Mobileye Global Inc (MBLY) 2024 Q4 法說會逐字稿

Greetings and welcome to the Mobileye fourth quarter and full year 2024 earnings call.

問候並歡迎參加 Mobileye 2024 年第四季和全年收益電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

I would now like to turn the call over to your host, Mr. Dan Galves.

現在我想將電話轉給主持人丹·加爾維斯先生。

Thank you, sir.

謝謝您，先生。

You may begin.

你可以開始了。

Thank you.

謝謝。

Hello, everyone, and welcome to Mobileye's fourth quarter and full year 2024 earnings conference call for the period ending December 28, 2024.

大家好，歡迎參加 Mobileye 截至 2024 年 12 月 28 日的 2024 年第四季和全年財報電話會議。

Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it.

請注意，今天的討論包含基於我們目前所見的商業環境的前瞻性陳述。

Such statements involve risks and uncertainties.

此類聲明涉及風險和不確定性。

Please refer to the accompanying press release which includes additional information on the specific factors that could cause actual results to differ materially.

請參閱隨附的新聞稿，其中包含可能導致實際結果發生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.

此外，在本次電話會議中，我們將參考 GAAP 和非 GAAP 數據。

A reconciliation of GAAP to non-GAAP financial measures is provided in our posted earnings release.

我們在公佈的收益報告中提供了 GAAP 與非 GAAP 財務指標的對帳表。

Joining us on the call today are Professor Amnon Shashua, Mobileye's CEO and President; and Moran Shemesh, Mobileye's CFO.

今天參加電話會議的有 Mobileye 執行長兼總裁 Amnon Shashua 教授；以及 Mobileye 財務長 Moran Shemesh。

Also joining today for the Q&A session is Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy.

今天參加問答環節的還有 Mobileye 業務發展和策略執行副總裁 Nimrod Nehushtan。

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

謝謝，現在我將電話轉給 Amnon。

Hello, everyone, and thanks for joining our earnings call.

大家好，感謝您參加我們的財報電話會議。

Starting with the results, Q4 was closely aligned with our expectations.

從結果開始，第四季與我們的預期非常一致。

EyeQ volume was a bit better than expected and was 9%.

EyeQ 音量比預期好一點，為 9%。

It was up 3% versus the Q3.

與第三季相比成長了 3%。

The upside was largely related to higher-than-expected volume from Chinese domestic OEMs who continued to order above the levels we talked about back in July.

上行主要與中國國內原始設備製造商的銷售量高於預期有關，他們的訂單量持續高於我們 7 月談論的水平。

ASPs, gross margin, and operating expenses were aligned with our review at the beginning of the quarter.

平均售價、毛利率和營業費用與我們本季初的評估一致。

Operating margin of 21% was almost 5 points higher than Q3.

營業利益率為 21%，較第三季高出近 5 個百分點。

Operating cash flow was robust in 2024 finishing up at $400 million.

2024 年經營現金流強勁，達到 4 億美元。

That was flat compared to 2023 despite significant year-over-year revenue and earnings declines driven primarily by the previously disclosed inventory digestion period we experienced in the first half.

儘管收入和利潤同比大幅下降（主要由於上半年我們經歷了先前披露的庫存消化期），但與 2023 年相比，這一數字持平。

Operating cash flow was approximately double our non-GAAP net income in 2024.

2024 年營運現金流約為我們非 GAAP 淨收入的兩倍。

Moran will cover the guidance in more detail in a few minutes, but I will first set the stage. (technical difficulty) is that if we use indications from our customers for the full year, our guidance would be higher, but we prefer to take a conservative approach that accounts for the risk that uncertainties negatively affect our needs.

莫蘭將在幾分鐘內更詳細地介紹該指南，但我將首先介紹背景。 (技術難度) 在於，如果我們使用客戶的全年指示，我們的指導會更高，但我們更願意採取保守的方法，以應對不確定性對我們的需求產生負面影響的風險。

Our top 10 customers were assuming global production volumes meaningfully worse than that assumed by third-party forecasters.

我們十大客戶預測的全球產量明顯低於第三方預測的產量。

The Chinese OEMs forecasting remains difficult due to less visibility we receive.

由於我們獲得的可見性較低，對中國 OEM 的預測仍然很困難。

Volumes appear to have stabilized in the $2 million-plus annualized range in the second half of 2024, higher than we had expected several months ago.

2024 年下半年的交易量似乎已穩定在每年 200 萬美元以上的範圍內，高於我們幾個月前的預期。

But we're assuming a deterioration from that level simply to account for the low visibility.

但我們假設情況會從那個水平開始惡化，只是為了解釋低能見度。

On supervision, we're assuming about half of the current run rate of end market demand for the vehicles we are on.

在監管方面，我們假設我們所採用的車輛的終端市場需求運行率約為目前運行率的一半。

On Zeekr, we are electing to account for the risk that Zeekr could choose to go with our inhouse system on Zeekr 009, which is currently running at 2,000 to 3,000 units per month.

在 Zeekr 上，我們選擇考慮 Zeekr 可能選擇在 Zeekr 009 上使用我們的內部系統的風險，該系統目前每月運行 2,000 到 3,000 台。

We have no indication that this is planned but we are unwilling to be surprised again.

我們沒有跡象表明這是有計劃的，但我們不願意再次感到驚訝。

On Polestar, we are assuming volumes of Polestar 4 to remain at current levels despite their stated plans for further geographic expansion.

對於 Polestar 而言，儘管他們已聲明計劃進一步擴大地域覆蓋範圍，但我們預計 Polestar 4 的銷量將保持在當前水平。

Turning to seasonality at a percentage of the midpoint of the full-year revenue guidance, our reception for Q1 revenue is 25% of the full year.

以全年營收預期中點的百分比來衡量季節性，我們對第一季營收的預期是全年的 25%。

Typically, it would be lower so this gives us further confidence that the full-year outlook is achievable even if macro conditions deteriorate somewhat.

通常情況下，這個數字會較低，因此這讓我們更有信心，即使宏觀條件惡化，全年前景仍然是可以實現的。

Turning to the commercial and new business side, we continue to win new ADAS business with our core customers at the same very high rate we have for years and are seeing good opportunities with some new customers.

談到商業和新業務方面，我們繼續以多年來同樣的高速度從我們的核心客戶贏得新的 ADAS 業務，並且在一些新客戶中看到了良好的機會。

We recently won a multimillion-unit REM data harvesting and cloud-enhanced driving assist program from a very key customer in parallel with continued due diligence for supervision.

我們最近從一個非常關鍵的客戶手中贏得了價值數百萬單位的 REM 數據收集和雲端增強駕駛輔助項目，同時繼續進行盡職調查和監督。

This deal strengthens our global data harvesting with another leading OEM with significant global volumes.

此交易加強了我們與另一家在全球擁有大量數據的領先OEM之間的全球數據收集合作。

This data plays a key role in our EyeQ6 gen AI stack.

這些數據在我們的 EyeQ6 gen AI 堆疊中發揮關鍵作用。

Additionally, we'll move forward with an Indian OEM on REM data harvesting for this important growth market.

此外，我們將與印度 OEM 合作，為這個重要的成長市場收集 REM 數據。

A number of upcoming launches from this customer will have cloud-enhanced driving assist capability.

該客戶即將推出的多款產品將具備雲端增強駕駛輔助功能。

On the advanced product side, we have the customer engagements in place to drive a steady cadence of announcements over the course of 2025 which is consistent with the messaging we delivered at the December Capital Markets Day.

在高級產品方面，我們已經建立了客戶參與機制，以在 2025 年期間推動穩定的公告發布節奏，這與我們在 12 月資本市場日傳達的信息一致。

While our expectations for advanced product design wins remain intact, the exact timing of those announcements remain challenging to predict.

雖然我們對先進產品設計獲勝的期望保持不變，但這些公告的具體發佈時間仍然難以預測。

The decision for an OEM on what path to take towards autonomy is very strategic, very long-term decision.

對 OEM 來說，選擇哪一條道路實現自主化是一項非常具有戰略意義和長期的決定。

And this is why the due diligence process is so intense and takes stock, but it is clear that the customers believe in our approach and that the path to outstanding products run through Mobileye's technology.

這就是為什麼盡職調查過程如此緊張和嚴格，但很明顯，客戶相信我們的方法，並且通往卓越產品的道路需要通過 Mobileye 的技術。

In the past few months, we have revealed through our AI Day back in October, the Capital Markets Day in December at the CS early this month, a lot of technological advancements underlying our stack.

在過去的幾個月裡，我們透過 10 月的人工智慧日、12 月的資本市場日和本月初的 CS 展示了我們堆疊背後的許多技術進步。

The common theme is efficiency of design.

共同的主題是設計的效率。

Efficiency in our silicon design, and we'll be revealing very soon detailed benchmarks of EyeQ6 High versus competing high performance chips.

我們的矽片設計非常高效，我們很快就會公佈 EyeQ6 High 與競爭對手的高性能晶片的詳細基準測試結果。

Efficiency of our AI, for example, with the (technical difficulty) how to build a transformer network, which is a factor of 100 more efficient than the existing transformer architectures used by practitioners.

以我們的人工智慧的效率為例，（技術難度）如何建構一個變壓器網絡，其效率比現有從業者使用的變壓器架構高出 100 倍。

This efficiency in design is also translated to the amount of resources, data and compute, which is required for our AI stack.

這種設計效率也轉化為我們的 AI 堆疊所需的資源、數據和計算的數量。

Efficiency in our mind matters and goes against the dogma of brute force development.

