Gogoro Inc (GGR) 2022 Q2 法說會逐字稿

Welcome to the Gogoro Inc. Q2 Earnings Call.

歡迎參加 Gogoro Inc. 第二季財報電話會議。

This session will be recorded.

本次會議將被記錄。

I would like to introduce Bruce Aitken, CFO of Gogoro, who will kick us off.

我想介紹一下 Gogoro 的財務長 Bruce Aitken，他將為我們開場。

Thanks, Operator. Thanks to everyone for taking the time to join us today. I'm Bruce Aitken, CFO of Gogoro. I'm pleased to welcome you to our second quarter 2022 earnings call.

謝謝，接線生。感謝大家今天抽空加入我們。我是 Gogoro 的財務長 Bruce Aitken。我很高興歡迎您參加我們的 2022 年第二季財報電話會議。

Hopefully, by now, you've seen our earnings review. If you haven't, it is available on the Investor Relations tab of our website, www.investor.gogoro.com and we will also be displaying materials on the webcast screen as we go along.

希望到目前為止您已經看到了我們的收益回顧。如果您還沒有，可以在我們網站 www.investor.gogoro.com 的投資者關係標籤上獲取，我們還將在網路廣播螢幕上顯示資料。

We're looking forward to sharing our Q2 results, adding some guidance on what we're seeing as the outlook for the second half of 2022. Before our CEO, Horace Luke shares, I'd like to introduce Michael Bowen of ICR who will share the process for today's call and provide some important disclosures. Michael?

我們期待分享我們的第二季度業績，並為我們所看到的 2022 年下半年前景提供一些指導。電話會議的流程並提供一些重要的披露。麥可？

Thanks, Bruce. I'm sure you're all looking forward to hearing from Horace and Bruce and on behalf of Gogoro. But before that, allow me to remind you a few things. You are all currently on mute. But if you have a specific question, please use the chat function in the system to submit questions and we'll answer as many as time allows. After Horace has given a brief overview of Gogoro and some of the business highlights from Q2, first we'll go a bit deeper into the Q2 financial results.

謝謝，布魯斯。我相信你們都期待著霍拉斯和布魯斯以及 Gogoro 的演講。但在此之前，請容許我提醒您幾件事。你們目前都處於靜音狀態。但如果您有具體問題，請使用系統中的聊天功能提交問題，我們將在時間允許的情況下盡可能回答。在 Horace 簡要概述了 Gogoro 以及第二季的一些業務亮點之後，首先我們將更深入地了解第二季的財務表現。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our third quarter and fiscal 2022 results.

在電話會議期間，我們將就我們的業務發表在適用的證券法範圍內可能被視為前瞻性的聲明，包括有關我們第三季度和 2022 財年業績的聲明。

Management's expectations for our future financial and operational performance, the capabilities of our technology, projections of market opportunity and market share, our potential growth, statements related to the expected impact of the COVID-19 pandemic, supply chain issues and other headwinds facing the Company, the Company's business plans including its expansion plans, the Company's expectations relating to growth in China, statements relating to the potential of our strategic collaborations, partnerships and joint ventures, statements regarding regulatory developments and our plans, prospects and expectations.

管理層對我們未來財務和營運績效的預期、我們的技術能力、對市場機會和市場份額的預測、我們的潛在成長、與COVID-19 大流行的預期影響相關的聲明、供應鏈問題以及公司面臨的其他不利因素、公司的業務計劃，包括擴張計劃、公司對中國成長的預期、有關我們戰略合作、夥伴關係和合資企業潛力的聲明、有關監管發展以及我們的計劃、前景和預期的聲明。

These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. Information concerning those risks is available in our earnings press release distributed prior to the market open today and in our SEC filings. We undertake no obligation to update forward-looking statements, except as required by law.

這些陳述不是承諾或保證，並且存在風險和不確定性，可能導致它們與實際結果有重大差異。有關這些風險的資訊可在我們今天開市前發布的收益新聞稿以及我們向 SEC 提交的文件中找到。除法律要求外，我們不承擔更新前瞻性聲明的義務。

Further, during the course of today's call, we will refer to certain adjusted financial measures. These non-IFRS financial measures should be considered in addition to, not as a substitute for or in isolation from IFRS measures. Additional information about these non-IFRS measures, including reconciliation of non-IFRS to comparable IFRS is included in our press release and investor presentation provided today.

此外，在今天的電話會議中，我們將提及某些調整後的財務措施。這些非國際財務報告準則財務措施應作為國際財務報告準則措施的補充，而不是替代或獨立於國際財務報告準則措施。有關這些非國際財務報告準則措施的更多信息，包括非國際財務報告準則與可比國際財務報告準則的調節，包含在我們今天提供的新聞稿和投資者演示中。

Now, over to Horace.

現在，輪到霍拉斯了。

Thanks, Bruce and Michael. This is our second earnings call as a publicly-traded Company and we're pleased to have this opportunity to meet with you all today. The ongoing COVID situation in Taiwan has resulted in first half sales volume for the two-wheel vehicle industry at the lowest experienced since 2013. It is quite possible that full year 2022 will be a 10-year low in terms of overall Taiwan two-wheel market volume.

謝謝，布魯斯和邁克爾。這是我們作為一家上市公司的第二次財報電話會議，我們很高興今天有機會與大家見面。台灣持續的新冠疫情導致兩輪車產業上半年銷售量創2013年以來最低水準。

Given that backdrop, we're satisfied with our performance and are continuing to execute in Taiwan, and also focus on our international expansion plans despite the continuing adverse external market conditions, both COVID and macroeconomic in nature.

在此背景下，我們對自己的業績感到滿意，並將繼續在台灣執行業務，並專注於我們的國際擴張計劃，儘管外部市場條件（包括新冠疫情和宏觀經濟）持續不利。

On a year-on-year basis for Q2, overall revenue increased, battery swapping revenue increased, and both gross margin and adjusted EBITDA increased as well. Although on a lower volume basis, which fell short of our expectations, resulting in revenue being at the low end of the provided range.

第二季年比，整體營收成長，換電收入成長，毛利率和調整後 EBITDA 均成長。儘管銷量較低，但未達到我們的預期，導致收入處於所提供範圍的低端。

We are unsure about the prospects for the second half of Taiwan market due primarily to ongoing COVID concerns. Although we saw a volume pickup in the second half of 2021, we cannot think on an outsize or quick demand recovery this year.

我們不確定台灣市場下半年的前景，主要是因為持續的新冠疫情擔憂。儘管我們看到 2021 年下半年銷量有所回升，但我們不能認為今年需求會大幅或快速復甦。

Additionally, severe lockdowns in China as well as general macroeconomic conditions meet our national revenue will fall short of expectations. Because of these market conditions, we're reducing our full year revenue forecast.

此外，中國的嚴格封鎖以及整體宏觀經濟狀況符合我們的國家收入將低於預期。由於這些市場狀況，我們降低了全年收入預測。

Our international focus for 2022 will continue to be educating consumers via network pilots and network expansion and working with leading OEMs to launch and broaden vehicle offerings.

我們 2022 年的國際重點將繼續透過網路試點和網路擴展來教育消費者，並與領先的 OEM 廠商合作推出和擴大汽車產品。

We're also pursuing additional markets, including new countries, as well as deeper B2B integration and synergies, and we'll be able to provide updates on specific efforts as they become more operational throughout the third and fourth quarters.

我們也正在尋求其他市場，包括新的國家，以及更深入的 B2B 整合和協同效應，隨著具體工作在第三季和第四季變得更加可操作，我們將能夠提供具體工作的最新資訊。

Given the reduced quarantine requirements on reentry into Taiwan, we started traveling again in Q2. During the trips to a variety of Southeast Asia countries, as well as India, we met with government officials, partners, and potential partners, consumers, two-wheel industry experts and spent a lot of time checking in specific market gains, conditions, and requirements.

鑑於回台檢疫要求減少，我們在第二季再次開始旅行。在前往東南亞各個國家以及印度期間，我們會見了政府官員、合作夥伴和潛在合作夥伴、消費者、兩輪行業專家，並花了很多時間檢查具體的市場收益、狀況和情況。

We came away from these visits even more convinced of our core beliefs and the strength of our business thesis. First, that the transition to electric mobility is inevitable. Regardless of who we talked to, it was clear that the appetite for electric is growing, the sense of urgency heightened, the eagerness for quality products obvious. And when are you coming was a question we heard repeatedly.

經過這些訪問，我們更加確信我們的核心信念和我們的商業理論的力量。首先，向電動車的過渡是不可避免的。無論我們與誰交談，很明顯，人們對電力的需求正在增長，緊迫感不斷增強，對優質產品的渴望顯而易見。你什麼時候來是我們反覆聽到的問題。

Second, the battery swapping solves many of the challenges to electrifying mobility. This is eminently clear for B2B customers who want to never lose business due to time spent charging, but also for B2C customer, giving recent non-Gogoro-related fires and safety incidents across the region during the hot summer months.

