Stellantis NV (STLA) 2024 Q2 法說會逐字稿

Good morning, and good afternoon to all of you. Welcome to this 2024 H1 Stellantis financial results announcement session. We perfectly recognize that you are highly busy people, and therefore value your time. Thank you for attending and thank you for your interest in Stellantis. So let's get started.

各位早安，下午好。歡迎參加 Stellantis 2024 年上半年財務表現發表會。我們完全認識到您是非常忙碌的人，因此珍惜您的時間。感謝您參加並感謝您對 Stellantis 的興趣。那麼就讓我們開始吧。

It is an understatement to say that H1 2024 results were disappointing and humbling. It represents a perfect convergence of several headwinds that I will describe to you in a very transitional period that opens the road for a product blitz of 20 new products. This is a bump on the road that we are now fixing and that we are going to fight against to make sure that we can rebound from here and that we fix the operational issues that we face.

毫不誇張地說，2024 年上半年的業績令人失望且令人羞愧。它代表了幾種不利因素的完美融合，我將在一個非常過渡的時期向您描述這些不利因素，這為 20 種新產品的產品閃電戰開闢了道路。這是我們現在正在解決的道路上的一個障礙，我們將與之鬥爭，以確保我們能夠從這裡反彈並解決我們面臨的營運問題。

So what happened in H1 is a convergence of three major factors that I would like to share with you. Number one, we were in a dynamic of R&D, CapEx, and M&A expenses that proved to be too high, and we are now fixing that. That's point number one.

所以上半年發生的事情是我想與大家分享的三個主要因素的融合。第一，我們的研發、資本支出和併購費用被證明過高，我們現在正在解決這個問題。這是第一點。

Point number two, we faced operational flaws, which were totally internal to Stellantis, and we are fixing that. And number three, some of our marketing tactics, namely in the US market, did not deliver the expected results. The perfect convergence of those three factors in a transitional year, which is a product blitz that I will detail to you moving forward, has delivered the disappointing results that we are commenting to you today.

第二點，我們面臨營運缺陷，這完全是 Stellantis 內部的問題，我們正在解決這個問題。第三，我們的一些行銷策略，即在美國市場，沒有達到預期的效果。這三個因素在過渡的一年中完美融合，這是我將向您詳細介紹的產品閃電戰，但帶來了我們今天向您評論的令人失望的結果。

But in the fourth year of Stellantis, this is a resilient team. This is a fighting team. We are addressing those issues, and we'll get through. So this is what I wanted to share on this first one as you have a look at this fantastic new Grande Panda. And here, the new Ram 1500 RHO, who delivers the highest horsepower per dollar of any performance truck. And I would like to remind you all that the Ram brand was, again, number one, in the J.D. Power quality survey results.

但在斯特蘭蒂斯的第四年，這是一支有韌性的團隊。這是一支戰鬥的隊伍。我們正在解決這些問題，我們一定會解決的。這就是我想在第一個作品中分享的內容，讓您看看這隻神奇的新大熊貓。全新 Ram 1500 RHO 是所有高性能卡車中性價比最高的。我想提醒大家，Ram 品牌在 J.D. Power 品質調查結果中再次排名第一。

From here, let me move into the summary of what has happened in this period. I will not detail the numbers on the profit. Natalie will comment that in detail, but still, EUR8.5 billion of AOI and a double-digit margin. And as you know, the double-digit AOI margin represents our commitment to you in the framing of the Dare Forward 2030 Program and strategic plan. We are near zero in the industrial free cash flow. And we know that a certain number of technicalities have made an impact on this number. We are around zero, and this is not good enough, as we all know.

下面我就來總結一下這段時間發生的事。我不會詳細說明利潤的數字。 Natalie 將對此進行詳細評論，但仍然是 85 億歐元的 AOI 和兩位數的利潤率。如您所知，兩位數的 AOI 利潤代表了我們在製定「Dare Forward 2030」計劃和策略計劃時對您的承諾。我們的工業自由現金流接近零。我們知道，一定數量的技術細節對這個數字產生了影響。我們大約為零，眾所周知，這還不夠好。

We will deliver on our commitments by giving you the return that we have committed on in terms of keeping a very strong capital return with EUR6.7 billion that have been returned to shareholders and with a plan to deliver what has been committed of EUR7.7 billion, and we are executing and on schedule.

我們將兌現我們的承諾，為您提供我們所承諾的回報，即保持非常強勁的資本回報，已向股東返還 67 億歐元，併計劃兌現已承諾的 7.7 歐元億，我們正在按計劃執行。

In terms of product, we will come back to you later on, 20 new products. That means a significant product blitz that explains some of the significant cashouts that you can see in the free cash flow. A lot of expense has been done to invest in the future, not only on the product, but also on the technology. And this is a turnaround for our company in terms of transformation.

產品方面，我們稍後再給大家回饋，20款新品。這意味著一場重大的產品閃電戰，解釋了你可以在自由現金流中看到的一些重大現金支出。我們投入了大量的費用來投資未來，不僅在產品上，而且在技術上。這是我們公司轉型的轉折。

And we see that we are now coming very strong in the C segment in Europe.

我們看到我們現在在歐洲 C 級市場表現非常強勁。

It is quite clear that after being dominant in the B segment, B Hatchback and B SUV, we are coming back very strong on the C segment with different brands, starting with the Peugeot brand with the 3008 and 5008 very soon.

很明顯，在B級、B級兩廂車和B級SUV佔據主導地位之後，我們將在C級以不同品牌強勢回歸，首先是標緻品牌的3008和5008。

That represents the first applications of the first STLA Medium platform, and it proves to be a highly, highly competitive platform, as you have seen on the first slide, with a significant range of 680 kilometers.

這代表了第一個 STLA Medium 平台的首次應用，正如您在第一張投影片上看到的那樣，它被證明是一個非常非常有競爭力的平台，其有效範圍為 680 公里。

We are going through this transition.

我們正在經歷這個轉變。

You will see that we are going to bring very strong products, very appealing products.

你會看到我們將帶來非常強大的產品，非常有吸引力的產品。

You will judge by yourself, but it's quite clear that everybody is recognizing that our products are highly appealing.

您可以自己判斷，但很明顯，每個人都認識到我們的產品非常有吸引力。

We have a significant number of third-party accolades, and the first ones to cheer our products are our dealers.

我們擁有大量的第三方榮譽，而最先為我們的產品歡呼的是我們的經銷商。

Last but not least, we know that we have done part of the job, and not all the job, in terms of stabilizing our share.

最後但並非最不重要的一點是，我們知道，在穩定份額方面，我們已經完成了部分工作，而不是全部工作。

We see that in Europe, in H1, our share is up 60 basis points against the second half of '23.

我們看到，在歐洲，上半年我們的市佔率比 2023 年下半年上升了 60 個基點。

We see that we have fixed the inventory problem of Europe, still to be done in the US as we will comment later on.

我們看到我們已經解決了歐洲的庫存問題，但美國的庫存問題仍有待解決，我們將在稍後發表評論。

This inventory discipline is in the US market right now, the biggest point of focus.

這種庫存紀律是目前美國市場最大的焦點。

We are working very hard.

我們正在努力工作。

I am personally involved with our North American teams to fix it.

我親自參與我們的北美團隊的修復工作。

We believe we understood what happened, and I will explain that to you.

我們相信我們了解發生了什麼，我會向您解釋。

And if we understand well what the problem is, then 50% of the journey is done to fix it.

如果我們很好地了解問題所在，那麼解決問題的過程就完成了 50%。

And this is what we are now preparing for.

這就是我們現在正在準備的。

Last but not least, we still have a head office, a lot of cost-saving actions.

最後但並非最不重要的一點是，我們仍然有總部，並且有很多節省成本的行動。

We plan for no less than [EUR50 million, EUR100 million] in the rest of the world -- the year, sorry -- the rest of the year.

我們計劃在世界其他地區（今年，抱歉，今年剩餘時間）投入不少於[5000萬歐元，1億歐元]。

So from here, let me move to the product blitz.

那麼從現在開始，就讓我轉向產品閃電戰。

The product blitz is quite outstanding.

產品閃電戰相當出色。

You see here the first 10 products we are now launching in H1.

您可以在此處看到我們上半年推出的前 10 款產品。

You have the electric versions of Maserati Grecale.

您擁有瑪莎拉蒂 Grecale 的電動版本。

For anybody that has driven those cars, it is another statement to say that they are gorgeous in terms of dynamics, in terms of agility, in terms of acceleration.

對於任何駕駛過這些汽車的人來說，說它們在動力、敏捷性和加速方面都非常出色，則是另一種說法。

We are now bringing to the market the full-glory versions of the Maserati Grecale.

我們現在正在向市場推出瑪莎拉蒂 Grecale 的榮耀版。

Later on, we'll bring the full-glory versions of the GT and GranCabrio Maserati luxury cars.

稍後我們將帶來GT和GranCabrio瑪莎拉蒂豪華轎車的榮耀版。

We are bringing the new Ram 1500, not only in the ICE versions, bringing all the different applications, including the high-output applications that our customers are willing to buy.

我們帶來了新的 Ram 1500，不僅是 ICE 版本，還帶來了所有不同的應用程序，包括我們的客戶願意購買的高輸出應用程式。

But also later on, you'll see on the second slide, other more electrified applications.

但稍後，您將在第二張投影片上看到其他更電氣化的應用程式。

The Peugeot 3008 is now on sale.

標緻 3008 現已發售。

We have no less than 36,000 orders right now.

我們現在有不少於 36,000 個訂單。

It is already a success, both in the BV versions, highly profitable, and in the MHEV version.

無論是利潤豐厚的 BV 版本還是 MHEV 版本，它都已經成功了。

The MHEV version is even more profitable.

MHEV 版本的利潤甚至更高。

So it is very rewarding to see that with 680 kilometers of WLTP range.

因此，看到 680 公里的 WLTP 續航里程是非常值得的。

The customers are willing to pay for that.

客戶願意為此付費。

And we are delivering the performance, the smooth ride, the great acceleration.

我們正在提供卓越的性能、平穩的駕駛體驗和出色的加速能力。

And the performance on body roll control is also visible by our customers.

車身側傾控制的性能也是我們客戶看得見的。

At the end of the day, profitable BV sales properly recognized by our customers.

最終，盈利的 BV 銷售得到了我們客戶的充分認可。

The rebound of the Lancia brand as a premium brand is now ongoing with the launch of the Lancia Ypsilon that you have already seen.

隨著您已經看到的 Lancia Ypsilon 的推出，藍旗亞品牌作為高端品牌的反彈正在進行中。

We are bringing the best-in-class sales of Europe, Peugeot 2008, to Latin America, and we are now investing this product in Latin America to contribute to the profitability of this region, which is already outstanding.

我們正在將歐洲銷量最好的標緻2008帶到拉丁美洲，我們現在正在拉丁美洲投資該產品，為該地區本來就很出色的盈利能力做出貢獻。

We are bringing the third car of the smart car platform family, the Citroen Basalt in June, starting with the Indian market.

我們將於 6 月推出智慧汽車平台系列的第三款汽車雪鐵龍 Basalt，首先登陸印度市場。

The Peugeot 5008, as a derivative of the 3008, three-row seater.

Peugeot 5008，作為 3008 三排座椅的衍生產品。

And then the three new LCVs, the compact, the medium, and the large van are now in the market with strong improvements and upgrades.

隨後，緊湊型、中型、大型廂式車這三款新型輕型商用車現已上市，並進行了強有力的改進和升級。

So this should be a tool for profitable market share growth.

因此，這應該是實現有利可圖的市場佔有率成長的工具。

Those are the first 10 products of this product blitz.

這些是本次產品閃電戰的前 10 款產品。

Let me move to the second part of the product blitz coming soon.

讓我談談即將推出的產品閃電戰的第二部分。

And here, you have an array of fantastic US-focused products.

在這裡，您有一系列精彩的專注於美國的產品。

The new Dodge Charger Daytona, BEV and ICE, will come later part of this year.

新款道奇 Charger Daytona、BEV 和 ICE 將於今年稍後上市。

I have driven this car.

這輛車我開過。

It is absolutely thrilling how dynamic it is, how powerful it is, how easy to drive it is.

它的動力十足、動力強勁、駕駛起來如此輕鬆，絕對令人興奮。

So great, great engineering work from our North American team.

我們的北美團隊的工程工作非常出色。

We will also bring the Wagoneer S, which is a perfect competitor to our respected Tesla competition.

我們也將帶來 Wagoneer S，它是我們備受推崇的特斯拉競爭對手的完美競爭對手。

And this car is also a fantastic product in terms of smooth ride and performance acceleration capability.

而且這款車在平順性和性能加速能力方面也是一款非常棒的產品。

Then we have the electrification of Ram, first the REV and then the 1500 Ramcharger.

然後是 Ram 的電氣化，首先是 REV，然後是 1500 Ramcharger。

The 1500 Ramcharger has no less than 690 miles of range, while the pure BEV version goes from 350 to 500 miles.

1500 Ramcharger 的續航里程不少於 690 英里，而純 BEV 版本的續航里程為 350 至 500 英里。

Needless to say that the power of the Stellantis technology in terms of electrification is now visible and can be appreciated by the consumers, and we believe that this is going to give a boost to our sales.

不用說，Stellantis 技術在電氣化方面的力量現在已經可見，並且可以獲得消費者的認可，我們相信這將促進我們的銷售。

We will also bring the Jeep Recon, which is a fantastic outdoor-oriented BEV.

我們還將帶來 Jeep Recon，這是一款出色的戶外純電動車。

This product is bringing the best of Jeep, not only the off-road capability but also the zero emission that is so aligned with the nature focus of these off-road customers.

該產品帶來了吉普車的最佳性能，不僅是越野能力，而且是零排放，這與這些越野客戶的自然關注點非常吻合。

This is now coming to the US market.

該產品現已登陸美國市場。

It's part of the EV offensive and electrification offensive that I have commented to you several times in the past.

這是我過去多次向大家評論過的電動車攻勢和電氣化攻勢的一部分。

It's real.

它是真實的。

It's coming.

它來了。

We are now ready for this blitz.

我們現在已經準備好迎接這場閃電戰了。

On the lower part of this slide, you have the brand-new Citroen C3 with electric versions at EUR23,000, starting from EUR20,000.

在這張投影片的下半部分，您可以看到全新雪鐵龍 C3 電動版，售價 23,000 歐元，起價為 20,000 歐元。

This demonstrates that we can be profitable and affordable while being a zero-emission vehicle.

這表明我們可以在成為零排放車輛的同時實現盈利且負擔得起。

This is the demonstration that we can fight against our Chinese competitors.

這是我們可以對抗中國競爭對手的證明。

We have the highly successful Alfa Romeo Junior.

我們擁有非常成功的阿爾法羅密歐 Junior。

You can see in the expert media that they have appreciated enormously the performance of this product, and the accolades are very numerous.

你可以在專家媒體上看到，他們對這款產品的表現非常讚賞，讚譽也數不勝數。

We will bring the new Opel Grandland as a derivative of the Peugeot 3008.

