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.

歡迎參加 Gogoro Inc. 2023 年第一季財報電話會議。本次會議將被記錄。

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

我想介紹一下 Gogoro 的財務長 Bruce Aitken，他將為我們揭開序幕。

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.

謝謝接線員，也謝謝大家今天抽空來加入我們。我是 Gogoro 財務長 Bruce Aitken，很高興歡迎您參加我們的 2023 年第一季財報電話會議。希望您現在已經看到了我們的收益報告。如果您還沒有，您可以在我們網站 investor.gogoro.com 的「投資者關係」標籤上找到。我們還將在網路直播螢幕上即時顯示這些材料。

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業績，並就我們對 2023 年前景的展望提供指導。 但在我們的首席執行官 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 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。我相信大家都很期待聽到 Horace 和 Bruce 代表 Gogoro 發表的演說。但在此之前，請容許我提醒你幾件事。你們現在都處於靜音狀態。如果您有具體的問題，請使用系統中的聊天功能提交問題，我們會在時間允許的範圍內盡可能多地回答。在 Horace 簡要介紹 Gogoro 以及第一季的一些業務亮點之後，Bruce 將更深入地介紹第一季的財務表現。

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

在電話會議中，我們將就我們的業務做出可能在適用證券法中被視為前瞻性的聲明，包括有關我們 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期望、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 大流行績效相關的聲明和合資企業的潛力有關的聲明、有關監管發展以及我們的計劃、前景和期望的聲明。

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.

這些聲明並非承諾或保證，並且受風險和不確定性的影響，可能導致其與實際結果有重大差異。有關這些風險的資訊可在我們今天開市前發布的收益新聞稿和我們提交給美國證券交易委員會的文件中查閱。除非法律要求，我們不承擔更新前瞻性聲明的義務。

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

此外，在今天的電話會議中，我們將參考某些調整後的財務指標。這些非國際財務報告準則的財務指標應作為國際財務報告準則的補充而不是替代或孤立地考慮。我們今天提供的新聞稿和投資者介紹中包含了有關這些非國際財務報告準則指標的更多信息，包括非國際財務報告準則與可比國際財務報告準則的調節。

Now, over to Horace.

現在，交給賀拉斯。

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。感謝您今天參加我們的電話會議。我們很高興有機會與您會面並提供有關 2023 年第一季業績和 2023 年剩餘時間指引的最新資訊。我們上市才一年多一點，2023 年已經註定是充滿巨大機會和挑戰的一年。

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.

宏觀營運環境肯定比過去幾年更具挑戰性，但我們相信，我們針對清潔和永續的城市交通解決方案將使 Gogoro 繼續取得成功。我們的電池更換平台、合作夥伴生態系統和[能源]電網集成，加上我們的員工和文化，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，2023 年預計將是自 2020 年以來第一年未受到 COVID 的實質影響。第一季已取消了各種限制，但考慮到 2022 年及前幾年 COVID 的影響，很難將 2023 年與 2022 年進行比較。我們預測，到 2023 年，台灣市場的內燃機汽車總銷量和電動車總銷量將基本持平。

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.

我們第一季的財務業績符合預期，只是銷量略有下降。儘管台灣整體兩輪車市場有所成長，但 Gogoro 及其合作品牌車輛的銷售量卻略有下降。註冊踏板車的總數為 177,000 輛，比 2022 年第一季的 161,000 輛增長 9.8%。 如前所述，與 2022 年或之前年份的任何比較都很困難，因為全年都有各種 COVID 封鎖，這使得同比或季度環比比較變得困難。目前尚不清楚第一季的這一小幅成長是否只是短期市場成長，2023 年全年銷售是否也將超過 2022 年的汽車銷售量。

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，2022 年，市場處於 7 年來的最低點，約 735,000 台。我們認為，第一季整體市場的成長是疫情過後消費者支出回升的結果。但同樣，目前還不清楚這種銷售趨勢是否會在 2023 年全年保持下去。第一季度，ICE 踏板車的定價非常積極。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.

