蔚來 (NIO) 2020 Q2 法說會逐字稿

Hello, ladies and gentlemen, thank you for standing by for NIO Inc.'s Second Quarter 2020 Earnings Conference Call.

女士們，先生們，您好，感謝您參與蔚來汽車公司 2020 年第二季度收益電話會議。

(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, Mr. Rui Chen, Director of Investor Relations of the company.

我現在將電話轉給主持人，公司投資者關係總監陳睿先生。

Please go ahead, Rui.

請繼續，銳。

Thank you, operator.

謝謝你，接線員。

Good evening, and good morning, everyone.

大家晚上好，早上好。

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

歡迎來到蔚來汽車 2020 年第二季度收益電話會議。

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 CEO; Mr. Steven Feng, CFO; Mr. Stanley Qu, VP of Finance; and Ms. Jade Wei, AVP of Investor Relations.

在今天的電話會議上，我們有創始人、董事長兼首席執行官 William Li 先生； Steven Feng 先生，首席財務官；財務副總裁Stanley Qu先生；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 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 financial 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財務指標與可比公認會計原則指標的對賬。

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。

[Interpreted] Hello, everyone.

[翻譯]大家好。

Thank you for joining NIO's 2020 Q2 Earnings Call.

感謝您參加蔚來汽車 2020 年第二季度財報電話會議。

In the second quarter of 2020, NIO achieved record quarterly deliveries of over 10,000 units and delivered an aggregate of 10,331 ES8s and ES6, representing a strong growth of 190.8% year-over-year and 169.2% quarter-over-quarter.

2020年第二季度，蔚來實現了創紀錄的季度交付量超過10,000輛，共交付了10,331輛ES8和ES6，同比增長190.8%，環比增長169.2%。

In July 2020, NIO delivered 3,533 units, marking the second highest monthly delivery results.

2020年7月，蔚來交付3533輛，月交付量第二高。

The cumulative deliveries in the first 7 months of 2020 increased by 111.3% over the same period of 2019.

2020年前7個月累計交付量較2019年同期增長111.3%。

Starting from October 2019, ES6 has ranked as the top-selling SUV across all EV sectors in China.

從 2019 年 10 月開始，ES6 已成為中國所有電動汽車領域最暢銷的 SUV。

For the first half of this year, ES8 has also achieved #1 in sales among mid- to large-size luxury electric SUVs priced above RMB 400,000 in China.

今年上半年，ES8在中國40萬元以上的中大型豪華電動SUV中也取得了銷量第一的成績。

In the third quarter, we are confident to achieve a new quarterly record of 11,000 to 11,500 deliveries.

在第三季度，我們有信心實現 11,000 至 11,500 次交付的新季度記錄。

As for the gross margin, with the strong momentum of quarterly deliveries, rise of average selling price, reduction of battery pack and other BOM costs and improvement of manufacturing efficiencies, our gross margin has substantially increased in the second quarter.

毛利率方面，隨著季度交付勢頭強勁、平均售價上升、電池組等BOM成本降低以及製造效率提高，我們的毛利率在第二季度大幅提升。

The vehicle margin and the gross margin reached 9.7% and 8.4%, respectively, far above our previous guidance of 5% and 3%.

整車利潤率和毛利率分別達到 9.7% 和 8.4%，遠高於我們之前 5% 和 3% 的指引。

We will continue to improve our gross margin and expect our vehicle margin and the gross margin to both exceed 10% in the second half of this year.

我們將繼續提高我們的毛利率，預計今年下半年我們的整車利潤率和毛利率都將超過10%。

With the gross margin turning positive and the operational efficiency improving comprehensively across the company, the operating loss of the second quarter has further narrowed to RMB 1.16 billion, representing a decrease of 64% year-over-year and a decrease of 26.1% quarter-over-quarter.

隨著公司毛利率轉正，經營效率全面提升，二季度經營虧損進一步收窄至人民幣11.6億元，同比下降64%，季度下降26.1%。超過四分之一。

The significant increase in deliveries and the direct sales model and the great support from supply chain partners have enabled us to achieve positive operating cash flow for the first time in our history.

交付量和直銷模式的顯著增長以及供應鏈合作夥伴的大力支持，使我們歷史上首次實現了正的經營現金流。

In the second quarter of 2020 -- the second quarter of 2020 is a milestone quarter for us.

2020年第二季度——2020年第二季度對我們來說是一個里程碑式的季度。

NIO has made significant breakthroughs in sales, gross margin, operational efficiency and cash flow.

蔚來在銷售、毛利率、運營效率和現金流等方面都取得了重大突破。

After our enduring efforts in the past year, we have found our pace to implement efficient management and solid execution of near-term operational objectives and meanwhile, to make decisive investments in R&D and services for our long-term competitive edges.

經過一年來的不懈努力，我們找到了實施高效管理和紮實執行近期經營目標的步伐，同時在研發和服務上進行果斷投資，以保持我們的長期競爭優勢。

Next, I would like to share with you our recent key priorities.

接下來，我想與您分享我們最近的主要優先事項。

With respect to R&D, as the company's overall situation improves, we have accelerated the new product development and will increase our investment in the autonomous driving technology, so we can develop industry-leading technologies to maintain the long-term competitiveness of our products.

在研發方面，隨著公司整體形勢的好轉，我們加快了新產品的開發，將加大對自動駕駛技術的投入，開發行業領先的技術，保持產品的長期競爭力。

In terms of our product, the EC6, our smart electric coupe SUV was officially launched on July 24 with a pre-subsidy price starting from RMB 368,000.

產品方面，我們的智能電動轎跑SUV EC6於7月24日正式上市，預補貼價36.8萬元起。

It has been very well received by the users and the market and presented a stronger order performance above our expectations.

受到用戶和市場的好評，訂單表現超出我們的預期。

The mass production of EC6 is proceeding well according to plan, and we will commence deliveries in late September.

EC6的量產正在按計劃順利進行，我們將於9月下旬開始交付。

As for production capacity, the manufacturing team is going to increase the production rate of the Hefei plant from 15 jobs per hour to 20 jobs per hour, while working together with supply chain partners to improve their capacity at the same time.

