Mobileye Global Inc (MBLY) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Mobileye second-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Mobileye 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

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

現在我很高興向大家介紹主持人、首席通訊官丹加爾維斯 (Dan Galves)。謝謝。加爾維斯先生，您可以開始。

Thanks, Maria. Hello, everyone, and welcome to Mobileye's second-quarter 2025 earnings conference call for the period ending June 28, 2025.

謝謝，瑪麗亞。大家好，歡迎參加 Mobileye 截至 2025 年 6 月 28 日的 2025 年第二季財報電話會議。

Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.

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。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。

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

此外，在本次電話會議上，我們將參考 GAAP 和非 GAAP 數據。我們在發布的收益報告中提供了 GAAP 與非 GAAP 財務指標的對帳。

Joining us on the call today are Professor Amnon Shashua, Mobileye's CEO and President; and Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy. Unfortunately, our CFO, Moran Shemesh, recently experienced a death in her family and will not be joining the call today. I'm sure everyone listening joins me in wishing the best to Moran and her family. For today's earnings call, I will essentially take on Moran's role.

今天參加電話會議的有 Mobileye 執行長兼總裁 Amnon Shashua 教授和 Mobileye 業務發展和策略執行副總裁 Nimrod Nehushtan。不幸的是，我們的財務長 Moran Shemesh 最近家中有人去世，因此今天將無法參加電話會議。我相信所有聽眾都會和我一起向莫蘭和她的家人致以最美好的祝愿。在今天的財報電話會議上，我將主要承擔莫蘭的角色。

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

謝謝。現在，我將把電話轉給 Amnon。

Hello, everyone, and thanks for joining our earnings call. Starting with the results, Q2 revenue was up 15% over a year as demand for the EyeQ was stronger across regions and OEMs. Adjusted operating income was up 34% and adjusted operating margin rose 3 points to 21%.

大家好，感謝您參加我們的收益電話會議。從業績來看，由於各地區和 OEM 對 EyeQ 的需求強勁，第二季營收年增 15%。調整後營業收入成長 34%，調整後營業利益率上升 3 個百分點至 21%。

Q2 was a good display play of the strong operating leverage created by our business model. On a year-over-year basis, more than 40% of the revenue growth converted to operating income. Compared to Q1, nearly 70% of the higher revenue dropped to operating income. Operating cash flow was again a highlight, over $200 million for the quarter and over $300 million for the first half, about 33% of revenue.

第二季度很好地展示了我們的商業模式所創造的強大經營槓桿。與去年同期相比，超過40%的營收成長轉化為營業收入。與第一季相比，近70%的較高收入下降為營業收入。經營現金流再次成為亮點，本季超過 2 億美元，上半年超過 3 億美元，約佔營收的 33%。

Our ADAS business is highly cash generative, and we're maintaining strong working capital discipline. The core ADAS business is performing well, with volumes at or above 8.5 million per quarter for the last four periods. And we are raising our full-year revenue outlook by 4% and our adjusted operating income outlook by 14% at the midpoint.

我們的 ADAS 業務具有很高的現金創造能力，並且我們保持著嚴格的營運資本紀律。核心 ADAS 業務表現良好，過去四個季度的銷量均達到或超過 850 萬輛。我們將全年營收預期上調 4%，將調整後營業收入預期中位數上調 14%。

Our core ADAS business truly illustrates that Mobileye is an execution machine. EyeQ6 Lite will be the future high-volume chip for this segment, and the ramp up of that new system has been seamless. Only one year after the first SOP, we already have EyeQ6 Lite-based systems on the road in North America, Europe, China, Japan, and India.

我們的核心 ADAS 業務真實地證明了 Mobileye 是一台執行機器。EyeQ6 Lite 將成為該領域未來的大批量晶片，並且新系統的升級將非常順利。在第一個 SOP 發布僅一年後，我們已經在北美、歐洲、中國、日本和印度推出了基於 EyeQ6 Lite 的系統。

On the advanced product side, we are the only OEM-neutral platform that is cost efficient and scalable, and has a credible technology path to eyes-off autonomy in both privately owned vehicles and robotaxis. All four of our advanced products, Surround ADAS, SuperVision, Chauffeur, and Drive, share common elements including the EyeQ6 High inference chip, major portions of the perception and policy AI stacks, REM crowdsourced driving intelligence, our safety frameworks, and the company's data and validation infrastructure.

在先進產品方面，我們是唯一一個具有成本效益和可擴展性的 OEM 中立平台，並且擁有可靠的技術路徑，可實現私家車和自動駕駛計程車的無人駕駛。我們的所有四款先進產品，Surround ADAS、SuperVision、Chauffeur 和 Drive，都具有共同的元素，包括 EyeQ6 High 推理晶片、感知和策略 AI 堆疊的主要部分、REM 眾包駕駛智慧、我們的安全框架以及公司的數據和驗證基礎設施。

This common backbone creates many synergies for us and our customers, enables us to develop and execute all four solutions simultaneously, and leaves us agnostic to whether the market moves faster in one way or another. Whereas a couple of years ago, OEMs were primarily focused on SuperVision, we're now seeing broad momentum across our portfolio from next generation ADAS to full point A to point B, eyes-on/hands-free, to level three systems and to robotaxi.

這一共同主幹為我們和我們的客戶創造了許多協同效應，使我們能夠同時開發和執行所有四種解決方案，並且讓我們無需擔心市場是否會以某種方式更快地發展。幾年前，原始設備製造商 (OEM) 主要專注於 SuperVision，而現在，我們看到我們的產品組合呈現出廣泛的發展勢頭，從下一代 ADAS 到全 A 點到 B 點、眼睛注視/免持、到三級系統和機器人出租車。

The Eye6 High base Surround ADAS system continues to develop as the next generation of standardized driving assist on high volume vehicles platforms. This system addresses multiple objectives in a cost-efficient package. It's designed to meet stricter, late-decade safety standards; enables highway hands-free performance for a lower cost than current systems, and supports OEM goals to consolidate ECUs and to integrate technology on a single SOC.

Eye6 High base Surround ADAS 系統將繼續發展，成為大批量車輛平台上的新一代標準化駕駛輔助系統。該系統以經濟高效的方式解決了多個目標。它旨在滿足更嚴格的十年後安全標準；以比現有系統更低的成本實現高速公路免持性能，並支援 OEM 整合 ECU 和在單一 SOC 上整合技術的目標。

In recent months, we have we have seen growing demand from OEMs to shift away from already sourced single-camera programs toward our multi-camera Surround ADAS bundle. Overall, opportunities to substantially grow content for vehicle in the ADAS space have improved over the last six months.

最近幾個月，我們看到 OEM 的需求不斷增長，他們從已經採購的單一攝影機程式轉向我們的多攝影機環繞 ADAS 套件。整體而言，在過去六個月中，大幅增加 ADAS 領域車輛內容的機會有所改善。

SuperVision activity remains robust, but lack of competitive pressure is enabling OEMs to continue to take their time with decision-making. Meanwhile, Chauffeur has generated multiple new OEM prospects that sees eyes-off/on-highway as a breakthrough feature that allows drivers to reclaim their time during commutes.

SuperVision 活動依然強勁，但缺乏競爭壓力使得 OEM 能夠繼續花時間做出決策。同時，Chauffeur 已為多家 OEM 廠商帶來了新的前景，這些廠商將視線移開/在高速公路上視為一項突破性功能，讓駕駛員能夠在通勤期間節省時間。

The central question around eyes-off consumer AV programs is simply technological maturity. How likely is it for a technology provider like Mobileye to execute the system with human-level safety and an expensive ODD?

無人駕駛汽車消費者專案的核心問題只是技術成熟度。對於 Mobileye 這樣的技術提供者來說，執行具有人類等級安全性和昂貴 ODD 的系統的可能性有多大？

In this context, our four production programs of Volkswagen Group are significant strategic assets. They showcase our rapid progress in transforming our core technologies into scalable products. Our ability to demonstrate these products to other customers, including production-level hardware and software-associated KPIs, is an important proof point that our competitors do not have and will drive increasing competitive pressure as we approach launch.

在此背景下，大眾集團的四大生產項目是我們重要的策略資產。它們展示了我們在將核心技術轉化為可擴展產品方面的快速進展。我們向其他客戶展示這些產品的能力，包括生產級硬體和軟體相關的 KPI，是我們競爭對手所不具備的重要證明點，隨著我們接近發布，這將帶來越來越大的競爭壓力。

Turning to robotaxi. Waymo's achievement of 25% market share in San Francisco, despite offering no time or cost advantage over human-driven alternatives, is very encouraging and has reignited industry enthusiasm. When you look at the robotaxi opportunity, two pillars are critical, safety and scalability.

