Gogoro Inc (GGR) 2022 Q3 法說會逐字稿

Welcome to the Gogoro Inc. Q3 Earnings Call. This session will be recorded. I would like to introduce Bruce Aitken, Gogoro CFO.

歡迎參加 Gogoro Inc. 第三季財報電話會議。本次會議將進行錄音。我想介紹 Gogoro 財務長 Bruce Aitken。

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

謝謝接線員，也謝謝大家今天抽空加入我們。我是 Gogoro 財務長 Bruce Aitken，很高興歡迎大家參加我們 2022 年第三季的財報電話會議。

Hopefully by now you've seen our earnings release. If you haven't, it is available on the investor relations tab on our website, www.investor.gogoro.com. We will also be displaying the materials on the webcast screen as we go along. We're looking forward to sharing our Q3 results, as well as providing some guidance on what we're seeing as the outlook for the fourth quarter.

希望您現在已經看過我們的財報。如果您還沒有看過，可以在我們網站 www.investor.gogoro.com 的「投資者關係」標籤頁上查看。我們也會在發表會期間在網路直播螢幕上展示相關資料。我們期待分享第三季的業績，並對第四季的前景提供一些指引。

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?

在我們的執行長 Horace Luke 分享之前，我想介紹 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。麥可？

Thanks, Bruce. I'm sure you're all looking forward to hearing from both Horace and Bruce on behalf of Gogoro. But before that, allow me to remind you of a few things. You are all currently on mute. 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.

謝謝，Bruce。我相信大家都很期待聽到 Horace 和 Bruce 代表 Gogoro 的演講。但在此之前，請容許我提醒大家幾件事。目前大家都處於靜音狀態。如果您有具體問題，請使用系統中的聊天功能提交問題，我們會在時間允許的情況下盡可能解答。

After Horace has given a brief overview of Gogoro and some of the business highlights from Q3, Bruce will go a bit deeper into the Q3 financial results.

在 Horace 簡要介紹 Gogoro 以及第三季的一些業務亮點之後，Bruce 將更深入地介紹第三季的財務表現。

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, management's expectations for future financial and operational performance, the capabilities of our technology, projections of market opportunity and market share, our potential growth, statements relating to the expected impact of the COVID-19 pandemic, supply chain issues and other headwinds facing the company.

在電話會議中，我們將就我們的業務做出可能在適用證券法範圍內被視為前瞻性的聲明，包括有關我們第三季度和2022財年的業績、管理層對未來財務和運營業績的預期、我們技術的能力、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

The company's business plans, including its expansion plans, the company's expectations relating to its 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. These statements are not promises or guarantees, and are subject to risks and uncertainties which could cause them to differ materially from actual results.

公司的業務計劃，包括其擴張計劃、公司對其在中國的成長預期、與我們戰略合作、夥伴關係和合資企業潛力相關的陳述、有關監管發展以及我們的計劃、前景和預期的陳述。這些陳述並非承諾或保證，且受風險和不確定性因素的影響，可能導致其與實際結果有重大差異。

Information concerning these risks is available in our earnings press release, distributed prior to market open today and in our SEC filings. So we undertake no obligation to update forward-looking statements except as required by law.

有關這些風險的資訊可在我們今日開市前發布的收益新聞稿以及我們提交給美國證券交易委員會的文件中查閱。因此，除非法律要求，否則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. Now, over to Horace.

此外，在今天的電話會議中，我們將提及某些調整後的財務指標。這些非國際財務報告準則 (Non-IFRS) 財務指標應被視為國際財務報告準則 (IFRS) 指標的補充，而非替代或與國際財務報告準則 (IFRS) 指標分開。有關這些非國際財務報告準則 (Non-IFRS) 指標的更多信息，包括非國際財務報告準則 (Non-IFRS) 與可比國際財務報告準則 (IFRS) 的對賬，已包含在我們今天提供的新聞稿和投資者簡報中。現在，請 Horace 發言。

Thanks, Bruce and Michael. Thanks for joining our call today. We're pleased to have this opportunity to meet with you all and provide an update on both the third quarter and how we see the balance of the year shaping up.

謝謝布魯斯和邁克爾。感謝你們今天參加我們的電話會議。我們很高興有機會與大家見面，並分享第三季的最新情況以及我們對今年餘下時間的展望。

Before we cover Q3, I do want to quickly speak to one important milestone for Gogoro. I've just returned from India where we announced a battery swapping pilot in Delhi. We're working closely with Zypp Electric, India's largest dedicated EV B2B demand aggregator that, like us, is committed to introducing sustainable electric transportation to the B2B last mile delivery sector in India.

在討論第三季之前，我想快速談談 Gogoro 的一個重要里程碑。我剛從印度回來，我們宣佈在德里開展電池更換試點計畫。我們正在與印度最大的電動車 B2B 需求聚合商 Zypp Electric 密切合作，該公司與我們一樣，致力於將可持續的電動交通引入印度 B2B 最後一英里配送領域。

We're excited to demonstrate Gogoro's battery swapping, and begin getting specific market feedback. I'm always energized when visiting India, because the need for cleaner transportation and energy solutions is so clear. This was especially evident last week by the fact that the air quality index reached over 400 and continued to increase over the weekend breaking all records for Delhi.

我們很高興能夠展示 Gogoro 的電池更換技術，並開始獲得具體的市場回饋。每次訪問印度，我都感到充滿活力，因為印度對清潔交通和能源解決方案的需求非常明顯。這一點在上週尤為明顯，德里的空氣品質指數突破了 400，並在周末持續上升，打破了所有紀錄。

We can do better. I'm thrilled to be working with Zypp and with the support of the Delhi and Indian government, Gogoro's sustainability technology can make a difference in the day-to-day lives of both vehicle riders and all the residents of Delhi and the rest of India who are exposed directly to high levels of pollution. The work begins now.

我們可以做得更好。我很高興能與 Zypp 合作，在德里和印度政府的支持下，Gogoro 的可持續發展技術能夠改善車輛駕駛者以及德里和印度其他地區所有直接暴露於高污染環境中的居民的日常生活。這項工作現在就開始了。

Shifting to Q3, results are in line with our expectations. Our Gogoro network continued to accumulate users and we now have over 505,000 monthly active subscribers. We continue to deploy those stations in Taiwan to grow network capacity, maintaining network efficiency and ensure a positive customer experience.

第三季業績符合我們的預期。我們的Gogoro網路持續累積用戶，目前每月活躍用戶超過50.5萬。我們將繼續在台灣部署這些基地台，以擴大網路容量，保持網路效率，並確保良好的客戶體驗。

As always, these stations are deployed intelligently using the data we accumulate from our over 370,000 battery swaps daily and the 350 million battery swaps since we started. The two wheeler market in Taiwan continues along the trend that began in 2021 as a result of COVID and other factors. Total scooter sales in the first three quarters of 2022 are down by just over a percent versus 2021, but down 20% versus 2020.

像往常一樣，這些換電站的部署基於我們每日超過37萬次換電以及自成立以來累計3.5億次換電所積累的數據，實現了智能化。受新冠疫情及其他因素的影響，台灣兩輪車市場延續了2021年開啟的低迷態勢。 2022年前三個季度，踏板車總銷量較2021年下降略高於1%，但較2020年下降了20%。

A total of 18,657 Gogoro vehicles were registered in Q3 and a total of 22,197 Gogoro and our Gogoro partner, PBGN Vehicles, were registered in Q3.

第三季共註冊了 18,657 輛 Gogoro 車輛，第三季共註冊了 22,197 輛 Gogoro 和我們的 Gogoro 合作夥伴 PBGN 車輛。

Despite this overall market slowing, electric two wheelers demand continued to grow with electric vehicles representing 11.6% of all vehicle sales in the first three quarter of 2022 versus 9.9% of all vehicle sales in the first three quarters of 2020 and 10.6% of all vehicles in the first three quarters of 2021.