我們心中的效率很重要，並且與強力開發的教條相違背。

Brute-force development is the signature of our competitors as reflected by the massive investment in compute and data pipelines.

強力開發是我們競爭對手的標誌，這從對計算和數據管道的大量投資中可見一斑。

Mobileye has a long tradition of excellence and efficiency.

Mobileye 有著卓越和高效的悠久傳統。

Preproduction vehicles powered by our EyeQ6 High stack show great promise for a substantial leap in performance and precision of our next-generation SuperVision and so forth.

搭載我們 EyeQ6 High stack 的試生產車輛可望大幅提升我們下一代 SuperVision 等產品的性能與精準度。

More updates will come in the course of 2025 as we get ready for start-of-production during 2026.

我們已為 2026 年開始生產做好準備，2025 年將會有更多更新。

Thank you and I will turn the call over to Moran.

謝謝，我將把電話轉給莫蘭。

Thank you, Amnon, and thanks for joining the call, everyone.

謝謝你，Amnon，也謝謝大家參加電話會議。

Before I begin, please be aware that all my comments on profitability will refer to non-GAAP measurement.

在我開始之前，請注意，我對盈利能力的所有評論都將參考非公認會計準則衡量。

The primary exclusion in Mobileye's non-GAAP numbers in the mort organization of intangible assets, which is mainly related to Intel's acquisition of Mobileye in 2017.

Mobileye 非 GAAP 資料中主要排除了無形資產的損失，這主要與英特爾 2017 年收購 Mobileye 有關。

We also exclude stock-based compensation as well as the goodwill impairment that occurred in Q3.

我們也排除了股票薪酬以及第三季發生的商譽減損。

Our Q4 results slightly exceeded the Q4 outlook implied by the full-year guidance we provided back in October, largely due to higher-than-expected volumes from Chinese OEMs, which was down 23% year over year.

我們的第四季業績略微超過了我們 10 月提供的全年指引中所暗示的第四季度前景，這主要歸因於中國 OEM 的銷量高於預期，同比下降了 23%。

There isn't much insight to be gained from that comparison.

透過這種比較我們無法獲得太多的見解。

As a portion of the meaningful inventory buildup, the impact of the first half of 2024 occurred in Q4 of 2023.

作為有意義的庫存累積的一部分，2024 年上半年的影響發生在 2023 年第四季。

Q1 will again be an apple-to-oranges, year-over-year comparison given the inventory digestion that occurred in Q1 of 2024.

考慮到 2024 年第一季的庫存消化，第一季與去年同期相比將再次成為同類比較。

Beginning with Q2, the comparison will be more relevant.

從 Q2 開始，比較將更有意義。

Gross margin was consistent with expectation and up slightly versus Q3 due to lower percentage of SuperVision revenue in Q4 versus Q3.

毛利率與預期一致，較第三季略有上升，因為第四季 SuperVision 營收佔比低於第三季。

Operating expenses were down somehow versus Q3 as expected.

正如預期，營業費用與第三季相比有所下降。

This is related to the initial impact of the LIDAR unit rundown, an increase in [military reserve duty refunds] some adjustment based on the evaluation of benefit of pros and other items that are largely timing related.

這與雷射雷達部隊削減的初步影響有關，[軍事預備役退稅]的增加是根據對專業人員利益的評估和其他與時間密切相關的項目的評估而做出的一些調整。

Turning to guidance, we provided 2025 revenue and adjusted operating income guidance in today's earning release.

談到指引，我們在今天的收益報告中提供了 2025 年收入和調整後的營業收入指引。

At the midpoint, we expect $1.75 billion of revenue and $217 million of adjusted operating income.

中間值是，我們預計收入為 17.5 億美元，調整後營業收入為 2.17 億美元。

This represents approximately 6% year-over-year revenue growth and more than 10% growth in adjusted operating income.

這意味著營收較上年同期成長約 6%，調整後營業收入成長超過 10%。

The revenue guidance is based on EyeQ volumes in the range of 32 million to 34 million units.

這筆營收預期以 EyeQ 銷量 3,200 萬至 3,400 萬台為依據。

Amnon mentioned we are assuming the vast majority of SuperVision units this year are for Polestar 4 and expect overall volumes in the low 20,000 units range at the midpoint assuming no expansion into the US.

Amnon 提到，我們假設今年絕大多數 SuperVision 車型都是為 Polestar 4 打造的，並且假設不向美國擴張，預計總銷量將在 20,000 輛左右。

I note that for the time being, we don't plan on expressly addressing SuperVision volumes in the near term.

我注意到，目前，我們不打算在短期內明確解決 SuperVision 捲問題。

Until we began launching this system on more products we invest on OEMs in 2026, we don't expect it to be significant enough to call out and we won't set expectations low enough that any variances to downside are not material.

在我們於2026 年開始在更多我們投資於OEM 的產品上推出該系統之前，我們預計它不會達到值得關注的程度，我們也不會將預期定得過低，以免任何下行差異都不重大。

On the EyeQ volume side based on our analysis and information from Q1, we believe that customer inventories are currently at normal seasonal levels.

在 EyeQ 銷售方面，根據我們的分析和第一季的信息，我們認為客戶庫存目前處於正常的季節性水平。

To give you better insight on our guidance, we thought it would be helpful to provide a bridge from the second half 2024 annualized run rate of 35.6 million units to the midpoint of our 2025 volume outlook of 33 million, which is somewhat below the indications we currently have from our customers.

為了讓您更了解我們的指引，我們認為有必要將 2024 年下半年的年化運行率 3560 萬台與 2025 年銷售預期的中點 3300 萬台進行對比，這略低於我們預期的目前已從我們的客戶處獲得

We don't plan to provide this level of detail on a quarterly basis but think it is helpful as context for our initial 2025 outlook.

我們不打算按季度提供這種程度的詳細信息，但認為它作為我們初步的 2025 年展望的背景很有幫助。

First of all, some pull forward of volume into Q4 is typical given annual price changes in volume and we estimate this added about [500,000] units annualized in Q4 2024.

首先，考慮到銷售量的年度價格變化，第四季度的銷售提前是典型的，我們估計，2024 年第四季的年化銷售量增加了約 [500,000] 個單位。

And we are not assuming this occurs again in Q4 2025.

我們並不認為這種情況會在 2025 年第四季再次發生。

We assume 2025 overall production of our core OEM customers which represent about half of industry volume will be down almost 7% versus 2024 level, similar to the decrease that we saw in 2024 versus 2023.

我們估計，2025 年我們的核心 OEM 客戶（約佔產業產量的一半）的整體產量將較 2024 年的水準下降近 7%，與 2024 年相對於 2023 年的降幅類似。

This is meaningfully lower and more conservative than [IHS] projection of minus 4% and would account for about 2.3 million units of reduction.

這比[IHS]預測的-4%要低得多，也更為保守，相當於減少了約230萬單位。

Partially offsetting the assumed production designs, we do expect share gains in ADAS adoption growth from these customers to drive approximately 1.5 million units of growth in 2025 or about 4 points of growth over market.

部分抵銷假設的生產設計，我們確實預期這些客戶在 ADAS 採用成長方面的份額成長將推動 2025 年約 150 萬台的成長，或比市場成長約 4 個百分點。

These are not generic expectations but rather relate to new programs and additional markets with specifical OEMs.

這些並不是通用的期望，而是與特定 OEM 的新計劃和額外市場相關。

Regarding this analysis, second-half production at our top customers is typically 2% higher than first half.

關於這項分析，我們主要客戶下半年的產量通常比上半年高出 2%。

This would represent almost 1 million unit reduction versus the second half run rate.

與下半年的運行率相比，這意味著減少了近100萬台。

Finally, regarding the China OEMs, we are assuming approximately 500,000 unit decline as compared to the second half run rate.

最後，關於中國 OEM，我們預計與下半年的運行率相比，產量將下降約 50 萬輛。

This is to reflect the volatility we've seen over the last several quarters.

這是為了反映我們在過去幾季看到的波動。

Turning to gross margin 2025.

轉向2025年的毛利率。

We are assuming about 1.5 points higher than 2024 primarily due to the lower percentage of SuperVision-related revenue.

我們假設該數字比 2024 年高出約 1.5 個百分點，這主要是由於 SuperVision 相關收入的百分比較低。

In terms of operating expenses, we expect about $250 million per quarter during 2025 on average, which is consistent with our comments on the Q3 call where we said the run rate at the same time would be sustained to 2025.

在營運費用方面，我們預計 2025 年平均每季約為 2.5 億美元，這與我們在第三季電話會議上的評論一致，我們當時表示，同時的營運率將持續到 2025 年。

Versus that Q3 run rate, we will see savings from the winddown of the LIDAR unit.

與第三季的運作率相比，我們將看到因雷射雷達裝置的停產而帶來的節省。

We expect this reduction to be offset by typical employee compensation inflation as well as our expected military reserve investment.

我們預計，這項減少將被典型的員工薪資通膨以及我們預期的軍事儲備投資所抵消。

I remind you that headcount-related expenses represent well above half of our OpEx.

我提醒您，與員工人數相關的費用遠遠超過我們營運支出的一半。

Other areas of growth such as [ADAS] testing and customer (technical difficulty) elated expenses are largely offset by efficiencies within our data-labeling activities as well as expected higher year-over-year engineering reimbursement on production program spending.

其他成長領域，例如 [ADAS] 測試和客戶（技術難度）相關費用，在很大程度上被我們數據標籤活動的效率以及預期生產計劃支出同比更高的工程補償所抵消。

In terms of Q1, we expect revenue to be down about 11% versus Q4, which reflects typical seasonality and a bit more than 80% growth year over year against the inventory digestion we experienced in Q1 of 2024.

