Mobileye Global Inc (MBLY) 2024 Q3 法說會逐字稿

Greetings and welcome to the Mobileye Third Quarter 2024 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Mobileye 2024 年第三季財報電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is now my pleasure to introduce your host, Dan Galves. Mr. Galves, you may begin.

現在我很高興向大家介紹你們的主持人丹·加爾維斯。加爾維斯先生，您可以開始了。

Thanks, Paul. Hello, everyone, and welcome to Mobileye's Third Quarter 2024 Earnings Conference Call for the period ending September 28, 2024. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.

謝謝，保羅。大家好，歡迎參加 Mobileye 於 2024 年 9 月 28 日結束的 2024 年第三季財報電話會議。此類陳述涉及風險和不確定性。請參閱隨附的新聞稿，其中包含有關可能導致實際結果出現重大差異的具體因素的更多資​​訊。

Additionally, on this call, we will refer to both GAAP and non-GAAP figures. A reconciliation of GAAP and non-GAAP financial measures is provided in our posted earnings release.

此外，在這次電話會議上，我們將參考公認會計原則和非公認會計原則資料。我們發布的收益報告中提供了 GAAP 和非 GAAP 財務指標的調整表。

Joining us on the call today are Professor Amnon Shashua, Mobileye's President and CEO; and Moran Shemesh, Mobileye's CFO. Also joining for the Q&A session is Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy.

今天加入我們電話會議的還有 Mobileye 總裁兼執行長 Amnon Shashua 教授；以及 Mobileye 財務長 Moran Shemesh。 Mobileye 業務開發和策略執行副總裁 Nimrod Nehushtan 也參加了問答環節。

Thanks, and now I'll turn the call over to Amnon.

謝謝，現在我會把電話轉給 Amnon。

Hello, everyone, and thanks for joining our earnings call. Starting with the results. Q3 was closely aligned with our expectations, and the second half outlook overall has been stable. We view the 11% sequential increase in revenue as compared to Q2 as another sign that inventory at our customers has normalized. We believe our shipment volumes in Q3 were consistent with end market demand. On a year-over-year basis, the revenue decline in Q3 is fully accounted for by a 9% reduction in EyeQ, volumes.

大家好，感謝您參加我們的財報電話會議。從結果開始。第三季與我們的預期非常吻合，下半年前景整體穩定。我們認為，與第二季相比，營收季增 11%，這是我們客戶的庫存已經正常化的另一個跡象。我們相信第三季的出貨量與終端市場需求一致。與去年同期相比，第三季的營收下降完全是由 EyeQ 銷量下降 9% 造成的。

If we dig deeper, shipments to our top 10 customers were down about 4% globally. This was an outperformance versus those OEMs overall production decline of about 9% in Q3. Volume to automakers outside the top 10, mainly domestic China OEMs, was down around 50%. Comparisons in that area will get much easier in the future as China OEMs are now a smaller part of our business.

如果我們深入研究，全球前 10 位客戶的出貨量下降了約 4%。與這些原始設備製造商第三季整體產量下降約 9% 相比，這一業績表現出色。前 10 名以外的汽車製造商（主要是中國本土整車廠）的銷量下降了 50% 左右。由於中國原始設備製造商現在在我們業務中所佔的比例較小，因此未來該領域的比較將變得更加容易。

Operating expenses annualized at slightly over $1 billion in Q3. Based on our action to discontinue in the in-house LiDAR development as well as other efficiency actions taken, I believe adjusted operating expenses can be below the Q3 annualized level in 2025. Operating cash flow of $126 million in Q3 was quite strong and performance should be similar in Q4. This compares to $70 million of operating cash flow in total over the first half of 2024.

第三季營運支出年化略高於 10 億美元。根據我們停止內部LiDAR 開發的行動以及採取的其他效率行動，我相信調整後的營運支出可能會低於2025 年第三季的年化水準。 ，業績應該第四季類似。相較之下，2024 年上半年的營運現金流總額為 7,000 萬美元。

Turning to the future, I would like to spend a few minutes reflecting on the strategic objectives that we established several years ago to guide phase 1 of Mobileye's return to the public markets. Our objectives are as follows. Secure our long-term ADAS position with core customers and look to expand into new customers when opportunities present themselves. Deploy EyeQ-based supervision in China as a proof point to our global customers and as a beachhead for advanced product growth. Develop and launch our EyeQ6-based products on time and on quality including integration of cutting-edge AI technology and the software stack. Deepen the relationships with our core customers by securing design wins with our advanced product portfolio, including, SuperVision, Chauffeur, and Drive. Lastly, maintain a high level of profitability.

談到未來，我想花幾分鐘時間回顧我們幾年前為指導 Mobileye 重返公開市場第一階段而製定的策略目標。我們的目標如下。鞏固我們在 ADAS 核心客戶中的長期地位，並在機會出現時尋求拓展新客戶。在中國部署基於 EyeQ 的監管，作為我們全球客戶的證明點和先進產品成長的灘頭堡。按時按質開發和推出基於 EyeQ6 的產品，包括尖端人工智慧技術和軟體堆疊的整合。透過我們先進的產品組合（包括 SuperVision、Chauffeur 和 Drive）確保設計勝利，加深與核心客戶的關係。最後，保持較高的獲利水準。

Now we have clearly experienced unforeseen headwinds that have impacted 2024 and 2025 market expectations. But in terms of the strategic objectives intended to set up us up for major top-line growth and operating leverage in 2026 and beyond, we believe we have made substantial progress.

現在，我們顯然經歷了無法預見的阻力，影響了 2024 年和 2025 年的市場預期。但就旨在讓我們在 2026 年及以後實現主要收入成長和營運槓桿的策略目標而言，我們相信我們已經取得了實質進展。

First, in terms of ADAS, our top 10 customers represent more than 80% of our volume and approximately 50% of current global auto production. If we look across 2022 through 2024, we have achieved follow-on ADAS design wins from all of these automakers. The vast majority of these projects extend our business with these OEMs into the early 2030s. Outside of China, we have seen no new or existing competitors emerge to challenge us for these customers.

首先，就 ADAS 而言，我們的前 10 名客戶占我們產量的 80% 以上，約佔目前全球汽車產量的 50%。如果我們展望 2022 年至 2024 年，我們已經從所有這些汽車製造商那裡獲得了後續 ADAS 設計的勝利。這些項目中的絕大多數將我們與這些 OEM 的業務擴展到 2030 年代初期。在中國以外，我們沒有看到新的或現有的競爭對手出現來挑戰我們爭取這些客戶。

Second, the regulatory environment is creating unexpected additional tailwinds, with end-of-decade testing protocols adding very challenging scenarios that are expected to require analysis and processing of data from additional sensors. We believe the continued expansion of required ADAS performance benefits us as a technology leader and provide opportunities for higher ASP systems such as surround ADAS.

其次，監管環境正在創造意想不到的額外有利因素，十年末的測試協議增加了非常具有挑戰性的場景，預計需要分析和處理來自額外感測器的數據。我們相信，所需 ADAS 效能的持續擴展有利於我們作為技術領導者，並為更高 ASP 系統（例如環繞 ADAS）提供機會。

The successful launch of our SuperVision system in China was a critical proof point on our advanced products and our ability as a Tier 1. It was an important catalyst for the Volkswagen Group design wins, which in turn led to interest from other global customers.

SuperVision 系統在中國的成功推出是我們先進產品和一級供應商能力的關鍵證明。

On that note, at the time of the IPO, we had engagements with one or two of our top 10 customers in terms of surround ADAS, SuperVision, and Chauffeur. Including the production programs with the Volkswagen Group, we now have advanced predesign win engagements with 9 out of the top 10, as well as a number of other OEMs.

就這一點而言，在 IPO 時，我們與環繞 ADAS、SuperVision 和 Chauffeur 方面的 10 大客戶中的一兩個進行了合作。包括與大眾集團的生產計劃在內，我們現在已與前 10 名中的 9 家以及許多其他原始設備製造商進行了先進的預設計合作。

Converting these predesign wins engagements into production agreements is critical to set us up for the second phase of our strategy beginning in the second half of 2026, where we expect the advanced products to lead to a major acceleration of growth for Mobileye. While exact timing is difficult to predict, we remain confident in conversion given C-suite endorsement to many of these engagements and actions by the OEMs that we believe signals strong commitment.

將這些預設計合約轉化為生產協議對於我們為 2026 年下半年開始的策略第二階段做好準備至關重要，我們預計先進產品將導致 Mobileye 大幅加速成長。雖然確切的時間很難預測，但鑑於高階主管對 OEM 廠商的許多合作和行動的認可，我們對轉換仍然充滿信心，我們認為這表明了堅定的承諾。

Finally, in terms of EyeQ6 High execution, we are increasingly confident in our AI-driven software stack, the hardware, and the ECU in terms of providing the best combination globally of cost and performance measured by mean time between critical intervention. The ability to demonstrate this performance to customers in real world scenarios using the EyeQ6 hardware has been a key driver of continued progress towards design wins.

