通用汽車 (GM) 2020 Q2 法說會逐字稿

Ladies and gentlemen, welcome to the General Motors Company Second Quarter 2020 Earnings Conference Call. (Operator Instructions) As a reminder, this conference is being recorded, Wednesday, July 29, 2020. 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年第二季財報電話會議。 （操作員指示）提醒一下，本次會議將於 2020 年 7 月 29 日星期三進行錄製。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, Tabitha. Good morning and thank you for joining us as we review GM's financial results for the second quarter of 2020. Our press release was issued this morning, and the conference call materials are available on the GM Investor Relations website. We are also broadcasting this call via webcast.

謝謝，塔比莎。早安，感謝您加入我們，一起回顧通用汽車 2020 年第二季的財務表現。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取得。我們也透過網路廣播播放了這通通話。

I'm joined here today at the GM headquarters by Mary Barra, GM's Chairman and CEO; and Dhivya Suryadevara, GM's Executive Vice President and CFO.

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總部；以及通用汽車執行副總裁兼首席財務官 Dhivya Suryadevara。

Before we begin, I'd 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.

在我們開始之前，我想請您注意圖表第一頁的前瞻性陳述。我們的通話內容將受此語言的約束。

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

現在我將把電話轉給瑪麗。瑪麗？

Rocky, thanks so much, and good morning, everyone. Thanks for joining. I'll begin with the COVID-19 pandemic, which has made this quarter one of the most challenging in our history.

洛基，非常感謝，大家早安。感謝您的加入。首先要說的是新冠疫情，它使本季成為我們歷史上最具挑戰性的季度之一。

COVID-19 has impacted us everywhere we do business. It has changed the way we work, how we sell our products, how we support our customers and how we care for each other. Many of these changes will influence how we allocate future spending as we move forward.

COVID-19 對我們開展業務的所有地方都產生了影響。它改變了我們的工作方式、銷售產品的方式、支持客戶的方式以及彼此關心的方式。其中許多變化將影響我們未來如何分配支出。

While our years of business transformation actions made the company more resilient, we also took additional proactive steps to help offset these challenges. Dealers stayed connected with customers with our online and contactless Shop-Click-Drive tool that we enhanced. Our customer care and after-sale operations remained open to keep our dealers and our customers supplied with the maintenance and repair parts needed. And our employees proudly rallied to build ventilators and personal protective equipment for first responders.

雖然我們多年的業務轉型行動使公司更具彈性，但我們也採取了額外的積極措施來幫助抵消這些挑戰。經銷商透過我們增強的線上非接觸式 Shop-Click-Drive 工具與客戶保持聯繫。我們的客戶服務和售後業務保持開放，以確保我們的經銷商和客戶提供所需的維護和維修零件。我們的員工自豪地團結起來，為急救人員製造呼吸器和個人防護裝備。

We used our early learnings in China and Korea to safely begin restarting our operations in North America and South America with significant support from our supply chain, unions and governments. We continue to collaborate with these stakeholders to ensure the highest levels of confidence in and execution of our extensive safety measures. While we can't predict the trajectory of the virus and its ultimate impact on public health and the economy, we have put all appropriate measures in place to position the company for continued recovery in the third and fourth quarters and beyond.

我們利用在中國和韓國早期獲得的經驗，在供應鏈、工會和政府的大力支持下，安全地開始重啟我們在北美和南美的業務。我們將繼續與這些利害關係人合作，以確保對我們廣泛的安全措施的信心和執行達到最高水準。雖然我們無法預測病毒的發展軌跡及其對公共衛生和經濟的最終影響，但我們已採取一切適當措施，確保公司在第三季、第四季及以後繼續復甦。

Before I talk about our overall performance, I want to acknowledge another issue, the increasing responsibility of companies like General Motors to take a stand against racial injustice in the U.S. while remaining focused on driving business results. General Motors has a strong track record of diversity by many objective standards, but it's clear we must do more, and we will. During the quarter, we outlined several significant steps we plan to take. These, along with all of our progress across ESG, are detailed in our new sustainability report, which is available on gm.com.

在談論我們的整體表現之前，我想先承認另一個問題，那就是像通用汽車這樣的公司在繼續專注於推動業務成果的同時，越來越有責任在美國採取立場反對種族不公正現象。從許多客觀標準來看，通用汽車在多元化方面有著良好的記錄，但顯然我們必須做得更多，而且我們會做的更多。在本季度，我們概述了計劃採取的幾個重要步驟。這些以及我們在 ESG 方面取得的所有進展均在我們的新永續發展報告中進行了詳細說明，該報告可在 gm.com 上查閱。

Now let's look at the numbers. Net revenue was $16.8 billion. We had an EBIT-adjusted loss of $536 million, EBIT-adjusted margins of negative 3.2%, EPS-diluted adjusted loss of $0.50, adjusted automotive cash flow of $9 billion negative and ROIC adjusted of 6.4% on a trailing 4-quarter basis.

現在讓我們來看看這些數字。淨收入為168億美元。過去 4 個季度，我們的息稅前利潤調整後虧損 5.36 億美元，息稅前利潤調整後利潤率為負 3.2%，每股收益稀釋調整後虧損 0.50 美元，調整後汽車現金流為負 90 億美元，調整後投資資本回報率為 6.4%。

In North America, as part of our ongoing transformation, Steve Carlisle was named President of GM North America. Steve's demonstrated track record and particular experience of strengthening the Cadillac brand will accelerate our progress in our very important North America market.

在北美，作為我們正在進行的轉型的一部分，史蒂夫·卡萊爾被任命為通用汽車北美總裁。史蒂夫在加強凱迪拉克品牌方面的卓越成就和特殊經驗將加速我們在非常重要的北美市場的發展。

We also created an innovation and growth organization that will be led by Alan Wexler, our newly hired Senior Vice President who will report directly to me. Alan is the former Chairman and CEO of Publicis Sapient, a digital business transformation firm, and brings decades of experience, leading innovation and customer-driven technology solutions.

我們還成立了一個創新和成長組織，由我們新聘用的高級副總裁艾倫·韋克斯勒 (Alan Wexler) 領導，他將直接向我匯報工作。艾倫曾任數位業務轉型公司 Publicis Sapient 的董事長兼首席執行官，擁有數十年的經驗，引領創新和客戶驅動的技術解決方案。

Another positive development, the U.S. full-size truck and full-size SUV plants are currently operating at 3 shifts. To meet demand, we will add 200 employees in Fort Wayne effective September 1, which will increase our output by 1,000 units per month. We continue to offer customers a choice on how they want to do business with us. This includes using the Shop-Click-Drive tool where visits are up 50% this year, as well as our CLEAN program for those who prefer to physically visit our dealerships.

另一個積極的進展是，美國全尺寸卡車和全尺寸 SUV 工廠目前採用三班制生產。為了滿足需求，我們將從 9 月 1 日起在韋恩堡增加 200 名員工，這將使我們的每月產量增加 1,000 台。我們將繼續為客戶提供與我們開展業務的方式的選擇。其中包括使用 Shop-Click-Drive 工具，今年該工具的訪問量增加了 50%，以及針對那些喜歡親自造訪我們經銷商的顧客的 CLEAN 計畫。

Customers are now taking delivery of the first of our all-new full-size SUVs. Our Chevrolet and GMC dealers are selling every new Tahoe and Yukon they can get, and buyers are praising the new design and outstanding ride quality. The vast majority of initial Yukon sales are the highly profitable Denali. We continue launching new models through the summer, including the Chevrolet Suburban and the GMC Yukon XL. We've also begun building the highly anticipated 2021 Escalade. It's going well, and we anticipate starting regular production early.

客戶現在正在接收我們的第一輛全新全尺寸 SUV。我們的雪佛蘭和 GMC 經銷商正在銷售他們能買到的每一輛新款 Tahoe 和 Yukon，買家對其新設計和出色的乘坐品質贊不絕口。育空地區最初銷售的絕大多數都是利潤豐厚的 Denali。我們整個夏天都會繼續推出新車型，包括雪佛蘭 Suburban 和 GMC Yukon XL。我們也開始打造備受期待的 2021 年凱雷德。一切進展順利，我們預計很快就會開始正常生產。

Among its industry-exclusive technologies, Escalade's available Super Cruise offers new enhancements, including lane change on-demand functionality. Cadillac has generated the most consumer interest ever for the new Escalade with 600-plus orders already on the books.

在其行業獨有的技術中，凱雷德的超級巡航提供了新的增強功能，包括按需變換車道功能。凱迪拉克新款凱雷德引起了消費者前所未有的濃厚興趣，目前訂單已超過 600 份。

In addition, the 2021 Chevrolet Trailblazer and Buick Encore GX small SUVs are new market opportunities for both brands. Both are gaining share every month, turning fast at dealers and attracting new and younger buyers. Nearly 1/3 of Trailblazer's buyers are 35 or younger, and Encore GX has quickly become the brand's highest-volume Buick, surpassing the Encore.

此外，2021 年雪佛蘭 Trailblazer 和別克 Encore GX 小型 SUV 為兩個品牌帶來了新的市場機會。兩款車的市佔率每月都在成長，經銷商的銷售量快速成長，並吸引了新的年輕買家。 Trailblazer 的買家中近三分之一年齡在 35 歲或以下，Encore GX 迅速成為該品牌銷量最高的別克車型，超越了 Encore。

In other North America highlights, GM was highest -- was the highest ranked auto maker in the J.D. Power 2020 Initial Quality Study. Our brands led in 6 segments and 8 other models placed within the top 3. In addition, GM rose 3 spots in the J.D. Power U.S. Automotive Performance, Execution and Layout study or commonly referred to as APEAL. Our brands lead in 3 segments and 9 other models placed in the top 3.

在北美的其他亮點中，通用汽車在 J.D. Power 2020 年新車品質研究中排名最高——是汽車製造商中排名最高的。我們的品牌在 6 個細分市場中領先，另有 8 個車型躋身前三名。此外，通用汽車在 J.D. Power 美國汽車性能、執行和佈局研究（通常稱為 APEAL）中的排名上升了 3 位。我們的品牌在 3 個細分市場中處於領先地位，另外 9 個車型也位列前三名。

GM Defense won a $214 million production contract to build, field and sustain the Army's new infantry squad vehicle. It is based off of the 2020 Chevrolet Colorado ZR2 midsize truck architecture and leverages mostly commercial off-the-shelf parts.

通用汽車防務公司贏得了價值 2.14 億美元的生產合同，負責製造、部署和維護陸軍新型步兵班組車輛。它基於 2020 年雪佛蘭科羅拉多 ZR2 中型卡車架構，並主要利用商用現貨零件。

GM Financial, which performed well in the quarter, achieved 53% share of GM's retail business in the U.S. and has $24 billion in liquidity at quarter end.

通用金融在本季表現良好，佔了通用汽車美國零售業務的53%份額，季末流動資金達240億美元。

In June, we released our new OnStar Guardian app to select owners of GM vehicles. This allows them to bring the safety of OnStar outside the vehicle for the first time in its 24-year history and share access to the app with loved ones. So far, we've onboarded more than 7,000 customers and will soon roll it out to our entire GM owner population.

6 月份，我們向部分通用汽車車主發布了全新的 OnStar Guardian 應用程式。這使得他們能夠在 OnStar 24 年的發展歷史上首次將其安全功能帶到車外，並與親朋好友共享該應用程式的存取權限。到目前為止，我們已經擁有超過 7,000 名客戶，並將很快向所有通用汽車車主推出這項服務。

Turning to our international operations. The business environment in China is improving. Following the deepest impact of COVID-19 in February, sales have been recovering month-over-month. Luxury, SUV and MPV segments, we are well positioned, are showing the greatest recovery.

