Gogoro Inc (GGR) 2022 Q2 法說會逐字稿

Welcome to the Gogoro Inc. Q2 Earnings Call.

歡迎來到 Gogoro Inc. Q2 財報電話會議。

This session will be recorded.

此會話將被記錄。

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

我想介紹一下 Gogoro 的首席財務官 Bruce Aitken，他將為我們揭開序幕。

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，運營商。感謝大家今天抽出時間加入我們。我是 Gogoro 的首席財務官 Bruce Aitken。歡迎您參加我們 2022 年第二季度的財報電話會議。

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.

希望到現在為止，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”選項卡上找到它，我們還將在我們進行的過程中在網絡廣播屏幕上顯示材料。

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，並就我們所看到的 2022 年下半年前景添加一些指導。在我們的首席執行官 Horace Luke 分享之前，我想介紹一下 ICR 的 Michael Bowen，他將分享今天電話會議的流程，並提供一些重要的披露信息。邁克爾？

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。我相信你們都期待聽到 Horace 和 Bruce 以及 Gogoro 的代表。但在此之前，請允許我提醒您幾件事。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，我們將盡可能多地回答。在 Horace 簡要概述了 Gogoro 和第二季度的一些業務亮點之後，首先我們將更深入地了解第二季度的財務業績。

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，我們將就適用的證券法中可能被視為前瞻性的業務發表聲明，包括關於我們第三季度和 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運營業績的預期、我們的技術能力、市場機會和市場份額的預測、我們的潛在增長、與 COVID-19 大流行的預期影響、供應鏈問題和公司面臨的其他不利因素有關的聲明，公司的業務計劃，包括其擴張計劃，公司對中國增長的預期，與我們的戰略合作、夥伴關係和合資企業的潛力有關的聲明，有關監管發展和我們的計劃、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，存在風險和不確定性，可能導致它們與實際結果存在重大差異。有關這些風險的信息可在我們今天開市前發布的收益新聞稿和我們向美國證券交易委員會提交的文件中找到。除非法律要求，否則我們不承擔更新前瞻性陳述的義務。

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，我們將參考某些調整後的財務措施。這些非 IFRS 財務措施應作為 IFRS 措施的補充，而不是替代或孤立於 IFRS 措施。有關這些非 IFRS 措施的更多信息，包括非 IFRS 與可比 IFRS 的調節，包含在我們今天提供的新聞稿和投資者介紹中。

Now, over to Horace.

現在，轉到賀拉斯。

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 COVID 情況導致兩輪車行業上半年的銷量處於 2013 年以來的最低水平。就台灣整體兩輪車而言，2022 年全年很可能會創下 10 年來的新低市場容量。

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.

鑑於這種背景，我們對我們的表現感到滿意並繼續在台灣執行，並且儘管外部市場條件持續不利，包括 COVID 和宏觀經濟性質，但我們也專注於我們的國際擴張計劃。

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.

與Q2相比，整體收入增加，換電收入增加，毛利率和調整後EBITDA均有所增加。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.

由於對 COVID 的持續擔憂，我們不確定台灣市場下半年的前景。儘管我們在 2021 年下半年看到了銷量回升，但我們無法想像今年需求會出現大幅或快速的複蘇。

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總體宏觀經濟狀況符合我們的國民收入將達不到預期。由於這些市場條件，我們正在降低全年收入預測。

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是通過網絡試點和網絡擴展來教育消費者，並與領先的原始設備製造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.

我們還在尋求更多的市場，包括新的國家，以及更深層次的 B2B 整合和協同效應，我們將能夠提供有關具體努力的最新信息，因為它們在第三和第四季度變得更加可操作。

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.

鑑於回台檢疫要求降低，我們在第二季度再次開始旅行。在訪問多個東南亞國家以及印度期間，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、條件和要求。

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.

我們從這些訪問中走出來，更加相信我們的核心信念和我們商業論點的力量。首先，向電動汽車的過渡是不可避免的。無論我們與誰交談，很明顯，對電動的需求正在增長，緊迫感增強，對優質產品的渴望顯而易見。你什麼時候來是我們反复聽到的問題。

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出行面臨的許多挑戰。對於 B2B 客戶來說，這一點非常明顯，他們希望永遠不會因為花時間充電而失去業務，對於 B2C 客戶來說也是如此，在炎熱的夏季，該地區最近發生了與 Gogoro 無關的火災和安全事故。

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.