台灣第一季註冊電動滑板車總數為 16,741 輛，較 2022 年第一季的 17,065 輛略有下降。雖然 Gogoro 及其合作品牌汽車的銷售量下降，但我們認為這是由多種因素造成的。一是地市級補貼溝通落後。上一個主要城市上個月才宣布了這項補貼計畫。其次，出現了大量新型省油內燃機汽車，而這些汽車背後有大型原始設備製造商大力行銷。

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，在入門級市場領域大力推廣的新型低成本、低功率電動輕型摩托車也吸引了客戶的注意和市場需求。我們目前還沒有這種新型電動輕便摩托車類別的產品，但計劃在 2023 年下半年推出一些新產品。

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.

我們鼓勵台灣二輪電動車市場的競爭。它有助於擴大市場並推動創新。其他公司採用電池更換技術的事實進一步證明，電池更換解決方案最適合電動兩輪車市場。作為該領域的領導者，我們歡迎良性競爭，並致力於提供永續、高效、便利的城市交通方式，使我們的客戶和環境都受益。

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電動兩輪車購買補助計畫。每位消費者可從中央政府獲得 7,000 新台幣或 230 美元的新補貼，以及來自當地市級政府的額外補貼，以及將老舊車輛更換為電動滑板車的補貼。雖然這些補貼並不是我們幫助消費者過渡到電動車的商業模式的核心。為了使台灣和其他國家實現其電氣化目標，有必要以特定的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。儘管我們會遇到一些階段性的短期挑戰或障礙，但我們相信，向電動車的轉變是不可避免的，而且無論是在台灣還是其他市場都會發生。

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 PBGN 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 網路正在持續發展。目前已擁有超過54萬名騎手，並在全台約2,400個地點，超過1,200個電池更換櫃，部署超過110萬顆智慧電池。正如 Gogoro 的歷史上一樣，第一季的總用戶數量繼續逐季增長，與 Gogoro 和我們的 PBGN 合作夥伴銷售的車輛總數一致。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、引擎尺寸、性能等等。然後他們就成為 Gogoro 網路的用戶，加入我們不斷累積的用戶群，每月支付此服務的費用。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，每個國家的定價和財務模型都會根據客戶騎行範圍、B2C 和 B2B 乘客的組合以及我們收取的不同資費計劃而有所不同。目前，台灣每位用戶的平均收入略高於 20 美元，絕大多數用戶使用車輛進行個人通勤。

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，我們預計 B2B 騎乘者的數量將會增加，而典型的 B2C 用戶的騎乘里程數也會增加。我們繼續看到我們的網路用戶數量幾乎沒有減少。即使車輛被賣到二手市場，該車輛的買家也會成為 Gogoro 網路的使用者。自 2015 年以來，Gogoro 已成功完成超過 4.6 億次電池更換，每天約有 41 萬次電池更換，取代了 2.87 億公升汽油，避免了 6.03 億公斤二氧化碳排放。多年來，我們已經安全、大規模地實現了這一目標，累積了經驗和數據，並對我們的網路進行了微調，以適應國際部署。

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.

我們的網路收集有關騎行距離和功耗的真實數據，我們能夠準確計算 Gogoro 車輛的二氧化碳總排放量。一般來說，如果用電動車取代汽油動力兩輪車，排放量將比目前普通汽油內燃機車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永續發展方面的持續承諾和進展，您可以在我們的網站上查看。我們部署了這個網絡，並且建立了一個廣泛的、智慧的管理系統，讓每一輛車都更永續。我們的平台能夠監控每個電池、每次更換，並對車輛軟體的電池進行無線升級，優化系統效率，同時延長電池的使用壽命。這些電池還能促進城市永續的發展。

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.

