Ford Motor (F) 2 Feb 232022 Q4 Earnings call transcript

Good day, ladies and gentlemen. My name is Jason, and I will be your conference operator today. At this time, I would like to welcome you to the Ford Motor Company Fourth Quarter 2022 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there will be a question-and-answer session. Instructions] [Operator

I Tyson, turn Relations. Executive time, to call like Antipas Lynn Director would this the to over At of Investor

you, Also me of to XXXX welcome and Harris, John our Jason, CEO Company's Chief CEO; for Thank quarter Financial Q&A our fourth Marion Officer. President Ford and earnings us are Ford today Motor With Credit. Lawler, Jim joining Farley, call. and is

in comparable the non-GAAP some These reconciled U.S. references. deck. GAAP most measures of Today's discussion includes appendix to are earnings our the

You our can important shareholder.ford.com. the rest find deck along earnings content the with of other materials and at,

Today's on discussion that includes statements XX. Page factors to could those from Actual about our results also may differ results significant forward-looking The cause included most are stated. actual expectations. differ

Company product volume mix on and are noted, cash free comparisons are is and Unless otherwise an all basis EBIT, EPS adjusted year-over-year. weighted. flow

I will Mobility chat want February at a Farley On out Rod and with Global Jim and the near-term in engagements. IR Lash Wolf participate Auto, few key to New York call Autotech John Conference. a Lawler XX, in fireside

This will March featuring Kathy the New York reporting. a teach-in Lawler Stock John On be Controller, about webcast. our XX, O'Callaghan, Ford+ segment we our will and new Exchange, at hold event

this our And save Please the be that also the at I'm pleased Day weeks. in to more coming Dearborn, Michigan. date. about next will our information Markets Capital over share Monday, have headquarters May XX, We'll

Now the I'll to turn over call Jim.

appreciate start addressing by everyone. hello, I'll We the and you all Lynn, us. joining Thanks, obvious.

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work. So making [Technical Difficulty] it's we're progress, while hard

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point Let home. bring this me

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their today. vehicle as both was top-selling market location already Now electrification we're next the fleet. announced add credit IRA materials leading share, going even that plan to electric the electric is F-XXX that's all well, XX% within America's applies our tax irregardless by raw van E-Transit of fleet commercial with to before of future-proof managers an of E-Transit and of the $X,XXX this And business U.S. at years Lightning and solutions batteries. two to of the XX%

Europe, year, Pro's refreshed, This And all-new high-margin software gets the fleet Duty Pro in important grow, to gets vehicle for Super will charging. really going. introduced continue Super and equivalent, management, our new And an we Pickup. We software have Duty business especially the most Ford Transit. X-ton telematics

software growth now. for and rates, to better software are Last attach platform fleet grew year, and XX% in these subscriptions over XX%, close which offerings, charging contracts our software reflecting for new

specialized on X,XXX also mobile XX/X. vehicles which our of commercial and dealerships, We're America increasing North via of opened sales of and road vehicle network in the over service parts Europe many services X,XXX and

fact, XX% customer us this attach increasing our improves Pro. last experience year, business. importantly high-margin orders In for rates increased while repair in the service of And mobile parts the

our the lineup freshest the moving in most delivered greater has Now industry. We fresher team the power. portfolio, typically pricing the is The appealing and the Blue. to product focused know that and ICE

decision to the Bronco, Bronco away our vehicles move the to and commoditized the Big from Maverick, So, utilities Sport like and

and off. really hybrid Puma in has Europe paid powertrains

of we nearly U.S. expect of in here last to share growth. market one XXXX another And point big, the share strong gained Ford be year year.

future for with is cash Blue robust profits strong free a growth flow. Ford and business foreseeable the

was best-selling Ranger launched truck America competitor its like new in consecutive even America's new last second-place outselling Europe now, by F-Series South pickups new XXX,XXX the We're the Asia for in America here in XX than already after and we've An year. launching Ranger trucks. more North and year

from we And of Blue addition, of do. engineering going manufacturing billions our In quality, to cost material. improvements work bill to is have in after to

been U.S. the for last years. in has one the the recalls number in two Ford

We've quality for Clearly, initial overhauled improvements quality enterprise of vehicles acceptable. our entire system. that's not already plants coming in seeing operating here out our America. And are we North in

with In the e EV And a industry-leading going operating segment intensity our to our Model with e. rate twice It's XX% of growth EV portfolios the and love. the EVs to profitable customers Ford. more is customers new sales build than Model that are differentiated of U.S., start-up are to

huge a or on units by reach it best- of of EV year. selling America's We The production And F-XXX Mach-E customers. Lightning units electric annualized XXX,XXX for has the track end launched. Mustang remains month since this the per pickup XX,XXX remain our to our capacity globally been hit

reference, like quarter, run the of rate production in more was XX,XXX. For our fourth