儘管整體市場放緩，但電動兩輪車的需求仍在增長，2022 年前三季電動車佔所有汽車銷量的 11.6%，而 2020 年前三季佔所有汽車銷量的 9.9%，2021 年前三季佔所有汽車銷量的 10.6%。

Sales of Gogoro and PBGN Vehicles have slowly increased and now representing 10.7% of all vehicles sold year to date in Taiwan. In Taipei, our market share penetration reached 19.1% in the first nine months of 2022. We believe these trends toward the adoption of electric vehicles will continue as consumers choose cleaner, greener mobility solutions.

Gogoro 和 PBGN 汽車的銷售緩慢成長，目前佔台灣今年迄今汽車總銷量的 10.7%。在台北，我們的市佔率在 2022 年前九個月達到 19.1%。我們相信，隨著消費者選擇更清潔、更環保的出行解決方案，電動車的普及趨勢將持續下去。

If government are seriously committed to reducing carbon emissions and achieving their electric vehicle penetration goals, they should stop subsidizing gas prices and the purchase of gas vehicles and should be considering the long-term environmental and health costs of the ongoing sales of ICE vehicles.

如果政府真的致力於減少碳排放並實現電動車普及目標，他們就應該停止補貼汽油價格和購買燃氣汽車，並且應該考慮持續銷售內燃機汽車對環境和健康的長期成本。

The pollution challenges in Delhi, that I mentioned earlier, are by no means limited to India alone. While not 100% attributed to ICE two wheelers are certainly made worse by the use of low grade fuel and the ongoing reliance of ICE vehicles. The long-term health impacts associated with high pollution levels are clear and we must reduce emission across the board in any way we can.

我之前提到的德里的污染問題絕非印度獨有。雖然污染並非完全歸咎於內燃機兩輪車，但使用低等級燃料以及對內燃機車輛的持續依賴無疑加劇了污染問題。高污染水平帶來的長期健康影響顯而易見，我們必須盡一切努力全面減少排放。

A great example of a private public sector effort to reduce pollution levels is the launch of GoShare, our sharing service in Taichung together with the Taichung city government and TSMC.

私人公共部門努力降低污染水平的一個很好的例子是與台中市政府和台積電合作在台中推出的共享服務 GoShare。

In Q3, TSMC purchased 250 Gogoro smart scooters and designated this fleet of Gogoro vehicles to be part of GoShare Service with a goal of making a direct impact in reducing carbon emissions in Taichung city. This helps the city solve the severe air pollution issues it has.

台積電於第三季度購買了 250 輛 Gogoro 智慧滑板車，並將這批 Gogoro 滑板車指定為 GoShare 服務的一部分，旨在為減少台中市的碳排放做出直接貢獻，幫助該市解決嚴重的空氣污染問題。

On the private front, we're working with several well-known international food chains to convert their delivery fleets to Gogoro Scooters throughout Taiwan and working with a number of larger employers who are offering employees vehicle purchase subsidies in an effort to lower their overall carbon footprint.

在私人層面，我們正與數家知名的國際連鎖餐飲企業合作，將其在台灣的送貨車隊更換為 Gogoro 摩托車，並與多家大型雇主合作，為員工提供購車補貼，以降低他們的整體碳足跡。

We welcome any enterprise, any government and any industry to engage with us to develop a program to lower carbon emissions. At Gogoro, ESG is important to us. We are on track to achieving our goal of using 40% renewable energy in our own manufacturing facilities by the end of this year and are opening and operating multiple retails locations. They are 100% powered by renewable energy. And we're working toward giving all Gogoro customers the option to select renewable power for their battery solving.

我們歡迎任何企業、任何政府和任何產業與我們合作，共同製定降低碳排放的計畫。在 Gogoro，ESG 對我們至關重要。我們正朝著在今年年底前在自有製造工廠使用 40% 再生能源的目標邁進，並且正在開設和營運多個零售點。這些零售點 100% 採用再生能源供電。我們正在努力讓所有 Gogoro 客戶都能選擇再生能源來應對電池問題。

Despite our China plans continuing to be significantly impacted by COVID, macroeconomic and geopolitical factors, we're making progress in key international markets. In addition to the recent announcement from India, Gogoro Vehicles announced a sale in Israel and are gathering positive reviews. B2B customers in Korea continue to expand their dedicated fleets of vehicle and Go stations. Our pilot in Indonesia continue to inform our plans of market entry. Our Singapore government approved Sandbox pilot is about to go live and there are other efforts underway which we'll announce as appropriate.

儘管我們的中國計劃持續受到新冠疫情、宏觀經濟和地緣政治因素的顯著影響，但我們在關鍵國際市場仍取得了進展。除了最近在印度宣布的銷售外，Gogoro Vehicles 還宣佈在以色列開展銷售，並獲得了積極的評價。韓國的 B2B 客戶繼續擴大其專用車隊和 Go 加油站規模。我們在印尼的試點項目繼續為我們的市場進入計劃提供參考。我們經新加坡政府批准的 Sandbox 試點計畫即將上線，其他工作正在進行中，我們將適時公佈。

International markets are critical to our success and with each new launch and each new vehicle partner and category, we continue to make progress towards our objective of electrifying urban mobility with our sustainability technology. These markets take time to develop. In most, penetration of electric vehicles is sub-1%. We'll continue to work with our local partners on vehicles, deployment of network, government policy influencing and general consumer education.

國際市場對我們的成功至關重要。隨著每一款新產品的推出、每位新車合作夥伴和每一款新車型的推出，我們都在不斷推進，朝著利用永續技術實現城市交通電動化的目標邁進。這些市場的發展需要時間。在大多數市場，電動車的普及率低於1%。我們將繼續與當地合作夥伴在車輛、網路部署、政府政策影響和消費者教育等方面合作。

It is becoming clear that B2B opportunities while quite different than B2C market represents and immediate opportunity for Gogoro. The value proposition of battery-swapping for a B2B fleet operator or an individual rider is clear. Simply put, time spent charging of vehicle is lost revenue.

越來越明顯的是，B2B 市場與 B2C 市場截然不同，而 Gogoro 也正面臨直接的機會。對於 B2B 車隊營運商或個人用戶而言，電池更換的價值主張顯而易見。簡而言之，車輛充電所花費的時間就是收入損失。

Most B2B operators and riders exceed the capacity of the batteries on a daily basis. Given that reality, battery-swapping takes hours of charging time and keeps a vehicle on the road earning all day long. We are focusing on the B2B market and international markets as it is a way to prove our technology use case, safety, and data-driven benefits of Gogoro network ecosystem.

大多數 B2B 業者和乘客的日常用電都會超出電池容量。考慮到這一現實，更換電池需要數小時的充電時間，並且需要車輛全天在路上行駛才能獲利。我們專注於 B2B 市場和國際市場，因為這是證明 Gogoro 網路生態系統的技術案例、安全性和資料驅動優勢的一種方式。

To ensure that we capitalize on the market potential both in Taiwan and internationally, we have made some organizational changes as announced in early October. These changes give us a clear focus on reducing inefficiencies across our organization and on better executing on the expansion and sales opportunities. We expect to generate savings via an increased focus on product cost, inventory, and overall corporate spending and expect to see revenue growth in 2023 as we bolster our Taiwan and international sales in business development organizations.

