Faraday Future Intelligent Electric Inc (FFAI) 2023 Q3 法說會逐字稿

Greetings, and welcome to the Faraday Future Intelligent Electric Third Quarter 2023 earnings call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. (Operator Instructions)

您好，歡迎參加法拉第未來智慧電動 2023 年第三季財報電話會議。此時，所有參與者都處於只聽模式。正式演講後將舉行簡短的問答環節。 （操作員說明）

As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jonathan Maroko, CFO.

提醒一下，本次會議正在錄製中。現在我很高興向您介紹主持人、財務長喬納森·馬羅科 (Jonathan Maroko)。

Thank you, Jonathan. You may begin.

謝謝你，喬納森。你可以開始了。

Thank you, and welcome, everyone to Faraday Future's Third Quarter 2023 earnings call. We issued a shareholder letter, reporting our results and filed our quarterly report on Form 10-Q for the third quarter of 2023 this afternoon, November 13, 2023.

謝謝並歡迎大家參加法拉第未來 2023 年第三季財報電話會議。我們於 2023 年 11 月 13 日下午發布了一封股東信函，報告了我們的業績，並以 10-Q 表格形式提交了 2023 年第三季的季度報告。

Joining the call from Faraday Future is our Global CEO, Matthias Aydt, and myself, Jonathan Maroko, Interim CFO. You can find a copy of the Q3 2023 shareholder letter now, and a replay of this call later today on the investor relations section of our website at investors.ff.com.

加入 Faraday Future 電話會議的是我們的全球執行長 Matthias Aydt 和我自己臨時財務長 Jonathan Maroko。現在您可以在我們網站 Investors.ff.com 的投資者關係部分找到 2023 年第三季股東信函的副本，以及今天稍後本次電話會議的重播。

Please note that on this call, we will be making forward-looking statements based on current expectations and management assumptions. These statements reflect our views only as of November 13, 2023, and should not be relied upon as representative of views as of any subsequent date. Except as required by law, we undertake no obligation to revise, update, or publicly release the results of any revision to these forward-looking statements in light of new information or future events.

請注意，在這次電話會議中，我們將根據目前的預期和管理層假設做出前瞻性陳述。這些聲明僅反映我們截至 2023 年 11 月 13 日的觀點，不應被視為任何後續日期的觀點代表。除法律要求外，我們不承擔根據新資訊或未來事件修改、更新或公開發布這些前瞻性聲明的任何修改結果的義務。

These statements are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those expressed or implied. For further discussion of the material risks and other important factors that could affect our financial results, please refer to our filings with the SEC, including the section titled Risk Factors in our latest annual report on Form 10-KA, and our quarterly reports for the second and third quarters of 2023 on Form 10-Q.

這些陳述受到各種風險和不確定性的影響，可能導致實際結果與明示或暗示的結果有重大差異。有關可能影響我們財務表現的重大風險和其他重要因素的進一步討論，請參閱我們向SEC 提交的文件，包括我們最新的10-KA 表格年度報告中標題為「風險因素」的部分，以及我們的季度報告2023 年第二季和第三季的 10-Q 表格。

In addition, during today's call, our management team will give their prepared remarks and answers to investors' questions in English. A translator will provide simultaneous Chinese translation, which can be accessed through ff.com. All translations are provided for convenience only. In the case of any discrepancy, management's statements in English will prevail.

此外，在今天的電話會議中，我們的管理團隊將以英語發表準備好的言論並回答投資者的問題。翻譯人員將提供中文同聲翻譯，可透過 ff.com 存取。所有翻譯僅供方便之用。如有任何差異，以管理階層的英文聲明為準。

With that, I will turn the call over to Matthias Aydt, Global CEO of Faraday Future.

接下來，我將把電話轉給法拉第未來全球執行長馬蒂亞斯‧艾德特 (Matthias Aydt)。

Thank you, Jonathan, and good day, everyone, and thank you for joining our conference call. Before we begin, I'd like to say that it is a great honor to be appointed Global CEO, and that I'm excited to further leverage my experience in product technology, research and development to help elevate Faraday Future to the next level.

謝謝喬納森，大家好，感謝您參加我們的電話會議。在開始之前，我想說，很榮幸被任命為全球首席執行官，並且我很高興能夠進一步利用我在產品技術、研發方面的經驗，幫助將法拉第未來提升到一個新的水平。

Today, I will give you a brief update about our progress with our co-creation plants, production and delivery highlights, as well as an overview of the initiatives around our sales and service program. Following this, Jonathan will provide a review of our financials, covering topics such as fundraising, and measures we've implemented to strengthen Faraday Future.

今天，我將向您簡要介紹我們的共創工廠的進展情況、生產和交付亮點，以及圍繞我們的銷售和服務計劃的舉措的概述。隨後，喬納森將對我們的財務狀況進行回顧，涵蓋籌款等主題，以及我們為加強法拉第未來而採取的措施。

The third quarter has been a defining period for Faraday Future, propelling us further on our journey of innovation and growth. With the initial delivery of the FF 91 2.0 Futurist Alliance, we are now a revenue-generating company. Since then, we have delivered seven vehicles, and onboarded 10 new FPO co-creation users gaining invaluable feedback.

第三季是法拉第未來的決定性時期，推動我們進一步踏上創新和成長之旅。隨著 FF 91 2.0 未來主義聯盟的首次交付，我們現在是一家創收公司。從那時起，我們已經交付了 7 輛車，並招募了 10 名新的 FPO 共創用戶，獲得了寶貴的回饋。

With a vehicle that we are excited to show the world, we are now focused on getting the word out on just how amazing this vehicle is. And not just the vehicle, but communicating the entire vision behind Faraday Future -- the connected mobility, co-creation, and the lifestyle of tech luxury.

我們很高興向世界展示這輛車，現在我們的重點是讓大家知道這輛車有多神奇。不僅僅是車輛，還傳達了法拉第未來背後的整個願景——互聯移動、共同創造和科技奢華的生活方式。

To help build our brand identity, we hosted the inaugural FF Developer Co-Creation Festival at the [revert] Pebble Beach Concours d'Elegance, which has become an annual gathering of rare and antique automobiles, international automotive experts, and motor car enthusiasts from around the globe.