XX,XXX XXXX. incremental on end by are plan units for And -- million we a So capacity that is of growth. by and end big of the of X the

building we're Now adding our through assembly to speak, expanding capacity North capacity. facilities, shifts, deliver this incredible we out our facilities in growth, as battery America, and

facility with in battery vehicle three swing and a in Europe, our plants. full SK Kentucky City BlueOval in And Turkey. is in commercial Tennessee ahead BlueOval moving our battery and Construction on we're new

necessary raw X these to lithium materials and critical that plan to unit nickel. Now the batteries hydroxide for especially million is securing get rate, lithium and our to

we million rate have the of XXX% expect We to raw by X secured the unit this for run end year. of need materials

our awesome. in by of deep are second- full-size the we our the Now pickup, is way, generation including electric development which, EVs, next-generation

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complete to the Model less the When with trajectory of experience EBIT and to e's start new target these We're understand reporting better quarter, margin are in segments friction. in our levers customer the buying we Model fourth going to key you're making when according achieve the have already visibility X%.

takes next is the accelerate this new in Model effect program to January year. going e Now only dealer when

and by redesign adopted of nearly U.S. experience. been radical on has program on our dealers, our based customer X/X X,XXX it's This a

customers, dealers volume of trained virtually and not e-commerce no network January, expanding and we'll only all at at our delivery be all experiences. and by platform for simple pickup for inventory, the EVs. customer we'll charging on EVs a staff Next BlueOval the all our software with dealer remote selling non-negotiated dealer price set high have We're also local but

our for was differentiator I've I that by Now key assist judge industry. and the software be said consumer hands-free experiences will driver just system technology, on hands-free our mentioned the before, best tested market. and earlier the BlueCruise, autonomous ports

sink in a Let on the market. while, the best for that

you have comparison BlueCruise, challenge competitors. and to experienced with not Now side-by-side go you major two our your I do out

of at traveled now year, have BlueCruise last hands-free million And our the customers using end miles. XX

we're our talent, every making this scaling in millions autonomous miles So year. at now fourfold XXX time who engineers of quarter of have those full second last Ford the system increase a working on better That's including rapidly. software And the day, we former incredibly systems. Argo are since incredible

John, hand over to just before things. I it a few Now

above Ford the customer-focused business generates sustainable all stronger a cost We're is today. company capital. returns growth about profitable different that of building and a

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John?

Thanks, Jim.

and at measure Jim pointed and was is where simple sold need in looking below to of compare it performance our then way not our is XXXX our as cost our a competition. by revenue out, this to of our it expectations, I we platform percent goods frankly The industrial As be.

from higher. the You've capital and deficits to And made our the development, speaks footprint done portfolio. tough in geographic have much we operating manufacturing this and different product on we And choices We're product procurement. this allocation no it. all significant is

quality higher yield improved same now platform And to discipline to industrial are urgency. applying that designed and with of is our level growth Choice we returns.

portfolio product our stronger. Now on been positive the side, has never

Our new a are customers. our vehicles hit with

cost market above remain leaders, our decisions capital competitive vehicles iconic make of to continue strategic returns produce we and Our growth, drive position and strengthen allocation to capital. our and

which record $X.X importantly, conversion a XX%. free So And XX% most disciplined We including and in was the reflects burn. recently operations above the of Automotive year. our of the a outside turning source of restructuring billion well cash capital more business, of cash free came of the our this to cash generated from until America, flow to North cash flow, allocation, target significant

and cash flow, to of ended and sheet we the our year and cash coupled flexibility to both This, of provides fund liquidity. $XX $XX the million with ample remains growth shareholders. strong, balance Our free billion in our us with return capital improvement with

