“So guidance reflects an increase in capital spending of a little more than $1 billion, as you noted.”

In context

“Rosner with Wolfe Research. Emmanuel Rosner: Great. Thank you so much. First question is on capital expenditure. So you're making these investments into higher return products and technology going forward. But I think at the income statement level, it's roughly offset by ongoing cost savings. So you're investing, if I get the numbers right, maybe an extra billion dollars, but then you have a billion dollars in savings. At the CapEx level, it seems like you're actually taking it up, and I was a bit surprised by this. So how should we think about the CapEx needs for these investments over the next few years? Is this sort of like a new run rate, or is there sort of like an initial boost needed because of the energy storage investment? Sherry House: Yeah. Thank you for the question, Emmanuel. So guidance reflects an increase in capital spending of a little more than $1 billion, as you noted. So $9.5 billion to $10.5 billion. That increase is driven by our investment in Ford Energy, which is the largest portion of it is expected to be in 2026. We had talked about a $2 billion investment in Ford Energy, and $1.5 billion of it as planned. The mix of our capital spending continues to shift. We have a new capital allocation process that's changed. It's really pushing our capital into more accretive areas of the business. And we've consistently stayed nimble, you know, adjusting to customer demand and changing regulatory environment as well. So what I would say is that roughly 75% of our capital over the plan period is going into a higher return, larger truck and multi-energy portfolio in that balance 25%, is your Ford energy and continued modeling investments. Like in UEV, BREV, a”