Polestar Automotive Holding Uk Plc (PSNY) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Polestar Q2 2023 Results Conference. (Operator Instructions) Please be advised today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Polestar 2023 年第二季度業績發布會。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我想將會議交給今天的發言人博亞娜·弗林特。請繼續。

Thank you, operator. Hello, everyone. My name is Bojana Flint from Polestar Investor Relations. Thank you for joining our Q2 2023 results call.

謝謝你，接線員。大家好。我叫 Bojana Flint，來自 Polestar 投資者關係部。感謝您參加我們的 2023 年第二季度業績電話會議。

Before handing over to Thomas Ingenlath, our CEO; and Johan Malmqvist, our CFO, for their opening remarks, I will cover some housekeeping points. I would like to remind participants that many of our comments today will be considered forward-looking statements under U.S. federal 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 and industry trends, company initiatives and other future events.

在移交給我們的首席執行官 Thomas Ingenlath 之前；在我們的首席財務官約翰·馬爾姆奎斯特 (Johan Malmqvist) 的開場白中，我將介紹一些內務管理要點。我想提醒參與者，根據美國聯邦證券法，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結果存在重大差異。這些前瞻性陳述包括但不限於有關公司未來財務業績、產量和交付量、財務和經營業績、前景和指導、宏觀經濟和行業趨勢、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 our annual report on Form 20-F filed with the SEC.

今天做出的前瞻性陳述僅在今天有效，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有所不同的一些因素的討論，請查看我們向 SEC 提交的 20-F 表格年度報告中的風險因素部分。

In addition, management will make references to non-GAAP financial measures during the 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 is in the investor of the presentation issued earlier today.

此外，管理層將在電話會議期間參考非公認會計準則財務指標。今天早些時候發布的投資者報告中討論了我們為什麼使用非公認會計原則財務指標，以及有關我們的非公認會計原則財務指標與我們最直接可比的公認會計原則指標的調節信息。

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

說到這裡，我想把電話轉給托馬斯。請繼續。

Thank you, Bojana. Let me reflect on some of the key operational and business highlights and outlook for 2023.

謝謝你，博亞娜。讓我回顧一下 2023 年的一些關鍵運營和業務亮點以及展望。

It was a record second quarter for us, with 36% growth in deliveries versus last year. Combined with the first quarter, we delivered around 28,000 vehicles in the first 6 months of this year with particularly strong growth in many of our established markets and solid growth in some of our newest markets. We increased revenue by 18% to $1.2 billion for the first 6 months of 2023 and with continued strong momentum into the second half of the good year, we expect to deliver between 60,000, 70,000 vehicles and a gross margin of 4% for 2023.

第二季度我們創下了創紀錄的成績，交付量比去年增長了 36%。與第一季度相結合，今年前 6 個月我們交付了約 28,000 輛汽車，其中許多成熟市場的增長尤其強勁，而一些最新市場的增長也穩健。 2023 年前 6 個月，我們的收入增長了 18%，達到 12 億美元，隨著下半年的強勁勢頭持續強勁，我們預計 2023 年將交付 60,000 至 70,000 輛汽車，毛利率為 4%。

Coming to recent business developments. Last quarter, I talked about the first customer deliveries of our upgraded Polestar 2, and these have now started to ramp up, taking us past another milestone having 150,000 cars manufactured in just over 3 years. The upgraded Polestar 2 is the best version to date. We improved software longer range of up to 650 kilometers and faster charging with an effect of up to 205 kilowatts. All while reducing credit gate carbon emissions by 3 tonnes per car and introducing the new smartphone phase identity from Polestar 3 on the 2.

談談最近的業務發展。上個季度，我談到了我們升級後的Polestar 2 的首批客戶交付情況，現在這些交付量已經開始增加，使我們在短短3 年多的時間裡製造了150,000 輛汽車，從而跨越了另一個里程碑。升級後的Polestar 2是迄今為止最好的版本。我們改進了軟件，使續航里程更遠，可達 650 公里，充電速度更快，功率可達 205 千瓦。與此同時，每輛車的信用門碳排放量減少了 3 噸，並在 2 月 2 日引入了 Polestar 3 的新智能手機階段標識。

It is a fantastic car. J.D. Power's Tech Experience Index placed Polestar 3 in the top 3, and there are a number of enthusiastic independent reviews across motoring magazines and on YouTube. Just a few weeks ago, we were at the Goodwood Festival of Speed in the U.K., where Polestar 3 and Polestar 5 had their dynamic debuts, making the traditional hill climb in front of the crowd. Seeing these 2 cars and what they are capable of in terms of performance and driving experience is a testament to our outstanding engineering teams.

這是一輛很棒的車。 J.D. Power 的技術體驗指數將 Polestar 3 排在前 3 名，汽車雜誌和 YouTube 上也有許多熱情的獨立評論。就在幾週前，我們在英國古德伍德速度節上，Polestar 3和Polestar 5動力十足地首次亮相，將傳統的爬坡運動帶到了眾人面前。看到這 2 輛車以及它們在性能和駕駛體驗方面的能力，證明了我們出色的工程團隊。

I'm delighted that Polestar 3 is now available for customers to experience in many of our retail spaces around the world. And Polestar 5 shows what the next steps are for our brand, reflected in its design handling and top-level spot premium positioning.

我很高興 Polestar 3 現在可供客戶在我們世界各地的許多零售店體驗。 Polestar 5 展示了我們品牌的下一步計劃，體現在其設計處理和頂級現貨溢價定位上。

We have started formally taking orders for Polestar 4, our SUV coupe, less than a week ago at the Chengdu Auto Show. And now 3 days in reception and order take have been fantastic. As a reminder, our SUV coupe combines the great space with an amazing dynamic driving attributes. It is positioned between Polestar 2 and the Polestar 3 in terms of size and price. Polestar 4 is on track to start production in November with the first customer deliveries in China expected before year-end. Deliveries to the rest of the world are planned for early 2024.

不到一周前，我們在成都車展上正式開始接受SUV轎跑車Polestar 4的訂單。現在 3 天的接待和訂單處理非常棒。提醒一下，我們的 SUV 轎跑車將寬敞的空間與令人驚嘆的動態駕駛特性結合在一起。它的尺寸和價格定位在Polestar 2和Polestar 3之間。 Polestar 4 有望於 11 月開始生產，預計年底前向中國首批客戶交付。計劃於 2024 年初向世界其他地區交付。

Now moving on to our joint venture in China, which is taking steps to strengthen the development of our brand there. I believe that this innovative partnership with Xingji Meizu Group, an acknowledged mobile device company with excellent software competence is the best way to succeed in this important and highly competitive EV market. Software and user experience will be key to the success.

現在我們在中國的合資企業正在採取措施加強我們品牌在中國的發展。我相信，與魅族集團（一家擁有卓越軟件能力的知名移動設備公司）的這種創新合作夥伴關係是在這個重要且競爭激烈的電動汽車市場取得成功的最佳途徑。軟件和用戶體驗將是成功的關鍵。

The latest steps on the important technology journey is autonomous driving. Last week, we announced a collaboration with Mobileye for the adoption of the autonomous driving solutions, making Polestar 4, the first production cut to feature Mobileye's Chauffeur technology. When launched, Chauffeur is expected to offer eyes-off point-to-point autonomous driving on highways as well as eyes-on automated driving for other environments. As our lineup growth, we continue to develop our commercial footprint, shifting to permanent larger retail spaces to deliver a premium customer experience.

重要技術之旅的最新舉措是自動駕駛。上週，我們宣布與 Mobileye 合作採用自動駕駛解決方案，使 Polestar 4 成為首款採用 Mobileye Chauffeur 技術的減產車型。 Chauffeur 推出後，預計將提供高速公路上的無視點對點自動駕駛以及其他環境下的無視自動駕駛。隨著我們產品線的增長，我們繼續發展我們的商業足跡，轉向永久性的更大的零售空間，以提供優質的客戶體驗。

We have recently opened spaces in Porto, Portugal, Chengdu, China and Houston and Palm Beach in the United States. In the U.K., we are opening new 3 test spaces in Glasgow and North London in the coming months. And in Canada, we are expanding with additional spaces in cities where we already have a presence like Vancouver, Toronto and Montreal.

我們最近在葡萄牙波爾圖、中國成都以及美國休斯頓和棕櫚灘開設了空間。在英國，我們將在未來幾個月內在格拉斯哥和北倫敦開設 3 個新的測試空間。在加拿大，我們正在溫哥華、多倫多和蒙特利爾等我們已經開展業務的城市增加更多空間。

Staying in North America, we have announced the adoption of Tesla's charging standard for all new Polestar sold in the U.S. and Canada from 2025, making it even easier to own and charge your Polestar.

