Polestar Automotive Holding Uk Plc (PSNY) 2024 Q1 法說會逐字稿

Hello, everyone.

大家好。

Bojana Flint here from Polestar Investor Relations.

來自 Polestar 投資者關係部門的 Bojana Flint。

Thank you for joining our results call today covering both our full-year 2023 and Q1 2024 preliminary results.

感謝您參加今天的業績電話會議，涵蓋了我們 2023 年全年和 2024 年第一季的初步業績。

Per Ansgar, our CFO, will start with the financials update, followed by Thomas Ingenlath, Polestar's CEO.

我們的財務長 Per Ansgar 將首先介紹財務最新情況，隨後 Polestar 執行長 Thomas Ingenlath 也將介紹最新情況。

We will then open for analyst and retail investor chat questions.

然後我們將開放分析師和散戶投資者的聊天提問。

But before we start, I will cover some of the housekeeping points as usual.

但在我們開始之前，我將像往常一樣介紹一些內務管理要點。

I would like to remind participants that many 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 has been communicated.

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。

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.

這些前瞻性陳述包括但不限於相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、公司舉措和其他未來事件。

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

今天做出的前瞻性陳述僅在今天有效，Polestar 不承擔更新其任何前瞻性陳述的義務。

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.

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 may make references to non-GAAP financial measures during the call.

此外，管理階層可能會在電話會議期間提及非公認會計準則財務指標。

A discussion of why we use non-GAAP financial measures and the reconciliation to the most directly comparable GAAP measure can be found in the appendix of the press release published today.

關於我們為何使用非公認會計原則財務指標以及與最直接可比較的公認會計原則指標的調節的討論可以在今天發布的新聞稿的附錄中找到。

With that, I would like to turn the call over to Per.

說到這裡，我想把電話轉給 Per。

Please go ahead.

請繼續。

Thank you, Bojana.

謝謝你，博亞娜。

I would like to welcome you all to this earnings call.

我歡迎大家參加這次財報電話會議。

Welcome, everyone.

歡迎大家。

Before getting into our Q1 2024 figures, I want to start by giving my view on the full-year 2023 preliminary results, which we published last week.

在討論 2024 年第一季的數據之前，我想先表達我對上週發布的 2023 年全年初步結果的看法。

First of all, it was important to report our figures and to take away some uncertainty that has been out there.

首先，重要的是報告我們的數據並消除一些存在的不確定性。

We are working closely with our auditors and looking to file the 20-F in the coming weeks.

我們正在與審計員密切合作，並希望在未來幾週內提交 20-F。

In the meantime, we are pleased to publish unaudited full-year 2023 figures.

同時，我們很高興發布未經審計的 2023 年全年數據。

Why did we need some additional time?

為什麼我們需要一些額外的時間？

Firstly, this is our first year of full Sarbanes-Oxley compliance, a significant undertaking for a young company.

首先，今年是我們全面遵守《薩班斯-奧克斯利法案》的第一年，這對一家年輕的公司來說是一項重大任務。

I have to say.

我不得不說。

Secondly, correction of certain errors that largely precede our NASDAQ listing and resulting restatements.

其次，糾正我們在納斯達克上市之前的某些錯誤以及由此產生的重述。

I can confirm that they have been corrected and, as guided, with an impact on our net loss of less than 5% positively in 2025 -- 2021 and 5% negatively in 2022.

我可以確認這些問題已得到糾正，並且按照指導，對 2025 年至 2021 年淨虧損的正面影響不到 5%，2022 年的負面影響不到 5%。

So not really big impact, but still took a considerable amount of work to complete.

所以影響並不大，但仍需要大量的工作才能完成。

Lastly, as you see, we booked a non-cash impairment charge of approximately USD450 million.

最後，如您所見，我們登記了約 4.5 億美元的非現金減損費用。

And I will come back to this.

我會回到這個主題。

Okay.

好的。

Let's now move over to some of the key figures from 2023, starting with the income statement.

現在讓我們先從損益表開始討論 2023 年的一些關鍵數據。

We saw global vehicle sales up 6% in 2023 to 54,600 cars.

我們預計 2023 年全球汽車銷量將成長 6%，達到 54,600 輛。

However, revenue was down 3% with channel mix and higher discounts.

然而，由於通路組合和折扣增加，收入下降了 3%。

Gross result was down at negative $415 million, but that included the non-cash impairment charges of $450 million.

總業績下降至負 4.15 億美元，但這其中包括 4.5 億美元的非現金減損費用。

If we exclude these charges for 2023, we would have been around breakeven for gross profit margin, which is in line with the previous guidance.

如果我們排除 2023 年的這些費用，我們的毛利率將達到損益兩平點，這與先前的指引一致。

SG&A costs were up 14%.

SG&A 成本上升 14%。

This, we addressed already in 2023 as we initiated two rounds of strategic cost and headcount reductions in mid 2023 and then followed up with another one in early 2024.

我們已經在 2023 年解決了這個問題，因為我們在 2023 年中期啟動了兩輪策略成本和員工人數削減，然後在 2024 年初又進行了另一輪削減。

We are starting to see the benefit come through now, which I will cover shortly.

我們現在開始看到好處正在顯現，我將很快介紹這一點。

Other operating income benefited from foreign exchange effects on working capital and a gain on disposal of assets held for sale.

其他營業收入則受惠於外匯對營運資本的影響以及出售待售資產的收益。

In summary, the operating loss increased in large part due to non-cash impairment.

綜上所述，經營虧損的增加很大程度是由於非現金減損所致。

And now, moving on to cash flow highlights.

現在，轉向現金流亮點。

Operating cash outflow was around USD1.9 billion, and that was impacted by working capital of about $800 million, negative, driven by higher inventory and settlement of trade payables.

營運現金流出約 19 億美元，受到庫存和貿易應付帳款結算增加推動的約 8 億美元營運資本的影響，為負數。

It is fair to say that we ended 2023 with inventory higher than we wanted or anticipated.

可以公平地說，2023 年結束時我們的庫存高於我們想要或預期的水平。

But we took actions and have seen an improvement already in the first quarters of 2024.

但我們採取了行動，並在 2024 年第一季看到了改善。

On financing, out of the over USD2 billion, approximately $1.4 billion come from the longer-term shareholders loans from Volvo Cars and Geely.

融資方面，超過20億美元中，約14億美元來自沃爾沃汽車和吉利汽車的長期股東貸款。

We ended the year with $770 million in cash and cash equivalents.

年底，我們擁有 7.7 億美元的現金和現金等價物。

This leads me on to impairment charges, principally come priced of two parts.

這讓我想到了減損費用，主要分為兩部分。

First is the inventory impairment, and the second one is asset impairment.

一是存貨減值，二是資產減損。

Starting with inventory impairment of about USD120 million for the year, up from around $40 million after nine months.

年初的庫存減損損失約為 1.2 億美元，而九個月後的損失約為 4,000 萬美元。

This charge takes into account the value of the inventory at year end and also a forward-looking view into Q1 and Q2 2024, where sales and price trends has been reflected to current fair value.

該費用考慮了年底的庫存價值以及 2024 年第一季和第二季的前瞻性觀點，其中銷售和價格趨勢已反映為當前公允價值。

Now over to the impairment of assets at USD330 million.

現在討論 3.3 億美元的資產減損。

All companies have to assess on an annual basis the value of its asset in relation to its future earnings capability.

所有公司都必須每年評估其資產價值與其未來獲利能力的關係。

During the later part of 2023, we concluded that it is more appropriate to do this assessment separately on different car lines or cash-generating units because of the growth in the business, with each of those columns consuming separate assets and generating separate cash flows.

在 2023 年下半年，我們得出的結論是，由於業務的成長，對不同的汽車系列或現金產生單位單獨進行評估更為合適，每個類別消耗單獨的資產並產生單獨的現金流。

The analysis showed that it's reasonable to adjust down the recoverable asset value of some of the Polestar 2 assets, and that is from primarily due to the following.

分析表明，下調Polestar 2部分資產的可收回資產價值是合理的，主要原因如下。

Polestar 2 generated less margins because of the introduction of tariffs in US a few years ago and, on top of that, our weak performance in China.

由於幾年前美國徵收關稅，加上我們在中國的表現疲軟，Polestar 2 的利潤率較低。

Having said this, we will continue to produce and sell Polestar 2 as it is an important car line now and into the future.

話雖如此，我們將繼續生產和銷售 Polestar 2，因為它是現在和未來的重要汽車系列。

And again, worth reminding, this impairment has no impact on our cash position.

再次值得提醒的是，這種減損對我們的現金狀況沒有影響。

And now, let's move over to 2024, which is a very exciting year for us.

現在，讓我們進入 2024 年，這對我們來說是非常激動人心的一年。

We have guided earlier this year that we expect 2024 to be quite different at the end of the year compared to the beginning of the year.

我們今年稍早曾預計 2024 年底與年初會有很大不同。

First half of the year, we focused on selling Polestar 2 and preparing our network for the product ramp up.