最後，就 EyeQ6 High 執行而言，我們對 AI 驅動的軟體堆疊、硬體和 ECU 越來越有信心，因為它們能夠提供以關鍵幹預之間的平均時間衡量的全球成本和性能的最佳組合。使用 EyeQ6 硬體在現實場景中向客戶展示這種性能的能力一直是設計成功不斷取得進展的關鍵驅動力。

In terms of our technology, we recently posted presentations that myself and Shai reported earlier this month, representing what I believe is the deepest and most detailed exposure of our technology approach ever. It's two hours of content, so requires some commitment, but it lays out our compound AI approach, which we believe is the right methodology to take the general revolution in AI and tailor it to solve a specific problem like self-driving, where precision matters most and edge compute is constrained. It can be accessed on Mobileye's YouTube page, or just reach out to Dan, and he'll send you a link.

就我們的技術而言，我們最近發布了我和 Shai 在本月早些時候報導的演示文稿，我認為這是我們技術方法有史以來最深入、最詳細的展示。這是兩個小時的內容，因此需要一些承諾，但它列出了我們的複合人工智慧方法，我們相信這是採取人工智慧全面革命並對其進行客製化以解決自動駕駛等特定問題的正確方法，其中精度很重要大多數和邊緣運算受到限制。您可以在 Mobileye 的 YouTube 頁面上訪問它，或直接聯繫 Dan，他會向您發送連結。

Finally, we are excited to host analysts and investors at our Capital Markets Day in Munich in December. We'll have real-world demonstrations of the current EyeQ5-based SuperVision system and our latest robotaxi vehicles to give you a sense of the current end production technology.

最後，我們很高興能夠在 12 月於慕尼黑舉行的資本市場日招待分析師和投資者。我們將對目前基於 EyeQ5 的 SuperVision 系統和我們最新的機器人計程車進行實際演示，讓您了解目前的最終生產技術。

Then we plan to go deep on specific technologies that are included in the EyeQ6 High advanced product generation that will be used by Volkswagen Group and other global OEMs we're engaged with, where we can demonstrate significant improvements to the eyes on products, but even more importantly, line of sight to an intervention rate that supports eyes off driving in a scalable way. These step change improvements are driven by meaningful integration of transformer-based architectures and end-to-end techniques across our stack, unique ways of utilizing our massive database, and innovative approaches that reduce processing power needs at the edge.

然後，我們計劃深入研究 EyeQ6 High 先進產品世代中包含的特定技術，這些技術將由大眾集團和我們合作的其他全球原始設備製造商使用，在那裡我們可以展示對產品眼睛的顯著改進，但即使更重要的是，視線幹預率以可擴展的方式支持視線轉移。這些階躍變化的改進是由基於變壓器的架構和整個堆疊的端到端技術的有意義的整合、利用我們的龐大資料庫的獨特方式以及減少邊緣處理能力需求的創新方法所推動的。

Additionally, we'll provide updates on the progress of our production programs with Volkswagen Group for SuperVision, Chauffeur, and Drive, the learnings of which can be leveraged for other customers. Finally, we'll provide a comprehensive overview of the market landscape and the framework of how to value our advanced product design wins when they come.

此外，我們還將提供與大眾汽車集團合作的 SuperVision、Chauffeur 和 Drive 生產專案的最新進展情況，其他客戶可以藉鏡其中的經驗。最後，我們將全面概述市場格局，以及如何評估我們先進產品設計勝利的框架。

Thanks, and I will now turn the call over to Moran.

謝謝，我現在會把電話轉給莫蘭。

Thank you, Amnon, and thanks for joining the call, everyone. Before I begin, please be aware that all my comments on profitability will refer to non-GAAP measurements. A primary exclusion in Mobileye's non-GAAP numbers is amortization of intangible assets, which is mainly related to Intel's acquisition of Mobileye in 2017. It also excludes stock-based compensation and the goodwill impairment referenced in the earnings release.

謝謝阿姆農，也謝謝大家加入我們的電話會議。在開始之前，請注意，我對盈利能力的所有評論都將參考非 GAAP 衡量標準。 Mobileye 的非 GAAP 數據中主要排除的是無形資產攤銷，這主要與英特爾 2017 年收購 Mobileye 有關。

Our Q3 results slightly exceeded the Q3 outlook color we provided back in August. Revenue was down 8% year-over-year. As Amnon mentioned, global production was down fairly significantly in the quarter, particularly for our top 10 customers. But the bigger factor was the significant decline in our volume to China OEM, which was down more than 50%.

我們的第三季業績略高於我們八月提供的第三季展望。收入較去年同期下降 8%。正如 Amnon 所提到的，本季全球產量大幅下降，尤其是我們的十大客戶。但更大的因素是我們對中國OEM的銷售量大幅下降，下降了50%以上。

Gross margin was down 1 point. This was expected and mainly related to the combination of slightly lower EyeQ ASPs as well as higher EyeQ-related COGS per unit given a different mix of EyeQ generations sold. This was partially offset by higher SuperVision gross margin.

毛利率下降1個百分點。這是預期的，主要與 EyeQ ASP 略低以及考慮到所售 EyeQ 世代的不同組合而導致的每單位與 EyeQ 相關的 COGS 較高有關。 SuperVision 毛利率的提高部分抵消了這一影響。

Operating expenses were largely in line with expectations. Higher headcount depreciation, program development expenses related to the VW Group SuperVision and Chauffeur programs, mobility as a service, testing and customer support operations, and significantly higher spending on technologies approaching production spike EyeQ6 High imaging radar, have driven year-over-year increases throughout 2024. We also accrued about $5 million of restructuring expenses associated with the LiDAR unit closure in Q3.

營運支出基本符合預期。較高的員工折舊、與大眾集團 SuperVision 和 Chauffeur 計劃相關的計劃開發費用、移動即服務、測試和客戶支持運營，以及接近產量峰值的 EyeQ6 High 成像雷達技術支出顯著增加，推動了同比增長整個2024年。

Looking ahead on OpEx, we expect to spend somehow less in Q4 than Q3, which should drive some modest improvement in operating margin. More importantly, due to the LiDAR unit closure and relatively stable headcount expectations, we expect to be able to hold quarterly OpEx at or below the Q3 level on average in 2025.

展望營運支出，我們預計第四季度的支出將低於第三季度，這應該會推動營運利潤率略有改善。更重要的是，由於雷射雷達部門的關閉和相對穩定的員工數量預期，我們預計 2025 年季度營運支出將保持在第三季的平均或以下。

Around $600 million of our non-GAAP operating expenses are dedicated to products that are either yet to launch or are at low volumes today. Given the scalability of our company, this means that the current level of OpEx is capable of supporting a much larger revenue level.

我們的非 GAAP 營運費用中約有 6 億美元專門用於尚未推出或目前產量較低的產品。考慮到我們公司的可擴展性，這意味著目前的營運支出水準能夠支援更大的收入水準。

Turning to the guidance. We maintained a revenue and adjusted operating income guidance at the midpoint and narrowed the range. GAAP operating income is lower due to the goodwill impairment. The revenue guidance is based on total 2024 EyeQ volumes between 28.4 million and 28.8 million units, and SuperVision between 110,000 to 120,000 units.

轉向指導。我們將收入和調整後的營業收入指引維持在中點，並縮小了區間。由於商譽減損，公認會計準則營業收入較低。營收指引是基於 2024 年 EyeQ 總銷量在 2,840 萬至 2,880 萬台之間，SuperVision 總銷量在 11 萬至 12 萬台之間。

As you are all likely aware, SuperVision is now only a portion of the Zeeker001 volume as of September 1. This was incorporated to our prior guidance, but the take rate appears somewhat lower than assumed. The SuperVision volume in Q4 is expected to be around 15,000 units, with half of that coming from [4 for 4].

正如大家可能都知道的那樣，截至 9 月 1 日，SuperVision 現在只是 Zeeker001 卷的一部分。 SuperVision第四季銷售量預計約為15,000台，其中一半來自[4 for 4]。

We spent a lot of time on China on the prior earnings call. Now that the dust has settled a bit, we thought it would be helpful to size the business. In terms of the Q3 results, shipments of EyeQ and SuperVision units into China represented about 20% of our overall revenue, excluding SuperVision units or vehicles sold outside China. This was split between EyeQ units to local China OEMs at about 3%, EyeQ units to non-Chinese OEMs producing in China at 12%, and SuperVision for vehicles sold in China at about 5%.

