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.

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。

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. 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.

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。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. 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.

謝謝你，阿什什，大家早安。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，最終實現了全年調整後息稅前利潤達到預期範圍上限。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.

在美國，我們實現了十年來最高的年度市場份額。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。

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. 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 CT5V 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.

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。我們非常自豪地宣布，《Car and Driver》雜誌連續第三年將雪佛蘭Trax評為十大最佳車型之一，與雪佛蘭Corvette、凱迪拉克CT5V 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。

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. 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.

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。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 O-Ring 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. In addition, our warranty expense is moving in the right direction and our EV losses will be lower.

我們也迅速應對電動車需求放緩的情況，出售了 Ultium Cells Lansing 工廠的股份，並將 O 型環組裝從電動車轉向內燃機生產。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而採取的措施，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。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。

As a result, we expect full year EBIT-adjusted margins in North America will be back in the 8% to 10% margin range. 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.

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% 的利潤率區間。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。

We know EV drivers don't often go back to ICE. So we'll continue executing our plan to dramatically reduce cost 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. 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 have 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.

我們知道電動車車主很少會再開燃油車。因此，我們將繼續執行大幅降低成本的計劃，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。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。

We believe that formula is sustainable, which is why we are increasing our quarterly dividend rate by 20% and planning future share repurchases. 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.

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。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，我們將繼續發展我們在北美的超級郵輪業務，並擴展到韓國、中東和歐洲。

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. 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%。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，並逐步提高凱迪拉克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 in 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. 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 wells and tighter control directly improving cost and quality. We are also deploying robotic systems alongside humans to make their jobs safer and easier to perform.

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，在三分之一的時間內實現了性能和排放目標，同時減少了原型製作，從而節省了 20% 的材料和模具成本。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油井和更嚴格的控制，從而直接提高成本和品質。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。

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 robots and [cobots] controlled by GM design software. 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.

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 組裝廠匯合，該廠的升級改造包括先進的視覺系統，以及安裝 2500 台由通用汽車設計軟體控制的機器人和協作機器人。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。

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. 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 Escalate IQ in 2028. With our Supers 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。它也為我們實現無需視線注視的免手駕駛技術提供了可能。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 Escalate IQ 車型。憑藉我們在超級駕駛員方面的經驗、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積累的經驗，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 and 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. 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.

安全是建立信任和推廣新技術的關鍵，正如我們在 Super Cruise 專案中所展現的那樣。對於我們的「無需目視」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，我們將從高速公路開始。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，現在我把電話交給保羅。

Thank you, Mary, and welcome, everyone. 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. 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.

謝謝你，瑪麗，也歡迎各位。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 年調整後的 127 億美元 EBIT 和 106 億美元的調整後汽車自由現金流，最終使年末現金餘額達到 217 億美元。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。

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. 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.

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。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高車型的生產能力，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. 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.

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。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. 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's 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.

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。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）回購通用汽車的股票，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. EBIT adjusted was $2.8 billion, and EPS diluted adjusted was $2.51, both increasing year over year despite the impact of tariffs.

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。經調整後的息稅前利潤為 28 億美元，經調整後的每股攤薄利潤為 2.51 美元，儘管受到關稅的影響，但兩者均同比增長。

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

第四季度，我們因與 [Nexperia] 相關的替代晶片採購而產生了 1 億美元的額外成本，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。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息稅前利潤成長和有利的現金流時機。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。

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. 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. Turning now to our EV charges.

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。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。接下來我們來談談電動車充電。

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 noncash 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. In the fourth quarter, we recorded an additional $6 billion of charges.

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 組裝廠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。第四季度，我們提列了 60 億美元的額外費用。

This included $1.8 billion of noncash 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. Moving forward, we expect material but significantly smaller cash and noncash EV-related charges, as we continue commercial negotiations with our supply base and address proposed regulatory changes to greenhouse gas emission standards.

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。展望未來，我們預計與電動車相關的現金和非現金費用將大幅減少，因為我們將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。

Any greenhouse gas-related charges would be noncash. It is important to note that besides [Bright drop], 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.

