Stellantis N.v (STLA) 2026 Q3 法說會逐字稿

Hello, and welcome to the Stellantis Q3 2026 financial results call. (Operator Instructions) I now give the floor to Mr. Charlie Kreisman, Head of Investor Relations, to begin today's conference. Sir, the floor is yours.

各位好，歡迎參加 Stellantis 2026 年第三季財務業績電話會議。（接線員指示）現在我把會議交給投資人關係主管 Charlie Kreisman 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 Q3 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 Lorenzo, Chief Financial Officer.

謝謝。各位好，感謝各位今天加入我們，一同回顧 Stellantis 2026 年第三季業績。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 集團官網的投資人專區。今天的電話會議由執行長 Antonio Filosa 與財務長 Joao Lorenzo 主持。

After their prepared remarks, Antonio and Joao will be available to answer your questions. Before we begin, I want to point out that any forward-looking statements we might make during today's call are subject to the risks and uncertainties mentioned in the Safe Harbor statement included on page 2 of today's presentation. As is 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 將開放回答各位的提問。在開始之前，我想提醒各位，我們在今天電話會議中可能作出的任何前瞻性陳述，均受今日簡報第 2 頁「安全港」聲明中所提及之風險與不確定性影響。依照慣例，本次電話會議將以該等措辭為準。現在我把電話會議交給 Stellantis 執行長 Antonio Filosa。

Thank you, Charlie. And thank you all for joining us today as we discussed our Q3 results. As we are anticipating in our second-quarter call, several factors have weighed in our third-quarter performance, such as lower volumes due to the plant summer shutdowns, particularly in North America, and raw material inflation.

謝謝你，Charlie。也感謝各位今天加入我們，一同討論第三季業績。正如我們在第二季電話會議中所預期的，有數項因素影響了第三季表現，例如因工廠夏季停工而導致的銷量下滑（尤其在北美），以及原物料通膨。

That said, we are beginning to see early benefits as we execute our Fast Lane 2030 strategy. For example, we are heavily focused on implementing our Value Creation Program, or VCP. With many initiatives being implemented ahead of schedule. The strategy is delivering. And despite the headwinds, we improved across all our financial metrics year over year.

儘管如此，隨著我們推動 Fast Lane 2030 策略的落實，我們已開始看到初步效益。例如，我們高度聚焦於推行價值創造計畫（Value Creation Program，VCP），且多項措施的導入進度超前。該策略正在發揮成效。即便面臨逆風，我們的各項財務指標仍較去年同期全面改善。

Net revenues are up 1% despite volume being down 1%. AOI margin is up 50 basis points, and it is positive in all regions except Europe, where the pricing environment remains challenging. And industrial free cash flow, which is negative in Q3 to the seasonality of our business, is up $300 million compared to last year. Importantly, our industrial execution also continues to improve.

在銷量下滑 1% 的情況下，淨營收仍成長 1%。AOI 利潤率提升 50 個基點，除歐洲外各區域皆為正值；歐洲的定價環境仍具挑戰。工業自由現金流在第三季因業務季節性而為負，但較去年增加 3 億美元。更重要的是，我們的工業端執行力也持續改善。

Overall, production efficiency was up year over year with North America improving by more than 10 percentage points. Three months in services quality improved significantly year over year, by 43% in North America and 13% in Europe. We continue to expand market coverage by introducing new products, which is a key pillar of our Fast Lane strategy.

整體而言，生產效率較去年同期提升，其中北美改善超過 10 個百分點。售後服務品質在三個月內較去年同期顯著提升：北美提升 43%，歐洲提升 13%。我們持續透過推出新產品擴大市場覆蓋，這是 Fast Lane 策略的關鍵支柱之一。

In the third quarter, we launched the Jeep Recon BV and the Peugeot E-208 GTi, and we look forward to launching seven more products in the coming months on time, with the right cost, and with the right quality. At the same time, we are making great progress with VCP. Based on what we have implemented already, I am confident that we will exceed our plan to implement 40% of the initiatives comprising the $6 billion target by the end of this year.

第三季我們推出了 Jeep Recon BV 與 Peugeot E-208 GTi，並期待在未來幾個月如期推出另外 7 款產品，並以正確的成本與正確的品質交付。同時，我們在 VCP 方面也取得重大進展。根據目前已落地的措施，我有信心在今年底前，將超越原先計畫，完成 60 億美元目標中所包含措施的 40% 導入。

VCP already contributed to our results in quarter 3. And it will provide even more of a tailwind in quarter 4. With this, I can say we are on track to realize more than EUR2.4 billion in '27, plus the partial benefits of all the initiatives we will implement in '27. In addition to this progress in market coverage and VCP, we are also accelerating our work with strategic partners, which is a key pillar of our Fast Lane plan. These partnerships are reducing fixed costs by absorbing excess of capacity, while at the same time allowing us to be more efficient in capital spending.

VCP 已在第三季對我們的業績作出貢獻。而在第四季，它將帶來更強的順風助力。因此我可以說，我們正按計畫在 2027 年實現超過 24 億歐元的效益，並加上我們在 2027 年將導入之所有措施的部分效益。除了在市場覆蓋與 VCP 的進展之外，我們也正在加速與策略夥伴的合作，這同樣是 Fast Lane 計畫的關鍵支柱。這些合作透過吸收過剩產能來降低固定成本，同時也讓我們在資本支出上更有效率。

We look forward to sharing more in the coming months. With this, and despite the market challenges you are all aware of, I am pleased to again reaffirm our guidance for '26, including that we expect to be free cash flow positive in '27.

我們期待在未來幾個月分享更多細節。基於上述進展，並且儘管各位都了解的市場挑戰仍在，我很高興再次重申我們對 2026 年的指引，包括我們預期在 2027 年自由現金流將轉為正值。

Now let me touch on some quarter 3 regional highlights. In North America, Stellantis is among the fastest-growing OEMs year to date, once again gaining share year over year. RAM has led the way as the fastest-growing brand in the region, both in the quarter and year to date. In the US alone, the RAM 1,500 light duty pickup grew 73% year over year. Next, RAM will launch the Rumble Bee Sports Track, which is already generating strong customer demand. Its initial allocation sold out within 24 hours of orders opening.

接下來我簡要說明第三季各區域亮點。在北美，Stellantis 今年迄今是成長最快的 OEM 之一，並再次較去年同期提升市占率。RAM 在本季及今年迄今皆領先，成為該區域成長最快的品牌。僅在美國市場，RAM 1500 輕型皮卡較去年同期成長 73%。接下來，RAM 將推出 Rumble Bee Sports Track，目前已帶動強勁的客戶需求。其首批配額在開放下單後 24 小時內即售罄。

We have also now launched the Jeep Recon, the first and only BEV to be trail rated. And soon, we will be the first to market with two new products where no one else is competing today. The Ram ProMaster City will be the only mid-size commercial van available in the US. And the Jeep Grand Wagoneer Rev will be the first and only large SUV to offer range-extended hybrid technology.

我們也已推出 Jeep Recon，這是第一款也是唯一一款通過 Trail Rated 認證的純電車（BEV）。此外，我們很快將率先上市兩款目前尚無其他競品的全新產品。Ram ProMaster City 將成為美國市場唯一可供選擇的中型商用廂型車；Jeep Grand Wagoneer Rev 則將成為第一款也是唯一一款提供增程式混合動力技術的大型 SUV。

Turning to Europe, the region remains challenging with ongoing Chinese competition and a difficult pricing environment. Despite this, we continued to grow in the region with strong demand for the smart car platform nameplates and surging demand for BEVs, particularly in France, Germany, and the UK.

轉向歐洲，由於中國競爭持續以及艱難的定價環境，該區域仍具挑戰。儘管如此，我們仍在該區域持續成長，智慧車平台（smart car platform）車系需求強勁，且 BEV 需求大幅攀升，尤其在法國、德國與英國。

Our Euro 30 passenger car VV sales grew 65% year over year or 93%, including LIP model. Shifting to Pro1, we remain the market leader in light commercial vehicles with almost 27% market share. In November, we will expand our light commercial vehicle lineup with the introduction of the Pro1 Smart Car compact van. In parallel. Leap motor continues to grow rapidly, with volumes up fourfold year-over-year, demonstrating our Fast Lane partnership strategy in action.

我們的 Euro 30 乘用車 VV 銷量較去年同期成長 65%，若包含 LIP 車型則成長 93%。再看 Pro1，我們仍是輕型商用車市場領導者，市占率接近 27%。11 月，我們將推出 Pro1 Smart Car 小型廂型車，擴充輕型商用車產品陣容。同時。Leapmotor 持續快速成長，銷量較去年同期增加四倍，展現我們 Fast Lane 夥伴策略的實際成效。

Production of the C-segment cars, starting with the B10, have begun at our Zaragoza plant in Spain, with the B05 planned to follow in the first half of '27. Bringing these vehicles into our manufacturing footprint helps improved capacity utilization and absorption of fixed cost.

C 級距車款的生產已在西班牙薩拉戈薩（Zaragoza）工廠啟動，並以 B10 為首；B05 預計將於 2027 年上半年接續投產。將這些車型納入我們的製造版圖，有助於提升產能利用率並提高固定成本吸收。

Finally, it is important to note that threatening our competitiveness will also require the right conditions in Europe. Despite the strong growth in BEV demand, timely action on CO2 flexibility, and the made in Europe framework, are essential to creating a level playing field.

最後，需要強調的是，要避免競爭力受到威脅，歐洲也必須具備適當的條件。儘管 BEV 需求強勁成長，但在 CO2 彈性機制以及「歐洲製造」框架上的及時行動，對於建立公平競爭環境至關重要。

Turning to South America. In a challenging market, sales declined 2% year over year when you include Leapmotor. That said, we maintain our clear overall leadership position with almost 19% market share, including Leapmotor. Importantly, we also remain number one in the region's two major markets, Brazil and Argentina, each with more than 25% market share.

