Gogoro Inc (GGR) 2023 Q2 法說會逐字稿

Welcome to the Gogoro Inc. 2023 Q2 Earnings Call. This session will be recorded. I'd like to introduce Bruce Aitken, CFO of Gogoro, who will kick us off.

歡迎參加 Gogoro Inc. 2023 年第二季度收益電話會議。本次會議將被記錄。我想介紹一下 Gogoro 首席財務官 Bruce Aitken，他將為我們開場。

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 second 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. We're looking forward to sharing our Q2 results as well as providing guidance on what we're seeing as the outlook for the balance of 2023. Before our CEO of Hok Luke chairs, I'd like to introduce Michael Bowen of ICR, who will share the process for today's call and provide some important disclosures. Michael?

謝謝接線員，也感謝大家今天抽出時間加入我們。我是 Gogoro 首席財務官 Bruce Aitken，很高興歡迎您參加我們的 2023 年第二季度財報電話會議。希望到目前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。我們還將在網絡廣播屏幕上顯示這些材料。我們期待分享我們的第二季度業績，並就我們對 2023 年剩餘時間的展望提供指導。在擔任 Hok Luke 首席執行官之前，我想介紹一下 ICR 的 Michael Bowen，他是將分享今天電話會議的流程並提供一些重要的披露。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 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 Hok Luke has given a brief overview of Gogoro and some of the business highlights from Q2. Bruce will go a bit deeper into the Q2 financial results. During the call, we will make statements regarding our business that may be considered forward-looking within applicable securities laws, including statements regarding our second quarter 2023 results.

謝謝，布魯斯。我相信你們都期待著霍拉斯和布魯斯代表 Gogoro 的發言。但在此之前，請允許我提醒您幾件事。您目前處於靜音狀態。如果您有具體問題，請使用系統中的聊天功能提交問題，我們將在時間允許的情況下盡可能解答。 Hok Luke 簡要概述了 Gogoro 以及第二季度的一些業務亮點。布魯斯將更深入地介紹第二季度的財務業績。在電話會議期間，我們將就我們的業務發表在適用的證券法範圍內可能被視為前瞻性的聲明，包括有關我們 2023 年第二季度業績的聲明。

Management's expectations for our future financial and operational performance, the capabilities of our technology, projections of market opportunity and market share, our potential growth, statements 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 relating to the potential of our strategic collaborations, partnerships and joint ventures, statements regarding regulatory developments and our plans, prospects and expectations. These statements are not promises or guarantees and are subject to risks and uncertainties, which could cause them to differ materially from actual results. 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.

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、對市場機會和市場份額的預測、我們的潛在增長、有關COVID-19 大流行的預期影響的聲明、供應鏈問題以及公司面臨的其他不利因素。公司的業務計劃，包括其擴張計劃、公司對其海外市場增長的預期、有關我們戰略合作、夥伴關係和合資企業潛力的聲明、有關監管發展以及我們的計劃、前景和預期的聲明。這些陳述不是承諾或保證，並且存在風險和不確定性，可能導致它們與實際結果存在重大差異。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以及我們向 SEC 提交的文件中找到。除法律要求外，我們不承擔更新前瞻性陳述的義務。

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. Now over to Horace.

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

Hi, Michael. Thanks for joining our call today. We're pleased to have this opportunity to meet with you and provide an update on the second quarter 2023 results and guidance for the rest of 2023. As we mentioned last quarter, 2023 started off with a very challenging macroeconomic environment and set of economic data. While we continue to see strong overall interest in the markets that we serve, the macro environment in Taiwan remained relatively weak. We fully believe that the foundational work we are conducting will ultimately result in electric vehicle demand, but it is always difficult to accurately predict the timing and degree of EV adoption, in which we compete already have a large installed base of ICE vehicles.

嗨，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 年第二季度業績的最新信息以及2023 年剩餘時間的指導。正如我們上季度提到的，2023 年伊始，宏觀經濟環境和一系列經濟數據都非常具有挑戰性。雖然我們繼續看到人們對我們所服務的市場有濃厚的整體興趣，但台灣的宏觀環境仍然相對疲弱。我們完全相信，我們正在進行的基礎工作最終將帶來電動汽車的需求，但準確預測電動汽車採用的時間和程度總是很困難，我們的競爭對手已經擁有大量的內燃機汽車安裝基礎。

Each market will transition to electric vehicles based on a combination of factors: government support, product availability, pricing, infrastructure readiness and customer willingness to adopt EVs. We believe that this shift in mindset will occur in conjunction with market awareness of our product and services. The long-term future remains bright in the face of some near-term challenges, and we remain excited for the future of vehicle and infrastructure electrification. We continue to see strong interest across the region and around the world for sustainable 2-wheel transportation. And when our products are reviewed and tested our battery swapping hardware, platform technology and our vehicles constantly are being chosen for both B2B and B2C deployment in a variety of countries and for a variety of business models.

每個市場都將根據多種因素過渡到電動汽車：政府支持、產品可用性、定價、基礎設施準備情況以及客戶採用電動汽車的意願。我們相信，這種思維方式的轉變將與我們產品和服務的市場意識一起發生。面對一些近期挑戰，長期未來仍然光明，我們仍然對車輛和基礎設施電氣化的未來感到興奮。我們繼續看到該地區和世界各地對可持續兩輪交通的濃厚興趣。當我們的產品經過審查和測試時，我們的電池交換硬件、平台技術和我們的車輛不斷被選擇用於不同國家的 B2B 和 B2C 部署以及各種商業模式。

While hardware is critical, it is our end-to-end software ecosystem and our network optimization, security and integrated operating tools and platform, which really sets Gogoro apart. We're on track for market availability in India and the Philippines later this year. In India, we announced a strategic agreement, the first is kind with India state of Maharashtra to manufacture our Smartscooters, Smart Batteries and Gogoro Station in the state as well as deploy Gogoro battery swapping across the state. For Gogoro's effort and investment to bring the new industry of battery walking to the state, Gogoro has been offered unprecedented subsidies and financial support. The state of Maharashtra is leading India's transition to electrification, and we're pleased to help. As we said in our earnings release, financial results for the second quarter and for the first half of 2023 are roughly tracking to our forecasts. We've managed cost effectively and have increased gross margin and adjusted EBITDA for the first half of 2023.

雖然硬件至關重要，但真正讓 Gogoro 脫穎而出的是我們的端到端軟件生態系統以及我們的網絡優化、安全性以及集成操作工具和平台。我們有望於今年晚些時候在印度和菲律賓上市。在印度，我們宣布了一項戰略協議，第一個是與印度馬哈拉施特拉邦達成戰略協議，在該邦生產我們的智能滑板車、智能電池和Gogoro 站，並在該邦部署Gogoro電池交換。對於Gogoro為將電池步行這一新產業引入該州所做的努力和投資，Gogoro獲得了前所未有的補貼和財政支持。馬哈拉施特拉邦正在引領印度向電氣化轉型，我們很樂意提供幫助。正如我們在財報中所說，2023 年第二季度和上半年的財務業績大致符合我們的預測。我們有效地管理了成本，提高了毛利率，並在 2023 年上半年調整了 EBITDA。

We also continued our growth in battery swapping service revenue and saw a slight increase in our overall revenue on a consistent currency basis versus Q2 of last year. Despite these positive results, our Taiwan sales were slightly below the same quarter last year. And as Taiwan represents approximately 95% of our revenue, there is a direct correlation between Taiwan sales performance and our revenue. We are standing still. We're aggressively investing in our Taiwan marketing and retail channel expansion with the opening of 79 Gogoro Express locations in addition to our existing locations, with lots more opening later this year. And we'll continue to build out our product portfolio and have several important vehicle introductions in the coming quarters that will expand our product portfolio, increase sales and grow revenue in both Taiwan and our other markets that we're entering.