轉向自動駕駛計程車。儘管 Waymo 在時間和成本上與人類駕駛的替代方案相比沒有優勢，但它在舊金山取得了 25% 的市場份額，這非常令人鼓舞，並重新點燃了行業熱情。當你審視自動駕駛計程車的機會時，有兩個支柱至關重要：安全性和可擴展性。

On safety, this means reaching the mean time between failures that exceeds human statistics, as well as other critical safety standards. Safety has long been a strength Mobileye, supported by foundational innovations like our RSS model, which we developed in 2017; and the PGF, our recently published framework for fusing multiple subsystems.

在安全性方面，這意味著達到超過人類統計數據的平均故障間隔時間以及其他關鍵安全標準。安全性一直是 Mobileye 的優勢，並得到了基礎創新的支持，例如我們在 2017 年開發的 RSS 模型；以及我們最近發布的用於融合多個子系統的框架 PGF。

Once safety goals have been reached, the second pillar is scalability. The name of the game here is how fast can you scale. This should be evaluated across three different vectors.

一旦達到安全目標，第二支柱就是可擴展性。這裡的遊戲名稱是你能擴展得多快。這應該透過三個不同的向量來評估。

The first scalability vector is geographic. How fast can you expand from city to city? REM is a huge asset here. The second is cost. What are all the all-in operating cost of the system? Our in-house design compute, imaging radar, efficient AI, supply chain, synergies, these all combine to create significant cost efficiency advantages relative to the competition.

第一個可擴展性向量是地理的。您能多快從一個城市擴展到另一個城市？REM 在這裡是一筆巨大的財富。第二是成本。該系統的全部營運成本是多少？我們的內部設計計算、成像雷達、高效的人工智慧、供應鏈、協同效應，所有這些結合起來創造了相對於競爭對手的顯著成本效率優勢。

Finally, scalability also entails production capacity and business model. The fact that we work in partnership with OEMs that produce vehicles where our system is integrated during the mass production line, rather than being uplifted in a different facility after the vehicle has been produced, is very important. This approach allows us to be capital light.

最後，可擴展性也需要生產能力和商業模式。事實上，我們與生產汽車的原始設備製造商 (OEM) 合作，在量產線上整合我們的系統，而不是在汽車生產完成後轉移到不同的工廠，這一點非常重要。這種方法使我們的資本變得輕便。

But it's not just about capital light. It also allows us to scale fast. Even if we had all the capital to go and purchase 100,000 vehicles and then build production plans that would uplift the self-driving technology, it would have slowed us down. We are working with Volkswagen, of course, but also Holland, which has a production facility underway and have advanced engagements with other high-scale OEMs.

但這不僅僅是關乎資本之光。它還使我們能夠快速擴展。即使我們有足夠的資金去購買 10 萬輛汽車，然後制定提升自動駕駛技術的生產計劃，也會減慢我們的速度。當然，我們正在與大眾汽車合作，但也與荷蘭合作，荷蘭的生產設施正在建設中，並與其他大型原始設備製造商保持深入的合作。

On the operations and distribution side, we have arrangements with Volkswagen's mobility arm, MOIA; and Japanese fleet manager, Marubeni, to provide the operations and the customer-facing technology. Finally, we have announced real engagements with demand generators, Uber and Lyft in the US and public transport operators in Europe, to provide the demand platform.

在營運和分銷方面，我們與大眾汽車的移動部門 MOIA 以及日本車隊管理公司丸紅達成協議，提供營運和麵向客戶的技術。最後，我們宣布與需求產生器（美國的 Uber 和 Lyft 以及歐洲的公共運輸業者）進行真正的合作，以提供需求平台。

All of these actors have skin in the game, which is also important to drive scale. So Mobileye, with the kind of partnerships that we're building, is in a very good position to scale rapidly once we start commercial deployment in 2026.

所有這些參與者都參與其中，這對於擴大規模也很重要。因此，憑藉我們正在建立的這種合作夥伴關係，Mobileye 一旦在 2026 年開始商業部署，就處於非常有利的地位，可以迅速擴大規模。

In terms of a technology update on robotaxi, we recently successfully transitioned into our full production hardware inside the ID. Buzz test vehicle. The mean time between failure of performance is tracking well to the KPIs that were laid out at the start of the program. We expect to reach our KPI goals by the end of 2025, then start adding teleoperations, and then remove the driver in 2026. So it's all on track.

在 robotaxi 的技術更新方面，我們最近成功過渡到 ID 內部的完整生產硬體。嗡嗡聲測試車輛。平均效能故障間隔時間與專案開始時制定的 KPI 追蹤良好。我們預計在 2025 年底實現我們的 KPI 目標，然後開始添加遠端操作，然後在 2026 年移除驅動程式。所以一切都在按計劃進行。

In summary, the opportunity set in front of us today is larger, broader, deeper, and more urgent than it was when we went public in 2022. OEMs are indicating increased clarity in planning and decision making. Near term volumes are strong.

總而言之，今天擺在我們面前的機會比2022年上市時更大、更廣、更深、更迫切。OEM 表示規劃和決策更加清晰。近期交易量強勁。

The demand for both higher performance and lower cost is intensifying. And the eyes-off performance, whether for personal cars or robotaxi, is no longer seen as a science experiment, but as an achievable and commercially viable product. This is exactly where Mobileye thrives.

對於更高效能和更低成本的需求正在日益增強。無論是私家車還是自動駕駛計程車，其無人駕駛性能不再被視為科學實驗，而是一種可實現且具有商業價值的產品。這正是 Mobileye 蓬勃發展的地方。

I'll turn the call over to Dan to cover the finance section.

我會將電話轉給丹來負責財務部分。

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

謝謝你，阿姆嫩。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 資料中主要排除的是無形資產攤銷，這主要與英特爾 2017 年收購 Mobileye 有關。我們也排除了股票薪酬。

Our Q2 results significantly exceeded the color we provided on the Q1 2025 earnings call in April and were slightly better than our pre-release numbers from earlier this month. Revenue was up 15% year over year versus the outlook of plus 7%.

我們的第二季業績大大超出了我們在 4 月 2025 年第一季財報電話會議上提供的情況，並且略好於我們本月稍早發布的預發布數據。營收年增 15%，預期為成長 7%。

The strength was due to several factors. Multiple OEMs, including China OEMs, showed modest outperformance which, taken together, contributed to significant overall gains. SuperVision volume was also a bit stronger than expected as production of the vehicles we are on is running better than expected year to date.

這種力量源自於多種因素。包括中國原始設備製造商在內的多家原始設備製造商都表現出色，整體而言，推動了整體的顯著成長。由於今年迄今為止我們所使用的車輛的生產情況好於預期，因此 SuperVision 的銷售量也比預期要高一些。

I'll spend a minute on inventory as we continue to monitor it closely. Based on our discussions with customers, inventory was relatively tight entering the year, and there was some direction from certain OEMs to increase safety stocks due to the volatile macro environment. Even so, a variety of analyses we run on a regular basis indicates that shipments were relatively consistent with demand on a year-to-date basis.

我將花一點時間查看庫存，我們將繼續密切監控。根據我們與客戶的討論，今年進入以來庫存相對緊張，而且由於宏觀環境波動，某些原始設備製造商指示增加安全庫存。即便如此，我們定期進行的各種分析表明，今年迄今的出貨量與需求相對一致。

To frame it, EyeQ volumes in the second half of 2024 were 17.8 million units, and inventory ended the year at a low level. Volumes in the first half of 2025 were 18.1 million in what we believe was a comparable demand environment to the second half of last year. We continue to believe that inventory of our customers remains well aligned with underlying demand.

具體來說，2024 年下半年 EyeQ 的銷量為 1,780 萬台，年底庫存處於較低水準。我們認為，2025 年上半年的銷售量為 1,810 萬，需求環境與去年下半年相當。我們仍然相信，客戶的庫存與潛在需求保持良好的一致性。

Turning to gross margin, it was down slightly year over year and versus Q1. Gross margins are stable by product and by region. The exact results, however, depend on mix of China volumes in the ADAS business and SuperVision. Each of those segments carries gross margins somewhat lower than the corporate average. SuperVision, in particular, was a higher percentage of revenue in Q2 versus Q1, causing a bit of a gross margin reduction.

談到毛利率，與去年同期和第一季相比均略有下降。按產品和地區劃分的毛利率保持穩定。但確切結果取決於中國在 ADAS 業務和 SuperVision 業務中的銷售組合。每個部門的毛利率都略低於企業平均。尤其是 SuperVision，其第二季度的營收佔比高於第一季度，導致毛利率略有下降。

Operating expenses were up 7% year over year and flat compared to Q1 versus the prior outlook that indicated Q2 OpEx would be slightly higher than Q1. As Amnon mentioned, operating cash flow was over $300 million in the first half. This is primarily due to strong cash flow from the core business.