談到我們的國際業務。中國營商環境不斷改善。在 2 月新冠疫情造成最嚴重影響後，銷售額逐月回升。在豪華車、SUV 和 MPV 領域，我們處於有利地位，並且復甦勢頭最強勁。

In the recent J.D. Power Initial Quality Study, GM's Yantai, Dong Yue North plant in China, which builds the Buick Envision, was ranked the highest automotive manufacturing facility in the world. Buick deliveries increased nearly 8% year-over-year, strengthening its leadership in the MPV segment with the all-new GL8 Avenir family. Its SUV portfolio will grow with the all-new Envision.

在最近的 J.D. Power 新車品質研究中，生產別克昂科威的通用汽車中國煙台東岳北工廠被評為全球最高汽車製造工廠。別克銷量年增近8%，全新GL8 Avenir系列鞏固了在MPV領域的領導地位。隨著全新 Envision 的推出，其 SUV 產品線將進一步擴大。

Wuling sales grew nearly 10%, sustaining its leading position in commercial vehicles while strengthening its foothold in passenger entry. In South America, all manufacturing sites are operating in line with market demand, which remains below pre-COVID levels. We anticipate gradual recovery over time.

五菱銷售成長近10%，持續保持商用車市場領先地位，同時鞏固了乘用車市場的領先地位。在南美，所有生產基地均依照市場需求運營，但市場需求仍低於疫情前的水平。我們預計隨著時間的推移，情況會逐漸改善。

To counter the impacts of the pandemic and macroeconomic conditions on our business, including FX, we continue to seek efficiencies, reduce costs and capitalize on the market success of the new Chevrolet Onix and Tracker.

為了因應疫情和宏觀經濟狀況對我們業務（包括外匯）的影響，我們繼續尋求提高效率、降低成本並利用新雪佛蘭 Onix 和 Tracker 的市場成功。

Elsewhere in international operations, restructuring efforts continue. The Korea transformation is progressing to plan with the recent launch of the Trailblazer for export and domestic markets. Domestic sales were up more than 16% in the quarter. All of our Thai dealers have accepted the transition package, and we have reached agreement with over 90% of our dealers in Australia and New Zealand.

在其他國際業務領域，重組工作仍在繼續。隨著 Trailblazer 近期在出口和國內市場的推出，韓國的轉型正在按計劃進行。本季國內銷售額成長超過 16%。我們所有的泰國經銷商都已接受過渡方案，並且我們已經與澳洲和紐西蘭 90% 以上的經銷商達成協議。

Now I'd like to shift and talk about our EV progress. Following our EV Day in the U.S. in March, the team continues to share our EV strategy with media and stakeholders in our global markets about our next-gen platform, Ultium battery technology and EV portfolio. The positive coverage is encouraging, and we will host a Tech Day next month in China to demonstrate our progress in this important market.

現在我想轉而談談我們的電動車進展。繼 3 月在美國舉辦電動車日活動之後，團隊繼續與全球市場的媒體和利益相關者分享我們的電動車策略，包括我們的下一代平台、Ultium 電池技術和電動車產品組合。積極的報道令人鼓舞，我們將於下個月在中國舉辦技術日，展示我們在這個重要市場的進展。

The team also showcased our EV technology and design this month during a visit by the U.S. Secretary of Energy. We were pleased to accept a Department of Energy award that will help us develop lighter, stronger and less expensive battery enclosures. We are also making significant progress on our Ultium sales facility in Lordstown, Ohio with our joint venture partner, LG Chem. Site ground prep began in April, building foundation work started July 1 and crews will begin erecting building steel today.

本月，在美國能源部長訪問期間，該團隊還展示了我們的電動車技術和設計。我們很高興接受能源部的獎項，這將幫助我們開發更輕、更堅固、更便宜的電池外殼。我們也與合資夥伴 LG Chem 合作，在俄亥俄州洛茲敦的 Ultium 銷售設施方面取得了重大進展。場地地面準備工作於 4 月開始，建築地基工作於 7 月 1 日開始，施工人員將於今天開始安裝建築鋼材。

Also on track are the first of our upcoming EVs in North America based on our next-gen EV platform and Ultium battery system. The Cadillac Lyriq luxury electric SUV will be revealed next week; the GMC HUMMER EV, which we'll reveal in Q4; and the Cruise Origin AV that we've already shared. Lyriq scored the highest of any vehicle tested in our vehicle confirmation clinics. It was also the highest-rated in terms of exterior and interior appeal among vehicles, luxury and non-luxury, in the clinic data set.

我們即將在北美推出的首批基於下一代電動車平台和 Ultium 電池系統的電動車也正在按計劃進行。凱迪拉克 Lyriq 豪華電動 SUV 將於下週亮相； GMC HUMMER EV，我們將在第四季度發布；以及我們已經分享的 Cruise Origin AV。 Lyriq 在我們的車輛確認診所測試的所有車輛中得分最高。在臨床數據集中，它在豪華車和非豪華車的外觀和內裝吸引力方面也獲得了最高評價。

Our EV sales and portfolio are growing in China with overall year-over-year deliveries in the first half -- up for the first half of the year by more than 25%. New entries with our JV partner include the Chevrolet Menu (sic) [Chevrolet Menlo], which is in early phases of launch, the all-new Baojun E300 and E300 Plus, which support DC fast charging and charge in an hour, and Wuling's first all-electric models, the Hong Guang electric minivan and the Hong Guang Mini EV. And last week, we launched the Buick Velite 7, Buick's first all-electric SUV.

我們的電動車銷售和產品組合在中國不斷成長，上半年整體交付量年增超過 25%。我們與合資夥伴共同推出的新產品包括處於上市初期的雪佛蘭暢巡 (Chevrolet Menlo)、支援直流快速充電並在一小時內完成充電的全新寶駿 E300 和 E300 Plus，以及五菱首款全電動車型宏光電動小型貨車和宏光 Mini EV。上週，我們推出了別克首款全電動 SUV 別克 Velite 7。

Turning to AVs. Cruise continues to put its test fleet to work, autonomously delivering more than 50,000 meals to people in need in San Francisco as part of the COVID-19 relief efforts. Cruise is making strong technical progress, and we're expecting some exciting updates in the second half of this year.

轉向 AV。 Cruise 繼續投入測試車隊工作，作為 COVID-19 救援工作的一部分，自動向舊金山有需要的人們運送了 50,000 多份餐點。 Cruise 的技術正在取得長足進步，我們期待今年下半年能夠推出一些令人興奮的更新。

With that, I'll turn the call over to Dhivya.

說完這些，我將把電話轉給 Dhivya。

Thanks, Mary, and good morning, everybody. The second quarter was clearly one of the most challenging quarters in recent times with production in North America down 8 out of 13 weeks due to COVID-19. Wholesale is down 62%. However, even under these conditions, we were near breakeven EBIT in North America, demonstrating the resilience and flexibility that we've built into the business over the past few years.

謝謝，瑪麗，大家早安。第二季顯然是近年來最具挑戰性的季度之一，受新冠疫情影響，北美地區的產量在 13 週中下降了 8 週。批發額下降了62%。然而，即使在這些條件下，我們在北美的息稅前利潤也接近收支平衡，這反映了我們在過去幾年中在業務中建立的彈性和靈活性。

We view these results as proof points of the strength of the business, specifically North American breakeven levels of 10 million to 11 million of U.S. SAAR, global free cash flow breakeven levels, excluding managed working capital, of 13 million U.S. SAAR. This quarter's performance also highlights our ability to move quickly to preserve liquidity and the importance of having a strong investment-grade balance sheet.

我們將這些結果視為業務實力的證明，特別是北美損益平衡水準為 1,000 萬至 1,100 萬美國 SAAR，全球自由現金流盈虧平衡水準（不包括管理營運資本）為 1,300 萬美國 SAAR。本季的表現也凸顯了我們迅速採取行動保持流動性的能力以及擁有強勁投資等級資產負債表的重要性。

Automotive liquidity continues to be very strong at $30.6 billion at the end of second quarter. Retail sales have recovered from April lows to around 20% below 2019 levels at the end of the second quarter and trending better in July, even amidst a backdrop of limited inventories. We expect inventory levels to steadily recover from current levels, and we remain cautiously optimistic about the continued recovery in U.S. SAAR. Clearly, as you know, it's a fluid situation, and we're watching the infection rates across the country and its impact on auto demand very closely.

汽車流動性持續保持強勁，第二季末達到 306 億美元。零售額已從 4 月的低點回升至第二季末的 2019 年水準以下約 20%，即使在庫存有限的背景下，7 月也呈現好轉趨勢。我們預計庫存水準將從當前水準穩步回升，並且我們對美國SAAR的持續復甦保持謹慎樂觀。顯然，正如您所知，情況瞬息萬變，我們正在密切關注全國的感染率及其對汽車需求的影響。

Let me frame out the quarter's results for you. Q2 results of negative $0.50 in EPS-diluted adjusted includes an $0.08 gain from the PSA revaluation. Adjusted automotive free cash flow in the quarter was negative $9 billion. When you add the benefit of our planned liquidity actions, the total cash burn for the quarter was $7.8 billion, in line with the scenario of the burn of $7 billion to $9 billion that we provided in the last quarter.

讓我為您概述一下本季的業績。第二季每股盈餘稀釋調整後為負 0.50 美元，其中包括 PSA 重估帶來的 0.08 美元收益。本季調整後的汽車自由現金流為負 90 億美元。如果加上我們計劃的流動性行動帶來的好處，本季的總現金消耗為 78 億美元，與我們上一季提供的 70 億至 90 億美元的消耗情況一致。

Let me give you a quick comparison of the drivers of our cash flow against the scenario that we provided. Contribution from vehicle sales, aftersales and OnStar was $4.5 billion and was better than the scenario that I laid out last quarter. Monthly cash costs of $1.5 billion and CapEx of $1.1 billion were also better than expected.

讓我快速比較一下我們的現金流量驅動因素與我們提供的情境。汽車銷售、售後和安吉星的貢獻為 45 億美元，比我上個季度預測的要好。每月現金成本 15 億美元和資本支出 11 億美元也比預期好。

Working capital unwind of $5 billion was higher than expectations since supply chain constraints in Mexico pushed some of our North American production to later in June. Sales allowance unwind of $3 billion was at the high end of the scenario due to better-than-expected retail sales performance.

由於墨西哥的供應鏈限制將我們的部分北美生產推遲到 6 月下旬，50 億美元的營運資本支出高於預期。由於零售業績優於預期，30 億美元的銷售折扣解除處於預期的高點。

China and GMF dividends of $900 million was in line with expectations. So when you put all of this together, excluding managed working capital, Q2 cash flow was a burn of $1 billion, which aligns with our breakeven scenario that we have talked about. It's important to note that we have implemented significant austerity measures in this extreme environment. And as such, this is not a quarterly run rate on a go-forward basis.

中國和GMF的9億美元股利符合預期。因此，當你把所有這些放在一起時，不包括管理營運資金，第二季度的現金流消耗了 10 億美元，這與我們討論過的盈虧平衡情景一致。值得注意的是，我們在這種極端環境下實施了重大緊縮措施。因此，這並不是未來的季度運行率。

Let me touch on the regions, starting with North America. While retail sales performance was down 24% year-over-year, retail market share of full-size pickups improved from 35% to 36.1% despite lean inventories. Our inventory levels remained lean at 480,000 units as of July 25 compared to 810,000 units at the end of Q2 of last year and 418,000 units at our low point in early June.

讓我先從北美開始，談談各個地區。雖然零售業績年減 24%，但全尺寸皮卡的零售市佔率在庫存不足的情況下從 35% 提高到 36.1%。截至 7 月 25 日，我們的庫存水準仍保持在 480,000 台，而去年第二季末的庫存水準為 810,000 台，6 月初的最低點為 418,000 台。

We continue to rebuild our pickup truck inventories, which stood at 120,000 units as of July 25. This compares to 270,000 units last June and 87,000 units at our low point. We continue to take a number of actions to increase production and replenish dealer inventories. We have returned to a normalized run rate in all of our full-size truck plants and are matching supply with demand in our remaining facilities, building inventory where we need it the most. Our dealers are doing a great job of selling deep into their inventory, and there are many initiatives underway to optimize logistics so we can rebuild our inventory faster.