接著談南美。在充滿挑戰的市場中，若包含 Leapmotor，銷量較去年同期下滑 2%。儘管如此，我們仍維持明確的整體領導地位，市占率接近 19%（包含 Leapmotor）。更重要的是，我們在該區域兩大主要市場巴西與阿根廷也仍排名第一，兩者市占率皆超過 25%。

We increased sales in the region for important models, including a 33% increase for the RAM brand, driven by the all-new Dakota midsize pickup. And in Brazil, we increased sales 5% year over year to over 200,000 units, mostly driven by Fiat and RAM pickups, which represent the largest profit pool in the region.

我們在該地區針對重要車型提升了銷量，其中 RAM 品牌在全新 Dakota 中型皮卡的帶動下，銷量成長 33%。此外在巴西，我們的銷量年增 5% 至超過 20 萬輛，主要由 Fiat 與 RAM 皮卡帶動；這些車型代表該地區最大的獲利池。

Moving to Middle East and Africa, we remain resilient despite weaker market conditions, particularly in Turkey, where the transition from the Fiat Aegia to the upcoming Fiat Grizzly contributed to a 1.5 point year-over-year decline in regional market share.

轉到中東與非洲，儘管市場環境轉弱，我們仍保持韌性，尤其是在土耳其，從 Fiat Aegia 轉換至即將推出的 Fiat Grizzly 的過渡期，導致該地區市占率年減 1.5 個百分點。

At the same time, as planned in Fast Lane 2030, we are increasing localization in the region. Small van production began in Turkey in October and sales of locally produced vehicles in Algeria, a very important profit pool, increased 22%.

同時，依照 Fast Lane 2030 的規劃，我們正提高該地區的在地化程度。小型廂型車已於 10 月在土耳其開始生產，而在阿爾及利亞（非常重要的獲利池），本地生產車輛的銷量成長 22%。

Lastly, in APAC, while market share declined by [a 10th] of a point, reflecting the increased competition in the region, it is important to note that the region is enabling the rapid advancement of our Fast Lane partnership strategy. For example, in Q3. We began localizing production of the Leapmotor B10 and C10 in Malaysia. We also officially established our new joint venture, Dongfeng Stellantis Automotive Technology, allowing for the development of two new Jeep and two new Peugeot models to be sold in markets around the world.

最後，在亞太地區（APAC），雖然市占率下滑了 0.1 個百分點，反映該地區競爭加劇，但重要的是，該地區正在促成我們 Fast Lane 夥伴策略的快速推進。例如在第三季，我們開始在馬來西亞將 Leapmotor B10 與 C10 的生產在地化。我們也正式成立新的合資企業「東風 Stellantis 汽車科技」，使兩款全新 Jeep 與兩款全新 Peugeot 車型得以開發，並在全球各市場銷售。

In summary, we navigated a challenging quarter, including lower plan volumes and raw material headwinds. All while improving year-over-year across every key financial and operational metric. We are reaffirming our '26 guidance and our commitment to positive free cash flow in '27. The challenges are real, but our industrial performance shows that we have a firm grip on the business. Our structured evidence-based recovery is progressing. We are taking decisive action to lower industrial costs and build the foundation for stronger financial performance in '27.

總結而言，我們在充滿挑戰的一季中前行，包括低於計畫的銷量以及原物料逆風。同時，我們在每一項關鍵財務與營運指標上都較去年同期改善。我們重申 2026 年指引，以及在 2027 年實現正向自由現金流的承諾。挑戰確實存在，但我們的工業表現顯示我們對業務有牢固掌控。我們有結構、以證據為基礎的復甦正在推進。我們正採取果斷行動降低工業成本，並為 2027 年更強勁的財務表現奠定基礎。

Let me now hand you to Joao to walk you through the numbers. Joao.

接下來我把時間交給 Joao，請他帶各位看一下數字。Joao。

Thank you, Antonio. While the third quarter was soft as anticipated, we continue to make progress in our turnaround. Our actions are delivering results with year over year improvements across our key financial metrics. Let me start with the key figures. Consolidated shipments were 1.3 million units, down 1% year-over-year as the increase in Europe largely offset anticipated lower volumes in North America.

謝謝你，Antonio。雖然第三季如預期偏弱，但我們的轉型仍持續取得進展。我們的行動正在產生成果，關鍵財務指標皆呈現年對年改善。我先從主要數字開始。合併出貨量為 130 萬輛，年減 1%；歐洲的成長大致抵銷了北美如預期的較低銷量。

Net revenues were EUR37.6 billion, up 0.4 billion or 1%. Compared with the third quarter of last year, despite volume being down 1% due to growth in financial services. Adjusted operating income was $256 million in Q3, an improvement of $166 million or 184% versus last year.

淨營收為 376 億歐元，增加 4 億歐元或 1%。與去年第三季相比，儘管銷量因金融服務成長而下滑 1%。第三季調整後營業利益（AOI）為 2.56 億美元，較去年改善 1.66 億美元或 184%。

AOI margin improved to 0.7%, up 50 basis points year over year. Industrial free cash flow was negative $4 billion in Q3, an improvement of $0.3 billion compared with last year. And as Antonio made clear, we are reaffirming our guidance.

AOI 利潤率提升至 0.7%，年增 50 個基點。第三季工業自由現金流為負 40 億美元，較去年改善 3 億美元。正如 Antonio 清楚說明的，我們重申既有指引。

Turning to the key drivers of our year-over-year AOI performance. First, on volume and mix. Overall volumes decline is likely, with the increase in Europe largely offsetting lower volumes in North America and Middle East and Africa, resulting in unfavorable regional mix. Additionally, unfavorable mix was driven by higher LED penetration in Europe. Moving to net pricing. Pricing contributed a positive $23 million with $421 million improvement in North America offset by continued pricing pressures in Europe. Lastly, industrial cost.

接著說明 AOI 年對年表現的主要驅動因素。首先是銷量與組合。整體銷量下滑在預期之內；歐洲的增加大致抵銷了北美以及中東與非洲的較低銷量，導致不利的區域組合。此外，不利的組合也受到歐洲 LED 滲透率提高所影響。接著是淨定價。定價貢獻正向 2,300 萬美元，其中北美改善 4.21 億美元，但被歐洲持續的定價壓力所抵銷。最後是工業成本。

This was the single most significant driver of our performance with an $828 million year over year improvement reflecting another quarter of cost reduction. Let me highlight. Two factors that contributed to this strong performance. First, we maintain our diligent focus on structural cost reductions. Purchasing efficiencies, including initial benefits from VCP, accounted for the majority of the improvement.

這是我們表現中最重要的單一驅動因素，年對年改善 8.28 億美元，反映又一季的成本下降。我想強調兩個促成這項強勁表現的因素。第一，我們持續嚴謹聚焦於結構性降本。採購效率（包括 VCP 的初步效益）占了改善的大部分。

Importantly, we expect VCP contributions to accelerate in the fourth quarter and into 2027 as implementation continues to ground up. Next, we also benefited from lower CO2 compliance and warranty costs, partially offset by commodity inflation. Overall, these results demonstrate that our cost reduction actions are gaining traction and translate into measurable improvements in profitability. This will provide an important foundation for continued improvement over time. Finally, SG&A, and R&D expenses increased year over year. Reflecting continued investment to support volume growth in our product pipeline.

重要的是，隨著落地推進，我們預期 VCP 的貢獻將在第四季加速，並延續至 2027 年。其次，我們也受惠於較低的 CO2 合規與保固成本，但部分被大宗商品通膨所抵銷。整體而言，這些結果顯示我們的降本行動正在見效，並轉化為可衡量的獲利能力改善。這將為未來持續改善提供重要基礎。最後，SG&A 與研發費用年對年增加。反映我們持續投資，以支持產品管線的銷量成長。

Moving to industrial free cash flow. As mentioned before, industrial free cash flow was negative $4 billion in Q3, an improvement of $0.3 billion compared with last year. This negative free cash flow was driven primarily by seasonal working capital movements, reflecting lower production and shipment volumes in Q3 compared to Q2. Looking ahead, we expect a reverse of this working capital dynamics in Q4, supported by higher volumes, particularly in Europe and a seasonal reduction in company inventory typically seen at year end.

接著談工業自由現金流。如先前所述，第三季工業自由現金流為負 40 億美元，較去年改善 3 億美元。這項負的自由現金流主要由季節性的營運資金變動所致，反映第三季相較第二季的生產與出貨量較低。展望未來，我們預期第四季營運資金動態將反轉，在較高銷量（尤其在歐洲）的支撐下，以及公司庫存於年底通常會出現季節性下降。

Finally, capital expenditures declined by $0.5 billion year over year. We expect full-year CapEx in R&D spending to represent approximately 6.5% of net revenues for the year, in line with the Fast Lane investment plan for 2026.

最後，資本支出年對年下降 5 億美元。我們預期全年資本支出與研發支出合計約占全年淨營收的 6.5%，與 Fast Lane 2026 年投資計畫一致。

Now shifting to inventory, total inventory increased 14% year over year to 1.4 million units. That said, dealer inventory declined by more than 50,000 units compared with Q2, primarily reflecting the planned production downtime discussed during our second quarter earnings call. In the United States, dealer inventory increased 23% compared to last year but declined 6% sequentially, supported by our planned production adjustments in Q3.