在先前的財報電話會議上，我們花了很多時間討論中國問題。現在塵埃落定了一點，我們認為調整業務規模會有所幫助。就第三季業績而言，EyeQ 和 SuperVision 設備在中國的出貨量約佔我們總收入的 20%（不包括在中國境外銷售的 SuperVision 設備或車輛）。其中，EyeQ 設備向中國本土 OEM 提供的份額約為 3%，EyeQ 設備向在中國生產的非中國 OEM 提供的份額為 12%，SuperVision 用於在中國銷售的車輛的份額約為 5%。

In Q4, we expect China as a whole to represent a similar percentage of our revenue, but for SuperVision units for vehicles sold in China to represent about 2% of our revenue. Please note that these numbers won't match exactly with the geographic revenue disclosure in the quarterly filing because all SuperVision units are currently shipped to China and included in that region in the quarterly disclosure, whether the vehicles are sold domestically or exported.

在第四季度，我們預計整個中國將占我們收入的相似比例，但在中國銷售的車輛 SuperVision 裝置將占我們收入的 2% 左右。請注意，這些數字與季度報告中披露的地理收入並不完全匹配，因為所有 SuperVision 車輛目前均運往中國，並在季度披露中包含在該地區，無論車輛是在國內銷售還是出口。

Turning to operating cash flow, the $106 million we generated in Q3 was higher than adjusted net income even if we adjust for working capital, which was an approximate of $30 million benefit in the quarter. We expect this dynamic to continue in the fourth quarter. Lastly, in terms of the tax rate, we assume a non-GAAP effective tax rate of between 18% to 20% for 2024.

就營運現金流而言，即使我們調整了營運資本，我們在第三季產生的 1.06 億美元也高於調整後的淨利潤，該季度的收益約為 3,000 萬美元。我們預計這種動態將在第四季持續。最後，就稅率而言，我們假設 2024 年非 GAAP 有效稅率在 18% 至 20% 之間。

Thank you, and we will now take your questions.

謝謝您，我們現在將回答您的問題。

(Operator Instructions) Joshua Buchalter, TD Cowen.

（操作員說明）Joshua Buchalter，TD Cowen。

I appreciate all the details you just gave on units in and out of China and around SuperVision and Chauffeur. I apologize for asking for more, but maybe you could talk about how you're thinking about, in particular, 2025 SuperVision and Chauffeur volumes, given all the moving parts and recognizing that there's a lot of uncertainty with regards to China?

我感謝您剛才提供的有關中國境內外單位以及 SuperVision 和 Chauffeur 相關單位的所有詳細資訊。我很抱歉要求更多，但也許你可以談談你的想法，特別是 2025 年 SuperVision 和 Chauffeur 卷，考慮到所有的變化因素並認識到中國存在許多不確定性？

Thanks, Josh, for the question. This is Dan. It's too early to talk specifically about 2025. We're still working with our customers to understand the expected orders for next year, but I can make some high-level comments.

謝謝喬希的提問。這是丹.現在具體談論 2025 年還為時過早。

We'd expect 2025 to benefit from resolution of the inventory digestion that happened in the first half of 2024. In other words, second half run rate in terms of EyeQ volume of around 35 million units is a better starting point than the actual shipments in 2024.

我們預計 2025 年將受益於 2024 年上半年發生的庫存消化問題的解決。 。

Then it's important to focus in on our top 10 customers, the expected production growth or decline of those customers in 2025. Many of these OEMs have been facing headwinds in China that also affect our volume. And we think it's reasonable to expect that to continue in 2025, but that would all be included in kind of whatever the production expectations are for those customers.

然後，重要的是要專注於我們的十大客戶，以及這些客戶在 2025 年的預期產量增長或下降。我們認為，預計這種情況在 2025 年繼續下去是合理的，但這一切都將包含在這些客戶的生產預期中。

Next, we'd expect to outperform the production of those customers in the mid-single-digit range as we continue to benefit from ADAS adoption growth and growing share within some of those customers. For example, in Q3, we outperformed by a bit more than 5 points.

接下來，隨著我們繼續受益於 ADAS 採用率的成長以及其中一些客戶份額的不斷增長，我們預計將在中個位數範圍內超越這些客戶的生產。例如，在第三季度，我們的表現領先 5 點多一點。

We could also see headwinds from local China OEMs. However, our total shipments in 2024 are forecasted at around 1.5 million units, so any declines here would not be very material. Finally, on kind of the EyeQ side, we'd also suggest incorporating some buffer to reflect the risk macro volatility could lead to a reduction in third-party global auto forecast by the time we get to 2025.

我們還可以看到來自中國本土原始設備製造商的阻力。然而，我們預計 2024 年的總出貨量約為 150 萬台，因此任何下降都不會很大。最後，在 EyeQ 方面，我們也建議納入一些緩衝，以反映 2025 年宏觀波動可能導致第三方全球汽車預測減少的風險。

On SuperVision, again, we're still working with the customers to understand the expected orders for '25, this has been so volatile over the last two years that it's really impossible for us to have good visibility on 2025 volumes with any specificity at this time. Also, the materiality to near-term revenue is much lower today than it has been. We'll have more to say in January or potentially at the Investor Day in December on that.

在SuperVision 上，我們仍在與客戶合作，了解25 年的預期訂單，過去兩年的訂單量波動很大，我們實際上不可能對2025 年的銷量有良好的了解，並對此有任何具體的了解。此外，目前近期收入的重要性比以往低得多。我們將在 1 月或可能在 12 月的投資者日就此發表更多言論。

Thank you, Dan. I really appreciate all the color there. And I guess for my follow-up, it seems like things have stabilized from an inventory perspective, certainly in the West. And it also feels like this market in particular for core ADAS is bifurcating into the west versus China. Recognize that, again, China is going to be volatile, and there's ongoing share dynamics there, maybe you can give us a new sort of normalized what -- how are you thinking about core ADAS growth from either a unit or with both units and ASPs specifically at your Western customers? I'd be curious, again, now that things have stabilized to get a better feel for what normalized growth could look like specifically in core ADAS.

謝謝你，丹。我真的很欣賞那裡的所有顏色。我想在我的後續行動中，從庫存角度來看，情況似乎已經穩定下來，尤其是在西方。而這個市場，尤其是核心 ADAS 市場，也似乎正在分化為西方和中國。再次認識到，中國將出現波動，並且那裡的股票動態持續存在，也許您可以給我們提供一種新的標準化內容——您如何看待單個單元或同時包含兩個單元和ASP 的核心ADAS成長特別是針對您的西方客戶？現在情況已經穩定下來，我再次感到好奇，以便更好地了解核心 ADAS 中的正常化增長會是什麼樣子。

Yeah. I think it's kind of in my first answer, right? Like within our top 10 customers, we would continue to expect to outgrow their global production by mid-single digits because of growing share within those customers because of ADAS adoption growth. And that would kind of bake in any kind of reductions that they would have in China, which I think is already significantly smaller there than it has been.

是的。我想這在我的第一個答案中是這樣的，對吧？與我們的十大客戶一樣，我們預計其全球產量將繼續成長中個位數，因為 ADAS 採用率的成長導致這些客戶的份額不斷增加。這將導致他們在中國的任何形式的削減，我認為中國的削減幅度已經比以前小得多。

I can add more -- so near term, the tailwind comes from going back to normal inventory levels, which we expect to start happening next year. Longer term, as Amnon mentioned in these comments, over the past two years, we have won the vast majority of business opened by our existing customers, which secures our position within these customers well into the next decade. And also, we have created opportunities to win core ADAS business with OEMs that are today not our customers.

我可以補充更多 - 所以短期內，推動因素來自於恢復到正常的庫存水平，我們預計這將在明年開始發生。從長遠來看，正如阿姆農在這些評論中提到的那樣，在過去的兩年裡，我們贏得了現有客戶開設的絕大多數業務，這確保了我們在未來十年在這些客戶中的地位。此外，我們也創造了機會贏得 OEM 核心 ADAS 業務，但如今這些 OEM 已不再是我們的客戶。

So longer-term growth in volumes in ADAS will come from continuing to increase our market share with our existing customers as well as winning new business with OEMs that are today not in our customer base. Our diverse product portfolio enables us to create new types of deals that are attracting OEMs that previously were not maybe or closer circle of OEMs.

因此，ADAS 銷售的長期成長將來自於繼續增加現有客戶的市場份額，以及贏得目前不在我們客戶群中的 OEM 的新業務。我們多樣化的產品組合使我們能夠創造新的交易類型，吸引以前可能不屬於或更接近的原始設備製造商圈。

In addition to this, as Amnon also mentioned, the push from regulation to increase the content in ADAS requires more sophisticated software and more sophisticated sensor set to continue to be compliant with all Western regulation. This is also a good tailwind for our ASP in ADAS in the next few years. Hopefully, it answers the question.

