Polestar Automotive Holding UK PLC (PSNY) 2024 Q2 法說會逐字稿

Thank you, operator. Hello, everyone, Bojana Flint here from Polestar Investor Relations. Thank you for joining our results call today covering the second quarter of 2024.

謝謝你，接線生。大家好，我是 Polestar 投資者關係部門的 Bojana Flint。感謝您參加今天的 2024 年第二季業績電話會議。

I'm joined by Per Ansgar, our CFO, who will give the financials and business update. We will then open for analysts and retail investor questions.

我們的財務長 Per Ansgar 也將與我一起，他將提供財務和業務最新資訊。然後我們將接受分析師和散戶投資者的提問。

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

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

Forward-looking statements made today are effective only as of today, and Polestar undertakes no obligation to update any of its forward-looking statements. For a discussion of some of the factors that could cause our actual results to differ, please review the risk factors contained in our SEC filings.

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。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 might take references to non-GAAP financial measures during the call. A discussion of why we use non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure can be found in the appendix of the press release and in the Form 6-K published today.

此外，管理階層可能會在電話會議期間參考非公認會計準則財務指標。有關我們為何使用非 GAAP 財務指標的討論以及與最直接可比較的 GAAP 指標的調節，請參閱新聞稿的附錄和今天發布的 6-K 表格。

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

說到這裡，我想把電話轉給 Per。請繼續。

Thanks, Bojana. Once again, I would like to welcome you all to this earnings call. We meet again seven weeks after our Q1 release, and hopefully, you have had some restful vacation weeks in the meantime. As you know, yesterday, we announced that we have a new incoming CEO who will join us for future earnings call.

謝謝，博亞娜。我再次歡迎大家參加本次財報電話會議。我們在第一季發布七週後再次見面，希望您在此期間度過了一些輕鬆的假期。如您所知，昨天，我們宣布了一位新任首席執行官，他將參加我們未來的財報電話會議。

But before I go in to cover the financials, I would definitely like to take the opportunity to publicly and personally thank Thomas for his immense contribution in shaping Polestar into the innovative and forward-thinking company it is today. Thomas is and will remain an iconic legend at Polestar. We wish him the best for the future.

但在介紹財務數據之前，我肯定想藉此機會公開和個人感謝托馬斯為將 Polestar 打造成今天這樣一家創新且具有前瞻性的公司所做的巨大貢獻。湯瑪斯現在是、將來也將繼續是 Polestar 的標誌性傳奇人物。我們祝福他未來一切順利。

Also, I want to welcome Michael Lohscheller as incoming Polestar CEO. He brings over 25 years of experience in automotive industry, particularly in scaling businesses. And you will have the opportunity to meet him in upcoming calls later on.

此外，我還歡迎 Michael Lohscheller 就任 Polestar 執行長。他在汽車行業擁有超過 25 年的經驗，特別是在擴展業務方面。您將有機會在稍後的通話中見到他。

So now let me turn to the financials. I plan to give an update on the Q2 results, both in relation to Q1 as it is important to track our progress through 2024 and on year-over-year comparisons for consistency. And talking of progress, of course, I'm very pleased to say that we recently filed our audited results for 2023 on Form 20-F, and we are now back on track with our more normalized reporting calendar. And by that, we have cleared the reporting deficiency we have had with NASDAQ.

現在讓我轉向財務方面。我計劃提供第二季度結果的最新信息，既與第一季度相關，因為跟踪 2024 年我們的進展非常重要，又與去年同期進行比較以保持一致性。當然，談到進展，我很高興地說，我們最近在 20-F 表格上提交了 2023 年的審計結果，現在我們的報告日曆已更規範化，又回到了正軌。至此，我們已經解決了納斯達克的報告缺陷。

In the coming weeks, we aim to publish the usual documents, the management discussion and analysis and the IAS 34 report. With that, let me start with the key movements Q2 versus Q1 of 2024.

在未來幾週內，我們的目標是發布常規文件、管理層討論和分析以及 IAS 34 報告。接下來，讓我從 2024 年第二季與第一季的關鍵走勢開始。

We saw global vehicle sales of 13,150 cars, up more than 80%. Revenue was up close to 70% to $575 million, and gross result was a small negative at $4 million versus Q1. The improvement in gross result was driven by Polestar 2 volume growth as well as initial deliveries of Polestar 3 and some normalization of revenue recognition at our China JV.

全球汽車銷量達 13,150 輛，成長超過 80%。營收成長近 70%，達到 5.75 億美元，總業績較第一季略有下降，為 400 萬美元。總業績的改善得益於 Polestar 2 銷量的成長、Polestar 3 的首次交付以及我們中國合資企業收入確認的部分正常化。

Our underlying gross profit was still impacted by higher discounts on Polestar 2 in a very competitive market and before we ramp up Polestar 3 and 4 deliveries. We are managing selling, general, and administrative costs tightly and seeing benefit of our cost measures that we introduced in mid-2023 and early 2024.

