Gogoro Inc (GGR) 2024 Q2 法說會逐字稿

Welcome to the Gogoro Inc. 2024 Q2 earnings call. This conference call is now being recorded and broadcasted live over the Internet. Webcast replay will be available within an hour after the conference is finished. I'll now like to turn the call over to Gogoro team.

歡迎參加 Gogoro Inc. 2024 年第二季財報電話會議。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。我現在想將電話轉給 Gogoro 團隊。

Welcome to Gogoro's 2024 Q2 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.

歡迎參加由我們的執行長 Horace Luke 主持的 Gogoro 2024 年第二季財報電話會議；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。

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. (Operator Instructions) After Horace provide some of the business highlights from Q2, Bruce will go deeper into the Q2 financial results, and then we will open the line for Q&A and answer as many questions as time allows.

我們將透過 Gogoro 的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。 （操作員指示）Horace 提供第二季度的一些業務亮點後，Bruce 將深入了解第二季度的財務業績，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 discussions 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 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。請參閱我們今天提供的新聞稿和投資者介紹中出現的前瞻性陳述。

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 second quarter 2024 results. I'm pleased to share with you that we announced two substantial investments in the second quarter, which totaled $100 million with $75 million cash received. We further entered into an MOU with Sumitomo Corp. and Sumitomo Mitsui Finance and Leasing Company SMFL, to facilitate a more asset-light international expansion.

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 年第二季業績摘要。我很高興與大家分享，我們在第二季宣布了兩項重大投資，總額達 1 億美元，收到現金 7,500 萬美元。我們進一步與住友商事株式會社和三井住友金融租賃公司 SMFL 簽署諒解備忘錄，以促進更輕資產的國際擴張。

Gold Sino Assets Limited made a $50 million equity investment in Gogoro. Our partnership with Dr. Yin of Gold Sino and Ruentex Group dates back to Gogoro's founding. This investment reinforces our strategic direction, and we are committed to building on the success of our revolutionary battery swapping ecosystem.

金華資產有限公司對Gogoro進行了5000萬美元的股權投資。我們與金華殷博士和潤泰集團的合作關係可以追溯到 Gogoro 的成立。這項投資強化了我們的策略方向，我們致力於在革命性電池交換生態系統的成功基礎上再接再厲。

We continue to lead the transformation of two-wheel urban transportation shaping cities of the future to be smart, sustainable, and accessible. We are delivering on our vision as we continue to expand our leadership in Taiwan and other markets.

我們持續引領兩輪城市交通的轉型，塑造未來城市的智慧、永續和便利。隨著我們繼續擴大在台灣和其他市場的領導地位，我們正在實現我們的願景。

It is crucial to maintain the resources and flexibility needed to operate efficiently, ensuring the delivery of cutting-edge innovation, unparalleled customer experiences, and exceptional value to our customers. Additionally, we announced a $50 million investment commitment from Castrol, a global leader in lubricants and part of the BP Group. The initial investment of $25 million in Gogoro will be followed by a second $25 million investment in the form of a convertible note, contingent on further collaborative business transactions.

維持高效營運所需的資源和靈活性、確保為客戶提供尖端創新、無與倫比的客戶體驗和卓越價值至關重要。此外，我們也宣布了全球潤滑油領導者、BP 集團旗下嘉實多 (Castrol) 的 5,000 萬美元投資承諾。在 Gogoro 進行 2500 萬美元的初始投資後，將以可轉換票據的形式進行第二筆 2500 萬美元的投資，具體取決於進一步的合作業務交易。

In the press release announcing the investment, Michelle Jou, CEO of Castrol stressed the importance of two-wheelers to Castrol and the desire for Castrol to play a large part in a consumer's transition from traditional ICE vehicles to electric vehicles. I can't think of a partner that has broader and deeper customer reach in the two-wheel industry than Castrol. And the teams have worked tirelessly to make this investment and partnership possible.

在宣布這項投資的新聞稿中，嘉實多執行長 Michelle Jou 強調了兩輪車對嘉實多的重要性，以及嘉實多希望在消費者從傳統內燃機汽車向電動車的過渡中發揮重要作用。我想不出還有哪個合作夥伴比嘉實多在兩輪車產業擁有更廣泛、更深入的客戶群。為了使這項投資和合作成為可能，團隊付出了不懈的努力。

We are now actively developing a variety of joint strategic initiatives and are progressing at pace to really substantiate this agreement and investment. I'm gratified that Castrol is excited about Gogoro's technology and vision for urban mobility. Gogoro's partnership with Sumitomo and SMFL, a global leader in financing and leasing would establish a new asset class using Gogoro Smart Batteries to create new business opportunities for Sumitomo and SMFL to utilize Gogoro's batteries for expanding their mobility business as well as generating second-life battery revenue.

我們現在正在積極制定各種聯合戰略舉措，並正在快速推進以真正落實這項協議和投資。我很高興嘉實多對 Gogoro 的技術和城市交通願景感到興奮。 Gogoro 與全球領先的融資和租賃公司 Sumitomo 和 SMFL 合作，將利用 Gogoro 智慧電池建立新的資產類別，為 Sumitomo 和 SMFL 創造新的商機，利用 Gogoro 的電池擴大其行動業務並生產二次電池收入。

Amongst the many new business opportunities, this partnership would enable a new asset-light expansion model for Gogoro that doesn't require large upfront capital investment in batteries, while increasing the financial efficiency of our new markets. We have been working with Sumitomo and SMFL towards this announcement in business direction for some time, and I look forward to the opportunity to provide further updates as we formalize a variety of business opportunities.

在眾多新商機中，這種合作關係將為 Gogoro 帶來新的輕資產擴張模式，不需要大量的電池前期資本投資，同時提高我們新市場的財務效率。一段時間以來，我們一直在與住友商事和 SMFL 就業務方向的這項公告進行合作，我期待著在我們正式確定各種業務機會時有機會提供進一步的最新資訊。

Both Bruce and I will go into more details on our market and financial performance during the course of the call, but I do want to set some high-level context. When Gogoro set out to electrify two wheelers, we didn't know what the future held. We had to develop our own compelling vehicle solutions, our own battery packs, and our own battery swapping platform and ecosystem. We still manufacture battery packs and most of our vehicles in-house and own all of the IP associated with our platforms and battery swapping ecosystem.

布魯斯和我將在電話會議期間詳細介紹我們的市場和財務業績，但我確實想介紹一些高層背景。當 Gogoro 著手將兩輪車電動化時，我們不知道未來會怎樣。我們必須開發自己引人注目的車輛解決方案、自己的電池組以及自己的電池交換平台和生態系統。我們仍然在內部製造電池組和大部分車輛，並擁有與我們的平台和電池交換生態系統相關的所有智慧財產權。

These inventions have paved the way for the battery swapping industry today. There have been bumps and learnings along the way, and we have and will continue to face challenges. Our focus is on the long term, and we see so much potential for the ongoing electrification of two-wheelers and the adoption of battery swapping.

這些發明為當今的電池交換產業鋪平了道路。一路走來，我們經歷過坎坷，也經歷過教訓，我們已經並將繼續面臨挑戰。我們著眼於長期，我們看到兩輪車持續電氣化和採用電池更換的巨大潛力。

Governments, partners customers, both B2B and B2C, and fellow travelers on the electrification and battery swapping journey, all see benefits in converting from traditional ICE two-wheelers to electric battery swapping vehicles. Conversion will happen at various points in time and with varying speeds of adoption. But it will happen.

政府、B2B 和 B2C 合作夥伴客戶以及電氣化和電池更換之旅的同行者都看到了從傳統 ICE 兩輪車轉換為電動電池更換車輛的好處。轉換會在不同的時間點發生，並且所採用的速度也不同。但這將會發生。

Our objective is to stay true to our core beliefs and keep innovating our product and service offerings and business models to meet market demands. We're not satisfied with the pace of change and adoption in any market. These realities mean that our financial results are not as strong as desired.

我們的目標是忠於我們的核心信念，不斷創新我們的產品和服務以及商業模式，以滿足市場需求。我們對任何市場的變化和採用的速度都不滿意。這些現實意味著我們的財務表現並不如預期的那麼強勁。

However, we continue to have the best vertically integrated product stack, the world's largest deployed battery swapping infrastructure, the support of more than 10 OEMs who are making vehicles, which are powered by Gogoro's battery ecosystem, and a software and operating platform that allows additional value added services to create new revenue streams.

