Magna International Inc (MGA) 2024 Q2 法說會逐字稿

Good morning and welcome to the Magna International Inc. second-quarter 2024 results webcast call.

早安，歡迎收看麥格納國際公司 2024 年第二季業績網路廣播電話會議。

(Operator Instructions) Thank you.

（操作員說明）謝謝。

I would now like to turn the call over to Louis Tonelli, Vice President, Investor Relations.

我現在想將電話轉給投資者關係副總裁 Louis Tonelli。

Please go ahead.

請繼續。

Thanks, operator.

謝謝，接線生。

Hello, everyone, and welcome to our conference call covering our second quarter 2024.

大家好，歡迎參加我們關於 2024 年第二季的電話會議。

Joining me today are Swamy Kotagiri and Pat McCann.

今天加入我的是斯瓦米·科塔吉里 (Swamy Kotagiri) 和帕特·麥肯 (Pat McCann)。

Yesterday, our board of directors met and approved our financial results for the second quarter of 2024 and updated outlooks for ’24 and ‘26.

昨天，我們的董事會召開會議並批准了 2024 年第二季的財務業績，並更新了 24 月和 26 月的展望。

We issued a press release this morning outlining our results.

我們今天早上發布了一份新聞稿，概述了我們的結果。

You’ll find the press release, today’s conference call webcast, the slide presentation to go along with the call, and our updated quarterly financial review, all in the Investor Relations section of our website at magna.com.

您可以在我們網站 Magna.com 的投資者關係部分找到新聞稿、今天的電話會議網路廣播、電話會議的幻燈片演示以及更新的季度財務回顧。

Before we get started, just as a reminder, the discussion today may contain forward-looking information or forward-looking statements within the meaning of applicable securities legislation Such statements involve certain risks, assumptions and uncertainties which may cause the company’s actual or future results and performance to be materially different from those expressed or implied in these statements.

在我們開始之前，提醒一下，今天的討論可能包含適用證券立法含義內的前瞻性資訊或前瞻性陳述。未來的結果和業績與這些陳述中明示或暗示的結果和業績有重大差異。

Please refer to today’s press release for a complete description of our Safe Harbor disclaimer.

請參閱今天的新聞稿，以了解我們的安全港免責聲明的完整說明。

Please also refer to our reminder slide included in the presentation that relates to our commentary today.

另請參閱簡報中與我們今天的評論相關的提醒幻燈片。

With that, I’ll pass it over to Swamy.

這樣，我會將其交給 Swamy。

Thank you, Louis.

謝謝你，路易斯。

Good morning, everyone.

大家早安。

I appreciate you joining our call today.

感謝您今天加入我們的電話會議。

Let’s jump right in.

讓我們直接開始吧。

Before getting into some of the details from the second quarter, let me highlight a few key takeaways.

在討論第二季的一些細節之前，讓我先強調一些關鍵要點。

Our Q2 operating performance was largely in line with our expectations, with sales of $11 billion and adjusted EBIT margin of 5.3%.

我們第二季的經營業績基本上符合我們的預期，銷售額為 110 億美元，調整後的息稅前利潤率為 5.3%。

We are executing to our margin outlook from the start of 2024.

我們正在執行 2024 年初的利潤率展望。

Operational excellence activities remain on track to collectively contribute about 75 basis points to margin expansion during 2024 and ’25.

卓越營運活動仍有望在 2024 年至 25 年間為利潤率擴張共同貢獻約 75 個基點。

We have reduced our planned gross megatrend engineering spend for 2024 by another $40 million, bringing reductions for the full year to $90 million relative to our outlook in February.

我們已將 2024 年計畫的大趨勢工程總支出再減少 4,000 萬美元，與 2 月份的預期相比，全年減少額達到 9,000 萬美元。

And our adjusted EBIT margin range has been tightened.

我們調整後的息稅前利潤率範圍已經收緊。

Our range for 2024 is now 5.4% to 5.8%.

我們對 2024 年的預測範圍目前為 5.4% 至 5.8%。

We remain focused on capital discipline and strong free cash flow generation.

我們仍然專注於資本紀律和強勁的自由現金流產生。

We have further lowered our expected CapEx range by another $100 million, for a reduction of up to $200 million for 2024 compared to our February outlook.

與 2 月的展望相比，我們將 2024 年的預期資本支出範圍進一步下調了 1 億美元，減少高達 2 億美元。

We are maintaining our free cash flow outlook rate at $600 million to $800 million, and we remain on track to be in our target leverage range of 1.0 to 1.5 times in 2025.

我們將自由現金流前景維持在 6 億至 8 億美元，我們仍有望在 2025 年達到 1.0 至 1.5 倍的目標槓桿範圍。

Lastly, we are updating our 2026 outlook to reflect market changes impacting the automotive industry, including issues we already discussed in prior quarter calls.

最後，我們正在更新 2026 年展望，以反映影響汽車產業的市場變化，包括我們在上一季電話會議中已經討論過的問題。

We continue to execute our strategy despite current market dynamics.

儘管存在當前的市場動態，我們仍將繼續執行我們的策略。

We are winning business on key programs across our portfolio.

我們正在透過我們的投資組合中的關鍵項目贏得業務。

For instance, we were recently awarded a hot-stamped door ring with a Japan-based global OEM.

例如，我們最近獲得了一家日本全球 OEM 的熱沖壓門環。

We are having success in commercializing our innovation.

我們在將創新商業化方面取得了成功。

As an example, we were awarded reconfigurable seating systems with a China-based OEM.

例如，我們獲得了一家中國 OEM 的可重新配置座椅系統。

And as we have highlighted in the past, our operational initiatives across the company are delivering results.

正如我們過去所強調的那樣，我們整個公司的營運舉措正在取得成果。

We remain focused on continuous improvement, efficiency and launches.

我們仍然專注於持續改進、效率和發布。

This year alone, we are taking actions at more than 40 divisions to restructure, consolidate or wind down operations.

光是今年，我們就在 40 多個部門採取行動，重組、合併或縮減業務。

We are right sizing our complete vehicle operations, and we are driving profitability through smart automation and factory of the future initiatives.

我們正在正確調整整車業務規模，並透過智慧自動化和未來工廠計劃來提高獲利能力。

As part of ongoing efforts to optimize our footprint and portfolio, early last month, we closed a transaction for the sale of an 85% controlling interest in our metal forming operations in India.

作為優化我們的足跡和產品組合的持續努力的一部分，上月初，我們完成了一項出售印度金屬成型業務 85% 控股權益的交易。

With sales less than $200 million in 2023, we considered this business to be non-core.

由於 2023 年銷售額不到 2 億美元，我們認為該業務不是核心業務。

Proceeds were about $90 million.

收益約 9000 萬美元。

We are making progress on vertical integration of critical subsystems to strengthen our product offerings.

我們正在關鍵子系統的垂直整合方面取得進展，以加強我們的產品供應。

We acquired HE Systems, a power module business, for $52 million.

我們以 5,200 萬美元收購了電源模組業務 HE Systems。

That acquisition accelerates our in-house development of car modules and allows us to leverage our combined technical and manufacturing competencies.

此次收購加速了我們汽車模組的內部開發，並使我們能夠充分利用我們的綜合技術和製造能力。

The transaction secures supply of a key product.

該交易確保了關鍵產品的供應。

With that, I’ll pass the call over to Pat.

這樣，我會將電話轉給帕特。

Thanks Swamy, and good morning, everyone.

謝謝斯瓦米，大家早安。

As Swamy indicated, second-quarter operating results were largely in line with our expectations.

正如斯瓦米所指出的，第二季的經營業績基本上符合我們的預期。

Now, comparing the second quarter of 2024 to the second quarter of 2023, consolidated sales were $11 billion, in-line with Q2 2023, which compares to a 2% increase in global light vehicle production.

現在，將 2024 年第二季與 2023 年第二季進行比較，綜合銷售額為 110 億美元，與 2023 年第二季持平，而全球輕型汽車產量增加了 2%。

Adjusted EBIT was $577 million and adjusted EBIT margin was down 30 basis points to 5.3%.

調整後息稅前利潤為 5.77 億美元，調整後息稅前利潤率下降 30 個基點至 5.3%。

Adjusted EPS came in at $1.35, down 12% year over year, reflecting lower EBIT and higher interest expense, including approximately $0.09 associated with non-cash foreign exchange losses on certain deferred tax assets.

調整後每股收益為 1.35 美元，年減 12%，反映出息稅前利潤下降和利息支出增加，其中包括與某些遞延稅資產的非現金外匯損失相關的約 0.09 美元。

And free cash flow generated in the quarter was $123 million, compared to a $7 million use in the second quarter of 2023.

本季產生的自由現金流為 1.23 億美元，而 2023 年第二季的自由現金流為 700 萬美元。

During the quarter, we paid dividends of $134 million and raised CAD450 million in debt.

本季度，我們支付了 1.34 億美元的股息，並籌集了 4.5 億加元的債務。

More importantly with respect to our outlook, we are lowering our capital spending range and maintaining our expectations for 2024 free cash flow.

更重要的是，就我們的前景而言，我們正在降低資本支出範圍並維持對 2024 年自由現金流的預期。

Let me take you through some of the details.

讓我帶您了解一些細節。

North American light vehicle production was up 1% and China increased 6%, while production in Europe declined 5%, netting to a 2% increase in global production.

北美輕型汽車產量成長 1%，中國成長 6%，而歐洲產量下降 5%，全球產量淨成長 2%。

Breaking down North American production further, while overall production increased 1%, production by our Detroit-based customers declined 5% in the second quarter.

進一步細分北美產量，雖然整體產量增加了 1%，但我們底特律客戶的產量在第二季下降了 5%。

Our consolidated sales were $11 billion, substantially unchanged from the second quarter of 2023.

我們的綜合銷售額為 110 億美元，與 2023 年第二季基本持平。

On an organic basis, our sales decreased 1% year over year for a minus 1% growth over market in the second quarter, but plus 1% growth over market excluding complete vehicles.

從有機角度來看，第二季我們的銷售額年減 1%，較市場成長負 1%，但較不包括整車的市場成長 1%。

The negative production mix in North America unfavorably impacted our year-over-year sales growth in the quarter

北美的負生產組合對我們本季的年比銷售成長產生了不利影響

The end of production of certain programs, lower complete vehicle assembly volumes, including end of production of the BMW 5 series, the impact of foreign currency translation, and normal course customer price givebacks were offset by higher global light vehicle production, the launch of new programs, acquisitions net of divestitures, particularly the acquisition of Veoneer Active Safety, and increases to recover certain higher input costs.