我們將帶來新歐寶Grandland，作為標緻3008的衍生品。

Again, great platform, great capabilities.

再說一次，偉大的平台，強大的能力。

And then the very affordable off-road oriented Opel Frontera, a C-segment crossover.

然後是非常實惠的越野型 Opel Frontera，一款 C 級跨界車。

You'll see that this product will meet the expectations of young families who have a very diverse and active life, both urban and off-road oriented.

您會發現該產品將滿足年輕家庭的期望，他們的生活非常多樣化和活躍，既面向城市又面向越野。

And last but not least, presented this week in Serbia, the Fiat Grande Panda with the big comeback of the Fiat brand in the B segment, with a highly modern, trendy, and zero-emission product that will be also available with MHEV.

最後但並非最不重要的一點是，本週在塞爾維亞推出的菲亞特Grande Panda 是菲亞特品牌在B 級車中的大捲土重來，它是一款高度現代、時尚、零排放的產品，也將配備MHEV。

I'll take this opportunity to say that many of those products, the Citroen, the Fiat Grande Panda, the Opel Frontera, the Fiat 600, all of these products will be offered around EUR25,000 versions.

我想藉此機會說，其中許多產品，雪鐵龍、菲亞特 Grande Panda、歐寶 Frontera、菲亞特 600，所有這些產品都將提供 25,000 歐元左右的版本。

So the affordability of the electric technology of Stellantis is now going to be visible by the customers and that you can buy in the showrooms.

因此，Stellantis 電動技術的經濟性現在將被客戶所看到，並且您可以在陳列室中購買。

So this is to demonstrate that this product blitz is real. 20 new models coming to the market.

所以這是為了證明這個產品閃電戰是真的。 20款新車型即將上市。

And this has, of course, absorbed a significant part of our resources, hence, the results that you see on the free cash flow.

當然，這吸收了我們很大一部分資源，因此，你在自由現金流上看到了結果。

It's an investment for the near-future profitability of the company.

這是對公司近期獲利能力的投資。

If I look at the technology, in the technology, we have four big themes that we can highlight to you.

如果我看看技術，在技術中，我們可以向您強調四大主題。

First, we keep our flexibility by giving the choice to our customers through the multi-energy platforms and the flexibility of our manufacturing facilities.

首先，我們透過多能源平台和製造設施的靈活性為客戶提供選擇，從而保持靈活性。

We can align with what the customers are asking us.

我們可以根據客戶的要求進行調整。

This flexibility is a huge differentiator that will give us the capacity to swallow, absorb the bumps on the road, the accelerations or the pauses of electrification through mostly the North American, European markets.

這種靈活性是一個巨大的差異化因素，它將使我們有能力消化、吸收道路上的顛簸、電氣化的加速或暫停，主要是北美和歐洲市場。

So this choice is real.

所以這個選擇是真的。

This choice is there.

這個選擇就在那裡。

Our new platforms are now being used, and our manufacturing facilities are ready.

我們的新平台現已投入使用，我們的生產設施也已準備就緒。

In terms of affordability, I already commented the C3 Citroen at EUR23,000, but other B segment cars will be sold under EUR25,000.

在可負擔性方面，我已經評論過雪鐵龍C3的售價為23,000歐元，但其他B級車的售價將低於25,000歐元。

So the affordability is there.

所以承受能力是有的。

And now we are ready to compete with our Chinese peers.

現在我們已經準備好與中國同行競爭。

Certainly, we are ready for the fight.

當然，我們已做好戰鬥準備。

We have been working on this for many years now.

我們多年來一直致力於此。

It does not make us very popular in terms of reducing the costs.

就降低成本而言，它並沒有讓我們很受歡迎。

But now we are ready for the fight.

但現在我們已經準備好要戰鬥了。

And we believe that we have a good chance to win on this fight because we have the technology, we have the products, and we have the affordability with profit.

我們相信，我們有很好的機會贏得這場戰鬥，因為我們有技術、有產品、有利潤的承受能力。

This is important because it relates to the sustainability of our company.

這很重要，因為它關係到我們公司的永續發展。

In terms of performance, we are bringing benchmark performance, including the brand-new I6 turbo Hurricane engine, but also in class-leading platforms with best-in-class autonomies like the 680 kilometers range for the STLA M platform.

在性能方面，我們帶來了基準性能，包括全新的 I6 渦輪颶風發動機，而且還提供具有一流自主性的領先平台，例如 STLA M 平台的 680 公里續航里程。

And I can tell you that some of the applications coming soon will cross the 700-kilometer line.

我可以告訴你，即將推出的一些申請將跨越700公里線。

So we'll be absolutely away from any kind of range anxiety syndrome in the mind of our customers.

因此，我們將絕對遠離客戶心目中的任何里程焦慮症候群。

And of course, we are going to bring the range extender versions, both from the Ramcharger but also from some Jeep Wagoneer applications.

當然，我們將帶來增程器版本，包括 Ramcharger 和一些 Jeep Wagoneer 應用程式。

They will represent the perfect combination of the best wheels, a very significant range for those who want to enjoy long trips, and at the same time, the capability to use zero-emission mobility for smaller trips on the day-by-day commuting.

它們將代表最好的車輪的完美結合，對於想要享受長途旅行的人來說非常重要的範圍，同時，在日常通勤中使用零排放移動性進行小型旅行的能力。

This is going to be the perfect offering to accommodate the diverse needs of many of our customers.

這將是滿足許多客戶多樣化需求的完美產品。

Last but not least, in terms of productivity, our software division is becoming more and more efficient, not only with the efficient and smart navigation systems like e-ROUTES to support the EV trips, but also the Connect Fleet services to support the fleet management of our customers, and last but not least, applications coming from ChatGPT to make our services even more attractive.

最後但並非最不重要的一點是，在生產力方面，我們的軟體部門變得越來越高效，不僅有e-ROUTES等高效智慧導航系統支援電動車出行，還有Connect Fleet服務支援車隊管理我們的客戶，最後但並非最不重要的一點是，來自ChatGPT 的應用程式使我們的服務更具吸引力。

Overall, you have here four pillars of our technology foundation that each of the brands is using in a productive way to make our customers happy.

總的來說，我們的技術基礎有四大支柱，每個品牌都在以富有成效的方式使用它們來滿足我們的客戶。

If I move from here, now that I have explained to you what is ongoing in terms of product blitz with no less than 20 products in '24 and the perfect convergence of several headwinds in a highly competitive market, I would like to comment to you the regions, starting with the number-one region in terms of concern, which is the North American one.

如果我從這裡開始，既然我已經向您解釋了 24 年不少於 20 種產品的產品閃電戰以及在競爭激烈的市場中幾種逆風的完美融合，我想向您發表評論首先是最受關注的區，即北美地區。

As you see, we have lost AOI margin as a consequence of the hurdles that we have faced.

正如您所看到的，由於我們面臨的障礙，我們失去了 AOI 餘裕。

Our margins are down to 11.4%.

我們的利潤率下降至 11.4%。

We see that our share is also down to 8.2%.

我們看到我們的份額也下降到了 8.2%。

But in May and June against April, we were up 130 basis points of share, which means that something is moving there.

但在 5 月和 6 月，與 4 月相比，我們的份額上升了 130 個基點，這意味著有些事情正在改變。

What has not moved efficiently is the economic consequences of the marketing tactics, and we think we can do better on the tactics and on the cost of those tactics.

行銷策略的經濟後果尚未有效發揮作用，我們認為我們可以在策略和這些策略的成本方面做得更好。

And I'm sure that through your questions, I will have the opportunity to give you precise answers about what did we find that went wrong and what are we doing today to fix it in the near term.

我確信，透過您的問題，我將有機會為您提供準確的答案，告訴您我們發現了什麼問題以及我們今天正在採取哪些措施來在短期內解決問題。

That's for the market share.

那是為了市場佔有率。

We also see that in the electrification, we are number one in PHEV sales, and we are number two in LEV sales in North America.

我們也看到，在電氣化領域，我們的 PHEV 銷售排名第一，LEV 銷售量在北美排名第二。

And the LEV sales are up 27%, which means that growing by 27%, our LEV sales just demonstrates that our technology here, mostly the 4xe technology, is being recognized by the consumers.

LEV銷量成長了27%，這意味著我們LEV銷量成長了27%，這恰恰表明我們這裡的技術，主要是4xe技術，正在得到消費者的認可。

And that's a very good thing for the credibility of our technology.

這對於我們技術的可信度來說是一件非常好的事情。

We are also recognizing that we are in a transitional period, which is not easy because we are introducing new technologies and electrified technologies.

我們也認識到，我們正處於一個過渡時期，這並不容易，因為我們正在引入新技術和電氣化技術。

As such, the discontinuation of a certain number of vehicles over the last month represents no less than 100,000 units of shipments that we have lost as a consequence of those discontinuations.

因此，上個月停產一定數量的車輛意味著我們因這些停產而損失了不少於 10 萬輛的出貨量。

Of course, those discontinuations are going to vanish as we are launching the new products.

當然，隨著我們推出新產品，這些停產現象將會消失。

But this is one of the reasons why we suffered on the first half.

但這也是我們上半場遭遇困境的原因之一。

Our brand equity remains very strong.

我們的品牌資產仍然非常強大。

And this is, by the way, what the dealers are telling me.

順便說一下，這就是經銷商告訴我的。

And as an evidence of that, Ram has been awarded number one in the J.D. Power 2024 US initial quality study.

作為證明，Ram 在 J.D. Power 2024 年美國初始品質研究中榮獲第一名。

This is important to notice.

注意到這一點很重要。

It has been the case four times over the last five years we were on the podium.

在過去的五年裡，我們登上頒獎台的時候，這種情況已經發生過四次了。

And two times over the last five years, we were number one.

在過去的五年裡，我們兩次排名第一。

So our brand equity on the Ram pickup truck brand is very, very strong, and it is a big foundation on which we can build the future.

因此，我們在 Ram 皮卡品牌上的品牌資產非常非常強大，這是我們建立未來的重要基礎。

If we look at Jeep, Jeep has been awarded the most patriotic brand for the 23rd year in a row, and that is very meaningful to the heart of our US consumers.

如果我們看看Jeep，Jeep連續23年被評為最愛國品牌，這對我們美國消費者來說是非常有意義的。

We keep on fueling that.

我們繼續推動這一點。

We keep on nurturing that, and what you are going to see with the Jeep Wagoneer S and with Jeep Recon is evidence of that focus -- total focus on the US market expectations.

我們將繼續培育這一點，您將在 Jeep Wagoneer S 和 Jeep Recon 上看到的就是這種關注的證據——完全關注美國市場的預期。

Last but not least, we are addressing the commercial challenges.

最後但並非最不重要的一點是，我們正在解決商業挑戰。

What I can tell you at this stage is that it is quite obvious from my own personal studies with the dealers and with our teams in the US that the way we have been managing the purchase funnel is suboptimal.

現階段我可以告訴您的是，從我個人對經銷商和我們美國團隊的研究來看，很明顯我們管理購買管道的方式並不是最理想的。

And a certain number of flaws have been identified in the way we are managing the purchase funnel of our US sales.

我們在管理美國銷售的購買管道的方式中發現了一定數量的缺陷。

That is clear.

這很清楚。

This is what we are now addressing in terms of counter measure.

這就是我們現在正在採取的對策。

We believe that we have the right diagnosis.

我們相信我們的診斷是正確的。

We need to make sure that we have the right answer, both in terms of marketing tactics and of course in cost consequences to generate the appropriate profitability.

我們需要確保我們有正確的答案，無論是在行銷策略方面，還是在成本後果方面，以產生適當的獲利能力。

This is what I can tell you for the North American market so far.

這就是到目前為止我可以告訴你的北美市場狀況。

I'm sure I will come back to this at a later stage.

我確信我會在稍後階段再次討論這個問題。

One of the things that we need to say here is that the major topic to be addressed is, of course, the inventory.

我們在這裡需要說的一件事是，要解決的主要主題當然是庫存。

This is what you have been highlighting, and rightly so.

這就是您一直強調的，也是正確的。

By the end of June, we are at 94 days of supply, quite similar to our closest US competitor, same ballpark of inventory but still too high.

到 6 月底，我們的供應時間為 94 天，與我們最接近的美國競爭對手非常相似，庫存大致相同，但仍然太高。

And this is what we are now addressing.

這就是我們現在正在解決的問題。

We see that we are going to work on three different directions.

我們看到我們將在三個不同的方向上努力。

One is to make sure that we are aligning our production planning mix to the market mix.

一是確保我們的生產計劃組合與市場組合一致。

And we see that what we have in inventory is not always aligned with what the market mix requires.

我們發現我們的庫存並不總是與市場組合的需求保持一致。

That means that we need to make sure that we bring all the versions that the market is asking from us.

這意味著我們需要確保提供市場要求的所有版本。

And the perfect example is the new Ram 1500 DT version, where some of the highest output versions were not available.

完美的例子是新的 Ram 1500 DT 版本，其中一些最高輸出版本不可用。

Some of the highest stream levels were not available on the right timing.

一些最高的流級別未能在正確的時間提供。

This has created a distortion in the inventories that are sticking, and this is what we are correcting right now, now that we have validated all the versions that we need to make the market response be more appropriate.

這造成了庫存的扭曲，這就是我們現在正在糾正的問題，現在我們已經驗證了使市場反應更加合適所需的所有版本。

We are, of course, looking at the incentives and any price adjustments that will be eventually needed.

當然，我們正在考慮最終需要的激勵措施和任何價格調整。

There is no dogmatism in our approach.

我們的方法不存在教條主義。

There is just a sense that we need to take care of spending your money in the appropriate way.

只是有一種感覺，我們需要以適當的方式花你的錢。

What we have seen so far from what we are told by the dealers is that once the customers reach the showroom, the conversion rate in the showroom is excellent, which means the conversion rate we have in the showroom is meeting the expectations of our dealers.

目前我們從經銷商的回饋中看到的是，一旦客戶到達展廳，展廳的轉換率非常好，這意味著我們在展廳的轉換率符合經銷商的期望。

Because they tell me that the product is appealing, the product is great, and we have just to make sure that we have more people that go through the door.

因為他們告訴我，這個產品很有吸引力，很棒，我們只需要確保有更多的人進來。

So the conversion rate in the showroom is considered by our dealers as being the right one and even the good one.

所以展廳的轉換率被我們經銷商認為是合適的，甚至是好的。

What is not good right now is that we are not generating enough leads.

現在不好的是我們沒有產生足夠的潛在客戶。

When we look at the purchase funnel and we try to understand why we are not generating enough leads, we come up with two clear failures that we need to fix.

當我們查看購買管道並試圖理解為什麼我們沒有產生足夠的銷售線索時，我們發現了兩個需要解決的明顯錯誤。

Number one is to make sure that the floor of the purchase funnel, where we have the strongest bottleneck, needs to be unlocked with a specific lateral marketing activity to unlock the bottleneck that we have in the purchase funnel.

第一個是確保需要透過特定的橫向行銷活動來解鎖購買漏斗的底部，也就是我們擁有最強瓶頸的地方，以解鎖我們在購買漏斗中的瓶頸。

Each brand, each American brand has its own lock at one point of the purchase funnel.