在北美，我們宣布從 2025 年起，在美國和加拿大銷售的所有新款 Polestar 將採用 Tesla 的充電標準，讓擁有 Polestar 並為其充電變得更加容易。

Finally, before I hand over to Johan, I want to touch upon the outlook. Despite macroeconomic uncertainty, we continue to expect a stronger second half supported by the easing of supply chain disruptions and reducing raw material costs. As mentioned, we expect to deliver a 4% gross margin for the year. But this level of profitability is not enough.

最後，在我把話題交給約翰之前，我想談談展望。儘管宏觀經濟存在不確定性，但我們仍預計下半年將在供應鏈中斷緩解和原材料成本降低的支撐下走強。如前所述，我們預計今年的毛利率為 4%。但這種盈利水平還不夠。

We have already taken steps to manage costs and are taking an even harder look at ways that will improve our margins. We continue to work closely with our 2 very supportive main shareholders on funding options. We will provide more detail on all our efforts and concrete actions in conjunction with the third quarter results.

我們已經採取措施來管理成本，並且正在更加努力地尋找提高利潤率的方法。我們繼續與兩位非常支持的主要股東就融資方案密切合作。我們將結合第三季度業績提供更多關於我們所有努力和具體行動的細節。

Thank you for listening in. And I look forward to taking your questions after Johan's remarks.

感謝您的收聽。我期待在約翰發言後回答您的問題。

Thank you, Thomas. Hello, everyone, and thank you for joining us today.

謝謝你，托馬斯。大家好，感謝您今天加入我們。

In the first 6 months of 2023, we have delivered 27,841 cars globally, up 31% year-over-year, with strong volume growth in markets such as the U.K., Canada and Australia, and with incremental sales in our newest markets of Italy and Spain. With an established global presence in 27 markets on 4 continents, we have opened 25 new Polestar spaces since June last year, bringing the total to 150 million. We're developing our retail sales footprint into larger permanent facilities that will better accommodate our growing lineup.

2023 年前 6 個月，我們在全球交付了 27,841 輛汽車，同比增長 31%，英國、加拿大和澳大利亞等市場的銷量增長強勁，意大利和澳大利亞等最新市場的銷量也有所增加。西班牙。自去年 6 月以來，我們已在 4 大洲 27 個市場建立了全球影響力，已開設 25 個新的 Polestar 車位，使車位總數達到 1.5 億。我們正在將零售銷售足跡發展為更大的永久性設施，以更好地適應我們不斷增長的產品陣容。

Our customers continue to benefit from an extensive service point footprint up 200 in a year to about 1,130 and as Thomas said, we are adopting the Teslas North American charging standard for all new Polestar sales in the U.S. and Canada from 2025.

我們的客戶繼續受益於廣泛的服務點覆蓋範圍，一年內增加200 個，達到約1,130 個，正如Thomas 所說，我們將從2025 年起在美國和加拿大銷售的所有新Polestar 均採用特斯拉北美充電標準。

Before moving on to the financial highlights and the 2023 outlook. I would like to echo the points Thomas raised on expecting a stronger second half of the year, reflecting the transition to the upgraded Polestar 2 Model year '24 with higher anticipated both volume and margin. We also expect first deliveries of Polestar 4 in China. As a reminder, and looking further ahead to 2024, we will benefit from the rollout of the Polestar 4 to other markets as well as the commencement of Polestar 3 deliveries from Q2 2024.

在繼續討論財務要點和 2023 年展望之前。我想贊同 Thomas 提出的觀點，即預計今年下半年將表現強勁，這反映出向 24 年升級版 Polestar 2 車型的過渡，預計銷量和利潤率均更高。我們還預計 Polestar 4 將在中國首次交付。謹此提醒，展望 2024 年，我們將受益於 Polestar 4 向其他市場的推出以及 Polestar 3 從 2024 年第二季度開始的交付。

The cost saving measures announced last quarter, which include taking out both existing headcount as well as roles that were planned for this year are progressing well. In addition, as Thomas said, we continue to explore other areas where we can become leaner and more efficient to take down costs further and improve our competitiveness. And here, we will give an update at our next earnings call.

上季度宣布的成本節約措施，包括削減現有員工以及今年計劃的職位，進展順利。此外，正如托馬斯所說，我們將繼續探索其他可以變得更精簡、更高效的領域，以進一步降低成本並提高我們的競爭力。在這裡，我們將在下次財報電話會議上提供最新情況。

Moving to the financial highlights for the second quarter of 2023. Revenue increased 16% from $589 million to $685 million, driven by higher Polestar 2 deliveries and price increases implemented last year on model year '23, in part offset by sales channel mix, product mix and higher discounts. Gross profit decreased from $61 million to a negative $1 million.

轉向2023 年第二季度的財務亮點。收入增長16%，從5.89 億美元增至6.85 億美元，這是由於Polestar 2 交付量增加以及去年23 款車型實施的價格上漲所推動的，部分被銷售渠道組合、產品所抵消。混合和更高的折扣。毛利潤從 6100 萬美元下降至負 100 萬美元。

Last year, the quarter benefited from 2 positive items: an inventory valuation and the release of accruals related to the 2020 recall. This year, there are 3 items that adversely impacted cost of sales in the quarter; a higher contract manufacturing costs of $52 million, supplier charges for semiconductors and batteries of nearly $18 million and an inventory impairment of $10 million. These were partially offset by positive foreign currency effect of $12 million.

去年，該季度受益於 2 個積極項目：庫存估值和與 2020 年召回相關的應計費用的發布。今年，有 3 個項目對本季度的銷售成本產生了不利影響；合同製造成本增加了 5200 萬美元，供應商對半導體和電池的費用增加了近 1800 萬美元，庫存減值額增加了 1000 萬美元。這些被 1200 萬美元的積極外匯影響部分抵消。

Selling, general and administrative expenses were up $ 25 million to $260 million reflecting primarily higher advertising, selling and promotional activities. Research and development expenses were down $21 million due to lower amortization for the Polestar 2 in part offset by continued investment in future vehicles and technologies.

銷售、一般和管理費用增加了 2500 萬美元至 2.6 億美元，主要反映了廣告、銷售和促銷活動的增加。由於 Polestar 2 的攤銷減少，研發費用減少了 2100 萬美元，這在一定程度上被對未來車輛和技術的持續投資所抵消。

As reported, operating loss decreased $353 million or 56% to $274 million. Excluding the onetime share-based listing charge of $372 million in Q2 2022, operating loss increased 8% or $19 million, predominantly impacted by the negative gross profit.

據報導，營業虧損減少 3.53 億美元，即 56%，至 2.74 億美元。不包括 2022 年第二季度 3.72 億美元的一次性股票上市費用，營業虧損增加 8%，即 1,900 萬美元，主要受到毛利潤為負的影響。

Moving on to cash flow. Cash used for operating activities for the first 6 months of 2023 was $661 million, mainly driven by operating loss, higher levels of inventory and trade payable payments. Cash used for investing activities was $281 million, primarily as a result of Polestar 2, Polestar 3 and Polestar 4 intellectual property investments. Cash provided by financing activities was $1.064 billion, reflecting short-term borrowings of $1.672 billion, of which $750 million was drawn down from the Volvo Cars shareholder loan facility and principal repayments of $608 million. At the end of the second quarter of 2023, cash and cash equivalents stood at $1.057 billion.

轉向現金流。 2023 年前 6 個月用於經營活動的現金為 6.61 億美元，主要是由於經營虧損、庫存和貿易應付款項水平較高。用於投資活動的現金為 2.81 億美元，主要來自 Polestar 2、Polestar 3 和 Polestar 4 知識產權投資。融資活動提供的現金為 10.64 億美元，反映短期借款 16.72 億美元，其中 7.5 億美元來自沃爾沃汽車股東貸款融資和 6.08 億美元本金償還。截至2023年第二季度末，現金及現金等價物為10.57億美元。

Before I hand over to the operator, let me wrap up with our 2023 outlook. We are reaffirming our previous guidance, expecting between 60,000 and 70,000 vehicle deliveries for the year, which represents annual growth of approximately 16% to 36%. We also expect a full year gross margin of around 4% on the back of an anticipated stronger second half.

在將工作交給運營商之前，讓我先總結一下 2023 年的展望。我們重申之前的指引，預計今年的汽車交付量將在 60,000 至 70,000 輛之間，年增長率約為 16% 至 36%。由於預計下半年將更加強勁，我們還預計全年毛利率將達到 4% 左右。

In regards to funding, during the first half of the year, we've tapped into various funding sources where today we still have available capacity, such as continuing to access short-term working capital facilities. We have also upsized our trade finance facility to EUR 600 million. And we have utilized part of the $1.6 billion shareholder support package.

