通用汽車 (GM) 2020 Q3 法說會逐字稿

Ladies and gentlemen, welcome to the General Motors Company Third Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded, Thursday, November 5, 2020.

女士們，先生們，歡迎參加通用汽車公司2020年第三季財報電話會議。（操作員指示）提醒一下，本次電話會議正在錄音，時間為 2020 年 11 月 5 日，星期四。

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

現在，我想將會議交給財務主管兼投資者關係副總裁 Rocky Gupta。

Thanks, Erica. Good morning, and thank you for joining us as we review GM's financial results for the third quarter of 2020. Our press release was issued this morning, and the conference call materials are available on the GM Investor Relations website. We're also broadcasting this call via webcast.

謝謝，艾麗卡。早安，感謝您與我們一起回顧通用汽車 2020 年第三季的財務表現。我們的新聞稿已於今天早上發布，電話會議資料可在通用汽車投資者關係網站上查閱。我們也透過網路廣播播放了這通通話。

I'm joined here today at GM's Tech Center by Mary Barra, GM's Chairman and CEO; John Stapleton, GM's acting CFO. And on the line, we have Dan Berce, President and CEO of GM Financial.

今天，我與通用汽車董事長兼首席執行官瑪麗·博拉一起來到通用汽車技術中心；通用汽車代理首席財務官約翰·斯台普頓 (John Stapleton)。線上的是我們請到了通用汽車金融公司總裁兼執行長 Dan Berce。

Before we begin, I'd like to direct your attention to our usual forward-looking statements on the first page of the chart set. The content of the call will be governed by this language.

在我們開始之前，我想請您注意圖表集第一頁上我們通常的前瞻性陳述。通話內容將受此語言約束。

I'll now turn the call over to Mary Barra.

現在我將電話轉給瑪麗·博拉。

Thanks, Rocky, and thanks, everybody, for joining the call today. This morning, I'll cover a few key areas of the business. I'll start with a brief snapshot of our record third quarter earnings, and then I'll follow with a more in-depth look at the rapid progress we're making in electrification. I'll wrap up by touching on our regional businesses, and then John will provide a deeper look at the numbers before we go to your questions.

謝謝，Rocky，也謝謝大家今天參加電話會議。今天上午，我將介紹業務的幾個關鍵領域。我將首先簡要介紹我們創紀錄的第三季收益，然後我將更深入地介紹我們在電氣化方面取得的快速進展。最後，我將談談我們的區域業務，然後約翰將在回答您的問題之前對這些數字進行更深入的分析。

But before I do that, I know everyone on the call is closely watching and waiting for the final vote count in the U.S. presidential election. From our perspective, General Motors is ready to work with whichever candidate is certified as the winner, along with their administration and the new Congress. And we will continue to invest in our U.S. operations and pursue our growth initiatives, especially in the areas of electrification and autonomous vehicles.

但在此之前，我知道電話會議中的每個人都在密切關注並等待美國總統大選的最終計票結果。從我們的角度來看，通用汽車已準備好與任何被認證為獲勝者的候選人以及他們的政府和新國會合作。我們將繼續投資美國業務，並推動成長計劃，特別是在電氣化和自動駕駛汽車領域。

I also want to take a moment to recognize the tireless efforts of our employees around the world. Whether working remotely or in the workplace, they are keeping our programs fully on track, building every vehicle they can safely and with quality. In addition, our suppliers are moving mountains to keep their operations open so we can keep production going, and our dealers are embracing creative new ways to interact safely with our customers for service parts and sales. That has truly been remarkable and inspiring to see how everyone has come together to safely restart our operations with the health and safety of our teams and our customers as the #1 priority.

我也想藉此機會讚揚一下我們遍布全球的員工所做出的不懈努力。無論是遠距工作還是在工作場所工作，他們都在確保我們的專案順利進行，安全、高品質地製造每一輛車。此外，我們的供應商正在竭盡全力保持運營，以便我們能夠繼續生產，我們的經銷商正在採用創造性的新方式與我們的客戶安全地互動，以提供服務零件和銷售。看到大家齊心協力，以團隊和客戶的健康和安全為第一要務，安全地重啟運營，這確實令人驚嘆和鼓舞。

Our multilayered approach to COVID-19 safety has proven effective in preventing the spread of disease around all of our facilities. Where our protocols are followed, they are working. This is an extraordinary effort, and our continued focus on employee health and safety has been important as economies begin to recover around the world.

事實證明，我們採取的多層次 COVID-19 安全措施能夠有效防止疾病在我們所有設施內傳播。只要遵守我們的協議，它們就會發揮作用。這是一項非凡的努力，隨著全球經濟開始復甦，我們持續關注員工的健康和安全至關重要。

Finally, I'm very pleased to share that GM Canada and Unifor have reached a tentative agreement on our new labor contract, which is very good news for our team, our customers, our dealers and our investors. As you know, we have been operating our full-size pickup plants around the clock to meet exceptionally robust demand for the Chevrolet Silverado and the GMC Sierra in the United States and Canada. The fact is we simply can't build enough. And because we expect demand to remain strong, we must increase our capacity. That is why, subject to ratification, GM plans to invest approximately CAD 1 billion to bring full-size pickup production back to the Oshawa assembly plant while making new investments at St. Catharines propulsion plant and the Woodstock parts operation.

最後，我很高興地告訴大家，通用汽車加拿大公司和Unifor已經就我們的新勞動合約達成了初步協議，這對我們的團隊、我們的客戶、我們的經銷商和我們的投資者來說都是一個非常好的消息。如您所知，我們的全尺寸皮卡工廠一直在全天候運轉，以滿足美國和加拿大對雪佛蘭 Silverado 和 GMC Sierra 的異常強勁的需求。事實是，我們根本無法建造足夠的建築。由於我們預計需求將保持強勁，因此我們必須提高產能。這就是為什麼在獲得批准的情況下，通用汽車計劃投資約 10 億加元，將全尺寸皮卡的生產帶回奧沙瓦組裝廠，同時在聖路易斯進行新的投資。聖凱瑟琳推進廠和伍德斯托克零件廠。

We will move very quickly. We expect construction to begin on the new body shop and flexible assembly module at Oshawa immediately upon ratification. When the plant comes back online in early 2022, we will see a significant increase in our full-size pickup production capacity. We look forward to sharing more details about this plant after ratification, which should occur over the next several days.

我們將迅速採取行動。我們預計，一旦獲得批准，奧沙瓦的新車身車間和靈活組裝模組將立即開始建造。當工廠於 2022 年初恢復生產時，我們將看到全尺寸皮卡的生產能力顯著提升。我們期待在未來幾天內批准後分享有關該工廠的更多細節。

Now let's turn to our Q3 results, which were driven primarily by the success of our safety protocols around the world; a stronger and faster-than-expected industry recovery in the U.S. and China; strong U.S. retail sales and market share, especially for pickups, with higher pricing and disciplined incentives; and the successful launch of our all-new full-size Chevrolet, GMC and Cadillac SUVs. We also clearly benefited from austerity measures we implemented in response to the pandemic and the ongoing transformational-related cost reductions.

現在讓我們來看看我們的第三季度業績，這主要得益於我們在世界各地的安全協議的成功；美國和中國的行業復甦強勁且快於預期；美國零售額和市場份額強勁，尤其是皮卡，定價更高，激勵措施更嚴格；以及我們全新全尺寸雪佛蘭、GMC 和凱迪拉克 SUV 的成功推出。我們也明顯受益於為應對疫情而實施的緊縮措施以及正在進行的與轉型相關的成本削減。

Looking at the numbers. We delivered net revenue of $35.5 billion, EBIT-adjusted of $5.3 billion, EBIT-adjusted margin of 14.9%, EPS diluted adjusted of $2.83, adjusted automotive free cash flow of $9.1 billion and a ROIC adjusted of 9.7% on a trailing 4-quarter basis. These results are providing capital for our EV and our AV growth initiatives, and they demonstrate the underlying strength and resiliency of our business.

看看這些數字。我們實現了淨營收 355 億美元，息稅前利潤調整後為 53 億美元，息稅前利潤調整後利潤率為 14.9%，每股攤薄收益調整後為 2.83 美元，調整後的汽車自由現金流為 91 億美元，投資資本回報率調整後為 9.7%（基於過去 4 個季度）。這些結果為我們的電動車和自動駕駛汽車成長計畫提供了資金，並展示了我們業務的潛在實力和彈性。

This year and this quarter, in particular, you can clearly see how we are rapidly transforming our company to lead in EVs by leveraging our iconic brands, technological innovation, manufacturing capability and scale in a way that will change the way customers and our investors view our company.

特別是今年和本季度，您可以清楚地看到我們如何利用我們的標誌性品牌、技術創新、製造能力和規模，迅速將公司轉變為電動車領域的領先者，這將改變客戶和投資者對我們公司的看法。

The foundation is our flexible and highly scalable Ultium architecture, battery and propulsion system, which have empowered our designers and given them free rein to reimagine our approach to interior and exterior design. You can see this in the powerful, distinctive and beautifully executed vehicles like the GMC Hummer EV and the Cadillac Lyriq. The simplicity of Ultium and the use of virtual engineering have made us more agile. From inception to production, the Hummer EV represents the fastest vehicle development program in GM's recent history. We took reservations during its reveal, and demand exceeded our expectations.

其基礎是我們靈活且高度可擴展的 Ultium 架構、電池和推進系統，它們賦予了我們的設計師權力，讓他們可以自由地重新構想我們的內部和外部設計方法。您可以在 GMC Hummer EV 和 Cadillac Lyriq 等強大、獨特且精心製作的車輛中看到這一點。Ultium 的簡單性和虛擬工程的使用使我們變得更加敏捷。從構思到投產，悍馬電動車代表了通用汽車近代史上最快的汽車開發案。我們在發布會上接受了預訂，需求超出了我們的預期。

Our manufacturing strategy is also coming into sharper focus. Construction of the Ultium Cells LLC manufacturing facility in Lordstown, Ohio, where we will make battery cells with our JV partner, LG Chem, is ahead of schedule. We've begun the hiring process and will add a total of 1,100 jobs to the local economy.

我們的製造策略也正變得更加清晰。我們將與合資夥伴 LG Chem 一起在俄亥俄州洛茲敦建造 Ultium Cells LLC 製造工廠，該工廠的生產進度正在提前。我們已經開始招聘，並將為當地經濟增加 1,100 個就業機會。

We have also announced plans to have 3 plants producing EVs, Factory ZERO in Detroit-Hamtramck, Orion Assembly in Michigan and Spring Hill assembly in Tennessee.

我們還宣布了建立 3 家生產電動車工廠的計劃，分別是位於底特律-哈姆特拉克的 Factory ZERO、位於密西根州的 Orion Assembly 和位於田納西州的 Spring Hill Assembly。

During the quarter, we shared even more detail about our road map to deliver EV costs comparable to internal combustion engine vehicles. For example, all of our future EVs will draw from a family of 5 interchangeable drive units and 3 motors known collectively as Ultium Drive. And we will be the first automaker to use a wireless battery management system for production of electric vehicles, with expanded over-the-air updates provided by GM's all-new vehicle intelligent platform. We will -- the system will be upgraded over time with new software-based features via smartphone-like updates. The system also reduces the cost and weight of wiring.

在本季度，我們分享了更多關於實現電動車成本與內燃機汽車相當的路線圖的細節。例如，我們未來的所有電動車都將採用 5 個可互換的驅動單元和 3 個電機，統稱為 Ultium Drive。我們將成為第一家在電動車生產中使用無線電池管理系統的汽車製造商，並透過通用汽車全新的汽車智慧平台提供擴展的無線更新。我們將—該系統將隨著時間的推移透過類似智慧型手機的更新升級，添加新的基於軟體的功能。該系統還降低了佈線成本和重量。

Looking ahead, we'll continue investing in advanced battery chemistry to drive even greater range at a lower cost for our customers. We look forward to sharing even more details about our EV portfolio and competitive advantages at the Barclays Global Automotive Conference on November 19.