接著看庫存，總庫存年對年增加 14% 至 140 萬輛。不過，經銷商庫存較第二季減少超過 5 萬輛，主要反映我們在第二季財報電話會議中提到的計畫性停產。在美國，經銷商庫存較去年增加 23%，但較前一季下降 6%，受惠於我們在第三季規劃的生產調整。

We remain focused on aligned production with market demand, balancing volumes with profitability in an environment where we see the impact of higher interest rates on dealer financing costs. Looking ahead, we expect to close 2026 with US dealer inventory between 320,000 to 350,000 units, compared with approximately 368,000 units at the end of September.

我們仍專注於使生產與市場需求一致，在我們看到較高利率對經銷商融資成本造成影響的環境下，在銷量與獲利能力之間取得平衡。展望未來，我們預期 2026 年底美國經銷商庫存將介於 32 萬至 35 萬輛之間，相較之下 9 月底約為 36.8 萬輛。

Turning to our regional performance, starting with North America. Adjusted operating income reached $64 million with a margin of 0.4%, representing $539 million year-over-year improvement. This improvement was driven by continued industrial cost reductions, including early benefits from VCP and favorable pricing, partially offset by lower volumes and higher R&D expenses.

接著看各區域表現，先從北美開始。調整後營業利益達 6,400 萬美元，利潤率 0.4%，年對年改善 5.39 億美元。這項改善來自持續的工業降本（包括 VCP 的早期效益）以及有利的定價，部分被較低銷量與較高研發費用所抵銷。

In Europe, adjusted operating income was negative $311 million, a deterioration of $468 million compared with last year. Despite higher volumes and continued industrial cost saving, profitability was impacted by unfavorable mix, reflecting higher BEV sales, and persistent pricing pressure.

在歐洲，調整後營業利益為負 3.11 億美元，較去年惡化 4.68 億美元。儘管銷量提高且工業降本持續，獲利能力仍受到不利組合影響（反映 BEV 銷售占比提高）以及持續的定價壓力。

In South America, adjusted operating income reached $431 million, broadly in line with last year. Volumes increased 7% in Brazil, compensating for declines in Argentina and other markets. While favorable foreign exchange movements offset pricing and mixed headwinds. Overall, South America continues to demonstrate resilience despite an increasingly competitive environment. In Middle East and Africa, adjusted operating income was $244 million, down $28 million year over year, primarily reflecting lower volumes in Turkey and the product transition to the fiat [grizzly].

在南美，調整後營業利益達到4.31億美元，與去年大致持平。巴西銷量成長7%，抵銷了阿根廷及其他市場的下滑。同時，有利的外匯變動抵銷了定價因素及多重不利因素。整體而言，儘管競爭環境日益激烈，南美仍持續展現韌性。在中東與非洲，調整後營業利益為2.44億美元，年減2,800萬美元，主要反映土耳其銷量較低，以及產品轉換至 fiat [grizzly]。

Finally, in Asia-Pacific. Adjusted operating income improved by $22 million, turning to a profit of $18 million in the quarter. Looking ahead to the rest of the year, we are reaffirming our 2026 financial guidance as well as our expectation to generate positive industrial free cash flow in 2027. This reflects the continued execution of our Fast Lane plan, including consistent cost reduction actions.

最後，談到亞太地區。調整後營業利益改善2,200萬美元，本季轉為獲利1,800萬美元。展望今年剩餘時間，我們重申2026年財務指引，以及我們預期在2027年產生正向工業自由現金流的目標。這反映我們持續落實 Fast Lane 計畫，包括一貫的成本削減行動。

Let me highlight a few key assumptions underlying our outlook. First, our guidance includes approximately $1 billion of net TRF costs, including the IEEPA credit recognizing Q1. This is a modest improvement from our previous estimate of $1 billion to $1.2 billion. Second, our industrial free cash flow outlook includes approximately $1.6 billion of payments related to the charts recorded in the second half of 2025, of which $1.1 billion has already been paid through September. This compares with our previous assumption of $2 billion for the full year.

我想強調幾項支撐我們展望的關鍵假設。第一，我們的指引包含約10億美元的TRF淨成本，其中包括認列於第一季的 IEEPA 抵減額。相較我們先前估計的10億至12億美元，這是小幅改善。第二，我們的工業自由現金流展望包含約16億美元、與2025年下半年入帳之 charts 相關的付款，其中截至9月已支付11億美元。這與我們先前對全年20億美元的假設相比有所下降。

Finally, we expect CapEx and R&D spending to represent approximately 6.5% of net revenues in 2026, consistent with the investment framework outlined in our Fast Lane plan. Turning specifically to the fourth quarter, we expect several important developments. With regard to volumes, we remain focused on profitability and align production with demand.

最後，我們預期2026年的資本支出（CapEx）與研發（R&D）支出合計約占淨營收的6.5%，與我們在 Fast Lane 計畫中所闡述的投資框架一致。接著聚焦第四季，我們預期將出現幾項重要進展。就銷量而言，我們仍以獲利能力為重點，並使產量與需求對齊。

Overall volumes are expected to be higher, primarily driven by Europe. In North America, we are managing inventory and Q4 will converge to a similar level to where we began the year considering the introduction of new product offerings. Our outlook also assumes that ongoing labor negotiations in Canada conclude without production disruptions.

整體銷量預期將更高，主要由歐洲帶動。在北美，我們正在管理庫存；考量新產品導入，第四季庫存水位將收斂至與年初相近的水準。我們的展望亦假設加拿大持續進行的勞資談判將在不影響生產的情況下結束。

Now on to pricing. We expect pricing to remain broadly stable overall. Price in North America is expected to remain positive, while price in Europe is stabilizing but remains a year-over-year headwind. On costs, we anticipate additional headwinds from memory chips and recall-related expenses. Regarding VCP savings, we expect savings to accelerate in Q4, reaching mid-hundreds of millions of euros, including the carryover run rate of the many initiatives already implemented in Q3.

接著談定價。我們預期整體定價將大致維持穩定。北美的價格預期仍為正向；歐洲的價格正在趨於穩定，但相較去年同期仍構成不利因素。在成本方面，我們預期記憶體晶片及召回相關費用將帶來額外逆風。至於 VCP 節省，我們預期第四季節省將加速，達到數億歐元的中段水準，其中包含第三季已落地多項措施所帶來的延續性執行率（carryover run rate）。

Finally, on working capital, we expect a positive contribution from working capital in Q4, reflecting the normal seasonal dynamics of our business. All of these factors are embedded in our current full-year guidance. In closing, while there is still substantial work ahead, we are making tangible progress. Our cost reduction initiatives are delivering results. Operational discipline is improving, including manufacturing efficiencies and quality improvements. And we expect these benefits to build as we move into 2027.

最後，就營運資金而言，我們預期第四季營運資金將帶來正向貢獻，反映我們業務正常的季節性動態。上述所有因素均已納入我們目前的全年指引。總結來說，雖然前方仍有大量工作要做，但我們正在取得具體進展。我們的成本削減措施正在產生成效。營運紀律正在改善，包括製造效率提升與品質改善。我們預期這些效益將在邁入2027年時持續累積。

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) Philippe Houchois, Jefferies.

(接線員指示) Philippe Houchois，Jefferies。

Thank you and good morning to you. Two questions. The first one really is on the -- if you could quantify a little bit the working capital reversal because without growth in North America, I'm assuming that most of the reversal in Europe as you have long payment terms and helping the reversal. So should we think maybe half of the reversal of Q3 and Q4 in terms of working capital or is that the wrong assumption?

謝謝，早安。兩個問題。第一個是關於——如果可以的話，能否稍微量化一下營運資金回轉（reversal）的幅度？因為北美沒有成長，我推測回轉主要來自歐洲，因為你們有較長的付款條件，這有助於回轉。所以就營運資金而言，我們是否應該把第三季與第四季的回轉想成大概一半，還是這個假設不對？

Hi, Philippe. Thanks for the question. We are expecting Q4 a reversal of free cash flow to basically on working capital to basically have working capital for the full year, basically flat. And the biggest driver of the working capital improvement in Q4, it's actually inventory. As we sell down the OEM inventory by the end of the year, usually we stop production before Christmas and we continue to invoice vehicles that we have on the stock. So in terms of analogy, you see -- and it's similar to what we had in Q4 last year. So you see a buildup of OEM stock in the first half of the year and then by the end of the year, we reduced substantially OEM stock, and that's the primary driver of the basically full reversal of working capital in Q4.

嗨，Philippe。謝謝你的問題。我們預期第四季自由現金流會出現回轉，基本上是來自營運資金，使得全年營運資金基本上持平。而第四季營運資金改善的最大驅動因素其實是庫存。當我們在年底前去化 OEM 庫存時，通常我們會在聖誕節前停止生產，並持續對庫存中的車輛開立發票。所以就類比來看，你會看到——這與我們去年第四季的情況相似。也就是說，上半年 OEM 庫存增加，而到年底我們大幅降低 OEM 庫存，這是第四季營運資金幾乎完全回轉的主要驅動因素。

And if I can stay on the cash flow and follow-up on the CapEx, I think we've all noted the CapEx was down significantly year over year, you reduced the guidance. But can you tell us why CapEx is down so much? Is it better productivity, is it better focus on fewer areas or what is driving the reduction in CapEx?

如果我可以繼續就現金流提問，並追問資本支出（CapEx）：我想大家都注意到 CapEx 年對年大幅下降，而且你們也下調了指引。但你們能否說明為什麼 CapEx 下降這麼多？是生產力更好、是更聚焦於較少領域，還是什麼因素驅動 CapEx 的下降？

So as we said in the prepared remarks, the CapEx is very consistent to what we had on the Fast Lane. As we know, we had a reset at the end of '25. We prepared a new product plan and now we are on the working on the development of the new products. So this is just a normal run-up of developing the new products. And again, this is consistent, so there is no slowdown and we are executing Fast Lane according to what was presented in May.