其次，電池更換解決了電動車面臨的許多挑戰。對於希望永遠不會因為充電時間而失去業務的 B2B 客戶來說這一點非常明顯，對於 B2C 客戶來說也是如此，因為最近在炎熱的夏季，該地區發生了與 Gogoro 無關的火災和安全事件。

Our system addresses range anxiety, saves time, ensure customer safety, and if at a price parity, when governments don't incentivize the ongoing use of fossil fuel via gas or gas vehicle subsidies.

當政府不透過天然氣或燃氣汽車補貼來鼓勵持續使用化石燃料時，我們的系統可以解決里程焦慮，節省時間，確保客戶安全，並且在價格平價的情況下。

And third, a vertically integrated technology is ahead of the competition and widely sought after. We're continually urged to speed up our expansion and we working hard toward that.

第三，垂直整合技術領先於競爭對手並受到廣泛追捧。我們不斷被敦促加快擴張速度，我們正在為此努力。

The role of government policy in these technology discussions is important. We urge governments across the world to focus on safety for consumers, as well as a faster transition from fossil fuel toward cleaner, more sustainable electric mobility.

政府政策在這些技術討論中扮演的角色非常重要。我們敦促世界各國政府專注於消費者的安全，以及更快從化石燃料轉向更清潔、更永續的電動車。

We're fully committed to diversifying our source of revenue to deliver the best possible electric battery swapping solution regardless of which of the many brands and almost 50 Gogoro Network compatible models a customer may choose.

我們完全致力於實現收入來源多元化，以提供最佳的電池更換解決方案，無論客戶可能選擇眾多品牌和近 50 種 Gogoro 網路相容型號中的哪一種。

We continue to invest in R&D. As we previously highlighted, approximately 20% of our total workforce is in either hardware or software product technology development. We have self-developed all our hardware and software capabilities and today we manufacture vehicles, as well as powertrain and battery packs in our highly automated facilities.

我們繼續投資研發。正如我們之前所強調的，我們大約 20% 的員工從事硬體或軟體產品技術開發。我們自主開發了所有硬體和軟體能力，如今我們在高度自動化的設施中製造車輛以及動力系統和電池組。

Self-developed technology is at the core of who and what Gogoro is. We deploy our latest R&D innovations across multiple vehicle categories, as well as across our customer experience. A great example of this is in our just released Gogoro Delight vehicle. It was designed from the ground up by women for women, and it's the first such product of its kind.

自主開發的技術是 Gogoro 的核心。我們在多個車輛類別以及客戶體驗中部署了最新的研發創新。我們剛剛發布的 Gogoro Delight 車輛就是一個很好的例子。它是由女性從頭開始為女性設計的，也是同類產品中的第一個。

Additionally, we've seen customer pickup in the technology and performance focus Gogoro SuperSport vehicle we launched in late Q1, has high speed computing power and software-driven traction control.

此外，我們還看到客戶對我們在第一季末推出的注重技術和性能的 Gogoro SuperSport 車輛的青睞，該車輛具有高速運算能力和軟體驅動的牽引力控制。

In May, we announced our partnership with Metro Motor and Paz Group in Israel to launch in Tel Aviv this summer. We're still on track and looking forward to entering the Israel market soon.

五月，我們宣布與以色列 Metro Motor 和 Paz Group 合作，將於今年夏天在特拉維夫推出。我們仍在正軌上，並期待很快進入以色列市場。

There were some bright spots in our 2022 Q2 results, which Bruce will provide more color on shortly. Briefly, our Google Network revenue continues to grow with accumulating subscribers. With over 484 monthly subscribers and are expected to exceed 0.5 million by the end of the year.

我們的 2022 年第二季業績中有一些亮點，Bruce 將很快提供更多資訊。簡而言之，我們的 Google 網路收入隨著訂閱者的不斷增加而持續成長。每月訂閱人數超過 484 人，預計到年底將超過 50 萬人。

Secondly, we saw strong growth of nearly 30% in the global network business, a record quarterly revenue of $30.4 million and continue to keep a close to 100% attach rate of customers.

其次，我們看到全球網路業務強勁成長近30%，創紀錄的季度營收3,040萬美元，並持續保持接近100%的客戶附著率。

Thirdly, despite the overall softness of the (inaudible) market in the first half of 2022 as described before, electric vehicle as a percentage of our total vehicle increased by 16.1% versus 2021, while gas vehicle expense up 4.3%.

第三，儘管如前所述，2022 年上半年（聽不清楚）市場整體疲軟，但電動車占我們汽車總量的百分比較 2021 年增長了 16.1%，而燃氣汽車支出增長了 4.3%。

Both Gogoro and our vehicle partners, sales grew by 3.5% and 10.5%, respectively versus 2021. This is a shift in market share we have planned for as we broaden our reach as a platform.

與 2021 年相比，Gogoro 和我們的汽車合作夥伴的銷售量分別成長了 3.5% 和 10.5%。

Both Gogoro and our vehicle partners market share grew in first half 2022 versus first half 2021. Gogoro and our vehicle partners represent 92.2% of the overall electric vehicle sales in the first half of 2022. This figure typically ranges from 90% to 95% of the total market and we're happy to see growth in the overall electric sector in Taiwan.

與2021 年上半年相比，2022 年上半年Gogoro 和我們的汽車合作夥伴的市佔率均有所成長。通常在90% 到95% 之間。

Our gross margin was up both quarter-on-quarter and year-on-year. With anticipated seasonal volume pickup in the second half of 2022, we expect to maintain a similar margin profile. Adjusted EBITDA was also up from quarter two 2021.

我們的毛利率環比和年比均有所增長。由於預計 2022 年下半年銷售量會出現季節性回升，我們預計將維持類似的利潤率狀況。調整後 EBITDA 也較 2021 年第二季有所成長。

Let me quickly recap our macro strategies for 2022 and how we're doing. We had three areas of focus. First, we'll continue to expand our vehicle and hardware sales in Taiwan by increasing our penetration, broadening our coverage, and growing sales of B2V, B2B, and B2G customers.

讓我快速回顧一下我們 2022 年的宏觀策略以及我們的進展。我們有三個重點領域。首先，我們將透過提高滲透率、擴大覆蓋範圍以及增加 B2V、B2B 和 B2G 客戶的銷售額來繼續擴大在台灣的車輛和硬體銷售。

Secondly, to further develop our solutions business, we'll build on the success of our Gogoro component kits to enable our partners to further diversify product offerings in launch multiple SKUs in Taiwan, China, and India.

其次，為了進一步發展我們的解決方案業務，我們將在 Gogoro 組件套件的成功基礎上，使我們的合作夥伴能夠進一步多樣化產品供應，在台灣、中國和印度推出多個 SKU。

And finally, to grow our Gogoro Network business in Taiwan and internationally, we'll increase Go Station density and continue to improve network efficiency and launch services in additional cities.

最後，為了發展我們在台灣和國際上的 Gogoro 網路業務，我們將增加 Go Station 密度並繼續提高網路效率並在更多城市推出服務。

We're passionate about what we do. We make it irresistible for consumers to be responsible to increased efficiency and environmentally-friendly solutions. I'm proud of the work the team has put in to continue to make progress toward these goals, which will allow us to continue to further penetrate Taiwan market with our vehicle partners, and begin to build momentum for growth overseas.

我們對我們所做的事情充滿熱情。我們讓消費者無法抗拒對提高效率和環保解決方案負責。我對團隊為繼續實現這些目標而付出的努力感到自豪，這將使我們能夠繼續與我們的汽車合作夥伴進一步滲透台灣市場，並開始為海外成長建立動力。

Bruce will now walk us through our business and financial highlights for Q2 2022.

Bruce 現在將向我們介紹 2022 年第二季的業務和財務亮點。

Thanks Horace. Q2 2022 was a quarter of solid results given the extreme market conditions. We saw an increase of 5.3% in revenue versus Q2 2021 and an increase of 29.1% in Gogoro Network revenue versus Q2 2021. We also continue to accumulate subscribers on our Taiwan Gogoro Network, which now has over 484,000 monthly subscribers. We're mostly pleased with the results in our Google Network business, as they demonstrate continued growth and accumulating subscriber base and recurring revenue generated by our battery swapping business model.

謝謝霍拉斯。鑑於極端的市場條件，2022 年第二季是個業績穩健的季度。與2021 年第二季相比，我們的營收成長了5.3%，而Gogoro Network 的營收與2021 年第二季相比成長了29.1%。月有超過484,000 名用戶。我們對 Google Network 業務的表現非常滿意，因為它們展示了我們的電池交換業務模式帶來的持續成長和用戶群的累積以及經常性收入。

According to statistics published by Taiwan's Department of Motor Vehicles, there were 15,386 Gogoro vehicles registered in Q2, down slightly from Q2 2021, but 20% higher than Gogoro vehicles registered in Q1 of this year.

