Stellantis NV (STLA) 2022 Q4 法說會逐字稿

Hello, and welcome to the Stellantis Full Year 2022 Results. I will now hand over to our host, Ed Ditmire, Head of Investor Relations, to begin today's conference. Thank you.

大家好，歡迎閱讀 Stellantis 2022 年全年業績。我現在將把今天的會議交給我們的主持人、投資者關係主管 Ed Ditmire。謝謝。

Hello, everyone, joining us today as we review Stellantis full year 2022 results. Earlier today, the presentation material for this call as well as the related press release were posted under the Investor Relations section of the Stellantis Group website. Today, our call is hosted by Carlos Tavares, the company's Chief Executive Officer and Richard Palmer, the company's Chief Financial Officer. After both Mr. Tavares and Mr. Palmer present, they will be available to answer questions.

大家好，今天加入我們回顧 Stellantis 2022 年全年業績。今天早些時候，本次電話會議的演示材料以及相關新聞稿發佈在 Stellantis Group 網站的“投資者關係”部分。今天，我們的電話會議由公司首席執行官 Carlos Tavares 和公司首席財務官 Richard Palmer 主持。在 Tavares 先生和 Palmer 先生出席之後，他們將可以回答問題。

Before we begin, I want to point out that any forward-looking statements that we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation. As customary, the call will be governed by that language.

在我們開始之前，我想指出，我們在今天的電話會議上可能做出的任何前瞻性陳述都受到今天演示文稿第 2 頁中安全港聲明中提到的風險和不確定性的影響。按照慣例，通話將受該語言的約束。

Now I would like to hand the call over to Carlos Tavares, CEO of Stellantis.

現在我想把電話轉給 Stellantis 的首席執行官 Carlos Tavares。

Thank you, Ed, and welcome to all of you. We really value your time, and I would like to thank you for your interest in Stellantis. Let's get started. It's an understatement to say that 2022 has been a challenging year. It has been a year where we saw rising geopolitical tensions, regulatory chaos, supply chain disruptions, strong inflation, and despite all of those headwinds our company has demonstrated once again that we are resilient, that we are an all-weather company and that we deliver results.

謝謝你，埃德，歡迎大家。我們非常珍惜您的時間，感謝您對 Stellantis 的關注。讓我們開始吧。輕描淡寫地說 2022 年是充滿挑戰的一年。這一年我們看到地緣政治緊張局勢加劇、監管混亂、供應鏈中斷、通脹強勁，儘管存在所有這些不利因素，但我們公司再次證明我們有彈性，我們是一家全天候公司，我們交付成果。

This is a very high-level summary of 2022. I would like to express to each and every of the Stellantis employees, my sincere and very warm consideration, my deep thanks for what they have done for the company. They have demonstrated that they are a great team. They are resilient. They are focused. They have a great business sense. And here we are to celebrate today the results they have achieved. I would like also to express my sincere appreciation to our union partners. They have been highly mature, having a perfect understanding of what's going on in the world, understanding that the challenges that are in front of the company right now are external challenges, and because those challenges are external, it's best to align internally to get things done and to execute our strategic plan.

這是對 2022 年非常高層次的總結。我想向每一位 Stellantis 員工表達我真誠和非常熱情的關懷，對他們為公司所做的一切表示深深的感謝。他們已經證明他們是一支偉大的球隊。他們有彈性。他們很專注。他們有很強的商業意識。今天，我們在這裡慶祝他們取得的成果。我還要向我們的工會夥伴表示衷心的感謝。他們已經非常成熟，對世界上正在發生的事情有著完美的理解，明白公司現在面臨的挑戰是外部挑戰，而且因為這些挑戰是外部的，所以最好在內部進行調整以得到東西完成並執行我們的戰略計劃。

So I would like also to express to our union partners my sincere appreciation. Last but not least, the Stellantis Board has demonstrated a very strong support to the management and to the employees, always with demanding questions, yet helping the company to move forward. We are in the second year of Stellantis. So it's important that the Board is fully supporting what we are doing, it is perfectly the case. And I would like to thank the Board for their trust and for the autonomy and support that they have given us.

因此，我也想向我們的工會夥伴表示衷心的感謝。最後但並非最不重要的一點是，Stellantis 董事會向管理層和員工展示了非常強大的支持，他們總是提出尖銳的問題，同時幫助公司向前發展。我們正處於 Stellantis 的第二年。因此，董事會全力支持我們正在做的事情非常重要，情況確實如此。我要感謝董事會的信任以及他們給予我們的自主權和支持。

So from here, I think we can summarize many of the things we are going to explain to you with Richard Palmer today by telling you that our net revenues were up 18%, our adjusted operating income was up 29%. Our AOI margin was at a record high with 13%. Our net profit up 26%, our industrial free cash flow up 78%, and our BEV sales growth rate up at 41%.

所以從這裡開始，我想我們可以總結我們今天要和理查德帕默一起向你解釋的許多事情，告訴你我們的淨收入增長了 18%，我們調整後的營業收入增長了 29%。我們的 AOI 利潤率創歷史新高，達到 13%。我們的淨利潤增長了 26%，我們的工業自由現金流增長了 78%，我們的 BEV 銷售增長率高達 41%。

It's important that we state those simple numbers, so that we understand that we are talking about transformation as Stellantis. We are doing it. We are now in the course of executing the transformation of the company. And the results we are achieving today for the second year of Stellantis are an encouragement to accelerate and to go even deeper and faster in the transformation of the company. And again, I would like to express to every and each of our employees my sincere appreciation. They have been doing a stellar job in this second year of our start-up company.

重要的是我們要陳述這些簡單的數字，這樣我們才能理解我們正在談論 Stellantis 的轉型。我們正在做。我們現在正在執行公司的轉型。我們今天在 Stellantis 的第二個年頭取得的成果是對加速並在公司轉型中走得更深、更快的鼓勵。再次，我要向我們的每一位員工表示衷心的感謝。在我們初創公司的第二年，他們一直表現出色。

If we look at some of the other numbers, we see that we had a very strong free cash flow with more than EUR 10 billion, EUR 10.8 billion, so a very strong cash generation. We are on track to deliver by 2030, the EUR 20 billion that we have committed in the plan -- in the strategic plan. Very nice number about cash synergies, net cash synergies at EUR 7.1 billion, more than the commitment of EUR 5 billion that we were expected to deliver by 2024, which means that we are ahead of the plan. And it's not because the CEO or the CFO has been pushing on this is because it's a bottom-up -- a bottom-up contribution from our employees that perfectly understand the sense and the need for this merger.

如果我們看看其他一些數字，我們會發現我們擁有非常強勁的自由現金流，超過 100 億歐元，108 億歐元，因此產生了非常強勁的現金。我們有望到 2030 年實現我們在戰略計劃中承諾的 200 億歐元。關於現金協同效應的數字非常好，淨現金協同效應為 71 億歐元，超過了我們預計到 2024 年交付的 50 億歐元的承諾，這意味著我們提前完成了計劃。這並不是因為首席執行官或首席財務官一直在推動這一點，而是因為它是自下而上的——我們員工的自下而上的貢獻，他們完全理解這次合併的意義和必要性。

So this merger is being a big success, not because of us, but because of our employees. Our employees get it. They understand that we are better together than on a stand-alone position. They understand that we have moved from second league car companies to first league mobility tech companies. They get it, and they are supporting the move, which is, of course, very reassuring for the future.

所以這次合併取得了巨大的成功，不是因為我們，而是因為我們的員工。我們的員工明白這一點。他們明白我們在一起比孤立無援更好。他們明白我們已經從二級汽車公司轉變為一流的移動技術公司。他們明白了，他們支持這一舉動，這當然對未來非常令人放心。

We continue to execute our therefore 2030, just taking an example of electrification, we have currently 23 electric vehicles on sale. By the end of this year, we'll have 32, 9 more. And by the end of next year '24, we will double what we have today as we will be at 47 pure BEVs by the end of this year. It's also important that you realize that the 41 sales BEV growth rate has been achieved only with European sales, which means that we didn't even start the BEV offensive in the U.S. market, but we are going to start this year. From this year, in 2023, we introduced the RAM ProMaster EV in the U.S. market.

因此，我們繼續執行我們的 2030 年計劃，僅以電氣化為例，我們目前有 23 輛電動汽車在售。到今年年底，我們將擁有 32 個，再增加 9 個。到明年 24 年底，我們將把今天的數量翻一番，因為到今年年底我們將擁有 47 輛純 BEV。同樣重要的是，您要意識到 41 銷量的 BEV 增長率僅通過歐洲銷量實現，這意味著我們甚至沒有在美國市場開始 BEV 攻勢，但我們將在今年開始。從今年開始，也就是 2023 年，我們在美國市場推出了 RAM ProMaster EV。

So from this year, we started the EV offensive in the U.S. market, and we achieved 41% sales growth in '22, mostly on the basis of the European sales. It is also important to recognize that we are, by far, the leaders of the LCV market in Europe. And that in Europe, in the LCV BEV market, we have 42.7% of market share in the LCV BEV market. So you see what this demonstrates is that the technology of Stellantis in terms of electrification is very much appreciated by the consumers.

所以從今年開始，我們在美國市場開始了 EV 攻勢，我們在 22 年實現了 41% 的銷售增長，主要是在歐洲銷售的基礎上。同樣重要的是要認識到，到目前為止，我們是歐洲輕型商用車市場的領導者。而在歐洲，在 LCV BEV 市場，我們在 LCV BEV 市場佔有 42.7% 的市場份額。所以你看這說明 Stellantis 在電氣化方面的技術非常受到消費者的讚賞。

We were blessed with the fact that the first product that has been launched in the Stellantis era, the Jeep Avenger, the first-ever pure Jeep EV has been awarded car of the year, which is a very strong recognition of our capability. And therefore, it gives the team another encouragement to move fast and strong in this transformation.

我們很幸運，在 Stellantis 時代推出的第一款產品 Jeep Avenger，第一款純 Jeep EV 獲得了年度汽車獎，這是對我們能力的高度認可。因此，它給了團隊另一個鼓勵，讓他們在這次轉型中快速而有力地行動。

If you go now to North America and have a look at the regions, can say that North America achieved a record margin on the full year at 16.4% AOI margin. A very impressive result in conditions which were not always easy, namely in terms of supply. But the team was able to manage the business model in a very skilled way. We lost a few tens of market share as a consequence of supply disruptions. That is something that we recognize we can do better in terms of supply. We are keeping a very high average transaction price, the highest among the big 3 in the U.S. market, which means that the pricing power of our models is matching the appeal of what we create and our creative teams, both from design and engineering are doing a stellar job to make sure that the customers are willing to pay for the value that we create, and this is measured on the average transaction price, which is the best in the market.

如果你現在去北美看看這些地區，可以說北美全年的利潤率達到創紀錄的 16.4% AOI 利潤率。在並不總是容易的條件下，即在供應方面，這是一個非常令人印象深刻的結果。但是團隊能夠以非常熟練的方式管理業務模型。由於供應中斷，我們失去了幾十個市場份額。這是我們認識到我們可以在供應方面做得更好的事情。我們保持著非常高的平均交易價格，是美國市場三巨頭中最高的，這意味著我們模型的定價能力與我們創造的產品和我們的設計和工程創意團隊正在做的事情的吸引力相匹配這是一項出色的工作，可以確保客戶願意為我們創造的價值買單，這是根據市場上最好的平均交易價格來衡量的。

We are the #1 U.S. PHEV sales company. We are #1 in the PHEV with the Wrangler 4xe in U.S. and Canada. And of course, we are benefiting with the RRE from a framework that is going to support our U.S. sales. So record profitability in North America, growing BEV sales -- sorry, growing PHEV sales and just introducing the BEV right now, in 2023. So more to come and more potential for profitable sales in this market.

我們是美國排名第一的 PHEV 銷售公司。我們在美國和加拿大的 Wrangler 4xe PHEV 中排名第一。當然，我們正在從支持我們在美國銷售的框架中受益於 RRE。因此，北美創紀錄的盈利能力，BEV 銷量的增長——對不起，PHEV 銷量的增長，現在才在 2023 年推出 BEV。所以在這個市場上會有更多的盈利銷售潛力。

If you move to Europe, Europe was also able to deliver a record AOI margin at 9.9%, significant improvement against last year, 80 basis points. We are the #2 in BEV sales in the European market; number two, being #1 in France, with the Peugeot e-208 and #1 in Italy with Fiat new 500. So again, our pure EV cars are appreciated and the technology is demonstrating a great deal of maturity. Our market share in LEV is at 15.7%. In pure BEV, our market share is 16.2%. And we were, to a certain extent, hurt by an outbound logistic problem that has been somewhere reducing our market share in Europe. And this is one of the operational issues that we are now fixing. It's an opportunity to do better in 2023.

如果你轉向歐洲，歐洲也能夠實現創紀錄的 AOI 利潤率 9.9%，比去年顯著提高 80 個基點。我們在歐洲市場的純電動汽車銷量排名第二；第二，標致 e-208 在法國排名第一，菲亞特 new 500 在意大利排名第一。因此，我們的純電動汽車再次受到讚賞，並且該技術顯示出極大的成熟度。我們在 LEV 的市場份額為 15.7%。在純 BEV 中，我們的市場份額為 16.2%。在某種程度上，我們受到出站物流問題的傷害，該問題一直在某種程度上降低了我們在歐洲的市場份額。這是我們現在正在解決的運營問題之一。這是一個在 2023 年做得更好的機會。

I believe that in the next couple of months, this will be behind us. It has been painful. We have understood where the outbound logistics issues were, we are addressing them. They are multiple. It's not one single reason, but we are addressing each of them with a specific action plan. And we are still around 20% market share, even though we lost 240 basis points in 2022 on the back of this outbound logistic problem.

我相信在接下來的幾個月裡，這將成為過去。這很痛苦。我們已經了解出境物流問題出在哪裡，我們正在解決這些問題。他們是多個。這不是一個單一的原因，但我們正在通過具體的行動計劃解決每個問題。儘管我們在 2022 年由於出境物流問題損失了 240 個基點，但我們的市場份額仍約為 20%。

We are now on track to execute our new retailer distribution model. We have been having a very fruitful dialogue with our dealer network associations. They have understood what is at stake in terms of improving the customer centricity of our distribution in terms of making sure that we can keep both of our business models profitable for the future as we are aligning the distributors and ourselves on one single thing, which is to make the customer happy.

我們現在正按計劃執行我們的新零售商分銷模式。我們一直在與我們的經銷商網絡協會進行非常富有成果的對話。他們已經了解在確保我們能夠保持我們的兩種業務模式在未來盈利方面改善我們分銷的以客戶為中心方面的利害關係，因為我們正在使分銷商和我們自己在一件事上保持一致，這是讓客戶滿意。

We have also delivered on what we committed to you by being now live on the electric motor production in our Tremery plant in France, and we are going to be live in H1 2023 on the electric transmissions. And I would add to this that on the second half of 2023, we will be producing battery cells in our first European gigafactory. So in 2023, our first gigafactory in Europe in Douvrin, will be operating on the D-samples to validate the production and then go full production by the beginning of next year.

我們還兌現了我們對您的承諾，現在在法國 Tremery 工廠生產電動機，我們將在 2023 年上半年生產電動變速器。我還要補充一點，到 2023 年下半年，我們將在我們的第一個歐洲超級工廠生產電池。因此，到 2023 年，我們在歐洲杜夫林的第一家超級工廠將在 D 樣本上運行以驗證生產，然後在明年年初全面投產。

So in enlarged Europe is on track, to deliver its electrification plan. In enlarged Europe is highly profitable, doing a great job in terms of BEV sales. There is potential to do better. There is potential to go faster once we solve our outbound logistics issues, and we will. And our manufacturing footprint is now ready, not only to manufacture the electric components, like the motors and the transmissions, but very soon to manufacture the battery cells.

因此，擴大後的歐洲正在步入正軌，以實現其電氣化計劃。在擴大後的歐洲，利潤很高，在 BEV 銷售方面做得很好。有可能做得更好。一旦我們解決了出境物流問題，就有可能走得更快，我們會的。我們的製造足跡現已準備就緒，不僅可以製造電機和變速箱等電子元件，而且很快就會製造電池。

It's also important that you realize that our BEV sales growth in Europe is among the best, if not the best of the industry, including against people that you generally consider as being the leaders on this matter. If I now move to the rest of the world and comment 3 other areas of our business. We can see that Middle East and Africa is now the most profitable region of our business at 16.7%. We nearly doubled our profit against '21, which demonstrates that there is a significant profitable growth potential in Middle East and Africa. And we have been making many, many decisions to improve the sourcing in Africa for Africa and Middle East. And the goal is very clear. We will move from 30% local sourcing to 70% local sourcing within the course of this plan.

同樣重要的是，你要意識到我們在歐洲的 BEV 銷售增長即使不是業內最好的，也是最好的，包括與你通常認為在這方面處於領先地位的人相比。如果我現在搬到世界其他地方並評論我們業務的其他 3 個領域。我們可以看到，中東和非洲現在是我們業務中利潤最高的地區，佔 16.7%。與 21 年相比，我們的利潤幾乎翻了一番，這表明中東和非洲存在巨大的盈利增長潛力。我們一直在做出許多決定，以改善非洲和中東在非洲的採購。而且目標非常明確。在此計劃的過程中，我們將從 30% 的本地採購轉變為 70% 的本地採購。

And you have been looking at some of our decisions. If you pile up all of those sourcing decisions and more to come, you'll see that we are going to put ourselves in a trend where by the end of this plan, we'll be sourcing in the region, for the region more than 70% of the needs, which means that we are going to serve on the high growth potential of this region given the very good birth rate and the young population that we have over there.

你一直在關注我們的一些決定。如果你把所有這些採購決策和更多的未來疊加起來，你會看到我們將把自己置於一個趨勢中，到這個計劃結束時，我們將在該地區採購，為該地區採購超過70% 的需求，這意味著我們將服務於該地區的高增長潛力，因為那裡有非常好的出生率和年輕人口。

The market share in Middle East and Africa improved by 20 basis points to 12%, more to come. South America has been a success story for our company. We are, by far, the automotive leader in the region, and the Fiat is the leading brand. So we are keeping that leadership strong, and we will continue to reinforce that leadership. As you see, the profit increased by 132% to now more than EUR 2 billion. It's significant because if I sum up those 3 regions here, we can tell you that we call this the third engine, as you know very well, ex PSA was very much dependent on Europe, ex FCA very much dependent on the U.S. Stellantis has 2 engines, North America and Europe, and we are adding a third engine to make sure that our business footprint is highly diverse.