我們的電池更換服務收入也繼續增長，並且與去年第二季度相比，按一致貨幣計算，我們的整體收入略有增長。儘管取得了這些積極的成果，我們在台灣的銷售額仍略低於去年同期。由於台灣地區約占我們收入的 95%，因此台灣地區的銷售業績與我們的收入之間存在直接相關性。我們站著不動。我們正在積極投資台灣營銷和零售渠道擴張，除了現有門店外，我們還開設了 79 家 Gogoro Express 門店，今年晚些時候還將開設更多門店。我們將繼續構建我們的產品組合，並在未來幾個季度推出幾款重要的車輛，這將擴大我們的產品組合，增加台灣和我們正在進入的其他市場的銷售和收入。

Taiwan vehicle registration in the first half of 2023 have exceeded those of both 2022 and 2021, and it appears that total vehicle volume for 2023 could return to the pre-pandemic level of approximately 800,000 units though that much of this uptick is in lower cost, more affordable ICE vehicles as consumers continue to exercise conservative financial decisions in light of the global economic situation. This consumer conservatism is highlighted by a very low consumer confidence index in Taiwan, which was at a 10-year low in Q1 2023. Electric 2-wheel sales have not mirrored the growth in the overall market. It is not in our long-term financial interest to aggressively mark down our vehicle prices as ICE OEMs are doing today. To do so, we jeopardize our product experience and the quality of service that our customer enjoys today.

2023 年上半年台灣車輛登記量已超過 2022 年和 2021 年，預計 2023 年的車輛總量可能會恢復到疫情前約 80 萬輛的水平，儘管這一增長很大程度上是由於成本較低，鑑於全球經濟形勢，消費者繼續採取保守的財務決策，因此價格更加實惠的內燃機汽車。台灣的消費者信心指數非常低，在 2023 年第一季度達到 10 年來的最低點，凸顯了這種消費者的保守態度。電動兩輪車的銷量並沒有反映整個市場的增長。像 ICE 原始設備製造商今天所做的那樣大幅降低車輛價格不符合我們的長期財務利益。這樣做會危及我們的產品體驗和客戶今天享受的服務質量。

We're focused on maintaining our financial performance on important metrics despite the strong short-term competition and continue to believe that we are well positioned for the inevitable shift from ICE vehicle to now electric vehicles. Certainly, every ICE vehicle purchased now is likely to be in use and contributing to the substantial carbon emissions for the next 10 years or so. But given that Taiwan is effectively a replacement market with approximately 700,000 to 800,000 vehicles replaced every year. We are still optimistic about our opportunity to convert ICE owners to electric vehicle owners as we build more products to address even broader market segments.

儘管短期競爭激烈，但我們仍致力於維持重要指標的財務業績，並繼續相信我們處於有利地位，可以應對從內燃機汽車向電動汽車的不可避免的轉變。當然，現在購買的每輛內燃機汽車都可能在未來 10 年左右投入使用，並造成大量碳排放。但考慮到台灣實際上是一個更換市場，每年更換大約70萬至80萬輛汽車。隨著我們生產更多產品來滿足更廣泛的細分市場，我們仍然對將內燃機車主轉變為電動汽車車主的機會持樂觀態度。

Getting consumers to feel they can personally and directly play a role in a cleaner environment is important. While purchasing an electric vehicle may be perceived as carrying a higher upfront cost, the total cost of ownership over time continues to favor electric vehicles and the other long-term benefits to health as well as to the environment significantly outweigh any concern consumer, delivery riders, fleet operators or government may have about electrification. All of these factors combined mean that despite achieving solid financial results so far in 2023, uncertainty in the market leads us to a conservative second half outlook, and we are predicting a seasonality-driven second half. Given the potential for an ongoing softness in the Taiwan market, we're updating our full year guidance to a revenue forecast of $340 million to $370 million.

讓消費者感覺他們可以親自、直接地在更清潔的環境中發揮作用非常重要。雖然購買電動汽車可能被認為需要較高的前期成本，但隨著時間的推移，總擁有成本仍然有利於電動汽車，並且對健康和環境的其他長期好處遠遠超過了消費者和送貨騎手的任何擔憂、車隊運營商或政府可能有關於電氣化的問題。所有這些因素綜合起來意味著，儘管 2023 年迄今為止取得了穩健的財務業績，但市場的不確定性導致我們對下半年前景持保守態度，並且我們預計下半年將受季節性因素驅動。鑑於台灣市場持續疲軟的可能性，我們將全年指引更新為 3.4 億至 3.7 億美元的收入預測。

Our India plans while progressing are not likely to result in substantial revenue in 2023. To address this reality, we've been actively developing multiple new vehicles that will be launched in the next several quarters, both at the high performance and at the affordable end of our product and price spectrum. We're developing for product market fit, not just in Taiwan, but in other countries as well. We continue to learn valuable data and insights through our ongoing pilots. All of this information informs our upcoming vehicle designs and launches. While I can't say much more about these vehicles, they will appeal to a variety of riders continue to demonstrate and extend our technology leadership and offer increased versatility to riders. Additionally, we are testing ways to improve our battery packs, our battery swapping station and our software capabilities and reduce costs for hardware and operations.

我們的印度計劃雖然取得進展，但不太可能在2023 年帶來可觀的收入。為了解決這一現實，我們一直在積極開發多款新車，這些新車將在未來幾個季度推出，無論是高性能還是價格實惠的車型我們的產品和價格範圍。我們正在開發適合市場的產品，不僅在台灣，也在其他國家。我們通過正在進行的試點繼續學習有價值的數據和見解。所有這些信息都為我們即將推出的車輛設計和發布提供信息。雖然我無法對這些車輛進行更多介紹，但它們將吸引各種騎手繼續展示和擴展我們的技術領先地位，並為騎手提供更多的多功能性。此外，我們正在測試改進電池組、電池交換站和軟件功能並降低硬件和運營成本的方法。

International expansion is important as we seek to diversify our revenue base. We've been quietly making great progress behind the scene on our expansion into India and other countries. We're localizing supply chains and manufacturing capabilities, increasing our team size and continue to operate pilots, which are receiving great feedback and inform our market launches direction and plans. And perhaps most importantly, we have formalized our investment agreement with the government of the state of Maharashtra, a $1.5 billion investment by Gogoro and our partners, which will enable the electrification of India's largest state by GDP contribution and the second largest state by population with over 110 million people.

當我們尋求收入基礎多元化時，國際擴張非常重要。我們在印度和其他國家的擴張在幕後悄然取得了巨大進展。我們正在本地化供應鍊和製造能力，擴大我們的團隊規模並繼續開展試點，這些試點收到了很好的反饋，並為我們的市場啟動方向和計劃提供了信息。也許最重要的是，我們已經與馬哈拉施特拉邦政府正式簽署了投資協議，Gogoro 和我們的合作夥伴將投資15 億美元，這將使印度GDP 貢獻最大的邦和人口第二大邦實現電氣化。超過1.1億人。

In June, we announced Gogoro would be entering into an ultra maker project agreement to manufacture vehicles, smart battery packs and battery swapping stations and deploy an open and accessible battery swapping infrastructure in the state of Maharashtra. This follows the MOU that was signed back in January 2023. This project is one of the largest EV investments in India's history with a $1.5 billion investment plan to bring Gogoro's ecosystem into India. Ultra mega projects are strategic investment for over $500 million supported by financial incentives from the Maharashtra government. We are focused on creating a domestic supplier ecosystem that allows for domestic growth and foreign market expansion.

