(STLA) 2023 Q4 法說會逐字稿

Hello, and welcome to Stellantis Full Year 2023 Results. I'll now hand the call over to our host, Ed Ditmire , Head of Investor Relations, to begin today's conference. Thank you.

您好，歡迎閱讀 Stellantis 2023 年全年業績。現在我將把電話轉交給我們的東道主投資者關係主管 Ed Ditmire，以開始今天的會議。謝謝。

Hello, everyone, and thanks for joining us today as we review Stellantis' full year 2023 results. Earlier today, the presentation material for this call as well as the related press release were posted under the Investors section of the Stellantis Group website. Today, our call is hosted by Carlos Tavares, the company's Chief Executive Officer; and Natalie Knight, the company's Chief Financial Officer. After both Mr. Tavares and Ms. Knight present, they will be available to answer questions. Before we begin, I want to point out that any forward-looking statements 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 Dutch language. Now I would like to hand over the call to Carlos Tavares, CEO of Stellantis.

大家好，感謝您今天與我們一起回顧 Stellantis 的 2023 年全年業績。今天早些時候，本次電話會議的簡報資料以及相關新聞稿發佈在 Stellantis Group 網站的投資者部分。今天，我們的電話會議由該公司執行長 Carlos Tavares 主持；以及該公司財務長娜塔莉奈特(Natalie Knight)。塔瓦雷斯先生和奈特女士出席後，他們將可以回答問題。在我們開始之前，我想指出，我們在今天的電話會議中可能做出的任何前瞻性陳述都受到今天簡報第 2 頁所包含的安全港聲明中提到的風險和不確定性的影響。按照慣例，通話將使用荷蘭語。現在我想把電話交給 Stellantis 執行長 Carlos Tavares。

Thank you, Ed, and good morning and good afternoon to all of you. Natalie and myself, we are delighted to host this session, the Stellantis 2023 financial results announcement session. We know that you are very busy people, and therefore, we value your time, and we thank you warmly for your interest in Stellantis. Let's get started. First of all, 2023 was one more record year for our company, a record in net revenues, plus 6%, a record in net profit plus 11% and a record in free cash flow plus 19%. So a record year in, of course, a very agitated year that demonstrated once again that we are a highly resilient company. We are an all-weather company, as I'm sure you already know. We are so happy to be here with you today to comment what has been done and to answer your questions. It is fair to say that not only we were able to go through a very agitated year with record results, but we have demonstrated to you that we are ready for the future. We are executing our transformation.

謝謝你，艾德，祝大家早安，下午好。 Natalie 和我本人，我們很高興主持本次會議，即 Stellantis 2023 年財務業績公佈會議。我們知道您非常忙碌，因此我們珍惜您的時間，並衷心感謝您對 Stellantis 的興趣。讓我們開始吧。首先，2023 年對我們公司來說又是創紀錄的一年，淨收入創紀錄，成長了 6%，淨利創紀錄，成長了 11%，自由現金流創紀錄，成長了 19%。當然，這是創紀錄的一年，也是非常令人興奮的一年，再次證明我們是一家具有高度彈性的公司。我相信您已經知道，我們是一家全天候公司。我們很高興今天能與您一起評論已經完成的工作並回答您的問題。可以公平地說，我們不僅度過了激動人心的一年，取得了創紀錄的成績，而且我們向您展示了我們已經為未來做好了準備。我們正在實施我們的轉型。

We are doing what we have told you, what we have explained in the Dare Forward 2030 plan, and we are ready. We are ready for '24, and we are ready for the next steps of our transformation, and we are ready with a very, very flexible capability, and this is, I'm sure, something that we will discuss all of us today. So from here, I would like to move to the second slide, which is about a real game changer. And I'm focusing on this specific game changer, which is the car you have on the screen, the brand-new EC3 from Citron. This is a B Hatchback, pure BEV that is now going to be sold in the European market at EUR 23,300 for the mid-trim. The NGRM will be sold from EUR 19,990, -- why is this important? Well, this is important because at this price, this product is profitable for our company. At this price, this product is going to represent an affordable offering to our middle class customers. which is exactly the most difficult thing that we have to do right now in the Western world is to bring -- to make it simple BVs at the price of ICEs for our middle class customers. This is where we are. We are going to be able to offer for this EUR 23,300 EC3 mid-trim 320 kilometers of WLTP range, which is a very competitive range for this kind of product. And later on, we are going to bring an even more price competitive product at EUR 19,990, for 200 kilometers of range.

我們正在按照我們告訴你們的、我們在「Dare Forward 2030」計劃中解釋的去做，我們已經準備好了。我們已經為 24 世紀做好了準備，我們已經為轉型的下一步做好了準備，我們已經準備好擁有非常非常靈活的能力，我確信這是我們今天所有人都會討論的事情。因此，從這裡開始，我想轉到第二張投影片，這是關於真正的遊戲規則改變者。我關注的是這個特定的遊戲規則改變者，這就是螢幕上顯示的汽車，來自 Citron 的全新 EC3。這是一款 B 掀背車，純電動車，現在將在歐洲市場上以 23,300 歐元的中配售價出售。 NGRM 的售價為 19,990 歐元起，——為什麼這很重要？嗯，這很重要，因為以這個價格，該產品對我們公司來說是有利可圖的。以這個價格，該產品將為我們的中產階級客戶提供負擔得起的產品。這正是我們現在在西方世界要做的最困難的事情，就是以 ICE 的價格為我們的中產階級客戶提供簡單的 BV。這就是我們現在的處境。我們將為這款售價 23,300 歐元的 EC3 中型車提供 320 公里的 WLTP 續航里程，對於此類產品來說這是一個非常有競爭力的範圍。稍後，我們將推出一款價格更具競爭力的產品，售價為 19,990 歐元，續航里程為 200 公里。

This is demonstrating that we are getting prepared to deliver the most difficult part of our mission. As you know, our mission is to deliver clean, safe and affordable products to protect the freedom of mobility. With this BEV product at a very competitive price with very, very good features, you see that we are now ready for the race. And this is what I wanted to convey to you today. If we step back a little bit and we look at what happened this year, first of all, we have to recognize that we are a growing company. Our strategy is not about shrinking. Our strategy is about growing profitably. You can see that we could grow our net revenues by 6%. And we have a very efficient overall AOL amount of EUR 24.3 billion with a 12.8% margin. Our free cash flow is a record free cash flow, industrial free cash flow of EUR 12.9 billion. As you remember, last year, we were at 10.8%. It is up 19% and which once again demonstrates that Stellantis is a very efficient organization to generate cash, and this is something that you have been seeing over the first 3 years of life of Stellantis as our cash generation has increased every year compared to the previous one. As a consequence of this, we are today confirming a very outstanding capital return to all of you, the 2023 capital return of EUR 6.6 billion, which is a 16% number compared to the January 1, '23 market capitalization. This very significant return is something that we believe we own to you. And you will see that for '24, we have even better news for all of you. If we look at our therefore commitments. One of them is very strong. It's about growing our BEV sales, our zero-emission vehicle cells and LEV sales. On this front, at the moment where we are making profit with those sales, we can show to you that the BV sales are up 21%. DLV sales are up 27%. We are #3 in Europe. We are #2 in the LEV sales in the U.S. And by the way, we are #1 in PHEV sales in the U.S. If we continue, we can comment that we are the undisputed leader of light commercial vehicles in Europe and Latin America with respectively, 30.4% share and 28.6% share. But more than that, -- we are also the leaders of electrified mobility in LCVs with in Europe, no less than 38.8% share. So we are clearly the leaders of clean mobility for the light commercial vehicles.

這表明我們正在準備好完成我們使命中最困難的部分。如您所知，我們的使命是提供清潔、安全且價格實惠的產品，以保護出行自由。憑藉這款價格極具競爭力的純電動車產品以及非常非常好的功能，您會看到我們現在已經為比賽做好了準備。這就是我今天想向大家傳達的內容。如果我們退一步看看今年發生的事情，首先我們必須認識到我們是一家成長中的公司。我們的戰略不是收縮。我們的策略是實現獲利成長。您可以看到我們的淨收入可以成長 6%。我們的 AOL 總金額非常高效，達到 243 億歐元，利潤率為 12.8%。我們的自由現金流創歷史新高，工業自由現金流達到 129 億歐元。如您所知，去年我們的比例為 10.8%。成長了 19%，這再次表明 Stellantis 是一個非常有效率的現金生成組織，這是您在 Stellantis 成立的前 3 年中所看到的，因為與其他公司相比，我們的現金產生每年都在增加。前一個。因此，我們今天向大家確認了非常出色的資本回報，2023 年的資本回報為 66 億歐元，與 2023 年 1 月 1 日的市值相比，增長了 16%。我們相信，這非常可觀的回報是屬於您的。您將會看到，24 年，我們為大家帶來了更好的消息。如果我們看看我們的承諾。其中一位實力很強。這是為了增加我們的純電動車銷售、零排放汽車電池和LEV 銷售量。在這方面，目前我們正在透過這些銷售獲利，我們可以向您展示 BV 的銷售額成長了 21%。 DLV 銷量成長 27%。我們在歐洲排名第三。我們在美國的LEV 銷售中排名第二。順便說一句，我們在美國的PHEV 銷售中排名第一。如果我們繼續下去，我們可以說，我們是歐洲和拉丁美洲輕型商用車無可爭議的領導者，分別是、 30.4% 份額和 28.6% 份額。但更重要的是，我們也是輕型商用車電動出行領域的領導者，在歐洲的份額不低於 38.8%。因此，我們顯然是輕型商用車清潔出行的領導者。

Last but not least, in terms of therefore commitments, we are ahead of plan in what relates to the third engine, what we call the overseas club. We want to bring the third engine to our North American engine and our European engine. And it is fair to say that the third engine could grow at twice the pace of the whole company in terms of net revenue, plus 13% compared to plus 6%. And you'll see later on that the profitability is stellar. And that right now, the third engine is getting very, very close to the profits that we have in Europe, which is excellent news. And that just means that our strategy to go a third engine is not only being executed but ahead of plan. For the third part of this slide, we want also to confirm to you that we are increasing our BEV offensive. We already have 30 models on sale in '23, and we are going to move from 30 to 48. On those 18 additional models, 8 will be dedicated for the U.S. market, which just confirms what we told you last year. telling you that in '24, we will be very strong on ramping up this BEV offensive. We keep our commitment, the commitment that has been made to you in March 2022, when we presented to you the Dare Forward 9-year strategic plan. We are totally aligned with our commitments, double the net revenue by 2030 and keeping our AOI margin above double digit.

最後但並非最不重要的一點是，就承諾而言，我們在第三個引擎（我們稱之為海外俱樂部）方面提前了計劃。我們希望將第三台發動機引入到我們的北美發動機和歐洲發動機中。可以公平地說，就淨收入而言，第三個引擎的成長速度可能是整個公司的兩倍，即成長 13%，而成長則為 6%。稍後您會發現盈利能力非常出色。現在，第三台引擎的利潤非常非常接近我們在歐洲的利潤，這是個好消息。這僅僅意味著我們使用第三台引擎的策略不僅正在執行，而且提前於計劃。對於本投影片的第三部分，我們也想向您確認，我們正在加大 BEV 攻勢。我們在 23 年已經有 30 款車型在售，並且將從 30 款增加到 48 款。在這 18 款額外型號中，其中 8 款將專門針對美國市場，這恰好證實了我們去年告訴您的內容。告訴您，在 24 年，我們將大力加強 BEV 攻勢。我們信守我們的承諾，即 2022 年 3 月向您做出的承諾，當時我們向您提出了 Dare Forward 9 年戰略計劃。我們完全履行我們的承諾，到 2030 年將淨收入翻一番，並將 AOI 利潤率保持在兩位數以上。

Last but not least, coming back to capital return. What we are going to propose to you is a EUR 3 billion share buyback for next year, which means doubling the share buyback of '23 and a dividend that is also going to increase by 16%. So a very significant increase of capital return to our shareholders, which is absolutely normal given this is your company at the end of the day. Moving from here, let's have a look at the regions and starting with North America. North America has delivered a very robust 15.4% AOI margin despite everything you know about the events in September and October 2023, we are able to protect 15.4%, which is 100 basis points less than last year, which I believe is a very robust result given what has happened, and I want to take this opportunity to convey to our North American teams my warm thanks and a very sincere appreciation for everything that has been done. Of course, we did not everything -- we did not do everything well as we have lost some market share. We believe that we have understood what did not went well in terms of operations. And we believe that we are now on track to fix that. And other things we did not do well in '23 are opportunities to do much better in '24. And we believe that we have the tools for that. From here, we also have to recognize that we have been protecting the value of what we are doing in our company, which is translated by the fact that we have the best U.S. average transaction price of the industry, at least compared with our direct competitors. We are #1 PHEV sales. Actually, it's more than being #1. We just doubled our year-over-year sales to 136,000 units in 2023, and we are #2 in LEV cells.

