Dan Levy

Jacobson cited strong pricing resilience on current trucks and a richer trim mix, but declined to commit to specific pricing on the next-gen trucks.

Jacobson clarified commodity prices have not fallen; the raise banks first-half outperformance rather than assuming a second-half tailwind.

Paul declined to speculate on 2027 specifics but pointed to continuing tailwinds from warranty, EV profitability, regulatory savings, and the new pickup launch as structural offsets.

Mary acknowledged strong demand across the full pickup lineup but framed share losses as inventory-driven rather than competitive; pointed to disciplined incentive spend vs competitors.

Paul said no new price increases assumed, flat to up 0.5% is just annualization of model year 2026 pricing set in late 2025. Confident in vehicle portfolio and upcoming truck launches to maintain pricing discipline.

Mary said EV investments now focused on cost reduction like LMR. Hybrids planned for key segments. Paul added restructuring preserved battery capacity for LMR/LFP transitions while cutting excess. Management team has proven ability to pivot to demand.

Mary said retail EV portfolio stays but focused on cost reduction through complexity reduction, common parts, and LMR battery tech. Will build to demand with disciplined incentives at half industry level. Paul added EV supply rationalization industry-wide will create more stable competitive environment.

Paul detailed three buckets: pricing up 0.5-1% with disciplined inventory; Fort Wayne line rate increase flowing through with bulk of footprint savings in late 2026-early 2027; fixed cost curve flattened. All expected to hold into 2026 with manufacturing footprint expanding.

Mary emphasized strategic portfolio covering luxury through affordable. Investments focused on profitability improvement through LMR and LFP battery tech, lighter architecture, smaller batteries. Scale from growing Equinox share will also help drive affordable EV profitability.

Paul said fleet pricing headwind is largely a comp issue from tighter inventory in prior year. Still comfortable with up 0.5% to 1% full-year pricing. Pursuing own commercial path centered on product strength rather than following competitor pricing.

Paul said expecting SAAR to revert to 16M plan after elevated March-April. Not banking on sustained high levels. GM has excess US plant capacity to make adjustments faster than greenfield builds.

Paul said they will prioritize within existing $10-11B range based on best return. Mary confirmed multiple scenarios have been running since last year with several actions underway but not ready to announce.

Paul said SAAR expected similar to 2024. January too noisy to judge December pull-forward. Share at highest since Q4 2018 excluding COVID. Some opportunity to build inventory within 50-60 day window.

Mary emphasized capital flexibility, cited Orion decision and LG plant sale. Will continue deploying capital to both ICE and EV guided by consumer demand.

Kumar Galhotra said recalls are down about 40% YoY on the quality push, which should flow into lower warranty and recall costs over time.

House attributed the raise to software/physical services, net pricing, and cost timing, with $0.5B pulled through to the full-year guide.

Farley outlined capital-efficient EV strategy: UEV targeting $30-35K mass market EVs in US, hybrid and eREV for trucks, Renault/VW partnerships in Europe for scale. Acknowledged Chinese pricing risk as wildcard. Goal is capital allocation to reach 8% EBIT margin.

House detailed $2.5-3B Novelis tailwind (nonrecurrence + capacity actions) offset by $1.5-2B temporary costs. Market factors include Escape sunset, ~$0.5B US regulatory credit savings, $1B tariff cost reduction, $1B industrial cost improvements offset by commodity inflation and UEV/Energy investment.

Frick said industry pricing up ~0.5% with full-size pickups especially strong. Farley added underlying segment drivers (fuel, construction) plus fresh lineup (new Expedition, F-150, Super Duty, hybrid) support discipline.

Galhotra separated coverage (improving) from FSA costs (harder to forecast due to car park age). Coverage reductions expected to offset potential FSA increases. Q3 warranty costs down $450M YoY per House.

Frick confirmed share sustainability with net pricing about flat for full year. Retail pricing up about 1% offset by some commercial van pressure that has stabilized.

Farley separated coverage improvement (down YoY in Q2 ex-FSA) from FSA costs which have longer arc. 2023-2025 model year FSA costs at least 50% better than 2020-2022.

Farley reframed as consolidation into FNV3, calling it a capital efficiency save that makes next-gen products cheaper than outgoing models while enhancing software capability.

Farley guided 15.5M SAR in H2 (down 0.5M from plan) with 1-1.5% tariff-driven pricing in H2 and full-year flat. Left April at 56-day dealer supply and 66 gross.

