蔚來 (NIO) 2021 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for NIO Incorporated second quarter 2021 earnings conference call. At this time, all participants are in a listen only mode. Today's conference is being recorded. I will turn the call over to your host, Ms. Eve Tang, Investor Relations of the Company. Please go ahead, Eve.

你好，女士們，先生們。感謝您參與 NIO Incorporated 2021 年第二季度財報電話會議。此時，所有參與者都處於只聽模式。今天的會議正在錄製中。我將把電話轉給您的主持人，公司投資者關係部的 Eve Tang 女士。請繼續，夏娃。

Good morning and good evening, everyone. Welcome to NIO's second quarter 2021 earnings conference call. The Company's financial and operating results were published in the press release earlier today and are posted at the Company's IR website.

大家早上好晚上好。歡迎來到蔚來汽車 2021 年第二季度財報電話會議。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; Mr. Stanley Qu, VP of Finance; and Ms. Jade Wei, AVP of Capital Markets and the Investor Relations.

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；財務副總裁Stanley Qu先生；以及資本市場和投資者關係副總裁 Jade Wei 女士。

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. As such, the Company's actual results may be materially different from the views expressed today. Further information regarding risks and uncertainties is included in certain filings of the Company with the US Securities and Exchange Commission.

前瞻性陳述涉及固有風險和不確定性。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。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 matters. Please refer to NIO's press release which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP 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 財務事項的討論。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. William, please go ahead.

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。威廉，請繼續。

(interpreted) Hello, everyone. Thank you for joining NIO's second quarter, 2021 earnings call. In the second quarter of 2021, NIO delivered 21,896 ES8s, ES6s and EC6s, a new quarterly record representing a strong increase of 111.9% year-over-year.

（翻譯）大家好。感謝您參加蔚來汽車 2021 年第二季度財報電話會議。 2021年第二季度，蔚來交付了21896台ES8、ES6和EC6，創下季度新高，同比強勁增長111.9%。

In July, NIO delivered 7,931 vehicles, representing a strong 124.5% growth from last year. All three models have achieved solid performance in the premium SUV market.

7月，蔚來汽車交付7,931輛，同比增長124.5%。三款車型均在高端SUV市場取得了不俗的表現。

According to the data published by China Passenger Car Association, in the first half of 2021, the penetration rate of the battery electric vehicles has reached 8.4% in China. NIO's penetration in the tier 1 and the tier 2 cities in China has been growing at a much faster pace.

根據中國乘用車協會公佈的數據，2021年上半年，我國純電動汽車滲透率達到8.4%。蔚來在中國一二線城市的滲透率一直在以更快的速度增長。

In Shanghai, the first half of this year has witnessed our penetration in the premium SUV segment, reaching 13.7% among all ICE and electric vehicles.

在上海，今年上半年我們在高端 SUV 領域的滲透率達到了 13.7%，在所有 ICE 和電動汽車中。

Our monthly order intake keeps growing but the delivery volume will be determined by the overall capacity of the supply chain. We expect the total delivery in the third quarter to be between 23,000 and 25,000 vehicles.

我們每月的訂單量不斷增長，但交付量將取決於供應鏈的整體能力。我們預計第三季度的總交付量將在 23,000 至 25,000 輛之間。

In terms of our gross margins, we have achieved a steady performance with vehicle gross margin and overall gross margin standing at 20.3% and 18.6% respectively.

在毛利率方面，我們實現了穩定的表現，整車毛利率和整體毛利率分別為 20.3% 和 18.6%。

Next, I'd like to share with you some recent operational highlights of the Company. Since the first validation build of ET7 rolled off the production line in May, a series of rigorous tests of vehicle functionality, performance and homologation have been kicked off. We are very confident with the on-time delivery of ET7 next year.

接下來，我想與大家分享一下公司近期的一些經營亮點。自 ET7 的第一個驗證版本於 5 月下線以來，一系列對車輛功能、性能和認證的嚴格測試已經開始。我們對明年ET7的按時交付充滿信心。

Meanwhile the development of NAD, NIO's new generation autonomous driving system, is also advancing smoothly. We believe that NAD will deliver the best experience of autonomous driving and lead the charge of autonomous driving technology development in the industry.

與此同時，蔚來新一代自動駕駛系統NAD的研發也在順利推進。我們相信，NAD將提供最好的自動駕駛體驗，引領行業自動駕駛技術的發展。

In 2022, we plan to deliver three new products based on NIO Technology Platform 2.0, including ET7. Our teams are devoting every effort to press forward the development of the new products.

2022年，我們計劃推出三款基於蔚來技術平台2.0的新產品，包括ET7。我們的團隊正在全力推進新產品的開發。

In the meantime, we are also constantly optimizing and upgrading the NIO Technology Platform 1.0 to strengthen the competitiveness of our current three models.

同時，我們也在不斷優化升級蔚來技術平台1.0，以增強我們現有三款車型的競爭力。

In late August, we will release a NIO OS 3.0, which will roll out with a fresh new look of UI/UX design, new features and further optimization of the existing functions. Through continuous over-the-air updates, the functionality and experience of NIO Pilot have also been improved. As a result, more and more users have chosen and enjoyed NIO Pilot. In the second quarter, the take rate of the NIO Pilot exceeded 80%. As of July, NIO Pilot has been engaged for a total of over 200 million kilometers.

8月下旬，我們將發布NIO OS 3.0，它將以全新的UI/UX設計、新特性和對現有功能的進一步優化推出。通過持續的OTA升級，NIO Pilot的功能和體驗也得到了提升。因此，越來越多的用戶選擇並享受了 NIO Pilot。第二季度，蔚來Pilot的錄取率超過80%。截至7月，蔚來Pilot累計服役里程超過2億公里。

In terms of production capacity, despite the semi-conductor supply volatilities in the second quarter, with joint efforts of the teams and our the partners, the production and delivery have met expectations in the quarter.

產能方面，儘管第二季度半導體供應出現波動，但在團隊和合作夥伴的共同努力下，該季度的生產和交付都達到了預期。

Since July, the COVID-19 pandemic and extreme weather events have posed a series of challenges to the global supply chain. The most recent COVID situation in certain regions in China have already affected our production. We will continue to work closely with our supply chain partners to minimize the impact on the production and the delivery in the third quarter.

自 7 月以來，COVID-19 大流行和極端天氣事件給全球供應鏈帶來了一系列挑戰。中國某些地區最近的新冠疫情已經影響了我們的生產。我們將繼續與我們的供應鏈合作夥伴密切合作，以盡量減少對第三季度生產和交付的影響。

With regard to the sales and the service network, we now have 25 NIO Houses and 243 NIO Spaces in 128 cities in China. We will continue to deploy our NIO Houses and NIO Spaces, improve operational efficiency and quality and expand our sales network coverage to quickly build our presence in the tier 2 and tier 3 cities.

在銷售和服務網絡方面，我們目前在中國128個城市擁有25個蔚來House和243個蔚來空間。我們將繼續佈局蔚來之家和蔚來空間，提高運營效率和質量，擴大銷售網絡覆蓋範圍，快速在二三線城市建立業務。

As of now, we have set up 36 NIO service centers and 171 authorized service centers in 133 cities. We will further increase the number of service centers to meet the rapidly growing user service demand.

截至目前，我們在133個城市設立了36個蔚來服務中心和171個授權服務中心。我們將進一步增加服務中心的數量，以滿足用戶快速增長的服務需求。

Up until now, we have deployed 361 swap stations in 103 cities and completed over three million battery swaps for our users. In July, we announced NIO Power's battery swap station deployment plan by 2025.

截至目前，我們已在 103 個城市部署了 361 個更換站，並為我們的用戶完成了超過 300 萬次電池更換。 7 月，我們公佈了蔚來動力到 2025 年的電池換電站部署計劃。

We plan to increase the total number of battery swap stations to over 700 by the end of 2021, and to over 4000 globally by the end of 2025.

我們計劃到 2021 年底將電池更換站的總數增加到 700 多個，到 2025 年底在全球範圍內增加到 4000 多個。

On the other hand, we are also expanding our NIO Power charging and the destination charging network. As of now, we have established over 238 power charging stations and installed 2416 destination chargers in China.

另一方面，我們也在擴展我們的 NIO Power 充電和目的地充電網絡。截至目前，我們已在中國建立超過238個充電站，安裝了2416個目的地充電器。

With the accelerated deployment of the charging and the swapping network and deepening understanding of BaaS, more and more people can truly experience and recognize the benefits of battery swapping and BaaS which has attracted more users to choose Battery as a Service.

隨著充換電網絡的加速部署和對BaaS理解的加深，越來越多的人能夠真正體驗和認識到換電和BaaS的好處，從而吸引了更多的用戶選擇Battery as a Service。

On the front of the global market, the Norway market entry has been progressing as planned. The first batch of ES8s has been shipped and is expected to arrive in Norway in mid or late August to be ready for the pre-order and delivery in September.