某些項目的生產結束、整車組裝量下降（包括 BMW 5 系列的生產結束）、外幣換算的影響以及正常的客戶價格回饋被全球輕型汽車產量的增加、新車型的推出所抵消。剝離後的收購（特別是收購Veoneer Active Safety）以及增加以收回某些較高的投入成本。

Adjusted EBIT was $577 million and adjusted EBIT margin was 5.3%, compared to 5.6% in the second quarter of 2023.

調整後息稅前利潤為 5.77 億美元，調整後息稅前利潤率為 5.3%，而 2023 年第二季為 5.6%。

The lower EBIT percentage in the quarter reflects volume and other items which collectively impacted us by about minus 25 basis points.

本季較低的息稅前利潤百分比反映了銷售量和其他項目對我們造成約負 25 個基點的影響。

These include acquisitions, net of divestitures, which in aggregate came in at margins lower than the corporate average; reduced earnings on lower assembly volumes, including the end of production of the BMW 5 series, partially offset by lower incentive comp and employee profit sharing; negative 25 basis points related to lower equity income, largely as a result of unfavorable product mix and higher depreciation on increased capital deployed at certain equity-accounted entities; and negative 20 basis points of non-recurring items which reflects non-cash foreign exchange losses on certain deferred tax assets, higher warranty costs, higher restructuring costs that are not classified as unusual, and additional supply chain costs partially offset by higher net favorable commercial items.

其中包括扣除資產剝離後的收購，這些收購的總利潤率低於公司平均；組裝量減少導致收益減少，包括BMW 5 系列的停產，但激勵補償和員工利潤分享的減少部分抵消了收益；負25個基點與股權收入下降有關，這主要是由於不利的產品組合以及某些股權會計實體部署的資本增加而導致的折舊較高；非經常性項目負20個基點，反映了某些遞延稅資產的非現金外匯損失、更高的保固成本、更高的未歸類為異常的重組成本，以及額外的供應鏈成本，部分被更高的淨有利商業成本所抵銷項目。

These items were partially offset by 40 basis points of net operational improvements, including operational excellence activities, lower net engineering spend, and lower costs associated with our assembly business, partially offset by higher net input costs, particularly related to labor.

這些項目被40 個基點的淨營運改善所部分抵消，包括卓越營運活動、較低的淨工程支出以及與組裝業務相關的較低成本，部分被較高的淨投入成本（尤其是與勞動力相關的成本）所抵銷。

Interest expense increased $20 million, reflecting higher short-term borrowings and net debt raised during and subsequent to the second quarter of 2023 as well as higher market rates on the new debt.

利息支出增加了 2,000 萬美元，反映出 2023 年第二季及之後籌集的短期借款和淨債務增加，以及新債務市場利率上升。

Our adjusted effective tax rate came in at 22.8%, slightly higher than Q2 of last year mainly as a result of an increase in non-deductible foreign exchange adjustments on the revaluation of certain deferred tax assets.

調整後的實際稅率為22.8%，略高於去年第二季度，主要是由於某些遞延稅資產重估的不可抵扣外匯調整增加所致。

Net income was $389 million compared to $441 million in Q2 of 2023, mainly reflecting lower adjusted EBIT and higher interest expense.

淨利潤為 3.89 億美元，而 2023 年第二季為 4.41 億美元，主要反映了調整後息稅前利潤的下降和利息支出的增加。

And adjusted diluted EPS was $1.35, including approximately $0.09 associated with non-cash foreign exchange losses on certain deferred tax assets compared to $1.54 last year.

調整後攤薄每股收益為 1.35 美元，其中包括與某些遞延稅資產的非現金外匯損失相關的約 0.09 美元，而去年為 1.54 美元。

Turning to a review of our cash flows and investment activities, in the second quarter of 2024, we generated $681 million in cash from operations before changes in working capital, and $55 million from working capital.

回顧我們的現金流量和投資活動，2024 年第二季度，我們在營運資本變動前的營運中產生了 6.81 億美元的現金，從營運資本中產生了 5,500 萬美元。

Investment activities in the quarter included $500 million for fixed assets and $170 million increase in investments, other assets, and intangibles.

本季的投資活動包括 5 億美元的固定資產以及 1.7 億美元的投資、其他資產和無形資產增加。

Overall, we generated free cash flow of $123 million in Q2 compared to a $7 million free cash flow use in the second quarter of 2023, and we are maintaining our free cash flow expectations of $0.6 billion to $0.8 billion for 2024.

總體而言，我們在第二季度產生了1.23 億美元的自由現金流，而2023 年第二季度的自由現金流使用量為700 萬美元，並且我們維持2024 年6 億至8 億美元的自由現金流流預期。

And we continue to return capital to shareholders, paying $134 million in dividends in Q2.

我們繼續向股東返還資本，第二季支付了 1.34 億美元的股息。

Our balance sheet continues to be strong with investment-grade ratings reaffirmed by the major credit rating agencies in the second quarter of 2024.

我們的資產負債表持續強勁，主要信用評等機構於 2024 年第二季重申了投資等級評等。

At the end of Q2, we had about $3.7 billion in liquidity, including a billion dollars in cash.

截至第二季末，我們擁有約 37 億美元的流動資金，其中包括 10 億美元的現金。

Currently, our adjusted debt to adjusted EBITDA ratio is at 1.9, up slightly as expected from the first quarter of 2023.

目前，我們的調整後債務與調整後 EBITDA 比率為 1.9，比 2023 年第一季的預期略有上升。

We anticipate a reduction of our leverage ratio by the end of ’24 and we are on track to be within our targeted range during 2025.

我們預計到 24 年底我們的槓桿率會降低，並且預計在 2025 年達到目標範圍內。

Next, I will cover our updated ’24 outlook, which incorporates slightly lower than previously expected vehicle production in Europe, while our assumptions for production in North America and China are unchanged.

接下來，我將介紹我們最新的 2024 年展望，其中歐洲的汽車產量略低於先前的預期，而我們對北美和中國產量的假設保持不變。

We also assume exchange rates in our outlook will approximate recent rates.

我們也假設我們展望中的匯率將接近近期匯率。

We now expect a slightly higher euro and Canadian dollar for ’24 relative to our previous outlook.

我們現在預計歐元和加元匯率將比我們之前的預期略高 24 美元。

And we continue to assume no further production of the Fisker Ocean.

我們繼續假設 Fisker Ocean 不再生產。

We are substantially maintaining our expected sales range with lower volumes in Europe and negative customer mix in North America, being offset by positive foreign exchange from the higher euro and Canadian dollar.

我們基本上維持了預期的銷售範圍，歐洲銷售下降，北美客戶結構負面，但被歐元和加幣走高帶來的正面外匯所抵消。

We are narrowing our adjusted EBIT margin outlook to a range of 5.4% to 5.8% as we are now halfway through 2024 and reflecting H1 margins that were in line with our expectations.

由於 2024 年已過半，我們將調整後的息稅前利潤率預期縮小至 5.4% 至 5.8%，反映出上半年利潤率符合我們的預期。

Consistent with our original outlook, customer recoveries and lower net engineering spend are expected to drive stronger margins from H1 to H2.

與我們最初的預期一致，客戶的恢復和淨工程支出的降低預計將推動上半年到下半年的利潤率上升。

Our reduced equity income range largely reflects lower expected unconsolidated sales of EV components.

我們減少的股權收入範圍很大程度上反映了電動車零件預期未合併銷售額的下降。

Interest expense is expected to improve by approximately $10 million, reflecting debt issuances at better than anticipated rates and lower borrowing rates on commercial paper.

利息支出預計將減少約 1,000 萬美元，反映債務發行利率優於預期，商業票據借款利率較低。

We now expect capital spending to be the $2.3 billion to $2.4 billion range.

我們現在預計資本支出將在 23 億美元至 24 億美元之間。

This is down another $100 million from our previous outlook, now totaling up to $200 million for the full year compared to our February outlook.

這比我們先前的預期又減少了 1 億美元，與我們 2 月的預期相比，現在全年總計高達 2 億美元。

This mainly reflects lower spending on EV programs.

這主要反映了電動車項目支出的減少。

Our income tax rate, net income and free cash flow expectations are all unchanged from our last outlook.

我們的所得稅稅率、淨利潤和自由現金流預期均與上次展望相同。

I’ll now pass it back to Swamy.

我現在將其傳回給斯瓦米。

Thanks Pat.

謝謝帕特。

Let me take you through the details of the revised outlook that we disclosed in our press release this morning.

讓我向您介紹一下我們今天早上在新聞稿中披露的修訂後的前景的詳細信息。

We don’t typically provide updates to our midterm outlook, but given the changes in the broader environment, we believe it is necessary to provide a high level update to the 2026 outlook that we provided in February, including some of the factors we highlighted on our first quarter call.

我們通常不會提供中期展望的更新，但考慮到更廣泛環境的變化，我們認為有必要對我們 2 月份提供的 2026 年展望進行高級別更新，包括我們強調的一些因素在我們第一季的電話會議上。

We are seeing slower BEV adoption than previously anticipated, particularly in North America and to a lesser extent in Europe.

我們發現純電動車的採用速度比之前預期的要慢，特別是在北美，歐洲的程度較小。

As a result of this and a high degree of geopolitical uncertainty, OEMs are recalibrating their portfolios and capacity, resulting in program delays or cancellations and reduced volumes.

由於這一點以及高度的地緣政治不確定性，原始設備製造商正在重新調整其產品組合和產能，導致專案延遲或取消以及產量減少。

There are three broad categories impacting our 2026 sales expectations.

影響我們 2026 年銷售預期的三大類別。

One, our complete vehicle assembly business, including the cancellation of the Ineos program, our assumption of no future production of the Fisker Ocean, and updated information on pass-through sales of the Mercedes G-Class, which we highlighted on our first quarter call; two, the impact of EV program delays, cancellations, and reduced volumes, the most significant to us being Ford vehicles in Oakville and BlueOval City, GM’s full-size electric pick-ups and SUVs, and a new program for a North American-based EV manufacturer that was planned for southern US and Mexico; and three, our active safety business for which we have highlighted some of the near term impact in our Q1 call.