展望未來，我們將繼續投資先進的電池化學技術，以更低的成本為客戶提供更長的續航里程。我們期待在 11 月 19 日的巴克萊全球汽車會議上分享有關我們的電動車產品組合和競爭優勢的更多細節。

Among the strategies that will help us move quickly are the partnerships we have forged with companies like Honda and EVgo. In September, we signed a nonbinding memorandum of understanding with Honda to collaborate on several vehicle segments as well as on purchasing, research and development and connected services. These efficiencies will help both companies fund future mobility innovations. And to address the entire EV ecosystem for our customers, we will collaborate with EVgo to build more than 2,700 public fast chargers over the next 5 years.

幫助我們快速發展的策略包括與本田和 EVgo 等公司建立的合作關係。9 月，我們與本田簽署了一份不具約束力的諒解備忘錄，將在多個汽車領域以及採購、研發和連網服務方面開展合作。這些效率將幫助兩家公司為未來的行動創新提供資金。為了滿足客戶的整個電動車生態系統需求，我們將與 EVgo 合作，在未來 5 年內建造 2,700 多個公共快速充電器。

Before we move on, I'd like to provide a comment about Nikola. As you're aware, we've been in ongoing discussions with Nikola about a commercial transaction. The transaction has not yet closed, and we will provide further updates at the appropriate time. We are exploring all opportunities to commercialize our Ultium battery system as well as the Hydrotec hydrogen fuel cells we have developed with Honda. We have invested heavily in developing and manufacturing fuel cells. Commercialization of our Ultium battery system and hydrogen fuel cells reflects that commitment and our commitment to a 0 emissions future.

在我們繼續之前，我想對尼古拉發表一些評論。如您所知，我們一直在與 Nikola 就商業交易進行討論。交易尚未完成，我們將在適當的時候提供進一步的更新。我們正在探索一切機會將我們的 Ultium 電池系統以及與本田共同開發的 Hydrotec 氫燃料電池商業化。我們在燃料電池的開發和製造方面投入了大量資金。我們的 Ultium 電池系統和氫燃料電池的商業化體現了這一承諾以及我們對零排放未來的承諾。

Cruise, our majority-owned self-driving subsidiary, continues to make progress with its technology and the launch of the Cruise Origin shared autonomous vehicle, which will be built at Factory ZERO. We've begun testing the Origins' Ultium battery system at our Milford Proving Ground, with preproduction vehicles coming next year. By the end of the year, Cruise AVs will be tested in San Francisco without backup drivers after receiving the go-ahead from the California Department of Motor Vehicles. This is a significant milestone because Cruise will be the first company to test autonomous vehicles with no backup driver in a dense and complex urban driving environment.

我們控股的自動駕駛子公司 Cruise 的技術不斷進步，並推出了將在 Factory ZERO 生產的 Cruise Origin 共享自動駕駛汽車。我們已經開始在米爾福德試驗場測試 Origins 的 Ultium 電池系統，預生產車輛將於明年推出。到今年年底，在獲得加州機動車輛管理局的批准後，Cruise AV 將在舊金山進行無需備用司機的測試。這是一個重要的里程碑，因為 Cruise 將成為第一家在密集而複雜的城市駕駛環境中測試無備用駕駛員的自動駕駛汽車的公司。

In the coming months, GM and Cruise intend to file an exemption petition with NHTSA to deploy Origin vehicles without steering wheels or pedals. We have withdrawn an earlier exemption petition that was limited to earlier-generation Cruise AVs derived from the Chevrolet Bolt platform. The Cruise team is working with a Harvard-trained epidemiologist and using research from various health organizations to identify measures that may help maintain a healthy ride environment.

未來幾個月，通用汽車和 Cruise 打算向美國國家公路交通安全管理局提交豁免申請，以部署沒有方向盤或踏板的 Origin 汽車。我們撤回了早先的豁免申請，該申請僅限於基於雪佛蘭 Bolt 平台的上一代 Cruise AV。Cruise 團隊正在與哈佛大學培養的流行病學家合作，並利用來自各個衛生組織的研究來確定可能有助於維持健康乘車環境的措施。

Now let's take a look at our regional businesses. In North America, we gained retail market share and drove higher average transaction prices with lower incentives. Our truck and full-size SUV plants are safely operating on 3 shifts, building every vehicle possible. Our dealers are doing a great job of maximizing sales and share despite tight supply. They are using GM-developed software that helps them order the highest-demand, fastest-turning vehicle build configurations.

現在讓我們來看看我們的區域業務。在北美，我們獲得了零售市場份額，並以較低的激勵措施提高了平均交易價格。我們的卡車和全尺寸 SUV 工廠以三班倒的方式安全運行，生產所有可能的車輛。儘管供應緊張，我們的經銷商仍在努力最大限度地提高銷售和市場份額。他們正在使用通用汽車開發的軟體來幫助他們訂購需求最高、週轉最快的車輛配置。

Customers' response to our all-new full-size SUVs continues to be enthusiastic. Combined average transaction prices for the Chevrolet Tahoe and Suburban, the GMC Yukon and Yukon XL are 14% higher than outgoing models and the 3 closest competitors. Media reaction to the 2021 Cadillac Escalade, which is now arriving at dealerships, has been outstanding, with journalists citing its craftsmanship, comfort and technology, including its 38-inch OLED display. And like all of our full-size SUVs, we're selling every Escalade we can build.

客戶對我們全新全尺寸 SUV 的反應持續熱烈。雪佛蘭 Tahoe 和 Suburban、GMC Yukon 和 Yukon XL 的綜合平均交易價格比即將推出的車型和 3 個最接近的競爭對手高出 14%。2021 年凱迪拉克凱雷德現已抵達經銷商處，媒體對此反響十分熱烈，記者們稱讚了它的工藝、舒適性和技術，包括其 38 吋 OLED 顯示器。和我們所有的全尺寸 SUV 一樣，我們正在銷售我們生產的每一輛 Escalade。

This is Cadillac's first Escalade with available Super Cruise technology. For the second time, it decisively led all other active driver assistance systems in recent consumer reports testing. Over the next 3 years, Super Cruise will be available in 20 models across our brands.

這是凱迪拉克第一款配備超級巡航技術的凱雷德。在最近的消費者報告測試中，它第二次領先所有其他主動駕駛輔助系統。未來 3 年內，Super Cruise 將應用於我們旗下品牌的 20 款車型。

GM Financial delivered record results in the quarter. Since its inception 10 years ago, GM Financial continues to grow its share of the financing business for both dealers and retail customers with very high levels of customer satisfaction.

通用汽車金融在本季度取得了創紀錄的業績。自 10 年前成立以來，通用汽車金融在經銷商和零售客戶的融資業務中的份額不斷擴大，客戶滿意度非常高。

Moving to our international operations. In China, the industry continues its recovery from the impact of COVID. GM China deliveries in the quarter grew 12% year-over-year. It is the first sales increase in 2 years and in line with overall growth we're seeing in the industry's passenger vehicle market. The luxury, mid-size and large SUV and multipurpose vehicle segments, where our launches have been focused, experienced the strongest growth.

轉向我們的國際業務。在中國，該產業繼續從新冠疫情的影響中復甦。本季通用汽車中國銷量較去年同期成長12%。這是兩年來的首次銷售成長，與我們看到的行業乘用車市場的整體成長一致。我們重點推出的豪華、中型和大型 SUV 以及多用途汽車領域經歷了最強勁的成長。

Importantly, year-to-date sales of our new energy vehicle portfolio have more than doubled compared to last year. The Wuling Hong Guang mini EV became the best-selling EV in China during the quarter. In the next 5 years, more than 40% of our new launches in China will be new energy vehicles.

重要的是，今年迄今為止，我們的新能源汽車銷售與去年相比增長了一倍以上。五菱宏光mini EV成為本季中國最暢銷的電動車。未來5年，我們在中國推出的新車中40%以上將是新能源汽車。

And before I turn it over to John, I have 2 more things to share. First, if our current recovery continues, we anticipate reinstating a dividend at the appropriate level that balances various capital allocation priorities, including our investments to accelerate EV. We know this is a high priority for our shareholders, and we're looking at timing around mid-2021.

在把話題交給約翰之前，我還有兩件事要分享。首先，如果我們目前的復甦持續下去，我們預計將恢復適當水準的股息，以平衡各種資本配置優先事項，包括我們為加速企業價值而進行的投資。我們知道這對我們的股東來說是重中之重，我們正在考慮在 2021 年中期左右實現這一目標。

And finally, I want to welcome Paul Jacobson, our new CFO, who is joining us from Delta, on December 1. Paul will be a great addition to the GM senior team. At Delta, Paul led a global finance organization that is widely recognized as the best in the airline business. He and his team helped the company build a strong culture of teamwork and inclusion and deliver best-in-class customer experience, operational and financial excellence and disciplined capital allocation. Paul is committed to transforming this company. His experience and insights will help us accelerate our momentum, rapidly build scale for our vehicle electrification and autonomous technologies and position GM to deliver a world with 0 crashes, 0 emissions and 0 congestion.

最後，我要歡迎我們的新任財務長保羅·雅各布森 (Paul Jacobson)，他將於 12 月 1 日從達美航空加入我們。保羅將成為通用汽車高級團隊的一大助力。在達美航空，保羅領導著一家被廣泛認為是航空業最佳的全球金融機構。他和他的團隊幫助公司建立了強大的團隊合作和包容性文化，並提供一流的客戶體驗、卓越的營運和財務以及嚴格的資本配置。保羅致力於改變這家公司。他的經驗和見解將幫助我們加速發展，迅速擴大汽車電氣化和自動駕駛技術的規模，並使通用汽車實現零碰撞、零排放和零擁堵的世界。

And I also just want to personally thank John for all the work he's done as he did double duty for General Motors being the CFO for North America as well as the Corporate CFO. He did an outstanding job and should take full credit for the results in the quarter. I am grateful for his strong leadership, and I know he's anxious to return back to operations and to continue to drive the strong performance in North America. So John, thank you very much. And now I'll turn it over to you.

我還要親自感謝約翰所做的一切工作，他為通用汽車公司擔任雙重職務，既是北美首席財務官，也是公司首席財務官。他的工作非常出色，本季的業績理應得到他的全部讚譽。我感謝他強而有力的領導，我知道他渴望重返營運並繼續推動北美的強勁表現。所以約翰，非常感謝你。現在我將把話題交給你。

Okay. Thank you, Mary, and good morning, everybody. The third quarter was very strong, resulting in $35.5 billion in net revenue, $5.3 billion in EBIT-adjusted, 14.9% margins, $2.83 in EPS diluted adjusted and $9.1 billion in adjusted automotive free cash flow. The $2.83 EPS diluted adjusted includes a $0.05 gain from the revaluation of our investment in PSA.

好的。謝謝你，瑪麗，大家早安。第三季表現非常強勁，淨營收為 355 億美元，調整後息稅前利潤為 53 億美元，利潤率為 14.9%，調整後每股收益為 2.83 美元，調整後汽車自由現金流為 91 億美元。2.83 美元的稀釋調整後每股盈餘包括我們對 PSA 投資重估的 0.05 美元收益。

Automotive liquidity remained strong at $37.8 billion at the end of Q3, demonstrating the resilience and flexibility we have built into the business over the past few years and our ability to manage through downturns and other disruptions.

第三季末，汽車流動性依然保持強勁，達到 378 億美元，展現了我們在過去幾年中為業務打造的韌性和靈活性，以及​​我們應對經濟低迷和其他幹擾的能力。

In Q3, we repaid $5.2 billion of the corporate revolver draw and paid an additional $3.9 billion in October. We expect to pay the balance by the end of the year while remaining at or above our target average automotive cash balance.