在產能方面，製造團隊將把合肥工廠的產能從每小時15個提高到20個，同時與供應鏈合作夥伴一起提高產能。

By late August or early September, the overall supply chain capacity on a single shift is expected to reach 4,500 to 5,000 units per month.

到 8 月底或 9 月初，單班供應鏈整體產能預計將達到每月 4,500 至 5,000 台。

Regarding sales and service network, we have opened 22 NIO houses and 119 NIO spaces in 89 cities and 142 battery swap stations in 63 cities in China.

在銷售和服務網絡方面，我們在中國89個城市開設了22家蔚來汽車房和119個蔚來車位，在中國63個城市開設了142個換電站。

Moving forward, we will further expand the coverage of the battery swap stations and NIO spaces to better serve our users.

展望未來，我們將進一步擴大換電站和蔚來空間的覆蓋範圍，以更好地為用戶服務。

In the meantime, we have also made profound progress with the innovative business model of Battery-as-a-Service, namely decoupling the battery from the vehicle.

與此同時，我們在電池即服務的創新商業模式上也取得了長足的進步，即將電池與車輛解耦。

We have completed the necessary product communications and the certification required to be qualified to sell vehicles and batteries separately.

我們已經完成了必要的產品溝通和獲得單獨銷售車輛和電池所需的認證。

The process of the first vehicle under the BaaS model has been validated including insurance purchase, loan application and license plate registration.

BaaS模式下的第一輛車的流程已經過驗證，包括保險購買、貸款申請和車牌登記。

This is a breakthrough moment in our technology and business innovation.

這是我們技術和業務創新的突破性時刻。

Currently, we are still working on the final preparation for the official offering of our BaaS solution, which will be released publicly in the third quarter along with the increasing recognition from the users, government and industries.

目前，我們還在為BaaS解決方案的正式發布做最後的準備，隨著用戶、政府和行業的認可度越來越高，該解決方案將於第三季度公開發布。

We believe the advantages of our chargeable, swappable and upgradable products and the services systems will become more self-evident.

我們相信，我們的可充電、可更換和可升級的產品和服務系統的優勢將變得更加不言而喻。

As we deliver more and more vehicles, our user base is growing while the user community is maturing.

隨著我們交付越來越多的車輛，我們的用戶群正在增長，而用戶社區正在成熟。

On August 8, 2020, the Nio Day 2020 host city bidding campaign came to a conclusion.

2020年8月8日，Nio Day 2020主辦城市競標活動落下帷幕。

Over 40,000 NIO users actively participated in the voting.

超過 40,000 名蔚來用戶積極參與投票。

After fierce, but friendly competition, Chengdu stood out among 10 cities and won the bid to host the Nio Day 2020.

經過激烈但友好的競爭，成都在 10 個城市中脫穎而出，贏得了 2020 年蔚來汽車日的主辦權。

Every little bit of our progress will not be achieved without the trust and the support of our users.

我們的每一點進步都離不開用戶的信任和支持。

The bidding campaign of Nio Day 2020 has once again demonstrated the vibrancy and the enthusiasm of the Nio community.

2020蔚來日的競標活動再次展現了蔚來社區的活力和熱情。

I would like to thank our users and everyone for their support.

我要感謝我們的用戶和大家的支持。

With that, I will now turn the call over to Steven to provide the 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。

Okay.

好的。

Thank you, William.

謝謝你，威廉。

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

我現在將介紹我們 2020 年第二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 second quarter were RMB 3.72 billion or USD 526.4 million, representing an increase of 146.5% year-over-year, an increase of 171.1% quarter-over-quarter.

第二季度我們的總收入為人民幣37.2億元或5.264億美元，同比增長146.5%，環比增長171.1%。

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 second quarter were RMB 3.49 billion, or USD 493.4 million, accounting for 94% of total revenues in this quarter.

第二季度汽車銷售額為人民幣34.9億元，即4.934億美元，佔本季度總收入的94%。

It represented an increase of 146.5% year-over-year, and an increase of 177.6% quarter-over-quarter.

同比增長146.5%，環比增長177.6%。

The increase in vehicle sales year-over-year was primarily due to the increase of vehicle deliveries of ES6, which began its first deliveries in late June 2019.

車輛銷量同比增長主要是由於 ES6 的車輛交付量增加，ES6 於 2019 年 6 月下旬開始首次交付。

Other sales in the second quarter were RMB 232.8 million or USD 33 million, representing an increase of 147.7% year-over-year, an increase of 100% quarter-over-quarter.

第二季度其他銷售額為人民幣2.328億元或3300萬美元，同比增長147.7%，環比增長100%。

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

其他銷售額同比增長主要歸因於訂閱的服務包和能源包、安裝的家用充電器和銷售的配件帶來的收入增加，這與 2020 年第二季度的銷量增長一致。

Cost of sales in the second quarter was RMB 3.41 billion or USD 482.1 million, representing an increase of 69.2% year-over-year, an increase of 121.2% quarter-over-quarter.

第二季度銷售成本為人民幣34.1億元或4.821億美元，同比增長69.2%，環比增長121.2%。

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

銷售成本同比增長主要受2020年第二季度交付量增長的推動。

Gross profit in the second quarter of 2020 was RMB 313.1 million or USD 44.3 million, representing increase of 162.1% year-over-year, an increase of 286.9% quarter-over-quarter.

2020年第二季度毛利潤為3.131億元人民幣或4430萬美元，同比增長162.1%，環比增長286.9%。

The increase in gross profit year-over-year was mainly contributed by increased vehicle sales and higher gross margin in the second quarter of 2020.

毛利潤同比增長主要是由於2020年第二季度汽車銷量增加和毛利率提高。

Gross margin in second quarter of 2020 was 8.4%, compared with negative 33.4% in the same quarter of 2019 and negative 12.2% in the first quarter of 2020.

2020 年第二季度毛利率為 8.4%，而 2019 年同期為負 33.4%，2020 年第一季度為負 12.2%。

The increase of gross margin year-over-year was mainly driven by the increase of vehicle margin in the second quarter of 2020.

