菲斯克汽車 (FSR) 2022 Q1 法說會逐字稿

Thank you for joining, and welcome to Fisker Q1 2022 Earnings Call. My name is Brika, and I'll be today's event specialist. (Operator Instructions) Your host for today's call will be Boroch. Sir, Please go ahead when you're ready.

感謝您加入，歡迎參加 Fisker 2022 年第一季度財報電話會議。我的名字是 Brika，我將成為今天的活動專家。 （操作員說明）今天通話的主持人將是 Boroch。先生，準備好後請繼續。

Thank you, Brika. Hello, everyone, and welcome to Fisker's earnings call. As Brika mentioned, my name is Frank Boroch, Vice President of Investor Relations and Treasury here at Fisker. Previously, I was at Hyundai Capital America, where I responsible for financing a $40 billion-plus balance sheet comprised of automotive finance assets.

謝謝你，布里卡。大家好，歡迎來到 Fisker 的財報電話會議。正如 Brika 所說，我的名字是 Fisker 投資者關係和財務部副總裁 Frank Boroch。此前，我在現代資本美國公司負責為由汽車金融資產組成的超過 400 億美元的資產負債表融資。

Joining me on today's call are Henrik Fisker, Chief Executive Officer; Dr. Burkhard Huhnke, Chief Technology Officer; and Dr. Geeta Gupta-Fisker, Chief Financial Officer and Chief Operating Officer.

和我一起參加今天電話會議的還有首席執行官 Henrik Fisker； Burkhard Huhnke 博士，首席技術官；和 Geeta Gupta-Fisker 博士，首席財務官兼首席運營官。

Before turning it over to Henrik, be advised we will be making forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally relate to future events or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. These risks include those set forth in the press release we issued earlier today as well as those more fully described in our filings with the Securities and Exchange Commission.

在將其移交給 Henrik 之前，請注意我們將在聯邦證券法的意義上做出前瞻性陳述。前瞻性陳述通常與未來事件或未來財務或經營業績有關。我們對這些事項的期望和信念可能不會實現。實際結果和財務期間受風險和不確定性的影響，可能導致實際結果與預測結果大不相同。這些風險包括我們今天早些時候發布的新聞稿中所述的風險，以及我們提交給美國證券交易委員會的文件中更全面描述的風險。

The forward-looking statements in this presentation are based on information available to us as of today. We disclaim any obligation to update any forward-looking statements, except as required by law. We'll reference our financial measures that do not conform to generally accepted accounting principles or GAAP during today's call, including non-GAAP operating expenses. This information may be calculated differently than the non-GAAP data presented by other companies. Quantitative reconciliation of our non-GAAP financial information to the directly comparable GAAP financial information appears in today's earnings release.

本演示文稿中的前瞻性陳述基於我們今天可獲得的信息。除法律要求外，我們不承擔更新任何前瞻性陳述的義務。在今天的電話會議中，我們將參考不符合公認會計原則或 GAAP 的財務措施，包括非 GAAP 運營費用。此信息的計算方式可能與其他公司提供的非公認會計原則數據不同。我們的非 GAAP 財務信息與可直接比較的 GAAP 財務信息的定量核對出現在今天的收益發布中。

With that, I'm happy to turn the call over to Henrik.

有了這個，我很高興將電話轉給 Henrik。

Thank you, Frank, and thank you, everybody, for joining the call today. Let me just start by sharing how super-excited I am after having driven Fisker's prototype in Europe at Magna's plant. It was just amazing. I've been part of a lot of product launches in my career, but I have to say driving a vehicle that are a little more than 6 months away from start of production without any squeaks and rattles is just fantastic, and it's hats off to our engineering team and Magna's engineering team and manufacturing team, it's just outstanding. So I'm just so excited about that.

謝謝你，弗蘭克，謝謝大家今天加入電話會議。讓我先分享一下我在麥格納工廠在歐洲駕駛 Fisker 的原型後是多麼的興奮。這太棒了。在我的職業生涯中，我參與了很多產品發布，但我不得不說，駕駛一輛距離生產開始還有 6 個月多一點的汽車而沒有任何吱吱聲和嘎嘎聲真是太棒了，而且很高興我們的工程團隊和麥格納的工程團隊和製造團隊，簡直太棒了。所以我對此感到非常興奮。

I of course, reviewed a lot of details of the vehicle. I'm flying back over in middle of May actually to the Bridgestone's proving grounds to do more fine tuning and testing also together with our race car driver, Abbie Eaton, that's we have hired to help us set up the suspension in the vehicles, so it really handles like a sports car but have the utility of an SUV, and we will make sure that it still drives comfortably. This was just so cool.

當然，我查看了車輛的很多細節。我實際上是在五月中旬飛回普利司通的試驗場，與我們的賽車手艾比·伊頓（Abbie Eaton）一起做更多的微調和測試，那是我們聘請來幫助我們在車輛中設置懸架的，所以它確實像跑車一樣操控，但具有 SUV 的實用性，我們將確保它仍然駕駛舒適。這太酷了。

Now then we also went down to -- on a little tour in Europe, where we had shown the Fisker Ocean, and I'll get back to in a second. I do want to mention that our reservation actually has accelerated even further. We have well over 45,000 reservations which actually represents about a $2.5 billion potential revenue. And with this continued growth, we should hit 65,000 to 75,000 reservations by the end of the year, which obviously means we are way above what we would be able to produce next year. So what we also are discussing right now with Magna, in fact, we have, I think, really decided with Magna that we want to increase the production at Magna in 2024.

現在我們還去了——在歐洲進行了一次小型巡迴演出，在那裡我們展示了菲斯克海洋，我稍後再談。我確實想提一下，我們的預訂實際上已經進一步加速。我們有超過 45,000 個預訂，這實際上代表了大約 25 億美元的潛在收入。隨著這種持續增長，到今年年底，我們的預訂量應該會達到 65,000 到 75,000 個，這顯然意味著我們將遠遠超過我們明年的生產能力。因此，我們現在也在與麥格納討論，事實上，我認為，我們已經與麥格納真正決定，我們希望在 2024 年增加麥格納的產量。

Originally, we had planned 50,000 units. But I think as we see with this incredible demand that are continuing, and I expect to continue as people get in and actually try the Ocean and we get the vehicle on the street, we are planning now to triple the production in 2024 to as close to 150,000 units as we can. Of course, that also means getting our suppliers with us, which that's the next step, going out to all our suppliers. And just staying on that for a moment, we have a taskforce that are working with all our suppliers between Magna and Fisker, and I think Geeta will talk a little bit about that later. And so far, we have done extremely well working together on that because we are still on target for production, start of production on 17th of November this year, and we will start deliveries immediately thereafter. So it will be delivered this year as well.

最初，我們計劃生產 50,000 個單位。但我認為，正如我們所看到的這種令人難以置信的需求仍在繼續，我希望隨著人們進入並實際嘗試海洋並且我們將車輛上街，我們現在計劃在 2024 年將產量增加兩倍，盡可能接近我們可以達到 150,000 個單位。當然，這也意味著讓我們的供應商與我們合作，這是下一步，與我們所有的供應商合作。稍等片刻，我們有一個工作組正在與 Magna 和 Fisker 之間的所有供應商合作，我認為 Geeta 稍後會談到這一點。到目前為止，我們在這方面的合作做得非常好，因為我們仍在按生產目標進行，今年 11 月 17 日開始生產，之後我們將立即開始交付。所以它也將在今年交付。

We have a very strong balance sheet. We got over $1 billion in cash, and the business continues to scale. We're now well over 450 people. That represents about a 40% growth year-to-date, and we continue to grow throughout the rest of the year. We are really in a hyper-growth mode. And I mentioned earlier our marketing efforts. Just to kind of give an example, we were in Denmark where we had a prototype in one luxury mall for, I think, about 10 days. And at this point, just in Denmark, we have over 1,650 reservations. That represents about 6.5% of the Danish EV market. That's phenomenal for a vehicle which has only been shown there once and where a lot of reservations were taken before it was shown. And as it was shown, we saw an incredible acceleration in the orders. So I can really see that once we start getting this vehicle out and people get to see it and then later try it, I have no doubt that we're going to be able to easily fulfill or really deliver every vehicle we can produce.

我們有一個非常強大的資產負債表。我們獲得了超過 10 億美元的現金，並且業務繼續擴大。我們現在有 450 多人。這代表著今年迄今約 40% 的增長，我們將在今年剩餘時間內繼續增長。我們確實處於高速增長模式。我之前提到了我們的營銷工作。舉個例子，我們在丹麥的一個豪華商場裡有一個原型，我想，大約 10 天。目前，僅在丹麥，我們就有超過 1,650 份預訂。這約佔丹麥電動汽車市場的 6.5%。對於一輛只在那裡展示過一次並且在展示之前進行了大量預訂的車輛來說，這是了不起的。正如它所顯示的那樣，我們看到訂單出現了令人難以置信的加速。所以我真的可以看到，一旦我們開始推出這輛車，人們看到它，然後嘗試它，我毫不懷疑我們將能夠輕鬆地完成或真正交付我們可以生產的每一輛車。

Also lately, recently, we had -- actually, it was last Friday, we had an Executive Strategy Day. And we actually -- the leadership team reinforced our clear future product and technology strategy road map. I'll let Burkhard talk a little bit about the technology. But I just want to mention a little bit about our strategy with our 4 vehicles because I know once in a while, people are saying, well, why don't you just make one vehicle. And then when you're done with that and you produce and start selling it, then you talk about a second vehicle. Well, if that will be how we did it, we wouldn't have our second vehicle out until 2026. And obviously, that's not the way we want to go. And that's also why we chose our unique strategy. And I actually would call it our hyper product development strategy.

最近，最近，我們有 - 實際上是上週五，我們有一個執行戰略日。實際上，領導團隊加強了我們明確的未來產品和技術戰略路線圖。我會讓 Burkhard 稍微談談這項技術。但我只想提一點關於我們的 4 輛車的戰略，因為我知道有時人們會說，好吧，你為什麼不只製造一輛。然後當你完成它並開始生產並開始銷售它時，你就會談論第二輛車。好吧，如果這就是我們的做法，我們的第二輛車要到 2026 年才會推出。顯然，這不是我們想要的方式。這也是我們選擇我們獨特策略的原因。我實際上將其稱為我們的超級產品開發戰略。

And what I mean by that is that in any other EV startup, you are dealing with 2 enormous tasks. One is building factory and learn how to manufacturing a car, and the other is to developing a car and technology. In our case, we are only looking at developing car and technology because we've got an amazing manufacturing partner. So we don't have to worry about that. We know we're going to get high-quality cars from the get-go. So what we have done is we have set up an organization within Fisker, which is geared towards making multiple vehicles in tandem, developing multiple vehicles in tandem. And I call that the hyper product development mode.

我的意思是，在任何其他電動汽車初創公司中，你都在處理兩項艱鉅的任務。一是建廠，學習造車，二是研發汽車和技術。在我們的案例中，我們只關注開發汽車和技術，因為我們有一個了不起的製造合作夥伴。所以我們不必擔心這一點。我們知道我們將從一開始就獲得高質量的汽車。所以我們所做的是我們在 Fisker 內部建立了一個組織，該組織旨在串聯製造多輛汽車，同時開發多輛汽車。我稱之為超級產品開發模式。

What we have done is we have set up a U.K. entity, which is already up and running and are run by our Senior Vice President of Engineering over there, which is running one of our new programs, the Ronin, and I'll get back to that. And then, of course, we have our development teams here in Los Angeles, which are running our high-volume vehicle programs, which is the Ocean and the PEAR. And I was never a believer in giant teams, where 1,000 people try to get into developing one vehicle from the start. In my view, small teams agile, moving extremely fast, moving people around in a unique matrix organization, that's the way we have set it up. And Burkhard have spent a long time discussing how we maximize this effort and this advantage of being agile. And we have now, I think, really shown that our development, our unique development process of developing a vehicle in less than 2.5 years actually worked.

