Polestar Automotive Holding Uk Plc (PSNY) 2023 Q3 法說會逐字稿

Hello, and welcome to Polestar Q3 2023 Results Conference Call. (Operator Instructions) I would now like to hand the conference over to Bojana. You may begin.

您好，歡迎參加 Polestar 2023 年第三季業績電話會議。 （操作員指示）我現在想將會議交給博亞納。你可以開始了。

Thank you, Operator. Hello, everyone. Bojana Flint here from Polestar Investor Relations. Thank you for joining our Q3 2023 results call. Thomas Ingenlath, our CEO; and Johan Malmqvist, our CFO, will start with our opening remarks, followed by analysts and retail investor questions. But before then, I will cover some housekeeping points.

謝謝你，接線生。大家好。來自 Polestar 投資者關係部門的 Bojana Flint。感謝您參加我們的 2023 年第三季業績電話會議。 Thomas Ingenlath，我們的執行長；我們的財務長 Johan Malmqvist 將首先發表開場白，然後是分析師和散戶投資者的問題。但在此之前，我將介紹一些內務要點。

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, near-term outlook and medium-term targets, fundraising and funding requirements, macroeconomic and industry trends, company initiatives and other future events.

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表現、產量和交付量、財務和經營業績、近期展望和中期目標、籌資和融資需求、宏觀經濟和行業趨勢的陳述、公司舉措和其他未來活動。

Forward-looking statements made to the effective only as of today, and Polestar undertakes no obligation to undo 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 contained in our SEC filings.

前瞻性陳述僅於今日生效，Polestar 不承擔撤銷任何前瞻性陳述的義務。若要討論可能導致我們的實際結果有所不同的一些因素，請查看我們向 SEC 提交的文件中包含的風險因素。

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 update presentation issued earlier today.

此外，管理階層將在本次電話會議中參考非公認會計準則財務指標。在今天稍早發布的投資者更新簡報中，討論了我們為何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最直接可比較的公認會計原則指標的調節資訊。

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

說到這裡，我想把電話轉給湯瑪斯。請繼續。

Thank you, Bojana. And thank you to everyone for joining us today at a slightly different time than we normally would hold our call. The reason for this, as you probably know, is that we are hosting Polestar Day here in Los Angeles tomorrow morning.

謝謝你，博亞娜。感謝大家今天加入我們，時間與我們平常舉行電話會議的時間略有不同。您可能知道，這樣做的原因是我們明天早上將在洛杉磯舉辦 Polestar Day。

We will have a number of technology partners, including Mobileye, Lumina and Bcomp, joining us to deep dive into the technologies that will form the future of our cars. It's shaping up to be a fantastic event. And for those of you that aren't able to join us, we will be publishing a recording of the keynote presentations and highlights from the exhibition area on our website afterwards.

我們將擁有許多技術合作夥伴，包括 Mobileye、Lumina 和 Bcomp，與我們一起深入研究將構成我們汽車未來的技術。這將成為一場精彩的活動。對於那些無法參加我們的人，我們隨後將在我們的網站上發布主題演講和展覽區亮點的錄音。

Starting with the results. The third quarter saw record deliveries of 13,976, a growth of 51% compared to last year. We saw a positive impact from channel market and product variant mix and the start of Polestar 2 model year '24 deliveries. In total, during the first 9 months of the year, we delivered 41,817 cars, growth of 37% compared to the same period last year. And Johan will take you through the financial results in more detail in a moment.

從結果開始。第三季交車量創歷史新高，達 13,976 輛，較去年成長 51%。我們看到了通路市場和產品變體組合以及 Polestar 2 車型 24 年開始交付的正面影響。今年前9個月，我們總共交付了41,817輛汽車，比去年同期成長37%。約翰稍後將帶您更詳細地了解財務表現。

Turning to the operational highlights of the last quarter. Starting with Polestar 2 and the significantly upgraded model year '24. Deliveries of this higher priced model continue to ramp up, and it is receiving great reviews. Top Gear calls it one of the most complete electric cars money can buy. [ArtRider] ranks it 4.5 out of 5 stars. It's the highest possible rating in the safety, power and features category. Similar high scores and headlines continue to be published across pretty much all of our key markets.

轉向上季的營運亮點。從 Polestar 2 和顯著升級的 '24 年車型開始。這種價格較高的型號的交付量持續增加，並且受到好評。 Top Gear 稱其為金錢能買到的最完整的電動車之一。 [ArtRider] 將其評為 4.5 顆星（滿分 5 顆星）。這是安全性、功率和功能類別中的最高評級。我們幾乎所有的主要市場都繼續發布類似的高分和頭條新聞。

This is car and up until now, we have built our brand, commercial operations and supply chain store. This one car. When you consider this, you can see that significant opportunity that we now have with 2 new models, luxury performance SUVs coming to the market.

這就是汽車，到目前為止，我們已經建立了我們的品牌、商業營運和供應鏈商店。這一輛車。當您考慮到這一點時，您會發現我們現在擁有 2 款新車型，即豪華性能 SUV 即將上市，這是一個重大機會。

Let's start with Polestar 3. Preparations for start of production, first in China early next year and then in the U.S. in the summer of '24 are progressing well. Polestar successfully completed hot weather testing in the UAE in September and the last phase of testing will be completed by the end of this year. The new electric performance SUV created a buzz when it arrived in our process spaces over the summer, and it is attracting new Polestar customers to come in and experience it firsthand. I spent a few days myself with one of our Polestar 3 test vehicles last month, and even for me, it was an eye opener to experience how much of a shift the car represents to us, the ride and handling and of course, the luxurious spaces.

讓我們從 Polestar 3 開始。首先是明年初在中國，然後是 2024 年夏天在美國的投產準備工作進展順利。 Polestar在9月於阿聯酋成功完成了炎熱天氣測試，最後階段的測試將於今年底完成。這款新型電動高性能 SUV 在夏季抵達我們的加工空間時引起了轟動，並吸引了新的 Polestar 客戶前來親身體驗。上個月，我親自駕駛了一輛Polestar 3 測試車幾天，即使對我來說，體驗這輛車對我們來說意味著多大的轉變、乘坐和操控，當然還有豪華的感覺，也讓我大開眼界。空間。

Turning to Polestar 4, our SUV coupe. Last time we met, I talked about the positive reception this car had at the Chengdu auto show. Now 2 weeks ago, we held the first media test drives on Ningbo racetrack, where journalists got to push the car to the limits. The resulting reviews are very positive, especially with regards to its performance, handling and passenger comfort. Start of production of Polestar 4 in Hangzhou Bay begins next week with customer deliveries in China starting before the end of the year and in the rest of the world planned for mid-2024.

轉向 Polestar 4，我們的 SUV 轎跑車。上次我們見面時，我談到了這款車在成都車展上的正面反應。兩週前，我們在寧波賽道舉行了首次媒體試駕，記者們將這輛車推向了極限。由此產生的評論非常積極，特別是在其性能、操控性和乘客舒適度方面。 Polestar 4 將於下週在杭州灣開始生產，年底前開始向中國客戶交付，並計劃於 2024 年中期向世界其他地區的客戶交付。

Polestar is a leading partner of Google, and Polestar 2 was the first car on the market to feature Google's Android Automotive OS, and it launched in 2019. Since then, we've seamlessly integrated a number of apps into our cars, most recently, Prime Video, which we announced in September. Several other manufacturers have now followed the path of our successful cooperation with Google.

Polestar 是Google 的主要合作夥伴，Polestar 2 是市場上第一款搭載Google Android 汽車作業系統的汽車，於2019 年推出。從那時起，我們已將許多應用程式無縫整合到我們的汽車中，最近， Prime Video，我們在 9 月宣布推出。其他幾家製造商現在也效仿了我們與Google成功合作的道路。

Now as I alluded to earlier, we will deep dive into a number of exciting innovations tomorrow at Polestar Day. Our full lineup of cars will also be onshore in the U.S. for the first time, and we are giving visitors the chance to experience the first dynamic experiences of Polestar 3 and 4 on the roads here in Los Angeles with our test engineers conducting ride alongs.

正如我之前提到的，我們將在明天的 Polestar Day 上深入探討一些令人興奮的創新。我們的全系列汽車也將首次登陸美國，我們讓遊客有機會在洛杉磯的道路上體驗 Polestar 3 和 4 的首次動態體驗，並由我們的測試工程師進行駕駛。

I have talked before about the value of this unique position and platform that we have created. A strong and established market presence with a wide sales and service network that extends far beyond most pure EV start-ups and matches what most traditional OEMs offer. Over the last few months, we took the necessary steps to rework our business plan. We are reducing costs and improving efficiency to create a more resilient and profitable Polestar and reducing our funding need at the same time.