最後但並非最不重要的一點是，回到資本回報。我們將向您建議的是明年回購 30 億歐元的股票，這意味著股票回購量是 23 年的兩倍，股利也將增加 16%。因此，我們股東的資本回報顯著增加，這絕對是正常的，因為歸根結底這是你們的公司。接下來，讓我們來看看各個地區，從北美開始。儘管您對2023 年9 月和10 月發生的事件一無所知，北美仍實現了非常強勁的15.4% AOI 利潤率，我們能夠保護15.4%，比去年少了100 個基點，我認為這是一個非常強勁的結果鑑於所發生的事情，我想藉此機會向我們的北美團隊表示熱烈的感謝，並對所做的一切表示非常真誠的讚賞。當然，我們並沒有把所有事情都做好——我們並沒有把所有事情都做好，因為我們失去了一些市場份額。我們相信，我們已經了解營運方面的不順利之處。我們相信我們現在正在解決這個問題。我們在 23 年做得不好的其他事情是在 24 年做得更好的機會。我們相信我們擁有實現這一目標的工具。從這裡開始，我們也必須認識到，我們一直在保護我們公司所做的事情的價值，這體現在我們擁有業內最好的美國平均交易價格，至少與我們的直接競爭對手相比。我們的插電式混合動力車銷售排名第一。事實上，這不僅僅是#1。到 2023 年，我們的銷量比去年同期翻了一番，達到 136,000 輛，我們在 LEV 電池領域排名第二。

What this tells us is that for the transient period that we may have had, we are perfectly positioned to perform with our plug-in hybrid technology, the 4bye-technology that has proven to be a great success and still is in the U.S. market. Last but not least, the commercial fleet sales, we are up 20%. We are bringing more Pro masters -- we are bringing ProMaster EV to the market, which is a great offering to many of our corporate fleet customers. And this is now live. We are able to ramp up. We are ready for this competition, and we are gaining significant volume in '23. We expect to gain more volume in '24. And last but not least, in terms of pickup trucks, which is, as you know, a big profit provider for our operations in North America, we have presented to you and to the world, the large spectrum of our technologies. We are going to bring ICE. We are going to bring pure BEV with a fantastic range of 500 miles. We are going to bring range extenders for different kinds of customer segments across the market. We believe we have the largest, the most efficient market coverage in pickup trucks in the U.S. So great results, robust results in North America and opportunities to do even better, mostly in U.S. and Canada.

這告訴我們，在我們可能經歷的短暫時期，我們完全有能力利用我們的插電式混合動力技術，即 4bye 技術，該技術已被證明取得了巨大成功，並且仍然存在於美國市場。最後但並非最不重要的一點是，商業車隊銷售量成長了 20%。我們正在將更多的 Pro master 引入——我們正在將 ProMaster EV 推向市場，這對我們的許多企業車隊客戶來說是一個很好的產品。現在已經上線了。我們能夠加快步伐。我們已經為這場比賽做好了準備，並且我們在 23 年獲得了顯著的銷售。我們預計 24 年將獲得更多銷售量。最後但並非最不重要的一點是，就皮卡車而言，如您所知，皮卡車是我們在北美業務的一大利潤來源，我們向您和世界展示了我們廣泛的技術。我們要帶ICE。我們將推出續航里程達 500 英里的純電動車。我們將為市場上不同類型的客戶群提供增程器。我們相信，我們在美國擁有最大、最高效的皮卡車市場覆蓋範圍。在北美取得瞭如此出色的業績，強勁的業績，並且有機會做得更好，主要是在美國和加拿大。

If we move from here and have a look at Europe, the first great thing about Europe is that Europe was able to sustain a stable 9.8% AOI margin and grew the profit to EUR 6.5 billion. This is good because the competition was much more sharp than it was in the previous years and because we had a significant increase on our LEV sales and BEV sales. So the mix of electrified sales increased significantly. And at the same time, we could maintain the AOI margin. And at the same time, we could grow the amount of profit. So a great performance there. Even though a little bit like in the U.S., we suffered on the share, we lost 140 basis points. We believe that this is coming back quite strongly, and we'll have the opportunity to discuss because we see that our order book is now being filled in a very efficient manner. One thing that we see in Europe, which is quite stunning and quite demonstrative of the power of our products, the power of the appeal of our products and the power of our technology is that as soon as we communicate a little bit more on marketing communications, we have a very good response from the market. And that's what we have been doing over the last few weeks. And we see that the response from the market is very strong, and we see our order book getting filled week after week. So we believe that we can do a better job in Europe in 2024.

如果我們從這裡轉向歐洲，歐洲的第一個偉大之處就是歐洲能夠維持穩定的 9.8% AOI 利潤率，並將利潤成長到 65 億歐元。這是一件好事，因為競爭比前幾年更加激烈，而且我們的 LEV 銷售量和 BEV 銷售量大幅成長。因此，電動化銷售組合顯著增加。同時，我們可以維持 AOI 餘裕。同時，我們可以增加利潤。所以那裡的表演很棒。儘管有點像美國，但我們的份額受到了影響，下跌了 140 個基點。我們相信，這種情況正在強勢回歸，我們將有機會進行討論，因為我們看到我們的訂單簿現在正在以非常有效的方式填寫。我們在歐洲看到的一件事非常令人震驚，也充分展示了我們產品的力量、我們產品的吸引力和我們技術的力量，那就是，只要我們在營銷傳播方面多一點溝通， ，我們得到了很好的市場反應。這就是我們過去幾週一直在做的事情。我們看到市場的反應非常強烈，我們的訂單簿一週又一週被填滿。所以我們相信2024年我們可以在歐洲做得更好。

From here, we have to recognize that our 14.2% BEV market share is below the total market share. Of course, this has also to do with the fact that we want to protect the profitability while we grow the sales as we have seen. So there was a significant growth on sales. At the same time, we are protecting the permit margins to make sure that we protect our earnings vis-a-vis the BEV sales mix as we are reducing the costs every single day, as we will see later on. So number three, in Europe in BEV cells with a significant number that was increased by 38 kilo units year-over-year. Online sales is a big success, very big success. This new sales channel is something that we believe is very promising for the future. It is a much lower cost of distribution. It is meeting the expectations of the customers who have the need for a hassle-free customer journey. And we are offering exactly that, a hassle-free customer journey with all the services online.

從這裡開始，我們必須認識到我們14.2%的純電動車市場份額低於總市場份額。當然，這也與我們希望在增加銷售額的同時保護獲利能力有關。因此，銷售額出現了顯著成長。同時，我們正在保護許可利潤率，以確保我們相對於純電動車銷售組合能夠保護我們的收入，因為我們每天都在降低成本，正如我們稍後將看到的。因此，在歐洲，純電動車電池數量排名第三，比去年同期增加了 38 公斤。網上銷售取得了巨大的成功，非常巨大的成功。我們相信這個新的銷售管道未來很有前景。這是一個低得多的分銷成本。它滿足了需要無憂客戶旅程的客戶的期望。我們提供的正是這一點，即透過所有線上服務提供無憂無慮的客戶旅程。

The result is here, up 55%, a very strong number. Overall, in the world, we are at 360,000 sales for the whole world. We are at 188,000 sales in Europe and specifically in Europe, a very good response to the very nice customer journey, hassle-free that we are offering on this specific channel. In terms of LCV, our leadership is undisputed, 30.4% market share with, as I already mentioned, a 38.8% market share for the BEV Pro an vans in Europe, which is a very strong position. As you know, the LCVs represent 1/3 of the total net revenues of the company. Last but not least, we are executing on our plans to bring Giga factories to our markets and be able to source battery cells from the regions to the regions. It is quite clear that we have with ACC not only taking the leadership in terms of shareholding, but also that we are executing on plan. And this is very important. We are on track, on plan for the first plant in Duras in France that is now making -- manufacturing the preliminary production on schedule. And by the end of this year, we'll start delivering to our vehicle plants the final battery cells that we need for our European sourcing. It is a very big achievement. And I would like to congratulate the ACC top executive team and namely its CEO, Yann Vincent.

結果如下，上漲了 55%，這是一個非常強勁的數字。總體而言，我們的全球銷量為 360,000 輛。我們在歐洲，特別是在歐洲的銷量為 188,000 輛，這是對我們在這個特定管道上提供的非常愉快的客戶旅程的良好回應，無憂無慮。在 LCV 方面，我們的領導地位是無可爭議的，市佔率為 30.4%，正如我已經提到的，BEV Pro 和廂式車在歐洲的市佔率為 38.8%，這是一個非常強大的地位。如您所知，LCV 占公司總淨收入的 1/3。最後但並非最不重要的一點是，我們正在執行計劃，將千兆工廠引入我們的市場，並能夠從各個地區採購電池。很明顯，我們不僅在持股方面與 ACC 處於領先地位，而且我們正在按計劃執行。這非常重要。我們正在按計劃在法國杜拉斯建造第一家工廠，目前正在按計劃進行初步生產。到今年年底，我們將開始向我們的汽車工廠交付歐洲採購所需的最終電池。這是一個非常大的成就。我要祝賀 ACC 高階管理團隊，即其執行長 Yann Vincent。

From here, let's move to the other regions. And here, you have really a very nice picture about what our leaders are doing. Middle East and Africa is quite outstanding. We could double the overall amount of profit. The AOI amount has doubled to reach EUR 2.5 billion. The AOI margin of Middle East and Africa is by far the most profitable business that we have across the regions, that's 23.7%. The #2 being North America at 15.4% -- and then you have South America at an AOI margin of 14.8%. It's the #3 with an AOI that was up 16%. So a leading region, both in automotive group sales in brand sales with Fiat and here also, EUR 2.4 billion of additional of profit. And last but not least, China and India, Asia Pacific with a very respectable margin of 14.2%, stable despite net revenues -- stable in net renews. And we have, of course, still some things -- some good things to do in terms of planning to leverage the leap motor strategic partnership, which is a big opportunity as we are controlling all the exports outside of China and consolidating the profits that will come from the exports outside of China for the Leap motor sales. We are also in a position to see that the Citroen C3 sales in India, Asia Pacific are growing by 30%, which means that our smart card platform strategy is now bringing some results in terms of growth for our company.

從這裡開始，我們轉向其他地區。在這裡，您對我們的領導人正在做的事情有了非常好的了解。中東和非洲的表現相當出色。我們可以使利潤總額增加一倍。 AOI 金額翻了一番，達到 25 億歐元。中東和非洲的 AOI 利潤率是我們在該地區迄今為止利潤最高的業務，為 23.7%。位居第二的是北美，佔 15.4%，然後是南美洲，AOI 利潤率為 14.8%。它排名第三，AOI 成長了 16%。因此，無論是在汽車集團銷售額還是菲亞特品牌銷售額方面，該地區均處於領先地位，而且這裡還有 24 億歐元的額外利潤。最後但並非最不重要的一點是，亞太地區的中國和印度的利潤率非常可觀，達到 14.2%，儘管淨收入穩定，淨續約也穩定。當然，我們還有一些事情要做，在計劃利用跨越汽車戰略合作夥伴關係方面，我們還有一些事情要做，這是一個很大的機會，因為我們正在控制中國以外的所有出口並鞏固利潤，來自中國以外的出口用於零跑車的銷售。我們也看到雪鐵龍C3在印度和亞太地區的銷售成長了30%，這意味著我們的智慧卡平台策略現在正在為我們公司的成長帶來一些成果。

This is what we can say here, but the most important thing is that Middle East and Africa, South America, India, Asia Pacific represents the third engine of our company. And we see that in 2023, this third engine was very close to the profit that we get out of Europe. So I expect that very soon, we will have this third engine active which means 3 big engines of profitability for our company with the Europe and third engine at a similar amount at the end of the day, which gives our company even more robustness and even more capability to be an all-weather company given the risk that we could face off regional crisis. If we move from here, I would like to comment also our very accretive businesses that are expanding across the world. I will start with financial services. First, to say that our U.S. financial services are now live. They are very active. They are growing. We are at $7 billion of receivables. We expect that this sale is going to exceed the EUR 10 billion target of 2024. And this already represents a tripling of what we did in 2022. So very fast growth, very efficient growth, and this is going to give us a very important tool on the come back on the share that we expect in North America, in the U.S. It's an important tool for ourselves and marketing, as you know. Now we have it. Now it's growing and now it's competitive to support our sales and marketing teams. We have also completely concluded the restructuring of our European financial services.

這是我們在這裡可以說的，但最重要的是中東和非洲、南美、印度、亞太代表了我們公司的第三個引擎。我們看到，到 2023 年，這第三台引擎非常接近我們從歐洲獲得的利潤。因此，我預計很快我們將擁有第三台發動機，這意味著我們公司的三大盈利引擎與歐洲和第三台引擎在一天結束時的金額相似，這使我們的公司更加穩健，甚至考慮到我們可能面臨地區危機的風險，我們更有能力成為一家全天候公司。如果我們離開這裡，我還想評論一下我們正在世界各地擴張的非常增值的業務。我將從金融服務開始。首先，我們的美國金融服務現已上線。他們非常活躍。他們正在成長。我們的應收帳款為 70 億美元。我們預計此次銷售將超過 2024 年 100 億歐元的目標。這已經是我們 2022 年銷售額的三倍。如此快速的增長，非常高效的增長，這將為我們提供一個非常重要的工具正如我們所期望的，在北美和美國，這對我們自己和行銷來說是一個重要的工具，正如你所知。現在我們有了。現在它正在不斷發展，並且在支持我們的銷售和行銷團隊方面具有競爭力。我們也徹底完成了歐洲金融服務業的重組。

They are now much more simple. -- one financial service per country. We have been improving our receivables. And now we are at EUR 56 billion of receivables. It is 21% more than last year. So growing now totally live and totally efficient, and we have also reinforced our presence in Brazil. On the circle economy business, this is really a fantastic opportunity for us. As you know, we have created the first circular economy hub in Italy. We will soon announce another one. And we are so excited about this for a very simple reason. It's a growing business. we grew by 18%, and it's extremely accretive to our overall AOI margin of the company, very accretive, putting us up. And we see that there is a lot of growth that we are ahead of us. I would mention there manufacturing with a 14% sales increase with 38 product lines that we manufacture. The reuse where we increased by 63% our sales in 160 countries. We have now set up in the repair 24 battery repair centers across mostly Europe and the recycle, where we increased by 84% the number of parts that we are recovering for recycling. This is a highly accretive business. This is growing and this is going to be growing even more when we will announce additional circle economy hub on top of the one we already have in Mirafiori in Italy. So on this page, great businesses that are growing represent a big opportunity for the future. Let me move from here and talk a little bit about product. Product is our passion. Technology is the way to express appeal. It is quite clear on this slide that not only you have this fantastic example of the Alfa Romeo, Stradale 33, which has been a fantastic project that great comes with a great brand equity to add to the great brand equity of Alfa Romeo. But more than that, it supports the fact that our sales across the world in Alfa Romeo could grow by 33%, 33% of global sales growth for Alfa Romeo. Great job done by the team. And it has been, of course, put in a high level of visibility by the Stradale 33 project, which is completely sold even before we deliver the first car. So a great brand equity reinforcement.

