Visteon Corporation (VC) 2026 Q3 法說會逐字稿

I'm Ryan Ghazaeri, Vice President of Investor Relations and Corporate Strategy. Welcome to our earnings call for the third quarter of 2026.

我是 Ryan Ghazaeri，投資人關係與企業策略副總裁。歡迎參加我們 2026 年第三季的財報電話會議。

Before we begin this morning's call, I'd like to remind you that today's presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and are subject to various risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed. Please refer to the page titled Forward-Looking Statements in our earnings material for more detail. Presentation materials for today's call were posted this morning on the Investors section of Visteon's website.

在我們開始今天上午的電話會議之前，我想提醒各位，今天的簡報包含《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些陳述不保證未來表現，且受各種風險、不確定性與假設影響，可能導致實際結果與所表達內容出現重大差異。更多細節請參閱我們財報資料中題為「前瞻性陳述」的頁面。今日電話會議的簡報資料已於今早發布於 Visteon 官網的投資人專區。

Joining us today are Sachin Lawande, President and Chief Executive Officer, and Jerome Rouquet, Senior Vice President and Chief Financial Officer. We have scheduled the call for one hour and will open the lines for questions after Sachin's and Jerome's prepared remarks. Please limit your participation to one question and one follow-up. Thank you for joining us.

今天與會者包括總裁兼執行長 Sachin Lawande，以及資深副總裁兼財務長 Jerome Rouquet。本次電話會議預計一小時，並將在 Sachin 與 Jerome 的事先準備發言後開放提問。請將您的參與限制為一個問題及一個追問。感謝各位加入。

I will now turn over the call to Sachin.

接下來我將把電話會議交給 Sachin。

Thank you, Ryan. And good morning, everyone.

謝謝你，Ryan。各位早安。

Visteon delivered strong sales growth in the third quarter despite a challenging industry production environment. Customer-weighted vehicle production declined approximately 5 percentage points during the quarter, yet our sales grew 6% year-over-year to $970 million, resulting in approximately 10 percentage points of market outperformance, excluding the impact of memory recoveries and pricing.

儘管產業生產環境充滿挑戰，Visteon 在第三季仍實現強勁的銷售成長。本季按客戶加權的整車產量約下降 5 個百分點，但我們的銷售額年增 6% 至 9.70 億美元，換算約有 10 個百分點的市場超額表現（不含記憶體回收與定價影響）。

During the quarter, we recorded $77 million of specific warranty charges related to two instrument cluster programs with separate customers. The charges follow customer decisions made in the quarter and relate to two unrelated issues. In one program, we expect to remediate affected vehicles through software updates, in the other, through product replacement. The root causes have been identified and corrected, and the charges reflect our best estimate of the cost to complete these actions.

本季我們就兩個儀表總成（instrument cluster）專案、分別對應不同客戶，認列了 7,700 萬美元的特定保固費用。該費用源於本季客戶所做的決策，且涉及兩個彼此無關的問題。其中一個專案，我們預期將透過軟體更新修復受影響車輛；另一個則透過產品更換處理。根本原因已被辨識並修正，而該費用反映我們對完成上述行動成本的最佳估計。

As a result of these charges, our adjusted EBITDA for the quarter was $46 million, compared with $123 million excluding the charges. This represents an adjusted EBITDA margin of approximately 4.7% or 12.7% excluding the charges. While these charges had a significant impact on our profitability for the quarter, they relate to previously delivered products, and our underlying operating performance remained strong.

受上述費用影響，本季調整後 EBITDA 為 4,600 萬美元；若排除該費用則為 1.23 億美元。這相當於調整後 EBITDA 利潤率約 4.7%，若排除該費用則約為 12.7%。雖然這些費用對本季獲利造成顯著影響，但其與先前已交付的產品相關，而我們的核心營運表現仍然強勁。

We have made good progress recovering higher memory costs incurred earlier this year. As component costs continue to evolve, we are actively working with customers and suppliers to mitigate the impact consistent with the disciplined approach we have followed during prior shortages. Adjusted free cash flow was neutral in the quarter as we increased inventory of critical semiconductor components in response to emerging parts shortages. We ended the quarter with net cash of $136 million.

我們在回收今年稍早發生的較高記憶體成本方面已取得良好進展。隨著零組件成本持續變動，我們正積極與客戶及供應商合作，以減輕影響，並延續我們在先前短缺期間所採取的紀律性作法。本季調整後自由現金流為持平，因我們因應新出現的零件短缺而增加關鍵半導體零組件庫存。本季末我們的淨現金為 1.36 億美元。

Beyond the financial results, we continue to execute on the strategic priorities we outlined at Investor Day. We launched 21 new products across 14 automakers, including our first SmartCore High-Performance Compute program with Chery. We also secured approximately $1 billion in new business awards, bringing year-to-date bookings to $3.9 billion.

除財務結果外，我們也持續推進在投資人日所提出的策略優先事項。我們在 14 家車廠推出 21 項新產品，其中包括與奇瑞合作的首個 SmartCore 高效能運算（High-Performance Compute）專案。我們也取得約 10 億美元的新業務得標，使年初至今的訂單（bookings）達到 39 億美元。

Finally, we completed our $200 million accelerated share repurchase during the quarter, marking the first step in executing the capital allocation framework we outlined at Investor Day.

最後，我們於本季完成 2 億美元的加速庫藏股回購（accelerated share repurchase），這標誌著我們開始執行在投資人日所說明的資本配置框架。

Let me now turn to our third quarter sales performance on page three. This slide shows our regional sales performance in what was a challenging production environment in most markets where we operate. Overall, customer vehicle production declined during the quarter, most notably in China, yet our recent launches over the last few quarters enabled us to grow sales and outperform the market.

接下來請看第 3 頁，我將說明我們第三季的銷售表現。本頁顯示我們在多數營運市場皆面臨嚴峻生產環境下的各區域銷售表現。整體而言，本季客戶整車產量下滑，尤其中國最為明顯；然而，我們過去幾季的近期量產導入（launches）使我們得以推動銷售成長並超越市場表現。

In the Americas, our performance was impacted primarily by lower BMS sales to GM compared with elevated demand in the prior year quarter ahead of the expiration of the EV tax credits. This was partially offset by the ramp-up of new programs with Ford and Nissan. Europe was our strongest performing region, with sales growth of nearly 20%.

在美洲地區，我們的表現主要受到對通用汽車（GM）的 BMS 銷售下降影響；相較之下，去年同期因電動車稅收抵免到期前需求偏高。此影響部分被與福特與日產的新專案放量所抵銷。歐洲是我們表現最強的區域，銷售成長接近 20%。

Our panoramic multi-display and cluster program with Audi, display and cluster programs with Renault, and display launches with Mercedes all contributed to this growth. These more than offset roll-offs and lower volumes on legacy programs with BMW. In Asia, excluding China, our sales grew approximately 14%, led by new launches of our SmartCore domain controller in India with Mahindra, as well as digital clusters on two-wheelers with Royal Enfield and TVS.

我們與奧迪的全景多顯示器與儀表總成專案、與雷諾的顯示器與儀表總成專案，以及與賓士的顯示器量產導入，皆對此成長有所貢獻。這些成長不僅抵銷了與 BMW 的既有（legacy）專案到期退出（roll-offs）及較低出貨量的影響。在亞洲（不含中國），我們的銷售約成長 14%，主要由印度與 Mahindra 的 SmartCore 區域控制器（domain controller）新量產導入帶動，並包括在 Royal Enfield 與 TVS 的二輪車數位儀表（digital clusters）。

The strong performance in India more than offset the roll-off of a Mazda program in Japan and currency headwinds from the Indian rupee and Japanese yen. Finally, in China, customer production declined approximately 17%, in line with the broader industry, excluding exports. While lower domestic demand is impacting production at all OEMs, international OEMs are impacted more, including Visteon customers such as Volkswagen.

印度的強勁表現，足以抵銷日本一項 Mazda 專案的到期退出，以及印度盧比與日圓帶來的匯率逆風。最後，在中國，客戶產量約下降 17%，與更廣泛的產業趨勢一致（不含出口）。在國內需求走弱影響所有 OEM 生產之際，國際 OEM 受影響更大，其中包括 Visteon 的客戶如福斯（Volkswagen）。

While our international OEM customers continue to face lower demand, we are successfully repositioning our China business toward domestic OEMs that are gaining share. Domestic OEMs now account for approximately half of our China sales, compared with just over one-third a year ago. This is important as our strategy is increasingly aligned with premium segment brands of Chinese domestic OEMs that are gaining share in that market.

儘管我們的國際 OEM 客戶仍面臨較低需求，我們正成功將中國業務重新定位至市占提升的本土 OEM。本土 OEM 目前約占我們中國銷售的一半，而一年前僅略高於三分之一。這點很重要，因為我們的策略正日益與在該市場市占提升的中國本土 OEM 之高端（premium）品牌相一致。

With the anticipated launches of high-performance compute systems with leading domestic OEMs Geely and SAIC, we expect our China sales to return to growth in the fourth quarter. Overall, the quarter demonstrated that while customer vehicle production declined, our launch execution and diversified customer portfolio enabled us to deliver strong sales growth and position the business well for the fourth quarter and into 2027.