為了幫助建立我們的品牌形象，我們在[revert] Pebble Beach Concours d'Elegance 舉辦了首屆FF 開發者共創節，該活動已成為稀有古董汽車、國際汽車專家以及來自世界各地的汽車愛好者的年度聚會。在全球範圍內。

Reaching this point did not occur overnight. In fact, this was a culmination of nine years of hard work and dedication by the team and $ 3billion of investments. With our innovative efforts, we were able to introduce this new [species] to the market -- this all-ability vehicle with the performance of a sports car, the luxury of a sedan, and the terrain handling of an SUV. And all of this is fitted with the latest technology from entertainment to AI handling.

要達到這一點並非一朝一夕之事。事實上，這是團隊九年辛勤工作和奉獻精神以及 30 億美元投資的結晶。透過我們的創新努力，我們能夠將這個新[物種]推向市場——這款多功能汽車兼具跑車的性能、轎車的豪華性以及SUV的地形操控性。所有這一切都配備了從娛樂到人工智慧處理的最新技術。

Since reaching our initial production and manufacturing milestones, we are now focused on building our brand identity and scaling up production. Working closely with our co-creators, FF has been able to refine our product, and tailor it to the needs of our user group. We also grow our visibility and build our brand positioning and recognition in the ultra-luxury market segment.

自從達到最初的生產和製造里程碑以來，我們現在專注於建立我們的品牌形象並擴大生產規模。 FF 與我們的共同創造者密切合作，能夠完善我們的產品，並根據我們用戶群的需求進行客製化。我們也提高了我們的知名度，並在超豪華細分市場中建立了我們的品牌定位和認知度。

We further showcased the FF 91 2.0 Futurist Alliance's performance capabilities with an impressive lap record at both the Button Willow Raceway and Willow Springs Raceway, achieving record lap times in the SUV and crossover segments.

我們進一步展示了 FF 91 2.0 未來主義聯盟的性能能力，在 Button Willow 賽道和 Willow Springs 賽道上均創下了令人印象深刻的單圈記錄，在 SUV 和跨界車領域創下了單圈時間記錄。

In addition to our branding goals, our operational initiatives continue to progress as we remain focused on ramping production capacity. Building of our Q2 momentum, we made further production improvements by refining our manufacturing throughput and process. Specifically, our approach to producing batches has allowed us to embed a culture of continuous improvement, refining our processes with each production cycle.

除了我們的品牌目標之外，我們的營運計劃也不斷取得進展，因為我們仍然專注於提高產能。在第二季的勢頭基礎上，我們透過改進製造吞吐量和流程進一步提高了產量。具體來說，我們的大量生產方法使我們能夠融入持續改進的文化，在每個生產週期中完善我們的流程。

This meticulous attention to detail is carried over to the final quality checks as the vehicle undergoes comprehensive inspections -- static, dynamic, and functional -- to guarantee those that we fulfill our product promises to our users. As such, our final quality customer craftsmen audit, referred to as CCA, improved by 50% compared to the first CCA scores.

這種對細節的一絲不苟的關注延續到了最終的品質檢查中，車輛接受了全面的檢查——靜態、動態和功能——以保證我們履行對用戶的產品承諾。因此，我們的最終品質客戶工匠審核（簡稱 CCA）比第一次 CCA 分數提高了 50%。

Significant improvements continued to be made in vehicle build quality in terms of fit finish, and functionality of the vehicle. These improvements are measured through the point-based quality audits scoring system.

車輛製造品質在組裝完成度和車輛功能方面繼續取得重大改進。這些改進是透過基於點的品質審核評分系統來衡量的。

The team is also working to optimize vehicle assembly. And here I'd like to comment Mr. Ning, our Head of Manufacturing and Quality, on the great job he has been doing with the factories. As we look forward, our focus is set on continued ramp of vehicle production and building our brands with co-creation.

該團隊還致力於優化車輛組裝。在這裡，我想對我們的製造和品質主管寧先生對他在工廠所做的出色工作發表評論。展望未來，我們的重點是持續提高汽車產量並透過共同創造來打造我們的品牌。

And these initiatives to more than just elevate our brand presence -- they cultivate a deep connection between FF and its community offering an enriched brand journey. We forged alliances with several industry leaders. Beyond our collaboration with Jason Oppenheim, we have teamed up with notable personalities like Chris Brown, Justin Bell and Derek Bell.

這些舉措不僅能提升我們的品牌影響力，還能在 FF 與其社群之間建立深厚的聯繫，從而提供豐富的品牌旅程。我們與多家產業領導者建立了聯盟。除了與 Jason Oppenheim 的合作之外，我們還與 Chris Brown、Justin Bell 和 Derek Bell 等知名人士合作。

The insight from our co-creation officers has been instrumental in reaching diverse assets such as brand strategy and user outreach. At its core, co-creation transcends mere collaboration. It's the manifestation of our commitment to centering our users in all our endeavors. Through collaborative partnerships with co-creators, the company believes that substantial value can be accessed across various aspects such as product development, technological development, brand amplification, trust and loyalty, pricing power, strategic positioning, and brand marketing.

我們的共同創造官員的見解對於實現品牌策略和用戶推廣等多元化資產發揮了重要作用。從本質上講，共同創造超越了單純的協作。這體現了我們致力於以用戶為中心的一切努力。透過與共同創造者的合作夥伴關係，該公司相信可以在產品開發、技術開發、品牌放大、信任和忠誠度、定價能力、策略定位和品牌行銷等各個方面獲得巨大的價值。

This paradigm sets us apart in the dynamic EV landscape, ensuring our offerings are not merely technologically superior, but also resonate with the ever evolving expectations and aspirations of our clientele.

這種模式使我們在動態電動車領域脫穎而出，確保我們的產品不僅在技術上優越，而且能與客戶不斷變化的期望和願望產生共鳴。

To complement our brand building efforts, our sales team was busy at work this quarter building out our sales and service capabilities. Here is an overview of our recent advancements.

為了補充我們的品牌建立工作，我們的銷售團隊本季忙於建立我們的銷售和服務能力。以下是我們最近取得的進展的概述。

Leasing program launch -- in collaboration with luxury lease partners. We've initiated the leasing program for our FF 91 2.0 Futurist Alliance owners. With competitive pricing, customers can acquire our flagship model, with just a few electronic clicks in line with our vision of an intelligent electric future.

與豪華租賃合作夥伴合作推出租賃計劃。我們已經為 FF 91 2.0 未來主義聯盟車主啟動了租賃計劃。憑藉具有競爭力的價格，客戶只需點擊幾下滑鼠即可獲得我們的旗艦型號，這符合我們對智慧電動未來的願景。

LA flagship store -- construction is underway for our flagship stores situated in Beverly Hills' prime shopping district. This project promises both physical and digital experience, giving our users a glimpse into Faraday Future's intelligent mobility ecosystem.

