通用汽車 (GM) 2025 Q4 法說會逐字稿

Good morning, and welcome to the General Motors Company fourth-quarter and full-year 2025 conference call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, January 27, 2026.

早安，歡迎參加通用汽車2025年第四季及全年業績電話會議。（操作員說明）提醒各位，本次電話會議將於2026年1月27日星期二進行錄音。

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

現在我將把會議交給通用汽車投資者關係副總裁阿什什·科利。

Thanks, Amanda, and good morning, everyone. We appreciate you joining us as we review GM's financial results for the fourth quarter and full year 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年第四季和全年的財務表現。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。我們同時透過網路直播此次通話。

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.

今天與我們一同出席的有通用汽車董事長兼首席執行官瑪麗·巴拉，以及通用汽車執行副總裁兼首席財務官保羅·雅各布森。通用汽車金融公司總裁兼執行長蘇珊謝菲爾德也將參加問答環節。

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 this call will be governed by this language.

在今天的電話會議上，管理層將就我們的預期發表前瞻性聲明。這些聲明存在風險和不確定性，可能導致我們的實際結果與這些聲明有重大差異。這些風險和不確定性包括我們在提交給美國證券交易委員會的文件中確定的因素。請查閱我們簡報第一頁上的“安全港聲明”，因為本次電話會議的內容將受該聲明約束。

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

接下來，我很高興把電話交給瑪莉。

Thank you, Ashish, and good morning, everyone.

謝謝你，阿什什，大家早安。

I'm incredibly proud of our global team, including our dealers and suppliers, for delivering an exceptional 2025. Together, we grew the business and adapted to significant changes in tax and trade policy to deliver full-year EBIT-adjusted at the high end of our guidance range. We are pleased that we delivered a total return of 54% for our investors, and I'd like to share some of the operating highlights that underscore our momentum.

我為我們的全球團隊，包括我們的經銷商和供應商，感到無比自豪，他們共同打造了卓越的 2025 年。我們共同發展業務，並適應稅收和貿易政策的重大變化，最終實現了全年經調整後的息稅前利潤，達到了我們預期範圍的高端水平。我們很高興為投資者帶來了 54% 的總回報，我想和大家分享一些體現我們發展勢頭的營運亮點。

In the United States, we achieved our highest full-year market share in a decade. In fact, 2025 was our fourth consecutive year of market share growth and we continue to deliver with low inventory, low incentives, and strong pricing. Once again, GM led the industry in full-size pickups and full-size SUVs, and we had our best year ever in crossovers, driven by vehicles like the redesigned Chevrolet Equinox and Traverse. We have also been very successful with smaller profitable crossovers like the Chevrolet Trax and Buick Envista because we provide tremendous value with great styling, technology, and a suite of safety features at some of the lowest prices in the market.

在美國，我們實現了十年來最高的全年市場份額。事實上，2025 年是我們連續第四年實現市場份額成長，我們繼續以低庫存、低激勵和強勁的定價策略為市場帶來成長。通用汽車再次在全尺寸皮卡和全尺寸SUV領域引領行業，而跨界車領域也取得了有史以來最好的成績，這主要得益於像重新設計的雪佛蘭Equinox和Traverse這樣的車型。我們在雪佛蘭Trax和別克Envista等小型獲利跨界車方面也取得了巨大成功，因為我們以市場上最低的價格提供了極具價值的時尚造型、先進技術和一系列安全功能。

We're very proud that Car and Driver named Chevrolet Trax to its 10 Best List for the third year in a row, joining the Chevrolet Corvette, Cadillac CT5-V Blackwing, and our full-size SUVs. Not only that, but the Cadillac Escalade IQ won Motor Trend's prestigious SUV and Technology of the Year awards. Lastly, the vehicle and technology solutions that GM involve delivers to our commercial, government, and rental customers helped us lead the US fleet segment for the second consecutive year.

我們非常自豪地宣布，《Car and Driver》雜誌連續第三年將雪佛蘭Trax評為十大最佳車款之一，與雪佛蘭Corvette、凱迪拉克CT5-V Blackwing以及我們的全尺寸SUV一同入選。不僅如此，凱迪拉克凱雷德IQ還贏得了《Motor Trend》雜誌頒發的享有盛譽的年度SUV和年度科技大獎。最後，通用汽車為我們的商業、政府和租賃客戶提供的車輛和技術解決方案幫助我們連續第二年引領美國車隊市場。

We demonstrated another true core competency throughout the year, our agility and speed and adapting to change. We proactively managed our net tariff exposure, reducing it well below our initial expectations. Thanks to self-help initiatives and policy actions that support companies like GM that have substantial and growing commitments to American manufacturing.

我們在過去一年展現了另一項真正的核心競爭力，那就是我們的敏捷性、速度和適應變化的能力。我們積極主動管理淨關稅風險敞口，使其遠低於我們最初的預期。感謝自助倡議和政策行動，這些舉措支持像通用汽車這樣對美國製造業做出巨大且不斷成長承諾的公司。

We were also quick to respond to slowing EV demand by selling our share in the Ultium Cells Lansing plant and pivoting Orion Assembly from EV to ICE production. Our compelling vehicle and technology portfolio, a resilient US market, and the steps we have taken to strengthen our position should help make 2026 an even better year for GM. The charges we took in the second half of the year to reduce EV capacity will reduce our fixed cost and resolve the majority of our commercial claims tied to lower volume.

我們也迅速應對電動車需求放緩的情況，出售了我們在 Ultium Cells Lansing 工廠的股份，並將 Orion Assembly 的生產重心從電動車轉向內燃機汽車生產。我們強大的車輛和技術組合、韌性十足的美國市場，以及我們為鞏固自身地位所採取的措施，應該有助於使 2026 年成為通用汽車更加輝煌的一年。今年下半年我們為減少電動車產能而收取的費用將降低我們的固定成本，並解決與銷量下降相關的大部分商業索賠。

In addition, our warranty expense is moving in the right direction and our EV losses will be lower. As a result, we expect full-year EBIT-adjusted margins in North America will be back in the 8% to 10% margin range.

此外，我們的保固費用正朝著正確的方向發展，我們的電動車損失將會降低。因此，我們預計北美全年經調整後的 EBIT 利潤率將回升至 8% 至 10% 的區間。

We are also operating in a US regulatory and policy environment that is increasingly aligned with customer demand. This allows us to onshore more production to help meet strong demand for our ICE vehicles. We continue to believe in EVs and our portfolio brought almost 100,000 new customers to GM last year. We know EV drivers don't often go back to ICE, so we'll continue executing our plan to dramatically reduce costs and to be well positioned for the future. This will require continued investment, but at much lower levels, and I'm confident in our path to profitability.

我們目前在美國的監管和政策環境下運營，而這種環境也越來越與客戶需求一致。這使我們能夠將更多生產轉移到國內，以滿足市場對我們內燃機汽車的強勁需求。我們依然看好電動車，去年我們的產品組合為通用汽車帶來了近 10 萬名新客戶。我們知道電動車車主很少會再回到燃油車時代，因此我們將繼續執行我們的計劃，大幅降低成本，為未來做好充分準備。這需要持續投資，但投資水平會低得多，我對我們實現盈利的道路充滿信心。

Our strong foundation and operating discipline are why our average annual free cash flow generation has structurally improved from $3 billion to $10 billion over the last five years. Consistently strong cash generation has allowed us to execute all phases of our capital allocation program, from investing in the business and our people to maintaining a strong balance sheet and returning capital to shareholders. We believe that formula is sustainable, which is why we are increasing our quarterly dividend rate by 20% and planning future share repurchases.

過去五年，我們憑藉著雄厚的基礎和嚴謹的運營，使年均自由現金流從 30 億美元穩步增長至 100 億美元。持續強勁的現金流使我們能夠執行資本配置計劃的各個階段，從投資於業務和員工，到保持穩健的資產負債表，再到向股東返還資本。我們相信這種模式是可持續的，因此我們將季度股息率提高 20%，並計劃未來回購股票。

The growth of OnStar services and Super Cruise further underscores our confidence. In 2025, OnStar had a record 12 million subscribers, including more than 620,000 Super Cruise subscribers, achieving nearly 80% year-over-year growth. OnStar fleet subscriptions hit 2 million, which is two times any other competitor. This year, we will continue to grow our Super Cruise business in North America and expand into South Korea, the Middle East, and Europe. We expect our deferred revenue from software and services to be approximately $7.5 billion by the end of this year, up nearly 40% from 2025.

OnStar 服務和 Super Cruise 的成長進一步增強了我們的信心。2025 年，OnStar 的用戶數量達到創紀錄的 1,200 萬，其中包括超過 62 萬 Super Cruise 用戶，實現了近 80% 的同比增長。OnStar 車隊訂閱用戶達到 200 萬，是其他競爭對手的兩倍。今年，我們將繼續在北美發展 Super Cruise 業務，並擴展到韓國、中東和歐洲。我們預計到今年年底，軟體和服務的遞延收入將達到約 75 億美元，比 2025 年成長近 40%。

We are also confident in the turnaround of our China business and our growing new energy vehicle portfolio. They are now about 50% of sales in China and profitable across all price points. As we look further ahead, our annual production in the US is expected to rise to an industry-leading 2 million units after we begin production of the Chevrolet Equinox in Kansas, bring the Chevrolet Blazer to Tennessee and at incremental capacity for the Cadillac Escalade, and launch our next-generation full-size pickups at Orion Assembly in Michigan.

我們對中國業務的復甦以及不斷增長的新能源汽車產品組合也充滿信心。目前，它們在中國的銷售額約佔50%，並且在所有價格點上都實現了盈利。展望未來，隨著我們在堪薩斯州開始生產雪佛蘭Equinox，將雪佛蘭Blazer引入田納西州，並逐步增加凱迪拉克Escalade的產能，以及在密西根州Orion組裝廠推出我們的下一代全尺寸皮卡，我們在美國每年的產量預計將達到行業領先的200萬輛。

We are also launching our sixth-generation small-block V8, and the engineering teams are leveraging world-class virtual tools to deliver better fuel efficiency and power for our customers and faster development times. We reached our performance and emission goals at a third of the time versus the prior program by conducting thousands of combustion chamber simulations while we reduced prototyping for a 20% savings in material and tooling costs.

我們同時推出了第六代小缸體 V8 發動機，工程團隊正在利用世界一流的虛擬工具，為我們的客戶提供更高的燃油效率和動力，並加快開發速度。我們透過進行數千次燃燒室模擬，在比先前專案節省了 20% 的材料和模具成本的同時，減少了原型製作，從而在三分之一的時間內實現了性能和排放目標。

AI, machine learning, and robotics are also driving safety, quality, and speed in our manufacturing plants so we can get great products and technologies into the hands of customers faster. For example, a cross-functional team developed a predictive weld quality model that has enabled us to deliver even more consistent welds and tighter control, directly improving cost and quality.

人工智慧、機器學習和機器人技術也在提升我們製造工廠的安全、品質和速度，以便我們能夠更快地將優秀的產品和技術交付給客戶。例如，一個跨職能團隊開發了一種預測焊接品質模型，使我們能夠提供更一致的焊接品質和更嚴格的控制，從而直接提高成本和品質。

We are also deploying robotic systems alongside humans to make their jobs safer and easier to perform. For example, a robot can pick up an exhaust system and position it so a single operator can complete the installation without strain. Our robotics and AI work will converge at Orion Assembly, where plant upgrades include advanced vision systems and the installation of 2,500 robot and cobots controlled by GM-designed software.