一是我們的整車組裝業務，包括取消英力士計劃、我們假設未來不再生產菲斯克海洋，以及我們在第一季度電話會議上強調的梅賽德斯 G 級直通銷售的最新信息;第二，電動車計劃延遲、取消和銷量減少的影響，對我們來說最重要的是奧克維爾和 BlueOval 市的福特汽車、通用汽車的全尺寸電動皮卡和 SUV，以及北方地區的新計劃總部位於美國的電動車製造商，計劃在美國南部和墨西哥開展業務；第三，我們的主動安全業務，我們在第一季的電話會議中強調了一些近期影響。

The sales softening reflects volume shortfalls, in-sourcing of programs by certain China-based OEMs, and an updated view of expected win rates on upcoming programs.

銷售疲軟反映了銷售不足、某些中國原始設備製造商的項目內包以及對即將推出的項目的預期獲勝率的最新看法。

We are taking a number of steps to address the new market dynamics we are facing, demonstrating our commitment to margin expansion, capital discipline, and free cash flow generation.

我們正在採取一系列措施來應對我們面臨的新市場動態，這表明我們對利潤擴張、資本紀律和自由現金流產生的承諾。

We are restructuring our complete vehicle cost base to adjust to lower volumes in the near term.

我們正在重組我們的整車成本基礎，以適應近期銷售量的下降。

We are driving engineering spend reductions for 2026 of up to $200 million while ensuring that we continue to prioritize investments for the future.

我們正在推動到 2026 年將工程支出削減高達 2 億美元，同時確保我們繼續優先考慮未來的投資。

We are taking actions across our portfolio and footprint, focusing on optimization and cost reductions.

我們正在對我們的產品組合和足跡採取行動，重點是優化和降低成本。

All of these actions are contributing to continued expected margin expansion through 2026 compared to 2024.

與 2024 年相比，所有這些行動都有助於預計 2026 年利潤率將持續成長。

We are also reducing expected CapEx in 2026 approximately $200 million, resulting in a projected CapEx to sales ratio of less than 4% for 2026.

我們也將 2026 年的預期資本支出減少約 2 億美元，預計 2026 年的資本支出與銷售額比將低於 4%。

As a result of our efforts to mitigate the anticipated market impacts, we are expecting strong free cash flow in 2026 in the range of $1.8 billion to $2.1 billion.

由於我們努力減輕預期的市場影響，我們預計 2026 年自由現金流將強勁，達到 18 億至 21 億美元。

Although our 2026 outlook assumptions are included in the appendix, I would like to highlight a few key points.

儘管我們的 2026 年前景假設包含在附錄中，但我想強調幾個關鍵點。

We have made no changes to foreign exchange rates or global and regional light vehicle production.

我們沒有對外匯匯率或全球和地區輕型汽車產量做出任何改變。

However, there have been significant changes to program mix as I noted earlier.

然而，正如我之前提到的，計劃組合發生了重大變化。

Please also note that IHS production for 2026 is currently higher than our assumptions in each of North America, Europe, and China.

另請注意，IHS 2026 年的產量目前高於我們在北美、歐洲和中國的假設。

Given the higher level nature and timing of our forecast analyst, we are currently not able to provide 2026 forecast with the same granularity that we previously provided, in particular for sales and adjusted EBIT margin ranges by segment for 2026, megatrend sales and adjusted EBIT for the years ’24 to ’26, and 2027 sales for battery enclosures, powertrain electrification, and ADAS.

鑑於我們的預測分析師的更高級別的性質和時機，我們目前無法提供與之前提供的相同粒度的2026 年預測，特別是2026 年按細分市場劃分的銷售額和調整後息稅前利潤範圍、大趨勢銷售和調整後息稅前利潤2024 年至 26 年以及 2027 年電池外殼、動力總成電氣化和 ADAS 的銷售額。

Now, I’ll cover the details of our updated 2026 outlook for sales, adjusted EBIT margin, equity income, capital spending, and free cash flow compared to February.

現在，我將詳細介紹與 2 月相比更新後的 2026 年銷售前景、調整後的息稅前利潤、股本收入、資本支出和自由現金流。

Let’s start with the change in our sales outlook.

讓我們從銷售前景的變化開始。

Our expected 2026 sales range from our February outlook was $48.8 billion to $51.2 billion.

根據 2 月的展望，我們預計 2026 年銷售額範圍為 488 億美元至 512 億美元。

Complete vehicles is down about $2.2 billion, almost half of the total sales change.

整車銷售量下降約 22 億美元，幾乎佔總銷售量變化的一半。

As I said, we have assumed no further production for the Fisker Ocean, which reduced our 2026 sales outlook by about $600 million.

正如我所說，我們假設 Fisker Ocean 不會進一步生產，這使我們 2026 年的銷售前景減少了約 6 億美元。

As previously noted, we continue to receive updated information on the amount of directed content on the new Mercedes G-Class assembly programs.

如前所述，我們不斷收到有關新款梅賽德斯 G 級裝配計劃的定向內容量的更新資訊。

For 2026, this has reduced expected sales by about $900 million.

對於 2026 年，這導致預期銷售額減少約 9 億美元。

Recall that we expect no EBIT dollar impact related to this sales change.

回想一下，我們預期此次銷售變動不會對息稅前利潤產生影響。

The cancellation of the Ineos program is expected to result in about $700 million of lost sales, which would have had assembly-type margins, so the adjusted EBIT dollar impact is less significant.

英力士計畫的取消預計將導致約 7 億美元的銷售損失，而這原本是組裝型利潤，因此調整後的息稅前利潤影響較小。

The impact of EV delays, cancellations and volume declines offset by higher isolated volumes is expected to be about $2 billion.

電動車延誤、取消和銷售下降的影響（被孤立銷售增加所抵消）預計約為 20 億美元。

Our decline in equity income also reflects timing delays and volume reductions, particularly related to North American BEV programs.

我們的股權收入下降也反映出時間延遲和銷售減少，特別是與北美純電動車專案相關。

Lastly, our active safety sales are expected to be down about $600 million in 2026 compared to our February expectations.

最後，與我們 2 月的預期相比，我們的主動安全銷售額預計 2026 年將減少約 6 億美元。

Based on our top-down review of programs, we now expect a 2026 sales range of approximately $44 billion to $46.5 billion.

根據我們對專案自上而下的審查，我們現在預計 2026 年的銷售額範圍約為 440 億美元至 465 億美元。

Our 2026 adjusted EBIT margin range from our February outlook was 7.0% to 7.7%.

我們 2 月展望的 2026 年調整後息稅前利潤率為 7.0% 至 7.7%。

Based on our expected sales range in February that translates to adjusted EBIT dollars between $3.4 billion and $3.9 billion.

根據我們 2 月的預期銷售範圍，調整後的息稅前利潤在 34 億美元至 39 億美元之間。

Our lower expected sales in complete vehicles at margins below our corporate average is expected to be accretive to consolidated margins.

我們較低的整車銷售預期以及低於公司平均的利潤率預計將增加綜合利潤率。

Lower anticipated EV sales, including lower unconsolidated sales partially offset by higher ICE volumes is expected to negatively impact margins.

預期電動車銷量下降，包括未合併銷量的下降，被內燃機銷量增加部分抵消，預計將對利潤率產生負面影響。

And our lower projected active safety sales is expected to reduce margins.

我們預計主動安全銷售量的下降預計將導致利潤率下降。

As I said earlier, there are a number of self-help initiatives that are well underway to partially offset the impacts of the market challenges we are facing.

正如我之前所說，許多自助措施正在順利進行，以部分抵消我們面臨的市場挑戰的影響。

These include incremental actions in operational excellence activities, restructuring actions as well as reduced engineering and capital spending.

其中包括卓越營運活動中的增量行動、重組行動以及減少工程和資本支出。

Our updated 2026 EBIT margin range is 6.7% to 7.4%, and based on our updated sales range, translates to an expected EBIT dollar range of between $2.9 billion and $3.4 billion.

我們更新的 2026 年息稅前利潤範圍為 6.7% 至 7.4%，根據我們更新的銷售範圍，預計息稅前利潤範圍為 29 億美元至 34 億美元。

However, I want to assure you that we are continuing to explore opportunities that are not included in our revised outlook.

不過，我想向您保證，我們正在繼續探索未包含在修訂後的前景中的機會。

As a result of lower expected sales, we have reduced our CapEx plans for 2024 through 2026.

由於預期銷售額較低，我們減少了 2024 年至 2026 年的資本支出計畫。

Our 2024 capital has been reduced from approximately $2.5 billion at the start of the year to a range of $2.3 billion to $2.4 billion now.

我們的 2024 年資本已從年初的約 25 億美元減少到目前的 23 億美元至 24 億美元。

We have also reduced both 2025 and 2026 capital spending expectations with 2026 coming down to a range of $1.6 billion to $1.8 billion compared to about $1.9 billion that we expected in our February outlook.

我們也降低了 2025 年和 2026 年的資本支出預期，其中 2026 年的資本支出預期從 2 月展望中的約 19 億美元下調至 16 億至 18 億美元。

To start the year, we anticipated CapEx as a percentage of sales to decline from about 5.6% this year to low 4.4% in 2026.

今年年初，我們預計資本支出佔銷售額的百分比將從今年的 5.6% 左右下降到 2026 年的 4.4%。

We now expect about 5.2% for 2024 and less than 4% for 2026, consistent with our previous commitment.

我們現在預計 2024 年成長率約為 5.2%，2026 年將低於 4%，這與我們先前的承諾一致。

To recap our updated 2026 outlook, our sales forecast has been updated to reflect the shifting market with an expected range of $44 billion to $46.5 billion.

為了回顧我們更新後的 2026 年展望，我們更新了銷售預測，以反映不斷變化的市場，預期範圍為 440 億美元至 465 億美元。

We are actively pursuing customer recoveries to offset the impact of EV program cancellations, delays, and lower volumes.

我們正在積極爭取客戶恢復，以抵消電動車專案取消、延誤和銷售下降的影響。

With respect to margins, we have a number of self-help initiatives well underway to mitigate the impact of lower sales.

