to be an important driver of cost savings to fill that capacity that we had to build given the prior regulatory environment, making sure that we're balancing that burden in the future is going to help us.

我們認為，適當調整電動車產能也將是實現這一目標的重要一步。正如我們所見——過去幾年我們多次談到擴大電動車規模將成為節約成本的重要驅動力，以填補我們在先前的監管環境下必須建立的產能，確保我們在未來平衡這一負擔將對我們有所幫助。

And like Mary said, we could be successful in EVs in a smaller demand set, but one that's much more natural than really the artificial environment we've been in, which was really compliance driven. So going forward, we think there's a lot of forces there that can help us do it, and we're aiming to do that as soon as we can.

正如瑪麗所說，我們可以在較小的需求範圍內成功開發電動車，但這比我們所處的人工環境要自然得多，而人工環境實際上是由合規性驅動的。因此，展望未來，我們認為有很多力量可以幫助我們做到這一點，我們的目標是盡快做到這一點。

Thanks for that, Paul. My other question is on supply chain. I'm hoping to better understand where GM and its supplier stand with aspects, including aluminum, semis and rare earth in light of the recent events. And do you have visibility into how many weeks of stock GM and the suppliers have in some of these key areas and how fast you might be able to bring up the additional sources of supply if necessary?

謝謝你，保羅。我的另一個問題是關於供應鏈的。我希望根據最近發生的事件來更好地了解通用汽車及其供應商在鋁、半導體和稀土等方面的立場。您是否了解通用汽車和供應商在這些關鍵領域的庫存量是多少週，以及在必要時能多快提供額外的供應來源？

Sure. Well, I think just overarching, we've been working on for a few years to have supply chain resiliency after we live through COVID and the semiconductor shortage. And so from a battery raw materials, where Paul has led the activity to really work to source where we can from a North America perspective, we said either onshore or ally shore, and I think those investments will continue to pay off.

當然。嗯，我認為總的來說，在經歷了 COVID 和半導體短缺之後，我們已經努力了幾年，以實現供應鏈的彈性。因此，從電池原料來看，保羅領導的活動真正致力於從北美的角度尋找我們可以採購的地方，我們說無論是在岸還是在盟友的岸上，我認為這些投資將繼續獲得回報。

We saw it from a magnet perspective. And Lithium Americas, I think, is another strong another strong investment that we've made. I think when you look at the specific situation around Novelis, we are minimally impacted. We've been able to find alternative sources. So I don't think that's going to have an -- be an issue for us.

我們從磁鐵的角度來看它。我認為，Lithium Americas 是我們進行的另一項強大的投資。我認為，當你看到 Novelis 的具體情況時，我們受到的影響很小。我們已經能夠找到替代來源。所以我不認為這對我們來說是個問題。

And then as I said in the opening remarks, we are very hopeful from the China chip situation. And we know -- we understand, I should say, that the governments are talking, that are involved in this, and hoping that they will work through that, though our team had jumped into action with evaluating where we have potential disruptions and what different sources we could use. So the team is working around the clock to get that done.

正如我在開場白中所說的那樣，我們對中國晶片的情況充滿希望。我們知道——應該說，我們理解，各國政府正在討論此事，並希望他們能夠解決這個問題，儘管我們的團隊已經採取行動，評估哪些地方可能存在幹擾，以及我們可以使用哪些不同的來源。因此團隊正在日以繼夜地工作以完成這項工作。

And I don't have any specific timing to share with you, but I think that we're very hopeful this is going to get resolved in the meantime. But the team continues to work as we speak to make sure we continue to identify other sources that we keep running.

我沒有特定的時間可以與大家分享，但我認為我們非常希望這個問題能夠在此期間得到解決。但正如我們所說，團隊仍在繼續工作，以確保我們能夠繼續識別並繼續運作的其他來源。

And that's really common course for us in GM right now with some of the different supply chain challenges we've seen over the last couple of years, whether it's natural disasters or other issues affecting it. So our -- we have an incredibly strong supply chain that I'd like to recognize.

對於我們通用汽車來說，這確實是常見的情況，過去幾年來，我們遇到了一些不同的供應鏈挑戰，無論是自然災害還是其他影響供應鏈的問題。所以，我們擁有一條非常強大的供應鏈，這一點我很願意承認。

And also, the partnership we have with suppliers are working with us. I think this is where relationships matter. And we're going to continue to work to resolve. So I don't have any specific and we'll keep you posted as we have clarity.