在競爭非常激烈的市場中，在我們增加 Polestar 3 和 4 的交付量之前，我們的基本毛利仍受到 Polestar 2 較高折扣的影響。我們正在嚴格管理銷售、一般和管理成本，並看到我們在 2023 年中期和 2024 年初推出的成本措施的好處。

Compared to more than 80% volume growth, the SG&A in the quarter was up just 6%, a good result, which would also award the extensive advertising activities for Polestar 3 and Polestar 4 global launches. Overall, operating loss increased $18 million to $242 million.

與超過 80% 的銷售成長相比，本季的 SG&A 僅成長 6%，這是一個不錯的成績，這也獎勵了 Polestar 3 和 Polestar 4 全球發布的廣泛廣告活動。整體而言，營業虧損增加了 1,800 萬美元，達到 2.42 億美元。

Moving on to second quarter 2024 versus second quarter 2023, I would like to flag the key movements. Revenue decreased $118 million or 70% due to lower global volumes and higher discounts. Gross results were similarly around breakeven as the impact of lower global volumes and higher discounts was offset by two factors which was an impairment release and some normalization of the revenue recognition related to the sale of cars to the China JV.

展望 2024 年第二季與 2023 年第二季度，我想指出關鍵的變化。由於全球銷量下降和折扣增加，收入減少了 1.18 億美元，即 70%。總業績同樣接近盈虧平衡，因為全球銷量下降和折扣增加的影響被兩個因素所抵消，即減值釋放和與向中國合資企業銷售汽車相關的收入確認的部分正常化。

SG&A expenses were down $33 million or 13% with cost management actions. Research and development decreased $36 million or around 75%, mainly due to Polestar 2 IP amortization now being capitalized in inventory and, therefore, being part of our cost of goods sold.

透過成本管理措施，SG&A 費用減少了 3,300 萬美元，即 13%。研發減少了 3,600 萬美元，即 75% 左右，主要是由於 Polestar 2 智慧財產權攤銷現已在庫存中資本化，因此成為我們銷售商品成本的一部分。

Other operating income decreased $32 million, primarily due to foreign exchange effects. Operating loss decreased $32 million to $242 million.

其他營業收入減少 3,200 萬美元，主要是由於匯率影響。營業虧損減少 3,200 萬美元，至 2.42 億美元。

Moving on to cash flow highlights, at the end of the period, we reported $669 million of cash and cash equivalents on the balance sheet as we continue to manage cash very prudently. In mid-August, we also secured up to $300 million of new external money.

轉向現金流亮點，截至本期末，我們在資產負債表上報告了 6.69 億美元的現金和現金等價物，因為我們繼續非常謹慎地管理現金。8月中旬，我們也獲得了高達3億美元的新外部資金。

Operating cash outflow of $166 million since December, including a positive inflow in the second quarter was less than the operating loss as management actions drove improved working capital. As guided in our Q1 results, we expected to see lower working capital relative to sales, and we have in this quarter released some $300 million mostly inventory, and this trend will continue.

自 12 月以來，營運現金流出 1.66 億美元，其中第二季的正流入小於營運虧損，因為管理行動推動了營運資本的改善。根據我們第一季業績的指引，我們預計營運資金相對於銷售額將會下降，並且我們在本季度釋放了約 3 億美元，主要是庫存，而且這一趨勢將持續下去。

It is fair to say that we ended 2023 with inventory higher than what we wanted or anticipated. But we took action, and we have seen improvements in 2024 and especially in the second quarter. Investing cash outflow of $354 million was in line with plans, and we direct our investments towards Polestar 3, 4, and 5.

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。但我們採取了行動，並且在 2024 年尤其是第二季度看到了進步。投資現金流出3.54億美元，符合計劃，我們將投資方向為Polestar 3、4、5。

Financing cash inflow was a net increase of $441 million, with proceeds from $950 million club loan facility fully utilized. However, we also made some repayments of other loans and trade financing facilities, which are now largely undrawn and ready to deploy as we scale up volumes.

融資現金流入淨增加4.41億美元，其中9.5億美元的俱樂部貸款融資資金已全部使用。然而，我們也償還了其他貸款和貿易融資便利，這些貸款和貿易融資便利目前大部分尚未提取，並準備在我們擴大規模時部署。

Let me finish with the outlook where the picture remains for stronger volumes in the second half and particularly going into the fourth quarter. Sales momentum seen in the second quarter had a positive impact on inventory levels and cash flow, and we will continue to work hard on this.

最後，我想談談下半年的前景，尤其是第四季的銷售仍然強勁。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，我們將繼續為此努力。

Like I said on the last call, I am a bit of a freak. I like working with cash flow. I think this is very fun, and obviously, it's very important. I firmly believe that there are a lot of things that can be done on this front. Let's now leave the financials and move into the recent business developments.

就像我在上次電話中所說的那樣，我有點怪胎。我喜歡處理現金流。我認為這非常有趣，而且顯然非常重要。我堅信，在這方面還有很多事情要做。現在讓我們離開財務狀況並進入最近的業務發展。

We saw a significant uptick in deliveries in the second quarter compared to the first quarter. Our sales team have really accelerated their efforts and worked well with our retail partners to ensure we have a strong platform to build up on in the second half of the year.

