Lotus Technology Inc (LOT) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Lotus Technology's Inc.'s First Quarter 2024 Earnings Conference Call. (Operator Instructions) It is now my pleasure to hand you over to the head of Investor Relations, Ms. Demi Zhang. Please go ahead, ma'am.

美好的一天，感謝您的支持。歡迎參加 Lotus Technology's Inc. 2024 年第一季財報電話會議。 （操作員指示） 現在我很高興將您交給投資者關係主管張黛米女士。請繼續，女士。

Thank you, operator. Good morning, good afternoon, and good evening, everyone. Welcome to Lotus Tech's First Quarter 2024 Earnings Conference Call. This is Demi Zhang, the head of IR at Lotus Tech. Joining me today is our CFO, Alexious Lee.

謝謝你，接線生。大家早安，下午好，晚上好。歡迎參加 Lotus Tech 2024 年第一季財報電話會議。我是蓮花科技 (Lotus Tech) IR 主管 Demi Zhang。今天加入我的是我們的財務長 Alexious Lee。

On today's call, we will have Alexious begin with prepared remarks and conclude with a Q&A session. Before we continue, please be reminded that today's discussion will contain forward-looking statements pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

在今天的電話會議上，我們將讓 Alexious 以準備好的演講開始，並以問答環節結束。在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。

As such, the company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in relevant filings of Lotus Tech with the U.S. Securities and Exchange Commission. The company undertakes no obligation to update any forward-looking statements except as required under applicable law.

因此，公司的實際結果可能與今天表達的觀點有重大差異。有關風險和不確定性的更多資訊包含在 Lotus Tech 向美國證券交易委員會提交的相關文件中。除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

Please also note that Lotus Tech's earnings press release and this conference call will include disclosure of unaudited GAAP financial information, as well as unaudited non-GAAP financial measures. Please refer to our press release, which contains a reconciliation of unaudited non-GAAP measures to comparable GAAP measures, which you can find at ir.group.com. Now, I'd like to turn the call over to our CFO, Alexious Lee. Alexious, please go ahead.

另請注意，Lotus Tech 的收益新聞稿和本次電話會議將包括未經審計的 GAAP 財務資訊以及未經審計的非 GAAP 財務指標的披露。請參閱我們的新聞稿，其中包含未經審計的非 GAAP 衡量標準與可比較 GAAP 衡量標準的調整表，您可以在 ir.group.com 上找到該調整表。現在，我想將電話轉給我們的財務長 Alexious Lee。阿歷克斯，請繼續。

Thank you, Demi. Hi, everyone. My name is Alexious Lee, and I'm the CFO of Lotus Technology, Inc. Let me go to the slide, please. Thank you. Now, this slide is a reminder that Lotus is old, with longstanding British heritage and F1 accolade.

謝謝你，黛咪。大家好。我叫 Alexious Lee，是 Lotus Technology, Inc. 的財務長。謝謝。現在，這張幻燈片提醒人們，路特斯已經很老了，擁有悠久的英國傳統和 F1 榮譽。

Lotus is also new, with lots of awards and milestones achieved recently. In 2024, we won the Brand of the Year award by Carwow, and also got ourselves listed on NASDAQ in late February with the ticker LOT. Next?

Lotus也是新成立的，最近獲得了許多獎項和里程碑。 2024年，我們獲得了Carwow頒發的年度品牌獎，並於2月底在納斯達克上市，股票代號為LOT。下一個？

I want to begin with our first quarter financial performance. The company delivered approximately 2,200 units of vehicles and achieved total revenue of $173 million in the quarter, of which both are record numbers in the 76 years of Lotus history.

我想從我們第一季的財務業績開始。該公司本季交付了約 2,200 輛汽車，總收入達到 1.73 億美元，這兩項數字均創下了路特斯 76 年歷史上的紀錄。

To your left, year-over-year growth by more than 700%, with vehicle delivery expanding to the Americas and many other regional markets across the world.

在您的左邊，同比增長超過 700%，車輛交付範圍擴大到美洲和世界各地的許多其他區域市場。

Beside Emira sports cars and the Eletre SUV that made up the bulk of the 2023 sales volume, the new Emeya, our electric GT sedan model, and the Evija began to deliver in March, which will contribute from the second quarter.

除了佔 2023 年銷量大部分的 Emira 跑車和 Eletre SUV 之外，我們的電動 GT 轎車新款 Emeya 和 Evija 已於 3 月開始交付，將從第二季開始貢獻銷量。

In the middle, we have sales revenue also growing exponentially year-over-year as compared to just US$19 million in the first quarter last year on seasonal cycle. The company successfully launched our Chapman Bespoke services in the first quarter of 2024, providing potential customization selections to customers on their Lotus vehicles.

在中間，我們的銷售收入也逐年呈指數級增長，而去年第一季按季節週期僅為 1900 萬美元。該公司於 2024 年第一季成功推出了查普曼客製化服務，為蓮花汽車的客戶提供潛在的客製化選擇。

On the right, gross profit margin was 18% in the first quarter, a step up versus the 15% achieved in 2023. The improvement is powered by asset-light model and higher margin businesses, including accessories, options, and R&D services. Next slide, please?

右側，第一季的毛利率為 18%，較 2023 年的 15% 有所提高。請下一張投影片？

To your left, the chart will show you that the best, which is mainly the Eletre SUV model, contributes approximately 50% of total volume, while the Emira sports car sales contributing the rest. This is mainly driven by strong delivery in the US market, given well-established network.

左邊的圖表顯示，最好的車型（主要是 Eletre SUV 車型）約佔總銷量的 50%，而 Emira 跑車的銷量則貢獻了其餘的銷量。這主要是由於美國市場的網路完善，交付強勁。

The chart in the middle and the one on the right shows the vehicle delivery as compared to the retail network distribution across the world.