此外，我們與供應商的合作關係也正在幫助我們。我認為這就是關係重要的地方。我們將繼續努力解決。所以我沒有任何具體消息，一旦有明確消息我們會及時通知您。

Thank you.

謝謝。

Ryan Brinkman, JP Morgan.

摩根大通的瑞安·布林克曼。

Hi, thanks for taking my question. After another strong quarter of performance from GM Financial and given the seemingly increased investor interest in consumer auto loan performance, I thought to ask on what you're seeing on that front, how your overwhelmingly prime customers purchasing above industry average transaction prices might be faring relative to the average borrower or even to the subprime borrower where it seems much of the concern may lie in the aftermath of the Tricolor bankruptcy?

你好，謝謝你回答我的問題。通用汽車金融公司又一個季度表現強勁，而且投資者對消費者汽車貸款表現的興趣似乎有所增加，我想問一下您在這方面的看法，相對於普通借款人，甚至次級借款人而言，以高於行業平均交易價格購買汽車貸款的絕大多數優質客戶的情況如何？在三色公司破產之後，人們似乎最擔心的是次級借款人的情況。

Recently, you shared some stress testing of the GMF portfolio. I think you're relatively more bullish on the consumer. But in the event that employment were to weaken in the US in fact, did enter a downturn, what type of performance could investors reasonably expect from the GM portfolio?

最近，您分享了一些 GMF 投資組合的壓力測試。我認為你對消費者相對來說更樂觀。但如果美國就業率確實下降，進入衰退期，投資人可以合理地預期通用汽車投資組合會有什麼樣的表現？

Ryan, I'll start and then I'll turn it over to Susan Sheffield who's on the line as well. She's done a great job of taking over after Dan, and the team has done a, what I would say is continue to be really strong, and hold them up as what I would say is probably the best auto captive out there for sure, and their execution has been strong. Susan?

瑞安，我先開始，然後我會把時間交給蘇珊謝菲爾德，她也在線上。她在接替丹的工作中表現出色，整個團隊也做得很好，我想說的是，他們繼續保持強大，我認為他們可能是最好的汽車俘虜，他們的執行力很強。蘇珊？

Yeah. Thanks, Paul, and thanks, Ryan, for the question. What we've seen so far in our portfolio performance as a consumer that's been pretty resilient. We've seen credit performance kind of as we would expect to see given the credit mix on our portfolio, which is predominantly prime. As we've said, even in the less than prime space, in the subprime space, which is a very, very small part of our portfolio, that performance too has been pretty consistent.

是的。謝謝保羅和瑞安提出這個問題。到目前為止，從消費者的角度來看，我們的投資組合表現相當有彈性。我們看到的信貸表現與我們預期的一樣，因為我們投資組合中的信貸組合主要是優質信貸。正如我們所說，即使在次優級領域，即次級抵押貸款領域（這在我們的投資組合中只佔很小一部分），其表現也相當穩定。

Yes, there is some stress for those borrowers, but they continue to be employed. And so performance, again, really as expected. And we see the normal seasonal trends that we see, but charge-offs were pretty flat year over year on -- so at 1.2%. So again, pretty resilient consumer. We're tracking everything very carefully, but performance has been good.

是的，這些借款人確實面臨一些壓力，但他們仍然有工作。因此，性能再次確實符合預期。我們看到了正常的季節性趨勢，但沖銷額與去年同期相比持平，為 1.2%。所以，消費者的適應力還是相當強的。我們非常仔細地追蹤一切，但表現一直很好。

And then as far as the stress test, we have a very strong balance sheet, and we manage our business to make sure we have a strong balance sheet and we can weather any changes that might come along. And unemployment history would tell us that, if unemployment rises, that will have an impact. But we are in really good shape from where we sit now, and again, seeing a pretty resilient customer.

就壓力測試而言，我們擁有非常強勁的資產負債表，我們管理我們的業務以確保我們擁有強勁的資產負債表，並且能夠經受住可能出現的任何變化。失業歷史告訴我們，如果失業率上升，就會產生影響。但從目前的情況來看，我們的狀況確實很好，而且我們再次看到了一個相當有韌性的客戶。

And again, I would say from an affordability standpoint, given the breadth of products that we offer at GM at multiple price points, we're able to serve the customer there and get them into a vehicle that they can afford.

