Itay Michaeli

Jacobson attributed softer second-half pricing purely to lapping model-year 2026 price actions, with the incentive environment staying consistent.

Jacobson said current trucks already capture the emissions benefit; Gen 6 adds efficiency, but variable-profit upside is more a 2027-and-beyond story.

Paul acknowledged lower per-unit ARPU vs Tesla but emphasized GM's scale advantage in volumes and deferred revenue; deferred specifics on SDV 2.0 pricing.

Paul outlined Q1 outperformance bank plus proactive cost playbook as offsets, with measured approach to avoid jeopardizing long-term initiatives.

Paul said retooling downtime will impact volumes this year with some build-ahead to offset. Pricing benefit largely a 2027 tailwind. Not expecting a giant price pop given pricing has held up on later model years unlike historical norms.

Mary said still six months from understanding steady-state EV demand post-incentive removal. Looking across portfolio for additional ICE volume but constrained by truck retooling downtime. Ended year below 50-60 day inventory target.

Mary said Equinox has unmet demand, full-size SUVs are supply-constrained, and Orion will unlock capacity for Escalade and next-gen pickups. Mix of tariff mitigation and genuine incremental demand upside from ICE volume.

Mary said Super Cruise now integrated with Google Maps for planned route following. Cruise team and GM working with trained test drivers to develop next-gen features. Sterling Anderson from Aurora now leading this activity. Next-gen SDV platform will be step-function improvement.

Paul said inventory target unchanged at 50-60 days. Noted some component supply was shifted to customer care and after-sales to address warranty repairs, which impacted wholesales. Expects ability to improve wholesale as warranty parts availability normalizes.

Paul said they aim for midpoint convention. Upside from overperforming on tariff offsets; downside from higher tariff rates for longer. Will tighten range as year progresses and more is known.

Mary said Cruise team integration going well. SDV platform timeline details coming later this year. Continuing to add Super Cruise features. Hired new head of AI working across business.

Paul outlined three buckets of tariff mitigation: go-to-market pricing, cost reductions using COVID playbook, and footprint/supply chain responses. Said supply chain moves will take time.

Varun attributed the Q4 ramp to lapping the North America supplier-fire comp, a software/services rebound after Q3 timing, and Engineered Components growth.

Kevin reaffirmed the long-term framework but declined to give specific 2027 numbers, citing a dynamic environment and lower IHS production outlook.

Kevin confirmed OEMs now making sourcing decisions on next-gen ADAS, UX, and SVA that had been pending. High confidence in $20B target contingent on Middle East situation not deteriorating further.

Kevin noted supply chain capability is differentiating - informing OEMs of their pinch points, presenting alternatives with more Aptiv content. 12 weeks semi inventory and multi-year supplier contracts. Same capability selling into robotics/drones.

Varun expects NA to lead (non-auto/software strength), China to improve in H2 after lapping Intelligent Systems headwinds, strong Japanese/Korean/India growth, Europe flat to slightly down.

Kevin confirmed 200bps target intact. Stranded costs are 2026-specific, will exit in 2027-2028. Engineering/go-to-market investments also more 2026-weighted. Both provide margin tailwind in outer years.

Kevin highlighted Gen 8 radar as industry-leading with share gain potential. Separate Pulse product leverages radar to replace ultrasonics, reducing OEM costs significantly.

Kevin expects flat-to-slightly-down market for 2026 planning. Strong bookings, launch activity, annualized EV headwinds, and non-auto growth provide revenue acceleration. FX-adjusted margins expanding 120bps in 2025.

Kevin confirmed content growth on large North American trucks already offsetting slower EV adoption headwind this year.

Kevin noted firm EDI schedules 2-4 weeks out, no significant changes, but conservative H2 assumption reflects potential pull-forward in H1.

Management pointed to second-half volume recovery, with Ford Pro EBIT guided to $3.6-4.1B in H2 on additional Super Duty capacity, offset by higher commodities and UEV/Ford Energy investment.

Galhotra laid out four launch work streams (hardware, software, supplier readiness, equipment install), all on track, but declined to disclose top-hat count.

Frick said ATPs already strong and above segment average. Emissions flexibility provides headroom to manage mix within vehicles, especially off-road derivatives like Tremor and Raptor.

Frick attributed Blue pricing to retail up 1.7% driven by tariff pricing, with fleet van business down but Super Duty and full-size pickup pricing remaining very strong. Pro services approaching 20% of EBIT.

Farley said Level 3 is on track as an internally sourced product, BlueCruise above 370 million miles with 15% usage increase, and Level 4 partnerships being evaluated.

Frick said Ford will evaluate share vs pricing trade-off vehicle-by-vehicle, channel-by-channel, taking profitable share gains where available.

Napoli said a brand audit was just initiated to reposition the brand consistently with the product, promising more detail next quarter.

Napoli cited supplier support and configurator/trim simplification as levers but declined to give unit-economics targets.

Winterhoff said no DRAM shortage now, only cost increases that are negligible relative to total BOM, but monitored daily.

Winterhoff cited building four rounds of production validation vehicles and finishing Saudi equipment installation, validation and homologation.

Winterhoff declined a firm L4 date but said an L2+/L2++ release comes with Gravity and the Midsize launch by end of 2026, with OTA upgrades toward L4.

Winterhoff declined delivery guidance but expects a significant Q4 ramp led by Gravity; Boussaid said volume plus BOM gains should lower COGS per unit.

RJ said the capacity increase reflects confidence in the product after strong early R2 media and customer reception, and set up a foundation for R2, R3 and variants out of Georgia.

RJ said universal hands-free covers about 3.5 million miles of roads and that point-to-point capability is coming later in the year, framing autonomy as an increasingly central purchase criterion.