我之前已經談到過我們所創造的這個獨特的地位和平台的價值。強大且成熟的市場存在，擁有廣泛的銷售和服務網絡，遠遠超出了大多數純電動汽車新創公司的範圍，並與大多數傳統原始設備製造商提供的服務相匹配。在過去的幾個月裡，我們採取了必要的措施來修改我們的業務計劃。我們正在降低成本並提高效率，以打造更具彈性和盈利能力的 Polestar，同時減少我們的資金需求。

Achieving cash flow breakeven already in 2025 will show the strength of our asset-light business model. Margin of our volume is our way forward, supported by a gorgeous lineup of 4 exclusive performance cars. Our strategic direction is clear. We are safeguarding the premium position of the Polestar brand. This plan reduces our expected cash outflow from the end of September this year to 2025 to around USD 1.3 billion, following additional support announced today from our 2 major shareholders.

到 2025 年實現現金流量收支平衡將顯示我們輕資產業務模式的實力。我們的銷售保證金是我們前進的方向，由 4 輛獨家性能車組成的華麗陣容提供支援。我們的策略方向很明確。我們正在維護 Polestar 品牌的高端地位。在我們的兩大股東今天宣布提供額外支持後，該計劃將我們從今年 9 月底到 2025 年的預期現金流出減少至 13 億美元左右。

In 2025, we are targeting total annual deliveries of around 155,000 to 165,000. In addition to the value derived from our growing lineup of Polestar 3, 4 and 5, we are taking several actions to improve margins and reduce OpEx. Johan will cover in a bit more detail the contribution of these actions. I will give you some further color where we have to introduce more significant changes to our operations. Main steps are taken to further improve our margins, introducing more flexible packs. As our model lineup grows into most luxurious segments, we also need to offer customers the ability for greater customization, generating more revenue across our car line.

到 2025 年，我們的目標是每年交付總量約為 155,000 至 165,000 輛。除了不斷增長的 Polestar 3、4 和 5 系列帶來的價值外，我們還採取了多項措施來提高利潤率並降低營運支出。約翰將更詳細地介紹這些行動的貢獻。我將為您提供一些進一步的信息，我們必須對我們的運營進行更重大的改變。我們採取的主要措施是推出更靈活的包裝，進一步提高我們的利潤。隨著我們的車型系列發展到最豪華的細分市場，我們還需要為客戶提供更大程度的客製化能力，從而在我們的汽車系列中創造更多收入。

Taking a more focused approach to our market presence. Starting in Europe, we have a number of markets that are both performing well and show continued scope for further profitable growth. We are going to shift investments into these from markets which are either smaller or less profitable. It's not about leaving a market, but about directing our resources to where they give us the best impact. In some cases, we'll also move to an importer model.

採取更有針對性的方法來擴大我們的市場影響力。從歐洲開始，我們的許多市場都表現良好，並顯示出進一步獲利成長的持續空間。我們將把投資從規模較小或利潤較低的市場轉移到這些領域。這不是為了離開市場，而是為了將我們的資源引導到能夠帶給我們最大影響的地方。在某些情況下，我們也會轉向進口商模式。

As you know, since the start of the summer, our operations in China are part of a JV with Meizu, providing a stronger foundation for us to succeed improving the profitability of our U.S. business. Part of this turnaround will be driven by the introduction of Polestar 3, a car that will be much better positioned for the U.S. consumer and especially once production in South Carolina starts.

如您所知，自夏季開始，我們在中國的業務成為與魅族合資企業的一部分，為我們成功提高美國業務的盈利能力提供了更堅實的基礎。這項轉變的部分原因將是 Polestar 3 的推出，這款車將更能滿足美國消費者的需求，尤其是在南卡羅來納州開始生產後。

With that said, we are taking further steps to adjust and target our brand build and marketing spend. And we are making sure that we have the most efficient retail partner set up. Identify product cost reduction opportunities, both by working closely with R&D and purchasing, we have ambitious but realistic cost reduction opportunities identified to reduce the bill of material. We are also reducing our operation expenditure across the business, which Johan will go into more detail on in a minute.

話雖如此，我們正在採取進一步措施來調整和瞄準我們的品牌建立和行銷支出。我們確保我們擁有最高效的零售合作夥伴。確定產品成本降低機會，透過與研發和採購部門密切合作，我們確定了雄心勃勃但現實的成本降低機會，以減少材料清單。我們還減少了整個業務的營運支出，約翰將在稍後詳細介紹這一點。

2025 is an important milestone, but not the end state. Our ambition is, of course, to continue to develop the Polestar brand of our volumes and profitability in the long term. We have a significantly stronger foundation from which to build on than many others. We have a strong and unique brand and strong and supportive shareholders.

2025 年是一個重要的里程碑，但不是最終狀態。當然，我們的目標是繼續長期發展 Polestar 品牌的銷售和獲利能力。與其他許多公司相比，我們擁有更堅實的基礎。我們擁有強大而獨特的品牌以及強大而支持的股東。

And with that, I'll hand over to Johan for more on the Q3 results, 2023 outlook and some detail behind our strengthened business plan and, of course, the funding update. Thank you for listening in and I look forward to taking your questions after Johan's remarks.

接下來，我將向 Johan 提供有關第三季度業績、2023 年展望以及我們強化業務計劃背後的一些細節的更多信息，當然還有融資更新。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. As Thomas said, we are in Los Angeles, getting ready for the Polestar Day tomorrow, where we are going to be joined by hundreds of customers, media, investors and analysts.

謝謝你，托馬斯。大家好，感謝您今天加入我們。正如托馬斯所說，我們在洛杉磯，為明天的北極星日做準備，數百名客戶、媒體、投資者和分析師將與我們一起參加。

Before moving into the quarterly highlights, key business actions from our strengthened business plan and the 2023 outlook, I would like to revisit points Thomas and I raised in our Q2 results call in late August.

在進入季度亮點、強化業務計劃中的關鍵業務行動以及 2023 年展望之前，我想回顧一下 Thomas 和我在 8 月底的第二季度業績電話會議中提出的觀點。

Firstly, we said we expected a stronger second half of the year in terms of margin and volume, reflecting the ramp-up of the upgraded and higher price Polestar model year '24. And we still expect that, with Q4 being our strongest volume quarter this year. We saw improvement in the core business margins during Q3 on the back of a positive mix. And as we continue to roll out Polestar 2 model year '24, alongside a reduction in raw material costs, we expect margin progression to strengthen for the remainder of the year.

首先，我們預計今年下半年的利潤率和銷售將更加強勁，反映出升級版和更高價格的 Polestar 車型 '24 的成長。我們仍然預計這一點，第四季是我們今年銷量最強勁的季度。在積極的組合的支持下，我們看到第三季核心業務利潤率有所改善。隨著我們繼續推出 24 年 Polestar 2 車型，加上原材料成本的降低，我們預計今年剩餘時間的利潤率成長將會加強。

Secondly, we said that looking ahead into 2024, we will benefit from the rapid product rollout. And 2024 is just around the corner. And Polestar 4 is starting production in a matter of days with first customer deliveries commencing in China next month, followed by other markets in mid-2024. Polestar 3 car production is also on track with first customer deliveries expected in Q2 2024.

其次，我們表示展望2024年，我們將受惠於產品的快速推出。 2024 年即將到來。 Polestar 4 將在幾天內開始生產，下個月將在中國向首批客戶交付，隨後將於 2024 年中期向其他市場交付。 Polestar 3 汽車的生產也步入正軌，預計將於 2024 年第二季向首批客戶交付。

Thirdly, we said that the cost savings measures announced with our Q1 2023 results, which would include taking out both existing headcount as well as roles that are planned for this year were progressing well. We are now at a point that we will have 300 fewer employees by the end of the year.

第三，我們表示，2023 年第一季業績中宣布的成本節約措施（包括削減現有員工人數以及今年計畫的職位）進展順利。到今年年底，我們的員工人數將減少 300 人。

Lastly, we said we would continue to explore other areas where we can become leaner and more efficient to take down costs further and improve our competitiveness. Thomas has taken you through the business drivers of our strengthened business plan, and I will pick up on those briefly after I cover our quarterly results and 2023 outlook.

最後，我們表示，我們將繼續探索其他可以變得更精簡、更有效率的領域，以進一步降低成本並提高我們的競爭力。 Thomas 向您介紹了我們強化業務計劃的業務驅動因素，在介紹我們的季度業績和 2023 年展望後，我將簡要介紹這些內容。

Starting with some operational highlights first. With established presence in 27 markets, we are now focused on improving the profitability in each of these. We will drive sales and service through our Polestar spaces and service points as our model lineup grows to 3 cars in the next 6 months. As you know, we benefit from access to an existing scalable state-of-the-art manufacturing footprint of our experienced partners, Volvo Cars and Geely.