我們也在人類工作中部署機器人系統，以使人類的工作更安全、更輕鬆。例如，機器人可以拿起排氣系統並將其定位，以便單一操作員可以輕鬆完成安裝。我們的機器人和人工智慧工作將在 Orion Assembly 工廠匯合，該工廠的升級改造包括先進的視覺系統，以及安裝 2500 台由通用汽車設計的軟體控制的機器人和協作機器人。

Then, in 2028, we expect to launch our breakthrough LMR battery chemistry. LMR will help us reduce cell and pack costs by several thousand dollars. Also in 2028, we expect to launch our second-generation software-defined vehicle architecture for ICE vehicles and EVs. It will unite every major system from propulsion to infotainment and safety on a single high-speed compute core. The performance upgrade includes 10 times more OTA capacity and 1,000 times more bandwidth, allowing our vehicles to get better, smarter, and deliver more value to our customers over time.

然後，我們預計將在 2028 年推出我們突破性的 LMR 電池化學技術。LMR將幫助我們降低電池和電池組的成本數千美元。同樣在 2028 年，我們預計將推出第二代針對內燃機汽車和電動車的軟體定義車輛架構。它將把從推進系統到資訊娛樂系統和安全系統的所有主要係統整合到一個高速運算核心上。此次性能升級包括 OTA 容量提升 10 倍，頻寬提升 1000 倍，使我們的車輛能夠變得更好、更智能，並隨著時間的推移為我們的客戶帶來更多價值。

It's also an enabler for our eyes-off, hands-off driving technology. This technology and our new software architecture will both launch on the Cadillac Escalade IQ in 2028. With our Super Cruise experience, the expertise we brought in-house from Cruise, and our learnings from millions of miles of fully autonomous driving, we believe we have everything we need to deliver a safe, reliable, and highly capable system that customers will embrace.

它也為我們實現無需注視、無需雙手操作的駕駛技術提供了支援。這項技術和我們的新軟體架構都將在 2028 年應用於凱迪拉克凱雷德 IQ 車款。憑藉我們在 Super Cruise 方面的經驗、我們從 Cruise 引進的專業知識，以及我們從數百萬英里的完全自動駕駛中汲取的經驗，我們相信我們擁有交付客戶樂於接受的安全、可靠且功能強大的系統所需的一切。

Safety is key to building trust in new technologies, as we've demonstrated with Super Cruise. For our eyes-off solution, we are building in redundancy with LiDAR, radar, and cameras, and we will begin on highways.

安全是建立對新技術信任的關鍵，正如我們在 Super Cruise 專案中所證明的那樣。對於我們的無需人工幹預的解決方案，我們正在建造冗餘系統，採用雷射雷達、雷達和攝像頭，並將首先在高速公路上進行測試。

Finally, I want to mention that we are hosting our call today from our new global headquarters in Hudson's Detroit. This beautiful space is designed for the collaborative and tech-enabled way people work today, while also saving us tens of millions of dollars annually. It's the latest example of our commitment to operate as efficiently and as profitably as we can.

最後，我想提一下，我們今天的電話會議是在哈德遜底特律的新全球總部舉行的。這個美麗的空間是為滿足當今人們協作和技術驅動的工作方式而設計的，同時每年為我們節省數千萬美元。這是我們致力於盡可能有效率、有獲利地營運的最新例證。

Thank you. And now, I'll turn the call over to Paul.

謝謝。現在，我將把電話交給保羅。

Thank you, Mary, and welcome, everyone.

謝謝你，瑪麗，也歡迎各位。

Over the past several years, we've been on an incredible journey. In the face of a rapidly evolving industry and significant macro challenges, the resilience and adaptability of the GM team have been truly exceptional. These strengths have translated into consistently strong financial performance, including $12.7 billion of EBIT-adjusted and $10.6 billion of adjusted automotive free cash flow in 2025, resulting in a year-end cash balance of $21.7 billion.

過去幾年，我們經歷了一段不可思議的旅程。面對快速發展的產業和重大的宏觀挑戰，通用汽車團隊展現了非凡的韌性和適應能力。這些優勢轉化為持續強勁的財務業績，包括 2025 年 127 億美元的 EBIT 調整後和 106 億美元的汽車業務調整後自由現金流，從而使年末現金餘額達到 217 億美元。

As Mary noted, our product portfolio keeps getting better, driving market share gains of 60 basis points in 2025, while we maintain some of the lowest incentives in the entire industry. This disciplined approach has been a key contributor to nearly $25 billion of free cash flow generation over the past two years. This robust cash generation enables us to execute confidently across all pillars of our capital allocation framework.

正如瑪麗所指出的，我們的產品組合不斷改進，推動市場份額在 2025 年增長 60 個基點，同時我們保持著整個行業中最低的激勵措施之一。這種嚴謹的方法在過去兩年中為公司創造了近 250 億美元的自由現金流，並發揮了關鍵作用。強勁的現金流使我們能夠自信地執行資本配置框架的所有支柱。

Over the last two years, we've invested more than $20 billion in capital projects to support growth in our core business and advance our strategic priorities. Looking ahead to 2026 and 2027, we expect to invest $10 billion to $12 billion annually, including approximately $5 billion to expand US manufacturing capacity for some of the highest-demand vehicles and further reduce our tariff exposure.

過去兩年，我們已投資超過 200 億美元用於資本項目，以支持核心業務的成長並推動我們的策略重點。展望 2026 年和 2027 年，我們預計每年投資 100 億至 120 億美元，其中包括約 50 億美元用於擴大美國部分需求量最大的車輛的生產能力，並進一步降低我們的關稅風險。

We're also proactively strengthening our balance sheet by thoughtfully managing debt maturities. In 2025, we retired $1.8 billion of debt, further enhancing our financial flexibility and reinforcing our long-term resilience.

我們也透過謹慎管理債務到期日，積極加強資產負債表。2025年，我們償還了18億美元的債務，進一步增強了我們的財務靈活性，並鞏固了我們的長期韌性。

Returning capital to shareholders remains a cornerstone of our capital strategy. In the fourth quarter, we executed $2.5 billion in open-market share repurchases, retiring another 33 million shares and bringing total buybacks for the year to $6 billion. In 2025, we also distributed more than $500 million in dividends.

向股東返還資本仍是我們資本策略的基石。第四季度，我們透過公開市場回購了 25 億美元的股票，註銷了另外 3,300 萬股，使全年回購總額達到 60 億美元。2025年，我們也派發了超過5億美元的股息。

Since announcing our accelerated share repurchase program in November 2023, we have returned $23 billion to shareholders through share repurchases. These actions have reduced our outstanding share count by more than 465 million shares, or nearly 35%, leaving approximately 930 million diluted outstanding shares at year-end 2025.

自 2023 年 11 月宣布加速股票回購計畫以來，我們已透過股票回購向股東返還了 230 億美元。這些措施使我們的流通股數量減少了超過 4.65 億股，或近 35%，到 2025 年底，稀釋後的流通股數量約為 9.3 億股。

Our strong execution and consistent capital returns have delivered substantial shareholder value, with our stock price appreciating more than 170% since late November 2023. This performance reinforces our conviction that repurchasing GM stock at current valuation levels, which are back to historical norms but remain well below our peers, represents one of the most compelling opportunities to continue to generate long-term shareholder value. Yesterday, our Board approved a new share repurchase authorization of $6 billion and a 20% increase in our dividend to $0.18 per share, reflecting its confidence in our ability to generate strong future cash flows and underscoring our ongoing commitment to returning capital to shareholders.

我們強大的執行力和持續的資本回報為股東創造了巨大的價值，自 2023 年 11 月下旬以來，我們的股價已上漲超過 170%。這一表現更加堅定了我們的信念，即以目前的估值水平（雖然已經回到歷史正常水平，但仍遠低於同行）回購通用汽車股票，是持續創造長期股東價值的最有吸引力的機會之一。昨天，我們的董事會批准了一項新的股票回購授權，金額為 60 億美元，並將股息提高 20%，至每股 0.18 美元，這反映了董事會對我們未來產生強勁現金流的能力充滿信心，並強調了我們持續致力於向股東返還資本的承諾。

Now, let's turn to our fourth-quarter results. Total company revenue was $45 billion, down approximately 5% year over year, primarily due to our disciplined approach to production and dealer inventory, including aligning EV production to demand. We also faced production constraints on the Chevrolet Trax and a year-over-year headwind from strategic decisions to end production of the Chevrolet Malibu and Cadillac XT4. The lower volume was partially offset by strong pricing across our 2026 model year lineup.

現在，讓我們來看看第四季的業績。公司總收入為 450 億美元，年減約 5%，主要原因是我們採取了嚴格的生產和經銷商庫存管理方法，包括使電動車的生產與需求保持一致。我們也面臨雪佛蘭Trax的生產限制，以及因停止生產雪佛蘭Malibu和凱迪拉克XT4的戰略決策而導致的同比不利影響。2026 年車款系列的強勁定價在一定程度上抵消了銷售下降的影響。

EBIT-adjusted was $2.8 billion and EPS-diluted-adjusted was $2.51, both increasing year over year despite the impact of tariffs. We incurred incremental costs for alternate chip sourcing related to Nexperia, totaling $100 million in Q4, and we anticipate another $100 million of pressure in Q1 2026. Hats off to our supply chain team as they did a great job finding alternatives to ensure we had no production disruptions.

經調整後的息稅前利潤為 28 億美元，經稀釋調整後的每股收益為 2.51 美元，儘管受到關稅的影響，但兩者均同比增長。由於 Nexperia 的替代晶片採購，我們在第四季度產生了 1 億美元的額外成本，我們預計 2026 年第一季還將面臨 1 億美元的壓力。向我們的供應鏈團隊致敬，他們出色地找到了替代方案，確保生產沒有中斷。

Adjusted automotive free cash flow was $2.8 billion, driven by higher EBIT-adjusted performance and favorable cash timing.

經調整後的汽車業務自由現金流為 28 億美元，主要得益於經調整後的 EBIT 業績成長和有利的現金流時機。

I want to take a moment to address tariff costs for the quarter and for the full year, as well as the charges we have taken related to EVs. Through the third quarter, we incurred $2.4 billion in gross tariff costs. In the fourth quarter, we incurred another $700 million, bringing the total for the year to $3.1 billion, which was below our predicted range of $3.5 billion to $4.5 billion. When we provided updated guidance in October, we were tracking towards the low end of this range, but took a conservative approach given the dynamic trade and tariff environment.

我想花點時間談談本季和全年的關稅成本，以及我們收取的與電動車相關的費用。第三季度，我們產生了 24 億美元的關稅總成本。第四季度，我們又產生​​了 7 億美元的費用，使全年總費用達到 31 億美元，低於我們預測的 35 億美元至 45 億美元。當我們在 10 月發布最新業績指引時，預期接近該區間的下限，但考慮到瞬息萬變的貿易和關稅環境，我們採取了保守的做法。

We were able to do even better based on strong execution and favorable policy developments during the quarter, including the benefit from a lower tariff rate for Korea. For the full year, we were able to offset more than 40% of these gross tariff costs through a combination of go-to-market actions, footprint adjustments, and cost reduction initiatives.