為了確保充分利用台灣和國際市場潛力，我們已在10月初宣布進行了一些組織架構調整。這些調整使我們更加專注於減少整個組織的低效，並更好地掌握擴張和銷售機會。我們預計透過更加關注產品成本、庫存和整體企業支出來實現成本節約，並預計隨著業務發展部門加強台灣和國際銷售，2023年的收入將實現成長。

We'll provide further updates about the scope and quantum of these savings in our Q4 earnings. But efforts are well underway to ensure that Gogoro is operating as efficiently as possible given the current economic environment.

我們將在第四季財報中進一步更新這些節支措施的範圍和金額。目前，Gogoro 正在積極努力，確保在當前經濟環境下盡可能有效率地運作。

Let me quickly recap our macro strategies for 2022 and how we're doing. We have three areas of focus that we will continue to work towards. First, we plan to continue to expand our vehicle and hardware sales in Taiwan by increasing our penetration, broadening our coverage, and growing sales of B2C, B2B, and B2G customers.

讓我快速回顧一下我們2022年的宏觀策略以及目前的營運狀況。我們將繼續專注於三個領域。首先，我們計劃透過提高滲透率、擴大覆蓋範圍以及增加B2C、B2B和B2G客戶的銷售額，繼續擴大我們在台灣的汽車和硬體銷售。

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

其次，為了進一步發展我們的解決方案業務，我們計劃在 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，並在台灣和國際上推出多個 SKU。

Finally, to grow our Gogoro network business in Taiwan and internationally, we plan to increase Go Station density and continue to improve network efficiency and launch services in additional cities. We're passionate about what we do. We make it irresistible for consumers to be responsible through the increased efficiency and environmentally friendly solutions.

最後，為了在台灣和國際範圍內拓展 Gogoro 網路業務，我們計劃增加 Go Station 的密度，持續提升網路效率，並在更多城市推出服務。我們對自己的工作充滿熱情。我們透過提高效率和環保的解決方案，讓消費者更有動力承擔責任。

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 penetrate the Taiwan market with our vehicle partners and begin to build momentum for growth overseas.

我為團隊為實現這些目標所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一起滲透台灣市場，並開始為海外成長積蓄動力。

I'd like to invite Bruce to update some key business highlights and review our financial results in a bit more detail.

我想邀請布魯斯更新一些關鍵的業務亮點並更詳細地回顧我們的財務結果。

Thanks Horace. On a year-over-year basis for Q3 excluding foreign exchange impact, both Gogoro hardware and Gogoro network revenue increased. Gross margin increased, sales of hardware and network services in Taiwan met expectations, and we continue to focus on international opportunities.

謝謝 Horace。排除外匯影響後，Gogoro 第三季的硬體和網路收入較去年同期均有所成長。毛利率有所提升，台灣地區的硬體和網路服務銷售額符合預期，我們將繼續關注國際市場機會。

Q3 was a quarter where we executed well despite the difficult macroeconomic environment. Our Gogoro network revenue continues to grow with accumulating subscribers, we now have over 505,000 monthly subscribers and expect that number to continue to grow. We saw strong growth of nearly 30% in the Gogoro network business, record quarterly revenue of $33.2 million on a constant currency basis and we continue to keep a close to 100% attach rate of customers.

儘管宏觀經濟環境艱難，但我們在第三季依然表現良好。隨著用戶數量的不斷積累，Gogoro 網路收入持續成長。目前，我們每月擁有超過 50.5 萬名用戶，預計這一數字將持續成長。 Gogoro 網路業務強勁成長近 30%，以固定匯率計算，季度營收創下 3,320 萬美元的新高，我們持續保持接近 100% 的客戶連線率。

Despite the slow two-wheeler market so far in 2022 as described by Horace, in the first nine months of the year, electric vehicles as a percentage of total vehicles increased by 9.7% versus 2021. Both Gogoro and our vehicle partner sales grew, Gogoro's marginally while our partners grew by 28.2% versus 2021. This is a shift in market share we have planned for as we broaden our reach as a platform. Gogoro and our vehicles partners market share both grew in the first three quarters of 2022 versus the first three quarters of 2021 and Gogoro and our vehicle partners represented 92.4% of all electric vehicle sales in the first nine months of 2022.

儘管正如 Horace 所述，2022 年迄今兩輪車市場發展緩慢，但在今年前九個月，電動車佔汽車總量的比例比 2021 年增長了 9.7%。 Gogoro 和我們的汽車合作夥伴的銷量均有所增長，Gogoro 的銷量略有增長，而我們的合作夥伴的銷量與 2021 年相比增長了 28.2%。這是我們在擴大平台覆蓋範圍時規劃好的市場佔有率轉變。與 2021 年前三個季度相比，Gogoro 和我們的汽車合作夥伴的市場份額在 2022 年前三個季度均有所增長，Gogoro 和我們的汽車合作夥伴佔 2022 年前九個月所有電動車銷量的 92.4%。

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. Our gross margin was up both quarter-on-quarter and year-on-year and we expect to maintain a similar margin profile during Q4.

這一數字通常佔整個市場的90%到95%，我們很高興看到台灣整體電力產業的成長。我們的毛利率環比和年比均有所增長，預計第四季度的毛利率將保持類似的水平。

Some business highlights for Q3. Q3 2022 was in line with expectations despite the challenging external market conditions. We saw an overall increase of 10.7% in revenue versus Q3 2021, an increase of 4.6% in hardware revenue and an increase of 28.5% in Gogoro network revenue versus Q3 2021 on a constant currency basis. We also continued to accumulate subscribers on our Taiwan Gogoro network and are most pleased with those results as they demonstrate continued growth, an accumulating subscriber base and recurring revenue generated by our battery-swapping business model.

第三季的一些業務亮點。儘管外部市場環境充滿挑戰，2022 年第三季的業績仍符合預期。以固定匯率計算，我們的整體營收較 2021 年第三季成長 10.7%，硬體營收成長 4.6%，Gogoro 網路營收較 2021 年第三季成長 28.5%。我們的台灣 Gogoro 網路用戶數量持續成長，我們對這些業績感到非常滿意，因為它們展現了持續的成長勢頭、不斷累積的用戶群以及我們電池更換業務模式帶來的經常性收入。

According to statistics published by Taiwan's Department of Motor Vehicles, there were 18,657 Gogoro vehicles registered in Q3, up 21.4% from registration statistics for Q2 2022. The total Taiwan two-wheeled scooter market volume of approximately 534,000 units for the first nine months of 2022 is the lowest since 2015.

根據台灣車輛管理局統計，第三季Gogoro註冊量達18,657輛，較2022年第二季增加21.4%。 2022年前九個月台灣二輪踏板車市場總銷量約53.4萬輛，為2015年以來最低。

Despite this low volume, there are some positive indicators for both the transition to electric two-wheelers as well as for Gogoro and are powered by the Gogoro network partners. Total sales volume of Gogoro vehicles in the first nine months of 2022 are slightly up versus the same period of 2021. Additionally, partner vehicles, which are tracked under each brand's sales, achieved to 28.2% growth versus 2021.

儘管銷量低迷，但Gogoro向電動兩輪車的轉型以及由Gogoro網路合作夥伴驅動的車型都呈現出一些積極的跡象。 2022年前九個月，Gogoro汽車的總銷售量較2021年同期略有成長。此外，各品牌銷售的合作夥伴汽車銷售量較2021年實現了28.2%的成長。

We extended our Taiwan channel, and now Gogoro vehicles are being sold in a total of 463 traditional scooter sales locations, making Gogoro vehicles broadly available and increasing the customer touch points is important. Our market share in the six biggest cities in Taiwan remained strong, with Taipei continuing to be the largest single market share city with 19.1% share in the first nine months of the year.

