Polestar Automotive Holding Uk Plc (PSNY) 2022 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Polestar Fourth Quarter and Full Year 2022 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 Polestar 第四季度和 2022 年全年業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your first speaker today, Bojana Flint. Please go ahead.

我現在想把會議交給今天的第一位發言人 Bojana Flint。請繼續。

Thank you, operator. Hello, everyone. My name is Bojana Flint from Polestar Investor Relations. I will cover a few housekeeping points before handing over to Thomas Ingenlath, our CEO; and Johan Malmqvist, our CFO. Their remarks will take about 15 minutes, and we will then open the line for analyst questions followed by questions received from our shareholders.

謝謝你，運營商。大家好。我叫 Polestar 投資者關係部的 Bojana Flint。在交給我們的首席執行官 Thomas Ingenlath 之前，我將介紹一些內務要點；和我們的首席財務官 Johan Malmqvist。他們的發言大約需要 15 分鐘，然後我們將打開分析師提問的熱線，然後是我們股東提出的問題。

Before handing over the call to Thomas, I would like to remind participants that many of our comments today will be considered forward-looking statements under the U.S. federal securities law and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what has been communicated. Forward-looking statements made today are effective only as of today, and Polestar undertakes no obligation to update any of its forward-looking statements. For a discussion of some of the factors that could cause our actual results to differ, please review the Risk Factors section of our report on Form 20-F or our other documents we filed with the SEC. You may also find more information or forward-looking statements in our filings with the SEC or our investor presentation and recent press releases, which may be found in our Investor Relations website.

在將電話交給 Thomas 之前，我想提醒與會者，我們今天的許多評論將被視為美國聯邦證券法下的前瞻性陳述，並受到眾多風險和不確定性的影響，這些風險和不確定性可能導致 Polestar 的實際結果存在重大差異從所傳達的內容。今天做出的前瞻性陳述僅在今天生效，Polestar 不承擔更新其任何前瞻性陳述的義務。有關可能導致我們的實際結果不同的一些因素的討論，請查看我們 20-F 表格報告的風險因素部分或我們向美國證券交易委員會提交的其他文件。您還可以在我們向美國證券交易委員會提交的文件或我們的投資者介紹和最近的新聞稿中找到更多信息或前瞻性陳述，這些信息可以在我們的投資者關係網站上找到。

Further, we're hereby advising you not to place undue reliance in the preliminary estimated unaudited operational financial results for the year and quarter ended December 31st, 2022 that we are announcing today. Our independent registered accounting firm has now completed its audit or file year-end results. The preliminary estimated unaudited information present today could be subject to material adjustments and it should not be considered substitute to the annual report in Form 20-F that we will be filing for the year ending December 31st, 2023.

此外，我們在此建議您不要過分依賴我們今天宣布的截至 2022 年 12 月 31 日的年度和季度的初步估計未經審計的運營財務業績。我們的獨立註冊會計師事務所現已完成審計或提交年終業績。今天提供的未經審計的初步估計信息可能會進行重大調整，不應被視為替代我們將提交的截至 2023 年 12 月 31 日的年度 20-F 表格年度報告。

In addition, management will make reference as to non-GAAP financial measure during the call. A discussion of why we use non-GAAP financial measures, information regarding the conciliation of our non-GAAP financial measure with our most directly comparable GAAP measures is available in our earnings press release as well as in the investor update presentation issued earlier today.

此外，管理層將在電話會議期間參考非 GAAP 財務指標。關於我們為何使用非 GAAP 財務指標的討論，以及有關將我們的非 GAAP 財務指標與我們最直接可比的 GAAP 指標相協調的信息，請參閱我們的收益新聞稿以及今天早些時候發布的投資者更新報告。

With that, I would like to turn the call over to Thomas. Please go ahead.

有了這個，我想把電話轉給托馬斯。請繼續。

Thank you, Bojana. And thank you to everyone who has joined our results call. I now reflect on the outcome of 2022 and what lies ahead. I am confident we have the right strategy of capturing the market opportunity as our established global presence and the rapid product rollout. As more than five years as CEO I know that our focus on design innovation and sustainability is what resonates with the market and makes customers passionate about our brand. This underpins the role we play in the much needed shift to sustainable mobility.

謝謝你，博亞娜。感謝所有參加我們結果電話會議的人。我現在反思 2022 年的成果以及未來的發展。我相信我們有正確的戰略來抓住市場機會，因為我們已經建立了全球影響力和快速推出產品。在擔任首席執行官五年多的時間裡，我知道我們對設計創新和可持續性的關注能夠引起市場共鳴，並讓客戶對我們的品牌充滿熱情。這鞏固了我們在急需的向可持續交通的轉變中所扮演的角色。

Now, recent achievements. I want to underline how delighted I am with everything we achieved in '22. It was our biggest year yet despite the fluid and challenging environment. There are many highlights of 2022 to mention. Most importantly, we delivered what we said we would. More than 50,000 vehicles globally at 80% year-on-year. Today there are around 100,000 Polestar on the road in 27 markets. There are 158 retail locations in over 1,100 points where our customers can get service. Only one other pure EV player (inaudible) 0:03:51 market production has this kind of global footprint.

現在，最近的成就。我想強調我對我們在 22 年取得的一切成就感到多麼高興。儘管環境多變且充滿挑戰，但這是我們迄今為止最重要的一年。 2022年有很多亮點值得一提。最重要的是，我們兌現了承諾。全球超過 50,000 輛汽車，同比增長 80%。如今，大約有 100,000 輛 Polestar 在 27 個市場上行駛。我們的客戶可以在 1,100 多個地點的 158 個零售點獲得服務。只有另外一個純電動汽車玩家（聽不清） 0:03:51 市場生產具有這種全球足跡。

Thanks to the huge team effort, over 21,000 vehicles were delivered in the first quarter. Our record quarter to date to help us surpass a 50,000 volume target. This was an important milestone, which demonstrated the abilities and strengths, and I would like to thank everyone at Polestar that make this happen. We grew our revenues to $2.5 billion, up over 80%. Together with support from our major shareholders, we strengthened our liquidity so that we can remain laser focused on business execution. Business execution that first and foremost prioritizes and safeguard our rapidly expanding premium product portfolio despite prolonged macro and ongoing supply chain constraints

由於團隊的巨大努力，第一季度交付了超過21,000輛汽車。我們創紀錄的季度迄今幫助我們超過 50,000 的銷量目標。這是一個重要的里程碑，展示了我們的能力和優勢，我要感謝 Polestar 的每一個人，讓這一切成為現實。我們的收入增長到 25 億美元，增幅超過 80%。在大股東的支持下，我們加強了流動性，使我們能夠繼續專注於業務執行。儘管長期的宏觀和持續的供應鏈限制，但業務執行首先優先考慮和保護我們快速擴展的優質產品組合

So, starting with design and our product development, we launched our first luxury SUV Polestar 3 in October 2020 in Copenhagen and we were extremely pleased with the reception that it received, including order intake today. Polestar 3 is a powerful design electric performance SUV that appease to the sensors with a distinct shape and excellent driving dynamics. It is a car that has been designed as opposed to from start to finish and build for the electric age. We're working currently with our manufacturing partners now to start the production in the middle of this year.