中間的圖表和右邊的圖表顯示了車輛交付量與全球零售網路分佈的比較。

Europe, which is inclusive of the UK market, remains the biggest contributor to Lotus volume and revenue, given our British heritage and long-standing brand recognition. The U.S. is the most efficient market, contributing 31% of volume through 23% of total retail stores. China is a new market to Lotus, and took up 25% of total vehicle delivery, with about 25% of total retail stores. Next slide, please?

鑑於我們的英國傳統和長期的品牌知名度，包括英國市場在內的歐洲仍然是路特斯銷售和收入的最大貢獻者。美國是效率最高的市場，佔零售店總數的 23%，貢獻了 31% 的銷售量。中國是路特斯的新市場，佔車輛交付總量的25%，零售店總數約佔25%。請下一張投影片？

This is a slide just to highlight that there are four models on delivery in 2024, as compared to only two in 2023. Emeya, our GT sedan, and Evija, our hyper-halo car, are new additions.

這張投影片只是為了強調 2024 年將交付四款車型，而 2023 年只有兩款車型。

This slide shows an introduction about the performance Emira, the most powerful four-cylinder Lotus sports car ever. Emira is iconic and resonates with worldwide fans of Lotus. Orders and sales momentum of this ICE sports car is powered by demand from the U.S. market.

這張幻燈片介紹了高性能 Emira，蓮花有史以來最強大的四缸跑車。艾米拉 (Emira) 是一位標誌性人物，在全球路特斯車迷中引起了共鳴。這款 ICE 跑車的訂單和銷售動能是由美國市場的需求所推動的。

Eletre, the slide shows our award-winning electric SUV model, which was launched in 2022 and began delivering in 2023. Eletre has a single-eyelid headlight design, and is available in various performance spec options and a full suite of intelligent applications, such as ADAS and operating systems, to suit global preferences. This is our four-door electric GT sedan model, which was launched in New York, Manhattan, in third quarter 2023, and began delivering late March this year.

Eletre，幻燈片展示了我們屢獲殊榮的電動 SUV 車型，該車型於 2022 年推出，並於 2023 年開始交付。作業系統等，以滿足全球偏好。這是我們的四門電動 GT 轎車車型，於 2023 年第三季在紐約曼哈頓推出，並於今年 3 月底開始交付。

The Emeya model is ramping up awards and positive feedbacks, and is most known for its double-eyelid headlight design versus the single-eyelid Eletre.

Emeya 車型獲得的獎項和積極反饋不斷增加，與單眼 Eletre 相比，它以其雙眼皮頭燈設計而聞名。

This is our Evija, the halo car, which is an electric hyper sports car with 2,000 horsepower and priced at more than $2.2 million per unit. Evija made its first racetrack debut in China about two months ago by Jenson Button, the F1 gold champion.

這就是我們的 Evija，光環汽車，這是一款電動超級跑車，擁有 2,000 馬力，每輛售價超過 220 萬美元。大約兩個月前，F1金牌冠軍簡森·巴頓(Jenson Button)在中國首次亮相Evija賽道。

This model offers great bespoke opportunity with customization for superior luxury segments, especially young generation, high net worth individuals. As mentioned earlier, we roll out our exclusive prestige Bespoke services during the recent Beijing auto show to offer exclusively luxury specifications to potential Lotus car owners. Many of these designs not only integrated the Colin Chapman's charm into this design concept, are limited edition and the specifications, to be tailor-made.

這種模式為高端奢侈品細分市場，尤其是年輕一代、高淨值人士提供了絕佳的客製化機會。如前所述，我們在最近的北京車展期間推出了獨家尊貴定制服務，為潛在的蓮花車主提供獨家豪華規格。其中許多設計不僅將Colin Chapman的魅力融入到這個設計理念中，而且都是限量版和規格，需量身訂製。

Adoption of these Bespoke services will not only drive ASP, but also gross profit margin expansion. In April, the company revealed the limited edition Emeya Blossom, a luxuriously customized vehicle in the middle. You can see that in pink.

採用這些客製化服務不僅會提高平均售價，還會提高毛利率。 4月份，該公司推出了限量版Emeya Blossom，這是一款中間豪華訂製的車輛。你可以看到它是粉紅色的。

This collection features rare gradient painting and 42 natural sapphires on the instrumental panel, which garnered a lot of significant attention from the viewers at the Beijing auto show.

系列儀錶板上採用了罕見的漸層塗裝和42顆天然藍寶石，在北京車展上引起了許多觀眾的注意。

Now moving away from the cars, we look at what is the ecosystem. As a pioneer among traditional luxury brands to spearhead into transformation towards electrification, Lotus is also ahead in terms of establishing our charging infrastructure.

現在我們不再關注汽車，而是看看什麼是生態系統。作為傳統豪華品牌中率先向電動轉型的先驅，路特斯在充電基礎設施建設方面也走在了前面。

[About] (corrected by company after the call) 300,000 charging stations across Europe are now accessible for Lotus BEV drivers. The company also entered into a strategic partnership with NIO on battery charging, granting drivers access to its network of [over 2,000 charging stations] (corrected by company after the call) across China. Among them, Lotus-owned charging stations will offer fully robotic charging arms to provide a world-class experience in a seamless charging field.

