蔚來 (NIO) 2021 Q1 法說會逐字稿

Hello ladies and gentlemen. Thank you for standing by for NIO Incorporated's First Quarter 2021 Earnings Conference call. At this time, all participants are in a listen only mode. Today's conference call is being recorded. I will now turn the call over to your host, Ms. Eve Tang from Capital Markets and Investor Relations. Please go ahead Eve.

你好女士們先生們。感謝您參與 NIO Incorporated 2021 年第一季度收益電話會議。此時，所有參與者都處於只聽模式。今天的電話會議正在錄音中。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。請繼續前夕。

Good morning and good evening everyone. Welcome to NIO's First 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. On today's call we have Mr. William Li, Founder and Chairman of the Board and the Chief Executive Officer, Mr. Steven Feng, Chief Financial Officer, Mr. Stanley Qu, VP for Finance and Ms. Jade Wei, AVP of Capital Markets and Investor Relations.

大家早上好，晚上好。歡迎來到蔚來汽車 2021 年第一季度收益電話會議。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。在今天的電話會議上，我們有創始人兼董事長兼首席執行官 William Li 先生、首席財務官 Steven Feng 先生、財務副總裁 Stanley Qu 先生和資本市場副總裁 Jade Wei 女士和投資者關係。

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 1995. Forward looking statements involve inherent risks and uncertainty. As such, the Company's actual results may be materially different from the views expressed today. Further information regarding risk and uncertainties is included in certain filings of the Company with the US Securities and Exchange Commission.

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。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 the applicable law. Please also note that NIO's earnings press release under this conference call include discussions of unaudited GAAP financial information as well as unaudited non-GAAP financial measures. Please refer to NIO's press release which contains a reconciliation of the unaudited non-GAAP measures to comparable GAAP measures. With that, I will now turn the call over to our CEO, Mr. William Li. William, please go ahead.

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。另請注意，NIO 在本次電話會議下發布的收益新聞稿包括對未經審計的 GAAP 財務信息以及未經審計的非 GAAP 財務指標的討論。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。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 2021 Q1 Earnings Call. In the first quarter of the 2021, NIO delivered 20,060 ES8s, ES6s and EC6s, representing a strong year over year growth of 422.7% and a solid quarter over quarter growth of 15.6%. All three models have achieved outstanding results in their respective segments, especially EC6. With its comprehensive performance, streamlined silhouette and a superior digital experience, EC6 has outperformed other peers in the coupe SUV segment and has been well received among users, especially among the younger audience.

（解釋）。大家好。感謝您參加蔚來汽車 2021 年第一季度財報電話會議。 2021年第一季度，蔚來交付了20060輛ES8、ES6和EC6，同比強勁增長422.7%，環比穩健增長15.6%。這三款車型在各自的細分市場，尤其是EC6，都取得了優異的成績。 EC6憑藉其綜合性能、流線型輪廓和卓越的數字體驗，在轎跑SUV領域的表現優於其他同行，受到用戶尤其是年輕受眾的好評。

On 7 April 2021 our 100,000th production vehicle was rolled off the line. It took NIO 26 months to roll off the first 50,000 vehicles, but only nine months for the second 50,000. Together with our users you have set a new speed record from delivering the first vehicle to the 100,000th vehicle among the premium auto brand. Driven by the growing brand awareness, competitive product portfolio, industry leading technology, outstanding services and innovative business models, NIO has gained increasing recognition and support from our users.

2021 年 4 月 7 日，我們的第 100,000 輛量產車下線。蔚來用了 26 個月的時間推出了前 50,000 輛汽車，而後 50,000 輛僅用了 9 個月。您與我們的用戶一起創造了從交付第一輛汽車到第 100,000 輛高檔汽車品牌的新速度記錄。在不斷增長的品牌知名度、競爭性產品組合、行業領先的技術、卓越的服務和創新的商業模式的推動下，蔚來汽車獲得了越來越多用戶的認可和支持。

Our auto momentum remains solid while the risk of the global chip shortage still looms large in the second quarter. Despite the challenges,

我們的汽車動力依然強勁，而第二季度全球芯片短缺的風險仍然很大。儘管面臨挑戰，

we expect to deliver [21,000] (corrected by company after the call) to 22,000 vehicles in the second quarter.

我們預計第二季度將交付 [21,000]（由公司在電話會議後更正）至 22,000 輛汽車。

In terms of the gross margin, benefited from higher deliveries and a solid average selling price, our vehicle gross margin reached the 21.2%, while the overall gross margin increased to 19.5% in the first quarter.

毛利率方面，受益於較高的交付量和穩健的平均售價，我們的汽車毛利率達到 21.2%，而第一季度整體毛利率上升至 19.5%。

On top of the positive operating cashflow for the full year of 2020, we have continued to realize positive cashflow from operating activities in the first quarter of 2021. Whilst steadily improving operating efficiency and overall system efficiency, we remain committed to doubling down our investments in research and development and stay determined to accelerate the deployment of our swapping and charging network and offline service channels.

在 2020 年全年經營現金流為正的基礎上，我們在 2021 年第一季度的經營活動中繼續實現正現金流。在穩步提高經營效率和整體系統效率的同時，我們仍致力於加倍投資研發並堅定不移地加快部署我們的交換和充電網絡和線下服務渠道。

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

接下來，我想與大家分享一下公司近期的一些主要經營亮點。

After the launch of ET7, our first flagship smart electric sedan, at the NIO Day. It has attracted great attention from the market and the industry. Our teams are fully focused on and devoted to the protection and testing of ET7. On April 2, the first body-in-white of ET7 rolled off the production line in Hefei Manufacturing Centre. On April 19, the interior of ET7 was unveiled at the Shanghai Auto Show, showcasing its second living room design concept, which has been well received by the media and the public.

繼蔚來汽車日發布首款旗艦智能電動轎車ET7之後。引起了市場和業界的高度關注。我們的團隊完全專注於並致力於 ET7 的保護和測試。 4月2日，ET7首款白車身在合肥製造中心下線。 4月19日，ET7內飾在上海車展上亮相，展現了它的第二客廳設計理念，受到了媒體和公眾的一致好評。

On April 15, we kicked off the deployment of the Power Swap Station 2.0. The second-generation Power Swap Station can significantly boost its service capacity to up to 312 swaps per day by shortening the battery swapping time and carrying up to 13 battery packs. To further improve the swapping experience, we upgraded and optimized our NIO Pilot based on the Power Swap Station 2.0 in NIO OS 2.10, which was released to users in April, to achieve an automatic one-click park-and-swap experience without getting off the car throughout the whole swapping process.

4 月 15 日，我們開始部署 Power Swap Station 2.0。第二代換電站通過縮短換電時間，最多可搭載13個電池組，將服務能力大幅提升至每天312次換電。為進一步提升換車體驗，我們基於4月發布給用戶的NIO OS 2.10中的Power Swap Station 2.0升級優化了NIO Pilot，實現了不下車自動一鍵換車體驗整個換車過程中的汽車。

All NIO users can enjoy this feature once they have updated their vehicle operating system. As an organic part of NIO's holistic charging and swapping network. The Power Swap Station 2.0 will be gradually deployed nationwide in China.

所有 NIO 用戶在更新車輛操作系統後都可以享受此功能。作為蔚來整體充電和交換網絡的有機組成部分。換電站2.0將逐步在全國范圍內部署。

NIO has created an innovative battery subscription model based on vehicle battery separation and chargeable, swappable and upgradeable battery. As more users get to know better about the benefits of battery-as-a-service, or BaaS, and more battery pack options become available, BaaS has gained increasing popularity. We believe BaaS and NIO's growing charging and swapping network will further elevate the user experience of owning an electric vehicle and attract more users to choose electric vehicles.

蔚來基於車輛電池分離和可充電、可更換和可升級的電池，創造了一種創新的電池訂閱模式。隨著越來越多的用戶更好地了解電池即服務或 BaaS 的好處，以及更多可用的電池組選項，BaaS 越來越受歡迎。我們相信 BaaS 和蔚來不斷發展的充電和交換網絡將進一步提升用戶擁有電動汽車的體驗，並吸引更多用戶選擇電動汽車。

In addition, since its launch, the 100 kilowatt hour battery pack has been widely welcomed by our users, with a much higher take rate than we expected. As of April 16, more than 10,000 users have been using the 100 kilowatt hour battery pack. On April 18, we have also officially made the flexible upgrade to 100 kilowatt hour battery pack available for reservation and will offer this upgrade service to users starting from June.

此外，100千瓦時電池組自推出以來，受到了廣大用戶的廣泛歡迎，使用率遠高於我們的預期。截至 4 月 16 日，已有 10,000 多名用戶在使用 100 千瓦時電池組。 4月18日，我們也正式開放了100度電電池組的靈活升級預約，並將於6月起為用戶提供此項升級服務。

In terms of production capacity, at late March and early April, due to the semiconductor supply shortfall, JAC-NIO factory halted the production for 5 working days, which has posed a certain negative impact over production and delivery in April. In the second quarter, we expect the challenges to the overall supply chain production capacity will continue to linger. In spite of the volatile macro environment, we are working closely and diligently with our partners to secure supply chain resources. During the production suspension period and holidays, our partners and us have modified our production lines to prepare for the mass production of the ET7.