營運費用年增 7%，與第一季持平，而先前的預測顯示第二季營運支出將略高於第一季。正如 Amnon 所提到的，上半年的營運現金流超過 3 億美元。這主要歸功於核心業務強勁的現金流。

However, we've also managed tight control over the working capital accounts, particularly balance sheet inventory, which came down by about $90 million in the first half. We're now well aligned with our six-month target on balance sheet inventor. And we expect working capital to be more cash neutral in the back half.

然而，我們也對營運資本帳進行了嚴格控制，特別是資產負債表庫存，上半年下降了約 9,000 萬美元。現在，我們已完全實現了資產負債表發明者的六個月目標。我們預計下半年營運資金的現金流將更加中性。

Turning to the full-year guidance, we are increasing the revenue midpoint by 4% and the adjusted operating income midpoint by 14%. On the last call, we noted that the implied step-down in second-half 2025 revenue versus the first half did not reflect any specific indication of production weakness but rather a cautious stance given the elevated uncertainty around automotive tariffs at the time.

談到全年指引，我們將營收中點提高 4%，調整後營業收入中點提高 14%。在上次電話會議中，我們注意到，2025 年下半年收入相對於上半年的隱含下降並不反映生產疲軟的任何具體跡象，而是由於當時汽車關稅的不確定性增加而採取的謹慎立場。

Since then, while tariffs remain in place, the actual impact on production and consumer demand appears rather limited and third-party forecasts have risen since April. Our current outlook releases some of the conservatism in Q3 as visibility is high at this point. That said, visibility into Q4 remains more limited, as is always the case in July, and we believe it's prudent to maintain a cautious stance and a wider-than-usual range for that Q4 period.

自那時起，雖然關稅仍然存在，但對生產和消費需求的實際影響似乎相當有限，第三方預測自4月以來有所上升。由於目前的可見度很高，我們目前的展望在第三季釋放了一些保守情緒。儘管如此，與 7 月份的情況一樣，第四季度的可見性仍然比較有限，我們認為在第四季度保持謹慎的立場和比平常更廣泛的範圍是明智之舉。

To be 100% clear, the business is performing very well. We are not seeing any tangible headwinds, and we've not received any indications from customers that Q4 volumes will weaken. We are simply choosing to remain conservative beyond the very near term.

可以肯定地說，業務表現非常好。我們沒有看到任何明顯的阻力，也沒有收到客戶表示第四季銷售將會減弱的任何跡象。我們只是選擇在短期內保持保守。

Our full-year outlook is based on EyeQ volumes of 33.5 million to 35.5 million, up from 32 million to 34 million previously. As noted above, SuperVision volumes are running better than expected, and we're modestly raising the outlook to about 40,000 units at the midpoint versus the prior outlook in the low 20,000.

我們對全年 EyeQ 銷量的預測是基於 3,350 萬至 3,550 萬台，高於先前的 3,200 萬至 3,400 萬台。如上所述，SuperVision 的銷售量優於預期，我們適度上調預期至中間值約 40,000 台，而先前的預期為 20,000 台出頭。

We expect gross margins to be up about 0.5 point year over year in 2025. This is slightly worse than our prior outlook, but this is simply due to SuperVision and China EyeQ being a bit of a higher percentage of revenue.

我們預計 2025 年毛利率將年增約 0.5 個百分點。這比我們之前的預期略差，但這只是因為 SuperVision 和 China EyeQ 的營收佔比略高。

Adjusted operating expenses do not typically flex according to revenue and remain in line with our prior expectations. We continue to expect an increase of about 7% year over year to slightly below $1 billion. Looking at the balance of the year, we would expect Q3 to be somewhat higher than Q4, consistent with historical seasonality.

調整後的營業費用通常不會根據收入而變化，並且與我們先前的預期保持一致。我們仍然預計該數字將年增約 7%，達到略低於 10 億美元。從全年來看，我們預計第三季的業績將略高於第四季度，這與歷史季節性一致。

Turning to Q3, we expect to deliver approximately 8.7 million to 9.3 million EyeQ units and for our revenue to be roughly flat on a year-over-year basis. We expect gross margins to be slightly below the Q2 levels and for operating expenses to be seasonally higher in Q3 versus Q2, aligned with previous expectations.

展望第三季度，我們預計 EyeQ 的出貨量約為 870 萬至 930 萬台，營收與去年同期基本持平。我們預計第三季的毛利率將略低於第二季度的水平，且營業費用將因季節原因高於第二季度，這與先前的預期一致。

Thank you, and we will now take your questions.

謝謝，我們現在將回答您的問題。

Thank you. We will now be conducting a question-and-answer session. (Operator Instructions) Chris McNally, Evercore ISI.

謝謝。我們現在將進行問答環節。（操作員指示）Chris McNally，Evercore ISI。

Maybe we could just double click, Amnon, if you could comment around the higher momentum at Chauffeur, maybe a little bit of slow momentum on SuperVision decision making. How much do you think this is OEMs having more of a question around their own pricing ability to pass through a level two-plus product versus something else?

也許我們可以雙擊，Amnon，如果你能評論一下 Chauffeur 的更高勢頭，也許 SuperVision 決策的勢頭有點慢。您認為這在多大程度上表明原始設備製造商對於其通過二級以上產品而非其他產品的定價能力存在疑問？

Because I think we've all seen this delay in implementation, and there is some fear that we're seeing these products given away almost for free in China -- a lack of clarity, let's say, for how OEMs would price such a product. I would love your thoughts on that.

因為我認為我們都看到了實施過程中的這種延遲，而且有人擔心我們會看到這些產品在中國幾乎是免費贈送的——比如說，原始設備製造商如何為這種產品定價缺乏明確性。我很想知道你對此的看法。

I think there is lack of competitive pressure for these systems in Europe and the US. You see these systems a lot in China. And in the -- outside of China, it's only the Tesla FSD. And OEMs have seen the Tesla FSD for more than a decade, so we need more competitive pressure to bring OEMs to a sense of urgency.

我認為歐洲和美國對這些系統的競爭壓力不足。在中國，你常常會看到這樣的系統。在中國以外，只有特斯拉 FSD。而且OEM廠商已經看到特斯拉FSD十多年了，所以我們需要更多的競爭壓力來讓OEM廠商產生緊迫感。

I think the last news about penetration rates of Tesla FSD are encouraging. It's more than 25% take rate. and it looks like it's climbing. So I think the news are good in terms of public interest in these kinds of features and willing to pay for them.

我認為有關特斯拉 FSD 普及率的最新消息令人鼓舞。它的接受率超過 25%，而且看起來還在上升。因此，我認為從公眾對這類功能的興趣以及願意為它們付費的角度來看，這是個好消息。

But regardless, OEMs are still in planning stage because it's not only the level two-plus and SuperVision. There is a Chauffeur. They want to be part. They want to have skin in the game in robotaxi, not just produced cars, and just sell them to the likes of Waymo and others. They want skin in the game in the robotaxi domain.

但無論如何，OEM 仍處於規劃階段，因為它不僅僅是 2 級以上和 SuperVision。有一名司機。他們想成為其中的一部分。他們希望在自動駕駛計程車領域佔有一席之地，而不僅僅是生產汽車，然後將其出售給 Waymo 等公司。他們希望在自動駕駛計程車領域中分一杯羹。

So it's all part of planning. There is Surround ADAS, whether they should -- it should take over the front-facing camera or just be a premium product. There's a lot of planning to do. But the more we deep dive into it, I think that planning phase is coming to a close.

所以這都是計劃的一部分。有環繞式 ADAS，無論他們是否應該——它應該接管前置鏡頭還是僅僅成為一款高端產品。有很多計劃要做。但我們越深入研究，我認為規劃階段即將結束。

So we see a lot of activity by OEMs talking about SuperVision, but in addition also, Surround ADAS and Chauffeur and with a number of high scalers OEMs also about robotaxi.

因此，我們看到許多 OEM 廠商都在談論 SuperVision，此外還有 Surround ADAS 和 Chauffeur，並且許多高階 OEM 也在談論 Robotaxi。

If I may add to this -- if I may add one comment, we recently started inviting OEMs to see our generation two SuperVision system, which is now operational in various locations and shows our EyeQ6 platform with new technologies. And we've seen increased interest and pretty much a lot of excitement by OEMs to see the demonstrations.

如果我可以補充一點——如果我可以補充一條評論，我們最近開始邀請 OEM 來參觀我們的第二代 SuperVision 系統，目前已在各個地方運行，並展示了採用新技術的 EyeQ6 平台。我們看到原始設備製造商對觀看演示的興趣日益濃厚，並且表現出極大的興奮。

And it's another positive momentum around SuperVision. So it's not just the competitive pressure. It's also seeing more evidence to our generation two system and how it performs in the field that now is available. And it's been some -- in the past few days and so far, it's been very successful.