然而，我們仍然擁有最好的垂直整合產品堆疊、全球部署最大的電池交換基礎設施、超過10 家製造車輛的原始設備製造商的支援（由Gogoro 的電池生態系統提供支援）以及允許額外功能的軟體和操作平台。

Innovating and investing for growth requires capital. Hence, the recent raise. Operating our network in Taiwan and developing an international footprint also requires substantial amounts of capital and operational spending. We are still operating at a loss and still investing for growth because we believe the markets that we are targeting India, Southeast Asia, and other markets are ripe for electric vehicle disruption.

創新和投資促進成長需要資本。因此，最近的加息。在台灣營運我們的網路並發展國際足跡也需要大量資本和營運支出。我們仍然處於虧損狀態，但仍在為成長進行投資，因為我們相信我們瞄準的印度、東南亞和其他市場對於電動車顛覆的時機已經成熟。

While the Taiwan two-wheeler market had a 11.2% decrease year on year in Q1, the registered units in Q2 were approximately 190,000, demonstrating slight growth of 2% versus Q2 last year. Year to date from January to June, the Taiwan market is down 4.4% from the same period in 2023.

儘管第一季台灣兩輪車市場年減11.2%，但第二季註冊量約為19萬輛，較去年第二季小幅成長2%。今年 1 月至 6 月，台灣市場較 2023 年同期下降 4.4%。

We previously indicated a range of projected market sales from 750,000 to 850,000 against the 2023 market of 870,000 units. We expect this year will continue to be softer compared to last year. And Taiwan's two-wheel scooter market will end the year between 810,000 to 840,000 units, a drop of 3.5% to 7% versus, 2023.

我們先前預期市場銷售量為 75 萬至 85 萬輛，而 2023 年市場銷售量為 87 萬輛。我們預計今年的情況將繼續較去年疲軟。台灣兩輪踏板車市場到年底將達到 81 萬至 84 萬輛，比 2023 年下降 3.5% 至 7%。

We anticipate slight growth in overall market share versus 2023 for Gogoro vehicles. However, against our previous expectation, the drop in overall market volume has a knock-on impact on our sales volumes and revenue in the first half and will impact second-half revenue as well. The total number of registered electric scooters in Q2 in Taiwan was 23,660 units, up 17.6% from 20,118 units in Q2 2023.

我們預計 Gogoro 車輛的整體市佔率與 2023 年相比將略有成長。然而，與我們先前預期的相反，整體市場量的下降對我們上半年的銷售和收入產生了連鎖影響，也會影響下半年的收入。台灣第二季電動滑板車註冊總數為 23,660 輛，比 2023 年第二季的 20,118 輛成長 17.6%。

Gogoro branded vehicles. Registration figures were 15,646 units, up 10.8% from Q2 2023, while powered by the Gogoro Network PBGN, vehicles registration figures were 16,685 units, up 1.7% over the same period, representing 70.5% of total electric vehicle sales in Q2. Vehicle registration figures would have been markedly higher, had we delivered all back orders, JEGO and Pulse vehicles.

Gogoro 品牌車輛。登記量為 15,646 輛，較 2023 年第二季度增長 10.8%，而在 Gogoro Network PBGN 的支持下，車輛登記量為 16,685 輛，同比增長 1.7%，佔第二季度電動汽車總銷量的 70.5%。如果我們交付了所有延期交貨的訂單、JEGO 和 Pulse 車輛，車輛登記數字將會明顯更高。

If all of the approximately 5,600 JEFO and 9,000 Pulse backlog orders we had taken by the end of June had been delivered in Q2, the electric power two-wheeler market would have been up 50% from Q2 2023. These backlog units represent approximately $12 million in orders, which can be recognized when vehicles are delivered, which we expect to happen in the third quarter. The JEGO Smartscooter has been a standout success, capturing significant market attention and driving sales volumes above our expectations.

如果我們在6 月底之前收到的約5,600 輛JEFO 和9,000 輛Pulse 積壓訂單全部在第二季度交付，那麼電動兩輪車市場將比2023 年第二季度增長50%。萬美元訂單中，可以在車輛交付時確認，我們預計這將在第三季發生。 JEGO 智慧滑板車取得了巨大的成功，吸引了市場的廣泛關注，銷量超出了我們的預期。

The high sales volume of JEGO, while a positive indicator of consumer interest has resulted in a lower average selling price and consequently, lower overall revenue compared to our historic performance. The market's enthusiastic response to JEGO suggest that it's features and price points are appealing to a new class of Gogoro customers.

JEGO 的高銷量雖然是消費者興趣的正面指標，但導致平均售價較低，因此與我們的歷史表現相比，整體收入較低。市場對 JEGO 的熱烈反應表明，它的功能和價位對新一類 Gogoro 客戶具有吸引力。

Balancing sales across a broader range of our product portfolio is a goal for the second half of the year. Our new flagship, the Pulse Smartscooter continues to receive positive coverage for its outstanding, industry leading performance. Our retail footprint is sizable and sufficient to allow for future growth of vehicle volume without equivalent growth in fixed costs.

下半年的目標是平衡更廣泛的產品組合的銷售。我們的新旗艦產品 Pulse Smartscooter 因其出色的行業領先性能而繼續獲得積極評價。我們的零售規模相當大，足以滿足未來車輛數量的成長，而固定成本不會隨之成長。

As of the end of Q2, we now have 103 retail stores in Taiwan, 242 global quick service stores, and 421 authorized repair shops. The performance of the Gogoro Network is in line with our expectations, and our network operations continue to show healthy revenue growth. With just over 608,000 accumulated subscribers, up from 552,205 subscribers at the end of Q2 2023 and with $34.7 million in battery swapping service revenue, we continue to operate the Gogoro Network efficiently.

截至第二季末，我們在台灣擁有103家零售店、242家全球快速服務店和421家授權維修店。 Gogoro 網路的表現符合我們的預期，我們的網路營運持續呈現健康的收入成長。我們的累計用戶數量略高於 608,000 名，高於 2023 年第二季末的 552,205 名用戶，電池更換服務收入為 3,470 萬美元，我們將繼續高效運作 Gogoro 網路。

We now have over 2,570 GoStation locations, over 1.4 million battery packs in circulation, with more than 400,000 daily battery swaps, and over 10.6 billion total kilometers written on our network. We are upgrading some of our battery packs in order to ensure we maximize both first and second life opportunities.

目前，我們擁有超過 2,570 個 GoStation 站點、超過 140 萬個流通電池組、每日電池更換次數超過 40 萬次、網路總行駛里程超過 106 億公里。我們正在升級一些電池組，以確保我們最大限度地利用第一次和第二次使用的機會。

We fundamentally believe that both the government of Taiwan and consumers see the value of electrification and continue to believe that this transition while taking a bit longer than anticipated is well underway. Our market share remains strong. Our technology continues to be seen as best in class, as evidenced by the external award and ongoing strategic investments from existing shareholders as well as Castrol. And we remain confident of long term success in Taiwan and in other markets.

我們從根本上相信，台灣政府和消費者都看到了電氣化的價值，並繼續相信這一轉變正在順利進行，儘管花費的時間比預期要長一些。我們的市佔率仍然強勁。我們的技術仍然被視為同類最佳，現有股東以及嘉實多的外部獎項和持續策略投資證明了這一點。我們對在台灣和其他市場取得長期成功仍然充滿信心。

International markets and expansion continue to be important in our long term strategy, we use our Taiwan experience to accelerate our international expansion. While it is exciting that we expand into new markets, each market is unique. It takes time to develop these markets, including local consumer demands, local partnerships, and local regulations.

國際市場和擴張在我們的長期策略中仍然很重要，我們利用台灣的經驗來加速我們的國際擴張。雖然我們開拓新市場令人興奮，但每個市場都是獨一無二的。開發這些市場需要時間，包括當地消費者需求、當地合作夥伴關係和當地法規。

India is perhaps our most important international market and enthusiasm for our solutions is high. With an overall market of approximately 20 million units per year and with government support for the ramp of electric vehicles, we are well positioned to benefit from this large market but are still learning the complexities of the Indian market.

印度也許是我們最重要的國際市場，人們對我們的解決方案熱情很高。整體市場每年約 2000 萬輛，加上政府對電動車發展的支持，我們處於有利地位，可以從這個龐大的市場中受益，但仍在了解印度市場的複雜性。

Our investments in India in the first half of the year demonstrate our commitment to this important market. While we had forecasted revenue from India for 2024, but due to the delay in implementation in subsidies to include battery swapping vehicles, most of it is now projected for 2025. In the meantime, we continue to progress with our battery factory build-out, GoStation deployments and building out our India team and capabilities.