產能方面，3月下旬和4月上旬，由於半導體供應短缺，江淮蔚來工廠停產5個工作日，對4月的生產和交付造成一定的負面影響。第二季度，我們預計整體供應鏈產能的挑戰將持續存在。儘管宏觀環境動盪不安，我們仍與合作夥伴密切合作，以確保供應鏈資源。在停產和節假日期間，我們和合作夥伴對生產線進行了改造，為ET7的量產做準備。

Not long ago, NIO signed further collaboration framework agreement with the Hefei government and announced to jointly build the Neo Park, a smart electric vehicle industrial park in Xinqiao. On April 29, 2021, NIO participated in the kick-off ceremony of the Neo Park and organized the NIO Partner Conference 2021 in Hefei. NIO strives to collaborate with partners in talent attraction and cultivation, research and development, supply chain and manufacturing, to facilitate the development of the smart electric vehicle industry in Hefei.

不久前，蔚來與合肥市政府簽署進一步合作框架協議，宣佈在新橋共建智能電動汽車產業園Neo Park。 2021年4月29日，蔚來參加Neo Park啟動儀式，並在合肥舉辦了2021蔚來合作夥伴大會。蔚來汽車致力於與合作夥伴在人才引進培養、研發、供應鏈、製造等方面展開合作，助力合肥智能電動汽車產業發展。

To further support the production of NIO's future models, together with our partners, we will plan and build a new factory in Neo Park. We are in discussion with our partners about the detailed execution plans and the cooperation model and will share more information at an appropriate time.

為進一步支持蔚來未來車型的生產，我們將與合作夥伴一起，在Neo Park規劃建設新工廠。我們正在與合作夥伴討論詳細的執行計劃和合作模式，並將在適當的時候分享更多信息。

With regards to the sales and service network, we now have 23 NIO houses and 211 NIO spaces, covering 123 cities in China. We'll continue to strengthen the building of NIO houses and NIO spaces to further expand the sales network coverage, improve operational efficiency and enhance brand influence.

在銷售和服務網絡方面，我們目前擁有23家蔚來汽車房屋和211個蔚來車位，覆蓋中國123個城市。我們將繼續加強蔚來房屋和蔚來空間的建設，進一步擴大銷售網絡覆蓋範圍，提高運營效率，提升品牌影響力。

NIO has built 206 swap stations in 77 cities. We have gradually started with the deployment of power swap stations 2.0. We aim to have at least 500 battery swap stations in operation by the end of this year. At the same time, we will ramp up the availability of the power chargers, our supercharging piles, and the destination chargers. Up until now we have deployed over 146 power charger stations and 1,826 destination chargers, and plan to increase to 600 and 15,000 respectively by the end of 2021.

蔚來已在 77 個城市建設了 206 個交換站。我們已逐步開始部署換電站 2.0。我們的目標是到今年年底至少有 500 個電池更換站投入運營。同時，我們將增加充電樁、超級充電樁和目的地充電樁的可用性。到目前為止，我們已經部署了超過 146 個充電站和 1,826 個目的地充電器，併計劃到 2021 年底分別增加到 600 個和 15,000 個。

On April 15, NIO signed a strategic cooperation agreement with Sinopec to work together on building battery charging and swapping infrastructure. This strategic collaboration will enhance efficiency of site collection for NIO's charging and swapping facilities, better users' experience of owning a EV and help convert more gasoline car users to EVs.

4月15日，蔚來與中國石化簽署戰略合作協議，共同打造充換電基礎設施。此次戰略合作將提升蔚來充換電設施的現場採集效率，提升用戶擁有電動汽車的體驗，助力更多汽油車用戶轉用電動汽車。

In the meantime, to provide users in the Northern China regions better and more convenient charging and swapping services, we announced the Power North Plan at this year's Shanghai Auto Show. In the next 3 years, in the 8 northern provinces and autonomous regions, we plan to deploy 100 Power Swap stations, 120 Power Mobiles, 500 Power Charger stations with over 2,000 power chargers, and 10,000 destination chargers. We believe that the Power North Plan will significantly improve the electric vehicle usage experiences for users in the north, and to further catalyze the adoption of smart electric vehicles in those areas.

同時，為了給華北地區的用戶提供更好、更便捷的充換電服務，我們在今年的上海車展上公佈了北電計劃。未來3年，我們計劃在北方8個省區市部署100個換電站、120個Power Mobile、500個充電站，超過2000個充電樁、10000個目的地充電樁。我們相信，北電計劃將顯著改善北方用戶的電動汽車使用體驗，並進一步促進智能電動汽車在這些地區的普及。

Up to now we have 33 new service centres and 162 authorized service centres in operation. Coupled with continuously improving operational efficiency, we will keep expanding our after-sales service network and further improve the service operation systems.

截至目前，我們有33個新服務中心和162個授權服務中心投入運營。在不斷提高運營效率的同時，我們將不斷擴大售後服務網絡，進一步完善服務運營體系。

As a user enterprise, the trust and the support of our users has always been our most treasured resources and the driving force of our growth. At the just-concluded Shanghai Auto Show, 180 user volunteers from different cities came to our booth to introduce the concept, product, technology and service of NIO to others. 15 NIO users collaborated with experts from various industries to jointly host 14 sessions of Seeds talk to discuss how to shape a joyful lifestyle with smart technologies. Many users displayed their original artworks at the NIO user museum at our Auto Show booth through which they shared the joyful lifestyle NIO advocates and shapes.

作為用戶企業，用戶的信任和支持一直是我們最寶貴的資源，也是我們成長的動力。在剛剛結束的上海車展上，來自不同城市的180名用戶志願者來到我們的展台，向大家介紹蔚來的理念、產品、技術和服務。 15位蔚來用戶聯合各行各業的專家，共同舉辦14場種子講座，探討如何用智能技術塑造快樂生活方式。許多用戶在我們車展展台的蔚來用戶博物館展示了他們的原創作品，他們通過這些作品分享了蔚來倡導的快樂生活方式和形狀。

With the support from our users and the efforts of our teams in 2020, NIO has stepped onto the right track for the overall operations and has embarked onto the stage of accelerated development. The year of 2021 is of key importance for NIO's development. We will further improve the establishment of power cells and service networks to enhance NIO's brand reputation and provide the best holistic experience to NIO users. More importantly, we'll continue our decisive and efficient investment in new product and technology research and development, to solidify the foundation for NIO's long-term growth.

2020年，在廣大用戶的支持和團隊的努力下，蔚來整體運營走上了正軌，進入了加速發展的階段。 2021年是蔚來發展的關鍵之年。我們將進一步完善動力電池和服務網絡的建設，提升蔚來的品牌知名度，為蔚來用戶提供最佳的整體體驗。更重要的是，我們將繼續在新產品和技術研發上進行果斷高效的投入，為蔚來汽車的長期發展奠定基礎。

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 first quarter 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.

謝謝你威廉。我現在將回顧我們 2021 年第一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布的新聞稿，該新聞稿已在線發布以獲取更多詳細信息。

Our total revenues in the first quarter were RMB7.98 billion, or USD1.22 billion, representing an increase of 481.8% year over year, and an increase of 20.2% quarter over quarter.

一季度總收入為人民幣79.8億元，合12.2億美元，同比增長481.8%，環比增長20.2%。

Our total revenues are made of two parts, vehicle sales and other sales. Vehicle sales in the first quarter were RMB7.41 billion, or USD1.13 billion, accounting for 93% of total revenues in this quarter. It represented an increase of 489.8% year over year, and an increase of 20% quarter over quarter.

我們的總收入由兩部分組成，汽車銷售和其他銷售。一季度汽車銷售額為人民幣74.1億元，合11.3億美元，佔本季度總收入的93%。同比增長489.8%，環比增長20%。

The increase in vehicle sales year over year was mainly attributed to higher deliveries achieved from more product mix offered to our users, the expansion of our sales network since 2020 and the slowdown of vehicle sales in the first quarter of 2020 due to COVID-19 pandemic in China. The increase in vehicle sales quarter over quarter was mainly due to higher deliveries and higher average selling price.

汽車銷量同比增長的主要原因是向用戶提供的更多產品組合實現了更高的交付量、自 2020 年以來我們的銷售網絡擴大以及由於 COVID-19 大流行導致 2020 年第一季度汽車銷售放緩在中國。汽車銷量環比增長主要是由於更高的交付量和更高的平均售價。

Other sales in the first quarter were RMB576.5 million, or USD88 million, representing an increase of 395.3% year over year, and an increase of 23.4% quarter over quarter. The increase in other sales year over year was in line with the incremental vehicle sales in the first quarter of 2021.

一季度其他銷售額為5.765億元人民幣，折合8800萬美元，同比增長395.3%，環比增長23.4%。其他銷量同比增長與 2021 年第一季度汽車銷量增長一致。

The increase in other sales quarter over quarter was mainly due to the increased revenues derived from 100 kilowatt/hour battery permanent upgrade service provided since December 2020, partially offset by sales of automotive regulatory credits in the fourth quarter of 2020.

其他銷售季度環比增長主要是由於自2020年12月以來提供的100千瓦/小時電池永久升級服務帶來的收入增加，部分被2020年第四季度汽車監管信貸的銷售所抵消。

Cost of sales in the first quarter was RMB6.43 billion, or USD0.98 billion, representing an increase of 317.5% year over year, and an increase of 16.9% quarter over quarter. The increase in cost of sales was in line with revenue growth, which was mainly driven by the increase of vehicle delivery volume in the first quarter of 2021.