我們所做的是我們已經建立了一個英國實體，它已經啟動並運行，由我們在那裡的工程高級副總裁管理，它正在運行我們的一個新項目，浪人，我會回來的到那個。然後，當然，我們在洛杉磯有我們的開發團隊，他們正在運行我們的大容量車輛項目，即 Ocean 和 PEAR。而且我從不相信大型團隊，從一開始就有 1000 人試圖開發一輛車。在我看來，小團隊敏捷，移動速度極快，在一個獨特的矩陣組織中移動人員，這就是我們設置它的方式。 Burkhard 花了很長時間討論我們如何最大限度地發揮這種努力以及敏捷的優勢。我認為，我們現在已經真正證明了我們的開發，我們在不到 2.5 年的時間內開發車輛的獨特開發過程確實奏效了。

And of course, we already started the PEAR last year and we started also the Ronin last year, and those 2 programs will see the benefit from all these lessons learned, and we're already seeing these benefits. And that's something which I really think sets Fisker apart because I believe before 2025, that's really our chance to take a huge market share. And if we can bring 4 vehicles to market in segments where there's not a lot of vehicles already and where we have at least 4 unique features, either we have the longest range in our segment, like, for example, the Fisker Ocean with 350 mile range, this is the longest of any SUV or a crossover in our price segment or, for example, the California mode that's in the Ocean. So 4 features that are either unique or segment-leading that needs to be part of every vehicle we do.

當然，我們去年已經啟動了 PEAR，去年也啟動了 Ronin，這兩個項目將從所有這些經驗教訓中受益，我們已經看到了這些好處。我真的認為這讓 Fisker 與眾不同，因為我相信在 2025 年之前，這確實是我們獲得巨大市場份額的機會。如果我們可以將 4 輛汽車推向市場，而這些細分市場還沒有很多車輛，並且我們至少擁有 4 個獨特的功能，那麼我們要么擁有我們細分市場中最長的續航里程，例如 350 英里的 Fisker Ocean範圍，這是我們價格段中任何 SUV 或跨界車中最長的，或者例如海洋中的加利福尼亞模式。因此，4 個獨特或領先的功能需要成為我們所做的每輛車的一部分。

So let me just finalize here the Ocean update. We have completed the first prototype build phase, and we have already done a ton testing. We have done winter testing in Sweden, which Burkhard personally traveled to. And we are doing now a whole bunch of different tests as well, whether it's chassis systems or the ESC, the suspension, the brake tuning, all this has already been done and is now followed by a round of next vehicle dynamic testing in Italy, which Burkhard myself will fly over to as well.

所以讓我在這裡完成海洋更新。我們已經完成了第一個原型構建階段，並且已經進行了大量測試。我們在瑞典進行了冬季測試，Burkhard 親自前往。我們現在也在做一大堆不同的測試，無論是底盤系統還是 ESC，懸架，剎車調整，所有這些都已經完成，現在正在意大利進行一輪下一輪車輛動態測試，布克哈德本人也將飛到那裡。

Now let me talk a little bit about the demand again. Our original goal was to have 50,000 orders or reservation by the start of production. So on November 17. We already have 45,000. And it's clear that when we get started with the auction it will be closer to, like I said, 65,000 to 75,000. So I think it's very important to mention that with the high gas prices and everything we see, I believe that the demand for an affordable SUV is going to grow tremendously, and we don't have a lot of competitors in this segment. And specifically now as we also see Europe is picking up with reservations, we think we're going to have a really strong stance in Europe as well with our vehicles over there.

現在讓我再談談需求。我們最初的目標是在生產開始時有 50,000 份訂單或預訂。所以在 11 月 17 日。我們已經有 45,000 個。很明顯，當我們開始拍賣時，它會更接近，就像我說的，65,000 到 75,000。因此，我認為非常重要的是要提到高油價和我們所看到的一切，我相信對負擔得起的 SUV 的需求將大幅增長，而我們在這一領域沒有很多競爭對手。特別是現在我們也看到歐洲正在接受預訂，我們認為我們將在歐洲擁有非常強硬的立場以及我們在那裡的車輛。

And it brings me a little bit to our marketing. Like I said, we have done relatively little marketing. We tried now out the pop-up shop in Denmark, and that was so successful. We are planning now to bring our vehicle to Norway, which is one of the biggest EV markets in Europe right now, and we have already done very well in Norway. We also plan a few other events through the rest of this year. But we really want to kick off our larger marketing event a little later in the year once we have fully finished drivable vehicles coming off the production line in Austria from Magna. We don't really want to blow everything out right now as we have all these orders already. So please be patient with that. I don't think it makes sense to spend a ton of marketing money right now as we are doing so well.

它讓我對我們的營銷有所了解。就像我說的，我們做的營銷相對較少。我們現在嘗試了丹麥的快閃店，非常成功。我們現在正計劃將我們的車輛帶到挪威，這是目前歐洲最大的電動汽車市場之一，我們已經在挪威做得很好。我們還計劃在今年餘下時間舉辦一些其他活動。但是，一旦我們完全完成了從麥格納在奧地利的生產線下線的可駕駛車輛，我們真的想在今年晚些時候開始我們更大的營銷活動。我們現在真的不想把所有東西都搞砸，因為我們已經收到了所有這些訂單。所以請耐心等待。我認為現在花大量的營銷資金是沒有意義的，因為我們做得很好。

A little bit to the PEAR update. This program is in full speed. We are now increasing the efforts on PEAR as some of the engineers are starting to gear down and out of the Ocean program or have simply just less to do on the Ocean program, so we can now divert a lot of these extremely talented people over to the PEAR program. And that's again the advantage by having these fast-developing processes. We can actually use people right when they get off the Ocean program. They don't have to sit and wait to start another program. We have already started the second and the third program. So we are taking fully advantage of our team at Fisker.

PEAR 更新的一點點。該程序正在全速運行。我們現在正在加大對 PEAR 的投入力度，因為一些工程師開始加速退出 Ocean 項目，或者在 Ocean 項目上要做的事情更少了，所以我們現在可以將很多非常有才華的人轉移到梨計劃。擁有這些快速發展的流程，這又是一個優勢。我們實際上可以在人們離開海洋計劃時立即使用他們。他們不必坐下來等待開始另一個程序。我們已經開始了第二個和第三個程序。因此，我們正在充分利用我們在 Fisker 的團隊。

Something new about the PEAR, I just want to mention some news. We have decided in our strategy session now to go forth with having 3 derivatives initially on the PEAR platform. It's really a result of that we see such an efficient platform. It will be fairly low cost or I would say, really low cost to manufacture. We are aimed to take a lot of parts, complexity out of the platform, concentrate on spending money on high technology and really interesting consumer features that has never been seen before. There will be 2 other variation of the PEAR coming out, of course, after we launch the PEAR in 2024, and they will come later in 2025 and 2026. But ultimately, these 3 derivatives, we believe it will enable us to sell 1 million PEARs a year sometime in 2027. So fairly soon. And we think this is going to be a really important story, the growth story of Fisker the future globally.

關於 PEAR 的一些新內容，我只想提一些新聞。我們現在在我們的戰略會議上決定在 PEAR 平台上最初擁有 3 種衍生品。這真的是我們看到如此高效的平台的結果。這將是相當低的成本，或者我會說，製造成本非常低。我們的目標是從平台中去除很多部分和復雜性，專注於在高科技和以前從未見過的真正有趣的消費者功能上花錢。當然，在我們在 2024 年推出 PEAR 之後，還會有另外 2 個 PEAR 變體出現，它們將在 2025 年和 2026 年晚些時候出現。但最終，這 3 個衍生品，我們相信它將使我們能夠賣出 100 萬PEARs 在 2027 年的某個時候一年。這麼快。我們認為這將是一個非常重要的故事，Fisker 在全球未來的成長故事。

Third vehicle update. You might have seen that I announced a project Ronin this morning, and this vehicle has a unique space within Fisker in the sense of it's really the technology testing platform to a certain extent. And what I mean by that is that as we develop here, we need to be able to develop some extreme technology, make decisions, whether we bring it into PEAR or not. It could either be because it's not ready or because it's too expensive. But we already see some interesting synergies between -- even though PEAR is a very low-cost vehicle and the Ronin is very expensive. Once it comes to technology, it's really more about the value of that technology, what it enables you to do and if it's ahead of everything else. So for example, we are developing, I think, a world-leading wiring harness that is super simple, super light and very low cost, but it's really effective.

第三次車輛更新。你可能已經看到我今天早上宣布了一個項目Ronin，這輛車在Fisker內部有一個獨特的空間，在某種程度上它真的是一個技術測試平台。我的意思是，隨著我們在這裡的發展，我們需要能夠開發一些極端技術，做出決定，無論我們是否將其引入 PEAR。可能是因為它還沒有準備好，也可能是因為它太貴了。但是我們已經看到了一些有趣的協同作用——儘管 PEAR 是一種非常低成本的車輛，而 Ronin 非常昂貴。一旦談到技術，它實際上更多的是關於該技術的價值，它使您能夠做什麼以及它是否領先於其他一切。例如，我認為我們正在開發一種世界領先的線束，它超級簡單、超級輕且成本非常低，但它確實非常有效。

And Burkhard can elaborate on some of these technologies, but the Ronin is really there to allow us to explore some of those ideas early. It will be a vehicle that is super-unique. It has really never been seen in the segment before, and I know we showed a picture and it wasn't really clear to see what it actually is. And some people said it was just a 4-door sedan and it's not. And maybe that becomes a little clearer in the next couple of days. I'll elaborate a little bit on that. What's so unique about it.

Burkhard 可以詳細說明其中的一些技術，但 Ronin 確實可以讓我們及早探索其中的一些想法。這將是一輛超級獨特的車輛。以前從未在該片段中看到過它，我知道我們展示了一張圖片，並不清楚它實際上是什麼。有些人說它只是一輛四門轎車，事實並非如此。在接下來的幾天裡，這可能會變得更加清晰。我將對此進行詳細說明。它有什麼獨特之處。

Also, I've set the engineers a very tough task of reaching 600 miles. We already know now that for sure we'll have over 550 mile range, but the target would be closer to 600 miles. If we can achieve that, that would be equivalent in Europe testing drive-trial 1,000 kilometers. So the idea, of course, of this vehicle is that it truly will replace the luxury gasoline grand tourers out there. And I think, ultimately, the way we have positioned the Ronin, it will be able to both compete against all the luxury electric sedans, all the luxury gasoline sedans and all the luxury sort of sports coups and all the luxury convertibles in the market segment, but from $100,000 an up. And when you look at that entire segment, it could be an interesting segment if you can take an unnatural large part of it. And I think we'll be able to do that with Ronin when we show a little bit more about what it offers.

此外，我還為工程師設定了一項非常艱鉅的任務，即達到 600 英里。我們現在已經知道，我們肯定會擁有超過 550 英里的射程，但目標會更接近 600 英里。如果我們能做到這一點，那將相當於在歐洲進行 1000 公里的試駕。所以，當然，這輛車的想法是它真正將取代那裡的豪華汽油旅行車。而且我認為，最終，按照我們定位 Ronin 的方式，它將能夠與所有豪華電動轎車、所有豪華汽油轎車、所有豪華運動型轎車和細分市場中的所有豪華敞篷車競爭，但從 100,000 美元起。當您查看整個片段時，如果您可以佔據其中不自然的大部分，它可能是一個有趣的片段。而且我認為，當我們更多地展示它所提供的功能時，我們將能夠使用 Ronin 做到這一點。

Again, that vehicle is developed or run out of England, our Magic Works. So it really is not about focusing or we don't have the Ocean team suddenly focused on this vehicle particularly, it's done in a different development group. So we -- of course, it's [matrix in here] for electrical architecture, powertrain, et cetera, but it really is a product that's run separately.