這是 SuperVision 的另一個積極勢頭。所以這不僅僅是競爭壓力。它也看到了更多關於我們的第二代系統及其在現有領域中的表現的證據。在過去的幾天裡，到目前為止，它非常成功。

That's really helpful. And just my quick just follow-up. Is it fair to characterize or power phrase that the flag slide that you showed at December is more of an implementation delay rather than a full pause on SuperVision and that you still see SuperVision as essentially the stepping stone for a lot of these OEM programs into Chauffeur, given the software overlap and just obviously additional hardware needed for Chauffeur?

這真的很有幫助。這只是我的快速跟進。您是否可以這樣描述或有力地表達：您在 12 月份展示的標誌幻燈片更多的是實施延遲，而不是完全暫停 SuperVision，並且考慮到軟體重疊以及 Chauffeur 顯然需要的額外硬件，您仍然認為 SuperVision 基本上是許多 OEM 項目進入 Chauffeur 的墊腳石？

Nimrod, start; and I'll complement if necessary.

尼姆羅德，開始吧；如有必要，我會補充。

No, I don't think that necessarily we have suggested that SuperVision is a prerequisite for Chauffeur. I think that what remains true is that there is a consensus, at least from our perspective, amongst OEMs that Chauffeur is a very compelling value proposition for consumers.

不，我認為我們不一定認為 SuperVision 是 Chauffeur 的先決條件。我認為，至少從我們的角度來看，原始設備製造商一致認為，Chauffeur 對消費者來說是一個非常有吸引力的價值主張。

And as Amnon said in his opening comments, it's a question of whether or not the technology is mature and at what price and which timeline. And we are making consistent progress not just in Chauffeur directly, but also through robotaxi, which is showing a lot more about our robustness and the maturity of our technologies for eyes-off, for no driver, which requires very high precision levels.

正如阿姆農在開場白中所說，問題在於這項技術是否成熟、價格如何以及時間表如何。我們不僅在私人司機領域取得了持續進展，還在自動駕駛計程車領域取得了進展，這充分展示了我們在無人駕駛、無需駕駛員的技術方面的穩健性和成熟度，而這需要非常高的精度水平。

And the more we're making progress, the more we are convincing OEMs that this is a technology that is for here and now and not for the next five years. And therefore, we see some OEMs that are considering going straight to Chauffeur for the, let's say, 2027-2028 time frames.

我們取得的進展越大，就越能讓原始設備製造商相信，這是適合當下而非未來五年的技術。因此，我們看到一些 OEM 正在考慮在 2027-2028 年的時間範圍內直接轉向 Chauffeur。

So I think what we have learned is that the OEMs are a spectrum of needs and interests and planning strategies. And our strategy is that our products are playing on the complete spectrum of solutions. And so we can offer the entire product portfolio like with Volkswagen.

所以我認為我們所了解到的是，OEM 有一系列的需求、利益和規劃策略。我們的策略是，我們的產品能夠提供全方位的解決方案。因此，我們可以像大眾汽車一樣提供整個產品組合。

We can offer parts of it. But what's important is that we're progressing towards SOPs, towards launching these products in the market, regardless of how OEMs are thinking about their planning. And the more we make progress, the more we can convince them that the technologies are mature, which product makes the most sense for their segments, and so on.

我們可以提供其中的一部分。但重要的是，無論 OEM 如何考慮他們的計劃，我們都在朝著 SOP 的方向前進，朝著將這些產品推向市場的方向前進。我們取得的進展越多，我們就越能讓他們相信這些技術已經成熟，哪種產品最適合他們的細分市場，等等。

Yeah, I'll mention that we have a start of production 2027 with Audi on Chauffeur, and it's on track. And there's also a number of homologation steps that also we have passed. So as time goes by, the maturity level of this system is now becoming more and more evident, and that should bring OEMs to the table and get convinced that the maturity level is good enough to start thinking about the production program for Chauffeur.

是的，我想說的是，我們將於 2027 年開始與奧迪合作生產 Chauffeur，目前一切進展順利。我們也通過了一系列認證步驟。因此，隨著時間的推移，該系統的成熟度水平現在變得越來越明顯，這應該會讓 OEM 參與進來，並確信其成熟度足夠好，可以開始考慮 Chauffeur 的生產計劃。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Just starting with SuperVision, the guide for 40,000 units, a near doubling of the expectation for the full year. Can you just speak to what's driving that, how the relationship is trending with ZEEKR? And then just looking ahead, any thoughts on the timing for next year concerning the portionality launches for SuperVision and Chauffeur?

僅從 SuperVision 開始，預計銷量為 40,000 台，幾乎是全年預期銷量的兩倍。您能否談談推動這項進程的因素以及與 ZEEKR 的關係趨勢如何？展望未來，您對明年 SuperVision 和 Chauffeur 的比例發佈時間有何看法？

Yeah, we took a conservative stance on SuperVision volumes for this year. Since then, what we've seen is ZEEKR 009 for export markets has been selling more vehicles than we probably expected. Polestar 4 production and end demand has been pretty good as well.

是的，我們對今年的 SuperVision 數量採取了保守的立場。自那時起，我們看到 ZEEKR 009 在出口市場的銷售量超出了我們的預期。Polestar 4 的生產和最終需求也相當不錯。

I think key here is that any ZEEKR vehicles that are being shipped outside of China are still using the SuperVision system, which indicates the maturity of our system for non-China markets. But yeah, I think it's just a reflection of conservative start of the year and production of these vehicles running better than expected.

我認為關鍵在於，任何運往中國境外的 ZEEKR 車輛仍在使用 SuperVision 系統，這表明我們的系統對於非中國市場來說已經成熟。但是的，我認為這只是今年保守開局的體現，而且這些車輛的產量比預期要好。

Yeah. As for the Porsche and Audi, the standard production is the end of 2026, so the effect on revenue should be seen in 2027. We see 2027 as really an inflection year in terms of revenue, where SuperVision by Porsche and Audi, and we believe more, would come out.

是的。至於保時捷和奧迪，標準生產時間為 2026 年底，因此對收入的影響應該在 2027 年才能看到。我們認為 2027 年確實是收入的轉折年，保時捷和奧迪的 SuperVision 以及我們相信的更多產品將會問世。

Robotaxi will start generating revenue as well because we are removing the driver mid of 2026, and we have a very strong plan of scalability. So 2027 is really the inflection year in terms of revenue.

Robotaxi 也將開始產生收入，因為我們將在 2026 年中期取消司機，而且我們有一個非常強大的可擴展計劃。因此，2027 年確實是營收的轉折年。

Yeah. And if we look at the kind of the consensus expectations for SuperVision in '26, it can be almost exclusively covered by the current vehicles in production.

是的。如果我們看一下對 26 年 SuperVision 的普遍預期，就會發現目前生產的車輛幾乎完全可以滿足這一預期。

Got it. That's helpful. And just my follow-up. In regard to the recent secondary offering tied in tail stake, how should we think about any future intentions there and the potential time frame?

知道了。這很有幫助。這只是我的後續行動。關於最近的尾部股權二次發行，我們應該如何看待未來的意圖和潛在的時間框架？

Dan, do you want to take this and I'll complement?

丹，你想接受這個然後我來補充嗎？

Yeah. No, I think Intel's shown quite a bit of patience with their stake in Mobileye. They hadn't sold any shares for two years. They still maintain more than 80% ownership. I think they've made public comments that they have a very strong view of the potential of Mobileye and want to participate in that upside.

是的。不，我認為英特爾對其在 Mobileye 的股份表現出了相當的耐心。他們已經兩年沒有賣出任何股票了。他們仍然持有80%以上的所有權。我認為他們已經公開表示，他們非常看好 Mobileye 的潛力，並希望參與其中。

So we weren't really surprised that they'd want to sell some shares after the next couple of years, but we can't really speak to any future plans that they have.

因此，對於他們想在未來幾年內出售部分股份，我們並不感到驚訝，但我們無法確切地說出他們未來的任何計劃。

George Gianarikas, Canaccord Genuity.

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

I'd like to concentrate a little bit on robotaxi. I think you characterized the interest as accelerating from OEMs and deploying your solution. Can you just help us understand a little bit about what you're seeing in the marketplace, the potential for new wins, and what the competitive set looks like when you're offering your solution to OEMs?

我想集中討論一下自動駕駛計程車。我認為您將興趣描述為從 OEM 加速並部署您的解決方案。您能否幫助我們了解一下您在市場上看到的情況、新的勝利潛力以及當您向 OEM 提供解決方案時競爭對手的情況？

Well, we have a relationship with the Volkswagen on the ID. Buzz, where MOIA is operator and customer facing. There's also deals with the Uber regarding this platform. The volume expectation towards the end of the -- until the end of the decade is very substantial.

嗯，我們和大眾在 ID 上有合作關係。Buzz，其中 MOIA 面向營運商和客戶。也與 Uber 就該平台達成了協議。預計到本世紀末至本世紀末的交易量將非常可觀。

There is a hold on with a platform called Mover. We already have prototypes equipped with our system and testing. It should come out six months later. Also, volume productions projections are very high.

