蔚來 (NIO) 2020 Q4 法說會逐字稿

完整原文

使用警語:中文譯文來源為 Google 翻譯,僅供參考,實際內容請以英文原文為主

  • Operator

    Operator

  • Hello, ladies and gentlemen.

    你好,女士們,先生們。

  • Thank you for standing by for NIO Inc.'s Fourth Quarter 2020 Earnings Conference Call.

    感謝您參與 NIO Inc. 的 2020 年第四季度收益電話會議。

  • (Operator Instructions) Today's conference call is being recorded.

    (操作員說明)今天的電話會議正在錄音。

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

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

  • Please go ahead, Eve.

    請繼續,夏娃。

  • Eve Tang

    Eve Tang

  • Good morning, and good evening, everyone.

    大家早上好,晚上好。

  • Welcome to NIO's Fourth Quarter 2020 Earnings Conference Call.

    歡迎來到蔚來汽車 2020 年第四季度財報電話會議。

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

    該公司的財務和經營業績已在今天早些時候的新聞稿中發布,並發佈在該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 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 U.S. Private Securities Litigation Reform Act of 1995.

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

  • Forward-looking statements involve inherent risks and uncertainties.

    前瞻性陳述涉及固有風險和不確定性。

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

    因此,該公司的實際結果可能與今天表達的觀點存在重大差異。

  • Further information regarding risks and uncertainties is included in certain filings of the company with the U.S. Securities and Exchange Commission.

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

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

    除適用法律要求外,公司不承擔更新任何前瞻性陳述的任何義務。

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

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

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

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

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

    有了這個,我現在將把電話轉給我們的首席執行官 William Li 先生。

  • William, please go ahead.

    威廉,請繼續。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Hello, everyone.

    [翻譯]大家好。

  • Thank you for joining NIO's 2020 Q4 Earnings Call.

    感謝您參加蔚來汽車 2020 年第四季度財報電話會議。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] In the fourth quarter of 2020, NIO delivered 17,353 ES8s, ES6s and EC6s representing a strong growth of 111% year-over-year and 42% quarter-over-quarter.

    【解讀】2020年第四季度,蔚來交付了17353台ES8、ES6、EC6,同比增長111%,環比增長42%。

  • The cumulative deliveries of 2020 reached 43,728, representing a strong growth of 113% over 2019.

    2020年累計交付量達到43,728輛,較2019年強勁增長113%。

  • We achieved a historic monthly delivery of 7,225 vehicles in January 2021 and a resilient delivery of 5,578 vehicles in February 2021, representing strong 352% and 689% year-over-year growth, respectively.

    我們在 2021 年 1 月實現了歷史性的月度交付量 7,225 輛,在 2021 年 2 月實現了 5,578 輛的彈性交付量,分別同比增長 352% 和 689%。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] In 2020, all 3 new models have achieved exceptional performance in the market.

    【解讀】2020年,3款新車型均在市場上取得了不俗的表現。

  • ES6 has been the best-selling electric SUV in China for the full year of 2020.

    ES6已成為2020年全年中國最暢銷的電動SUV。

  • ES8 has reached the #1 in sales in 2020 in the premium electric SUV segment, priced above RMB 400,000 in China.

    2020 年,ES8 在中國高端電動 SUV 細分市場銷量排名第一,售價超過 40 萬元人民幣。

  • EC6 has ranked at the top in the premium coupe SUV segment for 3 consecutive months in China starting from November 2020, backed by the top-notch quality -- product quality and service.

    從2020年11月開始,EC6以一流的品質——產品質量和服務,連續3個月在中國高端轎跑SUV細分市場排名第一。

  • NIO has gained growing positive recognition and feedback from users and the industry.

    蔚來汽車獲得了用戶和行業越來越多的積極認可和反饋。

  • In the China Insurance Automotive Safety Index published in January 2021, EC6 achieved the best safety rating among all models tested by C-IASI in 2020.

    在2021年1月發布的中國保險汽車安全指數中,EC6在2020年C-IASI測試的所有車型中獲得了最佳安全評級。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Supported by competitive product offerings, outstanding services and innovative business models, we have won increasing user recognition, and expect the overall deliveries in the first quarter of 2021 to reach 20,000 to 20,500 vehicles.

    【解讀】在有競爭力的產品、卓越的服務和創新的商業模式的支持下,我們贏得了越來越多的用戶認可,預計2021年第一季度的整體交付量將達到20,000至20,500輛。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] In terms of gross margin, driven by steadily increasing delivery, stable average selling price and improving material cost and manufacturing efficiency, our vehicle gross margin in Q4 reached 17.2%.

    【解讀】毛利率方面,在交付量穩步增長、平均售價穩定、材料成本和製造效率提高的推動下,第四季度我們的整車毛利率達到17.2%。

  • Moreover, benefited from the new energy credit revenue, the overall gross margin has also increased to 17.2%.

    此外,受益於新能源信貸收入,整體毛利率也提升至17.2%。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] NIO has continued to achieve positive cash flow from operating activities in the fourth quarter and the full year of 2020.

    【解讀】蔚來在2020年第四季度和全年的經營活動中持續實現正現金流。

  • In all aspects, NIO's operational efficiency and overall system efficiency have significantly improved in 2020.

    從各方面來看,2020年蔚來的運營效率和整體系統效率都有顯著提升。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Next, I would like to share with you some key tasks of the company.

    【解讀】接下來跟大家分享一下公司的一些重點工作。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Unidentified Company Representative

    Unidentified Company Representative

  • [Interpreted] At the NIO Day, on January 9, 2020 -- or actually 2021, we launched the ET7, our first flagship sedan based on the NIO technology platform 2.0, NT2.

    【解讀】在蔚來日,2020年1月9日——實際上是2021年,我們推出了ET7,這是我們第一款基於蔚來技術平台2.0,NT2的旗艦轎車。

  • With its class-leading dimensions, breakthrough exterior, sophisticated interior, efficient powertrain, immersive digital cockpit and industry-leading autonomous driving capabilities, ET7 has received remarkable feedback from users, media and the industry.

    ET7憑藉一流的尺寸、突破性的外觀、精緻的內飾、高效的動力總成、沉浸式數字座艙和行業領先的自動駕駛能力,獲得了用戶、媒體和行業的廣泛好評。

  • Its order performance has also exceeded our expectations.

    它的訂單表現也超出了我們的預期。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Based on NIO's in-house full stack autonomous driving technology platform, ET7 will be equipped with NAD, NIO Autonomous Driving, consisting of NIO Aquila Super Sensing and NIO Adam Super Computing.

    【解讀】基於蔚來自研全棧自動駕駛技術平台,ET7將搭載NAD,蔚來自動駕駛,由蔚來Aquila Super Sensing和NIO Adam Super Computing組成。

  • NIO Aquila Super Sensing system has 33 high-performance sensing units, including 11 8-megapixel high-resolution cameras and 1 high-resolution LiDAR with a detection range of 500 meters.

    NIO Aquila Super Sensing系統擁有33個高性能傳感單元,包括11個8兆像素高分辨率攝像頭和1個探測距離500米的高分辨率LiDAR。

  • The computing power of NIO Adam is up to 1,016 tops.

    NIO Adam 的算力高達 1016 頂。

  • The sensor suite and the computing power of NAD far surpasse other competitors, and will expedite the mass production progress of the autonomous-driving industry.

    NAD的傳感器套件和計算能力遠超其他競爭對手,將加速自動駕駛產業的量產進程。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] NAD will provide a safer and more relaxing AD experience from point A to point B, gradually covering highway, urban, parking, charging, swapping and other use cases to free up time and reduce accidents.

    【解讀】NAD將提供從A點到B點更安全、更輕鬆的AD體驗,逐步覆蓋高速公路、市區、停車、充電、換乘等用例,騰出時間,減少事故。

  • In addition, NIO NAD will be the first AD system offered through a monthly subscription service or AD as a Service, so more people can try out and enjoy NIO NAD.

    此外,NIO NAD 將成為首個通過包月服務或 AD 即服務提供的 AD 系統,讓更多人可以試用並享受 NIO NAD。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Unidentified Company Representative

    Unidentified Company Representative

  • [Interpreted] We have also launched the Power Swap Station 2.0 at the NIO Day, which enjoys much lower cost and the 3 times higher service capacity compared with the first generation.

    【解讀】我們也在蔚來日推出了換電站2.0,相比第一代,成本更低,服務能力提升3倍。

  • In addition, we have launched the 150-kilowatt-hour battery pack, which boasts 50% energy density improvement and can significantly extend the driving range of all NIO models.

    此外,我們還推出了150千瓦時電池組,能量密度提升50%,可顯著延長蔚來全系車型的續航里程。

  • With the 150-kilowatt-hour battery pack, the NEDC range of ET7 can reach over 1,000 kilometers.

    搭配150千瓦時電池組,ET7的NEDC續航里程可達1000公里以上。

  • Under NIO's services system, every user can choose to upgrade to different battery packs on demand.

    在蔚來的服務體系下,每個用戶都可以按需選擇升級到不同的電池組。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Unidentified Company Representative

    Unidentified Company Representative

  • [Interpreted] NIO is devoted to building an innovative model of battery vehicle separation and battery subscription with chargeable, swappable, upgradable batteries as well as providing holistic power solutions to users.