因此，從設計和產品開發開始，我們於 2020 年 10 月在哥本哈根推出了我們的首款豪華 SUV Polestar 3，我們對它收到的反響非常滿意，包括今天的訂單量。 Polestar 3 是一款功能強大的設計電動性能 SUV，以獨特的形狀和出色的駕駛動態安撫傳感器。這是一輛從頭到尾都為電動時代而設計和製造的汽車。我們目前正在與我們的製造合作夥伴合作，計劃在今年年中開始生產。

Once the production in China commences, the team will move to Charleston, South Carolina looking to started U.S. manufacturing of the Polestar 3 in mid-2024. Keep an eye out this spring, we will host some exciting Polestar 3 events in the U.S., meeting customers, investors and media. In January, we launched a major update of Polestar 2, a new high-tech frontend that reflects the design language premiered by Polestar 3 to (inaudible) 0:06:13.

一旦在中國開始生產，該團隊將搬到南卡羅來納州的查爾斯頓，希望在 2024 年年中開始在美國生產 Polestar 3。請留意今年春天，我們將在美國舉辦一些激動人心的 Polestar 3 活動，與客戶、投資者和媒體見面。 1 月，我們推出了 Polestar 2 的重大更新，這是一個新的高科技前端，反映了 Polestar 3 首次採用的設計語言至（聽不清）0:06:13。

Polestar 2 also get substantial sustainability and performance increases with a battery upgrade and new more powerful and at the same time, more efficient models. For the first time in a Polestar (inaudible) 0:07:04 Polestar 2. In short, we showed our continued love for Polestar 2 by keeping it fresh and exciting a long side launching new vehicles. We're doing both as we believe this is very important in keeping customer connected with our brand and satisfaction high. Focus on customer satisfaction, has been a critical factor that has ensured Polestar 2 is today amongst the top 10 best-selling vehicle in many markets, including the U.K., Sweden, Norway, Canada, South Korea and Australia. And as I promised I am happy to confirm Polestar 4 is in the starting blocks. We can't wait to show it to you and we will very, very soon.

Polestar 2 還通過電池升級和更強大、同時更高效的新型號獲得顯著的可持續性和性能提升。第一次在 Polestar 中（聽不清）0:07:04 Polestar 2。簡而言之，我們通過保持新鮮感和刺激長期推出新車來表達我們對 Polestar 2 的持續熱愛。我們正在做這兩件事，因為我們相信這對於保持客戶與我們品牌的聯繫和高滿意度非常重要。專注於客戶滿意度一直是確保 Polestar 2 今天躋身許多市場（包括英國、瑞典、挪威、加拿大、韓國和澳大利亞）暢銷車前 10 名的關鍵因素。正如我所承諾的，我很高興確認 Polestar 4 已經在起跑線上。我們迫不及待地想向您展示它，我們很快就會展示。

Moving to innovation, another key pillar for Polestar. We recently reached an agreement with Google for our vehicles to benefit from their latest enhancements such as a new HD map in Polestar 3 and the rollout of remote actions for Polestar 2. We are expanding our partnership with Luminar from Polestar 3 to include their LiDAR technology also in Polestar 5. The utilization of LiDAR technology continues to gain momentum. As global focus on next-generation safety and autonomous increases, worth mentioning Polestar 3 with LiDAR is available since February to order at polestar.com.

轉向創新，這是 Polestar 的另一個關鍵支柱。我們最近與穀歌達成協議，讓我們的車輛受益於他們的最新增強功能，例如 Polestar 3 中的新高清地圖和 Polestar 2 遠程操作的推出。我們正在擴大與 Polestar 3 的 Luminar 的合作夥伴關係，以包括他們的 LiDAR 技術同樣在 Polestar 5 中。LiDAR 技術的使用繼續獲得動力。隨著全球對下一代安全和自動駕駛的關注增加，值得一提的是，配備 LiDAR 的 Polestar 3 自 2 月起可在 polestar.com 訂購。

Sustainability underpinned everything we do. Our ambitious sustainability project Polestar 0 continues to build momentum. In the last few years, we added a further 8 new partners, bringing the total of 24 overall and we are making strong strides towards our goal of creating a truly climate neutral part by 2030. We initiated the pathway report in response to climate crisis and in collaboration with (inaudible) 0:09:17. We believe collective actions to reduce greenhouse gas emissions and a supply chain and increase renewable energy integrates are needed in addition to the faster EV adaption.

可持續性是我們所做的一切的基礎。我們雄心勃勃的可持續發展項目 Polestar 0 繼續蓄勢待發。在過去的幾年裡，我們又增加了 8 個新的合作夥伴，使合作夥伴總數達到 24 個，我們正在朝著到 2030 年創建一個真正的氣候中性部分的目標邁進。我們啟動了路徑報告以應對氣候危機和與（聽不清）0:09:17 合作。我們認為，除了更快地適應電動汽車之外，還需要採取集體行動來減少溫室氣體排放和供應鏈，並增加可再生能源的整合。

To sum it up, I'm extremely excited for 2023. This year, we will fundamentally build on all our achievements from 2022 and despite a still uncertain and fluid operating environment, plan to deliver 80,000 cars, 60% more than last year. Polestar in the coming month, will meaningfully transform from one model company to having a lineup of free cars in our portfolio.

總而言之，我對 2023 年感到非常興奮。今年，我們將從根本上鞏固我們 2022 年取得的所有成就，儘管運營環境仍然不確定且不穩定，但我們計劃交付 80,000 輛汽車，比去年增加 60%。 Polestar 在接下來的一個月裡，將從一家模型公司有意義地轉變為在我們的產品組合中擁有一系列免費汽車。

Free from legacy constraints and back up at sustainable asset-light model, we will capture more of the market growth opportunities while always keeping true to our core pillars of design, innovation and sustainability.

擺脫傳統限制並支持可持續的輕資產模式，我們將抓住更多的市場增長機會，同時始終忠於我們的設計、創新和可持續性的核心支柱。

Now I would like to ask Johan to comment on our financial results and give some guidance on '23 outlook.

現在我想請 Johan 對我們的財務業績發表評論，並對 23 年的展望給出一些指導。

Thank you, Thomas. Hello, everyone, and thank you for taking the time to join us today. It's great to see so many of you on the call and on the webcast. Starting with operational highlights first. We have delivered 51,491 cars globally in 2022, of which 21,067 in the fourth quarter, our record quarter-to-date. Just to stop and reflect on that for a moment, delivering over 21,000 cars in the quarter is a fantastic achievement for a young company. As Thomas mentioned, it is an important milestone, which demonstrates both our abilities and strength. Our ability to ramp up production, our ability to meet the logistical challenges of handing over the keys to over 21,000 customers across the globe in one quarter and the strength of our brand and products.

謝謝你，托馬斯。大家好，感謝您今天抽出時間加入我們。很高興在電話會議和網絡廣播中看到這麼多人。首先從運營亮點開始。 2022 年，我們在全球交付了 51,491 輛汽車，其中第四季度交付了 21,067 輛，創下了本季度迄今的記錄。停下來想一想，本季度交付超過 21,000 輛汽車對於一家年輕的公司來說是一項了不起的成就。正如托馬斯所說，這是一個重要的里程碑，它展示了我們的能力和實力。我們提高產量的能力，我們應對在一個季度內將鑰匙移交給全球 21,000 多名客戶的後勤挑戰的能力，以及我們品牌和產品的實力。

Most importantly, it demonstrates that we have the capability to execute in a fluid and still challenging environment. We are now active in 27 markets on 4 continents and have 158 sales locations and over 1,100 service points. We grew these by 40% to 50%, complementing our digital first direct-to-consumer approach with our expanding fiscal footprint. We also recognize that it is still a challenging macro environment. And as I shared on the last earnings call, we started to take actions already last year. I'm pleased to see that those initiatives have come through in the numbers, especially in our operating expenses. I am proud of what we have accomplished through the tremendous hard work and dedication of our entire organization.