有一個名為 Mover 的平台正在發揮作用。我們已經有一個配備我們的系統並經過測試的原型。它應該在六個月後發布。此外，產量預測非常高。

In addition, we have relationship with Marubeni. We are working with additional OEMs to supply vehicles both from MOIA and also for Marubeni. And hopefully, we'll be able to update the market soon about additional OEMs. But Volkswagen alone is a very high volume opportunity for robotaxis.

此外，我們與丸紅也有合作關係。我們正在與其他 OEM 合作，為 MOIA 和丸紅供應車輛。希望我們能夠盡快向市場更新其他 OEM 的資訊。但光是大眾汽車就為自動駕駛計程車提供了非常大的銷售機會。

And if I may add to this -- sorry, George. I just wanted to add maybe a little bit more color on what we're seeing in the market and the competitive environment. I think that there is a -- we need to distinguish between the US and Europe in that regard, which are our two primary markets for the first launches.

如果我可以補充一點的話——抱歉，喬治。我只是想對我們在市場和競爭環境中看到的情況做一點補充。我認為，在這方面我們需要區分美國和歐洲，這兩個是我們首次推出產品的主要市場。

In the US, of course, there is Waymo and Tesla that has been making statements about this. Beyond these two as a technology provider that can provide the full self-driving system, which includes the hardware, the software, AI technologies, and so on, in a scalable way, in a cost-efficient way that will leave enough room for all players involved to generate a profit, we're seeing Mobileye as a unique company at this stage.

當然，在美國，Waymo 和特斯拉已經就此發表了聲明。除了這兩家公司之外，作為一家能夠以可擴展的方式、以經濟高效的方式提供完整自動駕駛系統的技術提供商，該系統包括硬體、軟體、人工智慧技術等，為所有參與者提供足夠的盈利空間，我們認為 Mobileye 現階段是一家獨特的公司。

So Waymo and Tesla, of course, have their own business model being vertically integrated at this stage. And for the OEMs that want to basically build a business of producing robotaxis in a serious production fashion and then find a business model with the demand generators, we're the primary, if not the only, candidate at this stage, at least from what we're seeing.

因此，Waymo 和 Tesla 當然在現階段都有自己的垂直整合商業模式。對於那些希望以嚴肅的生產方式建立自動駕駛計程車生產業務，然後找到具有需求生成器的商業模式的原始設備製造商來說，我們是現階段的主要候選人（如果不是唯一的候選人），至少從我們所看到的情況來看是這樣。

And in Europe, we are -- I think that we are in the pole position in the race. And just recently, the German chancellor took a test drive with the ID. Buzz vehicles, Mobileye's technology in Germany, which is putting a lot more public attention and some, let's say, political attention into enabling robotaxis in Europe. In that sense, being partnering with Volkswagen is hugely beneficial for our interest.

在歐洲，我認為我們在這場競賽中處於領先地位。而就在最近，德國總理還試駕了這款ID.Buzz 車輛是 Mobileye 在德國開發的技術，它吸引了更多公眾的關注，甚至可以說是政治上的關注，以推動歐洲的自動駕駛計程車的發展。從這個意義上來說，與大眾汽車合作對我們的利益非常有利。

Okay. Just as a follow-up, can you just -- on the robotaxi, just help us maybe understand a little bit more about the business model opportunity, the price per system, and also particularly, the potential for you to participate in the revenue per mile as you deploy these systems and if that can be replicated across OEMs.

好的。作為後續問題，您能否——關於自動駕駛計程車，幫助我們更多地了解商業模式機會、每個系統的價格，特別是您在部署這些系統時參與每英里收入的潛力，以及這是否可以在 OEM 之間複製。

Yeah. So we receive revenue for the system and we receive also recurring revenue for the cost per mile. We have both. Maybe in the future, we could reduce the cost of the system and add more in terms of the contribution of per mile. But even the current setup is very good in terms of the revenue potential, the recurring revenue potential over time.

是的。因此，我們從系統中獲得收入，我們也從每英里的成本中獲得經常性收入。我們兩者都有。也許在未來，我們可以降低系統成本並在每英里的貢獻方面增加更多。但就收入潛力和長期經常性收入潛力而言，即使是目前的設定也非常好。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

I wanted to just first start with a question on the near-term EyeQ shipments. And maybe you could just give a bit more color on where the strength is coming in from, specifically, the trends within China, which had obviously been quite weak in 2H. But it seems like the last couple of quarters has been pretty good. What's the right run rate to think of now from China, both from the domestics and from the multinationals there?

首先我想問一下有關近期 EyeQ 出貨量的問題。也許您可以更詳細地說明一下這種強勁勢頭來自哪裡，特別是中國國內的趨勢，中國國內的趨勢在下半年顯然相當疲軟。但最近幾季的情況似乎相當不錯。目前，中國國內企業和跨國公司的正確運作率應該是多少？

I can start on that. So I mean, I think from a from an overall comment, it was difficult to analyze the EyeQ volume growth the last year or so because of some disruptions on inventory in China. Now you're starting to really be able to analyze it.

我可以開始做這件事。所以我的意思是，我認為從整體評論來看，由於中國庫存的一些中斷，很難分析去年左右 EyeQ 銷售的成長。現在您開始真正能夠分析它了。

So in Q2, if we adjust for inventory digestion last year, volume grew around 13% year over year in Q2 for EyeQ volume. And our top 10 customers were minus 3%, so significant growth over market. If you look at the Q3 outlook, it's for growth around 5% year over year. Our top 10 customers are minus 2%. So this comparison to our top 10 customers, it's starting to show up as very favorable for us.

因此，如果我們根據去年的庫存消化情況進行調整，EyeQ 的銷售量在第二季將年增約 13%。我們的前十大客戶虧損了3%，因此市場成長顯著。如果你看一下第三季的前景，你會發現它的年成長率約為 5%。我們的前十大客戶虧損了2%。因此，與我們的前 10 名客戶相比，這對我們來說非常有利。

On China, the China business has been running better. We did slightly over 1 million units in the back half of last year. We did -- we thought we would do around 1 million in the first half. That was the outlook. We did more like 1.5 million. So there was some upside there.

就中國而言，中國業務運作得更好。去年下半年我們的銷售量略高於100萬台。我們確實認為——我們預計上半年的銷售量將達到 100 萬左右。這就是前景。我們做了大約150萬。因此這其中還是存在著一些好處的。

We're not assuming that type of volume for the back half just because we don't have as much visibility and we want to stay conservative. But it does look like that's a fairly stable run rate for us.

我們不假設後半部的交易量會有那麼大，只是因為我們不太清楚，而且我們想保持保守。但這對我們來說確實是一個相當穩定的運行率。

But yeah, I think overall, the revenue outperformance has been pretty broad based. If you look at all of our top 10 customers, for most of them, there was at least a bit of outperformance. It added up to a bigger number. There was outperformance in China. There was outperformance in SuperVision. So it's all pretty broad based.

但是的，我認為總體而言，收入表現優異的情況相當普遍。如果你看我們所有的前 10 名客戶，你會發現其中大多數客戶的表現都至少有一點出色。加起來是一個更大的數字。中國市場表現優異。SuperVision 表現出色。所以這一切都是相當廣泛的。

Okay. Great. The second question is, as you're ramping on your efforts in Drive, I wanted to get a sense of the type of resource allocation. And I go back to the CMD you had last year, where I think you gave the pie chart of your spend that 11% of your spend is on Drive.

好的。偉大的。第二個問題是，當您在 Drive 上加大努力時，我想了解資源分配的類型。我回到您去年的 CMD，我認為您給出了支出餅圖，其中 11% 的支出用於 Drive。

It seems like your efforts are accelerating here. Can you just give us a sense of how extensive the resource requirement is on Drive and what this could do on the OpEx in the next couple of years?

看來你的努力正在加速進行。您能否向我們介紹一下 Drive 所需的資源量以及未來幾年對營運支出的影響？

Well, our OpEx grew substantially in 2023, also grew in 2024. We see the OpEx as more or less flattish in the coming years. That means all the growth to prepare for Drive and Chauffeur and SuperVision to the transition from Tier 2 to Tier 1 on some of the programs like with the Porsche and Audi, all of that account for the growth that we have already experienced. So we don't see a substantial growth in the near future in terms of OpEx growth.

我們的營運支出在 2023 年大幅成長，2024 年也有所成長。我們預計未來幾年營運支出將基本持平。這意味著為 Drive、Chauffeur 和 SuperVision 做準備的所有增長，以及保時捷和奧迪等一些項目從 Tier 2 到 Tier 1 的過渡，所有這些都解釋了我們已經經歷的增長。因此，我們預期近期營運支出不會大幅成長。

Samik Chatterjee, JPMorgan Chase.

薩米克‧查特吉，摩根大通。

This is MP on for Samik Chatterjee. So I just wanted to double click on the imaging radar deal, which you did during the quarter. And like, how should we think about the size of that particular business? And like, will you be open to doing more similar deals in the future where you will be selling individual components other than full systems? And I have a follow-up.