    【解讀】蔚來致力於打造可充電、可更換、可升級的電池車分離和電池訂閱的創新模式,並為用戶提供整體動力解決方案。

  • Along with the growing user base and expanding battery offerings, more and more users opt for Battery as a Service, BaaS.

    隨著用戶群的增長和電池產品的擴展,越來越多的用戶選擇電池即服務,BaaS。

  • In February 2021, the take rate of BaaS among new orders has reached 55%.

    2021年2月,BaaS在新訂單中的接受率達到55%。

  • We believe BaaS and NIO's holistic charging and swapping service system can accelerate the conversion from ICEs to BEVs.

    我們相信 BaaS 和蔚來的整體充換電服務體係可以加速從 ICE 到 BEV 的轉換。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] The continuous development and the research of new products and technologies is the cornerstone of sustainable development.

    【解讀】新產品、新技術的不斷開發和研究是可持續發展的基石。

  • NIO will decisively step up our R&D investment and speed up the development and production of core technologies and new products.

    蔚來將果斷加大研發投入,加快核心技術和新產品的研發和生產。

  • In 2021, our R&D investment is expected to double and reach around RMB 5 billion.

    2021年,我們的研發投入預計翻一番,達到50億元左右。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Our production capacity has reached 7,500 units in January.

    【解讀】1月份我們的產能已經達到7500台。

  • Our partner JAC has already kicked off further production capacity expansion in the Hefei plant and plans to expand the annual production capacity to 150,000 units under 1 shift and 300,000 units under 2 shifts to prepare for the production of ET7 and future products.

    我們的合作夥伴江淮汽車已經在合肥工廠啟動了進一步的產能擴張,併計劃將年產能擴大到1班15萬輛和2班30萬輛,為ET7及未來產品的生產做準備。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] In February 2021, NIO entered into a further collaboration framework agreement with the Hefei government to jointly plan and build the Xinqiao Smart Electric Vehicle Industrial Park including R&D and manufacturing, pilot demonstration and industrial supporting services, and build a world-class smart electric vehicle industry cluster with a full-fledged industry value chain.

    【解讀】2021年2月,蔚來與合肥市政府簽署進一步合作框架協議,共同規劃建設新橋智能電動汽車產業園,包括研發製造、試點示範和產業配套服務,打造世界一流的智能電動汽車產業園。擁有完整產業價值鏈的電動汽車產業集群。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] With regards to the sales and the service network, we now have 23 NIO Houses and 203 NIO Spaces covering 121 cities in China.

    【解讀】在銷售和服務網絡方面,我們現在擁有23個蔚來House和203個蔚來空間,覆蓋中國121個城市。

  • In light of the continued contribution of the off-line spaces towards brand awareness, order growth and user community operations, we plan to open 20 new NIO Houses and 120 new NIO Spaces in 2021 to further expand the network coverage, leverage NIO's competitive edges of direct sales, consolidating both online and off-line traffic as well as improve the user experience and the efficiency of the overall sales process.

    鑑於線下空間對品牌知名度、訂單增長和用戶社區運營的持續貢獻,我們計劃在 2021 年新開 20 個 NIO House 和 120 個新 NIO Space,進一步擴大網絡覆蓋,發揮 NIO 的競爭優勢直銷,整合線上線下流量,提升用戶體驗和整個銷售流程的效率。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] NIO has built 191 swap stations in 76 cities.

    【解讀】蔚來已在76個城市建設191個換電站。

  • Starting from the second quarter of this year, we will gradually deploy the Power Swap Station 2.0, which offers better experience with lower cost.

    從今年第二季度開始,我們將逐步部署換電站2.0,以更低的成本提供更好的體驗。

  • Our target in 2021 is to ramp up to at least 500 Power Swap Stations in total.

    我們在 2021 年的目標是總共增加至少 500 個換電站。

  • Moreover, we will step up our efforts in building our supercharging network and destination chargers.

    此外,我們將加大力度建設我們的超級充電網絡和目的地充電站。

  • We currently have 127 power charger stations and over 1,700 destination chargers, which will reach 600 and 15,000, respectively, by the end of 2021.

    我們目前擁有127個充電站和1700多個目的地充電器,到2021年底將分別達到600個和15000個。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] While the user base grows, the operational efficiency of NIO's aftersales service system is also improving.

    【解讀】在用戶群增長的同時,蔚來售後服務體系的運營效率也在提升。

  • We now have 31 NIO services centers and 158 authorized service centers.

    我們現在擁有31個蔚來服務中心和158個授權服務中心。

  • To deliver better service experience to users, we will expand our aftersales service network to further optimize our aftersales service system.

    為了給用戶提供更好的服務體驗,我們將擴大售後服務網絡,進一步優化售後服務體系。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] NIO aims to build a community starting with smart EVs where we share joy and grow together with users.

    【解讀】蔚來的目標是打造一個以智能電動汽車為起點的社區,讓我們與用戶分享快樂、共同成長。

  • The live broadcast of the NIO Day 2020 held on January 9, 2021, has attracted near 100 million views.

    2021 年 1 月 9 日舉行的 2020 年蔚來汽車日的直播,已經吸引了近億人次觀看。

  • At the NIO Day, we launched the Blue Point Plan and became the world's first auto company to help users to certify emission reductions and trade carbon credits.

    在蔚來汽車日,我們啟動了藍點計劃,成為全球第一家幫助用戶認證減排和交易碳信用的汽車公司。

  • In 2021, the second user council of the NIO User Trust has decided to focus their work this year on user care, industry subcommunities, public welfare and environmental protection.

    2021年,蔚來用戶信託第二屆用戶理事會決定,今年的工作重點是用戶關懷、行業子社區、公益和環保。

  • The constant support of our users is the constant force to drive us to always move forward.

    用戶的不斷支持是我們不斷前進的不竭動力。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] 2020 is an important milestone on the development journey of NIO.

    【解讀】2020年是蔚來發展歷程中的重要里程碑。

  • With the users' support and the team's efforts, the company's overall operations are back on track and have entered into a rapid development stage.

    在用戶的支持和團隊的努力下,公司整體經營重回正軌,進入快速發展階段。

  • As a startup, we will stay true to our original mission, continue to make a decisive and efficient investments in the R&D of new products and core technologies, and further expand the charging and swapping network and the aftersales service network to provide the best holistic experience to NIO users.

    作為一家初創公司,我們將不忘初心,繼續果斷高效投入新產品和核心技術的研發,進一步拓展充換電網絡和售後服務網絡,提供最佳的整體體驗給蔚來用戶。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] As always, thank you for your support.

    [翻譯] 一如既往,感謝您的支持。

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

    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。

  • Steven, please go ahead.

    史蒂文,請繼續。

  • Wei Feng - CFO

    Wei Feng - CFO

  • Thank you, William.

    謝謝你,威廉。

  • I will now go over our key financial results for the fourth quarter of 2020.

    我現在將回顧一下我們 2020 年第四季度的主要財務業績。

  • And 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.

    並且要注意這次電話會議的長度,我鼓勵聽眾參考我們的收益新聞稿,該新聞稿發佈在網上以獲取更多詳細信息。

  • Our total revenues in the fourth quarter were RMB 6.64 billion or USD 1.02 billion, representing an increase of 133.2% year-over-year, and an increase of 46.7% quarter-over-quarter.

    四季度總收入為人民幣66.4億元或10.2億美元,同比增長133.2%,環比增長46.7%。

  • Our total revenues are made of 2 parts, vehicle sales and other sales.

    我們的總收入由兩部分組成,即汽車銷售和其他銷售。

  • Vehicle sales in the fourth quarter were RMB 6.17 billion or USD 946.2 million, accounting for 93% of total revenues in this quarter.

    第四季度汽車銷售額為人民幣 61.7 億元或 9.462 億美元,佔本季度總收入的 93%。

  • It represented an increase of 130% year-over-year, an increase of 44.7% quarter-over-quarter.

    同比增長130%,環比增長44.7%。

  • The increase in vehicle sales year-over-year was primarily due to higher deliveries achieved from more product offerings and the expansion of our sales network through the continued launch of NIO Spaces in 2020.

    汽車銷量同比增長主要是由於更多產品實現了更高的交付量,以及通過 2020 年繼續推出 NIO Spaces 擴大了我們的銷售網絡。

  • Other sales in the fourth quarter were RMB 467 million or USD 71.6 million, representing an increase of 184.1% year-over-year, and increase of 80.2% quarter-over-quarter.

    第四季度其他銷售額為人民幣4.67億元或7160萬美元,同比增長184.1%,環比增長80.2%。

  • The increase in other sales year-over-year was mainly attributed to sales of automotive regulatory credits as well as the increased revenues derived from the home chargers installed and accessories sold in line with incremental vehicle sales.

    其他銷售額同比增長主要歸因於汽車監管信貸的銷售,以及隨著汽車銷量的增加,安裝的家用充電器和銷售的配件帶來的收入增加。

  • Cost of sales in the fourth quarter was RMB 5.50 billion or USD 842.8 million, representing an increase of 77.3% year-over-year and increase of 39.6% quarter-over-quarter.

    第四季度銷售成本為人民幣 55.0 億元或 8.428 億美元,同比增長 77.3%,環比增長 39.6%。

  • The increase in cost of sales year-over-year was mainly driven by the increase of delivery volume in the fourth quarter of 2020.