隨著預期將與領先的本土 OEM 吉利與上汽（SAIC）推出高效能運算系統，我們預期第四季中國銷售將恢復成長。整體而言，本季顯示即使客戶整車產量下滑，我們的量產導入執行力與多元化客戶組合仍使我們得以實現強勁銷售成長，並為第四季及邁入 2027 年奠定良好基礎。

Turning to page 4, we launched 21 new products across 14 automakers in the third quarter, continuing a year of high launch activity that sets the stage for 2027. The highlight of the quarter, shown on the right, is the launch of our SmartCore High-Performance Compute cockpit domain controller on the Chery Freelander 8 in China.

接著看第 4 頁，我們在第三季於 14 家車廠推出 21 項新產品，延續今年高密度的量產導入活動，為 2027 年鋪路。本季亮點如右側所示，是我們在中國奇瑞 Freelander 8 上推出 SmartCore 高效能運算座艙域控制器（cockpit domain controller）。

The system consolidates more than 10 electronic control units into a single system and brings integrated edge AI capabilities into the cockpit, addressing one of the fastest emerging areas of product differentiation in the Chinese automotive market. This launch with Chery is the definition of China speed, as it represents a first-to-market system on a new fifth-generation Qualcomm chip with a booking-to-start of production timeline of approximately 13 months. The program is following its planned launch ramp, with volumes expected to increase in the fourth quarter and through 2027 as additional vehicles are introduced. With BMW, we launched our cockpit domain controller in Europe on the new i3, one of the first vehicles built on BMW's next-generation electric vehicle platform. This is an important high-volume program for Visteon with launches in additional markets planned later this year, followed by expansion to other BMW models in 2027.

該系統將超過 10 個電子控制單元整合至單一系統，並把整合式邊緣 AI 能力帶入座艙，切入中國汽車市場產品差異化最快速崛起的領域之一。與奇瑞的此次量產導入可謂「中國速度」的最佳體現，因其是在全新第五代 Qualcomm 晶片上的首發（first-to-market）系統，且從接單到開始量產（booking-to-start of production）的時程約 13 個月。該專案依計畫進行量產爬坡，預期出貨量將於第四季及 2027 年期間隨更多車款導入而增加。與 BMW 方面，我們在歐洲於全新 i3 上推出座艙域控制器，該車是首批採用 BMW 下一代電動車平台打造的車款之一。這對 Visteon 而言是一項重要的高出貨量專案，並計畫於今年稍晚在其他市場推出，之後於 2027 年擴展至其他 BMW 車型。

Also in Europe, we expanded our panoramic display and cluster program with Audi through the launch of the A3, adding another vehicle to the successful program that has been an important contributor to our market outperformance this year. Beyond Europe, we launched a driver display for a new Lexus electric SUV serving the Japanese and North American markets. This is one of the several planned launches with Toyota that we highlighted at Investor Day, supporting a strategy to expand our business with this important customer. We also continued to expand our presence beyond passenger vehicles with launches of connected digital clusters for Royal Enfield and Honda two-wheelers, as well as cockpit domain controllers for Volvo Construction Equipment excavators in Korea and China. These programs demonstrate how we're leveraging our proven cockpit technologies to capture growth opportunities in adjacent mobility markets. Overall, these launches reinforce several important trends.

在歐洲，我們也透過推出 A3，與奧迪擴大了全景顯示與儀表群組（cluster）專案，為這項成功的專案再新增一款車型；該專案今年一直是我們市場表現優於同業的重要貢獻來源。在歐洲以外，我們為一款全新 Lexus 電動 SUV 推出駕駛顯示器，服務日本與北美市場。這是我們在投資人日所強調、與豐田規劃中的多項量產導入之一，支持我們擴大與這位重要客戶合作的策略。我們也持續將布局擴展至乘用車以外領域，包含為 Royal Enfield 與 Honda 兩輪車推出連網數位儀表群組，以及在韓國與中國為 Volvo Construction Equipment 挖掘機推出座艙域控制器。這些專案展現我們如何運用已驗證的座艙技術，在相鄰的移動出行市場中掌握成長機會。整體而言，這些量產導入進一步強化了幾項重要趨勢。

First, our portfolio continues to migrate toward higher value cockpit computing and display technologies. Second, our high-performance compute business has moved from new business awards into production. Finally, we continue to expand in adjacent mobility segments, supporting a more diversified growth profile.

第一，我們的產品組合持續朝更高價值的座艙運算與顯示技術轉移。第二，我們的高效能運算業務已從新案獲獎（new business awards）進入量產。最後，我們持續擴展至相鄰的移動出行細分領域，支持更為多元化的成長輪廓。

Turning to page 5. New business bookings were just under $1 billion during the quarter, bringing our year-to-date total to $3.9 billion. Several significant sourcing decisions that we anticipated in the third quarter shifted into the fourth quarter as car makers evaluate changes in memory technologies and product architectures. These opportunities remain in our pipeline, although some final award decisions may extend into 2027. Importantly, we have not seen a corresponding change in the underlying demand for our products.

請翻到第 5 頁。本季新業務訂單（bookings）略低於 10 億美元，使年初至今累計達到 39 億美元。我們原先預期在第三季做出的幾項重要採購定案（sourcing decisions），因車廠評估記憶體技術與產品架構的變更而延後至第四季。這些機會仍在我們的案源管線中，儘管部分最終授案決策可能延伸至 2027 年。重要的是，我們尚未看到對我們產品的基本需求出現相應變化。

Based on our current pipeline of opportunities and anticipated customer sourcing decisions in the fourth quarter, we continue to target $6 billion in new business bookings for the full year. Looking beyond 2026, we also see opportunities for new product designs and platform upgrades as customers transition to newer memory technologies, which we expect will further strengthen our pipeline.

基於我們目前的機會管線以及預期客戶在第四季的採購定案，我們仍以全年新業務訂單 60 億美元為目標。展望 2026 年之後，隨著客戶轉向更新的記憶體技術，我們也看到新產品設計與平台升級的機會，預期將進一步強化我們的案源管線。

Our wins in Q3 also support a strategic objective of growing our business with targeted customers in Asia, including Toyota, Maruti Suzuki, and Tata Motors. Furthermore, reflecting the shorter time from award to launch, about half of our Q3 new business awards will launch in 2027, with another 25% launching in 2028.

我們在第三季的得標也支持一項策略目標：擴大與亞洲目標客戶的業務，包括豐田、Maruti Suzuki 與 Tata Motors。此外，反映從授案到導入量產的時間縮短，我們第三季新業務得標中約有一半將於 2027 年導入量產，另有 25% 將於 2028 年導入量產。

Let me highlight a few of the strategic new business wins from the quarter. First, we secured a cross-car platform display business with a Japanese OEM for its premium brand, covering multiple markets. The first launch is in China on an electric SUV in 2027, followed by a global launch on a hybrid crossover in 2028. Visteon is the sole supplier for this product and is well-positioned to win follow-on opportunities.

我來重點說明本季幾項具策略性的新增業務得標。首先，我們為一家日本 OEM 的高端品牌拿下跨車系平台顯示業務，涵蓋多個市場。首發將於 2027 年在中國的一款電動 SUV 上導入，隨後於 2028 年在一款油電混合跨界車上進行全球導入。Visteon 是該產品的唯一供應商，並具備良好條件贏得後續延伸機會。

Second, we won two display programs with a leading Indian OEM, marking our first display wins with this customer. This OEM has traditionally offered small displays in its vehicles, and the move to 12.3-inch and 12.8-inch displays represents a significant shift in its cockpit strategy. These displays go into production in 2028 on two vehicles with opportunities to expand to additional models. We also won a 10-inch center information display for a light-duty commercial vehicle with a North American OEM. The initial launch is for the European market with follow-on opportunities in other regions.

第二，我們與一家領先的印度 OEM 拿下兩個顯示專案，這也是我們首次在該客戶取得顯示產品的得標。該 OEM 過去在車輛上多採用小尺寸顯示器，而轉向 12.3 吋與 12.8 吋顯示器，代表其座艙策略的重大轉變。這些顯示器將於 2028 年在兩款車型上量產，並有機會擴展至更多車型。我們也為一家北美 OEM 的輕型商用車拿下 10 吋中控資訊顯示器。初期導入面向歐洲市場，並在其他地區具備後續延伸機會。

Finally, we secured a center display and infotainment system with integrated vision processing across multiple vehicle models with an Indian OEM, further strengthening our position in one of the fastest-growing markets in the world. The program includes a 10.25-inch display along with a silver box that provides infotainment functions, rearview camera processing, and visualization.

最後，我們與一家印度 OEM 在多個車型上拿下中控顯示與資訊娛樂系統，並整合視覺處理功能，進一步鞏固我們在全球成長最快市場之一的地位。該專案包含一個 10.25 吋顯示器，以及一個 silver box（銀盒）模組，提供資訊娛樂功能、倒車影像處理與視覺化呈現。

Overall, our third quarter and year-to-date bookings reinforce the strategy that we presented at Investor Day as we continue to diversify our customer base across Japan, India, and non-passenger vehicle markets.

整體而言，我們第三季及年初至今的訂單表現，強化了我們在投資人日所提出的策略：持續在日本、印度以及非乘用車市場分散客戶基礎。

Turning to page 6. Let me now turn to our outlook for Q4. Demand for our advanced cockpit products remains healthy, supported by recent launches and increasing content per vehicle, even as industry vehicle production and component availability remain challenging.

請翻到第 6 頁。接著談我們對第四季的展望。儘管產業整體車輛產量與零組件供應仍具挑戰，在近期量產導入與單車搭載內容增加的支持下，我們先進座艙產品的需求仍維持健康。

Our recent launches, including the Audi cluster and display system, the BMW cockpit domain controller, and our Chery high-performance compute program, continue to ramp with volumes growing sequentially. We also have additional launches in the fourth quarter, including high-performance compute systems with leading domestic OEMs in China, a high-volume digital cluster program for a Japanese OEM in the North American market, and cluster programs for two-wheelers in India. Together, these programs are expected to more than offset normal program roll-offs and lower customer production volumes, driving strong market outperformance in the fourth quarter.