在利潤方面，我們正在採取一系列自助舉措，以減輕銷售額下降的影響。

We now expect adjusted EBIT margins in the range of 6.7% to 7.4%, which represents a 150 basis points or more improvement over 2023.

我們目前預計調整後息稅前利潤率將在 6.7% 至 7.4% 之間，這比 2023 年提高 150 個基點或更多。

We are curtailing investments for the 2024 to 2026 period, targeting reductions up to $500 million of gross engineering investments in megatrend areas and up to $600 million in CapEx.

我們正在削減 2024 年至 2026 年期間的投資，目標是將大趨勢領域的總工程投資削減高達 5 億美元，資本支出削減最多 6 億美元。

As a result of our significant efforts to mitigate lower sales, we continue to expect free cash flow generation to increase each year off our outlook period, reaching $1.8 billion to $2.1 billion for 2026.

由於我們為緩解銷售額下降做出了巨大努力，我們繼續預期自由現金流的產生將在我們的展望期內逐年增加，到 2026 年將達到 18 億至 21 億美元。

This is over $1.6 billion higher than 2023.

這比 2023 年增加了 16 億美元以上。

Coming back to summarize 2024, our operating performance in the second quarter was largely in line with our expectations.

回顧2024年，我們第二季的經營業績基本上符合我們的預期。

We are actively mitigating market challenges with a focus on margin expansion, capital discipline and free cash flow generation.

我們正在積極應對市場挑戰，重點關注利潤擴張、資本紀律和自由現金流產生。

With respect to our updated 2024 outlook, we are maintaining our sales range, narrowing our adjusted EBIT margin range, lowering our capital spending, and maintaining our free cash flow expectations for the year.

關於我們更新的 2024 年展望，我們維持銷售範圍，縮小調整後的息稅前利潤範圍，降低資本支出，並維持今年的自由現金流預期。

All in all, it's a solid quarter, and we remain on track for 2024.

總而言之，這是一個穩健的季度，我們仍將朝著 2024 年的目標邁進。

Thank you for your attention, and now we’ll open it up to questions.

感謝您的關注，現在我們將開放提問。

(Operator Instructions) John Murphy, Bank of America.

（操作員指示）John Murphy，美國銀行。

Good morning, guys, and thanks for all the help and the walk on how things are changing through 2026.

早上好，夥計們，感謝您提供的所有幫助以及關於 2026 年情況將如何變化的介紹。

I do have one follow-up on that.

我對此確實有一個後續行動。

I think it’s kind of important and I’m not sure if you can answer it in extreme detail, but Swamy, as you’re going through these numbers, as EV programs are pushed down and to the right, there’s certainly some lost volume or lower volume expectations there, at least.

我認為這很重要，我不確定你是否能非常詳細地回答它，但是斯瓦米，當你瀏覽這些數字時，當電動車項目被向下推到右邊時，就會出現這樣的情況。 ，肯定會有一些銷售損失或銷售預期降低。

How do you think about the potential for the backfill of ICE vehicles as you’re going through this?

當您經歷這種情況時，您如何看待內燃機車輛回填的潛力？

It seems like there’s going to be more program extensions potentially, stuff that’s more like midcycle, majors to add more ADAS to the vehicles potentially, update sheet metal, et cetera.

看起來可能會有更多的項目擴展，更像是中期週期的東西，主要是為車輛添加更多的 ADAS，更新鈑金等等。

How do you think about that backfill, and is that in any meaningful way in your thought process for these 2026 numbers?

您如何看待回填？

Hi, good morning, John.

嗨，早上好，約翰。

Great question.

很好的問題。

Yes, that’s on our mind, but we’ve been cautious in looking at exact data that is available today.

是的，我們確實有這個想法，但我們在查看目前可用的確切數據時一直保持謹慎態度。

That’s the reason in my prepared comments I talked about continuing to look at opportunities that could be out there.

這就是我在準備好的評論中談到繼續尋找可能存在的機會的原因。

As you know, we are talking just about an 18-month timeframe, where we are now into 2026.

如您所知，我們討論的只是 18 個月的時間框架，現在已進入 2026 年。

There has been some offset into this overall that we talked about already.

我們已經討論過，整體上存在一些抵消。

And we continue to look at some discussions, but we wanted to make sure we get some concreteness in the data while we are having these discussions going into 2026.

我們繼續關註一些討論，但我們希望確保在 2026 年進行這些討論時獲得一些具體的數據。

So when we talked about the roll on the slide, you saw the second bar, which said about $2 billion impact -- EV impact, that is already partially offset by some higher ICE volumes that we’ve been seeing.

因此，當我們談論幻燈片上的滾動時，您看到了第二條，它表示約 20 億美元的影響 - 電動車影響，這已經被我們看到的一些較高的 ICE 銷量部分抵消。

So I would say, that’s in the range of $900 million that we already saw for the ICE.

所以我想說，這在我們已經看到的 ICE 的 9 億美元範圍內。

But I don’t want to give a number or guess a number, but those discussions continue and we'll, like I said, continue to pursue those options.

但我不想給出一個數字或猜測一個數字，但這些討論仍在繼續，正如我所說，我們將繼續尋求這些選擇。

But that $800 million to $900 million is based on what you’ve been told on programs and releases from automakers themselves as opposed to an assumption?

但這 8 億至 9 億美元是基於您從汽車製造商本身的計劃和發布中得知的信息，而不是假設？

Is that a fair statement?

這是一個公平的說法嗎？

Exactly, yes.

沒錯，是的。

That’s what I meant.

這就是我的意思。

We are only looking at things that are already confirmed and we know, rather than any assumption.

我們只關注已經確認的、我們知道的事情，而不是任何假設。

Got you.

明白你了。

Then second question just on Steyr and the restructuring that needs to go on there, my understanding is that would be mostly headcount, and relatively easy, although not great for the folks, but relatively easy to execute.

第二個問題是關於斯泰爾以及需要在那裡進行的重組，我的理解是，這將主要是人員數量，而且相對容易，雖然對人們來說不是很好，但相對容易執行。

How much risk is there as you’re readjusting around this Fisker, G-Class, and Ineos changes here to that actual restructuring?

當您圍繞 Fisker、G-Class 和 Ineos 的實際重組進行調整時，會有多少風險？

Is it fairly straightforward, or how complicated could that be?

它相當簡單嗎？

I think the straightforward answer -- John, it’s pretty straightforward, and this is not something that we are thinking forward.

我認為簡單的答案是——約翰，這非常簡單，而且這不是我們正在考慮的事情。

This is already in action, in place, I would say, substantially addressed.

我想說，這已經在行動中，已經實質解決。

As you know with this business, we talk about program starts and ends.

如您所知，在這項業務中，我們談論計劃的開始和結束。

So as programs ramp down, it’s normal process to go through that, and we have done that already.

因此，隨著計劃的減少，這是一個正常的過程，我們已經這樣做了。

So I would say it’s a pretty straightforward exercise and already on track.

所以我想說這是一個非常簡單的練習並且已經步入正軌。

And that’s the reason why I was able to say that the restructuring activities and getting to the appropriate cost base, given what we already have in plan, is in place for complete vehicle assembly.

這就是為什麼我能夠說，考慮到我們已經制定的計劃，整車組裝的重組活動和達到適當的成本基礎已經到位。

And just one last quick one on the Japanese hot-stamped door ring, I’m just curious on the structure’s business on Cosma.

最後快速介紹日本燙印門環，我只是對 Cosma 上該結構的業務感到好奇。

What percent of the business is to the Japanese at the moment because it sounds like that’s a pretty good initial foot in the door.

目前，日本人佔了多少比例的業務，因為聽起來這是一個相當好的入門階段。

I know you have some other stuff, but how big of an opportunity to the Japanese for Cosma?

我知道你還有其他的東西，但是科斯瑪對日本人來說有多大的機會呢？

I would still say, it’s not any large percent, John.

我還是會說，這個比例並不大，約翰。

I think we have had some entries in the past in processes and products that are pretty specific and specialized, and we have been able to get that market.

我認為我們過去已經在非常具體和專業的流程和產品方面進入了一些市場，並且我們已經能夠獲得這個市場。

I will still say it’s not substantial compared to our other core customers in Europe and North America.

我仍然會說，與我們在歐洲和北美的其他核心客戶相比，這並不重要。

Okay, great.

好的，太好了。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

Thanks, good morning, everybody.

謝謝大家早安。

Swamy, if Magna were included in the S&P 500, it would rank in the bottom two percentile, I think around 492 out of 500 companies.

Swamy，如果麥格納被納入標準普爾 500 指數，它將排在最後兩個百分位，我認為在 500 家公司中大約有 492 家。

I know you can’t like that.

我知道你不喜歡那樣。

You can definitely not like that; investors don’t like it; I’m sure your board doesn’t like that.

你絕對可以不喜歡這樣；投資者不喜歡它；我確信您的董事會不喜歡這樣。

But that kind of company -- these are companies with serious strategic problems or the market, who really doesn’t like the capital allocation going forward.

但這類公司——這些公司有嚴重的策略問題或市場問題，他們真的不喜歡未來的資本配置。

So why do you think -- what defense do you give, or do you just accept that capital allocation and execution strategies need to change?

那麼你為什麼認為──你會給什麼辯護，或者你只是接受資本配置和執行策略需要改變？

Now, I see the CapEx and the spending, you’re addressing it, there’s an acknowledgment, but does something else have to change on top of that?

現在，我看到了資本支出和支出，你正在解決這個問題，有一個確認，但除此之外還有其他東西需要改變嗎？

Then I have a follow-up, thanks.

然後我有一個後續行動，謝謝。

Good morning, Adam.

早安，亞當。

Yes, obviously those statistics are something we continue to see.

是的，顯然我們會繼續看到這些統計數據。

And the market has shifted or pivoted drastically.

市場已經發生了巨大的轉變或轉變。

And when we look at it, it’s not the one or two years, as you know, in the cycle times of the business or the cycles of the business that we have.

當我們審視它時，正如您所知，這不是我們所擁有的業務週期或業務週期中的一兩年。

So when we looked at capital allocation based on a trend, part of it is flexible and part of it is something we do from the product.

因此，當我們根據趨勢來考慮資本配置時，其中一部分是靈活的，一部分是我們根據產品所做的事情。

For example, when you look at our, call it structural business, we have substantial market share and presence in certain product lines, whether it’s trains, underbody and so on and so forth.