    銷售成本同比增長主要受2020年第四季度交付量增長的推動。

  • Gross profit in the fourth quarter was RMB 1.14 billion or USD 175 million, representing an increase of RMB 1.40 billion from the fourth quarter of 2019 and an increase of RMB 556.1 million from the third quarter of 2020.

    第四季度毛利潤為11.4億元人民幣或1.75億美元,比2019年第四季度增加14.0億元人民幣,比2020年第三季度增加5.561億元人民幣。

  • The increase in gross profit was mainly contributed by the increased vehicle sales and increased vehicle margin.

    毛利增加主要是由於汽車銷量增加及汽車毛利率增加所致。

  • Gross margin in the fourth quarter was 17.2% compared with negative 8.9% in the same quarter of 2019 and 12.9% in the third quarter of 2020.

    第四季度毛利率為 17.2%,而 2019 年同期為負 8.9%,2020 年第三季度為 12.9%。

  • The increase of gross margin was mainly driven by the increase of vehicle margin in the fourth quarter of 2020.

    毛利率上升主要受2020年第四季度整車毛利率上升帶動。

  • More specifically, vehicle margin in the fourth quarter was 17.2% compared with negative 6.0% in the same quarter of 2019 and 14.5% in the third quarter of 2020.

    更具體地說,第四季度的汽車利潤率為 17.2%,而 2019 年同期為負 6.0%,2020 年第三季度為 14.5%。

  • The increase of vehicle margin was mainly driven by the increase of vehicle deliveries as well as the decrease in purchase price of certain production materials.

    車輛毛利的增加主要是由於車輛交付量增加以及部分生產材料採購價格下降所致。

  • R&D expenses in the fourth quarter were RMB 829.4 million or USD 127.1 million representing a decrease of 19.2% year-over-year, and an increase of 40.4% quarter-over-quarter.

    第四季度研發費用為人民幣8.294億元或1.271億美元,同比下降19.2%,環比增長40.4%。

  • The decrease in R&D expenses year-over-year was caused by the decrease of R&D expenses related to the EC6, which came to mass production in September 2020, and the company's overall cost-saving efforts and improved operational efficiency in R&D functions.

    研發費用同比下降的主要原因是2020年9月量產的EC6相關研發費用減少,以及公司在研發職能方面的整體成本節約力度和運營效率的提高。

  • SG&A expenses in the fourth quarter were RMB 1.2 billion or USD 185.0 million, representing a decrease of 21.9% year-over-year, an increase of 28.3% quarter-over-quarter.

    第四季度SG&A費用為12億元人民幣或1.85億美元,同比下降21.9%,環比增長28.3%。

  • The decrease in SG&A expenses year-over-year was primarily driven by the company's overall cost-saving efforts and improved operational efficiency.

    SG&A 費用同比下降的主要原因是公司整體的成本節約努力和運營效率的提高。

  • Loss from operations in the fourth quarter was RMB 931.4 million or USD 142.7 million, representing a decrease of 67% year-over-year and a decrease of 1.5% quarter-over-quarter.

    第四季度經營虧損為人民幣 9.314 億元或 1.427 億美元,同比下降 67%,環比下降 1.5%。

  • Share-based compensation expenses in the fourth quarter were RMB 60.2 million or USD 9.2 million, representing an increase of 17.6% year-over-year, an increase of 22.3% quarter-over-quarter.

    第四季度股權激勵費用為人民幣 6,020 萬元或 920 萬美元,同比增長 17.6%,環比增長 22.3%。

  • The increase in share-based compensation expenses year-over-year was primarily attributed to the incremental options granted with relatively higher grant date fair values to the increased share price.

    股權激勵費用同比增加主要是由於授予日公允價值相對較高的增量期權對股價上漲的影響。

  • Net loss in the fourth quarter was RMB 1.39 billion or USD 212.8 million, representing a decrease of 51.5% year-over-year, an increase of 32.6% quarter-over-quarter.

    第四季度淨虧損為人民幣13.9億元或2.128億美元,同比減少51.5%,環比增加32.6%。

  • The increase in net loss quarter-over-quarter was primarily attributed to the unrealized foreign exchange losses derived from the depreciation of US dollar cash balance held by domestic entities with functional currency of RMB in the fourth quarter of 2020.

    淨虧損環比增加主要是由於2020年第四季度境內以人民幣為記賬本位幣的實體持有的美元現金餘額貶值導致未實現匯兌損失。

  • Net loss attributable to NIO's ordinary shareholders in the fourth quarter was RMB 1.49 billion or USD 228.7 million, representing a decrease of 48.4% year-over-year, an increase of 25.6% quarter-over-quarter.

    第四季度歸屬於蔚來普通股股東的淨虧損為人民幣14.9億元或2.287億美元,同比下降48.4%,環比增長25.6%。

  • Basic and diluted net loss per ADS in the fourth quarter were both RMB 1.05 or $0.16 per ADS.

    第四季度每股 ADS 的基本和攤薄淨虧損均為人民幣 1.05 元或每股 ADS 0.16 美元。

  • Excluding share-based compensation expenses and accretion on redeemable noncontrolling changes to redemption value, non-GAAP adjusted basic and diluted net loss per ADS were both RMB 0.93 or $0.14 per ADS.

    不計股權補償費用和贖回價值的可贖回非控制性變化的增加,非公認會計原則調整後的每 ADS 基本和攤薄淨虧損均為人民幣 0.93 元或每 ADS 0.14 美元。

  • Our balance of cash and cash equivalents, restricted cash and short-term investment was RMB 42.5 billion or USD 6.5 billion as of December 31, 2020.

    截至 2020 年 12 月 31 日,我們的現金及現金等價物、受限現金和短期投資餘額為 425 億元人民幣或 65 億美元。

  • Additionally, we achieved positive cash flow from operating activities for the full year of 2020.

    此外,我們在 2020 年全年的經營活動中實現了正現金流。

  • And now for business outlook.

    現在是商業前景。

  • As William mentioned, for the first quarter of 2021, the company expects deliveries to be between 20,000 and 20,500 vehicles, representing increase of approximately 421% to 434% from the same quarter of 2020, and an increase of approximately 15% to 18% from the fourth quarter of 2020.

    正如威廉所說,公司預計 2021 年第一季度的交付量將在 20,000 至 20,500 輛之間,較 2020 年同期增長約 421% 至 434%,較 2020 年同期增長約 15% 至 18%。 2020年第四季度。

  • The company also expects that total revenues of the first quarter of 2021 to be between RMB 7.38 billion and RMB 7.56 billion, or between USD 1.13 billion and USD 1.16 billion.

    公司還預計,2021年第一季度總收入將在73.8億元人民幣至75.6億元人民幣之間,即11.3億美元至11.6億美元之間。

  • This would represent an increase of approximately 438% to 451% from the same quarter of 2020, and an increase of approximately 11.2% to 13.8% from the fourth quarter of 2020.

    這將比 2020 年同一季度增長約 438% 至 451%,比 2020 年第四季度增長約 11.2% 至 13.8%。

  • 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狀況和市場狀況的當前和初步看法,可能會發生變化。

  • Now this concludes our prepared remarks.

    現在到此結束我們準備好的評論。

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

    我現在將把電話轉給接線員來處理我們的問答環節。

  • Operator

    Operator

  • (Operator Instructions) Your first question comes from Edison Yu from Deutsche Bank.

    (操作員說明)您的第一個問題來自德意志銀行的 Edison Yu。

  • Edison Yu - Research Analyst

    Edison Yu - Research Analyst

  • So first question I wanted to ask is on NIO's focus in the premium market.

    所以我想問的第一個問題是蔚來汽車在高端市場的關注度。

  • It seems you're very focused on that, and that's not going to change.

    看起來你非常專注於這一點,而且這不會改變。

  • Would you consider developing another brand to go after the mass market or more mid-tier market?

    您會考慮開發另一個品牌來追求大眾市場或更中端市場嗎?

  • The second question is about the international expansion.

    第二個問題是關於國際擴張。

  • You've indicated that you'll enter Europe later this year.

    你已經表示你將在今年晚些時候進入歐洲。

  • I'm wondering what kind of sales volume would you expect in the longer term.

    我想知道從長遠來看,您期望什麼樣的銷量。

  • And in relation to that, there's a lot of speculation from the press lately that NIO is getting much more serious about getting to the U.S. Could you share your latest thoughts about that?

    與此相關,最近有很多媒體猜測蔚來汽車進入美國變得更加認真。你能分享一下你對此的最新想法嗎?

  • And I'll translate that down.

    我會把它翻譯下來。

  • (foreign language)

    (外語)

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Edison, for your questions.

    [解釋] 謝謝你,愛迪生,你的問題。

  • Of course, it's possible for us to enter the U.S. -- to enter the mass market.

    當然,我們有可能進入美國——進入大眾市場。

  • The NIO brand is going to focus on the premium market.

    蔚來品牌將專注於高端市場。

  • Simply speaking, NIO brand is not going to enter the mass market.

    簡單來說,蔚來品牌是不會進入大眾市場的。

  • But in the past few years, we have already tried different approaches to enter the mass market.

    但在過去的幾年裡,我們已經嘗試了不同的方法進入大眾市場。

  • For example, we established joint ventures through investments with GAC and Changan.