現在它們變得簡單多了。 ——每個國家一項金融服務。我們一直在改善我們的應收帳款。現在我們的應收帳款為 560 億歐元。比去年增加了21%。現在，我們的發展完全活躍且高效，我們也加強了我們在巴西的業務。對於循環經濟業務來說，這對我們來說確實是一個絕佳的機會。如您所知，我們在義大利創建了第一個循環經濟中心。我們很快就會宣布另一項。我們對此感到非常興奮，原因很簡單。這是一項不斷成長的業務。我們成長了 18%，這大大增加了公司的整體 AOI 利潤率，非常增加，讓我們信心十足。我們看到我們還有很大的成長空間。我要提到的是，我們生產的 38 條產品線的製造業銷售額成長了 14%。透過重複利用，我們在 160 個國家的銷售額增加了 63%。目前，我們在歐洲大部分地區設立了 24 個電池維修中心和回收中心，其中我們回收的零件數量增加了 84%。這是一項增值性極高的業務。這種情況正在成長，當我們宣佈在義大利米拉菲奧裡已有的循環經濟中心基礎上再增加一個循環經濟中心時，這種情況將會進一步成長。因此，在這一頁上，正在成長的偉大企業代表著未來的巨大機會。讓我從這裡開始談談產品。產品是我們的熱情。技術是表達訴求的方式。這張投影片非常清楚地表明，您不僅擁有阿爾法羅密歐 Stradale 33 的出色範例，這是一個出色的項目，偉大的項目伴隨著巨大的品牌資產，可以增加阿爾法羅密歐的巨大品牌資產。但更重要的是，它支持了這樣一個事實：我們阿爾法羅密歐在全球的銷量可以成長 33%，佔阿爾法羅密歐全球銷量成長的 33%。團隊做得很好。當然，Stradale 33 項目已經對其進行了高度關注，甚至在我們交付第一輛車之前該項目就已經完全售出。這是一個很好的品牌資產強化。

On the pickup trucks, we have everything we need. We have all the technologies. We are now going to start ramping up with the pure BEVs with a range of extenders with the ICEs with a model year 25 round 1,500. We see that there is a very significant potential there for our comeback on profit and share. And we see that we are going to be able to offer up to 500 miles of range on the pure BEV and also 500 -- more than 500 miles of more than 700 miles of range, sorry, for the range extender. So 500 miles of range for BV, 700 miles of range for the range extender. This is outstanding from a technology mastering perspective. This means that we are going to completely wash out any range anxiety syndrome. This is going to disappear, and that should bring a solution to all the pickup truck customers, not only on the coastal areas, most probably with BEV, but also in the deep countryside areas, possibly with more range extenders. If you look at the lower part of this slide, you have the first application of our telemedium platform with the Peugeot E 3008, 700 kilometers of WLTP range. This is a product that is going to use the battery cells from ACC. So it's going to be fully supported by our local sourcing of battery sales in the European market.

在皮卡車上，我們擁有我們需要的一切。我們擁有所有的技術。我們現在將開始生產帶有一系列擴展器的純電動車以及 25 年 1,500 輪的 ICE。我們看到我們在利潤和份額方面有很大的復甦潛力。我們看到，我們將能夠在純 BEV 上提供高達 500 英里的續航里程，對於增程器，我們也將能夠提供 500 英里（700 英里以上的續航里程）中的 500 英里以上。因此，BV 的續航里程為 500 英里，增程器的續航里程為 700 英里。從技術掌握的角度來看，這是非常出色的。這意味著我們將徹底消除任何里程焦慮症候群。這種情況將會消失，這將為所有皮卡客戶帶來解決方案，不僅在沿海地區（最有可能使用純電動車），而且在偏遠鄉村地區（可能使用更多增程器）。如果您查看這張投影片的下半部分，您會發現我們的遠端媒體平台首次應用在標緻 E 3008 上，WLTP 續航里程為 700 公里。這是一款將使用 ACC 電池的產品。因此，這將得到我們在歐洲市場的本地電池銷售採購的全力支持。

A huge pillar for the business of Peugeot, now ramping up in our social plant, a very strong product, as you may imagine. In terms of Opel brand, the remarkable performance of Opel is not only the fact that the BEV sales could grow by 27%. But because Opel is the first brand of the 14 brand portfolio of Stellantis that has a total market share on BEV that is on par with a total market share all in of the brand. So this is the first brand of our brand portfolio that has been able to deliver in the BEV market, the same market share as the total market share in the market. It is important to see that the pure BEV sales could grow by 27%, whereas the total sales could grow by 15%, which is an excellent result. Knowing where we are coming from back in 2017, it is good to see that Opel is in great shape. -- great growth, great profit, great technology. From here, I would like to hand over to Natalie. She's going to give you all the details on our financial results. Natalie, the floor is yours.

標緻業務的一個巨大支柱，現在在我們的社會工廠中蓬勃發展，正如您想像的那樣，這是一個非常強大的產品。就歐寶品牌而言，歐寶的亮眼表現不僅在於純電動車銷量成長27%。但因為歐寶是Stellantis 14個品牌組合中第一個在純電動車上的總市場份額與該品牌的總市場份額相當的品牌。因此，這是我們品牌組合中第一個能夠在純電動車市場上提供與市場總市場份額相同的市場份額的品牌。值得注意的是，純電動車銷量可以成長27%，而總銷量可以成長15%，這是一個非常好的結果。知道 2017 年我們的處境，很高興看到歐寶的狀況良好。 ——龐大的成長、龐大的利潤、偉大的科技。接下來，我想把工作交給娜塔莉。她將向您提供有關我們財務業績的所有詳細資訊。娜塔莉，地板是你的。

Thanks very much, Carlos. Let me start with a focus on 4 key metrics that highlight the major developments of our financial performance over the last 12 months. The first one is consolidated shipments, which is where we're up 7% in 2023 to 6.2 million vehicles. Net revenues grew 6% to reach EUR 190 billion AOI. It's another key metric for us in the group. And here, we delivered a strong 12.8%. And last, but definitely not least, Delontis delivered an industry-leading industrial free cash flow of EUR 12.9 billion, up that 19% Carlos spoke about versus 2022. I'll now discuss each of these KPIs in a little more detail. On the top line for the group, we increased by 6% in 2023. Volume and mix were the biggest movers supported by higher shipments, especially in large Europe and the Middle East and Africa.

非常感謝，卡洛斯。首先，我將重點放在 4 個關鍵指標，這些指標突顯了我們過去 12 個月財務表現的主要發展。第一個是綜合出貨量，到 2023 年我們的出貨量將增加 7%，達到 620 萬輛。淨收入成長 6%，AOI 達到 1,900 億歐元。這是我們集團的另一個關鍵指標。在這裡，我們實現了 12.8% 的強勁成長。最後但同樣重要的一點是，Delontis 實現了行業領先的工業自由現金流，達到 129 億歐元，比 Carlos 所說的 2022 年增長了 19%。現在我將更詳細地討論每一項 KPI。就集團的營收而言，我們在 2023 年成長了 6%。銷量和產品組合是受出貨量增加支撐的最大推動因素，尤其是在歐洲、中東和非洲地區。

This, along with our full year pricing improvements of 4% allowed us to offset significant FX headwinds due to the strengthening euro versus the Turkish lira, the U.S. dollar, the Argentine peso, which reduced revenue by EUR 6.5 billion. With respect to H2, and you can see that along the bottom of the chart, you see that revenues were essentially unchanged due to higher FX impacts and some pricing moderation. Now let's shift our attention to AOI, which came in at EUR 24.3 billion. The main positive driver here is the strong pricing I just mentioned, bringing an additional EUR 6.7 billion margin benefit. Our total net cash synergies were EUR 8.4 billion in 2023. And out of those, more than $5 billion had positively impacted our AOI showing that once again, the benefits of our merger of the merger are really coming through. But there were headwinds too. FX had the biggest negative impact, as you can see, at EUR 3.8 billion. Industrial costs were also negative as we experienced higher logistics and warranty costs, offsetting sizable manufacturing and purchasing improvements as well as positive benefits from raw materials. With respect to SG&A expenses, this is a spot where it was nearly unchanged versus the full year prior year and lower on a year-over-year basis if you look at the second half. Cost discipline is a rock hard discipline at Stellantis.

再加上我們全年定價提高 4%，使我們能夠抵消因歐元兌土耳其里拉、美元和阿根廷比索走強而帶來的重大外匯阻力，從而導致收入減少 65 億歐元。就下半年而言，您可以看到，在圖表底部，您會發現，由於外匯影響較大和定價有所調整，收入基本上沒有變化。現在讓我們將注意力轉向 AOI，其收入為 243 億歐元。主要的正面推動因素是我剛才提到的強勁定價，帶來額外 67 億歐元的利潤收益。到 2023 年，我們的淨現金協同效應總額為 84 億歐元。其中，超過 50 億美元對我們的 AOI 產生了積極影響，這再次表明，我們合併的好處確實正在顯現。但也存在阻力。如您所見，外匯的負面影響最大，達 38 億歐元。工業成本也是負面的，因為我們經歷了更高的物流和保固成本，抵消了大規模的製造和採購改進以及原材料的正面效益。就銷售、管理及行政費用而言，與去年全年相比幾乎沒有變化，如果你看看下半年，則比去年同期較低。成本紀律是 Stellantis 堅如磐石的紀律。

As a result, we have reduced our SG&A as a percent of sales from 6.1% in 2021 to 5% today. I think that's really unique in the industry. Looking at H2 AOI development, as you see below, the net pricing gains were smaller. FX headwinds increased and the industrial cost became margin-accretive, thanks to lower raw material cost. Now let's move on to inventories. Inventories at year-end rose by 72,000 units sequentially or 5% compared to the end of the third quarter. This represents the net impact of a 15% reduction in company inventories due to improved delivery logistics in Europe, but at the same time, higher dealer inventories due in large part to changes in the EV production schedules and regulation. On a year-over-year basis, which we -- where we were higher than we had been at the end of '22, inventories still remain below the levels of our premerger predecessor companies. I think that's important to note. Going forward, despite our continued focus on pricing discipline, we don't expect further inventory increases of any materiality in 2024. So let's focus now on industrial free cash flow, which reached that EUR 12.9 billion. It's up 19% versus 2022 and EUR 5 billion versus 2021. The strong development was driven by higher AOI, lower negative impact of D&A and the positive development in financial charges and taxes. And this allowed us to accelerate our investments, which grew EUR 2 billion higher year-over-year driven by battery JVs as well as our U.S. FinCo. We're also able to further reduce our factoring activities as part of our working capital normalization plan. This next chart shows our -- finishes out our discussion on the major items of our 2023 IFRS income statement as well as our financial position and liquidity.

因此，我們將 SG&A 佔銷售額的百分比從 2021 年的 6.1% 降至目前的 5%。我認為這在行業中確實是獨一無二的。從下半年 AOI 的發展來看，如下所示，淨定價收益較小。由於原材料成本下降，外匯不利因素增加，工業成本增加了利潤。現在讓我們繼續討論庫存。年末庫存季增 72,000 輛，較第三季末增加 5%。這代表了由於歐洲交付物流改善而導致公司庫存減少 15% 的淨影響，但與此同時，經銷商庫存增加在很大程度上歸因於電動車生產計劃和監管的變化。與去年同期相比，我們的庫存水準高於 22 年底的水平，但庫存仍低於合併前前身公司的水準。我認為這一點值得注意。展望未來，儘管我們繼續關注定價紀律，但我們預計 2024 年庫存不會進一步增加。因此，現在讓我們專注於工業自由現金流，該現金流已達到 129 億歐元。與 2022 年相比增長了 19%，與 2021 年相比增長了 50 億歐元。這一強勁增長是由更高的 AOI、更低的 D&A 負面影響以及財務費用和稅收的積極發展推動的。這使我們能夠加快投資速度，在電池合資企業以及美國金融公司的推動下，投資年增了 20 億歐元。作為營運資金正常化計畫的一部分，我們也能夠進一步減少保理活動。下一張圖表顯示了我們對 2023 年 IFRS 損益表主要項目以及我們的財務狀況和流動性的討論。

Diluted EPS grew 12% year-over-year, driven by a 10% gain in our operating income due to the nonrepetition of unusual charges in 2022, mainly related to the Takata recall and CAFE penalty adjustments. Our first ever net financial income also supported this development. Offsetting this modestly were higher tax expenses with a 17% tax rate versus 14% in '22 due to lower recognition of deferred tax assets. I'd also like to call out to your attention that going forward in 2024, we are introducing a new financial metric, adjusted EPS to our reporting. This highlight metric should be useful as a complement to our AOI making clear the significant impact that our share buybacks drive for investors. In the appendix of today's presentation, if you look back on Chart 48, we show how adjusted EPS would have been calculated in '22 and '23, and we really appreciate it if our analysts start to incorporate this in their published estimates going forward. Moving on to the liquidity front. Our net financial position grew nearly EUR 4 billion to EUR 29 billion at the end of '23 as free cash flows more than offset our increasing capital returns. And our industrial available liquidity was stable year-over-year at EUR 61 billion. Along with the industrial free cash flow, these KPIs prove that we are in a position to both ensure strong resiliency as well as continue to deliver substantial capital returns. Speaking of capital returns in 2023, Stellantis has delivered a record EUR 6.6 billion to shareholders, including EUR 4.2 billion in dividends, EUR 1.5 billion in our first ever open market share buyback and a EUR 900 million share repurchase from Dongfeng Group who, as a result, now only retain 1.5% of Stellantis outstanding shares.