毛利率同比增長主要受2020年第二季度整車利潤率增長的推動。

More specifically, vehicle margin in the second quarter of 2020 was 9.7% compared with negative 24.1% in the same quarter of 2019 and negative 7.4% in the first quarter of 2020.

更具體地說，2020 年第二季度的汽車利潤率為 9.7%，而 2019 年同期為負 24.1%，2020 年第一季度為負 7.4%。

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

車輛毛利的增加主要是由於 2020 年第二季度產量增加導致某些材料的採購價格下降和單位製造成本降低。

Besides above, the increase of vehicle margin year-over-year was also attributable to impact of one-off cost in relation to the company's voluntary battery recall in the second quarter of 2019.

除此之外，汽車利潤率同比增長還受2019年第二季度公司主動召回電池的一次性成本影響。

R&D expenses in the second quarter were RMB 545.2 million or USD 77.2 million, representing a decrease of 58.1% year-over-year, and increase of 4.4% quarter-over-quarter.

第二季度研發費用為人民幣5.452億元或7720萬美元，同比下降58.1%，環比增長4.4%。

The decrease in R&D expenses year-over-year was primarily attributable to the incurrence of expenses relating to rigorous testing activities of ES6 in the second quarter of 2019 before its mass production.

研發費用同比下降的主要原因是2019年第二季度ES6量產前發生了與ES6嚴格測試活動相關的費用。

SG&A expenses in the second quarter were RMB 936.8 million or USD 132.6 million, representing a decrease of 34.1% year-over-year, and increase of 10.4% quarter-over-quarter.

第二季度SG&A費用為9.368億元人民幣或1.326億美元，同比下降34.1%，環比增長10.4%。

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 second quarter was RMB 1.16 billion or USD 164.2 million, representing a decrease of 64% year-over-year and a decrease of 26.1% quarter-over-quarter.

第二季度經營虧損為人民幣11.6億元或1.642億美元，同比下降64%，環比下降26.1%。

Share-based compensation expenses in the second quarter were RMB 45.3 million or USD 6.4 million, representing a decrease of 50.9% year-over-year, and increase of 39.8% quarter-over-quarter.

第二季度股權激勵費用為人民幣 4,530 萬元或 640 萬美元，同比下降 50.9%，環比增長 39.8%。

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

股權激勵費用同比下降主要是由於員工人數減少以及部分股權激勵費用採用加速法確認的影響，授予的期權減少，根據其中費用在等待期內逐漸減少。

Net loss in the second quarter was RMB 1.18 billion or USD 166.5 million, representing a decrease of 64.2% year-over-year and a decrease of 30.4% quarter-over-quarter.

第二季度淨虧損11.8億元人民幣或1.665億美元，同比下降64.2%，環比下降30.4%。

Net loss attributable to NIO's ordinary shareholders in the second quarter was RMB 1.21 billion or USD 171 million, representing a decrease of 63.6% year-over-year and a decrease of 29.9% quarter-over-quarter.

第二季度歸屬於蔚來普通股股東的淨虧損為人民幣12.1億元或1.71億美元，同比下降63.6%，環比下降29.9%。

Basic and diluted net loss per ADS in the second quarter were both RMB 1.15 or $0.16 per ADS, excluding share-based compensation expenses and accretion on redeemable non-controlling interests to redemption value.

第二季度每 ADS 的基本和攤薄淨虧損均為人民幣 1.15 元或每股 ADS 0.16 美元，不包括股權補償費用和可贖回非控股權益對贖回價值的增值。

Non-GAAP adjusted basic and diluted loss per ADS were both RMB 1.08 or $0.15 per ADS in second quarter.

第二季度非公認會計原則調整後的每 ADS 基本和攤薄虧損均為人民幣 1.08 元或每 ADS 0.15 美元。

Our balance of cash and cash equivalents, restricted cash and short-term investments was RMB 11.17 billion or USD 1.58 billion as of June 30, 2020.

截至 2020 年 6 月 30 日，我們的現金及現金等價物、受限現金和短期投資餘額為 111.7 億元人民幣或 15.8 億美元。

And now for our business outlook.

現在是我們的業務前景。

As William mentioned, for the third quarter of 2020, the company expects deliveries to be between 11,000 to 11,500 vehicles, representing an increase of approximately 129.2% to 139.6% from the same quarter of 2019, and increase of approximately 6.5% to 11.3% from the second quarter of 2020.

正如威廉所說，公司預計 2020 年第三季度交付量在 11,000 至 11,500 輛之間，較 2019 年同期增長約 129.2% 至 139.6%，較 2019 年同期增長約 6.5% 至 11.3% 2020年第二季度。

The company also expects the total revenue of the third quarter 2020 to be between RMB 4.05 billion to RMB 4.21 billion or between USD 572.9 million to USD 596.2 million.

該公司還預計，2020年第三季度的總收入將在40.5億元人民幣至42.1億元人民幣之間或5.729億美元至5.962億美元之間。

This would represent an increase of approximately 120.4% to 129.3% from the same quarter of 2019, an increase of approximately 8.8% to 13.3% from the second quarter of 2020.

這將比 2019 年同期增長約 120.4% 至 129.3%，比 2020 年第二季度增長約 8.8% 至 13.3%。

This business outlook reflects the company's current and the 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 the operator to facilitate our Q&A session.

我現在將把電話轉給接線員，以方便我們的問答環節。

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

（操作員說明）我們有來自摩根士丹利的 Tim Hsiao 的第一個問題。

Congratulations on the strong results.

祝賀你取得了不錯的成績。

So 2 quick questions.

所以2個快速問題。

The first one, regarding second quarter's gross margin because you came in as a strong beat versus previous guidance, I think in addition to the strong scale, because you just mentioned also attributable to the high average revenue per vehicle.

第一個，關於第二季度的毛利率，因為與之前的指導相比，您的表現強勁，我認為除了強勁的規模之外，因為您剛才提到還歸因於每輛車的平均收入高。

So could we have a rough idea what's the gross margin difference between like ES8 and ES6 at the moment?