我們繼續重建皮卡庫存，截至 7 月 25 日，庫存為 120,000 輛。相比之下，去年 6 月庫存為 27 萬輛，最低點庫存為 87,000 輛。我們繼續採取一系列措施來增加產量並補充經銷商庫存。我們所有的全尺寸卡車工廠都已恢復正常運作率，並在剩餘的工廠中實現供需平衡，在最需要的地方建立庫存。我們的經銷商在深度銷售庫存方面做得很好，並且正在採取許多措施來優化物流，以便我們能夠更快地重建庫存。

We're also disciplined from a go-to-market standpoint with light-duty ATPs up over $1,000 per unit quarter-over-quarter. This is driven by low incentives as well as rich mix. Our full-size SUV launch is going very well, and we're able to take advantage of downtime in May to retool. This has allowed for a smoother transition and the opportunity to produce through the traditional July shutdown.

從市場進入的角度來看，我們也非常嚴格，輕型 ATP 每單位價格比上一季上漲了 1,000 美元以上。這是由低激勵和豐富的組合推動的。我們的全尺寸 SUV 上市進展順利，我們可以利用 5 月的停工期進行重組。這使得過渡更加平穩，並有機會在傳統的七月停工期間繼續生產。

While we're still experiencing ramp-up constraints due to simultaneous SUV launches at the same plant, working through July provided an opportunity to build units that would have otherwise been lost. The customer feedback to the new SUVs has been very strong, and the vehicles have a very quick average churn at the dealer lot and the trim mix has been very rich as well.

雖然由於在同一工廠同時推出 SUV，我們仍然面臨產能限制，但 7 月的工作為我們提供了生產原本會失去的車型的機會。客戶對新款 SUV 的回饋非常強烈，車輛在經銷商的平均流失率非常快，而且內裝組合也非常豐富。

Our new heavy-duty trucks are also performing exceptionally well with ATPs up $4,000 year-over-year and U.S. retail market share of 35%, up 5 percentage points year-over-year. We're also seeing a strong trim mix with Denali and AT4 mix of over 70% for the Sierra and LTZ and High Country mix of near 60% for the Chevrolet. As we mentioned in February, these strong launches will continue to serve as a tailwind to North American profitability.

我們的新型重型卡車也表現出色，ATP 年比成長 4,000 美元，美國零售市佔率達 35%，較去年同期成長 5 個百分點。我們還看到了強勁的裝飾組合，其中 Sierra 的 Denali 和 AT4 組合超過 70%，而雪佛蘭的 LTZ 和 High Country 組合接近 60%。正如我們在二月份提到的那樣，這些強勁的產品發布將繼續成為北美盈利能力的順風。

Let's move to GM International. China equity income in Q2 was approximately $200 million as the market showed signs of recovery and we benefited from our recent launches. We also continued with our cost reduction measures. For H1, we achieved breakeven equity income despite the impact of the virus and the wholesales being down 32% year-over-year.

讓我們轉到通用汽車國際。由於市場出現復甦跡象且我們受惠於近期推出的產品，第二季中國股票收入約為 2 億美元。我們也繼續採取降低成本的措施。上半年，儘管受到病毒的影響且批發額年減 32%，我們仍實現了損益平衡的股權收益。

Our sales continue to recover, and we expect to maintain the approximately $200 million quarterly equity income run rate. We expect China earnings to improve over time as we introduce new SUV and luxury models and benefit from an eventual industry recovery. We received $500 million in dividends from China operations in Q2 and expect the remaining dividends in the second half of this year.

我們的銷售額持續復甦，我們預計維持約 2 億美元的季度股權收益運行率。隨著我們推出新的 SUV 和豪華車型並受益於最終的行業復甦，我們預計中國市場的利潤將隨著時間的推移而改善。我們在第二季度從中國業務獲得了 5 億美元的股息，預計剩餘的股息將在今年下半年發放。

In South America, we experienced lower production related to the pandemic, and the FX environment has become more challenging. However, we're continuing to strengthen the business and take costs out. Our first 2 vehicles on our new platform, the Onix B car and the Tracker B SUV have been well received by the Brazilian market. These new vehicles have helped increase our segment share and are retail leaders in their respective segments.

在南美，我們的產量因疫情而下降，外匯環境也變得更具挑戰性。然而，我們將繼續加強業務並削減成本。我們基於新平台推出的首批兩款車型 Onix B 汽車和 Tracker B SUV 已受到巴西市場的熱烈歡迎。這些新車型幫助我們提高了市場份額，並且是各自領域的零售領導者。

We're focused on channel mix in South America, taking a close look at entries and channels that do not achieve our margin objectives and redirecting volume towards profitable channels. Furthermore, we're continuing to take price, especially in Brazil, to offset the impact of FX. As an example, year-to-date, we've taken price increases of 10%, and competition is following. So we're really attacking this on the revenue side as well as the cost side, with all the austerity measures we've taken, which will get the business closer to breakeven.

我們專注於南美的通路組合，並密切關注未實現利潤目標的進入者和管道，並將銷售轉向獲利管道。此外，我們將繼續採取價格措施，特別是在巴西，以抵消外匯的影響。舉例來說，今年迄今，我們的價格已上漲 10%，競爭也隨之而來。因此，我們確實在收入方面和成本方面解決這個問題，並採取了所有緊縮措施，這將使業務更接近收支平衡。

Let me make a few comments on GM Financial, Cruise and Corp segment. At GMF, the actions we've taken to drive dealer traffic led to strong vehicle sales and U.S. penetration of 53%, up from 47% a year ago. GMF's $200 million EBT was lower year-over-year because of higher credit provisions and accelerated depreciation on the lease portfolio due to the pandemic.

讓我對通用金融、Cruise 和 Corp 部門發表一些評論。在 GMF，我們為推動經銷商流量而採取的措施帶來了強勁的汽車銷售，美國滲透率從一年前的 47% 上升至 53%。 GMF 的 2 億美元息稅前利潤年減，原因是信貸準備金增加以及疫情導致租賃組合折舊加速。

In Q1, we had talked about a 7% to 10% decline in used vehicle prices. Given the significant recovery in prices starting in second half of Q2, industry consensus now points to a slightly stronger used vehicle price environment down 6% to 8%. And we continue to expect net charge-offs in the range of 2% to 2.5%, although towards the low end of the range if recent credit performance persists. We received the expected $400 million dividend from GM Financial in Q2.

在第一季度，我們曾談到二手車價格下降7%至10%。鑑於價格從第二季下半段開始大幅回升，目前業界普遍認為二手車價格環境將略有走強，下降 6% 至 8%。我們繼續預期淨沖銷額將在 2% 至 2.5% 之間，但如果近期信貸表現持續下去，則將接近該範圍的低端。我們在第二季度從通用金融獲得了預期的 4 億美元股息。

Cruise costs were $200 million for the quarter, consistent with expectations. And Corp segment costs were $200 million, including a $100 million favorable impact from the PSA investment.

本季郵輪成本為 2 億美元，與預期一致。公司部門成本為 2 億美元，其中包括 PSA 投資帶來的 1 億美元有利影響。

Quick update on our transformational cost savings initiatives. We achieved $3.8 billion since 2018, including $200 million in Q2, and we expect to achieve our target of $4 billion to $4.5 billion. On the cost front, zero-based budgeting has allowed us the opportunity to reevaluate our spending across the board.

快速更新我們的轉型成本節約措施。我們自 2018 年以來實現了 38 億美元的收入，其中包括第二季的 2 億美元，我們預計將實現 40 億至 45 億美元的目標。在成本方面，零基預算使我們有機會全面重新評估我們的支出。

A significant majority of the austerity measures will normalize, as you can expect. We do think that some of these efficiencies will stick. It is too soon to put a dollar amount on that, but some examples include efficient marketing spending, reduced event expenses and reduced travel and facilities expenses.

正如您所預料的，絕大多數緊縮措施將會正常化。我們確實認為其中一些效率將會持續下去。現在就給出具體的金額還為時過早，但可以舉出一些例子，包括高效的行銷支出、減少的活動費用以及減少的差旅和設施費用。

Finally, looking ahead to the second half of 2020, as you know, the environment remains fluid, and it is difficult to provide an official guidance in this backdrop. But let me frame up a scenario to dimension our profit and our cash flow. If you assume a 14 million U.S. light vehicle SAAR industry in H2, in which global production is not impacted by plant shutdowns or shift reductions and we do not experience a significant supply disruption and we rebuild dealer inventory to be in the neighborhood of 600,000 units by end of the year, we can expect second half total company EBIT adjusted to be in the range of 4 to 4.5 -- excuse me, $4 billion to $5 billion, with Q3 slightly stronger than Q4 due to holidays in November and December.

最後，展望 2020 年下半年，如您所知，環境依然不穩定，在這種背景下很難提供官方指引。但讓我建立一個場景來衡量我們的利潤和現金流。如果假設下半年美國輕型汽車 SAAR 行業產量為 1400 萬輛，全球產量不會受到工廠停工或班次減少的影響，也不會出現嚴重的供應中斷，而且我們會將經銷商庫存重建到年底 60 萬輛左右，那麼我們可以預計下半年公司調整後的息稅前利潤總額將在 40 億至 45 億美元之間——100 億美元月有假期，第三季的業績將略強於第四季。

In this scenario, we expect to generate free cash flow of $7 billion to $9 billion in H2, assuming a working capital and sales allowance rewind of approximately $5 billion and CapEx of approximately $3 billion. The H2 scenario demonstrates the ability to recover a meaningful portion of the H1 cash burn.

在這種情況下，我們預計下半年將產生 70 億至 90 億美元的自由現金流，假設營運資本和銷售折扣回撥約為 50 億美元，資本支出約為 30 億美元。 H2 情境表明，能夠收回 H1 現金消耗的相當一部分。

Keep in mind, this is a scenario, not a guidance, and these factors are inherently difficult to predict given the volatility in demand and production timing as well as levels. As you know, there are a number of factors such as inventory build, managed working capital rewind, austerity measures that will make it difficult to use this scenario to extrapolate into 2021. But we're confident in the fundamentals of the business. And in a normal environment, we would expect the cash flow generation potential of the company to be strong as we keep funding the investments in our future.

請記住，這只是一種情景，而不是指導，而且由於需求和生產時間以及水平的波動，這些因素本質上很難預測。如您所知，庫存增加、管理營運資本回撤、緊縮措施等一系列因素將使得很難將這種情境推斷到 2021 年。但我們對業務基本面充滿信心。在正常環境下，隨著我們繼續為未來投資提供資金，我們預計公司的現金流產生潛力將會很強勁。

It is also worth noting that the deferment in CapEx spending this year will lead to retime spending into 2021. However, over the 2-year period, we expect to still stay within our CapEx target.

還值得注意的是，今年資本支出的延遲將導致支出重新安排到 2021 年。但是，在兩年期間，我們預計仍將保持在我們的資本支出目標範圍內。

So in summary, our Q2 results were significantly impacted by the pandemic, but we're demonstrating how well we can perform through a challenging time. Our focus on cash flow and the steps we've taken to improve the breakeven has certainly helped improve the resilience of the business. We continue to be laser focused on execution and generating strong performance that will position us to win in the future of mobility.

總而言之，我們的第二季業績受到了疫情的嚴重影響，但我們正在證明我們能夠在充滿挑戰的時期表現良好。我們對現金流的關注以及為改善損益平衡而採取的措施無疑有助於提高業務的彈性。我們將繼續專注於執行並創造強勁的業績，這將使我們在未來的行動領域中獲勝。

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

（操作員指示）您的第一個問題來自 RBC Capital Markets 的 Joseph Spak。

Dhivya, maybe just to clarify that last comment on the back half EBIT, was that -- is that an auto EBIT or a total EBIT? And maybe if you could provide a little bit more color or what the implied North America EBIT would be in the back half.