中東和非洲的市場份額提高了 20 個基點，達到 12%，未來還會更多。南美一直是我們公司的成功故事。到目前為止，我們是該地區的汽車領導者，菲亞特是領先品牌。因此，我們正在保持強大的領導力，並將繼續加強這種領導力。如您所見，利潤增長了 132%，目前已超過 20 億歐元。這很重要，因為如果我在這裡總結這 3 個地區，我們可以告訴你，我們稱之為第三引擎，正如你所知，前 PSA 非常依賴歐洲，前 FCA 非常依賴美國。 Stellantis 有 2引擎，北美和歐洲，我們正在添加第三個引擎，以確保我們的業務足跡高度多樣化。

And what we are saying is that we are already contributing at EUR 3.8 billion, which is already a significant number, but within the next 3 years, what we call the third engine, which is the combination of these 3 regions will be at the same level as Europe, which means within 3 years, our company will have 3 engines, North America, Europe and overseas, as we call the combination of these 3 regions.

我們所說的是，我們已經貢獻了 38 億歐元，這已經是一個可觀的數字，但在未來 3 年內，我們所說的第三引擎，即這三個地區的組合將同時歐洲的水平，也就是說3年內，我們公司將有3個引擎，北美、歐洲和海外，我們稱之為這3個區域的組合。

So in all of these cases, you see that we are growing in profit, it's also the case for China and India Asia Pacific. Profit has been improving from 11% AOI margin to 14.5%. And the amount of profit, interesting to see that it has increased by 48%, which means the amount of adjusted operating income increase rates in Asia has been higher than what we have for the whole company.

所以在所有這些情況下，你會看到我們的利潤在增長，中國和印度亞太地區也是如此。利潤從 11% 的 AOI 利潤率一直提高到 14.5%。有趣的是，利潤增長了 48%，這意味著亞洲調整後的營業收入增長率高於我們對整個公司的增長率。

The whole company is at 29%. And China and Asia Pacific are at 48% of AOI increase. We are now successfully introducing our national sales company for CBU sales and the Jeep Direct online sales in the Chinese market, is working very well. It's contributing to the increase of the profitability in China, and even more important, we are now, as we speak, manufacturing the first new Citroën C3 EV version based on the smart car platform, which is going to give us a fantastic tool to be competitive against new entrants in the mature markets, i.e. the Chinese entrants in the mature markets.

整個公司是29%。中國和亞太地區的 AOI 增幅為 48%。我們現在成功地引入了我們的全國銷售公司進行 CBU 銷售和 Jeep 直銷在中國市場的在線銷售，運作良好。它有助於提高在中國的盈利能力，更重要的是，就在我們說話的時候，我們正在製造第一款基於智能汽車平台的新雪鐵龍 C3 EV 版本，這將為我們提供一個絕佳的工具與成熟市場的新進入者競爭，即成熟市場的中國進入者。

So we have the tool with a smart car platform-based family, and with the EV technology that we have on that platform, we have now the tool to be able to fight on the middle of the market, if not the low end of the market in terms of profitability and cost competitiveness vis-a-vis the new entrants.

因此，我們擁有基於智能汽車平台的家庭工具，以及我們在該平台上擁有的 EV 技術，我們現在擁有能夠在中端市場（即使不是低端市場）上作戰的工具與新進入者相比，市場在盈利能力和成本競爭力方面處於領先地位。

If we move from here to the brands, let's start with Jeep, our global SUV brand. Jeep doing a fantastic job. The first ever pure EV, the Jeep Avenger, as I said, was awarded European Car of the Year 2023, which demonstrates that the teams did not waste any time to bring the EV technology to Jeep in the European market. We are now starting the sales of this product very soon. We will bring also in '24 the All-Electric Recon from Jeep and the Wagoneer S a compact Wagoneer, pure EVs that will reinforce our position, namely in the U.S. market. We have successfully launched the Grand Cherokee 4xe and it's now ramping up on the segment share quite nicely, and we keep on expanding the sales of this icon.

如果我們從這裡轉向品牌，讓我們從我們的全球 SUV 品牌 Jeep 開始。吉普做得很好。正如我所說，第一款純電動汽車 Jeep Avenger 獲得了 2023 年歐洲年度汽車獎，這表明團隊沒有浪費任何時間將 EV 技術引入歐洲市場的 Jeep。我們現在很快就會開始銷售該產品。我們還將在 24 年推出 Jeep 的全電動 Recon 和 Wagoneer S，這是一款緊湊型 Wagoneer 純電動汽車，它們將鞏固我們在美國市場的地位。我們已經成功推出了大切諾基 4xe，現在它的細分市場份額正在穩步上升，我們還在繼續擴大這款車型的銷量。

As you can see, we are also now expanding the sales of Wagoneer and Grand Wagoneer around the world, very profitable product, very high-end product for this brand. And of course, Middle East and Africa represent a big opportunity that we are going to grasp in 2023. Jeep has also been the #1 SUV brand in South America, 6 years in a row, which means that the roots of Jeep in Latin America are getting deeper and deeper. And we have to recognize the great job that has been done by this brand. The uniqueness of Jeep is the very sharp and very clear positioning of the brand all over the world, which captures the emotions of many of our customers who are looking for freedom and outdoor living. And the positioning of Jeep is so sharp, so unique around the world that it captures the mind and the emotions of many of our customers. Our pricing is just fine.

如您所見，我們現在也在擴大 Wagoneer 和 Grand Wagoneer 在全球的銷售，非常有利可圖的產品，對於這個品牌來說非常高端的產品。當然，中東和非洲代表著我們將在 2023 年抓住的巨大機遇。Jeep 還連續 6 年成為南美洲排名第一的 SUV 品牌，這意味著 Jeep 的根基在拉丁美洲越來越深。我們必須認識到這個品牌所做的出色工作。 Jeep 的獨特之處在於該品牌在全球範圍內非常敏銳和清晰的定位，它抓住了我們許多尋求自由和戶外生活的客戶的情感。 Jeep 的定位如此清晰，在世界範圍內如此獨特，它抓住了我們許多客戶的思想和情感。我們的定價很好。

If we move now to the other American brands, it's good to say that the Pacifica is still the #1 selling Minivan in North America, and sales are up by 11%. Pricing power is fine. And progressively, as we did at the last CES in Las Vegas, we are showing the way of what the Chrysler Rebound will be in the near future. And I think that the potential to relaunch the Chrysler brand is getting bigger and bigger by the day.

如果我們現在轉向其他美國品牌，可以說 Pacifica 仍然是北美銷量第一的小型貨車，銷量增長了 11%。定價能力很好。並且正如我們在上屆拉斯維加斯 CES 上所做的那樣，我們正在逐步展示克萊斯勒反彈在不久的將來的方式。而且我認為重新推出克萊斯勒品牌的潛力與日俱增。

We look at Ram, we have the all-time highest U.S. average transaction price. That's great. It means that our customers are recognizing the value that we create with the Ram pickup trucks. Pricing power is fine. As I said, the ProMaster BEV is going to be launched this year in H1, and we'll start delivering those BEV vans in H2, but more importantly, you have seen at the CES in January, the brand-new 1,500 BEV pickup truck from RAM. You have seen the appeal, you have seen the fantastic creativity that our teams have demonstrated through the different functionalities. And you can also trust that our performance index against our competitors in terms of combining, towing, payload, speed of charging, and range, using those 4 performance KPIs, I can assure you that we are going to have the most competitive BEV pickup truck in the U.S. market. So more to come. Stay tuned, this is going to be big news very soon.

我們看看 Ram，我們有美國歷史上最高的平均交易價格。那太棒了。這意味著我們的客戶正在認識到我們使用 Ram 皮卡創造的價值。定價能力很好。正如我所說，ProMaster BEV 將於今年上半年推出，我們將在下半年開始交付這些 BEV 貨車，但更重要的是，您在 1 月份的 CES 上看到了全新的 1,500 BEV 皮卡車從內存。您已經看到了吸引力，您已經看到了我們的團隊通過不同功能展示的奇妙創造力。您還可以相信，我們在組合、牽引、有效載荷、充電速度和範圍方面的性能指標與我們的競爭對手相比，使用這 4 個性能 KPI，我可以向您保證，我們將擁有最具競爭力的 BEV 皮卡在美國市場。所以還有更多。請繼續關注，這將很快成為重大新聞。

I can also tell you that when we opened the preorders for the next BEV 1500 Ram pickup truck, we were sold out in 3 days for the first model year. So 3 days to sell the whole production of the first model year of the BEV pickup truck. If we go to Dodge, Dodge has been doing a fantastic job with the Challenger. We are the #1 selling muscle car in the U.S. for the second year in a row. Pricing power is stellar. And we are now introducing the All-New Hornet, that will start deliveries in H1 2023. So we will reinforce the business of Dodge in this year. And I can tell you that the way we are preparing for the e-muscle car in the future is just outstanding from every different dimension I have seen, solid acceleration, performance, design, connectivity features, you name it. The e-Dodge is going to be a fantastic success in this market.

我還可以告訴您，當我們開啟下一款 BEV 1500 Ram 皮卡車的預購時，我們在第一個車型年的 3 天內就銷售一空。所以 3 天就可以銷售第一款 BEV 皮卡車的全部生產。如果我們去道奇，道奇在挑戰者方面做得非常出色。我們連續第二年成為美國銷量第一的肌肉車。定價能力是一流的。我們現在推出全新大黃蜂，將於 2023 年上半年開始交付。所以我們將在今年加強道奇的業務。我可以告訴你，我們為未來的電動肌肉車做準備的方式從我所見過的各個不同方面來看都是非常出色的，穩固的加速、性能、設計、連接功能，應有盡有。 e-Dodge 將在這個市場上取得巨大成功。

So those were the American brands. If you now go to the upper mainstream, mostly Opel Vauxhall and Peugeot. It's interesting to see that Opel, within the Stellantis brand portfolio is the fastest-growing brand in BEV sales. So the Opel global BEV sales rate increase is 52%. As you remember, for whole Stellantis it was 41%. Opel is on the leading edge of BEV sales, which is fantastic. This is what we like them to do, and they have been increasing these sales of BEVs year-over-year in a significant matter. It's the only brand where the total market share in the BEV market is higher than the total market share in the total market. So Opel is on the edge of electrification. The Corsa continues to be a big success, #1 selling car in Germany and U.K. on B-segment Hatch. Pricing power is fine.

所以那些是美國品牌。如果現在去上主流，多半是歐寶沃克斯豪爾和標致。有趣的是，Stellantis 品牌組合中的歐寶是 BEV 銷量增長最快的品牌。因此，歐寶全球 BEV 銷量增長率為 52%。正如你所記得的，對於整個 Stellantis，它是 41%。歐寶在 BEV 銷售方面處於領先地位，這太棒了。這就是我們希望他們做的事情，而且他們一直在逐年增加 BEV 的銷量，這是一件很重要的事情。它是唯一一個 BEV 市場總市場份額高於整個市場總市場份額的品牌。因此，歐寶處於電氣化的邊緣。 Corsa 繼續取得巨大成功，B 級艙口蓋在德國和英國銷量第一。定價能力很好。

And among the different LCV brands we have, Opel is the #1 in terms of BEV sales. #1 in sales growth, #1 in LCV sales, which is demonstrating that within the Stellantis Galaxy, Opel is the leading brand in terms of electrification. At the same time, Peugeot has demonstrated a great success, the #1 selling car in EU30 for the Peugeot 208, the #1 selling car on the e-208, starting with France, of course. And the pricing power is the reference of the market. Growing outside of Europe. And this BEV sales momentum will continue with 5 new C-segment BEVs in the next 2 years.

在我們擁有的不同 LCV 品牌中，歐寶在 BEV 銷量方面排名第一。銷量增長排名第一，LCV 銷量排名第一，這表明在 Stellantis Galaxy 中，歐寶是電氣化方面的領先品牌。與此同時，標致取得了巨大的成功，標致 208 在 EU30 中銷量第一，e-208 銷量第一，當然首先是法國。而定價權是市場的參考。在歐洲以外生長。未來 2 年，5 款新的 C 級 BEV 將繼續保持這種 BEV 銷售勢頭。

So now Peugeot is pushing very hard on the BEV sales, already #1 with the e-208, but we'll continue to reinforce its leading position. If we move now to the core brands with Citroën and Fiat, as I said, the big news is the launch of the new Citroën C3, based on the smart car platform. Sales are growing steadily in India and in Brazil. The launch has been successful, very tight control of quality, which is fine, and we are ramping up nicely with those products that have the capability to fight against the newcomers.

所以現在標致正在大力推動 BEV 銷售，e-208 已經排名第一，但我們將繼續鞏固其領先地位。如果我們現在轉向雪鐵龍和菲亞特的核心品牌，正如我所說，重大新聞是基於智能汽車平台的新款雪鐵龍 C3 的發布。印度和巴西的銷售額穩步增長。發布很成功，對質量的控制非常嚴格，這很好，我們正在很好地提升那些有能力對抗新來者的產品。

As I said in the introduction, we are now manufacturing the EV version of the Citroën C3 right now in India for India, but that is going to be an opportunity for other markets as need be. Pricing power is fine. The only concept that was launched in Europe has shown the vision for the brand. And this vision is going to translate in great new products very soon. So I can tell you that this concept car has been extremely inspiring to show us the way to be modern, clean, affordable, and light in the way we bring 0-emission mobility to our customers.

正如我在介紹中所說，我們現在正在印度為印度製造雪鐵龍 C3 的 EV 版本，但這將根據需要為其他市場提供機會。定價能力很好。在歐洲推出的唯一概念展示了品牌的願景。這種願景很快就會轉化為出色的新產品。所以我可以告訴你，這款概念車非常鼓舞人心，它向我們展示瞭如何以現代、清潔、實惠和輕便的方式為客戶提供零排放機動性。

At the same time, Fiat has been doing a great job. Fiat brand is a market leader in Brazil, in Turkey and Italy, strong market shares, as you can see. The Fiat 500e is the third most sold BEV in Europe, #1 in Italy, #2 in Spain, #3 in Germany, could have been better had we had more supply. So we were limited by the supply, but the potential of this product is much higher than #3, pricing power is fine. And the brand-new Fiat BEVs are now coming. They will start this year in '23. And you see now the power of Stellantis at work, all the new BEVs from Fiat as much as you have seen, the Jeep Avenger are coming. And I can tell you that given the capability of this team to sell, I can tell you there is a very bright future ahead given the pipeline of products that we have for this brand.

與此同時，菲亞特一直做得很好。正如您所看到的，菲亞特品牌在巴西、土耳其和意大利是市場領導者，市場份額很大。菲亞特 500e 是歐洲銷量第三大的 BEV，在意大利排名第一，在西班牙排名第二，在德國排名第三，如果我們有更多的供應可能會更好。所以我們受到供應的限制，但這個產品的潛力比#3 高得多，定價能力很好。全新的菲亞特 BEV 現已上市。他們將於今年 23 年開始。你現在看到了 Stellantis 的強大功能，正如你所看到的，菲亞特的所有新 BEV，Jeep Avenger 即將到來。我可以告訴你，鑑於這個團隊的銷售能力，我可以告訴你，鑑於我們為這個品牌提供的產品線，未來前景非常光明。

So very excited about what we are going to see. Let's conclude here with the commercial vehicles. We continue to be the unrivaled market leader in Europe and in South America. We are growing in the Middle East and Africa with a market share of 15%. There is much more potential than that, but we are ramping up. We are, as I said, by far, the BEV market leader with 42.7% market share for the BV sales in Europe, by far, #1, #2 is very far away.

對我們將要看到的東西感到非常興奮。讓我們以商用車作為結尾。我們仍然是歐洲和南美洲無與倫比的市場領導者。我們在中東和非洲增長，市場份額為 15%。潛力遠不止於此，但我們正在加速發展。正如我所說，到目前為止，我們是 BEV 市場的領導者，在歐洲的 BV 銷售中佔有 42.7% 的市場份額，到目前為止，#1、#2 非常遙遠。

We have achieved a record Ram brand sales outside of North America, which is extremely profitable. We have taken a stake in Symbio, waiting now for the closing, which is a company that is a leader in hydrogen mobility. As you know, we are now producing the first mid-sized van fuel cell powered cars, and we will bring this to a high-volume plant by the beginning of next year. So we are on our way to protect our leadership in fuel cell power trains. And of course, we are going to focus on the RCVs, but it's moving and it's moving fast.

我們在北美以外的地區取得了創紀錄的 Ram 品牌銷售額，這是非常有利可圖的。我們持有 Symbio 的股份，現在等待關閉，這是一家在氫動力領域處於領先地位的公司。如您所知，我們現在正在生產首批中型貨車燃料電池汽車，我們將在明年年初將其投入大批量生產。因此，我們正在努力保護我們在燃料電池動力傳動系統方面的領先地位。當然，我們將專注於 RCV，但它正在移動，而且移動速度很快。

If we now go to the premium brands, very, very impressive performance from the premium brands. Their profit is up. Their market share is either up or stable and customer satisfaction and quality are up. Our premium cluster has been delivering very strong value. As I said, a fantastic turnaround in Alfa Romeo. We have now a very profitable brand just by mastering the way we go to market, highly profitable, we are now bringing the electrified products as it should be, and we will be selling only BEVs from 2027. And Tonale has proven to be a very strong success, with a very tight control of quality, which has improved significantly.

