Stellantis N.V. (STLA) 2026 Q2 法說會逐字稿

Hello, and welcome to the Stellantis Q2 2026 financial results call. (Operator Instructions) I now give the floor to Mr. Charlie Christman, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.

各位好，歡迎參加 Stellantis 2026 年第二季財務業績電話會議。（接線員指示）現在我把發言權交給投資人關係主管 Charlie Christman 先生，開始今天的會議。先生，請開始。

Thank you. Hello, everyone, and thank you for joining us today as we review the Stellantis Q2 2026 results. Earlier today, the presentation material for this call, along with the related press release were posted under the Investors section of the Stellantis Group website. Today, our call is hosted by Antonio Filosa, Chief Executive Officer; and Joao Laranjo, Chief Financial Officer.

謝謝。各位好，感謝今天加入我們，一同回顧 Stellantis 2026 年第二季業績。今天稍早，本次電話會議的簡報資料以及相關新聞稿已發布於 Stellantis 集團官網「投資人」專區。今天的電話會議由執行長 Antonio Filosa 與財務長 Joao Laranjo 主持。

After their prepared remarks, Antonio and Joao will be available to answer questions from the analysts. Before we begin, I want to point out that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the safe harbor statement included on Page 2 of today's presentation. As customary, the call will be governed by that language. Now I will hand the call over to Antonio Filosa, Chief Executive Officer of Stellantis.

在兩位完成事先準備的發言後，Antonio 與 Joao 將開放分析師提問。在開始之前，我想提醒各位，我們在今天電話會議中可能提出的任何前瞻性陳述，均受今日簡報第 2 頁「安全港聲明」所述風險與不確定性影響。依照慣例，本次電話會議將受該等措辭所規範。現在我把電話會議交給 Stellantis 執行長 Antonio Filosa。

Thank you, Charlie, and thank you all very much for joining us today as we discuss our quarter two results. Our second quarter execution and financial performance reflect the meaningful progress that the team and I have been focused on delivering over the last 12 months. All key financial metrics are significantly improved year-over-year.

謝謝你，Charlie，也非常感謝各位今天加入我們，一同討論第二季業績。我們第二季的執行與財務表現，反映出我與團隊在過去 12 個月專注推動的重大進展。所有關鍵財務指標相較去年同期均顯著改善。

Net revenues are up 13%. AOI margin is up 120 basis points. Industrial free cash flow is positive EUR1 billion, up EUR1 billion compared to last year. This year-over-year improvement gives us confidence in our full year '26 financial guidance, which we are reaffirming again today, including our expectation that we will have positive industrial free cash flow in 2027.

淨營收成長 13%。AOI 利潤率提升 120 個基點。工業自由現金流為正 10 億歐元，較去年增加 10 億歐元。這項年對年改善讓我們對 2026 全年財務指引更具信心；我們今天再次重申該指引，包括我們預期 2027 年將實現正的工業自由現金流。

We set out our FaSTLAne 2030 strategy and its financial targets at our May 21 Investor Day, and these quarter two results demonstrate that we are very much on track in our journey towards those targets. In quarter two, we made strong and significant progress on industrial execution. Through the good work of our operating teams, we have stabilized production and are running our plants much more efficiently.

我們在 5 月 21 日投資人日公布 FaSTLAne 2030 策略及其財務目標，而第二季業績顯示，我們正穩健走在達成這些目標的路徑上。第二季，我們在工業執行方面取得強勁且顯著的進展。在營運團隊的努力下，我們已穩定產量，並讓各工廠的運作效率大幅提升。

Year-over-year, overall production efficiency was improved 870 basis points in North America and 170 basis points in Europe. We also kept improving quality with three months in service quality improving 38% in North America and 24% in Europe. And we are making encouraging daily progress in the implementation of our value creation program, VCP.

年對年而言，整體生產效率在北美提升 870 個基點，在歐洲提升 170 個基點。我們也持續改善品質：三個月在役品質（three months in service quality）在北美改善 38%，在歐洲改善 24%。同時，我們在價值創造計畫（VCP）的推動上，每天都取得令人鼓舞的進展。

And as we shared with you at Investor Day, partnerships are a key pillar of our FaSTLAne 2030 plan. The announcements we made give you a strong sense on how attractive Stellantis is as a strategic partner both to other OEMs and to leading names in the tech space. We are also making good progress with the execution of our large-scale new product plan.

此外，正如我們在投資人日與各位分享的，合作夥伴關係是 FaSTLAne 2030 計畫的關鍵支柱。我們所發布的公告，充分展現 Stellantis 作為策略夥伴對其他 OEM 與科技領域領先企業的高度吸引力。我們也在大規模新產品計畫的執行上取得良好進展。

One of the key strategies in our FaSTLAne 2030 plan is to invest in our brands, invest in our products and expand market coverage. In line with this plan, we are excited to have introduced the all-new Ram 1500 TRX SRT, the DS number 7 and the Fiat Grande Panda ICE in H1, alongside six refreshed vehicles, including Opel Astra, Chrysler Pacifica and Peugeot 408, which is gaining strong momentum in Turkey.

FaSTLAne 2030 計畫的關鍵策略之一，是投資我們的品牌、投資我們的產品，並擴大市場覆蓋。依循此計畫，我們很高興在上半年推出全新 Ram 1500 TRX SRT、DS 7 與 Fiat Grande Panda ICE，同時也推出 6 款改款車型，包括 Opel Astra、Chrysler Pacifica 與 Peugeot 408；其中 Peugeot 408 在土耳其正展現強勁動能。

The Ram Dakota introduced in Brazil in early '26 is also delivering strong sales performance in the region's largest profit pool. We look forward to the nine remaining new and refreshed vehicles still to come this year, and we are laser-focused on executing every one of these launches on time with the right cost and with the right quality.

於 2026 年初在巴西推出的 Ram Dakota，也在該區域最大的獲利池中繳出強勁的銷售表現。我們期待今年仍有 9 款尚待推出的新車與改款車型；我們將高度聚焦，確保每一項上市都能準時、以正確成本並以正確品質完成。

Now let me touch on some Q2 highlights from a regional perspective. In North America, we keep making significant progress and improving performance, powered by our great brands, our great products and our great people. Sales in quarter two were up 6% year-over-year for a fourth consecutive quarter of year-over-year gains. Ram was up 12% year-over-year. Chrysler was up 54% with the launch of the new Pacifica and Jeep Grand Wagoneer also posted significant gains.

接下來我從區域角度談幾項第二季重點。在北美，我們在卓越品牌、卓越產品與卓越人才的帶動下，持續取得顯著進展並改善表現。第二季銷售年對年成長 6%，連續第四季呈現年對年成長。Ram 年對年成長 12%。Chrysler 在全新 Pacifica 上市帶動下成長 54%，Jeep Grand Wagoneer 也繳出顯著增長。

Overall, market share was up 40 basis points in North America, including 50 basis points in the US Canada market share was also slightly up and Mexico with its strongest second quarter on record. Let me share a few highlights on Ram. The Ram 1500 was a key driver of both volume growth and profitability in the quarter with strong demand for the reintroduction of the legendary HEMI V8 engine.

整體而言，北美市占率提升 40 個基點，其中美國市占率提升 50 個基點；加拿大市占率也小幅上升，而墨西哥則創下史上最強第二季表現。我再分享幾項 Ram 的亮點。第二季 Ram 1500 是帶動銷量成長與獲利能力的關鍵動能，市場對傳奇 HEMI V8 引擎重新導入的需求強勁。

Building on that momentum, we are now shipping the highly profitable Ram 1500 TRX SRT to customers, just six months after its unveiling. This is the first off-road product from our SRT Performance division, which we relaunched only one year ago. This product follows the Dodge Durango SRT launched in December '25.

延續這股動能，我們目前正將高獲利的 Ram 1500 TRX SRT 交付給客戶，距離其亮相僅 6 個月。這是我們 SRT Performance 部門的首款越野產品；該部門僅在一年前重新啟動。此產品延續了我們於 2025 年 12 月推出的 Dodge Durango SRT。

And the SRT muscle truck, the Ram Rumble Bee arrives later this year, right on plan. As we presented during Investor Day, SRT brings unique capabilities and a powerful halo effect across all our lineup while delivering margins from 2x to 3x higher than comparable non-SRT variants. Still on the product side, we have the upcoming Jeep Recon BEV and the Jeep Grand Wagoneer REV launch coming this year.

而 SRT 肌肉皮卡 Ram Rumble Bee 也將於今年稍晚依計畫推出。正如我們在投資人日所展示，SRT 具備獨特能力，能在全車系帶來強大的光環效應（halo effect），同時其利潤率可達同級非 SRT 車型的 2 倍至 3 倍。在產品方面，今年也將推出 Jeep Recon BEV 與 Jeep Grand Wagoneer REV。

Now a few words also on our US dealer inventory. The increase seen in June was the result of a proactive decision to support new product launches and powertrain offerings such as the Ram HEMIs, for instance, ahead of the sale that we expect to achieve in the coming months. It was also driven by a temporary buildup in advance of our planned summer production shutdowns. Based on preliminary sales rates in July, we expect that in July, you will see inventory already reduced from June levels.