那麼我們能否大致了解一下目前 ES8 和 ES6 之間的毛利率差異是多少？

And could we expect ES6 margin to reach similar level as ES8 with additional contribution from EC6 later this year?

在今年晚些時候 EC6 的額外貢獻下，我們能否期望 ES6 的利潤率達到與 ES8 相似的水平？

And my second question is about R&D expenses.

我的第二個問題是關於研發費用。

Because if you look at the state in the first half, I think the R&D expenses are under great control with around like RMB 500 million to RMB 600 million per quarter despite the model launch.

因為如果你看上半年的狀態，我認為研發費用控制得很好，儘管推出了模型，但每季度在 5 億到 6 億人民幣左右。

So would this be the normalized level because as William mentioned about the investment in new vehicle development and also the autonomous driving technology, so could we have the rough breakdown about how many percentage of the R&D is now for the vehicle development and the rest like autonomous driving and other technology?

那麼這將是標準化水平嗎，因為正如威廉提到的對新車開發和自動駕駛技術的投資，我們能否粗略分析一下現在有多少研發百分比用於車輛開發，其餘的如自動駕駛駕駛和其他技術？

Okay.

好的。

This is Stanley.

這是斯坦利。

For the first question about the gross margin of ES8 and ES6, generally, the gross margin of ES8 is higher than ES6.

第一個關於 ES8 和 ES6 毛利率的問題，一般來說，ES8 的毛利率高於 ES6。

And we are trying to improve both the 2 models in the future.

我們正在努力在未來改進這兩種模型。

But we won't break down details of margins of each model, okay?

但是我們不會分解每個模型的利潤細節，好嗎？

[Interpreted] I would like to answer the second question regarding the R&D investment.

【解讀】我想回答第二個關於研發投入的問題。

Right now, we'd like to control our R&D investment within RMB 3 billion every year including the labor cost to suppliers' EDD cost.

目前，我們希望將每年的研發投入控制在30億元以內，其中包括人工成本對供應商的EDD成本。

In terms of the breakdown, of course, the percentage we invested for the vehicle-related R&D is higher.

當然，從細分來看，我們在汽車相關研發上的投入比例更高。

But just like I mentioned, we will increase our investment on the autonomous driving technology.

但就像我提到的，我們將增加對自動駕駛技術的投資。

Right now, we have already got a team, about 200 people focusing on the autonomous driving technology development, which accounts a fixed part of the R&D cost.

目前，我們已經有一個團隊，大約 200 人，專注於自動駕駛技術的開發，佔研發成本的固定部分。

For the next generation of autonomous driving technology, we are going to increase our investment, but at a normal pace, just like you mentioned, it should be around RMB500 million to RMB600 million for 1 quarter.

對於下一代自動駕駛技術，我們會加大投入，但是按照正常速度，就像你說的，一季度應該在5億元到6億元左右。

But for some quarters, because of our product development cadence, we may need to increase this investment.

但是對於某些季度，由於我們的產品開發節奏，我們可能需要增加這項投資。

We have our next question from the line of Bin Wang from Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Bin Wang。

(foreign language) Actually, I've got 3 questions about autonomous.

（外語）其實我有3個關於自主的問題。

Question number one about launch timing of their 2 features.

第一個問題是關於他們的 2 個功能的啟動時間。

One is the NGP, navigation guide pilot, and second about their standard features, when will it be launched.

一是NGP，導航指南試點，二是關於他們的標準功能，什麼時候推出。

Because they are being showed in your NIO APP where maybe come up this year.

因為它們正在您的 NIO APP 中顯示，今年可能會出現。

So I just want to know the exact timing.

所以我只想知道確切的時間。

The second thing is, call it, penetration because if you want to get such a feature, you got to pay additional RMB 39,000 as a package.

第二件事是，稱之為滲透，因為如果你想獲得這樣的功能，你必須額外支付人民幣 39,000 元作為一個包。

So what's the penetration right now?

那麼現在的滲透率是多少？

And what's the ratio has been moving in the past few months or quarter?

在過去的幾個月或一個季度中，這個比率的變化是多少？

And the third one is that for the next-generation autonomous, which is Level 4, according to the media you partnered with Mobileye on the EyeQ5 chips.

第三個是用於下一代自動駕駛的，即 Level 4，根據您與 Mobileye 合作開發 EyeQ5 芯片的媒體。

So what's the timing for the launch of the Level 4?

那麼Level 4的推出時間是什麼時候呢？

[Interpreted] Thanks for your questions.

[解釋] 感謝您的提問。

Regarding the Navigate on Pilot feature, we are now doing rigorous tests on this feature, and we plan to release this within 2020.

關於 Navigate on Pilot 功能，我們現在正在對該功能進行嚴格的測試，併計劃在 2020 年內發布。

However, regarding the NIO nearby summoning feature, because of the hardware constraints, our feature is not as competitive as is Tesla's smart summon because our feature can only support getting out and in the parking space.

但是，關於蔚來的附近召喚功能，由於硬件限制，我們的功能不如特斯拉的智能召喚具有競爭力，因為我們的功能只能支持出門和停車位。

So I don't want to mislead to the users.

所以我不想誤導用戶。

But together with the HD map, we believe our Navigate on Pilot can achieve a very good performance.

但與高清地圖一起，我們相信我們的 Navigate on Pilot 可以達到非常好的性能。

Regarding the second question for the take rate of the Navigate on Pilot, we have the Founders Edition, which account for around 10,000 units.

關於Navigate on Pilot的第二個問題，我們有Founders Edition，大約10,000台。

This Founders Edition has the NOP as a standard feature.

此 Founders Edition 具有 NOP 作為標準功能。

So this is quite helpful with the take rate overall speaking.

因此，這對整體而言的錄取率非常有幫助。

But normally speaking, the take rate for the NOP right now is around -- right now, for the take rate of the NIO Pilot is around 25%.

但通常來說，現在 NOP 的接受率大約是 - 現在，NIO Pilot 的接受率在 25% 左右。

This year, we have released a selected NIO Pilot, which priced around RMB 10,000, which has enjoyed a much better take rate.

