Polestar Automotive Holding Uk Plc (PSNY) 2023 Q4 法說會逐字稿

Hello, everyone.

大家好。

I'm Bojana Flint from Polestar Investor Relations.

我是Polestar投資者關係的Bojana Flint。

Thank you for joining Polestar's business and outlook update call.

感謝您加入Polestar的業務和Outlook Update Call。

Joining me today are Thomas Ingenlath, our CEO; and Per Ansgar, our CFO.

今天加入我的是我們的執行長Thomas Ingenlath；而且，根據Ansgar，我們的財務長。

Before handing over the call to Thomas, I would like to remind participants that some of our comments today will be considered forward-looking statements under US federal securities laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what we have been communicated.

在接到托馬斯的電話之前，我想提醒參與者，我們今天的某些評論將被視為美國聯邦證券法的前瞻性陳述，並遭受許多風險和不確定性，這些風險和不確定性可能導致Polestar的實際結果與物質上有所不同我們已經傳達了什麼。

These forward-looking statements include, but are not limited to statements regarding the future financial performance of the company, production and delivery volumes, near-term outlook and medium-term targets, fundraising and funding requirements, macroeconomic and industry trends, company initiatives, and other future events.

這些前瞻性陳述包括但不限於有關公司未來財務績效的陳述，生產和交付量，近期前景和中期目標，籌款和資金要求，宏觀經濟和行業趨勢，公司倡議，公司倡議，公司倡議，以及其他未來事件。

Forward-looking statements made today are effective only as of today, and Polestar undertakes no obligation to update any of its forward-looking statements.

今天發表的前瞻性陳述僅截至今天才有效，而Polestar沒有義務更新其前瞻性陳述。

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.

有關可能導致我們實際結果不同的某些因素的討論，請查看SEC申請中包含的風險因素。

As Polestar is adjusting the release date for the 2023 preliminary unaudited financial and operational results to a later date, in order to complete the first full year of compliance required by the Sarbanes-Oxley Act of 2002, we won't be in a position to discuss the matters pertaining to those results today.

由於Polestar正在調整2023年初步未經審計的財務和營運結果的發布日期，以便完成2002年《 Sarbanes-Oxley Act》要求的第一年合規性，我們將無法能夠討論與這些結果有關的事項。

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

這樣，我想將電話交給湯瑪斯。

Please go ahead.

請繼續。

Yeah, thank you, Bojana.

是的，謝謝你，bojana。

Good morning, everybody.

大家早安。

Good afternoon.

午安.

Thank you for joining our call today.

感謝您今天加入我們的電話。

And as Bojana mentioned, I am sitting here together with Per Ansgar, who joined our company in January as the new CFO.

正如Bojana所提到的那樣，我和Per Ansgar一起坐在這裡，後者在一月份加入了我們公司的新CFO。

I know probably some of you have met before, but of course, this is our first analyst and investor call together.

我知道你們中可能有些人見過面，但是當然，這是我們的第一位分析師和投資者的電話。

And yeah, I'm delighted to have you here with us, Per, and of course, happy for you to have joined us.

是的，我很高興能和您一起在這裡，每個人，當然也很高興您加入我們。

Please, if you could do a brief introduction of yourself.

請，如果您可以簡要介紹自己。

Yeah, thank you very much, Thomas.

是的，非常感謝，托馬斯。

And good morning and good afternoon to everyone here.

早上好，下午對這裡的每個人。

When Thomas approached me not so long time ago, I was very happy and excited to get the question.

當托馬斯（Thomas）不久前與我聯繫時，我很高興和興奮地得到問題。

I have been following Polestar quite a long time.

我已經關注Polestar很長一段時間了。

And I think Polestar is a very interesting and great brand and I definitely believe in Polestar's future.

而且我認為Polestar是一個非常有趣又出色的品牌，我絕對相信Polestar的未來。

I have close to 30 years in the automotive industry: in Volvo Cars, Ford Motor Company and also in Geely.

我在汽車產業已經接近30年：沃爾沃汽車，福特汽車公司以及吉利（Geely）。

So with that experience, I think I can add quite a lot to the Polestar business.

因此，有了這項經驗，我認為我可以為Polestar業務增加很多東西。

And I've also seen, of course, Polestar from those angles quite a lot.

當然，我也從這些角度看了很多。

So I am very well aware of what we are doing here and what the future looks like.

因此，我非常了解我們在這裡做什麼以及未來的外觀。

I know quite a lot of the people in the team here, so I'm happy to work with Thomas and his team, and I will also look forward to interacting with you going forward here.

我知道團隊中很多人都在這裡，所以我很高興與托馬斯和他的團隊合作，我也將期待與您一起互動。

And by that, let me hand back over to Thomas.

這樣，讓我把湯瑪斯交給湯瑪斯。

Yeah, thanks, Per.

是的，謝謝，每個。

Yesterday, we have made announcements that are very important for the future of Polestar, and I will start here today with the funding part.

昨天，我們發布了對Polestar的未來非常重要的公告，我今天將從資金部分開始。

Now as you know, since we presented in November the strengthened business plan, we have been very clear that we will require $1.3 billion in additional external funding to reach that cash flow breakeven moment in 2025.

如您所知，自從我們在11月提出的加強業務計劃以來，我們非常清楚，我們將需要13億美元的額外外部資金才能達到2025年的現金流損失時刻。

These were the two really main important anchor points of this announcement.

這是該公告的兩個真正重要的錨點。

And we always said that, yes, we are actually making good progress when it comes to this external funding.

我們總是說，是的，在這筆外部資金方面，我們實際上正在取得良好的進步。

And of course, you can imagine, very happy now that yesterday, we could announce the secured syndicate of leading global banks that comes together to approximately $1 billion through a three-year loan facility.

當然，您可以想像，昨天，我們可以宣布，透過三年貸款設施，我們可以宣布領先的全球銀行的有擔保聯合組織，約為10億美元。

And that represents, of course, a very strong statement of confidence in Polestar and in our future.

當然，這代表了對Polestar和我們未來的非常強烈的信心陳述。

Now with this majority of the required funding secured, we will now focus on delivering on the business plan, including the cash flow breakeven; and second important part, the high teens gross margins in 2025.

現在，擁有確保所需的大部分資金，我們現在將專注於交付業務計劃，包括現金流。第二重要的部分是2025年的高青少年毛利率。

Alongside the funding, we set out other key actions within the plan, and I want to update you on our progress on those.

除了資金之外，我們還制定了計劃中的其他關鍵操作，我想向您更新我們的進度。

We will benefit from a richer product mix, obviously, with the two SUVs coming in with high margins.

顯然，我們將從更豐富的產品組合中受益，兩條SUV的利潤率很高。

And Polestar 4 sales are accelerating around the world.

Polestar 4的銷售正在全球加速。

Polestar 3 is now in production in Chengdu.

Polestar 3現在在成都正在生產。

And on both cars, we will offer greater personalization for the customers, increased packs and options.

在這兩輛車上，我們將為客戶提供更大的個人化，包裝和選擇。

And with that, of course, that will lead as well to higher margins in this premium luxury segment.

當然，這將導致此優質奢侈品領域的利潤率更高。

It doesn't stop here.

它不止於此。

We have the Polestar 5 that will be in production next year, and the prototype manufacturing is accelerating over the course of 2024, leading to the start of production in 2025.

我們將有明年生產的Polestar 5，在2024年的過程中，原型製造業正在加速，導致2025年的生產開始。

The expansion of our manufacturing footprint is on track.

我們的製造佔地面積的擴展已步入正軌。

We have hit important production milestones for both the Polestar 3 in South Carolina, US; and for the Polestar 4 in Busan, South Korea.

我們已經達到了美國南卡羅來納州Polestar 3的重要生產里程碑。以及韓國釜山的Polestar 4。

Both developments, they are, of course, very important steps for us to create that more diversified and de-risked manufacturing footprint, which will, on one hand, improve profitability in some of our core markets such as US, but as well as I said, de-risk our company Polestar.