而且，我想說，從可負擔性的角度來看，鑑於通用汽車提供的多種價位的產品，我們能夠為客戶提供服務，讓他們購買到他們能夠負擔得起的汽車。

Okay. Thank you. And then just lastly for me. If I would just sort of combine the comment on slide 23 that '26 is expected to be even stronger than '25, which is now guided to $12.5 billion of EBIT at the midpoint, if I sort of combine that with what I thought I heard you say in response to an earlier question that you haven't included the tailwind from lower Korea tariffs, which I've estimated at $1 billion, because they haven't been finalized, and presumably for the same reason you haven't included any tailwind from the elimination of GAC or corporate average fuel economy credits because some of those promulgations have yet to be finalized, and I estimate that at $1 billion, is it fair to say that, under some potentially likely circumstances here, that $14.5 billion of EBIT is even on the horizon as reasonably possible next year?

好的。謝謝。最後，對我來說。如果我將第 23 張投影片上的評論結合起來，即預計 26 年將比 25 年更加強勁，現在預計中點息稅前利潤為 125 億美元，如果我將其與您在回答之前的問題時所說的結合起來，即您沒有包括韓國降低關稅帶來的順風，我估計為 10 億美元，因為它們尚未確定或企業平均燃油經濟性積分帶來的順風，因為其中一些頒布尚未最終確定，而我估計為 10 億美元，那麼，在某些可能的情況下，是否可以說 145 億美元的息稅前利潤明年有望實現？

Well, thanks, Ryan. I don't think we're going to get into any specific commentary directionally on your model. I appreciate the thoughts. There's a lot of things that can change going forward. But as we said, we do expect that 2026 can be better than 2025 assuming a similar macro backdrop going forward for all the reasons that we articulated. So we're going to continue to just focus on executing the business and executing the plan, and that's worked really well for us, and we expect it will in '26.

好吧，謝謝，瑞安。我認為我們不會對您的模型進行任何具體的方向性評論。我很欣賞這些想法。未來有很多事情可能會改變。但正如我們所說，我們確實預計，假設未來的宏觀背景與我們所闡述的所有原因類似，那麼 2026 年的表現會比 2025 年更好。因此，我們將繼續專注於執行業務和執行計劃，這對我們來說非常有效，我們預計在 26 年也會如此。

Okay. Thank you very much.

好的。非常感謝。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Thanks everybody. So Mary, this is my last GM conference call, which is bittersweet. It's bitter for me, it might be sweet for you. But I just have to acknowledge the consistency of the team's execution through some really challenging environments. You have higher margins and higher growth than Tesla and you trade at 6 times earnings, not 200 times earnings.

謝謝大家。瑪麗，這是我最後一次參加總經理電話會議，真是令人喜憂參半。對我來說是苦的，但對你來說可能是甜的。但我必須承認，在一些真正具有挑戰性的環境中，團隊的執行力始終保持一致。您的利潤率和成長率都比特斯拉高，而且您的本益比為 6 倍，而不是 200 倍。

So basically, you guys have been kicking butt and proving the skeptics, including, at many times, myself included, very, very wrong. So I just wanted to acknowledge that for the record, and bravo to the team. Mary, I've got a couple of questions for you. First, China, do you see a future for Chinese OEMs participating in the US market? And if so, how do you see that evolving?

所以基本上，你們一直在努力證明懷疑論者，包括我自己，都是大錯特錯。所以我只是想承認這一點，並向團隊致敬。瑪麗，我有幾個問題想問你。首先，中國，您認為中國主機廠參與美國市場有前景嗎？如果是的話，您認為其將如何發展？

Well, first, Adam, I really appreciate your comments. I couldn't be more proud of the team, of not only the strategy that we've outlined, but the agility to handle all the different changes, and the execution is really paying off. And although you and I haven't always been completely aligned, I always appreciated the ability to discuss it. So I wish you well in your next assignment.

嗯，首先，亞當，我非常感謝你的評論。我為這個團隊感到無比自豪，不僅因為我們所製定的策略，還因為我們能夠靈活地應對各種變化，而且執行也確實取得了成效。儘管你和我並不總是完全一致，但我一直很感激能夠討論它。所以我祝福你在下一個任務中一切順利。

As it relates to China competition, I have no control of what's going to happen from a China perspective of where they compete and where they don't. What I will tell you is General Motors is focused on making sure we have beautifully designed vehicles with the right technology, at the right cost.