根據台灣車管所公佈的統計數據，第二季Gogoro車輛登記量為15,386輛，比2021年第二季略有下降，但比今年第一季登記的Gogoro車輛增加了20%。

The total Taiwan two-wheeler scooter market volume for the first half of 2022 is the lowest since 2013. Despite this low, there are some positive indicators for both the transition to electric two wheelers, as well as for Gogoro and for are powered by the Gogoro Network partners.

2022 年上半年，台灣兩輪踏板車市場總量是自 2013 年以來的最低水平。

Total sales volume of Gogoro vehicles in the first half of 2022 were up 3.5% from the first half of 2021. Additionally, partner vehicles which are tracked under each brand sales, represent additional volume in Q2.

2022 年上半年 Gogoro 車輛的總銷量比 2021 年上半年增長了 3.5%。

We extended our Taiwan channel and now Gogoro vehicles are for sale in a total of 417 traditional scooter sales locations, making Gogoro vehicles broadly available and increasing the customer touchpoints is important. Our market share in the six biggest cities in Taiwan was 9.8% during the first half of 2022, up marginally from 9.6% in the first half of 2021, and we achieved 22.9% market share in entirely during the second quarter.

我們擴展了台灣管道，現在 Gogoro 車輛在總共 417 個傳統踏板車銷售點出售，使 Gogoro 車輛廣泛銷售並增加客戶接觸點非常重要。 2022 年上半年，我們在台灣六大城市的市佔率為 9.8%，較 2021 年上半年的 9.6% 略有上升，第二季整體市佔率為 22.9%。

Sales of vehicles and associated registration figures for [I.1] services in China have not met our expectations. Because of the substantial external headwinds from COVID lockdowns, supply chain issues, retail traffic, and spending reductions, overall consumer confidence as well as other factors, we've slowed the deployment of the network infrastructure in China.

中國的車輛銷售量和[I.1]服務的相關登記資料未達到我們的預期。由於新冠疫情封鎖、供應鏈問題、零售流量和支出減少、整體消費者信心以及其他因素帶來的巨大外部阻力，我們放慢了在中國的網路基礎設施的部署。

As of June 30th, we have deployed 109 stations in Hangzhou, 40 stations in Wuxi, and 53 stations in Quinming. We continue to track progress not just in terms of vehicle sales and hardware revenue, but also in terms of expansion of city-served, locations and visibility of the I.1 network within each city and the variety and customer appeal of models released by partners.

截至6月30日，我們已在杭州部署109個站點，在無錫部署40個站點，在昆明部署53個站點。我們不僅繼續追蹤車輛銷售和硬體收入的進展，還追蹤 I.1 網路在每個城市的城市服務擴展、位置和可見性以及合作夥伴發布的車型的多樣性和客戶吸引力方面的進展。

We will likely delay the further expansion of the I.1 network to additional cities in the second half of the year. But we'll still work with Yadea on vehicle launches. Perhaps of interest is a B2B, dedicated SKU, which launched during Q2.

我們可能會推遲今年下半年將 I.1 網路進一步擴展到其他城市的計畫。但我們仍將與雅迪合作推出車輛。也許令人感興趣的是第二季推出的 B2B 專用 SKU。

Providing customers with sufficient choice of power, price, and styling is important to the scaling of the I.1 ion JV network. We recently worked closely with Yadea and I.1 to open a flagship store in Quinming, that is educating customers about the benefits of battery swapping, and the wide variety of vehicles that are available to meet customer needs.

為客戶提供足夠的功率、價格和款式選擇對於 I.1 ion 合資網絡的擴展非常重要。我們最近與雅迪和 I.1 密切合作，在昆明開設了一家旗艦店，向客戶介紹電池更換的好處以及可滿足客戶需求的各種車輛。

We're still very committed to the China market, but experiencing some potential near-term delays. It is these delays largely impossible to control or predict, and their unknown duration, which are responsible for our conservative predictions for the China business in the second half of 2022. These uncertainties will likely extend into 2023.

我們仍然非常致力於中國市場，但近期可能會出現一些延遲。正是這些延誤在很大程度上無法控製或預測，而且其持續時間未知，導致我們對 2022 年下半年中國業務做出保守預測。

We are progressing towards the late 2022 network launch in India, where consumer adoption of EVs is being encouraged by both local and national governments. We continue to believe the Gogoro battery swapping solution serves an unmet need in the second largest two-wheeler market in the world.

我們正在努力在 2022 年底在印度推出網絡，當地和國家政府都鼓勵消費者採用電動車。我們仍然相信 Gogoro 電池更換解決方案可以滿足全球第二大兩輪車市場未滿足的需求。

ESG is a big part of why Gogoro exists. Gogoro is a technology innovation Company, promoting renewable urban energy and transportation. To align with this vision, we are also focused on utilizing renewable energy in our operations, and promoting renewable energy use by local governments, businesses, and city residents where it is desperately needed.

ESG 是 Gogoro 存在的重要原因。 Gogoro 是一家技術創新公司，致力於推廣再生城市能源和交通。為了實現這一願景，我們也致力於在營運中利用再生能源，並促進迫切需要再生能源的地方政府、企業和城市居民使用再生能源。

Our goal is to achieve 100% renewable energy for all of Gogoro's operations and we are making good progress on this commitment. By the end of the year, we expect more than 40% of our manufacturing electricity consumption will be powered by renewable energy.

我們的目標是為 Gogoro 的所有業務實現 100% 可再生能源，並且我們在這一承諾方面正在取得良好進展。到今年年底，我們預計超過 40% 的製造業用電量將由再生能源提供。

Additionally, in the second quarter, we open two new retail stores that utilize 100% renewable energy and offer clean energy battery swapping to Gogoro Network subscribers. This clean energy comes from solar and wind and we are engaging Taiwan's Clean Energy sector to broaden access to this new resource.

此外，在第二季度，我們開設了兩家新的零售店，使用 100% 再生能源，並向 Gogoro Network 用戶提供清潔能源電池更換服務。這種清潔能源來自太陽能和風能，我們正在與台灣清潔能源部門合作，以擴大對這種新資源的取得。

In addition to our own clean energy commitments, we are also taking a proactive approach to commercializing renewable energy across the industry in Taiwan by enabling businesses and Gogoro Network riders to embrace and utilize renewable energy in their daily lives and daily commutes. We'll be providing all Gogoro Network riders with the option to choose renewable energy in the future.

除了我們自己的清潔能源承諾外，我們還採取積極主動的方法，使企業和Gogoro Network 乘客能夠在日常生活和日常通勤中擁抱和利用可再生能源，從而在台灣整個行業實現可再生能源的商業化。未來我們將為所有 Gogoro Network 乘客提供再生能源的選擇。

Finally, in the area of policy, governments continue to investigate a variety of ways to facilitate a transition to electric mobility and we are pleased to be helping to navigate these sensitive policy issues. We expect to continue meaningful dialogue with a variety of governments to see how Gogoro technology can aid in the faster adoption of safe battery swapping solutions for urban centers around the region. Our business objective is to do well while doing good. In Q2, we were able to deliver towards both objectives.

最後，在政策領域，各國政府繼續研究各種促進電動車過渡的方法，我們很高興能夠協助解決這些敏感的政策問題。我們希望繼續與各國​​政府進行有意義的對話，以了解 Gogoro 技術如何幫助該地區的城市中心更快地採用安全的電池交換解決方案。我們的商業目標是在做好事的同時做得更好。在第二季度，我們能夠實現這兩個目標。

Now, more specifically turning to our financial results. Q2 was challenging in many ways, but our results indicate both continued progress in difficult circumstances, and that the inevitable shift to electric mobility continues to gain momentum.

現在，更具體地談談我們的財務表現。第二季度在許多方面都充滿挑戰，但我們的結果表明，在困難的情況下持續取得進展，並且向電動車的不可避免的轉變繼續獲得動力。

Specifically, let me provide some color into our revenue, gross margin, EBITDA, and net loss results, as well as providing some updated guidance for the balance of 2022. Before I go into those details, let me say a few words about exchange rates. We booked the vast majority of our revenue in Taiwan dollars, but now reported in U.S. dollars. This year, the change in exchange rate has been substantial, with the U.S. dollar strengthening against the Taiwan dollar by 6.7% since the beginning of the year.

具體來說，讓我對我們的收入、毛利率、EBITDA 和淨虧損結果提供一些說明，並為 2022 年的餘額提供一些更新的指導。我們絕大多數收入以新台幣記賬，但現在以美元報告。今年以來，匯率變動較大，美元兌新台幣較年初升值6.7%。

Given our revenue concentration in Taiwan dollars, this is not really an operational issue, but rather a foreign exchange translation issue. This exchange rate had a negative $6.5 million impact on our revenue as reported since the beginning of the year.