一季度銷售成本為人民幣64.3億元，折合9.8億美元，同比增長317.5%，環比增長16.9%。銷售成本增加與收入增長一致，主要受2021年第一季度車輛交付量增加推動。

Gross profit in the first quarter was RMB1.55 billion, or USD0.24 billion, representing an increase of RMB1.72 billion from a gross loss of RMB0.17 billion in the same quarter of 2020, and an increase of 36.2% from the fourth quarter of 2020. The increase in gross profit was mainly contributed by increased vehicle sales and increased vehicle margin.

一季度毛利潤為15.5億元人民幣，折合2.4億美元，較2020年同期毛虧損1.7億元人民幣增加17.2億元人民幣，較2020年同期增長36.2%。 2020年第四季度，毛利增長主要是汽車銷量增加和汽車利潤率提高所致。

Gross margin in the first quarter was 19.5%, compared with negative 12.2% in the same quarter of 2020 and 17.2% in the fourth quarter of 2020. The increase of gross margin was mainly driven by the increase of vehicle margin in the first quarter of 2021.

一季度毛利率為19.5%，2020年同期為負12.2%，2020年四季度為17.2%。 2021 年。

More specifically, vehicle margin in the first quarter was 21.2%, compared with negative 7.4% in the same quarter of 2020 and 17.2% in the fourth quarter of 2020. The increase of the vehicle margin year over year was mainly driven by the increase of vehicle delivery volumes, higher average selling price, as well as lower material cost. The increase of vehicle margin quarter over quarter was mainly attributed to higher take-rate of NIO Pilot and 100 kilowatt/hour battery pack.

具體來說，一季度汽車利潤率為21.2%，而2020年同期為負7.4%，2020年第四季度為17.2%。車輛交付量，較高的平均售價以及較低的材料成本。車輛利潤率環比增長主要得益於 NIO Pilot 和 100 千瓦時電池組的較高使用率。

R&D expenses in the first quarter were RMB686.5 million, or USD104.8 million, representing an increase of 31.4% year over year and a decrease of 17.2% quarter over quarter.

一季度研發費用為人民幣6.865億元，合1.048億美元，同比增長31.4%，環比下降17.2%。

The increase of R&D expenses year over year was mainly attributed to less R&D research and development activities in the first quarter of 2020, due to COVID-19 pandemic in China. The decrease in R&D expenses quarter over quarter reflected fluctuations due to different design and development stages of new products and core technologies.

研發費用同比增加的主要原因是由於中國 COVID-19 大流行，2020 年第一季度研發活動減少。研發費用環比下降反映了新產品和核心技術設計開發階段不同造成的波動。

SG&A expenses in the first quarter were at RMB1.2 billion, or USD0.18 billion, representing an increase of 41.1% year over year and a decrease of 0.8% quarter over quarter.

一季度SG&A費用為12億元人民幣，折合1.8億美元，同比增長41.1%，環比下降0.8%。

The increase in SG&A expenses year over year was primarily due to the increase in marketing activities as well as increased number of employees in sales and service functions in the first quarter of 2021. SG&A expenses remain relatively stable, compared to the fourth quarter of 2020.

SG&A 費用同比增長主要是由於 2021 年第一季度營銷活動的增加以及銷售和服務部門員工人數的增加。與 2020 年第四季度相比，SG&A 費用保持相對穩定。

Loss from operations in the first quarter was RMB295.9 million, or USD45.2 million, representing a decrease of 81.2% year over year and a decrease of 68.2% quarter over quarter.

一季度經營虧損為人民幣2.959億元或4520萬美元，同比下降81.2%，環比下降68.2%。

Share-based compensation expenses in the first quarter were [RMB96.5] (corrected by company after the call) million, or USD14.7 million, representing an increase of 198.1% year over year, and an increase of 60.3% quarter over quarter. The increase in share-based compensation expenses was primarily attributed to incremental options granted to relatively higher grant date fair values during the period.

第一季度股權激勵費用為[RMB96.5]（由公司在電話會議後修正）百萬，或1470萬美元，同比增長198.1%，環比增長60.3% .股權激勵費用的增加主要是由於期內授予相對較高的授予日公允價值的增量期權。

Net loss in the first quarter was RMB451 million, or USD68.8 million, representing a decrease of 73.3% year over year and a decrease of 67.5% quarter over quarter.

一季度淨虧損為人民幣4.51億元或6880萬美元，同比下降73.3%，環比下降67.5%。

Net loss attributable to NIO's ordinary shareholders in the first quarter was RMB4.88 billion, or USD0.74 billion, representing an increase of 183% year over year, and an increase of 226.7% quarter over quarter.

一季度歸屬於蔚來普通股股東的淨虧損為人民幣48.8億元或7.4億美元，同比增長183%，環比增長226.7%。

In the first quarter of 2021, NIO purchased 3.305% equity interest in NIO China from the minority strategic investors and recorded an amount of RMB4.4 billion, or USD0.67 billion in accretion on redeemable non-controlling interests to redemption value.

2021年第一季度，蔚來從少數戰略投資者手中購買了蔚來中國3.305%的股權，並錄得44億元人民幣或6.7億美元的可贖回非控股權益增加贖回價值。

Excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value, non-GAAP adjusted net loss attributable to NIO's ordinary shareholders was RMB354.5 million, or USD54.1 million in the first quarter of 2021.

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，2021年第一季度非公認會計原則調整後蔚來汽車普通股股東應占淨虧損為人民幣3.545億元，即5410萬美元。

Basic and diluted net loss per ADS in the first quarter were both RMB3.14, or USD0.48 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 RMB0.23, or USD0.04 per ADS.

第一季度每股美國存託憑證的基本和攤薄淨虧損均為人民幣 3.14 元，或每股美國存託憑證 0.48 美元。剔除股權激勵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 0.23 元，或每股美國存託憑證 0.04 美元。

Our balance of cash and cash equivalents, restricted cash and short-term investment was RMB47.5 billion, or USD7.3 billion as of March 31, 2021. Additionally, we achieved positive cash flow from operating activities for the first quarter of 2021.

截至 2021 年 3 月 31 日，我們的現金及現金等價物、限制性現金和短期投資餘額為 475 億元人民幣或 73 億美元。此外，我們在 2021 年第一季度實現了經營活動產生的正現金流。

Now, for our business outlook. As William mentioned, for the second quarter of 2021, the Company expects deliveries to be between 21,000 and 22,000 vehicles, representing an increase of approximately 103% to 113% from the same quarter of 2020, and an increase of approximately 5% to 10% from the first quarter of 2021.

現在，對於我們的業務前景。正如威廉所說，公司預計 2021 年第二季度交付量在 21,000 至 22,000 輛之間，較 2020 年同期增長約 103% 至 113%，增長約 5% 至 10%從 2021 年第一季度開始。

The Company also expects the total revenues of the second quarter 2021 to be between RMB8.15 billion and RMB8.50 billion, or between USD1.24 billion and USD1.30 billion. This would represent an increase of approximately 119% to 128.7% from the same quarter of 2020, and an increase of approximately 2.1% to 6.5% from the first quarter of 2021.

公司還預計 2021 年第二季度的總收入將在人民幣 81.5 億元至人民幣 85.0 億元之間，或在 12.4 億美元至 13.0 億美元之間。這將比 2020 年同一季度增長約 119% 至 128.7%，比 2021 年第一季度增長約 2.1% 至 6.5%。

This business outlook reflects the Company's current and the preliminary view on the business situation and the market condition, which is subject to change. Now, this concludes our prepared remarks. I will now turn the call over to the operator to facilitate our Q&A session.

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。現在，我們準備好的評論到此結束。我現在將把電話轉給接線員，以方便我們的問答環節。

(Operator Instructions) Our first question comes from the line of Nick Lai. Please ask your question.

（操作員說明）我們的第一個問題來自 Nick Lai。請提出你的問題。

Yes, good morning, William and Steven and management team. Congratulations for the great result. My simple two questions. The first one is on gross margin and the second one is really on chip shortage, a common question asked by many investors.

是的，早上好，威廉和史蒂文以及管理團隊。祝賀偉大的結果。我簡單的兩個問題。第一個是毛利率，第二個是芯片短缺，這是許多投資者普遍提出的問題。

Our gross margin indeed is a very good improvement from 4Q last year to 1Q this year. The vehicle margin increased from roughly 17% to 21%. Of that four-percentage-point improvement, I wonder if you could help us quantify a little bit the underlying driver? How much percentage driven by ASP, volume? On the flip side, raw material price, batteries and so on.

從去年的第四季度到今年的第一季度，我們的毛利率確實有很好的提升。車輛利潤率從大約 17% 增加到 21%。在這四個百分點的改進中，我想知道您是否可以幫助我們量化一點潛在的驅動因素？受平均售價和銷量驅動的百分比有多少？另一方面，原材料價格、電池等。

The second question on the chip shortage, it is a common issue and I know the visibility is very low, two to three months. At the same time, we did revise down slightly our 2Q sales volume guidance from previously William mentioned 7500 per month in 2Q and right now it's roughly about 21,000 to 22,000 in 2Q.