6 月，我們宣布 Gogoro 將簽訂一項超級製造商項目協議，以製造車輛、智能電池組和電池交換站，並在馬哈拉施特拉邦部署開放且可訪問的電池交換基礎設施。此前，該諒解備忘錄於 2023 年 1 月簽署。該項目是印度歷史上最大的電動汽車投資之一，投資計劃達 15 億美元，旨在將 Gogoro 的生態系統引入印度。超大型項目是由馬哈拉施特拉邦政府財政激勵支持的超過 5 億美元的戰略投資。我們致力於創建一個國內供應商生態系統，以實現國內增長和國外市場擴張。

Our Swap & Go pilot has been live in India for an exciting three months. We've tallied some impressive numbers so far. The total distance travel has accumulated over 430,000 kilometer, which is equivalent to over 10 trips around the earth. Over 8,500 battery swaps, over 33,000 kilograms of CO2 saved. We are also happy to see that our swapping solution has helped delivery riders in India to increase delivery efficiency and in some cases, as much as doubling their monthly earnings. Perhaps the most compelling data collected during the pilot is that our battery packs and go stations are performing very well under high use, high temperature and unpredictable road condition.

我們的 Swap & Go 試點項目已在印度上線了令人興奮的三個月。到目前為止，我們已經統計了一些令人印象深刻的數字。總行程累計超過43萬公里，相當於繞地球10餘圈。更換電池超過 8,500 次，減少二氧化碳排放超過 33,000 公斤。我們也很高興看到我們的交換解決方案幫助印度的送貨騎手提高了送貨效率，在某些情況下，甚至使他們的月收入增加了一倍。也許在試點期間收集的最引人注目的數據是，我們的電池組和移動站在高使用率、高溫和不可預測的路況下表現良好。

In addition, we are also proving that there is additional energy capacity available if the battery chemistry is consumed more quickly via high utilization. We can make that extra energy available to consumers at reduced cost or we can use the extra energy for second life use cases, and we believe we can extract additional value from packs by recycling them at the end of life. We've an Indian locally manufactured assembled a new vehicle ready for launch in the coming months and will begin deliveries to key customers soon. Locally manufactured battery packs will also begin production in late Q4 2023 or early 2024.

此外，我們還證明，如果通過高利用率更快地消耗電池化學成分，則可以提供額外的能量容量。我們可以以更低的成本向消費者提供額外的能源，或者我們可以將額外的能源用於第二次生命用例，我們相信我們可以通過在生命結束時回收它們來從包裝中獲取額外的價值。我們已經在印度本地製造組裝了一輛新車，準備在未來幾個月內推出，並將很快開始向主要客戶交付。本地製造的電池組也將於 2023 年第四季度末或 2024 年初開始生產。

To support these local operations, we have substantially increased our employee presence in India as well. We're fully committed to the Indian market. Success in India depends on having vehicles, battery packs and go stations that meet aggressive cost target. Depending on factors like vehicle performance and range, our target pricing ranges will be very competitive to the local market. We're aiming to introduce vehicles that meet these pricing thresholds and rival others ICE and electric products already available in the market by Q4 2023 or Q1 2024.

為了支持這些本地業務，我們還大幅增加了在印度的員工人數。我們完全致力於印度市場。在印度的成功取決於擁有滿足嚴格成本目標的車輛、電池組和加油站。根據車輛性能和續航里程等因素，我們的目標定價範圍對於當地市場將非常有競爭力。我們的目標是在 2023 年第四季度或 2024 年第一季度推出滿足這些定價門檻的車輛，並與市場上已有的其他內燃機和電動產品相媲美。

Additionally, developing local supply chain for our battery packs and our go station means that we can reduce costs substantially on the order of 20% to 30%. This will also help us reduce operating costs overall. The issue of climate change has become even more urgent, pushing governments, businesses and individuals to prioritize sustainability and environmental responsibility. Sustainability and green mobility are Gogoro's core value. And in Q2, we continue to make progress towards our objectives of making smart swappable energy available to urban consumers everywhere. Gogoro users have collectively reduced carbon emissions by over 680 million kilograms. We achieved sustainability by utilizing 100% recyclable polypropylene as the shell material for most of our Smart Scooters, promoting resource regeneration and eco-friendly recycling.

此外，為我們的電池組和移動站開發本地供應鏈意味著我們可以大幅降低成本 20% 至 30%。這也將幫助我們降低整體運營成本。氣候變化問題變得更加緊迫，促使政府、企業和個人優先考慮可持續發展和環境責任。可持續發展和綠色出行是 Gogoro 的核心價值。在第二季度，我們繼續朝著向世界各地的城市消費者提供智能可交換能源的目標取得進展。 Gogoro 用戶總共減少了超過 6.8 億公斤的碳排放。我們通過使用 100% 可回收聚丙烯作為大多數智能滑板車的外殼材料來實現可持續發展，促進資源再生和環保回收。

Furthermore, since 2022, we incorporated 40% renewable energy in our factories and certain designated Gogoro stores now operate on 100% green electricity. These efforts marked a significant stride towards the ultimate goal of transitioning to 100% renewal energy usage by 2050. We're the first amongst our peers to make such a commitment. We recently collaborated with Japanese designer Naoto Fukasawa and MUJI, the Tokyo-based consumer goods and lifestyle company on newly designed Gogoro Smart Scooters along with a range of merchandise and accessories.

此外，自 2022 年以來，我們的工廠採用了 40% 的可再生能源，某些指定的 Gogoro 商店現在使用 100% 綠色電力運營。這些努力標誌著我們向 2050 年過渡到 100% 使用可再生能源的最終目標邁出了一大步。我們是同行中第一個做出這樣承諾的人。我們最近與日本設計師 Naoto Fukasawa 和總部位於東京的消費品和生活方式公司 MUJI 合作，推出了新設計的 Gogoro 智能滑板車以及一系列商品和配件。

Using iconic MUJI design elements and recycled polypropylene plastic, the new Gogoro VIVA and VIVA MIX ME promotes simplicity and sustainability and is part of the joint recycle for -- Good Sustainability Initiative. The Smart Scooter, under the personal creation of Fukasawa, presents minimalist design incorporating recycled polypropylene body components. This initiative aims to inspire consumers in Taiwan to engage in recycling polypropylene plastic waste at Gogoro and MUJI stores and empowers them to contribute small, but meaningful steps towards creating a more sustainable future.

全新 Gogoro VIVA 和 VIVA MIX ME 採用標誌性的 MUJI 設計元素和再生聚丙烯塑料，提倡簡約性和可持續性，是良好可持續發展倡議聯合回收的一部分。深澤個人創作的智能滑板車採用回收聚丙烯車身部件，呈現極簡設計。該舉措旨在激勵台灣消費者在 Gogoro 和 MUJI 商店回收聚丙烯塑料廢物，並讓他們能夠為創造更可持續的未來做出微小但有意義的步驟。

While we promote sustainability on the consumer side, the government was also taking actions. In Taiwan, government bureaus and agencies are taking an initiative to commit to sustainable energy and transportation, while implementing corresponding strategies to control pollution by replacing aged government-owned scooters with Gogoro Smart Scooters, which has accumulated over 8,000 vehicles since the program began. We thank various branches of the Taiwan government for their partnership and look forward to extending that partnership both in Taiwan and in other countries as well.

我們在消費者方面推動可持續發展的同時，政府也在採取行動。在台灣，政府部門和機構正在主動致力於可持續能源和交通，同時實施相應的污染控制策略，用Gogoro 智能滑板車替換老化的政府擁有的滑板車，自該計劃啟動以來，Gogoro 智能滑板車已累積超過8,000 輛。我們感謝台灣政府各部門的合作夥伴關係，並期待在台灣和其他國家擴大這種夥伴關係。

Recently, a variety of state governments in India, including the government of Goa, Maharashtra, Delhi, Haryana, and Andhra Pradesh have made commitments to transition last-mile delivery fleets, last-mile connectivity fleets, and tourism fleets to electric vehicles.

最近，印度各邦政府，包括果阿邦、馬哈拉施特拉邦、德里、哈里亞納邦和安得拉邦政府均承諾將最後一英里送貨車隊、最後一英里連接車隊和旅遊車隊轉變為電動汽車。

I'd like to invite Bruce to provide more detail on Taiwan and a few of our other international markets and financial update.