如果我們現在去高端品牌，高端品牌的表現非常非常令人印象深刻。他們的利潤增加了。他們的市場份額要么上升要么穩定，客戶滿意度和質量也在上升。我們的優質集群一直在提供非常強大的價值。正如我所說，阿爾法羅密歐的一次奇妙轉變。我們現在擁有一個非常有利可圖的品牌，只要掌握我們進入市場的方式，高利潤，我們現在正在推出應有的電氣化產品，我們將從 2027 年開始只銷售 BEV。事實證明，Tonale 是一個非常強大的成功，對質量的嚴格控制，顯著提高。

Lancia is preparing for the launch of the new models starting in 2024, fully electrified and full BEV from '26, pricing power improving, Ypsilon still the #1 selling car in Italy in the B segment, which is demonstrating the very strong skills of the Lancia team in terms of sales and marketing. As we know, this car is 12 years old, still the #1 in the segment after so many years. DS automobile has been improving both the profitability, the share, and the customer satisfaction, 100% BEV launches from '24. The LEV sales mix at 41%, which is already significant. Pricing power is fine. And we have just launched the new DS3 EV with more than 400 kilometers of WLTP range using the brand-new electric motor, so-called M3 that we manufacture in the French plant of Tremery.

藍旗亞正準備從 2024 年開始推出新車型，從 26 年開始全面電動化和全 BEV，定價能力提高，Ypsilon 仍然是意大利 B 級銷量第一的汽車，這展示了非常強大的技能藍旗亞團隊在銷售和營銷方面。眾所周知，這輛車已有 12 年曆史，多年後仍然是該細分市場的第一名。 DS 汽車一直在提高盈利能力、份額和客戶滿意度，100% BEV 從 24 年開始推出。 LEV 銷售組合為 41%，這已經很重要了。定價能力很好。我們剛剛推出了新的 DS3 EV，其 WLTP 續航里程超過 400 公里，使用的是我們在法國 Tremery 工廠生產的全新電動機，即所謂的 M3。

If we move now to our unique and iconic luxury brand, Maserati, the least we could say is that Maserati is back, we have improved significantly the profitability, up 360 basis points, now reaching 8.7% AOI margin, and more to come, of course, because we believe that Maserati needs to be pulling the company up and not lagging behind the average profitability of the company. So there is more on our plans. We see that we have been doing great in Europe. On the other regions, there are some challenges that we are right now addressing, pricing power is fine. We are bringing back an absolute fantastic product, which is the new GT, the Grand Turismo, not only it's an iconic car, but I can tell you, as I've been driving this car for a while, the performances are stellar.

如果我們現在轉向我們獨特的標誌性奢侈品牌瑪莎拉蒂，我們至少可以說瑪莎拉蒂回來了，我們已經顯著提高了盈利能力，上升了 360 個基點，現在達到 8.7% 的 AOI 利潤率，而且還會有更多，當然，因為我們認為瑪莎拉蒂需要拉動公司，而不是落後於公司的平均盈利能力。所以我們的計劃還有更多。我們看到我們在歐洲一直做得很好。在其他地區，我們現在正在解決一些挑戰，定價能力很好。我們帶回了一款絕對出色的產品，那就是新款 GT，Grand Turismo，它不僅是一款標誌性的汽車，而且我可以告訴你，因為我已經駕駛這輛車一段時間了，它的性能非常出色。

The combination of NVH, ride handling, gear shifting, brakes, infotainment, it's absolutely a fantastic product, and we are very proud of the GT as much as we are now deploying the new Grecale all over the world, and that is going to happen this year on a very profitable product. And that will open the road for the Folgore pure BEV Grecale that will be revealed on the second half of this year.

NVH、駕乘操控、變速、剎車、信息娛樂的結合，這絕對是一個了不起的產品，我們為 GT 感到非常自豪，因為我們現在正在全球範圍內部署新的 Grecale，這將會發生今年在一個非常有利可圖的產品上。這將為將於今年下半年發布的 Folgore 純 BEV Grecale 開闢道路。

While we are doing this, the new MC20 Cielo has been receiving third-party accolades, demonstrating that it's a fantastic sports car, very competitive and absolutely on the edge of the technology of this specific segment. So ladies and gentlemen, Maserati is back. Maserati is back doing the right things in the right way, strong focus on quality, strong focus on pricing discipline, making sure that we bring modernized iconic products that our customers love, and we love when they are happy.

在我們這樣做的同時，新款 MC20 Cielo 已經獲得了第三方的讚譽，證明它是一款出色的跑車，極具競爭力，並且絕對處於該特定細分市場的技術前沿。女士們先生們，瑪莎拉蒂回來了。瑪莎拉蒂重新以正確的方式做正確的事，非常注重質量，非常注重定價紀律，確保我們帶來客戶喜愛的現代化標誌性產品，當他們開心時我們也會喜歡。

Let's move now to our affiliates business. Also a lot of great things going on. In terms of financial services, we are ramping up in our U.S. financial services, we have now enrolled around 90% of our U.S. dealers. And we target to cover 80% of lease volumes by the end of Q1 2023. So our sales financial arm in the U.S. is now growing by the day. And this is going to be very supportive of ourselves and, of course, a strong profit contributor.

現在讓我們轉到我們的附屬公司業務。還有很多很棒的事情正在發生。在金融服務方面，我們正在加大美國金融服務的力度，我們現在已經招募了大約 90% 的美國經銷商。我們的目標是到 2023 年第一季度末覆蓋 80% 的租賃量。因此，我們在美國的銷售金融部門現在每天都在增長。這將非常支持我們自己，當然也是一個強大的利潤貢獻者。

The preowned car vehicle is a success story in '22, of course, with some good market conditions. And we are now expanding dealer online sales through Spoticar to North America this year. And Aramis Group continues to reinforce its leadership now in Austria and Italy by some more M&A. And we have seen that now that cash is not free anymore. Some good opportunities have appeared, and we are grasping those opportunities.

二手車是 22 世紀的成功故事，當然，有一些良好的市場條件。今年，我們正在通過 Spoticar 將經銷商在線銷售擴大到北美。 Aramis Group 通過更多的併購繼續鞏固其在奧地利和意大利的領導地位。我們已經看到，現在現金不再是免費的了。一些好的機會已經出現，我們正在抓住這些機會。

In terms of Circular Economy, sales are growing by 22%. The plan is now being executed with many different business models depending on the components that are used in this circular economy business, and we have been partnering with Qinomic in the business of retrofitting LCVs to electric drivetrains.

在循環經濟方面，銷售額增長了 22%。根據循環經濟業務中使用的組件，該計劃現在正在以許多不同的商業模式執行，我們一直在與 Qinomic 合作，將輕型商用車改裝為電動傳動系統。

Last but not least, Parts and Services, which is the biggest part of this affiliate business, has been growing in sales on a double-digits level. And we continue to optimize the cost in terms of distribution by taking care of the warehouses and reducing the number of warehouses while at the same time, protecting the service rate to our dealers. So a lot of good things in the affiliate business, strong contributor to our profitability.

最後但並非最不重要的一點是，零部件和服務是該附屬業務的最大部分，其銷售額一直在以兩位數的速度增長。我們通過照顧倉庫和減少倉庫數量，同時保護我們經銷商的服務率，繼續優化分銷方面的成本。聯盟業務中有很多好東西，是我們盈利能力的強大貢獻者。

In terms of software strategy, the least we could say is that everything we have told you in July 2022 in our electrification journey is now live. We are developing the 3 software platforms, STLA Brain, STLA SmartCockpit, STLA AutoDrive. We are doing the job. We have now 1,500 software engineers on track to have 4,500 by 2024. We have educated and trained 700 graduates from our Software and Data Academy, which means we brought some conventional engineers to the software world with a very specific training which content is controlled by an independent advisory board to make sure that we bring the best people to select the right topics on which we should be training our people.

在軟件戰略方面，我們至少可以說的是，我們在 2022 年 7 月的電氣化之旅中告訴您的一切現在都已上線。我們正在開發 3 個軟件平台，STLA Brain、STLA SmartCockpit、STLA AutoDrive。我們正在做這項工作。我們現在有 1,500 名軟件工程師，到 2024 年將達到 4,500 名。我們已經從我們的軟件和數據學院教育和培訓了 700 名畢業生，這意味著我們將一些傳統的工程師帶到軟件世界進行非常具體的培訓，內容由獨立的顧問委員會，以確保我們讓最優秀的人才來選擇我們應該培訓員工的正確主題。

So this Software and Data Academy training has demonstrated a very strong potential. And we are on track to deliver the size of the software engineering capability that we need given the tech dimension of our company. We see that by the end of next year, we'll have the first physical evidence of everything we are doing here. And at the same time, we have been expanding our capabilities by grasping some opportunities like the acquisition of aiMotive, which will be a strong accelerator of our ADAS developments. This has been concluded and now aiMotive is in support of all of our software platform developments, specifically in this case, on ADAS.

所以這個軟件和數據學院的培訓展示了非常強大的潛力。考慮到我們公司的技術規模，我們有望提供我們所需的軟件工程能力規模。我們看到，到明年年底，我們將獲得我們在這裡所做的一切的第一手實物證據。同時，我們通過抓住一些機會來擴展我們的能力，比如收購 aiMotive，這將是我們 ADAS 發展的強大加速器。這已經結束，現在 aiMotive 支持我們所有的軟件平台開發，特別是在這種情況下，在 ADAS 上。

We have also created a business unit to take care of our data business with Mobilisights. And we already have 13 million cars connected in operation. That was by the end of '22, and we are on track to deliver the 34 million cars connected by the end of 2013. And as you know, this is a strong foundation for additional service-related business in the future. Needless to say that we have been signing some very strong partnerships with the companies you see on this slide, Amazon, Foxconn and Qualcomm. We are delighted to work with this very expert partners. I think we are doing a good job in creating value together. We see that STLA Brain is going to be a breakthrough in terms of performance and cost competitiveness by reducing the number of ECUs per vehicle by more than 50%.

我們還創建了一個業務部門來處理我們與 Mobilisights 的數據業務。我們已經有 1300 萬輛聯網汽車投入運營。那是在 22 年底，我們有望在 2013 年底交付 3400 萬輛聯網汽車。如您所知，這是未來開展更多服務相關業務的堅實基礎。不用說，我們已經與您在這張幻燈片上看到的亞馬遜、富士康和高通等公司簽署了一些非常牢固的合作夥伴關係。我們很高興與這些非常專業的合作夥伴合作。我認為我們在共同創造價值方面做得很好。我們看到，STLA Brain 將通過將每輛車的 ECU 數量減少 50% 以上，在性能和成本競爭力方面取得突破。

We see that the net revenues of the software business is growing by 25% in '22 against '21 on track for the EUR 20 billion that we have committed to you by 2030, so all of this is moving. So far, you don't see yet the physical evidence, but it will come very soon. I just want to be transparent with you and show you that we are doing what we told you we were going to deliver.

我們看到軟件業務的淨收入在 22 年比 21 年增長了 25%，我們承諾到 2030 年達到 200 億歐元，因此所有這一切都在發生變化。到目前為止，你還沒有看到物證，但它很快就會出現。我只是想對您保持透明，並向您展示我們正在按照我們告訴您的方式進行交付。

If we look at the full electrification ecosystem, it's a rewarding slide, a little bit busy but quite rewarding. And not only we are growing our BEV sales by 41%, which I think in the automotive industry is a very nice number, if not the best. We are currently selling 23 pure BEV models. By the end of this year, '23 will be at 32, by the end of next year, we'll be doubling against '22 at 47 models, BEV. What does it mean? It means that the execution capability of Stellantis, in delivering the ramp-up of the BEV models that we bring to the market. And we told you 75-plus models by 2030, just means that we are perfectly on track.

如果我們看一下完整的電氣化生態系統，那將是一個有益的幻燈片，有點忙但非常有益。不僅如此，我們的 BEV 銷量增長了 41%，我認為這在汽車行業是一個非常不錯的數字，即使不是最好的。我們目前正在銷售 23 款純 BEV 車型。到今年年底，'23 將達到 32，到明年年底，我們將在 47 款 BEV 上比 '22 翻一番。這是什麼意思？這意味著 Stellantis 的執行能力，可以提升我們推向市場的 BEV 模型。我們告訴您到 2030 年將有 75 多個模型，這意味著我們完全走上了正軌。

As you imagine, 47 in 2024 is absolutely the right number to be at 75 by 2030. So the execution capability of the company is a reality. It's not a surprise for me, but perhaps for some of you, and I just would like you to recognize this reality. In the meanwhile, our gigafactories are on. We have selected the 5 sites, Douvrin, Kaiserslautern, Termoli, Windsor, and Kokomo in France, Germany, Italy, Canada and the U.S. We have some very expert partners in addition to ACC, like LG and Samsung.

正如你想像的那樣，2024 年 47 歲是絕對正確的數字，到 2030 年達到 75 歲。所以公司的執行能力是現實的。這對我來說並不奇怪，但也許對你們中的一些人來說，我只是希望你們認識到這個現實。與此同時，我們的超級工廠正在運轉。我們選擇了法國、德國、意大利、加拿大和美國的5個站點，Douvrin、Kaiserslautern、Termoli、Windsor和Kokomo。除了ACC，我們還有一些非常專業的合作夥伴，比如LG和三星。

You see the gigawatt hours capacity of those plants. We are on track to be at 400 gigawatt hours by 2030. And one of the big things that was highlighted a few months ago, which was how do we secure the raw materials has been progressing significantly. You see here a list of 5 companies with which we have signed some strategic deals. It's about securing the supply of lithium, hydroxide, the supply of manganese, sulfate, nickel and cobalt. And we have been securing the supply of those raw materials because we don't want to run out of battery supply, the day the market starts really to achieve what we expect it will achieve.

您會看到這些工廠的千兆瓦時容量。到 2030 年，我們有望達到 400 吉瓦時。幾個月前強調的一件大事，即我們如何確保原材料的安全，已經取得了重大進展。您可以在此處看到與我們簽署了一些戰略交易的 5 家公司的列表。這是關於確保鋰、氫氧化物的供應，以及錳、硫酸鹽、鎳和鈷的供應。我們一直在確保這些原材料的供應，因為我們不想在市場開始真正實現我們預期的那一天耗盡電池供應。

At the same time, we continue to develop our ecosystem of electric components. E-motors. Our JV with Nidec is now live, producing the M3 electric motor that I was mentioning already equipping our B segment BEVs. e-transmission, bringing the electrified DCTs to the market this year. Factorial, working on solid-state batteries for 2026 and Symbio, in which we took a stake to have access to the best fuel cell technology on the stack. So all of this is now being set up.

同時，我們繼續發展我們的電子元件生態系統。電動馬達。我們與 Nidec 的合資企業現已上線，生產我提到的 M3 電動機，它已經配備了我們的 B 級 BEV。電子傳輸，今年將電動 DCT 推向市場。 Factorial，致力於 2026 年和 Symbio 的固態電池，我們在其中持有股份以獲得最好的堆棧燃料電池技術。所以所有這些現在都在設置中。

As you imagine, a few years ago, nothing of this existed. So I just would like to recognize the very strong contribution from our planning team, our purchasing team, our manufacturing team. I can tell you in the backyard, they have been working 24/7 to get this done. And it's also a demonstration that we are not talking about transformation yet. We are doing it. Please realize, we are talking about it. We are just doing it. It's important that we understand that.

正如您想像的那樣，幾年前，這一切都不存在。所以我只想感謝我們的規劃團隊、我們的採購團隊和我們的製造團隊做出的巨大貢獻。我可以在後院告訴你，他們一直在 24/7 全天候工作來完成這項工作。這也表明我們還沒有談論轉型。我們正在做。請意識到，我們正在談論它。我們只是在做。我們明白這一點很重要。

Let's now go to one of our most exciting products, the new All-Electric Ram 1500, the Rev. You have seen it at the CES, it will come by the end of next year. A great deal of functionalities, fantastic design, a fantastic performance in terms of combining payload, towing, speed of charge, and range. And I can tell you, to a certain extent, the fact that we are coming to the market after a few of our respected competitors is something that we are fully leveraging to bring the most competitive BEV pickup truck to the market. This is, of course, a big challenge for our North American teams and their talent and their focus will make the difference. And this is what we try to convey to you at the CES in January this year.

現在讓我們來看看我們最令人興奮的產品之一，新的全電動 Ram 1500，Rev。你已經在 CES 上看到了它，它將在明年年底到來。大量的功能，出色的設計，在結合有效載荷、牽引、充電速度和範圍方面的出色性能。我可以告訴你，在某種程度上，我們在一些受人尊敬的競爭對手之後進入市場這一事實是我們充分利用的事實，將最具競爭力的 BEV 皮卡車推向市場。當然，這對我們的北美團隊來說是一個巨大的挑戰，他們的才能和專注將帶來不同。這就是我們在今年 1 月的 CES 上試圖向您傳達的內容。

From here, I have concluded some of the most impactful highlights. I would like to hand over to our CFO, Richard Palmer, that is going to give you all the necessary explanations on the numbers. Richard, please?

從這裡，我總結了一些最具影響力的亮點。我想交給我們的首席財務官 Richard Palmer，他將為您提供所有必要的數字解釋。理查德，好嗎？

Thank you, Carlos. So moving to Page 20. 5 main metrics for the financials. Our consolidated shipments were down 2%, as mentioned, to 5.8 million units, with lower shipments in Europe, down 8% year-over-year, partially offset by improvements in our other segments. In fact, industry volumes in North America and Europe were down 7% and 12%, respectively, or if we look at the EU30, down 6%, which was in line with our outlook. Middle East and Africa regions were slightly down, while the other regions saw moderate industry growth.

謝謝你，卡洛斯。所以轉到第 20 頁。財務的 5 個主要指標。如前所述，我們的綜合出貨量下降了 2%，至 580 萬台，其中歐洲出貨量較低，同比下降 8%，部分被我們其他部門的改善所抵消。事實上，北美和歐洲的行業銷量分別下降了 7% 和 12%，或者如果我們看看歐盟 30 國，則下降了 6%，這符合我們的預期。中東和非洲地區略有下降，而其他地區則出現溫和的行業增長。

Our combined sales were down 11%, with most brands showing lower sales year-over-year. Despite consolidated shipments being down 2%, our net revenues were up 18% at EUR 180 billion, thanks to strong discipline on pricing, vehicle mix and positive FX translation. Adjusted operating income was EUR 23.3 billion, up 29% and with a margin of 13%. Our industrial free cash flow, as mentioned, reached EUR 10.8 billion, up 78%, including the momentum of the EUR 7.1 billion of net cash synergies which exceeded our merger target 2 years in advance.