我們擴展了台灣的銷售管道，目前Gogoro已在463個傳統踏板車銷售點銷售，這使得Gogoro的銷售更加廣泛，並增加了與客戶的接觸點。我們在台灣六大城市的市佔率依然強勁，其中台北持續維持最大單一市佔城市的地位，今年前九個月的市佔率為19.1%。

In Q3, we began selling Gogoro vehicles in local large format retail stores and in the Taiwan store locations of U.S.-based membership warehouse retail stores. Sales of vehicles and associated registration figures for Ai Huan Huan services in China continued to lag expectations. Because of the substantial external headwinds from COVID lockdowns, supply chain issues, retail traffic and spending reductions, overall consumer confidence and other factors, we've slowed the deployment of network infrastructure in China.

第三季度，我們開始在本地大型零售店以及美國會員制倉儲零售店的台灣門市銷售Gogoro汽車。愛歡歡服務在中國的汽車銷售及相關註冊數據持續落後於預期。由於新冠疫情封鎖、供應鏈問題、零售客流量和支出減少、整體消費者信心下降以及其他因素帶來的巨大外部阻力，我們放緩了在中國網路基礎設施的部署。

As of September 30, we've deployed 123 stations in Hangzhou, 68 stations in Wuxi, and 64 stations in Kunming. We will delay the further expansion of Ai Huan Huan networks pending more clarity in terms of the uncertainties described above.

截至9月30日，我們已在杭州部署了123個站點，在無錫部署了68個站點，在昆明部署了64個站點。我們將延後進一步擴展愛歡歡網絡，直至上述不確定因素更加明朗。

We continued to enable new vehicle development partnerships. A local OEM has recently released a low cost B2B focused SKU, which is available for fleet purchase directly from Ai Huan Huan for approximately 1,500 renminbi which is approximately 210 US dollars. Providing customers with sufficient choices of power, price and styling is important to the scaling of the Ai Huan Huan network.

我們持續拓展新的汽車開發合作關係。一家本地汽車製造商最近推出了一款低成本的B2B車型，可供車隊直接從愛歡歡購買，價格約為1,500元人民幣（約210美元）。為客戶提供充足的動力、價格和造型選擇，對於愛歡歡網路的擴展至關重要。

Q3 financial highlights. Our Q3 results exhibit both continued progress in difficult circumstances, and that the shift to electric mobility continues to gain momentum. 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.

第三季財務亮點。我們的第三季業績不僅體現了我們在艱難環境下持續取得的進展，也體現了向電動車轉型的勢頭持續增強。具體來說，我將詳細介紹我們的營收、毛利率、EBITDA 和淨虧損情況，並提供一些 2022 年餘下時間的最新業績指引。

Before I go into details, let me say a few words about exchange rates. We book the vast majority of our revenue in Taiwan dollars but now report 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 9.2% versus the average exchange rate of Q3 last year.

在詳細介紹之前，我想先簡單談談匯率。我們絕大多數收入以新台幣入賬，但現在以美元進行報告。今年匯率變動較大，美元兌新台幣較去年第三季平均匯率升值了9.2%。

Given our revenue concentration in Taiwan dollars, this is not really an operational issue but purely a foreign exchange translation issue. This exchange rate change has resulted in a U.S. dollar reporting difference of almost $13.5 million in revenue since the beginning of the year.

鑑於我們的收入主要以新台幣結算，這實際上並非營運問題，而純粹是外匯折算問題。自今年年初以來，這項匯率變動已導緻美元報告收入差異近1,350萬美元。

Third quarter 2022 financial overview. First, operating revenues. For the third quarter, revenue was $102.2 million, up 1.5% year-over-year, and up 10.7% year-over-year on a constant currency basis. Had the foreign exchange rate remained constant with the average rate of the third quarter of 2021, revenue would have been $9.2 million higher.

2022年第三季財務概覽。首先，營業收入。第三季營收為1.022億美元，年增1.5%，以固定匯率計算年增10.7%。如果外匯匯率與2021年第三季的平均匯率保持一致，營收將增加920萬美元。

Sales of hardware and other revenue for the third quarter was $71.8 million, down 4.1% year-over-year, but up 4.6% year-over-year on a constant currency basis, indicating that revenues would have been $6.5 million higher.

第三季硬體及其他營收銷售額為 7,180 萬美元，年減 4.1%，但以固定匯率計算年增 4.6%，即營收增加 650 萬美元。

Gogoro network revenue for the third quarter was $30.4 million, up 17.7% year-over-year and up 28.5% year-over-year on a constant currency basis, indicating that revenue would have been $2.8 million higher without the exchange rate impact.

Gogoro 第三季網路營收為 3,040 萬美元，較去年同期成長 17.7%，以固定匯率計算則較去年同期成長 28.5%，這表示若不考慮匯率影響，營收將增加 280 萬美元。

Total subscribers at the end of the third quarter was more than 505,000, up from 418,000 subscribers in the same quarter last year. The Gogoro network revenue increase was primarily due to the accumulating subscriber base and the high retention rate of all subscribers.

第三季末，Gogoro 的總用戶數超過 50.5 萬，高於去年同期的 41.8 萬。 Gogoro 網路收入的成長主要得益於用戶群的不斷累積以及所有用戶的高留存率。

For the third quarter, gross margin was 17.4%, up slightly from 17.3% in the third quarter last year. For the third quarter non-IFRS, gross margin was 20%, up from 17.3% in the same quarter last year. The non-IFRS gross margin improvement was driven by an increase in the average selling price of our vehicles, favorable changes in our product mix and the improved cost efficiency of Gogoro's network operations.

第三季毛利率為17.4%，略高於去年同期的17.3%。第三季非國際財務報告準則（Non-IFRS）毛利率為20%，高於去年同期的17.3%。非國際財務報告準則毛利率的提升得益於車輛平均售價的上漲、產品組合的有利變化以及Gogoro網路營運成本效率的提升。

For the third quarter, net income was $56.4 million, up $69.8 million from a net loss of $13.4 million in the same quarter last year. This was primarily due to a favorable change in the fair value of financial liabilities of $85.8 million in the third quarter, due to a smaller liability on outstanding warrants, compared with a $1.7 million loss in the same quarter last year.

第三季淨利為5,640萬美元，較去年同期的1,340萬美元淨虧損增加6,980萬美元。這主要由於第三季未償還認股權證負債減少，導致金融負債公允價值出現8,580萬美元的有利變動，而去年同期的淨虧損為170萬美元。

This was partially offset by an $11.4 million increase in the share-based compensation, a $2.1 million increase in sales and marketing dollars, a $1.8 million increase in research and development expenses, and a $1 million increase in general and administrative expenses.

但這一增長被股權激勵費用增加 1,140 萬美元、銷售和營銷費用增加 210 萬美元、研發費用增加 180 萬美元以及一般和行政費用增加 100 萬美元所部分抵消。

Non-IFRS net loss was $16.3 million, up $4.6 million from $11.7 million in the same quarter last year. This was primarily due to the $4.9 million investment in operating activities.

非國際財務報告準則淨虧損為 1,630 萬美元，較去年同期的 1,170 萬美元增加 460 萬美元。這主要歸因於 490 萬美元的經營活動投資。

For the third quarter, adjusted EBITDA was $9.2 million, down from $15.2 million in the same quarter last year. The decrease was primarily due to a $2.1 million in expenses for sales and marketing programs, a $1.8 million increase in research and development expenses, and a $1 million increase in general and administrative expenses, as well as the negative foreign exchange impact.

第三季度，調整後息稅折舊攤提前利潤（EBITDA）為920萬美元，低於去年同期的1,520萬美元。下降的主因是銷售及行銷項目費用增加210萬美元，研發費用增加180萬美元，一般及行政費用增加100萬美元，以及外匯的負面影響。

With the addition of a new $345 million credit facility, and with $249.1 million in cash at the end of the third quarter, we are well-positioned to manage our liquidity in what is currently a complex macro environment. A majority of our payment obligations are denominated in Taiwan dollars, so we've benefited greatly from maintaining a high U.S. dollar cash-denominated balance since early April 2022.

