蔚來 (NIO) 2020 Q3 法說會逐字稿

Hello, ladies and gentlemen.

你好，女士們，先生們。

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

感謝您等待 NIO Inc. 的 2020 年第三季度收益電話會議。

(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。

And I will now turn the call over to your host, Mr. Rui Chen, Director of Investor Relations of the company.

我現在將把電話轉給主持人，公司投資者關係總監陳睿先生。

Please go ahead, Rui.

請繼續，銳。

Thank you.

謝謝你。

Good morning, and good evening, everyone.

大家早上好，晚上好。

Welcome to NIO's Third Quarter 2020 Earnings Conference Call.

歡迎來到蔚來汽車 2020 年第三季度收益電話會議。

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 provision 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 Securities and Exchange Commission.

有關風險和不確定性的更多信息包含在公司向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, go ahead, please.

威廉，請繼續。

(foreign language)

（外語）

[Interpreted] Hello, everyone.

[翻譯]大家好。

Thank you for joining NIO's 2020 Q3 earnings call.

感謝您參加蔚來汽車 2020 年第三季度財報電話會議。

(foreign language)

（外語）

[Interpreted] In the third quarter of 2020, NIO delivered 12,206 ES8, ES6 and EC6, representing a strong growth of 154.3% year-over-year and 18.1% quarter-over-quarter.

【解讀】2020年第三季度，蔚來交付了12206輛ES8、ES6和EC6，同比增長154.3%，環比增長18.1%。

In October 2020, we delivered 5,055 vehicles, achieving another monthly delivery record.

2020年10月，我們交付了5,055輛，再創月度交付記錄。

(foreign language)

（外語）

[Interpreted] ES6 has been the best-selling electric SUV in China for 13 connective months.

【解讀】ES6連續13個月蟬聯中國最暢銷電動SUV。

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

ES8今年在中國高端電動SUV領域銷量排名第一，售價超過40萬元。

Our third product, EC6, has started deliveries in September.

我們的第三款產品 EC6 已於 9 月開始交付。

We have gained and maintained a great word-of-mouth reputation for our product quality and service and continuously received a positive feedback from our users.

我們的產品質量和服務贏得併保持了良好的口碑，並不斷收到用戶的積極反饋。

In the 2020 China New Energy Vehicle Experience Index released by J.D. Power in September, NIO has once again ranked highest in NEV new vehicle quality among all brands.

在9月J.D. Power發布的2020年中國新能源汽車體驗指數中，蔚來再次位居各品牌新能源汽車質量第一。

(foreign language)

（外語）

[Interpreted] After the launch of Battery as a Service or BaaS, NIO's products and services have been increasingly accepted by more users.

【解讀】在Battery as a Service或BaaS推出後，蔚來的產品和服務越來越被更多用戶所接受。

The new order intake in October broke the historic record and exceeded all expectations.

10月份的新訂單量打破了歷史記錄，超出了所有人的預期。

In the fourth quarter, we are confident that the deliveries will further grow to between 16,500 and 17,000 units.

在第四季度，我們有信心交付量將進一步增長至 16,500 至 17,000 輛。

(foreign language)

（外語）

[Interpreted] In terms of gross profit, supported by the steadily growing quarterly deliveries, increase of high-margin products in our product mix as well as continuous improvement on material cost and manufacturing efficiency, our gross margin in the third quarter has continued the upward trend with the vehicle margin and overall gross margin reaching 14.5% and 12.9%, respectively, surpassing our previous expectation.

【解讀】毛利方面，在季度交付量穩步增長、產品結構中高毛利產品增加、材料成本和製造效率持續改善的支撐下，三季度毛利率持續上升整車利潤率和整體毛利率分別達到 14.5%和 12.9%，超出我們之前的預期。

(foreign language)

（外語）

[Interpreted] NIO's system efficiency is getting more and more self-evident.

【解讀】蔚來的系統效率越來越不言而喻。

The operating loss has further narrowed to RMB 946 million in the third quarter of 2020, representing an 18.4% decrease [quarter-over-quarter] (corrected by the company after the call) and a 60.7% decrease year-over-year.

2020年第三季度營業虧損進一步收窄至人民幣9.46億元，同比下降18.4%（經公司電話會議後修正），同比下降60.7%。

In addition, we have achieved a positive cash flow from operating activities for the second sequential quarter in Q3.

此外，我們在第三季度連續第二個季度實現了經營活動的正現金流。

We are confident to achieve a positive operating cash flow for the full fiscal year 2020.

我們有信心在 2020 財年實現正的經營現金流。

(foreign language)

（外語）

[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。

(foreign language)

（外語）

[Interpreted] With respect to R&D, we've released the Navigate on Pilot feature or NoP to users via FOTA in October, which has further boosted the competitiveness of NIO Pilot, our ADAS systems and received rave reviews from users and the media.

【解讀】研發方面，10月份我們通過FOTA向用戶發布了Navigate on Pilot功能或NoP，進一步提升了NIO Pilot和我們的ADAS系統的競爭力，獲得了用戶和媒體的一致好評。

Through fusing the environmental data from the sensor suite with high-definition map, NOP can guide the vehicle to follow the navigation route, automatically drive from on-ramp to off-ramp and overtake slower cars.

通過將來自傳感器套件的環境數據與高清地圖融合，NOP 可以引導車輛遵循導航路線，自動從入口匝道駛向出口匝道，並超越速度較慢的汽車。

It can engage not only on highways but also urban expressways with optimizations based on specific use cases in China.

它不僅可以在高速公路上使用，還可以在城市高速公路上使用，並根據中國的特定用例進行優化。

(foreign language)

（外語）

[Interpreted] We are accelerating the development of the second-generation technology platform, NT 2.0.

【解讀】我們正在加速開發第二代技術平台NT 2.0。

The core of NT 2.0 is industry-leading mass production autonomous driving system.

NT 2.0的核心是業界領先的量產自動駕駛系統。

We will share more details of NT 2.0 at NIO Day 2020.

我們將在 NIO Day 2020 上分享 NT 2.0 的更多細節。

(foreign language)

（外語）

[Interpreted] On November 6, NIO launched a 100-kilowatt hour battery pack.

【解讀】11月6日，蔚來推出100千瓦時電池組。

It features a highly integrated cell-to-pack architecture with 37% energy density increase, which significantly extends the drive range of our product lineup.

它採用高度集成的電池到電池組架構，能量密度增加 37%，顯著擴展了我們產品系列的驅動範圍。

It has also adopted other advanced technologies including thermal propagation prevention design, all-climate thermal management and the bi-directional cloud BMS to make the battery safer and better.

它還採用了其他先進技術，包括熱傳播預防設計、全氣候熱管理和雙向雲BMS，使電池更安全、更好。

The 100-kilowatt hour battery pack will begin deliveries in December.

100 千瓦時電池組將於 12 月開始交付。

Together with the launch of the 100-kilowatt hour battery pack, we also provide permanent upgrades and flexible upgrades by month or by year to users of the 70-kilowatt hour battery pack.

在推出100千瓦時電池組的同時，我們還為70千瓦時電池組的用戶提供按月或按年的永久升級和靈活升級。

As of today, we have successfully closed the loop for our innovative BaaS model through vehicle battery separation, battery subscription and chargeable, swappable and upgradable battery solutions.

截至今天，我們已經通過車輛電池分離、電池訂閱以及可充電、可更換和可升級的電池解決方案，成功完成了創新 BaaS 模式的閉環。

(foreign language)

（外語）

[Interpreted] As for production capacity, our overall supply chain production capacity has already reached 5,000 units per month in September.