每個品牌、每個美國品牌在購買管道的某一點都有自己的鎖定點。

That lock needs to be unlocked.

那把鎖需要打開。

It's like taking off your tie to breathe better.

這就像脫掉領帶才能更好地呼吸一樣。

You need to take that tie off, and I have asked our brand CEOs to find out a way to unlock the lowest conversion rate at the appropriate floor of the purchase funnel of each of those brands.

你需要脫掉那條領帶，我已經要求我們的品牌執行長找到一種方法，在每個品牌的購買管道的適當樓層解鎖最低轉換率。

And that lock is different from one brand to the other brand.

而這個鎖在一個品牌和另一個品牌之間是不同的。

That is obvious, and this is now something that we are preparing for.

這是顯而易見的，我們現在正在為此做準備。

The other thing we have discovered, which is, I think, very interesting, and I would like to thank our teams and our dealers for pointing out that fact, is that we see that when you increase the share of voice, and we did so -- when we increase the share of voice and we feel the purchasing funnel with more prospects, we see an abnormal rate of people that opt out of the journey very soon in the purchase funnel.

我們發現的另一件事，我認為非常有趣，我要感謝我們的團隊和經銷商指出了這一事實，那就是，當您增加聲音份額時，我們就這樣做了——當我們增加話語權份額並且我們感覺到購買漏斗中有更多潛在客戶時，我們發現在購買漏斗中很快選擇退出旅程的人比例異常高。

And why are they opting out as we are bringing more prospects to a higher share of voice?

當我們為更多的潛在客戶帶來更高的話語權時，為什麼他們選擇退出？

They are opting out because the initial offerings are suboptimal.

他們選擇退出是因為初始產品不是最優的。

Many offerings are just showing the sticker price, but they are not showing the commercial offers that we add to the sticker price, for instance, an attractive APR or even any kind of discount.

許多產品僅顯示標價，但沒有顯示我們添加到標價的商業優惠，例如有吸引力的年利率或甚至任何類型的折扣。

And as we are only showing the sticker price, in some cases, our sticker price happens to be higher than the competition.

由於我們僅顯示標價，因此在某些情況下，我們的標價恰好高於競爭對手。

But of course, the sweeteners are here to make that acceptable for the consumer.

當然，甜味劑的存在是為了讓消費者能夠接受。

So we see that we are having an abnormal number of prospects that are opting out of the purchase funnel at the beginning of the journey because we are not bringing the sweetener strong enough and soon enough in the process to keep them engaged.

因此，我們發現，有異常數量的潛在客戶在旅程開始時選擇退出購買管道，因為我們沒有在這個過程中提供足夠強大和足夠快的甜味劑來保持他們的參與度。

That's an obvious flaw.

這是一個明顯的缺陷。

The other one is that we are not unlocking the lowest conversion rate of the funnel, and that needs a specific marketing plan.

另一個是我們沒有解鎖頻道的最低轉換率，這需要一個具體的行銷計劃。

This is some of the things that we have seen.

這是我們所看到的一些事情。

As I said, we are not dogmatic.

正如我所說，我們並不教條主義。

We will adjust as it should be to make the metal flow.

我們將進行適當的調整以使金屬流動。

And this is going to be something that we are going to conclude very soon as soon as we have all the diagnosis and the appropriate proposals.

一旦我們有了所有的診斷和適當的建議，我們很快就會得出結論。

I will go to the US in the next couple of weeks to spend time with my US teams so that together, we find the most appropriate reaction to the inventory problem that was fixed in Europe but not in the US, and this is going to be the number-one priority moving forward.

我將在接下來的幾週內前往美國，與我的美國團隊共度時光，以便我們共同找到針對歐洲已解決但美國未解決的庫存問題的最適當反應，這將是前進的第一要務。

If we go to the product portfolio, then we have the BEV offensive.

如果我們看產品組合，那麼我們就有純電動車攻勢。

That's obvious from the products I have already commented, both on Jeep and Ram.

從我已經評論過的 Jeep 和 Ram 的產品中可以明顯看出這一點。

I already said that we are now bringing to Ram all the trims, all the engines, including the ICEs that are requested by the markets, starting with the high output engines.

我已經說過，我們現在正在為拉姆提供所有的裝飾、所有的發動機，包括市場所需的內燃機，從高輸出發動機開始。

And of course, we are preparing for this fantastic Dodge Charger that is going to be absolutely aligned with the brand positioning of Dodge.

當然，我們正在為這款出色的道奇 Charger 做準備，它將與道奇的品牌定位完全一致。

A lot of torque, a lot of power, fantastic agility, both ICE and BEV and of course, both two and four doors at one point in time.

強大的扭力、強大的動力、出色的敏捷性，無論是內燃機還是純電動，當然還有同一時間的兩門和四門。

And we will bring back a Jeep midsized SUV in '25.

我們將在 25 年重新推出吉普中型 SUV。

We are now preparing for that.

我們現在正在為此做準備。

And that, of course, will help to have a better coverage of the market.

當然，這將有助於更好地覆蓋市場。

Last but not least, we'll keep on reducing the costs to make sure that we create room in terms of margin protection to give back to the market what the market needs to absorb more of our products.

最後但並非最不重要的一點是，我們將繼續降低成本，以確保我們在利潤保護方面創造空間，以回饋市場吸收更多我們產品所需的東西。

We will continue to adjust the capacity, and we may have to do some of this because some of our inventory is going to sell down naturally because some of that inventory has been built as a bridging to the new generation model, which is the case of Dodge Charger and Challenger.

我們將繼續調整產能，我們可能必須做一些這樣的事情，因為我們的一些庫存自然會被出售，因為其中一些庫存是作為新一代車型的橋樑而建立的，就是這種情況道奇 Charger 和挑戰者。

On purpose, we had built a significant inventory just to bridge with a new generation.

我們特意建立了一個重要的庫存，只是為了與新一代建立橋樑。

Those models are going to sell down.

這些型號將會降價。

We also had a problem, as I said, in aligning the production mix to the market mix with the light-duty pickup truck.

正如我所說，我們還遇到了一個問題，即如何使輕型皮卡車的生產組合與市場組合保持一致。

We are now fixing that, and we stopped the plant for a few weeks to make sure that we bring everything we need for the electrified versions of the Ram pickup truck like the REV and the Ram charger.

我們現在正在解決這個問題，我們將工廠停產了幾週，以確保我們配備了 Ram 皮卡電動版所需的一切，例如 REV 和 Ram 充電器。

This is something we will do.

這是我們要做的事情。

And we will do more, if it is needed, just to adjust to the reality.

如果需要的話，我們會做更多的事情，只是為了適應現實。

In the meanwhile, we are also progressing on the best cross-country content for the parts we buy because we need to generate more cost reduction to give back to the market what the market needs, while protecting the margins of our business.

同時，我們也在為我們購買的零件提供最佳的越野內容方面取得進展，因為我們需要進一步降低成本，以回饋市場所需的東西，同時保護我們業務的利潤。

So these are some of the actions that we are now preparing for and the next few weeks with our North American team.

這些是我們現在正在準備以及接下來幾週與我們的北美團隊一起準備的一些行動。

We will be deciding most of these actions, if not all, to fix the inventory issue of North America that we fully recognize and that we are going to fix as our number-one priority moving forward.

我們將決定大部分行動（如果不是全部的話）來解決北美的庫存問題，我們充分認識到這一問題，並且我們將把解決這一問題作為我們前進的首要任務。

If we go to enlarged Europe, enlarged Europe is now under the heavy pressure of the Chinese offensive, a highly competitive market with the pressure from the Chinese carmakers, but not only also facing a slowdown in BEV demand that has, of course, made the business even more challenging.

如果我們看看擴大後的歐洲，擴大後的歐洲現在正承受著中國攻勢的沉重壓力，這是一個競爭激烈的市場，還有來自中國汽車製造商的壓力，而且不僅面臨著純電動車需求的放緩，這當然使得業務更具挑戰性。

So it's a perfect combination of customers hesitating on the EV purchasing decision and the arrival of a very strong Chinese offensive.

因此，這是消費者對電動車購買決定猶豫不決和中國強大攻勢到來的完美結合。

This overall very, very challenging environment has created a pain on the AOI margin, which is down to 6.9%.

這種整體非常非常具有挑戰性的環境給 AOI 利潤造成了痛苦，該利潤率下降至 6.9%。

We are also down on the share by 80 basis points year over year.

我們的份額也比去年同期下降了 80 個基點。

But comparing H1 2024 to H2 2023, we are up by 60 basis points.

但與 2024 年上半年和 2023 年下半年相比，我們上漲了 60 個基點。

In the meanwhile, we have reduced inventory by no less than 40%, days of sales down to 64 days.

同時，我們的庫存減少了不少於40%，銷售天數減少至64天。

We consider that the inventory is now normalized and that we have, to a certain extent, stabilized the share.

我們認為現在庫存已經正常化，在一定程度上穩定了份額。

Not to say that we should not do more, just to say that the situation is, from my perspective, stabilized.

並不是說我們不應該採取更多行動，只是說，在我看來，局勢已經穩定下來。

And as we are bringing a very significant product blitz with high-volume models, the 3008, the Junior from Alfa Romeo, the new Lancia, the new Opel Frontera, the new Fiat Panda, all of this is going, of course, to put us in a much better position to gain profitable share.

當我們帶來一場非常重要的產品閃電戰時，包括大批量車型，3008、阿爾法羅密歐的 Junior、新藍旗亞、新歐寶 Frontera、新菲亞特 Panda，當然，所有這些都會我們處於更好的位置來獲得獲利份額。

I believe that this is going to work, as we have stabilized the most difficult point of this transition for the European business.

我相信這會起作用，因為我們已經穩定了歐洲業務轉型中最困難的點。

Not to say that it's not a challenging market.

並不是說這不是一個充滿挑戰的市場。

It will continue to be a challenging market.

這將繼續是一個充滿挑戰的市場。

And most probably, it will be even more challenging in the future, but we are ready for the fight.

未來很可能會更具挑戰性，但我們已做好戰鬥準備。

In the meanwhile, we keep on having the leadership in the LCVs.

同時，我們繼續保持輕型商用車領域的領先地位。

And the good thing will come on the next slide, which is that we are now number-one LCV seller in Africa, Middle East, which means that on the LCV business, we are number one in Middle East and Africa.

下一張投影片將帶來好消息，那就是我們現在是非洲、中東地區排名第一的輕型商用車銷售商，這意味著在輕型商用車業務上，我們在中東和非洲排名第一。

We are number one in South America, and we are number one in Europe.

我們在南美洲排名第一，在歐洲排名第一。

So three of our six regions in the world, we are number one.

因此，我們在世界六個地區中的三個地區排名第一。

And of course, this is good for the business.

當然，這對企業有利。

This is good for the volume.

這對音量有好處。

This is good for everything.

這對一切都有好處。

And I just would like to congratulate the Middle East and Africa team.

我只想祝賀中東和非洲團隊。

They have done a wonderful job with more than 20% AOI margin, the most profitable region of the company, while we are facing some strong reaction from our competitors as we are number two on the share.

他們做得非常出色，AOI 利潤率超過 20%，這是公司利潤最高的領域，而我們則面臨競爭對手的強烈反應，因為我們的份額排名第二。

We keep on pushing, and we keep on moving.

我們繼續推動，我們繼續前進。

And it is fair to recognize that we had some instability in Turkey and some administrative delays in Algeria.

公平地說，我們在土耳其遇到了一些不穩定因素，在阿爾及利亞也遇到了一些行政拖延。

Had not we had those headwinds, the results would have been even better than what they are already.

如果我們沒有遇到這些逆風，結果會比現在更好。

But we are very, of course, supportive of the 20.9% AOI margin of Middle East and Africa.

但我們當然非常支持中東和非洲 20.9% 的 AOI 利潤率。

Another thing that we need to say is that as we predicted and as we told you, the third engine, which is the combination of Middle East and Africa, South America, and India and Asia Pacific is now delivering a bigger profit than the European region.

我們需要說的另一件事是，正如我們預測的那樣，正如我們告訴你的那樣，第三個引擎，即中東和非洲、南美、印度和亞太地區的組合，現在帶來的利潤比歐洲地區更大。

So in fact, we have a third engine that is delivering its full power at the same level of profitability as Europe.

因此，事實上，我們擁有第三個引擎，它正在以與歐洲相同的盈利水平提供全部動力。

Not to say that Europe should not do better, but still, this is the reason why we created the third engine.

並不是說歐洲不應該做得更好，但這仍然是我們創建第三個引擎的原因。

It's to reduce the risk coming from the business footprint, and we have it.

這是為了降低業務足跡帶來的風險，我們做到了。

We have it now, and we intend to continue to grow it profitably.

我們現在已經擁有了它，並且我們打算繼續以盈利的方式成長它。

South America has also done a fantastic job, with a record AOI margin of 15.6%.

南美洲也表現出色，AOI 利潤率達到創紀錄的 15.6%。

DOI is up, as much as the revenues are up in Middle East and Africa by 7%.

DOI 上升，中東和非洲的收入也上升了 7%。

We have a strong leadership in automotive share, in brand leadership with Fiat, and we were able to grow our pickup sales where we also lead by 25%, thanks to the success of the Ram Rampage.

我們在汽車市場份額以及與菲亞特的品牌領導力方面擁有強大的領導地位，並且由於 Ram Rampage 的成功，我們的皮卡銷售也實現了 25% 的領先。

So our lineup of pickup trucks in South America is getting bigger and bigger, and that supports the profitability, and that supports the market share leadership that we have in Latin America.

因此，我們在南美洲的皮卡車陣容越來越大，這支持了獲利能力，也支持了我們在拉丁美洲的市佔率領先地位。

In China and India, Asia Pacific, a more difficult period, AOI at a little bit more than 5%.

在亞太地區的中國和印度，較為困難的時期，AOI略高於5%。

We see that we are using more and more our sourcing of parts in those highly cost-competitive areas, India and also China.

我們發現，我們越來越多地在成本競爭激烈的地區（印度和中國）採購零件。

And we see that this local sourcing is going to deliver, for the next couple of years, a very significant contribution to the total production cost reduction that we need to protect the margins and give back to the market the affordability that the consumers are asking from us.

我們看到，在接下來的幾年裡，這種本地採購將為降低總生產成本做出非常重大的貢獻，我們需要保護利潤並回饋市場消費者所要求的負擔能力我們。

While we do this, our regional presence is expanding, thanks to the deployment of the smart car platform-based family on Citroen, the C3, the e-C3, now the C3 Aircross, and very soon, one more model on this family that I have already commented.

在我們這樣做的同時，我們的區域業務正在擴大，這要歸功於在雪鐵龍、C3、e-C3、現在的C3 Aircross 上部署了基於智慧汽車平台的系列產品，並且很快該系列中又推出了一款車型，我已經發表評論了。

So we are now starting a new national sales company in Malaysia.

因此，我們現在正在馬來西亞成立一家新的全國銷售公司。

And the good news is that we have started selling products coming from India in the Indonesian market, starting with the BEVs.