我們近期的量產導入，包括 Audi 儀表群組與顯示系統、BMW 座艙域控制器，以及我們的奇瑞高效能運算專案，均持續爬坡，出貨量按季成長。我們在第四季也將有更多導入量產，包括在中國與領先本土 OEM 的高效能運算系統、面向北美市場的日本 OEM 高量數位儀表群組專案，以及印度兩輪車的儀表群組專案。綜合而言，這些專案預期將不僅抵消正常的專案退場（roll-offs）與客戶較低的生產量，並在第四季帶動強勁的市場表現優於同業。

Turning to the supply environment, memory and other electronic components have remained tight throughout the year. So far, we have successfully managed these constraints without impacting customer production, working closely with our supply chain partners. However, we are beginning to see greater industry-wide supply headwinds, particularly for memory and printed circuit boards, which could constrain vehicle production in the fourth quarter.

就供應環境而言，記憶體與其他電子零組件全年持續緊缺。截至目前，我們與供應鏈夥伴密切合作，已成功管理這些限制，未影響客戶生產。然而，我們開始看到更大的產業供應逆風，特別是在記憶體與印刷電路板（PCB）方面，可能在第四季限制車輛生產。

To mitigate these challenges, we have taken several proactive measures. We have entered into strategic supply agreements with memory and printed circuit board suppliers, expanded our supplier base for DRAM and NAND memory, and undertaken product redesigns to reduce reliance on constrained components. These actions are already delivering benefits and are helping us maintain supply continuity, positioning us to finish the year with meaningful growth over market.

為了緩解這些挑戰，我們採取了多項前瞻性措施。我們已與記憶體與印刷電路板供應商簽訂策略性供應協議，擴大 DRAM 與 NAND 記憶體的供應商基礎，並進行產品重新設計，以降低對受限零組件的依賴。這些行動已開始帶來效益，並協助我們維持供應連續性，使我們有利於在年底以前實現顯著高於市場的成長。

Looking ahead to 2027, we expect memory costs to exceed the assumptions we outlined at Investor Day in June. We have made significant progress securing additional memory supply through strategic agreements with established suppliers and commitments from new suppliers. These actions have substantially improved our visibility into memory availability for next year, although this additional supply is coming at higher costs.

展望 2027 年，我們預期記憶體成本將高於我們在 6 月投資人日所提出的假設。我們透過與既有供應商的策略協議，以及新供應商的供應承諾，在取得額外記憶體供應方面已取得重大進展。這些行動大幅提升了我們對明年記憶體可得性的能見度，儘管這些新增供應將伴隨更高成本。

We are actively working with our customers to address these increases and expect to provide greater clarity when pricing and commercial discussions progress as we are still finalizing pricing with suppliers. Jerome will provide our current planning assumptions at the end of our presentation based on the visibility we have today, but ultimately, the financial impact will depend on product mix, customer production volumes, and our commercial arrangements with customers.

我們正積極與客戶合作以因應這些成本上升，並預期在定價與商務討論推進後提供更清晰的說明，因為我們仍在與供應商敲定最終價格。Jerome 將在簡報結尾，基於我們目前掌握的能見度，提供現行規劃假設；但最終的財務影響將取決於產品組合、客戶生產量，以及我們與客戶之間的商務安排。

Turning to page 7. Let me conclude by summarizing what we accomplished this quarter. First, we delivered strong market outperformance of approximately 10 percentage points, driven by some high-value product launches with OEMs, primarily in Europe and Asia. Second, we maintained commercial and operational discipline in a difficult supply environment. We are working on securing the components we need to support our customer demand while working to offset cost increases through recovery agreements.

請翻到第 7 頁。最後，我以本季達成的成果作總結。第一，我們交出約 10 個百分點的強勁市場表現優於同業，主要由與 OEM 的若干高價值產品量產導入所帶動，集中在歐洲與亞洲。第二，在艱困的供應環境下，我們維持了商務與營運紀律。我們一方面致力於確保取得所需零組件以支撐客戶需求，另一方面也透過成本回收協議來抵消成本上升。

Third, our growth pillars continued to build momentum. We launched new next-generation products in China, India, two-wheelers, and commercial vehicles, as well as global programs with our Japanese customers. Finally, we completed our $200 million accelerated share repurchase program, continuing to execute the capital allocation framework we outlined at Investor Day.

第三，我們的成長支柱持續累積動能。我們在中國、印度、兩輪車與商用車領域推出新一代產品，也與日本客戶推進全球性專案。最後，我們完成了 2 億美元的加速庫藏股回購（accelerated share repurchase）計畫，持續落實我們在投資人日所說明的資本配置框架。

Overall, this quarter provided another proof point that the strategy we outlined at Investor Day is translating into market outperformance. We are addressing near-term operational challenges while continuing to execute our growth strategy with a strong pipeline of product launches and new customer opportunities heading into 2027.

整體而言，本季再次證明我們在投資人日所闡述的策略正轉化為市場表現優於同業。我們在因應短期營運挑戰的同時，仍持續執行成長策略；在邁向 2027 年之際，我們擁有強勁的產品量產導入管線與新的客戶機會。

With that, let me turn the call over to Jerome, who will review our financial results in more detail.

接下來，讓我把電話交給 Jerome，他將更詳細地回顧我們的財務結果。

Thank you, Sachin, and good morning, everyone.

謝謝你，Sachin，各位早安。

Our third quarter results reflect three key themes. First, strong sales growth and launch execution. Second, resilient underlying profitability despite two distinct warranty charges and the timing of some customer recoveries. Third, deliberate working capital investments in inventory to improve supply chain resilience and support upcoming launches.

我們第三季的結果反映三個關鍵主題。第一，強勁的銷售成長與新品上市執行。第二，儘管有兩項不同的保固費用以及部分客戶回收款項的時點影響，基礎獲利能力仍具韌性。第三，為提升供應鏈韌性並支援即將到來的新品上市，我們有計畫地在庫存上投入營運資金。

For the quarter, sales were $970 million, up 6% from the prior year. We delivered growth over market of 10% relative to customer-weighted production, driven by strong launch execution, most notably in Europe and India. Adjusted EBITDA was $46 million or 4.7% of sales, including approximately $77 million for two specific warranty-related charges Sachin mentioned earlier.

本季銷售額為 9.70 億美元，較去年同期成長 6%。相較於以客戶加權產量衡量的市場，我們實現了 10% 的超越市場成長，主要由強勁的上市執行所帶動，尤其是在歐洲與印度。調整後 EBITDA 為 4,600 萬美元，約占銷售額的 4.7%，其中包含 Sachin 先前提到的兩項特定保固相關費用，約 7,700 萬美元。

Excluding these charges, adjusted EBITDA would have been $123 million or 12.7% of sales, compared with 12.1% in the second quarter. This demonstrates the resilience of our underlying performance despite additional inflation pressures beyond memory, mostly in PCBs and other electronic components for which customer recoveries are still being negotiated.

若排除這些費用，調整後 EBITDA 將為 1.23 億美元，約占銷售額的 12.7%，相較第二季的 12.1% 提升。這顯示即使面臨記憶體以外的額外通膨壓力（主要在 PCB 與其他電子元件，且相關客戶回收仍在協商中），我們的基礎表現仍具韌性。

Adjusted free cash flow was almost break even for the quarter. Cash flow performance reflected our deliberate decision to build inventory to secure more strategic supplies, increase safety stocks of selected components, and support upcoming product launches. At the same time, we continue to execute our capital allocation priorities.

本季調整後自由現金流幾乎打平。現金流表現反映我們有意提高庫存：以確保更具策略性的供應、增加特定元件的安全庫存，並支援即將到來的產品上市。同時，我們仍持續執行資本配置的優先事項。

During the quarter, we completed a $200 million accelerated share repurchase program and paid $9 million in dividends, returning a total of $209 million to shareholders. We have now returned approximately $500 million to shareholders since our 2023 Investor Day in the form of share repurchases and dividends. We ended the quarter with net cash of $136 million, near the target outlined at our June Investor Day.

本季我們完成了 2 億美元的加速股票回購計畫，並支付 900 萬美元股利，合計向股東返還 2.09 億美元。自 2023 年投資人日以來，我們已透過股票回購與股利向股東返還約 5 億美元。本季末我們的淨現金為 1.36 億美元，接近我們在 6 月投資人日所提出的目標。

Overall, the quarter demonstrates strong market outperformance and launch execution, resilient underlying profitability, and disciplined deployment of our balance sheet while being able to manage near-term cost pressures and withstand working capital pressures.

整體而言，本季展現了強勁的超越市場表現與上市執行、具韌性的基礎獲利能力，以及在能管理短期成本壓力並承受營運資金壓力的同時，仍能有紀律地運用資產負債表。

Turning to page 10. Sales for the quarter were $970 million, up $53 million or 6% from the prior year. It is now the second quarter this year that Visteon posted absolute year-over-year growth. Q3 customer-weighted production declined approximately 5%, with the most significant decline in China. Against that backdrop, we delivered growth over market of 10%, excluding pricing and recoveries. This outperformance was driven by the continued ramp-up of recent launches with Audi, Renault, Nissan, and Mahindra, partially offset by lower BMS volumes with GM and the roll-off of certain legacy programs.

