通用汽車 (GM) 2020 Q4 法說會逐字稿

完整原文

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  • Operator

    Operator

  • Ladies and gentlemen, welcome to the General Motors Company Fourth Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, Wednesday, February 10, 2021. I would now like to turn the conference over to Rocky Gupta, Treasurer and Vice President of Investor Relations.

    女士們、先生們,歡迎參加通用汽車公司 2020 年第四季財報電話會議。 (操作員說明)謹此提醒,本次電話會議將於 2021 年 2 月 10 日星期三進行錄音。

  • Rocky Gupta - VP & Treasurer

    Rocky Gupta - VP & Treasurer

  • Thanks, Tabitha. Good morning, and thank you for joining us as we review GM's financial results for the fourth quarter and calendar year 2020. Our press results were issued this morning and the conference call materials are available on GM Investor Relations website. We're also broadcasting this call via webcast.

    謝謝,塔比莎。早安,感謝您與我們一起回顧通用汽車 2020 年第四季度和歷年的財務業績。我們也透過網路廣播來廣播這次電話會議。

  • I'm joined today by Mary Barra, GM's Chairman and CEO; Paul Jacobson, GM's Executive Vice President and CFO; and Dan Berce, President and CEO of GM Financial. It's my pleasure to welcome Paul to his first earnings call with us today and give Paul a chance to talk about his enthusiasm for our shared vision and accelerating our path forward.

    今天,通用汽車公司董事長兼執行長瑪麗巴拉 (Mary Barra) 也加入了我的行列。保羅‧雅各布森 (Paul Jacobson),通用汽車執行副總裁兼財務長;丹貝爾斯 (Dan Berce),通用汽車金融公司總裁兼執行長。我很高興歡迎保羅今天參加我們的第一次財報電話會議,並讓保羅有機會談論他對我們共同願景和加速我們前進道路的熱情。

  • 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. I will now turn the call over to Mary.

    在我們開始之前,我想請您注意圖表組第一頁上的前瞻性陳述。我們通話的內容將受此語言管轄。我現在將把電話轉給瑪麗。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Thanks, Rocky, and hello, everyone. Thanks for joining. This morning, we shared the details of our strong 2020 financial performance, including Q4 records for EBIT-adjusted, EBIT-adjusted margin, EPS diluted adjusted and a record year for GM Financial. These results were driven by the quick actions we took to recover from the early effects of the pandemic.

    謝謝洛基,大家好。感謝您的加入。今天早上,我們分享了 2020 年強勁財務業績的詳細信息,包括第四季度息稅前調整後利潤率、攤薄調整後每股收益以及通用汽車金融公司創紀錄的一年。這些結果是由於我們為從大流行的早期影響中恢復而採取的快速行動所推動的。

  • Looking at the past year, our employees, suppliers and dealers rallied with speed and agility to support our customers and our communities as well as protecting the business. The pandemic has been a catalyst for finding new and better ways to work while strengthening our resolve to win. As some of our plants suspended production in the early days, our teams rapidly turned to producing critical care ventilators and personal protective equipment for patients and frontline health care workers.

    回顧過去的一年,我們的員工、供應商和經銷商迅速且敏捷地團結起來,支持我們的客戶和社區並保護業務。這場大流行一直是尋找新的、更好的工作方式的催化劑,同時也增強了我們獲勝的決心。由於我們的一些工廠早期停產,我們的團隊迅速轉向為患者和第一線醫護人員生產重症監護呼吸機和個人防護設備。

  • After our first conversation with Ventec Life Systems, we began production in just 30 days and we built 30,000 ventilators in 154 days. And with that same speed, we developed rigorous safety protocols so we could restart our operations around the globe. This collective spirit was inspiring, and it still drives us and it's contributing to the greatest era of transformation in the history of our company.

    在與 Ventec Life Systems 進行第一次對話後,我們只花了 30 天就開始生產,並在 154 天內製造了 30,000 台呼吸器。以同樣的速度,我們制定了嚴格的安全協議,以便我們可以在全球範圍內重新啟動我們的業務。這種集體精神鼓舞人心,至今仍激勵著我們,為我們公司歷史上最偉大的轉型時代做出了貢獻。

  • In spite of the pandemic, we accelerated mission-critical businesses like our EV and AV initiative. We maximized production of full-size trucks, and we launched our new family of full-size SUVs safely and on time. We'll sustain this culture of innovation and leadership in 2021 and beyond, and that is my focus this morning.

    儘管發生了疫情,我們仍加速了關鍵任務業務,例如電動車和自動駕駛汽車計畫。我們最大限度地提高了全尺寸卡車的產量,並安全、按時地推出了新的全尺寸 SUV 系列。我們將在 2021 年及以後維持這種創新和領導文化,這是我今天上午的重點。

  • We are fully committed to a capital allocation strategy that invests in new and existing businesses to drive growth. We're going to generate that growth through our EV portfolio as well as businesses like BrightDrop, OnStar Insurance Services, subscription services like Super Cruise and OnStar Guardian and much more to come from our growth and innovation team. The semiconductor shortage won't slow our growth plans, and with our mitigation strategies, we still expect a very good year for General Motors, and Paul will share additional details in his remarks.

    我們完全致力於投資新業務和現有業務以推動成長的資本配置策略。我們將透過我們的電動車產品組合以及 BrightDrop、OnStar 保險服務等業務、Super Cruise 和 OnStar Guardian 等訂閱服務以及我們的成長和創新團隊帶來的更多業務來實現這一成長。半導體短缺不會減緩我們的成長計劃,透過我們的緩解策略,我們仍然預計通用汽車將迎來非常好的一年,保羅將在演講中分享更多細節。

  • We have strong underlying performance and very strong momentum with customers. Last year, for example, we posted our largest year-over-year U.S. market share gain since 1990, led by full-size trucks and SUVs. In 2020, GM was the full-size pickup sales leader in the United States, thanks to gains by the Chevrolet Silverado and record GMC Sierra deliveries, and we plan to expand our capacity in early 2022. The new Cadillac Escalade, GMC Yukon and Chevrolet Tahoe and Suburban are leading the full-size SUV market. And GM China rode the increasing market preference for large MPVs and luxury vehicles to year-over-year sales increases in these segments, including record deliveries for Cadillac.

    我們擁有強勁的基礎業績和非常強勁的客戶動力。例如,去年,我們在美國市場份額實現了自 1990 年以來最大的同比增長,其中全尺寸卡車和 SUV 佔據主導地位。 2020 年,由於雪佛蘭索羅德(Chevrolet Silverado) 的成長和創紀錄的GMC Sierra 交付量,通用汽車成為美國全尺寸皮卡銷量的領先者,我們計劃在2022 年初擴大產能。 Escalade)、GMC Yukon 和雪佛蘭(Chevrolet) Tahoe 和 Suburban 引領全尺寸 SUV 市場。隨著市場對大型 MPV 和豪華車的日益青睞,通用汽車中國在這些細分市場的銷量較去年同期成長,其中包括凱迪拉克的創紀錄交付量。

  • And as we look to the future, we are well positioned from a policy standpoint. I personally and members of our senior leadership team have had discussions with President Biden, Vice President Harris and several key cabinet appointees. The Biden administration is increasingly aligned around the importance of domestic manufacturing and the need for widespread adoption of EVs. We look forward to working with the administration on policies that support safer transportation with 0 emissions.

    展望未來,從政策角度來看,我們處於有利地位。我個人和我們的高階領導團隊成員與拜登總統、哈里斯副總統和幾位重要的內閣任命人員進行了討論。拜登政府越來越重視國內製造業的重要性和廣泛採用電動車的必要性。我們期待與政府合作制定政策,支持更​​安全的零排放交通。

  • When you look at the strategy we have shared, it should be clear. We will seize every opportunity to drive growth, expand our markets and enter new ones. Our Ultium platform is core to these initiatives. It is the foundation for our upcoming global family of EVs. With our first-generation LTM platform, we will now see a 40% battery cost reduction compared to today's Chevrolet Bolt EV. And we're already working on the next-generation of Ultium battery technology, which will deliver a 60% improvement over Bolt EV with double the energy density. To do this work, we've hired almost half of the 3,000 expected new tech employees across engineering, design and IT, and we expect to finish hiring by the end of the quarter.

    當你看看我們分享的策略時,應該就很清楚了。我們將抓住一切機會推動成長、拓展市場並進入新市場。我們的 Ultium 平台是這些舉措的核心。它是我們即將推出的全球電動車系列的基礎。借助我們的第一代 LTM 平台,與當今的雪佛蘭 Bolt EV 相比,我們現在將看到電池成本降低 40%。我們已經在研究下一代 Ultium 電池技術,該技術將比 Bolt EV 提高 60%,能量密度提高一倍。為了完成這項工作,我們已經僱用了工程、設計和 IT 領域預計 3,000 名新技術員工中的近一半,預計在本季末完成招聘。

  • What is especially exciting to me is that our vision and our commitments and our aspirations are attracting incredibly talented people to GM. They believe in what we are doing, and when they arrive, they are finding like-minded colleagues already hard at work. Since we first introduced our growth strategy and related announcements in November, we have shared even more of the aggressive steps we are taking to accelerate our plan. We have committed to increasing our EV and AV investments to $27 billion from 2020 through 2025, including more than $7 billion this year alone. With this investment, we will launch 30 EVs globally and achieve EV market leadership in North America. In addition, by mid-decade, we plan to sell at least 1 million EVs per year in our 2 largest markets in North America and with our joint venture partners in China.

    讓我特別興奮的是,我們的願景、我們的承諾和我們的抱負正在吸引非常有才華的人才加入通用汽車。他們相信我們正在做的事情,當他們到達時,他們發現志同道合的同事已經在努力工作。自從我們在 11 月首次推出成長策略和相關公告以來,我們分享了更多為加快計劃而採取的積極措施。我們承諾從 2020 年到 2025 年將電動車和自動駕駛汽車投資增加到 270 億美元,其中光是今年就超過 70 億美元。透過這筆投資,我們將在全球推出 30 款電動車,並在北美實現電動車市場的領先地位。此外,到本世紀中期,我們計劃在北美這兩個最大市場以及與中國的合資夥伴一起每年銷售至少 100 萬輛電動車。

  • During CES in January, we revealed a new GM brand identity that honors our past but signals our future. We also introduced a new safety brand, Periscope. It describes how we will advance toward a world with 0 crashes by integrating vehicle technology, research and advocacy. And we launched a new brand campaign called Everybody In, which is our call to action to get everyone in an EV. Everybody In is a powerful idea because we must all be all in to achieve our goals. We'll offer EVs across all of our brands and at price points and span the global EV market from the Wuling Hong Guang Mini to the Cadillac CELESTIQ.

    在 1 月的 CES 期間,我們公佈了新的通用汽車品牌標識,該標識既向我們的過去致敬,也預示著我們的未來。我們也推出了新的安全品牌 Periscope。它描述了我們如何透過整合車輛技術、研究和宣傳,邁向零事故的世界。我們發起了一項名為「Everybody In」的新品牌活動,號召大家採取行動,讓每個人都有電動車。每個人都參與是一個強大的想法,因為我們必須全力以赴才能實現我們的目標。我們將提供所有品牌和價位的電動車,涵蓋從五菱宏光 Mini 到凱迪拉克 CELESTIQ 的全球電動車市場。

  • As for the GMC Hummer EV, we have prototypes on the road right now. And they are undergoing cold weather testing in Michigan's upper peninsula, then they will head to Yuma, Arizona into the toughest off-road trails in Moab, Utah. In the meantime, VIN 001 is already spoken for. As part of GMC's partnership with the Tunnel to Towers Foundation, the first GMC Hummer EV will be auctioned on March 27. All proceeds will go to assisting the families of fallen and disabled soldiers and first responders.

    至於 GMC 悍馬電動車,我們現在已經有原型車上路了。他們正在密西根州的上半島接受寒冷天氣測試,然後他們將前往亞利桑那州的尤馬,進入猶他州摩押最艱難的越野路線。同時,VIN 001 已被使用。作為 GMC 與 Tunnel to Towers Foundation 合作的一部分,第一輛 GMC Hummer EV 將於 3 月 27 日拍賣。

  • We envision a future where there is an EV offering for everyone. Our future will be inclusive and comprehensive, and it will create new businesses, and in some cases, new brands. BrightDrop is a powerful example. It is a new commercial EV business that targets delivery and logistics providers, particularly those in the parcel and food delivery industries with innovative 0 emission solutions. From a revenue standpoint, we'll provide vehicles like an EV600 van, which is a substantial opportunity in and of itself because the global market for light commercial vehicles is almost 9 million units today according to IHS Markit.

    我們設想未來每個人都可以使用電動車。我們的未來將是包容和全面的,它將創造新的業務,在某些情況下,將創造新的品牌。 BrightDrop 就是一個有力的例子。這是一項新的商業電動車業務,針對送貨和物流提供者,特別是那些擁有創新零排放解決方案的包裹和食品配送行業的提供者。從收入的角度來看,我們將提供 EV600 貨車等車輛,這本身就是一個巨大的機會,因為根據 IHS Markit 的數據,目前全球輕型商用車市場接近 900 萬輛。

  • And we believe demand for electric light commercial vehicles will grow quickly. The market seems to agree. In fact, third-party research estimates that the addressable market for eLCVs could be $30 billion by 2025 and double that in 2030. BrightDrop also allows us to create new sources of value for our customers beyond the vehicle, driving diverse income streams from a full ecosystem of product and services. FedEx Express is slated to receive the first EV600 later this year.

