Arrival SA (ARVL) 2022 Q3 法說會逐字稿

Hello, everyone, and welcome to Arrival's Third Quarter 2022 Earnings Webinar. My name is Mike, and I'll be your operator today. Before I hand the call over to the Arrival team, I'd like to go over just a few housekeeping notes for the program. As a reminder, this webinar is being recorded. (Operator Instructions) Thank you for your attendance today.

大家好，歡迎來到 Arrival 的 2022 年第三季度收益網絡研討會。我的名字是邁克，今天我將成為你的接線員。在我將電話交給 Arrival 團隊之前，我想回顧一下該程序的一些內務記錄。提醒一下，正在錄製此網絡研討會。 （操作員說明）感謝您今天的出席。

And I will now turn the call over to Arrival.

我現在將把電話轉給 Arrival。

(presentation)

（介紹）

Thank you all for joining us today to discuss Arrival's third quarter 2022 Financial Results and Business Update. Today, we have Denis Sverdlov, Arrival Founder and CEO; Avinash Rugoobur, President; John Wozniak, CFO; and Mike Ableson, CEO of North America. Before we begin, I'd like to remind everyone that certain statements made on this call today are forward-looking statements. These statements are subject to various risks and uncertainties and reflect our current expectations based on our beliefs, assumptions and the information currently available to us.

感謝大家今天加入我們討論 Arrival 的 2022 年第三季度財務業績和業務更新。今天，我們有 Arrival 創始人兼首席執行官 Denis Sverdlov； Avinash Rugoobur，總裁；首席財務官約翰·沃茲尼亞克；和北美首席執行官 Mike Ableson。在我們開始之前，我想提醒大家，今天在這次電話會議上所做的某些陳述是前瞻性陳述。這些陳述受到各種風險和不確定性的影響，並反映了我們當前基於我們的信念、假設和我們目前可獲得的信息的預期。

Although we believe these expectations are reasonable, we undertake no obligation to revise any statements to reflect changes that occur after this call. Descriptions of these factors and other risks that could cause actual results to differ materially from these forward-looking statements are discussed in more detail in our filings with the SEC and our third quarter 2022 business update issued today on the 8th of November.

儘管我們認為這些預期是合理的，但我們不承擔修改任何陳述以反映本次電話會議後發生的變化的義務。這些因素和其他可能導致實際結果與這些前瞻性陳述產生重大差異的風險的描述在我們提交給 SEC 的文件和我們今天於 11 月 8 日發布的 2022 年第三季度業務更新中進行了更詳細的討論。

During the call, we also refer to certain non-IFRS financial measures. This should be considered in addition to and not as a substitute for or in isolation from our IFRS results. For further information, please refer to our Investor Relations website at investors.arrival.com. With that in mind, I'll turn it over to Avinash.

在電話會議中，我們還提到了某些非國際財務報告準則的財務措施。這應作為我們 IFRS 結果的補充而非替代或孤立考慮。如需更多信息，請訪問我們的投資者關係網站investors.arrival.com。考慮到這一點，我將把它交給 Avinash。

Thanks, Annie. 2022 has been a difficult year for the entire sector, and Arrival is no exception. But Arrival is unique in how we respond to these challenges. We recently announced a modification in our current focus, and I want to explain this today and remind everyone why it is that Arrival has such great potential.

謝謝，安妮。 2022 年對整個行業來說都是艱難的一年，Arrival 也不例外。但 Arrival 在我們應對這些挑戰的方式上是獨一無二的。我們最近宣布了對當前焦點的修改，今天我想解釋一下，並提醒大家為什麼 Arrival 具有如此巨大的潛力。

Over the last eight years, we have developed a new method to design and produce a type of electric vehicle enabled by a vertically integrated stack of technologies. We have IP that no one else before us has been able to develop in this industry, which consists of proprietary composite body parts, high-voltage and low-voltage components, software for vehicles, autonomous mobile robotics and software-defined microfactories. The benefit of these technologies is that they are designed for microfactory assembly, and we can use the same core technologies in all our vehicle programs. We certified our Bus and Van products in Europe. We were able to do this in rapid time due to our vertical integration.