[關於]（電話後由公司更正）歐洲各地現在有 300,000 個充電站可供 Lotus BEV 駕駛員使用。該公司還與蔚來汽車在電池充電方面建立了戰略合作夥伴關係，讓駕駛員可以使用蔚來汽車在中國各地的[超過 2,000 個充電站]網絡（公司在通話後進行了更正）。其中，蓮花旗下的充電站將提供全機器人充電臂，在無縫充電領域提供世界一流的體驗。

We value our "For the drivers" brand mission, and we put them into action. During the Lotus Day 2024, we invited VIPs to not only celebrate the new product launch in China F1 circuit, but we also got them to test drive our intelligent BEVs to engage with them directly to capture their ideas that can potentially be accepted in our next upgrades and designs. Passion of this F1 was reconnected with tens of millions through live streaming and social media, which is a good plus for the brand.

我們重視「為駕駛員服務」的品牌使命，並將其付諸行動。在2024 年蓮花日期間，我們不僅邀請了VIP 來慶祝新產品在中國F1 賽道的發布，還讓他們試駕了我們的智能純電動汽車，與他們直接互動，捕捉他們的想法，這些想法可能會在我們的下一個項目中被接受。這場F1的熱情透過直播和社群媒體重新與數以千萬計的人聯繫起來，這對品牌來說是一個很好的加分。

Beijing Auto Show is a parade for the Lotus Limited Edition, including the Evija, Eletre, Type 79, the Emira Tailor Made, and the Type 66 models. The Emeya Blossom, which I shared with you just now, is also sitting in the middle, which received a high level of customer interest.

北京車展是蓮花限量版的巡遊，包括Evija、Eletre、Type 79、Emira Tailor Made和Type 66車型。剛剛跟大家分享的Emeya Blossom也位於中間，受到了顧客的高度關注。

A series of global auto shows, media test drives were conducted throughout the world, and Lotus also prepared for marquee events such as the Monterey Car Week, the Goodwood's Festival of Speed, and other exclusive racetrack events to continue to build the iconic brand.

一系列全球車展、媒體試駕在世界各地進行，路特斯也準備了蒙特利汽車週、古德伍德速度節等大型活動以及其他專屬賽道活動，繼續打造標誌性品牌。

Now, in this slide, we really want to look at the numbers. We have two factories right now producing the Lotus vehicles, and they are both owned by Geely for long-term secure manufacturing. The asset-light arrangement means low industrial CAPEX and limited depreciation and amortization for the company.

現在，在這張幻燈片中，我們真的很想看看這些數字。我們現在有兩家工廠生產蓮花汽車，它們都歸吉利所有，並且可以長期安全地生產。輕資產安排意味著公司的工業資本支出較低，折舊和攤提有限。

Lotus has been around for a very long time selling iconic vehicles through its global sales network of over 200 stores in prime locations. Global sales operated under the traditional wholesale retailer model that have been established for a very long time. This is very as alike as compared to the D2C model.

路特斯長期以來一直透過其位於黃金地段的 200 多家商店組成的全球銷售網絡銷售標誌性汽車。全球銷售在已經建立了很長時間的傳統批發零售商模式下運作。這與 D2C 模型非常相似。

China is new market to Lotus, and we operate under the direct customer D2C model. First quarter contribution from China is 25% of total volume through 25% of total retail stores. We are definitely at the end of the CAPEX cycle for establishing or building up sales on stocks.

中國是Lotus的新市場，我們以直接客戶D2C模式營運。第一季來自中國的貢獻佔總銷售量的 25%，佔零售店總數的 25%。我們肯定處於建立或增加股票銷售的資本支出週期的末尾。

Lotus Tech, the company that's listed in NASDAQ, is responsible for the global distribution of all Lotus branded vehicles and will capture all the financial returns from the Lotus development.

Lotus Tech是一家在納斯達克上市的公司，負責所有蓮花品牌汽車的全球分銷，並將獲得蓮花開發的所有財務回報。

Now, looking at this slide, Lotus has always been an award winner. While we are previously known for our market-leading engineering services, aerodynamic designs, and material science for lightweightness, Lotus is also known for its relentless pursuit for next-generation automobility technologies.

現在，看看這張幻燈片，蓮花一直是獲獎者。雖然我們之前以市場領先的工程服務、空氣動力學設計和輕量化材料科學而聞名，但蓮花也因其對下一代汽車技術的不懈追求而聞名。

I would like to point to the middle row where you can see a full display of our awards in electric charging, digital operating system, and applicable AIs. These next-generation technologies are accepted in our Lotus models.

我想指出中間一排，您可以看到我們在充電、數位作業系統和適用人工智慧方面的獎項的完整展示。這些新一代技術已被我們的 Lotus 車型所採用。

To your right, you'll note the progressive volume expansion of the brand. In 2023, only 90% and 60% of markets actually had access to the Emira sports car and the Eletre SUV. This will change very quickly as 100% of the total retail market will have access to these models in 2024, especially in the second half of this year. Fifty percent of the markets will have access to the newly launched Emeya, which is our GT sedan.

在您的右側，您會注意到該品牌銷售的逐步擴張。 2023年，只有90%和60%的市場真正能接觸到Emira跑車和Eletre SUV。這種情況將很快發生變化，因為到 2024 年，尤其是今年下半年，整個零售市場的 100% 將能夠使用這些型號。 50% 的市場將有機會購買新推出的 Emeya，這是我們的 GT 轎車。

To your left, you will note the progressive plan on the number of Lotus stores that is going to be established globally. In short, for 2024-2025, the growth of Lotus Tech will be powered by more models into more markets through more stores.

在您的左邊，您會注意到關於將在全球建立的蓮花商店數量的漸進計劃。簡而言之，2024-2025年，路特斯科技的成長將由更多車型、透過更多門市進入更多市場來推動。

Now, looking at the guidance, coming back to our 2024 outlook, you'll see that to your left, it's important to note that before we start launching our electric vehicles, an average of 1,200 units of Lotus branded vehicles was sold annually between 2018 and 2022.