我們與合作夥伴共同建構一系列智慧城市解決方案和應用，包括電池更換、智慧電動車、智慧共享出行、AIoT 設備、分散式儲能和需求響應服務。我們的電池現在也為數千台服務於非行動客戶的裝置供電。隨著我們與 Enel X 的合作商業化的宣布，我們現在可以增加潛在的可觀未來收入來源，並廣泛部署可更換智慧連接 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 視為僅僅一家硬體和汽車公司。 2022年，我們與台電及全球最大的電力聚合商Enel X在台灣啟動了一項試點計劃，並在Gogoro電站展示了我們的電池作為虛擬發電廠或VPP的使用。在試點成功後，我們最近宣佈在 1,000 多個電池更換地點商業部署 2,500 多個機櫃。這對 Gogoro 來說是一個重要的里程碑，也是全球首個，標誌著智慧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 ancillary 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 技術能夠實現並支援高效率和穩定性，在需求高時將能量返回電網，並在嚴重不平衡時暫停充電，而不會中斷乘客的服務。 Gogoro 的電池交換能源負載由 Enel X VPP 聚合，以支援大電力公司能源交易平台的輔助服務。該平台使Gogoro等公司能夠積極參與能源交易並為台灣的整體能源供應做出貢獻。這次與 Enel X 的合作標誌著 Gogoro 網路在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.

計劃在 2023 年中期在 1,000 個 Go Stations 地點部署超過 2,500 個櫃子。我們積極參與台灣再生能源的未來，並在能源和交通永續轉型中發揮的作用是明確的。我們所展示的技術和營運領導對國際政府具有重要意義。我們正在進入的國家迫切需要這種能源基礎設施創新。透過部署這些技術，我們的目標是對更有效率、更永續的城市環境的進步產生積極影響。這個 VPP 用例可以在全球範圍內部署，並且是 Gogoro 的全新收入來源，並表明了我們的產品供應和各種業務的實力和廣度，這源於我們能夠根據特定業務用例定制電池和站點性能和行為的能力。

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.

向電動車的轉變已經在進行中。 Gogoro 首創的電池更換方法正被越來越多地採用。對許多人來說，與世界各大城市中心目前的兩輪車污染狀況相比，這種向電動車的轉變意味著一個更清潔的未來的機會。我們將繼續投入大量資金，利用最乾淨、最高效的電池更換系統來幫助解決城市交通難題，並將該網路的使用擴展到其他用例。雖然我們幾乎所有的競爭市場都有長期依賴燃氣驅動的內燃機汽車的歷史，但我們相信，電動車的可負擔性、可靠性和續航里程的加速提高將加速用更清潔的電動解決方案取代舊技術。

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，我們都會記得，歷史的長河明確地指向電氣化和電池更換。 Gogoro 在 2023 年的一個重點領域是國際擴張。我很高興我們在新市場受到政府、客戶和合作夥伴的歡迎，布魯斯將向您介紹這項進展和我們的計劃。

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，我們取得了良好的進展並啟動了 3 項試點。在我介紹市場細節之前，讓我先詳細講一下透過 B2B 擴張作為國際市場起點的情況，特別是為什麼我們認為 B2B 是印度的絕佳起點。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，尤其是在擁擠的城市以及 B2B 騎士中。 B2B 騎士每天行駛的距離非常長，因此將其轉化為清潔解決方案至關重要。許多城市政府正在採取措施禁止在 B2B 服務中使用 ICE 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.

電動車的溫室氣體排放量較低，並減少了城市內的噪音污染。 B2B 騎士在使用電動車時一直面臨的挑戰是充電所需的時間，以及考慮到電動車充電所需的時間和空間而產生的續航里程焦慮。當部署 Gogoro 的電池更換解決方案時，充電地點和時間問題以及里程焦慮問題將得到有效解決，因為電池更換只需幾秒鐘即可完成。同時，我們能夠在最佳時間和溫度下在 Go Stations 中為電池充電，以最大程度地保證安全，從而解決了對充電過程中電池波動的擔憂。

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.