這是 Samik Chatterjee 的議員。所以我只想雙擊您在本季完成的成像雷達交易。那麼，我們該如何看待該特定業務的規模呢？並且，您將來是否願意進行更多類似的交易，銷售除完整系統之外的單一組件？我還有一個後續問題。

Yes. So the imaging radar for us is a strategic sensor. The deal we had with that particular OEM is just for the sensor. It's a very reputable OEM, and we thought that this would drive credibility because the RFQ phase was very lengthy and all competitors of imaging radars participated and our radar was shining through.

是的。因此，對我們來說，成像雷達是一種戰略感測器。我們與該特定 OEM 達成的交易僅針對感測器。這是一個非常有信譽的 OEM，我們認為這將提高可信度，因為 RFQ 階段非常漫長，並且所有成像雷達競爭對手都參與其中，而我們的雷達脫穎而出。

So we sold it as a separate sensor, but we do not expect to do that in the future. It's part of the bundle of eyes-off systems on Chauffeur and Drive. For example, the ID. Buzz has five of our imaging radars as a front-facing imaging radar and corner imaging radars.

因此我們將其作為單獨的感測器出售，但我們預計未來不會這樣做。它是 Chauffeur 和 Drive 上的免視系統套件的一部分。例如，身份證。Buzz 有五個我們的成像雷達，作為前置成像雷達和角落成像雷達。

And we believe that all future Chauffeur programs will have our imaging radar because it allows you to get the speed that you need in terms of highway driving. You need to see hazards very far away, more than 150 meters away; and the sensor that we have can do that in a very high resolution and high dynamic range. And it's simply an enabler for eyes-off systems at scale.

我們相信，所有未來的 Chauffeur 計劃都將配備我們的成像雷達，因為它可以讓您獲得高速公路駕駛所需的速度。您需要看到很遠的危險，超過 150 公尺遠；我們擁有的感測器可以以非常高的解析度和高動態範圍做到這一點。它只是大規模無人駕駛系統的推動者。

So it's part of a bundle. We don't see it as another source of business as a sensor business.

所以它是捆綁包的一部分。我們並不認為它是感測器業務的另一個業務來源。

Okay. Got it. And another question which I had was regarding the 2027 ramp. So you will be ramping on SuperVision, Chauffeur, and Drive in that year. Any way to understand like which will be the biggest driver of those and how will you rank out of those opportunities in '27?

好的。知道了。我還有一個問題是關於 2027 年的坡道。因此，您將在那一年加強 SuperVision、Chauffeur 和 Drive 方面的工作。有沒有辦法了解哪一個因素將成為其中最大的驅動力，以及您在 27 年將如何在這些機會中排名靠前？

So we have in 2027 the Chauffeur and SuperVision. We mentioned in the past, there's more than 19 car models coming out with those systems. We're not yet ready to make a guidance for 2027.

因此，我們將在 2027 年推出 Chauffeur 和 SuperVision。我們之前提到過，有超過 19 種車型配備了這些系統。我們尚未準備好對 2027 年做出指導。

In terms of Drive, there is a significant plan of expansion to multiple cities starting from end of 2026, both in Europe and in the US. So it should drive substantial growth. We're not at a position to put a dollar number to it right now.

就 Drive 而言，有一個重要的擴張計劃，從 2026 年底開始向歐洲和美國的多個城市擴張。因此它應該會推動大幅成長。我們現在還無法給出一個具體的金額。

Exactly. But I think what's new here is that we do now expect Drive to be a significant contributor in 2027, and that's a reflection of the confidence we have in commercial deployment during -- sometime during 2026..

確切地。但我認為，這裡的新情況是，我們現在確實預計 Drive 將在 2027 年做出重要貢獻，這反映了我們對 2026 年某個時候進行商業部署的信心。

Vijay Rakesh, Mizuho Securities.

瑞穗證券的 Vijay Rakesh。

Just a quick question on SuperVision. Obviously, a nice upside here. You raised 40,000 from ZEEKR Europe. Any colors on how calendar '26 should shape up in terms of units for SuperVision, especially some of the newer ramps? And I have a follow-up.

這只是關於 SuperVision 的一個簡單問題。顯然，這是一個不錯的優勢。您從 ZEEKR Europe 籌集了 40,000 美元。就 SuperVision 的單位而言，特別是一些較新的坡道，26 年曆法應該如何形成？我還有一個後續問題。

We're not really ready to talk about specific expectations for 2026. Like I said, we're essentially marking to market the end production of the vehicles that have SuperVision today. This still doesn't include any US volume for Polestar 4.

我們還沒有準備好談論對 2026 年的具體期望。就像我說的，我們主要是針對目前配備 SuperVision 技術的車輛的最終生產進行行銷。這還不包括 Polestar 4 在美國的銷售量。

They did start producing that vehicle in Korea. So there's a tariff in Korea from vehicles produced in Korea, but it's not 100% like it is from China. So they should be able to launch in the US, and we think that that will create some growth for next year as well.

他們確實開始在韓國生產該車輛。因此，韓國對在韓國生產的汽車徵收關稅，但不像中國那樣 100% 徵收關稅。因此他們應該能夠在美國推出產品，我們認為這也將為明年帶來一些成長。

The export volume of ZEEKR has been probably a little bit better than expected this year. We would expect that to grow a bit next year as well. So it should be some growth in '26 from the existing vehicles, and we'll have more to say about the overall SuperVision volumes like when we get to 2026.

今年ZEEKR的出口量可能比預期好一些。我們預計明年這一數字還會有所成長。因此，現有車輛的數量在 26 年應該會有所增長，到 2026 年，我們將對 SuperVision 的整體銷售有更多了解。

Got it. And then on the -- just a quick housekeeping question on the inventory side. I know EyeQ, you raised from like midpoint of 33 million to like 34 million here. So definitely seeing some improvement. But if you were to look at the inventory level, just to -- I know it's tough because every OEM has a different inventory level. But if you normalize that, how does that inventory level compare now towards last quarter or last year, just to get some idea of where the levels are?

知道了。然後 - 關於庫存方面的一個簡短的內部問題。我知道 EyeQ，你們從中間點 3,300 萬籌到了 3,400 萬。所以肯定看到了一些改善。但如果你要查看庫存水平，我知道這很難，因為每個 OEM 都有不同的庫存水平。但是，如果將其標準化，那麼現在的庫存水準與上一季或去年相比如何，只是為了了解庫存水準在哪裡？

Do you want to start Nimrod?

你想啟動 Nimrod 嗎？

Yeah. So I don't think that we can disclose like the inventory levels that the OEMs are keeping themselves as like the safety stock. But in general, we've been in line with what is a -- we can consider modest compared to historic periods.

是的。因此，我認為我們不能揭露原始設備製造商保持的安全庫存水準。但整體而言，與歷史時期相比，我們的表現可以說是適度的。

So the way we are analyzing this is in multiple ways, we have direct information coming from our Tier 1 customers that they get direct information from their OEMs. We also cross-reference this with third-party analysis on the vehicle -- the overall industry vehicle production compared to our sales.

因此，我們採用多種方式來分析這個問題，我們從一級客戶那裡獲得直接訊息，他們從 OEM 獲得直接資訊。我們還將其與第三方對車輛的分析（整個行業的汽車產量與我們的銷售相比）進行了交叉引用。

And so we keep a very close track of this. And we are -- we'll keep our eyes on this on a weekly basis.

因此我們對此保持密切關注。我們將每週關注此事。

Yeah. No, I think that's right. We -- the finance and sales teams have done a great job of developing tools to -- as well as direct feedback from the Tier 1s. And everything looks like it was pretty flattish from the end of 2024 until now.

是的。不，我認為是這樣。我們－財務和銷售團隊在開發工具以及從一級供應商獲得直接回饋方面做得非常出色。從 2024 年底到現在，一切看起來都相當平穩。

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

So Amnon I'm just looking at your CapEx here, $28 million for the first half of the year. If I annualize that, that's obviously down substantially year on year. But even if it's flat, and I think consensus has you guys spending around $100 million, maybe $110 million this year.

所以 Amnon，我只是看一下你的資本支出，今年上半年是 2800 萬美元。如果我將其按年計算，那麼顯然同比會大幅下降。但即使持平，我認為大家的共識是今年的支出約 1 億美元，或許是 1.1 億美元。

Your CapEx is basically not moved. It's declined over a number of years, and it really makes Mobileye stand out as -- for a physical AI hard tech company really in the thick of so many exciting programs, collecting data, growing the fleet.

您的資本支出基本上沒有動。多年來，它一直在下滑，而這確實讓 Mobileye 脫穎而出——作為一家實體 AI 硬科技公司，它真正參與了許多令人興奮的項目，收集數據，擴大車隊。

How do you do it? Like where is your CapEx spending on compute? How much compute do you have? Because it would strike me that your compute needs and, therefore, your AI CapEx needs would somehow scale at least proportionate to the amount of data that you're feeding into your simulation and data centers.

