蔚來 (NIO) 2021 Q3 法說會逐字稿

Hello ladies and gentlemen.

你好女士們先生們。

Thank you for standing by for NIO Incorporated's third quarter 2021 earnings conference call.

感謝您參與 NIO Incorporated 2021 年第三季度財報電話會議。

At this time, all participants are in listen only mode.

此時，所有參與者都處於只聽模式。

Today's conference is being recorded.

今天的會議正在錄製中。

I will now turn the call over to your host, Ms. Eve Tang, from Capital Markets and Investor Relations.

我現在將把電話轉給您的主持人，資本市場和投資者關係部的 Eve Tang 女士。

Please go ahead, Eve.

請繼續，夏娃。

Good morning and good evening, everyone.

大家早上好晚上好。

Welcome to NIO's third quarter 2021 earnings conference call.

歡迎來到蔚來汽車 2021 年第三季度財報電話會議。

The Company's financial and operating results were published in the press release earlier today and are posted at the Company's IR website.

公司的財務和經營業績於今天早些時候發佈在新聞稿中，並發佈在公司的投資者關係網站上。

On today's call we have Mr. William Li, Founder, Chairman of the Board and Chief Executive Officer; Mr. Steven Feng, Chief Financial Officer; and Mr. Stanley Qu, Senior Vice President of Finance.

在今天的電話會議上，我們有創始人、董事會主席兼首席執行官 William Li 先生； Steven Feng 先生，首席財務官；以及財務高級副總裁Stanley Qu先生。

Before we continue, please be kindly reminded that today's discussion will contain forward-looking statements made under the safe harbor provisions of the US Private Securities Litigation Reform Act of 1995.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties.

前瞻性陳述涉及固有風險和不確定性。

As such, the Company's actual results may be materially different from the views expressed today.

因此，本公司的實際結果可能與今天所表達的觀點存在重大差異。

Further information regarding risks and uncertainties is included in certain filings of the Company with the US Securities and Exchange Commission.

有關風險和不確定性的更多信息包含在公司向美國證券交易委員會提交的某些文件中。

The Company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

除適用法律要求外，本公司不承擔更新任何前瞻性陳述的任何義務。

Please also note that NIO's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures.

另請注意，蔚來汽車的收益新聞稿和本次電話會議包括對未經審計的 GAAP 財務信息以及未經審計的非 GAAP 財務指標的討論。

Please refer to NIO's press release which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures.

請參閱蔚來汽車的新聞稿，其中包含未經審計的非公認會計原則措施與可比公認會計原則措施的對賬。

With that, I will now turn the call over to our CEO, Mr. William Li.

有了這個，我現在將把電話轉給我們的首席執行官 William Li 先生。

William, please go ahead.

威廉，請繼續。

(interpreted) Hello, everyone.

（翻譯）大家好。

Thank you for joining NIO's third quarter 2021 earnings call.

感謝您參加蔚來汽車 2021 年第三季度財報電話會議。

In the third quarter of 2021, we delivered 24,439 ES8, ES6 and EC6, a new quarterly record, representing a solid growth of 100.2% year over year.

2021 年第三季度，我們交付了 24,439 台 ES8、ES6 和 EC6，創下季度新高，同比穩健增長 100.2%。

Based on the overall production planning, from September 28 to October 15, to prepare for further capacity expansion and new products introduction, including ET7, we implemented upgrades and restructuring of manufacturing lines at the Hefei JAC-NIO Advanced Manufacturing Center.

根據總體生產規劃，9月28日至10月15日，為進一步擴能和新產品引進，包括ET7，我們在合肥江淮蔚來先進製造中心實施了生產線升級改造。

Affected by the upgrades and restructuring, we delivered 3,667 vehicles in October.

受升級重組影響，10月交付車輛3,667輛。

The plant has resumed normal production since late October.

該工廠自10月下旬開始恢復正常生產。

According to the data published by China Passenger Car Association, the penetration rate of the battery electric vehicles among passenger vehicles reached 17.5% in September.

根據中國乘用車協會公佈的數據，9月份純電動汽車在乘用車中的滲透率達到17.5%。

As the automotive industry is accelerating its transformation towards smartization and electrification, more and more users are now choosing smart EVs over ICEs.

隨著汽車行業加速向智能化和電動化轉型，越來越多的用戶選擇智能電動汽車而不是內燃機。

The order momentum continues to be strong and new orders have reached a new all-time high in October.

訂單勢頭繼續強勁，10月份新訂單創歷史新高。

Currently our delivery volume is mainly constrained by supply chain volatilities.

目前我們的交付量主要受供應鏈波動的製約。

We expect the total delivery in the fourth quarter of 2021 to be between 23,500 to 25,000 vehicles.

我們預計 2021 年第四季度的總交付量將在 23,500 至 25,000 輛之間。

In the third quarter, the vehicle gross margin stood at 18.0%, while the overall gross margin reached 20.3%, benefited from the sales of regulatory credits.

三季度整車毛利率為18.0%，整體毛利率達到20.3%，受益於監管信貸的銷售。

Next, I would like to share with you some recent operational highlights of the Company.

接下來，我想與大家分享一下公司近期的一些經營亮點。

In September, the first batch of ET7 tooling trial builds rolled off the production line representing that the tryout and commissioning of the overall manufacturing process has been completed.

9月，首批ET7工裝試制下線，標誌著整個製造工藝的試制和調試工作已經完成。

The teams are making final preparations for the mass production of ET7.

團隊正在為ET7的量產做最後的準備。

During this preparation process, we have also made various product optimizations on ET7.

在這個準備過程中，我們還對ET7進行了各種產品優化。

For example, the drag coefficient of ET7 was improved from 0.23 to 0.208.

例如，ET7的阻力係數從0.23提高到0.208。

We are very confident about the final product competitiveness and the market performance of the ET7.

我們對ET7的最終產品競爭力和市場表現非常有信心。

The software and hardware development of NAD are also pressing ahead on schedule.

NAD的軟硬件開發也在按計劃推進。

The development of the other two new products on NIO Technology Platform 2.0 are also moving forward smoothly and the delivery to users is expected to start in the second half of next year.

蔚來技術平台2.0的另外兩款新品開發也進展順利，預計明年下半年開始向用戶交付。

We will share more product details at NIO day 2021.

我們將在 2021 年蔚來汽車日分享更多產品細節。

In September, we launched the 75-kilowatt-hour standard range battery pack with LFP/NCM hybrid cells, which has further enhanced the competitiveness of NIO's battery system, empowered by the industry-first LFP/NCM cell layout and advanced software and hardware systems of thermal management and SOC estimation.

9月，推出75千瓦時標準續航LFP/NCM混合電芯電池組，在業界首創的LFP/NCM電芯佈局和先進的軟硬件系統賦能下，進一步提升了蔚來電池系統的競爭力熱管理和 SOC 估計。

NIO's battery system team worked closely with our partners in overcoming the disadvantages of the LFP cells in aspect of low temperature performance and SoC estimation.

NIO的電池系統團隊與我們的合作夥伴密切合作，克服了LFP電池在低溫性能和SoC估計方面的劣勢。

On top of that, the 75-kilowatt-hour hybrid battery pack has also achieved higher energy density and a longer drive range and a lower cost compared with the 70-kilowatt-hour NCM battery pack.

最重要的是，75千瓦時的混合動力電池組與70千瓦時的NCM電池組相比，還實現了更高的能量密度、更長的續航里程和更低的成本。

In terms of production capacity, besides the upgrades and the restructuring of the manufacturing lines in JAC-NIO Advanced Manufacturing Center, the second manufacturing site at Neo Park in Hefei is also under construction.

產能方面，除了江淮蔚來先進製造中心生產線的升級改造外，合肥新園第二生產基地也在建設中。

After the kickoff on April 29, we completed the main structure construction on August 26 and will start the equipment installation at end of this month.

4月29日開工後，8月26日完成主體結構施工，本月底開始設備安裝。

In the third quarter of 2022, we will begin production officially.

2022年第三季度，我們將正式開始生產。

On the supply side, due to global COVID-19 pandemic, extreme weather events and other factors, the overall supply chain remains challenging.

