Gogoro Inc (GGR) 2024 Q1 法說會逐字稿

Welcome to the Gogoro Inc. 2024 Q1 Earnings Call. This conference call is now being recorded and broadcast live over the Internet. Webcast replay will be available within an hour after the conference is finished.

歡迎參加 Gogoro Inc. 2024 年第一季財報電話會議。本次電話會議現已錄製並透過網路進行現場直播。會議結束後一小時內將提供網路直播重播。

I'd like to turn the call over to the Gogoro team.

我想將電話轉給 Gogoro 團隊。

Welcome to Gogoro's 2024 Q1 Earnings Conference Call, hosted by our CEO, Horace Luke; and CFO, Bruce Aitken. 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 are hosting our earnings conference call via live webcast through Gogoro's website, where you can also download all the earnings release materials. We will also be displaying the materials on the webcast screen as we go.

歡迎參加由我們的執行長 Horace Luke 主持的 Gogoro 2024 年第一季財報電話會議；和財務長布魯斯·艾特肯。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 的投資者關係標籤上找到。我們將透過 Gogoro 網站透過網路直播舉辦收益電話會議，您也可以在其中下載所有收益發佈資料。我們還將在網路廣播螢幕上顯示這些資料。

If you are joining us through the conference call, your dial-in lines are in listen only mode. After Horace provides some of the business highlights from Q1, Bruce will go a bit deeper into the Q1 financial results, and then we'll open the line for Q&A and answer as many questions as time allows.

如果您透過電話會議加入我們，您的撥入線路將處於僅監聽模式。在 Horace 提供了第一季的一些業務亮點後，Bruce 將更深入地介紹第一季度的財務業績，然後我們將開通問答熱線，並在時間允許的情況下回答盡可能多的問題。

As usual, we would like to remind everyone that today's discussion may contain forward-looking statements that are subject to risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Please refer to the forward-looking statements that appear in our press release and the investor presentation provided today.

像往常一樣，我們想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中包含的結果有重大差異。請參閱我們今天發布的新聞稿和投資者介紹中的前瞻性陳述。

And now, I would like to turn the call over to Horace.

現在，我想把電話轉給霍勒斯。

Thanks for joining our call today. We're pleased to have this opportunity to meet with you and provide a summary of our first quarter 2024 results.

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 2024 年第一季業績摘要。

Gogoro's mission has always been to change the world via innovation, so I'm especially pleased and proud of the entire Gogoro team for contributing to the development of technology and products which resulted in Fast Company naming Gogoro The Most Innovative Company in the Asia Pacific and the Number 37 Most Innovative Company in the World. This is another major recognition after MIT Technology Review, naming Gogoro as one of the 15 Climate Tech Companies to Watch in 2023.

Gogoro 的使命始終是透過創新改變世界，因此我對整個 Gogoro 團隊為技術和產品開發做出的貢獻感到特別高興和自豪，這使得 Fast Company 將 Gogoro 評為亞太地區最具創新力的公司，全球最具創新力公司第37 名。這是繼《麻省理工學院技術評論》將 Gogoro 評為 2023 年值得關注的 15 家氣候科技公司之一之後的另一個重大認可。

We are focused on the long-term impact of our technology and our innovation, while we also focus on growing key financial metrics for both Taiwan and international markets. In order to facilitate that growth, we've always indicated that we plan to expand via a more asset-light business model, which allows Gogoro to work with many different local infrastructure owners and diversify capital risk in each location.

我們專注於我們的技術和創新的長期影響，同時我們也專注於提高台灣和國際市場的關鍵財務指標。為了促進這種成長，我們一直表示計劃透過更輕資產的業務模式進行擴張，這使得 Gogoro 能夠與許多不同的當地基礎設施所有者合作，並分散每個地點的資本風險。

In Taiwan today, due to the availability of low-cost bank debt and the need to have to proof-of-concept network fully operational at scale, we own all battery packs and most of the Go station infrastructure, which makes up the Gogoro network in Taiwan. With the announcement we just made last week related to the non-binding Memorandum of Understanding with Sumitomo Corporation and Sumitomo Mitsui Finance and Leasing Company Limited, those plans and that asset-light business model takes a huge step toward being realized.

在今天的台灣，由於低成本銀行債務的可用性以及概念驗證網絡大規模全面運營的需要，我們擁有所有電池組和構成 Gogoro 網路的大部分 Go 站基礎設施在台灣。隨著我們上週剛宣布與住友商事株式會社和三井住友金融租賃有限公司簽署不具約束力的諒解備忘錄，這些計劃和輕資產業務模式朝著實現邁出了一大步。

Expansions into large regions like India and Southeast Asia will require scale greater than that of Taiwan. Sumitomo, who has been a shareholder since we were a private company, is well positioned to aid in that expansion. And with the support and the financial backing of Sumitomo Mitsui Financing and Leasing Company, we'll be able to make even greater strides towards achieving launch at scale in new markets. This is a partnership long in the making, and we're excited to continue to work with Sumitomo and SMFL.

向印度和東南亞等大地區擴張將需要比台灣更大的規模。住友自從我們還是一家私人公司以來就一直是我們的股東，有能力幫助我們實現這一擴張。在三井住友融資租賃公司的支持和財務支持下，我們將能夠在新市場的大規模推出方面取得更大的進展。這是一項醞釀已久的合作關係，我們很高興能繼續與住友和 SMFL 合作。

Q1 was a busy quarter. We launched two new vehicles. Our market-leading Pulse vehicle shows what is possible in a smart scooter that is connected and interactive. And Jego is an affordable easy-to-ride vehicle, which is attracting new-to-EV customers. The two newly launched vehicle also represent two brand-new vehicle platforms on which we can build additional future vehicles upon.

第一季是繁忙的季度。我們推出了兩款新車。我們市場領先的 Pulse 車輛展示了互聯和互動智慧踏板車的可能性。 Jego 是一款經濟實惠、易於駕駛的汽車，吸引了電動車新手。這兩款新推出的車輛也代表了兩個全新的車輛平台，我們可以在其上建造更多的未來車輛。

Our Jego vehicle launch in Q1 exceeded expectations for orders. We have more than 5,000 backlog orders for Jego, with approximately $8.6 million in revenue associated with these orders. These are orders where we have received full payment from customers or approved financing from third-party financing companies, and we'll recognize that revenue when vehicles are registered and delivered to customers, as is our normal practice. This means the Taiwan government-published statistics, which only indicates actual vehicle registrations, are substantially lower than that of our actual order received. Catching up on delivery of these vehicles over the next couple of months is a focus for us, and we're slightly delayed in delivering vehicles to customers due to suppliers' capacity constraints. While customers can cancel these orders, we typically have a very small cancellation rate between order and delivery.

我們第一季推出的 Jego 車輛超出了訂單預期。我們有超過 5,000 個 Jego 積壓訂單，與這些訂單相關的收入約為 860 萬美元。這些是我們已收到客戶全額付款或第三方融資公司批准融資的訂單，我們將在車輛註冊並交付給客戶時確認收入，這是我們的正常做法。這意味著台灣政府公佈的統計數據僅顯示實際車輛登記情況，遠低於我們實際收到的訂單資料。在接下來的幾個月裡趕上這些車輛的交付是我們的重點，由於供應商的產能限制，我們向客戶交付車輛的時間略有延遲。雖然客戶可以取消這些訂單，但我們通常在訂單和交貨之間的取消率非常低。

Jego is attracting new customers to Gogoro as it is an affordable but feature-rich vehicle and includes a fresh, brand-new body design. MSRP is around TWD59,000 or about USD1,800. And if a customer can take advantage of all the central and local government subsidies, it can be as low as USD680.

Jego 為 Gogoro 吸引了新客戶，因為它是一款價格實惠但功能豐富的車輛，並採用全新的車身設計。建議零售價約為新台幣 59,000 美元或約 1,800 美元。而如果客戶能享有中央和地方政府的全部補貼，則可低至680美元。

Additionally, we have launched a new promotional battery swapping subscription plan, starting at TWD199 or approximately $6.25 per month for approximately 500 kilometer of range. And if a customer is willing to prepay for a 36-month commitment, they can ride approximately 1,000 kilometer, making this our most affordable subscription option to date. This is a limited-time battery swapping subscription plan to encourage everyone to make the switch to clean green electric mobility.

此外，我們還推出了新的促銷電池更換訂閱計劃，起價為新台幣 199 元，每月約 6.25 美元，續航里程約 500 公里。如果客戶願意預付費用 36 個月的承諾，他們可以騎大約 1,000 公里，這是我們迄今為止最實惠的訂閱選項。這是一項限時電池更換訂閱計劃，旨在鼓勵每個人轉向清潔的綠色電動車。

Jego's initial sales showed the strongest demand for new smart scooter since the pandemic began, with the majority of customers being first-time EV buyers. Orders in April continue to keep pace with the Q1 quantities. We now have over 6,500 total backorders. These orders will be included in the Taiwan registration data when the vehicles are registered, and Gogoro will account for the revenue of these vehicles upon customer delivery.

