通用汽車 (GM) 2022 Q1 法說會逐字稿

Good afternoon, and welcome to the General Motors Company First Quarter 2022 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded Tuesday, April 26, 2022. I would now like to turn the conference over to Ashish Kohli, GM's Vice President of Investor Relations. Please go ahead.

下午好，歡迎參加通用汽車公司 2022 年第一季度收益電話會議。 （操作員說明）提醒一下，本次電話會議將於 2022 年 4 月 26 日星期二錄製。我現在想將會議轉交給通用汽車投資者關係副總裁 Ashish Kohli。請繼續。

Thanks, Sue. Good afternoon, everyone, and thank you for joining us as we review GM's financial results for the first quarter of 2022. Our conference call materials were issued this afternoon and are available on the GM Investor Relations website. We are also broadcasting this call via webcast.

謝謝，蘇。大家下午好，感謝您加入我們，共同審查通用汽車 2022 年第一季度的財務業績。我們的電話會議材料於今天下午發布，可在通用汽車投資者關係網站上查閱。我們也通過網絡廣播廣播這個電話。

Joining us today is Mary Barra, GM's Chair and CEO; and Paul Jacobson, GM's Executive Vice President and CFO. In addition, Dan Berce, President and CEO of GM Financial; and Kyle Vogt, CEO of Cruise, will be joining us for the Q&A portion of the call.

今天加入我們的是通用汽車的主席兼首席執行官 Mary Barra；以及通用汽車執行副總裁兼首席財務官 Paul Jacobson。此外，GM Financial 總裁兼首席執行官 Dan Berce； Cruise 的首席執行官 Kyle Vogt 將與我們一起參加電話會議的問答環節。

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

在我們開始之前，我想請您注意我們演示文稿第一頁上的前瞻性陳述。我們的通話內容將受此語言約束。

And with that, I'm pleased to turn the call over to Mary.

有了這個，我很高興把電話轉給瑪麗。

Thanks, Ashish, and welcome to General Motors, and good afternoon, everyone. Today, my remarks will focus on the ways in which the disciplined approach to our transformation is fueling momentum that will establish General Motors as an EV and AV leader across our product portfolio, our patented Ultium platform and our supply chain in addition to other initiatives. But I want to begin by thanking our employees, our dealers, our suppliers and our unions for helping us deliver yet another strong quarter, a clear measure of the momentum we have.

謝謝，Ashish，歡迎來到通用汽車，大家下午好。今天，我的講話將重點關注我們轉型的嚴格方法如何推動動力，這將使通用汽車在我們的產品組合、我們的專利 Ultium 平台和我們的供應鏈以及其他舉措中成為電動汽車和 AV 的領導者。但我首先要感謝我們的員工、經銷商、供應商和工會幫助我們實現又一個強勁的季度，這清楚地衡量了我們所擁有的勢頭。

Our strong earnings in the first quarter were very similar to a year ago, and they show that we deliver on our commitments. Going forward, we have many revenue and cost opportunities to deliver our full year guidance, which we are affirming today. Last quarter, we discussed our plans to launch more EVs faster because they are catalysts for our growth.

我們第一季度的強勁收益與一年前非常相似，它們表明我們兌現了我們的承諾。展望未來，我們有許多收入和成本機會來提供我們今天確認的全年指導。上個季度，我們討論了加快推出更多電動汽車的計劃，因為它們是我們增長的催化劑。

We have been very deliberate in our approach to get EVs right and to get solutions that are scalable and position us for leadership in key segments like pickups, luxury and affordable EVs, and deliver programs and services that support margin expansion. This includes the dedicated EV engineering group we formed in 2019 to develop the Ultium platform, the software organization that we brought together and when we created that same year to generate more reoccurring revenue by leveraging connectivity and the foundation of that is our vehicle intelligence platform and now Ultifi.

我們一直非常慎重地採用正確的方法來獲得正確的電動汽車並獲得可擴展的解決方案，並使我們在皮卡、豪華和負擔得起的電動汽車等關鍵領域處於領先地位，並提供支持利潤增長的計劃和服務。這包括我們在 2019 年成立的專門用於開發 Ultium 平台的 EV 工程團隊，這是我們在同年創建的軟件組織，通過利用連接性來產生更多的經常性收入，其基礎是我們的車輛智能平台和現在Ultifi。

The EV growth organization we formed in 2020 to focus on the consumer experience and to take out inefficiencies of our distribution system. The 3 battery plants we are opening in the United States between this summer and 2024 with the fourth plant to be announced shortly. The creation of a sustainable, scalable and North America-focused EV supply chain to control our own destiny. And a manufacturing plant that leverages our talent and our scale, including the existing plants like Factory Zero, Spring Hill, CAMI and Orion. And also our close partnership with Honda, which includes both EVs and AVs. We are now in a rapid launch cycle because of the investments we've made over the last several years.

我們於 2020 年成立的電動汽車增長組織專注於消費者體驗並消除我們分銷系統的低效率。我們將在今年夏天至 2024 年期間在美國開設 3 家電池工廠，其中第四家工廠將很快宣布。創建一個可持續的、可擴展的和以北美為中心的電動汽車供應鏈來控制我們自己的命運。以及利用我們的人才和規模的製造工廠，包括零工廠、Spring Hill、CAMI 和 Orion 等現有工廠。還有我們與本田的密切合作夥伴關係，包括電動汽車和自動駕駛汽車。由於我們在過去幾年中所做的投資，我們現在處於快速啟動週期。

Taking these steps has allowed us to establish an unparalleled foundation on which to execute and scale. Because of this, our drive to produce 400,000 EVs in North America over the course of '22 and '23 is underway. For example, in the short span of time, the Chevrolet, GMC and Cadillac brands will launch 6 high-volume EV products into luxury, SUV and truck segments, all enabled by Ultium. We are also working on a fully electric Corvette, as Mark shared yesterday, as well as an electrified Corvette that will arrive next year. And I have to tell you, the response has been overwhelming.

採取這些步驟使我們能夠建立一個無與倫比的執行和擴展基礎。正因為如此，我們在 22 年和 23 年期間在北美生產 400,000 輛電動汽車的努力正在進行中。例如，在短時間內，雪佛蘭、GMC 和凱迪拉克品牌將推出 6 款大批量 EV 產品，進入豪華車、SUV 和卡車領域，均由 Ultium 提供支持。正如馬克昨天分享的那樣，我們還在開發一款全電動的克爾維特，以及將於明年上市的電動克爾維特。我必須告訴你，反應是壓倒性的。

So by the end of 2025, we will have installed capacity to build 1 million EVs in North America, representing approximately $50 billion in annual revenue. And we will have 3 EV programs in North America, each with annual production volumes of more than 125,000 units with opportunities to expand. This is a great start toward delivering our $90 billion of EV revenue by 2030.

因此，到 2025 年底，我們將擁有在北美生產 100 萬輛電動汽車的裝機容量，相當於年收入約 500 億美元。我們將在北美開展 3 個電動汽車項目，每個項目的年產量均超過 125,000 輛，並有擴大的機會。這是我們到 2030 年實現 900 億美元電動汽車收入的良好開端。

Cadillac will be our first all-electric brand, and its journey began last month with the production launch of the LYRIQ. Unlike all of our EV entries to date, the response has been very strong. We began taking orders for the full -- we will begin taking orders for the full range of LYRIQ models on May 19, and production at Spring Hill will accelerate through the second half of the year and into 2023. And I have to tell you, I was at the plant last week and the LYRIQ looks absolutely great.

凱迪拉克將成為我們的第一個全電動品牌，它的旅程始於上個月 LYRIQ 的量產。與迄今為止我們所有的 EV 條目不同，反應非常強烈。我們開始接受全系列的訂單——我們將於 5 月 19 日開始接受全系列 LYRIQ 車型的訂單，Spring Hill 的生產將在下半年加速到 2023 年。我必須告訴你，上週我在工廠，LYRIQ 看起來非常棒。

We will also have more affordable models that will be a major source of growth for Chevrolet and Buick. We are quickly regaining momentum with the Bolt EV and EUV now that production has resumed. In fact, we plan to produce more than 50,000 Bolt EVs this year for global markets, including a record 40,000 deliveries in the U.S.

我們還將推出更實惠的車型，這將成為雪佛蘭和別克的主要增長來源。既然生產已經恢復，我們正在迅速恢復使用 Bolt EV 和 EUV 的勢頭。事實上，我們計劃今年為全球市場生產超過 50,000 輛 Bolt 電動汽車，其中包括在美國交付創紀錄的 40,000 輛。

The first high-volume Ultium-based SUVs for Chevrolet will launch next year. Chevrolet has already previewed the all-electric Blazer SS, its first fully electric SS model. We'll reveal the full vehicle in July, and it goes into production mid next year.

雪佛蘭首款基於 Ultium 的大批量 SUV 將於明年推出。雪佛蘭已經預覽了全電動 Blazer SS，這是其首款全電動 SS 車型。我們將在 7 月展示整車，並於明年年中投入生產。

In early fall, we will reveal the Equinox EV, and the launch is scheduled just after the Blazer EV. With a starting price of around $30,000 MSRP, the Equinox EV is a true white space opportunity for us since most affordable EVs from Chevy's competitors start at $40,000 or more.

在初秋，我們將展示 Equinox EV，發佈時間安排在 Blazer EV 之後。 Equinox EV 的建議零售價約為 30,000 美元，對我們來說是一個真正的空白機會，因為雪佛蘭競爭對手的大多數負擔得起的 EV 起價為 40,000 美元或更高。

Of course, our biggest growth opportunity in North America is in trucks. We have led the industry in full-size pickup sales for the last 2 years, and we will lead in EV pickups as well. We'll do it by leveraging the capability and flexibility of our purpose-built Ultium platform and decades of truck design and engineering expertise as well as extensive customer insights.

當然，我們在北美最大的增長機會是卡車。在過去的 2 年裡，我們在全尺寸皮卡銷售方面一直處於行業領先地位，我們也將在 EV 皮卡方面處於領先地位。我們將利用我們專門構建的 Ultium 平台的功能和靈活性、數十年的卡車設計和工程專業知識以及廣泛的客戶洞察力來實現這一目標。

The GMC HUMMER EV Pickup is just the beginning. People who have driven the HUMMER EV confirmed it is a super truck. One media influencer said, "You somehow mixed the Raptor, TRX, Bronco and Wrangler all in 1 package, made it electric and better than all of them." We agree.

GMC HUMMER EV Pickup 只是一個開始。駕駛悍馬 EV 的人證實這是一輛超級卡車。一位媒體影響者說：“你以某種方式將 Raptor、TRX、Bronco 和 Wrangler 混合在一個包裝中，讓它變得電動，並且比所有這些都好。”我們同意。

March was our best month for the HUMMER EV reservation since we unveiled the SUV a year ago. We now have more than 70,000 reservations for the pickup and SUV models, and we are accelerating production through 2022 and into 2023. You will see many of the HUMMER EV's best attributes available in the Chevrolet Silverado EV, including superior range, faster fast-charging capability, 4-wheel steering, Super Cruise and a larger, far more flexible pickup cab and bed compared to our closest competitor.

自一年前推出 SUV 以來，3 月是我們預訂 HUMMER EV 的最佳月份。我們現在有超過 70,000 輛皮卡和 SUV 車型的預訂，我們將在 2022 年和 2023 年加速生產。您將在雪佛蘭 Silverado EV 中看到 HUMMER EV 的許多最佳屬性，包括卓越的續航里程、更快的快速充電與我們最接近的競爭對手相比，功能、4 輪轉向、超級巡航以及更大、更靈活的皮卡駕駛室和床。

Just yesterday, we shared that Ultium vehicles, including the HUMMER EV and Silverado EV, have a new patented energy recovery system that uses heat from the battery packs to optimize range, performance, charging times and passenger comfort without adding mass or cost. These are the kinds of Ultium platform innovations that are driving a surge in Silverado EV demand and are an example of the benefits of taking the time to establish a dedicated and scalable platform. We are now at 140,000 reservations and growing, including retail customers in nearly 400 fleet operators, up from 240 last quarter.