In per a now $X.XX of our supplemental flow we and the complete. share regular share, declared dividend quarter Rivian fact, dividend today, per nearly cash monetization $X.XX our stake, of first as is as which strong well our reflecting of free

cash free return. Going flow, with forward, XX% intend focus of consistent shareholder total our of XX% to target we on distribution to

year, adjusted generated said, much executing as as in control, we margin better the we with delivered for things billion in EBIT X.X%. of have adjusted should Now by $X And a EBIT. we the $XX.X Jim more as

the our other of example, incur through production For and higher freight supply charges. caused in but supplier instability deliver us lower- volumes quarter not costs than-planned to fourth also plans the only and premium chain

with that give a first automotive quick results beginning no recognizing segments segments the of XXXX me have 'XX regional longer let overview you how our breakouts. Now will with performed quarter our

other billion Now was billion, cost higher $X.X commodities North pricing which was EBIT, driven America volume, improvement EBIT X.X%. delivered offset increases. increased of and by margin $X.X higher net and partially by of an inflation-related

maintain Duty bank, and Super to and team later order Mustang both a those the of are this our preparing launch seventh healthy the and the busy continue all-new generation incredible of is products. We year,

showed the delivered Europe, of region profitable. fourth we our derisked million, for were a as our and America, quarter year, above target. In $XXX breakeven slightly we but below the profit clearly now results and South over In is sustainably

will deliver Given the changing the above business capital. make necessary generates environment consistently demand environment changes macroeconomic and to Europe, sustainable returns in of cost that we our a

sustainable returns. our but business. increased Our core ensure a EVs. to leading commercial be Lincoln In we strength and about in the work to million, profit driven more growing be to of pillar $XXX loss by posted investment delivering our our continues region in do region, continues to is clearly, China, in we vehicle have appropriate the business

and the Our million, sustainable to than region earned similar more of America, exit our India. International for launch to Markets decision $XXX the South And Group is by driven primed the Ranger now profitability.

year, $X.X prior And lower lower down margin releases, finally, residual EBT Ford $X.X delivering lease was return Credit reserve of which had the financing from rates. year, another credit lease billion lower solid reflecting and and billion, loss

macro uncertainties some in thinking to provide context given continued Now the the how XXXX. about I environment, we're to want

the a to expect we EBIT, year, earn units $XX million full XX $X the XX adjusted billion billion in in that For and assumes to in Europe. units U.S. of SAR million and

billion to be $X for of adjusted and generate cash capital to about to $X between billion. billion $X flow expect We free expenditures

and various we they that when EBIT for the the impact and balance. in an come tailwinds moderate in U.S. guidance in the expected headwinds, back example, could our And Our supply recession as and into coming includes believe mild include business incentives in year. think industry you higher headwinds Europe, demand recession adjusted about

in than lease of XXXX, billion, nonreoccurrence and Ford billion losses and games. residual and credit the $X.X reflecting $X.X about Credit lower about EBT that's of unfavorable derivative

a expect We dollar. strong continued

out experience, also also We and CapEx growth, in pension to as And investments going we connected services billion $X including growth lower plan. service about expect income. build our continue past in customer we're

supply lower in of efficiencies launch goods other our and course, of Super all-new including parts logistics and Duty commodities, chain include of sold, then, our improvements industry cost and tailwinds in of industrial materials, volume, Now platform.

well Now me as next touch on our questions, as Capital for briefly before new Day. Markets our let taking plans financial reporting

it and cost chance how this On a excited reporting. alter Stock to segments our will how changes the about March really new include we'll to assigned be take products through assets will Exchange. opportunity the hold segment. each at revenue, York XX, because I'm Ford+ you teach-in our are financial And New The will

also At we and help live, broadcast Exchange XXXX But also for a us the and other models. teaching, at orient Stock both join and and of and materials to you will we your be in person. -- a around our migrate you financials recast the we'll share many the New XXXX, materials hope will webcast and post will York toolkit all you

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this will with earnings value and be customer-focused think validated of Now and be materials and segments to growth return our how each in tracked SEC to contributing profile. will we Ford's which transparency, level new overall is filings, of our equipped investors better

is a And pivotal as earlier, Jim Ford. XXXX year for mentioned

all the portfolio the our easier new We growth our Ford have into levels talent to and competitors. forward, will for past exciting that leadership our is performance new delivering and Company the plan, product one accountable place making unprecedented it to hold insight an all both aspects differentiated the And of and from take to provide transparency of business, our and level, in segmentation of value going stakeholders. for our superior

mind. to and Now address balance time that use on we'll of what's prepared wraps your remarks, up the the the

