Nikola Corp (NKLA) 2023 Q3 法說會逐字稿

Good morning, and welcome to Nikola Corporation's Third Quarter 2023 Earnings and Business Update Call. (Operator Instructions) We'll begin today's call with a short video presentation, followed by management's prepared remarks. (Operator Instructions) As a reminder, this conference is being recorded.

早上好，歡迎參加尼古拉公司 2023 年第三季財報和業務更新電話會議。 （操作員說明）我們將以簡短的視訊演示開始今天的電話會議，然後是管理層準備好的演講。 （操作員指示）謹此提醒，本次會議正在錄製中。

It is my pleasure to introduce Dhillon Sandhu from Investor Relations.

我很高興向您介紹投資者關係部門的 Dhillon Sandhu。

Thank you, operator, and good morning, everyone. Welcome to Nikola Corporation's third quarter 2023 earnings and business update call. Joining me today are Steve Girsky, CEO; Stasy Pasterick, CFO and Christian Appel, Head of Vehicle Platform.

謝謝接線員，大家早安。歡迎參加尼古拉公司 2023 年第三季財報和業務更新電話會議。今天加入我的是執行長 Steve Girsky；財務長 Stasy Pasterick 和車輛平台主管 Christian Appel。

A press release detailing our financial and business results was distributed earlier this morning. The release can be found on the Investor Relations section of our website, along with presentation slides accompanying today's call.

今天早上早些時候發布了一份詳細介紹我們的財務和業務業績的新聞稿。新聞稿以及今天電話會議附帶的簡報幻燈片可以在我們網站的投資者關係部分找到。

Today's discussions include references to non-GAAP measures. These measures are reconciled to the most comparable U.S. GAAP measures and can be found at the end of the Q3 earnings press release we issued today.

今天的討論涉及非公認會計原則措施。這些指標與最具可比性的美國公認會計準則指標一致，可以在我們今天發布的第三季財報新聞稿末尾找到。

Today's discussion also includes forward-looking statements about our future results, expectations and plans. Actual results may differ materially from those stated. And some factors that could cause actual results to differ are also explained at the end of today's earnings press release and on Page 2 of our earnings call deck and also in our filings with the SEC.

今天的討論還包括有關我們未來業績、期望和計劃的前瞻性陳述。實際結果可能與所述結果有重大差異。今天的收益新聞稿末尾、收益電話會議第二頁以及我們向 SEC 提交的文件中也解釋了一些可能導致實際結果不同的因素。

Forward-looking statements, speak only as of the date on which they are made. You are cautioned not to put undue reliance on forward looking statements.

前瞻性陳述僅代表發布當日的情況。請您注意不要過度依賴前瞻性陳述。

After the video presentation, Steve, Christian and Stasy will provide their prepared remarks, followed by analyst Q&A. Then, we will conclude with questions from our shareholders.

影片示範結束後，史蒂夫、克里斯蒂安和史塔西將發表他們準備好的言論，然後是分析師問答。然後，我們將以股東的提問作為結束。

Please begin the video presentation. Thank you.

請開始視訊示範。謝謝。

(presentation)

（推介會）

Thanks, Dhillon, and good morning, everyone. Welcome to our third quarter earnings and business update call. I'm excited to be here with the team for my first call as CEO. I want to be crystal clear about who we are, where we are, where we're going and how we're going to get there. Who is Nikola?

謝謝，Dhillon，大家早安。歡迎參加我們的第三季財報和業務更新電話會議。我很高興能與團隊一起參加作為執行長的第一次電話會議。我想非常清楚地了解我們是誰、我們在哪裡、我們要去哪裡以及我們將如何到達那裡。尼古拉是誰？

One truck platform, 2 powertrain options, working towards developing a network of zero-emission fueling and charging solutions, for Class 8 trucking. The trucks complement each other, offering different range, weight and infrastructure solutions, allowing us to better serve customers.

一個卡車平台，2 個動力系統選項，致力於開發適用於 8 級卡車運輸的零排放加油和充電解決方案網路。這些卡車相輔相成，提供不同的範圍、重量和基礎設施解決方案，使我們能夠更好地為客戶服務。

Building both products on the same platform allowed us to engineer them faster, be first to market in hydrogen fuel cell electric trucks and helps us drive down costs with scale.

在同一平台上建造這兩種產品使我們能夠更快地設計它們，率先將氫燃料電池電動卡車推向市場，並幫助我們大規模降低成本。

Where are we going? California. California is a state on the cutting edge of technology and has big tailwinds for the transition to zero-emissions trucking with both carrots and sticks from government incentives and regulations.

我們去哪？加州。加州是一個處於技術前沿的州，在政府激勵措施和法規的激勵和監管下，向零排放卡車運輸過渡具有巨大的推動力。

To make the Nikola business model work, initially, we need to be highly geographically focused and build network density. For example, there are more than 30,000 trucks servicing the ports in California.

為了使 Nikola 商業模式發揮作用，首先，我們需要高度關注地域並建立網路密度。例如，有超過 30,000 輛卡車為加州的港口提供服務。

Beginning in January 2024, all new trucks registered with the California Air Resources Board for port and drayage operations must be zero-emissions. Whether the customers' duty cycle calls for a battery electric or hydrogen fuel cell electric truck, we will be there to provide it for them. That regulation is one of the sticks.

從 2024 年 1 月開始，所有在加州空氣資源委員會註冊用於港口和拖運業務的新卡車都必須是零排放的。無論客戶的工作週期需要電池電動卡車還是氫燃料電池電動卡車，我們都會為他們提供。該規定是其中之一。

On the carrot side, California is offering numerous incentives, including HVIP for up to $288,000 and ISEF for up to $408,000 for hydrogen fuel cell electric truck purchases. We think in the California ports alone, there is a tremendous opportunity for us to sell trucks and hydrogen at scale.

在胡蘿蔔方面，加州提供了眾多激勵措施，包括購買氫燃料電池電動卡車時提供高達 288,000 美元的 HVIP 和高達 408,000 美元的 ISEF。我們認為，光是加州港口，我們就有大規模銷售卡車和氫氣的巨大機會。

So what's our plan to focus on California? One, first mover. We believe we are the first OEM in the market with a hydrogen fuel cell electric truck. We believe the competition is well behind us and anticipate there is white space for us to capitalize on our first mover advantage.

那我們重點關注加州的計劃是什麼？一、先行者。我們相信我們是市場上第一家擁有氫燃料電池電動卡車的原始設備製造商。我們相信競爭已經遠遠落後於我們，並預期我們還有空間利用我們的先發優勢。

Two, boots on the ground. We have Nikola sales team members supplementing dealer sales teams to find every opportunity there is to sell our trucks.

二、靴子落地。我們有尼古拉銷售團隊成員補充經銷商銷售團隊，以尋找每一個銷售我們卡車的機會。

Selling new technology to a long-established industry is not easy. And we are educating customers so they understand and experience how great our technology is, the value it brings and how we can support their operations with the fueling and charging required to keep their trucks running.

向歷史悠久的行業出售新技術並不容易。我們正在教育客戶，以便他們了解和體驗我們的技術有多麼出色、它帶來的價值，以及我們如何透過保持卡車運作所需的加油和充電來支持他們的營運。

Three, chicken and the egg, providing a fully integrated mobility solution. As transportation and logistics companies adopt this new technology, they want assurance they will have the energy required to keep their trucks operating.

第三，先有雞還是先有蛋，提供完全整合的行動解決方案。隨著運輸和物流公司採用這項新技術，他們希望確保擁有保持卡車運作所需的能源。

We are in the process of establishing fueling solutions for our customers in Northern and Southern California. In a tough macroenvironment, working with partners is critical to ensure there is adequate capital to complete these projects.

我們正在為北加州和南加州的客戶建立加油解決方案。在嚴峻的宏觀環境下，與合作夥伴合作對於確保有足夠的資金來完成這些專案至關重要。

How are we doing on our execution of these initiatives? It is difficult to analyze a nascent market. However, prior to the voluntary battery electric recall, we were second in market share for zero-emissions vehicles with 21% share of registrations, outperforming some of the larger OEMs. That was based on our battery electric truck alone.

我們執行這些措施的情況如何？要分析一個新興市場是很困難的。然而，在自願召回電池電動車之前，我們在零排放車市場份額中排名第二，註冊份額為 21%，超過了一些較大的 OEM 廠商。這是基於我們的電池電動卡車。

If you go on the HVIP website and look at voucher data for vouchers requested in 2023, as of October 27, you'd see Nikola has approximately 96% of the created vouchers for the hydrogen fuel cell electric truck-tractors and about 50% of the created vouchers for the battery electric truck-tractors.

如果您造訪HVIP 網站並查看2023 年申請的優惠券數據，截至10 月27 日，您會發現尼古拉擁有約96% 的氫燃料電池電動卡車牽引車創建的優惠券和約50% 的氫燃料電池電動卡車-牽引車優惠券。為電池電動卡車牽引車創建了優惠券。

We are also seeing considerable momentum in the North Eastern states like New York for up to $185,000 in New Jersey for up to $175,000.

我們還看到東北各州的強勁勢頭，例如紐約高達 185,000 美元，新澤西州高達 175,000 美元。

In addition, there is solid movement in Canada, where there are incentives across all provinces, territories and municipalities for up to CAD 200,000 for the hydrogen fuel cell and CAD 150,000 for the battery electric truck.

此外，加拿大的行動也很紮實，各省、地區和直轄市都為氫燃料電池提供了高達 20 萬加元的激勵措施，為電池電動卡車提供了高達 15 萬加元的激勵措施。

And in British Columbia, the BC Go Electric rebates provides another stackable $150,000 incentive, bringing that total to CAD 300,000 for a battery electric truck and CAD 350,000 for a hydrogen fuel cell electric truck.