任何與溫室氣體排放相關的費用都將以非現金方式收取。值得注意的是，除了[Bright drop]之外，我們並沒有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升，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. 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.

現在我們來看第四季區域業績。北美地區調整後息稅前利潤為 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。我們的保固業務表現呈現正面趨勢，每月現金流持續穩定。通用汽車國際（不包括中國股權收入）調整後息稅前利潤為 2 億美元，這主要得益於南美和中東地區的強勁業績，以及中國股權收入 1 億美元（不包括重組費用）。

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. I want to commend our China team for executing a disciplined multiyear 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. GM Financial also had another strong year of profitability and capital returns to GM.

我們在汽車中國權益收入中計入了一筆 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。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。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。

Fourth-quarter EBIT-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 EBIT-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. Last week, GM Financial received approval for their industrial bank application.

第四季經調整後的息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息稅前利潤為 28 億美元，符合其先前 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。上週，通用汽車金融公司的工業銀行申請獲得批准。

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.

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。調整後每股攤薄收益為 11 至 13 美元，調整後汽車業務自由現金流為 90 億至 110 億美元。首先從關稅說起。我們預計關稅總成本將在 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銷計劃擴大所抵消。

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 at 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，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. We anticipate a benefit of $1 billion to $1.5 billion related to the actions we've taken to rightsize our EV capacity.

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。今年內燃機汽車銷售受到產品組合調整的限制，包括凱迪拉克 XT6 的停產，以及在新款雪佛蘭 Silverado 和 GMC Sierra 上市前的一些預期停產期。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。

The benefits from both EV-related charges and substantially lower EV wholesale volumes will positively impact both mix and costs. 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. 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 place holder for potentially higher incentives due to the competitive environment, we are confident in our ability to maintain pricing discipline.

電動車相關收費和電動車批發量大幅下降的好處將對汽車結構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。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. 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. 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.

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所節省的費用有關。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。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。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。

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.

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，由於近期鋁、銅和其他主要大宗商品的價格走勢，以及DRAM成本上升和不利的匯率波動，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 EBIT-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.

接下來我們來看看各個地區。我們預期中國市場和中國以外的國際業務都將獲利，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息稅前利潤在25億至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 entered 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，我們今年開局強勁，資產負債表穩健，營運靈活，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。

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 -- I'm sure, you're coming off of a, let's say, tougher comp on the pricing side. I think you did just under $1.5 billion in positive pricing last year.

我想請您先解釋一下定價方面的假設。具體來說，我認為我們知道我們正處於一個可以說是需求受限的環境。你的某個競爭對手很想搶先一步——我敢肯定，你在價格方面剛剛經歷了一場更激烈的競爭。我認為你們去年實現了近15億美元的正向定價​​。

So 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?

那麼，您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？

Dan, thanks for the question. 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. But we're not putting projections out there if we've got a lot of price increases to go through.

丹，謝謝你的提問。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，我們會一步一步來，一天一天、一週一週、一個月地來，看看我們進展到什麼程度。但是，如果我們要經歷多次價格上漲，我們就不會發布預測數據。

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.

我們清楚當前的市場環境，但我們對我們的車輛以及今年稍後即將推出的新卡車充滿信心，相信我們能夠繼續保持過去在商業上的成長勢頭，而無需做出任何重大改變。

Great. 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?

偉大的。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（ICE）股票組合比例？

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?

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. But we think we have the right portfolio. We have 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].

好，我先開始，然後把財務部分交給保羅處理。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，我們目前對電動車的投資將主要集中在降低成本方面，例如[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 hybrids in key segments. 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.

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。而且我們之前也宣布過，我們將在關鍵細分市場推出混合動力車型。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。

And we also -- a big enabler of EV adoption is going to be charging. And last year, the charger -- Level 2 chargers increased by 25%. So EV adoption are going to grow over time. We think we're well positioned there. So we were very, I think, thoughtful about the way that we adjusted capacity in light of a very dramatic change in the regulatory environment as well as the -- eliminating the consumer tax credit.