接著也談幾句我們在美國的經銷商庫存。6 月庫存的增加，是我們為支援新產品上市與動力系統供應（例如 Ram HEMI）所做的主動決策，提前因應我們預期未來幾個月可達成的銷售。此外，這也受到我們規劃中的夏季停產（production shutdown）前，短期備貨增加所影響。根據 7 月初步銷售速度，我們預期 7 月庫存將已較 6 月水準下降。

Turning to Europe. Growth in Europe was driven by strong demand for smart car platform nameplates such as Citroen C3 and C3 Aircross, Opel Frontera, Fiat Grande Panda, resulting in a 3% year-over-year increase in Stellantis brand sales in quarter two. Including Leapmotor, sales were up 7% year-over-year, supported by the success of the T03 and the B10. This growth also reflects the acceleration we are seeing in the European passenger car BEV markets, where Stellantis BEV sales increased by 20% year-over-year and by 61% year-over-year when including Leapmotor.

再看歐洲。歐洲的成長主要由 smart car 平台車款（如 Citroen C3 與 C3 Aircross、Opel Frontera、Fiat Grande Panda）的強勁需求所帶動，使 Stellantis 品牌第二季銷售年對年成長 3%。若包含 Leapmotor，銷售年對年成長 7%，並受惠於 T03 與 B10 的成功。此成長也反映出我們在歐洲乘用車 BEV 市場看到的加速趨勢：Stellantis BEV 銷售年對年成長 20%；若包含 Leapmotor，年對年成長 61%。

In light commercial vehicles, our Pro 1 division maintained the number 1 position in the Euro 30 with over 28% market share. The ongoing product offensive in Europe will further strengthen our growth drivers. First, through the expansion of the smart car portfolio with the upcoming Fiat Grizzly and Fiat Fastback.

在輕型商用車方面，我們的 Pro 1 事業部在 Euro 30 維持第 1 名地位，市占率超過 28%。歐洲持續的產品攻勢將進一步強化我們的成長動能。首先，將透過即將推出的 Fiat Grizzly 與 Fiat Fastback，擴大 smart car 產品組合。

We will also have a broader coverage of the C-SUV segment with the new Jeep Compass 4xe as well as the recently launched DS number 7 and the upcoming Lancia Gamma. Finally, Leapmotor represents another important growth lever and keeps gaining commercial momentum. Quarter 2 '26 sales increased sixfold year-over-year, making Leapmotor the fifth largest Chinese automotive brand in the region.

我們也將透過全新 Jeep Compass 4xe，以及近期上市的 DS 7 與即將推出的 Lancia Gamma，擴大對 C-SUV 級距的覆蓋。最後，零跑（Leapmotor）代表另一個重要的成長槓桿，並持續獲得商業動能。2026 年第二季銷量較去年同期成長六倍，使零跑成為該地區第五大中國汽車品牌。

Turning to South America. We maintained our clear overall leadership position in the region. We are number 1 in the region's two major markets with over 26% market share in both Brazil and Argentina. We also further strengthened our leadership in pickup truck in Brazil, home of the region's largest profit pool, with Ram sales increasing by 10% year-over-year. Moving now to Middle East and Africa.

接著談南美。我們維持在該地區清晰的整體領導地位。我們在該地區兩個主要市場皆排名第一，在巴西與阿根廷的市占率均超過 26%。我們也進一步鞏固在巴西皮卡市場的領導地位；巴西是該地區最大的利潤池，Ram 銷量較去年同期成長 10%。現在轉到中東與非洲。

We delivered resilient results in a declining market with market share increasing 20 basis points despite an 8% decline in total industry volumes. The region achieved the number 1 position in light commercial vehicles and maintained its number 2 position overall. Lastly, in APAC. June deliveries reached a six-month high, and we have localized Leapmotor branded vehicle assembly in Malaysia for C10 with the B10 launch on track for the third quarter. We also announced the partnership with Dongfeng to develop and manufacture Peugeot and Jeep models in China.

在市場下滑的情況下，我們仍交出具韌性的成果；儘管整體產業銷量下滑 8%，市占率仍提升 20 個基點。該地區在輕型商用車取得第 1 名，並維持整體第 2 名的位置。最後是亞太（APAC）。6 月交付量達到六個月新高，我們已在馬來西亞就 C10 進行零跑品牌車輛的在地化組裝，且 B10 的上市進度如期，預計於第三季推出。我們也宣布與東風合作，在中國開發並製造 Peugeot 與 Jeep 車型。

So in summary, we are continuing the positive trend of quarter one with significant year-over-year improvements in all financial metrics. And our strong disciplined execution keeps driving significant improvements both in quality and industrial efficiency. Let me now hand you to Joao to walk you through the numbers. Joao?

總結來說，我們延續第一季的正向趨勢，所有財務指標皆較去年同期顯著改善。而我們強而有力且嚴謹自律的執行，持續推動品質與工業效率的顯著提升。接下來我把時間交給 Joao，請他帶大家看數字。Joao？

Thank you, Antonio. Good afternoon and good morning, everyone. Q2 was another quarter of year-over-year improvement, in line with our full year guidance for 2026. Let me start with the key financial figures. Consolidated shipments were 1.6 million units, up 10% year-over-year, with growth driven by North America and Europe.

謝謝你，Antonio。各位下午好、早安。第二季再次實現較去年同期的改善，符合我們對 2026 全年指引。我先從關鍵財務數字開始。合併出貨量為 160 萬輛，較去年同期成長 10%，成長主要由北美與歐洲帶動。

Net revenues were EUR43.5 billion, up more than EUR5 billion or 13% compared to Q2 of last year. This improvement was driven mainly by the higher volume in North America, which was up 122,000 units year-over-year. Adjusted operating income was EUR773 million in Q2, improving by EUR560 million compared to Q2 of last year.

淨營收為 435 億歐元，較去年第二季增加逾 50 億歐元（+13%）。此改善主要由北美更高的銷量所帶動，北美出貨量較去年同期增加 122,000 輛。第二季調整後營業利益（AOI）為 7.73 億歐元，較去年第二季改善 5.60 億歐元。

AOI margin was 1.8%, representing a 120 basis points improvement year-over-year. The key drivers of the year-over-year AOI improvement were: Volume/mix had a positive impact of EUR376 million, reflecting higher shipments in North America and Europe. Mix was unfavorable, mainly due to LEV penetration in Europe, partially offsetting the volume improvement.

AOI 利潤率為 1.8%，較去年同期提升 120 個基點。推動 AOI 年增改善的關鍵因素包括：量/組合（Volume/mix）帶來 3.76 億歐元的正面影響，反映北美與歐洲出貨量提升。組合（Mix）不利，主要因歐洲 LEV 滲透率提高，部分抵銷了量的改善。

Net pricing was negative EUR456 million, mostly driven by pricing pressure in Europe. Industrial costs improved by more than EUR1.9 billion. This was driven by three main factors. First, we continue to improve our operational execution. Manufacturing efficiencies and purchasing savings, including those related to VCP more than offset increased raw material and tariff headwinds.

淨定價（Net pricing）為負 4.56 億歐元，主要由歐洲的定價壓力所致。工業成本改善逾 19 億歐元。這主要由三個因素驅動。第一，我們持續改善營運執行。製造效率與採購節省（包含與 VCP 相關者）足以抵銷原物料上漲與關稅逆風的增加。

Second, we had a non-repeat of prior year warranty costs from recall campaigns in Europe. Finally, the reduction of regulatory expenses in North America. SG&A costs increased by EUR317 million, largely reflecting higher marketing expenses to support volume growth. Lastly, foreign exchange and other had a negative impact of EUR861 million, driven mainly by the Turkish lira devaluation, the non-repeat of an indirect tax credit in Brazil and the impact of lower residual value in the used vehicle business.

第二，去年歐洲召回活動所產生的保固成本今年未再發生。最後，北美法規費用下降。銷售、一般及行政（SG&A）費用增加 3.17 億歐元，主要反映為支持銷量成長而提高的行銷支出。最後，匯率及其他項目帶來 8.61 億歐元的負面影響，主要由土耳其里拉貶值、巴西間接稅抵免未再發生，以及二手車業務殘值下降的影響所致。

Moving to industrial free cash flow. Industrial free cash flow was positive EUR1 billion in Q2, an improvement of EUR1 billion year-over-year. The improvement was driven by three factors: first, higher AOI; second, positive seasonal working capital dynamics associated with higher Q2 volumes.

接著看工業自由現金流。第二季工業自由現金流為正 10 億歐元，較去年同期改善 10 億歐元。改善由三個因素帶動：第一，AOI 較高；第二，與第二季較高銷量相關的季節性營運資金動態為正向。

Third, a lower run rate of CapEx and R&D spending during the quarter. The time of these investments remains fully aligned with our FaSTLAne product plan and is reflected in our full year's guidance. We continue to expect full year CapEx and R&D spending to be 6.5% to 7% of net revenues. These benefits were partially offset by provisions, including approximately EUR300 million of cash outflows related to H2 2025 charts.

