Mobileye Global Inc (MBLY) 2025 Q3 法說會逐字稿

Greetings, and welcome to the Mobileye 3Q '25 earnings call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Dan Galves. Mr. Galves, you may begin.

大家好，歡迎參加 Mobileye 2025 年第三季財報電話會議。（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，您可以開始。

Thank you. Hello, everyone, and welcome to Mobileye's third-quarter 2025 earnings conference call for the period ending September 27, 2025. Please note that today's discussion contains forward-looking statements based on the business environment as we currently see it. Such statements involve risks and uncertainties. Please refer to the accompanying press release, which includes additional information on the specific factors that could cause actual results to differ materially.

謝謝。大家好，歡迎參加 Mobileye 截至 2025 年 9 月 27 日的 2025 年第三季財報電話會議。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。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大不相同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，在本次電話會議中，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; Moran Shemesh, Mobileye's CFO; and Nimrod Nehushtan, Mobileye's EVP of Business Development and Strategy.

今天參加電話會議的有 Mobileye 執行長兼總裁 Amnon Shashua 教授、Mobileye 財務長 Moran Shemesh 和 Mobileye 業務發展和策略執行副總裁 Nimrod Nehushtan。

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

謝謝。現在我將把電話轉給 Amnon。

Hello, everyone, and thanks for joining our earnings call. Starting with the results. Q3 revenue of $504 million was up 4% year over year. The driving force was 8% EyeQ volume growth significantly outpacing the 1% growth in overall vehicle production among our top 10 customers in Q3.

大家好，感謝您參加我們的財報電話會議。從結果開始。第三季營收為 5.04 億美元，年增 4%。推動力是 EyeQ 銷量成長 8%，大大超過了我們前十大客戶第三季汽車總產量 1% 的成長。

Operating cash flow was again a highlight. We generated $167 million of operating cash flow in Q3, well above net income. On a year-to-date basis, we have generated nearly $500 million of operating cash flow, up around 150% year over year. This reflects the cash generative nature of our business and our continued discipline in managing working capital.

經營現金流再次成為亮點。我們在第三季產生了 1.67 億美元的營運現金流，遠高於淨收入。今年迄今為止，我們已產生近 5 億美元的營運現金流，較去年同期成長約 150%。這反映了我們業務的現金產生性質以及我們在管理營運資金方面的持續紀律。

The core ADAS business is performing well, with volumes in very healthy range for the last five quarters and expected to do so again in Q4 based on our updated guidance. We again raised the midpoint of our full year outlook this time by 2% in terms of revenue and 11% in terms of adjusted operating income. Compared to our initial 2025 guidance, these increases are even more pronounced, 7% for revenue and 27% for operating income at the midpoint.

核心 ADAS 業務表現良好，過去五個季度的銷量處於非常健康的範圍內，根據我們最新的指導，預計第四季度將再次保持良好的成長勢頭。此次，我們再次將全年預期中位數上調，營收方面則調高 2%，調整後營業收入則上調 11%。與我們最初的 2025 年指引相比，這些成長更加明顯，中間值收入成長 7%，營業收入成長 27%。

Overall, we expect volumes to come in about 2 million units higher than our original guidance. This outperformance reflects a combination of stronger-than-expected launch activity, ADAS adoption growth, and better than accepted results in China both from our shipments to Chinese OEMs and from the performance of our top 10 Western OEM customers in China. If we adjust our inventory digested in 2024, our 2025 volume growth is expected to outperform the production of our top 10 OEM customers globally by about 5 percentage points. We see continued momentum as EyeQ6 Lite is generating ADAS program wins at a high rate.

總體而言，我們預計銷量將比我們最初的預期高出約 200 萬台。這一優異表現反映了產品發布活動強於預期、ADAS 採用率增長以及在中國市場優於公認的業績（無論是我們向中國 OEM 廠商的出貨量，還是我們在中國十大西方 OEM 廠商的業績）。如果我們調整2024年消化的庫存，預計2025年的產量成長將比全球前十大OEM客戶的產量高出約5個百分點。我們看到了持續的勢頭，因為 EyeQ6 Lite 正在以高速度贏得 ADAS 計劃的勝利。

So far this year, we already have been nominated for programs with future expected volumes well above our full year 2025 volume. We have added a new customer in Volvo. The growth potential in India is becoming increasingly clear as strengthening adoption trends and supportive regulatory environment. Additionally, we are seeing continued traction in adding REM through front-facing camera programs further reinforcing our base business.

今年到目前為止，我們已經獲得一些項目的提名，這些項目的未來預期產量將遠高於我們 2025 年全年的產量。我們在沃爾沃增加了一個新客戶。隨著採用趨勢的加強和支持性監管環境的增強，印度的成長潛力變得越來越明顯。此外，我們看到透過前置鏡頭程式添加 REM 的持續吸引力，進一步加強了我們的基礎業務。

On the advanced product side, our position is differentiated in the fact that we are an OEM neutral platform that is cost-efficient and scalable with 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 building blocks including the EyeQ6 high inference chip, substantial portions of our perception policy AI stacks, and REM crowdsourcing driving intelligence and robust safety frameworks and the company's comprehensive data and validation infrastructure.

在先進產品方面，我們的定位與眾不同，因為我們是一個 OEM 中立平台，具有成本效益和可擴展性，並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。我們所有四款先進產品 Surround ADAS、SuperVision、Chauffeur 和 Drive 都共享共同的構建模組，包括 EyeQ6 高推理晶片、感知策略 AI 堆疊的大部分內容、REM 眾包駕駛智慧和強大的安全框架以及公司全面的數據和驗證基礎設施。

EyeQ6 high-based Surround ADAS systems continue to develop as the next generation of standardized driving assist on high-volume vehicle 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 lower cost than current systems, and supports OEM goals to consolidate ECUs and to integrate technology on a single SoC. We have meaningful traction with a number of OEMs and very recently, received confirmation from a leading Western OEM that were nominated for a high-volume EyeQ6 high-based Surround ADAS program across mass market vehicles.

EyeQ6 高環繞 ADAS 系統將持續發展，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，以比當前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。我們與多家 OEM 廠商保持著密切的合作，最近，我們得到了西方一家領先 OEM 廠商的確認，該廠商被提名參與大眾市場車輛的大批量 EyeQ6 高環繞 ADAS 項目。

We continue to pursue a number of promising SuperVision and Chauffeur opportunities, although timing remains difficult to predict. The best way to ensure eventual new customers is to focus on execution of the SuperVision and Chauffeur production programs with Volkswagen Group, where we are first movers. Near-term execution includes major software drops in the coming few months that embodies significant innovation in AI.

我們將繼續尋求一些有前景的 SuperVision 和 Chauffeur 機會，儘管時機仍然難以預測。確保最終獲得新客戶的最佳方法是專注於與大眾集團一起執行 SuperVision 和 Chauffeur 生產計劃，我們是該計劃的先驅。近期執行包括未來幾個月內推出體現人工智慧重大創新的主要軟體。

A few weeks ago, we received the first silicon sample of our next-generation SoC, the EyeQ7 high and all initial tests have been successful. EyeQ7 and its successor EyeQ8 now in design stages, are designed for upgrading eyes-off autonomy to minds-off autonomy. Eyes-off systems is what Mobileye is bringing to production in early 2027 and also describes the current technological state of robotaxis.

幾週前，我們收到了下一代 SoC EyeQ7 high 的第一個矽樣品，並且所有初步測試都已成功。EyeQ7 及其後續產品 EyeQ8 目前正處於設計階段，旨在將眼動自主升級為思維自主。Eyes-off 系統是 Mobileye 計劃於 2027 年初投入生產的技術，同時也代表了自動駕駛計程車的當前技術水平。

In both cases, there is a human, either the driver or a teleoperator, that can resolve issues when needed. In the minds-off system, which we are targeting for 2029 and beyond, there is no human to resolve issues, and therefore, the driver can sleep, and the robotaxi no longer needs teleoperators to intervene. This transition from eyes-off to minds-off where EyeQ7 is going to play a meaningful growth. More details will follow in the coming months.

在這兩種情況下，都有一個人（駕駛員或遠端操作員）可以在需要時解決問題。在我們計劃於 2029 年及以後實現的無人駕駛系統中，無需人工來解決問題，因此駕駛員可以睡覺，而自動駕駛計程車也不再需要遠端操作員進行幹預。在從眼睛到思想的轉變中，EyeQ7 將發揮有意義的成長。更多詳細資訊將在未來幾個月公佈。

Turning to robotaxi. Our engagements are expanding through both Volkswagen and Holon, a division of Benteler. Once we remove safety drivers in our first US city in 2026 and secure type approval for self-driving vehicles, the Volkswagen ID.Buzz and Holon urban shuttle in Europe, we anticipate geographic expansion. VW and Uber in Los Angeles, Lyft and Holon in the US, and multiple commercialization initiatives with Volkswagen and public transport operators across Europe.

轉向機器人計程車。我們的合作正在透過大眾汽車和本特勒旗下的 Holon 部門不斷擴大。一旦我們在 2026 年在美國第一個城市取消安全駕駛員，並在歐洲獲得自動駕駛汽車、大眾 ID.Buzz 和 Holon 城市班車的類型批准，我們預計會進行地理擴張。洛杉磯的大眾汽車和優步、美國的 Lyft 和 Holon，以及與大眾汽車和歐洲各地公共交通運營商的多項商業化計劃。

Additionally, we continue to get closer to naming an automaker and vehicle platform to complete the Lyft-Murabeni value chain. That will enable preparations for commercialization in Dallas and other cities to accelerate.