我們上半年在印度的投資反映了我們對這個重要市場的承諾。雖然我們預測印度的收入為 2024 年，但由於包括換電汽車在內的補貼實施延遲，目前大部分收入預計為 2025 年。團隊和能力。

India's government continues to strongly support the transition to electric mobility. When the faster adoption and manufacturing of electric vehicles, otherwise known as FAME scheme, was put in place in India in 2015, battery swapping didn't exist. And as a result, battery swapping vehicles were not covered under FAME II or the extension of that policy, which was put into place in April to effectively extend the benefits of FAME II.

印度政府繼續大力支持向電動車的過渡。 2015 年，當印度實施更快採用和製造電動車（也稱為 FAME 計畫）時，電池更換還不存在。因此，電池更換車輛不包括在 FAME II 或該政策的擴展範圍內，該政策於 4 月實施，旨在有效擴展 FAME II 的優勢。

We are working with the Ministry of Heavy Industries as a founding member of the Indian battery swapping association to ensure that in the upcoming FAME III publication, battery swapping vehicles and infrastructure are afforded the same benefits as charging electric vehicles.

作為印度電池更換協會的創始成員，我們正在與重工業部合作，以確保在即將發布的 FAME III 出版物中，電池更換車輛和基礎設施能夠獲得與電動車充電相同的好處。

MHI is tasked with the overall EV roadmap for India, and we are optimistic that our continued collaboration and advocacy will lead to the inclusion of battery swap vehicles in upcoming incentive programs, thereby supporting the growth and adoption of sustainable mobility solutions across the country.

三菱重工負責制定印度的整體電動車路線圖，我們樂觀地認為，我們的持續合作和倡導將導致將電池更換車輛納入即將推出的激勵計劃，從而支持可持續交通解決方案在全國範圍內的增長和採用。

Until battery swapping vehicles are eligible for subsidies under FAME or other government programs, we cannot offset the impact of these subsidies via price discounts. We continue to be optimistic about what Indian market can bring but are forced to wait for the finalization of incentive schemes before ramping our vehicle sales or our battery pack production in India.

在換電汽車有資格獲得 FAME 或其他政府計劃的補貼之前，我們無法透過價格折扣來抵消這些補貼的影響。我們繼續對印度市場的前景持樂觀態度，但在提高我們在印度的汽車銷售或電池組產量之前，必須等待激勵計劃的最終確定。

The registration and license application for our India battery pack factory are currently underway. We anticipate that this process will be completed in time for commercial production to commence in the second half of 2024. Similarly to vehicle subsidies, clarity of subsidies for battery packs as well as equivalent treatment under subsidy schemes is critical to a successful launch for not only Gogoro, but all battery swapping players in India.

我們的印度電池組工廠的註冊和許可證申請目前正在進行中。我們預計這一過程將及時完成，並於 2024 年下半年開始商業生產。的電池交換玩家。

In Q2, we announced the deployment of the first 20 GoStations in New Delhi and Mumbai through our partnership with HPCL, India's second largest gas retailer. Given HPCL's large retail footprint of 21,000 touch points, there is room for growth in this partnership as we ramp vehicle sales in both cities. We recently launched a pilot program with Rapido, one of India's leading ride-hailing services specializing in bike taxis.

第二季度，我們宣布透過與印度第二大天然氣零售商 HPCL 的合作，在新德里和孟買部署首批 20 個 GoStation。鑑於 HPCL 擁有 21,000 個接觸點的龐大零售足跡，隨著我們在兩個城市的汽車銷售增加，這種合作關係還有成長的空間。我們最近與 Rapido 啟動了一項試點計劃，Rapido 是印度領先的專營自行車計程車的叫車服務公司之一。

The feedback from the pilot has been overwhelmingly positive with riders experiencing a remarkable 50% increase in wages, nearly double what is typically earned through a standard fleet operator model. The riders have expressed great satisfaction with both our vehicles and the seamless battery swap experience, highlighting the ease and efficiency of our system.

試點計畫的回饋非常積極，乘客的薪資顯著增加了 50%，幾乎是透過標準車隊營運商模式賺取的收入的兩倍。乘客對我們的車輛和無縫電池更換體驗表示非常滿意，凸顯了我們系統的易用性和效率。

Many riders are covering impressive distances riding up to 200 kilometers per day due to the reliability and ease of use of our battery swapping technology. We are also actively collaborating with five Indian local electric two-wheeler OEMs and have commenced vehicle testing for the deployment of these powered by Gogoro Network solutions in the Indian market.

由於我們的電池交換技術的可靠性和易用性，許多騎手每天騎行的距離長達 200 公里。我們也積極與五家印度當地電動兩輪車原始設備製造商合作，並已開始在印度市場部署由 Gogoro Network 解決方案支援的這些電動兩輪車的車輛測試。

These collaborations bring to market a variety of products at lower price points and the initiation of testing these solutions marks an exciting step forward in expanding our presence and providing a wider range of vehicle options to B2B customers in India. The building blocks for growth in India are in place.

這些合作以較低的價格將各種產品推向市場，這些解決方案的測試啟動標誌著我們在擴大業務範圍和為印度 B2B 客戶提供更廣泛的車輛選擇方面邁出了令人興奮的一步。印度成長的基石已經就位。

I'll now ask Bruce to now give you an update regarding other international markets as well as an overview of our Q2 financial results.

我現在請布魯斯向您介紹其他國際市場的最新情況以及我們第二季財務業績的概述。

Thanks to Horace. We continue to make steady progress in South Korea with our partner Bikebank. There are now more than 200 active GoStations in 15 cities in South Korea, which is an example of our PBGN alliance strategy at work. Aeon Motor, Gogoro and South Korea's Bikebank brand Dotstation have teamed up to develop the EV-C1 electric scooter, which is already on sale in South Korea. Designed by Dotstation to align with South Korean rider preferences manufactured by Aeon Motor in Taiwan and powered by Gogoro's Battery Swapping technology, this scooter is now entering the South Korean market with Dotstation managing the local sales channels.

感謝霍拉斯。我們與合作夥伴 Bikebank 繼續在韓國取得穩步進展。現在韓國 15 個城市有 200 多個活躍的 GoStation，這是我們 PBGN 聯盟策略的一個例子。 Aeon Motor、Gogoro 和韓國 Bikebank 品牌 Dotstation 聯手開發了 EV-C1 電動滑板車，目前已在韓國銷售。這款踏板車由 Dotstation 設計，符合韓國騎士的喜好，由台灣 Aeon Motor 製造，並採用 Gogoro 的電池交換技術，目前正進入韓國市場，由 Dotstation 管理當地銷售管道。

This collaboration combines Aeon Motor manufacturing expertise with Gogoro's network Battery Swapping ecosystem and Dotstation's local market knowledge to make a successful entry into the market. We're pleased to see our PBGM partners, new vehicle meeting local market demands making this a win-win-win situation for all three parties.

此次合作將 Aeon Motor 的製造專業知識與 Gogoro 的網路電池交換生態系統以及 Dotstation 的在地市場知識相結合，以成功進入市場。我們很高興看到我們的 PBGM 合作夥伴、新車滿足當地市場需求，這對三方來說是雙贏的局面。

In May, we launched Gogoro Battery Swapping services in Bogota, Colombia with Terpel, a subsidiary of Copec and a leader in the Colombian fuel and lubrication product market. This is the official launch of our partnership with Copec, which was announced in January. We also introduced the Gogoro 2 Plus and Gogoro VIVA MIX Smartscooters in Colombia.

5 月，我們與 Copec 的子公司、哥倫比亞燃料和潤滑產品市場的領導者 Terpel 在哥倫比亞波哥大推出了 Gogoro 電池更換服務。這是我們在一月份宣布的與 Copec 合作夥伴關係的正式啟動。我們也在哥倫比亞推出了 Gogoro 2 Plus 和 Gogoro VIVA MIX 智慧滑板車。

Initially for Battery Swapping stations are located at Terpel service stations in Bogota, with plans to expand to 14 by the end of 2024 and to the city of Medellin. Ur Gogoro Smartscooters will be marketed by Motored, a top two wheel distributor in Colombia.

電池交換站最初位於波哥大的 Terpel 服務站，計劃在 2024 年底擴大到 14 個，並擴展到麥德林市。 Ur Gogoro 智慧踏板車將由哥倫比亞頂級兩輪經銷商 Motored 銷售。

Following our launch in Colombia in the second quarter, we are excited about our upcoming commercial launches in Chile and Singapore in the latter half of 2024. These markets represent significant opportunities for growth and expansion as we bring our advanced Battery Swapping technology and cutting edge electric scooters to new regions.