憑藉強大的執行力和本季有利的政策發展，包括韓國關稅稅率降低的好處，我們取得了更好的成績。全年來看，我們透過市場推廣活動、業務調整和成本削減措施等一系列措施，抵銷了超過 40% 的關稅總成本。

Turning now to our EV charges. During the third and fourth quarters, we reassessed our EV capacity and manufacturing footprint to better align with softer-than-expected consumer demand, particularly in light of recent US government policy changes, including the termination of certain consumer tax incentives. As a result, in the third quarter, we recorded charges totaling $1.6 billion, including $1.2 billion of non-cash impairment charges, primarily related to transitioning our Orion Assembly from EV to ICE production. The remaining $0.4 billion consisted of cash charges associated with contractual cancellations and supplier settlements.

接下來我們來談談電動車充電。在第三季和第四季，我們重新評估了電動車產能和生產佈局，以更好地適應低於預期的消費者需求，尤其是在美國政府近期政策變化（包括終止某些消費者稅收優惠）的情況下。因此，在第三季度，我們提列了總計 16 億美元的費用，其中包括 12 億美元的非現金減損費用，主要與我們將 Orion Assembly 從電動車生產過渡到內燃機生產有關。剩餘的 4 億美元包括與合約取消和供應商結算相關的現金支出。

In the fourth quarter, we recorded an additional $6 billion of charges. This included $1.8 billion of non-cash impairments, largely driven by our decision to discontinue production of the BrightDrop electric van and to impair certain EV-related assets. The remaining $4.2 billion was primarily related to contract cancellations and supplier settlements, which will impact future cash flows. The aggregate Q3 and Q4 charges totaled $7.6 billion, of which $4.6 billion is expected to be settled in cash. In 2025, we made approximately $400 million in cash payments and expect to pay the majority of the remaining balance in 2026.

第四季度，我們提列了 60 億美元的額外費用。其中包括 18 億美元的非現金減值，這主要是由於我們決定停止生產 BrightDrop 電動貨車並對某些電動車相關資產進行減損。剩餘的 42 億美元主要與合約取消和供應商結算有關，這將影響未來的現金流。第三季和第四季的總費用為 76 億美元，其中 46 億美元預計將以現金結算。2025 年，我們支付了約 4 億美元的現金，預計將在 2026 年支付剩餘餘額的大部分。

Moving forward, we expect material, but significantly smaller, cash and non-cash EV-related charges as we continue commercial negotiations with our supply base and address proposed regulatory changes to greenhouse gas emission standards. Any greenhouse gas-related charges would be non-cash.

展望未來，隨著我們繼續與供應商進行商業談判並應對溫室氣體排放標準的擬議監管變化，我們預計將產生實質性的、但規模要小得多的與電動車相關的現金和非現金費用。任何與溫室氣體相關的費用都將以非現金方式收取。

It is important to note that besides BrightDrop, we have not impaired our existing retail portfolio of EVs. We are working to improve the profitability of these vehicles through new battery technologies, engineering improvements, and operational efficiencies, along with a more rational EV market. As consumer adoption of EVs increases, albeit at a slower pace than previously anticipated, we expect to achieve the necessary scale to deliver EVs profitably over time.

值得注意的是，除了 BrightDrop 之外，我們並未損害我們現有的電動車零售組合。我們正努力透過新的電池技術、工程改進和營運效率的提高，以及更合理的電動車市場，來提高這些車輛的獲利能力。儘管電動車的普及速度比之前預期的要慢，但隨著消費者對電動車的接受度不斷提高，我們預計隨著時間的推移，我們將達到必要的規模，從而實現電動車的獲利交付。

Now, let's move to the fourth-quarter regional results. North America delivered EBIT-adjusted of $2.2 billion and margins of 6.1%. We ended the year with 48 days of dealer inventory, which is slightly below our 50- to 60-day year-end target. This positions us well for 2026, allowing us to balance production to various demand levels. We are seeing positive trends in our warranty performance, with monthly cash flows continuing to be stable.

現在，讓我們來看看第四季區域業績。北美地區調整後 EBIT 為 22 億美元，利潤率為 6.1%。我們年底的經銷商庫存量為 48 天，略低於我們 50 至 60 天的年終目標。這為我們迎接 2026 年做好了充分準備，使我們能夠根據不同的需求水準平衡生產。我們的保固業績呈現正面趨勢，每月現金流持續穩定。

GM International, excluding China equity income, delivered EBIT-adjusted of $200 million, driven by strong execution in South America and the Middle East, along with China equity income of $100 million excluding the restructuring charge. We recorded a $600 million special item in our Auto China equity income, primarily connected to prior restructuring actions. It's important to note that these charges are not expected to require any capital from GM, as the joint venture has sufficient cash to cover these costs.

通用汽車國際（不包括中國股權收入）經調整後的息稅前利潤為 2 億美元，這主要得益於南美和中東地區的強勁業績，以及不包括重組費用在內的 1 億美元中國股權收入。我們在汽車中國權益收入中計入了 6 億美元的特殊項目，主要與先前的重組行動有關。值得注意的是，這些費用預計不會需要通用汽車投入任何資金，因為合資企業有足夠的現金來支付這些費用。

I want to commend our China team for executing a disciplined multi-year plan to rightsize capacity, accelerate electrification, and revitalize our operations. These collective efforts have been instrumental in achieving significant milestones, including new energy vehicle sales reaching nearly 1 million units in 2025, representing more than half of the total sales in China.

我要表揚我們的中國團隊，他們執行了一項嚴謹的多年計劃，以調整產能規模、加快電氣化進程並重振我們的營運。這些集體努力對實現重大里程碑起到了重要作用，包括新能源汽車銷量在 2025 年達到近 100 萬輛，佔中國總銷量的一半以上。

GM Financial also had another strong year of profitability and capital returns to GM. Fourth-quarter EBT-adjusted was down slightly year over year at $600 million. Lower lease termination gains were partially offset by higher retail yields and lower provision expense. GM Financial's full-year EBT-adjusted was $2.8 billion, within their guidance of $2.5 billion to $3 billion, and they paid dividends of $1.5 billion to GM.

通用汽車金融公司也再次實現了強勁的獲利能力，並為通用汽車帶來了豐厚的資本回報。第四季經調整後的稅前利潤較去年同期略有下降，為 6 億美元。租賃終止收益下降被零售收益率上升和撥備支出下降部分抵消。通用汽車金融公司全年經調整後的稅前利潤為 28 億美元，符合其 25 億美元至 30 億美元的預期，並向通用汽車支付了 15 億美元的股息。

Last week, GM Financial received approval for their industrial bank application. Once launched, this bank will enable them to accept deposits, providing another source of stable and diversified funding. Over time, we also expect this to lower the cost of funds and enhance their ability to offer more competitive auto loans to customers. I want to personally thank Susan and the entire GMF team for their persistence throughout this process.

上週，通用汽車金融公司的工業銀行申請獲得批准。這家銀行一旦成立，將使他們能夠接受存款，從而提供另一個穩定和多元化的資金來源。隨著時間的推移，我們也期望這將降低資金成本，並增強他們向客戶提供更具競爭力的汽車貸款的能力。我要親自感謝Susan和整個GMF團隊在過程中的堅持不懈。

Now, let's turn to our 2026 guidance, where we expect EBIT-adjusted of $13 billion to $15 billion, EPS-diluted-adjusted of $11 to $13 per share, and adjusted automotive free cash flow of $9 billion to $11 billion. Starting with tariffs, we anticipate gross tariff costs in the $3 billion to $4 billion range, slightly higher than 2025 due to an additional quarter of tariff exposure, partially offset by the reduced Korea tariff and expanded MSRP offset program.

現在，讓我們來看看我們對 2026 年的業績展望，我們預計調整後的息稅前利潤為 130 億美元至 150 億美元，調整後的每股攤薄收益為 11 美元至 13 美元，調整後的汽車業務自由現金流為 90 億美元至 110 億美元。先從關稅說起，我們預計關稅總成本在 30 億至 40 億美元之間，略高於 2025 年，原因是關稅風險增加了一個季度，但部分被韓國關稅降低和建議零售價抵消計劃擴大所抵消。

For Q1, we expect the gross tariff impact to be in the $750 million to $1 billion range, which is well below the quarterly impact in Q2 and Q3 of 2025, but more than Q4. The higher quarterly run rate in 2026 versus Q4 '25 is largely driven by the timing of tariff costs, which can be lumpy, particularly as it relates to the supply chain. The team did a great job offsetting over 40% of our gross tariff costs in 2025 through go-to-market strategies, footprint changes, and cost efficiencies. As we look ahead to 2026, we expect these cost savings to be sustained and believe there are additional actions that can help mitigate our tariff impact.

對於第一季度，我們預計關稅總影響將在 7.5 億美元至 10 億美元之間，遠低於 2025 年第二季和第三季的影響，但高於第四季的影響。2026 年季度運行率高於 2025 年第四季度，主要是由於關稅成本的時間安排，而關稅成本可能會出現波動，尤其是在供應鏈方面。透過市場推廣策略、業務佈局調整和成本效益提高，團隊出色地抵消了 2025 年超過 40% 的總關稅成本。展望 2026 年，我們預計這些成本節約措施將得以維持，並且相信還有其他措施可以幫助減輕關稅對我們的影響。

For the industry, we expect total US SAAR to be in the low 16 million unit range for the year. We expect North America ICE wholesale volumes to be flat to up modestly. ICE volumes this year are constrained due to portfolio shifts, including the ending of the Cadillac XT6 and some expected downtime ahead of the new Chevrolet Silverado and GMC Sierra launches.

對於整個產業而言，我們預計美國全年SAAR總銷量將在1,600萬輛左右。我們預計北美洲際交易所（ICE）批發交易量將持平或略有成長。今年內燃機汽車銷量受到產品組合調整的限制，其中包括凱迪拉克 XT6 的停產以及在新款雪佛蘭 Silverado 和 GMC Sierra 上市前預計出現的一些停產期。

We anticipate a benefit of $1 billion to $1.5 billion related to the actions we've taken to rightsize our EV capacity. The benefits from both EV-related charges and substantially lower EV wholesale volumes will positively impact both mix and cost. We also expect that the temporary downtime at our Ultium Cells joint venture will result in lower production tax credits, but this impact should be largely offset by positive inventory adjustments from lower cell inventory levels. Lower production tax credits in 2026 should then represent a tailwind in 2027 as we resume normalized production.

我們預計，透過調整電動車產能，我們將獲得 10 億至 15 億美元的收益。電動車相關收費和電動車批發量大幅下降的好處將對產品組合和成本產生正面影響。我們也預計，Ultium Cells合資企業的暫時停工將導致生產稅收抵免減少，但這種影響應該會被電池庫存水準下降帶來的積極庫存調整在很大程度上抵消。2026 年較低的生產稅收抵免應該會在 2027 年成為我們恢復正常生產的有利因素。

We expect North America pricing to be flat to up 0.5% as we realize the full-year benefit of model year 2026 price increases. While this includes a placeholder for potentially higher incentives due to the competitive environment, we are confident in our ability to maintain pricing discipline.

我們預計北美地區的定價將保持不變或上漲 0.5%，因為我們將逐步實現 2026 年車型價格上漲帶來的全年效益。雖然這其中包含了因競爭環境而可能提高激勵措施的預留空間，但我們有信心維持價格紀律。

While some uncertainties remain in the regulatory environment, we are anticipating a benefit in the range of $500 million to $750 million primarily related to savings from no longer having to purchase compliance credits. In addition, we are seeing positive trends in warranty costs, which are expected to deliver a $1 billion benefit versus 2025.