首先從一些操作要點開始。憑藉在 27 個市場的穩固業務，我們現在專注於提高每個市場的獲利能力。隨著我們的車型陣容在未來 6 個月內增加到 3 款汽車，我們將透過 Polestar 空間和服務點推動銷售和服務。如您所知，我們受益於我們經驗豐富的合作夥伴沃爾沃汽車和吉利現有的可擴展、最先進的製造足跡。

At the production plant in Taizhou, we continue efforts to reduce both costs and overall CO2 impact of our Polestar 2. In Hangzhou Bay, where Polestar 4 is manufactured, the first cars will start to come off the line next week. We will soon announce another production site outside of China and plan to start producing Polestar 4s there in mid-2025. Like I said, Polestar 3 production in Chengdu is on track and preparations at the South Carolina factory are also progressing well.

在台州的生產工廠，我們繼續努力降低 Polestar 2 的成本和整體二氧化碳排放量。在 Polestar 4 的生產地杭州灣，第一批汽車將於下週開始下線。我們很快就會宣佈在中國以外設立另一個生產基地，並計劃於 2025 年中期開始在那裡生產 Polestar 4。正如我所說，Polestar 3在成都的生產工作已步入正軌，南卡羅來納工廠的準備工作也進展順利。

Moving now to the financial highlights for the third quarter of 2023. We delivered 13,976 cars this quarter versus 9,239 last year, a growth of 51%. Revenue increased 41% to $613 million, driven by volume growth as well as price increases implemented last year and the model year '24 ramp-up, offset by various sales support actions, including discounts. In regards to channel mix, this quarter has reverted to a more normal level of around 60% fleet sales, 40% retail. And that has benefited revenue through product variance mix.

現在來看 2023 年第三季的財務亮點。本季我們交付了 13,976 輛汽車，而去年為 9,239 輛，成長了 51%。營收成長了 41%，達到 6.13 億美元，這得益於去年銷量成長以及價格上漲以及 '24 車型年的提升，但被包括折扣在內的各種銷售支援行動所抵消。在通路組合方面，本季已恢復到更正常的水平，即車隊銷售佔 60% 左右，零售佔 40% 左右。這透過產品差異組合提高了收入。

Our strategic partnership with Hertz is progressing well. And at the end of Q3, we have delivered about 15% of the 65,000 commitments. We continue to be excited about this partnership, and there's a strong collaboration and helping to develop what is currently a challenging EV market. As a broader point, fleet is and will remain an important part of our business. Putting aside the Hertz partnership, a very high percentage of our remaining fleet book is corporate car schemes, which attract margins that are more closely aligned with our retail business and provide access to an important pool of target customers for our upcoming product lineup.

我們與赫茲的策略夥伴關係進展順利。截至第三季末，我們已經兌現了 65,000 項承諾中的約 15%。我們仍然對這種合作關係感到興奮，雙方之間的強大的合作有助於開發目前充滿挑戰的電動車市場。從更廣泛的角度來看，機隊現在是並將繼續是我們業務的重要組成部分。撇開與赫茲的合作夥伴關係不談，我們剩餘的車隊帳簿中很大一部分是企業用車計劃，這些計劃吸引的利潤與我們的零售業務更加緊密地結合在一起，並為我們即將推出的產品系列提供了接觸重要目標客群的機會。

Turning to gross profit. For Q3 2023, it was approximately $4 million, corresponding to a margin of almost 1%, broadly in line with last year. Although the core business benefited from a positive channel market and product variant mix, gross profit in the quarter was impacted by a large inventory impairment charge of $28 million. Demand in certain markets, in particular in the U.S. was weaker than we anticipated, which led to fewer cars being sold and an inventory buildup due to the margin profile in the U.S. with high import duties, consequently, there was a need to write down the value of the inventory.

轉向毛利。 2023 年第三季度，約 400 萬美元，相當於近 1% 的利潤率，與去年基本一致。儘管核心業務受益於積極的通路市場和產品組合，但本季的毛利受到 2,800 萬美元的巨額庫存減損費用的影響。某些市場的需求，特別是美國的需求弱於我們的預期，這導致汽車銷量減少，並且由於美國進口關稅高企的利潤狀況而導致庫存增加，因此，有必要減記庫存的價值。

We also had an impact from secondhand cars, which have started to come into our inventory in a more meaningful way. Recognizing the impact on the profitability of our business, we have taken mitigating actions to temporarily cut production volumes in order to improve the inventory balances.

我們也受到二手車的影響，二手車已經開始以更有意義的方式進入我們的庫存。有鑑於這對我們業務獲利能力的影響，我們已採取緩解措施暫時削減產量，以改善庫存平衡。

With regards to selling, general and administrative expenses, they were up $58 million to $236 million, reflecting primarily higher advertising, selling and promotional activities ahead of the Polestar 3 and Polestar 4 deliveries. Research and development expenses were up $30 million, reflecting continued investments in future vehicles and technologies. Operating loss was $261 million compared to $196 million last year.

銷售、一般和管理費用增加了 5,800 萬美元，達到 2.36 億美元，主要反映了 Polestar 3 和 Polestar 4 交付之前廣告、銷售和促銷活動的增加。研發費用增加了 3000 萬美元，反映出對未來車輛和技術的持續投資。營運虧損為 2.61 億美元，而去年為 1.96 億美元。

Moving on to cash flow for the first 9 months of 2023. Cash used for operating activities was $1.3 billion, mainly driven by operating loss, higher levels of inventory and trade payable payments. As previously guided, we repaid related party payables in the quarter via new short-term working capital facilities. This reflects a more natural funding solution as we continue to develop our longer-term capital structure. Cash used for investing activities was $189 million, primarily as a result of Polestar 2, Polestar 3 and Polestar 4 intellectual property investments, partially offset by the divestment of the Chengdu plant, where the Polestar 1 was previously produced.

接下來是 2023 年前 9 個月的現金流。用於經營活動的現金為 13 億美元，主要是因為經營虧損、庫存和應付帳款水準較高所致。如同先前的指導，我們在本季度透過新的短期營運資金貸款償還了關聯方應付款項。隨著我們繼續發展長期資本結構，這反映了更自然的融資解決方案。用於投資活動的現金為 1.89 億美元，主要來自 Polestar 2、Polestar 3 和 Polestar 4 知識產權投資，部分被先前生產 Polestar 1 的成都工廠的撤資所抵消。

Cash provided by finance activities was $1.5 billion, reflecting short-term borrowings of $3.4 billion, of which $800 million was drawn down from the Volvo Cars shareholder loan facility and principal repayments of $1.9 billion. At the end of the third quarter of 2023, cash and cash equivalents stood at $951 million.

財務活動提供的現金為 15 億美元，反映了 34 億美元的短期借款，其中 8 億美元來自沃爾沃汽車股東貸款安排和 19 億美元的本金償還。截至 2023 年第三季末，現金及現金等價物為 9.51 億美元。

Before shifting topic to our strengthened business plan and funding update, let me address the 2023 outlook. We now expect to deliver about 60,000 vehicles for this year as we maintain a disciplined approach to our premium brand positioning against the background of a weakening global consumer demand, particularly affecting the rate of EV adoption. Flowing from lower deliveries for the year and the financial performance to date, in particular, inventory impairment charges, we now expect a full year gross margin of around 2%.

在將主題轉向我們強化的商業計劃和資金更新之前，讓我先談談 2023 年的展望。我們現在預計今年將交付約 60,000 輛汽車，因為在全球消費者需求疲軟（特別是影響電動車採用率）的背景下，我們將保持嚴格的高端品牌定位。由於今年交付量下降以及迄今為止的財務業績，特別是庫存減值費用，我們目前預計全年毛利率約為 2%。

Turning to our strategic direction, which remains unchanged and in line with our premium brand positioning. Our strengthened business plan targets an accelerated margin improvement and a reduction of our total funding need to the point of anticipated cash flow breakeven in 2025. By 2025, we are targeting our 4 car models to generate total deliveries of around 155,000 to 165,000. We have taken a thorough look at all aspects of our business with a keen focus on measures to enhance the gross margin.

