“And we expect that with this activity that's happening in the factories where it's impacting Super Duty, Navigator, Expedition, that may come down a bit more as well.”

In context

“r-over-year. But when you go for just the first quarter, what you're seeing is largely the impact of wholesales that are coming down in the non-recurrence of a stock build that's happening. We also see adverse exchange, primarily in Argentina, Brazil and Turkey. So, that's really what's happening in that particular quarter. Jim Farley: Dan, quarter-over-quarter, our wholesales are down to almost 20%, okay? So, it's really clear what's going on, our launches. And the question is where are we on days' supply for our growth stock? We're in good shape. We'll be in good shape after the first quarter, even actually gets leaner after the second quarter. I think we finished... Sherry House: That's right. So, we finished the year at about 620,000 gross units and that came down about 5% in January. And we expect that with this activity that's happening in the factories where it's impacting Super Duty, Navigator, Expedition, that may come down a bit more as well. Jim Farley: Like 40,000 units. So... Sherry House: Right. Jim Farley: It's a very large reduction in the first quarter and we're planning another reduction in Q2 again. So, we'll be right where we want. Our dealer days' supply for our sales will be right in that mid-50,000 range, which is exactly where we want to be as a company. Dan Levy: Great. Thank you. As a follow-up, Jim, you frequently talked about the critical nature of EVs. You actually gave a very long blog post on this over the summer. But I think we also know that your strategy is in part driven by compliance. So, we've heard President Trump talk about pulling back the, so to speak, EV mandate. How should we think about your EV plans and resource allocation in this environment? And to what extent would you maybe revisit timing”