而且，充電也將是電動車普及的一大推動因素。去年，二級充電器增加了 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。因此，我認為，考慮到監管環境的劇烈變化以及取消消費者稅收抵免，我們在調整產能方面考慮得非常周全。

Yes. 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. So 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.

是的。丹，我再補充一點。我認為，正如瑪麗所說，在進行重組的過程中，我們始終牢記哪些產能過剩，因為我們知道這些產能很長一段時間內都不需要，因為我們當初是為應對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。因此，尤其是在電池容量方面，我們有足夠的容量來過渡到 LMR 和 LFP，因為這些項目將在未來幾年內陸續啟動。

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. 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.

所以，我們實際上是在試圖找出正確的短期決策，但同時也要考慮如何平衡短期決策與長期發展以及我們所知道或相信的未來發展方向。至於車輛項目，請記住，由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，隨時調整策略，以滿足未來的需求。我認為，如果你看看這個管理團隊，以及他們在過去幾年裡在許多不確定因素中所取得的成就，我認為我們有能力應對並滿足消費者不斷變化的需求。

Michael Ward, Citigroup.

邁克爾沃德，花旗集團。

Two things. First, on the inventory. You see the impact on the 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?

兩件事。首先，清點庫存。你可以看到這對價格的影響。這種庫存管理方式會持續下去嗎？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？

Mike, thanks for the question. 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.

麥克，謝謝你的提問。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。

In fact, with the transition to the new truck, we'll lose some production as well. 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 build, although it is an opportunity potentially to get back into that 50- to 60-day range.

事實上，隨著新卡車的換型，我們的產量也會下降。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 the -- 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 for GM Financial. How much can you save from just a cost point of capital for that?

然後，工業銀行的這項公告，以及我認為前幾天聯邦存款保險公司的批准，就通用汽車金融的資本成本而言，似乎意義比一開始要大得多。單從資本成本角度來看，你能省下多少錢？

Yes. 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 will take some time.

是的。我先開始，然後我再讓蘇珊插話。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。

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

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。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。

So as it gets up and running, again, complementary to our footprint. It's not going to replace how we fund the business, but we'll be complementary to it and allow us to bring down the cost of funds, and the basis points over time. And on our debt complex, that's a meaningful move.

因此，隨著它的投入運行，再次與我們的佈局相輔相成。它不會取代我們為企業融資的方式，但它會起到補充作用，使我們能夠隨著時間的推移降低資金成本和基點。就我們的債務體係而言，這是一個意義重大的舉措。

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

100個基點有意義嗎？這就是你所說的「有意義」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。

Joe Spak, UBS.

喬·斯帕克，瑞銀集團。

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 plug-ins and [ERV]. 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 through -- guided for, for the next couple of years?

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範圍很廣的術語了，包括傳統的插件。[ERV]。所以我想知道您能否再詳細闡述您對該投資組合發展的看法？那麼，這是否已經計入您指導的 100 億至 120 億美元的資本支出計畫中——也就是未來幾年的指導支出計畫？

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 than 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，動力系統確實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，而超級巡航和其他軟體則更加突出了這一點。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, SDB, our next-generation software-defined platform and Super Cruise will be available 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.

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。是的，我們的下一代軟體定義平台 SDB 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。

So I'm not going to give you any specifics other than we're looking at a segment by segment 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, we're still growing share. And that, I think, just indicates that we have the right product portfolio. So -- and lastly, I just want to comment, you're absolutely right. The propulsion system of the vehicle is one distinguisher.

所以，除了我們正在逐一細分市場研究我們認為需要哪些條件才能確保我們具有競爭力之外，我不會透露任何具體細節。我再次重申，在過去的四年裡，即使其他公司推出了雜交品種，我們的市佔率仍在成長。我認為這恰恰表明我們擁有正確的產品組合。最後，我想說一句，你說得完全正確。該車輛的推進系統是其一大特點。

But people are looking for their vehicle to do more. And that's why 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. 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.