在全球市場的前沿，挪威市場的進入正在按計劃進行。第一批 ES8 已經發貨，預計 8 月中旬或下旬抵達挪威，準備 9 月份的預購和交付。

Starting from September, NIO App, NIO Life, NIO House, NIO Power, it's a chargeable, swappable and upgradable service system. NIO Service Center and Delivery Center will gradually become available to users in Norway.

9月起，NIO App、NIO Life、NIO House、NIO Power成為可收費、可更換、可升級的服務系統。蔚來服務中心和交付中心將逐步向挪威用戶開放。

As a user enterprise, our users are playing an increasingly important role in the NIO community. The preparation for NIO Day 2021 has been kicked off with the active participation of our users, Suzhou, out of 10 candidate cities has been voted to be the host city of this year's NIO Day.

作為一個用戶企業，我們的用戶在蔚來社區中扮演著越來越重要的角色。在廣大用戶的積極參與下，2021蔚來日的籌備工作已經拉開帷幕，蘇州在10個候選城市中被選為今年蔚來日的主辦城市。

Our user community has also joined us in making a positive difference in the world. In July, the city of Zhengzhou and a few places in Henan Province were hit by heavy rainfalls and floods. NIO dispatched its service resources nationwide to support users in Henan, provided real-time usable charging power information to both NIO users and the users of other EV brands and supported the disaster response and relief work with donation and the special purpose fund of a NIO User Trust.

我們的用戶社區也加入了我們的行列，為世界帶來了積極的影響。 7月，河南省鄭州市等地部分地區遭遇強降雨和洪澇災害。蔚來服務資源遍布全國，為河南用戶提供支持，為蔚來用戶和其他電動汽車品牌用戶提供實時可用充電電量信息，並通過捐贈和蔚來用戶的專項資金支持救災救災工作相信。

2021 is a critical year for NIO to lay a solid foundation for its long-term development. Going forward into the second half of 2021, we will accelerate the pace of new products and full stack technology development; enhance our charging and swapping networks as well as the sales and service network to be fully prepared for the delivery of the three new models in 2022.

2021年是蔚來汽車為長遠發展打下堅實基礎的關鍵之年。展望2021年下半年，我們將加快新產品和全棧技術開發步伐；加強充換電網絡和銷售服務網絡，為2022年三款新車型的交付做好充分準備。

At the same time we also stepped up our mass-market entry preparation. We will enter the mass market with a new brand. The core team of the new brand has been assembled, marking the first step of the strategic initiative of NIO.

同時我們也加強了大眾市場的進入準備。我們將以新品牌進入大眾市場。新品牌核心團隊已經集結，標誌著蔚來戰略邁出第一步。

As always, thank you for your support. With that I will now turn the call over to Steven to provide the financial details for the quarter. Steven, please go ahead.

一如既往，感謝您的支持。有了這個，我現在將把電話轉給史蒂文，提供本季度的財務細節。史蒂文，請繼續。

Thank you William. I will now go over our key financial results for the second quarter of 2021. To be mindful of the length of this call I encourage listeners to refer to our earnings press release which is posted online for additional details.

謝謝你威廉。現在，我將回顧一下我們 2021 年第二季度的主要財務業績。為了注意這次電話會議的時間，我鼓勵聽眾參考我們在網上發布的收益新聞稿以了解更多詳細信息。

Our total revenues in the second quarter were RMB8.45 billion, or $1.31 billion. Representing an increase of 127.2% year-over-year, and an increase of 5.8% quarter-over-quarter. Our total revenues are made up of two parts: vehicle sales and other sales.

我們第二季度的總收入為人民幣 84.5 億元，即 13.1 億美元。同比增長127.2%，環比增長5.8%。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 second quarter were RMB7.91 billion, or $1.23 billion, accounting for 94% of total revenues in this quarter. It represented an increase of 127% year-over-year, an increase of 6.8% quarter-on-quarter. The increase in vehicle sales year-on-year was mainly attributed to higher deliveries achieved from more product mix offered to our users. The increase in vehicle sales quarter-over-quarter was mainly due to higher deliveries.

第二季度汽車銷售額為人民幣79.1億元，合12.3億美元，佔本季度總收入的94%。同比增長127%，環比增長6.8%。汽車銷量同比增長主要是由於向我們的用戶提供的更多產品組合實現了更高的交付量。汽車銷量環比增長主要是由於交付量增加。

Other sales in the second quarter were RMB536.2 million, or $83.1 million. Representing an increase of 130.3% year-over-year, and a decrease of 7% quarter-over-quarter. The increase in other sales year-over-year was in line with the incremental vehicle sales in the second quarter of 2021. The decrease in other sales quarter-over-quarter was mainly due to the less revenues derived from 100kWh battery upgrade service.

第二季度的其他銷售額為人民幣 5.362 億元，即 8310 萬美元。同比增長 130.3%，環比下降 7%。其他銷售額同比增長與2021年第二季度汽車銷量增量一致。其他銷售額環比下降主要是由於100kWh電池升級服務收入減少。

Cost of sales in the second quarter was RMB6.87 billion, or $1.06 billion. Representing an increase of 101.8% year-over-year, an increase 6.9% quarter-over-quarter. The increase in the cost of sales was in line with revenue growth, which was mainly driven by the increase of vehicle delivery volume in the second quarter of 2021.

第二季度銷售成本為人民幣 68.7 億元，合 10.6 億美元。同比增長101.8%，環比增長6.9%。銷售成本增加與收入增長一致，主要受2021年第二季度車輛交付量增加的推動。

Gross profit in the second quarter was RMB1.57 billion, or $0.24 billion. Representing an increase of 402.7% from the same quarter of 2020, an increase of 1.2% from the first quarter of 2021. The increase in gross profit was mainly contributed by increased vehicle sales.

第二季度毛利潤為人民幣 15.7 億元，或 2.4 億美元。較2020年同期增長402.7%，較2021年第一季度增長1.2%。毛利的增長主要是汽車銷量增加所致。

Gross margin in the second quarter was 18.6%, compared with 8.4% in the same quarter of 2020 and 19.5% in the first quarter of 2021. The increase of gross margin compared to the second quarter of 2020 was mainly driven by the increase of vehicle margin in the second quarter of 2021. Gross margin remained relatively stable compared to the first quarter of 2021.

第二季度毛利率為 18.6%，而 2020 年同期為 8.4%，2021 年第一季度為 19.5%。毛利率較 2020 年第二季度的增長主要受車輛增加的推動2021年第二季度毛利率與2021年第一季度相比保持相對穩定。

More specifically, vehicle margin in the second quarter was 20.3%, compared with 9.7% in the same quarter of 2020, and 21.2% in the first quarter of 2021. The increase of vehicle margin year-over-year was mainly driven by the increase of vehicle delivery volume, higher average selling price, as well as lower material cost. Vehicle margin remained relatively stable quarter-over-quarter.

具體而言，第二季度車輛利潤率為 20.3%，而 2020 年同期為 9.7%，2021 年第一季度為 21.2%。車輛交付量，平均售價較高，以及較低的材料成本。車輛利潤率環比保持相對穩定。

R&D expenses in the second quarter were RMB883.7 million, or $136.9 million. Representing an increase of 62.1% year-over-year, an increase of 28.7% quarter-over-quarter. The increase of R&D expenses year-over-year and quarter-over-quarter was mainly attributed to incremental design and development costs for new products and technologies. As well as the increased number of employees in research and development functions.

第二季度的研發費用為人民幣 8.837 億元，即 1.369 億美元。同比增長62.1%，環比增長28.7%。研發費用同比和環比增加的主要原因是新產品和技術的設計和開發成本增加。以及研發部門員工人數的增加。

SG&A expenses in the second quarter were RMB1.5 billion, or $0.23 billion. Representing an increase of 59.9% year-over-year, an increase of 25.1% quarter-over-quarter. The increase in SG&A expenses year-over-year was primarily due to the increased marketing activities, as well as the increased number of employees in sales and service functions. The increase in SG&A expenses quarter-over-quarter was primarily due to the increased marketing and promotional activities and professional services.

第二季度的 SG&A 費用為 15 億元人民幣，即 2.3 億美元。同比增長59.9%，環比增長25.1%。 SG&A 費用同比增長的主要原因是營銷活動的增加，以及銷售和服務部門員工人數的增加。 SG&A 費用環比增長主要是由於營銷和促銷活動以及專業服務的增加。

Loss from operations in the second quarter was RMB763.3 million, or $118.2 million. Representing a decrease of 34.2% year-over-year, an increase of 158% quarter-over-quarter.

第二季度的經營虧損為人民幣 7.633 億元，即 1.182 億美元。同比下降 34.2%，環比增長 158%。

Share-based compensation expenses in the second were RMB251.4 million, or $38.9 million. Representing an increase of 455% year-over-year, an increase of 160.5% quarter-over-quarter. The increase in shared-based compensation expenses was primarily attributed to additional options and restricted shares granted.