最重要的是，它表明我們有能力在瞬息萬變且充滿挑戰的環境中執行任務。我們現在活躍於四大洲的 27 個市場，擁有 158 個銷售點和 1,100 多個服務點。我們將這些增長了 40% 到 50%，以我們不斷擴大的財政足跡補充了我們數字優先直接面向消費者的方法。我們也認識到它仍然是一個充滿挑戰的宏觀環境。正如我在上次財報電話會議上分享的那樣，我們已經在去年開始採取行動。我很高興看到這些舉措在數字上得到了體現，尤其是在我們的運營費用方面。我為我們通過整個組織的巨大辛勤工作和奉獻精神所取得的成就感到自豪。

Moving to the financial highlights for full year 2022. Revenue increased 84% from $1.3 billion to $2.5 billion, mainly driven by the increase in Polestar 2 vehicle sales with continued commercial expansion across both existing and new markets. This growth was partially offset by slightly lower revenue per vehicle due to product, market mix and foreign exchange impact. To put this into context, we mainly sold long-range dual motor variant of the Polestar 2 in 2021. While in 2022, we introduced other variants to offer choice to our customers, some at lower price points, which had an impact on average revenue per vehicle.

轉到 2022 年全年的財務亮點。收入從 13 億美元增長 84% 至 25 億美元，這主要是由於 Polestar 2 汽車銷量的增長以及在現有和新市場的持續商業擴張所推動的。由於產品、市場組合和外匯影響，每輛車的收入略有下降，部分抵消了這一增長。為了說明這一點，我們在 2021 年主要銷售 Polestar 2 的遠程雙電機變體。而在 2022 年，我們推出了其他變體為我們的客戶提供選擇，其中一些價格較低，這對平均收入產生了影響每輛車。

With regards to market mix, our sales in 2022 were proportionately higher outside of Europe, where revenue per car is typically lower. And in terms of foreign exchange, this was due to a strengthened U.S. dollar versus predominantly European currencies. Gross profit increased from $1 million to $119 million, leading to an improved gross margin of 4.9%. This was driven by higher Polestar 2 sales and lower fixed manufacturing costs. And in the latter part of the year, price increase.

關於市場組合，我們在 2022 年的銷售額在歐洲以外的地區比例更高，而在歐洲，每輛車的收入通常較低。就外匯而言，這是由於美元兌主要歐洲貨幣走強。毛利潤從 100 萬美元增加到 1.19 億美元，毛利率提高了 4.9%。這是由於 Polestar 2 銷量增加和固定製造成本降低所致。而在今年下半年，價格上漲。

Partially offset by foreign exchange, which led to higher cost of sales and product and market mix. Selling, general and administrative expenses were 21% higher at $865 million compared to 84% growth in revenues as we start to accrue benefits of scale. Research and development expenses were down 27% to $171 million due to the absence of Polestar 1 amortization. Partially offset by higher spend on future vehicles and technologies. Operating loss, excluding the onetime share-based listing charge of $372 million decreased 8% from $995 million to $914 million.

部分被外匯抵消，這導致更高的銷售成本以及產品和市場組合。隨著我們開始積累規模效益，銷售、一般和管理費用增長了 21%，達到 8.65 億美元，而收入增長了 84%。由於沒有對 Polestar 1 進行攤銷，研發費用下降了 27% 至 1.71 億美元。部分被未來車輛和技術的更高支出所抵消。運營虧損，不包括 3.72 億美元的一次性上市費用，從 9.95 億美元下降 8% 至 9.14 億美元。

Moving on to Q4 2022. I would like to point out 4 items. Revenues in the quarter were nearly $1 billion as we delivered 21,000 cars, a great achievement. Gross margin was 6.3%, better than expected as the full effect of the price increases introduced earlier in the year came through in the quarter, but input costs are still lagging and only had a meaningful impact in December. Thirdly, selling, general and administrative expenses were kept flat compared to the same period last year due to the active cost management that I mentioned earlier. And finally, together, these resulted in a reduced operating loss of $205 million, down 39% when compared to Q4 2021.

轉到 2022 年第四季度。我想指出 4 個項目。我們交付了 21,000 輛汽車，本季度的收入接近 10 億美元，這是一項了不起的成就。毛利率為 6.3%，好於預期，因為今年早些時候推出的價格上漲的全部影響在本季度得到體現，但投入成本仍然滯後，並且僅在 12 月產生了有意義的影響。第三，由於我之前提到的積極成本管理，銷售、一般和管理費用與去年同期持平。最後，這些因素共同導致運營虧損減少了 2.05 億美元，與 2021 年第四季度相比下降了 39%。

Moving on to cash flow. Cash used for operating activities for the full year was $1.1 billion, mainly driven by operating loss, working capital increase in inventories and trade receivables as a result of higher production in sales and interest expenses due to increased financial indebtedness. Cash used for investing activities was $0.7 billion, predominantly driven by intellectual property investments for Polestar 2, Polestar 3 and Polestar 4.

繼續現金流。全年用於經營活動的現金為 11 億美元，主要是由於經營虧損、庫存營運資金增加以及金融負債增加導致銷售產量增加和利息費用增加導致的貿易應收款。用於投資活動的現金為 7 億美元，主要由 Polestar 2、Polestar 3 和 Polestar 4 的知識產權投資推動。

CapEx in Q4 was lower than expected but largely due to timing. Cash provided by financing activities was $2.1 billion, driven by the net listing proceeds of $1.4 billion and a net increase in short-term borrowings of $0.7 billion to support the continued growth of the company. So at the end of 2022, cash and cash equivalents stood at approximately $1 billion.

第 4 季度的資本支出低於預期，但主要是由於時間安排。融資活動提供的現金為 21 億美元，主要受上市所得款項淨額 14 億美元和短期借款淨增加 7 億美元的推動，以支持公司的持續增長。因此，到 2022 年底，現金和現金等價物約為 10 億美元。

Before I hand over to the operator, let me wrap up with the outlook for 2023. Global volume is expected to be approximately 80,000 cars, an increase of 60% year-on-year, predominantly driven by Polestar 2 sales. We expect gross margin to be broadly in line with 2022 with volume and product mix supporting margin progression later in the year. And finally, we are on track in terms of liquidity. And as we previously communicated, we continue to explore potential equity and debt offerings to raise additional capital to fund operations and business growth.

在交給運營商之前，讓我總結一下 2023 年的展望。全球銷量預計約為 80,000 輛，同比增長 60%，主要受 Polestar 2 銷量的推動。我們預計毛利率將與 2022 年大致持平，銷量和產品組合將在今年晚些時候支持利潤率的增長。最後，我們在流動性方面走上正軌。正如我們之前所傳達的那樣，我們將繼續探索潛在的股權和債券發行，以籌集更多資金來為運營和業務增長提供資金。

Thank you again for joining. Over to the operator for the live Q&A by analysts and then as Bojana said, we will answer some questions from our shareholders.