在不列顛哥倫比亞省，BC Go Electric 回扣提供了另一項可疊加的 150,000 美元獎勵，使電池電動卡車的總金額達到 300,000 加元，氫燃料電池電動卡車的總金額達到 350,000 加元。

We are continuing to build sales momentum for both trucks, recently receiving wholesale purchase orders for 47 battery electric trucks from one dealer despite the product in recall status. There are 277 nonbinding fuel cell electric truck orders that have been placed from 35 customers with Nikola and our dealers, more than we can produce and deliver this year.

我們正在繼續增強這兩款卡車的銷售勢頭，儘管產品處於召回狀態，但最近還是從一位經銷商那裡收到了 47 輛電動卡車的批發採購訂單。 35 家客戶向 Nikola 和我們的經銷商下了 277 份非約束性燃料電池電動卡車訂單，超出了我們今年的生產和交付量。

In fact, if a fleet orders a hydrogen fuel cell electric truck today, they will likely not receive the truck until late Q2 2024.

事實上，如果車隊今天訂購一輛氫燃料電池電動卡車，他們可能要到 2024 年第二季末才能收到卡車。

Executing on our business plan requires top flight talent. During the third quarter, we announced the hiring of Mary Chan as Chief Operating Officer; and Joe Cappello as President of Energy.

執行我們的商業計劃需要頂尖人才。第三季度，我們宣布聘請 Mary Chan 擔任營運長；喬·卡佩羅 (Joe Cappello) 擔任能源總裁。

I previously worked with Mary at General Motors, where she served as President of the Global Connected Services Group. Mary is a recognized automotive leader who also serves on the Board of Magna International.

我之前曾與瑪麗在通用汽車公司共事，她擔任全球互聯服務集團總裁。瑪麗是一位公認的汽車行業領導者，同時也是麥格納國際公司董事會成員。

Joe joins us from Iwatani, where he served as Chairman and CEO of Iwatani Corporation of America. Joe and his team bring years of real on-the-ground knowledge of the hydrogen industry to Nikola.

Joe 在加入我們之前曾在 Iwatani 任職，擔任 Iwatani Corporation of America 的董事長兼執行長。喬和他的團隊為尼古拉帶來了多年的氫工業實際知識。

These 2 hard-charging folks have built and scaled businesses in infrastructure, connectivity and technology and their expertise will push Nikola towards even greater success. These are people who don't need to be here. They've had lots of success throughout their careers. Mary and Joe are here because they want to help make a difference and believe in Nikola's mission.

這兩位積極進取的人在基礎設施、連接和技術領域建立並擴大了業務，他們的專業知識將推動尼古拉取得更大的成功。這些人不需要在這裡。他們在整個職業生涯中取得了許多成功。瑪麗和喬來這裡是因為他們想幫助做出改變並相信尼古拉的使命。

Let's move into the business updates. First, the hydrogen fuel cell electric truck. We are incredibly proud of the entire team and all stakeholders playing a part in the development of the hydrogen fuel cell electric truck. We started zero production on July 31 and began delivering the first production vehicles to capture test fleets for commercial operations and customer validation late last month.

讓我們進入業務更新。一是氫燃料電池電動卡車。我們為整個團隊和所有利益相關者參與氫燃料電池電動卡車的開發感到非常自豪。我們於 7 月 31 日開始零生產，並於上月底開始交付第一批生產車輛，以捕獲用於商業運營和客戶驗證的測試車隊。

In parallel, we started running customer demos in Southern California, supported by refueling with mobile fuelers and that existing hydrogen fueling infrastructure. To date, trucks and customer demos have accumulated more than 6,000 miles, while achieving 98% uptime, receiving outstanding driver feedback.

同時，我們開始在南加州運行客戶演示，並獲得行動加油機和現有氫燃料基礎設施的支援。迄今為止，卡車和客戶演示已累積行駛了 6,000 多英里，同時實現了 98% 的正常運行時間，並獲得了出色的駕駛員回饋。

On the battery electric front, Nikola is committed to providing customers with a premium trucking experience and safety is always at the top of mind. We issued a voluntary recall for the battery electric truck in August, asking customers and dealers to send their trucks back to Nikola for monitoring and repairs, which also allowed us to investigate the cause of the battery issues. Extensive investigations have been commissioned and are currently ongoing, including assessments from 3 independent groups alongside the Nikola team.

在電池電動方面，尼古拉致力於為客戶提供優質的卡車運輸體驗，並且始終將安全放在首位。我們在8月對電池電動卡車發出了自願召回，要求客戶和經銷商將卡車送回Nikola進行監控和維修，這也讓我們能夠調查電池問題的原因。廣泛的調查已經委託進行，目前正在進行中，包括 3 個獨立小組與 Nikola 團隊的評估。

During these investigations, it was discovered that additional process and design changes may be necessary, and that cell level issues may need to be addressed beyond the initially identified coolant manifold replacement.

在這些調查過程中，人們發現可能需要進行額外的製程和設計更改，除了最初確定的冷卻劑歧管更換之外，可能還需要解決電池級問題。

While we continue to identify the root causes of battery malfunctions, to minimize vehicle downtime and maximize customer safety and satisfaction, we will retrofit existing customer trucks containing Romeo design battery packs with ones from an alternative supplier. Stasy will provide updates regarding how that affects the numbers.

在我們繼續找出電池故障的根本原因的同時，為了最大限度地減少車輛停機時間並最大限度地提高客戶的安全和滿意度，我們將使用替代供應商的電池組對裝有羅密歐設計電池組的現有客戶卡車進行改造。 Stasy 將提供有關這如何影響數字的最新資訊。

Despite the recall, we continue to see increased demand for the battery electric truck. This is happening while the truck is not currently available for sale, a testament to our position in the market as one of the few companies able to provide hard-working zero-emissions trucks to fleet customers at scale.

儘管發生了召回，我們仍然看到對電池電動卡車的需求不斷增加。這是在卡車目前無法銷售的情況下發生的，這證明了我們作為少數能夠向車隊客戶大規模提供勤奮的零排放卡車的公司之一在市場上的地位。

We expect to have the first trucks back in customer hands in Q1 2024. And I've taken to call it 2.0, because not only will it have improved battery packs, but new features, including scheduled departure charging, improved HMI and Bluetooth functionality all at a lower material cost.

我們預計第一批卡車將在2024 年第一季回到客戶手中。我將其稱為2.0，因為它不僅改進了電池組，而且還提供了新功能，包括計劃出發充電、改進的HMI 和藍牙功能以較低的材料成本。

On the energy side, we continue working with industry-leading partners to ensure we have the hydrogen supply, transport logistics, storage solutions and dispensing locations to support the operations of our hydrogen fuel cell electric trucks in customer fleets this year and beyond.

在能源方面，我們繼續與業界領先的合作夥伴合作，確保我們擁有氫氣供應、運輸物流、儲存解決方案和分配地點，以支援今年及以後客戶車隊中氫燃料電池電動卡車的營運。

We're pleased to say we have secured enough energy offtake to support customer operations in 2023 and the beginning of 2024. The team is diligently working with partners to secure additional hydrogen offtake to support future sales, alongside securing fueling assets and locations to fuel the trucks.

我們很高興地說，我們已經獲得了足夠的能源採購來支持客戶在2023 年和2024 年初的營運。該團隊正在與合作夥伴努力合作，確保獲得額外的氫氣採購以支持未來的銷售，同時確保燃料資產和地點為卡車。

We also continue to see positive momentum on the federal incentive front with $50 billion allocated from the Investing in America agenda and another $7 billion in support from a DOE grant. This is a massive amount of funding and will accelerate the development of hydrogen infrastructure required to scale and lower the cost of hydrogen.

我們也持續看到聯邦誘因的正面勢頭，投資美國議程撥款 500 億美元，能源部撥款另外提供 70 億美元支持。這是一筆巨額資金，將加速擴大規模和降低氫成本所需的氫基礎設施的發展。

We are excited to demonstrate the fully integrated mobility solution provided to customers with the fuel cell truck and hydrogen fuel and look forward to sharing more progress with you on the hydrogen highway as we continue developing the refueling ecosystem.

我們很高興向客戶展示透過燃料電池卡車和氫燃料提供的完全整合的行動解決方案，並期待在我們繼續開發加氫生態系統的過程中與您分享氫高速公路上的更多進展。

Now, I'll hand it off to Christian Appel, our Head of Vehicle Platform, to provide you with details on the hydrogen fuel cell truck and then Stasy will share our financials. Christian?

現在，我將把它交給我們的車輛平台主管 Christian Appel，為您提供有關氫燃料電池卡車的詳細信息，然後 Stasy 將分享我們的財務數據。基督教？

Thank you, Steve. We're incredibly excited to show the world the model year 2024 hydrogen fuel cell electric truck. We believe this is the first zero tailpipe emissions truck available in North America that is truly capable of servicing the majority of day cab, regional and medium-haul freight operations.

謝謝你，史蒂夫。我們非常高興向世界展示 2024 年氫燃料電池電動卡車。我們相信，這是北美第一輛廢氣零排放卡車，真正能夠為大多數日間計程車、區域和中程貨運業務提供服務。

The trucks up to 500-mile range gives fleets the flexibility in operations, capable of servicing longer-range, medium and regional deliveries and providing fleets who run sleep-seat operations, a similar refueling time for diesel cap, without disrupting logistic operations.

這些卡車的續航里程可達500 英里，為車隊提供了營運靈活性，能夠為長途、中型和區域性交付提供服務，並為進行睡眠座位運營的車隊提供類似的柴油蓋加油時間，而無需中斷物流營運.