當然，這兩種發展都是我們創造更多元化和危險的製造佔地面積非常重要的步驟，一方面，這將提高我們像我們這樣的核心市場的盈利能力，但我和我一樣說，我們公司的危險風險。

Marketing distribution, we are making good progress.

行銷分配，我們正在取得良好的進步。

We have advancing efforts in optimizing our sales footprint to improve the profitability as we scale, of course, now with the cars in our portfolio, scaling the business now significantly.

當然，隨著我們的投資組合中的汽車，我們正在努力優化銷售足跡，以提高銷售額，以提高利潤率，現在可以大大擴展業務。

This work is led by Kristian Elvefors, who is our new Head of Sales -- joined as well earlier this year together with Per -- and he has made already in very short time lots of progress, for example, in Europe, where we are shifting some countries from a direct to an importer model, and in the US, where we are transitioning towards a wholesale model.

這項工作是由克里斯蒂安·埃爾維福斯（Kristian Elvefors）領導的，克里斯蒂安·埃爾維福斯（Kristian Elvefors）是我們的新銷售主管- 今年早些時候與Per一起加入- 他已經在很短的時間內取得了許多進步，例如，在歐洲，我們將某些國家從直接轉移到進口商模型，在我們向批發模型過渡的美國。

Cost management, of course, remains a priority, and our efforts are delivering results.

當然，成本管理仍然是優先事項，我們的努力正在取得成果。

In summer last year, we announced our first round of cost optimization and a 10% headcount reduction.

去年夏天，我們宣布了我們的第一輪成本優化和10％的人數減少。

And now Per is driving the work here even further.

現在，Per正在進一步推動這裡的工作。

And we recently announced an additional 15% headcount reduction.

我們最近宣布了15％的人數減少。

And of course, Per is always focused on the CapEx, working capital inventory management, all in order to become leaner and more efficient as we continue to grow.

當然，PER總是專注於資本支出，營運資金庫存管理，以便隨著我們的發展而變得更加精益，更有效。

Now before we move to the outlook, let me say a couple of words about last week's announcement regarding the future ownership structure.

現在，在我們轉到前景之前，我要說幾個關於上週關於未來所有權結構的公告的話。

First, foremost, of course, very pleased to have Geely Sweden now as a major shareholder.

首先，最重要的是，現在很高興能成為吉利·瑞典（Geely Sweden）作為主要股東。

It's a more independent, a stronger Polestar, the position we are in now with having Geely in the ecosystem.

這是一個更獨立，更強大的策略，我們現在在生態系統中擁有Geely的立場。

And as Geely has stated, we will have, of course, stronger technological collaboration that has developed over the course of our product development very naturally over the last year.

正如Geely所說，當然，我們將在過去一年中自然而然地在我們的產品開發過程中發展得更強的技術合作。

But they also confirmed, of course, the ongoing financial and operation commitment to Polestar, including future fundraising activities.

但他們當然也證實了對Polestar的持續財務和營運承諾，包括未來的募款活動。

We welcome new shareholders, both institutional and retail, and of course, we maintain our great relationships with Volvo Cars.

我們歡迎機構和零售的新股東，當然，我們與沃爾沃汽車保持了良好的關係。

Volvo Cars will retain 18% stake in Polestar.

沃爾沃汽車將保留Polestar的18％股份。

And on top of that, they have extended the shareholder loan by 18 months to the end of 2028, which is, of course, a clear sign of their continued trust and belief in our future.

最重要的是，他們將股東貸款延長至2028年底，這當然是他們對我們未來的持續信任和信念的明顯跡象。

So let me hand over now again back to Per to give an update on the '24 outlook.

因此，現在讓我再次交給PER，以提供有關'24 Outlook的最新資訊。

Yeah, thank you, Thomas.

是的，謝謝，托馬斯。

And as you heard, Thomas described a lot on our production and ramp-up of Polestar 3 and Polestar 4.

正如您所聽到的，托馬斯在我們的生產和Polestar 3和Polestar 4的生產中有很多描述。

We have started production of Polestar 3 in China.

我們已經開始在中國生產Polestar 3。

Polestar 4 has also started production, and we are delivering that to our Chinese market.

Polestar 4也開始生產，我們將其交付給我們的中國市場。

Of course, now with lead times and logistics and also expanding to different markets of the world, we will see the global deliveries of those cars to commence in the summer here.

當然，現在有交貨時間和物流，並擴展到世界不同市場，我們將看到這些汽車在這裡開始的全球交付。

And obviously, right now we are fully focused on doing the final investment for those cars, building up the production capacity, and also launching activities to secure strong sales in the second half of the year.

顯然，目前，我們完全專注於為這些汽車進行最終投資，增強生產能力，並在下半年發起活動，以確保強勁的銷售。

Of course, now you understand that this year will be basically two different characters.

當然，現在您知道今年基本上將是兩個不同的角色。

The first half of the year will predominantly be based on Polestar 2 sales, while the second half of the year will be completely different with the actions we have taken, both on the cost side, but of course, much more importantly so on the deliveries of the two high margin SUVs.

今年上半年將主要基於Polestar 2的銷售，而下半年將與我們所採取的行動完全不同，這在成本方面都將完全不同，但是當然，在交貨中更重要的是如此重要在兩項高利潤SUV中。

This combination will give a volume momentum and drive higher margins into the second half of the year.

這種組合將帶來體積的動力，並在下半年推動更高的利潤。

And as we guided yesterday in our release, by the end of this year, we expect the volume growth that supports the 2025 targets on the volumes, and we also expect the double-digit gross margin in the later part of this year.

正如我們昨天發行的那樣，到今年年底，我們預計數量增長支持了2025年的目標，我們也希望今年後期的兩位數毛利率。

With that, let me hand back to Thomas for concluding remarks, and then we can go on to your questions.

這樣，讓我回到托馬斯以結束言論，然後我們可以繼續您的問題。

Yeah, thanks, Per.

是的，謝謝，每個。

So Polestar 3 production has started.

因此，Polestar 3的生產已經開始。

Preparations in the US plant, the second manufacturing footprint, are in full swing.

美國工廠的準備工作是第二個製造佔地面積，如火如荼。

Polestar 4 sales picking up rapidly.

Polestar 4的銷售迅速收集。

Customers are falling in love with the 4.

客戶愛上了4。

And Polestar 5 final prototype series are being built this year in that purpose-built factory dedicated to this sports car aluminum bonded technology.

Polestar 5 Final Prototype系列將於今年建立，專門用於該跑車鋁製技術的專門建造工廠。

We have secured funding we announced yesterday, and three cars in production.

我們已經獲得了昨天宣布的資金，並獲得了三輛生產的汽車。

So we are making really major progress this year.

因此，我們今年取得了重大進展。

Two words: cash flow breakeven in '25.

兩個字：25年的現金流。

Our model lineup positions Polestar as the performance car brand in the electric age.

我們的模型陣容將Polestar定位為電動時代的性能汽車品牌。

And with the news of yesterday, we look with great, great confidence into the future of our company.

隨著昨天的消息，我們對公司的未來充滿信心，充滿信心。

So with that, I'll hand over to the operator for the Q&A session.

因此，我將交給操作員進行問答環節。

(Operator Instructions) Tobias Beith, Redburn Atlantic.

（操作員說明）Tobias Beith，Redburn Atlantic。

Thomas, Per, Bojana, good afternoon, and thank you for taking my questions.

湯瑪斯（Thomas），per，bojana，下午好，感謝您提出我的問題。

Pages 87 through 91 of the facilities agreement disclosed on Form 6-K yesterday outlined the covenants on the new debt.

昨天在6-K表格上披露的《設施協議》第87至91頁，概述了新債務的盟約。

Given volume declined sequentially in 4Q '23, despite having the full effect of Polestar 2 refresh, and that retail sales in January appear to be weaker year on year, what gives you confidence that you are able to meet minimum revenue threshold of $5.4 billion this year, which you estimate is equivalent to retail sales of about 100,000 units?