假設我們推出這些服務時，每公里的價格與汽油價格大致相同，那麼我們從 B2B 騎士、配送平台和需求聚合商那裡得到的回饋肯定是正面的。在台灣，B2B 外送員使用搭載 Gogoro 動力的車輛進行日常送貨。考慮到他們每天騎行的距離和所需的恆定動力，B2B 騎手是試點計劃和在新市場早期採用 Gogoro 技術的最佳客戶。這些試點使我們有機會客製化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 可以擴展其網路並透過即時資本支出部署實現成長。我們打算與全球和本地合作夥伴一起為海外市場的網路擴張提供資金，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，我們正在與配送平台和聚合商合作，加速向電動車和最後一哩配送的轉變。隨著我們向 B2B 市場擴張，我們預計印度將出現多種銷售模式。我們與 100% 電動車需求聚合商 Zypp 共同啟動了試點計畫。他們與各種大型平台公司密切合作，服務範圍從食品配送到摩托車出租車到雜貨配送，包括大型和最後一英里配送以及其他服務。 Zypp 直接從 Gogoro 購買車輛並將其租賃給乘客，定價中包含保險和維護服務。能源服務由 Gogoro 提供，Zypp 騎士都是 Gogoro 網路的用戶，為我們在印度不斷累積的用戶群做出了快速貢獻。

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 正在快速發展，已在多個城市建立了業務，並擴大了車隊規模和地理覆蓋範圍。隨著試點計畫的成熟，我們預計將在 2023 年下半年與 Zypp 合作實現試點計畫的全面商業化。

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 之間的三方合作是加速印度普及電動滑板車的重要一步。 Zomato 擁有超過 30 萬名配送合作夥伴騎手，是印度食品訂購和配送業的主要參與者。 Zomato 為加入的配送合作夥伴推出車輛購買計劃，並提供優惠的貸款條件，讓他們能夠更輕鬆、更經濟地過渡到電動車。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 承諾在 2030 年實現 100% 電力配送，這項承諾值得稱讚，我們很自豪能夠成為這一進程中的一份子。

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.

隨著印度電動車市場經歷顯著的 58% 成長，我們看到了對印度電動車產業產生積極影響的巨大潛力。在印度道路上，兩輪車佔所有車輛的 70% 以上，另外 10% 為三輪車。去年，這兩類汽車佔印度註冊電動車總數的 92%。 2022 年售出的 1,600 萬輛兩輪車中，電動車佔 4%，高於前一年的 1%，而 2022 年售出的三輪車中約有 40% 是電動車。政府對製造商和消費者的激勵措施以及來自國家和州政府的補貼是這一增長的主要推動力。

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，電動車將佔道路上兩輪和三輪車的 80%。無論是從充電地點的角度，還是從充電對電網產生的不可預測的稅收的角度，所需的充電基礎設施的數量都會使電池更換成為大規模城市採用的更好的解決方案。為了支持這一成長，我們正在印度發展。我們大幅增加了在印度的員工數量，現在員工遍布大多數業務職能：產品開發、供應鏈管理、製造、業務開發以及來自中央職能的各種支援人員。我們將繼續投資，擴大我們在印度的影響力，並幫助印度和當地企業實現電氣化進程。我們歡迎與許多不同的合作夥伴合作的機會。

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.

另一個國家里程碑是，我們在 4 月與市場領導者 Globe、Globe 旗下 917 Ventures 和 Ayala Group 在菲律賓啟動了一項試點，在菲律賓提供 Gogoro 智慧踏板車和電池更換服務，我們預計在 2023 年下半年將為 B2B 和 B2C 消費者提供車輛。

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 和怡和合發新加坡公司與食品配送平台 foodpanda 合作進行電池更換試點，為智慧電動兩輪車的最後一哩配送提供支援。 Gogoro 與 Cycle & Carriage 榮獲新加坡陸路交通管理局頒發的電動兩輪車電池更換沙箱試點計畫。此次試驗所獲得的意見將被用來引導下一步加速採用永續出行方式的措施。

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.