請看第 10 頁。本季銷售額為 9.70 億美元，較去年同期增加 5,300 萬美元或 6%。這是 Visteon 今年第二個季度實現絕對的年對年成長。第三季以客戶加權計算的產量約下滑 5%，其中以中國降幅最為明顯。在此背景下，若排除定價與回收款項，我們實現了 10% 的超越市場成長。此一優於市場的表現主要來自近期與 Audi、Renault、Nissan 及 Mahindra 的新案持續放量，部分被與 GM 的 BMS 出貨量下降以及部分舊有專案退場所抵銷。

Net customer recoveries for electronic cost inflation, including both legacy costs and 2026 inflation, contributed approximately $50 million to sales, a year-over-year increase of approximately $20 million, more than offsetting normal pricing reductions. Adjusted EBITDA was $46 million or 4.7% of sales, including approximately $77 million for two specific warranty-related charges highlighted earlier. Excluding these charges, adjusted EBITDA would have been $123 million, compared with $119 million in the third quarter of 2025, demonstrating the resilience of Visteon's underlying performance.

電子成本通膨的客戶淨回收（包含既有成本與 2026 年通膨）對銷售額貢獻約 5,000 萬美元，較去年同期增加約 2,000 萬美元，且足以抵銷正常的降價影響。調整後 EBITDA 為 4,600 萬美元，約占銷售額的 4.7%，其中包含先前提及的兩項特定保固相關費用約 7,700 萬美元。若排除這些費用，調整後 EBITDA 將為 1.23 億美元，較 2025 年第三季的 1.19 億美元增加，顯示 Visteon 基礎表現的韌性。

The year-over-year EBITDA bridge reflects higher volumes from recent launches, customer commercial recoveries, operational efficiencies, and lower accruals for incentive compensation. These benefits were offset by elevated warranty charges, higher supplier costs, and negative exchange rate impacts.

年對年 EBITDA 橋接主要反映：近期新案帶來的較高出貨量、客戶商務回收、營運效率提升，以及較低的獎酬激勵薪酬提列。上述效益被較高的保固費用、較高的供應商成本，以及匯率不利影響所抵銷。

Inflation-related recoveries remain an important driver of our 2026 results. In the third quarter, customer recoveries fully offset memory cost increases, consistent with the progress reported in Q2. However, we incurred approximately $10 million of cost leakage from a second wave of inflation in PCBs and other electronics-related components that began in the second quarter.

與通膨相關的回收仍是推動我們 2026 年業績的重要動能。第三季，客戶回收已完全抵銷記憶體成本上升，與第二季所報告的進展一致。然而，我們因第二波通膨（自第二季開始、發生在 PCB 與其他電子相關元件）產生約 1,000 萬美元的成本缺口。

We are actively negotiating with customers to recover these costs along with ongoing memory inflation. Overall, the quarter reflects strong growth over market performance and launch execution, resilient underlying profitability excluding the specific warranty-related charges, and continued progress on recoveries and cost initiatives.

我們正積極與客戶協商，以回收這些成本以及持續的記憶體通膨。整體而言，本季反映了強勁的超越市場成長與上市執行；若排除特定保固相關費用，基礎獲利能力仍具韌性；並且在回收與成本改善措施上持續取得進展。

Turning to page 11. Adjusted free cash flow was negative $1 million in the quarter and negative $4 million for the first nine months of the year, compared with $215 million in the same period last year. The year-over-year decline primarily reflects three factors. Lower underlying earnings, a deliberate investment in working capital to strengthen supply resilience and support launches, and the timing of cash taxes and other annual payments.

請看第 11 頁。本季調整後自由現金流為負 100 萬美元，年初至今為負 400 萬美元；相較去年同期為 2.15 億美元。年對年下滑主要反映三項因素。較低的基礎獲利、有意投入營運資金以強化供應韌性並支援新品上市，以及現金稅與其他年度付款的時點影響。

First, year-to-date adjusted EBITDA was lower by $116 million compared to the prior year period. This primarily reflects $77 million of two specific warranty charges taken in Q3, which did not impact cash this quarter, cost inflation, and the timing of customer recoveries, as well as non-recurring commercial items that benefited prior year.

第一，年初至今調整後 EBITDA 較去年同期減少 1.16 億美元。主要反映第三季認列的兩項特定保固費用 7,700 萬美元（本季未影響現金）、成本通膨與客戶回收時點，以及去年同期受惠的一次性商務項目。

Second, trade working capital was a use of cash of $99 million year to date. Inventory increased as we built safety stocks of critical components, absorbed higher component cost, and supported upcoming launches. This is a deliberate investment to improve supply chain resilience as the supply of certain components, including memory and other electronic components, is tightening while costs continue to rise. Receivables also increased due to higher sales and the timing of certain customer collections, which we expect to improve in the fourth quarter.

第二，年初至今貿易營運資金為現金流出 9,900 萬美元。庫存增加，因我們建立關鍵元件的安全庫存、吸收較高的元件成本，並支援即將到來的新品上市。這是為提升供應鏈韌性而進行的有意投資，因部分元件（包含記憶體與其他電子元件）供應趨緊且成本持續上升。應收帳款亦因銷售增加及部分客戶收款時點而上升，我們預期第四季將改善。

Third, cash taxes were $14 million higher year over year, including the one-time settlement in India related to prior years that we discussed in the second quarter. As in prior years, first-half cash flow also included the annual incentive compensation payment.

第三，現金稅較去年同期增加 1,400 萬美元，其中包含我們在第二季討論過、印度就以前年度相關的一次性和解款項。與往年相同，上半年現金流亦包含年度獎酬激勵薪酬的支付。

Finally, year-to-date capital expenditures were $103 million, reflecting continued investment in new program launches, vertical integration, and capacity expansion in India and other growth markets. We ended the quarter with net cash of $136 million after returning $209 million to shareholders this quarter. This included the completion of our $200 million accelerated share repurchase by quarter end, which reduced outstanding shares by approximately 2 million or 7.5%.

最後，年初至今資本支出為 1.03 億美元，反映我們持續投資於新專案上市、垂直整合，以及在印度與其他成長市場的產能擴張。本季在向股東返還 2.09 億美元後，季末淨現金為 1.36 億美元。其中包含我們於季末前完成 2 億美元的加速股票回購，使流通在外股數減少約 200 萬股或 7.5%。

Turning to page 12. We are updating our full-year guidance to reflect our year-to-date performance, integrating our strong sales performance, the two distinct warranty-related charges discussed earlier, and our current outlook for component inflation and inventory.

請看第 12 頁。我們正在更新全年財測，以反映年初至今的表現，並納入我們強勁的銷售表現、先前討論的兩項不同保固相關費用，以及目前對元件通膨與庫存的展望。

We now expect sales to be between $3.8 billion and $3.85 billion, with the midpoint being $25 million above where we were trending in the second quarter. This outlook reflects our year-to-date performance, successful third-quarter launches, and confidence in our strong fourth quarter launch cadence. Key launches include displays with several of our fastest-growing OEM customers and the continued ramp-up of our high-performance compute programs in China. These benefits are partially offset by softer customer production.

我們目前預期銷售額介於 38 億至 38.5 億美元，中位數較第二季時的趨勢高出 2,500 萬美元。此展望反映年初至今的表現、第三季成功的新品上市，以及我們對第四季強勁上市節奏的信心。主要上市項目包括：與多家成長最快的 OEM 客戶合作的顯示器產品，以及我們在中國的高效能運算（HPC）專案持續放量。上述效益部分被客戶產量較疲弱所抵銷。

Overall, for the full year, we expect sales to grow low single digits year-over-year, resulting in growth over market in the mid-single digits. For adjusted EBITDA, we now expect $370 million to $410 million, compared with our prior range of $455 million to $495 million. The revised outlook primarily reflects the $77 million warranty-related charges highlighted earlier.

整體而言，就全年來看，我們預期銷售額年對年成長為低個位數，對應超越市場成長為中個位數。就調整後 EBITDA 而言，我們目前預期為 3.70 億至 4.10 億美元，低於先前的 4.55 億至 4.95 億美元區間。修正後的展望主要反映先前提及的 7,700 萬美元保固相關費用。

As discussed in the second quarter, inflation initially concentrated in memory has broadened to other purchased electronic components, and we now anticipate that these combined incremental costs will represent approximately 3.25% of total sales for the full year. We are in active negotiations with our customers to recover these costs. However, we do not expect to fully offset these cost pressures in 2026, largely due to recovery timing.

如同我們在第二季所討論的，最初集中在記憶體的通膨已擴散至其他外購電子元件；我們目前預期，這些合計的新增成本在全年將約占總銷售額的 3.25%。我們正與客戶積極協商以回收這些成本。然而，我們預期在 2026 年無法完全抵銷這些成本壓力，主要原因在於回收時點。

The estimated margin impact to our full-year EBITDA represents approximately 85 basis points of margin, including dilution and leakage. Elevated memory and other component costs are projected to continue in 2027, and while vehicle volumes, content decisions, supply dynamics, and other factors will drive the ultimate cost, based on current visibility, we anticipate additional costs in 2027 to be similar to the levels we saw in 2022.

對我們全年 EBITDA 的估計毛利影響約為 85 個基點的毛利率影響，包含稀釋與滲漏。預期偏高的記憶體與其他元件成本將延續至 2027 年；雖然車輛產量、內容配置決策、供應動態及其他因素將決定最終成本，但以目前能見度來看，我們預期 2027 年的額外成本將與 2022 年所見水準相近。

As a result, given the higher cost levels we now anticipate, both the associated recoveries and the resulting margin dilution are expected to be greater than what we had assumed in June. As mentioned by Sachin, we continue to be actively engaged with our suppliers and customers, and we will be providing an update in February 2027.