現在，看看指南，回到我們的 2024 年展望，您會在左邊看到，值得注意的是，在我們開始推出電動車之前，2018 年期間平均每年售出 1,200 輛蓮花品牌汽車和 2022 年。

We achieved nearly 7,000 units of sales in 2023, and we are targeting about more than 20,000 units in 2024. Out of the 2024 volume, sports car is expected to contribute 20% to 30% of the volume, while lifestyle BEVs will contribute the remaining 70% 80%. Product expansion to the SUV, sedan, GT, Crossovers open up opportunities for a much bigger pie in the luxury segment that is priced above US$80,000 per unit.

我們在2023 年實現了近7,000 輛的銷量，我們的目標是在2024 年實現約20,000 輛以上的銷量。汽車將貢獻剩餘的銷量70% 80%。產品擴展到 SUV、轎車、GT、跨界車，為在每輛售價超過 8 萬美元的豪華車細分市場中分得更大蛋糕創造了機會。

Based on our volume outlook, the forecasted sales revenue will be more than US$2 billion as compared to approximately US$680 in 2023. ASP is likely to stay around the same level as makeshift towards more lifestyle vans and take-up rates of accessories and options and customizations will boost ASP.

根據我們的銷售展望，預計銷售收入將超過 20 億美元，而 2023 年約為 680 美元。客製化將提高ASP。

To your right, you'll see the gross profit margin evolution with potentially positive improvement to the range of 17% to 19% as compared to just 15% in 2023. In the first quarter, as I mentioned just now, we already delivered 18% in gross profit margin. This is definitely coming from positive scale effects and identifying synergies and cost saving coupled with executions of high margin businesses.

在您的右側，您將看到毛利率的演變，與2023 年僅為15% 相比，毛利率可能會積極改善至17% 至19%。我們已經交付了18佔毛利率的%。這肯定來自於積極的規模效應、協同效應和成本節約以及高利潤業務的執行。

Coming back to the financials, first column will show our first quarter financials, which is very strong with volume delivery and sales revenue expansion of [at least] 700% to 800% year-over-year versus 2023.

回到財務數據，第一欄將顯示我們第一季的財務數據，與 2023 年相比，交付量和銷售收入同比增長[至少] 700% 至 800%，非常強勁。

The low base in first quarter 2023 was mainly attributed to only sports car sales as BEVs delivery actually began in March [29th] 2023 (added by company after the call). Worth noting for this year's first quarter is the $30 million of gross profit achieved in the first quarter that translates to 18% gross profit margin.

2023 年第一季的低基數主要歸因於僅跑車銷售，因為純電動車的交付實際上於 2023 年 3 月 [29 日] 開始（由公司在電話會議後添加）。今年第一季值得注意的是，第一季實現了 3,000 萬美元的毛利，相當於 18% 的毛利率。

It is important to flag that UK-built sports cars are lower in gross margin, given that we have higher manufacturing expenses, while the Wuhan-built BEVs are higher margin give a higher degree of automation, supply chain and operation efficiency.

值得注意的是，英國製造的跑車的毛利率較低，因為我們的製造費用較高，而武漢製造的純電動車的毛利率較高，因為自動化程度、供應鏈和營運效率較高。

As mentioned previously, BEVs contribute nearly 50% of the first quarter volume and is supportive of our GPM. Other positive factors contributing to our GPM are sales of accessories, options and technology, R&D. EBITDA is negative of $204 million in the first quarter versus $154 million same time last year.

如前所述，純電動車貢獻了第一季銷量的近 50%，對我們的毛利率有支撐。有助於毛利率的其他積極因素包括配件、選件和技術的銷售以及研發。第一季 EBITDA 為負 2.04 億美元，而去年同期為 1.54 億美元。

Objective is to gradually trim down net loss per quarter by the end of the year as the business scales up. Management team will continue to build on the strength of the business and improve operational excellence to support overall growth.

目標是隨著業務規模的擴大，到年底逐步削減每季的淨虧損。管理團隊將繼續增強業務實力並提高卓越營運能力，以支持整體成長。

Now moving on to the ESG section. Today, the company also published our annual 2023 ESG report, which outlined its achievement in building a green value chain. Leading clean mobility and upholding business integrity through the efforts in security and privacy protection, as well as community support.

現在轉到 ESG 部分。今天，該公司還發布了2023年度ESG報告，概述了公司在打造綠色價值鏈方面的成就。透過在安全和隱私保護以及社區支持方面的努力，引領清潔旅行並維護商業誠信。

One of the key highlights include 100% of the suppliers that signed the code of conduct with supply chain ESG management system with blockchain technologies. Some of the recognitions and achievements in 2023 include the gold certification of LEED for the Lotus Tower in Shanghai. The National Level Green Factory award, which is a very exclusive award, 100% renewable energy usage in selected regional offices.

其中一大亮點是100%的供應商簽署了採用區塊鏈技術的供應鏈ESG管理系統行為準則。 2023 年的一些認可和成就包括上海蓮花大樓獲得 LEED 金級認證。國家級綠色工廠獎，這是一個非常獨特的獎項，選定的區域辦事處 100% 使用再生能源。

As the chairman of the ESG committee, I will emphasize that sustainability is at the core of our Vision 80 strategy. And the company is committed to achieve 100% electric portfolio by 2028. Carbon neutrality from the entire supply chain and to secure top ESG rating among stakeholders and aim for long term sustainability for the industry and the company.