我們對這些特定的試點計畫以及它們所代表的在許多國家向清潔出行的轉變感到非常興奮。儘管我們的國際市場尚未對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成長奠定堅實的基礎。我們將繼續致力於研發投資，以開發和多樣化我們的產品組合，以滿足國際市場的正確價格點，並確保我們能夠充分利用這些機會。在這些國家擴張的關鍵是車輛成本和消費者能源計畫成本。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符合這些市場所需價格點的汽車方面取得了巨大進展。根據車輛功率、行駛里程和其他因素，每輛車的價格必須在約 1,000 美元至 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能與市場上其他 ICE 和電動產品競爭的汽車。隨著這些車輛和服務的更廣泛推出，我們將繼續盡可能地提供更新，並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.

在此背景下，讓我向您介紹我們第一季的財務表現的一些細節。 Q1 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的成長持保守看法，無論是因為宏觀經濟挑戰可能使消費者信心放緩，還是因為 ICE 原始設備製造商激烈地爭奪客戶。我們預計 2023 年整體或電動車銷量不會有太大成長，並做出了相應的預測。今年下半年，我們確實預期國際汽車銷售將有所回升，下半年營收也將回升。 Gogoro 網路的成長與不斷累積的用戶群保持一致。

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，營收為 7,930 萬美元，年減 16%，以固定匯率計算年減 8.8%。如果外匯匯率與去年同期的平均匯率保持一致，營收將增加 680 萬美元。本季硬體銷售額及其他營收為 4,700 萬美元，年減 27%，以固定匯率計算年減 21.5%。第一季台灣整個動力兩輪車市場的銷量年增 9.8%，而電動踏板車的銷量與去年同期相比下降了 1.9%。動力兩輪車市場的成長得益於 2023 年 1 月推出的新型、大力行銷、低價且省油的內燃機踏板車型的大量銷售。

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 汽車銷售量較去年同期下降了 17.3%。造成這一現象的因素有很多：市政府補貼政策延遲公佈，新產品發布和激進的定價策略導致內燃機車銷量上升，而 Gogoro 銷量下滑的原因則是由於入門級市場中出現了新型、大力推廣、低成本、低功率的電動輕便摩托車，這似乎壓縮了 Gogoro 的市場份額。然而，從同類業績來看，我們的市佔率仍維持在 80.6%。

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.

第一季電池更換服務收入為 3,230 萬美元，年增 9.8%，以固定匯率計算年增 19.2%。第一季末總訂閱用戶數超過53.8萬戶，較去年同期的46.7萬戶成長15.2%。電池更換服務收入的成長主要得益於我們龐大的用戶群和較高的用戶留存率。我們繼續看到基於訂閱的商業模式的優勢，可以吸引新客戶，從而最大限度地提高我們的電池交換網路效率。

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.

第一季毛利率為12.9%，低於去年同期的13.7%。非國際財務報告準則下的毛利率為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的下降是由於我們產品組合的平均售價下降，以及產量下降導致每輛車的生產成本上升。 Gogoro 電池更換服務業務成本效率的提高部分抵消了這一下滑。

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.

第一季淨虧損為 4,060 萬美元，較去年同期的 2,170 萬美元增加 1,890 萬美元。淨虧損增加主要是由於金融負債公允價值發生不利變動1,850萬美元。由於與去年同期相比，零售行銷活動更具針對性且員工人數減少，導致銷售和行銷費用減少，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 1,060 萬美元，低於去年同期的 1,350 萬美元。下降的主要原因是非國際財務報告準則下的毛利因銷售量下降而下降至 1,090 萬美元，較去年同期的 1,340 萬美元下降 19%。這一下降被 Gogoro 第一季電池更換服務業務的持續成長部分抵消。

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.