除此之外，正如 Amnon 也提到的，監管部門推動 ADAS 內容的增加需要更複雜的軟體和更複雜的感測器集，以繼續符合所有西方法規。這對於我們未來幾年 ADAS 領域的 ASP 來說也是一個很好的動力。希望它能回答這個問題。

Yes, it does. Thank you both.

是的，確實如此。謝謝你們倆。

Mark Delaney, Goldman Sachs.

馬克·德萊尼，高盛。

First, I was hoping you could provide more detail on the customer engagements with your advanced solutions. Were there any decisions that went against Mobileye or have been meaningfully delayed into 2025 compared to 90 days ago? And can you share more color on the progress you're having with these engagements for your more advanced solutions, specifically around SuperVision and Chauffeur?

首先，我希望您能提供有關客戶與您的高級解決方案的互動的更多詳細資訊。是否有任何不利於 Mobileye 的決定或與 90 天前相比被有意義地推遲到 2025 年？您能否分享更多關於您在更先進的解決方案方面所取得的進展，特別是圍繞 SuperVision 和 Chauffeur 的進展？

Yeah, I'll take this. So there has been no decision made against Mobileye in the past 90 days, to answer your first question. And we continue to make progress with all of the engagements we've had. And we also see more and more evidence that our OEM partners are deciding towards products and advanced product to be launched in the next few years, and that our competitive position is probably the best suited to win in the majority of these opportunities.

是的，我會接受這個。因此，在過去 90 天內沒有針對 Mobileye 做出任何決定，來回答你的第一個問題。我們的所有工作都在繼續取得進展。我們也看到越來越多的證據表明，我們的 OEM 合作夥伴正在決定在未來幾年內推出產品和先進產品，而我們的競爭地位可能是最適合贏得大多數這些機會的。

For example, some OEMs have already initiated the process of securing sensors and other components in the system that are necessary for our advanced solutions. Other OEMs are now in the final stages of the commercial evaluation and the final negotiation rounds towards a decision. And we have not seen any material delay into the next year. As Amnon mentioned, it's -- decision-making timelines are a little bit dynamic, and it's not entirely in our control, but we do see that we make a continued progression towards decisions and that the OEMs are continuing to invest and to secure all the necessary elements to enable such a system in their next product launch.

例如，一些原始設備製造商已經啟動了保護系統中感測器和其他組件的過程，這些組件是我們先進解決方案所必需的。其他原始設備製造商目前正處於商業評估的最後階段以及做出決定的最後幾輪談判。我們還沒有看到明年有任何重大延誤。正如 Amnon 所提到的，決策時間表有點動態，並不完全在我們的控制範圍內，但我們確實看到我們在決策方面不斷取得進展，並且原始設備製造商正在繼續投資並確保所有在下一次產品發布中啟用此類系統的必要元素。

My second question was just better understanding the cyclical inventory environment. The company left its revenue guidance for the year unchanged. And that's despite continued weakness, especially from Western OEMs around production volumes for this year. Maybe you could talk a little bit more on how you see inventory at Tier 1s and/or at OEMs? I know you're tracking that much more closely and heard, Dan, your comments around outgrowth for next year, but do you want to check on how you guys see inventory levels. And is there any risk of inventory having been built up at your customers?

我的第二個問題是更了解週期性庫存環境。該公司維持今年的營收指引不變。儘管今年的產量持續疲軟，尤其是西方原始設備製造商的疲軟，但情況仍然如此。也許您可以多談談您如何看待一級供應商和/或原始設備製造商的庫存？我知道您正在更密切地跟踪並聽到丹，您對明年的增長的評論，但是您想檢查一下您如何看待庫存水平嗎？您的客戶是否有庫存積壓的風險？

Yeah. So per se, we're very much encouraged by the trend of the year. So seeing a very significant increase from Q1 to Q2 than 11% from Q2 to Q3 kind of set our expectation or belief that the inventory issue is behind us on the first half. Also from Q3 to Q4, we do see a modest increase in EyeQ, but it's something that, again, reflects normalized levels of inventory, and we believe reflects the market demand. So Q3 and Q4 are pretty similar, which again aims the inventory for the first half of the year.

是的。因此，就其本身而言，我們對今年的趨勢感到非常鼓舞。因此，看到第一季到第二季的增幅非常顯著，比第二季到第三季的增幅高出 11%，這讓我們預期或相信庫存問題在上半年已經過去了。同樣從第三季到第四季度，我們確實看到 EyeQ 略有成長，但這再次反映了庫存的正常水平，我們認為也反映了市場需求。所以第三季和第四季非常相似，同樣以上半年的庫存為目標。

As for your question on further production decrease that happened, so we had some change in mix between OEMs this year versus our last forecast. So for some OEMs that were used, but we had some product launches in the second part of the year. China, local OEMs have been a bit better. So there was some change in mix, but overall, it's aligned with our expectations.

至於你提出的關於產量進一步減少的問題，今年 OEM 之間的組合與我們上次的預測相比發生了一些變化。因此，對於一些使用過的原始設備製造商來說，我們在今年下半年推出了一些產品。中國本土整車廠的情況要好一些。因此，組合發生了一些變化，但總體而言，它符合我們的預期。

Edison Yu, Deutsche Bank.

於愛迪生，德意志銀行。

First one is on the comments you made about 2026. Obviously, there's some very big programs launching, again very important for the growth inflection. How are we feeling about the timing and sort of the take rates? I realize you're not providing any specifics, but obviously, we've seen some big program delays from some of the legacy OEMs, so wondering kind of your confidence level in those launches.

第一個是關於您對 2026 年所做的評論。我們對收取率的時間安排和排序有何看法？我知道您沒有提供任何具體細節，但顯然，我們已經看到一些傳統 OEM 的一些大型專案延遲，因此想知道您對這些發布的信心程度。

Yeah. So far, we are on track with the project milestones, so we continue to execute and meet all of the major milestones for integration. So from the execution standpoint, currently have good confidence in meeting the back half of 2026 and onwards product launches. Of course, there could be changes due to reasons unrelated to us directly. OEMs have their own considerations and can potentially lead to some delays. But at this point, we have -- our plans are intact, and we continue to make progress on all fronts, and we'll provide more color on this in the Capital Market Day in December.

是的。到目前為止，我們正在實現專案里程碑，因此我們將繼續執行並滿足整合的所有主要里程碑。因此，從執行的角度來看，目前對 2026 年下半年及以後的產品發表充滿信心。當然，由於與我們不直接相關的原因，可能會有變化。 OEM 廠商有自己的考慮，可能會導致一些延遲。但目前，我們的計劃完好無損，我們繼續在各方面取得進展，我們將在 12 月的資本市場日對此提供更多資訊。

Understood. And then just more of, I guess, on the AI side, obviously, there's been a lot of focus on interventions, disengagements, I think, especially of late, as there's more coming out there who's been providing kind of constant metrics on that, at least trying to. Can you just remind us how you're thinking about the thresholds for interventions in terms of the various levels of autonomous driving and kind of what sort of the timeline or road map you kind of envision for performance to reach those thresholds?

明白了。然後，我想，在人工智慧方面，顯然，我認為，特別是最近，人們對幹預、脫離接觸有很多關注，因為有更多的人在這方面提供了某種持續的指標，至少嘗試這樣做。您能否提醒我們，您如何考慮不同等級的自動駕駛介入的閾值，以及您為達到這些閾值而設想的時間表或路線圖？

Well, we believe that it's -- the notion is much more complex than just intervention rate. When you look about -- when you kind of classify failures, there are identifiable failures in the system, the reproducible failures in the system. There are black swans type of failure. So when you're looking about intervention rate, there are certain failures that you want to have a zero intervention rate. For example, if an error or if a failure is you're producible, you want to fix it and not have it to come surface again.

嗯，我們認為這個概念比干預率複雜得多。當你觀察時－當你對故障進行分類時，系統中存在可識別的故障，系統中存在可重現的故障。有黑天鵝型的失敗。因此，當您考慮幹預率時，您希望某些失敗的干預率為零。例如，如果您可以生產錯誤或失敗，您希望修復它並且不要讓它再次出現。

We are now at the point of publishing a very extensive and comprehensive safety outlook in which how -- in which the way fusion of sensors and the way intervention is measured would be made very explicit, and we'll talk about it in our Capital Market Day in December.