我們的合併銷售額下降了 11%，大多數品牌的銷售額同比下降。儘管綜合出貨量下降了 2%，但我們的淨收入增長了 18%，達到 1800 億歐元，這要歸功於嚴格的定價、車輛組合和積極的外匯換算。調整後營業收入為 233 億歐元，增長 29%，利潤率為 13%。如前所述，我們的工業自由現金流達到 108 億歐元，增長 78%，其中包括 71 億歐元的淨現金協同效應，提前 2 年超過了我們的合併目標。

This further strengthened our balance sheet with our industrial net financial position increasing to EUR 25.7 billion. Liquidity was EUR 61.3 billion with a modest reduction versus prior year of EUR 1.4 billion, driven by the early repayment of the EUR 6.3 billion credit facility within [Intesa] Sanpaolo in January of '22, the EUR 3.3 billion dividend distribution in April, and EUR 1.1 billion paid in the repurchase transaction from General Motors regarding their warrants. And that was all largely offset by the strong positive free cash flow for the year.

這進一步加強了我們的資產負債表，我們的工業淨財務狀況增加到 257 億歐元。流動性為 613 億歐元，與上年同期的 14 億歐元相比略有減少，這是由於 [Intesa] Sanpaolo 於 22 年 1 月提前償還了 63 億歐元的信貸額度，4 月分配了 33 億歐元的股息，以及在通用汽車的認股權證回購交易中支付了 11 億歐元。而這一切在很大程度上被當年強勁的正自由現金流所抵消。

In terms of capital returns to shareholders, we intend to pay a EUR 4.2 billion dividend, which is EUR 1.34 per share, following the shareholder approval, and consistent with our dividend policy objective, that maintains a payout ratio of 25% of net profit. And secondly, we announced today that we will begin a share buyback program of up to EUR 1.5 billion to be executed during 2023 in the open market.

在對股東的資本回報方面，我們打算在股東批准後支付 42 億歐元的股息，即每股 1.34 歐元，並且與我們的股息政策目標一致，將派息率維持在淨利潤的 25%。其次，我們今天宣布，我們將開始一項高達 15 億歐元的股票回購計劃，將於 2023 年在公開市場上執行。

Moving to Page 21. We show the rest of the P&L. So from AOI to operating income, we reached EUR 20 billion. We incurred unusual charges of EUR 3.3 billion in 2022, with approximately EUR 1.3 billion in the second half. For the full year, the accruals for restructuring accounted for about 1/3 of that number and were primarily related to European operations, approximately EUR 1 billion was recognized for an extension of the Takata airbags recall campaign, primarily in Europe and North America and another EUR 0.7 billion was related to the increase in the provision for U.S. CAFE penalties that we booked in the first half related to the issuance of the final rule by NHTSA in March.

移至第 21 頁。我們展示了損益表的其餘部分。所以從 AOI 到營業收入，我們達到了 200 億歐元。我們在 2022 年產生了 33 億歐元的異常費用，下半年約為 13 億歐元。全年，重組應計費用約佔該數字的 1/3，主要與歐洲業務相關，確認約 10 億歐元用於延長高田安全氣囊召回活動，主要在歐洲和北美以及另一個7 億歐元與我們在上半年登記的美國 CAFE 罰款準備金增加有關，這與 3 月份 NHTSA 發布最終規則有關。

Financial charges for the year were EUR 768 million, slightly up, reflecting higher FX and hedging costs in Argentina and negative impacts from hydro inflation in Turkey, partially offset by increased cash returns on our financial investments as interest rates increased. Our equity method income was EUR 0.5 billion lower this year due to the EUR 300 million noncash impairment recognized in H1 related to the GAC-Stellantis JV exit and an estimated loss of EUR 130 million as we go through the sale of our FCA Bank portfolio to Credit Agricole, which transaction will be completed in the first half of 2023.

本年度的財務費用為 7.68 億歐元，略有上升，反映了阿根廷較高的外彙和對沖成本以及土耳其水電通貨膨脹的負面影響，部分被我們的金融投資現金回報隨著利率上升而增加所抵消。我們今年的權益法收入減少了 5 億歐元，原因是上半年確認了與 GAC-Stellantis 合資企業退出相關的 3 億歐元非現金減值，以及我們將 FCA 銀行投資組合出售給 1.3 億歐元的估計損失法國農業信貸銀行，該交易將於 2023 年上半年完成。

Tax expense was up EUR 790 million at EUR 2.7 billion, resulting in a 14% effective tax rate, more or less aligned with the prior year. As a result, net income was EUR 16.8 billion. Moving to Page 22. We look at the revenue development. As we mentioned, we're up 18%. If we take out FX translation, we're up 11%. We had a EUR 2.8 billion negative impact on volumes, driven by a 234,000 unit decrease in Europe, partially offset by cumulative 90,000 unit increase across the other regions.

稅收支出增加 7.9 億歐元，達到 27 億歐元，有效稅率為 14%，與上一年基本持平。因此，淨收入為 168 億歐元。轉到第 22 頁。我們看一下收入的發展。正如我們提到的，我們上漲了 18%。如果我們剔除外匯換算，我們上漲了 11%。我們對銷量產生了 28 億歐元的負面影響，這是由於歐洲減少了 234,000 輛，部分被其他地區累計增加 90,000 輛所抵消。

Net pricing actions delivered an 8% performance gain year-over-year or EUR 12 billion, with all segments contributing positively and split relatively evenly across our 3 engines, North America, Extended Europe and South America plus AMEA plus China and India and Asia Pacific. Vehicle line mix was also positive, adding another EUR 4.9 billion coming from Europe and North America and in Europe, in particular, partly due to a higher electrified vehicle penetration. EUR 10 billion was added due to FX translation of a stronger dollar and Brazilian real, more than offsetting the devaluation of Turkish lira. Completing the work, we had a positive EUR 2.9 billion in the other category, primarily due to lower volumes of sales with buyback commitments in our European business and Parts and Service revenue growth.

淨定價行動帶來了 8% 的業績同比增長或 120 億歐元，所有部門都做出了積極貢獻，並在我們的 3 個引擎中相對平均地分配，北美、歐洲和南美加上 AMEA 加上中國、印度和亞太地區.汽車產品線組合也很積極，另外增加了 49 億歐元來自歐洲和北美，尤其是歐洲，部分原因是電動汽車普及率更高。由於美元和巴西雷亞爾走強的外匯換算，增加了 100 億歐元，足以抵消土耳其里拉貶值的影響。完成這項工作後，我們在其他類別中獲得了 29 億歐元的收益，這主要是由於我們歐洲業務的回購承諾以及零部件和服務收入增長導致銷售額下降。

Moving to Page 23. Looking at the AOI development, and we get from our 11.8% margin last year to our 13.0% margin this year. Lower industry volumes in North America and Europe had a negative impact of about EUR 2.8 billion compared to the prior year. Net pricing actions, as I mentioned, in all segments, led us to a EUR 12.4 billion positive item. Vehicle line mix was positive due to EUR 0.8 billion in Europe and EUR 0.3 billion in South America. Those improvements allowed us to offset the negative impact from market share losses in North America due to continued supply chain constraints, particularly in the second half and logistics challenges, primarily in Europe.

轉到第 23 頁。看看 AOI 的發展，我們的利潤率從去年的 11.8% 上升到今年的 13.0%。與上一年相比，北美和歐洲較低的行業銷量產生了約 28 億歐元的負面影響。正如我所提到的，所有細分市場的淨定價行動使我們獲得了 124 億歐元的正項。由於歐洲的 8 億歐元和南美洲的 3 億歐元，汽車產品線組合是積極的。這些改進使我們能夠抵消由於持續的供應鏈限制，特別是下半年和主要在歐洲的物流挑戰而導致的北美市場份額損失的負面影響。

Industrial costs were negative EUR 9.1 billion, primarily driven by increased raw material costs of EUR 6.5 billion, with a sequentially higher impact in H2, but roughly in line with our full year estimate. We are also negatively impacted by energy cost inflation in Europe and other supply economics in the second half.

工業成本為負 91 億歐元，主要受原材料成本增加 65 億歐元的推動，下半年的影響環比增加，但大致符合我們的全年預期。下半年，我們還受到歐洲能源成本通脹和其他供應經濟的負面影響。

SG&A was down in enlarged Europe by EUR 0.6 billion and in North America by EUR 0.2 billion, driven by continued cost containment and simplification of the organizational structure. R&D costs were up about EUR 300 million. And in the last bucket, we have an impact of EUR 3.4 billion due to the change in dealer stock levels year-over-year, which is -- which had a significant reduction in inventories in '21 and an increase in '22, as we replenished our dealer inventory levels, which we will look at in the further slides.

在持續的成本控制和組織結構簡化的推動下，擴大後的歐洲的 SG&A 減少了 6 億歐元，北美減少了 2 億歐元。研發成本增加了約 3 億歐元。在最後一個桶中，由於經銷商庫存水平同比變化，我們產生了 34 億歐元的影響，即 21 年庫存顯著減少，22 年庫存增加，因為我們補充了我們的經銷商庫存水平，我們將在進一步的幻燈片中查看。

Good progress on further diversifying our profit drivers, as Carlos mentioned, with 83% of group AOI from North America and in enlarged Europe down from 89% in 2021 as we saw higher-than-average growth in South America, Middle East and Africa, China and India Pacific and Maserati.

正如 Carlos 提到的，在進一步實現利潤驅動因素多元化方面取得了良好進展，83% 的集團 AOI 來自北美和擴大後的歐洲，低於 2021 年的 89%，因為我們看到南美、中東和非洲的增長高於平均水平，中印太平洋和瑪莎拉蒂。

Lastly, H2 margins were 12%, down 210 basis points versus H1. This reduction was driven by a reduction in North America margins as well as European margins and South America. In both North America and in enlarged Europe sequential pricing was still positive but was offset by the negative volumes and higher sequential industrial costs, which caught up with the price increases we had taken earlier in the cycle.

最後，H2 利潤率為 12%，比 H1 下降 210 個基點。這一下降是由北美利潤率下降以及歐洲利潤率和南美洲利潤率下降推動的。在北美和擴大後的歐洲，連續定價仍然是正的，但被負銷量和更高的連續工業成本所抵消，這趕上了我們在周期早期採取的價格上漲。

Moving to Page 24. We start with the regions, North America. North America had a very strong year, reaching 16.4% margins with both increases in the topline and in marginality. The industry was down more than 7% with our sales down 11% as commented earlier, with Jeep down 11% and Ram down 13%. Consolidated shipments nonetheless, were up 2% year-over-year to 1.9 million units as dealer inventory levels recovered from the especially low levels of 2021. We had a substantial improvement in our net revenues, up 23% due to the impacts of a strong net pricing, positive vehicle mix due to increased Grand Wagoneer and Wagoneer volumes and the transition to the new Grand Cherokee from the prior version as well as approximately EUR 9 billion of favorable FX translation.

轉到第 24 頁。我們從北美地區開始。北美地區的表現非常強勁，利潤率達到 16.4%，收入和邊際利潤均有所增長。如前所述，該行業下降了 7% 以上，我們的銷售額下降了 11%，Jeep 下降了 11%，Ram 下降了 13%。儘管如此，由於經銷商庫存水平從 2021 年的特別低水平恢復，綜合出貨量同比增長 2% 至 190 萬台。由於強勁的影響，我們的淨收入有了顯著改善，增長了 23%淨定價、由於 Grand Wagoneer 和 Wagoneer 銷量增加而帶來的積極車輛組合以及從之前版本向新大切諾基的過渡以及約 90 億歐元的有利外匯換算。

In terms of profitability, increased raw materials, components and logistics costs were more than offset through net pricing and mix improvements, leading to a record EUR 14 billion AOI and 16.4% margin. It's important to note that the second half was more impacted by supply constraints with shipments down sequentially 57,000 units and industrial impacts more negative than H1 due to raw materials, manufacturing performance and other inflation effects from direct materials and logistics. However, with the continued strong net pricing, we posted a strong 14.7% H2 margin.

在盈利能力方面，增加的原材料、零部件和物流成本被淨定價和組合改進所抵消，導致創紀錄的 140 億歐元 AOI 和 16.4% 的利潤率。值得注意的是，下半年受到供應限制的影響更大，出貨量環比下降 57,000 台，而且由於原材料、製造性能以及直接材料和物流的其他通脹影響，工業影響比上半年更為負面。然而，隨著淨定價持續走強，我們公佈了 14.7% 的強勁 H2 利潤率。

Moving to the next page, we look at enlarged Europe. We were impacted in the region by continued unfilled semiconductor orders as well as outbound logistics challenges in the second half of the year, leading to market share losses in EU30, down 3 points sequentially to 18.2%. And for the second half.

翻到下一頁，我們看看擴大後的歐洲。今年下半年，我們在該地區受到持續未完成的半導體訂單以及出境物流挑戰的影響，導致歐盟 30 國的市場份額下降 3 個百分點至 18.2%。而對於下半場。

Our teams are continuously working to resolve these challenges. With respect to logistics, we have secured additional capacities and continue to strengthen our mid- and long-term partnerships with third-party transportation customers, while at the same time, improving our fulfillment processes.

我們的團隊正在不斷努力解決這些挑戰。在物流方面，我們獲得了額外的能力，並繼續加強與第三方運輸客戶的中長期合作夥伴關係，同時改善我們的履行流程。

Despite lower shipments down 234,000 units or 8% we were able to increase our net revenues by 7% to EUR 63.3 billion through net pricing actions, up 7% and favorable vehicle mix supported by our renewed and electrified lineup. We also benefited from the successful launch of the Alfa Romeo Tonale, which represented more than half of the volumes for Alfa Romeo in H2. Thanks to this performance on the topline and positive effects from cost containment actions and used car profitability, we were able to more than offset the negative impact of industrial costs, of which EUR 2.9 billion came from raw materials and EUR 0.9 billion from energy inflation, with the remaining primarily related to component and logistic cost increases.

儘管出貨量下降了 234,000 輛或 8%，但通過淨定價行動，我們的淨收入增加了 7%，達到 633 億歐元，增長了 7%，並且在我們更新的電氣化產品陣容的支持下，我們的車輛組合也很有利。我們還受益於阿爾法羅密歐 Tonale 的成功推出，該車型占下半年阿爾法羅密歐銷量的一半以上。得益於這一業績表現以及成本控制措施和二手車盈利能力的積極影響，我們能夠抵消工業成本的負面影響，其中 29 億歐元來自原材料，9 億歐元來自能源通脹，其餘主要與組件和物流成本增加有關。

AOI margin closed just below the double-digit mark at 9.9% for the full year, an outstanding result achieved just 2 years after the merger and boding well for the future profitability in the region. Sequential margins were down from the 10.4% in H1 due to higher -- due to volumes down 98,000 units and industrial costs increasing due to raw materials and other inflation on components, logistics and energy.

全年 AOI 利潤率收於略低於兩位數的水平，為 9.9%，這是合併僅 2 年後取得的出色成績，預示著該地區未來的盈利能力。環比利潤率低於上半年的 10.4%，原因是銷量下降 98,000 輛，而工業成本因原材料和零部件、物流和能源的其他通貨膨脹而增加。

Moving to Middle East and Africa on Page 26. The region doubled its adjusted operating income to EUR 1.1 billion, continuing the trend from 2021, which was up over 80%. Despite industry sales declining 1%, our market share improved 20 basis points, thanks to growth in sales for Opel, Fiat and Ram. Consolidated shipments were up 4% to 283,000 units, mainly due to higher shipments for Opel models such as Mokka, Corsa and Crossland X. Net revenues were up 24% at EUR 6.5 billion with net pricing actions and market mix more than offsetting the negative impact from the Turkish lira devaluation.

轉到第 26 頁的中東和非洲。該地區的調整後營業收入翻了一番，達到 11 億歐元，延續了 2021 年以來的增長趨勢，增幅超過 80%。儘管行業銷售額下降了 1%，但由於歐寶、菲亞特和 Ram 的銷售額增長，我們的市場份額提高了 20 個基點。合併出貨量增長 4% 至 283,000 輛，這主要是由於 Mokka、Corsa 和 Crossland X 等歐寶車型的出貨量增加。淨收入增長 24% 至 65 億歐元，淨定價行動和市場組合抵消了負面影響由於土耳其里拉貶值。

Standout profitability of 17.8% AOI margin was achieved in H2, representing a 230 basis point sequential improvement and leading to a full year margin of 16.7%, further underpinning our view of the bright prospects for this region.

下半年實現了 17.8% 的 AOI 利潤率，環比提高 230 個基點，全年利潤率為 16.7%，進一步鞏固了我們對該地區光明前景的看法。

Moving to Page 27. We look at South America, where the team also achieved significant growth in AOI, up 130% in 2022 following a fivefold improvement in 2021. We reinforced our leading position in the region and its key markets with market shares in Brazil, Argentina and Chile standing at around 33%, 31% and 11%, respectively.

轉到第 27 頁。我們看看南美，該團隊在 AOI 方面也取得了顯著增長，在 2021 年增長了五倍之後，到 2022 年增長了 130%。我們鞏固了我們在該地區及其主要市場的領先地位，並在巴西佔據了市場份額、阿根廷和智利分別佔 33%、31% 和 11% 左右。

In addition to the Fiat and Jeep Brands leadership, we also benefited from the success of Peugeot and Ram brands, which improved their shares in the region by 60 and 20 basis points, respectively. Consolidated shipments were up 3%, 859,000 units, primarily due to strong demand for 3 of all our all new locally produced vehicles. The Fiat Pulse, the Jeep Commander and the Citroën C3 as well as higher Peugeot 208 volumes. Net revenues increased by 46% to EUR 15.6 billion, supported by strong net pricing and vehicle mix as well as FX translation.