同樣，這輛車是在英格蘭開發或用完的，我們的魔法工廠。所以這真的不是重點，或者我們沒有讓 Ocean 團隊突然特別關注這輛車，它是在不同的開發團隊中完成的。所以我們——當然，它是[這裡的矩陣] 用於電氣架構、動力總成等，但它確實是一個單獨運行的產品。

And then we end by talking a little bit about our advanced sustainability vision. We just published our inaugural environmental policy and also expect to introduce our first ESG impact report in the next few months in alignment with our belief in transparency. And that is well ahead of start of production. So I think in this regard, as we've always said, we aim to be the leader in sustainability, create the world's most sustainable vehicles. And I think that we have shown that we live up to this commitment.

最後，我們談談我們先進的可持續發展願景。我們剛剛發布了我們的首份環境政策，並希望在未來幾個月內推出我們的第一份 ESG 影響報告，以符合我們對透明度的信念。這遠遠早於生產開始。所以我認為在這方面，正如我們一直說的那樣，我們的目標是成為可持續發展的領導者，創造世界上最可持續的汽車。我認為我們已經表明我們履行了這一承諾。

So overall, I'm really optimistic about Fisker's future despite the uncertainty that's going on in the world. And I think it's really to do with our incredible strong partners, Magna, for our Ocean program and Foxconn for our PEAR program. Being with such large global companies is obviously something that clearly has helped us weather the storms of supply chain issues, chip issues, et cetera. And so far, I can only relay again, we are on target to start production 17th of November this year. And with that, I would like to hand it over CTO, Burkhard.

所以總的來說，儘管世界上正在發生不確定性，但我對菲斯克的未來非常樂觀。我認為這真的與我們令人難以置信的強大合作夥伴 Magna 和我們的 PEAR 項目有關。與如此大型的全球公司合作顯然幫助我們度過了供應鏈問題、芯片問題等風暴。到目前為止，我只能再次傳達，我們的目標是今年 11 月 17 日開始生產。有了這個，我想把它交給首席技術官 Burkhard。

Thank you, Henrik. Beginning with Fisker Ocean, engineering, testing and validation is progressing well and is on schedule to achieve SOP in November. We have transitioned from simulated to physical validation and testing, and it has been very encouraging to see the results from our physical tests match those in our simulated tests. Prototype testing is accelerating globally. Winter testing in Sweden, as Henrik has explained, was completed in March, where chassis systems, such as electronic stability control, suspension and break tuning was done. We also tested the powertrain system in extreme cold and low friction environments. The first round of vehicle dynamic testing with early prototype vehicles was performed in February in Italy and with our partner, Bridgestone where the chassis, brake and ride characteristics of the vehicles and tires were tuned.

謝謝你，亨里克。從 Fisker Ocean 開始，工程、測試和驗證進展順利，並按計劃在 11 月實現 SOP。我們已經從模擬過渡到物理驗證和測試，看到我們的物理測試結果與模擬測試結果相匹配，這非常令人鼓舞。原型測試正在全球加速。正如 Henrik 解釋的那樣，瑞典的冬季測試已於 3 月完成，其中完成了電子穩定控制、懸架和製動調整等底盤系統。我們還在極寒和低摩擦環境中測試了動力總成系統。 2 月份在意大利與我們的合作夥伴普利司通一起對早期原型車輛進行了第一輪車輛動態測試，對車輛和輪胎的底盤、制動和行駛特性進行了調整。

The chasis team is currently performing another tuning activity to further refine the dynamics and wide characteristics of the vehicle using both early and our advanced prototype vehicles. Durability testing in high speed, high load conditions of the suspension components with prototype vehicles was completed already in April. So we are continuing to leverage Fisker and Magna's collective expertise and reach to ensure critical components are sourced, delivered, assembled and tested on schedule. With over 450 (inaudible) Fisker and hundreds of Magna engineering resources, we can quickly address challenges and rearchitect as needed.

底盤團隊目前正在執行另一項調整活動，以使用早期和我們先進的原型車進一步完善車輛的動力學和廣泛特性。原型車懸架部件在高速、高負載條件下的耐久性測試已於 4 月完成。因此，我們將繼續利用 Fisker 和 Magna 的集體專業知識和影響力，以確保按時採購、交付、組裝和測試關鍵組件。憑藉 450 多個（聽不清）Fisker 和數百個 Magna 工程資源，我們可以快速應對挑戰並根據需要重新架構。

From our vantage point, semiconductor chip availability is improving, and we are partnering with our supply chain to protect our November 17's production plans. We are currently building the next phase of prototype vehicles with production intent, design and components. These vehicles are being used for testing all vehicle attributes such as safety, ADAS, NVH, which is noise vibration, harshness, climate comfort, powertrain system performance, chassis, electrical integration and complete vehicle durability.

從我們的角度來看，半導體芯片的可用性正在提高，我們正在與我們的供應鏈合作，以保護我們 11 月 17 日的生產計劃。我們目前正在建造具有生產意圖、設計和組件的下一階段原型車。這些車輛用於測試所有車輛屬性，例如安全性、ADAS、NVH，即噪聲振動、粗糙度、氣候舒適性、動力總成系統性能、底盤、電氣集成和整車耐久性。

Some key testing activities with these prototypes vehicles has already begun for safety, durability and vehicle dynamics. We will continue to ramp up testing activities with the prototype vehicle fleet in the month of May. We finished the first high-speed side crush, HS side-moving deformable barrier and obtained great results as expected by virtual analysis as top safety rating range. As Henrik mentioned, I participated in the management drive along with Henrik and Geeta a couple of weeks ago and got with a prototype vehicle and got to experience firsthand the fully functional software at high speed.

這些原型車輛的一些關鍵測試活動已經開始，以確保安全性、耐用性和車輛動力學。我們將在 5 月份繼續加強原型車隊的測試活動。我們完成了第一個高速側壓、HS側移變形屏障，並在最高安全等級範圍內通過虛擬分析獲得了預期的良好效果。正如 Henrik 所說，幾週前我與 Henrik 和 Geeta 一起參加了管理活動，並獲得了原型車，並親身體驗了高速運行的全功能軟件。

We are focused on delivering all the attributes for both a safe and fun driving experience. Examples include torque vectoring for impressive high-speed handling, premium braking system and chassis tuning for exceptional performance, and the fully integrated L2+ ADAS package. We are executing on the IC software stack, the [can] flash electronics control units and are progressing well with our over-the-air or OTA implementation. The OTA pipeline is installed, the back end is in place, and we are already collecting data from prototypes rolling off the line.

我們專注於提供安全和有趣的駕駛體驗的所有屬性。示例包括用於令人印象深刻的高速處理的扭矩矢量、用於卓越性能的優質制動系統和底盤調整，以及完全集成的 L2+ ADAS 套件。我們正在 IC 軟件堆棧、[can] 閃存電子控制單元上執行，並且在我們的無線或 OTA 實施方面進展順利。 OTA 管道已安裝，後端已就位，我們已經從下線的原型中收集數據。

Overall, the goal of our digital strategy is to improve the user's ownership experience and develop unique touch points with each customer to create a very positive feedback loop. In addition, we will leverage this connectivity for future revenue opportunities to continue investing in the customer experience.

總體而言，我們數字戰略的目標是改善用戶的擁有體驗，並與每個客戶建立獨特的接觸點，以創建一個非常積極的反饋循環。此外，我們將利用這種連接性來獲得未來的收入機會，以繼續投資於客戶體驗。

Now to briefly touch on PEAR specifically. PEAR engineering is ramping, and as Ocean gets closer to SOP, we'll continue to transition resources from the Ocean program to the PEAR program. Through our strong supply chain partnerships and by leveraging innovative software solutions, we are creating a truly revolutionary electrical architecture for Fisker PEAR. With the many ECUs in traditional vehicle consolidated down to a few central computer units.

現在簡要介紹一下 PEAR。 PEAR 工程正在加速發展，隨著 Ocean 越來越接近 SOP，我們將繼續將資源從 Ocean 計劃轉移到 PEAR 計劃。通過我們強大的供應鏈合作夥伴關係和利用創新的軟件解決方案，我們正在為 Fisker PEAR 創建一個真正革命性的電氣架構。傳統車輛中的許多 ECU 合併為幾個中央計算機單元。

Without going too much into detail, the PEAR will have our next-generation connectivity, ADAS functionality and OTA platform capabilities. Continually updated with the newest software and technology improvements, the car will become smarter and safer always lifetime. It will change how we think about smart mobility. In addition to the advancements with PEAR, Henrik mentioned Project Ronin a few moments ago. We will use this project as a technology exploration platform, but we will have to wait until next year for more details.

無需過多介紹，PEAR 將具備我們的下一代連接性、ADAS 功能和 OTA 平台功能。隨著最新的軟件和技術改進不斷更新，汽車將變得更智能、更安全。它將改變我們對智能出行的看法。除了 PEAR 的進步之外，Henrik 剛才還提到了 Project Ronin。我們將把這個項目作為一個技術探索平台，但我們要等到明年才能了解更多細節。

Thank you. I will now turn the call over to Geeta.

謝謝你。我現在將把電話轉給吉塔。

Thank you, Burkhard, and welcome, everyone. It's very exciting to welcome Frank as Q1 2022 marks our sixth quarter as a public company. I have a lot to get through, so I will speak fast.

謝謝你，Burkhard，歡迎大家。很高興歡迎 Frank，因為 2022 年第一季度標誌著我們作為上市公司的第六個季度。我有很多事情要做，所以我會說得很快。

With almost 6 months to SOP, we remain intensely focused on the supply chain, monitoring weekly with suppliers, drilling down multiple tiers to mitigate any disruptions, address input cost inflation and protect logistics resilience to ensure timeliness and quantities stay on track. Magna Steyr has affirmed their production timing. And they are now in full execution mode to deploy all the necessary factory tooling we require for start of production and subsequent ramp-up. They have confirmed that beyond the current committed volumes, we can further ramp up production in second half of 2024 into 2025, provided we can scale up suppliers at the same rate.

距 SOP 已近 6 個月，我們仍然高度關注供應鏈，每週與供應商進行監控，深入多層以減輕任何中斷，解決投入成本膨脹問題並保護物流彈性，以確保及時性和數量保持正常。麥格納斯太爾已經確認了他們的生產時間。他們現在處於全面執行模式，以部署我們開始生產和後續加速所需的所有必要工廠工具。他們已經確認，在目前承諾的產量之外，我們可以在 2024 年下半年到 2025 年進一步提高產量，前提是我們能夠以同樣的速度擴大供應商規模。

Now let me give you some additional Ocean program updates. We passed a functional confirmation gateway on March 16, 2022. The program completed 95% of production releases and suppliers have been kicked off for long lead tooling. Prototype build phase is underway with critical testing started. As Burkhard explained, design progression and releases for launch are all on track. Our body shop tooling installation at Magna Steyr and suppliers is on track to support the body in white -- or body in white prebuilds. Our body in white build trials at the production facility started in progression for peak production bills for GA online.

現在讓我給你一些額外的海洋程序更新。我們於 2022 年 3 月 16 日通過了功能確認網關。該計劃完成了 95% 的生產發布，並且供應商已經開始使用長期領先的工具。原型構建階段正在進行中，關鍵測試已開始。正如 Burkhard 解釋的那樣，設計進展和發布都在按計劃進行。我們在 Magna Steyr 和供應商的車身車間工具安裝正按計劃支持白色車身 - 或白色車身預製件。我們在生產設施中的白色車身構建試驗開始為 GA Online 的峰值生產賬單進行。

In addition, we have a number of supply chain updates to share. All key Ocean suppliers have been nominated, onboarded and embedded into our processes. The bill of materials for all Ocean variants has been cost-optimized with a highly competitive bid process and detailed cost benchmarking. We are implementing global supply chain management using consolidation centers in China and EU for optimized routing and logistics. We have also nominated our third-party logistics providers for incoming parts to Magna Steyr and are now into detailed logistic planning for all incoming parts, especially components like batteries, including planning for 2023 inventory cycle.