第二季度的股權激勵費用為人民幣 2.514 億元，即 3890 萬美元。同比增長455%，環比增長160.5%。共享薪酬費用的增加主要是由於授予的額外期權和限制性股票。

Net loss in the second quarter was RMB587.2 million, or $90.9 million. Representing a decrease of 50.1% year-over-year, an increase of 30.2% quarter-over-quarter.

第二季度淨虧損為人民幣 5.872 億元，即 9,090 萬美元。同比下降50.1%，環比增長30.2%。

Net loss attributable to NIO's ordinary shareholders in the second quarter was RMB659.3 million, or $102.1 million. Representing a decrease of 45.4% year-over-year, and a decrease of 86.5% quarter-over-quarter in the second quarter of 2021.

第二季度歸屬於蔚來普通股股東的淨虧損為人民幣6.593億元，即1.021億美元。同比下降 45.4%，2021 年第二季度環比下降 86.5%。

Basic and diluted net loss per ADS in the second quarter were both RMB0.42, or $0.07 per ADS. Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, non-GAAP adjusted basic and diluted net loss per ADS were both RMB0.21, or $0.03 per ADS.

第二季度每 ADS 的基本和攤薄淨虧損均為人民幣 0.42 元，或每 ADS 0.07 美元。不計股權補償費用和可贖回非控股權益對贖回價值的增加，非公認會計原則調整後的每股美國存託憑證基本和攤薄淨虧損均為人民幣 0.21 元，或每股美國存託憑證 0.03 美元。

Our balance of cash and cash equivalents, restricted cash and short-term investment was RMB48.3 billion, or $7.5 billion, as of June 30, 2021.

截至 2021 年 6 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 483 億元人民幣，即 75 億美元。

Now for our business outlook. As William mentioned, for the third quarter of 2021, the Company expects deliveries to be between 23,000 vehicles and 25,000 vehicles. Representing an increase of approximately 88.4% to 104.8% from the same quarter of 2020, an increase of approximately 5% to 14.2% from the second quarter of 2021.

現在是我們的業務前景。正如威廉所說，公司預計 2021 年第三季度的交付量將在 23,000 輛至 25,000 輛之間。較 2020 年同期增長約 88.4% 至 104.8%，較 2021 年第二季度增長約 5% 至 14.2%。

The Company also expects the total revenues of the third quarter of 2021 to be between RMB8.91 billion and RMB9.63 billion. Representing an increase of approximately 96.9% to 112.8% from the same quarter of 2020, an increase of approximately 5.5% to 14% from the second quarter of 2021.

公司還預計2021年第三季度的總收入將在人民幣89.1億元至人民幣96.3億元之間。較 2020 年同期增長約 96.9% 至 112.8%，較 2021 年第二季度增長約 5.5% 至 14%。

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

現在到此結束我們準備好的評論。我現在將把電話轉給接線員繼續我們的問答環節。

Thank you so much. (Operator Instructions) Our first question comes from the line of Tim Hsiao from MS. Tim, your line is now open.

太感謝了。 （操作員說明）我們的第一個問題來自 MS 的 Tim Hsiao。蒂姆，你的電話現在開通了。

Hi William, Steven and Team. Congratulations on the results, and thanks for taking my questions. Just a quick question from me. The first question is about the new models. Could you please elaborate a bit more about the two new models scheduled for 2022, other than ET7? Regarding the timing, spec and rough price range, etc.. As market previously anticipate to have just one new model next year, so I think this serves as a surprise. So any colors would be highly appreciated. So there's that first question.

嗨，威廉、史蒂文和團隊。祝賀結果，感謝您提出我的問題。只是我的一個快速問題。第一個問題是關於新模型的。您能否詳細介紹一下計劃於 2022 年推出的兩款新機型，而不是 ET7？關於時間、規格和粗略的價格範圍等。由於市場此前預計明年只有一款新車型，所以我認為這是一個驚喜。所以任何顏色都會受到高度讚賞。所以有第一個問題。

My second question is that NIO's total battery consumptions likely reaching 16 gigawatt or 18 gigawatt hours next year, will there be any major changes to NIO's battery sourcing strategy? Will CATL stays as the sole supplier? Or NIO might consider looking for a second source?

我的第二個問題是，明年蔚來的電池總消耗量可能達到16吉瓦或18吉瓦時，蔚來的電池採購策略是否會發生重大變化？ CATL 會繼續作為唯一供應商嗎？或者蔚來可能會考慮尋找第二個來源？

In light of such a close tied-up with CATL, between CATL and NIO, for both EV and the battery asset management company, can you diversify to other partners to hedge the risk if needed? Those are my two questions, thank you.

鑑於寧德時代與蔚來汽車、電動汽車和電池資產管理公司之間的緊密聯繫，如果需要，您是否可以分散到其他合作夥伴以對沖風險？這是我的兩個問題，謝謝。

(Interpreted) I believe everybody knows that the NIO Technology 2.0 is going to be first applied to ET7. The current development progress of ET7 and NAD is on track. We are quite confident about on-time delivery of ET7 next year, although the challenges are quite significant. For the other two products, I believe it probably is better for me to share more information at a more appropriate time.

（解讀）相信大家都知道，蔚來技術2.0將首先應用於ET7。目前 ET7 和 NAD 的開發進度正在走上正軌。我們對明年 ET7 的按時交付充滿信心，儘管挑戰相當大。對於另外兩個產品，我相信在更合適的時間分享更多信息對我來說可能更好。

Regarding the pricing, of course in recent years the battery cost has declined a little bit and as our volume goes up, our BOM cost will also have some opportunity to go down.

關於定價，當然近年來電池成本有所下降，隨著我們的數量增加，我們的 BOM 成本也將有一些下降的機會。

So for the next years' products, we probably will have one of the lowest pricing product under the NIO brand, but as I explained before, we are going to have a new brand for the mass market, so under the NIO brand we are not going to have many low pricing products.

因此，對於未來幾年的產品，我們可能會擁有 NIO 品牌下價格最低的產品之一，但正如我之前解釋的，我們將擁有一個面向大眾市場的新品牌，所以在 NIO 品牌下我們不是會有很多低價產品。

Next year we believe the demand for the battery capacity is going to go up significantly, especially considering the new product line up. We believe the battery production capacity demand is going to jump significantly compared with this year. We are having intense discussions with CATL regarding the battery capacity supply.

明年我們認為對電池容量的需求將顯著上升，特別是考慮到新產品線。我們認為，與今年相比，電池產能需求將大幅增長。我們正在與寧德時代就電池容量供應進行激烈的討論。

Currently we believe CATL is a very good and important partner for us and we also have a very good relationship with CATL. We have very in-depth discussions regarding the battery technology as well as the battery production assurance. So we believe that this current strategy can serve the best interests of the Company at the current stage of development.

目前我們認為寧德時代對我們來說是一個非常好的和重要的合作夥伴，我們與寧德時代的關係也非常好。我們對電池技術以及電池生產保證進行了非常深入的討論。因此，我們認為，當前的戰略能夠在當前發展階段為公司的最大利益服務。

Thank you. Oh, very clear.

謝謝你。哦，很清楚。

Thank you so much. Your next question comes from the line of Ming-Hsun Lee from BofA Securities. Ming, your line is now open.

太感謝了。您的下一個問題來自美國銀行證券的 Ming-Hsun Lee。明，您的線路現已開通。

Thank you. Good morning William, Steven and the team. Congrats for a good result. So I have two questions. The first question is regarding the component supply. We know you already have more larger size battery supply starting in June, but right now considering the pandemic in China and also overseas countries such as Malaysia, so what kind of impact do you expect on the production side, so especially for your component supply capacity?

謝謝你。早上好威廉、史蒂文和團隊。恭喜取得好成績。所以我有兩個問題。第一個問題是關於組件供應的。我們知道你們從 6 月份開始就已經有了更多更大尺寸的電池供應，但是現在考慮到中國以及馬來西亞等海外國家的疫情，那麼您預計對生產方面會產生什麼樣的影響，尤其是對於您的零部件供應能力?

So this is my question, the first question, and the second question is regarding your business in overseas markets. So in your third quarter of volume guidance, how many units do you expect to ship in Norway and will you start to provide battery service in overseas markets? Yes, that's my two questions, thank you.

所以這是我的問題，第一個問題，第二個問題是關於你在海外市場的業務。那麼在您的第三季度銷量指導中，您預計在挪威出貨多少台，您會開始在海外市場提供電池服務嗎？是的，這是我的兩個問題，謝謝。

(Interpreted) Yes, the pandemic situation is affecting the global supply chain. Last year I believe our supply chain partners and NIO have been trained significantly to cope with these kinds of challenges. In my prepared remarks I have also mentioned over the recent COVID situations in certain regions in China have affected our production. Specifically, is a just-in-time component partner located in Nanjing's high-risk area.