憑藉新增的3.45億美元信貸額度，以及截至第三季末的2.491億美元現金，我們已做好準備，在當前複雜的宏觀環境下管理流動性。我們的付款義務大多以新台幣計價，因此自2022年4月初以來，我們一直保持著較高的美元現金餘額，這讓我們受益匪淺。

Q3 was one where our vehicle business followed the overall market trend. We maintained market share executed to our plans and our business continued to accumulate subscribers and showed healthy revenue growth due to the unique nature of our business model. We expect Q4 to continue in the trend of the first three quarters of the year. And as such, we're updating our 2022 revenue guidance to $370 million to $390 million. Nearly all of Gogoro's' 2022 full year revenue will be from the Taiwan market.

第三季度，我們的汽車業務順應了整體市場趨勢。我們保持了按計劃執行的市場份額，業務用戶持續成長，並憑藉我們獨特的商業模式實現了健康的收入成長。我們預計第四季將延續今年前三個季度的趨勢。因此，我們將 2022 年的營收預期上調至 3.7 億美元至 3.9 億美元。 Gogoro 2022 年全年營收幾乎全部將來自台灣市場。

Michael, I'll hand it back to you now for Q&A.

邁克爾，現在我將把它交還給你進行問答。

Thanks, Horace and Bruce for that update on details on financial results and full-year guidance. As attendees are formulating the questions, I will go ahead and ask two questions, which I think are likely on everybody's mind, given what you've just shared.

感謝Horace和Bruce更新財務業績和全年業績指引的細節。在各位嘉賓準備提問的時候，我想先問兩個問題。鑑於你們剛才分享的內容，我想這兩個問題很可能是大家都會想到的。

So let's start off with number one. First question is the collaboration sounds like an exciting opportunity for Gogoro Can you please give us some additional details on the partnership? Additionally, you mentioned a few B2B opportunities in other countries. Has Gogoro changed its strategy to focus on B2B instead of B2C going forward and is the B2B model different financially?

那麼，我們先從第一個問題開始。第一個問題是，這次合作對 Gogoro 來說聽起來是一個令人興奮的機會。能否詳細介紹此次合作？此外，您也提到了在其他國家/地區開展一些 B2B 業務的機會。 Gogoro 未來是否會調整策略，專注於 B2B 而非 B2C？ B2B 模式在財務上有何不同？

Thanks, Michael. As the world is open once again, we'll begin to travel. One thing that has been very clear is excitement in the growth for electric vehicles, and for our battery swapping system. Regardless of the country, the value proposition is extremely clear for the B2B segment because of the battery swapping. There's no downtime or waiting for vehicle to charge in the field allowing B2B customers to best utilize their fleet.

謝謝，麥可。隨著世界再次開放，我們將開始旅行。有一點非常明顯，那就是人們對電動車和我們電池更換系統的成長感到興奮。無論在哪個國家，由於電池更換服務，B2B 領域的價值主張都非常明確。無需停機或等待車輛在現場充電，B2B 客戶可以充分利用他們的車隊。

B2B riders are high energy consumers. They typically ride about 3,000 kilometers per month or even more, and on premium maintenance, so they help to pull out technology in each one of the markets. The government is also recognizing the benefit of electric vehicles, so B2B as a means to reduce emission and are starting to put regulations in place to limit or eliminate the use of gas vehicles in the delivery.

B2B騎士是高能耗人群。他們通常每月騎行約3000公里甚至更多，並且需要高級維護，因此他們有助於在每個市場推廣技術。政府也認識到電動車的優勢，因此B2B作為減少排放的一種手段，並開始製定法規，限製或禁止在配送中使用燃氣車輛。

The pilot we're launching in Delhi will also allow Zypp and others to test out and see firsthand the benefits of battery swapping, the actual user experience on the Gogoro network, as well as providing vehicle user feedback because (inaudible) so that we can actually continue to improve and enhance our services. There are about 100 Gogoro vehicles in Delhi, six Go stations to support the vehicles and we expect the activity to pilot in December.

我們在德里啟動的試點計畫也將使 Zypp 和其他公司親身體驗更換電池的優勢、Gogoro 網路的實際用戶體驗，並提供車輛用戶回饋（因為聽不清楚），以便我們能夠持續改進和提升我們的服務。德里約有 100 輛 Gogoro 車輛，並有 6 個 Go 充電站為這些車輛提供支持，我們預計該試點計畫將於 12 月啟動。

Ultimately, our solution works in both B2B as well as B2C use cases. We can work with partners to deploy the user strategy. Whether last mile delivery, ride sharing, student taxi services or other solutions, we welcome any interest in the B2B as well as others that are interested in our battery swapping system.

最終，我們的解決方案適用於 B2B 和 B2C 用例。我們可以與合作夥伴共同部署使用者策略。無論是最後一哩配送、共乘、學生計程車服務或其他解決方案，我們都歡迎任何對 B2B 以及我們的電池更換系統感興趣的人士。

Okay, great. Thanks, Horace, for that. Question number two, for Bruce and Horace, you've mentioned on the call that development in international markets is critical to Gogoro's growth. We also understand the slower than anticipated development in China due to COVID, macro-economic factors and other reasons. So can you please provide additional color on which international market you foresee will become the fastest growing and with fastest adoption and the biggest impact both financially and market share wise?

好的，太好了。謝謝 Horace。第二個問題，Bruce 和 Horace，你們在電話會議上提到，國際市場的發展對 Gogoro 的成長至關重要。我們也瞭解，由於新冠疫情、宏觀經濟因素和其他原因，中國市場的發展速度低於預期。那麼，您能否進一步說明一下，您預期哪個國際市場將成為成長最快、應用最快、在財務和市場佔有率方面影響最大的市場？

Well, first, remember, there's still a lot of room for us to build in Taiwan, both in terms of building vehicle sales. Our vehicle partners, vehicle sale, as well as close cumulative subscribers in global networks, we'll keep innovating for Taiwan market. But as you mentioned, international markets are clearly important for our growth story.

首先，請記住，我們在台灣市場仍有很大的發展空間，無論是在汽車銷售方面。我們的汽車合作夥伴、汽車銷量，以及我們在全球網路中緊密累積的用戶數量，我們將繼續在台灣市場進行創新。但正如您所說，國際市場對我們的成長故事顯然至關重要。

Each of the large markets in Asia represents both opportunities as well as challenges. China is challenged, but at the moment, India represents a great opportunity and we're excited to see how the pilot goes and we do expect revenue from India in 2023, both in hardware sales as well as network revenue. Other markets are also in the early stages of development. We are already generating revenue in Israel and in Korea, expect to see revenue from Indonesia in 2023. And also work on a few other markets that we will announce at an appropriate time.

亞洲每個大型市場都既代表著機遇，也代表著挑戰。中國面臨挑戰，但目前，印度代表著巨大的機會。我們期待試點計畫的進展，並預計2023年印度市場將帶來收入，包括硬體銷售和網路收入。其他市場也處於發展的早期階段。我們已經在以色列和韓國創造了收入，預計2023年印尼也將創造收入。此外，我們也正在開發其他幾個市場，並將在適當的時候公佈。

Each market is unique and it develops at its own pace even given the different environmental factors. The Taiwan electric two-wheeler market was almost nonexistent when we began selling Gogoro vehicles, and now electric represent more than 10% of the total market, and only 20% in Taipei. That level of adoption has come through individual consumers choosing more sustainable mobility solutions.

