Mobileye Global Inc (MBLY) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Mobileye first-quarter 2025 earnings call. At this time all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Galves. Mr. Galves, we may begin.

大家好，歡迎參加 Mobileye 2025 年第一季財報電話會議。此時所有參與者都處於只聽模式。正式演講之後將有一個簡短的問答環節。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹你們的主持人 Dan Galves。加爾維斯先生，我們可以開始了。

Thanks, Stacey. Hello, everyone and welcome to Mobileye’s first-quarter 2025 earnings conference call for the period ending March 29, 2025. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it.

謝謝，史黛西。大家好，歡迎參加 Mobileye 截至 2025 年 3 月 29 日的 2025 年第一季財報電話會議。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 risk and uncertainty. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially. Additionally on this call, we will refer to both GAAP and non-GAAP figures, a reconciliation of GAAP to non-gap financial measures provided in our posted earnings release.

此類聲明涉及風險和不確定性。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。此外，在本次電話會議上，我們將參考 GAAP 和非 GAAP 數據，以及我們發布的收益報告中提供的 GAAP 與非差距財務指標的對帳。

Joining us on the call today are Professor Amnon Shashua, Mobileye's CEO and President; and Moran Shamesh, Mobileye's CFO. Also joining today for the Q&A session is Nimrod Nehushtan, Mobileye's PVP of Business Development and Strategy. Thanks, and now I'll turn the call over to Amnon.

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 Shamesh。今天參加問答環節的還有 Mobileye 業務發展和策略 PVP Nimrod Nehushtan。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, Q1 was closely aligned with our expectations. Revenue was up 83% year over year compared to the unusually low Q1 of last year due to the meaningfully [gap] growth of inventory in Q1. Operating margins recovered sharply on a year-over-year basis due to the high revenue.

大家好，感謝您參加我們的收益電話會議。從結果開始，第一季與我們的預期非常一致。由於第一季庫存大幅成長，與去年第一季異常低的水平相比，營收年增了 83%。由於收入較高，營業利潤率較去年同期大幅回升。

Operating expense growth, 14% in Q1, should moderate to middle-single digits on average in the balance of the year as the current R&D infrastructure is sufficient to execute all the advanced products and programs that will come online over the next several years. Operating cash flow was again a highlight at $109 million in Q1.

第一季營運費用成長率為 14%，由於目前的研發基礎設施足以執行未來幾年上線的所有先進產品和項目，因此在今年剩餘時間內，營運費用成長率平均應降至中等個位數。第一季的經營現金流再次成為亮點，達到 1.09 億美元。

Business trends for our core single chip front camera driving systems were fundamentally strong in Q1 both in terms of current supply demand and design win for future programs. Volume in Q1 was 8.5 million units. And we expect Q2 volume to be about 7% higher and for Q2 revenue to be up approximately 7% year over year. After a volatile 2024, Q1 volumes and Q2 orders have been quite stable with some upward variance from China OEMs compared to our original expectation.

無論從當前的供應需求還是未來專案的設計勝利來看，我們核心的單晶片前置攝影機驅動系統的業務趨勢在第一季都表現強勁。第一季的銷量為 850 萬台。我們預計第二季的銷量將比去年同期成長約 7%，營收將比去年同期成長約 7%。在經歷了動盪的 2024 年之後，第一季的銷售量和第二季的訂單一直相當穩定，與我們最初的預期相比，中國原始設備製造商的銷售量略有上升。

Turning to the macro environment. Clearly, global light vehicle production in 2025 has become significantly more uncertain as the industry grapples with new trade frictions that change (technical difficulty). We are fortunate that the simplicity of our supply chain, which our customers are the importers of our product, means that we should not directly incur any material carriage cost. Nevertheless will be affected by any negative impacts to global production volumes and consumer spending resulting from these [trade frictions].

轉向宏觀環境。顯然，隨著汽車產業應對新的貿易摩擦，2025 年全球輕型汽車產量的不確定性顯著增加。（技術難度）。我們很幸運，我們的供應鏈很簡單，我們的客戶就是我們產品的進口商，這意味著我們不應該直接承擔任何材料運輸成本。然而，這些因素對全球產量和消費者支出造成的任何負面影響都將受到影響【貿易摩擦】

What we know today is that Q1 results were solid. Q2 order flow is above original expectation and consistent for the last couple of months. And we have seen no deterioration in forward production schedules from our customers. We also know that our original outlook included the level of conservatism that was intended to reflect the risk of macro deterioration in the second half of 2025.

我們今天知道的是，第一季的業績表現穩健。Q2 訂單流高於最初預期，並且與過去幾個月保持一致。且我們並未發現客戶的預期生產計畫有任何惡化。我們也知道，我們最初的展望包括保守程度，旨在反映 2025 年下半年宏觀經濟惡化的風險。

Given expected first-half [trade] volumes, our own analysis of the direct impact of current tariffs on our customers and analysis by third parties like S&P Global, we continue to see a strong potential to perform within the within the guidance range for full-year 2025. Of course, there is potential for price elasticity and other economic effect on auto consumers. But this is beyond our ability to analyze at this time.

鑑於預期的上半年貿易量、我們對當前關稅對客戶直接影響的分析以及標準普爾全球等第三方的分析，我們仍然認為在 2025 年全年的指導範圍內表現具有強勁的潛力。當然，價格彈性和其他經濟效應對汽車消費者而言也是有潛力的。但這超出了我們目前的分析能力。

Turning to the longer term, design when activity was very brisk in this quarter. This trends to be bumpy, but if we compare to the projected future volumes achieved from design wins in all of 2024, the design wins in Q1 are already at around 85% of what we achieved last year.

從長期來看，本季的設計活動非常活躍。這一趨勢可能會比較坎坷，但如果我們將其與 2024 年全年設計勝利所實現的預計未來數量進行比較，第一季的設計勝利已經達到了去年實現數量的 85% 左右。

Additionally, we are seeing potential for an inflection point in the value per unit of mass market driving (technical difficulty). REM is now included in the Ford BlueCruise. And this cloud-enhanced functionality will also be adopted by a Korean OEM in future programs based on a large program we want in Q1.

此外，我們看到大眾市場驅動的單位價值出現轉折點的可能性（技術難度）。 REM 現已包含在 Ford BlueCruise 中。而且，基於我們在第一季想要實施的大型項目，韓國 OEM 在未來的項目中也將採用這種雲端增強功能。

A potentially bigger tailwind for Mobileye is the trend towards the multi-camera setup going mainstream in the coming years due to more stringent future safety requirements and also the need to provide highway hands-free driving on mass-market vehicles for OEMs to remain competitive.

對於 Mobileye 來說，一個潛在的更大順風是，由於未來安全要求更加嚴格，以及原始設備製造商需要在大眾市場車輛上提供高速公路免提駕駛功能以保持競爭力，多攝影機設定在未來幾年將成為主流。

BYD boosted that their trend with their God's Eye announcement which was a clear message to the industry that highway hands-free will likely (technical difficulty) future on mainstream vehicles in the coming years.

比亞迪透過「上帝之眼」發布會進一步推動了這一趨勢，這向業界發出了一個明確的信息：未來幾年，高速公路上的免持功能很可能（技術難度）成為主流車輛的標配。

Mobileye’s surround ADAS through the EyeQ 6 high is the perfect solution for that space. And we announced our first design win with Volkswagen during the quarter.

Mobileye 透過 EyeQ 6 high 實現的環繞式 ADAS 是該領域的完美解決方案。我們在本季宣布首次與大眾汽車達成設計合作。

Technology functionality and efficiency are just as important as the right here. And we have only and we have the only offering that can support all perception mapping, driving policy, and driving function from a single SOC on a single ECU fully upgradable over the year.

技術的功能和效率與此處的權利同樣重要。我們擁有並且是唯一能夠透過單一 SOC、單一 ECU 支援所有感知映射、駕駛策略和駕駛功能的產品，並且可在一年內完全升級。

And this shares a common technology backbone with our more advanced product, which supports cost-efficient, modular product portfolio for OEMs across all vehicles. Mobileye it through a one-stop shop. And this really aligns with OEM software-defined vehicle and architecture consolidation goal. We're also seeing substantial opportunities for new customers. During the quarter, we achieved our first design within in about eight years with a particular European OEM.

它與我們更先進的產品共享一個共同的技術主幹，為所有車輛的原始設備製造商提供經濟高效的模組化產品組合支援。Mobileye 透過一站式商店實現這一目標。這確實與 OEM 軟體定義的車輛和架構整合目標一致。我們也看到了新客戶的巨大機會。在本季度，我們與特定的歐洲 OEM 合作，在大約八年內完成了我們的第一個設計。

We're also seeing traction from our imaging radar product where the first design win outside of the Drive and product line is imminent with another European OEM. This OEM is expected to choose our imaging radar as an enabler of high-speed highway Level 3 solution, which is a testament to the differentiation of the sensor and the big vote of confidence to our Chauffeur and Drive products in general.

我們還看到了成像雷達產品的吸引力，該產品在 Drive 和產品線之外首次獲得設計勝利，即將與另一個歐洲 OEM 合作。預計該 OEM 將選擇我們的成像雷達作為高速公路 3 級解決方案的推動者，這證明了感測器的差異化以及對我們的 Chauffeur 和 Drive 產品的整體信任。

OEM decision making for SuperVision, and so forth, remains slower than we would like. But we continue to make progress with a number of OEMs including, two top (technical difficulty) new top 10 global OEMs prospects in the past few months. Execution on the Porsche and Audi programs remain on track. And we're looking forward to provide first prototype demos of these systems in the second half of 2025.