Dhivya，也許只是為了澄清一下關於後半部分 EBIT 的最後一條評論，那是——自動 EBIT 還是總 EBIT？也許您可以提供更多細節，或說明下半年隱含的北美息稅前利潤 (EBIT) 是多少。

So Joe, it is total company EBIT. So it includes auto as well as GMF. I don't want to put a specific North America number to it, but it's safe to assume that, with a 600,000-unit dealer inventory position by year-end, I think that gives you enough data points to model North America in specific.

喬，這是公司的總息稅前利潤。因此它包括汽車和 GMF。我不想給出北美的具體數字，但可以肯定地說，到年底經銷商庫存量將達到 600,000 輛，我認為這將為您提供足夠的數據點來具體模擬北美。

Okay. And then you talked about the cash flow in the back half. I think in some other comments, you talked about potentially paying back the revolver of $60 million. So -- $16 billion. So if I'm doing the math right, it sort of seems that, if that occurs, you're back to net cash balances almost equal to, let's call it, second quarter of '19 levels or pre-strike, pre-COVID. Am I missing anything there? Or are there any other puts and takes we should be considering?

好的。然後您談到了後半部分的現金流。我想在其他一些評論中，您談到了可能償還 6000 萬美元的循環貸款。所以——160億美元。因此，如果我的計算正確的話，如果發生這種情況，您的淨現金餘額將幾乎等於 2019 年第二季度的水平或罷工前、COVID 前的水平。我遺漏了什麼嗎？或者我們還應該考慮其他什麼利弊？

I think you're directionally correct. If you think about the first half of the year, we burned $10 billion between Q1 and Q2. And based on the scenario that I provided, in the midpoint of the range of the $7 billion to $9 billion, you can see that we're recovering a bulk of the burn in H1 of the year.

我認為你的方向是正確的。如果你想想今年上半年，我們在第一季和第二季之間就燒掉了 100 億美元。根據我提供的情景，在 70 億美元至 90 億美元範圍的中間點，您可以看到我們正在今年上半年收回大部分損失。

So as we build the cash balance back towards our target level, Joe, that's when we would expect to pay back the revolver. Obviously, as you know, there's a ton of uncertainty that's out there. So it's important to note that it's based on the backdrop and all the assumptions that I talked about.

因此，喬，當我們將現金餘額恢復到目標水準時，我們就需要償還循環貸款。顯然，如你所知，存在著大量的不確定性。因此，需要注意的是，它是基於我談到的背景和所有假設的。

Okay. And maybe one for Mary. You talk a lot about your EV and Ultium architecture, and it sounds like you're very comfortable and excited about it. I know you have an agreement with Honda for that as well. But what we're also seeing is a lot more companies, I guess, trying to maybe break into electric vehicles or [automating them]. I'm wondering if you would ever consider -- or how you would sort of value the risk and opportunities, I guess, of selling kits to some of the would-be competitors.

好的。也許還有一個給瑪麗。您談論了很多有關 EV 和 Ultium 架構的事情，聽起來您對此感到非常滿意和興奮。我知道您與本田也達成了協議。但我想，我們也看到越來越多的公司試圖進軍電動車領域或實現電動車自動化。我想知道您是否會考慮——或者您會如何評估向一些潛在競爭對手銷售套件的風險和機會。

We think scale does matter, and we are very confident and excited about our Ultium battery platform and our cell technology. We are the only 1 of 2 that are building battery cells in this country from an auto perspective. And we also have a joint development agreement with LG Chem, along with the R&D work that we have. We've stated that as we -- early -- in the early days of launching off of our new Ultium platform, we will be at or below 100. And that's just the start of the cost-down plans that we have from a battery cell technology perspective.

我們認為規模確實很重要，我們對我們的 Ultium 電池平台和電池技術非常有信心和興奮。從汽車角度來看，我們是全國僅有的兩家生產電池的公司之一。我們也與 LG Chem 簽訂了聯合開發協議，並進行研發工作。我們已經聲明，在我們新 Ultium 平台發布的初期，電池數量將達到或低於 100 個。這只是我們從電池技術角度實施的成本削減計劃的開始。

So we, as you mentioned, have an arrangement with Honda to provide and leverage not only Ultium cells, but our platform, and we evaluate each one of these opportunities on an individual basis. So we think it's going to be something that's additive and generate shareholder value but doesn't have a negative impact on the core business. We definitely will protect our truck franchise. And other key franchises, we will evaluate. So we remain open as we move forward because we think we have leading technology.

因此，正如您所提到的，我們與本田達成協議，不僅提供和利用 Ultium 電池，還提供和利用我們的平台，並且我們會根據具體情況評估每一個機會。因此，我們認為這將會是一種附加的東西，能夠創造股東價值，但不會對核心業務產生負面影響。我們一定會保護我們的卡車特許經營權。我們也會對其他主要特許經營權進行評估。因此，我們在前進的過程中保持開放態度，因為我們認為我們擁有領先的技術。

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。

Just a first question on the strength in pricing in the quarter. I mean, obviously, with inventory relatively tight, that should have aided that. So I think that, that might be part of it. But just curious how much of that price increase you think is sticky, how much benefit you'll get as the SUVs launch. And then also, if you think about the relatively tight inventory right now and today, you're talking about getting back to 600,000 units, which is still relatively tight through the end of the year, might you consider a leaner inventory level going forward to support pricing?

第一個問題是關於本季定價的強度。我的意思是，顯然，由於庫存相對緊張，這應該會有所幫助。所以我認為這可能是其中的一部分。但我只是好奇，您認為價格上漲的幅度有多少是持久的，SUV 推出後您將獲得多少好處。另外，如果您考慮現在和今天相對緊張的庫存，您說的是回到 600,000 台，到今年年底這個數字仍然相對緊張，您是否會考慮降低庫存水平以支持定價？

Yes. John, I'd say on -- in the quarter, it was both carryover as well as our majors that contributed to positive pricing. On the major side, as you know, we're launching our Trailblazer and Encore GX, which have been received really well, and that's helping us from a net price perspective.

是的。約翰，我想說的是——在本季度，結轉業務和我們的主要業務都對積極的定價做出了貢獻。從主要方面來看，如您所知，我們即將推出 Trailblazer 和 Encore GX，這兩款車受到了熱烈歡迎，從淨價角度來看這對我們有幫助。

On the carryover side, it's across the board, but particularly in full-size pickups that we're able to maintain the pricing levels there. And as we go forward, to your point, we will calibrate the right level of inventory to have based on what the SAAR environment is like. As you know, it's a needle that you've got to thread, watching what the competition is doing, our own inventory levels and the appropriate trade-off between market share as well as profitability. And that's something that we manage on a quarter-to-quarter basis, and we'll continue to do that in the second half of the year and beyond.

在結轉方面，這是全面的，特別是對於全尺寸皮卡，我們能夠維持那裡的定價水準。正如您所說，隨著我們不斷前進，我們將根據 SAAR 環境的實際情況來調整適當的庫存水準。如你所知，這是一根需要穿針引線的針，你需要觀察競爭對手的舉動、我們自己的庫存水平以及市場份額和盈利能力之間的適當權衡。這是我們按季度管理的事情，我們將在今年下半年及以後繼續這樣做。

Okay. That's helpful. And then just a second question, on the $1.5 billion in cost saves in the quarter, I mean, I think in the press release, you're saying that takes you up to $3.8 billion. So you're pretty far along the way getting to the $4 billion to $4.5 billion.

好的。這很有幫助。然後第二個問題，關於本季節省的 15 億美元成本，我的意思是，我認為在新聞稿中，您說這將使您的成本達到 38 億美元。因此，您距離實現 40 億至 45 億美元的目標已經相當遠了。

So I'm just curious how much of that was somewhat temporary in the quarter and there might be more to go. And I guess it's sort of just a question of semantics and timing. And as you kind of chug down this route of crossing the finish line of $4 billion to $4.5 billion, if there is potentially more down the line. Or are you guys just running so efficiently you're kind of reaching sort of an [as target] limit on how far it can go on cost? I mean it's pretty impressive. It seems like you might be bumping up against limits here at this point.

所以我只是好奇其中有多少是本季的暫時現象，而且可能還會有更多。我猜這只是一個語義和時間的問題。當你沿著這條路線前進，跨越 40 億美元到 45 億美元的終點線時，如果未來可能還會有更多。或者你們的營運效率太高了，以至於在成本上已經達到了某種（目標）極限？我的意思是這確實令人印象深刻。看起來此時您可能會遇到限制。

Yes. So from a $3.8 billion that you alluded to, John, I'd say those are permanent savings in that they were part of what we announced in November of 2018, and we've been making progress getting to the $4 billion to $4.5 billion range that we've talked about. So I would categorize those as more permanent savings.

是的。因此，約翰，從您提到的 38 億美元來看，我想說這些是永久性的節省，因為它們是我們在 2018 年 11 月宣布的一部分，而且我們一直在努力實現我們談到的 40 億至 45 億美元的目標。所以我將其歸類為更持久的儲蓄。

In addition to that, the austerity savings that we put in place in the second quarter given the pandemic and what's going on, that's where -- you got to look at it in 2 categories. First category, naturally, there will be a normalization of that with the production going back up. So for example, to the extent there are salary deferrals that we have announced recently that we're restoring those to the original levels, those were temporary. So we went back to the original levels there. So with the normalization, you will see a significant majority of that going back.

除此之外，考慮到疫情和正在發生的事情，我們在第二季度實施了緊縮儲蓄政策，這就是——你必須從兩個方面來看待它。第一類，自然會隨著產量的回升而恢復正常化。例如，我們最近宣布的工資延期發放將恢復到原來的水平，但這只是暫時的。所以我們又回到了原來的水平。因此，隨著正常化，你會看到其中絕大多數都會回歸。

But what we're also working on is, whether it's marketing spend or event expenses and travel, as you can imagine, as the low facilities and other areas, we're looking at every single one of them from a zero-based product perspective to do more there. So as I said, it's difficult to put a dollar amount, but it's safe to say you've seen the performance in the quarter from a cost standpoint. If there's cost efficiencies to be had, we will get it.

但我們也在努力的是，無論是行銷支出還是活動費用和差旅費，正如你所想像的，在低設施和其他領域，我們都從零基礎產品的角度來審視每一個領域，以便在那裡做更多的事情。正如我所說，很難用美元來衡量，但可以肯定地說，從成本的角度來看，您已經看到了本季的表現。如果可以提高成本效率，我們就會去做。

Okay. And then just lastly, on the OnStar discussion, I mean, moving it towards an app on the phone that's available outside the vehicle, seems like you're taking this more and more in sort of a stand-alone direction. Just curious really what that means, if it's going to be available to folks outside of the GM family. And could this be a precursor to a potential separation at some point down the line?

好的。最後，關於 OnStar 的討論，我的意思是，將其轉移到可在車外使用的手機應用程式上，似乎您正在將其越來越多地推向一種獨立的方向。我只是好奇這意味著什麼，如果它將向通用汽車家族以外的人開放的話。這是否是未來某個時刻可能分離的先兆？

So John, I think what we're really looking is at leveraging the full power of OnStar and the connectivity we have, the relationship we have with first responders throughout the country, and we think it's a very additive business. There's a lot more that we plan to do, building on OnStar that will be integrated with the vehicle. So we'll look at both paths but have nothing to talk about related to the separation.

所以約翰，我認為我們真正想要的是充分利用 OnStar 的全部功能和我們擁有的連接性，以及我們與全國各地急救人員的關係，我們認為這是一項非常有附加價值的業務。我們還計劃做更多的事情，以 OnStar 為基礎，將其與車輛整合。因此，我們會研究這兩條路徑，但無需討論與分離相關的內容。

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

您的下一個問題來自摩根士丹利的亞當喬納斯。

So bear with me on the first question. The General Motors brand, I think, goes back 111 years. What do you think -- why not just change the name of the company? I mean it's done -- GM is -- the General Motors has done its job, but it -- I'm wondering if it might be out of touch with some of the really interesting directions you're taking the business. Why not call the company Ultium, the entire company? And I have a follow-up.