在第三季度，我們償還了 52 億美元的企業循環信貸，並在 10 月額外支付了 39 億美元。我們預計將在年底前支付餘額，同時保持或高於我們的目標平均汽車現金餘額。

We remain focused on our investment-grade balance sheet as well as our capital framework targets.

我們仍然關注我們的投資等級資產負債表以及我們的資本框架目標。

Retail sales have continued to recover, with Q3 industry and GM results down less than 5% year-over-year despite limited inventories.

零售額持續復甦，儘管庫存有限，但第三季產業和通用汽車業績年減不到 5%。

Let's take a closer look at North America. North America delivered Q3 EBIT-adjusted of $4.4 billion, up $1.3 billion year-over-year and a 15% margin driven by strong full-size SUV and pickup truck performance, disciplined pricing, benefits from our cost actions and nonrecurrence of the $1 billion strike impact in Q3 of 2019.

讓我們仔細看看北美。北美地區第三季息稅前利潤調整後為 44 億美元，較去年同期增加 13 億美元，利潤率達到 15%，這得益於全尺寸 SUV 和皮卡的強勁表現、嚴格的定價、成本行動帶來的好處以及 2019 年第三季 10 億美元罷工影響的未發生。

The launch of our all-new full-size SUVs is going extremely well and contributed favorably to the price during the quarter. Our new full-size SUVs are designed to keep GM the clear leader in a market we have dominated.

我們全新全尺寸 SUV 的推出進展非常順利，對本季的價格產生了正面影響。我們的新型全尺寸 SUV 旨在讓通用汽車在我們主導的市場中保持絕對領先地位。

During the quarter, GMC and Chevrolet combined had a 65% share of the retail segment, and we are trending up in both share and ATPs as availability of the new models increase. Dealers and customers truly appreciate the safety features, advanced towing technology and new independent rear suspension that dramatically improves passenger comfort and cargo space.

在本季度，GMC 和雪佛蘭合計佔據了零售市場的 65% 份額，隨著新車型供應的增加，我們的份額和 ATP 均呈上升趨勢。經銷商和客戶非常欣賞其安全功能、先進的牽引技術和新的獨立後懸吊，這些都大大提高了乘客的舒適度和貨物空間。

Like we did with our full-size pickups, we are expanding model choice and trim options. This includes adding new higher-spec trims, like the AT4 package for the GMC Yukon and an exclusive interior for top-of-the-range Denali models. Similarly, we now have 6 distinctive models and have doubled the trim lineup for the 2021 Tahoe and Suburban, including the Z71 off-road package. All new SUVs also have our new vehicle intelligence platform, VIP, which is on 9 models now and will be on a total of almost 30 by 2023. With an expanded capacity for smartphone-like over-the-air software updates, the VIP system enables the adoption of functionality upgrades throughout the life of the vehicle.

就像我們對全尺寸皮卡所做的那樣，我們正在擴大車型選擇和裝飾選項。其中包括添加新的更高規格的裝飾，例如 GMC Yukon 的 AT4 套件和頂級 Denali 車型的專屬內飾。同樣，我們現在擁有 6 款獨特的車型，並將 2021 年 Tahoe 和 Suburban 的裝飾陣容增加了一倍，其中包括 Z71 越野套件。所有新款 SUV 都配備了我們的全新車輛智慧平台 VIP，目前該平台已應用於 9 款車型，到 2023 年將應用於近 30 款車型。VIP 系統具有類似智慧型手機的無線軟體更新能力，可在車輛的整個生命週期中實現功能升級。

Like our pickups, our SUVs command high ATPs, and we intentionally planned our rollout to include a rich mix of completely redesigned full-size SUVs with a goal to drive profitability and enhance our segment-leading market share. We started deliveries of our SUVs in Q2. And since the launch, we have gained approximately 3 percentage points of market share.

與我們的皮卡一樣，我們的 SUV 擁有很高的 ATP，我們特意計劃推出一系列經過完全重新設計的全尺寸 SUV，旨在提高盈利能力並增強我們在細分市場的領先份額。我們在第二季開始交付 SUV。自推出以來，我們的市佔率已增加約 3 個百分點。

Retail market share of our large pickups is also strong, up approximately 2 percentage points year-to-date through the third quarter, with Sierra, the fastest-growing nameplate in the segment.

我們的大型皮卡的零售市佔率也很強勁，截至第三季度，年初至今成長了約 2 個百分點，其中 Sierra 是該領域成長最快的品牌。

Let's move to GM International. For the third quarter, EBIT-adjusted in GMI was up $100 million year-over-year, driven by favorable price and mix, continued benefits from our transformation actions and austerity measures partially offset by weaker FX in South America. China equity income in Q3 was flat year-over-year and slightly above our $200 million expected run rate. We saw benefits from volume as the market continues to recover from H1 lows; improved mix from recent launches, including Cadillac XT6, CT4, CT5, Buick Enclave and Chevrolet Blazer; and cost discipline. The benefits were offset by continued pricing pressure.

讓我們轉到通用汽車國際。第三季度，GMI 的息稅前利潤調整後同比增長 1 億美元，這得益於有利的價格和產品組合、我們轉型行動和緊縮措施帶來的持續收益，但南美外匯疲軟部分抵消了這一影響。第三季中國股票收益與去年同期持平，略高於我們預期的 2 億美元運行率。隨著市場繼續從上半年低點復甦，我們看到了交易量的好處；近期推出的車型組合有所改進，包括凱迪拉克 XT6、CT4、CT5、別克 Enclave 和雪佛蘭 Blazer；和成本紀律。持續的價格壓力抵消了這些好處。

We received $500 million in dividends from our China JV in Q2 and expect the remaining $500 million to be paid in Q4. In South America, all plants are operating in line with market demand, and the team has been reducing cost to lessen the effects of the pandemic while continuing to optimize mix and aggressively take industry-leading price. These cost measures include voluntary and involuntary staff reductions, salary reductions and delayed investments.

我們在第二季度從中國合資企業獲得了 5 億美元的股息，預計剩餘的 5 億美元將在第四季度支付。在南美，所有工廠均按照市場需求運營，團隊一直在降低成本以減輕疫情的影響，同時繼續優化產品組合併積極爭取行業領先的價格。這些成本措施包括自願和非自願的裁員、減薪和延遲投資。

Our strong Chevrolet brand has led the market for 18 consecutive years led by Onix. The Tracker has also led its segment since its launch earlier this year. The success of both entries highlights the strength of our new global family of vehicle platform, which now represents about 2/3 of South America volume and meaningful progress in terms of profitability and localization.

我們強大的雪佛蘭品牌在Onix的帶領下已經連續18年引領市場。自今年稍早推出以來，該追蹤器也一直處於領先地位。這兩個項目的成功凸顯了我們新的全球汽車平台系列的實力，該平台目前約佔南美銷量的2/3，並且在盈利能力和本地化方面取得了有意義的進展。

A few comments on GM Financial, Cruise and our corp segment. GM Financial posted quarterly revenue of $3.4 billion in the third quarter and EBT adjusted of $1.2 billion, primarily as a result of high used vehicle prices contributing to gain on sale of off-lease vehicles, reduced provision expense due to stable credit performance and lower interest expense as a result of a decline in interest rates. Cruise costs were $200 million for the quarter, in line with expectations, and corp segment costs for the third quarter were $100 million, better than run rate due to the PSA revaluation and other onetime items.

對通用金融、Cruise 和我們的公司部門的一些評論。通用金融第三季的季度收入為 34 億美元，調整後的息稅前利潤為 12 億美元，主要歸因於二手車價格高企，帶動了租賃期滿車輛的銷售收益，信貸業績穩定導致撥備支出減少，以及利率下降導致利息支出減少。本季郵輪成本為 2 億美元，符合預期，第三季公司部門成本為 1 億美元，由於 PSA 重估和其他一次性項目，高於運行率。

We achieved our transformational cost savings target of $4 billion since 2018, including $200 million in Q3. We expect to continue making progress on the target range of $4 billion to $4.5 billion through the end of the year.

自 2018 年以來，我們實現了 40 億美元的轉型成本節約目標，其中包括第三季的 2 億美元。我們預計到今年底將繼續朝著 40 億至 45 億美元的目標邁進。

Finally, let me update you on the EBIT and cash flow scenario that we provided last quarter. Going into the second half, we anticipated U.S. light vehicle industry SAAR to be in the 14 million unit range. It has been tracking much stronger, and we are now anticipating light vehicle SAAR in the mid to high 15 million unit range in H2, with pickup truck demand specifically exceeding original expectations. We have been selling vehicles within a few days of arriving at dealerships, leading to slower inventory rebuild than anticipated. As a result, our inventory levels will likely not reach our previous scenario of 600,000 units by year-end.

最後，讓我向您更新我們上個季度提供的息稅前利潤和現金流情況。進入下半年，我們預計美國輕型車產業的年均複合成長率將達到 1,400 萬輛左右。它一直表現得更加強勁，我們現在預計下半年輕型車年均銷售量將達到 1500 萬輛左右，其中皮卡的需求將超過最初的預期。我們的車輛在到達經銷商後幾天內就被售出，導致庫存重建速度比預期的要慢。因此，到年底我們的庫存水準可能不會達到我們先前設定的 60 萬台的水準。

We continue to carefully monitor and adjust to the macro environment, which remains volatile given the evolving pandemic that is still impacting the economy. This may adversely affect demand and production timing and levels. However, with our stronger-than-anticipated Q3 performance driven by strength in pickup trucks, full-size SUVs and crossovers and the unanticipated benefits from GM Financial due to the Brazilian credit performance and high used vehicle prices, we expect our H2 EBIT and free cash flow to be well above the scenario provided on our Q2 earnings call.

我們將繼續密切監測和調整宏觀環境，鑑於疫情不斷演變並仍在影響經濟，宏觀環境仍然動盪。這可能會對需求和生產時間和水準產生不利影響。然而，由於皮卡、全尺寸 SUV 和跨界車的強勁表現以及通用金融因巴西信貸表現和二手車價格高企而帶來的意外收益，我們第三季度的業績好於預期，我們預計下半年的息稅前利潤和自由現金流將遠高於我們在第二季度收益電話會議上提供的情景。

Given the strong performance and assuming no unforeseen production disruptions, our updated H2 scenario for total company EBIT is in the $8.5 billion to $9 billion range, with Q4 weaker than Q3 due to seasonality and free cash flow levels in H2 to be in the $11.5 billion to $12.5 billion range. I would caution against extrapolating our H2 performance going forward as we will reintroduce engineering, manufacturing and advertising costs as operations normalize.

鑑於強勁的業績表現，並假設沒有不可預見的生產中斷，我們更新後的下半年公司息稅前利潤總額預測在 85 億美元至 90 億美元之間，其中第四季度由於季節性因素將弱於第三季度，下半年自由現金流水準將在 115 億美元至 125 億美元之間。我提醒大家不要推論我們下半年的業績，因為隨著營運恢復正常，我們將重新引入工程、製造和廣告成本。

To help you frame 2021, I would like to provide some early thoughts with our more detailed level of guidance to be provided in early February during our Q4 earnings call. At a high level, comparing 2021 to 2020 in an environment where 2020 was not impacted by the pandemic, EBIT performance expectations are fairly similar, with some puts and takes. Headwinds for 2021 compared to a normalized 2020 include increased spending as we invest in our EV rollout and potential commodity headwinds, particularly around platinum group metals. Opportunities in 2021 include an entire year of full-size SUV production, inventory build remains an opportunity but will be dependent on market demand and modest ongoing cost savings from COVID austerity learnings.