儘管監管環境仍存在一些不確定性，但我們預計將獲得 5 億至 7.5 億美元的收益，主要與不再需要購買合規積分而節省的費用有關。此外，我們看到保固成本呈現正面趨勢，預計到 2025 年將帶來 10 億美元的收益。

We expect an increase of around $400 million of high-margin revenue generated from the expansion of OnStar software and services, including Super Cruise. This growth is expected to help increase deferred revenue from $5.4 billion at the end of 2025 to approximately $7.5 billion by the end of '26, further strengthening our future margin profile and long-term growth trajectory.

我們預計，隨著 OnStar 軟體和服務（包括 Super Cruise）的擴展，將產生約 4 億美元的高利潤收入。預計這一成長將有助於將遞延收入從 2025 年底的 54 億美元增加到 2026 年底的約 75 億美元，進一步增強我們未來的利潤率和長期成長軌跡。

We expect headwinds in the range of $1 billion to $1.5 billion associated with the onshoring of vehicle production to the US, investments to enhance supply chain resiliency, and investments to support our software initiatives. While these initiatives create near-term pressure, they will increase capacity of our highly profitable full-size pickups and SUVs, as well as to help further mitigate tariff costs beginning in 2027. We also expect incremental headwinds in the range of $1 billion to $1.5 billion, driven primarily by recent trends in aluminum, copper, and other key commodities, as well as higher DRAM costs and unfavorable foreign exchange movements.

我們預計，將汽車生產遷回美國、加強供應鏈韌性的投資以及支援軟體計畫的投資將帶來 10 億至 15 億美元的不利影響。雖然這些措施會在短期內造成壓力，但它們將提高我們利潤豐厚的全尺寸皮卡和SUV的產能，並有助於從2027年開始進一步降低關稅成本。我們也預計，受近期鋁、銅和其他主要大宗商品價格走勢、DRAM 成本上漲以及不利的匯率波動等因素的影響，將出現 10 億至 15 億美元的額外不利因素。

Turning to our regions, we expect both China and our international operations outside of China to be profitable and deliver results largely consistent with 2025. GM Financial is once again expected to deliver EBT-adjusted in the $2.5 billion to $3 billion range, reflecting a stable credit environment. Importantly, as Mary noted, we believe we have a clear and achievable path back to 8% to 10% North America margins in 2026. The midpoint of our EBIT-adjusted guidance supports this outcome, and we are confident in our ability to deliver this goal ahead of investor expectations.

就我們所在的區域而言，我們預計中國以及中國以外的國際業務都將實現盈利，並取得與 2025 年基本一致的業績。GM Financial 預計再次實現經調整後的 EBT（稅前利潤）在 25 億美元至 30 億美元之間，反映出信貸環境穩定。重要的是，正如瑪麗所指出的，我們相信我們有一條清晰且可實現的道路，到 2026 年將北美利潤率恢復到 8% 至 10%。我們經 EBIT 調整後的績效指引中點支持此結果，我們有信心提前達成此目標，超越投資人預期。

We are accelerating innovation and investing in advanced mobility, manufacturing technologies, and robotics to chart the future. This includes expanding Super Cruise to bring hands-free driving to more vehicles and scaling high-value digital services through OnStar, further strengthening our competitive advantage and enhancing the customer experience.

我們正在加速創新，並投資先進的移動出行、製造技術和機器人技術，以塑造未來。這包括擴大 Super Cruise 的覆蓋範圍，使更多車輛能夠實現免手持駕駛，並透過 OnStar 擴大高價值數位服務的覆蓋範圍，進一步增強我們的競爭優勢並提升客戶體驗。

In summary, we enter this year with strong momentum, a resilient balance sheet, and the operational flexibility to deliver on our commitments. We remain focused on investing in long-term profitable growth while retaining the agility needed to navigate a dynamic macro and regulatory landscape, positioning GM for sustained success not only in 2026 but well beyond.

總而言之，我們以強勁的發展勢頭、穩健的資產負債表和靈活的營運能力進入新的一年，能夠履行我們的承諾。我們將繼續專注於投資長期獲利成長，同時保持應對動態宏觀和監管環境所需的靈活性，使通用汽車不僅在 2026 年，而且在未來很長一段時間內都能取得持續成功。

Thank you. And with that, we'll move to the Q&A portion of the call.

謝謝。接下來，我們將進入電話會議的問答環節。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示）Dan Levy，巴克萊銀行。

Hi. Good morning. Thanks for taking the questions. Wondering if you could first just address the assumption on pricing, and specifically, I think we know that we are in an environment where arguably it's a demand-constrained environment. There's one of your competitors that is keen on gaining some share. You're coming off of a tougher comp on the pricing side. I think you did just under $1.5 billion in positive pricing last year. Can you just unpack the assumption for pricing to be flat to up? How much of that is just the benefit of ICE or some other dynamics in there?

你好。早安.謝謝您回答問題。我想請您先談談定價方面的假設，特別是，我認為我們知道我們目前所處的環境可以說是需求受限的環境。你的一個競爭對手很想搶佔一些市場佔有率。你們在價格方面面臨更激烈的競爭。我認為你們去年實現了近15億美元的正向定價​​。能否詳細解釋價格持平或上漲的假設？其中有多少是內燃機帶來的好處，又有多少是其他因素造成的？

Hey. Good morning, Dan. Thanks for the question.

嘿。早上好，丹。謝謝你的提問。

What I would say is, going into this year, we're not modeling any increases. This is really just the annualization of what we did in '25 coming through primarily for model year '26. So we're obviously going to take it one day, one week, one month at a time as we go through and watch where we are.

我想說的是，展望今年，我們預計不會有任何成長。這實際上只是將我們在 2025 年所做的事情進行年度化，主要針對 2026 年車型。所以很顯然，我們會一步一步、一週一週、一個月地來，觀察情況發展。

But we're not putting projections out there as if we've got a lot of price increases to go through. We're cognizant of what the environment is out there, but we're also confident with our vehicles and, with the new truck launches later this year, feel like we can continue to drive the momentum commercially that we have in the past with no significant change.

但我們並沒有像要經歷多次價格上漲那樣做出預測。我們清楚外部環境的情況，但我們也對自己的車輛充滿信心，隨著今年稍後新卡車的推出，我們感覺無需做出重大改變，就能繼續保持過去在商業上的發展勢頭。

Great. Thank you. As a second question, I wanted to just ask about the dynamics of your product portfolio. And within that, first, maybe you could just address the fixed cost base that you have. You still have all of your EV programs intact. You still have much of the battery capacity intact. This was set for a higher volume outlook. To what extent does this portfolio align with what's going to likely be higher near-term ICE mix? And then maybe you could just address the potential to add hybrids into the portfolio. Just how much more do we have to see the portfolio and the fixed cost base shift to adjust to this new reality that we have?

偉大的。謝謝。第二個問題，我想了解貴公司產品組合的動態。首先，或許你可以先解決一下你現有的固定成本問題。您所有的電動車項目仍然完好無損。電池容量仍然很大。這是針對更高成交量預期而設定的。該投資組合在多大程度上符合近期可能較高的洲際交易所交易基金（ICE）組合比例？然後或許可以探討一下在投資組合中加入混合型股票的可能性。我們究竟還要看到投資組合和固定成本基礎發生多大的變化才能適應我們所面臨的這種新現實？

Well, I'll start and then I'll turn it over to Paul for some of the financial piece of it.

好，我先開始，然後把財務部分交給保羅處理。

But we think we have the right portfolio. We have an incredibly strong internal combustion engine portfolio, as Paul mentioned, with the new trucks coming out. And unlike many others, we invested in having a dedicated EV platform that gives us a foundation for the portfolio we have. As we've said, the investments we're making now in EVs will be very much focused on cost reduction, like LMR. We also have teams on each of our EVs to continue to take cost out beyond the battery. And then, we have announced in the past that we will have some hybrids in key segments.

但我們認為我們擁有合適的投資組合。正如保羅所提到的那樣，隨著新款卡車的推出，我們在內燃機領域擁有非常強大的產品組合。與許多其他公司不同，我們投資建立了一個專門的電動車平台，這為我們現有的投資組合奠定了基礎。正如我們所說，我們現在對電動車的投資將非常注重降低成本，例如 LMR。我們還為每輛電動車配備了團隊，以持續降低電池以外的成本。此外，我們過去也宣布過，我們將在關鍵細分市場推出一些混合動力車型。

So I think we're going to have the right portfolio. And we also are focused on the end game. We know once somebody drives an EV, they rarely go back to internal combustion engine. A big enabler of EV adoption is going to be charging, and last year, Level 2 chargers increased by 25%. So EV adoption is going to grow over time. We think we're well positioned there. So we were very thoughtful about the way that we adjusted capacity in light of a very dramatic change in the regulatory environment, as well as eliminating the consumer tax credit.

所以我認為我們會擁有合適的投資組合。我們也同樣關注最終目標。我們知道，一旦有人駕駛過電動車，他們就很少再回到內燃機汽車時代。電動車普及的一大推動因素是充電，去年二級充電樁增加了 25%。因此，電動車的普及率會隨著時間的推移而成長。我們認為我們在那裡佔據了有利位置。鑑於監管環境發生了巨大變化，以及取消了消費者稅收抵免，我們在調整產能方面進行了非常周全的考慮。

Yeah. Just to add to that, Dan, I think as we went through the restructuring, we were mindful of where is the excess capacity that we know we're not going to need for a long time because we had built up for a very different regulatory environment, as Mary had said. But we're also cognizant of making sure that we preserve capacity to be able to pivot and rotate where we need to to get the cost savings.

是的。丹，我還要補充一點，我認為，正如瑪麗所說，在進行重組的過程中，我們一直注意著哪些產能過剩，因為我們知道這些產能很長一段時間內都不需要，因為我們當初是為截然不同的監管環境而建立的。但我們也意​​識到，必須確保保留足夠的產能，以便在需要時能夠靈活調整和輪換，從而節省成本。

Particularly as it relates to battery capacity, we've got enough to be able to transition to LMR and to LFP as those projects get underway over the next couple of years. So it really was trying to look at what is the right short-term decision, but also how do we balance that against long term and where we know it's going to go or we believe it's going to go in the future.

尤其是在電池容量方面，我們擁有足夠的容量，可以在未來幾年內隨著LMR和LFP計畫的啟動而過渡到這些電池。所以，我們其實是在試圖找出正確的短期決策，同時也要考慮如何平衡短期決策與長期發展，以及我們知道或相信它未來會走向何方。

And as far as vehicle programs, remember, with the product cycle that the industry has, some of these decisions were made years ago, and we have to do our best to be able to pivot to where demand is going to be. And I think if you look at this management team and what it's accomplished over the last several years in the midst of a lot of uncertainty, I think we've got what it takes to be able to respond and meet the consumer where they are as they continue to evolve.

至於車輛項目，請記住，鑑於汽車行業的周期性，其中一些決定是幾年前做出的，我們必須盡最大努力調整方向，以滿足未來的需求。我認為，如果你看看這支管理團隊以及他們在過去幾年裡在許多不確定因素中取得的成就，我認為我們有能力應對並滿足消費者不斷變化的需求。

Great. Thank you.