就在昨天，我們分享了包括 HUMMER EV 和 Silverado EV 在內的 Ultium 車輛擁有新的專利能量回收系統，該系統利用電池組的熱量來優化續航里程、性能、充電時間和乘客舒適度，而不會增加質量或成本。這些是推動 Silverado 電動汽車需求激增的 Ultium 平台創新類型，也是花時間建立專用和可擴展平台的好處的一個例子。我們現在的預訂量為 140,000 份，而且還在不斷增長，其中包括近 400 家車隊運營商的零售客戶，高於上一季度的 240 家。

Production of the Silverado EV will begin at Factory ZERO in Detroit-Hamtramck in just 11 months, followed by Orion Assembly in 2024. We will begin building preproduction Silverado EVs in a matter of weeks.

Silverado EV 的生產將在短短 11 個月內在底特律-漢姆特拉克的零工廠開始生產，隨後於 2024 年開始生產 Orion Assembly。我們將在幾週內開始生產預生產的 Silverado EV。

The supply chain supporting our EV production will also be a competitive advantage for us. Our strategy is to control our own destiny. So we forge long-term strategic relationships. We have invested alongside industry leaders and start-ups alike. And we are sourcing as much as possible from North America and strong trading partners like Australia. This includes rare earth material, permanent magnets, cathode active material and lithium as well as the cobalt agreement we announced this month with Glencore. We're also in the process of securing additional long-term supply agreements for nickel.

支持我們電動汽車生產的供應鏈也將成為我們的競爭優勢。我們的策略是控制自己的命運。因此，我們建立了長期的戰略關係。我們與行業領導者和初創企業一起投資。我們盡可能從北美和澳大利亞等強大的貿易夥伴採購。這包括稀土材料、永磁體、陰極活性材料和鋰，以及我們本月與嘉能可宣布的鈷協議。我們還在爭取獲得額外的鎳長期供應協議。

Even as we scale our EV and AV businesses, which currently account for about 80% of our product capital spend, the earnings power of our ICE business will grow. In the first quarter, for example, we launched new versions of the Chevrolet Silverado and the GMC Sierra. These trucks have new designs, technology and improved functionality, including a new 13.4-inch infotainment screen on most models, Super Cruise with hands-free trailering and new off-road and premium models like the Silverado ZR2 and the Sierra Denali Ultimate. To help meet demand, we will add a third shift at our Oshawa assembly plant during the summer to build both light-duty and heavy-duty models.

即使我們擴大目前占我們產品資本支出約 80% 的 EV 和 AV 業務，我們的 ICE 業務的盈利能力也會增長。例如，在第一季度，我們推出了雪佛蘭 Silverado 和 GMC Sierra 的新版本。這些卡車具有新的設計、技術和改進的功能，包括大多數車型上的新 13.4 英寸信息娛樂屏幕、帶有免提拖車的 Super Cruise 以及新的越野和高級車型，如 Silverado ZR2 和 Sierra Denali Ultimate。為了幫助滿足需求，我們將在夏季在奧沙瓦裝配廠增加第三個班次，以生產輕型和重型車型。

At the same time, we are executing major reductions in complexity and engineering expense across our ICE portfolio. For example, we compressed the footprint for today's Equinox and Terrain from 3 to 2 plants, enabling us to create white space capacity for EV expansion. We also achieved about a 70% parts sharing and reuse on these models, along with more than a 90% reduction in build combinations.

與此同時，我們正在大幅降低 ICE 產品組合的複雜性和工程費用。例如，我們將今天的 Equinox 和 Terrain 的佔地面積從 3 個工廠壓縮到 2 個工廠，使我們能夠為 EV 擴展創造空白空間容量。我們還在這些模型上實現了大約 70% 的零件共享和重用，同時構建組合減少了 90% 以上。

We sharply reduced build combinations of the Silverado as well, and we're applying these significant cost avoidance strategies across all of our next-gen ICE programs. For example, our next-generation Traverse, Enclave and Acadia will have 1/3 fewer unique parts and launch with higher EBIT than today's models.

我們還大幅減少了 Silverado 的構建組合，並且我們正在將這些重要的成本規避策略應用到我們所有的下一代 ICE 項目中。例如，我們的下一代 Traverse、Enclave 和 Acadia 的獨特零件將比現在的型號少 1/3，並且推出的息稅前利潤更高。

I'd like to wrap up with an update on Cruise. During the quarter, we took the opportunity to increase our ownership position to approximately 80% because we are extremely bullish on the team's rapid progress toward commercialization. As Kyle shared on our last call, Cruise continues to make great progress safely and deliberately expanding its full driverless operations in San Francisco.

我想總結一下關於 Cruise 的更新。在本季度，我們藉此機會將我們的所有權頭寸增加到大約 80%，因為我們非常看好團隊在商業化方面的快速進展。正如凱爾在我們上次電話會議中分享的那樣，Cruise 繼續在安全方面取得巨大進展，並有意擴大其在舊金山的全面無人駕駛業務。

Cruise is now operating in about 70% of the city and is moving toward operating 24/7 across the entire city by the end of this year. Already, the fleet has traveled about 40x the distance from San Francisco to New York City, all in driverless mode and all in a highly complex environment. This includes several hundred rides for members of the public. We'll have more Cruise news to share as it completes a permitting process to charge for rides in San Francisco and as the Cruise Origin launch at Factory ZERO approaches.

Cruise 目前在該市約 70% 的地區運營，併計劃在今年年底前在全市 24/7 全天候運營。車隊已經從舊金山到紐約市行駛了大約 40 倍的距離，全部處於無人駕駛模式，並且都處於高度複雜的環境中。這包括為公眾提供數百次遊樂設施。我們將有更多 Cruise 新聞要分享，因為它完成了在舊金山收取遊樂設施費用的許可程序，並且隨著 Cruise Origin 在 Factory ZERO 的推出臨近。

And now I'd like to turn the call over to Paul.

現在我想把電話轉給保羅。

Thanks, Mary, and good afternoon, everyone. Thank you for taking the time to join us today. We delivered a very strong first quarter, including over 10% year-over-year revenue growth, fueled by robust demand for our products, especially for our full-size trucks and SUVs. Our plants were largely running regular production as the team worked to overcome semiconductor and other supply constraints. Strong customer demand for our products has continued into April, with most vehicles continuing to turn immediately as they arrive at dealers.

謝謝，瑪麗，大家下午好。感謝您今天抽出時間加入我們。我們的第一季度表現非常強勁，收入同比增長超過 10%，這得益於對我們產品的強勁需求，尤其是對我們的全尺寸卡車和 SUV 的需求。由於團隊努力克服半導體和其他供應限制，我們的工廠大部分都在正常生產。客戶對我們產品的強勁需求一直持續到 4 月，大多數車輛在到達經銷商處後會立即轉向。

As Mary highlighted, we've continued to take strategic actions designed to create long-term shareholder value and prioritize investments in EVs and AVs that will help accelerate our growth. In the case of Cruise, we utilized approximately $3.5 billion in cash to capitalize on an opportunity to increase our ownership percentage from just over 60% to approximately 80% at a very attractive private market valuation.

正如瑪麗所強調的那樣，我們繼續採取旨在創造長期股東價值的戰略行動，並優先考慮對有助於加速我們增長的電動汽車和自動駕駛汽車的投資。在 Cruise 的案例中，我們利用了大約 35 億美元的現金，以利用一個非常有吸引力的私人市場估值將我們的所有權百分比從略高於 60% 提高到大約 80% 的機會。

Our increased ownership percentage in Cruise triggered a reconsolidation for income tax purposes and lowered our expected full year adjusted effective tax rate by 3 percentage points to approximately 20%. As a result, and to be transparent, we increased our full year EPS diluted adjusted guidance by $0.25 to address this. This transaction is directly in line with our capital allocation priorities to invest in businesses that drive outsized growth opportunities given the tremendous long-term potential we see at Cruise.

我們在 Cruise 的所有權百分比增加引發了所得稅目的的重新整合，並將我們預期的全年調整後有效稅率降低了 3 個百分點至約 20%。因此，為了透明起見，我們將全年攤薄後每股收益調整後的指引提高了 0.25 美元來解決這個問題。鑑於我們在 Cruise 看到的巨大長期潛力，這項交易直接符合我們投資於推動巨大增長機會的企業的資本配置優先事項。

Now let's turn to Q1 results. We generated $36 billion in revenue, $4 billion in EBIT adjusted, 11.2% EBIT adjusted margin and $2.09 per share in EPS diluted adjusted. These results demonstrate the resiliency of the team and our ability to mitigate the impacts of higher commodity costs as well as investments in our growth in EV transition. In fact, our results were similar to the first quarter of last year despite $2.5 billion in higher costs, highlighting the strength of our products and the demand environment. Sequentially, we saw growth in total company wholesale volumes of 12% from Q4 2021.

現在讓我們看看第一季度的結果。我們創造了 360 億美元的收入，調整後的息稅前利潤為 40 億美元，調整後的息稅前利潤率為 11.2%，攤薄後每股收益為 2.09 美元。這些結果證明了團隊的彈性以及我們減輕商品成本上升影響的能力以及對我們在電動汽車轉型增長方面的投資。事實上，儘管成本增加了 25 億美元，但我們的業績與去年第一季度相似，突顯了我們產品的實力和需求環境。隨後，我們看到公司總批發量從 2021 年第四季度開始增長了 12%。

We recognize the consumer is facing inflationary pressures. However, we continue to see ongoing strong customer demand for our vehicles, including our refreshed full-size pickup trucks, as Mary mentioned. We were able to protect against significant plant downtime, and the team worked effectively to minimize the impact of continued short-term disruptions from semiconductor and other challenges. Overall, we see the availability of semiconductors continuing to improve and are working closely with our supply chain partners to help deliver our full year total company wholesale volume goal of 25% to 30% growth.

我們認識到消費者正面臨通脹壓力。然而，正如瑪麗所說，我們繼續看到客戶對我們車輛的持續強勁需求，包括我們更新的全尺寸皮卡車。我們能夠避免嚴重的工廠停機，並且團隊有效地工作以最大程度地減少半導體和其他挑戰帶來的持續短期中斷的影響。總體而言，我們看到半導體的可用性不斷提高，並與我們的供應鏈合作夥伴密切合作，以幫助實現我們全年公司總批發量增長 25% 至 30% 的目標。

Adjusted automotive free cash flow was breakeven for the quarter, an improvement of $1.9 billion year-over-year, driven by favorable working capital, partially offset by higher CapEx and nonrecurrence of a GM Financial dividend during the quarter.

調整後的汽車自由現金流在本季度實現了盈虧平衡，同比增長 19 億美元，這得益於有利的營運資金，部分被較高的資本支出和通用汽車在本季度的財務股息的非經常性所抵消。

Now let's take a closer look at North America. In Q1, North America delivered EBIT adjusted of $3.1 billion, flat year-over-year, driven by strong pricing on our full-size trucks and SUVs, offset by higher commodity costs and investments in growth. We're also pleased to achieve EBIT-adjusted margins in North America of 10.7%, on track with our 2022 full year guidance of 10%. New vehicles have continued to turn very quickly, and U.S. dealer inventories remained tight at around 270,000 units with much of this inventory in transit. That grounded inventory on dealer lots is less than 15 days. We continue to see ATP increases across our vehicle segments, including year-over-year increase of 10% for trucks and 20% for crossovers.