此外，我們將繼續接近確定汽車製造商和汽車平台，以完善 Lyft-Murabeni 價值鏈。這將加速達拉斯和其他城市的商業化準備。

On the robotaxi technology front, we continued to outfit more of the ID.Buzz test fleet with a full EyeQ6 high-based production hardware and have successfully completed the first closed-loop testing with the Holon production vehicle. The MTBF performance is tracking well against the KPIs that are required to remove safety drivers in 2026 and begin commercialization. Everything continues on track.

在自動駕駛計程車技術方面，我們繼續為更多的 ID.Buzz 測試車隊配備完整的 EyeQ6 高基生產硬件，並已成功完成使用 Holon 生產車輛的首次閉環測試。MTBF 性能與 2026 年移除安全駕駛員並開始商業化所需的 KPI 相符。一切都在按計劃進行。

In summary, the opportunity set in front of us today is larger, broader, and more urgent than it was when we went public in 2022. Near-term volumes remained strong. The demand for higher performance at lower cost is intensifying. And eyes-off capability whether for personal cars or robotaxi is no longer seen as experimental science project, but as an achievable and commercially viable reality. This is exactly where Mobileye excels.

總而言之，今天擺在我們面前的機會比2022年上市時更大、更廣泛、更緊迫。近期交易量依然強勁。對於以更低成本實現更高效能的需求日益強烈。無論是私家車還是自動駕駛計程車的無人駕駛能力都不再被視為實驗性的科學項目，而是可實現且具有商業可行性的現實。這正是 Mobileye 的優勢所在。

I'll now turn the call over to Moran.

我現在將電話轉給莫蘭。

Thank you, Amnon, and thanks for joining the call, everyone. Before I begin, please be aware that all my comments on profitability may 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，Amnon，也謝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可能都涉及非 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 Q3 results exceeded the color we provided on the Q2 2025 earnings call in July, with revenue up 4% year over year versus our prior outlook of roughly flat. The upside was a combination of EyeQ volume, which came in at 9.2 million units compared to the outlook of 8.7 million to 9.3 million and SuperVision volume, which was higher than 20,000 units in the quarter, a meaningful uptick versus Q2.

我們的第三季業績超出了我們在 7 月 2025 年第二季財報電話會議上提供的情況，營收年增 4%，而我們先前預測的大致持平。有利因素包括 EyeQ 銷量達到 920 萬台（預期為 870 萬至 930 萬台）以及 SuperVision 銷量超過 20,000 台，與第二季度相比有顯著上升。

Just a quick note on SuperVision. Volumes were higher than prior quarters, but should not be viewed as establishing a new higher run rate. We now expect around 50,000 units this year. This full year number is significantly higher than our original expectations and a good reflection on what we see as a sustainable run rate heading into next year for the current first-generation programs applied to ZEEKR export volume and Polestar 4. These programs remain relatively small within our overall business and quarterly volumes can fluctuate as they have this year.

這只是對 SuperVision 的一個簡短說明。銷量高於前幾個季度，但不應被視為建立了新的更高的運行率。我們目前預計今年的銷量約為 50,000 台。這一全年數字大大高於我們最初的預期，並且很好地反映了我們認為明年應用於 ZEEKR 出口量和 Polestar 4 的當前第一代計劃的可持續運行率。這些項目在我們的整體業務中仍然相對較小，季度交易量可能會像今年一樣波動。

Our gross margin declined by just over 100 basis points year-over-year basis. EyeQ ASP was down about $0.50 year over year. This was primarily due to higher volume of Chinese OEMs, where pricing remains a significant headwind, as we've discussed before. Another factor was higher volume of ADAS program based on EyeQ5 which carry lower gross margin due to higher costs. EyeQ5 currently represents about 10% of volume and is expected to peak to around 15% next year, creating some continued pressure. Beginning in 2027 and the more profitable EyeQ6 Lite significantly ramps up EyeQ5 share will go down, providing a tailwind to margins.

我們的毛利率年減了100多個基點。EyeQ 的平均售價年減約 0.50 美元。這主要是由於中國原始設備製造商 (OEM) 的產量增加，而定價仍然是一個重大阻力，正如我們之前所討論的。另一個因素是基於 EyeQ5 的 ADAS 專案數量較多，由於成本較高，導致毛利率較低。EyeQ5 目前佔約 10% 的出貨量，預計明年將達到 15% 左右的峰值，這將帶來持續的壓力。從 2027 年開始，利潤較高的 EyeQ6 Lite 將大幅提升 EyeQ5 的份額，進而為利潤率帶來助力。

Operating expenses were up 4% year over year, which was a bit higher than what we expected due to timing of engineering reimbursement. We continue to expect overall non-GAAP operating expenses in 2025 to be up about 7% to just below $1 billion. As Amnon mentioned, operating cash flow was $489 million through the first three quarters of the year. This is primarily due to strong cash flow from the core business. However, we've also managed tight control over the working capital accounts, particularly our balance sheet inventory which came down by about $100 million year to date. We are now well aligned with our six-month target for balance sheet inventory, and we expect working capital to be more cash natural going forward.

營運費用年增 4%，由於工程報銷時間的原因，這一數字略高於我們的預期。我們繼續預期 2025 年整體非 GAAP 營運費用將上漲約 7%，至略低於 10 億美元。正如 Amnon 所提到的，今年前三個季度的營業現金流為 4.89 億美元。這主要歸功於核心業務強勁的現金流。然而，我們也對營運資本帳進行了嚴格控制，特別是我們的資產負債表庫存，今年迄今已下降了約 1 億美元。我們現在已經與資產負債表庫存的六個月目標保持一致，我們預計未來營運資金將更加自然。

Turning to full year guidance. We are increasing the revenue midpoint by 2% and the adjusted operating income midpoint by 11%. Our full year outlook is based on EyeQ volumes of 35 million to 35.5 million, up from 33.5 million to 35.5 million. Earlier in the year, we maintained an unusually wide range to reflect macro uncertainty and ensure conservatism. With those conditions now better clarified, we have greater confidence in narrowing the range and increasing the midpoint. Giving 27.3 million units year to date, the implied outlook for Q4 is 7.7 million to 8.2 million. At this point in the year, we expect that Q4 volume will end at the higher end of the guidance. We retained a small buffer to account for any unforeseen year-end logistical issues or OEM production constraints to stay cautious.

轉向全年指導。我們將營收中點提高 2%，調整後的營業收入中點提高 11%。我們對全年 EyeQ 銷量的預測是基於 3,500 萬至 3,550 萬台，高於 3,350 萬至 3,550 萬台。今年早些時候，我們維持了異常寬泛的區間，以反映宏觀不確定性並確保保守性。現在這些條件更加明確了，我們對縮小範圍和提高中點更有信心。鑑於今年迄今的銷量為 2730 萬輛，預計第四季度的銷量為 770 萬輛至 820 萬輛。就今年而言，我們預計第四季度的銷售量將達到預期的較高水準。我們保留了少量緩衝，以應對任何不可預見的年底物流問題或 OEM 生產限制，從而保持謹慎。

In terms of understanding the current run rate of volume, we think it is best to look at the full year. This is particularly the case in 2025 where normal seasonality was affected somewhat by tariff timing and expectations. Typically, global production is stronger in the second half than the first, but that pattern did not hold this year. Bottom line is the lower Q4 volume compared to Q3 and Q2 should not be interpreted as a trend. It simply reflects an alignment of supply and demand across the full year to ensure customers enter 2026 with lean inventories.

就了解目前的產量運行率而言，我們認為最好查看全年數據。2025 年尤其如此，正常的季節性在一定程度上受到關稅時間和預期的影響。通常情況下，下半年全球產量會比上半年強勁，但今年這種模式並未延續。底線是，與第三季和第二季相比，第四季的交易量較低，但這不應被解讀為一種趨勢。它只是反映了全年的供需平衡，以確保客戶在進入 2026 年時庫存充足。

As noted earlier, SuperVision volumes are tracking ahead of expectations, and we are modestly raising the outlook to low 50,000 units at the midpoint versus prior outlook of around 40,000 and original outlook in the low 20,000. We expect full year gross margin to be right around 68%, implying a slight uptick in Q4 versus Q3. The full year is expected to be up about 30 basis points year over year, pretty consistent with our July commentary. Operating expenses, as noted earlier, are expected to be up 7% year over year to just below $1 billion, in line with our original outlook.

如前所述，SuperVision 的銷量超出預期，我們適度上調預期至中點 50,000 台出頭，而之前的預期為 40,000 台左右，最初的預期為 20,000 台出頭。我們預計全年毛利率將在 68% 左右，這意味著第四季將較第三季略有上升。預計全年將比去年同期上漲約 30 個基點，與我們 7 月的評論基本一致。如前所述，營運費用預計將年增 7%，達到略低於 10 億美元，與我們最初的預測一致。

Thank you, and we will now take your questions.

謝謝，我們現在將回答您的問題。

(Operator Instructions) Aaron Rakers, Wells Fargo.

（操作員指示）富國銀行的 Aaron Rakers。

I guess the first question is, you mentioned a Western OEM design win that you've achieved. Can you just remind us again, is that additive to the prior kind of development engagement status that you've outlined previously? Is that reflective of the prior Western OEM that was on that list? And just anything around timing of volume contributions? And then I have a quick follow up.

我想第一個問題是，您提到了您已經獲得的西方 OEM 設計勝利。您能否再次提醒我們，這是否對您先前概述的先前類型的開發參與狀態有所補充？這是否反映了先前名單上的西方 OEM 的情況？還有關於數量貢獻時間的任何資訊嗎？然後我有一個快速的跟進。

So to be clear, the confirmation for a nomination that Amnon referred to in his remarks is for a second Surround ADAS program. We have announced previously in the year our first Surround ADAS program. This is the second from a second OEM, a leading Western OEM with significant volumes with multiple vehicle models, and we expect this to be a significant portion of that OEM's vehicle lineup in the future. And we will disclose more details on this in the next few weeks.