第二個關於芯片缺貨的問題，這是一個普遍的問題，我知道知名度很低，兩到三個月。同時，我們確實從之前威廉提到的第二季度每月 7500 輛和現在大約在第二季度的 21,000 到 22,000 輛的基礎上略微下調了我們的第二季度銷量指導。

On the chip shortage, do we have any visibility on the potential easing of supply? Would that happen hopefully in 3Q? (Spoken in Chinese).

在芯片短缺的問題上，我們是否對潛在的供應緩解有任何看法？這有望在第三季度發生嗎？ （用中文講）。

(Spoken in Chinese).

（用中文講）。

Hi, Nick, this is Stanley. Overall, our vehicle cost including BOM and also manufacture cost remains stable in Q1 2021. The increase of the vehicle margin is mainly driven by the increase of take-rate of 100 kilowatt battery pack and also the NIO Pilot.

嗨，尼克，我是斯坦利。總體而言，我們的整車成本（包括 BOM）和製造成本在 2021 年第一季度保持穩定。整車利潤率的增加主要是受 100 千瓦電池組使用率的提高以及 NIO Pilot 的推動。

Of which, 5000 is for the 100 kilowatt battery pack and 8000 is for the NIO Pilot take-rate. So, the overall 100 battery pack take-rate in Q1 is 25%. We think this trend will keep in the following quarters, so that is the general reason of why we achieved a higher gross profit margin in Q1. Okay, William.

其中，5000個用於100千瓦電池組，8000個用於NIO Pilot take-rate。因此，第一季度整體 100 個電池組的使用率為 25%。我們認為這一趨勢將在接下來的幾個季度保持，這就是我們在第一季度實現更高毛利率的一般原因。好的，威廉。

(interpreted) Overall speaking, the gross margin in the first quarter of 2021 is higher than our expectation. Just like Stanley mentioned, this is mainly driven by the higher take rates of some options like the 100-kilowatt-hour battery pack and the NIO Pilot. At the same time, the cost has also reduced to some extent. We believe the current gross margin around 20% is a very healthy situation for the Company's operations, because we don't actually cut the price and we believe this is quite comfortable for us.

（解讀）總體而言，2021年第一季度的毛利率高於我們的預期。就像斯坦利提到的那樣，這主要是由 100 千瓦時電池組和 NIO Pilot 等一些選項的較高使用率推動的。同時，成本也有所降低。我們認為目前 20% 左右的毛利率對公司的運營來說是一個非常健康的狀況，因為我們實際上並沒有降價，我們相信這對我們來說很舒服。

But at the same time, I would like to urge everyone to manage your expectations because this kind of rapid improvement of the gross margin will be quite challenging for us, but I believe there will still be room for improvement for the gross margin, but not at this big margin. So we should not be too optimistic about the gross margin improvement. I believe right now is quite good for us to reach 20% of the gross margin and is earlier than we expected, still our focus for the Company is the product and the service.

但同時我也希望大家管理好自己的預期，因為這種毛利率的快速提升對我們來說是相當具有挑戰性的，但我相信毛利率還是有提升的空間，但不是在這麼大的邊際。所以我們不應該對毛利率的改善過於樂觀。我相信現在達到 20% 的毛利率對我們來說是相當不錯的，而且比我們預期的要早，但我們對公司的關注仍然是產品和服務。

The second question is about the chip shortage. The current situation in the market is quite volatile and we have been tracking the chip supply every day. This has been a very severe issue for the whole industry supply chain, for example, the fire incident of one factory has caused delays several weeks for the chip shortage and we believe that negative impact is going to kick in around the middle of May. This is going to affect the whole industry supply chain. We believe these kind of incidents will happen from time to time, that is why we believe the challenge for the whole industry will still be quite big for the following quarters or months.

第二個問題是關於芯片短缺的問題。目前市場情況非常不穩定，我們每天都在跟踪芯片供應情況。這對整個行業供應鏈來說是一個非常嚴重的問題，例如，一家工廠的火災事件導致芯片短缺的延遲數週，我們認為負面影響將在 5 月中旬左右開始。這將影響整個行業供應鏈。我們相信這類事件會時有發生，這就是為什麼我們認為整個行業在接下來的幾個季度或幾個月內仍將面臨相當大的挑戰。

At the beginning of April and at the end of March, we suspended the production of our factory for five working days, which is going to impact of delivery and production in April. For the full quarter, we believe it will be possible but still quite challenging for us to achieve 7000 to 7500 production units. We are trying our best to secure the supply and to maintain the production speed. Of course we are quite confident but the challenge is still quite daunting. This is a common situation for the whole industry.

4月初和3月底，我們工廠停產了5個工作日，這將影響到4月份的交貨和生產。對於整個季度，我們相信實現 7000 到 7500 個生產單元是可能的，但對我們來說仍然相當具有挑戰性。我們正在盡最大努力確保供應並保持生產速度。當然，我們很有信心，但挑戰仍然相當艱鉅。這是整個行業的普遍情況。

The common understanding in the industry is the turning point will happen around the third quarter and the overall situation is going to improve around the fourth quarter, but some pessimistic, some also believe that probably the situation is going to continue into next year. Other supply chain partners have shown very strong support to the production of NIO. Yesterday we had our partner conference in Hefei, which was attended by hundreds of partners to show their support of NIO's production. We believe the situation is quite challenging, but overall speaking, our operation is relatively okay. Thank you Nick.

業內普遍認為，拐點將在三季度前後出現，整體情況將在四季度左右有所好轉，但也有人悲觀，也有人認為這種情況可能會持續到明年。其他供應鏈合作夥伴對蔚來的生產也表現出了非常強大的支持。昨天，我們在合肥召開了合作夥伴大會，數百名合作夥伴出席，表達了對蔚來生產的支持。我們認為情況非常具有挑戰性，但總體而言，我們的運營還算可以。謝謝你尼克。

Our next question comes from the line of Bin Wang from Credit Suisse. Please ask your question.

我們的下一個問題來自瑞士信貸的王斌。請提出你的問題。

Thank you so much. Actually, I have two questions. Number one is about, I found that you have an announcement about ESG. Can you elaborate what was the detail and why you host the an ESG, maybe for the first time. That is number one question - EGM, sorry. The second question is about the margin outlook. Actually I found out a few factors maybe impact the second quarter. One is the NIO Pilot attach rate. Second there was the penetration rate of 100-kilowatt-hour pack. Number three, I found that your offer a free interest rate on auto finance. Number four, maybe in a semiconductor pricing hike, because not just the supply but also the pricing also increase notably. Lastly is about the battery price. Can you provide guidance about the dilution about the margin and the other key parts movements? Thank you.

太感謝了。其實我有兩個問題。第一個是關於，我發現你有一個關於 ESG 的公告。您能否詳細說明一下具體內容以及您舉辦 ESG 的原因，也許是第一次。這是第一個問題——EGM，對不起。第二個問題是關於利潤率前景。實際上，我發現一些因素可能會影響第二季度。一是 NIO Pilot 附加率。其次是百千瓦時包的普及率。第三，我發現你們提供汽車金融的免費利率。第四，可能是半導體價格上漲，因為不僅供應量而且價格也顯著上漲。最後是關於電池價格。您能否提供有關利潤稀釋和其他關鍵部分變動的指導？謝謝你。

(interpreted) Thanks for your question. This morning we announced that we are going to organize an EGM. There are some important points in this EGM that we are going to discuss. The first one is we are going to increase the number of the directors in the Board. Right now our Board members are five people and we would like to increase this number because we want to improve the diversity and flexibility of the Board.

（翻譯）謝謝你的提問。今天早上，我們宣布我們將組織一次臨時股東大會。我們將在本次臨時股東大會上討論一些要點。第一個是我們將增加董事會中的董事人數。目前我們的董事會成員有五人，我們希望增加這個數字，因為我們希望提高董事會的多樣性和靈活性。

At the same time, another important matter is we would like to give the User Trust the right to nominate directors to the Board. But this is a nomination right, is not an appointment right, so the Board will still have the power to appoint the directors. At the IPO of the Company, I have transferred one third of my shares to establish this User Trust. The User Trust focus is on environmental protection, the industry subcommittees, social welfare and the user care. We believe it's quite important for us to allow the User Trust to participate in the decision-making process of the Company, which is a very important strategy for the Company. That is why we would like to propose this in the EGM.

同時，另一件重要的事情是我們希望授予用戶信託提名董事進入董事會的權利。但這是一種提名權，不是任命權，所以董事會仍然有權任命董事。在公司首次公開募股時，我已轉讓三分之一的股份以建立此用戶信託。用戶信任關注環保、行業委員會、社會公益和用戶關懷。我們認為讓用戶信任參與公司的決策過程對我們來說非常重要，這是公司非常重要的戰略。這就是我們想在臨時股東大會上提出這個建議的原因。

From this proposal, we believe it's going to be quite beneficial for the long-term development of the Company and is going to serve the best interests of our shareholders. This also showcases our mission and vision of building a user enterprise, which will also help us to deepen our relationship with the users for the long run.

從本次提案來看，我們認為這對公司的長遠發展十分有利，符合股東的最大利益。這也展示了我們建立用戶企業的使命和願景，這也將有助於我們長期深化與用戶的關係。

Hi Wang Bin. As explained by William in the prior questions, 20% gross profit margin is quite healthy at current stage for us, so we don't expect the margin will dramatically improve in this year like quarter on quarter in 2020. But the 100-kilowatt battery pack and also the NIO Pilot features are both well accepted by other users and we expect these two - these two like options will further bring the high profit margin for us. Yes, that's the general trends we want to explain to you. Okay.

