Gogoro Inc (GGR) 2023 Q1 法說會逐字稿

Welcome to the Gogoro Inc. 2023 Q1 Earnings Call. This session will be recorded.

歡迎來到 Gogoro Inc. 2023 年第一季度財報電話會議。此會話將被記錄。

I'd 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，他將讓我們開始。

Thanks, operator, and thanks to 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 first quarter 2023 earnings call. Hopefully, by now, you've seen our earnings release. If you haven't, it is available on the Investor Relations tab of our website, investor.gogoro.com. We will also be displaying the materials on the webcast screen as we go.

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，很高興歡迎您參加我們 2023 年第一季度的財報電話會議。希望到現在為止，您已經看到了我們的收益發布。如果您還沒有，可以在我們網站 investor.gogoro.com 的“投資者關係”選項卡上找到。我們還將在進行時在網絡廣播屏幕上顯示這些材料。

We're looking forward to sharing our Q1 results as well as providing guidance on what we're seeing as the outlook for 2023. But 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一季度業績，並就我們所看到的 2023 年前景提供指導。但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，並提供了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 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. After Horace has given a brief overview of Gogoro and some of the business highlights from Q1, Bruce will go a bit deeper into the Q1 financial results.

謝謝，布魯斯。我相信你們都期待著代表 Gogoro 聽取 Horace 和 Bruce 的意見。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。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 和第一季度的一些業務亮點之後，Bruce 將更深入地介紹第一季度的財務業績。

During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our first quarter 2023 results, 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 relating 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 its growth in overseas markets, statements related to the potential of our strategic collaborations, partnerships and joint ventures, statements regarding regulatory developments and our plans, prospects and expectations.

在電話會議期間，我們將就適用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 2023 年第一季度業績的聲明、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、預測市場機會和市場份額，我們的潛在增長，與 COVID-19 大流行的預期影響相關的聲明，供應鏈問題和公司面臨的其他不利因素，公司的業務計劃，包括其擴張計劃，公司對其增長的預期在海外市場，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，與監管發展和我們的計劃、前景和期望有關的聲明。

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 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. Thanks for joining our call today. We're pleased to have this opportunity to meet with you and provide an update on the first quarter 2023 results and guidance for the rest of 2023. 2022 was a transformational year for Gogoro as we migrated from being a private company to a public company. We have now been a public company for just a little bit over a year and 2023 is already shaping up to be a year of both immense opportunities but also some challenges.

謝謝，布魯斯和邁克爾。感謝您今天加入我們的電話會議。我們很高興有機會與您會面，並提供 2023 年第一季度業績的最新情況和 2023 年剩餘時間的指導。2022 年是 Gogoro 轉型的一年，因為我們從一家私營公司轉變為一家上市公司。我們現在成為一家上市公司僅一年多一點，2023 年已經成為既充滿巨大機遇又充滿挑戰的一年。

The macro operating environment is certainly more challenging than the past few years, but we believe our solutions for clean and sustainable urban mobility will enable Gogoro to continue to be successful. Our battery swapping platform, partnered ecosystem and [energy's] grid integration combined with our people and culture provide unique advantages that will allow us to successfully grow in Taiwan and internationally.

宏觀經營環境肯定比過去幾年更具挑戰性，但我們相信我們的清潔和可持續城市交通解決方案將使 Gogoro 繼續取得成功。我們的電池交換平台、合作生態系統和 [能源] 電網整合與我們的員工和文化相結合，提供了獨特的優勢，使我們能夠在台灣和國際上成功發展。

In Taiwan, 2023 is expected to be the first year since 2020, not substantially impacted by COVID in one way or another. Various restrictions have been lifted during Q1, but comparisons between 2023 and 2022 will be difficult to make given the COVID impact during 2022 and preceding years. We have projected the Taiwan market to be roughly flat in 2023, both from the standpoint of total ICE vehicles sold as well as electric vehicles sold.

在台灣，預計 2023 年將是自 2020 年以來的第一年，不會以某種方式受到 COVID 的重大影響。第一季度取消了各種限制，但鑑於 2022 年及前幾年的 COVID 影響，很難對 2023 年和 2022 年進行比較。我們預計 2023 年台灣市場將大致持平，無論是從售出的內燃機汽車總量還是電動汽車銷量來看。

Our Q1 financial results were as anticipated with a little volume downside. While the overall 2-wheeler market grew in Taiwan, unit sales of Gogoro and partner-branded vehicles were down slightly. The total number of registered scooter was 177,000, up 9.8% from 161,000 in Q1 of 2022. As mentioned, any comparison to 2022 or earlier years is difficult as there were a variety of COVID lockdowns throughout the year, which makes either year-on-year or quarter-on-quarter comparisons difficult. It is not yet clear whether this slight increase in Q1 is a short-term market increase of whether full year 2023 sales will likewise outstrip 2022 vehicle sales.

我們的第一季度財務業績符合預期，但銷量略有下降。雖然台灣整體兩輪車市場有所增長，但 Gogoro 和合作夥伴品牌汽車的銷量略有下降。註冊滑板車總數為 177,000 輛，比 2022 年第一季度的 161,000 輛增長了 9.8%。如前所述，與 2022 年或更早年份的任何比較都很難，因為全年都有各種 COVID 封鎖，這使得無論是同比年度或季度環比比較困難。目前尚不清楚第一季度的這種小幅增長是否是 2023 年全年銷量是否同樣會超過 2022 年汽車銷量的短期市場增長。

You may recall, in 2022, the market was at 7-year low of approximately 735,000 units. We believe this Q1 increase in the overall market is the result of post-COVID return in consumer spending. But again, it is unclear within this volume trend will be maintained throughout 2023. In these challenging economic times, customers tend to revert to price consciousness and conservative purchase patterns. ICE scooter pricing has been extremely aggressive in Q1. And as a result, some consumers have purchased ICE vehicles rather than making the switch to cleaner electric solutions.

您可能還記得，在 2022 年，市場處於約 735,000 套的 7 年低點。我們認為第一季度整體市場的增長是 COVID 後消費者支出回歸的結果。但同樣，目前尚不清楚這一銷量趨勢是否會在整個 2023 年保持。在這些充滿挑戰的經濟時代，客戶往往會回歸價格意識和保守的購買模式。 ICE 滑板車定價在第一季度非常激進。因此，一些消費者購買了內燃機汽車，而不是轉向更清潔的電動解決方案。

The total number of registered electric scooters in Q1 in Taiwan was 16,741 units, down slightly from 17,065 units in Q1 of 2022. Of these electric scooters, approximately 13,000 were Gogoro and partner brands and 10,593 units were Gogoro branded. While volumes of Gogoro and partner-branded vehicles were down, we attribute this to a number of contributing factors. First, the delay in city-level subsidy communication. The last major city to announce this subsidies program was made only last month. And secondly, the emergence of a number of new fuel-efficient ICE vehicles and substantial marketing from large OEMs behind these vehicles.

台灣第一季度註冊的電動滑板車總數為 16,741 輛，略低於 2022 年第一季度的 17,065 輛。在這些電動滑板車中，約 13,000 輛是 Gogoro 和合作夥伴品牌，10,593 輛是 Gogoro 品牌。雖然 Gogoro 和合作夥伴品牌汽車的銷量下降，但我們將其歸因於許多因素。一是市級補貼溝通滯後。上一個宣布這項補貼計劃的主要城市是上個月才公佈的。其次，許多新型節能內燃機汽車的出現以及這些汽車背後的大型原始設備製造商的大量營銷活動。

Additionally, a new heavily marketed low-cost, low-power electric moped in the entry market segment attract customer attention and demand in the market. We currently don't have a product offering in this new e-moped category, but have plans to introduce a number of new products in the second half of 2023. When viewed on a like-for-like 100 cc to 125 cc performance basis, market share for Gogoro and our partners for Q1 2023 was 80.6% of all electric vehicles sold in Taiwan.