就與中國競爭而言，我無法控制從中國的角度來看他們在哪些地方競爭、在哪些地方不競爭。我要告訴你們的是，通用汽車致力於確保我們能夠以合適的成本，生產出設計精美、採用合適技術的汽車。

We understand those vehicles very well from our -- not only from our JV in China, but also from the comparisons that we've done. And so we're aiming to compete. We need a level playing field, and I've been pretty vocal about that. But given a level playing field, we plan to compete, and with better vehicles that customers want to have like we're doing today.

我們不僅從我們在中國的合資企業了解這些車輛，而且從我們所做的比較中也了解這些車輛。因此我們的目標是參與競爭。我們需要一個公平的競爭環境，我已經明確地表示了這一點。但在公平的競爭環境下，我們計劃參與競爭，並推出客戶想要的更好的汽車，就像我們今天所做的那樣。

Thanks, Mary. And just as a follow-up on autonomous vehicles. It does look like the autonomous vehicle problem, once seen as basically nearly impossible, is getting solved -- is getting solved. If you haven't been in Austin recently or SF, I mean, I know you guys get around, it's incredible.

謝謝，瑪麗。這只是對自動駕駛汽車的後續研究。看起來，曾經被認為幾乎不可能解決的自動駕駛汽車問題正在解決——正在解決。如果你最近沒有去過奧斯汀或舊金山，我的意思是，我知道你們到處都去過，那裡真是太棒了。

Now you've recalibrated your autonomous efforts to focus more on the ADAS and Super Cruise and the personal autonomy side. And thanks for the disclosure of the $200 million of revenue, anything of how profitable that is would be helpful.

現在，您已經重新調整了自主努力，將更多精力放在 ADAS 和超級巡航以及個人自主方面。感謝披露 2 億美元的收入，任何有關這筆收入的盈利情況的資訊都會有所幫助。

But you are -- and you did say in your comments, you're still committed to bringing a Level 4 autonomy. But I think you caveat it by saying to personal vehicles. I'm wondering, are you rolling out robotaxi? Or is it just let's do the personal first and see where it goes? And in that vein, what milestones can we expect for 2026 on your autonomy journey? Thanks, Mary. Thanks team.

但是您——而且您在評論中確實說過，您仍然致力於實現 4 級自主性。但我認為你對私人車輛的說法提出了警告。我想知道，你們正在推出自動駕駛計程車嗎？或者我們先做個人的事情，看看結果如何？那麼，我們可以期待您在 2026 年的自主探索之旅中取得哪些里程碑呢？謝謝，瑪麗。謝謝團隊。

Yeah. First of all, I am really pleased with the performance from Super Cruise today and the fact that it continues to get better. And as I said, we're enjoying 70% -- approximate 70% margins on that business. We are focused on personal autonomy and Level 4. We're not in a Rideshare 1.0 today.

是的。首先，我對 Super Cruise 今天的表現以及它不斷進步的趨勢感到非常滿意。正如我所說，我們在該業務上享有 70% 左右的利潤率。我們專注於個人自主和 4 級。我們今天還沒有進入 Rideshare 1.0 時代。

And when you look at owning a fleet and all the other aspects that go into running a robotaxi fleet, that's not our core business today, that's where we're focused. We're focused on individual vehicles. I think we've seen, even with Rideshare 1.0 today, people leverage those, but they still want to own a car and that freedom of I can go where I want to go, when I want to go.

當你考慮擁有一支車隊以及營運自動駕駛計程車車隊的所有其他方面時，你會發現這不是我們今天的核心業務，而是我們關注的重點。我們專注於個人車輛。我想我們已經看到，即使今天有了 Rideshare 1.0，人們也會利用這些，但他們仍然希望擁有一輛汽車，並且能夠自由地去任何我想去的地方，在我想去的時候。

And so we think that's going to be with us for an extended period of time. But personal autonomy on those vehicles will be very important. We'll have more to share as we get into next year what our milestones are, but I can tell you the team is working aggressively.

因此我們認為這種情況將會持續很長一段時間。但這些車輛上的個人自主性將非常重要。進入明年，我們將分享更多我們的里程碑，但我可以告訴你，團隊正在積極工作。

And as I said before, the software team, in partnership with the cruise resources, along with Sterling Anderson, who joined from Aurora, I think puts us in a really strong position. So stay tuned on those '26 milestones. And like I said, there'll be a bit more that we'll be sharing tomorrow in our GM Forward Media Day. So appreciate it, Adam, and best of luck to you.