你好王斌。正如威廉在之前的問題中所解釋的那樣，20% 的毛利率在現階段對我們來說是相當健康的，所以我們預計今年的毛利率不會像 2020 年的季度那樣大幅提高。但是 100 千瓦電池pack 和 NIO Pilot 功能都被其他用戶很好地接受了，我們預計這兩個 - 這兩個類似的選項將進一步為我們帶來高利潤率。是的，這就是我們要向您解釋的總體趨勢。好的。

(interpreted) Thank you. Next question.

（解釋）謝謝。下一個問題。

Our next question comes from the line of Tim Hsiao from Morgan Stanley. Please ask your question.

我們的下一個問題來自摩根士丹利的 Tim Hsiao。請提出你的問題。

Thanks for taking my questions and congratulations on the result. So two questions from my side. The first question is about competition because as you may notice, that a lot of traditional players launched their models during auto show this year.

感謝您提出我的問題並祝賀結果。所以我這邊有兩個問題。第一個問題是關於競爭的，因為你可能注意到，很多傳統玩家在今年的車展上推出了他們的車型。

So if we look at their product pricing, channel strategy, I think that they are quick learners and catching up rapidly. Meanwhile, several tech names and Smart Phone makers also announced their EV plans. So I think we may have shared a lot of initiatives during the call just now but what will really make NIO to be - stay differentiated in the following years? Are we going to change our pricing or product strategy in the mid- to long-term? So that's my first question.

因此，如果我們看一下他們的產品定價、渠道策略，我認為他們學習速度很快，追趕速度很快。與此同時，幾家科技公司和智能手機製造商也宣布了他們的電動汽車計劃。所以我認為我們可能在剛才的電話會議中分享了很多倡議，但真正讓蔚來汽車成為 - 在接下來的幾年裡保持差異化？我們是否會在中長期內改變我們的定價或產品策略？所以這是我的第一個問題。

Second question is about the launch of ET7 because William just mentioned, I think the supply dynamics stay tight and they might be challenging throughout the whole year. Considering the more backloaded second half, do we see any re-set of launch of ET7 might be delayed or facing any production bottleneck? Especially I think ET7 carries quite a lot of new hardware and software features. What - where could be the potential bottleneck in your view? So thank you.

第二個問題是關於 ET7 的推出，因為 William 剛才提到，我認為供應動態保持緊張，全年可能充滿挑戰。考慮到下半年更多的負載，我們是否認為 ET7 的重新發布可能會延遲或面臨任何生產瓶頸？尤其是我認為ET7帶有相當多的新硬件和軟件功能。什麼 - 您認為潛在的瓶頸在哪裡？所以謝謝。

(interpreted) In this year, Shanghai Auto Show, we have witnessed the vitality of China's smart EV industry. If you have ever visited the Shanghai Auto Show this year, you should have seen this by yourself. That is, we have a lot of innovations in the smart electric vehicle industry in China.

（解讀）今年的上海車展，我們見證了中國智能電動汽車產業的勃勃生機。如果你曾經參觀過今年的上海車展，你應該已經親眼目睹了。也就是說，我們在中國的智能電動汽車行業有很多創新。

In terms of the overall competitiveness, NIO is still quite confident in our specific market segment. In the premium market, we haven't seen any brand with these kinds of competitiveness yet in terms of the product, service, technology, user experience and user community.

從整體競爭力來看，蔚來對我們具體的細分市場還是比較有信心的。在高端市場，我們還沒有看到任何品牌在產品、服務、技術、用戶體驗和用戶社區等方面具有這種競爭力。

For the transitional brands, yes, there have been some highlights for their premium brands and premium products but still, I believe that they're still lagging behind in terms of the digital experience and the autonomous driving capabilities. So it will be quite important for them to be more decisive and determined to transform themselves into this new era of the smart electric vehicle.

對於過渡品牌來說，是的，他們的高端品牌和高端產品有一些亮點，但我認為他們在數字體驗和自動駕駛能力方面仍然落後。因此，對於他們來說，更加果斷和堅定地向智能電動汽車的新時代轉型將是非常重要的。

Of course there have been many domestic players following NIO in terms of the technology adoption, user community concept and the direct service to users. They have been moving very fast as followers but I believe it will be quite challenging and difficult for them to deal with a premium brand and they will face significant pressure in terms of their pricing.

當然，在技術採用、用戶社區理念以及對用戶的直接服務等方面，國內也有不少玩家在效仿蔚來。他們作為追隨者的步伐一直非常快，但我相信他們與高端品牌打交道將非常具有挑戰性和困難，他們將在定價方面面臨巨大壓力。

Of course, the auto market is not a winner takes all market but our focus at this moment is still in the premium market. In this market we can see that the EV still accounts a small share compared with that of the gasoline cars. Although in March the EV penetration has reached 10% but the majority of the vehicles in the market are still gasoline cars, so it means that we still have a lot of room and opportunities for growth.

當然，汽車市場並不是贏家通吃的市場，但我們目前的重點仍然是高端市場。在這個市場中，我們可以看到，與汽油車相比，電動汽車的份額仍然很小。雖然 3 月份電動汽車的滲透率已經達到 10%，但市場上的大部分車輛仍然是汽油車，這意味著我們仍有很大的增長空間和機會。

When it comes to the long-term differentiation, we believe that in the auto industry it is quite important that you should not have any very significant and obvious weaknesses. With our comprehensive competitiveness in product, technology, service, user operations and user community, we believe we can solidify our position in the market with all those strengths and stood out in the competition. This differentiator and competitiveness is going to continue to grow and stay strong in the long run. This is a marathon, this is not a sprint, so we are quite confident in our long-term competition.

談到長期差異化，我們認為在汽車行業中，你不應該有任何非常明顯和明顯的弱點是非常重要的。憑藉我們在產品、技術、服務、用戶運營和用戶社區方面的綜合競爭力，我們相信我們能夠憑藉這些優勢鞏固我們在市場上的地位，並在競爭中脫穎而出。從長遠來看，這種差異化和競爭力將繼續增長並保持強勁。這是一場馬拉松，這不是短跑，所以我們對自己的長期競爭相當有信心。

The second question is about the mass production of the ET7. ET7 will be the first product of our second-generation platform, new technology platform 2.0, so it means that this is not just about the production of ET7, it's actually about the mass production of the second-generation platform. We are the first in many aspects, for example, the advanced sensors, the computing power, SoC chipset and the other advanced technology applications. Some companies have launched their product with some kind of like 1.5 generation technology or transitional technology which is not going to be our strategy because we would like it to just leap forward to the next generation technology and achieve significant technology breakthroughs.

第二個問題是關於ET7的量產。 ET7將是我們第二代平台的第一款產品，新技術平台2.0，也就是說這不僅僅是ET7的量產，而是第二代平台的量產。我們在很多方面都是第一，例如先進的傳感器、計算能力、SoC芯片組和其他先進的技術應用。一些公司推出了類似 1.5 代技術或過渡技術的產品，這不會成為我們的戰略，因為我們希望它能夠跨越到下一代技術並實現重大技術突破。

Of course, with this kind of determination it's going to raise a lot of challenges for us. For example, we have pulled ahead the production schedule of many advanced technologies like the Lidar and the NVIDIA Orin SoC. This has put a lot of pressure on our teams and the partners, but we are still quite confident that we believe it is possible for us to launch ET7 according to schedule in the first quarter of next year. Our teams and our partners are fully focused on achieving this goal and pushing ahead despite all those challenges.

當然，這種決心會給我們帶來很多挑戰。例如，我們已經提前了許多先進技術的生產計劃，如激光雷達和 NVIDIA Orin SoC。這給我們的團隊和合作夥伴帶來了很大的壓力，但我們仍然非常有信心，我們相信我們有可能在明年第一季度按計劃推出ET7。儘管存在所有這些挑戰，我們的團隊和我們的合作夥伴都完全專注於實現這一目標並繼續前進。

Our objective is to make sure we can deliver the product according to our quality requirement and resolve the production bottlenecks so we can gradually ramp up the production and the delivery of our vehicles to the users. So, as the history tells us that NIO has a very strong capability to deliver one new product every year and our quality has already been proven that we are at the top. So that's why we are quite confident that we should be able to deliver ET7 according to the schedule with high quality.

我們的目標是確保我們能夠按照我們的質量要求交付產品並解決生產瓶頸，以便我們可以逐步提高產量並將車輛交付給用戶。所以，正如歷史告訴我們的那樣，蔚來有很強的能力每年推出一款新產品，我們的質量已經證明我們是一流的。所以這就是為什麼我們非常有信心我們應該能夠按照計劃高質量地交付 ET7。

Thank you Tim.

謝謝蒂姆。

Thank you very much, William and Jade.

非常感謝威廉和傑德。

Next question.

下一個問題。

Our next question comes from the line of Ming-Hsun Lee from BofA Securities. Please ask your question.

我們的下一個問題來自美國銀行證券的 Ming-Hsun Lee。請提出你的問題。

Thank you. Thank you William and the management team and congratulations for the good results. So my first question is regarding the details of the Neo Park. So from the announcement that we saw that Neo Park, ultimately it will reach one million units capacity.

