“So third quarter will be down compared to the second quarter.”

In context

“rate fall, the chips improve as we go through the third quarter into the fourth quarter. So that's how the volume is framing up in the second half relative to the first half, and then the walk from Q2 into Q3. So volume and mix in Q3 -- Q3 is going to be less than Q2, right? It's not going to be as strong as Q2. We have a couple of things hitting us in Q3. Volume and mix, most of the volume growth in Q3 relative to Q2 is going to be in Europe and China. And then we still have commodity costs hitting us, and we're investing in connectivity. And our spending will -- in the third quarter, Ford Credit, of course, as the second half is lower than the first half. You see that come through in the third quarter. And then we have the nonrepeat of the onetimers I talked about in the second quarter. So third quarter will be down compared to the second quarter. Volume increases will be overseas. And then as we get to the fourth quarter, volume in the fourth quarter on a sequential basis will be better than the third quarter. Operator: Ladies and gentlemen, this concludes the Ford Motor Company Second Quarter 2022 Earnings Conference Call. We thank you for your participation. You may now disconnect. Take care.”