此外，在入門級細分市場中大量銷售的新型低成本、低功率電動輕便摩托車吸引了客戶的關注和市場需求。我們目前沒有提供這種新型電動助力車類別的產品，但計劃在 2023 年下半年推出一些新產品。如果以 100 cc 至 125 cc 的同類性能為基礎進行查看，Gogoro 和我們的合作夥伴在 2023 年第一季度的市場份額佔台灣所有電動汽車銷量的 80.6%。

We encourage competition in the Taiwan 2-wheel electric vehicle market. It serves to expand the market and drive innovation. The fact that other companies are adopting battery swapping technology further proves that the market for electric 2-wheelers is best served with battery swapping solutions. As a leader in this space, we welcome healthy competition and remain dedicated to providing sustainable, efficient and convenient modes of urban mobility that benefits both our customers and the environment.

我們鼓勵台灣兩輪電動車市場的競爭。它有助於擴大市場和推動創新。其他公司正在採用電池更換技術的事實進一步證明，電動兩輪車市場最好採用電池更換解決方案。作為該領域的領導者，我們歡迎良性競爭，並致力於提供可持續、高效和便捷的城市交通方式，造福於我們的客戶和環境。

We welcome the Taiwan government's extension of a subsidy program for the purchase of electric two-wheelers. Each consumer can get a new TWD7,000 or USD230 subsidy from the central government as well as additional subsidies from local city level government and for replacing an aging vehicle with an electric scooter. These subsidies, while not central to our business model to help consumers make a transition to electric mobility. In order for Taiwan and other countries to hit their electrification targets, a constant predictable commitment to electrification in the forms of specific incentive programs and electrification policies is necessary. Despite any periodic short-term challenges or hurdles we encounter, we believe that the shift towards electric vehicles is inevitable and will happen both in Taiwan and in other markets.

我們歡迎台灣政府延長購買電動兩輪車的補貼計劃。每位消費者可以獲得中央政府新台幣 7,000 美元或 230 美元的補貼，以及地方市級政府的額外補貼，以及用電動滑板車更換老化車輛的補貼。這些補貼雖然不是我們幫助消費者過渡到電動汽車的商業模式的核心。為了讓台灣和其他國家實現其電氣化目標，需要以特定激勵計劃和電氣化政策的形式對電氣化做出持續可預測的承諾。儘管我們會遇到週期性的短期挑戰或障礙，但我們相信轉向電動汽車是不可避免的，台灣和其他市場都會發生。

Our Gogoro network continues to grow. We now have over 540,000 riders and have deployed more than 1.1 million smart batteries at over 1,200 battery swapping cabinets at approximately 2,400 locations across Taiwan. As has been the case throughout Gogoro's history, the total number of subscribers in the first quarter continues to grow quarter-on-quarter, mirroring the total number of vehicles that Gogoro and our [PDGM] partner sells. The model remains the same. A customer can buy any vehicle they like, brand, styling, motor size, performance, et cetera. And they then become subscribers to the Gogoro network and join our accumulating subscriber base in making a monthly payment for this service. This payment amount depends largely on the behavior of a particular customer on a monthly basis. So each country pricing and financial model will be different based on customer riding range, the mix of B2C and B2B riders as well as different tariff plans that we charge. The current average revenue per rider is just above $20 for a subscriber in Taiwan with the vast majority of the subscriber using their vehicle for personal commute.

我們的 Gogoro 網絡不斷發展壯大。我們現在擁有超過 540,000 名騎手，並在台灣約 2,400 個地點的 1,200 多個電池交換櫃中部署了超過 110 萬個智能電池。正如 Gogoro 歷史上的情況一樣，第一季度的訂戶總數繼續環比增長，反映了 Gogoro 和我們的 [PDGM] 合作夥伴銷售的車輛總數。該模型保持不變。客戶可以購買他們喜歡的任何車輛、品牌、款式、發動機尺寸、性能等等。然後他們成為 Gogoro 網絡的訂戶，並加入我們不斷積累的訂戶群，每月為此服務付費。該付款金額在很大程度上取決於特定客戶每月的行為。因此，每個國家/地區的定價和財務模式將根據客戶的騎行範圍、B2C 和 B2B 騎手的組合以及我們收取的不同關稅計劃而有所不同。目前台灣用戶每位騎手的平均收入略高於 20 美元，其中絕大多數用戶使用他們的車輛進行個人通勤。

In international markets, we expect an increased mix of B2B riders and an increased mileage range among typical B2C users. We continue to see very little falloff from our network users. Even if a vehicle is sold into the secondhand market, the buyer of that vehicle becomes a subscriber of the Gogoro network. Since 2015, Gogoro has successfully completed over 460 million battery swaps with approximately 410,000 individual battery swap daily, displace 287 million liters of gas and avoided 603 million kilograms of CO2 emissions. We've done this safely and at scale for a number of years, accumulating experience, data and fine-tuning our network for international deployment.

在國際市場上，我們預計 B2B 騎手的組合會增加，典型 B2C 用戶的里程範圍也會增加。我們繼續看到網絡用戶的衰減很小。即使車輛被賣到二手市場，該車輛的買家也會成為 Gogoro 網絡的用戶。自 2015 年以來，Gogoro 已成功完成超過 4.6 億次電池更換，每天更換約 410,000 次電池，置換了 2.87 億升氣體，避免了 6.03 億公斤二氧化碳排放。多年來，我們已經安全、大規模地完成了這項工作，積累了經驗、數據，並對我們的網絡進行了國際部署微調。

Our network collects real-world data on riding distance and power consumption, and we're able to accurately calculate the total CO2 emissions from Gogoro vehicles. In general, if a gasoline-powered 2-wheeler vehicle is replaced by an electric vehicle, emissions are reduced by over 80% of current level of CO2 emission from an average gasoline ICE vehicle. Our impact report highlights our ongoing commitment and progress in sustainability, which is available for view on our website. We have deployed this network and built an extensive and smart management system to make every vehicle more sustainable. Our platform is able to monitor every battery, every swap and perform over-the-air upgrades to battery of vehicle software, optimizing the system for efficiency while extending lifespan of the battery. These batteries also enable the growth of sustainable urban areas.

我們的網絡收集有關騎行距離和功耗的真實數據，我們能夠準確計算出 Gogoro 車輛的二氧化碳排放總量。一般來說，如果用電動汽車代替汽油驅動的兩輪車，排放量將比普通汽油內燃機汽車目前的二氧化碳排放量減少 80% 以上。我們的影響報告強調了我們在可持續發展方面的持續承諾和進展，可在我們的網站上查看。我們已經部署了這個網絡，並建立了一個廣泛的智能管理系統，使每輛車都更具可持續性。我們的平台能夠監控每一個電池、每一次更換，並對車輛軟件的電池進行無線升級，優化系統以提高效率，同時延長電池的使用壽命。這些電池還可以促進可持續城市地區的發展。

Together with partners, we are building a range of smart city solutions and applications that include battery swapping, smart electric vehicles, smart sharing mobility, AIoT devices, decentralized energy storage and demand response services. Our batteries are now powering thousands of devices serving non-mobility customers as well. With the announcement of the commercialization of our partnership with Enel X, we can now add a potential substantial future revenue stream as well as broadly deploy a new use case for swappable smart connected Gogoro battery packs.

我們正在與合作夥伴一起構建一系列智慧城市解決方案和應用程序，包括電池交換、智能電動汽車、智能共享出行、AIoT 設備、分散式儲能和需求響應服務。我們的電池現在也為服務於非移動客戶的數千台設備供電。隨著我們與 Enel X 合作夥伴關係商業化的宣布，我們現在可以增加潛在的可觀收入來源，並廣泛部署可更換智能連接 Gogoro 電池組的新用例。

We have always said not to think of Gogoro as only a hardware and vehicle company. In 2022, we initiated a pilot program in Taiwan together with Taipower and Enel X, the world's largest aggregator of power and demonstrated the use of our battery in Gogoro station as virtual power plants or VPP. After the successful pilot, we recently announced the commercial deployment of more than 2,500 cabinets at over 1,000 battery swapping locations. This is a significant milestone for Gogoro, and it's the world's first, as this marks the beginning of a new era of smart energy infrastructure.