今年，我們發布了一款精選的蔚來Pilot，售價在10000元左右，獲得了更高的使用率。

For the next-generation autonomous driving technology or our NIO Technology Platform 2.0, right now, we are speeding up our development pace for this new technology platform, but it's still too early to share any specific information regarding the technology road map.

對於下一代自動駕駛技術或我們的蔚來技術平台2.0，目前，我們正在加快這一新技術平台的開發步伐，但現在分享有關技術路線圖的任何具體信息還為時過早。

All I can say right now is we set very high bar for ourselves for this next-generation platform.

我現在只能說，我們為這個下一代平台設定了很高的標準。

And we have been working on the autonomous driving technology development.

我們一直致力於自動駕駛技術的開發。

In 2018, when we released the ES8, we were the first car to be equipped with the Mobileye EyeQ4 chipset.

2018 年發布 ES8 時，我們是第一款搭載 Mobileye EyeQ4 芯片組的汽車。

Other competitors, they launched the car with the EyeQ4 chipset around 1 year later.

其他競爭對手，他們在大約 1 年後推出了搭載 EyeQ4 芯片組的汽車。

So it shows we have much more experience in terms of the mass production and autonomous driving.

所以這表明我們在量產和自動駕駛方面有更多的經驗。

Our experience in this regard has been tested and verified.

我們在這方面的經驗已經過測試和驗證。

So for the next-generation platform, we would like to set a much higher standards for ourselves.

所以對於下一代平台，我們想為自己設定一個更高的標準。

And we will keep you guys updated at a timely manner.

我們將及時為您提供最新信息。

But here, I would like to emphasize that we don't actually use the Level 3 or Level 4 to define our AD technologies.

但在這裡，我想強調的是，我們實際上並沒有使用 Level 3 或 Level 4 來定義我們的 AD 技術。

We have 2 different criteria from the user's interest perspective.

從用戶的興趣角度來看，我們有 2 個不同的標準。

The first one is, we focus on how much time we can free up for our users, and the second criteria is how many accidents we can reduce compared with the human driver.

第一個是，我們關注可以為用戶騰出多少時間，第二個標準是與人類駕駛員相比，我們可以減少多少事故。

We believe these 2 criteria are more important than the definition of Level 3 and Level 4. Thank you for questions.

我們認為這兩個標準比第 3 級和第 4 級的定義更重要。謝謝您的提問。

(foreign language) Can I have another follow-up?

（外語）我可以再跟進一次嗎？

Please.

請。

please.

請。

Okay.

好的。

Actually, I found on website that NIO may go to Germany later this year.

實際上，我在網站上發現蔚來可能會在今年晚些時候去德國。

So I just wanted to know your global game plan or just limited to China, what's your future plan for overseas expansion?

所以我只是想知道你的全球遊戲計劃還是僅限於中國，你未來的海外擴張計劃是什麼？

[Interpreted] From day 1, NIO is different from other companies.

【解讀】從第一天開始，蔚來就與其他公司不同。

We are a global startup.

我們是一家全球初創公司。

So we have kept our normal operation in the San Jose and German office even despite the most difficult times in last year.

因此，儘管去年最困難的時期，我們仍然在聖何塞和德國辦事處保持正常運營。

Even with the COVID-19, we still operate normally in the overseas office.

即使有了 COVID-19，我們仍然在海外辦事處正常運作。

So we are now doing the preliminary research regarding the international market entry including the product appropriation, team building and also the market entry planning.

所以我們現在正在做關於國際市場進入的前期研究，包括產品撥款、團隊建設以及市場進入規劃。

But this year, I believe everyone understands it's not a very good year for us to enter the international market.

但今年，相信大家都明白，對於我們進入國際市場來說，這不是一個很好的一年。

We understand many overseas media pay great attention to our product after the renowned European, U.S. media tested our vehicle.

我們了解到，在歐美知名媒體對我們的車輛進行測試後，許多海外媒體對我們的產品非常關注。

They also speak very highly of our vehicle.

他們也對我們的車輛評價很高。

So we would like to do this step-by-step and build up our capabilities to enter the global market.

所以我們想一步一步地做到這一點，並建立我們進入全球市場的能力。

So I would like to ask for your patience.

所以我想請你耐心等待。

Congratulations for a great result.

祝賀你取得了很好的成績。

We have our next question from the line of Lei Wang from CICC.

下一個問題來自中金公司的王磊。

William and Steven, this is Lei Wang speaking from CICC.

威廉和史蒂文，我是中金公司的王磊。

Congratulations on the positive cash flow and better-than-expected gross margin, that's for sure, a good move.

祝賀正現金流和好於預期的毛利率，這肯定是一個好舉措。

I have 3 questions on the financials.

我有3個關於財務的問題。

So the first question goes with the gross margin.

所以第一個問題與毛利率有關。

I know William just guided a GPM above 10% by end of this year.

我知道威廉在今年年底之前剛剛指導 GPM 超過 10%。

But considering we just have hit a 9% -- 9.7% vehicle gross margins by second quarter already, can we have an updated gross margin target, if you have any?

但是考慮到我們剛剛在第二季度達到了 9% 到 9.7% 的汽車毛利率，我們能否有一個更新的毛利率目標，如果你有的話？

That's the first question.

這是第一個問題。

Okay.

好的。

I would like to answer the first question.

我想回答第一個問題。

Generally, in Q3 and Q4, we expect the -- vehicle average selling price remains relatively stable.

總體而言，我們預計三季度和四季度汽車平均售價將保持相對穩定。

And for the battery pack cost, we foresee there will be still some room for us to further reduce its cost.

而對於電池組的成本，我們預計還有一些空間可以進一步降低成本。

Together with other cost savings for the BOM, I think generally, the 10% -- over 10% target for vehicle margin and the overall margin can be achieved.

再加上 BOM 的其他成本節省，我認為總體上可以實現 10% - 超過 10% 的車輛利潤率和整體利潤率目標。

But as you mentioned, whether we want to further like increase our targets for the gross margin, I don't think we want to do this at this moment.