洛杉磯旗艦店——位於比佛利山莊黃金購物區的旗艦店正在建設中。該計畫承諾實體和數位體驗，讓我們的用戶了解法拉第未來的智慧行動生態系統。

Mobile service fleet -- we've activated our mobile service fleet offering on-demand concierge service to our first FF 91 2.0 Futurist Alliance owners.

行動服務車隊－我們已經啟動了行動服務車隊，為首批 FF 91 2.0 未來主義聯盟車主提供隨選禮賓服務。

GCLA sponsorship -- our sponsorship of the Greater California Livery Association, the core of California's luxury limousine industry, marks the beginning of promising collaborations with premier luxury limousine operators.

GCLA 贊助－我們對大加州車衣協會（加州豪華轎車產業的核心）的贊助標誌著與頂級豪華轎車業者的良好合作的開始。

Bureau of Automotive Repair license -- owning a license from the California Bureau of Automotive Repair is a testament to our commitment to uphold the highest standards in vehicle maintenance, warranty repairs, and service.

汽車維修局許可證－擁有加州汽車維修局頒發的許可證證明了我們致力於維護車輛維護、保固和服務的最高標準。

Home charging installation program activation -- in alliance with Qmerit Electrification, we have launched our home charging installation program. The FF home charger, which supports up to 19.2 kilowatts, is a WiFi-connected smart charger compatible with most EVs.

家庭充電安裝程式啟動－與Qmerit Electrification合作，我們推出了家庭充電安裝程式。 FF家用充電器最高支援19.2千瓦，是一款與大多數電動車相容的WiFi連接智慧充電器。

Public charging program -- ensuring uninterrupted travel for our vehicle owners, we've rolled out a public charging program. Every FF 91 2.0 Futurist Alliance owner is entitled to $1,000 charge and credits applicable across major US EV charging networks.

公共充電計畫－確保車主出行不間斷，我們推出了公共充電計畫。每個 FF 91 2.0 未來主義聯盟車主都有權獲得 1,000 美元的費用和適用於美國主要電動車充電網路的積分。

We are dedicated to paving the way for a future where luxury and sustainability converge, and these endeavors are a glimpse of our unyielding commitment to our users and stakeholders. Looking forward, the company will host an FF Middle East strategy launch press event during the week of the Formula One Grand Prix in Abu Dhabi later this month.

我們致力於為奢華與永續發展融合的未來鋪平道路，這些努力體現了我們對用戶和利害關係人的堅定承諾。展望未來，該公司將於本月稍後在阿布達比舉行的一級方程式大獎賽當週舉辦 FF 中東戰略發布新聞發布會。

The Middle East market presents exciting opportunities for smart and autonomous vehicles, and is well aligned with our product technology and brand positioning. We look forward to this being our first of many events and collaborations in the Middle East.

中東市場為智慧和自動駕駛汽車提供了令人興奮的機遇，並且與我們的產品技術和品牌定位非常契合。我們期待這是我們在中東的眾多活動和合作中的第一場。

Now I will turn the call back to Jonathan, who will go over the financials.

現在我將把電話轉回給喬納森，他將討論財務狀況。

Thank you, Matthias. First, I would like to summarize our financial results for the third quarter of 2023. One of the major accomplishments of this quarter was that it was our first quarter of generating revenue. Although it's a small amount of revenue at $0.6 million, it is still an important milestone for Faraday Future.

謝謝你，馬蒂亞斯。首先，我想總結我們 2023 年第三季的財務表現。本季的主要成就之一是，這是我們第一個創收的季度。儘管 60 萬美元的營收規模很小，但這對法拉第未來來說仍然是一個重要的里程碑。

Cost of goods sold was $16.1 million. The bulk of this $10 million plus was noncash depreciation of tooling and machinery. The majority of the remaining is manufacturing overhead costs, and to a lesser extent, labor and material costs. The higher cost of goods sold was driven by the natural inefficiencies of early-stage vehicle production, namely initial manufacturing inefficiencies, and a higher cost of parts resulting from low volume.

銷售成本為 1,610 萬美元。這 1000 萬美元以上的大部分是工具和機械的非現金折舊。剩下的大部分是製造費用，其次是勞動力和材料成本。銷售成本較高的原因是早期汽車生產的自然低效，即初始製造效率低下，以及低產量導致的零件成本較高。

The company is focused on continuing to reduce manufacturing and material costs. We believe with increased vehicle production and supply chain optimization activities, there is good opportunity for continuous meaningful reduction. We significantly reduced our operating loss to $66.4 million for the three months ended September 30, 2023 as compared to an operating loss of $80 million for the three months ended September 30, 2022.

該公司致力於繼續降低製造和材料成本。我們相信，隨著汽車產量的增加和供應鏈優化活動，有很好的機會持續有意義地減少排放。截至2023年9月30日止三個月，我們的營運虧損大幅減少至6,640萬美元，而截至2022年9月30日止三個月的營運虧損為8,000萬美元。

The change in operating expenses was primarily due to lower research and development expenses, as the company completed product development, and moved to focus on manufacturing, production, and sales. In addition, we significantly reduced our net loss to $78 million for the three months ended September 30, 2023, as compared to a net loss of $119.9 million for the three months ended September 30, 2022. The change in net loss was primarily due to lower operating expenses, and a gain in the change in fair value of notes payable and warrant liabilities, offset by non-cash settlement of convertible notes recorded in the third quarter this year.

營業費用的變化主要是由於公司完成了產品開發，並轉向專注於製造、生產和銷售，因此研發費用減少。此外，截至2023年9月30日止三個月的淨虧損大幅減少至7,800萬美元，而截至2022年9月30日止三個月的淨虧損為1.199億美元。淨虧損的變化主要是由於營運費用減少，應付票據和認股權證負債公允價值變動帶來的收益被今年第三季記錄的可轉換票據的非現金結算所抵銷。

Turning to our balance sheet, total assets on September 30, 2023 were $579.5 million compared to $529.3 million on December 31, 2022. Total liabilities were $317.7 million versus $228.3 million on December 31, 2022. Net cash used in operating activities for the nine months ended September 30, 2023 was $240.4 million compared to $355.1 million for the nine months ended September 30, 2022.