除了菲亞特和吉普品牌的領導地位，我們還受益於標致和 Ram 品牌的成功，它們在該地區的份額分別提高了 60 和 20 個基點。綜合出貨量增長 3%，達到 859,000 輛，這主要是由於對我們所有新的本地生產車輛中的 3 輛的強勁需求。 Fiat Pulse、Jeep Commander 和 Citroën C3 以及更高容量的 Peugeot 208。在強勁的淨定價和車輛組合以及外匯轉換的支持下，淨收入增長了 46%，達到 156 億歐元。

Our strong commercial performance in the region allowed us to offset EUR 1 billion of additional industrial costs, including EUR 0.8 billion for raw materials, leading to more than EUR 2 billion AOI, more than doubling from last year. Margins were strong at 13.1%, up from 8.3% last year.

我們在該地區強勁的商業表現使我們能夠抵消 10 億歐元的額外工業成本，其中包括 8 億歐元的原材料成本，導致超過 20 億歐元的 AOI，比去年翻了一番多。利潤率為 13.1%，高於去年的 8.3%。

Moving to Page 28. We look at China and India and Asia Pacific and Maserati. Strong net pricing in China and India Asia Pacific was the main driver for the 48% increase in adjusted operating income, along with favorable vehicle mix, mostly due to higher volumes for Jeep Grand Cherokee L, Meridian and Ram 1500.

轉到第 28 頁。我們關注中國、印度、亞太地區和瑪莎拉蒂。中國和印度強勁的淨定價亞太地區是調整後營業收入增長 48% 以及有利的車輛組合的主要驅動力，這主要是由於吉普大切諾基 L、Meridian 和 Ram 1500 的銷量增加。

Our net pricing efforts throughout the year helped us to reach a 15.5% AOI margin in the second half of the year, up 210 basis points versus H1 and bringing the full year margin to 14.5%. Also great steps forward for Maserati, achieving double-digit AOI H2 at 10.1%. For the year, AOI almost doubled to EUR 200 million, thanks to favorable net pricing and vehicle mix due to the success of the MC20 and the All-New Grecale.

我們全年的淨定價努力幫助我們在今年下半年達到 15.5% 的 AOI 利潤率，比上半年提高 210 個基點，使全年利潤率達到 14.5%。瑪莎拉蒂也向前邁出了一大步，實現了兩位數的 AOI H2，達到 10.1%。今年，AOI 幾乎翻了一番，達到 2 億歐元，這要歸功於 MC20 和全新 Grecale 的成功帶來的有利淨定價和車輛組合。

Moving to our cash flow on Page 29. Cash flow was up 78% to EUR 10.8 billion, as we mentioned, with a strong contribution from EUR 7.1 billion of net cash synergies. Our EBITDA margin was at 16.7% for the year, 1 point better than last year and both an additional EUR 6.1 billion of profitability year-over-year. CapEx and capitalized R&D were EUR 1.7 billion lower, primarily due to timing and synergy realizations, which were around EUR 4 billion in the year. Adding expensed R&D., total CapEx and R&D spending represented about 6.6% of 2022 net revenues, down from last year at 8.6%.

轉到第 29 頁的現金流量。正如我們提到的，現金流量增長了 78%，達到 108 億歐元，其中 71 億歐元的淨現金協同效應做出了巨大貢獻。我們全年的 EBITDA 利潤率為 16.7%，比去年高出 1 個百分點，而且利潤同比增加了 61 億歐元。資本支出和資本化研發減少了 17 億歐元，這主要是由於時機和協同效應的實現，當年約為 40 億歐元。加上費用化研發，總資本支出和研發支出佔 2022 年淨收入的 6.6% 左右，低於去年的 8.6%。

We expect the percentage to be back at around 8% of revenues in 2023. We also had a EUR 4.8 billion negative impact from the change in net working capital due to a 134,000 increase in company vehicle inventories and increased trade receivables mainly due to a reduction in the level of factoring, partially offset by higher trade payables.

我們預計該百分比將在 2023 年恢復到收入的 8% 左右。淨營運資本的變化也給我們帶來了 48 億歐元的負面影響，原因是公司車輛庫存增加了 134,000 輛，貿易應收賬款增加主要是由於減少在保理水平上，部分被較高的貿易應付賬款所抵消。

Negative working capital balance was reduced from EUR 13.8 billion to EUR 9.4 billion due to the reduced factoring and increased vehicle inventory. Moving to the vehicle inventory on Page 30. As we've talked about, we continue to face outbound logistics challenges primarily in Europe, which impacted vehicle deliveries to our dealers and customers, particularly in the second half. Since the end of Q3, we reduced our company-owned inventory from 275,000 to 230,000 units with dealer inventories increasing from 651,000 to 844,000 units.

由於保理業務減少和車輛庫存增加，負營運資金餘額從 138 億歐元減少至 94 億歐元。轉到第 30 頁的車輛庫存。正如我們所討論的，我們繼續面臨主要在歐洲的出站物流挑戰，這影響了向我們的經銷商和客戶交付的車輛，尤其是在下半年。自第三季度末以來，我們將公司庫存從 275,000 台減少到 230,000 台，經銷商庫存從 651,000 台增加到 844,000 台。

We expect the situation in Europe to continue to improve through the first half of this year with a substantial improvement in Q1. Moving to our industry outlook and guidance on Page 31. We see moderate growth in all regions, even if the backdrop continues to be volatile. With regards to our guidance, we expect to continue to operate with double-digit AOI margins in 2023, leveraging our strong momentum and operating efficiencies gained over the past 2 years to offset headwinds which include improving but still disruptive semiconductors availability, supply chain and logistics constraints, especially in H1 as well as higher energy and labor costs.

我們預計歐洲的情況將在今年上半年繼續改善，第一季度將有實質性改善。轉到我們第 31 頁的行業展望和指導。我們看到所有地區都在溫和增長，即使背景繼續動盪。關於我們的指導，我們預計到 2023 年將繼續以兩位數的 AOI 利潤率運營，利用我們在過去 2 年中獲得的強勁勢頭和運營效率來抵消逆風，包括改善但仍然具有破壞性的半導體可用性、供應鍊和物流限制，特別是在上半年以及更高的能源和勞動力成本。

As mentioned earlier, in 2022, we incurred total industrial cost inflation items of around EUR 9.5 billion, of which EUR 6.5 billion were raw materials, which we more than offset with strong positive pricing. In 2023, we expect a much lower raw material impact in particular, due to more favorable steel price. Carryover pricing will be a tailwind, but we do not envisage further price increases at the level seen in the last 2 years. We will continue to maintain strict pricing discipline. Opportunities for industrial efficiencies need to be addressed as the supply situation continues to slowly improve and the outbound logistics issues are resolved.

如前所述，2022 年，我們的工業成本通脹項目總額約為 95 億歐元，其中 65 億歐元是原材料，我們通過強勁的積極定價抵消了這些成本。到 2023 年，由於鋼材價格更加有利，我們預計原材料的影響將大大降低。結轉定價將是順風，但我們預計價格不會進一步上漲至過去 2 年的水平。我們將繼續保持嚴格的定價紀律。隨著供應情況繼續緩慢改善和出境物流問題得到解決，需要抓住提高工業效率的機會。

Industrial free cash flows will be positive with increased investments in CapEx and R&D, plus higher levels of investment in battery JVs and associated supply chain, offset by improving working capital compared to 2022. Thank you for your attention. I now hand back to Carlos.

隨著資本支出和研發投資的增加，以及對電池合資企業和相關供應鏈的更高水平的投資，與 2022 年相比，營運資本的改善抵消了工業自由現金流。感謝您的關注。我現在交還給卡洛斯。

Well, thank you, thank you, Richard, for this detailed explanations. Let's now step back and wrap up this first part of our presentation, and have a look at the way we are executing our Dare Forward 2030 strategic plan.

好吧，謝謝你，理查德，謝謝你的詳細解釋。現在讓我們退後一步，結束我們演示的第一部分，看看我們執行 Dare Forward 2030 戰略計劃的方式。

Looking at the 3 major pillars: care, tech and value, it is fair to say that on the care pillar, we are on our way to achieve our carbon net-zero result by 2038. We reduced our carbon footprint by 11% in 1 year, only in '22. We improved our quality -- our product quality sharply by reducing by 30% the number of incidents in the first 3 months of usage, we have now 27% of our leadership positions, which are held by women, and we target 30% by '25. And 100% of our HR processes have been aligned with diversity and inclusion commitments.

看看三大支柱：關懷、技術和價值，可以公平地說，在關懷支柱上，我們正朝著到 2038 年實現碳淨零的目標邁進。我們在 1 年內將碳足跡減少了 11%年，僅在'22。我們提高了質量——我們的產品質量在頭 3 個月的使用中減少了 30% 的事故數量，我們現在有 27% 的領導職位由女性擔任，我們的目標是 30% 25.我們 100% 的人力資源流程都符合多元化和包容性承諾。

So on the care pillar, we are on track. On the tech pillar, as you have seen, our BEV sales are up 41%, and we will double the number of BEVs on sale by '24 against '22. And the ramp-up of our BEV models is absolutely on track with the plan. We are now taking strong positions as a front runner on the hydrogen fuel cell power trains. We consider that we are progressing well on our 3 world-class software platforms as much as on our AI partnerships with the aiMotive acquisition. And we have invested in no less than 10 start-ups using our Stellantis venture arm and 3 of those projects will be launched this year.

所以在關懷支柱上，我們走上了正軌。在技術支柱上，正如您所見，我們的 BEV 銷量增長了 41%，我們將在 24 年和 22 年之間將銷售的 BEV 數量翻一番。我們的 BEV 車型的升級完全按照計劃進行。我們現在在氫燃料電池動力系統上處於領先地位。我們認為，我們在 3 個世界級軟件平台上取得的進展與我們與 aiMotive 收購的 AI 合作夥伴關係一樣好。我們已經使用 Stellantis 風險投資部門投資了至少 10 家初創企業，其中 3 個項目將於今年啟動。

In terms of value creation, we are moving forward and fast forward with our U.S. financial service operations. This is exactly what we wanted to deliver. And I must say that we are pleased with the progress. We have 7 accretive businesses, which have been prioritized to complement the core business, and those businesses are growing year-over-year. We see that all regions are now growing and delivering record profitability, and we see also that our overseas club outside of Europe and North America is now getting ready to become the third engine of our company with a 34% net revenue growth year-over-year.

在價值創造方面，我們的美國金融服務業務正在向前推進。這正是我們想要提供的。我必須說，我們對進展感到滿意。我們有 7 項增值業務，這些業務已被優先補充核心業務，而且這些業務每年都在增長。我們看到所有地區現在都在增長並創造了創紀錄的盈利能力，我們還看到我們在歐洲和北美以外的海外俱樂部現在正準備成為我們公司的第三引擎，淨收入同比增長 34%-年。

So last, what should we take away from this presentation? I would like to share with you 3 numbers. We are one company, one Stellantis. We are all moving in the same direction at the same pace. The direction is given by the strategic plan. People get it and we are blessed with a EUR 7.1 billion of net cash merger synergies, which means that this merger is a bottom-up-driven merger. And I would like again to thank our employees for their maturity, for their understanding of what this represents for the future of our company.

最後，我們應該從這個演示文稿中得到什麼？我想與您分享 3 個數字。我們是一家公司，一家 Stellantis。我們都在以同樣的速度朝著同一個方向前進。方向由戰略計劃給出。人們明白這一點，我們有幸擁有 71 億歐元的淨現金合併協同效應，這意味著這次合併是自下而上驅動的合併。我要再次感謝我們的員工，感謝他們的成熟，感謝他們理解這對我們公司的未來意味著什麼。

Point number two, we are fast progressing on Dare Forward 2030, and of course, the 41% BEV sales growth rate is demonstrating that, but the fact that between now and next year, we are going to double the number of BEV models is also very representative of the fact that we are not talking about transformation. We are doing it.

第二點，我們在 Dare Forward 2030 上取得了快速進展，當然，41% 的純電動汽車銷量增長率證明了這一點，但從現在到明年，我們將把純電動汽車車型的數量翻一番，這也證明了這一點非常有代表性的事實是我們不是在談論轉型。我們正在做。

And last but not least, our company is more than ever an all-weather company, a company that is highly resilient, highly focused, hard working. We all move in the same direction at the same pace because we are one company. And the best way to express that is to remind you that most probably, we are the benchmark of the automotive industry with a 40% breakeven point in our business, 40% against revenues, of course. That means that the company is really strong. It's robust. It's transforming itself. It has the right technology, the right people, the right leadership, that means that we represent a significant potential for the future.

最後但同樣重要的是，我們公司比以往任何時候都更像是一家全天候公司，一家具有高度彈性、高度專注和勤奮工作的公司。因為我們是一家公司，所以我們所有人都以相同的速度朝著相同的方向前進。最好的表達方式是提醒您，我們很可能是汽車行業的標杆，我們的業務盈虧平衡點為 40%，當然，收入為 40%。這意味著公司真的很強大。它很堅固。它正在改變自己。它擁有合適的技術、合適的人員和合適的領導，這意味著我們代表著未來的巨大潛力。

We very much thank you for your attention, for your focus. We are now ready for your questions. Thank you.

我們非常感謝您的關注和關注。我們現在準備好回答您的問題了。謝謝。

(Operator Instructions)

（操作員說明）

We'll now take our first question from Thomas Besson at Kepler Cheuvreux.

現在，我們將接受 Kepler Cheuvreux 的托馬斯·貝松 (Thomas Besson) 提出的第一個問題。

It's Thomas from Kepler Cheuvreux. I have 3 questions, please. Firstly, I'd like to start on cash returns. Could you explain what drove finally your decision to go for a specific '23 buyback of EUR 1.5 billion and give us your view on the possibility to eventually spin at one point in 2024, 2025, should the market continue to value luxury OEMs so differentially to (inaudible). Second question, I'd like to have a bit more comments about 2023 inflationary headwinds and offsets for Stellantis as well as comments on what we should expect in terms of Stellantis market share development by region, notably in Europe, as you saw your logistic issues and you get the normalization of your production.

我是 Kepler Cheuvreux 的 Thomas。我有3個問題，請。首先，我想從現金回報開始。您能否解釋是什麼促使您最終決定進行 15 億歐元的特定 '23 回購，並向我們介紹您對最終在 2024 年、2025 年某個時間點回購的可能性的看法，如果市場繼續對奢侈品 OEM 的估值與（聽不清）。第二個問題，我想對 Stellantis 的 2023 年通貨膨脹逆風和抵消發表更多評論，並就我們在 Stellantis 市場份額發展方面的預期（按地區，特別是歐洲）發表評論，正如您所看到的物流問題然後您就可以正常化生產。

And finally, a small question about contributions to be expected and cash requirements needed for some of your site businesses, notably the U.S. [Finco] and Symbio. I think you've mentioned you took a stake in the company. I think it's still being discussed. So if you can say a bit more about that, that would be interesting as also cash returns, a bit more on the guidance and the U.S. Finco and Symbio.

最後，關於您的一些站點業務（尤其是美國 [Finco] 和 Symbio）的預期捐款和現金需求的小問題。我想你已經提到你持有公司的股份。我認為它仍在討論中。因此，如果你能多說一點，現金回報也會很有趣，更多關於指導和美國 Finco 和 Symbio 的信息。

Well, thank, Thomas. Thank you for your 3 very important questions. I would like to start with the second one about the inflation in '23 and the market share in Europe, and then I will hand it back to Richard for the share buyback decision, that, by the way, was discussed at the Board level and decided with the full support of the Board. And I will take it back for the Symbio case later on.

好吧，謝謝，托馬斯。感謝您提出 3 個非常重要的問題。我想從第二個關於 23 年的通貨膨脹和歐洲市場份額的問題開始，然後我將把它交還給理查德以做出股票回購決定，順便說一下，該決定在董事會層面進行了討論，在董事會的全力支持下決定。稍後我會為 Symbio 案例收回它。

So what can we expect from 2023. First, the growing interest rates are now triggering some kind of slowdown of the economy. We can see it. We can see that some of the raw materials are cooling down in terms of inflation and some of them are even going down, which means that this is going to be a good contribution to the reduction of the total production cost, which is exactly what we have in the plan, which is to reduce our total production cost at a faster pace than the erosion of pricing power. That's what we are trying to see, and to execute. And I think this is already showing some results.

那麼我們對 2023 年有何期待？首先，不斷上升的利率正在引發某種程度的經濟放緩。我們可以看到它。我們可以看到一些原材料在通貨膨脹方面正在降溫，有些甚至在下降，這意味著這將對降低總生產成本做出很好的貢獻，這正是我們有在計劃中，這是以比定價權侵蝕更快的速度降低我們的總生產成本。這就是我們試圖看到和執行的。我認為這已經顯示出一些結果。

We see that our total production cost tends to stabilize over the last few months, which is the expected consequence of the rise of the interest rates. And we believe that, that will continue in that direction. Of course, as you pointed out, there is now a rebalancing between the supply and the demand. We have now a significant amount of cars in our dealer network yards. I think we are close to 1 million cars in the dealer network, which means that the supply is back which means now the supply in the dealer yards, I'm not talking about the pipe or in transit, I'm talking about what you can find in the dealerships. The supply is there, which means that we have already the sales and marketing tools to start fixing the market share in Europe.

我們看到我們的總生產成本在過去幾個月趨於穩定，這是利率上升的預期結果。我們相信，這將繼續朝著這個方向發展。當然，正如你所指出的，現在供需之間正在重新平衡。現在，我們的經銷商網絡院子裡有大量汽車。我認為我們在經銷商網絡中有接近 100 萬輛汽車，這意味著供應回來了，這意味著現在經銷商場地的供應，我不是在談論管道或運輸中，我在談論你可以在經銷商處找到。供應就在那裡，這意味著我們已經擁有開始固定歐洲市場份額的銷售和營銷工具。

While we continue to execute more robust fix on the outbound logistics, which is not over. We are working on the IS platform, the outbound logistics platform that we call internally the OBT platform. We still have a few bugs that we are now taking care of and there is a specific task force taking care of those bugs for that software platform to be fully operational and rigorously operational. We are asking more and working more with our partners to have a better capacity on their side.