例如，當你看看我們的結構業務時，我們在某些​​產品線中擁有巨大的市場份額和影響力，無論是火車、車身底部等等。

When you start looking at body enclosures, given the hypothesis that EV is a secular trend, accepted that the rate is uncertain, you have to be in that market not only to look at the evolution of the product that we already have and look at possible integration.

當您開始研究車身外殼時，考慮到電動車是長期趨勢的假設，並接受其比率是不確定的，您必須進入該市場，不僅要關注我們已有產品的演變，還要關注可能的產品一體化。

So those are some of the long-term investment decisions that are made.

這些是做出的一些長期投資決策。

But like I said, now, the capital allocation, wherever there is flexibility, we are able to pivot very, very quickly, and that’s what we are trying to go through and have been able to communicate.

但就像我說的，現在，資本配置，只要有彈性，我們就能夠非常非常快速地進行調整，這就是我們正在努力經歷並且能夠溝通的內容。

Today about $600 million of reduction in the three-year time period, and it’s not done yet.

如今，三年期間減少了約 6 億美元，而且尚未完成。

We continue to look at that.

我們將繼續關注這一點。

If we look at regions or divisional level, all product lines in the long term, not based on the quarter or the one year, but if there are certain parts from a product line perspective where their relevance might be in question or market share might be in question, all of this is the normal process that we continue to look at, and we will look at that.

如果我們從長遠來看，所有產品線都不是基於季度或一年，而是從產品線的角度來看，某些部分的相關性可能存在問題，或者市場份額可能存在問題。所有這些都是我們繼續關注的正常過程，我們將關注這一點。

The basic objective of optimization is the shareholder value.

優化的基本目標是股東價值。

Thank you, Swamy.

謝謝你，斯瓦米。

And just a follow-up, many of your competitors seem to have been really rewarded recently for returning cash to shareholders through share buybacks, for example, Ford, even some of your customers like General Motors and others.

接下來，您的許多競爭對手最近似乎因透過股票回購向股東返還現金而獲得了真正的回報，例如福特，甚至您的一些客戶，如通用汽車等。

Even Toyota is doing a massive buyback, which is out of character for them.

甚至豐田也在進行大規模回購，不符合他們的個性。

Magna is a very high-quality company, strong cash flow, one of the cheapest stocks in the world in any industry.

麥格納是一家非常優質的公司，現金流強勁，是全球任何行業中最便宜的股票之一。

So why does Magna management feel the stock is not a good enough investment for you to buy back your own shares because people are noticing.

那麼，為什麼麥格納管理層認為該股票不是足夠好的投資，不適合您回購自己的股票，因為人們已經注意到了。

Adam, my simple answer is, I would think that it’s the best investment that we would like to do, no question.

亞當，我的簡單回答是，毫無疑問，我認為這是我們想做的最佳投資。

But we also talked about a balance sheet strategy, and I’ve committed to a leverage ratio.

但我們也討論了資產負債表策略，而且我已經承諾了槓桿率。

With the Veoneer acquisition that’s in place and continuing, we are on track to get to the leverage ratio that we talked about.

隨著維寧爾收購的到位並持續進行，我們有望達到我們所討論的槓桿率。

And as I said, the cash flow is strong and coming back to that level.

正如我所說，現金流強勁並且正在回到那個水平。

As soon as we get to the commitments that we made from a balance sheet perspective, it is absolutely in the cards, and usual process around October-November timeframe, we come out with a plan for the share buyback, and with the strong cash flow that seems to be on track and have in plan right now.

一旦我們從資產負債表的角度做出了承諾，這絕對是有可能的，並且按照 10 月至 11 月時間範圍內的通常流程，我們會制定股票回購計劃，並擁有強勁的現金流這似乎已步入正軌並已在計劃中。

I look forward to talking about it.

我期待著談論它。

Thanks Swamy.

謝謝斯瓦米。

Tamy Chen, BMO Capital Markets.

Tamy Chen，BMO 資本市場。

Good morning, thanks for the question.

早安，謝謝你的提問。

I wanted to ask about the power and vision side, and more specifically the ADAS side.

我想詢問動力和視覺方面，更具體地說是 ADAS 方面。

I was just wondering if you could give a more detailed update on what’s happening in the ADAS market in particular.

我只是想知道您能否更詳細地介紹一下 ADAS 市場的最新動態。

There was, I think, a Chinese dynamic that was called out last quarter, something moving to being in-sourced.

我認為，上個季度，中國出現了一種動態，即轉向內包。

I’m wondering if you’re seeing more of that.

我想知道您是否看到了更多這樣的情況。

And there was the language for [October] 2026 guidance, an updated view on expected win rates, I’m wondering if you can elaborate on that.

還有 2026 年 [10 月] 指導語言，以及有關預期勝率的更新視圖，我想知道您是否可以對此進行詳細說明。

Yeah, good morning, Tamy.

是的，早上好，塔米。

Yes, you’re right.

是的，你是對的。

We did talk about it, and about $600 million is the magnitude that we are talking about, predominantly in China.

我們確實討論過這個問題，我們討論的金額約為 6 億美元，主要是在中國。

The in-sourcing that we talked about was also related to one Chinese OEM on their program.

我們談到的內包也與他們計畫中的一家中國整車廠有關。

Based on that and also the type of products that are going into the vehicles there, we looked comprehensively at the programs that were there and took our approximation of what we think is the win rate possibility and therefore adjusted that.

基於此以及進入那裡的車輛的產品類型，我們全面研究了那裡的程序，並得出了我們認為的獲勝率可能性的近似值，因此進行了調整。

But just to give you broader context, in the overall scheme of our ADAS sales for 2026, this is a rough estimate.

但為了給您更廣泛的背景，在我們 2026 年 ADAS 銷售的總體計劃中，這是一個粗略的估計。

But I would say the exposure to Chinese or in China for us is roughly 10% to 12% of the total.

但我想說，對我們來說，接觸中文或在中國的接觸大約佔總數的 10% 到 12%。

So I would say it’s pretty contained in my comments about the in-sourcing trend in China.

所以我想說，我對中國內購趨勢的評論中已經包含了這一點。

In the rest of the, call it regions, we are continuing to see similar traction and win rates that we have noticed.

在其餘的地區，我們繼續看到我們注意到的類似的吸引力和獲勝率。

I think one of the other things, Tamy, is we look at the OEMs grappling or making a decisions still on what ADAS architecture they’re going to, whether it’s centralized with the peripheral sensors or having smart sensors and edge compute still included.

Tamy，我認為另一件事是，我們看到 OEM 仍在努力或做出決定，決定他們將採用哪種 ADAS 架構，無論是集中外圍感測器還是擁有智慧感測器和邊緣運算仍然包括在內。

So these are a bunch of questions that the OEMs are also coming to conclusions on.

因此，這些都是 OEM 廠商也在得出結論的一系列問題。

So we want to be prudent on what we take on, where is our priority, and how much we invest in different projects until that gets to some sort of certainty.

因此，我們希望對我們所承擔的事情、我們的優先事項以及我們在不同項目上的投資金額保持謹慎，直到獲得某種確定性。

Right, and on the P&V margin, I noticed that was brought down for this year.

是的，在 P&V 利潤率方面，我注意到今年的利潤率有所下降。

And even as I think about the Q2, I think last quarter you were saying this Q2, the margin would be at least but probably more than double Q1, and I think it was a little bit softer.

即使我想到第二季度，我認為上個季度你說的是第二季度，利潤率至少但可能是第一季的兩倍以上，而且我認為它有點軟。

So I’m just wondering -- but your revenues for P&V in Q2 came in pretty well.

所以我只是想知道 - 但你們第二季的 P&V 收入相當不錯。

I would have thought that would have had some operating leverage.

我以為這會有一些營運槓桿。

So can you talk about this year’s margin for the P&V?

那麼您能談談今年的 P&V 利潤嗎？

How should we think about that because I think the expectation has been just as more and more sales come in here, you’re going to just naturally drive substantial margin improvement?

我們應該如何考慮這一點，因為我認為隨著越來越多的銷售額進入這裡，您自然會推動利潤率的大幅提高？

Yes, Tamy, I think you’re absolutely right.

是的，塔米，我認為你完全正確。

I did mention in the last call, it’s going to be at least double.

我在上次電話中確實提到過，它至少會增加一倍。

The two factors that impacted -- I think the pull through generally in the business was pretty good.

影響的兩個因素——我認為整個業務的恢復情況相當不錯。

The one major impact was the change in the equity income from our LG JV.

其中一個主要影響是 LG 合資企業的股權收入改變。

That impacted to our expectation of what we had in the Q2.

這影響了我們對第二季業績的預期。

And the second one I would say is a little bit of the mix in terms of a couple of programs.

我想說的第二個是幾個程式的混合。

I don’t see that as a significant -- if you look at our forecast on the equity income that continues to be softer than previously expected.

如果你看看我們對股本收入的預測，我認為這並不重要，因為股本收入繼續弱於先前的預期。

And that is again exposure to, specifically I would say, in our joint venture to the GM programs in North America.

我想說的是，這再次暴露於我們在北美的合資企業中的通用汽車項目。

So that’s the one, right?

這就是那個，對吧？

So we just have to take a look at it.

所以我們只需要看看它。

But at a fundamental baseline of the business, we continue to hit the expectations of what we thought the overall business is going to be.

但從業務的基本基準來看，我們繼續達到我們對整體業務的預期。

And Tamy, just for perspective, the equity income is related to EVs as well, and that impact alone is 40 basis points.

Tamy，僅從角度來看，股權收入也與電動車相關，光是這影響就達 40 個基點。

So the equity income, Delta, we were within expectations.

因此，股權收入、Delta 都在我們的預期之內。

And we did take down our power and vision sales for the year as well, even though currency’s up.

儘管貨幣上漲，但我們確實也減少了今年的動力和願景銷售。

Right, okay.

對了，好吧。

Last one from me is this whole aspect on the EV side with the OEMs in North America, the continued delays, defer, some of the new programs.

我的最後一個想法是電動車方面與北美原始設備製造商的整個方面，持續的延遲，推遲，一些新項目。

Just curious, based on your conversations with them about this, where do you think we’re at

只是好奇，根據您與他們就此問題的對話，您認為我們現在處於什麼階段

--?