與第一季相比，我們看到第二季的交付量顯著上升。我們的銷售團隊確實加快了努力，並與我們的零售合作夥伴合作，以確保我們在下半年擁有一個強大的平台。

Following the global media test drives for Polestar 3 and Polestar 4, the organization is now gearing up for regional media activities. And we are seeing growing demand for test drive slots and adding new capacity all the time. Polestar 4 started deliveries in Europe just a few weeks ago.

繼 Polestar 3 和 Polestar 4 的全球媒體試駕之後，該組織目前正在為區域媒體活動做準備。我們看到對試駕插槽的需求不斷增長，並且一直在增加新的容量。Polestar 4 幾週前開始在歐洲交付。

The SUV coupé is already showing us how important it will be in our model lineup with its design, power, and stance attracting a wide customer base. We are continuing to develop our marketing efforts with the exciting Polestar 4 campaigns.

這款 SUV 轎跑車已經向我們展示了它在我們的車型陣容中的重要性，其設計、動力和姿態吸引了廣泛的客戶群。我們將繼續透過令人興奮的 Polestar 4 行銷活動來進行行銷工作。

Those of you who have seen the pole vaulter Armand Duplantis and the swimmer Sarah Sjöström, two of our most decorated Olympians and global superstars are now driving a Polestar 4 as our brand ambassadors. We are very proud of that.

那些看過撐竿跳高運動員 Armand Duplantis 和游泳運動員 Sarah Sjöström 的人，我們兩位獲獎無數的奧運選手和全球超級巨星，現在駕駛著 Polestar 4 作為我們的品牌大使。我們對此感到非常自豪。

One of the most important recent milestones for Polestar was the start of production in South Carolina of Polestar 3. This makes Polestar 3 the first Polestar manufactured on two continents. It supports our commercial ambition in the US, where we have always known how important it is to have a large luxury SUV that is built locally.

Polestar 最近最重要的里程碑之一是 Polestar 3 在南卡羅來納州開始生產。這使得 Polestar 3 成為第一款在兩大洲生產的 Polestar 車型。它支持了我們在美國的商業雄心，我們一直都知道擁有一輛本地製造的大型豪華 SUV 是多麼重要。

Producing cars in South Carolina diversifies our manufacturing footprint and strengthen our competitiveness as a whole as we can export Polestar 3 to Europe and benefit from a more balanced trade in and out of US. The first South Carolina-produced cars are being handed over to customers in the next few weeks.

在南卡羅來納州生產汽車可以使我們的製造足跡多元化，並增強我們的整體競爭力，因為我們可以將 Polestar 3 出口到歐洲，並從更平衡的美國進出口貿易中受益。首批南卡羅來納州生產的汽車將在未來幾週內交付給客戶。

As we grow our model lineup and look to expand our geographic footprint, we are putting significant efforts into maximizing the value and efficiency of our existing distribution footprint. We have now several European markets operating under the non-genuine agency setup with more to come and new partners being brought on board. This enables us to engage and involve our space investors, increase conversion, and ultimately, to sell more cars in a more efficient way.

隨著我們擴大車型陣容並尋求擴大我們的地理足跡，我們正在付出巨大努力來最大限度地提高現有分銷足跡的價值和效率。我們現在有幾個歐洲市場在非真正的代理機構下運營，未來將有更多市場和新的合作夥伴加入。這使我們能夠吸引空間投資者，提高轉換率，並最終以更有效的方式銷售更多汽車。

To wrap this up, we have created a strong momentum in sales with more than 80% improvement in the second quarter. We have engaged our sales force, and they are now really gearing up for the later part of this year. Operationally, with three cars in production across two continents and financially with 30% higher inventory turnover, driving cash and working capital improvements.

總而言之，我們創造了強勁的銷售勢頭，第二季銷售額成長了 80% 以上。我們已經聘請了我們的銷售人員，他們現在正在為今年下半年做好準備。在營運方面，三款汽車在兩大洲投入生產，在財務方面，庫存週轉率提高了 30%，推動了現金和營運資本的改善。

And with this, we are confident of a stronger second half, particularly from the fourth quarter sales of the two premium SUV build. And thank you for listening. And by that, I hand over to the operator.

因此，我們對下半年的強勁表現充滿信心，特別是從這兩款高階 SUV 車型第四季的銷售來看。感謝您的聆聽。然後，我將任務交給操作員。

(Operator Instructions) Tobias Beith, Redburn Atlantic.

（操作員說明）Tobias Beith，Redburn Atlantic。

Hi. Good afternoon, Per and Bojana. Thanks for taking my questions, and good stuff again. I have three questions, please. And as usual, I'll ask them separately. Are you able to provide some more detail on the sequential improvement in COGS per external units? I identify a 14% reduction, which is quite notable.

