通用汽車 (GM) 2021 Q1 法說會逐字稿

Good morning, and welcome to the General Motors Company First Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, Wednesday, May 5, 2021.

早上好，歡迎來到通用汽車公司 2021 年第一季度收益電話會議。 （操作員說明）提醒一下，本次電話會議將於 2021 年 5 月 5 日星期三進行錄製。

I would now like to turn the conference over to Rocky Gupta, Treasurer and Vice President of Investor Relations.

我現在想將會議轉交給財務主管兼投資者關係副總裁 Rocky Gupta。

Thanks, Tabitha. Good morning, and thank you for joining us as we review GM's financial results for the first quarter of 2021. Our conference call materials were issued this morning and are available on the GM Investor Relations website. As usual, we are also broadcasting this call via webcast.

謝謝，塔比莎。早上好，感謝您加入我們，回顧通用汽車 2021 年第一季度的財務業績。我們的電話會議材料於今天上午發布，可在通用汽車投資者關係網站上獲取。與往常一樣，我們也通過網絡廣播廣播此電話會議。

I'm joined here today by GM Chairman and CEO, Mary Barra; GM CFO, Paul Jacobson; and GM Financial President, Dan Berce. Before we begin, I would like to direct your attention to the forward-looking statements on the first page of the chart set. The content of our call will be governed by this language.

今天，通用汽車董事長兼首席執行官瑪麗博拉 (Mary Barra) 也來到了這裡。通用汽車首席財務官保羅·雅各布森；和通用汽車財務總裁 Dan Berce。在我們開始之前，我想請您注意圖表集第一頁上的前瞻性陳述。我們通話的內容將受此語言約束。

I will now turn the call over to Mary Barra.

我現在將電話轉給 Mary Barra。

Good morning, and thanks for joining our first quarter earnings call. Our start to this year was very strong with a record Q1 performance that was driven largely by robust product demand in the U.S. as well as an outstanding quarter for GM Financial. We remain confident that we will achieve our full year guidance. We are on a path to transform our company on the time line we have shared with you, and we are demonstrating our ability to accelerate our plan.

早上好，感謝您加入我們的第一季度財報電話會議。我們今年的開局非常強勁，創紀錄的第一季度業績主要受到美國強勁的產品需求以及 GM Financial 出色的季度業績的推動。我們仍然相信我們將實現全年指導。我們正在按照我們與您分享的時間表對公司進行轉型，並且我們正在展示我們加快計劃的能力。

Before I discuss the progress we've made on our transformation and growth strategy, I'll provide some highlights about our performance. I'm very pleased with the strength of our global business, which contributed to EBIT-adjusted of $4.4 billion and an EPS diluted adjusted of $2.25. The strong quarter was a full team effort, with people working in our plants all the way to our dealers.

在我討論我們在轉型和增長戰略方面取得的進展之前，我將提供一些關於我們業績的亮點。我對我們全球業務的實力感到非常滿意，這為我們帶來了 44 億美元的調整後息稅前利潤和 2.25 美元的攤薄調整後每股收益。強勁的季度是全團隊的努力，我們工廠的員工一直到我們的經銷商。

Global purchasing and supply chain, engineering and manufacturing have been especially nimble and opportunistic as we managed through the semiconductor shortage. For example, our engineers are creating effective solutions using chips that are more readily available or by identifying alternatives that can serve semiconductors where possible. Their work helped us maximize production of our highest demand and capacity-constrained vehicles, reducing downtime and further demonstrating our team's agility.

在我們應對半導體短缺的過程中，全球採購和供應鏈、工程和製造一直特別靈活和投機取巧。例如，我們的工程師正在使用更容易獲得的芯片或盡可能確定可用於半導體的替代品來創建有效的解決方案。他們的工作幫助我們最大限度地提高了我們最高需求和容量受限車輛的產量，減少了停機時間並進一步展示了我們團隊的敏捷性。

While we have production downtime in the second quarter, we expect to have a strong first half with EBIT adjusted around $5.5 billion-ish. We are also reaffirming our guidance for the full year. And based on what we know today, we see the results coming in at the higher end of the $10 billion to $11 billion EBIT-adjusted range that we shared earlier this year.

雖然我們在第二季度出現停產，但我們預計上半年將表現強勁，調整後的息稅前利潤約為 55 億美元。我們還重申了全年的指導方針。根據我們今天所知道的情況，我們看到結果處於我們今年早些時候分享的 100 億至 110 億美元調整後息稅前利潤範圍的較高端。

We remain committed to fund $7 billion in EV and AV investment that includes capital and engineering this year and accelerating 12 EV programs as we first announced last November. Paul will discuss our Q1 numbers and outlook in more detail in a few minutes.

正如我們去年 11 月首次宣布的那樣，我們今年仍致力於為包括資本和工程在內的 EV 和 AV 投資提供 70 億美元資金，並加速 12 個 EV 項目。保羅將在幾分鐘內更詳細地討論我們第一季度的數字和前景。

Looking ahead, I think there are many reasons why we are confident. For starters, we have great product momentum. Despite tight inventories, we maintain a clear lead in the full-size SUV market in the U.S. and our full-size pickups are in high demand. In China, our sales are rebounding sharply with the economy, and Cadillac achieved a record first quarter, led by its SUV lineup of XT4, XT5 and XT6.

展望未來，我認為我們有信心的原因有很多。首先，我們擁有強大的產品動力。儘管庫存緊張，但我們在美國全尺寸 SUV 市場保持明顯領先地位，我們的全尺寸皮卡需求量很大。在中國，我們的銷量隨著經濟的複蘇而大幅回升，凱迪拉克在 XT4、XT5 和 XT6 SUV 系列產品的帶領下，在第一季度取得了創紀錄的成績。

In addition, we are executing one of the fastest production launches in our history. Last November, we said we would return full-size production -- pickup production to Oshawa Assembly in Canada in early 2022. Because of the team's speed, we are pulling the start of retail production ahead into the fourth quarter of this year. The new time line and incremental volume will begin to have a meaningful impact next year as we ramp up production. But I'm sharing it with you now as another example of how we are working urgently to achieve key milestones.

此外，我們正在執行我們歷史上最快的生產發布之一。去年 11 月，我們表示我們將在 2022 年初恢復全尺寸生產——皮卡生產到加拿大奧沙瓦裝配廠。由於團隊的速度，我們將零售生產的開始時間提前到今年第四季度。隨著我們提高產量，新的時間表和增量產量將在明年開始產生有意義的影響。但我現在與大家分享它，作為我們如何緊急工作以實現關鍵里程碑的另一個例子。

Let's turn now to our growth strategy, starting with a battery update. We intend to lead on all aspects of battery development and cost reduction, and we are moving quickly on every front. Our vertical integration approach to battery technology, which includes building our own cells, will help us scale quickly and efficiently to deploy new innovative chemistries that boost energy density and reduce cost over time.

現在讓我們談談我們的增長戰略，從電池更新開始。我們打算在電池開發和降低成本的各個方面處於領先地位，並且我們在各個方面都在迅速前進。我們對電池技術的垂直整合方法，包括構建我們自己的電池，將幫助我們快速有效地擴展以部署新的創新化學物質，從而提高能量密度並隨著時間的推移降低成本。

Ultium batteries are unique in the industry because of their large-format pouch-style cells that can be stacked vertically or horizontally inside the battery pack. This allows engineers to optimize battery energy storage and layout for each vehicle design. Depending on the vehicle, Ultium enables a GM-estimated range of up to 450 miles or more on a full charge, with 0 to 60 miles per hour acceleration in 3 seconds. As we previously said, we realized -- we will realize a 40% battery cost reduction with our first-generation Ultium platform compared with today's Chevrolet Bolt EV.

Ultium 電池在行業中是獨一無二的，因為它們的大尺寸袋式電池可以垂直或水平堆疊在電池組內。這使工程師能夠針對每款車輛設計優化電池儲能和佈局。根據車輛的不同，Ultium 可在充滿電後實現 GM 估計的高達 450 英里或更多的續航里程，每小時 0 至 60 英里的加速時間為 3 秒。正如我們之前所說，我們意識到——與今天的雪佛蘭 Bolt EV 相比，我們第一代 Ultium 平台的電池成本將降低 40%。

And we're already on the road to delivering a 60% cost reduction compared to the Bolt EV, with the next generation of Ultium, and we expect costs will continue to decrease from there.

與下一代 Ultium 相比，我們已經在實現比 Bolt EV 降低 60% 的成本，我們預計成本將繼續降低。

Currently, our next-gen lithium metal prototypes have completed about 150,000 simulated test miles, and we expect them to have nearly double the energy density of our current EV batteries. The team has already secured 49 patents for GM's lithium metal battery development, with another 45 pending.

目前，我們的下一代鋰金屬原型已經完成了大約 150,000 英里的模擬測試，我們預計它們的能量密度將是我們當前 EV 電池的近一倍。該團隊已經為通用汽車的鋰金屬電池開發獲得了 49 項專利，另有 45 項正在申請中。

Our own work, along with the intellectual property from SolidEnergy Systems will form the basis of our recent joint development agreement with SES, one of the companies we're working with to commercialize lithium metal batteries. We are targeting production of our next-gen Ultium battery by mid-decade, and we're also expanding our battery cell manufacturing footprint to control our cost and cell supply.

我們自己的工作以及 SolidEnergy Systems 的知識產權將構成我們最近與 SES 的聯合開發協議的基礎，SES 是我們合作將鋰金屬電池商業化的公司之一。我們的目標是在 20 世紀中期生產下一代 Ultium 電池，並且我們還在擴大我們的電池製造足跡以控制我們的成本和電池供應。

Last month, Ultium Cells LLC, our joint venture with LG Energy Solution, announced its second high-volume battery cell plant in the United States, and construction begins immediately on the site adjacent to our Spring Hill Assembly Plant in Tennessee. The new facility will create about 1,300 new manufacturing jobs when it comes online in late 2023. It will join the Ultium Cell LLC facility in Lordstown that is opening next year.

上個月，我們與 LG Energy Solution 的合資企業 Ultium Cells LLC 宣布了其在美國的第二家大容量電池工廠，並立即在田納西州 Spring Hill 裝配廠附近的工地開始建設。新工廠將於 2023 年底上線，屆時將創造約 1,300 個新的製造工作崗位。它將加入明年在洛茲敦開設的 Ultium Cell LLC 工廠。

And this is just the beginning, and we'll continue to expand our battery cell capacity on our way to achieving our goal of EV market share leadership in North America.

而這僅僅是個開始，我們將繼續擴大我們的電池容量，以實現我們在北美電動汽車市場份額領導地位的目標。

Let's turn now to our Ultium-powered products. During the quarter, we unveiled the second new HUMMER EV, the 2024 GMC HUMMER EV SUV, which launches in 2023 and will be built at Factory ZERO and Detroit-Hamtramck. It will be available loaded with new GM-developed software-driven technologies, including CrabWalk, Extract Mode and many more features that are either industry-leading or segment differentiators.

現在讓我們轉向我們的 Ultium 驅動的產品。在本季度，我們推出了第二款全新悍馬 EV，即 2024 GMC HUMMER EV SUV，它將於 2023 年推出，將在 Factory ZERO 和 Detroit-Hamtramck 生產。它將配備通用汽車開發的新軟件驅動技術，包括 CrabWalk、Extract Mode 以及更多行業領先或細分市場差異化的功能。

The Cadillac team unveiled the stunning LYRIQ production model, which we accelerated by 9 months. And as we've previously said, we have cut the development time of most of our EVs in half because of our use of virtual engineering and other software tools. Cadillac will take reservations beginning in September, with initial availability in the first half of 2022.

凱迪拉克團隊推出了令人驚嘆的 LYRIQ 生產模型，我們將其加速了 9 個月。正如我們之前所說，由於我們使用了虛擬工程和其他軟件工具，我們已經將大部分電動汽車的開發時間縮短了一半。凱迪拉克將於 9 月開始接受預訂，並於 2022 年上半年首次上市。

We were also excited to confirm that Chevrolet will introduce a Silverado full-size electric pickup truck for retail and fleet buyers with a GM estimated 400 miles of range on a full charge for certain configurations. The initial interest has been overwhelming, especially from commercial and government customers. We gave a small number of them a sneak peek at the interior and exterior design. What's especially important is that this truck will be in a high-volume entry in one of the most popular and competitive segments in the industry.