今年上半年，我們專注於銷售 Polestar 2 並為產品的提升做好網路準備。

This included implementing new retail distribution model and successfully launching activities and campaigns for Polestar 3 and Polestar 4.

其中包括實施新的零售分銷模式以及成功推出 Polestar 3 和 Polestar 4 的活動和宣傳活動。

You can clearly see this in our performance in the first half of 2024.

從我們2024年上半年的表現中可以清楚地看到這一點。

We had a tough start of the year, but then we had a strong improvement in the second quarter.

我們今年的開局很艱難，但第二季我們有了強勁的進步。

Later, you will hear Thomas giving more color on the actions we have taken.

稍後，您會聽到托馬斯對我們所採取的行動進行更多闡述。

And now, moving on to financial figures for the first quarter 2024.

現在，讓我們來看看 2024 年第一季的財務數據。

Revenue was down about USD200 million.

收入減少約 2 億美元。

This was due to lower volumes, higher discounts to manage inventory, and with the revenue recognition complexities on sales, of course, to our China JV.

這是由於銷售量較低、管理庫存的折扣較高，以及銷售收入確認的複雜性（當然，是針對我們的中國合資企業）。

Gross profit margin was negative at around 9%, basically reflecting the lower revenue as well as movement of R&D amortization into COGS.

毛利率為負，約 9%，主要反映了收入下降以及研發攤銷轉入銷貨成本。

SG&A expenses were down 1% despite marketing for Polestar 3 and Polestar 4.

儘管對 Polestar 3 和 Polestar 4 進行了行銷，SG&A 費用仍下降了 1%。

We are pleased to see the underlying cost efficiency starting to kick in from the strategic programs implemented, including headcount reductions.

我們很高興看到潛在的成本效率開始從實施的策略計劃（包括裁員）中顯現出來。

In terms of our cash flow, operating cash outflow of $230 million is mainly explained by the [EBITDA] and early improvements on inventory, offset by payables.

就我們的現金流量而言，2.3 億美元的營運現金流出主要是由於 [EBITDA] 和庫存的早期改善（被應付帳款所抵銷）。

As you see from our Q2 sales, we expect to see more working capital improvements in the second quarter and going forward.

正如您從我們第二季的銷售中看到的那樣，我們預計第二季及未來的營運資金將得到更多改善。

Investing cash flow -- outflow was about $190 million, in line with plans and as we continue to invest in Polestar 3, 4, and 5.

投資現金流——流出約為 1.9 億美元，符合計劃，我們繼續投資 Polestar 3、4 和 5。

Financing cash inflow was a net increase of around $460 million.

融資現金流入淨增加約4.6億美元。

We have fully utilized the $950 million club loan that we secured in the first quarter.

我們已經充分利用了第一季獲得的 9.5 億美元俱樂部貸款。

However, we have also made some repayments of other loans and trade financing facilities.

然而，我們也償還了一些其他貸款和貿易融資便利。

Remember, we have a EUR470 million term finance facility, which remains largely undrawn.

請記住，我們有 4.7 億歐元的定期融資額度，但大部分尚未動用。

Let me finish with the outlook for the rest of the year and into 2025.

最後，讓我對今年剩餘時間和 2025 年的前景進行展望。

Sales momentum seen in the second quarter has had a positive impact on inventory levels and cash flow.

第二季度的銷售動能對庫存水準和現金流產生了積極影響。

We remain confident of an even stronger deliveries through the second half of the year, driven by the two premium SUVs.

在這兩款高端 SUV 的推動下，我們仍然對下半年的交車量更加強勁充滿信心。

Though the business has increasing momentum, we see short-term uncertainties from the introduction of import duties alongside continued pricing pressure in global EV markets, including China.

儘管該業務勢頭強勁，但我們看到進口關稅的徵收以及包括中國在內的全球電動車市場持續的定價壓力所帶來的短期不確定性。

In light of these factors and while continuing to target a cash flow breakeven in 2025, we are adapting our business plan, including additional mitigation, and we expect to provide updated guidance later this year.

鑑於這些因素，在繼續以 2025 年現金流收支平衡為目標的同時，我們正在調整我們的業務計劃，包括額外的緩解措施，我們預計將在今年稍後提供更新的指導。

Thank you, everyone.

謝謝大家。

And with this, I will let Thomas cover the recent business developments.

接下來，我將請 Thomas 介紹最近的業務發展。

Good morning and good afternoon, everyone.

大家早安，下午好。

Thank you for joining us at this conference call.

感謝您參加本次電話會議。

First, I would like to reflect on the Q2 delivery figures.

首先，我想回顧一下第二季的交付數據。

Start of this year was very slow, but we took immediate action.

今年年初進展緩慢，但我們立即採取了行動。

We activated our sales organization, and we accelerated our retail efforts which, I'm pleased to report, resulted in deliveries of 13,000 cars in the second quarter with strong performance in the US, and Sweden, and Norway, and Germany, including very strong development in our retail order intake, up 169% year on year.

我們啟動了銷售組織，並加快了零售工作，我很高興地報告，第二季度交付了 13,000 輛汽車，在美國、瑞典、挪威和德國表現強勁，其中包括非常強勁的汽車我們的零售訂單量不斷成長，年增169%。

This has really energized our teams as well as our retail partners, and it has created a great momentum when we introduce now our two new SUVs with hand-raiser test drive weeks and first handovers to customers.

這確實為我們的團隊以及零售合作夥伴注入了活力，當我們現在推出兩款新 SUV 並進行舉手試駕周和首次向客戶移交時，這創造了巨大的動力。

The global media test drive in Spain for Polestar 3 and 4 was a great success, and the global reviews are spectacular.

Polestar 3和4在西班牙的全球媒體試駕取得了巨大成功，全球好評如潮。

I think it's fair to say that we have created here real winners.

我認為可以公平地說，我們在這裡創造了真正的贏家。

Let me just share two of my favorite headlines.

讓我分享兩個我最喜歡的標題。

FIRST DRIVE says, Polestar 3 is a stunning looker that fills a unique bridge between premium EVs and premium internal combustion engine SUVs.

FIRST DRIVE 表示，Polestar 3 外觀令人驚嘆，在高端電動車和高端內燃機 SUV 之間架起了一座獨特的橋樑。

I think that describes an important quality of the Polestar 3 being able to attract customers from both worlds.

我認為這描述了 Polestar 3 能夠吸引來自兩個世界的客戶的重要品質。

And another one, [AutoEV], not only the best Polestar to date, but the best in its class by a country mile.

另一輛汽車，[AutoEV]，不僅是迄今為止最好的 Polestar，而且是同類產品中最好的。

It is sensational.

這是聳人聽聞的。

When it comes to Polestar 4 reviews, they only came out yesterday.

至於 Polestar 4 的評測，昨天才出來。

The embargo lifted yesterday.

禁運昨天解除。

And again, really positive headlines, fantastic reviews.

再說一次，真正積極的頭條新聞，精彩的評論。

One of them, Driving UK saying, no rear window but a clear vision, taking on the Porsche Macan.

其中之一，駕駛英國說，沒有後窗，但視野清晰，與保時捷Macan較量。

So this summer, it is happening.

所以今年夏天，這樣的事情正在發生。

We are turning from a one-car company to a three-car product portfolio.

我們正在從單一汽車公司轉向三類汽車產品組合。

To harvest this to the full extent, we are adjusting our retail and sales model to drive commercial performance and reach a wider customer base.

為了充分收穫這一點，我們正在調整我們的零售和銷售模式，以提高商業業績並涵蓋更廣泛的客戶群。

This work, we have accelerated in the last quarter as we have announced the first shifts to a non-genuine agency model in Europe, starting in Sweden and in Norway.

我們在上個季度加速了這項工作，因為我們宣布從瑞典和挪威開始，在歐洲首次轉向非真正的代理模式。

With this shift, we activate our space partners in the commercial process, going from being a distribution to a real sales channel, contributing actively in conversion and the order intake and making it easier for customers to actually purchase a car directly in this space.

透過這項轉變，我們在商業流程中啟動了我們的空間合作夥伴，從​​分銷管道轉變為真正的銷售管道，積極促進轉換和訂單吸收，並使客戶更容易在這個空間中實際直接購買汽車。

We will also jointly increase significantly our retail footprint in all key markets, including the US.

我們也將共同大幅增加我們在包括美國在內的所有主要市場的零售足跡。

We will also be targeting several new market launches in 2025: France, Czech Republic, Slovakia, Hungary and Poland, and Thailand and Brazil.

我們也將在 2025 年瞄準幾個新市場：法國、捷克共和國、斯洛伐克、匈牙利和波蘭、泰國和巴西。

Connected to our sales operations, we have made management appointments in key markets during the beginning of the summer.

與我們的銷售業務相關，我們在夏初對主要市場進行了管理層任命。

And I'm really pleased that we have brought in senior automotive sales experience to our company.

我真的很高興我們為公司引進了資深的汽車銷售經驗。

One of the challenges that we face right now are the announced import duties.

我們現在面臨的挑戰之一是宣布的進口關稅。

Also, all the full impacts are still unclear.