第三，本季資本支出（CapEx）與研發（R&D）支出的投入速度較低。這些投資的時點仍與我們的 FaSTLAne 產品計畫完全一致，並已反映在全年指引中。我們仍預期全年 CapEx 與 R&D 支出將占淨營收的 6.5% 至 7%。上述效益部分被提列準備所抵銷，其中包括約 3 億歐元與 2025 年下半年圖表（charts）相關的現金流出。

Now looking at inventory. Total inventory increased 20% year-over-year to 1.4 million units. The increase primarily reflects the launch of new and refreshed vehicles and powertrain offerings and is consistent with our expectations for sales growth. As Antonio noted, dealer inventory also includes a temporary buildup ahead of the customary summer production shutdowns. As a result, we expect July inventory levels to be meaningfully lower than those recorded in June.

現在看庫存。總庫存較去年同期增加 20% 至 140 萬輛。增加主要反映新車與改款車型以及動力系統產品的上市，並與我們對銷售成長的預期一致。如 Antonio 所提，經銷商庫存也包含在慣例的夏季停產前的短期備貨增加。因此，我們預期 7 月庫存水位將明顯低於 6 月所記錄的水準。

Turning to our regional performance. North America delivered AOI of EUR284 million with an AOI margin of 1.6%, representing a year-over-year improvement of EUR724 million. This is mostly driven by higher volume, including the Ram 1500, Jeep Grand Wagoneer, Gruner ICE and the Chrysler Pacifica.

接著看各區域表現。北美第二季 AOI 為 2.84 億歐元，AOI 利潤率 1.6%，較去年同期改善 7.24 億歐元。這主要由更高的銷量所帶動，包括 Ram 1500、Jeep Grand Wagoneer、Gruner ICE 以及 Chrysler Pacifica。

Shipments were up 38%, driven, as we have already noted, by the launch cadence of our new products and build ahead in advance of the pre-planned summer shutdown. It was also driven by year-over-year improvement in industrial costs and the reduction of regulatory expenses.

出貨量成長 38%，如我們先前所述，主要由新產品上市節奏，以及在預先規劃的夏季停產前提前備貨所驅動。同時也受惠於工業成本較去年同期改善，以及法規費用下降。

In Europe, AOI was negative EUR94 million, an improvement of EUR265 million year-over-year. The region continues to experience pricing pressure, which partially offset the positive impacts of improved manufacturing efficiency and purchasing costs and the non-repeat of EUR474 million of recall campaign costs in 2025.

在歐洲，AOI 為負 9,400 萬歐元，較去年同期改善 2.65 億歐元。該地區仍面臨定價壓力，部分抵銷了製造效率與採購成本改善的正面影響，以及 2025 年 4.74 億歐元召回活動成本今年未再發生的效益。

In South America, we delivered AOI of EUR402 million. Volume was down slightly year-over-year with a decline in Argentina more than offsetting gains in Brazil. The performance of the region remains resilient despite a challenging market and increasing competition. The AOI was in line with prior year, excluding the non-repeat of EUR334 million of indirect tax credits in Brazil.

在南美，我們實現 AOI 4.02 億歐元。銷量較去年同期小幅下滑，阿根廷的下滑幅度大於巴西的成長。儘管市場具挑戰且競爭加劇，該地區表現仍具韌性。若排除巴西 3.34 億歐元間接稅抵免今年未再發生的影響，AOI 與去年持平。

In Middle East and Africa, we grew market share and delivered an AOI of EUR329 million. These strong results were achieved despite the ongoing regional conflict, which resulted in an 8% decline in total industry volumes. In Asia Pacific, AOI was up 35% to EUR27 million, with industrial cost improvements more than offsetting foreign exchange headwinds.

在中東與非洲，我們提升市占率並實現 AOI 3.29 億歐元。儘管區域衝突持續、導致整體產業銷量下滑 8%，仍取得這些強勁成果。在亞太，AOI 成長 35% 至 2,700 萬歐元，工業成本改善的效益超過匯率逆風的影響。

Looking ahead to the rest of the year. As previously stated, we are reaffirming our 2026 guidance as well as our expectation of achieving positive industrial free cash flow in 2027. Before concluding, I would like to share a few observations regarding the remainder of the year. Our guidance assumes net tariff expenses of EUR1 billion to EUR1.2 billion, including the impact of the EPA credit recognized in Q1. This represents a modest improvement from the EUR1.3 billion previously communicated.

展望今年剩餘時間。如先前所述，我們重申 2026 年指引，以及我們對 2027 年實現正向工業自由現金流的預期。在結束前，我想分享幾點對今年剩餘期間的觀察。我們的指引假設淨關稅費用為 10 億至 12 億歐元，包含第一季認列的 EPA 抵免影響。相較先前溝通的 13 億歐元，這代表小幅改善。

Our industrial free cash flow guidance also reflects approximately EUR2 billion of payments related to H2 2025 charges, of which EUR0.9 billion was paid during the first half of 2026. CapEx and R&D spending are expected to be 6.5% to 7% of net revenues in 2026, consistent with the approximately 7% outlined in the FaSTLAne plan. In the second half, we expect financial performance to be weighted towards Q4. Q3 will be impacted by the summer shutdown and continued raw material inflation, while Q4 is expected to benefit from higher volume and a stronger ramp-up of VCP initiatives.

我們的工業自由現金流指引亦反映約20億歐元與2025年下半年費用相關的付款，其中9億歐元已於2026年上半年支付。2026年的資本支出（CapEx）與研發（R&D）支出預計將占淨營收的6.5%至7%，與FaSTLAne計畫中所概述的約7%一致。在下半年，我們預期財務表現將偏重於第四季。第三季將受到夏季停工以及原物料持續通膨的影響，而第四季預期將受惠於更高的銷量以及VCP措施更強勁的爬坡推進。

I will now turn it back to Antonio to wrap up before the Q&A.

我現在把時間交還給Antonio，在問答環節前做總結。

Thank you, Joao. Before we move to the Q&A, I would like to step back and reflect on the big picture. I hope all of you either had the opportunity to attend our Investor Day or to view the presentations online. You will see that our FaSTLAne 2030 strategy addresses in a structured way the core issues that we face as a company and capitalizes on our biggest opportunities. We are fully focused on executing our plan, which will deliver significant benefits as we build a stronger Stellantis for the future.

謝謝你，Joao。在我們進入問答之前，我想先退一步，回顧整體大局。我希望各位都曾有機會參加我們的投資人日，或在線上觀看簡報。你們將會看到，我們的FaSTLAne 2030策略以結構化的方式回應公司所面臨的核心議題，並把握我們最大的機會。我們全力聚焦於執行計畫，隨著我們為未來打造更強大的Stellantis，該計畫將帶來顯著效益。

Nothing can be fixed overnight, but I would like to highlight three items that are our top three priorities. First, market coverage. Discontinued products from '21 to '25 led to a reduction in our market share, both in North America and in Europe. You have seen early progress in our market share gains this year. FaSTLAne 2030 reinvigorated the product portfolio, getting us to around 90% market coverage in both regions, representing a huge opportunity for growth.

沒有任何事情能一夜之間修復，但我想強調三項我們最優先的事項。第一，市場覆蓋率。自2021年至2025年停產的產品導致我們在北美與歐洲的市占率下滑。你們已看到我們今年在市占率提升方面的初步進展。FaSTLAne 2030重新振興產品組合，使我們在兩個地區的市場覆蓋率提升至約90%，代表巨大的成長機會。

Second challenge, industrial cost. We have improved significantly in the past year, and this remains a big opportunity to drive our financial performance. In FaSTLAne, VCP will deliver EUR6 billion of annual run rate cost reductions by '28. We are making strong initial progress on VCP, and we are on track to implement 40% of the initiatives by the end of this year. This means that in '27, we expect to enjoy EUR2.4 billion of AOI benefits plus the partial benefits of the initiatives we implement in '27.

第二項挑戰，工業成本。過去一年我們已大幅改善，而這仍是推動財務表現的一大機會。在FaSTLAne中，VCP將在2028年前帶來每年60億歐元的成本降低年化運行率。我們在VCP上已取得強勁的初步進展，並按計畫在今年底前落實40%的措施。這意味著在2027年，我們預期可享有24億歐元的AOI效益，外加我們在2027年所實施措施的部分效益。

Finally, quality. Our execution on quality in the past was not what it needed to be. But we have come a long way already in the last year. Quality has improved significantly by 38% in North America and by 24% in Europe. And FaSTLAne 2030 is giving the quality organization the focus and the resources they need to be in the top quartile in all regions and segments where we compete by '28.