鑑於數量在23年第4季度依次下降，儘管Polestar 2刷新充分影響，並且一月份的零售銷售額似乎越來越弱，這使您有信心您能夠滿足這一數字的最低收入門檻54億美元。一年，您估計的等於零售約10萬輛？

Yeah, this is Per.

是的，這是per。

I can take that question.

我可以接受這個問題。

Obviously, when we closed the club loan, which we have been very happy to get, we are, of course, aware of the covenants.

顯然，當我們關閉俱樂部貸款時，我們一直很樂意獲得，我們當然會意識到這些盟約。

And the covenants are built on the business plan that we presented late last year.

盟約建立在我們去年年底提出的業務計劃上。

That business plan took into account the somewhat more difficult BEV market.

該商業計劃考慮了更困難的BEV市場。

So this is completely in line with our expectations.

因此，這完全符合我們的期望。

We don't see a problem from that perspective.

從這個角度來看，我們看不到問題。

Okay, understood.

好的，明白了。

On a pro forma basis, assuming all outstanding credit facilities are drawn, I calculate that Polestar can onboard about $1 billion of new debt without breaching the total indebtedness covenant.

根據備考的基礎，假設所有未償還的信貸額度都得到了繪製，我計算出Polestar可以在不違反總債務盟約的情況下支付約10億美元的新債務。

Is the plan now to raise incremental capital via equity and use the headroom for refinancing and resizing the short-term working capital facilities outstanding?

現在，計劃是否透過股權來籌集漸進資本並使用淨空來再融資和調整短期營運資金設施未償還？

Yeah, as we said before, when we presented our business plan late last year, we talked about getting more money into the company, a combination of loans and equity.

是的，正如我們之前所說，當我們在去年年底提出業務計劃時，我們談論了將更多的錢納入公司，這是貸款和股權的結合。

Now we have almost $1 billion of loans.

現在我們有將近10億美元的貸款。

Obviously, we are looking into more equity.

顯然，我們正在研究更多的公平性。

If you ask me as a CFO, would I be happy to have significantly more equity?

如果您問我為CFO，我會很樂意擁有更多的公平嗎？

Yes, I would like to have that.

是的，我想要那個。

So we are preparing ourselves to fund more equity as soon as we think it's the right time to do that.

因此，我們正準備在我們認為這是正確的時機之後立即為更多的公平提供資金。

Tobias, Thomas here.

托比亞斯，湯瑪斯在這裡。

About the right time.

關於合適的時間。

I mean, obviously the order, this came now with the debt financing now and us progressing the company.

我的意思是，顯然是訂單，現在是債務融資，美國正在發展公司。

This year, the two SUVs coming to the business, really using now the system that we have installed in the sales organization in all the 23 countries.

今年，兩項SUV進入了業務，現在實際上使用了我們在所有23個國家 /地區銷售組織中安裝的系統。

Of course, we feel that that year will be very important for Polestar to develop as a company to actually prove the points that we have been always making about the advantage of a S-supplied model and that our company will, with the three models in our lineup, be in a much better position to actually portray that successful business model.

當然，我們認為，對於Polestar作為一家公司而言，那一年將非常重要我們的陣容，可以實際描繪成功的業務模型的更好位置。

And we are feeling much more confident that the equity round at that point in time will be a very good time to address this question.

而且，我們感到更有信心的是，當時的股票回合將是解決這個問題的好時機。

All right, thanks.

好的，謝謝。

And just one last question.

只是最後一個問題。

How does Polestar think about branding?

Polestar如何看待品牌？

If I have a look in China, for example, the new Polestar 4 is where Geely badging at the rear.

例如，如果我在中國有所了解，那麼新的Polestar 4是後方的Geely徽章。

Do you think this causes confusion?

您認為這會引起混亂嗎？

Since it's not a badging, it's a principle that the car industry is very familiar with.

由於這不是徽章，因此這是汽車行業非常熟悉的原則。

We are sharing technology with Volvo.

我們正在與沃爾沃共享技術。

We are sharing technology with Geely.

我們正在與Geely分享技術。

We are building our Polestar 3 on technology that we share together with the EX90.

我們正在與EX90共享的技術上建立我們的POLESTAR 3。

I think the proof point of us building a very strong identity as a Scandinavian design brand with our very unique technology features.

我認為，我們建立了非常獨特的技術功能的斯堪的納維亞設計品牌的證明點。

Obviously always very customer oriented, technology that you can experience.

顯然，您可以體驗到的技術總是非常注重客戶。

And the Polestar 4 as a highlight, I mean, really introducing the virtual rear window with a much, much better rear view through the camera view than through the very limited view that you have through a rear window.

我的意思是，Polestar 4作為亮點，實際上是透過相機視圖介紹了帶有相機視圖的虛擬後窗，而不是透過後窗的非常有限的視圖。

These are unique features that, of course, make the brand shine.

這些當然是使品牌閃耀的獨特功能。

I am certainly very much driving the strong brand expression of each in our cars supporting that.

當然，我在汽車中都在推動每個人的強烈品牌表達，以支持這一點。

And when you see how the Polestar 4 shines as a star in shows where people are very, very pleased about -- I would say that -- have very good comments about how the car looks, how the car puts together a very attractive offer to the customers.

而且，當您看到Polestar 4作為明星的閃耀時，人們對人們感到非常滿意的位置 - 我會說 - 對汽車的外觀有很好的評論，汽車如何將非常有吸引力的報價組合在一起顧客們。

And I certainly think that especially the Polestar 4 does a great job for our brand and positioning and offer.

我當然認為，尤其是Polestar 4為我們的品牌以及定位和提供的工作做得很好。

All right.

好的。

Appreciate the answers.

感謝您的回答。

Thanks all.

謝謝大家。

Alex Potter, Piper Sandler.

亞歷克斯·波特（Alex Potter），派珀·桑德勒（Piper Sandler）。

Perfect.

完美的。

Thanks very much.

非常感謝。

So maybe the first question is on the headcount reductions.

因此，也許第一個問題是降低員工人數。

I'd be interested in hearing, I guess, the job functions that you are going to be reducing head count in.

我想，我對您將要減少頭部計數的工作功能感興趣。

What had these folks been working on and what sacrifices, operational sacrifices do you think you'll be making now that they will no longer be with the company?

這些人正在做什麼，犧牲是什麼，您認為他們將不再與公司在一起做出犧牲？

Yeah, a little bit two-fold answer here.

是的，這裡有點兩個答案。

I mean, big time, this is a fairly general reduction in order to drive efficiencies.

我的意思是，很重要的是，這是提高效率的相當普遍的減少。

A company that has been growing that fast as Polestar, I think even every company, of course.

當然，我認為甚至每家公司都像Polestar一樣快速發展的公司。

I mean, if you look into it, you have this potential to drive efficiencies, so that is not an unknown tool.

我的意思是，如果您調查它，則具有提高效率的潛力，因此這不是一個未知的工具。

And as said, and that's unfortunate this management that's for the organization having said that, and each and every individual, having said that, it is not bad to once in a while actually squeeze its efficiencies and get this higher performance out of the company.

正如所說，這是不幸的是，該組織所說的那樣，每個人都說，偶爾的一段時間實際上擠出了其效率並從公司中獲得更高的績效是不好的。

Having said that, there are certain elements of the built-up phase within Polestar, which of course, reached a certain degree of completion, and we are turning towards a different era in Polestar.

話雖如此，Polestar內有某些構建階段的某些要素，當然，這已經達到了一定程度的完成，我們正在Polestar的另一個時代。

And that is after building up all the tools and all the systems.

這是在建立所有工具和所有系統之後。

We are, of course, now going into the phase we are using them.

當然，我們正在進入我們正在使用的階段。

And of course, the strengthening of what it takes to sell the cars, to actually be out there in the market and drive profitable sales is what we concentrate on now.

當然，我們現在集中精力銷售汽車所需的東西，實際上是在市場上出售並推動有利可圖的銷售。

And for example, building up a digital system that supports this is, of course, rather in the completion phase.