我們一直說不要將 Gogoro 視為一家硬件和汽車公司。 2022 年，我們與台電和全球最大的電力聚合商 Enel X 一起在台灣啟動了一項試點計劃，並展示了在 Gogoro 站使用我們的電池作為虛擬發電廠或 VPP。在試點成功後，我們最近宣佈在 1000 多個電池更換地點進行 2500 多個機櫃的商業部署。這是Gogoro的一個重要里程碑，也是全球首創，標誌著智能能源基礎設施新時代的開始。

The VPP technology enables and support great efficiency and stability, returning energy to the grid when demand is high and pause charging during great imbalance without interrupting the service for the riders. Gogoro's battery swapping energy load is aggregated by Enel X VPP to support high power company energy trading platform for anxilary services. This platform enables companies like Gogoro to actively participate in energy trading and contribute to the overall energy supply in Taiwan. This collaboration with Enel X marks a significant step for Gogoro's network in our evolution as an energy innovation technology company.

VPP 技術實現並支持高效率和穩定性，在需求高時將能量返回電網，並在嚴重不平衡時暫停充電，而不會中斷為騎手提供的服務。 Gogoro 的換電能源負荷由 Enel X VPP 聚合，以支持大功率公司能源交易平台的輔助服務。該平台使像 Gogoro 這樣的公司能夠積極參與能源交易，為台灣的整體能源供應做出貢獻。與 Enel X 的合作標誌著 Gogoro 網絡在我們作為能源創新技術公司的發展過程中邁出了重要一步。

With plans to deploy more than 2,500 cabinets across 1,000 Go Stations locations by mid-2023. Our proactive participation in Taiwan renewable energy future and our role in the sustainable transformation of energy and mobility is clear. Our demonstrated technology and operational leadership is meaningful to the international governments. This energy infrastructure innovation is critically needed in the countries we are entering. Through the deployment of these technologies, our aim is to make a positive impact on the advancement of a more efficient and sustainable urban environment. This VPP use case can be deployed globally and is entirely new revenue stream for Gogoro, and indicates the strength and breadth of our product offering and a variety of businesses that stands from our ability to customize batteries and station performance and behaviors to a specific business use case.

計劃到 2023 年中期在 1,000 個 Go Stations 位置部署超過 2,500 個機櫃。我們積極參與台灣可再生能源的未來，以及我們在能源和流動性可持續轉型中的作用是顯而易見的。我們展示的技術和運營領導力對國際政府意義重大。我們正在進入的國家迫切需要這種能源基礎設施創新。通過部署這些技術，我們的目標是對建設更高效、更可持續的城市環境產生積極影響。這個 VPP 用例可以在全球部署，是 Gogoro 的全新收入來源，表明我們產品供應的實力和廣度以及我們根據特定業務用途定制電池和站點性能和行為的能力所代表的各種業務案件。

The transition to electric mobility is already underway. And increasingly, the battery swapping approach that Gogoro pioneered is being adopted. For many, this transition to electric presents the chance for a cleaner future versus the current state of 2-wheeler pollution in large urban centers of the world. We continue to be heavily invested in helping to solve the urban mobility challenges with the cleanest and most efficient battery swapping system available and then extend the use of that network to additional use cases. While virtually all of our competitive markets have a long history of dependence on gas-powered internal combustion engine vehicles, we are confident the acceleration in affordability, reliability and range of vehicles that are electric will speed the replacement of older technology with cleaner electric-based solutions.

向電動汽車的過渡已經在進行中。 Gogoro 開創的電池更換方法越來越多地被採用。對於許多人來說，這種向電動汽車的過渡為更清潔的未來提供了機會，而不是目前世界大城市中心的兩輪車污染狀況。我們繼續投入大量資金，以提供最清潔、最高效的電池更換系統來幫助解決城市交通挑戰，然後將該網絡的使用擴展到其他用例。雖然幾乎我們所有的競爭市場都有長期依賴燃氣動力內燃機汽車的歷史，但我們相信電動汽車的可負擔性、可靠性和範圍的加速將加速用更清潔的電動汽車取代舊技術解決方案。

Whenever there is a short-term headwind of any kind, we remember that the long arc of history clearly points towards both electrification as well as battery swapping. A critical focus area for Gogoro in 2023 is international expansion. I'm thrilled with the reception we've been receiving in new markets from governments, customers and partners, and Bruce will walk you through that progress and our plans.

每當出現任何類型的短期逆風時，我們都記得，漫長的歷史弧線明確指向電氣化和電池更換。 Gogoro 在 2023 年的一個關鍵重點領域是國際擴張。我很高興我們在新市場上受到政府、客戶和合作夥伴的歡迎，Bruce 將向您介紹這一進展和我們的計劃。

Thanks, Horace. We've made good progress and launched 3 pilots since we last reported earnings. Before I give market specifics, let me go into a bit of detail regarding expanding via B2B as a starting point in international markets and specifically why we believe B2B is a great starting point for India. The adoption of electric 2-wheel vehicles is gaining popularity as a sustainable solution for urban transportation, particularly in congested cities and particularly among B2B riders. The sheer distances driven daily by B2B riders makes the focus on converting them to clean solutions and imperative. And many city governments are making steps towards banning the use of ICE vehicles in B2B services.

謝謝，賀拉斯。自上次報告收益以來，我們取得了良好進展並啟動了 3 個試點。在我給出市場細節之前，讓我詳細介紹一下有關通過 B2B 擴展作為國際市場起點的細節，特別是為什麼我們認為 B2B 是印度的一個很好的起點。作為城市交通的可持續解決方案，電動兩輪車的採用越來越受歡迎，特別是在擁擠的城市，尤其是在 B2B 騎手中。 B2B 騎手每天駕駛的絕對距離使得將他們轉化為清潔解決方案成為當務之急。許多城市政府正在採取措施禁止在 B2B 服務中使用內燃機車輛。

Electric vehicles have lower greenhouse gas emissions and reduced noise pollution within a city. The challenge that B2B riders have always experienced with electric vehicles is the amount of time that charging takes and the range anxiety given the amount of time and space required for charging an electric vehicle. When Gogoro's battery swapping solutions are deployed, this charging location and time issue as well as range anxiety concerns are effectively addressed as battery swaps occur in a matter of seconds. Simultaneously, concerns about battery volatility under charge are addressed via our ability to charge batteries in our Go Stations at the optimal time and temperature to maximize for safety.

電動汽車的溫室氣體排放量更低，城市內的噪音污染也更少。 B2B 騎手在使用電動汽車時一直面臨的挑戰是充電所需的時間量以及考慮到為電動汽車充電所需的時間和空間量而產生的續航里程焦慮。當部署 Gogoro 的電池交換解決方案時，這種充電位置和時間問題以及範圍焦慮問題將得到有效解決，因為電池交換發生在幾秒鐘內。同時，通過我們能夠在最佳時間和溫度為 Go Stations 中的電池充電以最大限度地提高安全性，解決了對電池充電不穩定的擔憂。

Provided we launched these services at roughly price parity to gas on a per kilometer basis, the feedback we received from B2B riders, delivery platforms and demand aggregators is overwhelmingly positive. In Taiwan, B2B delivery riders are using Gogoro-powered vehicles for their daily deliveries. Given the distances they ride daily and the constant power they need, B2B riders are the best customers for pilot programs and early adoption of Gogoro technology in new markets. These pilots give us the opportunity to tailor our vehicles and test road and climate conditions to meet market needs. As proof points increase, Gogoro can scale its network and grow with just-in-time CapEx deployment. We intend to finance network expansion in overseas markets with both global and local partners to remain relatively asset light.

如果我們以每公里與汽油大致平價的價格推出這些服務，我們從 B2B 騎手、交付平台和需求聚合商那裡收到的反饋非常積極。在台灣，B2B 送貨員正在使用 Gogoro 驅動的車輛進行日常送貨。考慮到他們每天騎行的距離和他們需要的持續動力，B2B 騎手是試點項目和在新市場早期採用 Gogoro 技術的最佳客戶。這些試點讓我們有機會定制我們的車輛並測試道路和氣候條件以滿足市場需求。隨著證明點的增加，Gogoro 可以擴展其網絡並通過及時的資本支出部署實現增長。我們打算與全球和本地合作夥伴一起為海外市場的網絡擴張提供資金，以保持相對輕資產。

In these new markets, we are working with delivery platforms and aggregators to accelerate the shift to EV and last mile deliveries. As we expand into the B2B market, we expect a variety of sales models in India. We have launched our pilot together with Zypp, who is a 100% electric vehicle demand aggregator. They work closely with a variety of large platform companies whose services range from food delivery to scooter taxis to grocery delivery, both large and last mile and other services. Zypp buys vehicles directly from Gogoro and leases them to riders, including insurance and maintenance services in the pricing. Energy services are provided by Gogoro and Zypp riders are all subscribers of the Gogoro network contributing quickly to our accumulating subscriber base in India.