【解讀】產能方面，9月份我們整體供應鏈產能已經達到5000台/月。

The teams are working diligently together with our partners to further elevate our production capacity.

這些團隊正在與我們的合作夥伴一起努力工作，以進一步提高我們的生產能力。

We target to expand the overall supply chain production capacity to 7,500 units per month in January 2021 to meet the growing user demand.

我們的目標是在 2021 年 1 月將整體供應鏈產能擴大到每月 7,500 台，以滿足不斷增長的用戶需求。

(foreign language)

（外語）

[Interpreted] In regards of the sales and service network, NIO has opened 22 NIO houses and 159 NIO spaces in 106 cities and 159 power swap stations in 70 cities in China.

【解讀】在銷售和服務網絡方面，蔚來已在全國106個城市開設了22個蔚來房屋和159個蔚來車位，在70個城市開設了159個換電站。

Moreover, we are developing the second-generation power swap station with lower cost and better experience and are planning to deploy the second-generation swap stations in the first half of 2021.

此外，我們正在開發成本更低、體驗更好的第二代換電站，併計劃在2021年上半年部署第二代換電站。

(foreign language)

（外語）

[Interpreted] As our user base continues to expand, the NIO user community is becoming ever more vibrant.

【解讀】隨著我們用戶群的不斷擴大，蔚來用戶社區也變得越來越活躍。

November marks the second anniversary of the NIO user volunteer Initiative.

11 月是蔚來用戶志願者倡議發起兩週年。

As of November 10, 2020, there are 3,101 user volunteers from 118 cities.

截至2020年11月10日，共有來自118個城市的3101名用戶志願者。

They take it upon themselves to promote NIO and contributed to the community at the showroom, auto shows, live streaming platform, delivery centers and the NIO Day.

他們在展廳、車展、直播平台、交付中心和 NIO Day 上為 NIO 做宣傳，並為社區做出貢獻。

Users' trust and support have always been the biggest motivation for NIO to do more and be better.

用戶的信任和支持一直是蔚來做更多、更好的最大動力。

(foreign language)

（外語）

[Interpreted] On November 26, 2020, NIO will embrace its sixth anniversary.

【解讀】2020年11月26日，蔚來迎來六週年。

With users' support and the team's efforts, we have achieved a milestone performance.

在用戶的支持和團隊的努力下，我們取得了里程碑式的業績。

But we are still a start-up with a rather short history.

但我們仍然是一家歷史較短的初創公司。

In the face of a fierce competition and intense challenges, we will remain committed to making decisive investments into products and core technologies and offering the best service and holistic user experience to live up to the expectations of our loyal user community.

面對激烈的競爭和激烈的挑戰，我們將繼續致力於對產品和核心技術進行果斷的投資，提供最好的服務和整體的用戶體驗，不辜負忠實用戶群體的期望。

(foreign language)

（外語）

[Interpreted] Thank you for your support.

[翻譯]感謝您的支持。

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

有了這個，我現在將把電話轉給史蒂文，為你提供本季度的財務細節。

Steven, please go ahead.

史蒂文，請繼續。

Thank you, William.

謝謝你，威廉。

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

我現在將介紹我們 2020 年第三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 third quarter were RMB 4.53 billion or USD 666.6 million, representing increase of 146.4% year-over-year and an increase of 21.7% quarter-over-quarter.

第三季度總收入為人民幣45.3億元或6.666億美元，同比增長146.4%，環比增長21.7%。

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：汽車銷售和其他銷售。

Vehicle sales in the third quarter were RMB 4.27 billion or USD 628.4 million, accounting for 94% of total revenues in this quarter.

第三季度汽車銷售額為人民幣42.7億元或6.284億美元，佔本季度總收入的94%。

It represented an increase of 146.1% year-over-year and an increase of 22.4% quarter-over-quarter.

同比增長146.1%，環比增長22.4%。

The increase in vehicle sales year-over-year was primarily due to the increase in sales of ES6 and ES8.

汽車銷量同比增長主要是由於ES6和ES8銷量的增長。

Other sales in the third quarter were RMB 259.2 million or USD 38.2 million, representing an increase of 150.7% year-over-year and an increase of 11.3% quarter-over-quarter.

第三季度其他銷售額為人民幣2.592億元或3820萬美元，同比增長150.7%，環比增長11.3%。

The increase in other sales year-over-year was mainly attributed to increased revenues derived from the home chargers installed, service package and energy package subscribed, and accessories sold, which were in line with increased vehicle sales in the third quarter of 2020.

其他銷售額同比增長主要歸因於安裝的家用充電器、訂閱的服務包和能源包以及銷售的配件帶來的收入增加，這與 2020 年第三季度汽車銷量的增長一致。

Cost of sales in the third quarter was RMB 3.94 billion or USD 580.3 million, representing an increase of 91.4% year-on-year and an increase of 15.7% quarter-over-quarter.

第三季度銷售成本為人民幣39.4億元或5.803億美元，同比增長91.4%，環比增長15.7%。

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

銷售成本同比增長主要受2020年第三季度交付量增加的推動。

Gross profit in third quarter of 2020 was RMB 585.8 million or USD 86.3 million, representing an increase of RMB 807.4 million from a gross loss of RMB 221.6 million in the third quarter of 2019 and an increase of RMB 272.7 million from the second quarter of 2020.

2020年第三季度毛利潤為5.858億元人民幣或8630萬美元，較2019年第三季度毛虧損2.216億元人民幣增加8.074億元人民幣，較2020年第二季度增加2.727億元人民幣.

The increase in gross profit was mainly contributed by 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 third quarter of 2020 was 12.9% compared with negative 12.1% in the same quarter of 2019 and 8.4% in the second quarter of 2020.

2020 年第三季度的毛利率為 12.9%，而 2019 年同期為負 12.1%，2020 年第二季度為 8.4%。

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

毛利率上升主要受2020年第三季度整車毛利率上升帶動。

More specifically, vehicle margin in the third quarter of 2020 was 14.5% compared with negative 6.8% in the same quarter of 2019 and 9.7% in the second quarter of 2020.

更具體地說，2020 年第三季度的汽車利潤率為 14.5%，而 2019 年同期為負 6.8%，2020 年第二季度為 9.7%。

The increase of vehicle margin was mainly driven by the decrease in purchase price of certain materials and lower unit manufacturing costs attributed from increased production volume of ES6 and ES8 in the third quarter of 2020.

整車利潤率上升主要是由於部分材料採購價格下降，以及 2020 年第三季度 ES6 和 ES8 產量增加導致單位製造成本下降。

R&D expenses in the third quarter were RMB 590.8 million or USD 87 million, representing a decrease of 42.3% year-over-year and an increase of 8.4% quarter-over-quarter.

第三季度研發費用為人民幣5.908億元或8700萬美元，同比下降42.3%，環比增長8.4%。

The decrease in R&D expenses year-over-year was primarily attributable to higher design and development costs incurred in the third quarter of 2019 for EC6 and all-new ES8 launched in the fourth quarter of 2019 and the company's overall cost-saving efforts and improved operational efficiency in R&D functions since the fourth quarter of 2019.

研發費用同比下降的主要原因是2019年第三季度EC6和2019年第四季度推出的全新ES8的設計和開發成本增加以及公司整體的成本節約努力和改進自 2019 年第四季度以來，研發職能部門的運營效率。

SG&A expenses in the third quarter were RMB 940.3 million or USD 138.5 million, representing a decrease of 19.2% year-over-year and an increase of 0.4% quarter-over-quarter.