Jego的初始銷售顯示出自疫情爆發以來對新型智慧滑板車最強勁的需求，其中大多數客戶是首次購買電動車。 4 月的訂單繼續與第一季的數量保持同步。目前，我們的缺貨訂單總數已超過 6,500 份。這些訂單將在車輛註冊時包含在台灣註冊資料中，Gogoro 將在客戶交付時計算這些車輛的收入。

We also launched our brand-new flagship smart scooter, Pulse. And similarly to Jego, we have already received a substantial quantity of backlog orders. These vehicles will start to deliver in late Q2, and revenue will be recognized as deliveries occur. The Pulse showcases our dedication to performance, innovation, and design, setting a new benchmark for advanced high-performance smart scooter with, among other features, a hybrid air- and liquid-cooled 9-kilowatt motor, a 10.25-inch panoramic HD touch digital display, and then incorporates Qualcomm's latest QWM2290 Snapdragon Digital Chassis to drive Gogoro's latest digital experience and services. This vehicle's MSRP of approximately TWD110,000 or approximately USD3,500 creates an opportunity for a superb riding experience at a very competitive price.

我們也推出了全新旗艦智慧滑板車 Pulse。與 Jego 類似，我們已經收到了大量的積壓訂單。這些車輛將於第二季末開始交付，收入將在交付時確認。 Pulse 展示了我們對性能、創新和設計的執著，為先進的高性能智能滑板車樹立了新標桿，其特點包括混合風冷和液冷 9 千瓦電機、10.25 英寸全景高清觸摸屏數字顯示，然後結合高通最新的QWM2290 Snapdragon數位機殼來驅動Gogoro最新的數位體驗和服務。該車輛的建議零售價約為新台幣 110,000 美元或約 3,500 美元，以極具競爭力的價格提供卓越的乘坐體驗。

At first look, vehicle registration for both ICE and electric vehicle appears down dramatically in Q1 based on Taiwan government's data, but that isn't really the complete story. In the Taiwan market, in Q1 2024, according to the Ministry of Transportation, the total number of registered electric scooter in Q1 in Taiwan was 10,211 units, down 39% from 16,741 in Q1 2023. If all of the approximately 5,300 Jego backlog orders have been delivered in Q1, the total market drop would have been a smaller 8.3%, and the electric power two-wheel would have slightly outperformed the broader market with only a 7.5% drop. We believe the ongoing excitement associated with our new vehicle models keeps us on track to a target of approximately 10% of total Taiwan's volume this year.

乍一看，根據台灣政府的數據，內燃機和電動車的車輛登記量在第一季似乎大幅下降，但這並不是完整的故事。在台灣市場，2024年第一季，根據交通部統計，第一季台灣註冊電動滑板車總數為10,211輛，比2023年第一季的16,741輛下降39%。完成，第一季交貨後，市場總跌幅較小，為8.3%，電動兩輪僅跌幅7.5%，略優於大盤。我們相信，與我們的新車型相關的持續興奮使我們能夠實現今年佔台灣總銷量約 10% 的目標。

Gogoro and total powered by Gogoro network vehicles registration figures were 7,321 and 8,240 respectively. Excluding Jego backlog orders, we have powered by Gogoro network vehicles representing 80.7% of total EV sales in Q1. Q1 is always our seasonally lowest revenue and units quarter. While first quarter revenue was lower than that in previous years, we believe that typical seasonal volumes re-increases in the remainder of the year, as well as the volume of orders for Jego that are yet to be delivered, and the preorders of the Pulse, allow us to remain confident in these forecasts.

Gogoro 和由 Gogoro 網路驅動的車輛總數分別為 7,321 輛和 8,240 輛。不包括 Jego 積壓訂單，我們由 Gogoro 網路車輛提供動力，佔第一季電動車總銷量的 80.7%。第一季始終是我們季節性收入和銷售最低的季度。雖然第一季營收低於往年，但我們認為今年剩餘時間典型的季節性銷售量以及尚未交付的 Jego 訂單量和 Pulse 的預購量將重新增加，讓我們對這些預測保持信心。

The Gogoro network continues to show strong retention, as well as solid revenue and subscriber growth. We closed the quarter with 596,000 subscribers and $32.5 million in battery swapping revenues, an increase of 0.6% from Q1 2023. We do expect faster growth in our battery swapping subscription business in Q2 as we begin to deliver larger quantities of the Jego backorders. We added 39 Gogoro quick service centers in Q1 and continued to expand our services and sales footprint around Taiwan.

Gogoro 網路繼續表現出強勁的保留率以及穩健的收入和用戶成長。本季末，我們的訂閱用戶數量為596,000 名，電池更換收入為3,250 萬美元，較2023 年第一季增長0.6%。訂閱業務將實現更快成長。我們在第一季新增了 39 個 Gogoro 快速服務中心，並繼續擴大我們在台灣各地的服務和銷售足跡。

In April, we were pleased to collaborate with TSMC once again, extending the collaboration we launched with TSMC in Taichung in 2022, now to Hsinchu. Together, we announced three mobility initiatives. These include the launch of 15 new Go stations, powered 100% by clean energy; the introduction of Gogoro's GoShare services; and the expansion of Gogoro network in Hsinchu City, home to TSMC headquarters. These initiatives underscore our dedication to advancing Taiwan's focus on clean energy. Together, we aim to encourage the adoption of clean energy through the deployment of GoShare vehicles and green energy battery swapping stations nationwide. Our goal is for the public to embrace zero-carbon transportation for their daily commutes, fostering positive impactful change together.

今年四月，我們很高興再次與台積電合作，將我們與台積電於 2022 年在台中啟動的合作延伸至新竹。我們共同宣布了三項移動措施。其中包括推出 15 個新的 Go 站，100% 由清潔能源供電；推出 Gogoro 的 GoShare 服務；以及在台積電總部所在地新竹市擴建 Gogoro 網路。這些措施凸顯了我們致力於推動台灣對清潔能源的關注。我們共同致力於透過在全國部署GoShare汽車和綠色能源電池更換站來鼓勵採用清潔能源。我們的目標是讓大眾在日常通勤中採用零碳交通，共同促進積極、有影響力的變革。

GoShare continued to grow across Taiwan based on its unique battery swapping business model, which enables a higher per-vehicle utilization and less operating cost to charge or replace batteries, and consequently an improvement in the bottom-line performance. This system and business model are primed for international expansion into selected markets.

GoShare 憑藉其獨特的電池交換業務模式在台灣持續成長，該模式能夠提高每輛車的利用率並降低充電或更換電池的營運成本，從而提高獲利能力。該系統和商業模式已準備好向選定的市場進行國際擴張。

International markets and expansion continue to be an important strategy for us long term. In India, our battery pack factory equipment installation in Pune continues. Having this factory in India is a required precursor to ramping larger volumes of sales in India, as a locally sourced and manufactured battery pack is necessary to gain access to government initiatives and incentive programs like FAME II. We continue to anticipate completion of the factory and initial testing of battery packs to be complete in late Q2 or early Q3, with manufacturing capability online in Q3.

國際市場和擴張仍然是我們長期的重要策略。在印度，我們在浦那的電池組工廠設備安裝仍在繼續。在印度擁有這家工廠是提高印度銷售的必要先決條件，因為本地採購和製造的電池組對於獲得政府舉措和 FAME II 等激勵計劃是必要的。我們繼續預計工廠的竣工和電池組的初步測試將在第二季末或第三季初完成，並在第三季實現線上生產能力。

Equally critical is having the right partner in India, B2B fleet operators and demand generators, partners with location to place Go station as we ramp and grow in India and into other cities, as well as partners who will help us grow in an asset-light business model. These partnerships takes time to develop, but we're making good progress, as indicated by our recent MOU with HPCL and our very recent MOU announcement with both Sumitomo Corporation and Sumitomo Mitsui Finance and Leasing Company, SMFL. Large philosophically aligned partnerships set the stage for growth in India and Southeast Asia.

同樣重要的是在印度擁有合適的合作夥伴、B2B 車隊營運商和需求生成者、在我們在印度和其他城市擴張和發展時擁有放置Go 站位置的合作夥伴，以及幫助我們以輕資產方式發展的合作夥伴商業模式。這些合作夥伴關係的發展需要時間，但我們正在取得良好進展，正如我們最近與 HPCL 的諒解備忘錄以及我們最近與住友商事株式會社和三井住友金融租賃公司 (SMFL) 宣布的諒解備忘錄所表明的那樣。理念一致的大型合作夥伴關係為印度和東南亞的成長奠定了基礎。

A critical component of our global expansion strategy, which we're now rolling out in India, is the enabling of other OEMs to develop vehicles which are powered by Gogoro technology and uses to Gogoro's battery swapping solution. Leveraging all of the smart battery technology and wireless connectivity we have built into our own smart batteries, we have developed a simple kit of components, ranging from an e-tech up to a more capable set of electronics which allow any existing motor to be powered by Gogoro smart battery packs. We're actively working with a number of local Indian electric vehicle OEMs who see the possibility for battery swapping to better meet the needs of their B2B customers and broaden their portfolio of products.