謝謝你。謝謝威廉和管理團隊，並祝賀取得的好成績。所以我的第一個問題是關於新公園的細節。所以從我們看到Neo Park的公告來看，最終它的產能將達到100萬台。

So I want to understand that probably your near term plan for this Neo Park. Is one million capacity all for NIO or probably will have other EV companies and also for this Neo Park cooperation, will the current cooperation method continue? JAC build plant and hire laborers but NIO will purchase the equipment and mode et cetera. So that's my question.

所以我想了解您對這個 Neo Park 的近期計劃。 100萬產能是全部給蔚來還是可能會有其他EV公司和Neo Park的合作，現在的合作方式會繼續嗎？江淮汽車建造工廠並僱用工人，但蔚來汽車將購買設備和模式等。所以這就是我的問題。

The second question is regarding the battery form factors. So we are seeing more and more auto companies start to apply LFP battery to further control the cost, lower the selling price and to increase the penetration rate. From the recent media we also saw that NIO will probably consider to use LFP battery by the end of the year, so could you give us more update regarding the potential plan? Thank you William and management.

第二個問題是關於電池形狀因素。所以我們看到越來越多的車企開始應用磷酸鐵鋰電池來進一步控製成本，降低售價，提高滲透率。從最近的媒體中我們也看到蔚來可能會考慮在年底前使用LFP電池，那麼您能否給我們更多關於潛在計劃的更新？謝謝威廉和管理層。

(interpreted) Thank you for your question, Ming. Yesterday is quite important because Hefei Government has kicked off the building of the Neo Park but over here, I would like to emphasize the spelling of this park is N-E-O, it's not N-I-O. The Chinese name of this industrial park is xinqiao or the literal translation is new bridge. This bears the same name with the Hefei Airport. This is a very big park. It occupies a huge area. It is around 11.3 square kilometers.

（翻譯）謝謝你的提問，Ming。昨天很重要，因為合肥市政府已經啟動了新公園的建設，但是在這裡，我想強調一下這個公園的拼寫是N-E-O，而不是N-I-O。這個產業園的中文名字是新橋，直譯是新橋。這與合肥機場同名。這是一個很大的公園。它佔地很大。面積約11.3平方公里。

This industrial park will be a massive project, including manufacturing facilities, R&D and residential areas as well as culture areas. NIO is going to be a very important company in this park, but according to the planning of the Hefei Government, they will also have probably hundreds of other companies joining this NEO park.

這個工業園區將是一個巨大的項目，包括製造設施、研發和住宅區以及文化區。蔚來將會是這個園區裡非常重要的一家公司，但是按照合肥市政府的規劃，他們可能還會有數百家其他公司加入這個NEO園區。

For the planning of the Hefei Government regarding the Neo Park, NIO is not going to invest on the infrastructure building of the park. Hefei Government is going to make this investment but NIO is going to be a very important company using this park.

對於合肥市政府關於Neo Park的規劃，蔚來不會在園區基礎設施建設上投入資金。合肥政府將進行這項投資，但蔚來汽車將成為使用該園區的非常重要的公司。

Just now you asked about the capacity of the one million units and the 100 gigawatt hour, whether this is only for NIO or whether this is going to be available for other companies. Of course if NIO is going to develop in a very fast speed, then I believe that the Hefei Government is not going to make this matter very complicated for NIO and themselves.

剛才你問到100萬台和100吉瓦時的容量，是只給蔚來還是要給其他公司。當然，如果蔚來的發展速度非常快，那麼我相信合肥政府不會把這件事對蔚來和他們自己搞得很複雜。

Then it means that NIO should be able to use all the resources and the capacities and all the infrastructure built by the Hefei Government in the Neo Park. So, but this is the planning of the Neo Park which may be different from the actual execution in the future. We need to look at this step by step.

那麼這就意味著蔚來應該能夠利用合肥政府在Neo Park建設的所有資源、能力和所有基礎設施。所以，但這是新公園的規劃，未來可能與實際執行有所不同。我們需要一步一步來看待這個問題。

NIO is going to be a very important player in this Neo Park and this Neo Park is also going to contribute to the long term development of NIO because we believe if we can attract all the talent and consolidate all the resources in this Neo Park, it will be beneficial for NIO's development, just like what happened in Anting in our Shanghai headquarter.

NIO 將成為這個 Neo Park 的一個非常重要的參與者，這個 Neo Park 也將為 NIO 的長期發展做出貢獻，因為我們相信，如果我們能夠吸引所有的人才並整合這個 Neo Park 的所有資源，它將有利於蔚來的發展，就像我們上海總部安亭發生的事情一樣。

NIO was the first company or innovative company to build offices in the Shanghai headquarter in Anting and then many other companies followed suit to join in this office area in Anting. So we believe if we can consolidate all the resources together with other partners in this Neo Park, this is also going to help us to improve the operational efficiency, including our internal efficiency.

蔚來是第一家在上海總部安亭設立辦公室的公司或創新公司，隨後許多其他公司紛紛效仿，進入安亭辦公區。所以我們相信，如果我們能和其他合作夥伴一起整合這個Neo Park的所有資源，這也將有助於我們提高運營效率，包括我們的內部效率。

Because if you imagine that we have all the people working in the same place including our manufacturing teams, R&D teams and they are also living in the same place, this is going to help us to significantly improve the operational efficiency of the Company.

因為如果你想像我們所有人都在同一個地方工作，包括我們的製造團隊、研發團隊，他們也住在同一個地方，這將有助於我們顯著提高公司的運營效率。

The next important factor we should consider is the external operational efficiency. If, according to the current planning of the Neo Park, we will have the battery factory together with the vehicle factory, then it means that after we finish the production of the battery packs, we can ship directly to the vehicle factory in a very short distance.

我們應該考慮的下一個重要因素是外部運營效率。如果按照Neo Park目前的規劃，我們將電池廠和整車廠一起，那麼就意味著我們生產完電池組後，可以在很短的時間內直接發貨到整車廠。距離。

That's the same with the seat factory in the future. So it means that we can save significant logistic cost. For example, the battery logistic cost is around USD100 per battery pack. So imagine in the future the volume is going to be 100 -- is going to be one million units, then this is going to be a huge saving in terms of the logistic cost and this is also going to help us to improve the overall operational efficiency.

未來的座椅廠也是如此。這意味著我們可以節省大量的物流成本。例如，每個電池組的電池物流成本約為 100 美元。所以想像一下，未來的數量將是 100 - 將是 100 萬台，那麼這將在物流成本方面節省大量資金，這也將幫助我們改善整體運營效率。

When it come to the operation model of the, the cooperation model of the second factory, we will continue to focus on the manufacturing cooperation. It means that we will still focus on the manufacturing processes, technologies, the quality and the operations of the overall plant and we will invest in some dedicated equipment for NIO but we are not going to invest on building the actual factories.

至於二廠的運作模式，合作模式，我們會繼續以製造合作為主。這意味著我們仍將專注於整個工廠的製造工藝、技術、質量和運營，我們將為蔚來投資一些專用設備，但我們不會投資建設實際工廠。

In terms of the operators in the second factory, this will be managed by the joint venture between JAC and NIO. The name is Jianglai and this joint venture is going to be responsible for the overall operation and management of the operators in the plant.

二廠運營商方面，將由江淮汽車和蔚來汽車合資經營。名字叫江來，這家合資公司將負責工廠運營商的整體運營和管理。

The next question is about the LFP battery pack. Yes, many companies including Tesla are using the LFP battery pack. Of course there are some inherent advantages of the LFP battery pack. A very important one is the cost, but there are also some weaknesses and shortcomings with this technology or form factor.

下一個問題是關於 LFP 電池組。是的，包括特斯拉在內的許多公司都在使用 LFP 電池組。當然，LFP 電池組也有一些先天的優勢。一個非常重要的是成本，但這種技術或外形也存在一些弱點和缺點。

For example, the performance of the battery pack in low temperature, this is going to significantly affect the user experience, especially during the winter. If we can solve the performance bottleneck under low temperature, I believe it should be the right timing and the right choice for us to use LFP battery pack and form factor.

例如，電池組在低溫下的性能，這將顯著影響用戶體驗，尤其是在冬季。如果我們能夠解決低溫下的性能瓶頸，我相信使用LFP電池組和外形尺寸應該是正確的時機和正確的選擇。

Our next question comes from the line of Lei Wang from CICC. Please ask your question.

我們的下一個問題來自中金公司的王磊。請提出你的問題。

Good morning, this is Wang Lei speaking. I would say it is beyond our expectation to see the vehicle margin above 20% so definitely congratulations to the team. I think most of my questions have been probably answered. I only have one follow-up question regarding the collaborations with Sinopec Group on swap stations. So will Sinopec burden in some of the CapEx investment in the second generations of the stations or will Sinopec share some of the revenues as well? I'll translate my question. (Spoken in Chinese).

早上好，我是王雷。我想說的是，車輛利潤率超過 20% 超出了我們的預期，所以絕對祝賀團隊。我想我的大部分問題可能已經得到解答。關於與中石化集團在交換站的合作，我只有一個後續問題。那麼，中石化是否會承擔第二代加油站的部分資本支出投資，或者中石化也會分享部分收入？我會翻譯我的問題。 （用中文講）。

(interpreted) Thank you for your question. Of course in the future we're going to depend on the cooperation with Sinopec, but for now, our cooperation is quite simple, basically we utilize their sites and the location resources. In the gas stations, of course they will need to have service personnel, so we believe that this is also an opportunity for us to work together to share the service resources. But at this moment, we do not have any revenue sharing mechanisms between NIO and Sinopec.