此外，所有的全面影響仍不清楚。

What we do know is that we took steps quite some time ago to de-risk and diversify our business.

我們所知道的是，我們很久以前就採取了措施來降低風險並使我們的業務多元化。

And that's why I made the decision to manufacture Polestar 3 for North America and Europe in South Carolina.

這就是為什麼我決定在南卡羅來納州為北美和歐洲生產 Polestar 3。

And this is on track to start during the end of the summer.

這預計在夏末開始。

Polestar 4 production initially for the North American market will start in South Korea during the second half of 2025.

Polestar 4 最初面向北美市場的生產將於 2025 年下半年在韓國開始。

As Per mentioned in the outlook statement, our ambition of achieving cash flow breakeven in 2025 remains, and we are reviewing our plans to protect this goal in light of these challenges.

正如 Per 在展望聲明中所提到的，我們在 2025 年實現現金流收支平衡的目標依然存在，我們正在根據這些挑戰審查我們的計劃以實現這一目標。

And we will provide updated guidance later this year.

我們將在今年稍後提供更新的指導。

Polestar is the only European pure EV brand, and that is thanks to HÃ¥kan Samuelsson's vision and ambition.

Polestar 是歐洲唯一的純電動車品牌，這要歸功於 Hákan Samuelsson 的遠見和雄心壯志。

On behalf of everyone in the business here, I want to thank him for his work and commitment to us as the Chairman as he enters retirement.

我謹代表業內所有人，感謝他在退休時作為董事長所做的工作和對我們的承諾。

Same time, I'm very happy to welcome Winfried Vahland as our new Chairman following the upcoming AGM.

同時，我非常高興地歡迎 Winfried Vahland 在即將召開的年度股東大會後擔任我們的新任董事長。

Winfried is with significant experience from the car industry, both executive and at Board level.

溫弗里德在汽車產業的高階主管和董事會層面擁有豐富的經驗。

And it will benefit Polestar greatly as we move forward into the next phase of our development.

當我們進入下一階段的發展時，這將使 Polestar 受益匪淺。

Carla De Geyseleer has also chosen to not stand for reelection at the upcoming AGM in order to focus on her full-time executive role.

Carla De Geyseleer 還選擇不在即將舉行的年度股東大會上競選連任，以便專注於她的全職高管職位。

We wish Carla the best in her future career.

我們祝福卡拉未來的職業生涯一切順利。

And thanks a lot to you, Carla.

非常感謝你，卡拉。

Subject to approval at the upcoming AGM, we also welcomed two new Board directors: Laura Shen, who brings significant automotive experience from China; and Christine Gorjanc, who brings significant finance and accounting experience and who will chair our Audit Committee in the future.

待即將舉行的年度股東大會批准後，我們也迎來了兩位新董事會董事：Laura Shen，她帶來了來自中國的豐富汽車經驗； Christine Gorjanc 帶來了豐富的財務和會計經驗，並將在未來擔任我們的審計委員會主席。

As I look with confidence ahead based on my belief in our cars, our brand, our strong shareholders, and the resilient position that we have built for our business center.

基於我對我們的汽車、我們的品牌、我們強大的股東以及我們為我們的商務中心建立的彈性地位的信念，我充滿信心地展望未來。

The world around us has changed significantly since we launched our brand, not least in the last few months, with very basic things like global free trade being questioned.

自從我們推出我們的品牌以來，我們周圍的世界發生了巨大的變化，尤其是在過去的幾個月裡，全球自由貿易等非常基本的事情受到了質疑。

But we are prepared for this.

但我們已為此做好準備。

We are one of the only EV startups with a diversified manufacturing footprint planning to include Europe as well in the next step.

我們是唯一一家擁有多元化製造足跡的電動車新創公司之一，計劃下一步將歐洲納入其中。

We have strong momentum as we enter the second half of this year.

進入今年下半年，我們的勢頭強勁。

Our two new SUVs have received stellar reviews, and test drive slots have booked out.

我們的兩款新 SUV 獲得了好評，試駕時段已被預訂一空。

Our retail model shift is an execution, and we have strengthened our sales management team significantly.

我們零售模式的轉變是一種執行力，我們顯著地加強了我們的銷售管理團隊。

We expect strong revenue improvement in the second quarter, and we are confident about our business performance in the latter part of the year.

我們預計第二季營收將強勁改善，並對下半年的業務表現充滿信心。

Looking further ahead, our model expansion and increased market presence with seven new market launches to come in '25 will be key growth drivers for us.

展望未來，我們的車型擴張和市場佔有率的提高以及 25 年將推出的七個新市場將成為我們的關鍵成長動力。

So operator, please, let's move now to the analyst Q&A.

那麼操作員，現在讓我們進入分析師問答環節。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Tobias Beith, Redburn Atlantic.

（操作員說明）Tobias Beith，Redburn Atlantic。

Good afternoon, Thomas, Per, and Bojana.

下午好，托馬斯、佩爾和博亞納。

Lovely to chat again.

很高興再次聊天。

My first question relates to the second-quarter volumes.

我的第一個問題與第二季的銷售有關。

I must admit it's quite surprising.

我必須承認這非常令人驚訝。

I was wondering whether you could disclose how many Polestar 4s were sold in the period to your Chinese joint venture like you did in the fourth quarter and the first quarter of this year.

我想知道您是否可以像今年第四季和今年第一季那樣透露您的中國合資企業在這段時間內銷售了多少輛Polestar 4。

Thank you, Toby.

謝謝你，托比。

This is Per.

這是佩爾。

Thanks for your question.

謝謝你的提問。

We sold quite some Polestar 4s in the last part of the 2023, and we also sold quite some in the first quarter.

我們在 2023 年下半年銷售了相當多的 Polestar 4，第一季也銷售了相當多的 Polestar 4。

In the second quarter, there were very few.

第二季度，這樣的人就很少了。

I would say around 200 or so.

我想說大約200左右。

So basically, all sales, except some deliveries of Polestar 3, is related to Polestar 2, which we are very happy to see.

所以基本上，除了Polestar 3的部分交付之外，所有的銷售都與Polestar 2有關，我們很高興看到這一點。

On top of that one -- now we only talk about our deliveries.

最重要的是——現在我們只談論我們的交付。

On top of that, we have a very strong order trend, well, on all car lines, but also including Polestar 2s.

最重要的是，我們在所有汽車系列上都有非常強勁的訂單趨勢，但也包括 Polestar 2。

So when we move into the third quarter, we are expecting to see continued growth in our sales.

因此，當我們進入第三季時，我們預計銷售額將持續成長。

All right.

好的。

Understood.

明白了。

And proportionately, volume of Polestar 4 was twice impactful in the first quarter than it was in the fourth quarter of last year.

以比例計算，Polestar 4第一季的銷售影響力是去年第四季的兩倍。

But the gross margin before impairments seems to have remained negative.

但減損前的毛利率似乎仍為負值。

Are you able to discuss this for me and outline how it turns profitable?

您能幫我討論一下這個問題並概述它如何盈利嗎？

Yes.

是的。

Obviously, the Polestar 4 is generally very, very profitable car.

顯然，Polestar 4 總體來說是一款非常非常賺錢的車款。

And you will see that as we move forward here, the larger car is -- and it has better gross profit margin, obviously.

你會看到，當我們向前邁進時，更大的汽車——而且顯然具有更好的毛利率。

In the first quarter, we had a complex situation in terms of revenue recognition related to our Chinese JV.

第一季度，我們在與中國合資企業相關的收入確認方面遇到了複雜的情況。

So we have actually delivered costs in the first quarter that you could not take full revenue recognition for.

因此，我們實際上在第一季交付了您無法完全確認收入的成本。

We see that this will even out over the year here.

我們看到這一情況在今年將會趨於平衡。

You cannot really draw any conclusions on the Polestar 4 gross margins out of the first-quarter sales.

從第一季的銷售來看，你無法真正對 Polestar 4 的毛利率得出任何結論。

We should come back and have more discussions around that when we start to see sales in the third quarter ramping up on higher volumes across the world.

當我們開始看到第三季全球銷量增加時，我們應該回來並圍繞這個問題進行更多討論。

All right.

好的。

And a final one from me.

還有我的最後一篇。

I noticed that in certain key countries, the estimated delivery dates for new Polestar 3 or Polestar 4 is before year end.

我注意到，在某些主要國家，新款 Polestar 3 或 Polestar 4 的預計交付日期是在年底之前。

And also, a cheaper, single-motor variant has already been released in Europe.

此外，更便宜的單馬達版本已經在歐洲發布。

Are you able to comment on demand versus order supply for these models, please?

您能評論一下這些型號的需求與訂單供應嗎？

The order book of Polestar 3, Polestar 4s.

Polestar 3、Polestar 4s 訂單簿。

Yeah, Toby.

是的，托比。

I don't quite -- sorry, I don't quite understand the question.

我不太明白——抱歉，我不太明白這個問題。

I just tell you what the journey ahead is with Polestar 3.

我只是告訴你 Polestar 3 的未來。

Because you know that we started now the very first deliveries by the end of this month, June; and we will, in quarter three, now ramp up the deliveries to customers.