好消息是，我們已經開始在印尼市場銷售來自印度的產品，首先是純電動車。

If we go to the accretive markets -- accretive businesses, we see that financial services and independent aftermarket offensive are still on.

如果我們進入加值市場——加值業務，我們會看到金融服務和獨立售後市場攻勢仍在繼續。

We see that the results are very rewarding.

我們看到結果非常有意義。

On the financial services, our US Finco is scaling up ahead of plan.

在金融服務方面，我們的美國Finco正在提前擴大規模。

More than $10 billion receivables, which represents the target we had for ourselves in December.

應收帳款超過 100 億美元，這是我們 12 月為自己設定的目標。

We are ahead of plan and delivering quite nicely.

我們比計劃提前了，而且交付得相當好。

We also see that our leases -- leasing company is expanding in Europe and getting very close to the 1 million mark that we committed to in '26.

我們也看到我們的租賃公司正在歐洲擴張，並且非常接近我們在 26 年承諾的 100 萬大關。

Most probably, we will achieve that sooner.

最有可能的是，我們會更快實現這一目標。

And we are up 7% in year-over-year in this period at 887,000, so very close to 1 million very soon.

在此期間，我們的人數年增了 7%，達到 887,000 人，很快就會接近 100 萬人。

In Brazil, we have now a Finco, which has all the products.

在巴西，我們現在有一家Finco，裡面有所有的產品。

The receivables have doubled, and we see that our financial services are growing, generally speaking, ahead of plan, and that's great news given the way the markets are going.

應收帳款增加了一倍，我們看到我們的金融服務總體上超出了計劃，正在增長，考慮到市場的發展方向，這是個好消息。

In terms of independent aftermarket business, 27% of sales growth year over year.

獨立售後業務方面，銷售額較去年同期成長27%。

And this is the combination of organic growth and also of M&A with the acquisition of DPaschoal in South America.

這是有機成長和併購（收購南美 DPaschoal）的結合。

All of this has delivered a 17% increase in private-label sales.

所有這些都使自有品牌銷售額成長了 17%。

So 27% of sales growth for our independent aftermarket offensive, which meets perfectly the expectations of our middle-class consumers.

所以我們獨立售後攻勢的銷售量成長了27%，這完全滿足了我們中產階級消費者的期望。

We see that our multi-brand offering in terms of products is also growing.

我們看到我們的多品牌產品也在不斷成長。

And we now cover 90% of the vehicles in operation for the high turnover parts, which means -- 90% coverage means not only, of course, the Stellantis parts but also the parts of our competitors, which means that we are making business independently of the brand.

我們現在涵蓋了 90% 的營運車輛的高週轉零件，這意味著——當然，90% 的覆蓋不僅意味著 Stellantis 零件，還意味著我們競爭對手的零件，這意味著我們正在獨立開展業務品牌的。

And we are now offering to our independent repairers a very nice portfolio of products that they can use for their daily business with a very high level of customer service.

我們現在為獨立維修商提供非常好的產品組合，他們可以將其用於日常業務，並提供高水準的客戶服務。

Last but not least, our affiliate network, the Eurorepar car service -- network car service is also growing and growing profitably.

最後但並非最不重要的一點是，我們的附屬網絡 Eurorepar 汽車服務 - 網路汽車服務也在不斷發展，並且盈利不斷增長。

The business is up.

生意興隆了。

We see that we have reached the 6,500-garage mark worldwide.

我們發現全球車庫數量已達到 6,500 個。

This, we call it a fast

這，我們稱之為快速

[reacher].

[到達者]。

Business is growing.

業務不斷成長。

It is highly profitable.

它的利潤很高。

We are already number three in Latin America and number three in Europe, and it's moving in the right direction.

我們已經在拉丁美洲排名第三，在歐洲排名第三，而且正在朝著正確的方向前進。

We believe it's a good way to capture a bigger piece of value from customers that do not go to our brand dealerships, and this strategy is delivering results.

我們相信，這是從不去我們品牌經銷商的客戶那裡獲取更大價值的好方法，而這項策略正在取得成果。

From here, I would like to hand over to our CFO, Natalie Knight.

接下來，我想將工作交給我們的財務長 Natalie Knight。

She will comment to you the detailed financial results.

她會向您評論詳細的財務結果。

Natalie, the floor is yours.

娜塔莉，地板是你的。

Thanks, Carlos.

謝謝，卡洛斯。

I want to complement the operational outlook we've heard from Carlos today with five key metrics that really capture the big developments that you've seen in our business over the last six months.

我想用五個關鍵指標來補充我們今天從卡洛斯那裡聽到的營運前景，這些指標真正反映了您在過去六個月中看到的我們業務的重大發展。

I'll start with the consolidated shipments, which were down 10% in the first half at 2.9 million vehicles.

我先從綜合出貨量開始，上半年出貨量下降 10%，為 290 萬輛。

Next, we've got our net revenues, which came in at EUR85 billion and declined 14% as the mix of lower shipments, FX, and mix also worked against us.

接下來，我們的淨收入為 850 億歐元，下降了 14%，因為出貨量下降、外匯等因素也對我們不利。

On the AOI margin, you saw 10%.

在 AOI 裕度上，您看到的是 10%。

This is tracking at the low end but right in line with our full-year guidance.

這處於低端，但與我們的全年指導一致。

And it's down obviously versus H1 '23, that record 14.4% we had achieved.

與 23 年上半年相比，這一數字明顯下降，我們創下了 14.4% 的記錄。

We've also included a new KPI for you here, the adjusted diluted EPS.

我們還為您提供了一個新的 KPI，即調整後的稀釋每股盈餘。

This was EUR2.36 during the period.

在此期間，該價格為 2.36 歐元。

It's down 35%.

下降了 35%。

But that is favorable to our AOI, and that's basically due to the 4% reduction in our shares that we were able to take during the period because of our share buyback.

但這對我們的 AOI 有利，這主要是因為我們在此期間由於股票回購而能夠減持 4% 的股票。

Lastly, I want to talk about industrial free cash flow.

最後我想談談工業自由現金流。

This is something you see came in at a negative EUR0.4 billion.

您看到的結果是負 4 億歐元。

This reflects the lower AOI, our investment timing, and of course, the first half of 2024, which was really heavy with fluctuations in working capital and our investments.

這反映了較低的 AOI、我們的投資時機，當然還有 2024 年上半年，營運資金和投資的波動確實很大。

Now I'll talk about each of these in a little more detail, starting with revenue.

現在我將從收入開始更詳細地討論其中的每一個。

If you look here, you see the 14% decline I mentioned for the first six months of the year.

如果你看這裡，你會看到我提到的今年前六個月下降了 14%。

The biggest driver by far is the volume and mix, which were driven by revenue headwinds, and part of that driven really by the lower shipments.

到目前為止，最大的推動因素是銷售和產品組合，這是由收入逆風推動的，部分原因實際上是出貨量下降。

When we look at the 10% shipment and volume decline, there are three things that stand out to me.

當我們看到 10% 的出貨量和銷量下降時，有三件事對我來說很突出。

First is when we look at North America, the declines were relatively higher versus other regions.

首先，當我們觀察北美時，與其他地區相比，下降幅度相對較高。

And that also plays a double whammy on us in terms of -- because those products have a higher ASP, it also impacts the mix of the business.

這也對我們造成了雙重打擊——因為這些產品的平均售價更高，它也會影響業務組合。

Second is we really have made strong improvements in our inventory in the first half of the year versus the end of the year versus that same period last year.

其次，與去年同期相比，我們上半年的庫存確實有了很大的改善。

So if you compare it to March, it's pretty stable.

所以如果你與三月相比，它相當穩定。

But when we look at it versus the end of the year, you see about a 50,000 shift.

但當我們比較今年年底的情況時，您會發現大約有 50,000 人的轉變。

And this is something that, in contrast to that 28% build that we had going last year, also impacts the volumes.

與我們去年 28% 的成長相比，這也會影響銷量。

Lastly, on this point, as Carlos mentioned, we're operating a portfolio that's really enduring some temporary product transition gaps.

最後，在這一點上，正如卡洛斯所提到的，我們正在經營的產品組合確實經歷了一些暫時的產品轉換差距。

This is something of a headwind in North America alone.

光是在北美，這就是一個逆風。

It was over 100,000 units in the first half of the year.

上半年銷售超過10萬台。

And we do believe that that will be progressively reduced in the second half of the year and beyond.

我們確實相信，這一數字將在今年下半年及以後逐步減少。

I also want to talk about FX.

我還想談談FX。

It's not a huge item on the page, but you see here, it had an impact of about 2% on our top line.

它在頁面上並不是一個很大的項目，但你在這裡看到，它對我們的營收產生了大約 2% 的影響。

This was driven primarily by the Turkish lira.

這主要是由土耳其里拉推動的。

Now I'll move on to the AOI.

現在我將繼續討論 AOI。

And on the AOI, what you see is that we came in at the EUR8.5 billion.

在 AOI 上，您看到我們的收入為 85 億歐元。

This is a significant decline versus our record H1 2023 result.

與我們創紀錄的 2023 年上半年業績相比，這是一個顯著下降。

But it's also something where, thanks to consistent cost-reduction initiatives, we were able to continue to deliver the double-digit AOI.

但由於持續的成本削減舉措，我們能夠繼續提供兩位數的 AOI。

Now I've covered the volume, the mix, the FX on the preceding slide.

現在我已經在上一張投影片中介紹了音量、混音和效果。

So here, I'd like to just spend a moment talking about pricing.

所以在這裡，我想花點時間討論一下定價。

This was something that was marginally positive for us in the first half.

這對我們上半場來說有點積極。

But let me make clear, this is because of the strong performance of the third engine markets.

但我要澄清的是，這是因為第三引擎市場的強勁表現。

In both North America and Europe, pricing was negative.

在北美和歐洲，定價均為負值。

When I come to a couple of the other items on the chart, first, starting with the industrial cost, you see that it was about EUR159 million higher than it had been in the prior year.

當我談到圖表上的其他幾個項目時，首先從工業成本開始，您會發現它比前一年高出約 1.59 億歐元。

This is despite lower raw material costs and logistics expenses.

儘管原材料成本和物流費用較低，但情況仍然如此。

But those were offset by on the one hand higher warranty costs, but in particular, just higher manufacturing fixed costs against lower volume environment.

但這些一方面被較高的保固成本所抵消，但特別是在較低產量環境下較高的製造固定成本。

SG&A is something that improved during the period based on our ongoing cost measures, and R&D declined by EUR133 million year over year.

根據我們持續的成本衡量標準，SG&A 在此期間有所改善，而研發費用則是年減了 1.33 億歐元。

I'll now move on to our inventory.

我現在將繼續討論我們的庫存。

This is a spot where I do think we're making good progress versus where we've been in the last year.

我確實認為，與去年相比，我們在這一點上取得了良好的進展。

Our inventories were reduced by 51,000 units or 3% at the end of June compared to the end of '23.

與 2023 年底相比，我們的庫存在 6 月底減少了 51,000 件，即 3%。

And this was really driven by progress on the European side.

這實際上是由歐洲方面的進展所推動的。

Our inventories in Europe were reduced significantly in the period.

期內我們在歐洲的庫存大幅減少。

This is due to improving outbound logistics, lower production, and it allowed us to exit the first half at a healthy level of days of sales in the mid-60s, about 64, I believe.

這是由於出庫物流的改善和產量的降低，這使我們能夠以 60 年代中期的健康銷售天數結束上半年，我相信約為 64 天。

In contrast, if you look at the US, this is a spot where our days of sales are still over 90.

相較之下，如果你看看美國，我們的銷售天數仍然超過 90。

Despite the fact that we have come down from our April peak, it's still an area where we clearly have work to do in the region.

儘管我們已經從四月份的峰值回落，但這仍然是我們在該地區顯然還有工作要做的領域。

In the second half, Carlos has already mentioned that we're going to be focusing on a variety of enhanced go-to-market initiatives that we'll be implementing in the US.

在下半年，卡洛斯已經提到，我們將重點放在我們將在美國實施的各種增強的市場推廣計劃。

But I want to focus also on the fact that we will take a strong hand in terms of our production.

但我還想強調一個事實，即我們將在生產方面採取強有力的措施。

We will be reducing at least 1,000 units in the third quarter, and that's something that is important in terms of how we think about the phasing of the second half of the year as well.

我們將在第三季減少至少 1,000 台，這對於我們如何考慮下半年的分階段也很重要。

Let me now focus on the free cash flow.

現在讓我關注自由現金流。

I know this has been a hot topic today, and definitely for me the most disappointing performance metric of the first half.

我知道這是今天的熱門話題，對我來說絕對是上半年最令人失望的表現指標。

It's a spot where we came in close to zero.

這是我們的得分接近零的地方。

Yes, there was a negative EUR0.4 billion.

是的，出現了負 4 億歐元。

That's really the result of a cut-off issue related to the end of the period.

這實際上是與期末相關的截止問題的結果。

So we have about EUR800 million that came in right at the beginning of July that helped us as we start into the second half.

因此，我們在 7 月初就收到了約 8 億歐元的資金，這在下半年開始時為我們提供了幫助。

Regardless though, the first half of 2024 presented a stark contrast to the success that we saw in 2023 when we had a record free cash flow of EUR8.7 billion.

儘管如此，2024 年上半年與我們在 2023 年所取得的成功形成了鮮明對比，當時我們的自由現金流達到創紀錄的 87 億歐元。

So as previously discussed, obviously, you see AOI was the biggest driver with a [EUR5 billion] decline.

因此，如同先前所討論的，顯然，AOI 是 [50 億歐元] 下降的最大推動因素。

But the bridge on the industrial AOI to the free cash flow says there's two other big items that played, and it had an impact.

但工業 AOI 與自由現金流之間的橋樑表明，還有另外兩個重要項目發揮了作用，並且產生了影響。

First, is there was nearly a [EUR2 billion] increase in our investment spend.

首先，我們的投資支出增加了近 [20 億歐元]。

This mainly is a result of the busy new product launch calendar that we have in the first half but also the cash that we invested in our battery manufacturing JV that has played a big role.

這主要是由於我們上半年的新產品發布日程繁忙，而且我們投資於電池製造合資企業的現金也發揮了重要作用。

Second, the other piece that I think you see very clearly on the page is working capital.

其次，我認為您在頁面上看得很清楚的另一部分是營運資金。

Here, there are two important impacts to note.

這裡，有兩個重要影響要注意。

One is a result of our improving inventory position, and that brings, unfortunately, with it an impact on sales provisions, which was a big swing in the period.

其中之一是我們改善庫存狀況的結果，不幸的是，這對銷售準備金產生了影響，銷售準備金在這段期間發生了很大的波動。

And secondly is the fact that we had lower production in the period, which led to lower payables.

其次，我們在此期間的產量較低，這導致應付帳款減少。

As I look at this next chart, you see here really a roundup of all of our key IFRS KPIs.

當我查看下一張圖表時，您會發現這裡實際上是我們所有關鍵 IFRS KPI 的總結。

But the ones -- there are a few here I'd like to talk about that really jump out to me in particular.

