Polestar Automotive Holding Uk Plc (PSNY) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Polestar Q1 2023 Results Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. (Operator Instructions) You will then hear an automated message advice in your hand is waste. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Bojana Flint. Please go ahead.

美好的一天，謝謝你的支持。歡迎參加 Polestar Q1 2023 業績電話會議。此時，所有參與者都處於只聽模式。演講者的演講結束後，將進行問答環節。 （操作員說明）然後您將聽到一條自動消息建議您手中的垃圾。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人 Bojana Flint。請繼續。

Thank you, operator. Hello, everyone. My name is Bojana Flint from Postal Investor Relations. Thank you for joining our Q1 2023 results call. Before handing over to Thomas Ingenlath, our CEO; and Johan Malmqvist, our CFO, for their opening remarks, followed by analyst and shareholder questions, I will handle some housekeeping points. I would like to remind participants that many of our comments today will be considered forward-looking statements under U.S. securities laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what has been communicated. These forward-looking statements include, but are not limited to, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating results, outlook and guidance, macroeconomic industry trends, company initiatives and other future events.

謝謝你，運營商。大家好。我叫 Postal Investor Relations 的 Bojana Flint。感謝您加入我們的 2023 年第一季度業績電話會議。在移交給我們的首席執行官 Thomas Ingenlath 之前；和我們的首席財務官 Johan Malmqvist 的開場白，然後是分析師和股東的問題，我將處理一些內務問題。我想提醒與會者，根據美國證券法，我們今天的許多評論將被視為前瞻性陳述，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 的實際結果與所傳達的內容存在重大差異。這些前瞻性陳述包括但不限於關於公司未來財務業績、生產和交付量、財務和經營業績、展望和指導、宏觀經濟行業趨勢、公司舉措和其他未來事件的陳述。

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 the annual report on Form 20-F filed with the SEC. In addition, management will make references to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our non-GAAP financial measures with our most directly comparable GAAP measures in the investor of the presentation issued earlier today. With that, I'd like to turn the call over to Thomas. Please go ahead.

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，請查看向美國證券交易委員會提交的 20-F 表格年度報告的風險因素部分。此外，管理層將在此次電話會議中提及非 GAAP 財務指標。討論為什麼我們使用非 GAAP 財務措施和有關我們的非 GAAP 財務措施與我們今天早些時候發布的投資者中最直接可比的 GAAP 措施的協調信息。有了這個，我想把電話轉給托馬斯。請繼續。

Thank you, Bojana. The first quarter was a good example of the team's hard work and commitment. We have achieved record first quarter deliveries of 12,076 cars, up 26% year-on-year and ended the second quarter of this year with good commercial momentum. I would like to spend a few moments reflecting on what has enabled this. The main things that set Polestar as a brand. As the first quarter shows we are in the middle of a period of strong growth, creating a footprint across 27 markets that allows us to adapt our commercial operations to match supply and demand across the world. This is complemented by our stable production base with over 130,000 cars manufactured to date. We also have a well-balanced mix between retail and fleet customers. Our global partnership with Hertz to supply 65,000 cars is working well. And with significant numbers out there, this provides a fantastic opportunity for potential customers to experience our cars.

謝謝你，博亞娜。第一季度是團隊辛勤工作和承諾的一個很好的例子。我們在第一季度實現了創紀錄的 12,076 輛汽車交付，同比增長 26%，並以良好的商業勢頭結束了今年第二季度。我想花點時間反思是什麼促成了這一點。 Polestar 成為品牌的主要因素。正如第一季度所示，我們正處於強勁增長時期，在 27 個市場建立足跡，使我們能夠調整我們的商業運營以匹配全球的供需。這與我們穩定的生產基地相輔相成，迄今為止已生產了超過 130,000 輛汽車。我們在零售和車隊客戶之間也有一個均衡的組合。我們與赫茲合作提供 65,000 輛汽車的全球合作夥伴關係運作良好。由於數量眾多，這為潛在客戶提供了體驗我們汽車的絕佳機會。

Reflecting how we are maturing as a business, we are starting to see our first repeat customers. This is a significant step for our young brand like us as it reduces our reliance on only winning new customers. It also provides the foundation for our pre-owned business, creating another entry point for new customers. Recently, we introduced significant upgrades to Polestar 2, and I'm happy to say that it remains one of the top-selling beds in many markets across Europe, North America and Asia. The recently launched BST230 special edition also pushes the boundaries of performance and has been very well received. Polestar 2, our design-led electric performance SUV had its debut in North America recently, where it generated very strong interest.

反映我們作為一家企業的成熟程度，我們開始看到我們的第一批回頭客。對於像我們這樣的年輕品牌來說，這是重要的一步，因為它減少了我們對僅贏得新客戶的依賴。它還為我們的二手業務奠定了基礎，為新客戶創造了另一個切入點。最近，我們對 Polestar 2 進行了重大升級，我很高興地說它仍然是歐洲、北美和亞洲許多市場上最暢銷的床之一。最近推出的 BST230 特別版也突破了性能的界限，受到了廣泛的好評。我們以設計為主導的電動性能 SUV Polestar 2 最近在北美首次亮相，引起了極大的興趣。

We successfully unveiled Polestar4, the latest example of our design and performance capability a few weeks ago. We launched it in China and expect to start production in the fourth quarter, but we also received major interest around the world, and we plan to start deliveries in other markets from mid-2024. In addition to design and innovation, sustainability is what the Polestar brand represents. It is our focus across all parts of the business, and we reduced our relative CO2 emissions per car sold by 8% in 2023, decoupling our emissions from sales growth. This is a foundation that we will continue to build Post's premium luxury brand on.

幾週前，我們成功推出了 Polestar4，這是我們設計和性能能力的最新典範。我們在中國推出它，預計將在第四季度開始生產，但我們在世界各地也受到了極大的關注，我們計劃從 2024 年年中開始在其他市場交付。除了設計和創新，可持續性也是 Polestar 品牌所代表的。這是我們所有業務的重點，我們在 2023 年將每輛汽車的相對二氧化碳排放量減少了 8%，使我們的排放量與銷售增長脫鉤。這是我們將繼續打造 Post 高端奢侈品牌的基礎。

We are totally committed to this ambition. And as such, we believe that price stability is important to our customers. Now as you might have seen, we the cars announced early today that they need additional time to complete the software development for the new all-electric platform, which is also the basis for our Polestar. This means that start of production in Chengdu, China is now expected in early 2024. Importantly, the start of manufacturing Polestar in Charleston USA is still on track for mid-2024. And the adjustments to Polestar3 does not impact Polestar4 as they are based on different platforms. We also acknowledge the tougher economic outlook for the automotive industry.

我們完全致力於實現這一目標。因此，我們認為價格穩定對我們的客戶很重要。現在您可能已經看到，我們汽車今天早些時候宣布，他們需要更多時間來完成新的全電動平台的軟件開發，這也是我們 Polestar 的基礎。這意味著現在預計將於 2024 年初在中國成都投產。重要的是，在美國查爾斯頓投產的 Polestar 仍有望在 2024 年年中投產。 Polestar3的調整不影響Polestar4，因為它們基於不同的平台。我們也承認汽車行業的經濟前景更加嚴峻。

And due to both of these reasons, we have adjusted our 23 global volume expectations to a range of 60,000 to 70,000 vehicles, representing an annual growth rate of 16% to 36%, following record deliveries of 51,491 cars last year. We have actively managed our cost base since mid-2022, but we need to do more. And that's why we are intensifying our efforts, including putting in place a group-wide hiring freeze and reducing our headcount by 10%. We're doing this in a structured way across all our markets, while safeguarding our programs. These necessary actions will benefit our cost base this year and more so in 2024. Now I would like to ask Johan to comment on our financials.