我們也很高興地確認，雪佛蘭將為零售和車隊買家推出一款 Silverado 全尺寸電動皮卡，通用汽車估計某些配置充滿電後可行駛 400 英里。最初的興趣是壓倒性的，尤其是來自商業和政府客戶的興趣。我們讓他們中的一小部分人先睹為快了內部和外部設計。尤其重要的是，這款卡車將大量進入業內最受歡迎和最具競爭力的細分市場之一。

In addition to Ultium propulsion, Super Cruise is a feature that connects all of these vehicles, and an increasing number of vehicles we're selling today. Since its debut in 2017, Super Cruise has twice been ranked as the best driver assistance technology in the industry by a leading third-party consumer group. Super Cruise is enhancing our reputation, elevating our brands and laying the foundation to generate substantial future subscription revenue for us as we move forward.

除了 Ultium 推進系統之外，Super Cruise 是連接所有這些車輛以及我們今天銷售的越來越多的車輛的一項功能。 Super Cruise自2017年問世以來，已兩次被領先的第三方消費群體評為行業最佳駕駛輔助技術。 Super Cruise 正在提升我們的聲譽，提升我們的品牌，並為我們在未來取得可觀的訂閱收入奠定基礎。

To creatively illustrate how fun and liberating Super Cruise can be, Cadillac recently wrapped up its It's Time to Let Go campaign. It captured celebrities as they drove the 2021 Cadillac Escalade with Super Cruise and its new lane change capability. It was really fun to watch the reactions and how people quickly shifted from being cautiously curious to just pure excitement. We'll roll out Super Cruise to 22 models by the end of 2023, and we plan to add even more features. Our ultimate vision is that this system enables hands-free transportation in 95% of driving scenario.

為了創造性地展示 Super Cruise 的樂趣和自由，凱迪拉克最近結束了其 It's Time to Let Go 活動。當名人駕駛配備 Super Cruise 及其新車道變換功能的 2021 凱迪拉克凱雷德時，它捕捉到了名人的身影。觀察反應以及人們如何迅速從謹慎的好奇轉變為純粹的興奮真的很有趣。到 2023 年底，我們將向 22 款車型推出 Super Cruise，並且我們計劃添加更多功能。我們的最終願景是，該系統可實現 95% 的駕駛場景下的免提交通。

What makes our large-scale deployment of Super Cruise and all of its new features possible is our Vehicle Intelligence Platform, or VIP, which connects every vehicle system into one advanced high-speed and very secure network. VIP's 4.5 terabytes of data processing power per hour represents a fivefold increase from our previous electrical architecture. That's enough capacity to manage all of the data loads of our self-driving technology, driver assistance systems, electric propulsion, over-the-air updates of every vehicle module, plus capacity to manage future applications.

使我們大規模部署 Super Cruise 及其所有新功能成為可能的是我們的車輛智能平台 (VIP)，它將每個車輛系統連接到一個先進的高速且非常安全的網絡中。 VIP 每小時 4.5 TB 的數據處理能力比我們以前的電氣架構提高了五倍。這足以管理我們的自動駕駛技術、駕駛員輔助系統、電力推進、每個車輛模塊的無線更新的所有數據負載，以及管理未來應用程序的能力。

It's also an enabler for Software-as-a-Service, including new apps and capabilities that we can market to our customers, such as the latest must-have trailering and parking apps. By the end of '23, VIP will be on 7 million vehicles and 38 global models.

它還是軟件即服務的推動者，包括我們可以向客戶推銷的新應用程序和功能，例如最新的必備拖車和停車應用程序。到 23 年底，VIP 將在 700 萬輛汽車和 38 種全球車型上使用。

Another major element of our growth strategy is our BrightDrop commercial delivery business, and it is progressing and on track. In March, our product and manufacturing teams reached an important milestone as they conducted EV600 prototype builds. Plans to build the BrightDrop EV600 at Cadillac -- excuse me, at GM Canada's CAMI Assembly in Ingersoll, are progressing rapidly. The BrightDrop team remains on track to reach its goal of delivering EV600s to its first customer, FedEx Express, by Q4 of this year.

我們增長戰略的另一個主要組成部分是我們的 BrightDrop 商業交付業務，它正在取得進展並走上正軌。 3 月，我們的產品和製造團隊在進行 EV600 原型構建時達到了一個重要的里程碑。在凱迪拉克製造 BrightDrop EV600 的計劃——對不起，在英格索爾的通用汽車加拿大 CAMI 大會上，進展迅速。 BrightDrop 團隊仍有望實現其目標，即在今年第四季度向其第一位客戶 FedEx Express 交付 EV600。

Interest is high and we continue to have active discussions with many prospective new customers who are seeking the efficient and zero-emission delivery solutions that BrightDrop offers. And this is encouraging as third parties estimate that the addressable market for eLCVs could be $30 billion by 2025 and double that in 2030.

興趣很高，我們繼續與許多正在尋求 BrightDrop 提供的高效和零排放交付解決方案的潛在新客戶進行積極討論。這是令人鼓舞的，因為第三方估計到 2025 年 eLCV 的潛在市場可能達到 300 億美元，到 2030 年將翻一番。

As our EV volumes grow, we are also investing in relationships to build a robust, reliable and easy-to-use public charging infrastructure. Last week, we revealed Ultium Charge 360, an innovative and holistic approach that integrates charging networks, GM vehicle mobile apps and other products and services to simplify the charging experience for GM EV owners. It builds on our existing work and partnerships to support a charging ecosystem that will give GM EV owners more confidence and convenience.

隨著我們電動汽車銷量的增長，我們也在投資於建立強大、可靠且易於使用的公共充電基礎設施的關係。上週，我們發布了 Ultium Charge 360，這是一種創新的整體方法，它集成了充電網絡、GM 汽車移動應用程序和其他產品和服務，以簡化 GM EV 車主的充電體驗。它建立在我們現有的工作和合作夥伴關係的基礎上，以支持充電生態系統，這將為 GM EV 車主帶來更多信心和便利。

We have signed agreements with 7 major charging networks, giving customers a more seamless access to nearly 60,000 plugs across the U.S. and China. As part of our existing collaboration with EVgo, we've opened the first 3 fast-charging stations in California, Florida and Washington, on our way to 2,700 plugs by the end of 2025. And we expect about 500 fast-charging stalls to go live by the end of this year.

我們已與 7 家主要充電網絡簽署協議，讓客戶更無縫地使用美國和中國的近 60,000 個插頭。作為我們與 EVgo 現有合作的一部分，我們已經在加利福尼亞州、佛羅里達州和華盛頓州開設了前 3 個快速充電站，到 2025 年底將達到 2,700 個插頭。我們預計將有大約 500 個快速充電站住到今年年底。

We'll continue to provide updates about Ultium Charge 360, including new elements and collaborations.

我們將繼續提供有關 Ultium Charge 360 的更新，包括新元素和協作。

The last major EV development I want to share follows up on our joint announcement last year with Honda that we will co-develop 2 Ultium-based EVs for Honda to be built in North America by the GM team. Honda recently confirmed these vehicles, a large SUV for the Honda brand and one for the Acura brand, and will launch in North America market for the 2024 model year. This further validates our Ultium technology, and we continue to work closely with Honda to expand our partnership and cooperation in key areas such as purchasing, research and development and connected services.

我想分享的最後一個主要電動汽車開發是在我們去年與本田聯合宣布我們將為本田共同開發 2 款基於 Ultium 的電動汽車之後，由通用汽車團隊在北美製造。本田最近確認了這些車輛，本田品牌的一款大型 SUV 和謳歌品牌的一款，並將於 2024 車型年在北美市場推出。這進一步驗證了我們的 Ultium 技術，我們將繼續與本田密切合作，擴大我們在採購、研發和互聯服務等關鍵領域的伙伴關係和合作。

Turning to AVs. Cruise continues to establish itself as a leading force in commercializing self-driving vehicle technology. In the latest funding round that closed after raising $2.75 billion, it included investments from Microsoft and Walmart, and this brings the valuation of Cruise to more than $30 billion, with GM continuing to own a majority stake.

轉向 AV。 Cruise 繼續將自己確立為自動駕駛汽車技術商業化的領先力量。在籌集了 27.5 億美元後結束的最新一輪融資中，它包括來自微軟和沃爾瑪的投資，這使 Cruise 的估值超過 300 億美元，通用汽車繼續持有多數股權。

Cruise is moving steadily closer to commercialization. It's real-world driverless vehicle testing in San Francisco and its last-mile delivery pilot with Walmart in Scottsdale, Arizona will help pave the way for new commitments like the one Cruise just signed with the city of Dubai. Cruise will be the city's exclusive provider of self-driving taxis and ride-hailing services, with plans to deploy up to 4,000 self-driving vehicles by 2030. Dubai chose Cruise over several competitors, so it's another great validation of Cruise's technology and our overall approach to autonomous vehicles.

Cruise 正在穩步向商業化靠攏。這是在舊金山進行的真實世界無人駕駛汽車測試，以及在亞利桑那州斯科茨代爾與沃爾瑪合作的最後一英里交付試點，將有助於為新的承諾鋪平道路，例如剛剛與迪拜市簽署的 Cruise。 Cruise 將成為該市唯一的自動駕駛出租車和網約車服務提供商，計劃到 2030 年部署多達 4,000 輛自動駕駛汽車。迪拜選擇 Cruise 而不是幾個競爭對手，因此這是對 Cruise 技術和我們整體的又一次巨大驗證自動駕駛汽車的方法。

Before I turn the call over to Paul, I want to quickly update you on our coronavirus measures. We remain diligent and disciplined with our safety protocols to keep employees safe as variants in new hotspots emerge. The GM medical team continues to monitor new COVID-19 cases globally, and our vaccine task force teams are working to understand vaccine administration priorities for each country and determine how we can best assist our employees, including operating vaccine clinics in several of our U.S. facilities.

在我將電話轉給保羅之前，我想快速向您介紹我們的冠狀病毒措施。隨著新熱點變種的出現，我們將繼續勤勉和遵守我們的安全協議，以確保員工的安全。 GM 醫療團隊繼續在全球監測新的 COVID-19 病例，我們的疫苗工作組團隊正在努力了解每個國家/地區的疫苗管理優先事項，並確定我們如何最好地幫助我們的員工，包括在我們的幾個美國設施中運營疫苗診所.

All the work GM medical has done behind the scenes was crucial as we restarted production last spring. And their work has helped the rest of the team stay focused on driving our business today and driving our growth strategy. I also want to recognize the entire GM team for its hard work, flexibility and resilience. In addition to our suppliers and our dealers who are helping us manage the semiconductor issues, we are also working to serve our customers and leveraging everything we can do to turn inventory quickly.

去年春天我們重新開始生產時，GM 醫療在幕後所做的所有工作都至關重要。他們的工作幫助團隊的其他成員繼續專注於推動我們今天的業務和推動我們的增長戰略。我還想感謝整個 GM 團隊的辛勤工作、靈活性和應變能力。除了幫助我們管理半導體問題的供應商和經銷商之外，我們還致力於為客戶提供服務，並利用我們所能做的一切來快速周轉庫存。

Everyone has been remarkably dedicated, and it shows in our results, and we appreciate everyone's hard work. This is just the beginning for the next generation of General Motors. We are well on track with our plans to transform our company and lead the industry into the future, and we are pleased with the significant progress we have made on all fronts during the quarter.

每個人都非常敬業，這體現在我們的成果中，我們感謝每個人的辛勤工作。這只是下一代通用汽車的開始。我們的公司轉型和引領行業走向未來的計劃進展順利，我們對本季度在各個方面取得的重大進展感到高興。

We look forward to building on the strong momentum and providing a more comprehensive update on our growth initiatives and progress later in the year. We plan to have an investor event in the Detroit area and will announce a date later in the summer because we would like this event to be face-to-face. We'll use this event to go deeper into our growth strategy and financial opportunities and everything that drives them, including software, hardware and services, along with our strong brands.

我們期待在強勁勢頭的基礎上再接再厲，並在今年晚些時候更全面地更新我們的增長計劃和進展。我們計劃在底特律地區舉辦一場投資者活動，並將在夏季晚些時候宣布日期，因為我們希望這次活動是面對面的。我們將利用這次活動深入探討我們的增長戰略和財務機會以及推動它們的一切，包括軟件、硬件和服務，以及我們強大的品牌。

So with that, I'll turn it over to Paul to provide more details on our financial performance and our full year guidance.

因此，我將把它交給保羅，提供有關我們財務業績和全年指導的更多細節。

Thank you, Mary, and good morning, everyone. Thanks for taking the time to join us this morning. This has been a very exciting first full quarter for me at GM. I see so much opportunity here for us to use our world-class capabilities in manufacturing, engineering and customer loyalty to really leverage these with our scale to achieve our growth initiatives.