OEM 對於 SuperVision 等的決策速度仍然比我們希望的要慢。但我們與多家 OEM 廠商的合作不斷取得進展，其中包括過去幾個月內兩家預計將躋身全球十大 OEM 廠商之列（技術難度較高）。保時捷和奧迪專案的執行仍在按計劃進行。我們期待在 2025 年下半年提供這些系統的首個原型演示。

That will be the first opportunity for external audiences to experience the new EyeQ 6 high-based software -- software and hardware in a production intensive.

這將是外部觀眾首次有機會體驗全新 EyeQ 6 高基礎軟體——軟體和硬體的密集生產。

Our Mobileye Drive -- self-driving system for robotaxi business continues to accelerate. We announced the next step with Lyft during the quarter announcing Dallas, Texas as the geography for initial operation Marubeni as the owner operator, and Lyft as the demand platform. We expect to choose and announce the vehicle OEM in the coming months.

我們的Mobileye Drive－自動駕駛計程車系統業務持續加速發展。我們在本季宣布了與 Lyft 的下一步合作，宣布德克薩斯州達拉斯為初始運營的地區，丸紅作為所有者運營商，Lyft 作為需求平台。我們預計將在未來幾個月內選擇並公佈車輛 OEM。

In a completely fresh development simultaneous the beginning of this earning call, Volkswagen and Uber issued a joint release announcing the two companies had agreed to integrate Mobileye Drive-enabled ID Buzz robotaxis onto the Uber ride-hailing network in Los Angeles starting in 2026.

在本次財報電話會議開始時，大眾汽車和 Uber 發布了一項全新進展，宣布兩家公司已同意從 2026 年開始將支援 Mobileye Drive 的 ID Buzz 機器人計程車整合到洛杉磯的 Uber 叫車網路中。

This is an excellent example of the ecosystem approach we are taking in this business, which we believe has significant scale benefits. As we have discussed before, we are working with Volkswagen to integrate the Mobileye Drive self-driving system into Volkswagen ID bus produced on the same assembly line as normal vehicles and that (technical difficulty) able to be scaled up or down rapidly. In this agreement, Volkswagen's mobility arm MOIA will act as the fleet management system provider of the vehicles, and the Uber network will be the demand-generating platform.

這是我們在該業務中採取的生態系統方法的一個極好的例子，我們相信它具有顯著的規模效益。正如我們之前討論過的，我們正在與大眾合作，將 Mobileye Drive 自動駕駛系統整合到與普通車輛在同一裝配線上生產的大眾 ID 巴士中，並且（技術難度）能夠快速擴大或縮小。在該協議中，大眾汽車旗下移動出行部門 MOIA 將作為車輛的車隊管理系統提供商，而 Uber 網路將作為需求生成平台。

Our ecosystem approach is capital light for us. And it puts the responsibility for each layer of this business into actors that have relevant competencies and the ability to add value.

我們的生態系統方法對我們來說是輕鬆的資本。並將該業務每一層的責任交給具有相關能力和增值能力的參與者。

On the technology front, our low-cost sensor set, efficient compute, and generalizable AI software is expected to enable rapid scaling across geography that a compelling price points for the (inaudible).

在技​​術方面，我們的低成本感測器組、高效計算和可通用的人工智慧軟體有望實現跨地域的快速擴展，為（聽不清楚）。

Finally, we congratulate another of our robotaxi production partners HOLON for booking an order from Jacksonville Transit Authority to purchase the HOLON Urban Autonomous Shuttle, which is a native by Mobilize Drive.

最後，我們祝賀我們的另一位自動駕駛計程車生產合作夥伴 HOLON 獲得傑克遜維爾交通管理局的訂單，購買由 Mobilize Drive 自主研發的 HOLON 城市自動駕駛接駁車。

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

謝謝，我會把電話轉給莫蘭。

Thank you, Amnon. Thanks for joining the call everyone. Before I begin, please be aware that all my comments on profitability will refer to non-GAAP measurements. The primary exclusion in Mobileye non-GAAP numbers is amortization of intangible assets, which is mainly related to Intel's acquisition of Mobileye in 2017. We also exclude stock compensation.

謝謝你，阿姆嫩。感謝大家參加電話會議。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 GAAP 衡量標準。Mobileye 非 GAAP 資料中的主要排除是無形資產攤銷，這主要與英特爾 2017 年收購 Mobileye 有關。我們也排除了股票補償。

Our Q1 results slightly exceeded the color we provided on the Q4 2024 earnings call in January. Primarily due to modestly higher volume from Chinese OEM and lower than expected operating expenses due to efficiencies in facilities and operations along with some timing-related items.

我們第一季的業績略微超出了我們在 1 月 2024 年第四季財報電話會議上提供的情況。主要是由於中國原始設備製造商的產量略有增加，並且由於設施和運營效率提高以及一些與時間相關的項目導致運營費用低於預期。

Revenue was up 83% year over year with a high level of growth due to normalized volume in Q1 2025 compared to Q1 of 2024, which was impacted by meaningful inventory digestion by Q1 customer.

營收年增 83%，由於 2025 年第一季與 2024 年第一季相比銷量恢復正常，且受到第一季客戶大量消化庫存的影響，因此成長水準較高。

Year-over-year comparisons will be more relevant going forward as we believe supply and demand will well align in the back half of 2024. On a sequential basis, Q1 gross margin was up slightly versus Q4 2024 on the lower percentage of SuperVision revenue. While EyeQ gross margins were largely unchanged. Operating expenses were up and out versus Q4 as expected. This is related to some of higher payroll expenses due to lower reserve duty refunds in Q1 and slight head and growth, higher spending on robotaxi projects, higher marketing spend due to participation in industry events, and other items that are largely timing related.

由於我們相信 2024 年下半年的供需將會很好地協調，因此未來同比比較將更具意義。以環比計算，由於 SuperVision 收入佔比較低，第一季毛利率較 2024 年第四季略有上升。而EyeQ的毛利率基本上沒有變動。與第四季相比，營運費用有所上升，符合預期。這與以下因素有關：由於第一季準備金退稅減少以及成長放緩導致工資支出增加，機器人出租車專案支出增加，由於參與行業活動導致行銷支出增加，以及其他主要與時間相關的項目。

We continue to expect approximately 7% year-over-year growth in adjusted operating expenses in 2025 compared to $926 million in 2024. We'd expect Q2 to be slightly higher than Q1 and for Q3 likely to be the highest quarter of the year.

我們繼續預計 2025 年調整後營運費用將年增約 7%，而 2024 年為 9.26 億美元。我們預計第二季的業績將略高於第一季度，而第三季則可能成為今年業績最高的一個季度。

We don't expect global macro issues to impact our operating expenses materially as the majority is focused on development of technology that supports our advanced products. We will continue to look for opportunities for efficiencies as we always do.

我們預計全球宏觀問題不會對我們的營運費用產生重大影響，因為大部分資金都集中在支援我們先進產品的技術開發上。我們將一如既往地繼續尋找提高效率的機會。

As it relates to tariffs, we are fortunate that our supply chain is very simple. IQ chips for vehicle production in the US are imported by our customers, not by Mobileye. Therefore, we should experience no direct P&L impact from tariff payments. We also have no material currency exposure on our revenue and our cost exposure to the new Israeli shekel is largely hedged at this point.

就關稅而言，我們很幸運，我們的供應鏈非常簡單。美國汽車生產的IQ晶片是由我們的客戶進口的，而不是由Mobileye進口的。因此，關稅支付不會對我們的損益產生直接影響。我們的收入沒有重大的貨幣風險，目前我們對新以色列謝克爾的成本風險基本上已被對沖。

A bit more detail on our geographic exposure. We believe a very significant portion of our chips supplied to Europe and Asia Pacific are used for local consumption rather than for export to the US.

關於我們的地理分佈的更多細節。我們相信，我們向歐洲和亞太地區供應的晶片中很大一部分用於當地消費，而不是出口到美國。

Approximately, 25% of our chips are shipped by our customers directly to the US and are currently exempt from import tariffs, and 20% to China where we believe it is used for local production.

大約有 25% 的晶片由客戶直接運往美國，目前免徵進口關稅，20% 的晶片運往中國，我們認為用於當地生產。

Although tariffs on auto components are not directly favored by us. We will fully cooperate with our customers in the next few months to optimize their production needs and potentially make minor changes to logistical infrastructure to mitigate the overall cost.

儘管汽車零件關稅並不直接受到我們的青睞。我們將在接下來的幾個月與客戶充分合作，優化他們的生產需求，並可能對物流基礎設施進行微小的改變，以降低整體成本。

While there is no direct impact, we of course will be exposed to any negative impact to vehicle production volume driven by supply impacts related to tariff costs on vehicles and components imported to the US as well as potential consumer demand impact from higher vehicle pricing or general weakening in economic conditions.

雖然沒有直接影響，但我們當然會面臨汽車產量受到負面影響的風險，這些影響源於美國進口汽車和零件關稅成本對供應的影響，以及汽車價格上漲或經濟狀況普遍疲軟對消費者需求的潛在影響。

S&P IHS published a new forecast last week that implies global production deterioration of around 2% in the balance of 2025. For a specific customer exposure, this would translate to a bit below $1 million lower EyeQ units in the balance of 2025. but this is just one point.

標準普爾 IHS 上週發布了一份新的預測，預計到 2025 年全球產量將下降約 2%。對於特定的客戶曝光度，這將意味著到 2025 年，EyeQ 單元的售價將略低於 100 萬美元。但這只是一個點。

We have independently been reviewing the sector tariffs that apply to the automotive industry vehicles and auto parts to map the potential risk. Our baseline view is that a scenario incorporating production shutdowns of imported vehicles that are unprofitable under the new tariff regime in combination with demand-related impact from higher vehicle pricing, in general, could potentially drive 3% to 7% reduction in the volumes of our top 10 customers. Which translates to about 1.1 to 2.2 million units annually.