——？

Do you feel these OEMs -- do you feel like given the current pull-through of EVs, there’s still some more to go on recalibrating their expectations?

您是否覺得這些原始設備製造商（OEM）——考慮到當前電動車的發展，您是否覺得還有更多的事情需要繼續重新調整他們的期望？

Do you feel like there’s still some programs you’re looking that probably they’ll get punted down?

您是否覺得您正在尋找的某些節目可能會被淘汰？

Or do you feel we’re getting to a point where this is behind us, a lot of this has recalibrated appropriately to the current backdrop?

或者你覺得我們已經到了這樣的地步：這一切都已經過去了，其中許多已經根據當前的背景進行了適當的重新調整？

Thanks.

謝謝。

Tamy, I would say it’s a little bit of a crystal ball question.

Tamy，我想說這有點像水晶球問題。

Overall it was the market, but I’ll give you our viewpoint from Magna.

總體而言，這是市場，但我將向您介紹麥格納的觀點。

We have said it before, we have our own judgment on volumes when the customer volumes come to us based on historical data.

我們之前說過，當客戶量來到我們這裡時，我們根據歷史資料對量有自己的判斷。

But as you know, some of these programs that are coming for EVs don’t have that much historical data.

但如您所知，其中一些針對電動車的計劃沒有那麼多歷史數據。

But we still have our, I would say, conservative judgment on that.

但我想說，我們對此仍然有保守的判斷。

From our perspective with the big changes that we talked about on three, four programs that had a -- there's a reason for reducing the sales.

從我們的角度來看，我們在三、四個項目中談到的重大變化——銷量減少是有原因的。

If we look at the rest, we feel pretty contained in our set of assumptions that we have.

如果我們看看剩下的部分，我們會覺得自己完全被自己的假設所束縛。

Even based on the volumes that the OEMs are talking today, we have taken that into account plus our own viewpoint on what they could be.

即使根據原始設備製造商今天談論的數量，我們也考慮到了這一點以及我們自己對它們可能是什麼的看法。

All in all, I think we won’t be able to comment on what the volumes and EVs are going to do in the next 18 months or 2 years, but I would say we have been more conservative in the past and even now, even with the current volume set.

總而言之，我認為我們無法評論未來 18 個月或 2 年內銷量和電動車的表現，但我想說，我們過去甚至現在都更加保守，即使設定了當前音量。

Thank you.

謝謝。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Good morning and thank you for taking the questions.

早上好，感謝您提出問題。

Just a question first on the 2024 outlook.

首先問一個關於 2024 年前景的問題。

Given we continue to hear about production to schedule, especially from the D3, maybe you can just give us a sense within your guidance, what you are assuming on a production schedule, especially as what we’re seeing from third-party forecasters.

鑑於我們不斷聽到有關按計劃生產的消息，尤其是來自D3 的消息，也許您可以在您的指導下讓我們了解一下您對生產計劃的假設，尤其是我們從第三方預測員那裡看到的情況。

It's likely going to be coming down.

很可能會下降。

Just based on commentary from the calls, we saw another soft-ish sales trend.

僅根據電話評論，我們就看到了另一個疲軟的銷售趨勢。

So maybe you can comment on the level of conservatism, if at all on the D3 assumptions for ’24.

因此，也許您可以評論保守主義的程度，如果有的話，可以評論 24 小時的 D3 假設。

Good morning, Dan.

早上好，丹。

Maybe just to level-set, what we’re seeing overall is our North American volumes are coming in at -- we’re projecting 15.7, Europe at 17.1, and China at 29.

也許只是為了設定水平，我們所看到的總體情況是我們的北美銷售量為 15.7，歐洲為 17.1，中國為 29。

So in North America, we’re seeing on a year-over-year basis, we’re basically flattish.

因此，在北美，我們看到與去年同期相比，我們基本上持平。

Overall about a 2% decline in Europe, and China’s down about 1.

歐洲整體下降約 2%，中國下降約 1%。

If we turn to H2 specifically on a year-over-year basis, D3, what we’re seeing flattish production.

如果我們特別關注 H2，D3，我們會看到產量持平。

But keep in mind last year, the D3 were undergoing strikes, so in normal case you would expect some up in that case.

但請記住，去年 D3 正在遭受罷工，因此在正常情況下，您會期望在這種情況下會出現一些罷工。

But we’re still seeing some declines -- not declines, I guess flat year over year, but we’re seeing declines of about 5% from H1 into H2.

但我們仍然看到一些下降——不是下降，我猜同比持平，但我們看到從上半年到下半年下降了約 5%。

The biggest driver there really being Stellantis in particular.

其中最大的驅動力確實是 Stellantis。

And I think in Europe, back half of the year, we’re pretty consistent with data provided, IHS in particular.

我認為在歐洲，今年下半年，我們與提供的數據非常一致，尤其是 IHS。

Got it.

知道了。

Thank you.

謝謝。

Second question, I wanted to ask -- it’s sort of a two-part question, but it’s on the impact of the globalization of the Chinese auto industry.

我想問第二個問題——這是一個由兩部分組成的問題，但它是關於中國汽車工業全球化的影響。

A, maybe you can just comment on I think we saw some reports in the quarter that your Steyr operations in Europe could possibly accommodate Chinese automakers willing to or looking to localize production in Europe, maybe you can just comment on that.

答，也許你可以評論一下，我想我們在本季度看到了一些報道，稱你們在歐洲的斯太爾業務可能適合願意或希望在歐洲本地化生產的中國汽車製造商，也許你可以對此發表評論。

But also, we heard about Chinese suppliers that are increasingly globalizing and establishing presences in other regions.

而且，我們也聽說中國供應商正在日益全球化並在其他地區建立業務。

Maybe you can just address competitively how much of a threat, if at all, you see from the rise of Chinese suppliers.

也許你可以透過競爭來解決中國供應商的崛起所帶來的威脅（如果有的話）有多大。

Good morning, Dan.

早上好，丹。

I think to answer your first question, based on tariffs and regulations and so on and so forth, we hear -- as you’ve mentioned rightfully, the Chinese OEMs coming and looking for a footprint in Europe to be able to maneuver through the tariff regulations and so on and so forth.

我想回答你的第一個問題，基於關稅和法規等等，我們聽到——正如你正確地提到的那樣，中國原始設備製造商正在歐洲尋找足跡，以便能夠在歐洲市場中發揮作用。關稅規定等等。

Whatever those could be -- I mean, we have an asset with -- not just an asset, it’s an experience, capability, competence, and we have done that with various customers, European, North American OEMs in the past in Europe and so on.

無論這些是什麼——我的意思是，我們擁有一項資產——不僅僅是一項資產，它是一種經驗、能力、競爭力，我們過去曾與各種客戶、歐洲、北美的原始設備製造商做到過這一點。

So I think that remains a very interesting variable for us, and we continue to have discussions with all types of customers.

所以我認為這對我們來說仍然是一個非常有趣的變量，我們將繼續與所有類型的客戶進行討論。

We look forward to that, and when there is something material, we’ll bring it forward.

我們期待著這一點，當有實質內容時，我們會提出來。

On your second part of the question, I would like to go back to look into the history a little bit, whether it’s Japanese or Korean entering into the western markets and came along the ecosystem at that time, I’m sure there would be a similar trend.

關於你問題的第二部分，我想回顧一下歷史，無論是日本人還是韓國人進入西方市場並沿著當時的生態系統發展，我相信也會有類似的趨勢。

Would I say, we are not worried?

我能說，我們不擔心嗎？

Of course not.

當然不是。

It’s never good to be complacent, so we always have our finger on the pulse to see what’s going on.

自滿永遠都不好，所以我們總是密切關注動態，了解正在發生的事情。

On the other hand, we are also present in China today, working not only with the western OEMs in China but also the prominent Chinese OEMs in China.

另一方面，我們今天也在中國開展業務，不僅與在中國的西方原始設備製造商合作，而且還與在中國的知名中國原始設備製造商合作。

And we believe when they come over, whether it’s for amalgamation reasons or bringing the local knowledge of hitting the regulatory requirements for Chinese in other parts of the world, I think we could bring a lot of value, and we believe we’ll be at the table.

我們相信，當他們過來時，無論是出於合併的原因，還是帶來了滿足世界其他地區華人監管要求的當地知識，我認為我們可以帶來很多價值，而且我們相信我們——將在餐桌旁。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

Yes, good morning.

是的，早安。

Thanks for taking the questions.

感謝您提出問題。

First, with regard to the new 2026 outlook, I understand some of the specifics and exact quantification is a little hard to comment on.

首先，關於新的 2026 年展望，我了解一些具體細節，但準確的量化有點難以評論。

But at a high level as you’re thinking about lower revenue from some of these megatrend areas as well as other cost and efficiency actions you articulated today, on a directional basis, do you still think you can be breakeven within the megatrend areas in 2026?

但在較高層面上，當您考慮其中一些大趨勢領域的收入下降以及您今天闡述的其他成本和效率行動時，您是否仍然認為自己可以在以下大趨勢領域實現收支平衡？

Good morning, Mark.

早上好，馬克。

I think, like you said, it’s a high level.

我認為，正如您所說，這是一個很高的水平。

We are going through it, there’s a lot of flux in here.

我們正在經歷它，這裡有很多變化。

And with the reduction of sales, we still have to go through the bottoms-up, and really not getting into the details of the breakeven at that point in time or that specific area by area.

隨著銷售額的減少，我們仍然必須進行自下而上的檢查，並且實際上沒有深入了解該時間點或特定區域的盈虧平衡的細節。

We are looking at the big picture of what needs to be, as I said, curtailed, held, optimized as much as we can, but that is something we’ve got to come back to.

正如我所說，我們正在著眼於需要盡可能地削減、保留和優化的大局，但這是我們必須回到的問題。

And even if it’s -- that’s relevant given the big picture of what we need to deal with.

即使是——考慮到我們需要處理的大局，這也是相關的。

I think, Mark, the one thing I’d add, just to be clear, when you look at the 2026 reforecast we did, the sales adjustment in particular related to the EVs is beyond just the megatrends.

馬克，我想補充一點，要澄清的是，當你看看我們所做的 2026 年重新預測時，特別是與電動車相關的銷售調整不僅僅是大趨勢。

So to be clear, that includes seats, mirrors, body and white, so the megatrend impact within that sales reduction of $2 billion-ish is much more beyond the megatrends.