資產負債表顯示，2023 年9 月30 日的總資產為5.795 億美元，而2022 年12 月31 日為5.293 億美元。總負債為3.177 億美元，2022 年12 月31 日為2.283 億美元。這九個月經營活動使用的現金淨額截至2023年9月30日的九個月為2.404億美元，截至2022年9月30日的九個月為3.551億美元。

Capital expenditures were $10.8 million for the nine months ended September 30, 2023. Net cash provided by financing activities for the nine months ended September 30, 2023 was $237.6 million compared to net cash used in financing activities of $40.9 million for the nine months ended September 30, 2022. Cash as of September 30, 2023 was $8.6 million.

截至2023年9月30日止九個月的資本支出為1,080萬美元。截至2023年9月30日止九個月融資活動提供的淨現金為2.376億美元，而截至2023年9月30日止九個月融資活動使用的淨現金為4,090萬美元截至 2022 年 9 月 30 日。截至 2023 年 9 月 30 日，現金為 860 萬美元。

On the funding side, during the third quarter, we raised $61.8 million through a combination of convertible notes, equity line of credit, and at-the-market financings. As the company matured and passed its one-year mark, as a regular filer, it now has access to better, less-dilutive financing through the public markets.

在融資方面，第三季度，我們透過可轉換票據、股權信貸額度和市場融資等方式籌集了 6,180 萬美元。隨著公司的成熟並通過了一年的標誌，作為常規申報者，它現在可以透過公開市場獲得更好、稀釋程度更低的融資。

Beyond equity financing, Faraday successfully tapped into asset-based financing for the sale leaseback of our Hanford, California manufacturing facility. Through this transaction, we unlocked up to $12 million in non-dilutive capital which is earmarked for vital plant enhancements and foundational developments crucial for the FF 91 2.0 Futurist Alliance's production trajectory.

除了股權融資之外，法拉第未來還成功利用資產融資來出售我們位於加州漢福德的製造工廠的回租。透過此次交易，我們釋放了高達 1200 萬美元的非稀釋資本，這些資本專門用於對 FF 91 2.0 未來主義聯盟的生產軌跡至關重要的重要工廠改進和基礎開發。

In this transaction, we did not sell any physical assets. We were leasing Hanford previously and have now simply changed landlords. We did not sell any of our equipment. The factory continues to operate normally. With the additional capital, we've initiated several facilities projects at Hanford in order to gear up for the next production phase.

在本次交易中，我們沒有出售任何實體資產。我們之前租的是漢福德，現在只是換了房東。我們沒有出售任何設備。工廠繼續正常運作。有了額外的資金，我們在漢福德啟動了多個設施項目，以便為下一個生產階段做好準備。

In addition to showcase the unwavering faith our leadership has in Faraday Future's vision, we unveiled a new management stock purchase plan. Senior leaders, along with key members of our management team, are pledging to allocate 50% of their three month salary towards acquiring FF's class A common stock directly from the company, subject to shareholder approval.

除了展示我們的領導層對法拉第未來願景的堅定信念之外，我們還宣布了一項新的管理層股票購買計劃。高階領導者以及我們管理團隊的主要成員承諾將三個月薪資的 50% 用於直接從公司收購 FF 的 A 類普通股，但須經股東批准。

As we forge ahead, Faraday Future remains dedicated to its three-phase delivery strategy. Since initiating Phase 2 co-creation deliveries on August 12, our focus is now firmly on scaling production of the FF 91, and furthering our co-creation efforts throughout 2023. We aim to reach Phase 3 co-creation delivery by the end of Q1 2024.

在我們不斷前進的過程中，法拉第未來仍然致力於其三階段交付策略。自8 月12 日啟動第二階段共創交付以來，我們現在的重點是擴大FF 91 的生產，並在2023 年進一步推進我們的共創工作。我們的目標是在第一季末實現第三階段共創交付2024 年。

In line with Faraday Future's ongoing factory enhancements and production plans, the company targets producing approximately 1,000 vehicles next year, subject to availability of requisite capital, supply chain capacity and stability, and necessary permits. We have invested significantly in our factory and equipment in the past, so it is ready to scale easily.

根據 Faraday Future 正在進行的工廠改進和生產計劃，該公司的目標是明年生產約 1,000 輛汽車，具體取決於是否具備必要的資本、供應鏈能力和穩定性以及必要的許可。過去我們對工廠和設備進行了大量投資，因此可以輕鬆擴展。

At our upcoming Investor Day on November 15 at our Los Angeles headquarters, we will give more details on our announced master plan aimed at reinforcing the company's stability. This strategic blueprint is designed to nurture sustainable profitability while simultaneously curbing dependence on external financial sources. Immediate priorities are centered on streamlining operational expenses, and refining the organizational framework, which includes a reduction in overhead that does not directly contribute to the FF 91 2.0 Futurist Alliance's production.

在即將於 11 月 15 日在洛杉磯總部舉行的投資者日上，我們將提供有關已宣布的旨在加強公司穩定性的總體計劃的更多詳細資訊。這項策略藍圖旨在培育可持續獲利能力，同時抑制對外部財務來源的依賴。當務之急是精簡營運開支和完善組織框架，其中包括減少不直接參與 FF 91 2.0 未來主義聯盟生產的管理費用。

Additionally, we are keenly focused on optimizing costs associated with the materials and production of the FF 91 2.0. Supported by -- (multiple speakers)

此外，我們也非常注重優化 FF 91 2.0 的材料和與生產相關的成本。支持者－（多位發言者）

To emphasize, we are in the second phase of a three phase delivery plan, and successfully delivered vehicles this quarter. In this phase, we are delivering vehicles to users who are also providing us with valuable feedback and helping us in our sales and marketing efforts. We believe these deliveries are very beneficial to Faraday Future, and an incredibly cost effective way to rapidly improve vehicle quality, performance, and to promote our brand.

需要強調的是，我們正處於三階段交付計畫的第二階段，並於本季成功交付了車輛。在此階段，我們向使用者交付車輛，使用者也為我們提供了寶貴的回饋並幫助我們進行銷售和行銷工作。我們相信這些交付對法拉第未來非常有利，並且是快速提高車輛品質、性能和推廣我們品牌的極其具有成本效益的方式。

Thanks to feedback from our co-creators we have improved the performance of the FF 91 2.0 Futurist Alliance across all dimensions. A specific example was the reduction in its lap time by seven seconds on the Willow Springs International Raceway, making it faster than the Lamborghini Urus.

感謝共同創作者的回饋，我們改進了 FF 91 2.0 未來主義聯盟在各方面的表現。一個具體的例子是，它在 Willow Springs 國際賽道上的單圈時間縮短了 7 秒，使其比蘭博基尼 Urus 更快。

On the funding side, thus far, we have been able to raise capital as needed, given what we believe to be an undervalued stock price, we have been hesitant to raise much more than we need to operate in the immediate term. As such, we've continued to slowly extend our runway, which we believe will allow us to get to the point where we can potentially close on a significant investment from a strategic partner.