Furthermore, the payload capacity of the hydrogen fuel cell electric truck can be much better than other long-range zero-emission trucks. And as we continue making enhancements to the product, we expect to continue closing the gap to diesel payload parity.

此外，氫燃料電池電動卡車的有效載荷能力可以遠遠優於其他遠程零排放卡車。隨著我們繼續改進該產品，我們預計將繼續縮小與柴油引擎有效載荷平價的差距。

One of the most critical things to building the best product is that we are vertically integrated with our vehicle controls software development. This allows us to optimize the operation of the truck across incredibly complex systems and includes functions such as mountain mode and in the future, predictive energy management.

打造最佳產品最關鍵的事情之一是我們與車輛控制軟體開發垂直整合。這使我們能夠在極其複雜的系統中優化卡車的操作，包括山地模式和未來的預測能源管理等功能。

The software in the truck can optimize the drivetrain to power the vehicle with both the fuel cell power module and the battery or by one system independently of the other. Mountain mode optimizes the battery energy usage on the vehicle, allowing for maximum regenerative braking power downhill and consistent performance uphill.

卡車中的軟體可以優化傳動系統，透過燃料電池電源模組和電池或一個獨立的系統為車輛提供動力。山地模式優化了車輛的電池能量使用，可在下坡時提供最大的再生煞車功率，並在上坡時保持一致的性能。

The truck provides drivers with an advanced HMI, a mobile app and comfortable drive, while being optimized for performance, efficiency and durability, supporting the fleet customers' most critical KPIs such as uptime and cost of operations.

該卡車為駕駛員提供了先進的 HMI、行動應用程式和舒適的駕駛體驗，同時針對性能、效率和耐用性進行了優化，支援車隊客戶最關鍵的 KPI，例如正常運行時間和營運成本。

This is merely a bit of what the truck can do. I could speak all day about the truck, and I invite you to look at our website, social media channels and send us questions to learn more.

這只是卡車能做的一小部分。我可以整天談論卡車，我邀請您查看我們的網站、社交媒體管道並向我們發送問題以了解更多資訊。

Passing it to Stasy to cover the numbers.

將其傳遞給 Stasy 來覆蓋數字。

Good morning, everyone. Huge thank you and congratulations to Christian and the entire Nikola team for especially launching the fuel cell truck. We've been developing this truck for many years, and this is a huge milestone for the team, turning a new page for the company.

大家，早安。非常感謝並恭喜 Christian 和整個 Nikola 團隊特別推出了燃料電池卡車。我們多年來一直在開發這款卡車，這對團隊來說是一個巨大的里程碑，為公司翻開了新的一頁。

Now, on to the Q3 results. Despite tackling numerous headwinds during the quarter, I am pleased with the team's commitment to operate with financial discipline by continuing to reduce cash burn and focusing our spend on things that matter to our future.

現在，我們來看看第三季的結果。儘管在本季度遇到了許多阻力，但我對團隊致力於遵守財務紀律、繼續減少現金消耗並將支出集中在對我們未來重要的事情上的承諾感到滿意。

We were successful this quarter in accessing capital markets, raising approximately $250 million primarily through convertible notes and the ATM, thus increasing our unrestricted cash position by $136.2 million from Q2 and nearly tripling unrestricted cash since the first quarter of this year. We are making good progress towards our goal of having 12 months of liquidity on hand.

本季我們成功進入資本市場，主要透過可轉換票據和ATM 籌集了約2.5 億美元，從而使我們的非限制性現金部位比第二季增加了1.362 億美元，自今年第一季以來非限制性現金增加了近兩倍。我們正在朝著擁有 12 個月流動性的目標取得良好進展。

Quarterly cash use came in at $111.9 million, well below our target of $120 million, reflecting a 25% improvement from Q2 cash use of $148.3 million. The improvement came from $50 million benefits realized from cost-cutting initiatives we executed upon in Q2, offset by $20 million use of working capital to scale up hydrogen fuel cell inventory and the impact of slower-than-expected AR collections due to the battery electric truck recall.

季度現金使用量為 1.119 億美元，遠低於我們 1.2 億美元的目標，比第二季的 1.483 億美元現金使用量提高了 25%。這項改善來自於我們在第二季度執行的成本削減舉措所帶來的5000 萬美元收益，但被用於擴大氫燃料電池庫存的2000 萬美元營運資金以及電池電動汽車導致的AR 收集速度慢於預期的影響所抵消。卡車召回。

We have a lot more work to do. And we're always looking to make improvements to our cost structure and cash use. There is a lot to digest this quarter, beginning with revenue.

我們還有很多工作要做。我們一直在尋求改進我們的成本結構和現金使用。本季有很多事情需要消化，首先是收入。

Due to the battery electric truck recall, we held in deliveries in early Q3. Prior to the recall, we delivered 3 battery electric trucks to dealers. However, this was offset by the repurchase of 7 battery electric trucks due to the cancellation of dealer agreements as we refocused our sales efforts in California, as well as dealer rebates and financing charges, resulting in net truck revenue of negative $2.4 million.

由於電池電動卡車召回，我們在第三季初推遲了交貨。在召回之前，我們向經銷商交付了 3 輛電動卡車。然而，由於我們重新集中在加州的銷售工作，取消了經銷商協議，因此回購了7 輛電池電動卡車，以及經銷商回扣和融資費用，抵消了這一損失，導致卡車淨收入為負240 萬美元。

And we generated $636,000 in service and other revenue, primarily driven by service revenue, the sale of charging assets and third-party hydrogen sales.

我們產生了 636,000 美元的服務和其他收入，主要由服務收入、充電資產銷售和第三方氫氣銷售推動。

Cost of revenue in the third quarter was $123.8 million. Cost of revenue includes a $45.7 million write-down of excess and obsolete inventory, of which $32.7 million is attributable to the write-down of battery packs on the 140 battery electric trucks held in Nikola inventory and $13 million for other battery electric truck components, including battery cells.

第三季的營收成本為 1.238 億美元。收入成本包括 4570 萬美元的過剩和過時庫存減記，其中 3270 萬美元歸因於 Nikola 庫存中的 140 輛電動卡車的電池組減記，以及其他電池電動卡車零件的 1300 萬美元減記，包括電池。

It also includes a $61.8 million warranty reserves to remedy the battery electric truck recall. This includes the estimated cost to reengineer, validate and retrofit the battery electric trucks that were previously sold to customers and dealers with an alternative battery pack solution.

它還包括 6,180 萬美元的保固儲備金，以補救電池電動卡車召回問題。這包括重新設計、驗證和改造先前透過替代電池組解決方案出售給客戶和經銷商的電池電動卡車的估計成本。

To be clear, the warranty reserve is an accrued liability. Actual cash disbursements will take place over the next 9 to 12 months as we validate the new components and work through the retrofits. We anticipate seeing the majority of that cash spend in the first half of 2024.

需要明確的是，保固準備金是一項應計負債。實際現金支付將在未來 9 至 12 個月內進行，屆時我們將驗證新組件並完成改造工作。我們預計大部分現金將在 2024 年上半年支出。

Our goal is to offset the estimated $61.8 million cash impact with the collection of approximately $10.7 million in accounts receivable and an expected positive cash contribution margin of another $13 million from the sale of existing best trucks in our inventory once those trucks are updated with the new battery packs, resulting in a net cash spend of $38.1 million.

我們的目標是透過收回約1,070 萬美元的應收帳款來抵消估計的6,180 萬美元的現金影響，一旦這些卡車更新為新的，我們庫存中現有最好卡車的銷售預計將帶來另外1,300萬美元的正現金貢獻利潤。電池組，導致淨現金支出為 3,810 萬美元。

Total operating expenses came in at $100.7 million, including $18.7 million of stock-based compensation expense and $9.8 million of accelerated battery electric demo truck depreciation. Absent of the demo truck depreciation, operating expenses fell within the previously communicated guidance range.

總營運費用為 1.007 億美元，其中包括 1870 萬美元的股票補償費用和 980 萬美元的電池電動演示卡車加速折舊。如果沒有示範卡車折舊，營運費用將落在先前通報的指導範圍內。

Q3 operating expenses have improved by more than 27% versus the prior 4 quarters average, driven by the impact of cost reductions we have executed in Q2.

受我們在第二季度執行的成本削減措施的推動，第三季度的營運費用比前 4 個季度的平均水平提高了 27% 以上。

Other, non-operating expenses for the quarter were driven by the loss on the [registration] of the conversion features embedded in the April 2023 and June 2023 convertible toggle notes, partially offset by a gain due to the changes in the fair value of our common stock receivable as a part of the JV sales to IVECO. These are non-cash P&L items and have no impact on our cash burn.

本季的其他非營運支出是由於 2023 年 4 月和 2023 年 6 月可轉換票據中嵌入的轉換功能的[註冊]損失造成的，部分被我們的公允價值變化帶來的收益所抵消。應收普通股作為向依維柯合資企業銷售的一部分。這些是非現金損益項目，對我們的現金消耗沒有影響。

At the end of the quarter, we maintained total cash and access to capital of $705.8 million, subject to our stock price and market conditions. And given our current cash burn rate, we believe we have adequate cash on the balance sheet to sustain us into 2024 and maintain enough access to capital to continue funding operations and execution of our business plan, including costs associated with the remediation of the battery electric recall.

截至本季末，我們的現金和資本總額維持在 7.058 億美元，具體取決於我們的股價和市場狀況。考慮到我們目前的現金消耗率，我們相信資產負債表上有足夠的現金來維持我們到2024 年，並保持足夠的資金來源來繼續為我們的業務運營和執行我們的業務計劃提供資金，包括與修復電池電動相關的成本記起。

We also have success in strengthening our balance sheet by reducing total debt by $87.3 million and total liabilities by $67.1 million during the quarter. We have previously indicated we would need to raise approximately $600 million to fund our business to EBITDA positive by the end of 2025. This long-term thinking to fund the truck business remains the same.