    例如,我們通過與廣汽、長安投資建立合資企業。

  • Previously, our shareholding in those joint ventures is around or over 40%.

    此前,我們在這些合資企業中的持股比例約為 40% 或以上。

  • And now our shareholding has reduced to 5%.

    現在我們的股權已經減少到5%。

  • This gives us more flexibility and possibilities to try different approaches to enter the mass market.

    這給了我們更多的靈活性和可能性來嘗試不同的方法進入大眾市場。

  • And we would like to be more active to do this.

    我們希望更加積極地做到這一點。

  • This is going to be part of our long-term strategy.

    這將成為我們長期戰略的一部分。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Regarding the second question of the international markets or the global markets, starting from this year, we are going to enter the Europe markets.

    【解讀】關於第二個國際市場或全球市場的問題,從今年開始,我們要進入歐洲市場。

  • We will build our own sales and service network in the European market.

    我們將在歐洲市場建立自己的銷售和服務網絡。

  • Right now, we have already kicked off the preparations regarding the team setup, products and the sales and service network building, basically covering all aspects for our operations in Europe.

    目前,我們已經啟動了團隊組建、產品和銷售服務網絡建設等方面的準備工作,基本涵蓋了我們在歐洲業務的方方面面。

  • This is going to be part of the long-term strategy for us to enter the global market.

    這將成為我們進入全球市場的長期戰略的一部分。

  • So we need to be patient.

    所以我們需要耐心等待。

  • In the long run, of course, we would like to achieve significant shares in important major markets in the global arena.

    當然,從長遠來看,我們希望在全球重要的主要市場中獲得可觀的份額。

  • But it will require a lot of effort and time to do this.

    但要做到這一點,需要付出很多努力和時間。

  • Starting from day 1, we have our R&D operations and other operations in different regions and countries.

    從第一天開始,我們在不同地區和國家開展研發業務和其他業務。

  • But we understand the sales and the service is going to be more complicated if we decide to enter different regions and the countries.

    但是我們知道,如果我們決定進入不同的地區和國家,銷售和服務將會更加複雜。

  • Regarding the U.S. market question, we have already kicked off the research about the U.S. market entry at a very early stage.

    關於美國市場問題,我們已經很早就開始了對美國市場進入的研究。

  • We have studied about the possible business models, strategies and the different approaches about how should we enter the U.S. market.

    我們研究了可能的商業模式、策略以及我們應該如何進入美國市場的不同方法。

  • But this will require lots of patience, and we would like to do this step by step.

    但這需要很大的耐心,我們想一步一步地做到這一點。

  • Operator

    Operator

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

    您的下一個問題來自美國銀行證券的 Ming-Hsun Lee。

  • Ming-Hsun Lee - Research Analyst

    Ming-Hsun Lee - Research Analyst

  • So my first question is regarding the margin improvement in the fourth quarter.

    所以我的第一個問題是關於第四季度的利潤率改善。

  • If I adjust the contribution from the credit sales, the gross margin of the company is around 15.7% in this quarter, still improved a lot from last quarter.

    如果我調整賒銷的貢獻,本季度公司的毛利率在15.7%左右,比上一季度仍有很大提高。

  • So could you give us some breakdown regarding margin improvement?

    那麼你能給我們一些關於利潤率改善的細分嗎?

  • For example, like ASP improvement in the quarter, Bom cost improvement in this quarter.

    例如,像本季度的 ASP 改善,本季度的 Bom 成本改善。

  • Besides could you also elaborate more regarding on the battery supply and also the chip supply.

    此外,您能否詳細說明一下電池供應和芯片供應。

  • Recently, especially, we already see the company will postpone the battery upgrade for certain customers in June.

    尤其是最近,我們已經看到該公司將在 6 月為某些客戶推遲電池升級。

  • So could you elaborate more on this.

    那麼您能否詳細說明這一點。

  • And the second question is also regarding on battery related because recently, we already see the upstream cost inflation.

    第二個問題也與電池有關,因為最近我們已經看到上游成本上漲。

  • So we are interested about the cost trend in 2021.

    所以我們對2021年的成本趨勢很感興趣。

  • And also probably some rough gross margin guidance for this year.

    今年也可能有一些粗略的毛利率指導。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • Thank you, Ming.

    謝謝你,明。

  • Stanley will answer the first question.

    斯坦利將回答第一個問題。

  • Stanley Qu - VP of Finance

    Stanley Qu - VP of Finance

  • Yes.

    是的。

  • The vehicle gross margin increased from 14.5% to -- in Q3 to 17.2% in Q4.

    汽車毛利率從第三季度的 14.5% 增長到第四季度的 17.2%。

  • It was mainly driven by more ES8 and EC6 with higher gross profit margin delivered.

    主要受交付毛利率較高的 ES8 和 EC6 推動。

  • And the material and manufacturing cost of vehicles slightly decreased.

    車輛的材料和製造成本略有下降。

  • And back to numbers, I think the selling price -- average selling price increase was 10,000 per unit.

    回到數字上,我認為售價——平均售價增加了 10,000 單位。

  • And manufacturing costs and material costs slightly decreased.

    並且製造成本和材料成本略有下降。

  • And to the overall gross margin, we booked RMB 120 million EV credit sales in Q4.

    對於整體毛利率,我們在第四季度錄得 1.2 億元人民幣的電動汽車信貸銷售額。

  • The gross profit -- overall gross profit margin contribution was 1.8%.

    毛利——整體毛利率貢獻為1.8%。

  • That leads to the overall gross profit margin increase.

    這導致整體毛利率上升。

  • And regarding the gross profit margin guidance in 2021, what I can say is the margin in Q1 can also be slightly improved, but the trend not so large as much as in 2020.

    而關於2021年的毛利率指導,我可以說第一季度的毛利率也可以小幅提升,但趨勢沒有2020年那麼大。

  • And for the full year guidance, I think it's too early for us to give at this moment.

    對於全年的指導,我認為現在給出還為時過早。

  • As for the battery and chip supply, let's go back to William.

    至於電池和芯片供應,讓我們回到威廉。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • Yes.

    是的。

  • Okay.

    好的。

  • Thank you, Stanley.

    謝謝你,斯坦利。

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you for your question.

    [解釋] 謝謝你的提問。

  • Regarding the chip supply and the battery supply, of course, this has a very big impact on the overall supply chain.

    關於芯片供應和電池供應,當然這對整個供應鏈的影響是非常大的。

  • This is also one of the constraints for us in the second quarter of this year.

    這也是我們今年二季度的製約因素之一。

  • Of course, right now, we have sufficient chip supply to support the normal production, but it's a changing time.

    當然,現在我們有足夠的芯片供應來支持正常的生產,但這是一個變化的時代。

  • So the situation will evolve gradually.

    所以情況會逐漸演變。

  • For the second quarter of this year, we will still have some risks regarding the chip supply.

    今年第二季度,我們在芯片供應方面仍然存在一些風險。

  • But starting from last year, our team has already kicked off the communication and the collaboration with our supply chain partners to secure the sourcing of the chip.

    但從去年開始,我們的團隊已經開始與我們的供應鏈合作夥伴進行溝通和合作,以確保芯片的採購。

  • We even have some direct communications with the chip suppliers to make sure we have sufficient supplies of the chipset.

    我們甚至與芯片供應商進行了一些直接溝通,以確保我們有足夠的芯片組供應。

  • We believe for the second quarter, we should have the chip supply to meet our basic demand, but the risk is still quite high.

    我們認為第二季度我們應該有芯片供應來滿足我們的基本需求,但風險仍然很高。

  • Regarding the battery supply, this is another constraint for our second quarter performance.

    關於電池供應,這是我們第二季度業績的另一個制約因素。

  • We do have some limited supplies regarding the 100-kilowatt-hour battery pack and other battery packs, which is actually less than our demand.

    對於100千瓦時電池組和其他電池組,我們確實有一些有限的供應,這實際上少於我們的需求。

  • Because right now, the market is actually quite booming.

    因為現在,市場實際上非常繁榮。

  • And for -- starting from July, we believe the battery supply should go back to the normal level and meet our demand.

    而且——從 7 月開始,我們認為電池供應應該會恢復到正常水平並滿足我們的需求。

  • So because of the constraints of the battery supply and the chipset supply, our production capacity will kind of be limited in the second quarter to around 7,500.

    因此,由於電池供應和芯片組供應的限制,我們的產能在第二季度將被限制在 7,500 片左右。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] For the battery cell cost, we believe the impact on us is not that big.

    【解讀】對於電芯成本,我們認為對我們的影響不大。

  • For this year, the cost of the battery will further reduce to some extent, but we believe it's not going to be on a large scale.

    今年,電池的成本將在一定程度上進一步降低,但我們相信不會大規模。

  • But the impact on us is quite limited because we have already locked the supply with our battery partners.

    但對我們的影響非常有限,因為我們已經與電池合作夥伴鎖定了供應。

  • We're still a very important -- probably the most important customer for CATL.

    我們仍然是一個非常重要的——可能是 CATL 最重要的客戶。

  • So we have a very good pricing with CATL's batteries.

    所以我們對寧德時代的電池有很好的定價。

  • Operator

    Operator

  • Your next question comes from Bin Wang from Crédit Suisse.