為了幫助您規劃 2021 年，我想提供一些早期的想法，我們將在 2 月初的第四季財報電話會議上提供更詳細的指導。從高層次來看，在 2020 年未受疫情影響的環境下，將 2021 年與 2020 年進行比較，息稅前利潤 (EBIT) 業績預期相當相似，但也存在一些利弊。與正常的 2020 年相比，2021 年面臨的不利因素包括：由於我們投資於電動車推廣，支出增加，以及潛在的大宗商品不利因素，尤其是鉑族金屬。2021 年的機會包括整整一年的全尺寸 SUV 生產，庫存建設仍然是一個機會，但將取決於市場需求以及從 COVID 緊縮政策中吸收的持續適度成本節約。

Specific to free cash flow, as mentioned previously, the permanent -- CapEx this year will lead to retimed spend in 2021. We previously communicated a CapEx run rate of $7 billion per year. As a result of this retimed 2020 spending and a strategic decision to accelerate investments in our all-electric future, we expect that our annual CapEx will exceed $7 billion through at least 2023. As Mary mentioned, we will communicate a more detailed EV strategy on November 19.

具體到自由現金流，如前所述，今年的永久資本支出將導致 2021 年的重新安排支出。我們先前公佈的資本支出運作率為每年 70 億美元。由於重新安排了 2020 年的支出，並做出了加速對全電動未來投資的戰略決策，我們預計到至少 2023 年，我們的年度資本支出將超過 70 億美元。正如瑪麗所提到的，我們將在 11 月 19 日公佈更詳細的 EV 策略。

In summary, our Q3 results demonstrate the strength and flexibility of the business and our ability to recover quickly from a significant disruption. We have continued our focus on launch performance, cash flow and improving the overall resilience of the business. We are laser-focused on execution and setting GM up to win in the future of mobility.

總而言之，我們的第三季業績證明了業務的實力和靈活性，以及​​我們從重大中斷中快速恢復的能力。我們持續專注於發布績效、現金流和提高業務的整體彈性。我們全心全意地執行並幫助通用汽車在未來的移動領域中取得勝利。

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

我們的開場白到此結束，我們現在進入電話會議的問答部分。

(Operator Instructions) And our first question comes from the line of Itay Michaeli with Citi.

（操作員指示）我們的第一個問題來自花旗銀行的 Itay Michaeli。

Congrats.

恭喜。

Thanks, Itay.

謝謝，Itay。

Just maybe -- John, I appreciate the color into 2021. And I was hoping we can maybe just walk through North America, the bridge there in a bit more detail. And specifically, kind of as we think about the company's earnings power in North America relative to where you thought it was pre-COVID, just maybe walk us through some of the puts and takes there just given the strength of the truck franchise this year.

也許吧——約翰，我很欣賞 2021 年的色彩。我希望我們能更詳細地了解一下北美那座大橋。具體來說，當我們考慮該公司在北美的盈利能力相對於新冠疫情之前的水平時，考慮到今年卡車特許經營的強勁表現，也許您可以向我們介紹一下那裡的一些利弊。

Well, I mean what we're seeing specifically relative to the industry is actually quite stronger -- much stronger in the recent months versus what we were seeing in COVID. You can look at our bridge. I think we're calling out cost savings, excluding warranty, of about $700 million quarter-on-quarter. I think you're asking what could stick, what translates forward. I think a big chunk, Itay, of the savings really represents the austerity actions that we put in place in Q2. And where -- they bled into Q3.

嗯，我的意思是，我們看到的行業具體表現實際上相當強勁——最近幾個月的表現比我們在 COVID 中看到的表現要強勁得多。你可以看看我們的橋。我認為，我們預計成本節省（不包括保固）將比上一季減少約 7 億美元。我認為您問的是哪些可以堅持下去，哪些可以向前發展。我認為，Itay，很大一部分儲蓄實際上代表了我們在第二季度實施的緊縮措施。並且──他們進入了第三季。

And as operations start to normalize as our plants continue to run hard, we will start to see some of that cost go back into the system in Q4 and beyond.

隨著我們的工廠繼續努力運轉，營運開始恢復正常，我們將開始看到部分成本在第四季度及以後重新回到系統中。

Just to clarify, John, I guess, the 2021 comparison, should we think about the 2020 as sort of on a more normalized ex COVID? And if so, could you kind of quantify what that sort of comparability should look like?

約翰，我想澄清一下，與 2021 年相比，我們是否應該將 2020 年視為一種更正常化的疫情前年份？如果可以的話，您能否量化這種可比性應該是什麼樣的？

Sure. Yes. I mentioned that our 2021 could be in line -- more in line with pre-COVID levels, really not that indifferent than what we reviewed at Capital Markets Day back in February. We do have the puts and the takes. We mentioned plus EV spend. We mentioned potential commodity headwinds really in the platinum group metals. The tailwinds: the full year of full-size SUV and inventory build opportunity, and so potential COVID cost savings. So EBIT-wise, not that real indifferent than where we were at the Capital Markets Day.

當然。是的。我提到，我們的 2021 年業績可能與新冠疫情之前的水平一致，與我們 2 月份在資本市場日回顧的業績相比，並沒有那麼不同。我們確實有付出也有收穫。我們提到了加上企業價值支出。我們提到了鉑族金屬中潛在的商品逆風。順風因素：全年全尺寸 SUV 和庫存建設機會，以及潛在的 COVID 成本節約。因此，從息稅前利潤 (EBIT) 來看，與資本市場日的情況相比，並沒有那麼不同。

On the cash side, a little different. Cash side, we actually delayed $2 billion of CapEx spend this year that will get retimed into next year. And as a result of our strategic decision to accelerate our investments, we will see some of this accrete into 2021 as well.

從現金方面來看，情況略有不同。現金方面，我們實際上推遲了今年 20 億美元的資本支出，這些支出將推遲到明年。由於我們做出了加速投資的策略決策，我們將看到部分投資在 2021 年繼續成長。

Just lastly, maybe for Mary, strategically. One of the announcements that you made throughout the quarter was the relationship with Uber to deploy EVs on rideshare networks is something we've talked about in the past. Curious if you can kind of comment on where this relationship could potentially progress over the next couple of years.

最後，也許對瑪莉來說，具有戰略意義。您在本季發布的公告之一是與 Uber 合作在共乘網路上部署電動車，這是我們過去曾討論過的事情。我很好奇您是否可以評論一下未來幾年這種關係可能會如何發展。

Well, I think you're seeing rideshare companies want to do their part from a 0 emissions perspective, and so providing the drivers the opportunity to have an EV that's within reach. And the Chevrolet Bolt EV is an excellent vehicle. We deployed it in past in the rideshare environment. And it was -- it did very well. It's very functional from that perspective. So we think it's a good offering, and we're going to continue to make that available and see how we can grow that business.

嗯，我認為你看到的是共乘公司希望從零排放的角度盡自己的一份力，從而為司機提供擁有觸手可及的電動車的機會。雪佛蘭 Bolt EV 是一款出色的車輛。我們過去曾在共乘環境中部署過它。事實確實如此——它表現得非常好。從這個角度來看，它非常實用。因此我們認為這是一個很好的產品，我們將繼續提供該產品並研究如何發展該業務。

Our next question comes from the line of Rod Lache with Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Rod Lache。

I was just hoping -- first, John, I apologize for being a little bit thick on this, but I didn't quite understand what you actually were guiding to for 2021. Did you say it would be similar to the roughly $10.5 billion EBIT that you're looking for this year, which obviously includes the gains that you're seeing in GM Financial and also COVID? Or did you sort of make adjustments to extract COVID impact from that?

我只是希望——首先，約翰，我很抱歉在這個問題上說得有點不清楚，但我不太明白你對 2021 年的實際指導是什麼。您是否說過這將與您今年期望的約 105 億美元的息稅前利潤相似，其中顯然包括您在通用金融和 COVID 中看到的收益？或者您是否做出了某種調整以消除 COVID 的影響？

No. I mean pre-COVID, Rod, I think at Capital Markets Day, we were guiding EPS diluted adjusted somewhere around $6.5 -- I think it was $5.75 to $6.25. And you can extrapolate that to our EBIT number. As we look forward into '21, we think we could be there. Our goal would obviously -- the puts and the takes could offset each other, but a lot is really dependent as we move forward in this uncertain world.

不。羅德，我的意思是，在新冠疫情之前，我認為在資本市場日，我們預計每股收益稀釋調整後約為 6.5 美元——我認為是 5.75 美元到 6.25 美元。您可以將其推斷出我們的息稅前利潤 (EBIT) 數字。當我們展望21世紀時，我們相信我們能夠實現這一目標。我們的目標顯然是——投入和收穫可以相互抵消，但當我們在這個不確定的世界中前進時，很多事情確實是相互依賴的。

Okay. That's clear. And any color on what you're expecting for GMI ex China? Obviously, that's still a pretty significant drag. Is there a reason to be a bit optimistic about that as you look out to next year?

好的。這很清楚。您對 GMI 在中國以外的市場有何期待？顯然，這仍然是一個相當大的阻力。展望明年，您是否有理由對此感到樂觀？

As we look to next year, it's still a difficult environment. I think everybody can see that. I think your question, is there any possible upside? I think some of the upside that we see is we'll have a full year of our Tracker, which is the SUV, we'll have a full year next year. And really, Rod, we've taken quite a bit of price this year, and that price will carry into next year, which will be a tailwind for us. I think those are the 2 positives that we can point to for next year in South America.

展望明年，我們面臨的環境依然艱困。我想每個人都能看到這一點。我認為你的問題是，有任何可能的好處嗎？我認為我們看到的一些好處是，我們的 Tracker（SUV）將有整整一年的銷售量，明年也將有整整一年的銷售量。羅德，實際上，我們今年已經獲得了相當多的價格，而且這個價格將延續到明年，這對我們來說是一個順風。我認為這是我們明年在南美洲可以看到的兩個正面因素。

Yes. The only thing I would add, Rod, is also in addition to what John said, the team has just done an excellent job of continuing to take cost out of the business. So the team is very hungry to deliver positive results. And so they're committed and working day and night on that.

是的。羅德，我唯一想補充的是，除了約翰所說的話之外，團隊在繼續降低業務成本方面做得非常出色。因此，該團隊非常渴望取得積極的成果。因此他們全心投入並日夜工作。

Okay. And just lastly, Mary, I mean, so much has happened here in the market over the past year competitively, especially with regard to electrification. And I was just hoping you might be able to share with us some updated thoughts on strategy and if it's evolved at all or changed at all since the March EV Day. Any thoughts about the -- accelerating the trajectory of growth in EV? Is this Oshawa expansion related to EVs or any changes to the distribution strategy?

好的。最後，瑪麗，我的意思是，過去一年來，市場競爭發生了許多變化，特別是在電氣化方面。我只是希望您能與我們分享一些關於策略的最新想法，以及自三月電動車日以來它是否有所發展或改變。對於加速電動車的成長軌跡您有何想法？奧沙瓦的擴張是否與電動車或分銷策略的任何變化有關？

So we're going to share a lot more of our EV strategy when we're at the Barclays conference later this month. But I would say we have done a lot since March -- the March EV Day, continued aggressively on the battery technology development and very pleased where we're at. From an Ultium perspective, we announced the Ultium Drive. That gives us a lot of flexibility and scale in addition to the wireless battery management system. So you can see there's a lot of work going on from a technology perspective to make sure we have leading technology.

因此，我們將在本月稍後的巴克萊會議上分享更多有關我們的電動車策略的資訊。但我想說，自三月以來我們已經做了很多——三月的電動車日，我們繼續積極地進行電池技術開發，並且對目前的情況感到非常滿意。從 Ultium 的角度來看，我們宣布了 Ultium Drive。除了無線電池管理系統之外，這也為我們提供了極大的靈活性和規模。因此，您可以看到，從技術角度來看，我們正在進行大量工作以確保我們擁有領先的技術。

We've shared the Cadillac Lyriq and the GMC Hummer EV. Both reveals went exceptionally well, and the customer feedback from both has been very, very strong. In addition, we have announced the $2 billion investment in Factory ZERO in Detroit-Hamtramck. That will be an all-EV plant. We have the Ultium Cells LLC in Lordstown ahead of schedule, and we're hiring. And then we have the Spring Hill announcement, which is about a $2 billion investment as well.