謝謝你，瑪麗，大家早上好。感謝您今天早上抽出時間加入我們。對我來說，這是通用汽車第一個完整的季度，非常令人興奮。我在這裡看到了很多機會，我們可以利用我們在製造、工程和客戶忠誠度方面的世界級能力，真正利用我們的規模來實現我們的增長計劃。

First, to set the stage before I get into the details, we had a great quarter, a first quarter record, in fact, despite the volatile backdrop. Our strong Q1 performance continues to highlight the resiliency of our business as well as our ability to take decisive actions to adapt to the fluid supply chain environment. In Q1, for example, we were able to build and wholesale more vehicles than forecasted and defer anticipated plant downtime. This strong operational execution, combined with the additional actions on price and expense reductions enabled us to deliver stronger-than-expected results for the quarter.

首先，在我進入細節之前先做個準備，事實上，儘管背景動盪，但我們有一個很棒的季度，創下了第一季度的記錄。我們強勁的第一季度業績繼續凸顯了我們業務的彈性以及我們採取果斷行動以適應不斷變化的供應鏈環境的能力。例如，在第一季度，我們能夠製造和批發比預測更多的車輛，並推遲了預期的工廠停機時間。這種強大的運營執行力，加上在價格和費用削減方面的額外行動，使我們在本季度取得了強於預期的業績。

We're collaborating across the global supply chain and working tirelessly to route available parts to the appropriate plants in order to maximize plant efficiency. We've been focused on leveraging every available semiconductor to build and ship our most popular and in-demand products, including our highly profitable full-size pickups and full-size SUVs. I'm very proud of the team for everything they've accomplished in the first quarter and what they're continuing to do, including strong pricing for every vehicle that we're able to produce, prioritizing production of higher-demand vehicles, continuing to be very controlled on costs and being agile across the board.

我們正在全球供應鏈中進行協作，並孜孜不倦地努力將可用零件運送到適當的工廠，以最大限度地提高工廠效率。我們一直專注於利用每一種可用的半導體來製造和運送我們最受歡迎和最受歡迎的產品，包括我們高利潤的全尺寸皮卡和全尺寸 SUV。我為團隊在第一季度所取得的成就以及他們將繼續做的事情感到非常自豪，包括為我們能夠生產的每輛汽車定價，優先生產需求量更大的汽車，繼續嚴格控製成本並全面敏捷。

As Mary mentioned, the full year 2021 guidance we outlined last quarter and reiterated a couple of times remains intact, and we expect to be at the higher end of our EBIT-adjusted range. We expect Q2 to reflect the largest impact of the production disruptions, resulting from supply shortages. The retiming of vehicles we produce without certain modules and plant downtime in the second quarter is expected to be significantly higher than Q1, resulting in lower EBIT-adjusted quarter-over-quarter.

正如 Mary 所提到的，我們在上個季度概述並重申了幾次的 2021 年全年指導意見保持不變，我們預計將處於調整後息稅前利潤範圍的較高端。我們預計第二季度將反映供應短缺導致的生產中斷的最大影響。我們生產的不帶某些模塊的車輛的重新定時和第二季度的工廠停機時間預計將明顯高於第一季度，導致調整後的息稅前利潤環比下降。

Our current view is that our first half EBIT adjusted will be around $5.5 billion. Recognizing the situation remains fluid, we're cautiously optimistic that our second half will be similar to or better than the first half. Importantly, our commitment to the acceleration of our EV product programs has not changed. Our important upcoming launches, including our GMC HUMMER EV Super Truck and Cadillac LYRIQ are on track. And the construction in Lordstown, Factory ZERO, Spring Hill and CAMI is progressing on schedule. We are still planning to invest $9 billion to $10 billion of CapEx in 2021.

我們目前的看法是，我們上半年調整後的息稅前利潤約為 55 億美元。認識到情況仍然不穩定，我們對下半年將與上半年相似或更好持謹慎樂觀態度。重要的是，我們對加速電動汽車產品計劃的承諾沒有改變。我們即將推出的重要產品，包括我們的 GMC HUMMER EV 超級卡車和凱迪拉克 LYRIQ 正在按計劃進行。 Lordstown、Factory ZERO、Spring Hill 和 CAMI 的建設正在按計劃進行。我們仍計劃在 2021 年投資 90 億至 100 億美元的資本支出。

Finally, our earnings power and cash generation potential remains robust. In a more normalized environment, we expect that certain headwinds we're facing today will dissipate, but the strength of the underlying business powered by exceptional demand for our brands will remain. We expect that our normalized EBIT-adjusted performance will be strong as we continue producing and selling our in-demand and highly profitable full-size trucks and SUVs, while continuing to launch new and exciting products and services that position GM to win in the future of mobility.

最後，我們的盈利能力和現金產生潛力依然強勁。在一個更加正常化的環境中，我們預計我們今天面臨的某些不利因素將會消散，但由對我們品牌的特殊需求推動的基礎業務的實力將繼續存在。我們預計，隨著我們繼續生產和銷售廣受歡迎且利潤豐厚的全尺寸卡車和 SUV，同時繼續推出新的令人興奮的產品和服務，使通用汽車在未來取勝，我們的標準化息稅前利潤調整後的業績將會強勁流動性。

So let's get into the strong results of the quarter in more detail. In Q1, we generated $32.5 billion in net revenue, $4.4 billion in EBIT adjusted, 13.6% EBIT-adjusted margin and $2.25 in EPS diluted adjusted, and minus $1.9 billion in adjusted automotive free cash flow. We exceeded expectations by driving strong price and mix performance in North America through our production prioritization actions and our go-to-market strategy.

因此，讓我們更詳細地了解本季度的強勁業績。第一季度，我們產生了 325 億美元的淨收入、44 億美元的調整後息稅前利潤、13.6% 的調整後息稅前利潤率和 2.25 美元的攤薄調整後每股收益，以及減去 19 億美元的調整後汽車自由現金流。通過我們的生產優先次序行動和我們的上市戰略，我們在北美推動了強勁的價格和組合表現，超出了預期。

Additionally, high used vehicle prices due to low new vehicle inventories in part drove record results at GM Financial. Our adjusted automotive free cash flow of minus $1.9 billion was lower $1 billion year-over-year, primarily driven by the working capital impact from plant downtime and inventory carrying value of approximately $1.2 billion associated with vehicles built without certain modules due to the shortage of chips, which will reverse when those vehicles are completed, partially offset by strong EBIT performance. We ended Q1 with a strong automotive cash balance of $19 billion and total automotive liquidity of more than $37 billion.

此外，由於新車庫存低導致二手車價格居高不下，這在一定程度上推動了 GM Financial 創紀錄的業績。我們調整後的汽車自由現金流為負 19 億美元，同比減少 10 億美元，這主要是由於工廠停工對營運資金的影響，以及由於缺乏某些模塊而製造的車輛相關的庫存賬面價值約為 12 億美元。籌碼將在這些車輛完成後逆轉，部分被強勁的息稅前利潤所抵消。我們以 190 億美元的強勁汽車現金餘額和超過 370 億美元的汽車流動性總額結束了第一季度。

So let's take a closer look at North America. In Q1, North America delivered EBIT adjusted of $3.1 billion, up $900 million year-over-year and a 12.1% EBIT-adjusted margin, driven by continued strong pricing on our full-size pickups and performance from the launch of our new -- all-new full-size SUVs. Our average transaction prices were up 9% year-over-year for the quarter, with full-size trucks up 10% and full-size SUVs up over 20%, helping to overcome headwinds from commodity inflation and lower volumes.

那麼讓我們仔細看看北美。第一季度，北美實現調整後息稅前利潤 31 億美元，同比增長 9 億美元，調整後息稅前利潤率為 12.1%，這主要得益於我們全尺寸皮卡的持續強勁定價以及我們新推出的——全新全尺寸 SUV。本季度我們的平均交易價格同比上漲 9%，其中全尺寸卡車上漲 10%，全尺寸 SUV 上漲超過 20%，有助於克服商品通脹和銷量下降帶來的不利因素。

These results speak to the strength of the consumer and the strong brand equity we have in our products, which we plan to leverage as we roll out our EV portfolio. On the cost side, we continue to leverage efficiencies executed during COVID, including opportunities related to third-party services, travel and all discretionary spend. Teams across the organization have also gone above and beyond to meet strong and rising demand where they can.

這些結果說明了消費者的實力和我們在產品中擁有的強大品牌資產，我們計劃在推出電動汽車產品組合時加以利用。在成本方面，我們繼續利用 COVID 期間執行的效率，包括與第三方服務、差旅和所有可自由支配支出相關的機會。整個組織的團隊也竭盡全力滿足不斷增長的強勁需求。

To drive strong sales with lower inventory, GM has introduced a new proprietary software application that helps dealers track vehicles from when they're completed at the plant to when they're released at their final destination. With many of our full-size trucks and SUVs being sold prior to arriving at the dealer or within days of hitting the lot, this software called VINVIEW allows dealers to both track vehicles and provide an informed estimated delivery time, enhancing the customer's arrival confidence and experience.

為了以較低的庫存推動強勁的銷售，通用汽車推出了一種新的專有軟件應用程序，可幫助經銷商跟踪車輛從工廠完成生產到最終目的地交付的整個過程。由於我們的許多全尺寸卡車和 SUV 在到達經銷商之前或到達停車場後幾天內就已售出，這款名為 VINVIEW 的軟件允許經銷商跟踪車輛並提供知情的預計交貨時間，從而增強客戶的到達信心和經驗。

Additionally, we also have a software application called focused ordering that includes a dashboard, which combines vehicle trim options with market data to help dealers ensure they're ordering the most in-demand products to meet customer preferences. This has been a huge help in our prioritization efforts. For example, of all the 2021 light-duty crew cab sales in the first quarter, about 60% were based on this focused ordering dashboard. And these models are turning 5.5 days faster than non-focused orders.

此外，我們還有一個名為 focused ordering 的軟件應用程序，其中包括一個儀表板，它將車輛裝飾選項與市場數據相結合，以幫助經銷商確保他們訂購的是最受歡迎的產品，以滿足客戶的喜好。這對我們的優先級排序工作有很大幫助。例如，在第一季度所有 2021 年輕型雙人駕駛室的銷售中，約 60% 是基於這個集中的訂購儀表板。這些模型比非重點訂單快 5.5 天。

In addition to these near-term benefits, we expect this technology to drive long-term cost efficiencies and lower inventories within the dealer network. And we still have a lot of excitement ahead of us this year as we complete renovation of Factory ZERO to launch the GMC HUMMER EV Super Truck this fall. Factory ZERO will also build the GMC HUMMER EV SUV and the Chevy Silverado full-size electric pickup, which is the first of many high-volume EV entries to come. And it will be the home of the Cruise Origin, a purpose-built all-electric and shared self-driving vehicle.

除了這些近期收益外，我們預計該技術將推動經銷商網絡內的長期成本效率和庫存降低。今年我們還有許多激動人心的事情等待著我們，因為我們將在今年秋天完成對零工廠的改造以推出 GMC HUMMER EV 超級卡車。 Factory ZERO 還將生產 GMC HUMMER EV SUV 和 Chevy Silverado 全尺寸電動皮卡，這是眾多量產 EV 車型中的第一款。它將成為 Cruise Origin 的所在地，Cruise Origin 是一款專門打造的全電動共享自動駕駛汽車。

And also, as Mary announced, our second battery plant recently in the last 18 months, which is a great indicator of our acceleration. Combined, these plants will have a capacity of over 70-gigawatt hours of production, and there are more being planned. We'll make additional cell capacity announcements as we progress in our product rollout.

而且，正如 Mary 宣布的那樣，我們最近在過去 18 個月內建立了第二家電池工廠，這是我們加速發展的一個很好的指標。合併後，這些工廠的產能將超過 70 吉瓦時，而且還有更多工廠正在規劃中。隨著我們產品推出的進展，我們將發布更多電池容量公告。

Let's move to GM International. We continue to be encouraged by our progress in GMI, with first quarter EBIT adjusted of $300 million, up $900 million year-over-year as we move past the initial effect of the pandemic in China. We also experienced positive price and mix benefits, as well as benefits from our structural cost actions across the segment. We delivered $300 million of equity income in China in Q1 due to higher volumes, stabilization in pricing and continued cost actions.

讓我們轉向通用汽車國際。我們繼續對 GMI 的進展感到鼓舞，第一季度調整後的息稅前利潤為 3 億美元，同比增長 9 億美元，因為我們已經度過了中國大流行病的初步影響。我們還獲得了積極的價格和組合收益，以及我們在整個細分市場的結構性成本行動帶來的收益。由於銷量增加、定價穩定和持續的成本行動，我們在第一季度在中國實現了 3 億美元的股權收益。

EBIT-adjusted in GMI, excluding China, was up $400 million year-over-year, the second consecutive profitable quarter, as the semiconductor and commodities impact in the quarter was more than offset by the favorable pricing and mix. With continued semiconductor-driven plant downtime and low inventory levels, we expect Q2 to be challenged, but these results underscore the improvements in the region.