我們目前在印度推出的全球擴張策略的關鍵組成部分是使其他原始設備製造商能夠開發由 Gogoro 技術提供動力並使用 Gogoro 電池交換解決方案的車輛。利用我們內建在自己的智慧電池中的所有智慧電池技術和無線連接，我們開發了一套簡單的組件套件，從電子技術到更強大的電子設備，可以為任何現有馬達供電Gogoro 智慧電池組。我們正在積極與許多印度當地電動車原始設備製造商合作，他們看到了電池更換的可能性，以更好地滿足其 B2B 客戶的需求並擴大其產品組合。

Working directly with these local OEMs allow for the development of a number of different vehicle types across a broad range of price points, which can more broadly service the overall market needs. This is similar to the powered by Gogoro network strategy we have deployed in Taiwan, which allow consumers to choose the right vehicle amongst the more than 50 alternatives that exist: one-battery vehicle, two-battery vehicles, and even larger four-battery-powered three-wheelers. We expect to see India OEM PBGN vehicles in the second half of 2024.

直接與這些當地原始設備製造商合作，可以開發多種價位的不同車型，從而更廣泛地滿足整體市場需求。這與我們在台灣部署的 Gogoro 網路策略類似，該策略允許消費者從現有的 50 多種替代方案中選擇合適的車輛：一電池汽車、兩電池汽車，甚至更大的四電池汽車。 。我們預計 2024 年下半年將看到印度 OEM PBGN 汽車。

In late April, Gogoro and Nebula Energy announced the launch of Gogoro battery swapping services and unveiled a Gogoro CrossOver GX250 smart scooter in Nepal. The announcement took place in Kathmandu, where the first battery swapping station is located. Nebula is Gogoro's authorized and exclusive partners in Nepal. Initially, Gogoro battery swapping will be available to B2B customers in Kathmandu, with plans to offer it to consumers later this year. This expansion into Nepal follows our commercialization effort in India, utilizing the new India-made CrossOver GX250 smart scooter. Nebula intends to deploy a battery swapping station every two to three kilometer in Kathmandu Valley and will offer Gogoro smart scooter to consumer retail locations later this year. This partnership aligns with our India strategy, leveraging our India-based manufacturing capabilities to introduce the CrossOver series and other forthcoming vehicles to the region.

4月下旬，Gogoro與星雲能源宣布推出Gogoro換電服務，並在尼泊爾推出了Gogoro CrossOver GX250智慧滑板車。該公告是在加德滿都發布的，那裡是第一個電池交換站的所在地。 Nebula是Gogoro在尼泊爾的授權獨家合作夥伴。最初，Gogoro 電池交換將向加德滿都的 B2B 客戶提供，並計劃在今年稍後向消費者提供。繼我們在印度進行商業化努力之後，我們又利用印度製造的新型 CrossOver GX250 智慧踏板車向尼泊爾進行了擴張。 Nebula 計劃在加德滿都谷地每兩到三公里部署一個電池更換站，並將於今年稍後向消費者零售店提供 Gogoro 智慧滑板車。這種合作關係符合我們的印度策略，利用我們在印度的製造能力向該地區推出 CrossOver 系列和其他即將推出的車輛。

Gogoro Philippines unveiled its Pulse smart scooter at the Makati Motor Show this April, marking a significant addition to our vehicle lineup. This cutting edge vehicle will be available for purchase in the Philippines by late June, complementing our existing range of offerings in the Philippines. As we look ahead to the second half of 2024, we're excited to introduce lower-cost vehicles and an energy plan aimed to reducing barrier to entry and driving mass-market adoption of electric two-wheelers.

Gogoro 菲律賓公司在今年四月的馬卡蒂車展上推出了 Pulse 智慧踏板車，這標誌著我們的車輛陣容的重要補充。這款尖端車輛將於 6 月底在菲律賓上市，補充我們在菲律賓現有的產品系列。展望 2024 年下半年，我們很高興推出低成本車輛和能源計劃，旨在減少進入障礙並推動大眾市場採用電動兩輪車。

In light of recent announcement by the Metro Manila Development Authority regarding the use of e-bikes on the road, it is important to clarify that Gogoro Philippines remain unaffected. All our vehicles are locally certified and registered as L1 or L3. Our L3 models require a traditional motorcycle license for operation and can be used anywhere in the country, except on paid tollways. Meanwhile, our L1 model, while not requiring a license, will be fully registered with the MMDA and other national agencies, underscoring our commitment to promoting road safety and compliance.

鑑於馬尼拉大都會發展局最近宣布有關在道路上使用電動自行車的消息，有必要澄清 Gogoro 菲律賓並未受到影響。我們所有的車輛均經過當地認證並註冊為 L1 或 L3。我們的 L3 車型需要傳統的摩托車執照才能運營，可以在全國任何地方使用，付費收費公路除外。同時，我們的 L1 車型雖然不需要許可證，但將在 MMDA 和其他國家機構全面註冊，這突顯了我們對促進道路安全和合規性的承諾。

We are thrilled to report continued high foot traffic in our Makati experience center, with a notable demand for our premium scooters, particularly the Gogoro Premium. With over 10 live Go station sites and numerous more in development, riders in Manila are increasingly confident to swapping Go across the city, laying the groundwork for scale with our lower-cost units in the Philippines. This momentum is set to surge further with vehicle financing plans to be introduced soon, providing consumers with flexible and competitive payment plans for Gogoro smart scooter.

我們很高興地報告，我們的馬卡蒂體驗中心的人流量持續增加，對我們的高級踏板車（尤其是 Gogoro Premium）的需求顯著。憑藉 10 多個即時 Go 站點以及更多正在開發中的站點，馬尼拉的騎手們越來越有信心在整個城市交換 Go，為我們在菲律賓的低成本站點的規模化奠定了基礎。隨著車輛融資計劃即將推出，這一勢頭將進一步飆升，為消費者提供靈活且有競爭力的 Gogoro 智慧滑板車付款計劃。

Sales of hardware to South Korea partners and the growth of Gogoro network in South Korea continues. And we continue to investigate and assess other markets for opportunities.

向韓國合作夥伴銷售硬體以及 Gogoro 網路在韓國的持續成長。我們繼續調查和評估其他市場的機會。

With that high-level overview of our Q1 results, I'd like to now invite Bruce to provide a more detailed update on our Q1 financials.

在對我們第一季業績進行了高度概述之後，我現在想邀請布魯斯提供有關我們第一季財務狀況的更詳細的最新資訊。

Thanks for the business updates, Horace. Q1 is really a tale of two sets of figures. On an IFRS. basis, revenue, gross margin, and net loss are challenged. But at an operational level, we are on track to our expectations for 2024. I'll explain a bit more about some of the critical numbers.

感謝您提供業務更新，Horace。第一季其實是兩組數字的故事。根據國際財務報告準則。基差、收入、毛利率和淨虧損都受到挑戰。但在營運層面，我們正在實現 2024 年的預期。

For the first quarter, total revenue was $69.7 million, down 12.1% year over year and down 9% 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 $2.4 million.

第一季總營收為 6,970 萬美元，年減 12.1%，以固定匯率計算年減 9%。如果外匯匯率與去年同季的平均匯率維持不變，營收將額外增加 240 萬美元。

We had more than 5,000 backlog orders for Jego in the first quarter, with a total value of approximately $8.6 million. Customers have the right to cancel these orders prior to delivery, and the large quantity of backlog orders is primarily the result of robust demand for Jego, coupled with the need to balance manufacturing capacity across multiple vehicles and the need to balance our supply chain accordingly.

第一季度，我們 Jego 的積壓訂單超過 5,000 份，總價值約為 860 萬美元。客戶有權在交付前取消這些訂單，大量積壓訂單主要是由於對 Jego 的強勁需求，加上需要平衡多輛車的製造能力以及相應平衡我們的供應鏈的需要。

Battery swapping service revenue for the first quarter was $32.5 million, up 0.6% year over year and up 4.1% year over year on a constant currency basis. Total subscribers at the end of the first quarter exceeded 595,000, up 10.6% from 538,000 subscribers at the end of the same quarter last year.

第一季換電服務營收為3,250萬美元，年增0.6%，以固定匯率計算年增4.1%。第一季末用戶總數超過 59.5 萬，比去年同季末的 538,000 名用戶成長 10.6%。

We provided rebates to some customers in the first quarter of 2024, associated with minor vehicle recall and battery upgrades. Such rebates totaled $1.7 million and were accounted for as contra revenue. The 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 the high retention rate of our subscribers.

我們在 2024 年第一季向部分客戶提供了與小型車輛召回和電池升級相關的回扣。此類回扣總計 170 萬美元，併計入備抵收入。換電服務收入年增主要是由於我們的用戶基數較去年同期更大，且用戶保留率較高。

Sales of hardware and other revenues for the quarter were $37.2 million, down 20.8% year over year, and down 18.1% year over year on a constant currency basis. The Jego backlog orders we received are not reflected in the vehicle registration data published by the Taiwan government for the first quarter, nor did Gogoro recognize any revenue for these vehicles, despite receiving full payment from customers or approved financing from third-party financing companies. Gogoro will account for the vehicle revenue upon delivery to customers.