在供應方面，由於全球 COVID-19 大流行、極端天氣事件和其他因素，整個供應鏈仍然充滿挑戰。

Our supply chain team, R&D team and the partners have adopted a series of measures to support the record-high quarterly delivery in the third quarter and will continue to secure the supply for the delivery in the fourth quarter and upcoming new product production.

我們的供應鏈團隊、研發團隊和合作夥伴採取了一系列措施來支持第三季度創歷史新高的季度交付，並將繼續為第四季度的交付和即將到來的新產品生產確保供應。

With regards to the sales and service network, we now have 32 NIO Houses and 285 NIO Spaces in 132 cities in China.

在銷售和服務網絡方面，我們目前在中國132個城市擁有32家蔚來房屋和285個蔚來空間。

We will continue to expand and optimize our NIO House and NIO Space coverage to effectively penetrate into more tier 2 and tier 3 cities.

我們將繼續擴大和優化蔚來之家和蔚來空間的覆蓋範圍，以有效滲透到更多的二三線城市。

As of now, we have 43 NIO Service Centers and 181 Authorized Service Centers in 141 cities.

截至目前，我們在141個城市擁有43個蔚來服務中心和181個授權服務中心。

We'll build more service centers to ensure high quality services to the rapidly growing user base.

我們將建立更多的服務中心，以確保為快速增長的用戶群提供高質量的服務。

Up until now, we have deployed 608 battery swap stations in 153 cities in China, and completed over 4.74 million swaps.

截至目前，我們已在中國 153 個城市部署了 608 個電池更換站，完成更換超過 474 萬次。

In addition, we have built over 460 Power Charger stations and 3,155 destination chargers across China.

此外，我們在全國建設了460多個充電站和3,155個目的地充電站。

As we speed up the deployment of the swapping and the charging infrastructure, the superior experience and value brought forward by battery swapping technology and battery as a service have made BaaS the go-to choice for more and more users.

隨著我們加快換電和充電基礎設施的部署，換電技術和電池即服務帶來的卓越體驗和價值使 BaaS 成為越來越多用戶的首選。

Regarding the global market, we opened our NIO house in Norway on 30 September, which has attracted wide attention from both the public and the media.

在全球市場方面，我們於9月30日在挪威開設了蔚來汽車之家，受到了公眾和媒體的廣泛關注。

On the same day, we started to deliver ES8 and provide services to our users in Norway.

同一天，我們開始交付 ES8 並為我們在挪威的用戶提供服務。

Besides achieving Euro NCAP five-star safety rating, the ES8 has also received rave reviews on its performance and the product experience from the local users and media.

除了獲得 Euro NCAP 的五星級安全評級外，ES8 的性能和產品體驗也獲得了當地用戶和媒體的好評。

The order intake has exceeded our expectations.

訂單量超出了我們的預期。

More importantly among all the orders, 92% of the users have chosen BaaS.

更重要的是，在所有訂單中，92% 的用戶選擇了 BaaS。

NIO's products, services and innovative business model not only have been well received in China but also present unique value and strengths in the global market.

蔚來的產品、服務和創新的商業模式，不僅在中國廣受好評，在全球市場也呈現出獨特的價值和優勢。

In 2022, we will further step-up our efforts in entering more global markets.

2022年，我們將進一步加大進軍全球市場的力度。

Users have always been the foundation of NIO.

用戶一直是蔚來的根基。

A diversified user community brings a greater vitality to NIO and drives NIO to become better.

多元化的用戶社區為蔚來帶來更大的活力，推動蔚來變得更好。

In October, NIO and NIO Users Trust joined hands with Sanjiangyuan Ecological Protection Foundation to build a green ecosystem in the Sanjiangyuan National Park.

10月，蔚來汽車和蔚來用戶信託攜手三江源生態保護基金會，在三江源國家公園共建綠色生態系統。

With much anticipation, we have announced that NIO Day 2021 will be held in Suzhou, on 18 December this year.

我們滿懷期待地宣布，2021蔚來汽車日將於今年12月18日在蘇州舉行。

NIO User advisors and NIO Day organizing committee are working closely on the final preparations.

NIO 用戶顧問和 NIO Day 組委會正在密切合作進行最後的準備工作。

Please stay tuned for the coming NIO Day organized together by NIO and our users.

請繼續關注蔚來與用戶共同組織的即將到來的蔚來日。

In 2021, NIO has doubled down on investment in product development, capacity expansion, charging and swapping network, as well as sales and service network.

2021年，蔚來在產品研發、產能擴張、充換電網絡、銷售服務網絡等方面的投入翻了一番。

In 2022, we will continue to make a decisive investment to further enhance of the long-term competitiveness and provide better products and services to users.

2022年，我們將繼續果斷投資，進一步提升長期競爭力，為用戶提供更好的產品和服務。

As always, thank you for your support.

一如既往，感謝您的支持。

With that, I will now turn the call over to Steven to provide you the financial details for the quarter.

有了這個，我現在將把電話轉給史蒂文，為你提供本季度的財務細節。

Steven, please go ahead.

史蒂文，請繼續。

Thank you Eve.

謝謝夏娃。

I will now go over our key financial results for the third quarter of 2021 and to be mindful of the length of this call, I encourage listeners to refer to our earlier press release which is posted online for additional details.

我現在將回顧我們 2021 年第三季度的主要財務業績，並註意這次電話會議的時間長短，我鼓勵聽眾參考我們之前發佈在網上的新聞稿以獲取更多詳細信息。

Our total revenues in third quarter were RMB9.81 billion or USD1.52 billion, representing an increase of 116.6% year-over-year, an increase of 16.1% quarter-over-quarter.

第三季度總收入為人民幣98.1億元或15.2億美元，同比增長116.6%，環比增長16.1%。

Our total revenues are made of two parts; vehicle sales and other sales.

我們的總收入由兩部分組成；汽車銷售和其他銷售。

Vehicle sales in the third quarter were RMB8.64 billion RMB or USD1.34 billion, accounting for 88% of total revenues in this quarter.

第三季度汽車銷售額為人民幣86.4億元人民幣或13.4億美元，佔本季度總收入的88%。

It represented an increase of 102.4% year-over-year, an increase of 9.2% quarter-over-quarter.

同比增長102.4%，環比增長9.2%。

The increase in vehicle sales year-over-year and quarter-over-quarter was mainly attributed to the increase of vehicle delivery volume.

汽車銷量同比和環比的增長主要是由於汽車交付量的增加。

Other sales in third quarter were [RMB1.17 billion] (corrected by company after the call) or USD181.4 million, representing an increase of 350.8% year-over-year, an increase of 117.9% quarter-over-quarter.

第三季度其他銷售額為[RMB11.7 億元]（由公司在電話會議後修正）或1.814 億美元，同比增長350.8%，環比增長117.9%。

The increase in other sales year-over-year and quarter-over-quarter was mainly due to the sales of automotive regulatory credits and the battery upgrade service as well as other revenues which increased in line with incremental vehicle sales in the third quarter of 2021.

其他銷售額同比和環比的增長主要是由於汽車監管信貸和電池升級服務的銷售以及其他收入與2021年第三季度汽車銷量的增長保持一致.

Cost of sales in the third quarter of 2021 was RMB7.81 billion or USD1.21 billion, representing an increase of 98.3% year-over-year and an increase of 13.6% quarter-over-quarter.

2021年第三季度銷售成本為人民幣78.1億元或12.1億美元，同比增長98.3%，環比增長13.6%。

The increase in cost of sales was in line with revenue growth, which was mainly driven by

銷售成本增加與收入增長一致，主要受收入增長驅動

the increase of vehicle delivery volume in the third quarter of 2021.

2021年第三季度車輛交付量增加。

Gross profit in the third quarter was RMB1.99 billion or USD0.31 billion, representing an increase of 240.3% year-over-year and an increase of 26.6% quarter-over-quarter.

第三季度毛利為人民幣19.9億元或3.1億美元，同比增長240.3%，環比增長26.6%。

Gross margin in the third quarter was 20.3%, compared with 12.9% in same quarter of 2020 and 18.6% in the second quarter of 2021.

第三季度毛利率為 20.3%，而 2020 年同期為 12.9%，2021 年第二季度為 18.6%。

The increase of gross margin year-over-year was mainly driven by the increase of vehicle margins and the sales of automotive regulatory credits.