    您的下一個問題來自瑞士信貸銀行的王斌。

  • Bin Wang - China Auto Analyst

    Bin Wang - China Auto Analyst

  • I have just one question about near-term EV sales because actually recently, we got different picture.

    我只有一個關於近期電動汽車銷售的問題,因為實際上最近,我們得到了不同的情況。

  • For example, your peers, they also have a pretty weak guidance.

    例如,你的同齡人,他們的指導也很薄弱。

  • However, this guidance seems to be surprised on the upside, especially the March has been reaching a new high for NIO.

    然而,這一指引似乎令人意外,尤其是 3 月份蔚來一直創下新高。

  • We're also facing the competition from Tesla Model Y. Can -- we need -- therefore, what's happening in the near term on EV demand is still bad.

    我們還面臨著來自特斯拉 Model Y 的競爭。我們需要——因此,短期內電動汽車需求的情況仍然很糟糕。

  • So it seems like it's quite confusing.

    所以看起來很混亂。

  • And meanwhile, you seem to be quite positive about second quarter, you guided about 7,500 per month.

    同時,您似乎對第二季度相當樂觀,您每月指導約 7,500 次。

  • Is that your guidance for second quarter?

    這是您對第二季度的指導嗎?

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Bing, for your question.

    [解釋]謝謝你,Bing,你的問題。

  • Normally speaking, the first quarter of the year is the low season for the EV industry because of the subsidy and other policies.

    一般來說,由於補貼等政策的影響,今年一季度是電動汽車行業的淡季。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Model Y has announced their pricing for the locally manufactured vehicle, but this is the normal strategy and the practice of Tesla.

    【解讀】Model Y已經公佈了國產車的定價,但這是特斯拉的正常策略和做法。

  • Normally, they cut the price, and then they can boost the order backlog.

    通常,他們會降低價格,然後他們可以增加訂單積壓。

  • Our approach is quite different from Tesla because we would like to make sure we have a stable order performance instead of these ups and downs in the order backlog.

    我們的方法與特斯拉完全不同,因為我們希望確保我們有穩定的訂單表現,而不是訂單積壓中的這些起伏。

  • For us, we don't actually want to cut the price to boost the order backlog.

    對我們來說,我們實際上並不想通過降價來增加訂單積壓。

  • So it's quite different from Tesla.

    所以它與特斯拉完全不同。

  • We would like to focus on the service and the experience improvement as well as building a positive word-of-mouth reputation in the market because we do not want to cut the price.

    我們希望專注於服務和體驗的改善,以及在市場上建立良好的口碑,因為我們不想降價。

  • Because of our strategy, we can achieve a very stable and solid pricing with our products, which will also help with our gross margin and the vehicle gross margin.

    由於我們的策略,我們可以通過我們的產品實現非常穩定和可靠的定價,這也將有助於我們的毛利率和車輛毛利率。

  • Just like I mentioned, in February, the BaaS take rate among the new orders has reached 55% and is growing every month.

    就像我提到的,2月份,新訂單中的BaaS接受率已經達到55%,並且每個月都在增長。

  • So with our unique competitive edges and our long-term capabilities, we believe we should be able to secure a strong footing in the market instead of being affected by those short-term strategies and practices.

    因此,憑藉我們獨特的競爭優勢和我們的長期能力,我們相信我們應該能夠在市場上站穩腳跟,而不是受到那些短期戰略和實踐的影響。

  • Operator

    Operator

  • Your question comes from Tim Hsiao from Morgan Stanley.

    您的問題來自摩根士丹利的 Tim Hsiao。

  • Tim Hsiao - VP

    Tim Hsiao - VP

  • Congratulations on your strong results and good guidance.

    祝賀您取得了優異的成績和良好的指導。

  • So I have 2 questions.

    所以我有2個問題。

  • The first question is about vehicle sales this year because since our next model, ET7 won't kickstart deliveries until next year, how can NIO do meaningfully grow the vehicle sales in 2021?

    第一個問題是關於今年的汽車銷量,因為我們的下一個車型ET7要到明年才能開始交付,蔚來如何在2021年有意義地增加汽車銷量?

  • And will there be any spec upgrades or major model facelift on top of the aggressive channel expansion plan and BaaS program?

    除了積極的渠道擴張計劃和 BaaS 計劃之外,還會有任何規格升級或主要型號改款嗎?

  • My second question is about your comments on the NIO House.

    我的第二個問題是關於您對 NIO House 的評論。

  • Because I remember, like last you mentioned, NIO House might be less cost efficient.

    因為我記得,就像你上次提到的那樣,NIO House 的成本效率可能較低。

  • So could you elaborate more about the key consideration when deciding to resume the deployment of NIO House?

    那麼,您能否詳細說明在決定恢復部署 NIO House 時的關鍵考慮因素?

  • And what would be the overall investment and additional operating expenses to scale up the coverage of the NIO House based on the current estimate?

    根據目前的估計,擴大蔚來之家的覆蓋範圍的總體投資和額外運營費用是多少?

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Tim, for your question.

    [解釋]謝謝你,蒂姆,你的問題。

  • We will start the delivery of the ET7 from the first quarter of 2022.

    我們將從 2022 年第一季度開始交付 ET7。

  • This means we will have a lot of preparations to do before the actual launch, especially in terms of autonomous driving technologies.

    這意味著我們在實際發布之前會有很多準備工作,尤其是在自動駕駛技術方面。

  • We will need to do sufficient testing and the development work for the autonomous driving technologies.

    我們需要對自動駕駛技術進行充分的測試和開發工作。

  • Starting from now to the delivery of ET7, we will mainly rely on 3 current products, including ES8, ES6 and EC6 for the sales performance.

    從現在開始到ET7的交付,我們的銷售業績將主要依靠ES8、ES6和EC6這3款現有產品。

  • Regarding the EC6, it's actually launched around September 2020.

    關於 EC6,它實際上是在 2020 年 9 月左右推出的。

  • And the all-new ES8 is launched around March 2020.

    全新 ES8 將於 2020 年 3 月左右推出。

  • So for the ES6, it started the delivery from the second half of 2019.

    所以對於 ES6,它從 2019 年下半年開始交付。

  • So in terms of the product life cycle, we believe all the 3 models are quite competitive in the market compared with the gasoline cars and other EVs.

    所以就產品生命週期而言,我們認為這3款車型與汽油車和其他電動汽車相比,在市場上都具有相當的競爭力。

  • We believe before the launch of the NT 2.0, we do not need to have significant changes and facelift to our current 3 products.

    我們相信在 NT 2.0 推出之前,我們不需要對我們現有的 3 款產品進行重大改變和整容。

  • But on the other hand, we would like to further expand our sales and service network.

    但另一方面,我們希望進一步擴大我們的銷售和服務網絡。

  • China is a very big market.

    中國是一個非常大的市場。

  • So we will still have a lot of opportunities.

    所以我們仍然會有很多機會。

  • If we can further improve our infrastructure building, this can also help us to improve our sales performance.

    如果我們能夠進一步完善我們的基礎設施建設,這也可以幫助我們提高我們的銷售業績。

  • Starting from this year to next year, before the launch of the NT 2.0, we will mainly focus on the sales and service network and experience improvement to improve our sales performance.

    從今年開始到明年,在NT 2.0推出之前,我們將主要關註銷售服務網絡和體驗提升,以提升我們的銷售業績。

  • So we are quite confident that this should be able to help us to achieve our sales target.

    所以我們很有信心,這應該能夠幫助我們實現我們的銷售目標。

  • At the same time, we also have Battery as a Service and the 100-kilowatt-hour battery pack delivery.

    同時,我們還提供電池即服務和 100 千瓦時電池組交付。

  • This is going to contribute to the conversion from ICE to BEVs.

    這將有助於從 ICE 向 BEV 的轉變。

  • We're witnessing the trend is accelerating from this conversion.

    我們目睹了這種轉變正在加速的趨勢。

  • We believe our main competitors are the gasoline cars at the same pricing level that is around RMB 300,000 to RMB 400,000.

    我們認為我們的主要競爭對手是在 300,000 至 400,000 元左右的同價位汽油車。

  • So in 2020, as you can see, Audi, BMW and Mercedes have achieved their sales to new highs, so it means that this is actually a very big market.

    所以在2020年,大家可以看到,奧迪、寶馬、奔馳的銷量都創下了新高,也就是說這其實是一個非常大的市場。

  • We believe our products are actually much better than their products.

    我們相信我們的產品實際上比他們的產品好得多。

  • So it means that we have a lot of opportunities.

    所以這意味著我們有很多機會。

  • We also do not have a very aggressive sales target because we're not going to sell hundreds of thousand vehicles in 1 year.

    我們也沒有非常激進的銷售目標,因為我們不會在 1 年內銷售數十萬輛汽車。

  • So we believe with our current sales target, we should have the confidence to achieve the objective.

    所以我們相信以我們目前的銷售目標,我們應該有信心實現目標。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language).

    (外語)。

  • Wei Feng - CFO

    Wei Feng - CFO

  • Tim, I would like to elaborate the reasons why we bring NIO House back and the cost efficiency of our NIO House.

    Tim,我想詳細說明我們將 NIO House 帶回來的原因以及我們 NIO House 的成本效率。

  • I would like to remind you of the 3 key functions of the NIO House.