例如，建立一個支持這一點的數字系統當然是在完成階段。

And of course, there you have probably a higher portion than the 15% of the headcount reduction that you can execute.

當然，您可能的部分可能比可以執行的15％的人數減少。

Okay.

好的。

That actually is a good segue into my next question.

實際上，這是我下一個問題的好問題。

You mentioned in your prepared remarks, a focus on the sales channel.

您在準備好的演講中提到，重點是銷售管道。

I think you mentioned something about going to a wholesale model in the United States.

我認為您提到了有關美國批發模型的一些資訊。

Can you elaborate a little bit on how your go-to-market strategy is changing or growing?

您能詳細介紹您的上市策略如何改變或成長嗎？

Yeah, I'd love to do that.

是的，我很想這麼做。

To the US, in the very beginning, we took the decision to not go for the 100% direct sales model as we had it in the rest of the world in the US, because we just simply felt it would hinder us to go fast to market with all the lawsuits and whatever that would have been connected to pushing that through.

對於美國來說，在一開始，我們決定不像我們在世界其他地區那樣購買100％的直接銷售模式，因為我們只是覺得這會阻礙我們快速走以所有訴訟以及與推動這一目標有關的一切推銷。

So we indeed already had kind of a hybrid model working with dealers that sell our cars in a more traditional wholesale way, but we implemented still and hold on to some direct sales principles that we had here in Europe.

因此，我們確實已經有了與經銷商合作的混合模型，這些經銷商以更傳統的批發方式出售我們的汽車，但是我們不斷實施並遵守我們在歐洲的一些直接銷售原則。

And we actually found that that is a very inefficient combination.

實際上，我們發現這是一個非常效率的組合。

And in the case where we have the dealers out there, we really embrace now that we use that to the full benefit of that wholesale model and really don't try to make a mishmash but to go for this very clear principle there.

在我們將經銷商放在那裡的情況下，我們真的接受了現在的批發模型的全部好處，並且實際上不是試圖製造Mishmash，而是要在那裡做這一非常清晰的原則。

In the rest of the world, especially of course now here in Europe, we have our direct sales model.

在世界其他地區，尤其是當然現在在歐洲，我們擁有直接銷售模式。

We see that the fairly theoretical idea of the beginning needs the evolvement, the evolution that we actually enable a certain degree of higher autonomy within the space, less central steering, a bit more responsibility into the markets and into the individual spaces just in order to drive performance.

我們看到，起點相當理論上的思想需要發展的發展，即我們實際上可以在空間內實現一定程度的更高自主權的發展，較少的核心轉向，對市場和個人空間的責任更多，以便驅動性能。

And we are very convinced that Kristian will drive this into a very successful business model for us.

我們非常堅信克里斯蒂安會將其推向我們非常成功的商業模式。

So there's definitely a big, big plus to be gained working on this side.

因此，在這方面肯定有一個很大的優勢。

Okay, excellent.

好的，非常好。

Thanks.

謝謝。

Maybe one last one.

也許最後一個。

And maybe it's a slightly unfair question because Polestar 4 hasn't really been in the market for very long yet.

也許這是一個有點不公平的問題，因為Polestar 4已經很久了。

But I know that you had mentioned Polestar 4 was going to be a major tool, especially in China.

但是我知道您已經提到Polestar 4將成為主要工具，尤其是在中國。

And obviously, it's being produced in China.

顯然，它是在中國生產的。

So any of maybe the initial reaction?

那麼最初的反應嗎？

Anything you can say about how Polestar 4 is being received specifically in the Chinese market?

關於中國市場專門收到Polestar 4的方式，您可以說什麼？

Thanks.

謝謝。

Yeah, the question is a bit early because, of course, it's at the moment in the phase where we see how journalists test drive results, give feedback for us.

是的，問題還早一些，因為當然，在此階段，我們看到記者測試驅動器的結果如何為我們提供回饋。

While for the sales, of course, this is still a bit too early to have a conclusion on that.

當然，對於銷售而言，這還為時過早，無法得出結論。

We have from the test drives, from the feedback of all the journalists, all the opinion leaders there in China.

我們從測試驅動器中，來自所有記者的回饋，中國的所有意見領導人。

And I say it now, it's surprising, because this car gets a lot, a lot of credit for being actually a performance car, which we shouldn't be surprised about because that's what we are, a performance car brand.

我現在說，這很令人驚訝，因為這輛車實際上是一輛性能車，這是很多值得稱讚的，我們不應該感到驚訝，因為那是我們的性能汽車品牌。

But obviously, this was never before that much in the focus in China.

但是顯然，這在中國的重點從來就沒有那麼多。

And that they actually see now the actually great attribute and the performance of this car.

而且他們實際上現在看到了這輛車的出色屬性和性能。

And what we made out of this technology in terms of being a performance car, I think it's a very, very good starting point.

而我們從作為性能汽車方面用這項技術製造的東西，我認為這是一個非常非常好的起點。

Why that second element, which we think will be very crucial as well, is not quite as dominant yet, and that is the Polestar OS, the software index car, and its combination to the technology that we bring through the JV with Meizu, the mobile phone company.

為什麼我們認為的第二個要素也非常關鍵，這還不是那麼占主導地位，這就是Polestar OS，軟體索引汽車及其與我們與Meizu一起通過的JV帶來的技術的組合手機公司。

I think it's as well very clear the mobile phone is in the event just in front of Beijing Motor Show in April, coming to launch.

我認為，很明顯，手機就在4月北京車展前，即將推出。

So that element is actually going to be deployed only in the very near future.

因此，該元素實際上只會在不久的將來部署。

So I think then this smart device aspect of the Polestar 4 having this full integration of its own phone will be much more tangible and that experience is still to come.

因此，我認為那是Polestar 4的智慧型裝置方面，具有自己手機的完整整合將更加切實，這種體驗仍將到來。

So we definitely see this market now building up.

因此，我們肯定會看到這個市場現在正在建立。

They have to do a lot of work in terms of building out the network.

他們必須在建立人脈方面做很多工作。

So the JV is very busy in launching the product, launching the phone, and of course, investing and building into the sales network of Polestar in China.

因此，合資企業非常忙於推出該產品，啟動電話，當然，投資並建立了中國Polestar的銷售網絡。

But Polestar 4, first reaction of journalists and people who drove the car, very positive.

但是Polestar 4是記者和開車的人的第一反應，非常正面。

Great.

偉大的。

Thanks, everyone.

感謝大家。

Winnie Dong, Deutsche Bank.

德意志銀行Winnie Dong。

Hi.

你好。

Thanks so much for taking my question.

非常感謝您提出我的問題。

I was wondering if you can specifically comment on the order pattern or the revenue environment that you are seeing specifically for Polestar 2 for the year, given that a large quantity of volume for this year is going to be coming from that vehicle, and Polestar 3 and 4 in the second half.

我想知道您是否可以專門評論當年的Polestar 2的訂單模式或收入環境，鑑於今年的大量數量將來自該車輛，而Polestar 3下半場4。

So I was wondering if you can maybe basically comment on the demand environment for that one.

因此，我想知道您是否可以基本上對該需求環境進行評論。

Excuse me.

打擾一下。

We didn't understand here, nobody in the room.

我們在這裡不明白，房間裡沒有人。

Which pattern?

哪種模式？

We just couldn't hear it properly.

我們只是聽不到正確的聲音。

Winnie, is it the quarterly phasing?

溫妮，是季度階段嗎？

Is that what you were asking?

這就是你問的嗎？

Just the demand environment for that vehicle and order trends for that vehicle.

只是該車輛的需求環境和車輛的訂單趨勢。

Polestar 2, you're right.

Polestar 2，您是對的。

Polestar 2, yes.

Polestar 2，是的。

Well, Polestar 2 is good.

好吧，Polestar 2很好。

We have obviously now this year, a full year of the upgraded Polestar 2.

顯然，今年我們已經有了升級Polestar 2的整整一年。

And what we see is that it's equally working on one hand, the long, long range that we achieve with the rear wheel drive, very positive reception for that.