在資金方面，今年上半年，我們利用了目前仍有能力的各種資金來源，例如繼續獲得短期營運資金便利。我們還將貿易融資額度擴大至 6 億歐元。我們已經利用了 16 億美元股東支持計劃的一部分。

Also, since quarter end, as part of our ongoing program to maximize liquidity, we sold our Chengdu plant that previously manufactured the Polestar 1 for $71 million. We are working on multiple options to address the broader funding need. These efforts are driven hand-in-hand with our 2 main shareholders who continue to be very supportive.

此外，自季度末以來，作為我們正在進行的流動性最大化計劃的一部分，我們以 7100 萬美元的價格出售了之前生產 Polestar 1 的成都工廠。我們正在研究多種方案來滿足更廣泛的資金需求。這些努力是與我們的兩位主要股東攜手推動的，他們一直給予我們極大的支持。

Thank you again for joining, and over to the operator for the live Q&A by the analysts, and then we will answer top questions from our shareholders.

再次感謝您的加入，請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熱門問題。

(Operator Instructions) The first question comes from the line of Alexander Potter from Piper Sandler.

（操作員說明） 第一個問題來自 Piper Sandler 的 Alexander Potter。

Great. Thanks, guys. So -- maybe first question is on the launch timing of Polestar 4 versus Polestar 3. So it's -- it's great to see Polestar 4 still on track. You said you're going to start production here, I think, in November, start deliveries in China end of the year and then deliveries for Polestar 3 are going to start in the middle of next year. I know those vehicles are built on different platforms. So that's partially impacting the difference in timing. But I think it would be helpful if you could just summarize exactly what those differences are between the platforms and why it's possible for you to remain on track for Polestar 4? And what sort of learnings you'll have going forward with future launches to make sure that future launches more resemble the Polestar 4 launch versus the Polestar 3 launch?

偉大的。多謝你們。所以——也許第一個問題是 Polestar 4 與 Polestar 3 的發佈時間。所以——很高興看到 Polestar 4 仍然在正軌上。你說你要在這裡開始生產，我想，11月份，年底開始在中國交付，然後Polestar 3將於明年年中開始交付。我知道這些車輛是在不同的平台上製造的。所以這在一定程度上影響了時間上的差異。但我認為，如果您能準確總結一下平台之間的差異以及為什麼您可以繼續 Polestar 4 的開發，將會很有幫助。您將在未來的發布中學到哪些知識，以確保未來的發布更像 Polestar 4 的發布而不是 Polestar 3 的發布？

Yes. Thomas here, thanks for the question. Well, the difference -- I'm very happy to point out the difference between the 2 SUVs because let's face it, yes, the label SUV is both the same, but there is a significant difference between a Polestar 3, very much bringing to the customer what is a high seating position, and that's what people associate with the traditional SUV that you have that kind of superior feeling of having a great overview.

是的。托馬斯在這裡，謝謝你的提問。嗯，區別——我很高興指出這兩款SUV 之間的區別，因為讓我們面對現實吧，是的，SUV 的標籤是相同的，但Polestar 3 之間有顯著的區別，這給我們帶來了很大的不同。顧客什麼是高座位，這就是人們對傳統 SUV 的聯想，即擁有一覽無遺的優越感。

While the Polestar 4 is a bit more of a different animal here, let me call it for that reason, the SUV coupe. So it is on the lower side of the SUVs. And -- and for that reason, if you -- when you see the 2 cars together, and that's, of course, the great thing happening now, people can compare it and see what big differences and stands and what it does in delivery of customer experience.

雖然 Polestar 4 在這裡更像是一種不同的動物，但出於這個原因，讓我稱它為 SUV 轎跑車。所以它在SUV中處於較低的一側。而且- 出於這個原因，如果你- 當你看到這兩輛車在一起時，當然，這是現在正在發生的偉大的事情，人們可以比較它，看看有什麼巨大的差異和立場，以及它在交付方面的作用客戶體驗。

Positioning is well different. Obviously, there is a price difference. The Polestar 4 is clearly position price-wise below the Polestar 3. So for that reason, there's a much, much bigger scope of customer segment that we can reach with these 2 cars in our hands, and we could do with just 1 car.

定位差別很大。顯然，存在價格差異。 Polestar 4 的價格顯然低於 Polestar 3。因此，我們手中的這 2 輛車可以覆蓋更大範圍的客戶群，而我們只用 1 輛車就可以做到。

And as well about launch cadence, I mean, obviously, the Polestar 4 now being on sale in China already and launching there and being in the market first, while the Polestar 3 will, of course, make the entrants first in Europe and in the U.S.. So it's kind of the other way around. One car and very strong in China, first time now and the other car in Europe and U.S.. And then the vice versa are coming down in this -- in the second phase into U.S. and Europe, the Polestar 4 and the Polestar 3 then to China. So that's kind of the couple that are coming there to the market in '23/4.

至於發布節奏，我的意思是，很明顯，Polestar 4 現在已經在中國銷售，並首先在中國上市，而 Polestar 3 當然將首先在歐洲和歐洲市場上市。美國的情況正好相反。一輛汽車在中國非常強大，現在是第一次，另一輛汽車在歐洲和美國。然後反之亦然——在第二階段進入美國和歐洲，Polestar 4 和 Polestar 3 然後到中國。這就是 23/4 來到市場的一對夫婦。

Now, technology-wise, we have to as well make sure that people understand this indeed all new platforms that Polestar 3 is built on is, of course, technology-wise as while the pinnacle with NVIDIA computing in there the Luminar LiDAR included in the technology. Very complex, not easy to handle. I have to give that to the engineers being there full time on the job doing it. But of course, this as well contributing to the car coming only into production in January in the beginning of 2024.

現在，從技術角度來看，我們還必須確保人們了解這一點，當然，Polestar 3 所基於的所有新平台都是技術方面的，而 NVIDIA 計算的巔峰之作包括在 Polestar 3 中的 Luminar LiDAR技術。非常複雜，不容易處理。我必須把這一點交給全職從事這項工作的工程師。當然，這也導致該車只能在 2024 年初 1 月份投產。

So I think software is -- the learning is software and competence and handling software is, of course, the core competence to have high focus on, take all the learnings that we made with this. And of course, emphasize the competence within our company, but of course, as well within the group. That's clearly where we have big learnings from these 2 all new products.

所以我認為軟件是——學習是軟件和能力，處理軟件當然是高度關注的核心能力，我們以此為基礎所學到的所有知識。當然，要強調我們公司內部的能力，當然也要強調集團內部的能力。顯然，這就是我們從這兩款新產品中學到的重要知識。

Okay. Great. So second question, maybe on the macroeconomic situation and the mix or price sensitivity of your incoming orders. Just wondering if you noticed, obviously, your revenue was growing slower than your deliveries, which implies mix or more price sensitivity, lower price trends, not on very high-end packages. Do you think that, is that a function of sensitivity to the interest rates, the macro situation? Just anything you'd be willing to say on, I suppose, mix and price within your order book would be helpful.

好的。偉大的。第二個問題，可能是關於宏觀經濟形勢以及您收到的訂單的組合或價格敏感性。只是想知道您是否注意到，顯然您的收入增長速度慢於交付量，這意味著混合或更高的價格敏感性，更低的價格趨勢，而不是非常高端的套餐。您認為這是對利率、宏觀形勢敏感度的函數嗎？我想，只要您願意在訂單簿中提及的組合和價格，都會有所幫助。

Yes, Alex. Johan here. I mean you touched upon the influencing factors here. When we look at the average selling price. There is an impact of, in part, like you said, a negative mix effect attributable to both channel and product variant. There is also then a component of higher discounts. And then the third element is a negative translation effect.

是的，亞歷克斯。約翰在這裡。我的意思是你在這裡談到了影響因素。當我們查看平均售價時。正如您所說，渠道和產品變體造成的負面混合效應在一定程度上會產生影響。還有一個更高折扣的組成部分。第三個要素是負翻譯效應。

So all those 3 weigh in. We saw that tendency also in Q1. And if we look at on a go-forward basis, of course, say, for FX. At some point, the channel mix and the product mix will settle down because here, we are comparing in regards to the development from last year. And then we do expect the discounts also to the level of.

所以這三個因素都會起作用。我們在第一季度也看到了這種趨勢。當然，如果我們著眼於未來，比如外匯。在某個時候，渠道組合和產品組合將會穩定下來，因為在這裡，我們正在比較去年的發展情況。然後我們確實預計折扣也會達到以下水平。

There was in Q2, for example, in part tied to the selling of the model year '23 and clearing out that inventory. So we should see an impact of that. And that's also playing into our affirmation of the 4% gross margin guidance for the year.