由於這兩個原因，繼去年創紀錄的 51,491 輛汽車交付量之後，我們將 23 項全球銷量預期調整為 60,000 至 70,000 輛，年增長率為 16% 至 36%。自 2022 年中期以來，我們一直在積極管理我們的成本基礎，但我們需要做更多的事情。這就是為什麼我們正在加緊努力，包括在整個集團範圍內凍結招聘並將我們的員工人數減少 10%。我們正在所有市場以結構化的方式這樣做，同時保護我們的計劃。這些必要的行動將使我們今年的成本基礎受益，2024 年更是如此。現在我想請約翰對我們的財務狀況發表評論。

Thank you, Thomas. Hello, everyone, and thank you for joining us today. It's great to see so many of you again on the call and on the webcast. During the first quarter of 2023, we have delivered 12,076 cars globally, up 26% year-on-year, reflecting strong volume development in key markets such as the U.S., Canada and the U.K. We have entered the second quarter with a well-established global presence in 27 markets on 4 continents and with over 140 sales locations and nearly 1,120 service points. Before moving on to quarterly financial highlights and to echo Thomas' points, I want to emphasize that we, the management, are extremely focused on positioning Polestar prudently in order to tackle the near-term challenges arising from later-than-anticipated post-3 start of production and a tougher economic outlook faced by the automated industry.

謝謝你，托馬斯。大家好，感謝您今天加入我們。很高興再次在電話會議和網絡廣播中見到你們中的許多人。 2023 年第一季度，我們在全球交付了 12,076 輛汽車，同比增長 26%，反映了美國、加拿大和英國等主要市場的強勁銷量發展。全球業務遍及四大洲的 27 個市場，擁有 140 多個銷售點和近 1,120 個服務點。在繼續介紹季度財務亮點並回應 Thomas 的觀點之前，我想強調的是，我們管理層非常專注於審慎地定位 Polestar，以應對 3 年後遲於預期帶來的近期挑戰投產和自動化行業面臨更嚴峻的經濟前景。

We will deploy marketing and sales support activities in order to continue to build as well as protect our brand value and to maintain our growth momentum. This will be compensated with intensified cost management efforts we are announcing today. As a reminder, and you have heard us say this before, we recognize the challenging macro environment we have and continue to operate in, and we started to take actions more than 6 months ago. We are pleased to see that those initiatives started to come through in the numbers, especially in our operating expenses. However, this is not enough. And hence, we are taking further steps to strengthen Polestar in the near term and reduce the cost base by taking out around 800 roles that were planned to be added this year, taking us back to the 2022 base of around 3,000 employees. We are undertaking a wide range of additional actions while at the same time, safeguarding the development of Polestar 5 and Polestar 6.

我們將部署營銷和銷售支持活動，以繼續建立和保護我們的品牌價值並保持我們的增長勢頭。這將通過我們今天宣布的強化成本管理工作得到補償。提醒一下，您之前已經聽過我們這樣說過，我們認識到我們所擁有並繼續經營的具有挑戰性的宏觀環境，並且我們在 6 個多月前開始採取行動。我們很高興看到這些舉措開始在數字上體現出來，尤其是在我們的運營費用方面。然而，這還不夠。因此，我們正在採取進一步措施，在短期內加強 Polestar 並通過取消計劃今年增加的約 800 個職位來降低成本基礎，使我們回到 2022 年約 3,000 名員工的基礎上。我們正在採取廣泛的額外行動，同時保障 Polestar 5 和 Polestar 6 的發展。

Moving to the financial highlights for the first quarter of 2023. Revenue increased 21% from SEK 452 million to NOK 546 million, driven by higher Polestar 2 sales across major geographic markets and price increases on model year '23. Despite the price increases, revenue per vehicle decreased slightly, primarily due to a negative translation currency effect as well as the negative channel and mix effect. Gross profit increased from a negative SEK 7 million to a positive SEK 18 million and a gross margin of 3.4%, reflecting the model year 2023 price increases established in the second half of 2022, alongside a positive foreign currency transaction effects. This was partially offset by higher freight and input costs. Selling, general and administrative expenses were down 11% at NOK 189 million due to active cost management. Research and development expenses were up 11% or $4 million, with continued product development for future vehicles and technologies. Operating loss decreased by nearly SEK 60 million or 23%, predominantly driven by the higher gross profit and active cost management.

轉到 2023 年第一季度的財務亮點。收入增長 21%，從 4.52 億瑞典克朗增加到 5.46 億挪威克朗，這得益於 Polestar 2 在主要地區市場的銷量增加以及車型年 '23 的價格上漲。儘管價格上漲，但每輛車的收入略有下降，這主要是由於負面的換算貨幣效應以及負面的渠道和混合效應。毛利潤從負 700 萬瑞典克朗增加至正 1800 萬瑞典克朗，毛利率為 3.4%，反映了 2022 年下半年確定的 2023 車型年價格上漲，以及積極的外匯交易影響。這部分被較高的運費和投入成本所抵消。由於積極的成本管理，銷售、一般和行政費用下降了 11%，為 1.89 億挪威克朗。研發費用增加了 11% 或 400 萬美元，並繼續為未來的車輛和技術開發產品。營業虧損減少了近 6000 萬瑞典克朗或 23%，這主要是由於較高的毛利潤和積極的成本管理。

Moving on to cash flow. Cash used by operating activities for the first quarter of 2023 was NOK 283 million, mainly driven by operating loss, higher levels of inventory and trade payables payments. Cash used for investing activities was NOK 131 million, primarily as a result of Polestar 3 and Polestar 4 intellectual property investments. Cash provided by financing activities was $323 million, reflecting short-term borrowings of NOK 637 million, of which $300 million was drawn down from the Volvo Cars shareholder loan facility, partially offset by principal repayments of NOK 311 million. At the end of the first quarter of 2023, cash and cash equivalents stood at $884 million. With continued support from our 2 major shareholders, we are closely monitoring the market and exploring potential equity and debt offerings to fund operations and business growth. Thank you again for joining. And over to the operator for live Q&A by the analysts, and then we will answer the top questions from shareholders.

繼續現金流。 2023 年第一季度經營活動使用的現金為 2.83 億挪威克朗，主要受經營虧損、較高水平的存貨和貿易應付款項的推動。用於投資活動的現金為 1.31 億挪威克朗，主要是 Polestar 3 和 Polestar 4 知識產權投資的結果。融資活動提供的現金為 3.23 億美元，反映了 6.37 億挪威克朗的短期借款，其中 3 億美元是從沃爾沃汽車股東貸款安排中提取的，部分被 3.11 億挪威克朗的本金償還所抵消。 2023 年第一季度末，現金及現金等價物為 8.84 億美元。在我們兩個主要股東的持續支持下，我們正在密切關注市場並探索潛在的股票和債券發行，以為運營和業務增長提供資金。再次感謝您的加入。並交給運營商進行分析師的現場問答，然後我們將回答股東提出的最重要問題。

Thank you. (Operator Instructions) We will now take the first question. It's from the line of Steven Fox from Fox Advisors. Please go ahead.

謝謝。 （操作員說明）我們現在將回答第一個問題。它來自 Fox Advisors 的 Steven Fox 系列。請繼續。

Hi, good morning. Thanks for taking my question. First off, I was wondering if you could dissect the change in your vehicle forecast for the year a little bit further. I'm trying to understand how much you would relate to the macro? And then further, can you talk about pricing strategies for the rest of the year given what's going on in the market in general and your prior strategies? And then I have a follow-up.