正如我之前所說，軟體團隊與郵輪資源部門以及從 Aurora 加入的 Sterling Anderson 合作，我認為讓我們處於非常有利的地位。因此請繼續關注這 26 個里程碑。正如我所說的，明天我們將在 GM Forward 媒體日上分享更多。非常感謝，亞當，祝你好運。

Thanks so much.

非常感謝。

Emmanuel Rosner, Wolfe Research.

羅斯納 (Emmanuel Rosner)，沃爾夫研究公司。

Thank you so much. I was hoping to drill down a little bit more on some of these levers you have for continued progress in 2026. And maybe starting with the EV losses. Can you maybe help us better understand or dimension some of the recent actions you've taken in Q3 and Q4, writing down some of the EV assets and sort of like shifting your own capacity? Just those, all else equal by themselves, by how much does this improve your EV structural costs?

太感謝了。我希望更深入地探討你們在 2026 年繼續取得進步的一些手段。也許從 EV 損失開始。您能否幫助我們更好地理解或衡量您在第三季和第四季採取的一些最新行動，例如減記部分電動車資產以及轉移您自己的產能？僅憑這些，在其他所有條件相同的情況下，這能在多大程度上改善您的電動車結構成本？

So good morning, Emmanuel, I think if you look at this year, we talked about being able to improve our profitability with higher volume. And what we've seen is when we get into a situation where we have sequential step-downs in production capacity, it really wreaks havoc throughout the supply chain, logistics, supplier ramp-up costs, et cetera. So we found ourselves sort of chasing that downward.

早安，伊曼紐爾，我想如果你看看今年，我們討論的是能夠透過更高的銷量來提高獲利能力。我們看到，當我們陷入生產能力持續下降的情況時，它會對整個供應鏈、物流、供應商提升成本等造成嚴重破壞。所以我們發現自己正在向下追逐這個目標。

And what we really ultimately realized is for now, under the changing regulatory environment, we expect EV demand growth to slow pretty significantly from what it was going to be. And so we need to make sure that we right size the capacity footprint to be able to not have to absorb a lot of those fixed costs. So while it's unfortunate, I think it is a quick adjustment to the reality around us that we're facing, and we're pivoting to be able to do that.

我們最終意識到的是，就目前而言，在不斷變化的監管環境下，我們預計電動車需求成長將比預期大幅放緩。因此，我們需要確保正確確定產能規模，以免承擔大量固定成本。因此，雖然這很不幸，但我認為這是對我們所面臨的現實的快速調整，我們正在努力做到這一點。

So the charges that we took in the quarter will help that a little bit. And as we've said, we're continuing to review this. We do expect there to be some additional charges in 4Q. We haven't fully sized that up. But as we do that work and ultimately finalize that in the quarter, I think we'll have a better view of how we can translate that to '26 and beyond.

因此，我們在本季收取的費用將會對此有所幫助。正如我們所說，我們將繼續審查此事。我們確實預計第四季度會有一些額外的費用。我們還沒有完全評估這一點。但隨著我們完成這項工作並最終在本季度完成，我認為我們將對如何將其轉化為 26 年及以後有更好的了解。

Understood. And then on the CapEx front, the lower spending presumably on the EV side, is there any opportunity or appetite to reduce overall CapEx for the company? Or is there a lot of need for this to be reallocated elsewhere?

明白了。那麼在資本支出方面，電動車方面的支出可能較低，是否有機會或意願降低公司的整體資本支出？或者是否有必要將其重新分配到其他地方？

Well, I think, Emmanuel, we've talked about this fairly extensively. If you look at the inflation adjusted numbers, our capital expenditures are pretty much in line with where they were at the end of the last decade before COVID. I mean the absolute numbers are higher.

嗯，我認為，伊曼紐爾，我們已經相當廣泛地討論過這個問題了。如果你看一下經通膨調整後的數字，你會發現我們的資本支出與 COVID 爆發之前的上個十年末的水平基本一致。我的意思是絕對數字更高。

But the inflation adjusted numbers are actually pretty similar, while our cash generation is up exponentially. So I think where we have strong affordability of what we can do with the investments, I think we've demonstrated some resiliency.