此外，我們還有許多供應鏈更新要分享。所有主要的海洋供應商都已被提名、加入並嵌入到我們的流程中。所有 Ocean 型號的材料清單都通過極具競爭力的投標流程和詳細的成本基準對成本進行了優化。我們正在利用中國和歐盟的整合中心實施全球供應鏈管理，以優化路線和物流。我們還為麥格納斯太爾的來料指定了第三方物流供應商，現在正在對所有來料部件進行詳細的物流規劃，尤其是電池等組件，包括 2023 年庫存週期的規劃。

A dedicated quality team has been deployed for managing critical suppliers for launch readiness and also to ensure on-time production part approval process, also known as PPAP and capacity confirmation. We have created an executive task force with Magna Steyr, and this task force is systematically conducting reviews with critical suppliers, including in-person visits to confirm bumper-to-bumper readiness for tooling, parts status, capacity and PPAP achievement. We are also using this opportunity to share and excite our suppliers with our current reservation numbers, which we announced was over 45,000 today and discuss opportunities for subsequent scale up beyond our current book capacity.

已經部署了一個專門的質量團隊來管理關鍵供應商的啟動準備情況，並確保按時生產零件批准流程，也稱為 PPAP 和產能確認。我們與 Magna Steyr 建立了一個執行工作組，該工作組正在系統地對關鍵供應商進行審查，包括親自訪問，以確認工具、零件狀態、產能和 PPAP 成就的全面準備情況。我們還利用這個機會與我們當前的預訂數量分享和激發我們的供應商，我們今天宣布超過 45,000 個，並討論後續擴大超出我們當前預訂能力的機會。

Our relationship with CATL remains very strong. And in addition to CATL, we have already commenced discussions with other suppliers for multi-sourcing batteries for the larger PEAR program. Our launch team reviews daily any potential supplier part shortages for prebuilds and proactively manages support plans, logistics, expedite routing and assist Tier 1 and tools with the recovery plans and provides them assistance to maintain their part delivery commitments. SAP integration from Fisker to Magna to manage end-to-end seamless integration of parts and communication with our suppliers is underway. We have planned for highly optimized packaging, returnable dunnage systems for part delivery to (inaudible).

我們與寧德時代的關係仍然非常牢固。除了寧德時代，我們已經開始與其他供應商就更大的 PEAR 計劃的多源電池進行討論。我們的啟動團隊每天審查任何潛在的供應商零件短缺的預構建，並主動管理支持計劃、物流、加快路線並協助第 1 層和工具制定恢復計劃，並為他們提供幫助以維持其零件交付承諾。從 Fisker 到 Magna 的 SAP 集成正在進行中，以管理零件的端到端無縫集成以及與供應商的溝通。我們已經計劃了高度優化的包裝、可回收的襯墊系統，用於將零件交付到（聽不清）。

Finally, last quarter, we proactively rolled out a chip delivery requirements to Tier 1s and 2s, 1 year in advance to provide advanced planning volumes for their subsequent suppliers. A dedicated team at Fisker manages chip supply chain and is responsible for all action plans. Staying on the supply chain topic, material and commodity pricing is a concern for everyone. Coincidentally, our vehicle bodies are primarily made of steel, which has not increased as significantly as aluminum. In addition, our 2 battery chemistry approach that we decided 2 years ago enables us to better align the higher-priced NMC battery with our premium trim levels where margins are less sensitive.

最後，上個季度，我們提前 1 年主動向 1 級和 2 級推出了芯片交付要求，以便為其後續供應商提供提前計劃量。 Fisker 的一個專門團隊管理芯片供應鏈並負責所有行動計劃。停留在供應鍊主題上，材料和商品定價是每個人都關心的問題。巧合的是，我們的車體主要由鋼製成，並沒有像鋁那樣顯著增加。此外，我們在 2 年前決定的 2 電池化學方法使我們能夠更好地將價格較高的 NMC 電池與我們的利潤率不太敏感的優質裝飾水平保持一致。

Conversely, in our base model sport, we will utilize LFP, or lithium iron phosphate batteries which do not contain nickel or cobalt. All of our contracts address commodity prices, inflation, productivity and ForEx. And some of these critical pricing elements are calculated on a quarterly or in some cases on an annual basis as we go into ramp up and volume production. As a result, we will have better visibility of the actual impact of these world events to our BOM as we ramp up in 2023.

相反，在我們的基本模型運動中，我們將使用 LFP 或不含鎳或鈷的磷酸鐵鋰電池。我們所有的合同都涉及商品價格、通貨膨脹、生產力和外匯。當我們開始加速和批量生產時，其中一些關鍵定價元素是按季度或在某些情況下按年度計算的。因此，隨著我們在 2023 年的增加，我們將更好地了解這些世界事件對我們 BOM 的實際影響。

I now want to address the impact of ForEx on our commitments as we are a U.S. dollar-based company, but many of our supplier contracts are in euros. At this stage, we have benefited from ForEx as U.S. dollar has strengthened against the euro. Year-to-date, euro has weakened 8% versus the U.S. dollar compared to the same time last year. And what's more relevant is the current spot rate, which is at the lowest level since 2017. This FX favorability can potentially mitigate some of the inflationary pressures.

我現在想談談 ForEx 對我們承諾的影響，因為我們是一家以美元為基礎的公司，但我們的許多供應商合同都是以歐元為單位的。在這個階段，隨著美元兌歐元走強，我們從外匯交易中受益。年初至今，與去年同期相比，歐元兌美元匯率下跌了 8%。更重要的是當前的即期匯率，這是自 2017 年以來的最低水平。這種外匯優惠可能會減輕一些通脹壓力。

Now let me turn to some operational topics. During the first quarter, we enhanced our IT infrastructure to streamline processes and advance real-time decision-making. We've implemented robust IT systems to create a seamless IT architecture that can be scaled globally for all vehicle programs and for all customers globally. We enhanced our integration architecture to accommodate multiple customer channels, partner ecosystems and fiscal enterprise applications to provide for a seamless customer experience. We continue to invest in building out a highly scalable and geo-distributed Fisker cloud.

現在讓我談談一些操作性的話題。在第一季度，我們增強了 IT 基礎設施，以簡化流程並推進實時決策。我們已經實施了強大的 IT 系統，以創建一個無縫的 IT 架構，該架構可以在全球範圍內針對所有車輛項目和全球所有客戶進行擴展。我們增強了集成架構以適應多個客戶渠道、合作夥伴生態系統和財務企業應用程序，從而提供無縫的客戶體驗。我們將繼續投資構建高度可擴展且地理分佈的 Fisker 雲。

Our business service application seamlessly integrate with Fisker cloud to provide a fresh and engaging experience in the vehicle, on the web and on the phone. We are heavily investing in a state-of-art analytics pipeline to enhance the vehicle ownership and experience and to provide real-time business decision support. As Burkhard mentioned, our OTA strategy ensures tamper-proof high velocity data delivery for software updates and vehicle configuration. We are aiming to build best-in-class fully integrated digital platform with full support for experienced handoffs as the user moves between mobile, desktop and vehicle.

我們的業務服務應用程序與 Fisker 云無縫集成，可在車輛、網絡和電話上提供全新且引人入勝的體驗。我們正在大力投資最先進的分析管道，以增強車輛擁有量和體驗，並提供實時業務決策支持。正如 Burkhard 所提到的，我們的 OTA 策略確保了軟件更新和車輛配置的防篡改高速數據傳輸。我們的目標是構建一流的完全集成的數字平台，並在用戶在移動設備、桌面設備和車輛之間移動時全面支持經驗豐富的切換。

In addition to delivering a unique customer experience, our digital strategy will enable monetization of innovative mobility features and services. We believe the revenue and margin potential of our connected strategy will be first of its kind. Driving these initiatives is our 450-plus global team, which we expect to surpass 800 as we enter serial production later this year. We established our India headquarters in Hyderabad to support software and virtual vehicle development, supporting our seamless IT architecture across vehicle platforms globally.

除了提供獨特的客戶體驗外，我們的數字戰略還將實現創新移動功能和服務的貨幣化。我們相信，我們互聯戰略的收入和利潤率潛力將是同類中的佼佼者。推動這些舉措的是我們 450 多人的全球團隊，我們預計隨著今年晚些時候進入批量生產，他們將超過 800 人。我們在海得拉巴建立了印度總部，以支持軟件和虛擬車輛開發，支持我們跨全球車輛平台的無縫 IT 架構。

In March, we announced crossing 40,000 reservations and elaborated on our Ocean pricing strategy. At this stage we do not intend to raise prices for the Fisker Ocean before the earlier of calendar 2024 or the sale of the first 40,000 Ocean units. Based on customer feedback, we expect much of 2023's production to be focused on premium trims, including the Fisker Ocean One launch edition and the Ocean Extreme, both of which are slated for $68,999 MSRP in the U.S. However, we will take a prudent approach in following material and commodity pricing and benchmarking our peers at the time of ramp-up. As we get closer to start of production, we are intensely focused on delivering an exceptional customer experience both inside and outside the vehicle. Our digital teams are knee deep in configurator development, web and mobile development as well.

3 月，我們宣布超過 40,000 個預訂，並詳細闡述了我們的海洋定價策略。在這個階段，我們不打算在 2024 年日曆或出售前 40,000 個 Ocean 單位之前提高 Fisker Ocean 的價格。根據客戶反饋，我們預計 2023 年的大部分生產將集中在高端內飾上，包括 Fisker Ocean One 發布版和 Ocean Extreme，兩者在美國的建議零售價為 68,999 美元。但是，我們將採取謹慎的態度跟踪材料和商品定價，並在加速時對我們的同行進行基準測試。隨著我們越來越接近開始生產，我們非常專注於在車輛內部和外部提供卓越的客戶體驗。我們的數字團隊在配置器開發、Web 和移動開發方面也有深入研究。

On the physical experience, we previously announced that our first 2 experience centers will be in Los Angeles and Munich. Those centers will be ready to welcome customers later this year. Demolition at the area location is planned to begin this month. This is an attractive time to be in the market for new retail facilities, and we look forward to announcing additional locations in the coming months. Our experience centers will complement our digital consumer experience and enhance the overall customer journey. We just came back from a European tour of exceptional facilities and have several LOIs in preparation for launch in various European countries. We continue to expand our global footprint with 15 subsidiaries formed or in progress, preparing for a seamless customer experience in each region. Building on our existing (inaudible) in Germany, Austria and the U.K., we have now formed subsidiaries in India, China, France, Denmark and Canada, and in recent months with an additional half dozen countries currently underway.

在實體體驗方面，我們之前宣布我們的前 2 個體驗中心將在洛杉磯和慕尼黑。這些中心將在今年晚些時候準備好迎接客戶。該地區的拆除工作計劃於本月開始。這是進入新零售設施市場的一個有吸引力的時期，我們期待在未來幾個月內宣布更多地點。我們的體驗中心將補充我們的數字消費者體驗並提升整體客戶體驗。我們剛剛從歐洲參觀了卓越的設施回來，並且有幾個意向書準備在各個歐洲國家推出。我們繼續擴大我們的全球足跡，成立或在建 15 家子公司，為每個地區的無縫客戶體驗做準備。在我們現有的（聽不清）德國、奧地利和英國的基礎上，我們現在在印度、中國、法國、丹麥和加拿大成立了子公司，最近幾個月還有另外六個國家正在進行中。

Now I want to turn your attention to PEAR, very excited about this program. We are taking all our learnings and IP from the Ocean and focusing on a highly affordable and ultra-high-volume super innovative vehicle. The concept phase is complete, and we are actively looking to identify content that can be shared between Ocean and PEAR. Whilst there will be plenty of new innovative content in the PEAR, carryover parts will benefit the bill of materials for both Ocean and PEAR. We anticipate that sharing of components and IP will further help us optimize R&D and CapEx investments, which would typically be in billions for a traditional OEM.