我們分享了凱迪拉克 Lyriq 和 GMC Hummer EV。兩次發表會都非常順利，客戶回饋也非常強烈。此外，我們也宣布向底特律-哈姆特拉克的 Factory ZERO 投資 20 億美元。這將是一座全電動汽車工廠。我們提前在洛茲敦設立了 Ultium Cells LLC，並且正在招募。然後我們又宣布了 Spring Hill 的投資計劃，這也是一項約 20 億美元的投資。

So when you step back and look at the potential that GM has from an EV perspective, we can leverage our iconic brands that have a relationship with customers across the country and, frankly, across the globe; leverage the technical capability of the team, which I'd put against any other group; the ability that we have to quickly convert our manufacturing facilities and get the scale very quickly not only from a component perspective, but in building.

因此，當你退一步從電動車的角度來看通用汽車的潛力時，我們可以利用與全國各地乃至全球客戶都有關係的標誌性品牌；利用團隊的技術能力，這是我對其他任何團隊都不敢奢望的；我們有能力快速轉換我們的製造設施，並且不僅從組件角度，而且在建築方面都能夠快速達到規模。

So when you look at all those things, our major goal is to make sure that we are in a leading position from getting the new vehicles out. We've already talked about the fact that Ultium will give us profitable electric vehicles. And we think leading and getting vehicles across the entire market, leveraging our brands is going to be very important.

所以當你考慮所有這些事情時，我們的主要目標是確保我們在推出新車時處於領先地位。我們已經討論過 Ultium 將為我們提供有利可圖的電動車這一事實。我們認為，引領和推廣整個汽車市場、發揮我們的品牌角色非常重要。

Lastly, you mentioned dealers. And what I'll say, we are working in partnership with dealers. There's already been quite a bit of transformation. And we're finding that some customers want to do everything online. Other customers still want to literally kick the tires. The new systems that we're deploying, the GM-based systems that we're deploying with our dealers are helping. I also mentioned that we're leveraging systems to help dealers order the fastest-moving and often most profitable vehicles. So that's improving their business as well. So we're working in partnership with our dealers to transform and provide an excellent customer experience.

最後，您提到了經銷商。我想說的是，我們正在與經銷商合作。已經發生了相當大的轉變。我們發現有些客戶希望在網路上完成所有事情。其他顧客仍想親自試試。我們正在部署的新系統、我們與經銷商一起部署的基於 GM 的系統正在提供協助。我還提到，我們正在利用系統來幫助經銷商訂購銷售最快、通常利潤最高的車輛。這也有利於改善他們的業務。因此，我們正在與經銷商合作，以改變並提供卓越的客戶體驗。

The last proof point I'll give you is the GMC Hummer EV, where you look at with 4 steps being able to make a deposit on a vehicle and improve pricing transparency so customers know exactly what they're going to pay, no incentives, no discounting, no haggling. And this is all being done in partnership with our dealers. So there's a lot more to come here, and I'm very pleased with the great work that we're doing together.

我要給你的最後一個證明點是 GMC Hummer EV，你可以透過 4 個步驟來支付車輛押金並提高定價透明度，以便客戶確切地知道他們要支付多少錢，沒有獎勵，沒有折扣，沒有討價還價。這一切都是與我們的經銷商合作完成的。所以這裡還有很多事情要做，我對我們共同完成的出色工作感到非常高興。

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

我們的下一個問題來自德意志銀行的 Emmanuel Rosner。

One more question on the EV strategy. I really appreciate all the color today. So today, NIO's market gap has officially surpassed GM's. And that's the latest example of high market valuations and cheap access to capital for this electric vehicle company. I was hoping to get your latest thoughts on what the best way is to unlock shareholder value from your technology.

關於電動車戰略還有一個問題。我真的很欣賞今天的所有色彩。所以今天，蔚來汽車的市場差距已經正式超越通用汽車。這是這家電動車公司高市場估值和廉價資本獲取的最新例證。我希望了解您的最新想法，即如何以最佳方式利用您的技術釋放股東價值。

Last quarter, you said nothing is off the table, but I'm certainly getting a strong vibe from all the announcements on the EV side that things seem to be being kept all together. So just your latest thoughts what's the best way to unlock shareholder value.

上個季度，您說沒有什麼是不可能的，但我從電動車方面的所有公告中確實感受到一種強烈的感覺，事情似乎都在保持原樣。那麼，您最近的想法是，釋放股東價值的最佳方法是什麼。

Well, Emmanuel, as I've always said, we're committed to and have taken many steps in our EV business as well as our autonomous business to maximize the ability to unlock long-term shareholder value, not something that's going to necessarily cause a quick pop. When you look at all of the assets that we bring to that and recognize that EV is a propulsion system, there's many other parts of the vehicle, we're focused on speed and what's going to drive the business and growth over the long term. So we'll talk more about it at the Barclays conference. But our focus is absolutely on unlocking shareholder value and speed to market.

嗯，伊曼紐爾，正如我一直說的，我們致力於並已在我們的電動車業務和自動駕駛業務中採取了許多措施，以最大限度地釋放長期股東價值的能力，而不是必然會導致快速爆發的事情。當你看到我們為此帶來的所有資產並認識到電動車是一個推進系統時，車輛還有許多其他部分，我們專注於速度以及長期推動業務和成長的因素。因此我們將在巴克萊會議上進一步討論這個問題。但我們的重點絕對是釋放股東價值、加快上市速度。

Understood. And then a second question, could you talk a little bit more about the benefits from the alliance with Honda in North America? I'm just curious if you could maybe detail a time line, magnitude of expected benefits, what sort of product lines are even being considered, just anything that helps us understand the opportunity here.

明白了。第二個問題，您能否再多談談與本田在北美結盟的好處？我只是好奇您是否可以詳細說明時間表、預期收益的大小、正在考慮的產品線類型，以及任何有助於我們了解這裡的機會的資訊。

Sure. As we mentioned in September, we announced a nonbinding MOU. We continue to have discussions, are making great progress on a definitive agreement. And the scope of things that we're working on are platform sharing, sharing with R&D, connectivity solutions as well as purchasing. So -- and if you think about the items that I've just mentioned, those are -- can lead to significant cost savings. So we'll have more to outline as we get to a definitive agreement, but it's a pretty broad look at what we can do together to make us both more efficient and also make -- allow for leading technology and EVs and platforms in the market.

當然。正如我們在九月提到的，我們宣布了一項不具約束力的諒解備忘錄。我們繼續進行討論，並在最終協議方面取得了重大進展。我們正在進行的工作範圍包括平台共享、研發共享、連接解決方案以及採購。所以——如果你考慮我剛才提到的項目，你會發現它們可以帶來顯著的成本節約。因此，當我們達成最終協議時，我們會有更多內容需要概述，但這是對我們可以共同做些什麼來提高效率以及允許在市場上推出領先技術、電動車和平台的一個相當廣泛的審視。

And just timing-wise, any sense when the earliest benefits could be realized?

從時間角度來看，最早什麼時候能達到效益？

I think probably need to let us get the definitive agreement before I start quantifying and timing them, Emmanuel, if that's okay.

我認為在開始量化和計時之前可能需要讓我們達成最終協議，Emmanuel，如果可以的話。

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

我們的下一個問題來自美國銀行的約翰·墨菲。

I just wanted to look at Slide 17 in the supplemental portion of the deck and look at this and -- I mean maybe recognize -- I mean I've got data going back more than 30 years. $4.4 billion EBIT for North America is a record and a pretty strong one. And you can certainly argue there's some puts and takes and benefits at the current time, but it's not necessarily the greatest time in the world in North America. So it's pretty impressive, right? I mean I don't think this should be undersold.

我只是想看一下簡報補充部分的第 17 張幻燈片，看看這個——我的意思是也許可以認出——我的意思是我有 30 多年前的資料。北美 44 億美元的息稅前利潤創下了紀錄，而且相當強勁。當然，你可以說，目前存在一些利弊，但這不一定是北美世界上最美好的時期。這真是令人印象深刻，對吧？我的意思是我不認為這應該被低價出售。

I'm just curious, as you're looking at this, I mean, John, you mentioned that some of the cost savings may not repeat. But I think you guys indicated that you're going to get $200 million -- or you got $200 million of the $4 billion goal to wrap that up. And you're going for $4.5 billion now. But let's take out $800 million there and say maybe that's not going to repeat and maybe knock out the price and say, "Hey, listen, the market is just so insanely hot that might not repeat." You're still doing well north of a 10% EBIT margin.

我只是好奇，當你看到這個時，我的意思是，約翰，你提到一些成本節省可能不會重複。但我認為你們表示你們將獲得 2 億美元——或者你們獲得了 40 億美元目標中的 2 億美元來實現這一目標。現在你的目標價是 45 億美元。但是，讓我們拿出 8 億美元，假設這種情況可能不會重演，也許可以降低價格，然後說：「嘿，聽著，市場太火爆了，這種情況可能不會重演。」您的息稅前利潤率仍超過 10%，表現良好。

So I'm just curious if that logic makes sense to you and why, given the strategy and the product that you might not be able to hold on to some of that price and some of that cost go forward. Because I mean you're being very humble and underselling what you did in North America.

所以我只是好奇這種邏輯對你來說是否合理，以及為什麼在考慮到策略和產品的情況下你可能無法維持部分價格和部分成本。因為我的意思是你非常謙虛並且低估了你在北美所做的事情。

I guess, John, I guess a couple of comments there. As we look forward -- we've worked hard on the $4 billion to $4.5 billion. We're looking hard at what can we make stick from an austerity perspective. We do have some tailwinds with the all-new full-size SUVs, 3 brands, we've got some strength there.

我想，約翰，我想那裡有幾個評論。展望未來—我們已為實現 40 億至 45 億美元目標而努力奮鬥。我們正在認真考慮從緊縮政策的角度可以採取哪些措施。全新全尺寸 SUV 為我們帶來了一些順風，3 個品牌在這方面具有一定優勢。

If you look at the last handful of years, we've been in launch mode, really, launching our T1 platform, the Silverado, Sierra and the SUVs. And now we're -- we've got the launch behind us. And so going forward, yes, I mean, we're going to utilize some of that strength. And I think we've talked about North America 10% margins. We've demonstrated in the last 5 years we can do 10% in most years and even some quarters better than 10%.

如果你回顧過去幾年，你會發現我們一直處於發布模式，推出了我們的 T1 平台、Silverado、Sierra 和 SUV。現在我們已經完成了發布。所以展望未來，是的，我的意思是，我們將利用其中的一些優勢。我認為我們已經討論過北美 10% 的利潤率。過去 5 年我們已經證明，大多數年份我們的成長率都能達到 10%，甚至有些季度的成長率甚至超過 10%。

Some of that, though, will actually have to use to pay some of the acceleration of our EVs on a go-forward basis. And I think Mary mentioned we're going to go hard at this and more to come at Barclays in the middle of the month.

不過，其中一部分實際上必須用來支付我們電動車未來的加速費用。我認為瑪麗提到過，我們將在本月中旬在巴克萊銀行努力實現這一目標並推出更多舉措。

But I think it's a really good point, John, that our North America business, especially the strength of our full-size truck platform and the franchise there, full-size SUVs, gives us excellent opportunity to self-fund our growth in EVs and then leverage all the assets we bring, whether it's manufacturing, engineering, technology.

但是約翰，我認為這是一個非常好的觀點，我們的北美業務，特別是我們的全尺寸卡車平台和那裡的特許經營權的實力，全尺寸 SUV，為我們提供了絕佳的機會來為我們在電動汽車領域的增長提供資金，然後利用我們帶來的所有資產，無論是製造、工程還是技術。

So I think we have to focus in on what it takes to really put vehicles on the road that are long-term durable and high quality, also that customers want. And I think, frankly, that's been a little bit underappreciated. But when you look at the earnings potential, even with the adjustments that you made in North America, we're going to go hard at EVs and demonstrate the assets that we're going to bring to it. And the North America performance that John is being a bit modest about allows us to do that.