（口譯）是的，疫情正在影響全球供應鏈。去年，我相信我們的供應鏈合作夥伴和蔚來已經接受了大量培訓，以應對這些挑戰。在我準備好的講話中，我還提到了中國某些地區最近發生的 COVID 情況影響了我們的生產。具體來說，是位於南京高風險地區的準時部件合作夥伴。

This partner has already suspended their production and we have seen some good news is coming out of Nanjing. It seems that the COVID cases in Nanjing has already dropped to zero so we hope this partner can resume the production as soon as possible.

這個合作夥伴已經停產了，我們看到南京傳來了一些好消息。看來南京的新冠肺炎病例已經降為零了，希望這個合作夥伴能盡快恢復生產。

The third quarter delivery volume will mainly be determined by the overall capacity of the supply chain, so there will be a lot of challenges that we need to deal with. For example, you also mentioned about the pandemic situation in Malaysia.

第三季度的交付量將主要取決於供應鏈的整體能力，因此我們需要應對的挑戰很多。例如，您還提到了馬來西亞的大流行情況。

This has also affected the semiconductor supply to the global market, not just for NIO but also many other companies. But the pandemic situation in Malaysia, basically we believe that the impact for us is not that big and it should be under control.

這也影響了全球市場的半導體供應，不僅是蔚來汽車，還有許多其他公司。但是馬來西亞的疫情，基本上我們認為對我們的影響不是很大，應該可以控制。

Another situation is the flood in Germany. Our partner is also affected in the flooding because one factory is flooded during the extreme weather event in Germany and our partners have been working with us to identify the solution. Right now we believe that the situation is under control so overall speaking, the delivery volume in the third quarter will mainly be restrained by the overall capacity of the supply chain.

另一種情況是德國的洪水。我們的合作夥伴也受到了洪水的影響，因為在德國的極端天氣事件中，一家工廠被淹，我們的合作夥伴一直在與我們合作尋找解決方案。目前我們認為形勢是可控的，所以總體來說，第三季度的交貨量將主要受到供應鏈整體產能的製約。

Regarding the delivery in Norway, we believe for this year the contribution is not going to be that significant because our priority is to make sure we can ensure high user satisfaction in the Norway market by building our brand, expanding our sales and service network.

關於在挪威的交付，我們認為今年的貢獻不會那麼顯著，因為我們的首要任務是通過建立我們的品牌、擴大我們的銷售和服務網絡來確保我們能夠確保挪威市場的高用戶滿意度。

For the global market, we believe the more important thing is to focus on the long term thinking and we would like to ask everyone's patience in this regard. Recently we have been working together with our prospective users in Norway to set up a user advisory.

對於全球市場，我們認為更重要的是要著眼長遠，在這方面我們想請大家耐心等待。最近，我們一直在與挪威的潛在用戶合作建立用戶諮詢。

They have helped us significantly and provided many constructive and good feedback to us. So we believe this is a very good beginning for us and this is part of our long term strategy for the global market.

他們極大地幫助了我們，並為我們提供了許多建設性和良好的反饋。因此，我們相信這對我們來說是一個非常好的開始，也是我們全球市場長期戰略的一部分。

Thank you, Ming.

謝謝你，明。

Of course in global market, we also offer our BaaS model, because we believe BaaS together with battery swap can offer user a very holistic experience and combined together in a very efficient way for our users to get the cars charged at home and on the go.

當然，在全球市場上，我們也提供 BaaS 模式，因為我們相信 BaaS 和電池更換可以為用戶提供非常全面的體驗，並以非常有效的方式組合在一起，讓我們的用戶在家中和旅途中都能為汽車充電.

(Interpreted) According to the preliminary feedback we got from the Norway User Advisory Board, it seems that everyone is quite excited about the battery swapping stations and the battery as a service business model.

（解讀）根據我們從挪威用戶諮詢委員會得到的初步反饋，似乎大家對電池更換站和電池即服務的商業模式感到相當興奮。

Thank you.

謝謝你。

Thank you so much. (Operator Instructions) Your next question comes from the line of Nick Lai from JP Morgan. Nick, your line is now open.

太感謝了。 （操作員說明）您的下一個問題來自摩根大通的 Nick Lai。尼克，你的電話現在開通了。

Yes, thank you William and Steven. A great result indeed. I have two number related questions. The first one is related to gross profit margin. I mean your 2Q against 1Q, roughly margin was flat but still, at the vehicle level or overall GP margin you were still down roughly about one percentage point.

是的，謝謝威廉和史蒂文。確實是一個了不起的結果。我有兩個與數字相關的問題。第一個與毛利率有關。我的意思是你的第二季度與第一季度相比，利潤率大致持平，但在車輛水平或整體 GP 利潤率上，你仍然下降了大約一個百分點。

Can you help us understand or explain a little bit more on the margin, less margin, (inaudible) for in 2Q? Is that related to BOM or improved material price or other factors? I mean I notice the second quarter ASP is slightly down from 1Q.

您能否幫助我們理解或解釋更多關於 2Q 的利潤、更少利潤（聽不清）的信息？這與BOM或材料價格提高或其他因素有關嗎？我的意思是我注意到第二季度的平均售價比第一季度略有下降。

And how should we think about 3Q? So that's one margin related question. Can you help us understand a bit more or explain a bit more on 2Q margin dynamic against 1Q and how should we think about that as we enter third quarter?

我們應該如何看待 3Q？這是一個與保證金相關的問題。您能否幫助我們更多地了解或解釋 2Q 與 1Q 的利潤率動態以及進入第三季度時我們應該如何考慮這一點？

Second question also related to number, looking at the cash on balance sheet, altogether cash equivalent and short-term investment, by the end of first half we have RMB48 billion cash, that's roughly about $7.5 billion and that's a lot of cash on balance sheet. If you can help us understand what's your strategy using the cash on balance sheet?

第二個問題也和數字有關，看看資產負債表上的現金，包括現金等價物和短期投資，到上半年末我們有人民幣 480 億元現金，大約是 75 億美元，這是很多資產負債表上的現金.如果您能幫助我們了解您使用資產負債表上的現金的策略是什麼？

In terms of CapEx investment, I notice JAC has new capacity for expansion and presumably if we are launching more model in 2022, we will need to invest in R&D, new model tooling altogether. So if you can help us understand a bit more on our CapEx investment in the next one year or so, that would be very useful. Thank you.

在資本支出投資方面，我注意到江淮汽車有新的擴張能力，如果我們在 2022 年推出更多車型，我們將需要在研發和新車型工具方面進行投資。因此，如果您能幫助我們更多地了解我們在未來一年左右的資本支出投資，那將非常有用。謝謝你。

Hi Nick, this is Stanley. Regarding your first question about the gross profit margin, there are two reasons when we breakdown into digitals. The first is average selling price decreased about 8000 per vehicle in Q2. The main reason is more ES6 were sold in Q2 compared with Q1.

嗨尼克，我是斯坦利。關於你關於毛利率的第一個問題，當我們分解為數字時有兩個原因。首先是第二季度每輛車的平均售價下降了約 8000 元。主要原因是與 Q1 相比，Q2 銷售的 ES6 更多。

Since ES6 is with a little bit lower gross profit margin and selling price. But due to our cost-saving efforts in Q2, the average vehicle cost also decreased about RMB3000 per vehicle. So combining the two factors together, our net gross profit margin per vehicle decreased about RMB5000. Okay that's the reason for the vehicle margin.

由於 ES6 的毛利率和售價略低。但由於我們在第二季度的成本節約努力，平均每輛車的成本也下降了約人民幣 3000 元。因此，綜合這兩個因素，我們每輛車的淨毛利率下降了約人民幣 5000 元。好的，這就是車輛保證金的原因。

Today we announced three brand-new products that we will deliver in 2022 and we also refreshed our product plan. For the conservative perspective, we shortened our depreciation and amortizing period for our existing products. So that will lead to the D&A increase, so for the second half year of 2021, this impact to gross profit margin will be like 2% per vehicle.

今天我們宣布了三款將於 2022 年交付的全新產品，同時我們也更新了產品計劃。從保守的角度來看，我們縮短了現有產品的折舊和攤銷期限。因此這將導致 D&A 增加，因此在 2021 年下半年，這對毛利率的影響將是每輛車 2%。

So yes, that's the first question. The second one is regarding the cash balance. As you mentioned, the cash balance at the end of Q2 is RMB48 billion. As we mentioned, we will still focus on the research and development of our new products and technologies, and about the other usage, we will also increase our CapEx investment in including our new plant and new sales and marketing network infrastructure in the coming years.