第三季度SG&A費用為9.403億元人民幣或1.385億美元，同比下降19.2%，環比增長0.4%。

The decrease in SG&A expenses year-over-year was primarily driven by the company's overall cost-saving efforts and improved operating efficiency in marketing and other supporting functions.

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以及營銷和其他支持功能的運營效率提高。

Loss from operations in the third quarter was RMB 946 million or USD 139.3 million, representing a decrease of 60.7% year-over-year and a decrease of 18.4% quarter-over-quarter.

第三季度經營虧損為人民幣 9.46 億元或 1.393 億美元，同比下降 60.7%，環比下降 18.4%。

Share-based compensation expenses in third quarter were RMB 49.2 million or USD 7.3 million, representing a decrease of 30.1% year-over-year and an increase of [8.6%] (corrected by the company after the call) quarter-over-quarter.

第三季度股權激勵費用為人民幣 4,920 萬元或 730 萬美元，同比下降 30.1%，環比上升 [8.6%]（由公司在電話會議後修正） .

The decrease in share-based compensation expenses year-over-year was primarily due to less options granted driven by the decline in numbers of employees and impact of part of the share-based compensation expenses being recognized by using the accelerated method, under which the expenses decrease gradually over the vesting period.

股權激勵費用同比減少的主要原因是員工人數減少導致授予的期權減少，以及部分股權激勵費用採用加速法確認的影響。費用在等待期內逐漸減少。

Net loss in the third quarter was RMB 1.05 billion or USD 154.2 million, representing a decrease of 58.5% year-over-year and a decrease of 11% quarter-over-quarter.

第三季度淨虧損為人民幣10.5億元或1.542億美元，同比下降58.5%，環比下降11%。

Net loss attributable to NIO's ordinary shareholders in the third quarter was RMB 1.19 billion or USD 175 million, representing a decrease of 53.5% year-over-year and a decrease of 1.6% quarter-over-quarter.

第三季度歸屬於蔚來普通股股東的淨虧損為人民幣11.9億元或1.75億美元，同比下降53.5%，環比下降1.6%。

Basic and diluted net loss per ADS in the third quarter were both RMB 0.98 or USD 0.14 per ADS.

第三季度每 ADS 的基本和攤薄淨虧損均為人民幣 0.98 元或每 ADS 0.14 美元。

Excluding share-based compensation expenses, and accretion on redeemable noncontrolling interests to redemption value, non-GAAP adjusted basic and diluted net loss per ADS were both RMB 0.82 or USD 0.12 per ADS in the third quarter.

剔除股權激勵費用以及可贖回非控制性權益對贖回價值的增加，第三季度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 0.82 元或每股美國存託憑證 0.12 美元。

Our balance of cash and cash equivalents, restricted cash and short-term investments was RMB 22.2 billion or USD 3.3 billion as of September 30, 2020.

截至 2020 年 9 月 30 日，我們的現金及現金等價物、受限現金和短期投資餘額為 222 億元人民幣或 33 億美元。

Additionally, we achieved positive cash flow for operating activities for the second sequential quarter.

此外，我們在第二個連續季度的經營活動中實現了正現金流。

And now for our business outlook.

現在是我們的業務前景。

As William mentioned, for the fourth quarter of 2020, the company expects deliveries to be between 16,500 and 17,000 vehicles, representing an increase of approximately 100.6% to 106.7% from the same quarter of 2019 and an increase of approximately 35.2% to 39.3% from the third quarter of 2020.

正如威廉所說，公司預計 2020 年第四季度交付量在 16,500 至 17,000 輛之間，較 2019 年同期增長約 100.6% 至 106.7%，較 2019 年同期增長約 35.2% 至 39.3% 2020年第三季度。

The company also expects the total revenues of the fourth quarter 2020 to be between RMB 6.26 billion to RMB 6.44 billion, or between USD 921.8 to USD 947.9 million.

該公司還預計2020年第四季度的總收入將在62.6億元人民幣至64.4億元人民幣之間，即921.8美元至9.479億美元之間。

This would represent an increase of approximately 119.7% to 126% from the same quarter of 2019 and an increase of approximately 38.3% to 42.2% from the third quarter of 2020.

這將比 2019 年同期增長約 119.7% 至 126%，比 2020 年第三季度增長約 38.3% 至 42.2%。

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

該業務展望反映了公司對業務形勢和市場狀況的當前和初步看法，可能會發生變化。

Now this concludes our prepared remarks, I will now turn the call over to the operator to facilitate our Q&A session.

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

(Operator Instructions) The first question we have is from the line of Tim Hsiao from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Tim Hsiao。

This is Tim from Morgan Stanley.

我是摩根士丹利的蒂姆。

Congratulations on the strong result.

祝賀你取得了不錯的成績。

So I have 2 questions and will quickly go through them in Mandarin first.

所以我有兩個問題，我會先用普通話快速回答。

(foreign language)

（外語）

So my first question, we saw NIO making solid operational progress this year at all fronts.

所以我的第一個問題，我們看到蔚來今年在各個方面都取得了紮實的運營進展。

For example, like the launch of EC6, BaaS and the 100-kilowatt hour battery pack.

比如EC6、BaaS和100千瓦時電池組的推出。

So looking into 2021, in addition to the fourth model launch and ongoing investment in autonomous driving, what else would be our key focuses for R&D investment?

那麼展望 2021 年，除了第四款車型的推出和對自動駕駛的持續投資外，我們的研發投資重點還有哪些？

And if possible, could management share any rough guidance regarding the overall R&D spending versus 2020.

如果可能的話，管理層能否分享有關 2020 年總體研發支出的任何粗略指導。

My second question is about BaaS, Battery as a Service.

我的第二個問題是關於 BaaS，即電池即服務。

Could you please share some market feedback on the Battery as a Service program?

您能否分享一些有關“電池即服務”計劃的市場反饋？

And with the launch of the 100-kilowatt hour battery pack, what's your expectation of the take rate of BaaS services for 2021 and beyond.

隨著 100 千瓦時電池組的推出，您對 2021 年及以後 BaaS 服務的使用率有何期望。

These are my 2 questions.

這是我的2個問題。

(foreign language)

（外語）

[Interpreted] Thank you for your question.

[解釋] 謝謝你的提問。

Regarding the R&D focuses for next year or over recent focus, just like I mentioned in my prepared remarks, the NT 2.0 is the focus in terms of the core technologies.

關於明年或近期的研發重點，就像我在準備發言中提到的那樣，NT 2.0是核心技術方面的重點。

The core of NT 2.0 is industry-leading mass production autonomous driving system.

NT 2.0的核心是業界領先的量產自動駕駛系統。

Of course, we also have other ongoing projects.

當然，我們還有其他正在進行的項目。

In terms of the vehicle models, we have already successfully launched 3 SUVs.

在車型方面，我們已經成功推出了3款SUV。

For the next product we are going to launch, it's going to be a sedan on the NT 2.0 platform.

對於我們將要推出的下一個產品，它將是 NT 2.0 平台上的轎車。

It means that we're going to enter the sedan market.

這意味著我們將進入轎車市場。

At the same time, we are also developing other vehicle models.

同時，我們也在開發其他車型。

For example, the second NIO product in the pipeline is also going to be a sedan.

例如，正在籌備中的第二款蔚來汽車產品也將是轎車。

So with the launch of the next 2 new products, we believe we can complete our product portfolio.

因此，隨著接下來 2 款新產品的推出，我們相信我們可以完善我們的產品組合。

(foreign language)

（外語）

[Interpreted] In terms of the BaaS take rate, after we announced BaaS in August, we are very happy to see the increase with the take rate every week.