因此需要明確的是，Amnon 在演講中提到的提名確認是針對第二個 Surround ADAS 計畫。我們今年早些時候宣布了我們的第一個環繞式 ADAS 計劃。這是第二家 OEM 廠商生產的第二款車型，該廠商是西方領先的 OEM 廠商，產量巨大，擁有多種車型，我們預計這將成為該 OEM 未來車型陣容的重要組成部分。我們將在未來幾週內披露更多相關細節。

Yes. And Aaron, this is Dan. You might be referring to the IR Day, the Investor Day slide from last year. It is one of the OEMs that was on that chart for Surround ADAS.

是的。還有亞倫，這是丹。您可能指的是 IR Day，也就是去年的投資者日幻燈片。它是該圖表上針對 Surround ADAS 的 OEM 之一。

Yes. I appreciate that. And then talk a little bit about gross margin. You highlighted the fact that EyeQ5 volumes at 10% would go to 15%, and that would continue to be a headwind to gross margin. As the EyeQ6 volumes start to ramp, how do we think about the delta or the gross margin inflection as we think about 2026 between those platforms?

是的。我很感激。然後談談毛利率。您強調了 EyeQ5 銷量從 10% 上升到 15% 這一事實，這將繼續對毛利率造成不利影響。隨著 EyeQ6 銷量開始成長，我們如何看待 2026 年這兩個平台之間的差異或毛利率變化？

Yes. So just to highlight that EyeQ5 volume doesn't have a lot of running programs or production programs, and we don't anticipate any new programs with EyeQ5. So all the new launches we have with EyeQ6 Lite. The profitability is not that different between them. It's just that it has a bit lower profitability than our EyeQ4.

是的。因此，需要強調的是，EyeQ5 目前沒有太多正在運行的程序或生產程序，而且我們預計 EyeQ5 不會推出任何新程序。因此，我們所有的新產品都配備了 EyeQ6 Lite。它們之間的獲利能力並沒有太大差別。只是獲利能力比我們的EyeQ4稍微低一點。

As for EyeQ6 that, again, is launching for our new programs, the profitability is, of course, the gross margin is higher than EyeQ5 and very similar to EyeQ4 that we are currently selling. So it's not some significant headwind. It's just a matter of platforms or specific of vehicle launches, mix between products, sometimes some of the projects ramp more, some of -- it's not something you can anticipate, but it's not very dramatic in terms of gross margin fluctuations.

至於 EyeQ6，我們再次為我們的新項目推出，其獲利能力當然是，毛利率高於 EyeQ5，並且與我們目前銷售的 EyeQ4 非常相似。所以這並不是什麼重大的阻力。這只是一個平台或特定車輛發布、產品組合的問題，有時一些項目會加速更多，一些項目——這不是你可以預料到的，但就毛利率波動而言，它並不是非常劇烈。

Exactly. Yes. I don't think we're going to specify like the impact, but the bottom line is EyeQ5 like percentage of total will be the highest next year, around 15%, so not too meaningful versus this year and then start to go down.

確切地。是的。我認為我們不會具體說明其影響，但底線是 EyeQ5 的總體百分比明年將達到最高，約為 15%，因此與今年相比意義不大，然後開始下降。

Edison Yu, Deutsche Bank.

德意志銀行的 Edison Yu。

This is Winnie on for Edison. My first question is on the 4Q expectations. Just curious if there's any other factors that you're factoring into the market or recently, we've heard about the chip issue, whether you're baking that into the outlook?

這是愛迪生的溫妮。我的第一個問題是關於第四季的預期。我只是好奇您是否考慮了其他市場因素，或者最近我們聽說了晶片問題，您是否將其納入了前景中？

And then the second question is wondering if you can provide a bit more details around the Lyft and demo program, the launch time, the economics, et cetera.

第二個問題是，您是否可以提供一些有關 Lyft 和演示程式、發佈時間、經濟狀況等方面的更多細節。

Yes. So I think on the Q4 volume, I think the point we're trying to make in the script is that you should look at the full year volume of kind of around 35.5% as the right number. Like when we're looking at '26, we are -- the starting point is 35.5%. It's not Q4 volume times 4. So there's really nothing going on specifically besides seasonality was different this year due to really, we think, because of the tariffs and trying to pull ahead some production into Q2 and Q3. So this is kind of exactly within expectations for us, shouldn't be seen as a trend.

是的。因此，我認為就第四季度的銷量而言，我們在腳本中試圖表達的觀點是，您應該將全年銷量的 35.5% 左右視為正確的數字。就像當我們看 26 時，我們的起點是 35.5%。這不是第四季銷量的 4 倍。因此，除了今年的季節性有所不同之外，實際上沒有什麼特別的事情發生，我們認為這實際上是由於關稅以及試圖將一些生產提前到第二季和第三季。所以這完全在我們的預期之內，不應該被視為一種趨勢。

And I think that we see the trend of around $9 million a quarter. And that's -- there's -- in terms of [Nexar] we have not received any indications of request to reduce production, reduce shipments at all. In fact, if anything, it's the opposite. It's a very new situation. We don't -- in talking to customers, we don't expect any material impact in Q4, but we do have a bit of margin in the guidance versus the high end to account for that if there's a bit of lower production, but we don't expect it to affect Q4.

我認為我們看到每季約 900 萬美元的趨勢。就 [Nexar] 而言，我們尚未收到任何要求減少產量或減少出貨量的跡象。事實上，情況恰恰相反。這是一個非常新的情況。在與客戶交談時，我們預計第四季度不會受到任何實質影響，但如果產量略有下降，我們的預期與高端相比確實有一定的差距，但我們預計這不會影響第四季度。

What was the second question, if you can repeat it?

第二個問題是什麼，你可以重複一次嗎？

It was on the Lyft and demo program, you can talk about the evolution to that win, the launch time and the economics.

這是關於 Lyft 和演示程式的，您可以談論該勝利的演變、發佈時間和經濟效益。

So if you refer to the Lyft robotaxi program, so we are working with Lyft and Marubeni and a vehicle producer on a robotaxi program in the US. We disclosed that the first city will be in Dallas-Fort Worth. We are now in advanced testing stages of this program, and it follows the leading program we have with Volkswagen Group for robotaxi activities in the US, and it's been tracking well. And the launch date will be disclosed in the near future.

因此，如果您參考 Lyft 機器人計程車計劃，那麼我們正在與 Lyft 和丸紅以及一家汽車生產商在美國合作開展機器人計程車計劃。我們透露，第一個城市將是達拉斯-沃斯堡。我們目前正處於該計劃的高級測試階段，該計劃遵循了我們與大眾集團在美國開展的自動駕駛計程車活動的領先計劃，並且進展順利。且發售日期將於近期公佈。

Joshua Buchalter, TD Cowen.

約書亞·布查爾特（Joshua Buchalter），TD Cowen。

I wanted to ask about the metric you gave about normalizing for inventory. I think you said you grew volumes 5% more than your top 10 customers. Is this sort of a rule of thumb we should be using of your expectations for sort of normalized unit growth in '26 and beyond as you see ADAS market and attach rates develop and then we layer in ASPs more. I'd just be curious to hear if that's like sort of a normalized growth rate you think is the right level for us to benchmark to on a unit basis?

我想問一下您給出的有關庫存標準化的指標。我想您說過，您的銷售量比前 10 名客戶成長了 5%。這是否是一種經驗法則？隨著 ADAS 市場和附加率的發展，我們應該根據您對 26 年及以後正常化單位成長的預期來使用此經驗法則，然後我們會進一步分層 ASP。我只是好奇地想聽聽您是否認為這是一種標準化的成長率，是我們以單位為基礎進行基準測試的正確程度？

Yes. I think the key here is that investors and analysts should focus on kind of the expected volume of our top 10 customers, which are mostly legacy OEMs and has been a bit below kind of the overall vehicle production for the last few years, not meaningfully, but a bit below.

是的。我認為這裡的關鍵是投資者和分析師應該關注我們前十大客戶的預期產量，這些客戶大多是傳統原始設備製造商 (OEM)，並且過去幾年的產量略低於整體汽車產量，雖然不是很明顯，但還是略低一些。

And then we would expect to grow faster than in volume and revenue, we would expect to grow faster than that level because of things like ADAS adoption growth because of things like growing share within some of those customers because of things like emerging markets like India. So this year, we consider the performance pretty good. We grew about 5 percentage points faster than the top 10 OEMs, which were down 2% to 3%. And we're not going to put a precise number on what we think it should be going forward, but something in that range is probably fair.

然後，我們預計成長速度會高於銷量和收入，我們預計成長速度會高於該水平，因為 ADAS 採用率的成長，因為一些客戶的份額不斷增長，因為印度等新興市場。所以今年，我們認為表現相當不錯。我們的成長速度比前 10 名的 OEM 成長速度高出約 5 個百分點，而前 10 名的 OEM 則下降了 2% 至 3%。我們不會給出一個確切的數字來說明未來應該達到的水平，但這個範圍內的數字可能是公平的。

Got it. Dan, I appreciate the color there. And for my follow-up, so it sounds like you're speaking to engagements for eyes-off continuing to move forward. And it does seem like there is a good amount of momentum across the industry from both the robotaxi side and in consumer passenger vehicles for eyes-off features. I guess what do you think the OEMs need to see that gets them across the line in these engagements and I guess, any timeline you would expect to be able to -- a reasonable timeline to expect where you think you will be able to announce some additional Chauffeur or even SuperVision wins?