透過嚴格控制業務營運和減少營運資本，我們使營運現金流出與去年同期相比減少了 1,920 萬美元。在執行國際擴張策略時，我們持續進行成長投資，包括 1,640 萬美元的股權投資；第一季在多個擴張市場的其他營運投資；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，我們在第一季償還了1770萬美元的銀行貸款。由於第一季末的現金餘額為 1.671 億美元，且還有額外的信貸額度可用，我們相信我們有足夠的資金來源來滿足我們近期的業務成長目標。

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 億美元的收入預期，並繼續預計 2023 年全年 90% 至 95% 的收入將來自台灣市場。

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

有了財務更新資訊後，我會把事情交還給你，麥可。

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 提供的業務更新、財務績效詳情和前瞻性指引。當與會者正在提出他們的問題時。我會問兩個問題，根據您剛才分享的內容，我想這兩個問題很可能是每個人都想知道的。

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營運問題。您已經發布了許多有關擴張的公告。您預計今年哪些國際市場將會成長，哪些市場對 Gogoro 來說具有巨大的未來成長機會。與 Enel X 合作將您的換電站轉變為虛擬發電廠聽起來非常有趣，而且可能會改變遊戲規則。但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，麥可。我認為在我深入東南亞和印度的具體市場之前，這一點很重要，真正了解我們的擴張過程很重要。我們的全球擴張始終遵循三個步驟的流程。第一步，正如您可能在我們最近的公告中看到的那樣，例如，我們在第一季就宣布了 3 個試點，並且在去年之前也宣布了試點。這是一個三步驟過程，首先從試點開始，我們了解並獲取來自本地市場的最終用戶回饋的數據。因此，我們了解如何調整我們的技術、調整我們的產品、調整我們的服務以及如何真正向客戶傳達我們的價值主張。

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.

流程的第二步是透過 B2B 商業模式擴展和發展網絡，其中許多 B2B 騎士非常依賴騎乘模式，我們可以在那裡可靠地並以非常可預測的收入來建立網路。只有成功建立 B2B 網絡，我們才能真正發展並擴展到這些市場的 B2C 機會。一個很好的例子實際上就在韓國，一個我們可能很少談論的市場。今天，經過一年、一年半前的一次非常成功的試點，我們實際上已經退出了試點的第二階段。現在韓國有超過 70 個車站，遍布 8 個城市，例如首爾、世宗和大邱。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.

目前，我們在韓國擁有約 1,000 輛車輛進行 B2B 配送，其中包括為當地 DHL 車隊更換電池的車輛。我們預計到今年年底將擁有約 200 個 Go Stations，與我們的合作夥伴一起開展 B2C 業務。這是一個很好的例子，說明我們如何採用 1、2、3 步驟流程並可靠且可預測地啟動網路。如今，我們在菲律賓、新加坡、印度以及印尼的雅加達都推行了積極的試點項目，不斷收集數據，調整產品設計，以滿足當地乘客的需求。我希望，你們很快就會看到，在下半年，當我們在菲律賓和印度這兩個電動車成長最快的市場推出汽車時，事實證明我們的產品非常成功。

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，實際上 - 在我們的 - 我們創辦公司時一直秉持的理念是，我們不僅僅是為我們的電池交換網絡提供移動服務。正如布魯斯剛才所定義的，它實際上是一個虛擬發電廠，一個遍布整個城市的分散式發電廠。第一階段是──我們實現這個願景也是一個三階段的過程。第一階段是我們大約兩年前宣布的，當時我們實際上開始進行需求響應，當電網實際上要求人們停止充電或停止使用電力時，我們實際上可以透過伺服器和智慧電錶站進行遠端指揮，這些伺服器和智慧電錶站實際上有額外的容量——足以讓乘客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.

第二階段其實是圍繞著需求響應。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。我們的電站實際上會將電力推遲約一小時。我們有大約 150 兆瓦的備用能源可以與電力公司合作完成這項工作。

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.

然後在我們的第三階段，最終我們要做的是實際進行能源儲存。雖然電池不再能夠為用戶和家人一起騎車爬山提供動力，但它實際上可以作為一個電力儲備，一個城市的大型電力庫。因此，我們已與 Enel X 一起進入第二階段，然後我們期待 1 天啟動第三階段，以及我們的產能建設利潤率。現在有了這項技術，我們絕對處於這項技術的前沿。這是世界首創。這是一次很棒的對話，我們與印度、菲律賓、印尼甚至新加坡等世界各地的政府進行了交流，討論了我們如何發揮更大的作用，不僅是實現交通電氣化，而且隨著未來城市的發展，將電力轉換為智慧電力。

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.