繼第二季在哥倫比亞推出產品後，我們對2024 年下半年即將在智利和新加坡推出商業產品感到興奮。擴張機會。

After more than a year of sandbox testing with the Land Transport Authority in Singapore, Gogoro is now approved for commercial operational launch. LTA is the Singapore government body that spearheads land transport development in Singapore. It plans, designs, builds, and maintains Singapore's land transport infrastructure and systems with a focus on green solutions. This certification by LTA is a testament to the safety and quality of our battery swapping system, and we value the cooperation and support of the Singapore government in validating our technology.

經過新加坡陸路交通管理局一年多的沙盒測試，Gogoro 現已獲準商業運作。 LTA 是新加坡政府機構，負責引領新加坡陸上交通發展。它規劃、設計、建造和維護新加坡的陸路交通基礎設施和系統，並專注於綠色解決方案。 LTA 的這項認證證明了我們的電池交換系統的安全性和質量，我們非常重視新加坡政府在驗證我們的技術方面的合作和支援。

Now that we are certified to operate, we will deepen our partnership with Cycle & Carriage and their customers, including foodpanda, whose riders were active in the sandbox pilot. The pilot received overwhelming positive feedback from foodpanda delivery riders for our Smartscooter's speed, silent ride, and quick battery swaps. Our pilot riders have averaged more than 2,200 kilometers per month with up to two battery swaps per day.

現在我們已獲得營運認證，我們將加深與 Cycle & Carriage 及其客戶的合作夥伴關係，其中包括 foodpanda，其騎手積極參與了沙盒試點。試點收到了 foodpanda 送貨騎手對我們的智慧滑板車的速度、靜音行駛和快速電池更換的壓倒性積極反饋。我們的飛行員平均每月行駛超過 2,200 公里，每天最多更換兩次電池。

We're planning for the commercial launch of battery swapping and Gogoro Smartscooters in Q4 2024 with Cycle & Carriage as our exclusive distribution partner. C&C is also collaborating with Shell Recharge to set up GoStations at Shell service stations in Singapore and C&C will be offering three Gogoro Smartscooter models by Q4 2024.

我們計劃在 2024 年第四季商業推出電池交換和 Gogoro 智慧踏板車，Cycle & Carriage 作為我們的獨家分銷合作夥伴。 C&C 也與 Shell Recharge 合作，在新加坡的 Shell 加油站設立 GoStations，C&C 將在 2024 年第四季之前提供三款 Gogoro 智慧摩托車。

Our joint venture in the Philippines is making progress with 11 GoStations now operational in Manila. We're optimistic about receiving zero import tariff approval soon, which will allow us to offer more competitive pricing and expand access to sustainable transportation. This approval will be a key milestone supporting both our business and the country's green mobility goals. While we await the final decision, we remain focused on strengthening partnerships, enhancing infrastructure, and preparing for swift rollout once approval is granted.

我們在菲律賓的合資企業正在取得進展，現已在馬尼拉營運 11 個 GoStation。我們對很快獲得零進口關稅的批准感到樂觀，這將使我們能夠提供更具競爭力的價格並擴大可持續運輸的機會。此次批准將成為支持我們的業務和國家綠色出行目標的一個重要里程碑。在等待最終決定的同時，我們仍然專注於加強合作夥伴關係、加強基礎設施，並為獲得批准後的迅速推出做好準備。

Before I review our financial results in detail, I'd like to provide just a little bit of context. Due to challenges in the Taiwan market and the slower than expected pace of international sales, our revenue for Q2 and our expectations for the year are lower than previously forecasted. In Taiwan, the overall tool market is down 4.4% in the first half.

在詳細審查我們的財務業績之前，我想提供一些背景資訊。由於台灣市場的挑戰以及國際銷售速度低於預期，我們第二季的營收和全年的預期都低於先前的預測。在台灣，上半年整體工具市場下降了4.4%。

Additionally, as a result of the higher than expected mix of the JEGO model, our ASP has dropped, which will impact second-half revenue. Our Gogoro Network is performing approximately two expectations. If we adjust our first half revenue for the backlog, orders of JEGO and Pulse and for foreign currency fluctuations, it's actually slightly higher than our 2023 first half revenue.

此外，由於JEGO車型的組合高於預期，我們的平均售價有所下降，這將影響下半年的收入。我們的 Gogoro 網路大約實現了兩個預期。如果我們根據JEGO和Pulse的積壓、訂單以及外匯波動調整上半年收入，實際上略高於我們2023年上半年的收入。

In India, government policy regarding incentives for Battery Swapping vehicles are not yet finalized. There were a variety of delays to the policy finalization, including central government elections and the appointment of new senior leaders to important government agencies. We are working closely with the Ministry of Heavy Industries, the Indian Battery Swap Association, and other OEMs to effect a new FAME III policy in the coming months.

在印度，有關電池更換車輛獎勵措施的政府政策尚未最終確定。政策最終確定出現了各種延誤，包括中央政府選舉和重要政府機構新高級領導人的任命。我們正在與重工業部、印度電池更換協會和其他原始設備製造商密切合作，在未來幾個月內實施新的 FAME III 政策。

Until there is full clarity of our ability to access government subsidy programs, we will intentionally slow any ramp in vehicle sales as at the moment, any sales are effectively subsidized by Gogoro. This delay in sales will also impact revenue for the second half of 2024.

在完全明確我們獲得政府補貼計劃的能力之前，我們將有意減緩車輛銷售的成長，因為目前所有銷售均由 Gogoro 有效補貼。銷售延遲也將影響 2024 年下半年的收入。

Now to the details. For the second quarter, the total revenue was $80.9 million down [7.2%] year over year and down 2.4% year over year on a constant currency basis. Had the foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been up by an additional $4.2 million. We had more than 6,500 backlog orders for Pulse and JEGO in the second quarter with a total value of approximately $12.3 million although customers do have the right to cancel such orders prior to delivery.

現在詳細介紹。第二季總營收為 8,090 萬美元，年減 [7.2%]，以固定匯率計算年減 2.4%。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 420 萬美元。第二季度，我們有超過 6,500 個 Pulse 和 JEGO 積壓訂單，總價值約為 1,230 萬美元，儘管客戶有權在交貨前取消此類訂單。

The large quantity of backorders is primarily the result of robust demand for these new models, coupled with our need to balance manufacturing capacity across multiple vehicles and the need to balance related supply chains accordingly. Battery swapping service revenue for the second quarter was $34.7 million, up 4% year over year and up 9.5% year over year on a constant currency basis.

大量缺貨主要是由於對這些新車型的強勁需求，加上我們需要平衡多種車輛的製造能力以及相應地平衡相關供應鏈的需要。第二季電池更換服務收入為 3,470 萬美元，年增 4%，以固定匯率計算年增 9.5%。

Total subscribers at the end of the second quarter exceeded 608,000, up 10.1% from 552,000 subscribers at the end of the same quarter last year. 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.

第二季末用戶總數超過 608,000 名，比去年同季末的 552,000 名用戶成長 10.1%。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以及用戶保留率較高。

Sales of hardware and other revenues for the second quarter were $46.3 million, down 14.1% year over year and down 9.8% year over year on a constant currency basis. The year over year decrease in sales of hardware and other revenues was driven by a combination of factors. First, a decrease of ASP due to a higher proportion of lower-priced vehicles sold.

第二季硬體銷售額和其他收入為 4,630 萬美元，年減 14.1%，以固定匯率計算年減 9.8%。硬體銷售和其他收入的年減是由多種因素推動的。首先，由於銷售低價汽車的比例較高，導致平均售價下降。

Second, the significant increase in the level of undelivered backlog orders compared to the same quarter last year. Third, a decrease in sales revenues associated with selling merchandise and maintenance parts from original OEM manufacturers. And four, an unfavorable exchange rate when translating 95% of our sales which are denominated in NT dollars into US dollars.

二是未交付積壓訂單水準較去年同季大幅上升。第三，與銷售原始 OEM 製造商的商品和維修零件相關的銷售收入減少。第四，我們95%的銷售額以新台幣計價，換算成美元時，匯率不利。

The backlog orders for Pulse and JEGO we received in the second quarter are not reflected in the vehicle registration data published by the Taiwan government for the second 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 deliveries to customers.