早上好。感謝您提出我的問題。首先，我想知道您是否可以進一步剖析今年車輛預測的變化。我想了解您與宏觀的關係有多大？然後，考慮到市場總體情況和您之前的策略，您能否談談今年剩餘時間的定價策略？然後我有一個後續行動。

So maybe I start.

所以也許我開始。

Start please, yes.

請開始，是的。

Okay. So the -- as we mentioned in the introduction, the lower volumes compared to the previous guidance is a reflection of the combination of both the later than originally anticipated deliveries of the Polestar 3 and the tougher market conditions. Now we haven't disclosed the breakdown. What we can say is that given the tougher economic climate, it's difficult for us to compensate for the absence of Polestar 3 volumes with incremental Polestar 2 volumes. That coupled with higher market uncertainties, what's led us to call down the volumes and provide a range.

好的。因此 - 正如我們在介紹中提到的那樣，與之前的指導相比較低的銷量反映了 Polestar 3 的交付晚於最初預期和更艱難的市場條件。現在我們還沒有透露細目。我們可以說的是，鑑於更嚴峻的經濟環境，我們很難通過增加 Polestar 2 銷量來彌補 Polestar 3 銷量的不足。再加上更高的市場不確定性，導致我們下調交易量並提供一個範圍。

And then in terms of pricing?

然後在定價方面？

We have in the course of the next weeks, the model year '24 starting of Polestar 2. And as we explained before, the upgrade of tech, the significant feature increase and the better performance of this car in terms of range. We combine that with increase of price with the Polestar 2 of this model year. This is again supported with our statement that, of course, we see as well that our customers expect, on one hand, stability in our pricing. And for that reason, we will proceed persist. Obviously, that again, linking this to our volume corridor, I mean one of the reasons why we are prudent and giving this corridor because we indeed intend not to push cars into the market for any price just to achieve a volume that we once announced, but indeed give us the opportunity to maintain the right balance between the volume that we achieve and what we achieve in terms of margins and price stability with our products.

在接下來的幾週內，Polestar 2 的車型年 '24 開始。正如我們之前解釋的那樣，技術升級、顯著功能增加以及這款車在續航里程方面的更好性能。我們將其與價格上漲結合起來與該車型年的 Polestar 2 相結合。我們的聲明再次支持這一點，當然，我們也看到我們的客戶一方面期望我們的定價穩定。因此，我們將繼續堅持下去。顯然，再次將其與我們的銷量走廊聯繫起來，我的意思是我們謹慎並提供這條走廊的原因之一，因為我們確實不打算以任何價格將汽車推入市場，只是為了達到我們曾經宣布的銷量，但確實讓我們有機會在我們實現的數量與我們在產品的利潤和價格穩定性方面取得的成就之間保持適當的平衡。

Great. That's really helpful. And then I was just curious, like when we think about the 27 countries you're in, there seems a lot that you can control in terms of branding and sales efficiencies. What is sort of the difference between a region where you're operating well versus when that's new and how you bring that up? What's the potential in terms of just improving sales through better sales metrics in some of the lower-performing regions to date?

偉大的。這真的很有幫助。然後我很好奇，就像當我們考慮你所在的 27 個國家時，你似乎可以在品牌和銷售效率方面控制很多。您運營良好的區域與新區域以及您如何提出它之間有什麼區別？迄今為止，在一些表現不佳的地區通過更好的銷售指標來提高銷售額有什麼潛力？

Well, if you have a closer look at the regional breakdown of our sales. I think it's pretty -- it's a pretty good example of what advantage it is to have this, I call it, now widespread of 27 markets because indeed, there are -- it's one thing that a new established market, of course, needs some time to develop its full potential. The other effect is that, of course, there are regional facilities happening in quarters like incentive cuts in the country, which, of course, naturally have a damping there in the interest of the customer for a moment. But if you have a broad base, you can indeed compensate. And for that reason, for example, of course, in the Scandinavian and the Nordic countries with quite a lot of them having incentive going away in this quarter, compensating that with exceptional good sales in the U.K., for example, of course, that is indeed a very good effect of being that widespread.

好吧，如果你仔細看看我們銷售的區域細分。我認為這很好——這是一個很好的例子，說明擁有這個優勢有什麼好處，我稱之為，現在廣泛分佈於 27 個市場，因為確實有——這是一個新建立的市場當然需要一些東西的東西是時候充分發揮其潛力了。另一個影響是，當然，在該國的激勵削減等地區發生了區域性設施，當然，為了客戶的利益，這自然會暫時受到抑制。但如果你有廣泛的基礎，你確實可以彌補。出於這個原因，例如，當然，在斯堪的納維亞和北歐國家中，有很多人在本季度取消了激勵措施，以在英國的出色銷售來彌補這一點，例如，當然，那是確實如此廣泛的效果非常好。

Great. That's all very helpful color. I appreciate it. Thank you.

偉大的。這都是非常有用的顏色。我很感激。謝謝。

Thank you. We will now take the next question. It's from the line of Winnie Dong from Deutsche Bank. Please go ahead.

謝謝。我們現在開始下一個問題。它來自德意志銀行的 Winnie Dong。請繼續。

Thanks so much for taking my question. I appreciate that you're not breaking down the reasons for the reduced guidance between the push out of Polestar 3 and then the macro challenges. But maybe can you talk about the order trends that you've been uploading. Any sort of specific trends by region or weakness by region, that will be appreciated. That's my first question.

非常感謝您提出我的問題。我很欣賞你沒有打破 Polestar 3 推出和宏觀挑戰之間指導減少的原因。但也許你能談談你一直在上傳的訂單趨勢嗎？任何按地區劃分的特定趨勢或按地區劃分的弱點，我們都將不勝感激。這是我的第一個問題。

Yes, we left 22, obviously, with a still very strong order book. And we indeed still have a solid order book that we are -- that we're working down. Let's face it, bring it -- bring customers to bring cars to customers in order for them not waiting too long for them. And obviously, the model year '24 will be an additional push for the Polestar sales and the campaign waiting to roll out now when the cars in production. For that reason, we have a good conviction in the potential to achieve our sales with the Polestar 2. Having said that, again, obviously, the macroeconomics and our ambition to maintain the pricing and the premium position of this car and not enter into the price, well, of course, for that reason, we have this prudent outlook.

是的，我們顯然留下了 22 家，訂單簿仍然非常強勁。我們確實還有一個可靠的訂單簿——我們正在努力。讓我們面對現實，帶來它——帶來客戶，將汽車帶給客戶，以免他們等太久。很明顯，24 年車型將進一步推動 Polestar 的銷售，並且在汽車投入生產時等待推出的活動。出於這個原因，我們堅信 Polestar 2 有可能實現我們的銷售。話雖如此，很明顯，宏觀經濟和我們保持這款車的定價和高端地位而不進入市場的雄心價格，嗯，當然，出於這個原因，我們有這種謹慎的前景。

I mentioned a bit about differences in regions in the beginning. Obviously, there are effects in the beginning of this year and all the countries where you see people that knowing that the incentives in the beginning would not be in place anymore, obviously, push the sales in December 2022, which, of course, helped us in 2022 December a lot. But for that reason, of course, the first quarter was weaker there and for normalization. We expect this to become -- to normalize in the Nordic countries. We have as well started, of course, much more explaining and pushing the fact that the purchase of a Polestar 2 in 2023 in the U.S. via a lease program qualifies for incentives and for that reason, we see as well the pickup of interest and order for the Polestar 2 in the U.S. again after, obviously, the slowdown that we had in the end of '22 when the car for, I call it now a short moment, didn't qualify for the incentives. So that's another effect, which, of course, makes us positive about the outlook for the Polestar 2 orders.