最後，品質。我們過去在品質上的執行未達應有水準。但在過去一年我們已經走了很長一段路。北美的品質顯著改善38%，歐洲改善24%。而FaSTLAne 2030正為品質組織提供所需的聚焦與資源，讓我們在2028年前於所有競爭的地區與細分市場進入前四分位。

It will take time to fully capitalize on these opportunities, but it is a time frame that is fully embedded in our '26 guidance, in our expectation of positive industrial free cash flow in '27 and in our '28 FaSTLAne targets. The road is long, but we are moving in the right direction with the right priorities and with the right pace.

要完全把握這些機會需要時間，但這個時間框架已完整納入我們的2026年指引、我們對2027年工業自由現金流轉正的預期，以及我們的2028年FaSTLAne目標之中。道路漫長，但我們正以正確的優先事項與正確的步伐朝正確方向前進。

Thank you. We will now ask the operator to open the line for questions.

謝謝。我們現在請接線員開放提問。

(Operator Instructions)

（接線員指示）

Stuart Pearson, Oxcap Analytics.

Stuart Pearson，Oxcap Analytics。

Hopefully, you can hear me now, my mistake. Too many calls today. So I guess we have to start with North America and the lack of operating leverage there. Obviously, very strong shipments coming in. Obviously, we've seen, I guess, some of our expectations another weak margin there despite cost support.

希望你們現在聽得到我，是我的疏忽。今天電話會議太多了。所以我想我們得先從北美談起，以及那邊缺乏營運槓桿的問題。顯然出貨量非常強勁。但我們也看到，儘管有成本支撐，那邊的利潤率仍然偏弱，與我們的一些預期不符。

So I mean, can you just dig into a little bit more why we're not seeing that? Is it pricing that's really eating into that, whichever bucket in the bridge that might really fall into?

所以，你能否再深入說明一下為什麼我們沒有看到那種改善？是否是定價正在侵蝕利潤？在你們的橋接分析中，這大概會落在哪個項目？

And what would it really take to get those North America margins up? And what are the building blocks, I guess, into 2027 that can give us some confidence on that? And I guess one of those sort of partly self-answer, I guess, is going to be the industrial cost drivers. Obviously, a huge benefit there, that EUR1.9 billion. And obviously, the team deserve credit for that.

那麼，要讓北美的利潤率真正提升，需要什麼條件？以及到2027年有哪些組成要素能讓我們對此更有信心？我想其中一項某種程度上你們已部分回答，就是工業成本的驅動因素。顯然那裡有很大的效益，19億歐元。而且顯然團隊值得肯定。

But maybe you can help us understand what's really in there? What are the examples of actions that are driving that kind of cost tailwind in the second quarter? And should we expect -- or what rate should we expect that to continue in the second half and into 2027? I know you talked about the VCP plan. But could we take the H1 run rate or at least most of it and extrapolate that?

但也許你們可以幫我們理解那裡面到底包含什麼？有哪些行動的例子，正在推動第二季出現那樣的成本順風？以及我們是否應該預期——或應以什麼速度預期——這種趨勢在下半年並延續到2027年？我知道你們談到VCP計畫。但我們能否用上半年年化運行率，或至少其中大部分，來做外推？

Okay. I will take part of this question, and then I will pass to Joao the rest. So what is happening in North America is, number one, the trajectory is the right one. The trend is the right one. So if we compare AOI of Q2 versus AOI of Q1 net of IEPA refund, then we see a significant and meaningful improvement as we see an improvement in shipments, in market share, for instance.

好的。我先回答這個問題的一部分，然後把其餘部分交給Joao。北美正在發生的情況是，第一，走勢是正確的。趨勢是正確的。因此，如果我們比較第二季的AOI與第一季的AOI（扣除IEPA退款），我們會看到顯著且有意義的改善，因為我們看到出貨量、市占率等有所提升。

Now it's important to say, to repeat what I just mentioned at my closing remarks. We have a plan FaSTLAne 2030. It is a good, structured and articulated plan. And this plan addresses in North America and globally, the three major challenges that we see in our company. One of those is industrial cost. We have an industrial cost gap, and we are addressing that daily with VCP.

現在重要的是要說，也要重申我在結語中剛提到的。我們有一個FaSTLAne 2030計畫。這是一個良好、結構化且清晰的計畫。而這個計畫在北美以及全球層面，針對我們在公司內看到的三大主要挑戰提出對策。其中之一是工業成本。我們存在工業成本差距，而我們正透過VCP每天持續加以改善。

And VCP will deliver, as mentioned, EUR6 billion of cost savings run rate in '28. We are on track to full implement 40% of the initiatives that we have identified and there are many by the end of '26. That means that we -- '26 will enjoy EUR2.4 billion of cost savings plus all the extra that will come from the additional initiatives that will be executed in '27 itself.

如前所述，VCP將在2028年帶來60億歐元的成本節省年化運行率。我們正按計畫在2026年底前全面落實我們已識別的措施中的40%，而且措施很多。這意味著我們——2026年將享有24億歐元的成本節省，外加所有將由2027年額外執行的措施所帶來的增量效益。

So you asked some tangible example. So VCP, when it comes to cost, works mainly on three major drivers in our cost structure. One is direct material cost. This is the cost of component and system and subsystem that we use in our cars. And here, we have two leverage, the purchasing leverage to negotiation and the technical leverage to implementation of technical savings.

你問到一些具體例子。因此，VCP在成本方面主要針對我們成本結構中的三大驅動因素。其一是直接材料成本。這是我們在車輛中使用的零組件、系統與子系統的成本。在這方面，我們有兩種槓桿：採購槓桿（透過談判）以及技術槓桿（透過導入技術性節省）。

And those technical savings can be many, for instance, new technologies that represent the same or better performances of our products with lower cost. For instance, which of material that keep the performance of the product where they are, but they represent a cost savings, et cetera, et cetera.

而這些技術性節省可以有很多種，例如能以更低成本提供相同或更佳產品性能的新技術。例如，材料的替換在維持產品性能不變的情況下帶來成本節省，等等、等等。

The second driver is transformation cost. This is the cost of our manufacturing system in our plants. And on there, we have tons of projects to improve efficiency. And this is why our efficiency in our plants in North America is consistently and meaningfully improving since last year. So you see that today, our efficiency run in around 89%, which is a very good result, and that represents 870 basis points better than prior year.

第二個驅動因素是轉型成本。這是我們工廠製造系統的成本。在這方面，我們有大量專案來提升效率。這也是為什麼自去年以來，我們北美工廠的效率持續且顯著改善。所以你可以看到今天我們的效率運轉約在89%，這是非常好的成果，較去年提升了870個基點。

A year, the projects are really thousands. The third driver of cost that VCP addressed through projects and initiatives is logistics and distribution costs. And in this case, also the projects are mainly (inaudible).

一年之內，這些專案真的有成千上萬個。VCP透過專案與倡議所處理的第三個成本驅動因素是物流與配送成本。而在這個案例中，這些專案也主要是（聽不清楚）。

For instance, we are optimizing our routing from suppliers to plants for plants to the yards. We are increasing the loading of our logistic tools, thus saving costs or simply, we are combining warehouses or we are shutting down warehouses, and we are putting that space in our plants. And this is the third driver of efficiency that VCP will address.

例如，我們正在優化從供應商到工廠、以及從工廠到堆場的運輸路線。我們提高物流工具的裝載率，從而節省成本；或者更簡單地說，我們合併倉庫或關閉倉庫，並把那個空間移到我們的工廠內。這就是VCP將要處理的第三個效率驅動因素。

Again, with the objective this year, to fully implement by the end of '26, 40% of the main initiative mapped that will deliver EUR2.4 billion of AOI savings improvement in '27 and then the EUR6 billion in '28 as a run rate. And Joao, do you want to take the rest of the question?

同樣地，今年的目標是：到26年底全面落實已盤點之主要倡議的40%，這些倡議將在27年帶來24億歐元的AOI節省改善，並在28年以常態化運行率達到60億歐元。Joao，你要接著回答剩下的問題嗎？

Yes. So on the industrial cost, the EUR1.9 billion, slightly more than 70% about EUR1.4 billion. It's split between purchasing, material cost savings and warranty. On the warranty, the largest piece, it's the recall recorded in Q2 last year in Europe. So most of that is because of the non-repeat.

是的。就工業成本而言，19億歐元中，略高於70%約14億歐元。這部分分布在採購、材料成本節省以及保固。在保固方面，最大的一塊是去年第二季在歐洲認列的召回。所以其中大部分是因為不會重複發生。

On purchasing, it's the work that we are doing to reduce product costs as we have discussed in the Investor Day. And that is a number that we will continue to see it improving and accelerating as we evolve with VCP.

在採購方面，這是我們正在進行的降低產品成本的工作，正如我們在投資人日所討論的。而這個數字會隨著我們推進VCP而持續改善並加速。

The other items that are also included on the industrial costs to give context are logistic costs and manufacturing, which we also saw improvements, given the meaningful performance improvement at our plants, as Antonio mentioned on the opening remarks. And we also see benefits on manufacturing costs because of the higher volumes. So there's items that are temporary and also depends on the comparisons year-over-year.