我希望這能回答您的問題，但是我們——我們的公司極其註重創新，並且在我們進入的每個領域都爭當先行者，並期待這些技術能夠真正實現，因為我們會發展到更大的城市，正如布魯斯提到的，例如在印度，其規模是台灣的 20 倍。因此，我們只能想像未來電網從傳統電網轉變為更有效率、更智慧、更具活力的電網時，我們實際上可以為電網提供多少能源。

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。因此，我們要討論的第二個問題比較是關於財務方面。您能否協助解決台灣電動車銷售下滑與內燃機汽車市場略有成長的問題？您認為這股趨勢會在 2023 年下半年持續下去嗎？從通話中聽上去，下行趨勢是可以預料到的，而且具有週期性。但是，您是否預計第二季和今年剩餘時間的表現將與第一季相當，以及這將如何影響您全年 4 億至 4.5 億美元的預期？因此，如果您能幫助我們了解您對指導的滿意程度，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，麥可。 Q1收入基本上符合我們的預期。無論從收入角度或從單位銷售角度來看，第一季通常是我們銷量最小的季度，通常佔全年收入的 18% 至 20%。因此從這個角度來看，我們的工作進展順利。第一季的消費者信心受到宏觀經濟環境、通膨等壓力以及地緣政治壓力的影響。我們認為這就是導致購買量略微放緩的原因。在經濟困難時期，人們在花錢方面往往會做出保守、可預測的選擇。我們確實希望在下半年——即第二季和今年下半年——看到更多人轉向電動車。

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.

我們確實預計下半年國際汽車銷售將實現成長，因為正如 Horace 所說，我們開始看到市場從第一階段的試點轉向 B2B 部署模式。因此，我們對目前的 4 億至 4.5 億美元的預期感到滿意，我們確實預期事情會在今年下半年繼續按預期發展。

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。接線員，請開通問答環節的專線。

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

（操作員指示）我們的第一個問題來自瑞銀的 Ally Chen。

Can you hear me?

你聽得到我嗎？

We can hear you now.

我們現在能聽到你的聲音了。

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。感謝您分享我們在各國的聯盟的進展。我有一個問題想問印度。您剛才分享了與它的聯盟情況。那麼其他聯盟的情況如何？

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，Ally。這是賀拉斯。所以是的，正如我所說的，正如我所提到的，第一步實際上是進行試點，讓我們從這些騎手身上吸取教訓，了解他們如何使用它，低條件，天氣條件，環境問題如灰塵，水，洪水等，等等，我們真正教育我們自己和我們的合作夥伴如何打造一款優秀的產品。

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.

對我們來說，第二階段實際上是啟動 B2B 計畫。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注重 B2C。話雖如此，我們將首先採用 B2B 模式，這樣我們才能真正建立一個可預測的網絡，一個擁有健康乘客和健康電池的強大網絡，然後在未來向 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，他們與我們討論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，因為印度幅員遼闊，寬 2,600 公里，深 1,900 公里。因此，我們實際上將把重點放在對聚合器有大量需求的大城市，對其進行授權，同時也為專注於配送的企業（例如 Zomato、Flipkart 等）提供真正的幫助，首先建立網絡，然後我們將轉向 B2C，就像我們今天在韓國所做的那樣。

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。正如您剛才提到的，競爭變得更加激烈，內燃機的定價也變得更具競爭力，並且還推出了入門級產品。那麼你們計劃如何重新奪回台灣市場的市佔率？聽說下半年會有新產品推出。想知道是否有其他計劃來重新奪回台灣的市場份額。而且當我們推出入門級新產品時，這會對我們的利潤產生影響嗎？

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。我會嘗試第一次，如果我不能全部回答出來，也許布魯斯可以嘗試第二次。總的來說，我們非常注重用戶體驗。對我們來說，這不一定是客戶由價格驅動的決定。通常，它是一種更好的用戶體驗，一種更健康的客戶用戶體驗。因此，我們下半年要做的就是擴大我們的產品組合，建立多種合作關係，推出不同的產品，同時讓產品更適合不同的細分市場，從而佔據主導地位。

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.