我們也成功地加強了我們的資產負債表，本季總債務減少了 8,730 萬美元，負債總額減少了 6,710 萬美元。我們先前曾表示，我們需要籌集約 6 億美元的資金，為我們的業務提供資金，到 2025 年底實現 EBITDA 為正。這種為卡車業務提供資金的長期思路保持不變。

During the third quarter, we raised approximately $250 million of debt. However, we anticipate increased costs over the next 9 to 12 months associated with the battery electric truck recall, which would take the new capital requirement to approximately $400 million.

第三季度，我們籌集了約 2.5 億美元的債務。然而，我們預計未來 9 至 12 個月內與電池電動卡車召回相關的成本將會增加，這將使新的資本需求達到約 4 億美元。

This number also assumes the majority of hydrogen infrastructure will be financed by partners. As we explore opportunities in the hydrogen production and dispensing ecosystem and continue to develop our energy strategy, we may require additional capital in order to participate in hydrogen production and dispensing economics.

這個數字也假設大部分氫基礎設施將由合作夥伴提供資金。當我們探索氫氣生產和分配生態系統的機會並繼續制定我們的能源策略時，我們可能需要額外的資金來參與氫氣生產和分配經濟。

We may elect to invest into projects where we see a compelling return on investment. Participating in these projects would allow us the opportunity to achieve economies of scale and drive down hydrogen costs. We see a growing opportunity in both hydrogen production and dispensing as we scaled truck production and deliveries and other OEMs come to market.

我們可能會選擇投資那些我們認為投資回報引人注目的項目。參與這些項目將使我們有機會實現規模經濟並降低氫成本。隨著我們擴大卡車生產和交付以及其他原始設備製造商進入市場，我們看到氫氣生產和分配的機會越來越多。

Moving to guidance. In Q4, we anticipate delivering between 30 to 50 hydrogen fuel cell electric trucks, for revenues between $11.3 million and $18.8 million. Fuel cell production is currently constrained due to supply chain ramp-up.

轉向指導。第四季度，我們預計交付 30 至 50 輛氫燃料電池電動卡車，營收在 1,130 萬美元至 1,880 萬美元之間。由於供應鏈的擴張，燃料電池的生產目前受到限制。

Due to lower production and delivery numbers for the fuel cell and the pause on the battery electric production and deliveries until the recall is remedied, we expect the gross loss margin will be outsized between negative 215% to negative 135%.

由於燃料電池的產量和交付量下降，以及電池電力的生產和交付在召回得到糾正之前暫停，我們預計毛損率將在負 215% 至負 135% 之間。

We expect total operating expenses to be between $82.5 million and $92.5 million, including approximately $15.4 million of stock-based compensation expense and CapEx to be approximately $35 million.

我們預計總營運費用將在 8,250 萬美元至 9,250 萬美元之間，其中包括約 1,540 萬美元的股票補償費用，資本支出約為 3,500 萬美元。

Despite the challenges faced in the market and the business headwinds, we remain focused on achieving profitability and we have further optimized cost structures and put in place a strong team focused on execution.

儘管面臨市場挑戰和業務逆風，我們仍然專注於實現盈利，並進一步優化成本結構，並組建了一支專注於執行的強大團隊。

We are working diligently to find additional cost reduction opportunities without jeopardizing our first mover advantage and monitoring capital markets to raise additional cash.

我們正在努力尋找額外的降低成本的機會，同時不損害我們的先發優勢，並監控資本市場以籌集額外的現金。

During the third quarter, we beat our cash burn target of $120 million and strengthened our balance sheet, raising $250 million, increasing our liquidity run rate despite the new expenses for the battery electric truck and hydrogen infrastructure. We maintained strong liquidity in our stock and have continued to demonstrate our ability to raise capital.

在第三季度，我們完成了1.2 億美元的現金消耗目標，並增強了我們的資產負債表，籌集了2.5 億美元，提高了我們的流動性運行率，儘管電池電動卡車和氫基礎設施出現了新的支出。我們的股票保持強勁的流動性，並繼續展示我們籌集資金的能力。

As new regulations begin to take effect in California, we believe there is demand to scale production on both the battery electric and hydrogen fuel cell electric trucks in 2024 and achieve the production and delivery volume scale that is necessary to reach positive gross margins and eventually reach profitability.

隨著新法規開始在加州生效，我們認為需要在 2024 年擴大純電動卡車和氫燃料電池電動卡車的生產規模，並達到實現正毛利率所需的生產和交付量規模，並最終達到盈利能力。

I will now pass it back to Steve for closing remarks.

我現在將把它傳回史蒂夫以供結束語。

Thanks, Stasy. To close the call, I'd like to talk about green shoots, a typical sign of a recovering plant and positive momentum for health and life.

謝謝，斯塔西。最後，我想談談綠芽，這是植物恢復的典型標誌，也是健康和生活的積極動力。

We told you we would begin hydrogen fuel cell electric truck production in Q3, and we did. We told you we would continue reducing our cash burn and improve our liquidity, and we have. We have strengthened our leadership and operational expertise, including adding our COO, Mary; and President of Energy, Joe. And we continue to work diligently to assist our customers with the recall of our battery electric truck and the introduction of our hydrogen fuel cell electric truck.

我們告訴過您，我們將在第三季開始生產氫燃料電池電動卡車，我們做到了。我們告訴過您，我們將繼續減少現金消耗並提高流動性，我們做到了。我們加強了我們的領導力和營運專業知識，包括增加我們的營運長瑪麗；和能源總裁喬。我們將繼續努力協助客戶召回電池電動卡車並推出氫燃料電池電動卡車。

These are all strong signs or green shoots. And if we're continuing the green shoot analogy, we're getting fed by the momentum of the marketplace and government regulation, especially in California.

這些都是強烈的徵兆或萌芽。如果我們繼續進行新芽的類比，我們將受到市場動力和政府監管的推動，尤其是在加州。

There are 2 sayings that I used repeatedly here at Nikola, which are applicable to our growth. First, "Aut inveniam viam aut faciam." It means find a way or make one.

有兩句話是我在 Nikola 反覆使用的，適用於我們的成長。首先，「Aut inveniam viam aut faciam」。意思是找到一種方法或創造一種方法。

The resilience of the Nikola team is unmatched. We have endured plenty and will continue driving forward in our mission to decarbonize heavy-duty commercial transportation. We have government regulation and incentive tailwinds at our back, the first commercially available hydrogen fuel cell electric truck in North America and the team to execute.

尼古拉團隊的韌性是無與倫比的。我們已經經歷了很多，並將繼續推進我們的重型商業運輸脫碳使命。我們有政府監管和激勵措施的支持，有北美第一輛商用氫燃料電池電動卡車和執行團隊。

Second, we say, don't chew on yesterday's breakfast, an effective way to make sure we can learn and benefit from the past and move forward. Yes, we've had setbacks, but we are moving forward and today, we are in an incredibly strong position to capitalize on our first mover advantage with our fuel cell truck and lay the foundation for the hydrogen highway beginning in California. And we will continue to keep our commitments and remain transparent.

其次，我們說，不要咀嚼昨天的早餐，這是確保我們能夠從過去學習並受益並繼續前進的有效方法。是的，我們遇到了挫折，但我們正在前進，今天，我們處於非常有利的地位，可以利用我們的燃料電池卡車的先發優勢，為從加利福尼亞州開始的氫高速公路奠定基礎。我們將繼續信守承諾並保持透明度。

This concludes our prepared remarks. Operator, please open the line for analyst questions.

我們準備好的演講到此結束。接線員，請接通分析師提問線路。

(Operator Instructions) Our first question is from Jeff Osborne with TD Cowen.

（操作員說明）我們的第一個問題來自 Jeff Osborne 和 TD Cowen。

Curious on your observations in the first quarter on the job as it relates to the interfacing with customers around both the fuel cell and the BEV, putting aside the recall issues. Great to see the policy moving in the right direction, but what's the readiness level of some of the fleets that you're having dialogues with?

對您在第一季工作中的觀察感到好奇，因為這涉及燃料電池和純電動車與客戶的溝通，拋開召回問題不談。很高興看到政策朝著正確的方向發展，但是您正在與之對話的一些艦隊的準備程度如何？

So good question. The customers are super interested in this. You saw the order bank increased to 277. And I would argue the CRM, what's at the top of the funnel is growing every day. So -- and I would say it's 2:1 fuel cell over BEV right now and maybe even a little more.

好問題。客戶對此非常感興趣。您看到訂單庫增加到 277 個。我認為 CRM（漏斗頂部的內容）每天都在增長。所以，我想說，目前燃料電池與 BEV 的比例為 2:1，甚至可能更高一些。

Outside of the customers, any other observations in the first quarter on the job in terms of shifting from an investor role, Board member role?

除了客戶之外，第一季在從投資者角色、董事會成員角色轉變方面還有其他觀察嗎？

So people laugh at me around here. But you learn pretty quickly in this place that every day is an amazing day at Nikola, and some are good and some are less so. But the goal when I got here was to not screw up the momentum that was continuing. And I think if you just saw one of the slides, the cash is up, the burn is down and the orders are up.

所以周圍的人都嘲笑我。但在這個地方你很快就會知道，在尼古拉，每一天都是美好的一天，有些很好，有些則不太好。但當我來到這裡時，我的目標是不要破壞正在持續的動力。我認為，如果你只看了其中一張幻燈片，你會發現現金增加了，燒錢減少了，訂單增加了。

Certainly, there's challenges here, like there are being first in anything. But the interesting thing about this place is, there's nobody running away from these challenges. And I would tell you this, Jeff.