在過去八年中，我們開發了一種新方法來設計和生產一種由垂直集成技術堆棧支持的電動汽車。我們擁有在我們之前沒有人能夠在這個行業開發的知識產權，它由專有的複合車身部件、高壓和低壓部件、車輛軟件、自主移動機器人和軟件定義的微型工廠組成。這些技術的好處是它們專為微型工廠組裝而設計，我們可以在所有車輛項目中使用相同的核心技術。我們在歐洲認證了我們的巴士和廂式貨車產品。由於我們的垂直整合，我們能夠迅速做到這一點。

These are learnings and capabilities we will carry forward in all our vehicle programs. We recommenced road trials with customers. Real-world testing allows us to fine-tune our technologies. We also assembled our first production verification vans in Bicester this year using our unique method of assembly. And this shows that the microfactory has moved from a concept to a reality. And we've done all of this with approximately $1.6 billion of investment, which highlights the relative capital efficiency of our business model.

這些是我們將在所有車輛項目中發揚光大的學習和能力。我們重新開始了與客戶的道路試驗。真實世界的測試使我們能夠微調我們的技術。今年，我們還使用我們獨特的組裝方法在比斯特組裝了我們的第一輛生產驗證貨車。這表明微型工廠已經從概念變為現實。我們用大約 16 億美元的投資完成了所有這一切，這突出了我們商業模式的相對資本效率。

At the end of Q3, we had approximately $330 million of cash and cash equivalents on hand, which is not enough capital to ramp up volume production of the L-Van in Bicester.

在第三季度末，我們手頭有大約 3.3 億美元的現金和現金等價物，這不足以提高比斯特 L-Van 的批量生產。

In our Q2 financial results, we announced plans to use existing cash on hand of $513 million plus funds available through a $300 million at-the-market ATM platform to deliver the first vehicles to U.K. customers this year, invest in hard tooling and launched the Charlotte microfactory next year. Due to the current market cap and average daily trading volumes, the ATM has not allowed us to raise the capital to do what we need to do in the time frame we want to do it.

在我們的第二季度財務業績中，我們宣布計劃使用現有的 5.13 億美元現金以及通過 3 億美元的市場 ATM 平台可用的資金，今年向英國客戶交付第一批車輛，投資硬工具並推出夏洛特微型工廠明年。由於當前的市值和平均每日交易量，ATM 不允許我們在我們想要做的時間範圍內籌集資金來做我們需要做的事情。

And we were later than expected in delivering upon some of our key objectives. At the same time, the introduction of the Inflation Reduction Act, tax credits ranging from $7,500 up to $40,000 for commercial electric vehicles, the large market size plus the anticipated higher margins for commercial vehicles made the U.S. our most attractive market.

我們在實現一些關鍵目標方面比預期的要晚。與此同時，《降低通脹法案》的出台、商用電動汽車的稅收抵免從 7,500 美元到 40,000 美元不等，龐大的市場規模以及預期的商用車更高的利潤率使美國成為我們最具吸引力的市場。

Our long-term strategy and opportunity remains the same, but the combined effects of these points means that we have had to adjust our short-term strategy. To survive in these market conditions requires this kind of agility. For these reasons, to ensure the ongoing success of Arrival, we don't have any other choice than to move to the next stage of our strategy, which has always been to bring products to the U.S. market.

我們的長期戰略和機會保持不變，但這些點的綜合影響意味著我們不得不調整我們的短期戰略。在這些市場條件下生存需要這種敏捷性。出於這些原因，為了確保 Arrival 的持續成功，我們別無選擇，只能進入我們戰略的下一階段，一直是將產品推向美國市場。

Therefore, our focus over the next couple of quarters is to extend the runway of our cash on hand by restructuring the business to reduce costs, to continue to advance our enabling technologies as every improvement here is shared by all our vehicles, to produce a small number of vans in Bicester to optimize microfactory assembly processes, perform durability testing on our vehicles and continued customer trials and to secure new funds to bring our products to the U.S.