你好。下午好，佩爾和博亞納。感謝您提出我的問題，再次祝您好運。我有三個問題，請教。像往常一樣，我會分別詢問他們。您能否提供有關每個外部單位 COGS 連續改善的更多詳細資訊？我認為減少了 14%，這是相當顯著的。

Thank you, Tobias. Well, obviously, we are working hard on our cost reductions. And there are several parts of that one. And obviously, most of the cars we are selling right now, it is Polestar 2. We would also then probably see a little bit of a mix shift into that one here.

謝謝你，托比亞斯。顯然，我們正在努力降低成本。其中有幾個部分。顯然，我們現在銷售的大多數汽車都是 Polestar 2。我們也可能會在這裡看到一點混合轉變。

But what we see here gradually is improvements on the prices for raw material going into the battery prices. So you see a constant reduction of the cost for batteries, which is very helpful.

但我們在這裡看到的是電池價格中原物料價格的逐漸改善。所以你會看到電池成本不斷降低，這是非常有幫助的。

We are also working very hard together with, especially Volvo has developed the Polestar 2 and also Geely, who is supporting us in negotiations on the commercial side. So we are expecting to see cost reductions even more going forward here.

我們也非常努力地合作，特別是沃爾沃開發了Polestar 2，還有吉利，他們在商業方面支持我們的談判。因此，我們預計未來成本將進一步降低。

Okay, understood. But perhaps, maybe I can ask whether there was any sort of impairment or any releases that were exceptional in the second quarter versus the first quarter?

好的，明白了。但也許我可以問第二季與第一季相比是否有任何形式的減損或任何異常的釋放？

Yes. No, it should not be, to my knowledge. We are 100% sure here.

是的。不，據我所知，不應該。我們在這裡百分百確定。

Okay. Great. Secondly, I observe a disconnect between operating income and free cash flow in the first quarter versus the second quarter.

好的。偉大的。其次，我觀察到第一季與第二季的營業收入和自由現金流之間存在脫節。

I was wondering if you can help me to understand the non-cash operating adjustments and the other parts of working capital in the second quarter. Is it just inventory that is responsible for the free cash improvement? And relatedly, what do you consider a normalized level of working capital for Polestar?

我想知道您是否可以幫助我了解第二季的非現金營運調整和營運資金的其他部分。自由現金的改善只是庫存造成的嗎？與此相關的是，您認為 Polestar 的正常營運資金水準是多少？

Yeah. What we've done, and as I said, we worked very hard with our cash flow and working capital. So we have reduced our inventory significantly here, especially in the second quarter, and we will continue to work very hard with that one. So the main reason for our good operating cash flow is a good reduction of our inventory, especially in the second quarter around $300 million-ish.

是的。我們所做的，正如我所說，我們非常努力地利用我們的現金流和營運資金。因此，我們大幅減少了庫存，特別是在第二季度，我們將繼續努力解決這個問題。因此，我們良好的營運現金流的主要原因是我們的庫存大幅減少，特別是在第二季約 3 億美元左右。

Okay. Great. And then my last question is relating to the Polestar 3 and Polestar 4. Would you describe both of those models as being sold out for 2024 in Europe and the US as of today?

好的。偉大的。我的最後一個問題與 Polestar 3 和 Polestar 4 有關。您是否認為這兩款車型截至目前在歐洲和美國的 2024 年都已售罄？

Sorry, please repeat that question. I didn't follow that one.

抱歉，請重複這個問題。我沒有遵循那個。

Would you describe Polestar 3 and 4 as being sold out for 2024 in Europe and the US?

您是否認為 Polestar 3 和 4 2024 年在歐洲和美國已售罄？

Well, if we start with Polestar 4, we will basically not launch the Polestar 4 until very late this year. So that question -- we have not really started to deliver that car yet. So we have not really started taking orders. On Polestar 3, we have a large order book, both in Europe and US, but we are expecting that to grow more during the balance of the year as we are now starting to ramp up the test drive.

嗯，如果我們從Polestar 4開始，我們基本上要到今年很晚才會推出Polestar 4。所以這個問題——我們還沒有真正開始交付那輛車。所以我們還沒有真正開始接受訂單。對於 Polestar 3，我們在歐洲和美國都有大量訂單，但我們預計今年餘下的時間訂單量會增長更多，因為我們現在開始加大試駕力度。

From our perspective, the test drives are extremely important to get the traction here. So we are working very hard with test drives and demo cars. And yes, there is a little bit of anecdotal. I asked at a meeting with some of our controllers in our European markets. And one of them said it the Polestar 4, very appreciated when people get into the car and drive it.

從我們的角度來看，試駕對於獲得牽引力非常重要。因此，我們正在非常努力地進行試駕和演示車。是的，有一些軼事。我在與歐洲市場的一些控制人員舉行的會議上問道。其中一位說它是 Polestar 4，當人們上車並駕駛它時，我們非常感激。

But of course, there is a little bit of question mark buying a car without rear windows. So a lot of people want to drive and test drive the cars. So from that perspective, yes, we have order books, but we are expecting more orders, especially now when we start to drive up the test drives.