但經通膨調整後的數字其實非常相似，而我們的現金產生量卻呈指數級增長。因此，我認為，只要我們能承受投資帶來的巨大影響，我們就展現出一定的韌性。

As you look at capital expenditures going forward, what we've said is the last couple of years have been about expanding the portfolio of EVs for the next few years. It's going to be about lowering the cost and making structural improvements to the battery cells and to the architecture going forward as well as some now incremental investment into internal combustion engine vehicles because those are going to be around longer and probably more in demand than they otherwise would have under the prior regulatory environment.

當您展望未來的資本支出時，我們曾說過過去幾年致力於擴大未來幾年的電動車產品組合。這將涉及降低成本並對電池單元和未來的架構進行結構性改進，以及對內燃機汽車進行一些增量投資，因為與先前的監管環境相比，內燃機汽車將存在更長時間，並且可能更受歡迎。

So balancing those capital needs within the constraints of how much cash we're generating, I think it's hard to poke at our free cash flow generation and what we've done with that discipline. So I think we're very, very good where we're at the $10 billion to $12 billion range, for the next couple of years.

因此，在我們產生的現金量的限制內平衡這些資本需求，我認為很難探究我們的自由現金流產生以及我們在這紀律下所做的事情。所以我認為，在未來幾年內，我們的收入將保持在 100 億至 120 億美元的範圍內，這是非常非常好的。

Understood. Thank you.

明白了。謝謝。

Chris McNally, Evercore.

克里斯·麥克納利，Evercore。

Thanks so much, team. Mary, echo the applause on the [stellar] execution, I think, shared by most on the call just to start. But maybe a bit of a boring question for Paul. Ironically, I think one of the parts of this year's upside, which has not been the expected major contributor that we all thought, was pricing.

非常感謝，團隊。瑪麗，我想，一開始，電話會議上的大多數人都對這次出色的執行表示讚賞。但對保羅來說，這可能是個有點無聊的問題。諷刺的是，我認為今年上漲的因素之一是定價，而這並沒有像我們想像的那樣成為主要推動因素。

And Paul, when we reconcile some of the average wholesale unit price that we see that we can back into, it's up almost 5% Q3, it's up 2.5% year-to-date, but the walk guide is only up 50 basis points to [100 basis points]. You talked about the fleet drag on Q2.

保羅，當我們核對一些我們可以回溯的平均批發單價時，第三季度上漲了近 5%，今年迄今上漲了 2.5%，但步行指南僅上漲了 50 個基點[100個基點]。您談到了第二季的船隊拖累。

But would we have seen that in the wholesale ASPs as well? I apologize, it sounds like a modeling question. But what are we missing between the wholesale pricing and pricing in the walk?

但我們也會在批發 ASP 中看到這種情況嗎？抱歉，這聽起來像是建模問題。但是批發定價和步行定價之間我們忽略了什麼？

When we've gone to market and looking at incentives. I think we've seen some step-up in incentives on the EV side generally across the industry, and a little bit of incentive pressure as we've seen throughout the quarter from some of our competitors. I think we've maintained some pretty remarkable discipline in the face of all of that, and I think that's continuing to serve us well.

當我們進入市場並尋找激勵措施時。我認為我們已經看到整個行業在電動車方面的激勵措施有所加強，正如我們在整個季度所看到的，我們的一些競爭對手也施加了一些激勵壓力。我認為，面對這一切，我們仍然保持著相當出色的紀律，我認為這將繼續對我們起到良好的作用。

So I don't think I would complain about being up 0.5% to 1% on pricing this year in the aggregate going forward. We want to continue to make sure that we balance our performance against customer affordability issues and GMF and everything that Susan mentioned as well. So I think that's an important piece of the puzzle. But maintaining that discipline, I think, is going to be helpful for us into 2026.

因此，我認為我不會抱怨今年總體價格上漲 0.5% 到 1%。我們希望繼續確保我們的業績與客戶承受能力問題、GMF 以及蘇珊提到的所有問題之間取得平衡。所以我認為這是謎題中的一個重要部分。但我認為，維持這種紀律將對我們在 2026 年有所幫助。

And then, Paul, that's just the follow-up. Is one of the pieces on the walk you talked about as some of the lower EV losses will be lower EV incentives? So even though it's kind of a mid-teens 10% portion of the overall sales, the incentive isn't quite high there because of the competitive environment and as those are walked down, that's a piece of this year over year EBIT walk for ICE and maybe for EVs and a little bit of ICE on the overlay?