稀釋後每股盈餘年增 12%，主要是由於 2022 年不重複發生異常費用（主要與高田召回和 CAFE 罰款調整有關），導致我們的營業收入增加 10%。我們有史以來的第一筆淨財務收入也支持了這一發展。由於遞延稅資產的確認較低，稅收費用增加了，稅率為 17%，而 22 年為 14%，這略微抵消了這一影響。我還想提請您注意，展望 2024 年，我們將在報告中引入新的財務指標，即調整後每股收益。這項突出指標應該作為我們 AOI 的補充，明確我們的股票回購為投資者帶來的重大影響。在今天簡報的附錄中，如果您回顧一下圖48，我們將顯示如何計算22 年和23 年調整後的每股收益，如果我們的分析師開始將其納入他們未來發布的估計中，我們將非常感激。轉向流動性方面。截至 2023 年底，我們的淨財務狀況成長了近 40 億歐元，達到 290 億歐元，因為自由現金流足以抵銷我們不斷增加的資本回報。我們的工業可用流動性年比穩定在 610 億歐元。連同工業自由現金流，這些關鍵績效指標證明我們有能力確保強大的彈性並繼續提供可觀的資本回報。談到2023 年的資本回報，Stellantis 已向股東交付了創紀錄的66 億歐元，其中包括42 億歐元的股息、我們首次公開市場股票回購的15 億歐元以及從東風集團回購的9 億歐元股票。結果，現在只保留了Stellantis 1.5%的流通股。

For 2024, the company intends to propose a EUR 1.55 dividend per share at our upcoming AGM. This is a 16% increase and represents 25% of prior year income, consistent with our dividend payout guidelines. Today, we are also announcing plans to pursue a new EUR 3 billion open market share buyback program, doubling the size of last year's program. We will start executing this repurchase very soon based on our current shareholder authorization and intend to remain active in the market throughout the year. In total, we intend to deliver a return of EUR 7.7 billion, representing a 26% increase year-over-year, equivalent to an 11% yield on the Stellantis market cap at the beginning of 2024. We also retained the option to repurchase any and all of the remaining shares held by the Dongfeng Group, subject, of course, to their decision and timing. I'd like to wind up my section today with some comments on the financial outlook and our guidance for 2024. As we begin 24, let me emphasize that we see a largely supportive revenue backdrop for the industry. with moderating interest rates as the year progresses, which should support improving affordability and therefore, higher consumer demand. We also believe supply conditions are nearing pre-COVID and semiconductor crisis levels and that our own delivery logistics have improved significantly. And now most importantly, we have a strong product portfolio lined up.

對於 2024 年，該公司計劃在即將召開的年度股東大會上提議每股 1.55 歐元的股息。增幅為 16%，相當於前一年收入的 25%，符合我們的股利支付準則。今天，我們也宣布計劃實施 30 億歐元的新公開市場股票回購計劃，使去年計劃的規模增加一倍。我們將根據當前股東授權很快開始執行本次回購，並打算全年保持活躍於市場。總的來說，我們打算實現 77 億歐元的回報，年增 26%，相當於 2024 年初 Stellantis 市值的 11% 收益率。我們也保留了回購任何股票的選擇權。以及東風集團持有的所有剩餘股份，當然取決於他們的決定和時機。我想以對 2024 年財務前景和指導的一些評論來結束今天的部分。在 24 日伊始，我要強調的是，我們看到該行業的收入背景在很大程度上是有利的。隨著時間的推移，利率會趨於緩和，這應該會支持提高負擔能力，從而提高消費者需求。我們也認為，供應狀況已接近新冠疫情和半導體危機前的水平，並且我們自己的交付物流已顯著改善。現在最重要的是，我們擁有強大的產品組合。

You've heard all about it from Carlos, including not only these expanded EV lineup that addresses what was previously untapped segments but also with updates to some of our most important ICE products. So moving next to AOI. We are reiterating our commitment to a double-digit margin in 2024. While we are always working to maintain or improve our performance, we know that '24 results will be subject to the impacts of significant headwinds, some of which I'll detail in just a moment. But let me start with the positives. Lower raw material costs are expected to be positive, an amount of about EUR 1 billion to our AOI over the course of 2024. Our logistic costs should also continue to improve. In the second half, we'll lap the EUR 1.1 billion of strike impacts and new contract expenses of 2023. While those are all important 2024 positives for Stellantis, there are also several AOI headwinds, which we'll be working hard to mitigate. Competitive market conditions leave less room for price increases, a higher mix of LEVs while we're proud to say that EVs and PHEV vehicles deliver solid profitability for us, they're still not yet at the levels of our ICE vehicles.

您已經從卡洛斯那裡聽說過這一切，不僅包括這些擴展的電動車產品線，解決了以前未開發的細分市場，還包括我們一些最重要的內燃機產品的更新。所以移動到 AOI 旁邊。我們重申我們對 2024 年實現兩位數利潤率的承諾。雖然我們一直在努力維持或提高我們的業績，但我們知道 24 年的業績將受到重大不利因素的影響，我將在一會兒。但讓我從正面的方面開始。原料成本的降低預計將帶來正面影響，到 2024 年，我們的 AOI 成本將減少約 10 億歐元。我們的物流成本也應該會持續改善。下半年，我們將克服 2023 年 11 億歐元的罷工影響和新合約費用。雖然這些對 Stellantis 來說都是 2024 年重要的積極因素，但也存在一些 AOI 不利因素，我們將努力緩解這些不利因素。競爭激烈的市場條件使得價格上漲的空間越來越小，LEV 的組合也越來越多，雖然我們很自豪地說電動車和插電式混合動力車為我們帶來了堅實的盈利能力，但它們仍然沒有達到我們的內燃機汽車的水平。

The last area that I'd like to mention and talk about here is our continued expectations for strong industrial free cash flow. Here, we will remain very disciplined on CapEx and R&D spend. We also should benefit from the moderating working capital headwinds because of the progress we've made already improving the quality of the balance sheet and moving closer to the neutral working capital objective we set. So summing up these 3 topics. First, we see the macroeconomic backdrop as one that we can and intend to grow revenues against, especially with our exciting new product wave. Second, we reiterated our double-digit margin minimum commitment and understand the challenges we have to mitigate to maintain this top range profitability in the context of our peers. And third, we expect to continue generating a strong and continuous positive free cash flow that will enable us to deliver very significant capital returns. So lastly, I'd like to briefly remind you about some coming investor events in the first half of 2024. Most importantly is our Investor Day, which is planned for June 13 in Auburn Hills, where we intend to share in more detail about our products and services that are evolving about what goes on in evolving and consistently delivering high levels as we work to transform ourselves and the industry going forward. That concludes my financial section. So I'll now turn over the podium back to Carlos for some concluding remarks.

我想在這裡提到和談論的最後一個領域是我們對強勁工業自由現金流的持續預期。在這裡，我們將在資本支出和研發支出上保持嚴格的紀律。我們也應該受益於營運資本逆風的緩和，因為我們已經取得了進展，改善了資產負債表的質量，並更接近我們設定的中性營運資本目標。總結一下這3個主題。首先，我們認為宏觀經濟背景是我們能夠並且打算增加收入的背景，特別是在我們令人興奮的新產品浪潮的推動下。其次，我們重申了兩位數最低利潤率的承諾，並了解我們必須克服的挑戰，才能在同業中保持最高的獲利能力。第三，我們預計將繼續產生強勁且持續的正自由現金流，這將使我們能夠實現非常可觀的資本回報。最後，我想簡要提醒您 2024 年上半年即將舉行的一些投資者活動。最重要的是我們的投資者日，計劃於 6 月 13 日在奧本山舉行，屆時我們打算更詳細地分享我們的信息隨著我們努力改變自己和行業的未來，不斷發展並持續提供高水準的產品和服務。我的財務部分就到此結束。現在我將把講台交還給卡洛斯，讓他做一些總結性發言。

Thank you, Natalie. Thank you for this super clear presentation. I just would like to share with our investors a couple of more things. First of all, in '24 we are going to enjoy a very strong LCV based business, our Pro One business with the 6 brands you see on this slide. It's quite remarkable to see that we are #1 in Europe with a 30.4% market share. We are #1 in BEV in Europe with a 38.8% market share. We are #1 in South America with 28.6% market share. We are #2 in Middle East and Africa at 21.8% market share and growing 7 points over the year. And we are #3 in NA in North America with 18.2% market share. There is a significant potential here. And what I would like to share with you is the fact that if you break down H1 of '23 and H2 of '23, you will see that in H2, '23, we are in an uptrend in terms of gaining highly profitable market share. And we expect that to continue as we have significant new products coming in. I already commented the Ram offensive with the 2025 Ram model year, 1,500. And of course, the ProMaster BV, which is now live and being manufactured out of our plants. We also have a full van lineup renewal with 13 nameplates worldwide, significant MCAs coming out of our plants. And we are now reinforcing our sourcing of 1-ton pickup trucks in the third engine that is going to be representing an additional potential for growth, and of course, a very strong competitive sourcing that we'll have over there. Last but not least, we are possibly the only automotive company that is proposing in our LCV offering, BEVs, fuel cells and range extenders.

謝謝你，娜塔莉。感謝您的超級清晰的演示。我只想與我們的投資者分享更多事情。首先，在 24 年，我們將享受非常強大的基於 LCV 的業務，我們的 Pro One 業務以及您在這張投影片上看到的 6 個品牌。我們在歐洲排名第一，擁有 30.4% 的市場份額，這非常了不起。我們在歐洲純電動車領域排名第一，市佔率 38.8%。我們在南美洲排名第一，市佔率為 28.6%。我們在中東和非洲排名第二，市佔率為 21.8%，並且在一年內成長了 7 個百分點。我們在北美地區排名第三，市佔率為 18.2%。這裡有巨大的潛力。我想與您分享的是，如果您分解 23 年上半年和 23 年下半年，您會發現在 23 年下半年，我們在獲得高利潤市場份額方面處於上升趨勢。我們預計這種情況會持續下去，因為我們有重要的新產品即將上市。我已經評論過 Ram 攻勢，2025 Ram 車型年，1,500。當然，還有 ProMaster BV，它現在已投入使用並由我們的工廠生產。我們還更新了全貨車系列，在全球範圍內擁有 13 個銘牌，其中重要的 MCA 均來自我們的工廠。我們現在正在加強對第三台引擎的 1 噸皮卡的採購，這將代表著額外的成長潛力，當然，我們在那裡將擁有非常強大的競爭性採購。最後但並非最不重要的一點是，我們可能是唯一一家在 LCV 產品、BEV、燃料電池和增程器中提出建議的汽車公司。

So in terms of technology, we have the best coverage of the market moving forward. So a lot of potential there. Not to forget that from 2024, 1% of our new vans and pickup trucks will be connected and activated at the moment of delivery. So very strong opportunity there, and hopefully, we'll execute properly. If we move to our BEV offerings, it is going to be a very strong year. We are going to move from 30 models by the end of '23 to 48 models by the end of '24, i.e., a 60% increase with some very strong iconic models in iconic brands like the Peugeot e-3008. -- the RAM 1,500 model year '25. As it was already mentioned, the Citroen EC3, but also the Jeep Recon and also the wagon ERS, not to forget the brand-new Dodge charger with more power, more torque, more burnouts and more donuts. This is exactly what we are going to bring. So very, very powerful new products. I have driven all of these cars. I can tell you that this is outstanding products, outstanding technology, outstanding dynamic performance, and I'm very excited about what is coming here and very confident that the customers will ultimately agree with us on the journey and the experience that they can enjoy with this product.

因此，就技術而言，我們擁有對未來市場的最佳覆蓋。所以那裡有很大的潛力。不要忘記，從 2024 年開始，我們 1% 的新貨車和皮卡車將在交付時連接並啟動。那裡有非常好的機會，希望我們能正確執行。如果我們轉向純電動車產品，這將是非常強勁的一年。我們計劃從 23 年底的 30 款車型增加到 24 年底的 48 款車型，即增加 60%，其中一些標誌性品牌中的一些非常強大的標誌性車型，如標緻 e-3008。 ——25 年款 RAM 1,500。正如已經提到的，雪鐵龍 EC3，還有吉普 Recon 和旅行車 ERS，不要忘記全新的道奇充電器，它具有更大的功率、更大的扭矩、更多的燒毀和更多的甜甜圈。這正是我們要帶來的。非常非常強大的新產品。這些車我都開過。我可以告訴你，這是出色的產品、出色的技術、出色的動態性能，我對即將到來的一切感到非常興奮，並且非常有信心客戶最終會同意我們的旅程以及他們可以享受的體驗這個產品。

So the product pipeline of Stellantis is now in full motion just 3 years after we created this company. If we look at technology and platforms, I would like to share with you a couple of things. We already launched and we made a specific event to present them to you the Stella medium with 700 kilometers of WLTP range and stella large with 500 miles of WLTP range. Those 2 platforms, stellar platforms out of the 4 platforms we intend to launch are demonstrating to you the execution capability of our company three years only after we created Stellantis. It demonstrates that we have the engineering power demonstrates that we have the agility. It demonstrates that we work very, very hard. In a nutshell, it demonstrates that we are ready for the fight. If we look at stellar only for D and E segments, you can see that we can make front-wheel drive cars, rear wheel drive cars, all will drive cars, sedans, crossovers and SUVs. So the amount of brains that we have put in this platform is absolutely outstanding. And I would like to congratulate our engineering teams. I think they are really giving us the best weapons we need to have to be competitive in the marketplace. Of course, we will continue to reduce costs. because we understand that as long as we cannot offer BEVs at the price of ICEs, the job is not done, and we have a very strong plan to achieve that.