GMI（不包括中國）的調整後息稅前利潤同比增長 4 億美元，這是連續第二個盈利的季度，因為本季度半導體和大宗商品的影響被有利的定價和組合所抵消。由於半導體驅動的工廠持續停機和低庫存水平，我們預計第二季度將受到挑戰，但這些結果凸顯了該地區的改善。

A few comments on GM Financial, Cruise and our Corp segment. GM Financial has provided a significant offset to some of the semiconductor headwinds. Strong used vehicle prices, combined with consumer credit strength, helped to drive Q1 EBT adjusted of $1.2 billion, up $1 billion year-over-year. We received $600 million in dividends from GM Financial in Q1, and we anticipate dividends in 2021 from GMF will significantly exceed the 2020 dividend of $800 million, due in part to their expected upside in 2021.

關於 GM Financial、Cruise 和我們的 Corp 部門的一些評論。 GM Financial 為一些半導體逆風提供了重要的抵消。強勁的二手車價格，加上消費者信貸實力，幫助推動第一季度調整後 EBT 達到 12 億美元，同比增長 10 億美元。我們在第一季度從 GM Financial 收到了 6 億美元的股息，我們預計 2021 年 GMF 的股息將大大超過 2020 年 8 億美元的股息，部分原因是它們在 2021 年的預期上漲。

Cruise costs in the quarter were $200 million. And as Mary mentioned, Cruise continues to make great progress towards commercialization every day. Corp segment EBIT was $30 million in the quarter, a better-than-historical quarterly run rate, primarily due to mark-to-market gains in the period.

本季度的郵輪成本為 2 億美元。正如 Mary 所說，Cruise 每天都在朝著商業化方向不斷取得長足進步。公司部門本季度的息稅前利潤為 3000 萬美元，好於歷史季度運行率，這主要是由於該期間按市值計算的收益。

Turning to our 2021 outlook for the calendar year. Last quarter, we outlined strong full year 2021 guidance of EBIT adjusted in the $10 billion to $11 billion range, including an estimated net semiconductor impact of $1.5 billion to $2 billion, which is calculated by taking loss contribution margin, offset by tactical efforts through costs, go-to-market actions and earnings growth at GM Financial. EPS diluted adjusted in the range of $4.50 to $5.25 and adjusted automotive free cash flow guidance in the $1 billion to $2 billion range, including an estimated semiconductor impact of $1.5 billion to $2.5 billion.

轉向我們對日曆年的 2021 年展望。上個季度，我們概述了在 100 億至 110 億美元範圍內調整後的 2021 年全年息稅前利潤的強勁指引，其中包括估計的 15 億至 20 億美元的半導體淨影響，這是通過計算損失邊際，通過成本的戰術努力抵消的、上市行動和 GM Financial 的收益增長。調整後的每股收益在 4.50 美元到 5.25 美元之間，調整後的汽車自由現金流量指導在 10 億美元到 20 億美元之間，其中包括估計的 15 億美元到 25 億美元的半導體影響。

Since we shared guidance with you in February, the business has faced additional pressures due to semiconductor shortages as well as commodity inflation. Even though the gross impact of these headwinds has increased, the net impact remains the same as the company has identified additional mitigation initiatives, including pricing and mixed go-to-market strategies, growth at GM Financial, pull ahead of Oshawa full-size pickup production and other cost efficiencies. And what we've been able to prove in the fluid environment we're facing today is that we have the resiliency to flex to the challenges.

自從我們在 2 月份與您分享指導意見以來，由於半導體短缺和大宗商品通脹，該業務面臨著額外的壓力。儘管這些逆風的總影響有所增加，但淨影響仍然相同，因為公司已經確定了額外的緩解措施，包括定價和混合上市戰略、通用汽車金融的增長、提前奧沙瓦全尺寸皮卡生產和其他成本效率。在我們今天面臨的多變環境中，我們已經能夠證明的是，我們有彈性應對挑戰。

In spite of the volatility in semiconductor availability, we're confident in achieving our full year 2021 outlook, including EBIT adjusted at the higher end of $10 billion to $11 billion, with the expectation that first half EBIT adjusted will be around $5.5 billion. We continue to expect EPS diluted adjusted of $4.50 and $5.25, and adjusted automotive free cash flow of $1 billion to $2 billion.

儘管半導體可用性存在波動，但我們有信心實現 2021 年全年展望，包括調整後的息稅前利潤在 100 億美元至 110 億美元的較高端，預計上半年調整後的息稅前利潤約為 55 億美元。我們繼續預計每股收益調整後為 4.50 美元和 5.25 美元，調整後的汽車自由現金流為 10 億美元至 20 億美元。

Our expectation is that Q2 will be the weakest quarter of the year as we increase plant downtime and continue to build vehicles without modules, impacting Q2 EBIT adjusted and working capital as we hold vehicles in inventory to wholesale later in the year once the semiconductors are received.

我們預計第二季度將是今年最疲軟的一個季度，因為我們增加了工廠停工時間並繼續生產沒有模塊的車輛，影響第二季度調整後的息稅前利潤和營運資金，因為我們持有庫存車輛，一旦收到半導體，將在今年晚些時候進行批發.

We're managing the shortage through select plant downtime in the second quarter, which may extend into the second half. However, we plan on operating through the traditional U.S. summer shutdown in early Q3 at select facilities. We do not believe this short-term semiconductor headwind will affect our long-term earnings power and we remain committed to our growth initiatives in the EV acceleration we've previously communicated.

我們正在通過第二季度的部分工廠停工來管理短缺，這可能會延續到下半年。但是，我們計劃在第三季度初在特定設施中通過傳統的美國夏季關閉來運營。我們認為這種短期的半導體逆風不會影響我們的長期盈利能力，我們仍然致力於我們之前傳達的電動汽車加速增長計劃。

In the medium to long term, we are focused on working cooperatively with our supply base and the semiconductor manufacturers to improve our line of sight on the full supply chain mapping and gain more control over the chip itself. We're working to proactively implement risk mitigation strategies that will help avoid future disruptions to the supply chain. And we've also learned a lot over the last year about our and our dealers' ability to manage at lower inventory levels. We're taking these learnings to implement dealer efficiency tools to optimize inventory levels, and we are creating sales tools to allow for more online shopping and purchase options.

從中長期來看，我們專注於與我們的供應基地和半導體製造商合作，以改善我們對整個供應鏈映射的視線，並獲得對芯片本身的更多控制。我們正在努力主動實施風險緩解策略，這將有助於避免未來供應鏈中斷。在過去的一年裡，我們還學到了很多關於我們和我們的經銷商在較低庫存水平下進行管理的能力。我們正在利用這些經驗來實施經銷商效率工具以優化庫存水平，並且我們正在創建銷售工具以允許更多在線購物和購買選擇。

Finally, I want to reiterate our capital allocation priorities. I mentioned that the top priority for us is to invest in both new and existing businesses, with more than half going to accelerate EV growth, as well as continue a strong ICE portfolio that funds our journey while maintaining our investment-grade balance sheet.

最後，我想重申我們的資本配置重點。我提到，我們的首要任務是投資新業務和現有業務，其中一半以上將加速電動汽車的增長，並繼續強大的 ICE 投資組合，為我們的旅程提供資金，同時保持我們的投資級資產負債表。

To summarize, we had a strong beginning to the year, highlighting the strength of our underlying business. We have again demonstrated our strength, our flexibility, our laser focus on execution and our ability to manage through a significant disruption while still generating strong results. There are still big challenges ahead of us, but we have the team and expertise to navigate this while not losing sight of our vision. We will continue investing in exciting new growth opportunities, including EVs, battery supply and technology and software solutions that will drive growth and desirable differentiated products and services for our customers.

總而言之，我們今年開局強勁，凸顯了我們基礎業務的實力。我們再次展示了我們的實力、我們的靈活性、我們對執行的高度關注以及我們在重大中斷中進行管理的能力，同時仍然產生了強勁的結果。我們面前仍然面臨著巨大的挑戰，但我們擁有團隊和專業知識來應對這一挑戰，同時不會忘記我們的願景。我們將繼續投資於激動人心的新增長機會，包括電動汽車、電池供應以及技術和軟件解決方案，這些將推動增長並為我們的客戶提供理想的差異化產品和服務。

Despite the challenging environment, we remain confident in our ability to deliver strong results in 2021, and I couldn't be more proud of the GM family.

儘管環境充滿挑戰，但我們仍然對我們在 2021 年取得強勁業績的能力充滿信心，我為通用汽車家族感到無比自豪。

This concludes our opening comments, and we'll now move to the Q&A portion of the call.

我們的開場評論到此結束，現在我們將進入電話會議的問答部分。

(Operator Instructions) Your first question comes from the line of Rod Lache with Wolfe Research.

（操作員說明）您的第一個問題來自 Rod Lache 與 Wolfe Research 的合作。

I want to probe the semiconductor issue a little bit with you. So you're maintaining the full year. I suspect Q1 was better than you expected and that maybe this Renesas fires having a larger impact near term than you anticipated. But maybe if you can help us a little bit with what's happening behind the scenes. Number one, what's embedded in the implied Q2 earnings? Are all the earnings essentially coming from China and maybe GMF, near term?

我想和你探討一下半導體問題。所以你要維持全年。我懷疑第一季度比你預期的要好，而且瑞薩的火災可能在短期內產生的影響比你預期的要大。但也許你可以幫助我們了解幕後發生的事情。第一，隱含的第二季度收益中包含什麼？近期所有收益基本上都來自中國，也許還來自 GMF 嗎？

Number two, I assume that the full year $1.5 billion to $2.5 billion impact from semis that you talked about has a very large gross negative volume impact and some very large offsets from pricing and other things. Maybe if you can provide some color on the gross effects. And then lastly, what gives you confidence in the recovery? Are you -- can you maybe share a little bit on what you're seeing happening through the Tier 2 supply chain?

第二，我假設你談到的半成品全年產生 15 億至 25 億美元的影響，對總銷量產生非常大的負面影響，並對定價和其他因素產生一些非常大的抵消。也許如果你能為總體效果提供一些顏色。最後，是什麼讓您對複蘇充滿信心？你是——你能分享一下你在二級供應鏈中看到的情況嗎？

Rod, there's a lot in there. But I'd first start off by saying the team is working to get every chip we can and to look at how do we leverage, maybe chips that we weren't planning to use and how do we leverage them as well as simplifying some things. So it's really the ingenuity and creativity of the team that is allowing us to build. Yes, the Renesas fire did have an impact, and the team goes to work and figures out how to offset or minimize it, and that's what they're doing.

羅德，裡面有很多東西。但我首先要說團隊正在努力獲得我們可以獲得的每一個芯片，並研究我們如何利用，也許我們不打算使用的芯片以及我們如何利用它們以及簡化一些事情.因此，真正讓我們得以建設的是團隊的獨創性和創造力。是的，瑞薩大火確實產生了影響，團隊開始工作並想出如何抵消或最小化它，這就是他們正在做的事情。

So I think there was a lot of great problem-solving that was done in the in Q1. We have said, we think Q2 will be the weakest, and then we see recovery coming in Q3 and Q4, and that's based on all the work the team is doing, working with suppliers, et cetera. So there's no -- it's just, chip by chip, working the issues to find solutions, and that's what the team is so good at doing.

所以我認為在第一季度完成了很多很棒的問題解決。我們已經說過，我們認為第二季度將是最弱的，然後我們看到第三季度和第四季度將出現復甦，這是基於團隊正在做的所有工作，與供應商合作等。所以沒有 - 它只是一個芯片一個芯片地解決問題以找到解決方案，這就是團隊非常擅長做的事情。

But it remains very dynamic. So I think to look here today and try to quantify exactly what all the ins and outs are going to be for the rest of the year, I think it would -- that'd be data that has a pretty short shelf life. But I think what you can count on and what we see with all the work that's been done across the whole supply chain and engineering team is that we have confidence that we're going to be able to hit our guidance and that with everything we know today, we'll be at the top end.

但它仍然非常有活力。因此，我想今天看看這裡，並嘗試準確量化今年剩餘時間的所有細節，我認為這將是保質期很短的數據。但我認為你可以指望的是，我們在整個供應鍊和工程團隊所做的所有工作中看到的是，我們有信心我們將能夠達到我們的指導，並且我們所知道的一切今天，我們將處於最頂端。

Could you at least maybe give us some color on the magnitude of the volume loss that you're currently embedding in this full year forecast?

您能否至少給我們一些顏色，說明您目前在這一全年預測中嵌入的體積損失的大小？

Rod, it's Paul. Yes, I think the challenge with the volumes is that, as we said repeatedly, this is a really fluid situation. I mean it quite literally changes day-to-day. So I think the commentary that we've given that no doubt this situation has somewhat worsened in the short term since the first quarter, we're constantly flexing. So some days, it gets a little better, some days it gets a little bit worse. And what we're trying to do is just kind of reorient everybody around -- this semiconductor challenge was baked into our full year expectations.