如同我們在事先準備的發言中所說，CapEx 與我們在 Fast Lane 中所規劃的非常一致。大家也知道，我們在25年底進行了重置（reset）。我們制定了新的產品計畫，現在正著手進行新產品的開發。因此，這只是新產品開發的正常投入爬坡。而且再次強調，這是符合規劃的，並沒有放緩；我們正依照5月所呈現的內容執行 Fast Lane。

Thank you very much.

非常感謝。

Stuart Pearson, OxCap Analytics.

Stuart Pearson，OxCap Analytics。

Yes, good afternoon. Thank you for taking the question. So can we just dig into the industrial cost tailwind a little bit more? I know there's obviously you've mentioned some VCP savings picking up there. But just as we look into Q4, I just wonder how big that bridge item can be. So I just remember from last year, there was $2.1 billion of non-recurring items actually went into adjusted EBIT. There was warranty stuff, LCV, CO2 stuff, supply bankruptcy. And I guess a lot of that drops out, a lot of that would have been in Q4 (inaudible) out for H2.

是的，午安。謝謝讓我提問。我們能否再更深入談一下工業成本的順風（tailwind）？我知道你們顯然提到一些 VCP 節省正在加速。但當我們看向第四季時，我想知道這個橋接項（bridge item）可能有多大。我記得去年有21億美元的一次性項目實際進入了調整後 EBIT。包括保固相關、LCV、CO2 相關、供應商破產等。我想其中很多會消失，很多原本會在第四季（聽不清）並延續到下半年。

So if we put that together with what you're saying on the pickup in VCP, I guess against that there's some raw material costs, it feels like that could be quite a material acceleration in the industrial cost line in Q4. So I just wonder if you could just help us think about that. And also that number into 2027, I think you've talked about the run rate getting towards $2.4 billion-ish going into '27. Is that still correct? You're running ahead of that. How do you get there from what you're actually doing in Q4?

所以如果把這些與你們所說 VCP 回升的情況放在一起，我想相對地還有一些原物料成本；感覺第四季工業成本線可能會出現相當顯著的加速改善。我想請你們協助我們理解這點。另外，關於到2027年的那個數字，我記得你們談到進入27年時的執行率（run rate）會朝約24億美元左右邁進。這仍然正確嗎？你們目前進度超前。從你們第四季實際在做的事情，要如何達到那個目標？

So that's kind of the first question is around industrial costs. And then one, just quickly on the Financial Services business, maybe a bit more of a niche question, but obviously, with some strand of credit, how do you see your ability to grow that captive in the US in particularly? Is there a chance you might think about bringing a partner in there, or do you think you can still be competitive on financing in the US?

所以第一個問題大概是關於工業成本。然後再快速問一個關於金融服務業務的問題，可能比較偏利基，但顯然你們有一部分是信用業務，在美國尤其是，你們怎麼看在那邊擴大自營金融（captive）的能力？你們是否可能會考慮引入合作夥伴，還是你們認為在美國的融資方面仍然可以保持競爭力？

Okay, thank you for your question. I will take the first one, which is on VCP and industrial cost, and I will leave Joao answering to the second one, which is on Financial Services. So on VCP, as we introduced it in Fast Lane 2030, VCP is our way to address one of the three initial issues that we saw in the company, initial gaps. That was for product cost competitiveness, where we highlighted in our analysis a gap with competitors. And we decided to address it with a very broad corporate program, which we call VCP Value Creation Program.

好的，謝謝你的提問。我先回答第一個，也就是關於 VCP 與工業成本的問題；第二個關於金融服務的問題我留給 Joao 來回答。關於 VCP，正如我們在 Fast Lane 2030 中介紹的，VCP 是我們用來解決公司最初看到的三個初始問題（初始缺口）之一的方法。那就是產品成本競爭力，我們在分析中指出與競爭對手相比存在差距。因此我們決定以一個非常廣泛的企業級計畫來處理，我們稱之為 VCP 價值創造計畫（Value Creation Program）。

So what does VCP attack? VCP attack the full cost structure of Stellantis. And in simple terms, how this cost structure is divided? The first component is product cost, components, systems, subsystems that enter in our products. The second cost component of our cost structure is transformation cost, manufacturing cost. This is all the cost that happen in our plants to realize our production.

那 VCP 攻擊（著手處理）什麼？VCP 針對 Stellantis 的整體成本結構。簡單來說，這個成本結構如何劃分？第一個組成是產品成本，也就是進入我們產品的零件、系統、子系統。第二個成本組成是轉換成本，也就是製造成本。這包含我們在工廠中為了完成生產所發生的所有成本。

The third component is logistic cost, both inbound and outbound. And then we have other components. So if we focus on product cost, we have more than 3,000 people working together on that, analyzing system by system, component by component, what are the technical and commercial savings that can be generated to reduce cost. And it is a persistent exercise, constant exercise, a consistent exercise in all our region.

第三個組成是物流成本，包括入廠與出廠。然後還有其他組成。如果我們聚焦在產品成本上，有超過 3,000 人一起投入，逐系統、逐零件分析可以透過技術與商務面產生哪些節省，以降低成本。而這是一個持續性的工作、常態性的工作，在我們所有區域都一致地推進。

And I give you an example. We have been able, for instance, through many teardowns and through many benchmarks to reduce substantially cost of wiring harnesses by working on their layout, on the components and on the mass of raw material that they carry.

我舉個例子。例如，我們透過大量拆解分析（teardown）與大量標竿比較（benchmark），藉由優化線束的佈局、零件以及其所承載的原材料用量（重量），成功大幅降低線束成本。

Then we switch into industrial cost, manufacturing cost. And I can give you an example there. In one of our French plant, our team has been able to generate an AI-powered tool that make more efficient and effective our method of preventive maintenance. So now in that plant, with the use of these AI-powered tools, equipment and machines break less, thus we have more productivity and less inefficiency, and with the success of this pilot plant, we are expanding the solution to 100% of our manufacturing plants.

接著我們轉到工業成本、製造成本。我也可以舉個例子。在我們法國的一座工廠，我們的團隊開發出一個 AI 驅動的工具，讓預防性維護的方法更有效率、也更有效果。因此現在在那座工廠，透過這些 AI 工具的使用，設備與機器故障更少，生產力更高、低效率更少；而隨著這個試點工廠的成功，我們正在把這個解決方案擴展到 100% 的製造工廠。

Then when we move into logistic costs, and I'm going to provide an example about that as well. So we generated, we invented an AI-powered tool that we call Optima that disable everyday real time to analyze logistics inbound routing and redesign them for the best cost-efficient solution.

然後當我們談到物流成本，我也提供一個例子。我們開發、發明了一個 AI 驅動的工具，稱為 Optima，它能夠每天即時分析入廠物流路線，並重新設計為成本效率最佳的方案。

We started with one pilot plant and now we are expanding the solution Optima to all the plants and this is generating a lot of saving. And finally, the way we organize our business. So for instance. In a plant in North America, we define it as important to insource hot stamping. This is a process that was in the hand of a supplier and now in the mid-term we will bring into our plants and that will generate a lot of saving in the mid-term and long-term future.

我們從一個試點工廠開始，現在正把 Optima 這個解決方案擴展到所有工廠，並帶來大量節省。最後，是我們如何組織我們的業務。例如，在北美的一座工廠，我們認為將熱沖壓（hot stamping）內製（insource）很重要。這個流程原本由供應商掌握，而現在在中期我們會把它導入我們的工廠，這將在中長期帶來大量節省。

So those are just for example, one each area of cost that VCP is consistently and constantly attacking. The way we are today, I am extremely confident that we will exceed the milestones that we set for ourselves in Fast Lane 2030 around VCP. So we will exceed the EUR2.4 billion cost saving that we set as the milestone to start '27 and build on them, and we will exceed the EUR6 billion run rate cost saving by '28 and forward.

以上只是例子，分別對應 VCP 持續且不斷著手處理的各個成本領域。以我們目前的進展，我非常有信心我們將超越在 Fast Lane 2030 中為 VCP 設定的里程碑。也就是說，我們將超過我們設定在 2027 年初達成的 24 億歐元成本節省里程碑並在其上持續累積；同時，我們也將超過在 2028 年及之後達成的 60 億歐元年化（run rate）成本節省。

Very optimistic, very confident because I see a lot of very good and hard work that has been deploying today in the company and you see also that in the result of quarter 3. In Q4, the good job that we started in quarter 2 and continued in quarter 3, we'll get to multiply the saving that in quarter 3 we are serving. So there will be hundreds of millions of EURo that will be generating as additional cost savings in quarter 4.

我非常樂觀、非常有信心，因為我看到公司內部目前正在推進大量非常好的、也非常辛苦的工作，你們也能在第三季的結果中看到。在第四季，我們從第二季開始、並在第三季延續的良好工作，將使第三季所實現的節省進一步放大。因此在第四季，將會產生數億歐元的額外成本節省。

On Financial Services, Joao?

關於金融服務，Joao？

So as we discussed during Fastlane, the required equity on financial services in the US for 2027 is relatively limited, especially when we see the total cash generation provided by our financial services are across the world. And by 2028 or 2029, we expect actually to start receiving dividends from the financial service. So we are not concerned about providing enough capital to grow properly our financial services in US.

如同我們在 Fastlane 期間討論的，美國金融服務在 2027 年所需的股權資本相對有限，特別是當我們看到我們全球金融服務所提供的整體現金創造能力時。而到 2028 或 2029 年，我們預期實際上將開始從金融服務收到股利。因此，我們不擔心無法提供足夠資本來適當地擴張我們在美國的金融服務。

Okay, thank you.