    我們相信電動輕型商用車的需求將會快速成長。市場似乎也同意這一點。事實上,第三方研究估計,到2025 年,電動輕型商用車的潛在市場可能會達到300 億美元,到2030 年將翻倍。從全面的收入來源推動多樣化的收入來源。聯邦快遞預計在今年稍後接收第一台 EV600。

  • The EV600s will help them meet their stated fuel efficiency goals as part of their broader sustainability strategy and electrification efforts. FedEx Express has also conducted a pilot with the BrightDrop EP1 electric pallet product and has another 1 planned. In this first pilot, the EP1 demonstrated significant productivity increases in the delivery process.

    EV600 將幫助他們實現既定的燃油效率目標,作為更廣泛的永續發展策略和電氣化工作的一部分。聯邦快遞也對 BrightDrop EP1 電動托盤產品進行了試點,並計劃再進行一項試點。在第一個試點中,EP1 展示了交付過程中生產力的顯著提高。

  • Similarly, Merchants Fleet, which has more than 150,000 vehicles under management, is targeting to have 50% of its mobile fleet electric by 2025 and 50% of its managed clients' fleet by 2030 and is moving forward with plans to put 12,600 BrightDrop EV600s into service.

    同樣,Merchants Fleet 管理超過15 萬輛汽車,其目標是到2025 年其移動車隊中50% 是電動車,到2030 年其託管客戶車隊中50% 是電動車,並正在推進將12,600 輛BrightDrop EV600 投入運營的計劃。

  • Another exciting and potentially lucrative source of growth is our Hydrotec fuel cell technology. Like BrightDrop, Hydrotec is proof that General Motors' vision of a world with 0 emissions isn't limited to passenger vehicles. Less than 2 weeks ago, Navistar, GM and OneH2 announced a zero-emission long-haul transportation ecosystem that will launch in 2024. Navistar will begin building Class 8 trucks for its launch customers, GM will supply Hydrotec fuel cells and OneH2 will supply the hydrogen fueling infrastructure. It's an exciting way for us to partner in the Class 8 segment, a nearly $30 billion market in the U.S. alone and that one that we haven't seen before. And we believe this is just the beginning for Hydrotec. This is a nascent multibillion-dollar hydrogen power industry for trucking, for military, aerospace and stationary power applications that we are targeting directly as well as through GM Defense.

    另一個令人興奮且潛在利潤豐厚的成長來源是我們的 Hydrotec 燃料電池技術。與 BrightDrop 一樣,Hydrotec 證明了通用汽車零排放世界的願景不僅限於乘用車。不到兩週前,Navistar、通用汽車和 OneH2 宣布將於 2024 年推出零排放長途運輸生態系統。基礎設施。對我們來說,在 8 級細分市場進行合作是一種令人興奮的方式,僅在美國就有一個價值近 300 億美元的市場,而且是我們以前從未見過的。我們相信這對 Hydrotec 來說只是一個開始。這是一個新興的價值數十億美元的氫能產業,用於卡車運輸、軍事、航空航天和固定電力應用,我們直接以及透過通用汽車防務公司瞄準了這些應用。

  • Customers and shareholders will continue to see even more evidence throughout 2021 that we're executing our vision and plans for growth. One great example is right around the corner. On Sunday, GM will unveil the 2022 Bolt EUV, which arrives this summer and will be built in Orion, Michigan. The all-new Bolt EUV and refreshed Bolt EV feature unique exterior designs and new interiors. The Bolt EUV will provide nearly 3 inches more legroom than the Bolt EV and will have available wireless phone charging and wireless Apple CarPlay and Android Auto, allowing customers to easily access their music and podcasts.

    2021 年,客戶和股東將繼續看到更多證據,證明我們正在執行我們的願景和成長計畫。一個很好的例子就在眼前。週日,通用汽車將推出 2022 年 Bolt EUV,該車將於今年夏天上市,並將在密西根州 Orion 生產。全新 Bolt EUV 和更新的 Bolt EV 具有獨特的外觀設計和全新的內裝。 Bolt EUV 將提供比 Bolt EV 多近 3 吋的腿部空間,並將提供無線手機充電以及無線 Apple CarPlay 和 Android Auto,讓客戶輕鬆存取音樂和播客。

  • Like the original Bolt EV, the new Bolt EUV and refreshed Bolt EV will build on Chevy's commitment to attainable EVs. The Chevrolet Bolt EUV is the first Chevrolet and the first GM EV to offer Super Cruise technology, 1 of the 22 GM vehicles that will offer Super Cruise by 2023. Based on feedback from Cadillac customers, we're confident that we will build a steady stream of subscription revenue because our customers don't want to drive without it.

    與原版 Bolt EV 一樣,新款 Bolt EUV 和更新的 Bolt EV 將建立在雪佛蘭對實現電動車的承諾之上。雪佛蘭Bolt EUV 是第一款雪佛蘭和第一款提供超級巡航技術的通用汽車電動車,是到2023 年將提供超級巡航技術的22 款通用汽車之一。穩定的訂閱收入流,因為我們的客戶不想在沒有它的情況下開車。

  • In addition, GM, Cruise and Microsoft will increasingly leverage Azure, Microsoft's cloud and edge computing platform, to help commercialize self-driving vehicles at scale. And with new investment by GM, Microsoft, Honda and other institutional investors, the estimated valuation of Cruise now stands at $30 billion. And just yesterday, the California DMV released the 2020 disengagement data for autonomous vehicles, and we are very pleased with the excellent continuing improvement and leadership shown by Cruise.

    此外,通用汽車、Cruise 和微軟將越來越多地利用微軟的雲端和邊緣運算平台 Azure,幫助自動駕駛汽車大規模商業化。隨著通用汽車、微軟、本田等機構投資者的新投資,Cruise 的估值目前達到 300 億美元。就在昨天,加州DMV發布了2020年自動駕駛汽車脫離數據,我們對Cruise所表現出的出色的持續改進和領導力感到非常滿意。

  • This fall, we'll begin building the GMC Hummer EV at our Factory ZERO in Detroit and Hamtramck. Work on our flagship EV plant is on track, and we cannot wait to start shipping vehicles to customers. Among its many advanced manufacturing capabilities, Factory ZERO will be the first U.S. auto plant equipped with 5G fixed mobile network technology. As we said in November, our $27 billion in EV and AV investments will include additional EV assembly and battery capability beyond what we've announced for Factory ZERO, Spring Hill in Tennessee and our LTM cells JV plant in Ohio, where hiring is already underway. In fact, employees will build prototypes later this year. Along the way, OnStar Insurance Services is on target to expand to all 50 states by the end of the year.

    今年秋天,我們將開始在底特律和哈姆特拉克的零工廠生產 GMC 悍馬電動車。我們的旗艦電動車工廠的工作正在按計劃進行,我們迫不及待地想開始向客戶運送車輛。在其眾多先進製造能力中,Factory ZERO將成為美國第一家配備5G固定行動網路技術的汽車工廠。正如我們在11 月所說,我們對電動車和自動駕駛汽車的270 億美元投資將包括額外的電動車組裝和電池能力,超出我們宣布的田納西州Spring Hill 零工廠和俄亥俄州LTM 電池合資工廠的規模,該工廠的招募工作已經在進行中。事實上,員工將在今年稍後建立原型。在此過程中,OnStar 保險服務的目標是在今年年底擴展到所有 50 個州。

  • What's happening inside our company and behind the scenes is also important to our success. Delivering this exciting new chapter for GM requires a special team that values diversity and inclusion, a safe workplace and the commitment to create a better, safer and more sustainable world. We aspire to be the most inclusive company in the world because it's the right thing to do and because diversity and inclusion are the foundation of a winning culture.

    我們公司內部和幕後發生的事情對我們的成功也很重要。為通用汽車開啟這一激動人心的新篇章需要一支重視多樣性和包容性的特殊團隊、一個安全的工作場所以及致力於創造一個更美好、更安全和更可持續的世界的承諾。我們渴望成為世界上最具包容性的公司,因為這是正確的做法,而多元化和包容性是製勝文化的基礎。

  • I am deeply and personally engaged in this part of our strategy. Our strong values are a compelling tailwind for GM. They will drive creativity, agility and so much more for our future. This future also inspires us to do even more to help mitigate the efforts of climate change, and we will. Less than 2 weeks ago, we announced plans to become carbon-neutral in our global products and operations by 2040. We will set science-based targets to achieve carbon neutrality, and we aspire to eliminate tailpipe emissions from new light-duty vehicles globally by 2035.

    我親自深入參與了我們策略的這一部分。我們強大的價值觀對通用汽車來說是一個引人注目的推動力。它們將為我們的未來帶來創造力、敏捷性等。這個未來也激勵我們採取更多行動來幫助減輕氣候變遷的影響,我們會的。不到兩週前,我們宣布了到2040 年在全球產品和營運中實現碳中和的計畫。排放: 2035.

  • We will source 100% renewable energy to power our global sites by 2035, 5 years earlier than we announced just a year ago. And we have signed the Business Ambition Pledge for 1.5-degree Celsius, a call to action from a global coalition of UN agencies, business and industry leaders. Like everything else we do, we will provide updates on our progress, and we will hold ourselves accountable. And now I'd like to turn the call over to Paul.

    到 2035 年,我們將採用 100% 再生能源為我們的全球工廠供電,比我們一年前宣布的時間早了 5 年。我們還簽署了《將氣溫上升 1.5 攝氏度的商業雄心承諾》,這是聯合國機構、商業和行業領袖全球聯盟的行動呼籲。就像我們所做的其他事情一樣,我們將提供最新進展,並且我們將對自己負責。現在我想把電話轉給保羅。

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Thanks, Mary, and good morning, everyone. Before I get into the results, I want to take a quick minute to thank Mary, the broader executive team and really the entire organization for the warm welcome that I've received in my time so far here at GM. I'm really excited for the opportunities that we have ahead of us as we build appreciation for the innovation that we are championing right now. Whether it's in EV, AV, connected services or our overarching vision of zero crashes, zero emissions and zero congestion.

    謝謝瑪麗,大家早安。在公佈結果之前,我想花一點時間感謝瑪麗、更廣泛的執行團隊以及整個組織,感謝我迄今為止在通用汽車公司受到的熱烈歡迎。我對擺在我們面前的機會感到非常興奮,因為我們對我們現在所倡導的創新充滿了感激之情。無論是電動車、自動駕駛汽車、連網服務還是我們零事故、零排放和零擁塞的整體願景。

  • We are executing well on our growth strategy and accelerating these growth opportunities with an emphasis on investing in new businesses while maintaining a strong investment-grade balance sheet. We believe we can take advantage of these once-in-a-generation opportunities to achieve strong profitable growth with a solid return on investment.

    我們正在良好地執行我們的成長策略,並加速這些成長機會,重點是投資新業務,同時保持強勁的投資等級資產負債表。我們相信,我們可以利用這些千載難逢的機會,實現強勁的獲利成長和豐厚的投資回報。

  • Being a part of GM as it writes the next chapters of its history is a huge honor for me. I look forward to continuing the conversations I've had with the investment community thus far and getting to know those of you I have not yet had the chance to meet.

    能夠成為通用汽車公司的一員,寫下其歷史的新篇章,對我來說是一種巨大的榮譽。我期待著繼續迄今為止與投資界的對話,並了解那些我尚未有機會見到的人。

  • Now let's get into the results. While 2020 was adversely impacted by production challenges experienced in the first half of the year, we demonstrated resilience and flexibility as we quickly moved to preserve liquidity and manage inventory while still launching an all-new lineup of our highly profitable full-size SUVs and prioritizing investments in our all-electric future. Even in the face of the pandemic, we generated results of $122.5 billion in net revenue, $9.7 billion in EBIT-adjusted, 7.9% margins, $4.90 in EPS diluted adjusted and $2.6 billion in adjusted automotive free cash flow in 2020.

    現在讓我們看看結果。儘管 2020 年受到上半年生產挑戰的不利影響,但我們表現出了韌性和靈活性,我們迅速採取行動以保持流動性和管理庫存,同時仍然推出全新的高利潤全尺寸 SUV 系列,並優先考慮對我們全電動未來的投資。即使面對疫情,我們在2020 年仍實現了1,225 億美元的淨收入、97 億美元的息稅前利潤、7.9% 的利潤率、4.90 美元的攤薄調整後每股收益和26 億美元的調整後汽車自由現金流。

  • In the fourth quarter, we continued to see strength in demand as we generated $3.7 billion in EBIT-adjusted, including the $1.1 billion charge for Takata. We far exceeded the top end of the scenario shared on our Q3 earnings call, absent the impact of Takata due to strong performance in North America and GM Financial, in particular. We also drove strong Q4 net revenue of $37.5 billion, approximately 10% EBIT-adjusted margins and $1.93 in EPS diluted adjusted and $3.4 billion in adjusted automotive free cash flow.