每個市場都是獨一無二的，即使環境因素各異，其發展速度也各不相同。當我們開始銷售Gogoro汽車時，台灣的電動兩輪車市場幾乎為零，而如今電動車佔據了整個市場的10%以上，在台北只有20%。這種普及程度源自於個人消費者選擇更永續的出行解決方案。

In other markets there are a variety of drivers who are adopting electric and battery swapping vehicles specifically. Consumer choices, government policies and subsidies, the safety of our battery swapping system, as well as we reduce operating costs of vehicles since the cost of batteries are not included, provide a total cost of ownership and operation basis there is a minimal difference between either ICE or battery charging vehicles. We believe that people will see significant user experience and safety improvement by choosing and joining the global network. This year almost all of our revenue is coming from Taiwan. We expect international markets to make significant progress next year. But we're not yet prepared to provide a detailed revenue forecast as of yet.

在其他市場，各種各樣的駕駛者都傾向於選擇電動車和電池更換汽車。消費者的選擇、政府的政策和補貼、我們電池更換系統的安全性，以及由於電池成本未包含在內而降低的車輛運營成本，構成了總擁有成本和運營基礎，因此內燃機汽車和電池充電汽車之間的差異很小。我們相信，透過選擇和加入全球網絡，人們將獲得顯著的使用者體驗和安全性提升。今年我們幾乎所有的收入都來自台灣。我們預計明年國際市場將取得重大進展。但目前我們尚未準備好提供詳細的收入預測。

Operator, if you can now turn it over to Q&A, please.

接線生，請您現在將時間轉至問答環節。

Certainly. (Operator Instructions). Question from the line of Fawne Jiang Benchmark Company. Please ask your question.

當然。 （操作員指示）。問題來自Fawne Jiang Benchmark Company。請提出您的問題。

Hey, Horace, hey, Bruce. Thanks for taking my questions. First one, just to follow up on Michael's questions earlier, in regards to your B2B business, how should we think about the monetization ramp up in the next couple of years? In other words, say by 2024 how can we think about the revenue mix of your 2C business versus your 2B business? And also, is there any like margin difference between these two segments?

嘿，Horace，嘿，Bruce。謝謝你們回答我的問題。首先，為了跟進Michael之前的問題，關於你們的B2B業務，我們該如何看待未來幾年的獲利成長？換句話說，到2024年，我們該如何看待你們的2C業務和2B業務的收入結構？另外，這兩個業務的利潤率是否有差異？

Hi, Fawne, thanks for the question. A couple of things, Fawne, we're not yet providing a detailed breakdown, as Horace mentioned of the revenue split between B2B and B2C markets. What I can tell you though, is a couple of interesting things about the B2B business model. The first is that as Horace mentioned, the typical rider rides over 3,000 kilometers per month, in a B2B use case.

嗨，Fawne，謝謝你的提問。 Fawne，有幾點要注意，正如Horace所提到的，我們還沒有提供B2B和B2C市場收入分配的詳細數據。不過，我可以告訴你一些關於B2B商業模式的有趣之處。首先，正如Horace所提到的，在B2B用例中，典型的騎乘者每月騎乘里程超過3000公里。

So two things happen, the first is that their average consumption of energy therefore goes up dramatically. And that means that we get bigger ASPs on a per writer basis for each of those, because the amount of energy consumed is much higher. Because of that, we can also depreciate the batteries and the other CapEx in our system a little bit more quickly. So we're eager to learn as much as we can through the two B2B pilots that are active right now. We believe this will be a great additional service offering that runs in parallel with B2C. Because basically, it's kind of at different times of day, people use different kinds of, different kinds of services are being performed on the network.

因此會發生兩件事。首先，他們的平均能耗會大幅上升。這意味著，由於能耗大幅提升，我們每位寫手的平均售價也會更高。正因如此，我們也能更快降低電池和系統中其他資本支出的折舊率。因此，我們渴望透過目前正在進行的兩個B2B試點計畫盡可能多地了解情況。我們相信，這將是一項與B2C並行的出色附加服務。因為基本上，在一天中的不同時間，人們會在網路上使用不同類型的服務。

In a sense, you can think about B2B as the base load of a network. When a Telco rolls out network, they want to make sure they've got a certain number of built-in subscribers. For us, that can be the B2B business.

從某種意義上說，你可以把B2B視為網路的基本負載。當電信業者推出網路時，他們希望確保擁有一定數量的內建用戶。對我們來說，這可以算B2B業務。

And then on top of that, we can build the B2C business, as consumers become more educated, they become more eager to electrify their mobility needs on a go forward basis.

在此基礎上，我們可以建立 B2C 業務，隨著消費者知識的增多，他們越來越渴望在未來實現電動化的出行需求。

Thanks. That's helpful. And secondly, in regards to your guidance, updated guidance, it seems like it implies a pretty wide range for 4Q revenue, what are the key data we should consider? The basically, to hit the low end versus the high end, so in another words, what are the moving parts you are observing right now.

謝謝。這很有幫助。其次，關於您的指引，最新的指引似乎暗示了第四季營收的區間相當廣泛，我們應該考慮哪些關鍵數據？基本上，是要觸及低端還是高端，換句話說，您現在觀察到的變動因素是什麼。

As you may recall, Fawne, last year, our Q4 was quite large. And so, we actually, last year substantially exceeded our Q3 guidance. There's a lot of uncertainty in the market right now for 2022. So we're taking the conservative perspective.

你可能還記得，Fawne，去年我們第四季的業績相當可觀。所以，實際上，去年我們大幅超出了第三季的預期。目前市場對2022年的前景充滿不確定性。所以我們採取了保守的策略。

We do believe, obviously, we'll hit the low end of the guidance. We think we should be in the middle of the range that we've provided, which could have been the low end of the previous range of 380 to 410 that was previously spoken about. We're confident that we'll be able to deliver those numbers in Q4. Whether there's upside or not, I think is a function of how the market responds to the last few months of the year.

我們確實相信，我們的業績會達到預期的低端。我們認為應該處於我們之前給出的區間的中間值，也就是之前提到的380到410的區間的低端。我們有信心在第四季度實現這些數字。至於是否有上漲空間，我認為取決於市場對今年最後幾個月的反應。

The other thing that I will indicate is that there are some subsidies in Taiwan, that will be shortened. And this year, the government will stop offering some of their central subsidies around the middle of December, which could mean that our sales at the back end of the month of December slow just a little bit.

我要指出的另一件事是，台灣的一些補助將會縮短。今年，政府將在12月中旬左右停止提供部分中央補貼，這可能意味著我們12月底的銷售量將略有放緩。

Those subsidies are guaranteed going into next year. It's really an administrative issue. Because the government has to be able to register vehicles. It has to be able to accept applications for those vehicles and close them out at the end of the year.

這些補貼保證會持續到明年。這實際上是一個行政問題。因為政府必須能夠登記車輛，必須能夠接受這些車輛的申請，並在年底結束發放。

So, it's not a change in subsidy. It's an application of that subsidy and the ability for the government to process it by end of year. So, those are the kinds of things that make us want to just take a conservative perspective on Q4 versus Q4 last year.

所以，這不是補貼的變化，而是補貼的應用，以及政府在年底前處理補貼的能力。因此，這些因素使得我們對第四季的業績與去年同期相比持保守態度。

Understood. Any color for 2023?

明白了。 2023 年有什麼顏色嗎？

No color yet, Fawne. Stay tuned. I think the Taiwan market will continue to execute as it is. But as Horace said, what's going to be interesting is how much growth we think we can get from international markets.