但我想談談其中一些讓我特別感興趣的。

The first one is if you look at our operating income, you see that it's down 50%.

第一個是如果你看看我們的營業收入，你會發現它下降了 50%。

This reflects both the minus 40% of the AOI but also EUR1.8 billion in unusual charges.

這不僅反映了 AOI 的負 40%，也反映了 18 億歐元的異常費用。

This relates largely to our restructuring efforts that are ongoing in Europe, but also a EUR300 million charge related to resetting the Maserati business plan with an impairment on the platform.

這主要與我們在歐洲正在進行的重組工作有關，但也與重置瑪莎拉蒂業務計劃以及平台減損相關的 3 億歐元費用有關。

In addition, the other notable figure here is the net financial income that you see is up significantly.

此外，這裡另一個值得注意的數字是您看到的淨財務收入大幅成長。

This is the spot where we benefited from higher interest on our cash holdings.

這是我們從現金持有量較高的利息中受益的地方。

The last line on this chart is -- talks about our liquidity and the available industrial liquidity.

這張圖表上的最後一行是——談論我們的流動性和可用的工業流動性。

It came in at EUR54 billion.

其收入為 540 億歐元。

This is something that's 31% of the trailing 12-month number from our net revenues.

這占我們過去 12 個月淨收入的 31%。

It's down 1 point from 2023, which shows we are moving closer to the guideline I gave you at our Investor Day in June of getting into that 25% to 30% range.

它比 2023 年下降了 1 個百分點，這表明我們正在接近我在 6 月投資者日向您提供的指導方針，即進入 25% 至 30% 的範圍。

So now let's review the capital returns for the period.

現在讓我們回顧一下該期間的資本回報。

This is something, where, if you look at our activities, we've returned dividends of EUR4.7 billion.

如果你看看我們的活動，我們已經回饋了 47 億歐元的股息。

We started our share buyback, the big tranche, and took advantage of some of the weakness in the share price and have now already repurchased EUR2 billion to date.

我們開始了大筆股票回購，並利用股價的一些疲軟勢頭，迄今為止已經回購了 20 億歐元。

As we look at the rest of the year, we remain fully committed to the EUR7.7 billion of capital returned to shareholders, and that will be through the remainder through buybacks.

展望今年剩餘時間，我們仍完全致力於向股東返還 77 億歐元的資本，並將透過剩餘時間回購。

As I mentioned at the Investor Day, we really want to recognize that when we look at 2024, we have a full year plan, gets us to the EUR7.7 billion.

正如我在投資者日提到的，我們確實想認識到，當我們展望 2024 年時，我們有一個全年計劃，使我們的目標達到 77 億歐元。

And as we look into 2025, we know that this is also something that continues to be important and something that we can fund and something that you see in our dividend approach where we have a policy of 25% to 30%.

當我們展望 2025 年時，我們知道這仍然是重要的事情，也是我們可以提供資金的事情，也是您在我們的股息方法中看到的事情，我們的政策為 25% 至 30%。

And we've already committed, especially based on the lower AOI expectations, to go to the higher end of that dividend range for the next year.

我們已經承諾，特別是基於較低的 AOI 預期，明年的股息範圍將達到較高端。

So I'm going to wrap up my comments today with just talking a bit about our outlook.

因此，我將透過談論我們的前景來結束今天的評論。

When you look at the numbers here, there's one piece, which is first, I'll call it, the external side of outlook.

當你查看這裡的數字時，你會發現其中有一個部分，我稱之為第一個部分，即 Outlook 的外部部分。

That is something where we've moved from saying we think the revenue backdrop is supportive to neutral.

我們已經從認為收入背景是支持性的轉向中性的。

This isn't about our business.

這不關我們的事。

This is just what we're seeing in the market, which is probably very low single-digit growth for the broader industry in a year that's being characterized by higher cost consciousness from the consumer and rising industry supply.

這正是我們在市場上看到的情況，在這一年中，整個產業的個位數成長可能非常低，其特點是消費者成本意識增強，產業供應不斷增加。

When it comes to AOI, I want to emphasize that we are working very hard to continue to deliver an AOI of 10%.

說到 AOI，我想強調的是，我們正在非常努力地繼續提供 10% 的 AOI。

But I also want to make sure it's clear that even more important is that we're making sure that we're delivering the substantial progress on our operational improvement initiatives, everything Carlos talked about, to make sure that we normalize our US inventories, that we improve our go-to-market effectiveness, that we're driving a stronger business as we finish the year and go into '25.

但我也想確保，更重要的是，我們要確保我們的營運改進計劃取得實質進展，卡洛斯談到的一切，以確保我們的美國庫存正常化，我們提高了進入市場的效率，在今年結束並進入“25”之際，我們正在推動更強大的業務。

I think it's important to say here also that we've made tough decisions in the first half, and we will not hesitate to make them again in the second half as that is needed.

我認為這裡還必須說的是，我們在上半場做出了艱難的決定，我們將毫不猶豫地在下半場根據需要再次做出這些決定。

We're confident that by doing so, we can put the company in an improved position for the rest of the year and on our journey for the Dare Forward 2030.

我們相信，透過這樣做，我們可以使公司在今年餘下的時間裡以及在「敢於前進 2030」的征程中處於更好的境地。

The last area I want to share some thoughts on is the free cash flow.

我想分享的最後一個領域是自由現金流。

I know this is a topic, as I said, lots of interest.

正如我所說，我知道這是一個很有趣的話題。

We believe we will deliver and are confident in a positive result for the full year and the second half.

我們相信，我們將在全年和下半年取得積極成果，並對此充滿信心。

First and foremost, that means we need to continue on our AOI performance, which is obviously one of the best in the sector.

首先，這意味著我們需要繼續保持 AOI 性能，這顯然是業內最好的之一。

But we also need to deliver further working capital normalization.

但我們還需要進一步實現營運資本正常化。

We believe that's very much in the cards.

我們相信這是有可能的。

And also, as we look at reducing our investment spending in the second half to the first half, this is again something I called out to you early in the year.

而且，當我們考慮減少下半年到上半年的投資支出時，這也是我在今年年初向你們呼籲的。

You'll see in the second half a reduction versus the first half of at least EUR1 billion.

與上半年相比，下半年您將看到減少至少 10 億歐元。

So putting this all together is something that we believe sets us up for meaningful industrial free cash flow in the second half and a stronger position for the full year.

因此，我們相信，將所有這些放在一起，將使我們在下半年實現有意義的工業自由現金流，並在全年保持更強勁的地位。

The last thing I want to say on guidance is just to make sure that it's clear, given all these comments that we've talked about today, there will be a difference split between Q3 and Q4 performance versus what you've seen in the last year.

關於指導，我想說的最後一件事只是為了確保這一點很清楚，鑑於我們今天討論的所有這些評論，第三季度和第四季度的表現與您在過去看到的表現之間將會存在差異年。

In the last year, you'll remember that we had a relatively balanced split between Q3 and Q4, but this is not typical for our business.

去年，您會記得我們在第三季和第四季之間的分配相對平衡，但這對我們的業務來說並不典型。

Q3, we were building inventories ahead of the labor negotiations in North America.

第三季度，我們在北美勞工談判之前建立庫存。

And then in the fourth quarter, we experienced significant strike disruptions.

然後在第四季度，我們經歷了嚴重的罷工中斷。

In 2024, you'll see us return to typical seasonality and then some, and that's because our North America inventory management and the product transition are going to deliver more negative impact in the third quarter.

到 2024 年，您將看到我們恢復到典型的季節性，然後是一些季節性，這是因為我們的北美庫存管理和產品轉型將在第三季帶來更多負面影響。

So just making sure that's noted.

所以只要確保注意到這一點即可。

That concludes my finance comments for you today.

我今天為您提供的財務評論到此結束。

So I'll hand back to Carlos for some closing remarks.

因此，我將請卡洛斯做一些結束語。

Thank you.

謝謝。

Thank you, Natalie.

謝謝你，娜塔莉。

Let's go back to our last Investor Day on June 13 just to confirm some of the things we have told you.

讓我們回顧一下 6 月 13 日的上一次投資者日，以確認我們已經告訴您的一些事情。

First of all, we believe that our differentiators against the rest of the industry are intact and that all of those differentiators will continue to make part of the roadmap that we need to execute to stay on the leading pack of the industry in terms of profitability.

首先，我們相信我們與行業其他公司的差異化優勢是完整的，並且所有這些差異化優勢將繼續成為我們需要執行的路線圖的一部分，以在盈利能力方面保持行業領先地位。

We believe we have what we need.

我們相信我們擁有我們所需要的。

And so far, the double-digit margin seems to confirm that we are on the leading pack.

到目前為止，兩位數的利潤率似乎證實了我們處於領先地位。

In terms of challenges, we confirm our guidance.

在挑戰方面，我們確認了我們的指導。

It has been always the case for our Dare Forward 2030 strategic plan, double-digit and positive free cash flow.

我們的「Dare Forward 2030」策略計畫始終如此，實現兩位數的正自由現金流。

This is what we are fighting for.

這就是我們奮鬥的目標。

This is what we believe we can deliver as soon as we fix the operational flaws that I was describing to you.

我們相信，一旦我們修復了我向您描述的營運缺陷，我們就可以提供這些服務。

In terms of value creation, we will deliver on our commitments.

在價值創造方面，我們將兌現我們的承諾。

That's a very simple statement.

這是一個非常簡單的說法。

That will be 11% annual return yield.

這將是11%的年回報率。

And in terms of technology, we are dedicating 60% of our investments to multi-energy and software-related technologies, which make the difference in the mind of our consumers.

在科技方面，我們將 60% 的投資投入到多能源和軟體相關技術上，這對我們消費者的心智產生了影響。

So if I step back from this, which is fundamentally a confirmation of what has been told to you on June 13, I will just add that if we step back significantly, we could say that in terms of inventory, Europe is fixed, US is underway.

因此，如果我退後一步，這從根本上證實了6 月13 日告訴你們的內容，我會補充一點，如果我們大幅退後一步，我們可以說，就庫存而言，歐洲是固定的，美國是進行。

We are now addressing it as the number-one priority of the management team.

我們現在將其作為管理團隊的第一要務。

This is what we are going to do in the next few weeks in terms of understanding and triggering the right actions.

這就是我們在接下來的幾週內將在理解和觸發正確行動方面要做的事情。

In terms of Europe, it is stabilized.

歐洲方面則趨於穩定。

It is a very, very challenging market with a strong Chinese offensive.

這是一個非常非常具有挑戰性的市場，中國的攻勢非常強大。

In addition to that, we have a specific problem to solve in the UK.

除此之外，我們在英國還有一個具體問題需要解決。

The UK has shown to be with the ZEV mandate, a very difficult market.

英國已經證明了對 ZEV 的支持，這是一個非常困難的市場。

The ZEV mandate is hurting significantly our business model.

ZEV 指令正在嚴重損害我們的商業模式。

And this is triggering a strategic review of our business model, including the manufacturing footprint.

這引發了對我們業務模式（包括製造足跡）的策略審查。

We cannot accept, as we have two plants in the UK making BEVs.

我們不能接受，因為我們在英國有兩家生產純電動車的工廠。

As the UK government is asking for more BEVs, we cannot be in a position where our business model is damaged by the ZEV mandate.

由於英國政府要求提供更多純電動車，我們的商業模式不能因 ZEV 指令而受到損害。

This is something that we have been discussing with the UK government.

這是我們一直在與英國政府討論的事情。

Recognizing that it has changed a few weeks ago, I must say that we have an intensive and productive dialogue.

認識到幾週前情況發生了變化，我必須說我們進行了深入而富有成效的對話。

So far, we don't have the answers we need.

到目前為止，我們還沒有得到我們需要的答案。

We'll see what comes next, and I have decided to trigger a strategic review of our business model in the UK because we cannot be making these in the UK and being the victims of the ZEV mandate.

我們將看看接下來會發生什麼，我決定對我們在英國的商業模式進行策略性審查，因為我們不能在英國生產這些產品，也不能成為 ZEV 指令的受害者。

This is a contradiction that the company cannot accept.

這是公司無法接受的矛盾。

And of course, everything we do will be done with our union partners.

當然，我們所做的一切都將與我們的工會夥伴一起完成。

And this is always our way of doing things.

這始終是我們的做事方式。

That's the specific case of the UK

這是英國的具體情況

For Europe, we will continue to keep our inventories under control as they are today, and we'll make sure that we improve the efficiency and effectiveness of the business model because as you saw, it has been damaged over the last few weeks.

對於歐洲，我們將繼續像今天一樣控制我們的庫存，我們將確保提高業務模式的效率和有效性，因為正如您所看到的，它在過去幾週已經受到損害。

Moving forward, our Leapmotor strategy is working.

展望未來，零跑的策略正在發揮作用。

As we speak, the first hundreds of cars are now being shipped to Europe.

就在我們說話的時候，首批數百輛汽車現已運往歐洲。

The homologation process is moving properly ahead and delivering the expected approvals.

認證過程正在順利進行並獲得預期的批准。

We know that we will start selling the Leapmotor cars from September in Europe.

我們知道零跑汽車將從9月開始在歐洲銷售。

We have already decided several vehicle assemblies in Europe to face the tariffs and the local content that have been decided.

我們已經決定歐洲的幾款車輛組裝將面臨已決定的關稅和本地內容。

This is now already decided, already being executed, and we expect to see the first benefits of this strategic move from September.

現在已經決定並正在執行，我們預計從 9 月開始就能看到這項策略舉措的第一個好處。

And as I said, the first shipment of 800 cars is now on the way from China to Europe.

正如我所說，第一批 800 輛汽車現已從中國運往歐洲。

It is also clear that we are going to launch by the end of this year in nine European countries.

同樣明確的是，我們將於今年底在九個歐洲國家推出。

We have already more than 200 sales points.

我們已經擁有200多個銷售點。

And we believe, through the excitement of our dealers, that there will be much more than that.

我們相信，透過經銷商的興奮，事情將會遠不止於此。

I would like to close this presentation with two happy moments, two celebrations.

我想以兩個快樂的時刻、兩個慶祝活動來結束這場演講。

The first one with Chancellor Scholz in Rüsselsheim was the 125 years of Opel Automobile.

與肖爾茨總理在呂塞爾斯海姆的第一次合作是歐寶汽車成立 125 週年。

This is an acquisition that we made back in 2017.

這是我們在 2017 年進行的一項收購。

Thanks to the trust of Chancellor Merkel, it has worked perfectly.

感謝梅克爾總理的信任，一切進展順利。

It is highly profitable.

它的利潤很高。

It is a cool brand, a modern brand focused on electrification.

這是一個很酷的品牌，一個專注於電氣化的現代品牌。

Things are moving well.

事情進展順利。

Of course, we'll have the ups and downs of the normal life of a brand.

當然，品牌的正常生命週期中也會有起起落落。

It's profitable.

這是有利可圖的。

It's moving.

它在動。

We created significant value since we made this acquisition in 2017, and we were pleased to see that Chancellor Scholz totally supported the direction in which we are moving with this brand.