因此，在我們創建這家公司僅僅三年後，Stellantis 的產品線現在就全面啟動了。如果我們看看科技和平台，我想與大家分享一些事情。我們已經推出了這款產品，並舉辦了一場特別活動，向您展示具有 700 公里 WLTP 續航里程的 Stella Medium 和具有 500 英里 WLTP 續航里程的 Stella Large。這兩個平台，我們打算推出的4個平台中的明星平台，正在向您展示我們公司在創建Stellantis僅三年後的執行能力。它顯示我們擁有工程能力，顯示我們擁有敏捷性。這表明我們工作非常非常努力。簡而言之，這表明我們已做好戰鬥準備。如果我們只看D級和E級的stellar，你會發現我們可以生產前輪驅動車、後輪驅動車，所有車款、轎車、跨界車和SUV。所以我們在這個平台上投入的腦力絕對是非常優秀的。我要祝賀我們的工程團隊。我認為他們確實為我們提供了在市場上具有競爭力所需的最佳武器。當然，我們會繼續降低成本。因為我們知道，只要我們不能以內燃機的價格提供純電動車，這項工作就沒有完成，而且我們有一個非常強大的計劃來實現這一目標。

But it is also showing that we are delivering on the commitments of the Dare Forward plan as it relates to the ramp-up of BEV products, not to say that they are multi-energy products, and this is a great decision that we have made 3 years ago. And given the uncertainties of the market, given the uncertainties that I'm sure you are going to question us on, the fact that we have multi-energy platforms is certainly a very strong competitive edge for Stellantis. I would like also to mention that on the 18 BEVs that we are going to bring in 2024, 8 of them are for the North American markets. To conclude this presentation, I just would like to tell you that, first of all, I am absolutely grateful sincerely grateful to our employees, to our union partners, to our Board for everything they have done to support our strategic plan execution. We are on plan. We are on track. We are delivering record results. Nothing here has been easy. -- absolutely nothing, but we have proven to you and to ourselves that we can stick together that there is cohesiveness in this very diverse company with more than 170 different citizenships. We are sticking together.

但這也顯示我們正在兌現「Dare Forward」計畫的承諾，因為它涉及純電動車產品的提升，而不是說它們是多能源產品，這是我們在3年前做出的一個偉大決定。考慮到市場的不確定性，考慮到您肯定會質疑我們的不確定性，我們擁有多能源平台這一事實對於 Stellantis 來說無疑是非常強大的競爭優勢。我還想提一下，我們將在 2024 年推出 18 款純電動車，其中 8 款是針對北美市場。在結束本次演講時，我想告訴大家，首先，我對我們的員工、工會夥伴、董事會為支持我們策略計畫執行所做的一切表示衷心的感謝。我們正在按計劃進行。我們步入正軌。我們正在取得創紀錄的成果。這裡沒有什麼是容易的。 ——絕對沒有，但我們已經向您和我們自己證明，我們可以團結一致，這家擁有 170 多個不同國籍的多元化公司具有凝聚力。我們團結在一起。

We are moving all in the same direction at the same pace, executing the same plan. And this is visible. And in the early '25, we'll comment to you the results we have achieved on the first leg of the plan before we move to the second leg, the second 3-year leg of the plan. We are highly profitable among the most profitable companies that you can find in this business. We are, for sure, the most resilient with the lowest breakeven point. We are working very, very hard to bring up unit margins of LEV sales to the same level of ICE. And we believe we are on the right track as those sales are already profitable, not as profitable as we would wish, but moving. It's moving every day, and that's good for all of us. So very happy to congratulate our employees. I would like also to express to you all the investors my sincere appreciation for your support. Nothing here could have been done without your support and without the stability that you are offering us. So thank you for that. Let's now move to your Q&A. I'm sure you have a lot. So I'll hand over back to Ed...

我們正以同樣的速度朝著同一個方向前進，執行同樣的計畫。這是可見的。在 25 年初，我們將向大家介紹我們在計畫的第一階段所取得的成果，然後再進行第二階段，也就是計畫的第二個三年階段。我們是該行業利潤最高的公司之一，利潤很高。毫無疑問，我們是最具彈性、損益平衡點最低的。我們正在非常非常努力地將 LEV 銷售的單位利潤率提高到 ICE 的同一水平。我們相信我們正走在正確的軌道上，因為這些銷售已經實現盈利，雖然沒有我們希望的那麼盈利，但正在不斷發展。它每天都在變化，這對我們所有人都有好處。非常高興地祝賀我們的員工。也謹向各位投資人的支持表示衷心的感謝。如果沒有你們的支持和你們為我們提供的穩定性，這裡的一切都是不可能完成的。非常感謝你的幫忙。現在讓我們開始問答。我確信你有很多。所以我會把事情交還給Ed...

(Operator Instructions). The first question today comes from Daniel Roeska of Bernstein Research.

（操作員說明）。今天的第一個問題來自伯恩斯坦研究公司的丹尼爾‧羅斯卡。

Carlos, market shares have declined in some parts of the business. And I was just wondering how important is it for your long-term positioning to, let's say, carefully regain some of those points? And in order of priority, I think what's most important to you? And then is open yardstick of reaching share parity between ICE and BEV is that a benchmark for other Stellantis' brands that you would like to see them achieve as well.

卡洛斯，部分業務的市佔率有所下降。我只是想知道，對於您的長期定位來說，小心地重新獲得其中一些點有多重要？按照優先順序，我認為對您來說最重要的是什麼？然後是達到 ICE 和 BEV 之間份額平價的開放標準，這是您希望看到他們也實現的其他 Stellantis 品牌的基準。

Two great questions. Thank you. Well, first of all, it's very important that we protect our share if we don't increase the share because we don't have a shrinking strategy. We committed to you that we would double the net revenue of the company by 2030 compared to 2021. So it is very important for us to protect our share. And we want to do it in a way that is going to be respectful of the net revenues and respectful of the profitability. So to be very clear, it is important for us, and we are now reacting to that. You have a first answer in the share that we delivered in January 2024 in Europe, which is much better than it was by the end of 2023. And we want to regain that share in a way which is respective of the value that we create, which means protecting the profitability and at the same time, making sure that it is sustainable. This is what we want to do.

兩個很好的問題。謝謝。首先，如果我們不增加份額，那麼保護我們的份額非常重要，因為我們沒有收縮策略。我們向您承諾，到 2030 年，我們將把公司的淨收入比 2021 年翻倍。因此，保護我們的份額對我們來說非常重要。我們希望以尊重淨收入和獲利能力的方式做到這一點。因此，要非常明確的是，這對我們很重要，我們現在正在對此做出反應。您可以從我們 2024 年 1 月在歐洲交付的份額中得到第一個答案，這比 2023 年底的情況要好得多。我們希望以與我們創造的價值相對應的方式重新獲得這一份額，這意味著保護盈利能力，同時確保其永續性。這就是我們想做的事。

The good thing is that in 2023, we did many things wrong. And I can tell you that many of our business reviews were not a walk in the park, which means that we are starting 2024 with a significant number of things that we can do better. We can also benefit from the fact that we have fresh products coming, not only about new models, but also about new powertrains like, for instance, right now, we are deploying in Europe across the different brands, a fantastic mild hybrid technology that is going to support a lot of additional profitable sales at the core of the market. So this is to answer your question, yes, it is important to regain market share because we do not have a shrinking strategy, and this is visible in the commitment of doubling the net revenues by 2030. And we want to do it in a wise way, which is protecting the profitability and protecting the value of our brands and the brand equity that we have for supporting the pricing power. So that's my answer to your first question. Second question, the margin parity is something that we believe we need to do. And we believe We need to do it fast because it is the best protection against the Chinese offensive. Chinese offensive is going to be, of course, very powerful. It's already here. You can see it in the European market. In the U.S., you could compare to what happened in the '70s when the Japanese carmakers came and to what happened in the '90s when the Koreans came. So we may not want to see a third time the same movie with the Chinese coming. So it's important that we put ourselves in a business model that is immune to the mix of pure BEV sales. as we expect that mix to grow, even though there could be some bumps on the road, the fact that for the last 10 months, we are experiencing more than 1.5 degrees of global warming is bringing a lot of education to the people and to the public opinion about the urgency to do something about the global warming.

還好2023年，我們做錯了很多事。我可以告訴您，我們的許多業務審查都不是在公園裡散步，這意味著我們在 2024 年開始時有很多事情可以做得更好。我們還可以從以下事實中受益：我們即將推出新產品，不僅涉及新車型，還涉及新動力系統，例如，現在我們正在歐洲不同品牌部署一種出色的輕度混合動力技術，將支持市場核心的大量額外盈利銷售。所以這是為了回答你的問題，是的，重新獲得市場份額很重要，因為我們沒有收縮戰略，這一點在到2030 年將淨收入翻一番的承諾中可見一斑。我們希望以明智的方式做到這一點方式，即保護獲利能力，保護我們的品牌價值以及我們用於支持定價權的品牌資產。這就是我對你第一個問題的回答。第二個問題，保證金平價是我們認為我們需要做的事情。我們相信我們需要快速行動，因為這是抵禦中國攻擊的最佳保護。當然，中國的進攻將會非常強大。它已經在這裡了。你可以在歐洲市場上看到它。在美國，你可以與 70 年代日本汽車製造商到來時所發生的情況以及 90 年代韓國汽車製造商到來時所發生的情況進行比較。所以我們可能不想第三次看到中國人來的同一部電影。因此，重要的是我們要採用一種不受純電動車銷售混合影響的商業模式。儘管道路上可能會遇到一些坎坷，但我們預計這種混合會不斷增長，但事實上，在過去10 個月裡，我們正在經歷超過1.5 度的全球變暖，這給人們和人們帶來了很多教育。公眾輿論認為採取措施應對全球暖化的迫切性。

Even if passenger vehicles and LCVs are only 12% of the emissions, we need to bring our contribution to fix that. And I believe that the BEV electrified sales ramp-up is going to continue eventually with some bumps on the road. So it's important that we protect our business model vis-a-vis that sales mix increase and that we equalize levelize the margins between the 2. Right now, we are working on that, and we are progressing quite quickly. 2023, the pace of total production costs on the BV was much better than the pace of total production cost reduction on ICEs. And it is being helped by the fact that many people are talking about the slowdown on the BEV demand, which has had a huge impact on the raw material cost, which has come down, and that is helping us to reduce the total production cost on BEVs faster than the ICE. So it's important for us to do that. But it is important to do it fast. This is where we stand on those 2 questions. Let's go to the next one.

即使乘用車和輕型商用車僅佔排放量的 12%，我們也需要為解決這個問題做出自己的貢獻。我相信純電動車銷量的成長最終將持續下去，但過程中會遇到一些坎坷。因此，重要的是，我們要保護我們的業務模式，防止銷售組合增加，並平衡兩者之間的利潤。目前，我們正在努力解決這個問題，而且進展很快。到2023年，BV總生產成本的下降速度遠勝於ICE總生產成本下降的速度。許多人都在談論純電動車需求放緩，這對原材料成本產生了巨大影響，原材料成本已經下降，這有助於我們降低總生產成本。BEV 比 ICE 更快。因此，我們這樣做很重要。但重要的是要快。這就是我們對這兩個問題的立場。我們來看下一篇。

Our next question comes from Philippe Houchois of Jefferies

我們的下一個問題來自 Jefferies 的 Philippe Houchois

I have a question on the EV adoption. It's a big topic right now, a slowdown. It seems to me that EV adoption is not just about dropping the price. We've seen aggressive price drops and it hasn't really worked. And at the same time, we healthy used car market, the result that used to hold up more leasing, et cetera. And I'm curious to have your thoughts because I think Stellantis is more involved in the whole value chain in distribution than most other carmakers. So you probably have a better handle on those issues. And I'm kind of wondering what's your view on what needs to be done to make sure that there is a gradual progression of EVs that we're not just waiting for cheap cars to come around that is more smoothness in that process...

我對電動車的採用有疑問。現在這是一個大話題，經濟放緩。在我看來，電動車的採用不僅僅是為了降低價格。我們看到價格大幅下跌，但並沒有真正發揮作用。同時，我們健康的二手車市場，這導致了更多的租賃等。我很想知道您的想法，因為我認為 Stellantis 比大多數其他汽車製造商更參與分銷的整個價值鏈。因此，您可能可以更好地處理這些問題。我想知道你對需要做什麼來確保電動車的逐步發展有何看法，我們不只是等待廉價車的出現，而是在這個過程中更加順利...

Well, thank you, Philippe, this is a very, very great question. It's a $1 million question. I would like to try to answer you by saying that the EV adoption is mostly driven by the alignment of 4 different stars. The first star that we need to take under our hands in our hands is the clean energy star. We need clean energy. Whatever you do in terms of CO2 emission reduction, you need to start with clean energy. Assuming that we have the clean energy, the second star that we need to have is about a visible, highly dense charging network, which means a charging network that comes to your customer journey at the moment where you don't need to look for the charging spot which means when you go to the shopping mall, when you go to the supermarket, when you go to the restaurant, when you go to Jim, in the parkings of those services, you find charging units. So we need a second star, which is about a visible and dense charging network that comes to your customer journey and your citizen journey. That's start #2. Start #3 is the product, the product itself.