需要明確的是，這包括座椅、後視鏡、車身和白色，因此銷售額減少約 20 億美元的大趨勢影響遠遠超出了大趨勢的範圍。

That’s helpful.

這很有幫助。

Thanks for that.

謝謝你。

My other question was on EVs.

我的另一個問題是關於電動車的。

On the 4Q '23 call, Magna had said it was investing to support a future low cost EV from the leading North American EV provider.

在 23 年第四季的電話會議上，麥格納表示正在投資支持北美領先電動車供應商未來推出的低成本電動車。

This morning you spoke about that program as a factor in your lower 2026 outlook.

今天早上，您談到該計劃是您下調 2026 年前景的一個因素。

But I’m hoping to understand if sales for a lower cost vehicle is still something Magna expects to have meaningful exposure to at that OEM, even if it’s maybe not as much as you were originally thinking when it was envisioned as an all-new platform and a new factory, but perhaps still some reasonable opportunity for you with a different type of low cost vehicle.

但我希望了解，麥格納是否仍希望在該 OEM 中獲得對低成本汽車的銷售的有意義的關注，即使它可能不像您最初設想的那樣多。一些合理的機會為您提供不同類型的低成本車輛。

Thanks.

謝謝。

Yeah, I don’t want to comment on or surmise anything at this point of time, given customer feedback and the program timing, we have taken it out.

是的，我現在不想評論或猜測任何事情，考慮到客戶反饋和計劃時間，我們已經將其刪除。

I don’t want to comment or guess at what the future could be.

我不想評論或猜測未來會怎樣。

We obviously have conversations, but don’t want to go beyond that.

我們顯然有過對話，但不想超出這個範圍。

Understood, thank you.

明白了，謝謝。

James Picariello, BNP.

詹姆斯·皮卡里洛，法國巴黎銀行。

All right.

好的。

I’d just like to double-click on the 2026 targets and specifically the incremental margins.

我只想雙擊 2026 年目標，特別是增量利潤。

I know a lot goes into that forecast, that rollout.

我知道這個預測和部署涉及很多內容。

But the implied operating leverage is almost -- it’s roughly 40%.

但隱含的營運槓桿幾乎是 40% 左右。

Can you just walk through, elaborate on just what are the puts and takes that get you to such a high incremental margin on the growth?

您能詳細說明一下是什麼讓您獲得如此高的增量利潤成長嗎？

Thanks -- and particularly power and vision.

謝謝——尤其是力量和遠見。

For ’26, James?

26歲，詹姆斯？

We’re not providing ’26 segment, so maybe

我們不提供 –26 段，所以也許

--

--

Yes, okay, just to consolidate it.

是的，好吧，只是為了鞏固它。

I’m referring back to the prior segment breakout for this.

我要回顧一下之前的細分市場。

Yeah, so just to be clear, right, we did a top-level adjustment, and that’s why -- those segment margins now, we have to -- they’re not longer -- they shouldn’t be relied upon.

是的，所以要明確的是，我們進行了頂層調整，這就是為什麼 - 現在這些細分市場利潤，我們必須 - 它們不再 - 他們不應該更長所依靠。

When you think big picture, the leverage on the margin pull-through, you have to consider we have about $2.2 billion of complete vehicles, sales that are coming down, and those are well below corporate averages.

當你考慮大局時，你必須考慮到我們擁有約 22 億美元的整車，銷售額正在下降，而且遠低於企業平均。

You also have close to a billion dollars on straight pass-through on the Jeep.

您還擁有近十億美元的吉普車直通費。

So when you work through that number, that’s a sizeable benefit.

因此，當您計算出這個數字時，您會發現這是一個相當大的好處。

So when you’re looking at slide 24 of the roll, you can see a pretty sizeable positive, just coming out of mix, I would say, between the various products.

因此，當您查看該卷的第 24 張幻燈片時，您可以看到相當大的積極因素，我想說，這些積極因素是各種產品之間的混合結果。

I would say on the sales decline on the EVs net of the ICE, that’s coming through at our traditional decremental margins we’re seeing in our various businesses.

我想說的是，關於 ICE 的電動車淨銷量下降，這是我們在各個業務中看到的傳統利潤率遞減造成的。

So I think that’s fair, and then same with the active safety.

所以我認為這是公平的，對於主動安全也是如此。

On the flipside where you see the positives for the offsets, it’s really -- you know, we have a bucket of issues, but Swamy in his remarks talked about we’re going to reduce engineering spend - that’s dropping to the bottom.

另一方面，你會看到抵消的積極作用，這確實是——你知道，我們有很多問題，但斯瓦米在他的演講中談到我們將減少工程支出——那就是下降到底部。

Lower capital is resulting in lower D&A.

資本減少導致 D&A 減少。

We also have -- we’re restructuring.

我們還在重組。

We have restructured certain operations; we continue to restructure more operations.

我們重組了某些業務；我們繼續重組更多業務。

So you put them through, so it does hang together.

所以你把它們放進去，所以它確實掛在一起了。

I know there’s more behind it, but if you think about it in those four broad categories of buckets, as opposed to just A versus B, I think it makes much more sense.

我知道背後還有更多的原因，但如果你從這四大類的角度來思考，而不是只考慮 A 與 B，我認為這更有意義。

Got it, and then is there any visibility in commercial recoveries or cost savings for the second half of this year as we think about the implied EBIT step-up first half to second half on an -- within an industry backdrop where second half is certainly getting harder, right?

明白了，然後，當我們考慮上半年到下半年隱含的息稅前利潤增長時，今年下半年的商業復甦或成本節約是否有任何可見性——在下半年肯定會出現的行業背景下越來越難了，對吧？

We’re seeing the second-half reductions coming in at a pretty substantial clip

我們看到下半年大幅削減

James, good morning, this is Swamy.

詹姆斯，早安，我是斯瓦米。

I think it’s not the second half, first half, those discussions are always critical.

我認為這不是下半場，而是上半場，這些討論總是至關重要的。

But we have taken all of that into account when we talked about the 2024 outlook.

但當我們談論 2024 年展望時，我們已經考慮到了這一切。

There is a lot of puts and takes.

有很多的投入和採取。

We’ve talked about productivity give-backs, there is commercial discussions.

我們討論了生產力回饋，還有商業討論。

There is discussions regarding volume reductions, new programs.

正在討論有關減少體積和新計劃的問題。

We’ve taken all of that into account and still feel comfortable.

我們已經考慮到了所有這些，並且仍然感到放心。

And that’s the reason we have given the outlook, and we feel pretty good going into the second half that we will see the cadence that outlook is reflecting.

這就是我們給出展望的原因，進入下半年我們感覺非常好，因為我們將看到展望所反映的節奏。

And I think, James, if you think about what we would have seen last year in our 2023 margin cadence by quarter, we’re expecting a similar type trajectory where -- from day one, we were expecting our margin to improve quarter by quarter, and it’s really related to commercial recoveries, whether it’s commercial inflation to be more in the back half of the year, and that’s still what we’re expecting based on past history.

我認為，詹姆斯，如果你想想去年我們在 2023 年逐季度的利潤節奏中會看到什麼，我們預計會出現類似的軌跡——從第一天開始，我們預計我們的利潤率將逐季度提高這確實與商業復甦有關，無論下半年商業通膨是否會更高，這仍然是我們根據過去的歷史所預期的。

We’re still seeing an uptick from Q2 into Q3 similar to what we would have seen as an incremental improvement in ’23, and then further improvement into Q4.

我們仍然看到從第二季到第三季的成長，類似於我們在 23 年中看到的增量改善，然後在第四季度進一步改善。

Thanks guys.

謝謝你們。

Itay Michaeli, Citi.

伊泰‧米凱利，花旗銀行。

Great, thank you.

太好了，謝謝。

Good morning, everyone.

大家早安。

Just had a couple follow-ups on active safety.

剛剛對主動安全進行了一些跟進。

First, of the shortfall in the 2026 outlook, the $600 million, can you just dimension how much of that is the older Veoneer assets as opposed to Magna?

首先，2026 年前景的缺口為 6 億美元，您能否計算其中有多少是舊 Veoneer 資產而不是 Magna 資產？

Then Swamy, I think you alluded to it before, but the updated view on the win rates, is that just updated for China or is that also outside of China?

那麼Swamy，我想你之前提到過，但是關於勝率的更新觀點，是針對中國更新的還是在中國之外也更新的？

and then maybe if you can comment on just what you’re seeing for quoting trends in active safety outside of China as well.

然後也許您可以評論一下您所看到的引用中國以外的主動安全趨勢的內容。

Thank you.

謝謝。

Yeah, I think Itay, it would be very difficult to separate whether it’s Veoneer or call it Magna Electronics pre-Veoneer.

是的，我認為很難區分它是 Veoneer 還是稱之為 Veoneer 之前的 Magna Electronics。

To your second part of the question, I think my assumptions and what I specifically talked about was related to China.

關於你問題的第二部分，我認為我的假設和我具體談到的內容與中國有關。

And I was making a point that our exposure in China of the overall sales in ADAS is the 10% to 12%.

我想說的是，我們在中國的 ADAS 總銷售額佔 10% 到 12%。

My comment about win rates was overall.

我對勝率的評論是整體的。

What I was trying to make a point is if you look at overall, our win rates seem to be still in cadence of what we have seen in the past.

我想說的是，如果你從整體上看，我們的勝率似乎仍然與我們過去所看到的一樣。

To be more clear, I was saying that this is not impacting or changing as a trend overall.

更明確地說，我是說這並沒有影響或改變整體趨勢。

That’s what I meant to say.

這就是我想說的話。

Thanks for that clarification, Swamy.

感謝您的澄清，斯瓦米。

Just in terms of quoting activity, how is that trending along with active safety thus far this year?

就報價活動而言，今年迄今，主動安全的趨勢如何？

That was my point on the software architecture discussions with the -- amongst OEMs, right.

這就是我與 OEM 之間的軟體架構討論的觀點，對吧。

So there is a little bit of flux in how the sourcing decisions are being pushed out or moved around a little bit.

因此，採購決策的推出或調整方式存在一些變化。

But overall, I don’t think we are seeing a significant change in the, call it the, assisted driving piece of ADAS.

但總體而言，我認為我們並沒有看到 ADAS 輔助駕駛部分發生重大變化。

I don’t see a significant change.