因為你知道我們現在已經在六月底開始了第一批交付；我們將在第三季增加向客戶的交付量。

And of course, we are serving in these months, to start with, the order book that -- half of this for this car.

當然，我們在這幾個月首先提供的訂單是——其中一半是這輛車的訂單。

Rightfully, the single-motor version, we only released now.

沒錯，單馬達版本，我們現在才發布。

And of course, this will kick in much later in terms of deliveries.

當然，就交付而言，這將在很晚的時候開始實施。

We took the deliberate decision of offering this car already now because we, in a way, want to as well give options to customers that are maybe very, very tempted for this car but see that the car has a single-motor version and with a price tag attached that is more suitable to their purchasing power.

我們現在就已經做出了提供這款車的深思熟慮的決定，因為在某種程度上，我們也希望為那些可能非常非常喜歡這款車的客戶提供選擇，但看到該車有單電機版本和附加的價格標籤更適合他們的購買力。

So that is not directly related now for the first six months of deliveries.

因此，這與前六個月的交付沒有直接關係。

This is, of course, mainly the dual motor and the order bank that we have to work down now.

當然，這主要是我們現在要解決的雙馬達和訂單庫。

And one thing I think I should mention as well, we will, of course now, in the first months of July especially, still be very careful and not pushing out too many cars at once.

我想我還應該提到一件事，當然，我們現在，特別是在七月的前幾個月，仍然非常小心，不要一次推出太多汽車。

Because we just simply want to really quality assure those deliveries, make sure that customers have (inaudible) software that we deliver the right experience.

因為我們只是想真正保證這些交付的質量，確保客戶擁有（聽不清楚）我們提供正確體驗的軟體。

And we'll ramp up then according to that August, September; and that will be then, of course, much more getting into the normal flow of what we expect to be able to get out of the months.

然後我們會根據八月、九月的情況加大力度；當然，這將更多地進入我們期望能夠從這幾個月中獲得的正常流程中。

So slightly careful ramp up now, but of course, it is a very, very strong and big test drive program that we have.

所以現在要稍微小心一點，但當然，這是我們擁有的一個非常非常強大的大型試駕計劃。

Because all in all, 40,000 hand raisers that we have waiting for quite some time now to get into the car.

因為總而言之，我們已經有 40,000 名舉手者等待了相當長的時間才能上車。

This is now one of the biggest activities, that we have to give the hand raises the opportunity to get into the car and experience this.

這是現在最大的活動之一，我們必須給舉手機會進入汽車並體驗這一點。

And of course, we expect quite a good rate of conversion from these hand raisers.

當然，我們預期這些舉手者的轉換率會很高。

All right, understood.

好的，明白了。

Thanks, Thomas.

謝謝，托馬斯。

Just in case, helpful clarification.

以防萬一，有幫助的澄清。

The point that I was trying to make is that in key markets that you're not sold out for this year, i.e., the order book doesn't extend through to year end but presumably, you've purchased vehicles, that your purchasing quantities spans through to probably sometime next year.

我想說的一點是，在關鍵市場，今年你的車沒有售完，也就是說，訂單不會延續到年底，但你可能已經購買了車輛，你的購買數量可能會持續到明年的某個時候。

So I just wanted to understand that dynamic, but your answer was very helpful.

所以我只是想了解這種動態，但你的回答非常有幫助。

So I'll pass on the line.

所以我會轉行。

Thank you, all.

謝謝你們。

Thank you.

謝謝。

Welcome.

歡迎。

Thank you.

謝謝。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hi, good morning.

早安.

Good afternoon, everyone.

大家下午好。

Thank you for taking our questions.

感謝您接受我們的提問。

I wanted to start -- maybe Thomas or Per, can you help us just understand the -- maybe help us quantify the impact of the announced tariffs?

我想開始 - 也許托馬斯或佩爾，你能幫助我們理解 - 也許可以幫助我們量化已宣布關稅的影響嗎？

Just curious how that has been impacting you.

只是好奇這對你有何影響。

And how will that change once the facility in the Carolina is up and running?

一旦卡羅萊納州的設施建成並投入運行，這種情況將會發生什麼變化？

Thank you.

謝謝。

Yeah.

是的。

The 100% tariff that has been announced some weeks ago for the US.

幾週前宣布對美國徵收 100% 關稅。

In way, it almost -- and I stress now, almost -- fits perfectly with us actually, introducing the production in South Carolina for Polestar 3.

在某種程度上，它幾乎——我現在強調，幾乎——實際上非常適合我們，在南卡羅來納州引進 Polestar 3 的生產。

Because of course, on one hand, this is serving the purpose of having, I call it now, a normal tax situation with the Polestar 3, not having 100% import tariffs on the Polestar 3.

當然，一方面，這是為了讓 Polestar 3 擁有（我現在稱之為）正常的稅收情況，而不是對 Polestar 3 徵收 100% 的進口關稅。

And therefore, of course, our acceleration in the US market and everything is catered, of course, around the strong belief that the Polestar 3 is a perfect product for the US and having the production in South Carolina up and running.

因此，當然，我們在美國市場的加速發展以及一切都迎合了我們的堅定信念，即 Polestar 3 是一款適合美國的完美產品，並且在南卡羅來納州啟動並運行了生產。

On top of that, of course, exporting the Europe volume from US in order to actually have then the pool for Polestar 4 import into the US.

當然，最重要的是，從美國出口歐洲銷售量，以便真正擁有 Polestar 4 進口到美國的資金。

So that goes hand in hand.

所以這是齊頭並進的。

And the effect in the mid and long term of this increase in tariff should be basically completely mitigated by this production in South Carolina.

從中長期來看，南卡羅來納州的產量應該可以完全緩解關稅增加的影響。

Almost it's about a couple of weeks where, indeed, these tariffs kick in already whilst the production is not yet up and running.

實際上，在大約幾週的時間裡，這些關稅已經開始生效，而生產尚未啟動並運行。

So indeed, we had to work around how many cars we could still import from the initial production in Chengdu into the US before we had to stop this import and the South Carolina production is up and running.

因此，事實上，在我們不得不停止進口並且南卡羅來納州的生產開始運行之前，我們必須解決我們仍然可以從成都最初生產的汽車進口到美國的數量。

This was about a couple of weeks where there was this mismatch.

大約幾週後，就出現了這種不匹配的情況。

I would add to this.

我想補充一點。

And this is Per here.

這是佩爾。

It is also important to understand that there is a mechanist which we call duty drawback where we can match incoming tariffs versus outgoing tariffs.

同樣重要的是要了解，有一個機制，我們稱之為關稅退稅，我們可以將進貨關稅與出境關稅相匹配。

So the Polestar 3 production in Charleston is very important because we plan to use that for export out to US.

因此，在查爾斯頓生產 Polestar 3 非常重要，因為我們計劃將其出口到美國。

And then we can also have some benefit from that one from a duty perspective.

然後，從責任的角度來看，我們也可以從中得到一些好處。

So with the actions we have already taken since long, we are quite well hedged on these topics.

因此，透過我們長期以來採取的行動，我們在這些話題上已經做好了對沖。

Got it.

知道了。

That's very helpful.

這非常有幫助。

I appreciate all that color.

我很欣賞所有這些顏色。

And maybe as a quick follow-up, one for you, Per, is, can you just remind us, with slightly less than $800 million in liquidity, what is that -- what do the capital needs look like for this year?

也許作為一個快速的後續行動，佩爾，您能否提醒我們，在流動性略低於 8 億美元的情況下，今年的資本需求是什麼樣的？

And how are you thinking about that in this environment?

在這種環境下您如何看待這一點？

Thank you.

謝謝。

No.

不。

Thanks for that question.

謝謝你提出這個問題。

I must say that I am -- I must say I liked working with cash flow.

我必須說我——我必須說我喜歡與現金流相關的工作。

I think that is very fun.

我覺得這很有趣。

And obviously, it's very important also.

顯然，這也非常重要。

So we are working very intense in the company to improve our cash flow situation.

因此，我們正在公司努力改善我們的現金流狀況。

And there's always a lot of things that can be done.

而且總是有很多事情可以做。

And you will see going forward into the second quarter that we are working very hard with working capital and to improve our cash flow situation.

進入第二季度，您會看到我們正在非常努力地利用營運資金並改善我們的現金流狀況。

So I think that is very positive from that perspective.

所以我認為從這個角度來看這是非常正面的。

And also, as I mentioned, we have basically not utilized our trade financing facility of EUR470 million.

而且，正如我所提到的，我們基本上沒有動用 4.7 億歐元的貿易融資額度。

So we have basically 90% of that or more than 90% of that one free for time being.

所以我們基本上暫時免費了其中的 90% 或 90% 以上。

So we can use that going forward here.

所以我們可以在這裡繼續使用它。

Clearly then, with the situation right now where we see movements in tariffs and movements in price position, et cetera, there will be a lot of focus for us to adapt our business plan and our projects going forward, as Thomas said, on mitigating the activities and so on.