因此，我們在接下來幾個季度的重點是通過重組業務以降低成本來擴大我們手頭現金的跑道，繼續推進我們的使能技術，因為我們所有的車輛都共享這裡的每一項改進，生產小型Bicester 的貨車數量，以優化微型工廠裝配流程，對我們的車輛進行耐久性測試和持續的客戶試驗，並獲得新資金將我們的產品帶到美國。

Our U.S.-based product engineering team will be led by Mike Ableson, who brings over 30 years of experience with GM, including leading vehicle programs. We have learned a tremendous amount in designing the Arrival's bus, van and car from the ground up using our own vertically integrated technologies. And our U.S. products will reuse much of this intel. The talented team we have in place gives us renewed confidence in our ability to execute as well.

我們位於美國的產品工程團隊將由 Mike Ableson 領導，他擁有 30 多年的通用汽車經驗，包括領先的汽車項目。在使用我們自己的垂直集成技術從頭開始設計 Arrival 的公共汽車、貨車和汽車方面，我們學到了很多東西。我們的美國產品將重複使用這些英特爾的大部分內容。我們擁有的才華橫溢的團隊也讓我們對自己的執行能力重新充滿信心。

Finally, I want to add this does not mean a reading of the U.K. and European markets. But simply, we are prioritizing the U.S. market with our current available funds, but we will keep an incredible team in place in the U.K. to redesign and optimize aspects of our L-Van for the new EU regulations.

最後，我想補充一點，這並不意味著對英國和歐洲市場的解讀。簡而言之，我們將利用現有可用資金優先考慮美國市場，但我們將在英國保留一支令人難以置信的團隊，為新的歐盟法規重新設計和優化我們的 L-Van 的各個方面。

And with that, I'll hand it over to John for our financial results and cash guidance.

有了這個，我將把它交給約翰，以獲得我們的財務業績和現金指導。

Thanks, Avinash. Over the next few quarters, we will be focused on raising the capital needed to bring the products designed for the U.S. market into production. Recently, we announced that we are further rightsizing the organization and cutting cash-intensive activities primarily related to third-party spend and costs related to ran up production of the L-Van in Bicester. The result of these proposals is expected to have a sizable impact on our workforce predominantly in the U.K.

謝謝，阿維納什。在接下來的幾個季度中，我們將專注於籌集資金，將專為美國市場設計的產品投入生產。最近，我們宣布我們正在進一步調整組織規模，並削減主要與第三方支出相關的現金密集型活動，以及與在比斯特生產 L-Van 相關的成本。這些提案的結果預計將對我們主要在英國的員工產生相當大的影響。

Due to the regulatory nature of these redundancies in the U.K., the cost savings related to salaries will not be fully recognized until Q1 of 2023. I'd like to further discuss the financial factors that led us to make this change now. We cannot make money on the current L-Van product, given the cost of parts associated with being on low volume or soft tooling with our suppliers. Each vehicle we produce on soft tooling reduces our cash balance.

由於英國這些裁員的監管性質，與工資相關的成本節約要到 2023 年第一季度才能得到充分體現。我想進一步討論導致我們現在做出這一改變的財務因素。考慮到與供應商進行小批量或軟工具相關的零件成本，我們無法從當前的 L-Van 產品上賺錢。我們使用軟工俱生產的每輛車都會減少我們的現金餘額。

Normally, we would hard tool with suppliers to achieve the planned cost per part. But in order to hard tool the L-Van, we need approximately $150 million, which we assumed would be available to us under the ATM program. Without proceeds from the ATM, we do not have this option. On the other hand, the U.S van, which is already in development, has a higher ASP and margins than the current L-Van and is supported by new incentives of up to $40,000 per vehicle starting in 2023 from the recent Inflation Reduction Act. We also see high demand in the U.S. market for electric last-mile delivery vans for which we do not see enough supply from the industry.