Fawne，目前還沒有具體消息。敬請期待。我認為台灣市場會繼續維持現狀。但正如Horace所說，真正值得關注的是，我們認為國際市場能帶來多少成長。

We're super excited about the pilots that have launched. We're excited about a lot of interest from a lot of different countries. As Taiwan has now eliminated its inbound quarantine, we're seeing lots of interest for people to make trips to Taiwan to personally observe how our networks work, personally observe our vehicles, personally ride those vehicles, and then work with us to figure out how to either turn on new countries or turn on new markets, or for us to be able to access new customer bases through those visits.

我們對已啟動的試點計畫感到非常興奮。我們很高興看到來自不同國家的濃厚興趣。隨著台灣取消入境隔離，我們看到許多人對前往台灣親身體驗我們的網路運作方式、車輛體驗和試乘感興趣，然後與我們合作，共同探索如何開拓新的國家或市場，或者讓我們能夠透過這些訪問接觸新的客戶群。

We got it. Just switching gear on your cost side. Your gross margin improved pretty nicely. Just wonder any puts and takes we should consider, particularly given the very high inflation environment, should be concerned or potential margin compression and particularly heading into 2023.

我們明白了。只是在成本方面有所調整。你們的毛利率提升得相當不錯。只是想知道我們應該考慮哪些利弊，尤其是在通貨膨脹率極高的情況下，或是潛在的利潤率壓縮，尤其是在2023年即將到來之際。

Cost is definitely going to be a big focus area for us. As Horace mentioned, we've done a reorg. We're really, really going to focus on cost, on inventory, on inventory turns, all those kinds of things.

成本肯定會成為我們關注的重點。正如Horace所提到的，我們已經進行了重組。我們將非常非常關注成本、庫存、庫存週轉率等等。

We want to make sure the fundamentals of the business are sound as we head into 2023. Given your comment about, will prices go up? Will inflation continue? Or what kinds of activities will Central Banks engage in.

我們希望確保業務基本面在邁入2023年之際保持穩健。鑑於您剛才提到的問題，物價會上漲嗎？通膨會持續嗎？或者各國央行會採取哪些措施？

We're going to be laser-focused on ensuring that we maintain our costs. We've said that we expect Q4's margin profile to be roughly the same as what we've had so far this year. And as you said, there was a little bit of good news in margins in Q3. We'd love to be able to maintain that level. But at a minimum, we'll maintain kind of the current run rate that we're on for all of Q3 as our margin profile for Q4 this year.

我們將全心全意確保成本控制在合理範圍內。我們之前說過，預計第四季的利潤率將與今年迄今的水平大致相同。正如您所說，第三季的利潤率有一些好消息。我們希望能夠保持這一水平。但至少，我們會將第三季的目前運行率作為今年第四季的利潤率。

Thank you, Bruce. I'll go back to the queue.

謝謝你，布魯斯。我這就回去排隊。

Thanks, ma'am.

謝謝，女士。

Thank you for the questions. (Operator Instructions). Next question comes from Bill Ling of JPMorgan, please ask your question.

謝謝您的提問。 （操作員指示）。下一個問題來自摩根大通的Bill Ling，請提問。

Hey, Horace and Bruce, thanks for taking my question. I think I have two questions here. First of all is in Taiwan, I think according to the news you are canceling All-You-Can-Ride program by yearend for new riders.

嘿，Horace 和 Bruce，感謝你們回答我的問題。我想我有兩個問題。首先是關於台灣的，根據新聞報道，你們將在年底前取消針對新乘客的「無限暢騎」計畫。

So given that, will you have some concern about keep driving up the B2C two wheeler penetration here in Taiwan, given most of customer in Taiwan are quite cost sensitive. Yes. I want to hear your view about that.

那麼，有鑑於此，您是否擔心台灣B2C兩輪車滲透率會持續上升，因為台灣大多數消費者對成本非常敏感？是的。我想聽聽您對此的看法。

And secondly is given we are now kind of more switched to B2B focus, in the retailing store side, will you see some cost control? And if we have less store, will that be more benefit to our cash flow?

其次，鑑於我們現在更多地轉向B2B業務，在零售門市方面，您會看到一些成本控制嗎？如果我們減少門市數量，是否會對我們的現金流更有利？

Okay. Yes, I'll take that, Bill. Thanks. In terms of the All-You-Can-Ride program that is -- that we announced we're sunsetting by the end of the year, from time to time, we take -- make adjustments to our plan to optimize for the majority of our riders. Today, we are seeing riders picking up, a small amount of riders taking up the All-You-Can-Ride plan. A lot of them do, as you said, Bill, they do food delivery services for them.

好的。是的，比爾，我接受。謝謝。關於「無限暢乘」計劃——我們宣布將在年底前停止這項計劃——我們會不時調整計劃，以優化服務，服務大多數騎手。今天，我們看到騎手人數增加，有一小部分騎手選擇了「無限暢乘」計劃。正如比爾所說，他們中的許多人都在為他們提供送餐服務。

Today, we account for about 46% of all food delivery services that are being done in Taiwan today. With the existing riders will continue to be able to enjoy the All-You-Can-Ride program with the new riders being able to subscribe to a high usage program that are coming on board, that has already been on board. And they can choose a such program to basically be very competitive with the All-You-Can-Ride program and we designed that to satisfy that. So that's the first question.

目前，我們約佔台灣所有外送服務的46%。現有的騎士可以繼續享受「無限暢乘」計劃，而新騎士則可以訂閱即將推出或已經推出的高使用率計劃。他們可以選擇這樣的計劃，基本上可以與「無限暢乘」計劃形成強有力的競爭，而我們設計這個計劃就是為了滿足這一點。所以，這是第一個問題。

And, Bruce, the second question was...

布魯斯，第二個問題是…

B2C versus B2B. I can take it...

B2C vs. B2B。我可以接受…

Okay...

好的...

So I think, Bill, we are going to focus on B2B, but that's always been part of our plan. It's not the B2B is replacing B2C. It's that really, there's a great story for B2B, for B2C, for B2G, for kind of B to anybody, right? So, there are less selling expenses associated with the B2B business because you don't need to remain as active in retail, but we won't make any changes to our retail footprint.

所以，比爾，我認為我們會專注於B2B，但這一直是我們計劃的一部分。這並不是說B2B會取代B2C。而是說，B2B、B2C、B2G，以及任何一種B2B平台，都有美好的前景，對吧？所以，B2B業務的銷售費用會減少，因為你不需要像以前那樣在零售領域保持活躍，但我們不會對我們的零售業務佈局做出任何改變。

We will still actively pursue B2C customers in Taiwan. We hope to continue to increase the efficiency of that retail market versus minimize the footprint of that retail market if you will. So, the cash flow benefit should come from an increased output on per store basis rather than any change to our retail or channel structure in the short term.

我們仍將積極拓展台灣的B2C客戶。我們希望繼續提高該零售市場的效率，而不是盡量減少其市場規模。因此，短期內現金流的提升應該來自於單店產出的提升，而不是零售或通路結構的任何變化。

And so, I just want to make this clear, the B2B and the B2C and B2G strategy has always been like in Taiwan, as I said, we do service 26% of deliveries done every done in Taiwan. In addition, we also work with fleet operators such as DHL to electrify their fleet in Taiwan. So, you probably know the several new stores that came out (inaudible) that DHL and other delivery guys are using to run the fleet.

所以，我想澄清一下，B2B、B2C 和 B2G 策略在台灣一直都適用。正如我之前所說，我們服務於台灣 26% 的快遞業務。此外，我們也與 DHL 等車隊營運商合作，為其在台灣的車隊進行電氣化改造。所以，你可能已經知道，DHL 和其他快遞公司正在利用新開的幾家店（聽不清楚）來經營車隊。

So, it's always been a B to everybody in Taiwan. As we explore externally into other markets, it is also very important for us to kind of have predictability as we launch. As we said, think of B2B as the baseload of the network where as we deploy internationally, you know, Taiwan is a small island, India is a gigantic peninsula.