再次感謝您的加入。由分析師進行現場問答，然後正如 Bojana 所說，我們將回答股東提出的一些問題。

(Operator Instructions) Now we're going to take our first question. And the first question comes from the line of Winnie Dong [ph] from Deutsche Bank.

（操作員說明）現在我們要回答第一個問題。第一個問題來自德意志銀行的 Winnie Dong [ph]。

Okay. Great. On your 2023 delivery targets, you exited 2021 with pretty strong sort of cadence in the Q4 quarter. Any reason why we might not think your ADK guidance is a conservative number? And should we be expecting a sequential step down in Q1 and improving throughout the year? That's my first question. I have a follow-up.

好的。偉大的。關於 2023 年的交付目標，您在第四季度以相當強勁的節奏結束了 2021 年。為什麼我們可能認為您的 ADK 指南不是保守數字？我們是否應該期待第一季度連續下降並在全年有所改善？這是我的第一個問題。我有後續行動。

Yes, Thomas here, Winnie. Well, I think it's a well-known effect in the market that quarter 1 after quarter 4 is always that little dip that then picks up in spring again, a very natural behavior. The overall guidance of 80,000 as a target for 2023, I think it's just simply us being very realistic about what we feel is doable in a world which is struggling with, was still recovering from the effects from the pandemic. Yes, of course, we have a much better situation when it comes to supply chain and logistics again and the 80,000 is an increase of plus 60%. So I think that's definitely something which we feel is a strong growth from where we ended in 2022, with 50,000.

是的，這裡是托馬斯，溫妮。好吧，我認為這是市場上眾所周知的效果，即第 1 季度和第 4 季度之後總是出現小幅下降，然後在春季再次回升，這是一種非常自然的行為。 80,000 的總體指導作為 2023 年的目標，我認為這只是我們對我們認為在一個正在掙扎的世界中可行的事情非常現實，這個世界仍在從大流行的影響中恢復過來。是的，當然，在供應鍊和物流方面我們的情況要好得多，80,000 增加了 60%。因此，我認為這絕對是我們認為與 2022 年結束時的 50,000 相比的強勁增長。

And then not to forget, the big, big bulk of the 80,000 is the Polestar 2, which will have the very nice great upgrade in tech. The effect of us expanding our product portfolio very meaningful now with adding start with now the Polestar 3, but as well the Polestar 4 already in sight. That effect will, of course, be much, much stronger and really to full effect in 2024.

然後不要忘記，80,000 輛中的大塊頭是 Polestar 2，它將在技術上進行非常好的升級。我們現在擴展產品組合的效果非常有意義，現在開始添加 Polestar 3，而且 Polestar 4 已經在望。當然，這種影響會在 2024 年變得非常非常強大，並且真正完全發揮作用。

And maybe just to follow on with just a brief statement about the phasing for the year. As Thomas mentioned, just the natural seasonality of the business, the volumes tend to be lower at the beginning of the year, and we expect volumes to be weighted towards the second half, and this is on the back of the recently launched Polestar 2 model year '24 as well as then with some of the Polestar 3 volumes expected to come in later in the year.

也許只是接著就今年的階段性做一個簡短的聲明。正如 Thomas 所提到的，只是業務的自然季節性，年初的銷量往往較低，我們預計下半年銷量會有所增加，這是在最近推出的 Polestar 2 車型的支持下24 年以及隨後的一些 Polestar 3 卷預計將在今年晚些時候上市。

Winnie, do you have further questions?

溫妮，你還有其他問題嗎？

I'm sorry, I was on mute. That was helpful. Can you expand more on the gross margin trajectory for the year? You alluded to a similar level versus 2022. Could you maybe provide sort of like a year-over-year comparison and a breakdown of factors that are driving there in terms of perhaps dips of impact on pricing, regional mix and then product mix as well.

對不起，我是靜音的。那很有幫助。您能否進一步擴大今年的毛利率軌跡？您提到了與 2022 年相似的水平。您能否提供類似的年度比較和驅動因素的細分，例如對定價、區域組合和產品組合的影響可能下降.

Yes. No, absolutely. I can provide a little bit more color on the gross margins for this year. So as we guided in the release, we expect gross margins to be broadly in line with 2022. With that being said, we do anticipate some pressure on margins during the first half of the year with the run rate impact of the raw material prices coming through as well as some increased sales support in select markets. We then expect margins to improve later in the year as the volumes pick up and we start to see the impact of the model year '24 coming through. And as I mentioned, first deliveries of Polestar 3. It's also worth mentioning that we have not assumed any reductions in the material costs during the year, which, of course, would be margin accretive depending on timing.

是的。不，絕對。我可以為今年的毛利率提供更多顏色。因此，正如我們在發布中所指導的那樣，我們預計毛利率將與 2022 年基本持平。話雖如此，我們確實預計今年上半年利潤率會受到原材料價格影響的影響通過以及在特定市場增加一些銷售支持。然後，隨著銷量的增加，我們預計利潤率將在今年晚些時候提高，並且我們開始看到 24 年車型的影響。正如我提到的，Polestar 3 的首次交付。同樣值得一提的是，我們沒有假設年內材料成本有任何下降，當然，這會增加利潤，具體取決於時間安排。

Now, we're going to take our next question. And the next question comes from the line of (inaudible) 0:23:19 from Redburn.

現在，我們將開始下一個問題。下一個問題來自 Redburn 的（聽不清）0:23:19。

I've got a couple. I guess where I start is on raw materials. And what are your expectations for the impact of raw material on the cost inflation on earnings in 2023? I guess what I'm looking for is a figure in the hundreds of millions of dollars, if that's okay. I've got a couple of follow-ups.

我有一對。我想我的起點是原材料。您對2023年原材料成本上漲對盈利的影響有何預期？我想我正在尋找的是數億美元的數字，如果可以的話。我有一些後續行動。

Yes, that's a tough question to answer to be -- in regards to providing guidance there. What I can say is what I stated in the sense that for Q4, whilst we saw the full impact of the price increase introduced earlier in the year, there's still a lag and a longer line than originally anticipated on the increased input costs. So we really only saw that have and it come through in December. So with that in mind then, as I mentioned, we do expect some margin pressure during the first half of the year because of then the run rate -- full run rate impact of raw materials coming through, and then later in the year, the margin then to improve.

是的，就在那裡提供指導而言，這是一個很難回答的問題。我能說的是我所說的第四季度，雖然我們看到了今年早些時候引入的價格上漲的全部影響，但在增加的投入成本方面仍然比最初預期的滯後和更長的時間。所以我們真的只看到了，它在 12 月通過了。因此，考慮到這一點，正如我提到的那樣，我們確實預計今年上半年會出現一些利潤壓力，因為當時的運行率——原材料的全面運行率影響，然後在今年晚些時候，保證金然後改善。

Okay. Great. So just to make sure I understand, in the fourth quarter, basically, the margin improved because your raw material price inflation didn't increase or you didn't experience any inflation like you thought you would, but then you're going to start to realize some of these increases in the first half of the year and then they get offset in the second half of the year. Is that right?