為了提供背景，工業成本中還包含的其他項目是物流成本與製造成本；如Antonio在開場致詞提到的，由於我們工廠績效顯著提升，我們也看到改善。此外，因為產量更高，我們也在製造成本上看到效益。因此其中有些項目是暫時性的，也取決於年度同比的比較基期。

But we should expect to see material cost savings to continue to progress in the second half and beyond. And just to also remind that we expect that raw material continues to be a headwind and growing in the second half versus what we saw in the first half, including Q2. But yes, we see a lot of positives on the industrial costs and especially on the material cost, and we expect to build momentum on that.

但我們應該預期材料成本節省在下半年及之後會持續推進。另外也提醒一下，我們預期原物料在下半年仍將是逆風，且相較於上半年（包含第二季）會更為上升。不過是的，我們在工業成本上看到很多正面因素，尤其是在材料成本方面，我們預期會在此建立動能。

And sorry, on the operating leverage side in Q2 in North America, just because 400 million volume and mix implies quite a negative mix in there, I guess, in Q2. Is that fair? In North America, sorry.

另外抱歉，關於北美第二季的營運槓桿，因為4億的量與組合意味著其中有相當負面的組合，我猜第二季是這樣嗎？這樣理解合理嗎？抱歉，是北美。

No, the mix was not very negative. Some of that is channel and product content. But the operating leverage of Q2 is consistent with the margins that we have had on the previous quarters. And to Antonio's point, we -- that is a gradual exercise that we're going to improve as we work on costs and also on warranty.

不，組合並沒有非常負面。其中一部分是通路與產品內容的因素。但第二季的營運槓桿與我們前幾季的毛利率水準一致。而且如Antonio所說，我們——這是一個逐步改善的過程，我們會在成本以及保固方面持續努力以提升。

But there was nothing -- anything exceptional to that is bringing the operating leverage in North America other than the challenge that we have in cost and quality that Antonio already mentioned.

但北美的營運槓桿並沒有任何——沒有任何特別的因素；除了Antonio已提到的成本與品質挑戰之外。

Thomas Besson, Kepler Cheuvreux.

Thomas Besson，Kepler Cheuvreux。

I have a question about the shape of H2. I think you're coming out of relatively easy comps in terms of volumes in the first half. It becomes a bit more difficult in the second. Could you help us understand exactly what you're aiming for in terms of quarter-on-quarter or H2 and H2 improvement? Are you going to try to improve on the reported minus 1.7% AOI of H2 last year?

我有一個關於下半年走勢的問題。我認為上半年在銷量方面的比較基期相對容易。下半年會變得稍微更困難。你能否幫助我們理解，你們在季度環比或下半年相對上半年的改善方面，具體目標是什麼？你們會嘗試改善去年下半年報告的AOI -1.7%嗎？

Or are you going to try to improve on the 0.9% underlying AOI if we excluded the EUR2.1 billion unusual item that you couldn't remove in the second half of the last year? And what will be the drivers of improvement as it will be less driven by volumes and as you will face more headwinds from raw materials?

還是你們會嘗試改善若排除去年下半年無法剔除的21億歐元一次性項目後的0.9%基礎AOI？而在銷量驅動較少、且原物料逆風更大的情況下，改善的驅動因素會是什麼？

Yes. So the -- our target for H2 is to deliver the best results possible, aligned with the full year guidance. So we are not setting any specific targets for the H2 on this call. The dynamics that we're going to see on the -- that we expect to see on the second half as the first half, it's a headwind of about EUR1 billion between raw material and then the non-repeat IEPA credit that we recognized in Q1.

是的。我們下半年的目標是在符合全年指引的前提下，交出盡可能最好的結果。因此我們在這通電話上不會為下半年設定任何特定目標。我們預期下半年會看到的動態，與上半年一樣，逆風約10億歐元，來自原物料以及我們在第一季認列、且不會重複的IEPA抵免。

And volume should be lower as we saw, we build up inventory in the first half, and we expect, as Antonio mentioned, to reduce inventory in the second half. But then we expect to see positive mix. We expect price to be constructive, especially in North America, and we expect to continue to make progress on cost reduction. So those are the puts and takes for the second half -- first half performance.

而銷量應該會較低，因為如我們所見，上半年我們建立了庫存，而我們預期如Antonio所提到的，下半年會降低庫存。但我們預期組合將轉為正面。我們預期價格將具建設性，特別是在北美；同時我們也預期會持續在降本方面取得進展。以上就是下半年相對上半年表現的利弊因素。

Can I add a follow-up, please?

我可以再追問一個問題嗎？

Yes, please.

可以，請說。

Okay. Great. On the North American business, to follow up on Stuart's question, your truck mix has been extremely strong in H1, and we still don't see a lot of traction. Could you help us understand what is still -- I mean I understand your costs are not where we'd like to be, quality is not perfect yet.

好的。很好。關於北美業務，延續Stuart的問題，你們上半年卡車產品組合非常強，但我們仍然看不到太多起色。你能否幫助我們理解目前仍然——我的意思是，我理解你們的成本還沒達到我們希望的水準，品質也還不完美。

What are the main negative drivers to your NAFTA margins? Is that channel mix? Is that relative pricing as well? Or is it just your industrial cost and some remaining quality issues?

對你們NAFTA利潤率的主要負面驅動因素是什麼？是通路組合嗎？也包含相對定價嗎？還是只是你們的工業成本以及一些尚未完全解決的品質問題？

Yes. So I will take this question, and then I will pass Joao for additional info. So as I mentioned in my closing remarks, our plan, which is a good plan, address in time the major challenges that we see, right? And calling on North America, for sure, we have a quality gap that translates into warranty cost and campaign cost.

是的。我先回答這個問題，然後我會請Joao補充更多資訊。如我在結語提到的，我們的計畫是一個好計畫，會在時間推進中解決我們看到的主要挑戰，對吧？而談到北美，毫無疑問，我們存在品質差距，這會反映為保固成本與活動（campaign）成本。

And this have been addressed with a very vast quality turnaround plan, which on the new product is already delivering a much improved product quality, 38% improvement in three months in service year-over-year. And then the second challenge that the plan addressed is a cost gap, as you mentioned, which we are addressing with VCP with the trajectory that I already stated, EUR2.4 billion to start in '27, plus all the additional initiatives that we'll implement in '27, up to EUR6 billion cost saving run rate in '28 and forward.

而這已透過一個非常全面的品質翻轉計畫來處理；在新產品上，已經帶來顯著改善的產品品質，三個月內在售後服務方面同比改善38%。接著，該計畫所處理的第二個挑戰是你提到的成本差距；我們正透過VCP來處理，沿著我先前提到的軌跡：27年先達成24億歐元，並在27年實施所有額外倡議，於28年及之後達到60億歐元的成本節省常態化運行率。

Those are the two things that FaSTLAne address in North America and globally at the pace and in time, which is already embedded in all our targets, in the '26 financial guidances that we reaffirm, in the '27 free cash flow positive that we reaffirm and in '28 targets that we distributed in FaSTLAne 2030.

這就是 FaSTLAne 在北美以及全球以既定節奏與時程所要解決的兩件事，而這些都已經內嵌在我們所有目標之中，包括我們重申的 '26 年財務指引、我們重申的 '27 年自由現金流轉正，以及我們在 FaSTLAne 2030 中所發布的 '28 年目標。

The notional time and the time frame needed is already embedded in the plan, and we are executing and delivering as we showed in quarter two, accordingly to the plan. We are on track. Joao?

所需的概念性時間與時間框架都已經內嵌在計畫裡，我們也正依照計畫執行與交付，就如同我們在第二季所展示的那樣。我們進度如期。Joao？

I don't have anything else to add, I don't think.

我想我沒有其他要補充的了。

Jose Asumendi, JPMorgan.

Jose Asumendi，摩根大通。

Antonio, just one question, please, again, on the North American margins. And I'm just wondering, is there a very large opportunity to increase the utilization, the loading of the plants in North America, which then in turn would unlock the PCP cost savings, right? But then when I think about this, you need to win market share in the US, you need to increase production by, let's say, 150,000 units from here, right?

Antonio，我只有一個問題，請再談一下北美的利潤率。我在想，北美是否有非常大的機會提高產能利用率、提升工廠的裝載率，進而釋放 PCP 的成本節省，對吧？但當我這樣想時，你需要在美國贏得市占率，你需要把產量從現在起提高，比如說增加 150,000 輛，對吧？

I mean when I look at the capacity of your business and I compare it a few years from now, there's a very large opportunity to increase production. So can you help me understand a bit better, please, which product cycle, which vehicles are going to drive this increase in production in North America, which I think will drive these cost savings across, again, PCP and loading of the plants, which I think is -- when I go back again to the operating leverage, why are we not seeing the operating leverage, it must be because the loading of the plants is low. I would love to hear your thoughts, please. And correct me, please, if I'm wrong.