知道了。丹，我很欣賞那裡的色彩。至於我的後續問題，聽起來您是在談論繼續向前發展的接觸。而且看起來，無論是在自動駕駛計程車方面，還是在消費乘用車方面，整個行業對於免目視識別功能都呈現出了良好的發展勢頭。我想您認為原始設備製造商需要看到什麼才能讓他們跨越這些約定的界限，我想，您期望的任何時間表都能夠 - 一個合理的時間表，您認為您將能夠宣布一些額外的 Chauffeur 甚至 SuperVision 勝利？

I think the focus now is execution. We are with the SuperVision, the hardware is on the C sample stage, which is very advanced from a production level. We have a number of meaningful software drops in the coming six months. So I believe that somewhere in the first half of 2026, we'll be in a very good position of being very close to production ready with the platforms of SuperVision and Chauffeur. And that should enable us to get more exposures to new program wins.

我認為現在的重點是執行。我們擁有 SuperVision，硬體處於 C 樣品階段，從生產水準來看非常先進。未來六個月我們將推出一系列有意義的軟體。因此我相信，到 2026 年上半年，我們將處於非常有利的位置，並且非常接近利用 SuperVision 和 Chauffeur 平台進行生產。這應該能讓我們更能接觸到新專案的勝利。

So the focus of the company in that area is execution also in the robotaxi with a driver is execution. So really 2026 is an execution year and not necessarily focusing on bringing new business, at least not in the first half of the year.

因此，公司在該領域的重點是執行，在有司機的機器人出租車方面也是執行。因此，2026 年實際上是執行年，不一定專注於帶來新業務，至少在上半年不會。

If I can add color to what Amnon said, in the last 1.5 year, we've been working simultaneously on SuperVision, Chauffeur robotaxi for execution in the past, let's say, eight months, we've added also Surround ADAS production program that execution process. Right now, we are on track with the original timelines of all of these programs, and we are in B sample or C sample hardware and stable platforms, which is an important achievement in order to maintain the original timeline.

如果我可以補充 Amnon 所說的話，在過去的 1.5 年裡，我們一直在同時開展 SuperVision 和 Chauffeur 機器人出租車的執行工作，比如說，在過去的八個月裡，我們還添加了 Surround ADAS 生產計劃的執行過程。目前，所有這些專案的時間表都按計劃進行，我們擁有 B 樣或 C 樣硬體和穩定的平台，這對於維持原定時間表來說是一項重要的成就。

And now we're focusing on software iterations, AI innovation and integrating the latest AI stack into these platforms. Doing so simultaneously is a significant achievement for us. And we believe that now within the next few months of showing a very mature production platform that uses production hardware with the latest AI technologies that shows meaningful performance improvement compared to what exists today in the industry is the next big thing for us to show in general to our customers and also for new engagements, and that's expected within months from today.

現在我們專注於軟體迭代、人工智慧創新以及將最新的人工智慧堆疊整合到這些平台中。同時做到這一點對我們來說是一項重大成就。我們相信，在接下來的幾個月內，我們將展示一個非常成熟的生產平台，該平台使用生產硬體和最新的人工智慧技術，與目前行業現狀相比，其性能有顯著提升，這是我們向客戶展示的下一個重大成果，也是新的合作成果，預計這將在幾個月內實現。

Chris McNally, Evercore ISI.

克里斯‧麥克納利 (Chris McNally)，Evercore ISI。

Amnon, I wanted to dive in on the Surround and congratulations on the big win. It sounds like there's a different technology path that maybe you and the industry had thought a couple of years ago where supervision would sort of be the kind of a walkway to higher forms of Chauffeur and eyes-off and it sounds like given the industry has been a little bit slower on that front, maybe how much they would charge for it, et cetera, it seems like Surround is now that technology gateway.

阿姆農，我想深入了解環繞聲，並祝賀你取得巨大勝利。聽起來好像有一條不同的技術路徑，也許您和業界幾年前就已經想到了這一點，其中監督將成為通往更高級形式的司機和視線之外的通道，聽起來鑑於業界在這方面進展有點慢，也許他們會為此收取多少費用等等，似乎 Surround 現在就是那個技術門戶。

And I just would love to understand from your standpoint, is it sounds like a must for the OEM to hit 2029 regs, meaning they really can't do this with an internal solution or even the solution that you've been providing them originally with the $50 chip. So is this sort of -- is this one of the reasons you're seeing so much traction this is the logical step up of your Level 2 customers to Surround?

我只是想從您的角度了解，這聽起來像是 OEM 必須達到 2029 條規定，這意味著他們真的無法透過內部解決方案來做到這一點，甚至無法透過您最初為他們提供的 50 美元晶片解決方案來做到這一點。那麼，這是不是——這是您看到如此多關注的原因之一，這是您的 2 級客戶升級到 Surround 的合理步驟？

Okay. So I'll let Nimrod take the first answer and then I'll complete if necessary.

好的。因此，我會讓 Nimrod 給出第一個答案，然後我會在必要時完成。

Chris, so I think Surround ADAS is a very important category for OEMs because it's not just about new user experiences, but also adhering to emerging regulation in developed markets. And it's a very, very cost-optimized product segment. because it's designed for high-volume vehicles and for pretty much $20,000, $30,000 vehicles and above, it requires very, very efficient design and a close software hardware integration. Mobileye is known to have a very efficient chip and very efficient software, and we can achieve pretty much, we think, the most competitive price point for this product category.

克里斯，所以我認為環繞式 ADAS 對 OEM 來說是一個非常重要的類別，因為它不僅涉及新的使用者體驗，而且還遵守已開發市場的新興法規。這是一個成本非常優化的產品領域。因為它是為大批量車輛和售價 20,000 美元、30,000 美元及以上的車輛設計的，所以它需要非常高效的設計和緊密的軟體硬體整合。眾所周知，Mobileye 擁有非常高效的晶片和非常高效的軟體，我們認為，我們可以實現此類產品中最具競爭力的價格點。

And from an OEM standpoint, thinking about whether you want to buy or build a product in that category, it's not just about understanding AI or different software technologies, can you get to such a level of efficiency on vehicles that are in tens of millions per year, if you fail, you may jeopardize your core business. And so forcing an existing available solution that is very mature is the safe choice. And maybe if you're into in-house development, you can focus this on the higher end of applications and smaller volumes, maybe 1% of your cars and then if it fails or is significantly delayed, there is no damage done to the core cash cow of the company.

從 OEM 的角度來看，考慮是否要購買或製造該類別的產品，這不僅僅要了解人工智慧或不同的軟體技術，你能否在每年數千萬輛的汽車上達到這樣的效率水平，如果你失敗了，你可能會危及你的核心業務。因此，強制採用現有的非常成熟的解決方案是安全的選擇。如果你進行的是內部開發，那麼你可以將重點放在高端應用程式和較小批量上，也許是 1% 的汽車，這樣即使失敗或嚴重延遲，也不會對公司的核心搖錢樹造成損害。

And that's where we see their interest just yesterday, GM announced their Level 3 eyes-off development. That is designed for a very specific vehicle category. I think they disclosed the type of vehicle, and it's a very high price point. As you all know, GM sells cars in $30,000, $40,000 also. Obviously, that solution is not appropriate for these vehicle price points. And it may make sense for them to find a proven, reliable, trustworthy high-performing, cost-efficient solution for the vast majority of volumes, while they focus on the high end.

就在昨天，我們看到了他們的興趣，通用汽車宣布了他們的 3 級自動駕駛開發計劃。這是針對特定車輛類別而設計的。我認為他們披露了車輛的類型，而且價格非常高。眾所周知，通用汽車也銷售售價為 30,000 美元、40,000 美元的汽車。顯然，該解決方案不適合這些車輛價格點。在專注於高端市場的同時，為他們找到一種經過驗證的、可靠的、值得信賴的高性能、高性價比的解決方案，對他們來說可能是有意義的。

And I think I'll continue. I think likewise going into Level 2 plus with 11 cameras, our SuperVision, we are working very diligently on very innovative cost reduction schemes. So looking into 2028 timeframes and beyond, we can offer significant price reduction on SuperVision. The next level that OEMs are considering are eyes-off systems. And there, as I said before, execution is the key.

我想我會繼續下去。我認為同樣進入擁有 11 個攝影機的 2 級以上，我們的 SuperVision，我們正在非常努力地研究非常創新的成本削減方案。因此，展望 2028 年及以後的時間範圍，我們可以大幅降低 SuperVision 的價格。OEM 正在考慮的下一個級別是免眼視系統。正如我之前所說，執行是關鍵。

If we launch an eyes-off system, and that's what we are planning to do in 2027 with Audi, that will be kind of an inflection point. Seeing such a product at work passing through all the regulation, the sub certification and regulatory approvals, passing the MTBF bar that is needed to have eyes-off, this is a significant achievement. Once we pass that bar, I think that will be a big inflection point.

如果我們推出免眼視系統，這就是我們計劃在 2027 年與奧迪合作實現的目標，這將是一個轉捩點。看到這樣的產品在工作中通過了所有的法規、子認證和監管批准，通過了需要密切關注的 MTBF 標準，這是一項重大成就。一旦我們跨過這個門檻，我認為這將是一個巨大的轉捩點。

Yes. I think that there is no question beyond or about the fact that eyes-off driving and later mind-off driving is the ultimate value proposition for consumers. And we think that most OEMs are very interested and very bullish on this sort of proposition. The question is, is now the right time given the maturity of the technology and the available system is what costs for them to go all in with a partner. Today in the industry outside of China, there is no other technology provider that is working closely on the entire system, hardware, software, silicon, AI -- receiving approvals for testing and going through the ropes of homologation and all the necessary check boxes other than Mobileye with Audi.

是的。我認為，毫無疑問，無眼駕駛和無心駕駛是消費者的最終價值主張。我們認為大多數 OEM 對此類提議非常感興趣並且非常看好。問題是，考慮到技術的成熟度和可用的系統，現在是否是與合作夥伴全力投入的正確時機？如今，在中國以外的行業中，除了 Mobileye 與奧迪合作之外，沒有其他技術供應商能夠在整個系統、硬體、軟體、矽片、人工智慧方面進行密切合作，獲得測試批准並通過認證程序和所有必要的檢查。

And all eyes are on us. And hopefully, within months, we'll show more and more evidence of the maturity of the technology getting there. And as Amnon said, we believe that will be a significant inflection point for that product.