鑑於我們的收入集中在台幣，這實際上並不是一個營運問題，而是一個外匯換算問題。自年初以來，這項匯率對我們的收入產生了 650 萬美元的負面影響。

For the second quarter, operating revenue was $90.7 million, up 5.3% from $86.1 million in the same quarter last year. Gogoro Network revenue for the second quarter was $30.4 million, up 29.1% from $23.6 million in the same quarter last year.

第二季營業收入為 9,070 萬美元，比去年同期的 8,610 萬美元成長 5.3%。 Gogoro Network 第二季營收為 3,040 萬美元，比去年同期的 2,360 萬美元成長 29.1%。

Total subscribers increased to more than 484,000 monthly battery swapping users at the end of the second quarter. This increase in battery swapping revenue was primarily due to the accumulating subscriber base and the high retention rate of all subscribers.

截至第二季末，每月電池更換用戶總數已增至超過 484,000 名。電池更換收入的成長主要是由於用戶基礎的不斷累積以及所有用戶的高保留率。

Sales of hardware and other revenues for the second quarter was $60.3 million, down 3.6% from $62.6 million in the same quarter last year. This was due to general consumer conservatism in Taiwan, which was driven by COVID and the associated drop in retail foot traffic and vehicle sales year-over-year. However, sales of Gogoro vehicles for the first half of 2022 grew by 3.5% compared to the first half of 2021.

第二季硬體銷售額和其他收入為 6,030 萬美元，比去年同期的 6,260 萬美元下降 3.6%。這是由於受新冠疫情以及零售人流和汽車銷售較去年同期下降的影響，台灣消費者普遍持保守態度。不過，2022年上半年Gogoro車輛的銷售量較2021年上半年成長了3.5%。

For the second quarter gross margin was 14%, up from 12.7% in the same quarter last year and non-IFRS gross margin was 15.5%, up from 12.7%. These gross margin and non-IFRS gross margin increases were driven by an increase in the average selling price of our vehicles, favorable changes in our product mix, and the continuously improving efficiency of the Gogoro Network operations.

第二季毛利率為 14%，高於去年同期的 12.7%；非 IFRS 毛利率為 15.5%，高於去年同期的 12.7%。這些毛利率和非國際財務報告準則毛利率的成長是由於我們的車輛平均售價的上漲、產品結構的有利變化以及Gogoro網路營運效率的不斷提高而推動的。

For the second quarter, net loss was $121.1 million, up $100.5 million from $20.6 million in the same quarter last year, primarily due to a one-time $178.8 dollar listing expense related to the [SPAC] merger transaction we closed at the beginning of Q2.

第二季淨虧損為 1.211 億美元，比去年同期的 2,060 萬美元增加了 1.005 億美元，主要是由於與我們在第二季初完成的 [SPAC] 合併交易相關的一次性上市費用 178.8 美元。

Additional contributors included $18.5 million in merger expenses and $11 million in share-based compensation expense, which were partially offset by an increase in the fair market value of outstanding warrants and earnout shares of $104.1 million. Non-IFRS net loss was $16.8 million, up $0.1 million from $16.7 million in the same quarter last year.

其他貢獻者包括 1,850 萬美元的合併費用和 1,100 萬美元的股權激勵費用，但這些費用被已發行認股權證和盈利股票的公平市場價值增加 1.041 億美元部分抵消。非 IFRS 淨虧損為 1,680 萬美元，較去年同期的 1,670 萬美元增加 10 萬美元。

For the second quarter, adjusted EBITDA was $9.3 million, up 14.4% from $8.1 million in the same quarter last year. The increase was primarily due to non-IFRS gross profit increasing to $14.1 million, up 28.1% from $11 million in the same quarter last year, as a result of the continuous growth of the Gogoro Network business in the second quarter.

第二季調整後 EBITDA 為 930 萬美元，比去年同期的 810 萬美元成長 14.4%。此成長主要是由於第二季Gogoro網路業務持續成長，非國際財務報告準則毛利增加至1,410萬美元，較去年同期的1,100萬美元成長28.1%。

Cash balance at the end of the second quarter was $378.8 million. Given the current market and macroeconomic conditions, combined with the impact of COVID in Taiwan, and continued COVID and adverse market conditions in China and other markets, we are adjusting our 2022 full year revenue guidance down to $380 million to $410 million. We will focus on maintaining our gross margins in the second half of the year.

第二季末現金餘額為 3.788 億美元。鑑於目前的市場和宏觀經濟狀況，結合台灣新冠疫情的影響，以及中國和其他市場持續的新冠疫情和不利的市場狀況，我們將 2022 年全年收入指引下調至 3.8 億至 4.1 億美元。下半年我們將專注於維持毛利率。

Third quarter revenue is expected to contribute around 25% of the full year revenue target and we estimate that almost all 2022 full year revenue will be from the Taiwan market.

第三季營收預計將貢獻全年營收目標的25%左右，我們預計2022年全年營收幾乎全部來自台灣市場。

It has been an eventful quarter for Gogoro and we look forward to continuing to work hard to introduce battery swapping capability to new markets and new customers.

對於 Gogoro 來說，這是一個多事的季度，我們期待繼續努力，向新市場和新客戶推出電池更換功能。

Michael, I will hand it back to you for Q&A.

邁克爾，我會把它交還給你問答。

Okay, thanks Horace and Bruce, for that update, details on financial results, and forward guidance as attendees are formulating their questions. I will go ahead and ask a couple of questions, which I think are likely on everyone's mind from what you just heard.

好的，感謝霍勒斯和布魯斯的更新、財務業績的詳細資訊以及與會者提出問題時的前瞻性指導。我會繼續問幾個問題，我認為你們剛才聽到的內容可能是每個人都想到的。

So, apologies in advance for the multi-part question. But here's the first one. Could you please elaborate on the primary factors that lead you to lower your revenue guidance?

因此，對於多部分問題提前表示歉意。但這是第一個。能否詳細說明導致您降低收入指引的主要因素？

And what gives you the confidence that this new lower rate will be (technical difficulty) in light of the fact that prior guidance also factored in COVID impact in Taiwan as well as internationally?

鑑於先前的指導也考慮了新冠肺炎對台灣以及國際的影響，是什麼讓您對這一新的較低利率（技術難度）充滿信心？

And then related to that as you stated in your prepared remarks, you're going to be focusing on gross margin the second half of the year. Could you elaborate on any margin whether it's gross margin or operating margin leverage you could benefit from as your revenues come under anticipated pressure? And what gives you confidence again, maintaining those margin levels?

然後，正如您在準備好的演講中所說，您將關注下半年的毛利率。您能否詳細說明當您的收入面臨預期壓力時您可以從中受益的任何利潤率，無論是毛利率還是營業利潤率槓桿？是什麼讓您再次充滿信心，維持這些利潤水準？

And then finally, since you now expect Taiwan to generate almost all of your revenue for 2022, that's an increase from 90% to 95% you stated last quarter. So, can you elaborate on your -- on how you view the path to return to your prior mix expectations?

最後，由於您現在預計 2022 年幾乎所有收入都來自台灣，因此這一數字從您上季度所說的 90% 增加到 95%。那麼，您能否詳細說明一下您如何看待恢復之前的混合預期的途徑？

Thanks for the question, Michael, I'll take a first crack at this and then Horace can add some color. In the first half of the year, as we reported, sales in two-wheelers in Taiwan were really impacted across the entire industry. It's the lowest first half total since 2013 and it's possible that full year might follow a similar trend.

謝謝你的提問，邁克爾，我會先嘗試一下，然後霍勒斯可以添加一些顏色。正如我們報導的那樣，今年上半年，台灣兩輪車的銷售確實受到了整個行業的影響。這是自 2013 年以來上半年總數最低的一次，全年可能會遵循類似的趨勢。

When we gave guidance a few months ago, we anticipated a slightly faster recovery from COVID in Taiwan and while that recovery is underway, and the underlying consumer sentiment is still quite conservative, and quite cautious. We broadly met our revenue margin and EBITDA forecast to the second quarter, although we were at the low end of that range. And we're targeting relatively flat market share to last year for the second half of the year, we might see a slight seasonal pickup in sales for Gogoro Network partners as well as the overall market that would be largely driven by seasonality.

當我們幾個月前給出指導時，我們預計台灣從新冠疫情中復甦的速度會稍快一些，儘管復甦正在進行中，但潛在的消費者情緒仍然相當保守和謹慎。我們大致達到了第二季的營收利潤率和 EBITDA 預測，儘管我們處於該範圍的低端。我們的目標是今年下半年的市佔率與去年相比相對持平，我們可能會看到 Gogoro Network 合作夥伴以及整體市場的銷售略有季節性回升，這在很大程度上是由季節性推動的。

And we think that absent other large or other unexpected market factors, we should be on track to meet that guidance. The reality is the vehicle side of our business is subject to market factors.