在這些新市場中，我們正在與交付平台和聚合器合作，以加速向電動汽車和最後一英里交付的轉變。隨著我們向 B2B 市場擴張，我們預計印度會出現多種銷售模式。我們與 Zypp 一起啟動了我們的試點項目，Zypp 是一家 100% 電動汽車需求聚合商。他們與各種大型平台公司密切合作，這些公司的服務範圍從送餐到踏板車出租車到雜貨店送貨，包括大型和最後一英里以及其他服務。 Zypp 直接從 Gogoro 購買車輛並將其出租給騎手，定價中包括保險和維修服務。能源服務由 Gogoro 提供，而 Zypp 的所有用戶都是 Gogoro 網絡的用戶，他們迅速為我們在印度積累的用戶群做出貢獻。

Zypp is growing quickly, having already established a presence in a number of cities and increased both their fleet size and geographic presence. We expect to shift towards full commercialization of our pilot program with Zypp in the second half of 2023 as the pilot program matures.

Zypp 發展迅速，已經在許多城市建立了業務，並增加了車隊規模和地理分佈。隨著試點項目的成熟，我們預計將在 2023 年下半年轉向 Zypp 試點項目的全面商業化。

The separate 3-way partnership between Gogoro, Zomato and Kotak Mahindra Prime Bank is a significant step towards accelerating the adoption of EV scooters in India. With more than 300,000 delivery partner riders, Zomato is a major player in the food ordering and delivery industry in India. The introduction of a vehicle purchase program for delivery partners onboarded with Zomato, along with favorable loan terms will make it easier and more affordable for them to transition to EVs. As the only food ordering and delivery platform committed to the Climate Group's EV100 initiative, Zomato's commitment to transition to 100% electric base deliveries by 2030 is commendable, and we are proud to be a part -- play a part in the process.

Gogoro、Zomato 和 Kotak Mahindra Prime Bank 之間單獨的三方合作夥伴關係是朝著加速電動滑板車在印度的採用邁出的重要一步。 Zomato 擁有超過 300,000 名送貨合作夥伴，是印度食品訂購和送貨行業的主要參與者。為加入 Zomato 的送貨合作夥伴推出車輛購買計劃，以及優惠的貸款條件，將使他們更容易、更實惠地過渡到電動汽車。作為唯一致力於氣候組織 EV100 倡議的食品訂購和配送平台，Zomato 承諾到 2030 年過渡到 100% 電動基礎配送是值得稱讚的，我們很自豪能參與其中——在這個過程中發揮作用。

With India's electric vehicle market experiencing a remarkable 58% growth, we see a huge potential for us to make a positive impact in the India EV industry. Two-wheelers make up over 70% of all vehicles present on the roads in India with an additional 10% being 3-wheelers. Last year, these 2 categories constituted a significant 92% of the registered electric vehicles in India. Electric vehicles accounted for 4% of the 16 million 2-wheelers sold in 2022, up from 1% in the previous year, while about 40% of the 3-wheelers sold in 2022 were electric. Government incentives for both manufacturers and consumers have been a major driver of this growth with subsidies from both national and state governments.

隨著印度電動汽車市場經歷了 58% 的驚人增長，我們看到了我們在印度電動汽車行業產生積極影響的巨大潛力。兩輪車佔印度道路上所有車輛的 70% 以上，另外還有 10% 是三輪車。去年，這兩個類別佔印度註冊電動汽車的 92%。在 2022 年售出的 1600 萬輛兩輪車中，電動汽車佔 4%，高於上一年的 1%，而在 2022 年售出的三輪車中，電動汽車約佔 40%。政府對製造商和消費者的激勵措施是這種增長的主要驅動力，國家和州政府都提供補貼。

The Indian government aims for EVs to make up 80% of 2- and 3-wheelers on road by 2030. While this growth rate seems impressive, supporting it with the traditional battery charging model will be challenging. The amount of charging infrastructure that would be required, both from the standpoint of charge locations as well as the unpredictable tax that charging creates on the power grid would make battery swapping a much better solution for large-scale urban adoption. To support this growth, we are growing in India. We have substantially increased our employee base in India and now have employees across most business functions: product development, supply chain management, manufacturing, business development as well as a variety of support staff from central functions. We'll continue to invest to grow our footprint in India and help India and local companies in their electrification journey. We welcome the opportunity to work with many different partners.

印度政府的目標是，到 2030 年，電動汽車佔道路行駛的 2 輪和 3 輪車輛的 80%。雖然這一增長率看起來令人印象深刻，但用傳統的電池充電模式來支持電動汽車將具有挑戰性。從充電地點的角度以及充電對電網產生的不可預測的稅收來看，所需的充電基礎設施數量將使電池交換成為大規模城市採用的更好解決方案。為了支持這種增長，我們正在印度發展。我們大幅增加了在印度的員工數量，現在大多數業務職能部門都有員工：產品開發、供應鏈管理、製造、業務開發以及來自中心職能部門的各種支持人員。我們將繼續投資以擴大我們在印度的足跡，並幫助印度和當地公司踏上電氣化之旅。我們很高興有機會與許多不同的合作夥伴合作。

In another country milestone, which occurred in April, we launched a pilot in the Philippines with market leader Globe, Globe's 917 Ventures and the Ayala Group to provide Gogoro smart scooter and battery swapping services in the Philippines, and we expect to have vehicles available for both B2B and B2C consumers in the second half of 2023. The 2-wheeler market in the Philippines is quite large, typically approximately 2 million units per year or 3x the size of the Taiwan market.

在 4 月份發生的另一個國家里程碑中，我們與市場領導者 Globe、Globe 的 917 Ventures 和 Ayala Group 在菲律賓啟動了一項試點，以在菲律賓提供 Gogoro 智能踏板車和電池更換服務，我們預計車輛可用於B2B 和 B2C 消費者在 2023 年下半年均如此。菲律賓的兩輪車市場相當大，通常每年約 200 萬輛，是台灣市場規模的 3 倍。

In Singapore, Gogoro and Jardine Cycle & Carriage Singapore have partnered with food delivery platform, foodpanda, for a battery swapping pilot that will support smart electric 2-wheel vehicles for last-mile deliveries. Gogoro and Cycle & Carriage were awarded a battery swapping sandbox pilot for electric 2-wheel vehicles by Singapore's Land Transit Authority. Insights from the trial are being used to guide next steps to accelerate the adoption of sustainable mobility.

在新加坡，Gogoro 和 Jardine Cycle & Carriage Singapore 與食品配送平台 foodpanda 合作開展電池更換試點，支持智能電動兩輪車輛進行最後一英里配送。 Gogoro 和 Cycle & Carriage 被新加坡陸路交通管理局授予電動兩輪車電池交換沙盒試點。從試驗中獲得的見解正被用於指導後續步驟，以加速採用可持續移動性。

We're excited about these specific pilot programs and the transition they represent to clean mobility in many countries. Although our international markets have not yet contributed significantly to our revenue for this year, we're dedicated to building a strong foundation for growth in these areas. We remain committed to R&D investments to develop and diversify our product portfolio to meet the right price points in the international markets and to ensure that we are well positioned to capitalize on these opportunities. The key to expansion in these countries is vehicle cost and energy plan cost to consumer. These markets, including consumers and partners are extremely cost conscious.

我們對這些具體的試點項目以及它們代表的許多國家向清潔交通的過渡感到興奮。儘管我們的國際市場尚未為我們今年的收入做出重大貢獻，但我們致力於為這些領域的增長奠定堅實的基礎。我們仍然致力於研發投資，以開發和多樣化我們的產品組合，以滿足國際市場上合適的價格點，並確保我們有能力利用這些機會。在這些國家擴張的關鍵是消費者的車輛成本和能源計劃成本。這些市場，包括消費者和合作夥伴，都非常注重成本。

I'm pleased that we're making great progress on developing vehicles that will hit the price points required for these markets. Depending on vehicle power, range and other factors, vehicles must be priced between about USD1,000 and USD1,500 per vehicle. We target to launch vehicles that are competitive to other ICE and electric products in the market in the second half of 2023 for each of the markets mentioned. We'll continue to provide updates as we can and plan for a variety of announcements over the coming months as these vehicles and services launch more broadly.