所以請耐心聽我回答第一個問題。我認為通用汽車品牌的歷史可以追溯到 111 年前。您覺得怎麼樣－為什麼不直接更改公司名稱呢？我的意思是它已經完成了——通用汽車已經完成了它的工作，但是——我想知道它是否可能與你為該業務採取的一些真正有趣的方向脫節。為什麼不把整個公司稱為 Ultium？我還有一個後續問題。

So Adam, appreciate your input. When I look at a name change -- and we're going to make any changes necessary to drive the shareholder value because I'm so -- strongly believe in the technology and our future product plans as it relates to electrification. So that's something that we evaluate and look at, when is the right time and what are the proof points that everybody looks at it and makes it real. And so we believe strongly in our EV future.

所以亞當，感謝你的意見。當我考慮更改名稱時——我們將做出任何必要的更改來提升股東價值，因為我非常——堅信與電氣化相關的技術和我們未來的產品計劃。所以這是我們要評估和研究的事情，什麼時候是正確的時機，以及有哪些證據可以吸引大家注意並將其變為現實。因此，我們對電動車的未來充滿信心。

Okay. Appreciate that, Mary. Just a follow-up then. Because as you realize, there's so much investor enthusiasm around the high -- the 20% CAGR business known as EVs and not so much excitement around the negative 5% or so CAGR business. That's the melting ice cube, so to speak. And the valuations of some of the other companies that are going after the higher-growth business are just so sensational. I mean people talk about Rivian worth more than GM and they never made a vehicle.

好的。非常感謝，瑪麗。那麼只是後續行動。因為正如你所意識到的，投資者對高複合年增長率（20%）的電動車業務充滿熱情，而對複合年增長率為負 5% 左右的電動車業務卻不那麼感興趣。可以這麼說，這就是融化的冰塊。而其他一些追求高成長業務的公司的估值也非常高。我的意思是，人們說 Rivian 比通用汽車更有價值，但他們從未生產過汽車。

So I'm just thinking, from GM and to a large degree, your peers, because you're not alone, as you look at like today's results, really, really good results under tough circumstances, a decent set of guidance under tough circumstances, the market doesn't seem to care. From your seat, what is the biggest reason for this gap? It's a pretty big gap.

所以我只是在想，從通用汽車以及很大程度上來說，從你們的同行來看，因為你們並不孤單，當你看到今天的業績時，你會發現，在艱難的情況下，業績真的非常好，在艱難的情況下，有一套不錯的指導，市場似乎並不關心。從您的角度來看，造成這種差距的最大原因是什麼？差距相當大。

Again, I'm not singling you out specifically, but you are the CEO of this company that many investors see has a real opportunity here. And I'm one of that group. What's the biggest reason, in your mind, for the gap? And what does GM need to do to radically change that perception?

再說一次，我不是專門針對你，但你是這家公司的首席執行官，很多投資者都認為這家公司有真正的機會。我就是其中的一員。您認為造成這種差距的最大原因是什麼？那麼通用汽車需要做什麼才能徹底改變這種看法呢？

And I'm -- so when I look at all the attention on some of the companies that you mentioned, I think it's a validation of the importance of the electrification strategy. I think as we move forward, people will see all the strengths we bring as it relates to scale manufacturing capability, the technology that we're bringing, leading battery costs. So we've got to keep telling our story. We've got to deliver, and that's exactly what we intend to do.

所以當我看到大家對您提到的一些公司的關注時，我認為這證明了電氣化策略的重要性。我認為，隨著我們不斷前進，人們將看到我們帶來的所有優勢，包括規模製造能力、我們帶來的技術以及領先的電池成本。所以我們必須繼續講述我們的故事。我們必須實現這一目標，而這正是我們想要做的。

We have the Lyriq announcement next week, which is one of the highest [clinic] vehicles I've seen in my 40-year career from a customer perspective. We have more to share very shortly on the HUMMER and as I said, the reveal in fourth quarter. The battery plant is raising steel today. So we're just going to keep delivering and demonstrate that we have products people want to buy.

我們將於下週發布 Lyriq，從客戶角度來看，這是我 40 年職業生涯中見過的最高價的 [診所] 車輛之一。我們很快就會分享更多關於悍馬的消息，正如我所說，我們將在第四季度發布。電池廠今天正在提煉鋼材。因此，我們將繼續提供並證明我們有人們想要購買的產品。

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

您的下一個問題來自花旗銀行的 Itay Michaeli。

Dhivya, I think you mentioned this in the outlook commentary, but how much roughly of the working capital and accrued do you expect to recover by year-end, even if we go back to last year's strike?

Dhivya，我想您在展望評論中提到了這一點，但是即使我們回到去年的罷工，您預計到年底大約可以恢復多少營運資金和應計費用？

Yes. So we're assuming, Itay, in the outlook of a recovery of about $5 billion from a working capital and sales loans perspective. So we're not all the way back from a recovery of the cash burn that we experienced in first half as it relates to working capital. And that will happen as the industry continues to normalize. So as -- and a way to think about it is at 17 million units, if you're roughly neutral working capital and we saw the burn first half of the year, as it gets closer to 17 million, it's almost like a linear way of thinking about it getting back to the neutral levels. And as you know, it's also based on timing of production and the levels of production as well.

是的。因此，我們假設，從營運資金和銷售貸款的角度來看，復甦的前景約為 50 億美元。因此，就營運資金而言，我們還沒有完全從上半年經歷的現金消耗中恢復過來。隨著行業繼續正常化，這種情況就會發生。因此 — — 一種思考方式是，在 1700 萬個單位時，如果你的營運資本大致處於中性水平，並且我們看到上半年的消耗量，那麼當它接近 1700 萬個單位時，幾乎就像是一種線性思考方式，它會回到中性水平。而且如您所知，它還基於生產時間和生產水平。

Great. That's helpful. And then just -- you mentioned the COVID situation and the rising cases. I'm just curious if you're seeing any signs, whether it's globally, nationally or even by region, of any recent signs of retail demand weakness just in light of the recent events?

偉大的。這很有幫助。然後——您提到了 COVID 情況和不斷上升的病例。我只是好奇，鑑於最近發生的事件，您是否看到任何跡象，無論是全球、國家還是地區，都表明零售需求出現疲軟跡象？

No, not really, Itay. We're cautiously optimistic as we see month-over-month improvement in China, as we see continued improvement in the United States and North America, and we expect a bit slower recovery due to the severity of COVID in South America.

不，不是真的，伊泰。我們持謹慎樂觀的態度，因為我們看到中國經濟逐月改善，我們也看到美國和北美經濟持續改善，而且由於南美新冠疫情的嚴重性，我們預計復甦速度會略慢一些。

Okay. And then just lastly, Mary, I know in the past, we spoke about and you've spoken about the opportunity for EVs to deploy them on rideshare networks. And wondering if there's any updated views on that, particularly with one of the rideshare companies in the past few months committing to an all-EV fleet by 2030. Just curious if there's any other updated thoughts around how you might look to deploy EVs on rideshare networks?

好的。最後，瑪麗，我知道過去我們討論過，你也討論過電動車在共享乘車網路上部署的機會。我想知道對此是否有任何最新的看法，特別是考慮到過去幾個月其中一家共乘公司承諾在 2030 年實現全電動車隊。我只是好奇，對於如何在共乘網路上部署電動車，您是否還有其他最新的想法？

I think that's an opportunity for us. And I don't have anything specifically to announce today, but very much an opportunity.

我認為這對我們來說是一個機會。今天我沒有什麼特別的消息要宣布，但這是一個很好的機會。

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瑞安布林克曼 (Ryan Brinkman)。

Question, the performance in North America really stands out as very impressive. Just looking at the year-over-year change in EBIT divided by the year-over-year change in revenue, it would seem that decremental margin tracked somewhere in the order of 19%, $3.1 billion declining EBIT on $16.7 billion in revenue versus -- in most other quarters, I think operating leverage has been quite a bit higher. So clearly, this seems a result of the $1.4 billion of cost or $1.3 billion of performance there in the quarter.

問題，北美的表現確實非常令人印象深刻。只要看一下息稅前利潤的同比變化除以收入的同比變化，似乎遞減的利潤率大約為 19%，即 167 億美元的收入中息稅前利潤下降了 31 億美元，而在其他大多數季度，我認為營業槓桿率要高得多。因此很明顯，這似乎是本季 14 億美元成本或 13 億美元業績的結果。

Are you able to sort of break down that cost improvement for us to help us maybe better understand how much of that cost cutting represents expenses that you have found maybe don't need to be added back as volume returns versus, I don't know, other cuts, which are maybe less sustainable?

您能否為我們詳細分析成本改進，以幫助我們更好地了解，在成本削減中，有多少費用可能不需要隨著銷量回升而加回來，而其他削減措施可能不太可持續？

Yes. It's difficult, Ryan, to put a dollar amount on this, but a portion of the cost in the bridge, I would say, is timing, call it, about $500 million or so, which will get retimed into a different time period, maybe H2 or into next year. And I think as you think about margins though, what you're seeing really in North America is quickly being able to flex our cost structure but also the product trend as well that we're seeing.

是的。瑞安，很難用金錢來衡量這一點，但我想說，這座橋樑的成本中有一部分是時間成本，大約是 5 億美元左右，這筆費用將重新安排到不同的時間段，可能是下半年或明年。而且我認為，當你考慮利潤率時，你在北美真正看到的是能夠快速調整我們的成本結構，同時也能調整我們所看到的產品趨勢。

As you think about future margins for North America, we're going to have the launch downtime behind us from both an SUV and heavy-duty perspective. Last 3 years, if you think about it, we've been taking downtime to change over the entire portfolio. So as you go forward here, you think about lack of downtime, whatever sticks from a cost perspective on efficiencies and continued execution of the transformational cost savings. So you see some tailwinds here, and this quarter certainly demonstrates that you're seeing what the earnings power of North America can be.

當您考慮北美未來的利潤率時，從 SUV 和重型車輛的角度來看，我們的發布停工期已經過去了。如果你仔細想想，過去 3 年我們一直在停工以更換整個產品組合。因此，當您繼續前進時，您會考慮缺乏停機時間，無論從成本角度來看效率如何，以及持續執行轉型成本節約。因此，您在這裡看到了一些順風，本季度無疑表明您看到了北美的盈利能力。

Okay. Great. And then if you would just sort of add it all together, when you take the, I don't know, learning to be leaner and then the costs that do need to come back and maybe considering also any sort of post-COVID costs such as PPE for your employees or supply chain compression, would you say that your outlook today for long-term GM North America margin of 10% plus is lower, higher or unchanged relative to prior to coronavirus?

好的。偉大的。然後，如果您將所有這些因素加在一起，當您學習精簡成本，然後確實需要回落的成本，也許還考慮到任何後疫情時代的成本，例如員工的個人防護裝備或供應鏈壓縮，您會說，您今天對通用汽車北美長期利潤率 10% 以上的預期，相對於疫情之前是更低、更高還是保持不變？

I would say it's unchanged. I think the -- we obviously are focused on safety and providing the right equipment, but I think we've been able to do that very efficiently along with other COVID costs and I see more cost opportunity as we move forward.

我想說它沒有改變。我認為——我們顯然專注於安全並提供合適的設備，但我認為我們已經能夠非常有效地做到這一點，同時還能降低其他 COVID 成本，而且隨著我們前進，我看到了更多的成本機會。

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 Emmanuel Rosner。

So Mary, when you look at the high market valuations and cheap access to capital of some of these electric vehicle companies we spoke about earlier, some established ones, but also many unproven start-ups, can that make you consider spinning off GM's electric vehicle operations and capability into a separate stand-alone entity? There seems to be large investor appetite for such assets as we discussed before. But this cheap access to capital has frankly also become a strong competitive advantage for some of these companies.