所以是的，這是第一個問題。第二個是關於現金餘額。如您所述，第二季度末現金餘額為人民幣 480 億元。正如我們所提到的，我們仍將專注於我們的新產品和技術的研發，而對於其他用途，我們還將在未來幾年增加我們的資本支出投資，包括我們的新工廠和新的銷售和營銷網絡基礎設施。

So it will be in line with our business plan in the next years.

因此，它將符合我們未來幾年的業務計劃。

Yes, can you remind what CapEx target for the year? Do we have any number or guidance please?

是的，你能提醒一下今年的資本支出目標嗎？請問有什麼號碼或指導嗎？

Yes we expect the total CapEx in this year will be RMB5 billion, including like the new plant and also the service and sales network and also power swap station.

是的，我們預計今年的總資本支出將達到人民幣 50 億元，包括新工廠、服務和銷售網絡以及換電站。

Yes, thank you very much.

是的謝謝你。

Thank you so much.

太感謝了。

Thank you Nick.

謝謝你尼克。

Thank you Nick.

謝謝你尼克。

Thank you so much and the next question comes from the line of Bin Wang from Credit Suisse. Bin, your line is now open.

非常感謝，下一個問題來自瑞士信貸的 Bin Wang。斌，你的線路現在開通了。

Okay, thank you so much. My first one is more a follow up about gross margin. Because you guided NIO Pilot has been increased quite substantially in the attach rate to 80%. What's the number in the first quarter and what's the margin increase from this increasing NIO Pilot take rate? That is the number one question.

好的，非常感謝。我的第一個更多是關於毛利率的跟進。因為你引導的 NIO Pilot 已經相當大幅度的提高了附著率到 80%。第一季度的數字是多少？隨著 NIO Pilot 採用率的提高，利潤率增加了多少？這是第一個問題。

Number two is about your long term market share, because your peers, one peer is now 10% and the other one 20%. What's the NIO's plan for 2025 for the market share? Because you have a mass market plan.

第二是關於你的長期市場份額，因為你的同行，一個同行現在是 10%，另一個是 20%。蔚來2025年的市場份額計劃是什麼？因為你有一個大眾市場計劃。

Can I assume that the mass market plan will start to sell in 2023 because this year three products seem to be all came from NIO brand and because you're already accelerate the R&D since now so it's going to be 2023. That is the second one.

我可以假設大眾市場計劃將在 2023 年開始銷售，因為今年三款產品似乎都來自 NIO 品牌，因為您現在已經在加速研發，所以它將是 2023 年。那是第二個.

The third one is about your offline store station plan. If you see your peers who actually get more strategic cooperation with the big dealer group such as ZhongSheng, your existing pattern for NIO space is to be buy back by NIO. So this would mean in long term maybe NIO don't have any third party partners for NIO Space. Is this true? What's your long term strategy about the offline store expansion plan? Thank you.

第三個是關於你的線下店站計劃。如果你看到你的同行實際上和中盛這樣的大經銷商集團有更多的戰略合作，你現有的蔚來空間模式是被蔚來回購。因此，從長遠來看，這意味著蔚來可能沒有任何第三方合作夥伴用於蔚來空間。這是真的？您對線下門店擴張計劃的長期戰略是什麼？謝謝你。

(Interpreted) So regarding the margin contribution for the NIO Pilot, as we mentioned, the take rate of NIO Pilot has reached 80%. For this 80%, it includes both the selected pack and the full pack of the NIO Pilot. So we believe the overall contribution from the NIO Pilot is around 3% to 4%.

（解讀）所以關於NIO Pilot的保證金貢獻，正如我們所說，NIO Pilot的接受率已經達到了80%。對於這 80%，它包括 NIO Pilot 的選定包和完整包。所以我們認為 NIO Pilot 的整體貢獻在 3% 到 4% 左右。

Yes, since NIO Pilot, the price of NIO Pilot is included in the selling price of vehicles. So we have no separate gross profit margin calculation for the NIO Pilot. Yes.

是的，自 NIO Pilot 起，NIO Pilot 的價格包含在車輛售價中。所以我們沒有單獨計算 NIO Pilot 的毛利率。是的。

(Interpreted) For the NAD, because we're going to use the AD as a service model to provide the NAD services to our users. Long term speaking, we believe the AD as a service contribution is going to be included in our margin and the long term plan for the margin of the NT 2.0 is going to be much better than the margin of the NT 1.0.

（解釋）對於 NAD，因為我們將使用 AD 即服務模型為我們的用戶提供 NAD 服務。從長遠來看，我們相信 AD 即服務貢獻將包含在我們的利潤率中，並且 NT 2.0 利潤率的長期計劃將比 NT 1.0 的利潤率好得多。

For the vehicle gross margin, we believe the target for us in the long run is 25% excluding the carbon credits. Because the carbon credits should be included other margins and we believe the logic of other margin is about the instore base or the instore base of users.

對於汽車毛利率，我們認為我們的長期目標是不包括碳信用額的 25%。因為碳信用應該包括其他邊際，我們認為其他邊際的邏輯是關於店內基礎或用戶的店內基礎。

For the long run it will get better, considering the future possibilities and opportunities including AD as a service, battery as a service, upgrade and NIO life, carbon credit. So we believe overall speaking, the overall gross margin and the vehicle gross margin will improve.

從長遠來看，它會變得更好，考慮到未來的可能性和機會，包括 AD 即服務、電池即服務、升級和 NIO 壽命、碳信用。所以我們認為整體而言，整體毛利率和整車毛利率會有所改善。

Regarding the long term target of the market share, for us of course we pay attention to our specific market share or the penetration in the corresponding segment of our products. So for example the ES8 in the large and midsize SUV market segment and the ES6 in the midsize SUV segment.

關於市場份額的長期目標，對於我們來說，我們當然會關注我們具體的市場份額或我們產品在相應細分市場的滲透率。比如大中型SUV細分市場的ES8和中型SUV細分市場的ES6。

Internally of course we have a very aggressive market share target by 2025, but we don't actually want to disclose this target. For us, we believe our target as a company should be to build a company with the highest user satisfaction rate. So that is why our focus is on the product and service.

當然，在內部，我們有一個非常激進的到 2025 年的市場份額目標，但我們實際上並不想透露這個目標。對我們來說，我們相信我們作為一家公司的目標應該是建立一家用戶滿意度最高的公司。這就是為什麼我們的重點是產品和服務。

We believe if we can achieve the highest user satisfaction rate with our product and service, then it should be a natural thing for us to achieve satisfactory market share. In the China market, so I would like to talk a little bit about the battery electric SUV premium market segment.

我們相信，如果我們的產品和服務能夠達到最高的用戶滿意度，那麼獲得滿意的市場份額對我們來說應該是一件很自然的事情。在中國市場，我想談談純電動SUV高端細分市場。

For this segment, I would like to emphasize a little bit about the pricing. Because when we compare the specific sales volume of one brand or one product, I think it does not make sense to compare those kind of metrics without thinking about the specific pricing segment.

對於這一部分，我想強調一下定價。因為當我們比較一個品牌或一種產品的具體銷量時，我認為在不考慮具體定價段的情況下比較這些指標是沒有意義的。

For example it does not make sense for us to compare the sales volume of Wuling MINI EV with the sales volumes of NIO because we don't have the same pricing and we don't actually compete in the same segment. In our specific pricing segment, we have companies like Audi, BMW, Mercedes and for Tesla, they also have Model S and Model X and Model Y.

例如，將五菱 MINI EV 的銷量與 NIO 的銷量進行比較對我們來說是沒有意義的，因為我們沒有相同的定價，而且我們實際上並沒有在同一領域競爭。在我們的特定定價部分，我們有奧迪、寶馬、梅賽德斯等公司，特斯拉也有 Model S、Model X 和 Model Y。

So, in this specific pricing segment overall market share has already exceeded the 50%. So, we are quite confident to further improve our market share in this specific segment.

所以，在這個特定的定價段，整體市場份額已經超過了50%。因此，我們有信心進一步提高我們在這一特定領域的市場份額。

In Shanghai, as I mentioned before, in the premium SUV segment, including the ICEs and the electric vehicles, we have already reached close to 14% market penetration in the first half of this year. This is already quite high, and we have already achieved this in the Tier 1 cities. So, we believe this is a very good indicator for our next step to penetrating to more markets in different cities.

在上海，正如我之前提到的，在包括內燃機和電動汽車在內的高端 SUV 領域，我們在今年上半年已經達到了接近 14% 的市場滲透率。這已經相當高了，我們在一線城市已經做到了。因此，我們相信這是我們下一步進軍不同城市更多市場的一個很好的指標。

So, because, as I mentioned, our focus is to make sure we have the best product and the services and to achieve the highest user satisfaction. So, we believe, as long as we stick to this vision and to this objective, it should be a natural process to achieve our market share target in the long run.

