Claude

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Top Highlights

• the tone has become more positive on capital returns over time as cash flows have strengthened

• communication has indicated a balanced approach between investments and shareholder returns

• Gross margins on electric vehicles are improving and getting close to ICE vehicle margins, but not quite there yet.

• electrified vehicle is highly profitable

• delivering double-digit adjusted operating income margins for the full year.

• the tone has become more positive on capital returns over time as cash flows have strengthened

• a balanced approach between investments and shareholder returns

• Remained confident in delivering positive industrial free cash flow for the full year

• "I'm very confident that with the fresh eyes of Natalie and the energy and the leadership of our top team, we will surprise you with very good things in the future."

• reverse" he mentions is likely in reference to not needing to ask for additional support from shareholders