在資金方面，到目前為止，我們已經能夠根據需要籌集資金，考慮到我們認為股價被低估，我們一直猶豫是否要籌集遠遠超過我們短期營運所需的資金。因此，我們繼續緩慢地擴展我們的跑道，我們相信這將使我們有可能獲得戰略合作夥伴的重大投資。

In terms of fixed costs, in the third quarter, we embarked on an aggressive cost-cutting campaign, focusing on our G&A expenses. This is a part of a continued cost-cutting exercise, and we believe the efforts of this campaign will be seen in our fourth quarter results.

在固定成本方面，第三季度，我們開始了積極的成本削減活動，重點是我們的一般管理費用。這是持續削減成本活動的一部分，我們相信這項活動的努力將在我們第四季的業績中得到體現。

Lastly, I'll quickly discuss the performance of our stock. From an operational perspective, Faraday is the most mature it has been in its history. We are delivering vehicles, generating revenue, and slowly but surely increasing our production.

最後，我將快速討論我們股票的表現。從營運角度來看，法拉第未來是其歷史上最成熟的。我們正在交付車輛、創造收入，並緩慢但堅定地增加我們的產量。

We have a new senior management team that is passionate and capable, and committed to making Faraday Future success. Members of the management team have voluntarily taken significant salary reductions and made commitments to purchase FFIE's stock, because we believe in the company's future success.

我們擁有一支充滿熱情和能力的新高階管理團隊，致力於讓法拉第未來取得成功。管理團隊成員自願大幅減薪，並承諾購買 FFIE 的股票，因為我們相信公司未來的成功。

Most importantly, we are in talks with strategic investors and partners to bring in meaningful and potentially transformative capital. Still, our stock price has fallen dramatically. We are taking steps to attempt to halt and reverse that decline.

最重要的是，我們正在與策略投資者和合作夥伴進行談判，以引入有意義且具有潛在變革性的資本。儘管如此，我們的股價還是大幅下跌。我們正在採取措施試圖阻止和扭轉這種下降趨勢。

We have seen large failure to deliver data in recent months, which can be indicative of illegal naked short selling. We've engaged shareholder intelligence services to give us actionable intelligence on potential market manipulation and illegal short-selling. We will provide an update on this before year end.

近幾個月來，我們發現大量數據未能提供，這可能表明存在非法裸賣空行為。我們聘請了股東情報服務，為我們提供有關潛在市場操縱和非法賣空的可操作情報。我們將在年底前提供相關更新。

Reaffirming our strategic vision, we remain resolute in our mission to grow Faraday Future towards cash generation and profitability, aiming for breakeven operating cash flow as early as 2025.

我們重申我們的策略願景，堅定不移地履行讓法拉第未來走向現金產生和盈利的使命，目標是最早在 2025 年實現營運現金流盈虧平衡。

Thank you, Joe. Once again, I find myself deeply impressed by the steadfast commitment and tireless contributions of the FF team in reaching this pivotal moment in our delivery schedule.

謝謝你，喬。我再次對 FF 團隊在交付計劃中這一關鍵時刻的堅定承諾和不懈貢獻印象深刻。

I wanted to close by reiterating some of the key points we'd like investors to take away from this earnings call. Faraday Future is now a revenue-generating company, with vehicles running on the streets of Southern California. We are focused on showcasing our vehicle and building our brand, a lot of which is done through co-creation partnerships, which has proven to be hugely beneficial for FF.

最後，我想重申我們希望投資人從本次財報電話會議中汲取的一些要點。法拉第未來現在是一家創收公司，其車輛在南加州的街道上行駛。我們專注於展示我們的車輛和打造我們的品牌，其中許多都是透過共同創造合作夥伴關係完成的，事實證明這對 FF 非常有利。

Co-creation has not only helped us increase our reach, but co-creators have also been instrumental in helping FF increase our product power, improving all aspects of the vehicle -- from design, features. and tech. The vehicle our users will receive at our final Phase 3 delivery will be a stronger product due to their contributions.

共同創造不僅幫助我們擴大了影響力，而且共同創造者也在幫助 FF 提高我們的產品能力、改進車輛的各個方面（從設計到功能）方面發揮了重要作用。和技術。由於他們的貢獻，我們的用戶在第三階段最終交付時收到的車輛將是更強大的產品。

We are looking to ramp up production. The factory is not a bottleneck and is ready to produce more, but we are limited by our liquidity, which is causing some supply delays. Jonathan and the team are working actively to secure additional financing, and we have a good line of sight on some potential investments opportunities from investors who are also interested in partnering with us for the longer term.

我們正在尋求提高產量。工廠不是瓶頸，已經準備好生產更多，但我們受到流動性的限制，這導致了一些供應延遲。喬納森和他的團隊正在積極努力爭取額外的融資，我們對來自也有興趣與我們長期合作的投資者的一些潛在投資機會有很好的了解。

And lastly, we are excited for all the opportunities ahead. Our upcoming events in Abu Dhabi, alongside with the Formula One Grand Prix, and look forward to sharing more with the public in the coming months.

最後，我們對未來的所有機會感到興奮。我們即將在阿布達比舉辦的活動以及一級方程式大獎賽，期待在未來幾個月與公眾分享更多資訊。

Operator, we are ready to take questions.

接線員，我們準備好回答問題。

Thank you. We'll now be conducting a question and answer session.

謝謝。我們現在將進行問答環節。

(Operator Instructions)

（操作員說明）

Michael Ward, Benchmark.

邁克爾·沃德，基準。

Thanks very much. Good evening everyone. Jonathan, first off, on page 33 of the handout -- I just wanted to clarify the timing of some of the financing. I think you mentioned September 2, $90 million of Class A common stock was issued, I assume that closed after the end of the quarter?

非常感謝。各位晚上好。 Jonathan，首先，在講義的第 33 頁上——我只是想澄清一些融資的時間表。我想你提到了 9 月 2 日發行了 9000 萬美元的 A 類普通股，我假設在季度末後結束？

That's correct.

這是正確的。

Okay. So the new share count is $57.4 million from what I can read on the Q on page 1? That's right?

好的。那麼，根據我在第 1 頁的 Q 上看到的內容，新股數為 5740 萬美元？這是正確的？

That's correct.