好的，謝謝。

Emmanuel Rosner, Wolfe Research.

Wolfe Research 的 Emmanuel Rosner。

Great. Thank you so much. My first question is on the commodities environment. This doesn't seem to be a factor that you're mentioning is a meaningful change to your outlook. Some of the automakers that have reported so far have sort of flagged it as essentially trending even with some near-term consequences. And so I was curious if you could just give us a refresh of what is the headwind you're expecting for the full year and have seen things changed recently.

很好。非常感謝。我的第一個問題是關於大宗商品環境。這看起來不像是你們提到、會對展望造成顯著改變的因素。到目前為止，一些已經公布的車廠似乎把它視為基本上持平的趨勢，但短期仍有一些影響。所以我想請你們更新一下：你們對全年預期的大宗商品逆風是多少？最近情況是否有變化？

Yeah, so on commodities, during Q1 and Q2, we said that we would see a cost increase, especially in the second half of the year to be about 1% of revenue. So that's what we saw in Q3 and we are expecting Q4. So in our guidance, we are expecting year over year for Q4, 1% of revenue cost increase on commodities.

好的，關於大宗商品，在第一季與第二季，我們說過我們會看到成本上升，特別是在下半年，大約相當於營收的 1%。這就是我們在第三季看到的情況，也預期第四季會如此。因此在我們的指引中，我們預期第四季相較去年同期，大宗商品成本增加為營收的 1%。

We expect that to increase next year because of some firm contracts that we have that will be renewed, but that will be a discussion that will address when we have the full-year earnings call once we have the budget. So that's why we are not talking about specifically commodities in Q4 because we see a similar impact on Q3. What we are highlighting related to that is memory shifts that we are seeing pressure.

我們預期明年會進一步上升，因為我們有一些確定的合約將要續約；但這會等到我們在拿到預算後、於全年財報電話會議時再來討論。所以我們在第四季不特別談大宗商品，是因為我們看到其影響與第三季相近。我們在這方面特別強調的是，我們看到記憶體（memory）價格變動帶來的壓力。

We didn't see much cost flowing through the P&L in Q3, but that pressure continues to increase. We are right now working to mitigate as much as we can on negotiations and also alternatives. So we are not prepared to disclose a number, but that is on top of commodity headwinds what we are seeing right now that also it's going to build for 2027.

在第三季，我們沒有看到太多成本反映到損益表（P&L）中，但那個壓力仍在持續增加。我們目前正透過談判以及替代方案，盡可能降低影響。因此我們還不準備揭露一個數字，但除了大宗商品逆風之外，這是我們現在看到的另一個因素，而且也會延續並累積到 2027 年。

And then my second question is on your inventory targets. For the end of the year, in particular in the US. How do you plan on bringing it down? Are you planning to cut some production between now and the end of the year or is it through the market share gain?

接著我的第二個問題是關於你們的庫存目標。特別是年底、尤其在美國。你們打算如何把庫存降下來？你們是否計畫在現在到年底之間削減部分產量，還是透過市占率提升來達成？

Very well, I take this question. So the way we plan to work in quarter 4 will be through a couple of elements. So we reaffirm the guidance of [4 '26], as Joao and myself restated in this call, including the '27 free cash flow positive. And we will manage the business by element number one, balancing volumes with profitability and balancing production with market demand, converging the inventory in the US in the range of $320,000 to $350,000, which is very similar to last year. And that includes also the new products that we'll be launching this year.

好的，我來回答這個問題。我們在第四季的運作方式，會透過幾個要素來推進。我們重申對[4 '26]的指引，正如Joao和我在這通電話中再次說明的，包括'27自由現金流轉正。我們將透過第一個要素來管理業務：在量與利潤之間取得平衡、在生產與市場需求之間取得平衡，讓美國庫存收斂至32萬至35萬美元的區間，這與去年非常接近。其中也包含我們今年將推出的新產品。

The second element of the way we will manage quarter 4 and the quarters forward will be through discipline in net pricing. So as you've seen in the result of quarter 3, we have been keeping discipline in net pricing in North America, adding EUR425 million as positive impact versus last year. We will stabilize net pricing in Europe as we started already and we will build from there also in Europe positive position for net pricing.

我們管理第四季以及後續季度的第二個要素，是在淨定價上保持紀律。如你在第三季結果中所見，我們在北美一直維持淨定價紀律，較去年帶來4.25億歐元的正面影響。我們將穩定歐洲的淨定價（我們已經開始這麼做），並在此基礎上，也在歐洲建立淨定價的正向態勢。

The third element will be through even further accelerating VCP value creation program cost savings. So you saw results in quarter 3 where industrial cost improvement driven also by VCP has been the largest contributor to quarter 3 result. The way we are seeing today VCP in the company, we can foresee that we will multiply resulting Q4 and then keep growing and accelerating in '27 and forward. So we are very confident, as I said before, that we will exceed our internal target that are EUR2.4 billion to start '27 and building upon that and EUR6 billion by '28 as a run rate cost saving.

第三個要素，是進一步加速VCP價值創造計畫（Value Creation Program）的成本節省。你在第三季看到的結果中，由VCP帶動的工業成本改善，是第三季成果的最大貢獻者。以我們目前在公司內部對VCP的觀察，我們預期第四季的成果會倍增，並在'27及之後持續成長與加速。因此我們非常有信心，如我先前所說，我們將超越內部目標：到'27起步時達到24億歐元，並在此基礎上持續累積，至'28達到60億歐元的年度化（run rate）成本節省。

The fourth element, that we'll be using for quarter 4 for '27 is keep improving product quality. So you saw in the presentation that we improved product quality in North America by 46%. We also improved product quality in Europe by 13% and that will set up the foundation to enjoy in the near and mid-term much better total warranty cost. A much lower recall campaign cost to start.

第四個要素，是在第四季以及'27持續提升產品品質。你在簡報中看到，我們在北美的產品品質提升了46%。我們在歐洲的產品品質也提升了13%，這將為我們在短中期享有更好的整體保固成本奠定基礎。首先是大幅降低召回活動成本。

Most importantly, that will build the foundation to drive Stellantis to be top quartile in product quality in all of the segmented industry where we compete by 2028 and it is one of the targets of FastLane 2030. Finally, the fifth element will be to successfully launch the new products. We have some that are coming still in '26, in Q4. One is the very much expected RAM Sport Track. I want to remember that the first day of order opening, we went sold out in less than 24 hours, so very promising start. And then at the very beginning of next year, we will launch also the RAM ProMaster City, which will be for at least two or three years the only compact mid-size van.

更重要的是，這將奠定基礎，推動Stellantis在2028年前於我們競爭的所有細分產業中，產品品質進入前四分位（top quartile），這也是FastLane 2030的目標之一。最後，第五個要素是成功推出新產品。在'26第四季仍有一些產品將上市，其中之一是備受期待的RAM Sport Track。我想提醒大家，開放訂購的第一天，我們在不到24小時內就售罄，開局非常有前景。接著在明年年初，我們也將推出RAM ProMaster City，至少在兩到三年內，它將是唯一的緊湊型中型廂型車。

In the US industry. '27, we also have other important launches, such as a very important product offensive for Jeep. We will launch the new Grand Cherokee, the new Jeep Wrangler and the new Jeep Gladiator in the second half of '27, as well as the new Dodge Durango in the same second half of '27. So those are the five elements that we'll be using to manage Q4 full year and then to enter in '27.

在美國市場。在'27，我們也有其他重要上市計畫，例如Jeep非常重要的產品攻勢。我們將在'27下半年推出全新Grand Cherokee、全新Jeep Wrangler以及全新Jeep Gladiator，同樣在'27下半年也會推出全新Dodge Durango。以上就是我們用來管理第四季、全年，並進入'27的五個要素。

Thank you.

謝謝。

Patrick Umel, UBS. Your line is open.

UBS的Patrick Umel，您的線路已開通。

Thank you very much. Good afternoon, gentlemen. Patrick from UBS. My first one, apologies for following up on this. I need to double-click again on the VCP and industrial. Joe, if you put yourself in our shoes, what we care about is the bridge, 26 to 27. And it's still not quite clear to me how much of a tailwind we will see year over year from VCP. Is that the $2.4 billion you talked about before or is it less because you already achieved quite a good part of it in 2026?

非常感謝。各位先生，下午好。我是UBS的Patrick。第一個問題，抱歉要再追問一下。我需要再深入釐清VCP與工業（成本）這部分。Joe，如果你站在我們的角度，我們關心的是26到27之間的銜接（bridge）。但我仍不太清楚，VCP在年對年（YoY）會帶來多少順風（tailwind）。是你之前提到的24億美元嗎？還是會更少，因為你們在2026年已經達成了其中相當一部分？

So year-over-year effect of VCP 27 over 26, please. And if you can elaborate on whether that will be offset by higher raw material costs. We heard from GM the other day that mark-to-market that they see a 2 billion headwind year-over-year or whether the net of the two will still be a clear positive driver in the AOI bridge for next year. That's my first one.

所以請說明VCP在'27相對'26的年對年效果。另外也請你談談，這是否會被更高的原物料成本所抵銷。我們前幾天聽GM提到，他們按市價評價（mark-to-market）看到年對年有20億的逆風；或是兩者相抵之後，淨額仍會是明年AOI銜接表中的明顯正向驅動因素。這是我的第一個問題。

And the second one, I mean. I was hoping actually end of last year that the era of the big line items below AOI would be over, but now in Q3 we had another $600 million related to restructuring and recalls. I guess these items keep having an impact also on free cash flow. Can you just elaborate a little bit to which extent the free cash flow guide is affected by these items that keep coming through below the AOI line?