因此，我認為我們必須集中精力，真正讓道路上行駛的車輛既耐用又高品質，同時也滿足客戶的需求。坦白說，我認為這一點有點被低估了。但是當你看到獲利潛力時，即使你在北美做出了調整，我們仍將在電動車領域大力投入，並展示我們將為其帶來的資產。約翰有點謙虛地表示，北美的表現使我們能夠做到這一點。

Okay. That's helpful. I still think you're being awful humble there, but we'll be -- just a second question on EVs, and I understand you're going to talk about it more in the coming days. But you've made certainly comments about doing Ultium powertrain inside and you've discussed cycle times being shorter. So I just wonder if you could sort of clarify on the EV Ultium strategy whether levels of outsourcing or in-sourcing may be similar or different versus ICE vehicles have been historically.

好的。這很有幫助。我仍然認為您太謙虛了，但我們會——再問一個關於電動車的問題，我知道您將在接下來的幾天裡更多地談論這個話題。但是您確實對在內部使用 Ultium 動力系統發表了評論，並且討論了縮短週期時間。所以我只是想知道您是否可以澄清一下 EV Ultium 策略，與歷史上的 ICE 汽車相比，外包或內部採購的水平是否相似或不同。

And then also, Mary, I mean, in the press release, you did talk about cycle times being faster, so that should be fair game on this call. What does the faster cycle times mean -- product cycle times mean on EVs?

然後，瑪麗，我的意思是，在新聞稿中，你確實談到了周期時間更快，所以這在這次通話中應該是公平的。更快的循環時間意味著什麼－產品循環時間對電動車意味著什麼？

So I think a couple of points, and I'm really glad that you asked the question. So we have -- from an Ultium perspective, we have a very robust road map of how we're going to work to take costs out and really leverage the scale and the opportunity that we have when you think about the market size that we have in North America as well as China. And there's other markets that are open for us. So I think there's a huge opportunity for EV growth in our business.

所以我想了幾點，我很高興你問了這個問題。因此，從 Ultium 的角度來看，我們有一個非常完善的路線圖，說明我們將如何努力降低成本，並真正利用我們在北美和中國的市場規模和機會。還有其他市場對我們開放。因此我認為我們的業務中電動車存在巨大的成長機會。

And as we mentioned, I think what you're referring to on cycle times is the fact that the GMC Hummer EV is the fastest vehicle development we've ever put on the road. We're using new technology and tools. The fact that the way the Ultium platform has been designed, it's very modular. So that allows for reuse of engineering. That speeds up the process. The design team with how the Ultium platform -- when you're not trying to retrofit an ICE platform but you start with an EV-intended platform, that gives you a lot of design freedom and flexibility. You're seeing that with the LYRIQ and with the GMC Hummer, and there's more to come.

正如我們所提到的，我認為您提到的周期時間是指 GMC Hummer EV 是我們迄今為止上路行駛的最快的車輛開發速度。我們正在使用新技術和工具。事實上，Ultium 平台的設計方式非常模組化。這樣就可以重複使用工程。這加快了進程。設計團隊如何使用 Ultium 平台——當您不嘗試改造 ICE 平台而是從 EV 平台開始時，這會為您提供很大的設計自由度和靈活性。您可以在 LYRIQ 和 GMC Hummer 上看到這一點，而且未來還會有更多。

So all of those things are allowing us to have a much faster global vehicle development process to get the vehicles on the road. And so we'll share more about that, but that -- those are all the elements that are allowing us to do that.

所有這些因素都使得我們能夠更快地進行全球汽車開發，從而使汽車能夠上路行駛。因此，我們將分享更多有關這方面的信息，但這些都是使我們能夠做到這一點的因素。

And again, the milestones we've established and the speed at which we plan taking cost out from the battery -- because cost on EVs is all about the battery. And so getting those costs down, controlling what we need to control, and I think you've seen are a definite change at General Motors of how we did ICE vehicles versus the way we're doing EVs with controlling and having the JV on cell manufacture. So we're rethinking every aspect of the business to make sure that it's going to allow us speed, it's going to allow us to have a cost base that allows us to enter many more segments with profitable EVs into the marketplace, which I think then that represents the growth opportunity in front of us.

再次強調，我們已經設定了里程碑，並計劃以最快的速度降低電池成本——因為電動車的成本完全取決於電池。因此，降低這些成本，控制我們需要控制的部分，我想你已經看到了通用汽車在內燃機汽車生產方式和電動車生產方式上的明顯變化，我們透過控制電池製造和合資方式生產電動車。因此，我們正在重新考慮業務的各個方面，以確保它能夠讓我們快速發展，讓我們擁有一個成本基礎，使我們能夠透過盈利的電動車進入更多的細分市場，我認為這代表著我們面前的成長機會。

Could this mean that mid-cycle majors are a thing of the past?

這是否意味著中期專業已經成為過去？

Well, I think we have to look at that, that it will be customer-driven. Because I think if you step back and you go 5, 6 years ago, mid-cycle enhancements are all about the exterior. And now not only do you have changes you can make to the exterior possibly faster, but also what you can do internally. And with our vehicle intelligence platform and the ability to do over-the-air updates, whether it's something new that you're going to put out on a model or something that you can upgrade in a previous model to, that's all new business for us in the services side of it. So don't underestimate the fact that I think John said we're going to have VIP on about 33 vehicles, was it, John, by 2023. And of course, that will be driving our EV vehicles as well.

嗯，我認為我們必須考慮這一點，它將是由客戶驅動的。因為我認為，如果你回顧 5、6 年前，中期改進都是關於外觀的。現在，您不僅可以更快地對外部進行更改，還可以對內部進行更改。憑藉我們的車輛智慧平台和無線更新能力，無論是在某個車型上推出的新功能，還是在之前的車型上進行升級的功能，對於我們服務方面來說，這都是全新的業務。所以不要低估這個事實，我認為約翰說過，到 2023 年，我們將在約 33 輛汽車上安裝 VIP 系統，是嗎，約翰？當然，這也將推動我們的電動車的發展。

Just on the dividends from China and GMF, John, what are the -- I mean I think it's -- year-to-date China's 500 and GMF is 800. What do we have left just to top out the year? And then I'm done.

僅就中國和 GMF 的股息而言，約翰，我的意思是，我認為是——今年迄今為止中國有 500 家公司，而 GMF 有 800 家公司。我們還剩下什麼才能結束這一年呢？然後我就完成了。

Yes, nothing left on GMF, and the 500 remaining at -- from China will be in Q4.

是的，GMF 上沒有剩餘，剩下的 500 個來自中國的產品將在第四季到貨。

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

下一個問題來自加拿大皇家銀行資本市場的 Joseph Spak。

I want to go back to the electrification question. I mean you've clearly shown you've done a great job managing through the past year plus, I guess, with the strike and the pandemic. You showed the resilience. We've seen the return to solid cash flow. And I know, historically, that's been a big part of your goal and investment thesis, improving that conversion. But you're also clearly talking about here accelerating investment in electrification. So given what's going on in the industry and the capital markets, I think you could probably build the case that it's better for you to not [theorize] robust free cash flow as maybe you were sort of talking about a year or so ago. And I wanted to get your thoughts on that.

我想回到電氣化問題。我的意思是，你已經清楚地表明，在過去的一年裡，加上罷工和疫情，你做得非常出色。你展現出了韌性。我們已經看到現金流恢復穩健。我知道，從歷史上看，提高轉換率一直是您的目標和投資論點的重要組成部分。但您也明確地談到了加速對電氣化的投資。因此，考慮到行業和資本市場的現狀，我認為你最好不要（理論化）強勁的自由現金流，就像你大約一年前談論的那樣。我想聽聽你對此的看法。

And it sounds like, with these accelerated EV investments, maybe you could just help us a little bit about how we should think about the return on that. You talked about improved speed to market, but does this actually mean you can pull forward bringing some of that product to market faster than initially thought?

聽起來，隨著​​這些加速的電動車投資，也許您可以幫助我們一點，了解我們應該如何考慮其回報。您談到了提高產品上市速度，但這是否實際上意味著您可以比最初想像的更快地將部分產品推向市場？

Absolutely. We will definitely be bringing EVs to market faster than what the plan was a year ago. We've learned a lot in the last year. And the speed at which we're developing the Lyriq and the Hummer, I think, are evidence of that. And so we definitely will have vehicles in market more quickly with our new strategy.

絕對地。我們肯定會比一年前的計劃更快地將電動車推向市場。去年我們學到了很多。我認為，我們開發 Lyriq 和悍馬的速度就證明了這一點。因此，透過新的策略，我們肯定會更快地將車輛推向市場。

Okay. And then just a second one. So the HUMMER EV looks great. And I know you indicate this is going to be profitable, but it's also certainly an expensive vehicle. And if we look at Tesla's plan, one of their tenets is really was to use expensive vehicles to lower the cost of technology, broaden the addressable market. And again, I mean to be fair, right, the initial Model S is in that sort of -- $100,000 vehicles for them as well.

好的。然後還有第二個。所以 HUMMER EV 看起來很棒。我知道您表示這將會獲利，但它也肯定是一種昂貴的工具。如果我們看看特斯拉的計劃，他們的宗旨之一實際上是利用昂貴的汽車來降低技術成本，擴大潛在市場。再說一次，公平地說，最初的 Model S 對他們來說也是那種售價 10 萬美元的車。

So I guess the question for you is, between the Hummer and the Lyriq and the Cadillac product, those are also expensive vehicles, is the plan similar? Like I know you've got the Bolt EUV. But beyond that, how do you think about leveraging the high end and the technology to move towards higher-volume passenger cars? Or do you really want to stay within your sort of core segments of trucks and maybe some luxury?

所以我想你的問題是，在悍馬、Lyriq 和凱迪拉克產品之間，它們也是昂貴的車輛，計劃是否相似？就像我知道你有 Bolt EUV 一樣。但除此之外，您如何看待利用高端技術來提高乘用車的銷售量？或者您真的想繼續留在卡車的核心領域，甚至一些豪華領域？

So the trajectory that we have for the Ultium battery technology is going to allow us in this initial rollout of Ultium to have vehicles in the high-volume segments. So we definitely plan on -- when you think about our brands, where Chevy plays in the heart of the market in value, we will have entries across our brands and across segments and into affordable high-volume segments.

因此，我們在 Ultium 電池技術方面的發展軌跡將使我們能夠在 Ultium 的首次推出中擁有大批量市場的車輛。因此，我們絕對計劃——當您想到我們的品牌時，雪佛蘭在市場價值中佔據核心地位，我們將在我們的品牌、各個細分市場以及價格實惠的大批量細分市場中推出產品。

Okay. That's very clear.

好的。這非常清楚。

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

我們的下一個問題來自摩根士丹利的亞當喬納斯。

Just a couple of quick questions. The first is on Ultium LLC. You're really rapidly developing the capabilities of this business at a time when there is -- seems to be a scarcity of those skateboards in that kind of -- those -- that module, that system with so many entrants, whether they're legacy entrants or all-new entrants that want to get in. And so obviously, I think that the core business of Ultium is to help GM time to market and flexibility, but also presents an interesting third-party opportunity.

只是幾個簡單的問題。第一個是關於 Ultium LLC。你確實在快速發展這個業務的能力，而此時，似乎存在著那種滑板稀缺的情況——那種模組，那種系統，有那麼多的進入者，不管他們是傳統的進入者還是想要進入的全新進入者。因此，顯然，我認為 Ultium 的核心業務是幫助通用汽車縮短產品上市時間和提高靈活性，同時也為第三方提供了有趣的機會。

Now in addition to Honda, which you've disclosed as a potential customer, if you will, can you tell us the state of any other discussions of third-party supply from Ultium to other manufacturers? Are there discussions going on? Even if you can't be specific, are such discussions going on at this point?