偉大的。謝謝。

Michael Ward, Citigroup.

邁克爾沃德，花旗集團。

Thanks very much. Good morning, everyone. Two things. First, on the inventory, you see the impact on the pricing. Is that inventory discipline -- is that going to continue? And what are the implications for cash flow? Is that one of the ingredients that's adding up to the stronger-than-expected cash generation?

非常感謝。各位早安。兩件事。首先，從庫存來看，你會看到對價格的影響。這種庫存管理措施－會繼續下去嗎？那對現金流有什麼影響？這是促成現金流超出預期的因素之一嗎？

Hey. Good morning, Mike. Thanks for the question.

嘿。早上好，麥克。謝謝你的提問。

So on the inventory side, I think the commercial team and the production team have both done a really good job of coordinating the last few years to keep us within that targeted range of 50 to 60. We had a really strong December month, which is why we ended the year at 48 days of inventory. So I think we're going to continue to balance that where it is. I don't think there's a big buildup contemplated. In fact, with the transition to the new truck, we'll lose some production as well.

所以在庫存方面，我認為商業團隊和生產團隊在過去幾年都做得非常好，協調得很好，讓我們保持在 50 到 60 的目標範圍內。我們12月份的業績非常強勁，因此我們全年的庫存量僅為48天。所以我認為我們會繼續保持目前的平衡狀態。我認為並沒有計劃進行大規模的造勢。事實上，隨著新卡車的換型，我們的產量也會下降。

But overall, I think it's that discipline that has really helped us to drive much, much more consistency in our cash generation going forward. So we're not banking on any significant inventory builds, although it is an opportunity potentially to get back into that 50- to 60-day range.

但總的來說，我認為正是這種自律真正幫助我們實現了未來現金流的更穩定成長。因此，我們並不指望庫存會大幅增加，儘管這可能是回到 50 到 60 天庫存週期的機會。

And then on this announcement by the industrial bank, and I think FDIC approval the other day, that seems like a bigger deal than it just on the outset as it relates to cost of capital or GM Financial. How much can you save from just a cost standpoint of capital from that?

然後，工業銀行的這項聲明，以及我認為前幾天 FDIC 的批准，似乎比一開始就涉及資本成本或通用汽車金融公司而言意義更大。單從資金成本角度來看，這樣做可以省多少？

Yeah. I'll start and then I'll let Susan chime in as well. But this is really a great achievement and one that, candidly, probably should have been approved a few years ago as we went through that. But the perseverance of the team to get that through provides yet another opportunity to drive capital in an efficient way for us. It'll take some time.

是的。我先開始，然後也讓蘇珊說。但這確實是一項偉大的成就，坦白說，在我們經歷那段時期時，這項成就或許就應該在幾年前就獲得批准了。但團隊堅持不懈地完成這項工作，為我們提供了一個以高效方式籌集資金的另一個機會。這需要一些時間。

But Susan, I'll let you comment on anything you want to add.

不過蘇珊，你想補充什麼都可以。

Yeah. Thanks, Paul, and thanks for the question. Very excited to have the conditional approval and get the industrial bank up and running.

是的。謝謝保羅，也謝謝你的提問。非常高興獲得有條件批准，並讓工業銀行開始運作。

And as Paul said, this is going to be complementary to our funding platform and it will allow us to offer depository products and another source of funding to help us bring down the cost of funds somewhat. They are high-yield savings account and broker deposits. So as it gets up and running, again, complementary to our footprint, it's not going to replace how we fund the business, but will be complementary to it and allow us to bring down the cost of funds in the basis points over time. And on our debt complex, that's a meaningful move.

正如保羅所說，這將與我們的融資平台形成互補，使我們能夠提供存款產品和另一種融資來源，以幫助我們降低資金成本。它們是高收益儲蓄帳戶和經紀存款。因此，隨著它逐步啟動並運行，它將與我們的業務規模相輔相成，不會取代我們為業務融資的方式，而是與之互補，並使我們能夠隨著時間的推移，以基點為單位降低資金成本。就我們的債務問題而言，這是一個意義重大的舉措。

Meaningful like 100 basis points? Is that the type of meaningful move you're talking about?

100個基點有意義嗎？這就是你所說的有意義的舉動嗎？

Probably not that much. It just depends on the rate environment, but it's going to help us be more competitive.

可能不會那麼多。這取決於利率環境，但這將有助於我們提高競爭力。

Thank you very much.

非常感謝。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

Thank you. Good morning, everyone. First, just I guess bigger picture, Mary, I wanted to go back to some of your comments on portfolio and you mentioned hybrids. I mean, that's a pretty broad term nowadays with traditional plugins and EREVs. So I was wondering if you could maybe shed a little bit more light on how you're seeing that portfolio evolving. And then is that considered in the $10 billion to $12 billion CapEx you've guided for for the next couple of years?

謝謝。各位早安。首先，我想從更宏觀的角度來看，瑪麗，我想回顧一下你之前關於投資組合的一些評論，你提到了混合投資。我的意思是，如今這已經是一個涵蓋傳統插件和 EREV 的相當廣泛的術語了。所以我想知道您是否可以再詳細闡述您如何看待該投資組合的發展演變。那麼，這是否已包含在您預計未來幾年 100 億至 120 億美元的資本支出預算中？

And I guess most importantly, yes, powertrain, I think, is going to be part of the consumer decision, but the features in the car are seemingly becoming more important and you're sort of highlighting that with some of the Super Cruise and other software. So will all these vehicles be able to use that next-gen architecture you showed that I think is supposed to launch in '28?

我想最重要的是，動力系統肯定會成為消費者決策的一部分，但汽車的功能似乎變得越來越重要，而你們透過超級巡航和其他軟體也突顯了這一點。那麼，所有這些車輛都能使用您所展示的下一代架構嗎？我認為該架構應該會在 2028 年推出。

Sure. Joe, a lot packed into that question. But first of all, any products that I've talked about are comprehended in the $10 billion to $12 billion capital, so yes.

當然。喬，這個問題包含的資訊量很大。但首先，我所談到的任何產品都包含在 100 億至 120 億美元的資本範圍內，所以是的。

SDV, our next-generation software-defined platform, and Super Cruise will be available across both ICE and EV platforms. And from a hybrid perspective, again, we're looking at where are the segments that there's the most demand for hybrids that are important from our total portfolio. So I'm not going to give you any specifics other than we're looking at a segment by segment for what we feel that we need to have to make sure we compete. And I'll just reiterate that we're, in the last four years, even as others have brought on hybrids, still growing share, and that, I think, just indicates that we have the right product portfolio.

SDV（我們的下一代軟體定義平台）和 Super Cruise 將同時適用於 ICE 和 EV 平台。從混合動力車的角度來看，我們同樣在關注哪些細分市場對混合動力車的需求最大，這些市場在我們整個產品組合中佔據重要地位。所以，除了我們正在逐一細分市場進行研究，以確定我們需要具備哪些條件才能保持競爭力之外，我不會透露任何具體細節。我還要重申，在過去的四年裡，即使其他公司推出了混合動力車型，我們的市場份額仍在增長，我認為這只是表明我們擁有正確的產品組合。

And lastly, I just want to comment -- you're absolutely right -- the propulsion system of the vehicle is one distinguisher, but people are looking for their vehicle to do more. And that's where I think we also are going to be distinguishing ourselves as a full-line OEM that's been around for a while, able to have a very modern electrical architecture that will then be the foundation for offering more services, AI assistance, as well as continuing to grow Super Cruise and into our eyes-off, hands-off that we've announced for 2028.

最後，我想補充一點——您說得完全正確——車輛的推進系統是一個區別因素，但人們希望他們的車輛能夠做更多的事情。我認為，我們也將以此方式脫穎而出，成為一家擁有多年經驗的全系列 OEM 廠商，擁有非常現代化的電氣架構，這將成為我們提供更多服務、人工智能輔助以及繼續發展 Super Cruise 並最終實現我們宣布的 2028 年“無需注視，無需操作”服務的基礎。

So I feel very confident that this is going to be another area where GM distinguishes itself from others with what we have planned and what we'll be rolling out. And the team is excited and it's on track.

因此，我非常有信心，通用汽車將憑藉我們已經制定的計劃和即將推出的產品，在這個領域與其他公司區分開來。團隊士氣高昂，一切都很順利。

Thanks. And Paul, I just wondered if we could unpack the $1 billion to $1.5 billion in onshoring and software expense. And is there any way we should think about the split between that because -- and please correct me if I'm wrong and think about this, but I imagine the software expense portion of that is ongoing and may even grow over time in line with what we just talked about. But the cost really in the startup, the onshoring, I would think of as more as temporary and maybe there's some relief as we think beyond '26. Is that right?

謝謝。保羅，我只是想問一下，我們能否詳細分析這10億至15億美元的本土化和軟體支出。我們該如何考慮這兩者之間的劃分呢？因為——如果我錯了請糾正我，請仔細想想，但我認為軟體支出部分是持續進行的，甚至可能隨著時間的推移而增長，正如我們剛才討論的那樣。但就啟動成本而言，也就是回流成本，我認為更多的是暫時的，而且隨著我們展望 2026 年以後，也許會有一些緩解。是這樣嗎？

Yeah. Thanks, Joe. I would probably split them about 50-50 as we're thinking about it going forward. Obviously, the ramp-up costs of the onshoring will be offset as they go into production into the future. So there's a little bit of an offset there. And then, certainly on the software side, we're continuing to invest in those technologists and those programmers to be able to get where we need to go on SDV 2.0 and on autonomy and ultimately Super Cruise enhancements going forward.

是的。謝謝，喬。就我們未來的計畫來看，我可能會五五分成。顯然，隨著未來投入生產，回流到國內的初期成本將會被抵銷。所以這裡存在一點偏差。當然，在軟體方面，我們將繼續投資於技術專家和程式設計師，以便能夠在 SDV 2.0 和自動駕駛方面取得我們所需的成就，並最終實現 Super Cruise 的增強功能。

So I'd split them about 50-50. It'll vary over time, but that's the way we're thinking about it.

所以我會把它們平分，大概五五開。情況會隨著時間而變化，但我們目前是這樣考慮的。

Thank you.

謝謝。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Great. Thanks so much. Good morning, everyone. Thanks for taking the question. I want to start on the tariff disclosure, the $3 billion to $4 billion gross tariff cost for 2026. It sounds like you're assuming the lower South Korea tariff in that assumption. Can you maybe just talk to -- I know it's obviously overnight some headlines that it might be going back to 25%. What would that mean for you? And then maybe just remind us what you're doing in terms of tariff mitigation for 2026. I think you talked about 35% offset for 2025. Wondering if that's a similar range for 2026 and maybe what some of the moving pieces are to get you there.

偉大的。非常感謝。各位早安。感謝您回答這個問題。我想先談談關稅揭露，2026 年的關稅總成本將達到 30 億至 40 億美元。聽起來你似乎在假設韓國關稅較低。您能不能跟他們談談——我知道一夜之間有新聞報導稱，利率可能會回到 25%。那對你來說意味著什麼？然後，或許可以提醒我們一下，你們在 2026 年的關稅緩解上做了哪些工作。我想你之前提到過2025年35%的抵銷額度。想知道2026年的情況是否也類似，以及有哪些因素會影響最終結果。

Well, I'll start and then turn it over to Paul for some of the specifics.