現在我想把你的注意力轉移到 PEAR 上，對這個程序非常興奮。我們正在從海洋中汲取所有的知識和知識產權，並專注於一種價格實惠且超大容量的超級創新車輛。概念階段已經完成，我們正在積極尋找可以在 Ocean 和 PEAR 之間共享的內容。雖然 PEAR 中將有大量新的創新內容，但結轉零件將使 Ocean 和 PEAR 的材料清單受益。我們預計，共享組件和 IP 將進一步幫助我們優化研發和資本支出投資，對於傳統 OEM 而言，這通常是數十億美元。

We also anticipate volume-based reductions for PEAR due to its high volume expectations and especially for parts that can be shared amongst all our vehicles. As Burkhard mentioned, PEAR will have a state-of-the-art e-architecture, and we are now actively engaging suppliers on both carryover and also for new long lead tooling items.

由於對 PEAR 的高產量預期，尤其是可以在我們所有車輛之間共享的零件，我們還預計 PEAR 的產量會有所減少。正如 Burkhard 所提到的，PEAR 將擁有最先進的電子架構，我們現在正積極與供應商就結轉產品和新的長期領先工具產品進行合作。

With respect to our manufacturing facility and partner, Foxconn received [SFES] approval for acquiring Lordstown last month. And whilst they have extended their closing date by a few weeks, they have assured us that the deal closure is on track. Turning now to our first quarter results, balance sheet and 2022 outlook. Our Q1 operating expenses of $123.5 million or $118.4 million ex stock compensation expense aligned closely with the internal expectations and the guidance we provided on the Q4 and full year 2021 call.

關於我們的製造工廠和合作夥伴，富士康上個月獲得了 [SFES] 批准收購 Lordstown。雖然他們已將完成日期延長了幾週，但他們向我們保證，交易正在按計劃完成。現在轉向我們的第一季度業績、資產負債表和 2022 年展望。我們第一季度的運營費用為 1.235 億美元或 1.184 億美元的股票補償費用，這與我們在第四季度和 2021 年全年電話會議上提供的內部預期和指導非常吻合。

Capital expenditures of $45.8 million was slightly below Q4 levels, due primarily to the timing of CapEx billing by our suppliers. Operationally, the slight decrease in R&D in Q1 versus Q4 was primarily the result of the completion of many key engineering design and development milestones as we are now moving closer to execution. Increase in SG&A expense in Q1 versus Q4 was a result of significant growth in headcount and marketing expenses related to consumer electronics show in Las Vegas and Mobile World Congress in Barcelona.

4580 萬美元的資本支出略低於第四季度的水平，主要是由於我們的供應商的資本支出計費時間。在運營方面，第一季度與第四季度相比，研發略有下降，這主要是由於許多關鍵工程設計和開發里程碑的完成，因為我們現在正接近執行。與第四季度相比，第一季度的 SG&A 費用增加是由於與拉斯維加斯消費電子展和巴塞羅那世界移動通信大會相關的員工人數和營銷費用顯著增長。

European market is very important for Fisker. On prior calls, we discussed our partnership with Allego, a leading European public EV charging network with over 13,000 locations across 15 European countries. Allego is also in the process of expanding their network of innovative fast charging stations. This collaboration will benefit our customers and create a competitive advantage for Fisker. We invested $10 million in Allego pipe and are working to develop seamless integration of Allego's network onto the fiscal rap. And we will offer 12 months of free charging on the Allego network to Ocean customers that registered their vehicles before March 31, 2024.

歐洲市場對 Fisker 來說非常重要。在之前的電話會議中，我們討論了與 Allego 的合作關係，後者是歐洲領先的公共電動汽車充電網絡，在 15 個歐洲國家擁有 13,000 多個地點。 Allego 也在擴大其創新的快速充電站網絡。這種合作將使我們的客戶受益，並為 Fisker 創造競爭優勢。我們在 Allego 管道上投資了 1000 萬美元，並正在努力將 Allego 的網絡無縫集成到財務報告中。我們將為在 2024 年 3 月 31 日之前註冊車輛的 Ocean 客戶提供 12 個月的 Allego 網絡免費充電服務。

During the first quarter, we recognized a $5.1 million mark-to-market gain on our Allego shares in other income. This will, of course, fluctuate each quarter based on a Allego's share price. Regarding the balance sheet, as you can see from our $1 billion cash balance, we have stayed disciplined with our spending and have the resources to fully fund Ocean program launch in November this year and to stay on track with our other projects in 2022.

在第一季度，我們的 Allego 股票在其他收入中獲得了 510 萬美元的按市值計價收益。當然，這將根據 Allego 的股價在每個季度波動。關於資產負債表，正如您從我們 10 億美元的現金餘額中看到的那樣，我們在支出方面一直保持自律，並有足夠的資源為今年 11 月啟動的海洋項目提供資金，並在 2022 年繼續推進我們的其他項目。

Looking at the Ocean ramp post November, we have developed a robust working capital model, and we're in discussion with global banks exploring non-dilutive asset-based borrowing facilities to fund our working capital. To support our growth in 2022 and beyond, we have bolstered the finance team with 10 additions so far this year, including Frank Boroch, our new VP of Treasury and Investor Relations, a seasoned finance and capital market leader, who will assist me in prudently managing our capital stack and maintaining a sound liquidity profile. We have demonstrated access to capital markets, most recently with our August 2021 convertible, and we maintain an effective equity shelf, which enables us to be nimble and positioned to bolster our balance sheet and support of future growth opportunities if we see the right time and opportunity in the marketplace.

看看 11 月之後的海洋坡道，我們已經開發了一個強大的營運資金模型，我們正在與全球銀行討論探索基於非稀釋性資產的借貸工具來為我們的營運資金提供資金。為了支持我們在 2022 年及以後的增長，今年到目前為止，我們已經增加了 10 名財務團隊，其中包括我們新的財務和投資者關係副總裁 Frank Boroch，他是一位經驗豐富的金融和資本市場領導者，他將謹慎地協助我管理我們的資本堆棧並保持良好的流動性狀況。我們已經展示了進入資本市場的機會，最近一次是在 2021 年 8 月發行的可轉換債券，並且我們保持有效的股票貨架，如果我們看到合適的時間和市場上的機會。

Turning to our outlook. As noted in the press release, our overall non-GAAP OpEx plus CapEx guidance for 2022 is $715 million to $790 million, which is consistent with our expectations provided last quarter. This compares to a total of $458 million in 2021. The bulk of the spend is continued execution of Ocean through launch plus cost of running the business with PEAR R&D spending ramping up in second half of the year. Product-related CapEx is exclusively for ocean and for some experience centers as we don't expect any significant CapEx on PEAR this year.

轉向我們的前景。如新聞稿中所述，我們對 2022 年的總體非公認會計原則運營支出和資本支出指導為 7.15 億美元至 7.9 億美元，這與我們上季度提供的預期一致。相比之下，2021 年的總支出為 4.58 億美元。大部分支出是通過啟動繼續執行 Ocean 以及運營業務的成本，而 PEAR 的研發支出在下半年增加。與產品相關的資本支出專門用於海洋和一些體驗中心，因為我們預計今年 PEAR 不會有任何顯著的資本支出。

Finally, as we approach launch, I want to reinforce something that is unique to our capital-light strategy. All manufacturing planning and launch costs are included in this guidance, including the cost of manufacturing, the initial ocean volume in 2022. Any sharing of launch costs with our partner, including unabsorbed overhead at the manufacturing facility are prenegotiated and included in our guidance, which helps us avoid the uncertainty and cash spending volatility around the launch period that plagues many start-ups. We wanted to make that clear for your modeling purposes. I'm extremely proud of the entire Fisker team for all the accomplishments year-to-date and the steadfast pursuit of launching a fantastic vehicle on time.

最後，當我們接近發佈時，我想強調我們輕資本戰略的獨特之處。所有製造計劃和發射成本都包含在本指南中，包括製造成本、2022 年的初始海洋體積。與我們的合作夥伴分攤的發射成本，包括製造設施中未吸收的開銷，都經過預先協商並包含在我們的指導中，其中幫助我們避免在啟動期間困擾許多初創企業的不確定性和現金支出波動。我們希望為您的建模目的明確這一點。我為整個 Fisker 團隊今年迄今為止所取得的所有成就以及對按時推出出色車輛的堅定追求感到非常自豪。

We're now happy to take your questions.

我們現在很高興回答您的問題。

Operator, please. Yes, go ahead…

接線員，請說。好，去吧…

(Operator Instructions) We have the first question from Adam Jonas of Morgan Stanley.

（操作員說明）我們有第一個問題來自摩根士丹利的亞當喬納斯。

Question first for Geeta. You do sound very -- comfortable might be the wrong word, but not particularly worried about the supply chain and raw material environment. Now granted you're not in production right now it won't be in any significant volume this year. But if I had to say what areas of either raw materials, supply chain or specifically battery materials with CATL is maybe on higher alert and getting more of your attention?

先問吉塔。您聽起來確實很——舒適可能是錯誤的詞，但並不特別擔心供應鍊和原材料環境。現在假設你現在沒有生產它今年不會有任何顯著的數量。但是，如果我不得不說，寧德時代的原材料、供應鍊或特別是電池材料的哪些領域可能處於更高的警戒狀態並引起您的更多關注？

Adam. Great question. I don't want to give the impression that I'm not worried about supply chain. It's just I went to a great detail to explain today because I'm going to give a little view oversight of what we're doing on a daily basis. We're seeing the same problems that everybody else is seeing, but we're just figuring based on how to solve for the supply chain. So that's the first thing. The second thing is we don't know what we don't know. We do have exposure to Europe, clearly because we are manufacturing in Europe. So it's hard to predict if some of the events that we see in Europe with respect to a recession or with respect to the war could bring. So far, we are checking in with our suppliers on a regular consistent basis, and we are making sure that they are securing parts that they need to for our production and ramp up and areas where we feel that there might be some risks, we are trying to put containment plans in place.

亞當。好問題。我不想給人一種我不擔心供應鏈的印象。今天我只是做了一個非常詳細的解釋，因為我將對我們每天所做的事情進行一些監督。我們看到的問題與其他人看到的相同，但我們只是在考慮如何解決供應鏈問題。所以這是第一件事。第二件事是我們不知道我們不知道什麼。我們確實接觸過歐洲，顯然是因為我們在歐洲製造。因此，很難預測我們在歐洲看到的一些與經濟衰退或戰爭有關的事件是否會帶來。到目前為止，我們正在與我們的供應商進行定期一致的檢查，並確保他們正在確保他們為我們的生產和產能增加所需的零件以及我們認為可能存在一些風險的領域，我們是試圖制定遏制計劃。

But again, I don't want to give the impression we don't have any problems. We do, like everyone else, but we're just collectively working with Magna to find solutions, whether it's to secure chips, whether it's to stockpile them, whether it's to get into legal agreements. One thing, for example, I can give you, we had some issues with semiconductor chips, believe it or not, on the beautiful 17.1 inch screen that we have in the vehicle. And I know that we had a detailed discussion with Foxconn yesterday where they had factory closures in China, but they have resolved that and they are clearly working with us as a partner, and we are on our way to deliver screens for our testing phase and finally ramp up to production. So again, we do have problems, but we are just finding better ways to solve them.