羅德，是保羅。是的，我認為數量的挑戰在於，正如我們反复說過的那樣，這是一個非常不穩定的情況。我的意思是它確實每天都在變化。因此，我認為我們給出的評論毫無疑問，自第一季度以來，這種情況在短期內有所惡化，我們一直在靈活調整。所以有些日子，情況會好一些，有些日子會變得更糟。我們正在努力做的只是重新調整周圍的每個人 - 這一半導體挑戰已納入我們的全年預期。

Certainly, the timing is somewhat fluid, and you see that. The fact that the first quarter has blown out expectations in 2Q is under consensus. But if you actually look at the first half, when you add Q1 and Q2 together, it's actually exceeding where Street consensus was for the first half of the year. So I think we're pleased with the way that we're managing through this, and we want to try to keep it to the big picture because we can really get lost in the details on how fluid the situation is.

當然，時間安排有些不穩定，您會看到這一點。第一季度超出第二季度預期的事實已達成共識。但如果你真的看上半年，當你把第一季度和第二季度加在一起時，它實際上超過了今年上半年華爾街的共識。所以我認為我們對我們通過這種方式進行管理的方式感到滿意，並且我們希望嘗試將其放在大局中，因為我們真的會迷失在有關情況多變的細節中。

Yes. Understood. And just lastly, very nice to see the international operation ex China approaching breakeven, and I assume a lot of that is related to some of the things that you've talked about before in South America, the actions you've been taking. What's the strategy, longer term, for that region? And do you think that, that fits into the long-term zero emission future that you described?

是的。明白了。最後，很高興看到除中國以外的國際業務接近收支平衡，我認為這在很大程度上與你之前在南美談到的一些事情以及你一直在採取的行動有關。該地區的長期戰略是什麼？你認為這符合你描述的長期零排放未來嗎？

So Rod, I am really proud of the GMI team ex China -- I'm proud of the China team as well. But that team has really focused on those countries and the great progress they've been making. When we specifically talk about South America, we have strong brands and a strong dealer network and leading products in the market. And the team has continued to work on reducing costs and managing the business in a way that has allowed us to achieve those results in Q4 and Q1. That region will be impacted by Q2, which we've indicated, overall, will be weaker. But again, that's -- it's a temporary thing. And we're continuing to work all aspects, because that region, we've got to get to earliest cost of capital, and that's the journey that we're on and will continue.

所以 Rod，我真的為中國以外的 GMI 團隊感到自豪——我也為中國團隊感到自豪。但該團隊真正關注的是這些國家和他們取得的巨大進步。當我們具體談到南美時，我們擁有強大的品牌和強大的經銷商網絡以及市場領先的產品。該團隊繼續致力於降低成本和管理業務，使我們能夠在第四季度和第一季度取得這些成果。該地區將受到第二季度的影響，我們已經指出，總體而言，第二季度將會較弱。但同樣，那是——這是暫時的。我們將繼續在各個方面開展工作，因為在那個地區，我們必須儘早達到資本成本，這就是我們正在進行並將繼續進行的旅程。

Your next question comes from the line of Itay Michaeli with Citi.

你的下一個問題來自花旗的 Itay Michaeli。

Maybe just first, just for a couple of financial questions. Paul, any thought to where U.S. dealer inventory could end the year? And with the new tools that you've implemented for ordering, any updated thoughts on how you're thinking about running dealer inventory, let's say, over the next couple of years?

也許只是首先，只是為了幾個財務問題。保羅，想過美國經銷商的庫存會在今年結束嗎？使用您為訂購實施的新工具，您對如何考慮運行經銷商庫存的任何更新想法，比方說，在接下來的幾年裡？

Itay, yes, thanks for the question. I think -- I don't think anybody would say that dealer-inventory levels are optimized right now. Just drive by some lots, and you see empty lots. It certainly means that we're operating much, much lower than what I think we even think is optimal. But as we mentioned in the comments, there's a lot of tools that we're learning how to operate at these lean levels that I think will provide some long-term efficiencies.

Itay，是的，謝謝你的提問。我認為 - 我認為沒有人會說經銷商庫存水平現在已經優化。只要開車經過一些地段，你就會看到空地。這當然意味著我們的運營遠低於我認為我們認為最佳的水平。但正如我們在評論中提到的，我們正在學習如何在這些精益水平上運作的許多工具，我認為這些工具將提供一些長期效率。

And the dealer network has done really an amazing job of not only working with us, but also providing an environment for the customer that where the vehicle may not be immediately available, they give them reassurance to help drive that purchase transaction versus the customer being disappointed that the vehicle that he or she wants -- doesn't want isn't there on the lot.

經銷商網絡確實做得非常出色，不僅與我們合作，而且還為客戶提供了一個環境，在車輛可能無法立即可用的情況下，他們讓他們放心，以幫助推動購買交易，而不是讓客戶失望他或她想要的車輛 - 不想要的車輛不在停車場。

So that visibility, I think, undoubtedly, will help us over the long term. And we're taking those lessons and we're figuring out how to make sure that we manage that as efficiently as we can. But we certainly came into the year expecting to build inventories out of -- coming out of the COVID situation. That clearly is challenged amid some of the production issues that we've seen with the semiconductor shortage. But we certainly hope to build as we get into perhaps late 2021 into 2022 to start getting inventory levels at what we think is a much safer value to have vehicles on the lots, where customers want to purchase them.

因此，我認為，從長遠來看，這種知名度無疑會對我們有所幫助。我們正在吸取這些教訓，我們正在弄清楚如何確保我們盡可能有效地管理它。但我們當然進入了這一年，期望從 COVID 情況中建立庫存。在我們看到的半導體短缺的一些生產問題中，這顯然受到了挑戰。但我們當然希望在我們進入 2021 年底到 2022 年時進行建設，以開始獲得我們認為更安全的庫存水平，以便將車輛放在客戶想要購買的地段。

That's so helpful. I appreciate that little detail, Paul. And then maybe just one strategic question, actually on AV. Of the $27 billion of spend on EV and AV, can you maybe dimension how much of it is going towards the AV side? And how much of that maybe is outside of Cruise? Kind of what I'm trying to get at is sort of maybe if you can give us a bit of a sense of your vision for autonomy on the GM consumer vehicles, whether Cruise may or may not play a role within that and kind of how you see that developing over the next several years as part of the objective of the company.

這很有幫助。我很欣賞這個小細節，保羅。然後也許只是一個戰略問題，實際上是關於 AV 的。在 EV 和 AV 的 270 億美元支出中，您能否確定其中有多少用於 AV 方面？其中有多少是在 Cruise 之外的？我想說的是，如果你能給我們一些關於你對通用汽車消費車輛自主權的看法，Cruise 是否會在其中發揮作用以及如何發揮作用你會看到未來幾年的發展是公司目標的一部分。

Sure. Well, our focus at Cruise is to get -- create the technology that's safer than a human driver and deploy in our first market from a commercialization perspective, and then we'll continue to expand that into other cities. And really excited with the progress they're showing in San Francisco. Obviously, Dubai is very significant as well. So you take that and I've always said, we have kind of a revolutionary and an evolutionary strategy around driver assistance all the way to full level 4, level 5 autonomy. So you see Cruise really focused on that full autonomy.

當然。好吧，我們在 Cruise 的重點是創造比人類司機更安全的技術，並從商業化的角度部署在我們的第一個市場，然後我們將繼續將其擴展到其他城市。對他們在舊金山所取得的進步感到非常興奮。顯然，迪拜也非常重要。所以你接受那個，我一直說，我們有一種圍繞駕駛員輔助的革命性和進化戰略，一直到完全 4 級、5 級自主。所以你看到 Cruise 真正專注於完全自主。

But Super Cruise, we continue to add more and more features. And we've said that we envision that to get 95% of being able to handle all solutions. Later in the decade, I believe, and there's a lot to still unfold, but I believe we'll have personal autonomous vehicles, and then that will leverage the capability we have at Cruise with the capability that we have at the car company to really be well positioned to delight the customers from that perspective.

但是 Super Cruise，我們會繼續添加越來越多的功能。我們已經說過，我們設想能夠處理所有解決方案的 95%。我相信，在這十年的後期，還有很多事情要做，但我相信我們將擁有個人自動駕駛汽車，然後這將利用我們在 Cruise 的能力和我們在汽車公司的能力來真正從這個角度來看，可以很好地取悅客戶。

So both paths are very important because the technology we put on vehicles today, I think, makes them safer and delights the customers, and it's going to give us an opportunity for subscription revenue. And then the ultimate work that we're doing at Cruise, I think that is full autonomous, really opens up more possibilities than I think we can outline today.

所以這兩條路都非常重要，因為我認為，我們今天在車輛上採用的技術使它們更安全，讓客戶滿意，這將為我們提供訂閱收入的機會。然後我們在 Cruise 所做的最終工作，我認為這是完全自主的，真的開闢了比我認為我們今天可以概述的更多的可能性。

The next question comes from the line of Emmanuel Rosner with Deutsche Bank.

下一個問題來自德意志銀行的 Emmanuel Rosner。

First, a financial question. So Paul, I was hoping you could talk a little bit about sequential factors of profitability comparing first half to second half. So you're calling for similar levels of profitability of $5.5 billion each. But obviously, in the first half, you started off very strong in the first quarter and a lot of the headwinds in the second quarter are somewhat unusual and unlikely to repeat. So there's obviously some offset of raw materials and cost and pricing. But just could you sort of talk about these various factors?

首先，一個財務問題。所以保羅，我希望你能談談上半年和下半年盈利能力的順序因素。因此，您要求每個公司實現類似水平的 55 億美元的盈利能力。但顯然，在上半年，你在第一季度的開局非常強勁，而第二季度的許多不利因素有些不尋常，不太可能重演。因此，原材料、成本和定價顯然存在一些抵消。但是你能談談這些不同的因素嗎？

Yes. Thanks, Emmanuel, for that question. It's obviously a challenging environment to be able to be thinking about longer term, even 6 months, 9 months ahead as we are navigating through this. So I think what we see is, what I would say, cautious optimism. So while we talk about the second half of the year being similar or potentially slightly better than the first half, there's some caution in that. So for example, things like the used car vehicle prices that GM Financial is clearly benefiting from -- that's likely to stay in place as long as new car inventories remain low. So that's an example of, I would say, a variable that's sort of hedged directly against the challenges of the semiconductor.

是的。謝謝 Emmanuel 提出這個問題。這顯然是一個具有挑戰性的環境，能夠考慮更長期，甚至 6 個月、9 個月的未來，因為我們正在通過這個導航。所以我認為我們看到的是謹慎的樂觀情緒。因此，雖然我們談論今年下半年與上半年相似或可能略好於上半年，但仍需謹慎。因此，例如，通用汽車金融公司顯然從中受益的二手車價格之類的東西 - 只要新車庫存保持低位，它就可能保持不變。所以這是一個例子，我想說，一個變量可以直接對沖半導體的挑戰。

But as more vehicles come online, and I think most industrial forecasts are that chip availability is going to be better in the second half than it is in the first half, and I think we think that's true as well, that could lead to pricing that maybe isn't as strong as it was in the first quarter. So I think we're trying to maintain some caution and some rationality. The reality is we're -- we and others are right in the middle of this. I think we're doing a really good job of managing through it, as evidenced by the first quarter and the fact that the first half of the year is coming in above consensus estimates before we announced, that it's trying to provide a mix of reassurance in the projections that we've given, as well as some cautious optimism about what the future holds.

但隨著越來越多的車輛上線，我認為大多數行業預測下半年芯片的可用性將比上半年更好，我認為我們也認為這是真的，這可能導致定價可能不如第一季度那麼強勁。所以我認為我們正在努力保持一些謹慎和一些理性。現實是我們——我們和其他人正處於其中。我認為我們在管理它方面做得非常好，正如第一季度所證明的那樣，今年上半年的表現高於我們宣布之前的共識估計，它試圖提供一種保證的組合在我們給出的預測中，以及對未來的一些謹慎樂觀。

Okay. And if I could just follow up quickly on this one. Are you able to dimension at all some of these more discrete buckets? So for example, raw materials, how much larger a headwind could it be in the second half versus the first half? And then I also noticed in your first quarter cost walk, you were talking about higher engineering costs for EVs, in particular. How should we think about that over the rest of the year?