雖然我們繼續對出站物流執行更強有力的修復，但這還沒有結束。我們在做IS平台，也就是我們內部稱之為OBT平台的出庫物流平台。我們仍然有一些我們現在正在處理的錯誤，並且有一個特定的工作組正在處理這些錯誤，以使該軟件平台能夠全面運行並嚴格運行。我們要求更多，並與我們的合作夥伴進行更多合作，以提高他們的能力。

We are also reinforcing our own capability. As you know, we have an outbound logistic company that we call [iFast]. This company has a significant potential to grow, and we are reinforcing our investments in that company to make sure that we put ourselves out of trouble very soon. my guesstimation is that those operational issues will be fixed within the first quarter of this year, so very soon. And we'll make sure that we fix them in the robust way so that they don't backfire on us later on.

我們也在加強我們自己的能力。如您所知，我們有一家出境物流公司，我們稱之為【iFast】。這家公司具有巨大的發展潛力，我們正在加強對該公司的投資，以確保我們很快擺脫困境。我的猜測是，這些運營問題將在今年第一季度內得到解決，非常快。我們將確保我們以可靠的方式修復它們，以免它們以後不會適得其反。

But while I'm saying this, I also need to recognize that the number of cars we have in the dealer yards is already quite significant. So there is room to improve our market share immediately. That's what I can answer to your question. I would like to go back to the share buyback topic and hand over to Richard, please.

但在我這麼說的同時，我還需要認識到，我們在經銷商場擁有的汽車數量已經相當可觀。因此，我們的市場份額有立即提高的空間。這就是我可以回答你的問題。我想回到股票回購主題，請交給理查德。

Thank you, Carlos. I think Thomas, when we talked about our plan, Dare Forward 2030, we talked about buying back around 5% of our share capital through the period of the plan through '25. We bought back 69 million shares as we bought back the shares for the exercise of the GM warrants. So basically, the EUR 1.5 billion would be the complement to get us to 5%. I think that's really the very basic logic of the EUR 1.5 billion. I think where we are today with our balance sheet, very strong, very good cash flow performance in 2022, and strong momentum in the business.

謝謝你，卡洛斯。我認為 Thomas，當我們談到我們的計劃 Dare Forward 2030 時，我們談到在 25 年之前的計劃期間回購大約 5% 的股本。我們回購了 6900 萬股股票以行使 GM 認股權證。所以基本上，15 億歐元將是使我們達到 5% 的補充。我認為這確實是 15 億歐元的最基本邏輯。我認為我們今天的資產負債表、2022 年非常強勁、非常好的現金流表現以及強勁的業務勢頭。

We believe that it was a reasonable signal to shareholders in the market of the confidence of the company. So no other particular magic behind the EUR 1.5 billion other than it's the complement of the 5%. For '24-'25, I think we'll see as we continue to operate, right? It's all about performance and cash flow.

我們認為，這是向市場股東發出的對公司信心的合理信號。因此，除了 5% 的補充之外，15 億歐元背後沒有其他特別的魔法。對於'24-'25，我想我們會繼續運營，對吧？一切都與績效和現金流有關。

Our cash flow was very strong in '22, notwithstanding we had, as you saw in the walk across EUR 4.8 billion of negative impact from working capital. We will have higher investments, as I mentioned, in 2023, both for our CapEx and R&D and for the capitalization of some of the electrification related joint ventures on batteries, in particular, and of the U.S. Finco , which you asked about, and I'll tell you the number this year should be about EUR 0.7 billion of injection of equity into the Finco in the U.S. this year.

我們的現金流在 22 年非常強勁，儘管正如您看到的那樣，營運資金帶來了 48 億歐元的負面影響。正如我提到的，我們將在 2023 年進行更高的投資，包括我們的資本支出和研發，以及一些與電氣化相關的電池合資企業的資本化，特別是美國 Finco 的資本化，你問過，我告訴你今年的數字應該是今年向美國Finco注資7億歐元左右。

So I think we're very confident about the cash flow generation for this year, but we're not going to commit to prolonged share buyback at this stage. We're quite happy to be able to do this buyback this year. And obviously, our intention is to continue to reward shareholders for their loyalty and try and show our confidence in the business and the market may recognize the lack of valuation on our stock price.

所以我認為我們對今年的現金流產生非常有信心，但我們不會在現階段承諾延長股票回購。我們很高興今年能夠進行這次回購。顯然，我們的意圖是繼續獎勵股東的忠誠度，並嘗試展示我們對業務的信心，市場可能會認識到我們的股價缺乏估值。

Thank you, Richard. That was another statement. What is clear is that we are proving you, Thomas, that when there is a good cash generation, we have no mental lock on share buybacks. It's just for your reference, it can happen, it can happen as soon as the results of the company are creating a situation where we are confident, we see that we can go on a difficult period if need be, again, thanks to our very low breakeven point.

謝謝你，理查德。那是另一種說法。顯而易見的是，我們正在向你證明，Thomas，當有良好的現金產生時，我們不會對股票回購進行心理鎖定。這僅供您參考，它可能會發生，一旦公司的結果創造了我們有信心的情況，它就會發生，我們看到如果需要的話我們可以繼續困難時期，再次感謝我們非常低盈虧平衡點。

And if the opportunity comes, then we reward our shareholders with the appropriate share buyback. On the Symbio case, it has been a reasonable amount of money that will be possibly known in the future. We are coming to a similar shareholding position as the 2 other shareholders. So it's very balanced as it should be. And we believe that, that is going to give that company a good visibility for the future as we are going to be and keep our leading position on fuel cell-powered vans in the world and are talking not only about Europe but also in the U.S. So I think it's a good win-win for -- win-win-win for the 3 shareholders, and we are going to align our forces to go even faster in using the good scientific education that we have, not only in France but around the world on this matter.

如果機會來臨時，我們會通過適當的股票回購來回報我們的股東。在 Symbio 案例中，這是一筆合理的金額，未來可能會知道。我們與其他 2 位股東的持股情況相似。所以它應該是非常平衡的。我們相信，這將為該公司提供良好的未來知名度，因為我們將成為並保持我們在世界燃料電池動力貨車領域的領先地位，並且不僅在歐洲而且在美國談論。所以我認為這是一個很好的雙贏 - 對 3 個股東來說是雙贏，我們將調整我們的力量，以更快地利用我們擁有的良好科學教育，不僅在法國，而且在周圍世界在這件事上。

So it's just a complement to what we have already started doing and as you know, I would like to remind you that we are going on a high-volume production from the beginning of next year in our Hordain plant. That's what we can answer to your 3 important questions. Thank you, Thomas. Let's move on.

所以這只是對我們已經開始做的事情的補充，正如你所知，我想提醒你，我們將從明年年初開始在我們的 Hordain 工廠進行大批量生產。這就是我們可以回答您的 3 個重要問題的內容。謝謝你，托馬斯。讓我們繼續。

We'll now take our next question from George Galliers of Goldman Sachs.

我們現在將接受高盛的喬治加利爾斯的下一個問題。

I had 2 questions really surrounding Slide 16 on electrification. Obviously, you've seen a very big improvement in your battery electric vehicle volumes and your market leader in commercial vehicles, in Europe and second overall. But when we look at the profitability in Europe, you're still very close to a 10% margin. So the first question I had was, could you just give us some insight into how the gross margin on your battery electric vehicles faring compared to your ICE vehicles today and how you think that will evolve as you put all the different pieces of this ecosystem into place over the next 2 to 3 years?

關於電氣化，我有 2 個真正圍繞幻燈片 16 的問題。顯然，你已經看到你的純電動汽車銷量有了很大的提高，你在歐洲商用車市場處於領先地位，總體排名第二。但是，當我們查看歐洲的盈利能力時，您仍然非常接近 10% 的利潤率。所以我的第一個問題是，你能不能給我們一些洞察，看看你的純電動汽車的毛利率與今天的內燃機汽車相比如何，以及你認為當你把這個生態系統的所有不同部分都放入其中時，這將如何演變未來 2 到 3 年的位置？

The second question I had was in reference to the CapEx. Richard, you did mention the capitalization of the various JVs around the batteries. Could you just confirm, is that included within the 8% CapEx ratio that you're targeting?

我的第二個問題是關於資本支出的。理查德，你確實提到了圍繞電池的各種合資企業的資本化。您能否確認一下，這是否包含在您設定的 8% 資本支出比率中？

Two very important questions, and thank you for raising that. I'll take the first one, and Richard will take the second one. On the BEV, what we need to understand is that, that will perhaps surprise you, but we don't take margins as a consequence of everything else. We drive the business to achieve the margins that we need to get from our investments. So we are driving the margins of the PHEVs and we are driving the margins of the BEVs, which means that at one point in time, what we may discover the 2 of us is that there is the need to ensure a higher price competitiveness because, for instance, of new entrants. And not only we are optimizing all of the costs of our electric power trains as we are fully vertically integrated.

兩個非常重要的問題，感謝您提出這個問題。我拿第一個，理查德拿第二個。在 BEV 上，我們需要了解的是，這可能會讓您感到驚訝，但我們不會將利潤作為其他一切的結果。我們推動業務實現我們需要從投資中獲得的利潤。因此，我們正在推動 PHEV 的利潤率，我們正在推動 BEV 的利潤率，這意味著在某個時間點，我們可能會發現我們兩個人需要確保更高的價格競爭力，因為，例如，新進入者。由於我們是完全垂直整合的，因此我們不僅在優化電力系統的所有成本。

But on top of that, we also consider that we need to work on more breakthrough ideas like the one I mentioned to you about the EV smart car platform-based vehicles that will represent another breakthrough in terms of cost for BEVs at the core of the market. So we are addressing it from both ends. One end is to say, we don't take margin as a result of everything else. We drive margins, and then we allocate what needs to be allocated so that the margins are to a certain extent, protected.

但除此之外，我們還認為我們需要研究更多突破性的想法，比如我向您提到的基於 EV 智能汽車平台的車輛，這將代表 BEV 在成本方面的又一次突破市場。因此，我們正在從兩端解決它。一方面是說，我們不會因為其他一切而收取保證金。我們推動利潤率，然後我們分配需要分配的部分，以便在一定程度上保護利潤率。

What is clear is that we need not only to take care of the amount of margin but also the rate of profitability because on average, the net revenue per unit of EVs is higher than the ICEs. So we are working on that. But so far, margins are not the big problem. The big problem will come later, which is the affordability of BEVs for the middle classes. That is coming. That is coming within a few years, as we see the new entrants may set a certain level of pressure on the market. That's why we are preparing with the EV Citroën C3 smart car platform based as an example. But of course, that can be used for other brands as need be. So we take it from there. And so far, the sales of BEVs, as you have seen, have not impacted us on our earnings because our earnings are just record as you have seen.

顯而易見的是，我們不僅需要關注利潤率，還需要關注盈利率，因為平均而言，電動汽車的單位淨收入高於內燃機。所以我們正在努力。但到目前為止，利潤率並不是大問題。大問題會在稍後出現，那就是中產階級對 BEV 的承受能力。那即將到來。這將在幾年內到來，因為我們看到新進入者可能會給市場帶來一定程度的壓力。這就是為什麼我們準備以 EV Citroën C3 智能汽車平台為例。但當然，這可以根據需要用於其他品牌。所以我們從那裡拿走它。到目前為止，正如您所見，BEV 的銷售並未影響我們的收益，因為我們的收益正如您所見的那樣創紀錄。

That's how we see it, not easy, certainly. Not one single direction, it's not only about selling the value of what we create through a high pricing. It's also understanding that new entrants are coming, and against those new entrants with specific breakthrough plans that fortunately we could anticipate because if we are manufacturing the new Citroën C3 EV right now in India is because we decided that 3 or 4 years ago, of course. So that was hopefully a good anticipation of what could happen with new entrants. That's my answer to your question. Let me hand over to Richard for the CapEx question.

這就是我們的看法，這當然不容易。不是一個單一的方向，它不僅僅是通過高價出售我們創造的價值。它也理解新進入者的到來，並且針對那些具有特定突破性計劃的新進入者，幸運的是我們可以預見，因為如果我們現在在印度製造新的 Citroën C3 EV 是因為我們在 3 或 4 年前就決定了，當然.因此，希望這是對新進入者可能發生的事情的良好預期。這就是我對你問題的回答。關於資本支出問題，讓我交給理查德。

Thanks, Carlos. So the CapEx and R&D of 8% does not include capital injected into the joint ventures, George. So that will include, obviously, the electrification joint ventures for batteries and other components and the U.S. Finco. So I would expect that number to be for this year around 2%, maybe a little less of revenue. So we're talking about a total envelope of up to 10% between the CapEx and R&D done in-house and the equity injections into the joint ventures.

謝謝，卡洛斯。因此，8% 的資本支出和研發不包括注入合資企業的資本，George。因此，顯然，這將包括電池和其他組件的電氣化合資企業以及美國 Finco。所以我預計今年這個數字將在 2% 左右，收入可能會少一點。因此，我們談論的是內部完成的資本支出和研發與向合資企業注資之間的總包絡高達 10%。

That's a very precise answer. Thank you, Richard. Appreciate it. Let's move to the next one.

這是一個非常準確的答案。謝謝你，理查德。欣賞它。讓我們轉到下一個。

We'll now take our next question from Vince Bond at Automotive News.

我們現在將接受《汽車新聞》文斯·邦德的下一個問題。

So your Belvidere assembly plant is going to be idle next week. What is your message to the workers who are going to be laid off?

所以你的 Belvidere 裝配廠下週將閒置。你對即將被解僱的工人有什麼話要說？

Sorry, which plant were you talking about? .

抱歉，你說的是哪種植物？ .

Belvidere assembly plant.

貝爾維迪爾裝配廠。

Your information must be wrong because I was not in Belvidere recently. So I don't know where you got that information from, but I was not...

你的信息一定是錯誤的，因為我最近不在 Belvidere。所以我不知道你從哪裡得到這些信息，但我不是......

No, no, no. I didn't say . I said, so the point is being idled next week. What is your message to the workers who are being laid off?

不不不。我沒說。我說，所以重點是下週閒置。你對被解僱的工人有什麼話要說？

Well, my message is very simple. By the way, not only to the workers, but to you also is very simple. We, as citizens have decided to go in electrification path, which is very, very expensive. This has been decided by the governments on the basis of what the parliaments have decided. So I just would like to tell you that the decision to go on a full electrification path is not a decision that's been made by the carmakers. It's a decision that has been made by the states, by the governments.

嗯，我的信息很簡單。順便說一句，不僅對工人，對你也很簡單。作為公民，我們決定走上電氣化道路，這是非常非常昂貴的。這是政府根據議會的決定做出的決定。所以我只想告訴你，走完全電氣化道路的決定並不是汽車製造商做出的決定。這是各州、政府做出的決定。

Through the democratic process of listening to the parliament decisions and proposals, the states have decided to go electric. As you know, this is true for Europe. It is true for North America. From there, we have the responsibility to bring safe, clean and affordable solutions to protect freedom of mobility in our societies. And that's our mission.

通過聽取議會決定和建議的民主程序，各州已決定使用電力。如您所知，這對歐洲來說是正確的。北美確實如此。從那裡開始，我們有責任提供安全、清潔和負擔得起的解決方案，以保護我們社會的流動自由。這就是我們的使命。

Our mission is to bring clean, safe and affordable solutions to ensure freedom of mobility to our citizens. This is exactly what we are doing. When we do this and we execute on physical evidence, what it means to bring a safe, clean and affordable vehicle, we see that there is a very significant challenge on cost. It is not our decision. It is the cost of the technology, specifically the cost of the technology when you start, you start developing a brand-new technology.

我們的使命是提供清潔、安全和負擔得起的解決方案，以確保我們公民的行動自由。這正是我們正在做的。當我們這樣做並根據實物證據執行時，帶來安全、清潔和負擔得起的車輛意味著什麼，我們看到成本方面存在非常重大的挑戰。這不是我們的決定。這是技術的成本，特別是當你開始開發一項全新技術時的技術成本。

This additional cost needs to be absorbed in a way or another. If you don't absorb the cost, then either the market is going to shrink dramatically because the middle classes will not be able to buy EVs. If the market shrinks, then the industry needs to shrink or you don't pass the cost to the consumer, you put yourself in the red, and you need to restructure your company because you have put your company in trouble.

這種額外成本需要以某種方式吸收。如果你不承擔成本，那麼要么市場將急劇萎縮，因為中產階級將無法購買電動汽車。如果市場萎縮，那麼行業就需要萎縮，或者你沒有將成本轉嫁給消費者，你就會讓自己陷入虧損，你需要重組你的公司，因為你已經讓你的公司陷入困境。

So you see in both directions from a social perspective, it's not very good. So what we need to do is to absorb in a few years because the time window is imposed on us, we need to optimize the way we go to market. We need to optimize the way we manufacture our BEV's, we need to optimize the way we source the components of our BEVs to make sure that we absorb the additional cost of this technology to protect the affordability.

所以你從社會的角度看兩個方向，都不是很好。所以我們需要做的是在幾年內吸收，因為時間窗口是強加給我們的，我們需要優化我們進入市場的方式。我們需要優化我們製造 BEV 的方式，我們需要優化我們採購 BEV 組件的方式，以確保我們承擔這項技術的額外成本以保護可負擔性。

So anything we will be doing, not specifically with Belvidere but everywhere in the world, we'll be aiming at absorbing the additional cost of a technology that was decided by the states -- by all the states, in a democratic process. And our job is to make it affordable, to make it safe, and to make it absolutely clean. That's our job. So do we take responsibility for transforming the company to adapt to this new world? Yes, we do.

因此，我們將做的任何事情，不是特別針對 Belvidere，而是在世界各地，我們的目標是吸收由各州決定的技術的額外成本 - 由所有州在民主進程中決定。我們的工作是使它負擔得起、安全並絕對清潔。那是我們的工作。那麼我們是否有責任改造公司以適應這個新世界？是的，我們有。

We take responsibility for transforming the company to adapt to a new world, this new world has been decided by the citizens. That's not been decided by our companies. Our companies are in support of something that has been decided by the citizen. So every time we do something, we try to do it in a very humanistic way. And I think we have demonstrated that over the last years.