但同樣，我不想給人留下我們沒有任何問題的印象。像其他人一樣，我們這樣做了，但我們只是與麥格納一起尋找解決方案，無論是為了保護芯片，還是為了儲存它們，或者是為了達成法律協議。例如，我可以告訴你一件事，不管你信不信，我們在車上漂亮的 17.1 英寸屏幕上遇到了一些半導體芯片問題。而且我知道我們昨天與富士康進行了詳細的討論，他們在中國關閉了工廠，但他們已經解決了這個問題，他們顯然正在與我們作為合作夥伴合作，我們正在為我們的測試階段提供屏幕和終於開始生產了。同樣，我們確實有問題，但我們只是在尋找更好的方法來解決這些問題。

Appreciate that. And just one follow-up for me, Geeta, is on funding. I think investors on this call expect that you are going to hit your start of production, okay, in November. And you've mentioned in your -- in the press release that you have a funding up to start of production, but you didn't mention ramp. And I think that's a reasonable expectation, that you will, especially when following your guidance of OpEx and CapEx that you will end up in the, I don't know, $400 million range or thereabouts by the end of the year. And so I think by most people's definition, you'll want more capital by the end of the year or shortly after start of production, we can debate this year and next.

感謝。對我來說，只有一個後續行動，吉塔，是關於資金的。我認為本次電話會議的投資者預計您將在 11 月開始生產，好吧。你在新聞稿中提到你有資金開始生產，但你沒有提到斜坡。我認為這是一個合理的預期，尤其是在遵循 OpEx 和 CapEx 的指導時，到今年年底你最終將達到 4 億美元左右的水平。所以我認為按照大多數人的定義，到年底或投產後不久，你會想要更多的資金，我們可以在今年和明年進行辯論。

So most are modeling in capital raises in their forecast from what I've seen, I think this year we've seen making EVs in Europe specifically, probably getting increasingly strategic importance, particularly with governments that see the crisis, the energy crisis in Europe. But at the same time, the capital markets environment is a lot more difficult this year than it was last year. So kind of help -- I know there's not much you can say, but just wanted to kind of try to give you another opportunity to address the funding, which some on this call might see as kind of a binary event, like you're going to ramp, there is going to be issues when you ramp, you're going to need capital. How or what areas -- what else can you say with some details on what you're exploring between grants, loans, equity debt, just anything else there would just help a little bit -- help with the discussion, even though you're not going to announce anything today. I appreciate that.

因此，根據我所看到的情況，大多數人在他們的預測中模擬了資本籌集，我認為今年我們已經看到在歐洲製造電動汽車，這可能變得越來越具有戰略重要性，特別是對於看到危機的政府，歐洲的能源危機.但與此同時，今年的資本市場環境比去年困難得多。非常有幫助——我知道你無話可說，只是想嘗試給你另一個機會來解決資金問題，本次電話會議上的一些人可能會將其視為一種二元事件，就像你一樣將要斜坡，當你斜坡時會有問題，你將需要資金。如何或在哪些領域——你還能說些什麼，詳細說明你在贈款、貸款、股權債務之間探索的內容，其他任何東西都會有一點幫助——幫助討論，即使你是今天不打算宣布任何事情。我很感激。

Yes, yes, yes, absolutely. So first of all, Adam, I want to correct that we have funding not just for the launch of the Ocean, we do have funding beyond it. Obviously, it doesn't cover the working capital, and there is a point next year when we do have a period that we need working capital. And as mentioned, we are talking to several banks to see what we can do with respect to working capital. We do have terms with all our suppliers, and they range anything from 30 days to 120 days. So all our suppliers are supporting our working capital along with us.

是的，是的，是的，絕對的。所以首先，亞當，我想糾正一下，我們不僅有用於啟動海洋的資金，我們還有其他資金。顯然，它不包括營運資金，明年我們確實有一段時間需要營運資金。如前所述，我們正在與幾家銀行交談，以了解我們可以在營運資金方面做些什麼。我們確實與所有供應商都有條款，期限從 30 天到 120 天不等。因此，我們所有的供應商都與我們一起支持我們的營運資金。

In addition to the existing cash balance, in addition to working capital and in addition to supplier terms, we are, of course, talking to multiple groups, OEMs who may want emission credits, as I mentioned before. We also have an interest on the Ocean platform from another OEM. We are in deep discussions with those as well. And if you recall, Adam, we have [filed a shelf], so we are ready if the market conditions are right. And if we feel we need to bolster the balance sheet, we will take an opportunity, whether it's equity or debt, that's a discussion to be had with the bankers. But again, we will make sure we take every opportunity to consolidate the balance sheet.

除了現有的現金餘額、營運資金和供應商條款之外，我們當然正在與多個團體、可能需要排放信用的原始設備製造商進行交流，正如我之前提到的。我們也對另一家 OEM 的 Ocean 平台感興趣。我們也在與這些人進行深入討論。如果你還記得，亞當，我們已經[提交了貨架]，所以如果市場條件合適，我們已經準備好了。如果我們覺得需要加強資產負債表，我們會抓住機會，無論是股權還是債務，都需要與銀行家進行討論。但同樣，我們將確保抓住一切機會鞏固資產負債表。

We now have the next question from John Murphy of Bank of America.

我們現在有來自美國銀行的約翰墨菲的下一個問題。

So I wanted to start first with Project Ronin. Are you able to confirm whether that's the second vehicle off of the Magna platform? I know there was an intention to launch a second vehicle of the FM29 platform, but a GT sports car and a crossover are fairly different architectures. So are you able to comment on which contract manufacturing partner that vehicle is coming from, whether it's Magna, Foxconn or a partner you have yet to announce?

所以我想先從 Project Ronin 開始。你能確認這是否是麥格納平台的第二輛車嗎？我知道有打算推出 FM29 平台的第二輛車，但 GT 跑車和跨界車是完全不同的架構。那麼您能否評論該車輛來自哪個合同製造合作夥伴，是麥格納、富士康還是您尚未宣布的合作夥伴？

Yes. This is Henrik. Thanks for the question. So we are planning a second vehicle of the Ocean platform, but it's not the Ronin. The Ronin will be what I would call a low-invest low-volume vehicle. But what we are doing is we're incorporating some new technology. For example, we are looking to integrate a battery pack in a new way which will give it enhanced energy density and also lower weight. And that's why we have the aim of 600-mile range, which would be at least as of today the longest range for production car. We'll see what else is out at that time. But no, it's not using the Ocean platform. However, we are using certain Ocean components in the Ronin, which makes it a much lower invest vehicle. And that new platform, by the way, will probably spin off some other vehicles in the future as well. But it's really a vehicle that will showcase high technology, it's lower volume, lower invest but on a different platform.

是的。這是亨里克。謝謝你的問題。所以我們正在計劃海洋平台的第二輛車，但它不是浪人。 Ronin 將是我所說的低投資小批量車輛。但是我們正在做的是我們正在整合一些新技術。例如，我們正在尋求以一種新的方式集成電池組，這將提高其能量密度並減輕重量。這就是為什麼我們的目標是 600 英里的續航里程，這至少是目前量產車最長的續航里程。我們會看看那時還有什麼。但是不，它沒有使用 Ocean 平台。但是，我們在 Ronin 中使用了某些 Ocean 組件，這使得它成為一種低得多的投資工具。順便說一句，這個新平台將來也可能會衍生出其他一些車輛。但它確實是一種展示高科技的工具，它體積小、投資低，但在不同的平台上。

Okay. Great. That's helpful. And then I wanted to follow up on some commentary in the press release that you plan to honor pricing as it stands for vehicles up to that 40,000 reservation number at the end of the quarter. Does that say more about your commitment to your customers in an effort to establish goodwill? Or is it more that you have a handle on the cost side going to Geeta's comments that you guys are getting creative with some of the solutions there where the recent price or the cost inflation you see as less of a necessity to pass on to the customer in the near term?

好的。偉大的。這很有幫助。然後我想跟進新聞稿中的一些評論，您計劃兌現定價，因為它代表本季度末預訂數量達到 40,000 輛的車輛。這是否更多地說明了您為建立商譽而對客戶的承諾？或者更多的是你在成本方面得到了處理 Geeta 的評論，你們正在通過一些解決方案變得有創意，在這些解決方案中，你認為最近的價格或成本膨脹不太必要轉嫁給客戶在短期內？

Yes. I think there's several answers to this question. One, it's clear that a lot of customers that I think are reserving vehicles, particularly from start-ups are looking for I think transparency, honesty, we are building a brand. I think the #1 thing we have to do is take care of our customers. The good news for us is that a majority of our customers so far have indicated they want to buy 1 of the 2 more expensive vehicles. And as you know, we are launching first the special edition Ocean One, which is about $69,000. We are starting to take firm commitments to that vehicle from July 1. And that will be limited to 5,000. After that we continue with Extreme. And because we are used -- because we are selling these very higher-end or the highest-end vehicles first, we have a much higher profit margin. And then combined with what Geeta said in terms of managing the cost extremely well from our purchasing and engineering and finance side, we have a lot of leeway where we felt we can really make sure that we can commit to our first 40,000 customers of not having to change the price.

是的。我認為這個問題有幾個答案。一，很明顯，我認為很多客戶正在預訂車輛，特別是來自初創企業的客戶，我認為透明、誠實，我們正在建立一個品牌。我認為我們要做的第一件事就是照顧好我們的客戶。對我們來說好消息是，到目前為止，我們的大多數客戶都表示他們想購買 2 輛更昂貴的車輛中的 1 輛。如您所知，我們將首先推出特別版 Ocean One，售價約為 69,000 美元。從 7 月 1 日起，我們開始對該車輛做出堅定承諾。這將限制在 5,000 輛。之後我們繼續Extreme。而且因為我們被使用了——因為我們首先銷售這些非常高端或最高端的汽車，所以我們的利潤率要高得多。然後結合 Geeta 所說的從我們的採購、工程和財務方面非常好地管理成本，我們有很大的餘地，我們認為我們可以真正確保我們能夠承諾我們的前 40,000 名客戶沒有改變價格。

Now then as we then launch the -- eventually the base model, as Geeta mentioned, we do have the LFP battery, which is not so affected by price increases, but we have said -- and we'll make some of those as well without a price increase, but 40,000 vehicles -- 40,000 to 50,000 vehicles what we can make next year, we are trying still to see if we can ramp a little bit in the end of the next year, so we might get higher. But we have said over 40,000 vehicles, there will likely be an increase because that will be about a year later. And I think every OEM in the world at least increases the price once a year. In fact, there are some OEMs that are increasing their price every week or every month. So I think that for us it was about staying true to our customers and of course still managing the finances, and we are able to do that because of this high profitable first vehicle we are sending out.

現在，當我們推出 - 最終是基本型號，正如 Geeta 提到的那樣，我們確實有 LFP 電池，它不受價格上漲的影響，但我們已經說過 - 我們也會製造其中一些沒有漲價，但是 40,000 輛汽車——我們明年可以製造 40,000 到 50,000 輛汽車，我們仍在努力看看我們是否可以在明年年底增加一點，所以我們可能會變得更高。但我們已經說過超過 40,000 輛汽車，可能會增加，因為那將是大約一年後。而且我認為世界上每個OEM至少每年都會提價一次。事實上，有一些 OEM 每週或每月都在提高價格。因此，我認為對我們來說，這是關於忠於我們的客戶，當然還要管理財務，我們之所以能夠做到這一點，是因為我們發送了這款高利潤的第一輛車。

Okay. Understood. And one last one, if I may. I wanted to follow up on your comment of pushing Magna to triple capacity for the Ocean SUV. Is that something that Steyr is all on board with and currently planning for right now? Or is there some, let's call it, hesitation or planning from their side to say, let's get start of production out of the way, the vehicle on the road first and see the customer traction before we make the decision to install additional capacity? I'm just trying to get a sense for how receptive they are to the conversation of capacity expansion prior to start of production.