好的。如果我能快速跟進這個問題。您是否能夠確定所有這些更離散的存儲桶的尺寸？例如，原材料，下半年的逆風比上半年大多少？然後我還注意到，在你的第一季度成本走動中，你特別談到了電動汽車的更高工程成本。在今年餘下的時間裡，我們應該如何考慮這個問題？

Well, clearly, on the second part of that question first, you're going to continue to see engineering expenses pivoting into EVs. And I think as we continue to lean in and accelerate some of those vehicle programs, we are investing resources to be able to do that. As to the first part of your question, clearly, commodity inflations had a massive impact, you just need to look at some of the indices to be able to see that. But we're not really isolating that because we're taking all of the cost pressures that we've seen, both from our initial expectations and what's constantly changing, and putting that all into the same bucket.

好吧，很明顯，首先在這個問題的第二部分，你將繼續看到工程費用轉向電動汽車。而且我認為，隨著我們繼續傾斜並加速其中一些車輛項目，我們正在投入資源來實現這一目標。至於你問題的第一部分，很明顯，商品通脹產生了巨大影響，你只需要查看一些指數就能看到這一點。但我們並沒有真正孤立它，因為我們正在承受我們所看到的所有成本壓力，包括我們最初的預期和不斷變化的情況，並將它們全部放在同一個桶中。

So much the same way that the semiconductor issue is fluid in day-to-day, so are the commodity prices going forward. So while we have a little bit of forward purchasing going on, obviously, in the supply chain, there's some exposure out there, but there's also some potential goodness if prices normalize. So we're trying to keep all of that very, very fluid as we manage it in the aggregate, both in terms of go-to-market strategies as well as production prioritization.

就像半導體問題每天都在流動一樣，大宗商品價格也在上漲。因此，雖然我們正在進行一些遠期採購，但顯然，在供應鏈中，存在一些風險，但如果價格正常化，也有一些潛在的好處。因此，我們正在努力保持所有這些非常、非常流暢，因為我們在總體上管理它，無論是在上市戰略還是生產優先級方面。

Great. And then my second question on electric vehicles. So your Silverado electric vehicle was confirmed officially in April. I think you said it will be your first high-volume EV towards several high-volume models by 2023. I'm curious if you could dimension for us how much of a contribution will the Silverado be towards your mid-decade goal of 1 million-plus units by 2025? Or maybe express definitely, what kind of take rate do you expect on pickups for EV powertrain, I guess, in the relatively near to midterm?

偉大的。然後是關於電動汽車的第二個問題。因此，您的 Silverado 電動汽車已於 4 月正式確認。我想你說過，到 2023 年，這將是你的第一款大容量電動汽車，面向幾款大容量車型。我很好奇你能否為我們確定 Silverado 對你的 100 萬輛中期目標的貢獻有多大-到 2025 年增加單位？或者可以明確地表達，我想，在相對較近的中期，您對 EV 動力總成皮卡的接受率是多少？

Well, I think we see it as a huge opportunity. I mean we've gotten really strong response from commercial and government owners as a lot of fleet customers are looking to have zero emission vehicles. And again, we have incredible know-how in this company on how to do full-size trucks, and we're taking that into an EV propelled vehicle, and that I think is going to give us a winning formula. I'm excited to share that vehicle with everyone because it's just stunning.

好吧，我認為我們認為這是一個巨大的機會。我的意思是我們得到了商業和政府所有者的強烈反響，因為許多車隊客戶都希望擁有零排放車輛。再一次，我們在這家公司擁有關於如何製造全尺寸卡車的令人難以置信的專業知識，我們正在將其應用到電動汽車中，我認為這將為我們提供製勝法寶。我很高興與大家分享這輛車，因為它太棒了。

So I think we're going to see strong demand there. It will, along with some other products, be an important part of getting to our goal to have North America leadership. And I would say it's one of a few or several getting into the high-volume segments that, obviously, we need to do, and GM is well positioned to do building on the Ultium platform to achieve that leadership.

所以我認為我們會在那裡看到強勁的需求。它將與其他一些產品一起，成為我們實現北美領導地位目標的重要組成部分。我想說的是，這是進入大容量細分市場的幾個或幾個細分市場之一，顯然，我們需要這樣做，而通用汽車已做好充分準備，可以在 Ultium 平台上進行建設，以實現這一領導地位。

Your next question comes from the line of John Murphy with Bank of America.

你的下一個問題來自美國銀行的 John Murphy。

Mary, so I just want to get back into this question of the inventory being too tight or light? And I mean, you just put up a record quarter and you're telling us that the inventory is not optimal and is too light. I mean, would you argue that record profits indicates that you're in an optimal inventory? I mean it's -- I mean the industry has gone through this. I mean you've been coming from this for a few decades now, where the inventory has been out of whack and too high. And now suddenly, it's supposed to be too tight, we're seeing record profits put up.

瑪麗，所以我只想回到庫存太緊或太輕的問題？我的意思是，你剛剛公佈了一個創紀錄的季度，你告訴我們庫存不是最優的，而且太輕了。我的意思是，您是否認為創紀錄的利潤表明您處於最佳庫存狀態？我的意思是——我的意思是這個行業已經經歷了這個。我的意思是，你已經從這件事中走了幾十年，那裡的庫存已經失控且過高。現在突然間，它應該太緊了，我們看到創紀錄的利潤。

I mean, is it really too tight? And what do you mean by like going back to something that's more normal? I mean if you look at the last 3 quarters, I mean I think the inventory was 492,000 in the third quarter of last year, and now you're at 335,000. So is it somewhere in that ZIP code? Because I mean you just put up the best 3-quarter stretch I think GM has had in history with this inventory that's not optimal or too tight. It just seems like you shouldn't change that much. What do you mean by growing the inventory?

我的意思是，它真的太緊了嗎？你說回到更正常的事情是什麼意思？我的意思是，如果你看一下過去三個季度，我的意思是我認為去年第三季度的庫存為 492,000，而現在是 335,000。那麼它在那個郵政編碼的某個地方嗎？因為我的意思是你剛剛提出了我認為通用汽車歷史上最好的 3 個季度，但庫存不是最佳或太緊。看起來你不應該改變那麼多。增加庫存是什麼意思？

So John, I think you're right that we'll never go back to that levels of inventories that we held post -- or pre-pandemic because we've learned we can be much more efficient, getting the right models to the right dealers, leveraging and not having as much on the lot. But there are still customers who want to walk into a dealership and walk out or drive off the dealership with a brand-new vehicle. And we've got to be to responsive to those customers as well. So I think it's going to end up being a little higher, especially when you look at our dealer network. I've got them sending me pictures and they have virtually nothing on the lot.

所以約翰，我認為你是對的，我們永遠不會回到我們持有的庫存水平 - 或大流行前，因為我們已經知道我們可以更有效率，獲得正確的模型經銷商，利用並沒有那麼多。但仍有客戶想要走進經銷店，然後帶著全新的車輛走出或開出經銷店。我們也必須對這些客戶做出回應。所以我認為它最終會更高一些，尤其是當你查看我們的經銷商網絡時。我讓他們給我發照片，但他們幾乎什麼都沒有。

So there's an optimal level, significantly lower than it was in the past, but higher than it is now. I think what you're seeing now, though, is the ingenuity of our dealers and the new tools we provided that give them insight into what's coming, and they're selling deep, not only into the inventory, but deep into the pipeline of vehicles that are on the way. So I credit the -- just how dedicated this team is of satisfying every customer, but I think there's an optimal level that's a little higher than we have right now.

所以有一個最佳水平，明顯低於過去，但高於現在。不過，我想你現在看到的是我們經銷商的獨創性和我們提供的新工具，讓他們了解即將發生的事情，他們正在深入銷售，不僅深入庫存，而且深入銷售渠道正在路上的車輛。所以我相信 - 這個團隊是多麼專注於滿足每個客戶，但我認為有一個比我們現在更高的最佳水平。

I just think you're being sort of too apologetic, and the ingenuity you're forcing on the whole chain is actually driving a better outcome you've ever had before. It just seems like you're doing -- in some ways, you're being forced -- the value chain is being force in doing the right thing and that ingenuity should continue. And it sounds like you're keeping that up. But I mean I just think rebuilding the inventory too much might be not exactly the right answer.

我只是覺得你有點太抱歉了，你在整個鏈條上強加的獨創性實際上正在推動你以前有過的更好的結果。看起來你正在做——在某些方面，你是被迫的——價值鏈正在迫使你做正確的事情，這種獨創性應該繼續下去。聽起來你一直在堅持下去。但我的意思是，我只是認為過多地重建庫存可能不是正確的答案。

John, to be clear, we won't overbuild inventory, to be crystal clear, and we will keep the ingenuity, the tools -- I mean, because it's better for everybody. It's better for the car company, it's better for the dealer.

約翰，明確地說，我們不會過度增加庫存，非常清楚，我們將保持獨創性，工具——我的意思是，因為它對每個人都更好。對車企好，對經銷商也好。

Absolutely, yes. I mean it's just a much better outcome right now. Second question, Mary, you're talking about 30 new EVs by 2025, globally, 2/3 of those will be in North America. So horseshoes and hand grenades, by some guys' math, that's about 20%, maybe a little bit more. What ICE vehicles are still going to be launched between now and 2025? I mean it seems like almost everything that would be launched in North America between now and 2025 would be EVs, if you're saying that. Are there any ICE vehicles that are notable that we should think about between now and then?

絕對沒錯。我的意思是現在只是一個更好的結果。第二個問題，瑪麗，你說的是到 2025 年全球將有 30 輛新電動汽車，其中 2/3 將在北美。所以馬蹄鐵和手榴彈，根據一些人的計算，大約是 20%，也許更多一點。從現在到 2025 年，哪些 ICE 車輛仍將推出？我的意思是，從現在到 2025 年，幾乎所有將在北美推出的產品都是電動汽車，如果你這麼說的話。從現在到那時，有沒有值得我們考慮的值得注意的內燃機車輛？

Well, John, you know I'm not going to give you the full product cadence between now and '25.

好吧，約翰，你知道我不會給你從現在到 25 歲之間的完整產品節奏。

I'd love if you did.

如果你願意，我會很高興。

I'm sure you will, along with everyone on the call. But there's some important products coming as we look at making sure on our franchise products that we are leading from an industry perspective and continuing to delight those customers. But what I will say is, I think what's important with the investments that we've made over the last 5 to 7 years with new platforms from an ICE perspective, whether it's small, mid and then full-size trucks, SUVs, we don't have to make huge investments in architectures. It's mainly making sure those products are going to win in the marketplace from a customer-facing perspective. And that's what we'll be focused on between now -- frankly, now and 2035 when our aspiration is to sell all EVs from a light-duty perspective.

我相信你會和電話中的每個人一起。但是，當我們著眼於確保我們從行業角度領先並繼續取悅這些客戶的特許經營產品時，將會有一些重要的產品問世。但我要說的是，我認為從 ICE 的角度來看，我們在過去 5 到 7 年中對新平台進行的投資的重要性，無論是小型、中型還是全尺寸卡車、SUV，我們都不知道必須在架構上進行大量投資。從面向客戶的角度來看，這主要是為了確保這些產品能夠在市場上取勝。這就是我們從現在開始關注的——坦率地說，從現在到 2035 年，那時我們的願望是從輕型汽車的角度銷售所有電動汽車。

Okay. That's helpful. And then just lastly, Mary, on Slide 7, you went through Ultium, BrightDrop, Cruise, charging infrastructure, a bunch of other stuff. There's nothing in there when you're talking about the teams like fluff at all. It all seems very, very real. How do you keep track like the capital invested, the returns and the profits on all these new growth initiatives? Because like I said, nothing seems like fluff. It all seems very real. It's not just any PowerPoint stuff you guys are throwing up. How do you keep track of that?

好的。這很有幫助。最後，Mary，在第 7 張幻燈片上，您介紹了 Ultium、BrightDrop、Cruise、充電基礎設施以及其他一些東西。當你談論像絨毛一樣的球隊時，那裡什麼也沒有。這一切看起來非常非常真實。您如何跟踪所有這些新增長計劃的投資資本、回報和利潤？因為就像我說的，沒有什麼看起來像絨毛。這一切都顯得非常真實。這不只是你們扔掉的任何 PowerPoint 東西。你如何跟踪它？

And then maybe sort of to follow on to that. When you think about Dubai and 4,000 Cruise Origins floating around, I don't know if you can even sketch the economics for us of what that means. I mean I would guess that's a few hundred million dollars of EBIT, that would be sticky and not volatile like the rest of -- or not a lot more -- less volatile than the rest of the company. But I mean, how are you keeping track all this stuff? How are things measured? And then maybe some idea of what the Dubai economics look like.