    第四季度,我們繼續看到需求強勁,調整後息稅前利潤為 37 億美元,其中包括高田的 11 億美元費用。我們遠遠超出了第三季財報電話會議上分享的情景的上限,不考慮高田的影響,因為北美和通用汽車金融公司的表現強勁。我們也推動第四季淨收入達到 375 億美元,息稅前利潤調整後利潤率約為 10%,稀釋後每股收益為 1.93 美元,調整後汽車自由現金流為 34 億美元。

  • The Q4 $1.93 EPS diluted adjusted includes a negative impact of $0.59 from the Takata airbag-inflator recall and a $0.26 gain from investments in PSA and Lordstown Motor Corporation. In Q4, we fully repaid the remaining balance on our corporate revolver draw and ended the year with strong automotive cash balance of $22.3 billion and total automotive liquidity of more than $40 billion.

    第四季稀釋調整後每股收益為 1.93 美元,包括高田安全氣囊充氣機召回帶來的 0.59 美元負面影響以及 PSA 和洛茲敦汽車公司投資帶來的 0.26 美元收益。第四季度,我們全額償還了企業左輪手槍提取的剩餘餘額,並在年底實現了 223 億美元的強勁汽車現金餘額和超過 400 億美元的汽車流動性總額。

  • Let's take a closer look at North America. In the calendar year, North America delivered EBIT-adjusted of $9.1 billion, up $900 million year-over-year and a 9.4% margin. In Q4, North America delivered EBIT-adjusted of $2.6 billion, up $2.3 billion year-over-year as we moved past the effect of the 2019 strike. Continued performance from the launch of our all-new full-size SUVs and disciplined pricing on our full-size pickup trucks offset the impact of the Takata recall.

    讓我們仔細看看北美。今年,北美地區經調整的息稅前利潤為 91 億美元,年增 9 億美元,利潤率為 9.4%。第四季度,北美地區經調整後的息稅前利潤為 26 億美元,年增 23 億美元,因為我們已經擺脫了 2019 年罷工的影響。我們推出的全新全尺寸 SUV 的持續表現以及全尺寸皮卡車嚴格的定價抵消了高田召回的影響。

  • U.S. retail sales have continued to recover, with Q4 GM results up 12% year-over-year despite limited inventories, closing the year strong with December retail sales up over 19% year-over-year. We have seen this strong performance continue into January, with sales up 9% year-over-year. Additionally, U.S. retail market share gains have been solid, up 1.4 percentage points year-over-year in Q4, exceeding 18% market share, driven by the newly launched full-size SUVs and high demand for large pickup trucks.

    美國零售銷售持續復甦,儘管庫存有限,通用汽車第四季業績仍年增 12%,全年表現強勁,12 月零售銷售年增超過 19%。我們看到這種強勁的表現一直持續到 1 月份,銷售額年增 9%。此外,在新推出的全尺寸SUV和大型皮卡的高需求推動下,美國零售市佔率成長穩健,第四季年增1.4個百分點,市佔率超過18%。

  • And we are looking forward to retail EV growth, where we are seeing encouraging signs for demand. We're really excited about the launch of the GMC Hummer EV this fall. When we revealed that in Q4, it was the most watched auto reveal in history with 1.3 billion impressions and 370 million views. And it created the highest website traffic of any GM model ever. We wanted to kick off GM's acceleration towards EVs with something as exciting as the GMC Hummer EV, a vehicle that we are very proud of. And it's just the beginning as we roll out 30 new EVs globally by 2025, with several high volume entries in North America by 2023.

    我們期待零售電動車的成長,我們看到了令人鼓舞的需求跡象。我們對今年秋天 GMC 悍馬 EV 的推出感到非常興奮。當我們在第四季透露時,這是史上觀看次數最多的汽車發表會,展示次數為 13 億次,觀看次數為 3.7 億次。它創造了有史以來所有通用汽車車型中最高的網站流量。我們希望透過 GMC 悍馬電動車這樣令人興奮的產品來啟動通用汽車向電動車的加速發展,這是一款我們非常自豪的汽車。這只是一個開始,我們將在 2025 年之前在全球推出 30 款新電動車,並在 2023 年之前在北美推出多款大批量車型。

  • Let's move to GM International. Full year EBIT-adjusted in GMI was a loss of $500 million, down $300 million year-over-year due to the effects of the pandemic on operations, particularly in China, partially offset by performance improvement outside of China. For the fourth quarter, we were encouraged by our progress with EBIT-adjusted of $300 million, up $400 million year-over-year due to positive price/mix and benefits from our cost actions, partially offset by weaker FX in South America.

    讓我們轉向通用汽車國際公司。由於疫情對營運(尤其是中國業務)的影響,GMI 全年經調整後的息稅前利潤虧損 5 億美元,年減 3 億美元,但部分被中國以外地區的業績改善所抵銷。第四季度,我們對取得的進展感到鼓舞,息稅前利潤調整後達到3 億美元,年增4 億美元,這是由於積極的價格/組合以及我們的成本行動帶來的好處,部分被南美洲疲軟的匯率所抵銷。

  • We delivered $500 million of equity income in China for the calendar year, including $200 million in Q4, in line with our expectations. As we progress through the year following Q1 lows, we saw market recovery and benefits from our launches and cost actions, returning to the approximately $200 million quarterly equity income run rate in Q2 through Q4. We received $500 million in dividends from our China automotive JVs in Q4, bringing total dividends to $1 billion for the year.

    我們全年在中國實現了 5 億美元的股權收入,其中第四季為 2 億美元,符合我們的預期。隨著第一季低點之後的一年的進展,我們看到市場復甦以及我們的產品發布和成本行動的好處,第二季到第四季恢復到約2 億美元的季度股權收入運行率。第四季度,我們從中國汽車合資企業獲得了 5 億美元的股息,使全年股息總額達到 10 億美元。

  • Just a few comments on GM Financial, Cruise and our Corp segment before we turn to 2021. GM Financial posted revenue of $13.8 billion for the year and record EBT-adjusted of $2.7 billion. In the fourth quarter, GM Financial generated revenue of $3.4 billion and EBT-adjusted of $1 billion, a Q4 record, up $500 million year-over-year due to strong used vehicle prices, contributing to gains on sale of off-leased vehicles, improved credit performance and lower interest expense due to declining interest rates.

    在我們轉向2021 年之前,請對通用汽車金融公司、Cruise 和我們的公司部門發表一些評論。 27 億美元。第四季度,通用汽車金融公司的營收為34 億美元,經稅前利潤調整後的營收為10 億美元,創第四季紀錄,由於二手車價格強勁,年成長5 億美元,這有助於租賃車輛銷售收益。

  • Cruise costs for the year and in the quarter were $900 million and $300 million, respectively. 2020 was a huge year for Cruise. After substantial development and testing, Cruise has now reached the point where it has removed the human driver from behind the wheel and is now fully testing driverless cars on the streets of San Francisco successfully, as Mary noted earlier. We expect many more good things to come for Cruise in 2021. Cruise segment spend is projected to be about $1 billion in '21.

    本年度和本季的郵輪成本分別為 9 億美元和 3 億美元。 2020 年對克魯斯來說是重要的一年。正如瑪麗早些時候指出的那樣,經過大量的開發和測試,Cruise 現在已經達到了將人類駕駛員從方向盤後面移除的程度,並且現在正在舊金山的街道上成功地全面測試無人駕駛汽車。我們預計 2021 年郵輪產業將迎來更多好事。

  • Corp segment costs were $600 million for the year and better in the fourth quarter than the normal run rate of $1 billion due to investment gains. We expect the underlying spend in the Corp segment to be about $1.2 billion in 2021, an increase over our normal run rate as we are accounting for certain growth initiatives in the Corp segment.

    全年公司部門成本為 6 億美元,由於投資收益,第四季度的成本高於 10 億美元的正常運作率。我們預計 2021 年公司部門的基礎支出約為 12 億美元,這比我們的正常運作率有所增加,因為我們正在考慮公司部門的某些成長措施。

  • In late 2018, we made a strategic decision to accelerate our transformation for the future to strengthen our core business, capitalize on the future of personal mobility and drive significant cost efficiencies. Our plan included a path to achieve $4 billion to $4.5 billion in cost savings through 2020. I'm pleased to report that we have achieved $4.5 billion in savings since 2018, including $200 million in Q4 and inclusive of $200 million of savings related to the wind-down of Holden and sale of our Thailand business. Having the right cost structure that aligns with our strategy is a key focus for us. We've made great progress with the actions taken over the past several years, and we will continue to pursue incremental efficiencies.

    2018 年底,我們做出了一項策略決策,加快面向未來的轉型,以加強我們的核心業務、充分利用個人出行的未來並顯著提高成本效率。我們的計劃包括到2020 年實現40 億至45 億美元成本節省的途徑。包括與以下方面相關的2 億美元節省:霍頓 (Holden) 的關閉和泰國業務的出售。擁有符合我們策略的正確成本結構是我們的重點。透過過去幾年採取的行動,我們已經取得了巨大進展,我們將繼續追求更高的效率。

  • Now let's turn to the 2021 outlook for the calendar year. As we enter 2021, we see ongoing industry recovery and strong demand for our most profitable products. The underlying business has never been more robust. I want to provide some macro context around 2021 to help set the stage. With continued recovery of the U.S. light vehicle industry in '21, we expect SAAR to be in the mid-16 million unit range, with a stronger second half as we experience normal seasonality in Q1 and expect to see an inflection point in the spring as vaccination rates increase and warmer weather lifts consumer sentiment and auto demand.

    現在讓我們來看看 2021 年的日曆年展望。進入 2021 年,我們看到業界持續復甦,以及對我們利潤最高的產品的強勁需求。基礎業務從未如此強勁。我想提供一些 2021 年左右的宏觀背景,以幫助做好準備。隨著 21 年美國輕型汽車行業的持續復甦,我們預計 SAAR 將在 1600 萬輛左右,下半年會更強勁,因為我們在第一季經歷了正常的季節性,並預計在春季出現拐點疫苗接種率上升,天氣變暖提振消費者信心和汽車需求。

  • In China, we expect the industry to grow year-over-year as the economy continues to recover. However, we expect a continued competitive pricing environment with increased environmental compliance costs. In South America, we expect continued commercial and portfolio strength to more than offset the macro headwinds. Finally, we expect commodity prices to be a significant headwind as platinum group metals and steel prices have seen major increases in recent weeks and months.

    在中國,我們預計隨著經濟持續復甦,該產業將逐年成長。然而,我們預期定價環境將持續具有競爭力,環境合規成本也會增加。在南美洲,我們預期持續的商業和投資組合實力將足以抵銷宏觀阻力。最後,我們預計大宗商品價格將成為重大阻力,因為鉑族金屬和鋼鐵價格在最近幾週和幾個月大幅上漲。

  • Our underlying 2021 performance is expected to be strong, including EBIT-adjusted in the $10 billion to $11 billion range as the fundamental business is robust, and we will offset significant commodity headwinds while increasing investments to support our growth strategy and EPS diluted adjusted in the range of $4.50 to $5.25.

    我們2021 年的基本業績預計將強勁,包括由於基本業務強勁而調整後的息稅前利潤將在100 億至110 億美元範圍內,我們將抵消重大的大宗商品不利因素,同時增加投資以支持我們的成長策略和稀釋調整後的每股收益範圍為 4.50 美元至 5.25 美元。

  • As Mary mentioned at the outset of this call, the industry-wide semiconductor supply shortage will also impact us this year, as it does many other industries. Included in the guidance I just provided is an estimated $1.5 billion to $2 billion in EBIT-adjusted full year impact driven by loss contribution margin, partially offset by mitigation efforts through cost and go-to-market actions. We expect the shortage to be temporary, and we'll look to focus on protecting supply of our highest demand products such as full-size trucks and SUVs as well as EVs.

    正如瑪麗在本次電話會議一開始提到的那樣,全行業半導體供應短缺今年也將影響我們,就像許多其他行業一樣。我剛剛提供的指導中包括由虧損貢獻率驅動的經息稅前利潤調整後的全年影響估計為 15 億至 20 億美元,部分被成本和上市行動的緩解措施所抵消。我們預計短缺將是暫時的,我們將致力於保護需求最高的產品的供應,例如全尺寸卡車、SUV 以及電動車。

  • Importantly, we do not believe this short-term headwind will affect our long-term earnings power, and we remain committed to our growth initiatives and the EV acceleration we have previously communicated. From an adjusted automotive free cash flow perspective, we estimate a 2021 impact from the semiconductor shortage in the $1.5 billion to $2.5 billion range, putting 2021 adjusted automotive free cash flow guidance in the range of $1 billion to $2 billion.

    重要的是,我們認為這種短期逆風不會影響我們的長期獲利能力,我們仍然致力於我們的成長計劃和我們之前溝通過的電動車加速。從調整後的汽車自由現金流角度來看,我們估計半導體短缺對2021 年的影響在15 億至25 億美元範圍內,因此2021 年調整後的汽車自由現金流指引在10 億至20 億美元範圍內。

  • We announced the extension of downtime at Fairfax, CAMI and San Luis Potosi yesterday, which is included in our numbers above. Our intent is to make up as much production lost at these plants in the second half of the year as possible. We expect 2021 CapEx to be in the $9 billion to $10 billion range, which includes approximately $2 billion of deferred CapEx from 2020 as well as accelerated investments in our all-electric future.