當然，這裡也存在著挑戰，就像在任何事情上都要做第一一樣。但這個地方有趣的是，沒有人逃避這些挑戰。我會告訴你這一點，傑夫。

One of the highlights of the quarter was the events in Coolidge on the 28th. There were 900 people at that event, launching -- celebrating the launch of the fuel cell truck -- 900 people. Suppliers were showing their stuff. Many of your people were there. Suppliers were showing their stuff. It was the customers who were there, the dealers who were there, and there was a who's who of the hydrogen industry was there.

本季的亮點之一是 28 日在柯立芝舉辦的活動。那次活動有 900 人參加，慶祝燃料電池卡車的推出——900 人。供應商正在展示他們的產品。你們的很多人都在那裡。供應商正在展示他們的產品。那裡有客戶、經銷商，還有氫業的名人。

And if anything turns the page on the path at Nikola, it's that event. There is no way a year ago, 2 years ago, Nikola have hosted an event like that and it was really just spectacular.

如果說尼古拉之路上有什麼事情能夠翻開新的一頁的話，那就是那次事件了。一年前、兩年前，尼古拉不可能舉辦過這樣的活動，而且真的非常壯觀。

Perfect. Maybe one quick follow-up. On the BEV side, I was surprised to see the orders. What's the readiness on the charging side that's been an obstacle for beyond one or 2 at a location?

完美的。也許是一個快速的後續行動。在純電動車方面，我很驚訝地看到訂單。充電方面的準備情況如何，在某個位置超過 1 或 2 個充電方面會成為障礙？

So are these the one dealer with the 40-odd units, I think you said, 47. Is that multiple customers just sort of -- or are people truly planning for 10, 15 trucks at one depot.

那麼，這些是擁有 40 多輛卡車的經銷商嗎？我想您說的是 47 輛。這只是多個客戶嗎？還是人們真正計劃在一個倉庫購買 10 輛、15 輛卡車。

So that dealer has experience around this. So in general, the charging is better than it was. But it's still an issue that customers are going to have to understand and deal with. We can help them with eSKIDs case and things like that.

所以該經銷商有這方面的經驗。所以總的來說，充電比以前好。但這仍然是客戶必須理解和處理的問題。我們可以幫助他們解決 eSKID 案例等問題。

But that dealer in particular, has experience around this and has customers that are up to date on this. And their customers are taking chunks of trucks.

但該經銷商尤其擁有這方面的經驗，並且擁有了解最新情況的客戶。他們的客戶正在拿走大塊的卡車。

Our next question is from Jeff Kauffman with Vertical Research Partners.

我們的下一個問題來自垂直研究合作夥伴的傑夫考夫曼。

Steve, Congratulations.

史蒂夫，恭喜你。

Yes.

是的。

And welcome. Not that you've been away from this story. So a question for you and a question for Stasy.

歡迎。並不是說你已經遠離這個故事了。所以有一個問題想問你，也有一個問題想問史塔西。

For you, I want to talk a little more about the hydrogen highway, because you're not the only one using that phrase. And I think it means different things to different people. But can you talk about the opportunity here, not just in California, but as we expand across the country and how you see that developing? And how Nikola is going to participate in that, not just through the truck sales, but also on the energy side of that opportunity?

對你來說，我想多談談氫高速公路，因為你不是唯一一個使用這個短語的人。我認為這對不同的人來說意味著不同的事情。但您能談談這裡的機會嗎？不僅是在加州，還有我們在全國擴張的機會，以及您如何看待這種發展？尼古拉將如何參與其中，不僅透過卡車銷售，而且還透過該機會的能源方面？

Sure. So to make this model work, Jeff, we need focus and we need density, okay. This can't be just blow out a bunch of trucks to wholesale and the dealers and have them came into the market. We know where the hydrogen is, where the routes are, where the customer -- who are the customers that run those routes, and that's our target market.

當然。所以為了讓這個模型發揮作用，傑夫，我們需要專注，我們需要密度，好吧。這不能只是把一堆卡車扔給批發商和經銷商，然後讓它們進入市場。我們知道氫氣在哪裡，路線在哪裡，客戶在哪裡——誰是運行這些路線的客戶，這就是我們的目標市場。

So California is the most incentive friendly. As we said in the video, it's got carrots and sticks. We are deploying lots of people in California. And it's not just dealers, we're deploying our people as well to educate people -- to educate customers how it works. And this incentive maze is not that easy to navigate. So having people on the ground is super helpful here.

所以加州是對激勵最友善的。正如我們在影片中所說，胡蘿蔔加大棒。我們正在加州部署大量人員。不僅僅是經銷商，我們還部署我們的人員來教育人們——教育客戶如何運作。而這個激勵迷宮並不那麼容易駕馭。因此，讓人們在現場非常有幫助。

So starting California, there's 7 hydrogen hubs that have been funded around the country. Those are logical places for us to go, and it's about connecting these hubs. In California, it's south, north and then connect in between, and then we can move all the way up.

從加州開始，全國有 7 個氫中心得到了資助。這些都是我們應該去的地方，而關鍵是連結這些樞紐。在加州，它是南、北，然後中間連接起來，然後我們就可以一直往上移動。

But right now, the focus is California. We need to be very super-efficient, super capital-efficient. We need to prove the IRR of these first sort of hub, so to speak, and then we could develop more.

但現在，焦點是加州。我們需要非常有效率、超級資本效率。可以這麼說，我們需要證明第一類中心的內部報酬率，然後我們才能開發更多。

Okay. And then the energy side of the business.

好的。然後是業務的能源方面。

Well, the energy side, in what sense?

那麼，能源方面，在什麼意義上呢？

Well, just help us understand how the company participates? I mean selling trucks that pretty easy to visualize. But what does the energy business look like as we build out along this highway?

嗯，幫我們了解公司是如何參與的？我的意思是銷售很容易想像的卡車。但是，當我們沿著這條高速公路建設時，能源業務會是什麼樣子呢？

So I'll start and then Stasy will chime in. But there's, 3 -- you can be participate in the hydrogen economics. You can transport and you can dispense and you purchase. So those are, call it, 4 buckets of hydrogen.

所以我會開始，然後史塔西會插話。但是，3 - 你可以參與氫經濟。你可以運輸，你可以分發，你可以購買。所以這些就是，稱之為 4 桶氫氣。

We are -- we'd like to be in the hydrogen economic side. We don't have the capital to be there. As we develop our business, we'd like to work our way back into that. Right now, it's about acquiring large quantities of hydrogen for our customers and getting them to where they need to be and dispensing them in an efficient manner.

我們希望參與氫經濟領域。我們沒有資本去那裡。隨著我們業務的發展，我們希望重新回到這一點。目前，我們的重點是為我們的客戶獲取大量氫氣，並將其運送到需要的地方並以有效的方式進行分配。

Do you want to add anything?

您想添加什麼嗎？

Yes, of course. And just quickly to add to that. So as far as the financial aspect of the energy business, how we look at it right now.

是的當然。并快速補充這一點。就能源業務的財務方面而言，我們現在如何看待它。

So there is a near-term, as Steve has mentioned, and there is a longer term. In the near term, we're less focused on profit and we're more focused on making sure we have this customer experience and we're enabling the early fuel cell truck operations, right?

因此，正如史蒂夫所提到的，有一個近期的目標，也有一個長期的目標。在短期內，我們不太關注利潤，我們更關注確保我們擁有這種客戶體驗，並且我們正在啟用早期的燃料電池卡車運營，對嗎？

I mean, we are first to market, we want to make sure our customers have hydrogen where and when they need it. And it will take time to ramp up with hydrogen revenue. I think we've shared in the last call with you guys, it's about 60,000 to 80,000 annually revenue per truck in hydrogen, right, for truck that's in operation. So you'll only start seeing meaningful revenue stream as we start scaling out the truck flow through the next, say, 12 months.

我的意思是，我們是第一個進入市場的人，我們希望確保我們的客戶在需要時隨時隨地獲得氫氣。氫收入的增加需要時間。我想我們在上次電話會議中已經與大家分享過，對於正在運營的卡車來說，每輛氫氣卡車的年收入約為 60,000 至 80,000 美元，對吧。因此，只有當我們開始在接下來的 12 個月內擴大卡車流量時，您才會開始看到有意義的收入流。

And in the short term, hydrogen will likely have negative margins. However, we are doing several things to make sure that we can manage that, right, and eventually get to the positive margins.

短期內，氫的利潤率可能為負。然而，我們正在做幾件事，以確保我們能夠正確管理這一點，並最終獲得正利潤。

One, what Steve had mentioned is, we need to find customers that are willing or have to pay a premium, right, for that integrated energy and truck solutions, because of regulations, because of the incentives. We need to build out density to make sure we're utilizing the assets that we have. Utilization of the assets is number one, right, factor that will help us drive down the hydrogen cost in the short term.

第一，史蒂夫提到的是，我們需要找到願意或必須為綜合能源和卡車解決方案支付溢價的客戶，因為法規，因為激勵措施。我們需要提高密度，以確保我們能夠利用我們擁有的資產。資產的利用是幫助我們在短期內降低氫成本的首要因素。

And in the longer term, as the more supply comes online and as we are able to finance our ability to come in and participate and producer economics, dispensing economics that obviously will also help us drive the hydrogen cost down.

從長遠來看，隨著更多的供應上線，並且我們能夠為我們參與和參與生產者經濟、分配經濟的能力提供資金，這顯然也將幫助我們降低氫成本。

Okay. And then, Stasy, if I can, just one final follow-up. Thank you for the detailed 4Q guidance. The story has evolved from where it was just a quarter ago or 2 quarters ago. And I remember we were talking about trying to get down to a cash burn of about a $400 million run rate by the end of the year.