我很高興我們在開發能夠達到這些市場所需價格點的車輛方面取得了巨大進展。根據車輛功率、續航里程和其他因素，車輛的價格必須在每輛車 1,000 美元到 1,500 美元之間。我們的目標是在 2023 年下半年針對上述每個市場推出與市場上其他內燃機和電動產品具有競爭力的車輛。隨著這些車輛和服務的更廣泛推出，我們將繼續盡可能提供更新，併計劃在未來幾個月內發佈各種公告。

With that background, let me give you some details about our first quarter financial performance. Q1 revenues were consistent with historic seasonality and our own internal projections. We have intentionally taken a conservative view of Taiwan market growth, whether because consumer sentiment might slow due to macroeconomic challenges or because the ICE OEMs compete aggressively for customers. We do not expect much growth in overall or electric vehicle sales in 2023 and have forecasted accordingly. In the second half of the year, we do expect sales of vehicles internationally and should see an associated pickup in revenue in the second half. The Gogoro network growth is consistent with an accumulating subscriber base.

在這種背景下，讓我向您介紹我們第一季度財務業績的一些細節。第一季度的收入與歷史季節性和我們自己的內部預測一致。我們有意對台灣市場增長持保守觀點，無論是因為消費者信心可能因宏觀經濟挑戰而放緩，還是因為內燃機原始設備製造商為爭奪客戶而展開激烈競爭。我們預計 2023 年整體或電動汽車銷量不會有太大增長，並做出了相應預測。今年下半年，我們確實預計汽車在國際上的銷量將在下半年出現相關的收入回升。 Gogoro 網絡的增長與不斷積累的用戶群一致。

For the first quarter, revenue was $79.3 million, down 16% year-over-year and down 8.8% year-over-year on a constant currency basis. Had the foreign exchange rates remain consistent with the average rate of the same quarter last year, revenue would have been up by an additional $6.8 million. Sales of hardware and other revenue for the quarter were $47 million, down 27% year-over-year and down 21.5% year-over-year on a constant currency basis. For the entire powered 2-wheeler market sales in Taiwan for the first quarter were up 9.8% year-over-year, while electric scooter sales were down 1.9% compared to the same quarter last year. The growth in the powered 2-wheeler market was driven by substantial sales of new, heavily marketed, low-priced and fuel-efficient internal combustion engine scooter models launched in January 2023.

第一季度，收入為 7930 萬美元，同比下降 16%，按固定匯率計算同比下降 8.8%。如果外匯匯率與去年同期的平均匯率保持一致，收入將額外增加 680 萬美元。本季度硬件銷售額和其他收入為 4700 萬美元，同比下降 27%，按固定匯率計算同比下降 21.5%。第一季度台灣整個動力兩輪車市場銷量同比增長 9.8%，而電動滑板車銷量同比下降 1.9%。動力兩輪車市場的增長是由 2023 年 1 月推出的新的、暢銷的、低價的和省油的內燃機踏板車模型的大量銷售推動的。

Gogoro vehicle sales volume decreased by 17.3% compared to the same quarter last year. This was driven by a combination of factors: delays in the announcement of city government subsidies, increases in internal combustion engine sales due to new product launches and aggressive pricing strategies, and in the case of Gogoro's sales drop, the emergence of the new, heavily marketed, low-cost, low-power electric moped in the entry market segment, which appeared to reduce Gogoro's market share. However, when viewed on a like-for-like performance basis, we maintained market share of 80.6%.

Gogoro汽車銷量與去年同期相比下降17.3%。這是由多種因素共同推動的：市政府補貼的宣布延遲、新產品發布和激進的定價策略導致內燃機銷量增加，以及在 Gogoro 銷量下降的情況下，新的、嚴重的在入門級市場銷售低成本、低功率的電動助力車，這似乎降低了 Gogoro 的市場份額。然而，當以同類業績為基礎查看時，我們保持了 80.6% 的市場份額。

Battery swapping service revenue for the first quarter was $32.3 million, up 9.8% year-over-year and up 19.2% year-over-year on a constant currency basis. Total subscribers at the end of the first quarter exceeded 538,000, up 15.2% from 467,000 subscribers at the end of the same quarter last year. Battery swapping service revenue increase was primarily due to our large subscriber base and the high retention rate of our subscribers. We continue to see the strength of our subscription-based business model to accrue new customers to maximize our battery swapping network efficiency.

第一季度電池更換服務收入為 3230 萬美元，同比增長 9.8%，按固定匯率計算同比增長 19.2%。第一季度末用戶總數超過53.8萬，比去年同期末的46.7萬用戶增長15.2%。電池更換服務收入的增長主要是由於我們龐大的用戶群和我們的用戶保留率高。我們繼續看到我們基於訂閱的商業模式的優勢，以吸引新客戶，以最大限度地提高我們的電池交換網絡效率。

For the first quarter, gross margin was 12.9%, down from 13.7% in the same quarter last year. And non-IFRS gross margin was 13.7%, down from 14.2% in the same quarter last year. The gross margin and non-IFRS gross margin declines were driven by a decrease in the average selling price of our product portfolio, together with higher production costs per vehicle as a result of lower volumes. The decline was partially offset by the improved cost efficiencies of Gogoro's battery swapping services operations.

第一季度，毛利率為 12.9%，低於去年同期的 13.7%。非 IFRS 毛利率為 13.7%，低於去年同期的 14.2%。毛利率和非國際財務報告準則毛利率下降的原因是我們產品組合的平均售價下降，以及由於銷量下降導致每輛車的生產成本上升。這一下降被 Gogoro 電池更換服務業務的成本效率提高所部分抵消。

For the first quarter, net loss was $40.6 million, up $18.9 million from $21.7 million in the same quarter last year. The increase in net loss was primarily due to an unfavorable change in the fair value of financial liabilities of $18.5 million. This increase in net loss was partially offset by the decrease in sales and marketing expenses as a result of a more targeted retail marketing campaign and reduced headcount compared to the same quarter last year.

第一季度，淨虧損為 4060 萬美元，比去年同期的 2170 萬美元增加了 1890 萬美元。淨虧損增加主要是由於 1850 萬美元金融負債的公允價值發生不利變化。與去年同期相比，由於更有針對性的零售營銷活動和員工人數減少，銷售和營銷費用的減少部分抵消了淨虧損的增加。

For the first quarter, adjusted EBITDA was $10.6 million, down from $13.5 million in the same quarter last year. The decrease was primarily the result of non-IFRS gross profit decreasing to $10.9 million, down 19% from $13.4 million in the same quarter last year due to reduced sales volumes. The decrease was partially offset by the continued growth of Gogoro's battery swapping services business in the first quarter.

第一季度，調整後的 EBITDA 為 1060 萬美元，低於去年同期的 1350 萬美元。減少的主要原因是非 IFRS 毛利下降至 1,090 萬美元，較去年同期的 1,340 萬美元下降 19%，原因是銷量下降。該下降部分被第一季度 Gogoro 電池更換服務業務的持續增長所抵消。

We reduced operating cash outflow by $19.2 million compared to the same quarter last year through a tightening of our business operations and reducing working capital. As we execute on our international expansion strategy, we continue to make investments for growth, including a $16.4 million equity investment; other operational investments in multiple expansion markets in the first quarter; and we'll continue to invest in growing our battery swapping infrastructure. We have paid back $17.7 million in bank loans in the first quarter as part of our effective working capital and financing cost management. With a $167.1 million cash balance at the end of the first quarter and additional credit facilities available, we believe we have sufficient sources of funding to meet our near-term business growth objectives.

通過收緊業務運營和減少營運資金，我們與去年同期相比減少了 1920 萬美元的經營現金流出。在執行我們的國際擴張戰略時，我們繼續進行增長投資，包括 1640 萬美元的股權投資；第一季度在多個擴張市場的其他運營投資；我們將繼續投資發展我們的電池更換基礎設施。作為有效營運資金和融資成本管理的一部分，我們在第一季度償還了 1770 萬美元的銀行貸款。憑藉第一季度末 1.671 億美元的現金餘額和額外的信貸額度，我們相信我們有足夠的資金來源來實現我們的近期業務增長目標。

For the full year 2023, we reiterate our outlook of revenue of $400 million to $450 million, and we continue to estimate that we will generate 90% to 95% of 2023 full year revenue from the Taiwan market.