我們的系統解決了範圍焦慮、節省時間、確保客戶安全，並且如果價格平價，當政府不通過天然氣或天然氣汽車補貼來激勵持續使用化石燃料時。

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，垂直整合技術在競爭中處於領先地位並廣受追捧。我們不斷被敦促加快我們的擴張，我們正在努力實現這一目標。

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的作用很重要。我們敦促世界各國政府關註消費者的安全，並加快從化石燃料向更清潔、更可持續的電動汽車的過渡。

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.

我們完全致力於使我們的收入來源多樣化，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 網絡兼容型號中的哪一個。

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.

我們繼續投資於研發。正如我們之前強調的那樣，我們大約 20% 的員工從事硬件或軟件產品技術開發。我們自主開發了所有硬件和軟件功能，如今我們在高度自動化的設施中製造車輛以及動力總成和電池組。

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.

自主研發的技術是 Gogoro 的核心。我們將最新的研發創新部署到多個車輛類別以及我們的客戶體驗中。一個很好的例子就是我們剛剛發布的 Gogoro Delight 車輛。它完全由女性為女性設計，是同類產品中的第一款。

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，我們已經看到我們在第一季度末推出的以技術和性能為重點的 Gogoro SuperSport 車輛吸引了客戶，該車輛具有高速計算能力和軟件驅動的牽引力控制。

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.

5 月，我們宣布與以色列的 Metro Motor 和 Paz Group 建立合作夥伴關係，將於今年夏天在特拉維夫推出。我們仍在正軌上，期待盡快進入以色列市場。

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 2022 年第二季度的業績中有一些亮點，Bruce 將很快提供更多亮點。簡而言之，我們的 Google Network 收入隨著訂閱者的增加而持續增長。擁有超過 484 名每月訂戶，預計到今年年底將超過 50 萬。

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，我們看到全球網絡業務強勁增長近 30%，季度收入達到創紀錄的 3040 萬美元，並繼續保持接近 100% 的客戶粘附率。

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）市場整體疲軟，但電動汽車占我們汽車總量的百分比與 2021 年相比增長了 16.1%，而燃氣汽車費用增長了 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額分別增長了 3.5% 和 10.5%。這是我們計劃在擴大平台影響力時實現的市場份額轉變。

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，Gogoro 和我們的汽車合作夥伴的市場份額在 2022 年上半年都有所增長。Gogoro 和我們的汽車合作夥伴佔 2022 年上半年電動汽車總銷量的 92.2%。這個數字通常在 90% 到 95% 之間整個市場，我們很高興看到台灣整個電力行業的增長。

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同比都有所增長。預計 2022 年下半年季節性銷量回升，我們預計將保持類似的利潤率。調整後的 EBITDA 也高於 2021 年第二季度。

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 年的宏觀戰略以及我們的表現。我們關註三個領域。首先，我們將通過提高滲透率、擴大覆蓋範圍以及增加 B2V、B2B 和 B2G 客戶的銷售額，繼續擴大我們在台灣的汽車和硬件銷售。

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，我們將以 Gogoro 組件套件的成功為基礎，使我們的合作夥伴能夠進一步豐富產品供應，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，為了在台灣和國際上發展我們的 Gogoro Network 業務，我們將增加 Go Station 密度並繼續提高網絡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.

我們對我們的工作充滿熱情。我們讓消費者無法抗拒地對提高效率和環保解決方案負責。我為團隊為繼續朝著這些目標取得進展所做的工作感到自豪，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，並開始為海外增長建立動力。

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

Bruce 現在將向我們介紹 2022 年第二季度的業務和財務亮點。

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.

謝謝賀拉斯。鑑於極端的市場條件，2022 年第二季度的業績穩健。與 2021 年第二季度相比，我們的收入增長了 5.3%，與 2021 年第二季度相比，Gogoro Network 的收入增長了 29.1%。我們還在台灣 Gogoro Network 上繼續積累用戶，目前每月有超過 484,000 名用戶。我們對 Google Network 業務的結果感到非常滿意，因為它們顯示出持續增長和積累的訂閱者基礎以及我們的電池更換業務模型產生的經常性收入。

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.