身為 ESG 委員會主席，我要強調永續發展是我們 Vision 80 策略的核心。該公司致力於在 2028 年實現 100% 電力投資組合。

As mentioned previously, we have four models of Lotus branded vehicles made available into the market this year. By 2025, all these models will be available in 100% of the retail stores. Following that, we will have a Type 134, a D-class electric SUV, which is smaller than the Eletre, to be launched in 2025.

如前所述，今年我們有四款蓮花品牌車推出市場。到 2025 年，所有這些型號將在 100% 的零售店出售。接下來，我們將在 2025 年推出一款比 Eletre 更小的 D-Class 電動 SUV Type 134。

Following that, we will have a next model of Type 135, which is a smaller sized sports car, which will be launched in 2026. We have six models in our hand to support our future growth trajectory. Lotus is definitely standing on solid foundation.

接下來，我們將推出下一款車型 Type 135，這是一款較小尺寸的跑車，將於 2026 年推出。蓮花絕對是站穩了腳步。

To your left, you'll see that Geely is a strategic shareholder and have the means to empower Lotus in global manufacturing, supply chain procurement, talent incubation, and others. The company also has a strategic partner with L. Catterton that offers brand building, consumer insights, and access to LVMH resources.

在你的左邊，你會看到吉利是戰略股東，有能力在全球製造、供應鏈採購、人才孵化等方面賦能路特斯。該公司還與 L. Catterton 建立了策略合作夥伴關係，提供品牌建立、消費者洞察以及 LVMH 資源的獲取服務。

The Vision 80 strategy starts from 2018 to 2028. By then, management's view is for 4% market share in the luxury segment, which is priced above US$80,000 per unit. This is done through product lineup expansion from the niche sports car segment to the full range of lifestyle models, such as the SUV, the GT sedan, and the crossovers.

Vision 80策略從2018年開始到2028年。這是透過將產品陣容從小眾跑車領域擴展到全系列生活方式車型（例如 SUV、GT 轎車和跨界車）來實現的。

Revenue profile will also expand from traditional car sales, new or used options, pickup, after market, to those high margin revenue streams, such as technology IP licensing, L2, L3, and ADAS subscription, Chapman Bespoke Customization, charging facility services, and potentially in-car purchases through the operating system.

收入狀況也將從傳統的汽車銷售、新車或二手車、皮卡、售後市場擴展到那些高利潤收入流，例如技術 IP 許可、L2、L3 和 ADAS 訂閱、查普曼定制、充電設施服務和可能通過操作系統進行車內購買。

When done right, the company could potentially achieve more than 30% gross profit margin based on our estimates. The growth is enormous, and we plan to deliver cash and profits to our shareholders. So business is evolving and is in line with our Vision 80 strategy.

根據我們的估計，如果做得好，該公司可能會實現 30% 以上的毛利率。成長是巨大的，我們計劃向股東提供現金和利潤。因此，業務正在不斷發展，並且符合我們的 Vision 80 策略。

Thank everyone for staying with me today, and we appreciate attendance today. We look forward to delivering our cars to all the drivers who have actually placed their orders and cash to our shareholders. I'll pass it on over to Demi to host the Q&A session. Thank you, everyone.

感謝大家今天和我在一起，我們感謝今天的出席。我們期待將我們的汽車交付給所有實際下訂單的司機，並將現金交付給我們的股東。我會轉交給 Demi 主持問答環節。謝謝大家。

Thank you, Alexious. Operator, we are ready for the Q&A session.

謝謝你，亞歷克斯。接線員，我們已經準備好進行問答環節了。

Thank you. We will now begin the question and answer session. (Operator Instructions) Our first question comes from the line of Edison Yu from Deutsche Bank. Please ask your question, Edison.

謝謝。我們現在開始問答環節。 （操作員指示）我們的第一個問題來自德意志銀行的Edison Yu。請問你的問題，愛迪生。

Hi. Thank you for taking our questions. Good morning. Good evening, everyone.

你好。感謝您接受我們的提問。早安.各位晚上好。

First off, you maintained the guidance for the full year. Obviously, that suggests a pretty big wrap-up in deliveries for the next three quarters. How should we think about the trajectory? Should we think of it as very back-end loaded in the fourth quarter?

首先，您維持了全年的指導。顯然，這表明未來三個季度的交付量將會相當大。我們該如何思考軌跡？我們是否應該認為第四季後端負載很大？

Thank you, Alexious. Thank you, Edison. Alexious, I will pass it on to you.

謝謝你，亞歷克斯。謝謝你，愛迪生。阿萊克塞斯，我會把它轉給你。

Yes. Hello. Can you guys hear me?

是的。你好。你們聽得到我說話嗎？

Yes.

是的。

Okay. Edison, thank you for the question. I think it's important to note that from where we are standing, the company is definitely gradually moving up, stepping up progressively for the sales and order delivery.

好的。愛迪生，謝謝你的提問。我認為值得注意的是，從我們目前的情況來看，該公司肯定正在逐步上升，逐步加強銷售和訂單交付。

Now, while we are looking at only approximately 2,200 units of sales delivery in the first quarter, we have also shipped more models and more vehicles through the network to global distribution. So definitely, we think that this is not going to be a fourth quarter, a back-end loaded, but rather, it will be a progressively increase between the first quarter to the fourth quarter.

現在，雖然我們預計第一季的銷售交付量僅為約 2,200 輛，但我們也透過網路向全球分銷運送了更多車型和更多車輛。因此，我們肯定認為這不會是第四季的後端負載，而是從第一季到第四季之間逐步增加。

So as more markets, like I mentioned just now, more markets will start to have more products, more models into them. And for example, we are starting to deliver our Emeya in UK, Europe. We're also starting to deliver our Eletre in the Southeast Asia, and even the Middle East.