我的意思是，當我看你們業務的產能，並把它和幾年後相比，提升產量的空間非常大。所以你能否幫我更清楚地理解一下：是哪一個產品週期、哪些車款會帶動北美產量的提升？我認為這將帶動包括 PCP 與工廠裝載率在內的成本節省；而我回到營運槓桿的問題，為什麼我們沒有看到營運槓桿？一定是因為工廠裝載率偏低。我很想聽聽你的看法。如果我說錯了，也請你指正。

Thank you. Thank you very much, Jose, for this relevant question. So here, again, I need to give the notion of what we are doing and on time and on the time that is embedded in the plan itself. So we know that we have a product gap, as you mentioned. And this product gap obviously hurted in the past that we are recovering market share in North America not only and obviously, capacity utilization.

謝謝。非常感謝你，Jose，這個很重要的問題。所以在這裡，我再次需要說明我們正在做什麼、以及時程，還有這些時程如何已經內嵌在計畫本身之中。我們知道我們存在你提到的產品缺口。而這個產品缺口顯然在過去造成了影響；我們正在北美恢復市占率，當然也包括產能利用率。

Now we are currently developing very competitive and successful products that we will deliver in high volumes starting from '28. So those are the steps. The step is now we focus on improving quality by daily and focused execution by improving industrial cost as we are doing by daily and focused execution. Both are happening, and we need to accelerate more.

目前我們正在開發非常具競爭力且成功的產品，並將自 '28 年起以高銷量交付。所以步驟就是這樣。現在我們專注於透過每日且聚焦的執行來提升品質，也透過每日且聚焦的執行來改善製造成本。兩者都在進行中，而且我們需要更快加速。

And those will remove warranty costs and campaign cost together with, obviously, increased cost savings and industrial efficiencies. Said that, at the same time, we are introducing and we will introduce more of the new products. So we introduced already some, as you see, the Ram TRX SRT that will be a great profit contributor has been recently introduced and distributed to our dealers just six months after unveiling.

而這些將降低保固成本與召回/活動（campaign）成本，同時也會帶來更高的成本節省與工業效率。此外，同一時間我們也正在導入、並將持續導入更多新產品。我們已經推出了一些；如你所見，Ram TRX SRT 這款將帶來可觀獲利貢獻的車型，最近已推出，並在發表後僅六個月就已配送至經銷商。

We are developing and we will launch this year Jeep Recon BEV, Jeep Grand Wagoneer REV. And then the high-volume products that we are executing in develop now will be delivered to the market by end of '27, starting from '28. So the steps are those, quality improving, warranty cost and campaign costs removed, cost improving, cost savings into our business, improving commercial efficiency with the lineup that we have, the new products we are introducing to increase volume and saturation and then the big products that are coming by end of '27, starting of '28. Joao, do you want to add something?

我們正在開發並將於今年推出 Jeep Recon BEV、Jeep Grand Wagoneer REV。接著，我們目前正在開發並執行的高銷量產品，將在 '27 年底前交付市場，並自 '28 年起開始放量。所以步驟就是：提升品質、降低保固與召回/活動成本、改善成本、把成本節省導入業務、在現有產品線上提升商業效率、透過我們正在導入的新產品提高銷量與滲透率，然後是 '27 年底到來、並自 '28 年起放量的重磅產品。Joao，你要補充嗎？

No. Thank you, Antonio.

不用。謝謝你，Antonio。

Emmanuel Rosner, Wolfe Research.

Emmanuel Rosner，Wolfe Research。

My first question is on the second half puts and takes that you provided before, which are extremely helpful. So I understand a lot of the headwinds around raw materials, non-repeat of EPA, the volume destocking. I was hoping you can just give a little bit more color on some of the tailwinds. What will drive the positive mix in the second half, the positive US pricing in particular?

我的第一個問題是關於你先前提供的下半年利多與利空因素，那些資訊非常有幫助。我理解許多逆風來自原物料、EPA 一次性因素不再重複、以及去庫存造成的銷量影響。我希望你能再多提供一些關於順風因素的細節。下半年正向的產品組合（mix）將由什麼驅動？尤其是美國的正向定價將由什麼驅動？

Yes. I'll start to take the answer, and then I will give the word to Joao. So the headwinds that we see are the ones that Joao explained. So we see inflation coming. We see a memory chip shortage. And we see, especially in quarter three, lower shipment driven by the shutdowns, both in Europe -- seasonality in Europe and in North America. Then when we project to half two and quarter four specifically, the major two tailwinds will be, one, again, VCP.

好的。我先回答一部分，然後把話交給 Joao。我們看到的逆風就是 Joao 所解釋的那些。我們看到通膨正在到來。我們看到記憶體晶片短缺。而且我們看到，特別是在第三季，因停工而導致的出貨較低，歐洲與北美皆然——歐洲的季節性因素以及北美的因素。接著當我們展望下半年、尤其是第四季時，兩個主要順風將是：第一，再次是 VCP。

So we are meant to implement 40% of the initiative that we have mapped by end of '26. That means that in quarter four, we will start enjoying an acceleration of cost savings coming from there, for sure. And then we see a constructive environment for pricing in North America specifically. And obviously, we will take that as much as possible. Joao?

我們計畫在 '26 年底前落實我們已盤點措施中的 40%。這意味著在第四季，我們將開始確實享受到由此帶來的成本節省加速。此外，我們看到北美尤其有利於定價的環境。而且很明顯，我們會盡可能把握。Joao？

Yes. So on the mix, there are two things. One will be channel mix, given the seasonality of rental sales, both in North America and Europe more heavily in the first half of the year. And also as we introduce new vehicles here in North America, in other regions as well, we see benefits of mix. One obvious example is the Ram TRX.

是的。在產品組合方面，有兩件事。第一是通路組合（channel mix），因為租賃銷售的季節性在北美與歐洲都更集中於上半年。第二，隨著我們在北美以及其他地區導入新車款，我們也看到組合帶來的效益。一個明顯的例子就是 Ram TRX。

On pricing, given the inflation pressures and the raw material inflation that everybody is expecting in the second half, we see constructive price again in North America and then stabilization in the other regions. And the third one that is very important, it's acceleration of cost reductions, as Antonio mentioned.

在定價方面，考量到通膨壓力以及大家預期下半年會出現的原物料通膨，我們再次看到北美的定價環境偏正向，而其他地區則趨於穩定。第三個非常重要的是成本降低的加速，如 Antonio 所提到的。

But those are the -- so it's really operational drivers and that we are working every day to improve our business efficiencies as we develop the new products that Antonio was mentioning before.

以上就是——所以這些主要是營運面的驅動因素；我們每天都在努力提升業務效率，同時也在開發 Antonio 先前提到的新產品。

My follow-up question is, would you be able to describe for us the competitive environment and traction you're seeing in the full-size pickup market in the US. Your inventories of Ram are particularly elevated, I think, around 110 days at the dealers. There are some media reports on some pretty large incentives being offered in the month of July. So just curious how much market traction you're seeing? And yes, could you describe the competitive environment for us?

我的追問是：你能否為我們描述一下美國全尺寸皮卡市場的競爭環境，以及你們目前看到的市場動能？你們 Ram 的庫存似乎特別高，我想經銷商端大約有 110 天的庫存。媒體也有一些報導指出 7 月提供了相當大的促銷補貼。所以我想了解你們看到多少市場拉動？以及，是的，你能否為我們描述一下競爭環境？

Yes. I will take the first part of the answer. And I must say that I'm very happy with Ram 1500 trajectory. So Ram 1500 specifically, which is a cornerstone as a product for the Ram brand, it was declining steadily in the previous year. And then after the introduction of the Ram HEMI V8 engine, then it started climbing up again.

好的。我先回答第一部分。我必須說，我對 Ram 1500 的走勢非常滿意。Ram 1500 這款車，作為 Ram 品牌的核心產品之一，前一年一直在穩步下滑。而在導入 Ram HEMI V8 引擎之後，它又開始回升。

In July, it's crossing the line of 20% plus segment share and has been gaining segment share and market share since 12 months ago. Joao, do you want to take the other?

在7月，它已跨越20%以上的細分市場份額門檻，且自12個月前以來一直在提升細分市場份額與整體市場份額。Joao，你要接著回答另一個嗎？

Yes. So the -- specifically on the Ram light duty, what we have on the '26 model year, it's a normal model year transition. And again, we are constructive on pricing on the second half. So this is the price position that we have on the Ram light duty right now is specific on the transition of the model year, and we are definitely taking advantage of the strong position that we have on that car, including the stock to accelerate sales as we transition the model year.

是的。所以——特別針對Ram輕型車，我們在'26年式上所做的是正常的年式改款過渡。而且再次強調，我們對下半年定價持建設性看法。因此，我們目前在Ram輕型車的價格定位，是針對年式過渡所做的安排；我們也確實在利用這款車目前的強勢地位，包括庫存，來在年式過渡期間加速銷售。

Michael Foundoukidis, ODDO BHF.