我們認為，如果沒有其他大型或其他意外的市場因素，我們應該有望達到這個指導目標。現實情況是，我們的車輛業務受到市場因素的影響。

But if you look at the Gogoro Network side of the business, as we were reporting, finished 29% increase in revenues this quarter over a year ago and that really demonstrates a couple of different things. Number one, the power of accumulating subscribers. Number two, the fact that that market is slightly more immune from short-term up or down impacts. And number three, that we just continued to get more efficient in how we run the business. So, that's kind of a quick update in terms of the range and our comfort level in hitting the range.

但如果你看看 Gogoro Network 的業務，正如我們報導的那樣，本季的收入比一年前增長了 29%，這確實表明了一些不同的事情。第一，累積訂閱者的力量。第二，該市場對短期上漲或下跌影響的免疫力稍強。第三，我們持續提高業務營運效率。所以，就範圍和擊球範圍的舒適度而言，這是一種快速更新。

In terms of gross margin, we adjusted ASP up during the second quarter, we launched some new products that helps take ASP up just a little bit. We are exposed, obviously, like many other players to increase in costs that have occurred in the second quarter, whether those are raw material costs, some are driven purely by supply chain, some are driven by scarcity of ICs, for example. And so that has had an impact, we have been able to maintain our gross margin and we do anticipate being able to maintain that gross margin through the second half of the year.

在毛利率方面，我們在第二季調整了ASP，我們推出了一些新產品，有助於稍微提升ASP。顯然，像許多其他參與者一樣，我們面臨第二季度成本增加的風險，無論是原材料成本，有些純粹是由供應鏈驅動的，有些是由 IC 稀缺性驅動的。因此，這產生了影響，我們已經能夠維持毛利率，並且我們確實預計能夠在今年下半年保持毛利率。

At the bottom-line level, we're going to really focus on costs. So, we've got to make sure that we're operating efficiently, both on the vehicle side of the business and on a Gogoro Network side of the business. And again, we're expecting to maintain our margins for the second half of this year, which should put us on track to margins that are similar to past performance.

在底線層面，我們將真正關注成本。因此，我們必須確保我們在車輛方面和 Gogoro 網路方面的業務都高效運作。再次，我們預計今年下半年將保持利潤率，這將使我們的利潤率有望與過去的業績相似。

And then finally, Taiwan generating the lion's share of our revenue, we did previously expect that we would get about 10% of revenue from international markets, what we're finding is largely because of the COVID situation and the even broader market conditions in China, and in other international locations, that we're going to see a short-term delay in terms of those markets picking up. We are going to continue to, as we mentioned, rollout, networks across Hangzhou, Quinming, and Wuxi continue to explore other opportunities in China, other partnerships, potentially B2B, a number of different product offerings that we'll be looking at.

最後，台灣創造了我們收入的最大份額，我們之前確實預計我們將從國際市場獲得約 10% 的收入，我們發現這主要是因為新冠疫情以及中國更廣泛的市場狀況以及其他國際地區，我們將看到這些市場的復甦會出現短期延遲。正如我們所提到的，我們將繼續在杭州、昆明和無錫推出網絡，繼續探索中國的其他機會、其他合作夥伴關係、潛在的 B2B 以及我們將關注的許多不同產品。

But fundamentally, we're committed not to the next six months, but to the long haul. And we believe that across the long haul, that transition to electric mobility is really clear. It's inevitable. We think that battery swapping solves many, many of the customer pain points, whether they're B2C or B2B customers.

但從根本上來說，我們的承諾不是未來六個月，而是長遠。我們相信，從長遠來看，向電動車的過渡是非常明確的。這是不可避免的。我們認為電池更換解決了許多客戶的痛點，無論他們是 B2C 還是 B2B 客戶。

And we're continuing to invest in R&D and continuing to roll out the right products that we think give us a long-term capability to develop new revenue streams, develop new markets, and help to equalize that revenue, so that over time, Taiwan becomes a little bit less of a revenue contributor, and then frankly, will be a little bit more insulated from specific downturns that may occur in Taiwan in any given year.

我們將繼續投資於研發，並繼續推出合適的產品，我們認為這些產品使我們能夠長期開發新的收入來源、開發新市場並幫助平衡收入，因此，隨著時間的推移，台灣其對收入的貢獻會減少一些，坦白說，它將更能免受台灣在任何一年可能發生的特定經濟衰退的影響。

Okay, great. Thanks for that, Bruce. And I'll ask one more, and then we'll turn it over to the operator for analyst questions. But before we do that, for the better part of the past decade, Gogoro has demonstrated a lot of success and market share dominance with its unit base model in Taiwan. However, Taiwan's a relatively small market when compared to the other international markets you're entering into. So, given that, can you shed some light on how the Gogoro model has fared in China thus far?

好的，太好了。謝謝你，布魯斯。我會再問一個，然後我們會將其轉交給操作員以供分析師提問。但在此之前，在過去十年的大部分時間裡，Gogoro 憑藉其在台灣的單位基礎模型取得了巨大的成功並佔據了市場份額的主導地位。然而，與您要進入的其他國際市場相比，台灣是一個相對較小的市場。那麼，您能否透露一下 Gogoro 模式迄今為止在中國的表現如何？

What challenges have you seen in the Chinese market that you didn't face in Taiwan? And what is your expected outlook for the China market for the second half of 2022 and as we look into 2023? And then I'll, I'll come back with a couple of follow-ups.

您在中國市場遇到了哪些在台灣沒有遇到的挑戰？您對 2022 年下半年和 2023 年中國市場的預期前景如何？然後我會帶著一些後續行動回來。

Great. I'll take a crack at that. And then Bruce will add some color later. The idea has always been to develop technology and prove it out in a relatively small market like Taiwan, and then to take that learning and that business operation knowhow and business momentum and apply to a much larger market like China and India.

偉大的。我會嘗試一下。然後布魯斯稍後會添加一些顏色。我們的想法一直是開發技術並在台灣等相對較小的市場中證明它，然後將所學到的知識、業務營運知識和業務動力應用於中國和印度等更大的市場。

Now, I've been very proud of the progress we've made in Taiwan so far, both in market share penetration and stickiness of our subscriber base. But, going into other markets has always been a higher goal of demonstrate ability to perform both financially and making an impact in a better planet, I'm happy to say that, give some insight that the deployment of our first three city has gone much smoother and much quicker than I first anticipated.

現在，我對我們迄今為止在台灣取得的進步感到非常自豪，無論是在市場佔有率滲透率還是用戶群黏性方面。但是，進入其他市場始終是一個更高的目標，即展示在財務上的表現和對更美好的星球產生影響的能力，我很高興地說，請提供一些見解，我們前三個城市的部署已經取得了很大進展比我最初預期的更順利、更快。

At the end of Q2 with almost 200 stations across Anjo, we see an economy, but the zero COVID policy has certainly put some speed bumps on the road. But I think that's really is temporary. But as we look at, Q3 and Q4 opening backup, we're super excited to engage the market. And as we said earlier, our technology, as we deploy, we start doing a lot of real time market research and talking to both riders, other partners that are in the market.

第二季末，安城市有近 200 個車站，我們看到了經濟復甦，但零新冠政策無疑地為道路帶來了一些減速帶。但我認為這確實是暫時的。但當我們看到第三季和第四季的開放備份時，我們非常高興能夠參與市場。正如我們之前所說，當我們部署我們的技術時，我們開始進行大量即時市場研究，並與市場上的乘客和其他合作夥伴進行交談。

And what we found was that the riders will need quick and constant access to energy in either long distance writing or B2B delivery, have certainly saw the benefits of what Gogoro has to offer to our not only our quick battery swapping system, but also the high energy density that is far more higher than any other competitive product on the market today.

我們發現，無論是長途書寫還是 B2B 交付，騎手都需要快速、持續地獲取能量，他們肯定已經看到了 Gogoro 不僅為我們的快速電池交換系統提供的好處，而且還為我們的高能量密度遠遠高於當今市場上任何其他競爭產品。

So I think that, we'll continue to work hard with our vehicle partners to commercialize both the vehicles that has already been announced, and then to develop even more vehicles that will hopefully serve the broader needs of the of the China market. So that said, I want to ask Bruce to add some colors to that also, as well.

因此，我認為，我們將繼續與我們的汽車合作夥伴共同努力，將已經發布的兩款汽車商業化，然後開發更多汽車，預計將滿足中國市場更廣泛的需求。也就是說，我也想請布魯斯為其添加一些顏色。

I've couple of things I would add, Michael, China's different than Taiwan, China already has a pretty mature electric tool market where approximately 70% of two vehicles are already electric, but it's skewed toward the low end. And it's really skewed towards charging solutions, we expect and we continue to expect that over time, there will be a switch to scooters that match the new national standard -- the national standard, and that are charged with lithium ion batteries, and that there will be a battery swapping capability.