因此，隨著更多的市場，就像我剛才提到的那樣，更多的市場將開始擁有更多的產品、更多的型號。例如，我們開始在英國和歐洲交付我們的 Emeya。我們也開始在東南亞甚至中東提供我們的 Eletre。

We'll start to see more of this market taking up these products, especially in the second half of this year, given homologation, shipments, arrangements, and others. So we think that this is going to be definitely a gradual pickup from first quarter to second quarter, to third quarter to fourth quarter. Yes. The best way for you to understand is probably the Emira similar to 2023 pickup.

考慮到認證、出貨、安排等因素，我們將開始看到更多的市場採用這些產品，特別是在今年下半年。因此，我們認為從第一季到第二季、第三季到第四季度，這肯定會逐步回升。是的。你最好理解的可能就是類似2023款皮卡的Emira。

Understood. I'm curious on the second question, on the order intake from the newer markets that you've launched in, how are we feeling about those? And I know the bespoke solution is very profitable. Do we have a sense on the take rate for that?

明白了。我對第二個問題很好奇，關於你們所推出的新市場的訂單量，我們對此有何感受？我知道客製化解決方案非常有利可圖。我們對此的接受率有了解嗎？

We do not have a specific forecast for the Chapman Bespoke customization service. Definitely, we are very observing in terms of how the take rate is. Now, part of it is definitely on the customization services to individuals and tailor-made services on that. Part of it is also offering limited editions that probably resonates very well with the market, given that it has what they call unique prestige designs, and also limited edition on that.

我們對 Chapman Bespoke 客製化服務沒有具體的預測。當然，我們非常關注採用率的情況。現在，其中一部分肯定是針對個人的客製化服務和量身定制的服務。其中一部分還提供限量版，這可能會與市場產生很好的共鳴，因為它具有他們所謂的獨特的聲望設計，而且還有限量版。

Now, we think that looking at where we are, if you look at the market right now, the demand from the U.S. market in terms of a sports car is beating our expectations. We're seeing orders moving up very quickly as more stores are able to get hold of the products and actually display, reach out to customers, engage with them, test drive, and place the orders.

現在，我們認為，看看我們所處的位置，如果你看看現在的市場，美國市場對跑車的需求超出了我們的預期。我們看到，隨著越來越多的商店能夠掌握產品並實際展示、接觸客戶、與他們互動、試駕並下訂單，訂單量會迅速增加。

So, we think that the entire brand's pedigree is all resonating very well with the market. And definitely, the first thing is to get the vehicles in the market and looking at options ops, and also offering select-able customization services. So, volume up first, followed by ASP and GPM expansion.

因此，我們認為整個品牌的血統都與市場產生了很好的共鳴。當然，第一件事就是將車輛投放市場並考慮選項操作，並提供可選擇的客製化服務。因此，首先要擴大銷量，然後擴大 ASP 和 GPM。

Understood. On the U.S., I'm sure you've seen the headlines of the higher tariffs. How does that impact, if at all, the BEV rollout? I think you're -- I think you're targeting for the second half of this year.

明白了。在美國，我相信您已經看到了更高關稅的頭條新聞。這對純電動車的推出有何影響（如果有的話）？我認為你的目標是今年下半年。

Well, we have continued to see potential risks. We have considered them and in the process of evaluating this impact. Now, one very important message is we believe the U.S. will be a key market for our vehicles in the long term, and we remain very committed in delivering vehicles there.

嗯，我們繼續看到潛在的風險。我們已經考慮了它們並正在評估這種影響。現在，一個非常重要的訊息是，我們相信從長遠來看，美國將成為我們車輛的關鍵市場，我們仍然非常致力於在那裡交付車輛。

Now, while we are seeing, like I've mentioned just now, while we're seeing the orders going up very strong, we are also seeing even the ICE cars demand beating our expectation. Now, we are very committed to growing our global footprint, and definitely the U.S. is one of the key markets, the whole America is a key market, and we want to make sure that we do not have a single market risk, a well-balanced market to actually offset any potential risk.

現在，正如我剛才提到的，雖然我們看到訂單成長非常強勁，但我們也看到甚至 ICE 汽車的需求超出了我們的預期。現在，我們非常致力於擴大我們的全球足跡，毫無疑問，美國是關鍵市場之一，整個美國都是一個關鍵市場，我們希望確保我們沒有單一的市場風險，良好的市場風險。上抵消了任何潛在的風險。

Understood. And just one last one for me. The OPEX trajectory for this year, I think, we -- last time you mentioned something around flat-ish year-over-year. Is that still the target, or is that still the good way to think about OPEX for 2024?

明白了。對我來說只是最後一件。我認為，今年的營運支出軌跡——上次您提到了同比持平的情況。這仍然是目標嗎？

I didn't catch your question.

我沒聽清楚你的問題。

Oh, for this year, the OPEX, the operating expenses, SG&A, R&D, should we still expect about flat year-over-year?

哦，今年的營運支出、營運費用、SG&A、研發，我們是否還應該預期會比去年同期持平？

Well, like I mentioned just now, SG&A in a way of selling is definitely something that will go hand-in-hand with the number of sales, so there's going to be a portion of that that goes with it. Now, the broader OPEX is going to have incremental increase, but it's definitely going to be way smaller than our volume trajectory and outlook.

嗯，就像我剛才提到的，從銷售的角度來看，SG&A 肯定是與銷售數量密切相關的，所以其中會有一部分是與之相關的。現在，更廣泛的營運支出將逐步增加，但肯定會遠小於我們的銷售軌跡和前景。

Great. Thank you very much.

偉大的。非常感謝。

Thank you.

謝謝。

Thank you, Edison. (Operator Instructions).