顯然，在目前的情況下，我們看到關稅的變動和價格地位的變動等，正如托馬斯所說，我們將重點放在調整我們的業務計劃和我們未來的項目，以減輕活動等。

And we will come back later this year on more specific things on how we look at our needs going forward here, if there are any changes to that or not.

我們將在今年稍後回來討論更具體的問題，即我們如何看待未來的需求，無論是否有任何變化。

What is important to say also is that earlier this year, our ultimate owner, Geely Holding, has also expressed strong support to our business.

值得一提的是，今年早些時候，我們的最終所有者吉利控股也表達了對我們業務的大力支持。

So we are in constant dialogue with both them and Volvo Cars and others just to let them know our funding position.

因此，我們與他們、沃爾沃汽車和其他公司不斷對話，只是為了讓他們了解我們的資金狀況。

So I'm very confident around all these things here.

所以我對這裡的所有這些事情都非常有信心。

Understood.

明白了。

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。

Thanks.

謝謝。

Thank you.

謝謝。

Daniel Roeska, Bernstein.

丹尼爾·羅斯卡，伯恩斯坦。

Good afternoon.

午安.

Good morning, everybody.

大家早安。

Thanks for making time and taking the questions.

感謝您抽出時間並回答問題。

I apologize for the slight background noise here.

對於這裡輕微的背景噪音，我深表歉意。

You just mentioned your relationship with Geely.

你剛才提到了你和吉利的關係。

May I ask for an update on your negotiations on the revenue covenants, where you stand on that?

我可以詢問一下你們關於收入契約談判的最新情況嗎？

Thanks.

謝謝。

No.

不。

Thank you very much.

非常感謝。

Of course, on our club loan banks, we have several covenants, not only revenue.

當然，在我們的俱樂部貸款銀行上，我們有幾項契約，而不僅僅是收入。

We have CapEx covenants, and we have other covenants.

我們有資本支出契約，還有其他契約。

We follow them very closely.

我們非常密切地關注他們。

We have a quite rigid process internally in the company with the credit compliance committee.

我們公司內部的信用合規委員會有一個相當嚴格的流程。

So we go through this on a monthly basis.

所以我們每個月都會經歷一次。

So we are following that one as you understand.

所以我們正在遵循您所理解的這一點。

From a revenue perspective, which is one of the covenants, we were, as you can understand, a little bit disappointed with the first quarter revenue.

從收入的角度來看，這是契約之一，正如你可以理解的那樣，我們對第一季的收入有點失望。

We are now seeing that the second quarter revenue is definitely in line with our expectations.

我們現在看到第二季的收入絕對符合我們的預期。

Moving into the third quarter now, as I said before, our order book is building up.

現在進入第三季度，正如我之前所說，我們的訂單正在增加。

So we expect continued increase in our sales performance into the third quarter and into the fourth quarter.

因此，我們預計第三季和第四季的銷售業績將持續成長。

This revenue covenant is done on a yearly basis, so too early to really judge on it.

此收入契約是每年完成的，因此對其進行真正判斷還為時過早。

Having said all of that, we are, of course, in dialogue with our banks on different topics, as you can understand here.

話雖如此，我們當然正在與我們的銀行就不同主題進行對話，正如您在這裡所理解的那樣。

Yeah, thanks for that.

是的，謝謝你。

And I mean if you extrapolate the trends you just mentioned and the higher sales you're expecting for Q3 and Q4, would you say -- would you today say, from today's perspective, that you are on track to hitting the revenue covenant in '24?

我的意思是，如果你推斷你剛才提到的趨勢以及你對第三季度和第四季度更高的銷售額的預期，你會說- 從今天的角度來看，你今天會說你正在實現「收入契約」嗎？

The second quarter was on track and

第二季已步入正軌

Already.

已經。

Sorry?

對不起？

Already, yeah.

已經，是的。

And the third and the fourth quarter, it's -- we are working, looking good.

第三和第四季度，我們正在努力，看起來不錯。

Okay.

好的。

That's great.

那太棒了。

That's very encouraging.

這非常令人鼓舞。

You and Thomas also mentioned the actions you're taking to mitigate the tariff impact.

您和湯瑪斯也提到了您為減輕關稅影響而採取的行動。

Overall, how has that influenced your view on when achieving cash flow breakeven might be possible?

整體而言，這對您對何時可能實現現金流量收支平衡的看法有何影響？

Do you think it's -- you're able to mitigate the entire impact and still reach cash flow breakeven next year?

您認為您能夠減輕整體影響並在明年仍能達到現金流收支平衡嗎？

Or has the tariff situation, the reshifting of global production, has that delayed that by a couple of months?

或者關稅狀況、全球生產的重新轉移是否導致這一進程推遲了幾個月？

We have said here that we should reach cash flow breakeven sometime during 2025, probably rather more towards the end of 2025, and that is very important for us.

我們在這裡說過，我們應該在 2025 年的某個時候達到現金流收支平衡，可能更接近 2025 年底，這對我們來說非常重要。

And as I said, I'm very much focused on cash flow because I think that is, of course, very important for us and for all companies, by the way.

正如我所說，我非常關注現金流，因為我認為這當然對我們和所有公司都非常重要。

Having said that, though, of course, we are then trying now to make sure that we adapt our plans in a way that we can reach cash flow breakeven.

話雖如此，當然，我們現在正在努力確保我們以能夠實現現金流收支平衡的方式調整我們的計劃。

So we are making all the adjustments we need to do there.

因此，我們正在那裡進行所有需要做的調整。

So our clear objective is to get to cash flow breakeven by the later part of 2025.

因此，我們的明確目標是到 2025 年下半年達到現金流量收支平衡。

And just to add to that, I mean, since middle of '23, we have initiated and worked a lot with cost reductions.

除此之外，我的意思是，自 23 年中期以來，我們已經開始並在降低成本方面進行了大量工作。

You know about the headcount reduction program, which we, from an organization point, have actually concluded and finished.

你知道裁員計劃，從組織的角度來看，我們實際上已經結束並完成了該計劃。

So a big, big chunk has been done there.

所以那裡已經完成了很大很大的工作。

And of course, with additional challenges, we just continue on working extensively on cost reduction, being efficient, and becoming a profitable company.

當然，面對更多的挑戰，我們只是繼續廣泛致力於降低成本、提高效率並成為一家盈利的公司。

That is the ultimate goal for 2025, and we don't give up on that.

這是2025年的最終目標，我們不會放棄。

It just means that we do even intensified work on that.

這只是意味著我們在這方面做了更多的工作。

And there's still lots to be done.

還有很多事情要做。

And we definitely will update you in the second half of this year on that.

我們一定會在今年下半年向您通報最新情況。

Thank you.

謝謝。

And then maybe last one for me, a broader question for maybe both of you.

也許對我來說是最後一個問題，對你們倆來說可能是一個更廣泛的問題。

I mean, Thomas, you just outlined the amazing reception the cars have had.

我的意思是，托馬斯，你剛剛概述了這些汽車所受到的熱烈歡迎。

I think everybody is looking forward to getting those out to customers.

我認為每個人都期待著將這些產品提供給客戶。

But more broadly, right, essentially, cash flow breakeven end of next year if all goes well.

但更廣泛地說，如果一切順利的話，基本上，明年年底現金流將達到損益兩平。

The liquidity on hand may just be enough, knock on wood.

手邊的流動性可能就夠了，敲敲木頭。

What do you need from markets in the next 12 months, right?

未來 12 個月您對市場有何需求，對嗎？

So where do you need support from your non-Geely shareholders?

那麼哪裡需要非吉利股東的支持呢？

What would you -- what would be your message to them?

您想向他們傳達什麼訊息？

How can they support you in that journey in the next few quarters?

在接下來的幾個季度中，他們如何為您的旅程提供支援？

No, I think what we've been quite clear for quite some time was that when we launched our business plan late last year, we talked about a need for more funding, partially by loans and partially by equity injections.

不，我認為我們很長一段時間以來一直很清楚的是，當我們去年年底推出業務計劃時，我們談到了需要更多資金，部分透過貸款，部分透過股權注入。

So obviously, we are seeking to get external equity into the company because as you can see on our balance sheet, it would help with more equity into the company.

顯然，我們正在尋求將外部股權注入公司，因為正如您在我們的資產負債表上看到的那樣，這將有助於為公司注入更多股權。

Yeah.

是的。

And Per, I mean, you hit the nail on the head, of course, perfectly.

Per，我的意思是，你一針見血，當然，非常完美。

Could you give us some color on your thinking there?

您能給我們一些您的想法嗎？

Because external equity comes in many shapes and forms, right?

因為外部股權有多種形式，對嗎？

How have discussions with strategic shareholder -- how have they been going or any signs where you say, look, this is giving you confidence for the upcoming months that the plan you have in mind will come to fruition?

與策略股東的討論進展如何——他們進展如何，或者有任何跡象表明你說，看，這讓你對未來幾個月充滿信心，相信你心中的計劃將會實現？

Yeah, I think we are working with -- on different tracks with that.