我們一直在獨立審查適用於汽車行業車輛和汽車零件的行業關稅，以了解潛在風險。我們的基本觀點是，在新的關稅制度下，進口汽車無法獲利，因此停產，再加上汽車價格普遍上漲對需求造成的影響，這可能會導致我們前十大客戶的銷量減少 3% 至 7%。相當於每年約有 110 萬至 220 萬台。

This is of course very difficult to predict as the mix of sales in terms of OEMs and brands might change dramatically because of tariffs. And the potential for shift in production sites and regions could mitigate the initial impact.

這當然很難預測，因為關稅可能會引起原始設備製造商和品牌的銷售組合發生巨大變化。生產地點和地區的轉移可能會減輕最初的影響。

Bottom line is that prior to recent tariff-related development, our regional outlook already assumed a more conservative view of 2025 production (technical difficulty) customers – than our customers and S&P Global. Even after the most recent forecast reduction by S&P to reflect the current tariff regime or our own somehow more negative analysis, our original expectation remains valid. We will continue to monitor the situation closely given the current complete vehicle tariffs, vehicle components that is scheduled to begin on May 3, and potential for reciprocal tariffs after the 90-day policy.

底線是，在最近與關稅相關的發展之前，我們的區域展望已經對 2025 年生產（技術難度）客戶採取了比我們的客戶和標準普爾全球更保守的看法。即使標準普爾最近下調了預測以反映當前的關稅制度或我們自己的更負面的分析，我們最初的預期仍然有效。鑑於目前整車關稅、定於 5 月 3 日開始徵收的汽車零件以及 90 天政策後可能實施的互惠關稅，我們將繼續密切關注情況發展。

Turning to Q2, we expect to deliver approximately 8.7 million to 9.3 million EyeQ units, and for our revenue to be up approximately 7% year over year at the midpoint of the range. We expect gross margin to be at, or slightly below, the Q1 level and for operating expenses to be seasonally higher in Q2 versus Q1 in line with our previous expectations.

展望第二季度，我們預計 EyeQ 的出貨量約為 870 萬至 930 萬台，預計營收將比去年同期成長約 7%。我們預計第二季度的毛利率將與第一季持平或略低，而第二季度的營業費用將因季節原因高於第一季度，這與我們先前的預期一致。

Thank you, and we will now take your questions.

謝謝，我們現在將回答您的問題。

(Operator Instructions)

（操作員指示）

Joe Stack, UBS.

瑞銀的喬·史塔克。

Thank you. Good morning, everyone. I guess a couple of things. Maybe just to start with the VW-Uber announcement.

謝謝。大家早安。我想有幾件事。也許只是從大眾-Uber 公告開始。

I know it's early days, but how do you envision that working? Is that you sort of selling a system? Do you think you -- is there sort of like an ongoing potential payment from you for rides or how should we think about that evolving?

我知道現在還為時過早，但您認為它會如何運作？你是在銷售某種系統嗎？您認為—您是否會為乘車服務支付持續的潛在費用，或者我們應該如何看待這種發展？

So the business model is such that Mobileye delivering the self-driving system, which includes the ECU, the hardware, the software for the self-driving software and the radar sensors. So there's a one-time payment for car on this on these components. And in addition, there is a recurring license fee that is a derivative of the overall utilization of the fleet. So the more the fleet is driving the more revenue we're generating in addition to the one-time payment for the for the system.

因此，其商業模式是 Mobileye 提供自動駕駛系統，其中包括 ECU、硬體、自動駕駛軟體和雷達感測器。因此，購買這些零件需要一次性支付汽車費用。此外，還有一筆根據車隊整體利用率而產生的定期許可費。因此，車隊行駛得越多，除了系統的一次性付款外，我們產生的收入就越多。

The Volkswagen role is to provide reduced self-driving cars with Mobileye Drive system installed in the manufacturing line. And Uber are the demand generator that can offer a self-driving service through their application to the consumer audience.

大眾汽車的職責是提供在生產線上安裝了 Mobileye Drive 系統的簡化自動駕駛汽車。Uber 是需求創造者，可以透過其應用程式向消費者提供自動駕駛服務。

Basically, the advantages that we have in this new business model is the fact that we have a very geographically scalable technology as well as economically scalable technology. We come from a very cost efficient design to begin with that can be easily not just within Los Angeles, which is the first market mentioned in this announcement. But also, of course, afterwards continued expansion to traditional locations. And Volkswagen who are a very high-volume vehicle manufacturer can quickly scale the amount of robotaxis they produce in a manufacturing line as demand will be cut -- increases over time.

基本上，我們在這個新商業模式中的優勢在於我們擁有高度地理可擴展的技術以及經濟可擴展的技術。我們的設計從一開始就非常具有成本效益，而且不僅限於洛杉磯，洛杉磯是本公告中提到的第一個市場。當然，之後也繼續向傳統地點擴張。而大眾汽車是一家產量非常大的汽車製造商，隨著需求的減少（隨著時間的推移而增加），它可以迅速擴大其在生產線上生產的自動駕駛計程車的數量。

So overall, we think that there -- and of course Uber is a very well-renowned demand generator, probably the leading one in the US and globally. So we have we think the key ingredients necessary to become a very competitive and leading driving service in the US in the next couple of years.

所以總的來說，我們認為——當然 Uber 是一個非常知名的需求生成器，可能在美國和全球都是領先的。因此，我們認為，我們擁有在未來幾年內成為美國極具競爭力和領先的駕駛服務所需的關鍵因素。

Great, thanks. And then just maybe one more near term, just on the two outlook and the units you just indicated, I think it's stronger certainly than where the street was, I think it's above 1Q levels as well. Do you -- I know you sort of talked about some of your own checks and work to sort of get comfortable with where orders are in production and inventory. But do you get the sense that there's a little bit of ordering ahead of maybe some uncertainty, and that there's they're willing to carry a little bit more inventory in the channel?

太好了，謝謝。然後也許再多一個近期的數據，僅從您剛才指出的兩個前景和單位來看，我認為它肯定比街頭的水平要強，我認為它也高於第一季的水平。您是否——我知道您談到了一些您自己的檢查和工作，以便了解訂單在生產和庫存中的位置。但是，您是否感覺到，在可能存在一些不確定性之前，他們會進行一些訂購，並且願意在渠道中保留更多庫存？

Yeah. So I must say we cannot indicate anything specific for Q2 of sense of urgency, and these orders have been pretty stable as of February. And even at the beginning of this year, we kind of -- in our forecast, we predicted around 8.5 in Q1. So it's 8.5 until 9 million units per quarter. That's what we're also seeing in the last three quarters. So also the second half of 2024 was between 8.5 and 9. So this is something pretty normal for now.

是的。所以我必須說，我們無法指出第二季緊迫感的具體情況，而且截至 2 月份，這些訂單一直相當穩定。甚至在今年年初，我們在預測中就預測第一季的數字將在 8.5 左右。所以每季的產量是850萬到900萬台。這也是我們在過去三個季度看到的情況。因此 2024 年下半年也將在 8.5 到 9 之間。所以目前這是很正常的事。

When we started the year, we kind of based our focus again on demand which -- and that indicates no inventory or excess inventory at our customers. So we see orders aligned with that. We have more visibility maybe towards the end of the quarter, but there's nothing specific we can indicate.

當我們開始新的一年時，我們再次將重點放在需求上 - 這表明我們的客戶沒有庫存或過剩庫存。因此我們看到訂單與此一致。也許到本季末我們會有更多了解，但我們無法透露任何具體資訊。

Yeah. So just to Just to summarize, if there is any pull ahead in this number it hasn't really nothing's really changed since February, and it wouldn't be very material versus kind of what we're seeing in kind of end-user demand.

是的。所以，總結一下，如果這個數字有任何成長，那麼自二月以來實際上並沒有什麼變化，而且與我們看到的最終用戶需求相比，它並不是非常重要。

Thanks for that. Appreciate it.

謝謝。非常感謝。

Thanks, Joe. Next question, please.

謝謝，喬。請回答下一個問題。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

Hey guys thank you for taking my question, and congrats on the seller results. Yeah, I wanted to maybe follow up on that previous one. I mean the backpack guide implies a pretty sub-seasonal end of the year. I guess -- anyway, you could walk us through how much of that is conservatism on units versus share loss by your engaged customers and maybe any sort of haircutting that you guys are doing to account for the uncertainty? Thank you.

嘿，大家好，感謝你們回答我的問題，並祝賀賣家取得的成績。是的，我想跟進之前的一個。我的意思是，背包指南暗示今年年底的季節不太正常。我想——無論如何，您可以向我們介紹一下，其中有多少是單位的保守主義，有多少是您所參與的客戶的份額損失，以及你們為解決不確定性而採取的任何形式的削減措施？謝謝。

Thanks, Josh. This is Dan. I can take that one. So yeah, I mean kind of the way our business works is we have kind of full visibility, you know three months ahead, something like that. And then (technical difficulty) for the couple of quarters beyond that can really change at any time.

謝謝，喬希。這是丹。我可以接受那個。是的，我的意思是我們的業務運作方式是，我們擁有全面的可視性，例如提前三個月之類的。而此後幾季的（技術難度）隨時都可能改變。

We haven't seen any change in the back half – you know we -- but, obviously, uncertainty has risen. So we don't want to get ahead of our skis. Yeah, the fact that we're going to do kind of more than 50% of the guide -- the full-year guide in the first half is certainly a good sign. And we have no reason to think necessarily that demand is going to fall in the back half. But just -- given the current environment we didn't really want to get ahead of ourselves.