因此，鑑於我們目前預期的成本水準更高，相關回收金額以及由此造成的毛利率稀釋，預期都將高於我們在 6 月時的假設。如 Sachin 所提，我們仍持續與供應商與客戶積極互動，並將於 2027 年 2 月提供最新進展。

Turning back to Q4 2026, even with these headwinds, we expect margins to improve in the fourth quarter, supported by additional customer recoveries and the continued ramp-up of cost initiatives across product, vertical integration, and engineering productivity. For adjusted free cash flow, we now expect $90 million to $130 million, compared with our prior range of $170 million to $210 million.

回到 2026 年第四季，即便面臨這些逆風，我們仍預期第四季毛利率將改善，主要受惠於更多客戶回收，以及在產品、垂直整合與工程生產力等成本計畫的持續推進。就調整後自由現金流而言，我們目前預期為 9,000 萬至 1.3 億美元，低於先前的 1.7 億至 2.1 億美元區間。

The revision primarily reflects higher inventory as we secured supply of critical components with our customers, along with the timing of customer collections for cost inflation recovery agreements expected to be finalized in the fourth quarter. We continue to expect strong fourth-quarter cash generation driven by higher EBITDA and a cash inflow from working capital, mostly as a result of collections for receivables and customer recoveries.

本次修正主要反映：我們與客戶一同確保關鍵元件供應而導致庫存提高，以及預計於第四季定案的成本通膨回收協議之客戶收款時點。我們仍預期第四季將有強勁的現金創造，主要由較高的 EBITDA 以及營運資金帶來的現金流入所驅動，其中多數來自應收帳款回收與客戶回收款項。

Turning to page 13. Visteon remains a compelling long-term investment opportunity. We are well-positioned for long-term top-line growth, margin expansion, and free cash flow generation, while our strong balance sheet provides us with significant flexibility to pursue our capital allocation priorities. In summary, the third quarter reflects strong growth over market in a challenging production environment. We remain confident in the long-term opportunity ahead as we execute on the plan that we outlined in June. Thank you for your time today.

請翻到第 13 頁。Visteon 仍是一個具吸引力的長期投資機會。我們在長期營收成長、毛利率擴張與自由現金流創造方面具備良好定位，同時強健的資產負債表也為我們在資本配置優先事項上提供顯著彈性。總結而言，第三季在具挑戰的生產環境下，仍展現出優於市場的強勁成長。隨著我們執行 6 月所概述的計畫，我們對未來的長期機會仍充滿信心。感謝各位今天撥冗參與。

I would like now to open the call for your questions.

接下來我想開放各位提問。

(Operator Instructions) Mark Delaney, Goldman Sachs. Your line's open. Please go ahead.

(接線員指示) Goldman Sachs 的 Mark Delaney。您的線路已開通。請開始提問。

Yes, good morning. Thank you for taking the questions. I guess maybe first to level set a bit on the 2026 top-line outlook. The company raised the midpoint by $25 million. I think there's higher pass-throughs now assumed, but you also have mentioned some softening, I believe, in the underlying business.

是的，早安。感謝讓我提問。我想先就 2026 年營收展望做個基準釐清。公司將中位數上調了 2,500 萬美元。我認為目前假設的轉嫁（pass-through）較高，但你們也提到基礎業務似乎有些走弱。

Maybe put a little bit more detail around how big some of those different buckets are. Then to the underlying business and some of the softening, is that something that's more temporary in nature or you think potentially sustained into next year?

能否就這些不同項目各自的規模多提供一些細節？另外，關於基礎業務的走弱，這比較像是短期現象，還是你們認為可能延續到明年？

Hey, Mark. Yes, this is Sachin. I'll take that question first. What we are seeing here is some volatility in production call-outs from some of our customers related to component shortages, not related to Visteon, by the way. So we have taken that into account as we are looking at our outlook for Q4. If those component shortages could be addressed and if the customers are able to recover that production this quarter, then we may have some tailwind in terms of what we have currently given as our outlook.

嗨，Mark。是的，我是 Sachin。我先回答這個問題。我們看到的是，部分客戶因元件短缺而在生產拉貨（call-outs）上出現一些波動；順帶一提，這與 Visteon 無關。因此在檢視第四季展望時，我們已將此納入考量。若這些元件短缺能被解決、且客戶能在本季把產量補回來，那麼相較於我們目前給出的展望，可能會帶來一些順風。

And maybe, Sachin, to add some color on Q4 numbers. We've put in our guidance close to $940 million in sales. That's fairly flat year-over-year and sequentially down by 3%. Our customer production is expected to be down by approximately 6%, and our growth to market will still be overall in the mid-single digits. It's still a very good performance despite these comments from Sachin.

另外，Sachin，我補充一些第四季數字的背景。我們在指引中給出的銷售額接近 9.4 億美元。這大致與去年同期持平，且較前一季下滑 3%。我們客戶的產量預期將下滑約 6%，而我們相對市場的成長仍將維持在中個位數百分比。儘管 Sachin 提到上述情況，這仍是非常好的表現。

We will see very strong launch cadence, including the HPC China. We have also these new launches with Geely and SAIC over there. Overall, a pretty strong performance, which allows us to finish the full year on a strong note.

我們將看到非常強勁的新品導入節奏，包括中國的 HPC。我們在那邊也有與吉利與上汽的新品導入。整體而言表現相當強勁，讓我們能以強勢姿態結束全年。

Understood. Thank you for those comments. My other question was better understanding the company's ability to recover costs and given what you're seeing in Q4 and the stage for 2027, can you share more detail on how the conversations with OEMs are going, at least qualitatively? Are you seeing any change in how willing they are to pay for the supply at now higher costs? Has that changed relative to what Visteon was able to recover over the last several years? Thanks.

了解。感謝這些說明。我的另一個問題是，想更了解公司回收成本的能力。鑑於你們在第四季所看到的情況以及 2027 年的態勢，能否至少在定性層面分享更多與 OEM 的溝通進展？你們是否看到他們對於在成本更高的情況下支付供應成本的意願有任何變化？相較於 Visteon 過去幾年能回收的程度，這是否有所改變？謝謝。

Yes. I'll take that, Mark. We've seen, as you know, earlier this year, a lot of cost increases on the memory side, and we've done a very good job in recovering most of it at the end of Q3. So we are pretty much set on that side. What we've seen, unfortunately, and has accelerated since Q2, is inflation on other, what I would call electronic components, PCBs, and even SoCs.

好的，Mark，我來回答。我們如你所知，今年稍早記憶體端出現大量成本上升，而我們在第三季末已非常成功地回收了其中大部分，因此在那一塊我們基本上已經就緒。不幸的是，我們看到自第二季以來加速的是其他我稱之為電子元件的通膨，包括 PCB，甚至 SoC。

These costs have developed quite fast in Q2 and have accelerated as well in Q3. We've obviously started negotiation with customers for what we call a second wave of cost increases. We are very committed to recover the large majority of these. But given the timing, we do think there's going to be some level of leakage in 2026.

這些成本在第二季發展得相當快，且在第三季也進一步加速。我們當然已開始與客戶就我們所稱的第二波成本上升進行協商。我們非常致力於回收其中絕大部分。但考量時點因素，我們確實認為 2026 年會有一定程度的滲漏。

And we have, therefore, assumed that our guidance would be lowered as a result of this leakage. But generally, very committed. We've also started to talk to our customers on cost increases and recoveries for 2027. And that's where we are in terms of status with customers.

因此，我們在指引中也假設會因這些滲漏而下修。但整體而言，我們仍非常致力於回收。我們也已開始與客戶討論 2027 年的成本上升與回收。以上就是我們目前與客戶溝通的進度狀態。

Andrew Percoco, Morgan Stanley.

Morgan Stanley 的 Andrew Percoco。

Yeah. Thanks so much for taking the questions. Good morning, everyone. So, maybe just to pick up where you just left off there on the cost side of the equation. I'm just curious if you can maybe double-click on the bridge to 2027, relative to maybe what you guided to with your Investor Day outlook. Obviously some incremental pressure here on the cost side of the equation. You gave some interesting data points in your prepared remarks around cost structure relative to, I think, 2022. But can you maybe just remind us what that could mean and just maybe provide some more numbers around the bridge to 2027?

是的，非常感謝讓我提問。各位早安。那我就接續你們剛才談到的成本面。我想請教，能否更深入說明一下通往 2027 年的銜接（bridge），相較於你們在投資人日展望中所給的指引？顯然成本面有一些額外壓力。你們在事先準備的講稿中提供了一些有趣的數據點，談到成本結構相對於我想是 2022 年。但你們能否提醒我們這可能代表什麼，並就通往 2027 年的銜接提供更多數字？

Yeah. Let me start maybe first with just describing how we see the cost develop. There are really two parts to the cost. One is the memory and the other is the other electronics components that Jerome mentioned. Let me first address the memory topic, because I think besides just the cost, I think it is important to understand where the industry is at with the sourcing of memory, where Visteon is at, and what we then think of the cost.