    我們昨天宣布延長費爾法克斯、CAMI 和聖路易斯波托西的停機時間,這已包含在我們上面的數據中。我們的目的是在下半年盡可能彌補這些工廠的產量損失。我們預計 2021 年的資本支出將在 90 億至 100 億美元範圍內,其中包括從 2020 年開始的約 20 億美元的遞延資本支出以及對全電動未來的加速投資。

  • Also included in our guidance is cash outflow from the Takata recall, which we expect to occur over the next 2 to 3 years from the expense we took in fourth quarter. Nonoperating items included in our guidance worth mentioning include higher year-over-year net interest expense and an expected tax rate of approximately 24%, which is higher primarily from the tax deconsolidation of Cruise. Regarding earnings results cadence, we expect second half to be stronger than the first half, primarily as a result of some of the production downtime we will take in certain plants to manage the semiconductor supply shortages.

    我們的指導還包括高田召回帶來的現金流出,我們預計該現金流出將在未來 2 至 3 年內從我們第四季承擔的費用中產生。我們的指導中值得一提的非經營項目包括同比淨利息支出較高和預計稅率約為 24%,該稅率主要來自 Cruise 的稅務拆分。關於獲利結果節奏,我們預計下半年將強於上半年,這主要是由於我們將在某些工廠進行一些生產停工以應對半導體供應短缺。

  • Finally, I want to spend a minute on capital allocation. The top priority for us is to invest in both new and existing businesses, including previously announced investments to accelerate EV and AV growth while reducing complexity and leveraging current architectures across the ICE portfolio to drive better productivity and customer response, which will help fund investments in our future. To support this growth strategy, in 2021, we will spend more capital on EV and AV product programs than on gasoline and diesel power development for the first time in our history.

    最後,我想花一點時間談談資本配置。我們的首要任務是投資新業務和現有業務,包括先前宣布的投資,以加速電動車和自動駕駛汽車的成長,同時降低複雜性並利用ICE 產品組合中的現有架構來提高生產力和客戶回應,這將有助於為以下領域的投資提供資金:我們的未來。為了支持這項成長策略,到 2021 年,我們將在電動車和自動駕駛產品專案上投入比汽油和柴油動力開發更多的資金,這在我們的歷史上尚屬首次。

  • Our capital allocation plan includes more than $6 billion spending on EV and $1 billion on AV in 2021, and we will fund key growth initiatives such as BrightDrop, OnStar Insurance Services, subscription services like Super Cruise and OnStar Guardian aimed at accessing new addressable markets that we have never tapped before, representing a significant top line growth opportunity. We will fund these growth investments with internally generated cash while maintaining our investment-grade balance sheet.

    我們的資本配置計劃包括到2021 年在電動車上支出超過60 億美元,在自動駕駛汽車上支出超過10 億美元,我們將為BrightDrop、OnStar 保險服務、Super Cruise 和OnStar Guardian 等旨在進入新的潛在市場的訂閱服務等關鍵成長計畫提供資金。我們將以內部產生的現金為這些成長投資提供資金,同時維持我們的投資等級資產負債表。

  • In summary, we had a strong finish to the year, highlighting the underlying strength of our business. We have again demonstrated our strength, flexibility, laser focus on execution and ability to manage through a significant disruption while still generating strong results. This focus will continue in '21 as we manage the challenges of the industry-wide semiconductor shortage while continuing to launch new and exciting products and services and position to GM -- position GM to win in the future of mobility, and I'm proud to be a part of this team.

    總而言之,我們以強勁的業績結束了這一年,凸顯了我們業務的潛在實力。我們再次展現了我們的實力、靈活性、對執行力的專注以及在應對重大干擾的同時仍產生強勁成果的管理能力。這一重點將在21 年繼續下去,因為我們應對全行業半導體短缺的挑戰,同時繼續推出新的、令人興奮的產品和服務,並為通用汽車定位——使通用汽車在未來的移動出行中獲勝,我感到自豪能成為這個團隊的一員。

  • 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

    Operator

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

    (操作員說明)我們的第一個問題來自 Wolfe Research 的 Rod Lache 的線路。

  • Rod Avraham Lache - MD & Senior Analyst

    Rod Avraham Lache - MD & Senior Analyst

  • Congratulations on the performance. I actually had two longer-term questions I wanted to ask you. One is, you alluded that some of the growth initiatives could result in new brands like BrightDrop but notice that BrightDrop is continuing to use the independent dealer model. Obviously, independent dealers make some money. They do cleave off some gross margin and F&I per vehicle, which some of the new entrants are suggesting is kind of a disadvantage for existing players. I'm wondering if there are changes to the way that BrightDrop is -- the franchise agreements work that kind of levels the playing field with new entrants.

    恭喜你的表現。我其實有兩個長期問題想問你。一是,您提到一些成長舉措可能會產生像 BrightDrop 這樣的新品牌,但請注意,BrightDrop 正在繼續使用獨立經銷商模式。顯然,獨立經銷商賺了一些錢。他們確實削減了每輛車的一些毛利率和固定費用,一些新進入者認為這對現有參與者來說是一種劣勢。我想知道 BrightDrop 的運作方式是否會改變——特許經營協議的運作方式為新進業者提供了公平的競爭環境。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • So Rod, just in general, we see our dealers as a huge asset to the company. They have -- they're responsible for partnering with us to deliver industry-leading sales and service. And so of course, as the industry transforms, as the customer expects different things, both retail and fleet from a BrightDrop perspective, we know and we are working with our dealers and they're transforming as well. And there, especially, there's a huge percentage of our dealers that are very excited about the EV transformation and the opportunity.

    所以羅德,總的來說,我們將我們的經銷商視為公司的巨大資產。他們有責任與我們合作,提供業界領先的銷售和服務。當然,隨著產業的轉型,從 BrightDrop 的角度來看,客戶對零售和車隊的期望有所不同,我們知道,我們正在與經銷商合作,他們也在轉型。尤其是在那裡,我們很大一部分經銷商對電動車轉型和機會感到非常興奮。

  • And we've been working, and frankly, it accelerated last year during the pandemic, of ways that we can better support the customer, meet them where they want to be and take cost out of both of our business to improve both. So that's the journey that we're on. I'm not going to -- for competitive reasons, I'm not sharing all of the specific changes and transformation activities that we're doing but they're pretty substantial. And like I said, our dealers are very much engaged and excited about that.

    坦白說,我們一直在努力,坦白說,去年在大流行期間加速了我們如何更好地支持客戶,在他們想要的地方滿足他們,並降低我們雙方業務的成本以改善兩者。這就是我們正在進行的旅程。我不會——出於競爭的原因,我不會分享我們正在做的所有具體變革和轉型活動,但它們相當實質。正如我所說,我們的經銷商對此非常積極和興奮。

  • Rod Avraham Lache - MD & Senior Analyst

    Rod Avraham Lache - MD & Senior Analyst

  • Okay. And just secondly, you mentioned subscription services. And actually, one of your slides mentions that your next-generation electronic architecture is going to be available on 29 different models by 2023. It sounds like you think that the vehicles that you sell have the potential to become platforms for deploying services and features that you could charge for. So I was hoping you can maybe give us a little bit more insight into the potential there. Sounds like Super Cruise is one of these things. But what is the sort of projected population of vehicles that you're going to be targeting? What are the kinds of subscriptions that you think you might be able to generate?

    好的。其次,您提到了訂閱服務。實際上,您的一張投影片提到,到 2023 年,您的下一代電子架構將在 29 種不同的車型上使用。你可以收費。所以我希望你能讓我們更深入地了解那裡的潛力。聽起來超級巡航就是其中之一。但您的目標車輛預計數量是多少?您認為您可以產生哪些類型的訂閱?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • So Rod, we're very excited about the opportunity we have to present services, especially as we now have the vehicle intelligent platform, which is our new electrical architecture underpinning the entire vehicle. And it protects the vehicle from a cyber safety perspective as well as gives us tremendous over-the-air updates and the ability to do -- provide services on demand.

    羅德,我們對有機會提供服務感到非常興奮,特別是我們現在擁有車輛智慧平台,這是我們支撐整個車輛的新電氣架構。它從網路安全的角度保護車輛,並為我們提供大量的無線更新和按需提供服務的能力。

  • You mentioned Super Cruise, that is one that will have the ability to do. There are several other opportunities that we're exploring and, frankly, working on right now. Again, we haven't announced any of them publicly, but I will tell you, we have a whole team across our sales and marketing team partnering with our engineering team and software engineers. So you'll hear more about this as we go forward. But we think it's going to be a huge growth opportunity for us.

    你提到了超級巡航,這是一個有能力做到的。坦白說,我們現在正在探索並致力於其他幾個機會。再說一次,我們還沒有公開宣布其中任何一個,但我會告訴你,我們的銷售和行銷團隊中有一個完整的團隊與我們的工程團隊和軟體工程師合作。因此,隨著我們的進展,您會聽到更多有關此內容的資訊。但我們認為這對我們來說將是一個巨大的成長機會。

  • Operator

    Operator

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

    你的下一個問題來自花旗銀行的 Itay Michaeli。

  • Itay Michaeli - Director & Global Head of Autos Sector

    Itay Michaeli - Director & Global Head of Autos Sector

  • Just had one financial and one strategic question. On the financial question, I was hoping you could quantify for the 2021 bridge just the raw material impact that you're expecting as well just the volume impact embedded in the estimates for the semiconductor shortage.

    只是有一個財務問題和一個策略問題。在財務問題上,我希望您能夠量化 2021 年橋樑的預期原材料影響以及半導體短缺估計中包含的數量影響。

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Sure. So for the commodities first. We've seen about 120% increase in steel and PGM prices over the last, really, kind of since May of last year. That's a couple of billion dollars. I would say that we're making some strides to offset that, and we're going to continue to target where we can in order to drive savings to help offset that. But that's rough order of magnitude what we've included in our numbers. And of course, there's always some lag in terms of being able to respond to those prices.

    當然。所以首先是商品。我們看到,自去年 5 月以來,鋼材和鉑族金屬價格比去年上漲了約 120%。那是幾十億美元。我想說的是,我們正在取得一些進展來抵消這一影響,我們將繼續盡我們所能,以節省開支來幫助抵消這種影響。但這只是我們在數字中包含的粗略數量級。當然,對這些價格的反應總是存在一些滯後。

  • On the volume side, I would say that we -- these numbers are moving around rapidly. And between building vehicles that we will go back and retrofit with the components later in the second half and managing through second half makeup volumes, it's premature to talk about the volumes at this point in time. But that's where we've come up with the $1.5 billion to $2 billion, net of the initiatives that we think we can bring together to help offset through this.

    在數量方面,我想說的是,這些數字正在迅速變化。在製造車輛(我們將在下半年晚些時候回去並用組件進行改造)和管理下半年的補充量之間,現在談論產量還為時過早。但這就是我們提出的 15 億至 20 億美元的資金,扣除我們認為可以共同幫助抵消這項影響的措施。

  • Itay Michaeli - Director & Global Head of Autos Sector

    Itay Michaeli - Director & Global Head of Autos Sector

  • Great. That's very helpful, Paul. And then on the strategic question, wanted to focus on the AV part of the story and really kind of 2 parts to the question. First, on Cruise, just given the progress we're seeing in the California reports. I was hoping you'd update us on the latest thinking from yourselves and the Cruise team around when Cruise deploys, do you compete with -- against rideshare networks or do you partner with them or both? Just love some updated thoughts there.

    偉大的。這非常有幫助,保羅。然後在策略問題上,我想專注於故事的 AV 部分和問題的兩部分。首先,就郵輪而言,我們在加州報告中看到了進展。我希望您能向我們介紹一下您自己和 Cruise 團隊在 Cruise 部署時的最新想法,您是與共乘網路競爭還是與他們合作,或者兩者兼而有之?只是喜歡那裡的一些更新的想法。

  • And then on the kind of AV investment inside of GM, it sounds like you're accelerating that as well. I was hoping, perhaps Mary, you could talk about the plan around the zero crash vision. How do we think about AV deployment within the GM vehicles, let's say, over the next 5 years? And kind of what kind of path should we expect there?

    然後,關於通用汽車內部的自動駕駛投資,聽起來你們也在加速這項投資。我希望,也許瑪麗,你能談談圍繞零事故願景的計劃。我們如何看待未來 5 年在通用汽車汽車中的自動駕駛部署?我們應該期待那裡的路是什麼樣的?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Sure, Itay, and thanks for the question. I'm really excited because if you look at the fact that we're going to be putting Super Cruise on multiple vehicles and the strong customer reaction we've gotten from them, and that continues to grow and definitely contributes to a safer world, a 0 crashes world. And we've talked about the next generation of Super Cruise, and that will have even more capability that we'll be able to provide to vehicles and, in some cases, launch and provide additional functionality over the air. So that's something that will be quite significant by 2025.