我想邀請布魯斯提供有關台灣和我們其他一些國際市場的更多詳細信息以及財務最新情況。

Thanks Horace. As Horace indicated, the Taiwan two-wheeler market has grown in the first half of 2023, but EV volume is slightly down. In Q2, the total number of registered scooters in Taiwan was 186,549, up 13.4% from Q2 of 2022.

謝謝霍拉斯。正如 Horace 所言，台灣兩輪車市場在 2023 年上半年有所增長，但電動車銷量略有下降。第二季度，台灣註冊滑板車總數為 186,549 輛，比 2022 年第二季度增長 13.4%。

In the first half of 2023, the total number of registered scooters was 363,747, up 11.6% compared with the first half of 2022. The total number of registered electric scooters in Q2 in Taiwan was 20,118 units, down slightly from 21,195 in Q2 of last year. Of these electric scooters, approximately 16,400 were Gogoro and partner-branded vehicles and 14,118 were Gogoro branded. Despite the overall scooter market in Taiwan witnessing a slight uptrend, the pace of electrification has not mirrored the growth in ICE vehicle sales. This situation is largely driven by ICE competitors aggressively reducing prices to spur growth.

2023年上半年，電動滑板車註冊總數為363,747輛，較2022年上半年增長11.6%。第二季度台灣電動滑板車註冊總數為20,118輛，較上年第二季度的21,195輛略有下降年。在這些電動滑板車中，約 16,400 輛是 Gogoro 及合作夥伴品牌的車輛，14,118 輛是 Gogoro 品牌的車輛。儘管台灣整體踏板車市場呈現小幅上升趨勢，但電動化的步伐並未反映內燃機汽車銷量的增長。這種情況主要是由於 ICE 競爭對手大幅降價以刺激增長造成的。

Our retail sales strategies are unchanged. We continue to increase our presence via growing our store count from the current 91 to a planned 100 stores by the end of the year, and we believe that the products we have planned for the incoming quarters will improve our competitiveness versus ICE vehicles in the future. In addition, we're targeting 150 Gogoro Quick and service community stores by the end of the year, up from approximately 79 such stores that are already operating with clearly many more to follow. We continue to make good progress in other international markets. In the Philippines, together with our partners, the Ayala Group, Globe Telecom and 917 Ventures, we expect to open a Gogoro Experience Center in the coming months, and our pilot is already up and running.

我們的零售策略沒有改變。我們通過將門店數量從目前的 91 家增加到年底計劃的 100 家來繼續擴大我們的影響力，我們相信我們為未來幾個季度計劃的產品將提高我們未來相對於 ICE 車輛的競爭力。此外，我們的目標是到今年年底開設 150 家 Gogoro Quick 和服務社區商店，而目前此類商店大約有 79 家，而且顯然還有更多商店即將開業。我們繼續在其他國際市場取得良好進展。在菲律賓，我們預計將與我們的合作夥伴 Ayala Group、Globe Telecom 和 917 Ventures 一起在未來幾個月內開設 Gogoro 體驗中心，並且我們的試點項目已經啟動並運行。

In Korea, to support growth, our partner Bikebank has expanded the battery swapping network to seven additional cities beyond Soul and currently have over 84 GoStations operational across Korea. Our Smartscooters and battery swapping solutions have been used for food deliveries in Seoul since 2019 and has received widespread attention and acceptance. We'll continue to work closely with Bikebank to accelerate the transformation of urban mobility and promote sustainable transportation in Korea.

在韓國，為了支持增長，我們的合作夥伴 Bikebank 已將電池交換網絡擴展到 Soul 以外的另外 7 個城市，目前在韓國各地運營著超過 84 個 GoStations。自2019年以來，我們的智能滑板車和換電解決方案已用於首爾的食品配送，並受到廣泛關注和接受。我們將繼續與 Bikebank 密切合作，加速城市交通轉型，促進韓國的可持續交通。

Over the past four months, our pilot program in Singapore has achieved remarkable success, thanks to the support from our partners, Jardine Cycle & Carriage Singapore as well as Foodpanda Singapore. With over 10,000 kilograms of CO2 saved total distances of over 110,000 kilometers driven and over 2,700 battery swaps, we're gathering lots of data from our pilot in Singapore. Extending the use of batteries through second life is important. We've deployed smart traffic lights at a number of major intersections in Taipei Q2 in partnership with Far East Tone Telecommunications, one of Taiwan's leading mobile operators. We're excited to work with Far East one on this project to address the risk of traffic signal failure due to sudden power outages in the city.

在過去的四個月裡，我們在新加坡的試點計劃取得了顯著的成功，這得益於我們的合作夥伴 Jardine Cycle & Carriage Singapore 以及 Foodpanda Singapore 的支持。我們減少了 10,000 公斤二氧化碳，節省了超過 110,000 公里的總行駛里程，並更換了 2,700 多次電池，我們正在從新加坡的飛行員那裡收集大量數據。延長電池的第二次使用壽命非常重要。我們與台灣領先的移動運營商之一遠東通通合作，在台北第二季度的多個主要十字路口部署了智能交通燈。我們很高興能與遠東一號合作開展這個項目，以解決因城市突然停電而導致交通信號故障的風險。

Gogoro took the lead in partnering with Far EasTone to develop the smart traffic signal uninterruptible power system at the end of 2021. This system utilizes smart batteries to provide real-time power backup ensuring smooth traffic operations. After successfully testing for over a year in Taipei, Gogoro and Far East one have expanded the application and with plans to expand to nearly 200 critical intersections in Taipei by the end of the year, we've created an innovative model for sustainable smart city solutions. And more importantly, we've proven the thesis that there are a great number of second-life opportunities for our batteries.

Gogoro於2021年底率先與遠傳合作開發智能交通信號不間斷電源系統。該系統利用智能電池提供實時備用電源，確保交通運行順暢。經過一年多在台北、Gogoro 和遠東的成功測試，我們已經擴展了該應用，併計劃在今年年底擴展到台北近 200 個關鍵路口，我們為可持續智慧城市解決方案創建了一個創新模型。更重要的是，我們已經證明了這樣一個論點：我們的電池有大量的二次利用機會。

In April, we announced the commercial deployment of Gogoro battery-enabled virtual power plants with NLX. We have currently deployed a total of 967 locations with plans to increase the total to 2,500 swap station cabinets across 1,000 locations by the end of 2023 to serve both demand and frequency response. We've always believed that mobile energy plays a crucial role in facilitating sustainable transformation, not only in transportation, but also across diverse industries seeking to transition from fossil fuels to electric power or those requiring solutions beyond the limitations of fossil fuels. Leveraging the second life of our batteries, we are effectively addressing a wide range of smart city energy demands, generating new revenue streams and contributing to the advancement of sustainable urban development.

4 月份，我們宣布與 NLX 一起商業部署 Gogoro 電池虛擬發電廠。我們目前已部署了總共 967 個地點，併計劃到 2023 年底將交換站櫃總數增加到 1,000 個地點的 2,500 個，以滿足需求和頻率響應。我們始終相信，移動能源在促進可持續轉型方面發揮著至關重要的作用，不僅在交通領域，而且在尋求從化石燃料向電力轉型或需要超越化石燃料限制的解決方案的各個行業中。利用電池的第二次生命，我們有效地滿足了智慧城市的廣泛能源需求，創造了新的收入來源，並為推動可持續城市發展做出了貢獻。

In summary, despite some near-term market-driven volume shortfalls in Taiwan, we believe we're on track to deliver real value to customers whether through our Smartscooters or Smart Batteries our second life and ancillary service capabilities. We're working hard to deploy Gogoro battery swapping capability in international markets, to broaden our retail footprint and service level in Taiwan, and to continue innovating across our entire product portfolio, both in new products and in Second Life opportunities for fully depreciated batteries.