我們沒有看到後半部分有任何變化——你知道我們——但顯然不確定性已經上升。所以我們不想超越我們的滑雪板。是的，事實上，我們在上半年將完成全年指導目標的 50% 以上，這無疑是一個好兆頭。我們沒有理由認為下半年需求必然會下降。但只是——考慮到當前的環境，我們真的不想超越自己。

We took provisions and we took provisions that demand will go down. I mean because we started our guides in the beginning of the year in a very conservative manner. So even if demand falls. So far we feel that we meet the range of the guidance.

我們採取了措施，以確保需求下降。我的意思是，因為我們在年初就以非常保守的方式開始我們的指南。因此即使需求下降。到目前為止，我們覺得我們已經達到了指導的範圍。

But we're not getting any clear indication that it will fall. That's that's that's kind of the point.

但我們並沒有得到任何明確的跡象表明它會下降。這就是重點。

Got it. No, thank you. That's the pragmatic and makes a lot of sense. I guess a follow up, I guess. how would you characterize your customers engagement and design activity? I mean you mentioned I think you had 85% of last year's design wins in the first half. I mean your OEM customers have been, I think, slower than we all expected to move in particular with advanced ADAS products. Like how do you see the current environment impacting their appetite to invest in new technology because I can see it going either way. And any more color you could provide within the 85% and that your design wins here to date. Any sort of directional indicators across faith aid apps versus surround surrounded SuperVision (inaudible).

知道了。不，謝謝。這是務實的，而且很有道理。我想這是一個後續行動。您如何描述您的客戶參與度和設計活動？我的意思是，您提到我認為去年上半年 85% 的設計獲勝。我的意思是，我認為，你們的 OEM 客戶的行動比我們預期的要慢，特別是在先進的 ADAS 產品方面。例如，您認為當前的環境如何影響他們投資新技術的興趣，因為我可以看到它的發展方向。並且您可以在 85% 的範圍內提供更多顏色，並且您的設計迄今為止都獲勝。任何形式的跨信仰援助應用程式的方向指示器與環繞式 SuperVision（聽不清楚）。

Thank you.

謝謝。

Yeah, I can take that. So what we're seeing so far is a very strong continued -- strong demand from our customers to source our products for future generations that comprises the majority of the 85% or the volumes that we want during Q1. And it's a mixture of surround ADAS and basic ADAS products. We are pretty much in a position of solidifying our position with our top 10 customers for years to come after these design wins.

是的，我可以接受。因此，到目前為止，我們看到的是，客戶對我們未來幾代產品的採購需求持續強勁，這佔了我們第一季所需的 85% 或大部分產量。它是環繞式 ADAS 和基礎 ADAS 產品的混合體。在贏得這些設計之後，我們基本上可以在未來幾年鞏固我們與前十大客戶的地位。

When it comes to sourcing advanced products, I think it makes sense that the previous couple of months have created maybe somewhat of a delay in some of the decision making because of urgent matters that they need to address regarding tariffs and I think it makes sense.

在採購先進產品方面，我認為，由於需要解決與關稅有關的緊急問題，前幾個月的一些決策可能會延遲，這是有道理的，我認為這是有道理的。

What did not change is that their understanding of the necessity of having advanced products in the future. And competition is moving forward for HOEM. And just recently, Tesla continued to double down on their commitment to long-term autonomous driving in their product. And again, stressing the significance of self-driving technologies in the future -- in the near future. And that of course continues to apply a lot of pressure on OEMs to move forward.

不變的是他們對未來擁有先進產品的必要性的認識。HOEM 的競爭不斷加劇。就在最近，特斯拉繼續加倍致力於其產品的長期自動駕駛。再次強調自動駕駛技術在未來—在不久的將來的重要性。這當然會繼續給 OEM 帶來巨大的前進壓力。

During this quarter, we have had two engagements with two of our top 10 customers that started with our data. And now we're expanding to Level 3 and Level 2++ to show foreign and supervision evaluation that are -- that have kind of moved through the pipeline to more advanced stages of evaluation, and we're reaching convergence with a couple of other opportunities.

本季度，我們與十大客戶中的兩家就我們的數據展開了合作。現在，我們正在擴展到 3 級和 2++ 級，以展示外部評估和監督評估 - 這些評估已經通過流程進入更高級的評估階段，我們正在與其他幾個機會達成整合。

So we still see movement in the right direction. And we're seeing also more and more interest in specifically Level 3 eyes-off driving targeting end of 2027 roughly speaking with big OEMs. So that is also an encouraging sign that even though the uncertain times, they're still committed to the long term prospect of intelligent driving in the future for them, and they're working with us to make progress in that in that front.

所以我們仍然看到朝著正確方向的進展。我們也看到，大型原始設備製造商對 3 級自動駕駛汽車的興趣日益濃厚，預計在 2027 年底實現這一目標。因此，這也是一個令人鼓舞的跡象，儘管情況不確定，但他們仍然致力於未來智慧駕駛的長期前景，並且正在與我們合作，在這方面取得進展。

Thank you.

謝謝。

Next question -- with Baird.

下一個問題——貝爾德。

Good morning. Thanks for taking the questions. First, maybe if we could just talk about what's going on in China right now, and the fact that things have been trending relatively better the last couple of quarters. I know you haven't read into that too much to date. But now it's just an accumulation of data points. Are you better able to tease out what's going on with those customers?

早安.感謝您回答這些問題。首先，我們可以談談中國目前的情況，以及過去幾季情況相對好轉的事實。我知道到目前為止你還沒有深入地了解這一點。但現在它只是數據點的累積。您是否能夠更了解這些客戶的情況？

I think that our focus now in China is supporting our Chinese OEMs on the global exports and also on the local market. And we are outperforming our initial expectations. So roughly 20%-30% market share is quite stable.

我認為我們目前在中國的重點是支持中國原始設備製造商在全球出口和本地市場的發展。我們的業績超出了我們最初的預期。因此大約20％-30％的市佔率是相當穩定的。

On the advanced products, we see opportunities after we start revealing our Second generation product which is going to be based on EyeQ 6. So this is sometimes closer to the end of the year and not now. So our business development on our advanced product is more focused on the Western customers and not in China. China, we are focused on ADAS and also supporting our Western OEMs, Porsche and Audi, in their launch of SuperVision Chauffeur also in China, end of 2026 and 2026.

在先進產品方面，我們在開始發布基於 EyeQ 6 的第二代產品後看到了機會。所以這有時接近年底，而不是現在。因此，我們先進產品的業務開發更專注於西方客戶，而不是中國。在中國，我們專注於 ADAS，並支持我們的西方 OEM 廠商保時捷和奧迪分別於 2026 年底和 2026 年在中國推出 SuperVision Chauffeur。

Just to give some sense on the numbers for China. So we started 2024 with relatively low numbers. So we sold approximately 400,000 units. And then from the second half of 2024, we're seeing increased volume. So in the second half, 1.2 million units. We were still conservative at the beginning of the year with the guidance. So we were aiming approximately 500,000 units a quarter. And we are seeing demand more than that in the first and also the second quarter. So in terms of the guidance versus the beginning of the year, it's some sort of offset.

只是想讓大家對中國的數字有個大概的了解。因此，我們在 2024 年開始時的數字相對較低。因此我們銷售了大約 40 萬台。從 2024 年下半年開始，我們將看到交易量增加。因此下半年將有120萬台。我們在年初的指導中仍然持保守態度。因此我們的目標是每季銷售約 50 萬台。我們發現第一季和第二季的需求都超過了這個數字。因此，就與年初相比的指導而言，這是一種抵消。

All very helpful, thank you. And then just a quick one, the imaging radar award that you believe is imminent. Are you implying that that is a potential Chauffeur award as well?

非常有幫助，謝謝。然後簡單問一下，您認為即將獲得的成像雷達獎。您是否暗示這也是一個潛在的司機獎？

Now, this particular award is just for the censor itself. We have additional opportunities of the imaging radar bundled with the Chauffeur ware product, but that is separate.

現在，這個特別獎項只頒發給審查員本身。我們有與 Chauffeur ware 產品捆綁在一起的成像雷達的額外機會，但那是獨立的。

Understood. Thank you.

明白了。謝謝。

[Shreya Patil], Wolf Research.

[Shreya Patil]，沃爾夫研究公司。

Hey, thanks so much for taking the question. Maybe just back on the 2025 guidance. I think previously you had talked about an expectation of share gains or ADAS penetration increase as embedded in the ‘25 guide. And I'm wondering if that if you're still seeing that at the moment .I understand that overall product the production expectations that you've embedded are still consistent with what we're seeing in production. But I'm just wondering if you're also seeing ADAS penetration increases or share gains as well.

嘿，非常感謝您回答這個問題。也許只是回到 2025 年的指導方針。我認為您之前曾談到對份額成長或 ADAS 滲透率增加的預期，正如 25 指南中所嵌入的那樣。我想知道你現在是否還看到這種情況我了解到，總體而言，您所嵌入的生產預期仍然與我們在生產中看到的一致。但我只是想知道您是否也看到 ADAS 滲透率的提高或份額的增長。

Yeah. So as you mentioned about the global production at the midpoint of our guidance, we kind of now aligned with third-party forecasts forecast of approximately 7%.

是的。因此，正如您所提到的，在我們預期的中點，全球產量現在與第三方預測的約 7% 的預測一致。

Our top 10 customers as for the incremental units from new launches and Mobileye share gains within our top customers. I mentioned in January, we are expecting 1.4 million units. That looks in line with expectation and maybe even ramping up a bit faster than expected. So we're still we -- this is still a source of addition unit and also the China expectations which were more conservative at the beginning of the year. And we're seeing an upside also for China OEM.