例如，第二季度的情況部分與 23 年車型的銷售和庫存清理有關。所以我們應該看到它的影響。這也影響了我們對今年 4% 毛利率指導的確認。

Okay. Good. That's very helpful. Maybe last 1 and then I'll turn it over. You mentioned a number of drivers regarding the expectation for higher deliveries in the second half versus the first half. Obviously, you've got the Polestar 2, you have some deliveries of Polestar 4. Would it be possible? I don't know how much visibility you have on specifics here, but how much additional tailwind could you have from potentially opening new markets? I think you mentioned Spain and some others, driving greater penetration maybe of regions that historically hadn't been able to order as many Polestar 2s. How big of a driver is that of your incremental growth versus just basically saying, look, we have more products, and I think our products are more compelling, and that's why we're going to get more orders.

好的。好的。這非常有幫助。也許最後1，然後我會把它翻過來。您提到了一些司機對下半年交付量高於上半年的預期。顯然，您已經擁有 Polestar 2，您也有一些 Polestar 4 的交付。這可能嗎？我不知道您對這裡的具體細節有多少了解，但是您可以從潛在的新市場開拓中獲得多少額外的推動力？我想你提到了西班牙和其他一些國家，這些國家可能推動了歷史上無法訂購那麼多 Polestar 2 的地區的更大滲透率。增量增長的驅動力有多大，而不是簡單地說，看，我們有更多的產品，而且我認為我們的產品更具吸引力，這就是我們將獲得更多訂單的原因。

While I tend to emphasize you rather the customer waiting for the model year '24. We see that a lot of people have been intrigued by the improvements that we have made with range, a rear wheel driven single motor, definitely, that is where especially in the markets where the Polestar 2 is known where people were looking forward to this model. And for that reason, that will be the stronger effect on a stronger second half of 2023.

雖然我傾向於強調您而不是等待 24 年車型的客戶。我們看到很多人對我們在續航里程、後輪驅動單電機方面所做的改進很感興趣，尤其是在 Polestar 2 廣為人知的市場中，人們對這款車型充滿期待。 。因此，這將對 2023 年下半年的強勁影響產生更強烈的影響。

We indeed see, of course, the effect that investment that you do in opening a market, you definitely need a certain time to spend in the market before you see figures picking up. So indeed, there will be an effect of our investment going now further down in the south of Europe that will pay off bit by bit.

當然，我們確實看到了你在開放市場時所做的投資的效果，你肯定需要在市場上花費一定的時間才能看到數字回升。因此，事實上，我們現在在歐洲南部的投資將會產生一點點回報。

Can we expect 2023 second half already showing much of that? I think it's more an investment for '24 and '25 that we made there in these markets.

我們是否可以預期 2023 年下半年已經體現了這一點？我認為這更多的是我們在這些市場上進行的 24 和 25 年投資。

This is from the line of Steven Fox from Fox Advisors.

這是來自福克斯顧問公司的史蒂文福克斯的線路。

Could you talk a little bit about the margin expectation for the second half? So you roughly are talking about 520 basis points improvement in gross margins half over half. Can you talk, maybe break down how much is coming from volume versus mix versus other changes in your cost structure? And then I had a follow-up.

您能談談下半年的利潤率預期嗎？因此，您粗略地說毛利率提高了 520 個基點，超過一半。您能談談，也許可以詳細說明一下您的成本結構中數量、組合和其他變化帶來的影響有多少嗎？然後我進行了跟進。

Sure. I mean the reaffirmation of the full year guidance of 4% is based upon a couple of things. One, drivers the improved profitability that comes with the Polestar 2 model year '24 sales. I mentioned the targeted sales -- the targeted campaigns to sell out the model year '23 falling away as we're clearing out that inventory. And then the third component part is really with the easing of the supply chain disruptions and seeing lower raw material costs coming through. So those are the 3 drivers that lead us to the improved margins for the second half.

當然。我的意思是，重申全年 4% 的指導是基於以下幾件事。第一，推動 24 年 Polestar 2 車型銷售帶來的盈利能力的提高。我提到了目標銷售——隨著我們清理庫存，銷售 23 年車型的目標活動逐漸消失。第三個組成部分實際上是供應鏈中斷的緩解和原材料成本的降低。這些是導致我們下半年利潤率提高的 3 個驅動因素。

And just 1 other quick question on that. How much -- how -- should we assume how much back end loaded that is Q4 versus Q3? Do you expect meaningful improvement in Q3? Or do we have to wait for that mix to improve much more in Q4?

還有另外一個簡單的問題。我們應該假設 Q4 與 Q3 的後端負載是多少？您預計第三季度會有有意義的改善嗎？或者我們是否必須等待第四季度該組合有更多改善？

I think you should expect to see a gradual improvement.

我認為你應該期待看到逐漸的改善。

Okay. That's helpful. And then just in terms of the liquidity situation. I might have missed this, but beyond the cash on the balance sheet, can you talk about other [way]? What's the total number -- total dollars available of liquidity untapped to this point after all the changes in Q2? And just -- I know it's a tough time to be talking specifically about capital raises. But can you talk broadly speaking about capital raise versus further strategic actions in terms of maybe narrowing the band of focus on the sales and marketing in order to preserve cash versus shareholder dilution, things like that?

好的。這很有幫助。然後就流動性情況而言。我可能錯過了這一點，但除了資產負債表上的現金之外，你能談談其他[方式]嗎？在第二季度發生所有變化之後，目前尚未利用的可用流動性總額是多少？只是 - 我知道現在是一個艱難的時刻來專門談論融資。但是，您能否廣泛地談論融資與進一步的戰略行動，例如縮小對銷售和營銷的關注範圍，以保留現金與股東稀釋之類的事情？

Okay. Let me provide some color then we'll see if you have any follow-on questions. But okay, in regards to funding and liquidity in general. First, let's start with the fact that we had about $1 billion of cash on the balance sheet at the quarter end. And then as I mentioned in my opening remarks, we've tapped into various funding sources during the course of the first half, continue to access short-term working capital facilities. That's very much of an ongoing exercise. We've upsized the trade financing facility to EUR 600 million at quarter end, I believe we utilized around EUR 400 million of that facility. I mentioned the fact that we've utilized part of the $1.6 billion shareholder support package and there, we've utilized around $1 billion of that support package, where as we disclosed now fully drawn on the $800 million shareholder loan from Volvo and utilized around $200 million of the commitment from PSD.

好的。讓我提供一些顏色，然後我們看看您是否還有任何後續問題。但好吧，就融資和流動性而言。首先，讓我們從季度末資產負債表上大約有 10 億美元現金的事實開始。正如我在開場白中提到的，我們在上半年利用了各種資金來源，繼續獲得短期營運資金便利。這是一個持續不斷的練習。截至季度末，我們已將貿易融資額度擴大至 6 億歐元，我相信我們利用了該額度的約 4 億歐元。我提到過這樣一個事實，我們已經利用了16 億美元股東支持計劃的一部分，其中我們已經利用了大約10 億美元，正如我們現在披露的那樣，我們完全利用了沃爾沃提供的8 億美元股東貸款，並利用了大約10 億美元。 PSD 承諾提供 2 億美元。

You also saw that at the beginning of Q3 here, we sold our Chengdu plant, the one that previously manus this Polestar 1 for $70 million. And then I think just from a broader perspective, then we are continuing to work on multiple options to address the broader funding need. And that's, of course, an ongoing activity as well.

您還看到，在第三季度初，我們以 7000 萬美元的價格出售了成都工廠，也就是之前生產 Polestar 1 的工廠。然後我認為，從更廣泛的角度來看，我們將繼續研究多種方案來滿足更廣泛的資金需求。當然，這也是一項持續的活動。

Great. That's helpful. So it sounds like roughly untapped liquidity is about EUR 800 million still. And then on top of that, you -- the cash is understated for the plant sale. Is that roughly correct?

偉大的。這很有幫助。因此，聽起來尚未利用的流動性大約還有 8 億歐元。最重要的是，你——植物銷售的現金被低估了。這大致正確嗎？

What was the last question or comment, sorry?

抱歉，最後一個問題或評論是什麼？

The sale of the plant in China came after the quarter ended, so the cash is understated but...

中國工廠的出售是在季度結束後進行的，因此現金被低估了，但是......

It is. But is it at $70 million, correct.

這是。但 7000 萬美元對嗎？

Right? So there's about EUR 800 million untapped [euros] liquidity available on top of the cash on the balance sheet?