所有人的目光都集中在我們身上。希望在幾個月內，我們能夠展示越來越多的證據，證明該技術已經成熟。正如 Amnon 所說，我們相信這將是該產品的一個重要轉折點。

Nimrod, my only clarification or a summary of what you said is super helpful. So is it logical then to think like your first customer, which is VW, that basically your target audience it's not going to be 100%. But your target audience for Surround is existing basic ADAS customers that now need to convert for 2029 and so your second customer, as an example, upgrades ADAS into Surround. And then there's a future path beyond that to eyes-off?

尼姆羅德，我對你所說內容的唯一澄清或總結非常有幫助。那麼，以您的第一位客戶（即大眾汽車）為例，您認為您的目標受眾基本上不會達到 100%，這種想法合乎邏輯嗎？但是 Surround 的目標受眾是現有的基本 ADAS 客戶，他們現在需要在 2029 年進行轉換，因此，以您的第二個客戶為例，他們將 ADAS 升級到 Surround。那麼，未來還有什麼方法可以超越這一點，實現無人駕駛嗎？

That's exactly the case in that nomination we disclosed. It's an upgrade from EyeQ6 Lite to EyeQ6 High. That's -- that's essentially the decision that OEM made. And so that's the right summary of how we see things.

我們披露的提名就是這種情況。這是從 EyeQ6 Lite 到 EyeQ6 High 的升級。這基本上是 OEM 做出的決定。這就是我們看待事物的正確總結。

Mark Delaney, Goldman Sachs.

高盛的馬克·德萊尼。

I hope you can double-click on the DRIVE opportunity with Lyft and Marubeni. I believe the company said today, I think it can name the OEM partner for that engagement soon. So should investors assume that the OEM partner is already effectively finalized? Or is there still uncertainty as to which OEM Mobileye is going to partner with? And if there is still uncertainty, what would the timeframe need to be to line up the OEM partner in order to meet the 2026 start of operations objective?

我希望您能抓住與 Lyft 和丸紅合作的 DRIVE 機會。我相信該公司今天表示，我認為它很快就能為該合作指定 OEM 合作夥伴。那麼投資者是否應該假設 OEM 合作夥伴已經有效確定？或者，Mobileye 將與哪家 OEM 合作仍存在不確定性？如果仍然存在不確定性，那麼需要多長時間才能與 OEM 合作夥伴達成一致，以實現 2026 年開始營運的目標？

So there's no uncertainty who that OEM is, but it's not finalized yet. So I cannot say with 100% guarantee that it will be finalized, but it looks on track and it looks good. I would say that this is in parallel to our existing activity with Volkswagen of the ID.Buzz and with the Holon platform with Benteler.

因此，OEM 廠商是誰還不清楚，但尚未最終確定。因此，我不能 100% 保證它會最終完成，但它看起來進展順利，而且看起來不錯。我想說的是，這與我們與大眾合作的 ID.Buzz 以及與本特勒合作的 Holon 平台的合作是同步的。

So we have quite a lot of scale opportunity with the existing relationships. We have -- this is why I mentioned before that it really focuses execution. Scale and business will come once execution is there. Nimrod, you want to add something?

因此，我們利用現有的關係擁有相當大的規模機會。我們有——這就是我之前提到的它真正注重執行的原因。一旦執行到位，規模和業務就會隨之而來。尼姆羅德，你想補充點什麼嗎？

Just one more clarification, Mark. That vehicle provider, it's not that we will just start working with that vehicle OEM once we will finalize the agreement. In the past almost 18 months, we've been working closely between Marubeni, that vehicle OEM and Mobileye on creating multiple prototype vehicles and then working on the actual vehicle platform itself, integrating our self-driving system with the sensors, and it's all pretty much -- we have numerous vehicles that are equipped with all the sensors and all the compute infrastructure needed as if it's like an ID.Buzz we do in our leading program, and so we are starting -- we're hitting the ground running once it will be finalized and disclosed. It's a natural transition into serious development towards commercial launch.

馬克，我還需要澄清一點。那個車輛供應商，並不是說我們一旦敲定協議就會開始與那個車輛 OEM 合作。在過去的近 18 個月裡，我們一直與汽車原始設備製造商丸紅和 Mobileye 密切合作，打造多輛原型車，然後致力於實際的車輛平臺本身，將我們的自動駕駛系統與感測器集成在一起，這一切基本上都是——我們有許多配備了所有感測器和所有計算基礎設施的車輛，就像我們在領先項目中做的 ID.Buzz 一樣，所以我們就開始確定了——一旦我們開始披露。這是向商業發布的認真開發過程的自然過渡。

Yes. And I would just add one more point here is that if there's a bit of wait and see on consumer-owned high-end eyes-on and eyes-off technology, robotaxi is exactly the opposite. There's so much activity, but the key is removing the safety driver and starting to commercialize. And that's our main priority right now. And the core technology is the same, no matter what the vehicle platform is.

是的。我在這裡還想補充一點，如果說人們對消費者擁有的高端視覺和非視覺技術持觀望態度，那麼 Robotaxi 則剛好相反。有很多活動，但關鍵是移除安全駕駛員並開始商業化。這是我們目前的首要任務。無論車輛平台是什麼，核心技術都是相同的。

There's integration work to be done, but it's the core technology that's being worked on. And once we kind of can remove the safety driver, then we can start to commercialize and scale.

雖然還有一些整合工作要做，但我們正在研究的是核心技術。一旦我們能夠移除安全駕駛員，我們就可以開始商業化和規模化。

That's all very helpful. My follow-up question is also on Drive with VW and the ID.Buzz, you mentioned you're tracking to be driver out next year. Could you just speak a bit more on what still needs to happen in order to take the driver out next year? And any sense of when within the year that milestone may occur?

這些都非常有幫助。我的後續問題也是關於 Drive with VW 和 ID.Buzz 的，您提到您計劃明年成為駕駛員。您能否再多說一下明年還需要做些什麼才能讓這位車手出局？您知道這一里程碑會在一年中的什麼時候出現嗎？

Well, there are a number of milestones. One is the readiness of the vehicle that should be ready in the next weeks or a few months. And second is the MTBF KPIs, which we are tracking, that are on track. And we believe that in the first half of 2026 we can start removing the safety driver in one city in the US and to prepare for a commercial deployment later in the year and beginning of 2027.

嗯，有很多里程碑。一是車輛的準備情況，應該在未來幾週或幾個月內準備就緒。第二是我們正在追蹤的 MTBF KPI，一切進展順利。我們相信，在 2026 年上半年，我們可以開始在美國的一個城市取消安全駕駛員，並為今年稍後和 2027 年初的商業部署做好準備。

Joe Spak, UBS.

瑞銀的喬·斯帕克。

Just going back to the Surround ADAS nomination. I was wondering if you guys could provide a little bit of color as to sort of what got the customer over the line, maybe a little bit of detail on the level of integration that you were doing versus maybe the automaker is DXP involved? And then just in terms of the rollout, is this a case where we need to wait for new model launches? Or can this product be placed on refreshes?

回到環繞 ADAS 提名。我想知道你們能否提供一些細節，說明是什麼讓客戶跨越了界限，也許可以詳細說明一下你們正在進行的集成級別以及汽車製造商是否參與了 DXP？那麼就推出而言，我們是否需要等待新車型的推出？或者可以將該產品放在刷新上嗎？

I will take this, Joe. So we think the driving forces behind this decision to upgrade from EyeQ6 Lite to EyeQ6 High was about basically, the standard sensor set for that OEM is at minimum five cameras and five radars. And in the older days, these -- some of these cameras was used just for top tier visualization when you do parking, for example, for the human driver. And just the front camera was used for ADAS and the radars were used for ADAS and that created a very inefficient design.

我接受，喬。我們認為，從 EyeQ6 Lite 升級到 EyeQ6 High 的決定背後的驅動力基本上是，該 OEM 的標準感測器配置至少是五個攝影機和五個雷達。在過去，這些攝影機只是在停車時用於為人類駕駛員提供頂級視覺化。並且僅將前置相機用於 ADAS，將雷達用於 ADAS，這造成了非常低效的設計。

And that OEM decided to create a more consolidated ECU architecture in which you can think of this as somewhat of a -- like simplifying the architecture and then routing all the sensors to the EyeQ, the EyeQ6 High is powerful to process all of these sensors and creates a much richer sensing state, a much richer user offering.

而 OEM 決定創建一個更整合的 ECU 架構，您可以將其視為某種程度上 - 就像簡化架構然後將所有感測器路由到 EyeQ，EyeQ6 High 可以強大地處理所有這些感測器並創建更豐富的感測狀態，更豐富的用戶產品。

For example, hands-free driving in highways, supporting all of the most cutting-edge advanced ADAS requirements in NCAP and so on, as we've mentioned. So it's about system simplification, consolidating efforts, and routing all sensors that already exist in the car to a more powerful chip, they can process them more intelligently and offer better user experience.

例如，正如我們所提到的，高速公路上的免持駕駛，支援 NCAP 中所有最前沿的先進 ADAS 要求等等。因此，這涉及系統簡化、整合努力，並將汽車中已有的所有感測器路由到更強大的晶片，它們可以更聰明地處理它們並提供更好的用戶體驗。

The added cost for that OEM was very reasonable compared to the added value as evidenced by their decision. So it's not like a 10 times more expensive chip in order to get that value, it's as we've disclosed in the past, it's 2 to 3 times more expensive for that silicon component generally speaking. So I think it makes -- as they said it, it makes too much sense not to make this transition.