總之，儘管台灣近期出現一些由市場驅動的銷量短缺，但我們相信，無論是通過我們的智能踏板車還是智能電池、我們的第二生命和輔助服務能力，我們都有望為客戶提供真正的價值。我們正在努力在國際市場上部署 Gogoro 電池更換能力，擴大我們在台灣的零售足跡和服務水平，並在整個產品組合中繼續創新，包括新產品和完全折舊電池的“第二人生”機會。

To focus specifically on financial highlights for Q2 of 2023, we continue to see healthy increases in our Gogoro battery swapping revenue, and our performance against our key financial metrics for the first half of 2023 was solid. We saw a drop in our Taiwan-generated vehicle revenue this quarter, but our international expansion continues to demonstrate solid progress that we anticipate will turn into revenue by the end of 2023 and into the future. We expect to continue our investment in research and development, network infrastructure, and international production capacity into 2024 to lay the foundation for our international expansion.

特別關注 2023 年第二季度的財務亮點，我們繼續看到 Gogoro 電池交換收入的健康增長，並且相對於 2023 年上半年的關鍵財務指標，我們的業績表現穩健。本季度我們的台灣產汽車收入有所下降，但我們的國際擴張繼續展現出堅實的進展，我們預計到 2023 年底和未來將轉化為收入。我們預計到2024年將繼續在研發、網絡基礎設施和國際產能方面進行投資，為我們的國際擴張奠定基礎。

For the second quarter of 2023 operating revenue was $87.2 million down 3.8% year-over-year and up 0.2% year-over-year on a constant currency basis. Had foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been up by an additional $3.7 million. Sales of hardware and other revenue for the quarter were $53.9 million, down 10.6% year over year, and down 6.8% year-over-year on a constant currency basis. For the entire powered two-wheeler market, sales in Taiwan in the second quarter were up 13.4% year-over-year, returning to roughly pre-pandemic levels, likely due to deferred purchasing.

2023 年第二季度營業收入為 8720 萬美元，同比下降 3.8%，按固定匯率計算同比增長 0.2%。如果外匯匯率與去年同季度的平均匯率保持不變，收入將額外增加 370 萬美元。該季度硬件銷售額和其他收入為 5390 萬美元，同比下降 10.6%，按固定匯率計算同比下降 6.8%。就整個電動兩輪車市場而言，台灣第二季度的銷量同比增長 13.4%，大致恢復到大流行前的水平，這可能是由於推遲購買所致。

Sales of electric power two-wheel vehicles have not mirrored this growth. Sales were down 5.1% compared to the same quarter last year. Much of the growth in the power two-wheel market was driven by a very few specific internal combustion engine models that continue to appeal to price sensitive consumers at the expense of competing ICE and electric vehicles.

電動兩輪車的銷量並沒有反映出這種增長。銷售額較去年同期下降 5.1%。動力兩輪市場的增長很大程度上是由極少數特定的內燃機車型推動的，這些車型繼續吸引對價格敏感的消費者，但犧牲了內燃機和電動汽車的競爭。

Gogoro vehicle sales volume decreased by 8.1% compared to the same quarter last year, largely driven by Taiwan's consumer confidence index being at a 10-year low at the beginning of 2023, and that typically translates into conservative purchase decisions when customers are refreshing their vehicles. This makes our second-half financial outlook difficult to predict. We view the second half conservatively, and we are expecting our performance in the second half of 2023 to track historical seasonality.

Gogoro 車輛銷量與去年同期相比下降 8.1%，主要是由於台灣消費者信心指數在 2023 年初處於 10 年來的最低點，這通常會導致客戶在更新車輛時做出保守的購買決定。這使得我們下半年的財務前景難以預測。我們對下半年持保守態度，預計 2023 年下半年的業績將跟踪歷史季節性。

Battery swapping service revenue for the second quarter was $33.3 million, up 9.6% year-over-year and up 14.2% year-over-year on a constant currency basis. Total subscribers at the end of the second quarter exceeded 552,000, up 14% from 484,000 subscribers at the end of the same quarter last year. This year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year, and also attributable to the high retention rate of our subscribers. We continue to see the strength of our subscription-based business model to accrue more customers to maximize our battery swapping network efficiency.

第二季度換電服務收入為3330萬美元，同比增長9.6%，按固定匯率計算同比增長14.2%。第二季度末訂閱者總數超過 552,000 人，比去年同季度末的 484,000 人增長 14%。換電服務收入同比增長主要是由於我們的用戶基數較去年同期更大，同時也歸因於我們的用戶保留率較高。我們繼續看到基於訂閱的業務模式的優勢，可以吸引更多客戶，從而最大限度地提高我們的電池交換網絡效率。

For the second quarter, gross margin was 15.2%, up from 14% in the same quarter last year, and non-IFRS gross margin was 16%, up from 15.5% in the same quarter last year. The gross margin and non-IFRS gross margin increases were driven by the improved cost efficiencies of Gogoro's battery swapping service operations and an increase in the average revenue per energy subscriber due to a combination of new subscription programs and longer riding distances post-pandemic. These increases were partially offset by the higher production cost per vehicle as a result of lower volumes and promotion expenditures on scooter sales this year, while some of the adverse impacts were mitigated by our favorable product portfolios.

第二季度毛利率為15.2%，高於去年同期的14%，非國際財務報告準則毛利率為16%，高於去年同期的15.5%。毛利率和非國際財務報告準則毛利率的增長是由於 Gogoro 電池交換服務業務成本效率的提高以及新訂閱計劃和疫情后更長的騎行距離導致每個能源用戶的平均收入增加所致。這些增長被今年踏板車銷售量減少和促銷支出減少導致每輛車的生產成本增加所部分抵消，而我們有利的產品組合減輕了一些不利影響。

For the second quarter, net loss was $5.6 million, down $111.5 million from $121.1 million in the same quarter last year. This decrease in net loss was primarily due to $178.8 million decrease in listing expenses and a $24.4 million decrease in operating expenses, primarily consisting of an $18.5 million decrease in acquisition-related expense, a $3.2 million decrease in share-based compensation and our tight control on expenses, savings of $2.3 million in expenses for sales and marketing programs and $1.5 million in general and administrative expenses. These decreases were partially offset by an unfavorable change in the fair market value of financial liabilities of $88.5 million.

第二季度淨虧損為 560 萬美元，較去年同期的 1.211 億美元減少 1.115 億美元。淨虧損減少主要是由於上市費用減少 1.788 億美元，運營費用減少 2,440 萬美元，其中收購相關費用減少 1,850 萬美元，股權激勵減少 320 萬美元，以及我們的嚴格控制在費用方面，銷售和營銷計劃費用節省了230 萬美元，一般和管理費用節省了150 萬美元。這些減少被金融負債公平市場價值 8850 萬美元的不利變化部分抵消。

For the second quarter, adjusted EBITDA was $12.9 million, up from $9.3 million in the same quarter last year. The increase was primarily due to a $2.3 million decrease in expenses for sales and marketing programs, as we implemented more efficient marketing campaigns and a $1.5 million decrease in general and administrative expenses, mainly as a result of cost savings initiatives. The increase was partially offset by a $1.1 million increase in research and development expenses for the development of new products and our international expansion.

第二季度調整後 EBITDA 為 1290 萬美元，高於去年同期的 930 萬美元。這一增長主要是由於我們實施了更高效的營銷活動，銷售和營銷計劃費用減少了 230 萬美元，而一般和管理費用減少了 150 萬美元，這主要是由於成本節約舉措。這一增長被新產品開發和國際擴張的研發費用增加 110 萬美元所部分抵消。

We reduced operating cash flow by $41 million compared to the same quarter last year, through tightening our business operations and reduced working capital. We borrowed $22.7 million and paid back $14.3 million in bank loans in the second quarter to finance our investing activities. With a $144 million cash balance at the end of the second quarter and additional credit facilities, 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，我們的運營現金流比去年同期減少了 4100 萬美元。第二季度，我們藉入了 2270 萬美元並償還了 1430 萬美元的銀行貸款，為我們的投資活動提供資金。憑藉第二季度末 1.44 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滿足我們的近期業務增長目標。

Due to the soft demand in the Taiwan market and to reflect our current market outlook and the timing of the realization of our international projects, we are updating our 2023 revenue guidance to revenue of $340 million to $370 million. We estimate that we will generate approximately 95% of our 2023 full year revenue from the Taiwan market. With that financial update, I will hand things back over to Michael for Q&A. Michael?