    我想提醒您 NIO House 的 3 個關鍵功能。

  • First, it helps us to convert these to orders and speed up the deployment, will enhance the brand awareness, increase our user touch points.

    首先,它幫助我們將這些轉化為訂單並加快部署,將提升品牌知名度,增加我們的用戶接觸點。

  • And second, NIO House also represents strong brand presence, increasing investment into brand communication will be conducive to the long-term benefits of our brand.

    其次,蔚來之家也代表著強大的品牌影響力,加大對品牌傳播的投入將有利於我們品牌的長期利益。

  • Third, NIO House is also very important for our user system and for our user community.

    第三,蔚來之家對於我們的用戶系統和我們的用戶社區也是非常重要的。

  • And also, on the other hand, we have accumulated rich experience in operating off-line stores and better control their site planning and cost, which significantly lowers the investment and operating cost per store.

    另一方面,我們也積累了豐富的線下門店運營經驗,更好地控制了門店的場地規劃和成本,顯著降低了每家門店的投資和運營成本。

  • To give you a rough number, the average store investment is just 40% of the original and the average rent and operating cost is just half of the original.

    給你一個粗略的數字,平均店鋪投資只有原來的40%,平均租金和運營成本只有原來的一半。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • Thank you, Tim.

    謝謝你,蒂姆。

  • Operator

    Operator

  • Your next question comes from Nick Lai from JPMorgan.

    您的下一個問題來自摩根大通的 Nick Lai。

  • Nick Lai - Head of Asia Auto Research

    Nick Lai - Head of Asia Auto Research

  • It's Nick from JPMorgan.

    是摩根大通的尼克。

  • Great result.

    偉大的結果。

  • Congratulations indeed.

    真是恭喜。

  • So 2 simple questions.

    所以2個簡單的問題。

  • First on NIO Autonomous Driving solution.

    首先是蔚來自動駕駛解決方案。

  • Yes, you mentioned that for the NIO ET7 model, which will be equipped with Adam Super Computer solution and Aquila Super Sensing capability, I wonder whether these 2 solutions will be used for other existing models such as EC -- ES6, EC6 and ES8?

    是的,你提到了蔚來ET7車型,它將配備Adam Super Computer解決方案和Aquila Super Sensing能力,不知道這兩種解決方案是否會用於EC - ES6,EC6和ES8等其他現有車型?

  • And if so, how soon can we see this happening in the future?

    如果是這樣,我們多久才能看到這種情況在未來發生?

  • And related to this question is, yes, is it fair for us to say that will broaden our monetization strategy beyond basic Battery as a Service and to a more and more AD as a Service in the future?

    與這個問題相關的是,是的,我們可以公平地說這將擴大我們的貨幣化戰略,超越基本的電池即服務,並在未來擴展到越來越多的廣告即服務?

  • The second question is related to volume.

    第二個問題與音量有關。

  • You just mentioned that 2Q monthly capacity or potential volume will be somewhere about 7,500.

    您剛剛提到第二季度的月產能或潛在數量約為 7,500。

  • But at the same time, you also mentioned that JAC is expanding capacity to 150,000 unit capacity on a single-shift basis.

    但同時您也提到江淮汽車正在將單班產能擴大到15萬輛。

  • So as we move into second half of the year and hopefully, the supply bottleneck on battery and the chip can be solved and how should we think about capacity -- or monthly production increase into second half?

    因此,隨著我們進入下半年,希望電池和芯片的供應瓶頸能夠得到解決,我們應該如何考慮產能——或者下半年的月產量增加?

  • And the second -- also related to volume question, you just mentioned ET7 backlog order is beyond -- is well above expectation.

    第二個問題——也與數量問題有關,你剛才提到 ET7 積壓訂單超出預期——遠高於預期。

  • What does that mean?

    這意味著什麼?

  • Is that means 20,000, 40,000 units?

    這是否意味著 20,000、40,000 個單位?

  • Or anything -- any guidance would be appreciated.

    或任何東西 - 任何指導將不勝感激。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Nick, for your question.

    [解釋]謝謝你,尼克,你的問題。

  • ET7 is the first model built on top of the NT 2.0.

    ET7 是第一個建立在 NT 2.0 之上的模型。

  • Of course, all future models will be developed based on the NIO technology platform 2.0, but we're not going to kick off this work as soon as possible, but it's already in the pipeline.

    當然,未來所有車型都將基於蔚來技術平台2.0進行開發,但我們不會盡快啟動這項工作,但它已經在籌備中。

  • For other products and the future models, we will leverage the latest technologies, and we will share more information with everyone regarding the product planning and the product portfolio at the right time.

    對於其他產品和未來車型,我們將利用最新技術,適時與大家分享更多關於產品規劃和產品組合的信息。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] For the AD as a Service, so we believe this is the right direction because we believe in the future, all the AD services should be provided through the subscription model because it's going to benefit the users and from the technology point of view, it's also quite reasonable and feasible.

    [解釋] 對於廣告即服務,所以我們認為這是正確的方向,因為我們相信在未來,所有的廣告服務都應該通過訂閱模式提供,因為從技術角度來看,這將使用戶受益,也是相當合理可行的。

  • Compared with the ADAS business model, the AD as a Service business model is based on the installed base.

    與 ADAS 業務模型相比,AD 即服務業務模型基於安裝基礎。

  • So it means that if one user's life cycle is 15 years.

    所以這意味著如果一個用戶的生命週期是15年。

  • Then within this 15 years, we should be able to generate revenue based on the Ad as a Service business model.

    那麼在這 15 年內,我們應該能夠基於 Ad as a Service 商業模式產生收入。

  • In this regard, we believe the AD as a Service business model is much better than the traditional ADAS business model.

    在這方面,我們認為 AD 即服務商業模式比傳統的 ADAS 商業模式要好得多。

  • If you look at the cloud service business, like Amazon, Google, Microsoft and other domestic players in China, we believe this AD as a Service subscription model is going to be a very good revenue stream for us.

    如果你看一下云服務業務,比如亞馬遜、谷歌、微軟和其他中國國內玩家,我們相信這種廣告即服務訂閱模式對我們來說將是一個非常好的收入來源。

  • That is why we are going to be quite decisive to promote this business model and the subscription model.

    這就是為什麼我們將非常果斷地推廣這種商業模式和訂閱模式。

  • And from the Battery as a Service, so we have already learned a lot of experience and the confidence, and we believe this means that the user should be quite acceptable regarding the AD as a Service.

    而且從Battery as a Service中,我們已經學到了很多經驗和信心,我們相信這意味著用戶對於AD as a Service應該是相當可以接受的。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] For the AD as a Service, in a nutshell, we believe the take rate is going to be higher, and they can generate revenue throughout the user life cycle.

    【解讀】對於廣告即服務,簡而言之,我們認為獲取率會更高,並且它們可以在整個用戶生命週期中產生收入。

  • It's also going to be beneficial for the users.

    它也將對用戶有益。

  • And we believe it's also going to be a very good business model and it's going to be quite sustainable.

    而且我們相信這也將是一個非常好的商業模式,並且將是相當可持續的。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] I would like to provide more information regarding the production capacity.

    [解釋] 我想提供更多關於生產能力的信息。

  • We have already achieved 7,500-unit production capacity in January.

    我們已經在 1 月份實現了 7,500 台的生產能力。

  • I would like to explain a little bit about the overall supply chain production capacity context because this covers both our own plants and the supply chain production capacity.

    我想稍微解釋一下整體供應鏈產能的背景,因為這既包括我們自己的工廠,也包括供應鏈產能。

  • During the spring festival, the Hefei plant has already kicked off their production capacity ramp-up.

    春節期間,合肥工廠已開始產能提升。

  • So we now have the capability to produce 10,000 units per month by having 2 shifts in some workshops.

    因此,我們現在有能力通過在一些車間進行 2 班制每月生產 10,000 件。

  • However, just like I mentioned because of the constraints of the chipset supply and the battery supply, in the second quarter we may only be able to secure an overall supply chain production capacity of 7,500 units per month.

    但是,正如我所說,由於芯片供應和電池供應的限制,第二季度我們可能只能確保每月 7,500 片的整體供應鏈產能。

  • But starting from July, we expect to elevate the overall supply chain production capacity.

    但從 7 月開始,我們預計將提升整體供應鏈產能。

  • And just like I mentioned before, our partner, JAC has already kicked off their further production capacity expansion.

    就像我之前提到的,我們的合作夥伴江淮汽車已經開始了進一步的產能擴張。

  • So it means that probably the annual production capacity is going to reach 150,000 units under 1 shift and 300,000 units under 2 shifts by the end of this year or the beginning of next year.

    所以這意味著到今年年底或明年年初,年產能可能達到1班15萬台和2班30萬台。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Another question is about the ET7 order performance.

    【解讀】另一個問題是關於ET7的訂單表現。

  • Actually, ET7 was available for order on the NIO Day onn January 9, 2021.

    實際上,ET7 是在 2021 年 1 月 9 日的 NIO Day 上可以訂購的。

  • The ET7 order backlog performance has exceeded all other models we have right now.

    ET7 訂單積壓表現已經超過了我們目前擁有的所有其他型號。

  • But we cannot disclose the specific information regarding the order backlog.

    但我們無法透露有關訂單積壓的具體信息。

  • We would like to just focus on the delivery performance.