但人們希望他們的車輛能夠做更多的事情。因此，我認為我們也將把自己打造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 並最終實現我們已宣布將於 2028 年推出的“眼不看手不照”功能的基礎。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。

And then 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 start-up the [onshoring] I would think of it as more as temporary and maybe there's some relief as we think beyond '26. Is that right?

然後保羅，我只是想知道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。那麼，我們該如何看待這兩者之間的分歧呢？因為——如果我錯了請糾正我，請仔細想想，但我認為軟體費用部分是持續性的，甚至可能會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，我認為（本土化）更多的是暫時的，而且隨著我們考慮 2026 年以後的情況，也許會有一些緩解。是這樣嗎？

Yes. 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.

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。

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 SDB 2.0, and on autonomy and ultimately, Super Cruise enhancements going forward. So I'd split them about 50-50. It will vary over time, but that's the way we're thinking about it.

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 SDB 2.0、自主化以及最終的 Super Cruise 增強功能方面達到我們所需的目標。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。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

I want 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?

我希望在關稅揭露文件中，能列出2026年30億至40億美元的關稅總成本。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？

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?

然後，或許可以提醒我們一下，你們在2026年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, but we're 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 assume 15%. And if there are -- if there's a period of time where it's not 15%, that's going to be something a headwind that we'll work to offset.

好吧，我先開始，然後把一些細節交給保羅來說，但我們鼓勵並希望各國能夠獲得本國的監管批准或法律批准，以落實10月份實際談判並達成的協議。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%，那將是一個不利因素，我們將努力抵消它。

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

保羅，你想詳細說嗎？

Yes. So thanks for the question, Andrew. 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 went through, there's some fixed cost pressure that's new with the manufacturing additions that we'll take on in '26. That will obviously lead to significant offsets in 2027 as we begin to onshore production. But in '26 it's really a lot of the annualization of what we've done.

是的。謝謝你的提問，安德魯。抵銷－自助條款，提醒一下，我們討論過市場進入問題。我們討論了生產佈局的變化，也討論了固定成本的降低。顯然，對於我們剛才討論的喬的問題，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。隨著我們開始將生產轉移到陸上，這顯然會在 2027 年帶來顯著的抵銷效應。但 2026 年，我們所做的很多事情其實都是年度總結。

And 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 equates to slightly more than the 40% offset just from that annualization.

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?

知道了。好的。這太有幫助了。然後或許就回歸超級巡航了。您曾提到要將業務拓展到一些國際市場。您能否提醒我們一下，做這件事需要哪些監管部門的批准？

And also, from a functionality standpoint, can you maybe just give us a road map for what improvements consumers might back 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] L-3 with that next-gen platform?

另外，從功能角度來看，您能否提供我們一個路線圖，說明消費者未來可能會希望看到哪些改進，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，從第一代平台到完全實現（無需​​幹預，無需操作）L-3 級自動化，這個過程會是什麼樣的？

Andrew, we [can't] get you the specific. We have a road map 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. And as to the regulatory specifics, I think I don't have them top of mind, but I know the team is working and the rollout is planned, and I don't think there's any barriers for stopping the global expansion that we have of Super Cruise.

安德魯，我們無法提供具體資訊。我們正在製定路線圖，並努力推進，不斷擴展和添加更多尚未公佈的功能，敬請期待。至於監管方面的具體細節，我可能暫時想不起來，但我知道團隊正在努力，推廣計劃也已製定，我認為Super Cruise的全球擴張不會受到任何阻礙。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

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. I just want to address the moving pieces there as to how we get to that range yet. Still only have your 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.

首先，我有一個關於通用汽車北美利潤率範圍（8% 至 10%）的問題。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。我只想談談目前為止我們如何達到那個目標的一些關鍵因素。貴公司總市值仍只有 140 億美元。我的模型目前顯示，如果通用汽車北美公司的市佔率達到8%到10%，即使是最低值，也意味著整體市佔率會更高。[在息稅前利潤中]。所以，如果能得到更清晰的解釋，那就太好了。

Yes. 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.