由於台灣市場需求疲軟，並為了反映我們當前的市場前景和實現國際項目的時間安排，我們將 2023 年收入指引更新為 3.4 億美元至 3.7 億美元。我們預計 2023 年全年收入的約 95% 將來自台灣市場。更新財務信息後，我會將事情交還給邁克爾進行問答。邁克爾？

Thanks, Horace and Bruce for the business update, details on financial results and forward guidance. As attendees are formulating your questions, I will ask three questions, which I think are likely on everyone's minds, given what you've just shared. With that said, question number one. You've updated your guidance for the full year. Can you shed a bit more light on why and what leads you to have confidence that you will meet your revised guidance for 2023? And what are your preliminary thoughts for 2024?

感謝 Horace 和 Bruce 提供業務更新、財務業績詳細信息和前瞻性指導。當與會者提出您的問題時，我將問三個問題，鑑於您剛才分享的內容，我認為每個人都可能想到這些問題。話雖如此，第一個問題。您已經更新了全年指導。您能否進一步說明原因以及是什麼讓您有信心實現 2023 年修訂後的指導方針？您對2024年的初步想法是什麼？

Thanks, Michael. Well, to be clear, we're really bullish on the global transition from EV from traditional ICE vehicles. Individual markets, we transition at various time and speed based on a number of different factors: government policy, consumer awareness of environmental issues, cost of vehicle and energy, et cetera.

謝謝，邁克爾。需要明確的是，我們非常看好全球從傳統內燃機汽車向電動汽車的轉型。對於各個市場，我們會根據許多不同的因素以不同的時間和速度進行轉型：政府政策、消費者對環境問題的意識、車輛和能源的成本等等。

We believe that in that transition, battery swapping will emerge as the best technology in terms of speed and convenience of swapping as well as the standpoint of helping power grids, which are increasingly pressure to manage and support the transition. We have clearly seen this in Taiwan and also through our pilots overseas. In any given quarter of the year, there will be external factors, which will impact that transition.

我們相信，在這一轉型中，從更換的速度和便利性以及幫助電網的角度來看，電池更換將成為最佳技術，而電網管理和支持轉型的壓力越來越大。我們在台灣以及海外的試點中都清楚地看到了這一點。在一年中的任何特定季度，都會有外部因素影響這種轉變。

In Taiwan at the moment, a mix of macroeconomic factors and aggressive pricing by ICE vehicle makers is creating some short-term headwinds for Gogoro. We don't believe we've maxed up on Taiwan's vehicle sales, but we did experience a slight drop in the unit sales in the first half. We have a lineup of vehicle we expect to launch this year and early next year that we believe will really help.

目前在台灣，宏觀經濟因素和內燃機汽車製造商激進的定價相結合，給 Gogoro 帶來了一些短期阻力。我們認為台灣的汽車銷量尚未達到頂峰，但上半年的銷量確實略有下降。我們預計將在今年和明年初推出一系列車輛，我們相信這些車輛將真正有所幫助。

As far as meeting our updated guidance, we're working hard to grow our retail footprint and our customer touch points. We're expecting normal seasonal uptick in sales in the second half, and we have vehicle launches planned. These factors combined make us confident we will hit these new targets. 95% of revenue is expected to be from Taiwan, but we should also start seeing more revenue from international markets in the second half as compared to last year.

就滿足我們更新的指導方針而言，我們正在努力擴大我們的零售足跡和客戶接觸點。我們預計下半年銷量將出現正常的季節性增長，並且我們已計劃推出車輛。這些因素結合起來使我們有信心實現這些新目標。預計 95% 的收入來自台灣，但與去年相比，下半年我們也應該開始看到更多來自國際市場的收入。

Okay. Thank you. We'll move on to question number two. So, you talked about new vehicle launches in the second half and about ongoing improvements in your batteries and stations. Can you share a bit more detail, will these vehicles and improve battery swapping technology to be deployed in India and other places in addition to Taiwan? Thanks.

好的。謝謝。我們將繼續討論第二個問題。因此，您談到了下半年新車的推出以及電池和充電站的持續改進。您能否透露更多細節，這些車輛和改進的電池交換技術是否會部署在印度以及台灣以外的其他地方？謝謝。

Sure. India is a critical market for us and getting products, partners and pricing right for India is really, really important. We're fully committed to India. We're localizing our supply chain and preparing for local manufacturing, both of which will create substantial cost reduction opportunities and qualifies for Indian subsidies. We're always working to improve our battery and station technology. Safety and quality are always first on our mind. The cost, capacity, and other factor matters a lot also as well. We have a number of product improvements we'll be introducing over the coming months.

當然。印度對我們來說是一個重要的市場，為印度提供合適的產品、合作夥伴和定價非常非常重要。我們完全致力於印度。我們正在本地化我們的供應鏈並為本地製造做準備，這兩者都將創造大量降低成本的機會，並有資格獲得印度的補貼。我們始終致力於改進我們的電池和充電站技術。安全和質量始終是我們的首要任務。成本、容量和其他因素也很重要。我們將在未來幾個月內推出多項產品改進。

When we develop vehicles, we design for global markets. But at times, we need to localize for local market to meet pricing expectation, logo regulation, or other factors. The vehicles that we have slated for launch cater to the needs of a broad range of customers. We have vehicles, which will satisfy customer concern about affordability, we have vehicles which will appeal to an early adopter of technology, and also we have vehicles who had -- to B2B and B2C customers as well.

當我們開發車輛時，我們是為全球市場設計的。但有時，我們需要針對當地市場進行本地化，以滿足定價預期、標誌法規或其他因素。我們計劃推出的車輛可滿足廣大客戶的需求。我們的車輛可以滿足客戶對負擔能力的擔憂，我們的車輛可以吸引技術的早期採用者，我們也有適合 B2B 和 B2C 客戶的車輛。

Okay. Thank you. Next question is despite a drop in hardware revenue, you mentioned as you've met a number of other financial metrics. What metrics are you tracking? And what are your expectations for the second half for margin, EBITDA and other metrics that you can share?

好的。謝謝。下一個問題是，儘管硬件收入有所下降，但您提到了這一點，因為您已經滿足了許多其他財務指標。您正在跟踪哪些指標？您對下半年的利潤率、EBITDA 和其他可以分享的指標有何期望？

Thanks Michael. There are always external factors that are difficult for us to control. But what we're trying to focus on is the internal cost structure, which we have control over.

謝謝邁克爾。總有一些外部因素是我們難以控制的。但我們試圖關注的是我們可以控制的內部成本結構。

So, we're continuing to invest for international expansion. But despite doing that, we're really focused on cost savings opportunities. We're keeping marketing cost per vehicle flat. We're tightly controlling OpEx, we're generating healthy EBITDA, and we're tracking the healthy growth in battery swapping service revenue. We haven't provided specific EBITDA or margin targets for the second half. We're really focused on establishing solid financial discipline and a solid foundation such that both in Taiwan and as we begin our international expansion, we can continue on that solid financial grounding.

因此，我們將繼續投資進行國際擴張。但儘管如此，我們真正關注的是節省成本的機會。我們保持每輛車的營銷成本不變。我們正在嚴格控制運營支出，我們正在產生健康的 EBITDA，並且我們正在跟踪電池更換服務收入的健康增長。我們尚未提供下半年的具體 EBITDA 或利潤率目標。我們真正專注於建立堅實的財務紀律和堅實的基礎，以便在台灣以及我們開始國際擴張時，我們可以繼續建立堅實的財務基礎。

All right. Thank you, Bruce. Operator, at this point, let's go ahead and open up the line for the Q&A session. Thank you.