第二個問題是，我的意思是。其實我在去年底還希望AOI以下的大額項目時代已經結束，但現在第三季又出現了另一筆6億美元，與重整與召回相關。我猜這些項目也會持續影響自由現金流。你能否多說明一下，這些持續出現在AOI以下的項目，在多大程度上影響了自由現金流指引？

Okay. So I will take the second question. So our free cash flow obviously includes all aspects of RP&L, including restructuring costs, which is an ongoing effort to reduce the fixed costs. And unfortunately, some of is still lingering costs related to the Takata recall. On the VCP.

好的。我來回答第二個問題。我們的自由現金流當然包含RP&L的所有面向，包括重整成本；這是一項持續進行的努力，目的是降低固定成本。而且不幸的是，仍有一些與Takata召回相關的成本尚未完全消退。至於VCP。

For next year, this is a discussion that we're going to have when we present the outlook for 2027. It is still developing the actions for 2026 and then what is going to be the carryover for 2027. So the $2.4 billion that we talked is the run rate of actions implemented by the end of this year. Year over year you would need to discount whatever is the VCP savings recognizing to 2026 but also add what is will be new initiatives in 2027 so we'll give you a view on that on next year and the VCP just to be clear it's a gross cost savings so it does not include headwinds and we're going to have headwinds of raw material as we said for next year over year on commodities and also memory chips but again we. We are right now working on the budget and putting all the actions together to offset that the inflation that we are seeing, not only through cost savings.

關於明年，這將是我們在提出2027年展望時會討論的議題。目前仍在推進2026年的行動，並釐清哪些會結轉到2027年。我們提到的24億美元，是截至今年底已落地行動的年度化（run rate）效果。若看年對年，你需要扣除在2026年已認列的VCP節省，同時也要加上2027年的新措施；我們會在明年給你更清楚的觀點。另外，為了說清楚，VCP是毛額成本節省（gross cost savings），不包含逆風因素；而我們如先前所說，明年年對年在大宗商品以及記憶體晶片方面會有原物料逆風，但我們。我們目前正在編列預算，並把所有行動整合起來，以抵銷我們看到的通膨，不僅僅是透過成本節省。

And just complementing what Joao said. No, thank you for your question. Just complementing what Joao said, it is important to say that we just started with the VCP and we are having great results out of it. And then we will enter as we are very confident of in '27 with higher than EUR2.4 billion of starting cost savings. Then starting from there, we will build additional cost savings month-over-month up to driving ourselves to the EUR6 billion run rate cost savings by '28. So it's going to be a curve. You can imagine a linear, less linear what you want. We will be more explicit in the next earning call when we talk about '27, but it's going to add a lot in '27, for sure more than what we'll add from now to the end of '26. So this is very important.

再補充Joao所說的。不，謝謝你的提問。補充Joao所說，很重要的一點是，我們才剛開始推動VCP，就已經取得很好的成果。我們非常有信心，進入'27時，起步的成本節省將高於24億歐元。然後從那個基礎出發，我們將逐月（month-over-month）累積額外的成本節省，推動我們在'28達到60億歐元的年度化成本節省。所以這會是一條曲線。你可以想像是線性的、或不那麼線性的，隨你怎麼看。我們會在下一次財報電話會議、談到'27時更明確說明，但可以確定的是，'27的增量會很大，肯定會多於從現在到'26年底的增量。所以這點非常重要。

Okay. Thank you. Please stay tuned. Thank you very much.

好的。謝謝。請持續關注。非常感謝。

Thomas Besson, Kepler Chaveaux.

Thomas Besson，Kepler Chaveaux。

Thank you very much. Good morning. I have two questions as well. I'd like to start with Europe and two points that could help you. Do you expect next year a release in terms of competitive pressure from the planned hybrid gaps for the Chinese imports? And do you think that your 27 European volumes could potentially rise further, but this time in a less competitive pricing environment? And on the second aspect, what is your understanding of the CO2 easing rules we could for passenger carbon LEVs for 2030 and 2035? That's my question on Europe. My second question will be, would your trading activity by region. When it comes to land production adjustments in the quarter and inventory reduction, could you talk about what you have seen as well in terms of customers' reaction to higher rates, if any, and to higher oil prices?

非常感謝。早安。我也有兩個問題。我想先從歐洲談起，有兩點可能對你們有幫助。你們是否預期明年，針對中國進口車規劃的混合動力差距（hybrid gaps）措施，會在競爭壓力方面帶來一些緩解？以及你們認為你們在歐洲的27萬輛銷量是否有機會進一步上升，但這次是在競爭性定價較不激烈的環境下？第二個面向，你們如何理解CO2規則的放寬——針對2030與2035年乘用車與輕型商用車（LEV）的碳排規範？以上是我關於歐洲的問題。我的第二個問題是關於你們按地區的交易活動。就本季為了達成各地區（尤其是美國）的庫存目標而進行的產量調整與去庫存而言，你們能否談談你們也觀察到客戶對較高利率（若有）以及較高油價的反應？

Thank you for this question for both of them. So on Europe, obviously, as all the other automakers, we welcome the first step that has been established by. The European administration on the hybrid cap, which is a very important step forward. What we really want is a level playing field. This is our voice, but also the voice of all the other automakers that are relevant in Europe. That means the combination of the approval, hopefully fast, of the two regulations that we are waiting for.

謝謝你提出這兩個問題。關於歐洲，顯然和其他所有車廠一樣，我們歡迎歐洲主管機關在混合動力上限（hybrid cap）方面所建立的第一步措施。這是非常重要的向前一步。我們真正想要的是公平競爭的環境（level playing field）。這不只是我們的聲音，也是所有在歐洲具有重要地位的其他車廠的共同聲音。這意味著我們希望能夠（而且越快越好）通過我們正在等待的兩項法規的組合。

The number one is CO2 emission with additional flexibility needed, both in passenger cars and light commercial vehicles, as you mentioned before. And we are positive on that. And the second regulation is the Made in Europe, which will be the set of rules that will reward those companies that design their cars in Europe, that they engineer their cars in Europe, that they produce their cars in European plants, and they use European suppliers. And we firmly believe that we are not far, actually we are close also after the French and German agreement.

第一項是CO2排放，需要額外的彈性，正如你先前提到的，涵蓋乘用車與輕型商用車。我們對此持正面看法。第二項法規是「歐洲製造」（Made in Europe），這將是一套規則，用來獎勵那些在歐洲設計車輛、在歐洲進行工程開發、在歐洲工廠生產，並使用歐洲供應商的公司。我們堅信我們距離這一步不遠；事實上，在法國與德國達成協議之後，我們也認為已經很接近了。

So those regulations could be approved next year as we all expect. On the net pricing environment in Europe, we see that those regulations could support for sure. We also see that the memory chip inflation and the raw material inflation will be an industry-wide phenomenon to. Work with, and we suppose that the industry will work through net pricing. Also, we work through cost containment as we are doing through VCP. Your second question was about what? Can you repeat, please?

因此，正如大家所預期，這些法規可能在明年獲得批准。就歐洲的淨定價環境而言，我們認為這些法規確實能提供支撐。我們也看到記憶體晶片通膨與原材料通膨將是全產業都必須面對的現象。我們推測產業將透過淨定價來消化。同時，我們也會像目前透過VCP所做的一樣，透過成本控制來因應。你的第二個問題是關於什麼？可以請你再重複一次嗎？

Sure. My second question was about your trading activity in Q4. The production adjustments you're making to get to your inventory targets by region in the U.S. And whether you have seen some impact from higher rates and oil prices on your customers' behavior?

當然。我第二個問題是關於你們第四季的交易活動。你們為了在美國等各地區達成庫存目標而進行的產量調整，以及你們是否看到較高利率與油價上升對客戶行為造成任何影響？

Okay. Now, that's an interesting question. And maybe I can answer for North America and Europe, our two major volume makers in the world. What we see in North America is an environment of stability of the market, of the industry that will stay fairly stable. We see though a shift in behavior of consumer. So we see increasing interest for HEV and we see the starting of interest for range extended.

好的。這是個有意思的問題。也許我可以就北美與歐洲回答，這兩個是我們在全球最主要的量體市場。我們在北美看到的是市場與產業環境相對穩定，且將維持相當穩定。不過，我們確實看到消費者行為出現轉變。因此，我們看到對HEV（油電混合）的興趣增加，也看到對增程式（range extended）的興趣開始出現。

The good thing that in the market we have both recently launched HEV that we want to keep developing for other applications. And we will also introduce very soon, as first in the market, two range extended applications, one for large pickup and one for large SUV that we are very confident that will be very well received by consumers. In North America, we're also seeing a major shift of the market into the entry part of the market, the one below USD40,000. The good thing is that in Fast Lane 2030.

好消息是，我們在市場上近期已推出HEV，並希望在其他應用上持續擴展。而且我們也將很快率先在市場導入兩款增程式應用：一款用於大型皮卡，一款用於大型SUV；我們非常有信心會受到消費者的高度歡迎。在北美，我們也看到市場明顯轉向入門級區間，也就是4萬美元以下的市場。好消息是，在Fast Lane 2030中。

One important pillar for the region is to introduce a lot of cars below $40,000. As a matter of fact, by the end of '27, we will introduce two Chrysler below $29,000. And then soon after, we will introduce one mid-size pickup truck for RAM and one compact pickup truck for RAM. So we will expand the RAM offering. Also in the smaller pickup truck where we don't compete today's run. So we are doing the right moves considering the North America trends that we see in the market.