就第一季而言，我們預計營收將較第四季下降約 11%，這反映了典型的季節性，與 2024 年第一季經歷的庫存消化相比，同比增長略高於 80%。

Our revenue expectation for Q1 implies about 25% of the midpoint of our full-year revenue guidance.

我們對第一季的營收預期約為全年營收預期中位數的 25%。

We expect overall gross margins about 100 basis points higher than Q4 level and for adjusted operating expenses to be at or slightly lower than the $250 million per quarter I indicated earlier.

我們預計整體毛利率將比第四季高出約 100 個基點，調整後的營業費用將等於或略低於我之前提到的每季 2.5 億美元。

Operating cash flow in 2024 was well above adjusted net income even after taking into account capital expenditure of $81 million.

即使考慮到 8,100 萬美元的資本支出，2024 年的營運現金流仍遠高於調整後的淨收入。

Cash flow generation in 2024 was consistent with 2023 despite substantially lower adjusted operating income, reflecting strong management and control of working capital in a variety of areas.

儘管調整後的營業收入大幅下降，但 2024 年的現金流量產生與 2023 年一致，反映出對各領域營運資本的強大管理和控制。

Additionally, we anticipate continuing to reduce our strategic reserve of chip inventory on our balance sheet in 2025.We should support another year of delivering operating cash flow above adjusted net income.

此外，我們預計 2025 年將繼續減少資產負債表上的晶片庫存策略儲備。

Finally, we expect the full year effective tax rate to be approximately 20% similar to 2024.

最後，我們預計全年有效稅率約為 20%，與 2024 年相似。

Thank you and we will now take your questions.

謝謝，我們現在將回答您的問題。

(Operator Instructions) Shreyas Patil, Wolfe Research.

（操作員指示） Shreyas Patil，Wolfe Research。

Hey, thanks so much for taking the questions.

嘿，非常感謝您回答這些問題。

Maybe just at a high level, as you're talking to legacy OEMs on adopting advanced automation like SuperVision, I'm just curious what kind of timelines they're considering for this kind of autonomy?

也許只是在高層次上，當您與傳統 OEM 談論採用 SuperVision 等先進自動化技術時，我只是好奇他們正在考慮這種自主性的時間表？

Because I know you mentioned uncertainty by OEMs as it relates to making that decision.

因為我知道您提到了 OEM 在做出決定時所面臨的不確定性。

So are the legacy automakers still viewing this as a 2027 or 2028 kind of launch for real adoption, particularly in markets like North America and Europe?

那麼，傳統汽車製造商是否仍將這項技術視為 2027 年或 2028 年真正採用的技術，特別是在北美和歐洲等市場？

I'll start and then maybe Nimrod would add.

我先開始，然後也許 Nimrod 會補充。

During 2024, we did a lot of buildup with the potential customers, building and developed the vehicles with our stack, working with them on very extensive testing.

2024 年期間，我們與潛在客戶進行了大量建設，使用我們的堆疊建造和開發車輛，並與他們一起進行了非常廣泛的測試。

And we believe all of that will bear fruit in 2025.

我們相信，這一切都將在 2025 年結出碩果。

Exact timing in 2025, it's difficult to pinpoint.

2025 年的具體時間很難確定。

But all the indications that all that we did in 2024 are going to bear fruit both in SuperVision and in Surround ADAS.

但所有跡象表明，我們在 2024 年所做的一切都將在 SuperVision 和環繞 ADAS 領域取得成果。

Surround ADAS is also a very interesting category that is being built right now. 2027 seems like -- still looks like the sweet spot in terms of introduction of these kinds of technologies and the work of a Tesla is really creating a sense of urgency with our OEMs, so we still believe that 2027 is really the right timing towards introduction of these systems.

環繞式 ADAS 也是目前正在建造的一個非常有趣的類別。 2027 年似乎仍然是推出此類技術的最佳時機，特斯拉的工作確實為我們的原始設備製造商創造了一種緊迫感，因此我們仍然相信 2027 年確實是推出此類技術的最佳時機這些系統。

Nimrod, you have anything to add?

尼姆羅德，你還有什麼要補充的嗎？

I agree and support, but the majority of the RFQs that we have and the engagements that we have are addressing or aiming for 2027, '28 timeframe.

我同意並支持，但我們收到的大多數 RFQ 和參與的計劃都是針對或瞄準 2027 年或 2028 年的時間範圍。

And especially for, I think Surround ADAS, which is kind of a new category that has been picking up in the past year.

尤其是環繞式 ADAS，這是過去一年逐漸興起的新類別。

I think that there is an even more expedited sense of urgency, let's say due to also regulatory and regulatory drivers, not just the competition.

我認為，緊迫感甚至更加強烈，這不僅是因為競爭，還因為監管和監管驅動因素。

So that still remains intact and we did not see any shift in the timeline so far.

因此它仍然保持完整，到目前為止我們沒有看到時間軸發生任何變化。

Okay, thanks.

好的，謝謝。

So maybe just on that point, because I think typically you talked about OEMs would have to kind of secure a win maybe two to three years ahead of deployment.

所以也許只是關於這一點，因為我認為通常你談到 OEM 必須在部署前兩到三年就確保勝利。

I know it's hard to pinpoint timelines, but just trying to get a sense of what your confidence level on some of these awards, particularly, the chart that you had provided at the Capital Markets Day, which showed a number of OEMs that seem fairly closer to crossing the finish line?

我知道很難確定時間表，但只是想了解一下你對其中一些獎項的信心水平，特別是你在資本市場日提供的圖表，其中顯示了許多看起來相當接近的原始設備製造商越過終點線？

So just trying to get a sense of your confidence on those.

所以只是想了解你對這些的信心。

Yeah.

是的。

So again, I think we've been maintaining the steady progress in these engagements.

所以，我認為我們在這些合作中一直保持著穩定進展。

And we kind of continue to do so.

而且我們還會繼續這樣做。

And as Amnon said on his remarks, we cannot really predict the exact timing of decisions, but we maintain steady progress since the Capital Markets Day in these activities.

正如阿姆農在演講中所說，我們無法真正預測決策的具體時間，但自資本市場日以來，我們在這些活動中保持穩步進展。

We believe also that any type of production until the middle of 2027, if the nomination is within the next four, five months, we need it.

我們也認為，直到 2027 年中期，如果提名在未來四、五個月內，我們都需要任何類型的生產。

Especially if we're talking about the carryover of what we're doing with the portion of the SuperVision.

特別是當我們談論對 SuperVision 部分工作的延續時。

And there's also a possibility to introduce EyeQ7 in that timeframe as well.

並且也有可能在該時間範圍內推出 EyeQ7。

And just maybe to add one comment on this if I may, I think what is also happening in parallel is that we continue to mature our next-gen products within our programs with Volkswagen Group that do address or have a concrete plan to start production in 2026 onwards.

如果可以的話，我可能想補充一點，我認為同時發生的事情是，我們繼續在與大眾汽車集團的合作項目中完善我們的下一代產品，這些產品確實已經解決或有具體的計劃在2026年起。

So our work in maturing the technology, the hardware software, next-gen AI technologies is continuing as planned.

因此，我們在完善技術、硬體軟體和下一代人工智慧技術方面的工作正在按計劃繼續進行。

So it does give some added confidence also to our future opportunities that we can meet even shorter timeframes if and when decisions are going to maybe take a little bit longer, they can maintain the same SRP plan because Mobileye is continuing to improve and kind of mature its products in parallel.

因此，這確實為我們未來的機會增加了一些信心，我們可以在更短的時間內完成決策，如果決策可能需要更長的時間，他們可以保持相同的 SRP 計劃，因為 Mobileye 正在不斷改進和成熟其產品並行。

Okay, great.

好的，太好了。

And maybe just a quick one, how do we think about gross margins for 2025?

再問一個簡單的問題，我們如何看待 2025 年的毛利率？

Thanks.

謝謝。

Yeah, I believe I mentioned it.

是的，我想我提到過它。

So we expect a slight increase in gross margin of 1.5% as a result mainly of SuperVision being lower volume than 2024.

因此，我們預計毛利率將小幅上漲 1.5%，主要原因是 SuperVision 的銷量低於 2024 年。

But with the EyeQ, it's really flat within the year.

但對於 EyeQ 來說，一年之內它確實持平了。

So no issue with gross margin on 2025.

因此 2025 年的毛利率沒有問題。

Chris McNally, Evercore ISI.

克里斯·麥克納利（Chris McNally），Evercore ISI。

Thanks so much team.

非常感謝團隊。

Just maybe around the (inaudible), Amnon.

可能就在（聽不清楚），阿姆嫩附近。

I think one of the questions that we always get from investors is, if you were to lose these, what would be the reason that you were to lose them?

我認為投資人經常問我們的一個問題是，如果你失去這些，你失去它們的原因是什麼？

And I kind of always think about three buckets, the first bucket being sort of timing or push out.

我總是會想到三個桶，第一個桶子是某種時機或推出的桶子。

OEM, it's unclear, which trims, which vehicles they want.

OEM，目前尚不清楚他們想要哪種裝飾、哪種車輛。

They're constantly deciding and that changes year by year.

他們不斷地做出決定，而且決定每年都在改變。

The sort of the second, which is very clear within the legacy OEMs is there's no action and they just decide to go with their basic level 2 and they pass on advanced solutions.