好的。謝謝你，布魯斯。接線員，現在我們先開通問答環節。謝謝。

Thank you. (Operator Instructions) Our first question comes from the line of Angelina Chen with JPMorgan. Your line is now open.

謝謝。 （操作員指令）我們的第一個問題來自摩根大通的Angelina Chen。您的線路現已開通。

Hello. Thank you, Horace and Bruce. I'm Angelina from JPMorgan, and I'm filling in for Bill. Can you hear me?

你好。謝謝你們，霍勒斯和布魯斯。我是摩根大通的安吉麗娜，我將代替比爾。你能聽到我嗎？

Yes, we can hear you, Angelina.

是的，我們能聽到你的聲音，安吉麗娜。

Great. So just two questions from us. First of all, when does the company expect to turn operating profits profitable? And the second one is regarding international revenue exposure. What percentage of the revenue do you expect from overseas business in 2024 and beyond? Thank you.

偉大的。我們只有兩個問題。首先，公司預計什麼時候能夠實現營業利潤扭虧為盈？第二個是關於國際收入敞口。您預計 2024 年及以后海外業務佔收入的比例是多少？謝謝。

I'll take the second part first, Angelina. As you know, we're saying that, this year we're 95% of our revenue will be Taiwan-based. That leaves the small balance to come from international markets. We will be launching vehicles. We will be launching service in multiple markets in the second half of this year. So we do expect the 2024 percentage to increase pretty substantially. We're not giving out targets on that quite yet. I guess, I can say stay tuned for the November call where we'll try to provide some guidance on 2024. But we do expect substantial growth, specifically from India, but potentially from other markets as well.

我先看第二部分，安吉麗娜。如您所知，我們說，今年我們 95% 的收入將來自台灣。剩下的小額餘額來自國際市場。我們將發射車輛。我們將於今年下半年在多個市場推出服務。因此，我們確實預計 2024 年這一比例將大幅增加。我們還沒有給出這方面的目標。我想，我可以說，請繼續關注 11 月的電話會議，我們將盡力為 2024 年提供一些指導。但我們確實預計會出現大幅增長，特別是來自印度的增長，但也可能來自其他市場。

In terms of operating profit, again, as mentioned to Michael's question just a minute ago, our goal is really to set ourselves up for a tight financial structure in Taiwan as we think about the future. All of our R&D costs are born in Taiwan. All of our corporate overhead is born in Taiwan. So when we add international business, it comes with very low overhead and should contribute to our being able to meet our operating profit goals more quickly.

就營業利潤而言，正如邁克爾剛才提出的問題所提到的，我們的目標實際上是在考慮未來時為台灣建立一個嚴格的財務結構。我們所有的研發費用都在台灣產生。我們所有的公司管理費用都來自台灣。因此，當我們添加國際業務時，其管理費用非常低，應該有助於我們更快地實現營業利潤目標。

Thank you. (Operator Instructions)

謝謝。 （操作員說明）

All right, operator. In the meantime, this is Michael Bowen again from ICR. We do have a write-in question from Daniel at UBS. I'll start with the first one. There is a second one. But the first one is, could you please give us some color on the competitive landscape of electric two-wheelers in India and what are Gogoro's strengths and weaknesses compared with the other brands?

好的，接線員。與此同時，我是 ICR 的 Michael Bowen。我們確實收到了瑞銀 (UBS) 丹尼爾的書面提問。我將從第一個開始。還有第二個。但第一個問題是，您能給我們介紹一下印度電動兩輪車的競爭格局嗎？與其他品牌相比，Gogoro 的優勢和劣勢是什麼？

Great, thanks. I'll take that question, Michael. So, as we look at the landscape in India, one of the first thing we saw was it was clearly a play for a more sophisticated, proven, high-powered battery swapping technology to really help service at the very beginning the B2B segment. There's a lot of vehicles today that are very, very low power with batteries that are what we call swap-outable instead of really swappable. They would have -- lots of cables that actually connect with different connector where -- a user would have to remove certain piece of the vehicle in order to swap out the battery to really mimic a swap-out experience.

萬分感謝。我來回答這個問題，邁克爾。因此，當我們審視印度的情況時，我們看到的第一件事是，這顯然是一種更複雜、經過驗證的高性能電池交換技術的遊戲，可以真正幫助 B2B 細分市場的初期服務。如今有很多車輛的電池電量非常非常低，我們稱之為可更換電池，而不是真正的可更換電池。他們將擁有許多實際上與不同連接器連接的電纜，用戶必須拆下車輛的某些部件才能更換電池，以真正模擬更換體驗。

For us, with Gogoro, we've been really focused on swapping experience from ever since we founded the company. And that means of doing in just seconds has really blown away most of our -- the people that have actually written and touched and swapped the battery without pilot. And I think there's a huge opportunity for us when it comes to providing proper two-wheelers that is powerful, that is durable and then as well as very usable and cost effective in that market. So I think that as we look around, there really wasn't too many direct comps, so to speak. But as we look at dollar for every kilometer, we certainly see that we have a very, very great opportunity ahead of us.

對於我們來說，自從公司成立以來，Gogoro 一直致力於交流經驗。這種在短短幾秒鐘內完成的方法確實讓我們大多數人感到震驚——那些真正在沒有飛行員的情況下書寫、觸摸和更換電池的人。我認為，在提供功能強大、耐用、在該市場上非常實用且具有成本效益的合適兩輪車方面，我們有巨大的機會。所以我認為，當我們環顧四周時，可以說確實沒有太多直接競爭。但當我們審視每公里的花費時，我們當然看到我們面前有一個非常非常好的機會。

All right. Thanks, Horace. And the second question from Daniel at UBS is as the network expansion might need significant CapEx. How does Gogoro convince local partners in the overseas markets to make such a move?

好的。謝謝，霍拉斯。瑞銀丹尼爾的第二個問題是網絡擴張可能需要大量資本支出。 Gogoro如何說服海外市場的當地合作夥伴做出這樣的舉動？

Great question. So as you look at Taiwan, one of the fundamental reasons -- several fundamental reason where we do actually carried CapEx in Taiwan. The first really had to do with the fact that we're such an early mover that we had to actually prove out the technology, prove out the fact that we can actually have sticky subscribers on our network. They are paying for these batteries over time. And today, I think we've been able to do that very successfully. The second thing is that led us to make a decision to carry the CapEx on the network in Taiwan is because in Taiwan, very much like Japan and other parts of kind of the Northeast Asia, the interest rate and the cost of capital is just so low when it comes to basically debt capital.

很好的問題。因此，當你看看台灣時，根本原因之一是我們實際上在台灣進行資本支出的幾個根本原因。第一個確實與我們是先行者這一事實有關，我們必須實際證明這項技術，證明我們實際上可以在我們的網絡上擁有粘性訂戶。隨著時間的推移，他們正在為這些電池付費。今天，我認為我們已經非常成功地做到了這一點。第二件事是導致我們決定在台灣的網絡上承擔資本支出是因為在台灣，非常像日本和東北亞的其他地區，利率和資本成本是如此就基本債務資本而言，較低。

So for us, the ability to actually leverage that and actually create more value in the company was -- definitely was something that we talked about a lot and we made a conscious decision to carry CapEx in Taiwan. But when it comes to going overseas, a place like India where easily, it sells 20 times more vehicle per year than the island of Taiwan or in markets like Southeast Asia, where there will be just a lot of other, I would say, markets that are also very much larger than Taiwan.