因此，正如我所提到的，我們的重點是確保我們擁有最好的產品和服務，並實現最高的用戶滿意度。所以，我們相信，只要我們堅持這個願景和這個目標，從長遠來看，實現我們的市場份額目標應該是一個自然的過程。

Yes, from the second-half of 2019 to the first half of 2020, we have tried NIO Space partner approach. We believe the NIO Space partners have contributed to our expansion of the sales network and the sales volume growth. But right now, when we look at the overall brand and the management complexity, we believe it makes more sense for us to manage the NIO Spaces by ourselves.

是的，從 2019 年下半年到 2020 年上半年，我們嘗試過 NIO Space 合作夥伴的方式。我們相信蔚來空間的合作夥伴為我們擴大銷售網絡和銷量增長做出了貢獻。但是現在，當我們看到整體品牌和管理的複雜性時，我們認為我們自己管理 NIO Spaces 更有意義。

So, starting from the third quarter of 2020, we have changed this strategy and we would like to make sure for the NIO Spaces that we can manage and build by NIO. So, we discussed with our NIO Space partners and reached agreements with the majority of the NIO Space partners to transform their NIO Spaces to the NIO Spaces operated by NIO.

因此，從 2020 年第三季度開始，我們改變了這一戰略，我們希望確保 NIO Spaces 可以由 NIO 管理和構建。因此，我們與 NIO Space 合作夥伴進行了討論，並與大多數 NIO Space 合作夥伴達成協議，將他們的 NIO Spaces 轉變為由 NIO 運營的 NIO Spaces。

So, the majority of the NIO Space partners have already signed the agreement with us and for the rest of the NIO Space partners, we will continue the cooperation with them until the termination of the contract. For all the new NIO Spaces, these are all built and operated by NIO.

因此，大部分蔚來空間合作夥伴已經與我們簽訂了協議，對於其餘的蔚來空間合作夥伴，我們將繼續與他們合作，直到合同終止。對於所有新的 NIO Spaces，這些都是由 NIO 建造和運營的。

Thank you, Bin.

謝謝你，斌。

Thank you. By the way, can you answer the question about whether it will be 2023 for the new mass market brand business? Thank you.

謝謝你。順便問一下，新大眾市場品牌業務是否會是2023年，您能回答一下嗎？謝謝你。

(Interpreted) Yes. Regarding the launch of the mass market products, of course, our R&D efficiency is quite high and I believe this is the common standing of everyone.

（解釋）是的。對於大眾市場產品的推出，當然我們的研發效率是相當高的，相信這是大家的共同立場。

NIO has been able to launch products one after another in a very fast manner, so for the mass market brand, this is part of our long-term thinking and we believe that the efficiency and the speed of the product launch is going to be probably even faster, built on top of the capabilities that we have already accumulated under the NIO brand.

蔚來已經能夠以非常快的方式一個接一個地推出產品，所以對於大眾市場品牌來說，這是我們長期思考的一部分，我們相信產品推出的效率和速度可能會更快，建立在我們已經在 NIO 品牌下積累的能力之上。

But regarding the specific timing and the launch cadence of those products under the mass market brand, we can still have time to decide, based on the market conditions and the R&D progress of those products. So, we believe it is still too early for us to share this information for now.

但對於大眾市場品牌下的這些產品的具體時間和上市節奏，我們還可以根據市場情況和這些產品的研發進度來決定。因此，我們認為現在分享這些信息還為時過早。

Thank you.

謝謝你。

Thank you.

謝謝你。

Operator: Thank you so much. Your next question comes from the line of Chang Liu, from CICC. Chang, your line's now open.

接線員：非常感謝。您的下一個問題來自中金公司的劉暢。張，你的線路現在開通了。

Yes. Thank you for taking my questions. My first question is about R&D. We know that there is fierce competition in acquiring talent people in autonomous driving development. So, could you share with us NIO's advantages in acquiring them?

是的。謝謝你接受我的問題。我的第一個問題是關於研發的。我們知道，在自動駕駛開發領域，人才招聘競爭非常激烈。那麼，您能和我們分享一下蔚來收購它們的優勢嗎？

More in details, could you show us our current team size of AD development and our targeted team size? Is there any updates on our R&D expenditure for this year? My third question is that could you update the take rate of BaaS and the new Pilot for us? Thank you.

更詳細地說，您能否向我們展示一下我們目前的 AD 開發團隊規模和我們的目標團隊規模？我們今年的研發開支有什麼更新嗎？我的第三個問題是，您能否為我們更新 BaaS 和新 Pilot 的使用率？謝謝你。

(Interpreted) Thank you for your question. AD is a very important R&D initiative for us and we are quite decisive to make investment in autonomous driving technology and organization.

（翻譯）謝謝你的提問。 AD 對我們來說是一項非常重要的研發計劃，我們在自動駕駛技術和組織方面的投資非常果斷。

Our autonomous driving organization is quite different from other companies, so probably because we have four VPs that report directly to me personally. So, as you can see that the autonomous driving is not just one department, it's actually an initiative of overall Company.

我們的自動駕駛組織與其他公司有很大的不同，可能是因為我們有四個 VP 直接向我個人匯報。所以，正如你所看到的，自動駕駛不僅僅是一個部門，它實際上是整個公司的一項舉措。

We have teams focusing on hardware, autonomous driving system, autonomous driving algorithm and the autonomous driving operation, so we believe that this is not just the efforts of one AD department. We will need to leverage all the capabilities that we have across the Company.

我們有專注於硬件、自動駕駛系統、自動駕駛算法和自動駕駛運營的團隊，所以我們相信這不僅僅是一個AD部門的努力。我們將需要利用我們在整個公司擁有的所有能力。

Right now, for our AD department, we have around 500 people. By the end of this year, we expect to have additional 300 to 800 people for the AD team. We will continue to make a decisive investment in autonomous driving technology and the talent acquisition.

現在，對於我們的廣告部門，我們有大約 500 人。到今年年底，我們預計 AD 團隊將增加 300 到 800 人。我們將繼續在自動駕駛技術和人才引進方面進行果斷投資。

Starting from 2016, we have already built our ADAS team and autonomous driving team. NIO is the first company to have a mass production of the EyeQ4 chipset. We have built our domain controller, the autonomous driving system inhouse right from day one. So, we have already accumulated many experiences and capabilities in this regard.

從2016年開始，我們已經組建了ADAS團隊和自動駕駛團隊。 NIO是第一家量產EyeQ4芯片組的公司。我們從第一天開始就構建了我們的域控制器，即內部自動駕駛系統。所以，我們在這方面已經積累了很多經驗和能力。

Starting from last year, the main focus for us is to build up the capabilities in terms of the autonomous driving algorithm and the computer vision. We believe that right now we have already built a very strong team.

從去年開始，我們的重點是在自動駕駛算法和計算機視覺方面建立能力。我們相信，現在我們已經建立了一支非常強大的團隊。

Regarding the R&D expenses, starting from the second quarter we have accelerated our research and development in the Company. As I mentioned, in 2022, we're going to deliver three new products. In 2023 and beyond probably we're going to deliver even more products.

在研發費用方面，從第二季度開始，我們加快了在公司的研發工作。正如我所提到的，在 2022 年，我們將推出三款新產品。在 2023 年及以後，我們可能會提供更多的產品。

I believe NIO is the fastest company in the industry to deliver products to the market. Averagely speaking, the R&D timeline for us is around two years, which is already the fastest in the auto industry.

我相信蔚來是業內最快將產品推向市場的公司。平均來說，我們的研發時間是兩年左右，這已經是汽車行業最快的了。

This year we have already kicked off many different R&D programs. Starting from the third quarter of this year we believe we are going to step up our R&D expenses due to the team size and the programs that we have in the R&D pipeline. So previously we also mentioned that the R&D expenses in 2021 should be around RMB5 billion. We would like to see this RMB5 billion spent on according to the plan, because this shows that our R&D progress is actually on track.

今年我們已經啟動了許多不同的研發計劃。從今年第三季度開始，由於團隊規模和我們在研發管道中的項目，我們相信我們將增加研發費用。所以之前我們也提到2021年的研發費用應該在50億元左右。我們希望看到這50億元按計劃投入，因為這表明我們的研發進度實際上是在正軌上。

So the current focus of us is to build up our R&D team and then make sure all the development, the projects is on track according to the plan. We believe probably by the end of this year the size of our R&D team is going to be doubled, compared with the size last year.

所以我們目前的重點是建立我們的研發團隊，然後確保所有的開發，項目都按計劃進行。我們相信，與去年相比，我們的研發團隊規模可能到今年年底將翻一番。

The take rate of Battery as a Service in July has reached 60% and is growing month-over month. Previously I have also mentioned the take rate of NIO Pilot has reached 80%, including the selected package and the full package. So overall speaking the take rate of BaaS on the NIO Pilot is on the rise.

7 月份電池即服務的使用率已達到 60%，並且逐月增長。之前我也提到過NIO Pilot的錄取率已經達到了80%，包括精選包和全包。因此，總體而言，NIO Pilot 上 BaaS 的採用率正在上升。

Yes, thank you.