我們有責任改造公司以適應新世界，這個新世界是由公民決定的。這不是我們公司決定的。我們的公司支持公民決定的事情。所以每次我們做某事時，我們都試圖以一種非常人性化的方式去做。我認為我們在過去幾年中已經證明了這一點。

We have demonstrated that we drive change in a humanistic way and respect our people because they are the highest core value of our company. At the same time, it would be demagogic not to tell them the truth. The truth is -- the societies have decided a new way of enjoying mobility, our job is to make that new way clean, safe and affordable. Right now, it's not affordable at all. Right now, the big problem of electrification is to make it affordable, which means absorbing the additional cost, which means transforming the company to be able to bring that affordability to our citizens and our customers. That's what we are doing.

我們已經證明，我們以人性化的方式推動變革並尊重我們的員工，因為他們是我們公司的最高核心價值。同時，不告訴他們真相也是煽動性的。事實是——社會已經決定了一種享受流動性的新方式，我們的工作是讓這種新方式變得清潔、安全和負擔得起。現在，它根本負擔不起。目前，電氣化的一個大問題是讓它變得負擔得起，這意味著要吸收額外的成本，這意味著要對公司進行轉型，使我們的公民和客戶能夠負擔得起。這就是我們正在做的。

And I have no problem to tell you this in a very respectful and friendly manner as much as I have no problem to say the same thing to all of my employees. Thank you. Let's move to the next question.

我可以毫無疑問地以一種非常尊重和友好的方式告訴你這件事，就像我可以毫無問題地對我的所有員工說同樣的話一樣。謝謝。讓我們轉到下一個問題。

Thank you. We'll now take our next question from Stephen Reitman of Societe Generale. Please go ahead.

謝謝。我們現在將接受法國興業銀行的斯蒂芬雷特曼的下一個問題。請繼續。

My 2 questions. First of all, on the change in dealer stocks. Obviously, they had a big impact in the first half, particularly in North America and a much smaller impact in the second half of this year. I'm wondering if you could give us some indication of how you expect this item to move in 2023?

我的2個問題。首先，關於經銷商庫存的變化。顯然，它們在上半年產生了很大影響，尤其是在北美，而今年下半年的影響要小得多。我想知道您是否可以告訴我們您期望該項目在 2023 年如何發展？

And secondly, few comment on production and the reception of the Grand Wagoneer and the Wagoneer, understand those vehicles have faced quite severe component shortages, which is restricted, particularly production of the Grand Wagoneer What's the outlook for 2023?

其次，很少有人對 Grand Wagoneer 和 Wagoneer 的生產和接受發表評論，了解這些車輛面臨相當嚴重的零部件短缺，這受到限制，特別是 Grand Wagoneer 的生產 2023 年的前景如何？

Those are 2 great questions. with all the respect, my opinion on the first one is slightly different. I think that our company is enjoying a very strong order book right now. So what I would like to do for the first half is to bring back to my order book FIFO inventory supply, which means making sure that all the cars I could not make in the past because I didn't have all the parts are not lagging behind because those customers have been gracious and very kind to wait, and I would like to express to them my appreciation and express also my deep sorry for that.

這是兩個很好的問題。恕我直言，我對第一個的看法略有不同。我認為我們公司現在正在享受非常強勁的訂單。所以上半年我想做的是將 FIFO 庫存供應帶回我的訂單簿，這意味著確保我過去因為沒有所有零件而無法製造的所有汽車都不會滯後背後是因為那些客戶一直很親切，非常友好地等待，我想向他們表示感謝，也表示深切的歉意。

I would like to thank them for being patient, to be -- for being loyal to our brands, and we are trying to fix that. so that we bring a reasonable lead time to most of our orders. And we have a significant order book. So I think the first half will be mostly about using the order book we have, and putting the right sequence, the right FIFO sequence in delivering the order book. And then in Q2, depending on how the world economy is moving, we'll see what is the order intake rate of Q2, which will be decisive to what will happen in H2.

我要感謝他們的耐心，對我們品牌的忠誠，我們正在努力解決這個問題。這樣我們就可以為大部分訂單帶來合理的交貨時間。我們有大量訂單。所以我認為上半年主要是關於使用我們擁有的訂單簿，並在交付訂單簿時採用正確的順序，正確的 FIFO 順序。然後在第二季度，根據世界經濟的走勢，我們將看到第二季度的訂單接收率是多少，這將決定下半年會發生什麼。

So what I would like to answer to your fair point is that I think -- on the first half, we are going to be protected by our order book. We are going to use this period to put more order and more better FIFO sequence in our inventories, recognizing that we have a lot of cars waiting in the dealer yards right now. So there is no lack of supply. But in some cases, we may not have the right supply or, in some cases, mostly in Europe because there is a significant build to order rate.

所以我想回答你的公平點是我認為 - 在上半年，我們將受到我們的訂單簿的保護。我們將利用這段時間在我們的庫存中放置更多訂單和更好的 FIFO 順序，認識到我們現在有很多汽車在經銷商場等待。所以並不缺乏供應。但在某些情況下，我們可能沒有合適的供應，或者在某些情況下，主要是在歐洲，因為按訂單生產率很高。

We would be asking a few customers to wait too long and we want to fix that very quickly. So that's the first half. Second half will be dependent on the order intake rate of the second quarter, which means spring. And that will depend on what? It will depend on the consumer sentiment. It will depend on how the world economy will be growing or not. Are we slowing down too much or not going down too much. It's very much dependent on the decisions that are going to be made on interest rates, as you know very well.

我們會要求一些客戶等待太久，我們希望盡快解決這個問題。這就是上半場。下半年將取決於第二季度的訂單接收率，即春季。那將取決於什麼？這將取決於消費者的情緒。這將取決於世界經濟將如何增長。我們是放慢了太多還是沒有放慢太多。眾所周知，這在很大程度上取決於將要做出的利率決定。

So I think it's too soon to decide what the second half will be I think we'll have to wait for the Q2 order intake trend. But we can say that for H1, we have a significant order book that we are going to enjoy fortunately. Thank you.

所以我認為現在決定下半年的情況還為時過早，我認為我們將不得不等待第二季度的訂單攝入趨勢。但我們可以說，對於 H1，我們有一個重要的訂單簿，我們將幸運地享受。謝謝。

For the Wagoneer, second question, Wagoneer is now back. Yes, we had some supply disruptions. I think we have fixed them and Wagoneer is back. That's what we can say.

對於 Wagoneer，第二個問題，Wagoneer 現在回來了。是的，我們有一些供應中斷。我想我們已經修復了它們，Wagoneer 又回來了。這就是我們能說的。

We will now take our next question from Philippe at Jefferies.

我們現在將接受 Jefferies 的 Philippe 的下一個問題。

It's Philippe Houchois, Jefferies. Just wanted to a couple of questions. One, I think you answered Thomas earlier about market share recovery in Europe. I'm just wondering how you look at market share in North America given that you don't have EV's yet in meaningful volume to maintain share in that segment. So what are you intending to maintain your share in North America? And the other question I have was on your -- it's interesting when I listen to carmakers, everybody claims to be leader in commercial vehicles, and I think you are leaders, but everybody makes similar claims. As the profitability industry has improved in general, can you kind of comment about how you're also driving profitability in commercial vehicles as the world moves to electrification. And also I'm curious if commercial vehicles are still accretive to group margins at this stage, given that the general level of profitability has gone up .

我是 Jefferies 的 Philippe Houchois。只是想問幾個問題。第一，我想你早些時候回答了托馬斯關於歐洲市場份額復甦的問題。我只是想知道你如何看待北美的市場份額，因為你還沒有大量的電動汽車來維持在該領域的份額。那麼你打算用什麼來維持你在北美的份額？我的另一個問題是關於你的——有趣的是，當我聽取汽車製造商的意見時，每個人都聲稱自己是商用車領域的領導者，我認為你是領導者，但每個人都提出類似的說法。隨著盈利能力行業的總體改善，您能否評論一下隨著世界轉向電氣化，您如何推動商用車的盈利能力？而且我很好奇，鑑於總體盈利水平已經上升，現階段商用車是否仍能增加集團利潤率。

Well, those are great questions. And I am pleased to answer to them. First of all, the fact that we are the leaders in the LCVs at least in Europe and Latin America is a no-brainer, but I will let you check and double check if needed. But in Europe and in Latin America, it's a no-brainer that we are the LCV leaders, the numbers are stunning.

嗯，這些都是很好的問題。我很高興回答他們。首先，我們至少在歐洲和拉丁美洲是 LCV 的領導者這一事實是顯而易見的，但如果需要，我會讓你檢查並仔細檢查。但在歐洲和拉丁美洲，我們是 LCV 領導者是顯而易見的，數字非常驚人。

Then on the market share in North America, what I can tell you is that we were perhaps a little bit slow to move from a distribution of scarcity to a full supply of the market. We are now back to a good supply in the market. And that means that, of course, we need to go back from managing scarcity to going back to the sales and marketing pure tactics that we knew a few years ago. I think on that corner, we could have driven a little bit faster, at the same time, we have been keeping very strong pricing power, which has also been one of the things that we have been protecting and we need to recognize that and take eventually some pressure on the share because of that. So I think the market share in NA is just a consequence of the way we have been going around the corner, going from a lack of supply to a full supply of the market, going from a distribution of scarcity to a fully supplied market in terms of bringing the products to the consumers.

然後關於北美的市場份額，我可以告訴你的是，我們從稀缺分佈到市場充分供應的過程中可能有點慢。我們現在恢復了良好的市場供應。這意味著，當然，我們需要從管理稀缺性回到幾年前我們知道的純銷售和營銷策略。我認為在那個角落，我們本可以開得更快一點，與此同時，我們一直保持著非常強大的定價能力，這也是我們一直在保護的事情之一，我們需要認識到這一點並採取最終因此對股票造成一些壓力。所以我認為北美的市場份額只是我們一直在拐角處的結果，從供應不足到市場供應充足，從稀缺分佈到供應充足的市場將產品帶給消費者。

And hopefully, that will be improving very, very soon. You also asked me about the profitability of LCVs. It's a very good profit. It's on the average of what we have in the company. So it's just a big, big business. And by the way, we have just given our LCV business unit more autonomy in terms of decision-making to make sure that they have their capability to adapt at a faster pace to the market conditions.

希望這會很快得到改善。您還問了我關於輕型商用車的盈利能力。這是一個非常好的利潤。這是我們公司的平均水平。所以這只是一個很大很大的生意。順便說一句，我們剛剛在決策方面賦予了我們的 LCV 業務部門更多的自主權，以確保他們有能力以更快的速度適應市場條件。

And we have also a new leadership in place to be even more aggressive on the sales and marketing side. But of course, we will continue to protect, if not enhance our leadership in Europe and also in Latin America and somewhere else in the world. We have specifically big plans to develop our RAM pickup truck penetration and market share in many parts of the world, of course, starting with the U.S., but more than the U.S. And some more surprises will come for our competitors in terms of deploying the Ram brand across the world. We are preparing for that. We are almost ready, and you'll see this is going to be a big profit contributor for Stellantis.

我們還任命了新的領導層，在銷售和營銷方面更加積極進取。但當然，我們將繼續保護，如果不加強我們在歐洲、拉丁美洲和世界其他地方的領導地位的話。我們有特別大的計劃來發展我們的 RAM 皮卡車在世界許多地方的滲透率和市場份額，當然，從美國開始，但不僅僅是美國而且在部署 Ram 方面我們的競爭對手將會有更多的驚喜品牌遍布全球。我們正在為此做準備。我們幾乎準備就緒，您會看到這將成為 Stellantis 的一大利潤貢獻者。

We'll now take our next question from Jose at JPMorgan.

我們現在將從摩根大通的 Jose 那裡回答下一個問題。

It's José, JPMorgan. Carlos, Richard, a couple of questions, please. The first one, Carlos, on margins in North America. Can you discuss a little bit your outlook for '23. How do you think about the possibility of maintaining margins in North America in '23 at the level of 2022. And then second question on the Ram 1500 electric, obviously, a very competitive product. Can you comment on maybe the possibility that the target to match or even outperform the performance metrics we are seeing from peers, including the Tesla cybertruck? .

我是摩根大通的何塞。卡洛斯、理查德，請問幾個問題。第一個，Carlos，在北美的利潤率上。你能談談你對 23 年的看法嗎？您如何看待在 23 年將北美利潤率保持在 2022 年水平的可能性。然後是關於 Ram 1500 electric 的第二個問題，顯然，這是一款非常有競爭力的產品。您能否評論一下目標是否有可能達到甚至超過我們從同行（包括特斯拉 cybertruck）看到的性能指標？ .

Great questions, Jose. Let me take it in the same order. Margins in NA. The good thing about NA is that we have found that there is a significant room of improvement in our own plans in terms of what we call internally the transformation cost. So there is an internal component and an external component. One internal component is the fact that our manufacturing system, when we look at the best practices we have around the world for Stellantis, we see that we have great opportunities in North America.

好問題，何塞。讓我按照同樣的順序來。 NA 中的邊距。 NA 的好處是我們發現我們自己的計劃在我們內部稱為轉型成本方面有很大的改進空間。所以有一個內部組件和一個外部組件。一個內部組成部分是我們的製造系統，當我們審視我們在世界各地為 Stellantis 提供的最佳實踐時，我們發現我們在北美擁有巨大的機會。

Our local leadership team has recognized that. They have seen what those opportunities were, they have visited the other plants of Stellantis, and they have seen that some good things could be done to be much more efficient than what we are today. So that's a pot of opportunity that we have in our hands is to improve the transformation cost of our own manufacturing system in North America. That's one.

我們當地的領導團隊已經認識到這一點。他們看到了那些機會，他們參觀了 Stellantis 的其他工廠，他們看到可以做一些好事，比我們今天的效率高得多。所以這是我們手中的一個機會，就是提高我們在北美的製造系統的轉型成本。那是一個。

The second one is that we are now being very, very specific in the way we are using our marketing dollars to make sure that we bring the support where need be, but not in a way that is, I would say, vague. We are trying to be precise in terms of marketing tactics to use the money where we need to use it where the market demands. But in some other cases, it's just a waste of money. We are trying to be quite picky on that one. And of course, we have strong total production cost what we call war rooms, which are places where all the cross-functional teams gather to share ideas to reduce the total production cost of the products so that we protect our margins by reducing the total production cost, including the transformation costs in our plants, which is part of that faster than the erosion of the pricing power.

第二個是，我們現在非常、非常具體地使用我們的營銷資金來確保我們在需要的地方提供支持，但不是以一種我會說模糊的方式。我們正在努力在營銷策略方面做到精確，以便將資金用在我們需要用在市場需要的地方。但在其他一些情況下，這只是浪費金錢。我們正試圖對那個非常挑剔。當然，我們有強大的總生產成本，我們稱之為作戰室，所有跨職能團隊聚集在一起分享想法，以降低產品的總生產成本，這樣我們就可以通過減少總產量來保護我們的利潤成本，包括我們工廠的轉型成本，這是比定價權侵蝕更快的一部分。

So too soon to say, Jose, are we going to be good enough in total production cost reduction to protect the margins or not? That's the plan. The plan is to go faster on the TPC than in the erosion of pricing power. But we will see when we balance the H1, if we were able to do that or not. What is clear also is that the interest rate rise is quite helpful to cool down a certain number of inflation factors. And we see some of those inflation factors to be now disappearing, which could be good news for NA.

何塞，現在說我們在降低總生產成本方面是否足夠好以保護利潤率還為時過早？這就是計劃。該計劃是在 TPC 上比在定價權的侵蝕上走得更快。但我們會看到何時平衡 H1，是否能夠做到這一點。同樣明確的是，加息對於一定數量的通脹因素的降溫還是有一定幫助的。我們看到其中一些通脹因素現在正在消失，這對北美來說可能是個好消息。

On the pickup truck, what we have been doing is on a voluntary basis, we are being quite vague in the performance KPIs of our pickup truck -- our BEV pickup truck. Why? Because we don't want to give the information to our competitors. But what I can tell you is that we have spent many, many hours, including me, looking at the performance of our competitors and making sure that when we look at composite index of charging speed, range, payload towing, we bring the best offer of the market. And I'm very excited by the quality of our engineering, some of it was demonstrated through the concept car you have seen in Las Vegas in January. I think they are doing a great job. Now we need to let them work, keep their focus, let them be focused on what they do. And hopefully, things will appear by the end of '24.

在皮卡車上，我們一直在自願的基礎上做，我們在我們的皮卡車——我們的 BEV 皮卡車的性能 KPI 上非常模糊。為什麼？因為我們不想將信息提供給我們的競爭對手。但我可以告訴你的是，我們花了很多很多時間，包括我，研究我們競爭對手的表現，並確保當我們研究充電速度、範圍、有效載荷牽引的綜合指數時，我們提供最好的報價的市場。我對我們的工程質量感到非常興奮，其中一些已經通過您 1 月份在拉斯維加斯看到的概念車得到了證明。我認為他們做得很好。現在我們需要讓他們工作，保持專注，讓他們專注於他們所做的事情。希望事情會在 24 年底出現。

I'm very positive about the competitiveness of what we are doing. But of course, as always, planning is 10%, execution is 90%. So right now, we are focused on the execution, thank you, Jose.

我對我們正在做的事情的競爭力非常樂觀。但當然，一如既往，計劃是 10%，執行是 90%。所以現在，我們專注於執行，謝謝 Jose。

We'll take our next question from Martino De Ambroggi at Equita. .

我們將從 Equita 的 Martino De Ambroggi 那裡回答下一個問題。 .

The first question is on prices. So how Stellantis is behaving on prices considering the competitive environment. You mentioned Stellantis will remain disciplined. But could you elaborate a bit more on what is going on today? And what should we expect -- what do you expect for the rest of the year?

第一個問題是關於價格。那麼考慮到競爭環境，Stellantis 在價格方面的表現如何。你提到 Stellantis 將保持紀律。但你能否詳細說明今天發生的事情？我們應該期待什麼——您對今年餘下的時間有何期待？

The second question is on the -- your main worries. I remember in the last call, logistic issues in Europe and component shortages were the 2 main issues. But both seem to go in the right direction. So what are your main worries today?