通常，我們會與供應商一起努力實現每個零件的計劃成本。但為了對 L-Van 進行硬加工，我們需要大約 1.5 億美元，我們認為這將在 ATM 計劃下提供給我們。如果沒有 ATM 的收益，我們就沒有這個選項。另一方面，已經在開發中的美國麵包車比目前的 L-Van 具有更高的平均售價和利潤率，並且得到了從 2023 年開始從最近的《通貨膨脹減少法案》開始的每輛車高達 40,000 美元的新激勵措施的支持。我們還看到美國市場對電動最後一英里送貨車的需求很高，我們認為該行業的供應不足。

In summary, limited resources and the attractive opportunities in the U.S. market makes developing U.S. products the best use of capital but this means revenue and margins will come later, not in 2023.

總而言之，美國市場有限的資源和有吸引力的機會使得開髮美國產品成為資本的最佳利用，但這意味著收入和利潤將在以後出現，而不是在 2023 年。

Turning now to our cash outlook. We expect to end the year with between $160 million and $200 million of cash. Our expectations for ending cash includes approximately $35 million in Q4 for severance and retention-related costs, and approximately $40 million for other restructuring costs. And we expect cash on hand will be able to fund the business into Q3 of next year.

現在轉向我們的現金前景。我們預計年底將有 1.6 億至 2 億美元的現金。我們對結束現金的預期包括第四季度約 3500 萬美元的遣散費和保留相關成本，以及約 4000 萬美元的其他重組成本。我們預計手頭現金將能夠為明年第三季度的業務提供資金。

I will now turn the call back to Avinash for closing comments.

我現在將電話轉回給 Avinash 以結束評論。

In closing, in the near term, we are raising funds to develop and produce vehicles for the U.S. market. Although we don't expect revenues in 2023, we are addressing a larger market with products that have higher margins, meaningful incentives and industry-leading attributes based on our unique technologies and substantive experience from developing the L-Van.

最後，在短期內，我們正在籌集資金為美國市場開發和生產汽車。儘管我們預計 2023 年不會有收入，但基於我們獨特的技術和開發 L-Van 的豐富經驗，我們正在通過具有更高利潤率、有意義的激勵措施和行業領先屬性的產品來應對更大的市場。

Tapping into the U.S. market using Arrival's core technologies, we'll open up a much larger total addressable market opportunity as our core technologies are suitable to develop any type of vehicle and demand can be met with our modular scalable microfactory strategy, which enables us to rapidly respond to demand as capital becomes available.

使用 Arrival 的核心技術進入美國市場，我們將開闢更大的總體潛在市場機會，因為我們的核心技術適用於開發任何類型的車輛，並且可以通過我們的模塊化可擴展微型工廠戰略滿足需求，這使我們能夠資金可用時迅速響應需求。

Finally, I would like to express our sincere gratitude to our investors, employees, customers, partners and suppliers who have stuck by our side through a lot of ups and downs during the year. We knew this road will not be easy. However, we believe we are making the right choices for the long-term success of arrival, and we appreciate the continued support.

最後，衷心感謝一年來風風雨雨一直陪伴在我們身邊的投資者、員工、客戶、合作夥伴和供應商。我們知道這條路並不容易。但是，我們相信我們正在為抵達的長期成功做出正確的選擇，我們感謝持續的支持。

And with that, we'll move to Q&A.

有了這個，我們將進入問答環節。

(Operator Instructions) Your first question comes from Jeffrey Osborne at Cowen.

（操作員說明）您的第一個問題來自 Cowen 的 Jeffrey Osborne。

Several questions on my end. I was wondering, Avinash, if you can give us an update on the time line for the development of the U.S. van, how much of the commonality for the U.K. van is there with the U.S. fully recognizing you indicated no revenue in '23? Just trying to get a sense of where we are for that product in particular?