我們現在即將發布一份非常廣泛和全面的安全展望，其中將非常明確地明確感測器融合的方式和衡量幹預的方式，我們將在資本市場中討論它十二月的一天。

Today's intervention rate in our SuperVision is measured by hours, so roughly 10 hours or so. We have a line of sight for our supervision system on the EyeQ6, the next generation, of about 1,000 hours intervention rate just for the camera subsystem. And then when you put together the active sensors, radars and front-facing LiDAR, we'll have another step function in terms of intervention rate, which is crucial for an eyes off system.

今天我們 SuperVision 的介入率是以小時來衡量的，所以大約是 10 個小時左右。我們在下一代 EyeQ6 上的監控系統的視線範圍僅針對攝影機子系統，幹預率約為 1,000 小時。然後，當你將主動感測器、雷達和前置光達組合在一起時，我們將在幹預率方面獲得另一個階躍函數，這對於眼睛離開系統至關重要。

Now intervention rates of eyes off system, at the end of the day, should be at least in the tens of thousands of hours of driving. It's hard for us to see a credible eyes off a system with a lower intervention rate than that. And we are on track to achieving it. And more details would be presented at the Capital Markets Day and also the safety report, which would be published in about a month or so.

現在，閉眼系統的干預率，歸根結底，應該至少在數萬小時的駕駛時間內。我們很難看到一個可信的目光會離開一個幹預率低於此的系統。我們正在實現這一目標。更多細節將在資本市場日公佈，安全報告也將在約一個月左右發布。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

This is Trevor Young, on for Dan today. Just first, I had a question around customer discussions and interest. As we've seen -- if you've seen any meaningful changes in the interest in your advanced products associated where they cite potential competitive pressures from Tesla and if there's been any changes post the Robotaxi Day?

我是特雷弗·楊，今天替丹發言。首先，我有一個關於客戶討論和興趣的問題。正如我們所看到的，您是否發現對您的先進產品的興趣發生了任何有意義的變化，他們提到了來自特斯拉的潛在競爭壓力，以及機器人計程車日之後是否有任何變化？

Yeah, I'll answer about the Robotaxi Day. I think the test at Robotaxi Day reinforces what we have been seeing in the past months, which is the revival of the robotaxi vision as a realistic endeavor. This comes together with Waymo's new equity round, the high market cap, or all the big investments in promising startups. Now this helps Mobileye shine a light on our own robotaxi activity, which is based on production designs with OEMs like Volkswagen's ADMT and the ID Base platform, Holo, Ruter by Benteler Chauffeur and VDL platform and Verne, which we announced a few months ago, and we have more in the pipeline.

是的，我會回答關於機器人出租車日的問題。我認為機器人計程車日的測試強化了我們在過去幾個月所看到的情況，即機器人計程車願景的復興，成為一項現實的努力。這與 Waymo 的新一輪股權、高市值或對有前途的新創公司的所有巨額投資相結合。現在，這有助於Mobileye 展示我們自己的機器人計程車活動，該活動基於大眾汽車ADMT 和ID Base 平台、Holo、Benteler Chauffeur 的Ruter 以及VDL 平台和Verne 等OEM 的生產設計，我們幾個月前宣布了這一點，我們還有更多的計劃正在籌備中。

So the leading customer is AT&T on the ID bus platform and the development is moving well. Our goal of building an affordable self-driving system for powering robotaxi is very advanced, and we'll make a deep dive demonstrations during the IR Day in December.

因此ID總線平台的主要客戶是AT&T，且開發進展順利。我們的目標是建立一個經濟實惠的自動駕駛系統來為機器人計程車提供動力，這一目標非常先進，我們將在 12 月的 IR Day 期間進行深入演示。

Now so far in the past year, we have been focusing our kind of discourse more on SuperVision and Chauffeur, but we have a very active and lively activity on robotaxi. This is something that we didn't talk much about in the last year, and we'll make a focus of it on our Capital Markets Day in December.

去年到目前為止，我們的討論更集中在 SuperVision 和 Chauffeur 上，但我們在 Robotaxi 上的活動非常活躍。這是我們去年沒有太多談論的事情，我們將在 12 月的資本市場日重點討論它。

And just to follow up on the implications and other OEMs as a result of Tesla's robotaxi. So we've seen the appetite from OEMs to similar systems before the Robotaxi Day. We see a realization amongst OEMs that next generation of driver-assist systems is going to be a step function improvement in capabilities and performance compared to today's system.

只是為了跟進特斯拉機器人計程車對其他原始設備製造商的影響。因此，我們在機器人計程車日之前就看到了原始設備製造商對類似系統的興趣。我們看到原始設備製造商認識到，與當今的系統相比，下一代駕駛員輔助系統將在功能和性能方面實現階梯式功能改進。

And they also understand that technology companies, leading technology companies like Mobileye and Tesla make very, very quick progress towards this new generation. And as a result, looking for -- most of our customers have it as a kind of within their brand identity to be top of the line in ADAS performance. It has been important for them for the past maybe two decades, and it will continue to be important to them, and they understand it's now going to be required from them to do something completely different than a simple incremental improvement.

他們也了解到，像 Mobileye 和特斯拉這樣的科技公司、領先的科技公司在邁向新一代的道路上取得了非常非常快的進展。因此，我們的大多數客戶都將其視為其品牌標識中的一種，以在 ADAS 性能方面處於領先地位。在過去的二十年裡，這對他們來說一直很重要，而且對他們來說仍然很重要，他們明白現在需要他們做一些與簡單的漸進式改進完全不同的事情。

And we are being perceived, in some cases, potentially the most relevant solution for the next two to three years, especially if you think about the chances of meeting SOP deadlines and with everything involved in this: functional performance, execution of our project, hardware design, software design, and reputation. And this is really helping us to surface as a leading candidate in all of these engagements.

在某些情況下，我們被認為可能是未來兩到三年最相關的解決方案，特別是如果您考慮滿足 SOP 截止日期的機會以及其中涉及的所有內容：功能性能、專案執行、硬體設計、軟體設計和聲譽。這確實有助於我們在所有這些活動中成為領先候選人。

And in addition, this robotaxi angle that Amnon just laid out, also created an opportunity with OEMs that also want to play into robotaxi. In a similar way to how Volkswagen have a program with us and robotaxi, we have another major global OEM that have started a similar activity with us. It's a little bit more early in the process, but it also is an encouraging sign of the push from the market.

此外，Amnon剛剛佈局的機器人出租車角度，也為也想涉足機器人出租車的OEM製造商創造了機會。與大眾汽車與我們和機器人計程車所進行的計畫類似，我們還有另一家主要的全球原始設備製造商也與我們啟動了類似的活動。雖然這個過程還處於早期階段，但這也是市場推動的一個令人鼓舞的跡象。

That's very helpful. Thank you for all the color there. Just as a follow-up, I appreciate you're not ready to give an outlook for 2025, but without getting into specifics numbers, could you just help give us maybe a directional sense as to how 2025 SuperVision volumes will change from the 15,000 that you noted for 4Q including half of that coming from Polestar 4 just as a sense of where the incremental -- or where the volumes are going to trend from that, if you will?

這非常有幫助。謝謝你那裡的所有顏色。作為後續行動，我很高興您還沒有準備好對 2025 年進行展望，但在不涉及具體數字的情況下，您能否幫助我們了解 2025 年 SuperVision 的銷量將如何從 15,000 個發生變化？第四季的銷量中有一半來自Polestar 4，這是為了了解增量在哪裡，或者銷量的趨勢，如果您願意的話？

Yes. So I think that you've got the right starting point, right, as to kind of what the current run rate is. And then you have to think that in terms of there are some upside potentials there. Polestar 4 was -- we were only producing for that in the second half. You do have some new customer in 2025 as well, but visibility in terms of Chinese OEMs is very difficult to call. But then you also have downside risk as well in terms of you're working with Chinese OEMs that we, again, we don't have much visibility on, and startups. So I think that looking at the current run rate, that's a good starting point for 2025, but we really don't have enough information right now to get specific.

是的。所以我認為你已經有了正確的起點，對吧，關於目前的運行率是多少。然後你必須認為那裡存在一些上升潛力。 Polestar 4 是－我們只是在下半年才為此進行生產。到 2025 年，確實也會有一些新客戶，但中國 OEM 廠商的知名度很難預測。但同時，你也面臨下行風險，因為你正在與中國的原始設備製造商和新創公司合作，而我們對這些原始設備製造商並沒有太多的了解。因此，我認為從目前的運行率來看，這是 2025 年的一個很好的起點，但我們現在確實沒有足夠的資訊來了解具體情況。

Adam Jonas, Morgan Stanley.

亞當‧喬納斯，摩根士丹利。

So you have the core ADAS annuity stream that is essentially 90% of your revenue today. And I think people on this call understand that that will last, and they buy the view that you're renewing and growing enough with your existing customers and new customers to keep that annuity stream broadly stable. Maybe growing maybe falling, but still something you can have visibility in the next decade. But are the earnings -- is the earnings power from an annuity stream, combined, basically to fund the CapEx and R&D required for those longer-term options, really, really stepping up SuperVision, Chauffeur, and Drive to support your customers?