現在讓我們仔細看看北美。在第一季度，北美調整後的息稅前利潤為 31 億美元，同比持平，這主要得益於我們全尺寸卡車和 SUV 的強勁定價，但被較高的商品成本和增長投資所抵消。我們也很高興在北美實現 10.7% 的 EBIT 調整後利潤率，與我們 2022 年全年 10% 的指導目標一致。新車繼續快速轉向，美國經銷商庫存保持在 270,000 輛左右，其中大部分庫存處於運輸途中。經銷商批次的庫存不足 15 天。我們繼續看到我們汽車領域的 ATP 增長，其中卡車同比增長 10%，跨界車同比增長 20%。

While the first quarter presented challenges for commodity and logistics costs, our teams are working effectively to manage these dynamics. We have contractual protections in place for some commodities to help ensure supply and to provide some protection against cost volatility. We also made some proactive decisions early in the year to bolster our supply and provide pricing protection. For example, we secured palladium inventory that is sufficient to meet our production needs through the end of this year. Through these actions, our commodity and logistics headwinds year-over-year came in line with our expectations at around $1 billion in Q1.

雖然第一季度對商品和物流成本提出了挑戰，但我們的團隊正在有效地管理這些動態。我們為某些商品製定了合同保護措施，以幫助確保供應並針對成本波動提供一些保護。我們還在年初做出了一些積極的決定，以加強我們的供應並提供價格保護。例如，我們獲得了足以滿足今年年底生產需求的鈀金庫存。通過這些行動，我們的商品和物流逆風與去年同期相比符合我們對第一季度約 10 億美元的預期。

Consistent with prior guidance, we saw increased investments, primarily in engineering and software development resources as we continue to vertically integrate to help drive revenue from our new hardware and software platforms.

與之前的指導一致，我們看到投資增加，主要是在工程和軟件開發資源方面，因為我們繼續垂直整合以幫助推動來自新硬件和軟件平台的收入。

Now let's move to GM International. GMI delivered first quarter EBIT adjusted of $300 million, results consistent with Q1 2021. This included $200 million of equity income in China, down $100 million year-over-year, driven primarily by recent COVID impacts, partially offset by stabilization in pricing and continued cost actions. EBIT-adjusted in GMI, excluding China, was $100 million, up $100 million year-over-year, with results driven by both favorable volume, pricing and mix, partially offset by commodity and semiconductor impacts. We continue to see momentum in the international business, and I'm really proud of the work that the team has been doing.

現在讓我們轉到通用汽車國際。 GMI 第一季度調整後息稅前利潤為 3 億美元，結果與 2021 年第一季度一致。這包括中國的 2 億美元股權收入，同比下降 1 億美元，主要受近期 COVID 影響的推動，部分被定價穩定和持續成本行動。 GMI（不包括中國）調整後的息稅前利潤為 1 億美元，同比增長 1 億美元，業績受到有利的數量、定價和組合的推動，部分被商品和半導體的影響所抵消。我們繼續看到國際業務的發展勢頭，我為團隊所做的工作感到非常自豪。

A few comments on GM Financial and corporate expenses. GM Financial delivered solid results again driven by strong used vehicle prices and favorable credit performance, with Q1 EBT adjusted of $1.3 billion, up $100 million year-over-year. Used vehicle prices were modestly lower sequentially in Q1 to Q4, but we would not expect to see an impact unless used car values decline another 10% to 15% from current prices. Corporate expenses were $400 million in the quarter, almost exclusively driven by differences in year-over-year mark-to-market changes, which also includes the full year -- or the first quarter profitability for the whole company.

關於通用汽車財務和公司費用的一些評論。在強勁的二手車價格和良好的信貸表現的推動下，通用金融再次取得了穩健的業績，第一季度調整後的 EBT 為 13 億美元，同比增長 1 億美元。二手車價格在第一季度至第四季度環比小幅走低，但除非二手車價值從當前價格再下降 10% 至 15%，否則我們預計不會受到影響。本季度的企業支出為 4 億美元，幾乎完全是由逐年按市值計算的變化所驅動的，其中還包括全年或整個公司第一季度的盈利能力。

Moving to Cruise. As I mentioned earlier, we captured an opportunity in Q1 to acquire additional shares in Cruise, and we also initiated a program to provide an ongoing liquidity opportunity for Cruise employees. The liquidity opportunity included a modification to existing equity awards to remove the requirement for liquidity event vesting, resulting in Cruise recognizing a $1.1 billion compensation expense in Q1 for the awards that would have previously reached their time vesting threshold.

搬到克魯斯。正如我之前提到的，我們在第一季度抓住了收購 Cruise 額外股份的機會，我們還啟動了一項計劃，為 Cruise 員工提供持續的流動性機會。流動性機會包括對現有股權獎勵的修改，以取消對流動性事件歸屬的要求，導致 Cruise 在第一季度為之前達到時間歸屬門檻的獎勵確認了 11 億美元的補償費用。

We treated this expense as special for purposes of EBIT adjusted given the expense would have been recognized previously under the modified terms. Going forward, future stock compensation expenses at Cruise will be recognized over the vesting period in earnings. Inclusive of the incremental stock compensation expenses, we expect full year 2022 expenses at Cruise to be approximately $2 billion.

我們將此費用視為特殊費用，以調整息稅前利潤，因為該費用之前已根據修改後的條款確認。展望未來，Cruise 的未來股票補償費用將在歸屬期內計入收益。包括增量股票補償費用在內，我們預計 Cruise 的 2022 年全年費用約為 20 億美元。

Turning to our 2022 outlook for the calendar year. We have a number of tools at our disposal as we've demonstrated to help offset higher costs and are taking active steps to ensure that we deliver on our full year 2022 guidance range of EBIT adjusted of $13 billion to $15 billion and North American margins of 10%. We're utilizing similar strategies as we have in the past to offset these commodity and logistics costs, which are currently projected to be approximately $2.5 billion higher than the $2.5 billion included in our original guidance earlier this year. These strategies include pricing actions as well as holding additional inventory of key commodities to manage price and global trade volatility. And as Mary mentioned, we're also being proactive in finding cost efficiencies throughout the company.

轉向我們對日曆年的 2022 年展望。正如我們已經證明的那樣，我們可以使用許多工具來幫助抵消更高的成本，並正在採取積極措施以確保我們實現 2022 年全年調整後的息稅前利潤 130 億美元至 150 億美元的指導範圍和北美利潤率10%。我們正在利用與過去類似的策略來抵消這些商品和物流成本，目前預計這些成本將比我們今年早些時候最初指導中的 25 億美元高出約 25 億美元。這些策略包括定價行動以及持有額外的關鍵商品庫存以管理價格和全球貿易波動。正如瑪麗所提到的，我們也在積極尋找整個公司的成本效益。

In summary, we're off to a good start to the year, and the team is laser-focused in a dynamic environment while, at the same time, executing on the launch of the Cadillac LYRIQ, accelerating production of the GMC HUMMER EV and preparing for our future mass-market EV product launches. We are making the right long-term strategic decisions for the business, executing on our transformation that will support the long-term earnings power of the company and creating significant value for the shareholders. We are very optimistic about the future of the company and our vision of an all-electric future.

總而言之，我們今年開局良好，團隊專注於動態環境，同時執行凱迪拉克 LYRIQ 的發布，加速 GMC HUMMER EV 的生產和為我們未來的大眾市場電動汽車產品發布做準備。我們正在為業務制定正確的長期戰略決策，執行將支持公司長期盈利能力並為股東創造重大價值的轉型。我們對公司的未來和我們對全電動未來的願景非常樂觀。

I will now turn it back over to Mary for one last comment.

我現在將把它交還給瑪麗，以發表最後一條評論。

Thanks, Paul. I've said many times that the resiliency and creativity are drivers for our success, so is accountability. One reason why Cruise has accomplished so much so quickly is that the team is inspired by its mission, and everyone has a financial stake in the company's success. The new equity compensation program Cruise created is designed to reinforce its culture and to help to continue to attract the best and the brightest talent. (inaudible) has been very well received, and it will help keep everyone focused on the mission at hand.

謝謝，保羅。我多次說過，彈性和創造力是我們成功的驅動力，問責制也是如此。克魯斯如此迅速取得成就的一個原因是團隊受到其使命的啟發，每個人都與公司的成功息息相關。 Cruise 創建的新股權薪酬計劃旨在加強其文化並幫助繼續吸引最優秀和最聰明的人才。 （聽不清）非常受歡迎，這將有助於讓每個人都專注於手頭的任務。

At GM, our compensation has always been driven by the company's success, and no one should doubt our commitment to lead in EVs or the passion our team has for that mission. That's why this is the right time to directly link a significant part of the long-term compensation for me and every other GM executive to meeting our EV goals.

在通用汽車，我們的薪酬一直由公司的成功驅動，沒有人應該懷疑我們對引領電動汽車的承諾或我們團隊對這一使命的熱情。這就是為什麼現在是將我和所有其他通用汽車高管的長期薪酬的重要部分與實現我們的電動汽車目標直接聯繫起來的正確時機。

Starting this year, we have added metrics for EV volumes in North America, EV launch timing and EV launch quality to our existing EBIT margin and total shareholder return measures. The metrics are in place now, and they will appear in our proxy statement, which we'll file on April 29, but I wanted to share the news today to underscore our commitment to our EV future.

從今年開始，我們在現有的息稅前利潤率和股東總回報指標中增加了北美電動汽車銷量、電動汽車上市時間和電動汽車上市質量的指標。這些指標現在已經到位，它們將出現在我們將於 4 月 29 日提交的代理聲明中，但我想今天分享這個消息，以強調我們對電動汽車未來的承諾。

Now Paul and I are happy to take your questions.

現在保羅和我很高興回答你的問題。

(Operator Instructions) Our first question comes from Joe Spak with RBC Capital Markets.

（操作員說明）我們的第一個問題來自 RBC Capital Markets 的 Joe Spak。

Mary, in your letter, you astutely highlighted that EV supply chain is important to control your own destiny, and you've made some important announcements here in lithium cobalt. It sounds like something is coming on nickel. Can you help us a little bit, though, on like the timing for those agreements? And assuming all goes to plan, like how much raw input is already secured for that 400,000 units over that '22 to '23 time frame?

瑪麗，在你的信中，你敏銳地強調了電動汽車供應鏈對於控制你自己的命運很重要，而且你在鈷鋰方面做了一些重要的宣布。聽起來好像有什麼東西正在鎳上出現。不過，你能幫我們一點，比如這些協議的時間安排嗎？假設一切按計劃進行，比如在 22 到 23 的時間範圍內，已經為這 400,000 個單位確保了多少原始輸入？

So Joe, I'm not going to get into specific quantities. But what I would say is with all the work that we're doing, we feel very confident that we're going to be able to hit the 400,000 between '22 and '23 and get to 1 million units in North America and an additional 1 million units in China by 2025. And we're even working on the '26 to '30 time frame as we have pretty aggressive targets for our EV growth during that time.

所以喬，我不打算討論具體的數量。但我想說的是，我們正在做的所有工作，我們非常有信心，我們將能夠在 22 年至 23 年之間達到 400,000 台，並在北美達到 100 萬台，以及額外的到 2025 年在中國銷售 100 萬輛。我們甚至在 26 到 30 年的時間範圍內工作，因為我們在此期間為我們的電動汽車增長制定了非常激進的目標。

So again, there's tremendous work that has gone on. It's been going on for well over a year, and we'll continue to announce things, not when we start working on them but when we have signed agreements. So again, I think this will be a competitive advantage for General Motors.