好，我先開始，然後把一些細節交給保羅來闡述。

But we are encouraging and hopeful that the countries will get the regulatory approvals or legal approvals in their country to put into place the deal that was actually negotiated and agreed to in October. As Paul indicated in our guidance, it is -- we assumed 15%. And if there are -- if there's a period of time where it's not 15%, that's going to be something ahead when that we'll work to offset.

但我們鼓勵並希望各國能夠獲得本國的監管部門批准或法律批准，以落實10月份實際談判達成的協議。正如保羅在我們的指導中指出的那樣，我們假設是 15%。如果——如果有一段時間佔比低於 15%，那將是未來需要解決的問題，我們會努力彌補。

Paul, if you want to get into some of the specifics.

保羅，如果你想深入了解一些細節的話。

Yeah. So thanks for the question, Andrew.

是的。謝謝你的提問，安德魯。

The offset -- the self-help provisions, just as a reminder, we talked about go-to-market, we talked about manufacturing footprint changes, and we talked about fixed cost reductions. Obviously, for Joe's question that we just we just went through, there's some fixed cost pressure that's new with the manufacturing additions that we'll take on in '26. That'll obviously lead to significant offsets in 2027 as we begin to onshore production.

抵銷措施－自助條款，提醒一下，我們討論了市場進入策略、生產佈局變化以及固定成本降低。顯然，對於喬剛才提出的問題，我們剛才討論過，隨著我們在 2026 年增加生產設施，將會出現一些新的固定成本壓力。顯然，隨著我們開始將生產轉移到陸上，這將在 2027 年帶來顯著的抵消效應。

But in '26, it's really a lot of the annualization of what we've done. So with the go-to-market and then the fixed cost reductions, we'll get an annualization benefit in '26. So we should end up at a position where our net tariffs are actually lower in '26 than they were in 2025. So that that equates to slightly more than the 40% offset just from that annualization.

但 2026 年，實際上是對我們過去所做工作的年度總結。因此，透過市場推廣和固定成本削減，我們將在 2026 年獲得年度收益。因此，我們最終應該會發現，到 2026 年，我們的淨關稅實際上會低於 2025 年的淨關稅。因此，僅年化效應就相當於略高於 40% 的抵銷額。

Got it. Okay, that's super helpful. And then maybe just coming back to Super Cruise, you mentioned expanding that into some international markets. Can you just remind us what maybe what regulatory approvals are needed to do that? And also, from a functionality standpoint, can you maybe just give us a roadmap for what improvements consumers might expect to see going forward, whether that be point to point? Just kind of wondering what the progression of that looks like over the next few years before you get to full eyes-off, hands-off L3 with that next-gen platform. Thank you.

知道了。好的，這太有幫助了。然後，回到 Super Cruise 的話題，您提到將其拓展到一些國際市場。您能否提醒我們一下，這樣做可能需要哪些監管部門的批准？另外，從功能角度來看，您能否提供我們一個路線圖，說明消費者未來可以期待看到哪些改進，無論是點對點的改進嗎？我只是有點好奇，在接下來的幾年裡，在下一代平台上實現完全無需人工幹預的 L3 級別安全防護之前，這個技術的發展軌跡會是什麼樣的。謝謝。

Andrew, we can't get you the specific. We have a roadmap that we're working to where we continue to expand and add more features that we haven't announced yet. So stay tuned on that.

安德魯，我們無法提供具體資訊。我們正在製定路線圖，並朝著這個方向努力，不斷擴展並添加更多尚未公佈的功能。敬請關注。

And as to the regulatory specifics, I think I don't have them top of mind, but I know the team is working in the rollout is planned. And I don't think there's any barriers for stopping the global expansion that we have of Super Cruise.

至於監管方面的具體細節，我可能暫時想不起來，但我知道團隊正在製定推廣計畫。我認為，Super Cruise 的全球擴張沒有任何阻礙。

Great. Thank you.

偉大的。謝謝。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody. Just have a question, first on the GM North America margin range of 8% to 10%. I mean, that clearly embeds a pretty sizable step-up and you have the $14 billion midpoint guide for the total company. Just want to address the moving pieces there as to how we get to that range, yet still only have total company at the $14 billion. I guess, what my model is currently saying is if I get to 8% to 10% for GM North America, even at the low end, it would imply higher overall in the EBIT. So any clarity there would be great. Thank you.

大家好。我有一個問題，首先是關於通用汽車北美公司 8% 到 10% 的利潤率範圍。我的意思是，這顯然意味著相當大的成長，公司整體估值中位數達到了 140 億美元。我只想解釋一下我們是如何達到這個規模的，但公司總市值仍然只有 140 億美元。我猜，我的模型目前顯示，如果通用汽車北美公司的利潤率達到 8% 到 10%，即使是最低值，也意味著整體息稅前利潤會更高。所以，如果能得到更清晰的解釋，那就太好了。謝謝。

Yeah. Thanks, James. We're incredibly proud of the work that the North America team is doing to continue to drive back to that 8% to 10% margin. Many of the tailwinds that we mentioned in the prepared remarks about improved EV profitability, improved warranty expense, regulatory costs all benefit North America. So it's a journey that I think is ahead of where investors were. And we've worked hard to try to make sure that we can deliver that in 2026. And I think our guidance reflects the confidence that we'll be able to do that.

是的。謝謝你，詹姆斯。我們為北美團隊為繼續努力恢復 8% 至 10% 的利潤率所做的工作感到無比自豪。我們在準備好的演講稿中提到的許多利多因素，例如電動車獲利能力的提高、保固費用的降低、監管成本的降低，都有利於北美。所以我認為這是一段超越投資人預期的發展歷程。我們一直在努力確保在 2026 年能夠實現這一目標。我認為我們的指導意見體現了我們能夠做到這一點的信心。

Obviously, a lot of things going on in the world internationally, and with the work that the China team has done, that kind of disrupts a little bit of the balance that we've seen historically. But overall, we think it's a good start to the year in terms of laying out these expectations. And we're set to set to go get them.

顯然，國際上發生了很多事情，加上中國隊所做的工作，這在某種程度上打破了我們歷史上看到的平衡。但總的來說，我們認為就闡明這些預期而言，這是一個好的開始。我們已經準備好去抓他們了。

Yeah. Understood. And then just my follow-up is on GM's memory chip supply and just an understanding of how much of this year's supply is already locked in, and is pricing also predominantly locked in for the year? Thank you.

是的。明白了。然後，我的後續問題是關於通用汽車的記憶體晶片供應，我想了解今年有多少供應已經鎖定，以及價格是否也基本上鎖定在今年？謝謝。

Well, we shared that between commodities, DRAM and FX, we see a headwind of $1 billion to $1.5 billion. We're not breaking that we're not breaking that out specifically. I would say the team is actively working from a memory chip perspective.

我們之前提到過，大宗商品、DRAM 和外匯市場將面臨 10 億至 15 億美元的不利因素。我們並沒有打破這種局面，我們並沒有專門討論這個問題。我認為該團隊正在積極地從儲存晶片的角度開展工作。

And as of now, we don't see any issues that are going to impact our ability to produce. I think you've seen this over the last couple of years, even going back to the semiconductor shortage to see how the team works and gets ahead of these. And so that's obviously ongoing work the team is doing. But as of now, we don't see anything that's going to create an issue for us there.

截至目前，我們沒有發現任何會影響我們生產能力的問題。我想在過去的幾年裡，你已經看到了這一點，甚至可以追溯到半導體短缺時期，看看團隊是如何運作並提前應對這些問題的。所以這顯然是團隊正在進行的工作。但就目前而言，我們沒有看到任何會為我們帶來問題的事情。

Thanks.

謝謝。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Great. Thank you. Good morning, everyone. Just first a question on the full-size pickup launch this year. I'm curious kind of what's embedded into the guide at a high level. And Paul, you mentioned some downtime. I don't know if you're able to clarify that or quantify that. And should we think about some of the volume price mix impacts more later this year or more of a 2027 impact?

偉大的。謝謝。各位早安。首先請問一下關於今年推出的全尺寸皮卡的問題。我很好奇這份指南從宏觀層面上包含了哪些內容。保羅，你剛才提到了一些休息時間。我不知道你是否能夠解釋清楚或量化這一點。我們是否應該在今年稍後考慮更多銷售和價格組合的影響，還是應該多考慮 2027 年的影響？

Yeah. Thanks, Itay. Obviously, we're really excited about the new trucks that are coming online. We'll obviously have to take some downtime as we retool for that. Some of that we'll be able to build ahead a little to offset, but you will see that impacted in our volumes this year overall.

是的。謝謝，伊泰。顯然，我們對即將投入使用的新卡車感到非常興奮。顯然，我們需要停工一段時間來進行設備改造。其中一部分我們可以提前稍微擴建以抵消，但你會看到這會影響我們今年的整體銷售。

On the pricing, I would say it's largely going to be a 2027 tailwind, I think, going forward. And the one thing I've shared this with a number of investors that the historical norm of a giant up in price for a model year really doesn't hold in this environment where pricing has held up on the later years of the model run going forward. So obviously, in the low-inventory, low-incentive world that we've seen, we haven't seen the typical pricing heuristic where we see a lot of pricing erosion at the end of a production run.

至於價格方面，我認為從長遠來看，2027 年將是一個有利因素。我曾與許多投資者分享過，過去車型年份價格大幅上漲的慣例，在當前環境下並不適用，因為車型後續年份的價格都保持穩定。顯然，在我們所看到的低庫存、低激勵的環境下，我們沒有看到典型的定價啟發式規律，即在生產週期結束時出現大量的價格侵蝕。

So we're not expecting to see a giant pop in prices, but this is an opportunity to deliver more value. And we're confident that when the new trucks come out, we're going to continue to drive the type of share momentum and pricing discipline that we've seen over the past several years.

因此，我們預期價格不會大幅上漲，但這卻是提供更多價值的機會。我們有信心，當新卡車上市後，我們將繼續保持過去幾年所取得的市場份額成長動能和定價策略。

Perfect. That's very helpful. And a quick follow-up, I was hoping you can share kind of at a high level what you're assuming the declines in EV volume this year, how much of that could translate to incremental ICE demand for GM and kind of how does that affect your inventory and kind of wholesale volume planning throughout the year?

完美的。那很有幫助。最後還有一個問題，我希望您能大致談談您對今年電動車銷量下降的預期，其中有多少會轉化為通用汽車燃油車需求的增加，以及這會如何影響您全年的庫存和批發銷量計劃？

Well, it is a great question. I don't think anyone really knows what the steady-state EV demand will be in this new environment. I think we're still seeing -- we saw a fairly substantial pull ahead before the consumer credit went away. And so we're -- and looking at other geographies that had EV incentives and then took it away, it literally was six months before we really started to understand what steady state would be.

這是一個很好的問題。我認為在這種新環境下，沒有人真正知道電動車的穩定需求會是多少。我認為我們仍然看到——在消費信貸消失之前，我們看到了相當大的成長。因此，我們觀察了其他一些地區，這些地區曾經有過電動車激勵措施，後來又取消了這些措施，我們花了整整六個月的時間才真正開始了解穩定狀態會是什麼樣子。

Having said that, we're looking across all aspects of where we can have additional volume. Paul already answered the fact that we ended the year with a lower inventory below the 50 to 60 days. So we're going to continue to look at where the opportunities to get more.