毛利率同比增長主要受整車利潤率提升和汽車監管積分銷售拉動。

The increase of gross margin quarter-over-quarter was mainly due to the sales of automotive regulatory credits.

毛利率環比增長主要是由於汽車監管積分的銷售。

More specifically, vehicle margins third quarter was 18.0%, compared with 14.5% in the same quarter of 2020 and 20.3% in the second quarter of 2021.

更具體地說，第三季度汽車利潤率為 18.0%，而 2020 年同期為 14.5%，2021 年第二季度為 20.3%。

The increase of vehicle margin year-over-year was mainly driven by the higher average selling price, as well as lower material cost.

車輛利潤率同比增長主要是由於較高的平均售價以及較低的材料成本。

The decrease of vehicle margin quarter-over-quarter was mainly due to the increased financing at subsidized rates for vehicle purchases which resulted in a deduction of vehicle revenue and an increase in tooling depreciation cost.

車輛利潤率環比下降主要是由於車輛購買補貼率融資增加導致車輛收入減少和模具折舊成本增加。

R&D expenses in third quarter were RMB1.19 billion or USD185.2 million, representing an increase of 101.9% year-over-year and an increase of 35.0% quarter-over-quarter.

第三季度研發費用為人民幣11.9億元或1.852億美元，同比增長101.9%，環比增長35.0%。

The increase of R&D expenses year-over-year and quarter-over-quarter was mainly attributed to increased personnel costs in research and development functions as well as incremental design and development costs for new products and technologies.

研發費用同比和環比增加的主要原因是研發職能人員成本增加以及新產品和技術的設計和開發成本增加。

SG&A expenses in the third quarter were RMB1.82 billion or USD0.28 billion, representing an increase of 94.1% year-over-year and an increase of 21.8% quarter-over-quarter.

第三季度SG&A費用為18.2億元人民幣或2.8億美元，同比增長94.1%，環比增長21.8%。

The increase in SG&A expenses year-over-year and quarter-over-quarter was primarily due to the increase of personnel costs in sales and service functions and costs related to sales and service network expansion.

SG&A 費用同比和環比增加的主要原因是銷售和服務職能的人員成本以及與銷售和服務網絡擴張相關的成本增加。

Loss from operations in the third quarter was RMB0.99 billion or USD153.9 million, representing an increase of 4.9% year-over-year and an increase of 29.9% quarter-over-quarter.

第三季度經營虧損為人民幣9.9億元或1.539億美元，同比增長4.9%，環比增長29.9%。

Share-based compensation expenses in the third quarter were RMB265.6 million or USD41.2 million, representing an increase of 439.8% year-over-year and an increase of 5.6% quarter-over-quarter.

第三季度股權激勵費用為人民幣2.656億元或4120萬美元，同比增長439.8%，環比增長5.6%。

The increase in share-based compensation expenses year-over-year was primarily attributed to additional options and restricted shares granted.

以股份為基礎的薪酬費用同比增長主要歸因於授予的額外期權和限制性股票。

Net loss in the third quarter was RMB835.3 million or USD129.6 million, representing a decrease of 20.2% year-over-year and an increase of 42.3% quarter-over-quarter.

第三季度淨虧損為人民幣8.353億元或1.296億美元，同比減少20.2%，環比增加42.3%。

Net loss attributable to NIO's ordinary shareholders in the third quarter was RMB2.86 billion or USD443.7 million, representing an increase of 140.7% year-over-year and an increase of 333.6% quarter-over-quarter.

第三季度歸屬於蔚來普通股股東的淨虧損為人民幣28.6億元或4.437億美元，同比增長140.7%，環比增長333.6%。

In the third quarter of 2021, NIO repurchased 1.418% equity interest in NIO China from a minority strategic investor for a total consideration of RMB2.5 billion and recorded an amount of RMB2.02 billion in accretion on redeemable non-controlling interests to redemption value.

2021年第三季度，蔚來汽車向少數戰略投資者回購蔚來中國1.418%的股權，總對價為人民幣25億元，可贖回非控股權益增加贖回價值人民幣20.2億元.

Basic and diluted net loss per ADS in the third quarter were both RMB1.82 or USD0.28 per ADS.

第三季度每股 ADS 的基本和攤薄淨虧損均為人民幣 1.82 元或每股 ADS 0.28 美元。

Excluding share-based compensation expenses and accretion on redeemable

不包括以股份為基礎的補償費用和可贖回的增值

non-controlling interests to redemption value, non-GAAP adjusted basic and diluted net loss per ADS were both RMB0.36 or USD0.06 per ADS.

非控股權益兌贖回價值、非公認會計原則調整後的每 ADS 基本和攤薄淨虧損均為每 ADS 人民幣 0.36 元或 0.06 美元。

Our balance of cash and cash equivalents, restricted cash and short-term investment was RMB47.0 billion or USD7.3 billion as of September 30, 2021.

截至 2021 年 9 月 30 日，我們的現金及現金等價物、受限現金和短期投資餘額為 470 億元人民幣或 73 億美元。

Now to our business outlook.

現在談談我們的業務前景。

As William mentioned, for the fourth quarter of 2021 the Company expects deliveries to be between 23,500 and 25,500 vehicles, representing an increase of approximately 35.4% to 46.9% from the same quarter of 2020, and a decrease of approximately 3.8% to an increase of approximately 4.3% from the third quarter of 2021.

正如威廉所說，公司預計 2021 年第四季度的交付量將在 23,500 至 25,500 輛之間，較 2020 年同期增長約 35.4% 至 46.9%，下降約 3.8% 至增長與 2021 年第三季度相比約為 4.3%。

The Company also expects the total revenues of the fourth quarter 2021 to be between RMB9.38 billion and RMB10.11 billion, representing an increase of approximately 41.2% to 52.2% from the same quarter of 2020, and a decrease of approximately 4.4% to an increase of approximately 3.1% from the third quarter of 2021.

公司還預計 2021 年第四季度總收入在人民幣 93.8 億元至人民幣 101.1 億元之間，較 2020 年同期增長約 41.2% 至 52.2%，下降約 4.4% 至較 2021 年第三季度增長約 3.1%。

This business outlook reflects the Company's current and preliminary view on the business situation and market condition, which is subject to change.

該業務展望反映了公司對業務形勢和市場狀況的當前和初步看法，可能會發生變化。

Now this concludes our prepared remarks.

現在到此結束我們準備好的評論。

I will now turn the call over to the operator to facilitate our Q&A session.

我現在將把電話轉給接線員，以方便我們的問答環節。

Thank you.

謝謝你。

Ladies and gentlemen, we will now begin the question and answer session.

女士們，先生們，我們現在開始問答環節。

To ask a question press star one on your telephone.

要問問題，請在電話上按星號。

To cancel a request press the pound or hash key.

要取消請求，請按井號或井號鍵。

For the benefit of all participants on today's call please limit yourself to two questions.

為了今天電話會議的所有參與者的利益，請限制自己回答兩個問題。

You can re-enter the queue.

您可以重新進入隊列。

Your first question comes from Tim Hsiao of Morgan Stanley.

您的第一個問題來自摩根士丹利的 Tim Hsiao。

Please ask your question.

請提出你的問題。

Hi William and Steven and Jade.

嗨，威廉、史蒂文和傑德。

Thanks for taking my question.

感謝您提出我的問題。

It's great to see NIO manage to navigate through the component crunch and production hiccup in first half.

很高興看到蔚來在上半年設法解決了組件緊縮和生產問題。

Just two quick questions from my side.

我這邊只有兩個簡單的問題。

The first one, we've seen restructuring and upgrades of the production lines cause around two rounds of disruption to your delivery and production this year.

第一個，我們已經看到生產線的重組和升級在今年對你們的交付和生產造成了大約兩輪中斷。

Just wanted to confirm if we have completed all the necessary restructuring for the three new models next year.

只是想確認我們是否已經完成了明年三款新車型的所有必要重組。

Or should we expect any similar disruption sometime next year?

或者我們應該期待明年某個時候出現類似的中斷嗎？

My second question is about the details of the other sales.

我的第二個問題是關於其他銷售的細節。

Could you share more information about NIO's third quarter other sales?

您能否分享更多關於蔚來汽車第三季度其他銷售的信息？

Because they have been surging quite a lot.