再說一次，正在進行大量的工作。它已經進行了一年多，我們將繼續宣布事情，不是在我們開始處理它們時，而是在我們簽署協議時。再說一次，我認為這將是通用汽車的競爭優勢。

On pricing, you talked about the strong pricing opportunity. I guess I want to talk about pricing a little bit in the context of 2 different realms of your EV portfolio. First, is there scope? And do you need to rethink pricing on the Silverado given what we've seen on input costs? And then second is the $30,000 Equinox EV, and I understand that's sort of an entry point, low-end trim, but is that even still possible in today's cost environment?

在定價方面，您談到了強大的定價機會。我想我想在你的電動汽車投資組合的兩個不同領域的背景下談談定價。首先，有沒有範圍？鑑於我們所看到的投入成本，您是否需要重新考慮 Silverado 的定價？其次是價值 30,000 美元的 Equinox EV，我知道這是一個切入點，低端內飾，但在當今的成本環境下，這仍然可能嗎？

I think it is, Joe. I mean we understand affordability for those customers, and we're going to work to work the equation work. The advantages that we have because of the scale that we're going to have, the continued work we do on improving the next-generation chemistries for Ultium, so we're not walking those prices back -- or up, I should say, I guess.

我想是的，喬。我的意思是我們了解這些客戶的負擔能力，我們將努力使方程式起作用。由於我們將擁有的規模，我們所擁有的優勢，我們在改進下一代 Ultium 化學品方面所做的持續工作，所以我們不會讓這些價格倒退 - 或者我應該說，我猜。

The next question is from Rod Lache with Wolfe Research.

下一個問題來自 Wolfe Research 的 Rod Lache。

I wanted to just ask about inflation. And in North America, we're seeing levels of inflation that we haven't seen for decades. And I was hoping you might be able to just talk to us high level about how that affects GM's strategy over the intermediate term. I see that you're expecting a 10% margin this year. As this kind of evolves and inventories normalize, rates go up, does this inflationary cost environment affect your ability to sustain this? Or maybe just talk to us a little about how you're thinking about that.

我只想問一下通貨膨脹。在北美，我們看到了幾十年未見的通貨膨脹水平。我希望你能與我們高層談談這如何影響通用汽車的中期戰略。我看到你預計今年的利潤率為 10%。隨著這種情況的發展和庫存正常化，利率上升，這種通脹成本環境是否會影響您維持這種情況的能力？或者，也許只是與我們談談您對此的看法。

Rod, thanks for the question. I think when you look at the track record of the company over the last couple of years, we've been able to pass through the inflationary pressures that we've seen to the customer. And that's really, I think, on the backs and the strength of the products that we've offered. Certainly, lower inventory levels have helped that in the short run. So I think it's been a very good tool for us.

羅德，謝謝你的提問。我認為，當您查看公司過去幾年的業績記錄時，我們已經能夠將我們看到的通脹壓力傳遞給客戶。我認為，這確實取決於我們提供的產品的支持和實力。當然，較低的庫存水平在短期內有所幫助。所以我認為這對我們來說是一個非常好的工具。

I think the billion-dollar question is what happens when inflation is too much. And the thing we have to remember is these variables don't move independently. So in a world where we start to see inflation taking a toll on a consumer, you'd also expect there to be some reduction in commodity prices, et cetera, reflecting macro demand trends. So I think we're watching it very closely.

我認為數十億美元的問題是當通貨膨脹過多時會發生什麼。我們必須記住的是這些變量不會獨立移動。因此，在我們開始看到通貨膨脹對消費者造成影響的世界中，您還可以預期商品價格等會有所下降，以反映宏觀需求趨勢。所以我認為我們正在密切關注它。

And I think the message to take away from our first quarter performance as well as going back through 2021 is the team has been very nimble and adept at managing through this. And that's the confidence that we have today, at least as we've given our guidance revision -- or our guidance reaffirmation, sorry.

而且我認為從我們第一季度的表現以及追溯到 2021 年的信息是，團隊一直非常靈活並且善於管理這個問題。這就是我們今天的信心，至少我們已經給出了我們的指導修訂 - 或者我們的指導重申，抱歉。

So just to clarify, is there any change going forward in the company's strategy as you sort of anticipate that -- those effects on the consumer and rates going higher?

因此，只是為了澄清一下，正如您所預料的那樣，公司的戰略是否會發生任何變化——這些對消費者和利率的影響會更高？

And just as a follow-up, you had $2.2 billion of higher costs in North America in the quarter. Can you just give us a little bit more color on what was in that? It sounds like you had $1 billion of commodity and now it's $5 billion for the year. You're seeing similar increases over the course of the year from supplier content costs?

作為後續行動，您在本季度在北美增加了 22 億美元的成本。你能給我們更多的顏色嗎？聽起來你有 10 億美元的商品，現在是 50 億美元。您是否看到供應商內容成本在一年中出現了類似的增長？

Yes. I mean this is all based on sort of current forward curves and our expectations on what we know today. And I'm not trying to evade your question, I'm just trying to simply state that the world is very dynamic right now, right? So what we don't want to do is overreact to something that might not be here in 6 months or 12 months from now.

是的。我的意思是，這一切都基於當前的遠期曲線以及我們對今天所知道的情況的預期。我並不是想迴避你的問題，我只是想簡單地說明世界現在非常活躍，對吧？所以我們不想做的是對從現在起 6 個月或 12 個月內可能不會出現的事情反應過度。

So I think what we're doing and what the team has demonstrated, whether it's commercially or on the cost front, is we're doing the things necessary to hold the line in face of the pressure that we're seeing. So as long as we continue to do that, I don't think there's any change in the strategy of how we're executing that, and we feel comfortable with where we are right now.

因此，我認為我們正在做的以及團隊所展示的，無論是在商業方面還是在成本方面，我們正在做必要的事情來面對我們所看到的壓力保持底線。因此，只要我們繼續這樣做，我認為我們執行該策略的方式不會有任何變化，而且我們對目前所處的位置感到滿意。

Rod, the only other thing I would add, too, is we are seeing very strong demand for General Motors products. I mean we have a new Chevrolet Silverado and GMC Sierra coming out. Very focused with what the customer is looking for. We think that's going to continue to drive strong demand. And really across all of our products, whether it's the Trailblazer, all the way up to the full-size pickups and our midsized use as well. So I think we're going to continue to see, from a GM perspective, our product portfolio is very strong.

羅德，我還要補充的唯一另一件事是，我們看到對通用汽車產品的需求非常強勁。我的意思是我們有一個新的雪佛蘭 Silverado 和 GMC Sierra 出來了。非常關注客戶的需求。我們認為這將繼續推動強勁的需求。並且真正涵蓋我們所有的產品，無論是開拓者，一直到全尺寸皮卡和我們的中型使用。所以我認為，從通用汽車的角度來看，我們將繼續看到我們的產品組合非常強大。

Okay. And any color on just the supplier costs and whether those continue to increase from here?

好的。只是供應商成本的任何顏色以及這些是否從這裡繼續增加？

So from a supply base perspective, we continue to work with them. We have -- we understand that the supply base is being impacted by the current environment, and we're working with them in a very transparent manner to understand the specific impacts to their business and then working together to identify efficiencies to help mitigate the headwinds or other measures that we have that we can take to make sure -- we need to make sure we keep a healthy and resilient supply base. So that's the work that we have been -- frankly, we do all the time, and we'll continue to do that with our suppliers.

因此，從供應基礎的角度來看，我們將繼續與他們合作。我們已經 - 我們了解供應基礎正受到當前環境的影響，我們正在以非常透明的方式與他們合作，以了解對其業務的具體影響，然後共同確定效率以幫助緩解不利因素或我們可以採取的其他措施來確保 - 我們需要確保我們保持健康和有彈性的供應基礎。這就是我們一直在做的工作——坦率地說，我們一直在做，我們將繼續與我們的供應商一起做。

Next, we have Dan Levy with Credit Suisse.

接下來，我們有瑞士信貸的 Dan Levy。

Mary, I want to just pick up on that last question, and this is just on the supply side. Maybe you could just walk us through the supply constraints and give us a sense of how to look at the different constraints out there. I think you mentioned semis, that's going to ease in the second half. Where are we on semis?

瑪麗，我想回答最後一個問題，這只是在供應方面。也許你可以引導我們了解供應限制，讓我們了解如何看待不同的限制。我想你提到了半決賽，下半場會有所緩解。我們在哪裡？

And then as far as the Tier 2s, we're hearing periodically of some challenges on the Tier 2. So maybe you can just talk through where the supply side is right now and at what point we can expect for you to return to full run rate production. I think on the prior call, you mentioned that you'd be at full run rate production in the back half of the year. And also if you could address if Europe poses a supply risk to you in any way.

然後就第 2 層而言，我們會定期聽到有關第 2 層的一些挑戰。所以也許您可以談談供應方現在的位置以及我們可以期待您在什麼時候恢復全面運行率生產。我認為在之前的電話會議中，您提到您將在今年下半年實現全速生產。如果你能解決歐洲是否以任何方式對你構成供應風險的問題。

So let me start with the last question. Because we don't have a presence in Europe, although we do see that as a tremendous growth opportunity for our EV portfolio as we go forward, we aren't really seeing a lot of impact. We work with our suppliers and understanding their tiers to make sure. So our supply chain exposure from a European perspective due to the tragic situation in the Ukraine is fairly limited, and we work to mitigate any of those risks. So that's from a Europe perspective.

那麼讓我從最後一個問題開始。因為我們在歐洲沒有業務，儘管我們確實認為這是我們前進的電動汽車產品組合的巨大增長機會，但我們並沒有真正看到太大的影響。我們與供應商合作並了解他們的等級以確保。因此，由於烏克蘭的悲慘局勢，從歐洲的角度來看，我們的供應鏈風險相當有限，我們努力減輕任何這些風險。這是從歐洲的角度來看的。

From a semiconductor, we are on track. We think we're going to see that 25% to 30% wholesale volume increase from last year to this year. And that will continue -- it will continue to get better, H2 being better than H1. I'll do -- I do see a trail into 2023 with semis, but I think we'll continue to mitigate that.

從半導體開始，我們走上了正軌。我們認為我們將看到從去年到今年的批發量增長 25% 到 30%。這將繼續——它將繼續變得更好，H2 比 H1 更好。我會的——我確實看到了進入 2023 年的半決賽，但我認為我們會繼續減輕這種情況。

There are -- there's other risks that we face on almost a daily or weekly basis with the supply chain that our team just continues to work and find solutions, find other sources. I couldn't be more pleased with the work that they're doing. So we'll continue that focus.

還有——我們幾乎每天或每週都面臨著供應鏈的其他風險，我們的團隊只是繼續工作，尋找解決方案，尋找其他來源。我對他們所做的工作感到非常滿意。所以我們將繼續關注這一點。

And from a China perspective, we are seeing some -- what we think are green shoots with the government looking -- first of all, deeming automotive and the supply base to be essential and helping us find ways to keep production moving. And so with that, we think we'll be -- our current look, if that is executed as it's been discussed, we think there's an opportunity that will mitigate those lockdowns because we've really -- or mitigate the effects from the lockdowns because it's been a minimal impact so far. We recognize the situation is dynamic, though, so we continue to monitor on a daily basis.

從中國的角度來看，我們看到了一些——我們認為政府正在尋找的萌芽——首先，他們認為汽車和供應基地至關重要，並幫助我們找到保持生產運轉的方法。因此，我們認為我們將 - 我們目前的外觀，如果按照討論的方式執行，我們認為有機會減輕這些封鎖，因為我們確實 - 或減輕了封鎖的影響因為到目前為止它的影響很小。不過，我們認識到情況是動態的，因此我們會繼續每天進行監控。

So I guess, Dan, as I look overall, it's a very dynamic situation. There is some volatility with everything that's happening in the world, but we just try to get in front of it as quickly as we can and find solutions, which I think a proof point of us being able to do that is the strong results we had in Q1.