嗯，謝謝你，菲利普，這是一個非常非常好的問題。這是一個價值 100 萬美元的問題。我想嘗試回答你，電動車的採用主要是由 4 個不同的明星的結合所推動的。我們需要把第一顆星拿到手的就是清潔能源星。我們需要清潔能源。無論您在減少二氧化碳排放方面做什麼，都需要從清潔能源開始。假設我們擁有清潔能源，我們需要擁有的第二顆星是一個可見的、高密度的充電網絡，這意味著一個充電網絡可以在您的客戶旅程中出現，而您無需尋找充電點，這意味著當你去購物中心、當你去超市、當你去餐廳、當你去吉姆時，在這些服務的停車場，你會找到充電裝置。因此，我們需要第二顆星，即為您的客戶旅程和公民旅程提供可見且密集的充電網路。這是#2 的開始。第三個開始是產品，產品本身。

The product needs to be enjoyable, NVH, acceleration, range, all of this is something that needs to make the product simply appealing. And I think we are there with a stella platform stella medium, stella large, stella frame and very soon stella small, -- all of these are going to demonstrate to you that the product is absolutely outstanding. And I can tell you, after 42 years of automotive life the BEV products are better products. If we solve the inconvenience of range or the inconvenience of not finding always the charging spot that we would like to find. So that's the third star. And the fourth star is affordability. And you are right to say, I share your perspective to say that it's not only about affordability. But I would say that on the first 3 topics, the first 3 stars, some progress is being made on clean energy. Some progress probably not enough is being made on the density of the charging network. The products are here. The products are coming at least on Stellantis they are now here big offensive in the U.S. and already very, very present in Europe. And at the end of the day, we need to bring affordability.

產品需要令人愉悅，NVH、加速、續航里程，所有這些都需要使產品具有吸引力。我認為我們已經推出了 stella 平台 stella Medium、stella Large、stella Frame 以及很快的 stella Small，所有這些都將向您證明該產品絕對出色。我可以告訴你，經過 42 年的汽車壽命，BEV 產品是更好的產品。如果我們解決了範圍不便或總是找不到我們想要找到的充電點的不便。這是第三顆星。第四顆星是負擔能力。你說得對，我同意你的觀點，這不僅與負擔能力有關。但我想說，在前 3 個主題上，前 3 顆星，清潔能源方面正在取得一些進展。在充電網路的密度方面取得的一些進展可能還不夠。產品在這裡。這些產品至少在 Stellantis 上推出，它們現在在美國掀起了一場大攻勢，並且已經在歐洲非常非常流行。歸根究底，我們需要帶來負擔能力。

The first example of affordability is the Citroen EC3, and we'll bring more and we'll keep on working on reducing the costs of the BEV technology. So when those 4 stars are going to align, I agree with you, things are going to move, and they will move faster, and they will move eventually very, very fast. We have a big stimulation that is coming. It's the Chinese offensive. It's a big stimulation for us to go faster in aligning those 4 stars. And I was asked a question this morning about if we are going to take any decision like some of our U.S. competitors in terms of slowing down what we are doing in electrification. And my answer is crystal clear. No, we keep it flat out. because we believe that the education of the citizens and the education of the consumer about the urgency of contributing to fixing the global warming issue is going to grow from the fact that we are already seeing that we are above 1.5 degrees of global warming much sooner than what we had predicted. So the public opinion is going to push in that direction whatever happens. You may have some bumps on the road, some slowdowns on the road. But anyway, it's going to move. So we keep it flat out in the execution of the Dare Forward plan -- thank you, Philippe. That's a great question.

價格實惠的第一個例子是雪鐵龍 EC3，我們將帶來更多，我們將繼續致力於降低 BEV 技術的成本。因此，當這四顆星對齊時，我同意你的觀點，事情將會發生變化，而且它們會移動得更快，而且它們最終會移動得非常非常快。我們即將迎來一個巨大的刺激。這是中國人的進攻。這對我們來說是一個很大的刺激，讓我們能夠更快地對齊這四顆星。今天早上有人問我一個問題，我們是否會像我們的一些美國競爭對手一樣做出任何決定，放慢我們在電氣化方面的進展。我的答案非常清楚。不，我們保持平淡。因為我們相信，我們已經看到全球暖化速度早於 1.5 度，因此，我們將加強對公民和消費者的教育，讓他們了解為解決全球暖化問題做出貢獻的緊迫性。我們所預測的。因此，無論發生什麼，公眾輿論都會朝這個方向推動。路上可能會遇到一些顛簸，一些減速。但無論如何，它都會移動。因此，我們在執行“敢於前進”計劃時全力以赴——謝謝你，菲利普。這是一個很好的問題。

The next question comes from George Galliers of Goldman Sachs.

下一個問題來自高盛的喬治·加利爾斯。

Yes. I'm going to ask quite a direct question, if I may. As I know you are very keen competitors and experts in benchmarking. Some of your U.S. and European peers who have already reported have suggested that they will grow operating income in 2024, albeit off a lower base than yourself? I know you've described this year as turbulent, but do you think flat AOI or indeed AOI growth is feasible for yourselves this year? And maybe related to that, you do mention it as being a supportive revenue backdrop from your Capital Markets Day in 2022, you set a revenue target for this year of EUR 200 billion. Is that still something which might be achievable based on what you can see today?

是的。如果可以的話，我會問一個很直接的問題。據我所知，你們是基準測試方面非常熱衷的競爭者和專家。您的一些已經發布報告的美國和歐洲同行表示，他們將在 2024 年實現營業收入增長，儘管基數比您低？我知道您將今年描述為動蕩的一年，但您認為今年 AOI 持平或 AOI 成長對您來說是否可行？也許與此相關，您確實在 2022 年資本市場日提到這是一個支持性的收入背景，您為今年設定了 2000 億歐元的收入目標。根據您今天所看到的情況，這仍然是可以實現的嗎？

Thank you. That's a great question. And let me give you a first high-level answer, and I will hand over to Natalie for any more precise comments she would like to add. First of all, let's make it super simple. The average transaction price of BEVs is higher than the ICEs. That's the first thing in terms of growing the top line. So let's take that as a given. Second thing is that, as I already mentioned, we have done a lot of mistakes in 2023 I'm not going to mention all of them to you because I don't want to hurt my team. And if we are doing what we are doing is because of their talent, and I want to keep things as smooth as they can be. But many things we did well, other things we did poorly, and we have to fix it. So all of those things represent potential for improvement. One thing that makes me smile is that given the competitiveness of what we are creating and launching in the market, we see that each time that we put a little bit more money in the media communications, eventually a little bit less money on the hood. -- the response is very good, which means the products are competitive. The products are appealing and the technology is there.

謝謝。這是一個很好的問題。讓我給你第一個高級答案，我將交給娜塔莉（Natalie）以徵求她想要添加的任何更準確的評論。首先，讓我們把它變得超級簡單。純電動車的平均交易價格高於內燃機汽車。這是增加收入的首要任務。因此，讓我們將其視為理所當然。第二件事是，正如我已經提到的，我們在 2023 年犯了很多錯誤，我不會向你們提及所有這些錯誤，因為我不想傷害我的團隊。如果我們正在做我們正在做的事情是因為他們的才華，我想讓事情盡可能順利。但很多事情我們做得很好，也有很多事情我們做得很差，我們必須解決它。所以所有這些都代表了改進的潛力。讓我微笑的一件事是，考慮到我們在市場上創造和推出的產品的競爭力，我們發現每次我們在媒體傳播上多花一點錢，最終在引擎蓋上的錢就會少一點。 ——反應很好，表示產品具有競爭力。產品很有吸引力，技術也很​​到位。

So we believe that there is a better way to go to market. And this is what we are doing right now in Europe, and it's working very well. As you know, we have set up a new leadership, top leadership team in North America with great executives, leading RAM, leading Jeep, leading the region. I believe that those 3 executives are going to be doing a very, very good job to bring back the profitable share that we may have lost this year. So my point is, we don't have to be more aggressive than ourselves. I mean you know who you are. You know how we act. You have been looking at us for many years now, and we are sports people. We are looking for always doing better, pushing the limits -- this is what we will try to do, and you have seen the results over the last 3 years, more than 3, by the way, which means that we will continue to push very hard. And I will start by fixing everything we did poorly in 2023. And you see that the product offensive that we are now bringing is expected to have some impact even if we have to recognize that there is always a window that is the ramp-up window, which is there, and we cannot do anything else than just to protect quality in those important periods. Natalie, anything you would like to add?

所以我們相信有更好的方式進入市場。這就是我們現在在歐洲正在做的事情，而且效果非常好。如你所知，我們在北美建立了一個新的領導層、頂級領導團隊，擁有優秀的高管，領導RAM，領導Jeep，領導該地區。我相信這三位高階主管將會做得非常非常出色，以奪回我們今年可能失去的獲利份額。所以我的觀點是，我們不必比自己更激進。我的意思是你知道你是誰。你知道我們的行為方式。你們已經關注我們很多年了，我們是體育人。我們始終追求做得更好，突破極限——這就是我們將努力做的事情，您已經看到了過去 3 年的結果，順便說一句，超過 3 年，這意味著我們將繼續推動很難。我將從修復 2023 年我們做得不好的所有事情開始。你會看到，我們現在帶來的產品攻勢預計會產生一些影響，即使我們必須認識到總有一個窗口是提升窗口，這是存在的，我們除了在這些重要時期保護品質之外別無他法。娜塔莉，你還有什麼要補充的嗎？

Yes. I think what I would add on both of them is, one, when it comes to the revenue, I think we have -- yes, LEVs are great, but there's a lot of other positives out there that we are executing well. We've got great products coming to market. And it really is something where we feel like we're starting in a strong position. We also believe, if you look at it on a regional level, that you're going to continue to see strength coming most from our third engine. And -- but we believe there's positive revenue opportunity in all of the regions. So I think that's an exciting place to start the year. On the AOI piece, I think this is really more about the mentality of how we give guidance. And that's really something we start every year and we look at what's going on, how competitive is it? What do we think the pluses and the minuses are? And I tried to give you some of those examples in the earlier comments.

是的。我想我要補充的是，第一，當談到收入時，我認為我們——是的，LEV 很棒，但我們還有很多其他積極因素，我們執行得很好。我們有很棒的產品即將上市。這確實讓我們感覺我們已經處於有利的位置。我們也相信，如果你從區域層面來看，你將繼續看到我們第三個引擎的大部分力量。而且 - 但我們相信所有地區都存在著積極的收入機會。所以我認為這是一個令人興奮的新年伊始。在AOI這塊，我認為這實際上更多的是我們如何給予指導的心態。這確實是我們每年都會開始的事情，我們會看看正在發生什麼，它的競爭力如何？我們認為優點和缺點是什麼？我試圖在之前的評論中為您提供一些例子。

But I think we look at this year as saying, starting today, we think there's more headwinds than there are tailwinds. And the way we work as a management group is we say, we have to show what we can do in terms of cutting our costs, making sure we manage our prices effectively, really driving all those positives. And only when we do that, do we earn the right to look at being more aggressive in terms of how we guide the market and what we entrust in terms of our ability to deliver. But you heard there really are a lot of things, I'll say, whether it's the logistics or the raw materials, those type of things that are helping us. And we are going to be focusing very hard on every single thing that's in our control to deliver the best possible results.

但我認為我們看待今年的意思是，從今天開始，我們認為逆風多於順風。我們作為管理團隊的工作方式是，我們必須展示我們在削減成本方面可以做些什麼，確保我們有效地管理我們的價格，並真正推動所有這些積極因素。只有當我們這樣做時，我們才有權利在如何引導市場以及我們在交付能力方面採取更積極的態度。但你聽說確實有很多東西，我會說，無論是物流還是原料，這些類型的東西都在幫助我們。我們將非常努力地專注於我們控制範圍內的每一件事，以提供盡可能最好的結果。

Thank you, Natalie. Let's move to the next one. Thank you. Thank you, George.

謝謝你，娜塔莉。讓我們轉到下一個。謝謝。謝謝你，喬治。

The next person on the queue is Patrick Hummel of UBS.

隊列中的下一個人是瑞銀集團的帕特里克·胡梅爾（Patrick Hummel）。

Yes. Thank you. Good morning, everybody. If I may start, Carlos, you alluded to this at the very beginning, the production flexibility, the platform flexibility that Stellantis has. Can you just elaborate on that in a bit more detail? Is it right that basically every plant, every production line can do with these Stella architectures, the best version and the ICE and hybrid version at the same time. So there is nothing really dedicated in terms of manufacturing assets. And how do you deal with that on the supplier side as in you have different parts going into the ICE car than in the BEV the powertrain side, needless to say, the battery itself. So how can you make sure you've got enough flexibility on that front should we go through a phase of hempy weaker BEV demand? And if I just may one for Natalie, on the share buyback position and the balance sheet situation, great to see improved or higher shareholder returns. Net of those payments that are yet to come for the buyback and the dividend, you still have a really solid balance sheet with more than EUR 20 billion of net cash left. Should we consider that like a war chest for any potential M&A opportunities? Or is there anything specific you have in mind on the investment front that needs to be taken into account in the budget?