我們的前十大客戶從新產品的推出中獲得了增量，而 Mobileye 在我們的頂級客戶中佔有一席之地。我在一月份提到過，我們預計銷量為 140 萬台。這看起來符合預期，甚至可能比預期成長得更快一些。因此，我們仍然——這仍然是一個增加單位的來源，而且年初對中國的預期也比較保守。我們也看到了中國 OEM 的上升空間。

Okay great. And then maybe on just trying to think through the opportunity that you're you see here in Mobileye Drive. The deal that announced that was announced today with Uber just comes off the heels of a similar program with Lyft. So I'm wondering if we should see this as an indication of momentum accelerating in robotaxi deployment broadly. And if that's the case, obviously, Uber and Lyft are the two largest players in the US. But I'm wondering if you're -- if there are other opportunities in the pipeline as well maybe in other markets?

好的，太好了。然後也許只是試著思考一下您在 Mobileye Drive 中看到的機會。今天宣布的與 Uber 的合作協議緊隨其後，該公司也與 Lyft 達成了類似的計劃。所以我想知道我們是否應該將此視為自動駕駛出租車廣泛部署勢頭加速的標誌。如果事實確實如此，那麼顯然，Uber 和 Lyft 是美國最大的兩家公司。但我想知道您是否還有其他機會，例如在其他市場？

Yeah. So definitely, we're seeing accelerated momentum and increased interest and demand. And I think the broader realization in the industry that robotaxi and self-driving services are here. It's not a question of if it's a question of when and how much. And we are a very attractive partner in the sense that our products are scalable, cost efficient, can be deployed globally in all major markets in the near future.

是的。因此，我們確實看到了成長動能的加速以及興趣和需求的增加。我認為業界已經更廣泛地認識到機器人計程車和自動駕駛服務的到來。這不是一個是否會發生的問題，而是一個何時發生以及發生多少的問題。我們是一個非常有吸引力的合作夥伴，因為我們的產品具有可擴展性、成本效益，並且可以在不久的將來在全球所有主要市場部署。

So Volkswagen is our -- leading partner, strategic partner for producing robotaxi cars from assembly lines in scale that can be quickly ramped up according to demand.

因此，大眾汽車是我們的主要合作夥伴和策略合作夥伴，可以大規模地透過裝配線生產自動駕駛計程車，並且可以根據需求快速增加產量。

Partnering with Lyft and Uber, the two biggest mobility operators in the US, it is very very important to quickly reach the pockets of millions of consumers as probably you can imagine. But in addition to this, we're also working on launching in Europe beyond just the US in similar time frames.

與美國兩大行動電信商 Lyft 和 Uber 合作，對於快速觸達數百萬消費者的口袋非常重要，這一點您可能可以想像。但除此之外，我們也計劃在類似的時間內將業務拓展到美國以外的歐洲地區。

Again, partnering with Volkswagen, a very strong European OEM, allows us to be very one of the earliest if not the first to launch in Europe. Partnering with HOLON gives us another angle of transportation in different -- maybe slightly different use cases. And beyond all of those, we're still -- we're also working with the additional OEMs that are very interested in this business (technical difficulty) car manufacturers to produce Level 4 cars in their manufacturing lines partnering with mobilized self-driving technology with Mobileye Drive.

再次，與非常強大的歐洲汽車製造商大眾合作，使我們成為最早在歐洲推出該產品的公司之一，甚至是第一個。與 HOLON 的合作為我們提供了另一種視角來看待不同的交通方式——也許使用案例略有不同。除此之外，我們也正在與其他對這項業務（技術難度）非常感興趣的 OEM 合作，與 Mobileye Drive 合作採用行動自動駕駛技術，在他們的生產線上生產 4 級汽車。

And then once Mobileye can bring to the table the mobility operators, it really opens the door for more OEMs that are interested in a similar model. And if we think about making a revolution of Robotaxis, it's about scale. That's the next big thing.

一旦 Mobileye 能夠將行動營運商帶到談判桌上，它就會為更多對類似模式感興趣的 OEM 打開大門。如果我們考慮對 Robotaxis 進行一場革命，那麼規模就是關鍵。這就是下一件大事。

And the scale is not just a few hundreds of cars, thousands and then tens of thousands, hundreds of thousands of cars in Europe and the US. And to get there, we are partnering with the most scalable OEMs on the planet. So that's kind of our (technical difficulty) and we do see very very accelerated momentum in the past three to six months, I would say.

而且規模不只是幾百輛，而是幾千輛，然後是數萬輛，歐洲和美國的幾十萬輛。為了實現這一目標，我們與全球最具可擴展性的 OEM 廠商合作。這就是我們的（技術難題），我想說，我們確實看到了過去三到六個月內非常非常快的發展勢頭。

Great thanks.

非常感謝。

I might have to get on the call for a second real quick.

我可能得趕緊接一下電話。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Everybody, just a couple of questions. First, there's a bit of a maybe this might sound oddball, quirky, technical. But we're hearing from some that the Gen AI has helped possibly increase the value of dash cam video capture that could be really relevant to the ability for like an Uber and Lyft fleet or other tweets to capture data. Obviously, it's not the same fidelity and in the same sensor modality and connected to the computers the way, your systems in a very sophisticated way are.

各位，我只想問幾個問題。首先，這聽起來可能有點古怪、離奇、技術性。但我們聽到一些人說，Gen AI 可能有助於提高行車記錄器影片捕捉的價值，這可能與 Uber 和 Lyft 車隊或其他推文捕捉數據的能力非常相關。顯然，它們的保真度和感測器模式並不相同，而且與電腦的連接方式也非常複雜。

But I was curious if you really -- if you subscribe to that, at least at some level, the coefficient of value that you might apply to just aftermarket dashcam video capturing footage from around the vehicle that's driving around might have some improved value given the AI -- Gen AI revolution going on. That's the first question. Thanks.

但我很好奇，如果您真的同意這一點，至少在某種程度上，考慮到正在進行的人工智慧革命，您可能應用於售後行車記錄器視訊捕捉行駛車輛周圍鏡頭的價值係數可能會有所提高。這是第一個問題。謝謝。

But in terms of data collection from vehicles, we have what we call REM 1.0. We're just sending images to the cloud but sending condensed data to the cloud. We have been developing a new generation of REM which we call [SupREM], Supreme REM. Which is based on sending pictures still very low bandwidth, but sending pictures to cloud.

但在車輛資料收集方面，我們有所謂的 REM 1.0。我們只是將圖像發送到雲端，但將濃縮資料發送到雲端。我們一直在開發新一代 REM，我們稱之為 [SupREM]，Supreme REM。這是基於發送圖片仍然非常低的頻寬，但將圖片發送到雲端。

And we'll have much to talk about in the coming month or year about this new technology. So that -- there's quite a lot of progress in terms of what kind of data, at what frequency of data, volume of data you can start extracting from vehicles and still meet also regulatory approvals. There's privacy concerns and all sorts of issues there. And we're really on it with the new technologies, and the new approaches. And all of that will meet our 2027 launches of Chauffeur, and Drive, and so --

在未來的一個月或一年裡，我們將會有許多關於這項新技術的討論。因此，在從車輛中提取什麼樣的數據、以什麼樣的頻率提取數據、提取多少量數據方面，我們已經取得了相當大的進展，並且仍然滿足監管部門的批准。這其中存在隱私問題和各種各樣的問題。我們確實正在採用新技術和新方法。所有這些都將滿足我們 2027 年推出的 Chauffeur、Drive 等--

Okay. So I'm not -- just basically it's not a bulls*** question is what you're saying.

好的。所以我不是——基本上這不是一個無稽之談，這就是你所說的。

No, you never have bulls*** question. (laughter)

不，你從來沒有問過無意義的問題。（笑聲）

Yeah. Now, I disagree. Okay, and a follow up I'm just curious given so much other activity in other sectors outside of automotive in terms of data collapse or data capture, I think you'd agree with the belief that anything that any machine that can be automated will be automated and cars are just one modality of many, many thousands potentially of other modalities. I'm just -- I'd be interested if Mobileye is allocating, or there's any change allocation. Even if it's a small level of your R&D and advanced development work on markets outside of automotive at this time.

是的。現在，我不同意。好的，我很好奇，鑑於汽車行業以外其他領域在數據崩潰或數據捕獲方面有如此多的活動，我想你會同意這樣的觀點：任何可以自動化的機器都將實現自動化，而汽車只是成千上萬種潛在其他模式中的一種。我只是——如果 Mobileye 正在分配，或者有任何變化分配，我會感興趣。即使目前這只是您在汽車以外市場進行的一小部分研發和高級開發工作。

Thank you.

謝謝。

Yes, I would say yes. But I cannot expand further. We are exploring. But we're still at the exploration stage of looking at additional growth engines in the physical AI space.

是的，我會說是的。但我無法進一步闡述。我們正在探索。但我們仍處於探索階段，尋找物理人工智慧領域的其他成長引擎。

Thank you Amnon.

謝謝你，阿姆農。

Antoine Chkaiban, New Street Research.

Antoine Chkaiban，New Street Research。

Hi good afternoon. Thanks for taking my question. I'd like to follow up on the announcement with Lyft to the Mobileye power robotaxis in Dallas in 2026. I was wondering how do you expect the rollout to play out? I think that the goal is to eventually deploy thousands of vehicles across multiple cities. So any color you can provide on the economics of the deal, and the pace of deployment, the shape of the ramp would be very helpful.

嗨，下午好。感謝您回答我的問題。我想跟進 Lyft 於 2026 年在達拉斯推出的 Mobileye 自動駕駛計程車的公告。我想知道您預計此次推廣將如何進行？我認為最終的目標是在多個城市部署數千輛汽車。因此，如果您能提供有關該交易的經濟性、部署速度和坡道形狀的任何信息，都將非常有幫助。

Thank you.