因為他們已經漲了不少。

I think more significant revenue increase was attributable to the sales of NEV credits and the battery upgrade services.

我認為更顯著的收入增長歸因於新能源汽車積分的銷售和電池升級服務。

Could we have further breakdowns regarding the contribution from those items and what could be the scales of contribution into fourth quarter?

我們能否進一步細分這些項目的貢獻以及第四季度的貢獻規模？

Because if you look at the current fourth quarter revenue guidance it seems that it just merely reflects the contribution from vehicle sales.

因為如果您查看當前的第四季度收入指引，它似乎僅反映了汽車銷售的貢獻。

So should we expect the contribution from other sales to rise further?

那麼我們是否應該期望其他銷售的貢獻進一步上升？

Those are my two questions.

這是我的兩個問題。

Thank you.

謝謝你。

(interpreted) Tim, thank you for your question.

（翻譯）蒂姆，謝謝你的提問。

I will answer the first one and Stanley is going to answer the second one.

我會回答第一個問題，斯坦利會回答第二個問題。

In the previous remarks we have also talked about the progress of our capacity expansion for the two plants.

在之前的評論中，我們也談到了我們兩家工廠的產能擴張進展。

For the first plant, just like you mentioned starting from the end of September to the middle of October we have done some restructuring and upgrades of the manufacturing lines to further expand the production capacity and prepare for the new products introduction.

對於第一廠，正如你所說，從9月底到10月中旬，我們對生產線進行了一些重組和升級，以進一步擴大產能，為新產品的引進做準備。

Following these upgrades we probably will do some minor restructuring and modifications of the production lines.

在這些升級之後，我們可能會對生產線進行一些小的重組和修改。

But we believe the following restructuring is not going to have a very significant impact on the normal production of the vehicles.

但我們認為，接下來的重組不會對車輛的正常生產產生非常大的影響。

Secondly, regarding the new products.

其次，關於新產品。

Some of the new products will be manufactured in the second plant.

部分新產品將在第二工廠生產。

Then this means that for the second plant we will need some time to ramp up the production for the new products.

那麼這意味著對於第二家工廠，我們將需要一些時間來提高新產品的產量。

But this is not going to affect the manufacturing of the existing products.

但這不會影響現有產品的製造。

Hi Tim.

嗨，蒂姆。

Regarding the second question.

關於第二個問題。

Among the other revenue, RMB517 million was contributed by the NEV credit sales and after deduction of these NEV credit sales, our total gross margin for other revenue decreased from minus 5.6% to 12.6%.

在其他收入中，5.17億元人民幣來自新能源汽車信貸銷售，扣除這些新能源汽車信貸銷售後，我們的其他收入總毛利率從負5.6%下降至12.6%。

That's because the - it is driven by the expansion of our sales and service network in Q3 and as mentioned by William in his explanation, the construction of our sales and service network infrastructure moved earlier and faster than our sales increased, especially in this year.

那是因為 - 它是由我們在第三季度的銷售和服務網絡的擴張所推動的，正如威廉在他的解釋中所提到的，我們的銷售和服務網絡基礎設施的建設比我們的銷售額增長更早更快，尤其是在今年。

So we are expecting the total revenues of other service will increase but the gross profit margin for this part will decrease a little bit in Q4.

因此，我們預計其他服務的總收入將增加，但該部分的毛利率將在第四季度略有下降。

Sorry, just a quick follow-up.

抱歉，只是快速跟進。

Could you highlight some potential contribution from the sales of credit into fourth quarter?

您能否強調第四季度信貸銷售的一些潛在貢獻？

Yes.

是的。

Almost the majority of the NEV credit sales was realized in Q3.

幾乎大部分的新能源汽車信貸銷售都是在第三季度實現的。

So in Q4 we don't expect significant revenue from this part.

因此，在第四季度，我們預計這部分收入不會很大。

(interpreted) Just like Stanley explained this year is a little bit different from last year.

（解釋）就像斯坦利解釋的那樣，今年與去年有些不同。

We recognized the sales of the regulatory credits much earlier compared with last year.

與去年相比，我們更早地確認了監管信貸的銷售。

Thank you William.

謝謝你威廉。

Your next question comes from Nick Lai of J.P. Morgan.

您的下一個問題來自摩根大通的 Nick Lai。

Please ask your question.

請提出你的問題。

Thank you for taking my question.

謝謝你接受我的問題。

It's Nick from J.P. Morgan.

是摩根大通的尼克。

Good morning William and Steven.

早上好威廉和史蒂文。

My two simple questions is number one, relating to margins and the second question is related to ET7, the new exciting model.

我的兩個簡單問題是第一個，與利潤有關，第二個問題與新的令人興奮的模型 ET7 有關。

First of all on the margin front.

首先是邊際前沿。

The vehicle margin in the third quarter was 18%, slightly down from 20% in Q2.

第三季度的汽車利潤率為 18%，略低於第二季度的 20%。

I wonder how should we think about the margin into Q4 or first half next year taking into account of two factors.

我想知道考慮到兩個因素，我們應該如何考慮到第四季度或明年上半年的利潤率。

The first factor is the pricing dynamic of competition from peers.

第一個因素是來自同行競爭的定價動態。

The second is raw material price, especially on the battery front.

二是原材料價格，尤其是電池方面。

That's the first question.

這是第一個問題。

I think you answered part of my question earlier on the credit sales.

我想你之前回答了我關於賒銷的部分問題。

So the second question on ET7, it's simply a very exciting product.

所以關於ET7的第二個問題，它簡直是一個非常令人興奮的產品。

When should we expect the car to hit the showroom in the near term?

我們應該在什麼時候期待這輛車在短期內進入陳列室？

And in the medium to longer term, after production is ramped up, how should we think about the volume and the possibility of ET7 relative to our current high-end product, ES8?

而中長期來看，量產後，相對於我們目前的高端產品ES8，我們應該如何看待ET7的體積和可能性？

ES8's current multi run rate sales point is roughly about 1500.

ES8 目前的多跑率銷售點大概在 1500 左右。

So how should we think about the profit margin and volume for ET7?

那麼我們應該如何看待ET7的利潤率和銷量呢？

That's two simple questions.

這是兩個簡單的問題。

Thank you.

謝謝你。

Hi Nick.

嗨尼克。

It's Stanley.

是斯坦利。

About your first question regarding the gross profit margin.

關於您關於毛利率的第一個問題。

Our 75 kilowatt hour battery - will start to be delivered from November.

我們的 75 千瓦時電池 - 將從 11 月開始交付。

Gross profit margin will be improved a little bit compared with 70 kilowatt hour battery.

與70度電電池相比，毛利率會有所提升。

But prices of our key materials like aluminum, copper and also chips are increasing.

但我們的關鍵材料（如鋁、銅和芯片）的價格正在上漲。

There will be pressure for our cost controlling.

我們的成本控制會有壓力。

But we are confident to continuously improve our gross profit margin with combined efforts either from the product design or supply chain optimization.

但我們有信心通過產品設計或供應鏈優化的共同努力，不斷提高我們的毛利率。

So for Q4 we are expecting the gross profit margin will keep stable.

因此，對於第四季度，我們預計毛利率將保持穩定。

For next year, our target to achieve 20% gross profit margin for vehicles and along with our launch of NT2 products from a long run perspective we try to achieve a higher profit margin with about 25% for vehicles.

明年，我們的目標是實現20%的汽車毛利率，隨著我們推出NT2產品，從長遠來看，我們試圖實現更高的汽車毛利率25%左右。

(interpreted) As Stanley mentioned basically for the NT2 products we expect that with the economy of scales and the volume ramp-up as well as the optimizations in every aspect we should be able to reach 25% vehicle gross margin in the long run.

（解釋）正如Stanley 基本上提到的NT2 產品，我們預計隨著規模經濟和產量的增加以及各個方面的優化，我們應該能夠在長期內達到25% 的汽車毛利率。

At the beginning of course we will need some time to ramp up the production of the new products based on the NIO Technology Platform 2.0.

當然，一開始我們需要一些時間來加速基於蔚來技術平台2.0的新產品的生產。

According to our preliminary estimation internally, we believe the vehicle gross margin of the new product should be quite good.