【解讀】在 BaaS 的 take rate 方面，我們在 8 月份宣布 BaaS 之後，我們很高興看到每週的 take rate 都在增加。

And in November, we can see that among all those new orders, the take rate of BaaS is around 35%, which is faster and better than our previous expectations.

而在 11 月份，我們可以看到，在所有這些新訂單中，BaaS 的接受率在 35% 左右，比我們之前的預期更快更好。

Because our model is make to order, so this will be reflected a little bit later in our deliveries.

因為我們的模型是定制的，所以這將在稍後的交付中有所體現。

We are very happy to see this BaaS take rate momentum, and we believe that this is also going to improve in the future.

我們很高興看到這種 BaaS 採用率的勢頭，我們相信這在未來也會有所改善。

BaaS can help us to lower the initial purchase price and eliminate the users' concerns regarding the battery degradation and also provide flexible upgrade services to the user.

BaaS 可以幫助我們降低初始購買價格，消除用戶對電池退化的擔憂，並為用戶提供靈活的升級服務。

The purpose of BaaS is to convert more gasoline car users to EVs.

BaaS 的目的是將更多的汽油車用戶轉換為電動汽車。

After the launch of the 100-kilowatt hour battery pack, we believe the competitiveness of BaaS has been significantly enhanced.

在百千瓦時電池組推出後，我們認為 BaaS 的競爭力已顯著增強。

And as the users can get much better understanding about the benefit of BaaS, we believe this take rate will increase in the future in the long run.

而且隨著用戶可以更好地了解 BaaS 的好處，我們相信從長遠來看，這種使用率在未來會增加。

And the next question we have is from Ming Lee from Bank of America.

我們的下一個問題來自美國銀行的 Ming Lee。

(foreign language) So my first question is regarding the margin expansion.

（外語）所以我的第一個問題是關於保證金的擴大。

From second quarter to third quarter, your gross margin improved around 5 percentage points.

從第二季度到第三季度，您的毛利率提高了大約 5 個百分點。

Could you give a rough breakdown of how do you improve your gross margin?

您能否大致說明如何提高毛利率？

And do we also see any extra contribution from the sales of NEV credit?

我們是否也看到了新能源汽車信貸銷售的任何額外貢獻？

So this is the first question.

所以這是第一個問題。

(foreign language)

（外語）

Ming, this is Stanley.

明，這是斯坦利。

The vehicle margin increased in Q3 compared with Q2, mainly contributed by 2 factors.

第三季度車輛利潤率較第二季度有所上升，主要受兩個因素的影響。

The first is the average selling price increased by RMB 10,000 per vehicle, mainly because the more ES8 with higher price are sold in Q3.

首先是平均售價每輛增加10,000元人民幣，主要是因為第三季度銷售的價格更高的ES8更多。

Second is BOM cost reduced by RMB 7,000 per vehicle.

二是BOM成本每輛車降低7000元。

Also -- which are contributed by the cost reduction of battery pack and also EDS.

還有——這是由電池組和 EDS 的成本降低所貢獻的。

You mentioned the revenue from selling dual credit points.

你提到了銷售雙信用點的收入。

We received the revenue in Q4 with total amount of RMB 120 million, and we will recognize this as other revenue in Q4.

我們在第四季度收到的收入總額為 1.2 億元人民幣，我們將在第四季度將其確認為其他收入。

So in Q3, we've not included in the financial results, yes.

所以在第三季度，我們沒有包括在財務業績中，是的。

So that's your question about the vehicle margin.

這就是你關於車輛保證金的問題。

And regarding the service revenue, I think we are continuing to working on to improve the -- like the service margin to reduce the loss.

關於服務收入，我認為我們正在繼續努力提高——比如服務利潤率以減少損失。

So I think the trend will be positive in future.

所以我認為未來的趨勢是積極的。

Okay, that's it for me.

好的，對我來說就是這樣。

(foreign language)

（外語）

[Interpreted] Overall speaking -- regarding the gross margin of other service and sales, we believe it will be further optimized as our user base continues to expand.

【解讀】總體而言——其他服務和銷售的毛利率，我們相信隨著用戶群的不斷擴大，毛利率會進一步優化。

And this is going to be reflected with the growing economies of scale.

這將反映在不斷增長的規模經濟上。

In the Q2 and Q3, the change is not very evident.

在第二季度和第三季度，變化不是很明顯。

But we are quite confident that this is going to have a continuous optimization in the future.

但我們很有信心，這將在未來進行持續優化。

(foreign language)

（外語）

(technical difficulty)

（技術難度）

The participant's line got disconnected.

參與者的線路斷開了。

(Operator Instructions) I will move on to the next one we have Bin Wang from Crédit Suisse.

（操作員說明）我將繼續討論下一個，我們有來自瑞士信貸的 Bin Wang。

Operator, let the management to answer the question first.

接線員，讓管理層先回答問題。

(foreign language)

（外語）

Just to recap a little bit on the question.

只是回顧一下這個問題。

Basically, the question is about the average selling price.

基本上，問題是關於平均售價。

And in the fourth quarter, it seems that the average selling price will increase compared with the third quarter by around CNY 12,000 to CNY 13,000 then.

而在第四季度，平均售價似乎將比第三季度增加約12,000元至13,000元。

So we would like to know whether this is driven by the EC6 or the 100-kilowatt hour battery pack.

所以我們想知道這是由EC6驅動還是由100千瓦時電池組驅動。

And we also would like to know, for the battery pack, what is the take rate ratio between the 100-kilowatt hour battery pack and the 70-kilowatt hour battery pack.

而且我們也想知道，對於電池組，100千瓦時電池組和70千瓦時電池組之間的取電率是多少。

(foreign language)

（外語）

[Interpreted] In terms of the sales revenue guidance, we would like to clarify a little bit, just like Stanley mentioned, for the dual credit revenue, this is going to boost the revenue for the other sales.

【解讀】在銷售收入指導方面，我們想澄清一點，就像Stanley 提到的，對於雙信用收入，這將增加其他銷售的收入。

And in our guidance, we don't actually consider the increase of the average selling price as a part of the target.

在我們的指導中，我們實際上並未將平均售價的上漲視為目標的一部分。

We believe the average selling price in the fourth quarter is going to be at the similar level as the third quarter's according to the orders we receive right now.

根據我們目前收到的訂單，我們認為第四季度的平均售價將與第三季度相近。

And we just started the deliveries of the 100-kilowatt hour battery pack in the fourth quarter.

我們剛剛在第四季度開始交付 100 千瓦時電池組。

So we believe that this is not going to have any impact on the gross margin in such a short time.

因此，我們認為這不會在這麼短的時間內對毛利率產生任何影響。

But we are very confident to continuously improve our gross margin throughout the fourth quarter.

但我們非常有信心在整個第四季度不斷提高我們的毛利率。

The next question is from Bin Wang from Crédit Suisse.

下一個問題來自瑞士信貸銀行的王斌。

(foreign language) Actually I just want to know what's the margin factors?

（外語）其實我只是想知道什麼是邊際因素？

Going forward -- in the past.

往前走——過去。

Going forward, we see a few factors, for example, the BaaS adoption, 100-kilowatt hour battery and some removal of the interest rate subsidy for the previous deployed battery.

展望未來，我們看到了一些因素，例如 BaaS 的採用、100 千瓦時的電池以及對先前部署的電池的利率補貼的一些取消。

Any one-off factors for impact the margin in the past?

過去影響利潤率的任何一次性因素？

That's about the margin.