一開始我提到了一些地區差異。顯然，今年年初產生了影響，所有國家/地區的人們都知道，一開始的激勵措施將不再有效，顯然，推動了 2022 年 12 月的銷售，這當然對我們有所幫助2022 年 12 月很多。但出於這個原因，當然，第一季度在正常化方面表現較弱。我們希望這在北歐國家成為常態。當然，我們也開始更多地解釋和推動這樣一個事實，即 2023 年在美國通過租賃計劃購買 Polestar 2 有資格獲得獎勵，因此，我們也看到了興趣和訂單的回升對於美國的 Polestar 2，很明顯，我們在 22 年底遇到的減速，我現在稱之為短暫的時間，沒有資格獲得獎勵。所以這是另一個影響，當然，這讓我們對 Polestar 2 訂單的前景持樂觀態度。

That's all very helpful. My thought is on the cost management side, the global freeze and in the 10% pet reduction that you just announced today. Can you maybe elaborate more on timing? And then what parts of the business are managing that? And then maybe any more quantifiable annualized seminally as a result of reduction. Thank you.

這一切都非常有幫助。我的想法是在成本管理方面、全球凍結和您今天剛剛宣布的 10% 的寵物減少。您能否詳細說明時間安排？那麼業務的哪些部分正在管理它？然後，由於減少，可能任何更可量化的年度化是開創性的。謝謝。

Yes. Thanks, Dong. So as we've communicated, we're implementing a 10% headcount reduction, and that's often an existing base of around 3,300 employees. So this would then put us at 3,000 employees, which is the same level we ended last year and that we would then intend to keep through this year. So we're working through the specifics of the head count reduction as it relates to the EUR 300 million. You can expect to see those cost savings start coming through the SG&A during the second half of this year and then with the full run rate effect next year. If you take into account the reduction of the additional 500 planned head count for the year, then, of course, those costs are even higher.

是的。謝謝，東。因此，正如我們所傳達的那樣，我們正在實施 10% 的裁員計劃，這通常是現有約 3,300 名員工的基礎。因此，這將使我們擁有 3,000 名員工，這與我們去年結束時的水平相同，我們打算在今年保持這一水平。因此，我們正在研究與 3 億歐元相關的裁員細節。您可以期待看到這些成本節省在今年下半年開始通過 SG&A 實現，然後在明年產生全面的運行率效應。如果你考慮到今年計劃增加 500 名員工，那麼這些成本當然會更高。

Any sort of quantifiable sort of savings run rate that we can think about?

我們可以考慮任何一種可量化的儲蓄運行率？

We're still working through the specifics of that, Winnie. But of course, you can use the 300 epoxy against those 30 -- 300 reduction in headcount versus the actual numbers. I should also mention that we are also working on additional initiatives to drive out costs and to conserve cash in the company, such as trimming the development costs of certain car programs, efficiency gains with our commercial operations, where, for example, we've seen improvements in the quality levels of the Polestar 2, leading to lower warranty repairs and a little bit what we touched upon before in regards to our 27 markets, simply improving the efficiencies there and how we operate in now that we're becoming more established. So those are examples of additional actions across the company that we're taking.

溫妮，我們仍在研究具體細節。但是，當然，你可以使用 300 環氧樹脂來對抗那些 30 - 300 人減少與實際人數相比。我還應該提到，我們還在努力採取其他措施來降低成本並節省公司現金，例如削減某些汽車項目的開發成本，提高我們商業運營的效率，例如，我們已經看到了 Polestar 2 質量水平的提高，從而降低了保修維修，以及我們之前談到的關於我們 27 個市場的一些內容，只是提高了那裡的效率以及我們現在變得更加成熟的運營方式.因此，這些是我們正在採取的整個公司的額外行動的例子。

Got it. That's very helpful. Thank you so much.

知道了。這很有幫助。太感謝了。

Thank you. We will now take the next question. It's from the line of Tobias Beith from Redburn. Please go ahead.

謝謝。我們現在開始下一個問題。它來自 Redburn 的 Tobias Beith 血系。請繼續。

Hi, good afternoon. Thanks for taking my questions. I was just wondering if we could return back to order intake. And if I have looked at your balance sheet, advanced payments from customers declined sequentially again this time from EUR 41 million now to EUR 33 million, suggesting that gross new orders in the period may have been less than 12,000 units, which, I guess, if I annualize is 12,000 units less than the bottom end of your guided corridor. Are you able to comment on how orders have trended year-to-date and perhaps maybe what you're doing to stimulate new orders through the year? I have 2 follow-ups, if that's okay.

嗨，下午好。感謝您回答我的問題。我只是想知道我們是否可以返回接單。如果我查看了您的資產負債表，這次來自客戶的預付款再次從現在的 4100 萬歐元下降到 3300 萬歐元，這表明該期間的新訂單總額可能少於 12,000 件，我猜，如果我年化比你的引導走廊的底端少 12,000 個單位。您能否評論今年迄今為止的訂單趨勢，也許您正在做些什麼來刺激全年的新訂單？如果可以的話，我有 2 個後續行動。

Well, isn't that an indication just simply that we as well just simply are able to deliver faster to our customers. I mean the order book has always 2 sides to it. A strong order book. Yes, as nice as it is. It means as well that customers, of course, especially in the last year, had to wait quite long for the delivery. This normalizing is as well what you read in these numbers that this indeed is shrinking which for the customer might be a very good effect. So for that reason, don't interpret this number now over into interest going down. That's where, again, order intake is something that is across the regions varying. And generally, in the first quarter in the automotive industry is generally, of course, as well less intense than you would have it in the second half of the year. And that trend this year, we exactly see again happening that, of course, the fattiness in January, February is something that is with spring picking up and yes, this effect we will see in '23 again.

好吧，這難道不只是表明我們也能夠更快地向客戶交付產品嗎？我的意思是訂單簿總是有兩個方面。強大的訂單簿。是的，儘管如此。當然，這也意味著客戶，尤其是在去年，不得不等待相當長的時間才能交貨。這種標準化也是您在這些數字中讀到的，這確實在縮小，這對客戶來說可能是一個非常好的效果。因此，出於這個原因，現在不要將這個數字解釋為利息下降。這就是訂單攝入量因地區而異的原因。總的來說，汽車行業第一季度的緊張程度當然也沒有下半年那麼強烈。而今年的趨勢，我們確實再次看到發生，當然，1 月、2 月的肥胖是春季回暖的結果，是的，我們將在 23 年再次看到這種影響。

And Tobias, just on your phasing there don't forget, as we communicated before, we do expect volumes to be weighted more towards the second half. And that's the case even with the absence of the Polestar and part of that reason is also then on the back of the Polestar model year '24, which we then anticipate will drive a higher growth.

托比亞斯，就你的分階段而言，不要忘記，正如我們之前所傳達的那樣，我們確實希望下半年的交易量更加集中。即使沒有 Polestar，情況也是如此，部分原因也是在 Polestar 24 年款的支持下，我們預計這將推動更高的增長。

Okay. Cool. And my second question relates to the Polestar 4. And the indicative price that you announced at the Shanghai Auto Show of $60,000 given prior comparisons to the portion McCann was a little lower than I had anticipated. Do you still think that the comparison between Polestar and Porsche makes sense? Or do you think investors should now think of Polaris attempting to disrupt BMW or Mercedes Benz.