但正如你所提到的，我們是否想進一步提高我們的毛利率目標，我認為我們目前不想這樣做。

I think we still keep like the guidance of our double-digit in the second half, yes.

我認為我們在下半場仍然保持兩位數的指導，是的。

[Interpreted] Of course, we understand that there is still room for improvement in terms of the gross margin and many other aspects.

【解讀】當然，我們理解在毛利率等很多方面還有提升的空間。

But we would like to move forward according to our own pace.

但我們想按照自己的步伐前進。

Just like the last quarter, we would like to keep a more conservative attitude regarding those targets.

就像上個季度一樣，我們希望對這些目標保持更保守的態度。

All right.

好的。

So the second question goes with the operating cash flow.

所以第二個問題與經營現金流有關。

I think that's primarily driven by optimized working capital.

我認為這主要是由優化的營運資金驅動的。

And I wanted to see if you or Steven could kindly provide a breakdown?

我想看看你或史蒂文是否可以提供一個故障？

Lei, this is Stanley.

雷，這是斯坦利。

Regarding the positive cash flow, yes, generally, there are the following reasons, which drive the positive cash flow.

關於正現金流，是的，一般來說，有以下原因驅動正現金流。

The first is operating loss we control that at relatively lower level.

首先是經營虧損，我們將其控制在相對較低的水平。

And second, yes, as we mentioned, we renegotiate the credit term and also the payment methods with our suppliers.

其次，是的，正如我們所提到的，我們與供應商重新協商信用期限以及付款方式。

And for example, the -- we asked the supplier to extend the credit terms from 60 days to 90 days and also asked for them to accept the bank notes instead of cash for the payment of the purchase.

例如，我們要求供應商將信用期限從 60 天延長至 90 天，並要求他們接受銀行票據而不是現金來支付購買費用。

So the third one, as William mentioned, the direct sales model and also the leading -- make us to receive cash collections earlier than the payment to suppliers.

所以第三個，正如威廉提到的，直銷模式也是領先的——讓我們在向供應商付款之前收到現金收款。

So generally, all these reasons drive us to achieve positive cash flow in Q2, yes.

所以總的來說，所有這些原因促使我們在第二季度實現正現金流，是的。

All right.

好的。

All right.

好的。

I think the payment terms is very positive signal as the supplier already has some confidence on NIO.

我認為付款條件是非常積極的信號，因為供應商已經對 NIO 有一定的信心。

That's pretty good.

這很不錯。

So the third question and the last question, William mentioned monthly production capacity of between 4,500 to 5,000 units and Steven just guided roughly 11,000 unit car deliveries in next quarter.

所以第三個問題和最後一個問題，William 提到了 4,500 到 5,000 輛的月產能，而 Steven 剛剛指導了下一季度大約 11,000 輛汽車的交付。

Why do we see a gap between the production capacity and the sales?

為什麼我們看到產能和銷量之間存在差距？

This is Steven.

這是史蒂文。

First, we increased our product capacity at end of August, and for any plant, which tries to increase its product capacity, there is a ramp-up period, okay?

首先，我們在 8 月底增加了我們的產品產能，對於任何試圖增加其產品產能的工廠，都有一個爬坡期，好嗎？

So our production capacity in July and August is still below 4,000 units, and that is a constraint for our delivery in Q3.

所以我們7月和8月的產能仍然在4000台以下，這對我們第三季度的交貨是一個制約因素。

And why do we increase our product capacity to 4,500 to 5,000, that's because that's the preparation for our Q4 delivery.

以及為什麼我們將我們的產品產能增加到 4,500 到 5,000 個，那是因為這是為我們的 Q4 交付做準備。

[Interpreted] We want to improve the production capacity because of the strong demand in the market.

【解讀】由於市場需求旺盛，我們想提高產能。

Many of my friends have asked me to check whether it's possible to have their ES8 delivered early.

我的許多朋友都要求我檢查是否有可能讓他們的 ES8 提前交付。

So there is a very big ES8 order backlog right now.

所以現在有一個非常大的 ES8 訂單積壓。

As I mentioned, the ES6 delivery will commence at late September this year.

正如我所提到的，ES6 的交付將在今年 9 月下旬開始。

So we also need some time to ramp up the production of the EC6 in the front.

所以我們還需要一些時間來增加前面EC6的產量。

Before we started the delivery of the EC6, we will start to accumulate orders for the EC6.

在我們開始交付 EC6 之前，我們將開始累積 EC6 的訂單。

So it means that in the fourth quarter of this year, we're going to witness significant pressure on our delivery and production.

因此，這意味著在今年第四季度，我們的交付和生產將面臨巨大壓力。

That's why we would like to increase our production capacity at the end of August, then we can be fully prepared for the EC6 ramp-up and the Q4 delivery.

這就是為什麼我們想在 8 月底增加我們的產能，這樣我們就可以為 EC6 的提升和第四季度的交付做好充分的準備。

We have our next question from the line of Ming-Hsun Lee from BofA.

我們的下一個問題來自美國銀行的 Ming-Hsun Lee。

Congrats on the good results.

恭喜取得好成績。

Two questions.

兩個問題。

So the first question is that I think the market seems -- does not understand too much on the Battery-as-a-Service.

所以第一個問題是我認為市場似乎對電池即服務不太了解。

So probably, I think you can take this opportunity to give more explanation on the business.

所以可能，我認為您可以藉此機會對業務進行更多解釋。

First of, I would like -- I want to know that right now, how much of battery assets on your book?

首先，我想 - 我現在想知道，你的書上有多少電池資產？

And once you set up a new factory management -- asset management company, around how much asset you can reduce from your balance sheet?

一旦你成立了一家新的工廠管理——資產管理公司，你可以從資產負債表中減少多少資產？

This can ease your pressure on balance sheet going forward.

這可以減輕您對未來資產負債表的壓力。

And also, the second question is that once the BaaS business model is confirmed, then I believe you can start over an auto finance program for both the vehicle as well as the battery.