根據台灣機動車管理局公佈的數據，第二季度登記的Gogoro車輛為15,386輛，比2021年第二季度略有下降，但比今年第一季度登記的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 年上半年台灣兩輪滑板車市場總量為 2013 年以來最低。儘管如此低，但向電動兩輪車過渡以及 Gogoro 和由Gogoro 網絡合作夥伴。

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 汽車的總銷量比 2021 年上半年增長 3.5%。此外，在每個品牌銷量下跟踪的合作夥伴車輛代表了第二季度的額外銷量。

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.

我們擴展了我們的台灣渠道，現在 Gogoro 車輛在總共 417 個傳統踏板車銷售點出售，使 Gogoro 車輛廣泛可用並增加客戶接觸點很重要。 2022 年上半年，我們在台灣六大城市的市場份額為 9.8%，略高於 2021 年上半年的 9.6%，整個第二季度我們的市場份額達到 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.

[I.1] 服務在中國的車輛銷售和相關註冊數據未達到我們的預期。由於 COVID 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，我們已經放慢了在中國網絡基礎設施的部署。

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，我們在杭州部署了109個站點，在無錫部署了40個站點，在昆明部署了53個站點。我們不僅會繼續跟踪車輛銷售和硬件收入方面的進展，還會跟踪城市服務範圍的擴展、I.1 網絡在每個城市的位置和知名度以及合作夥伴發布的車型的多樣性和客戶吸引力等方面的進展.

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.

我們可能會在今年下半年推遲將 I.1 網絡進一步擴展到更多城市。但我們仍將與雅迪合作推出汽車。也許感興趣的是在第二季度推出的 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、價格和样式選擇對於 I.1 ion JV 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。正是這些基本上無法控製或預測的延遲，以及它們未知的持續時間，是我們對 2022 年下半年中國業務做出保守預測的原因。這些不確定性可能會延續到 2023 年。

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.

我們正朝著 2022 年底在印度推出網絡的目標邁進，當地和國家政府都在鼓勵消費者採用電動汽車。我們仍然相信 Gogoro 電池交換解決方案可以滿足全球第二大雙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，致力於促進可再生城市能源和交通運輸。為了與這一願景保持一致，我們還專注於在我們的運營中利用可再生能源，並在迫切需要可再生能源的地方促進地方政府、企業和城市居民使用可再生能源。

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% 的可再生能源，我們正在為實現這一承諾取得良好進展。到今年年底，我們預計 40% 以上的製造業用電量將由可再生能源提供動力。

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，我們開設了兩家使用 100% 可再生能源的新零售店，並為 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，我們正在與台灣的清潔能源部門合作，以擴大對這種新資源的獲取。

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，通過讓企業和 Gogoro Network 用戶在日常生活和日常通勤中接受和利用可再生能源，在台灣整個行業將可再生能源商業化。我們將在未來為所有 Gogoro Network 騎手提供選擇可再生能源的選項。

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向電動汽車過渡的方法，我們很高興能夠幫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更換解決方案。我們的業務目標是在做好事的同時做好事。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，更具體地轉向我們的財務業績。第二季度在許多方面都充滿挑戰，但我們的結果表明，在困難的情況下繼續取得進展，並且不可避免地轉向電動汽車繼續獲得動力。

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，讓我為我們的收入、毛利率、EBITDA 和淨虧損結果提供一些顏色，並為 2022 年的餘額提供一些更新的指導。在我進入這些細節之前，讓我先談談匯率.我們以新台幣計價的絕大部分收入，但現在以美元報告。今年以來，匯率變化較大，美元兌台幣年初以來升值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上，這實際上不是運營問題，而是外匯換算問題。自今年年初以來，該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.

第二季度營業收入為 9070 萬美元，比去年同期的 8610 萬美元增長 5.3%。 Gogoro Network 第二季度營收為 3040 萬美元，較去年同期的 2360 萬美元增長 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.

截至第二季度末，每月電池更換用戶總數增加到超過 484,000 名。電池更換收入的增長主要是由於不斷積累的用戶群和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.

第二季度硬件銷售額和其他收入為 6030 萬美元，比去年同期的 6260 萬美元下降 3.6%。這是由於台灣普遍的消費者保守主義，這是由 COVID 以及相關的零售客流量和汽車銷量同比下降所推動的。然而，與 2021 年上半年相比，Gogoro 汽車 2022 年上半年的銷量增長了 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.

第二季度毛利率為 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增長是由於我們車輛平均售價的上漲、我們產品組合的有利變化以及 Gogoro Network 運營效率的不斷提高所推動的。

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.