正確的？那麼，除了資產負債表上的現金之外，還有大約 8 億歐元未利用的流動性？

Correct.

正確的。

Okay. And so it sounds like at this point, there wouldn't be any changes in sales and marketing strategy, manufacturing strategy, product rollouts as in reaction to where your balance sheet stands. It sounds like you can continue with your strategy for the next couple of quarters at least.

好的。因此，聽起來在這一點上，銷售和營銷策略、製造策略、產品推出不會因為資產負債表的狀況而發生任何變化。聽起來您至少可以在接下來的幾個季度繼續執行您的策略。

Yes. There's no change in the strategy. With that being said, as we -- both Thomas and I alluded to in our opening remarks. We are continuing to work on the overall cost structure, taking a hard look at not only the OpEx but also the gross margins. And there, we expect to be able to come back in the next earnings call with some more concrete color around that but it doesn't impact the overall strategy of the company now.

是的。策略沒有改變。話雖這麼說，正如我們——托馬斯和我在開場白中提到的那樣。我們正在繼續研究整體成本結構，不僅認真審視運營支出，還認真審視毛利率。在那裡，我們預計能夠在下一次財報電話會議上提供一些更具體的信息，但這不會影響公司現在的整體戰略。

This is from the line of Andres Sheppard from Cantor Fitzgerald.

這是來自康托·菲茨杰拉德 (Cantor Fitzgerald) 的安德烈斯·謝潑德 (Andres Sheppard) 的血統。

Congratulations on the quarter, and thank you for taking our questions. I want to maybe start off. Just curious if we can perhaps get a bit of an update on the Hertz partnership. Just curious if you're able to maybe give us a bit more details on how that relationship is taking shape. And if we can maybe get a sense of how those deliveries are going currently.

祝賀本季度，感謝您回答我們的問題。我想也許可以開始。只是好奇我們能否獲得有關赫茲合作夥伴關係的一些最新信息。只是好奇您是否能為我們提供更多關於這種關係如何形成的細節。如果我們能夠了解目前這些交付的進展情況。

Yes, Thomas here, happy to confirm on one hand, the -- the relationship being one which I think for both sides is a good one. Happy one. We see that what we were aiming for with this is taking place, and that means Polestar 2 being available for people to experience the brand, the car and getting to know something that they might have not done before and experienced an electric car.

是的，托馬斯在這裡，很高興一方面確認，我認為這種關係對雙方來說都是良好的。開心的那個。我們看到我們的目標正在實現，這意味著 Polestar 2 可供人們體驗這個品牌、這款汽車，並了解他們以前可能沒有做過的事情並體驗過電動汽車。

And we have this 5-year contract with 65,000 volume around the Polestar 2 kicked off already in 2022 with first deliveries. But of course, after this initial (inaudible) in '22, we have already now in the first quarter continue to deliver to Hertz. And this will gradually continues slightly grow as well. But of course, within the 65,000 frame over '23, '24 to '25.

我們與 Polestar 2 簽訂了為期 5 年的合同，銷量為 65,000 輛，並已於 2022 年開始交付，並首次交付。當然，在 22 年的最初（聽不清）之後，我們現在已經在第一季度繼續向赫茲交付。而且這也會逐漸持續小幅增長。當然，在 23 年、24 年到 25 年的 65,000 幀範圍內。

So there we have for the Polestar 2 this journey ahead. Having said that, with Polestar 3 and 4 joining, of course, we will be exploring how they could become part of this relationship with the Hertz as well.

Polestar 2 的旅程就到此為止。話雖如此，隨著 Polestar 3 和 4 的加入，我們當然也會探索它們如何成為與赫茲合作的一部分。

Got it, Thomas. That's very helpful. And maybe as a quick follow-up. In terms of your delivery guidance for this year. We know that Q4 tends to have the higher seasonality. And so I think safe to assume the higher number of volumes should take place in Q4. But how should we think about Q3 as it relates to maybe Q2 in terms of deliveries? Just trying to get a sense of how those deliveries will shape up for the second half of the year.

明白了，托馬斯。這非常有幫助。也許作為一個快速的後續行動。就今年的交付指導而言。我們知道第四季度的季節性往往較高。因此，我認為可以安全地假設第四季度應該會增加數量。但我們應該如何看待第三季度，因為它可能與第二季度的交付量相關？只是想了解一下今年下半年的交付情況。

Yes, the model year '24 is now in quarter 3, the big new thing about delivery. So this is when it's happening that the first customers will get that Polestar 2 with the new smartphone and the new technical features and the volume growth indeed towards the peak in the fourth quarter, but the third quarter will be in continuous growth towards the quarter 4. So that's how quarter 3, of course, is a very important quarter for us where we have a high focus now to keep that momentum going.

是的，24 年款車型現已進入第三季度，這是交付方面的重大新變化。因此，第一批客戶將在此時獲得帶有新智能手機和新技術功能的 Polestar 2，並且銷量增長確實會在第四季度達到頂峰，但第三季度將持續增長到第四季度因此，第三季度當然對我們來說是一個非常重要的季度，我們現在高度關注以保持這一勢頭。

But I think you're right. It will be weighted towards the Q4, as you pointed out, again, just like on the gross margins, a gradual improvement.

但我認為你是對的。正如您再次指出的那樣，它將側重於第四季度，就像毛利率一樣，逐步改善。

I think that our organization is very well trained for this Christmas hype.

我認為我們的組織已經為這次聖誕節大肆宣傳做好了充分的訓練。

Understood. And maybe just 1 last one, if I could. I know we've asked already about the capital needs. And I'm just curious in terms of your thought process here, whether you're leaning more towards some sort of equity raise or fixed income rates or perhaps a strategic private placement of source? Just curious as how you are thinking about the upcoming capital rate requirement and whether you're leaning maybe more 1 way than another way.

明白了。如果可以的話，也許只是最後一個。我知道我們已經詢問過資金需求。我只是好奇你的思維過程，你是否更傾向於某種股權融資或固定利率，或者可能是戰略性私募來源？只是好奇您如何看待即將到來的資本利率要求，以及您是否更傾向於一種方式而不是另一種方式。

Yes. No, it's a good question. And of course, it has a lot of considerations to it. I think we're very conscious of the fact that we have a low free float. So getting in within the company and issuing more shares, of course, would help address that. With that being said, we also recognize that the dilution impact given where the share price is at and then also just the overall macro perspective where the markets are, is not need to take into account. So we are looking into both tracks, both equity and debt recognizing that it's going to require a combination of both of those in order to address our overall broader funding plan. And this is, again, as I mentioned before, we're working very hand in hand with our owners on these to drive these efforts.

是的。不，這是一個好問題。當然，它有很多考慮因素。我認為我們非常清楚我們的自由流通量較低。因此，進入公司內部並發行更多股票當然有助於解決這個問題。話雖如此，我們還認識到，無需考慮股價所處的稀釋影響，以及市場所處的整體宏觀視角。因此，我們正在研究股權和債務這兩個方面，並認識到需要將這兩個方面結合起來才能解決我們整體更廣泛的融資計劃。正如我之前提到的，我們正在與我們的所有者密切合作，推動這些努力。

Understood. Congratulations on the quarter.

明白了。祝賀本季度。

This is from the line of Tobias Beith from Redburn.

這是來自 Redburn 的 Tobias Beith 的血統。

I have 3, if that's okay. And I guess where I'd like to start is on the sequential gross margin bridge. And actually, I would just like a little bit more information here on, I guess, why it deteriorated so much. And then I've got 2 follow-ups.

我有3個，如果可以的話。我想我想從連續毛利率橋樑開始。事實上，我想在這裡獲得更多的信息，我想，為什麼它惡化得如此之多。然後我有 2 個後續行動。

So if I understand your question but I just wanted some more color on Q2. Q2 was slightly below expectation. It was -- and that's in part due to -- there was some true-up of costs related to '22 for semiconductors, but -- so that's 1 part. Fundamentally, though, I mean, it's just as the trend was in Q1 impacted by then the full year run rate effect of the higher raw material and freight costs compared to last year.

所以，如果我理解你的問題，但我只是想在第二季度有更多的色彩。第二季度略低於預期。部分原因是——與 22 年半導體相關的成本得到了一些調整，但是——所以這只是一部分。但從根本上講，我的意思是，這就像第一季度的趨勢受到原材料和貨運成本高於去年的全年運行率影響的影響一樣。

And as I mentioned also, the impact of higher discounts. So I think it was a carryover from Q1 and something that we had guided on before anticipating a low gross margin for the first half of the year. So to some extent, in line with that, again, I think the true-up supplier charges and the impairment -- inventory impairment is, I would say, probably the main deviating factors.