Michael Foundoukidis，ODDO BHF。

So two questions on my side. First on VCP. Of the EUR2.4 billion of VCP benefits that are expected in 2027, how much should flow directly to AOI versus being reinvested into pricing and market share gains? And second question, maybe on North America and following up on your previous answers. How much of North America margin recovery would you consider depends on higher utilization from new products arriving in 2027, 2028 versus cost reduction alone?

我這邊有兩個問題。第一個關於VCP。在預期2027年可實現的24億歐元VCP效益中，有多少應該會直接流入AOI，而不是再投入到定價與市占提升？第二個問題可能關於北美，延續你們先前的回答。你們認為北美利潤率回升有多少是取決於2027、2028年新產品到來帶動更高產能利用率，而不是僅靠成本降低？

Okay. On the VCP, the 2.4 billion savings, we expect all of that will flow to AOI. And then on the second one, the biggest items to improve the AOI in North America are material cost and quality improvement. Plant utilization, it's important, and we are seeing already some efficiencies, but the magnitude of purchasing material cost efficiency and warranty is much, much larger than any efficiency that we can get on better utilization of the plants.

好的。關於VCP，這24億的節省，我們預期全部都會流入AOI。至於第二個問題，在北美改善AOI的最大項目是材料成本與品質改善。產能利用率很重要，我們也已經看到一些效率提升，但採購材料成本效率與保固（成本）的幅度要大得多，遠遠超過我們能從提高工廠利用率所獲得的任何效率。

Philippe Houchois, Jefferies.

Philippe Houchois，Jefferies。

Two questions on product more. One is on the Cherokee. There was a lot of hope Cherokee would make a difference to market share. We don't really see it. And I know there may be some production issues, but I'm trying to understand, are you deemphasizing the products because it is not as meaningful to profitability and then it needs to be somewhat redesigned?

兩個更多關於產品的問題。第一個是關於Cherokee。大家原本很期待Cherokee能對市占帶來改變。但我們其實沒有看到。我知道可能有一些生產問題，但我想了解的是：你們是否正在降低對這款產品的重視，因為它對獲利的重要性沒那麼高，且需要某種程度的重新設計？

Or is it because the tariff in Mexico made it uncompetitive? And in that scenario, any particular expectation of USMCA evolving? And at one point, would you be transferring production of Cherokee to Belvidere if that is the case? And is that the answer to Cherokee being a more meaningful contributor to volume and profitability?

還是因為墨西哥的關稅讓它失去競爭力？如果是這種情境，對USMCA（美墨加協定）的演變有任何特別的預期嗎？另外，在什麼時點你們會把Cherokee的生產轉移到Belvidere（工廠），如果確實如此？而這是否就是讓Cherokee在銷量與獲利上成為更有意義貢獻者的答案？

And the other question I have on product still, but more on the European side is Leapmotor. So we've seen good volume from Stellantis in Europe, but we see negative volume mix impact. I understand the mix can be negative. I'm trying to understand how much of a contribution we would expect from Leapmotor. And to what extent my understanding of the Leapmotor setup and the cost efficiency is that the product could be dilutive to the mix of Stellantis, but still be accretive to earnings.

我另一個問題仍然是產品，但更偏歐洲端：Leapmotor。我們看到Stellantis在歐洲的銷量表現不錯，但也看到銷量組合（mix）帶來負面影響。我理解組合可能是負面的。我想了解我們應該預期Leapmotor會帶來多大的貢獻。以及就我對Leapmotor架構與成本效率的理解，該產品可能會稀釋Stellantis的組合，但仍能增厚獲利。

And is that still the right approach? And when do we start to see that show up in the profitability of Europe? Or do we have to wait for eventually the Peugeot brand to start coming through and contribute more positively to mix as was the case in the past?

這仍然是正確的策略嗎？我們何時會開始在歐洲的獲利能力上看到這點反映出來？或者我們必須等到Peugeot品牌最終開始發力，並像過去那樣對組合帶來更正面的貢獻？

Okay. So I will split the question into two. I will take the Cherokee question, and I will pass to Joao the Leapmotor question. So on Cherokee, first of all, we see high interest from consumers on Cherokee. We map that every time on the funnel management and interest is very high.

好的。我會把問題分成兩部分。我來回答Cherokee的問題，Leapmotor的問題我交給Joao。關於Cherokee，首先，我們看到消費者對Cherokee的興趣很高。我們每次在漏斗管理（funnel management）中都會追蹤，興趣非常高。

What we are doing, as you said, it is very exposed to tariffs. So we are balancing volumes with profit generation. We are doing that by limiting some trims and mixing on the highest and more profitable trims and limiting some channel, so improving the quality of the mix channel.

如你所說，我們目前的作法是，這款車非常暴露在關稅影響之下。因此我們在銷量與獲利產出之間做平衡。我們透過限制部分車型等級（trims），並把組合導向更高、也更有利潤的等級，同時限制部分通路，以提升通路組合的品質。

This is what is happening now in Cherokee. What we are doing in parallel is to put it into VCP. So it will be one of the nameplate that will receive the cost savings that we are identifying, mapping and implementing. We are introducing more competitive trims. This will happen in half one next year. And then as you mentioned, we are repatriating Jeep Cherokee into Belvidere. And that will make Cherokee tariff-free, almost tariff-free. On Leapmotor?

這就是目前Cherokee正在發生的情況。同時我們也在把它納入VCP。因此它將是會獲得我們正在識別、盤點並落實之成本節省的車系（nameplate）之一。我們會導入更具競爭力的車型等級。這將在明年上半年發生。然後如你提到的，我們會把Jeep Cherokee遷回到Belvidere生產。這將使Cherokee免關稅，或幾乎免關稅。至於Leapmotor？

Yes. So Leapmotor, it has been so far very successful. The vehicles are profitable. But as you mentioned, because of the powertrain mix of those vehicles, they have margins that is lower than the average in Europe. But we continue to expect positive contribution and increasing contribution from Leapmotors as we launch new vehicles and expand the portfolio in Europe. So, so far it's very successful. And again, it's profitable, but definitely has a negative impact on mix because of the powertrain.

是的。Leapmotor到目前為止非常成功。這些車款是有利潤的。但如你所提到，因為這些車的動力系統組合（powertrain mix），其利潤率低於歐洲平均水準。不過，隨著我們推出新車並在歐洲擴充產品組合，我們仍預期Leapmotor會帶來正向且逐步增加的貢獻。所以到目前為止非常成功。再次強調，它是有利潤的，但確實因為動力系統而對組合造成負面影響。

Understood. If I can squeeze in for back to Antonio, but do you have a date for when Belvidere would start production of the Cherokee, please?

了解。如果我可以再追問Antonio一個問題：請問Belvidere大概何時會開始生產Cherokee？

No, we cannot unveil this date in this call.

不，我們無法在這通電話中公布這個日期。

Christoph Laskawi, Deutsche Bank.

Christoph Laskawi，德意志銀行。

I'd like to ask on cash generation in the second half. Now obviously, you point to Q4 being better than Q3 and CapEx ramping up quite a lot. Could you comment on the CapEx phasing? Will it start in Q3 right away with higher spending? Or is it mostly Q4?

我想詢問下半年現金創造（cash generation）的情況。顯然你們指出第四季會比第三季更好，且資本支出（CapEx）會大幅拉升。能否評論一下CapEx的時點分布？會在第三季一開始就提高支出嗎？還是主要集中在第四季？

And with working capital reversing or likely reversing in Q3, should we prepare for free cash flow, which is an outflow of over EUR1 billion-plus in Q3? Any comment on free cash flow phasing would be appreciated.

另外，若營運資金在第三季回轉或可能回轉，我們是否應該為第三季自由現金流（free cash flow）出現超過10億歐元以上的流出做準備？若能就自由現金流的時點分布提供任何評論，我將不勝感激。

Yes. No, thank you for the question. The first comment is that if we look at the second half versus first half, we expect to have higher CapEx, and we expect the higher CapEx to pick up already in Q3 and then Q4 again. So we'll see a gradual improvement as we continue to develop the new programs that were set under FaSTLAne 2030.

是的。不，謝謝你的問題。第一點是，如果我們看下半年相較上半年，我們預期CapEx會更高，而且預期較高的CapEx會在第三季就開始上升，然後第四季再上升一次。因此，隨著我們持續推進在FaSTLAne 2030之下所設定的新專案，我們將看到逐步改善。

For the second half, we expect working capital to be again positive as usually happens at the end of the year as we reduce especially property stock. On seasonality between Q3 and Q4, you're right that working capital in Q3, it's negative, and you will have the same -- not the same amount, but the same dynamic that happened last year because of the summer production shutdowns, both in North America and in Europe. So Q3 it's normal that the working capital is negative and it will be the same this year.