第二季度淨虧損為 1.211 億美元，比去年同期的 2060 萬美元增加了 1.005 億美元，這主要是由於與我們在第二季度初完成的 [SPAC] 合併交易相關的一次性 178.8 美元上市費用.

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 萬美元的股份補償費用，這部分被未償還認股權證和 1.041 億美元的收益股票的公平市場價值的增加所抵消。非 IFRS 淨虧損為 1680 萬美元，比去年同期的 1670 萬美元增加了 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.

第二季度，調整後的 EBITDA 為 930 萬美元，比去年同期的 810 萬美元增長 14.4%。增長主要是由於第二季度 Gogoro Network 業務的持續增長，非 IFRS 毛利增加至 1,410 萬美元，較去年同期的 1,100 萬美元增長 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.

第二季度末的現金餘額為 3.788 億美元。鑑於當前的市場和宏觀經濟狀況，再加上 COVID 在台灣的影響，以及中國和其他市場持續的 COVID 和不利市場狀況，我們將 2022 年全年收入指引下調至 3.8 億美元至 4.1 億美元。我們將在下半年專注於維持我們的毛利率。

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.

第三季度收入預計將貢獻全年收入目標的 25% 左右，我們估計 2022 年全年收入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，這是一個多事之秋，我們期待繼續努力，為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，我會把它還給你進行問答。

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 Horace 和 Bruce，感謝他們的更新、財務結果的詳細信息，以及在與會者提出問題時的前瞻性指導。我會繼續問幾個問題，根據你們剛才聽到的內容，我認為每個人可能都在想這些問題。

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，提前為多部分問題表示歉意。但這是第一個。您能否詳細說明導致您降低收入指導的主要因素？

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 COVID 在台灣和國際上的影響這一事實，是什麼讓您相信這個新的較低利率將是（技術困難）？

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?

然後與您在準備好的評論中所說的相關，您將在今年下半年關注毛利率。您能否詳細說明任何利潤率，無論是毛利率還是營業利潤率槓桿，當您的收入面臨預期壓力時，您可以從中受益？是什麼讓您再次充滿信心，維持這些保證金水平？

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，由於您現在預計台灣將在 2022 年產生幾乎所有的收入，這比您上個季度所說的 90% 增加到 95%。那麼，您能否詳細說明您如何看待恢復到先前組合預期的路徑？

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.

邁克爾，謝謝你提出這個問題，我會首先解決這個問題，然後 Horace 可以添加一些顏色。今年上半年，正如我們報導的那樣，台灣兩輪車的銷量確實對整個行業產生了影響。這是自 2013 年以來上半年最低的總數，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.

幾個月前我們給出指引時，我們預計台灣從 COVID 中復甦的速度會略快一些，而復蘇正在進行中，而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度的收入利潤率和 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場份額與去年持平，我們可能會看到 Gogoro Network 合作夥伴以及主要受季節性驅動的整體市場的銷售額略有季節性回升。

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，如果沒有其他大的或其他意外的市場因素，我們應該會按計劃達到該指導。現實是我們業務的車輛方面受市場因素的影響。

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 方面的業務，正如我們所報告的那樣，本季度的收入比一年前增長了 29%，這確實證明了一些不同的事情。第一，積累訂閱者的力量。第二，市場對短期上漲或下跌的影響略有免疫力。第三，我們只是繼續提高我們經營業務的效率。因此，就射程和我們達到射程的舒適度而言，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，我們在第二季度上調了平均售價，我們推出了一些有助於提高平均售價的新產品。顯然，與許多其他參與者一樣，我們暴露在第二季度發生的成本增加，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 稀缺驅動的。因此，這產生了影響，我們能夠保持毛利率，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業務的車輛方面和業務的 Gogoro 網絡方面都能高效運營。同樣，我們預計將在今年下半年保持我們的利潤率，這將使我們有望實現與過去表現相似的利潤率。

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，台灣產生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大約 10% 的收入，我們發現這主要是因為 COVID 情況和中國更廣泛的市場狀況，以及在其他國際地區，我們將看到這些市場復甦的短期延遲。正如我們提到的，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，可能是 B2B，我們將關注許多不同的產品。

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.