該季度硬體銷售額和其他收入為 3,720 萬美元，年減 20.8%，以固定匯率計算年減 18.1%。我們收到的Jego 積壓訂單並沒有反映在台灣政府公佈的第一季車輛登記數據中，儘管Gogoro 收到了客戶的全額付款或第三方融資公司批准的融資，但也沒有確認這些車輛的任何收入。 Gogoro 將在交付給客戶時核算車輛收入。

The government-reported registration volume of powered two-wheelers in the Taiwan market in the first quarter was down 11.2% year over year, while registrations of electric-powered two-wheelers were reported to be down by 39% compared to the same quarter last year. Had we delivered the outstanding orders of Jego, electric-powered two-wheel registrations would have declined by 7.5% instead, representing a smaller decline compared to the overall power two-wheel market.

台灣市場第一季動力兩輪車登記量較去年同期下降11.2%，電動兩輪車登記量較去年同期下降39%。如果我們交付了Jego的未完成訂單，電動兩輪的註冊量反而會下降7.5%，與整體動力兩輪市場相比下降幅度較小。

Taiwan's two largest power two-wheel manufacturers are publicly estimating that the total market will shrink by 14% from last year's 870,000 units to around 750,000 units in 2024. Gogoro continues to believe that the total volume of electric-powered two-wheelers in Taiwan will see growth in 2024 as a result of the introduction of our new vehicle models and the ongoing consumer transition from traditional internal combustion engine vehicles to electric-powered two-wheelers.

台灣最大的兩家電動兩輪車製造商公開預估，2024年整體市場規模將從去年的87萬輛縮減至75萬輛左右。 。

For the first quarter, gross margin was 6.4%, down from 12.9% in the same quarter last year, while non-IFRS gross margin was 13.3%, down from 13.7% in the same quarter last year. Such declines were primarily driven by a combination of factors. First, a $2.8 million derecognition expense on components we removed from battery packs, and retrieval costs associated with our battery upgrade initiatives. Second, a $1.7 million voluntary one-time battery swapping service rebate that was accounted for as contra revenue. And third, a $0.8 million increase in depreciation and other costs associated with our new overseas production facilities. These impacts, when combined, account for the 6.5% decline in gross margin. Both declines in gross margin and non-IFRS gross margin were primarily offset by cost efficiencies generated from our continuous improvement in operational efficiency in Gogoro's battery swapping services.

第一季毛利率為6.4%，低於去年同季的12.9%，非國際財務報告準則毛利率為13.3%，低於去年同季的13.7%。這種下降主要是由多種因素造成的。首先，我們從電池組中拆除的組件產生了 280 萬美元的終止確認費用，以及與我們的電池升級計劃相關的檢索成本。其次，170 萬美元的自願一次性電池更換服務回扣被計入備抵收入。第三，與我們新的海外生產設施相關的折舊和其他成本增加了 80 萬美元。這些影響綜合起來導致毛利率下降 6.5%。毛利率和非國際財務報告準則毛利率的下降主要被我們不斷提高 Gogoro 電池更換服務營運效率所產生的成本效率所抵銷。

We are carrying out one-time voluntary upgrades on certain battery packs, which are expected to take several quarters to complete. These upgrades provide multiple benefits: reduction of capital expenditures on replacing battery packs; increasing lifetime capacity of each battery pack, including extending its first mobility use-case useful life; and solidifying the extra lifetime capacity of each battery pack to validate our second life thesis. These upgrades are expected to create economic benefits in the long term but do come at a short-term reduction in our gross margin as we carry out the upgrades. We expect our IFRS gross margin will continue to be impacted during our upgrades planned in 2024 and 2025. The upgrades will impact both our cash position and profit. We will only upgrade battery packs in instances where the value created over time exceeds the cost of the upgrade.

我們正在對某些電池組進行一次性自願升級，預計需要幾個季度才能完成。這些升級提供了多種好處：減少更換電池組的資本支出；提高每個電池組的使用壽命，包括延長其第一個移動用例的使用壽命；並鞏固每個電池組的額外壽命容量，以驗證我們的第二次生命理論。這些升級預計將在長期內創造經濟效益，但在我們進行升級時確實會導致我們的毛利率短期下降。我們預計，在 2024 年和 2025 年計劃的升級期間，我們的 IFRS 毛利率將繼續受到影響。只有在隨著時間的推移創造的價值超過升級成本的情況下，我們才會升級電池組。

For the first quarter, net loss was $13.1 million, representing a decrease of $27.5 million from a net loss of $40.6 million in the same quarter last year. The decrease in net loss was due to a favorable change of $31.7 million in the fair value of financial liabilities associated with outstanding earn-out shares, earn-in shares, and warrants compared to the same quarter last year as a result of the decrease of Gogoro's stock price and the decrease of $2.7 million in operating expenses, which was partially offset by the decrease of $5.8 million in gross profit.

第一季淨虧損為1,310萬美元，比去年同期的淨虧損4,060萬美元減少了2,750萬美元。淨虧損減少的原因是，與去年同期相比，與已發行盈利股票、盈利股票和認股權證相關的金融負債的公允價值發生了 3,170 萬美元的有利變化，這是由於Gogoro 的股價下降了270萬美元，營業費用減少了270 萬美元，但毛利減少了580 萬美元，部分抵銷了這一損失。

For the first quarter, adjusted EBITDA was $9 million, representing a decrease of $1.6 million from $10.6 million in the same quarter last year. The decrease was primarily due to a $1.6 million decrease in non-IFRS gross profit compared to the same quarter last year. That $1.6 million decrease in non-IFRS gross profit was a result of the cumulative effect of all of the factors mentioned above.

第一季調整後 EBITDA 為 900 萬美元，比去年同期的 1,060 萬美元減少了 160 萬美元。下降的主要原因是非 IFRS 毛利與去年同期相比減少了 160 萬美元。非 IFRS 毛利減少 160 萬美元是上述所有因素累積影響的結果。

With a $132.5 million cash balance at the end of the first quarter of 2024 and the additional credit facilities that are available to us, we believe we have sufficient sources of funding to meet our near-term business growth objectives. For the full year of 2024, we continue to expect to generate revenue of between $385 million and $420 million dollars. While our first quarter revenue was lower than that in previous years, we believe that the typical seasonal volume increases in the remainder of this year, as well as the volume of backlog orders for Jego that are yet to be delivered, and preorders for our Pulse vehicle, allow us to remain confident in these forecasts.

截至 2024 年第一季末，我們擁有 1.325 億美元的現金餘額以及可用的額外信貸額度，我們相信我們有足夠的資金來源來滿足我們的近期業務成長目標。 2024 年全年，我們預計將產生 3.85 億至 4.2 億美元的收入。雖然我們第一季的收入低於往年，但我們相信今年剩餘時間的典型季節性銷售以及 Jego 尚未交付的積壓訂單量和 Pulse 的預購量都會增加車輛，讓我們對這些預測保持信心。

Thank you, Horace and Bruce, for the detailed updates. As attendees are formulating their questions, I will ask two questions that we have collected from analysts. Question one, can you provide an update on the latest progress in India?

謝謝霍勒斯和布魯斯的詳細更新。當與會者提出問題時，我將問我們從分析師那裡收集到的兩個問題。第一個問題，能否介紹一下印度的最新進展？

Sure. Thanks, Annie. There are three things we're focused on in India: getting our battery factory ready, getting vehicles ready, and establishing strong solid partnerships. We continue to build out our battery factory in Pune, we began fill out of an empty shell, and since then, we have created a world-class battery pack factory. All the equipment has been received and is installed. We are working to qualify all equipment and complete all aspects of finalization of the factory, including all necessary government approvals. We expect to be ready to ship battery packs beginning in Q3. Having locally made batteries is an important part of the puzzle, because only with locally manufactured battery packs can any vehicle qualify for government incentives.

當然。謝謝，安妮。我們在印度專注於三件事：準備好我們的電池工廠、準備好車輛以及建立牢固的合作夥伴關係。我們繼續在浦那建造我們的電池工廠，我們開始填補空殼，從那時起，我們創建了世界一流的電池組工廠。所有設備已收到並安裝完成。我們正在努力使所有設備合格並完成工廠定型的各個方面，包括所有必要的政府批准。我們預計從第三季開始準備出貨電池組。擁有本地製造的電池是這個難題的重要組成部分，因為只有使用本地製造的電池組，任何車輛才有資格獲得政府激勵措施。

On the vehicle side of things, we're working on two initiatives. We're enabling our OEMs in India to develop vehicles using Gogoro technologies and battery swapping solution. Our kit of components allows existing motor to be powered by Gogoro smart batteries, offering flexibility and customization for local Indian electric vehicle OEMs. These vehicles are compatible with our network and will take advantage of all the benefits of the Gogoro ecosystem, whether riding data, battery utilization, life optimization data, and other data.