好的。偉大的。所以為了確保我明白，在第四季度，基本上，利潤率有所提高，因為你的原材料價格通脹沒有增加，或者你沒有像你想像的那樣經歷任何通脹，但隨後你將開始在上半年實現其中一些增長，然後在下半年抵消這些增長。是對的嗎？

That's right. That's correct.

這是正確的。這是正確的。

Okay. Great. And then just my second question. If I have a look at your regional websites, it looks like the order book for the Polestar 2 in the U.S. covers less than 1 month of sales versus 8% in Europe and roughly 3% in China. What sort of actions are you taking to increase brand awareness in North America and China given how important this for success of the Polestar 3? I'm also wondering if you're willing to share how your 2023 volume guide split by major region.

好的。偉大的。然後是我的第二個問題。如果我查看你們的區域網站，看起來 Polestar 2 在美國的訂單涵蓋不到 1 個月的銷售，而歐洲為 8%，中國約為 3%。考慮到這對 Polestar 3 的成功有多重要，您將採取什麼樣的行動來提高北美和中國的品牌知名度？我還想知道您是否願意分享您的 2023 年銷量指南如何按主要地區劃分。

Generally, the order book that we when -- left 2023 -- 2022 into 2023 is a good order book, and we still are busy with working that down. In regards of the activities that we have for the markets in U.S., we are very much, actually start yesterday, promoting the Polestar 2 thus qualify for the incentives when leased. So that is a program that we very much promote now. And I think that will strengthen the Polestar 2 position in the market very much.

一般來說，我們從 2023 年到 2022 年進入 2023 年的訂單簿是一個很好的訂單簿，我們仍在忙於處理它。關於我們在美國市場開展的活動，實際上我們昨天就開始推廣 Polestar 2，因此在租賃時有資格獲得獎勵。所以這是我們現在大力推廣的一個項目。我認為這將大大加強 Polestar 2 在市場上的地位。

And generally, the brand awareness in the U.S. is something that will along our buildup of the Polestar 3 introduction into the market, us going now in April with the car on tour and the car coming to the spaces in the middle of the year. That is all (inaudible) 0:27:02 to be a nice buildup of a bus around the car and the brand in the U.S. So that's very opposite to the 2022, where we started with this big bang of being in a halftime show in Super Bowl this year, it's much more targeted to the build up towards the middle of the year. And that may be is very important to keep in mind when you judge now on Polestar in the U.S.

總的來說，美國的品牌知名度將隨著我們將 Polestar 3 推向市場而不斷增強，我們現在將在 4 月開始巡迴演出，並在年中將汽車推向市場。這就是全部（聽不清） 0:27:02 是圍繞汽車和美國品牌的公共汽車的一個很好的積累。所以這與 2022 年截然相反，我們從 2022 年的半場表演開始今年的超級碗，它更有針對性地建立到年中。當你現在在美國判斷 Polestar 時，記住這一點可能非常重要。

And maybe just to then address the regional mix to give some color there. If we look at full year '22, the U.S. accounted for a little bit short of 1/4 of the sales. And then as you know, the -- predominantly the sales in Europe, probably 2/3 with the remaining then the rest of world or Asia Pacific. And I would expect a similar mix for 2023, perhaps with a slightly higher portion of the sales in APAC.

也許只是為了解決區域混合問題，為那裡增添一些色彩。如果我們看一下 22 年全年，美國占銷售額的 1/4 略微不足。然後正如你所知，主要是歐洲的銷售額，其餘的可能佔 2/3，然後是世界其他地區或亞太地區。我預計 2023 年會出現類似的組合，亞太地區的銷售額可能會略高一些。

Now we're going to take our next question. And the next question comes from the line of Dan Levy [ph] from Barclays.

現在我們開始下一個問題。下一個問題來自巴克萊銀行的 Dan Levy [ph]。

I wanted to start by asking, I know you talked about (inaudible) 0:28:10.

我想先問一下，我知道你談到了（聽不清）0:28:10。

Dan, apologize, the line broke up. Would you mind repeating the question? We had a hard time hearing it.

丹，抱歉，電話斷了。你介意重複這個問題嗎？我們很難聽到它。

Yes. OpEx -- looking for underlying trends in OpEx in (inaudible) 0:28:37.

是的。 OpEx——在（聽不清）0:28:37 中尋找 OpEx 的潛在趨勢。

Okay. I heard the first part of your question. You're looking for guidance in regards to OpEx. So what I can say there is that we continue to apply a restrictive spend in light of the prolonged challenging macro environment. With that being said, we also need to consider our expanded footprint and the fact that we are now established in 27 global markets. So -- and then coupled with that, we plan to dial up the marketing spend in preparation for the upcoming 2 car models, Polestar 3 and then ultimately Polestar 4. So all in all, I would expect the SNG spend to increase year-on-year, I would say, by similar percentage increase as you saw for 2022.

好的。我聽到了你問題的第一部分。您正在尋找有關 OpEx 的指導。因此，我可以說的是，鑑於長期充滿挑戰的宏觀環境，我們將繼續實施限制性支出。話雖如此，我們還需要考慮我們擴大的足跡以及我們現在在 27 個全球市場建立的事實。因此 - 然後再加上這一點，我們計劃調高營銷支出，為即將推出的 2 款車型 Polestar 3 和最終的 Polestar 4 做準備。總而言之，我預計 SNG 支出將同比增加-年，我會說，增長的百分比與您在 2022 年看到的相似。

Great. Second question is, I think earlier you made -- in the Q&A, you made a comment about sales part. Maybe you could just explain what that means. And also, just the pricing trend as it relates to Polestar 2, one of your competitors, a large (inaudible) 0:30:31 made some headlines by cutting prices earlier in the year. So maybe you can talk about how the potential for price increase -- price decreases actually factors into your thinking?

偉大的。第二個問題是，我想你早些時候在問答中發表了關於銷售部分的評論。也許你可以解釋一下這意味著什麼。而且，僅與您的競爭對手之一 Polestar 2 相關的定價趨勢，一個大的（聽不清）0:30:31 在今年早些時候通過降價成為了一些頭條新聞。那麼也許你可以談談價格上漲的潛力 - 價格下降實際上是如何影響你的想法的？

Yes. Maybe I can start with the first part. It's -- what I meant there is really as it relates to the fact, again, that we are now establishing 8 additional markets. And so of course, we need to get ourselves established there just as we have in the other ones in investing in the brand and our presence. That's what I was referring to there.

是的。也許我可以從第一部分開始。這是——我的意思是真的，因為它與事實有關，再次，我們現在正在建立 8 個額外的市場。因此，當然，我們需要像在其他品牌和我們的存在方面進行投資一樣，在那里站穩腳跟。這就是我在那裡所指的。

Yes, Thomas here again. Regarding the pricing and the position, I think it's very -- it's a very good moment in China to becomes very obvious to different ideas where the companies are going to strategy, whilst the other EV player you were mentioning is obviously very much concentrating (inaudible) 0:31:01 market in the future to compete with, yes, the likes of Volkswagen and Toyota. Polestar's ambition is, of course, to go fully into this premium luxury sports car segment, we have talked about that already. Yes, of course, Polestar 3 compared to -- Polestar 2 compared to Model 3 but with coming of Polestar 3, 4 and 5, it's very clearly targeted towards product portfolio, a competition that's much more in the comparison to an electrified (inaudible) 0:31:40.