這是正確的。

Okay. Second thing in the letter, you mentioned seven deliveries, and I was just curious if that was Q3 or was that year-to-date? And I wonder if you can clarify how many were in Q2 in the revenue number?

好的。信中的第二件事，你提到了七次交付，我只是好奇那是第三季還是今年迄今為止？我想知道您是否可以澄清第二季的收入數字有多少？

Sure. And so I think you misspoke in Q2, zero. In Q3, cumulative there were seven. So that's correct.

當然。所以我認為你在第二季說錯了，零。第三季度，累計有 7 個。所以這是正確的。

Okay.

好的。

Okay.

好的。

Now, I think, when I look at the landscape, virtually every EV manufacturer has struggled to meet production targets, even Tesla when you go back over the last 10 years. What I'm curious about is what is Faraday specifically doing that gives you confidence that you can get to 1,000 units next year and then eventually get back closer to capacity of 10,000?

現在，我認為，當我回顧過去的情況時，幾乎所有電動車製造商都在努力實現生產目標，即使是特斯拉，當你回顧過去 10 年時也是如此。我很好奇的是法拉第未來具體做了什麼讓你有信心明年可以達到 1,000 輛，然後最終恢復到接近 10,000 輛的產能？

And Mike, before I answer that, can you just repeat the question? You had on the ATM. I want to make sure I answered it correctly

麥克，在我回答之前，你能重複這個問題嗎？你在 ATM 機上取過。我想確保我回答正確

Which one?

哪一個？

Regarding the ATM.

關於ATM機。

On slide 33, it said on September 27, you entered into the ATM. Offered to sell up to $90 million Class A common stock. Did you sell that stock and did it close after the end of the quarter? So we're going to see a cash infusion?

第 33 張投影片上顯示，9 月 27 日，您進入了 ATM。提議出售最多 9,000 萬美元的 A 類普通股。您是否出售了該股票並在季度末後關閉了該股票？那我們會看到現金注入嗎？

Yes, correct.

是，對的。

So first of only partial, of course. We disclose how much in the 10-Q. We still have plenty more to go on that program. The bulk of that actually occurred in 4Q and so --

當然，首先只是部分的。我們在 10-Q 中披露了多少。我們還有很多工作要做。其中大部分實際上發生在第四季度，所以——

Okay.

好的。

As for your question, I'll let Matthias Aydt handle that.

至於你的問題，我會讓 Matthias Aydt 來處理。

Yes, Michael, I think if you look at what we have set up for our operations, we have a plant which has finally installed capacity of 10,000 units per year. And if you compare that with 1,000 vehicles for the 1st year of full production, then this is only 10%, which allows us to ramp up according to, on one hand, getting the necessary liquidity into the company, and on the other hand, to achieve the right level of maturity with the product as well.

是的，邁克爾，我想如果你看看我們為營運所建立的設施，我們的工廠最終每年的裝置容量為 10,000 台。如果你將其與全面生產第一年的 1,000 輛汽車進行比較，那麼這只是 10%，這使我們能夠一方面為公司提供必要的流動性，另一方面，產品也達到適當的成熟度。

So we are not are on this journey by ourselves. All our supply base has to come with us preparing for the ramp up to go to 10,000 units per year volume. And we are focusing on getting that within the coming years settled. So we are foreseeing not an issue to achieve 1,000 vehicles production volume this next year.

所以我們並不是獨自踏上這段旅程。我們所有的供應基地都必須與我們一起準備將產量提高到每年 10,000 件。我們致力於在未來幾年內解決這個問題。因此，我們預計明年實現 1,000 輛汽車的產量不成問題。

We are still in the process of figuring out how many vehicles we will be able to to deliver to the market as we have to look into the build-out of our sales and distribution network.

我們仍在計算能夠向市場交付多少輛汽車，因為我們必須研究銷售和分銷網絡的建設。

Okay. And maybe Matthias, you could provide a little detail of your background, and what that adds to the equation with Faraday, and what your experiences in the past can can help to get to those targets?

好的。也許馬蒂亞斯，你可以提供一些你的背景細節，以及這對法拉第的影響有何補充，以及你過去的經驗可以幫助實現這些目標？

So I'm not the person to really brag about myself, so I'm handing that over to Jonathan.

所以我不是一個真正吹噓自己的人，所以我把它交給喬納森。

Okay. Matthias does have quite a bit to brag about, and I'll take a portion of that, and some more color, so everyone can understand his background. First off, though, I'd like to really thank XF for his pivotal role in taking the company to where it is today.

好的。馬蒂亞斯確實有很多值得吹噓的地方，我會摘取一部分，再加上一些色彩，讓每個人都能了解他的背景。不過，首先，我要衷心感謝 XF 在帶領公司取得今天的成就方面所發揮的關鍵作用。

He got us through the start of production and the start of delivery -- the vehicles. And then we're looking forward to him furthering our efforts in China, and helping helping us realize our dual home strategy in the US and China. But as for Matthias, he has been with Faraday for over seven years. He's had many previous roles here. He even served as a Board member at one point, and most recently he was in charge of product execution.

他幫助我們完成了車輛的生產和交付。然後我們期待他進一步推動我們在中國的努力，幫助我們實現在美國和中國的雙重家園戰略。但對馬蒂亞斯來說，他已經在法拉第工作了七年多了。他之前在這裡扮演過很多角色。他甚至曾擔任董事會成員，最近負責產品執行。

He was also the head of product definition, mobility ecosystems, and business development. And I'll say he's very well-respected within the organization. In terms of his experience in the automotive world, he's had 40 years of experience, luxury performance, car OEMs, various roles. He's worked at, and worked with, Porsche; Ferrari; Cadillac; Corvette; even at Volkswagen Group.

他也是產品定義、行動生態系統和業務開發的負責人。我想說他在組織內非常受尊重。就他在汽車領域的經驗而言，他擁有 40 年的經驗、豪華性能、汽車 OEM 以及各種角色。他曾在保時捷工作過，也曾與保時捷共事。法拉利；卡迪拉克;科爾維特；即使是在大眾集團。

He knows the extreme quality expectations required to deliver Audi and VW products, and even played a major role in the development of the Bentley Azure. So he has deep knowledge and experience in delivering very high-quality vehicles end-user. I think truly the ideal person to lead FF at this stage of our delivery cycle.