話雖如此，我們正在從各個方面尋找增加產量的途徑。Paul 已經回答了我們年底庫存低於 50 至 60 天的問題。所以我們會繼續尋找獲得更多機會的途徑。

With the full-size truck downtime, we're pretty tight, but the team usually does a great job of pulling out more production when it's needed. As an old manufacturing person, those are the challenges that you love to have. So again, we're going to see where the EV market is, and then we're going to maximize as much as we can from an internal combustion engine perspective.

由於大型卡車停工，我們的生產資源非常緊張，但團隊通常都能在需要時盡力提高產量。身為資深的製造業從業人員，這些正是我喜歡迎接的挑戰。所以，我們還是要看看電動車市場的發展情況，然後從內燃機的角度盡可能地發揮其作用。

That's very helpful. Appreciate that. Thank you.

那很有幫助。謝謝。謝謝。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Great. Thanks for taking my question. If I look at the quantified puts and takes in the guidance, they kind of net out. So what is actually driving the expected increase? There's a slight increase in pricing. And then, is the rest volume? Because I thought your commentary said ICE volume flat to slightly up. So what is the gap to kind of drive numbers up year over year?

偉大的。謝謝您回答我的問題。如果我看一下指導意見中量化的看跌期權和買入期權，它們基本上是相互抵消的。那麼，究竟是什麼因素推動了預期中的成長？價格略有上漲。那麼，剩餘體積是多少呢？因為我以為你的評論說ICE成交量持平或略有上升。那麼，究竟是什麼因素導致數字逐年成長呢？

Yeah. So good morning, Colin. Thanks for the question.

是的。早安，科林。謝謝你的提問。

So we tried to do a good job of laying out sort of the key headwinds and tailwinds. But when we lay all of that out together, we actually see some upside coming through on that. Some of it will be in our ability to lower our net tariff exposure. Some of it will be on the regulatory side that we expect coming in as well. And then, some of it is going to be continued work on driving EV profitability improvement. So we laid out what we see on some of the fixed cost relief.

所以我們努力把主要的逆風和順風都梳理清楚。但當我們把所有這些因素綜合起來考慮時，我們實際上看到了其中的一些積極因素。部分原因在於我們降低淨關稅風險敞口的能力。其中一些還將涉及監管方面，我們預計也會有相關措施出台。此外，部分工作也將繼續致力於提高電動車的獲利能力。因此，我們列出了我們認為可以減輕一些固定成本負擔的措施。

But as you know, we struggled this year with sort of step-down after step-down after step-down in EV costs that, at the end of the day, result in a lot of supplier claims that we've tried to sort of all bring together in the one-time step-down. So when you look at it across the board, all of those result in what we believe is going to be a pretty strong year-over-year improvement as we've highlighted.

但正如您所知，今年我們一直面臨著電動車成本一再下降的困境，最終導致供應商提出大量索賠，而我們試圖將這些索賠全部集中到一次性降價中。因此，從整體上看，所有這些因素都導致了我們認為將會有相當強勁的同比改善，正如我們所強調的那樣。

So is that a cost improvement that you're implying outside of what's listed in the slide?

所以，您指的是投影片中未列出的成本改進嗎？

I mean, ultimately, when you look at the listings in the slide and what we've highlighted, it really comes down to a margin improvement on the vehicles going forward because we absorbed so much cost in '25 between that, warranty, all the tailwinds that we highlighted.

我的意思是，歸根結底，當你查看幻燈片中的清單以及我們重點強調的內容時，你會發現，未來車輛的利潤率確實有所提高，因為我們在 2025 年承擔了太多成本，包括保固成本以及我們重點強調的所有利好因素。

Got it. Okay. And then, you assumed last year the guidance in pricing down 1% to 1.5%. Why the optimism this year? Seemed like a little bit more conservative last year ended up being a lot better.

知道了。好的。然後，你去年假設價格指引將下降 1% 至 1.5%。今年為何如此樂觀？去年看似比較保守的做法，結果卻好得多。

Well, I think last year, as we were looking through the uncertainty that we saw across the board, we didn't want to make any statements. Then, obviously, as we saw the year progress, we took that guide up.

嗯，我認為去年，當我們審視各方面的不確定性時，我們不想發表任何聲明。然後，很顯然，隨著一年時間的推移，我們採納了那份指南。

And this year, what we've assumed, as per the question from Dan at the beginning of the call, was we haven't assumed any pricing increase at all. This is just we put in the model year '26 late in 2025. This is the annualization of that. So we're assuming that that holds, but we're not counting on any additional pricing coming through. So I wouldn't say that it is an aggressive assumption. It just is more of a function of kind of where we see the landscape today.

今年，正如丹在電話會議開始時提出的問題，我們假設價格不會上漲。這只是我們在 2025 年底推出的 '26' 型號。這是該數據的年化結果。所以我們假設這種情況成立，但我們不期待會有額外的價格調整。所以，我不會說這是一個激進的假設。這更多地取決於我們今天所看到的景觀。

Got it. All right. Thanks for taking my questions.

知道了。好的。謝謝您回答我的問題。

Absolutely. Thanks.

絕對地。謝謝。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

Great. Thank you. Can you talk a little bit about how you're thinking about the mix benefits implied or assumed in this year's outlook? I know some of it is reflected in these lower EV losses that you quantified at 1% to 1.5%. Is there another potential mix benefit from optimizing ICE mix in light of the emissions deregulation or from rebuilding inventories, which were at a very lean level at the end of 2025?

偉大的。謝謝。您能否談談您如何看待今年展望中隱含或假設的混合收益？我知道其中一些反映在電動車損失降低的幅度上，您量化為 1% 到 1.5%。鑑於排放管制放鬆，優化內燃機組合是否還有其他潛在的組合效益？或者重建庫存（到 2025 年底庫存水準非常低）是否也有其他潛在效益？

Yeah. Good morning, Emmanuel.

是的。早上好，伊曼紐爾。

The mix benefits, as you've highlighted them, we certainly are expecting EVs to probably be down for the full year, given the cessation of the consumer tax credit going forward. The volumes are somewhat hampered by the transition to the new truck platform. So I'm not sure that there's a huge volume push that we're banking on, but obviously, we'll take every opportunity we can.

正如您所強調的，考慮到消費者稅收抵免政策的終止，我們預計電動車全年銷量可能會下降。在向新卡車平台過渡期間，銷量受到一定影響。所以我不太確定我們是否指望大幅提升銷量，但顯然，我們會抓住每一個機會。

Now, without perhaps being obvious, the weather that we've seen recently has obviously impacted production likely for everybody, given the width and the breadth of the storm going forward. So we've got, I think, some makeup work that we've got to do going forward, but we're confident that the team will be able to do that and glad that everybody has stayed safe through our plants.

現在，雖然可能並不明顯，但鑑於這場風暴的寬度和範圍，我們最近看到的天氣顯然已經影響到所有人的生產。所以，我認為我們接下來還有一些彌補工作要做，但我們相信團隊能夠做到，也很高興大家在我們的工廠裡平安無事。

And then I was hoping to ask you about the warranty cost benefit of $1 billion for this year. Can you just remind us the dynamics and drivers of this? Obviously, you had pretty large warranty costs in 2025, but then I think recently, there was a reopening of the investigation into some of these V8 engines. So how much of it has already been essentially provisioned for, and what drives really the confidence in this year's benefit?

然後，我還想問問您今年10億美元的保固成本效益。能簡單介紹一下其中的動態和驅動因素嗎？顯然，2025 年的保固成本相當高昂，但我認為最近對其中一些 V8 引擎的調查又重新啟動了。那麼，其中有多少已經基本落實到位？真正支撐人們對今年福利充滿信心的因素又是什麼？

Yeah. So all of this starts, Emmanuel, with what we see on the monthly cash and where we see the exposure. It's obviously a very complex set of calculations and analyses going forward across the vehicle universe. But it really begins with cash, and we've seen that flattening, which is the first thing that needs to happen before you can ultimately come back down the curve on accruals because of the lagging effect there.

是的。伊曼紐爾，這一切都始於我們對每月現金流的觀察以及我們對風險敞口的了解。顯然，未來在整個車輛領域，需要進行一系列非常複雜的計算和分析。但這一切真的始於現金，我們已經看到現金流趨於平緩，這是在應計專案最終回落之前必鬚髮生的第一件事，因為應計項目存在滯後效應。

But when you look at the L87 and the V8 engines, we've seen really good progress with the fixes that the team has put out. There would be oil change and some of the testing that we can do at dealerships. So we believe that that will mitigate and hopefully ultimately bring that down or certainly not lead to any more increases going forward.

但是，當你觀察 L87 和 V8 引擎時，我們看到團隊提出的改進方案取得了非常好的進展。我們會進行換油以及一些我們可以在經銷商進行的項目。因此我們相信這將緩解並有望最終降低這種情況，或至少不會導致未來進一步的成長。

So the team is hard at work across looking at every detailed cause of the warranty accrual. It's not just the big ones, but it's the small ones. We're looking at inflationary pressures that we've seen at the dealerships and making sure that the dealers are charging fair prices to us for warranty as they are for retail across the board.

因此，團隊正在努力調查保固費用累積的每一個詳細原因。不只是大事，小事也一樣。我們正在關注經銷商處出現的通膨壓力，並確保經銷商向我們收取的保固費用與零售價格一樣合理。

And it's really an all-hands-on-deck, and we're starting to see some really early green shoots on some of that work that's been ongoing. And that's where we think it'll compound into warranty savings for us into '26 and hopefully beyond.

現在真的需要全員參與，而且我們已經開始看到一些正在進行的工作取得了一些非常初步的結果。我們認為這將在 2026 年及以後為我們節省保固費用。

Great. Thank you.

偉大的。謝謝。

Ryan Brinkman, JPMorgan.

Ryan Brinkman，摩根大通。

Good morning. Thanks for taking my question, which is on the emissions regulation assumption baked into the '26 guide. The outlook for $500 million to $750 million of savings there from no longer needing to purchase those compliance credits, it seems a bit less than the roughly, I think, $1 billion annually that you've maybe been spending. Is that because some of the purchases sit outside the US or because some US regulatory credit purchases maybe at the state level will need to continue in some form? Or what is the right way to think about that?

早安.感謝您回答我的問題，我的問題是關於 2026 年指南中隱含的排放法規假設。預計不再需要購買這些合規積分，可以節省 5 億至 7.5 億美元，但這似乎比你們每年可能花費的約 10 億美元要少一些。這是因為部分採購發生在美國境外，還是因為某些美國監管信貸採購（可能在州一級）需要以某種形式繼續進行？或者，對此正確的思考方式是什麼？

Yeah. Ryan, obviously the compliance requirements are pretty complicated. You've got both state, federal, local, and international as well. But as we've talked about, the credits were roughly split between CAFE and GHG. So CAFE, we know we don't need to purchase credits as the administration has already zeroed out the CAFE penalties across the board. We took a charge for that in the third quarter and expect that to result in some year-over-year savings in '26 versus '25.