但從根本上說，我們承諾的不是未來六個月，而是長期。我們相信，從長遠來看，向電動汽車的過渡非常明顯。這是不可避免的。我們認為電池更換解決了很多很多客戶的痛點，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，並繼續推出我們認為能夠讓我們長期開發新收入來源、開發新市場並幫助平衡收入的正確產品，以便隨著時間的推移，台灣收入貢獻率有所下降，然後坦率地說，將不受任何特定年份台灣可能發生的特定經濟低迷的影響。

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，太棒了。謝謝你，布魯斯。我會再問一個，然後我們會把它交給接線員，讓分析師提問。但在我們這樣做之前，在過去十年的大部分時間裡，Gogoro 憑藉其在台灣的單位基地模式展示了很多成功和市場份額主導地位。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，鑑於此，您能否闡明 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.

您在中國市場看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，我會回來進行一些跟進。

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。我會嘗試一下的。然後布魯斯稍後會添加一些顏色。這個想法一直是開發技術並在台灣這樣相對較小的市場上進行驗證，然後將所學知識、業務運營知識和業務動力應用到更大的市場，如中國和印度。

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，我為我們迄今為止在台灣取得的進步感到非常自豪，無論是在市場份額滲透率還是在用戶群的粘性方面。但是，進入其他市場一直是一個更高的目標，即展示在財務上表現和對更美好的星球產生影響的能力，我很高興地說，讓我們了解一下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暢、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.

在第二季度末，安城有近 200 個車站，我們看到了經濟，但零 COVID 政策無疑給道路上設置了一些減速帶。但我認為那真的是暫時的。但正如我們所看到的，第三季度和第四季度開放備份，我們非常高興能夠參與市場。正如我們之前所說，我們的技術在部署時開始進行大量實時市場研究，並與市場上的其他合作夥伴和騎手進行交流。

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，無論是長途寫作還是 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更換系統提供的好處，而且還為我們提供了高遠高於當今市場上任何其他競爭產品的能量密度。

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.

所以我認為，我們將繼續與我們的汽車合作夥伴一起努力，將已經發布的汽車商業化，然後開發更多有望滿足中國市場更廣泛需求的汽車。所以說，我也想請 Bruce 為它添加一些顏色。

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.

我要補充幾件事，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，其中大約 70% 的兩輛車已經是電動的，但它偏向低端。而且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，將會轉向符合新國家標準的滑板車 - 國家標準，並且使用鋰離子電池充電，並且有將是一個電池交換能力。

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.

這些是稍微更優質的產品。這將需要從充電切換到交換它們。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，而不是執行這些規定。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，甚至可能是分銷渠道了解我們的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，正因為如此，我們正如 Horace 所說，專注於推出車站，打好基礎，然後與 Yadea 和 I want one 合作，以確保我們擁有合適的車輛，正確的商業模式 B2B 或 B2C ，並且我們已經準備好在市場上看到這些變化時推出。

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，太棒了。最後，您能否為我們介紹一下印度和印度尼西亞市場的類似情況？與此相關的是，您預計什麼時候會看到來自這些市場的實質單位銷售額，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。我們在第二季度再次開始旅行，因為海外旅行的延誤主要是由於重新進入台灣所需的長時間隔離。於是一行人又開始了旅行。我個人實際上訪問了印度尼西亞，我還訪問了印度以及許多其他國家，我很高興地告訴你，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 交談，真正獲得有關 Gogoro 用戶體驗的反饋。很多很好的反饋，我離開的最重要的事情不僅是年輕的印度尼西亞人口，他們非常關注可持續發展，而且與此同時，我想說的是騎手，甚至更多的乘客和顧客被接走時，當一輛強大的電動汽車來接他們而不是你通常出現的熱、污染、嘈雜的汽油車時，你會感到驚訝。

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，從整個市場來看，有很多很好的反饋，車手喜歡它，客戶喜歡它，政府喜歡它，我能夠與很多高級政府官員討論我們可以在那裡一起做些什麼。因此，我們正在非常努力地尋找方法，在雅加達及其他地區真正將該試點規模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，但我對我所看到的感到非常興奮，而且從騎手到乘客以及運營商的反饋都很棒電子網絡。

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，在過去的幾天裡，我們剛剛通過了印度的電池組安全要求 AIS-156。我們的目標站和電池現在都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，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.