那是關於邊際的。

Second, about new products because we've seen the next two products will be the sedan, next it will be lower pricing or maybe lower margin.

其次，關於新產品，因為我們已經看到接下來的兩個產品將是轎車，接下來是更低的價格或更低的利潤率。

So do you see any plan for even bigger SUV or even bigger one because, for example, maybe the name is the ES9, we've seen other peers actually planning for a much bigger one.

因此，您是否看到任何更大 SUV 甚至更大的計劃，因為例如，名稱可能是 ES9，我們已經看到其他同行實際上計劃推出更大的 SUV。

So basically, what's the upcoming plan for even bigger products.

所以基本上，更大的產品的即將到來的計劃是什麼。

This is Stanley.

這是斯坦利。

I will break down into the factors to further explain the gross margin improvement.

我將分解因素來進一步解釋毛利率的提高。

The first you mentioned is about the subsidy.

你提到的第一個是關於補貼的。

We further reduced the subsidy to the end users in Q3 with the launch of our BaaS model.

隨著 BaaS 模式的推出，我們在第三季度進一步減少了對最終用戶的補貼。

And so in Q3, there's a little bit by factor can -- like to -- due to the subsidy reduction.

因此，在第三季度，由於補貼減少，可能會有一點點因素。

And the second is the scale of the economy.

其次是經濟規模。

As you can see, the production volume in Q3 is 12,000 vehicles and almost over 20k increase compared with Q2.

如您所見，第三季度的產量為 12,000 輛，與第二季度相比增加了近 2 萬輛。

As William mentioned, also priorly we invest more to improve our production capacity in September to 5,000 units.

正如威廉所說，我們之前也投入更多資金將 9 月份的產能提高到 5,000 台。

So the manufacturing cost, I think, almost all the same with the second quarter, yes.

所以製造成本，我認為，與第二季度幾乎一樣，是的。

And about the BaaS and also the 100-kilowatt impact, I pass to William to answer this question.

關於 BaaS 以及 100 千瓦的影響，我請威廉回答這個問題。

(foreign language)

（外語）

[Interpreted] I would like to add some points regarding the manufacturing cost and the efficiency.

[解釋] 我想補充一些關於製造成本和效率的觀點。

In the long run, of course, we will further improve our manufacturing efficiency and the cost.

從長遠來看，我們當然會進一步提高我們的製造效率和成本。

And we believe this is going to reduce gradually, but we are going to stop the reduction at a certain point.

我們相信這將逐漸減少，但我們將在某個時候停止減少。

Of course, we can see more contribution in the [second] (corrected by the company after the call) quarter compared with the [third] (corrected by the company after the call) quarter, but this is going to diminish in the future.

當然，我們可以看到[第二]（由公司在電話會議後更正）季度與[第三]（由公司在電話會議後更正）季度相比，這將在未來減少。

But we will continue to work on the optimization of the manufacturing efficiency and the cost.

但我們將繼續致力於優化製造效率和成本。

(foreign language)

（外語）

[Interpreted] For the battery as a service, we will sell our cars to the users and the battery to the battery asset company under the BaaS model.

【解讀】對於電池即服務，我們會在BaaS模式下把我們的汽車賣給用戶，把電池賣給電池資產公司。

So it means that this is not going to affect the vehicle gross margin, but with our battery upgrade service, this is going to provide some good benefits to other revenues.

因此，這意味著這不會影響車輛毛利率，但通過我們的電池升級服務，這將為其他收入帶來一些好處。

So in the long run, this is not going to have any significant impact on the vehicle gross margin, but it will give some incentives to other revenues.

所以從長遠來看，這不會對汽車毛利率產生任何重大影響，但會給其他收入帶來一些激勵。

(foreign language)

（外語）

[Interpreted] For the dual credit, we actually include this in other revenues or other sales.

[解釋] 對於雙重信用，我們實際上將其包含在其他收入或其他銷售額中。

We have different approaches compared with Tesla because Tesla considers the revenue of the credit in the vehicle sales margin, but we include that in the other revenues.

與特斯拉相比，我們有不同的方法，因為特斯拉將信貸收入考慮在汽車銷售利潤率中，但我們將其包括在其他收入中。

(foreign language)

（外語）

[Interpreted] For the new product planning, we have a very comprehensive product and market entry planning.

【解讀】對於新品規劃，我們有非常全面的產品和市場進入規劃。

This is going to be carried out step by step.

這將逐步進行。

For example, we started with our flagship SUV ES8 in the mid and large segment, then we entered the mid-sized SUV segment with the ES6 then the -- coupe SUV with the EC6.

例如，我們從我們的旗艦SUV ES8 開始在中大型細分市場，然後我們以ES6 進入中型SUV 細分市場，然後以EC6 進入轎跑SUV。

This is a very systematic approach.

這是一個非常系統的方法。

For the next step, we are going to enter the sedan market.

下一步，我們將進入轎車市場。

When selecting different market segments, we need to balance the size of the segments and the volume objectives.

在選擇不同的細分市場時，我們需要平衡細分市場的規模和數量目標。

At this moment, the niche markets are not going to be our focus.

目前，利基市場不會成為我們關注的焦點。

I think Bin also mentioned the one-time factors in Q3.

我認為 Bin 在第三季度也提到了一次性因素。

We did not receive a significant like sales rebate from the suppliers in Q3.

我們在第三季度沒有從供應商那裡收到可觀的類似銷售回扣。

So I don't think, yeah, we have also the material factors, yeah.

所以我不認為，是的，我們也有物質因素，是的。

Okay.

好的。

Okay.

好的。

Can you also answer me about the 100-kilowatt hour battery, whether that were improving your margin?

您能否也回答我有關 100 千瓦時電池的問題，這是否提高了您的利潤？

Also, I think in the disclosure, you also mentioned about 150-kilowatt-hour battery are coming.

另外，我認為在披露中，您還提到了大約 150 千瓦時的電池即將到來。

So did you think that margin for the upside from the battery upgrade?

那麼您是否認為電池升級帶來的上行空間？

(foreign language)

（外語）

[Interpreted] For the 100-kilowatt hour battery pack, the users can purchase the battery pack as an option, which is going to improve the vehicle gross margin, but at the same time, we also provide flexible upgrades, which can contribute to the gross margin of other services and sales.

【解讀】對於100千瓦時電池組，用戶可以選購電池組，提高整車毛利率，同時我們也提供靈活升級，有助於其他服務和銷售的毛利率。

These are 2 different stories and approaches.

這是兩個不同的故事和方法。

After the launch of the 100-kilowatt hour battery pack, we have seen some users choose to install the 100-kilowatt hour battery pack as an option.

在100千瓦時電池組推出後，我們看到一些用戶選擇安裝100千瓦時電池組作為選項。

And at the same time, we also provide the flexible upgrades.

同時，我們還提供靈活的升級。

So we also have some users opt to the flexible upgrades by month or by year.

所以我們也有一些用戶選擇按月或按年靈活升級。

We believe this is going to improve the gross margin of the company.

我們相信這將提高公司的毛利率。

But in terms of the new car gross margin or new vehicle gross margin, we think it's not going to have a significant impact.

但就新車毛利率或新車毛利率而言，我們認為不會產生重大影響。

But in the long run, this is going to give us some boost to the gross margin of the other sales and revenue.

但從長遠來看，這將給我們帶來一些其他銷售和收入的毛利率。

(foreign language)

（外語）

[Interpreted] Our logic for this approach is basically the 70-kilowatt hour battery pack can meet the daily needs of the users.