當然，購買沒有後窗的汽車還是有一些問號的。所以很多人都想駕駛和試駕汽車。因此，從這個角度來看，是的，我們有訂單，但我們預計會有更多訂單，特別是現在當我們開始增加試駕時。

And Tobias, maybe if I can just wrap up on what Per said. In terms of the point about Polestar 4, the deliveries of Polestar 4 in the US were never scheduled for very late in 2024. We have definitely started deliveries across many European markets, and that's really ramping up. But it's hard to say that Polestar 4 in the US is sold out because we never really plan to deliver it until much later in the year in the US.

托比亞斯，也許我可以總結一下佩爾所說的話。就 Polestar 4 而言，Polestar 4 在美國的交付從未計劃於 2024 年很晚。我們確實已經開始在許多歐洲市場進行交付，而且交付量確實在增加。但很難說 Polestar 4 在美國已售罄，因為我們從來沒有真正計劃在今年稍後在美國交付它。

All right. Great. Helpful as always. Thank you.

好的。偉大的。一如既往的有幫助。謝謝。

Thank you for your questions.

謝謝您的提問。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

Hi. Good morning, everyone. Thanks for taking our questions. Wanted to maybe start with deliveries for the second half of this year. So roughly, you've done about 20,500 deliveries so far year-to-date.

你好。大家早安。感謝您回答我們的問題。希望從今年下半年開始交車。粗略地說，今年迄今為止，您已經完成了大約 20,500 次交付。

Curious if you can give us a little color as to how we should think about the second half of this year in terms of deliveries and maybe also in terms of the delivery mix between the Polestar 3 and Polestar 4. Obviously, the Polestar 4 will have probably the smallest breakdown. But just any color on how we should think about deliveries for the second half that delivery mix and what the impact will be on gross margins? Thank you.

很好奇您能否告訴我們一些關於我們應該如何考慮今年下半年的交付情況以及 Polestar 3 和 Polestar 4 之間的交付組合的信息。顯然，Polestar 4 的故障可能是最小的。但我們應該如何考慮下半年的交付組合以及對毛利率的影響是什麼？謝謝。

No, thanks for the question. Obviously, as we've said here, we will see volume growth gradually through the year. So you should expect third quarter to be better than before. And then you should expect fourth quarter to be even higher up. And especially, we'll see, as we have guided in our outlook that fourth quarter will be strong from a volume perspective.

不，謝謝你的提問。顯然，正如我們在這裡所說的，我們將看到全年銷量逐漸增長。因此，您應該預計第三季會比以前更好。然後你應該預計第四季會更高。特別是，我們將看到，正如我們在展望中所指導的那樣，從銷售角度來看，第四季度將表現強勁。

And you're right, the Polestar 2, as we always said, will take a smaller portion of our sales going forward. That car has been fantastic for us many years, but now we will need to put our focus on this Polestar 3 and Polestar 4. So in the third quarter, Polestar 3 will be a big vehicle in terms of sales as we start to deliver both in US and in Europe.

你是對的，正如我們常說的，Polestar 2 將佔據我們未來銷售的一小部分。多年來，這款車一直對我們來說非常棒，但現在我們需要將注意力集中在 Polestar 3 和 Polestar 4 上。因此，在第三季度，隨著我們開始在美國和歐洲交付，Polestar 3 將成為銷量大的車型。

In the fourth quarter, you should expect the Polestar 4 to take a little bit higher lead in that one as we also start to deliver in US from that perspective. And from a gross margin perspective, we have said that our ambition is to have a double-digit gross margin by the end of the year.

在第四季度，你應該預期 Polestar 4 會在這方面取得更大的領先優勢，因為我們也從這個角度開始在美國交付。從毛利率的角度來看，我們說過我們的目標是到年底毛利率達到兩位數。

Got it. Thanks, Per. That's super helpful. And maybe just a quick follow-up. I was wondering if you can just give us a reminder of where you stand on your capital needs. It looks like there was another $300 million in external funding raised recently. So just curious what that means for your upcoming capital needs. Thank you.

知道了。謝謝，佩爾。這非常有幫助。也許只是快速跟進。我想知道您是否可以提醒我們您對資本需求的立場。看起來最近又籌集了 3 億美元的外部資金。所以只是好奇這對您即將到來的資本需求意味著什麼。謝謝。

No. Thanks for that question. If I start with our cash flow, and I'll probably portray myself now as a cash flow free care, as I said that. But we worked hard with our cash flow, making sure that we work with our working capital. So we have had -- as you see on our first half of this year, our cash burn is significantly lower than the same period last year.

不。謝謝你提出這個問題。如果我從我們的現金流開始，我現在可能會將自己描繪成一個無現金流的護理人員，正如我所說的那樣。但我們努力處理現金流，確保我們使用營運資金。因此，正如您在今年上半年看到的那樣，我們的現金消耗明顯低於去年同期。

So we've done a lot of good improvements there. We went out last year -- by the end of last year saying that we had the need for $1.3 billion. We have secured $950 million on the club loan, which was early this year in the second quarter. We also then said that we are looking for more equity.