因此，對我們來說，真正利用這一點並為公司創造更多價值的能力絕對是我們經常談論的事情，我們有意識地決定在台灣進行資本支出。但說到出海，印度這樣的地方，每年的汽車銷量比台灣島多 20 倍，或者東南亞等市場，我想說，那裡還有很多其他市場也比台灣大得多。

Putting that all on gearing that CapEx on our own would not only be not -- doesn't make financial sense, but also as well as very expensive. So for us, we've been actually in talks with several partners in which they -- we would then basically divide and conquer, in which we will be able to actually have partners also put in the capital to do such -- to deploy the network. So I can't speak too much detail about as to how we're going to do that. But the idea is for Gogoro to expand, not using our own capital going into those markets but instead, basically creating a winning situation with the partner to do so.

將所有這些都放在我們自己的資本支出上不僅沒有經濟意義，而且非常昂貴。因此，對我們來說，我們實際上一直在與幾個合作夥伴進行談判，在這些合作夥伴中，我們基本上會分而治之，我們將能夠讓合作夥伴實際上也投入資金來這樣做，以部署網絡。所以我不能透露太多關於我們將如何做到這一點的細節。但 Gogoro 的想法是擴張，不是使用我們自己的資本進入這些市場，而是基本上與合作夥伴一起創造一個雙贏的局面。

Operator, do we have any teed up? We have another online question, if not?

接線員，我們有準備嗎？我們還有一個在線問題，如果沒有的話？

(Operator Instructions) I'm showing no phone questions at this time.

（操作員說明）我目前沒有顯示任何電話問題。

Okay. We have another online question. So the question is, could Gogoro sell batteries, energy storage solutions directly to customers and businesses around the world and say, like the way Tesla has their energy storage products like Powerwall and Powerpack Europe and US are huge markets for battery energy storage. So, could you elaborate on that? thank you.

好的。我們還有另一個在線問題。那麼問題是，Gogoro是否可以直接向世界各地的客戶和企業銷售電池、儲能解決方案，並說，就像特斯拉擁有Powerwall和Powerpack等儲能產品一樣，歐洲和美國是電池儲能的巨大市場。那麼，您能詳細說明一下嗎？謝謝。

Great. Our main focus when we started the company is really to progress sustainability and apply every technology and every product that we do to do so. In Taiwan's case, I'll use Taiwan is an example first, in Taiwan's case, the primary use of the battery and you have to remember, they're kind of portable power packs at the moment, the primary use is really for mobility where somebody would use the battery to basically go from point A to point B and in the vehicle mainly.

偉大的。當我們創辦公司時，我們的主要重點實際上是促進可持續發展，並應用我們為此所做的每一項技術和每一項產品。就台灣的情況而言，我首先以台灣為例，在台灣的情況下，電池的主要用途，你必須記住，它們目前是便攜式電源組，主要用途實際上是移動性，其中有人基本上會使用電池從A 點到B 點，並且主要在車輛中。

But on the side, waiting for the soft our batteries are idling on the -- on what we call the rack side, which is the station side. There's plenty of opportunity for those batteries to really work in partner with the grid to do ancillary services such as demand response or frequency response. That's -- really think of it as a complementary business in that particular case.Now, batteries -- on our batteries, there is a lot of life left actually after mobility. For us, the ability for the battery pack to power a family of two up a very, very steep bill, will require the battery to be in a certain amount of state of health in order to not have that voltage drop.

但在側面，等待軟電，我們的電池在我們所說的機架側，也就是車站側閒置。這些電池有很多機會真正與電網合作，提供需求響應或頻率響應等輔助服務。在這種特殊情況下，確實可以將其視為一項補充業務。現在，電池——我們的電池在移動後實際上還剩下很長的壽命。對於我們來說，電池組要能夠為兩個家庭提供非常非常高的電費，就需要電池處於一定的健康狀態，才能不出現電壓下降。

Now, the ability for us to actually use that battery post that life, there's still plenty of actually cycles and life left in those batteries. We're now working on a lot of solution to enable, as Bruce said earlier in the call, to use that battery pack to also create both UPS solution or our backup solutions as well as storage solutions.

現在，我們能夠實際使用超過該壽命的電池，這些電池仍然有足夠的實際循環次數和壽命。正如 Bruce 早些時候在電話會議中所說，我們現在正在開發大量解決方案，以便使用該電池組來創建 UPS 解決方案或我們的備份解決方案以及存儲解決方案。

Don't have too much to share other than we're working on that technology because there's just so much more life left in the batteries that we have in the field today. Since we launched the platform, not many battery packs have actually been retired off the network. And for us to actually see that in volume, it was going to take many more years in order to do that. But in a sense, we're preparing to that.

除了我們正在研究該技術之外，沒有太多可以分享的，因為我們今天在該領域擁有的電池的壽命還剩很多。自從我們推出該平台以來，實際上並沒有多少電池組從網絡中退役。為了讓我們真正看到這一點，還需要很多年的時間才能做到這一點。但從某種意義上說，我們正在為此做好準備。

Now, when it comes to can we actually create battery packs and create solutions there storage and sell it. I think that there's always room for a lot of technologies to apply to sustainability.

現在，說到我們是否可以實際製造電池組並創建存儲和銷售的解決方案。我認為許多技術始終有應用到可持續發展的空間。

We are one of the largest consumers of battery cell in our industry because the sheer size of the deployment that we have, we have now over 1 million battery packs deployed. And we will continue to work on creating these packs and enabling different parts of the world to take advantage of them.

我們是行業中最大的電池消費者之一，因為我們的部署規模龐大，目前我們部署了超過 100 萬個電池組。我們將繼續致力於創建這些包，並使世界不同地區能夠利用它們。

Thank you. (Operator Instructions) And I'm showing no current questions in the queue. I'll hand it back to you, Michael.

謝謝。 （操作員說明）我在隊列中沒有顯示任何當前問題。我會把它還給你，邁克爾。

Thank you, operator. At this time, I will hand the conference back over to Horace for a few closing remarks. Horace?

謝謝你，接線員。此時，我將把會議交還給賀拉斯，讓他做一些總結髮言。賀拉斯？

Great. Thanks, Michael. If I could leave you guys with three simple takeaways, they would be, number one, we continue to work tirelessly to open the India market. I'm proud of the work that the team on the ground has put in and we're on the verge of great things in India. We're thankful for the support of the Maharashtra government. The program they created for us and the amount of support financially they have actually lend us, it really is a program, first of its kind in India. And I think that will really help us achieve a successful launch in India overall, not just in the state of Maharashtra, but overall in India.

偉大的。謝謝，邁克爾。如果我能給你們留下三個簡單的結論，那就是，第一，我們將繼續不懈地努力打開印度市場。我為當地團隊所做的工作感到自豪，我們即將在印度取得偉大成就。我們感謝馬哈拉施特拉邦政府的支持。他們為我們創建的計劃以及他們實際向我們提供的經濟支持數量，這確實是一個計劃，在印度尚屬首次。我認為這將真正幫助我們在印度整體上成功推出產品，不僅僅是在馬哈拉施特拉邦，而是在整個印度。

The second point I want you guys to take away is that the Taiwan EV market and our sticky subscriber base will continue to grow, and the trend to electrification will continue both in Taiwan and in other countries. We're pleased to work with the government in both Taiwan and India to assist in this transition.

我希望你們明白的第二點是，台灣電動汽車市場和我們的粘性用戶群將繼續增長，並且台灣和其他國家的電氣化趨勢將持續下去。我們很高興與台灣和印度政府合作，協助實現這一過渡。

Number three, product and technology improvements and upgrades are important, and localizing manufacturing will also help reduce cost. Our technology and platform ecosystem remains best in class, and we look forward to making that ecosystem available more broadly as we expand internationally. Thanks for calling in, and thanks for supporting Gogoro as we seek to make smart, swappable energy available to every urban rider in the world. Thank you, everyone.

第三，產品和技術的改進和升級很重要，本地化製造也有助於降低成本。我們的技術和平台生態系統仍然是同類中最好的，我們期待著隨著我們的國際擴張，使該生態系統得到更廣泛的應用。感謝您的來電，也感謝您對 Gogoro 的支持，我們致力於為世界上每個城市騎手提供智能、可交換的能源。謝謝大家。

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。