我們看到的是，它同樣正常工作，這是我們後輪驅動器實現的遠距離，對此非常積極的接收。

But at the same time, and especially since we made this now a very competitive offer, kind of like, okay, either you take the range, longest in the rear wheel, or you go for the higher performance in the four wheel drive.

但同時，尤其是因為我們現在提出了這個競爭性的報價，就像，好吧，您要么在後輪上使用最長的範圍，要么在四輪驅動驅動器中進行更高的性能。

That's something that is finding great interest.

那是引起極大興趣的事。

But I would love to emphasize as well one thing.

但我很想強調一件事。

Obviously, in 2023, our company Polestar, was very dependent on that one car.

顯然，在2023年，我們的公司Polestar非常依賴那輛車。

And we were very much interested in selling a very high number of Polestar 2, which, of course, in a difficult environment and us trying to being very careful about the margins led us to a situation which was volume-wise, of course, always a bit tricky.

而且，我們非常有興趣出售大量的Polestar 2，當然，在一個艱難的環境中，我們試圖非常謹慎的利潤率使我們遇到了這種情況，當然，這種情況總是有點棘手。

That's totally different in 2024.

在2024年完全不同。

We have a year, as Per explained, which is a bit split between first half where we had just the one car company, second half, three cars.

正如解釋的那樣，我們有一年的時間，這在上半場只有一輛汽車公司，下半場，三輛汽車之間有點分開。

Obviously, with Polestar 3 and 4 joining over the course of this year, the volume proportion that the Polestar 2 has to take in our holistic sales is less than what the car had to perform in 2023.

顯然，隨著Polestar 3和4在今年的整個過程中加入，Polestar 2所需的數量比例比我們的整體銷售要少於汽車在2023年所能執行的。

So that gives us, of course, a much greater chance to work with the car in a very favorable and good way.

因此，當然，這給我們帶來了更大的機會，以一種非常有利和好的方式與汽車一起工作。

So we will see, as we said, a growth of volume in 2024, which is I think a very nice differentiator to a lot of others.

因此，正如我們所說，我們將看到2024年的數量增長，這是我認為與其他許多人的一個很好的區別。

And of course, that is due to the fact that we invested in that, this product portfolio is coming alive and 3 and 4 join and we can enjoy that kind of volume growth purely because we have now the three cars in our toolbox.

當然，這是由於我們對此進行了投資，該產品組合正在生動，3和4加入，我們可以享受這種量增長，純粹是因為我們現在在工具箱中擁有三輛汽車。

I think to add to that one, I think it's also very interesting to see that when we now launch the new cars, the interest of Polestar 2 also starts to pick up.

我認為，除此之外，我認為現在很有趣的是，當我們推出新車時，Polestar 2的興趣也開始增加。

We saw when we launched Polestar 4 here in Europe, on our website and on our configurators, and people were putting in orders on Polestar 4, we definitely also saw more interest in the Polestar 2 with test drives and order picking up and so on.

當我們在歐洲，網站和配置者上推出Polestar 4時，我們看到了何時在Polestar 4上下達訂單時，我們肯定還會看到對Polestar 2的興趣，並隨著測試驅動器和訂單接收等等。

So we expect the Polestar 2 to benefit from the launch of the other cars because more people will just see that Polestar is a very nice brand.

因此，我們希望Polestar 2從其他汽車的推出中受益，因為更多的人會看到Polestar是一個非常好的品牌。

Thank you very much for that.

非常感謝你。

And then my second question is on the gross margin directional guidance you have for the year, reaching double digits by the end of this year and then high teens in 2025.

然後，我的第二個問題是在您今年的毛利率指導上，到今年年底達到了兩位數，然後在2025年達到了高年輕人。

I guess first, on the double digits toward end of this year, I understand the coming on of the higher margin vehicles is going to help with that.

我想首先，在今年年底的兩位數上，我了解較高的保證金車輛的到來將有所幫助。

Is there any other drivers maybe on the cost side that you can also explain too that helped you get there end of this year and into next year?

您是否還有其他駕駛員也可以解釋，您也可以解釋一下今年年底和明年的到來？

Thanks.

謝謝。

No, that's a good question.

不，這是個好問題。

Obviously, SUVs generally have higher gross margins than other cars.

顯然，SUV通常比其他汽車更高。

So it's like that is one of the main driver, but we also have worked quite a lot with how the revenue, how we package the cars in terms of options and packs, et cetera, so that will improve our revenue.

因此，就像那是主要的驅動力之一，但是我們在收入，如何在期權和包裝方面打包汽車等方面也有很多工作，因此可以提高我們的收入。

We are also working very hard on the product cost that will also support.

我們也正在為產品成本提供非常努力的工作，這也將支持。

The other thing, which is also very important going into our sales and marketing strategies, we are also then working very hard to really find what I call the right sales channel to really make sure that we sell cars where the most profitable customers are existing.

另一件事，這也是我們的銷售和行銷策略也非常重要的事情，然後我們也非常努力地真正找到我所謂的合適的銷售管道，以確保我們出售最有利可圖的客戶存在的汽車。

So all of these three things will add to it.

因此，所有這三件事都會增加。

(multiple speakers)

（多位演講者）

And the fourth thing -- yes, totally.

和第四件事 - 是的，完全。

You should really put into that equation as well the start of production of Polestar 3 in Charleston.

您應該真正將其放入該方程式中，以及在查爾斯頓的Polestar 3的生產開始。

Let's face it, being in the US, producing for the US, of course, gives the Polestar 3 as well a complete different base when it comes to duties and stuff.

讓我們面對現實，在美國，為美國生產，當然，在職責和事物方面為Polestar 3提供了完全不同的基礎。

That, of course, is a good factor.

當然，這是一個很好的因素。

Thank you very much.

非常感謝。

(Operator Instructions) Itay Michaeli, Citi.

（操作員說明）Itay Michaeli，花旗。

Great.

偉大的。

Thank you.

謝謝。

Hi, everyone.

大家好。

Just actually want to follow-up on the gross margin question.

實際上只是想跟進毛利率問題。

I was hoping you could maybe provide a little bit more detail on what you are assuming for your current general EV pricing by the end of the year versus now, as well as roughly what kind of sales mix you are assuming across the portfolio, percent of Polestar 3 and Polestar 4 perhaps, as well as roughly if you can share any kind of high-level thought on the regional mix that you are assuming to get there.

我希望您可以在今年年底之前對當前的一般電動汽車定價提供更多詳細信息，而現在，您可以在整個投資組合中假設哪種銷售組合，百分比Polestar 3和Polestar 4也許，以及大致上，如果您可以在假設到達那裡的區域組合上分享任何高級思想。

I can start a little bit on that one.

我可以從那個開始。

Obviously, we talked about Polestar 2.

顯然，我們談到了Polestar 2。

They are like being there on similar levels through the year.

他們就像一年四季在那裡的水平相似。

And then we add on the Polestar 3 and Polestar 4.

然後，我們加入了Polestar 3和Polestar 4。

They have, of course, significantly higher mixes, so that will definitely help.

當然，他們的混合物大大增加，因此肯定會有所幫助。

And yeah, I would say that, of course, if you have the same level of Polestar 2s, you will see that the increased volumes then will basically be done on the Polestar 3 and Polestar 4s obviously.

是的，我想說的是，當然，如果您具有相同水平的Polestar 2s，您會發現增加的量基本上將在Polestar 3和Polestar 4s上完成。

From the regional mix, we see that we don't really have a lot of sales last year in China.

從區域組合中，我們看到去年中國並沒有很多銷售。

So that will be a pickup.

這將是一個接送。

My view is that Europe will be a very important market and also the US.

我的觀點是，歐洲將會是一個非常重要的市場，也是美國。

And especially as Thomas said, when we start to produce Polestar 3 in Charleston, that is a really good call for the US market and being produced in Charleston with no duties, et cetera.