我的幾個問題。我想知道，Avinash，如果您能向我們提供有關美國麵包車開發時間表的最新信息，那麼在美國完全認識到您表示 23 年沒有收入的情況下，英國麵包車有多少共同點？只是想了解我們在該產品方面的具體情況？

Yes. So Jeff, I'll start, and I'm sure Mike will want to add some more color. The XL-van has actually been in development in parallel with the L-Van. We have mentioned it before. It's about 60% to 70% commonality with the L-Van, but there is still some specific work to do for the U.S. that we'll be working on over the next 12 months. So we expect that. That's why we're saying we don't expect any revenues in '23. So we have been working on it. We've learned a lot from the L van. I want to remind everybody that the core components move over to that band, the composite materials, the factory processes, but there are some specific engineering tasks required for the XL-van that might be covered.

是的。所以傑夫，我會開始，我相信邁克會想要添加更多顏色。 XL-van 實際上是與 L-Van 並行開發的。我們之前已經提到過。它與 L-Van 的通用性約為 60% 到 70%，但在未來 12 個月內，我們仍將在美國開展一些具體的工作。所以我們期待這一點。這就是為什麼我們說我們預計 23 年不會有任何收入。所以我們一直在努力。我們從 L van 身上學到了很多東西。我想提醒大家，核心組件轉移到那個頻段，複合材料，工廠流程，但可能會涵蓋 XL-van 所需的一些特定工程任務。

Yes. I'd add as far as to the timing of the program, -- it's dependent on when we raise capital, we estimate it's 12 to 18 months from when we raise capital to when we're actually in production with the XL-van. As Avinash said, there's a lot of carryover componentry and systems and especially some of the high-value systems like traction motors and battery modules carryover. So it has really shortened our development time for the U.S. van.

是的。我想補充一下該計劃的時間安排，這取決於我們何時籌集資金，我們估計從籌集資金到實際使用 XL-van 生產需要 12 到 18 個月。正如 Avinash 所說，有很多遺留組件和系統，尤其是一些高價值系統，如牽引電機和電池模塊遺留問題。所以它確實縮短了我們開髮美國麵包車的時間。

Helpful, Mike. I appreciate it. And then maybe for John, on the restructuring side. Can you give us a sense of where headcount was exiting the quarter, where you anticipated to be?

有幫助，邁克。我很感激。然後也許對約翰來說，在重組方面。您能否讓我們了解一下本季度的員工人數以及您預期的人數？

And then as we look to '23, you gave a guidance of runway to 3Q, but how should we think about the monthly cash burn in the event that maybe you raised money in the spring or so whatnot? I'm just trying to get a sense of what the burn rate will be post all these changes.

然後，當我們展望 23 年時，您為 3Q 提供了跑道指導，但是如果您在春季籌集資金等等，我們應該如何考慮每月的現金消耗？我只是想了解所有這些更改後的燃燒率。

Sure, Jeff. I think -- so first, on the headcount or on the people question, we went into the restructuring with around 2,400 employees. And I think when we're largely through this, we'll be under 1,700 employees largely the reductions took place in the U.K., which is where we saw the bulk of it.

當然，傑夫。我認為 - 首先，在員工人數或人員問題上，我們進行了大約 2,400 名員工的重組。而且我認為，當我們基本完成這一過程時，我們的員工人數將低於 1,700 人，這主要發生在英國，這是我們看到的大部分。

I want you to think about our quarterly cash burn next quarter as approximately 1/3 of where we were at coming out of Q3. So we spent about $180 million in Q3. We think when we're done with the restructuring, we can spend at about 1/3 of that. Obviously, on a monthly basis, I would expect some lumpiness. We still could expect a few onetime items associated with the restructuring to hit in early part of next year as well, but it's about $60 million per quarter.