自 2017 年進行此次收購以來，我們創造了巨大的價值，我們很高興看到肖爾茨校長完全支持我們這個品牌的發展方向。

And we're happy to celebrate the 125 years of Opel with him.

我們很高興與他一起慶祝歐寶成立 125 週年。

That was quite clear.

這很清楚。

We will launch the new Frontera, both electric and hybrid very, very soon.

我們很快就會推出新的 Frontera，包括電動和混合動力。

Second happy moment was the celebration of the 125th anniversary of Fiat in Torino, here in the Lingotto, which is an iconic place, as we all know.

第二個快樂的時刻是菲亞特在都靈成立 125 週年的慶祝活動，地點是靈格托，眾所周知，這是一個標誌性的地方。

And this has been reinforced by the launch of the new Grande Panda, which is bringing back Fiat in the B segment with a highly efficient product that is cost competitive, affordable, and carries the best of the Stellantis technology.

新款 Grande Panda 的推出進一步強化了這一點，該車型憑藉具有成本競爭力、價格實惠且搭載 Stellantis 最佳技術的高效產品，讓菲亞特重返 B-Class 市場。

This is going to bring us the volumes and the profitability that the Fiat brand needs.

這將為我們帶來菲亞特品牌所需的銷售和獲利能力。

And the Fiat brand is already the number-one brand of Stellantis with more than 1.35 million cars sold and with a growing profitability that has been an excellent work done by the brand team.

而菲亞特品牌已經是Stellantis的第一品牌，銷量超過135萬輛，獲利能力不斷成長，這都是品牌團隊的出色工作。

I would like to conclude this presentation before we go to the Q&A with this slide.

在我們用這張投影片進行問答之前，我想結束這次簡報。

You have here the Fiat Grande Panda, where we relaunched a Fiat icon at less than EUR25,000 for a pure BEV.

這裡有菲亞特 Grande Panda，我們重新推出了菲亞特標誌性的純電動車，價格不到 25,000 歐元。

We would like to confirm our double-digit AOI margin.

我們想確認我們兩位數的 AOI 利潤。

We would like to confirm our capital return as it has been committed.

我們想確認我們已承諾的資本回報。

We are in a transition, difficult period with no less than 20 models to be launched this year.

我們正處於轉型的困難時期，今年要推出的車型不少於20款。

It's a transitional period.

這是一個過渡時期。

It's a period that has used a lot of our resources.

這是一個消耗了我們大量資源的時期。

This is the reason why in the past, you have seen us reasonably cautious in the way we manage all the returns.

這就是為什麼在過去，您會看到我們在管理所有回報的方式上相當謹慎。

But you see that we can, at the same time, manage the returns to you, the capital returns.

但您會看到，我們可以同時管理您的回報，即資本回報。

And at the same time, bring the appropriate technology and the appropriate products to the market.

同時，將合適的技術和合適的產品推向市場。

This is what we are doing.

這就是我們正在做的事情。

It's difficult.

它很難。

I would like to thank our teams.

我要感謝我們的團隊。

They are doing an outstanding job, both at the top management level, all of our employees, our management lines.

無論是高階主管、我們所有的員工或我們的管理部門，他們都做得非常好。

They are focused.

他們很專注。

They are working very hard.

他們工作非常努力。

From time to time, they are suffering, but they are holding on.

有時他們會感到痛苦，但他們仍在堅持。

And I would like to thank them and pay tribute to their courage, their focus, and their energy.

我要感謝他們，並向他們的勇氣、專注和精力致敬。

This has been the strongest engine of this company.

這是該公司最強大的引擎。

The people are the engine of this company.

員工是這家公司的引擎。

We know what the challenges are.

我們知道挑戰是什麼。

We are taking action, not only on the operational flaws but also on the marketing tactics, mostly in the US.

我們正在採取行動，不僅針對營運缺陷，還針對行銷策略，主要是在美國。

And we will keep on fighting for you and delivering the best possible results within the commitments that we have already told you.

我們將繼續為您奮鬥，並在我們已經告訴您的承諾範圍內提供盡可能最好的結果。

Thank you very much.

非常感謝。

Let's go to the Q&A.

讓我們進入問答環節。

(Operator Instructions) George Galliers, Goldman Sachs.

（操作員指令）George Galliers，高盛。

Yes.

是的。

Thank you for taking my question.

感謝您回答我的問題。

The question I had was with respect to the North American markets.

我的問題是關於北美市場的。

When I look at the market, I can observe that there have been two segments showing strong growth this year, which have been the compact and small SUV segments, where it looks like you're somewhat underrepresented with the Renegade Compass and Cherokee.

當我觀察市場時，我發現今年有兩個細分市場顯示出強勁成長，即緊湊型和小型 SUV 細分市場，而 Renegade Compass 和 Cherokee 似乎在這兩個細分市場中的代表性不足。

Could you maybe talk -- you mentioned in your opening remarks plans to bring a mid-sized Jeep to the market.

您能談談嗎？

Do you have something to address the smaller market segment?

您有什麼辦法可以應付較小的細分市場嗎？

And would there be any opportunity to bring the cheaper Avenger to the US, o is that difficult to get homologated or simply not feasible?

是否有機會將更便宜的復仇者帶到美國？

Thank you.

謝謝。

Well, thank you, George.

嗯，謝謝你，喬治。

Those are two excellent questions.

這是兩個很好的問題。

Well, first of all, what you say is absolutely correct.

嗯，首先，你說的完全正確。

One of the things we are missing right now in the US is the brand-new Cherokee, the compact SUV.

我們現在在美國缺少的東西之一是全新的切諾基，一款緊湊型 SUV。

We will bring it in 2025, the Cherokee that will complement the Grand Cherokee.

我們將於 2025 年推出切諾基，作為大切諾基的補充。

It's in the making.

它正在製作中。

It's on the right track.

它走在正確的軌道上。

So that, what we would call right now the white space, is going to be filled in '25.

因此，我們現在所說的空白區域將在 25 年被填充。

And this is absolutely appropriate to highlight that miss.

這絕對適合強調那次錯過。

It's underway, and it's going to be done in a very proper and exciting way as they have seen the designs of this product.

它正在進行中，並將以一種非常適當和令人興奮的方式完成，因為他們已經看到了該產品的設計。

Secondly, no regrets on the Renegade.

其次，對叛徒沒有遺憾。

The Renegade was not making money.

叛徒並沒有賺錢。

So no regrets on the Renegade.

所以對於叛徒來說，沒有什麼遺憾。

We are going to bring a product that you would call the Renegade successor.

我們將帶來您稱為 Renegade 繼任者的產品。

So far, we have not yet decided what then it would be, but that will come in '26.

到目前為止，我們還沒有決定具體是什麼，但這將在 26 年實現。

And it will come with the customer structure and the cost structure that will make the model profitable.

它將伴隨著使該模型盈利的客戶結構和成本結構。

This is going to be the model that will be sold at $25,000 as an EV.

該車型的電動車售價為 25,000 美元。

It's in the making.

它正在製作中。

It is benefiting from everything we have learned on the smart car platform families.

它受益於我們在智慧汽車平台系列中學到的一切。

And this product is going to be bringing their profitability and the price point of $25,000 and the zero-emission mobility.

該產品將為他們帶來盈利能力、25,000 美元的價格點以及零排放移動性。

That's for '26.

那是26年的。

So the two points you addressed are absolutely those that we are working right now on.

所以你提到的兩點絕對是我們現在正在努力解決的問題。

We agree with your point.

我們同意你的觀點。

Avenger has proven to be less attractive for the US market.

事實證明，《復仇者聯盟》對美國市場的吸引力較低。

So we have decided to bring Avenger to Latin America.

所以我們決定把《復仇者聯盟》帶到拉丁美洲。

Latin America is going to be the place where we are going to introduce the Avenger very soon.

拉丁美洲將是我們很快就會推出復仇者的地方。

It has already been decided a few months ago, and it will come, I believe, let's say, within 18 months as a Latin American sourcing of compact Jeep that will complement the Jeep Renegade that we already have in Latin America.

幾個月前就已經決定了，我相信，比方說，它將在 18 個月內作為緊湊型吉普車在拉丁美洲的採購，這將補充我們在拉丁美洲已有的吉普叛逆者。

So those are the things we are doing right now to address your very fair remarks.

這些就是我們現在正在做的事情，以回應您非常公正的言論。

Thank you, George.

謝謝你，喬治。

Michael Jacks, Bank of America.

麥可傑克斯，美國銀行。

Hi.

你好。

Good afternoon, everyone.

大家下午好。

Thank you for taking my question as well.

也感謝您提出我的問題。

Carlos, unfortunately, I'm going to touch on one of your favorite topics again, pricing.

卡洛斯，不幸的是，我將再次談到您最喜歡的話題之一：定價。

But can't help but notice the significant deterioration in pricing in Europe, North America, and South America in Q2.

但不禁注意到第二季歐洲、北美和南美的定價顯著惡化。

How much of this can we attribute to working through old model year inventories?

其中有多少可以歸因於舊車型年份庫存的處理？

And is this now the base that we should expect for the rest of the year?

這是我們今年剩餘時間該期待的基礎嗎？

Price is going to deteriorate further from this point, or could there be a bit of a moderation in the coming quarters?

從此時起，價格將進一步惡化，或者在未來幾季可能會放緩？

Thank you.

謝謝。

Well, thank you, Michael.

嗯，謝謝你，麥可。

You are right, it is one of our preferred topics because it's a way to monetize the value that we create.

你是對的，這是我們首選的主題之一，因為這是將我們創造的價值貨幣化的一種方式。

And there is no sense in destroying the value that we create through pricing that do not represent what the customer should recognize.

破壞我們透過不代表客戶應認可的定價所創造的價值是沒有意義的。

In terms of pricing power, what we believe is that pricing power is not an absolute concept.

在定價權方面，我們認為定價權並不是絕對的概念。

It is about when you are in a price band with your competition, making sure that through the appeal of the products and through the quality of the products, you can be positioning yourself in the high end of the related price band.

這是關於當您與競爭對手處於同一價格帶時，請確保透過產品的吸引力和產品的質量，您可以將自己定位在相關價格帶的高端。

So it's a relative concept where in the price band where you are competing, you look at your competitors in that segment and for the price band that that segment represents.

因此，這是一個相對的概念，在您競爭的價格範圍內，您會查看該細分市場中的競爭對手以及該細分市場所代表的價格範圍。

You want to monetize the value that you have created and the appeal that you have created with your teams.

您希望將您創造的價值以及您與團隊一起創造的吸引力貨幣化。

So indeed, what we try to do, and we don't always succeed, is for a given segment and the related price band to be at the high end of that price band.

因此，事實上，我們試圖做的事情是讓特定細分市場和相關價格範圍處於該價格範圍的高端，但並非總是成功。

Now what we do not say is that this is frozen.

現在我們不說的是它被凍結了。

That the price band of a given segment may move up and down depending on the competition.

特定細分市場的價格範圍可能會根據競爭情況上下波動。

You can expect that some Chinese competitors will try to bring the price band down.

可以預見，一些中國競爭對手將試圖降低價格範圍。

And if the price band is down for that given segment, we have to adapt because if we don't adapt, then you will tell me that we are too pricy.

如果該細分市場的價格範圍下降，我們必須適應，因為如果我們不適應，那麼你會告訴我我們的價格太貴了。

So what we can do is for a given price band for a given segment, we can monetize at the high end of that price band by bringing more appealing products that hopefully we can sell with smarter tactics.

因此，我們能做的是，對於給定細分市場的給定價格範圍，我們可以透過提供更具吸引力的產品來在該價格範圍的高端貨幣化，希望我們能夠透過更明智的策略進行銷售。

This is what we are trying to do, and we don't always succeed.

這就是我們正在努力做的事情，但我們並不總是成功。

But that's what we are trying to do.

但這就是我們正在努力做的事情。

Now if the price band moves because of the offering, because of the competitive set that is coming to the market, obviously, we have to recognize that the market is the market.

現在，如果價格區間因產品而變化，由於即將進入市場的競爭產品，顯然，我們必須認識到市場就是市場。

And then if that happens and if that price band goes down because of the competitive offerings, then we just need to recognize that and work harder in the cost reduction to create the margins that you can then give back to the market while you protect your base margins.

然後，如果發生這種情況，並且由於產品競爭而導致價格區間下降，那麼我們只需要認識到這一點，並更加努力地降低成本，以創造利潤，然後在保護基礎的同時可以回饋市場邊距。

So if you want to protect your base margins and the price band is going down, you have to accelerate your cost reduction and give that cost reduction back to the market to protect your competitiveness.

因此，如果你想保護你的基本利潤，而價格區間正在下降，你必須加速降低成本，並將成本降低迴饋給市場，以保護你的競爭力。

So how are the price bands going to move in the future for the segments in which we are competing?

那麼，我們競爭的細分市場的價格範圍未來將如何變化？

Obviously, it's very hard to answer that question.

顯然，這個問題很難回答。

We can expect that the European market will contribute -- will be under significant pressure because of the Chinese offensive.

我們可以預期，歐洲市場將做出貢獻——由於中國的攻勢，歐洲市場將承受巨大壓力。

But it is also true that for the specific European markets, the import tariffs are going to slow down that pressure or reduce that pressure because from 31% to 38% custom duties, that has an impact on the price positioning because it absorbs the 30% cost-competitive edge of the Chinese ex-work vehicles.

但對於特定的歐洲市場來說，進口關稅確實會減緩或減少這種壓力，因為關稅從 31% 增加到 38%，這會對價格定位產生影響，因為它吸收了 30% 的關稅。具有成本競爭優勢。

That means that possibly that pressure will be slightly less strong than what we could expect without tariffs.

這意味著這種壓力可能比我們在沒有關稅的情況下預期的壓力略小。

That is going to help the profitability.

這將有助於盈利。

And of course, we will try to maximize our margins within the price band of the competitive set in which each vehicle is competing.

當然，我們將努力在每輛車參與競爭的競爭價格範圍內最大化我們的利潤。

So the import tariffs in Europe may create some kind of ease.

因此，歐洲的進口關稅可能會帶來某種程度的緩解。

Hopefully, they will.

希望他們會的。

We'll see.

我們拭目以待。

But anyway, in the rest of the world, we will be competing harsh head on with the Chinese, which we are currently doing.

但無論如何，在世界其他地方，我們將與中國人進行激烈的正面競爭，正如我們目前正在做的那樣。

In the US, the situation is different.

在美國，情況有所不同。

And you can see that for the time being, the results of our competitors are not demonstrating that price pressure is going to vanish.

您可以看到，目前我們競爭對手的結果並沒有顯示價格壓力將會消失。

So we will just try to be smarter in our marketing tactics.

因此，我們將努力在行銷策略上變得更加明智。

And we will adjust in a non-dogmatic way, wherever we have to adjust, but still keeping in mind that for a given segment, for the competitive set of that segment, there is a price band.

無論我們在哪裡需要調整，我們都會以非教條的方式進行調整，但仍然要記住，對於給定的細分市場，對於該細分市場的競爭群體，存在一個價格範圍。

And in that price band, we'll be trying to position ourselves at the high end of that price band with the appeal of the products that we bring to the market.