在車輛方面，我們正在進行兩項措施。我們正在幫助印度的 OEM 廠商使用 Gogoro 技術和電池交換解決方案開發車輛。我們的組件套件允許現有馬達由 Gogoro 智慧電池供電，為印度當地電動車 OEM 提供靈活性和客製化。這些車輛與我們的網路相容，並將利用 Gogoro 生態系統的所有優勢，無論是騎乘數據、電池利用率、壽命優化數據或其他數據。

This approach is consistent with our successful Taiwan powered by Gogoro network program, where we now have over 50 different vehicle types available to the local market, ranging from small affordable single-battery-powered vehicle to large three-wheeled transport vehicles, which are powered by four batteries. Any form factor, any motor size, any price point.

這種方法與我們成功的台灣Gogoro網路計畫一致，我們現在有超過50種不同的車輛類型可供當地市場使用，從小型經濟實惠的單電池動力車輛到大型三輪運輸車輛，這些車輛均由由四顆電池組成。任何外形尺寸、任何馬達尺寸、任何價格點。

In India, we work with a variety of OEM to enable a similar business model and expect to see Indian PBGM vehicles in the second half of 2024. Our own vehicle, the GX250, has helped us create a local supply chain. It is specifically built for high mileage per day use case, where ruggedness and safety are important. We can also export these vehicles, as you have recently seen with us doing to Nepal to initiate service there. Indian manufacturing can act as a hub for other parts of South Asia as well. As the battery factory comes online, we'll be able to ramp up vehicle sales.

在印度，我們與各種 OEM 合作，實現了類似的商業模式，預計 2024 年下半年將看到印度 PBGM 車輛。它專為每天行駛里程高的用例而設計，在這種情況下，堅固性和安全性非常重要。我們還可以出口這些車輛，正如您最近看到的那樣，我們向尼泊爾開展了服務。印度製造業也可以成為南亞其他地區的樞紐。隨著電池工廠投產，我們將能夠提高汽車銷售量。

On the partnership front, we continue to work with B2B fleet operators and demand generators and partners like HPCL, which is India's second-largest gasoline station company. We have now location to place Go station as we grow in Delhi, as well as partners who help us grow an asset-light business model. Our very recent MOU announcement with both Sumitomo Corporation and Sumitomo Mitsui Finance and Leasing Company, otherwise known as SMFL, sets the stage for expansion into India.

在合作夥伴關係方面，我們繼續與 B2B 車隊營運商和需求發電機以及 HPCL（印度第二大加油站公司）等合作夥伴合作。隨著我們在德里的發展，我們現在有了放置 Go 站的地點，以及幫助我們發展輕資產商業模式的合作夥伴。我們最近與住友商事株式會社和三井住友金融租賃公司（也稱為 SMFL）發布了諒解備忘錄，為進軍印度奠定了基礎。

Thanks, Horace. Question number two, can you provide some color and implications on margin for this year?

謝謝，霍拉斯。第二個問題，您能否提供一些對今年利潤率的影響和影響？

As everyone I think knows, external market conditions continue to be challenging. All we can do and what we're focused on is controlling the things we can control, so we're engaging in measured spending and really trying to ensure we're efficient in our spending. We're balancing those savings against wise investments that we believe will drive revenue growth over time. Those can be in the form of product R&D, could be investments in brand-building, or other investments.

我想每個人都知道，外部市場條件仍然充滿挑戰。我們能做的和我們關注的就是控制我們能控制的事情，所以我們正在進行有節制的支出，並真正努力確保我們的支出是有效的。我們正在平衡這些節省與明智的投資，我們相信這些投資將隨著時間的推移推動收入成長。這些可以是產品研發的形式，可以是品牌建立投資或其他投資。

And with the launch of our two new vehicles in Q1, the Pulse and the Jego, what we've demonstrated is a willingness to spend to create a great driving experience for our customers and a great overall swapping experience for our customers as well. So far, the market response has been positive to both of those vehicle launches, and we're encouraged by that. Those backorders, as we mentioned during the body of the discussion, will be booked as revenue only when those vehicles are delivered to customers. And we do have a large backlog order quantity.

隨著我們在第一季推出兩款新車 Pulse 和 Jego，我們展示了我們願意花錢為我們的客戶創造良好的駕駛體驗，並為我們的客戶創造良好的整體交換體驗。到目前為止，市場對這兩款車的推出反應積極，我們對此感到鼓舞。正如我們在討論正文中提到的，只有當這些車輛交付給客戶時，這些缺貨才會被記為收入。而且我們確實有大量積壓訂單。

So in terms of the margin, our goal is always to maintain a stable margin profile. In Q1, we were impacted by traditional seasonality, as always happens. Vehicle volumes are always lower than other quarters. There were also other impacting factors, including the battery upgrades that we mentioned. So our expectation going forward is to continue to focus on margin improvement via cost controls and via increased volumes. And we'll continue to make that a real priority as we go into Q2 and the rest of the year.

因此，就利潤率而言，我們的目標始終是維持穩定的利潤率。在第一季度，我們一如既往地受到傳統季節性的影響。車輛數量始終低於其他季度。還有其他影響因素，包括我們提到的電池升級。因此，我們未來的期望是繼續專注於透過成本控制和增加銷售量來提高利潤率。當我們進入第二季和今年剩餘時間時，我們將繼續將其作為真正的優先事項。

Thanks, Bruce. Operator, please open the line for Q&A session.

謝謝，布魯斯。接線員，請開通問答環節。

(Operator Instructions) Fawne Jiang, The Benchmark Company.

（操作員指令）Fawne Jiang，The Benchmark Company。

Horace, just want to follow up a bit more on your commentary on Indian markets. It seems like you guys are on track to open up your battery manufacturing there. I guess the question here is what's the current manufacturing capacity we are looking for in that specific, I think, site?

賀拉斯，我想進一步跟進您對印度市場的評論。看來你們正在那裡開展電池製造業務。我想這裡的問題是我們在那個特定地點尋找的當前製造能力是什麼？

And secondly, for your GX250, any color on the pre-order, as well as in the preorder for your local customers' hardware tools -- toolkit you guys are providing? So essentially any color on the monetization opportunities for India in the second half of the year.

其次，對於您的 GX250，預訂單上以及您當地客戶的硬體工具（您提供的工具包）的預訂單上有任何顏色嗎？因此，印度下半年的貨幣化機會基本上有任何色彩。

Sure, Fawne. I'll take a crack at it, and Bruce can help add some more color as well.

當然，法恩。我會嘗試一下，布魯斯也可以幫忙添加更多顏色。

The first question was about the India battery pack factory and its capacity. We are in the final stages of installation and testing. We are expecting it to come live at the end of Q2, beginning of Q3. We're now awaiting the final inspection, as well as government certifications for us to go live.

第一個問題是關於印度電池組工廠及其產能。我們正處於安裝和測試的最後階段。我們預計它將在第二季末、第三季初上線。我們現在正在等待最終檢查以及政府的上線認證。

Same as Taiwan, the battery line is actually fully automated, almost fully automated. It's improvement on the line that we have today in Taiwan that we call robofab. The capacity it has is roughly around 400,000 battery packs a year. We see that as enough to meet near-term needs as we ramp up. And the lines can be -- basically, if there's enough demand. It's easy for us to replicate such a production line.

和台灣一樣，電池生產線其實是全自動化的，幾乎全自動化的。這是我們今天在台灣的生產線的改進，我們稱之為 robofab。其年產能約 40 萬個電池組。我們認為這足以滿足我們的近期需求。基本上，如果有足夠的需求，線路是可以的。我們很容易複製這樣的生產線。

The second question was around the PBGN kit that we mentioned. There's a wide range of kits that we have developed due to the needs of emerging markets like India, where cost is very, very important, and local manufacturing and partner enablement is also very, very important.

第二個問題是關於我們提到的 PBGN 套件。由於印度等新興市場的需求，我們開發了各種各樣的套件，這些市場的成本非常非常重要，本地製造和合作夥伴支援也非常非常重要。

Our kits range from a simple -- as some of our listener also knows, that our battery is a smart battery that has a lot of wireless capability and security built into the battery pack itself. The simplest kit that we have is simply a connector plus a -- basically, think of it as a non-energized tag. It's where the battery can actually read the tag and authenticate itself to discharge out. When security tag is not a match, our security will kick in and ensure that battery swapping will -- the battery security is turned on so that we can ensure the battery is secured to that particular rider.

我們的套件範圍很簡單——正如我們的一些聽眾也知道的那樣，我們的電池是一種智慧電池，電池組本身內建有大量無線功能和安全性。我們擁有的最簡單的套件只是一個連接器加上一個——基本上，可以將其視為不通電標籤。電池實際上可以在此處讀取標籤並驗證自身放電狀態。當安全標籤不匹配時，我們的安全功能將啟動並確保電池交換將打開電池安全功能，以便我們可以確保電池安全地固定在特定的騎士身上。

And then a slightly up from that would be a bidirectional communication unit that allows us to do a little bit more and get a little bit more power of the battery, as well as the vehicle. It's certainly more sophisticated, but very cost effective.