好的。我先從描述我們如何看待成本的發展開始。成本主要分成兩個部分。一個是記憶體，另一個是 Jerome 提到的其他電子元件。我先談記憶體這個主題，因為我認為除了成本本身之外，理解產業在記憶體採購（sourcing）上的現況、Visteon 所處的位置，以及我們對成本的看法也很重要。

Just taking a step back, DDR4 supply is more constrained next year than it is this year. We are already starting to see some constraints build in the fourth quarter. The main reason for that is that some suppliers have exited the market for DDR4 for auto. As we look at 2027, the first challenge is to secure sufficient supply to meet the anticipated customer demand that we have. We have, in that regard, made significant progress as we started to address this challenge early in the year, working with our established suppliers, while also qualifying additional new suppliers.

退一步來看，明年 DDR4 的供應會比今年更為吃緊。我們已經開始看到第四季有一些供應限制逐步形成。主要原因是部分供應商已退出車用 DDR4 市場。展望 2027 年，第一個挑戰是確保有足夠供應，以滿足我們所預期的客戶需求。在這方面，我們今年年初就提早著手因應這項挑戰，與既有供應商合作，同時也在認證新增的供應商，因此已取得顯著進展。

What we can say is that for the 2027 anticipated demand, we believe that we have secured a substantial portion of that demand already through this combination with strategic supply agreements plus commitments that we have from new suppliers. In terms of cost, we expected the cost to go up as we indicated on our Investor Day. That cost for DDR4 memory in particular, has continued to see significant upward pressure this year, and we expect that to continue into next year. Especially as we talk about the additional new suppliers that we are bringing on board to complement the supply that we have from Micron.

我們可以說的是，針對 2027 年的預期需求，我們相信透過策略性供應協議，以及新供應商所提供的承諾相結合，我們已經鎖定了其中相當大的一部分。就成本而言，正如我們在投資人日所指出的，我們原本就預期成本會上升。尤其是 DDR4 記憶體的成本，今年持續面臨顯著的上行壓力，我們預期這種情況會延續到明年。特別是當我們談到為了補足我們從 Micron 取得的供應而新增導入的供應商時。

I should mention, though, we are still in the process. We are working on it as we speak to finalize pricing with Micron and other suppliers. So it would be premature for us to give you exact, to quantify it more precisely. What we have said is in combination with the other electronics components, PCBs in particular, but also some other components, we believe that the cost increase is going to be in the range of what we saw in 2022. If you go back to that year, it was roughly $500 million of incremental cost that we saw back at that time.

不過我也要提到，我們仍在進行當中。我們正在與 Micron 及其他供應商就定價進行最後確認。因此，現在就給出精確數字、或更精準量化，對我們而言仍為時過早。我們先前提到的是，結合其他電子零組件（尤其是 PCB，但也包含其他一些零件），我們認為成本上升幅度將落在我們 2022 年所見的範圍內。如果回顧那一年，當時我們看到的增量成本大約是 5 億美元。

We believe that it is going to be somewhere in that range. It will depend on the content mix at our customers, as well as of course, production volumes. So these should only be taken as very indicative. I would say just a range that you should take as indicative of what we think is the likely outcome. Anything more to add, Jerome?

我們認為大致會落在那個區間。這將取決於客戶端的內容組合（content mix），以及當然還有生產量。因此，這些數字只能視為非常概略的指標。我會說，這只是你們應該用來參考、代表我們認為最可能結果的一個區間。Jerome，你還有要補充的嗎？

I would add as well that we are essentially from a size standpoint back to what we saw in 2022, and we've demonstrated at the time, and I think also recently, that we are able to recover this kind of cost. Obviously, the fact that these costs are so large, it will become imperative to recover above. So our objective for 2027 will be to maintain our EBITDA dollar per our original guidance. There is going to be obviously some dilution on the margin percentage, but we want to keep the dollar intact. That is the objective for next year.

我也補充一點：就規模而言，我們基本上回到 2022 年的水準；而我們當時已經證明過，我想近期也再次證明，我們有能力回收（轉嫁/補償）這類成本。顯然，因為這些成本金額非常大，回收（轉嫁）就變得勢在必行。因此，我們對 2027 年的目標，是維持調整後 EBITDA 的金額（美元）符合我們原先的指引。利潤率百分比顯然會有一些稀釋，但我們希望把 EBITDA 的金額維持不變。這就是明年的目標。

Okay, that is super helpful commentary. Then maybe just to follow up on China, I think obviously the domestic market continues to be quite weak. I know you guys in the past have talked about how you are a little bit more insulated, just given your tilt towards the premium end of the market. But can you just maybe provide more context in terms of what you are seeing in China on the demand side, as well with exports and if there has been any maybe change in timing on some of the HPC launches, just given some of the weakness that we have seen in the market?

好的，這些說明非常有幫助。那接著可能想追問一下中國。我想很明顯地，國內市場仍然相當疲弱。我知道你們過去曾談到，因為你們偏向高端市場，所以相對更具防禦性。但你們能否就你們在中國需求端的觀察提供更多背景，包括出口情況，以及鑑於市場疲弱，部分 HPC（高效能運算）產品導入/發表時程是否有任何變化？

Yeah. Thank you. So as you mentioned, the domestic market in China is, I would say, even more than ever driven by tech content and AI in the cockpit is emerging as one of the biggest areas of product differentiation. With the launch that we just had with Chery on the Freelander 8, we are really encouraged by the level of interest that we are seeing from other OEMs in addition to the two additional OEMs that we are going to launch in Q4. Experience that we have gained in launching this first program is obviously helping us in making our technology platform that much more mature. It also allows us to demonstrate this technology to the other customers. So we see really three distinct opportunities for expansion.

好的，謝謝。如你所提到的，中國國內市場我會說比以往更受科技含量所驅動，而座艙中的 AI 正逐漸成為產品差異化最大的領域之一。隨著我們剛與奇瑞在 Freelander 8 上的發表/導入，我們對於看到其他 OEM 的興趣程度感到非常振奮；此外，第四季我們還會再與另外兩家 OEM 推出。從啟動第一個專案所累積的經驗，顯然也在幫助我們讓技術平台更加成熟。這也讓我們能向其他客戶展示這項技術。因此，我們看到三個非常明確的擴張機會。

One is these additional Chinese OEMs that we are now able to demonstrate and have constructive discussions about how we can accelerate their own plans to bring AI in the cockpit. The second is with the three customers that we are working with, Chery, we talked about SAIC and Geely, who we are in the process of launching with, as we speak, helping them take AI to their export markets, in particular, initially for Europe. The third are global OEMs that are evaluating AI for the next-generation cockpits. All those three are in active discussions at this stage, various stages of maturity. I believe that this is going to be a really important long-term growth driver for Visteon, not just in China, but also outside of China.

第一，是這些新增的中國 OEM；我們現在能向他們展示，並就如何加速他們把 AI 導入座艙的計畫進行具建設性的討論。第二，是我們正在合作的三個客戶：奇瑞，以及我們提到的上汽與吉利；我們目前正與他們推進量產導入，同時協助他們把 AI 帶到出口市場，尤其是初期以歐洲為主。第三，是正在評估下一代座艙 AI 的全球 OEM。這三個方向目前都在積極討論中，只是成熟度處於不同階段。我相信這將成為 Visteon 非常重要的長期成長驅動力，不僅在中國，也包括中國以外的市場。

In terms of the volumes that we are seeing, I would say that the Chery program is following its launch of volume plan as they have indicated to us initially. There are more vehicles coming online next year, and we will have to see how they perform in the market. I think this is a trend that we believe is kind of irreversible in terms of that market for sure. We see a lot of good signs that it will likely also come into other markets outside of China.

就我們看到的出貨量而言，我會說奇瑞專案在量產爬坡上，基本上依照他們一開始向我們說明的計畫在走。明年會有更多車款上線，我們也必須觀察它們在市場上的表現。我認為，就該市場而言，這是一個我們相信幾乎不可逆的趨勢。我們也看到許多正面跡象，顯示這個趨勢很可能也會進入中國以外的其他市場。

Shreyas Patil, Wolfe Research.

Wolfe Research 的 Shreyas Patil。

Maybe following up on the prior comment, Jerome. I just wanted to understand some of the tools that you would have to maintain the EBITDA target for 2027, given the amount of inflation that you are talking about, which I believe would be almost 3 times higher than what had been discussed previously. Are there fixed cost reductions that you can implement? Are there reductions to R&D spending? I am just trying to think through some of the internal actions that you could take alongside recoveries.

Jerome，我想延續前面的評論追問一下。我想了解的是，考量你們提到的通膨幅度——我理解這幾乎是先前討論的 3 倍——你們有哪些工具可以在 2027 年維持 EBITDA 目標？你們能否實施固定成本削減？是否會削減研發支出？我只是想釐清，除了成本回收（轉嫁）之外，你們還能採取哪些內部行動。

Yes. No, my comment was mostly oriented around recoveries and the fact that we would maintain our adjusted EBITDA by recovering essentially the amount of cost that we are incurring with minimal leakage. That's essentially where my comment was. As we go into next year, there's going to be a lot of puts and takes. We'll be obviously looking at productivity, material cost, other material cost, benefits, commercial recoveries. There's a handful of tools that we'll be using, obviously, to make sure that our adjusted EBITDA dollar amount stays untouched.

是的。不，我的評論主要是聚焦在成本回收（轉嫁），以及我們將透過回收我們所承擔的成本、並將外溢（leakage）降到最低，來維持調整後 EBITDA。我的意思基本上是這樣。進入明年後，會有很多此消彼長的因素。我們當然會檢視生產力、材料成本、其他材料成本效益、商務端的成本回收等。我們會運用一系列工具，確保我們調整後 EBITDA 的金額維持不受影響。

One more comment I would like to add to what Jerome has just said. We do need to understand that the memory change that has happened is a structural change. It is not an increase that we expect just to impact the industry for one year, right? The industry is going to shift away from DDR4 to DDR5, and that's going to come at a higher cost.