好的。明白了。最後一個，如果可以的話。我想跟進您關於推動 Magna 將 Ocean SUV 的容量增加三倍的評論。這是斯太爾目前正在計劃並正在計劃的事情嗎？還是有一些，讓我們稱之為，猶豫或計劃從他們身邊說，讓我們開始生產，先讓車輛上路，在我們決定安裝額外容量之前先看看客戶的牽引力？我只是想了解他們在開始生產之前對產能擴張對話的接受程度。

Well, Magna is fully on board in it, but we don't have to make any investments or decisions at this point. We just -- I just got off a call with Magna last week and -- sorry, Monday this week. And we don't need to make a decision until about 12 months before, which is about the same with CATL, our battery supplier. We also need to let them know 12 months before. So I would say December or January is the time where we have to make that commitment. I think it's prudent to wait. So if it truly turns out that we have 75,000, 80,000 orders or maybe even more by the end of the year, then we will pull the trigger. And if we see that trend is continuing and do it, but there's no point of doing it now if you don't need to. So we don't need to make that decision until December or January. So December this year or January next year. So we've got plenty of time, but it's confirmed that we would be able to do it.

好吧，麥格納完全參與其中，但我們此時不必做出任何投資或決定。我們剛剛——我上周剛剛與 Magna 通了電話——抱歉，本週一。而且我們不需要在大約 12 個月前做出決定，這與我們的電池供應商寧德時代大致相同。我們還需要在 12 個月前讓他們知道。所以我想說，12 月或 1 月是我們必須做出承諾的時候。我認為謹慎的做法是等待。因此，如果到今年年底我們真的有 75,000、80,000 個訂單甚至更多，那麼我們將扣動扳機。如果我們看到這種趨勢仍在繼續，那就去做，但如果你不需要，現在就去做是沒有意義的。所以我們不需要在 12 月或 1 月之前做出決定。所以今年十二月或明年一月。所以我們有足夠的時間，但已經證實我們能夠做到。

I'm going to jump in here with a couple of the retail questions we received over the (inaudible) platform. The first question is, "Last earnings call you mentioned about a potential fleet order. Is there any update you can share?

我將在這裡跳入我們通過（聽不清）平台收到的幾個零售問題。第一個問題是，“你在上次財報電話會議上提到了一份潛在的車隊訂單。你有什麼更新可以分享嗎？

Yes. So the last earnings call were before Ukraine war, I just want to mention. So there was obviously a lot of things that's changed since. And one of the things that changed was we saw an incredible increased activity in googling the Fisker Ocean. And I think it has a lot to do with the racing gasoline prices, we saw a huge increase in our reservations. So I actually went ahead and canceled an MOU we had with a large rental car maker for a potential sale of quite a lot of vehicles. And I did it because I realized that with this increase in reservations, we are not interested just to do a sale to a rental car entity because in the end of the day we can make a lot more money, specifically with our flexible lease even with our normal sales of vehicles because we also have a mobility model where we are selling over their updates.

是的。所以最後一次財報電話會議是在烏克蘭戰爭之前，我只想提一下。所以很明顯，從那以後有很多事情發生了變化。改變的一件事是我們看到在谷歌上搜索 Fisker Ocean 的活動增加了令人難以置信的增長。而且我認為這與賽車汽油價格有很大關係，我們看到我們的預訂量大幅增加。因此，我實際上取消了我們與一家大型汽車租賃製造商的諒解備忘錄，該諒解備忘錄可能會出售相當多的車輛。我這樣做是因為我意識到隨著預訂量的增加，我們不僅僅對向租車實體進行銷售感興趣，因為最終我們可以賺到更多的錢，特別是通過靈活的租賃，即使我們正常銷售車輛，因為我們還有一個移動模型，我們在其中銷售他們的更新。

So what we are doing is we are still pursuing talks for a potential sale, but it has to include a much more innovative business model where we can generate revenue during the active use of these rental vehicles, meaning we need to make sure we can make some revenue on these vehicles while they are in possession of the rental car company, and we are willing to share some of that revenue. So to build that business model takes a little longer time and we wanted a little more freedom to do that. We were not in a hurry just to announce any random deal. I think historically, selling to rental car companies have not been great profitable deals for any carmaker.

所以我們正在做的是我們仍在尋求潛在銷售的談判，但它必須包括一個更具創新性的商業模式，我們可以在這些租賃車輛的積極使用期間產生收入，這意味著我們需要確保我們能夠這些車輛擁有租賃汽車公司時的一些收入，我們願意分享其中的一部分收入。所以建立這種商業模式需要更長的時間，我們希望有更多的自由來做這件事。我們並不急於宣布任何隨機交易。我認為從歷史上看，對任何汽車製造商來說，向汽車租賃公司銷售都不是很有利可圖的交易。

So if we do it, I had a very clear mandate from our CFO. It has to be more profitable than just even if we sell our own vehicles. So we need a new business model for this. And I think we can see some interest in that because we would also offer some revenue to the rental car makers. So it's something we'll continue to work on, but not something we'll do for any cost.

因此，如果我們這樣做，我們的首席財務官對我有非常明確的授權。它必須比我們出售自己的車輛更有利可圖。所以我們需要一個新的商業模式來解決這個問題。我認為我們可以看到一些興趣，因為我們也會為租車製造商提供一些收入。所以這是我們將繼續努力的事情，但我們不會不惜一切代價做的事情。

I just want to add to that, that what we've seen in our experience, the rental car companies are still in the overhang of previous deals, but they are expecting 12- to 24-month deals, buybacks. And I think EVs require less service, they are more sturdy. So for some of the rental car companies, they have to come to terms with the fact that EVs behave fundamentally differently, cars of the future are connected. So from our perspective, we still have a limited production at Magna, and we would like to clearly do some of the smaller fleet deals that we've already done, but a deal that's in thousands or a big order, 30,000, 40,000, 50,000 would require a very unique business model.

我只想補充一點，根據我們的經驗，租車公司仍處於之前的交易中，但他們期待 12 到 24 個月的交易，回購。而且我認為電動汽車需要的服務更少，它們更堅固。因此，對於一些租車公司來說，他們必須接受這樣一個事實，即電動汽車的行為根本不同，未來的汽車是互聯的。所以從我們的角度來看，我們在麥格納的產量仍然有限，我們希望明確地做一些我們已經完成的較小的車隊交易，但是一個數千或一個大訂單的交易，30,000、40,000、50,000需要一個非常獨特的商業模式。

And the next question now from the retail shareholders, what can you say regarding all the speculation of the Fisker and Apple partnership?

現在來自零售股東的下一個問題是，關於 Fisker 和 Apple 合作的所有猜測，你能說什麼？

Well, I think people are reading too much into this one. As I mentioned before, the inspiration for naming our second vehicle PEAR was a bit of a joke kind of playing on our partnership with Foxconn. We do call it personal electric automotive revolution and they kind of fitted really well with that name. But I would say that PEAR will be such a unique and disruptive vehicle that we believe and I believe it can be the automotive industry -- to the automotive industry, what the Apple iPhone was to the cell phone industry, really revolutionary. And I think -- I don't know if you can say, you can't compare apples to pears, but I definitely think that PEAR is going to be such unique amazing vehicles, but there is absolutely no deal or talks with [apple to company] at this point in time.

好吧，我認為人們對這本書讀得太多了。正如我之前提到的，為我們的第二輛車命名 PEAR 的靈感有點像玩笑我們與富士康的合作關係。我們確實稱其為個人電動汽車革命，它們非常適合這個名字。但我想說，PEAR 將是一個如此獨特和顛覆性的工具，我們相信而且我相信它可以成為汽車行業——對於汽車行業，就像蘋果 iPhone 對手機行業一樣，真正具有革命性。而且我認為 - 我不知道你是否可以說，你不能將蘋果與梨進行比較，但我絕對認為 PEAR 將成為如此獨特的令人驚嘆的車輛，但絕對沒有與 [apple到公司] 在這個時間點。

Thank you, operator. Can you continue with the queue?

謝謝你，接線員。可以繼續排隊嗎？

We now have James Picariello from BNP Paribas Exane.

我們現在有來自 BNP Paribas Exane 的 James Picariello。

So within the 45,000 reservations as of May 2, the associated potential revenue is cites to be $2.5 billion. So obviously that implies an ASP of $56,000. But it sounds as though in the prepared remarks, right, all of 2023 production could be at that extreme trim price point in the high 60% range. So just wondering, can you impact this -- what are the build intentions for next year? I believe the number is about 50,000 and what that price point could be?

因此，在截至 5 月 2 日的 45,000 份預訂中，相關的潛在收入為 25 億美元。很明顯，這意味著平均售價為 56,000 美元。但聽起來好像在準備好的評論中，對，2023 年的所有產量都可能處於 60% 的高位範圍內的極端修剪價格點。所以只是想知道，你能對此產生影響嗎——明年的建造意圖是什麼？我相信這個數字大約是 50,000，這個價格點可能是多少？

Well, let me just explain. I think that we are using a very conservative way of calculating this $2.5 billion potential revenue, and you're right, they're using 56,000. And we are using that because we have looked at certain polls we have taken our reservation holders, but truly we don't know until we do all our final -- get our final commitments from our customers. But what we do see is that we probably could make almost all the vehicles extreme, but we have committed to deliver a certain amount of base vehicles. It will be a certain lower volume because we first are going to fulfill most of the Extreme motors and then some Ultras, and they will be delivered end of next year. So I think we have given a conservative guidance, and it could be very well that we go over that.

好吧，讓我解釋一下。我認為我們正在使用一種非常保守的方式來計算這 25 億美元的潛在收入，你是對的，他們使用的是 56,000。我們之所以使用它，是因為我們已經查看了我們對預訂持有者進行的某些民意調查，但實際上，直到我們完成所有最終決定——從我們的客戶那裡得到我們的最終承諾，我們才知道。但我們確實看到的是，我們可能可以使幾乎所有車輛都變得極端，但我們已承諾交付一定數量的基礎車輛。因為我們首先要完成大部分 Extreme 電機，然後是一些 Ultras，它們將在明年年底交付，因此數量會有所降低。所以我認為我們給出了一個保守的指導，我們可能會很好地解決這個問題。

Okay. Got it. And then do you have any color on Foxconn's of finalization of the Lordstown plant? I mean there have been some recent announcement to my understanding, the income might not be dry just yet on that asset transfer. So wondering if you could share anything on that point. And then you confirmed the 2,500 PEAR reservations, you mentioned the 1 million unit potential in just 5 years, right, 2027. Can you remind us what the max capacity potential is at Lordstown? Does Foxconn have any other OEMs they'll be working with at that plant to your knowledge?

好的。知道了。那麼你對富士康最終確定 Lordstown 工廠有什麼看法嗎？我的意思是，據我了解，最近有一些公告，資產轉移的收入可能還沒有枯竭。所以想知道你是否可以在這一點上分享任何東西。然後你確認了 2,500 個 PEAR 的預訂，你提到了在短短 5 年內（對，2027 年）有 100 萬個單位的潛力。你能提醒我們 Lordstown 的最大產能潛力是多少嗎？據您所知，富士康是否有其他 OEM 將在該工廠與之合作？

Well, first, I can't speak on behalf of Foxconn. They're a public company. But all I can say is there's been no change in our conversations or planning with Foxconn on producing the PEAR in Ohio. The plant, I believe, can go up to 400,000 or maybe even 500,000 vehicles a year. To my knowledge, I don't know any other than I think there's a truck that they're thinking to do there. But what I understand is we have clear priority. We'll take definitely a vast majority of the volume in that plant. Obviously, the 1 million vehicles are not all going to be produced in the U.S.