第二種情況，在傳統 OEM 中表現得非常明顯，那就是他們沒有採取任何行動，只是決定採用基本 2 級，並放棄先進的解決方案。

And then obviously the third is sort of more Mobileye is losing -- which would be, an OEM decides to go to in-house.

顯然，第三種情況是 Mobileye 的損失更大了——即 OEM 決定轉向內部生產。

So look, I don't want to hold you to percentages, but I'm just curious where you think the risk would be in those three buckets, timing, OEM, taking no action or an in-house solution.

所以看，我不想讓你知道百分比，但我只是好奇你認為這三個方面的風險在哪裡，時間、OEM、不採取任何行動或內部解決方案。

Thanks so much.

非常感謝。

Well, I think the third bucket in terms of in-house development, we don't see a trend there.

嗯，我認為就內部開發而言，第三個方面我們沒有看到任何趨勢。

We don't see anything that is serious about the in-house of such advanced products.

我們沒有看到任何關於此類先進產品內部生產的嚴肅事物。

So it's mostly related to the first two buckets, which is all about now power train.

因此，它主要與前兩個桶有關，它們現在全部與動力傳動系統有關。

So sales of EVs were below expectations.

因此電動車的銷量低於預期。

So car companies are kind of going back to the design board and putting more emphasis on combustion engine models.

因此，汽車公司正在重新審視設計，並更加重視內燃機模型。

So issues of power train, so that delays also driving assist or big driving assist decisions.

因此，動力傳動系統的問題也會延遲駕駛輔助或重大駕駛輔助決策。

But in terms of in-house development, we don't see any significant fraction or attraction there.

但就內部開發而言，我們並未看到任何顯著的份額或吸引力。

Nimrod, do you have anything to add?

尼姆羅德，你還有什麼要補充的嗎？

I think that it's a little bit hard for us to answer this question because we're not aware of all the behind-the-scenes considerations.

我認為我們很難回答這個問題，因為我們並不了解幕後的所有考慮。

So from our perspective, it's obvious that there are attempts in the market for in-house development and the GM recently talked about their plans and so on.

因此從我們的角度來看，很明顯市場上正在嘗試內部開發，而總經理最近也談到了他們的計劃等等。

So we are aware of those.

所以我們知道這些。

I think for the kind of the opportunities that we are now pursuing, it's a combination of the buckets that you mentioned that can play into this, mostly the kind of the whether or not the OEMs are ready for such a product at this timeframe.

我認為，對於我們現在正在追求的機會來說，這是您提到的可以發揮作用的多種因素的組合，主要是原始設備製造商 (OEM) 是否已在此時準備好推出這樣的產品。

What will it take from them and some perhaps more like a vehicle lineup considerations.

他們需要什麼？ 或許更像是對車輛陣容的考慮。

Longer term, we cannot really predict what will be the outcome of these in-house developments.

從長遠來看，我們無法真正預測這些內部發展會產生什麼結果。

But we've been working with customers that did have these attempts in the past.

但我們一直在與過去確實有過這些嘗試的客戶合作。

And we did manage to build a very successful business in parallel because eventually, we executed.

而我們確實成功地同時建立了一個非常成功的業務，因為最終我們執行了。

Very helpful.

非常有幫助。

Just as a quick follow-up on SuperVision.

只是對 SuperVision 的快速跟進。

The launches you have in 2026 that are sort of known and the '27 ones that are in our queue, are they mostly or the majority -- are they standard or take rate?

你們在 2026 年推出的產品是已知的，而我們排隊等待推出的 27 個產品，它們大部分是標準的還是佔大多數的產品？

Thanks so much.

非常感謝。

So it's not decided yet, to be honest, and it's something that we're discussing with our customer -- with our OEM partners, different models of how to sell these products to consumers.

所以說實話我們還沒有決定，我們正在和我們的客戶以及我們的 OEM 合作夥伴討論如何將這些產品銷售給消費者的不同模式。

There is a combination between standard fit and opt-ins.

有標準適配和選擇適配的組合。

So the more we will have information on this as we move forward, we will share this, of course.

因此，隨著我們不斷推進，我們將獲得更多有關這方面的信息，我們當然會與大家分享。

Thank you.

謝謝。

Joe Spak, UBS.

瑞銀的喬·斯帕克（Joe Spak）

Thanks, everyone.

謝謝大家。

Amnon and Nimrod, I'm just curious again on the OEM conversations, if price at all comes up and if that's a pushback and if so, I just wonder how you think about that giving like it seems like if you give a little bit there to gain a footing, it would seemingly make you stickier and perhaps more valuable to customers over time?

Amnon 和 Nimrod，我再次對 OEM 對話感到好奇，如果價格上漲，這是否是一種阻力，如果是這樣，我只是想知道你如何看待這種給予，就像如果你在那裡讓步一點以獲得立足點，隨著時間的推移，它似乎會讓你對客戶更有吸引力，甚至更有價值？

And then I guess also in the conversations with your urgency comment, does that also mean that once -- if and when they do sign, they're also willing to move quicker to implement than they have historically?

然後我想，在您關於緊迫性的評論中，這是否也意味著，一旦 - 如果他們簽署了協議，他們也願意比以往更快地採取行動來實施？

Well, price is always a consideration, but I don't think that price right now is any impediment to make decisions.

嗯，價格始終是一個考慮因素，但我認為現在的價格不會成為做出決定的障礙。

We are very optimized on price and we work with our customers to find the right solution.

我們對價格進行了高度優化，並與客戶合作尋找正確的解決方案。

Nimrod, anything you want to add?

尼姆羅德，還有什麼要補充嗎？

Yeah, I don't think that we have lost a program on prices.

是的，我不認為我們在價格方面失去了計劃。

I don't think it comes down to this at this stage.

我認為現階段事情還沒有發展到這個地步。

However, and we are -- we can say aggressive and flexible relatively with our prices in negotiation.

然而，我們可以說，在談判中我們的價格是相對積極和靈活的。

We don't want to make this a steppingstone.

我們不想讓這成為墊腳石。

So I don't think this is right now a kind of a challenge that we need to overcome.

所以我不認為這是我們現在需要克服的挑戰。

I think that the sense of urgency that you asked about is more about how many vehicles they can deploy such systems on and so on.

我認為，您詢問的緊迫感更多的是關於他們能在多少輛車上部署這樣的系統等等。

That is more a question of the OEMs' plans and rollout plans.

這更多的是一個 OEM 計劃和推出計劃的問題。

It's not just a question of they want to do this, but if they can really accelerate the execution and deployment in a larger scale of cars.

這不僅僅是他們想不想這樣做的問題，而是他們是否真的能夠加速在更大規模汽車上的執行和部署。

This is something that we are working with them and we can -- we're not the bottleneck, let's say for a broader expansion of vehicle integration.

這是我們與他們合作的事情，我們可以——我們不是瓶頸，可以說，對於更廣泛地擴展車輛整合。

We are very, very efficient and have -- one of our strengths actually is the execution side and being able to support multiple vehicle lineups, multiple vehicle architectures.

我們非常非常高效，我們的優勢之一實際上是執行方面，能夠支援多種車輛陣容、多種車輛架構。

So if and when this will become the chosen strategy, we can indeed support this.

因此，如果這成為選定的策略，我們確實可以支持它。

And just as a second question, obviously, a lot of news in AI this week and you guys have always talked about the efficiency of your development solution.

第二個問題，顯然，本週人工智慧領域有很多新聞，你們一直在談論開發解決方案的效率。

But I'm just wondering big picture, does any of the developments get you to reevaluate your own approach or do you have any views on whether the prevalence of open-source foundation and models can lower the barrier to entrance to others?

但我只是想知道從大局來看，這些發展是否會讓您重新評估自己的方法，或者您認為開源基礎和模型的流行是否可以降低其他人進入的門檻？

I think what we have seen with the (inaudible) DeepSeek now really aligns with the approach that Mobileye has been advocating for many years is that you need to build a purpose-built approach, which means efficiency.

我認為我們現在看到的（聽不清楚）DeepSeek 與 Mobileye 多年來一直倡導的方法真正一致，即你需要建立一種有針對性的方法，這意味著效率。

And at the AI Day we had in October, we build a transformer architecture that we built, which is 100 times more efficient in terms of the run time and then compute than any standard transformer because it's purpose built for the task of autonomous driving.

在十月份的 AI Day 上，我們建立了一個變壓器架構，就運行時間和運算效率而言，它比任何標準變壓器都要高 100 倍，因為它是專為自動駕駛任務而建造的。

So everything we do in terms of the silicon design, if you look at the area, the area of our EyeQ6 is 1/4 of the silicon area of our competing chips.

所以我們在矽片設計上所做的一切，如果看一下面積，我們的 EyeQ6 的面積是我們競爭晶片矽片面積的 1/4。

We will provide in the next couple of weeks significant benchmarks that we have been doing with the leading high performance compute chips and EyeQ6 is exceeding in terms of major KPIs like running both convolution net and transformers, all the chips that we have benchmarked against.

我們將在接下來的幾週內提供對領先的高效能運算晶片進行的重要基準測試，而 EyeQ6 在運行卷積網路和變壓器等主要 KPI 方面都超越了我們已經進行過基準測試的所有晶片。

So efficiency is really the hallmark of what Mobileye is doing.

因此，效率確實是 Mobileye 所做工作的標誌。

And what DeepSeek has shown is that if you innovate in engineering, that there was nothing there scientifically new that our community did not know about.