我還想對 Jerome 剛才所說再補充一點。我們需要理解，這次記憶體的變化是一種結構性改變。這不是我們預期只會影響產業一年的成本上升，對吧？產業將從 DDR4 轉向 DDR5，而這將伴隨更高的成本。

As we go forward, the way to think about it is that the industry across both our suppliers and the car makers have to just accept this as the cost of doing business going forward. We fully expect that we'll be able to recover all of that incremental cost. Yes, the cost may moderate as we go further beyond 2027, but for 2027, there is no option other than to use this DDR4.

往後來看，應該這樣理解：無論是我們的供應商或車廠，整個產業都必須接受，這就是未來做生意的成本。我們完全預期能夠回收（轉嫁）所有這些增量成本。是的，成本在 2027 年之後可能會趨於緩和，但就 2027 年而言，除了使用 DDR4 之外別無選擇。

We will have greater flexibility as we go forward to have greater mix of DDR5, but the costs are not going to go back to the 2025 levels. We are seeing a very significant shift, and the industry will just have to come to terms with it, and therefore, it will be really embedded in our cost of the product.

隨著我們往前推進，在DDR5的配置組合上會有更大的彈性，但成本不會回到2025年的水準。我們看到非常顯著的轉變，產業終究必須接受這個現實，因此這將會深深地反映在我們產品的成本之中。

Okay. Maybe on the other parts of the inflation PCBs, other electronic components, do you see that as also kind of structurally higher, or is some of that just a function of higher copper prices or some other input materials?

好的。也許談談通膨的其他部分，例如PCB、其他電子元件，你們是否也認為那會是結構性地更高？還是其中一部分只是銅價上漲或其他投入材料價格上升所致？

Yes. It is different. I think in that particular case, it is a timing issue. There is a shortage of some specific components that go into making of the high-layer-count PCBs. In fact, you can think of PCBs as essentially having one higher density, which are affected by the shortages, and that's where we see the higher prices. The more normal automotive PCBs are not quite affected the same way. We expect that to correct as more supply comes online. So that may be more of a 2027 issue than the memory topic.

是的。情況不太一樣。我認為在那個特定案例中，主要是時點問題。有一些用於製造高層數PCB的特定元件出現短缺。事實上，你可以把PCB大致分成密度更高、會受到短缺影響的那一類，而我們看到較高價格的正是那一類。較一般的車用PCB並沒有以同樣方式受到影響。我們預期隨著更多供給上線，這會得到修正。所以相較於記憶體議題，這可能更像是2027年的問題。

Okay, great. Just a quick last one. Any thoughts on free cash flow? Just this year, obviously partly impacted by inventory building. Should we assume that that's kind of largely completed in 2026 or do that carry also into 2027? Thanks.

好的，很好。最後再快速問一個。對自由現金流有什麼看法？今年顯然部分受到庫存建立的影響。我們是否可以假設這在2026年大致完成，還是也會延續到2027年？謝謝。

Yes. We'll still see some level of last-time buy next year that will probably put some strain early in the month, in the year, in the early months of next year. But for the full year, at this point, and obviously we'll give more updates in February 2027. But at this stage, we are comfortable with what we have for 2027.

是的。明年我們仍會看到一定程度的「最後一次採購」（last-time buy），這可能會在明年年初、前幾個月對資金造成一些壓力。但就全年而言，目前來看——當然我們會在2027年2月提供更多更新——在這個階段，我們對2027年的安排感到放心。

Just to give more color to what Jerome said. There are we buy many different memory chips, more than 25 in DRAM alone alone and then NAND. Some of those chips are essentially going out of production. We are securing our 2027 supply by buying the full year's demand, and that requires some cash outlays early in the year. Obviously, we will recover that through the year. For the full year, it is not going to have an impact on the cash flow, but it will be lumpy on account of this dynamic.

補充一些Jerome剛才所說的細節。我們採購許多不同的記憶體晶片，光DRAM就超過25種，另外還有NAND。其中有些晶片基本上正在停產。我們為了確保2027年的供應，會把全年的需求一次買足，這需要在年初先行支付一些現金。當然，我們會在年度進行中把這部分回收回來。就全年來看，這不會對現金流造成影響，但由於這種動態，現金流會呈現不均勻（lumpy）。

Rajat Gupta, JPMorgan.

JPMorgan 的 Rajat Gupta。

Great. Thanks for taking the questions. I wanted to follow up on the new business wins target for the year. It looks like you were suggesting that there has been a push-out of certain programs, but you are still reiterating the $6 billion guide for this year. I am curious, are there certain wins that you might have anticipated next year that is being pulled forward? Just want to make sure I am understanding those comments clearly. I have a follow-up. Yeah.

很好。謝謝讓我提問。我想追問一下今年新業務得標目標。看起來你們在暗示某些專案時程被往後推，但你們仍重申今年60億美元的指引。我想了解的是，是否有一些原本預期明年才會拿到的得標，被提前到今年？只是想確認我是否正確理解你們的評論。我還有一個追問。好的。

Good. Essentially what happened in Q3 was on account of this memory topic. As you can imagine, as car makers are looking at the next generation of their cockpit systems, previously, they were on a product architecture that still relied on the old DDR4 memory.

好的。第三季發生的情況，基本上是因為這個記憶體議題。如你所想像，當車廠在規劃下一代座艙系統時，過去他們採用的產品架構仍依賴舊的DDR4記憶體。

Now they have to take into consideration what they want to do in this interim period, whether to stay on DDR4 or go to DDR5, which comes with it other implications, such as what is the micro that is associated with the memory. That, in short, becomes a bigger product architecture decision. That has caused some delays in timing. It's important to understand that these are, again, timing delays, not necessarily the same thing as the planned vehicle production delays. They should not be linked. We continue to pursue those opportunities, and they are part of our new business pipeline in Q4.

現在他們必須考量在這段過渡期間要怎麼做：是維持DDR4，還是轉向DDR5；而這也會帶來其他影響，例如與記憶體搭配的微處理器（micro）。簡而言之，這會變成更大的產品架構決策。這導致時程上出現一些延遲。需要強調的是，這些同樣是時程延遲，不一定等同於原本規劃的整車產量延遲。兩者不應該被連結在一起。我們會持續追求這些機會，它們也仍是我們第四季新業務管線的一部分。

On top of that, one thing that I would also like to highlight is because of this dynamic with memory, this shortage situation, and this need to shift to more favorable architectures in terms of supply, that's creating additional opportunities that were not part of the pipeline when we started the year. We're going to see a lot of dynamic changes that will happen in the industry from that perspective. With our platform approach, our speed of delivery, and our ability to launch products quickly, I think we are in a great position to capitalize on what we see as this opportunity that will arise for new business wins as we go forward.

此外，我還想強調一點：由於記憶體的這種動態、短缺情況，以及為了供應而需要轉向更有利的架構，這正在創造一些在年初建立管線時並不存在的額外機會。從這個角度來看，我們將會看到產業出現許多動態變化。憑藉我們的平台化方法、交付速度，以及快速導入產品的能力，我認為我們處於非常有利的位置，能夠把握未來新業務得標所帶來的機會。

Understood. That's clear. Just wanted to also follow up on just latest thoughts on the whole insourcing debate. Clearly, a couple of the major North American manufacturers are going to come up with their new software-defined architectures the next couple of years. Curious where you are in discussions with them on potentially partnering in certain areas. You'd hinted at maybe on displays or other areas.

了解。很清楚。我也想追問一下你們對整體「內製」（insourcing）辯論的最新看法。顯然，北美幾家主要車廠在未來幾年會推出新的軟體定義架構。我想知道你們與他們在某些領域潛在合作的討論進展到哪裡。你們曾暗示可能在顯示器或其他領域。

Then also in China, just hearing from the major manufacturers there is still a push to insource. I'm curious if anything has changed around how you view the HPC penetration opportunity in the region as well. Thanks.

另外在中國，從那邊主要車廠聽到的仍是推動內製。我想了解你們對該區域HPC滲透機會的看法是否有任何改變。謝謝。

There has been, I would say, an increasing realization at OEMs, and we should separate China from the rest of the world, and more now this comment is regarding OEMs outside of China. There has been a greater awareness of the complexities of what we are talking about here, with not only the underlying technologies complexity increasing, because supply chain related complexity is also starting to impact the OEMs realization of the challenges in doing everything in-house. Therefore, we believe that in this memory situation and other supply situations that have arisen, that this will drive even a bigger need for OEMs to balance what they do in their internal development versus what they do working with suppliers. We are starting to see this already.

我會說，OEM的確越來越意識到一些事情；而且我們應該把中國與世界其他地區分開來看，接下來的評論主要是針對中國以外的OEM。大家對我們所談議題的複雜性有更深的認知：不僅底層技術的複雜度在提高，供應鏈相關的複雜性也開始影響OEM，使他們意識到把所有事情都在內部完成的挑戰。因此，我們相信在這次記憶體情況以及其他已出現的供應情況下，將會驅動OEM更需要在內部開發與與供應商合作之間取得平衡。我們已經開始看到這種情況。

This dynamic is starting to now play out, where they were initially trying to insource everything. They are now starting to work with us to understand how we can help them mitigate these challenges. I think this is only going to become a bigger issue as we go forward. When you think about Visteon, we have great cost structure, I would say best-in-class cost structure.