【解讀】我們這種做法的邏輯基本上是70千瓦時的電池組可以滿足用戶的日常需求。

And if the users need to travel for long distance, then they can subscribe to the bigger batteries or the batteries with higher density or capacity.

如果用戶需要長途旅行，那麼他們可以訂購更大的電池或更高密度或容量的電池。

Users can choose this service on demand.

用戶可以按需選擇此項服務。

This is quite flexible, and this is the advantage of our service.

這是相當靈活的，這也是我們服務的優勢。

We believe that this is also going to contribute to the possibilities of gross margin growth in the long run.

我們認為，從長遠來看，這也將有助於毛利率增長的可能性。

And the battery pack is going to provide a very good opportunity for us to improve the gross margins among the existing users.

電池組將為我們提供一個很好的機會來提高現有用戶的毛利率。

And this is a very unique advantage of our business model.

這是我們商業模式的一個非常獨特的優勢。

(foreign language)

（外語）

[Interpreted] The 100-kilowatt hour battery pack or the future bigger battery pack can, in the end, improve the attraction of the 70-kilowatt hour battery pack because the users of the 70-kilowatt hour battery pack will have the opportunity to upgrade the battery pack on demand.

【解讀】100千瓦時電池組或未來更大的電池組，最終會提高70千瓦時電池組的吸引力，因為70千瓦時電池組的用戶將有機會升級按需提供電池組。

They don't actually need to have the 100-kilowatt hour battery pack or 150-kilowatt hour battery pack right from the beginning.

他們實際上並不需要從一開始就擁有 100 千瓦時電池組或 150 千瓦時電池組。

They can just use the 70-kilowatt hour battery package to make -- to meet their daily usage needs.

他們只需使用 70 千瓦時的電池包即可滿足日常使用需求。

Then when it's needed, they can upgrade to the bigger batteries.

然後在需要時，他們可以升級到更大的電池。

And we believe that this is going to significantly improve the competitiveness of our 70-kilowatt hour battery pack.

我們相信這將顯著提高我們 70 千瓦時電池組的競爭力。

(Operator Instructions) The next one is from Edison Yu from Deutsche Bank.

（操作員說明）下一個來自德意志銀行的 Edison Yu。

First, can you talk a little bit about the plan -- the operational plan to boost the production target in January, what needs to get done just on the ground?

首先，您能談談計劃嗎？ 1月份提高生產目標的運營計劃，需要在實地完成什麼？

And then secondly, as it relates to the next-gen autonomous platform, can you talk about your latest thinking in terms of in-sourcing the chip design, maybe the implications for Mobileye in that relationship and how you think about the use of LiDAR?

其次，由於它與下一代自主平台有關，您能否談談您在芯片設計內包方面的最新想法，可能對 Mobileye 在這種關係中的影響以及您如何看待 LiDAR 的使用？

Thank you, Edison.

謝謝你，愛迪生。

(foreign language)

（外語）

(foreign language)

（外語）

(foreign language)

（外語）

[Interpreted] We have always been emphasizing the overall supply chain production capacity not just about the production capacity of our own plants.

【解讀】我們一直強調供應鏈的整體產能，而不僅僅是我們自己工廠的產能。

We would like to work together with all the supply chain partners to make sure they can support us to boost our production capacity.

我們願意與所有供應鏈合作夥伴合作，確保他們能夠支持我們提高產能。

The users right now will need to wait for some time to pick up their cars because of the production capacity constraints.

由於產能限制，現在的用戶需要等待一段時間才能提車。

We are also trying to speed up the deliveries to satisfy the users' demand.

我們也在努力加快交貨速度以滿足用戶的需求。

So right now, we are working on our own plant production capacity expansion and also working together with the supply chain partners to improve their production capacity.

所以現在，我們正在努力擴大我們自己的工廠產能，並與供應鏈合作夥伴一起提高他們的產能。

We're very confident to be able to improve our production capacity to 7,500 units.

我們非常有信心能夠將我們的產能提高到 7,500 台。

(foreign language)

（外語）

[Interpreted] The second question is about the chipset of the NT 2.0.

【解讀】第二個問題是關於NT 2.0的芯片組。

We understand this attracts a lot of attention in the industry and in the market, but we still need some time to disclose the specific information at the NIO Day 2020.

我們知道這在行業和市場上引起了很多關注，但我們仍然需要一些時間在 NIO Day 2020 上披露具體信息。

It's still too early for us to share those information.

我們現在分享這些信息還為時過早。

Of course, we have already made our decision internally.

當然，我們已經在內部做出了決定。

We believe we should be able to provide the most advanced chipset with the best performance in the industry.

我們相信我們應該能夠提供業界最先進、性能最好的芯片組。

And this can also help us to guarantee our leading position in the industry for the coming years.

這也可以幫助我們保證未來幾年在行業中的領先地位。

(foreign language)

（外語）

[Interpreted] For the LiDAR question, I would like to share some thoughts on the autonomous driving direction first.

【解讀】對於LiDAR的問題，我想先分享一些關於自動駕駛方向的想法。

When thinking about autonomous driving, we should evaluate 2 aspects.

在考慮自動駕駛時，我們應該評估兩個方面。

The first one is how much time we can free up for the users.

第一個是我們可以為用戶騰出多少時間。

This is a question of the availability or usability.

這是可用性或可用性的問題。

The second question is how many accidents can we prevent with the autonomous driving system.

第二個問題是我們可以通過自動駕駛系統預防多少事故。

This is a matter of reliability.

這是一個可靠性問題。

So we need to think about these 2 aspects when we evaluate the strategy of autonomous driving.

所以我們在評估自動駕駛策略時需要考慮這兩個方面。

We believe LiDAR should be able to help with both aspects.

我們相信 LiDAR 應該能夠在這兩個方面提供幫助。

This is a very simple math.

這是一個非常簡單的數學。

But we will need to tackle the issue of cost when it comes to LiDAR, and we need to balance this out with our product strategy.

但是，當涉及到 LiDAR 時，我們將需要解決成本問題，並且我們需要在這個問題與我們的產品戰略之間取得平衡。

In the future with the improvement of cameras and the compute powers, we do believe that LiDAR can play a role in some cases and the domains because it can help us to reduce the accident rate in some corner cases.

未來隨著攝像頭和計算能力的提高，我們相信 LiDAR 可以在某些情況和領域發揮作用，因為它可以幫助我們降低某些極端情況下的事故率。

So LiDAR is a very good addition to the technology competence.

所以 LiDAR 是對技術能力的一個很好的補充。

(foreign language)

（外語）

[Interpreted] If a company puts users' interests first, then they should find ways to tackle the technical issues in terms of cost and performance.

【解讀】如果企業把用戶的利益放在第一位，那麼他們就應該想辦法解決成本和性能方面的技術問題。

We have the next question from Nick Lai.

我們有來自 Nick Lai 的下一個問題。

(foreign language) Let me translate my question very briefly.

（外語）讓我把我的問題簡單地翻譯一下。

The first question is regarding the cash burn and the CapEx and the investment in the next 1 year.

第一個問題是關於現金消耗和資本支出以及未來 1 年的投資。

For instance, William just mentioned that our monthly capacity can ramp up to 7,500 in January.

例如，William 剛剛提到我們的月產能可以在 1 月份提高到 7,500 個。

And would that mean that in the next 1 year also, we need to expand our capacity at the Jianghuai plant?

這是否意味著在接下來的一年中，我們也需要擴大江淮工廠的產能？

On top of that, how should we think about the CapEx needed to build swap station as well as NIO space?

最重要的是，我們應該如何考慮構建交換站所需的資本支出以及 NIO 空間？

So the first question is about cash burn and CapEx related.