那麼瑪麗，當你看到我們之前談到的一些電動汽車公司的高市場估值和廉價的資本獲取方式時，其中一些是老牌公司，但也有許多未經證實的初創公司，這是否會讓您考慮將通用汽車的電動汽車業務和能力剝離為一個獨立的實體？正如我們之前討論過的，投資者似乎對此類資產有著很大的興趣。但坦白說，這種廉價的資本取得方式也成為其中一些公司的強大競爭優勢。

Emmanuel, we are evaluating and always evaluate many different scenarios, so I don't have anything further to say other than we are open to looking at and evaluate anything that we think is going to drive long-term shareholder value. So I would say nothing is off the table.

伊曼紐爾，我們正在評估並且始終在評估許多不同的情況，因此我沒有什麼可說的，除了我們願意研究和評估我們認為能夠推動長期股東價值的任何事物。所以我想說沒有什麼是不可能的。

Okay. I guess are there any technology or other sort of impediments or the way sort of like things are integrated together, makes it complicated? Can you just talk a little bit about sort of like the factors that come into consideration?

好的。我猜想是否存在某種技術或其他類型的障礙，或者某種事物整合在一起的方式使其變得複雜？能否稍微談談需要考慮的因素？

I'm not sure I -- your question -- it was hard to hear you, but I think you asked, is there -- what are any potential impediments. And I don't look at things as impediments. I look at what is going to be the way to maximize the value creation. So I think there's many different paths that we are looking at that we could take. It all starts, though, with strong execution and building on the technical capability we have as well as our supply chains and our manufacturing capabilities. So I don't really see any specific impediment.

我不確定——你的問題——我很難聽清楚你的話，但我想你問的是——有什麼潛在的障礙。我並不將事物視為障礙。我研究如何才能最大程度地創造價值。所以我認為我們正在考慮可以採取多種不同的方法。然而，這一切都始於強大的執行力以及我們現有的技術能力、供應鏈和製造能力。所以我確實沒有看到任何具體的障礙。

Okay. And then for Dhivya, I was hoping to put your second half scenario, EBIT scenario, in historical context. Obviously, it's a very strong outlook under that scenario. But at the same time, historically, there's been many half years where GM has done as well or better, first half of 2019, first half of '18, second half of '18. But since then, you've taken out a tremendous amount of cost.

好的。然後對於 Dhivya，我希望將您的下半年情景、EBIT 情景放在歷史背景中。顯然，在這種情況下，前景非常光明。但同時，從歷史上看，通用汽車有很多半年的表現都一樣好甚至更好，例如 2019 年上半年、2018 年上半年、2018 年下半年。但自那時起，你已經花費了大量成本。

And yes, the market is much lower, but your truck production is expected to be running all out. The pricing is great for the product that really matter for GM. It feels like there's a lot of upside versus back then. So can you maybe just put into context with puts and takes?

是的，市場價格確實低了很多，但你的卡車產量預計會全部用完。對於通用汽車真正關心的產品來說，定價非常合理。感覺與那時相比，現在有很多優勢。那麼，您能否將其與 puts 和 take 聯繫起來？

Yes, sure. So you will still have, in the second half of the year, a couple of headwinds as it relates to -- wholesale still will be down relative to what might have been a kind of adjusted second half of last year, a normal type environment. So depending on where the industry lands and our ability to fully recoup production, it depends on that.

是的，當然。因此，在下半年，你仍然會面臨一些不利因素——批發業務相對於去年下半年調整後的正常環境而言仍將處於下降狀態。因此，這取決於產業的發展狀況以及我們完全恢復生產的能力。

Secondly, GMF is projecting a 6% to 8% decline in used vehicle prices and a higher consumer loss number. And to the extent that, that comes in at the better end of the range, there could be some GMF opportunity there. So even though production is running all out, it is not quite back at the levels, that pre-COVID ability to run all out and especially in some of the international markets that Mary is talking about. We might still have some production levels that are lower than pre-COVID. So GMF, production levels, and I think it's safe to say that a normal second half would be, if you don't have downtime, production is back at the normal levels and the credit losses and used vehicle prices normalize.

其次，GMF 預計二手車價格將下降 6% 至 8%，消費者損失數量將增加。並且，如果達到較好的範圍，那麼其中可能存在一些基因改造食品的機會。因此，即使生產已全力運轉，也尚未完全恢復到疫情之前的水平，尤其是在瑪麗談到的一些國際市場。我們的一些生產水準可能仍低於疫情之前。因此，GMF 的生產水平，我認為可以肯定地說，正常的下半年將是這樣的：如果沒有停機時間，生產就會恢復到正常水平，信貸損失和二手車價格也會恢復正常。

Your next question comes from the line of Mark Delaney with Goldman Sachs.

您的下一個問題來自高盛的馬克·德萊尼。

So maybe you could talk about the margin implications for the company as the mix shifts towards EVs in the near and intermediate term. And are there any milestones investors should be monitoring in order to gauge when the shift to EVs will be neutral to your margins? Some milestones in terms of where battery costs may need to be -- or certain volume of EVs that the company may need to ship?

因此，也許您可以談談在短期和中期內產品組合向電動車轉變對公司利潤率的影響。投資人是否應該關註一些里程碑事件，以判斷向電動車的轉變何時會對你的利潤率產生中性影響？在電池成本方面可能需要達到一些里程碑——或者公司可能需要運送一定數量的電動車？

Well, as I've mentioned, we start rolling out off of our Ultium platform and cell system next year with the HUMMER EV and then continue. And early in that life, we think we're going to get to 100 and below, and then we have a fairly rapid plan to continue to take cost out. So I think it will happen over the life of that program that we'll be able to see the costs and depending on the ICE powertrain, get to a parity point through that generation.

嗯，正如我所提到的，我們明年將開始在 HUMMER EV 上推出我們的 Ultium 平台和電池系統，然後繼續。在生命的早期，我們認為我們將達到 100 甚至更低，然後我們有一個相當快速的計劃來繼續降低成本。因此我認為，在該計劃的整個生命週期內，我們將能夠看到成本，並根據 ICE 動力系統，透過該世代達到平價點。

That's helpful. And my follow-up question was around this down 6% to 8% used vehicle pricing that, Dhivya, you had mentioned. Can you talk a little bit more about how GM is coming up with that? I think some of the investors observed used pricing coming in stronger than that more recently. So just some context to how you're thinking about used pricing within that number that you quoted would be helpful.

這很有幫助。我的後續問題是，Dhivya，您提到的二手車價格下降 6% 到 8%。您能否進一步談談通用汽車是如何實現這一目標的？我認為一些投資者最近發現二手價格比這更強勁。因此，只要提供一些關於您如何考慮所引用數字內的二手價格的背景資訊就會很有幫助。

Yes. That is a very good point. We are seeing strong recovery after the low point in April. And we are looking to be more on the conservative side. A few reasons. Clearly, the macro backdrop is a question mark at this point. And there's always seasonality in the second half of the year. There's increased off-lease supply coming from the lease extensions that we have seen in the first half of the year.

是的。這是一個非常好的觀點。在經歷了四月份的低潮之後，我們正在看到強勁的復甦。我們希望採取更保守的立場。有幾個原因。顯然，宏觀背景目前還是一個問號。每年下半年總是有季節性的。我們看到，由於上半年租約延長，租約到期的供應量增加。

Rental car companies are defleeting. There's also new vehicle inventories are starting to increase, as we just talked about. So when you put all that together, we just think it's appropriate to be conservative. And clearly, if you're going to see a continued strength in the used vehicle prices as we have seen in the last few months that represents an upside over what I talked about.

租車公司正在轉向。正如我們剛才談到的，新車庫存也開始增加。所以，當你把所有這些因素綜合起來時，我們認為保守是合適的。顯然，如果您看到二手車價格持續走強，就像我們在過去幾個月看到的那樣，這比我所說的要好。

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

您的下一個問題來自 Wolfe Research 的 Rod Lache。

Dhivya, I was hoping you can just clarify a couple of points here on the -- not guidance, but scenario that you laid out for the back half. You said $4 billion to $5 billion of EBIT in the back half. I think the sum of GM International, GMF, Cruise and Corp, it's probably around $1 billion negative. So that would imply $5 billion to $6 billion from North America with some inventory and the cost structure that, I assume, eliminates some of the temporary stuff. Is that what you're saying? And it seems like that would include about $1.4 billion, $1.5 billion of inventory building. So maybe $3.5 billion, $4.5 billion at a 14 billion -- 14 million unit market. Is that kind of a reasonable interpretation?

Dhivya，我希望你能在這裡澄清幾點——不是指導，而是你為後半部分列出的情景。您說下半年息稅前利潤將達到 40 億至 50 億美元。我認為通用國際、GMF、Cruise 和 Corp 的總和可能為負 10 億美元左右。因此，這意味著來自北美的 50 億至 60 億美元，加上一些庫存和成本結構，我認為，可以消除一些暫時的東西。你是這個意思嗎？這似乎包括約 14 億美元、15 億美元的庫存建設。因此，在 140 億至 1,400 萬單位的市場中，可能達到 35 億美元、45 億美元。這是合理的解釋嗎？

So Rod, it's difficult to look at this on a regional basis. There's so much puts and takes across regions as well. But I think what you're trying to get to is what might a normalized underlying free cash flow potential of the company might be. And if assuming that's what you're trying to get to from the second half scenario that I provided, a simple way to think about it is we -- at the beginning of this year, when we were expecting a 17 million SAAR environment, we guided to $7 billion of free cash flow. And we also said last quarter that if you had a 13 million U.S. SAAR, that's the point at which we would break even from a free cash flow perspective globally.

所以羅德，從地區角度來看這個問題很困難。跨地區之間也存在著許多得失。但我認為您想要了解的是公司正常化的潛在自由現金流潛力是多少。如果假設這就是你想從我提供的下半年情境中得到的結果，那麼一個簡單的思考方式就是——在今年年初，當我們預期 1700 萬 SAAR 環境時，我們預計自由現金流將達到 70 億美元。我們上個季度也說過，如果美國的 SAAR 為 1,300 萬，那麼從全球自由現金流的角度來看，我們就能達到收支平衡。

So that gives you sort of like the boundaries from a free cash flow standpoint. And depending on whatever demand environment you can come up with, you can interpolate between those points. The key takeaway I'm trying to communicate here is the underlying cash generation potential of the business remains intact with the pre-COVID levels. And that's how to think about it.

因此，從自由現金流的角度來看，這給了你某種界線。根據您能想到的任何需求環境，您可以在這些點之間進行插值。我在這裡試圖傳達的關鍵點是，該企業的潛在現金創造潛力與疫情之前的水平保持不變。這就是我們應該思考的問題。

And obviously, you're going to see on a quarter-to-quarter some volatility associated with their production or working capital assumption or sales allowances and so on. But if you take a giant step back and think about what's changed since pre-COVID, we would say the business is strong, the important product launches are behind us and they're performing really well.

顯然，你會看到季度間與其生產或營運資本假設或銷售折扣等相關的一些波動。但如果你退一步思考，想想自從疫情爆發以來發生了什麼變化，我們會說業務很強勁，重要的產品發布已經過去，而且它們的表現非常好。

Austerity, if anything, to Mary's point, is going to add to some level of bottom line. And importantly, we've been talking about cash conversion for a couple of years now. And we're continuing to execute on those cash conversion measures and taking more dividends from GMF and so on. So we are -- I'd say the business is intact, and that's how you should read into these numbers that I provided from a scenario standpoint.

正如瑪麗所言，緊縮政策如果有任何作用的話，那就是將在一定程度上增加底線。重要的是，我們已經談論現金轉換好幾年了。我們將繼續執行這些現金轉換措施，並從 GMF 等處獲得更多股利。所以，我想說我們的業務是完好無損的，這就是你們從場景角度解讀我提供的這些數字的方式。

Okay. Yes, and it's pretty clear. You explained -- it sounds like $2 billion to $4 billion in the back half ex working capital but with some inventory build. How should we be thinking about -- obviously, macro is going to be the biggest driver of the variance from this year to next year. But the things that are within your control, Thailand and Australia, I think you've quantified, is about $400 million. You suggested on the call that you can get South America closer to breakeven. How should we be thinking about some of those items as we look out to next year?