這種動態現在開始發酵：他們起初試圖把所有事情都內製。現在他們開始與我們合作，了解我們如何協助他們緩解這些挑戰。我認為隨著我們往前走，這只會成為更大的議題。談到Visteon，我們有很好的成本結構，我會說是同業最佳的成本結構。

We have, in terms of our ability to source semiconductors, perhaps the best abilities amongst our peers. We are in a great position to help them navigate these near-term challenges, and that will help us establish a better relationship, that balance between what they do internally versus what they rely on us for. I think this will create more opportunities for us.

在半導體採購能力方面，我們或許是同業之中最強的之一。我們處於非常有利的位置，能協助他們度過這些短期挑戰，而這也將幫助我們建立更好的合作關係，在他們內部自做與依賴我們之間取得平衡。我認為這會為我們創造更多機會。

Then on the China piece?

那中國的部分呢？

Look, with respect to China, so here is the piece that I would like everyone to understand. The biggest opportunity for China OEMs right now is not within China. The market is incredibly competitive, and that will be the case as we go forward. Their biggest opportunity is exports, and Visteon is very well positioned to support them in large portion because of how successful we are in China, helping them with their HPC systems.

你看，關於中國，我希望大家理解的是這一點。中國OEM目前最大的機會不在中國境內。市場競爭極其激烈，而且未來也會如此。他們最大的機會在出口，而Visteon在支援他們方面處於非常有利的位置，很大一部分原因是我們在中國非常成功，能協助他們的HPC系統。

In China, the CDC is essentially old technology now, the cockpit domain controllers. Where they are at now is AI into the cockpit. There are not too many players outside of China that have the capability that we have when it comes to HPC and AI to support their export ambitions. We are starting to really focus on that as a business opportunity for Europe and for South America.

在中國，CDC 基本上已經算是舊技術了，也就是座艙域控制器。他們現在所處的階段是把 AI 導入座艙。在中國以外，能在高效能運算（HPC）與 AI 方面具備我們這種能力、以支援其出口企圖的業者並不多。我們正開始把這點真正聚焦為一個面向歐洲與南美的商機。

I feel like we are in a pretty good spot with respect to our engagement with China. We understand the overall market pressures there, but we have a very specific strategy that is able to capitalize on what we can help them with.

我覺得就我們與中國的互動而言，我們目前處在相當不錯的位置。我們理解那裡整體的市場壓力，但我們有一個非常明確的策略，能夠把我們可以協助他們的部分轉化為成果。

Dan Levy, Barclays.

Dan Levy，巴克萊。

Maybe we could just quickly start with a question on the warranty expense. I know you mentioned that there was a couple of issues here, and one is through an OTA. The other, there is a product replacement. I think the 10-Q mentioned it could be up to an additional $20 million of charges. But maybe if you could just double-click, what is the confidence that these charges are limited and after this is a full non-repeat into 2027. Thank you.

也許我們可以先很快從保固費用的問題開始。我知道你提到這裡有幾個問題，其中一個是透過 OTA。另一個則是產品更換。我想 10-Q 提到可能會有最多額外 2,000 萬美元的費用。但也許你能再深入說明一下：你們對於這些費用是有限的、且之後到 2027 年完全不會重複發生的信心有多高？謝謝。

Yeah. Hi, Dan. I will comment on the $20 million. We have booked $77 million in the quarter, and we believe that this addresses both issues. We had a range of cost for one of the claims, and we recorded our best estimates. We do not anticipate additional cost, but as additional cost could be possible, but not probable, we were required to disclose the top end of the range. That is why in the 10-Q you have this mention of the $20 million. But to be clear, we believe that we are currently accrued at the right level for these warranty items.

好的。嗨，Dan。我來評論一下這 2,000 萬美元。我們本季已入帳 7,700 萬美元，我們相信這已涵蓋並解決這兩個問題。其中一項索賠的成本有一個區間，我們已按最佳估計入帳。我們不預期會有額外成本；但由於額外成本「可能」發生、但「不太可能」發生，因此我們必須揭露該區間的上限。這就是為什麼你會在 10-Q 看到提及 2,000 萬美元。但要說清楚的是，我們相信目前針對這些保固項目提列的應計水準是適當的。

Okay, and into 2027, your view is that this is a full non-repeat. These were sort of very isolated incidents and there is nothing sort of more broadly that is going on, just to confirm that?

好的，那麼到 2027 年，你們的看法是這將完全不會重複發生。這些算是非常孤立的事件，沒有更廣泛的問題正在發生；我只是想確認一下，是這樣嗎？

There is two warranty claims occurred in the quarter. We have got corrective measures in place, and we still anticipate additional charges for them.

本季發生了兩起保固索賠。我們已經採取矯正措施到位，而且我們仍預期會有與其相關的額外費用。

Okay. Thank you. The second question is just on trying to extrapolate what we saw in the third quarter, which was actually quite strong, especially in Europe and rest in Asia. I know you gave some targets at the Investor Day a few months ago, and I am not going to pin you down on updating your 2027 outlook. But the Investor Day commentary did show that sort of inflection in growth.

好的，謝謝。第二個問題是關於如何外推我們在第三季看到的表現；第三季其實相當強勁，尤其是在歐洲以及亞洲其他地區。我知道你們在幾個月前的投資人日給了一些目標，我不會逼你更新 2027 年展望。但投資人日的評論確實顯示成長出現某種拐點。

I am just wondering, how much can we extrapolate what we just saw in the strong third quarter, Europe, rest of Asia, you continue to see China doing better. How much does that support your view that we are going to see some growth inflection in 2027, even if the number, you will fine-tune it when we get the fourth quarter earnings?

我想問的是：我們可以在多大程度上外推剛看到的強勁第三季——歐洲、亞洲其他地區，你們也持續看到中國表現改善。這在多大程度上支持你們的看法：即便具體數字要等到第四季財報再微調，我們仍會在 2027 年看到某種成長拐點？

Yeah. I would say, Dan, that if you look at 2027, our growth is actually quite diversified. Yes, passenger cars, which has been primarily the drivers this year, will continue to grow on account of the launches mostly in the regions that we have been discussing, which is Europe. China is going to return to growth on account of the launches there. India continues to be a very strong market for us.

是的。我會說，Dan，如果你看 2027 年，我們的成長其實相當多元分散。是的，乘用車——今年主要的成長驅動因素——將會因為多個新車型/新專案的導入而持續成長，主要就在我們一直在討論的那些地區，也就是歐洲。中國也會因為當地的導入而回到成長。印度對我們而言仍然是一個非常強勁的市場。

In addition to that, we have some very high-value and high-volume two-wheeler launches that are going to be coming online next year as well as commercial vehicles. Coming back to the topic that you asked about Europe and what's driving it, I think we have discussed this before, but just to reiterate, Europe is where we are seeing a lot of demand for our display systems and cockpit domain controllers.

除此之外，我們還有一些高單價且高量的二輪車導入案，明年也會開始量產，另外還有商用車。回到你問的歐洲以及其驅動因素，我想我們之前談過，但再重申一次：歐洲是我們看到顯示系統與座艙域控制器需求非常旺盛的地方。

We talked about one launch in Europe this quarter. There is another cockpit domain controller that's launching next year that's also very high value. The combination of large displays, cockpit domain controllers, and the pressure that the OEMs there face on account of the competition from China, we expect to see content continue to grow.

我們本季談到歐洲的一個導入案。明年還會有另一個座艙域控制器導入，而且單案價值也非常高。大型顯示器、座艙域控制器的組合，再加上當地 OEM 因來自中國的競爭而面臨的壓力，我們預期單車內容價值（content）將持續成長。

Yes, there is the market share loss of our OEMs to the Chinese OEMs. That, however, on the other side, helps us in driving greater content. As I just mentioned on the previous comment that we fully expect to be able to do business with Chinese OEMs in Europe. Net-net, we expect to be able to exploit what's available to us as opportunities in Europe. Europe is going to be where the content growth will be the greatest on account of the competitive dynamics outside of China.

是的，我們的 OEM 客戶確實有市占流失給中國 OEM 的情況；但另一方面，這也有助於我們推動更高的單車內容價值。正如我在前一則評論提到的，我們完全預期能在歐洲與中國 OEM 開展業務。總體而言（net-net），我們預期能夠把握歐洲市場中我們可取得的機會。由於中國以外的競爭動態，歐洲將是內容成長幅度最大的地區。

After that, we see similar dynamics in India with respect to content growth. I think fundamentally, where we see the demand for our products remain really strong, and that's continued this year. This is why Q3 has been so strong, and Q4 also will be very strong. I think what we talked about on our Investor Day, we are starting to see exactly that play out, and we're very happy to see that despite the industry having challenges, that we are able to execute to our plan.

之後，我們也在印度看到類似的內容成長動態。我認為從根本上來看，我們看到市場對我們產品的需求仍然非常強勁，而且今年一直延續至今。這也是為什麼第三季表現如此強勁，而第四季也會非常強勁。我想我們在投資人日談到的內容，現在正開始如我們所說地逐步實現；儘管產業面臨挑戰，我們仍能按計畫執行，看到這點我們非常高興。

All right. Thank you. This concludes our earnings call for the third quarter of 2026. Thank you for participating in today's call and your ongoing interest in Visteon.

好的。謝謝。以上為我們 2026 年第三季財報電話會議的全部內容。感謝各位參與今天的電話會議，並持續關注 Visteon。

This concludes Visteon's Third Quarter 2026 Results Earnings Call. You may now disconnect.

以上為 Visteon 2026 年第三季財報電話會議。您現在可以掛線。