DeepSeek 表明，如果你在工程上進行創新，那麼從科學角度來說，沒有什麼是我們的社群所不知道的。

But the fact that they created a very tight flow of training in terms of making use of memory bandwidth, making use of efficient reinforcement learning like the GRPO instead of PPO, working with the quantized precision, [FP 8], they were really made and they even wrote assembly language to bypass all sorts of (inaudible) bottlenecks that they have there.

但事實上，他們創造了一個非常緊密的訓練流程，利用記憶體頻寬，利用高效的強化學習，如 GRPO 而不是 PPO，使用量化精度，[FP 8]，它們確實是製作精良的，他們甚至編寫了組合語言來繞過那裡遇到的各種（聽不清楚）瓶頸。

So if you are really purpose built and you want to be efficient, you can gain a lot and this is what Mobileye has been advocating for many years.

所以如果你真的是有針對性的，而且你想要提高效率，你就能收穫很多，這也是 Mobileye 多年來一直倡導的。

So this is exactly aligned with our approach.

這與我們的方法完全一致。

Thank you.

謝謝。

Dan Levy, Barclays.

巴克萊銀行的丹‧利維 (Dan Levy)。

Hi.

你好。

Thank you for taking the questions.

感謝您回答這些問題。

First, wanted to ask a question on the guide for '25 and specifically on the EyeQ shipping guide.

首先，想問一個有關 '25 指南的問題，特別是有關 EyeQ 運輸指南的問題。

Maybe you could just talk about the extent to which launch activity is factored into that guide?

也許您可以談談發布活動在該指南中所佔的比重有多大？

To what extent is that based on launches?

這在多大程度上是基於發布？

I think what we saw in the past was that although you're power train agnostic, it's typically EVs that are taking on more advanced content and we saw some slowdown in EV activity.

我認為，我們過去看到的情況是，儘管你對動力傳動系統持不可知論，但通常電動車會採用更先進的內容，而且我們看到電動車活動有所放緩。

So maybe you could talk about the extent to which launch activity factors into the guide?

那麼，您能否談談發布活動對指南的影響程度？

I'll start by saying -- then maybe Nimrod can add and Moran.

我首先要說的是——然後也許 Nimrod 可以添加 Moran。

We took a very conservative approach with guidance.

我們採取了非常保守的指導方法。

If we would have taken the numbers we received from our Tier 1s and OEMs, the guidance would have been much, much closer to consensus than what we did.

如果我們採用從一級供應商和 OEM 獲得的數據，那麼指導將比我們所做的更接近共識。

We took the conservative approach because we don't want to re-guide during 2025.

我們採取了保守的方法，因為我們不想在 2025 年期間重新制定指導。

We don't want to risk that, and our guidance includes the new launches as well.

我們不想冒這個險，我們的指導也包括新產品的發布。

Nimrod, do you want to add something?

尼姆羅德，你想補充一點嗎？

Yeah, I think a mix of new launches versus kind of carryover programs is normal this year.

是的，我認為今年新產品發布和結轉項目混合出現是正常的。

There is no higher or lower percentages of new product launches versus carryovers.

新產品推出與結轉產品的百分比不存在高或低之分。

So it's pretty consistent with what we have been facing in the past few years.

這與我們過去幾年面臨的情況非常一致。

And those new launches are -- sorry, go ahead.

這些新產品是—抱歉，請繼續。

I just wanted to say that on the new launches and in our market share that has cost some of the global production or reduction of volume reduction, this happened also in 2024.

我只想說，在新產品的發布和我們的市場份額方面，全球產量有所下降或產量減少，這種情況在 2024 年也發生過。

So it's not just an expectation for 2025.

所以這不僅僅是對 2025 年的期望。

In terms of market share, we did above market also in 2024.

就市場佔有率而言，我們在 2024 年也超過了市場。

It's just that our customers went down.

只是我們的客戶減少了。

Yeah, top-down customers went down like 6% or 7% from 2023 to 2024.

是的，從 2023 年到 2024 年，自上而下的客戶數量下降了 6% 或 7%。

There was definitely some offset to that.

這其中肯定存在一些抵消。

Understood.

明白了。

Thank you.

謝謝。

Maybe we could then just follow up on China, and if we could just mark where you are now, I think based on the disclosure you're giving, you assume something like 1 million units from the domestic area and something like 5 million from the multinationals in China, the volume outlook.

也許我們可以跟進中國的情況，如果我們能標出你現在的情況，我認為根據你給出的披露，你假設國內市場有 100 萬台，海外市場有 500 萬台。 。

And where do you stand now on resource allocation and efforts in China, especially amongst the domestics and taking into account maybe some of the challenges that we went through in China in '24?

您現在對中國資源分配和努力的立場是什麼，特別是在國內，考慮到我們 24 年在中國經歷的一些挑戰？

Yeah.

是的。

I'll maybe address this and Amnon and Moran can add.

我也許會解決這個問題，Amnon 和 Moran 可以補充。

So we have been -- our volumes in China next year for EyeQ is growing compared to 2024 and we're close to 2 million units for the COEMs, Chinese OEMs.

因此，與 2024 年相比，我們明年在中國的 EyeQ 銷量將會成長，我們向中國 COEM（原始設備製造商）供應的量將接近 200 萬台。

What we are finding there is that we have some good level of stability with the Chinese OEMs that have significant export volumes and they're willing and they're very much keen in partnering with Mobileye as a global proven solution that has proven performance and maybe the risk of potential technology restrictions in some Western markets is of course lower than adopting a Chinese solution.

我們發現，我們與中國OEM 保持著良好的穩定關係，這些OEM 擁有大量的出口量，他們願意也非常熱衷於與Mobileye 合作，因為他們認為Mobileye 是一種經過全球驗證的解決方案，性能已經得到驗證，也許一些西方市場潛在的技術限制的風險當然比採用中國解決方案的風險要低。

So that has really helped us in kind of maintaining and solidifying our position with our core customers and expanding our position with our core customers, Chinese customers.

這確實幫助我們維持和鞏固了我們與核心客戶的地位，並擴大了我們與核心客戶（中國客戶）的地位。

We have been optimizing mildly our investment in China.

我們一直在適度優化在中國的投資。

We still have a strong team there that supports all of the local R&D needs that maintain full compliance with the local restrictions and the regulation for data and so on.

我們在那裡仍然有一支強大的團隊，支援所有當地的研發需求，完全遵守當地的限制和數據法規等。

So we're maintaining kind of a very tight investment compared to the business in China.

因此，與中國業務相比，我們的投資保持得非常緊張。

I wanted to follow up, this is Dan.

我想跟進一下，這是丹。

So just to answer your question about kind of where we stand, last year, we did about 5 million units with the kind of non-Chinese OEMs in China and somewhere around the 1 million and 1.5 million units with the Chinese OEMs.

為了回答你關於我們目前狀況的問題，去年我們與中國的非中國 OEM 廠商合作生產了大約 500 萬輛汽車，與中國 OEM 廠商合作生產了大約 100 萬至 150 萬輛汽車。

One of the main reasons why our kind of assumptions are deviating from IHS is the kind of the global OEMs in China were down 17%, 18% last year.

我們的假設與 IHS 的假設有偏差，主要原因之一是去年中國全球原始設備製造商的銷售額下降了 17% 至 18%。

And now the assumption is they're down kind of in the mid-single digits or high-single digits.

現在的假設是，他們的銷售額下降了大約個位數的中段或高段。

We were taking the kind of the view that it could be worse and if it's worse, we don't want to have to re-guide like Amnon said.

我們認為情況可能會更糟，如果情況更糟，我們不想像 Amnon 所說的那樣重新指導。

So a significant reduction in kind of non-Chinese OEMs within China is baked into our forecast.

因此，我們的預測已經考慮了中國境內非中國原始設備製造商數量的大幅減少。

In terms of the Chinese OEMs like Nimrod mentioned, the volumes were encouraging in the second half of 2024.

就 Nimrod 提到的中國 OEM 而言，2024 年下半年的銷量令人鼓舞。

They ran at kind of one well above a 2 million unit run rate in the second half, which was quite a bit above where we thought that they would be back in July, I think for the reasons that Nimrud went through.

他們在下半年的運行率遠高於 200 萬台，這比我們在 7 月預計的運行率高出不少，我想這是由於 Nimrud 遭遇的原因。

We were not seeing any kind of change to that, but we're assuming that we have about a 500,000 deterioration versus kind of where we were in the second half, really just to be safe and due to the lack of visibility.

我們沒有看到任何變化，但我們假設與下半年相比，我們的數字會下降約 50 萬，這實際上只是為了安全起見，也因為缺乏可見性。

So hopefully that helps to kind of size the China business right now.

所以希望這有助於擴大目前中國的業務規模。

Thank you, that's helpful.

謝謝，這很有幫助。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Thanks, everybody.

謝謝大家。

So Amnon, you said in your comments, you do not see significant inhouse development from OEMs.

所以，Amnon，您在評論中說，您沒有看到 OEM 有顯著的內部發展。

You don't see that as a real trend.

你不認為那是一個真正的趨勢。

Just curious then, the Zeekr 009 example of moving inhouse, do you see that as kind of a one-off limited to China?

我只是好奇，Zeekr 009 內部遷移的例子，您是否認為這是僅限於中國的一次性事件？

And I'm curious how you view NVIDIA and Cosmos, even if it's not a direct competitor, are they offering tools that could help encourage and maybe accelerate inhouse development from your OEMs that maybe you haven't seen yet?

我很好奇您如何看待 NVIDIA 和 Cosmos，即使它不是直接競爭對手，他們是否提供了一些工具來幫助鼓勵和加速您可能還沒有看到的 OEM 內部開發？

And then I have a follow-up.