（翻譯）謝謝你的提問。當然以後我們還是要靠和中石化的合作，但是現在我們的合作比較簡單，基本上就是利用他們的地盤和地段資源。在加油站，當然需要有服務人員，所以我們相信這也是我們共同合作共享服務資源的機會。但目前，蔚來和中石化之間沒有任何收益分成機制。

Thanks William.

謝謝威廉。

Our next question comes from the line of Edison Yu from Deutsche Bank. Please ask your question.

我們的下一個問題來自德意志銀行的 Edison Yu。請提出你的問題。

Thank you and congratulations on the quarter. Two questions from the competitive angle, sort of. First, coming out of the Shanghai Auto Show, obviously saw a lot of product, a lot of developments, has this influence or sped up your target about bringing in a mass market brand into the market, so a non-NIO brand? Is that effort been accelerated or any sort of change to those kind of plans for going forward?

謝謝並祝賀本季度。從競爭的角度來看，有兩個問題。首先，從上海車展出來，顯然看到了很多產品，很多發展，這種影響或加快了您將大眾市場品牌引入市場的目標，因此非蔚來品牌？這種努力是否得到了加速，或者對這些未來的計劃有任何改變？

Then second question, it seems like a lot of auto makers now are also potentially considering doing chips themselves. I think it's reported that NIO has considered doing that as well. What's your latest thinking on moving away from Nvidia and doing the chips yourselves as well, or designing the chips yourself? Thank you.

那麼第二個問題，現在看來很多汽車製造商也有可能考慮自己做芯片。我認為據報導，蔚來汽車也考慮過這樣做。關於離開 Nvidia 並自己做芯片，或者自己設計芯片，你的最新想法是什麼？謝謝你。

(interpreted) So thank you for your question, Edison. From the competition perspective, I checked out all the possible competitors and their new models, so to be honest, the most impressive one is from Wuling Hongguang. Their sub-brand, Baojun they have a model called Kiwi EV. For the mass market, we believe that there are many new companies launching their new products. Just like I mentioned, in the China smart EV industry, the innovation capability has been quite strong, so we're quite confident about the popularization and the adoption of the smart EVs in the future. But in the premium sector right now, we don't actually see any strong competitors.

（解釋）所以謝謝你的問題，愛迪生。從比賽的角度，我查看了所有可能的競爭對手和他們的新車型，所以說實話，印象最深的是五菱宏光。他們的子品牌寶駿有一款名為 Kiwi EV 的車型。對於大眾市場，我們相信有很多新公司推出他們的新產品。正如我所說，中國智能電動汽車行業的創新能力已經相當強，所以我們對未來智能電動汽車的普及和採用充滿信心。但目前在高端領域，我們實際上並沒有看到任何強大的競爭對手。

The second question is about the research and development of the chipset. In the smart electric vehicle industry, we believe the industry chain is going to move towards chipset software and other smart technologies. For the long term, the top leaders are going to deepen their investment in research and development over the smart hardware. I believe it is the common understanding of the industry. At this moment we don't have any specific plans that we can disclose to the public or share with the public, but I believe it is quite obvious to everyone that NIO has always been very decisive in investing in the research and development of new technologies. We are determined to build our full stack capabilities surrounding the smart electric vehicle technologies, including autonomous driving and we believe this is going to build the long-term competitiveness of the company. Thank you, next question.

第二個問題是關於芯片組的研發。在智能電動汽車行業，我們認為產業鏈將朝著芯片組軟件和其他智能技術方向發展。從長遠來看，高層領導將加大對智能硬件研發的投入。我相信這是業界的共識。目前我們還沒有具體的計劃可以公開或者分享給大家，但是我相信大家已經很明顯的看到，蔚來在新技術研發上的投入一直都是非常果斷的。 .我們決心圍繞包括自動駕駛在內的智能電動汽車技術建立我們的全棧能力，我們相信這將建立公司的長期競爭力。謝謝，下一個問題。

Our next question comes from the line of Paul Gong from UBS, please ask your question.

我們的下一個問題來自瑞銀的 Paul Gong，請提出您的問題。

Yes, thanks Will and thanks to everyone. Two questions, the first one is on the R&D and second one a little follow up on the gross margin. On the R&D, I see in this quarter it's actually pretty moderate, even sequentially declined from the 4Q at less than USD700 million. I recall last time you said you are going to double down on the R&D activity in 2021 and significantly increase R&D budget. So can you give us a little bit of an update on this strategy and more importantly, which key areas is going to be the focus of the R&D and any rough breakdown, how much percentage goes to the vehicle development, what percentage goes to the maybe autonomous driving, et cetera. This is my first question.

是的，謝謝威爾，也謝謝大家。兩個問題，第一個是關於研發的，第二個是關於毛利率的一點跟進。在研發方面，我認為本季度實際上相當溫和，甚至比第四季度連續下降不到 7 億美元。我記得上次你說你將在 2021 年加倍研發活動並顯著增加研發預算。那麼，您能否向我們介紹一下這一戰略的最新情況，更重要的是，哪些關鍵領域將成為研發的重點以及任何粗略的細分，車輛開發的百分比是多少，可能的百分比是多少？自動駕駛等。這是我的第一個問題。

My second question is a little bit follow up on the gross margin. Obviously this is a pretty decent gross margin for a relatively young company like NIO. But in between of this margin versus market share, it is a little bit overly focused on the margin and a little bit under-focused on the market share, do you think? Will you strategically choose either add in higher specs or make the vehicle more competitive in the markets to balance in between this margin versus market share? And also, how do you think about the rising material cost impact in the next few quarters? Because some battery makers have indeed mentioned it's possible for the battery price to go up.

我的第二個問題是對毛利率的一點跟進。顯然，對於蔚來這樣相對年輕的公司來說，這是一個相當可觀的毛利率。但是在這個利潤率與市場份額之間，它有點過分關注利潤率，有點過分關注市場份額，你覺得呢？您是否會戰略性地選擇增加更高的規格或使車輛在市場上更具競爭力，以在利潤與市場份額之間取得平衡？此外，您如何看待未來幾個季度不斷上升的材料成本影響？因為一些電池製造商確實提到電池價格有可能上漲。

I think I caught your comments just now that the 100-kilowatt-hours battery take rate is about 25% in Q1. What was the NIO Pilot take rate in Q1 please? Thank you.

我想我剛才聽到了你的評論，第一季度的 100 千瓦時電池消耗率約為 25%。請問第一季度 NIO Pilot 的錄取率是多少？謝謝你。

(interpreted) Thank you for your question, Paul. Regarding the R&D expenses, yes, the R&D expenses in the first quarter is not that high. But this follows the normal pace and development stages of a vehicle. For example, right now our ET7 is still under research and development, then it means that starting from the second quarter we're going to see increase in R&D expenses related with the testing cost and the ED&D cost together with our suppliers.

（翻譯）謝謝你的問題，保羅。關於研發費用，是的，第一季度的研發費用並沒有那麼高。但這遵循車輛的正常步伐和發展階段。比如現在我們的ET7還在研發中，那麼就意味著從第二季度開始，我們將與供應商一起看到與測試成本和ED&D成本相關的研發費用增加。

The ET7 R&D expenses will increase gradually as they get closer to the mass production. At the same time, we're also developing multiple products in our pipeline because we would like to make sure we can apply the NT 2.0 technology to more products in different segments in faster speed.

ET7的研發費用將隨著接近量產而逐漸增加。同時，我們也在開發多種產品，因為我們希望確保能夠以更快的速度將 NT 2.0 技術應用於不同領域的更多產品。

So starting from the second quarter, we are going to see some ramp-up of the R&D expenses. This will be mainly driven by the research and development of other products in the pipeline. Just like you mentioned, we are determined to develop the autonomous driving full stack capabilities, the software capabilities and the smart electric vehicle technologies.

因此，從第二季度開始，我們將看到研發費用有所增加。這將主要由在研其他產品的研發推動。就像你提到的，我們決心發展自動駕駛全棧能力、軟件能力和智能電動汽車技術。

We will accelerate the development of the NIO technology platform 2.0 and NIO technology platform 3.0. At the same time, we're also ramping up our R&D personnel. In the past first quarter, the R&D personnel in the Company has significantly increased and we believe that this will continue to increase in the following quarters.

加快蔚來技術平台2.0和蔚來技術平台3.0開發。同時，我們也在增加我們的研發人員。在過去的第一季度，公司的研發人員顯著增加，我們相信這將在接下來的幾個季度繼續增加。

We have also increased our investment in terms of the R&D resources in the platform technologies including EDS or the electric powertrain. In this year, it will be quite challenging for us to efficiently and effectively spend the RMB5 billion for R&D expenses but we are quite confident that we can achieve our objectives and improve our R&D capabilities at a very efficient manner.

我們還加大了對包括EDS或電動動力總成在內的平台技術研發資源的投入。今年，50億元人民幣的研發費用如何高效、有效地投入使用對我們來說將是一個很大的挑戰，但我們有信心以非常高效的方式實現我們的目標並提高我們的研發能力。

The second question is about the balance between gross margin and market share. Of course for any company, if we want to have a sustainable operation and development, we need to maintain a reasonable gross margin. For the current gross margin, yes it's better than our expectation but we have emphasized again and again that we're not going to cut the price and we would like to leverage our margin to invest more on user service including the power infrastructures and also the user community.