正如我也提到的，更高折扣的影響。因此，我認為這是第一季度的結轉，也是我們在預計上半年毛利率較低之前所指導的。因此，在某種程度上，與此一致，我認為，真實的供應商費用和減值——庫存減值可能是主要的偏差因素。

Okay. Understood. And then my second question relates to your balance sheet. It looks like potentially your backlog increase. If I have a look at your advance funds payments from customers increased about $10 million quarter-over-quarter. And I was wondering if you could perhaps comment on order intake in the period and whether the driver of this increase is primarily from fleet or the consumer channel?

好的。明白了。我的第二個問題與您的資產負債表有關。您的積壓訂單似乎可能會增加。如果我看一下你們的客戶預付款，季度環比增加了約 1000 萬美元。我想知道您是否可以評論一下這段時期的訂單量，以及這種增長的驅動力主要來自車隊還是消費者渠道？

I would say that -- I mean, okay, the number on the balance sheet, as you said, is of course, there's a correlation to the order book. There is obviously -- there's an FX impact as well there to take into consideration. But I think when we look at the order book in general, I think the same comment applies as what we said in Q1 that -- we've seen that now kind of stabilize to, call it, more normalized levels, and that's where we still are today.

我想說的是——我的意思是，好吧，資產負債表上的數字，正如你所說，當然與訂單簿有相關性。顯然，還需要考慮外匯影響。但我認為，當我們總體上審視訂單簿時，我認為與我們在第一季度所說的相同的評論適用- 我們已經看到現在有點穩定到，稱之為更正常化的水平，這就是我們的情況今天仍然如此。

Okay. Understood. And then I guess my last question relates to financing. In your subsequent events disclosure highlights that you raised an additional $800 million of debt at an effective interest rate of about 7%. I was wondering what the motivation was here rather than raising equity? And perhaps whether you have a time line on paying down your working capital loans given the balance outstanding is now more than $2 billion?

好的。明白了。然後我想我的最後一個問題與融資有關。在隨後的事件中，您披露的信息強調，您以約 7% 的實際利率額外籌集了 8 億美元的債務。我想知道這裡的動機是什麼而不是籌集股權？鑑於目前未償餘額超過 20 億美元，您是否有償還營運資金貸款的時間表？

Okay. So -- if we look at the funding activities for the first 6 months and there's some subsequent activity, that's very much tied to the short-term working capital facilities that we have, that we have been working to refinance. We have the -- also the drawdown of the shareholder loan from Volvo -- weigh in there. And I think those are sources of funding that have been made available to us. And as we indicated in earlier calls, the intention was then to draw down on those and for that to materialize as a means to fund the sale through 2023. So that's -- there, we're simply executing on that plan as we in parallel and look for alternative or more diverse funding sources, including equity.

好的。因此，如果我們看看前 6 個月的融資活動以及一些後續活動，就會發現這與我們擁有的、我們一直在努力進行再融資的短期營運資本設施密切相關。我們還考慮了沃爾沃股東貸款的提取。我認為這些是我們可以獲得的資金來源。正如我們在之前的電話會議中所指出的，我們的目的是利用這些資金，並將其作為到 2023 年為銷售提供資金的一種手段。所以，我們只是在並行執行該計劃並尋找替代或更多樣化的資金來源，包括股權。

Sorry, Tobias, what was the last part of the question?

抱歉，托比亞斯，問題的最後一部分是什麼？

What is the outstanding balance of working capital...

營運資金餘額是多少...

Sorry, yes. Okay. That's right. Sorry. So thank you. In regards to working capital, there is an outstanding overdue related party balance to Volvo cars. And there, our intention is to settle that during the course of Q3 to a large extent.

抱歉，是的。好的。這是正確的。對不起。所以謝謝。營運資金方面，沃爾沃汽車存在未償還的關聯方餘額。我們的目的是在第三季度在很大程度上解決這個問題。

Okay. Sorry, that is useful information, but I was more interested in your expectations on repaying the other loans that you have to credit institutions. It looks like that balance is now $2 billion.

好的。抱歉，這是有用的信息，但我更感興趣的是您對償還信貸機構其他貸款的期望。現在看來餘額是 20 億美元。

Yes. Okay. I mean that's part of the overall cap structure and that's very much tied into our overall funding plan here. So as we grow the business, there's, of course, a need for taking additional capital. And there, we can do that in the form of debt or equity. So the development of the capital structure and the balance sheet will be a function of that. And there, like I said, we're working and looking at different ways to then fund us going forward.

是的。好的。我的意思是，這是整體上限結構的一部分，並且與我們的整體融資計劃密切相關。因此，隨著我們業務的發展，當然需要獲得額外的資本。在那裡，我們可以通過債務或股權的形式做到這一點。因此，資本結構和資產負債表的發展將取決於此。正如我所說，我們正在努力尋找不同的方式來為我們的未來提供資金。

This is from the line of Erik Golrang from SEB.

這是來自 SEB 的 Erik Golrang 的血統。

I have 2 questions. First of all, on the -- I think you said a $10 million impairment in the quarter, was that just finished [PS2s] inventory? Or what specifically was that?

我有 2 個問題。首先，我想您說過本季度有 1000 萬美元的減值，這是剛剛完成的 [PS2] 庫存嗎？或者說具體是什麼？

Erik, that's -- a quick answer, yes.

埃里克，這是一個快速回答，是的。

Then the second question on the Polestar 4 production starting in November. I guess it's super early. But can you say anything about expected volumes here in Q4? Or if it's just insignificant sort of Q1 indications and just general traction sort of order intake, given that a lot of OEMs (inaudible) a little bit to get momentum for new models in China at the moment?

然後是關於 11 月份開始生產的 Polestar 4 的第二個問題。我想現在還太早了。但您能透露一下第四季度的預期銷量嗎？或者，考慮到目前許多原始設備製造商（聽不清）在中國為新車型提供了動力，這是否只是第一季度的微不足道的跡象和訂單量的一般牽引力？

And then the third question, coming back to the topic of cash and the balance sheet. If we think about underlying cash flow here and the run rate you've had in Q1 and Q2. Anything -- any reason to expect that changing much in the second half, of course, taking into account higher volumes and a slightly better gross margin. But anything else that would make underlying cash flow here in H1 better or worse than it actually is?

然後是第三個問題，回到現金和資產負債表的話題。如果我們考慮這裡的基本現金流以及第一季度和第二季度的運行率。當然，考慮到更高的銷量和略好一點的毛利率，任何理由都可以預期下半年會發生很大變化。但還有什麼因素會使上半年的基本現金流比實際情況更好或更差呢？

Thomas, let me start with the first part of your question about Polestar 4 and start of production and volumes. Now for us, it's, of course, important to have now a good secured start with high quality in the first weeks. Having said that, there's a steep good ramp-up curve plant, which nevertheless, of course, will have its effect in quarter 1. And quarter 1 is, of course, the first strong quarter for -- that has Polestar 4 volume significantly than kicking into our deliveries.

Thomas，讓我從您關於 Polestar 4 以及開始生產和批量生產的問題的第一部分開始。現在對我們來說，當然重要的是在頭幾週內有一個高質量的良好開局。話雖如此，有一個陡峭的良好上升曲線工廠，但當然，這將在第一季度產生影響。當然，第一季度是第一個強勁的季度——Polestar 4 的銷量顯著高於開始我們的交付。

Launch of the car now in Chengdu with couple of them understand as well. And I would love to take a little moment here for highlighting what the JV that we announced a couple of weeks ago, thus there for us. You know that in Chengdu as well, it was then part of the presentation of the Polestar 4 that the software that goes into Polestar 4 will be from start the Polestar OS, which is the big contribution of our JV partner, a mobile phone company that obviously has a very strong core competence in customer-facing software user experience that will bridge links your devices, the car and the phone and brings you that one holistic experience.

現在這款車在成都上市，他們幾個也都了解。我想花一點時間在這裡強調一下我們幾週前宣布的合資企業的內容，因此我們可以這樣做。你知道，在成都，當時也是 Polestar 4 發布會的一部分，Polestar 4 的軟件將從一開始就是 Polestar OS，這是我們的合資夥伴，一家手機公司的巨大貢獻。顯然，在面向客戶的軟件用戶體驗方面擁有非常強大的核心能力，它將連接您的設備、汽車和手機，為您帶來一種整體體驗。

And indeed, we see that this is a big game changer and strong, strong assets that we got here, which will make the Polestar 4 a very, very hot topic, and it is and people are very interested, curious and excited about it and Flyme Auto Core, which is underlying base start for this Polestar OS gets very, very good credits and rating in terms of user experience and great connectivity.