好的。涼爽的。我的第二個問題與Polestar 4有關。您在上海車展上宣布的60,000美元的指示性價格與之前與McCann的部分進行了比較，比我預期的要低一些。你還認為 Polestar 和 Porsche 之間的比較有意義嗎？或者你認為投資者現在應該想到北極星試圖顛覆寶馬或梅賽德斯奔馳。

Well, you referring with the 60,000 and thinking is a bit low. I mean it's -- you look at a company that with our direct sales business model has a very, very clear pricing here where you don't go into our shop and go -- leave it with a good deal. I mean that kind of having a list price that don't material doesn't materialize. It's not that much comparable. So I think you have to put that a little bit into the equation as well if you compare this. The 60,000, again, it's the car that probably does not have the performance back and certain addition on it.

好吧，你指的是60,000，思想有點低。我的意思是——你看一家公司，它採用我們的直銷業務模式，這裡的定價非常非常明確，你不用去我們的商店就可以了——留下一個很好的交易。我的意思是那種不重要的標價不會實現。沒有那麼大的可比性。所以我認為如果你比較這個，你也必須把它放在等式中。 60,000，同樣，這輛車可能沒有性能恢復和某些附加功能。

So you easily can spec up this car. Having said that, if you look at the comparison, it's very helpful for us to give that guidance for people to understand that the Polestar 4 does not directly compete with a Tesla Model Y, which -- where you would immediately say, oh, but isn't that car a little bit too expensive to compete with it. It is indeed much, much closer in its price range to a Porsche than it is to Tesla Model Y. And I think it is very important for us to give that guidance where to cut this car into position. Is it -- I mean we are our own brand. We are not out there to build Porsche Makin copy. We are putting our product there, which is in a way something new. And again, that's where it is helpful for us to give a little bit of that positioning in order for people not mistaking it as a tester model competitor.

所以你可以很容易地配置這輛車。話雖如此，如果你看一下比較，這對我們提供指導非常有幫助，讓人們了解 Polestar 4 不會直接與 Tesla Model Y 競爭，你會立即說，哦，但是那輛車是不是有點太貴了，無法與之競爭。與特斯拉 Model Y 相比，它的價格範圍確實更接近保時捷。而且我認為對我們來說非常重要的是給出將這輛車切入位置的指導。是嗎——我的意思是我們是我們自己的品牌。我們不是在那裡建造 Porsche Makin 副本。我們將我們的產品放在那裡，這在某種程度上是新的。再一次，這對我們提供一點定位是有幫助的，以免人們將其誤認為是測試模型的競爭對手。

Okay. And just a quick point of clarification. Is the $60,000 price point, your top end variance. So I guess, the equivalent of the dual motor large pack Polestar Please go ahead. and future variants may be cheaper? Or should we think of it the Polestar 4 is having more expensive variance being announced in the future?

好的。只是一個快速的澄清點。是 60,000 美元的價格點，您的高端差異。所以我猜，相當於雙電機大包的Polestar 請上車。未來的變體可能會更便宜？或者我們是否應該考慮 Polestar 4 在未來宣布的更昂貴的變化？

In the presentation at Auto Shanghai, we actually were quite, I call it now explicit about the price range that the Polestar 4 will cover very early in this time already. And indeed, there was a price range for the Polestar 4 wage was between 60 and 80,000. And I think that is -- that's where you pick the 6 now very exclusively. I mean this is a singular price point. So when you see that we actually -- let me try to remember it was, I think, RMB 350,000 to RMB 540,000. You have to translate that into dollars and then you get the price range, which obviously is much broader than just the $60,000 that you mentioned.

在上海車展上的演示中，我們實際上很明確，我現在稱其為 Polestar 4 很早就將覆蓋的價格範圍。確實，Polestar 4 的價格區間在 60 到 80,000 之間。我認為那是——這就是你現在非常排他性地選擇 6 的地方。我的意思是這是一個單一的價格點。所以當你看到我們實際上 - 讓我試著記住它是，我想，人民幣 350,000 至人民幣 540,000 元。你必須把它換算成美元，然後你才能得到價格範圍，這顯然比你提到的 60,000 美元要寬得多。

Okay. I'll look at the presentation. I must have missed that. Thank you for the answer I'll pass the line. Thanks.

好的。我會看看演示文稿。我一定是錯過了。謝謝你的回答我會通過的。謝謝。

[

[

Thank you. We will now take the next question. It's from the line of Dan Levy from Barclays. Please go ahead.

謝謝。我們現在開始下一個問題。它來自巴克萊銀行的 Dan Levy。請繼續。

Hi, good afternoon. Thanks for taking my question. After to you. Wanted to go back to just the pace of quarterly volume? And maybe you could give us a sense, in the first quarter, if the 12,000 units of deliveries, was that a function of demand? Or was that just a function of the output at I think, from the facility? And with the guidance that you're providing, the step-up in volume, is that just more so a function of output increasing? Or was that just a function of sort of seasonality, more demand coming online?

嗨，下午好。感謝您提出我的問題。之後給你。想回到季度銷量的步伐嗎？也許你可以給我們一個感覺，在第一季度，如果 12,000 單位的交付量是需求的函數嗎？還是我認為這只是設施輸出的一個函數？在您提供的指導下，產量的增加，是否更像是產量增加的函數？或者這只是某種季節性的作用，更多的需求上線了？

Dan, help me then I think it is a mix of both because indeed in the very beginning of this year, we were indeed as well lacking the stock, having sold lots of cars in the last quarter of '22. So a certain degree of not being able to deliver more cars versus well because we didn't have that many cars in stock there. This is, of course, normalizing and not the case anymore because I'm finally enough in this call for the first time. And we have not talked about supply chain issues, which I think is amazing because indeed, the supply signifies in the are not a topic that much this year. So yes, this obviously will for the rest of the year, not be the issue. Seasonality, indeed, you mentioned it that again is an effect on cans you would always in quarter 1 and probably in quarter 2, still have less automotive business happening then in the past in quarter 3 and 4. So indeed, that will be exactly the same in '23 again.

丹，幫幫我，我認為這是兩者的結合，因為確實在今年年初，我們確實也缺乏庫存，在 22 世紀最後一個季度售出了很多汽車。因此，在一定程度上無法交付更多的汽車，因為我們那裡沒有那麼多的汽車庫存。當然，這是正常化的，現在不再是這種情況了，因為我終於可以第一次參加這次電話會議了。而且我們還沒有討論供應鏈問題，我認為這很了不起，因為事實上，供應意味著今年的話題並不多。所以是的，這顯然在今年餘下的時間裡不會成為問題。季節性，確實，你提到它再次對罐頭產生影響，你總是在第 1 季度，可能在第 2 季度，在第 3 季度和第 4 季度發生的汽車業務仍然比過去少。所以確實，這將是同樣在 23 年。

Yes, I can only echo what Thomas said a little bit of a pipe supply going into this year. So a combination of the 2 then. But on a go-forward basis, the production is we don't expect to be in the pediment -- it's going to be the more demand driven. And as I said, with volumes increasing and weighted towards the second half, again, also as we start then delivers of the model year '24.