然後我有一個後續問題。

I think Cosmos is not directly related to empowerment and enablement.

我認為 Cosmos 與賦權和支持沒有直接關係。

There's a big difference between supporting humanoid robotics and supporting autonomous cars.

支援人形機器人和支援自動駕駛汽車之間存在很大差異。

With humanoid robotics, every robot is built differently.

對於人形機器人來說，每個機器人的構造都是不同的。

Actuators are placed differently and if you just train on real data, you'll not be able to generalize among the robotic platform.

執行器的位置不同，如果你只是根據真實資料進行訓練，你將無法在機器人平台中進行概括。

So relying on simulators is crucial.

因此，依靠模擬器至關重要。

For example, in my other company, Mentee Robotics, we build foundation models just on simulated environment and we use a lot of NVIDIA tools.

例如，在我的另一家公司 Mentee Robotics，我們只在模擬環境中建立基礎模型，並且使用了許多 NVIDIA 工具。

In autonomous driving, (technical difficulty) are structured and you want to rely on real world data in order to not to create the distribution shifts.

在自動駕駛中，（技術難度）是結構化的，您需要依賴真實世界的數據以避免產生分佈偏差。

You do use the simulations for edge cases, but you don't build your entire stack on simulators.

您確實會使用模擬來處理邊緣情況，但不會在模擬器上建立整個堆疊。

So I don't think that that would be a major enablement.

所以我不認為這會是一個重大的推動力。

Zeekr 009 or whatever is going on in China, I think it's separate from what's going in the Western economies.

Zeekr 009 或中國正在發生的一切，我認為都與西方經濟體正在發生的事情不同。

So when I mentioned about inhouse development, I was referring to the Western world.

因此，當我提到內部開發時，我指的是西方世界。

Okay.

好的。

Thanks for that.

謝謝。

Just as a follow-up and you alluded to it, humanoid robots have been getting a ton of attention lately from Tesla's efforts or other OEMs and tech firms.

正如您所提到的後續問題，人形機器人最近受到了特斯拉或其他原始設備製造商和科技公司的廣泛關注。

You're Chairman and Co-Founder of Mentee, as you mentioned.

正如您所提到的，您是 Mentee 的董事長兼聯合創始人。

So I'm really interested in how you think about the adjacent market opportunity for Mobileye's computer vision technologies and expertise in other markets.

所以我非常感興趣的是您如何看待 Mobileye 的電腦視覺技術和專業知識在其他市場的相鄰市場機會。

Because you said Mobileye is not the bottleneck.

因為你說Mobileye不是瓶頸。

Your industry that you serve, the auto industry, predominantly the legacy auto industry or the vast majority of it, there may be scenarios where they're just not ready.

您所服務的行業，汽車行業，主要是傳統汽車行業或其中的絕大多數，可能存在尚未做好準備的情況。

They're the bottleneck in that.

他們就是其中的瓶頸。

If you anchor all of your talent, IT, to that slow moving part that could put your company at risk.

如果你將所有的人才、IT 都集中在那個進展緩慢的部分，那麼可能會為你的公司帶來風險。

So I'm curious, how are you viewing -- how do you see the surface area between your computer vision tech and aviation and drones, humanoids.

所以我很好奇，您是如何看待——您如何看待電腦視覺技術與航空、無人機和人形機器人之間的結合。

Are these projects that Mobileye are currently exploring right now?

這些是 Mobileye 目前正在探索的項目嗎？

And if so, at what stage, at what point could that be material?

如果是的話，那麼在什麼階段、什麼時間點這才會變成現實？

Thanks.

謝謝。

I think (inaudible) is the CS talk, I refer to AI in the real world as physical AI and there are a lot of synergies.

我認為（聽不清楚）是 CS 談話，我將現實世界中的 AI 稱為實體 AI，並且存在著許多協同作用。

At Mobileye, we are now studying this.

在 Mobileye，我們目前正在研究這個問題。

We're not in any mature place in which we can make a decision, but we are definitely studying in-depth synergies between our stack and the outside of an automotive, but it's really early stages.

我們還沒有成熟到可以做出決定的程度，但我們確實在研究我們的堆疊和汽車外部之間的深入協同作用，但這還處於早期階段。

Got you, Amnon.

明白了，阿姆嫩。

Thanks.

謝謝。

Colin Rusch, Oppenheimer & Company.

奧本海默公司的柯林‧拉許 (Colin Rusch)。

Thanks so much, guys.

非常感謝大家。

Can you speak to the cadence of change of incentives within the reinforcement learning platform and any potential strategies for utilizing elements of any of the emerging architecture models or portions of some of these foundation models that are starting to come to market?

您能否談談強化學習平台內激勵措施變化的節奏，以及利用任何新興架構模型的元素或一些開始進入市場的基礎模型的部分元素的潛在策略？

Reinforcement learning is becoming a very critical tool in building the foundation models.

強化學習正在成為建立基礎模型的一個非常關鍵的工具。

And we use a lot of reinforcement learning in our AI stack as well.

我們的 AI 堆疊中也大量使用強化學習。

The reason you want to use reinforcement learning is when you build a [probabilistic ] engine, right?

你想要使用強化學習的原因是在建構[機率]引擎時，對嗎？

So the next token prediction you have in pretraining is a probabilistic engine.

因此，預訓練中的下一個標記預測是一個機率引擎。

There's no concept of correct and incorrect.

沒有正確與不正確的概念。

With reinforcement learning through adding a reward function, you are adding the notion of course.

透過加入獎勵函數進行強化學習，您當然會加入概念。

So you need this when you are building a useful foundation models and you need this also when you are building outputs that are relevant to autonomous driving because correctness is talking about precision, right?

因此，當您建立有用的基礎模型時，您需要這個，當您建立與自動駕駛相關的輸出時，您也需要這個，因為正確性談論的是精度，對嗎？

You want to be precise and not just be probabilistic.

你希望做到精確，而不只是機率。

So reinforcement learning is a crucial element and there's also lots of innovation and reinforcement learning.

因此，強化學習是關鍵要素，還有許多創新和強化學習。

What the DeepSeek has done, they use kind of a simple reinforcement learning approach called the GRPO, which allowed them not to use the critics, not to use the complicated reward functions and use only outcome rewards instead of a process modeling, process reward.

DeepSeek 所做的是，他們使用一種稱為 GRPO 的簡單強化學習方法，這使得他們不使用批評者，不使用複雜的獎勵函數，只使用結果獎勵，而不是過程建模、過程獎勵。

And the fact that it works so well is very, very nice.

而且事實上它的效果非常好。

And we're also looking at it instead of using PPO or DPO, we'll use this GRPO.

我們也正在考慮使用這個 GRPO，而不是 PPO 或 DPO。

But it's a small thing.

但這是一件小事。

Once you understand that it could be useful, you simply add it to your stack and experiment with it.

一旦您了解到它可能有用，您只需將其添加到您的堆疊並進行試驗。

And we're doing this all the time.

我們一直都在這樣做。

Super helpful.

超有幫助。

Thanks, guys.

謝謝大家。

And then just from a sensing perspective, you talked a lot about the devolution of your imaging radar technology.

然後，僅從感知的角度來看，您談了很多關於成像雷達技術的發展。

But can you talk a little bit about what you're seeing in terms of sensor fusion and the ability to integrate some of the sensor data in a more efficient way to streamline the overall system and how that will develop over the next 12 to 24 months?

但您能否談談您對感測器融合的看法，以及如何以更有效的方式整合部分感測器資料以簡化整個系統，以及未來 12 到 24 個月將如何發展？

We see imaging radar as a game-changing sensor.

我們認為成像雷達是一種改變遊戲規則的感測器。

And we see now a lot of acceptance from OEMs to include the imaging radar into a (inaudible) platform.

我們現在看到很多 OEM 都接受將成像雷達納入（聽不清楚）平台。

And we'll have more to say about it during 2025 but it's really a game-changing sensor.

我們將在 2025 年對此進行更多討論，但它確實是一個改變遊戲規則的傳感器。

Thanks so much, guys.

非常感謝大家。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

Yes.

是的。

Thank you very much for taking my questions.

非常感謝您回答我的問題。

Hoping you could share an update on how Mobileye Drive technology is progressing for robotaxis and the timing of when you think there will be AVs on roads for commercial operation, not only in Germany, but I think VW had planned to launch in Texas using Mobileye Drive.

希望您能分享一下Mobileye Drive 技術在自動駕駛計程車方面的進展，以及您認為自動駕駛汽車何時會在道路上投入商業運營，不僅在德國，而且我認為大眾汽車計劃在德克薩斯州使用Mobileye Drive 。

So our activity with the Mobileye Drive are -- the lead customer is the Volkswagen and

因此，我們與 Mobileye Drive 的合作主要客戶是大眾汽車和

(inaudible).

（聽不清楚）。

We have also additional activity with the Holon and Ruter, which is now starting paid -- with city driver, paid drives in Oslo.

我們也與霍隆 (Holon) 和魯特 (Ruter) 進行了其他活動，目前這些活動已開始收費——由市區駕駛者在奧斯陸提供付費駕駛服務。

We have an additional with the Benteler, additional activity with the Holon platform.

我們與 Benteler 有額外的合作，並且與 Holon 平台有額外的合作活動。

We're working with additional opportunities and it's all targeting end of 2026, 2027.

我們正在尋找更多機會，目標是在 2026 年底或 2027 年實現。

So throughout 2025 we're replacing the compute hardware EyeQ5-based to EyeQ6.