So for thank the open you. questions. up And operator, line please

[Operator now question-and-answer question Jonas session. go Stanley. Morgan Adam from Instructions] will from Our the first comes begin We ahead. Please

just spirit the say, Jim, are, how and about lot it excited better about see cost how that. I not exactly you just the all that and kind to of humility details of when and the a on this the you some and the frustrated it's the and okay? But lot It's enough, getting and shortfall. details what to it get to it's how appreciate begin and doing not good about a description all execution was self-criticism you're hear of I'm not what there's and going I refreshing problem and here, much is at the year?

margin. going to disagree that's my because is anyway. I I if and the the want mean consumer want, table, on bps that's $X it what impression. frankly, is can to you You of that know billion to go XXX

just to go. you're there's until So tell year doing Do and to that? it. us way us have there Appreciate ahead what it? about model Or and is we for can beginning, help else more the in tell to wait the the Company May that's you anything

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or feeling Ford share John, from So comfortable you during going but on this on sharing, to maybe hear could drumbeat all a year. you're the

Yes.

I Adam, each. industrial opportunities the the think at of elements across if just look So platform, three step and you back there's

you XX% in and system you our input productivity out about of engineering, that $X $X and so what to of development that XX% get level the inefficient. probably If think product input at is for look our of about have, we

or be the products lower. significantly should getting should be pipeline we our So, cost either through more

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after. I we're when and should it that it our about so, you to engineering, think way, going that's And what comes think

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our how bring the chain, just drives through the to And and complexity of number that And make through. that complexity that produce have that, the is. -- you production you and adds through and that suppliers then the to understand that supply about the and time you changeovers it back inefficient the talked cost back issues the we that to have it adds time that that

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what's have think And to I is, we at. I we're mean the guys. you is show just that's Adam, changed, where answer

as we're and this it. way needs part it, it there's have We to into focused. the thing going Jim systematic fixed to our know the we now, first transformation. that as said, this that And in very But a very one lean get at and number approach we of is getting taking are we're deliver

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daily it for and has gaps effectiveness countermeasures, taking and countermeasures, different status very difficult be those KPIs for those those countermeasures, to approach me, evaluation So of of to the plans action constant that competition, we're the of work, celebration that's daily very our and that management. is

not getting leader. a as breath efficiency. with our It's industrial It people than It a is And is change has to into and that cultural dealing systems approach output behavioral a be program. a or change. like real holding just fundamental the a the more

of go ahead. John Our next question Please Bank comes from from Murphy America.

short wanted Just a of term of on long vein, and term. kind to similar follow sort up

for $X take Just decline for term, That's a service and that something the sort lower $X.X in at range, and outlook headwind. when $X as pension billion then of think the in look EBIT Credit Ford income. reasonably billion number, of a past short the midpoint direction 'XX that we about you and of billion roughly talking But being the you're about flat. given at

So that sort headwinds of a when you're believe indicates the a very you significant core at $X of faced. billion kind issues which business, plus of looking to sort improvement and in is the lot the just that

schedules get I'm do this core like just walk business kind can these I suppliers get -- specific just you supply a and we that on it's plus what how some $X of from that, of and in if chain year? to fixed are we volatility you maybe volatile? to issues is not when pretty the outside of Ford, billion control see curious a and hear how mean us improvement bit still your we'll comment and comfortable

great X%. think And I but market margins, down. The drive prices will around think, forces, some to dealer from are transaction neutral. the question. the probably We said tailwinds $X that The also expect come $X.X higher pointed to exactly we be out. as are It's headwinds Thanks, Yes. it. John. And we pricing That's billion billion, we on from going to incentives. about a average

to have a a that on Super step also new expect positive And be we our bank order and we the Duty, and from back vehicles. you have then and strong it, very commercial do we

as pricing So we being volumes, along. flattish comes about we're there's looking slight at industry said opportunity a

exactly and it right. reductions, of into cost rest the So falls that's

have efficiencies. identify look bit the improve one, there. to off at also you material. we in to phases bit, prices commodity but come material we you cost, cost significant happening When expect on to a and And we to opportunities those -- to our in, two have going what's There's several a those relative initiatives have there's see reductions, it's do

quite have a have bit schedule also you cost stability. when competition. the We data of I about the talk from exact don't