你是怎麼做到的？例如，您的資本支出在計算上花在哪裡？您有多少運算能力？因為我覺得你的運算需求以及你的 AI CapEx 需求會以某種方式至少與你輸入到類比和資料中心的資料量成比例地擴展。

And so tell me where I'm wrong there. Why -- how are you able to do it? Or is your message, we just don't need compute like others and that guys like Elon and Jensen are wrong? And then I have a follow-up.

那請告訴我我錯在哪裡。為什麼──你是怎麼做到的？或者您的意思是，我們只是不需要像其他人一樣進行計算，而像 Elon 和 Jensen 這樣的人是錯誤的？然後我有一個後續問題。

Well, we need compute. We have compute both on-prem and also on the cloud. Our cloud spending has slightly reduced, and I cannot reveal those numbers. But it's in the tens of millions, a large number of tens of millions and in favor of on-prem, more GPUs.

嗯，我們需要計算。我們在本地和雲端都有運算。我們的雲端運算支出略有減少，我無法透露具體數字。但它的數量是數千萬，數千萬個，並且有利於本地部署和更多的 GPU。

But we have a different philosophy on how to spend money on compute than what you hear from our competitors. And we have very good systems, very good performance. Our EyeQ6 generation, our generation two SuperVision, and Chauffeur, and Drive is really top-notch.

但是，我們在計算方面的花錢理念與您從我們的競爭對手那裡聽到的有所不同。我們的系統非常好，性能也非常好。我們的 EyeQ6 世代、第二代 SuperVision、Chauffeur 和 Drive 確實是一流的。

If you look at our Drive vehicle, there are more than 100 ID. Buzzes. There has been a lot a lot of demonstrations to journalists, both in Europe and also in the US. As Nimrod mentioned, just last week, the Chancellor of Germany drove the ID. Buzz. Performance is very, very good. And we know how to train the models in a way that is more efficient.

如果你看一下我們的 Drive 車輛，你會發現有超過 100 個 ID。嗡嗡聲。在歐洲和美國，都發生過許多針對記者的示威活動。正如 Nimrod 所提到的，就在上週，德國總理駕駛了 ID。嗡嗡。性能非常非常好。我們知道如何以更有效的方式訓練模型。

Okay. Appreciate that. As a follow-up, what is your simulation stack? What does it look like? How much synthetic data are you using to reduce costs for training on edge cases? Because that also seems to be for the problem that you're solving -- and we talked about humanoid, but even in autonomous cars, very, very important. Love to hear your views there.

好的。非常感謝。接下來，您的模擬堆疊是什麼？它看起來像什麼？您使用多少合成資料來降低邊緣狀況的訓練成本？因為這似乎也與你正在解決的問題有關——我們討論的是人形機器人，但即使在自動駕駛汽車中，這也非常非常重要。很高興聽到您的意見。

Yeah, it's a very good question. When we think about simulation, there are two types of simulation. There is a photorealistic simulation. We used photorealistic simulation in order to simulate edge cases. For example, putting a car on the road.

是的，這是一個非常好的問題。當我們考慮模擬時，有兩種類型的模擬。有一個逼真的模擬。我們使用了照片級真實感模擬來模擬邊緣情況。例如，將汽車放在路上。

Amnon, you went on mute.

阿姆嫩，你保持沉默。

Amnon, you went on mute.

阿姆嫩，你保持沉默。

Just when it was getting good.

就在一切開始好轉的時候。

We're trying to reconnect him. I think he dropped out, so we just need to reconnect him. We can hear you again, Amnon. We lost you in simulated cost.

我們正在嘗試讓他重新恢復聯繫。我認為他退出了，所以我們只需要讓他重新加入。我們又聽得到你的聲音了，阿姆嫩。我們在模擬成本中失去了你。

Okay, one moment. You were saying there were two types of simulation.

好的，請稍等。您說過有兩種類型的模擬。

There are two types of simulation. One is photorealistic in order to emulate edge cases. Say you have a car falling off from a truck on the road, right? These things, you don't need to wait until you find them in the physical world. You can put them in a photorealistic simulator, and we have very powerful photorealistic simulators.

模擬有兩種類型。一種是照片般逼真的，以模擬邊緣情況。假設有一輛車在路上從卡車上掉下來了，對嗎？這些東西，你不需要等到在物質世界才找到它們。您可以將它們放入照片級真實感模擬器中，我們有非常強大的照片級真實感模擬器。

Another type of simulation is to simulate the driving policy. This is a piece of technology -- maybe we'll talk about it more at next year's CS -- that we developed. It's -- we call it ACI, artificial community intelligence, where we have a simulator -- not a photorealistic, a synthetic simulator simulating hundreds of road users over billions of miles of simulation.

另一種模擬是模擬駕駛策略。這是我們開發的一項技術——也許我們會在明年的 CS 上更多地談論它。我們稱之為 ACI，即人工智慧社區，我們有一個模擬器，不是照片級逼真的模擬器，而是一個合成模擬器，可以模擬數十億英里範圍內的數百名道路使用者。

We run billions of miles overnight, and we use that in order to train the driving policy. So that amount of compute that you need there is way below the amount of compute if you would train it on photorealistic simulations, and it's much more efficient. So those are the two types of simulations we use.

我們一夜之間行駛了數十億英里，並以此來訓練駕駛策略。因此，您需要的計算量遠低於在照片級真實感模擬上進行訓練所需的計算量，而且效率更高。這就是我們使用的兩種類型的模擬。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Maybe, could you guys talk about the typical lead time between securing awards in Surround ADAS and launching programs? I believe it's typically two to three years. So given the timing of the new ADAS standards in Europe, which I think is 2028, that would suggest OEMs need to secure contracts in the next 12 to 18 months. So is that the kind of timeline we should be thinking about in terms of potential awards?

也許，你們可以談談在環繞式 ADAS 領域獲得獎項和啟動專案之間的典型準備時間嗎？我認為通常需要兩到三年。因此，考慮到歐洲新 ADAS 標準的實施時間（我認為是 2028 年），這表明 OEM 需要在未來 12 到 18 個月內獲得合約。那麼，就潛在獎項而言，我們應該考慮這樣的時間表嗎？

Yeah. So when we're talking about western OEMs, a timeline is, typical, two years -- 2 to 2.5 years from nomination to start of production.

是的。因此，當我們談論西方 OEM 時，時間表通常為兩年——從提名到開始生產需要 2 到 2.5 年。

Okay. That's helpful. So if the standards are coming on in 2028, it would suggest they would be needed to secure these awards in 2026, something like that?

好的。這很有幫助。因此，如果標準在 2028 年出台，是否意味著他們需要在 2026 年獲得這些獎項，諸如此類？

Yeah. Nimrod, do you want to add?

是的。尼姆羅德，你想補充嗎？

Yeah. I think the majority of the RFQs that we have -- and we have RFQs with multiple OEMs -- and the majority of our customers are engaging with us in this solution. These are things aimed for '27, '28 SOPs. So that's the current plans that we're seeing.

是的。我認為我們收到的大多數 RFQ（我們與多家 OEM 都有 RFQ）以及大多數客戶都在與我們合作解決這個問題。這些都是針對 27、28 年 SOP 所製定的。這就是我們目前看到的計劃。

Okay. And then on robotaxis, there are a large number of AV developers in the space. And some of the rideshare operators such as Uber are striking agreements with multiple players for their platforms. So curious how you gain confidence in the number of vehicles that Mobileye will be supporting either on an Uber or a Lyft type of platform.

好的。然後在 robotaxis 領域，該領域有大量的 AV 開發人員。一些共乘業者（例如 Uber）正在與多家平台參與者達成協議。我很好奇您如何對 Mobileye 在 Uber 或 Lyft 類型的平台上支援的車輛數量有信心。

Nimrod, do you want to take this?

尼姆羅德，你想拿走這個嗎？

Yeah. I think that first of all, it makes sense for companies like Uber, who face pressure and questions from investors about their strategy for robotaxis as a potential threat for their business, to maximize their chances of being one of the winners in this space.

是的。我認為，首先，對於像 Uber 這樣的公司來說，最大限度地提高自己成為該領域贏家的機會是有意義的，因為他們面臨著來自投資者的壓力和質疑，認為他們的自動駕駛計程車策略對他們的業務構成了潛在威脅。

I think that we're at the beginning of the adoption curve. And longer term, we believe that winning solutions will be the most cost efficient, geographically scalable with the highest performance, highest availability rates. And we believe that our products are inherently with the pole position in these axes.