尤其是正如托馬斯（Thomas）所說的那樣，當我們開始在查爾斯頓（Charleston）生產Polestar 3時，這是對美國市場的一個很好的呼籲，並在查爾斯頓（Charleston）生產，沒有職責，等等。

That will be a significant improvement on our gross margins and mixes.

這將是我們的毛利率和混合物的重大改善。

We have for 2025, that mix of 40-30-30 in mind, which is Europe 40, 30 US, 30 China.

我們有2025年，考慮到40-30-30的組合，即歐洲40，30 US，中國30。

And 2024 will be the transition year towards that.

而2024年將是過渡年。

When we come from a situation in 2023, where obviously Europe was an overwhelming portion, China very, very little, and then US, there is this constant 30%.

當我們來自2023年的情況時，顯然歐洲是一個壓倒性的部分，中國非常少，然後是我們的30％。

So it's a transition year where we go towards this 40-30-30.

因此，這是我們以40-30-30進入的過渡年份。

Perfect.

完美的。

That's all, I think.

這就是我想的。

Thank you.

謝謝。

That's very helpful.

這非常有幫助。

Dan Levy, Barclays.

丹·利維（Dan Levy），巴克萊（Barclays）。

Hi.

你好。

Good afternoon.

午安.

Thank you.

謝謝。

Thank you for taking the questions.

感謝您提出問題。

I wanted to follow-up, and I think you made comments earlier.

我想跟進，我認為您早些時候發表了評論。

Perhaps you could comment on the expected channel mix in 2024.

也許您可以在2024年對預期的頻道組合發表評論。

Obviously, you had been a little more reliant on the fleet channel in 2023.

顯然，您在2023年對艦隊頻道有些依賴。

I think you gave some media comments that you would reduce reliance.

我認為您發表了一些媒體評論，以減少依賴。

Maybe you could just comment on channel mix in 2024, mostly for Polestar 2, but any comments on dynamics for 3 or 4 as well.

也許您可以在2024年對Channel Mix發表評論，主要是Polestar 2，但也對3或4的動態發表了任何評論。

Yeah.

是的。

Thanks for that question.

謝謝你提出這個問題。

Obviously, we have been from time to time dependent on larger fleet sales.

顯然，我們不時地取決於較大的車隊銷售。

That is a position where we are moving away from -- as I said, we are improving our sales channel mix.

正如我所說，這是我們要擺脫的位置 - 我們正在改善銷售管道組合。

We expect now when we launch cars in the US, Polestar 3, and later on also Polestar 4, which are very good for the US market, they will get a lot of over customers in the lease channel, which is a normal way to sell cars in the US, which we think is a good margin and so on.

我們期望現在，當我們在美國發射汽車，Polestar 3，然後在Polestar 4上也非常適合美國市場，它們將在租賃渠道中獲得很多超越客戶，這是一種正常的銷售方式在美國，我們認為這是一個很好的利潤，依此類推。

In Europe, you have completely different setups.

在歐洲，您的設定完全不同。

We have put in a lot more focus to really get to what we call smaller fleets, like small companies or medium-sized companies, where we sell 3, 4, 5, 10, 20 cars, because that's where we can really get good margins on those customers.

我們將更多的重點放在了我們所謂的較小的艦隊，例如中小型公司或中型公司，在那裡我們出售3、4、5、10、20輛車，因為那是我們真正可以獲得良好利潤率的地方在這些客戶身上。

So that has been a clear effort, especially in the European region, to get into that sales channel in a more clear way.

因此，這是一項明確的努力，尤其是在歐洲地區，以更清晰的方式進入該銷售管道。

Okay.

好的。

And as far as the mix into the company fleets, which is a little different from something like rental car, how does the profitability of sales into company fleet, how does that compare to retail?

至於與租賃汽車之類的公司的組合，銷售盈利能力如何，這與零售相比如何？

Not bad at all.

一點也不差。

It's very important that you make that difference, because indeed, this is actually a very healthy and good business.

使您有所不同是非常重要的，因為確實，這實際上是一個非常健康和良好的生意。

We have, I think, invested a lot of effort and manpower in actually establishing these contracts and be out there and be in a lot of company car schemes because this is a very good and profitable business.

我認為，我們已經為實際建立這些合約並在那裡投入了很多努力和人力，並且有很多公司的汽車計劃，因為這是一項非常好且有利可圖的業務。

So that's where I think the strength of Polestar in Europe, where it comes from, because we have that understanding that a big, big portion of what you think is that private customers actually reach through this company cars channels.

因此，這就是我認為Polestar在歐洲來自的力量的地方，因為我們有一種理解，您認為您認為私人客戶實際上是透過這家公司的汽車管道來的。

And you have to be active in these, have contracts, and to be on the radar of these customers.

而且，您必須活躍於這些，有合同，並在這些客戶的關注範圍內。

Understood.

明白了。

And then maybe we could just follow up with the announcement from Volvo Cars earlier in the month.

然後，也許我們可以跟進本月初沃爾沃汽車的宣布。

They are refocusing.

他們正在重新聚焦。

Perhaps you could just give some parameters on how, if at all, this changes the operational relationship between yourselves and Volvo as far as the manufacturing, the platform sharing, and the other resource sharing as well.

也許您可以提供一些參數，內容涉及，如果有的話，這是如何改變自己與沃爾沃之間的營運關係，直到製造業，平台共享以及其他資源共享。

Thank you.

謝謝。

Yeah, I am almost tempted to make a complete distinction between the one thing, which is how much shares Volvo has in Polestar, and on the other end, our contracts, our arm's length relationship with Volvo when it comes to developing cars, manufacturing cars, and as well servicing cars.

是的，我幾乎很想在一件事之間做出完全區分，這是沃爾沃在Polestar中擁有的股份，另一端是我們的合同，我們與沃爾沃的長度關係在開發汽車，製造汽車方面與沃爾沃的長度關係，以及維修車。

I mean, these are the three major areas where we, of course, have on both sides the intention to keep it flowing and continuous without any disturbance of the amount of shares that Volvo would have in Polestar.

我的意思是，這是我們當然都有三個主要領域的三個主要領域，即在沒有任何干擾沃爾沃在Polestar中所擁有的股份數量而保持其流動和連續的意圖。

I mean, it's almost strange to think in the very beginning when we were listing Polestar, it was one of the stories to be told that Volvo's ambition is not to keep forever that big amount of almost majority of shares of 48%.

我的意思是，想到一開始，當我們列出Polestar時，這是被告知沃爾沃的野心並不是要永遠保持這麼多的48％股份的故事之一。

It was almost a promise to the market to say that Volvo at some point would reduce their ownership and there would be a bigger free flow and more other investments possible into Polestar.

說沃爾沃在某個時候會減少他們的所有權，並且將會有更大的自由流以及更多的投資可能會減少他們的所有權。

Now this came maybe from a strange angle when it comes to communication wise, but it's the same effect.

現在，這可能是從奇怪的角度出現的，但是這是相同的效果。

Our company growing up, opening for other investors the opportunity to invest into Polestar is one thing.

我們的公司成長，為其他投資人開放投資於Polestar的機會是一回事。

Our relation when it comes to working together operationally with Volvo is untouched of that.

我們與沃爾沃一起在營運上共同努力時的關係是沒有觸及的。

And we've just come from our regular alignment meeting where we go through our contractual business and stuff.

我們剛剛來自我們的常規結盟會議，在那裡我們經歷合約業務和工作。

This is, of course, something which will completely continue, and we have to give that confirmation to each and every -- our business partners, our customers.

當然，這將完全繼續下去，我們必須將這些確認給我們的每一個（我們的業務夥伴，客戶）。

And this is, of course, something which they can build on where we can build on.

當然，這是他們可以在我們可以建立的地方建立的東西。

The business as well important for Volvo.

業務也對沃爾沃很重要。

They can build on having the revenue of servicing our cars, manufacturing our cars and when it comes from time to time, engineering our cars.

他們可以建立在為我們的汽車服務，製造我們的汽車以及時不時工程上的汽車時的收入。

We have already before had, of course, as well other relationships.