然後可能會繼續下去。當你想到迪拜和四處漂浮的 4,000 Cruise Origins 時，我不知道你是否能為我們描繪出這意味著什麼的經濟學草圖。我的意思是，我猜這是幾億美元的息稅前利潤，它會像公司其他部門一樣具有粘性和波動性——或者不會更多——波動性低於公司其他部門。但我的意思是，你是如何跟踪所有這些東西的？事物是如何衡量的？然後也許對迪拜的經濟狀況有所了解。

Well, we have a really good CFO. So -- and I mean that in all seriousness, John, because you're right. And you look at Page 7, you look at Page 6, but you look at everything in our deck, they are all real. And we have a long-term plan and a short-term plan, and everyone has to earn its place to get -- whether it's engineering, IT or capital allocated to it. So we have a very rigorous process. So rest assured that this is not PowerPoint, these are real initiatives that are being executed on an accelerated fashion.

嗯，我們有一個非常好的首席財務官。所以——我是說真的，約翰，因為你是對的。你看看第 7 頁，你看看第 6 頁，但你看看我們甲板上的一切，它們都是真實的。我們有一個長期計劃和一個短期計劃，每個人都必須贏得自己的位置——無論是工程、IT 還是分配給它的資本。所以我們有一個非常嚴格的過程。所以請放心，這不是 PowerPoint，這些是正在加速執行的真實計劃。

As it relates to Dubai, I mean, I think it highlights the fact that as we grow not only in Dubai, but in other cities across the United States, across North America and across the world, we're uniquely positioned in the AV space because we have the ability to produce those vehicles. I mean we're already tooling up the Origin to be produced at Factory ZERO. So that's a huge opportunity for us. And to your point, that's going to drive to the bottom line.

就迪拜而言，我的意思是，我認為它強調了一個事實，即隨著我們不僅在迪拜，而且在美國其他城市、北美和世界各地的發展，我們在 AV 領域處於獨特的地位因為我們有能力生產這些車輛。我的意思是我們已經準備好在 Factory ZERO 生產 Origin。所以這對我們來說是一個巨大的機會。就您的觀點而言，這將觸及底線。

So I'm very excited about the future growth opportunities that we have with Cruise, with the production of the vehicles we'll do for that. But then with all these additional -- whether they're going into other markets, like we can leverage with Ultium, expanding in a market we don't really operate that much in right now from a commercial vehicle perspective with EVs, with BrightDrop and beyond, with things like OnStar Insurance and subscriptions for things like Super Cruise. So that's why I'm so confident of our growth capabilities.

因此，我對 Cruise 未來的增長機會以及我們將為此生產的車輛感到非常興奮。但是，隨著所有這些額外的——無論他們是否進入其他市場，就像我們可以利用 Ultium 一樣，在一個市場上擴張，我們現在從商用車的角度來看並沒有真正經營那麼多電動汽車，BrightDrop 和除此之外，還有 OnStar Insurance 和 Super Cruise 等訂閱服務。所以這就是為什麼我對我們的增長能力如此有信心。

And John, for the record, I agree with everything Mary said at this point on the CFO.

約翰，鄭重聲明，我同意瑪麗此時就首席財務官所說的一切。

She's just saying that because you're there, Paul. I'm just kidding.

她這麼說只是因為你在那裡，保羅。我只是在開玩笑。

Clearly.

清楚地。

The -- on Dubai -- I mean are there other cities that have like city envy here that Dubai is obviously a great sort of crown jewel to come out there with this. I mean, Mary, do you have other cities engaging or reaching out to -- because I mean it just seems like that's something that everybody -- New York and San Fran and everybody is going to be like, hey, Dubai is doing it, we have to do it, too. I mean are there other indications of interest that are popping up?

關於迪拜——我的意思是，是否還有其他城市像這裡的城市一樣羨慕迪拜顯然是一顆皇冠上的明珠。我的意思是，瑪麗，你有沒有其他城市參與或接觸 - 因為我的意思是這似乎是每個人 - 紐約和舊金山，每個人都會說，嘿，迪拜正在這樣做，我們也必須這樣做。我的意思是還有其他興趣的跡象正在湧現嗎？

Yes. I'm not going to get specific, but there definitely is interest in other parts of the world, and I think there's a lot of -- going to be a lot of opportunity in the United States alone.

是的。我不打算具體說明，但世界其他地方肯定有興趣，而且我認為僅在美國就有很多機會。

Your next question comes from the line of Joseph Spak with RBC Capital Markets.

你的下一個問題來自 RBC Capital Markets 的 Joseph Spak。

Paul, I fully appreciate -- and you said this -- timing is difficult, given everything going on in the industry. But you did say the first quarter came in better. So I guess the implication is that very little of that semi impact that you called out for the year happened in the first quarter. And then you've always called second quarter worse, but it does seem like maybe it's a little bit worse than a few months ago. So at least that's the impression I got.

保羅，我完全理解——你也說過——考慮到這個行業正在發生的一切，時機很難把握。但你確實說過第一季度表現更好。所以我想這意味著你在今年呼籲的那種半影響在第一季度發生的很少。然後你總是說第二季度更糟，但看起來確實比幾個月前更糟。所以至少那是我的印象。

And since you didn't give more clear color on implied second quarter, I think what would really help investors here is if you could compare that second quarter production maybe versus expectations at the beginning of the year. And then as we go forward for the rest of the year, you mentioned GMF is better, we saw that in the guidance. But what -- and you mentioned pricing, but what are you, I guess, specifically assuming? Or how are you thinking about modeling pricing to offset things like higher commodities?

而且由於您沒有對隱含的第二季度給出更清晰的顏色，我認為真正對投資者有幫助的是，如果您可以將第二季度的產量與年初的預期進行比較。然後在我們今年餘下的時間裡，你提到 GMF 更好，我們在指南中看到了這一點。但是什麼——你提到了定價，但我猜你具體假設了什麼？或者您如何考慮建模定價以抵消諸如高價商品之類的東西？

So thanks for that question, Joe. I think I have to go back to the fact that this is obviously a very dynamic situation. I would say, in all honesty, that Q2 is probably worse than we expected. It was going to be a few months ago. But that's due in part to some of the timing of how we map this out. So what I would say is that we are carefully evaluating the short-term supply chain, the intermediate term supply chain and some of the longer-term issues as well.

喬，謝謝你提出這個問題。我想我必須回到這個事實，這顯然是一個非常動態的情況。老實說，第二季度可能比我們預期的還要糟糕。這將是幾個月前。但這在一定程度上是由於我們如何規劃它的一些時間安排。所以我要說的是，我們正在仔細評估短期供應鏈、中期供應鏈以及一些長期問題。

So depending on the confidence of where we see chips coming in and which chips, and our ability to reallocate those and reprioritize those, we did see an opportunity to accelerate some production into Q1 to take advantage of the market that we see right now, which is obviously very, very strong and the confidence to be able to make up some of that volume in Q2. So that's why I think we need to be really cautious as we're thinking about the full year. What gives us the confidence is the agility that the team has displayed in being able to respond to this and how dynamic it really is.

因此，根據我們對芯片進入市場和哪些芯片的信心，以及我們重新分配這些芯片和重新確定它們優先級的能力，我們確實看到了在第一季度加快部分生產以利用我們目前看到的市場的機會，這顯然非常非常強大，並且有信心能夠在第二季度彌補部分銷量。所以這就是為什麼我認為我們在考慮全年時需要非常謹慎。讓我們充滿信心的是團隊在能夠對此做出反應以及它的真正動態方面表現出的敏捷性。

So part of the reason we don't want to anchor in on production volumes and so on is just because that's going to change. It's going to change next week. It's going to change the week after. Sometimes it's better, sometimes it's worse. So it's really trying to operate in at this level of where we need to take go-to-market strategies, where we need to prioritize mix, where we need to accelerate or potentially shut down a plant in anticipation of some challenges that are coming up over the short to medium term. Then that's kind of what we're doing. You saw that going into plant downtime in Q1.

因此，我們不想固定在產量等方面的部分原因只是因為這種情況將會改變。下週就要變了。這將在一周後發生變化。有時更好，有時更糟。所以它真的試圖在我們需要採取進入市場戰略的水平上運作，我們需要優先考慮混合，我們需要加速或可能關閉工廠以應對即將到來的一些挑戰在中短期內。那就是我們正在做的事情。你在第一季度看到了工廠停工。

So I wouldn't say that Q1 was immune from the semiconductor challenges. I think, certainly, the consumer has proven to be very robust. Used car values continue to go up, which I think is endemic of the inventory challenges that we see across the board and that everybody sees. So all of that is just -- is working in concert into what I would say is a very agile plan for us to meet our objectives.

所以我不會說 Q1 不受半導體挑戰的影響。我認為，當然，消費者已被證明是非常強大的。二手車價值繼續上漲，我認為這是我們全面看到並且每個人都看到的庫存挑戰的地方病。因此，所有這些都只是 - 正在協同工作，我會說這是一個非常靈活的計劃，讓我們能夠實現我們的目標。

It's also why we're trying to steer this to the first half versus Q1 and Q2. So there isn't necessarily a readthrough in the short term because something that happens in March versus something that happens in April isn't really all that relevant to how we're thinking about managing through this. And that's why we have the confidence of looking at where first half expectations were despite the disparity between Q1 and Q2. We actually think that we're performing ahead of expectations that were outlined at the beginning of the year. We just want to be cautious about that in the back half, if that makes sense.

這也是為什麼我們試圖將其引導到上半場而不是第一季度和第二季度。因此，短期內不一定有通讀，因為 3 月發生的事情與 4 月發生的事情與我們考慮如何管理它並不真正相關。這就是為什麼儘管第一季度和第二季度之間存在差異，但我們有信心查看上半年的預期。我們實際上認為我們的表現超出了年初概述的預期。如果這有意義的話，我們只是想在後半部分對此保持謹慎。

Yes. No doubt. But so is it fair to assume that embedded within that, the second half versus first half pricing does take a step down?

是的。毫無疑問。但是，假設嵌入其中，下半年相對於上半年的定價確實有所下降，這是否公平？

No, I don't necessarily think that's the case. I think the environment is what it is, and that's kind of what puts us in that $5.5 billion-ish type EBIT adjusted for the first half of the year. But the environment has remained strong. In some cases, it's gotten even stronger through the year. So we're meant to capitalize on that wherever we can. But I don't see, in our second quarter, any sort of immediate changes to the pricing environment that we've seen to date.

不，我不一定認為是這樣。我認為環境就是這樣，這就是我們在今年上半年調整後的息稅前利潤達到 55 億美元左右的原因。但環境依然強勁。在某些情況下，它在這一年中變得更加強大。所以我們打算盡可能地利用它。但我沒有看到，在我們的第二季度，我們迄今為止看到的定價環境沒有任何直接變化。

Okay. And Mary, you mentioned the relationship with Honda and purchasing R&D and connected services again. That MOU was announced, I think, like 8 months ago. Any indication now like what type of savings you can expect from that to deliver over time?

好的。瑪麗，你再次提到了與本田的關係以及採購研發和相關服務。我認為，該諒解備忘錄是在 8 個月前宣布的。現在有任何跡象表明，隨著時間的推移，您可以期望從中節省什麼類型的錢？

We're not going to frame that right now. I will tell you, it's a very productive relationship and partnership, and we continue to work. So as we identify and want to frame those opportunities, there's more to come, but nothing to share today.

我們現在不打算構建它。我會告訴你，這是一種非常富有成效的關係和夥伴關係，我們將繼續努力。因此，當我們確定並希望構建這些機會時，還會有更多機會，但今天沒有什麼可分享的。

Your next question comes from the line of Adam Jonas with Morgan Stanley.

你的下一個問題來自摩根士丹利的 Adam Jonas。

So for every adoption, there is a de-adoption. And there seems to be, clearly, this war against ICE waged by governments, by consumers, regulators, right, and then lately OEMs, waging their own war against ICE. And when I talk to car companies and management teams like you on the topic of potential write-downs or impairments, I ask this because many of these investments, of course, that you've made in ICE go a decade or more, 15, maybe even closer to 20 years in some instances. And so I -- maybe it's too soon, but I'd love to get your view on when, along with this journey away from ICE, would it be appropriate as you sit down with your auditors to think about curtailment of useful life and that impact, the financial impact, because it could really change your results, and I think it's pretty relevant.

因此，對於每一次採用，都會有一次取消採用。顯然，這場針對 ICE 的戰爭似乎是由政府、消費者、監管機構發起的，對吧，然後是最近的原始設備製造商，他們對 ICE 發動了自己的戰爭。當我與像您這樣的汽車公司和管理團隊討論潛在的減記或減值問題時，我之所以這樣問，是因為您在 ICE 進行的許多投資當然持續了十年或更長時間，15，在某些情況下甚至可能接近 20 年。所以我——也許現在還為時過早，但我很想听聽你的看法，隨著這次離開 ICE 的旅程，當你和你的審計員坐下來考慮減少使用壽命以及影響，財務影響，因為它真的可以改變你的結果，我認為它非常相關。

If I'm wrong, tell me how I'm wrong, because I'm scratching my head thinking how do you avoid at some point? Is it just you're making too much damn money selling ICE stuff right now, and it's just that the fit isn't right and we need to wait for things to get worse? Help me out there on the impairment potential, over time. I'm not asking -- it's not a 2021 issue, but as we look out.