根據我們內部的初步估計，我們認為新產品的整車毛利率應該相當不錯。

For the ET7 delivery we are going to start the delivery of ET7 in the first quarter of next year.

對於 ET7 的交付，我們將在明年第一季度開始交付 ET7。

So it means that we will have the cars in our NIO Houses and the NIO Spaces around the spring festival time.

所以這意味著我們將在春節前後在我們的 NIO Houses 和 NIO Spaces 中擁有汽車。

Then afterwards we will start deliveries to the users.

然後，我們將開始向用戶交付。

Because we have used many advanced chips and sensors on the ET7, so this has put a lot of pressure on the mass production of ET7.

因為我們在ET7上使用了很多先進的芯片和傳感器，所以這給ET7的量產帶來了很大的壓力。

But we believe everything is on schedule.

但我們相信一切都按計劃進行。

(interpreted) Thank you Nick.

（解釋）謝謝尼克。

Your next question comes from Ming-Hsun Lee of Bank of America Securities.

您的下一個問題來自美國銀行證券的 Ming-Hsun Lee。

Please ask your question.

請提出你的問題。

Thank you.

謝謝你。

Good morning, William, Steven, and Stanley.

早上好，威廉、史蒂文和斯坦利。

My question is regarding your supply chain.

我的問題是關於你們的供應鏈。

Right now actually we are hearing some of the auto companies expect the chip shortage situation will not be fully resolved by the middle of next year.

目前實際上我們聽到一些汽車公司預計芯片短缺的情況將不會在明年年中得到完全解決。

So, right now I want to hear your latest view regarding your chip supply situation and also the large-size battery pack supply situation.

所以，現在我想听聽您對你們芯片供應情況以及大尺寸電池組供應情況的最新看法。

Also, right now for your consumers, if they place their orders to you, I think the waiting time is more than two months already, so how will you retain those consumers?

還有，現在對你的消費者來說，如果他們給你下單，我想等的時間已經兩個多月了，那你怎麼留住這些消費者呢？

Also, next year we expect the EV purchase subsidy to be cut further, so in this case if the consumer places an order before the yearend but they need to - we need to deliver the car I think in next year, so will we continue to give them similar subsidy amount, so we absorb the subsidy cut?

另外，明年我們預計電動汽車購買補貼將進一步削減，所以在這種情況下，如果消費者在年底之前下訂單但他們需要 - 我們需要在明年交付汽車，那麼我們是否會繼續給他們類似的補貼金額，讓我們吸收補貼削減？

These are my questions.

這些是我的問題。

Thank you.

謝謝你。

(interpreted) Thank you, Ming, for your question.

（解釋）謝謝你，明，你的問題。

Regarding the chip shortage situation, we believe right now is much better than the situation in Q3, but the challenge is still quite big because it is very difficult for us to forecast what is going to happen for the chip supply.

關於芯片短缺的情況，我們認為現在比第三季度的情況要好得多，但挑戰仍然很大，因為我們很難預測芯片供應會發生什麼。

I think everyone knows about ST Micro's situation in Malaysia and the situation basically is improving right now.

我想大家都知道ST Micro在大馬的情況，而且現在基本上都在好轉。

The good thing is our teams have learned to adapt to the situation and face the challenges head on, and we have always been able to find a solution to all those challenges.

好消息是我們的團隊已經學會了適應形勢並直面挑戰，而且我們總是能夠找到應對所有這些挑戰的解決方案。

On the other hand, our volume compared to the mature OEMs is still relatively small, so the challenges for us are smaller compared to the mature OEMs.

另一方面，與成熟的OEM相比，我們的銷量仍然相對較小，因此與成熟的OEM相比，我們面臨的挑戰較小。

I would like to specifically mention that because many domain controllers in our vehicles are actually developed by ourselves in-house.

我想特別提一下，因為我們車輛中的許多域控制器實際上是我們自己內部開發的。

So, if there is a shortage of certain chips in the domain controllers, our teams have the capability to quickly find the alternatives and do the rapid validation and the faster production of the vehicles and the chips.

因此，如果域控制器中的某些芯片短缺，我們的團隊有能力快速找到替代品並進行快速驗證和車輛和芯片的更快生產。

So, because of these capabilities, we have already resolved some chip shortage situations that happened to our vehicles.

因此，由於這些能力，我們已經解決了我們車輛發生的一些芯片短缺情況。

For the 75-kilowatt hour battery pack, we announced this in September, but we will gradually start the delivery of the 75-kilowatt battery pack in late November.

75千瓦時電池組，我們在9月份就宣布了這一點，但75千瓦時電池組將在11月下旬逐步開始交付。

We also need some time to ramp up the production of the new battery pack and we believe the production is going to reach a reasonable level at the first quarter of next year.

我們還需要一些時間來提高新電池組的產量，我們相信明年第一季度產量將達到合理水平。

The battery is actually a very big constraint for us.

電池實際上對我們來說是一個很大的製約因素。

CATL is our partner on the battery side.

CATL 是我們在電池方面的合作夥伴。

They have invested a lot to help us and to support our vehicle production, but we believe the battery is still the main constraint on the overall production and supply capacity.

他們投入了大量資金來幫助我們並支持我們的汽車生產，但我們認為電池仍然是整體生產和供應能力的主要製約因素。

Yes, as we mentioned, if you place the order right now you will need to wait for some time to get the cars delivered, but recently we have also announced some policies regarding the subsidy reduction for the next year to keep our customers and also keep our customers during this long waiting time.

是的，正如我們提到的，如果您現在下訂單，您將需要等待一段時間才能將汽車交付，但最近我們還宣布了一些關於明年補貼減少的政策，以保持我們的客戶並保持我們的客戶在這段漫長的等待時間裡，我們的客戶。

For example, we will provide NIO credit or NIO points to the users during this waiting time and these kinds of incentives have helped us in the past.

例如，我們將在這段等待時間內向用戶提供 NIO 積分或 NIO 積分，這些激勵措施過去曾幫助過我們。

For example, starting from 2018 we have already got those policies in place, and we believe this is not going to affect the users regarding the waiting time.

例如，從 2018 年開始，我們已經制定了這些政策，我們相信這不會影響用戶的等待時間。

Regarding the EV subsidy, we believe this is not going to have a significant impact on us because our average selling price is actually quite high regarding our products, so even considering the subsidy is not going to be a very big amount comparing to the selling price of the vehicles.

關於電動汽車補貼，我們認為這不會對我們產生重大影響，因為我們產品的平均售價實際上相當高，所以即使考慮到補貼與售價相比也不會很大的車輛。

Thank you.

謝謝你。

Your next question comes from Bin Wang of Credit Suisse.

您的下一個問題來自瑞士信貸的王斌。

Please ask your question.

請提出你的問題。

Thank you for taking my questions.

謝謝你接受我的問題。

I've got two ones, and the first one is about the application for IPO, because one of our key concerns that NIO seems to be the only one still just in the US.

我有兩個，第一個是關於首次公開募股的申請，因為我們的主要擔憂之一是蔚來似乎是唯一一個仍在美國的公司。

Also, some media reports that is because of the NIO Users Trust.

此外，一些媒體報導是因為 NIO 用戶信任。

Can you explain it a bit why NIO Users Trust could be one of the reasons preventing you come back to Hong Kong for IPO?

你能解釋一下為什麼蔚來用戶信任可能是阻止你返回香港進行首次公開募股的原因之一嗎？

That is my first question.

這是我的第一個問題。

The second thing is about the gross margin.

第二件事是關於毛利率。

Actually, you mentioned one of the reasons because auto finance lead to the margin decline.

實際上，您提到的原因之一是汽車金融導致利潤率下降。

However, if you have seen the demand has been very good and short of supply.

但是，如果您已經看到需求非常好並且供不應求。

I am just curious why we are in a very tight supply; we still increase the auto finance into the volume margin.

我只是好奇為什麼我們的供應非常緊張；我們仍然增加汽車金融的進量邊際。

Theoretically, it should reduce the auto finance, right?

從理論上講，它應該減少汽車金融，對吧？

Also, some of my friends told me that you actually remove or reduce auto finance in the number 4 quarter.

另外，我的一些朋友告訴我，您實際上在第 4 季度取消或減少了汽車金融。

Can I confirm this is the case?