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者預期的旅程，我們一直在努力確保能夠在 2026 年實現這一目標。

And I think our guidance reflects the confidence that we'll be able to do that. 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 (inaudible) go get them.

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。顯然，國際上發生了很多事情，加上中國隊所做的工作，在某種程度上打破了我們歷史上看到的平衡。但總的來說，我們認為今年開局不錯，我們已經設定了這些預期，並且準備好（聽不清楚）去實現它們。

Yes. 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?

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？

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 out specifically. I would say the team is actively working from a memory chip perspective. And as of now, we don't see any issues that are going to impact our ability to produce.

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。我們沒有專門列出這一點。我認為該團隊正在積極地從儲存晶片的角度開展工作。截至目前，我們沒有發現任何會影響我們生產能力的問題。

I think you've seen us over the last couple of years, even going back to the semiconductor shortage to see how the team works and get 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.

我想在過去的幾年裡，你們都看到了我們的努力，甚至追溯到半導體短缺時期，看看團隊是如何運作並搶佔先機的。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。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

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? I know, 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 impact more later this year, or more of a 2027 impact?

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？我知道，保羅，你提到會有一些休息時間。我不知道您是否能夠對此進行解釋或量化？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，還是更多地考慮 2027 年的影響？

Yes. 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 will 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。部分產能可以提前略微提升以抵消損失，但今年的整體產量仍會受到影響。

On the -- 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 the later years of the model run going forward.

至於價格方面，我認為從長遠來看，2027 年將是一個利好因素。我曾與許多投資者分享過一點，那就是以往車型年份價格大幅上漲的慣例，在當前環境下並不適用，因為價格已經支撐了該車型後續年份的價格上漲。

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. 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.

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。因此，我們預期價格不會大幅上漲，但這卻是創造更多價值的機會。我們相信，當新款卡車上市後，我們將繼續保持過去幾年所展現的市場份額成長動能和定價紀律。

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。還有一個後續問題。我希望您能大致談談您對今年電動車銷量下降的預期，以及其中有多少會轉化為通用汽車燃油車需求的增加？這會對你們的庫存以及全年的批發量計畫產生怎樣的影響？

Well, it's a great question. I don't think anyone really knows what the 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，我們正在研究其他一些地區，這些地區曾經提供電動車激勵措施，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理解什麼是穩定狀態。

Having said that, we're looking across all aspects of where we can have additional volume polarity and to 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 with the full-size truck downtime, we're pretty tight.

話雖如此，我們正在從各個方面尋找可以增加銷售極性的地方，並考慮到我們年底的庫存低於 50 至 60 天的水平。所以，我們將繼續尋找機會，利用全尺寸卡車的停機時間來獲得更多收益，我們目前的情況非常嚴峻。

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.

但當需要提高產量時，團隊通常都能做得很好。身為資深的製造業人員，這些正是我喜歡面對的挑戰。所以，我們將繼續觀察電動車市場的現狀，然後從內燃機的角度盡可能發揮其作用。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

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?

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的是，ICE 的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？

Yes. Colin, thanks for the question. 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.

是的。科林，謝謝你的提問。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。

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. 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 onetime 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.

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。然後，其中一部分工作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。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的同比顯著改善，正如我們所強調的那樣。

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

所以，你的意思是說，除了投影片上列出的內容之外，還有其他成本的改進嗎？

I mean, ultimately, when you look at the listings in the slide as 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，當你查看幻燈片中我們重點介紹的清單時，你會發現，這實際上歸根結底是未來車輛利潤率的提高，因為我們在 2025 年承擔了太多成本。 [除此之外]還有保修，以及我們重點介紹的所有利多因素。

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

知道了。好的。那麼，你去年為什麼假設指導定價會下調 1% 到 1.5% 呢？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. 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.

嗯，我認為去年，當我們審視各方面存在的不確定性。我們不想發表任何聲明。然後，隨著一年時間的推移，我們自然地採用了那份指南。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。

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.