是的，我只能回應 Thomas 所說的今年管道供應的一些情況。那麼將兩者結合起來。但在前進的基礎上，我們不希望生產處於前衝狀態——它將更多地受到需求的驅動。正如我所說，隨著銷量的增加和對下半年的重視，同樣，當我們開始交付 24 年車型時。

Got it. Okay. So you're past the supply constraints, and it's more a function of demand. Second, I wanted to ask about -- just go back to the pricing strategy, and I appreciate your comments about focusing on -- your customers are looking for price stability, but maybe you can talk to how you think the macro plays into your pricing strategy, if at all?

知道了。好的。所以你已經超越了供應限制，它更像是需求的函數。其次，我想問 - 回到定價策略，我很欣賞你關於關注的評論 - 你的客戶正在尋求價格穩定，但也許你可以談談你認為宏觀如何影響你的定價戰略，如果有的話？

Well, the market definitely plays in that, for example, the model mix, of course, customers are more price sensitive and would probably think twice if they add another package to it. So generally, the average of what price we sell opposed to. Yes, that, of course, that has an influence that people are in the environment more careful in spending money. Of course, we have an influence from that side.

好吧，市場肯定在其中發揮作用，例如，模型組合，當然，客戶對價格更敏感，如果他們添加另一個包可能會三思而後行。所以一般來說，我們賣出的價格的平均值與此相反。是的，這當然會影響人們在環境中更謹慎地花錢。當然，我們有來自那方面的影響。

And you saw an element of that then in the average selling price for Q1, actually, that even though on the one hand, it reflected the benefits of the prior price increases. Actually, it was overshadowed by a negative translation effect, but there also was a small element of negative variant mix effect to Thomas' point. So I think that's one example. -- of the macro conditions.

你在第一季度的平均售價中看到了其中的一個因素，實際上，即使在一方面，它反映了先前價格上漲的好處。實際上，它被負面的翻譯效果所掩蓋，但也有一小部分負面的變體混合效應對 Thomas 的觀點。所以我認為這是一個例子。 ——宏觀條件。

Great. If I could just squeeze one more in, please. I know you mentioned that Polestar 4 is on a different platform than Polestar 3. And so that's why it's not going to be delayed. But maybe you could just remind us of maybe what pieces of software are shared or aren't shared between the 2 and just the confidence that you have that Polestar 4 is still going to be on track for SOP before the end of the year.

偉大的。如果我能再擠一個進去，拜託了。我知道你提到過 Polestar 4 與 Polestar 3 在不同的平台上。所以這就是它不會被延遲的原因。但也許你可以提醒我們，兩者之間共享或不共享哪些軟件，以及你對 Polestar 4 仍將在年底前按計劃進行 SOP 的信心。

Yes, the customer-facing side of, I call it now the entertainment software is indeed shared because the Android-based Google system is part of both capsids for the customer, that's indeed is one experience for -- it's -- and I would not nail it down now only to the electric platform generally because basically, it's 2 different entities working on it, one contract engineered with one theme, one contract engine need by another team, of course, secures as well that the timing between the 2 cars is pretty much independent, and we do not have a knock-on effect of Polestar 3 SOP onto the SOP that we would have with the Polestar 4. So it's not just due to having a different electronic architecture.

是的，面向客戶的一面，我現在稱之為娛樂軟件確實是共享的，因為基於 Android 的谷歌系統是客戶的兩個衣殼的一部分，這確實是一種體驗——它是——我不會現在通常只將其確定為電動平台，因為基本上有 2 個不同的實體在處理它，一份合同是針對一個主題設計的，一份合同發動機需要另一支車隊，當然，這也確保了兩輛車之間的時間安排是非常獨立，我們沒有將 Polestar 3 SOP 與 Polestar 4 的 SOP 產生連鎖反應。所以這不僅僅是因為具有不同的電子架構。

Okay. Thank you.

好的。謝謝。

Thank you. We will now take the next question. It's from the line of Andres Sheppard from Cantor Fitzgerald. Please go ahead.

謝謝。我們現在開始下一個問題。它來自 Cantor Fitzgerald 的 Andres Sheppard 系列。請繼續。

Hi, good morning. Thanks for taking my question. Congratulations on the quarter. A lot of our questions have been asked. Maybe I'm wondering, can you give us an update on how the plans regarding the manufacturing in South Carolina is progressing? Is that still on track? Or are there any updates there? The update is that there is on track.

早上好。感謝您提出我的問題。祝賀這個季度。我們的很多問題都被問到了。也許我想知道，您能否向我們介紹有關南卡羅來納州製造計劃的最新進展情況？這還在軌道上嗎？或者那裡有更新嗎？更新是有在軌道上。

The timing for the production in South Carolina to start producing Polestar 3 and again, not only for the U.S. but as well for export is -- has been in the middle of 24 and it stays for that timing. So indeed, we will start producing the Polestar 3 in the U.S. in the middle of 2024.

南卡羅來納州的生產開始生產 Polestar 3 的時間，不僅對美國而且對出口來說都是 - 一直在 24 日中旬，並且一直保持到那個時間。事實上，我們將於 2024 年年中開始在美國生產 Polestar 3。

Got it. Okay. That's very helpful, Thomas. And then maybe as a follow-up, is it possible to quantify a little bit further the relationship with Hertz in terms of how deliveries are going? Or kind of what's to be expected for either later this year or next year? Just trying to get a sense of how we should be thinking about it.

知道了。好的。這很有幫助，托馬斯。然後也許作為後續行動，是否有可能進一步量化與赫茲在交付情況方面的關係？或者今年晚些時候或明年會發生什麼？只是想了解我們應該如何考慮它。

Now in regards to Hertz, still according to plan with the 65,000 cars gradually then being delivered over this 5-year period. There was an initial tranche that was delivered in 2022, which then continues to build during 2023 before landing at a more level run rate as from next year and for the remaining volumes. So it's going to be a gradual buildup before we get to more of a kind of a stabilized run rate of the $65 million.

現在關於赫茲，仍然按照計劃在這 5 年內逐步交付 65,000 輛汽車。最初的一批於 2022 年交付，然後在 2023 年繼續建設，然後從明年開始以更高水平的運行率著陸，其餘的數量。因此，在我們達到 6500 萬美元的穩定運行率之前，這將是一個漸進的積累。

Thank you. (Operator Instructions) And we will now take the next question. It's from the line of Alex Potter from Piper Sandler. Please go ahead.

謝謝。 （操作員說明）我們現在開始下一個問題。它來自 Piper Sandler 的 Alex Potter 系列。請繼續。

Excellent. So I just have one question. It goes back to this topic of software. I think it's an important one. It seems that a lot of people in the industry are struggling with it. So basically, I suppose the main question is, can you summarize Polestar's philosophy with regard to software development? And then maybe more broadly, your partners, philosophies, Volvo, GLE philosophies with regard to software development. And do you think that any fundamental changes need to be made by the industry or by your company more specifically with regard to software in order to prevent delays to vehicle launches or other production disruption in the future. Thanks very much.

出色的。所以我只有一個問題。它回到了這個軟件主題。我認為這是一個重要的。似乎很多業內人士都在為此苦苦掙扎。所以基本上，我想主要問題是，你能總結一下 Polestar 在軟件開發方面的理念嗎？然後可能更廣泛地說，你的合作夥伴、哲學、沃爾沃、GLE 關於軟件開發的哲學。您是否認為行業或您的公司需要對軟件進行更具體的任何根本性改變，以防止未來車輛發布延遲或其他生產中斷。非常感謝。

Yes, right I have to go back here a little bit to how the product portfolio and what we call the asset-light model of Polestar, actually, what it's based on. And from -- almost from day 1 with Polestar we had to explain our key thing is not to have that one thing where we build on and what we invest into, and this is the base of everything. It's the opposite. We have the access to different technology in the group and dependent on the type of car, the price point of the car, the technology that is needed for that. We pick and choose that technology.