是的。謝謝。大家早安。 Carlos，請允許我開始，您一開始就提到了 Stellantis 的生產靈活性和平台靈活性。能更詳細地說明一下嗎？是不是基本上每個工廠、每條生產線都可以同時使用這些 Stella 架構、最好的版本以及 ICE 和混合版本。因此，在製造資產方面沒有什麼真正專用的。供應商方面如何處理這個問題，因為內燃機車的零件與純電動車的動力系統不同，不用說，還有電池本身。那麼，如果我們經歷純電動車需求疲軟的階段，​​我們如何確保在這方面有足夠的彈性呢？如果我想為娜塔莉說一說，關於股票回購狀況和資產負債表情況，很高興看到股東回報得到改善或更高。扣除尚未支付的回購和股息款項，您的資產負債表仍然非常穩健，淨現金剩餘超過 200 億歐元。我們是否應該將其視為任何潛在併購機會的戰爭基金？或者您在投資方面有什麼具體想法需要在預算中考慮嗎？

Thank you, Patrick. Those are 3 great questions. On the third one, I will comment on the M&A so that we don't get trapped. But of course, Natalie will be free to jump in. On the first 2 ones, first of all, one suggesting that we'll have for our IR team is to invite you to visit one of our plants so that you can see with your eyes the flexibility that we are able to demonstrate in dealing with a very uncertain world. Yes, I can confirm that we have multi-energy platforms that can accommodate ICE and BEVs. A few years ago, I'm sure you remember, Patrick, perhaps not with you personally, but with the community of investors 2 or 3 years ago. The message we were getting was if your platforms are multi-energy, then they are not optimized for PureBEV, which means that the performance of your BEVs are not as good as the competitors. That's the message we were getting 3 years ago. I remember at that point in time, I ask our team to demonstrate to me what was exactly the trade-off of having multi-energy platform against dedicated BEV or dedicated ICE platforms. And we made that study.

謝謝你，派崔克。這是三個很好的問題。第三個，我會評論併購，以免我們陷入困境。當然，娜塔莉可以隨意插話。對於前兩個，首先，我們的 IR 團隊建議邀請您參觀我們的工廠，以便您可以與您的工廠一起參觀。關注我們正在應對一個非常不確定的世界時能夠表現出的靈活性。是的，我可以確認我們擁有可容納內燃機和純電動車的多能源平台。派崔克，我相信你幾年前還記得，也許不是你個人，而是兩三年前的投資人群體。我們得到的訊息是，如果您的平台是多能源的，那麼它們就沒有針對 PureBEV 進行最佳化，這意味著您的 BEV 的性能不如競爭對手。這是我們三年前收到的訊息。我記得當時，我要求我們的團隊向我展示多能源平台與專用 BEV 或專用 ICE 平台之間的權衡到底是什麼。我們做了這項研究。

We had several markups. I want to give you the conclusion, which is quite simple. In fact, the only difference is in the way you position the AC system, the air conditioning system, which, generally speaking, is below the instrument panel and below the instrument panel over the -- above the tunnel, you have somewhere the shape of the AC system that is there on the firewall. If you make a dedicated BEV platform, you can push that AC system a little bit forward let's say, about 2 to 3 inches, MAX, MAX. So you take the AC and you push it forward in the engine compartment because the electrical components are smaller than a pure ICE engine. And then you can compare 2 markups, one with the AC as it is positioned for a multi-energy platform and another one where you say, well, this is a dedicated platform. So I'm going to push the AC forward. Generally speaking, what is below the IP, mostly on top of the tunnel is an area that you don't use because you have the driver and you have the co-driver. And generally speaking, everything which is below the IP instrument panel is dark. So the visual impact of moving that AC forward is marginal, and the actual performance in Ruminus is marginal off marginal, which this means that the benefit to the consumer of having a dedicated platform is almost 0 compared to the diversity complexity that you generate, if you have 2 kinds of platforms. We made that decision 3 to 4 years ago, despite the criticism. It happens that in an uncertain world, today, it's the right decision. It has proven to be the right decision. And we could show to you those markups so that you can make your own opinion, but it's crystal clear when you make that study. So we are very fine with that multi-energy decision on the platforms.

我們有幾個加價。我想給你一個結論，這個結論很簡單。事實上，唯一的區別在於你放置空調系統的方式，一般來說，它位於儀表板下方，而在儀表板下方 - 隧道上方，你有某個地方的形狀防火牆上的 AC 系統。如果你製作一個專用的 BEV 平台，你可以將該 AC 系統向前推一點，比方說，大約 2 到 3 英寸，MAX，MAX。因此，您使用空調並將其在引擎室中向前推動，因為電氣元件比純內燃機小。然後你可以比較兩種加價，一種是 AC，因為它定位在多能源平台，另一種是你說的，嗯，這是一個專用平台。所以我要推動 AC 向前發展。一般來說，IP以下，大部分在隧道頂部是你不使用的區域，因為你有司機和副司機。一般來說，IP 儀表板下方的所有內容都是黑暗的。因此，推動AC 前進的視覺影響是邊際的，而Ruminus 中的實際性能也是邊際的，這意味著與您生成的多樣性複雜性相比，擁有專用平台給消費者帶來的好處幾乎為0，如果你有兩種平台。儘管受到批評，我們還是在三、四年前做出了這個決定。碰巧，在當今充滿不確定性的世界中，這是正確的決定。事實證明這是一個正確的決定。我們可以向您展示這些標記，以便您可以發表自己的意見，但是當您進行研究時，一切都非常清楚。因此，我們對平台上的多能源決策非常滿意。

The second thing is when you go in a plant where you are making BEVs, and you can go, for instance, to Ardeche where we make the RCVs and we make right now in Ardeche the ICEs the BEVs and the fuel cells. Same plant, same line. So we can show it to you easily. And we see that what you have to prepare, upstream of the mainline is the module that you call a battery pack. Yes, you have a dedicated small shop where you bring the trays, you bring the modules, you bring the harnesses and you assemble the battery pack, then you move the battery pack in the line on the mainline as if it was an exhaust system or a gas tank and you assemble it on the underhood on the hand the floor of the car. So yes, this works because the level of expertise that we have in manufacturing and overall layout of our platforms is very, very high. And you can visit any time. I would like to be there to invite you so that you can see it.

第二件事是，當你進入一家生產純電動車的工廠時，你可以去，例如，阿爾代什，我們在那裡生產 RCV，我們現在在阿爾代什生產 ICE、純電動車和燃料電池。同一工廠，同一生產線。所以我們可以輕鬆地向您展示。我們看到你必須在主線上游準備一個稱為電池組的模組。是的，你有一個專門的小商店，你可以在那裡帶來托盤，你帶來模組，你帶來線束，你組裝電池組，然後你在主線上的生產線上移動電池組，就好像它是排氣系統或一個油箱，然後將其組裝在汽車地板上的引擎蓋下。所以，是的，這是有效的，因為我們在製造和平台整體佈局方面的專業知識水平非常非常高。並且您可以隨時存取。我想邀請您到場，以便您可以看到它。

On the -- on the M&A stuff, we have already commented right now, nothing is ongoing. It is clear that if we are among the most profitable carmakers in the world, we are in a better shape to face the Chinese offensive than the ones who have the half of our profitability to face that competition. And if that was to come, then the guys who are the most profitable today are the guys who would be in a good position to eventually capture any opportunity. Nothing more than that. Everything else is speculation. This is our thinking on that front. I don't know, Natalie, if you want to add something to that.

關於併購事宜，我們現在已經發表了評論，但沒有任何進展。顯然，如果我們是世界上最盈利的汽車製造商之一，那麼我們比那些擁有我們一半盈利能力的汽車製造商更有能力面對中國的攻勢。如果這種情況真的發生，那麼今天最賺錢的人就是那些最終能夠抓住任何機會的人。僅此而已。其他一切都是猜測。這是我們在這方面的想法。我不知道，娜塔莉，你是否想補充一些東西。

I think when we look at everything that has to do with the balance sheet, the capital structure, the things that I would focus on are think about this as something where we're on a journey. If you look at our business a couple of years ago, this is something where we had never done a share buyback. We started that last year. We looked at an opportunistic ability to capture more share when DongFeng offered them in the second half of the year. We've now increased our dividend. We've increased our share buyback. And one of the things that's kind of been really central in that thinking this year was we said, "Hey, we want to move from something where we're building that position to a place where we're maintaining it, and we've done that. As we look going forward, we'll see how this moves along. I think we're very proud of what we're doing now. It depends, obviously, on what happens with our business performance and that we keep delivering at this high rate. But think of this as something where I think it's a great position to be in today. It is a real signal as to what we want to deliver the market, but it's by no means the end of the journey.

我認為，當我們審視與資產負債表、資本結構有關的一切時，我會關注的事情是將其視為我們正在經歷的事情。如果你看看我們幾年前的業務，你會發現我們從未進行過股票回購。我們去年就開始這麼做了。當東風公司在今年下半年向他們提供報價時，我們看到了獲得更多份額的機會主義能力。我們現在增加了股息。我們增加了股票回購。今年我們的想法中真正核心的事情之一是我們說，「嘿，我們希望從我們正在建立這一地位的地方轉向我們正在維持它的地方，而且我們已經做到了。展望未來，我們將看到進展如何。我認為我們對現在所做的事情感到非常自豪。顯然，這取決於我們的業務績效以及我們不斷交付的成果如此高的速度。但我認為這是一個很好的位置。這是我們想要向市場提供什麼的真正訊號，但這絕不是旅程的終點。

Thank you, Natalie. Let's move on. Thank you, Patrick.

謝謝你，娜塔莉。讓我們繼續。謝謝你，派崔克。

Thank you. And as a reminder, please limit yourself to one question in order to allow all participants the opportunity to ask a question. The next person in the queue is Dorothee Cresswell of BNP Paribas Exane.

謝謝。提醒一下，請限制自己提出一個問題，以便所有參與者都有機會提問。隊列中的下一個人是法國巴黎銀行 (BNP Paribas Exane) 的多蘿西·克雷斯韋爾 (Dorothee Cresswell)。

It's actually a follow-on to Daniel's earlier one, but honing on the U.S. electrification strategy because your NAFTA BEV launch is obviously aren't that far away now. So I wondered how quickly will you be able to replicate the best profitability that you already generate in Europe today in North America?

它實際上是 Daniel 早期產品的後續產品，但它是針對美國電氣化戰略的，因為北美自由貿易協定 (NAFTA) 推出的 BEV 顯然距離現在已經不遠了。所以我想知道你們能以多快的速度在北美複製目前在歐洲已經產生的最佳獲利能力？

Well, thank you, Dorothee. That's a great question. It's the short answer, which would not be as respectful as it should be because it's too short is 2025. That's the short answer. In fact, most of the launches will happen in the second half of 2024, at least for the U.S. market, except for the Pro Master EV, which is already on sale and already ramping up. So it's fair to say that given the sequence we have, the full impact -- positive impact of our BEV new launches will be visible in 2025 full year. You will see some of it in '24 by the end of the year, given the ramp-up that we will have, but that's the short answer. We will visit -- we will see that in 2025 full year scope and second half of '24 will be the ramp-up. That's for NA.

好吧，謝謝你，多蘿西。這是一個很好的問題。這是一個簡短的答案，但它不會像應有的那樣受到尊重，因為 2025 年太短了。這就是簡短的答案。事實上，大多數產品的發布都將在 2024 年下半年進行，至少在美國市場如此，但 Pro Master EV 除外，該產品已經開始銷售並且銷量正在增加。因此，可以公平地說，考慮到我們現有的順序，我們新推出的純電動車的全面影響——積極影響將在 2025 年全年顯現出來。考慮到我們將進行的升級，您將在 24 年年底看到其中的一些內容，但這只是一個簡短的答案。我們將參觀—我們將看到 2025 年全年範圍和 24 年下半年將是加速階段。那是針對 NA 的。

For Europe, you'll see it today. You'll have it today, we are going to see the ramp-up of the Peugeot E3008, which is going to be a very important pillar of our business in Europe. This is going to start in the next few weeks. -- as we are going to bring the cars to the showroom very soon. So Europe, you'll see a full year of BEV power. One of the good things you can already see is that when you look at the BEV market share in Europe on the B segment, if my memory is correct, we have more than 60% BEV market share in the B segment and the B-SUV segment, both in Europe, which means that it demonstrates the competitiveness of our B segment Hatch and B SUV products in Europe. When you look at the numbers on segment share, where you see the weakness in Europe is the C segment. You see that in the C segment, we don't have enough BEV market share. That's why we are now bringing the 308 E version, the Astra E version. And of course, in the crossover CSUV, the Peugeot E3008. So you should see, hopefully, with us that our BEV share in the C segment is going to grow. And there is no reason why we would not bring it closer to the share that we already have in the B Hatch and the BSV, which from the top of my memory, in Europe is above 60% of share in the B segment in Europe. So that's the power of what we have in Europe. And we are doing this with profit. We are doing this with profit.