我可以確認是這種情況嗎？

If it is the case, can I assume the gross margin will have an increase in the number 4 quarter compared to number 3, because you don't provide auto finance anymore.

如果是這樣，我可以假設第 4 季度的毛利率會比第 3 季度有所增加，因為您不再提供汽車金融。

The average ASP also were increased by auto finance seems to be one of the reasons for ASP decline in number 3 quarter compared to second quarter.

汽車金融也提高了平均 ASP 似乎是第三季度與第二季度相比下降的原因之一。

Thank you.

謝謝你。

Bin, this is Steven.

斌，這是史蒂文。

Thank you for your questions.

謝謝你的提問。

I would like with regard to your first question, I have two comments.

關於你的第一個問題，我有兩點意見。

First, we are open-minded.

首先，我們思想開放。

We will closely monitor the market and will make the right choice in the best interest of our shareholders.

我們將密切關注市場，並根據股東的最佳利益做出正確的選擇。

Second, we actually explore the possibilities to get listed in Hong Kong market and we are doing what is necessary to evaluate and communicate.

其次，我們實際上是在探索在香港上市的可能性，我們正在做必要的評估和溝通。

(interpreted) Thank you, Bin, for your question.

（翻譯）謝謝你，Bin，你的問題。

We will make the decisions to best serve the interests of our investors and we will be open-minded to different choices.

我們將做出最符合投資者利益的決定，我們將對不同的選擇持開放態度。

Regarding the impact of the auto financing on the margin, if you get to know about our business operations you will know that we will need to take some measures to balance the supply and the product configurations as well as the user demands.

關於汽車融資對保證金的影響，如果您了解我們的業務運營，您就會知道我們需要採取一些措施來平衡供應和產品配置以及用戶需求。

For example, with the 75-kilowatt hour battery pack, we announced this battery pack in September.

例如，對於 75 千瓦時的電池組，我們在 9 月發布了這款電池組。

Many users would like to wait for this 75-kilowatt hour battery pack but just like I mentioned, we will start the delivery of this battery pack in late November and even at that time we will still need some time to ramp up the production of the battery pack to a reasonable level.

很多用戶都想等這個 75 千瓦時的電池組，但就像我提到的，我們將在 11 月下旬開始交付這個電池組，即使到那時我們仍然需要一些時間來提高產量。電池組到一個合理的水平。

That is why we will need to take some measures to balance this demand among the users and the product configuration as well as the battery supply and we encourage the users to choose the 100-kilowatt hour battery pack in that case.

這就是為什麼我們需要採取一些措施來平衡用戶之間的這種需求和產品配置以及電池供應，我們鼓勵用戶在這種情況下選擇100千瓦時的電池組。

We believe that if the right approach for us is not to reduce the price of our product or offer discounts, to offer users on the vehicle price.

我們認為，如果對我們來說正確的方法不是降低我們的產品價格或提供折扣，那麼就向用戶提供車輛價格。

So that is why we would like to take those measures to balance the demand and the supply but this is not going to be the long-term measures we take.

這就是為什麼我們要採取這些措施來平衡供需，但這不會是我們採取的長期措施。

This is only a short-term measure for us to balance the supply and the demand situation.

這只是我們平衡供需情況的短期措施。

Once the supply gets to a reasonable level in the long-run, then we believe the - overall gross margin and the vehicle gross margin are going to improve.

一旦長期供應量達到合理水平，我們相信整體毛利率和整車毛利率將有所改善。

Thank you.

謝謝你。

Your next question comes from Edison Yu of Deutsche Bank.

您的下一個問題來自德意志銀行的 Edison Yu。

Please, ask your question.

請，問你的問題。

Hi, everyone.

大家好。

Thank you for taking our questions.

感謝您提出我們的問題。

First question is on the ET7 ADAS capabilities.

第一個問題是關於 ET7 ADAS 功能。

Could you maybe discuss what kind of features we could expect at launch and if you can't reveal that right now, will you expect to do any sort of demonstrations on the road in the coming months, similar to what other competitors have done?

您能否討論一下我們在發佈時可以期待什麼樣的功能，如果您現在不能透露，您是否希望在未來幾個月內進行任何形式的演示，類似於其他競爭對手所做的那樣？

My second question, more longer-term, last year at NIO Day, you kind of teased a solid-state battery or a hybrid solid-state battery coming to the vehicles, I believe at the end of next year.

我的第二個問題，更長期，去年在 NIO Day，你有點戲弄固態電池或混合固態電池，我相信在明年年底。

Is there any update on this?

有這方面的更新嗎？

Is this still on track?

這還在軌道上嗎？

Any details you could provide there, that would be great.

你可以在那裡提供任何細節，那會很棒。

Thank you.

謝謝你。

(interpreted) Actually, I believe a lot of people are working on the demo, so we don't actually want the teams to focus their energy on the demo.

（解釋）實際上，我相信很多人都在做演示，所以我們實際上並不希望團隊將精力集中在演示上。

We would like it to have the teams to be fully dedicated to the mass production of the technology and our new product like the ET7.

我們希望團隊能夠完全致力於技術和我們的新產品（如 ET7）的大規模生產。

Regarding the ET7 and the NAD, we will need some time to gradually release those advanced features to the users and we believe for all the features, of course it will be based on our in-house full stack technology.

對於ET7和NAD，我們需要一些時間來逐步向用戶發布這些高級功能，我們相信所有的功能，當然會基於我們內部的全棧技術。

Previously I have also explained that the NAD features will be released to the users based on the subscription like the AD-as-a-service.

之前我也解釋過，NAD 功能將像 AD 即服務一樣基於訂閱發布給用戶。

So this innovative business model has offered us some flexibilities in terms of how should we provide and when should we provide all those services and features to the users?

所以這種創新的商業模式為我們提供了一些靈活性，我們應該如何提供以及我們應該何時向用戶提供所有這些服務和功能？

We will need to strike a balance between different factors, including the regulations, safety and reliability and then, after we strike the perfect balance or find a sweet spot, then we can start to provide those services to the users.

我們需要在不同的因素之間取得平衡，包括法規、安全性和可靠性，然後，在我們達到完美平衡或找到最佳點之後，我們就可以開始為用戶提供這些服務。

I believe right now, there are hundreds of companies working on those kinds of demos so we don't want to waste our energy on that.

我相信現在有數百家公司在做這些演示，所以我們不想在這上面浪費我們的精力。

Regarding the 150-kilowatt hour battery pack, we are now working together with our partners and everything is basically on track.

關於150千瓦時的電池組，我們現在正在和我們的合作夥伴一起努力，一切都基本走上了正軌。

Previously we mentioned that we will start the delivery of the battery pack in the fourth quarter of next year and we believe we should be able to meet this schedule.

之前我們提到我們將在明年第四季度開始交付電池組，我們相信我們應該能夠滿足這個時間表。

Thank you.

謝謝你。

Thank you, Edison.

謝謝你，愛迪生。

Your next question comes from Jeff Chung of Citi.

您的下一個問題來自花旗銀行的 Jeff Chung。

Please, ask your question.

請，問你的問題。

Yes, hi, William, Steven.

是的，嗨，威廉，史蒂文。

I've got three questions.

我有三個問題。

Number one, what kind of annualized total volume production from the NT2 platform should lead to the 25% GP margin according to your guidance?

第一，根據您的指導，NT2 平台的年化總產量應該帶來 25% 的 GP 利潤率？

Secondly - second question is apart from the three brand new products launching 2022, how likely are we going to launch the facelift version of the existing product?

其次——第二個問題，除了2022年推出的三款全新產品外，我們有多大可能推出現有產品的改款版本？

The ES8, ES6 and EC6?

ES8、ES6 和 EC6？

So how likely we are going to launch six new products next year instead of three brand new products?

那麼我們明年推出六款新產品而不是三款全新產品的可能性有多大？

Finally, it's the NEV credits.

最後是新能源汽車積分。

So could you guide us how many points we sold in the third quarter?

那麼您能否指導我們在第三季度賣出了多少積分？

So - and from which we can estimate the ASP of the NEV credit compared with our previous quarters.

因此，我們可以從中估算出新能源汽車信貸與前幾個季度相比的平均售價。

Thank you, William.

謝謝你，威廉。

Thank you, Steven.