在這個價格範圍內，我們將努力利用我們推向市場的產品的吸引力將自己定位在該價格範圍的高端。

So everything starts with product.

所以一切都從產品開始。

And this is why I was so proud to show you the 20 brand new models that we are bringing to the market.

這就是為什麼我如此自豪地向您展示我們推向市場的 20 款全新型號。

Thank you.

謝謝。

Thank you, Michael.

謝謝你，麥可。

Thomas Besson, Kepler Cheuvreux.

湯瑪斯‧貝松，開普勒‧舍弗勒。

Thank you very much.

非常感謝。

I'd like to come back to a topic we discussed during the Investor Day.

我想回到我們在投資者日討論的一個主題。

I would like to get an update on that, Carlos, please.

我想了解最新情況，卡洛斯，謝謝。

Could you discuss the ramp up for your four new platforms and how much it has or it's still impacting the launch of new products?

您能否討論一下您的四個新平台的升級情況，以及它對新產品的推出有多大影響或仍在影響嗎？

It seems to be, to some extent, delayed.

從某種程度上來說，這似乎是被推遲了。

I'm not sure if it's effectively similar by region or by platform.

我不確定它是否按地區或平台有效相似。

But maybe you could share with us some elements on this.

但也許你可以與我們分享一些這方面的內容。

When I think about [Peugeot], 3008, 5008, I have the impression that this is something that should be more in the market than it is effectively for the first of this product.

當我想到 [Peugeot]、3008、5008 時，我的印像是，這應該比第一款產品更有效地進入市場。

And I think the same applies for LTVs, but maybe you can shed some thoughts with us on this topic.

我認為這也適用於 LTV，但也許您可以就這個主題與我們分享一些想法。

Thank you.

謝謝。

Absolutely, Thomas, and thank you for that question.

當然，托馬斯，謝謝你提出這個問題。

I think it's very relevant.

我認為這非常相關。

It is quite clear that against the usual process of launching our vehicles, we are presenting, unveiling the vehicles and showing them to the world at a given point.

很明顯，與推出車輛的通常流程不同，我們是在特定時間展示、揭開車輛並向世界展示它們。

And then a few months later, we have the production ramp up.

幾個月後，我們的產量開始增加。

It is absolutely clear, and there is no reason to hide that that we are being extremely cautious in the launch pattern of the new vehicles.

毫無疑問，我們對新車的推出模式非常謹慎，這一點是絕對明確的，沒有理由隱瞞。

So it is not because we are late.

所以這並不是因為我們遲到了。

Sometimes we are, but not always.

有時我們是這樣，但並非總是如此。

It is because we are trying to be merciless with quality.

這是因為我們試圖對品質毫不留情。

And if we are not happy with quality, then we pause or we stop and we fix before we go again.

如果我們對品質不滿意，我們會暫停或停下來進行修復，然後再繼續。

So we are being extremely prudent on the launch pattern of the new products, and we control the quality at each step of the process.

所以我們對新產品的推出模式非常審慎，每一步的品質都進行把控。

The reason why we are doing this, of course, is because we want our customers to be happy.

當然，我們這樣做的原因是因為我們希望我們的客戶滿意。

But we also see a significant inflationary pressure on the warranty costs.

但我們也看到保固成本面臨巨大的通膨壓力。

There is inflation out there, and we want to recognize that that inflation needs to be countermeasured with a much better quality.

那裡存在通貨膨脹，我們希望認識到，需要以更好的品質來應對通貨膨脹。

And therefore, we are raising the standards, and we are raising the demand in terms of ramp-up quality control to make sure that if something is not meeting the standards, then we slow down or we stop the ramp up.

因此，我們正在提高標準，我們正在提高提高品質控制方面的要求，以確保如果某些東西不符合標準，那麼我們就會放慢速度或停止提高速度。

That means that the launch and the visibility of the models that we launch, maybe to a certain extent, showing to be slower because of that caution.

這意味著，由於這種謹慎，我們推出的模型的發布和可見度可能在某種程度上會變慢。

And that caution is coming from the fact that it is for us a no-brainer that we need to make our customers happier and recognize that there is pressure on the warranty cost, which is the best measurement of that demand and any potential disconnect between the demand and what we are offering to the market.

這種謹慎來自於這樣一個事實：對我們來說，我們需要讓客戶更滿意，並認識到保固成本存在壓力，這是理所當然的事情，這是衡量需求和保固成本之間任何潛在脫節的最佳衡量標準。

So we are quite cautious with that.

所以我們對此非常謹慎。

You may hear from that, Thomas, including from our own people, it is normal.

湯瑪斯，你可能會聽到，包括我們自己的人民，這很正常。

We intend, and you may hear more of this in the near future, we are going to raise the bar.

我們打算，並且您可能會在不久的將來聽到更多這樣的消息，我們將提高標準。

We are going to be totally merciless in terms of quality.

在品質方面我們將毫不留情。

We want the quality to continue to improve as it did since we created Stellantis.

我們希望品質能像創建 Stellantis 以來那樣繼續提高。

But we see that despite the strong progress that we have done since we created Stellantis, I think that the customer demand is growing even faster.

但我們看到，儘管自從創建 Stellantis 以來我們取得了巨大進步，但我認為客戶需求的成長速度更快。

And that's what I am measuring on my warranty cost pressures.

這就是我對保固成本壓力的衡量。

So we are going to raise the bar.

所以我們要提高標準。

Now one of the things we can do, which possibly will at least fix part of what you feel, is that possibly, we need to unveil our cars closer to the ramp-up and not as anticipated as it is today.

現在我們可以做的一件事，可能至少會解決你的部分感受，那就是，我們可能需要在接近產能的時候推出我們的汽車，而不是像今天那樣預期。

Perhaps that is something we can do.

也許這是我們可以做的事情。

It's to bring the unveiling and the official launch of the car closer to the ramp up so that once you see the car, you can see the impact quicker than what you have experienced so far.

這是為了讓汽車的揭幕和正式發布更接近加速階段，這樣一旦你看到汽車，你就能比迄今為止所經歷的更快地看到影響。

But your point is absolutely valid, and just trust the fact that we are going to be merciless on quality.

但您的觀點絕對正確，請相信我們將在品質上毫不留情。

We want to improve the quality because we believe the customers are asking for more.

我們希望提高品質，因為我們相信客戶要求更多。

Thank you, Thomas.

謝謝你，托馬斯。

Thank you.

謝謝。

Patrick Hummel, UBS.

派崔克‧胡梅爾，瑞銀集團。

Yes, thank you.

是的，謝謝。

Good afternoon.

午安.

I would like to double check with you, Natalie, when you say the operational measures are more important than the 10% AOI margin in second half, does it mean we should look at that 10% now as an ambition for H2, or would you still make it a clear commitment?

我想和你再確認一下，Natalie，當你說營運措施比下半年 10% 的 AOI 利潤更重要時，這是否意味著我們現在應該將 10% 視為下半年的目標，或者你會嗎？做出明確的承諾？

And is it fair to say that US margin will be lower than H1 because of the lower output so that other regions like Europe should be performing better as the destocking has come to an end here?

可以公平地說，由於產量較低，美國的利潤率將低於上半年，因此隨著去庫存已經結束，歐洲等其他地區應該會表現得更好？

And if I can, on the free cash flow, taking the items of working capital, minus EUR4 billion in H1, the settlement, EUR800 million, and you mentioned investments will come down in the second half, is it fair to say that the free cash flow in the second half should be, order of magnitude, EUR6 billion, give or take?

如果我可以的話，在自由現金流方面，考慮營運資金項目，上半年減去 40 億歐元，結算，8 億歐元，你提到投資將在下半年下降，可以公平地說，自由現金流下半年的現金流量應該是60 億歐元的數量級，是給予還是給予？

Any color would be much appreciated.

任何顏色都會非常感激。

And very lastly, would you be willing to give a EUR1 billion amount how much dealing with -- maybe if I may call it that way, the commercial mistakes you made in terms of production mix, how much is the total amount this will cost you this year?

最後，您是否願意拿出 10 億歐元來處理——也許我可以這樣稱呼它——您在生產組合方面犯下的商業錯誤，這將花費您多少錢？

The background of that question is I want to get an idea what's the clean sheet for building a bridge into 2025.

這個問題的背景是我想知道 2025 年建造一座橋樑的乾淨條件是什麼。

Thank you very much.

非常感謝。

Thank you, Patrick.

謝謝你，派崔克。

I'm so happy to hand over these questions to Natalie.

我很高興將這些問題交給娜塔莉。

Thank you.

謝謝。

Okay.

好的。

There were a few in there.

那裡有幾個。

So the first one was the conversation about the 10% and how does that work with our operational targets.

第一個是關於 10% 的對話，以及它如何與我們的營運目標配合。

The commentary in there was, from my side, was just to make it very clear that 10% is not a walk in the park for us.

從我的角度來看，其中的評論只是為了明確表示，10% 對我們來說並不是一件容易的事。

We're going to be fighting for this every day as we look at the second half.

當我們展望下半場時，我們每天都會為此而奮鬥。

It is our commitment to the market.

這是我們對市場的承諾。

So we're working hard every day at that to make sure that we can deliver the best results possible.

因此，我們每天都在努力工作，以確保我們能夠提供盡可能最好的結果。

But what I wanted to emphasize was I think one of the critiques that we've gotten as we looked at the last six months or so was the question of, hey, are you really going after the topics that are going to move the needle for you going forward?

但我想強調的是，我認為在過去六個月左右的時間裡，我們收到的批評之一是這樣的問題：嘿，你真的在​​追求那些將推動發展的主題嗎？前走嗎？

And that was the piece that I wanted to make very, very clear is that that is our priority.

這就是我想要非常非常明確地表達的一點，那就是這是我們的首要任務。

And you heard, I think, great examples from Carlos in terms of how we're going to approach that, whether it's the go-to-market approach, whether it's the marketing tactics.

我想，你聽到了卡洛斯關於我們將如何實現這一目標的很好的例子，無論是進入市場的方法，還是行銷策略。

I think the production topic in the US is going to be a key lever to that.

我認為美國的生產主題將成為實現這一目標的關鍵槓桿。

So those are some of the things that we're doing.

這些是我們正在做的一些事情。

I hope the opportunity is very much we're going to be able to do both of those topics with the AOI and deliver on those -- the health of the business.

我非常希望我們能夠透過 AOI 解決這兩個主題，並實現業務的健康發展。

But I just wanted to emphasize that that piece is really key, and I don't want people to see us as doing something where we would ever trade off, improving the health versus getting the profitability.

但我只是想強調這一點確實很關鍵，我不希望人們認為我們在做一些我們會權衡的事情，改善健康狀況與獲得盈利能力。

So that was question number one.

這是第一個問題。

Question number two was on North America margin and what that looks like in the second half of the year.

第二個問題是北美地區的利潤率以及下半年的情況。

And I'd say, it's a little too early to say.

我想說，現在說還太早。

We're focused on how do we make North America as strong as we can?

我們關注的是如何讓北美盡可能強大？

We're a team here at Stellantis.

我們是 Stellantis 的一個團隊。

And everything that we need from North America, we get from the rest of our business as it's needed.

我們從北美所需的一切，都是根據需要從我們的其他業務中獲得的。

And we're asking all of our business to step up as we go into this position where, as you saw, for example, in Europe, we made a big effort in the first half to clean up the inventory.

我們要求我們所有的業務部門在進入這個情況時採取行動，正如你所看到的，例如在歐洲，我們在上半年做出了巨大努力來清理庫存。

It's now 90,000 lower in terms of units.

現在以單位計算減少了 90,000。

That puts us in a much better place to be able to say, here's now the time we need to focus on how does that business and how does this new strong third engine is there.

這使我們處於一個更好的位置，可以說，現在我們需要關注該業務如何以及這個新的強大的第三引擎如何存在。

Help if needed.

如果需要的話提供協助。

But we are pushing hard in North America.

但我們正在北美努力推進。

It's the biggest piece of our business, and they're also going to have to contribute to how we get to those numbers.

這是我們業務中最大的一部分，他們也必須為我們實現這些數字做出貢獻。

It doesn't work without North America.

沒有北美就行不通。

Let's see, you also asked about free cash flow and how we see that for the year.

讓我們看看，您還詢問了自由現金流以及我們如何看待今年的情況。

I'm not going to answer a specific number in terms of the second half.

我不會回答下半年的具體數字。

That would be pretty forward looking.

這將是相當有前瞻性的。

What I can say is I think I've given you clear guidance that we believe there's opportunity in the second half that wasn't here in the first half.

我能說的是，我認為我已經給了你們明確的指導，我們相信下半場有上半場沒有的機會。

You talked about the EUR800 million in terms of what's come into the second half already.

您談到了下半年的 8 億歐元。

You talked about the R&D, CapEx, and M&A, where we see EUR1 billion -- at least EUR1 billion move out of the second half into the first, tied to our timing.

您談到了研發、資本支出和併購，我們看到 10 億歐元——至少 10 億歐元從下半年轉移到上半年，這與我們的時機有關。

The other big key is working capital, where we are going to continue to make progress.

另一個重要的關鍵是營運資金，我們將在這方面繼續取得進展。

I think that's one when you look at just the development of our business, you're going to see continued reduction of inventories.

我認為，當你只看我們業務的發展時，你會看到庫存持續減少。

And I think also the trend in production being more something that's moving in the positive direction in the second half versus as we looked at the first half, we saw that declining over the period.

我還認為，下半年的生產趨勢更朝著正面的方向發展，而我們看到上半年的產量有所下降。

And that was a big working capital cost to us.

這對我們來說是一筆龐大的營運資金成本。

I think the last question was can we -- will we quantify what the commercial mistakes cost us this year in terms of what's the upside for next year.

我認為最後一個問題是我們能否量化今年商業錯誤給我們帶來的損失以及明年的好處。

I think what you see in our results is what it cost us in the first half of the year.

我想你在我們的業績中看到的就是我們上半年的成本。

And there is something in terms of -- we started the year with inventory that was too high that we were working on cleaning up.

年初時，我們的庫存量太高，以至於我們正在努力清理。

We talked about the product transition.

我們討論了產品轉型。

And you see that we called out just in North America alone, 100,000 of the 185,000 of those vehicles were things because we had new product coming, but we had old product that was gone, and we had that mix.

你看，我們僅在北美就呼籲，185,000 輛汽車中的 100,000 輛是因為我們有新產品即將推出，但我們有舊產品已經消失，我們有這種混合。

That will be something that improves visibly as we go into 2025.

進入 2025 年，這一情況將會明顯改善。

When we look at the second half of the year, I ask you, stay with us.

當我們展望下半年時，我請你們留在我們身邊。

You're going to see a lot more as we go into the third quarter where you say, hey, what we do there in the production and that 100,000 vehicles that we take out, that's also something that I certainly don't anticipate being repeated in the next year.

當我們進入第三季度時，你會看到更多，你會說，嘿，我們在生產中做了什麼，我們淘汰了 100,000 輛汽車，這也是我當然不希望重複的事情明年。

So those are my comments.

這就是我的評論。

Did you want to add anything, Carlos?