然後稍微提高一點的是雙向通訊單元，它允許我們做更多的事情，並獲得更多的電池和車輛的電量。它當然更複雜，但非常具有成本效益。

And then the third kit that we have is the kit that we already have for Taiwan, and we have enabled that for Taiwan over the last couple of years already. So it's a proven kit that we'll also enable local partners to use. All the way up to a full turnkey kit, includes motor, motor controller, et cetera.

我們擁有的第三個套件是我們已經為台灣提供的套件，並且我們在過去幾年中已經為台灣啟用了該套件。因此，這是一個經過驗證的套件，我們也將允許當地合作夥伴使用。一直到完整的交鑰匙套件，包括馬達、馬達控制器等。

It has always been the mission of Gogoro to become the Android of EV, where any parts and components and technology we develop, we see it as an open platform to engage and empower both vehicle makers and any other needs of portable battery pack makers to actually use our system.

成為電動車的 Android 一直是 Gogoro 的使命，我們開發的任何零件和技術都將其視為一個開放平台，可以吸引汽車製造商和便攜式電池組製造商的任何其他需求，並使其能夠真正實現使用我們的系統。

So with that, I think I answered both your questions, Fawne. And Bruce, if you have more question? Okay, great.

因此，我想我回答了你的兩個問題，Fawne。布魯斯，如果你還有其他問題嗎？好的，太好了。

Yeah, thanks, Horace. You mentioned that your partnership with Sumitomo, I guess, any color in terms of in what format we are looking for your collaboration, specifically Indian? Any potential -- any color on your partnership? And how will that help you to recover your capacity or your market penetration?

是的，謝謝，霍拉斯。你提到你與住友的合作關係，我想，我們正在以什麼形式尋找你的合作，特別是印度的合作？你們的合作關係有什麼潛力嗎？這將如何幫助您恢復產能或市場滲透率？

Great. The question is about Sumitomo and SMFL. We have actually been engaging with Sumitomo since 2017, when we were still a private company, when they actually invested in the round previous to the IPO. They've been a partner of ours to a number of different projects before.

偉大的。問題是關於住友和 SMFL 的。事實上，我們自 2017 年起就開始與住友商事進行合作，當時我們還是一家私人公司，當時他們實際上在 IPO 之前的一輪投資。他們之前曾是我們許多不同專案的合作夥伴。

And as we discussed with them about our international expansion, we've always had the idea that we need to actually enable a win-win situation where partners with large capability and large asset pool can actually help Gogoro scale while Gogoro stays focused really on the technology side of the business, and where somebody else can take the capital risk as well as deploy their capital that is needed and they want to deploy in order for them to actually penetrate into a market using battery swapping.

當我們與他們討論我們的國際擴張時，我們一直認為我們需要真正實現雙贏，擁有強大能力和龐大資產池的合作夥伴實際上可以幫助 Gogoro 擴大規模，而 Gogoro 則真正專注於業務的技術方面，其他人可以承擔資本風險，並部署他們需要的和他們想要部署的資本，以便他們可以真正滲透到使用電池交換的市場。

Sumitomo, of course, is a very established trading company and a manufacturing company, with over 800 subsidiaries all over the world. They are in almost every country that we would love to be in, and so we're partnering up to develop those markets.

當然，住友商事是一家非常成熟的貿易公司和製造公司，在世界各地擁有 800 多家子公司。他們幾乎遍布我們想要進入的每個國家，因此我們正在合作開發這些市場。

As well as SMFL, it's Sumitomo Mitsui Finance and Leasing, which is one of the world's largest leasing companies, with assets like airplanes and the infrastructure. And so with their support and Sumitomo, we're looking to work together to explore ways in which we can commercialize in partnership into not only India but also other parts of the world, such as Southeast Asia and many other countries to follow.

除了 SMFL 之外，還有三井住友金融租賃公司，該公司是世界上最大的租賃公司之一，擁有飛機和基礎設施等資產。因此，在他們和住友商事的支持下，我們希望共同努力，探索如何透過合作方式將商業化不僅擴展到印度，而且擴展到世界其他地區，例如東南亞和許多其他國家。

So I hope to have more color to share in the future as we develop that discussion. But we're very excited that we have the opportunity to work with such great company and great, capable teams, which has mass market -- mass amount of human capital deployed, as well as cash capital ready to deploy.

因此，我希望在我們開展討論時能夠在未來分享更多的色彩。但我們非常高興有機會與如此偉大的公司和優秀、有能力的團隊合作，這些公司擁有龐大的市場——部署了大量的人力資本，以及準備部署的現金資本。

Good enough. Thanks, Horace. Just switching gears back to your Taiwan market, I think at beginning of the year, you guys mentioned still pretty tough macro environment and consumer electric vehicle sentiment. I just wonder where things are as of now. And it seems like there, we saw some setback on electrification adoption here, but you guys seem to be pretty positive about electric-powered two-wheeler growth this year. That seems to suggest reverse of the market share or penetration gain. So just wonder what gives you the confidence, the drivers behind that.

夠好了。謝謝，霍拉斯。回到台灣市場，我想在今年年初，你們提到了仍然相當嚴峻的宏觀環境和消費者電動車情緒。我只是想知道現在情況在哪裡。看起來，我們在這裡看到了電氣化採用的一些挫折，但你們似乎對今年電動兩輪車的成長非常樂觀。這似乎表明市場份額或滲透率增益出現逆轉。所以想知道是什麼給了你信心，背後的驅動力。

And also, for your new product, Jego, I understand is a lower-ASP product. Just wonder how would that impact your profitability or unit economic structure going forward.

而且，對於你們的新產品 Jego，據我了解是一款 ASP 較低的產品。只是想知道這將如何影響您未來的獲利能力或單位經濟結構。

I'll take the first part, and I think Bruce can take the financial side of the question. What gives me confidence is a couple of things. Number one is (technical difficulty), a moratorium on ICE vehicles that now has been established in Taiwan, with some goals by 2030, as well as 2040. Having such clear goals defined by the government gives a lot of direction for both the industry, as well as the public. I would say that's really the first one.

我將討論第一部分，我認為布魯斯可以回答問題的財務方面。有幾件事給了我信心。第一個是（技術難度），台灣現在已經暫停使用內燃機汽車，並設定了到 2030 年和 2040 年的一些目標。我想說這確實是第一個。

The second one that gives me great confidence on our ability to achieve our success this year has to do with the fact that, as you mentioned, we did kind of redefine the entry-level with a product that is really great feature, really great performance, really good design and ergonomics and usability. Basically, there's nothing to complain about that vehicle. And on top of that, we have some great promotional plans that has went out to really excite the market, and we're seeing great momentum there. As Bruce mentioned, (technical difficulty) about 6,500 units. And we're working really hard to make sure those units are delivered as soon as we can.

第二個讓我對今年取得成功的能力充滿信心的事實是，正如您所提到的，我們確實用一款功能非常強大、性能非常出色的產品重新定義了入門級產品，真正出色的設計、人體工學和可用性。基本上，這輛車沒有什麼好抱怨的。最重要的是，我們有一些很棒的促銷計劃，這些計劃確實讓市場興奮不已，而且我們看到了巨大的勢頭。正如 Bruce 所提到的，（技術難度）大約 6,500 單位。我們正在努力確保盡快交付這些設備。

Now as far as recapturing imagination of what the public perceives, it's possible with electric, especially coming from some of us who actually are (technical difficulty) smartphone technology, and also, partnerships like the ones we have with Qualcomm onto a vehicle form factor. More than just electrification, but now intelligent and connectivity being a key milestone, a key pillar of why you want to go electric. Something that we can do electric vehicle that you couldn't do with a traditional ICE vehicle. Having that connectivity and interactivity (technical difficulty) uniquely different, and hope to -- we're looking for that vehicle.

現在，就重新捕捉大眾感知的想像力而言，電動是可能的，尤其是來自我們中一些實際上是（技術難度）智慧型手機技術的人，而且還有像我們與高通在車輛外形上的合作夥伴關係。不僅僅是電氣化，現在智慧和連結已成為一個重要的里程碑，也是您想要電動化的關鍵支柱。我們可以做一些傳統內燃機汽車無法做到的電動車。具有獨特的連接性和互動性（技術難度），並且希望 - 我們正在尋找這種車輛。

And we've received a lot of great media feedback. We've received a lot of sight unseen order of the vehicle, where we believe that that vehicle in itself will be the aspirational product in the market. So with the bookends on both the high side of the business (technical difficulty), also as the entry level that really can convert a traditional commuter ICEs, or to convert to electric solution, we think we are pretty confident that -- And we're seeing good momentum there. And we're seeing good excitement in the market. We're seeing good excitement with the media, as well as we're seeing good excitement as we deliver the first set of vehicles to the consumer. They're definitely talking about and sharing about the great experience. So that gives us pretty good confidence that the balance of the year will perform to our expectation.