是的，我認為我們正在不同的軌道上合作。

We have a couple of strategic shareholders already in.

我們已經有幾個策略股東了。

And then they are, of course, reaching out to us with more interest.

當然，他們也會更有興趣地與我們聯繫。

And then there are a couple of new ones also knocking at our doors here.

然後還有一些新的公司也來敲我們的門。

So there are actually quite a few people here who think that it's a good time to invest in Polestar.

所以這裡其實有不少人認為現在是投資Polestar的好時機。

And I think it's fair to say as well that the position that we are in, attracting and talking to potential strategic investors, is of course, I call it, changing with the minute.

我認為公平地說，我們吸引潛在策略投資者並與之交談的立場當然是瞬息萬變的。

That big delivery date of us getting from that one-car company to becoming a company with three cars with the two SUVs in our lineup and really portraying as well as the commercial success of these cars.

我們從一家單一汽車公司發展成為一家擁有三款汽車（其中包括兩款 SUV）的公司，而這一重要的交付日期真正體現了這些汽車的商業成功。

I think that's very important qualifier for us now to get into that stage.

我認為這對我們現在進入那個階段來說是非常重要的預選賽。

So I think that will definitely open doors.

所以我認為這肯定會打開大門。

Thank you both very much for the comments.

非常感謝兩位的評論。

Thank you.

謝謝。

Thank you.

謝謝。

Dan Levy, Barclays.

丹·利維，巴克萊銀行。

Hi.

你好。

Good morning, and apologies some background noise.

早上好，抱歉有些背景噪音。

I wanted to start with just a question on volume trajectory.

我想從一個關於成交量軌跡的問題開始。

And I recognize you're just working on the immediate term now, but this path to cash flow breakeven, you said, was contingent on reaching or was based upon reaching 155,000 units of volume next year.

我知道您現在只是在做短期工作，但您說，這條通往現金流盈虧平衡的道路取決於或基於明年達到 155,000 單位的銷售量。

You did 20,000 in the first half.

上半場你做了20,000。

Maybe you can just conceptually bridge for us the key drivers of how we get to this much larger run rate that's implied in the full-year path.

也許您可以從概念上為我們提供關鍵驅動因素，以幫助我們實現全年路徑中隱含的更大運行率。

We recognize there's going to be ramping on the localized facilities and ramping on three and four.

我們認識到將會增加本地化設施，並增加三個和四個設施。

But maybe you can just give us a sense of just sort of the conceptual bridge to getting the volume to where you need to be without using discount.

但也許你可以給我們一種概念橋樑的感覺，讓我們在不使用折扣的情況下將銷售量達到所需的水平。

Thank you.

謝謝。

I think we talked about it last time already.

我想我們上次已經討論過這個問題了。

The key time to look at is the quarter four this year when we have the -- all three cars and full delivery swing, when we have as well the revenue stream from all three cars.

值得關注的關鍵時刻是今年第四季度，屆時我們擁有所有三輛車並全面交付，屆時我們也擁有所有三輛車的收入流。

And that combination of what we can achieve in revenue and volume in this quarter four will be, I think for you, the key identifier of where full year 2025 would come then to.

我認為，對您來說，我們在第四季度實現的收入和銷售的結合將成為 2025 年全年的關鍵標誌。

And it is again, for us, the main goal to achieve the cash flow breakeven.

對我們來說，實現現金流收支平衡也是主要目標。

We are not chasing now the volumes and the number, per se.

我們現在並不追求數量和數量本身。

We really are about that profitable business and becoming a profitable company in 2025.

我們確實致力於實現盈利業務，並在 2025 年成為一家盈利公司。

That's what is our main goal, just to make sure that you understand what is the key for us here.

這就是我們的主要目標，只是為了確保您了解我們的關鍵是什麼。

This 13,000 that we did now in Q2 with Polestar 2 -- again, this is Polestar 2 delivering on these numbers.

我們在第二季度用 Polestar 2 完成了 13,000 次測試——再次強調，Polestar 2 實現了這些數字。

It's a complete different situation with three cars in the line up and having, on top of that, GT that we have now as well two SUVs with production in Charleston up and running.

這是一個完全不同的情況，三輛車排列在一起，最重要的是，我們現在擁有 GT，以及兩款在查爾斯頓生產並運行的 SUV。

So I think that is clearly to be seen then in the second half of how this reflects on our business.

因此，我認為在下半年我們可以清楚地看到這對我們業務的影響。

I would also add to that one.

我還要補充這一點。

We talk very much about Polestar 3, 4, and also the upcoming Polestar 5, which is, of course, very fun because it's very nice cars to look at and to drive.

我們經常談論 Polestar 3、4，以及即將推出的 Polestar 5，當然，這非常有趣，因為它是非常好看和駕駛的汽車。

But also, we are doing a lot of activities in our distribution network.

而且，我們也在我們的分銷網絡中開展了許多活動。

We have announced that we're going to add more markets.

我們已經宣布將增加更多市場。

Most of them are imported markets, which will give us volumes without a lot of effort from our side.

其中大部分是進口市場，無需我們付出太多努力就能為我們帶來銷售。

So that is very positive from that perspective.

從這個角度來看，這是非常正面的。

We are changing our sales model and moving over to what we call non-genuine agent model, which basically means that we will be able to have more interaction and more work directly through the dealers or the investors to drive our sales.

我們正在改變我們的銷售模式，轉向我們所謂的非正品代理模式，這基本上意味著我們將能夠直接透過經銷商或投資者進行更多的互動和更多的工作來推動我們的銷售。

And we are expanding our point of sales.

我們正在擴大我們的銷售點。

Just as an example, in Sweden, we are going from like 3.5 to maybe 4.10, 4.14 points, which is a very good signal that we will increase our volumes in a very simple and cost-efficient way.

舉個例子，在瑞典，我們將從 3.5 點上升到 4.10、4.14 點，這是一個非常好的信號，表明我們將以一種非常簡單且具有成本效益的方式增加產量。

So it's not only about the cars; it's about how we go to market from a distribution network.

所以這不僅與汽車有關，而且與汽車有關。這是關於我們如何從分銷網絡進入市場。

And also, as we have announced, we are making quite a lot of changes in our different sales units with different management, making sure that we can drive sales in a completely different way going forward.

而且，正如我們已經宣布的那樣，我們正在對不同的銷售部門和不同的管理人員進行大量變革，以確保我們能夠以完全不同的方式推動未來的銷售。

Very good addition there, Per.

非常好的補充，佩爾。

I would love to pick that up again.

我很想再拿起它。

It's, on one end, new markets, yes.

是的，一方面，這是新市場。

But it's, probably even more important, activation of the markets where we are in.

但更重要的是，激活我們所在的市場。

On one hand, it's the new model where our space investors, as we called them in the past -- and that already kind of tells you something about how we looked upon it, how they become much more involved and active in generating orders, making this shift from an interest into a done order.

一方面，這是我們的太空投資者（正如我們過去所稱的那樣）的新模式，這已經告訴你我們如何看待它，他們如何更加積極地參與和積極地產生訂單，使這種從興趣到已完成的訂單的轉變。

The order intake in January, February, March, April, May, June has developed really strongly, higher than we had in the years.

一月、二月、三月、四月、五月、六月的訂單量發展非常強勁，高於我們多年來的水準。

Especially the retail, I mentioned that figure, 169% more retail order intake than the year before.

尤其是零售，我提到了這個數字，零售訂單量比前一年增加了169%。

So I think we definitely see how that can be a very powerful tool to make it much more commercial successful, our organization.

因此，我認為我們肯定會看到它如何成為一個非常強大的工具，使我們的組織在商業上更加成功。

And this spend for example, with Sweden, we have in the US from about around 40 sales point dealers that we have there a growth up to 60 this year ahead.

以瑞典為例，我們在美國有大約 40 個銷售點經銷商，今年我們將成長到 60 個。

And when you see as well the momentum and the energy that these dealers -- clearly with the sales success of Polestar 2 now in Q2, how much energy and optimism they go now into the business with Polestar 3 coming into their showrooms.

當你看到這些經銷商的動力和精力時——顯然，隨著 Polestar 2 在第二季度的銷售成功，他們現在在 Polestar 3 進入他們的展廳時投入了多少精力和樂觀情緒。

I think that's as well, like Per said, it's on top of having more cars -- more car models is really that smell of how much business is possible with the brand Polestar, which is driving really complete new energy levels into the sales organization.

我認為這也是如此，就像佩爾所說的那樣，這是在擁有更多汽車之上的——更多的車型確實是Polestar 品牌可能帶來多少業務的味道，它正在為銷售組織帶來真正全面的新能源水準。

Thank you.

謝謝。

And then maybe just as a follow-up, you talked about expanding into other markets, expanding within your current markets.

然後，也許作為後續行動，您談到了向其他市場的擴張，在當前市場內的擴張。

I know some of these are import markets where you said there's not a lot of resource required.

我知道其中一些是進口市場，您說那裡不需要太多資源。

But maybe you can just unpack the plans to expand your volume.

但也許你可以直接展開計劃來擴大你的數量。

What is the cost of this?