謝謝你，愛迪生。 （操作員說明）。

Yes. Thank you, operator. Thank you, Edison and Alexious. While we are giving some time to the core participants to raise any questions, I also received a few retailer questions. I'd like to raise it to Alexious.

是的。謝謝你，接線生。謝謝愛迪生和亞歷克斯。雖然我們給核心參與者一些時間來提出任何問題，但我也收到了一些零售商的問題。我想向 Alexious 提出這個問題。

The first question I received is, will you adjust your pricing strategy to help driving sales also in reaction to the market and peers? Alexious, I may pass it to you, please.

我收到的第一個問題是，您是否會根據市場和同行的情況調整定價策略以幫助推動銷售？ Alexius，請我把它傳給你。

Thank you. Lotus is an early mover in the electric field, especially for the lifestyle vehicle. We have a good window of opportunity, especially in the markets that we have entered, in a way to fill the gap and allow customers to be focused on that.

謝謝。路特斯是電動車領域的先驅，尤其是生活風格汽車領域。我們有一個很好的機會之窗，特別是在我們已經進入的市場中，以某種方式填補空白並讓客戶專注於此。

Now, Lotus will never be involved with cutting prices to build volume or to start a channel. We need to remain luxury-positioned, build desirability for the brand, and work on our customers' interactions through our rich heritage in racing and sporting. We do not expect to shift any of the focus to the lower end of the market and compete in pricing and volume gain.

現在，蓮花將永遠不會透過降價來擴大銷售或啟動管道。我們需要保持奢華定位，建立品牌吸引力，並透過我們在賽車和運動領域的豐富傳統來促進客戶互動。我們預計不會將任何重點轉移到低端市場並在定價和銷售成長方面競爭。

Thank you.

謝謝。

Thank you, Alexious. Operator?

謝謝你，亞歷克斯。操作員？

Thank you.

謝謝。

We have a follow-up question from the line of Edison Yu with Deutsche Bank. Please go ahead, Edison.

我們有來自德意志銀行的 Edison Yu 的後續問題。請繼續，愛迪生。

Hi. Yes, just a couple for -- a couple more for me. What's been the initial feedback for Emeya in China? Where do we think we're taking share from and which competing models?

你好。是的，只要幾個——對我來說還有幾個。 Emeya在中國的初步回饋是什麼？我們認為我們從哪裡獲得份額以及哪些競爭模型？

As I personally have interacted with many of these car buyers, and I think this time around we have done something really great with the Emeya Blossom. We have gotten a lot of positive resonates and feedbacks from female drivers and also what they call families where they really like the styling.

由於我個人與許多這樣的購車者互動，我認為這次我們在 Emeya Blossom 上做了一些非常偉大的事情。我們從女司機以及她們所謂的真正喜歡這種造型的家庭那裡得到了很多正面的共鳴和回饋。

So, it's not as big a car in terms of size and everything as compared to the likes of our Eletre, but it gives a very good handle and also -- a much better handle and also what they call a good feel in terms of the dimension, size, and everything.

因此，與我們的 Eletre 相比，它在尺寸和所有方面都不是那麼大，但它提供了非常好的操控性，而且 - 更好的操控性以及他們所謂的良好感覺。 。

So, we get the impression, based on some of those feedback that we got and also the orders, that this resonates very well with female car drivers which is a breakthrough for the Lotus sets of products right now. Yes.

因此，根據我們收到的一些回饋以及訂單，我們得到的印像是，這與女性汽車駕駛者產生了很好的共鳴，這是蓮花系列產品目前的突破。是的。

Yes.

是的。

We do not actually benchmark ourselves against competitors in terms of that, but we understand that definitely 50% of these car customers that look at our vehicles are definitely coming from competing brands or same price categories like the Porsche or even others.

我們實際上並沒有在這方面與競爭對手進行比較，但我們知道，在查看我們車輛的汽車客戶中，有 50% 肯定來自競爭品牌或相同價格類別，如保時捷甚至其他品牌。

Now, we were surprised to see even more pricey brands customers to actually look at the Emeya as a consideration for extension on their sports cars and others. So, that is something where we got that we are filling the gap really well, given that we are a fully electric car with what they call an intelligent operating system and also features embedded on them.

現在，我們驚訝地發現更多昂貴品牌的客戶實際上將 Emeya 視為其跑車和其他汽車的延伸考慮。因此，考慮到我們是一款全電動汽車，配備了所謂的智慧作業系統以及嵌入的功能，因此我們確實很好地填補了空白。

Got it. Got it. And on the charging network, I know you have a new partnership there. I guess, what was the motivation and what would be the economics, if any, in terms of that partnership?

知道了。知道了。在充電網路方面，我知道你們在那裡建立了新的合作關係。我想，就這種夥伴關係而言，動機是什麼？

Well, we think that we are moving up very quickly with customer base. So, there is a lot of commonality in terms of partnership with NIO in terms of the additional charging facilities.

嗯，我們認為我們的客戶群正在快速提升。因此，在額外的充電設施方面，與蔚來的合作有許多共同點。

So, definitely, there is the consideration from a geographical perspective. There's a consideration in terms of the locality of the customer base and, definitely, it's an additional feature add-on to our already what they call established charging facility network.

所以，毫無疑問，這是從地理角度來考慮的。有一個考慮因素是客戶群的位置，當然，這是我們已經建立的充電設施網路的附加功能。

So, definitely, we want to be oversupplying or maybe what they call exceeding our expectations of our customer base and giving them the best options in terms of charging facility that's available in major cities, metropolitans, and others. Yes.

因此，毫無疑問，我們希望供應過剩，或者他們所說的超出我們對客戶群的期望，並為他們在主要城市、大都市和其他地區提供的充電設施方面提供最佳選擇。是的。

Awesome. Thank you.