當然，我們之前已經有了其他關係。

We have a Polestar 4 being produced in a Renault factory in Busan.

我們在釜山的一家雷諾工廠生產了一個Polestar 4。

And we have, of course, big, big benefit of participating in the tech and innovation that's happening there within Geely.

當然，我們有參與吉利內部正在發生的技術和創新的巨大好處。

And I think we would be very falsely advised if we would not embrace the speed and the power that there is on that side when it comes to electric technology and software and stuff.

而且，我認為如果我們不接受電力技術，軟體和其他方面的速度和力量，我們會非常錯誤地建議我們。

So that type of diversification of our relationships with other parties, not only doing things together with Volvo, but using a bit the broader Geely Group, I think that's absolutely a good and healthy and beneficial development for Polestar.

因此，我們與其他政黨的關係的多元化類型，不僅與沃爾沃一起做事，而且使用了更廣泛的吉利集團，我認為這絕對是Polestar的良好，健康和有益的發展。

I think it's important to add also that the cooperation with Volvo, which is very close, doesn't stop here.

我認為重要的是要添加與沃爾沃非常接近的沃爾沃的合作並不止於此。

As Thomas said, we had our alignment meeting earlier today.

正如托馬斯（Thomas）所說，我們今天早些時候舉行了結盟會議。

We discussed some of the future steps of the development of the cars, future modular upgrades and so on.

我們討論了汽車開發的未來步驟，未來的模組化升級等。

But we are also talking very more distinctly about what are the next steps in our commercial operation.

但是，我們也非常清楚地談論我們的商業運營的下一步。

Can we work together in some markets in the retailer network, and some of it being imported.

我們可以在零售商網路的某些市場中共同努力，其中一些正在進口。

So it's a continuous dialogue.

因此，這是一個連續的對話。

It does not stop there.

它不止於此。

Also, from that perspective, no change at all.

另外，從這個角度來看，根本沒有改變。

Let's elaborate on that.

讓我們詳細說明。

I mean, you know that we have built our network in Europe, in the US, about -- and even despite the fact it was a direct sales model.

我的意思是，您知道我們已經在歐洲，在美國建立了我們的網絡，即使事實是直接銷售模式。

But we always contacted, reached out to Volvo retailers and invited them to become Polestar investors -- I mean, investors in terms of investing into a Polestar space.

但是我們總是聯繫，與沃爾沃零售商聯繫，並邀請他們成為Polestar投資者 - 我的意思是，投資者在投資於Polestar領域的方面。

And that was a very good beginning.

那是一個很好的開始。

It has been successful for both parties.

雙方都成功。

And when we now, with the three cars, with the volume growing, discuss expanding our network, our presentation in the markets, of course, we do that together with the Volvo dealers and they are our partners in going further in that.

當我們現在，隨著數量增長的三輛汽車，討論擴大我們的網絡，我們在市場上的演示文稿時，我們與沃爾沃經銷商一起做到這一點，他們是我們的合作夥伴進一步發展。

So this is just one example where hopefully people see that this is actually continuing to be a very fruitful cooperation with Volvo.

因此，這只是一個例子，希望人們看到這實際上是與沃爾沃的一場非常富有成果的合作。

Great.

偉大的。

Thank you.

謝謝。

(Operator Instructions) Andres Sheppard, Cantor Fitzgerald.

（操作員說明）Andres Sheppard，Cantor Fitzgerald。

Hi.

你好。

Good afternoon, everyone, and thank you for taking our questions.

下午好，大家，感謝您提出問題。

I just wanted to follow up on the capital raise.

我只是想跟進資本加薪。

I think we touched on this briefly, but would you mind just reminding us or refreshing us?

我認為我們短暫地談到了這一點，但是您介意提醒我們還是讓我們振作起來？

What is the expected outstanding amount that you'll need to raise still?

您需要籌集的預期未償還金額是多少？

And how are you thinking about timing for that?

您如何考慮這一時間？

I know we touched on equity, but just curious on the timing and curious on the incremental amount that you think you'll need to fulfill.

我知道我們談到了公平，但是只是對時機的時機和好奇，對您認為需要實現的增量量感到好奇。

Thank you.

謝謝。

We're very happy to come back to this very important point today.

我們很高興今天回到這個非常重要的觀點。

Because let's face it, that is for us a very important moment where we cover of the $1.3 billion that we have as the funding need, until we have cash flow breakeven, that we have covered $1 billion of that.

因為讓我們面對現實吧，這對我們來說是一個非常重要的時刻，我們涵蓋了我們所需要的13億美元的資金，直到我們擁有現金流盈利為止，我們已經覆蓋了10億美元的資金。

Okay, to be precise, $950 million.

好的，確切地說，9.5億美元。

So you can do the math, what's left.

因此，您可以做數學，剩下的。

And Per can answer all these things about handling the rest.

並且可以回答有關處理其餘的所有這些事情。

No, and of course, there are different angles to that one.

不，當然，這個角度有不同的角度。

Of course, we are looking through all the time, trying to see, can we improve our cash flow, limit our investments, et cetera, to make sure that we are even limiting this gap.

當然，我們一直在尋找，試圖看到，我們可以改善現金流，限制投資等，以確保我們甚至限制這一差距。

Having said that though, as I said before, as the CFO, I would like to have more equity into the company, because we -- over time, we need to have a different structure with the balance sheet.

話雖如此，正如我之前所說，作為CFO，我想擁有更多的公平性，因為隨著時間的流逝，我們需要使用資產負債表的結構不同。

So again, as we see the opportunity, we will take that and try to do some equity raising here to -- both to make sure that we don't have this remaining need and also to strengthen our balance sheet.

再次，正如我們所看到的機會，我們將抓住這一點，並嘗試在這裡提高一些公平，以確保我們沒有剩餘的需求並加強資產負債表。

I would love to pick one thing up here, and that is of course, this question about the $1.3 billion.

我很想在這裡撿一件事，這當然是關於13億美元的問題。

We have $1 billion -- of $1.3 billion covered.

我們有10億美元 - 支付了13億美元。

And then the elephant in the room, yeah, okay, but is this $1.3 billion real?

然後是房間裡的大象，是的，好的，但是這是13億美元的真實嗎？

And I really would love to emphasize how serious we take that and how much when we develop -- sorry, as a company and when we face the next month ahead.

我真的很想強調我們要認真對待這一點，以及我們開發時的認真程度 - 對不起，作為一家公司以及我們面對下一個月的何時。

For us, this is an incredible, serious and important task to keep this, maintain that wholly, that we say, okay, this is the frame which we have, and that's where we work in.

對我們來說，這是一項不可思議的，嚴肅和重要的任務，以保持這一點，並完全說，我們說，這是我們擁有的框架，這就是我們工作的地方。

And all the billions that we invested, they, of course, are invested into good stuff, our product portfolio, the five cars that we will have developed to 2025.

當然，我們投資的所有數十億美元都投資於好東西，我們的產品組合，我們將開發到2025年的五輛車。

And this is very predictable, very predictable costs that we have, very predictable investments, and we know exactly 2024, 2025, what is still to be done.

這是我們擁有的非常可預測的，非常可預測的成本，非常可預測的投資，我們完全知道2024，2025，還有什麼要做的。

Other factors, yeah, I mean, other factors, sales volume and stuff, I mean, yeah, of course, that can fluctuate, but this is stuff that we can handle and which will not create the big black hole that Per has talked about.

是的，是的，我的意思是，其他因素，銷售量和其他因素，我的意思是，當然，這可能會波動，但這是我們可以處理的東西，並且不會創建每個人所談論的大黑洞。

So we are very serious and very confident about this $1.3 billion.

因此，我們非常認真，對這13億美元非常有信心。

Got it.

知道了。

That's super helpful.

這非常有幫助。

I appreciate all that color.

我感謝所有的顏色。

Maybe just as a quick follow-up.

也許是快速跟進。

With the incremental 15% reduction in the workforce, I know you are not guiding OpEx for gross margins.