    當然,伊泰,謝謝你的提問。我真的很興奮,因為如果你看看我們將在多輛車輛上安裝超級巡航這一事實,以及我們從他們那裡得到的強烈客戶反應,而且這種反應持續增長,肯定會為一個更安全的世界做出貢獻,一個0崩潰的世界。我們已經討論了下一代超級巡航,我們將能夠為車輛提供更多功能,並且在某些情況下,透過無線方式啟動和提供附加功能。所以到 2025 年這將會是非常重要的事。

  • Then when you go to Cruise, they continue to hit their milestones. They're on track from a safety perspective because we've always said safety will be our overriding priority. They're also working on making sure the ride is enjoyable from a customer perspective. And again, they're making progress, I'm very enthused. You know that they're testing right now in San Francisco without drivers in the vehicle in certain situations. I'm not going to put a specific time frame on when we'll launch commercially, but the progress we're making puts us in a very good place that, that's not years away like people think or have talked about it.

    然後當你去克魯斯時,他們會繼續達到他們的里程碑。從安全角度來看,他們走上了正軌,因為我們一直說安全將是我們的首要任務。他們也致力於確保從客戶的角度來看,旅程是愉快的。再說一次,他們正在取得進展,我非常興奮。你知道他們現在正在舊金山進行測試,在某些情況下沒有司機。我不會對我們何時進行商業化設定具體的時間框架,但我們所取得的進展使我們處於一個非常好的位置,這並不像人們想像或談論的那樣需要幾年的時間。

  • From -- are we in a partner with existing rideshares? We have the ability to go and launch our own service. We already have our own application that is being leveraged by our employees right now. So we have -- I think when we are in a position that we can take the driver out of the vehicle from a -- and launch the business commercially, we'll have many opportunities, and we'll do what's going to drive the biggest value from a shareholder perspective. But I think at that point, you can think of it like a platform.

    來自-我們是現有共乘服務的合作夥伴嗎?我們有能力推出自己的服務。我們已經擁有自己的應用程序,目前我們的員工正在使用該應用程式。因此,我認為,當我們能夠將駕駛員從車輛中解放出來,並將這項業務商業化時,我們將有很多機會,我們將做一些能夠推動汽車發展的事情。的價值。但我認為在這一點上,你可以把它想像成一個平台。

  • Operator

    Operator

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

    您的下一個問題來自德意志銀行的伊曼紐爾·羅斯納 (Emmanuel Rosner)。

  • Emmanuel Rosner - Director & Research Analyst

    Emmanuel Rosner - Director & Research Analyst

  • First, a financial question and then a longer-term one as well. So on the financial side, it seems like there was very strong price/mix, very strong volume contribution in North America. But then at the same time, I think that there was a bit of a cost headwind, even excluding the airbag recall. And I think your slides talk about some warranty and materials performance. And so I wanted to see if you could give a little bit more detail around what happened specifically in North American cost in the quarter. And how do you think about it in your bridge to 2021?

    首先是財務問題,然後是長期問題。因此,在財務方面,北美的價格/組合似乎非常強勁,銷售貢獻也非常強勁。但同時,我認為即使不包括安全氣囊召回,也存在一些成本阻力。我認為您的幻燈片討論了一些保固和材料性能。因此,我想看看您是否可以提供有關本季度北美成本具體情況的更多詳細資訊。在通往 2021 年的道路上,您如何看待這一點?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Emmanuel, it's Paul. The -- you mentioned the biggest 1, obviously, was Takata in there. But I would say the other 2 were primarily really related to content and major materials. So we've taken a conscious effort in the new line of full-size SUVs to improve content. And you're seeing that in the pricing offsets and what we're able to get in the market. These are content improvements that consumers really love and they're willing to pay for and we feel good about that. And then there's a little slug of commodity pressure that we saw in the fourth quarter, probably about 60-40 between materials and commodities, so that remaining piece.

    以馬內利,是保羅。你提到的最大的一位,顯然是高田。但我想說,其他兩個主要與內容和主要材料相關。因此,我們有意識地在新的全尺寸 SUV 系列中努力改進內容。您可以在定價抵消以及我們能夠在市場上獲得的產品中看到這一點。這些都是消費者真正喜歡的內容改進,他們願意為此付費,我們對此感到滿意。然後我們在第四季度看到了一點大宗商品壓力,材料和大宗商品之間的壓力可能約為 60-40,所以剩下的部分。

  • Emmanuel Rosner - Director & Research Analyst

    Emmanuel Rosner - Director & Research Analyst

  • And just on this sort of thinking about 2021, is it fair to then assume in a continued pressure, I guess, from the materials cost, excluding commodities, the content cost?

    就對 2021 年的這種思考而言,我想,假設來自材料成本(不包括商品)的內容成本的持續壓力是否公平​​?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Yes. I would say that content is a good reflection of where we're heading, especially in terms of the volume of full-size SUVs and trucks.

    是的。我想說,內容很好地反映了我們的發展方向,特別是在全尺寸 SUV 和卡車的數量方面。

  • Emmanuel Rosner - Director & Research Analyst

    Emmanuel Rosner - Director & Research Analyst

  • Okay, great. And I guess on the electrification side, looking a bit longer term. Now you have a few very strong milestones that you've put out there, more than 1 million units BEV by 2025, and then obviously, 100%, I guess, by 2035, and then several high volumes in North America by 2023. Can you give us a sort of like a holistic view of how you think, since we get deployed, what sort of segments or time line can we expect? When can we learn more from General Motors around the bridge to get you to this 1 million units by 2025 and to get you to the 100% by 2035? What models will make this up and on what time line?

    好的,太好了。我想在電氣化方面,目光會更長遠。現在你已經實現了一些非常強有力的里程碑,到2025 年,純電動車的銷量將超過100 萬輛,然後顯然,我猜,到2035 年,將達到100%,然後到2023 年,北美的銷量將達到幾個高水準。我們什麼時候才能向通用汽車了解更多信息,以便在 2025 年之前實現 100 萬輛汽車的目標,並在 2035 年之前實現 100% 的目標?哪些模型將彌補這一點以及在什麼時間線上?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Sure, Emmanuel. Well, I think we're really excited. We're launching the Chevrolet Bolt EUV and next generation Bolt EV this week. And so that starts, I think, a very positive momentum, especially when you look at the affordability of the Bolt and the -- well, Bolt EV and the Bolt EUV. Later this year, we'll have the GMC Hummer. Early next year, we'll have the Cadillac CELESTIQ. We've also announced the Cadillac -- or excuse me, the Cadillac LYRIQ, and then we'll have -- we've already shared the Cadillac CELESTIQ, which is really a flagship. And you'll just see a steady launch of vehicles because we've said 2/3 of the 30 by '25 will be in the United States.

    當然,伊曼紐爾。嗯,我想我們真的很興奮。我們本週將推出雪佛蘭 Bolt EUV 和下一代 Bolt EV。我認為,這開始了一個非常積極的勢頭,特別是當你考慮到 Bolt 以及 Bolt EV 和 Bolt EUV 的承受能力時。今年晚些時候,我們將推出 GMC 悍馬。明年初,我們將推出凱迪拉克 CELESTIQ。我們還發布了凱迪拉克——或者對不起,凱迪拉克 LYRIQ,然後我們——我們已經分享了凱迪拉克 CELESTIQ,它確實是一款旗艦產品。你會看到車輛的穩定投放,因為我們說過,到 25 年,30 輛汽車中的 2/3 將在美國。

  • You'll hear more about which vehicles are coming in what order as we start to move through the year. But I would say, as you then -- so that -- and from competitive reasons, we're not going to share too much but we'll continue to share more as we get closer to these launches as we go through this year and next.

    當我們開始迎接新的一年時,您會聽到更多關於哪些車輛按順序上市的資訊。但我想說,正如您當時所說的那樣,出於競爭原因,我們不會分享太多,但隨著今年的發布越來越接近,我們將繼續分享更多下一個。

  • When you start to look at 2035, right now, we're a full-line manufacturer. And so we will cover the full line and more when you think about products like BrightDrop and then our first mile, last mile. You put on top of that the services that will be available through the vehicle that we've talked about, subscription service. And then you put things like insurance that we think we can do very well with the learnings we have from our connected vehicles.

    當你開始展望 2035 年時,現在我們是一家全系列製造商。因此,當您想到 BrightDrop 等產品以及我們的第一英里和最後一英里時,我們將涵蓋整個產品線以及更多產品。除此之外,您還可以透過我們討論過的工具提供的服務,即訂閱服務。然後你把保險之類的東西放在我們認為可以利用我們從連網車輛中學到的知識做得很好的事情上。

  • So it will be a full line broader than we have right now, and that's all enabled by the LTM platform. And we intend to take share and grow overall as we do this with the number of vehicles sold as well as the growth opportunities that sit on top from a services and other businesses perspective.

    因此,這將是比我們現在更廣泛的全系列產品,而這一切都是由 LTM 平台實現的。我們打算透過銷售車輛的數量以及從服務和其他業務的角度來看最重要的成長機會來獲得份額並實現整體成長。

  • Operator

    Operator

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

    您的下一個問題來自美國銀行的約翰·墨菲。

  • John Joseph Murphy - MD and Lead United States Auto Analyst

    John Joseph Murphy - MD and Lead United States Auto Analyst

  • Mary, I just wanted to ask a question. I mean you're really accelerating the advancement of your EV and AV technology much faster than people would have thought not too long ago. But there's the risk of creating some obsolescence around your core ICE products. And it seems like we're going to reach this tipping point in the next few years. So I'm just kind of trying to understand, I mean, a pessimist may say, hey, you're going to blow up to residuals and you're going to have a real problem. An optimist might say, you're going to create a real super cycle for demand. So just curious how you're thinking about that and how you might manage that.

    瑪麗,我只是想問一個問題。我的意思是,你們確實正在加速電動車和自動駕駛技術的進步,速度比人們不久前想像的要快得多。但核心 ICE 產品存在過時的風險。看來我們將在未來幾年達到這個轉捩點。所以我只是想理解,我的意思是,悲觀主義者可能會說,嘿,你會爆炸到殘差,你會遇到真正的問題。樂觀主義者可能會說,你將創造一個真正的需求超級週期。所以只是好奇你是如何思考這個問題以及你如何管理它。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Well, John, it's an excellent question. And I definitely think it presents a super cycle opportunity for us. When you look at our ICE business and the platforms we invested in over the last 5 years, we're well positioned and that's what puts us in a place where we can be investing more in EV and AV than we are in ICE. And so we're going to leverage the platforms that we already have.

    嗯,約翰,這是一個很好的問題。我絕對認為這為我們提供了一個超級週期機會。當你看看我們的 ICE 業務和過去 5 年投資的平台時,我們處於有利地位,這使我們能夠在電動車和自動駕駛方面進行比在 ICE 方面更多的投資。因此,我們將利用我們現有的平台。

  • The strong franchises in full-size trucks, full-size SUVs, midsize crossovers, and I'm also super excited about products like the Chevrolet Trailblazer and the Encore. So we have a really strong portfolio of products as we make this transition that's going to need limited investment. And then we're demonstrating right now, we also have a very capable manufacturing team, manufacturing workforce. We're transitioning the Detroit-Hamtramck plant right now, Factory ZERO, to build electric vehicles. We've also announced Spring Hill.

    在全尺寸卡車、全尺寸 SUV、中型跨界車方面擁有強大的特許經營權,而且我對雪佛蘭開拓者和安可等產品也非常興奮。因此,當我們進行這項需要有限投資的轉型時,我們擁有非常強大的產品組合。然後我們現在正在展示,我們還擁有一支非常有能力的製造團隊,製造勞動力。我們現在正在將底特律-哈姆特拉姆克工廠(零工廠)轉型為生產電動車。我們還宣布了 Spring Hill。

  • So we have a very well thought through plan of how we will transition our manufacturing facilities to electric vehicles. We can do it in a pretty short time frame. And with the shorter vehicle development process we have for EVs, those 2 go hand-in-hand. And in some cases, investment that we're making to increase our ICE vehicles, we're doing that with a mind for what it will take to then have a quicker, less expensive conversion to EVs.

    因此,我們對如何將製造設施過渡到電動車有一個深思熟慮的計劃。我們可以在很短的時間內完成。隨著電動車開發流程的縮短,這兩者可以齊頭並進。在某些情況下,我們為增加內燃機汽車而進行的投資,是為了更快、更便宜地轉換為電動車而進行的。

  • So it's a very well-integrated plan. We'll be customer-driven, but we're working hard to create a delightful EV ownership experience with the right range, the right charging, the services on top of it and the connectivity that we think we can grow as we make this transition and not have stranded assets.

    所以這是一個非常完善的綜合計劃。我們將以客戶為導向,但我們正在努力創造令人愉悅的電動車擁有體驗,包括合適的續航里程、合適的充電、基礎服務以及我們認為在轉型過程中可以增長的連接性並且沒有擱淺資產。

  • John Joseph Murphy - MD and Lead United States Auto Analyst

    John Joseph Murphy - MD and Lead United States Auto Analyst

  • Okay, that's incredibly helpful. And then just a second question around the chip shortage. I mean when we saw production disruptions and supply shortages last year, what it really resulted in was very -- obviously, tight inventory but very, very strong mix and a focus on your more highly profitable vehicles. I'm just curious, as you go through this process of working through the chip shortage, hopefully be done sometime later this year, how you reallocate these chips to vehicles, how much fungibility there is? And could we be in another environment where mix just remains incredibly strong and offsets some of this potential weakness in production volume? And just how much of that is kind of encompassed in this $1.5 billion to $2 billion EBIT hit you're talking about with the chip shortage?