對於歐洲，您今天就會看到。今天你們將會看到，我們將看到標緻 E3008 的崛起，這將成為我們歐洲業務的一個非常重要的支柱。這將在接下來的幾週內開始。 ——因為我們很快就會把汽車帶到陳列室。因此，在歐洲，您將看到一整年的純電動車動力。您已經可以看到的一件好事是，當您查看歐洲 B-Class 電動車市場份額時，如果我沒記錯的話，我們在 B 級和 B-SUV 中擁有超過 60% 的 BEV 市場份額這意味著它體現了我們B級掀背車和B級SUV產品在歐洲的競爭力。當你查看細分市場份額的數字時，你會發現歐洲的弱點是 C 細分市場。你看，在C細分市場，我們沒有足夠的純電動車市場份額。這就是為什麼我們現在推出 308 E 版本，即 Astra E 版本。當然，還有跨界 CSUV 標緻 E3008。因此，您應該希望與我們一起看到我們的純電動車在 C 細分市場中的份額將會成長。我們沒有理由不讓它更接近我們在 B Hatch 和 BSV 中已經擁有的份額，據我記憶，在歐洲，該份額在歐洲 B 級車中的份額超過 60%。這就是我們歐洲所擁有的力量。我們這樣做是為了獲利。我們這樣做是為了獲利。

Last but not least, if I add to the competitiveness of our products and the market coverage we have with our brands, the power of our sales financing arm you end up with something that may be meaningful for you, which is the fact in the social leasing channel that has been created by the French government, we have more than 70% market share from the regulation of data that we have been doing, which means that when you add the competitiveness of our products and the power of our financing arm, you end up with a very competitive offering to our customers that they immediately accept at 70% market share using 10 eligible products that we put on the market, which is about 50% of all the eligible products that were put in the market. This is to say that it's a perfect demonstration of our ability to converge in affordability, profit and product appeal. That's what this is. Now we have to do the same thing in the U.S. We have to be as appealing as affordable and as profitable as it should be, and that's what we are preparing for the future. But the full picture will be visible in '25. Thank you, Dorothee.

最後但並非最不重要的一點是，如果我增加我們產品的競爭力和我們品牌的市場覆蓋率，我們銷售融資部門的力量，你最終會得到一些對你來說可能有意義的東西，這是社會上的事實​​法國政府創建的租賃管道，從我們一直在做的數據監管來看，我們擁有70%以上的市場份額，這意味著當你加上我們產品的競爭力和我們融資部門的力量，你最終，我們向客戶提供了極具競爭力的產品，他們立即接受了我們投放市場的 10 種合格產品，佔據了 70% 的市場份額，約佔投放市場的所有合格產品的 50%。這就是說，它完美地展示了我們在承受能力、利潤和產品吸引力方面的融合能力。就是這樣。現在我們必須在美國做同樣的事情。我們必須盡可能具有吸引力、負擔得起和盈利，這就是我們為未來所做的準備。但完整的畫面將在 25 年顯現。謝謝你，多蘿西。

Next in queue is Michael Jacks of Bank of America.

隊列中的下一個是美國銀行的麥可傑克斯。

Congrats on the great results and a big step forward on shareholder returns. Going back to an earlier question on AOI, I'm sure pricing is the most difficult variable to predict. But it would be great if you could give us your take, Carlos, on the pricing environment in Europe and the U.S., including the dynamics between BEV and ICE. And in conjunction with that Natalie, whether synergies are included in the equation of puts and takes to stay on the guide? Or if versus wanted to reason do you have at your disposal to help fight against the various segments?

祝賀取得了巨大的成果，並在股東回報方面邁出了一大步。回到之前關於 AOI 的問題，我確信定價是最難預測的變數。但卡洛斯，如果您能告訴我們您對歐洲和美國定價環境的看法，包括 BEV 和 ICE 之間的動態，那就太好了。與娜塔莉一起，協同效應是否包含在看跌期權等式中以保持在指南上？或者，如果你想推理，你可以隨時幫忙對抗各個部分嗎？

Thank you, Michael. Let me take the first part, and Natalie will take the second one. The BEV story is an interesting one because we all know that we need to fix the affordability, which means the BEV story is a story about the race to reduce the total production cost in order to give back to the market more affordability while protecting the margins. So surprisingly, when we talk about the pricing power of BEVs, in fact, we are talking about cost reduction. That's what we are talking about. And it's interesting to see that one of the drivers of the total production cost reduction of BEVs right now is the fact that a number of -- and a great number of people are talking about the fact that the BEV sales growth is not as strong as what some would predict. And that has an impact on the raw material price, which means the raw material price is going down, which means total production cost of BEV is going down, which means it's opening the road for more affordability and then affordability will bring by customers, and then there will be a reverse situation at that point in time.

謝謝你，麥可。讓我來承擔第一部分，娜塔莉來承擔第二部分。 BEV 的故事很有趣，因為我們都知道我們需要解決負擔能力問題，這意味著 BEV 的故事是一個關於降低總生產成本的競賽的故事，以便在保護利潤的同時回饋市場更多的負擔能力。令人驚訝的是，當我們談論純電動車的定價能力時，實際上我們談論的是降低成本。這就是我們正在談論的。有趣的是，目前純電動車總生產成本降低的驅動因素之一是，許多人都在談論純電動車銷售成長並不像電動車那麼強勁。有些人會預測什麼。這對原材料價格有影響，這意味著原材料價格正在下降，這意味著純電動車的總生產成本正在下降，這意味著它為更多的可負擔性開闢了道路，然後消費者將帶來可承受性，並且那麼到那個時間點就會出現相反的情況。

So what I want to say is that if we want to bring the affordability of EVs to the market as we should, we need to accelerate the pace of total production cost reduction. We have tons of ideas for that. What I can communicate to you is that right now, the pace of total production cost reduction of BEVs is higher than the pace of total production cost reduction of ICEs, which means we are converging. Are we converging fast enough or not fast enough? I would always want faster. My team is doing a great job. I think we are among the best in doing that. We still need some time to converge fully. But I think that what we are going to see over the next 2 or 3 years is that is the affordability is going to be driven by the speed at which we reduce the total production cost as we want to protect our margins and the people that are not going to protect their margins, they are going to put themselves in trouble, which is obvious, and some of them have communicated on the profitability of their BEVs and most of them are red. -- ours is black and significantly black. That's what I can share with you, Michael. Natalie, anything to...

所以我想說的是，如果我們想把電動車的可負擔性推向市場，我們需要加快降低總生產成本的步伐。我們對此有很多想法。我可以告訴大家的是，目前純電動車總生產成本下降的速度比內燃機汽車總生產成本下降的速度還要快，這意味著我們正在趨同。我們收斂得夠快還是不夠快？我總是想要更快。我的團隊做得很好。我認為我們在這方面是做得最好的。我們還需要一些時間來完全融合。但我認為，我們在未來兩三年內將看到的是，負擔能力將由我們降低總生產成本的速度驅動，因為我們希望保護我們的利潤率和員工。如果不保護自己的利潤，他們就會給自己帶來麻煩，這是顯而易見的，其中一些公司已經就其純電動車的盈利能力進行了溝通，但大多數都是紅色的。 ——我們的是黑色的，而且是明顯的黑色。這就是我可以與你分享的，麥可。娜塔莉，有什麼可以...

Maybe just from my side, the thing I would add on the pricing topic is, yes, it is part of our AOI guidance, and it's one of those items where you're right, there's positives and negatives to that. When we look at North America, I think what's important to call out is we haven't seen any radical pricing drops. People have been pretty disciplined, perhaps after everything that happened in the fall of last year, it's in everyone's best interest to be disciplined there. The place where you do see it, and I'm sure that's what you're alluding to is when you look at EVs, particularly in Europe, there is a different position there. But what we think about is always what can we control. And what we can control is that we want to maintain a strong pricing differential vis-a-vis our peers.

也許就我而言，我要在定價主題上添加的內容是，是的，它是我們 AOI 指南的一部分，而且它是您正確的項目之一，有積極的一面，也有消極的一面。當我們觀察北美時，我認為重要的是我們沒有看到任何價格大幅下降。人們一直非常自律，也許在去年秋天發生的一切之後，遵守紀律符合每個人的最大利益。你確實看到它的地方，我相信這就是你所暗示的，當你看電動車時，特別是在歐洲，那裡有一個不同的立場。但我們所想的永遠是我們能控制的。我們可以控制的是，我們希望與同行保持強勁的定價差異。

This is something we've built up over the last several years and where it's really one of our key USPs. So expect if the market goes up and down, we're going to use that ability that we have as a company with the cost savings, with the efficiencies, all those things that we're known for to be able to maintain that relative distance but also have the flexibility to make sure we don't use it to the detriment in terms of how it impacts share in our position. Thank you, Natalie. Next question. Thank you, Michael...

這是我們在過去幾年中建立起來的，也是我們的關鍵 USP 之一。因此，預計如果市場上漲或下跌，我們將利用我們作為一家公司所擁有的能力來節省成本、提高效率，以及我們眾所周知的所有這些能力來保持相對距離但我們也可以靈活地確保我們不會利用它來損害我們的地位份額。謝謝你，娜塔莉。下一個問題。謝謝你，邁克爾...

The next question comes from José Asumendi of JPMorgan.

下一個問題來自摩根大通的 José Asumendi。

Question, please, on the third engine. If you could please comment on the rate of growth you're expecting for the 3 regions in 2024. And also if you expect the margin or the profitability to remain so high in '24 as you have delivered in 2023. Thank you...

請教關於第三個引擎的問題。如果您可以的話，請評論一下您預計 2024 年這 3 個地區的增長率。此外，您是否預計 24 年的利潤率或盈利能力將保持與 2023 年一樣高的水平。謝謝...

Well, a great question, Jose. Thank you. The only thing I would like to share here is that if you go back to my statements last year or a couple of years ago, it is fair to say that the results that we presented to you with Natalie are ahead of plan. We have seen such a tremendous response from the overseas Club, which, of course, creates inside of the company some kind of competition, which is nice and healthy, where the third engine is indeed growing faster and in profit, they doubled the profit in 2023 against 2022. So on that front, we are ahead of plan. What does it mean? It means that I don't foresee that we would have our third engine at the level or close to the level of Europe later than '25, and it could happen in '24 because that's really what we see. We see that we have the right products. We have the right pricing. We have the right teams. And most importantly, we are reinforcing significantly the local sourcing for the local markets. You may have seen that we have taken many initiatives. We are already 90% plus sourced in Latin America for Latin America.

嗯，這是一個很好的問題，何塞。謝謝。我在這裡唯一想分享的是，如果你回顧我去年或幾年前的發言，可以公平地說，我們與娜塔莉一起向你展示的結果超出了計劃。我們看到了海外俱樂部的巨大反響，這當然在公司內部創造了某種競爭，這是良好且健康的，第三引擎確實增長得更快，利潤也翻了一番。2023 年與 2022 年。因此，在這方面，我們領先於計劃。這是什麼意思？這意味著我預計我們的第三台引擎不會在 25 年之後達到或接近歐洲水平，而這可能會在 24 年發生，因為這確實是我們所看到的。我們看到我們擁有合適的產品。我們有合適的定價。我們有合適的團隊。最重要的是，我們正在大力加強針對當地市場的本地採購。你可能已經看到我們採取了很多措施。我們已經 90% 以上的原料來自拉丁美洲並供應給拉丁美洲。

We have now upgraded our objective for African sourcing for Africa and Middle East to 90% in 2030. Previously, we were at 70%. We just moved it to 90% because it's the same recipe. We want to source in the region for the region to be able to have in the region, the right technology that the region wants. This is what we are doing. We have manufacturing entities in Morocco, in Algeria, in Tunisia, in Egypt, in Turkey, very soon in South Africa. So we have a very strong manufacturing footprint plan for Africa, Middle East as the market is responding very, very well to our product offering. So we'll keep on doing that as fast as we can. We have a fantastic position right now in Algeria with more than 80% market share. I mean we are now moving with the plant, which is already in operations, and we have more steps to go. So we see that, yes, the third engine is a big competitive differentiator against some of our other peers that have more a shrinking strategy. So we are there. We will keep on moving. And I would be disappointed if we were not on par with Europe by 2025. And I think that we have a good chance that it will happen in 2024.

現在，我們已將非洲和中東的非洲採購目標提高到 2030 年 90%。在此之前，我們的目標是 70%。我們只是將其提高到 90%，因為它是相同的配方。我們希望在該地區採購，以便該地區能夠擁有該地區想要的正確技術。這就是我們正在做的事情。我們在摩洛哥、阿爾及利亞、突尼斯、埃及、土耳其都有製造實體，很快就會在南非。因此，我們在非洲和中東制定了非常強大的製造足跡計劃，因為市場對我們的產品反應非常非常好。因此，我們將繼續盡可能快地這樣做。我們目前在阿爾及利亞擁有超過 80% 的市場份額，佔據著非常有利的地位。我的意思是，我們現在正在搬遷已經投入運作的工廠，我們還有更多的步驟要做。所以我們看到，是的，與我們其他一些採取收縮策略的同行相比，第三個引擎是一個很大的競爭優勢。所以我們就在那裡。我們將繼續前進。如果到 2025 年我們不能與歐洲持平，我會感到失望。而且我認為我們很有可能在 2024 年實現這一目標。

This is what I wanted to share with you, Jose. Thank you. This is, I believe, the last question. I just would like to close by expressing to you all my sincere appreciation for your support for the quality of your questioning because the quality of your questioning is making us think better I would like to thank my employees, I would like to thank my top leadership team because they give me the privilege of challenging them, and that's a big privilege I have to be able to challenge them, and they are working super hard to create the returns that Natalie presented to you today. And Natalie has brought us a breadth of fresh air in the way we understand you, we understand your expectations. So we expect to be doing a better job in the future. Thank you. Have a great day.

這就是我想與你分享的，何塞。謝謝。我相信這是最後一個問題。最後，我想向你們表達我對你們對提問品質的支持的衷心感謝，因為你們提問的品質讓我們思考得更好。我要感謝我的員工，我要感謝我的最高領導團隊，因為他們給了我挑戰他們的特權，這是我能夠挑戰他們的巨大特權，他們正在非常努力地工作，以創造娜塔莉今天向你們呈現的回報。娜塔莉以我們了解您、了解您的期望的方式為我們帶來了新鮮空氣。因此，我們希望未來能夠做得更好。謝謝。祝你有美好的一天。