轉向我們的策略方向，該方向保持不變並符合我們的優質品牌定位。我們強化的業務計畫的目標是加速提高利潤率，並將總資金需求減少到2025 年預期現金流損益平衡點。到2025 年，我們的目標是4 款車型的總交付量達到155,000 至165,000 輛左右。我們全面審視了業務的各個方面，並專注於提高毛利率的措施。

In 2025, with an improved product mix and the following business measures, we are targeting gross margins in the high teens. We expect more than half of this progression to come from our model range rollout with more luxurious and exclusive cars, cars that would naturally carry a gross profit margin of over 20%.

到 2025 年，透過改進產品組合和採取以下業務措施，我們的毛利率目標是高兩位數。我們預計這項進展的一半以上將來自我們推出的更豪華、更獨特的車型系列，這些汽車的毛利率自然超過 20%。

We have reviewed the structure of our product offering, recognizing a high degree of options could lead to improved margins. Therefore, we will be introducing, as Thomas said, more flexible option packs for our customers, hence generating more revenue. We will have a more focused approach to market presence.

我們審查了我們的產品結構，並認識到更多的選擇可能會提高利潤。因此，正如托馬斯所說，我們將為客戶推出更靈活的選項包，從而產生更多收入。我們將採取更集中的方法來開拓市場。

In Europe, we will be directing sales and investments towards markets that have the greatest potential for profitable growth. In China, recognizing the competitive landscape, we have taken a different approach and formed an innovative joint venture. We are very excited about the prospects, firstly, in selling more cars and secondly, through the technology that our partner will bring to our cars, which could be deployed internationally in addition to China. In the U.S., our objective is to improve the profitability of that market, given the current China-centric manufacturing footprint, which leads to high levels of tariffs into the U.S. This will, in part, be addressed by the production of Polestar 3 in Charleston and even further from mid-2025 with a new manufacturing plant for Polestar 4 outside of China, which we will announce soon. This location also enjoys more favorable trade agreement terms with the U.S.

在歐洲，我們將把銷售和投資導向最具獲利成長潛力的市場。在中國，認識到競爭格局，我們採取了不同的方法，成立了一家創新的合資企業。我們對前景感到非常興奮，首先是銷售更多的汽車，其次是透過我們的合作夥伴將為我們的汽車帶來的技術，這些技術除了中國之外還可以在國際上部署。在美國，我們的目標是提高該市場的盈利能力，因為目前以中國為中心的製造足跡導緻美國徵收高額關稅。在查爾斯頓生產 Polestar 3 將部分解決這一問題甚至從2025 年中期開始，我們將在中國境外設立Polestar 4 的新製造工廠，我們很快就會宣布這項消息。該地點也與美國享有更優惠的貿易協定條款。

Lastly, improved product cost is also a key ingredient in our path towards higher margins. Here, we are working very closely with our 2 main contract manufacturing partners to drive down costs while maintaining the high-quality product that our customers love and expect. We believe these 4 main initiatives alongside much improved product mix will enable us to achieve a gross margin in the high teens.

最後，提高產品成本也是我們實現更高利潤的關鍵因素。在這裡，我們與兩個主要合約製造合作夥伴密切合作，以降低成本，同時保持客戶喜愛和期望的高品質產品。我們相信，這四個主要舉措以及大大改進的產品組合將使我們能夠實現高十幾歲的毛利率。

The rest will come from a combination of factors I outlined above. Tax and options, optimized market presence in Europe and China, stronger profitability of our U.S. business and from optimized production costs.

其餘的將來自我上面概述的因素的組合。稅收和選擇權、歐洲和中國市場佈局的優化、美國業務盈利能力的增強以及生產成本的優化。

Alongside margin enhancing measures, we have also identified initiatives to reduce operational costs and become even leaner and more efficient as we continue to grow. We announced headcount reductions earlier this year. And like I mentioned at the beginning, those negotiations were completed successfully and Polestar now employees around 300 fewer employees globally. Furthermore, we will look to resize and better optimize advertising sales and promotion spend and ensure our sales footprint, digital and R&D setup is operating more efficiently as we scale the business.

除了提高利潤率的措施外，我們還制定了降低營運成本的舉措，並隨著我們的不斷發展而變得更加精簡和高效。我們今年早些時候宣布裁員。正如我在開頭提到的，這些談判已成功完成，Polestar 目前在全球範圍內減少了約 300 名員工。此外，我們將尋求調整規模並更好地優化廣告銷售和促銷支出，並確保我們的銷售足跡、數位和研發設定在業務規模擴大時更有效地運作。

Although we have been steadfast at safeguarding our car programs, we have and will be very disciplined in our planned CapEx spend, finding ways to either reduce or push payments out beyond the cash flow breakeven point. We're also looking at ways to reduce working capital. For example, with the manufacturing footprint that is closer to the end market as well as the new setup in China with the joint venture, we will be able to significantly reduce our inventory needs.

儘管我們一直堅定地保護我們的汽車項目，但我們已經並將在計劃的資本支出方面非常嚴格，尋找方法減少付款或將付款推至現金流盈虧平衡點之上。我們也正在尋找減少營運資金的方法。例如，憑藉更接近終端市場的製造足跡以及在中國與合資企業的新設置，我們將能夠顯著減少庫存需求。

In culmination, we expect cost management actions and those on gross margin will see Polestar reach cash flow breakeven in 2025. Of course, this is not the end state. 2025 will be an important milestone for our business. And thereafter, we expect to continue to grow volumes, building on a profitable free car baseline to also include Polestar 5 and Polestar 6 as well as future models.

最終，我們預計成本管理行動和毛利率行動將使 Polestar 在 2025 年實現現金流損益兩平。當然，這不是最終狀態。 2025 年將是我們業務的一個重要里程碑。此後，我們預計銷量將繼續成長，以盈利的免費汽車為基準，其中還包括 Polestar 5 和 Polestar 6 以及未來的車型。

Moving on to funding update. With business actions to manage costs, drive higher margins and cash flow outlined by both Thomas and I, we have reduced our total funding needs. Showing their continued commitment for Polestar, we are pleased to announce that our 2 major shareholders have both increased their support. Volvo Cars has extended the maturity of the existing shareholder term loan to 2027 and is providing additional funding of $200 million. In addition, Geely Sweden Holding AB an affiliate of Geely Holdings is providing $250 million shareholder term loan on substantially the same conditions as the Volvo Cars shareholder term loan, including a maturity in 2027. Both loans have an optional equity conversion feature.

繼續資金更新。透過湯瑪斯和我概述的管理成本、提高利潤和現金流的業務行動，我們減少了總資金需求。我們很高興地宣布，我們的兩大股東都加強了支持力度，這體現了他們對 Polestar 的持續承諾。沃爾沃汽車已將現有股東定期貸款的期限延長至 2027 年，並提供 2 億美元的額外資金。此外，吉利控股的附屬公司吉利瑞典控股公司正在提供2.5 億美元的股東定期貸款，其條件與沃爾沃汽車股東定期貸款基本相同，包括2027 年到期。這兩項貸款都具有可選的股權轉換功能。

Based upon the expected cumulative negative free cash flow from the end of third quarter 2023 until achieving cash flow breakeven targeted for 2025 and taking into account existing and new financing and liquidity support from Geely and Volvo Cars, Polestar requires external funding of approximately $1.3 billion. We continue to work on a plan, which will provide the remainder of the funding required until we achieve the targeted cash flow breakeven in 2025. We expect to finalize this funding plan in the near term, and it will include both additional debt and equity.

根據預計從2023 年第三季末到2025 年實現現金流盈虧平衡目標的累計自由現金流，並考慮到吉利和沃爾沃汽車現有和新的融資和流動性支持，Polestar 需要約13 億美元的外部資金。我們將繼續制定一項計劃，該計劃將提供所需的剩餘資金，直到我們在2025 年實現目標現金流收支平衡。我們預計將在短期內敲定這項融資計劃，其中將包括額外的債務和股權。

In short period of time, Polestar has achieved so much already and the hard work of our colleagues and the support of our main shareholders mean we are now at the beginning of an exciting phase as we move from 1 to 4 models. And with a more efficient organization, we can see a clear path towards profitability within 2 years.

在很短的時間內，Polestar 已經取得瞭如此巨大的成就，我們同事的辛勤工作和主要股東的支持意味著我們現在正處於一個激動人心的階段的開始，我們從 1 款車型轉向 4 款車型。透過更有效率的組織，我們可以看到一條在兩年內實現盈利的清晰道路。

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. Thank you.

再次感謝您的加入，請營運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。謝謝。

(Operator Instructions) Our first question comes from the line of Andrea Sheppard with Cantor Fisher.