好的。然後，斯塔西，如果可以的話，請做最後的後續。感謝您詳細的 4Q 指導。這個故事已經從一個季度或兩個季度前發生了變化。我記得我們當時正在討論如何在年底前將現金消耗降至 4 億美元左右。

I want to look through the recall, because that's going to play itself out in the next few quarters. But if I look at the underlying business, where do you think the cash burn target should be in terms of a run rate at the end of this year?

我想仔細研究一下這次召回，因為這將在接下來的幾季中發揮作用。但如果我看看基礎業務，您認為就今年年底的運行率而言，現金消耗目標應該在哪裡？

And where are you targeting as a run rate at the end of next year?

您明年年底的運轉率目標是多少？

Sure. Great question. So just cash burn -- the story -- you're right, the story has evolved, and it will continue evolving. But our financial targets are not changing. So we are focused. We are having some challenges like the battery goal that we're managing through.

當然。很好的問題。所以只是燒錢——這個故事——你是對的，這個故事已經發展，而且還會繼續發展。但我們的財務目標並沒有改變。所以我們很專注。我們面臨一些挑戰，例如我們正在努力實現的電池目標。

As a result of that -- so our ultimate target for this year in Q4 was $100 million. There will be a temporary increase to that of about $40 million. So $140 million for Q4 is what I'm expecting here. And that's driven by 2 things.

因此，我們今年第四季的最終目標是 1 億美元。臨時增加約4000萬美元。因此，我對第四季的預期為 1.4 億美元。這是由兩件事驅動的。

So BEV recall, obviously, we can't sell through the BEV inventory in Q4. And then the fuel cell delivery guidance effectively is being reduced due to supply chain challenges. So those 2 factors are working capital, right, items that are driving that cash burn up to $140 million. They are temporary and they'll reverse in 2024, as we work through those challenges in part selling the trucks. That's for this year.

因此，對於 BEV 召回，顯然我們無法透過第四季度的 BEV 庫存進行銷售。然後，由於供應鏈的挑戰，燃料電池的交付指導實際上正在減少。所以這兩個因素就是營運資金，對吧，這兩個因素導致現金消耗高達 1.4 億美元。這些都是暫時的，到 2024 年，我們將在銷售卡車的過程中解決這些挑戰，從而扭轉局面。這是今年的事。

For next year, the goal again, the goal -- again, the goal remains the same, $100 million a quarter average cash burn for 2024. So that has not changed. We will see a little bit heavier of a cash burn in the first half of the year as we execute and work through the BEV recall.

明年，目標還是一樣，目標還是一樣，2024 年每季平均現金消耗 1 億美元。所以這一點沒有改變。隨著我們執行和完成 BEV 召回工作，我們將在今年上半年看到更嚴重的現金消耗。

And then we expect to see some of the benefits from now that, the offsetting benefit from selecting the BEV AR and selling through the remaining BEV inventory as well as the benefit of reaching our BOM reduction targets later in the year. So 2024 will average out to about $100 million a quarter.

然後，我們預計現在會看到一些好處，包括選擇 BEV AR 和透過剩餘 BEV 庫存銷售的抵銷收益，以及今年稍後實現 BOM 削減目標的收益。因此，到 2024 年，平均每季的營收將約為 1 億美元。

And so let me just add something to that, Jeff. The early trucks this quarter and next quarter are going to be the least profitable trucks we produce. They're going to have the highest BOM, because we're doing whatever we can to get the trucks out the door. And the prices on these trucks were from commitments that we made some time ago to the early launch customers.

傑夫，讓我補充一些內容。本季和下季的早期卡車將是我們生產的利潤最低的卡車。他們將擁有最高的物料清單，因為我們正在盡一切努力將卡車運出去。這些卡車的價格是我們不久前對早期推出客戶所做的承諾。

As we move through, and Stasy mentioned it before, as we get more volume, the BOM comes down. And we're applying -- the goal of the team is to find the customers that value being in the front end of zero-emission. And they're out there and they're willing to pay a premium for this.

當我們繼續前進時，Stasy 之前提到過，隨著我們的產量增加，BOM 就會下降。我們正在申請—團隊的目標是找到重視零排放前沿的客戶。他們就在那裡並且願意為此支付溢價。

Our next question is from Bill Peterson with JPMorgan.

我們的下一個問題來自摩根大通的比爾彼得森。

I want to pick up on this last question. So I think in the prior call, maybe 2 calls ago, the team had provided guidance around 1,000 total trucks in '24, 15 to 2,000 being kind of a tipping point to break even.

我想回答最後一個問題。因此，我認為在之前的電話中，也許是 2 個電話前，團隊提供了 24 年大約 1,000 輛卡車的指導，其中 15 到 2,000 輛是盈虧平衡的轉折點。

I guess, how should we think about that one quarter on? Do you still feel confident in that guidance in terms of timing, volumes? I guess, could the fuel cell make up the majority of that? I think you talked about that's where the majority of the interest is.

我想，我們應該如何考慮這一季的情況？您對這項指導的時間安排和數量仍然有信心嗎？我想，燃料電池能佔其中的大部分嗎？我認為你談到了大多數人的興趣。

Basically, trying to get a sense of where the breakeven points for BEVs and fuel cell trucks. And I think earlier in this call, you mentioned that that BEV is the 2.0 as a cheaper pack. So maybe that changes some of the economics as well.

基本上，試圖了解純電動車和燃料電池卡車的損益平衡點在哪裡。我想在這次電話會議的早些時候，您提到 BEV 是 2.0 版，這是一種更便宜的電池組。所以也許這也會改變一些經濟學。

Sure. Yes, happy to expand on that. So again, the breakeven goal remains the same. We are seeing a little bit of a challenge with some of the things I've mentioned drive for 2024. So one of the things to highlight, right, obviously, we reduced the volumes for Q4 of this year. And a lot of those FCEV sales, things that already have an order will push into this first half of 2024.

當然。是的，很高興對此進行擴展。因此，盈虧平衡目標仍保持不變。我們在我提到的 2024 年推動的一些事情上看到了一些挑戰。因此，要強調的一件事是，顯然，我們減少了今年第四季的銷售。已經有訂單的 FCEV 銷售中的許多產品將推遲到 2024 年上半年。

Some of the early customers do have lower preferential pricing, right, because they're early adopters. So that's something that we need to work through and we'll have to offset that, as Steve said finding other customers that are willing to pay premium or have to pay premium.

一些早期客戶確實享有較低的優惠價格，對吧，因為他們是早期採用者。因此，這是我們需要解決的問題，我們必須抵消這一點，正如史蒂夫所說，尋找願意支付溢價或必須支付溢價的其他客戶。

Supply chain challenges, right? We're working through making sure that we can manage our BOM targets, which again remain the same ultimate BOM target for fuel cell truck to get to 275 by the end of 2025. And for the BEVs, obviously, with the new pack and with the volumes, that's the thing we can achieve if we can get to below 250. That's 2 years from now. Obviously, it's a step at a time.

供應鏈挑戰，對吧？我們正在努力確保我們能夠管理我們的 BOM 目標，這仍然是燃料電池卡車的最終 BOM 目標，到 2025 年底達到 275 輛。對於 BEV 來說，顯然，有了新的電池組和數量，如果我們能達到250 以下，這就是我們可以實現的目標。那是從現在起2 年後的事了。顯然，這是一次一步。

On the normal run rate, once we get to our BOM targets, assuming we can maintain average selling price of about 400, say, for fuel cell. If we sell about 300 to 350 trucks a quarter, we can break even on a gross margin basis. So that's really the magic number we're looking for.

在正常運作率下，一旦我們達到 BOM 目標，假設我們可以將燃料電池的平均售價維持在 400 左右。如果我們每季銷售約 300 至 350 輛卡車，我們就可以在毛利率基礎上達到收支平衡。這確實是我們正在尋找的神奇數字。

Again, as I mentioned, we have to make sure we maintain a certain level of ASP and we hit our BOM targets.

正如我所提到的，我們必須確保保持一定的 ASP 水準並達到 BOM 目標。

And the only thing, just to reiterate, Bill. One of the things we've learned in this BEV recall is people actually like our trucks and are willing to pay for it. And we're getting a lot of complaints, so, "Why didn't I get my truck back?" And we're finding out that our truck performs better than other trucks.

唯一需要重申的是，比爾。我們從這次純電動車召回中學到的一件事是，人們實際上喜歡我們的卡車，並且願意為此付費。我們收到了很多投訴，所以，“為什麼我沒有拿回我的卡車？”我們發現我們的卡車比其他卡車性能更好。

And what we're trying to do -- and because of that, we're learning a lot from lots of things. The early hydrogen trucks as well, people are willing to pay up. And we haven't tested how much people value being on the front end of zero-emission, but we know when they're out there.

我們正在努力做的事情——正因為如此，我們從很多事情中學到了很多。早期的氫卡車也是如此，人們願意掏錢。我們還沒有測試人們對零排放前沿的重視程度，但我們知道他們什麼時候會到達那裡。

Okay. Yes. It looks like there's just a lot less information in your release as well as presentation versus prior as it relates to the energy business. And I know you have a new head of this, so maybe we'll get more information as we move forward.

好的。是的。與之前相比，您的新聞稿和簡報中與能源業務相關的資訊似乎少了很多。我知道你有一個新的負責人，所以也許我們會在前進的過程中獲得更多資訊。

But I wanted to kind of check in on some of the milestones. I mean, you had a -- you talked about a partnership with Voltera with some 8 stations. The first station was supposed to be coming online here by the end of this year.

但我想檢查一些里程碑。我的意思是，您談到了與 Voltera 的大約 8 個電台的合作關係。第一個電台原定今年底在此上線。

FII, of course, you acquired the hydrogen hub, kind of like to get an understanding of how -- what -- maybe that's waiting for 45-BEV tax credit clarity. But try to get an update there as well.