就下半年而言，我們預期營運資金會再次轉為正向，因為通常在年底我們會降低、特別是降低成品庫存。至於第三季與第四季之間的季節性，你說得對，第三季的營運資金是負的；而且你會看到與去年相同——不是相同金額，但相同的動態——因為北美與歐洲在夏季都有停產。所以第三季營運資金為負是正常的，今年也會一樣。

And if I may, a follow-up just on Europe. You mentioned other regions pricing stabilization. Is this seen in Europe? Or is it actually the competitiveness accelerating given the inflow of low-cost competitors in the market? And do you expect the pricing pressure in H2 essentially to be offset with the industrial savings?

如果可以的話，我想就歐洲再追問一題。您提到其他地區的定價正在趨於穩定。這在歐洲也有看到嗎？還是說，隨著低成本競爭者湧入市場，競爭其實正在加速？另外，您是否預期下半年（H2）的定價壓力基本上會被工業節省所抵消？

So the industrial savings will have an important role, both in North America and as you mentioned, in Europe. The pricing environment will be constructive in North America, and we believe not deteriorating in Europe. And in the other region, we believe that as well, VCP and industrial savings will be a major lever. We see some opportunity of pricing in the other regions.

工業節省將扮演重要角色，無論是在北美，或如您所提到的在歐洲亦然。北美的定價環境將是建設性的，而我們認為歐洲的情況也不會惡化。至於其他地區，我們同樣認為，VCP 與工業節省將是主要槓桿。我們在其他地區也看到一些定價機會。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Two quick questions for me. First, I was hoping you could maybe share how you're thinking about targeted US inventory levels by year-end, whether it's days supply or absolute units. And then secondly, as we think about the achievement of positive industrial free cash flow in 2027, I was curious kind of what kind of volume growth or revenue growth you roughly might need to get to that level of free cash flow next year?

我有兩個簡短問題。第一，我想請您分享一下，您對年底美國目標庫存水位的看法，無論是以供應天數（days supply）或絕對台數來衡量。第二，談到在 2027 年達成工業自由現金流轉正，我想了解一下，為了在明年達到那樣的自由現金流水準，您大致需要什麼樣的銷量成長或營收成長？

Okay. So I will answer to the question of the US inventory. So I said, we peaked in June at 390,000, moving from January to June, plus 70,000. 65,000 of those 70,000 are new products that we expect to accelerate in sale in H2. And then also the anticipation of buildup for the planned summer shutdowns in our North American plant. July sales rates are already moving the inventory largely down. So we believe that we will end July as US dealer inventory at around 365,000.

好的。那我先回答美國庫存的問題。如我所說，我們在 6 月達到高峰 39 萬台，從 1 月到 6 月增加了 7 萬台；這 7 萬台中有 6.5 萬台是新產品，我們預期下半年（H2）銷售會加速。另外，也包含為北美工廠計畫中的夏季停工而預先建立的庫存。7 月的銷售速度已經讓庫存大幅下降。因此我們相信，7 月底美國經銷商庫存大約會在 36.5 萬台左右。

And moving forward, we believe that this absolute number can be the one that will allow us to accelerate the sales that we want to do and also introduce the new products that we are doing, such as the Ram TRX SRT, which will be very profitable and very positive for mix, the Jeep Recon BEV and the Jeep Grand Wagoneer REV. Joao, do you want to take the other one?

往後看，我們認為這個絕對數量將能讓我們加速想要推動的銷售，同時也能導入我們正在推出的新產品，例如 Ram TRX SRT（獲利性很高、對產品組合也非常正面）、Jeep Recon BEV，以及 Jeep Grand Wagoneer REV。Joao，你要回答另一題嗎？

Yes. So the in FaSTLAne, we set the revenue target for 2028 at EUR175 billion. So the revenue that we are expecting for '27, it's intermediate between what we're going to close 2026 and the 2028 target. So it's reasonable volume growth on the back of the products that we continue to launch. The biggest driver for the positive free cash flow next year is the earnings. Volume will be a part of that.

好的。在 FaSTLAne 計畫中，我們將 2028 年的營收目標設定為 1,750 億歐元。因此，我們對 2027 年的營收預期，會介於我們 2026 年結束時的水準與 2028 年目標之間。在我們持續推出產品的帶動下，這代表合理的銷量成長。明年自由現金流轉正的最大驅動因素是獲利。銷量會是其中一部分。

But the biggest part of the earnings growth next year, as we are talking many times here, it's industrial efficiencies, including the savings that we expect from VCP. So industrial costs and industrial efficiency will be the biggest driver of the earnings improvement next year that will drive to the positive free cash flow.

但如同我們在這裡多次提到的，明年獲利成長的最大部分將來自工業效率提升，包括我們預期從 VCP 取得的節省。因此，工業成本與工業效率將是明年獲利改善、進而推動自由現金流轉正的最大驅動因素。

Christian Frenes, Goldman Sachs.

Christian Frenes，高盛。

I just want to come back to North America again and specifically on the volume and mix portion of the bridge where you reported EUR409 million of benefit. That's down sequentially. And I'm just wondering the drop-through. If I look at the drop-through from Q1, I think you were 27% on that line item and it's now dropped to 8%. So I'd just like to understand again if there were any sort of specific reasons for that or if the recalls, I think you mentioned the recalls were also present in North America.

我想再回到北美，特別是您在橋接表中「銷量與組合」部分所揭露的 4.09 億歐元效益。這個數字較前一季下降。我想了解其落差傳導（drop-through）。如果我看從 Q1 的落差傳導，我認為那一項是 27%，但現在降到 8%。所以我想再了解一次，是否有任何特定原因造成這樣的變化；或是召回（recalls），我記得您也提到北美有召回。

And I'm not sure if raw mats would come into this line item, but if you could flag any reason for that significant sequential drop in volume and mix drop-through? And then secondly, on the vehicle net price also sticking with North America, we went from a positive number in Q1 to a negative number. And just trying to understand, especially on the content side, what happened there and how we should think about the second half?

我不確定原物料（raw mats）是否也會算在這個項目裡，但能否請您指出，造成銷量與組合落差傳導顯著季減的原因？第二個問題同樣聚焦北美，車輛淨售價（vehicle net price）從 Q1 的正數變成負數。我想了解，特別是在內容（content）面向，發生了什麼事，以及我們該如何看待下半年？

Okay. On the sequential drop-through impact, the biggest driver of the Q2 versus Q1 mix deterioration is nameplate mix as we increased shipments of some of the vehicles built, especially in Mexico. So basically, the increase of vehicles built in Mexico were the ones. So it's basically nameplate mix based on the vehicles that we shipped in Q2. So nothing special other than a specific time of the mix that happened in Q2 versus Q1.

好的。關於落差傳導的季減影響，Q2 相較 Q1 組合惡化的最大驅動因素是車系（nameplate）組合，因為我們增加了部分車款的出貨，特別是墨西哥生產的車輛。所以基本上，就是墨西哥生產車輛的增加所造成。因此，這主要是基於我們在 Q2 出貨車輛所形成的車系組合影響。沒有其他特別因素，只是 Q2 相較 Q1 在特定時間點出現的組合變化。

Okay. That's really helpful. And then if I could just have a follow-up question on your investment spend. I think you're keeping your investment spend for the full year, still intact. And if my calculations are right, in H1, you spent about EUR3.5 billion, which would imply H2 spend -- investment spend of about EUR7.4 billion or thereabouts.

好的。這非常有幫助。如果可以，我想再追問一題關於您的投資支出。我想您仍維持全年投資支出指引不變。如果我計算沒錯，上半年您大約花了 35 億歐元，這意味著下半年投資支出大約會是 74 億歐元左右。

That's a very significant increase H1 to H2, which we didn't actually see in the last two years. So again, could you help me understand why there's this significant shift or perhaps I'm making an error in these numbers?

這代表從上半年到下半年有非常顯著的增加，而過去兩年其實沒有看到這樣的情況。所以，能否幫我理解為何會有這麼明顯的轉移？或者是我在這些數字上算錯了？

Yes. We can take this offline because I think some of the numbers that you're taking, you're probably not capturing all the perimeter. In H1, our total investment as a percentage of revenue, and we can reconcile offline, it was 6.3%. So we -- yes, so there is over EUR1 billion of higher CapEx in the second half versus first half. That's what we are expecting.

是的。我們可以會後再對一下，因為我認為你採用的某些數字可能沒有涵蓋全部範圍（perimeter）。上半年，我們的總投資占營收比重——我們可以會後再做調節——是 6.3%。所以我們——是的——我們預期下半年資本支出（CapEx）會比上半年高出超過 10 億歐元。這就是我們的預期。

Ladies and gentlemen, this was the last question for today. With this, let me now hand the call back to Mr. Antonio Filosa for the conclusion.

各位女士、先生，以上是今天最後一個問題。接下來，我把電話交回給 Antonio Filosa 先生作結。

Well, very, very well. And thank you again for joining us today and for the time and focus you have put into reviewing our results and listening to our business updates. Thank you again, and see you next time. Bye-bye.

好的，非常、非常好。也再次感謝各位今天加入我們，並投入時間與專注來檢視我們的業績、聆聽我們的業務更新。再次謝謝各位，我們下次再見。再見。