所以我想，丹，從整體上看，這是一個非常動態的情況。世界上正在發生的一切都有一些波動，但我們只是試圖盡快趕在它前面並找到解決方案，我認為我們能夠做到這一點的一個證據就是我們擁有的強大結果在第一季度。

Great. And then the second question, Mary, I want to go back to one of your presentations from one of the conferences a couple of years ago. And I think you noted at that conference that you were on track for the vehicle development process to essentially be cut in half, going from, call it, 4 years to 2 years.

偉大的。然後是第二個問題，瑪麗，我想回到幾年前您在一次會議上的演講。而且我認為您在那次會議上指出，您有望將車輛開發過程從本質上減少一半，從 4 年縮短到 2 年。

I just want to ask if the EVs that you have in your portfolio and that are in your pipeline are tracking to this development pace. And to what extent we could potentially see accelerated time lines versus what you've announced. Or is there just a simple reality that some of the supply constraints or the supply chain dynamics are still limiting the development time to time from which you conceive a product at the time that it's ready to start to ramp on production?

我只是想問一下，您的投資組合中的電動汽車以及正在籌備中的電動汽車是否正在跟上這種發展步伐。與您宣布的相比，我們可能會在多大程度上看到加速的時間線。或者只是一個簡單的現實，即一些供應限製或供應鏈動態仍然限制您在準備開始生產時構思產品的開發時間？

So we delivered the HUMMER on time to what we said, and there were tremendous lessons learned. And I think this is the -- one of the benefits coming from having a dedicated EV platform and the way that it's a modular plug-and-play and the wireless battery control system, that we are able to take time out of the VDP, our vehicle development process, I already used the acronym. And so that will -- we were able to, looking at that, pull the LYRIQ ahead 9 months. And so we're definitely looking at every learning that we have from that. And so it gives me confidence that we have shortened the time.

所以我們按時交付了悍馬，並從中吸取了很多教訓。我認為這是 - 擁有專用電動汽車平台以及它是模塊化即插即用和無線電池控制系統的方式帶來的好處之一，我們能夠從 VDP 中抽出時間，我們的汽車開發過程中，我已經使用了這個縮寫詞。因此，我們能夠看到這一點，將 LYRIQ 提前 9 個月。因此，我們肯定會關注我們從中學到的每一個知識。所以這讓我相信我們已經縮短了時間。

Now going from -- and taking almost half the time out, I'm not ready to sign up that we're going to go even quicker than that. And I'm not going to say that's a supply base issue. When you're developing an all-new vehicle and making sure it has the technology and that the customers expect, whether it's Super Cruise or everything from a connectivity and the upgradability that Ultifi will enable, I think as we can continue on with the timing that we've demonstrated on HUMMER and the LYRIQ, and it -- I think that's -- that we're going to be focused. But that's going to allow us to have a pretty rapid clip of product launches as you look at the HUMMER SUV is coming, the Silverado EV, the Equinox, the Blazer and the electrified Corvette.

現在從 - 幾乎有一半的時間出來，我還沒準備好註冊我們會比這更快。我不會說這是一個供應基礎問題。當您正在開發一款全新的車輛並確保它擁有滿足客戶期望的技術時，無論是 Super Cruise 還是 Ultifi 將實現的連接性和可升級性等一切，我認為我們可以繼續把握時機我們已經在 HUMMER 和 LYRIQ 上展示了這一點，而且——我認為這就是——我們將集中精力。但是，當您看到即將推出的 HUMMER SUV、Silverado EV、Equinox、Blazer 和電氣化 Corvette 時，這將使我們能夠快速發布產品。

And I would say another enabler of that is our manufacturing transition and the ability that we're not starting from ground with -- looking for a piece of property and then looking through the whole permitting process. We're transitioning our manufacturing footprint. And not only does that give us a timing advantage on turning the facility over, which we've now demonstrated with Factory ZERO and with Spring Hill, but also, we have a trained talented workforce that we're leveraging and is -- again, based on my trip, I've been at a couple of our plants lately and they're super excited with the new products they're rolling out. So I think the speed that we've been able to bring EVs on is something that will continue.

我想說的另一個推動因素是我們的製造轉型以及我們不是從頭開始的能力——尋找一塊財產，然後查看整個許可過程。我們正在轉變我們的製造足跡。這不僅為我們提供了翻轉設施的時間優勢，我們現在已經在零工廠和 Spring Hill 中證明了這一點，而且，我們擁有一支訓練有素的優秀員工隊伍，我們正在利用這些員工隊伍——再次，根據我的旅行，我最近去過我們的幾家工廠，他們對他們推出的新產品感到非常興奮。所以我認為我們能夠推動電動汽車的速度將會繼續下去。

Next, we have Mark Delaney with Goldman Sachs.

接下來，我們有高盛的馬克德萊尼。

Yes. The auto industry has been very successful at raising price in North America and at least if not more than offsetting some of the cost pressures. You mentioned in the call today, price being a potential tool to continue to offset the increasing cost pressures that you're seeing this year. Can you talk about your confidence in being able to pass on higher prices to consumers, given some of the signs of weakness in consumer spending of late?

是的。汽車行業在提高北美價格方面非常成功，至少抵消了一些成本壓力。您在今天的電話會議中提到，價格是繼續抵消您今年看到的不斷增加的成本壓力的潛在工具。鑑於最近消費者支出出現疲軟跡象，您能否談談您對能夠將更高價格轉嫁給消費者的信心？

Yes. Mark, thanks for the question. I think as we've talked about, the demand that we see for our vehicles is quite strong, with most vehicles essentially being spoken for as soon as they deliver to the dealerships. And you see that in the fact that while production is up, grounded inventory remains quite low. So we've got really strong demand. I think the new pickups are also a big piece of that going forward. So whether the confidence is in the data we see and whether that's unique to GM because of the high quality of our products, we haven't seen any demonstrated weakness from that perspective going forward.

是的。馬克，謝謝你的問題。我認為正如我們所討論的那樣，我們看到對我們車輛的需求非常強勁，大多數車輛基本上在交付給經銷商後就會被提及。您會看到，儘管產量增加，但庫存仍然很低。所以我們的需求非常強勁。我認為新皮卡也是未來發展的重要組成部分。因此，無論是對我們看到的數據有信心，還是因為我們的產品質量高，這對通用汽車來說是獨一無二的，從這個角度來看，我們還沒有看到任何明顯的弱點。

We have to be nimble, though. And as I mentioned to an earlier question, we have to watch that balance between the strength of the consumer as well as what we see in the input costs, et cetera, and making sure that we've got alignment on that. But as what the team has done is we look at both go-to-market strategies as well as cost reductions, and we've been targeting that. And I think the team has done a really good job. So we've got to be nimble and flexible. But right now, we see nothing but strength in the consumer and the demand for GM products.

不過，我們必須靈活。正如我在之前的問題中提到的那樣，我們必須注意消費者的力量以及我們在投入成本等方面看到的平衡，並確保我們在這方面取得一致。但是，正如團隊所做的那樣，我們既著眼於上市策略，又著眼於降低成本，我們一直以此為目標。而且我認為團隊做得非常好。所以我們必須靈活靈活。但現在，我們只看到消費者的實力和對轉基因產品的需求。

That's helpful, Paul. And my other question was a follow-up on some of the comments you made about Cruise and the ability for employees to be able to monetize their holdings, (inaudible) Cruise is private. Do you have any more details you can share on that? Any data points in terms of employee retention or recruiting given this ability for them to monetize their stakes?

這很有幫助，保羅。我的另一個問題是對您對 Cruise 的一些評論的跟進，以及員工能夠將其持有的資產貨幣化的能力，（聽不清）Cruise 是私人的。你有更多的細節可以分享嗎？在員工保留或招聘方面有任何數據點，因為他們有這種能力將他們的股份貨幣化？

Yes. Kyle Vogt is on the phone. So I think, Kyle, if you'd like to take that question?

是的。凱爾·沃格特正在打電話。所以我想，Kyle，如果你願意回答這個問題？

Sure. Thanks, Mary, and thanks, Mark, for the question. So I guess what you're getting at is, did this work? And the answer is unequivocally, yes. We've seen attrition go down substantially even early this year to pre-COVID levels, which is really good. We also ran an engagement survey, and our engagement is up substantially compared to Q3 2021, the last time we measured it, and it was actually our largest jump ever. Career page visits are up substantially, and we have really favorable comments from existing employees and perhaps more importantly, candidates that are in the pipeline. So the reactions exceeded our expectations, and that's really what we hoped for given that this was specifically targeted to help us attract the world's best talents can work on AVs but also retain the great talent that we have.

當然。謝謝瑪麗，謝謝馬克的問題。所以我猜你的意思是，這行得通嗎？答案很明確，是的。我們已經看到，即使在今年年初，員工流失率也大幅下降到 COVID 之前的水平，這非常好。我們還進行了一項參與度調查，與我們最後一次衡量的 2021 年第三季度相比，我們的參與度大幅上升，這實際上是我們有史以來最大的一次跳躍。職業頁面訪問量大幅增加，我們從現有員工那裡得到了非常好的評價，也許更重要的是，正在籌備中的候選人。所以反應超出了我們的預期，這正是我們所希望的，因為這是專門針對幫助我們吸引世界上最優秀的人才，可以從事 AV 工作，同時留住我們擁有的優秀人才。

The next question is from Itay Michaeli with Citi.

下一個問題來自花旗的 Itay Michaeli。

So going back to pricing, maybe for Paul, I was hoping you can maybe help us to mention how much incremental pricing you're kind of modeling for the rest of the year relative to Q1. And within that, sort of how much -- is it sort of industry pricing strength just from the supply-demand tightness you talked about relative to GM-specific pricing opportunities from some of your new products like the new trucks that you're rolling out? Because it does seem like you have some opportunity to narrow pricing gaps relative to segment averages. I'm just curious how much of that is playing into the outlook for the rest of the year.

所以回到定價，也許對保羅來說，我希望你能幫助我們提到你在今年剩餘時間里相對於第一季度建模了多少增量定價。在這之中，有多少 - 僅從你談到的供需緊張相對於你的一些新產品（如你正在推出的新卡車）的通用汽車特定定價機會來說，它是一種行業定價優勢嗎？ ?因為看起來您確實有機會縮小相對於細分市場平均水平的定價差距。我只是好奇這對今年剩餘時間的前景有多大影響。

Yes. Thanks, Itay. Well, I won't get into any specific pricing strategies about the future and what we're doing. I think at the end of the day, as we said, the consumer demand for our products is quite strong. So when you look at the ability to capture price and demand from the content additions and the upgrades that we've made to the new model pickup trucks, that's well within the strategy and certainly what we've seen going forward.

是的。謝謝，伊泰。好吧，我不會討論任何關於未來和我們正在做什麼的具體定價策略。正如我們所說，我認為歸根結底，消費者對我們產品的需求非常強勁。因此，當您從我們對新型號皮卡車所做的內容添加和升級中獲取價格和需求的能力時，這完全符合我們的戰略，當然也是我們所看到的未來。

So I think there's an industry component. As we said at the beginning of the year, we don't expect industry inventories to increase substantially this year even in the face of our own higher production, which I think has been a little bit more robust than what we've heard from some of our competitors going forward. So we think the supply-demand construct across the industry is good. And when you look at the combination of that with our products and what we've seen from our consumers, that's what gives us some of that confidence going forward in terms of our ability to maintain where we are.