（操作員說明）我們的第一個問題來自 Andrea Sheppard 和 Cantor Fisher 的線路。

Congratulations on the quarter. I guess our first question is, you provided your outlook for delivery targets for 2025, approximately $160,000. You now have about 60,000 expected deliveries for this year. I'm curious if you could maybe give us some color on how we should be thinking about deliveries in 2024. Should we be looking at somewhere in the midpoint between those 2? Or what's the best way to think about it?

恭喜本季。我想我們的第一個問題是，您提供了 2025 年交付目標的展望，大約是 160,000 美元。今年預計交付量約 6 萬件。我很好奇您能否給我們一些關於我們應該如何考慮 2024 年交付的信息。我們是否應該考慮這兩者之間的中間點？或者思考這個問題的最佳方式是什麼？

This is Johan. I think the way you should think about it -- about 2 things. One is that -- the way you should think about it is that looking at the start of production and the rollout of cars, as we mentioned in the initial comments, really the Polestar 4 and the Polestar 3, those deliveries will occur in a more meaningful way, really starting from Q2. So you have the second half of the year with the 3 car lineup. So there's definitely going to be a certain phasing next year that reflects then the start of production and the deliveries. We'll come back to this when we -- in regards to guiding more specifically on 2024 as part of our Q4 earnings. But I think that's the -- what I would take into consider any -- ratio now.

這是約翰.我認為你應該思考這個問題——關於兩件事。一是 - 你應該考慮的方式是，看看生產的開始和汽車的推出，正如我們在最初的評論中提到的，實際上是 Polestar 4 和 Polestar 3，這些交付將在更長時間內進行。有意義的方式，真正從第二季開始。所以下半年會有 3 輛車的陣容。因此，明年肯定會有一個特定的階段，反映出生產和交付的開始。作為我們第四季度收益的一部分，我們將在 2024 年提供更具體的指導時再次討論這一點。但我認為這就是我現在要考慮的比率。

And maybe as a quick follow-up, I just wanted to better understand the new financing and liquidity. So with $450 million from Geely and Volvo. You mentioned that you'll require another $1.3 billion to get to that breakeven cash flow in 2025. Any sense of when that timing for that $1.3 billion will look like? Is that still a bit of a short-term need? Or with this additional financing, does this give you a little bit more flexibility on timing.

也許作為快速跟進，我只是想更好地了解新的融資和流動性。吉利和沃爾沃提供了 4.5 億美元。您提到您將需要另外 13 億美元才能在 2025 年實現損益兩平現金流。您知道這 13 億美元的時機是什麼時候嗎？這還是短期需求嗎？或者透過這筆額外的融資，這是否可以讓您在時間安排上更加靈活。

Yes, I think I can help provide some color there just to kind of give that -- make that picture a little bit clearer. So where the $1.3 billion stems from is that it's based upon the expected accumulated negative free cash flow as from the end of Q3 through cash flow breakeven in 2025. And that accumulated cash flow, we expect to be around $1.9 billion. And then we deduct the existing, both existing and financing support from our owners around $600 million to get to the $1.3 billion. So between now and then, of course, we expect this quarterly cash burn in 2024 to slow and then ultimately arrive at a cash flow breakeven in 2025 based upon all the actions that we are now executing on as reflected in the remarks from Thomas.

是的，我想我可以幫忙提供一些顏色，只是為了讓圖片更清晰一些。因此，13 億美元的來源是，它是基於從第三季度末到 2025 年現金流盈虧平衡的預期累計負自由現金流。我們預計累計現金流約為 19 億美元。然後，我們扣除現有的現有資金支持和來自所有者的約 6 億美元的融資支持，得到 13 億美元。因此，從現在到那時，我們當然預計 2024 年的季度現金消耗將會放緩，並最終根據托馬斯演講中所反映的我們現在正在執行的所有行動，在 2025 年實現現金流收支平衡。

Congrats on the quarter.

恭喜本季。

Thank you.

謝謝。

Our next question comes from the line of Alexander Potter with Piper Sandler.

我們的下一個問題來自亞歷山大·波特和派珀·桑德勒的台詞。

So the first question I had was if you could give an update on how the joint venture in China is progressing. I know that was a relatively recent announcement, but I'm curious if there have been any maybe initial findings and short-term goals and medium-term goals for that joint venture?

我的第一個問題是，您能否介紹一下在中國的合資企業的最新進展。我知道這是一個相對較新的公告，但我很好奇該合資企業是否有任何初步調查結果以及短期目標和中期目標？

Yes. Thomas, here. I will take this question on the China JV, which is indeed progressing well. Obviously, very much the launch of the Polestar 4 now going into production and coming to customers in December first time is very much under the light of it being the first execution of the JV really. Software in this car will already be designed and influenced by our partner there. So the customer gets this full benefit of connectivity and China targeted entertainment system in this car. So the fruits of this JV, already within the short time, come alive. But of course, really in 2024, when -- say that now here publicly -- when there is a swell Polestar phone coming together with the car to market then, of course, it will become full fledged, what we expect to be a car that is consumer-centric, made in for China and having that benefit of a software affine partner there that know the business very well. We have the rollout of our Polestar spaces in China as well happening parallel to that, having, of course, already a target by the end of this year, which is a base for us really accelerating now in China. And we see that definitely Polestar 4, with the media feedback, with the preordering converting into real orders, is showing better traction, a, of a product that is definitely in China, resonating well with its size and its spaciousness, but as well, of course, the special combination of us having now software in the car, which is designed by and for Chinese customers.

是的。托馬斯，在這裡。我將就中國合資企業提出這個問題，該合資企業確實進展順利。顯然，現在投入生產並於 12 月首次向客戶提供 Polestar 4 的推出很大程度上是因為它實際上是合資企業的第一次執行。這輛車中的軟體已經由我們在那裡的合作夥伴設計和影響。因此，客戶可以在這輛車上充分享受連接性和針對中國的娛樂系統的好處。因此，這個合資企業的成果在很短的時間內就開始顯現出來。但當然，真正到了 2024 年，當——現在公開地說——當一款出色的 Polestar 手機與汽車一起上市時，當然，它將會變得成熟，我們期望成為一輛汽車它以消費者為中心，為中國製造，並擁有非常了解業務的軟體密切合作夥伴的優勢。同時，我們也在中國推出了 Polestar 空間，當然，我們已經設定了今年年底前的目標，這是我們現在在中國真正加速發展的基礎。我們看到，根據媒體回饋，隨著預購轉化為實際訂單，Polestar 4 表現出了更好的吸引力，這是一款絕對在中國的產品，與其尺寸和空間產生了很好的共鳴，但同樣，當然，我們現在在汽車中擁有由中國客戶設計並為中國客戶設計的軟體的特殊組合。

And then maybe just a related question on to that then. Is it possible for you to take those learnings and that China-specific software infotainment offering and leverage it in your other vehicles as well? I know that in the past, you've talked about how Polestar 2 maybe -- isn't an ideal fit for the Chinese consumer, the Chinese market. Is there a way that you can leverage the JV to push sales of that product? Or is that something that's not maybe on the radar screen?

然後也許只是一個與之相關的問題。您是否有可能將這些經驗和針對中國的資訊娛樂軟體產品運用到您的其他車輛中？我知道您過去曾談到 Polestar 2 可能不太適合中國消費者、中國市場。有沒有辦法利用合資企業來推動該產品的銷售？還是雷達螢幕上沒有的東西？

Well, within the China market, obviously, the range of Polestar cars and the Polestar 3, of course, will be an important product there as well; will get the benefit of this software being much more catered for the China market. So that goes across the car line. The -- I mean, an interesting aspect of it because a lot of what I see happening there in terms of what is being done for the customer in terms of software in the car, I absolutely expect for us as well learnings for the rest of the world. Of course, this will not be a direct translation, and we have a very strict border between what is the cloud and the customer electronics in China versus the Western world. Having said that, certain behaviors of what we see in entertaining features, I definitely see benefits from us learning.

嗯，在中國市場，顯然，Polestar 汽車系列和 Polestar 3 當然也將成為那裡的重要產品；將受益於該軟體更適合中國市場。這樣就跨越了汽車線。我的意思是，這是一個有趣的方面，因為我看到那裡發生的很多事情都是在汽車軟體方面為客戶所做的事情，我絕對希望我們也能學到其他東西世界。當然，這不會是直接翻譯，中國與西方世界的雲端和客戶電子產品之間有著非常嚴格的界線。話雖如此，我們在娛樂功能中看到的某些行為，我確實看到了我們學習的好處。

I hate to harp on China here, but my last question is also related to China. So there's obviously been a lot of geopolitical saber rattling lately, particularly in Europe about trying to throw up protectionist barriers on imports of vehicles from China. What are your thoughts on this? I know that nothing is set in stone yet, so there's a lot of uncertainty, but you alluded to potentially a new factory location in your prepared remarks. I'm just interested in knowing what you're planning in terms of maybe a worst-case scenario if the European Union does institute something resembling a protectionist policy against the imported Chinese cars?