因此，您擁有核心 ADAS 年金流，它基本上佔您目前收入的 90%。我認為參加這次電話會議的人都明白這種情況會持續下去，他們相信你正在與現有客戶和新客戶進行足夠的更新和成長，以保持年金流的整體穩定。也許會成長，也許會下降，但在未來十年裡你仍然可以看到。但是，來自年金流的盈利能力，基本上是為這些長期選擇所需的資本支出和研發提供資金，真的真的加強了 SuperVision、Chauffeur 和 Drive 來支持您的客戶嗎？

And I guess it's more of a strategic question, when would we see the quantum of your spending step up? Is it a timing thing that it's kind of in sync with the wins that you would get in development? Would that require outside capital or working with a partner?

我想這更像是策略問題，我們什麼時候才能看到你們的支出規模增加？它與您在開發中獲得的勝利是否同步？這是否需要外部資本或與合作夥伴？

Look, we are -- if you analyze our Q3 spending, we're talking about $1 million -- $1 billion of OpEx. I think for 2025, we don't need more than that. There would be certain programs, SuperVision and Chauffeur, that once we get the design win, we think we'll need some headcount increase in specific sites very local to those customers. But again, this is tens of millions of dollars of increase in budget. It's not something really immaterial.

看，如果你分析我們第三季的支出，我們談論的是 100 萬美元——10 億美元的營運支出。我認為到 2025 年，我們不需要更多。將會有某些項目，例如 SuperVision 和 Chauffeur，一旦我們獲得設計勝利，我們認為我們將需要在這些客戶非常本地的特定地點增加一些員工人數。但同樣，這又增加了數千萬美元的預算。這並不是什麼無關緊要的事情。

I think in terms of expenditure, we have all what we need to meet the goals. And let's repeat the goals. One is to maintain ADAS, and ADAS is an evolving field. The testing is becoming more and more complex. Programs are starting to require multiple sensors, what we call surround around ADAS to support that, to support the SuperVision, to support Chauffeur, and to support Drive. And all of this is ongoing simultaneously, right? It's not that there is one area in which we're not supporting.

我認為就支出而言，我們已經擁有實現目標所需的一切。讓我們重複一下目標。一是維護ADAS，ADAS是一個不斷發展的領域。測試變得越來越複雜。專案開始需要多個感測器，我們稱之為 ADAS 周圍的感測器，以支援 SuperVision、Chauffeur 和 Drive。這一切都是同時進行的，對吧？這並不是說我們不支持某一領域。

And the $1 billion we have in OpEx is completely sufficient to fuel our growth going forward. And just to give color, out of this $1 billion OpEx, $600 million of it is purely on future investments in AI and things that are not related to supporting current production programs. So I think we are very well equipped to meeting all the future challenges with the level of income that we have.

我們擁有的 10 億美元營運支出完全足以推動我們未來的成長。值得一提的是，在這 10 億美元的營運支出中，其中 6 億美元純粹用於未來對人工智慧以及與支援當前生產項目無關的投資。因此，我認為以我們的收入水平，我們完全有能力應對未來的所有挑戰。

And even though we didn't give numbers for 2025, clearly, we are expecting growth in 2025 in terms of revenue just because of the inventory issue that has been normalized. And we expect our operating cash flow in 2025 to be higher than the operating cash flow in 2024. Not to mention that we have a war chest today of around $1.4 billion in cash to help us both in acquisitions and the unexpected growth that we'll need to have. I think we have all what we need to support our growth.

儘管我們沒有給出 2025 年的數字，但顯然，由於庫存問題已經正常化，我們預計 2025 年收入將會成長。我們預計 2025 年的營運現金流將高於 2024 年的營運現金流。我認為我們擁有支持我們成長所需的一切。

George Gianarikas, Canaccord Genuity.

喬治‧賈納里卡斯 (George Gianarikas)，Canaccord Genuity。

I'm just curious as to whether there's been any progress on the segment that you've discussed in the past about emerging market chipsets. Wondering if you have any update there, any progress you made in some of your potential customers.

我只是好奇您過去討論的有關新興市場晶片組的領域是否取得了任何進展。想知道您是否有任何更新，您在一些潛在客戶方面取得的任何進展。

So if you -- George, if you refer to the lower cost solutions for emerging markets, if I understand correctly?

那麼，如果你——喬治，如果你指的是新興市場的低成本解決方案，如果我理解正確的話？

Yes, that's correct.

是的，這是正確的。

Yeah, so we have been working with some of our Tier 1 partners on approving cost-optimized system specification that is really well optimized for emerging markets where kind of the software necessary for entry level and there is kind of a lower price point to start with. And we are on track to be production ready within a year with this lower-cost system. It's not just our products that are being optimized, but also the components necessary for all products that are delivered by the Tier 1 partners, and we are well on track to this.

是的，所以我們一直在與一些一級合作夥伴合作，批准成本優化的系統規範，該規範針對新興市場進行了很好的優化，在這些市場中，入門級所需的軟體種類較多，而且起始價格較低。我們預計在一年內透過這種低成本系統做好生產準備。不僅我們的產品得到了優化，一級合作夥伴提供的所有產品所需的組件也得到了優化，我們正在順利實現這一目標。

And maybe as a follow-up more of a technology -- go ahead, I'm sorry.

也許作為一項技術的後續行動——繼續吧，我很抱歉。

I just wanted to add one more sentence that we have been also winning a few important RFQs in India, which is one of the prominent emerging markets in automotive in ADAS specifically, as we see more and more preparations towards future regulation coming up, and we are in a prime position to be leading the Indian market as well, in a similar fashion to how we are leading global markets.

我只是想再補充一句，我們在印度也贏得了一些重要的詢價，印度是ADAS 汽車領域的重要新興市場之一，因為我們看到越來越多的針對未來監管的準備工作即將到來，而且我們我們也處於領先印度市場的有利地位，就像我們領先全球市場的方式一樣。

Maybe as a follow-up, just from a technology perspective, you've had a lot of announcements regarding imaging RADAR, FMCW, LiDAR. I'm just trying to be clear as to what where you think these sensor sets evolve over the next, call it, 5 to 10 to 15 years with regard to your road map. In the 2030s, do you still envision vehicles that have all three sensor sets, cameras, radar, and LiDAR? Or do you think that your imaging radar is going to replace some of the LiDAR functionality?

也許作為後續，僅​​從技術角度來看，您已經發布了許多關於成像雷達、FMCW、LiDAR 的公告。我只是想弄清楚，您認為這些感測器組在未來 5 到 10 到 15 年的發展路線圖上會發生什麼變化。在 2030 年代，您是否仍然設想擁有所有三個感測器組、攝影機、雷達和光達的車輛？或者您認為您的成像雷達將取代部分光達功能？

I think it's a very interesting question, but the answer I can give is on the speculative. We feel that imaging radar is key. This is why we put so much investment since 2018. And this area and building an imaging radar that is with a huge gap to anything else you see on the market or people are developing. And we'll have more news in the coming months to -- about our imaging radars.

我認為這是一個非常有趣的問題，但我能給的答案是推測性的。我們認為成像雷達是關鍵。這就是為什麼我們自 2018 年以來投入如此多的投資。在接下來的幾個月裡，我們將有更多關於我們的成像雷達的消息。

Our B samples are operating to the theoretical spec that we imagined a few years ago, and the start of production of next year is on track. So I believe that imaging radar is really a key sensor to complement the cameras. In the coming years, there will be also a LiDAR, at least a front-facing LiDAR when you're talking about the Chauffeur programs and our Drive programs. There are multiple LiDARs providing a 360 coverage.

我們的 B 樣品正在按照我們幾年前設想的理論規格運行，明年的生產即將步入正軌。所以我相信成像雷達確實是補充相機的關鍵感測器。未來幾年，當您談論 Chauffeur 計劃和我們的 Drive 計劃時，還會有一個 LiDAR，至少是一個前置 LiDAR。有多個 LiDAR 提供 360 度覆蓋。

Whether you would need LiDAR, say, in a decade, I can imagine a world in which it's just cameras and imaging radars. But it's -- at the moment, it's speculative. So at the moment, we are using all thee sensors, and we'll see how we -- how this will play out in the coming years. Just to mention that in our robotaxi activity, our imaging radars is an integral part of it, our five imaging radars in our robotaxi activity.