所以我們在那裡做了很多很好的改進。我們去年就出去了——到去年年底，我們說我們需要 13 億美元。我們已經在今年第二季初獲得了 9.5 億美元的俱樂部貸款。然後我們也表示我們正在尋求更多的股權。

We also now announced that we have been able to secure more debt financing around $300 million, which is not fully drawn down yet here. So from that perspective, you could maybe say that we are up to that $1.3 billion. And we have then also worked a lot with our working capital.

我們現在也宣布，我們已經能夠獲得約 3 億美元的更多債務融資，目前尚未完全提領。因此，從這個角度來看，您可能會說我們已經達到了 13 億美元。然後我們也用我們的營運資金做了很多工作。

On top of that one, as I also mentioned in my lead-in speech here, we have our trade financing facilities, which is our working capital, and that is largely undrawn for time being here. So when we now start to ramp up our production in North America and continue with production in China, we have a lot of good working capital credit line.

除此之外，正如我在開幕演講中也提到的那樣，我們還有貿易融資設施，這是我們的營運資金，目前基本上尚未動用。因此，當我們現在開始增加在北美的生產並繼續在中國的生產時，我們擁有大量良好的營運資金信貸額度。

So I don't see an immediate need from those perspective here. But obviously, as we always said, we are looking forward to more equity injections in the company.

因此，從這些角度來看，我認為沒有迫切的需要。但顯然，正如我們一直所說的，我們期待公司獲得更多股權注入。

Wonderful. Super helpful, and thanks for taking our questions. I'll pass it.

精彩的。超級有幫助，感謝您提出我們的問題。我會通過它。

Thanks very much.

非常感謝。

(Operator Instructions) Dan Levy, Barclays.

（操作員指示）Dan Levy，巴克萊銀行。

Hi, Trevor Young for Dan today. I had a couple of questions here, if we could just go through. First, I wanted to drill down a little bit more. Tobias was asking about this, but I was just curious if you could perhaps quantify, the benefit you called out to gross profit related to the impairment release and the normalization of revenue recognition on sales of vehicles to the China JV?

大家好，特雷弗楊，今天是丹。我在這裡有幾個問題，我們是否可以討論一下。首先，我想進一步深入了解。托比亞斯問的是這個問題，但我只是好奇您是否可以量化您所說的與減損釋放和向中國合資企業銷售車輛的收入確認正常化相關的毛利帶來的好處？

And just as an additional piece to that, if you could just give a sense of any additional opportunities on Polestar 2 gross margins beyond battery raw mats or if that is the main driver from here on Polestar 2?

作為補充，您能否介紹一下 Polestar 2 毛利率除電池原料墊之外的任何其他機會，或者這是否是 Polestar 2 的主要驅動力？

The main driver behind the gross margin in the second quarter, we have a couple of good news. Obviously, we did an impairment of inventory by end of 2023, so we had some good news on that one in the first quarter and also some good news in the second quarter.

作為第二季毛利率的主要推動力，我們有幾個好消息。顯然，我們在 2023 年底之前對庫存進行了減值，因此我們在第一季有一些好消息，在第二季也有一些好消息。

From a -- and we also have had, as we talked about, we have a little bit of good news from basically moving around the revenue between the quarters, between first quarter and second quarter. Then we also have bad news from a gross margin perspective.

正如我們所討論的，我們也從第一季和第二季之間的收入基本變化中得到了一些好消息。從毛利率角度來看，我們也有壞消息。

We did a little bit more of impairment, a couple of million US dollars on some of the Polestar 2 in specific markets, not an enormous amount of money. But we have also moved as a part of our impairment assessment and our discussion on amortizations. We have more amortization of Polestar 2s upping cost of goods sold where we're previously down in R&D.

我們在特定市場上對一些 Polestar 2 進行了更多的減值，幾百萬美元，但並不是很大的一筆錢。但我們也將此措施作為減損評估和攤銷討論的一部分。我們對 Polestar 2 進行了更多的攤銷，提高了我們先前在研發方面下降的產品的銷售成本。

So you see that R&D is significantly lower and part of that has gone up into cost of goods sold. That are the main drivers for that one here. But talking about gross margin, the Polestar 2 has, as I said, we have sold a lot of Polestar 2 in the second quarter.

所以你會看到研發費用顯著降低，其中一部分已經上升到銷售成本。這是這裡的主要驅動因素。但說到毛利率，Polestar 2 正如我所說，我們在第二季售出了很多 Polestar 2。

Our plan, as we talked about here from some of the other question is to have more focus now on Polestar 3 and Polestar 4, and our overall gross margin will improve with the deliveries of Polestar 3 and Polestar 4 especially into the fourth quarter.

正如我們在其他一些問題中所討論的，我們的計劃是現在更多地關注Polestar 3 和Polestar 4，隨著Polestar 3 和Polestar 4 的交付，尤其是第四季度，我們的整體毛利率將會提高。

Understood. And then I guess just following up on, specifically on the Polestar 4. I know you're launching it in Europe and the US, but I was just curious if you could give a little color on how Polestar 4 sales are trending in China and then give a few examples of how working with Geely on this platform has been a benefit versus the Polestar 2?