因此，在 2025 年，我們將把基於 EyeQ5 的運算硬體替換為 EyeQ6。

That's a Drive 64.

這是一個驅動器 64。

The imaging radars are already inserted and working on this platform by using the Innoviz LIDAR there.

成像雷達已經插入該平台並透過使用 Innoviz LIDAR 進行工作。

We finished training all the networks for those sensors.

我們完成了所有這些感測器網路的訓練。

And by end of 2025, we should be at the right meantime between failure to start experimenting with removing the driver.

到 2025 年底，我們應該處於正確的失敗時間點，可以開始嘗試移除驅動程式。

But the SOP is the end of 2026, 2027 for removing the driver.

但標準作業程序是在 2026 年底或 2027 年底移除駕駛者。

And you should see milestones occur over the course of 2025.

您應該會看到在 2025 年會發生里程碑事件。

The first milestones are closed user-group testing where you're taking actual members of the public and the system commercial launch in terms of starting to charge those customers.

第一個里程碑是封閉用戶群組測試，在測試中您將吸引實際的公眾成員，並開始向這些客戶收費進行系統商業發布。

This is all kind of in the near term during 2025.

這一切都是在 2025 年的近期內實現的。

So expect to hear more about this.

因此，期待聽到更多有關此內容的消息。

Thanks for that, Dan.

謝謝你，丹。

My second question was just following up on some of the earlier commentary around the RFI and RFQ pipeline.

我的第二個問題只是想跟進一下之前關於 RFI 和 RFQ 管道的一些評論。

And at the Capital Markets Day in December, there were five OEMs in the negotiation or due diligence phase for SuperVision, another three of those more advanced stages of evaluation for Surround ADAS.

在 12 月的資本市場日上，有五家 OEM 處於 SuperVision 的談判或盡職調查階段，另外三家 OEM 處於 Surround ADAS 的更高級評估階段。

You said today you're continuing to make progress on that pipeline, but could you clarify if any of those opportunities are no longer available to you or have meaningfully pushed out?

您今天說您正在繼續在該頻道上取得進展，但您能否澄清一下，這些機會是否對您不再可用或已被有意義地推遲？

Especially in Japan with some of the major OEMs there, are we now seeing M&A or plans to work with some other chip vendors at least for full AVs?

特別是在日本，那裡有一些主要的 OEM，我們現在是否看到了併購或計劃與其他晶片供應商合作，至少是針對完整的 AV？

I am hoping to get a bit clearer of an update on where some of those opportunities stand.

我希望能夠更清楚地了解其中一些機會的最新情況。

Thank you.

謝謝。

There hasn't been a change -- has not been a change negatively in these opportunities so far.

到目前為止，這些機會還沒有任何負面變化。

So there is no one -- that is dropped.

因此，沒有人 - 這一點已被放棄。

Thank you.

謝謝。

George Gianarikas, Canaccord Genuity.

Canaccord Genuity 的 George Gianarikas。

Hi, everyone.

大家好。

Thank you for taking my questions.

感謝您回答我的問題。

I'd like to ask also about the bakeoffs that you're in with the OEMs.

我也想問一下您與 OEM 廠商之間的競爭情況。

You talked about the inhouse development but could you also maybe discuss what you're seeing from other alternatives, whether it's emerging competitors like

你談到了內部開發，但你是否也可以討論一下你從其他替代方案中看到的情況，無論是像

[Wave].

[海浪]。

Waymo has made some noise about trying to sell to OEMs, Tesla.

Waymo 已經表示將嘗試向原始設備製造商特斯拉出售其產品。

How often are you seeing them in your discussions as well?

您在討論中多久會看到它們一次？

Thank you.

謝謝。

We do not see in those discussions a real competition outside of inhouse development.

在這些討論中，我們沒有看到內部開發以外的真正競爭。

All those that you mentioned, we don't see them in competition.

您提到的所有這些，我們在比賽中都沒有看到過。

I think that those are demo vehicles and could be relevant for the end of the decade, maybe production, but still a long way to go.

我認為那些是演示車輛，可能會在十年末投入生產，但還有很長的路要走。

So if an OEM is interested in 2027 and 2028 timeframe for a SuperVision or chauffeur, then the best path to get there is Mobileye.

因此，如果 OEM 對 2027 年和 2028 年的 SuperVision 或駕駛者感興趣，那麼實現這一目標的最佳途徑就是 Mobileye。

Thank you.

謝謝。

And maybe as a follow-up, but just curious as to what your collective thoughts are on Tesla's FSD version 13.2 and any progress you think you've made?

也許是作為後續，但只是好奇你們對特斯拉 FSD 版本 13.2 的集體看法是什麼，以及你們認為取得了什麼進展？

Thanks a lot.

多謝。

We've been test driving the Tesla version 13.

我們一直在試駕特斯拉 13 版。

We have strong conviction that our EyeQ6 platform will greatly exceed whatever we experienced with the FSD version 13.

我們堅信，我們的 EyeQ6 平台將大大超越我們在 FSD 版本 13 上所體驗到的一切。

And I would like to note that really the holy grail that we're pursuing is not just a good driving experience.

我想指出的是，我們真正追求的目標不僅僅是良好的駕駛體驗。

We are pursuing very high precision.

我們追求非常高的精度。

High precision, meaning that we can perform an eye of driving experience like with the Chauffeur.

高精度，意味著我們可以像使用 Chauffeur 一樣實現真實的駕駛體驗。

So there's way more to address than just the driving experience is how do you reach a very high meantime between failure.

因此，除了駕駛體驗之外，還有更多需要解決的問題，那就是如何在故障間隔時間內達到非常高的平均值。

And the meantime between failure that exists today is around 10 hours, even with the best systems like the FSD version 13 and each tens of thousands of hours.

如今的平均故障間隔時間為 10 小時左右，即使使用最好的系統（如 FSD 13 版）也需要數萬小時。

So this is really the holy grail, and we believe we can reach this with our EyeQ6 platform.

所以這真的是聖杯，我們相信我們可以透過 EyeQ6 平台實現它。

Thanks.

謝謝。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hi, thank you for taking our questions.

您好，感謝您回答我們的問題。

First, I just want to come back to kind of the AI DeepSeek developments.

首先，我想回顧一下 AI DeepSeek 的發展。

Would there be anything you would call out that you found maybe interesting in terms of their approach and what they did?

就他們的方法和所做的事情而言，您是否發現任何有趣的事情？

I know you highlighted a couple of things earlier, but it seems to be this kind of, I think reproof that some of the companies in the States are going to apply some learnings from that.

我知道您之前強調了幾點，但似乎這是一種責備，我認為美國的一些公司將從中學到一些教訓。

Do you get any sense that you would do something like that, or you would kind of modify anything you're doing right now differently?

您是否覺得您會做這樣的事，或者您會以不同的方式修改您目前正在做的事情？

I think when we're talking about the stack of autonomous driving, what was interesting there is the use of a GRPO instead in the reinforcement learning stack instead of the PTO and DPO and we're looking into it.

我認為，當我們談論自動駕駛堆疊時，有趣的是在強化學習堆疊中使用 GRPO 而不是 PTO 和 DPO，我們正在研究它。

It was very interesting, but I think that this is a very small thing.

這是非常有趣的，但我認為這是一件非常小的事情。

Their achievement is being able to develop a very tight flow, very tight training flow, taking into account every small bit of memory bandwidth and processing of the available chips that they have and reach a very low-cost training, whether that is $5.6 million or $50 million, I don't know.

他們的成就是能夠開發出非常緊湊的流程，非常緊湊的訓練流程，考慮到他們擁有的每一點內存頻寬和可用晶片的處理能力，並實現非常低成本的訓練，無論是 560 萬美元還是5000萬美元，我不知道。

But when you read our technical report, you see a lot of engineering innovation.

但是當你閱讀我們的技術報告時，你會看到很多工程創新。

So I think that is real and what we take out of it, which is relevant to us, is really the use of a GRPO and reinforcement learning stack.

所以我認為這是真實的，我們從中得到的與我們相關的是 GRPO 和強化學習堆疊的真正使用。

Thank you.

謝謝。

It's really interesting.

這真的很有趣。

The second one on the -- I know there was a Lyft partnership announced back in November and I think you've mentioned several times there's this urgency from a lot of OEMs.

第二個問題－我知道去年 11 月宣布了與 Lyft 的合作，我想你已經多次提到過，許多 OEM 廠商都迫切需要這種合作。

I'm wondering, are you getting any increased urgency from kind of the mobile operators or right hail operators, whether it's Lyft or other parts of the world to try to get the robotaxi deployed faster because of what Tesla is doing, because of what Waymo is doing?

我想知道，你是否從行動電信商或叫車業者那裡感受到了更大的緊迫感，無論是Lyft 還是世界其他地方，都試圖因為特斯拉和Waymo 的做法而更快地部署自動駕駛出租車在幹嘛？

If there is more agency, could we get kind of accelerated discussions along with that?

如果有更多的機構，我們能否加快討論的速度？

Yes, we do sense the urgency to come up with announcements on the robotaxis, but we need to align all the partners together.

是的，我們確實感覺到了發布有關機器人計程車的公告的緊迫性，但我們需要協調所有合作夥伴。

It's not just the operator, we need also the vehicle platform to be aligned.

不僅僅是操作員，我們還需要對車輛平台進行校準。

So this is fully aligned with the (inaudible) and with the other two opportunities we have.

因此，這與（聽不清楚）以及我們的另外兩個機會完全一致。

And we're building now 1/4 opportunity which also will be meaningful.