是的。瑞恩，顯然合規要求相當複雜。你既要考慮州級、聯邦級、地方級，也要考慮國際級。但正如我們之前討論過的，這些積分大致在 CAFE 和 GHG 之間平分。所以，對於 CAFE 積分，我們知道我們不需要購買積分，因為政府已經全面取消了 CAFE 積分罰款。我們在第三季提列了這筆費用，預計將使 2026 年與 2025 年相比實現年比節省。

And then GHG is still pending with the administration. We're assuming that ultimately, that gets resolved over time, but there's going to be a lag effect as the administration works through the regulatory process to accomplish what their objectives are on GHG. So when we purchase credits, we amortize them over the time, the remaining life of those credits. So that's where you're probably seeing a little bit of a disconnect versus the P&L and the cash.

而且，溫室氣體排放問題仍在政府部門等待審批。我們假設這個問題最終會隨著時間的推移而解決，但由於政府需要透過監管程序來實現其溫室氣體減排目標，因此會存在一定的滯後效應。因此，當我們購買積分時，我們會將其在剩餘有效期內攤銷。所以，你可能在這裡看到了損益表和現金之間存在一些脫節。

Okay, very helpful. Thanks. And then just lastly, on international operations, obviously a lot of focus on the improvement in turnaround in China. Maybe just if you could talk about consolidated IO, looks like a lot of sequential improvements there in revenue and wholesales as well.

好的，很有幫助。謝謝。最後，關於國際業務，顯然我們非常關注中國市場的周轉情況改善。如果您能談談合併後的IO數據，看起來收入和批發業務方面都有很大的連續成長。

But just curious about -- we're reading a lot about the incremental pressure being placed on some of these regions outside of China by Chinese automakers. Obviously, it doesn't affect you in North America. You're not in Europe. You don't have to worry about that. But maybe if you could talk to LatAm or some of the other markets where you operate and what you might be seeing in that.

但我很好奇——我們讀到很多關於中國汽車製造商對中國以外的一些地區施加日益增長的壓力的文章。顯然，這不會影響到北美地區的你。你不在歐洲。你不必擔心。但或許您可以和拉丁美洲或其他您開展業務的市場談談，了解您在那裡看到了什麼。

Well, I think you highlighted -- we are seeing improvement from an international perspective, specifically in South America. And when you focus on Brazil as an example, even with the stiff competition coming from the Chinese OEMs that are heavily subsidized, we've seen improved performance there among other countries in South America. So I think it's -- each of the different areas we've seen improvements. And I think it speaks to the strength of our vehicles and the strength of our brands.

嗯，我認為你強調的一點——從國際角度來看，尤其是在南美洲，我們看到情況正在好轉。以巴西為例，即使面臨來自獲得大量補貼的中國汽車製造商的激烈競爭，我們也看到巴西的汽車性能在南美其他國家中有所提高。所以我認為——我們看到的各個領域都取得了進步。我認為這體現了我們車輛的實力和我們品牌的實力。

So again, it was across the board that we're seeing that improvement. And we are in Europe. We just export into Europe with some vehicles that we have actually. The Lyriq and then the VISTIQ actually won German Car of the Year for over the last two years from an EV perspective, so luxury perspective. So we're there in a small way as we look to see what's going to have a European market is going to sort out. And I think that's a growth opportunity for us. And I'm proud across the international markets for the work they've done to improve their business.

所以，我們看到各方面都在進步。我們身處歐洲。我們目前只是將我們現有的一些車輛出口到歐洲。從電動車的角度來看，Lyriq 和 VISTIQ 實際上連續兩年贏得了德國年度車大獎，所以從豪華車的角度來看也是如此。所以，我們以小規模的方式參與其中，看看歐洲市場將如何解決這些問題。我認為這對我們來說是一個發展機會。我為他們在國際市場上為改善業務所做的工作感到自豪。

Very helpful. Thank you.

很有幫助。謝謝。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

Yes. Good morning. Thank you very much for taking my question. The company is expecting Super Cruise revenue to be $400 million in '26, up from $234 million at the end of 2025. Can you help us better understand what's driving such a big step up this year in Super Cruise revenue? And then as you think about that broader OnStar digital services business momentum that you spoke about, are there other key areas you're seeing momentum beyond Super Cruise, or is Super Cruise the big driver of digital services?

是的。早安.非常感謝您回答我的問題。該公司預計 Super Cruise 2026 年的營收將達到 4 億美元，高於 2025 年底的 2.34 億美元。您能否幫助我們更了解是什麼因素推動了Super Cruise今年的營收大幅成長？然後，當您思考您提到的更廣泛的 OnStar 數位服務業務發展勢頭時，除了 Super Cruise 之外，您是否看到其他關鍵領域的發展勢頭，或者 Super Cruise 是數位服務的主要驅動力？

Yeah. Well, Mark, thanks for hanging on for the whole call. Appreciate you getting your last question in.

是的。馬克，謝謝你全程陪我通話。感謝您提出最後一個問題。

The Super Cruise revenue is a couple of things. So remember, when we sell a vehicle with Super Cruise, we include three years of prepaid services on that. So that balance then amortizes over a three-year period. So what you're seeing is growth in those initial rates as we ramp up production and sales of vehicles equipped with Super Cruise.

Super Cruise的收入來源有兩個面向。所以請記住，當我們銷售配備 Super Cruise 的車輛時，我們會附贈三年的預付服務。因此，該餘額將在三年內攤銷完畢。因此，隨著我們增加配備 Super Cruise 的車輛的生產和銷售力度，您現在看到的是初始成長率。

The second aspect of it, which we're continuing to see really good penetration and attachment rates, is on the renewal. So at the end of three years, customers are approached with, would they like to subscribe? And we've seen attachment rates in the low 40% range with people stepping up and renewing that. So that's where you're seeing a lot of the growth in Super Cruise.

第二個方面，我們持續看到非常好的滲透率和附著率，那就是續保。因此，三年後，我們會詢問客戶是否願意訂閱？我們看到續約率在 40% 左右，人們紛紛續約。所以，這就是Super Cruise業務成長的主要來源。

In OnStar, we include an OnStar Basics package with the sale of vehicles that amortizes over the life of that period. But also, what it does is gives us an engagement opportunity with the consumer that is really laying the foundation for: number one, enhanced OnStar services currently; but also, then second, you look at GM Rewards, you look at opportunities when we get software-defined vehicles down the road. It's really a big step function. So that's where you're seeing a lot of the deferred revenue growing and coming in at very attractive software-like margins.

在 OnStar 服務中，我們會在車輛銷售中包含 OnStar 基本服務包，該服務包的費用會在車輛使用期限內攤提。但同時，它也為我們提供了一個與消費者互動的機會，這真正為以下兩方面奠定了基礎：第一，增強 OnStar 服務；第二，看看 GM Rewards，看看未來我們推出軟體定義汽車時的機會。這真是一個巨大的階躍函數。所以，你會看到很多遞延收入都在成長，並且獲得了非常誘人的、類似軟體的利潤率。

Thanks for that, Paul. My other question was on China. The company's obviously made a lot of improvements there and I think expecting pretty similar China profits in 2026. There is a view, though, that the China market in general is becoming more difficult after a lot of stimulus in 2025 and maybe demand in the broader China market could be down this year. Maybe talk about what offsets there could be for GM specifically, perhaps it's the product portfolio, but would hope to better understand what would allow GM to be more stable year on year if the market does soften. Thanks.

謝謝你，保羅。我的另一個問題是關於中國的。該公司顯然已經取得了很大的進步，我認為預計 2026 年在中國的利潤將與此相當。不過，也有人認為，2025 年中國市場經歷了大量的刺激措施後，整體而言市場環境變得更加艱難，今年中國整體市場的需求可能會下降。或許可以討論通用汽車具體有哪些抵銷措施，例如產品組合，但希望能更了解，如果市場疲軟，哪些因素能讓通用汽車的業績逐年保持穩定。謝謝。

Well, I think the number of vehicles that we launched this year, the new energy vehicles, I think, are doing very well, over 50%, as we indicated, with the right software, the right technology. And virtually across the board, we have in-China, for-China solutions that I think are resonating really well in the marketplace. And I think that discipline, along with the discipline and the way the business is operating of making sure we manage inventory, which allows us to manage incentives, it also has allowed us to have a much better relationship with the dealers because we've had a dramatic improvement in their profitability.

我認為，今年我們推出的新能源汽車數量非常可觀，超過 50%，正如我們之前提到的，這得益於合適的軟體和技術。而且幾乎在所有方面，我們都擁有在中國本土、為中國市場量身打造的解決方案，我認為這些方案在市場上引起了非常正面的迴響。我認為，這種紀律，以及公司在庫存管理方面的紀律和運營方式（這使我們能夠管理激勵措施），也使我們能夠與經銷商建立更好的關係，因為他們的盈利能力得到了顯著提高。

So I think if you want to say what's going to drive China's business overall, it's the right product portfolio and then the discipline in which we're managing the business. And I have to give a little credit to the team over there for really turning around that business rather quickly in a sustainable way.

所以我認為，如果要說什麼將推動中國整體業務的發展，那就是正確的產品組合以及我們管理業務的紀律。我必須讚揚一下那邊的團隊，他們確實以可持續的方式迅速扭轉了公司的局面。

And then lastly, I'll just say it's also our strong brands. The Cadillac and the Buick brand have a long history, the Buick brand especially, but also the strength of the Cadillac franchise as well is serving us well. So we think we can compete, obviously not to the extent we were five, six years ago, but we think we can have a meaningful presence there with the right product portfolio at a premium and luxury level.

最後，我還要補充一點，我們強大的品牌也是關鍵因素。凱迪拉克和別克品牌都有著悠久的歷史，尤其是別克品牌，但凱迪拉克品牌的實力也對我們大有裨益。所以我們認為我們能夠參與競爭，當然，我們不可能達到五、六年前的水平，但我們認為，憑藉合適的高端和奢侈品產品組合，我們可以在那裡佔據重要的地位。

Thank you.

謝謝。

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

謝謝。現在我想把電話交給瑪麗·巴拉，請她做總結發言。

Well, thanks, everybody, for sticking with us through the call. I know we're running a little over, so I'll be brief.

謝謝大家全程陪伴我們通話。我知道時間有點超時了，所以我長話短說。

But I just want to, again, start by thanking everyone in General Motors, our suppliers, our dealers for all of their hard work to deliver the 2025 performance. But it really goes beyond that, because over the last several years, we've really built a foundation of product excellence, innovation, operating discipline, and resiliency and agility.

但我還是要再次感謝通用汽車的每一位員工、我們的供應商和經銷商，感謝他們為實現 2025 年的業績目標所付出的辛勤努力。但這遠不止於此，因為在過去的幾年裡，我們已經真正建立了卓越的產品、創新、營運紀律以及韌性和敏捷性的基礎。

We know we're going to continue to see opportunities. I think we have the right team to be able to manage through those and continue to deliver results for our shareholders. So I want to tell you I'm extremely excited about this year and what we can do with an even better '26, and getting North America back to the 8% to 10% margin is something that we're looking forward to executing through the year and delivering for our shareholders.

我們知道我們還會繼續看到機會。我認為我們擁有合適的團隊來應對這些挑戰，並繼續為股東創造績效。所以我想告訴大家，我對今年以及我們能在 2026 年取得更大的成就感到非常興奮，我們期待在今年實現北美 8% 到 10% 的利潤率目標，並為我們的股東帶來回報。

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

謝謝大家，祝你們今天過得愉快。注意安全。

Thank you. That concludes the conference for today. Thank you for joining. You may disconnect.

謝謝。今天的會議到此結束。感謝您的參與。您可以斷開連線。