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are those that $X on on we then build the take saw core in drive and So, the actions have that, immediate through we can of even platform to productivity two billion. top that to more us based inefficiencies And cost efficiencies 'XX we the industrial improvement. just

it. it, how we're that's about how So that's going and we're thinking about

excess, it and appreciate you. competition it's areas Okay. and you That's some there, long to of there just you paid around foundationally I chasing really of had helpful. of China, hasn't And scrubbing been time. things really Europe actually the three excited But and the world, we getting doesn't I to incredibly And the to going is then on costs out for as you've term, look work I mean highlighted. mentioned, Jim, mean, starts all it fits and kind making -- kind that us time from and about

there of very strong. you. are are Commercial strong is very and China incredibly in Europe But that Europe vehicle two important for parts

to stuff just and can that out actually we other strip could so China back back we places money could just fund you and talking cut the transition know strip pure you're Europe about? So making that Lincoln? you're the to pure Two vehicle commercial

really in I direction the to here profitable. this there's mean, global just -- you've we but kind with be of and all this dance stuff redesign, real opportunities around headed

the you Small think to in to to been similar IMG. glad be there. EV very a I but business, in we've JMC and to the others. with the important No, We've can you they compete hit is but Chinese. I And going China don't successful getting they're mean of an kind powerhouse. into past have going they're if and and would to the done profitable, South They're the business but mean transition. come commercial in everything. come focused. think make U.S. America -- business Lincoln EV I to of already don't the on I with many I'm China so strategies. profitable it. in what on there's of our And you globally Geely, Europe we're some small And focused

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So that transition making we're like now.

Ranger, all of manufacturing We really now new have one-ton. have up in that's in the of commercial. Transit, a them, site we scaling a version Romania new electric and

many strong in our what a go, have do. profile in is to and we already the right we we electrified really passenger So decision. much -- that's how going much talk time do to strength Cologne about the we're It's we a how really need many business. need of how big do how people And do engineers, really and and we decision the how we need know know the decision. but we Europe, need exactly That's cars? in to We've not Europe where

wait on these So to -- things. long us from hear and you have won't to

Wolfe go The comes Please from next from Rod ahead. Research. question Lache

average than that would costs Adam's acknowledging the said at you're that I time, $X you at more for negative American billion variable bit be could in they a maybe come another that? insight response costs would billion. you $X provide of same few $XXX easily us structural transaction down North progress into Can little business in can price demonstrate you with were give billion by think, a that pricing $X And specific up KPIs least But X on points to question more John, decline. XXXX? billion

Yes.

the do about coming market pricing, the about we transaction at on X%. broad So falling prices see in

price of much to course. from see going also of dealer Some launch compression It's upside, of there. with of come new come us. won't a as some not have that's the going vehicles. to We margins, out Rod, we of the the of But all

pricing see year we next about us for So, flattish. net-net being

negative it working so through a we're as about don't And billion. being 'XX $X think as

one, say complexity. through our with our that business down, that what those start reductions, the improving. design competition, of getting we're that we're And at and I goods got new our are growing at are vehicles, look and a benchmarks business for can cost leverage margins you design out is if you to we've much of our you When you of coming growing through out to then if it cost the it comes teardowns, there's per compare cost think pace. And sold of we're as I the to is, opportunity I the would so to that when see showing that those slower go units out tremendous us vehicles go amount you coming a think

our And you should see on that reduction coming KPIs complexity through vehicles.

and the in we'll parts to those number details that we should of how the KPI will as it combinations Day, KPIs. much the on getting And be areas But complexity out improve. engineering, we'll think is it's through at should the that be more that year, do $X we forward need standpoint be something from around parts. key of Markets but especially providing you we the in also these areas of be what key. because I will in a Capital move doing are this productivity only order And we're seeing not be

think number things is I about the of I sequencing of Rod, things some centers we a the think some have. of about -- complex

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structural think just I it's beyond Rod, cost.

element Our material is cost. our biggest cost

we're some as to also of continue Jim our talked in connected invest you The batteries. know, will as growth-related build-out our services. We to continuing invest, about, investments, software, our in

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there structural on and So takes the be will puts costs.

where It's Our is largest are the element of on have. our uncompetitive. opportunity statement, level our it's cost income biggest we that most we material and in cost

Yes.

Okay...

So, we're everything, after but going I...