我希望您將下個季度的季度現金消耗量視為我們在第三季度結束時的大約 1/3。所以我們在第三季度花費了大約 1.8 億美元。我們認為，當我們完成重組後，我們可以花費其中的 1/3 左右。顯然，按月計算，我預計會有一些波動。我們仍然可以預計，與重組相關的一些一次性項目也將在明年年初出現，但每季度約為 6000 萬美元。

That is very helpful. And then maybe the last question on my end is how do we think about the Charlotte facility today? Is there anything that was put in motion prior to this move? Or is it just a physically empty building? I'm just trying to get a sense of what's in place today.

這很有幫助。然後也許我最後一個問題是我們如何看待今天的夏洛特工廠？在這次行動之前，有什麼東西在行動嗎？或者它只是一個物理上空的建築物？我只是想了解今天的情況。

So Jeff, as you know, we had been working towards a start of production in Charlotte at the end of this year originally. So we had ordered long lead equipment already where it had been taking delivery of that equipment.

傑夫，如你所知，我們一直在努力爭取在今年年底在夏洛特開始生產。因此，我們已經在接收該設備的地方訂購了長期領先的設備。

So no, it's not an empty building. We've already completed. Quite a bit of the infrastructure work that would have to be done. So we've got a hit and start on Charlotte. We're not starting from ground zero with the microfactory there.

所以不，這不是一座空蕩蕩的建築。我們已經完成了。相當多的基礎設施工作必須完成。所以我們在夏洛特取得了成功並開始了。我們不是從零開始，那裡有微型工廠。

Okay. Maybe I apologize, I said the last one, is the last one, but this will be the last one, I promise. Maybe for Denis, you had some press reports yesterday. Curious if you had any comments on those. Otherwise, I'll let you go.

好的。也許我道歉，我說最後一個，是最後一個，但這將是最後一個，我保證。也許對於丹尼斯，你昨天有一些新聞報導。好奇你是否對這些有任何意見。否則，我會讓你走。

Probably I will comment. Look, obviously, there are some people who upset during the process. And we actually reported like with negations, the majority of the comments has been there is actually incorrect. And actually, if you think about our organization today, we have very strong motivated team. I mean, so everyone understands why this restructuring is happening they support this restructuring, and we see it like through the process because it was much easier this time than it was last time.

大概我會評論。看，很明顯，有一些人在這個過程中心煩意亂。我們實際上像否定一樣報導，大多數評論實際上是不正確的。事實上，如果你想想我們今天的組織，我們有非常強大的積極性團隊。我的意思是，所以每個人都理解為什麼會發生這種重組，他們支持這種重組，我們可以通過整個過程看到它，因為這次比上次容易得多。

And people understand what is our objective, what is our strength and actually, they see our future very positively. So for that reason, I would say, of course, we understand how (inaudible) works like now, but -- and it creates a necessary pressure, I would say. But as a company, we feel very, very strong.

人們了解我們的目標是什麼，我們的優勢是什麼，實際上，他們非常積極地看待我們的未來。因此，出於這個原因，我會說，當然，我們了解（聽不清）現在的工作方式，但是 - 我會說，這會產生必要的壓力。但作為一家公司，我們感覺非常非常強大。

All right. And your next question comes from Steven Fisher at UBS.

好的。您的下一個問題來自瑞銀的 Steven Fisher。

Wondering if you could just discuss order activity, particularly in the U.S. Curious what you're hearing from your customers, given the changes in strategy and liquidity, how much visibility do you have in that customer base kind of taking shape in the U.S. given your switch to focus there?

想知道您是否可以只討論訂單活動，尤其是在美國切換焦點在那裡？

Yes. So Steven, even within the current backlog, there are orders for the U.S., as you can imagine. But we are -- with this change, we are in conversations with all of our key partners in regards to what the portfolio will look like going into the future years. We are still, as an industry, supply constrained rather than demand. We still see a huge opportunity.