我想補充幾件事，邁克爾，中國與台灣不同，中國已經擁有相當成熟的電動工具市場，兩輛汽車中大約 70% 已經是電動的，但偏向低端。它確實偏向於充電解決方案，我們預計並且我們繼續預計，隨著時間的推移，將會出現符合新國標的踏板車——國家標準，並且使用鋰離子電池充電，並且有將具有電池交換功能。

Those are slightly more premium products. And that would require a switch from charging to swap them. The government has banned in many locations home charging, but the government is focused on other priorities at the moment rather than enforcing those regulations. So the market is migrating at a slower pace than we anticipated. We believe it'll take a little bit longer to educate the market, maybe even the distribution channel on the benefit of our swapping solutions.

這些是稍微優質的產品。這需要從充電切換到交換。政府已在許多地方禁止家庭充電，但政府目前專注於其他優先事項，而不是執行這些法規。因此，市場遷移的速度比我們預期的要慢。我們相信，需要更長的時間來教育市場，甚至可能是分銷管道，讓他們了解我們交換解決方案的好處。

So because of that we're as Horace said, focused on rolling out stations, getting the foundation in place, and then working with both Yadea and with I want one to ensure that we have the right vehicles, the right business model B2B or B2C, and that we're ready to launch as those changes in the market are seen.

因此，正如 Horace 所說，我們專注於推出車站、打好基礎，然後與雅迪和「我想要一個」合作，以確保我們擁有合適的車輛、正確的 B2B 或 B2C 商業模式，並且隨著市場的變化我們已經準備好推出。

Okay, great. And then lastly, could you give us a similar update for the India and Indonesian markets? And related to that, when do you expect to see material unit sales from these markets, and an associated meaningful contribution to your total revenue? Thanks.

好的，太好了。最後，您能為我們介紹一下印度和印尼市場的類似最新情況嗎？與此相關的是，您預計何時會看到這些市場的材料單位銷售，以及對您的總收入的相關有意義的貢獻？謝謝。

Sure. We started traveling again in Q2, because of the mainly the delay in travel overseas has been due to the long quarantine period that is required for re-entry into Taiwan. So the team started traveling again. And I personally actually visited Indonesia, I visited also India, as well as a number of other countries where I am happy to tell you that, I -- when I visited Indonesia, I was really proud to see the Gogoro vehicle on road.

當然。我們在第二季度又開始旅行，因為海外旅行的延遲主要是由於重新進入台灣需要較長的隔離期。於是，隊伍又開始了旅行。我親自訪問過印度尼西亞，也訪問過印度，以及其他一些國家，我很高興地告訴你們，當我訪問印度尼西亞時，我非常自豪地看到 Gogoro 車輛在路上行駛。

And I was able to talk to a lot of the GoJek riders and our partner Electrum, to really get feedback on the Gogoro user experience. Lots of great feedback, that the most important thing I walked away with was not only is the young Indonesia population, very sustainability focused, but also at the same time, I would say both a rider and even more a passenger and the customers that were being picked up, were surprised when a powerful electric vehicle came up to pick them up instead of a hot, polluting, noisy gas vehicle that you typically showed up.

我能夠與許多 GoJek 騎手和我們的合作夥伴 Electrum 進行交談，以真正獲得有關 Gogoro 用戶體驗的反饋。很多很好的回饋，我離開時最重要的事情不僅是印尼的年輕人口，非常注重永續發展，同時，我想說的是，無論是騎手，甚至是乘客和顧客當他們被接走時，當一輛強大的電動車來接他們而不是通常出現的又熱、污染又吵鬧的汽油車時，他們感到很驚訝。

So a lot of great feedback from, from the market overall, the riders love it, the customers love it, the government loves it, I was able to talk to a lot of high level government officials about, what we can do together there. So we're working really hard to find ways to really scale that pilot to a meaningful size in Jakarta and beyond.

因此，來自整個市場的大量反饋，騎手喜歡它，客戶喜歡它，政府喜歡它，我能夠與許多高級政府官員談論我們可以在那裡一起做些什麼。因此，我們正在努力尋找方法，在雅加達及其他地區將該試點計畫真正擴大到有意義的規模。

So, I hope there's more to come in the next several quarters, but I'm super excited about what I've been able to see and the feedback has been awesome has been really great from riders to passenger as well as the operator of the network of Electrum.

所以，我希望在接下來的幾個季度裡會有更多的事情發生，但我對我所看到的感到非常興奮，而且從乘客到乘客以及運營商的反饋都非常好。

Now as for India, I have -- I'm happy to report that we just passed literally, within the last several days, we passed India's battery pack safety requirements AIS-156. And both our goal station our batteries are now ready for India for deployment. I'm hoping that next time we talk -- we can provide more updates, but I'm very optimistic about what we can do in India.

至於印度，我很高興地報告說，我們剛剛在過去幾天內通過了印度的電池組安全要求 AIS-156。我們的兩個目標站的電池現已準備好在印度部署。我希望下次我們談話時——我們可以提供更多更新信息，但我對我們在印度能做的事情非常樂觀。

Given, both the conditions are in India today when it comes to petroleum price and also cost of mobility, but also as well as some of the tailwinds that are coming into place such as, for example, in the Delhi NCR area by the end of 2024 for logistics and B2B vehicles will be banned from using gasoline. So making the converted conversion to electric even faster, so I'm super excited about it. I'm hoping to see, some meaningful impact to our job business in the next several quarters. So stay tuned, and I think there's more to come.

考慮到今天印度的石油價格和交通成本，以及即將到來的一些有利因素，例如，到年底在德里 NCR 地區，這兩種情況都存在。因此，使電力轉換速度更快，所以我對此感到非常興奮。我希望在接下來的幾個季度看到對我們的就業業務產生一些有意義的影響。所以請繼續關注，我認為還會有更多內容。

Okay, great. Thanks for that.

好的，太好了。謝謝你。

(Operator Instructions) Thank you. We have a first question from the line of [Fong Chang] from Benchmark Company. Please go ahead.

（操作員說明）謝謝。第一個問題來自Benchmark Company 的[Fong Chang]。請繼續。

Hey, Horace. Hey, Bruce. Thanks for taking my questions. First of all, I wanted to dig a little bit deeper into your guidance. It seems like despite the softness in Taiwan market, you guys do kicking market share, I just wonder what's the underlying driver for your outperformance over the industry? And related to that, what's the incline assumptions for turbo market growth for full year 2022 And your target market share for that whole market?

嘿，霍拉斯。嘿，布魯斯。感謝您回答我的問題。首先，我想更深入地了解您的指導。看來儘管台灣市場疲軟，你們的市佔率卻在不斷提升，我只是想知道你們表現優於產業的根本原因是什麼？與此相關的是，2022 年全年渦輪市場成長的傾斜假設是什麼？

So thanks for the question, Fong. The whole markets down as you heard, the electric as a percentage of total group. That's an important one to note, because I think that indicates that the inevitable shift to electric. Within that context of electric Gogoro vehicles grew in the first half versus first half of last year, and then are powered by the government network the requirements also grew 3.5% on the Gogoro side 10.5% on the partner vehicle side and 60% for electric as a percentage in total in terms of growth.

謝謝方老師的提問。正如您所聽到的，整個市場下跌，電動車佔總市場的百分比。這是值得注意的重要一點，因為我認為這表明轉向電動是不可避免的。在此背景下，Gogoro 電動車上半年比去年上半年有所增長，然後由政府網絡提供動力，Gogoro 方面的需求也增長了3.5%，合作夥伴車輛方面增長了10.5%，電動汽車方面增長了60 %。

So those are great. Those are great figures in -- and that gives us a great deal of confidence for the long term. In terms of the second half of the year Gogoro market share. We don't expect a massive upswing in upswing in Gogoro volume. You may recall that last year in the second half, there was a big uptick.

所以這些都很棒。這些都是偉大的數字——從長遠來看，這給了我們很大的信心。從下半年Gogoro的市佔率來看。我們預計 Gogoro 的交易量不會大幅上升。大家可能還記得，去年下半年，有一個很大的上升。

In theory, that's possible. But we certainly aren't banking on that if we set our guidance for the back half of the year, we're expecting roughly flat market share to where we are at the moment, which is roughly in the 9% to 10% range for the Taiwan -- for the Gogoro branded vehicles in the second half of this year. We would like to see faster growth and we will be working hard to see faster growth picked up in an overall flat market environment, but the shift to electric is pretty clear.