另外，第二個問題是，一旦 BaaS 商業模式得到確認，那麼我相信你可以重新啟動汽車和電池的汽車金融計劃。

So I think that the down payment for consumers will be much lower compared to the previous stages.

所以我認為消費者的首付會比前幾個階段低很多。

So how much more new demand do you think you can create through Battery-as-a-Service, right?

那麼，您認為通過電池即服務可以創造多少新需求，對吧？

So that's my first question.

所以這是我的第一個問題。

[Interpreted] Thanks for your question.

[解釋] 謝謝你的提問。

Battery-as-a-Service is a very innovative business model, and it's quite difficult to validate this process.

電池即服務是一種非常創新的商業模式，驗證這個過程非常困難。

Just like I mentioned in my previous prepared remarks, we have now got the government approval and the first vehicle without the battery has already finished the validation process regarding the insurance purchase, loan application and the license plate registration.

就像我在之前準備的發言中提到的那樣，我們現在已經獲得了政府的批准，第一輛沒有電池的車輛已經完成了保險購買、貸款申請和牌照登記的驗證過程。

Basically, it means that you buy the car without the battery.

基本上，這意味著您購買的汽車沒有電池。

And it means that when you pay for the car, you do not need to pay the cost of the battery.

並且這意味著當你為汽車付款時，你不需要支付電池的成本。

Previously, we tried to launch similar plans, but because of the restrictions with the government policy, we didn't fully implement the real Battery-as-a-Service business model.

此前，我們嘗試推出類似的計劃，但由於受政府政策的限制，我們並沒有完全實施真正的 Battery-as-a-Service 商業模式。

But now since we have already got the support from the government and the related policies, we believe it's the right time for us to do this.

但現在既然我們已經得到了政府和相關政策的支持，我們認為現在是時候做這件事了。

I would like to explain a little bit about the difference.

我想稍微解釋一下區別。

Right now, if the user wants to do the financing for the batteries, then it means that at the beginning of the vehicle purchase, they can pay less money, that is around RMB 100,000 less.

現在，如果用戶想為電池做融資，那意味著在購車之初，他們可以少付錢，也就是少10萬元左右。

Then they will have the monthly payment, but for that monthly payment, they cannot get the loan.

然後他們將獲得每月付款，但對於每月付款，他們無法獲得貸款。

So it means that we can use the ES6 as an example.

所以這意味著我們可以以 ES6 為例。

The price is around RMB 358,000.

價格在35.8萬元左右。

Then it means that the users can pay RMB 258,000 at the beginning, but for this, they cannot get the loan from the bank because of the government policy restrictions.

那麼這意味著用戶一開始可以支付258,000元，但由於政府政策限制，他們無法從銀行獲得貸款。

But if we can go with the BaaS solution, then it means that with the new product homologation policy and the certification policy, the users can have less payment at the beginning, but they can still enjoy the loan for their monthly payment, which, just like you mentioned, should be able to lower the down payment as well as the monthly payment for the users.

但是如果我們可以採用 BaaS 解決方案，那麼意味著有了新產品認證政策和認證政策，用戶在開始時可以少付錢，但他們仍然可以享受每月還款的貸款，這只是就像您提到的那樣，應該能夠降低用戶的首付和每月付款。

We believe this is not going to affect our gross margin or probably it's even going to help us with the gross margin.

我們相信這不會影響我們的毛利率，甚至可能會幫助我們提高毛利率。

But with this solution, we should be able to help the users to lower their down payments and the monthly payment.

但是有了這個解決方案，我們應該能夠幫助用戶降低他們的首付和月供。

And we believe that this is going to be a very good boost to our vehicle sales.

我們相信這將極大地促進我們的汽車銷售。

Just like I mentioned before, we will release the detail in the third quarter.

就像我之前提到的，我們將在第三季度發布詳細信息。

We are now at the final commercial preparation stage.

我們現在處於最後的商業準備階段。

A very important task for us is to prepare the setup of the battery asset management company.

對我們來說，一個非常重要的任務是準備成立電池資產管理公司。

We are 1 party out of this endeavor, but we are not the main stakeholder.

我們是這一努力的一方，但我們不是主要的利益相關者。

So it means that it's not going to affect our balance sheet.

所以這意味著它不會影響我們的資產負債表。

But we would like to set up this company around August.

但是我們想在八月份左右成立這家公司。

This asset company is going to own the battery assets and then lease it to the users.

這家資產公司將擁有電池資產，然後將其出租給用戶。

We believe that this is going to be a very innovative move for the whole industry and attract more parties to join this asset management company and build a virtuous cycle.

我們相信這對整個行業來說將是一個非常創新的舉措，吸引更多的各方加入這家資產管理公司，建立良性循環。

We have our next question from the line of Paul Gong from UBS.

我們有來自瑞銀的 Paul Gong 的下一個問題。

I have 2 questions.

我有 2 個問題。

I remember at the early stage of NIO, it had planned the ET7 as a sedan as well as a new plant but they get either delayed or canceled last year.

我記得在蔚來的早期，它曾計劃將 ET7 作為轎車和新工廠，但它們在去年被推遲或取消。

But nowadays, since you have received a lot of refinancing and have a much stronger balance sheet than last year, will you consider to build the second plant by yourself?

但如今，由於你獲得了大量的再融資，資產負債表比去年強很多，你會考慮自己建第二個工廠嗎？

And will you consider to launch the ET7 at certain time or with the fourth model via different model?

你會考慮在某個時間推出ET7，還是通過不同的型號與第四個型號一起推出？

Can you give us a little bit of color on the next model coming in the NIO Day later this year?

你能給我們一點關於今年晚些時候在 NIO Day 上的下一個模型的顏色嗎？

[Interpreted] Thanks for your questions.

[解釋] 感謝您的提問。

We have kept our cadence of launching 1 new product every year.

我們保持每年推出 1 款新產品的節奏。

After we released the ET preview in the Shanghai Auto Show, we have attracted great attention from the market and the users.

我們在上海車展發布ET預覽版後，引起了市場和用戶的高度關注。

People are looking forward towards the product development.