謝謝你，史蒂文。

Jeff, with regard to your first question about GP margin, our 25 GP margin for NP2 platform is based on the annual production volumes of 300,000 units per year.

Jeff，關於你第一個關於 GP 利潤率的問題，我們 NP2 平台的 25 GP 利潤率是基於每年 300,000 台的年產量。

(interpreted) Just like Steven mentioned, that our plan is if we can achieve an annual production of 300,000 units, we should be able to reach 25% vehicle gross margin on the NIO technology platform 2.0.

（解讀）正如史蒂文所說，我們的計劃是，如果我們能夠實現年產30萬輛，我們應該能夠在蔚來技術平台2.0上達到25%的整車毛利率。

We are very confident to achieve this target.

我們對實現這個目標非常有信心。

For the existing products, of course we have a plan to upgrade our products to the NIO technology platform 2.0 and we believe that this is very important for the Company and we will need to focus managing the schedule for the product upgrades in specific details.

對於現有的產品，我們當然有計劃將我們的產品升級到蔚來技術平台2.0，我們認為這對公司來說非常重要，我們需要重點管理產品升級的時間表，具體細節。

Internally, we have already kicked off the development work on this regard and we have studied how should we upgrade the different products to the NIO technology platform 2.0.

在內部，我們已經啟動了這方面的開發工作，我們研究瞭如何將不同的產品升級到蔚來技術平台2.0。

About the NEV credits, totally around 200,000 points were sold in Q3 and - but I want to remind you is the price volatility for NEV credit is also high along with the China's NEV penetration rate increase recently.

關於新能源汽車積分，第三季度共售出約 200,000 個積分 - 但我想提醒您的是，隨著中國新能源汽車普及率的提高，新能源汽車積分的價格波動也很大。

So I hope this can help you to build the expectations about our future NEV credit.

因此，我希望這可以幫助您建立對我們未來新能源汽車信用的期望。

(interpreted) This year, basically we believe the number of the credits we receive will increase but this year the penetration rate of the NEV has increased very rapidly and this probably is going to change the situation for next year regarding the regulatory credit sales.

（解讀）今年，基本上我們認為我們獲得的信貸數量會增加，但今年新能源汽車的滲透率增長非常迅速，這可能會改變明年監管信貸銷售的情況。

According to my personal estimation, I think considering all those factors that the price of the NEV credit is going to be different or probably going to be lower compared with this year's price.

根據我個人的估計，我認為考慮到所有這些因素，新能源汽車信貸的價格與今年的價格相比會有所不同或可能會更低。

Xie xie.

謝謝。

Your next question comes from Paul Gong of UBS.

您的下一個問題來自瑞銀的 Paul Gong。

Please, ask your question.

請，問你的問題。

Yes, hi, thanks guys.

是的，嗨，謝謝各位。

I have two questions.

我有兩個問題。

The first one is regarding the Norway operation and obviously it has been more than one month and you just briefly mentioned 92% of the users' response and the order has been exceeding your expectation.

第一個是關於挪威的操作，顯然已經有一個多月了，你只是簡單地提到了92%的用戶反應，訂單已經超出了你的預期。

Can you give us more color, like how the achievement was there and what is the challenges over there?

你能給我們更多的色彩，比如那裡的成就是什麼，那裡的挑戰是什麼？

Obviously, it is a rich country but the labor costs might also be much higher than in China.

顯然，它是一個富裕的國家，但勞動力成本也可能比中國高得多。

What can you share with us and after Norway, what is your next destination for the overseas operation?

您有什麼可以和我們分享的，繼挪威之後，您海外業務的下一個目的地是什麼？

The second question is regarding your expanse spending.

第二個問題是關於您的大量支出。

It seems like for this quarter, the increase in SG&A has been a bit faster than expected while the R&D increase has been a little bit slower than expected.

本季度，SG&A 的增長似乎比預期的要快一些，而研發的增長比預期的要慢一些。

What is the key rationale behind this and key reasons behind it?

這背後的關鍵原理和背後的關鍵原因是什麼？

Do you feel you have so many orders undelivered because of the supply chain disruption or will you consider a slow down a little bit on the SG&A and instead put more budget into the R&D in the following one or two quarters?

您是否覺得由於供應鏈中斷而有很多訂單未交付，或者您會考慮在 SG&A 上放慢一點速度，而是在接下來的一兩個季度將更多的預算投入到研發中？

(Spoken in foreign language).

（用外語講）。

(interpreted) Thank you for your question.

（翻譯）謝謝你的提問。

Regarding our operations in Norway, we believe the basic operations have met expectations in all aspects.

關於我們在挪威的業務，我們認為基本業務在各個方面都達到了預期。

After the new house opened on 30 September, I would like to share with you some data.

9月30日新房開盤後，我想和大家分享一些數據。

After the test drive, one fourth of the users have placed orders for our products.

試駕後，有四分之一的用戶訂購了我們的產品。

We believe this is very impressive and this shows that basically the efficiency is much higher compared with that of here in China.

我們認為這是非常令人印象深刻的，這表明與中國相比，效率基本上要高得多。

This is on the delivery side but on the services side we still have a lot of work to do.

這是在交付方面，但在服務方面，我們還有很多工作要做。

Our swap stations in Norway have just started the operation, because previously we need to send people over to work on the installation and on the commissioning of the swap stations.

我們在挪威的交換站剛剛開始運行，因為以前我們需要派人來進行交換站的安裝和調試工作。

Then for the after sales we also encountered some challenges brought forward by the COVID situation.

然後在售後方面，我們也遇到了新冠疫情帶來的一些挑戰。

The order momentum is quite strong.

訂單勢頭相當強勁。

We have done some trial delivery at the end of September and in October and we believe the delivery in November is going to improve significantly.

我們在 9 月底和 10 月進行了一些試運，我們相信 11 月的交付情況將會有顯著改善。

There is a lot of order backlog, but we would like to control our pace of delivery a little bit at the beginning because internally we set the target for ourselves especially on the user satisfaction rate.

有很多訂單積壓，但我們希望在開始時稍微控制一下交付速度，因為我們在內部為自己設定了目標，尤其是用戶滿意度。

We have VAU, is Vision, Action, Upgrade system in the Company and basically, we use the VAU to set the target for ourselves.

我們有 VAU，是公司的願景、行動、升級系統，基本上，我們使用 VAU 為自己設定目標。

My personal VAU is to make sure we can achieve the high user satisfaction rate.

我個人的 VAU 是為了確保我們能夠達到較高的用戶滿意度。

Right now according to the feedback we got from the ground in Norway, we understand the word-of-mouth reputation has been quite good and one of my friend actually send a video to me to show that there are lots of visitors in the new house and I'm very happy to see this video and to see so many people in of our new house in Norway.

現在根據我們從挪威當地得到的反饋，我們知道口碑很好，我的一個朋友還給我發了一個視頻，表明新房子裡有很多遊客我很高興看到這個視頻，看到這麼多人來到我們在挪威的新房子裡。

We will continue to make a decisive investment on the service and on other aspects and we will do this step by step.

我們將繼續在服務和其他方面進行果斷的投資，我們將逐步做到這一點。

Next year, besides Norway we are going to enter additional five countries in Europe and for this product planning of all those European countries, basically, the ES8 based on the NIO technology platform 1.0 will only be sold in Norway.

明年，除了挪威，我們還要進軍歐洲另外五個國家，針對所有歐洲國家的這個產品規劃，基於蔚來技術平台1.0的ES8基本上只會在挪威銷售。

For the other new countries, we're going to enter, we will only sell the products based on the NIO technology platform 2.0.

對於其他新的國家，我們要進入，我們只會銷售基於蔚來技術平台2.0的產品。

I believe for the investment question this is more about the long term competitiveness or the long term strategy of the Company.

我相信對於投資問題，這更多是關於公司的長期競爭力或長期戰略。

In China the competition is becoming more fierce because there have been many new entrants into the smart EV industry.

在中國，由於智能電動汽車行業出現了許多新進入者，競爭變得更加激烈。

We believe product development, technology development, the sales and service network, infrastructure including swapping and the charging network are part of the long term competitiveness of the Company.

我們認為產品開發、技術開發、銷售和服務網絡、包括交換和充電網絡在內的基礎設施是公司長期競爭力的一部分。

That is why we doubled down on our investments in all those regards in 2021.