謝謝。

Yeah maybe I would address the general roll up of a robotaxi fleets without addressing the specific projects. There is only so much we can expand on this project at this stage.

是的，也許我會討論機器人計程車車隊的整體發展，而不討論具體的項目。目前，我們能對這個項目進行擴展的只有這麼多。

Generally, we are working in in a few stages. We start with the development and testing stages in which we deploy dozens of vehicles driving around the designated area repeatedly. And of course, there is a combination of offline and online validation processes that are necessary to make sure that the quality of service is at the right -- the highest level possible of course making sure that we can meet the safety standards the meantime between interventions in this designated area.

一般來說，我們的工作分幾個階段進行。我們從開發和測試階段開始，部署數十輛車輛在指定區域內反覆行駛。當然，我們需要結合線上和線下的驗證流程，以確保服務品質達到最佳水平——當然，也要達到最高水平，確保我們能夠在指定區域的干預期間滿足安全標準。

Afterwards, there is a certain stage of pilot programs in which we're using the safety drivers at the start. But still opening the doors for users to experience the service and getting feedback from that. That's still the magnitude is still in the dozens. Then it gradually expands to maybe small hundreds of vehicles.

之後，我們將在試點計畫的某個階段使用安全駕駛員。但仍為用戶體驗服務並從中獲得反饋敞開大門。震級仍然是幾十級。然後逐漸擴大到大約幾百輛車。

After that, there is an early stage of driverless activities and then it becomes a full commercial service. And this process can take a few months or it can take maybe a year or so of walking through the different stages of this activity.

此後，無人駕駛活動處於早期階段，然後才成為全面的商業服務。這個過程可能需要幾個月甚至一年左右的時間來完成這個活動的不同階段。

We are already -- we have been working on in the US in certain cities in the past two years for early testing. And in 2025 is a really important year for us in the global tax development because we are expanding the scale significantly of Mobileye Drive systems driving in the US in different cities and really becoming seeing more statistic data or more statistic analysis of our performance. And seeing very impressive results in improvements towards the goal in getting to these launches.

過去兩年來，我們一直在美國某些城市進行早期測試。2025 年對我們全球稅收發展來說確實是非常重要的一年，因為我們正在大幅擴大 Mobileye Drive 系統在美國不同城市的駕駛規模，並且真正看到更多統計數據或更多有關我們表現的統計分析。並且看到了在實現這些發布目標方面取得的非常令人印象深刻的進步。

We'll talk about the economics refresh --

我們將討論經濟更新--

And yeah, just –

是的，只是–

Reiterate --

重申--

Yeah, and then when it comes to the economics again just to make sure it's clear. Mobileye’s product is the ECU and the ECU includes the hardware and the software. We get a payment one time for that for car.

是的，然後再次談到經濟問題只是為了確保它清晰。Mobileye的產品是ECU，ECU包括硬體和軟體。我們為這輛車一次性收到付款。

And then there is a recurring license fee for the operation of each and every robotaxi vehicle according to its availability and usage. So the more you can think of it as a percentage of every $1 per mile that consumers pay for self-driving system with Mobileye -- that is enabled by Mobileye Drive.

然後，根據每輛自動駕駛計程車的可用性和使用情況，需要定期繳納許可證費用。因此，你可以將其視為消費者為 Mobileye 自動駕駛系統支付的每英里 1 美元的百分比——這是由 Mobileye Drive 實現的。

Great, thanks a lot for the detailed answer, and maybe as a quick follow up. So on the cloud and ADAA's announcement with the Korean OEM, can you maybe provide some color on the volumes this could represent, the timing and shape of the ramp, and maybe remind us the overall design and status for cloud enhanced?

太好了，非常感謝您的詳細回答，也許可以作為快速的後續跟進。那麼，關於雲端運算和 ADAA 與韓國 OEM 的公告，您能否提供一些關於這可能代表的數量、坡道的時間和形狀的信息，並提醒我們雲端增強的整體設計和狀態？

Yeah. So normally, cloud-enhanced data is integrated within high-volume projects. So it's a front camera-based system that is now uploading data and downloading data from our REM database. And that is very important for us because the REM database uses -- is using us not just to improve the quality of our base data products. But also to it's kind of the backbone for our advanced product SuperVision -- surround data SuperVision, Chauffeur, and Drive.

是的。因此，通常情況下，雲端增強資料會整合在大容量專案中。所以它是一個基於前置鏡頭的系統，現在可以從我們的 REM 資料庫上傳資料和下載資料。這對我們來說非常重要，因為 REM 資料庫的使用不僅僅是為了提高我們基礎資料產品的品質。它也是我們先進產品 SuperVision（環繞資料 SuperVision、Chauffeur 和 Drive）的支柱。

So our strategy is to have an ecosystem of OEMs that are contributing data and benefiting from the data of multiple OEMs. And then having a very good coverage and refresh rate globally that all of the OEMs that are in this ecosystem can enjoy for the different products. So adding more high-volume OEMs to this ecosystem is beneficial of course to these purposes. And the rollout is within the near future, let's say, cannot go beyond that.

因此，我們的策略是建立一個由 OEM 組成的生態系統，這些 OEM 可以貢獻資料並從多個 OEM 的資料中受益。然後在全球範圍內擁有非常好的覆蓋率和刷新率，所有在這個生態系統中的 OEM 都可以享受不同的產品。因此，在這個生態系統中添加更多大批量 OEM 當然對這些目的是有益的。而這項服務將在不久的將來推出，不能超出這個範圍。

Thank you, Antoine.

謝謝你，安托萬。

Mar Delaney, Goldman Sachs.

高盛的馬爾‧德萊尼 (Mar Delaney)。

Yes thank you very much for taking my questions. For Mobileye Drive I think both the Uber and Lyft agreements target operations beginning in 2026. Can you speak to how development is going to meet that time frame. And taking a step back, and thinking about Drive more holistically, it's been a small contributor to the company's revenue. But as you think out to 2026 and 2027, do you think Mobileye Drive revenue is going to become a meaningful part of Mobileye’s overall financials?

是的，非常感謝您回答我的問題。對於 Mobileye Drive，我認為 Uber 和 Lyft 的協議都計劃在 2026 年開始營運。您能說說開發將如何滿足這個時間框架嗎？退一步來說，從更全面的角度考慮 Drive，它對公司的收入貢獻很小。但是，當您展望 2026 年和 2027 年時，您認為 Mobileye Drive 收入將成為 Mobileye 整體財務的重要組成部分嗎？

Yes in terms of development, we are -- we have shifted all the hardware to EyeQ 6 High a few months ago on the EU called the Drive 64.

是的，就開發而言，幾個月前我們已經將所有硬體轉移到歐盟的 EyeQ 6 High，稱為 Drive 64。

And it's meeting all our targets for end of 2026 launch of driverless robotaxi. So we are on target there with the statistics, with driving. We have been driving in Europe and in Austin, Texas. And we are gradually expanding, testing, and -- with many dozens of vehicles in multiple sites.

它實現了我們 2026 年底推出無人駕駛計程車的所有目標。因此，我們的統計數據和駕駛行為都達到了目標。我們一直在歐洲和德克薩斯州奧斯汀開車。我們正在逐步擴大規模、進行測試，並在多個地點部署數十輛車輛。

In terms of revenue, the contract we have talked about tens of thousands of vehicles spread over till the end of the decade. So we are talking about a meaningful revenue coming out of this business. And in the last few months, the potential for more than what we have contracted.

就收入而言，我們談到的合約涉及數萬輛汽車，將持續到本世紀末。所以我們談論的是這項業務帶來的可觀的收入。在過去的幾個月裡，我們的潛力已經超過了合約規定的範圍。

So it could be somewhere around five figures or six figures in terms of the volume of cars till the end of the end of the decade. So it could be very meaningful in terms of revenue to the –

因此，到本世紀末，汽車保有量可能會達到五位數或六位數左右。因此，從收入角度來看，這可能非常有意義–

Given upfront pricing

鑑於預付定價

Yeah. Upfront and also the license fee the year.

是的。預付以及年度許可費。

Just to clarify that, we're expecting the meaningful revenue per year to start from ‘27 onwards and not in ’26. And when we are when we think about the potential, so today, there is only a small fraction of the percent of miles driven by people in the US that is autonomous.

需要澄清的是，我們預計每年有意義的收入將從 2027 年開始，而不是 2026 年。當我們考慮其潛力時，今天，在美國人駕駛的里程中，只有很小一部分是自動駕駛的。

And although it becomes more and more pervasive in more cities, and others that are claiming to launch the services, we're still scratching the surface. As we as we envision the next few years towards the end of the decade, we believe this number will significantly grow. And we believe that we will be one of the maybe two or three enablers for that. But it's realistic to have only two or three and not 20 or 30 in that stage. And the volumes to facilitate for the demand in the US and Europe for mobility services is in the tens of thousands, hundreds of thousands, potentially millions of vehicles. This is why partnering with OEMs like [Kinscale] is so important.

儘管它在越來越多的城市變得越來越普及，其他城市也聲稱推出該服務，但我們仍處於初級階段。當我們展望未來幾年接近十年末時，我們相信這個數字將會大幅成長。我們相信，我們將成為實現這一目標的兩三個推動者之一。但現實情況是，在那個階段只有兩三個，而不是 20 或 30 個。為滿足美國和歐洲對移動服務的需求，所需的車輛數量將達到數萬、數十萬，甚至數百萬輛。這就是為什麼與 [Kinscale] 這樣的 OEM 合作如此重要。

This is very helpful. Thanks. My other question was on the key consumer vehicle part of the business, you mentioned in the prepared comments that potential new awards with SuperVision and Chauffeur, I think you said are going somewhat slower than you'd have liked. Why do you think that is? And maybe help us better understand you think about the opportunities that with SuperVision and Chauffeur, you talked about five OEMs being in more advanced stages of evaluation at your last investor day. Are those all those five still active or have there been any changes there?