所以我認為有一個行業成分。正如我們在年初所說的那樣，即使面對我們自己的更高產量，我們預計今年行業庫存也不會大幅增加，我認為這比我們從一些人那裡聽到的要強勁一些我們的競爭對手的未來。所以我們認為整個行業的供需結構是好的。當您將其與我們的產品相結合以及我們從消費者那裡看到的情況時，這就是我們在保持現狀的能力方面對前進的信心的原因。

That's helpful. And then just a follow-up on EV. And thank you for the updated disclosures on the reservations. Curious if you can kind of share where you're seeing these reservations from a regional perspective and particularly around the coastal markets in the U.S. where your market share historically has been lower. So if you can maybe talk a little bit about the regional split in the EV reservations.

這很有幫助。然後只是對 EV 的跟進。並感謝您對預訂的更新披露。好奇您是否可以從區域的角度分享您在哪裡看到這些保留，特別是在美國沿海市場，您的市場份額歷來較低。因此，如果您可以談談電動汽車預訂中的區域劃分。

Yes. We definitely are seeing not only new customers to General Motors, but we are seeing a focus from both the East and the West Coast where there already is a stronger demand. So what we predicted that we would see is because we tend to underperform from a -- what I call our fair share perspective on the coast, we are seeing exactly what we said that, that was an opportunity for us to seize. We're seeing that in the reservations and also bringing new people to the company.

是的。我們肯定不僅看到了通用汽車的新客戶，而且我們看到了東海岸和西海岸的關注點，那裡已經有更強勁的需求。所以我們預測我們會看到的是因為我們往往表現不佳 - 我稱之為我們在海岸的公平份額觀點，我們正在看到我們所說的，這是我們抓住的機會。我們在預訂中看到了這一點，也為公司帶來了新人。

Next is John Murphy with Bank of America.

接下來是美國銀行的約翰墨菲。

And I apologize in advance, but I'm going to stick on pricing for a second. There are many layers of pricing, right? There's the actual or the transaction price, the consumer pays. There's the MSRP. Then there's the invoice that you get paid from the dealer. And then there's other things on dealer holdback and floor plan assistance that impacts some of the net price that you realize from the vehicles from your dealers.

我提前道歉，但我會堅持定價一秒鐘。定價有很多層次，對吧？有實際價格或交易價格，消費者支付。有建議零售價。然後是您從經銷商那裡獲得的發票。然後還有其他關於經銷商保留和平面圖幫助的事情會影響您從經銷商的車輛中實現的一些淨價格。

So as you look at this, you're benefiting from strong price, but your dealers are actually benefiting even more so with GPUs that are almost astronomical at the moment. I'm just curious if there's any change in the way that you're looking at the relationship in pricing to the dealers, maybe increasing invoice more than you're increasing MSRP or changing floor plan terms or anything like that. Because there's sort of the arguably egregious grosses on the dealer side that might be earned that might be better deserved by the folks that deploy billions of dollars of capital to generate it.

因此，當您看到這一點時，您正在從強勁的價格中受益，但您的經銷商實際上從目前幾乎是天文數字的 GPU 中受益更多。我只是好奇您看待與經銷商定價關係的方式是否有任何變化，可能會增加發票而不是增加建議零售價或更改平面圖條款或類似的東西。因為在經銷商方面有一些可以說是令人震驚的總收入，這些收入可能更值得那些部署數十億美元資金來產生它的人應得的。

So appreciate the question. And first of all, we do believe, over the long term, people will see that our dealer network is a competitive advantage. They're highly experienced. We have not only the ability to meet the customer where they want, whether they want to do something completely online or actually go to the store, which cuts a lot of the customers. As we look at them, they still want to go in and literally kick the tires.

所以感謝這個問題。首先，我們相信，從長遠來看，人們會看到我們的經銷商網絡是一種競爭優勢。他們經驗豐富。我們不僅有能力在他們想要的地方滿足客戶，無論他們是想完全在線做某事還是實際去商店，這減少了很多客戶。當我們看著他們時，他們仍然想進去並從字面上踢輪胎。

But what we have been doing is working together to unlock efficiencies to find a better way to serve the customers and to leverage those efficiencies. So we both reduce the overall cost of sale as opposed to looking at how the pie is divided. And we've been very successful at doing that. As we roll out the new digital retail platform that we showed at Investor Day, I think that is going to be something that is going to be a huge enabler to reduce the cost of the sale. And again, we will share in that -- a piece of that.

但是我們一直在做的是共同努力來提高效率，以找到更好的方式來服務客戶並利用這些效率。因此，我們都降低了總體銷售成本，而不是關注蛋糕的分配方式。我們在這方面做得非常成功。隨著我們推出我們在投資者日展示的新數字零售平台，我認為這將成為降低銷售成本的巨大推動力。再一次，我們將分享其中的一部分。

We're confident in our plans, and we have the support of our network. We have over 95% of our Chevrolet EV dealers signing up to the platform and preparing for a phased rollout yet this year. And that's going to give customers the opportunity. They can expect to have accurate, transparent pricing, and they also will be able to compare across dealers.

我們對我們的計劃充滿信心，我們得到了網絡的支持。我們有超過 95% 的雪佛蘭 EV 經銷商註冊了該平台，並為今年的分階段推出做準備。這將為客戶提供機會。他們可以期望獲得準確、透明的定價，並且他們還可以在經銷商之間進行比較。

So we think that the work that we're doing with our dealers, because we see them as a partner and making sure the customer has a overall exceptional customer ownership experience, is going to be a distinguisher.

因此，我們認為我們與經銷商所做的工作，因為我們將他們視為合作夥伴，並確保客戶擁有整體卓越的客戶所有權體驗，這將是一個與眾不同的地方。

But Mary, I'm sorry, so as we think about the MSRP increases that may be announced, should we think about the invoice going up in a linear fashion with those MSRPs? I'm just curious because the invoice is obviously a lot different than the MSRP.

但是瑪麗，我很抱歉，所以當我們考慮可能宣布的建議零售價增加時，我們是否應該考慮發票與這些建議零售價呈線性增長？我只是好奇，因為發票顯然與建議零售價有很大不同。

Well, as we look at MSRPs, if we see -- there's a small handful of dealers that are not behaving consistent with the agreement we have with them. And we deal with them and they lose allocation. For the most part, our dealers are respecting the MSRP. I have actually had dealers send me letters committing to me that they're doing that. So we address those handful of exceptions, but for the most part, I think that's what customers will see.

好吧，當我們查看建議零售價時，如果我們看到 - 少數經銷商的行為與我們與他們達成的協議不一致。我們與他們打交道，他們失去了分配。在大多數情況下，我們的經銷商都遵守建議零售價。實際上，我已經讓經銷商給我發信，承諾他們正在這樣做。因此，我們解決了少數例外情況，但在大多數情況下，我認為這就是客戶會看到的。

Okay. And then just a quick follow-up. I apologize. I might have missed it. The wholesale volume assumption that goes into the FY '22 guidance, I haven't seen it. Maybe I missed it in the press release or something. But I think you guys were talking about 25% to 30% before. Is that something that's still being reiterated? Or is that -- has that changed?

好的。然後只是快速跟進。我道歉。我可能錯過了。 22 財年指導中的批發量假設，我還沒有看到。也許我在新聞稿或其他什麼地方錯過了它。但我認為你們之前談論的是 25% 到 30%。是否仍在重申這一點？或者那是——改變了嗎？

Has not changed, yes. And before we go to the next question, let me -- I think in answer to Itay's question, I found the information. For example, on the Silverado EV, 60% of the reservations are new to GM. 70% of the reservations are from East and West Coast. So I was -- I didn't want to quote the numbers without confirming them. But Itay, that's the numbers behind my answer to your question.

沒變，是的。在我們進入下一個問題之前，讓我——我想在回答 Itay 的問題時，我找到了信息。例如，在 Silverado EV 上，60% 的預訂是通用汽車的新預訂。 70% 的預訂來自東海岸和西海岸。所以我是——我不想在沒有確認的情況下引用這些數字。但是Itay，這就是我回答你問題的數字。

Operator, we can move on.

接線員，我們可以繼續。

Next, we have Adam Jonas with Morgan Stanley.

接下來是摩根士丹利的亞當喬納斯。

You said there's a handful of your dealers that are charging over MSRP. Could you be specific to give us a percentage of your volume that is transacting over MSRP in real time in North America?

你說有少數經銷商對建議零售價收費。您能否具體告訴我們您在北美通過 MSRP 實時交易的交易量的百分比？

Adam, it is small. And like I said, we address it, especially those that -- it's a high, high number. So I don't have a percent off the top of my head. But again, our dealers -- and we have done a lot of work with our dealers over the last couple of years, especially as they sign into our agreements and make the investments necessary to sell EVs. So I'm very confident we have -- we'll continue to work with our dealers to serve the customer well and provide a great customer experience.

亞當，它很小。就像我說的，我們解決了這個問題，尤其是那些 - 這是一個很高的數字。所以我沒有百分之百的想法。但同樣，我們的經銷商——在過去幾年裡，我們與經銷商做了很多工作，特別是當他們簽署我們的協議並進行必要的投資以銷售電動汽車時。所以我非常有信心——我們將繼續與我們的經銷商合作，為客戶提供良好的服務並提供出色的客戶體驗。

Okay, Mary. And then there are some EV peers of yours that are citing concerns that there will be -- that there's an emerging battery shortage, okay, or at least bottlenecks in the supply chain that could really limit the plan -- some of your remarks already, but I just want to ask it this way. Is there any part of your battery supply chain (inaudible)?

好的，瑪麗。然後，您的一些電動汽車同行表示擔心將會出現電池短缺，好吧，或者至少供應鏈中的瓶頸可能會真正限制計劃-您的一些言論已經，但我只想這樣問。您的電池供應鏈中是否有任何部分（聽不清）？

Adam, you're fading out. I heard you say, is there any part of your battery supply chain, and then you faded out.

亞當，你正在淡出。我聽你說，有沒有你的電池供應鏈的一部分，然後你就淡出了。

Sorry. Is there any part of your battery supply chain that does present -- that you think presents a risk to your volume targets at this point? I understand the situation is fluid, but I wanted to give you a chance to flag any area that's getting a little extra attention from you.

對不起。您的電池供應鏈中是否有任何部分存在——您認為此時對您的產量目標構成風險？我了解情況不穩定，但我想讓您有機會標記任何引起您額外關注的領域。

For the numbers that we put out, the 100,000 in '22 and '23 and the 1 million by 2025, barring something completely unforeseen, I think that's where we are, and we're working to find upside opportunity.

對於我們發布的數字，22 年和 23 年的 100,000 和 2025 年的 100 萬，除非完全無法預料，我認為這就是我們所處的位置，我們正在努力尋找上行機會。

Next, we have Emmanuel Rosner with Deutsche Bank.

接下來，我們有德意志銀行的 Emmanuel Rosner。

I was hoping you could help me better understand the outlook for this year, the way you see it now versus maybe 2 or 3 months or so ago. So it seems on the cost side at least, the commodities are maybe $2.5 billion, a larger headwind than you saw a few months ago. What are the offsets here? I think at the time, you were thinking pricing would remain strong, but not necessarily up year-over-year. Are you thinking now pricing could actually be up?

我希望您能幫助我更好地了解今年的前景，您現在看到的方式與 2 或 3 個月左右之前相比。因此，至少在成本方面，這些大宗商品可能是 25 億美元，比幾個月前看到的逆風更大。這裡的偏移量是多少？我認為當時你認為定價會保持強勁，但不一定會同比上漲。您是否認為現在定價實際上可能上漲？

And then on the cost efficiency side, can you maybe talk about some of the opportunities that you have to create some of these offsets? And then just one more on this. Is it also a function of where within the guidance (inaudible) your base case. Obviously, it's a $2 billion wide EBIT guidance. So is it also the case that you may have thought you would be at the higher end and now you'd be at the lower end? Or is that not the case at all?