所以第一個問題是關於現金消耗和資本支出相關的。

And second question on longer-term autonomous driving solution or strategy, based on what William's -- chairman's comment just now, is it correct to understand that our long-term strategy is to procure chips from top vendor, but at the same time we will do most of the algorithm capability or solution in-house?

第二個問題，關於更長期的自動駕駛解決方案或戰略，根據剛才威廉董事長的評論，我們的長期戰略是從頂級供應商那裡採購芯片是否正確理解，但同時我們將大部分算法能力或解決方案都在內部完成嗎？

So Nick, with regard to the CapEx to improve our production capacity, most of the CapEx will be covered by JAC.

所以尼克，關於提高我們生產能力的資本支出，大部分資本支出將由江淮汽車承擔。

Of course, NIO will spend very little CapEx on our own, but the majority will be covered by JAC.

當然，蔚來自己的資本支出很少，但大部分都會由江淮汽車承擔。

Yes.

是的。

And we also will invest more in the expansion of the sales and service network and also the power swap station.

我們還將在銷售和服務網絡的擴展以及換電站方面加大投入。

But we will manage well the progress.

但我們會管理好進展。

So I don't think there will a very big cash burn in, I think, next year.

所以我認為明年不會有很大的現金消耗。

So yes, that's about the question about the CapEx.

所以是的，這就是關於資本支出的問題。

(foreign language)

（外語）

[Interpreted] Of course, for the current development plan and the cash position, we believe we have no need for financing in the short term.

【解讀】當然，對於目前的發展計劃和現金狀況，我們認為短期內不需要融資。

We should be able to have sufficient resources to support the business development of the company.

我們應該能夠有足夠的資源來支持公司的業務發展。

With respect to autonomous driving directions, our objective is to build in-house full-stack capabilities for autonomous driving.

在自動駕駛方向上，我們的目標是為自動駕駛建立內部的全棧能力。

Of course, we have always had this capability in our company in-house.

當然，我們公司內部一直都有這種能力。

Recently, we have even enhanced our capabilities in terms of the algorithm and the system development.

最近，我們甚至在算法和系統開發方面都增強了我們的能力。

Starting from 2016, we have developed the NIO Pilot first generation by ourselves in-house.

從2016年開始，我們自主研發了第一代NIO Pilot。

But for the first generation NIO Pilot, chipset is closely bundled together with the algorithm.

但是對於第一代NIO Pilot來說，芯片組是和算法緊密捆綁在一起的。

For the second-generation NIO Pilot, we would like to make sure we can have the in-house capabilities, especially in terms of the algorithm, data and system development.

對於第二代蔚來Pilot，我們希望自己能夠擁有自己的能力，尤其是在算法、數據和系統開發方面。

We have the next question from the line of Jeff Chung from Citigroup.

我們有來自花旗集團的 Jeff Chung 的下一個問題。

(foreign language) So my first question is about first quarter next year, so sales volume outlook, whether they can still expand Q-on-Q.

（外語）所以我的第一個問題是關於明年第一季度，所以銷量前景，他們是否還能擴大Q-on-Q。

And second question is about the differences between vehicle GP margin and non-vehicle GP margins growth outlook and forecast.

第二個問題是關於汽車毛利率和非汽車毛利率增長前景和預測之間的差異。

(foreign language)

（外語）

[Interpreted] Thank you for your question, Jeff.

[解釋]謝謝你的問題，傑夫。

It's very early to provide the guidance for the first quarter of 2021.

現在為 2021 年第一季度提供指導還為時過早。

But of course, we need to be fully prepared in terms of the production capacity to make sure we can meet the user demand and the order backlog according to the current order momentum and the current backlog, we will need to have a sufficient production capacity for the first quarter of next year to meet the order backlog right now.

但當然，我們需要在產能方面做好充分的準備，以確保我們能夠根據當前的訂單勢頭和當前的積壓情況來滿足用戶需求和訂單積壓，我們需要有足夠的產能來滿足客戶的需求。滿足明年第一季度的訂單積壓現在。

So in our company, our business model is made to order.

所以在我們公司，我們的商業模式是定制的。

So we would like to focus on the level of orders.

所以我們想關注訂單的水平。

For other companies, they talk about the inventory level, but we focus on the order level.

對於其他公司，他們談論庫存水平，但我們專注於訂單水平。

We would like to control the order level within a reasonable range, so users don't need to wait for a long time to pick up their car.

我們希望將訂單量控制在一個合理的範圍內，讓用戶無需等待很長時間來取車。

We would like to improve our production capacity to make sure we can control the order level within 1 month.

我們想提高我們的生產能力，以確保我們可以在 1 個月內控制訂單水平。

It means that from the order placement to the user delivery, the lead time should be between 3 to 4 weeks.

這意味著從下訂單到用戶交付，交貨時間應該在 3 到 4 週之間。

Then we can achieve a good user experience.

然後我們可以實現良好的用戶體驗。

At this moment, we still need a long time to meet this target.

目前，我們還需要很長時間才能實現這一目標。

But we will need to ramp up our production to make sure we can improve the customer experience, and we're quite confident that we can achieve this target in the future.

但我們需要提高產量以確保我們能夠改善客戶體驗，我們對未來能夠實現這一目標充滿信心。

(foreign language)

（外語）

[Interpreted] The gross margin has been on the rise.

【解讀】毛利率一直在上升。

In the past, we have -- we made a consistent trend that is that non-vehicle gross margin is lower than the vehicle gross margin.

過去，我們有一個一致的趨勢，即非汽車毛利率低於汽車毛利率。

In the past few quarters, we have seen both the vehicle gross margin and the non-vehicle gross margin have been increasing.

在過去幾個季度，我們看到汽車毛利率和非汽車毛利率都在上升。

Just like I've mentioned, the carbon credit revenue will be included in the non-vehicle gross margin in the future.

就像我剛才提到的，未來碳信用收入將計入非汽車毛利率。

And this year, we can see the value of the carbon credit has become more and more evident in China.

而今年，我們可以看到碳信用在中國的價值越來越明顯。

In the coming years, going forward, we believe that the carbon credit is going to contribute to the improvement of the non-vehicle gross margin.

未來幾年，展望未來，我們認為碳信用將有助於提高非汽車毛利率。

At the same time, the revenue from our services and the power swap can also help us to narrow the operating loss.

同時，我們的服務收入和換電也可以幫助我們縮小經營虧損。

So this is going to improve together with the expansion of our user base.

因此，隨著我們用戶群的擴大，這將得到改善。

Overall speaking, the non-vehicle gross margin is going to improve in the long run and the Battery as a Service, BaaS, can also improve the non-vehicle gross margin.

總體而言，長期來看，非車載毛利率會有所提高，電池即服務（BaaS）也可以提高非車載毛利率。

Everything is going according to the plan.

一切都按計劃進行。

(foreign language)

（外語）

[Interpreted] In the fourth quarter, we're going to receive the revenues on the carbon credit, which is generated by the vehicles sold in 2019.

[解釋] 在第四季度，我們將獲得碳信用額的收入，這是由 2019 年銷售的車輛產生的。

In this year, because of the sales increase, the carbon credit number has increased by over 2.5x.

今年，由於銷售額的增加，碳信用額增加了 2.5 倍以上。

And we believe that the piece price of the carbon credit will also double next year.

而且我們相信明年碳信用的單價也將翻一番。

So the overall revenue on the carbon credit will be 4 to 5x more next year compared with this year.

因此，與今年相比，明年碳信用的總收入將增加 4 到 5 倍。

Now a lot of OEMs are in discussion with us about the purchase of the carbon credit.