這樣做的代價是多少？

To enter these new markets, how much incremental cost are you taking on?

為了進入這些新市場，您需要承擔多少增加成本？

And then maybe you could just remind us, beyond 3 and 4, how much resources you are allocating toward next-gen products for Polestar 5 or beyond.

然後也許您可以提醒我們，除了 3 和 4 之外，您為 Polestar 5 或更高版本的下一代產品分配了多少資源。

Just wondering what actions you're taking to mitigate maybe some of the near-term pressure on the cost side in that regard.

只是想知道您正在採取哪些行動來減輕這方面成本的一些近期壓力。

That's a very good point.

這是一個很好的觀點。

And just as an example, out of the new markets that we have listed is only France in that -- which we will actually develop as an original Polestar-operated market, which -- then again, if you look at head count for us to operate such a market, it will be a headcount around 30 people that we need to activate the whole of France.

舉個例子，在我們列出的新市場中，只有法國——我們實際上將把法國開發為原始的 Polestar 運營的市場，話又說回來，如果你看看我們的員工人數，運營這樣一個市場，需要30人左右的人員，才能啟動整個法國。

Because the network out there then in France, we will do together with our space investors.

因為當時的網路在法國，我們將與我們的太空投資者一起做。

And that's where we actually, from a cost for the Polestar side, have very limited expenses to capture such a new big market as France, even lower cost of cost when we go to the importer markets.

事實上，從 Polestar 方面的成本來看，我們用非常有限的費用來佔領法國這樣的新大市場，當我們進入進口商市場時，成本甚至更低。

For that -- all of that, we definitely try to stay and basically manage to stay flat.

為此——所有這些，我們肯定會努力保持並基本上保持平穩。

We reduced first big time the OpEx.

我們第一次大幅降低了營運支出。

And now we manage the expansion that there is planned, basically staying flat with our expenses on that.

現在我們管理著計劃中的擴張，基本上與我們的支出持平。

That's the target, and that is what we managed to achieve big times in the second half of '23 and want to stay flat in '24.

這就是目標，這就是我們在 23 年下半年取得的偉大成就，並希望在 24 年保持穩定。

On the investment side, I think you mentioned also that one.

在投資方面，我想你也提到了這一點。

Obviously now, we have started to produce Polestar 3 and Polestar 4.

顯然現在我們已經開始生產 Polestar 3 和 Polestar 4。

We are going to start it in Charleston.

我們將從查爾斯頓開始。

A big portion of those investments has already been taken.

這些投資的很大一部分已經到位。

There are some more payments going into that one.

這筆款項還有更多款項。

So now, our focus for the balance of this year is very much on our Polestar 5, where we have some of the R&D by ourselves here.

所以現在，我們今年剩下的時間主要集中在 Polestar 5 上，我們自己進行了一些研發。

So that goes into capitalized engineering.

這就是資本化工程。

When we go into next year, we will see that our investment levels are going down.

當我們進入明年時，我們會看到我們的投資水準正在下降。

Obviously then, we need to start to think about what is the next generation of, for example, Polestar 2, which we are planning to replace with a car that should be produced in Europe because that's really a car for Europe.

顯然，我們需要開始考慮下一代是什麼，例如 Polestar 2，我們計劃用歐洲生產的汽車來取代它，因為那確實是歐洲的汽車。

That would also help our global footprint in a very good way.

這也將大大幫助我們的全球足跡。

And we are also having upgrades of the existing cars.

我們也對現有汽車進行升級。

But we are doing that now in very good collaboration with our partners, Geely and Volvo Cars, to really understand how we can limit the investment needs and the payments for that one.

但我們現在正在與我們的合作夥伴吉利和沃爾沃汽車進行良好的合作，以真正了解我們如何限制投資需求和支付。

So we are really having a strong focus on that one for the next two years or so, I would say.

因此，我想說，在未來兩年左右的時間裡，我們確實會專注於這個問題。

Thank you.

謝謝。

Thank you.

謝謝。

(Operator Instructions) Tobias Beith, Redburn Atlantic.

（操作員說明）Tobias Beith，Redburn Atlantic。

Hi.

你好。

Thanks for taking two more of my questions.

感謝您再回答我的兩個問題。

I was wondering if you could discuss the financial impact of shifting to a non-genuine agency model in Europe, specifically its impact on vehicle gross margins, operating margins, and working capital.

我想知道您是否可以討論一下在歐洲轉向非正品代理模式的財務影響，特別是它對車輛毛利率、營業利潤率和營運資本的影響。

Yeah.

是的。

When we discuss with the dealers, we are giving them a little bit more of margin on the car sales.

當我們與經銷商討論時，我們在汽車銷售方面給予他們更多的利潤。

But it's also very much performance driven.

但它也非常受性能驅動。

So all in all, our view is that net, we will actually gain from this, obviously, because we think it's a good performance driver for this one here.

總而言之，我們的觀點是，顯然，我們實際上會從中受益，因為我們認為這是一個很好的性能驅動因素。

And we are also putting in metrics.

我們也加入了指標。

So we basically say that what is good for the dealer investor should also be good for us.

所以我們基本上就是說，對經銷商投資人有利的事情也應該對我們有利。

For example, if they sell a more highly specced car, it should gain both of us.

例如，如果他們出售一輛規格更高的汽車，我們雙方都會受益。

So I think with this mechanism, I don't think there will be any impact on our gross margin from a negative perspective rather than the positive perspective.

所以我認為透過這個機制，我認為從負面角​​度而不是正面角度來看，不會對我們的毛利率產生任何影響。

Okay.

好的。

And then on operating margin and working capital, does it alleviate Polestar in any way from marketing expenses?

然後，在營業利潤率和營運資本方面，它是否會以任何方式減輕 Polestar 的行銷費用？

And on a working capital perspective, does it offload inventory to your dealers?

從營運資金的角度來看，它是否會將庫存轉移給經銷商？

Sorry.

對不起。

If I get the questions right, do you say that we offload some of our cost to the dealers?

如果我的問題答對了，您是說我們將部分成本轉嫁給經銷商嗎？

Yes, we do that because we are running some of our Polestar spaces at our own expenses or in our own regime.

是的，我們這樣做是因為我們自費或按照我們自己的製度運作一些 Polestar 空間。

Some of them, we will actually then have a discussion with some of the other investors to have them to take it over.

其中一些，我們實際上會與其他一些投資者進行討論，讓他們接手。

So that would offload some of the cost, not significant, all in all here.

因此，這將減輕一些成本，雖然並不重要，但總而言之。

From a working capital perspective, it is still so that this model is a model where even though the dealer takes a larger responsibility for the sales, it's still Polestar who actually triggers the invoice.

從營運資金的角度來看，這款車型仍然是一款雖然經銷商承擔了更大的銷售責任，但真正觸發發票的仍然是Polestar的車型。

So the working capital improvement from that specific sale will not necessarily be so much better.

因此，該特定銷售帶來的營運資金改善不一定會好得多。

Having said that, with this setup, there will be channels to sell more demo cars, more used cars, et cetera.

話雖如此，透過這種設置，將會有通路銷售更多的示範車、更多的二手車等等。

So all in all, there will be improvements in our working capital handling here.

總而言之，我們的營運資金處理將會有所改善。

And with this, we will also have a much more clear demand driven and more active selling.

藉此，我們還將有更明確的需求驅動和更積極的銷售。

So my view is that we should be able to reduce our net working capital from this model.

所以我的觀點是，我們應該能夠透過這種模式減少我們的淨營運資本。

Okay, understood.

好的，明白了。

And then just finally, it is encouraging to hear working capital being managed.

最後，聽到營運資金得到管理是令人鼓舞的。

And presumably, one of those actions that has been -- or one of the actions that has been taken is purchasing fewer vehicles from Volvo and Geely.

據推測，這些行動之一——或者說已經採取的行動之一就是減少從沃爾沃和吉利購買汽車。

I was wondering, how flexible are these purchase agreements that you have for contract manufacturing?

我想知道，你們為合約製造而簽訂的這些採購協議有多靈活？

And could there be further underutilization charges this year?

今年還會有進一步未充分的利用費用嗎？

They are -- of course, there are some boundaries to them, so we are like in range.

當然，它們有一些界限，所以我們就像在範圍之內。

Having said that, that range is quite wide, and we always have a discussion around this.

話雖如此，這個範圍相當廣泛，我們總是圍繞著這個來討論。

Sometimes it may be so that we would benefit from going up in volumes some period and the counterpart to go down, et cetera.

有時，我們可能會受益於一段時期成交量的上升，而對應的成交量的下降，等等。

So it doesn't necessarily mean that if we don't hit exactly this -- inside these boundaries, that we get a charge.

因此，這並不一定意味著如果我們沒有完全達到這一點——在這些界限內，我們就會受到指控。

So it's a little bit more of a give and take from those discussions here.

因此，這裡的討論更多的是給予和索取。

Okay, understood.

好的，明白了。

Thanks again.

再次感謝。

Thank you.

謝謝。

I would now like to turn the conference back to Bojana for questions received from retail investors.