    我們只想專注於交付性能。

  • But overall speaking, regarding the pricing of the ET7, it's around RMB 448,000.

    但總體來說,ET7的定價在44.8萬元左右。

  • With this kind of pricing, we believe that ET7 has performed very well in terms of accumulating sufficient orders.

    通過這樣的定價,我們認為ET7在積累足夠訂單方面表現非常出色。

  • Operator

    Operator

  • Your next question comes from Lei Wang from CICC.

    您的下一個問題來自中金公司的王磊。

  • Lei Wang - Associate

    Lei Wang - Associate

  • This is Wang Lei speaking from CICC.

    我是中金公司的王磊。

  • I would say that's a very strong earnings report and a very strong first quarter guidance.

    我會說這是一份非常強勁的收益報告和非常強勁的第一季度指引。

  • I have one follow-up question about the joint venture of ours.

    我有一個關於我們的合資企業的後續問題。

  • William just mentioned 55% of the take rate.

    威廉剛剛提到了 55% 的錄取率。

  • Could you please inform what is the capital status of this joint venture?

    請問這家合資公司的資本狀況如何?

  • And how many battery services this company can support theoretically?

    而這家公司理論上可以支持多少電池服務?

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Lei, for your question.

    [解釋]謝謝你,雷,你的問題。

  • Regarding the battery asset management company, we have already finished 2 rounds of financing.

    關於電池資產管理公司,我們已經完成了2輪融資。

  • Right now, we have 8 shareholders, including NIO.

    目前,我們有8個股東,包括蔚來汽車。

  • We have already raised around RMB 1.44 billion.

    我們已經籌集了大約14.4億元人民幣。

  • Right now, many new investors have approached me and asked whether it's possible for them to invest in the battery asset management company.

    現在,很多新投資者找我,問他們是否可以投資電池資產管理公司。

  • At the same time, we also secured sufficient credit facilities from the bank for the battery asset management company.

    同時,我們還為電池資產管理公司從銀行獲得了充足的授信額度。

  • As a very important player or a very important role in the Battery as a Service business model, the battery asset company has already secured sufficient cash to support this business model operation.

    作為電池即服務業務模式中非常重要的參與者或非常重要的角色,電池資產公司已經獲得了足夠的現金來支持這種業務模式的運營。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] But in terms of the penetration rates of the batteries among the Battery as a Service users, the delivery is going to be later compared with the orders because we have a make-to-order business model.

    【解讀】但就電池在Battery as a Service 用戶中的滲透率而言,由於我們採用的是按訂單生產的商業模式,因此交付比訂單要晚。

  • So first, we have a penetration rate in the order backlog, and then this will be gradually reflected in the delivery of the batteries to the vehicle -- to the users.

    所以首先,我們在訂單積壓中有一個滲透率,然後這將逐漸體現在電池到車輛——到用戶的交付中。

  • Operator

    Operator

  • Our next question comes from Paul Gong from UBS.

    我們的下一個問題來自瑞銀的 Paul Gong。

  • Paul Gong - HK and China Autos Analyst

    Paul Gong - HK and China Autos Analyst

  • I have 2 questions.

    我有 2 個問題。

  • The first one is related to the near-term sales.

    第一個與近期銷售有關。

  • Do you foresee the lower-tier cities increasingly to be the key focus for your expansion?

    您是否預見到低線城市將越來越成為您擴張的重點?

  • And how do you think about your expansion of network and your ideal mix of the sales into Tier 1, Tier 2 versus Tier 3 cities?

    您如何看待您的網絡擴展以及您在 1 線、2 線和 3 線城市的理想銷售組合?

  • And do you foresee to gradually moving from Tier 1-focused into lower-tier cities in the next 12 months?

    您是否預計在未來 12 個月內會逐漸從以 1 線為重點的城市轉移到低線城市?

  • The second question is regarding the autonomous driving system development for the ET7.

    第二個問題是關於ET7的自動駕駛系統開發。

  • Obviously, you have put a very redundant, a very powerful hardware on the vehicle.

    顯然,您在車輛上放置了一個非常多餘的、非常強大的硬件。

  • And for those who choose not to subscribe the AD system, will you still put the same hardware on the vehicle?

    而對於那些選擇不訂閱AD系統的人,你還會在車輛上安裝相同的硬件嗎?

  • Or will you choose to upgrade for the later stage when they choose to subscribe that?

    或者當他們選擇訂閱時,您會選擇為後期升級嗎?

  • And if you put such kind of redundant hardware, does that mean the costs tend to be higher and you strategically accept a lower margin on the car sales then try to monetize it through the subscription in the later service -- in the later life of the stage of the whole vehicle?

    如果您放置這種冗餘硬件,這是否意味著成本往往更高,並且您從戰略上接受較低的汽車銷售利潤,然後嘗試通過後期服務中的訂閱將其貨幣化 - 在後期整車階段?

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Paul, for your question.

    [解釋] 謝謝你,保羅,你的問題。

  • In fact, we have always been quite aggressive in building and expanding our sales network.

    事實上,我們一直非常積極地建立和擴大我們的銷售網絡。

  • Just like I mentioned, we have already got NIO Houses and NIO Spaces in around 121 cities.

    就像我提到的,我們已經在大約 121 個城市擁有 NIO Houses 和 NIO Spaces。

  • And starting from last year, we have accelerated the expansion of the NIO Spaces.

    從去年開始,我們加快了蔚來空間的擴張。

  • In 2021, we're going to build new -- 20 new NIO Houses and 120 new NIO Spaces.

    2021 年,我們將建造新的——20 個新的 NIO Houses 和 120 個新的 NIO Spaces。

  • Our basic strategy or principle is to build our point of sales in those cities that has dealerships of the BMW, Audi and Mercedes or Lexus.

    我們的基本戰略或原則是在擁有寶馬、奧迪和梅賽德斯或雷克薩斯經銷商的城市建立我們的銷售點。

  • Based on this principle, we haven't achieved full coverage yet in those cities.

    基於這個原則,我們在這些城市還沒有實現全覆蓋。

  • But we believe with our efforts this year, we should be able to achieve a full coverage.

    但我們相信,通過今年的努力,我們應該能夠實現全覆蓋。

  • And for our existing NIO Houses and the NIO Spaces, we already got some in the Tier 3 and Tier 4 cities.

    對於我們現有的 NIO Houses 和 NIO Spaces,我們已經在三四線城市獲得了一些。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] We do not have any specific tactics regarding where should we have the NIO Houses or NIO Spaces.

    [解釋] 對於我們應該在哪裡擁有 NIO House 或 NIO Spaces,我們沒有任何具體的策略。

  • It's more driven by the sales performance.

    它更多地受到銷售業績的推動。

  • For example, in the Yangtze River Delta region, the sales performance is quite good.

    比如在長三角地區,銷售業績就相當不錯。

  • That is why we decided to build the NIO Houses and the NIO Spaces in this region.

    這就是我們決定在該地區建造 NIO Houses 和 NIO Spaces 的原因。

  • And so overall speaking, we would like to expand our sales network coverage in more cities and more areas.

    所以總的來說,我們希望將我們的銷售網絡擴大到更多的城市和更多的地區。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] But we would like to build more charging and swapping network in the remote places or remote cities, especially including the supercharging network and the destination chargers.

    【解讀】但我們希望在偏遠的地方或偏遠的城市建設更多的充電交換網絡,特別是包括超級充電網絡和目的地充電站。

  • For example, we would like to deploy our charging and swapping network in Inner Mongolia, Heilongjiang and other remote cities.

    例如,我們想在內蒙古、黑龍江和其他偏遠城市部署我們的充電和交換網絡。

  • In those cities, they do not have a very good infrastructure for the EVs.

    在這些城市,他們沒有非常好的電動汽車基礎設施。

  • Starting from this year, we're going to ramp up our infrastructure in those places.

    從今年開始,我們將在這些地方加強我們的基礎設施。

  • Our principle and our vision has always been that the EV users can go everywhere with a very good user experience.

    我們的原則和願景一直是讓 EV 用戶可以帶著非常好的用戶體驗去到任何地方。

  • So we would like to focus on those cities.

    因此,我們希望專注於這些城市。

  • Because right now, the cities do not have a very high EV penetration.

    因為目前,城市的電動汽車普及率並不高。

  • That is why no third parties would like to build the infrastructure in those cities, but we would like to start this work first.

    這就是為什麼沒有第三方願意在這些城市建設基礎設施,但我們想先開始這項工作。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Regarding the AD as a Service, on ET7, the hardware, including NIO Aquila Super Sensing and the NIO Adam Super Computing all come as standard on the ET7, but we're not going to lower our vehicle gross margin just because we are now using the AD as a Service subscription model.

    【解讀】關於AD即服務,在ET7上,包括NIO Aquila Super Sensing和NIO Adam Super Computing在內的硬件都是ET7的標準配置,但我們不會因為我們降低車輛毛利率現在正在使用 AD 即服務訂閱模式。

  • We would like to still keep a reasonable vehicle gross margin at the time of the sales.

    我們希望在銷售時仍保持合理的車輛毛利率。

  • Previously, we have already said that around 20% is a reasonable vehicle gross margin target, so we're not going to lower these targets.