是的，托馬斯又來了。關於定價和定位，我認為這非常——在中國這是一個非常好的時刻，對於公司將要製定戰略的不同想法變得非常明顯，而你提到的另一個 EV 播放器顯然非常集中（聽不清) 0:31:01 未來要與大眾和豐田等公司競爭的市場。 Polestar 的雄心當然是全面進入這個高端豪華跑車領域，我們已經談過了。是的，當然，Polestar 3 與 - Polestar 2 與 Model 3 相比，但隨著 Polestar 3、4 和 5 的出現，它非常明確地針對產品組合，與電氣化（聽不清）相比，競爭更多0:31:40。

So for that reason, we are keen on developing desirable cars that offer great, great tech and design. And of course, they have their price. Polestar 2 upgrade that we are introducing now into the market is a very good example for that. We upgraded the car not just only with a nice new front and it's really tech that we brought in there with range improvement, with stronger powerful engines. And this value creation as well for the customer to be -- for them to have a stable, reliable value with this car. I think that is our premium strategy that we are determined to follow through.

因此，出於這個原因，我們熱衷於開發具有卓越技術和設計的理想汽車。當然，他們有他們的價格。我們現在推向市場的 Polestar 2 升級就是一個很好的例子。我們升級了這輛車，不僅有一個漂亮的新前臉，而且我們帶來了真正的技術，提高了續航里程，配備了更強大的發動機。這種價值創造也為客戶帶來——讓他們擁有這款車的穩定、可靠的價值。我認為這是我們決心貫徹執行的優質戰略。

If I could just squeeze one more in, please. I see your press release makes note that you are exploring potential equity or debt offering to raise additional capital. So if you could just remind us of the minimum cash balance required and what types of options you might have to gain additional liquidity? I know you just raised the facility with Volvo and Geely. What other sort of created financing opportunities might there be beyond straight equity or debt?

如果我能再擠一個進去，拜託了。我看到你們的新聞稿指出你們正在探索潛在的股權或債券發行以籌集額外資金。那麼，您是否可以提醒我們所需的最低現金餘額以及您可能需要哪些類型的選擇才能獲得額外的流動性？我知道你剛剛提高了沃爾沃和吉利的設施。除了直接股權或債務之外，還有哪些其他類型的融資機會？

Sure. Let me just address kind of broadly what you were talking about and then I can talk a little bit more specifically. So -- okay. As we mentioned, as we previously announced them towards the end of last year, we obtained this $1.6 billion shareholder financing and liquidity support from our 2 main shareholders. So this has definitely helped strengthen our financial position. And then as you would have noticed as well, we had approximately $1 billion of cash on the balance sheet at year-end.

當然。讓我先粗略地談談你在說什麼，然後我可以更具體地談談。所以——好吧。正如我們所提到的，正如我們之前在去年年底宣布的那樣，我們從我們的 2 個主要股東那裡獲得了 16 億美元的股東融資和流動性支持。因此，這無疑有助於加強我們的財務狀況。然後你也會注意到，我們在年底的資產負債表上有大約 10 億美元的現金。

And we, of course, continue to explore other funding options. I think we've demonstrated that through the course of 2022 in the form of local working capital facilities. We also have a trade financing facility in place. Those are 2 examples. And we continue to explore avenues and funding sourcing such as those. In addition to that, we also recognize that we do need to bring in and raise additional capital, either in the form of debt, continued debt either from the capital markets or equity or a combination of both. And that is something that we continue to explore.

當然，我們會繼續探索其他籌資方案。我認為我們已經在 2022 年以當地營運資金設施的形式證明了這一點。我們還有一個貿易融資機制。那是兩個例子。我們將繼續探索諸如此類的途徑和資金來源。除此之外，我們還認識到我們確實需要引入和籌集額外的資本，無論是以債務的形式，還是來自資本市場或股票的持續債務，或兩者的結合。這是我們繼續探索的事情。

And the minimum cash balance?

最低現金餘額是多少？

Yes, we don't necessarily guide on the minimum cash balance. I mean we had $1 billion at the end of 2022. We don't necessarily need to hold that amount of cash on hand as we stand right now. But that, of course, helps our financial position going into 2023. And what we also mentioned before was based upon this liquidity support from our shareholders alongside the cash on the balance sheet and other potential financing solutions than we expect to be adequately funded through 2023.

是的，我們不一定就最低現金餘額提供指導。我的意思是到 2022 年底我們有 10 億美元。我們手頭上不一定需要持有那麼多現金。但這當然有助於我們進入 2023 年的財務狀況。我們之前還提到的是基於我們股東的這種流動性支持以及資產負債表上的現金和其他潛在的融資解決方案，我們預計到 2023 年將獲得充足的資金.

(Operator Instructions) And the next question comes from the line of (inaudible) 0:35:57 from Redburn.

（操作員說明）下一個問題來自 Redburn 的（聽不清）0:35:57。

If I remember rightly, in the second quarter of 2023, you have roughly $520 million worth of payables due to Volvo cars. And I was just wondering, can you explain kind of, I guess, how you expect this to be covered? Is this going to be -- going to come from the liquidity support from TSB? And I guess, broadly, what I'm actually interested in is kind of the working capital trend for 2023?

如果我沒記錯的話，在 2023 年第二季度，您有大約 5.2 億美元的沃爾沃汽車應付款。我只是想知道，您能否解釋一下，我想，您希望如何涵蓋這一點？這將是 - 將來自 TSB 的流動性支持嗎？我想，從廣義上講，我真正感興趣的是 2023 年的營運資金趨勢？

Okay. Thank you for that question. So in regards to working capital, we expect foreign capital to grow with sales. But as you correctly point out, we still have scheduled payments of the overdue related part of payables towards Volvo that you make reference to. And those we are planning to settle them during the year. And the settlement of those payables, around $0.5 billion that you mention, that is part of the cash forecasting for the year. So that's contemplated in the prior statement where we expect to be adequately funded through 2023.

好的。謝謝你提出這個問題。因此，在營運資金方面，我們預計外國資本會隨著銷售額的增長而增長。但正如您正確指出的那樣，我們仍然安排了您提到的沃爾沃應付款逾期相關部分的付款。我們計劃在年內解決這些問題。這些應付賬款的結算，你提到的大約 5 億美元，是今年現金預測的一部分。因此，在之前的聲明中已經考慮到了這一點，我們預計到 2023 年將獲得充足的資金。

Dear speakers there are no further questions over the audio lines. And I would now like to hand the conference over to our management team for any written questions.

親愛的演講者，沒有關於音頻線路的進一步問題。我現在想將會議移交給我們的管理團隊，以解決任何書面問題。

Thomas here again. We have selected 6 of the top voted questions that reached us. And I will try now to answer them in the time that we have left here. So let's have a look at question number 1.

托馬斯又來了。我們選擇了 6 個投票最多的問題。現在，我將嘗試在我們離開這裡的時候回答他們。那麼讓我們來看看第一個問題。

It's being said that Polestar is not known a brand -- a known brand in the U.S. What are the efforts being taken to improve this?