對於 2023 年全年，我們重申 4 億至 4.5 億美元的收入前景，我們繼續估計 2023 年全年收入的 90% 至 95% 來自台灣市場。

With that financial update, I'll hand things back over to you, Michael.

隨著財務更新，我會把事情交還給你，邁克爾。

Thanks, Horace, and Bruce for the business update, details on financial results and forward guidance. As attendees are formulating their questions. I will ask 2 questions, which I think are likely on everyone's minds given what you just shared.

感謝 Horace 和 Bruce 提供業務更新、財務結果的詳細信息和前瞻性指導。當與會者提出他們的問題時。我會問 2 個問題，鑑於您剛剛分享的內容，我認為每個人都可能會想到這些問題。

Okay. The first question will be on international markets and operational issues. You've made a number of announcements about expansion. Which of the international markets do you anticipate to ramp this year and which has substantial future growth opportunities for Gogoro. The collaboration with Enel X to turn your swap of stations into virtual power plant sounds very interesting and could be a game changer. But can you elaborate on the technology behind this in more detail?

好的。第一個問題是關於國際市場和運營問題。你已經發布了一些關於擴展的公告。您預計今年哪些國際市場會出現增長，哪些對 Gogoro 來說具有巨大的未來增長機會。與 Enel X 合作將您的站點交換變成虛擬發電廠聽起來非常有趣，並且可能會改變遊戲規則。但是你能更詳細地闡述一下這背後的技術嗎？

Great. Thanks, Michael. I think this is important before I go into the specific markets in the question in Southeast Asia and also in India, it is important to really kind of understand our expansion process. I've always had a 3-step process in our global expansion. The first step, as you probably have witnessed in our most recent announcement, for example, we have announced 3 pilots just in Q1 and pilots before that last year. It is a 3-step process in which you start with the pilot where we understand and get data from end user feedback from the market locally. So we understand how to adjust our technology, adjust our product, adjust our offering and how to actually communicate our value proposition to the customer.

偉大的。謝謝，邁克爾。在我進入東南亞和印度的具體市場之前，我認為這很重要，真正了解我們的擴張過程很重要。在我們的全球擴張中，我一直有一個三步流程。第一步，正如您可能在我們最近的公告中看到的那樣，例如，我們在第一季度宣布了 3 個試點，並在去年之前宣布了試點。這是一個 3 步過程，您從試點開始，我們了解並從本地市場的最終用戶反饋中獲取數據。因此，我們了解如何調整我們的技術、調整我們的產品、調整我們的產品以及如何將我們的價值主張實際傳達給客戶。

And the second step in the process is to expand out and grow out the network via B2B business model, where a lot of these B2B riders are very much based on [how things spoke] on riding patterns, where there we can reliably and with a very, very predictable income build out the network. And only upon a successful buildup of a B2B network do we actually grow and expand into a B2C opportunity in those markets. A great example of that is actually in Korea, a market that maybe we don't talk about very much. Today, after a very successful pilot, 1 year, 1.5 years back, we have actually exited out of our second phase of our pilot. And now there's over 70 stations in Korea in cities -- across 8 cities, in cities like Seoul, Sejong and Daegu. Those cities are very heavily densely populated.

這個過程的第二步是通過 B2B 商業模式擴展和發展網絡，其中很多 B2B 騎手都非常基於 [how things speak] 騎行模式，在那裡我們可以可靠地和非常非常可預測的收入建立了網絡。只有在成功建立 B2B 網絡後，我們才能真正在這些市場中成長和擴展為 B2C 機會。這方面的一個很好的例子實際上是在韓國，一個我們可能不太談論的市場。今天，在 1 年、1.5 年前的一次非常成功的試點之後，我們實際上已經退出了我們試點的第二階段。現在在韓國的城市中有 70 多個車站——橫跨 8 個城市，位於首爾、世宗和大邱等城市。這些城市人口非常稠密。

Today, we have about 1,000 vehicles in Korea doing B2B delivery, including [on the] local DHL fleet with our battery swapping. And then we expect to have about 200 Go Stations by the end of this year to launch the B2C business with our partner. That's a great example as to how we took a 1, 2, 3 step process and reliably and predictably launch the network. Today, in the Philippines, in Singapore as well as in India as well as in Jakarta, Indonesia, with active pilot programs where we're just constantly gathering data, adjusting our design of our product to meet the local needs of those riders. And I hope that very quickly, you'll see in the second half as we launch vehicles in both the Philippines and also in India, 2 of the largest growing market in electric vehicles that they will actually prove out to be a very successful launch.

今天，我們在韓國有大約 1,000 輛汽車進行 B2B 交付，其中包括 [在] 本地 DHL 車隊中進行電池更換。然後我們預計到今年年底將有大約 200 個 Go Stations 與我們的合作夥伴一起推出 B2C 業務。這是一個很好的例子，說明我們如何採取 1、2、3 步驟過程並可靠且可預測地啟動網絡。今天，在菲律賓、新加坡、印度以及印度尼西亞雅加達，我們都在積極開展試點項目，不斷收集數據，調整我們的產品設計以滿足當地騎手的需求。我希望很快，你會在下半年看到我們在菲律賓和印度推出汽車，這兩個電動汽車增長最快的市場實際上將被證明是非常成功的推出。

When it comes to the Enel X technology that you asked about, the Enel X technology, there's really -- in our -- we've always started our company with a thesis that we're more than just a mobility service for our battery swapping network. As Bruce has defined it a little bit ago, it's really a virtual power plant, a distributed power plant all throughout the city. The first phase is -- it's also, again, a 3-phase process for us to realize that vision. The first phase was something we announced about 2 years ago, where we actually started doing demand response, where when the grid actually requires people to stop charging or stop using electricity, we can actually remotely command via the server and smart meter stations that actually have extra capacity to -- and enough for riders to come to actually stop using power from the grid. So that was Phase 1.

當談到您詢問的 Enel X 技術時，Enel X 技術，在我們的公司中，我們一直以這樣一個論點開始我們的公司，即我們不僅僅是電池更換的移動服務網絡。正如布魯斯剛才定義的那樣，它實際上是一個虛擬發電廠，一個遍布整個城市的分佈式發電廠。第一階段是 - 這也是我們實現該願景的一個三階段過程。第一階段是我們大約 2 年前宣布的，我們實際上開始做需求響應，當電網實際要求人們停止充電或停止用電時，我們實際上可以通過服務器和智能電錶遠程命令額外的容量——並且足以讓騎手真正停止使用電網的電力。這就是第一階段。

Phase 2 is really around demand response. About [30 tons] a day in the Taiwan grid, usually the grid balance of 60 hertz. And sometimes it goes to [59.88] hertz very specific, 59.8 megahertz. Our stations will then actually push power back for about an hour. We have about 150 megawatt of energy on standby to do that with the power company.

第二階段實際上是圍繞需求響應。台灣電網每天約有[30噸]，通常電網平衡為60赫茲。有時它會達到 [59.88] 赫茲，非常具體，59.8 兆赫茲。然後，我們的站點實際上會將電力恢復約一個小時。我們有大約 150 兆瓦的備用能源可以與電力公司一起使用。

And then our third phase and eventually, what we're going to do is actually do energy storage. With batteries are no longer capable of powering users to ride maybe with a family up a hill, but it's planning enough to actually serve as a power reserve, a large power reservoir for cities. And so we're into the Phase 2 with Enel X, and then we look to 1 day launch Phase 3 also as well as our capacity built margin. Now with that technology, we are definitely on the leading edge of this technology. It is a world's first. And it is a great conversation as we engage with different governments across the world such as India, Philippines, Indonesia and even Singapore, as we discussed with them, how we actually play a bigger role not just to serve as electrification of mobility, but also converting electricity to smart electricity as city grows in the future.