理論上來說，這是可能的。但如果我們為今年下半年設定指導，我們當然不會指望這一點，我們預計市場份額與目前的水平大致持平，大致在 9% 到 10% 的範圍內台灣——今年下半年推出Gogoro 品牌車輛。我們希望看到更快的成長，我們將努力在整體平坦的市場環境中看到更快的成長，但向電動的轉變是相當明顯的。

Fong, this is Horace. I'll add a little more color on that. I think there are other factors such as product innovation that drove a lot excitement in the market such as the Gogoro SuperSport, which really is the first product on two wheel that not only has a unprecedented computing power, but also as well as a self-develop traction control system that allow consumers to ride not only in a sporty way but also in a safe way that contributed quite a bit to our overall performance. I would say in the sector, performance base vehicle that was a very meaningful contributor, I would add.

方，這是賀拉斯。我會在上面添加更多顏色。我認為還有其他因素，例如產品創新，在市場上引起了極大的關注，例如Gogoro SuperSport，它確實是第一個兩輪產品，不僅具有前所未有的運算能力，而且還具有自我識別能力。牽引力控制系統，讓消費者不僅能夠以運動方式騎行，而且還能安全地騎行，這對我們的整體表現做出了巨大貢獻。我想說的是，在這個領域，性能基礎車輛是一個非常有意義的貢獻者，我想補充一下。

But also at the same time, I think that the product mix itself, we have everything from mainstream product to entry product to high end products or performance base to premium products that are really great look and feel. So it's not something for everyone. And I think that what we know how that translated into the overall market was, of course, as Bruce mentioned, a slight up for a -- from a year-on-year market share perspective.

但同時，我認為產品組合本身，我們擁有從主流產品到入門產品到高端產品或性能基礎到外觀和感覺非常出色的優質產品的一切。所以這並不適合所有人。我認為，正如布魯斯所提到的，我們所知道的如何轉化為整個市場，當然，從同比市場份額的角度來看，略有上升。

But also at the same time, if you look at where, Taipei market share, we were at about 20% market share, slightly over 20% market share. So, that's just through the demonstrate this -- the willingness to convert to electric, as a -- island that is highly populated, very dense, a lot of curiosity and a lot of interest on not only electrifying, but what electrifying can mean, when it comes to safety, when it comes to health, when also when it comes to just owning something that is a modern mobility instead of a something that's formed decades old technology. So overall, I think, that is one of the reasons why we've been able to get market share and will continue to grow that.

但同時，如果你看看台北的市場份額，我們的市佔率約為 20%，略高於 20%。所以，這只是透過展示這一點——作為一個人口稠密、人口稠密的島嶼，人們願意轉向電力，人們不僅對電氣化充滿好奇心，而且對電氣化意味著什麼感興趣，當涉及到安全時，當涉及到健康時，當涉及到只擁有現代機動性而不是幾十年前形成的技術時。因此，總的來說，我認為這是我們能夠獲得市場份額並將繼續增長的原因之一。

The other thing that I'm very excited about is the fact that our partners have grown also in market share. Over the last quarter, we've seen our [PDGM] partner, Gogoro Network partner, who looks quite significantly year-on-year. And that has always been by design, where we saw ourselves demonstrating the size and opportunity of the market, but also the same time, letting the -- letting an -- that's always been by design, where we saw ourselves demonstrating the size and opportunities in the market, but also at the same time, letting the -- letting an enabling vehicle makers to convert and change from maybe perhaps a traditional portfolio to now an electric portfolio without worrying about the refueling infrastructure. And that has certainly picked up quite a bit infrastructure. And that has certainly picked up quite a bit in the overall penetration site, which I'm super proud of.

另一件令我非常興奮的事情是我們的合作夥伴的市佔率也有所成長。在上個季度，我們看到了我們的 [PDGM] 合作夥伴、Gogoro Network 合作夥伴，其同比表現相當顯著。這一直是設計使然，我們看到自己展示了市場的規模和機會，但同時，讓——讓——這一直是設計使然，我們看到自己展示了市場的規模和機會在市場上，但同時，讓汽車製造商能夠從傳統的產品組合轉變為現在的電動產品組合，而無需擔心加油基礎設施。這無疑增加了相當多的基礎設施。這確實在整個滲透網站中得到了很大的提高，我對此感到非常自豪。

I think that further demonstrates the attractiveness of our platform. But most of all, I think, also is just the fact that we will -- 30% on subscriber base. In that further demonstrates the strength of our thesis, that even with a flat or slightly uptick on the market share, we were able to grow pretty significantly on subscriber base, which I would love to remind everybody, that is a thesis in which we're taking a business overseas.

我認為這進一步證明了我們平台的吸引力。但我認為最重要的是我們將——30% 的訂戶基礎。這進一步證明了我們論文的優勢，即使市場份額持平或略有上升，我們的用戶基礎也能夠顯著增長，我想提醒大家，這是我們的論文正在海外開展業務。

And as we look at that that subscriber base is also close to -- very, very close to 100% sticky. So we've been able to keep that subscriber without losing people off the list. And that cumulated kind of sticky subscriber base is what we have started the Company on and we're great to see that even in a challenging market today in Taiwan, where COVID has definitely has had a big impact to buying supplements, being able to attract foot traffic coming into the retail stores.

正如我們所看到的，用戶群的黏性也非常非常接近 100%。因此，我們能夠保留該訂戶，而不會失去名單上的人。這種累積的黏性用戶群正是我們創辦公司的基礎，我們很高興看到，即使在當今台灣充滿挑戰的市場中，新冠疫情也確實對購買補充劑產生了重大影響，能夠吸引進入零售店的人流量。

Despite all that, we still saw a great performance on the Gogoro network side, the battery swapping side. I think that those pieces all added up to be, I think, a pretty good Q2 for us. However, I think that as Bruce mentioned, the COVID situation has not -- is not over yet. The concerns are still great in Taiwan has been, of course, it was an island that was close to most visitors coming in. The recent outburst has lasted much longer than 2021 outburst, and so we're just -- I wanted to take more of a conservative position to ensure that we are -- we're ready for stormy day if we are -- if the stormy day comes.

儘管如此，我們仍然看到 Gogoro 網路端、電池交換端的出色表現。我認為這些部分加起來對我們來說是一個非常好的第二季。然而，我認為正如布魯斯所提到的，新冠疫情的情況還沒結束。當然，台灣的擔憂仍然很大，當然，這是一個距離大多數遊客都很近的島嶼。採取保守立場，以確保我們為暴風雨的日子做好準備，如果我們準備好了的話，如果暴風雨的日子到來的話。

Understood. That's very helpful. Thanks Horace. Switching gear to your China market. Understand a COVID, especially the lockdown has been strong headwinds. Just wonder whether you are adjusting your strategic focus in China whether it's the second half or heading to 2023 in terms of increasing in your density within your existing market base, the city you have entered, or you will continue to expand your geographic, I think presence, just wonder any venues out there. And also understand there is a lot of moving parts right now, how should we think about in 2023 for China market potentially?

明白了。這非常有幫助。謝謝霍拉斯。將裝備轉向中國市場。了解新冠疫情，尤其是封鎖帶來的巨大阻力。只是想知道您是否正在調整您在中國的戰略重點，無論是下半年還是到2023年，在您現有的市場基礎、您已進入的城市內增加您的密度，或者您將繼續擴大您的地域，我認為存在，只是想知道那裡有什麼場地。並且也了解目前有許多變動因素，我們該如何考慮 2023 年中國市場的潛力？

Great. Thanks for that. I'll take the first one and maybe Bruce can add a little color. I think the most important thing is operational efficiency and creating momentum. As Bruce mentioned, and I mentioned earlier, there are over 200 stations already in Hangzhou, over 100 in Hangzhou, and then between Wuxi and also Kunming, there's also another 100 stations.

偉大的。謝謝你。我會選擇第一個，也許布魯斯可以添加一點顏色。我認為最重要的是營運效率和創造動力。正如Bruce所提到的，我之前提到過，杭州已經有200多個車站，杭州有100多個車站，無錫和昆明之間還有另外100個車站。

So the density is there already in that city to accept the first wave of riders that are going to be utilizing the network. The goal for us is to make sure that we build that momentum in those three cities, demonstrate success, and then move to other cities, trying to go fast and furious, especially in a situation today, where COVID impact is on and off.

因此，該城市的密度已經可以接受第一波將使用該網路的乘客。我們的目標是確保在這三個城市建立這種勢頭，展示成功，然後轉移到其他城市，努力快速而激烈地前進，特別是在當今新冠疫情影響時斷時續的情況下。

And so what we don't want to do is go in basically waste resource and not able to operate efficiently. So we're going to focus on really penetrating those three cities, demonstrating what we have to offer, and then also at the same time working with Yadea. And also of course, working with Dachangjiang to enable them to tick their vehicles, if they have already shipped, or but Yadea has already shipped, the six vehicles that they're shipping today to get it into the market and get into the hands of the riders and demonstrate how great the user experience is.