我不想在這裡喋喋不休地談論中國，但我的最後一個問題也與中國有關。因此，最近顯然存在著許多地緣政治武力威脅，特別是在歐洲，試圖對從中國進口的汽車設置保護主義壁壘。您對此有何看法？我知道一切都尚未確定，因此存在許多不確定性，但您在準備好的發言中提到了可能的新工廠選址。我只是想知道，如果歐盟確實針對中國進口汽車制定了類似保護主義政策的措施，那麼最糟的情況下您正在計劃什麼？

Yes, 2 answers anyway on that. On one hand, I mean some things very clear. We are buying our parts from our contract manufacturing partners. That's a very straightforward purchase on arms-length space. So I think that portrays us very well how prepared -- we just simply have to buy our cars from our manufacturing partner. The other thing is for some time now, I mean, obviously, this journey started like 2 years ago, we had to make an effort to diversify our manufacturing footprint. We have started with Polestar 3 being as well now implemented into the U.S. plant in South Carolina where we will produce this car not only for the U.S., but we will as well export from the U.S. to Europe. So that certainly is a way of us derisking our business. The other way is that our second important SUV that we will introduce now the Polestar 4. We are very soon being quite precise about how we found the way of having a second production footprint for this car as well. So obviously, yes, we have taken very concrete step already in the near future will be in place for us to be prepared for such a situation.

是的，無論如何，有兩個答案。一方面，我的意思很清楚。我們從合約製造合作夥伴那裡購買零件。這是一次非常簡單​​的購買行為。所以我認為這很好地描述了我們的準備情況——我們只需從我們的製造合作夥伴那裡購買我們的汽車。另一件事是現在一段時間了，我的意思是，顯然，這段旅程是在兩年前開始的，我們必須努力使我們的製造足跡多樣化。我們已經開始將 Polestar 3 投入到位於南卡羅來納州的美國工廠，在那裡我們不僅為美國生產這款車，而且還將從美國出口到歐洲。因此，這無疑是我們降低業務風險的一種方式。另一種方式是我們現在要推出的第二款重要 SUV Polestar 4。我們很快就會非常準確地了解如何找到這款車的第二個生產足跡。顯然，是的，我們已經採取了非常具體的步驟，在不久的將來我們將為這種情況做好準備。

Our next question comes from the line of Dan Levy with Barclays.

我們的下一個問題來自巴克萊銀行的 Dan Levy。

I wanted to start just by asking, within the path to getting to breakeven, which you laid out a number of steps. And I think one of those was on getting improved costs in your licensing of manufacturing capacity and technology from Volvo and Geely. What is the line of sight to extracting those costs? How critical step is this in getting to gross margin breakeven. And in the event of a weaker environment, what is -- how much pressure does it put on that target of extracting those cost saves?

我想先詢問，在實現損益平衡的道路上，你列出了一些步驟。我認為其中之一是提高沃爾沃和吉利製造能力和技術許可的成本。提取這些成本的視線是什麼？這是實現毛利率損益平衡的關鍵一步。如果環境較弱，這會對節省成本的目標造成多大的壓力？

Yes. Thanks, Dan. I think first point to make clear is that the bulk or the absolute majority of the margin accretion comes from the product mix and the improved margin profile of these vehicles. The -- what we laid out in the remarks in regards to continuing to work on and drive down the production costs in close collaboration with our contract manufacturing partners. I mean, on the one hand, that's something that we would -- and anyone would typically expect to continue regardless. We are just making sure that we're putting extra emphasis on it. With that being said, of course, here, we derive the mutual benefit of that, especially on those platforms that we share. So from that perspective, we, as well as they are both -- all 3 of us very much focused on this. And that's where we would expect it to add accretively to the already healthy margin profile for these products.

是的。謝謝，丹。我認為首先要明確的是，大部分或絕對大部分的利潤成長來自於產品組合和這些工具的利潤狀況的改善。我們在演講中闡述了與我們的合約製造合作夥伴密切合作，繼續努力並降低生產成本。我的意思是，一方面，這是我們會做的事情——而且任何人通常都希望無論如何都會繼續下去。我們只是確保我們格外重視它。話雖如此，當然，我們在這裡獲得了互惠互利，特別是在我們共享的平台上。因此，從這個角度來看，我們以及他們——我們三個人都非常關注這一點。這就是我們期望它能夠增加這些產品已經健康的利潤狀況的地方。

The second question is just around demand broadly and 2-part question. A, maybe you could just give us a sense, at least for Polestar 4. I know you said there's been very positive reception from the media in China. If you have a sense on the visibility of orders or the magnitude of backlog? And then the other question is this. So to the extent that it's just obviously a very tight macro environment across the regions. To the extent that you need to pivot on any components of the plan, what is your ability to pivot within the plan that you've laid out this afternoon?

第二個問題是關於廣泛的需求和由兩部分組成的問題。答，也許您可以給我們一個大概的了解，至少是 Polestar 4。我知道您說過中國媒體的反應非常積極。您是否了解訂單的可見度或積壓的程度？然後另一個問題是這樣的。因此，從某種程度上來說，各地區的宏觀環境顯然非常緊張。如果您需要圍繞計劃的任何組成部分進行調整，那麼您在今天下午制定的計劃中進行調整的能力如何？

Well, Thomas here and I would really like to make sure that, that exercise of working on the business plan, strengthening it and making it resilient was, of course, very much prepared to make sure that those important goals. The breakeven in 2025, a reduction of the funding need is all working in an environment where obviously demand is in a world climate at the moment, something which is very different to when we started the journey in 2017. Even in 2020, it was still a complete different picture than we have today. So for that reason, be rest assured that this exercise of this business plan took very much into account that we cannot now dream of fancy demand scenarios, but have put down there a very achievable and realistic baseline. So that was a very important element of us doing this work over summer.

好吧，托馬斯和我真的很想確保，制定業務計劃、加強它並使其具有彈性的工作當然已經做好了充分準備，以確保實現這些重要目標。 2025 年的收支平衡、資金需求的減少都是在當前世界氣候下明顯需求旺盛的環境下實現的，這與我們 2017 年開始這一旅程時非常不同。即使在 2020 年，情況仍然如此與我們今天所看到的完全不同的景象。因此，請放心，該業務計劃的實施充分考慮到我們現在不能夢想幻想的需求場景，但已經制定了一個非常可實現且現實的基線。所以這是我們整個夏天進行這項工作的一個非常重要的因素。

And then Polestar for any visibility on near-term volumes backlog.

然後是 Polestar，了解近期積壓訂單量的情況。

Well, I think like Thomas said, I mean, based upon the initial reactions from the different events has been received very well. So I think we're very excited about this project. We're starting the deliveries in China and so forth, (inaudible) service as a good proxy of its success. And yes, it is one of those products that we expect the higher volumes to come from. And I think it's very well positioned to do so.

嗯，我想就像湯瑪斯說的那樣，我的意思是，根據不同事件的初步反應，反應非常好。所以我認為我們對這個項目非常興奮。我們正在開始在中國等地進行交付，（聽不清楚）服務是其成功的良好代表。是的，它是我們預計銷量會更高的產品之一。我認為它非常適合這樣做。

And the phase that we are in now, I mean something, of course, now important we have had the first drive of the journalists, the next phase is, of course, to have now customers coming into the car and being able to drive the kind of order to make that big move from preorders to fixed orders. So that is the phase that we are in. And obviously, we are very optimistic about that we will be successful in making that shift of the preorders and attract many more customers. I mean, one thing is clear, the Polestar 4 being a car which indeed now unleashes that opportunity for us in China will, of course, be a very important element of making the volume of the Polestar 4 very significant for our brand.

我們現在所處的階段，我的意思是，當然，現在重要的是我們已經有了記者的第一次駕駛，下一階段當然是讓客戶進入汽車並能夠駕駛一種從預購到固定訂單的重大轉變的訂單。這就是我們所處的階段。顯然，我們非常樂觀，我們將成功實現預購的轉變並吸引更多客戶。我的意思是，有一件事是明確的，Polestar 4 作為一款現在確實為我們在中國釋放機會的汽車，當然，這將成為使 Polestar 4 的銷量對我們品牌非常重要的一個非常重要的因素。

And just from a personal experience, I mean, so much of our existing customers from Polestar 2, we see have a very strong interest in exploring this car and upgrading to it. So we see, of course, that's why we always say, we are not starting from scratch, all that, I say, investment in building up the brand, building that customer base with thousands of, 10 thousands of Polestar 2 customers. Of course, that is a very new and additional channel of us really bringing that potential of people upgrading and going from a Polestar 2 to Polestar 4 spending that much more money on that next level of exclusive SUV.