然後是我們的第三階段，最終，我們要做的實際上是儲能。電池不再能夠為用戶提供可能與家人一起上山的動力，但它的規劃足以實際用作動力儲備，一個城市的大型儲能器。因此，我們進入了 Enel X 的第 2 階段，然後我們期待 1 天啟動第 3 階段以及我們的產能利潤率。現在有了這項技術，我們絕對處於這項技術的前沿。這是世界上第一個。這是一次很棒的對話，因為我們與印度、菲律賓、印度尼西亞甚至新加坡等世界各地的不同政府進行了接觸，正如我們與他們討論的那樣，我們實際上如何發揮更大的作用，不僅要實現機動性的電氣化，還要隨著未來城市的發展，將電力轉換為智能電力。

I hope that answers your question, but we are -- our company is extremely focused on innovation and being a first mover in every category that we go into and look to these technologies to really materialize as we grow into much larger cities that, as Bruce mentioned, in India, for example, is 20x that of Taiwan in volume. And so we can only imagine the scale of the network and how much energy we can actually provide to electric grid as they transition from traditional electricity grid to now more efficient, smarter, more dynamic electric grid in the future.

我希望這能回答你的問題，但我們是——我們公司非常專注於創新，並且在我們進入的每個類別中都是先行者，並期待這些技術隨著我們發展到更大的城市而真正實現，就像 Bruce例如，在印度，數量是台灣的 20 倍。因此，我們只能想像網絡的規模，以及隨著電網從傳統電網過渡到現在更高效、更智能、更具活力的未來電網，我們實際上可以為電網提供多少能量。

Okay. Great. So the second question, we will go to is more on the financial side. Can you help reconcile the downtrend in EV unit sales with a bit of growth in the ICE market in Taiwan? Do you see this trend continuing in the latter part of 2023? It sounds like from the call, the downside was expected and cyclical in nature. But then do you foresee second quarter and the rest of the year playing out relative to Q1 and how that might impact your full year guidance of $400 million to $450 million? So if you can help us understand your comfort with that guidance that we appreciate it.

好的。偉大的。所以第二個問題，我們將更多地涉及財務方面。您能否幫助調和電動汽車銷量的下降趨勢與台灣內燃機市場的小幅增長？您是否認為這種趨勢會在 2023 年下半年繼續？從電話會議中聽起來，下行是預期的，並且是周期性的。但是，您是否預見到第二季度和今年剩餘時間相對於第一季度的表現，以及這將如何影響您 4 億至 4.5 億美元的全年指導目標？因此，如果您能幫助我們了解您對我們的指導感到滿意，我們將不勝感激。

Thanks, Michael. Q1 revenue was basically as we expected. Q1 is traditionally our smallest by volume seasonal quarter, both from a revenue standpoint as well as from a unit sales standpoint, typically contributing about 18% to 20% of full year revenue. So we're on track from that standpoint. Consumer sentiment in the first quarter due to all of the pressures in the macroeconomic environment, inflation and so on, also compounded by geopolitical pressure. We think that's what slowed purchases just a little bit. And in those challenging economic times, people tend to make conservative predictable choices in terms of how they spend their money. We do hope to see more people converting to electric in the second half -- in the second quarter and the second half of the year going forward.

謝謝，邁克爾。 Q1收入基本符合我們的預期。從收入和單位銷售的角度來看，第一季度傳統上是我們銷量最小的季節性季度，通常佔全年收入的 18% 至 20%。所以從這個角度來看，我們正在走上正軌。第一季度的消費者信心受到宏觀經濟環境、通脹等各種壓力的影響，還受到地緣政治壓力的影響。我們認為這只是稍微減緩了購買速度。在那些充滿挑戰的經濟時代，人們傾向於在如何花錢方面做出保守的可預測選擇。我們確實希望看到更多人在下半年——在第二季度和今年下半年——轉向電動汽車。

We do expect in the second half to gain growth from international vehicle sales as we -- as Horace said, begin to see markets shift from that first stage of pilot into a more B2B deployment model. And so we're comfortable with where we sit right now from our guidance of $400 million to $450 million, and we do expect things to continue to play out as anticipated in the back half of the year as well.

正如 Horace 所說，我們確實希望在下半年從國際汽車銷售中獲得增長，因為我們開始看到市場從試點的第一階段轉變為更多的 B2B 部署模式。因此，從 4 億美元到 4.5 億美元的指導，我們對目前的位置感到滿意，我們確實希望事情在今年下半年也能像預期的那樣繼續發揮作用。

All right. Thanks, Bruce. With that, operator, could you please open up the line for the Q&A session.

好的。謝謝，布魯斯。有了這個，接線員，你能打開問答環節嗎？

(Operator Instructions) Our first question comes from Ally Chen with UBS.

（操作員說明）我們的第一個問題來自瑞銀的 Ally Chen。

Can you hear me?

你能聽到我嗎？

We can hear you now.

我們現在可以聽到你的聲音了。

Okay. Thank you for sharing the progress of our alliances in each country. So I have a question for India. You just shared about the alliance with it. So how about the other alliances, can we have an update on the progress?

好的。感謝您分享我們在每個國家/地區的聯盟的進展。所以我有一個問題要問印度。你剛剛分享了與它的聯盟。那麼其他聯盟呢，我們可以了解最新進展嗎？

Thank you, Ally. This is Horace. So yes, as I said, as I mentioned, the first step is really to have a pilot that allow us to take lesson learned from these riders, learning how they use it, the low condition, the weather condition, the environmental issues such as dust, water, flood, et cetera, et cetera, we really educate us and our partners on what is needed to build a great product.

謝謝你，艾莉。這是賀拉斯。所以是的，正如我所說，正如我提到的，第一步真的是讓我們從這些騎手那裡吸取教訓，了解他們如何使用它，低條件，天氣狀況，環境問題等環境問題灰塵、水、洪水等等，等等，我們真正地教育我們和我們的合作夥伴關於構建一個偉大的產品所需要的東西。

The second phase for us is really to launch a B2B program. Now our partners -- most of our partners that we're working with today are very B2C focused. And with that said, we're going to go with the B2B first where we can actually build a predictable network, a robust network with healthy riders on it and with healthy batteries and then open it up in the future for B2C. So long story short is that there -- our partners are still developing their vehicles. There are many partners there and talk with us about using our technology to actually develop their vehicle as well. But we're going to stay focused upon B2B because it's very -- India is a large place, 2,600 kilometer wide and 1,900 kilometer deep. And so we're going to actually go focus on major cities where we have a large demand from aggregators, license it and also for -- from businesses who are focused on delivery, such as Zomato, Flipkart, et cetera, to really help us build up the network first, and then we'll pivot to B2C like we did with -- what we're doing with Korea today.

我們的第二階段實際上是啟動 B2B 程序。現在我們的合作夥伴——我們今天合作的大多數合作夥伴都非常關注 B2C。話雖如此，我們將首先使用 B2B，在那裡我們實際上可以建立一個可預測的網絡，一個擁有健康騎手和健康電池的強大網絡，然後在未來為 B2C 開放。長話短說，我們的合作夥伴仍在開發他們的車輛。那裡有很多合作夥伴，並與我們討論如何使用我們的技術來實際開發他們的車輛。但我們將繼續專注於 B2B，因為它非常 - 印度是一個大地方，寬 2,600 公里，深 1,900 公里。因此，我們實際上將把重點放在主要城市，在這些城市，我們對聚合器有大量需求，並獲得許可，以及來自專注於交付的企業，如 Zomato、Flipkart 等，以真正幫助我們首先建立網絡，然後我們將轉向 B2C，就像我們今天在韓國做的那樣。

My second question is regarding the Taiwan market. Like you just mentioned the competition has become fiercer and with ICEs becoming more aggressive in pricing and also they are launched in entry-level products. So how would you plan to regain market share in Taiwan market? I heard you that there will be a new product in second half. Wondering if there is any other plan to regain the market share in Taiwan. And also when we launched the new products at entry level, will that have any impact on our margins?

第二個問題是關於台灣市場。就像你剛才提到的，競爭變得更加激烈，ICE 的定價變得更加激進，而且它們也在入門級產品中推出。那麼你們打算如何奪回台灣市場的份額呢？聽說下半年要出新品。想知道是否有其他計劃奪回台灣的市場份額。還有，當我們推出入門級新產品時，這會對我們的利潤率產生影響嗎？

Great. I'll take the first stab and maybe Bruce can take a second stab, if I don't answer all of it. Overall, we're very much focused on user experience. To us, it is not necessarily a price-driven decision for the customer. Usually, what it is, is a great better user experience, a healthier user experience for the customer. And so with that said, what we are doing in the second half is we're broadening our portfolio with a number of different partnerships as well as different products that we're doing as well as making the lead with products that they're better fit with a different market segment.