Yes.

just aspirations I this growth presumably I and a costs think XX% that. And target X% on on you also that crossover different by way go. will you've can do think X%. assumptions answer stand has And to some asking ask sell gears to $XX,XXX EVs, switch think going considering Jim e, assumptions you go, of is pricing where got a margin electric you the if just can with do is, target I where question, got Maybe maybe Model but a you gross everyone's for a this margin? pricing those can of in for

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Brinkman question next Please go ahead. comes JPMorgan. from from Our Ryan

services follow rows launching that in I to Pro like XX% Day the in XX up with how prepared But charging on you you I have remarks market last XXXX. year-over-year in else Maybe what Blue vehicles this Or at of remember large we the the as that. you heard any a XXXX? or for potential I intelligence for revenue for here services business, a revenue Or be interim dimensioned don't XXXX. software growth should discussing lot be currently? XXXX such catalyst what the and $XX or target more for connected or Investor by opportunity your million billion on of exciting expectations share you in say monitoring? are be this are profitable business know, to may goals next services as able such revenue with might vehicles anything number

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question Picariello ahead. comes from James go next Our from Please Paribas. BNP

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operational around in frame But this and be? immediately the in mishaps here you turn really might terms whatever reverse months know in time like the almost quarter what will of in 'XX could what first quarter, coming

Yes.

were fact We our comes it for the fourth of of in primarily ramping. through the on that many was driver quarter suppliers they volumes. supply on those volumes and the to I chain. key think think commodities, issues lot the down equipment ramp the issues availability was of the as our the worked chips had in key And a we've

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billion helpful. to Okay. commodity this then that this prices all in to Understood. $X headwind in assumed know that mentioned relative here down. what's item? the $X you bridge for to the earnings come But past 'XX. billion freight, you're of I terms this 'XX That's year, materials in And on baking in guide respect with in and year, line

Right.

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positive. billion $X.X least At

Yes.

question Our Itay Michaeli Citi. go comes Please from ahead. last from

questions two Just me. for

is your segments about there a automated the your talk new but do we're consumer outlook hoping most second, biggest touch guidance. side interesting to don't for opportunity Is Jim. on I XXXX driving? regions. on that the business, I know about the When it in what opportunity of First, the software change And you curious regional revenue maybe it services? where we thinking the architecture from the connected hoping see you maybe then was could electrical are there? Is Just about on perspective? the

Yes.

given So regions. segments reporting that our we're that have say be not the we is I to moving for we're to to think what would XXXX, going

so the And color will unit of XXXX segments. we more business give on by each

on not of I'm going the going so within do forward, specific to And anymore one regions comment segments. a unless that reason to there's

in we see side, see the U.S. I the We're the around $XX think demand more on to the going Europe incentives million U.S. around million. $XX range,

So can that's what we in. interested you're through go the demand side if

helpful. Maybe Yes. would as That sure. be Yes, helpful pricing well. in be would Europe

Yes.

to I commercial we have continued the top our to come passenger on see know the that bank pressure But We think we Europe, don't pressure on order we strong industry. this throughout We think a be going unit we in pressure of side. Europe, in bank. order incentives not strong strong we're a on think continue still in pricing XX More the million We've see the such a will line. there. much vehicles have year. as got

price as North much and in in seen Europe, see as you'll think you've you'll see don't compression -- I in So America U.S. the

we have industry, and to going come commercial the prices and think industry as definitely strength going million call are But to the transaction fall, bank back the X%. we will think are XX a that fall Coming the we vehicles. of prices think about I to we Europe, unit said, be U.S., for where industry will on do our it's the by the order offset on

about starting a a down margins. of come as dealer incentives You bit. our industry think dealer easing demand about to now We're margins lower is from that combination and as see the

with And inflationary through see come to we're the costs starting the pricing.

year, by Group, you prices to International through starting higher see I half, through you'll in the those OEMs. to we're Markets come And And a little so there. think look at it's think off. go incentives I second as see start When we come the the down through particularly our margins bit different

demand that's that's is and for all Our and it. new, Ranger, so launching, and incredible there's key product

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specifics You'll very profitable. see it, it's more but on

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on we think if architecture for strategically on hardware ship security, features we our important and architecture the electric embed because it's the our competition what so Another the adaptability are a that today. in to better so is reason and and software software, can software Company the next why electrical want safety little fuzzy than we even

fourth your call. conference earnings Thank participation. XXXX Motor Ford Company the This you concludes quarter for

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