該地區的一個重要支柱，就是推出大量4萬美元以下的車款。事實上，到2027年底，我們將推出兩款售價低於2.9萬美元的Chrysler車型。之後不久，我們將為RAM推出一款中型皮卡與一款緊湊型皮卡，從而擴大RAM的產品陣容。也會進入更小型的皮卡市場，而這是我們目前尚未競爭的領域。因此，考量我們在市場上看到的北美趨勢，我們正在做出正確的布局。

In Europe, we see obviously an acceleration of electrification driven by oil price, but also driven by regulation. The good thing is that in 2027, we will have two very important competitive moves in that environment. We will launch our global very competitive Stella One platform that will be our most competitive platform for the segments B, T and N3D. This is the heart of the market in Europe. And we will also switch for many nameplates from NMC battery chemistry to LFP battery chemistry, and this is a substantial saving in the battery cost. So the combination of the introduction of the global Stella 1 platform starting in Europe and then getting to North America and the other region and the switch of battery chemistry from NMC to the much more competitive LFP will put also us in Europe in a very good position to enjoy the acceleration of BV as we are seeing as major trend in the region thank you.

在歐洲，我們顯然看到電動化加速，這既受到油價推動，也受到法規推動。好消息是，到2027年，我們將在這樣的環境中採取兩項非常重要、具競爭力的行動。我們將推出全球化、極具競爭力的Stella One平台，這將成為我們在B、T與N3D等級距中最具競爭力的平台；這些正是歐洲市場的核心。同時，我們也將把多個車系的電池化學體系從NMC切換為LFP，這將大幅降低電池成本。因此，從歐洲開始導入全球Stella 1平台，之後再推向北美與其他地區，再加上電池化學體系從NMC轉向更具成本競爭力的LFP，將使我們在歐洲也處於非常有利的位置，得以把握我們在該地區所看到的BEV加速這一主要趨勢。謝謝。

Thank you.

謝謝。

Eni Kosmanm Barclays.

Eni Kosmanm，Barclays。

Yeah, hi, good afternoon, thank you for taking the question. I just have one question really, which is on next year's free cash flow guidance, right, which you're reiterating for that to be positive. I'm wondering about the additional large moving parts, I think Joao said you expect about $3 billion positive from working capital in Q4 year-to-date is live, so let's just say we shake out somewhere minus $2 billion for the year and then. Assuming industrial, and I suppose that's part of the question, is industrial outside of VCP, is that broadly neutral next year?

是的，嗨，午安，謝謝讓我提問。我其實只有一個問題，關於你們明年的自由現金流指引；你們重申明年自由現金流將為正。我想了解額外的主要變動因素。我記得Joao提到，你們預期第四季營運資金會有約30億美元的正向貢獻；而年初至今是負的，所以假設全年最後大概落在負20億美元左右。在工業端（我想這也是問題的一部分），若不含VCP，明年工業端是否大致持平（neutral）？

But VCP itself, I think, as some colleagues before me have asked. Sounds, it's more as a wash with raw material inflation. So I think we're all asking ourselves, how do we get from the minus 2 billion 2026 exit rate to something positive for 2027, unless you have other big moving parts in there, which is industrial savings outside of VCP, or do you incorporate a strong positive bucket from volume and mix, for example, if you could help us there bridge from the minus 2 to something positive. 2027 on the free cash flow? It's probably for Joao, but thanks very much.

但就VCP本身而言，我想如同前面幾位同業問到的，聽起來它更像是被原材料通膨抵消、相互抵銷（wash）。所以我想我們都在問自己：除非你們還有其他大的變動因素（例如VCP以外的工業節省），或者你們把銷量與產品組合（volume and mix）帶來的強勁正向貢獻納入考量，否則要如何從2026年負20億美元的退出水準（exit rate）走到2027年轉為正？如果可以的話，請協助我們把這個從負20億到轉正的橋接說明清楚。關於2027年的自由現金流？這題可能要請Joao回答，但非常感謝。

Okay, I will take the question and then Joao obviously will jump in for complimenting my answer and thank you for your question. So I want to start by saying that we are very confident in reaffirming our '26 guidance. Those include '27 free cash flow positive. So we are very confident in that as well, which is our major commitment for next year. And I will tell you how we will manage the business towards that important objective, milestone and commitment in '27. So number one will be through balancing volumes with profitabilities and production with market demand.

好的，我會先回答這個問題，然後若昂顯然會跳進來稱讚我的回答，也謝謝你的提問。我想先說，我們非常有信心重申我們對於26年的指引。其中也包括27年自由現金流轉正。所以我們對此也非常有信心，這是我們明年的主要承諾。我也會說明我們將如何把業務管理到27年這個重要目標、里程碑與承諾。第一點，是在銷量與獲利能力之間取得平衡，並讓產量與市場需求相匹配。

Number two will be through a very high net pricing discipline. And as you said, North America. Already delivered this net price discipline in Q3, and we will keep building on that. Since in Q3, the positive impact on net pricing in North America was around EUR425 million. We are able also to stabilize net pricing in Europe, and we will build on that. To drive Europe also in a positive territory for net pricing position.

第二點，是透過非常嚴格的淨定價紀律。如你所說，北美。在第三季已經展現了這項淨定價紀律，我們會持續在此基礎上加強。因為在第三季，北美淨定價的正面影響約為4.25億歐元。我們也能在歐洲穩定淨定價，並會在此基礎上推進。推動歐洲的淨定價表現也進入正向區間。

The third element will be the launch of new products. So we are launching, by the end of this year, the Sport Track for RAM in North America. This is a big profitability builder for us. And after the opening of orders, success was much higher than expected. Since we weren't sold out in the first 24 hours, so a very promising start there. Among the other important volume makers and profitability makers for next year as product launches, I want to mention, you already mentioned RAM ProMaster City.

第三個要素是新產品上市。因此，我們將在今年底前於北美為RAM推出Sport Track。這對我們而言是提升獲利能力的重要推手。而在開放訂購後，成功程度遠高於預期。因為我們在前24小時內就售罄，所以這是一個非常有前景的開局。至於明年其他重要的帶量與提升獲利的產品上市，我想提到你也已經提過的RAM ProMaster City。

That will be the only mid-size van in the US for at least two or three years, since we know by intelligence that our competitors will react in this time frame. We will launch a very significant new Jeep product offensive. The new Jeep Grand Cherokee will be launched in second half of '27, as well as the new Jeep Gladiator, the new Jeep Wrangler. And those three Jeeps, they are Jeep 100%. They have beautiful design. They have a very wide offering of powertrains.

在美國，至少在未來兩到三年內，它將是唯一的中型廂型車，因為我們從情報得知競爭對手會在這個時間範圍內做出反應。我們也將發動非常重要的Jeep新產品攻勢。全新Jeep Grand Cherokee將於27年下半年上市，同時還有全新Jeep Gladiator、全新Jeep Wrangler。這三款Jeep都是100% Jeep。它們有漂亮的設計。並且提供非常廣泛的動力系統選擇。

And they also cost less than the current ones. So we're supposed to accelerate in volumes, especially in profitability and AOI. We will launch also the new Dodge Durango, highly renewable, also in half to '27. We will launch in Europe also important trends and by the end of the year, the first step of the Peugeot renewal that will be very evident in '28. So the third element of managing the '27 towards the important. Objective of free cash flow positive will be through product launches finally, accelerating the VCP and quality improvement.

而且它們的成本也低於現行車款。因此我們預期在銷量上加速，尤其是在獲利能力與AOI方面。我們也將推出全新Dodge Durango，可高度更新換代，同樣在27年下半年。在歐洲方面，我們也會推出重要的趨勢產品，並在年底前啟動Peugeot換代的第一步，這在28年會非常明顯。因此，推動27年達成重要目標。自由現金流轉正的第三個管理要素，最終將透過產品上市、加速VCP與品質改善來實現。

So VCP will start '27 higher than EUR2.4 billion cost savings, and we will be building on that month by month to reach the EUR6 billion target that we put ourselves. We are very confident that we will exceed that and quality improvement, so quality improvement are going very well. In both regions, 46% better in North America, 13% better than last year in Europe. And this is a strong foundation to enjoy in the near term, including '27, lower total warranty costs and lower recall campaign costs. So basically, the story will be driven by AOI improvement. Through net price imposition, through important efficiency driven by VCP, other industrial projects and quality improvement and revenue coming from the current lineup plus the new products that will be launched. Thank you.

因此，VCP在27年將以高於24億歐元的成本節省起步，我們會逐月累積，達到我們設定的60億歐元目標。我們非常有信心會超越該目標；而品質改善方面，進展也非常良好。兩個區域皆然：北美較去年改善46%，歐洲較去年改善13%。這為我們在短期內（包括27年）享有更低的整體保固成本與更低的召回活動成本奠定了堅實基礎。所以基本上，故事將由AOI改善所驅動。透過淨定價的落實、由VCP與其他工業專案及品質改善所帶來的重要效率，以及來自現有產品陣容加上即將上市新產品的營收。謝謝。

I just want to clarify. So the Q3 '26 working capital was negative, $2.7 billion. Year-to-date, it's almost $3.1 billion. And based on our forecast right now. Working capital for the full year would be almost breakeven, so we expect a very sizable reverse of the working capital in Q4, similar to what we saw in 2025. And that's the comment that we did. We are reaffirming the guidance. And the guidance on the free cash flows should be better than prior year. And that's the guidance, and that is the communication that we are providing today. So we are not setting a specific number for free cash flow for 2026 other than stating that it's going to be better than 2025.