我們在第二季收到的Pulse和JEGO積壓訂單並未反映在台灣政府公佈的第二季車輛登記資料中。儘管收到客戶的全額付款或第三方融資公司批准的融資，Gogoro 也沒有確認這些車輛的任何收入。 Gogoro 將在向客戶交付車輛時核算車輛收入。

The government reported registration volume of power two-wheelers in the Taiwan market in the second quarter was up 2% year over year. While registrations of total electric power two wheelers were reported to be up by 17.6% compared to the same quarter last year; those of Gogoro sales grew by 10.8%. Had we delivered the outstanding orders of Pulse and JEGO vehicles, the growth of the electric PTW registrations contributed by the sales of Gogoro vehicles would have been estimated to be 57.2%.

政府報告稱，第二季度台灣市場電動兩輪車註冊量年增 2%。據報道，電動兩輪車的註冊總量較去年同期成長了 17.6%； Gogoro 的銷售額成長了 10.8%。如果我們交付了 Pulse 和 JEGO 車輛的未完成訂單，Gogoro 車輛銷售貢獻的電動 PTW 註冊量成長預計將達到 57.2%。

Taiwan's largest two power two-wheeler manufacturers are publicly estimating that the total market for Taiwan will shrink by 14% from last year's 870,000 units to around 750,000 units in 2024. We updated our market outlook to regress toward the market consensus as we have seen a temporary slowdown in consumer transition from traditional internal combustion engine vehicles to electric power two-wheeler vehicle in the first half of 2024.

台灣最大的兩家電動兩輪車製造商公開估計，到2024 年，台灣總市場將從去年的87 萬輛萎縮約14% 至75 萬輛。已經看到2024年上半年，消費者從傳統內燃機汽車向電動兩輪汽車的過渡將暫時放緩。

For the second quarter, gross margin was 5.2%, down from 15.2% in the same quarter last year while non-IFRS gross margin was 13.0%, down from 16.0% in the same quarter last year. The decline in gross margin was primarily driven by a combination of factors: first, a $6 million derecognition expenses on components removed from the battery pack and costs associated with our battery upgrade initiatives.

第二季毛利率為5.2%，低於去年同期的15.2%，非國際財務報告準則毛利率為13.0%，低於去年同期的16.0%。毛利率下降主要是由多種因素造成的：首先，從電池組中拆除的組件產生了 600 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成本。

Second, a $1.7 million increase in depreciation and other costs associated with our new overseas production facilities. Third, a decrease in ASP associated with an increase in sales of lower-priced models. Fourth, a decrease in maintenance part sales through our own channel and a lower margin contribution from Gogoro OEM parts. And fifth, higher franchise commission from selling hardware through authorized channels. These impacts, when combined, approximately account for the 10% decline in gross margin.

其次，與我們新的海外生產設施相關的折舊和其他成本增加了 170 萬美元。第三，平均售價的下降與低價車型銷售的增加有關。第四，我們自有通路的維修零件銷售減少，Gogoro OEM 零件的利潤貢獻下降。第五，透過授權管道銷售硬體的特許經營佣金較高。這些影響合計起來大約導致毛利率下降 10%。

We continued to carry out one-time, voluntary upgrades on certain battery packs which are expected to take several quarters to complete, continuing into 2025. 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.

我們繼續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，並持續到 2025 年。組，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壽命理論。

These upgrades are expected to create economic benefits in the long run 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. But we will only upgrade battery packs in instances where the value created over time exceeds the cost of the upgrade.

從長遠來看，這些升級預計將創造經濟效益，但在升級時，我們的毛利率確實會在短期內下降。我們預計，在 2024 年和 2025 年計畫的升級期間，我們的 IFRS 毛利率將繼續受到影響。但我們只會在隨著時間的推移創造的價值超過升級成本的情況下升級電池組。

For the second quarter, net loss was $20.1 million, representing an increase of $14.5 million from a net loss of $5.6 million in the same quarter last year. The increase in net loss was due to a $9.3 million decrease of the favorable change 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 and the decrease of $9.1 million in gross profit mainly attributable to the ongoing upgrades to our battery packs. The increase in net loss was partially offset by the decrease of $4.8 million in operating expenses as a result of our cost management efforts.

第二季淨虧損為2,010萬美元，比去年同期的淨虧損560萬美元增加了1,450萬美元。淨虧損增加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有利變化減少了 930 萬美元，減少了 9.1 美元萬元毛利主要歸因於我們電池組的持續升級。由於我們的成本管理努力，營運費用減少了 480 萬美元，部分抵消了淨虧損的增加。

For the second quarter, adjusted EBITDA was $11.6 million, representing a decrease of $1.3 million from $12.9 million in the same quarter last year. The decrease was primarily due to a $3.4 million decrease in non-IFRS gross profit compared to the same quarter last year, which was partially offset by a $1.7 million decrease in expenses associated with risk management programs and new product development costs.

第二季調整後 EBITDA 為 1,160 萬美元，比去年同期的 1,290 萬美元減少 130 萬美元。下降的主因是與去年同期相比，非國際財務報告準則毛利減少了 340 萬美元，但部分被風險管理計畫和新產品開發成本相關費用減少 170 萬美元所抵銷。

We continued to generate operating cash inflow in the second quarter through tightening our business operations and reducing working capital. In June 2024, we raised $50 million and $25 million through issuing ordinary shares to Gold Sino Assets Limited and Castrol Holdings International Limited, respectively, to fund our operations. We are continuously committed to investing in growth of our Battery Swapping infrastructure.

我們透過收緊業務運作和減少營運資金，在第二季繼續產生營運現金流入。 2024 年 6 月，我們透過向金華資產有限公司和嘉實多控股國際有限公司發行普通股分別籌集了 5,000 萬美元和 2,500 萬美元，為我們的營運提供資金。我們持續致力於投資電池交換基礎設施的發展。

With a $196.9 million cash balance at the end of the second 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.

截至 2024 年第二季末，我們擁有 1.969 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。

(technical difficulty) expectations for the year to a level lower than previously expected. The overall performance of the two-wheeler market in Taiwan is softer than anticipated and the strong sales of JEGO have resulted in ASP pressure. Our sales in India are also negatively impacted due to delays in clarity on government incentives as we are awaiting the full publication of battery swapping subsidy details under India's Fame III policy, and are unwilling to self-subsidize in the meantime.

（技術難度）今年的預期水準低於先前預期。台灣兩輪車市場整體表現弱於預期，JEGO 的強勁銷售導致平均售價承壓。由於政府激勵措施遲遲不明確，我們在印度的銷售也受到了負面影響，因為我們正在等待印度 Fame III 政策下的電池更換補貼細節的完整公佈，同時不願意進行自我補貼。

As a result of these factors, we adjusted our guidance for full year revenue and are expecting to generate between $320 million to $345 million in 2024. In addition, we expect more than 95% of such revenue will be Taiwan-based.

由於這些因素，我們調整了全年收入指引，預計 2024 年收入將在 3.2 億至 3.45 億美元之間。

Thank you, Horace and Bruce for the detailed update. As attendees are formulating your question, I will ask two questions that we have collected from analysts.

謝謝 Horace 和 Bruce 的詳細更新。當與會者提出問題時，我將提出兩個從分析師收集到的問題。

Question number one, what is your plan to capture additional market share and volume in second half of 2024 in Taiwan? What about international markets?

第一個問題，您計劃在 2024 年下半年在台灣獲得額外的市場份額和銷售？國際市場又如何呢？

The overall Taiwan market was down 4.4% in the first half of the year from 2023, impacting our sales figures. Our JEGO and Pulse vehicles are being positively received in the marketplace and we have 6,500 backlog orders of the vehicles at the end of Q2. We're planning to deliver all the backlog of vehicles by the end of the year and do expect to Pulse and JEGO momentum to continue. We have launched a marketing campaign for JEGO recently and are actively engaging into traditional summer and back-to-school promotions to sustained excitement around these new vehicles.

與 2023 年相比，上半年台灣市場整體下降了 4.4%，影響了我們的銷售數據。我們的 JEGO 和 Pulse 車輛在市場上受到積極歡迎，截至第二季末，我們有 6,500 輛車輛的積壓訂單。我們計劃在今年年底前交付所有積壓的車輛，並預計 Pulse 和 JEGO 的勢頭將繼續下去。我們最近為 JEGO 發起了一項行銷活動，並積極參與傳統的夏季和返校促銷活動，以持續激發人們對這些新車的興趣。

We do have some plans for Q2 and Q4 that I can't speak in detail at this point, but we do plan to keep (technical difficulty). As mentioned during the call in India much of our progress is dependent on finalization of the India's FAME III subsidy plan and the inclusion of Battery Swapping in that plan. The delay on this initiative has delayed our India plans. So we expect most of the forecast revenue for 2024 to push out into 2025. This is one of the biggest contributors to our updated guidance.