比如說，十年後你是否需要光達，我可以想像一個只有攝影機和成像雷達的世界。但目前，這還只是推測。所以目前，我們正在使用所有這些感測器，我們將看看未來幾年將如何發揮作用。順便提一下，在我們的機器人計程車活動中，我們的成像雷達是不可或缺的一部分，我們的機器人計程車活動中有五個成像雷達。

And just to follow up, we've seen -- I think the uniqueness of our imaging radar has attracted interest from players who are not in our customer base today, but have a strong interest in competing in driverless or eyes off space, and have reached out to us specifically for this imaging radar. So just to signal kind of how it's being perceived in the market in its performance and uniqueness.

接下來，我們已經看到- 我認為我們的成像雷達的獨特性吸引了那些不在我們今天的客戶群中的玩家的興趣，但對無人駕駛或目光移向太空的競爭有濃厚的興趣，並且有專門聯絡我們購買這款成像雷達。因此，只是為了表明市場對它的性能和獨特性的看法。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，新街研究。

So as you mentioned earlier, you started using in-house software in September, running on NVIDIA hardware for the majority of your OEMs sold in China. Can you maybe walk us through what happened there, how they were able to achieve that? How do you see the performance of their in-house system may be measured in meantime between critical intervention compared to the 10 hours that you mentioned earlier for SuperVision?

正如您之前提到的，您從 9 月開始使用內部軟體，在 NVIDIA 硬體上運行，供您在中國銷售的大多數 OEM 廠商使用。您能否向我們介紹那裡發生的事情以及他們是如何實現這一目標的？與您之前提到的 SuperVision 的 10 小時相比，您如何看待在關鍵幹預之間的同時衡量他們內部系統的表現？

I would say that Zeekr's in-house system, it costs twice as much as ours and has similar performance. I don't want to get into the nuances where the performance is higher and where the performance is lower. I would say it's similar. But this tells you something that there's something strategic here.

我想說的是 Zeekr 的內部系統，它的成本是我們的兩倍，效能相似。我不想討論性能較高和性能較低的細微差別。我想說這很相似。但這告訴你，這裡有一些戰略意義。

Now Zeekr was very open about their in-house development early on. While we didn't think so at the time, we now realize that no matter what we could have done, we would have been eventually replaced by the in-house system regardless of costs.

現在，Zeekr 很早就對他們的內部開發非常開放。雖然我們當時不這麼認為，但現在我們意識到，無論我們能做什麼，我們最終都會被內部系統取代，無論成本如何。

Now there is a major top-down push in China for critical technologies to be developed locally and at any cost. Nevertheless, we see further benefits gained from the relationship. First, we still have a fleet of about 300,000 Zeekr vehicles on the road that are generating feedback from consumers, and we use that to improve the overall software stack.

現在，中國正在自上而下地大力推動關鍵技術的本地開發，並且不惜一切代價。儘管如此，我們還是看到了從這段關係中獲得的更多好處。首先，我們仍然有大約 30 萬輛 Zeekr 車輛在路上行駛，它們正在產生消費者的回饋，我們用它來改進整體軟體堆疊。

The Geely and Zeekr relationship will continue to help us build our REM in China, which is very important as our global customers want as efficient system that works globally. And we still believe that this can be an important driver of business to Chinese OEMs over time.

吉利和 Zeekr 的合作關係將繼續幫助我們在中國建立 REM，這非常重要，因為我們的全球客戶需要一個在全球範圍內運作的高效系統。我們仍然相信，隨著時間的推移，這可能成為中國原始設備製造商業務的重要驅動力。

We are working on delivering a very sophisticated parking system to Zeekr in the coming months. China is very automated parking forward, I would say. And this work and collaboration will benefit us -- benefit us globally.

我們正致力於在未來幾個月內向 Zeekr 提供非常先進的停車系統。我想說，中國的自動化停車非常先進。這項工作和合作將使我們受益——使我們在全球受益。

And maybe as a quick follow-up, so can you elaborate on the challenges that you faced in building REM in China? I believe you mentioned practical and regulatory hurdles in the past. Can you maybe elaborate a bit more on this? And what gives you the confidence that you will overcome these challenges and offer competitive advanced products in China?

作為快速跟進，您能否詳細說明您在中國建造 REM 時面臨的挑戰？我相信您過去曾提到實際和監管障礙。能詳細說明一下嗎？是什麼讓您有信心克服這些挑戰並在中國提供具有競爭力的先進產品？

We have been working in China with the local map providers to make sure that our technology is fully compliant and meets all of the local standards. And we've been compliant since we started working in China and we will continue to do so, and this is how we manage to launch products into production.

我們一直在中國與當地地圖提供者合作，以確保我們的技術完全符合並滿足所有當地標準。自從我們開始在中國工作以來，我們就一直遵守法規，並將繼續這樣做，這就是我們設法將產品投入生產的方式。

John Babcock, Bank of America.

約翰‧巴布科克，美國銀行。

So I guess my question partly tags along to that last one a little bit. But I guess what I'm wondering is, at what level of autonomy, I mean, recognizing there maybe isn't a specific gap between each one, but as you go from like Level 2 to Level 3 to Level 4 and ultimately, eventually, hopefully, level 5, is there a point at which you view the competitive environment as potentially getting less competitive over time?

所以我想我的問題部分與最後一個問題有關。但我想我想知道的是，在什麼級別的自主權上，我的意思是，認識到每個級別之間可能沒有特定的差距，但當你從2 級到3 級再到4 級，最終，最終，希望是第 5 級，您認為競爭環境的競爭程度是否會隨著時間的推移而逐漸減弱？

I mean I guess the question is, we've started to see a lot more competition in the -- or maybe not a lot, but more competition in the market in terms of some of these lower level offerings. But as the market develops and as it gets more sophisticated, do you expect that as you get to higher level or higher aspects of Level 3 and Level 4, that competitive environment maybe changes, so you have a higher competitive advantage? If you could just kind of talk about that, that would be helpful.

我的意思是，我想問題是，我們已經開始看到更多的競爭——或者可能不是很多，但在一些較低層級的產品方面，市場上的競爭更加激烈。但隨著市場的發展和變得更加複雜，你是否期望當你達到更高的水平或更高的級別3和級別4的方面時，競爭環境可能會發生變化，因此你有更高的競爭優勢？如果你能簡單地談談這一點，那就很有幫助了。

Well, I think what separates, I would say, a nice demo from a production system in this area of autonomy is safety. And safety is not just the word. It's not just the meantime between interventions. There's still operations that are multiple they use. There's a validation. There are so many things going on there.

嗯，我認為，在這個自治領域，一個好的演示與生產系統的區別在於安全性。安全不僅僅是一個字。這不僅僅是乾預之間的時間。他們仍然使用多種操作。有一個驗證。那裡發生了很多事情。

And as you go up the stack of autonomy, the situation becomes more and more complicated because you need to reach very high precision. And very high precision is something that you don't see in many products. So you see it in, say, aircraft on airplanes. You don't see it in day-by-day products like on your smart phone.

當你提高自主性時，情況會變得越來越複雜，因為你需要達到非常高的精確度。而且非常高的精度是許多產品中看不到的。所以你可以在飛機上看到它。您在智慧型手機等日常產品中看不到它。

But in order to reach a high level of autonomy, you need a system where its precision is incredibly high. And reaching those high level of precisions with a cost-optimized product that can meet the consumer level demand is hugely challenging.

但為了達到高水準的自主性，您需要一個精準度極高的系統。透過成本優化的產品來達到如此高的精度水平並滿足消費者的需求是一項巨大的挑戰。

And I think Mobileye is really in the pole position to meet those requirements. On one hand, to reach very high precision. And on the second hand, be very cost-optimized both in terms of the silicon, in terms of the software, in terms of what kind of sensors are being used, in terms of the infrastructure online and offline, in terms of the efficiencies of algorithms.

我認為 Mobileye 在滿足這些要求方面確實處於領先地位。一方面，要達到非常高的精度。另一方面，在晶片、軟體、所使用的感測器類型、線上和離線基礎設施以及效率方面都進行成本優化。

Some of those, we talked about at our AI Day, this two-hour talk that both me and Shai, we elaborated what goes into our autonomy software stack in terms of efficiency and how we bring the precision to be at a production level. So I think as we go up the stack, the level of competition should decrease and not increase because it's a very, very complex endeavor.

其中一些，我們在人工智慧日上討論過，在我和 Shai 的兩個小時演講中，我們詳細闡述了我們的自主軟體堆疊在效率方面的內容，以及我們如何將精度提高到生產水平。所以我認為，隨著我們的提升，競爭的程度應該會減少而不是增加，因為這是一項非常非常複雜的努力。

And just to follow up, even in the entry segment of base ADAS, which is a market that has been developed over the course of the past two decades, we are still able to maintain a very significant leadership position in this segment. Even though competitive pressure might have been coming and going, a lot of it is because of our technology advantages, but also our reputation and our execution capabilities. And there are more things that are involved in launching a product.