事實上，我們看到這是一個巨大的遊戲規則改變者和我們在這裡獲得的強大資產，這將使 Polestar 4 成為一個非常非常熱門的話題，人們對此非常感興趣、好奇和興奮， Flyme Auto Core 是Polestar 操作系統的底層基礎，在用戶體驗和出色的連接性方面獲得了非常非常好的信用和評級。

So that's where, despite the fact that we see, of course, an incredible competitive market there in China. But we believe that this was a very, very crucial step for us to have a highly competitive position in this market. So we are looking very much forward to the development of this JV in China.

因此，儘管我們當然看到中國市場競爭異常激烈。但我們相信，這是我們在這個市場上擁有高度競爭地位的非常非常關鍵的一步。所以我們非常期待這家合資公司在中國的發展。

And then just to come back to your second point there, you're right, I would, I think, expect a similar cash flow profile for the second half as for the first half. I would add 1 consideration is what I touched upon before. There are attention then to settle a large part of the overdue related party payables to Volvo. So I would make consideration for that.

然後回到你的第二點，你是對的，我認為，預計下半年的現金流狀況與上半年類似。我想補充 1 個考慮因素，這是我之前提到的。隨後，人們關註解決沃爾沃拖欠的大部分關聯方應付款項。所以我會考慮這一點。

And then just a final comment around that question off -- I mean, in addition to the available capacity and the cash on the balance sheet that we discussed earlier, there, of course, is ongoing work to access additional funds here during the fall. And don't forget, we have 2 very supportive shareholders supporting us as well.

然後圍繞這個問題做最後的評論——我的意思是，除了我們之前討論過的可用產能和資產負債表上的現金之外，當然，我們還在繼續努力在秋季期間獲得額外的資金。不要忘記，我們還有兩位非常支持我們的股東。

This is from the line of Dan Levy from Barclays.

這是來自巴克萊銀行的丹·利維 (Dan Levy) 的線路。

I wanted to start with a question on the mix in the second quarter. There's some disclosure in the MD&A, that fleet was 70% of your sales in the second quarter. So I'm hoping if you could just unpack that figure, how much of that was to the car rental channel as opposed to corporate customers in Europe who will frequently purchase on fleet? And what is the go-forward expectation on the mix of fleets?

我想從第二季度的組合問題開始。 MD&A 中有一些披露，該車隊佔第二季度銷售額的 70%。因此，我希望您能解開這個數字，其中有多少是來自汽車租賃渠道，而不是經常在車隊上購買的歐洲企業客戶？對機隊組合的未來預期是什麼？

Okay. we don't necessarily discuss the specifics of the fleet, the mix within that channel. What we can see is that we have seen and as you've noted, a gradual then shift in the channel mix to more fleet bills. And of course, now we're getting to a point where that's starting to settle down, so to speak, in line with what you would expect.

好的。我們不一定要討論機隊的具體情況以及該渠道內的組合。我們可以看到的是，正如您所指出的，渠道組合逐漸轉向更多的車隊賬單。當然，現在我們已經到了一個開始穩定下來的地步，可以說，符合你的預期。

To add here. I mean the corporate company car market is, of course, very important for us in the premium segment that makes a high percentage of where you work. In our Europe mix, you know that 1 of the strongest and successful market is U.K. and that contributes, of course, with a very high percentage to this fleet percentage.

在此添加。我的意思是，公司汽車市場對我們來說當然非常重要，因為它在高端市場中佔了很大的比例。在我們的歐洲組合中，您知道最強大和最成功的市場之一是英國，當然，英國對機隊百分比的貢獻非常高。

So for that reason, it is indeed at a level now where we see as well that we definitely don't want to exceed this. But on the other hand, it's almost natural and it is, of course, to a certain degree, a healthy level because we -- again, with the U.K. success, it brings this percentage with it.

因此，出於這個原因，我們現在確實不想超過這個水平。但另一方面，這幾乎是自然的，當然，在某種程度上，這是一個健康的水平，因為我們——再次，隨著英國的成功，它帶來了這個百分比。

Right. So just to clarify on the car rental mix within that. Are you clear now of sort of the excess Polestar 2 inventory? And so certainly, car rental was probably a piece of this. Are you past sort of the need to rely a bit more heavily on the car rental channel?

正確的。所以只是為了澄清其中的汽車租賃組合。您現在清楚 Polestar 2 的過剩庫存了嗎？當然，汽車租賃可能是其中的一部分。您是否不再需要更加依賴汽車租賃渠道？

Well, we elaborated a little already on the model year change from model year '23 to '24 and obviously, a model year going out, has certain other necessities than new model year with great new features, customers waiting for that. So yes, indeed, we, of course, see as well there a change between the first half of this year and the second half connected to the model year change in the Polestar 2.

好吧，我們已經詳細闡述了從車型年份'23 到車型年份'24 的車型年份變化，顯然，即將推出的車型年份除了具有出色新功能的新車型年份外，還具有某些其他必需品，客戶正在等待。所以，是的，我們當然也看到了今年上半年和下半年之間與 Polestar 2 車型年份變化相關的變化。

Okay. And then my follow-up is a question on mix broadly. You're going to launch Polestar 4 later this year, Polestar 3 next year. Obviously, those come with premium ASPs versus where you're selling Polestar 2. Maybe you can give us a sense of the magnitude of uplift you'll get on mix from those vehicles.

好的。然後我的後續問題是一個關於廣泛混合的問題。你們將在今年晚些時候推出 Polestar 4，明年推出 Polestar 3。顯然，與您銷售的 Polestar 2 相比，這些車型的 ASP 更高。也許您可以讓我們了解您將從這些車輛中獲得的提升程度。

Yes. I mean it's correct, as you point out, Dan, that with those cars and the higher price points, there's a higher margins, there will be margin accretion next year. We haven't guided on '24 at this point in time. But I mean, directionally, that's, of course, where we're heading.

是的。我的意思是，正如你所指出的，丹，隨著這些汽車和更高的價格點，利潤率更高，明年的利潤率將會增加。目前我們還沒有 24 日的指導。但我的意思是，從方向上來說，這當然是我們前進的方向。

I would even dare to say that, of course, this is a very crucial element for '24 after a year where we not only in the volume with Polestar 3 and 4 coming into it but as well when it comes to margins with this price points of this cars. We, of course, see great potential with this.

當然，我什至敢說，對於一年後的 24 世紀來說，這是一個非常關鍵的因素，我們不僅在 Polestar 3 和 4 的銷量方面，而且在這個價位的利潤方面也如此這輛車。當然，我們看到了這方面的巨大潛力。

And it is just a final comment. I mean, it is 1 of the primary drivers in the margin in our journey to improve gross margins, of course, is the product mix. So it is a fundamental driver to margin accretion.

這只是最後的評論。我的意思是，在我們提高毛利率的過程中，利潤率的主要驅動因素之一當然是產品組合。因此，它是利潤增長的根本驅動力。

We should move to the retail shareholder questions now because we only have 10 minutes left.

我們現在應該討論散戶股東的問題，因為只剩下 10 分鐘了。

All right. And let me take that, then I read them out as well.

好的。讓我接受，然後我也把它們讀出來。

Yes. That will be great, Thomas. Thank you.

是的。那太好了，托馬斯。謝謝。

All right. Last minute then on questions from retail. What's the strategy for recovering your stock is the first question?

好的。最後一刻是零售業的問題。第一個問題是恢復庫存的策略是什麼？

And I understand why this is, of course, on the top of the list. And let's be clear, I mean, I believe definitely that our shares are undervalued and especially since we report on great ticking the boxes of our milestones and delivering. So we talked as well about 2 technical limitations in that. I mean, our funding position, we have Johan addressed it before already, of course, this is putting pressure on it. And on the other hand, the free float, which again is, of course, going ahead, 1 of our aims to heal that and increase the free float.

我當然明白為什麼這是最重要的。讓我們明確一點，我的意思是，我絕對相信我們的股票被低估了，特別是因為我們報告了我們的里程碑和交付的出色表現。所以我們也討論了其中的兩個技術限制。我的意思是，我們的資金狀況，約翰之前已經解決過這個問題，當然，這給它帶來了壓力。另一方面，自由流通量當然也在繼續，我們的目標之一就是解決這個問題並增加自由流通量。

Now having said that, we should this well, of course, I mentioned that it's a macroeconomic environment with high interest rates and general uncertainty that is, of course, not only impacting us but the whole industry. Very clearly, the years -- the year ahead, the -- what is going to happen with Polestar 3 and 4. I mean, imagine, I mean, we have 2 SUVs joining our program, our spaces and them landing in 27 markets that we have invested in to prepared and that are ready to work with these cars. Of course, we expect that the picture of how -- how people look? How investors look upon Polestar will dramatically change with this happening in the months to come.

