“We believe we have enough stock to insulate us from the impact of Novelis in the fourth quarter given where we started the quarter.”

In context

“market in the U.S. Operator: Our next question will come from Ryan Brinkman with JPMorgan. Ryan Brinkman: Regarding Novelis impact, clearly, there's some shifting here of production and wholesales impacting the cadence of earnings and cash flows that matters to investors. Maybe with regard, though, to the impact on retail sales and the customer, what are you expecting there? It looks like at the end of September, you were fortunately sitting on an 88-day supply of F-Series more than GM at 70 days, full-size pickup segment average, I think it's 78 days. And of course, you operate with far less during the chip shortage. So how do you think about that impact or about managing that impact from a customer perspective? Andrew Frick: Yes. I think -- this is Andrew. Thanks for the question, Ryan. We believe we have enough stock to insulate us from the impact of Novelis in the fourth quarter given where we started the quarter. And that's why I wanted to make the comment on where we expect to end the quarter in the midpoint of our range just to give you confidence in how we're managing the Novelis impact. Operator: For our next question, we'll return to Doug Karson with BofA. Douglas Karson: I'm not sure if you could hear me. Operator: We can. Please go ahead. Douglas Karson: Ford and Ford Credit both have very strong balance sheets. It's a true asset, certainly for bondholders and I think equity alike. The leverage has been very low. The cash balance is very high. And in late September, [ Gordon ] Ford Credit rolled out what appeared to be a successful plan to offer subvented financing the F-150 to subprime customers, kind of providing them an opportunity to enjoy a lower loan rate kind of reserve for higher FI”