他知道交付奧迪和大眾產品所需的極高品質期望，甚至在賓利 Azure 的開發中發揮了重要作用。因此，他在向最終用戶提供高品質車輛方面擁有深厚的知識和經驗。我認為他確實是在我們交付週期的現階段領導 FF 的理想人選。

He's very, very committed to the company -- to the employees, the users, and the investors. And on a personal note, while I've only been here a short while, I've seen firsthand experience that he's truly the perfect leader here.

他對公司非常非常忠誠——對員工、用戶和投資者。就我個人而言，雖然我來這兒的時間很短，但我的第一手經驗表明他確實是這裡的完美領導者。

And while the outside world may see us just as an automotive, manufacturing company, we're truly a high end vehicle manufacturer as well as a cutting edge software company. He has been really able to bring together all the hardware software minds in the company, and he's really looked up to and respected.

雖然外界可能只將我們視為一家汽車製造公司，但我們確實是一家高端汽車製造商以及一家尖端軟體公司。他確實能夠將公司所有的硬體軟體人才聚集在一起，他真的很受人尊敬。

And I'd also note that he's brought more clarity to the path forward for our company. He developed the master plan and put together five year strategic goals almost immediately upon being named CEO. And these are things we've all bought into, and it's something you'll hear more about at our Investor Day on Wednesday.

我還要指出的是，他使我們公司的前進道路變得更加清晰。在被任命為執行長後，他幾乎立即制定了總體規劃並製定了五年戰略目標。這些都是我們都買入的東西，您將在周三的投資者日聽到更多有關這些的內容。

I really appreciate that. Thank you.

我真的很感激。謝謝。

Of course.

當然。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks. Good evening, everybody. Thanks for taking the questions. I think, first, I was fortunate to be able to go down to Hanford and see the facility, and I got at least a pretty good glimpse of what was going on. But you've been producing, I believe thus far kind of in batches. That's helped with your manufacturing capabilities.

謝謝。晚上好大家。感謝您提出問題。我認為，首先，我很幸運能夠前往漢福德參觀該設施，並且我至少對正在發生的事情有了很好的了解。但我相信到目前為止你們一直在大量生產。這有助於提高您的製造能力。

But can you talk a little bit about how you what you need to do as far as equipment and and maybe even capital to kind of get to that mass production levels to start to really ramp production?

但是您能否談談您需要如何做才能達到大規模生產水平以開始真正提高產量？

I think we need to put the mass production into perspective. So I said we are aiming for an installed capacity of 10,000 units per year. We will achieve -- in a first step in the middle of next year -- a lower number of installed capacity because we are still using a shortened line for vehicle assembly, which will give us 2,500 [TEUs] capacity. And by the end of next year, we will ramp up to the 10,000 units per year, which is two jobs per hour in three shifts.

我認為我們需要正確看待大規模生產。所以我說我們的目標是每年裝機1萬台。作為第一步，我們將在明年年中實現較低的裝置容量，因為我們仍在使用縮短的車輛組裝線，這將為我們提供 2,500 [TEU] 的產能。到明年年底，我們的產量將達到每年 10,000 台，即三班制每小時完成兩個工作。

What we need to do, we are in the final steps of fine-tuning the production processes in the body shop, in our closures built, and in our paint line. So far, we have been painting in the rework area, the first vehicles. And we are in the final step to get our fully automated paint facility, paint tools set up. So our supplier for the paint shop is doing the final steps there.

我們需要做的是，我們正處於對車身車間、封閉裝置和噴漆生產線的生產流程進行微調的最後步驟。到目前為止，我們已經在返工區對第一批車輛進行了噴漆。我們正處於設置全自動油漆設施和油漆工具的最後一步。因此，我們的噴漆車間供應商正在那裡進行最後的步驟。

And with that, I think we are well set to start the process of ramping up into a continuous build instead of a batch build. So the batch build allows us to run basically the build on a normal build schedule from a manufacturing time. But we need to size it to an output which fits to the vehicles we are able to produce from a parts availability standpoint.

至此，我認為我們已經準備好開始逐步進入連續建置而不是批次建置的過程。因此，批量構建允許我們基本上從製造時間開始按照正常的構建計劃運行構建。但從零件可用性的角度來看，我們需要將其尺寸調整為適合我們能夠生產的車輛的輸出。

And also we need to add the time to optimize the quality, and finish the final checks on the vehicle. We have established an incoming inspection on top of the outgoing inspection of our supply base. So all of this is tailored into the manufacturing, which takes time at the moment, and is handled through the batch build. And as soon as we have a more stabilized material flow, and more stabilized quality inflow, we will be able to go to in line build, which gives us 0.5 jobs per hour in the middle of next year.

我們還需要增加時間來優化質量，並完成車輛的最終檢查。我們在供應基地的出貨檢驗之上建立了進貨檢驗。因此，所有這些都是針對製造進行客製化的，目前這需要時間，並且是透過批量建造來處理的。一旦我們有了更穩定的物料流和更穩定的品質流入，我們就能夠進行線上建設，這將在明年年中為我們帶來每小時 0.5 個工作機會。

Great. (multiple speakers)

偉大的。 （多個發言者）

That's very helpful. And then just one more as it relates to manufacturing and on the cost side. Any color you can you can add as far as how you how you optimize cost, particularly when we're talking about the materials side?

這非常有幫助。然後還有一個與製造和成本方面相關的問題。您可以添加任何顏色，只要您如何優化成本，特別是當我們談論材料方面時？

So let's let's go back to the first step is finalizing our manufacturing optimization. Finalizing the manufacturing optimization gives us a, first, cost reduction.

那麼讓我們回到第一步，即完成製造優化。完成製造優化首先可以降低成本。

I think it's easy to imagine that we have extreme costs at the moment with this low volume. And as Jonathan mentioned, we have a burden on overhead costs. As soon as we are getting there to run more stable, this cost will decrease without having any additional activity going on on the material cost side.

我認為很容易想像，在如此低的產量下，我們目前的成本極高。正如喬納森所提到的，我們有管理費用的負擔。一旦我們的運作變得更加穩定，這種成本就會降低，而無需在材料成本方面進行任何額外的活動。

The next step is we have been looking into our most expensive systems, and started the process of in-sourcing the systems to be able to reduce the cost there. And also a very nice number of dollars to get to breakeven cost coverage for [bond] cost to the MSRP.

下一步是我們一直在研究我們最昂貴的系統，並開始內包系統，以降低成本。而且還需要大量美元才能達到建議零售價的[債券]成本的損益平衡成本覆蓋範圍。

And then the next step will be that we go into a process together with our supply base to look into the value stream and optimize the overall process together with them to achieve cost reductions by ramping up to plant capacity volume. We will need the next year to go into a region that we can see that we have reasonable material cost coming in from the supply base.