Management directly attributed Q1 weakness to 20% wholesale decline from launch activity and committed to reducing dealer inventory to mid-50,000 range.

Farley argued the affordable EV platform becomes more important if consumer tax credits are removed, and confirmed no current plans to adjust the EV lineup.

Kevin attributed the gap to 2pp swing in global vehicle production assumptions from up 1% to down 1% between October and February. Non-auto growing 8%+ and software mid-teens. 4-7% through 2028 remains intact.

Kevin disclosed $175M memory spend, 2026 price increases low double digits thanks to longer-term contracts and inventory build. Confident in 2027 pricing well below 100-120% market increases. Pass-through conversations advanced with OEMs.

Kevin attributed Europe weakness to a large German OEM and French global OEM schedule reductions. China headwind from 3 NIO/Zeekr cancellations. NA benefited from production 4pts above plan.

Kevin acknowledged multiple gap reality; transactions need meaningful synergies from cost/revenue side. Framework evaluates size, multiple, synergies, ease of integration, and future growth positioning.

Kevin cited ADAS program launches in NA/Europe and EDS strength in Q3, with Q4 comps tough against very strong Q4 2024.

Kevin outlined: EDS gets manageable leverage, dividend to Aptiv for debt paydown, then M&A focused on non-auto assets in ECG/ASUX.

Kevin confirmed separation plan unchanged; EDS focus remains on growth, standardization, automation and non-auto diversification.

Kevin acknowledged activity is robust but OEM award decisions are dragging out, similar to 2024 pattern with back-half-weighted bookings.

Kevin detailed continued local OEM share gain with Aptiv's growth-over-market gap narrowing to ~1pp in 2025, parity in 2026.

Kevin outlined salary reductions, footprint rotation, material cost engineering, and manufacturing automation as key levers.

Elon emphasized grid balancing and data-center power smoothing demand but did not quantify the demand split.

Elon said he wants to spend as fast as possible balancing efficiency against time for the higher-NPV outcome.

Elon directly denied economic leverage motivation, stating Terafab is driven by anticipated inability of existing chip industry to supply sufficient AI chips at scale. Also mentioned pursuing potentially radical chip manufacturing improvements through the research fab.

Musk said Tesla AI is an order of magnitude more memory-efficient than Grok and other large models, and Tesla has a logic/memory solution for ~3 years but will be supplier-limited beyond that, warning this is existential for Optimus and flagging the need for more US fab capacity.

Musk argued Tesla had zero core competencies at the start and built them one by one (battery, Supercharger, AI software), framing Optimus at scale as 'the infinite money glitch.'

Musk said Grok targets AGI with massive training compute while Tesla's models are 5-10% the size, with some complementarity via Grok voice in the car and Optimus voice I/O.

Musk said confidently next year for customer add-to-fleet, with Tesla requiring validation similar to Uber/Lyft's checklist process to ensure safety.

Musk said they can debt-finance once cash flows are visible; Vaibhav added they will use the balance sheet in the interim until recurring revenues reach scale.

Musk reframed the constraint as battery supply, not demand, and flagged Q1 retooling for the new Model Y as a near-term output drag.

Musk sidestepped specific policy recommendations and instead argued the transition is inevitable regardless of regulation.

Claire said backing out the $100 million ramp cost implies about $88,400 per unit, roughly a $5,000 sequential improvement driven by volume, with an additional benefit from the IEEPA receivable booked in COGS.

RJ said the contractual R2 bill of materials at about half of R1 underpins healthy target margins, and Javier described the plant and supplier readiness for the ramp.

RJ expressed high confidence in R2 demand given the underserved segment and strong preproduction reviews, and said the short window before the Gen 3 autonomy hardware would not materially gate deliveries.

Claire said Q3 tariff impact was just under a couple thousand dollars per vehicle, trending to a few hundred dollars per unit for new builds after the Section 232 offset extension and broadened parts eligibility.

RJ said the R2 bill of materials is contractually about half of R1 and non-BOM conversion cost should be less than half, and Javier confirmed R2 was 100% sourced, giving confidence in the target cost structure.

RJ said existing inventory covers 2025, the R2 4695 cell will be localized to Arizona by 2027, and Rivian retains flexibility on R1 cell sourcing including LFP, without confirming a specific tariff rate.

Claire declined to break out individual drivers but said guidance embeds hundreds of millions of dollars of aggregate EBITDA impact from incentives, regulations and tariffs, framed as a fluid, current-view estimate.