然後在成本效率方面，你能談談你必須創造一些抵消的機會嗎？然後再談一談。它是否也是您的基本案例在指導（聽不清）範圍內的功能。顯然，這是一個 20 億美元的息稅前利潤指引。那麼，你可能認為你會處於高端，而現在你會處於低端，這也是這種情況嗎？或者根本不是這樣？

Emmanuel, thanks for the question. So I think it's a combination of things. Yes, we've talked about the $2.5 billion of incremental pressure. We hadn't commented specifically about the assumptions in terms of pricing. But I think what you've heard from us today is that we're reasonably confident about the pricing environment and the demand that we see for GM vehicles and what we've been able to achieve. And we talked about in the prepared remarks about the price increases we've seen year-over-year from that perspective.

伊曼紐爾，謝謝你的提問。所以我認為這是一個組合。是的，我們已經談到了 25 億美元的增量壓力。我們沒有具體評論定價方面的假設。但我認為您今天從我們那裡聽到的是，我們對定價環境和我們看到的通用汽車需求以及我們能夠實現的目標充滿信心。我們在準備好的評論中談到了我們從這個角度看到的同比價格上漲。

The second piece of it is, going back to what we said about the full year, we talked about a couple of billion dollars of discretionary cost increases related to putting in the foundation for future growth. There's room to prioritize within that in terms of understanding what's converting to revenue sooner rather than later and making sure that we maintain flexibility.

第二部分是，回到我們所說的全年，我們談到了與為未來增長奠定基礎相關的數十億美元的可支配成本增加。在了解哪些內容將盡快轉化為收入並確保我們保持靈活性方面，有優先考慮的空間。

I think if you go back to our remarks, we talked about -- we were putting that cost inflation in because we had the comfort around the environment at the time. And while we've seen cost pressures on inflation, it allows us to go in and continue to manage that going forward. So between using that discretion and prioritizing new ads as well as looking at core cost improvement in the businesses we've done, I think the track record of the company is really, really strong.

我認為，如果您回到我們的講話中，我們談到了-我們將成本膨脹考慮在內，因為當時我們對環境感到滿意。雖然我們已經看到了通脹帶來的成本壓力，但它讓我們能夠進入並繼續管理這一點。因此，在使用這種判斷力和優先考慮新廣告以及著眼於我們所做業務的核心成本改進之間，我認為公司的業績記錄非常非常強大。

Go back to the programs that we did, the $4 billion to $4.5 billion that we said was done by 2020. The work that we've done in GMI by improving profitability, almost $2 billion over where it was in 2018. Points to the team's ability to do that. So while we haven't done an aggregate number that some of our competitors have done, I think when you look at the ability of the team to execute and the results that we've posted over the last several quarters in the face of this adversity, I think the team should get some credit for that.

回到我們所做的計劃，我們所說的 40 億到 45 億美元是到 2020 年完成的。我們通過提高盈利能力在 GMI 所做的工作，比 2018 年的水平增加了近 20 億美元。指向團隊的這樣做的能力。因此，雖然我們沒有像我們的一些競爭對手那樣做一個總數，但我認為當你看到團隊的執行能力以及我們在過去幾個季度中在面對這種逆境時發布的結果時，我認為團隊應該為此獲得一些榮譽。

Understood. And then just quickly the second part about where in the guidance you sort of feel more comfortable. And then as a follow-up question, I was hoping to ask on the Cruise recurring liquidity program. Are you able to give us some early data on how popular that has been, who has -- how much -- or how many employees have availed themselves of the opportunity? And what is the expected, I guess, liquidity cost to GM this year?

明白了。然後很快第二部分關於在指導中你感覺更舒服的地方。然後作為後續問題，我希望就 Cruise 經常性流動性計劃提出問題。您能否向我們提供一些早期數據，說明它的受歡迎程度、誰擁有 - 多少 - 或有多少員工利用了這個機會？我猜，通用汽車今年的預期流動性成本是多少？

Yes. I'll take the first part, which is actually the second part of your first question. But I think we're just -- we're comfortable with the 13% to 15%, as we've said that from the beginning. And there's a lot moving around, as we've said from the beginning of the year. And nothing has changed from that perspective. So I would say that we're in a very similar spot to where we were in an earlier quarter. The inputs and the outputs may change considerably, but I think we're pretty consistent with where we've been.

是的。我會講第一部分，這實際上是你第一個問題的第二部分。但我認為我們只是 - 我們對 13% 到 15% 感到滿意，正如我們從一開始就說過的那樣。正如我們從年初所說的那樣，有很多變化。從這個角度來看，一切都沒有改變。所以我想說，我們處於與上一季度非常相似的位置。輸入和輸出可能會發生很大變化，但我認為我們與過去的情況非常一致。

And on the Cruise question, it's just -- it's really too early in the first tender offer to start giving any of those numbers. So just it's too early to share anything there.

在克魯斯的問題上，這只是 - 在第一次要約收購中開始提供這些數字中的任何一個還為時過早。所以現在分享任何東西還為時過早。

Next is Ryan Brinkman with JPMorgan.

接下來是摩根大通的瑞安·布林克曼。

Thanks for taking my question, which is another one on battery metals. Relative to the upcoming long-term supply contract for nickel and the one that you recently secured for cobalt, can you confirm if these agreements are to ensure the supply of only a certain quantity of material or whether there is also any ability to somehow ensure a certain price also or help insure, which I think is a lot harder?

感謝您提出我的問題，這是關於電池金屬的另一個問題。關於即將到來的鎳長期供應合同和您最近獲得的鈷長期供應合同，您能否確認這些協議是否是為了確保僅供應一定數量的材料，或者是否還有能力以某種方式確保一定的價格也或幫助保險，我認為這更難？

And then in light of the answer to that question, how do you think about the risk of taking orders for battery electric vehicles at a certain MSRP only for battery metal prices to change significantly in the time between the order intake and production, which I'm estimating for some vehicles like the Silverado could be more than a year?

然後根據該問題的答案，您如何看待以特定建議零售價接受電池電動汽車訂單的風險，僅因為電池金屬價格在訂單接收和生產之間發生顯著變化，我'我估計像 Silverado 這樣的車輛可能會超過一年？

When the metals prices are gyrating so much month-to-month or even day to day, is there any way to hedge this exposure or might, as great as it sounds, even vertical integration of the supply, the mining, I don't know, somehow even makes sense? Just curious how you're thinking about this complicated issue.

當金屬價格逐月甚至每天都在劇烈波動時，有沒有辦法對沖這種風險或可能，就像聽起來一樣好，甚至是供應、採礦的垂直整合，我不知道知道，不知何故甚至有道理？只是好奇你是如何思考這個複雜問題的。

Ryan, thanks for that. I'll start, and Mary, of course, can add, too. The -- what I would say is we've talked about the supply agreements being a mix of a lot of different structures, right? We've talked about where we're funding some capital, where we're doing preorders, take-or-pay. We're partnering with people on strategic ventures, et cetera. So there's quite a wide variety of mix of pricing mechanisms depending on how those structures work.

瑞安，謝謝你。我先開始，瑪麗當然也可以補充。 - 我要說的是，我們已經談到供應協議是許多不同結構的混合，對吧？我們已經討論了我們在哪里為一些資金提供資金，我們在哪裡進行預購，照付不議。我們正在與戰略企業等方面的人合作。因此，根據這些結構的運作方式，定價機制的組合多種多樣。

So to the extent that we do have some pricing exposure, we, of course, have the ability to hedge some of that in the markets going forward. So we're trying not to overreact in the short run, but rather strike the right long-run balance for where we want to end up. And I think the teams executed that very, very well so far.

因此，就我們確實有一些定價風險而言，我們當然有能力在未來的市場中對沖其中的一些風險。因此，我們試圖在短期內不要反應過度，而是在我們想要最終達到的地方取得正確的長期平衡。而且我認為到目前為止，團隊執行得非常非常好。

Next is Brian Johnson with Barclays.

接下來是巴克萊銀行的布賴恩約翰遜。

I want to step back and ask kind of a broader strategic/organizational question given (inaudible) which, as I talked about with people, could make a great business goal case study. Your principal crosstown competitor has chosen a very different approach to EVs, both in terms of the level of preplanning in the organization that is kind of rushing to market with a minimal viable product and then backfilling and creating a separate dev organization from the ICE organization. How have you thought about it at GM where you're not pursuing a similar NewCo, OldCo type of organizational strategy?

我想退後一步，提出一個更廣泛的戰略/組織問題（聽不清），正如我與人們談論的那樣，這可以成為一個很好的業務目標案例研究。您的主要跨城競爭對手選擇了一種非常不同的電動汽車方法，無論是在組織的預先計划水平方面，即以最小的可行產品急於上市，然後回填並創建一個獨立於 ICE 組織的開發組織。在通用汽車公司，您不追求類似的 NewCo、OldCo 類型的組織戰略，您是如何考慮的？

So I think -- I appreciate that you recognize that we made the investments a handful of years ago that gives us the Ultium platform where we really can do products like the Silverado EV that don't have any compromises with higher range, faster, fast charging, things like 4-wheel steer, all because of a ground-up design. And I think everybody needs to also recognize that this platform is going to give us scalability that will lead to a cost advantage and a high degree of reuse.

所以我認為 - 我很感激您認識到我們幾年前進行的投資，這為我們提供了 Ultium 平台，我們真的可以在該平台上生產像 Silverado EV 這樣的產品，這些產品在更高的範圍內沒有任何妥協，更快，更快充電，諸如四輪轉向之類的東西，都是因為地面設計。而且我認為每個人還需要認識到，這個平台將為我們提供可擴展性，從而帶來成本優勢和高度的重用。

So I definitely think I'm very happy that we made those changes. And when you really get in and look at the organizational structure, we already have a dedicated team that works on the whole EV propulsion system. We have a dedicated Vice President where all the EV programs -- all the chief engineers and all the EV programs report. We have EV Grow that looks at how we're going to go to market and has led the creation of the digital retail platform that we shared last year.

所以我絕對認為我很高興我們做出了這些改變。當你真正進入並查看組織結構時，我們已經有一個專門的團隊負責整個 EV 推進系統。我們有一個專門的副總裁，負責所有電動汽車項目——所有總工程師和所有電動汽車項目的報告。我們有 EV Grow，它著眼於我們將如何進入市場，並領導了我們去年共享的數字零售平台的創建。

We -- and part of the 2018 transformation that we did, we pulled all the software together. And since that point in time, so since 2018, early '19, we have been -- had all that software together, and I think that's what's allowed us to accelerate. And we started rolling out the vehicle intelligent platform, which gives us pretty much over-the-air capability across the whole vehicle in 2019, and it's come out in every vehicle and now where they taking that to the next level with Ultifi.

我們——以及我們所做的 2018 年轉型的一部分，我們將所有軟件整合在一起。從那個時間點開始，自 2018 年，19 年初以來，我們一直 - 將所有軟件放在一起，我認為這就是讓我們加速發展的原因。我們開始推出車輛智能平台，它在 2019 年為我們提供了幾乎整個車輛的無線傳輸能力，並且它已經出現在每輛車中，現在他們通過 Ultifi 將其提升到了一個新的水平。

So when you look at the structure of our company, a lot of the key work that needs to be done to enable our EV success was put in place in '18, '19 and '20. And as we look across -- and I spend a lot of time talking to our employees across the whole organization, and no matter what they're working on, they're excited to be a part of our all-EV future.