我們確實對第二季和第四季有一些計劃，目前我無法詳細說明，但我們確實計劃保留（技術難度）。正如在印度電話會議期間所提到的，我們的大部分進展取決於印度 FAME III 補貼計劃的最終確定以及將電池更換納入該計劃。這項舉措的延遲推遲了我們的印度計劃。因此，我們預計 2024 年的大部分預測收入將推遲到 2025 年。

Other international markets are performing approximately as forecasted, and we expect some additional momentum in the second half of the year as we launch services in additional countries. We don't expect an immediate large volume sales in these market as it takes time for electric vehicle adoption. We expect approximately it's still 95% of our revenue of the year. We generate in Taiwan.

其他國際市場的表現大致符合預期，隨著我們在其他國家/地區推出服務，我們預計下半年會出現一些額外的勢頭。我們預計這些市場不會立即大量銷售，因為電動車的採用需要時間。我們預計這仍然約占我們今年收入的 95%。我們在台灣生產。

Thank you, Horace. Question number two: from the recent capital raise from Gold Sino and Castrol, could you recap your capital structure and your attention on use of the proceeds?

謝謝你，霍拉斯。問題二：從最近金華和嘉實的融資中，您能否回顧一下你們的資本結構以及對募集資金用途的關注？

Thanks, Kenny. In Q2, we received as mentioned, $50 million cash injection from Gold Sino and the initial $25 million of what could become a $50 million investment from Castrol Holdings through the issuance of ordinary shares to these two investors. These funds are instrumental in fueling our ongoing commitment to our expanded Battery Swapping infrastructure and is supporting our growth initiatives, both in Taiwan as well as internationally.

謝謝，肯尼。正如前面提到的，我們在第二季度收到了Goldino 的5000 萬美元現金注資，以及嘉實多控股通過向這兩位投資者發行普通股的方式獲得了最初的2500 萬美元投資，投資額可能為5000 萬美元。這些資金有助於推動我們對擴大電池交換基礎設施的持續承諾，並支持我們在台灣和國際上的成長計畫。

The addition of these funds mean that we have a strong balance of $196 million at the end of Q2. And we also have access to additional credit facilities should we choose to exercise them. We're comfortable with our current cash position and our current debt position, and we're confident we have the financial wherewithal to meet our near term (technical difficulty) just the cash injection, we appreciate the strategic intent behind these two investments.

這些資金的增加意味著我們在第二季末擁有 1.96 億美元的強勁餘額。如果我們選擇行使的話，我們還可以獲得額外的信貸安排。我們對當前的現金狀況和當前的債務狀況感到滿意，我們相信我們有足夠的財務資金來滿足近期（技術困難）的現金注入，我們讚賞這兩項投資背後的戰略意圖。

The existing shareholders and new strategic shareholders are committing funds toward our growth, and we're grateful for the trust from both parties, and we look forward to putting the invested money to good work, expanding our Taiwan presence and accessing potentially large new markets elsewhere as well.

現有股東和新策略股東正在為我們的發展投入資金，我們感謝雙方的信任，我們期待將投入的資金用於良好的工作，擴大我們在台灣的業務並進入其他潛在的巨大新市場以及。

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)

（操作員說明）

Long Lin, The Benchmark Company.

龍林，基準公司。

Good morning. Thank you for taking my question. This is Long on behalf of [Johnjia]. So first of all, I have some housekeeping items to ask. Probably I didn't catch during the call. Just want to ask about some of the outlooking data, like what's the Taiwan market unit sales in the second quarter 2024?

早安.感謝您回答我的問題。我是龍代表[Johnjia]。首先，我有一些家務事項可以詢問。可能是我在通話過程中沒聽清楚。只是想問一些展望數據，例如2024年第二季台灣市場銷售量是多少？

So just to make sure I'm clear, Long, you're asking about the vehicle volume, is that right?

所以為了確保我清楚，Long，你問的是車輛體積，對嗎？

Yeah.

是的。

Got it. So in Q2, in Taiwan, the total registered electric scooters was 23,660 units. The Gogoro branded vehicle registration was 15,646 units. The Gogoro Network volumes was [16,685 units]. In addition to that, bear in mind that we have an additional 6,500 backlog orders of the JEGO and Pulse units, which would have taken the sales up considerably.

知道了。因此，第二季度，台灣地區註冊的電動滑板車總數為 23,660 輛。 Gogoro 品牌車輛註冊量為 15,646 輛。 Gogoro 網路容量為 [16,685 單位]。除此之外，請記住，我們還有 6,500 個 JEGO 和 Pulse 設備的積壓訂單，這將使銷售額大幅成長。

However, I do want to remind that customers do have the option to cancel those orders. We don't typically see cancellations but customers do have the option to cancel those orders. And so that's against a backdrop of a 4.4% reduction in total sales from January to June in the Taiwan market. And the Q2 registration number in the overall Taiwan market of about 190,000 units.

但是，我確實想提醒客戶確實可以選擇取消這些訂單。我們通常不會看到取消訂單，但客戶確實可以選擇取消這些訂單。這是在台灣市場 1 月至 6 月總銷售額下降 4.4% 的背景下發生的。而Q2整體台灣市場登記數量約19萬台。

Okay. Thank you very much. I'm sorry, I think your voice got cut off for the Network units. What's the number for the --?

好的。非常感謝。抱歉，我認為您的聲音在網路設備中被切斷了。 -- 的電話號碼是多少？

The powered by the Gogoro Network is 16,685.

由 Gogoro 網路提供支援的數量為 16,685。

Okay, thank you.

好的，謝謝。

This is all by the way in the -- it's on the press release that's already posted as well.

順便說一句，這一切都在已經發布的新聞稿中。

Thanks. Okay. So my second question is about your guidance. So you have lowered your 2024 revenue guidance. You said it's mainly about the slowdown in the Taiwan market and also the impact from the India market due to the delay of the policy. So can you give an update -- a more detailed update on Taiwan market outlook in second half and the progress and expectation of Indian market given the delays in subsidy policy. Like, basically, when do you think this policy will be finalized? And when do you think you can actually start to ramp up your units yourself?

謝謝。好的。所以我的第二個問題是關於你的指導。所以你們降低了 2024 年的收入指引。您說主要是台灣市場放緩，還有印度市場因政策延遲而受到的影響。那麼您能否介紹一下最新情況——關於下半年台灣市場前景的更詳細的最新情況，以及考慮到補貼政策的延遲，印度市場的進展和預期。基本上，您認為這項政策什麼時候會最終確定？你認為什麼時候你可以真正開始自己提升你的單位？

Sure. I can try to take the first part and then Horace may have a couple of comments to add. It's always difficult to anticipate exactly when Indian government will act. However, the signs coming from India publicly as well as directly from government agencies is that the expectation is that within the next weeks, or worst-case scenario within the next couple of months, we expect the finalization of the FAME III subsidy policy, and we do expect battery swapping vehicles to be included in that policy as well as GST benefits, which are a little too detailed maybe to go into now.

當然。我可以嘗試第一部分，然後霍勒斯可能有一些評論要補充。要準確預測印度政府何時採取行動總是很難的。然而，來自印度公開以及直接來自政府機構的跡象表明，預計在未來幾週內，或者最壞的情況下，在未來幾個月內，我們預計 FAME III 補貼政策將最終確定，並且我們確實預計電池更換車輛以及商品及服務稅福利將包含在該政策中，這些福利可能有點太詳細了，現在可能無法討論。

But we do expect the policy to be finalized and then we do expect the policy to be made (technical difficulty) possibility for the kind of beginning of sales of vehicles in the latter part of the year. However, to be conservative, we are anticipating that virtually all -- potentially even all of the revenue that we had previously anticipated to happen in 2024, will now push out until 2025. So that's the India piece of the story.

但我們確實預計該政策將最終確定，然後我們確實預計該政策有可能在今年下半年開始銷售車輛。然而，保守地說，我們預計幾乎所有（甚至可能是我們之前預計在 2024 年實現的所有收入）現在都將推遲到 2025 年。

In Taiwan, if you look at seasonality, typically, the second half of the year is larger than the first half of the year with the downward trend of almost 5% in the first half of the year, we're taking a conservative stance there as well. And again, that's what is one of the main drivers of the reduction in our revenue forecast.