考慮到今天印度在石油價格和流動性成本方面的情況，以及一些正在出現的有利因素，例如 2018 年底在德里 NCR 地區2024年物流和B2B車輛將禁止使用汽油。因此，使轉換為電動的轉換速度更快，所以我對此感到非常興奮。我希望在接下來的幾個季度中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，太棒了。感謝那。

(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。我們有來自 Benchmark Company 的 [Fong Chang] 的第一個問題。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，賀拉斯。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，但你們確實在提高市場份額，我只是想知道你們超越行業的潛在驅動力是什麼？與此相關的是，2022 年全年渦輪市場增長的傾斜假設是什麼？您對整個市場的目標市場份額是多少？

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.

謝謝你的問題，Fong。正如你所聽到的那樣，整個市場都在下跌，電力佔總市場的百分比。這是一個重要的注意事項，因為我認為這表明不可避免地轉向電動。在電動 Gogoro 車輛上半年與去年上半年相比增長的背景下，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%，電動汽車增長了 60%總的增長百分比。

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.

所以那些很棒。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的市場份額來看。我們預計 Gogoro 的成交量不會大幅上漲。您可能還記得去年下半年出現了大幅上漲。

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，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，大約在 9% 到 10% 的範圍內台灣 - 今年下半年的 Gogoro 品牌汽車。我們希望看到更快的增長，我們將努力在整體平穩的市場環境中看到更快的增長，但向電力的轉變非常明顯。

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，比如產品創新，在市場上引起了很大的興奮，比如 Gogoro SuperSport，它確實是第一款雙輪產品，不僅具有前所未有的計算能力，而且還有自我開發牽引力控制系統，使消費者不僅能夠以運動的方式騎行，而且能夠以安全的方式騎行，這對我們的整體性能做出了很大貢獻。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.

但與此同時，我認為產品組合本身，我們擁有從主流產品到入門產品再到高端產品或性能基礎到外觀和感覺都非常棒的高端產品的一切。所以這並不適合所有人。而且我認為，我們所知道的是如何轉化為整個市場的，當然，正如布魯斯提到的那樣，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，如果你看看台北市場份額在哪裡，我們的市場份額約為 20%，略高於 20%。所以，這只是通過展示這個 - 轉換為電力的意願，作為一個 - 人口稠密，非常密集，不僅對電氣化而且對電氣化意味著什麼的好奇心和興趣，當談到安全，當談到健康，當涉及到擁有現代機動性的東西而不是形成幾十年的老技術的東西時。所以總的來說，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.

另一件讓我非常興奮的事情是，我們的合作夥伴的市場份額也在增長。在上個季度，我們看到了我們的 [PDGM] 合作夥伴 Gogoro Network 合作夥伴，與去年同期相比看起來非常顯著。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，但同時也讓——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，而不必擔心加油基礎設施。這當然已經建立了相當多的基礎設施。這在整個滲透網站中肯定有相當大的提升，我為此感到非常自豪。

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% 的訂閱者基礎。這進一步證明了我們論點的實力，即即使市場份額持平或略有上升，我們也能夠在訂閱者基礎上實現相當顯著的增長，我想提醒大家，這是我們的論點正在海外開展業務。

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.

正如我們所看到的那樣，訂戶基礎也接近 - 非常非常接近 100% 的粘性。因此，我們已經能夠保留該訂戶，而不會失去名單上的人。這種累積的粘性用戶群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，COVID 肯定對購買補品產生了重大影響，能夠吸引進入零售店的客流量。

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，我們仍然看到了 Gogoro 網絡端、電池更換端的出色表現。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度。但是，我認為正如 Bruce 提到的那樣，COVID 的情況還沒有——還沒有結束。台灣的擔憂仍然很大，當然，這是一個靠近大多數遊客的島嶼。最近的爆發持續時間比 2021 年的爆發要長得多，所以我們只是 - 我想採取更多採取保守的立場，以確保我們——如果我們準備好迎接暴風雨的日子——如果暴風雨的日子來臨時。

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。這很有幫助。謝謝賀拉斯。切換到您的中國市場。了解 COVID，尤其是封鎖一直是強大的逆風。只是想知道你是否正在調整你在中國的戰略重點，無論是下半年還是到 2023 年，在你現有的市場基礎、你進入的城市中增加你的密度，或者你將繼續擴大你的地域，我認為存在，只是想知道那裡有什麼場地。並且還知道現在有很多活動部件，我們應該如何考慮 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。感謝那。我要第一個，也許 Bruce 可以添加一點顏色。我認為最重要的是運營效率和創造動力。正如布魯斯所說，我之前也提到，杭州已經有 200 多個車站，杭州有 100 多個，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，該城市已經存在密度，可以接受將要使用該網絡的第一波乘客。我們的目標是確保我們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，尤其是在當今 COVID 影響斷斷續續的情況下。

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.