現在，除了您透露的潛在客戶本田之外，您能否告訴我們 Ultium 與其他製造商進行第三方供應的討論情況？正在進行討論嗎？即使您不能具體說明，目前這樣的討論還在進行嗎？

So Adam, one is the Honda isn't a possibility. It's already a done deal that Honda will be leveraging our Ultium platform for 2 vehicles. So -- and there's just more opportunity as we work with them. I don't have anything specific to share right now on others, but I would just tell you there are other conversations underway.

所以亞當，首先，本田是不可能的。本田將利用我們的 Ultium 平台開發兩款車型，這已經是板上釘釘的事了。所以——我們與他們合作就會有更多的機會。我現在沒有什麼具體的事情可以分享，但我只想告訴你，其他對話正在進行中。

Okay. Appreciate that, Mary. And just as a follow-up on cash return. Now if we think life pre-COVID, the strategy -- and you've laid it out very clearly in the past: invest in the business; fortress balance sheet; profitable growth; and then what's left, return to shareholders. Pre-COVID, you guys returned on order of $20 billion through share buybacks, right? That was money you took out of the business and your investors are wanting you to do it, and you did what they wanted and you gave it back instead of investing in the business. .

好的。非常感謝，瑪麗。這只是對現金回報的後續跟進。現在，如果我們思考一下新冠疫情之前的生活，那麼策略——你過去已經非常清楚地闡述過了：投資於業務；堡壘資產負債表；盈利增長；然後將剩下的返還給股東。在疫情之前，你們透過股票回購返還了 200 億美元，對嗎？那是你從企業中拿走的錢，你的投資者希望你這樣做，你按照他們的要求做了，然後你把錢還給了他們，而不是投資於企業。 。

Am I right in thinking that post-COVID, the world really has changed? And while you still reserve the right to define what excess cash is, but given the growth opportunity ahead and managing this with perhaps even greater emphasis on fortress balance sheet post-COVID, am I thinking that while you may still give us those -- that sequence or that waterfall of what's left, that this is not a cash return story anymore as much as it used to be and is much more a growth story? Is that just conceptually the right emphasis here?

我認為新冠疫情過後世界確實發生了變化，對嗎？雖然您仍然保留定義過剩現金的權利，但考慮到未來的成長機會，並且在 COVID 之後管理這一增長機會時可能更加重視堡壘資產負債表，我是否認為，雖然您可能仍會給我們那些 - 剩餘的序列或瀑布，但這不再像以前那樣是一個現金回報故事，而更像是一個增長故事？從概念上來說，這是否是正確的重點？

Adam, I think we're going to still follow our capital allocation strategy, which means reinvest in the business to generate appropriate returns, a blended return on invested capital of 20%. We're going to maintain an investor-grade balance sheet. And then the third pillar, as you suggest, was returning to shareholders.

亞當，我認為我們仍將遵循我們的資本配置策略，這意味著對業務進行再投資以產生適當的回報，即投資資本的混合回報率為 20%。我們將維持投資者層級的資產負債表。然後，正如您所說，第三個支柱是回報股東。

I think what you hear us saying is we do believe that there are a number of very important programs and services that we can deploy that are going to lead to growth of General Motors. I can't talk about the rest of the world, but we see a huge growth opportunity for General Motors. That's why we're accelerating EVs, putting the focus on services with the addition of Alan Wexler joining the organization. And so we see a growth opportunity that focus on that first pillar.

我想您聽到我們說的是，我們確實相信我們可以部署許多非常重要的項目和服務，這些項目和服務將會促進通用汽車的成長。我無法談論世界其他地區，但我們看到通用汽車面臨著巨大的成長機會。這就是為什麼我們要加速電動車的發展，並將重點放在服務上，同時艾倫·韋克斯勒 (Alan Wexler) 也加入了我們的組織。因此，我們看到了專注於第一個支柱的成長機會。

We'll still maintain it because we want to do the right thing for all of our investors. But we will be heavily focused on the growth opportunity, and that's facilitated by the first pillar.

我們仍將堅持這項原則，因為我們想為所有投資者做正確的事。但我們將專注於成長機會，而這將由第一支柱推動。

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

我們的下一個問題來自摩根大通的瑞安·布林克曼 (Ryan Brinkman)。

Congrats on the quarter. Maybe starting with a follow-up on the GMNA profitability questions earlier. Are you able to sort of parse out how much of the $1.0 billion of year-over-year contribution from lower cost in 3Q, as shown on Slide 17, is related to more temporal factors such as austerity-related cost savings that might reverse versus how much stems from savings that are more structural in nature?

恭喜本季取得佳績。也許可以從先前關於 GMNA 獲利能力問題的後續問題開始。您能否分析出，如幻燈片 17 所示，第三季度成本降低帶來的 10 億美元同比貢獻中，有多少與可能逆轉的緊縮相關成本節約等更暫時的因素有關，有多少來自更具結構性的節約？

And how should we think about the cost line specifically tracking in GMNA going forward as austerity savings normalize but structural savings continue?

隨著緊縮性儲蓄正常化但結構性儲蓄繼續存在，我們應該如何看待 GMNA 中成本線的具體追蹤？

And I think you might also combine in this driver the higher cost of the content on new launches, such as the SUVs, which you've suggested before might need to be netted against pricing. So any sort of disaggregation that you might be able to provide with regard to all of the different factors in 3Q that went into the cost driver for GMNA would be very helpful.

而且我認為您可能還會將新推出的產品（例如 SUV）的內容成本較高納入這一驅動因素中，您之前曾建議過，可能需要將其與定價進行抵消。因此，如果您能夠針對第三季影響 GMNA 成本驅動因素的所有不同因素提供任何形式的分解，那麼這將會非常有幫助。

So the way I would look at it, Ryan, is clearly, there were austerity measures that are more related to the pandemic. And as the business resumes manufacturing, et cetera, there will be costs that we incur.

因此，瑞安，我的看法是，顯然存在與疫情更相關的緊縮措施。隨著業務恢復生產等，我們將產生一些成本。

There will be savings as well as we demonstrated through the transformation. But what you also hear us saying is we're going to accelerate EV. So some of that savings will go against that. Significantly improving the rollout of EV is going to take both engineering and capital. So I think as you look forward and try to map into '21, you have to factor in, yes, we've made permanent savings in the way we do business, but we're now accelerating other parts of the business. And some of that savings will fund that.

正如我們透過轉型所證明的那樣，我們還將節省開支。但您也聽到我們說我們將加速電動車的發展。因此，部分儲蓄將用於抵消此影響。大幅改善電動車的推廣需要工程和資本的支持。因此，我認為，當你展望未來並嘗試規劃 21 世紀時，你必須考慮到，是的，我們在經營方式上實現了永久性的節約，但我們現在正在加速業務的其他部分。其中一部分儲蓄將用於資助這項工作。

Some of the austerity will stick, and we'll provide more clarity around that when we get to talking about '21 in the February time frame when we roll out fourth quarter earnings.

一些緊縮政策將會持續下去，當我們在 2 月發布第四季度收益時討論 21 時，我們將對此提供更清晰的說明。

Okay. And then lastly, I think I heard John say that you expect a mid to high 15 million range of U.S. light vehicle SAAR in the back half of the year. Looking at July through October, I think it's running at about 15.6 million so far and the last couple of months at 16.4 million.

好的。最後，我想我聽到約翰說過，你預計今年下半年美國輕型車輛平均年銷量將達到 1500 萬輛左右。從 7 月到 10 月來看，我認為迄今為止的銷量約為 1560 萬，而過去幾個月的銷量為 1640 萬。

So just curious if you're seeing or anticipating any kind of a slowdown here in November and December or perhaps are just being cautious. I think your guidance, which is based on wholesale, is derisked relative to the near-term trend in sales, just given your ability to replenish inventories going forward. But still, I'd be curious to know how you're feeling about the market, if you think it's likely to continue to hold strong like in September and October in the 16s or if you're concerned about, I don't know, any sort of risks around uncertainty due to the election or higher COVID cases or something else.

所以我只是好奇您是否看到或預計 11 月和 12 月會出現任何形式的放緩，或者只是保持謹慎。我認為，您的指導是基於批發的，相對於近期銷售趨勢而言風險較低，因為您未來有能力補充庫存。但是，我仍然很好奇地想知道您對市場的看法，您是否認為市場可能會繼續保持強勁，就像 9 月和 10 月那樣，或者您是否擔心由於選舉或更高的 COVID 病例或其他因素而產生的任何不確定性風險。

No. I mean we didn't really bake COVID uncertainty, if you will, into our SAAR projection. What we are seeing, though, on the retail side, in particular, very, very strong.

不。我的意思是，如果你願意的話，我們並沒有真正將 COVID 的不確定性納入我們的 SAAR 預測中。然而，我們看到零售方面的表現尤其非常強勁。

If you look at the retail SAAR for H2, it's virtually in line with last year. Last year, in total, we had 17.5 million units. So the actual reduction, if you will, in the second half of the year relates more toward fleet, daily rental companies. Fleet customers have dialed back a bit. But we see -- barring a major event in COVID, we do see continued strong retail SAAR in the second half and into Q4.

如果你看一下下半年的零售業 SAAR，它實際上與去年持平。去年，我們的總銷量為 1750 萬台。因此，如果你願意的話，下半年的實際減少與車隊、日租公司有關。車隊客戶已經減少。但我們看到——除非 COVID 發生重大事件，否則我們確實看到下半年和第四季度零售業 SAAR 繼續保持強勁。

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

您的下一個問題來自巴克萊銀行的布萊恩·約翰遜。

Obviously we'll have a chance in a couple of weeks to talk about the EV strategy, and appreciate the advertising for it. But I do want to ask when people think about the leading EV company, it's not just the EV propulsion system, it's the digital cockpit, vehicle update capability, the frequent kind of mid-cycle refreshes, if you will, that's delivered by software updates. So can you give us a sense and also you mentioned Alan Wexler, the kind of digital transformation outside of EV propulsion that we could expect to see either in the electric vehicles themselves or, frankly, in a broader lineup to keep them fresh and relevant for modern buyers?

顯然，我們將在幾週後有機會討論電動車策略，並感謝對此的廣告宣傳。但我確實想問一下，當人們想到領先的電動車公司時，不僅僅是電動車推進系統，還有數位駕駛艙、車輛更新能力，以及頻繁的中期更新，如果你願意的話，這些都是透過軟體更新來實現的。那麼，您能否向我們介紹一下，正如您提到的艾倫·韋克斯勒，除了電動車推進系統之外，我們還可以期待在電動車本身中看到這種數位轉型，或者坦率地說，在更廣泛的產品線中看到這種轉型，以保持它們對現代買家的新鮮感和相關性？

Yes. Brian, your line has got a lot of static on it. So I think I got the question. And you're talking about the digital transformation. We do view the vehicle as a digital platform. We have -- over the last 5 years or so, we have in-sourced virtually all of the software inside. That gives us the opportunity to have much better control, much better integration and speed to put new offerings. So we see a definite opportunity with over-the-air, not just for EVs, but for all of our vehicles, ICE vehicles as well, to leverage the service opportunity and build on what we have with OnStar with the number of vehicles that we have connected already. So I say that, that is a huge growth opportunity as well in both EV and ICE.

是的。布萊恩，你的線路上有很多靜電幹擾。所以我想我明白了這個問題。您剛才談到數位轉型。我們確實將車輛視為數位平台。在過去 5 年左右的時間裡，我們幾乎將所有內部軟體都進行了內部採購。這使我們有機會進行更好的控制、更好地整合並更快地推出新產品。因此，我們看到無線服務確實存在機會，不僅適用於電動車，也適用於我們所有的車輛，包括內燃機汽車，我們可以利用這一服務機會，並在我們已經連接的車輛數量上，利用 OnStar 的優勢進行拓展。所以我說，這對電動車和內燃機汽車來說也是一個巨大的成長機會。

Okay. And in terms of when those types of products could be seen in the showroom on non-EVs, when would we sort of see a (inaudible) different cockpit, much more connected, showing up in showrooms?