從他們的決定可以看出，與增加的價值相比，該 OEM 增加的成本非常合理。因此，為了獲得這樣的價值，晶片的價格並不需要貴 10 倍，正如我們過去所揭露的那樣，一般來說，矽片組件的價格要貴 2 到 3 倍。所以我認為──正如他們所說，不進行這種轉變是非常合理的。

We are also discussing about potential future -- that's with other OEMs but potential future consolidations like with parking applications and driver monitoring system and ADAS and hands-free driving all can be processed and provided by Mobileye on the EyeQ6 High chip with a very attractive cost and I think that's a compelling proposition for OEMs.

我們也在討論潛在的未來——這是與其他 OEM 的合作，但未來潛在的整合，如停車應用程式和駕駛員監控系統以及 ADAS 和免提駕駛，都可以由 Mobileye 在 EyeQ6 High 晶片上處理和提供，而且成本非常有吸引力，我認為這對 OEM 來說是一個引人注目的提議。

And regarding your question about vehicle launches, it's a new architecture. And in parallel, we work on other, let's say, more existing architectures as well. So it's a combination of the two.

關於您關於汽車發布的疑問，這是一個新的架構。同時，我們也在研究其他更現有的架構。所以這是兩者的結合。

And then I guess just as a follow-up, I think in the prior update there were maybe three or four other sort of advanced engagements about Surround. I was wondering if you could just get an update there. And maybe going off of some of the commentary on Chris' question, like have you seen sort of more initial maybe SuperVision move more towards surround in the near term?

然後我想作為後續，我認為在先前的更新中可能有三到四種關於環繞聲的其他類型的高級活動。我想知道您是否可以在那裡獲得更新。也許根據對克里斯問題的一些評論，您是否看到 SuperVision 在短期內更傾向於環繞聲？

So I wouldn't say its SuperVision engagements moving towards around. It's more about base ADAS engagement expanding to Surround from what we're seeing. The first two design wins we have for Surround ADAS are examples of OEMs with high volumes, the sell cars at relatively low vehicle price points that have, in the past, sourced a front camera solution and these examples decided to source Surround ADAS solution for the same vehicle category. So I think that's the evidence that we're basing our assessment on.

所以我不會說它的 SuperVision 參與正在朝著這個方向發展。從我們所看到的情況來看，這更多的是關於基礎 ADAS 參與擴展到環繞聲。我們為 Surround ADAS 贏得的前兩個設計勝利都是來自產量大的原始設備製造商的例子，這些原始設備製造商以相對較低的車輛價格銷售汽車，過去曾採購前置攝像頭解決方案，而這些例子決定為同一車輛類別採購 Surround ADAS 解決方案。所以我認為這是我們進行評估所依據的證據。

And yes, we have a lot of engagement. Mobileye works with pretty much all of the OEMs on a recurring basis on what we have to offer, and we see a lot of interest. And I think we will -- we prefer to disclose when we have nominations and it's concrete like we did today. But we remain confident in the strength of our outlook.

是的，我們有很多參與。Mobileye 與幾乎所有 OEM 廠商就我們提供的產品進行定期合作，我們看到了極大的興趣。我認為我們會——我們更願意在有提名時披露，就像我們今天所做的那樣。但我們對我們的前景仍然充滿信心。

Shreyas Patil, Wolfe Research.

Shreyas Patil，沃爾夫研究公司。

Maybe just to follow up on the earlier one. How do you think about the competitive landscape when it comes to Surround ADAS? I think there are three or four other major suppliers that are trying to win awards here as well. And maybe just to give a little bit of background on the bidding process that went into securing this award, the second award that you just announced.

也許只是為了跟進之前的事情。您如何看待環繞式 ADAS 的競爭格局？我認為還有三、四家其他主要供應商也在努力爭取這個獎項。也許只是為了介紹一下獲得這個獎項的競標過程的背景，這是您剛剛宣布的第二個獎項。

We're talking about a very highly competitive in terms of cost, cost optimized product. So all the high-performance chips that you hear the price point is not relevant for such a product. Our chip, the EyeQ6 High is both the core chip for our AV, for example, in SuperVision, we have two of those chips and in Drive we have four of those chips and in Chauffeur three.

我們正在談論一種在成本方面極具競爭力、成本優化的產品。因此，您聽到的所有高性能晶片的價格點都與這樣的產品無關。我們的晶片 EyeQ6 High 是我們 AV 的核心晶片，例如，在 SuperVision 中，我們有兩個這樣的晶片，在 Drive 中，我們有四個這樣的晶片，在 Chauffeur 中，我們有三個這樣的晶片。

But one chip is highly cost optimized, and we can meet the cost desires of OEMs with our system on chip that can process all those multiple sensors, five, six or seven cameras and five radars and ultrasonic and so forth. So we're talking about the game in which cost is highly, highly critical. So we have first mover advantage. So we were the first to receive nomination with the Volkswagen Group on Surround ADAS. And the new win of today shows that we are successful in leveraging our first-mover advantage.

但是一個晶片的成本是高度優化的，我們可以透過系統單晶片來滿足 OEM 的成本需求，該系統可以處理所有這些多個感測器、五個、六個或七個攝影機和五個雷達和超音波等等。所以，我們談論的是成本極為關鍵的遊戲。因此我們擁有先發優勢。因此，我們是第一個獲得大眾集團環繞式 ADAS 提名的公司。而今天的新勝利顯示我們成功地發揮了先發優勢。

So it's all about here cost and performance, but cost is critical because we're talking about high-volume vehicle categories. And so it's not that there is no competition, but we do have first-mover advantage, and we are showing that we can leverage that. Yes, Nimrod go ahead.

所以，這裡的一切都與成本和性能有關，但成本至關重要，因為我們討論的是大批量車輛類別。所以，並不是說沒有競爭，而是我們確實擁有先發優勢，而且我們正在證明我們可以利用這一點。是的，寧錄，請繼續。

Another aspect of efficiency that we are -- should be considered beyond just the price, our EyeQ6 High chip does not have any limitation in deploying pretty much all of the state-of-the-art AI architectures while being very efficient in power consumption. This offers us -- this allows us to offer a solution that is passive cooled, for example, and does not require liquid cooling. So this is a small technical detail, but for the OEMs, it's a big difference in overall system cost in the complexity of the system, combustion engine vehicles may not have liquid cooling available, for example.

我們應該考慮的另一個效率方面——除了價格之外，我們的 EyeQ6 High 晶片在部署幾乎所有最先進的 AI 架構方面沒有任何限制，同時在功耗方面非常高效。這為我們提供了一種解決方案，例如被動冷卻，不需要液體冷卻。因此，這是一個很小的技術細節，但對於 OEM 來說，由於系統的複雜性，整個系統的成本有很大差異，例如，內燃機汽車可能沒有液體冷卻。

Other competitors are trying to rely on more -- because the underlying product requires sophisticated processing of sensors and using some of the AI technologies, other competitors may try to use a high-performance chip for that product category. And beyond just the price disadvantage, it also complicates the overall system. So this is another element that is hard to compete with the low power consumption of our chip without compromising performance.

其他競爭對手正試圖依賴更多——因為底層產品需要複雜的感測器處理並使用一些人工智慧技術，其他競爭對手可能會嘗試在該產品類別中使用高性能晶片。除了價格劣勢之外，它還使整個系統變得複雜。因此，這是另一個難以與我們的晶片的低功耗競爭且不影響性能的因素。

Yes, I'll just give a color in terms of performance of the EyeQ6 High. Our internal benchmarks running on both convolutional METs and vision transformers show that we are on par and in many cases, better than the Orin-X, which is now the choice of competition when OEMs are considering the Level 2+ systems. But at a price point, which is less than 25% of it.

是的，我只是想從 EyeQ6 High 的性能方面給出一個大概的印象。我們在卷積 MET 和視覺轉換器上運行的內部基準測試表明，我們與 Orin-X 不相上下，甚至在許多情況下比 Orin-X 更好，而 Orin-X 現在是 OEM 考慮 2+ 級系統時的競爭選擇。但價格卻不到 25%。

So this gives us a great advantage. On one hand, we have a high-performance chip, which is on par with the latest high-performing chips in the automotive industry. On the other hand, with a cost structure and power consumption constraints that are way, way more appealing.

這給了我們很大的優勢。一方面，我們擁有一款高性能晶片，其性能與汽車行業最新的高性能晶片相當。另一方面，成本結構和功耗限制則更具吸引力。

Okay. That's really helpful. And then maybe, Amnon, I think last quarter, you talked about Drive potentially becoming a more material revenue contributor by 2027. Wondering if maybe you can expand on that a little bit. And you've talked about in the past at a relatively high upfront revenue stream, maybe $40,000 to $45,000? How should we think about the rate at which you can bring that down, especially as robotaxi operators are looking to bring down vehicle costs to improve overall unit economics?

好的。這真的很有幫助。然後也許，Amnon，我想上個季度你談到 Drive 可能在 2027 年成為更重要的收入貢獻者。想知道您是否可以稍微擴展一下這一點。您過去曾談到相對較高的前期收入流，大概是 40,000 美元到 45,000 美元？我們應該如何考慮降低這一成本的速度，尤其是當自動駕駛計程車業者希望降低車輛成本以提高整體單位經濟效益時？

Our economics from every robotaxi is comprised of both onetime fee and revenue sharing on price per mile. And over time, we will kind of change the equation, maybe reduce the onetime fee, increase the cost per mile. So we both will have a recurring revenue and also the onetime fee of the system.