    之前我們已經說過,20%左右是一個合理的汽車毛利率目標,所以我們不會降低這些目標。

  • For the NAD, we believe this is going to make long-term contributions to our overall gross margin and vehicle gross margin.

    對於 NAD,我們相信這將對我們的整體毛利率和車輛毛利率做出長期貢獻。

  • Operator

    Operator

  • Your next question comes from Jeff Chung from Citi.

    您的下一個問題來自花旗銀行的 Jeff Chung。

  • Jeff Chung - Director & Analyst

    Jeff Chung - Director & Analyst

  • (foreign language) So I got 3 questions.

    (外語)所以我有3個問題。

  • What is the NOP and BaaS attach rate in the past, right now and in the future?

    過去、現在和未來的 NOP 和 BaaS 附加率是多少?

  • And how sensitivity does it relate to the GP margin and earnings.

    以及它與 GP 利潤率和收益的敏感性如何。

  • The second question is a range estimate of full year's sales volume target.

    第二個問題是全年銷量目標的範圍估計。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Jeff, for your question.

    [解釋]謝謝你,傑夫,你的問題。

  • Just like we mentioned before, the take rate of BaaS among new orders in February is around 55%.

    正如我們之前提到的,2 月份新訂單中 BaaS 的接受率在 55% 左右。

  • Regarding the NIO Pilot, we have 2 different packages.

    關於 NIO Pilot,我們有 2 個不同的包。

  • One is the full package and another one is the selected package.

    一個是完整包,另一個是選定包。

  • So the blended take rate of the NIO Pilot with these 2 packages is around 50%.

    所以 NIO Pilot 與這兩個包的混合使用率在 50% 左右。

  • We believe for some users, they would like to choose to install or activate the NIO Pilot after the vehicle purchase.

    我們相信對於一些用戶來說,他們希望在購車後選擇安裝或激活 NIO Pilot。

  • So this is also going to help us to increase the take rate of the NIO Pilot.

    所以這也將幫助我們提高 NIO Pilot 的錄取率。

  • But different people have different preferences.

    但是不同的人有不同的喜好。

  • We think this is going to increase to some extent, but it's not going to be a very significant jump.

    我們認為這將在一定程度上增加,但這不會是一個非常顯著的跳躍。

  • For the Battery as a Service, this is not going to have a significant impact on our gross margin.

    對於電池即服務,這不會對我們的毛利率產生重大影響。

  • The impact, I think, it's going to be quite minimum.

    我認為,影響將非常小。

  • The NOP is going to contribute to our gross margin, and it's going to be beneficial to the overall gross margin.

    NOP 將有助於我們的毛利率,並將有利於整體毛利率。

  • The take rate increase of the NOP is one of the reasons that we have improved our gross margin.

    NOP的收取率增加是我們提高毛利率的原因之一。

  • The full package of the NOP is priced 39,000, so this is going to be a very good contribution to the gross margin.

    NOP的全包售價為39,000,因此這將是對毛利率的非常好的貢獻。

  • Starting from this year, we're going to focus on expanding to the installed base.

    從今年開始,我們將專注於擴大安裝基礎。

  • Because right now, we have already got 88,000 users.

    因為現在,我們已經有 88,000 個用戶。

  • So half of them haven't opted for NOP yet.

    所以他們中的一半還沒有選擇NOP。

  • So we would like to provide some innovative models, plans for those users.

    所以我們想為這些用戶提供一些創新的模型、計劃。

  • For example, we have tried some financing models for the NOP or NIO Pilot to the users and received a very good result.

    比如我們給用戶嘗試了一些NOP或者NIO Pilot的融資模式,效果非常好。

  • For the aftersales installation of the NOP or activation of the NOP, this is going to contribute to the overall gross margins instead of the vehicle gross margin.

    對於 NOP 的售後安裝或 NOP 的激活,這將有助於整體毛利率,而不是車輛毛利率。

  • Another question is about the overall supply chain.

    另一個問題是關於整個供應鏈的。

  • For the first half of this year, we would like to be more conservative and prepare our production based on the 7,500 units, like I mentioned.

    今年上半年,我們希望更加保守,按照我提到的 7,500 台來準備我們的生產。

  • But for the second half of this year, we are quite confident about the demand, but we do not have the full visibility yet.

    但對於今年下半年,我們對需求是相當有信心的,但我們還沒有完全的能見度。

  • We will further expand our sales and service network as well as our charging and the swapping network.

    我們將進一步擴大我們的銷售和服務網絡以及我們的充電和交換網絡。

  • We believe this can help us to improve the sales performance, and this is going to help us to achieve much higher sales in the coming second half of this year.

    我們相信這可以幫助我們提高銷售業績,這將幫助我們在今年下半年實現更高的銷售額。

  • Operator

    Operator

  • Our final question comes from Fei Fang from Goldman Sachs.

    我們的最後一個問題來自高盛的方飛。

  • Fei Fang - Equity Analyst

    Fei Fang - Equity Analyst

  • Congratulations on a strong performance.

    祝賀你表現出色。

  • Just a quick question about your Power Swap Station build-out.

    只是一個關於您的電源交換站擴建的快速問題。

  • How do you strategize your footprint?

    你如何規劃你的足跡?

  • How do you choose location?

    你如何選擇位置?

  • How often do you assume consumers will be using the infrastructure on a per vehicle basis?

    您認為消費者多久會以每輛車為基礎使用基礎設施?

  • And then long term, how do you think about sort of the right size for your power swap network given the strong BaaS adoption?

    然後從長遠來看,鑑於強大的 BaaS 採用率,您如何考慮適合您的電力交換網絡的規模?

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • (foreign language)

    (外語)

  • Eve Tang

    Eve Tang

  • [Interpreted] Thank you, Fei, for your question.

    [解釋]謝謝你,飛,你的問題。

  • Regarding the power swap, we actually provide services directly to the users.

    關於換電,我們實際上是直接為用戶提供服務。

  • And we can have the information regarding the users whether they can install the home chargers or what should be their routine routes, what is the distribution of our user base.

    我們可以了解用戶是否可以安裝家用充電器或他們的日常路線應該是什麼,我們的用戶群分佈情況如何。

  • So based on all those information and our make-to-order business model, we should be able to have a very good planning for the battery swap locations.

    因此,基於所有這些信息和我們的按訂單生產業務模式,我們應該能夠對電池更換位置進行非常好的規劃。

  • Based on the location information of the users, we can make the optimal choices regarding where should we deploy the Power Swap Stations.

    根據用戶的位置信息,我們可以做出關於我們應該在哪裡部署換電站的最佳選擇。

  • We can also have the information regarding how -- what should be the highways that are frequently visited by our users so we can deploy the Power Swap Stations in those highways.

    我們還可以獲得有關用戶經常訪問的高速公路的信息,以便我們可以在這些高速公路上部署電源交換站。

  • Overall speaking, the efficiency of our battery swapping stations, and the planning accuracy of the battery swap stations have significantly improved compared with the past.

    總體而言,我們換電站的效率,換電站的規劃精度與以往相比都有了明顯的提升。

  • After the deployment of the battery swap stations, we have also accelerated the speed of the service providing -- or the service offering to the users and achieved a very good performance.

    在部署了電池更換站之後,我們也加快了服務提供——或向用戶提供服務的速度,並取得了非常好的表現。

  • For example, during the peak hours, the battery swap stations can achieve around 10,000 battery swaps.

    例如,在高峰時段,電池更換站可以實現大約 10,000 次電池更換。

  • Right now in China, we believe the long-term trend is -- many users will not be able to install the home chargers, although our installation rate of the home chargers is already quite high among the peers.

    目前在中國,我們認為長期趨勢是——許多用戶將無法安裝家用充電器,儘管我們的家用充電器安裝率在同行中已經相當高。

  • But as our user base grows, we can see that this trend is going to gradually go down.

    但隨著我們用戶群的增長,我們可以看到這種趨勢將逐漸下降。

  • So it means that we would like to provide a more holistic power solutions to the users, including the home chargers, the Power Swap Stations and other services and the battery swapping and -- shows that it can better support this part of the users' demand.

    因此,這意味著我們希望為用戶提供更全面的電源解決方案,包括家用充電器、換電站等服務以及電池更換,並表明它可以更好地支持這部分用戶的需求.

  • Together with our Battery as a Service, the battery swapping technology, battery swap stations and the third-party charging infrastructure, we believe we can provide the best holistic battery -- best holistic power solutions and experiences to the users.

    連同我們的電池即服務、電池更換技術、電池更換站和第三方充電基礎設施,我們相信我們可以為用戶提供最好的整體電池——最佳的整體電源解決方案和體驗。

  • Operator

    Operator

  • As there are no further questions, now I'd like to turn the call back over to the company for closing remarks.

    由於沒有其他問題,現在我想將電話轉回公司以進行結束語。

  • Eve Tang

    Eve Tang

  • Thank you once again for joining us today.

    再次感謝您今天加入我們。

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

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

  • This concludes the conference call.

    電話會議到此結束。

  • You may now disconnect your lines.

    您現在可以斷開線路。

  • Thank you.

    謝謝你。

  • William Li - Founder, Chairman & CEO

    William Li - Founder, Chairman & CEO

  • Thank you, everyone.

    謝謝大家。

  • Bye.

    再見。

  • [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

    [此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]

  • NIO Internal

    蔚來內部

  • NIO Internal

    蔚來內部