我現在想把會議轉回博亞納，回答散戶提出的問題。

Thank you, Sandra.

謝謝你，桑德拉。

We will now take three top questions from our retail shareholders that were asked over the (inaudible) technology platform.

現在，我們將回答散戶股東透過（聽不清楚）技術平台提出的三個首要問題。

These are top voting questions.

這些是投票最多的問題。

So the first one is, what plan is in place to aid in recovering Polestar stock price over the next 12 to 24 months?

那麼第一個問題是，有什麼計劃可以幫助 Polestar 股價在未來 12 至 24 個月內恢復？

Thomas, are you happy to answer this one?

湯瑪斯，你樂意回答這個問題嗎？

Yeah.

是的。

I mean, to start with, of course, we are with the share price development as disappointed as you are and -- we see this as well as not fair.

我的意思是，首先，當然，我們對股價的發展和你們一樣感到失望，而且我們認為這是不公平的。

We truly believe that the current share price does not reflect the value of our company, not now or in the future.

我們堅信，目前的股價並不能反映我們公司的價值，無論是現在或未來。

We sell many more cars globally than -- which is almost 170 cars on the road and this strong foundations to value that slow.

我們在全球銷售的汽車數量比在路上行駛的近 170 輛汽車多得多，而這一堅實的基礎使得估值緩慢。

So with that unique position compared to our other peers with a presence in 35 markets with three cars in our portfolio and the Polestar 5 well on its way to be there next year plus a diversified manufacturing footprint that we have invested into and it's about to come out.

因此，與我們的其他同行相比，我們擁有獨特的地位，在35 個市場開展業務，我們的產品組合中包含三款汽車，Polestar 5 將於明年上市，加上我們已投資的多元化製造足跡，它即將到來出去。

We really think that this is a lot, a lot good reasons for our share price to recover, go up.

我們確實認為這是我們股價回升、上漲的許多很好的理由。

And basically really, the time frame, 12 to 24 months.

基本上，時間範圍是 12 到 24 個月。

I mean our goal is to become a profitable company in this time frame.

我的意思是我們的目標是在這段時間內成為一家盈利的公司。

And I think earning really, really good money with car portfolio that people appreciate and desire and a brand that is convincing.

我認為透過人們欣賞和渴望的汽車組合以及令人信服的品牌可以賺到非常非常好的錢。

I think we have very good reason to believe that our share price will be in a much, much better height and position in this one to two years.

我認為我們有充分的理由相信我們的股價在這一到兩年內將處於一個更好的高度和位置。

Great.

偉大的。

Thank you, Thomas.

謝謝你，托馬斯。

The second question we received is, any news on the share buyback that was mentioned on the last call?

我們收到的第二個問題是，上次電話會議中提到的有關股票回購的消息有嗎？

The share price has taken a beating.

股價遭受重創。

Yeah.

是的。

There must be some confusion.

一定有一些混亂。

And to make that clear, we did not talk about share buyback on the last call.

為了澄清這一點，我們在上次電話會議上沒有談論股票回購。

There has not been a share buyback announced, and there has no buyback as in the planning or expected.

目前尚未宣布進行股票回購，也沒有按照計畫或預期進行回購。

Yes, we did approve a share buyback at the '23 AGM as one of the resolutions.

是的，我們確實在 23 年年度股東大會上批准了股票回購，作為其中一項決議。

This is pure technically needed and the normal regular AGM resolution for all UK PLCs.

這純粹是技術上的需要，也是所有英國 PLC 的正常定期年度股東大會決議。

It's an option but not an announcement of a share buyback.

這是一種選擇，但不是股票回購的公告。

And maybe important as well to stress here the following, how strongly our interests are linked here to Polestar share price performance on the management level.

也許還需要強調以下幾點，我們的利益與管理階層的 Polestar 股價表現有多麼緊密的連結。

I owned lots of shares. [300,035] of the Polestar PSNY, and a big part of our executive management team's remuneration is as well reinvested into PSNY shares.

我擁有很多股票。 Polestar PSNY 的 [300,035]，我們執行管理團隊的很大一部分薪酬也重新投資於 PSNY 股票。

Our new Chair, Winfried Vahland will reinvest this entire remuneration, 100% of it in shares.

我們的新任主席 Winfried Vahland 將把全部薪酬再投資，其中 100% 為股票。

Because we very strongly believe in the potential of our shares.

因為我們非常相信我們股票的潛力。

The Board remuneration is also heavily weighted towards reinvestment into shares.

董事會的薪酬也很大程度取決於股票的再投資。

And even our employees, they have their incentive pay fully in shares this year.

甚至我們的員工，今年他們的激勵工資也全部以股票支付。

So you can see that from each and every employee all the way up to the Board, we are heavily involved and believe in this company and in the opportunity that there is with our shares.

所以你可以看到，從每一位員工一直到董事會，我們都積極參與並相信這家公司以及我們的股票所帶來的機會。

Great.

偉大的。

Thank you.

謝謝。

And we will take the third and final question and then move on to closing remarks.

我們將回答第三個也是最後一個問題，然後進行結束語。

Third question is, are you confident in bringing up sales numbers?

第三個問題是，你對銷售數字有信心嗎？

Absolutely.

絕對地。

Like I said before, I really look with confidence ahead.

就像我之前說的，我真的充滿信心地展望未來。

I believe in the cars that we are producing, in our brand, and of course, to shareholders and the solid foundation that we created and have built and that we have in place.

我相信我們正在生產的汽車、我們的品牌，當然還有股東以及我們創建和建立的堅實基礎。

The world is changing constantly, challenging us, and we navigate through the challenges.

世界不斷變化，帶給我們挑戰，而我們則在應對挑戰。

And I think we have actually prepared the company very well with the diversified manufacturing footprint to be set up right now here, even with specific plan to go now as well into Europe production with the next projects coming.

我認為我們實際上已經為公司做好了充分的準備，現在將在這裡建立多元化的製造基地，即使現在也有具體計劃進入歐洲生產以及下一個項目的到來。

The 80% increase in deliveries in our second quarter compared to the first one, I think that is another reason to be confident about our business performance as well later in this year when Polestar 3 and 4 will assess stellar reviews join then as well the sales performance.

與第一季相比，我們第二季的交付量成長了80%，我認為這是對我們的業務表現充滿信心的另一個原因，今年稍後Polestar 3 和4 將評估出色的評論以及銷售情況表現。

As we said, test drives have started now.

正如我們所說，試駕現已開始。

We have 40,000 hand-raisers that want to get into the car.

我們有 40,000 名舉手者想要上車。

So slots are fully booked for the next week.

因此下週的名額已滿。

So we'll be working on offering additional opportunities for people to get into the car.

因此，我們將努力為人們提供更多進入汽車的機會。

So with the strong activities in the market, we still reinforced potential that we have with our sales organization.

因此，隨著市場活動的強勁，我們仍然增強了銷售組織的潛力。

We are definitely very confident about bringing up the sales numbers.

我們對提高銷售數字絕對非常有信心。

That's great, Thomas.

太棒了，托馬斯。

Thank you.

謝謝。

And I would also like to thank all our retail shareholders for taking the time to ask these questions.

我還要感謝我們所有的散戶股東花時間提出這些問題。

We had a platform open for a good few months, and we had some very good questions come through.

我們的平台開放了好幾個月，我們提出了一些非常好的問題。

And with that, Thomas, I would like to take us to closing remarks because we are coming to the end of the call.

湯瑪斯，我現在想結束我們的講話，因為我們的電話會議即將結束。

Yeah.

是的。

Thanks, Bojana.

謝謝，博亞娜。

Now, my closing remarks.

現在，我致閉幕詞。

I hope we all see now that Polestar really has come a long way in a very short space of time, as we have moved now from start-up phase into a truly global operating car company, that strong momentum and energy in the business, three cars on the roads, and the international and strong sales network.

我希望我們現在都看到 Polestar 在很短的時間內確實取得了長足的進步，因為我們現在已經從初創階段轉變為一家真正的全球運營汽車公司，業務中的強勁動力和活力，三個道路上的汽車，以及國際化和強大的銷售網絡。

So we are confident that we implemented the right improvements and changes to our business setup and that we're excited about the future, which I hope all of you are excited about as well.

因此，我們相信我們對業務設定進行了正確的改進和改變，並且我們對未來感到興奮，我希望你們所有人也對此感到興奮。

Thanks a lot for joining us here for your questions, of course, and taking your time to be on the call with us today.

當然，非常感謝您加入我們這裡提出問題，並感謝您今天抽出時間與我們通話。

I wish you all an enjoyable, great summer.

祝大家有個愉快、美好的夏天。

And of course, I hope as well that you take the opportunity to book a test drive in the Polestar 3 and 4 in the weeks to come.

當然，我也希望您能藉此機會在未來幾週內預訂 Polestar 3 和 4 的試駕。

Good luck with getting a spot for that.

祝你好運，獲得一個席位。

Thank you.

謝謝。

Thank you.

謝謝。

Thanks, everyone.

感謝大家。