明白了。然後我想只是跟進，特別是 Polestar 4。我知道你們要在歐洲和美國推出這款車，但我只是好奇你們能否介紹一下 Polestar 4 在中國的銷售趨勢，然後舉幾個例子來說明與吉利在這個平台上的合作是如何的。 Polestar 2 相比有何優勢？

Well, if I start with the benefit of working with Geely on this one I think there are quite a lot of benefits. First of all, it is produced in China, where we have been able together with Geely to have a quite good cost base. Having said that, we are still working with the cost base on Polestar 4.

好吧，如果我從與吉利在這方面合作的好處開始，我認為有很多好處。首先，它是在中國生產的，我們和吉利在中國有很好的成本基礎。話雖如此，我們仍在研究 Polestar 4 的成本基礎。

You know the Chinese market is very competitive, so to be able to sell EV cars in China with decent margins you need to work with the cost. So Geely is doing that one and of course, that benefits us. We have aligned a lot of activities around the cost reductions on Polestar 4, so that is one benefit we have.

你知道中國市場競爭非常激烈，因此為了能夠在中國以可觀的利潤銷售電動車，你需要控製成本。所以吉利正在這樣做，當然，這對我們有利。我們圍繞 Polestar 4 的成本降低開展了許多活動，這是我們獲得的好處之一。

The other benefit is obviously the full R&D development. We are able to, as I say, use the best from two words. So we can use software and entertainment systems from a European and Western perspective for those cars in Europe and US, and we can also use the China similar systems in China for Polestar 4, which is very helpful for us.

另一個好處顯然是全面的研發發展。正如我所說，我們能夠充分利用兩個詞。所以我們可以在歐洲和美國的汽車上使用歐洲和西方視角的軟體和娛樂系統，在中國我們也可以在Polestar 4上使用中國類似的系統，這對我們很有幫助。

The third, a very good support is that we are now also working with South Korea to make this car being produced in South Korea for US production and potentially also for our other markets going forward. That is also, of course, supported by Geely. We have their teams very close by and so on.

第三，一個非常好的支持是，我們現在也與韓國合作，在韓國生產這款車，供美國生產，未來也可能供我們的其他市場使用。當然，這也得到了吉利的支持。他們的團隊就在我們附近等等。

The progress on making Polestar 4 produced in South Korea in Busan plant is progressing very well. We expect that production to start mid next year, which will be very helpful for our US deliveries from that perspective.

韓國釜山工廠生產的Polestar 4進展順利。我們預計生產將於明年年中開始，從這個角度來看，這對我們在美國的交付非常有幫助。

Then of course, as you said, how are we doing in China? The car is very well received, the Chinese market is tough. Many of the Chinese car brands are losing money on the sales. We have been making sure that we are balancing volume and margins in a good way.

當然，正如你所說，我們在中國做得怎麼樣？這款車很受歡迎，但中國市場很艱難。許多中國汽車品牌的銷售都在虧損。我們一直在確保以良好的方式平衡銷售和利潤。

Our plan and our expectation is that by later of this year, we will also start to deliver Polestar 3s in China and then into next year, Polestar 5 into China. Those two cars are significantly more, especially the Polestar 5 premium luxury vehicles, which we will target the more affluent Chinese customers. That will continue to build the Polestar brand in China.

我們的計劃和期望是，到今年晚些時候，我們也將開始在中國交付 Polestar 3，然後明年將 Polestar 5 引入中國。這兩款車的數量要多得多，尤其是 Polestar 5 高端豪華車，我們將針對更富裕的中國客戶。這將繼續在中國打造 Polestar 品牌。

Understood. Thank you. If I could just squeeze in one more question here. I appreciate that you saw the strong working capital improvement in 2Q on the inventory drawdown, I think you quantified around $300 million. And I understand the focus on this, it's obviously very important.

明白了。謝謝。如果我能在這裡再問一個問題就好了。我很欣賞您看到第二季庫存減少後營運資金的強勁改善，我認為您量化了大約 3 億美元。我理解對此的關注，這顯然非常重要。

But how sustainable is this working capital strength against the ramp of two new models? Historically, ramping up of volumes is a working capital headwind. If you can give us a sense of how you're going to balance this and some of the levers you have to pull there?

但面對兩款新車型的崛起，這種營運資本實力的可持續性又如何？從歷史上看，銷售量的增加是營運資本的阻力。您能否讓我們了解您將如何平衡這一點以及您必須拉動的一些槓桿？

A couple of things on that. One is that, we are working now very heavily with our partners, so it's like what we are really -- and when I say partners from this perspective, I mean our retail partners. We are changing our sales model in Europe; we are working very closely to our retail partners in US, where we have wholesale models, for example, and similar in China.

關於這一點有幾點。一是，我們現在正在與我們的合作夥伴密切合作，所以這就像我們真正的樣子——當我從這個角度說合作夥伴時，我指的是我們的零售合作夥伴。我們正在改變我們在歐洲的銷售模式；我們正在與美國的零售合作夥伴密切合作，例如，我們在美國有批發模式，在中國也有類似的模式。

So we are making sure that we can actually speed up the sales process and the delivery process. So for example, in Europe, we are taking our measures to make sure that we can cut the lead time from the time that a car comes into the ports in Europe until it's delivered in the dealers and the sales model in Europe is that we own the cars all the way up to hand over to final customers.