是的。所以史蒂文，即使在目前的積壓中，也有美國的訂單，你可以想像。但是我們 - 通過這種變化，我們正在與我們所有的主要合作夥伴就未來幾年的投資組合進行對話。作為一個行業，我們仍然受到供應而非需求的限制。我們仍然看到了巨大的機會。

And if you think about the IRA and the van products that we looking to launch there, I mean, the incentives range from 7,500 to 40,000. And there are particular products that we think become extremely compelling when you look at that.

如果你考慮一下 IRA 和我們希望在那裡推出的貨車產品，我的意思是，獎勵範圍從 7,500 到 40,000。當您看到某些特定產品時，我們認為它們會變得非常引人注目。

So we believe that, that transformation is only going to continue. The customers we have understand why we are doing the changes in terms of our -- the capital and the reasons that we have mentioned today. And of course, we're in constant conversation with them about what that -- what our next set of products will look like for them.

所以我們相信，這種轉變只會繼續下去。我們擁有的客戶了解我們為什麼要從我們的資本和我們今天提到的原因方面進行更改。當然，我們一直在與他們討論那是什麼——我們的下一組產品對他們來說會是什麼樣子。

So Mike, I don't know if you want to add anything?

所以邁克，我不知道你是否想補充什麼？

No, I think you summarized it well, Avinash.

不，我認為你總結得很好，Avinash。

Okay. And then not sure if I missed it, but given the funding through Q3, what are the capital raising options that you're considering for the moment for beyond Q3? And what's the timing that you might start implementing that?

好的。然後不確定我是否錯過了它，但考慮到第三季度的資金，您目前正在考慮在第三季度之後的融資選擇是什麼？你什麼時候開始實施呢？

So we're actively engaged in capital raising as we speak. It's being led by myself and Avinash, we've would be targeted in both strategic and financial partners in this process. We've had some preliminary discussions with a handful of parties that have been very productive at this point, and we'll continue to have those discussions. But I would expect, just given the tight funding environment that we're in right now. We expect the process to take, I would say, up to six months for that to materialize.

因此，正如我們所說，我們正在積極參與融資。它由我和 Avinash 領導，在這個過程中，我們將成為戰略和財務合作夥伴的目標。我們已經與一些在這一點上非常富有成效的各方進行了一些初步討論，我們將繼續進行這些討論。但我預計，鑑於我們目前處於緊張的資金環境。我想說，我們預計該過程需要長達六個月的時間才能實現。

(Operator Instructions) Okay. All right. Thank you for your questions. And I'll now pass the call back to Avinash for closing remarks.

（操作員說明）好的。好的。謝謝你的提問。現在，我將把電話轉回給 Avinash 進行結束髮言。

Thanks. So in summary, we're at a junction that we think when you look at the capital we have on hand, the progress that we've made to date, we have the vertical integration technologies, which, as I mentioned, has really moved now from concept to reality. But we're at a junction where we think the best course of action is to take advantage of the technology we've got in the growing U.S. market, when particularly that tailwind would be IRA.

謝謝。總而言之，我們正處於一個交界處現在從概念到現實。但我們正處於一個交匯點，我們認為最好的行動方案是利用我們在不斷增長的美國市場中獲得的技術，尤其是 IRA 的順風。

So once again, I'd like to just remind everybody that no one in this industry to date has the core components, the composite materials, the microfactory, the software platform. We have all the enabling technologies to put that together in the family of van products that Mike will be leading. And as John mentioned, we'll be looking at all of our options to raise capital so that we can have a very successful future.

所以再次提醒大家，目前這個行業還沒有人擁有核心部件、複合材料、微工廠、軟件平台。我們擁有所有使能技術，可以將這些技術整合到邁克將領導的貨車產品系列中。正如約翰所說，我們將考慮籌集資金的所有選擇，以便我們擁有一個非常成功的未來。

So I want to thank everybody for joining the call today, and we'll speak again soon.

所以我要感謝大家今天加入電話會議，我們很快就會再次發言。

This concludes today's conference call. You may now disconnect. Thank you.

今天的電話會議到此結束。您現在可以斷開連接。謝謝你。