是的，我必須在這裡稍微回顧一下產品組合以及我們所說的 Polestar 的輕資產模型，實際上，它是基於什麼的。從 - 幾乎從與 Polestar 的第一天開始，我們就必須解釋我們的關鍵事情不是擁有我們建立的東西和我們投資的東西，這是一切的基礎。恰恰相反。我們可以在集團中使用不同的技術，這取決於汽車的類型、汽車的價格點以及所需的技術。我們挑選並選擇該技術。

And for that reason, yes, there are different technology base for our cars, which we then -- for the customer experience, of course, students become post us. That's why I said the interface for the entertainment, how you actually drive our car, what are the functions that is, of course, what is unified. But the technology might differ underneath.

出於這個原因，是的，我們的汽車有不同的技術基礎，然後我們 - 為了客戶體驗，當然，學生成為我們的後盾。這就是為什麼我說娛樂的界面，你實際上如何駕駛我們的車，有什麼功能，當然，什麼是統一的。但底層技術可能有所不同。

And there are projects like the Polestar 3, which obviously is very much at the pinnacle of innovative, great technology coming to the market with an electronic architecture, which indeed will in the near future enable a LiDAR supported unsupervised highway piloting. I mean, this is obviously part of this architecture. And I would say, yes, should I call it not understandable reasons, but of course, the complexity and the innovativeness of that platform is, of course, something that has to be handled. Good, this is, of course, the case now with support the Polestar 3 good that we indeed have, at the other hand, at the same time, the living proof of that spreading onto different technology basis actually has the advantage that you, in a way, de-risk as well the company because, indeed, there is no knock-on effect on the Polestar 4. It is in a way that independent development that there is no knock-on effect.

還有像 Polestar 3 這樣的項目，它顯然處於創新的頂峰，偉大的技術以電子架構進入市場，這確實將在不久的將來實現 LiDAR 支持的無人監督高速公路駕駛。我的意思是，這顯然是該架構的一部分。我會說，是的，我應該稱之為不可理解的原因，但當然，該平台的複雜性和創新性當然是必須處理的事情。好，當然，現在支持我們確實擁有的 Polestar 3 好，另一方面，與此同時，傳播到不同技術基礎上的活生生的證據實際上具有優勢，你在從某種意義上說，也可以降低公司的風險，因為 Polestar 4 確實沒有連鎖反應。獨立開發在某種程度上沒有連鎖反應。

That's where we, on the other hand, see, of course, an incredible learning curve when you ask now what are the learnings and the consequences. I mean, obviously, this big technology shift that is happening right now in the -- generally in the automotive world going into electronic architectures in the car, which, of course, are very different to what the industry used to do in the past. Yes, there are some painful learning steps to be taken now, but I'm very sure that this will pay off in the future. We have already today in the Polestar 2 great benefits of new technology with over-the-air updateability which we perform in this car.

另一方面，當你現在問學習和結果是什麼時，我們當然會看到令人難以置信的學習曲線。我的意思是，很明顯，現在正在發生的這種重大技術轉變——通常是在汽車領域進入汽車電子架構，當然，這與該行業過去所做的非常不同。是的，現在需要採取一些痛苦的學習步驟，但我非常確定這將在未來得到回報。我們今天已經在 Polestar 2 中獲得了新技術的巨大優勢，我們在這款車上執行了無線更新。

And again, that was painful in the very first moment. The first half year definitely was a high learning core required. But look at it today, I mean, we almost without Bigua rollout and over the updates as opposed Polestar Please go ahead. if this is not a topic anymore, it's just happening. So I think, indeed, what we see now with Polestar 3 happening. Yes, that's, of course, an initial hiccup, but I think the technology that we reach with it and the learning that we do is it will generally be a very good foundation for a much smoother future in that.

再一次，這在最初的時刻是痛苦的。上半年絕對是一個高要求的學習核心。但看看今天，我的意思是，我們幾乎沒有 Bigua 推出和更新，而不是 Polestar 請繼續。如果這不再是一個話題，那就是正在發生。所以我認為，確實，我們現在看到的 Polestar 3 正在發生。是的，這當然是最初的小問題，但我認為我們用它達到的技術和我們所做的學習通常會為更順利的未來打下良好的基礎。

Okay. Very good. I appreciate it. Thanks.

好的。非常好。我很感激。謝謝。

Thank you. There are no further questions on the telephone at this time. I would like to hand back over to the speakers for shareholder questions.

謝謝。目前電話上沒有其他問題。我想將股東問題交還給發言人。

Yes, right. We have shareholder questions. And Guyana was bringing the top 3 voted questions together here, and I have them in front of me, and I would like to go through them. And we have question number one, why has Poster not invested in brand wins in the U.S. market? The brand is still not being considered as an alternative in numerous car comparisons and the technically exceeds many of its small popular competitors?

對，對。我們有股東問題。圭亞那將投票數最多的 3 個問題放在一起，我把它們放在我面前，我想仔細研究一下。我們有第一個問題，為什麼 Poster 沒有投資於在美國市場贏得品牌？該品牌在眾多汽車比較中仍未被視為替代品，並且在技術上超過了許多小型流行競爭對手？

This statement, of course, is provoking me here a little bit with has not invested in brand awareness, which I cannot confirm. We have invested heavily over the last years into the brand awareness of Polestar. And I have met now here to fundamentally actually almost state the opposite because the -- just looking very fact based on what brand awareness Polestar achieves and now specifically in the U.S. And in a study that's researchers aided brand awareness. We have improved -- a year ago when we had the big Super Bowl push and made that jump to a 10% brand awareness at that point in time. And when you see now a year later, without a spectacular thing like Super Bowl, but constant and permanent work with our marketing, with our communications, we have stepped up from this 10% to a 13% aided brand awareness. And now to put that into perspective, this 13%, if you compare that to One of the competitors is very often mentioned then as kind of that much better than Polestar. Actually, you said with 14.6% is very, very close to this 13%.

當然，這種說法有點激怒了我，因為我沒有投資品牌知名度，我無法證實這一點。在過去的幾年裡，我們投入了大量資金來提升 Polestar 的品牌知名度。我現在在這裡開會，從根本上說幾乎完全相反，因為——根據 Polestar 所取得的品牌知名度，現在特別是在美國，在一項研究中，研究人員幫助品牌知名度。我們已經有所改進——一年前，當我們大力推廣超級碗時，品牌知名度在那個時間點躍升至 10%。當你看到一年後的現在，沒有像超級碗這樣壯觀的事情，而是通過我們的營銷和溝通進行持續和永久的工作，我們已經從 10% 提高到 13% 的輔助品牌知名度。現在從這個角度來看，這 13%，如果你將它與經常提到的競爭對手之一進行比較，那麼它比 Polestar 好得多。實際上，你說的 14.6% 非常非常接近這個 13%。

So the perception that we are limping behind in brand awareness in the U.S. is actually much less different than the felt lack of brand awareness of Polestar. Now I don't want to make that now like, oh, this is not a topic for us. Of course, we want to improve. And of course, we want to improve brand awareness, especially in the U.S. And for that reason, there are just now in this quarter, quarter 2, a $20 million marketing campaign in the second quarter in the U.S. market active. And we have with the Polestar 3 TBC, a very successful high engagement rate where spending actually much less than others, achieving much more of action and response on that television of Polestar 3.