每輛自動駕駛計程車的經濟效益包括一次性費用和每英里價格的收入分成。隨著時間的推移，我們會改變這種狀況，也許會降低一次性費用，增加每英里的成本。因此，我們既可以獲得經常性收入，也可以獲得系統的一次性費用。

With the robotaxi, it's really just execution because the current contracts that we have with the existing partners they talk about many tens of thousands of vehicles in the end of the decade. Just to give you a proportion, today's very, very successful Waymo is based on 3,000 vehicles. So it's really just a matter of execution. If we execute, we execute our plans of removing the driver during the first half of 2026 prepare this for commercialization beginning of 2027, the volume is there and in very, very big numbers.

對於自動駕駛計程車來說，這實際上只是執行，因為根據我們與現有合作夥伴簽訂的合同，他們談到了在十年內生產數萬輛汽車。舉個例子，今天非常非常成功的 Waymo 是基於 3,000 輛汽車。所以這其實只是一個執行的問題。如果我們執行，我們將在 2026 年上半年執行移除驅動程式的計劃，為 2027 年初的商業化做好準備，數量就在那裡，而且數量非常非常大。

And in terms of the upfront cost, we have we have the room to switch around upfront cost versus recurring revenue because we have low costs in general. So we can stay profitable on the upfront cost down quite a bit and kind of replace that with more recurring revenue.

就前期成本而言，我們有空間在前期成本和經常性收入之間進行轉換，因為我們的成本總體較低。因此，我們可以在前期成本下降的情況下保持獲利，並用更多的經常性收入來替代。

Luke Junk, Baird.

盧克·簡克，貝爾德。

I want to stick with robotaxi. We've talked a lot about US robotaxi and Driver Out this morning. Hoping we could get an update on progress towards Driver Out in Europe as well, especially relative to the different regulatory homologation there and just maybe Europe versus US dynamics in general right now for Mobileye.

我想繼續使用自動駕駛計程車。今天早上我們已經討論了很多關於美國自動駕駛計程車和 Driver Out 的問題。希望我們也能了解歐洲 Driver Out 的最新進展，特別是關於那裡不同的監管認證，以及目前 Mobileye 在歐洲和美國之間的整體動態。

Yes. So there are differences between Europe and the US. US is mostly a self-certification process which we're doing. And we have today, close to 100 vehicles driving in the 3 locations in the US for testing and working with additional carmakers or additional robotaxi platforms as mentioned, expanding that further.

是的。所以歐洲和美國之間有差異。我們在美國主要進行的是自我認證過程。如今，我們已經在美國 3 個地點部署了近 100 輛汽車進行測試，並與其他汽車製造商或其他機器人計程車平台合作，進一步擴大這一範圍。

In Europe, we have an equivalent, let's say, volume of vehicles. The process for launching commercially is around -- is more about homologation and engaging with regulatory bodies in advance before you can commercially launch. We are doing this process alongside Volkswagen Group that are directly engaging with the German government.

在歐洲，我們的車輛數量也相當。商業化發布的流程主要是在商業化發布之前進行認證並與監管機構提前接觸。我們正在與直接與德國政府合作的大眾汽車集團一起進行這項進程。

Just to add color on this, in the last IAA conference in Munich, we had a chance to meet the German chancellor who visited the Mobileye booth, and he also participated in a test trial with our ID.Buzz vehicle in Hamburg, and he was very impressed, he made remarks. It was covered all over the German media, and he made a very interesting remark about how Germany wants to be the leading country in Europe for autonomous driving, that he believes the time is now that our funds by the German government that should be allocated to accelerate this as much as possible. And he was very happy to see the successful collaboration between Volkswagen and Mobileye on this, and it's all covered in the German news so there is nothing confidential in what it I just said.

更有趣的是，在上屆慕尼黑 IAA 會議上，我們有幸見到了參觀 Mobileye 展位的德國總理，他還參加了我們在漢堡舉行的 ID.Buzz 車輛的測試，他對此印象非常深刻，並發表了評論。德國媒體對此進行了報道，他發表了非常有趣的評論，關於德國希望成為歐洲自動駕駛領域的領先國家，他認為現在是時候由德國政府撥款來盡可能加速這一進程了。他很高興看到大眾和Mobileye在這方面的成功合作，德國新聞都對此進行了報道，所以我剛才說的話並沒有什麼機密內容。

And we think that we have good tailwinds to engage with the German government, specifically, and we plan to launch first in Germany. In Munich, in Hamburg and Berlin are the first three cities and we have good support, good alignment working with Volkswagen on that. We think it raises the entry barrier for other competitors when they want to enter the European market. So it's -- I think, again, as the first mover advantage by collaborating with an OEM at Volkswagen that has good ties with the German government, which really helps us in this situation.

我們認為，我們與德國政府的合作具有良好的順風條件，我們計劃首先在德國推出這項服務。慕尼黑、漢堡和柏林是前三個城市，我們與大眾汽車公司在這方面的合作得到了良好的支持和協調。我們認為這提高了其他競爭對手進入歐洲市場的門檻。所以，我認為，透過與大眾汽車的原始設備製造商合作，我們能夠獲得先發優勢，因為大眾汽車與德國政府關係良好，這確實對我們在這種情況下有所幫助。

And then for my follow-up, Amnon, you mentioned just a wrinkle in terms of more OEMs adding REM to front-facing programs, just curious your thoughts on that. Is it mainly around increasing the data collection? Could it be maybe a precursor of something in terms of future advanced product engagements with those customers as well?

然後，對於我的後續問題，Amnon，您提到了更多 OEM 將 REM 添加到前置程式方面的一個小問題，我只是好奇您對此的看法。主要是為了增加資料收集嗎？這是否也可能是未來與這些客戶進行先進產品合作的先兆？

So it's both for data collection, what we call harvesting. We have more OEMs using REM for harvesting and that's a precursor to also using REM for hands-free driving. Maybe Nimrod, do you want to add more?

所以這既是為了資料收集，也是我們所說的收穫。我們有更多的 OEM 使用 REM 進行收割，這也是使用 REM 進行免持駕駛的先兆。也許是 Nimrod，你想添加更多嗎？

Yes. We recently signed with a new OEM for one of the bigger OEMs in the world that has significant volumes, and that's designed to provide significant volumes for harvesting globally and also use the REM database to improve the performance of the front-facing camera. It is for us today, the strategic value is mostly about expanding the OEM pool that uploads data.

是的。我們最近與一家全球較大的 OEM 廠商簽約，該廠商擁有大量的數據，旨在為全球採集提供大量數據，並使用 REM 資料庫來提高前置攝影機的性能。對我們今天來說，戰略價值主要在於擴大上傳資料的 OEM 池。

This data is important for us not just to use REM database explicitly as one of our moats, as we mentioned many times in the past, but also it's -- we use this very elegantly in our AI training and development. And that's something that maybe we'll share more details on in the future. But it is a very significant competitive advantage and expanding by being able to offer much better performance with not significant price increase OEMs of for front cameras, getting more data from multiple OEMs in millions.

這些數據對我們來說非常重要，不僅因為我們明確地使用 REM 資料庫作為我們的護城河之一，正如我們過去多次提到的那樣，而且我們在 AI 培訓和開發中非常優雅地使用它。我們將來可能會分享更多有關此方面的細節。但它是一個非常顯著的競爭優勢，並且能夠以不顯著的價格上漲為前置攝像頭的原始設備製造商提供更好的性能，從數百萬個原始設備製造商那裡獲得更多數據。

I think today, we have more than 7 million vehicles globally uploading data, more than 2 million vehicles in the US alone. Europe is a similar number, also in Japan and Korea and soon in India and so on. So it's really a good global coverage but it is also diverse in terms of the type of OEM, type of vehicles, a number of OEMs. So we feel very comfortable with the strength of harvesting.

我認為今天全球有超過 700 萬輛汽車正在上傳數據，光在美國就有超過 200 萬輛。歐洲的數量也差不多，日本、韓國也差不多，印度等地很快也會有類似的情況。因此，它確實是一個很好的全球覆蓋範圍，但就 OEM 類型、車輛類型、OEM 數量而言，它也具有多樣性。因此我們對收割的力量感到非常滿意。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

I wanted to just follow up on the prior question first and on the Driver Out, specifically in the US for some of the programs you had, I know you said it was a self-certification process, maybe you can just go into maybe what are some of the gating factors that you need to see from a technical side to get comfortable to actually pull the driver? And what is the expected timing on Driver Out?

我想先跟進一下之前的問題，關於 Driver Out，特別是在美國，對於你們的一些項目，我知道你說這是一個自我認證的過程，也許你可以從技術角度談談你需要看到的一些限制因素，以便真正輕鬆地拉動司機？《Driver Out》預計什麼時候上映？

In terms of expected timing, we said it's going to be the first half of 2026 in one city in the US. In terms of the technical milestones, now we have a very elaborated safety program. It's called the PGF that we talked about in the past IR meetings and at the CES and we made that public also in terms of an academic paper that we published around it.

就預期時間而言，我們表示將於 2026 年上半年在美國某個城市推出。就技術里程碑而言，現在我們有一個非常詳細的安全計畫。它被稱為 PGF，我們在過去的 IR 會議和 CES 上討論過它，我們還在圍繞它發表的學術論文中公開了它。

And also in terms of mileage driven in order to prove to ourselves what is the MTBF. So together with ADMT which is the daughter company of Volkswagen, who was responsible for this program, we have agreed on MTBF milestones per type of accident. So it's not just one number. There are a number of different types of accidents. What is the MTBF, and we're tracking those numbers. And the trajectory that we see gives us confidence that we can achieve that by the first half of 2026.

並且還透過行駛里程來向我們證明什麼是 MTBF。因此，我們與負責該專案的大眾汽車子公司 ADMT 一起就每種事故類型的 MTBF 里程碑達成了一致。所以它不只是一個數字。事故有多種不同的類型。MTBF 是多少，我們正在追蹤這些數字。我們看到的發展軌跡讓我們有信心在 2026 年上半年實現這一目標。

Great. As a follow-up, on Tesla's call last night, Elon talked quite a bit about efforts with AI, their AI5 chip and all of the efforts in design and the strength of the performance, really emphasizing this, I think, is a key advantage. So -- and I think you've talked about this on the call here and more broadly.