我們收到了很多很好的媒體回饋。我們收到了許多看不見的車輛訂單，我們相信該車輛本身將成為市場上的理想產品。因此，由於書擋既處於業務的高端（技術難度），又作為真正可以轉換傳統通勤內燃機或轉換為電動解決方案的入門級，我們認為我們非常有信心——而且我們'我們在那裡看到了良好的勢頭。我們看到市場非常興奮。我們看到了媒體的興奮，以及當我們向消費者交付第一套車輛時看到的興奮。他們肯定在談論和分享很棒的經驗。因此，這讓我們非常有信心今年剩餘時間的表現將達到我們的預期。

In terms of the ASP side of the question, Fawne, Horace mentioned the bookends, I think it's a good way to think about it. Jego at the low end with an ASP that's a little bit under USD2,000. Obviously, there's SKUs that can take you a little bit above $2,000, but that offset or balanced by the Pulse vehicle at the very high end (technical difficulty) $3,500 or even $4,000 per vehicle. So we like the fact that we've got a brand-new product with a ASP, excellent riding experience, and a brand-new product at the lower end of the ASP range. And they kind of balance each other out, so we don't expect a great deal of downward pressure on ASP across the board.

就問題的 ASP 方面而言，Fawne、Horace 提到了書擋，我認為這是一個很好的思考方式。 Jego 處於低端市場，平均售價略低於 2,000 美元。顯然，有些 SKU 的價格可能略高於 2,000 美元，但可以透過 Pulse 車輛在非常高端（技術難度）每輛車 3,500 美元甚至 4,000 美元的價格來抵消或平衡。因此，我們喜歡這樣一個事實：我們擁有一款具有 ASP、出色騎乘體驗的全新產品，以及一款處於 ASP 範圍低端的全新產品。而且它們在某種程度上是相互平衡的，因此我們預計平均售價不會承受很大的全面下行壓力。

And then the second part is, obviously, our goal has always been to use vehicles as a means to accumulate subscribers on the Gogoro network. And we kind of have (technical difficulty). And we get more and more subscribers who, over time, continue to pay a healthy amount of ARPU on a monthly basis. And as you know, we see ARPU stay relatively flat quarter on quarter and year on year. Then the goal is to get as many subscribers on that network. If they come riding a high-end vehicle, that's great. If they come (technical difficulty) MIX or Gogoro MIX-XL, that's great. If they come in writing a Jego vehicle, we're okay with that, too. One battery pack, two battery pack, there's room for everybody to find a plan that meets their needs. And as long as we get accumulating riders on the network, then we're thrilled with that.

第二部分顯然是，我們的目標一直是使用車輛作為在 Gogoro 網路上累積使用者的手段。我們有點有（技術困難）。隨著時間的推移，我們獲得了越來越多的訂戶，他們繼續每月支付大量的 ARPU。如您所知，我們看到 ARPU 季度環比和同比保持相對穩定。然後的目標是在該網路上獲得盡可能多的訂閱者。如果他們乘坐高端車輛前來，那就太好了。如果他們來了（技術難度）MIX或Gogoro MIX-XL，那就太好了。如果他們來開發 Jego 車輛，我們也同意。一個電池組、兩個電池組，每個人都有空間找到滿足自己需求的計畫。只要我們在網路上累積了越來越多的乘客，我們就會對此感到興奮。

Got you. But just a quick follow-up on that, for the 6,500 units in the backlog, when do you expect to deliver? And also, any concern -- because you mentioned that you, in the balance, are struggling a bit with the manufacturer capacity, any constraints you foresee for the balance of the year?

明白你了。但快速跟進一下，對於積壓中的 6,500 件，您預計什麼時候交付？另外，還有什麼擔憂嗎——因為你提到，在平衡方面，你在製造商產能方面遇到了一些困難，你預計今年剩下的時間會受到什麼限制嗎？

Yeah, so 6,500 is the current backlog at the end of Q1. Just for transparency's sake, that backlog was about 5,000 units, right? So when we talk about the potential for $8.6 million in revenue that we'll book in Q2, which is (technical difficulty), then that's against 5,000, and the 6,500 is the number that's current as of today, kind of end of April. So first, clarification there.

是的，所以 6,500 是第一季末目前的積壓訂單。出於透明度考慮，積壓訂單約為 5,000 套，對嗎？因此，當我們談論我們將在第二季度預訂的 860 萬美元收入的潛力（技術難度）時，這是針對 5,000 美元的，而 6,500 美元是截至今天（即 4 月底）的當前數字。首先，澄清一下。

In terms of the delivery times for the backlog units, we are ramping up production in our factories just a little bit. We'll begin to see those backlog get trimmed during Q2. Obviously, we hope that the Q2 order volume stays high, so I do expect that we'll exit Q2 with some backlog units as well. Hard to give you an accurate forecast on that.

就積壓訂單的交貨時間而言，我們正在稍微提高工廠的產量。我們將在第二季開始看到這些積壓工作被削減。顯然，我們希望第二季的訂單量保持在高位，所以我確實預計我們在第二季結束時也會有一些積壓單位。很難給你準確的預測。

And in terms of dramatically increasing capacity, really, our goal is to balance production across the entire year and across all different vehicle types. So no constraints in that true sense of the word, more just an effort to ensure that we're running factories efficiently, that we're on fulfilling all the orders the customers have, whether they're for these two new vehicles or for an existing vehicle type.

就大幅增加產能而言，我們的目標實際上是平衡全年和所有不同車型的產量。因此，沒有真正意義上的限制，更多的是努力確保我們有效地運作工廠，確保我們履行客戶的所有訂單，無論是這兩輛新車還是一輛現有車輛類型。

Understood. Thanks for the color. Appreciate it.

明白了。謝謝你的顏色。欣賞它。

Angelina Chen, JPM.

安吉麗娜·陳，JPM。

So yeah, I just have two questions. First of all, since TaiPower has started to increase electricity price, did you have any plans to raise the battery swap service fee? And if you are not planning to raise the price, would the increase in electricity price impact the margin of your swap business?

是的，我只有兩個問題。首先，既然台電開始漲電價，請問你們有沒有打算提高換電服務費？如果您不打算漲價，電價上漲是否會影響您互換業務的利潤率？

And second of all, we are seeing rising bicycle sales in China. So do you see demand improvement for e-two-wheelers in China? And what is the company's strategy for China in the next one to two years?

其次，我們看到中國的自行車銷量不斷成長。那麼您認為中國電動兩輪車的需求是否有改善？未來一兩年公司在中國的策略是什麼？

I can take the question about electricity, Angelina. So the first thing is that you're absolutely right, Taiwan government is increasing power rates. And clearly, power is one of the components of our Gogoro network service that we provide to customers, because when a customer brings in a battery pack, regardless of how full or empty it is, we recharge it and then reissue it to the next customer full.

我可以回答有關電力的問題，安潔莉娜。所以首先，你是絕對正確的，台灣政府正在提高電費。顯然，電源是我們向客戶提供的 Gogoro 網路服務的組成部分之一，因為當客戶帶來電池組時，無論電池組是滿還是空，我們都會對其進行充電，然後重新發放給下一個客戶滿的。

So there's kind of good news and not so good news. The good news is that the battery energy -- the energy that we consume from the grid to recharge those batteries is a smallish percentage of our overall cost to operate. The single biggest cost is depreciation. We have rental for the sites where the Go stations are located. We have O&M. We have all those different kinds of costs. And electricity is part, but it's not a major part of our overall cost structure.

所以有好消息，也有不太好的消息。好消息是，電池能量——我們從電網為這些電池充電所消耗的能量只占我們整體營運成本的一小部分。最大的單一成本是折舊。我們為 Go 站所在的站點提供租賃服務。我們有運維。我們有所有這些不同種類的成本。電力是一部分，但不是我們整體成本結構的主要部分。

We are analyzing what should we do from a pass that cost on to consumer basis. And what we're hoping to do is maybe increase price slightly, but give customers a rebate so that they feel bought in to the process. We're still discussing those plans internally.

我們正在分析我們應該做什麼，將成本轉嫁給消費者。我們希望做的可能是稍微提高價格，但給客戶回扣，讓他們覺得自己參與了這個過程。我們仍在內部討論這些計劃。

At this stage, if worst-case scenario, we chose not to pass any cost on the consumer, the percentage there is small enough that it would not have a dramatic impact on our margin. And so balancing between internal cost pressure versus asking customers to pay a little bit extra is the challenge.

在這個階段，如果是最壞的情況，我們選擇不將任何成本轉嫁給消費者，這個比例足夠小，不會對我們的利潤產生巨大影響。因此，在內部成本壓力與要求客戶支付一點額外費用之間取得平衡是一項挑戰。

Frankly, customers in the electric recharging, battery swapping world don't think of their bill as having a component being the cost of power from the grid. Somehow, despite the fact that in the external market for traditional gas, the prices go up and down. But in our world, people are really, really, really cost conscious. So what that means is it's difficult for us to pass those costs directly on to consumers at this time.