是的，謝謝。

Thank you, Chang.

謝謝你，張。

Thank you so much. Your next question comes from the line of Edison Yu from Deutsche Bank. Edison, your line is now open.

太感謝了。您的下一個問題來自德意志銀行的 Edison Yu。愛迪生，你的電話現在開通了。

Thank you for taking our questions. I have two follow-ups on Europe. First, it seems there is quite a bit of hiring going on in the Netherlands and a little bit in Germany. Could you maybe discuss the next phase of Europe after Norway?

感謝您提出我們的問題。我有兩個關於歐洲的後續行動。首先，在荷蘭和德國似乎有相當多的招聘活動。您能否討論挪威之後的歐洲下一階段？

Then second question on Europe, it's very encouraging to see this User Advisory Board. Could you maybe discuss some of the things that you're doing differently in Europe relative to what's been going on in China? Thanks.

然後是關於歐洲的第二個問題，看到這個用戶諮詢委員會非常令人鼓舞。您能否討論一下您在歐洲所做的與中國正在發生的事情不同的一些事情？謝謝。

I wanted to share some numbers with our investors. First in Norway, our team size has already increased to 40 employees in Norway. Of course Norway is only our first stop to go overseas, to go global. So in the following years we will also entered other European countries and also other regions. So that's why we're continuing to hire more people in Amsterdam.

我想與我們的投資者分享一些數字。首先在挪威，我們的團隊規模已經增加到挪威的 40 名員工。當然，挪威只是我們出海、走向世界的第一站。所以在接下來的幾年裡，我們還將進入其他歐洲國家和其他地區。所以這就是我們繼續在阿姆斯特丹僱傭更多人的原因。

William Bin Li (Interpreted) On another point, starting actually in the second quarter of this year we have appointed the CEO of NIO Europe. He is already on board and he has been building up the team for NIO Europe. Of course we are going to enter more markets in Europe, including Germany.

李斌斌（翻譯）另外一點，實際上從今年第二季度開始，我們已經任命了蔚來歐洲的CEO。他已經加入並一直在為蔚來歐洲組建團隊。當然，我們將進入包括德國在內的更多歐洲市場。

For most of the products we are going to deliver to Europe is going to be based on the NIO Technology Platform 2.0, except the ES8. So this is our current strategy for the European market.

對於我們將要交付到歐洲的大多數產品，除了 ES8 之外，將基於 NIO 技術平台 2.0。所以這是我們目前針對歐洲市場的戰略。

So for NIO as a user enterprise when we enter the markets or different regions we have always believed that the user participation and the supports is a very important principle that we should uphold. Of course for different markets they have different cultures, different environment, different use cases. We wanted to adapt to those different expectations.

所以蔚來作為一個用戶企業，在我們進入市場或者不同區域的時候，我們一直認為用戶的參與和支持是我們應該堅持的一個非常重要的原則。當然，對於不同的市場，他們有不同的文化、不同的環境、不同的用例。我們想適應這些不同的期望。

But we believe the user community and the user enterprise concept should apply to over all markets in the world. Because our vision is to make sure that we can put the user experience and the user interest first. This is a general principle for us.

但我們相信用戶社區和用戶企業理念應該適用於全球所有市場。因為我們的願景是確保我們可以將用戶體驗和用戶興趣放在首位。這是我們的一般原則。

A very interesting fact that I would like to share with you is that in Norway when we initiated the User Advisory Board we thought that probably we should have around 200 people. But in the end 700 people to 800 people signed up to the User Advisory Board.

我想與您分享的一個非常有趣的事實是，在挪威，當我們啟動用戶諮詢委員會時，我們認為我們可能應該有大約 200 人。但最終有 700 到 800 人報名參加了用戶諮詢委員會。

So from this example we can see that actually the Norwegian people are quite willing to participate in those community events.

所以從這個例子中我們可以看到，實際上挪威人非常願意參與那些社區活動。

Because previously through the media reports and other literatures they think that the Norwegian people are more cautious toward socializing with other peoples. But this example has proven this is the wrong interpretation, or the wrong stereotype, of the Norwegian people. We believe that the user community concept should apply to all people in the world.

因為之前通過媒體報導和其他文獻，他們認為挪威人對與其他民族的交往更加謹慎。但是這個例子已經證明這是對挪威人的錯誤解釋或錯誤的刻板印象。我們相信用戶社區的概念應該適用於全世界所有人。

Thank you Edison.

謝謝愛迪生。

Thank you.

謝謝你。

Thank you so much. Your next question comes from the line of Paul Gong from UBS. Paul, your line is now open.

太感謝了。您的下一個問題來自瑞銀的 Paul Gong。保羅，你的電話現在開通了。

Yes, thanks everyone. I have two questions. The first question is regarding your plan to add the three new models based on the NT2 in 2022. Given most of the NIO Space can't put six models together. Will you try to expand the average size of your NIO Space? Or are you going to gradually phase out the existing first generation of the products?

是的，謝謝大家。我有兩個問題。第一個問題是關於你們計劃在 2022 年在 NT2 的基礎上增加三款新車型。鑑於大多數 NIO Space 無法將六款車型放在一起。你會嘗試擴大你的 NIO Space 的平均規模嗎？還是要逐步淘汰現有的第一代產品？

I've just note, you mentioned that you have shortened the depreciation and amortization of the first generation of your products. Does that mean it would be gradually phased out and migrated to the second generation of the platform? This is my first question.

我剛剛注意到，您提到您縮短了第一代產品的折舊和攤銷。這是否意味著它將逐步淘汰並遷移到第二代平台？這是我的第一個問題。

My second question is regarding the mass market brand. I understand at this moment you are still pending decision in terms of the timing and how to position itself. But can we have a little bit of color, when you think about the relationship of NIO brand versus your NIO mass market brand. Would it be more similar to, let's say, Mercedes Benz and the Smart? Or BMW and Mini? Or Audi versus, say, Volkswagen brand?

我的第二個問題是關於大眾市場品牌。我了解此時您仍在等待時間和如何定位自己的決定。但是，當您考慮 NIO 品牌與您的 NIO 大眾市場品牌的關係時，我們能否有一點色彩。比方說，它會更類似於梅賽德斯奔馳和 Smart 嗎？還是寶馬和迷你？還是奧迪與大眾品牌？

How do you think about the relationship of the two brands? I recall in last quarter's result you mentioned that there is only one model in the Shanghai auto show that is Wuling Hongguang MINIEV version. Is that an indication that somehow the recent online discussions say NIO's mass market brand would also announce some tiny, small vehicles? Is it something you are bearing in mind at this moment? Thank you.

您如何看待這兩個品牌的關係？我記得在上一季度的業績中，你提到上海車展只有一款車型是五菱宏光MINIEV版。這是否表明最近的在線討論以某種方式表示蔚來的大眾市場品牌也會發布一些微型汽車？是你此刻銘記在心的事情嗎？謝謝你。

(Interpreted) Overall speaking we understand that different companies will have different strategies regarding their product offering. We would like to offer more diversified choices to our users. But we also need to strike a balance because we are not going to like the traditional OEMs to launch a sea of products for the users to choose from. We are also not going to like other companies as to just offer two-to-three products for the users to choose.

（翻譯）總體而言，我們理解不同的公司在產品供應方面會有不同的策略。我們希望為用戶提供更多樣化的選擇。但我們也需要取得平衡，因為我們不會像傳統的 OEM 那樣推出海量產品供用戶選擇。我們也不會像其他公司那樣只提供兩到三種產品供用戶選擇。

We believe different users will have different preferences and tastes regarding the body type of the design, so that is why we would like to offer a limited but diversified product offering to our users. We understand the era of Modal T happened 100 years ago and right now, the time and ages are quite different for us. That is why it's our strategy.

我們相信不同的用戶對設計的體型會有不同的偏好和品味，因此我們願意為用戶提供有限但多樣化的產品。我們知道 Modal T 的時代發生在 100 年前，而現在，時代和時代對我們來說是完全不同的。這就是為什麼這是我們的戰略。

Regarding the product and the NIO Houses and the NIO Spaces, of course we are going to adopt the digital technologies or probably use the rotation mechanism to make sure users can still experience a product in the NIO Houses and the NIO Spaces. But according to the current data we have right now, it seems that the majority of the users actually place their orders online, so we believe this is not going to pose a significant issue for us.

關於產品和NIO Houses和NIO Spaces，我們當然會採用數字技術或者可能使用輪換機制來確保用戶仍然可以在NIO Houses和NIO Spaces中體驗產品。但是根據我們目前掌握的數據，似乎大多數用戶實際上是在網上下訂單的，所以我們認為這不會對我們造成重大問題。

Regarding the NIO Technology Platform 1.0. We understand of a current product based on the NT1.0 is actually quite competitive when compared with Audi, BMW. For example, their EV products, I believe our offer products are still quite competitive. When it comes to their ICE product, I think our product actually does not belong to the same generation with their ICE product.