我沒有看到重大變化。

Great, that’s very helpful.

太好了，這非常有幫助。

Thank you.

謝謝。

Brian Morrison, TD Cowen.

布萊恩·莫里森，TD·考恩。

I just want to pull together -- I appreciate the puts and takes here.

我只是想齊心協力——我很欣賞這裡的投入和收穫。

This question is for you.

這個問題是給你的。

In the 2024 margins, if you could just pull it together, a sequential margin walk.

在 2024 年的利潤率中，如果你能把它們放在一起，那就是連續的利潤率行走。

You start at 5.3% this quarter.

本季起始利率為 5.3%。

You take out the FX, I think you get up to 5.5%, 5.6%.

你去掉外匯，我想你會得到5.5%、5.6%。

Then you have the lower engineering costs, you talked about higher commercial recoveries from Q2 to Q3.

然後，您的工程成本較低，您談到了從第二季到第三季更高的商業回收率。

You need to hit 6% to 6.5% margins in the back half of the range.

您需要在該範圍的後半部分達到 6% 到 6.5% 的利潤。

What are other factors that could get you to that low to high end?

還有哪些因素可以讓您達到從低端到高端的水平？

Hey Brian.

嘿布萊恩。

I think broadly when you’re moving from H1 into H2, there is -- I talked about the cadence from Q2 into Q to Q4 being consistent increases, which we saw last year.

我認為，從廣義上講，當你從 H1 進入 H2 時，我談到了從 Q2 到 Q 到 Q4 的節奏是持續增長的，我們去年就看到了這一點。

The big buckets that didn’t occur in Q2, I would say, would be, number one being the commercial, where we’re seeing those recoveries based on history coming in primarily in the fourth quarter.

我想說，第二季沒有發生的大事件將是，第一是商業廣告，我們看到基於歷史的復甦主要出現在第四季。

And the other big factor is we had lower engineering net spending.

另一個重要因素是我們的工程淨支出較低。

So that’s a combination of our spend and time in a program recovery, and those tend to be coming back in the second half of the year.

因此，這是我們在計劃恢復方面花費和時間的結合，這些往往會在今年下半年恢復。

On the other side, we do have some weakness in volumes, and that’s primarily in local -- it’s hidden in the translation FX, Brian, but we do have lower sales activity in local currency.

另一方面，我們在數量上確實存在一些弱點，這主要是在本地 - 它隱藏在外匯翻譯中，布萊恩，但我們以本地貨幣計算的銷售活動確實較低。

Okay, so lower engineering spend, commercial recoveries.

好的，所以工程支出降低，商業回收率降低。

Is there heightened benefits from restructuring as well?

重組是否也會帶來更大的好處？

Yes, but it would be third on the list.

是的，但它將排在名單上的第三位。

Okay, thanks for the clarification.

好的，謝謝您的澄清。

Great, thanks Brian.

太好了，謝謝布萊恩。

Joseph Spak, UBS.

約瑟夫‧斯帕克，瑞銀集團。

Thanks.

謝謝。

Maybe just to follow up on this.

也許只是為了跟進此事。

A lot of this has been answered, but can you just help us understand exactly how much, like half over half, you think engineering will be lower?

很多問題已經得到解答，但您能否幫助我們確切了解您認為工程會降低多少，例如一半以上？

We’re not going to get into the specifics, Joe, but we talked about the two items that are the most impactful to our H1 versus H2 roll.

喬，我們不會討論具體細節，但我們討論了對我們的 H1 與 H2 滾動影響最大的兩項。

Okay.

好的。

And then just going back to the ’26 guidance from James’ question with the high incremental.

然後回到“詹姆斯的 26 指導”問題以及高增量。

And appreciate some of that color you gave.

並欣賞你所賦予的一些色彩。

But part of that you mentioned is the restructuring savings.

但你提到的一部分是重組節省。

Is that related to initiatives that have already started or are there still more planned initiatives?

這與已經開始的舉措有關還是還有更多計劃中的舉措？

And then also, you talked about trying to get recoveries for EV cancellations, and I’m wondering if any of that is embedded into the forecast.

然後，您還談到了嘗試為電動車取消帶來的補償，我想知道其中是否包含在預測中。

From a restructuring perspective, Joe, I think these are activities that are ongoing.

喬，從重組的角度來看，我認為這些活動正在進行中。

Some substantially done, some continuing, and some -- it’s not just we’re not talking about this quarter or this year, right?

有些已實質完成，有些仍在繼續，還有一些——這不僅僅是我們談論的本季度或今年，對吧？

We had been talking about operational excellence last year.

去年我們一直在談論卓越營運。

Some of it, we have already started seeing the flow and the delivery of the results.

其中一些，我們已經開始看到流程和結果的交付。

And for the changing market conditions, some we are adding in addition too.

針對不斷變化的市場狀況，我們也額外添加了一些內容。

So we talked about [CVA] as an example.

所以我們以 [CVA] 為例。

It started in the past, we continue to add to that.

它從過去開始，我們繼續添加。

That’s across the organization.

這在整個組織中都是如此。

So it’s a little bit of both, right, some that are finished, some are in progress, and a few that are in the plan.

所以兩者都有一點，對吧，有些已經完成，有些正在進行中，有些正在計劃中。

When I say in plan, not starting now, we had contemplated that a long time ago.

當我說在計劃中，而不是現在開始時，我們很久以前就考慮過這一點。

Right, okay, and the recoveries for the EV programs?

好吧，電動車專案的恢復情況如何？

It’s part of the larger discussions.

這是更大討論的一部分。

It’s not specific to EV programs, it’s volume reductions, it’s cancellations, it’s push-outs, it’s productivity, give-backs.

它並非特定於電動車項目，而是減少數量、取消、淘汰、生產力、回饋。

Mostly, all of these combined with the other becomes a discussion with the OEMs.

大多數情況下，所有這些因素與其他因素結合起來就成為與原始設備製造商的討論。

But that’s embedded in the ’26 numbers, some level of that?

但這是嵌入在 26 個數字中的，某種程度的？

Some level of that, but I would say more substantial in ’24 than going into ’26.

在某種程度上，但我想說，24 小時比 26 小時更重要。

Okay, thank you.

好的，謝謝。

Colin Langan, Wells Fargo.

柯林‧蘭根，富國銀行。

Oh, great.

哦，太好了。

Thanks for taking my questions.

感謝您回答我的問題。

Just want to follow up.

只是想跟進。

The sales guidance revision is very small.

銷售指導修正幅度很小。

We saw throughout the quarter pretty big cuts from IHS.

我們整個季度都看到 IHS 大幅削減開支。

So I’m a little surprised we haven’t seen a bigger impact to your guide, particularly with so much coming from the Detroit 3.

所以我有點驚訝我們沒有看到你們的指南受到更大的影響，尤其是底特律 3 帶來瞭如此多的影響。

Any color on what’s offsetting that?

有什麼顏色可以抵消這一點嗎？

Were you already just taking a much more conservative outlook than IHS heading into the quarter?

進入本季度，您是否已經採取了比 IHS 更保守的前景？

Any color there as to what’s keeping offset?

有什麼顏色可以保持偏移嗎？

Colin, if you remember last quarter, we were -- we held our outlook in terms of volumes to North America and Europe even though IHS was higher than we were.

Colin，如果你還記得上個季度，我們對北美和歐洲的銷售持樂觀態度，儘管 IHS 的銷售量高於我們的預期。

So I’d say that IHS ended up coming down this past quarter closer to where we were anyway.

所以我想說的是，IHS 在上個季度的表現最終接近我們的水平。

So other than our taking down in Europe this quarter for the full year, I think it was already reflected in our numbers last quarter.

因此，除了本季度我們在歐洲的全年業績下降之外，我認為這已經反映在我們上季度的數據中。

In terms of offsets, I mean, currency is a positive for us relative to our last outlook, so we do have a little bit of decline offset by currency.

就抵消而言，我的意思是，相對於我們上次的展望，貨幣對我們來說是積極的，所以我們確實有一點下降被貨幣抵消了。

Got it.

知道了。

If I look at the midpoint of guidance, on the EBIT side, it looks like most of it was only $50 million at the midpoint.

如果我看一下指導的中點，在息稅前利潤方面，看起來其中大部分只有 5000 萬美元。

If I look at the quarter itself, there was about over $30 million of warranty and $30 million of FX.

如果我看看這個季度本身，大約有超過 3000 萬美元的保固和 3000 萬美元的外匯。

Even the sales are down slightly.

就連銷量也略有下降。

These are just rounding errors or you anticipated some of these FX and warranty issues?

這些只是捨入誤差，或者您預計會出現一些外匯和保固問題？

I think we did have some outperformance on commercial items in the quarter as well.

我認為本季我們在商業項目上也確實表現出色。

Big picture, if you think -- we were generally in line with our expectations for the quarter, so you mentioned a couple of negatives, we did have some positives that offset those negatives to a certain extent.

從大局來看，如果你認為我們總體上符合我們對本季的預期，所以你提到了一些負面因素，我們確實有一些正面因素在某種程度上抵消了這些負面因素。

And then at the midpoint, you can see some of that lowering, the 10 basis points.

然後在中點，你可以看到一些下降，即 10 個基點。

But I think you named two negatives, Colin, and you have to pick up the positive, the biggest being commercial.

但我認為你提到了兩個負面因素，科林，你必須選擇正面的一面，其中最大的是商業性。

Yes, and a little bit of operational that was better than what we had in our last outlook.

是的，而且比我們上次展望中的操作要好一些。

Got it, all right.

明白了，好吧。

Thanks for taking my questions.

感謝您回答我的問題。

Thanks Colin.

謝謝科林。

Okay, I think Operator, I assume there are no more questions, so just want to thank everyone for listening in today.

好的，我想接線員，我想沒有更多問題了，所以只想感謝大家今天的收聽。

I want to reiterate what I said earlier.

我想重申我之前說過的話。

We remain highly focused on margin expansion, capital discipline and free cash flow generation, while ensuring we continuously invest to take advantage of future opportunities where possible.

我們仍然高度關注利潤擴張、資本紀律和自由現金流的產生，同時確保我們持續投資，以盡可能利用未來的機會。

Thanks again, and have a great day.

再次感謝，祝您有美好的一天。

This concludes today’s call.

今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。