這非常有幫助。謝謝。我的另一個問題是關於業務的關鍵消費車輛部分，您在準備好的評論中提到，SuperVision 和 Chauffeur 可能會獲得新的獎項，我認為您說的進展比您希望的要慢一些。您認為這是為什麼呢？也許可以幫助我們更好地理解您對 SuperVision 和 Chauffeur 帶來的機會的看法，您在上次投資者日談到了五家 OEM 處於更高級的評估階段。這五個機構還活躍嗎？或有什麼變化嗎？

Thank you.

謝謝。

Yeah. So I think there are some macro events that are obviously contributing to the delays or to the longer decision-making process than originally expected. The past two to three months have been very turbulent for the industry in general that probably served a significant role in taking more time to make these decisions. We still have a lot of confidence in the engagements we have. We see progress made. We're moving through the ropes of the different stages and getting to a concrete stages receiving official RFQs and getting to negotiation statuses.

是的。因此，我認為一些宏觀事件顯然導致了延遲或決策過程比最初預期的要長。過去兩三個月對於整個行業來說都非常動盪，這可能在很大程度上導致了需要更多時間來做出這些決定。我們對於我們現有的合作仍然充滿信心。我們看到了取得的進展。我們正在逐步完成不同階段的工作，並進入接收官方 RFQ 和進入談判狀態的具體階段。

We're getting closer to convergence with several of these opportunities that we mentioned in the in the IRD. So I think overall, we still have the long-term confidence we have in the supervision remains as high as it's been. We just need to be patient to make sure that we're doing the right things with the OEMs. And many things can happen in the next few weeks. We don't think we should be predicting when things will happen, but it's realistic to converge.

我們正在越來越接近 IRD 中提到的幾個機會。因此我認為整體而言，我們對監管的長期信心仍然和以往一樣高。我們只需要耐心確保我們與 OEM 採取正確的行動。未來幾週可能會發生很多事情。我們認為我們不應該預測事情何時會發生，但趨同是現實的。

And I think in the last couple of months, there have been two new engagements that we did not anticipate that the Capital Markets Day back in December. And you know they are very meaningful in terms of the breadth, both SuperVision and Chauffeur. So I think 2025 is going to be a good year for those advanced products.

我認為在過去的幾個月裡，有兩個新的活動是我們沒有預料到的，那就是去年 12 月的資本市場日。而且您知道，就廣度而言，SuperVision 和 Chauffeur 都非常有意義。所以我認為 2025 年將是這些先進產品的豐收年。

Aaron Rakers, Wells Fargo.

富國銀行的 Aaron Rakers。

Yeah, thanks for taking the question. Kind of building off that last question thinking about that slide that you've given at the Analyst Day. Thinking about Chauffeur and SuperVision, I think in total, there were seven kind of moving possibly to the right. I guess just to be clear, those seven still exist maybe it's taking a little bit longer and now you would add two new OEMs to that list and just kind of thinking about that progression of those OEM opportunities. Is that fair?

是的，感謝您提出這個問題。圍繞最後一個問題，我想談談您在分析師日上所展示的幻燈片。考慮到 Chauffeur 和 SuperVision，我認為總共有七種可能向右移動。我想需要明確的是，這七家公司仍然存在，也許需要更長的時間，現在你會在這個清單中加入兩家新的 OEM，並且只是考慮這些 OEM 機會的進展。這樣公平嗎？

Yeah. So I think that what has changed is that the nature of the discussion might change. The flags are still there. So in some cases, it's been expanding the discussion from a single product line to multiple product lines that that happens in three of these engagements.

是的。所以我認為，改變的是討論的性質可能會改變。旗幟仍在那裡。因此，在某些情況下，討論已經從單一產品線擴展到多個產品線，這種情況在三次活動中都有發生。

I think the most consistent trend is that there is a growing interest in Level 3 eyes of products that are targeting end of ’27, early ‘28 SOPs. It seems to be now a very very strategic product for several big OEMs.

我認為最一致的趨勢是，人們對針對 2027 年底、2028 年初 SOP 的 3 級產品的興趣日益濃厚。現在它似乎已成為幾家大型 OEM 廠商極具戰略意義的產品。

That was -- maybe not as evidenced in the in our discussions in the IR Day. And in some cases, maybe there we have moved from a high flame to low flame discussion maybe in one particular case. But in general, we still have the same long term confidence that this business is building.

這可能並未在投資者關係日的討論中得到證實。在某些情況下，也許在某個特定情況下，我們已經從激烈的討論轉向了低調的討論。但總的來說，我們仍然對這項業務的長期發展抱持信心。

Our focus right now is partnering with OEMs that will allow us to scale our next-gen products based on EyeQ 6, which we are now developing and we have a lot of confidence in our ability to do so.

我們目前的重點是與 OEM 合作，這將使我們能夠擴展基於 EyeQ 6 的下一代產品，我們對此非常有信心。

Perfect. And then as a quick follow up, thinking about the Uber and Lyft relationship and the one-time payment, I also know back at the end of the Analyst Day you highlighted kind of a chart that showed blended ASP going from $55 to upwards of $200 by the end of it late decade.

完美的。然後作為一個快速的跟進，考慮到 Uber 和 Lyft 的關係以及一次性付款，我還知道在分析師日結束時您強調了一種圖表，該圖表顯示混合 ASP 從 55 美元增長到 200 年代末的 200 美元以上。

How do we kind of cross that relative to the Uber and Lyft opportunity versus that $200 -- any context of that one-time ASP opportunity with those engagements?

相對於 Uber 和 Lyft 的機會，我們如何將其與 200 美元進行比較——這些合作中一次性 ASP 機會的任何背景是什麼？

Yeah, I think that chart that you referred to -- it does not take into account the commercial potential of the Mobileye Drive partnership with the Lyft, Uber that we just announced. And we -- it's pure upside to that. So I think that in most of the analysis, we showed about future revenue growth. We took an extremely conservative assessment of Drive progression. So in previous numbers that we shared, it was not reflected. (multiple speakers)

是的，我認為您提到的圖表沒有考慮到我們剛剛宣布的 Mobileye Drive 與 Lyft、Uber 合作的商業潛力。而我們 — — 這純粹是好事。所以我認為在大多數分析中，我們都顯示了未來的收入成長。我們對 Drive 的進展採取了極為保守的評估。因此，在我們之前分享的數據中，這一點並未得到體現。（多位發言者）

Sorry, just to add a comment. This chart was focused on how will a consumer car -- passenger car look like. So today, it's $55 that's what the chart said. But today, for that OEM, a passenger car is worth roughly $55 for Mobileye, and with a gradual adoption of our advanced products that are designed for passenger cars, that number can grow from $55 to roughly $200+.

抱歉，只是想添加一條評論。這張圖表重點在於消費者汽車—乘用車的外觀。所以今天的價格是 55 美元，圖表就是這麼顯示的。但今天，對於該 OEM 來說，一輛乘用車對 Mobileye 來說價值約為 55 美元，隨著我們為乘用車設計的先進產品的逐步採用，這個數字可以從 55 美元增長到大約 200 美元以上。

It did not reflect any robotaxi business.

它沒有反映任何機器人出租車業務。

What we said about the robotaxi business in the past is kind of the upfront cost is in the five-figures plus in like --

我們之前提到過，自動駕駛計程車業務的前期成本大約是五位數，而且--

With healthy margins.

擁有健康的利潤率。

With healthy margins. So it's a completely different business model because you're talking about generating revenue per mile across hundreds of thousands of miles per vehicle. So that -- and you're talking about replacing a human driver, which can cost $80,000 to $90,000 a year, if you think about two shifts of drivers. So it's kind of a different business model and it's just a completely different revenue per unit.

擁有健康的利潤率。所以這是一個完全不同的商業模式，因為你談論的是每輛車數十萬英里的每英里收入。所以——你說的是更換一名人類司機，如果考慮到兩班司機，每年的成本可能在 8 萬到 9 萬美元之間。所以這是一種不同的商業模式，而且單位收入也完全不同。

Yeah, thank you.

是的，謝謝。

Thank you, Aaron.

謝謝你，亞倫。

Gary Mobley, Loop Capital.

加里·莫布利（Gary Mobley），Loop Capital。

Thanks for sneaking in my question. The European OEM that you mentioned in your press release that you haven't done business with since 2016, what drove that re-engagement? And is this a redundant application for their internal chip, or just any sort of color you can give on that?

感謝您偷偷提出我的問題。您在新聞稿中提到的歐洲 OEM 自 2016 年以來就沒有再與其開展業務，是什麼促使您重新與其合作？這是其內部晶片的冗餘應用程式嗎？還是您能為其提供的任何顏色？

Yeah. So with -- going as detailed as possible given the nature of this business, it is not a redundant product. It is to practically source mobilized solution as their ADAS solution in future projects. So it's basically going back to a Mobileye solution after almost nine years of not having a mutual design wins. Which we see as another testament of our product advantages and position in the market as a market leader in this segments. And we don't know all the details, but we can assume that it's mostly about the performance versus cost you --

是的。因此，考慮到該業務的性質，盡可能詳細地說明，它不是一個多餘的產品。這實際上是將動員解決方案作為未來專案中的 ADAS 解決方案。因此，在近九年未能達成共同設計勝利之後，它基本上又回到了 Mobileye 解決方案。我們認為這再次證明了我們的產品優勢以及我們作為該領域市場領導者的地位。我們不知道所有細節，但我們可以假設這主要與性能和成本有關--

Helpful. Just a quick follow up. Are you reaffirming your non-GAAP gross margin for basically your 25- of 150-basis point improvement over the prior year?