這是該數據的年化結果。所以我們假設這一點成立，但我們不指望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。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

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, that 1% to 1.5%. Is there another potential mix benefits 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?

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你量化的較低的電動車損失中，即 1% 到 1.5%。鑑於排放管制放鬆，優化內燃機組合或重建庫存（到 2025 年底庫存水準非常低）是否還有其他潛在的組合效益？

Yes. Emmanuel, the mix -- the mix benefits, as you've highlighted, 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. 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.

是的。Emmanuel，正如你所強調的，由於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。我不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. I'm 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了所有人的生產。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。我很高興大家透過我們的工廠都保持了安全。

And then I was hoping to ask you about the warranty cost benefit of the $1 billion for this year. Can you just remind us the dynamics in drivers of this? Obviously, you have 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，我還想問問您今年這10億美元的保固成本效益。能簡單介紹一下駕駛者的相關動態嗎？顯然，到 2025 年，您的保固費用會相當高昂。但是，我認為最近對其中一些 V8 引擎的調查又重新啟動了。那麼，其中有多少已經得到了實質的保障？真正讓人對今年的福利充滿信心的是什麼？

Yes. 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 analysis 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，這一切都始於我們每個月看到的現金流以及我們看到的風險敞口。顯然，未來在整個汽車領域，都需要進行一系列非常複雜的運算和分析。但這一切都始於資金。我們已經看到這種趨於平緩的趨勢，這是在應計項目最終能夠回落到曲線下方之前必鬚髮生的第一件事，因為存在滯後效應。

But when you look at the (inaudible) 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 with dealerships. So we believe that will mitigate and hopefully, ultimately, bring that down or certainly not lead to any more increases going forward. 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.

但是，當你觀察（聽不清楚）和 V8 引擎時，我們看到團隊提出的解決方案取得了非常好的進展，例如更換機油以及我們可以與經銷商一起進行的一些測試。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。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。

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. 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 will compound into warranty savings for us into '26 and hopefully beyond.

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。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。

Ryan Brinkman, JPMorgan.

Ryan Brinkman，摩根大通。

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 compliant 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 product purchases maybe at the state level will need to continue in some form? Or what is the right way to think about that?

我的問題是關於 '26 指南中隱含的排放法規假設。預計不再需要購買這些合規信用額度，可節省 5 億至 7.5 億美元。這似乎比你們每年大約10億美元的支出要少一些。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產品採購（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？

Yes, 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 credit as the administration is already zeroed out the CAFE penalties across the board.

是的，瑞恩。顯然，合規要求相當複雜。你既有州級、聯邦級、地方級，也有國際級的。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 來說，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 罰款。

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. 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.

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。而且，溫室氣體排放問題仍在政府部門等待審批。我們假設，隨著時間的推移，這個問題最終會得到解決，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. And then just lastly, on international operations. Obviously, a lot of focus on the improvements in turnaround in China. Maybe just if you could talk about consolidated IO. It looks like a lot of sequential improvement there in revenue and wholesale as well.

好的。很有幫助。最後，關於國際業務。顯然，人們非常關注中國經濟復甦的進展。或許你可以談談整合 I/O。看起來營收和批發業務都出現了很大的環比成長。

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 work 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 (inaudible)?

但我很好奇，我們看到很多關於中國汽車製造商對中國以外的一些地區施加越來越大壓力的報導。顯然，這不會影響到北美的你，你不在歐洲，你不需要為此操心。但或許您可以和拉丁美洲或其他您開展業務的市場談談，看看您看到了什麼。（聽不清楚）？

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 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. So again, it was across the board that we're seeing that improvement. And -- we are in Europe.

嗯，我認為你強調的一點是，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，我們在各個方面都看到了進步，我認為這體現了我們車輛的實力和我們品牌的實力。所以，我們看到各方面都在進步。而且──我們身處歐洲。

We just export into Europe with some vehicles that we have actually the -- the app -- or excuse me, the Lyriq and then the VISTIQ actually won German car of the years or 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 -- how the European market is going to sort out, and I think that's a growth opportunity for us. And proud across the international markets for the work they've done to improve their business.