坦白說，充電、電池更換領域的客戶並不認為他們的帳單中有電網電力成本的一部分。不知何故，儘管傳統天然氣的外部市場價格有漲有跌。但在我們的世界裡，人們真的、真的、真的非常有成本意識。所以這意味著我們目前很難將這些成本直接轉嫁給消費者。

Angelina, I think you were cutting out on the second question. I might not have heard it clear enough. Can you restate your question again, please?

安潔莉娜，我認為你省略了第二個問題。可能是我聽得不夠清楚。您能再重申一下您的問題嗎？

So my question was just the company's overall progress in China, because we're seeing increasing bicycle sales in China. And I'm just wondering, does that also mean improvement for e-two-wheeler in China as well. And what is the company's plan and strategy in China for the next couple of years?

所以我的問題只是公司在中國的整體進展，因為我們看到中國的自行車銷售量不斷增加。我只是想知道，這是否也意味著中國電動兩輪車的進步。未來幾年該公司在中國的計畫和策略是什麼？

Okay. Well, as you know, we have established a partnership with Yadea and Dachangjiang, wtih Yadea being the largest e-cycle company in China, and Dachangjiang being the largest ICE vehicle two-wheeler in China. Over the duration of the partnership, Yadea has created multiple vehicle using our battery swapping system. The partnership is really a joint venture between Yadea and Dachangjiang, leveraging Gogoro's technology while we provide hardware components and enabling technology to enable them to build vehicles that are swapping ready.

好的。那麼，正如你所知，我們已經與雅迪和大長江建立了合作夥伴關係，雅迪是中國最大的電動自行車公司，大長江是中國最大的內燃機車兩輪車。在合作期間，雅迪使用我們的電池交換系統製造了多輛汽車。此次合作實際上是雅迪和大長江之間的合資企業，利用 Gogoro 的技術，同時我們提供硬體組件和支援技術，使他們能夠製造可更換的車輛。

And I would say that overall, in China, the ramp is still not as dramatic as we first thought it would be. We are operational in Hangzhou, where riders are mainly doing B2B delivery because of the need for battery swapping. When it comes to vehicles that are being built by Yadea, we see the usability as we expected. And then also, there is all constant discussion about how to expand that broader and acquire more customers.

我想說的是，整體而言，在中國，成長仍然沒有我們最初想像的那麼劇烈。我們在杭州運營，那裡的騎手主要做B2B送貨，因為需要更換電池。當談到雅迪製造的車輛時，我們看到了我們預期的可用性。此外，人們也不斷討論如何擴大業務範圍並獲得更多客戶。

Thank you so much, Horace and Bruce, for answering the questions. It's very clear. Thank you.

非常感謝霍勒斯和布魯斯回答這些問題。非常清楚。謝謝。

At this time, I will take an online question that was submitted. Renewable energy are currently cheaper than fossil fuel. Solar and wind farms will require large-scale energy storage. This is why companies like Tesla are selling Powerwall and Powerpacks using lithium iron phosphate to customers to help create our smart grid. Does Gogoro plan to enter this market by selling a smaller 10-battery slot swapping station to customers and allowing people around the world to build their own energy network using Gogoro smart batteries?

這個時候，我會接受一個線上提交的問題。目前再生能源比化石燃料便宜。太陽能和風電場將需要大規模的能源儲存。這就是為什麼特斯拉等公司向客戶銷售使用磷酸鐵鋰的 Powerwall 和 Powerpack，以幫助創建我們的智慧電網。 Gogoro是否計劃透過向客戶出售較小的10個電池插槽交換站並允許世界各地的人們使用Gogoro智慧電池建立自己的能源網路來進入這個市場？

Great. Thank you for the question. The answer is as we look at what batteries and what batteries can do, we do see great opportunities, especially around energy storage, as well as power backup. With the Gogoro network today in Taiwan, we have, of course, 1.4 million batteries in circulation. A portion of that battery is sitting on the sideline, getting ready for swap.

偉大的。感謝你的提問。答案是，當我們研究電池的用途和功能時，我們確實看到了巨大的機會，特別是在能源儲存和備用電源方面。憑藉著今天台灣的 Gogoro 網絡，我們當然有 140 萬個電池在流通。電池的一部分閒置著，準備更換。

But at the same time, we work with the Taiwan Power Company to develop technology and also refine our technology so that we can do everything from demand response to frequency response. And with the most recent -- if you are keeping track with Taiwan news, you'll find that we also have been working with TaiPower to take out batteries that we're retiring in the future to store them in large racks where we can use the battery to service an industrial-grade UPS, similar to what you're speaking of, of a Powerwall.

但同時我們和台電合作開發技術，也完善我們的技術，這樣我們就可以做到從需求響應到頻率響應的一切。最近的消息——如果你關注台灣新聞，你會發現我們也一直在與台電合作，取出我們將來即將退役的電池，將它們存放在大型架子上供我們使用為工業級UPS 提供服務的電池，類似於您所說的Powerwall。

Of course, there's many other applications we can think about, and as we look into the future, I think batteries, both new batteries as well as consumed batteries that are first life used for mobility, can certainly be something that we can leverage to build the product that you're speaking of in the future.

當然，我們可以考慮許多其他應用，當我們展望未來時，我認為電池，無論是新電池還是首次用於移動的廢棄電池，肯定可以成為我們可以利用的東西你所說的未來的產品。

Thank you, Horace. We have time for one more online question. Does Gogoro have any plans to open up your battery ecosystem so that third-party manufacturer can create new vehicle applications such as drones, forklifts, golf carts, to be powered by Gogoro batteries? Customers and third-party manufacturers can purchase Gogoro batteries and charging hardware as well to expand your revenue beyond scooters.

謝謝你，霍拉斯。我們還有時間再回答一個線上問題。 Gogoro 是否有計劃開放您的電池生態系統，以便第三方製造商可以創建由 Gogoro 電池供電的新車輛應用，例如無人機、堆高機、高爾夫球車？客戶和第三方製造商還可以購買 Gogoro 電池和充電硬件，將您的收入擴展到踏板車之外。

Absolutely, thank you for the question. As we look at our batteries, think of our battery as just a very large battery. It can power everything from two-wheelers to three-wheelers to micro-four-wheelers, as we have demonstrated in the Tokyo Auto Show with our partner in mobility through a consortium called MIH, which is a Foxconn-led mobility platform, doing a micro-compact four-wheeler that uses Gogoro battery as an augmented power source to extend range.

當然，謝謝你的提問。當我們查看電池時，請將電池視為一個非常大的電池。它可以為從兩輪車到三輪車再到微型四輪車的所有車輛提供動力，正如我們在東京車展上與我們的移動合作夥伴通過名為MIH 的聯盟（富士康領導的移動平台）所展示的那樣，微型緊湊型四輪車，使用 Gogoro 電池作為增強電源以延長行駛里程。

Of course, we have investigated and prototyped many different type of vehicle, including some of those vehicle types that you have mentioned. Absolutely. If somebody wants to use our battery and use our components, we welcome the opportunity. And we think that (technical difficulty) powers just about anything. So absolutely, we think that's something that we hope to see in the future.

當然，我們已經研究了許多不同類型的車輛並製作了原型，包括您提到的一些車輛類型。絕對地。如果有人想使用我們的電池和組件，我們歡迎這個機會。我們認為（技術難度）幾乎可以解決任何問題。所以絕對，我們認為這是我們希望在未來看到的事情。

Thank you, Horace. At this time, I'll ask Horace to give us a few closing remarks.

謝謝你，霍拉斯。這次，我將請 Horace 為我們做一些結束語。

Great. Thanks, Annie. Our two vehicle launches in Taiwan have both been very well received, but the most important thing about those two vehicles is the fact that those two vehicles represent two brand new platform on which we can extend and build future vehicles on. Similar to about five years ago, six years ago, when we launched the Gogoro 2, it created a platform for us to build vehicles that you see today.

偉大的。謝謝，安妮。我們在台灣推出的兩輛車都非常受歡迎，但這兩輛車最重要的是，這兩輛車代表了兩個全新的平台，我們可以在其上擴展和建造未來的車輛。與大約五年前、六年前類似，當我們推出 Gogoro 2 時，它為我們創建了一個平台來製造您今天看到的車輛。

As we move into Q2, we expect to continue positive momentum to deliver against our 2024 full-year forecast. Both Taiwan and international market have lots of room to grow, and we look forward to providing periodic updates to you all on our progress throughout the balance of the year.

隨著進入第二季度，我們預計將繼續保持積極勢頭，實現 2024 年全年預測。台灣和國際市場都有很大的成長空間，我們期待在這一年餘下的時間定期向大家通報我們的進展。

Thanks for calling in today on the webcast. Thank you, everyone.

感謝您今天透過網路廣播來電。謝謝大家。

Thank you for your participation. This does conclude the program. You may now disconnect.

感謝您的參與。這確實結束了該程式。您現在可以斷開連線。