    好的,這非常有幫助。然後是關於晶片短缺的第二個問題。我的意思是,當我們去年看到生產中斷和供應短缺時,真正導致的結果是非常明顯的庫存緊張,但非常非常強大的組合以及對利潤更高的車輛的關注。我只是很好奇,當你經歷解決晶片短缺問題的過程時(希望在今年晚些時候完成),你如何將這些晶片重新分配給車輛,有多少可替代性?我們是否可能處於另一種環境中,混合仍然非常強勁,並抵消了產量方面的一些潛在弱點?您所說的晶片短缺造成的 15 億至 20 億美元的息稅前利潤損失中到底包含了多少?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • John, it's Paul. What I would say is that, obviously, the situation is very fluid, and you've seen that from various manufacturers across the board. And what I would say is we're adapting to kind of focus production on two things. Number one, those vehicles that have higher margins and provide better contribution for us. But also with the full-size SUVs and the trucks, they're already operating at full capacity and project it to pretty much for the entire year. So the makeup volume in the back half of the year is harder.

    約翰,是保羅。我想說的是,顯然,情況非常不穩定,你已經從各個製造商身上看到了這一點。我想說的是,我們正在適應專注於兩件事的製作。第一,那些具有更高利潤並為我們提供更好貢獻的車輛。但對於全尺寸 SUV 和卡車來說,他們已經滿載運營,預計全年幾乎都在滿載運作。所以下半年的化妝量就更難了。

  • So where we are taking chips from are vehicles where we either have a little bit more inventory or more importantly, we've got production gaps in the back half of the year or capacity to be able to make that up. So it's very fluid as we're managing through this but that's all baked into the numbers that we gave earlier.

    因此,我們從汽車中獲取晶片,我們要么有更多的庫存,要么更重要的是,我們在今年下半年有生產缺口,或者有能力彌補這一缺口。因此,我們在應對這一問題時非常流暢,但這一切都已納入我們先前給出的數字中。

  • John Joseph Murphy - MD and Lead United States Auto Analyst

    John Joseph Murphy - MD and Lead United States Auto Analyst

  • And then just one quick housekeeping on the dividend. It sounds like the growth investment CapEx, R&D, everything you're doing is going to crowd out the dividend for a little while. Is that a fair statement? Or will there be a rethinking around the dividend sometime this year?

    然後對股息進行快速整理。聽起來,成長投資、資本支出、研發,你所做的一切都會在一段時間內擠出股息。這是一個公平的說法嗎?或者今年某個時候會重新考慮股息?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Well, we talked at the end of Q3, we talked about having a dividend that's the right size and at the right time. We continue to be dedicated to that. But we are very much focusing on the first pillar of our capital allocation strategy, which is to invest in growth businesses. So you'll hear more from us later this year as it relates to the dividend. But I think the focus that we have on growth and what we're investing in growth is going to provide a really strong return for our shareholders.

    好吧,我們在第三季末討論過,我們討論了在正確的時間分配適當規模的股息。我們將繼續致力於此。但我們非常關注資本配置策略的第一支柱,也就是投資成長型企業。因此,今年晚些時候您會聽到我們更多有關股息的消息。但我認為我們對成長的關注以及我們對成長的投資將為我們的股東帶來真正豐厚的回報。

  • Operator

    Operator

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

    您的下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

  • Joseph Robert Spak - Autos and Leisure Analyst

    Joseph Robert Spak - Autos and Leisure Analyst

  • The -- just the first question on the chip shortage. I was wondering if you could help us think through maybe some of the cash flow and working capital timing impact. I know you gave the impact that's included in the guidance. But it would seem like with some of the strategies you're employing, it might be a little bit more of a working capital drain in the first half relative to the EBIT impact and then maybe a recovery in the back half. Is that correct?

    這只是關於晶片短缺的第一個問題。我想知道您是否可以幫助我們思考一些現金流和營運資金時間表的影響。我知道您帶來了指南中包含的影響。但就您所採用的某些策略而言,相對於息稅前利潤的影響,上半年的營運資金消耗可能會更多一些,然後可能會在下半年出現復甦。這是正確的嗎?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Joe, it's Paul. I think that's an accurate assessment. I mean we do expect some choppiness in the near term as we're altering production managing through this as well as you mentioned if we're building vehicles and then coming back to retrofit them. So we do see a bigger working capital and EBIT impact in the first half of the year. And then the expectation is that we'll be able to make up for that in the second half.

    喬,是保羅。我認為這是一個準確的評估。我的意思是,我們確實預計短期內會出現一些波動,因為我們正在通過這種方式改變生產管理,以及您提到的如果我們正在製造車輛然後回來對其進行改造。因此,我們確實看到上半年營運資本和息稅前利潤的影響更大。然後期望我們能夠在下半年彌補這一點。

  • Also incorporated into our numbers, our cash impact guide, if you noticed, was a little bit wider than our EBIT guide. That's due in part to we were planning, going into the year, on having a little bit of a build and inventory level benefiting working capital that as we make up production volumes in the second half, depending on how the semiconductor situation works itself out, we could see a year-end where inventories are flat or -- and not have that working capital benefit that we might otherwise see, which is why we put a little bit more cash impact into it.

    如果你注意到的話,我們的現金影響指南也包含在我們的數據中,它比我們的息稅前利潤指南要寬一些。這在一定程度上是因為我們計劃在今年內增加一點建設和庫存水平,以有利於營運資本,當我們在下半年增加產量時,這取決於半導體情況本身的發展情況,我們可能會看到年底庫存持平,或者沒有我們可能會看到的營運資本效益,這就是為什麼我們投入更多的現金影響。

  • Joseph Robert Spak - Autos and Leisure Analyst

    Joseph Robert Spak - Autos and Leisure Analyst

  • And then the second question is -- and Paul, welcome to GM. But -- and I guess I just want to get your sort of view here as someone that's looking at General Motors with some relatively fresh eyes and I think somewhat of a reputation as being a creative thinker and an ability to help realize value. As you look at GM's assets and balance sheets, I mean how do you think about unlocking further value? And what do you see as the opportunities that may be underappreciated by the market?

    然後第二個問題是──保羅,歡迎來到通用汽車。但是——我想我只是想聽聽你們對通用汽車的看法,你們以相對新鮮的眼光看待通用汽車,我認為通用汽車在某種程度上享有創造性思想家和幫助實現價值的能力的聲譽。當您查看通用汽車的資產和資產負債表時,我的意思是您如何看待釋放進一步的價值?您認為哪些機會可能被市場低估?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Well, first of all, thanks for that welcome, Joe. And I'm not sure who you were talking to but I appreciate it, nonetheless. What I would say is that there's tremendous opportunity here to help the market understand that we're really transitioning from what I would say has been historically kind of an old-school industrial-type mindset for the market to a real technologically savvy, growth-oriented company that's really going into a lot of new markets.

    好吧,首先,謝謝你的歡迎,喬。我不確定你在跟誰說話,但我還是很感激。我想說的是,這裡有巨大的機會幫助市場理解,我們確實正在從歷史上的老式工業型市場思維模式轉變為真正的技術嫻熟、增長型思維模式。

  • And as we see those continue to develop and we continue to ratchet success stories like Cruise and what I believe BrightDrop will be as well as the EV portfolio, I think there's a lot of opportunity here to drive value for our shareholders. And that's ultimately what sold me on coming here to join Mary and the team.

    隨著我們看到這些不斷發展,我們繼續推動 Cruise 和我相信 BrightDrop 以及電動車產品組合等成功故事,我認為這裡有很多機會為我們的股東帶來價值。這最終促使我來到這裡加入瑪麗和團隊。

  • Operator

    Operator

  • Your next question is from the line of Adam Jonas from Morgan Stanley.

    您的下一個問題來自摩根士丹利的 Adam Jonas。

  • Adam Michael Jonas - MD

    Adam Michael Jonas - MD

  • I was going to ask Mary why she hates Norway so much but in the interest of time, we'll move on. Look, I'm not worried about the chip shortage, Mary. I'm worried about the battery shortage. What we're seeing is in the next few quarters or couple of years, the potential for real serious supply/demand imbalance on EV cells. Now fortunately, you're pretty close to the bread truck and you've used your vision to get -- to kind of secure, on a relative basis, a lot better supply domestically and otherwise. But this seems like a real problem. I'm curious, Mary, at a high level, whether you and the team, based on what you see all the way up to the mines on the surface of the earth with the metals, do you see a risk of a cell supply constraint that could really impact volume for the broader EV industry over the next couple of years at this point? And then I have a follow-up.

    我本來想問瑪莉為什麼她這麼討厭挪威,但考慮到時間問題,我們還是繼續吧。聽著,我並不擔心晶片短缺,瑪麗。我擔心電池缺電。我們看到的是,在未來幾季或幾年內,電動車電池可能出現真正嚴重的供需失衡。現在幸運的是,你已經非常接近麵包車了,並且你已經利用你的願景獲得了——在相對的基礎上,確保了國內和其他方面更好的供應。但這似乎是一個真正的問題。瑪麗,我很好奇,從高層的角度來看,您和您的團隊根據您所看到的一直到地球表面礦井的金屬情況,是否認為存在電池供應限制的風險這真的會影響未來幾年更廣泛的電動車行業的銷量嗎?然後我有一個後續行動。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Adam, well, as we look at it, of course, our purchasing and supply team knows the projections that we have, the volume that we have by year, and we're working to make sure we have adequate supply all the way from the mines. You rightly point that it's one of the reasons why we're investing in our own cell manufacturer. And as I kind of alluded to in my opening remarks, there's more coming than what we've announced already. So we want to be in control of our own destiny, not only from making sure we have the ability to have the cells that we need but also to work on cost improvements and technology improvements.

    亞當,嗯,正如我們所看到的,當然,我們的採購和供應團隊知道我們的預測,我們每年的數量,我們正在努力確保我們自始至終都有足夠的供應。您正確地指出,這是我們投資自己的電池製造商的原因之一。正如我在開場白中提到的,即將推出的內容比我們已經宣布的還要多。因此,我們希望掌控自己的命運,不僅要確保我們有能力擁有所需的細胞,還要致力於成本改進和技術改進。

  • I would also say, the work that we have the joint partnership with LG Chem, not just for manufacturing but also development. We also have significant resources in our R&D, and we're also looking, as part of our cost-out plan, to need less precious metals. So we're working at it from all angles. We know it's strategically critical for our future and so the right attention is placed on it.

    我還要說的是,我們與 LG 化學的聯合合作不僅涉及製造,還涉及開發。我們在研發方面也擁有大量資源,並且作為成本削減計劃的一部分,我們也在尋求減少對貴金屬的需求。所以我們正在從各個角度進行努力。我們知道這對我們的未來具有戰略意義,因此我們給予了適當的關注。

  • Adam Michael Jonas - MD

    Adam Michael Jonas - MD

  • And just a follow-up. It is a question on bitcoin. It's inevitable. I might as well just rip the band-aid off, right, Mary? A growing number of high-profile companies including a major competitor are owning bitcoin and crypto as a way to diversify and maximize their cash holdings and treasury outcomes in a world where fiat currencies like the U.S. dollar are being debased and the purchasing power eroding and also the potential means of payment. I mean a $45,000 BTC is optimal for a big ticket purchase like a car. So how does GM think about this opportunity? And yes, this is a very serious question actually. How do you think about this opportunity? Is this something that GM would consider? And what would be the signpost that your team would need to see in treasury in order to move in that direction?

    只是後續行動。這是一個關於比特幣的問題。這是不可避免的。我還不如把創可貼撕掉,對吧,瑪莉?在美元等法定貨幣貶值、購買力下降的世界中,越來越多的知名公司(包括主要競爭對手)正在擁有比特幣和加密貨幣,以此來實現現金持有量和財務成果的多元化和最大化。我的意思是,45,000 美元的比特幣對於購買汽車等大件商品來說是最佳選擇。那麼GM又該如何看待這個機會呢?是的,這實際上是一個非常嚴肅的問題。您如何看待這個機會?這是GM會考慮的事情嗎?為了朝這個方向前進,您的團隊需要在財務部門看到什麼路標?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Sure, Adam. Well, first of all, we don't have any plans to invest in bitcoin, so full stop there. This is something we'll monitor and we'll evaluate. And if there's strong customer demand for it in the future, there's nothing that precludes us from doing that. So taking your question very seriously, that's my answer.

    當然,亞當。好吧,首先,我們沒有任何投資比特幣的計劃,所以就到此為止。這是我們將監控和評估的事情。如果未來客戶對此有強烈的需求,沒有什麼可以阻止我們這樣做。所以非常認真地對待你的問題,這就是我的答案。

  • And I do want to answer your Norway question. I'm 97% Finnish, so I like all the Scandinavian countries. We're actually very -- we look at what Norway has accomplished from EVs, and we think it's a message to have -- make everyone aware and drive awareness and adoption of EVs.