如果我錯了，請告訴我我是怎麼錯的，因為我正在抓耳撓腮地思考你在某些時候如何避免？是不是你現在賣 ICE 的東西賺了太多該死的錢，只是合適的人選不對，我們需要等待事情變得更糟？隨著時間的推移，幫助我解決潛在的減值問題。我不是在問——這不是 2021 年的問題，但正如我們所期待的那樣。

So Adam, a couple of things. When you said for every EV adoption, there's a de-adoption. For General Motors, I think this is a growth opportunity for us because there's a lot of EV interest on the coast. That's where we don't get what I would call our fair share. And frankly, I'm going after more than our fair share on the strength of our product portfolio. So that's point one. We see this as a growth opportunity not only in the U.S. in markets we are in, but in growing into other markets we're currently not participating in.

亞當，有幾件事。當你說每一次採用電動汽車時，都會有一次取消採用。對於通用汽車，我認為這對我們來說是一個增長機會，因為沿海地區對電動汽車有很多興趣。這就是我們沒有得到我稱之為公平份額的地方。坦率地說，我追求的不僅僅是我們產品組合實力的公平份額。所以這是第一點。我們認為這不僅是在我們所處的美國市場的增長機會，而且也是我們目前未參與的其他市場的增長機會。

I would also say, with the assets that we have right now, when you look at converting a plant from a plant that builds ICE vehicles to those that produce electric vehicles, there's a lot of reuse, body shop structures, or machinery and equipment, a paint shop, which is a 30- to 35-year asset. It doesn't care if it's paint -- what the propulsion system is in the vehicle that we're going to be painting. And so there's a lot of capital that can be reused as we go forward.

我還要說的是，利用我們現在擁有的資產，當你考慮將一家工廠從製造內燃機汽車的工廠轉變為生產電動汽車的工廠時，有很多再利用、車身車間結構或機械和設備，油漆車間，這是一項 30 到 35 年的資產。它不在乎它是否是油漆——我們要油漆的車輛中的推進系統是什麼。因此，隨著我們的前進，有很多資本可以重複使用。

I would also say, with every new internal combustion engine propelled vehicle that we put out, we're looking to make it better for the environment from a fuel economy emission CO2 perspective. And I also think you have to look at the fact that right now, battery costs are coming down, but look at what's in the marketplace right now. I think we're really one of the only people that have an all-electric vehicle that's as affordable as the Bolt EV. We've got to make sure, as we move to an all-electric future, that it truly is for everyone.

我還要說的是，對於我們推出的每一款新的內燃機驅動車輛，我們都希望從燃油經濟性排放 CO2 的角度改善環境。而且我還認為你必須看看現在電池成本正在下降的事實，但看看現在市場上有什麼。我認為我們確實是少數擁有與 Bolt EV 一樣實惠的全電動汽車的人之一。在我們邁向全電動未來的過程中，我們必須確保它真正適合所有人。

So that's more than an advertising tagline. That's something that General Motors is very much committed to, making sure everybody -- because ESG has an S in the middle of it, which is making sure we're doing the right thing for everyone. So I think we're moving at a very quick speed to be able to provide EVs for everyone. I think it's going to be a growth opportunity for General Motors. And I think a lot of the assets that we currently have can be reused in an all-EV world.

所以這不僅僅是一個廣告標語。這是通用汽車公司非常致力於的事情，確保每個人——因為 ESG 中間有一個 S，這確保我們為每個人做正確的事情。所以我認為我們正在以非常快的速度前進，以便能夠為每個人提供電動汽車。我認為這將成為通用汽車的增長機會。而且我認為我們目前擁有的很多資產都可以在全電動汽車的世界中重複使用。

I have a very quick follow-up, and then we're going to -- I'll shut up. On Super Cruise. I see on Slide 8, you talk about it being available on 22 models in a couple of years. Can you tell us what is the attach rate of Super Cruise on the models where available? I think that's probably a more relevant metric. And maybe where that was a year ago, so we can get some sense of the attach rate and the growth penetration year-on-year? Because this is emerging as really, I think, potentially a very, very interesting part of the story and a little extra transparency there, I think, will go a long way.

我有一個非常快速的跟進，然後我們將 - 我會閉嘴。在超級郵輪上。我在幻燈片 8 上看到，您談到它在幾年內可用於 22 種型號。您能告訴我們 Super Cruise 在可用型號上的附加率是多少嗎？我認為這可能是一個更相關的指標。也許這是一年前的情況，這樣我們就可以了解附加率和同比增長滲透率？因為我認為這確實是故事的一個非常非常有趣的部分，並且在那裡增加一點額外的透明度，我認為這將有很長的路要走。

Yes. So Adam, on that, I get your point, and I think it's a good question. I think when you look at -- the customers who have experienced Super Cruise love it. You've heard the 85% say they either wouldn't buy a vehicle without it or they'd strongly desire it to be on their next vehicle. But in that move to have 22 models by 2023, we're in the very early ramp because it's going to happen quickly. And so the Bolt EUV, the Cadillac Escalade, so I think we'll have more to share with you as we go forward.

是的。亞當，關於這一點，我明白你的意思，我認為這是一個很好的問題。我想當你看到——體驗過 Super Cruise 的顧客會喜歡它。您聽說過 85% 的人表示，如果沒有它，他們不會購買車輛，或者他們強烈希望在他們的下一輛車上安裝它。但是在到 2023 年擁有 22 個模型的過程中，我們處於非常早期的階段，因為它會很快發生。所以 Bolt EUV，凱迪拉克凱雷德，所以我認為在我們前進的過程中，我們會有更多與您分享。

But again, this is one of these technologies that you have to experience it just to understand how phenomenal that it is. And that's why I think having the ability to do it in a subscription model as opposed to having to make the decision on day 1, I think is going to be very, very important. So we can be transparent and share more of that information as we go forward. It's a little early right now with the ramp-up that we have.

但同樣，這是您必須體驗它才能了解它有多麼驚人的這些技術之一。這就是為什麼我認為有能力在訂閱模式中做到這一點，而不是必須在第一天做出決定，我認為這將非常非常重要。因此，我們可以保持透明，並在我們前進的過程中分享更多信息。現在我們的產能提升還為時過早。

Our last question comes from the line of Ryan Brinkman with JPMorgan.

我們的最後一個問題來自摩根大通的 Ryan Brinkman。

Thanks for taking my question, which is also on Super Cruise. Are you able to describe in more detail the driver retention system on Super Cruise? What steps have you taken to ensure that drivers remain engaged and always keep their eyes on the road, either in terms of educating the consumer about the capabilities and limitations of the system or putting in place different technological safeguards, including, I'm not sure, any measures to prevent consumers from attempting to override your safeguards?

感謝您提出我的問題，該問題也在 Super Cruise 上。您能否更詳細地描述 Super Cruise 上的駕駛員保留系統？你採取了哪些措施來確保司機保持參與並始終關注道路，無論是在教育消費者係統的能力和局限性方面，還是在實施不同的技術保障措施方面，包括，我不確定，有什麼措施可以防止消費者試圖推翻你們的保障措施？

So we're very dedicated to this, and the team has worked really hard on this technology, but we're literally watching to make sure that the driver is paying attention to the road. And if the system sees that you're not, it indicates and it kind of is reminding you to pay attention, to pay attention. And if you continue to not pay attention, it shuts down. And so I think it's -- that's, I think, one of the reasons it's been recognized as a leading driver-assist technology. So I think the best thing to do is get you into a vehicle so you can experience it because it's quite, quite effective.

所以我們非常專注於此，團隊在這項技術上非常努力，但我們確實在觀察以確保駕駛員注意道路。如果系統發現你沒有，它會表明並且提醒你注意，注意。如果你繼續不注意，它就會關閉。所以我認為這是——我認為，這是它被公認為領先的駕駛輔助技術的原因之一。所以我認為最好的辦法是讓你進入一輛車，這樣你就可以體驗它，因為它非常非常有效。

Very helpful. And lastly, as a follow-up, I see on Slide 21 that you will provide additional insight into software and services at the event later this year. Are you able to maybe share at a high level now how you're sort of thinking about the potential materiality, over time, of aftersales software and services, including subscription services such as Super Cruise? And I know OnStar is very strong in China. Do you offer or plan to offer Super Cruise outside North America, such as in China?

很有幫助。最後，作為後續行動，我在幻燈片 21 上看到您將在今年晚些時候的活動中提供對軟件和服務的更多見解。您現在是否可以高級別分享您是如何考慮隨著時間的推移售後軟件和服務（包括 Super Cruise 等訂閱服務）的潛在重要性？我知道 OnStar 在中國非常強大。您是否提供或計劃在北美以外的地區（例如中國）提供 Super Cruise？

Well, we're looking -- we actually already have and looking at how do we continue to expand that in China. But I would say, overall, I don't want to get ahead of myself for what we're going to share on our Investor Day later this year. But I will tell you, it's significant. When you look at -- OnStar is already fairly significant. The aftersale opportunity OnStar insurance, new features that we'll be offering that can be subscription-based, and we have a whole team at General Motors working on leveraging the strength that we have of the OnStar platform in the vehicle and how we can leverage that, especially with the vehicle intelligence platform as well. So I'm excited to share that story as we come out. And I think we're at the beginning of significant opportunity in that space. So more to come.

好吧，我們正在尋找 - 我們實際上已經擁有並正在研究如何繼續在中國擴展它。但我想說，總的來說，我不想在今年晚些時候的投資者日分享我們要分享的內容。但我會告訴你，這很重要。當你看—— OnStar 已經相當重要了。售後機會 OnStar 保險，我們將提供的可以基於訂閱的新功能，我們在通用汽車有一個完整的團隊致力於利用我們在車輛中的 OnStar 平台的優勢以及我們如何利用尤其是在車輛智能平台方面。所以我很高興在我們出來時分享這個故事。我認為我們正處於該領域重大機遇的開端。所以還有更多。

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

謝謝。我現在想把電話轉給 Mary Barra，聽取她的結束評論。

Well, I want to thank everybody for joining. I couldn't be more pleased with everything that has been accomplished in the first quarter with a lot of headwinds coming at us with the semiconductor challenges and then some of the other natural disasters that impacted the supply chain. But I think it just shows the ingenuity and the creativity and the dedication of our team to find solutions and to work to optimize or mitigate to the to the extent we can.

好吧，我要感謝大家的加入。我對第一季度取得的一切成就感到非常滿意，因為半導體挑戰和其他一些影響供應鏈的自然災害給我們帶來了很多不利因素。但我認為這只是顯示了我們團隊的聰明才智、創造力和奉獻精神，以尋找解決方案並儘我們所能進行優化或緩解。

At the same time the team was doing that, we also made significant progress in our transformation from an electric vehicle and autonomous vehicle perspective and some of the new growth opportunities when you look at BrightDrop and OnStar Insurance. So the team has really been working on 2 fronts, a very strategic front while dealing with some of the tactical challenges. And I think we have to remember the challenges we have with semiconductors right now are a temporary situation. We will work through that and move beyond it, and it's not impacting our transformation and growth strategies.

在團隊這樣做的同時，我們也從電動汽車和自動駕駛汽車的角度以及 BrightDrop 和 OnStar Insurance 的一些新增長機會的角度來看，在轉型方面取得了重大進展。所以團隊一直在兩個方面努力，一個非常具有戰略意義的方面，同時應對一些戰術挑戰。而且我認為我們必須記住，我們現在在半導體方面面臨的挑戰是暫時的。我們將努力解決並超越它，它不會影響我們的轉型和增長戰略。

I'd also just like to say that please take a look at the Sustainability Report that we announced just a little over a week ago. In it, it outlines very clearly our goals and objectives, and we'll try to be transparent, and we will provide updates and hold ourselves accountable to the targets and the plans that we've outlined.

我還想說，請看一下我們一周多前發布的可持續發展報告。其中，它非常清楚地概述了我們的目標和目標，我們將努力保持透明，我們將提供更新並對我們概述的目標和計劃負責。

So again, really appreciate the opportunity to share all the progress at General Motors with you today. Look forward to being able to see everyone in person later in the year when we have our Investor Day. So thanks, everyone.

所以，再次感謝今天有機會與大家分享通用汽車的所有進展。期待在今年晚些時候舉辦投資者日時能夠親自見到每個人。所以謝謝大家。

Thanks, everyone.

感謝大家。

That concludes the conference call for today. Thank you for joining.

今天的電話會議到此結束。感謝您的加入。