據說 Polestar 不是一個知名品牌——在美國是一個知名品牌。正在採取哪些措施來改善這一點？

To start with, I would love to explain a bit the difference that we obviously have compared to some of our competitors, peers in the startup arena. Obviously, our strategy was from day 1 to go out and develop our footprint quite harmoniously in all the regions, major important reasons for EV. Instead of what a lot of competitors do develop in your home country, a strong, strong presence and then after those years of establishing that going out and go and conquer more of the world. We can discuss what is more benefit -- our clear dedication was to do the Polestar way. And that is when I mentioned that the Polestar 2 is in the -- is amongst the top 10 best in many markets. That is a result of it because, yes, that's why we are in South Korea. That's why we are in the U.K. and Sweden, in many countries, Australia, we are under the top 10 with our Polestar 2.

首先，我想解釋一下我們與我們的一些競爭對手、創業領域的同行相比明顯存在的差異。顯然，我們的戰略是從第一天開始就走出去，在所有地區和諧地發展我們的足跡，這是 EV 的重要原因。而不是許多競爭對手在您的祖國發展，強大，強大的存在，然後在建立了這些年之後走出去征服更多的世界。我們可以討論什麼是更大的好處——我們明確致力於以北極星的方式行事。那時我提到 Polestar 2 在許多市場中名列前 10 名。這是它的結果，因為，是的，這就是我們在韓國的原因。這就是為什麼我們在英國和瑞典，在許多國家，澳大利亞，我們的 Polestar 2 都在前 10 名之下。

You can compare that. I mean, to grow one plant very fast, yes, you can do that, but it's a very isolated one. I mean now the botanical plant, sorry, not factories. But if you plant a lot of flowers and then they grow, of course, a big, big amount, but it grows a little slower. So if you in the U.S., don't see our brand as much as you see competitors like (inaudible) 0:40:17. Yes, I understand that, that might be slightly irritating. But you will see our brand therefore, in many, many other countries where you never ever have seen (inaudible) 0:41:06.

你可以這樣比較。我的意思是，要非常快地種植一株植物，是的，你可以做到，但它是一種非常孤立的植物。我現在指的是植物工廠，對不起，不是工廠。但如果你種了很多花，它們就會長出來，當然，數量很大，但長得慢一點。因此，如果您在美國，就不會像看到競爭對手那樣看到我們的品牌，例如（聽不清）0:40:17。是的，我明白，這可能有點惱人。但是您會因此在許多您從未見過（聽不清）0:41:06 的許多其他國家/地區看到我們的品牌。

Now having said that, of course, we want to accelerate and progress in the U.S. And as mentioned a bit earlier, there is a full-fledged program over the course of the next 12 months, how we increase our brand awareness in the U.S., how we put obviously money behind it. There's 4 quarter 2 this year over USD 20 million allocated to work in the U.S. and build up brand awareness. And I mentioned it before, it is not a big bang in the beginning with the Super Bowl. It is indeed more targeted towards going now with the Polestar 3 into the market and promote it. So indeed, there is a little bit more of a build up towards summer. So the Polestar 3 arriving, the phase of the Polestar 2 being promoted, all of that will, of course, heavily increase the awareness for Polestar.

話雖如此，我們當然希望在美國加速發展。正如之前提到的，在接下來的 12 個月內有一個成熟的計劃，我們將如何提高我們在美國的品牌知名度，我們如何明顯地投入資金。今年第 2 季度有超過 2000 萬美元用於在美國開展工作並建立品牌知名度。我之前提到過，超級碗一開始並不是什麼大爆炸。它確實更有針對性地與Polestar 3一起進入市場並進行推廣。因此，確實，夏季有更多的積累。所以 Polestar 3 的到來，Polestar 2 階段的推廣，當然，所有這些都會大大提高 Polestar 的知名度。

Last but not least, of course, we expect as well a lot of the fact that we are moving production of Polestar 3 into the Charleston plant in the U.S. It will, of course, make as well a big, big impact on how much our products and our brand are present in the U.S. market. By the -- finally, yes, today, we have brought -- we have 30 spaces up and running in the U.S., and we will, of course, continuously expand another 10% over the course of the year, Washington, D.C., Miami and again as some of them coming. So I think all in all, it will definitely be towards over the course of this year. Again, another big step that Polestar will make in the U.S.

當然，最後但並非最不重要的一點是，我們也很期待將 Polestar 3 的生產轉移到美國的查爾斯頓工廠。產品和我們的品牌出現在美國市場。到——終於，是的，今天，我們帶來了——我們在美國有 30 個空間正在運行，當然，我們將在這一年中繼續擴大另外 10%，華盛頓特區、邁阿密他們中的一些人又來了。所以我認為總的來說，它肯定會在今年的過程中。同樣，Polestar 將在美國邁出又一大步。

Question number 2, find as well a lot of people who asked in that direction. Can you share any details on Polestar's long-term plans for expanding its product line?

問題 2，也找到了很多問那個方向的人。您能否分享 Polestar 擴展其產品線的長期計劃的任何細節？

We will fundamentally transform from being a one model company to a company with a lineup of Polestar 2, Polestar 3 and then indeed Polestar 4 joining as well. 2024, the Polestar company will have these 3 cars fully in the lineup of 2, 3 and 4. And I presume everybody knows that we are already with prototypes up and running with Polestar 5 preparing already for the next launch then end of '24, so that the Polestar 5 will be then fully available in the world in '25.

我們將從根本上從單一車型公司轉變為擁有 Polestar 2、Polestar 3 以及 Polestar 4 陣容的公司。到 2024 年，Polestar 公司將在 2、3 和 4 的陣容中完全擁有這 3 輛汽車。而且我想每個人都知道我們已經啟動並運行了 Polestar 5 的原型，已經為 24 年底的下一次發布做準備，這樣 Polestar 5 將在 25 年在全球全面上市。

And as a cherry on top of that cake, the Polestar 6 Roadster, a car that will then complete that first round of product portfolio in 2026. This is the definite perspective, kind of the bandwidth of where we see the brand pessimist in this first-generation operating. We will -- and that is, again, probably in sharp contrast to other AV start-ups. We have, of course, very strong focus on not letting our product portfolio get old. We will then start looking into the second generation of the cars that we have put out there, not necessarily exactly the same as a repetition but really working on keeping this customer base that we have built and grow together with them.

作為蛋糕上的櫻桃，Polestar 6 Roadster，這款車將在 2026 年完成第一輪產品組合。這是明確的觀點，我們在第一輪中看到品牌悲觀主義者的帶寬-代運行。我們會——也就是說，這可能與其他 AV 初創企業形成鮮明對比。當然，我們非常注重不讓我們的產品組合過時。然後我們將開始研究我們在那裡推出的第二代汽車，不一定與重複完全相同，但真正致力於保持我們已經建立並與他們一起成長的客戶群。

Number 3, will Polestar utilized Volvo dealerships for displaying, selling and servicing Polestar vehicles?

第三，Polestar 是否會利用沃爾沃經銷商來展示、銷售和維修 Polestar 車輛？

Well, we utilize Volvo dealership, of course, heavily when it comes to servicing. How could we ever have done that roll-up of 1,100 service centers? This is, of course, working together and using Volvo cars facilities and dealers. The Polestar spaces that we run and operate in most parts of the world, (inaudible) 0:45:05 consumer places where Polestar is selling these cars, but they're operated and invested by Polestar space investors who indeed we recruited, we invited Volvo dealers to invest into this new form of Polestar space. They have a special contrast, but of course, they bring the expertise and all the knowledge of how to work with customers in a good way, and we harvest a lot on that expertise and have a very good business model together with them.