當然，FII，您收購了氫中心，有點像了解如何——什麼——也許正在等待 45-BEV 稅收抵免的明確。但也嘗試在那裡獲取更新。

And then I think you're supposed to deploy 9 mobile refuelers in California by the end of '23. So I'd like to try to get a sense of where these projects are, maybe what they're waiting on? I know you provided some context and color around investing where it makes sense. But just where do we stand?

然後我認為你們應該在 23 年底前在加州部署 9 台行動加油機。所以我想嘗試了解這些項目在哪裡，也許他們在等待什麼？我知道您為有意義的投資提供了一些背景和色彩。但我們到底處於什麼位置呢？

Yes. So just to be clear, when you think about this model, you've got customers, you've got energy and you've got a truck. And at any one point, somebody is going to be ahead and somebody is going to be behind. And to be very efficient, you need to keep those as close as you can.

是的。所以需要明確的是，當你想到這個模型時，你就有了客戶，你就有了能量，你就有了一輛卡車。在任何時候，有人會領先，有人會落後。為了提高效率，您需要使它們盡可能接近。

So we're in a case where if the truck has got supply chain issues, we don't want to get over our skis on getting stations and fuelers and things like that in place. So given the assumptions we made, we don't need 9 mobile fuelers in California this year. We need something less.

因此，我們面臨的情況是，如果卡車出現供應鏈問題，我們不想在安裝加油站和加油站以及類似的事情上克服困難。因此，根據我們所做的假設，今年加州不需要 9 個行動加油機。我們需要更少的東西。

And frankly, we were using a 300-mile assumption on truck driving every day and early drivers are doing about 170 is what we're seeing. So that also enables us to use less here. So -- and there's opportunity that if we want to be capital efficient to use other peoples' sites.

坦白說，我們假設卡車每天行駛 300 英里，而我們所看到的早期駕駛員的行駛里程約為 170 英里。因此，這也使我們能夠在這裡減少使用。因此，如果我們想要提高資本效率，就有機會使用其他人的網站。

So again, this is about just satisfying the customer is number one here; being capital efficient as number two here. So that's sort of where we're going.

再說一次，這只是為了讓客戶滿意是第一位的；資本效率在這裡排名第二。這就是我們要去的地方。

Okay. If I could sneak in one more. It's kind of related to the question on supply chain. So on the fuel cells, is the issue -- can you expand more on the supply chain issues? Is this on the battery side? I know you heard your supplier was going through bankruptcy. Are you able to get sufficient tax volumes at this point?

好的。如果我能再偷偷溜進去一次就好了。這與供應鏈問題有關。那麼在燃料電池方面，問題是──你能多討論供應鏈問題嗎？這是在電池一側嗎？我知道您聽說您的供應商即將破產。此時您能獲得足夠的稅金嗎？

And then, you talked about a third plier for BEV. Is that the same supplier for fuel cell? Or is that a different supplier? And if so, can this -- can the fuel cell truck will utilize that too, given it apparently has a better cost structure?

然後，您談到了 BEV 的第三個鉗子。是同一家燃料電池供應商嗎？還是不同的供應商？如果是這樣，燃料電池卡車是否也可以利用它，因為它顯然具有更好的成本結構？

So we're not talking about the BEV supplier yet. It's premature to talk about that. I'm sure it will come out when it comes out.

所以我們現在還不是在談論純電動車供應商。現在談論這個還為時過早。我確信它一出來就會出來。

On the supply chain front, the battery supplier is going through normal launch issues. I wouldn't describe their launch issues is any different than any other. But there are other suppliers out there that launching new technology, that are creating hiccups.

在供應鏈方面，電池供應商正在經歷正常的發布問題。我不會描述他們的啟動問題與其他問題有什麼不同。但也有其他供應商推出了新技術，但也帶來了一些問題。

Nothing insurmountable. It's just about they're going through their launches, we're going through ours. You've got new technology launching in a number of different places, and that's basically all it is. Nothing insurmountable. Things are moving ahead. They're not moving at the pace we wanted them to be, but they are moving ahead.

沒有什麼是不可克服的。只是他們正在經歷他們的發布，我們正在經歷我們的。許多不同的地方都推出了新技術，基本上就是這樣。沒有什麼是不可克服的。事情正在向前發展。他們沒有按照我們希望的速度前進，但他們正在前進。

And if I can just add to that quickly? Seeing kind of the supply chain challenges over the BEV launch, while we do have challenges in the fuel cell side, it's significantly better, I think, comparatively because we've learned a lot. Our supply chain base is a little more stable. And also, we're learned to get ahead of issue.

我是否可以快速補充一下？看到純電動車推出帶來的供應鏈挑戰，雖然我們在燃料電池方面確實面臨挑戰，但我認為，相對而言，情況要好得多，因為我們學到了很多東西。我們的供應鏈基礎更加穩定一些。而且，我們學會了提前解決問題。

So a lot of the things, right, we're kind of running parallel path and looking at alternatives as we anticipate those issues coming up.

因此，在很多事情上，我們都在並行進行，並在我們預計會出現這些問題時尋找替代方案。

Our next question is from Tyler DiMatteo with BTIG.

我們的下一個問題來自 BTIG 的 Tyler DiMatteo。

Steve, I wanted to follow up on the comments related to some of your assumptions and the fuel cell in Southern California. I mean, what has some of that initial feedback been and the interplay with regard to the fuel cell truck, the third-party mobile fuelers, your mobile fuelers. Can you just add a little more color related to that, please?

史蒂夫，我想跟進與您的一些假設和南加州燃料電池相關的評論。我的意思是，一些最初的回饋是什麼，以及燃料電池卡車、第三方行動加油機、您的行動加油機之間的相互作用。您可以添加一些與此相關的顏色嗎？

So we've been running demos in California. I think we've done over 6,000 miles in demos. We got 98% uptime. We're fueling at our spots and other peoples' spots to get fuel into these demos. Most of our demos right now are focused on Southern California.

所以我們一直在加州進行演示。我想我們已經在演示中行駛了 6,000 多英里。我們的正常運作時間達到 98%。我們正在我們的地點和其他人的地點加油，為這些演示提供燃料。我們現在的大多數演示都集中在南加州。

We will start demoing in the north TBD, but probably in the next quarter or so. We'll start demoing in the north, maybe first quarter, something like that. And that's -- I think that's -- and I don't know anything else -- anything else you -- I think that covers it.

我們將在北部待定開始演示，但可能會在下個季度左右開始。我們將在北部開始演示，也許是第一季度，類似的事情。那就是——我認為那是——我不知道其他任何事情——你的其他任何事情——我認為這涵蓋了它。

Okay, great. And then I want to follow up on your comments related to the sale of the network with regards to your internal sales team as well as maybe the dealers' sales team.

好的，太好了。然後我想跟進您對內部銷售團隊以及經銷商銷售團隊有關網路銷售的評論。

Can you just provide a bit more color in terms of how you're thinking about utilizing both of those together to really go to market and source more orders?

您能否提供更多關於您如何考慮利用這兩者來真正進入市場並獲得更多訂單的資訊？

Yes. So this selling new technology to an old industry is complicated. And we need to educate the dealers. And we need to educate the customers and having our own team on the ground, supplementing the dealers, I think, is super helpful here.

是的。所以向老產業推銷新技術是很複雜的。我們需要對經銷商進行教育。我認為，我們需要教育客戶並擁有自己的實地團隊，為經銷商提供補充，這裡非常有幫助。

California is a great state with a tremendous amount of opportunity for us. It's also pretty tricky to navigate these voucher -- the whole voucher system. And frankly, a lot of the voucher stuff is targeted towards smaller fleets, which is a prime target for us.

加州是一個很棒的州，為我們提供了大量的機會。瀏覽這些優惠券——整個優惠券系統也相當棘手。坦白說，許多優惠券都是針對小型機隊的，這是我們的主要目標。

Our next question is from Mike Shlisky with D.A. Davidson.

我們的下一個問題來自 D.A. 的 Mike Shlisky。戴維森。

I wanted to first touch on the nonbinding orders, you've mentioned 277 as of today. Can you refresh my memory, what has to happen to make those into binding orders? Do you have to go through a test with one or 2 first? Or is it infrastructure being built in the -- into any of those fleets? Or is there something else?

我想先談談非約束性命令，截至今天您提到了 277 個。您能否幫我回憶一下，需要做什麼才能使這些成為具有約束力的命令？必須先通過1個或2個測試嗎？或者它的基礎設施正在建在這些艦隊中嗎？或是還有別的什麼嗎？

Stasy?

斯塔西？

Yes, sure. I think that there's, a few things that have to happen and those things haven't really changed. But what has changed, we're making very good progress on them.

是的，當然。我認為有一些事情必須發生，但這些事情並沒有真正改變。但情況發生了變化，我們在這些方面取得了很好的進展。

So number one, right, a lot of customers do require demos, which for some of them, we have started already, some of them we're about to start here. The demos can take anywhere from couple of weeks to a couple of months, depending on the size of the customer. Oftentimes, a larger customer like a larger fleet would require more time, right, because large companies take time to go through their processes.

所以第一，很多客戶確實需要演示，對於其中一些客戶，我們已經開始了，其中一些我們即將從這裡開始。演示可能需要幾週到幾個月的時間，具體取決於客戶的規模。通常，較大的客戶（例如更大的車隊）需要更多的時間，對吧，因為大公司需要時間來完成他們的流程。

Incentives, right, so having -- we've disclosed essentially all of the vouchers, HVIP vouchers in California for hydrogen fuel cell truck or Nikola -- about applications for Nikola trucks. But for a lot of people, this is a new process. And we're helping and working stuff very closely with them and with dealers to get those incentives in and go through the process.