第二個問題是關於毛利率和市場份額之間的平衡。當然，對於任何一家公司來說，要想有一個可持續的經營和發展，就需要保持一個合理的毛利率。對於目前的毛利率，是的，它好於我們的預期，但我們一再強調，我們不會降價，我們希望利用我們的利潤率來更多地投資於用戶服務，包括電力基礎設施以及用戶社區。

For the market share, I believe we need to look at the market share in different market segments. For example, it's not possible for us to compare the market share of Ferrari and Porsche in their market segment with the market share of Wuling Hongguang in the mass market segment.

對於市場份額，我相信我們需要看不同細分市場的市場份額。例如，我們無法將法拉利和保時捷在其細分市場的市場份額與五菱宏光在大眾市場的市場份額進行比較。

So for NIO, our focus is the market share of the premium market. We don't want to have the same strategy like other brands that just cut their price from time to time because we believe this is going to hurt the brand image and the users. For example, Porsche probably only sells around 300,000 units but they contribute 40% of the net profit of the Volkswagen Group.

所以對於蔚來來說，我們關注的是高端市場的市場份額。我們不希望像其他品牌一樣採取不時降價的策略，因為我們認為這會損害品牌形象和用戶。例如，保時捷可能僅售出約 300,000 輛，但它們貢獻了大眾汽車集團淨利潤的 40%。

So we believe if we want to build our market share in the premium segments, we need to devote more resources and energy to manage the brands and the user community. Our focus is not going to cut the price of our product and then to increase the market share. Because even if you cut the price of the product, probably in the end you still cannot improve the market share.

所以我們認為，如果我們想在高端市場建立我們的市場份額，我們需要投入更多的資源和精力來管理品牌和用戶社區。我們的重點不是降低產品價格，然後增加市場份額。因為即使你把產品降價，很可能到最後你仍然無法提高市場份額。

So we believe, after we reach a reasonable margin, then we can use this margin to improve our product, our services and the infrastructure for our users. This will be our long term strategy. In the global premium market right now, the market volume is around the 10 million and we only account for a very small share. So it means that there's still a huge room for us to grow in the future.

所以我們相信，在我們達到合理的利潤後，我們可以利用這個利潤來改進我們的產品、服務和用戶的基礎設施。這將是我們的長期戰略。目前在全球高端市場，市場規模在1000萬左右，我們只佔很小的份額。所以這意味著我們未來還有很大的成長空間。

For the mass market, this will be a different story and the entry of the mass market will require a different strategy but what I can say right now with 100% certainty is we are not going to use the NIO brand to enter the mass market.

對於大眾市場，這將是一個不同的故事，進入大眾市場需要不同的策略，但我現在可以100%肯定地說，我們不會使用蔚來品牌進入大眾市場。

Thank you Paul.

謝謝保羅。

Next question.

下一個問題。

Thank you very much.

非常感謝。

Our next question comes from the line of Evelyn Zhang from Daiwa. Please ask your question.

我們的下一個問題來自 Daiwa 的 Evelyn Zhang。請提出你的問題。

Hello, actually it's Kelvin from Daiwa. So I have two questions about Company. So first of all, I want to know, I noticed that you have kind of Norway, launching in Norway conference next week. So I want to know, would there be any other overseas expansion plan that you can share with us? This is the first question.

你好，實際上是來自大和的 Kelvin。所以我有兩個關於公司的問題。首先，我想知道，我注意到你們有點挪威，下週在挪威會議上啟動。所以我想知道，您還有什麼其他的海外擴張計劃可以和我們分享嗎？這是第一個問題。

The second question is that can I know how -- because what we know is that the raw material cost and also auto chip costs are all increasing. Do we expect like a month-on-month or even week-on-week increase, affecting your component price? What's the trend or how fast is this accelerating? Thank you.

第二個問題是我能知道怎麼做——因為我們知道原材料成本和汽車芯片成本都在增加。我們是否預計會出現環比甚至環比增長，從而影響您的組件價格？趨勢是什麼或加速的速度有多快？謝謝你。

Steven Feng: Kelvin, this is Steven. Sure, first, Norway is the first stop for our long term globalization strategy, but for the May 6 conference call, we will still focus on the Norwegian market. Just for your information, actually in March, we already set up our national sales company in Norway and we also have already built up a local team who will take charge of our local operation and service.

Steven Feng：Kelvin，我是 Steven。當然，首先，挪威是我們長期全球化戰略的第一站，但對於 5 月 6 日的電話會議，我們仍將重點放在挪威市場。僅供參考，實際上在3月份，我們已經在挪威成立了我們的全國銷售公司，我們也已經建立了一個本地團隊，負責我們在當地的運營和服務。

In the end, actually we already selected location for our NIO House in Oslo and for more details about the Norwegian market, please do join our May 6 media conference to get more detail. Thank you.

最後，實際上我們已經為我們在奧斯陸的 NIO House 選擇了位置，有關挪威市場的更多詳細信息，請參加我們 5 月 6 日的媒體會議以獲取更多詳細信息。謝謝你。

(Spoken in Chinese)

（用中文講）

The raw material cost, we expect there will be some increase in the coming quarters, but compared with the overall selling price, I think the costs can be well controlled and it won't have a big impact to our gross profit margin.

原材料成本，我們預計未來幾個季度會有一些上漲，但與整體售價相比，我認為成本可以得到很好的控制，對我們的毛利率不會有太大影響。

(Interpreted) On one hand, we have some routine cost reductions. On the other hand, there are some cost increases, especially in terms of the chipsets recently, but overall speaking, the saving is bigger than the cost increases so we believe the bill of material costs will continue to go down. Thank you.

（解釋）一方面，我們有一些常規的成本削減。另一方面，成本有所增加，尤其是最近在芯片組方面，但總體而言，節省的幅度大於成本增加，因此我們認為材料成本將繼續下降。謝謝你。

Next question?

下一個問題？

Our next question comes from the line of Vijay Rakesh from Mizuho. Please ask your question.

我們的下一個問題來自瑞穗的 Vijay Rakesh。請提出你的問題。

Hi William and Steven. Good quarter and guide here. I just had a question on the longer term. When you look on your partnership with Sinopec, how do you expect them to roll out their stations? I know you have a 500 battery swap station target but any thoughts on how Sinopec would be rolling out their 5000 battery swap stations? Thanks.

嗨威廉和史蒂文。好的季度和這裡的指導。我只是有一個關於長期的問題。當您審視與中石化的合作夥伴關係時，您希望他們如何推出加油站？我知道您有 500 個電池更換站的目標，但您對中石化如何推出 5000 個電池更換站有任何想法嗎？謝謝。

(Interpreted) Thank you Vijay for your question. Yes, Sinopec announced that they will build 5000 swap and charging facilities in their gas stations, but NIO is not the only partner working together with Sinopec and they are not just only going to build the swap stations in the gas stations. They will also build the charging facilities.

（翻譯）謝謝 Vijay 的提問。是的，中石化宣布將在其加油站建設5000個交換和充電設施，但蔚來並不是唯一與中石化合作的合作夥伴，他們不僅要在加油站建設交換站。他們還將建造充電設施。

Of course we hope to deploy more charging and swapping facilities from NIO in the gas stations, but at the same time, we also have many other partners, both locally and nationally. So we believe the site resources will not be a big issue for us. Thank you Vijay.

當然，我們希望在加油站部署更多來自蔚來汽車的充換電設施，但與此同時，我們也有許多其他合作夥伴，包括本地和全國。所以我們相信網站資源對我們來說不會是一個大問題。謝謝維杰。

Also on the solid-state battery roadmap, on your own solid-state battery roadmap, can you give us an update? When do you see that in production or tests? That's it. Thank you.

還有關於固態電池路線圖，關於你自己的固態電池路線圖，你能給我們更新一下嗎？你什麼時候在生產或測試中看到它？而已。謝謝你。

(Interpreted) Overall speaking, the current process and the testing and the production of the solid-state battery is on track. Thank you.

（解讀）總體而言，目前固態電池的工藝流程和測試生產都走上了正軌。謝謝你。

Thanks.

謝謝。

Okay. Moderator, we need to conclude our conference call today. It has been extended and thanks for all the great questions asked by the analysts. Operator?

好的。主持人，我們需要結束今天的電話會議。它已被擴展並感謝分析師提出的所有重要問題。操作員？

Hi Operator, we would like to conclude today's conference call?

嗨接線員，我們想結束今天的電話會議嗎？

Certainly. As there are no further questions now, I'd like to turn the call back over to the Company for closing remarks. Thank you.

當然。由於現在沒有進一步的問題，我想將電話轉回公司進行結束髮言。謝謝你。

Thank you once again for joining us today. If you have further questions, please feel free to contact the NIO 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方式聯繫蔚來投資者關係團隊。電話會議到此結束。您現在可以斷開您的線路。謝謝你。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the Company sponsoring this Event.

此成績單中標記（翻譯）的部分由現場通話中的口譯員朗讀。翻譯由主辦本次活動的公司提供。

NIO Internal

蔚來內部

NIO Internal

蔚來內部

NIO Internal

蔚來內部