跟進一下，即使是在基礎 ADAS 的入門細分市場，這個市場是經過過去二十年發展起來的，我們仍然能夠在這個細分市場中保持非常重要的領導地位。儘管競爭壓力可能來來去去，但很大程度上是因為我們的技術優勢，還有我們的聲譽和執行能力。推出產品還涉及更多事情。

And just in the past year, there have been a few articles about OEMs that needed to do recalls about -- because of safety issues. In programs, they selected competing solutions even for the quote-unquote simpler systems. So I think it's being realized more and more. And as evident in the past two years, we have managed to win the vast majority of the businesses that our core customers have issued.

就在去年，有幾篇關於 OEM 廠商因安全問題而需要召回的文章。在程式中，他們甚至為更簡單的系統選擇了競爭的解決方案。所以我認為它正在被越來越多的人認識到。從過去兩年的情況來看，我們已經贏得了核心客戶所發放的絕大多數業務。

Yeah. I would say also, a case in point in this, if we are talking about base ADAS, case in point is that the recent euro NCAP rating of BYD's Auto3 driving system, where the rating was so low that it was the first time such a low rating was ever given, right? So this comes to show that even if you are looking at an entry level driving as this system, being able to meet the performance requirements, at least the performance requirements in western countries, meeting those requirements is a very complex task, especially if you want to control costs.

是的。我還想說，一個恰當的例子，如果我們談論基礎 ADAS，恰當的例子是最近比亞迪 Auto3 駕駛系統的歐洲 NCAP 評級，評級如此之低，這是第一次曾經給予過低評價，對嗎？所以這表明，即使你正在考慮像這個系統一樣的入門級駕駛，能夠滿足性能要求，至少是西方國家的性能要求，滿足這些要求是一項非常複雜的任務，特別是如果你想要以控製成本。

Yeah. I mean just to kind of tie it all together, because I think it's a really good question, John, like the things that kind of reduce the competitive environment and probably are best for us are areas where you have clear performance requirements, regulatory standards and things like that, and areas where your system requires like significantly high levels of precision.

是的。我的意思是只是將它們聯繫在一起，因為我認為這是一個非常好的問題，約翰，就像那些減少競爭環境的事情，並且可能對我們來說是最好的領域，這些領域有明確的績效要求、監管標準和諸如此類的事情，以及您的系統需要極高精確度的領域。

Right. Thanks for that. And then just one quick one. Did you provide an update on SuperVision volumes for 3Q? I might have missed it.

正確的。謝謝你。然後只是一個快速的。您是否提供了第三季 SuperVision 銷售的最新情況？我可能錯過了。

Yeah, it was around 30,000 units.

是的，大約有 30,000 台。

Nick Doyle, Needham & Company.

尼克‧多伊爾，李約瑟公司。

Nick Doyle, on for Quinn Bolton. Thanks for taking our questions. Just the first one, did you guys have any thoughts on the news that Waymo's achieving this 150,000 rides per week. Is that the type of goal you set for yourself? Or are you just thinking about it in a completely different way?

尼克·多伊爾（Nick Doyle）取代奎因·博爾頓（Quinn Bolton）。感謝您回答我們的問題。第一個，你們對 Waymo 每週實現 15 萬次騎行的消息有什麼想法嗎？這是您為自己設定的目標嗎？或者你只是以完全不同的方式思考它？

No, I think that news is very encouraging. And as I said before, when I mentioned Tesla's Robotaxi Day, I think the latest success of Waymo is kind of creating a revival of interest in robotaxis. So I think this is very encouraging data.

不，我認為這個消息非常令人鼓舞。正如我之前所說，當我提到特斯拉的機器人計程車日時，我認為 Waymo 的最新成功在某種程度上重新喚起了人們對機器人計程車的興趣。所以我認為這是非常令人鼓舞的數據。

I think the next challenge in the robotaxi is not the number of autonomous rides. It's how to bring the economies at scale. So for example, there's tail operation issues that -- question is how many people in the back office you have in order to support those drives, right? So there is system cost there. So I believe that over time, if the tail operation activity would get reduced using more advanced technologies, I'm talking about off-line technologies, this could bring the economies even to a more attractive level. But I think the industry now is on a very interesting trajectory.

我認為機器人計程車的下一個挑戰不是自動駕駛的數量。這就是如何使經濟規模化。例如，存在尾部操作問題——問題是後台有多少人來支援這些驅動器，對吧？所以那裡存在系統成本。因此，我相信，隨著時間的推移，如果使用更先進的技術（我指的是離線技術）來減少尾部營運活動，這可能會使經濟達到更具吸引力的水平。但我認為這個行業現在正處於一個非常有趣的軌道上。

Thanks. And then the other one is recent news-based. Is the new EU tariffs on the Chinese OEMs, is that incremental to the prior EyeQ or SuperVision unit volume expectations built in that you're talking about today?

謝謝。另一個是基於最近的新聞。歐盟對中國原始設備製造商徵收的新關稅是否是您今天討論的先前 EyeQ 或 SuperVision 單位銷售預期的增量？

Yeah. I think that the European tariffs were expected and have already been kind of reflected in kind of the metrics we've been reporting today.

是的。我認為歐洲關稅是預期的，並且已經反映在我們今天報告的指標中。

Aaron Rakers, Wells Fargo.

亞倫·雷克斯，富國銀行。

This is Jake Wilhem, on for Aaron. Thanks for the question. I was wondering if you could give a little additional color on the ASP drop you saw from EyeQ feature bundles, how you see that changing heading into 2025? And maybe just talk a little bit about the mix within EyeQ?

我是傑克威廉（Jake Wilhem），替亞倫發言。謝謝你的提問。我想知道您是否可以為您從 EyeQ 功能包中看到的 ASP 下降提供一些額外的顏色，您如何看待 2025 年的這種變化？也許只是談談 EyeQ 中的混合？

Yeah. So in terms of ASP, we don't anticipate any significant changes in the near-term trajectory. This year, we had a pretty volatile year in terms of mix within the EyeQ because of the inventory issues or the quantity, the volumes were very different between the quarters. So we saw some volatility within the quarter. But in terms of our trajectory for 2024 and also in the near term, we don't see any significant changes. Of course, there are some moving pieces like some positive, such high feature bundles versus negative pricing pressure in China, but overall, we don't anticipate some (inaudible) there.

是的。因此，就平均售價而言，我們預計近期軌跡不會有任何重大變化。今年，由於庫存問題或數量問題，我們在 EyeQ 的產品組合方面經歷了相當不穩定的一年，各季度之間的銷售差異很大。因此，我們在本季度看到了一些波動。但就 2024 年以及近期的發展軌跡而言，我們沒有看到任何重大變化。當然，有一些令人感動的事情，例如一些積極的、如此高的功能捆綁與中國的負面定價壓力，但總的來說，我們預計不會有一些（聽不清楚）。

Okay. Thanks. Maybe just a follow-up. I was wondering if you can give a little color maybe on the adoption rate for EyeQ Lite. Do you see that cannibalizing SuperVision shipments in the future at all? Obviously, not as powerful, so.

好的。謝謝。也許只是後續行動。我想知道您是否可以就 EyeQ Lite 的採用率提供一些資訊。您認為未來 SuperVision 的出貨量會被蠶食嗎？顯然，沒有那麼強大，所以。

No, so EyeQ Lite is our next-generation base ADAS tip that is very, very cost optimized and power consumption optimized to support entry level of regulation, five-star Euro NCAP for the entry segment, and it's a different segment than the higher end, more advanced ADAS solutions. And we do not see cannibalization. We do see a very encouraging dynamic where our existing customer base are all adopting EyeQ6L for the next-gen entry segments. And it's been progressing steadily in that direction.

不，所以 EyeQ Lite 是我們的下一代基礎 ADAS 尖端，它經過非常非常成本優化和功耗優化，可支援入門級法規、入門級歐洲 NCAP 五星級標準，它與高端市場不同。 ADAS解決方案。我們沒有看到蠶食。我們確實看到了一個非常令人鼓舞的動態，我們現有的客戶群都在下一代入門市場採用 EyeQ6L。並且一直朝著這個方向穩步前進。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Dan Galves for any closing comments.

謝謝。目前沒有其他問題。我想將發言權交還給丹·加爾維斯（Dan Galves），請他發表結束語。

Thanks a lot, Paul. Thanks to everyone for joining the call. Thanks to the executive team, and we'll talk to you next quarter.

非常感謝，保羅。感謝大家加入通話。感謝執行團隊，我們將在下個季度與您交談。

This concludes today's conference. You may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束。此時您可以斷開線路。感謝您的參與。