我的意思是，僅從個人經驗來看，我們看到許多 Polestar 2 的現有客戶對探索這款車並對其進行升級有著非常濃厚的興趣。所以我們看到，當然，這就是為什麼我們總是說，我們不是從頭開始，我說的是，所有這些投資都是為了建立品牌，建立擁有成千上萬 Polestar 2 客戶的客戶群。當然，這是我們的一個非常新的額外管道，真正讓人們有潛力從 Polestar 2 升級到 Polestar 4，花更多的錢購買下一個級別的獨家 SUV。

(Operator Instructions) Our next question comes from the line of Tobias Beith with Redburn Atlantic.

（操作員說明）我們的下一個問題來自 Redburn Atlantic 的 Tobias Beith。

I have a couple actually. And fortunately, they're all for Johan. And I guess, maybe let's take them one by one. My first question is as follows. Can you explain how cumulative cash flow to breakeven is only $1.9 billion when free cash flow in this quarter was $700 million with very low CapEx and seemingly still lots of intangibles and capital equipment relating to the Polestar 3, 4 and 5 still yet to be acquired?

其實我有一對。幸運的是，它們都是為了約翰。我想，也許我們可以一一分析。我的第一個問題如下。您能否解釋一下，當本季的自由現金流為7 億美元、資本支出非常低且似乎仍有大量與Polestar 3、4 和5 相關的無形資產和資本設備尚未收購時，達到盈虧平衡的累計現金流量僅19 億美元？

Hi Tobias, thank you for the question. So as you correctly point out here, of course, what it implies is that we expect the quarterly cash burn in 2024 to slow down significantly. And that, of course, is on the back of, in part, then the volumes from Polestar 3 and 4 and the margin profile for those cars, like I said in my opening remarks, being in excess of 20%. So the earnings generated by those cars is the primary driver to your question -- would answer to your question that, in addition then to executing on these actions that we've laid out to further then take out costs, this would overall improve the margin profile of Polestar. And then in regards to net working capital and CapEx, yes, there's a natural buildup of inventory as we introduce these models. But of course, there's also a benefit of more localized production that will help taper that to some extent. And then in regards to CapEx, I mean, we continue to invest in the car programs. But with that being said, that's also an area that we've -- that's taken a hard look at to see primarily as it relates to the phasing of the CapEx to make sure that we can arrive at this breakeven point in 2025.

嗨托比亞斯，謝謝你的提問。當然，正如您在這裡正確指出的那樣，這意味著我們預計 2024 年季度現金消耗將顯著放緩。當然，這在一定程度上是因為 Polestar 3 和 4 的銷量以及這些汽車的利潤狀況（正如我在開場白中所說）超過 20%。因此，這些汽車產生的收入是您問題的主要驅動因素 - 將回答您的問題，除了執行我們為進一步削減成本而製定的這些行動之外，這將整體提高利潤率北極星的個人資料。然後就淨營運資本和資本支出而言，是的，當我們引入這些模型時，庫存會自然累積。當然，更本地化的生產也有一個好處，這將有助於在一定程度上減少這種情況。關於資本支出，我的意思是，我們繼續投資汽車專案。但話雖如此，這也是我們認真研究的一個領域，主要是因為它與資本支出的分階段有關，以確保我們能夠在 2025 年達到損益平衡點。

So is it possible that perhaps some of the CapEx that you've anticipated pre 2025 now comes after 2025?

那麼，您預期 2025 年之前的部分資本支出是否有可能出現在 2025 年之後？

Yes, I would say that, that's definitely one of the actions we've looked at. With that being said, we've also been very adamant about keeping our car programs. And so -- but of course, to the extent where we can change the cash -- we can conserve cash, whether it's looking at pushing out or different ways to fund the projects, then yes, and we have taken a look at that.

是的，我想說，這絕對是我們考慮過的行動之一。話雖如此，我們也非常堅定地保留我們的汽車項目。因此，當然，在我們可以改變現金的範圍內，我們可以節省現金，無論是考慮推出還是以不同的方式為項目提供資金，那麼是的，我們已經研究過這一點。

You estimate that additional funding requirements in addition to what was announced today, to get to the point of being free cash flow positive is $1.3 billion. Does this exclude proceeds from short-term working capital loans? And if so, what has been assumed for net new loan proceeds between now and 2025?

您估計，除了今天宣布的資金之外，要達到自由現金流為正的水平，還需要 13 億美元的額外資金需求。這是否不包括短期流動資金貸款的收益？如果是這樣，從現在到 2025 年，新貸款淨收益的假設是什麼？

Yes. Okay. So the assumption around that is that the existing debt will remain. So to the extent that it's made up of short-term working capital lines that those will be rolled over. And I think we've been able to demonstrate our ability to do so. The current borrowings from our shareholders as laid out is extended out to 2027. And so the $1.3 billion funding need is then based upon the cumulative cash flow, less the new support from the owners and the remaining -- what remains unutilized from the prior $1.6 billion. So collected then $600 million to get to the $1.3 billion funding.

是的。好的。因此，圍繞這一點的假設是現有債務將繼續存在。因此，只要它是由短期營運資金額度組成，這些資金額度就會被展期。我認為我們已經能夠展示我們這樣做的能力。目前向我們股東的借款按計劃延長至 2027 年。因此，13 億美元的融資需求是基於累計現金流量，減去所有者的新支持和剩餘資金（之前的 1.6 美元中尚未使用的資金）十億。因此，當時籌集了 6 億美元，以獲得 13 億美元的資金。

If I have a look at your balance sheet and advanced payments from customers roughly half quarter-on-quarter. And I know we've discussed on prior earnings calls about the correlation between this line item and the order book. But I was wondering if it's therefore, right to conclude that Polestar's backlog is halved.

如果我看一下你們的資產負債表和客戶預付款大約是季度的一半。我知道我們在先前的財報電話會議上討論過該訂單項目與訂單簿之間的相關性。但我想知道因此得出 Polestar 積壓訂單減少一半的結論是否正確。

Yes, thanks for raising that point, Tobias, I appreciate it. The answer is no. And the reason for the lower amount in Q3 is actually -- it's related to certain arrangements with fleet customers that were initiated in Q2, which in Q3 has led to a reclass to deferred revenue. So it has to do with timing and invoicing and when Polestar is obligated to deliver these vehicles. So in your effort, Tobias, to try to correlate that line item to the order book, I would say that it's relatively flat quarter-on-quarter.

是的，感謝托比亞斯提出這一點，我很感激。答案是不行。第三季金額較低的原因實際上是——與第二季啟動的與車隊客戶的某些安排有關，這導致第三季重新分類為遞延收入。因此，這與時間表和發票以及 Polestar 何時有義務交付這些車輛有關。因此，托比亞斯，在您努力將該行項目與訂單簿相關聯時，我想說它的季度環比相對持平。

And then my last question is really about expectations for Polestar 3 and Polestar 4, if I have a look at where Polestar 2 volumes are today, they're tracking roughly 50% below your prior 2025 expectations. And incentives are already present in some of your major end markets on the model year 2024 Polestar 2. Now I was wondering what volumes have you assumed for Polestar 3 and 4 this time out to 2025? And what gives you success -- what gives you confidence in that success?

然後我的最後一個問題實際上是關於 Polestar 3 和 Polestar 4 的預期，如果我看看 Polestar 2 今天的銷量，他們會比你之前的 2025 年預期低大約 50%。你們的一些主要終端市場已經針對 2024 年 Polestar 2 車型提供了激勵措施。現在我想知道你們預計 Polestar 3 和 4 這次到 2025 年的銷量是多少？是什麼讓你成功──是什麼讓你對成功充滿信心？

So maybe I can start. I mean, we have not broken down the volume down '25 by car model. I think what we expect is, and as I alluded to, if anything that we see that the Polestar 4 becoming more about (inaudible) we think it's very well positioned to be that and it caters well for both the Asian market and the U.S. market and Europe for that manner.