現在很多主機廠都在和我們商討購買碳信用的問題。

So we believe that this dual credit system and mechanism is going to be very beneficial to the development of the EV industry.

所以我們認為，這種雙重信用體系和機制對電動汽車行業的發展是非常有利的。

(foreign language)

（外語）

(foreign language)

（外語）

(foreign language) So my last 2 question is about the carbon credit, will it be impacting on our P&L next year in 4Q as well rather than spread evenly throughout the four quarter?

（外語）所以我的最後兩個問題是關於碳信用的，它是否會影響我們明年第四季度的損益，而不是在整個第四季度均勻分佈？

This is number one.

這是第一。

Number two is about the attach rate on our NOP and BaaS right now and going forward.

第二是關於我們現在和未來的 NOP 和 BaaS 的附加率。

(foreign language)

（外語）

[Interpreted] The confirmation of the carbon credit revenue is quite flexible.

【解讀】碳信用收入的確認相當靈活。

We are not going to put the revenue confirmation in a specific quarter next year because this depends on the specific market conditions.

我們不會將收入確認放在明年的特定季度，因為這取決於具體的市場條件。

If we sell too early, maybe it's a little bit too cheap.

如果我們賣得太早，也許它有點太便宜了。

For the BaaS take rates, just like I mentioned, in November, the take rate of the BaaS has reached 35% among the new orders.

關於 BaaS 的接受率，就像我提到的，11 月份，BaaS 的接受率在新訂單中達到了 35%。

Going forward, we believe this is going to further improve in the long run.

展望未來，我們相信從長遠來看，這將進一步改善。

And the take rate of the NIO Pilot is around 50%.

NIO Pilot的錄取率在50%左右。

After the launch of Navigate on Pilot, we believe this is going to have a much better performance.

在 Navigate on Pilot 推出後，我們相信這將有更好的表現。

We have the next question from the line of Mei He from U.S. Tiger Securities.

我們有來自美國老虎證券的梅赫一行的下一個問題。

A great quarter guys.

一個偉大的季度傢伙。

My question, first is could you please comment on your thoughts about Tesla's made in China model Y. Will it impact your order momentum?

我的問題，首先請您談談您對特斯拉中國製造 Model Y 的看法。這會影響您的訂單勢頭嗎？

And secondly, could you please give us some updates on your internationalization plan?

其次，能否請您介紹一下您的國際化計劃的最新情況？

For instance, do you have a time table for multiple steps of going global?

例如，您是否有多個步驟走向全球的時間表？

And where could be your focus market?

您的重點市場在哪裡？

What kind of models are you going to introduce to international market and how to hire a local and competent team?

您打算將什麼樣的車型推向國際市場，如何聘請當地有能力的團隊？

(foreign language)

（外語）

(foreign language)

（外語）

[Interpreted] Thank you for your question, Mei.

[解釋] 謝謝你的問題，梅。

Tesla has officially announced that they are going to have the local production of the model Y. We believe that this is actually good for the users because if we have more options for the users, this can help us to accelerate the popularization of the EVs in the market.

特斯拉已經正式宣布將在當地生產 Model Y。我們認為這對用戶來說其實是有好處的，因為如果我們給用戶提供更多的選擇，這可以幫助我們加速電動汽車在中國的普及。市場。

Of course, we believe that Tesla's strategy is quite different from NIO.

當然，我們認為特斯拉的策略與蔚來有很大不同。

Starting from last year, Tesla has cut their price multiple times.

從去年開始，特斯拉已經多次降價。

And they basically have the pricing strategy based on the cost.

他們基本上都有基於成本的定價策略。

At the end of last year and the beginning of this year, their price cuts has affected us for about 1 week.

去年年底和今年年初，他們的降價影響了我們大約1週。

But afterwards, our order intake bounced back very quickly.

但之後，我們的訂單量迅速反彈。

After this price reduction, they also had several runs of price cuts.

在這次降價之後，他們還進行了幾次降價。

The most recent one is around the 1st of October, the price cut is around 10%.

最近一次是在 10 月 1 日左右，降價幅度在 10% 左右。

We didn't see any specific impact on our order intake.

我們沒有看到對我們的訂單量有任何具體影響。

Actually in October, our order intake has broken the historic record and exceeded our expectations.

實際上在10月份，我們的訂單量已經打破了歷史記錄，超出了我們的預期。

Our transaction price is around hundreds of thousand RMB higher than Tesla's average selling price.

我們的交易價格比特斯拉的平均售價高出幾十萬元左右。

So we believe this proves that we have our own unique advantages with our products and services.

所以我們相信這證明了我們在產品和服務上擁有自己獨特的優勢。

Model Y's introduction to the China market is going to be beneficial for the overall market.

Model Y 進入中國市場將有利於整個市場。

But we believe the competition is more about the competition between Model Y and Model 3 because we have our own unique advantages regarding our products and the services.

但我們認為競爭更多的是Model Y和Model 3之間的競爭，因為我們在產品和服務方面有自己獨特的優勢。

For the market situation, basically, we believe the pie is growing bigger, and our main competitors in this market should be the gasoline cars.

對於市場情況，基本上我們認為這塊蛋糕越來越大，我們在這個市場上的主要競爭對手應該是汽油車。

The China premium market is a very big market with the volume of millions, and this gives us great confidence that we can have a sustainable growth in the long run.

中國高端市場是一個非常大的市場，數以百萬計的規模，這讓我們對我們能夠長期持續增長充滿信心。

(foreign language)

（外語）

Yes.

是的。

This is Steven, and I'll give you some high-level update of our globalization efforts.

我是史蒂文，我將向您介紹我們全球化工作的一些高級別的最新情況。

First, we have a very concrete short-term target.

首先，我們有一個非常具體的短期目標。

That is we will enter EU market in the second half of 2021.

也就是說我們將在2021年下半年進入歐盟市場。

At the same time, globalization is the long-term vision for NIO, so NIO is a global brand, and we will reserve patient to implement this strategy step by step.

同時，全球化是蔚來的長期願景，蔚來是一個全球化的品牌，我們會留有耐心，一步一步地實施這一戰略。

And so we have 3 principles.

所以我們有3個原則。

First, we will stick to our user enterprise business model.

首先，我們將堅持我們的用戶企業商業模式。

We believe it's a global and universal business philosophy.

我們相信這是一種全球通用的經營理念。

Second, we will repeat our premium brand positioning, so our key competitors are BMW, Audi and Tesla.

其次，我們將重複我們的高端品牌定位，因此我們的主要競爭對手是寶馬、奧迪和特斯拉。

Third, our sales and service must be localized to the European customers' need.

第三，我們的銷售和服務必須針對歐洲客戶的需求進行本地化。

That's the update of our globalization efforts.

這是我們全球化努力的最新進展。

Thank you.

謝謝你。

That will be the last question for today.

這將是今天的最後一個問題。

I'd like to turn the call back over to the company for closing remarks.

我想把電話轉回公司，以便結束髮言。

Thank you again for joining us today.

再次感謝您今天加入我們。

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

如果您有任何其他問題，請隨時通過我們網站上的聯繫信息聯繫 NIO 的投資者關係團隊。

So this concludes the conference call.

至此，電話會議結束。

You may now disconnect your lines.

您現在可以斷開線路。

Thank you.

謝謝你。

Thank you, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

Thank you, everyone.

謝謝大家。

That will conclude our conference for today.

這將結束我們今天的會議。

Thank you all for participating.

謝謝大家的參與。

You may now disconnect.

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.]

[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。]