所以，對台灣的每個人來說，它一直都是B。當我們探索其他市場時，在推出產品時保持可預測性也非常重要。正如我們所說，將B2B視為網路的基載，而當我們進行國際部署時，你知道，台灣是一個小島，而印度是一個巨大的半島。

So, we want to be able to be kind of more pragmatic about how we deploy and then once deployed, we want to be able to have riders be able to use that network actively in generating the return on our investment. The word we should think about it is, as I mentioned, in light about (inaudible) that is, you know, on average, you know, usually, four to five times of an average rider.

所以，我們希望在部署方面更加務實，部署完成後，我們希望乘客能夠積極利用該網絡，從而獲得投資回報。正如我之前提到的，我們應該考慮的是（聽不清楚），也就是說，平均而言，通常是普通乘客的四到五倍。

And so, if you think about the math where if every kilometer is generating a micro pay on return, the fact that you're able to generate that fast or you're able to turn over the battery enough to generate financial impact. So, going to B2B helps us both with predictability and efficiency as we deploy the network and also at the same time, you know, nothing helps us really, you know, kind of work out all the kinks than, you know, people that ride a lot.

所以，如果你仔細想想，如果每公里都能產生微薄的回報，那麼你能夠快速產生收益，或者能夠充分地循環使用電池，就能產生財務影響。所以，採用B2B模式，既能幫助我們在部署網路時提高可預測性和效率，同時也能幫助我們解決所有問題，你知道，沒有什麼比經常騎行的人更能真正幫助我們了。

And one of the things that we want to do as we launch into places like India where, you know, the weather is different. The environment is different. The usability is different. So, it's a great way for us to actually have a controlled launch into those markets. So, those will prove to be one that I think is very, very, a good base case for us to actually build on and we're excited to see riders on.

當我們在印度等地推出產品時，我們想做的事情之一就是，你知道，那裡的天氣、環境和可用性都不同。所以，這對我們來說是一個真正有控制地進入這些市場的好方法。所以，我認為這些市場將是我們真正發展的一個非常好的基礎案例，我們很高興看到乘客加入。

As a matter of fact as of two days ago, I got notification from my team over there that the first station is up already so it's launching ahead of time. We're expecting them to (light up) in December. They're already a little bit ahead of time like (inaudible). Now, the vehicles are being registered so they can go on the road and start swapping away.

事實上，兩天前我就收到那邊團隊的通知，第一個充電站已經建成，所以我提前啟動了。我們預計它們會在12月（點亮）。這已經有點提前了，就像（聽不清楚）。現在，車輛正在登記，這樣它們就可以上路行駛，開始交換了。

Yes, understand. It's very clear. Thank you. Can I follow up a question? It's more on international markets. So, just want to understand what is the current partnership situation in India it is because I think my original thoughts (inaudible) now with Hero. So, what is the company's plans for the India market regarding the coverage and partners?

是的，明白了。非常清楚。謝謝。我可以再問一個問題嗎？主要是關於國際市場。我想了解目前印度的合作夥伴情況，因為我最初的想法（聽不清楚）是關於Hero的。那麼，公司在印度市場的覆蓋範圍和合作夥伴方面有什麼計劃嗎？

Well, first of all, the partnership with Hero remain unchanged. They, of course, are still developing their vehicle. The idea is the platform is always going to be open and the swapping center is always going to be open. That's not, you know, a single brand, but multiple brands.

首先，與Hero的合作關係保持不變。當然，他們仍在開發車輛。我們的想法是，平台將始終開放，交換中心也將始終開放。這並非單一品牌，而是多個品牌。

The first vehicle actually has not launched in India. The reason why it has not launched is because we have imported the vehicle from Taiwan, you know, European version of the Taiwan vehicle that now lands in India in order to (inaudible). So, don't think of it as a vehicle launch or even, you know, so to speak a Gogoro launch but indeed what it is, is a pilot that we continue to gather information about one of the vehicles that are going to be on the road.

第一輛汽車實際上還沒有在印度上市。之所以沒有上市，是因為我們從台灣進口了這輛車，你知道，是台灣汽車的歐洲版，現在正登陸印度，以便（聽不清楚）。所以，不要把它看作是一次汽車發布會，甚至不要把它看作是Gogoro的發布會，而實際上，這是一個試點項目，我們正在繼續收集即將上路行駛的其中一輛汽車的信息。

So, think of it as the usability launch more than it is a vehicle launch. Gogoro has always seen ourselves and our strategy has always been open platform that has interoperability between multiple brands. And today, we have over 10 brands of vehicles on our platform swapping, you know, over 47 different SKUs of vehicle ranging from very lightweight vehicle to very heavy-duty vehicle, you know, using one battery, two battery, four batteries configuration and all of them swapping with one million batteries on the network interoperable.

所以，與其說是發布一款車型，不如說是可用性發布。 Gogoro 一直以來都視自身和策略為開放平台，致力於實現多品牌間的互通性。如今，我們的平台上有超過 10 個品牌的車輛，提供超過 47 種不同的 SKU，涵蓋從輕型車輛到重型車輛的各種車型，它們使用單電池、雙電池或四電池配置，並且所有車輛都可在網路上進行交換，實現一百萬個電池的互操作。

So, we're the largest battery swapping network I think on the planet today and we're excited to bring that long kind of proven platform to a place like India and then, of course, our pilot in Indonesia has been running well with the Gojak rider in Jakarta and we're looking to grow that higher and grow that market as well.

因此，我認為我們是當今地球上最大的電池交換網絡，我們很高興將這種經過長期驗證的平台帶到印度這樣的地方，當然，我們在印度尼西亞的試點項目與雅加達的 Gojak 騎手一起運行良好，我們希望進一步發展並擴大這個市場。

Okay. Understood. Thank you.

好的。明白了。謝謝。

Other questions? As a reminder, to ask question, please press star one, one. There are currently no questions from the phone. I'll hand the call back to the management. Please continue.

還有其他問題嗎？提醒一下，要問，請按星號 1，1。目前電話裡沒有問題。我會把電話轉回管理階層。請繼續。

Okay. Thank you. This concludes our question and answer session. I'd like to turn the conference back over to Horace and Bruce for any closing remarks.

好的，謝謝。我們的問答環節到此結束。現在請Horace和Bruce最後總結發言。

Great. Thanks, Michael. Well, as Bruce said, Q3 was one where vehicle business followed the overall market. We executed to our plan and our business continues to accumulate into a healthy revenue growth due to the unique nature of our business model. There's a lot going on and we're launching pilots overseas, focus on growth, developing new products and new vehicles with our existing and new partners. We're excited to continue to develop sustainability technology to world and help solve one of the biggest challenges facing our generation. Our fundamental belief is our business model and our business model (inaudible) and change. The question is not whether a transition to electrical vehicles will occur, but how quickly and how can we help. Thank you to everyone for attending today's call.

太好了。謝謝，麥可。正如布魯斯所說，第三季的汽車業務跟隨整體市場走勢。我們執行了計劃，並且由於我們獨特的商業模式，我們的業務持續積累，實現了健康的收入成長。我們正在進行許多工作，我們正在海外啟動試點項目，專注於成長，並與現有和新的合作夥伴共同開發新產品和新車型。我們很高興能夠繼續將永續發展技術推向世界，並幫助解決我們這一代面臨的最大挑戰之一。我們的基本信念是我們的商業模式以及我們的商業模式（聽不清楚）和變革。問題不在於電動車的轉型是否會發生，而是我們能以多快的速度以及如何提供幫助。感謝各位參加今天的電話會議。

That does conclude today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。現在可以掛斷電話了。