因此，當您查看我們公司的結構時，需要完成的許多關鍵工作是在 18、19 和 20 年完成的。當我們縱觀全局時——我花了很多時間與整個組織的員工交談，無論他們在做什麼，他們都很高興能成為我們全電動汽車未來的一部分。

Let's remember, at General Motors, over 40% of our salaried employees and even higher percent of our technical talent has been with the company 5 years or less. And so they're here because of the mission for EVs. And we believe every single one of them is valuable and has an important role to play in our future EV, whether they're working on EVs today or they work on seats or they work on software design or interior design, all those things that exist in an EV as well. So I think the way we've really focused on what organizations need to be there. So we lead in EV execution with the scale and the high reuse that enables us to take time out of our EDP is where we're focused.

讓我們記住，在通用汽車，我們超過 40% 的受薪員工，甚至更高百分比的技術人才在公司工作了 5 年或更短時間。所以他們來這裡是因為電動汽車的使命。而且我們相信他們中的每一個都是有價值的，並且在我們未來的電動汽車中扮演著重要的角色，無論他們是在今天的電動汽車上工作，還是在座椅上工作，或者在軟件設計或室內設計上工作，所有這些都存在在電動汽車中也是如此。所以我認為我們真正專注於組織需要在那裡的方式。因此，我們以規模和高重用性引領 EV 執行，這使我們能夠從 EDP 中抽出時間，這是我們關注的地方。

And just a quick follow-on. On those EV product architecture, battery, et cetera, motor decisions, again, competitors will talk about rapid cycle decision-making, mid-model year, not just mid-platform, refreshes, changes of technology. So how do you make sure that, that part of the organization remains agile as opposed to plans laid in 2017, 2018, '19, that might, frankly, not be the right given current market conditions or new technologies?

只是一個快速的跟進。在那些電動汽車產品架構、電池等、電機決策上，競爭對手將再次談論快速週期決策、中型年份，而不僅僅是中型平台、更新、技術變革。那麼，與 2017 年、2018 年和 19 年制定的計劃相比，您如何確保組織的這一部分保持敏捷，坦率地說，考慮到當前的市場條件或新技術，這可能不正確？

Well, so 2 components of that. First, from a software perspective, we've already rolled out VIP and we're already taking it to the next level with Ultifi, which is going to really improve the speed at which we can make changes and make your product better. After you buy it, then you can download or have over-the-air updates of features that didn't even exist when you bought the vehicle. So I think the mindset of agile quick and the vehicle just keeps getting better is well rooted in our software organization.

好吧，其中有兩個組成部分。首先，從軟件的角度來看，我們已經推出了 VIP，並且我們已經通過 Ultifi 將它提升到了一個新的水平，這將真正提高我們進行更改的速度，並使您的產品變得更好。購買後，您可以下載或無線更新購買車輛時甚至不存在的功能。所以我認為敏捷快速和車輛不斷變得更好的心態深深植根於我們的軟件組織。

And then when you look from an Ultium perspective, remember, Ultium is chemistry agnostic. We're working with many other companies and doing internal research that we will have -- to have the best battery chemistry, and the Ultium platform allows for that. It's upgradable. It even reads -- you can have variation within the platform. So I think there was a lot of work that went into how Ultium was designed to give it the plug-and-play and knowing that chemistry was going to keep changing, and we needed to be agile because we can continue to work on taking cost out and improving energy density.

然後，當您從 Ultium 的角度來看時，請記住，Ultium 與化學無關。我們正在與許多其他公司合作，並進行我們將擁有的內部研究——以獲得最好的電池化學，而 Ultium 平台允許這樣做。它是可升級的。它甚至可以讀取 - 您可以在平台內進行更改。因此，我認為在 Ultium 的設計上做了很多工作，以提供即插即用的功能，並且知道化學反應會不斷變化，我們需要保持敏捷，因為我們可以繼續努力降低成本並提高能量密度。

Our last question comes from Philippe Houchois with Jefferies.

我們的最後一個問題來自 Philippe Houchois 和 Jefferies。

I've got 2 quick questions, maybe more housekeeping. But the first one is, earlier this year, like many other carmakers, you guided to financial services having lower contribution in 2022 compared to last year. I look at your Q1 -- your Q1 is actually better than last year. You didn't have as much of a spike in contribution from financial services last year and some of your peers quarter-by-quarter. And I'm just wondering, do we still -- should we still think of an easing of that contribution? Or it's the tightness in the market creates an opportunity to maybe have similar earnings in 2022?

我有 2 個簡單的問題，也許更多的家務。但第一個是，今年早些時候，與許多其他汽車製造商一樣，您引導金融服務在 2022 年的貢獻低於去年。我看看你的第一季度——你的第一季度實際上比去年好。去年金融服務和一些同行的季度貢獻並沒有那麼大。我只是想知道，我們是否仍然 - 我們是否仍然應該考慮放寬這種貢獻？或者是市場的緊縮創造了一個在 2022 年可能獲得類似收益的機會？

And the other question was, I think at some point in the remarks, you made a comment about Cruise costs of about $2 billion. Do you have any revenue guidance to put against that as you launch the commercial service? Or should we consider that the $2 billion of cost is basically your EBIT for the year?

另一個問題是，我認為在評論中的某個時刻，你對大約 20 億美元的 Cruise 成本發表了評論。在您推出商業服務時，您是否有任何收入指導來反對這一點？還是我們應該考慮到這 20 億美元的成本基本上就是您當年的息稅前利潤？

So on the first question, Dan Berce is on the line. So Dan, do you want to take that one?

所以在第一個問題上，Dan Berce 在線。所以丹，你想拿那個嗎？

Yes. Sure, Mary. So we earned $5 billion pretax last year. And our guide for 2022 is $3.5 billion to $4 billion. So we do see a tail off in earnings. Now the first quarter was quite strong. But in the rest of the year, 2 really things to consider. Number one, our residual gains will be less, primarily because of lower off-lease volume; and gains per unit will be less because we've slowed depreciation, raising book value. So even if we get the selling prices that we're seeing in the used car market today, the book value is higher so the gains are lower.

是的。當然，瑪麗。因此，我們去年的稅前收入為 50 億美元。我們對 2022 年的指導是 35 億到 40 億美元。因此，我們確實看到收益有所下降。現在第一季度相當強勁。但在今年剩下的時間裡，有兩件事需要考慮。第一，我們的剩餘收益會減少，主要是因為脫租量減少；由於我們減緩了折舊速度，提高了賬面價值，因此單位收益將減少。因此，即使我們得到今天在二手車市場上看到的售價，賬面價值也會更高，因此收益會更低。

And then the other factor on residuals is as we go out to lease terminations in '23 and '24, we've really been quite conservative in our marks for those years. '22 maturities, yes, we're taking full advantage of market strength. But as we go out to '23 and '24, we have not slowed depreciation as much.

然後關於殘差的另一個因素是，當我們在 23 年和 24 年終止租賃時，那些年我們的標記確實非常保守。 '22 到期，是的，我們正在充分利用市場力量。但是當我們到 23 年和 24 年時，我們並沒有減慢貶值幅度。

Then the other factor is on the credit side. We do expect normalization of credit as we go through '22, both from a frequency standpoint and a recovery rate standpoint. So yes, those 2 factors would be the difference between the $5 billion and our guide of $3.5 billion to $4 billion for the year.

然後另一個因素是信用方面。從頻率和回收率的角度來看，我們確實預計在 22 年之後信貸會正常化。所以，是的，這兩個因素將是 50 億美元與我們今年指導的 35 億至 40 億美元之間的差額。

And Philippe, it's Paul. With respect to the Cruise question, what I'll say is we haven't given any revenue guidance at all specifically as it relates to Cruise. And I'll offer Kyle the opportunity if he wants to talk about anything in terms of the commercial migration and where we are, to the extent you haven't already done it, Kyle, if you want.

還有菲利普，是保羅。關於 Cruise 的問題，我要說的是，我們根本沒有給出任何與 Cruise 有關的收入指導。如果凱爾想要談論任何關於商業遷移和我們在哪裡的事情，我會給凱爾機會，如果你願意的話，凱爾。

Sure, Paul, real briefly. I mean just as a reminder, we're 1 permit away from being able to charge for rides, which would be the beginning of our generation of significant revenue. We're the only AV company in California to have applied for that permit and the only AV company carrying members of the public in an urban market, which is the only kind of place where early AV robotaxi fleets are going to be a viable business.

當然，保羅，簡單地說。我的意思是提醒一下，我們距離能夠為遊樂設施收費只有 1 個許可證，這將是我們產生可觀收入的開始。我們是加利福尼亞州唯一一家申請該許可證的 AV 公司，也是唯一一家在城市市場上載客的 AV 公司，這是早期 AV 自動駕駛出租車車隊將成為可行業務的唯一地方。

But we're on track this year. We're doing really well. We've expanded our geo fence from 30% of San Francisco to over 70%, increased the size of our fleet, and have expanded the hours of operation once. And we're progressing, as Mary said, towards that full 24/7 operation.

但今年我們走上了正軌。我們做得很好。我們已將地理圍欄從舊金山的 30% 擴大到 70% 以上，增加了我們的車隊規模，並擴大了一次營業時間。正如瑪麗所說，我們正在朝著全面的 24/7 運作邁進。

We do believe, though, this is going to be highly disruptive, both in the long term for personal car ownership, in the short term for ride-hailing type businesses, based on early customer feedback. And right now, we're maniacally focused on making sure that we delight our early customers and build the foundation for a really strong business down the road.

不過，根據早期的客戶反饋，我們確實相信，無論是從長期來看，無論是對個人汽車擁有量而言，還是對網約車類型的企業而言，這都將是極具破壞性的。現在，我們瘋狂地專注於確保我們取悅我們的早期客戶，並為未來真正強大的業務奠定基礎。

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

謝謝你。我現在想將電話轉給 Mary Barra，以聽取她的結束意見。

Okay. Well, thanks, everybody. Paul and I and Kyle and Dan really appreciate all of your questions. As we move through this year, I want to reiterate, we're now in execution mode because we are building on the investments we made over the last several years with Ultium and with the products that we put together with the shortening of the VDP. And when we look going forward, we have incredible momentum with the 3 battery plants between now and '24 and another to be announced shortly as well as the conversion of 4 of our plants have either happened or happening in this time frame.

好的。嗯，謝謝大家。 Paul、我、Kyle 和 Dan 非常感謝您提出的所有問題。隨著我們今年的到來，我想重申，我們現在處於執行模式，因為我們正在建立在過去幾年對 Ultium 的投資以及我們在縮短 VDP 的情況下整合的產品的基礎上。當我們展望未來時，從現在到 24 年，我們的 3 家電池廠擁有令人難以置信的勢頭，另一個即將宣布，我們的 4 家工廠的轉換已經發生或發生在這個時間框架內。

So we're just going to keep executing and keep working toward our EV leadership goal. And I think we have a team that has demonstrated that we're going to capitalize on opportunities. We're going to solve challenges and work with our stakeholders across the company to do just that. That's our commitment to you, and that's our commitment to our investors to really create value over the long term. And so appreciate your commitment, and thanks. I hope everybody has a great evening.

因此，我們將繼續執行並繼續朝著我們的電動汽車領導目標努力。我認為我們的團隊已經證明我們將利用機會。我們將解決挑戰，並與整個公司的利益相關者合作來做到這一點。這是我們對您的承諾，也是我們對投資者真正長期創造價值的承諾。非常感謝你的承諾，謝謝。我希望每個人都有一個美好的夜晚。

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

謝謝你。今天的電話會議到此結束。感謝您的加入。