偉大的。作為後續，在昨晚特斯拉的電話會議上，埃隆談了很多關於人工智慧的努力，他們的 AI5 晶片以及在設計和性能強度方面的所有努力，真正強調這一點，我認為，這是一個關鍵優勢。所以——我想你已經在電話會議中以及更廣泛的範圍內討論過這個問題了。

But as it relates to EyeQ6 and eventually EyeQ7, can you maybe just remind us to what extent the engagements with customers are looking at the strength of your SoC design, how that stacks up versus some of the other players? And for those that are maybe SoC agnostic, bring your own silicon, to what extent you're seeing customers actually leaning into your solution because of the SoC?

但是，由於它與 EyeQ6 以及最終的 EyeQ7 相關，您能否提醒我們，與客戶的互動在多大程度上取決於您的 SoC 設計的優勢，以及與其他一些參與者相比如何？對於那些可能對 SoC 不了解、使用自己的晶片的人來說，在多大程度上您會看到客戶因為 SoC 而真正傾向於您的解決方案？

Well, I think the first question that you need to ask is why do you need more compute? And Tesla's approach and Mobileye's approach are different. Tesla is relying on a single sensor modality, which is cameras, omni cameras. And therefore, there are this bias variance in machine learning, you want to lower the variance, you need more and more data and more and more compute in order to bring the variance down to a point in which the MTBF is high enough.

嗯，我認為你需要問的第一個問題是為什麼需要更多的計算？而且特斯拉的做法和Mobileye的做法是不一樣的。特斯拉依賴單一感測器模式，即攝影機、全向攝影機。因此，機器學習中存在這種偏差方差，您想要降低方差，您需要越來越多的數據和越來越多的計算，以便將方差降低到 MTBF 足夠高的點。

And the MTBF of Tesla's FSDs, just based on the public record of the FSD tracker, is orders of magnitude away from the bar that you need to pass in order to be unsupervised. Therefore, the requirement of significant more compute and significant more data is very, very intense and hence, the AI fight.

僅根據 FSD 追蹤器的公開記錄，特斯拉 FSD 的 MTBF 與無人監管所需通過的標準相差幾個數量級。因此，對大量計算和大量數據的需求非常非常強烈，因此引發了人工智慧之戰。

Mobileye's approach relies also on redundancy. So we are doubling down on computer vision, on cameras, and bringing the camera processing MTBF to be very high, but we are also relying on imaging radars, relying also on a front-facing LiDAR for eyes-off. So when you have redundancy, it's a different equation. And this is our PGF framework for creating profusing redundant subsystems.

Mobileye 的方法也依賴冗餘。因此，我們加倍重視電腦視覺和攝像頭，並將攝影機處理 MTBF 提高到非常高，但我們也依賴成像雷達，也依賴前置雷射雷達來實現非視線探測。因此，當你有冗餘時，情況就不同了。這是我們用於創建大量冗餘子系統的 PGF 框架。

So then in our context, the question is, if with the EyeQ6 High, we are going to launch eyes-off at a very, very cost-optimized platform, right? The Chauffeur has three EyeQ6, and it's very, very -- it's highly cost optimized. The Drive four EyeQ6 is highly cost optimized, especially compared to platforms of robotaxis of today.

那麼在我們的背景下，問題是，如果使用 EyeQ6 High，我們將在一個成本非常優化的平台上推出 Eyes-Off，對嗎？Chauffeur 配備了三台 EyeQ6，而且成本非常非常優化。Drive four EyeQ6 的成本經過高度優化，尤其是與當今的機器人計程車平台相比。

So then the question is, why do we need more compute? Right, we replaced the EyeQ6 with EyeQ7. Is that going to reduce -- for what purpose? Is this to reduce price, not necessarily.

那麼問題是，為什麼我們需要更多的計算？對，我們用 EyeQ7 取代了 EyeQ6。這會減少嗎──為了什麼目的？這是為了降價嗎？不一定。

So in our view, you need more compute to move from eyes-off to minds-off, and this is something that the industry are not talking about at all. All the targets around eyes-off, what is the bar to reach an eyes-off system. We are thinking of 0.29 and above on mind-off. And mind-off means that you need an AI that has very, very strong see understanding capabilities maybe it can work at lower frame rates.

因此，我們認為，需要更多的計算才能從“眼不見”轉變為“心不煩”，而這是業界根本沒有談論的事情。所有目標都圍繞著視線之外，達到視線之外系統的標準是什麼。我們正在考慮 0.29 及以上。而 mind-off 意味著你需要一個具有非常強大的視覺理解能力的人工智慧，也許它可以在較低的幀速率下工作。

It doesn't have to be, let's say, 10 frames per second. Maybe it can be slower frame rate doesn't have to be doesn't have to replace the safety mechanism. So in our view, the EyeQ7 and EyeQ8 and all the additional compute comes on top of EyeQ6 and does not replace it. So it's a different concept. It's not that we have an EyeQ6 generation, and now we're replacing the EyeQ6 with EyeQ7 generation and then we'll replace EyeQ7 generation with EyeQ8, actually does not make sense when you are thinking about eyes-off systems because the validation process that is required to remove the driver is huge, right?

不一定要達到每秒 10 張。也許可以把幀率調慢一點，不必非要更換安全機制。因此，我們認為，EyeQ7 和 EyeQ8 以及所有附加計算都建立在 EyeQ6 之上，但不會取代它。所以這是一個不同的概念。並不是說我們有 EyeQ6 代，現在我們用 EyeQ7 代替換 EyeQ6，然後用 EyeQ8 替換 EyeQ7 代，實際上當您考慮 Eyes-Off 系統時這沒有意義，因為刪除驅動程式所需的驗證過程非常龐大，對嗎？

So now you did all this validation process and now you are replacing your chip, and you have to do all those validation process again, doesn't make sense. So we have a completely different view of where compute is needed, where the added compute is needed.

所以現在你已經完成了所有的驗證過程，現在你正在更換你的晶片，你必須再次完成所有的驗證過程，這是沒有意義的。因此，我們對哪裡需要計算、哪裡需要增加計算有著完全不同的看法。

Thank you. Kate, this will be our last question.

謝謝。凱特，這是我們的最後一個問題。

Colin Rusch, Oppenheimer & Company.

奧本海默公司的科林·拉什。

I just have a quick one around the cadence of your own chip design. Given some of the tools that we're seeing out there and the potential for accelerated timeframes, are you seeing meaningful opportunities in terms of accelerating some of those development timelines and really being able to validate some of these more simplified designs that you guys are talking about?

我只是對您自己的晶片設計的節奏有一個快速的了解。鑑於我們所看到的一些工具以及加速時間表的潛力，您是否看到了在加速某些開發時間表和真正能夠驗證您正在談論的一些更簡化的設計方面的有意義的機會？

Our chip portfolio covers both the very, very low end, like EyeQ6 Lite and the very high end. So EyeQ6 High, which is in production, is equivalent to, say, Orin-X in terms of looking at running programs like convolutional net ResNet, Vision net transformers, and the like. And EyeQ7 would compare to Thor in terms of its strength.

我們的晶片組合涵蓋了非常低階的產品，例如 EyeQ6 Lite，也涵蓋了非常高階的產品。因此，在查看卷積網路 ResNet、Vision 網路轉換器等運作程序方面，正在生產的 EyeQ6 High 相當於 Orin-X。而EyeQ7的強度可以與Thor相媲美。

And EyeQ8 is going to be -- which is now in the design stages and will be ready for 2029 production, is going to be 3, 4 times stronger. And again, the EyeQ7 and EyeQ8 are responsible for the minds-off. It's not -- for the eyes-off we are set. We have the EyeQ6. We don't need to replace EyeQ6 with a more powerful chip to reach eyes-off capability or to reach a robotaxi -- robotaxi with teleoperators in the back office.

EyeQ8 目前正處於設計階段，預計將於 2029 年投入生產，性能將提升 3 到 4 倍。再一次，EyeQ7 和 EyeQ8 是造成這種現象的原因。事實並非如此——我們已經做好了準備。我們有 EyeQ6。我們不需要用更強大的晶片替換 EyeQ6 來實現無需注視的功能或實現機器人出租車——在後台有遠端操作員的機器人出租車。

The idea in robotaxi is to remove the teleoperators. This is why we want minds-off and the idea with consumer operated cars is to enable the driver to sleep while using the system. This is where we need more compute. And the cadence is once every two years. So this is the cadence, and which is sufficient for the speed of where the industry is going and where technology is going.

機器人計程車的想法是去除遙控操作員。這就是為什麼我們想要讓駕駛者放鬆心情，而消費者駕駛汽車的想法是讓駕駛者在使用系統時能夠睡覺。這是我們需要更多計算的地方。節奏是每兩年一次。這就是節奏，足以適應產業發展和技術發展的速度。

Colin, thanks for the question. I don't think we have time for a follow-up. I want to respect everyone's time.

科林，謝謝你的提問。我認為我們沒有時間進行後續跟進。我想尊重每個人的時間。

Thank you. This now concludes our question-and-answer session. I would like to turn the floor back over to management, Dan Galves for closing comments.

謝謝。我們的問答環節到此結束。我想將發言權交還給管理階層 Dan Galves，請他發表最後評論。

Thanks, everyone, and looking forward to the Q4 call in January. Thank you. Have a good day.

謝謝大家，期待一月份的第四季電話會議。謝謝。祝你有美好的一天。

Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

女士們、先生們，感謝你們的參與。今天的電話會議到此結束。您可以斷開線路並度過美好的一天。