好吧，在維修方面，我們當然會大量使用沃爾沃經銷商。我們怎麼可能完成 1,100 個服務中心的匯總？當然，這需要與沃爾沃汽車設施和經銷商一起合作。我們在世界大部分地區運營和運營的 Polestar 空間，（聽不清）0:45:05 Polestar 銷售這些汽車的消費場所，但它們是由我們確實招募的 Polestar 空間投資者運營和投資的，我們邀請了他們沃爾沃經銷商向這種新形態的Polestar空間投入了資金。他們有一個特殊的對比，但當然，他們帶來瞭如何以良好的方式與客戶合作的專業知識和所有知識，我們從這些專業知識中收穫很多，並與他們一起擁有非常好的商業模式。

In the U.S., North America, it's a bit different there. We work together with selected Volvo dealers to then invest into a Polestar space where they sell the car. It is in the beginning, been done very deliberately where the EV market was blossoming. And as we expand in the U.S. and as, of course, electrification expense in the U.S., we will, with more and more Volvo dealers do contracts to run Polestar spaces. So that definitely is on the -- again not to continue that very successful model that we have established in the first 3 years.

在美國，北美，那裡有點不同。我們與選定的沃爾沃經銷商合作，然後投資他們銷售汽車的 Polestar 空間。一開始，是在電動汽車市場蓬勃發展的時候非常有意地做的。隨著我們在美國的擴張，當然還有美國的電氣化費用，我們將與越來越多的沃爾沃經銷商簽訂經營 Polestar 空間的合同。所以這絕對是——再次不要繼續我們在前 3 年建立的非常成功的模式。

Do you think a new factory in the Carolina will help us to ramp up production and increase market share within North America, especially since consumers may associate the brand with China?

您認為在卡羅來納州的新工廠是否會幫助我們提高產量並增加北美市場份額，尤其是考慮到消費者可能會將該品牌與中國聯繫起來？

Yes, absolutely. I mean, Carolina should be a big, big factor in making sure people understand Polestar is a European brand, but with a global production footprint. Carolina is the first step. We will definitely have other steps following where we bring production into a more global spread. The capability of ramping up production absolutely relies on using facilities that are available in the group. We have this asset-light model where we, for example, the factory in Carolina, of course, we're not building that factory. We're bringing our product into a factory which is up and running and established, and that is the way how we will continue using this model.

是的，一點沒錯。我的意思是，Carolina 應該是確保人們了解 Polestar 是一個歐洲品牌，但生產足跡遍布全球的重要因素。卡羅萊納州是第一步。在我們將生產帶入更全球化的傳播之後，我們肯定會採取其他步驟。提高產量的能力完全依賴於使用集團內可用的設施。我們有這種輕資產模型，例如，我們在卡羅來納州的工廠，當然，我們不會建造那個工廠。我們正在將我們的產品帶入一個已啟動、運行和建立的工廠，這就是我們將繼續使用該模型的方式。

Next question is, does the company have plans to offer more of an entry-level model similar to Tesla Model 3?

下一個問題是，該公司是否有計劃提供更多類似於特斯拉 Model 3 的入門級車型？

Polestar 2 defines very much the base and the entry level for the brand Polestar. And no, we don't have any intention to launch and develop a model below Polestar 2. And very clearly, we are not aiming to produce 10 or even 20 million cars per year. That's very clearly not the target of the brand Polestar. So for that reason, no, it's a very different ambition within our company. We will move our product portfolio up market and explore that end.

Polestar 2 在很大程度上定義了 Polestar 品牌的基礎和入門級別。不，我們無意推出和開發 Polestar 2 以下的車型。很明顯，我們的目標不是每年生產 10 甚至 2000 萬輛汽車。這顯然不是 Polestar 品牌的目標。所以出於這個原因，不，這是我們公司內部一個非常不同的野心。我們將把我們的產品組合推向市場並探索這一目標。

Does tax credit of $75,000 was a major incentive to buy Polestar? That's now the next question #6. Does Polestar have plans to begin qualifying for the tax credit in the future? Does Polestar 3 is priced above the tax credit threshold and the Polestar 2 is not currently manufactured in the U.S.?

75,000 美元的稅收抵免是購買 Polestar 的主要動力嗎？現在是下一個問題#6。 Polestar 是否有計劃在未來開始獲得稅收抵免資格？ Polestar 3 的定價是否高於稅收抵免門檻且 Polestar 2 目前不在美國生產？

Well, Polestar 2, it's currently qualifies for the 7,500 federal tax credit in the U.S. when leased, and we have already adjusted our commercial plans for this and went to market yesterday with competitive lease offering. Polestar 3 at the launch will not -- we will deliver Polestar 3 in a very heavily equipped luxury specification, hence, the higher MSRP. And at this time, we are pleased with the order intake and do not see the need to lower the price, which would, of course, have an effect on our margin. And in the future, we could often enter variant of the vehicle, which would then meet the threshold, but that is then a discussion and something that we look upon in the future.

好吧，Polestar 2，它目前在美國有資格獲得 7,500 的聯邦稅收抵免。我們已經為此調整了我們的商業計劃，並於昨天以具有競爭力的租賃產品上市。發佈時的 Polestar 3 不會——我們將以裝備精良的豪華規格交付 Polestar 3，因此建議零售價更高。目前，我們對訂單量感到滿意，認為沒有必要降低價格，這當然會影響我們的利潤率。在未來，我們通常可以輸入車輛的變體，然後它會達到閾值，但那是一個討論，也是我們未來要考慮的事情。

Thank you, Thomas. Everyone, Bojana here. I would just like to apologize. I believe we had some technical issues during the opening remarks, and there was some interference on the sound. We will post the recording very soon on our website and make sure that those interferences are taken out. I can only apologize for that, and we will obviously improve going forward.

謝謝你，托馬斯。大家好，這裡是 Bojana。我只是想道歉。我相信我們在開場白中遇到了一些技術問題，並且聲音受到了一些干擾。我們將很快在我們的網站上發布錄音，並確保消除這些干擾。對此我只能表示歉意，我們顯然會在未來有所改善。

With that, I will just pass to Thomas for his closing remarks, and thank you again for joining us.

說到這裡，我將請 Thomas 發表閉幕詞，再次感謝您加入我們。

Yes. Well, from my side, a big thank you for the interest and you joining. You have heard 2022 was a great year, really again, you can imagine we had actually a really, really massive end of the year party because to celebrate that year. And looking forward, 2023 we have fundamentally upgraded Polestar 2 that year. We will start producing Polestar 3 and indeed, we will launch Polestar 4 in 2023. So the shift from being a one car company to having a product portfolio of 3 models that address the core EV growth segments will help us to achieve the targets. Thanks a lot.

是的。嗯，從我這邊來說，非常感謝你的興趣和你的加入。你聽說 2022 年是偉大的一年，真的，你可以想像我們真的有一個非常非常盛大的年終派對來慶祝那一年。展望未來，2023 年我們從根本上升級了 Polestar 2。我們將開始生產 Polestar 3，事實上，我們將在 2023 年推出 Polestar 4。因此，從一家汽車公司轉變為擁有 3 種車型的產品組合，以滿足核心電動汽車增長領域，這將有助於我們實現目標。多謝。

Thank you for participating. You may now all disconnect. Have a nice day.

感謝您的參與。您現在可能會全部斷開連接。祝你今天過得愉快。