因此，我們在美國的品牌知名度方面一瘸一拐的看法實際上與 Polestar 缺乏品牌知名度的感覺差別不大。現在我不想說，哦，這不是我們的話題。當然，我們想改進。當然，我們希望提高品牌知名度，尤其是在美國。出於這個原因，本季度，第二季度，第二季度在美國市場開展了一項 2000 萬美元的營銷活動。我們在 Polestar 3 TBC 上取得了非常成功的高參與率，實際上花費比其他人少得多，在 Polestar 3 的電視上實現了更多的行動和響應。

So I think it's a combination, on one hand, of course, spending money and doing something, but doing it in a very efficient way and having lots of bang for the buck. And that means really high amount of customer activation and generating traffic on our dot-com with these actions. So that's where I think the U.S. market, of course, it will take as well time. It will take as well more cars, the Polestar 3 and 4 coming to the market. Of course, this is as well very much needed. And on the other hand, the Polestar space is with a significant amount being out there and covering coming over this tipping point where you just simply feel the presence of the brand still building that up. But I want to say again, we are not at all in that bad position as it's sometimes displayed. And to remind you as well, selling cars, I mean, actually selling the Polestar 2 as an electric car, it's on fifth place in the sales statistics. Just to remind you of the selling success of the car in that respect, being in front of Mercedes EQS, Nissan leave the Texan and of course, selling many more Polestar 2.

所以我認為這是一種結合，一方面，當然，花錢和做某事，但以一種非常有效的方式去做，並且物有所值。這意味著通過這些操作可以激活大量客戶並在我們的網絡上產生流量。所以這就是我認為美國市場的地方，當然，這也需要時間。它還將需要更多的汽車，Polestar 3 和 4 進入市場。當然，這也是非常需要的。另一方面，Polestar 空間有大量存在並覆蓋了這個臨界點，你只是簡單地感覺到該品牌的存在仍在建立它。但我想再說一遍，我們並不像有時顯示的那樣處於糟糕的境地。還要提醒您，銷售汽車，我的意思是，實際上將 Polestar 2 作為電動汽車銷售，它在銷售統計數據中排名第五。只是為了提醒您汽車在這方面的銷售成功，在梅賽德斯 EQS 之前，日產離開 Texan，當然，銷售更多的 Polestar 2。

Second question picks up the similar topic, but it's a bit broader. How does Polestar plan to dramatically increase market awareness as of now, nobody now has heard of Polestar? Again, I would love to put that in perspective. And from -- I presume this comes from the U.S. question, I think we have to balance as well a little bit. Yes, this, I call it now slightly limping behind the U.S. market and brand awareness. If you put that into the global perspective, us being in 27 markets out there and in many, the overwhelming majority of these markets having a much bigger distance to our peers there who took grants that we are compared to in terms of brand awareness. I think that is as well very important to understand. Now let's take, I call it now a neutral market, Germany, 25% brand awareness of Polestar in Germany versus a 5% brand awareness of Neo or BID was 4.5%.

第二個問題選擇了類似的主題，但范圍更廣。到目前為止，Polestar 計劃如何大幅提高市場知名度，現在還沒有人聽說過 Polestar？再一次，我很樂意正確看待這一點。來自——我認為這是來自美國的問題，我認為我們也必須平衡一點。是的，我稱之為現在略微落後於美國市場和品牌知名度。如果你把它放在全球的角度來看，我們在 27 個市場和許多市場中，絕大多數這些市場與我們的同行有更大的距離，他們在品牌知名度方面與我們進行了比較。我認為理解這一點也非常重要。現在讓我們來看看，我現在稱之為中性市場，德國，Polestar 在德國的品牌知名度為 25%，而 Neo 或 BID 的品牌知名度為 5%，為 4.5%。

Now we have one measurement in Holland in Netherlands, 41% brand awareness of Polestar, 3.1 % of Lucid. I mean that -- to show what difference is in markets where we are very, very well established and strong. And then compared to that, our difference in the U.S. is not that big as it is in other countries where we are really exceeding very much the brand awareness of our peers. So for that reason, I think that young and still small brand Polestar has actually quite a good starting point in order to, of course, still accelerate and build brand awareness in those markets. And again, all that has been achieved, which is one Polestar 2 thinking that we will be in 24 in these markets with 3 products. Of course, it's as well a complete different base.

現在我們在荷蘭的荷蘭進行了一項測量，Polestar 的品牌知名度為 41%，Lucid 的品牌知名度為 3.1%。我的意思是 - 展示我們非常非常成熟和強大的市場有什麼不同。與此相比，我們在美國的差異並不像在其他國家那樣大，我們在這些國家的品牌知名度確實大大超過了同行。因此，出於這個原因，我認為年輕且仍然很小的品牌 Polestar 實際上有一個很好的起點，當然可以在這些市場中加速和建立品牌知名度。再一次，所有這些都已經實現了，這是一個 Polestar 2 認為我們將在這些市場上 24 年推出 3 種產品。當然，它也是一個完全不同的基礎。

Question number 3, we actually covered already with one of the questions before about the South Carolina plant and when it will start producing and again confirming that May, 24 is the timing for South Carolina production. Right. Yes, closing remarks and from my side here. In -- we will have that portfolio of 3 cars. And it will include 2 electric SUVs, which obviously is very important because that's a fast-growing segment in the EV space. Polestar 3, the display cars will, in the retail occasions arrive by the end of this summer. And we will do a very, very nice ramp-up of our marketing and customer engagement activities because, of course, we want to build that strong order book for Post this year. The launch of Polestar 3 I created a lot of headlines last month, and the bold and really great design of the car, I think, made really nice resonance with the media and the customers. And it's start of production, we confirm again here is quarter 4 of 2023. And the start of production for the rest of the world is early in 2024.

第 3 個問題，我們實際上已經回答了之前關於南卡羅來納州工廠及其何時開始生產的問題之一，並再次確認 5 月 24 日是南卡羅來納州生產的時間。正確的。是的，結束語和我這邊的發言。在 - 我們將擁有 3 輛汽車的組合。它將包括 2 款電動 SUV，這顯然非常重要，因為這是電動汽車領域快速增長的細分市場。展示車 Polestar 3 將於今年夏末在零售場合亮相。我們將非常非常好地加強我們的營銷和客戶參與活動，因為當然，我們希望今年為 Post 建立強大的訂單簿。 Polestar 3 I 的發佈在上個月創造了很多頭條新聞，我認為這款車大膽而非常棒的設計在媒體和客戶中引起了很好的共鳴。它開始生產，我們在這裡再次確認是 2023 年第 4 季度。世界其他地區的生產開始時間是 2024 年初。

Then the Polestar, we will continue to build on the success of the car by starting the customer deliveries for its model year '24, which is, of course, a very important model year upgrade with substantial tech upgrades. And this body '24 Polestar 3 introducing as well the new front design that has a smartphone signature that you all know from Polestar 3. So I remain -- we remain confident that all of this will help us to deliver on the growth ambitions and of course, as well to the path to profitability of Polestar. Yes. Thanks for joining this call. Yes. Thank you.

然後是 Polestar，我們將繼續在汽車的成功基礎上再接再厲，開始為其 24 年車型交付客戶，這當然是一個非常重要的車型年升級，具有大量技術升級。這款車身 '24 Polestar 3 還引入了新的前端設計，該設計具有眾所周知的 Polestar 3 智能手機簽名。所以我仍然 - 我們仍然相信所有這些都將幫助我們實現增長雄心和當然，還有 Polestar 的盈利之路。是的。感謝您加入此電話會議。是的。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。