我們現在正在建構1/4的機會，這也將具有重大的意義。

So I do see kind of a revival of the robotaxi opportunity, mostly due to the success of Waymo and we see indications from the market in terms of partners, whether it's operators, vehicle platform builders who would like to play a more meaningful -- to be a more meaningful actor in this emerging market.

因此，我確實看到了自動駕駛計程車機會的復甦，這主要歸功於Waymo 的成功，而且我們看到了來自市場的跡象，無論是合作夥伴，還是營運商、汽車平台製造商，他們都希望發揮更有意義的角色－成為這個新興市場中更有意義的參與者。

Thank you very much.

非常感謝。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，New Street Research。

Hi, good afternoon.

嗨，下午好。

Thank you for taking my questions.

感謝您回答我的問題。

I have a question on your current SuperVision design wins.

我對您目前的 SuperVision 設計勝利有一個疑問。

So can you maybe tell us about your collaboration efforts with both Polestar, Volvo, and Volkswagen?

那麼您能否向我們介紹一下您與 Polestar、Volvo和大眾的合作情況呢？

How are the relationships doing?

關係怎麼樣？

Any interesting development over the last 90 days and how to extend the opportunity with those customers?

過去 90 天有什麼有趣的發展嗎？

I think our first-generation SuperVision, in terms of development, we are kind of in the low of marginal returns.

我認為，就我們的第一代 SuperVision 的開發而言，我們的邊際收益處於低點。

We have been adding automated parking to the stack and recently launched it in China and we will continue to develop it further.

我們一直在將自動停車功能添加到堆疊中，並最近在中國推出了它，我們將繼續進一步開發它。

But in terms of improving that stack, we reached the point in which our focus is on the EyeQ6 platform.

但在改進這個堆疊方面，我們的重點已經轉移到 EyeQ6 平台。

We were doing a complete software where we write on the EyeQ6 platform to make better use of the benefit that we have from the EyeQ6, of the 10 times, the more compute that we have requires some software where we write.

我們正在開發一款在 EyeQ6 平台上編寫的完整軟體，以便更好地利用 EyeQ6 帶來的優勢，10 倍的運算能力越強，我們就越需要一些在 EyeQ6 平台上編寫的軟體。

So all our focus is now on the EyeQ6 and throughout the 2025 we'll be able -- we have already preproduction vehicles with EyeQ6 already doing testing on road testing in Germany.

所以現在我們所有的注意力都集中在 EyeQ6 上，到 2025 年，我們將能夠——我們已經在德國對搭載 EyeQ6 的預生產車輛進行道路測試。

And throughout 2025, we'll be able to show significant improvement on the SuperVision performance with EyeQ6.

到 2025 年，我們將能夠展示 EyeQ6 在 SuperVision 性能方面的顯著提升。

Thanks.

謝謝。

And maybe as a follow up, you presented on the CMD the DXP framework to enable OEMs to code and control elements in the system affecting the driving experience.

也許作為後續行動，您在 CMD 上介紹了 DXP 框架，使 OEM 能夠對影響駕駛體驗的系統元素進行編碼和控制。

I'm wondering what feedback you're getting on DXP from your current engagements and potential additional design wins?

我想知道您從目前的合作以及潛在的額外設計勝利中獲得了有關 DXP 什麼反饋？

So in our activity with the supervision, DXP is in full use.

所以在我們的監督活動中，DXP得到了充分利用。

So it's a very important stack as part of the development stack that we have with OEMs.

因此，它是我們與 OEM 合作開發的堆疊的一部分，非常重要。

Thanks, Antoine.

謝謝，安托萬。

Operator, the next question will be our last question.

接線員，下一個問題將是我們的最後一個問題。

Tom Narayan, RBC Capital Markets.

加拿大皇家銀行資本市場部的湯姆‧納拉揚 (Tom Narayan)。

Hi, thanks for taking the questions.

嗨，感謝您回答這些問題。

My first one is just a quick follow-up on, I think Shreyas' question on the famous slides from the Investor Day.

我的第一個問題只是對 Shreyas 在投資者日著名幻燈片上提出的問題進行快速跟進。

Just wanted to clarify, the two OEMs is one for SuperVision and the other is for Surround ADAS that are close to nomination.

只是想澄清一下，這兩家 OEM 廠商一家針對 SuperVision，另一家針對接近提名的 Surround ADAS。

I heard something like -- was it like instead of being two or three months away, that's still -- you still believe that will happen in 2025?

我聽過類似的事情——是不是要再過兩三個月才會發生，而是——你仍然相信這會在 2025 年發生？

Is that correct or should we just assume, let's not put strict timelines associated with this from now on.

這是正確的嗎？

Is that kind of the change in the way to think about it?

這是否是思考方式的改變？

I don't think that there is any change.

我認為沒有什麼改變。

The Surround ADAS is really imminent, but we don't want to start pinpointing which week or which month of 2025 this is going to be nominated.

環繞式 ADAS 確實迫在眉睫，但我們不想開始確定它將在 2025 年的哪一周或哪個月被提名。

But all the indications are that we are at the end of the process of nomination.

但所有跡象表明，我們已處於提名過程的最後階段。

With the SuperVision, the same, all the activity we did in 2024 is bearing fruit and things should start playing out within the next few months within 2025.

同樣，有了 SuperVision，我們在 2024 年所做的所有活動都將取得成果，事情應該會在 2025 年的未來幾個月內開始發揮作用。

So nothing has changed that would change whatever we presented at the Capital Markets Day.

因此，沒有任何變化會改變我們在資本市場日所展示的任何內容。

Nimrod, do you have anything to add?

尼姆羅德，你還有什麼要補充的嗎？

We just don't want to be driven by kind of expectations of an exact time.

我們只是不想被某種確切時間的期望所驅使。

So nothing's changed kind of our expectation for where we stand with different OEMs.

因此，我們對與不同 OEM 的關係的期望並沒有發生任何改變。

Yeah.

是的。

Okay, cool.

好的，很酷。

And my follow-up I appreciate the comments on when you compare to what the other OEMs are doing, what maybe some other Tier 1s are doing, that with the Mobileye product that there's just a focus on precision and especially as it relates to eyes off.

我很欣賞你對與其他 OEM 和其他一級供應商所做的比較的評論，Mobileye 產品只注重精度，尤其是與眼睛無關。

But I guess my question is as it relates to the level two plus and maybe some level three, I mean, you have obviously GM this week saying they're going to double their super cruise adoption this year, Tesla with their unsupervised FFD launch in Austin in June, active demo demo to level two plus camera and radar at CES, that's pretty comparable to FSD.

但我想我的問題是，它與二級以上和可能三級有關，我的意思是，很明顯，通用汽車本週表示，他們今年將把超級巡航的採用率提高一倍，特斯拉也將在明年推出無人駕駛全自動駕駛系統。

And then Mercedes increased their speed to 95 kilometers an hour up from their level three, from 60.

然後梅賽德斯將速度從三級車的每小時 60 公里提高到了每小時 95 公里。

I know these products are probably still not up to snuff, right?

我知道這些產品可能還是達不到標準，對嗎？

Where you guys are or where you want to be.

你們現在在哪裡或想去哪裡。

But just wondering if there's a risk at the transition to get to eyes-off where these products might just be sufficient for where the consumer demand is.

但我只是想知道在轉型過程中是否有風險，這些產品可能只是滿足消費者的需求。

Is that a risk you see or do you -- are you not concerned about that?

您是否看到了這個風險，或者您是否不擔心這個？

No, it's not a risk because we are doing both, right?

不，這並不危險，因為我們兩件事都在做，對嗎？

We're building supervision, which is not in eyes-off system.

我們正在建立監督機制，這不是監視系統。

And we're building a chauffeur at the same time, for example, with the Porsche.

同時，我們還在為保時捷打造司機。

We're building SuperVision and with Audi, we're building a chauffeur.

我們正在打造 SuperVision，並且我們正在與奧迪合作打造司機。

So it's all going simultaneously.

所以一切都是同時進行的。

We believe in the great value of an eyes-off but regardless of our belief, we're also promoting very, very strongly SuperVision which is an eyes-on system.

我們相信視線之外的巨大價值，但無論我們怎麼想，我們也非常非常大力推廣 SuperVision，這是一種視線之內的系統。

So if an eyes-on system is what the market would think is good enough, it's fine, right?

因此，如果市場認為目視系統夠好，那就沒問題，對嗎？

We believe that there's a great value in an eyes-off system.

我們相信，無需注視的系統具有巨大的價值。

This is why we're pursuing that as well.

這也是我們追求這目標的原因。

And we're simply doing both.

我們只是同時做這兩件事。

So there's no risk here.

所以這裡沒有風險。

It's not that we are betting on an eyes-off and not doing an L2-plus system.

這並不是說我們不想開發 L2-plus 系統。

Thank you, Tom.

謝謝你，湯姆。

Thank you.

謝謝。

Ladies and gentlemen, that concludes our question-and-answer session.

女士們、先生們，我們的問答環節到此結束。

I'll turn the floor back to Mr. Galves for any final comments.

我將把發言權交還給加爾維斯先生，請他發表最後的評論。

Thanks a lot for everyone's time and we will talk to you on our next earnings call in April.

非常感謝大家的時間，我們將在四月的下次財報電話會議上與您討論。

Thank you.

謝謝。

Thank you.

謝謝。

This concludes today's conference call.

今天的電話會議到此結束。

You may disconnect your lines at this time.

現在您可以斷開您的線路。

Thank you for your participation.

感謝您的參與。