因此，我們不想做的是基本上浪費資源並且無法有效運作。所以我們將專注於真正滲透這三個城市，展示我們所提供的，然後同時與雅迪合作。當然，還有與大長江合作，讓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汽車將進入市場並進入車手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。我認為中國，正如你所說，是一個電動兩輪車普及率很高的市場，但與此同時，隨著新法規的出台，尤其是一些可能使用更遠距離或一天騎車的時間比較多，比如B2B等市場。我們認為我們有很大的機會做出貢獻。

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。但與此同時，我們希望確保我們已經部署的市場，我們已經為 COVID 開放做好準備，我們已經準備好做大。所以首先要真正展示運營效率。

Okay. So clear.

好的。十分清晰。

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.

我認為現在這種情況正在發生——我們 100% 致力於中國，我認為你的問題的答案既是戰略，在城市內發展，又是增加城市，我們的論點是完整的。我們認為中國是一個大市場，稍有延遲。我認為這是有很多不同因素的地方。不需要天才就能弄清楚其中有多少是 COVID、宏觀經濟，還有很多是它們的結合。因此，我們 100% 致力於市場將繼續增長。

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，你提到你們似乎在那裡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？我們什麼時候可以期待更有意義或更明顯的收入流？

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，你是在問 B2B 嗎？抱歉，我們暫時打斷一下。你問的是 B2B 還是 B2C，我只想讓你的問題正確？

B2B.

企業對企業。

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.

企業對企業。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，而市場本身大約是 800 瓦到可能略高於 1 千瓦小時。因此，能量增加 70% 可以讓送貨員跑得更遠，並且在熱送貨週期正確時減少焦慮，例如午餐、晚餐、早餐或下午點心。他不是——他或她並不真正擔心能量會在中途耗盡。因此 - 顯然，能量密度對我們能夠證明我們在那裡的利益起著重要作用，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，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正在為我們在韓國的合作夥伴進行大量 B2B 業務交付，並為德國的拼車車隊提供動力。

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.

這些很好地證明了我們的系統不僅適用於使用它的消費者，我想說，傷亡人員，而且還適用於企業——一種堅固的商業工具，供人們實際謀生。

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，很好的機會，我明白了。我們一直認為，進入中國這樣的市場，不僅是看市場，也是做市場。看到打火機，今天使用我們的系統，在節拍上進行 B2B 交付，當他們看到他們的 - 其他騎手不得不尋找方法為他們的車輛充電或提前結束他們的班次時，他們肯定會臉上掛著微笑，因為他們買不到電池。

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.

當然，那裡有很多機會，我會說。我們仍在探索，我想說的是我們部署的城市，然後也在確定我們可以進入的未來城市，這些城市也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.

這顯然是一個真正注重成本的市場基金，無論是在汽車方面還是在能源方面。但優點是沒有停機時間。從 Gogoro 的角度來看，考慮到能源消耗速度更快，如果您願意的話，我們的電池的折舊速度更快。只要我們為消耗的安培小時數獲得報酬，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。那是我的問題。太感謝了。

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

（操作員說明）此時沒有更多問題。回到你身邊，邁克爾。

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。我現在想把會議轉回給 Horace 和 Bruce 聽取任何閉幕詞。

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，邁克爾。好吧，由於 COVID 和其他外部因素的影響，第二季度是我們的汽車業務跟隨整體市場的一個季度。正如我們之前討論的那樣，全球網絡業務繼續積累用戶，並由於粘性業務模式的獨特性而顯示出健康的收入增長。

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.

我們不確定下半年在 COVID 和一般經濟方面的情況——宏觀經濟因素。因此，我們對下半年持更加謹慎和保守的看法。但我們對我們的商業模式和商業論點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 - 是什麼 - 不是向電動汽車的過渡是否會發生，而是真的，它會以多快的速度轉變？我們很高興能與我們的合作夥伴、我們已經宣布的國家/地區的政策制定者以及消費者一起領導這一轉變。感謝大家——

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

謝謝你。會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。