James Picariello

Winterhoff said Gravity is the majority of deliveries but declined a direct split and did not have the pushed-unit figure handy.

Boussaid reiterated gross-margin and CapEx-reduction trajectories as data points but declined to quantify additional capital need.

Boussaid confirmed the majority of 2026 CapEx is M2, with the rest M1, vendor tooling and commercial network, and a ~1-2 quarter SIDF loan delay.

Boussaid clarified the $500M is cumulative over three years, roughly equal annual impact, with 2026 severance outflow.

Winterhoff argued end-to-end models and compute power have changed the autonomy math, giving Lucid (with NVIDIA) a credible path where earlier spend failed.

Winterhoff said October deliveries and market share rose while peers fell, calling the post-credit softness a passing phase normalizing in early 2026.

Boussaid explained CapEx is backloaded and non-linear, mostly for the Saudi facility, with proposals scrutinized for highest return.

Winterhoff called the reported zero July number false and declined to disclose second-half figures, but said Gravity will be the majority of deliveries.

Winterhoff confirmed both AMP-1 (Arizona) and AMP-2 (Saudi Arabia) will produce the Midsize crossover, with AMP-1 for local North American sales.

Kevin/Varun said the cut mostly hits Intelligent Systems (now ~flat FY), with Engineered Components low-to-mid single digits; non-auto growth ~8-10% across both, IS EBITDA margin mid-teens and EC ~22%.

Kevin declined to elaborate on portfolio changes, saying only that Aptiv continually evaluates its mix to drive shareholder value.

Kevin noted ADAS flat in Q1 from NA OEM supply disruption, expects mid-single-digit growth for full year with H2 ramp. UX impacted by China launch delays and European OEM weakness, also H2 weighted.

Kevin forcefully rebutted competitor claims. GM awarded only simple build-to-print portion (~20-25% of content type). EDS retains complex full-service harnesses. Shared GM leadership quotes confirming strategic partnership intact.

Kevin estimated $6B robotics TAM with $4-5K content per unit spanning sensors (vision/radar), software stack, and interconnects. More commercial partnerships expected in Q1 2026. Accelerated investment justified by opportunity.

Varun confirmed $50M NuAptiv stranded costs (down from $70M at Investor Day due to early actions), $15M Versagen stand-up costs, plus go-to-market/engineering investments in IS and ECG.

Kevin confirmed spin is controlled path but Board will evaluate whatever outcome generates best shareholder return. Did not rule out alternatives.

Kevin noted active safety slowed to low-single-digits in H2 from high-single-digits in H1 due to 3 NIO/Zeekr program cancellations. YTD bookings close to $3B. UX down 10% in Q3, annualizes end of Q4.

Paul explained the elevated Q1 GMF dividend was an opportunistic cash deployment; full-year GMF dividend expectations unchanged. EV cash payouts expected substantially complete by end of Q2.

Paul noted 7,500 full-size SUVs were reallocated from Middle East to North America, largely mitigating the enterprise-level impact of GMI weakness driven by the Iran conflict.

Paul said margin recovery driven by improved EV profitability, warranty expense, and regulatory cost savings all benefiting North America. International dynamics including China restructuring affect total company balance but NA margin target supported by midpoint guidance.

Mary said DRAM, commodities, and FX combined headwind of $1-1.5B but not breaking out specifically. Team actively working on memory chip supply and no production impact expected. Referenced multi-year track record of managing chip supply challenges.

Galhotra said confidence is high with the restart on track and contingency aluminum supply; Q1 temporary sourcing cost was about $300M.

House attributed improvement to positive pricing comparisons and pull-ahead material cost savings, but cautioned this would be Model e's best quarter of the year. No Mach-E production changes planned.

House attributed the beat to better-than-planned warranty (positive quarter-over-quarter) and improved material costs including commodities.