在台灣，如果你看季節性，通常下半年會比上半年大，上半年下降趨勢接近5%，我們在那裡採取保守立場以及。同樣，這也是我們降低收入預測的主要驅動因素之一。

As we have slightly fewer vehicle sales than likewise our Gogoro Network revenue in Taiwan and for, in the case of India, our Gogoro Network revenue in India is impacted. So it's the combination of a number of those different factors that leads to a big chunk of the guide down.

由於我們的車輛銷售略低於我們在台灣的 Gogoro Network 收入，就印度而言，我們的 Gogoro Network 在印度的收入受到了影響。因此，正是許多不同因素的結合導致了指南的大部分內容被刪除。

The second biggest part is really the sale of lower ASP product in Taiwan. Our JEGO vehicle has been super successful. It's a good thing from a volume standpoint, it's not necessarily from a mix standpoint. So we want to make sure that we continue to focus on the high end of the ASP range, but the JEGO vehicle has been so successful that it has brought our ASP down a little bit in the second quarter.

第二大部分其實是在台灣銷售平均售價較低的產品。我們的 JEGO 車輛非常成功。從音量的角度來看這是一件好事，但從混音的角度來看卻不一定。因此，我們希望確保繼續專注於 ASP 系列的高端產品，但 JEGO 車輛非常成功，導致我們第二季的 ASP 略有下降。

And we do anticipate ongoing ASP pressure in the second half. Again, that's a positive -- it's a good problem to have. It's not great that our ASP drops but we're happy to continue to move the exciting new JEGO vehicle. So it's the combination of all those factors to (technical difficulty).

我們確實預計下半年平均售價將面臨持續壓力。再說一遍，這是一個積極的方面——這是一個好問題。我們的平均售價下降並不是一件好事，但我們很高興繼續推出令人興奮的新 JEGO 車輛。所以這是所有這些因素的結合（技術難度）。

Understand. Okay. Thank you. The next question is like, we noticed that you have been certified in Singapore and works with an exclusive partner there. How should we think about the commercial opportunity in Singapore in the next few years?

理解。好的。謝謝。下一個問題是，我們注意到您已在新加坡獲得認證並與那裡的獨家合作夥伴合作。我們該如何看待新加坡未來幾年的商業機會？

I'll take that. I think it's our job to really take the opportunity and make a first footstep forward into large markets such as Southeast Asia. Of course, with the Philippines, we have already established a great relationship with Globe Telecom, the largest B2C telecom business in the Philippines, along with Ayala group.

我會接受的。我認為我們的工作就是真正把握機遇，踏出進入東南亞等大市場的第一步。當然，在菲律賓，我們已經和菲律賓最大的B2C電信企業Globe Telecom以及Ayala集團建立了良好的合作關係。

We seek to work with local giants that have great influences. And there's the (technical difficulty) for Singapore with both (technical difficulty) Cycle & Carriage as well as Shell and deploying at their gas station.

我們尋求與具有巨大影響力的本土巨頭合作。對新加坡來說，Cycle & Carriage 以及殼牌在其加油站部署都存在（技術困難）。

But more importantly, with Singapore is that Singapore is being viewed as the leadership country in that region with many people traveling in and out with headquarter of businesses in Singapore. It's a great way for us to demonstrate what is possible in a city as tough as is in Singapore, it is to us a great opportunity to showcase what we can do there.

但更重要的是，新加坡被視為該地區的領導國家，許多人以新加坡為企業總部進出。對我們來說，這是一個很好的方式來展示在新加坡這樣一個艱難的城市裡什麼是可能的，這對我們來說是一個很好的機會來展示我們在那裡可以做什麼。

I don't think it is fair to say that Singapore is going to be a gigantic market. And as you know, there are not too many two wheelers in Singapore. So we're really focused on B2B with a little bit of B2C, but heavily on the B2B business with partners like foodpanda.

我認為說新加坡將成為一個巨大的市場是不公平的。如您所知，新加坡的兩輪車並不多。因此，我們確實專注於 B2B 和一點點 B2C，但重點關注與 foodpanda 等合作夥伴的 B2B 業務。

But more importantly for us in Singapore is to [really demonstrate a smart system in the group or the cities for] great countries around that region. And with Singapore having the reputation of being the leadership country in that region, we're excited to work with leadership companies like Jardine Cycle & Carriage as well as Shell in Singapore.

但對我們新加坡來說，更重要的是要[真正在集團或城市中展示]該地區偉大國家的智慧系統。新加坡享有該地區領先國家的聲譽，我們很高興能與 Jardine Cycle & Carriage 以及新加坡的殼牌等領先公司合作。

I see. So given that -- just wanted to ask in this sense, like how should we think about your revenue mix from overseas in 2025 and the coming years?

我懂了。因此，我只是想從這個意義上問，我們應該如何考慮 2025 年及未來幾年的海外收入組合？

Hard to judge for 2025. We're in process of making up all of the forecasts for all of the different countries. As Horace mentioned, sales existing in Philippines, sales existing in Singapore, sales picking up in India, and then hoping to add other countries as well. For [other advantage because we are on-time and represent 95% growth] so going into next year, we would like that number to drop a little bit, but I think we'll give more specific and direct guidance on that in the Q4 earnings process as we look out Q3 as we look out into 2025.

很難判斷 2025 年的情況。正如 Horace 所提到的，菲律賓有銷售，新加坡有銷售，印度的銷售有所回升，然後希望增加其他國家。對於[其他優勢，因為我們準時並且增長了 95%]，所以進入明年，我們希望這個數字下降一點，但我認為我們將在第四季度就此提供更具體和直接的指導展望2025 年，我們展望第三季的獲利流程。

Okay, sure. So my final question is on your margin side. Can you talk about the margin trend in the second half? Do you see a like further deterioration of the gross margin in the second half of 2024?

好吧，當然。所以我的最後一個問題是關於你的保證金方面的。能否談談下半年的利潤率走勢？您認為 2024 年下半年毛利率是否會進一步惡化？

And actually, the gross margin figure that we're really looking at is the adjusted gross margin figure. As we mentioned, there's a number of contributing factors. And so last year, on the full year, our gross margin was kind of mid-double digits this (technical difficulty) then we'd like it to be at 13%. In the second half we expect to work hard to pull that number up a little bit.

實際上，我們真正關注的毛利率數字是調整後的毛利率數字。正如我們所提到的，有許多影響因素。因此，去年全年，我們的毛利率約為兩位數（技術難度），然後我們希望達到 13%。下半年我們希望努力把這個數字稍微提升一點。

Typically, in the second half, we do have higher revenue associated with just seasonal uptick in sales of vehicles in Taiwan. Should that happen, then we should be able to hold the margin flat, maybe even sneak it up just a little bit. So I don't expect much margin -- further erosion in the second half of the year.

通常情況下，下半年我們的收入確實會增加，這與台灣汽車銷售的季節性上升有關。如果發生這種情況，那麼我們應該能夠保持利潤率持平，甚至可能稍微提高一點。因此，我預期利潤率不會太高，下半年會進一步受到侵蝕。

Great. Understood. Thank you very much. That's all my question for now. I'll get back to the queue.

偉大的。明白了。非常感謝。這就是我現在的全部問題。我會回到隊列中。

Thank you, Long. And since we don't have any questions in the queue, I will take an online question at this time.

謝謝你，龍。由於隊列中沒有任何問題，因此我此時將接受線上問題。

The question is, if Indian Government doesn't subsidize Battery Swapping this year, would Gogoro change of business strategy and allow customers to own and charge their batteries instead?

問題是，如果印度政府今年不補貼電池更換，Gogoro 是否會改變業務策略，允許客戶擁有電池並為其充電？

I'll take that, Annie. I think it is important that we believe in the ease of use and also as the game changer in the Battery Swapping system that we have developed. In Taiwan, before we actually launched our Gogoro battery swapping system, the electric adoption was very, very small. In India, I think that the penetration, although with big players like Ola and others deploying vehicles with charging system, the opportunity for Battery Swapping to make a difference in that country is great.

我會接受的，安妮。我認為重要的是，我們相信我們開發的電池交換系統的易用性以及遊戲規則的改變者。在台灣，在我們實際推出 Gogoro 電池交換系統之前，電動車的採用率非常非常小。在印度，我認為滲透率雖然像 Ola 和其他大公司部署帶有充電系統的車輛，但電池交換在該國發揮作用的機會很大。

It is important also to realize its (technical difficulty) market and that we don't believe there's a one-size-fit-all in that market. As we develop our strategy with MHI, the Ministry of Heavy Industry as well with our partners like Rapido and others, we will, therefore, look at what opportunity there is to adjust our design or our usability accordingly as the market adjusts.