很有幫助。只是快速跟進。您是否重申非 GAAP 毛利率與上年相比基本上提高了 25 個基點至 150 個基點？

Yeah. So yeah. We are still anticipating an increasing growth margin. The mix of supervision and IQ is different in 2025. Yeah. So we're still expecting an upside of approximately 100 basis points in 2025 versus 2024.

是的。是的。我們仍預期成長幅度將會上升。2025 年，監管和智商的組合將會有所不同。是的。因此，我們仍然預計 2025 年將比 2024 年上漲約 100 個基點。

Yeah. I think China volumes are a little bit lower margin for us. So as the China volumes kind of outperform a bit that leads to like a little bit less upside than -- or increase than we were expecting but very very small.

是的。我認為中國市場的銷售量對我們來說利潤率有點低。因此，由於中國市場的交易量表現略好，導致上漲空間比我們預期的要小一些，或者說增幅比我們預期的要小一些，但幅度非常小。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

Hey, thank you for taking our question. Want to come back on robotaxi. How do you think about the performance threshold for Drive in the US deployments? Obviously, now you have Uber as well. Is there some level where you need to kind of prove or they need to feel comfortable with that it will achieve before you can really get these deployments wrapping up?

嘿，感謝您回答我們的問題。想回到 Robotaxi。您如何看待 Drive 在美國部署中的效能門檻？顯然，現在你也有了 Uber。在真正完成這些部署之前，您是否需要證明或讓他們對實現目標感到滿意？

Well, we have a clear metrics with our with our customers that shows superior to a human level performance. And we are on track to meeting those metrics.

嗯，我們與客戶有一個明確的衡量標準，顯示出優於人類水準的表現。我們正在按計劃實現這些指標。

There is a constant mutual evaluation of the performance for milestone in the development stage, and we're seeing let's say very strong progression towards this target. And this is the basis of having, taking the decision to take the next step and go to the commercial deployment stage.

在開發階段，我們會持續對里程碑的績效進行相互評估，我們看到我們朝著這個目標取得了非常強勁的進展。這是做出下一步決定並進入商業部署階段的基礎。

Gotcha. And is it the same threshold for both the two deployments or are there actually nuances depending on who you're working with Uber, Lyft?

明白了。這兩種部署的門檻是否相同，還是根據您與 Uber 或 Lyft 的合作對象而存在細微差別？

No, that's the same threshold.

不，那是相同的門檻。

Okay, and just one quick one. From a liability perspective, has that been kind of hashed out who is kind of liable if for -- or yeah, who is sort of liable if anything kind of there's an accident or something is that been hashed out already or is that TBD?

好的，我只想快速問一句。從責任角度來看，如果發生事故或類似事件，誰應該承擔責任，這個問題是否已經討論過了，還是有待確定？

So that's -- these aspects are behind them without going into the detail.

所以 — — 這些面向都已經介紹完畢，不再贅述。

Okay. Thank you.

好的。謝謝。

Thanks, Edison.

謝謝，愛迪生。

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Yeah, thanks for taking the question. The first one has to do with Surround ADAS versus SuperVision. It looks like we have yes Surround ADAS with the WW best market brands supervision for the WW's premium brands. But obviously, we noticed some of the premium OEMs, Mercedes, BMW trying to develop their own autonomy. Just how do we think about supervision going forward given this potential headwind?

是的，感謝您提出這個問題。第一個與環繞 ADAS 與 SuperVision 有關。看起來我們已經有了環繞式 ADAS，並且得到了 WW 最佳市場品牌的監督，用於 WW 的高端品牌。但顯然，我們注意到一些高端原始設備製造商，如梅賽德斯、寶馬正在嘗試發展自己的自主權。鑑於這種潛在的不利因素，我們該如何看待未來的監管？

Is it that maybe we should be contemplating Surround ADAS as being the kind of bigger category winner for you guys as opposed to Surround ADAS or do you just see a migration as the mass market players over time kind of migrate toward SuperVision fronts around ADAS?

是我們應該將環繞式 ADAS 視為你們更大的類別贏家​​，而不是環繞式 ADAS，或者您是否只是看到了一種遷移，因為隨著時間的推移，大眾市場參與者會向 ADAS 周圍的 SuperVision 前端遷移？

So we see Surround ADAS as the next level of ADAS. So the migration is from front-facing camera to Surround ADAS. And this is driven by increased the regulatory requirements on the future ADAS systems both in Europe and in the US. The 2028 and 2029 regimes are very challenging and require multiple cameras and a front-facing camera would not be enough. So the surround ADAS is really the new ADAS going forward. SuperVision has the same shares -- the same sensor set in terms of cameras with a Chauffeur and right.

因此，我們將環繞式 ADAS 視為 ADAS 的下一個等級。因此，遷移是從前置鏡頭到環繞 ADAS。這是由於歐洲和美國對未來 ADAS 系統的監管要求不斷提高所致。2028 年和 2029 年的製度非常具有挑戰性，需要多個鏡頭，而前置鏡頭是不夠的。因此環繞式 ADAS 確實是未來的新型 ADAS。SuperVision 擁有與 Chauffeur 相同的功能——在攝影機方面擁有相同的感測器組。

So SuperVision is the next step going from eyes on to eyes off in a hands-free driving that can drive everywhere, urban and highway. SuperVision has also added advantage of generating data. So because it's the same sensor set, you can start with a SuperVision system, use that as a data generator. For example, uploading events uploading you write all sorts of probe functions. And you upload the data and you use that data to go further and develop Level 3 and Level 4.

因此，SuperVision 是下一步從看眼睛到看眼睛的解放駕駛方式，可以在城市和高速公路等任何地方行駛。SuperVision 也增加了產生資料的優勢。因此，由於它是相同的感測器群組，您可以從 SuperVision 系統開始，將其用作資料產生器。例如，上傳事件上傳你寫各種探測函數。然後您上傳數據並使用這些數據進一步開發 3 級和 4 級。

So there is a space for SuperVision, and the holy grail is the Level 3. Chauffeur is really the if you look at where things should converge to in terms of consumer cars it's Level 3 and then later expanding the LDD to Level 4.

因此，SuperVision 有其存在空間，而其終極目標就是 3 級。如果您看一下消費汽車方面事物應該融合到哪裡，那麼司機實際上是 3 級，然後將 LDD 擴展至 4 級。

Okay, just to clarify. So you're not seeing a change in how you guys see the adoption being maybe more towards Surround ADAS that or supervision rather it's just the migration.

好的，只是為了澄清一下。因此，您沒有看到大家對採用方式的改變，可能更多地朝著環繞式 ADAS 或監督的方向發展，而只是遷移。

No, and the way we analyze this is by evaluating the vehicle models and different -- with different price points for each product category. So it's practically different segments of the vehicle lines that are targeting Surround ADAS and SuperVision or Chauffeur.

不，我們分析這個問題的方式是透過評估不同的車型和不同的產品類別來評估不同的價格點。因此，實際上，車輛生產線的不同部分針對的是環繞式 ADAS 和 SuperVision 或 Chauffeur。

Okay, and my follow up had to do with, I guess, the commentary on the Tesla earnings call earlier this week on general AI versus kind of sensor based mapping. I know you guys have talked a lot about this. We heard a lot about this at the at the Investor Day.

好的，我想我的後續行動與本週早些時候特斯拉財報電話會議上關於通用人工智慧與基於感測器的地圖的評論有關。我知道你們已經討論過很多次了。我們在投資者日聽到了很多關於這方面的消息。

But they referenced specifically their FSD rollout in China and how it has progressed in their words very quickly without knowing the country's specific dynamics, driving dynamics, habits, et cetera. Just curious to how you think about maybe their commentary on the general AI approach camera versus alternative links?

但他們特別提到了 FSD 在中國的推出以及它如何迅速取得進展，但他們並不了解中國的具體動態、駕駛動態、習慣等。只是好奇您如何看待他們對通用 AI 進場相機與替代鏈接的評論？

We're all using AI. I think we should stop all this hyping. Everyone is using AI. Everyone is using Gen AI. So all these hypes, I think we should stop. But to the point, there's a lot that simulators can add.

我們都在使用人工智慧。我認為我們應該停止所有這些炒作。每個人都在使用人工智慧。每個人都在使用 Gen AI。所以我認為我們應該停止所有這些炒作。但就這一點而言，模擬器可以添加很多內容。

So for example, in our launch in China, traffic lights are completely different than what you see in the West. There is -- traffic lights are digital where you have (technical difficulty) at every place, and we cannot send data from China outside of China. But we replicated this in a simulator and then we use the simulators in order to train our system. And we use stimulators a lot to compensate to mitigate the fact that we cannot use data in in in China. And then this is kind of standard techniques, everyone is using it and I think we shouldn’t be hyping things.

例如，在我們在中國推出的產品中，交通號誌與西方所看到的完全不同。存在－每個地方的交通號誌燈都是數位化的（有技術困難），我們無法將資料從中國發送到中國境外。但我們在模擬器中複製了這一點，然後我們使用模擬器來訓練我們的系統。我們大量使用刺激器來彌補無法在中國使用數據的事實。這是一種標準技術，每個人都在使用它，我認為我們不應該誇大其詞。

Thank you, Tom.

謝謝你，湯姆。

Thank you. I would like to turn the floor over to Dan for closing remarks.

謝謝。我想請丹做最後發言。

We've ran out of time. Thanks, everyone for joining the call, and we will talk to you again next quarter. Thanks very much.

我們的時間已經不夠了。感謝大家參加電話會議，我們將在下個季度再次與您交談。非常感謝。

Ladies and gentlemen, thank you for your participation. This conclude today's teleconference. You may just connect your live just fine.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您只需順利連接即可。