關於蔚來技術平台1.0。據我們了解，目前基於NT1.0的產品與奧迪、寶馬相比其實是相當有競爭力的。比如他們的EV產品，我相信我們的報價產品還是很有競爭力的。說到他們的ICE產品，我認為我們的產品實際上和他們的ICE產品不屬於同一代。

For the NIO Technology Platform 1.0 product,-- we believe that they are still quite competitive, and we will continue to sell those products in the market. Regarding the three new products we are going to deliver in 2022, we believe this is not going to affect the upgrade pace, or the normal upgrade pace of the products on the NIO Technology Platform 1.0.

對於蔚來技術平台1.0的產品，我們相信他們還是很有競爭力的，我們會繼續在市場上銷售這些產品。關於我們2022年要交付的三款新產品，我們認為這不會影響升級速度，也不會影響蔚來技術平台1.0上產品的正常升級速度。

But just now, Stanley has also mentioned that we have taken a more prudent approach to shorten the depreciation and amortization period for the NIO Technology Platform 1.0. This also shows that in the future we are going to upgrade our products on the NT 1.0.

但剛才史丹利也提到，我們採取了更加審慎的方式來縮短蔚來技術平台1.0的折舊和攤銷期限。這也表明，未來我們將在 NT 1.0 上升級我們的產品。

I believe you have a very good question, and you made a very good comparison. Yes, if we just take the positioning of the NIO brand and the new mass market brand, a simple comparison is going to be more like the relationship between Audi and Volkswagen, and Lexus with Toyota. But this is more about the positioning of these two new brands. Of course, we're not going to enter the segment of Wuling Hongguang. We believe that they have already done a very good job in their specific segment. We would like to do something different and offer different products for the mass market. Basically, our thinking is that we would like to launch a product that can have a competitive pricing compared with Tesla's product, but have much better products and services.

我相信你有一個很好的問題，你做了一個很好的比較。是的，如果我們只把蔚來品牌和新大眾品牌定位，簡單的比較就會更像是奧迪和大眾、雷克薩斯和豐田的關係。但這更多是關於這兩個新品牌的定位。當然，我們不打算進入五菱宏光這一塊。我們相信他們已經在他們的特定領域做得很好。我們想做一些不同的事情，為大眾市場提供不同的產品。基本上，我們的想法是，我們希望推出一種產品，與特斯拉的產品相比，價格具有競爭力，但產品和服務要好得多。

Better, it's much better. Better. Much better service, much better products.

更好，它好多了。更好的。更好的服務，更好的產品。

(Interpreted) And have better products and much better services compared with Tesla.

（翻譯）和特斯拉相比有更好的產品和更好的服務。

Thank you very much. Very helpful. Thank you.

非常感謝。非常有幫助。謝謝你。

Thank you so much. And your next question comes from the line of Jeff Chung from Citi. Jeff your line is now open.

太感謝了。您的下一個問題來自花旗銀行的 Jeff Chung。傑夫，您的線路現已開通。

Hi, hello William and Steven. Great results. I have three questions. One is about the ET7. If this price is being set above RMB400,000, can we say that the GP margin should be much higher than the current level, let's say around 30-35% level of GP margin which is a potential.

嗨，你好威廉和史蒂文。偉大的結果。我有三個問題。一是關於ET7。如果這個價格定在40萬元以上，是不是說GP利潤率應該比現在高很多，比如說30-35%左右的GP利潤率水平是有潛力的。

And secondly, it is about the export margin, so let's say if the scale reaches like 2000 to 3000 units a month, can we say that that is GP margin accretive because we heard that exports to overseas ASP could be much higher. Could you give us a little bit of color or do you think the export margins with be similar than the China domestic?

其次，關於出口利潤率，如果規模達到每月2000到3000台，我們可以說這是GP利潤率增長，因為我們聽說出口到海外的ASP可能會高得多。您能給我們一點顏色嗎？或者您認為出口利潤率與中國國內相似嗎？

That is the first area, and the second question is about the D&A as you just mentioned it is going to accelerate into the second half of the year. I just heard you said that that equivalent to the cost per car to increase by about three percent, right? Can I clarify this a little bit? Will this be mainly reflected in the GP margin or the EBIT margin.

這是第一個領域，第二個問題是關於 D&A，正如你剛才提到的，它將加速到今年下半年。我剛才聽你說那相當於每輛車的成本增加百分之三左右，對吧？我可以稍微澄清一下嗎？這將主要體現在 GP 利潤率還是 EBIT 利潤率上。

And finally, it's about the R&D and SG&A. Previously we expected this year's R&D to be around RMB5.2 billion; SG&A around -- about RMB6 billion. Going forward in the 2022, do you see that there could be still a potential that this cost should be increasing faster than our revenue growth? And when do you think this cost growth will be slower than our revenue growth? Will is start from 2023 or 2024? That's my three questions, thank you.

最後，是關於研發和 SG&A。此前我們預計今年的研發在52億元左右； SG&A 左右——約 60 億元人民幣。展望 2022 年，您是否認為該成本的增長速度仍有可能超過我們的收入增長？您認為這種成本增長何時會慢於我們的收入增長？請問是從2023年還是2024年開始？這是我的三個問題，謝謝。

(Interpreted) Thank you for your question, Jeff. Overall speaking for the gross margin target previously I have also mentioned that on the NIO Technology Platform 2.0, the vehicle gross margin target should be at the level of 25%.

（翻譯）謝謝你的問題，傑夫。總體來說毛利率目標我之前也提到過，在蔚來技術平台2.0上，整車毛利率目標應該在25%的水平。

From the current data we gathered, it seems that the ET7 should be able to reach this target. But the actual vehicle gross margin of ET7 will need to be validated until the mass production and the delivery of ET7 to our users.

從我們目前收集到的數據來看，ET7似乎應該能夠達到這個目標。但是ET7的實際車輛毛利率需要在量產和ET7交付給我們的用戶之前進行驗證。

So, for the other products or for the product on the NIO Technology Platform 2.0, including ET7, it will probably meet the 25% vehicle gross margin level. This is the overall target for us. For the other margins, just like I explained that we have AD as a service and NIO life, battery as a Service, upgrade and the swapping services, all these are included in the other margins. So, this will also contribute to the improvement of other margins.

所以，對於其他產品或者蔚來技術平台2.0上的產品，包括ET7，大概會達到25%的整車毛利率水平。這是我們的總體目標。對於其他利潤，就像我解釋的那樣，我們有 AD 即服務和 NIO 壽命、電池即服務、升級和交換服務，所有這些都包含在其他利潤中。因此，這也將有助於提高其他利潤率。

For the export business, our current strategy is that we would like to have a global pricing. But for the specific of pricing in different markets, it will vary a little bit, considering the tax and the tariffs in different countries.

對於出口業務，我們目前的策略是我們希望有一個全球定價。但是對於不同市場的具體定價，考慮到不同國家的稅收和關稅，它會有所不同。

Yes. We accelerated our depreciation and amortization for the fixed assets for NT 1 products. That will be booked in the cost per vehicle. So, gross profit margin, starting from Q3, will decrease by 2%, as I mentioned in prior questions, yes.

是的。我們加快了新台幣 1 產品固定資產的折舊和攤銷。這將在每輛車的成本中預訂。因此，從第三季度開始，毛利率將下降 2%，正如我在之前的問題中提到的，是的。

Okay. Also, Jeff, with regard to expense ratio, we believe from now on the next 12 months is a very decisive window for us to accelerate our product development and our service and the charging infrastructure deployment. However, from the second half of 2022, our economy of scale will gradually manifest and our expense ratio will start to decline again.

好的。此外，傑夫，關於費用率，我們認為從現在開始，未來 12 個月是我們加速產品開發、服務和充電基礎設施部署的一個非常決定性的窗口。但是，從2022年下半年開始，我們的規模經濟將逐漸顯現，我們的費用率將再次開始下降。

Okay. Thank you. Thank you, Steven, thank you, William.

好的。謝謝你。謝謝你，史蒂文，謝謝你，威廉。

Operator: Thank you so much. There are no further questions. Now, I'd like to turn the call back over to the Company for closing remarks.

接線員：非常感謝。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. If you have further questions, please feel free to contact NIO, the Investor Relations team, through the contact information provided on our website. This concludes the conference call. You may now disconnect your line. Thank you.

再次感謝您今天加入我們。如果您還有其他問題，請隨時通過我們網站上提供的聯繫信息與 NIO 投資者關係團隊聯繫。電話會議到此結束。您現在可以斷開您的線路。謝謝你。

Thank you.

謝謝你。

Operator: That does conclude our conference for today. Thank you for participating. You may all now disconnect.

接線員：今天的會議到此結束。感謝您的參與。你們現在都可以斷開連接了。