話雖如此，我們當然應該這樣做，我提到這是一個高利率和普遍不確定性的宏觀經濟環境，這當然不僅影響我們，而且影響整個行業。非常清楚的是，未來幾年，Polestar 3 和4 將會發生什麼。我的意思是，想像一下，我的意思是，我們有2 款SUV 加入我們的計劃、我們的空間，它們登陸了27 個市場，我們已經做好了投資準備，並準備好與這些汽車合作。當然，我們期望人們看起來怎麼樣？隨著未來幾個月發生的這種情況，投資者對 Polestar 的看法將發生巨大變化。

We have, I think, a brand that has an incredible sympathy amongst the journalist people, investors. I think with this commercial success that we expect with the model range coming into the market, I think that should be a great mixture to indeed recover our stocks.

我認為，我們的品牌在記者和投資者中擁有令人難以置信的同情心。我認為隨著我們期望模型系列進入市場而獲得商業成功，我認為這應該是一個很好的組合，可以真正恢復我們的庫存。

Next question was, number two, could you please provide insight into Polestar's strategy for expanding its market presence and achieving sustainable growth, especially in the light of evolving electric vehicle landscape and increasing competition?

下一個問題是，第二個問題，您能否深入了解 Polestar 擴大市場份額和實現可持續增長的戰略，特別是考慮到不斷發展的電動汽車格局和日益激烈的競爭？

Yes. Again, the market presence that we have invested into that we are not only in Europe but in U.S. and Asia Pacific in 27 markets out there. And -- we have been working on that and very, very excessively the rapid model rollout, again, something which is, I think, very, very unique free cars in the pipeline, Polestar 3, 4 and 5 prototypes, very, very far developed and production facilities ready to take these cars not only in 1 region, but with Charleston ready to produce a Polestar 3 in 2024. Of course, we think that, that is a very favorable position to fight the competition.

是的。再說一次，我們投資的市場份額不僅在歐洲，而且在美國和亞太地區的 27 個市場。而且 - 我們一直在致力於這一點，並且非常非常快速地推出模型，我認為這是非常非常獨特的免費汽車正在醞釀中，Polestar 3、4 和 5 原型車，非常非常遠開發和生產設施不僅準備在1 個地區生產這些汽車，而且查爾斯頓也準備在2024 年生產Polestar 3。當然，我們認為，這是一個非常有利的競爭地位。

Number 3 is when will South Carolina facility begin producing the [vehicles]?

第三個問題是南卡羅來納州工廠何時開始生產[車輛]？

Now I answered that just now, middle of '24. The production in Carolina will ramp up and start the Polestar 3. Just mentioning here that this again is something very unique that we can already now open that manufacturing in a different region that quickly after having started production at all.

現在我剛剛回答了這個問題，24 年中旬。卡羅萊納州的生產將增加並開始生產 Polestar 3。這裡只是提到，這又是一件非常獨特的事情，我們現在已經可以在開始生產後很快在不同的地區開設製造工廠。

Now the question number four, how do you plan to keep stock a float? Why is there absolutely no buzz about your great vehicles?

現在是第四個問題，你打算如何保持庫存流通？為什麼你們的偉大車輛完全沒有任何嗡嗡聲？

First part of it, how do you plan to keep stock float? I think I've answered the question before. The second part. Well, there is buzz. We have -- and now I concentrate a bit on the U.S. because, obviously, this question is very much changed from a U.S. background. We have the U.S. Polestar tour, we had it in spring in New York and L.A.. We have in 65% of our spaces in the U.S. have now Polestar 3 on display. And each and every space is locally making the buzz and events and inviting customers into the space to experience the car.

第一部分，你打算如何保持股票流通？我想我之前已經回答過這個問題了。第二部分。嗯，有嗡嗡聲。我們現在——現在我稍微關注美國，因為顯然，這個問題與美國的背景相比發生了很大的變化。我們在美國舉辦了 Polestar 巡演，春季在紐約和洛杉磯舉行。現在，我們在美國 65% 的空間都展示了 Polestar 3。每個空間都在當地引起轟動和活動，並邀請顧客進入該空間體驗汽車。

The marketing spend in the U.S. is up 20% year-to-date versus '22. 15,000 test drives have been conducted so far. And of the model year '24 Polestar 2, the test drives have just this week started in Denver. And I think you will see in the take out and the Lifestyle media reflections of this test drive. And I'm pretty sure that they will be as enthusiastic and positive as we have seen it in Europe.

今年迄今為止，美國的營銷支出比 2020 年增長了 20%。迄今為止已進行了 15,000 次試駕。 24 年款 Polestar 2 的試駕本周剛剛在丹佛開始。我想你會在外賣和生活方式媒體中看到這次試駕的反映。我很確定他們會像我們在歐洲看到的那樣熱情和積極。

Yes, last but not least, all the spaces in the U.S. on the 21st of September will host simultaneous consumer nights. So you can see there are a lot of actions now happening around Polestar 2 and model year '24 and the Polestar 3. And on top of that, we, of course, know as well that we have to improve and work with communication generally, and we are planning to come to the U.S. as well towards the end of the year and make a big event in November in the U.S.. So that as a heads-up of what's still coming.

是的，最後但並非最不重要的一點是，9 月 21 日，美國所有場所都將同時舉辦消費者之夜。所以你可以看到現在圍繞 Polestar 2 和 24 年款以及 Polestar 3 採取了很多行動。最重要的是，我們當然也知道我們必須改進並總體上進行溝通，我們還計劃在今年年底來到美國，並於11 月在美國舉辦一場大型活動。因此，這是對即將發生的事情的一個預告。

I don't come on to the last question, which is given the rapid advancement in autonomous driving tech and the increasing integration of AI in the automotive sector. Could you share how Polestar's positioning itself to capitalize on those developments? And ensure if vehicles remain at the forefront of innovation and safety?

鑑於自動駕駛技術的快速發展以及人工智能在汽車領域的日益融合，我不談最後一個問題。您能否分享一下 Polestar 如何定位自己以利用這些發展？並確保車輛是否始終處於創新和安全的前沿？

Right, the -- the beauty of our model of how we are set up building on various platforms. I think we highlighted the press release recently about the integration of Mobileye AD technology in the Polestar 4, how this is nicely playing out. We have, on 1 hand, in the Hi-tech Polestar 3 with sensing software, preparing for the highway hands-free and eyes-off piloting a car that is prepared for redundancy. On 1 hand, on the other hand, in the Polestar 4, with the Mobileye ADAS equipment and then switching in the future to as well hands-off and then eyes-on, eyes-off depending on the timing. Obviously, the Chauffeur functionality that Mobileye is preparing going into Polestar 4 as a world first. So we have in both products, I think, very well prepared for us participating in the very exciting -- I think it will be a very big thing for the automotive sector and really indeed now in the coming 2, 3 years.

是的，我們在各種平台上構建的模型的美妙之處。我想我們最近強調了有關 Mobileye AD 技術在 Polestar 4 中集成的新聞稿，以及其效果如何。一方面，我們在高科技 Polestar 3 中配備了傳感軟件，為高速公路上的免提和閉眼駕駛一輛準備冗餘的汽車做好了準備。一方面，另一方面，在 Polestar 4 中，配備了 Mobileye ADAS 設備，然後根據時間切換為放手、然後注視、注視。顯然，Mobileye 準備將 Chauffeur 功能引入 Polestar 4，這將是全球首創。因此，我認為，我們在這兩種產品中都為參與非常令人興奮的事情做好了充分準備——我認為這對於汽車行業來說將是一件非常大的事情，而且在未來的兩三年內確實如此。

Finally, I'd say the autonomous drive functionality for the -- for the private driver becomes reality and become something which definitely will be part of the premium luxury segment. So that's where we, I think, have a very, very good position with 2 strong partners providing technology and developing that together with us into customer products.

最後，我想說的是，針對私人司機的自動駕駛功能已成為現實，並且肯定會成為高端豪華車領域的一部分。因此，我認為，這就是我們擁有非常非常有利的地位，有兩個強大的合作夥伴提供技術，並與我們一起將其開發為客戶產品。

That's it.

就是這樣。

That's it. Here we go.

就是這樣。開始了。

Perfect. Well, thank you very much, everyone, for joining, and we shall speak soon in our next quarter results.

完美的。好吧，非常感謝大家的加入，我們很快就會在下個季度的業績中發表講話。

Thank you.

謝謝。

Thank you. This does conclude the conference for today. Thank you for participating, and you may now disconnect.

謝謝。今天的會議到此結束。感謝您的參與，您現在可以斷開連接。