下一步將是我們與供應基地一起進入一個流程，研究價值流並與他們一起優化整個流程，透過提高工廠產能來降低成本。我們需要明年進入一個我們可以看到我們從供應基地獲得合理材料成本的地區。

And the next step we will focus on is, you know, the last nine years, we have been focusing on delivering this car. So not in every case, we have result in a cost effective design solution. So we will run through what is necessary to be optimized from a design perspective and construction perspective to allow us to harvest cost reductions on changing existing designs.

下一步我們將重點關注的是，你知道，在過去的九年裡，我們一直專注於交付這輛車。因此，並非在所有情況下，我們都能提供具有成本效益的設計解決方案。因此，我們將從設計和施工的角度來探討需要優化的內容，以便我們能夠透過改變現有設計來降低成本。

And then the next thing is we have a dual home market space, which is not only true for -- on one hand selling cars. On the other hand, it's also very true for allowing us a huge reduction in material cost, which takes a little bit of time, but that is the progress we are planning to do over the next two years.

接下來，我們擁有雙重本土市場空間，這不僅適用於銷售汽車。另一方面，這也確實讓我們大幅降低了材料成本，這需要一點時間，但這是我們計劃在未來兩年內取得的進展。

Great. Thank you for the details, John.

偉大的。謝謝你提供的詳細信息，約翰。

Laura Li, Deutsche Bank.

勞拉李，德意志銀行。

Hi. Well, thank you for your time. So my question will be about financing. I think you already talked a little bit about this, but are there other non equity financing you are considering?

你好。好的，謝謝您的寶貴時間。所以我的問題是關於融資。我想您已經談到了這一點，但是您是否正在考慮其他非股權融資？

Sure. Yes, we certainly are. We're continuing to look to finance the company on the least dilutive way possible. So one, as we mentioned, was the indirect sale leaseback of Hanford. And that was helpful for freeing up capital to fund tenant improvement.

當然。是的，我們當然。我們將繼續尋求以盡可能減少稀釋性的方式為公司融資。正如我們所提到的，其中之一就是漢福德的間接售後回租。這有助於釋放資金來資助租戶改善。

Tenant improvements that are required to help us scale our production, but more significantly, we've been in discussions with potential IP-based lenders. And based on these talks, we think we can raise a meaningful amount of capital hopefully sometime in 1Q 2024. This would be subject to revaluation of our intellectual property portfolio, which was last valued in 2019 by an independent third party at about $1 billion. So we're optimistic on this.

租戶的改進需要幫助我們擴大生產規模，但更重要的是，我們一直在與潛在的基於智慧財產權的貸款人進行討論。根據這些談判，我們認為我們預計在2024 年第一季的某個時候籌集大量資金。這將取決於我們智慧財產權組合的重新估值，獨立第三方於2019 年對智慧財產權組合的最新估值約為10 億美元。所以我們對此持樂觀態度。

Okay. Well, thank you for that color. So I'm also thinking about the convertible notes. I saw you stopped issuing the new ones. Do you have any plan to restructure the current convertible notes?

好的。嗯，謝謝你的顏色。所以我也在考慮可轉換票據。我看到你們停止發行新的了。您是否有計劃重組現有的可轉換票據？

Sure. Yes. That certainly ties into moving away from dilutive financing. And so we're doing whatever we can to move away from these existing converts. We're always looking to improve financing options and terms. With these specific existing ones, we're in talks to either restructure or to limit the impact of those conversions.

當然。是的。這當然與擺脫稀釋性融資有關。因此，我們正在盡一切努力遠離這些現有的皈依者。我們一直在尋求改善融資選擇和條款。對於這些特定的現有項目，我們正在討論重組或限制這些轉換的影響。

Okay. Well, okay. Thank you so much.

好的。哦，那好吧。太感謝了。

Of course.

當然。

Thank you. There are no further questions at this time. I'd like to hand the floor back over to management from the closing comments.

謝謝。目前沒有其他問題。我想將結束語交還給管理階層。

I'd like to come back to a question, Michael, you raised in regards of how to hit the volumes we are targeting in next year. I think if you look at into our setup, we are in a very unique situation with Faraday. On one hand, we are focusing on a market segment which is very unique. It's close to be a blue ocean market, with the product we are placing. So we are not facing a lot of competition as potentially Lucid and Rivian are facing in the approach they have chosen.

我想回到一個問題，邁克爾，你提出了關於如何達到我們明年的目標數量的問題。我認為如果你看看我們的設置，我們與法拉第未來的處境非常獨特。一方面，我們專注於一個非常獨特的細分市場。就我們所推出的產品而言，這幾乎是一個藍海市場。因此，我們並沒有像 Lucid 和 Rivian 在他們選擇的方法中面臨的那樣面臨很多競爭。

And the other element which comes to play is if you look into size of the operation we have chosen to execute in the beginning of our company, it is small enough to be very fast coming to a cash flow breakeven. So if you look at Lucid and Rivian, they have they have decided to invest into far bigger operations, which need a lot of a lot of volume to get to a point that they can generate profits.

另一個起作用的因素是，如果你看看我們在公司成立之初選擇執行的業務規模，就會發現它足夠小，可以很快實現現金流收支平衡。因此，如果你看看 Lucid 和 Rivian，你會發現他們已經決定投資規模更大的業務，這些業務需要大量的交易量才能達到可以產生利潤的程度。

And as everywhere in the business, it's basically the last days or the last months of the year deciding about the money you're making. And the rest is just to cover the cost. So covering our costs is based on a far lower volume, which we can achieve in 2025, latest two, let's say, in beginning of 2026 to have a breakeven.

與行業中的其他地方一樣，基本上是一年中的最後幾天或最後幾個月決定了你賺的錢。剩下的只是為了支付成本。因此，涵蓋我們的成本是基於低得多的銷量，我們可以在 2025 年實現這一目標，最近兩年，比如說 2026 年初，就能實現盈虧平衡。

And that gives me a very positive look forward that we are in a very favorable situation at the end of next year and then through 2025. There's even studies out there from companies like Mackenzie that exactly this market segment is the one which is growing over the next years in comparison to other markets.

這讓我對明年年底乃至 2025 年我們處於非常有利的形勢抱有非常積極的預期。甚至有像 Mackenzie 這樣的公司進行的研究表明，這個細分市場正是在 2025 年持續增長的細分市場。與其他市場相比，未來幾年。

Thank you.

謝謝。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。