我認為我們正處於採用曲線的開始階段。從長遠來看，我們相信成功的解決方案將是最具成本效益、地理可擴展性、最高效能和最高可用率的。我們相信，我們的產品在這些方面天生就處於領先地位。

And so today, there might be some announcements and statements with pretty much everything that can be a potential contender. But we think that within not a lot of time, it will -- there will be a separation between a very selected few companies that will have advantages in these economic scalability, geographic scalability, the availability of the service, and the others.

因此，今天可能會有一些公告和聲明，幾乎涵蓋所有可能成為潛在競爭者的內容。但我們認為，用不了多久，就會出現少數在經濟可擴展性、地理可擴展性、服務可用性方面具有優勢的公司與其他公司之間的分界線。

Because if you think about this, we're still not at the stage of even thinking about, for example, how many charges they need to do per day for the vehicle. It doesn't play any factor. And our system is roughly 20% in power consumption compared to Waymo's.

因為如果你考慮一下，我們甚至還沒有到考慮例如每天需要為車輛充電多少次的階段。它不起任何作用。我們的系統與 Waymo 相比，功耗大約低 20%。

So these are just small things that today don't play a role because it's still a question of, can you do it or can't you do it? We're at the cusp of getting to, how well can you do it? How efficiently can you do it? And our system is designed to be excelling in these parameters.

所以這些只是今天不起作用的小事，因為問題仍然是你能做到還是做不到？我們正處於到達頂峰的時刻，你能做到多好？你能多有效率地完成這件事？我們的系統旨在在這些參數方面表現出色。

So that's where we get the confidence that ultimately, we will be one of these two, three companies that will see the highest volume of robotaxi services.

因此，我們有信心，最終我們將成為這兩三家擁有最多自動駕駛計程車服務的公司之一。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Maybe just sticking on Drive and robotaxi line, if you could you give us some things here on what commercial deployment looks like. You have to finalize the vehicle, then there's teleops and there's the remove the driver in '26.

也許只是堅持 Drive 和 robotaxi 路線，如果您可以提供我們一些商業部署的情況。您必須完成車輛，然後進行遠端操作，並在 26 年移除駕駛員。

So I was wondering if you could add any more color in terms of maybe where you first see that happening, in US or Europe? And then -- and also like, maybe how much input do you really have here in terms of things such as the size of the geofence, the number of vehicles, like when the drivers actually moved? Like what -- how does that relationship with your partners work.

所以我想知道您是否可以補充更多細節，例如您第一次看到這種情況發生在美國還是歐洲？然後——還有，也許您在地理圍欄的大小、車輛數量以及司機實際移動的時間等方面到底有多少投入？例如──你和你的合作夥伴的關係是怎樣的。

The leading partner is Volkswagen ADMT division, and we have a very tight cooperation. We work very well together. The driver would be removed and the first city will be in the US. I'm not at liberty to say the name of the city, but it's -- there is very concrete plans in terms of how the driver would be removed, the design of the teleoperators.

主要合作夥伴是大眾ADMT部門，我們合作非常緊密。我們合作得很好。司機將被移除，第一個城市將在美國。我不能透露這個城市的名字，但是——關於如何移除司機、遙控操作員的設計，都有非常具體的計劃。

We have a very unique design of teleoperators that allows for scale. So going from, say, one teleoperator per vehicle to quickly going to 1:X, one operator for X vehicles, to scale that very fast using technology, certain cloud computing technology that will enable us to scale it. And it'll all start in middle 2026 with that first city in the US.

我們擁有非常獨特的遠端操作員設計，可以實現規模化。因此，從每輛車配備一名遠端操作員快速發展到 1：X，即 X 輛車配備一名操作員，可以使用技術快速擴展這一規模，某些雲端運算技術將使我們能夠擴展這一規模。這一切將於 2026 年中期從美國的第一座城市開始。

Okay. And then the second question is, there was a report this morning that Volkswagen is looking for capital at their autonomous unit and offering a minority stake in the subsidiary that they're searching for strategic or financial investors. Like, I'm not asking you to comment specifically on that potential offering. But is a strategic investment in a partner something Mobileye would consider here as you look to scale Drive?

好的。第二個問題是，今天早上有報導稱，大眾汽車正在為其自主部門尋求資本，並提供該子公司的少數股權，他們正在尋找策略或金融投資者。就像，我並不是要求你對該潛在產品做出具體評論。但是，當你們尋求擴大 Drive 規模時，Mobileye 是否會考慮對合作夥伴進行策略性投資？

Yeah. I think it's a very good development. I think also, Google did that for Waymo, even though Google has deep pockets and can fund Waymo without any external funding. I think it's a very good development. We support it, and we will seriously consider also participating as an investor.

是的。我認為這是一個非常好的發展。我還認為，谷歌對 Waymo 也做了同樣的事情，儘管谷歌財力雄厚，可以在沒有任何外部資金的情況下為 Waymo 提供資金。我認為這是一個非常好的發展。我們支持，並且會認真考慮作為投資者參與。

Maria, this will be our last question, the next one coming up.

瑪麗亞，這是我們的最後一個問題，下一個問題即將出現。

Colin Rusch, Oppenheimer.

奧本海默的科林·拉什。

Given the leverage that you're seeing off of the compound AI platform, can you talk a little bit about the cadence of learning that you're seeing? Put some metrics around it, potentially talk about the reduction in hallucinations that you're seeing in the system at this point.

鑑於您在複合 AI 平台上看到的優勢，您能否談談您所看到的學習節奏？圍繞它設置一些指標，可能會談論此時您在系統中看到的幻覺的減少。

Yeah, we don't have hallucinations. Hallucinations is a metric for large language models. What -- our KPI is mean time between failure. and that is very important in Drive because that's the only way to remove the driver, that you reach an MTBF which corresponds to very strict KPIs. And we are on track.

是的，我們沒有幻覺。幻覺是大型語言模型的指標。我們的 KPI 是平均故障間隔時間。這在 Drive 中非常重要，因為這是消除驅動程式的唯一方法，您可以達到與非常嚴格的 KPI 相對應的 MTBF。我們正走在正確的軌道上。

All the indications are that by the end of this year we'll be at the MTBF that will enable to remove the driver. And then for the next six months until we actually remove the driver, we'll be working on the teleoperation technology and then start removing the driver. But all our KPIs for MTBF and other safety measures are all on track.

所有跡象表明，到今年年底，我們將達到能夠移除驅動程式的 MTBF。在接下來的六個月裡，直到我們真正移除駕駛員，我們將致力於遠端操作技術，然後開始移除駕駛員。但是我們所有的 MTBF 和其他安全措施的 KPI 都已步入正軌。

And just the last one here is around potential for reduction on cost of the perception suite. As you look at not only your own internal reduction in cost, but sourcing other elements, can you talk about how quickly you can start driving some cost out of the system as you get into '27, '28 and start seeing some incremental volumes ramp up?

這裡的最後一點是關於降低感知套件成本的潛力。當您不僅考慮內部成本削減，還考慮採購其他要素時，您能否談談在進入 27、28 年並開始看到增量增加時，您能多快開始從系統中降低一些成本？

Well, the cost of our system, we are talking about Drive. The cost of our system is already very lean. We have cameras, which doesn't cost much. We have our ECO with four EyeQ6 high; it doesn't cost much. We have imaging radars, which we produce; it's hundreds of dollars overall. We have LADARs that are supplied by Innovis, also very reasonable cost.

好吧，我們系統的成本，我們正在談論 Drive。我們的系統成本已經非常低了。我們有相機，花費不多。我們的 ECO 配有四個 EyeQ6，價格不貴。我們有自己生產的成像雷達，總價數百美元。我們有 Innovis 提供的光達，價格也很合理。

If you look towards the end of the decade, there is a possibility with just having two layers of redundancy cameras and the imaging radars and reducing the number of LADARs or reducing LADARs altogether. But this is something that's too early to say. That could be another cost reduction.

如果展望本世紀末，有可能只採用兩層冗餘攝影機和成像雷達，並減少光達的數量或完全減少光達。但現在說這個還太早。這可能是另一種成本削減。

Another cost reduction towards the end of the decade is moving from EyeQ6 to EyeQ7. That will be another element of cost reduction, but it's not really a very meaningful cost reduction. But we are already starting with a very lean cost platform.

本世紀末的另一個成本降低措施是從 EyeQ6 轉向 EyeQ7。這將是降低成本的另一個因素，但實際上這並不是非常有意義的成本降低。但我們已經開始採用成本非常精簡的平台。

We have reached the end of our question-and-answer session. And I would now like to turn the floor back over to Mr. Galves for closing comments.

我們的問答環節已經結束。現在我想把發言權交還給加爾維斯先生，請他作最後評論。

Thanks, Maria, and thanks for everyone -- thanks to everyone for joining the call. We will see you again at the Q3 earnings call in October. Thank you very much.

謝謝瑪麗亞，也謝謝大家——謝謝大家參加電話會議。我們將在十月的第三季財報電話會議上再次見到您。非常感謝。

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

今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。