然後，保羅，這只是後續問題。您在遊行中談到的一個問題是，較低的電動車損失是否意味著較低的電動車激勵？因此，儘管它只佔總銷售額的 10% 左右，但由於競爭環境，激勵措施並不高，而且隨著這些因素的下降，這是否是 ICE 和電動汽車以及覆蓋層上的一小部分 ICE 的息稅前利潤同比增長的一部分？

Yeah. I think it's a little bit too soon to tell. I mean we certainly have seen a lot of behavior from competitors where they increased incentives into the face of the pull-ahead demand in September, et cetera. I mean that really looks like a sign of kind of liquidating a lot of inventory, and we've seen inventories come down, which I think portends for a more stable supply-demand balances as we talked about earlier.

是的。我認為現在下結論還為時過早。我的意思是，我們確實看到競爭對手的許多行為，他們增加了激勵措施來應對 9 月的提前需求等等。我的意思是，這確實看起來像是大量庫存清算的跡象，而且我們已經看到庫存下降，我認為這預示著供需平衡將更加穩定，正如我們之前談到的。

So for what it's worth, our incentives, as disciplined as we've been on the ICE side, the difference between us and the industry on the EV side is actually even more stark. So we expect that that can be stabilized for us.

因此，不管怎樣，我們的激勵措施，儘管我們在 ICE 方面一直很嚴格，但我們與電動車產業的差異實際上更加明顯。因此，我們期望這種情況能夠穩定下來。

And the customers that want EVs, and let's remember, there was EV adoption before the $7,500 tax credit and there will be EV adoption afterwards, I think those customers are looking for the quality and the range of vehicles that we can provide with our platforms.

對於想要電動車的客戶，讓我們記住，在 7,500 美元的稅收抵免之前就已經採用了電動車，之後還會採用電動車，我認為這些客戶正在尋找我們可以透過平台提供的車輛的品質和範圍。

And I think that will bode well for us. But we certainly expect that we can get into a stable run of improving profitability. But we do have a ways to go, and we're going to be patient about how we do that.

我認為這對我們來說是個好兆頭。但我們確實期望我們能夠進入獲利能力不斷提高的穩定階段。但我們還有很長的路要走，我們會耐心地思考如何做到這一點。

Much thanks. Impressive results again.

非常感謝。再次取得了令人印象深刻的成果。

Federico Merendi, Bank of America.

費德里科·梅倫迪，美國銀行。

Good morning, guys. One question on the back of what Adam asked about China. During the quarter, you mentioned that you're partnering with Hyundai for the development of new vehicles, and I believe it was for South America. Is that the strategy of GM to go or at least to compete with Chinese OEMs going global? And is it -- should we think about GM going after the international markets once again?

大家早安。亞當問了有關中國的問題，後面還有一個問題。在本季度，您提到正在與現代合作開發新車，我相信這是針對南美洲的。這是通用汽車的全球策略嗎？或至少是為了與中國汽車製造商競爭全球策略？那麼，我們是否應該考慮讓通用汽車再次進入國際市場呢？

Well, I think in many of the international markets, we have a strong business today. Paul mentioned in his comments, the Middle East, we're seeing very strong full-size truck and full-size SUV. We've seen progress in our South America markets, and the Chevrolet brand is doing well there, and it's also considered a premium brand in many of the South American markets.

嗯，我認為在許多國際市場上，我們今天的業務都很強勁。保羅在評論中提到，在中東，我們看到了非常強勁的全尺寸卡車和全尺寸 SUV。我們在南美市場取得了進展，雪佛蘭品牌在那裡表現良好，在許多南美市場也被視為高端品牌。

I think the partnership that we announced with Hyundai speaks to what I think the industry can do more of, do things that the consumer -- or not consumer-facing where we can save from an R&D perspective and in cases, save from a capital perspective, and we're looking to do that and get those efficiencies to make our vehicles even more competitive. So I think it's a broad strategy and we really have a strong partnership with Hyundai that we'll continue to evaluate as we go forward for additional opportunities.