驚人的。謝謝。

Thank you, Edison.

謝謝你，愛迪生。

Thank you. (Operator Instructions).

謝謝。 （操作員說明）。

Operator, if there is no hand raised right now, I may follow up with the second question I received from the retailer.

接線員，如果現在沒有人舉手，我可以跟進從零售商收到的第二個問題。

Alexious, the question is, what are some of the factors underlying the growth in your high margin business? And do you expect this trend to continue? Alexious, pass to you.

Alexious，問題是，您的高利潤業務成長背後的一些因素是什麼？您預計這種趨勢會持續下去嗎？阿萊克斯，傳給你。

Yes. Thank you, Demi.

是的。謝謝你，黛咪。

I think, definitely, doing our service right, continuously developing on the volume, you will start to see new revenue streams. So, we are moving, definitely integrating the business very quickly. We are looking beyond just the traditional new car, old car sales. We are providing more options and providing the customizations, bespoke services for customers. So, these are things that is going to come into play in the second quarter, third quarter, and fourth quarter.

我認為，毫無疑問，只要正確地提供我們的服務，不斷擴大銷量，您就會開始看到新的收入來源。因此，我們正在迅速整合業務。我們的目光不僅限於傳統的新車、舊車銷售。我們正在為客戶提供更多選擇並提供客製化、客製化服務。所以，這些都是將在第二季、第三季和第四季發揮作用的事情。

Now, as I mentioned previously, we do not put in a forecast exactly for that, but given that the first run through during the Beijing Auto Show's feedback was pretty awesome, we think that the take-up rate is definitely something worth watching and how it can continue to contribute to our gross profit margin evolution. So, this is definitely not one-off, and we think that this is something that is going to be supportive of margin expansion and our more long-term trajectory.

現在，正如我之前提到的，我們並沒有對此進行準確的預測，但考慮到北京車展期間的首次運行反饋非常好，我們認為使用率絕對值得關注，以及如何它可以繼續為我們的毛利率演變做出貢獻。因此，這絕對不是一次性的，我們認為這將支持利潤率擴張和我們更長期的發展軌跡。

As I mentioned just now, if we do it right, we are definitely looking at 2028, which is the end of the Vision80 strategy, for more than 30% gross profit margin for the company. Yes.

正如我剛才提到的，如果我們做得對，我們肯定會在2028年，也就是Vision80策略的終點，讓公司的毛利率超過30%。是的。

Thank you, Alexious. And one more question is as following.

謝謝你，亞歷克斯。還有一個問題如下。

Could you share any information on your order book? How have Eletre and Emeya have been received across markets as you continue your expansion? Alexious, I'll pass it on to you.

您能分享任何有關您的訂單簿的資訊嗎？隨著您繼續擴張，Eletre 和 Emeya 在市場上的反應如何？亞歷克斯，我會把它傳給你。

Yes. We will only be providing specific guidance on the deliveries right now, rather than actually looking at the orders going forward, as we believe that that's the best indicator of our performance. Yes, but definitely I can tell you that both the Emeya & Eletre are very well received.

是的。我們現在只會提供有關交付的具體指導，而不是實際專注於未來的訂單，因為我們相信這是我們業績的最佳指標。是的，但我可以肯定地告訴你，Emeya 和 Eletre 都非常受歡迎。

I mentioned just now, the order book and the orders in the U.S. is beating our expectations every month to date. And we are also -- for every market that's going into, we are getting a very good feedback and we believe that getting into the vehicles through the test drive -- through the test drive is probably the best way to interact and drive demand.

我剛才提到，到目前為止，美國的訂單量和訂單量每個月都超出了我們的預期。我們也——對於每個進入的市場，我們都得到了非常好的反饋，我們相信透過試駕進入車輛——透過試駕可能是互動和推動需求的最佳方式。

Now, in terms of the Eletre, we are also getting very nice traction. We think that definitely we are having a good optionality for even substitutions on technologies, ADAS, Level 2, Level 2+, and others. We expect deliveries to grow significantly throughout the later year, the next three quarters of the year, as we fulfill the new orders received over the first quarter. Yes.

現在，就 Eletre 而言，我們也獲得了非常好的牽引力。我們認為，我們肯定在技術、ADAS、2 級、2+ 級等技術的替代方面擁有良好的選擇餘地。隨著我們履行第一季收到的新訂單，我們預計下半年的交付量將大幅成長，即今年接下來的三個季度。是的。

Thank you, Alexious.

謝謝你，亞歷克斯。

That's all the questions I received from retailers for now. Operator, I'll pass it to you.

這就是我目前從零售商收到的所有問題。接線員，我傳給你。

Thank you.

謝謝。

I am showing no further questions. Thank you very much for all your questions. I'll now turn the conference to Ms. Demi Zhang for closing comments.

我沒有提出任何進一步的問題。非常感謝您提出的所有問題。現在請張黛米女士致閉幕詞。

Thank you, operator. Well, thank you everybody, again, for joining us today. We will conclude the call soon.

謝謝你，接線生。好的，再次感謝大家今天加入我們。我們將很快結束通話。

If you have any further questions, please feel free to contact the IR team at Lotus Tech. You can send us an email or use the online request form, which are all listed on our website at ir.group/lotus.com.

如果您還有任何疑問，請隨時聯絡 Lotus Tech 的 IR 團隊。您可以向我們發送電子郵件或使用線上申請表，所有這些都列在我們的網站 ir.group/lotus.com 上。

This concludes the conference call. Have a wonderful day, everyone. Thank you.

電話會議到此結束。祝大家有美好的一天。謝謝。

Thank you, everyone. You may now disconnect.

謝謝大家。您現在可以斷開連線。