“We'll pay out the 40%, 50% of free cash flow.”

In context

“ture? John Lawler: Yeah. So, thank you. So we have our stated policy, as you said, 40% to 50% of free cash flow. Our balance sheet is strong. Our cash position, we ended the year strong. We're at $25 billion this quarter when we talked about the fact that our guidance for this year went up. So when we look at it, we believe that right now in the transition point for the industry, we would rather invest in accretive growth opportunities. And we've always said that if those opportunities don't come to fruition, then we'll need to look at other allocation decisions that we would need to make, but we're not there yet. So we're continuing to talk about this as a team consistently. But we think at this point, the position we're at, we're comfortable with, given where we're at in the transition. We'll pay out the 40%, 50% of free cash flow. The last couple of years, it's been at the high end of that range. And eventually, as we continue to execute on our Ford+ plan, if those accretive opportunities to allocate capital for additional accretive growth aren't there, then we'll look at other ways of returning that cash to our shareholders. Ryan Brinkman: Very helpful. Thank you. Operator: The next question is from Bruno Dossena with Wolfe Research. Please go ahead. Bruno Dossena: Hi, everyone. Thanks for taking the questions. I wanted to ask in Model e. And I understand that reaching breakeven depends on the timing of the launch of the next-gen vehicles. But in the intermediate term, can you tell us how you're thinking about the trajectory of losses in e and specifically the potential to work down the structural costs associated”