好的。是的，而且非常清楚。您解釋說——這聽起來像是後半年除營運資本外還有 20 億至 40 億美元，但有一些庫存增加。我們該如何思考——顯然，宏觀經濟將成為今年和明年差異的最大驅動因素。但在你們控制範圍內的事情，泰國和澳大利亞，我想你們已經量化了，大約是 4 億美元。您在電話中建議，您可以讓南美洲更接近收支平衡。展望明年，我們該如何看待這些事項？

Yes. I'd say, macro aside, the key tailwind will be the product downtime that I mentioned earlier. You saw that in each of the last few years, and we're not going to have that. We're going to have a full year of COVID sales. Adjacencies have been growing, as you've seen, both from an OnStar as well as an aftersales perspective. That's going to continue into 2021. And the GMI restructuring is on track with the actions we've already announced.

是的。我想說，除了宏觀因素之外，關鍵的順風因素將是我之前提到的產品停機時間。過去幾年你都看過這種情況，但我們不會再看到這種情況了。我們將有全年的 COVID 銷售。如您所見，無論是從 OnStar 還是從售後角度來看，鄰接關係都在不斷增長。這種情況將持續到 2021 年。 GMI 重組正在按照我們已經宣布的行動進行。

South America, as I mentioned, we've been inching towards both the breakeven with both the revenue side as well as the cost side. Again, I won't put a time line on it, but it's all hands on deck from a South America perspective.

正如我所提到的，在南美洲，我們的收入和成本都在逐步達到收支平衡。再說一次，我不會為此設定時間表，但從南美洲的角度來看，這是全力以赴的。

So from a controllable standpoint, I would say we are on the right side of all of those initiatives in all the regions. And as we look into 2021, from a cash flow standpoint, I think all of those will serve us as our strong suit for next year.

因此，從可控的角度來看，我想說我們在所有地區的所有這些舉措中都站在了正確的一邊。當我們展望 2021 年時，從現金流的角度來看，我認為所有這些都將成為我們明年的強項。

Okay. Great. And just lastly, was hoping maybe you could just address, Mary that -- just the status of the China business right now. You mentioned in your prepared remarks that, especially luxury, seems to be coming back. But seems like Cadillac was still underperforming the market a bit as we looked at the last quarter. What do you see in that market at the moment? And what's your view on the prospects from here?

好的。偉大的。最後，瑪麗，我希望您能談談目前中國業務的現狀。您在準備好的演講中提到，尤其是奢侈品，似乎正在捲土重來。但從上季來看，凱迪拉克的表現似乎仍然略遜於市場。您目前看到該市場的情況如何？您對目前的前景有何看法？

I think we see an opportunity to continue to improve that business. Clearly, there continues to be ongoing pricing pressures, but we do have a strong cadence of new launches that -- I mentioned a few of them. We also addressed the issue and added the 4-cylinder engine options that I think inhibited some of our progress at the end of last year. So very important that we add the 4 cylinders.

我認為我們看到了繼續改善該業務的機會。顯然，定價壓力仍在持續，但我們確實有強勁的新產品推出節奏——我提到了其中的一些。我們還解決了這個問題，並增加了 4 缸引擎選項，我認為這在去年年底阻礙了我們的一些進展。因此添加 4 個氣缸非常重要。

And then, obviously, the region stays very disciplined on cost. So as I look at the strength of Buick, we have seen progress in Cadillac. I agree with you that we can and we will do more. So I see an opportunity. For this year, we kind of said that assuming kind of the trajectory that we're on, we'll continue to maintain the roughly $200 million per quarter, but I see upside opportunity as we move forward. And as you go even further, when you look at the recovery of that market and the ability of the market to get to a 30 million type unit and our planned portfolio for NEVs, I think, in the medium term, there's even more opportunity for growth and profitability.

顯然，該地區在成本方面保持著非常嚴格的紀律。因此，當我看到別克的實力時，我們也看到了凱迪拉克的進步。我同意你的觀點，我們可以而且會做得更多。所以我看到了機會。對於今年，我們假設我們所處的軌跡，我們將繼續保持每季約 2 億美元的收入，但隨著我們前進，我看到了上行機會。進一步看，當你看到該市場的復甦以及市場達到 3000 萬輛的能力以及我們為 NEV 規劃的產品組合時，我認為，從中期來看，增長和盈利的機會會更多。

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。

Yes. A couple of questions. So if we think of a chart you used to put out sort of in the 2012, 2013 period, you showed North America, fixed cost base. If I just do the math of subtracting about $10,000 per vehicle of variable contribution from your $11 billion of revenue, I get to sort of $8 billion of cost times 4 is $32 billion.

是的。有幾個問題。因此，如果我們想一下您在 2012 年、2013 年期間發布的圖表，您展示了北美的固定成本基礎。如果我從你的 110 億美元收入中減去每輛車約 10,000 美元的變動貢獻，我就會得到 80 億美元的成本乘以 4 等於 320 億美元。

Can you update us on a couple of things? A, is that in the ballpark for your new fixed cost bases in North America? Two, of the cost reduction, how much was the fixed cost and how much was things like supplier price concessions or redesigning bill of materials and so forth?

能向我們介紹一些事情嗎？答：這是否符合你們在北美新的固定成本基礎的大致情況？二、在成本削減中，固定成本是多少，供應商價格優惠或重新設計物料清單等成本是多少？

Yes. I'd say, Brian, the number that you came up with is probably on the higher side. I'd say it's lower than that. And part of it is actions we've taken with the transformational cost savings. If you think about it from the 2012, 2013 time frame that you're alluding to, we have been consistently taking fixed cost out of the system so the -- I think you can reduce your number by -- at least the transformational cost savings is not higher to get to a lower number.

是的。我想說，布萊恩，你得出的數字可能偏高了。我想說它比這還要低。其中一部分是我們為節約轉型成本所採取的行動。如果你從你所指的 2012 年、2013 年的時間範圍來考慮，我們一直在從系統中去除固定成本，因此 — — 我認為你可以減少你的數字 — — 至少轉型成本節省不會更高而達到更低的數字。

And the second question, a lot of the austerity actions were on the fixed cost side. So I'll give you a few examples. Marketing spend typically goes into this bucket of fixed cost that you're talking about that was lower. A lot of the salary deferrals as well as pay-related items typically fall into fixed costs as well. That was lower. Travel and sundry expenses, typically fixed costs. So it's less about extracting more variable concessions out of the system and more about these kinds of austerity actions that I talked about. Hopefully, that's helpful.

第二個問題，許多緊縮措施都是針對固定成本方面的。我給你舉幾個例子。行銷支出通常屬於您所說的較低的固定成本類別。許多工資延期以及與薪酬相關的項目通常也屬於固定成本。那更低。差旅和雜費，通常是固定成本。因此，這並不是從系統中提取更多可變讓步，而是更多地涉及我所談論的這些緊縮行動。希望這會有所幫助。

And as we kind of go into '21, assuming things somewhat normalize in the world, how much of those fixed costs come back?

當我們進入 21 世紀時，假設世界局勢有所正常化，這些固定成本會有多少回升？

That's the challenge, I'd say. The transformational cost savings assume that those are permanent, and we will continue to move towards the $4 billion to $4.5 billion. So that's a -- if anything, it will be on the high end of that range. And from a regular austerity perspective, whether it's salaried or the hourly pay and so on, clearly, as we're restoring activity, that's going to come back. And the rest of the fixed cost, to see what we can do to make it stick, obviously, when we give 2021 guidance and more color at that time, we'll be able to talk more about the cost environment. But really, from a number standpoint, it's just too soon.

我想說，這就是挑戰。轉型成本節省假設這些是永久性的，我們將繼續朝著 40 億美元至 45 億美元邁進。所以 — — 如果有的話，它將處於該範圍的高端。從常規的緊縮角度來看，無論是按月支付工資還是按小時支付工資等等，顯然，隨著我們恢復經濟活動，這些都會恢復。至於其餘的固定成本，看看我們能做些什麼來讓它堅持下去，顯然，當我們給出 2021 年的指導和更多的細節時，我們將能夠更多地談論成本環境。但實際上，從數字的角度來看，現在還為時過早。

Okay. And then just final question. Over on GM Financial, delinquencies were in good shape, but throughout the consumer finance industry, there are forbearance agreements with customers. Can you update us on where GM Financial closes forbearance and as opposed to risk to delinquencies as we move into -- further into the fall?

好的。接下來是最後一個問題。就通用金融而言，拖欠情況良好，但在整個消費金融業，都與客戶簽訂了寬容協議。您能否向我們介紹一下通用金融在秋季進一步結束寬容以及違約風險的情況？

Yes. It's actually been very much on track. We've seen a slight pickup in -- earlier in the quarter towards the April time frame. And actually, in the second half of the quarter, the numbers were starting to trend back down again. So we've been watching all of these numbers closely. We've looked at late fees and all the payment deferrals. And we've seen that, across the board, all these metrics are decreasing from the peak we saw in April and were returning closer to the normal levels by July. And obviously, we're being conservative about it.

是的。事實上一切進展順利。我們看到本季初至 4 月出現了小幅回升。實際上，在本季的後半段，這些數字又開始呈現下降趨勢。因此我們一直在密切關注這些數字。我們已經研究了滯納金和所有付款延期。我們看到，總體而言，所有這些指標都從 4 月的峰值下降，到 7 月已恢復到接近正常水平。顯然，我們對此持保守態度。

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

您的下一個問題來自瑞士信貸的 Dan Levy。

So first, just wanted to ask a question on inventory levels. I know you're saying a target of 600,000 by year-end. But if I look at the 2018, 2019 period, your typical month-end inventory was typically around like 800,000 units. And I know we're not in a 17 million SAAR. But what's a fair rebuild to assume over time beyond year-end? I assume that the 600,000 does reflect production constraints and isn't a target inventory per se.

所以首先，我只想問一個關於庫存水準的問題。我知道您說的目標是年底達到 60 萬。但如果我看一下 2018 年、2019 年期間，典型的月末庫存通常在 80 萬台左右。我知道我們的 SAAR 還沒有達到 1700 萬。但是，在年底之後，合理的重建計畫應該如何進行呢？我認為 600,000 確實反映了生產限制，而不是目標庫存本身。

Yes. So 600,000, to your point, is based on a second half environment of closer to 14 million light vehicle SAAR that I alluded to. So we will calibrate this based on the demand level that we see. And to the extent that the industry is trending stronger, we will look to get back to the levels that are in the range, I would say, of what you just alluded to.

是的。所以，正如您所說，600,000 是基於我提到的下半年接近 1400 萬輛輕型車輛 SAAR 的環境。因此，我們將根據我們看到的需求水準來校準這一點。隨著行業趨勢的增強，我們將努力回到您剛才提到的水平。

Clearly, from a truck standpoint, we will be limited by production capabilities as well since we're already running all out. And we are taking all the measures we can to increase or add to production levels on trucks as much as possible. And I think if we calibrate it to an appropriate industry level, you will see that 600,000 number start to go back up again.

顯然，從卡車的角度來看，我們也將受到生產能力的限制，因為我們已經全力以赴了。我們正在採取一切可能的措施，盡可能增加或提高卡車的產量。我認為，如果我們將其校準到適當的行業水平，你會看到 60 萬這個數字開始再次回升。

Okay. Great. And just as a follow-up, you've talked about -- I know you reaffirmed today the North America EBIT breakeven and SAAR of 10 million to 11 million. You just did total company breakeven with your North America volume down 60%. SAAR down 60% is 7 million, a lot better than 10 million to 11 million.