隨著勞動力減少15％的增量，我知道您不是指導OPEX的毛利率。

But I'm curious, how should we be thinking about OpEx and gross margins for 2024, given this reduction in terms of maybe modeling?

但我很好奇，考慮到可能會減少模型，我們應該如何考慮2024年的OPEX和毛利率？

Thank you.

謝謝。

If you do a little bit of the math, we did 10% last year, which can start to flow through from an [ad con] perspective this year.

如果您做了一點數學，我們去年做了10％，這可以從今年的[ad con]角度開始流過。

When we now do 15%, there is obviously a delay on it.

當我們現在做15％時，顯然會延遲。

It's like some markets or countries, you can do it quicker.

就像一些市場或國家一樣，您可以更快地做到這一點。

In Sweden, you need to go through a process with union negotiations and layoffs and so on.

在瑞典，您需要進行工會談判和裁員等過程。

So you will gradually see that coming to the year and hence that we see that the later part of the year will be significantly stronger than the first half of the year.

因此，您會逐漸看到，即將到來，因此我們看到一年的下半年將比今年上半年更強大。

Got it.

知道了。

Okay.

好的。

Thank you very much.

非常感謝。

I'll pass it on.

我會把它傳遞下去。

Thank you.

謝謝。

Thank you.

謝謝。

Now I would like to hand over to Bojana Flint for retail shareholders questions.

現在，我想移交Bojana Flint，以獲取零售股東的問題。

Thank you, Nadia, and thank you to everyone who has submitted their questions.

謝謝Nadia，並感謝所有提出問題的人。

As usual, we're going to take top three.

像往常一樣，我們將進入前三名。

These are top three voted questions by retail shareholders.

這是零售股東的三個選票問題。

I'm going to read them out, and then Thomas and Per will answer them.

我要讀出它們，然後托馬斯和每個人會回答。

So the top question was, share prices continue to be catastrophic.

因此，首要的問題是，股價仍然是災難性的。

Despite Polestar 4 launch and strong TV advertising, there appears little hope for improvement.

儘管推出了 Polestar 4 並進行了強有力的電視廣告宣傳，但改善的希望似乎不大。

I'm sure this concern is shared by fellow investors.

我敢肯定，這項擔憂是由投資人共同的。

Please explain the causes and define a convincing plan for recovery.

請解釋原因並制定令人信服的恢復計劃。

Thomas, would you like to start?

湯瑪斯，你想開始嗎？

Yeah, right.

是的，對。

I'll take this one off.

我會把這一件脫下來。

Obviously, we strongly believe that our shares are undervalued.

顯然，我們堅信我們的股票被低估了。

And whenever we talk about it, try to find out, it is, of course -- the very big thing was always the overhang with our question mark behind the funding.

而且，每當我們談論它時，請嘗試找出它，當然 - 非常大的事情總是在資金背後的問號懸垂。

And it's rarely that we had a question about our brand.

而且很少有關於我們品牌的問題。

So many people love our brand, who love our cars.

這麼多人喜歡我們的品牌，他們喜歡我們的車。

There's always a question about, but the funding, but the funding.

總是會有一個問題，但是資金但是資金。

Now I think that is, of course, as much as it's important for us to have the money for the remaining investment, it's as well an incredibly important moment in order to give that opportunity for our share price to develop because that big question mark is gone.

現在，我認為，當然，對我們來說，為剩餘的投資賺錢至關重要，這也是一個非常重要的時刻離開了。

Then we have the other effect, free float was another thing that the free float, of course, is not sufficiently big.

然後，我們有另一個效果，自由浮子是另一件事，當然，自由浮子還不夠大。

This will be a 6% plus for our free float.

對於我們的免費浮標，這將是6％的加上。

So we end up, of course, with at the end of the day, an 80% free float, which is a much healthier figure than we had before.

因此，當然，我們最終結束了，最終是80％的免費浮點，這比以前更健康。

So that should, of course, help us well and be a big game changer.

因此，當然應該幫助我們很好，並成為一個大型的遊戲規則。

Yeah, that's where my answer is for this one.

是的，這就是我的回答。

Okay, great.

好的，太好了。

Second question is, with recent changes in funding, do you think the previous statement of making a profit by 2025 is still achievable?

第二個問題是，隨著資金的最新變化，您是否認為先前關於2025年獲利的陳述仍然可以實現？

And I think, Per, we talked about you maybe answering this, but profit, we have always guided to cash flow breakeven.

而且我認為，根據您的談論，我們可能會回答這個問題，但是利潤，我們一直在指導現金流。

So our answer is going to land on that.

因此，我們的答案將降落在這方面。

No, that's correct.

不，這是正確的。

Thank you, Bojana.

謝謝你，博哈納。

What we said in our press releases and what we talked about today here is really that we are confident on achieving our 2025 targets on our volume guidings and on our gross margin targets.

我們在新聞稿中所說的話以及今天所談論的實際上是，我們對在數量指南和毛利率目標上實現2025個目標有信心。

And basically, what we are also saying is that with the launch of the Polestar 3, Polestar 4 coming into production firstly, and then starting to be sold and hitting the roads during the second half of this year, we see that the gross margin and the volume will pick up very nicely.

基本上，我們還說的是，隨著Polestar 3的推出，Polestar 4首先開始生產，然後在今年下半年開始出售並撞到道路，我們看到毛利率和該卷將非常好。

So leaving this year, we will more or less be on the trajectory to meet the 2025 targets.

因此，今年離開，我們將或多或少走上軌跡，以實現2025個目標。

So we are confident of meeting that cash flow breakeven for 2025.

因此，我們有信心見到2025年現金流。

Great.

偉大的。

Thank you.

謝謝。

And then the third question is what's the future of Polestar after Volvo exited as a partner?

然後，第三個問題是沃爾沃（Volvo）作為合作夥伴退出後，Polestar的未來是什麼？

We have already had that question earlier.

我們已經提前提出了這個問題。

So it's not an exit and nothing changes?

所以這不是退出，沒有任何改變？

No.

不。

Again, just to clarify it, Volvo, it's still our strategic partner.

同樣，只是為了澄清它，沃爾沃，它仍然是我們的戰略合作夥伴。

It's not an exit.

這不是出口。

Close collaboration continue.

密切合作繼續。

So I just use the time now and to extend on -- go again back to the share price.

因此，我現在只利用時間來延長 - 再次回到股價。

Okay.

好的。

The two things that I said is one thing, but there's of course, another thing. 2024, back to it, we will have the expense of our product portfolio.

我說的兩件事是一件事，但當然還有另一件事。 2024年，回到它的情況下，我們將支付產品組合的費用。

We have two high-margin SUVs joining.

我們有兩條高利潤的SUV加入。

In a time where it's very difficult for anybody to achieve, we will achieve volume growth.

在任何人都很難實現的時候，我們將實現數量增長。

We will achieve margin growth.

我們將實現利潤成長。

I mean, that year will just simply be much, much more of a proof point of the asset-light model that we have been promoting for such a long time.

我的意思是，那一年將只是我們很長一段時間以來一直在推廣的資產燈模型的一個證明點。

So I think time will tell.

所以我認為時間會證明一切。

I think that time has come 2024, that it becomes that much more as well in our figures and our financials readable, what kind of a good company we are building here.

我認為那個時候到了2024年，它在我們的數字和我們的財務上都變得更加多，我們在這裡建立了什麼樣的好公司。

So I hope that that will, of course, attract people to buy our shares.

因此，我希望這當然會吸引人們購買我們的股票。

Perfect.

完美的。

And with this, we are done.

這樣，我們就完成了。

Thank you very much for everyone who joined the call, both on the call and the webcast.

非常感謝您加入通話和網路廣播的所有人。

And we are always here with any additional questions that you might have.

而且我們總是在這裡有您可能遇到的任何其他問題。

Thanks a lot.

多謝。

Bye-bye.

再見。

Thank you very much for taking the time.

非常感謝您抽出時間。