現在有了第一季的結果，我認為——正如我們所說，這是一個保守的時期。從銀行倒閉到地緣政治緊張局勢，各方面都存在著許多噪音，這使得消費者在做出決定時可能有些保守。然而，放眼台灣，瓦斯汽車購買熱潮已迫在眉睫。它會來的。政府有一個非常明確的目標，向公眾公佈了他們想要改變的人口比例。這樣，他們就會制定正確的政策和激勵措施，推動客戶做出正確的決定。因此，我認為這既是禁令的逆風，也是順風。我們相信這種情況將會持續下去，因為我們的創新顯然就在這一領域。

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.

因此，我們對台灣今天的狀況非常非常樂觀。然而，對於今年而言，我們仍然希望在預測時能更加保守一些，因為你不知道會發生什麼。但我們非常注重擴大和穩定台灣市場的份額，以及實現我們的國際收入多元化。對我們來說，利用已獲得的成熟技術進軍國際市場至關重要。點亮這些城市其實相當快。如果你思考我們是什麼，我們實際上是一個分散式發電廠，遍布整個城市，其中的發電廠都配備了可以分配能源的儲存設施。想想 PowerPoint，建立一個 PowerPoint 需要 10 到 15 年的時間。我們已經能夠在第一季非常迅速地成功啟動這些試點。我認為，你們將會看到這項進展在全年不斷加速。

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.

我只想補充幾點關於保證金的評論，Ally。正如您所看到的，第一季的利潤率略有下降，這主要是由於我們製造工廠的產量較低，以及由於我們有意擴大主流市場領域的產品供應而導致的平均售價壓力。就未來發展而言，我們將採取多種不同方式來確保利潤率保持相對穩定。我們正在整個車輛系列中增加一致部件的使用。我的意思是，這有助於我們的生產製造更加靈活。隨著我們在運行 Gogoro 網路方面變得更加有經驗並且體驗到效率，我們正在提高該網路的營運效率。

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，我們目前非常注重成本。我們正在勒緊褲帶。我們嚴格控制行銷資金以確保其有效使用。我們正在宏觀層面研究各種不同的支出。也許我們做的最後一件事就是隨著我們在不同國家進行在地化製造，實現供應鏈的真正多樣化。我們可以使用一些成本較低的產品並將其帶回台灣，以降低整體產品成本。我們發現，印度等地以及其他國家的做法都帶來了好處。因此，我們今年的目標是保持利潤率穩定。

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

（操作員指示）我現在不想再問任何問題。我想把電話轉回給麥可。

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，接線生。我們的問答環節到此結束。但我想將電話轉回賀拉斯，請他做最後發言。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，麥可。我們公司的論點一直是電動轉型必將發生，它將在兩輪車上最快發生，並且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。這一論點不僅沒有改變，而且現在已得到原始設備製造商、政府和客戶的廣泛認同。我繼續為所有 Gogoro 團隊成員和合作夥伴每天齊心協力為建立更清潔的世界做出貢獻而感到自豪和鼓舞。

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，我還要感謝所有忠實的 Gogoro 網路客戶對我們和我們的解決方案的信任。我們正在不懈努力確保擁有良好的客戶體驗。隨著市場向電動車轉變，預計未來幾年兩輪電動車的銷量將快速成長。這項轉變是邁向永續城市交通的關鍵舉措。我們將與合作夥伴一起繼續在台灣和國際市場上開展業務，引領城市向可再生清潔交通的轉變。感謝大家參加今天的網路直播。

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。您現在可以斷開連線。