偉大的。我先試一試，如果我不回答所有問題，也許 Bruce 可以再試一次。總的來說，我們非常關注用戶體驗。對我們來說，這不一定是客戶的價格驅動決定。通常，它是更好的用戶體驗，為客戶提供更健康的用戶體驗。話雖如此，我們在下半年所做的是通過許多不同的合作夥伴關係以及我們正在做的不同產品來擴大我們的產品組合，並通過更好的產品取得領先地位適合不同的細分市場。

Now with Q1 results, I think there was -- as we said, it is a conservative time. There's a lot of noise about everything from [bank] failure to geopolitical tension that made the consumer make decision maybe a little bit more reserved. But however, as we look at Taiwan, the more [twine] for gas vehicle purchase is imminent. It will come. And there's a very, very clear target with the government that has put out to the public about how many percent they want to convert. And with that, they will put the right policies, the right incentives in place to push the customers towards making the right decision. So I think it's both a headwind of the moratorium as well as tailwind that we're putting in with better products and better innovation and better user experience that hopefully will -- today, like as Bruce said, we have a very healthy market share in electric, a little more than 80% when we look at the 125cc, 100cc class vehicle. We believe that will continue because our innovation is clearly in that space.

現在有了第一季度的結果，我認為——正如我們所說，這是一個保守的時間。從 [銀行] 倒閉到地緣政治緊張局勢，一切都有很多噪音，這使得消費者做出的決定可能會更加保守。但是，然而，放眼台灣，購買汽油車的“麻繩”已經迫在眉睫。它會來。政府有一個非常非常明確的目標，已經向公眾公佈了他們想要轉換多少百分比。因此，他們將製定正確的政策和正確的激勵措施，以推動客戶做出正確的決定。所以我認為這既是暫停的逆風，也是順風，我們正在投入更好的產品、更好的創新和更好的用戶體驗，希望如此——今天，就像布魯斯所說的那樣，我們在電動，當我們看 125cc、100cc 級別的車輛時，略高於 80%。我們相信這將繼續下去，因為我們的創新顯然是在那個領域。

So we're very, very optimistic as to what Taiwan is today. However, for the year, we still want to be a little bit more conservative when it comes to our projection because you don't know what will happen. But we're very much focused on growing and stabilizing Taiwan market share as well as diversifying our revenue international. It is very critical for us to diversify into the international market with the proven technology we got. Lighting up these cities is actually quite quick. If you think about what we are, we are literally a distributed power plant that goes all around the city with stations that have energy storage within it that can distribute. When you think about power point, it takes 10, 15 years to deploy to build one. We have been able to successfully launch these pilots very, very quickly in Q1. And I think you will only see that progress accelerate throughout the year.

所以我們對台灣今天的情況非常、非常樂觀。然而，對於這一年，我們仍然希望在預測方面更加保守一些，因為你不知道會發生什麼。但我們非常專注於增長和穩定台灣市場份額，以及使我們的國際收入多樣化。憑藉我們獲得的成熟技術進軍國際市場對我們來說非常重要。點亮這些城市實際上是相當快的。如果你想一想我們是什麼，我們實際上是一個分佈在城市各處的分佈式發電廠，裡面有可以分配的儲能站。當您考慮電源插座時，需要 10 年、15 年的時間來部署以構建一個電源插座。我們已經能夠在第一季度非常非常迅速地成功啟動這些試點項目。我認為你只會看到這一年的進展加速。

I'll just add a couple of comments about margin, Ally. In the first quarter, as you saw, margins down just a little bit, largely driven by low volumes in our manufacturing facilities as well as some ASP pressure as we intentionally look to broaden our offerings in the mainstream kind of market segments. In terms of going forward, there's a multiple -- there's a number of different ways we're working to ensure that margins stay relatively flat. We're increasing the use of consistent components across our entire vehicle lineup. I mean, that helps us to be more flexible in our manufacturing. We are increasing the operating efficiency on our Gogoro network as we become more experienced at running that network and experience efficiency there.

Ally，我只會添加一些關於保證金的評論。正如您所見，在第一季度，利潤率略有下降，這主要是由於我們的製造設施產量低以及我們有意擴大我們在主流細分市場的產品範圍時的平均售價壓力。就前進而言，有多個 - 我們正在努力確保利潤率保持相對平穩的多種不同方式。我們在整個車輛系列中增加了一致組件的使用。我的意思是，這有助於我們在製造過程中更加靈活。我們正在提高我們的 Gogoro 網絡的運營效率，因為我們在運行該網絡方面的經驗越來越豐富，體驗那裡的效率。

And then thirdly, we're just really cost conscious at the moment. We're engaged in belt tightening. We're engaged in tight control of marketing dollars to ensure that they're used effectively. We're looking at all kinds of different spending at the macro level. And then maybe the last thing we're doing also is really diversifying our supply chain as we localize manufacturing in different countries. We can use some of those lower-cost products and bring them back to Taiwan for lower overall product costs. And we're finding benefits in places like India and in other countries from doing that. So we keep margin flat is the goal for the year.

第三，我們現在真的很注重成本。我們正在收緊腰帶。我們嚴格控制營銷資金，以確保它們得到有效利用。我們正在研究宏觀層面的各種不同支出。然後也許我們正在做的最後一件事也是真正使我們的供應鏈多樣化，因為我們在不同國家進行本地化製造。我們可以使用一些成本較低的產品，然後將它們帶回台灣，以降低整體產品成本。我們正在印度和其他國家等地發現這樣做的好處。所以我們保持利潤率持平是今年的目標。

(Operator Instructions) I'm not showing any further questions at this time. I'd like to turn the call back over to Michael.

（操作員說明）我現在不顯示任何進一步的問題。我想把電話轉回給邁克爾。

Okay. Thanks, operator. This concludes our question-and-answer session. But I'd like to turn the call back over to Horace for any closing remarks. Horace?

好的。謝謝，運營商。我們的問答環節到此結束。但我想將電話轉回 Horace 以聽取任何結束語。賀拉斯？

Great. Thanks, Michael. Our thesis as a company has always been an electric transition will occur, that it will occur fastest on 2-wheelers and that battery swapping is a solution that best meets the needs of urban customers, whether B2B or B2C. That thesis is not only intact, it is now becoming widely held among OEMs, governments and customers. I continue to be proud of and inspired by the work of all the Gogoro team members and partners are putting together in every day to contribute to a cleaner world.

偉大的。謝謝，邁克爾。作為一家公司，我們的論點一直是電動過渡將會發生，這將在兩輪車上發生得最快，電池更換是最能滿足城市客戶需求的解決方案，無論是 B2B 還是 B2C。該論點不僅完好無損，而且現在已在 OEM、政府和客戶中廣泛持有。我繼續為所有 Gogoro 團隊成員和合作夥伴的工作感到自豪和鼓舞，他們每天都在為一個更清潔的世界做出貢獻。

Additionally, my thanks to all of our loyal Gogoro network customers for placing your trust in us and our solution. We're working tirelessly to ensure that we have a great customer experience. With the market shifting toward electric, the sentiment of 2-wheel electric vehicles is expected to experience rapid growth in the coming years. This transition is a critical and crucial move towards sustainable urban transportation. We'll continue to execute in Taiwan and international markets, along with our partners and lead the transition to renewable clean mobility in urbanized cities. Thank you, everyone, for attending today's webcast.

此外，我感謝所有忠實的 Gogoro 網絡客戶對我們和我們的解決方案的信任。我們正在不懈努力，以確保我們擁有出色的客戶體驗。隨著市場轉向電動汽車，兩輪電動汽車的市場預期在未來幾年將快速增長。這種轉變是邁向可持續城市交通的關鍵一步。我們將繼續與我們的合作夥伴一起在台灣和國際市場開展業務，並引領城市化城市向可再生清潔交通的過渡。謝謝大家參加今天的網絡直播。

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

會議現已結束。感謝您參加今天的電話會議。您現在可以斷開連接。