我們出口到歐洲的一些車輛，實際上就是——應用程式——或者抱歉，Lyriq，然後是VISTIQ，實際上在過去兩年裡贏得了德國年度最佳汽車獎，從電動車的角度來看，也就是從豪華車的角度來看。所以，我們以小規模的方式進入歐洲市場，看看歐洲市場將如何發展，我認為這對我們來說是一個成長機會。他們為改善業務所做的工作贏得了國際市場的認可和讚譽。

Mark Delaney, Goldman Sachs.

馬克‧德萊尼，高盛集團。

The company is expecting to peruse revenue to be $400 million in '26, up from $234 million at the end of 2025. Can you help us understand what's driving such a 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 Super Cruise's the big driver of digital services?

該公司預計 2026 年的營收將達到 4 億美元，高於 2025 年底的 2.34 億美元。您能否幫助我們了解是什麼因素推動了Super Cruise今年的營收大幅成長？然後，當你思考你剛才提到的OnStar數位服務業務的整體發展勢頭時。除了 Super Cruise 之外，您是否看到其他關鍵領域的成長勢頭？或者 Super Cruise 是數位服務的主要驅動力嗎？

Yes. Well, Mark, thanks for hanging on for the whole call. I appreciate you getting your last question. And 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.

是的。馬克，謝謝你全程陪我通話。感謝您提出最後一個問題。Super Cruise 的收入來源主要有兩個面向。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 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 basic package with the sale of vehicles that has -- that amortizes over the life of that period, but it 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, 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，我們為車輛銷售提供 OnStar 基本套餐，該套餐可在車輛使用壽命期內攤銷，但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。展望未來，當我們擁有軟體定義汽車時，將會迎來巨大的機遇，這真是一個巨大的飛躍。所以，你會看到很多遞延收入在成長，並且獲得了非常有吸引力的軟體利潤率。

My other question was on China. The company has 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 offset there could be for GM specifically, perhaps it's the product portfolio, but I would hope to better understand what would allow GM to be more stable year on year if the market does soften?

我的另一個問題是關於中國的。該公司顯然在那方面做了許多改進。我認為2026年中國市場的利潤預計與此大致相同。不過也有觀點認為，2025 年中國市場經歷了大量的刺激措施後，整體而言變得更加困難，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可以採取哪些應對措施，例如產品組合，但我希望更了解，如果市場疲軟，哪些因素能夠讓通用汽車的業績逐年保持穩定？

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 in the way the business is operating of making sure we manage inventory, which allows us to manage incentives. And it also 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% 的車型都取得了不錯的成績，正如我們所指出的，這得益於合適的軟體、合適的技術，而且幾乎在所有方面，我們在中國都擁有針對中國市場的解決方案，我認為這些方案在市場上引起了很好的反響。我認為，這種紀律，以及公司運作方式上的紀律，確保我們能夠管理庫存，從而使我們能夠管理激勵措施。同時，由於經銷商的獲利能力大幅提高，我們也與經銷商建立了更好的關係。

So I think it's 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 lot of credit to the team over there for really turning around that business rather quickly in a sustainable way.

所以我認為，如果你想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。我必須高度讚揚那邊的團隊，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 both of 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 could have meaningful -- a meaningful presence there with the right product portfolio at a premium and luxury level.

最後，我想說，我們旗下的兩個強勢品牌──凱迪拉克和別克──都擁有悠久的歷史。別克品牌，尤其是凱迪拉克品牌，其強大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級產品組合，我們可以在那裡佔據有意義的地位。

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

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. But I just want to, again, I want to 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. So we know we're going to continue to see opportunities.

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。但我還是要再次感謝通用汽車的每一個人、我們的供應商、我們的經銷商，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、韌性和敏捷性的基礎。所以我們知道我們還會繼續看到機會。

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 at 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。