我認為，我們與現代宣布的合作夥伴關係表明了我認為行業可以做更多的事情，做一些面向消費者或不面向消費者的事情，我們可以從研發角度節省成本，在某些情況下，從資本角度節省成本，我們希望做到這一點並提高效率，使我們的汽車更具競爭力。所以我認為這是一個廣泛的策略，我們與現代汽車有著牢固的合作關係，我們將在尋找更多機會的過程中繼續評估這種合作關係。

Thank you, Mary. And maybe I missed on this, but what are the working assumptions for 2026 in terms of tariffs for Mexico and Canada? Should we expect that something will be -- I mean, what are you expecting there?

謝謝你，瑪麗。也許我忽略了這一點，但就墨西哥和加拿大的關稅而言，2026 年的工作假設是什麼？我們是否應該期待一些事情發生——我的意思是，您在那裡期待什麼？

Well, right now, the tariffs are 25% and 35%. I know there's conversations going on between the governments. But I'm not going to get ahead of that. So we're just continuing to monitor it just like you. So there's nothing -- no change built into our assumptions.

嗯，現在的關稅是25%和35%。我知道兩國政府之間正在進行對話。但我不會超越這一點。因此，我們會像您一樣繼續監控它。因此，我們的假設沒有任何改變。

Got it. Thank you very much.

知道了。非常感謝。

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

謝謝。現在我想請瑪麗·博拉發表最後演說。

Thank you. And I want to thank everybody for joining us this morning. I want to reiterate my confidence in the strength and adaptability of our team and our vehicle portfolio, which we believe has set GM up for long-term success.

謝謝。我要感謝大家今天早上的參加。我想重申我對我們團隊和汽車產品組合的實力和適應能力的信心，我們相信這為通用汽車的長期成功奠定了基礎。

Our immediate priorities are clear. We are committed to restoring North America to our historical margin levels, accelerating the expansion of our software and services business, on top of great vehicles. We also see significant new opportunities ahead.

我們的當務之急很明確。我們致力於將北美的利潤率恢復到歷史水平，並在生產優質汽車的同時加速軟體和服務業務的擴張。我們也看到了未來重大的新機會。

Our investments in advanced technologies, manufacturing and talent are creating a more resilient, innovative GM capable of leading through change and delivering strong results for our shareholders. So in closing, I'd like to thank our employees, dealers, suppliers and other partners once again for their ongoing dedication, hard work, because I believe this continues to set us apart.

我們對先進技術、製造和人才的投資正在打造一個更具韌性、更具創新性的通用汽車，能夠引領變革並為我們的股東帶來強勁的業績。最後，我要再次感謝我們的員工、經銷商、供應商和其他合作夥伴的持續奉獻和辛勤工作，因為我相信這將使我們繼續與眾不同。

We're focused on building great vehicles, providing exceptional customer experience and creating lasting value for all of our stakeholders. And I look forward to updating you on our progress in the quarters ahead. Before I close, I would like to recognize, though, the tremendous progress our Cadillac Formula One team has been making.

我們專注於打造優秀的汽車，提供卓越的客戶體驗，並為所有利害關係人創造持久的價值。我期待在未來幾季向您通報我們的進展。在結束之前，我想承認我們的凱迪拉克一級方程式車隊已經取得了巨大的進步。

We're rapidly approaching a historic moment for our company and the sport. In March of 2026, Cadillac will become the first American car brand on the F1 grid at the season opener in Australia, and will race for the first time on US soil in Miami in May.

我們正在迅速迎來我們公司和這項運動的歷史性時刻。2026年3月，凱迪拉克將成為第一個登上澳洲F1賽季揭幕戰的美國汽車品牌，並將於5月在邁阿密首次在美國本土參賽。

The recent announcement that Apple will broadcast F1 exclusively in the US will put the Cadillac brand in homes of multiple audiences and help us build even stronger connections to an estimated fan base of 52 million people in the US alone. And when we think about F1, it's very aligned with where the Cadillac brand is today with all the work we've done to make it a true luxury American brand.

蘋果最近宣布將在美國獨家轉播 F1，這將使凱迪拉克品牌走進眾多觀眾的家中，並幫助我們與僅在美國就約 5200 萬的粉絲群建立更緊密的聯繫。當我們想到 F1 時，它與凱迪拉克品牌的現狀非常一致，我們為使其成為真正的美國豪華品牌所做的所有努力。

So thank you, everyone, again. I look forward to talking to you next quarter.

再次感謝大家。我期待下個季度與您交談。

Thank you. That concludes today's conference. Thank you for participating, and thank you for joining.

謝謝。今天的會議到此結束。感謝您的參與，感謝您的加入。