好吧，首先，我不能代表富士康發言。他們是一家上市公司。但我只能說，我們與富士康就在俄亥俄州生產 PEAR 的對話或計劃沒有改變。我相信，該工廠每年可以生產 400,000 輛甚至 500,000 輛汽車。據我所知，除了我認為他們正在考慮在那裡開卡車外，我不知道其他任何事情。但我的理解是我們有明確的優先級。我們肯定會佔據該工廠的絕大部分。顯然，這 100 萬輛汽車不會全部在美國生產。

As I've said earlier, we had been contemplating production of the PEAR in China, in Europe and potentially a decontented even lower-cost version in India eventually. So I think that we have enough time to sort out the volume on to 2027. Also remember, we are not actually promoting the PEAR in any shape or form, quite frankly. We simply opened the reservation on request of, I think, some enthusiasts. I want to make sure they got first in line. And we did also because, as I mentioned, we are talking to a few fleets about purchase. So we are convinced about our sales targets. But at this point, yes, there's been no change in the conversation with Foxconn.

正如我之前所說，我們一直在考慮在中國、歐洲生產 PEAR，並最終可能在印度生產一個不滿意甚至更低成本的版本。所以我認為我們有足夠的時間來整理到 2027 年的數量。另外請記住，坦率地說，我們實際上並沒有以任何形式或形式推廣 PEAR。我認為，我們只是應一些愛好者的要求打開了預訂。我想確保他們排在第一位。我們也這樣做了，因為正如我所提到的，我們正在與一些船隊討論購買問題。因此，我們對我們的銷售目標深信不疑。但在這一點上，是的，與富士康的對話沒有任何變化。

Yes. Just from a public update, I think about 5 or 6 days ago, Foxconn had announced that they had received their regulatory clearance on [SIFIAS], which is sort of the foreign investment in the United States given it's a factory. And I think that obviously is a regulatory aspect that they needed to get through, which is a big hurdle. So that was publicly announced.

是的。僅從公開更新來看，我認為大約 5 或 6 天前，富士康宣布他們已獲得 [SIFIAS] 的監管許可，這是一種在美國的外國投資，因為它是一家工廠。我認為這顯然是他們需要通過的監管方面，這是一個很大的障礙。於是就公開宣布了。

I think operator, I think we have time for one more question.

我想接線員，我想我們還有時間再問一個問題。

We now have our next question from Joseph Spak of RBC Capital Markets.

我們現在有來自加拿大皇家銀行資本市場的約瑟夫斯帕克的下一個問題。

I just want to go back to the dual chemistry strategy and especially in the context of how you're talking about launching these vehicles. I understand you're going to launch the first edition first. I mean you're talking about really a very high mix of the upper trim levels. But if you're using LFP for the lower trim levels, does the impact from a margin perspective really start to tip the scales. I mean we just saw Tesla 20% operating margins largely on the back of really upping the LFP mix. So I'm curious about your thoughts there in terms of -- I know traditionally you start high-end and you move down. But given what's going on with the metal prices, like why wouldn't we consider -- or why wouldn't you consider a change in the mix launch.

我只想回到雙化學策略，尤其是在你談論發射這些車輛的背景下。我知道您將首先發布第一版。我的意思是你說的是上層裝飾水平的非常高的組合。但是，如果您將 LFP 用於較低的修剪水平，那麼從邊距角度來看的影響是否真的開始傾斜。我的意思是，我們剛剛看到特斯拉 20% 的營業利潤率主要是由於真正提高了 LFP 組合。所以我很好奇你的想法——我知道傳統上你從高端開始，然後向下移動。但是考慮到金屬價格的走勢，比如我們為什麼不考慮——或者你為什麼不考慮改變混合發布。

Because when you have one vehicle at 37,500 and the other at 69,000, you clearly have a way, way higher margin than the 69,000 model. So there's a much more headroom. And we don't have -- we are not affected like some full aluminum vehicles like some of those you just mentioned. They obviously have a big impact right now because of the rising aluminum prices. Our entire body is out of steel and some composite materials. In fact, something that I think nobody knows at this point, and nobody has even noted, we have designed the Ocean originally to have a very, very low insurance cost. And what we did was we actually made both the front fender, and very uniquely, maybe one of the few cars in the world, a vehicle that actually have the rear fender in plastic bumper material, like you have on the front and rear bumper, which means that you can actually bump there rear fender without even having to replace it if it's not too high speeds.

因為當您擁有一輛 37,500 輛和另一輛 69,000 輛的汽車時，您顯然有辦法，比 69,000 輛的車型利潤率要高得多。所以有更多的淨空。而且我們沒有——我們不會像你剛才提到的一些全鋁汽車那樣受到影響。由於鋁價上漲，它們現在顯然有很大的影響。我們的整個身體都是由鋼和一些複合材料製成的。事實上，我認為目前沒有人知道，甚至沒有人注意到，我們最初將 Ocean 設計為具有非常、非常低的保險成本。我們所做的是我們實際上製造了前擋泥板，而且非常獨特，也許是世界上為數不多的汽車之一，實際上有塑料保險槓材料的後擋泥板，就像你在前後保險槓上一樣，這意味著如果速度不是太高，您實際上可以在後擋泥板上撞到那裡，甚至無需更換它。

And if you do have to replace it, you just bolt it off and put another fender on, whereas normally the entire body side stamping is part of the rear fender and it can cause incredible amount of money to repair it. Now that now also comes back to the fact that because it's plastic, we don't have these issues with extra cost. So no, I think it has to bring a brilliant tactic because once we need to go up in volume next year, LFP will still be a cheaper battery, whether we have increasing raw material costs or not, that's why we chose in the first place.

如果您確實必須更換它，您只需將其擰下並安裝另一個擋泥板，而通常整個車身側面沖壓件都是後擋泥板的一部分，維修它可能會花費大量資金。現在又回到了這樣一個事實，因為它是塑料的，我們沒有這些問題需要額外的成本。所以不，我認為它必須帶來一個絕妙的策略，因為一旦我們需要在明年增加產量，LFP仍然會是一個更便宜的電池，無論我們是否有增加的原材料成本，這就是我們首先選擇的原因.

Look, I'm going to be honest, I didn't forecast the Ukraine war back in early 2021 when we chose LFP. We chose it because it's generally cheaper -- and we also chose it because we think that the ocean in the future could be the second vehicle that you buy and maybe mainly used in the city. And for that, you want superfast charging. And LFP actually offers faster charging, even though it has less range but offer faster charging that NMC and other battery technologies. So I think we've got a real jewel here. And I think because it looks like at this point, we could be one of the first companies to offer this in the U.S. And I think it's a real competitive advantage. And we can always decide to raise the volumes, and that's obviously what we are doing right now with Magna.

聽著，老實說，當我們選擇 LFP 時，我並沒有預測到 2021 年初的烏克蘭戰爭。我們選擇它是因為它通常更便宜——我們還選擇它是因為我們認為未來的海洋可能是您購買的第二輛汽車，並且可能主要用於城市。為此，您需要超快速充電。 LFP 實際上提供了更快的充電速度，儘管它的續航里程更小，但提供比 NMC 和其他電池技術更快的充電速度。所以我認為我們這裡有一顆真正的寶石。而且我認為因為在這一點上看起來，我們可能是第一批在美國提供這種服務的公司之一，而且我認為這是一個真正的競爭優勢。而且我們總是可以決定提高產量，這顯然是我們現在與麥格納正在做的事情。

But just one point I wanted to add is that the reason why not just the customers want the fully optioned out trim, the reason to also start with that is because we -- it has all the features, so you want all the suppliers to scale up with every single tool and you want to make sure that we are able to showcase every single feature in that vehicle to the customers. So for us, it's really critical. It's all-wheel drive, it's silicon carbide, it's NMC long-range batteries, got the California mode, it has solar roof, it has a rotating screen. So you really want to showcase the best attributes against benchmark first.

但我只想補充一點，不只是客戶想要完全可選的裝飾的原因，也是因為我們——它具有所有功能，所以你希望所有供應商都擴大規模使用每一個工具，您希望確保我們能夠向客戶展示該車輛的每一個功能。所以對我們來說，這真的很關鍵。它是全輪驅動、碳化矽、NMC 遠程電池、加州模式、太陽能屋頂、旋轉屏幕。因此，您真的想首先根據基準展示最佳屬性。

Okay. So it sounds like maybe just by the rough math, like the margin gap between the trims is narrowed, but it still makes sense to go higher end. And then Geeta, maybe just -- you made a comment about the guidance assumes any sort of, I guess, lack of absorption on volume with your partners. Can you just expand on that comment? I'm not sure I quite follow that. Sorry.

好的。所以這聽起來可能只是粗略的數學，就像修剪之間的邊距差距縮小了，但走高端仍然是有意義的。然後 Geeta，也許只是 - 你對指導的評論假設任何形式，我猜，與你的合作夥伴缺乏對數量的吸收。你能擴展那個評論嗎？我不確定我是否完全遵循這一點。對不起。

Yes, sure. Absolutely. Absolutely. So there's 2 things to think about. One thing to think about is that when you have a facility which is 9 million square feet in the case of Magna Steyr or some other peers, they have 4, 5 million square feet, you always have unused capacity. So in our case, we are obviously only paying for the capacity we use. And the second thing is in every vehicle launch, there is always something called inefficiency, meaning how many hours it takes to assemble a vehicle because you're fundamentally training your workforce to assemble the vehicle in optimal number of hours, what you call EHPV or hours per vehicle, so -- and E for electric.

是的，當然。絕對地。絕對地。所以有兩件事要考慮。需要考慮的一件事是，當您擁有 900 萬平方英尺的設施時，如麥格納斯太爾或其他一些同行，他們有 4、500 萬平方英尺，您總是有未使用的產能。所以在我們的例子中，我們顯然只是為我們使用的容量付費。第二件事是在每次車輛發布中，總是存在一種稱為低效率的問題，這意味著組裝車輛需要多少小時，因為您從根本上培訓您的員工以最佳小時數組裝車輛，您稱之為 EHPV 或每輛車的小時數，所以 - E 代表電動。

So in our case, we are not paying Magna for any inefficiencies, Magna in the sense, above and beyond what we've currently agreed, and that's factored into the guidance because Magna's responsibility is to get to those optimal hours. However, if you're a startup or if you're a company that's assembling its own vehicle, you have to factor in those inefficiencies, which could be as high as 100 hours per vehicle. And you can calculate, if the manufacturing costs are $2,000, $3,000, and it takes about 20 hours to assemble a vehicle, if you're going to 100 hours, what does that do to your gross margins and those inefficiencies?

因此，在我們的案例中，我們不會因為任何效率低下而向麥格納支付費用，在某種意義上，麥格納超出了我們目前同意的範圍，這已納入指導，因為麥格納的責任是達到最佳時間。但是，如果您是一家初創公司，或者您是一家組裝自己的車輛的公司，則必須考慮到這些低效率，每輛車可能高達 100 小時。你可以計算一下，如果製造成本是 2,000 美元，3,000 美元，組裝一輛車大約需要 20 個小時，如果你要 100 個小時，這對你的毛利率和那些低效率有什麼影響？

Thank you, operator. I think that's all the questions we have time for this afternoon.

謝謝你，接線員。我想這就是我們今天下午有時間討論的所有問題。

Yes. Thank you very much. Thank you, everybody, for listening in. We are super-excited about our next trip over to Austria mid-May and do another test run in the Fisker Ocean. Thank you very much, everyone.

是的。非常感謝你。謝謝大家的收聽。我們對下一次五月中旬去奧地利的旅行感到非常興奮，並在菲斯克海洋進行了另一次試運行。非常感謝大家。

Thank you for joining. This does conclude today's call. You may now disconnect your lines.

感謝您的加入。這確實結束了今天的電話會議。您現在可以斷開線路。