人們對產品的開發充滿期待。

What we can say now is the next product will be a sedan, but I would like to ask for your patience.

我們現在可以說的是下一個產品將是轎車，但我想請您耐心等待。

We have a very comprehensive and detailed planning for our product development for the coming years.

我們對未來幾年的產品開發有非常全面和詳細的規劃。

In the future, we see there is a need for the second plant, but right now, we have a very successful cooperation with JAC.

未來，我們看到有第二個工廠的需求，但現在，我們與江淮汽車的合作非常成功。

The product that we manufactured together with the JAC has ranked at the top in many quality assessment conducted by the third parties.

我們與江淮汽車共同生產的產品在第三方進行的多項質量評估中均名列前茅。

I'm very confident with our cooperation with JAC, and we do have room for improvement for the production capacity in our current plant.

我對我們與江淮汽車的合作非常有信心，我們目前工廠的產能確實有提升的空間。

So we do not have an immediate need to kick off the second factory, but we are now working on the planning of the second factory because of our product development cadence.

所以我們沒有立即啟動第二家工廠的需要，但由於我們的產品開發節奏，我們現在正在規劃第二家工廠。

We don't need to say that we will build this plant by ourselves what we need from the company's perspective is to make sure we have a sufficient capacity to support our product development and deliveries.

我們不需要說我們將自己建造這個工廠，從公司的角度來看，我們需要的是確保我們有足夠的能力來支持我們的產品開發和交付。

We are now preparing sufficient capacity for the product that we're going to launch in 2022.

我們現在正在為我們將在 2022 年推出的產品準備足夠的容量。

Another point is about the current new JAC plant, without significant investment, we should be able to increase the production capacity of our current plant to 150,000 units under 2 shifts.

還有一點是關於目前江淮汽車的新工廠，在沒有大筆投資的情況下，我們應該可以將現有工廠的產能提高到15萬輛，兩班倒。

We have our next question from the line of Alex Potter from Piper Sandler.

我們有來自 Piper Sandler 的 Alex Potter 的下一個問題。

I have one question on selling regulatory credits.

我有一個關於銷售監管信用的問題。

You probably have seen that Tesla gets a fair amount of revenue, several hundred million dollars a quarter from selling regulatory credit to noncompliant auto brands, primarily in Europe.

您可能已經看到，特斯拉通過向不合規的汽車品牌（主要是在歐洲）出售監管信貸而獲得了可觀的收入，每季度數億美元。

And I know that China is considering a similar credit trading system.

我知道中國正在考慮建立類似的信用交易體系。

And I'm wondering if you are having discussions with any foreign auto brands or other auto brands to prepare to sell those automotive credits in the future in China.

我想知道您是否正在與任何外國汽車品牌或其他汽車品牌進行討論，以準備將來在中國銷售這些汽車積分。

That's my first question.

這是我的第一個問題。

[Interpreted] Thanks for your question.

[解釋] 謝謝你的提問。

This year, the Chinese government launched the NEV and the -- Thanks for your question.

今年，中國政府推出了新能源汽車和-- 謝謝你的提問。

This year, the government has updated their policy of the NEV and CAFC credit, which they have launched in the past, which has helped us to increase the value of the credit on our hands.

今年，政府更新了他們過去推出的NEV和CAFC信貸政策，這幫助我們增加了我們手中的信貸價值。

So we have accumulated around 100,000 due credits last year.

所以我們去年已經積累了大約100,000個到期學分。

According to the current pricing in the market, we should be able to generate RMB 120 million for the revenue of the credit.

按照目前的市場定價，我們應該能夠為信貸帶來1.2億元的收入。

We are now talking to some OEMs.

我們現在正在與一些原始設備製造商交談。

We plan to sell those credits in the third quarter or the fourth quarter.

我們計劃在第三季度或第四季度出售這些信用額度。

We believe this is going to help us with the gross margin improvement.

我們相信這將有助於我們提高毛利率。

Different from Tesla, we're not going to account this as part of the vehicle margin, we're going to consider this as part of the gross margin.

與特斯拉不同，我們不會將其計入車輛利潤率，我們會將其視為毛利率的一部分。

This year, we believe we are going to accumulate around 200,000 credits, which will be sold next year with an increased pricing.

今年，我們相信我們將積累大約 200,000 個積分，明年將以更高的價格出售。

Of course, the pricing will depend on the demand and the supply in the market, but we believe this is the future direction because the Chinese government would like to make sure they can use the credit to replace the subsidy and encourage OEMs to produce EVs.

當然，定價將取決於市場的供需情況，但我們認為這是未來的方向，因為中國政府希望確保他們可以用信貸來代替補貼，並鼓勵原始設備製造商生產電動汽車。

And we believe there will be a very big market for the credit trading between different OEMs.

我們相信不同OEM之間的信用交易將會有一個非常大的市場。

Last year, with 20,000 units, we have achieved RMB 120 million revenue, which means that for each vehicle it can generate RMB 60,000 revenue.

去年，2萬輛，我們實現了1.2億元的收入，這意味著每輛車可以產生6萬元的收入。

With increased pricing, we believe this is going to benefit our gross margin in the long term.

隨著定價的提高，我們相信這將有利於我們的長期毛利率。

As there are no further questions, I would like to hand the call back to our presenters for any closing remarks.

由於沒有其他問題，我想將電話轉回給我們的演示者，以獲取任何結束語。

Thank you again for joining us today.

再次感謝您今天加入我們。

If you have any further questions, just contact NIO's IR team through the contact information provided on our website.

如果您還有其他問題，請通過我們網站上提供的聯繫信息聯繫 NIO 的 IR 團隊。

This concludes the conference call.

電話會議到此結束。

You may now disconnect the line.

您現在可以斷開線路。

Thank you, and stay safe.

謝謝你，並保持安全。

Thank you.

謝謝你。

Thank you.

謝謝你。

Ladies and gentlemen, that does conclude your conference for today.

女士們，先生們，今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect now.

你們現在都可以斷開連接了。

Thank you.

謝謝你。

[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。]