認識到它的（技術難度）市場也很重要，我們不相信該市場上存在一刀切的市場。因此，當我們與三菱重工、重工業部以及 Rapido 等合作夥伴一起制定策略時，我們將尋找隨著市場調整而相應調整我們的設計或可用性的機會。

Our vehicle today can also do Battery Swapping, it can also do charge-at-home. It's not a technical question, it's really a business model question. As Gogoro, we do believe that battery and portability of that battery as well as the swapping of that battery as a very important part of how we're going to add our uniqueness to that market.

我們今天的車輛還可以進行電池更換，還可以在家充電。這不是一個技術問題，這實際上是一個商業模式問題。作為 Gogoro，我們確實相信電池和電池的便攜性以及電池的更換是我們如何在該市場中增加獨特性的一個非常重要的部分。

So the long answer is we'll look at it and definitely adjust. But the short answer is I think we have to really believe in [what we have to offer in the market] and we continue to believe battery swapping is the game changer that made us who we are today and will make us very successful in the place like India.

所以長的答案是我們會研究它並肯定進行調整。但簡短的回答是，我認為我們必須真正相信[我們必須在市場上提供什麼]，並且我們仍然相信電池更換是遊戲規則的改變者，它造就了我們今天的樣子，並將讓我們在這個地方取得非常成功像印度。

Thanks, Horace. I have another question from online. Can you comment on the status of the battery pack factory and vehicle manufacturing capabilities in India?

謝謝，霍拉斯。我還有一個網路上的問題。您能否評估一下印度電池組工廠和整車製造能力的現況？

Sure. I think it's our job, even though without the policy being ready as we speak, but it is our job to make sure we get ready for this gigantic market ahead of us. We are 100% -- we do have 100% belief in what the Indian market can bring to Gogoro as well as what Gogoro brings to the market. Our job is to get ready for that big market.

當然。我認為這是我們的工作，儘管我們說話時政策還沒準備好，但我們的工作是確保我們為眼前的這個巨大市場做好準備。我們百分之百相信印度市場能為 Gogoro 帶來什麼，也百分之百相信 Gogoro 能為市場帶來什麼。我們的工作是為這個大市場做好準備。

That includes getting suppliers ready, that includes getting our battery pack factory ready. But most of all, I think it's really about (technical difficulty). A great example of that is the pilot that we have started with Rapido. And Rapido is the largest bike taxi company in India with tens and -- hundreds of thousands of riders across pan India. And our recent pilot with Rapido had demonstrated great feedback from the riders, especially around wages increase, where they're able to make 200% of what they were making formally by riding a Gogoro with battery swapping, proving that there is no downtime when it comes to battery swapping.

這包括讓供應商做好準備，包括讓我們的電池組工廠做好準備。但最重要的是，我認為這實際上是關於（技術難度）的。一個很好的例子就是我們與 Rapido 開始的試點。 Rapido 是印度最大的自行車計程車公司，在全印度擁有數以萬計的騎士。我們最近與Rapido 進行的試點顯示了騎手們的良好反饋，特別是在工資增長方面，他們通過騎著可更換電池的Gogoro 可以賺到正式收入的200%，這證明了在騎車時不會有任何停機時間。

That, along with major cities in India turning to only allowing electric vehicle to be in the logistics service business, we think that's a great formula for Gogoro in the near future. So the battery (technical difficulty) I mean we're literally waiting for the last one little details to be done.

隨著印度主要城市轉向只允許電動車從事物流服務業務，我們認為這對 Gogoro 在不久的將來是一個很好的方案。所以電池（技術難度）我的意思是我們實際上正在等待最後一個小細節完成。

The vehicle, as you saw, has been on the road certified and actually running. We've been running vehicles with our customers on the pilot side. But before we scale up in a gigantic way, we really want to make sure that the subsidy program is there in place to make sure that we stay competitive -- equally competitive, I should say, when compared to other vehicle makers offering charge-at-home solutions.

正如您所看到的，該車輛已經上路認證並實際運行。我們一直在試點方面與客戶一起運行車輛。但在我們大規模擴大規模之前，我們確實希望確保補貼計劃到位，以確保我們保持競爭力——我應該說，與其他提供收費服務的汽車製造商相比，我們具有相同的競爭力。解決方案。

Thank you, Horace. I have another question coming from online. Gogoro Batteries have proven it can power devices beyond mobility like smart parking meters, back power for traffic lights. Are there any plans to sell these batteries and connectors so that new devices could be developed and could be powered by Gogoro batteries?

謝謝你，霍拉斯。我還有一個來自網路上的問題。 Gogoro 電池已證明它可以為行動裝置以外的裝置提供動力，例如智慧停車計時器、交通燈備用電源。是否有計劃出售這些電池和連接器，以便開發新設備並由 Gogoro 電池供電？

Absolutely. We have had a lot of inquiries; some are great ideas. Some are a little bit far-fetched. But in general, just think of us as portable batteries. However, we are very, very focused at the moment on transportation. We believe we can make the biggest impacts with transportation, both financially as a business and also environmentally as we lead the way in electrification.

絕對地。我們收到了很多詢問；有些是很棒的想法。有些有點牽強。但總的來說，就將我們視為便攜式電池。然而，我們目前非常非常關注交通。我們相信，當我們在電氣化領域處於領先地位時，我們可以在交通方面產生最大的影響，無論是在企業財務上還是在環境方面。

So absolutely, we are working on some other ideas, additional ideas, nothing to share in great details yet, but we do get increase all the time, and we have a battery connection kit, battery security kit as well and safety and interface kit [will allow for us to] actually monitor our battery for all sorts of different type of devices. So I welcome ideas and please do send us away if anybody has any inquiries.

所以絕對，我們正在研究一些其他想法，額外的想法，還沒有什麼可以分享的細節，但我們確實一直在增加，我們有電池連接套件、電池安全套件以及安全和接口套件[將使我們能夠]實際監控各種不同類型設備的電池。因此，我歡迎提出想法，如果有人有任何疑問，請發送給我們。

Thank you, Horace. There seems to be no further questions in the queue or online. At this time, I'll hand the conference back to Horace for a few closing remarks.

謝謝你，霍拉斯。隊列中或網上似乎沒有進一步的問題。這次，我將把會議交還給霍勒斯，讓他做一些總結發言。

Great. Thanks, Annie. The second quarter was a mix of positives and some areas for improvement. The investments from Castrol and Gold Sino put us in a good position to grow, and we continue to work with good partners like SMFL, Sumitomo, HPCL, and others scale around the regions.

偉大的。謝謝，安妮。第二季既有正面因素，也有一些需要改進的地方。嘉年華多和金華的投資使我們處於有利的發展位置，我們將繼續與 SMFL、Sumitomo、HPCL 以及其他在該地區規模化的合作夥伴合作。

Our new vehicle continues to sell well. We continue to grow our network with both in terms of accumulating subscribers as well as revenue contribution. In Taiwan, (technical difficulty) underperformed our expectation and the outsized success of JEGO has slightly lowered our ASP forecast, both of which impacted our Q2 financial results. Additionally, the Taiwan dollar weakening against the US dollar is a sizable foreign exchange translation loss, given that most of our revenue is booked in Taiwan dollars.

我們的新車繼續暢銷。我們在用戶累積和收入貢獻方面繼續發展我們的網路。在台灣，（技術難度）低於我們的預期，JEGO 的巨大成功略微降低了我們的 ASP 預測，這兩者都影響了我們第二季的財務表現。此外，鑑於我們大部分的收入都是以新台幣記賬，新台幣兌美元走弱會造成相當大的外匯換算損失。

I'm never satisfied with our progress but fully committed to our vision and always proud of the effort put in by the Gogoro team to help electrify mobility via our unique Battery Swapping technology and platform. Thank you, everyone, for your support of Gogoro, and thanks for calling in today's call.

我從不滿足於我們的進步，而是完全致力於我們的願景，並始終為 Gogoro 團隊透過我們獨特的電池交換技術和平台幫助實現電動車所付出的努力感到自豪。感謝大家對 Gogoro 的支持，也感謝大家撥通今天的電話。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect your line.

女士們先生們，今天的電話會議到此結束。感謝您的參與。現在您可以斷開線路。