第二個問題是——你的主要擔憂。我記得在上次通話中，歐洲的物流問題和零部件短缺是兩個主要問題。但兩者似乎都朝著正確的方向發展。那麼，您今天主要擔心的是什麼？

And last on guidance, I'm sorry to go straight on quantitative issues, but trying to get a quantitative indication, are you comfortable with consensus estimate, which are in the region of EUR 18 billion adjusted EBITDA and EUR 6 billion, EUR 7 billion free cash flow for the current year.

最後關於指導，我很抱歉直截了當地談量化問題，但試圖獲得量化指標，你對共識估計感到滿意嗎？調整後的 EBITDA 約為 180 億歐元，調整後的 EBITDA 約為 60 億歐元，70 億歐元當年的自由現金流。

Well, the third question is a 1 billion dollar question. I will leave that one for Richard, the third one. And of course, I will let him comment the prices and the discipline. Let me talk about the worries because that's something I can talk about. Fundamentally in our industry, we are not worried anymore. You may think this is crazy, but it's not about being worried or even concerned. It's about understanding what is going to happen and anticipating on that to bring the appropriate countermeasures before actually the problems appear.

那麼，第三個問題是一個價值 10 億美元的問題。我會把那個留給理查德，第三個。當然，我會讓他評論價格和紀律。讓我談談擔憂，因為這是我可以談論的事情。從根本上說，在我們這個行業，我們不再擔心了。你可能認為這很瘋狂，但這並不是擔心甚至擔心。它是關於了解將要發生的事情，並對此進行預測，以便在問題實際出現之前採取適當的對策。

So what are the worries that we could have on the global automotive industry scale. The first worry that we could have is that this industry has been so much brutalized. Just think about the sequence of crisis. look at the pandemic, then semiconductor, then inflation, regulations, interest rates, et cetera. This industry has been heavily brutalized. So one of the things we should mindful is that car companies are made of people. It's important.

那麼，我們對全球汽車行業規模的擔憂是什麼？我們可能擔心的第一個問題是這個行業已經變得如此殘酷。想想危機的順序。看看大流行病，然後是半導體，然後是通貨膨脹、監管、利率等等。這個行業受到了嚴重的殘酷對待。因此，我們應該注意的一件事是，汽車公司是由人組成的。這一點很重要。

That's why it's important for me to tell my people today that I'm proud of them. This industry has been facing crisis after crisis year after year for the last few years. And then we just throughout the industry, all the new regulations with a very short lead time regardless of what the state of the art would mean. We need to recognize that this is a situation that may create problems at 1 point in time. So I think it's time to say, "Hey, why don't you try to create a little bit more stable environment so that people can work in a proper way. What do you think?" So if you talk about worries, I would say I'm worried for the automotive industry worldwide, because it seems that the respect to this industry has been decreasing as we throw out this industry more and more challenges and everybody just considers that this industry has no limit in its ability to digest challenges and crisis. I think that's not fair for the people that work in the automotive industry.

這就是為什麼今天告訴我的人民我為他們感到驕傲對我來說很重要。在過去的幾年裡，這個行業年復一年地面臨著危機。然後我們就在整個行業，所有的新法規都在很短的時間內出台，不管最先進的技術意味著什麼。我們需要認識到，這是一種可能會在某個時間點產生問題的情況。所以我認為是時候說，“嘿，你為什麼不嘗試創造一點更穩定的環境，以便人們可以以適當的方式工作。你覺得怎麼樣？”所以如果你談到擔憂，我會說我為全世界的汽車行業感到擔憂，因為隨著我們向這個行業拋出越來越多的挑戰，人們對這個行業的尊重似乎一直在下降，每個人都認為這個行業有它消化挑戰和危機的能力沒有限制。我認為這對在汽車行業工作的人來說是不公平的。

I think we should respect them and just recognize that there is a limit to human beings. And if there was one thing I would say, not for my company because my company is really, I think, one of the survivors of the sequence, but I think for the overall industry, we need to start perhaps respecting the people that are working in this industry. They are doing their best to bring clean energy, clean mobility, sustainable business models.

我認為我們應該尊重他們，承認人類是有限度的。如果有一件事我要說，不是為了我的公司，因為我認為我的公司確實是該序列的倖存者之一，但我認為對於整個行業，我們需要開始尊重正在工作的人在這個行業。他們正在盡最大努力帶來清潔能源、清潔交通和可持續商業模式。

They are doing their very best, but we cannot continue to throw out their face all the challenges that somebody else cannot solve. And that is important. It's not specific to Stellantis, because I'm so high on the resilience of my people, but it's something that strikes me looking at my 42 years of automotive industry. I would like to conclude here on the worries and give it back to Richard for the 1 trillion dollar question.

他們正在盡力而為，但我們不能繼續丟掉他們面對的所有其他人無法解決的挑戰。這很重要。這不是 Stellantis 特有的，因為我對我的員工的韌性非常滿意，但回顧我在汽車行業 42 年的經歷，這讓我印象深刻。我想在此結束擔憂，並就 1 萬億美元的問題將其交還給理查德。

So the question is, am I comfortable or I'm worried .

所以問題是，我舒服還是擔心。

That may be it. We don't know. You don't know .

可能就是這樣。我們不知道。你不知道。

I am in the car industry, so I should be relatively uncomfortable, I think, based on what you just said. I think the guidance we gave is clear, Martino. Our goal is not to shrink this company, obviously. So the numbers you said -- you gave us were -- I think you said EUR 18 billion of AOI, we did EUR 23 billion last year. So that's clearly not our target. We're focusing on maintaining a very profitable business, a lot of price discipline. And we see, obviously, opportunities to do a very good result in 2023.

我是做汽車行業的，根據你剛才說的，我想我應該是比較不舒服的。馬蒂諾，我認為我們給出的指導很明確。顯然，我們的目標不是縮小這家公司的規模。所以你說的數字——你給我們的是——我想你說的是 180 億歐元的 AOI，我們去年做了 230 億歐元。所以這顯然不是我們的目標。我們專注於維持一個非常有利可圖的業務，大量的價格紀律。很明顯，我們看到了在 2023 年取得好成績的機會。

So I think we'll focus on that. You'll see how we progress in the first half of the year. In terms of -- obviously, the key point is probably, as you mentioned, is price trends on the one side and cost and raw materials on the other. I think -- and we've mentioned that we expect raw material inflation to be a lot lower in '23 compared to '22. We also expect some positive carryover pricing on the topline, I don't think we expect to see the same level of further increases in prices that we have seen in '21 and '22, but we're going to work very hard to maintain our pricing levels.

所以我認為我們會專注於此。你會看到我們在今年上半年的進展情況。就-顯然，正如你提到的，關鍵點可能是一方面是價格趨勢，另一方面是成本和原材料。我認為——我們已經提到，我們預計 23 年的原材料通脹將比 22 年低很多。我們還預計頂線會有一些積極的結轉定價，我認為我們預計不會看到我們在 21 年和 22 年看到的相同水平的價格進一步上漲，但我們將非常努力地維持我們的定價水平。

I think in Europe, we have a very good portfolio. So there are grounds to believe that, that in the first quarter and into the second quarter should give us some stability in pricing. And then as Carlos said, we'll see how second quarter orders go, and that will give us an indication going forward.

我認為在歐洲，我們有很好的投資組合。因此，有理由相信，在第一季度和第二季度，我們的定價應該會有所穩定。然後正如卡洛斯所說，我們將看到第二季度訂單的進展情況，這將為我們指明前進的方向。

In North America, our pricing is taking our products back to where they should be for the quality and the brands that we have. So it's a competitive game. The inventory numbers have been going up for everybody. We don't feel uncomfortable with the level of inventory today. I think we do have some mix challenges in our inventory on Grand Cherokee as we fill out the lineup as we've launched the new Grand Cherokee and also filling out the lineup of the new version of the Ram as we finished the older version at the beginning of the year. So I think as our mix normalizes, and we get more lower mix product, I think that will help us to manage some of the pressure on -- that we saw in share in the second half of the year. And then we'll obviously manage the price function in a very disciplined way.

在北美，我們的定價使我們的產品回到了我們擁有的質量和品牌應有的水平。所以這是一個競技遊戲。每個人的庫存數量都在上升。我們對今天的庫存水平並不感到不安。我認為我們在 Grand Cherokee 的庫存中確實遇到了一些混合挑戰，因為我們在推出新的 Grand Cherokee 時填寫了陣容，並且在我們完成舊版本時填寫了新版本的 Ram 的陣容今年年初。因此，我認為隨著我們的混合正常化，我們獲得更多低混合產品，我認為這將幫助我們應對我們在今年下半年看到的份額的一些壓力。然後我們顯然會以非常有紀律的方式管理價格功能。

So I think we're quietly confident compared to the guide -- to the consensus you gave us, but it's all about performance, obviously, so we'll see.

因此，我認為與指南相比，我們對您給我們的共識充滿信心，但這顯然與性能有關，所以我們拭目以待。

Thank you, Richard. Let's take 1 more question. .

謝謝你，理查德。讓我們再問 1 個問題。 .

Yes, we will take our last question from Michael at ODDO BHF.

是的，我們將接受來自 ODDO BHF 的邁克爾的最後一個問題。

Michael from ODDO BHF. So maybe a quick follow-up versus your previous answer, Richard. On the 2023 outlook. H2 is maybe a long way, some uncertainty as you highlighted during the presentation. But at least in H1 and given what you said, how should we consider profitability compared to your H2 2022 performance, which has been hit by the many challenges you mentioned?

來自 ODDO BHF 的邁克爾。因此，理查德，也許可以快速跟進您之前的回答。關於 2023 年展望。 H2 可能還有很長的路要走，正如您在演示過程中強調的那樣存在一些不確定性。但至少在上半年，根據你所說的，與受到你提到的許多挑戰打擊的 2022 年下半年業績相比，我們應該如何考慮盈利能力？

So that's the first question, specific on H1. And maybe a second one more long term. for Carlos, you highlighted the better-than-expected synergies to date. But the new models, which are based on the STLA platforms and the tech pillar that you mentioned are only coming in 2023 and early 2024, could you maybe guide us a bit more regarding the magnitude of the financial benefits we could expect from this, notably in terms of cost per vehicle versus the existing platforms .

這是第一個問題，具體針對 H1。也許還有一個更長期的。對於 Carlos，您強調了迄今為止好於預期的協同效應。但是基於 STLA 平台和你提到的技術支柱的新模型只會在 2023 年和 2024 年初問世，你能否就我們可以從中預期的經濟利益的規模提供更多指導，特別是與現有平台相比，每輛車的成本。

Well, thank you. Those are 2 great questions. Let me take that. When we say that at Stellantis, there is not old-co, new-co, there is one-co, is because we consider that one-co is what comes out of the benefit of this merger to use scale as a way to improve our cost competitiveness. And you can look at scale from two angles. One angle is how good are you at generating competitive variable costs. The other angle is how good are you at diluting your R&D and CapEx expense. In both cases, scale is important in both cases. So we just want to be consistent with what we have been doing, which was to create by automotive revenues, the third automotive car company in the world and use that scale, which is the outcome of this merger to the best benefit of our stakeholders. That's what we are doing. So we say it's not old-co, new-co, it's one-co, then we leverage our scale.

嗯，謝謝。這是兩個很好的問題。讓我拿那個。當我們說在 Stellantis 沒有舊公司、新公司，只有一個公司時，是因為我們認為一個公司是這次合併的好處，利用規模作為改進的一種方式我們的成本競爭力。你可以從兩個角度看規模。一個角度是你在產生有競爭力的可變成本方面有多好。另一個角度是您在稀釋研發和資本支出方面做得如何。在這兩種情況下，規模在這兩種情況下都很重要。因此，我們只想與我們一直在做的事情保持一致，即通過汽車收入創造世界第三家汽車公司，並利用這一規模，這是這次合併的結果，為我們的利益相關者帶來最大利益。這就是我們正在做的。所以我們說它不是舊公司，新公司，它是一個公司，然後我們利用我們的規模。

And that scale is going to benefit the cost competitiveness of the STLA platforms. By the way, there is something that you know well, which is called bundling. You don't always need to wait until you have the same hardware to benefit from the scale. But that's exactly where we are going, and we want to be consistent with what we have done in creating Stellantis is leverage the scale, either to dilute the enormous amount of investments you make on R&D and CapEx on the new technologies through a bigger volume or to use it when you are looking for a better cost competitiveness with your partners. So we are comfortable with this consistency. We think it's consistent.

這種規模將有利於 STLA 平台的成本競爭力。順便說一句，有一種你很了解的東西，叫做捆綁。您不必總是等到擁有相同的硬件才能從規模中獲益。但這正是我們要去的地方，我們希望與我們在創建 Stellantis 時所做的保持一致，即利用規模，或者通過更大的數量來稀釋您在新技術研發和資本支出方面的大量投資，或者當您正在尋找與您的合作夥伴的更好的成本競爭力時使用它。所以我們對這種一致性感到滿意。我們認為這是一致的。

And I think it's the right way to go. At least when you look at our strategic plan, perhaps we should remind everybody here that our commitment while keeping a double-digit AOI margin is to double the net revenue. And this year, we were 18% up, so we are on track. And as Rich had mentioned, we are not here to shrink the company. From time to time, we may have bumps on the road, but we are not here to shrink the company. We are here to double the net revenue, and keep a high level of profitability that comes from our very demanding management of the business model.

我認為這是正確的方法。至少當你看我們的戰略計劃時，也許我們應該提醒這裡的每個人，我們承諾在保持兩位數的 AOI 利潤率的同時，使淨收入翻一番。今年，我們增長了 18%，所以我們走上了正軌。正如里奇所說，我們來這裡不是為了縮小公司規模。時不時的，我們在路上可能會有顛簸，但我們不是來縮小公司的。我們在這裡是為了將淨收入翻一番，並保持高水平的盈利能力，這源於我們對商業模式的嚴格管理。

So we will keep that consistency. It's all about being persistent. At one point in time, you are going to see something that is going to pop up. As for instance, you see today that with a 41% of BEV sales growth, we are among the best in the BEV sales growth. As perhaps you discover that we are going to move from 23 models to 47 by the end of next year, which means the execution machine of Stellantis is now moving fast forward. And we try to be consistent with that. So far, it has been working, and hopefully, it will continue that way.

所以我們將保持這種一致性。一切都在於堅持。在某個時間點，你會看到一些東西會彈出。例如，您今天看到，憑藉 41% 的 BEV 銷售增長，我們在 BEV 銷售增長中名列前茅。您可能會發現，到明年年底，我們的模型將從 23 個增加到 47 個，這意味著 Stellantis 的執行機器現在正在快速向前移動。我們試圖與此保持一致。到目前為止，它一直在發揮作用，希望它能繼續這樣下去。

And specifically 2023, as I told you, you have different contradictory factors, and it's all about appreciating at which speed those factors are going to move from one side, the rebalancing of the supply and the demand is creating more pressure on pricing. But we are the most disciplined carmaker in the world. And from the other side, the interest rate's rise is creating a cool down in the economy that is helpful to reduce the total production costs. Starting with the raw materials, which is also something that we start seeing.

特別是 2023 年，正如我告訴過你的那樣，你有不同的相互矛盾的因素，而這一切都是關於了解這些因素將從一邊移動的速度，供需的再平衡正在對定價產生更大的壓力。但我們是世界上最自律的汽車製造商。另一方面，利率上升正在使經濟降溫，這有助於降低總生產成本。從原材料開始，這也是我們開始看到的。

So in fact, all of this is going to be a matter of sequence of the 2 factors. What is going to move faster? Is it the total production cost, variable cost reduction that is going to be ahead of the pricing power erosion or the opposite. And of course, on our side, we are trying to keep it this way. TPC first erosion of pricing power after. That's, I would say, for H1.

所以事實上，所有這一切都將是這兩個因素的順序問題。什麼會移動得更快？是總生產成本、可變成本降低將先於定價權侵蝕還是相反。當然，在我們這邊，我們正在努力保持這種狀態。 TPC先侵蝕定價權後。我想說的是，對於 H1。

Then for H2, it's all about what is going to happen in spring in terms of order intake trend. That's where we are going to see what may happen in the second half. Right now, it's too soon. And as you see -- as you know well, things are much too volatile. So I don't want to have a nice story to you. I just want to tell you what I think and what is our perspective on this matter.

然後對於 H2，就訂單攝入趨勢而言，一切都與春季將要發生的事情有關。這就是我們要看看下半場可能發生什麼的地方。現在，還為時過早。正如你所看到的——正如你所知，事情太不穩定了。所以我不想給你講一個好故事。我只是想告訴你我的想法以及我們對這件事的看法。

So we are here as a 40% breakeven point company, quite agile, quite demanding in the way we run the business. We look for value we don't always look for volume. And we are absolutely committed to deliver the therefore 2030 plan, which is doubling our revenues and keeping a double-digit market profit by 2030.

因此，我們在這裡作為一家 40% 的盈虧平衡點公司，非常靈活，對我們經營業務的方式要求很高。我們尋找價值，但並不總是尋找數量。我們絕對致力於實現 2030 年計劃，到 2030 年，我們的收入將翻一番，並保持兩位數的市場利潤。

So that's what we can share with you today, and I would like to thank you very much all of you for your very thoughtful questions. They always make us think better. I also hope that you understand that we have tried through the dividends and the share buybacks to send a strong message of confidence to our investors. We are here to make this work, and it is going to work. Stellantis will be one of the big winners of this big transformation. And I think we have now all the components that we need to make it executable. And I just would like to thank you for your support. It has been a great run 2022 with you, and hopefully, we'll make a better 23.

這就是我們今天可以與大家分享的內容，我非常感謝大家提出的深思熟慮的問題。他們總是讓我們思考得更好。我還希望您了解我們已嘗試通過派息和股票回購向我們的投資者發出強烈的信心信息。我們來這裡是為了讓這項工作奏效，而且它將會奏效。 Stellantis 將成為這一重大轉型的大贏家之一。而且我認為我們現在擁有使其可執行所需的所有組件。我只想感謝您的支持。 2022 年對你來說很順利，希望我們能在 23 年取得更好的成績。

Thank you, and see you very soon. Bye-bye.

謝謝，很快再見。再見。

Thank you for your participation. You may now disconnect.

感謝您的參與。您現在可以斷開連接。