這就是為什麼我們在 2021 年在所有這些方面的投資都翻了一番。

In 2022 we will continue to make decisive investments on those aspects.

2022 年，我們將繼續在這些方面進行決定性的投資。

We believe the infrastructure like the swapping charging network, the sales and service network are also part of the long term competitiveness of the Company.

我們認為，交換充電網絡、銷售和服務網絡等基礎設施也是公司長期競爭力的一部分。

Maybe in the third quarter of this year the investment on those aspects ramped up a little bit faster than expected.

也許在今年第三季度，這些方面的投資增長速度比預期的要快一些。

That is why we can see the SG&A cost increased higher than the previous expectation.

這就是為什麼我們可以看到 SG&A 成本的增長高於之前的預期。

But on the R&D side we have also doubled our R&D personnel this year.

但在研發方面，我們今年的研發人員也翻了一番。

We have worked on - we have been working on many new products and new technologies.

我們一直在努力——我們一直在研究許多新產品和新技術。

But for all those new products and technologies it will need some time to ramp up all the pace.

但是對於所有這些新產品和技術，都需要一些時間來加快步伐。

In the fourth quarter we will be able to see some R&D expenses and cost increases in this regard.

在第四季度，我們將能夠看到這方面的一些研發費用和成本增加。

You can imagine internally right now we have multiple new products and new projects working in parallel.

您可以在內部想像現在我們有多個新產品和新項目並行工作。

Then probably at the beginning when we set up those projects the cost is not going to be that high and it will need some time to reflect all those R&D investments on the balance sheet or P&L.

那麼可能在我們建立這些項目的開始時，成本不會那麼高，並且需要一些時間來在資產負債表或損益表上反映所有這些研發投資。

At the beginning it is relatively small but gradually along with the projects, this cost is going to increase.

開始的時候比較小，但是隨著項目的逐步推進，這個成本會越來越高。

But we believe that product and technology should be the cornerstone of the Company's long term competitiveness.

但我們認為產品和技術應該是公司長期競爭力的基石。

That's why we will continue to make decisive investment on those regards.

這就是為什麼我們將繼續在這些方面進行果斷投資。

Thank you very much.

非常感謝。

Xie xie.

謝謝。

Your next question comes from Chang Liu of CICC.

您的下一個問題來自中金公司的劉暢。

Please ask your question.

請提出你的問題。

Yes, thank you for taking my questions.

是的，謝謝你回答我的問題。

My first question is regarding the capacity expansion.

我的第一個問題是關於產能擴張。

So could you give us guidance on next year's sales volume, especially for the new three models and also our current three models?

那麼您能否指導我們明年的銷量，尤其是新的三款車型以及我們目前的三款車型？

So can our capacity meet the need next year?

那麼我們的產能能否滿足明年的需求呢？

Considering the strong EV demand on our new - more new models in 2023 - do we have a plan in constructing more new plants?

考慮到 2023 年對我們新車型（更多新車型）的強勁電動汽車需求，我們是否有建造更多新工廠的計劃？

My second question is regarding the upgrade of smart hardware because we are expecting a really fast upgrade in the smart hardware in next years.

我的第二個問題是關於智能硬件的升級，因為我們預計未來幾年智能硬件的升級速度會非常快。

So how do we keep our competitiveness of our next models and to keep our users satisfied?

那麼我們如何保持我們下一代模型的競爭力並讓我們的用戶滿意呢？

I also have a follow-up question for our globalization.

對於我們的全球化，我還有一個後續問題。

So in longer term do we have guidance for the proportion of overseas sales account for the overall sales.

所以從長遠來看，我們對海外銷售額佔整體銷售額的比例是否有指導意義。

Thank you.

謝謝你。

(interpreted) Thank you Liu Chang for your question.

（翻譯）謝謝劉暢的提問。

Right now, we have basically two plants.

現在，我們基本上有兩個工廠。

The first plant like I mentioned, that we have upgraded the manufacturing lines to further expand the production capacity.

我提到的第一家工廠，我們已經升級了生產線以進一步擴大生產能力。

For the new plant we are going to start the production in the third quarter of next year.

對於新工廠，我們將在明年第三季度開始生產。

So for our product and operations we believe these two plants should be able to support our demand for the short term.

因此，對於我們的產品和運營，我們相信這兩家工廠應該能夠支持我們的短期需求。

If we combine these two plants together, the maximum production capacity we can support is up to 600,000 annual production capacity based on double shifts.

如果我們將這兩個工廠結合在一起，我們可以支持的最大產能是雙班制的年產能高達60萬台。

So we believe this maximum production capacity should be able to satisfy our demand in the short term.

所以我們相信這個最大產能應該能夠在短期內滿足我們的需求。

For the NIO Technology Platform 1.0 smart hardware upgrades we previously communicated with our users that we will study some plans to upgrade the hardware on the NIO Technology Platform 1.0, based on our design on the NIO Technology Platform 2.0, we plan to probably provide these services starting from next year, and we will provide some more details and updates on this regard at a more suitable time.

對於蔚來技術平台1.0智能硬件升級我們之前和用戶溝通過，我們會研究一些在蔚來技術平台1.0上升級硬件的方案，基於我們在蔚來技術平台2.0上的設計，我們打算大概提供這些服務從明年開始，我們將在更合適的時間提供這方面的更多細節和更新。

Of course, this smart hardware upgrade on the NIO Technology Platform 1.0 is not going to be the same kind of experience of the NIO Technology Platform 2.0, but we believe the digital cockpit experience of the existing product is going to significantly improve.

當然，此次蔚來技術平台 1.0 上的智能硬件升級不會是蔚來技術平台 2.0 的那種體驗，但我們相信現有產品的數字座艙體驗會得到顯著提升。

We have already considered all those flexibilities and possibilities of the hardware and the software upgrades in our product design.

我們已經在產品設計中考慮了硬件和軟件升級的所有靈活性和可能性。

For example, just now I mentioned about the hardware upgrades and then for the software aspect we have been continuously upgrading our software.

比如剛才我提到了硬件升級，然後在軟件方面我們一直在不斷地升級我們的軟件。

We launched and released our Aspen 3.0 to our users of the existing products and received great reviews and feedback from all those users.

我們向現有產品的用戶推出並發布了 Aspen 3.0，並收到了所有這些用戶的好評和反饋。

We will continue to upgrade our software and iterate our software to make sure we can provide much better services and experiences to our users.

我們將繼續升級我們的軟件並迭代我們的軟件，以確保我們能夠為我們的用戶提供更好的服務和體驗。

Regarding the previous Aspen 3.0, we also believe that this provides a solid foundation for our global market entry, and if we go back to your question about the global market entry and the target for the global markets.

關於之前的 Aspen 3.0，我們也相信這為我們進入全球市場提供了堅實的基礎，如果我們回到您關於全球市場進入和全球市場目標的問題。

NIO has always aspired to build a global brand.

蔚來一直立志打造全球品牌。

If we look at the global market, we can see that China is still the biggest auto market and the biggest premium market.

如果我們放眼全球市場，我們可以看到，中國仍然是最大的汽車市場和最大的高端市場。

So, China will still be the most important market for us, but regarding our aspiration for the global markets, I cannot provide very specific targets for the global market at this moment, but I believe for the markets outside of China, in the long term they should account for around 50% of the overall sales of our product.

因此，中國仍將是我們最重要的市場，但關於我們對全球市場的渴望，我目前無法為全球市場提供非常具體的目標，但我相信中國以外的市場，從長遠來看他們應該占我們產品總銷售額的 50% 左右。

Yes.

是的。

Thank you, William.

謝謝你，威廉。

As there are no further questions, now I would like to turn the call back over to the Company for closing remarks.

由於沒有進一步的問題，現在我想將電話轉回公司進行結束髮言。

Thank you once again for joining us today.

再次感謝您今天加入我們。

If you have further questions, please feel free to contact NIO's investor relations team through the contact information provided on our website.

如果您還有其他問題，請隨時通過我們網站上提供的聯繫方式聯繫蔚來的投資者關係團隊。

This concludes the conference call.

電話會議到此結束。

You may now disconnect your line.

您現在可以斷開您的線路。

Thank you.

謝謝你。