好的。偉大的。作為後續問題，您談到了——我知道您今天重申了北美息稅前利潤盈虧平衡點和年均增長幅度為 1000 萬至 1100 萬。在北美銷量下降 60% 的情況下，貴公司實現了整體損益平衡。 SAAR 下降 60% 為 700 萬，比 1000 萬至 1100 萬好得多。

So why isn't your breakeven better than the 10 million to 11 million you've highlighted? And given the resiliency of mix, is there potential to see a 10% margin in a SAAR environment below 17 million? Or is there something that we're missing? Is it just about EV development expenses coming online? What's -- what are we missing there?

那麼，為什麼你的損益平衡點沒有比你強調的 1000 萬到 1100 萬更好呢？考慮到混合的彈性，在低於 1700 萬的 SAAR 環境中是否有可能實現 10% 的利潤率？或者我們遺漏了什麼？這僅僅是關於電動車開發費用的上線嗎？我們遺漏了什麼？

Yes. So if you just take this quarter's results and look at wholesale implied SAAR, if you will, wholesales were down 62%. That would imply a SAAR of about 7 million units. And the reason it is so much better than the 10 million to 11 million units is we were able to take a very significant, almost extreme, austerity actions given that our production basically ground to a standstill.

是的。因此，如果您只看本季度的結果並查看批發隱含的 SAAR，您會發現批發量下降了 62%。這意味著 SAAR 約為 700 萬單位。之所以比 1000 萬到 1100 萬輛的產量好得多，是因為我們能夠在生產基本上陷入停滯的情況下採取非常重大、幾乎是極端的緊縮措施。

And you can ask yourself the question, if it's more of a, call it, normal downturn and everything is continuing, but demand is lower, how much of those levers will you be able to pull. I think -- we think some of them would be difficult to pull when production is actually ongoing. So austerity will be dependent on the nature of the downturn.

你可以問自己一個問題，如果它更像是一種正常的經濟衰退，一切都在繼續，但需求較低，那麼你可以發揮多大作用。我認為——我們認為當生產實際進行時，其中一些會很難實現。因此，緊縮政策將取決於經濟衰退的本質。

And secondly, you saw what pricing did this quarter. Inventories were low. And the -- both the carryover pricing as well as the new vehicle pricing held up very well in this environment. And you're going to have to tell me what assumptions you make during a normal downturn to see if pricing levels would hold up at that level or not.

其次，您看到了本季的定價情況。庫存很低。而且——在這種環境下，結轉定價和新車定價都保持得很好。你必須告訴我，在正常的經濟低迷時期你做了哪些假設，以判斷物價水準是否能維持在那個水準。

So look, we are going to continue to drive the breakeven level down. And we're not settling comfortably at 10 million to 11 million. We're going to push that down as much as possible. What we're not doing is using this particular unusual circumstance to revise a formal breakeven point to a different level. Having said that, we will work through to do that as much as we can.

所以，我們將繼續降低損益平衡水準。我們不會輕易滿足於 1000 萬到 1100 萬這個數字。我們將盡可能降低這一比例。我們不會利用這種特殊的異常情況將正式的損益平衡點修改到不同的水平。話雖如此，我們仍將盡力做到這一點。

Okay. If I could just squeeze in one more on the product side. Can you just talk about your presence in off-road? We're obviously seeing a lot of excitement given the product actions of some of your competitors. So how much of a priority is off-road for you? And what are your plans with AT4? Would you expand AT4 beyond GMC to the Chevy brand?

好的。如果我可以在產品方面再擠一點的話。能簡單談談你在越野方面的存在嗎？從一些競爭對手的產品行動來看，我們顯然看到了很多令人興奮的事情。那麼越野對於您來說有多重要？您對 AT4 有什麼計劃？您會將 AT4 從 GMC 擴展到雪佛蘭品牌嗎？

I think we look at each brand and are continuing to build on our off-road offerings in GMC as well as Chevrolet. And then I think when you look to HUMMER, you'll see a true capability there as well. So we think it's very important. It's important to customers and we'll continue to expand our offerings.

我認為我們會審視每個品牌，並繼續在 GMC 和雪佛蘭的基礎上推出越野產品。然後我認為當你看悍馬時，你也會看到它真正的能力。所以我們認為這非常重要。這對客戶來說很重要，我們將繼續擴大我們的產品範圍。

Our last question will come from the line of Chris McNally with Evercore.

我們的最後一個問題來自 Evercore 的 Chris McNally。

Fantastic results, guys, and thanks for the second half framework. So real quick, one strategic and one on the numbers. So sort of in the spirit of some of the other EV questions, you have 12 upcoming models, but I think many industry participants believe that this may only be incremental progress and not really big leaps in -- particularly in design.

太棒了，夥計們，感謝下半部分的框架。所以很快，一個是策略，一個是數字。因此，在某種程度上，本著其他一些電動車問題的精神，有 12 款即將推出的車型，但我認為許多業內人士認為，這可能只是漸進式的進步，而不是真正的巨大飛躍——尤其是在設計方面。

And we even have trouble pointing to one of those vehicles, which could be sort of 100,000 plus. So my question, would you mind just sharing what you think is GM's chance of -- or the best chance of a high-unit EV program versus, let's say, a new product, which is more of a wide portfolio approach to EV?

我們甚至很難指出其中一輛汽車的價格可能在 10 萬多輛。所以我的問題是，您介意分享一下您認為通用汽車的機會是什麼——或者說高單位電動車計劃的最佳機會是什麼，而不是說新產品，而新產品更像是一種對電動汽車的廣泛投資組合方法？

Well, I think if you step back and you look at what we've shared at our EV Day in March is we have -- with the new Ultium cell and platform technology, we have the BET, the -- our battery electric truck offerings; and then our BEV, which, I'll say, kind of mainstream and then our BEV plus that allow us to do expressive vehicles. There's huge sharing between those 3 platforms that are foundational for the portfolio that we have coming forward.

嗯，我想如果你退一步看看我們在三月份的電動汽車日上分享​​的內容，我們擁有——憑藉新的 Ultium 電池和平台技術，我們有 BET，即我們的電池電動卡車產品；然後是我們的 BEV，我想說，它有點主流，然後是我們的 BEV plus，它使我們能夠製造出富有表現力的車輛。這三個平台之間存在著巨大的共享，它們為我們未來的產品組合奠定了基礎。

We do have a full portfolio plan to cover high-volume segments. I think when you see -- to start with the Cadillac Lyriq and then the truck portfolio we have planned, you'll see that we plan on participating in a very significant way. And I think you'll see design and technology back it up to truly be tapping into what the customer wants, expects and the excitement that it will bring.

我們確實有一個完整的產品組合計劃來涵蓋大批量市場。我想，當你看到——從凱迪拉克 Lyriq 開始，然後是我們所計劃的卡車產品組合時，你會發現我們計劃以非常重要的方式參與其中。我認為你會看到設計和技術支援它真正滿足了客戶的需求和期望以及它將帶來的興奮。

But Mary, is it fair to say that it's more of a portfolio approach that really no one vehicle is going to lead the charge in terms of a high number of units?

但是瑪麗，是否可以說這更像是一種投資組合方法，實際上沒有一種工具能夠在單位數量方面領先？

No, I don't think that's correct. I think that we have some entries that are in the sweet spot of key segments that are large segments, and we intend to get our fair share plus more. So it won't be on the fringes. It will be mainstream.

不，我認為那不正確。我認為，我們的一些產品處於關鍵細分市場的最佳位置，這些細分市場很大，我們打算獲得公平的份額，甚至更多。所以它不會處於邊緣。它將成為主流。

Okay. Great. And then just one real quick one on the second half numbers. Is it fair to assume that the mix component should turn positive again in Q3 and Q4, even despite you have the tough comp of the HD launch last year, but obviously, you have the new SUV launch this year? So can we see mix turn positive as well as volumes in second half?

好的。偉大的。然後我們再快速回顧一下下半年的數據。儘管去年 HD 的發表會比較艱難，但顯然今年又有新的 SUV 推出，那麼是否可以合理地假設混合成分在第三季和第四季應該再次轉為正值？那麼，我們能否看到下半年商品組合和銷售都轉為正成長？

Yes. I think there's a few mix components. Obviously, truck and full-size SUV production, it is going to drive favorability from a mix standpoint. And I wasn't sure whether you're talking about '19 numbers adjusted or unadjusted for the labor disruption or not. But in terms of volume, we're going to see full-size SUV ramp back up and that's generally favorable to mix.

是的。我認為其中有幾種混合成分。顯然，從混合的角度來看，卡車和全尺寸 SUV 的生產將會帶來青睞。我不確定您說的是 19 年的數字是否已根據勞工中斷進行調整。但就銷量而言，我們將看到全尺寸 SUV 銷量回升，這總體上有利於混合銷售。

And the other aspect is trim mix. And we're seeing, as I mentioned, AT4, Denali and LTZ and High Country mix trending very high. And typically, when those are strong -- these are more profitable vehicles, and those tend to be a tailwind as well from a mix standpoint. So both vehicle mix as well as trim mix driven by full-size trucks as well as full-size SUVs more specifically should generally be favorable to mix as we go forward in the next few quarters.

另一個方面是修剪組合。正如我所提到的，我們看到 AT4、Denali、LTZ 和 High Country 混合趨勢非常高。通常，當這些表現強勁時，它們就是更有利可圖的工具，而且從組合的角度來看，它們也往往是一種順風。因此，在接下來的幾個季度中，全尺寸卡車和全尺寸 SUV 驅動的車輛組合和裝飾組合總體上應該會受到青睞。

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

謝謝。現在我想將電話轉給瑪麗·博拉，請她發表最後評論。

Again, thanks, everybody, for joining today. We recognize that we're at a critical point for General Motors, our company. We know from an industry perspective and frankly, the world, as you look at the virus. We are committed to leading through the current challenges and into the future to provide a very strong future. We are determined to run the business in a way that creates the value our shareholders deserve and with outstanding vehicles.

再次感謝大家今天的參與。我們認識到，對於我們公司通用汽車來說，我們正處於一個關鍵時刻。我們從產業角度，坦白說，從世界角度來看這種病毒。我們致力於克服當前的挑戰並邁向未來，創造一個非常強大的未來。我們決心以一種能夠為股東創造應有價值的方式和使用出色的工具來經營企業。

For those who attended our EV Day, the comments we had on the design and technology coming was very, very strong. We need to continue to share that much more broadly, and we will. And we also are very focused on technology and having customer-centered innovations like Super Cruise, which is an important step as we bring self-driving vehicles to market.

對於參加我們電動車日的人來說，我們對即將推出的設計和技術的評價非常非常強烈。我們需要繼續更廣泛地分享這一點，而且我們會這樣做。我們也非常注重技術，並擁有以客戶為中心的創新，例如超級巡航，這是我們將自動駕駛汽車推向市場的重要一步。

I hope you understand we are very focused on our work from an EV and an AV perspective and believe that will deliver not only growth, but profitable growth, and ultimately help us achieve our vision of creating a world with zero crashes, zero emissions and zero congestion.

我希望你們理解，我們非常專注於從電動車和自動駕駛汽車的角度開展工作，並相信這不僅會帶來增長，還會帶來盈利性增長，並最終幫助我們實現創造零碰撞、零排放和零擁堵的世界的願景。

And I know many of you are eagerly awaiting to see more of our EV plan. So in addition to the launch that we have next week on the Lyriq, at 11:00 a.m. today, we are posting a video to our IR and media websites spotlighting the upcoming GMC HUMMER EV. It's not a complete reveal, but it's more information, and we believe it is truly the world's first super truck. So we hope you'll take some time to take a look. And thank you again for your time.

我知道你們很多人都熱切地期待看到更多有關我們的電動車計劃的資訊。因此，除了下週推出的 Lyriq 之外，今天上午 11:00，我們還將在我們的 IR 和媒體網站上發布一段視頻，重點介紹即將推出的 GMC HUMMER EV。這不是一個完整的披露，但它提供了更多信息，我們相信它確實是世界上第一輛超級卡車。因此我們希望您能花點時間看一下。再次感謝您抽出時間。

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。