好的。至於何時可以在非電動車的展廳中看到這些類型的產品，我們什麼時候才能在展廳中看到（聽不清楚）不同的、更互聯的駕駛艙？

Well, I mean I think if you look at the Cadillac Escalade right now, you see a -- that -- there's already 9 vehicles that have our vehicle intelligence platform in it, and that's growing. And that provides us the foundation just to build on that. So I think it will continue to grow the number of vehicles that we have with that capability. And then the services, we -- like I said, we have a team that's working on that right now as well. So as we have 30 vehicles by 2023 that have the VIP, with more following as quickly as we can, that's going to give us the opportunity to seize the service piece of it and leverage the digital platform.

嗯，我的意思是，如果你現在看看凱迪拉克凱雷德，你會發現——已經有 9 輛汽車配備了我們的汽車智慧平台，而且這個數字還在增加。這為我們進一步發展提供了基礎。所以我認為我們擁有的具有這種能力的車輛數量將會繼續增加。然後是服務，就像我說的，我們現在也有一個團隊正在致力於此。因此，到 2023 年，我們將有 30 輛汽車配備 VIP 服務，並且我們將盡快推出更多汽車，這將使我們有機會抓住服務機會並利用數位平台。

Our next question comes from the line of Dan Levy with Crédit Suisse.

我們的下一個問題來自瑞士信貸的 Dan Levy。

I just wanted to start first on the commentary on the dealer stock. So you're not going to get to 600,000, I think, which is well understood. But the question is, like, you need to continue rebuilding your inventory into 2021. We've now seen a couple of months of SAAR north of 16 million, which basically normalized. And in the 2018/'19 period, you were running at roughly 800,000 units of gross stock on a monthly basis. Is that 800,000 a reasonable target that we should expect you to rebuild toward? Or are you going to try to play it maybe a little more conservatively?

我只是想先開始對經銷商股票的評論。所以我認為你不會達到 60 萬這個數字，這是很好理解的。但問題是，你需要在 2021 年繼續重建庫存。現在我們已經看到 SAAR 連續幾個月超過 1600 萬，基本上已經正常化了。在 2018/19 年期間，您每月的總庫存量約為 800,000 個單位。80 萬這個數字是否是我們期望你們重建的合理目標？或者你會嘗試以更保守的方式進行遊戲嗎？

I think that we'll -- I think that was a very high number. We were coming off of launches, and we wanted to build a little bit of inventory as we walked into the second half of last year. I think what we're seeing now with this focused ordering approach with our dealers -- and dealers are learning to operate at much lower inventory levels. They're taking cost out. That allows us to take cost out. I don't see the 800,000 to transfer into the future. We do see a lower number.

我認為我們會——我認為這是一個非常高的數字。我們剛剛完成了一些產品的發布，並希望在進入去年下半年時建立一些庫存。我認為我們現在看到的是，我們的經銷商採取了這種集中訂購的方式——經銷商正在學習以更低的庫存水準進行營運。他們正在削減成本。這使我們能夠降低成本。我不認為這 80 萬可以轉移到未來。我們確實看到一個較低的數字。

Okay. So we should consider just going forward, you're going to be a little -- you're going to aim to be a little more lean on the dealer stock levels. Okay.

好的。因此，我們應該考慮繼續前進，你會稍微——你會力爭在經銷商庫存水平上更加精簡一些。好的。

And then a follow-up. Mary, maybe you can help us understand on the Honda MOU. I know you said TBD on the timing, but could you maybe just contextualize what's your current spend is on combustion platforms? How significant the portion of the budget it is? And how much of that can be shared with Honda? Just trying to get a sense for the magnitude of product or content you have that's maybe less value-add or a little more commoditized, which people aren't giving you as much credit for, but that can be shared with Honda and that can -- allows you to reinvest that amount into EV.

然後進行後續行動。瑪麗，也許你可以幫助我們了解本田諒解備忘錄。我知道您說時間還有待確定，但您能否說明一下您目前在燃燒平台上的支出是多少？這佔預算的比例有多大？其中有多少可以與本田共享？只是想了解你所擁有的產品或內容的規模，這些產品或內容可能附加價值較低或商品化程度較高，人們對此不太信任，但可以與本田共享，並且可以——讓你將這些金額重新投資到電動汽車中。

Yes. Well, first of all, I think it's also important to note with Honda, we're also already sharing EV platforms. So it's hard to quantify that. I will tell you that we are -- much of our capital and engineering is now over-indexing into EVs. And as I mentioned, we already have sharing going on with Honda on that.

是的。嗯，首先，我認為值得注意的是，我們與本田也已經共享電動車平台。所以很難量化這一點。我會告訴你，我們的大部分資本和工程現在都過度投入電動車領域。正如我所提到的，我們已經與本田就此進行了分享。

But I think your point of -- for being flexible with how quickly the EV transformation will happen and having the right products from an ICE perspective as well as an EV perspective, joining with Honda on those key platforms that may continue for a while allows us to do that much more efficiently. I mean it cuts it in half virtually for the core and then we each do our top hits that we go to market with a very different offering. So there is tremendous savings there. It's hard for me to quantify that because it changes year-to-year based on what programs we're engineering and launching.

但我認為你的觀點是——靈活應對電動車轉型的速度，並從 ICE 和 EV 的角度擁有合適的產品，與本田合作這些可能持續一段時間的關鍵平台可以讓我們更有效地做到這一點。我的意思是，它實際上將核心部分一分為二，然後我們各自推出自己的熱門產品，並以非常不同的產品推向市場。因此，這可以節省大量資金。我很難量化這一點，因為它每年都會根據我們設計和推出的項目而改變。

But I will tell you -- so I would just say there's significant cost savings available. It will be as we commonize platforms, we have already started to do that from an EV perspective. So there's potential further opportunity there, and it just makes us more efficient.

但我會告訴你——我只想說這樣可以節省大量成本。隨著我們平台的通用化，我們已經從電動車的角度開始這樣做了。因此，那裡還有進一步的潛在機會，而且它只會讓我們更有效率。

And is it possible to bring other automakers into the fold on the combustion sharing side?

是否有可能吸引其他汽車製造商加入燃燒共享的行列？

I would say anything is possible. We have to look for what makes the most sense and how, I'll say, new program schedules align. But we're opening to look for ways to drive efficiency across the industry. We're very open to that.

我想說一切都有可能。我們必須尋找最合理的方案，以及如何協調新的計畫時間表。但我們正致力於尋找提高整個產業效率的方法。我們對此持非常開放的態度。

Our last question comes from the line of Mark Delaney with Goldman Sachs.

我們的最後一個問題來自高盛的馬克·德萊尼。

Yes. I was hoping to ask more on Cruise and the news about getting the approval to do testing with no drivers in San Francisco. Maybe you can help us better understand what are the key factors that are needed from here in order to get to commercial deployments. Is it just a matter of time and seeing how these driverless vehicles are performing and that gives you enough confidence as you get more data to be able to deploy? Or do you think there's further technical or regulatory hurdles that will need to be cleared in order to get to commercial deployment?

是的。我希望詢問有關 Cruise 的更多資訊以及有關在舊金山獲得無人駕駛測試批准的消息。也許您可以幫助我們更了解實現商業部署所需的關鍵因素是什麼。這是否只是時間問題？觀察這些無人駕駛汽車的表現如何，並在獲得更多數據進行部署時給您足夠的信心？或者您認為為了實現商業部署還需要清除更多的技術或監管障礙嗎？

Well, if you look at commercialization, we're going to continue our development and testing work that we're already engaged in and then the discussions with regulators to ensure that both from a technology and a regulatory perspective we're in a position to operate commercially.

嗯，如果你看一下商業化，我們將繼續我們已經在進行的開發和測試工作，然後與監管機構進行討論，以確保從技術和監管角度來看我們都能夠進行商業運營。

When you think about what we've announced with what we're going to do yet this year in San Francisco with the testing without a safety driver in the vehicle, I think that that's just another level of milestones that we need to achieve. And then -- and we'll be the first doing it in a complex urban environment. And why that's so important is, if you think about even today's ride-sharing, the opportunity for profitability is in dense urban environments. And so being able to deploy the technology there instead of in a suburban environment, I think, gives us a faster pathway to commercialization and profitability. And the vehicle capability will only continue, and that means then the area, the geofence area that the vehicle can -- vehicles can operate in grows as well. So both will go together.

當你想到我們已經宣布的以及今年將在舊金山進行的無安全駕駛員測試時，我認為這只是我們需要實現的另一個里程碑。然後——我們將率先在複雜的城市環境中實現這一目標。這之所以如此重要，是因為如果你想想今天的共乘服務，獲利的機會就在人口密集的城市環境中。因此，我認為，能夠在那裡而不是在郊區環境中部署該技術，可以讓我們更快地實現商業化和盈利。且車輛的能力只會持續增強，這意味著車輛可以行駛的區域，即地理圍欄區域也會擴大。因此兩者將會一起進行。

Okay. That's helpful. And then a question on cash flow. Kind of within that scenario, the company was discussing a relatively flattish SAAR on a sequential basis going forward. What would that imply for working capital as either a headwind or a tailwind for 4Q and perhaps into 2021 as well?

好的。這很有幫助。然後是關於現金流的問題。在這種情況下，該公司正在討論未來按順序實現相對平穩的 SAAR。這對營運資本而言意味著什麼？對於第四季乃至整個 2021 年而言，是逆風還是順風？

Yes. For Q2, we burned $9 billion, so we had a huge unwind. Q3, it was almost dollar-for-dollar rewind. We generated $9.1 billion of free cash flow. As we look forward, Q4 and beyond, we're really more toward the normalized levels now, not as big or hardly any impact on a managed working capital. It's already happened in Q3.

是的。在第二季度，我們燒掉了 90 億美元，因此我們出現了巨大的虧損。第三季度，幾乎是一美元對一美元的倒退。我們產生了91億美元的自由現金流。展望第四季度及以後，我們現在實際上更接近正常化水平，對管理營運資金的影響不會那麼大或幾乎沒有影響。這在第三季已經發生。

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

現在我想將電話轉給瑪麗·博拉，請她發表最後評論。

Well, thanks, everyone. I really appreciate everybody's interest, especially in our EV transformation. But to sum up the quarter, it was a very strong quarter. Very proud of the team for the great results that were delivered. And I think it demonstrates that we're fully maximizing our strong new vehicle portfolio both in crossovers, full-size trucks and full-size SUV, obviously being helped by a recovering market.

好的，謝謝大家。我非常感謝大家的興趣，尤其是對我們的電動車轉型的興趣。但總而言之，這是一個非常強勁的季度。我為團隊所取得的出色成果感到非常自豪。我認為這表明我們正在充分發揮我們強大的新車組合，包括跨界車、全尺寸卡車和全尺寸 SUV，顯然得益於市場復甦。

We also greatly accelerated our EV and our AV progress. We've talked a lot about that this morning, and we have more to announce very soon. And it does, I think, start to outline a very significant growth opportunity for General Motors.

我們也大大加快了電動車和自動駕駛汽車的進步。今天早上我們已經討論了很多，很快就會有更多消息要宣布。我認為，這確實為通用汽車勾勒出了一個非常重要的成長機會。

Overall, the team has worked very hard to build an agile and resilient business. I think we've demonstrated that over the second and the third quarter. We are committed to not only continuing to run a strong business with all of our franchise, but also focus on growth opportunities that will create long-term value for our shareholders.

整體而言，團隊非常努力地打造一個敏捷且有彈性的業務。我認為我們已經在第二季和第三季證明了這一點。我們不僅致力於繼續透過所有特許經營業務強勁運營，而且還致力於專注於為股東創造長期價值的成長機會。

So I want to thank everybody again for participating. And please stay safe, stay healthy, wear your mask.

因此我想再次感謝大家的參與。請注意安全，保持健康，戴上口罩。

Ladies and gentlemen, that does conclude the conference call for today. We 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。