所以我們不想做的就是浪費資源並且無法有效運作。因此，我們將專注於真正滲透這三個城市，展示我們所提供的產品，然後同時與雅迪合作。當然，與大長江合作，使他們能夠勾選他們的車輛，如果他們已經發貨，或者雅迪已經發貨，他們今天發貨的六輛車將進入市場並交到他們手中乘客並展示用戶體驗有多麼出色。

So we feel very positive about it. I think that China, as you said, it's a market that has seen a high penetration of electric two-wheel, but at the same time with the new regulation, and also with, especially some of the riders that are maybe using longer distance or riding more hours of the day, such as B2B and other markets. We think that there's a great opportunity for us to contribute.

所以我們對此感到非常積極。我認為，正如您所說，中國是一個電動兩輪車普及率很高的市場，但同時，隨著新法規的出台，尤其是一些可能使用較長距離或一天中騎行的時間更長，例如B2B 和其他市場。我們認為這是我們做出貢獻的絕佳機會。

So long story short is, of course, we always adjusting, and we're always looking at new opportunity. But at the same time, we want to make sure that the markets that we already deployed, we were ready for when COVID opens up, that we're ready to go big. So really demonstrating operational efficiency first.

長話短說，當然，我們總是在調整，我們總是在尋找新的機會。但同時，我們希望確保我們已經部署的市場，在新冠病毒爆發時做好準備，準備擴大規模。因此，首先要真正展現營運效率。

Okay. So clear.

好的。這麼清楚。

And I think now that's going on -- we're 100% committed to China, I think the answer to your question is both strategies, grow within cities, but also add cities, our thesis is intact. We believe China is a big market, there is a slight delay. I think that's where a lots of different factors. It doesn't take a genius to figure out what many of them are COVID, macroeconomic, lots of those combined. And so we're 100% committed to the market will continue to grow.

我認為現在正在發生這種情況 - 我們100％致力於中國，我認為你問題的答案是戰略，在城市內發展，但也增加城市，我們的論點是完整的。我們相信中國是一個很大的市場，有輕微的延遲。我認為這有很多不同的因素。不需要天才就能弄清楚其中許多是新冠疫情、宏觀經濟以及許多這些因素的總和。因此，我們 100% 致力於市場將持續成長。

Got it. Thanks, Bruce. My last question is actually on the B2B opportunity, you mentioned that it seems like you guys making some initial inroads there, just wonder how should we're looking at the potential market opportunity in a specific segments? And when do we expect a more meaningful or visible and revenue stream down the road?

知道了。謝謝，布魯斯。我的最後一個問題實際上是關於 B2B 機會，你提到你們似乎在這方面取得了一些初步進展，只是想知道我們應該如何看待特定細分市場的潛在市場機會？我們預期什麼時候會出現更有意義或更明顯的收入來源？

Fong, are you asking B2B -- I'm sorry, we cut out there for a second. Are you asking B2B or B2C, I just want to get your question correct?

Fong，您是在問 B2B 嗎？你問的是B2B還是B2C，我只是想弄清楚你的問題？

B2B.

B2B。

B2B. Okay. Great. I think where we win on a -- on as it applies to a B2B market is number one, our energy density of our batteries is 1.6 kilowatt hour to 1.7 kilowatt hour when the market itself it's about 800 watt to maybe perhaps slightly over a kilowatt hour. So that's 70% increase in energy promises a delivery rider much longer range and much less anxiety when the hot delivery cycle comes right, so such as lunch, dinner, breakfast or afternoon snacks. He's not -- he or she is not really worried about the energy running out halfway. So that -- and clearly the energy density plays an important role for us to be able to demonstrate our benefit there, number one.

B2B。好的。偉大的。我認為我們在 B2B 市場上獲勝的地方是第一，我們電池的能量密度是 1.6 千瓦時到 1.7 千瓦時，而市場本身約為 800 瓦到可能略高於 1 千瓦時。因此，能量增加 70% 可以讓送貨騎士在午餐、晚餐、早餐或下午點心等熱送貨週期到來時，行駛里程更長，焦慮更少。他不是——他或她並不真正擔心能量中途耗盡。因此，顯然能量密度對於我們能夠展示我們的優勢起著重要作用，這是第一。

And I think number two has to do with reliability of our system, and having over 1 million batteries now deployed in Taiwan, being able to be in a number of other markets moving -- mostly we don't know that, for example Gogoro today is doing a lot of delivery in B2B business for our partner in South Korea, as well as powering a ride sharing fleet in Germany.

我認為第二點與我們系統的可靠性有關，並且現在在台灣部署了超過 100 萬個電池，能夠在許多其他市場移動 - 大多數我們不知道，例如今天的 Gogoro為我們在韓國的合作夥伴提供大量B2B 業務交付服務，並為德國的共享出行車隊提供動力。

Those are those are great demonstration about our system is ready for not only a consumer that is using it, I would say, casualty, but also as a business -- a ruggedized business tool for people to actually build their living on.

這些都很好地證明了我們的系統不僅可以為正在使用它的消費者（我想說的是受害者）做好準備，而且還可以作為一個企業——一個堅固耐用的商業工具，供人們實際建立自己的生活。

So, great opportunity, I see. We've always thought that going into a market such as China is not just a to see market, but also to be market as well. Seeing lighters, using our system today, on the beat, to do B2B delivery, they certainly have a smile on their face, when they see their -- other riders having to go find ways to charge their vehicles or end their shifts early because they couldn't get a battery.

所以，我明白，這是一個很好的機會。我們一直認為進入中國這樣的市場不只是看市場，更是被市場。看到打火機，今天使用我們的系統，進行 B2B 送貨，他們的臉上肯定會露出微笑，當他們看到其他騎手必須尋找方法為車輛充電或提前結束輪班時，因為他們找不到電池。

Certainly a lot of opportunities there, I would say. And we're still exploring that within, I would say the cities that we're deployed in and then also scoping out future cities that we can go into that has high penetration of that opportunity also as well.

我想說，那裡當然有很多機會。我們仍在探索這一點，我想說的是我們部署的城市，然後我們也會確定我們可以進入的未來城市，這些城市也具有很高的機會滲透率。

It's clearly a really cost conscious market fund, both on the vehicle side and on the energy side. But the advantages are no downtime. And the advantage from a Gogoro standpoint is a faster depreciation, if you will, on our battery given the faster consumption of energy. As long as we get paid for those amp hours that are consumed, then we're really excited about the B2B opportunity.

無論是在汽車方面還是能源方面，這顯然都是一個非常注重成本的市場基金。但優點是沒有停機時間。從 Gogoro 的角度來看，優點在於，如果您願意的話，我們的電池會更快地折舊，因為能量消耗更快。只要我們能根據消耗的安培時間獲得報酬，我們就會對 B2B 機會感到非常興奮。

Got it. It's very helpful. That's my question. Thank you so much.

知道了。這非常有幫助。這就是我的問題。太感謝了。

(Operator Instructions) There are no more question at this time. Back to you, Michael.

（操作員說明） 目前沒有更多問題。回到你身邊，麥可。

All right. Well, this concludes our Q&A session. I'd like to now turn the conference back over to both Horace and Bruce for any closing remarks.

好的。好了，我們的問答環節到此結束。現在我想將會議轉回由霍勒斯和布魯斯發表閉幕詞。

Thanks, Michael. Well, Q2 was one where our vehicle business follow the overall market due to the impact of COVID and other external factors. Global network business continues to accumulate subscribers as we discussed earlier, and show the healthy revenue growth due to the unique nature about sticky business model.

謝謝，麥可。嗯，由於新冠疫情和其他外部因素的影響，第二季我們的汽車業務跟隨整體市場。正如我們之前討論的，全球網路業務繼續累積用戶，並由於黏性商業模式的獨特性而顯示出健康的收入成長。

We're not sure what the second half holds in terms of COVID and general economics -- macroeconomic factors. So, we're taking more of a cautious and conservative view into our second half. But our fundamental belief in our business model and business thesis remains unchanged.

我們不確定下半年新冠疫情和宏觀經濟因素的情況如何。因此，我們對下半年採取更謹慎和保守的看法。但我們對商業模式和商業命題的基本信念保持不變。

The question is whether or not -- what is -- not whether a transition to electric mobility will occur, but really, how quickly will it will convert? We're excited to work with our partners, policy makers across the countries we already announced and consumers to lead this transition. Thanks everyone for--

問題是，是否會向電動車過渡，而不是是否會發生，而是它會以多快的速度進行轉換？我們很高興與我們的合作夥伴、我們已經宣布的國家的政策制定者以及消費者合作，引領這一轉變。謝謝大家——

Thank you. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

謝謝。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。