    我確實想回答你的挪威問題。我 97% 是芬蘭人,所以我喜歡所有斯堪的納維亞國家。實際上,我們非常關注挪威在電動車方面的成就,我們認為這是一個訊息,讓每個人都意識到並推動電動車的認識和採用。

  • Operator

    Operator

  • Your next question comes from the line of Ryan Brinkman with JPMorgan.

    您的下一個問題來自摩根大通的 Ryan Brinkman。

  • Ryan J. Brinkman - Senior Equity Research Analyst

    Ryan J. Brinkman - Senior Equity Research Analyst

  • At GM's EV Day in March of last year, you introduced a target of selling 1 million, I think, Ultium-powered battery electric vehicles between North America and China by the middle of the decade. I don't recall as much discussion of EVs not powered by Ultium batteries. Although I see 1 example, the Wuling Hong Guang Mini EV has, in some recent months, been selling 33,000 or 35,000 units, an annualized run rate of 400,000. So can you tell us a little bit more about the demand you're seeing for these other attainable GM EVs in China and what kind of market you think there could be for them? Do you see the potential to export to markets outside of China? And should we think about their volume being incremental to the 1 million units discussed at the EV Day?

    在去年 3 月的通用汽車電動車日上,您提出了本世紀中期在北美和中國之間銷售 100 萬輛 Ultium 動力電池電動車的目標。我不記得有太多關於非 Ultium 電池供電的電動車的討論。雖然我看到一個例子,但五菱宏光Mini EV最近幾個月的銷量已經達到了3.3萬輛或3.5萬輛,年化運行率為40萬輛。那麼,您能否告訴我們更多有關中國其他可實現的通用汽車電動車的需求以及您認為它們可能存在什麼樣的市場?您認為出口到中國以外市場的潛力嗎?我們是否應該考慮將其銷量增加到電動車日討論的 100 萬輛?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • So we're really proud of what our Wuling partner, SGMW, has been able to accomplish. And when we talked about Battery Day, Ultium is our new platform and we are going to continue to roll that out, and we see significant volume coming after that. When -- coming from that, I should say. When we look at the greater than 1 million units by mid-decade, that includes our products in GM China with our joint ventures as well as in the U.S. But that's just a starting point and then we're going to continue to grow LTM as well as potential products, like you say, with the Hong Guang and the EV Mini that have the opportunity to continue to grow. We're always looking at where the right growth is inside and outside of China, but I don't have anything specific to share right now.

    因此,我們對五菱合作夥伴 SGMW 所取得的成就感到非常自豪。當我們談論電池日時,Ultium 是我們的新平台,我們將繼續推出它,我們看到此後將有大量的銷售。我應該說,當──來自那一刻。當我們看到到十年中超過 100 萬輛的銷量時,其中包括我們在通用汽車中國、合資企業以及美國的產品。的潛在產品,宏光和EV Mini有機會繼續成長。我們一直在關注中國境內外的正確成長點,但我現在沒有任何具體資訊可以分享。

  • Ryan J. Brinkman - Senior Equity Research Analyst

    Ryan J. Brinkman - Senior Equity Research Analyst

  • Okay. And then just lastly, wanted to check in on GM Financial after the strong result there. I think while the business is benefiting from gains on the sale of off-lease vehicles, given the step-up in residuals, that also the underlying earnings might be growing also on the harvesting of earlier investments. So when should we expect the off-lease tailwinds to subside? And then when they do, what do you think is the underlying earnings power of GM Financial?

    好的。最後,在通用汽車金融公司取得強勁業績後,我想了解該公司的狀況。我認為,雖然該業務受益於出售租賃車輛的收益,但鑑於殘值的增加,潛在收益也可能會隨著早期投資的收穫而增長。那麼,我們應該預期租約到期的不利因素何時會消退呢?然後,當他們這樣做時,您認為通用汽車金融公司的潛在獲利能力是什麼?

  • Daniel E. Berce - President, CEO & Director

    Daniel E. Berce - President, CEO & Director

  • Yes, this is Dan Berce speaking. So we're guiding to earnings of -- for 2021 of about $2.5 billion, which is comparable to what we made this year of $2.7 billion EBT. We do expect good gains on residuals again in 2021. We guided to residuals being down low single digits but we're comping to what was a record year in 2020. We're starting the year quite well from an auction standpoint, beating last year's numbers. But the tough comps from a residual standpoint will really be the second half of the year. Even if prices are down a couple of points in 2021, they will still be comparable to where they were in 2019. So leases we made in 2018, 2019, there's -- we expect really good favorability when they come off-lease.

    是的,我是丹·貝爾斯。因此,我們預計 2021 年的獲利約為 25 億美元,這與我們今年的 27 億美元息稅前利潤相當。我們確實預計2021 年殘差將再次出現良好收益。不錯,超過了去年數字。但從剩餘的角度來看,艱難的比賽將真正發生在今年下半年。即使 2021 年價格下降幾個百分點,它們仍將與 2019 年的水平相當。

  • Operator

    Operator

  • Your next question comes from the line of Brian Johnson with Barclays.

    你的下一個問題來自巴克萊銀行的布萊恩·約翰遜。

  • Brian Arthur Johnson - MD & Senior Equity Analyst

    Brian Arthur Johnson - MD & Senior Equity Analyst

  • Since most of the housekeeping questions have been addressed, I want to talk about GM Hydrotec. We knew about the Nikola refocused on fuel cells. Navistar was a bit of a surprise. And in fact, the whole renaissance of your fuel cell business is a bit of a surprise. I do remember the Larry Burns Day. So it was the technology of the future that was never quite the future. But now it looks like there's real opportunities there in the commercial vehicle market. So just wondering, in particular, can you talk about where the Hydrotec technology is versus competing fuel cell solutions in terms of cost per kilowatt and other key factors?

    既然大部分內務管理問題已經解決,我想談談 GM Hydrotec。我們知道尼古拉重新專注於燃料電池。納威司達有點意外。事實上,燃料電池業務的整體復興有點令人驚訝。我確實記得拉里伯恩斯日。因此,這是未來的技術,但它永遠不是未來。但現在看來商用車市場存在著真正的機會。因此,我特別想知道,您能否談談 Hydrotec 技術與競爭對手的燃料電池解決方案在每千瓦成本和其他關鍵因素方面的差距?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Well, we're really excited about the potential of Hydrotec. And when you look at commercial trucks, defense, aerospace and stationary backup power, the situations where you need large quantities of energy over extended periods of time to move heavy payloads. So that's where hydrogen fuel cells are really most applicable. And so we see hydrogen fuel cells as well as EVs being part of the solution. I was here for -- when we started working on fuel cells. We've never stopped and we have a very productive partnership with Honda. So I think we've invested appropriately and shared that investment to be efficient. So I think there's huge opportunity. We're very pleased with our partnership with Navistar, and they'll have vehicles on the road in 2024. So the time has come.

    嗯,我們對 Hydrotec 的潛力感到非常興奮。當您觀察商用卡車、國防、航空航太和固定備用電源時,您會發現在較長時間內需要大量能量來移動重型有效負載的情況。這就是氫燃料電池真正最適用的地方。因此,我們認為氫燃料電池和電動車是解決方案的一部分。當我們開始研究燃料電池時,我就在這裡。我們從未停止過腳步,並且與本田建立了非常有成效的合作關係。所以我認為我們進行了適當的投資並分享了投資以提高效率。所以我認為有巨大的機會。我們對與 Navistar 的合作感到非常滿意,他們將在 2024 年讓車輛上路。

  • Brian Arthur Johnson - MD & Senior Equity Analyst

    Brian Arthur Johnson - MD & Senior Equity Analyst

  • And just as a follow-on. Given that's not core to the passenger personal use mobility business, unlike EVs where you did roll out a spin-off but perhaps more like Cruise, where the structure of the way it's set up kind of contemplates maybe at some point monetization. How would you think about Hydrotec along that spectrum of core could ever consider monetizing to if the price is right, it could go its own way?

    並且只是作為後續。鑑於這不是乘客個人使用行動業務的核心,與電動車不同,你確實推出了分拆產品,但可能更像 Cruise,其建立方式的結構可能會在某種程度上考慮貨幣化。您如何看待 Hydrotec 在核心領域是否會考慮貨幣化,如果價格合適,它可以走自己的路?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Well, I think, as I've said repeatedly, we will always do what's in the long-term best interest of our shareholders to unlock the most value, so we are committed to doing that. We're in the early days of Hydrotec with -- and also with our GM Defense business and in other opportunities. So right now, we're focused on the growth opportunity that's in front of us. And if at some point, there's a different structure that would enable that growth to be even faster, we'll definitely consider it.

    嗯,我認為,正如我反覆說過的那樣,我們將始終做符合股東長期最佳利益的事情來釋放最大價值,因此我們致力於這樣做。我們正處於 Hydrotec 的早期階段,還有我們的通用汽車防務業務和其他機會。因此,現在我們專注於擺在我們面前的成長機會。如果在某個時候,有一種不同的結構可以使成長更快,我們肯定會考慮它。

  • Operator

    Operator

  • Your next question comes from the line of Dan Levy with Credit Suisse.

    你的下一個問題來自瑞士信貸銀行的 Dan Levy。

  • Dan Meir Levy - Director & Senior Equity Research Analyst

    Dan Meir Levy - Director & Senior Equity Research Analyst

  • Welcome to the team, Paul.

    歡迎加入我們的團隊,保羅。

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Thanks, Dan.

    謝謝,丹。

  • Dan Meir Levy - Director & Senior Equity Research Analyst

    Dan Meir Levy - Director & Senior Equity Research Analyst

  • First question, I wanted to ask about EV. And I think you've mentioned in your opening remarks, you've had discussions with the new administration. And I think we know a big part of EV uptake until now and likely for the foreseeable future is likely the role of government in setting policies, encouraging uptake and you're doing commercials on Norway. Norway has been one of the most aggressive in policies encouraging uptake.

    第一個問題,我想問關於EV的問題。我想你在開場白中提到,你已經與新政府進行了討論。我認為,到目前為止,我們知道電動車普及的很大一部分,並且在可預見的未來很可能是政府在製定政策、鼓勵普及以及在挪威做廣告方面的作用。挪威是鼓勵採用政策最積極的國家之一。

  • You have this new 2035 zero-emission target. Can you tell us what your baseline assumption is for increased regulation in the coming years to encourage EV uptake? How aggressive do you expect the government to be? Or would you advocate for the government to be -- would you advocate for the government, the U.S. government, to institute a ban on combustion vehicles by 2035, similar to what we've seen from other countries?

    您有這個新的 2035 年零排放目標。您能否告訴我們,未來幾年加強監管以鼓勵電動車普及的基線假設是什麼?您預計政府會有多激進?或者您會主張政府,即美國政府,在 2035 年之前禁止燃燒車輛,就像我們在其他國家看到的那樣?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • I think our focus, Dan, is really on delighting the customer with an incredible ownership experience of allowing them to have the vehicle and the segments that they want at the price point that fits their life. And then having the right range, making sure the whole ecosystem supports them from a charging perspective, whether it's home charging, at work, when they're making long-distance trips or if they live in an apartment and how do we make sure they have regular available and dependable charging infrastructure. So I think there's a huge amount of opportunity with business partnering with government to make sure the infrastructure is there to support it.

    丹,我認為我們的重點實際上是透過令人難以置信的擁有體驗來取悅客戶,讓他們能夠以適合他們生活的價格擁有他們想要的車輛和細分市場。然後擁有合適的範圍,確保整個生態系統從充電的角度支持他們,無論是家庭充電、工作時充電、長途旅行時還是住在公寓裡,我們如何確保他們擁有定期可用且可靠的充電基礎設施。因此,我認為企業與政府合作有大量的機會來確保基礎設施的支持。

  • We do want to see the EV tax credit. We think there's a period of time where that's still important. And frankly, we'd like to see that not penalize first movers. But generally, we are very much focused on delighting the customer with the overall ownership experience, having the right vehicles and making sure every aspect of their ownership is a step above what is today. That's really going to drive the adoption we need.

    我們確實希望看到電動車稅收抵免。我們認為在一段時間內這仍然很重要。坦白說,我們希望看到這不會懲罰先行者。但總的來說,我們非常注重透過整體擁有體驗來取悅客戶,擁有合適的車輛,並確保他們擁有的各個方面都比現在更先進。這確實會推動我們所需的採用。

  • Dan Meir Levy - Director & Senior Equity Research Analyst

    Dan Meir Levy - Director & Senior Equity Research Analyst

  • Okay, okay. And then a second question on this 2035 target, which it is the first time you put out firm timing on this target. And I think the word that you used in the release is aspire rather than a hard firm target, which makes sense because it's 15 years out. But maybe you could walk us through the factors that you think could accelerate or challenge your ability to meet this target? What is the largest factor determining the ability to meet the target between cost improvements on EV, addressing the transmission and engine capacity, challenges to be downsized, challenges on distribution or just broadly on U.S. consumer acceptance and product? So what needs to be done to hit this 2035 target? Because you used the word aspire rather than a hard line in the sand.