我只是想澄清一下。所以，26年第三季的營運資金為負27億美元。年初至今接近31億美元。而根據我們目前的預測。全年營運資金將接近損益兩平，因此我們預期第四季營運資金會出現相當可觀的回轉，類似我們在2025年看到的情況。這就是我們所做的評論。我們正在重申指引。而自由現金流的指引應該會優於前一年。這就是指引，也是我們今天所提供的訊息。因此，對於2026年的自由現金流，我們不設定具體數字，只表示它會比2025年更好。

Of course, thank you. If you just. Just allow me to paraphrase and summarize a little bit. So you're sort of entertaining that volume price mix has to be maybe cut in positive in 2027 and industrial savings outside of VCP also neutral to positive for this free cash flow bridge to positive in 2027 to wide. I'm not missing anything.

當然，謝謝。如果你。請允許我稍微轉述並做個小結。所以你們某種程度上是在表示，2027年的量價組合（volume price mix）可能需要轉為正貢獻，而VCP以外的工業節省對於這個在2027年把自由現金流橋接到轉正的過程，也應該是中性到正向。我沒有漏掉什麼吧。

We will for sure be much more detailed in the next earning call for budget. So stay tuned and we will talk about all the components.

我們肯定會在下一次財報電話會議、針對預算時提供更詳細的說明。所以敬請期待，我們會談到所有組成要素。

Thank you.

謝謝。

Harald Enrique, Citi.

Harald Enrique，花旗。

Good afternoon, everyone. It's Harold from Citi. Thank you so much for taking my questions, and thanks for the detailed answers that we've had already. You've answered a lot of the questions. I mean, clearly, the big question for everyone is, and I hope you'll give us more detail on this in February, but obviously, the bridge for '27 is absolutely crucial both to the AOI and to the free cash flow.

各位下午好。我是花旗的Harold。非常感謝讓我提問，也謝謝你們先前已提供的詳細回答。你們已經回答了很多問題。我的意思是，很明顯大家最大的問題是——我希望你們在二月能提供更多細節——但顯然，27年的橋接對AOI與自由現金流都至關重要。

And what we're in a process sector is obviously underestimation of the headwinds. So just as a suggestion, I think all of us would really appreciate a more detailed analysis of what you think the headwinds in 2027 are going to be. Easy point for me, so remaining. On the VCP, right, VCP of the program doesn't mean much to many of us, and we're just stupid analysts.

而我們在一個流程型產業中，顯然容易低估逆風。所以只是建議一下，我想我們所有人都會非常感謝你們更詳細地分析你們認為2027年的逆風會是什麼。對我來說很直接的一點，就是剩下的。關於VCP，對吧，這個計畫的VCP對我們很多人來說意義不大，而我們只是些愚蠢的分析師。

Is it possible, you've talked about thousands of packages, and I know, Antonio, yourself are managing many of these packages. Can you just give us some examples of the stuff that's really starting to work, that's really impacted on profitability? If you could just sort of give us two or three examples of packages of the work so far in 2026 or going into '25, and it will just give some color to what is right now a bit of a colorless program.

你們提到有成千上萬個套案（packages），而且我知道Antonio你本人也在管理其中許多套案。你能否給我們一些例子，說明哪些事情真的開始奏效、並且確實對獲利能力產生了影響？如果你能大概給兩到三個例子，說明截至目前在2026年所做的工作套案，或是進入25年的一些套案，這將能讓大家更具體理解，因為目前這個計畫有點缺乏具體色彩。

Thanks very much. No, thank you for your question. I believe I gave some examples before, but it's important to repeat even clearer. So VCP is attacking through the hard work on thousands of people in the company the overall cost structure of our company. So let me first describe this cost structure. The first component, the first element of cost structure in our company is product cost. So this is the direct material cost, the cost of component system and subsystem. So we have thousands of initiatives and projects led by engineers and purchasing people to negotiate better cost or to address technical saving ideas for lowering the cost of those components. I want to mention one, maybe two.

非常感謝。不，謝謝你的提問。我相信我之前已經舉過一些例子，但重複一次、而且講得更清楚是很重要的。因此，VCP是透過公司內成千上萬人的辛勤工作，來攻克我們公司的整體成本結構。讓我先描述這個成本結構。我們公司成本結構的第一個組成、第一個要素是產品成本。也就是直接材料成本、零組件系統與子系統的成本。因此，我們有成千上萬項由工程師與採購人員主導的倡議與專案，透過談判取得更好的成本，或提出技術節省構想以降低這些零組件的成本。我想提一個，或許兩個。

So the first one we are talking a lot, the cost of wiring harnesses in the company. So for all our nameplates, we have a lot of engineers that are studying in details, layout of wiring harnesses in our cars, connectors and other components that those wiring harnesses are using, mass quantity of raw material needed in those wiring harnesses. And the objective is to deliver more competitive, equally good in quantity wiring harnesses for our cars.

所以第一個我們談了很多的是公司內線束的成本。因此，針對我們所有車型，我們有許多工程師在深入研究我們車輛線束的佈局、線束所使用的連接器與其他零組件，以及這些線束所需的大量原材料。目標是為我們的車輛提供更具競爭力、且在品質上同樣優良的線束。

We do that by this study, and we do also that by benchmarking ourselves to the same system, the wiring harnesses, that our most competitive competitors use. So we tear down a lot of cars to analyze what competition does. This is just one example. Another example that I can give you on product cost is a very important work that we are doing on catalyst. By analyzing them in depth, we are able to optimize the use of precious materials, so palladium, rhodium, platinum that are very costly in those catalysts. Obviously, by keeping all performance or even improving those in our cars. And this is on product cost, the cost of components that is the real cost.

我們透過這項研究來做到，同時也會以同樣的系統——也就是線束——與我們最具競爭力的競爭對手所使用的方案進行對標比較。因此我們拆解了大量車輛，來分析競爭對手怎麼做。這只是其中一個例子。我還可以給你另一個關於產品成本的例子：我們正在催化器上做一項非常重要的工作。透過深入分析，我們能夠最佳化貴金屬材料的使用，也就是鈀、銠、鉑——這些在催化器中都非常昂貴。當然，同時維持所有性能，甚至在我們的車上進一步提升性能。而這些都屬於產品成本，也就是零組件成本——那才是真正的成本。

The second element of cost is transformation cost. So whatever cost happens in our plants, in our factory to build our cars, our products. And on that really we have armies of people that are every day going up and down in the lines to find the source of efficiency. I mentioned before a very interesting example that we have in the company. We are expanding it very fast. AI-powered tool for preventive maintenance that is helping in. In being more effective and efficient in our maintenance activity. So now, through the adoption of this tool, we see that our equipment and machines are breaking less. That means higher productivity, higher efficiency in the plant.

第二個成本要素是製造轉換成本。也就是在我們的工廠、產線中，為了製造我們的車輛與產品所發生的各種成本。在這方面，我們真的有一大群人每天在產線上上下下，去找出效率的來源。我之前提過公司裡一個非常有趣的例子。我們正在非常快速地擴大推行。那是一個由 AI 驅動的預防性維護工具，正在協助我們。讓我們的維護活動更有效、更有效率。因此現在，透過採用這個工具，我們看到設備與機器故障變少了。這代表工廠的生產力更高、效率更高。

The third element of the cost is logistics. And here, for instance, we just introduced to many plants Optima, which is an AI-powered tool that our team invented to. Daily reroute our logistic flows in the way now they are more cost efficient. And this exercise is done real time by AI, by Optima, and give us real time tons of solution to do less kilometers or to use more efficient routings. And this is a source of big saving that was not possible before. Because those studies were done manually, and we have millions of routing globally. So you understand how AI is powerful for that application.

第三個成本要素是物流。例如，我們剛在許多工廠導入 Optima，這是一個由 AI 驅動、由我們團隊發明的工具，用來。每天重新規劃我們的物流流向，使其在成本上更有效率。這項工作由 AI、也就是 Optima 即時完成，並即時提供大量解決方案，讓我們能走更少的公里數或採用更有效率的路線。這是一個以前不可能做到的重大節省來源。因為過去這些研究是人工完成的，而我們在全球有數以百萬計的路線。所以你可以理解 AI 在這個應用上有多強大。

Finally, we are holistically taking a very close look to the way we do business, we do production. For instance, we are capturing a lot of opportunities that we call make or buy, basically sourcing, as we did recently in North America.

最後，我們也以整體性的方式，非常仔細地檢視我們做生意與生產的方式。例如，我們正在掌握許多我們稱之為「自製或外購」（make or buy）的機會，本質上就是採購／供應來源策略，就像我們最近在北美所做的那樣。

We insourced or we are insourcing actually hot stamping that was a process in the hands of a supplier and in midterm will be our process and that will save to us a lot of millions in the midterm and long-term so those are tangible examples but I can provide you how many you want by the way you can visit us anytime and I can personally bring you to the. Offices to the labs where we do VCP, you will see that activity real life. You will see a lot of energy, a lot of good work, essential work that is deployed by those thousands of engineers. Thank you. Thank you very much. Great answer.

我們把原本由供應商掌握的熱沖壓製程改為內製，或者說我們正在內製化；在中期它將成為我們自己的製程，並且在中期與長期為我們節省數以千萬計的成本，所以這些都是具體的例子；不過我也可以依你的需求提供更多例子——順帶一提，你隨時都可以來參觀，我也可以親自帶你到。辦公室與實驗室，看看我們進行 VCP 的地方，你會在現場看到這些活動。你會看到很多能量、很多優秀的工作，以及由那數千名工程師所推動的關鍵工作。謝謝。非常感謝。很棒的回答。

Thank you so much.

非常感謝你。

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

各位女士、先生，這是最後一個問題。接下來，讓我把電話交回給 Antonio Filosa 先生做結語。

Yes, very well. 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 very much. Thank you again and see you next time. Bye-bye.

好的，非常好。再次感謝各位今天加入我們，也感謝各位投入時間與專注來檢視我們的業績結果並聆聽我們的業務更新。非常感謝。再次感謝，我們下次見。再見。