所以也許我可以開始了。我的意思是，我們還沒有按車型細分 25 年的銷售。我認為我們所期望的是，正如我所提到的，如果我們看到Polestar 4 變得更加重要（聽不清楚），我們認為它處於非常有利的位置，並且它很好地迎合了亞洲市場和美國市場歐洲也是如此。

Okay. And maybe -- Thomas, here, sorry, I would love to add as well. I mean, obviously, I would call out the Polestar 3 and 4, of course, much more worldwide catering cars. Size-wise, they are addressing a need in the U.S. and in China, much more than the Polestar 2 can do as a fairly compact European-sized car and Polestar 3 and 4 cars will have the benefit of a manufacturing footprint, which obviously makes it much more profitable to sell them in China and U.S. and in Europe equally. So for that reason, I think it's fair to say that for Polestar 3 and 4, we're very well positioned to reach the volume ambition. And we very clearly have as well made clear in the last earning calls that we will not drive volume on the expense of margin and for that reason to concentrate with the Polestar 2 on those markets where this car can achieve the margins that we expect is as well a very straight and clear policy that we have now. So I think that explains as well how that relates to volume expectations that had been put out long -- years ago for Polestar 2.

好的。也許——湯瑪斯，抱歉，我也想補充一下。我的意思是，顯然，我會提到 Polestar 3 和 4，當然，還有更多的全球餐飲車。就尺寸而言，他們正在滿足美國和中國的需求，這比Polestar 2 作為一款相當緊湊的歐洲尺寸汽車所能做的要多得多，而Polestar 3 和4 汽車將具有製造足蹟的優勢，這顯然使得在中國、美國和歐洲平等銷售它們會更有利可圖。因此，我認為可以公平地說，對於 Polestar 3 和 4，我們完全有能力實現銷售目標。我們在上次的財報電話會議中也明確表示，我們不會以犧牲利潤為代價來提高銷量，因此我們將把 Polestar 2 集中在那些這款車能夠實現我們預期利潤的市場上。我們現在有一個非常直接和明確的政策。因此，我認為這也解釋了這與多年前針對 Polestar 2 提出的銷售預期有何關係。

I'm showing no further questions in the queue. I would now like to turn the call back over to Bojana. The floor is yours.

我在隊列中沒有顯示任何其他問題。我現在想把電話轉回博亞納。地板是你的。

Thank you so much. We will now take -- we've a few minutes left until the end of the call -- we'll take 3 top questions from our retail shareholders. So I will read them out, and then Thomas and Johan can answer this. So the first top question: As an investor, what can we look forward to the stock achieving and your further roll out of your great vehicles to a larger demand? And how are you going to create that demand. I read it as a volume confidence in our product lineup and our volume ambition. So Thomas?

太感謝了。現在距離電話會議結束還剩幾分鐘，我們將回答散戶股東提出的 3 個最重要的問題。所以我會把它們讀出來，然後托馬斯和約翰可以回答這個問題。因此，第一個最重要的問題是：作為投資者，我們可以期待股票實現什麼以及您進一步推出您的偉大工具以滿足更大的需求？以及你將如何創造這種需求。我將其解讀為對我們產品陣容和銷售雄心的信心。那麼托馬斯？

Well, as mentioned before, of me, obviously, the moment of us introducing Polestar 4 and Polestar 3 is a game changer in that respect. We have, on one hand, first time SUVs and then 2 of them, very nicely positioned from each other going into the market. We all know that the SUV segment has a much larger target group, the addressable market, almost across the world for SUVs is the biggest and then of course, countercyclical (inaudible). So that should be the main answer for that.

嗯，正如之前提到的，對於我來說，顯然，我們推出 Polestar 4 和 Polestar 3 的那一刻在這方面改變了遊戲規則。我們一方面推出了第一款 SUV，然後又推出了兩款 SUV，它們在進入市場時的定位非常好。我們都知道，SUV 細分市場擁有更大的目標群體，幾乎在全球範圍內，SUV 的潛在市場都是最大的，當然，也是反週期的（聽不清楚）。所以這應該是主要的答案。

Having said that, China JV, again, opens up the China market for us, much more optimistic situation there than ever before. And of course, we brought the Polestar 3 and the Polestar 4 very early now into our Polestar spaces in order to have enough time, months to get the customers excited about these cars. So there are a lot of actions, including a big, big test drive coming up in the beginning of 2024 for journalists where we will, of course, drive a lot of attention to these new cars coming.

話雖如此，中國合資企業再次為我們打開了中國市場，那裡的情況比以往任何時候都樂觀得多。當然，我們很早就將 Polestar 3 和 Polestar 4 引入了我們的 Polestar 空間，以便有足夠的時間（幾個月）讓客戶對這些汽車感到興奮。因此，我們採取了許多行動，包括 2024 年初為記者進行的一次大型試駕，當然，我們將吸引更多人關注這些即將推出的新車。

Perfect. Moving on to question #2. What is your plan to stop the short-term bleeding?

完美的。繼續問題#2。您有什麼計劃來止血？

Just to reiterate the effort that has been done over summer to bring a business plan into play here, which is resilient working in an environment, which obviously is tougher than years before. And that breakeven in 2025. And really, I mean, how many months is that. I mean that is not now talking here long term in the future. That is a very reachable goal. The reduction of the funding needs to a dimension, which I think compared to a lot of our peers, it's actually exceptional and low, I know, in that respect. So I think we really did a lot of our homework now to -- in order to make that future and the success of Polestar very [tangible].

只是重申今年夏天為使商業計劃在這裡發揮作用所做的努力，該計劃在明顯比前幾年更艱難的環境中具有彈性工作。 2025 年達到收支平衡。實際上，我的意思是，那是多少個月。我的意思是，現在這裡談論的不是長期的未來。這是一個非常容易實現的目標。我認為，與我們的許多同行相比，資金需要減少到一定程度，我知道，在這方面，這實際上是特殊且低的。所以我認為我們現在確實做了很多功課——為了讓 Polestar 的未來和成功變得非常[切實]。

And I think we've made 3 very significant steps forward in regards to the funding solution here. As Thomas said, we've lined out clearly the actions to get to this lower funding needs. We have the support from the owners and we are well progressed in regards to the holistic funding plan to close out the remaining gap.

我認為我們在融資解決方案方面已經取得了三個非常重要的進展。正如湯瑪斯所說，我們已經明確列出了實現較低資金需求的行動。我們得到了業主的支持，並且在彌補剩餘缺口的整體融資計劃方面進展順利。

Great. And let's take the third and final question. When can we expect to see production from the South Carolina facility? And what impact will it have on the company?

偉大的。讓我們來回答第三個問題，也是最後一個問題。我們什麼時候可以看到南卡羅來納州工廠的生產？又會為公司帶來什麼影響？

Yes. Okay. Summer '24, very simple answer on that one. And the effects and impact; 2 things. I mean, very clearly, it's a big enabler for us in our profitability journey. Having a car that is produced in the U.S. for the U.S. And it, of course, is as well a big emotional thing. I mean, obviously, again, a car produced in the U.S. for the U.S., of course, is a very different starting point for us to be here out with a successful product.

是的。好的。 24 年夏天，對此的回答非常簡單。以及效果和影響； 2件事。我的意思是，很明顯，它是我們獲利之旅的重要推動者。擁有一輛在美國為美國生產的汽車，當然，這也是一件很感人的事。我的意思是，顯然，在美國為美國生產的汽車當然對我們推出成功產品來說是一個非常不同的起點。

Fantastic. So closing remarks, and we are on time to finish at 3:00 p.m.

極好的。最後致閉幕詞，我們將在下午 3:00 準時結束。

Closing remarks. Thanks, Bojana. Okay. Yes, let me take this now. Polestar has made these significant achievements since launch. We have established a new brand. And we have gained footholds in the market. And of course, we have now developed this very, very strong product lineup that we are about to roll out. This has prepared our company operationally for the scale-up of volumes. And Polestar is now at a pivotal point. We have adapted to a constrained financial context requiring focus and value for Polestar. Polestar will become successful and Polestar will create significant shareholder value.

結束語。謝謝，博亞娜。好的。是的，現在讓我接受這個。自推出以來，Polestar 已取得了這些重大成就。我們建立了一個新品牌。我們已經在市場上站穩了腳步。當然，我們現在已經開發了這個非常非常強大的產品陣容，我們即將推出。這為我們公司擴大產量做好了營運準備。 Polestar現在正處於一個關鍵時刻。我們已經適應了有限的財務環境，需要 Polestar 的關注和價值。 Polestar 將取得成功，Polestar 將創造巨大的股東價值。

Thank you. Operator, we are concluding the call. Thanks, everyone, for joining, and we'll speak again soon.

謝謝。接線員，我們正在結束通話。感謝大家的加入，我們很快會再發言。

Ladies and gentlemen, this concludes today's conference. Thank you for your participation. You may now disconnect.

女士們、先生們，今天的會議到此結束。感謝您的參與。您現在可以斷開連線。