    好吧,好吧。然後是關於2035年目標的第二個問題,這是您第一次對該目標提出明確的時機。我認為您在新聞稿中使用的詞是“渴望”,而不是“堅定的目標”,這是有道理的,因為它已經過去了 15 年。但也許您可以向我們介紹一下您認為可以加速或挑戰您實現這一目標的能力的因素?決定實現電動車成本改善、解決變速箱和引擎容量、縮小規模的挑戰、分銷挑戰或廣泛的美國消費者接受度和產品之間的目標的能力的最大因素是什麼?那麼要達成 2035 年目標需要做些什麼呢?因為你使用了「渴望」這個詞,而不是「強硬路線」。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Well, clearly, customers will drive this and what customers want. And that's why we're focused on creating that excellent customer experience that I just talked about. But there's really nothing holding General Motors back. We have the manufacturing capability. We have the LTM platform, and we already have the second generation of technology that's being worked to further take cost out and allow energy density to increase, which all benefits the consumer.

    很明顯,客戶將推動這一點以及客戶的需求。這就是為什麼我們專注於創造我剛才談到的卓越客戶體驗。但實際上沒有什麼能阻止通用汽車。我們有製造能力。我們擁有 LTM 平台,並且已經擁有第二代技術,該技術正在努力進一步降低成本並提高能量密度,這一切都有利於消費者。

  • We're -- we have the Ultifi-ed buying, and know how we will provide the customer experience, and we're partnering with our dealers to make sure it's in order of magnitude, better customer experience from an ownership perspective. The services, whether it's subscription or what's offered in the vehicle from a connectivity is another thing we think where we can completely delight the customer and build on the fact that we have leading technology right now.

    我們擁有 Ultifi-ed 購買,並且知道如何提供客戶體驗,我們正在與經銷商合作,以確保從所有權角度來看,提供更好的客戶體驗。我們認為,無論是訂閱還是透過連接在車輛中提供的服務,我們都可以完全讓客戶滿意,並以我們目前擁有領先技術為基礎。

  • So to me, there's not 1 big factor that's going to hold us up. We have all the assets to achieve this. We've got to solve issues and win customers, but I think we're well positioned to do that across the portfolio. And that's why we see such a tremendous growth opportunity for General Motors.

    所以對我來說,沒有一個大因素會阻礙我們。我們擁有實現這一目標的所有資產。我們必須解決問題並贏得客戶,但我認為我們有能力在整個產品組合中做到這一點。這就是為什麼我們看到通用汽車擁有如此巨大的成長機會。

  • Operator

    Operator

  • Your next question comes from the line of Philippe Houchois with Jefferies.

    你的下一個問題來自 Philippe Houchois 和 Jefferies 的對話。

  • Philippe Jean Houchois - MD & Senior Automotive Analyst

    Philippe Jean Houchois - MD & Senior Automotive Analyst

  • Following on to this discussion about this aspiration and your target or aspiration for 2035. I'm trying to understand, thinking 10 years out or so. If we assume that SAAR grows relatively slowly in a mature market and GM targets no ICE by 2035, what happens if adoption is lagging significantly, let's say, 50% or so? Logically, GM must be prepared to either shrink volume or compensate hardware revenue with other source of revenue. And keeping in mind, for me, shrinking if you got more growth and better margin, it's not, let's say, negative for the markets. It's quite the contrary. Expectedly, if you don't want to shrink or not planning to shrink, you need to work on squeezing your competitors especially basically making their growth in EVs more difficult. I'm just trying to understand strategically, over the next 10, 15 years, is GM ready to shrink or is GM going to be aggressive? I'm trying to understand. Or am I missing something?

    接下來討論這個願望以及您對 2035 年的目標或願望。如果我們假設 SAAR 在成熟市場中成長相對緩慢,而通用汽車的目標是到 2035 年不再使用 ICE,那麼如果採用率明顯落後(比如說 50% 左右),會發生什麼事?從邏輯上講,通用汽車必須準備好縮小銷售量或用其他收入來源補償硬體收入。請記住,對我來說,如果你有更多的成長和更好的利潤率,那麼收縮,這對市場來說並不是負面的。事實恰恰相反。預計,如果你不想收縮或不打算收縮,你需要努力擠壓你的競爭對手,特別是讓他們在電動車領域的成長變得更加困難。我只是想從策略上理解,在未來 10、15 年裡,通用汽車是否準備好縮減規模,或者是否會積極進取?我正在嘗試理解。還是我錯過了什麼?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • I think we're going to be aggressive because I think we've got the technology, we've got the talent. We have the manufacturing capability. We already sell more vehicles in the United States and we're #2 in China. So I think we're well positioned because of our current brand strength around the world and our position and then with the technology that we're bringing forward. So we don't plan on shrinking. We plan on growing, especially if you look at in the United States on the coast, we don't get what I would say is our fair share of the market. That's a growth opportunity right there.

    我認為我們會積極進取,因為我認為我們擁有技術,我們擁有人才。我們有製造能力。我們已經在美國銷售了更多車輛,並且在中國排名第二。因此,我認為我們處於有利位置,因為我們目前在全球的品牌實力和我們的地位,以及我們正在推出的技術。所以我們不打算收縮。我們計劃成長,特別是如果你看看美國沿海地區,我們並沒有得到我所說的我們公平的市場份額。這就是一個成長機會。

  • But we think we're extremely well positioned. And we -- again, I can't underestimate how much opportunity we have with the LTM platform because of the modularity of it that we can take so many vehicles across so many segments price points to really delight the customers. So that's our focus.

    但我們認為我們處於非常有利的位置。再說一遍,我不能低估 LTM 平台為我們帶來的機遇,因為它具有模組化的特點,我們可以在如此多的細分價格點上採用如此多的車輛,真正讓客戶滿意。這就是我們的重點。

  • Operator

    Operator

  • Your next question comes from the line of Chris McNally with Evercore.

    你的下一個問題來自 Evercore 的 Chris McNally。

  • Christopher Patrick McNally - MD

    Christopher Patrick McNally - MD

  • Mary, I wanted to follow up on the questions on Cruise. And I know you can't be too specific on exactly when a launch would happen or even maybe a more extensive beta testing of a program in San Francisco. But could you at least maybe talk about some of the ambition to test aggressively in other cities for whenever a commercial launch or beta launch was to happen? Could we expect multiple launches sort of in succession on a sort of an annual type basis?

    瑪麗,我想跟進有關克魯斯的問題。我知道你不能太具體地說明何時發布,甚至可能無法在舊金山對某個程式進行更廣泛的 Beta 測試。但您至少可以談談在其他城市進行積極測試的雄心壯志,以便在商業發布或測試版發佈時進行嗎?我們是否可以預期每年都會連續進行多次發布?

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • I think you will see that we talked very early on that once we have launched in 1 city, the opportunity to go to the next to do the work, to make sure the technology, is adaptable to the unique things of another city. So I think once we launch successfully and demonstrate that the technology is safer than a human driver and we demonstrate to customers, I think that we can really increase the number of cities that we're offering it quite quickly, and that's what we'll focus on doing.

    我想你會看到,我們很早就談到,一旦我們在一個城市推出,就有機會去下一個城市開展工作,以確保科技能夠適應另一個城市的獨特之處。因此,我認為,一旦我們成功推出並證明該技術比人類駕駛員更安全,並向客戶展示,我認為我們真的可以很快增加我們提供該技術的城市數量,這就是我們將要做的專注於做。

  • Christopher Patrick McNally - MD

    Christopher Patrick McNally - MD

  • And then finally, the rationale behind the tax deconsolidation of Cruise, it's super interesting. I'm just curious, does it ever make sense that Cruise is its own separately listed assets so that funding options would be obviously much broader than internal or external private investors?

    最後,克魯斯稅務合併背後的理由非常有趣。我只是很好奇,郵輪是自己單獨上市的資產,因此融資選擇顯然比內部或外部私人投資者廣泛得多,這是否有意義?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • Chris, it's Paul. So I would say those 2 issues are pretty separate and distinct from each other. The tax deconsolidation is really just mechanical because our ownership is below the required thresholds to consolidate for tax. And obviously, with their spend and their growth, we benefited from that, which is why we're seeing a tax increase with the deconsolidation.

    克里斯,是保羅。所以我想說這兩個問題是完全獨立且截然不同的。稅收合併實際上只是機械性的,因為我們的所有權低於合併稅收所需的門檻。顯然,隨著他們的支出和成長,我們從中受益,這就是為什麼我們看到稅收隨著分拆而增加。

  • I think what we've proven out with the last round of funding is an ability to partner and raise external capital alongside the strength and the foundation that GM provides. So I think access to capital is really unconstrained the way we think about it right now, and we bored that out in the last fundraising round.

    我認為,我們透過上一輪融資證明了我們有能力與通用汽車提供的實力和基礎合作並籌集外部資金。因此,我認為我們現在的想法是,獲得資金的方式確實不受限制,並且我們在上一輪融資中解決了這個問題。

  • Operator

    Operator

  • Our last question comes from the line of Jairam Nathan of Daiwa.

    我們的最後一個問題來自 Daiwa 的 Jairam Nathan。

  • Jairam Nathan - Research Analyst

    Jairam Nathan - Research Analyst

  • I have two questions, one for Mary, one for Paul. For Mary, longer term, do you see EVs as an opportunity to enter -- reenter Europe with a clean slate, especially given governments have been more conducive to giving incentives to EVs? I believe EVs amounted for like 10% penetration in the fourth quarter of 2020. What's your thoughts around that?

    我有兩個問題,一問瑪麗,一問保羅。對於瑪麗來說,從長遠來看,您是否認為電動車是一個以乾淨的狀態重新進入歐洲的機會,特別是考慮到政府更有利於為電動車提供激勵措施?我相信 2020 年第四季電動車的滲透率約為 10%。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • There's nothing that precludes us with the sale of Opel/Vauxhall to do that. We already have our iconic products in Europe right now with Cadillac and the Chevrolet Corvette, et cetera. So there's nothing that precludes us and I think it's a natural growth opportunity for us as well.

    沒有什麼可以阻止我們出售歐寶/沃克斯豪爾來做到這一點。我們現在已經在歐洲擁有凱迪拉克和雪佛蘭科爾維特等標誌性產品。因此,沒有什麼可以阻止我們,我認為這對我們來說也是一個自然的成長機會。

  • Jairam Nathan - Research Analyst

    Jairam Nathan - Research Analyst

  • Okay. And Paul, coming from an industry which benefited significantly from consolidation, what are your thoughts for the automotive industry there?

    好的。保羅來自一個從整合中受益匪淺的行業,您對那裡的汽車行業有何看法?

  • Paul A. Jacobson - Executive VP & CFO

    Paul A. Jacobson - Executive VP & CFO

  • I think that's a bit of a trick question. But I think they're obviously very different industries across the board. I think there's some similarities in that the industries are both capitally intensive. But what we have here is much more of a platform to create a growth model. And I think we saw some of that in my past life as well. But really here, it's about diversifying the business. It's about growing into the increasing tipping point-like demand of EVs and AV technology going forward. And when you combine that with the strength in the brands and the capabilities of GM, I think we've got a lot of opportunity ahead of us.

    我認為這是一個有點棘手的問題。但我認為它們顯然是完全不同的行業。我認為這兩個行業有一些相似之處,都是資本密集的。但我們這裡更多的是一個創造成長模式的平台。我想我們在過去的生活中也看到了一些這樣的情況。但實際上,這是關於業務多元化。這是關於電動車和自動駕駛技術未來日益增長的臨界點需求。當你將這一點與通用汽車的品牌實力和能力結合起來時,我認為我們面前有很多機會。

  • Operator

    Operator

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

    現在我想將電話轉給瑪麗·巴拉,讓她致閉幕詞。

  • Mary T. Barra - Chairman & CEO

    Mary T. Barra - Chairman & CEO

  • Thank you. Well, first of all, I appreciate all of you joining, and thanks for the great questions this morning. I hope you know and see that it's overwhelmingly true that we are at an inflection point on sustainability, on inclusion and diversity and on growth that will deliver shareholder value not just this quarter but for many years to come. I hope that's coming into even sharper focus for all of you.

    謝謝。首先,我感謝大家的加入,並感謝今天早上提出的好問題。我希望您知道並看到,我們確實正處於可持續發展、包容性、多樣性以及成長的轉折點,這不僅將在本季度而且在未來許多年為股東帶來價值。我希望這成為你們所有人更加關注的焦點。

  • Every quarter moving forward, you can expect to hear us advance our story. I believe we have the talent, the technology, the profitability and the balance sheet to lead, and we will continue to innovate and I look forward to sharing more in the months ahead. So thank you. Please take care and stay safe.

    未來的每個季度,您都可以期待聽到我們推進我們的故事。我相信我們擁有領先的人才、技術、獲利能力和資產負債表,我們將繼續創新,我期待在未來幾個月分享更多資訊。所以謝謝你。請注意安全。

  • Operator

    Operator

  • Ladies and gentlemen, that concludes the conference call for today. Thank you for joining.

    女士們、先生們,今天的電話會議到此結束。感謝您的加入。