你想補充什麼嗎，卡洛斯？

Fine.

美好的。

Okay, good.

好的。

Then we're on to the next one.

然後我們就進入下一個。

Thank you.

謝謝。

Thanks.

謝謝。

Bye, Patrick.

再見，派崔克。

(Operator Instructions) Bruno Dossena, Wolfe Research.

（操作員說明）Bruno Dossena，Wolfe Research。

Hi, thank you for taking the question.

您好，感謝您提出問題。

I wanted to step away from the near-term cyclical dynamics and how you're thinking about your capital base over the next several years because your US peers are seeing massive losses from their EV business.

我想擺脫近期的周期性動態以及您如何考慮未來幾年的資本基礎，因為您的美國同行正在看到其電動車業務的巨大損失。

And the majority of those losses stem from high structural cost basis.

其中大部分損失源自於高結構成本基礎。

And I appreciate your multi-energy approach, helps on capital efficiency.

我很欣賞你們的多能源方法，有助於提高資本效率。

But now over the next few years, you're ramping EV volumes and internal battery capacity.

但在接下來的幾年裡，電動車的銷量和內部電池容量將不斷增加。

And I was wondering if you could help us understand how you're thinking about the trajectory of net structural costs going forward.

我想知道您是否可以幫助我們了解您如何看待未來淨結構成本的軌跡。

Thanks.

謝謝。

Well, that's a $1 million question, indeed, Bruno.

嗯，這確實是一個價值 100 萬美元的問題，布魯諾。

Thank you for asking.

謝謝你的慰問。

Several things we can say is from a pure engineering standpoint and the customer expectation standpoint, we are absolutely comfortable with the multi-energy platform strategy.

我們可以說的是，從純粹的工程角度和客戶期望的角度來看，我們對多能源平台策略絕對滿意。

The benefit of having a dedicated EV platform is marginal in the eyes of the consumer from everything I have studied, and I spent many hours with our engineers looking at that.

從我所研究的一切來看，在消費者眼中，擁有專用電動車平台的好處是微不足道的，而且我花了很多時間與我們的工程師一起研究這一點。

We are very comfortable.

我們很舒服。

And what you can see with -- for instance, the example of the Peugeot 3008 is that with the multi-energy platform, the STLA M, we are best in class in terms of performance.

例如，您可以看到，以標緻 3008 為例，憑藉多能源平台 STLA M，我們在效能方面處於同類最佳。

You just have to test the vehicle to enjoy the autonomy to see the accelerations and the body roll control.

您只需測試車輛即可享受自主性，以查看加速度和車身側傾控制。

It's best in class.

是班上最好的。

There is nothing left that the customer would be willing to have on the car.

客戶願意在車上留下的東西已經沒有了。

So that is obviously the right strategy.

所以這顯然是正確的策略。

I don't think it is a debate anymore.

我認為這不再是一場辯論。

I think it's obvious that given the uncertainties of the world, given the fact that it's easy to anticipate there will be bumps on the electrification process, it is quite easy to see that this is the right strategy.

我認為很明顯，考慮到世界的不確定性，考慮到電氣化過程很容易預期會出現障礙，很容易看出這是正確的策略。

And hopefully, the longer those hesitations, the more time we will have to make sure that we depreciate those assets, which, of course, we all need.

希望這些猶豫的時間越長，我們就有越多的時間來確保我們對這些資產進行折舊，這當然是我們都需要的。

In terms of strategy with those hesitations, the good thing about what we are doing, and obviously, you understand that I'm not happy with the H1 results, is that by investing the product attributes, the platforms, the electric motors, the electrified transmissions, I have now the components.

就這些猶豫的策略而言，我們正在做的事情的好處是，透過投資產品屬性、平台、電動馬達、電氣化，顯然，你知道我對上半年的結果並不滿意。

I have the components to make electrified cars, to make the mild hybrids for the middle classes, the BEV -- high-performance BEVs for the more affluent customers.

我擁有製造電動車、為中產階級製造輕度混合動力車、為更富裕的客戶製造 BEV（高性能 BEV）的零件。

So I have the components.

所以我有組件。

So I can compete both on the BEV and on the ICE.

所以我可以在 BEV 和 ICE 上競爭。

What is left in my pocket is that I don't have to spend the capacities now because of the hesitations.

我口袋裡剩下的就是我不必因為猶豫而花掉現在的能力。

So the capacity side of it is still in my pocket, which means I will invest the capacities in function of the hesitations.

所以它的容量部分仍然在我的口袋裡，這意味著我將根據猶豫來投資容量。

I'm not going to spend the money of the capacity if I don't have clear signs that the capacity is going to be used.

如果沒有明確的跡象表明該容量將被使用，我就不會花該容量的錢。

This, of course, is going to relate to batteries, to electric motors, to raw materials, to anything that has to be invested to support a steep ramp up.

當然，這將涉及電池、電動馬達、原材料以及任何必須投資以支持急劇增長的事物。

So the good thing is we have the products.

所以好的事情是我們有產品。

We have the base bricks of the electrified technology.

我們擁有電氣化技術的基礎。

All of this is allowing us to compete in the market to learn, to improve, and we will invest the capacities of those components in function of the hesitations, in function of the regulations, in functions of the unpredictable things that we are unable, both of us, to anticipate today.

所有這一切都使我們能夠在市場競爭中學習、改進，並且我們將投資這些組件的能力，以應對猶豫、遵守法規、應對我們無法預測的事情。

So that's one.

這就是其中之一。

That's an obvious one.

這是顯而易見的。

And I feel good about the fact that I'm not wasting your money because I'm just investing on the products that I can sell.

我很高興我沒有浪費你們的錢，因為我只是投資我可以銷售的產品。

I'm not investing on capacities that eventually I would not use.

我不會投資於最終不會使用的能力。

That's question number one.

這是第一個問題。

On the question number two, structural costs are like variable costs.

關於第二個問題，結構成本就像是變動成本。

You continuously need to reduce them for a very simple reason is that the market right now for the electrified products is not at the level of affordability that the customers are expecting from us.

您需要不斷減少它們，原因很簡單，目前的電氣化產品市場尚未達到客戶對我們期望的承受能力水準。

So for the near future, the expectations of our customers are extremely clear.

因此，對於不久的將來，我們客戶的期望非常明確。

What they want from us is that we sell EVs at the price of ICEs, simply put.

簡而言之，他們希望我們以內燃機車的價格銷售電動車。

So anybody thinking that for the near future, being able to achieve BEV sales with any other price than ICE pricing is not facing reality.

因此，任何認為在不久的將來能夠以 ICE 定價之外的任何其他價格實現純電動車銷售的人都不會面臨現實。

And we believe that we have to face that reality.

我們相信我們必須面對這個現實。

So we will keep on working on our structural costs.

因此，我們將繼續致力於結構性成本的研究。

We will keep on making sure that we reduce not only the fixed but also the variable costs.

我們將繼續確保不僅減少固定成本，而且減少可變成本。

That relates to everything we do in G&A, everything we do in real estate, everything we do in sourcing in best-cost countries.

這關係到我們在 G&A 領域所做的一切、我們在房地產領域所做的一切、以及我們在最佳成本國家採購方面所做的一切。

I believe that at the price of being unpopular, we have a competitive edge in the speed and the magnitude at which we are moving to best-cost countries.

我相信，以不受歡迎為代價，我們在向最佳成本國家轉移的速度和規模上具有競爭優勢。

And this is going to be paramount to rebuild the margins that you need to build to rebuild when you are giving back to the market some of the affordability that our consumers are expecting from us.

當你向市場回饋消費者期望我們提供的一些負擔能力時，這對於重建你需要建立的利潤至關重要。

So I feel good about that.

所以我對此感覺很好。

Hopefully, I answered your question.

希望我回答了你的問題。

Thank you.

謝謝。

Thank you, Bruno.

謝謝你，布魯諾。

Next question

下一個問題

Daniel Roeska, Bernstein Research.

丹尼爾‧羅斯卡，伯恩斯坦研究中心。

Hey, good morning and good afternoon.

嘿，早上好，下午好。

Thanks for taking my question.

感謝您提出我的問題。

Carlos, can we take a step back?

卡洛斯，我們可以退後一步嗎？

Investors have long viewed automotive stocks skeptically due to the cyclical nature, high CapEx, low returns.

由於汽車股的周期性、高資本支出和低迴報，投資人長期以來一直對汽車股持懷疑態度。

I mean, we can go back to Sergio's Confessions of a Capital Junkie of 2015 here.

我的意思是，我們可以在這裡回顧 Sergio 2015 年的《資本迷的自白》。

With Stellantis, you've executed on one of the key demands that Sergio had back then, which is consolidation.

透過 Stellantis，您已經執行了 Sergio 當時的關鍵要求之一，即整合。

Yet today, with this Q2, it kind of feels that you and the Stellantis team still fall prey to what feels like a typical auto sector dynamic.

然而今天，在第二季度，你和 Stellantis 團隊仍然感覺像是典型的汽車產業動態的受害者。

So my question, how do you think the sector, or most specifically Stellantis, can demand better valuation from investors?

所以我的問題是，您認為該行業，尤其是 Stellantis，如何才能要求投資者提供更好的估值？

Well, that's also a very difficult question, but I will candidly answer to you.

嗯，這也是一個很難回答的問題，但是我會坦誠地回答你。

First, I am old enough to remember the time where the average profitability of the auto sector was 3% and the best guys were at 6%.

首先，我已經夠大了，還記得汽車產業的平均獲利率為 3%，而最好的公司的平均獲利率為 6% 的時候。

I still remember that.

我仍然記得那件事。

Secondly, I would say that the returns to you, the shareholders, at 11% annual return yield are strong ones, and we are going to deliver the EUR7.7 billion of return that we committed to you.

其次，我想說，11%的年回報率為你們股東帶來了豐厚的回報，我們將兌現我們向你們承諾的77億歐元的回報。

That's a fact, and that's a commitment that as always, we honor.

這是事實，也是我們一如既往履行的承諾。

And third, it is true that there is one thing that an investor should think about, which is, to which extent is the regulatory chaos going to challenge the profitability of this industry?

第三，投資人確實應該思考一件事，那就是監管混亂會在多大程度上挑戰這個產業的獲利能力？

I have been very transparent to you on what I call the Darwinian period.

對於我所說的達爾文時期，我一直對你們非常透明。

I've been very transparent to you on the fact that one of our major differentiators is that we have a low breakeven point.

我一直向你們非常坦白地告訴大家，我們的主要區別之一是我們的損益平衡點較低。

By the way, the breakeven point of Stellantis in H1 is much better than the commitments that we have made to you, which is less than 50%.

順便說一句，Stellantis上半年的損益平衡點比我們向您做出的承諾要好得多，不到50%。

So we are there, and we are protecting that.

所以我們就在那裡，我們正在保護它。

Of course, as we are funding an enormous product blitz, our free cash flow in H1 does not meet my expectations, but we are funding a 20-product blitz, which, of course, we need to recognize.

當然，由於我們正在資助一場巨大的產品閃電戰，我們上半年的自由現金流並沒有達到我的預期，但我們正在資助一場 20 個產品的閃電戰，當然，我們需要認識到這一點。

And we are doing this in a point where the convergence of headwinds is absolutely visible for all of us.

我們正在這樣做，而我們所有人絕對可以看到逆風的匯聚。

So if I was going back to the Capital Junkie presentation of our respected Sergio, I would say that Stellantis is the concrete expression of the scale that you need to have -- to use the resources of your shareholders in a meaningful way.

因此，如果我回到我們尊敬的 Sergio 的 Capital Junkie 演講，我會說 Stellantis 是您需要擁有的規模的具體體現 - 以有意義的方式利用股東的資源。

So that's what we did.

這就是我們所做的。

FCA was too small.

FCA 太小了。

PSA was too small.

PSA 太小了。

Stellantis has the right scale.

Stellantis 的規模合適。

That's an answer that I'm sure Sergio would recognize.

我確信塞爾吉奧會認可這個答案。

The second one is that if you look at the profitability that we delivered in H1 despite the fact that we are humbly disappointed, it's much higher than the profitability of FCA and the profitability of PSA on a stand-alone basis.

第二個是，如果你看我們上半年實現的獲利能力，儘管我們感到非常失望，但它遠高於 FCA 和 PSA 的單獨獲利能力。

So that's the second answer to your question.

這就是你問題的第二個答案。

Now of course, you are looking forward, and you are right to do so.

當然，現在你正在期待，你這樣做是對的。

And now we are both bumping on one thing is where is this world going?

現在我們都在討論一件事：這個世界將走向何方？

Where is the fragmentation going?

碎片化去哪了？

Where is the trade war going?

貿易戰將走向何方？

Where are the wars going?

戰爭將走向何方？

And on that front, I'm not better than you, I'm certainly worse than you are in being able to anticipate those moves.

在這方面，我並不比你更好，在預測這些動作方面我肯定比你差。

What I can tell you is that our company is highly profitable in a disappointing half year.

我可以告訴你的是，我們公司在令人失望的半年裡實現了高利潤。

Our company is significantly below 50% breakeven point in a disappointing half year.

在令人失望的半年裡，我們公司的損益平衡點遠低於 50%。

Our company is executing a product blitz that never existed in the past history of the two families, and our company is in a much better profitability situation than the two families in a stand-alone position.

我們公司正在實施兩個家族以往歷史上從未有過的產品閃電戰，而且我們公司的盈利狀況比兩個家族單獨處於有利地位時要好得多。

We have overdelivered on the synergies that we have committed to you, and we see clearly what are the problems we need to solve.

我們超額兌現了向您承諾的協同效應，我們清楚地看到我們需要解決哪些問題。

So what I would say is, in this first half, the perfect convergence of the product blitz funding with operational flows and the specific problem of the inventory in the US combined perfectly on the same timing to make our life difficult.

所以我要說的是，在這個上半年，產品閃電戰資金與營運流程的完美融合以及美國庫存的具體問題在同一時間完美地結合在一起，讓我們的生活變得困難。

That doesn't mean that we are not fighting, that we have lost any energy.

這並不意味著我們不再戰鬥，也不意味著我們失去了任何能量。

We are just humbled and, to a certain extent, even more angry than we were before because we want to prove to you that this is a bump in the road, and this is what we are working for.

我們只是感到謙卑，在某種程度上，甚至比以前更加憤怒，因為我們想向你們證明，這是道路上的一個坎坷，而這就是我們正在努力的目標。

And this is the reason why I will spend some of my vacations in the US to make sure that I work with my US teams to find the appropriate answers.

這就是為什麼我會在美國度過一些假期，以確保我與我的美國團隊合作找到合適的答案。

This is what I can share with you.

這就是我可以跟大家分享的。

And both Natalie and myself, we are humbled and focused in making things better for the second half.

娜塔莉和我自己都感到謙虛，並專注於讓下半年的情況變得更好。

Thank you for your trust, and thank you for your great questions.

感謝您的信任，也感謝您提出的好問題。

Hopefully, we could answer them clearly.

希望我們能夠清楚地回答他們。

See you soon.

再見。

Bye-bye.

再見。

Bye, everyone.

迴見了各位。