激勵措施，對，所以我們已經披露了基本上所有的優惠券，加州氫燃料電池卡車或尼古拉的 HVIP 優惠券 - 關於尼古拉卡車的申請。但對很多人來說，這是一個新的過程。我們正在幫助他們並與他們和經銷商密切合作，以獲得這些誘因並完成整個過程。

Once the demo is done, the incentive application is in, the next big thing, obviously, is making sure we have customer comfortable with the hydrogen infrastructure, which we're working right with third parties. We have our own mobile fueling locations. We plan to have 2 by early next year, operating in California for customer purposes.

一旦演示完成，激勵申請就開始了，顯然，下一件大事是確保我們的客戶對氫基礎設施感到滿意，我們正在與第三方合作。我們有自己的移動加油站。我們計劃在明年初之前擁有 2 家，在加利福尼亞州運營以供客戶使用。

So those are kind of the main things that need to happen to turn them into binding orders. Obviously, there's, a lot of pricing negotiations and things like that. I will say we're already out of the 277. We've turned to 20 already into the dealer orders that have been received by Nikola. So that essentially covers given our guidance half of your production for Q4.

因此，將它們變成具有約束力的命令需要發生的主要事情就是這些。顯然，有很多定價談判之類的事情。我想說的是，我們已經擺脫了 277 個訂單。我們已經將 Nikola 收到的經銷商訂單變成了 20 個。因此，根據我們的指導，這基本上涵蓋了第四季度產量的一半。

We mentioned on the call that we -- if you order a truck today, you're probably not going to get until the end of the second quarter. So part of the challenges is prioritizing these customers to the ones that value being zero-emission most or highly.

我們在電話中提到，如果您今天訂購一輛卡車，您可能要到第二季末才能收到。因此，部分挑戰是優先考慮那些最重視或高度重視零排放的客戶。

And I appreciate those details. I wanted to turn secondly to the dealer network. If I understood correctly, Stasy, so you implied that perhaps the dealer dropped out during the quarter and some of the inventory had to bought back. I wasn't sure what that was all about.

我很欣賞這些細節。我想其次轉向經銷商網路。如果我理解正確的話，斯塔西，那麼你暗示經銷商可能在本季度退出，並且必須回購一些庫存。我不確定那是怎麼回事。

And can you share -- and it sounds like that was an outside California dealership. But can you share the status of just kind of the broader outside California dealership assistance today and your plans to develop that?

你能分享一下嗎——聽起來那是一家加州以外的經銷商。但您能否分享一下目前加州以外更廣泛的經銷商援助的狀況以及您的發展計劃？

Yes. I think that the current -- the buybacks -- the 2 dealers from which we bought back trucks that were contractually required. And we choose to terminate the dealership relationship to buy back those trucks. Those decisions are made by Nikola.

是的。我認為目前的回購是我們從兩家經銷商回購了合約所要求的卡車。我們選擇終止經銷商關係來回購這些卡車。這些決定是由尼古拉做出的。

A lot of times, they're made in combination with the dealer, depending on demand, depending on how much time and the resources the dealer has to dedicate to Nikola business. So it's not necessarily just because these dealers happen to be outside of California. We are focusing primarily on California. So expecting that if we do sign on future dealers, they're most likely going to be -- more likely than not, they will be in California going forward. But we don't necessarily have any active plans to cancel any other dealership relationships at this point.

很多時候，它們是與經銷商結合製作的，這取決於需求，取決於經銷商必須為尼古拉業務投入多少時間和資源。因此，這並不一定只是因為這些經銷商恰好位於加州之外。我們主要關注加州。因此，如果我們確實與未來的經銷商簽約，他們很可能會在加州繼續前進。但目前我們不一定有任何積極的計劃來取消任何其他經銷商關係。

I will now hand the call back over to Dhillon for the investor questions.

我現在將把電話轉回給 Dhillon，回答投資者的問題。

Thank you, operator. We received a series of questions from retail investors through the [Say] platform. The majority of which can be summed up into 3 topics: one, hydrogen fuel cell electric truck production, deliveries and orders; Two, battery electric truck repair and strategy; and Three, liquidity.

謝謝你，接線生。我們透過【Say】平台收到了散戶投資者的一系列問題。其中大部分內容可以概括為三個主題：一是氫燃料電池電動卡車的生產、交付和訂單；二、純電動卡車維修及策略；三是流動性。

So Steve, let's start off with the first question. How do we think about hydrogen fuel cell electric truck production, deliveries and how many orders have been received to date?

史蒂夫，讓我們從第一個問題開始。我們如何看待氫燃料電池電動卡車的生產、交付以及迄今為止已收到多少訂單？

Thank you, Dhillon. We began zero production of the hydrogen fuel cell electric truck on July 31 and had our formal launch event on September 28. We delivered the first trucks in late October for commercial operation and captured fleets and will soon begin delivering wholesale trucks to dealers. They will then start delivering the trucks to end customer fleets.

謝謝你，迪倫。我們於7月31日開始氫燃料電池電動卡車的零生產，並於9月28日舉行了正式發布活動。我們於10月下旬交付了第一批卡車進行商業運營，並捕獲了車隊，並將很快就開始向經銷商批發卡車。然後他們將開始將卡車交付給最終客戶車隊。

In Coolidge, we have a production capacity of up to 2,400 trucks per year. So we have more than enough production capacity to meet our targets this year and next. And we are working with our suppliers to ensure we have the materials and components to meet our targets and customer demand.

在柯立芝，我們的卡車年生產能力高達 2,400 輛。因此，我們有足夠的產能來實現今年和明年的目標。我們正在與供應商合作，確保我們擁有滿足我們的目標和客戶需求的材料和組件。

As I stated earlier, to date, Nikola and our dealers have received 277 nonbinding orders of the hydrogen fuel cell electric truck from 35 different customers. That is more than our production and delivery guide for Q4. So customers ordering trucks now will likely not receive a truck until late Q2 of next year.

正如我之前所說，迄今為止，Nikola 和我們的經銷商已收到來自 35 個不同客戶的 277 份氫燃料電池電動卡車的非約束性訂單。這不僅僅是我們第四季的生產和交付指南。因此，現在訂購卡車的客戶可能要到明年第二季末才能收到卡車。

We believe there will be a large appetite for our trucks in the California market beginning in 2024 when the Advanced Clean Fleets rule goes into effect and drayage customers much begin replacing ICE trucks with zero-emission vehicles.

我們相信，從 2024 年開始，當先進清潔車隊規則生效，並且拖運客戶開始用零排放車輛取代 ICE 卡車時，加州市場對我們的卡車會有很大的需求。

Thank you, Steve. Many of the questions on Say had to do with the recall remedy and how we plan to move forward with the battery electric truck. Can you provide some color on our strategy there?

謝謝你，史蒂夫。 Say 上的許多問題都與召回補救措施以及我們計劃如何推進電池電動卡車有關。您能為我們的策略提供一些資訊嗎？

Sure. As I discussed earlier, we were replacing the packs in the existing customer battery electric trucks with new packs from an alternative supplier. The battery electric truck 2.0 will also come with upgraded features.

當然。正如我之前所討論的，我們正在用替代供應商的新電池組替換現有客戶電池電動卡車中的電池組。純電動卡車2.0也將配備升級的功能。

I want to reiterate that we are seeing strong demand for the truck receiving POs for 47 trucks from one dealer and deals in California continue to submit HVIP voucher applications. As of October, Nikola had approximately 50% of the issued vouchers that were requested in 2023 for battery electric truck-tractors.

我想重申，我們看到從一家經銷商接收 47 輛卡車採購訂單的卡車的強勁需求，加州的交易繼續提交 HVIP 憑證申請。截至 10 月，Nikola 已獲得 2023 年電動卡車牽引車所發放代金券的約 50%。

We have one truck platform with 2 powertrains, which provides customers optionality depending on their duty cycle. And we believe having 2 products is the right option moving forward. As I stated before, we anticipate having the first battery electric trucks back in customer hands in Q1 2024.

我們擁有一個配備 2 個動力系統的卡車平台，可根據客戶的工作週期提供多種選擇。我們相信擁有兩種產品是前進的正確選擇。正如我之前所說，我們預計第一批電池電動卡車將於 2024 年第一季重新回到客戶手中。

Great. On to the next topic. Stasy, the investors asked, how well capitalized are you to take new orders and ramp production?

偉大的。進入下一個話題。投資人問道，史塔西，你們的資本有多少來接受新訂單和提高產量？

So on the liquidity front, we have done a good job strengthening our balance sheet. We raised $250 million during the third quarter, nearly tripling our unrestricted cash since Q1 and maintained cash and access to capital of approximately $705.8 million.

因此，在流動性方面，我們在加強資產負債表方面做得很好。我們在第三季籌集了 2.5 億美元，幾乎是第一季以來不受限制的現金的兩倍，並保持了約 7.058 億美元的現金和資本獲取管道。

We have completed the Phase 2 assembly hall expansion and mixed-model line in Coolidge, allowing us to produce both the battery electric truck and hydrogen fuel cell truck on the same line. So we anticipate we'll not need to spend much in CapEx to scale the truck business for the next few years.

我們已經完成了柯立芝二期組裝車間擴建和混合車型生產線，使我們能夠在同一條生產線上生產純電動卡車和氫燃料電池卡車。因此，我們預計未來幾年我們不需要在資本支出上花費太多來擴大卡車業務。

We have demonstrated a strong ability to access the capital markets. And we're making good progress on increasing our liquidity runway.

我們展現了強大的資本市場進入能力。我們在增加流動性方面取得了良好進展。

Thank you. This will conclude today's conference. You may disconnect your lines at this time. And thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開線路。並感謝您的參與。