因此，我們確保我們能夠真正加快銷售流程和交付流程。例如，在歐洲，我們正在採取措施確保我們可以縮短汽車從進入歐洲港口到交付給經銷商的交貨時間，而歐洲的銷售模式是我們自己的汽車一路上移至最終客戶手中。

So if we can squeeze out quite some time there, which we are able to do that will help us a lot. And in conjunction on that one, the production in US for Polestar 3 will help us a lot because we will be much closer to the customers, not only in US but also to the customers in Europe because we will start to produce Polestar 3s in South Carolina for European production later this year.

因此，如果我們能夠擠出相當多的時間在那裡，我們能夠做到這一點將對我們有很大幫助。結合這一點，在美國生產 Polestar 3 將對我們有很大幫助，因為我們將更接近客戶，不僅在美國，而且也與歐洲客戶更接近，因為我們將開始在南部生產 Polestar 3。將於今年稍後在歐洲生產。

And we got out quite many weeks on that perspective. So we will see a lower working capital as a percentage of revenue compared to history. But of course, if we are selling significantly more cost, there will be a large need of working capital. But as I said, we have basically 90% of our trade financing capacity not utilized right now. So we have a lot of more potential there.

從這個角度來看，我們花了好幾個星期的時間。因此，與歷史相比，我們將看到營運資本佔收入的百分比較低。但當然，如果我們以更高的成本出售，就會需要大量的營運資金。但正如我所說，我們現在基本上有90%的貿易融資能力沒有被利用。所以我們在那裡有更多的潛力。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions) Daniel Roeska, Bernstein Research.

（操作員說明）Daniel Roeska，伯恩斯坦研究公司。

Hi. Good morning. Good afternoon. Thanks for taking my questions. Maybe, Per, first, could we talk a little bit about the tariff situation? Kind of what have you seen developing?

你好。早安.午安.感謝您回答我的問題。也許，佩爾，首先我們可以談談關稅情況嗎？您看到了哪些發展？

And then maybe to help us wrap our minds around the impact of this, could you give us a rough sense how much tariffs have weighed on the gross margins in the past? And whether that is -- whether there's any change expected in the upcoming quarters? And then relating to that, how does that relate to your statement earlier that you hope to achieve double-digit gross margins by the end of the year?

然後，也許為了幫助我們理解這個影響，您能否讓我們大致了解一下關稅過去對毛利率的影響有多大？預計未來幾季是否會有任何變化？與此相關的是，這與您先前表示希望在年底前實現兩位數毛利率的聲明有何關係？

And then I think the second one, it was already touched upon, but I'd like to bring it back to free cash flow. You had the working capital relief. If I strip that out, it looks like your ongoing cash burn is largely unchanged, right? If I look at the past couple of quarters, starting last year were somewhere between $470 million of cash burn the quarter. If I add back the $300 million you said on Q2, we're still at a $400 million cash burn.

然後我認為第二個，它已經被觸及，但我想把它帶回自由現金流。您獲得了營運資金減免。如果我把它去掉，看起來你持續的現金消耗基本上沒有改變，對吧？如果我看看過去幾個季度，從去年開始，該季度的現金消耗約為 4.7 億美元。如果我加上你在第二季所說的 3 億美元，我們仍然燒錢 4 億美元。

So how do you think that cash burn changes as you approach the volume scaling and the better gross margins in upcoming quarters? And are you in a position to give us, let's say, a range when you would expect that underlying cash burn to turn positive? Thanks.

那麼，您認為隨著未來幾季銷售規模的擴大和毛利率的提高，現金消耗會發生怎樣的變化？比方說，您是否能夠給我們一個您預期基本現金消耗將轉為正數的範圍？謝謝。

Thanks for your question. I've written down it, so let's see if I can cover all of them in totality here. First of all, on the tariff side, just to remind everyone again here that we have taken several decisions back in the time, which really are on the track of making so that this is not a big deal for us going forward.

謝謝你的提問。我已經把它寫下來了，所以讓我們看看我是否可以在這裡完整地涵蓋所有內容。首先，在關稅方面，再次提醒大家，我們當時已經做出了幾項決定，這些決定確實正在製定中，因此這對我們未來來說並不是什麼大問題。

Charleston plant being the significant one or South Carolina where we will produce Polestar 3s for US, Canada, for Europe, which will basically take away all the problems with tariffs. So far, the tariff situation has been 27.5% in US. And with the announcement that came in a couple of months ago, it's up to about 102%. That has not been implemented yet, to my knowledge.

查爾斯頓工廠是南卡羅來納州的重要工廠，我們將為美國、加拿大和歐洲生產 Polestar 3，基本上可以解決所有關稅問題。到目前為止，美國的關稅狀況​​為27.5%。幾個月前發布的公告顯示，這一數字高達 102% 左右。據我所知，這尚未實施。

It was not implemented like two weeks ago, at least here. So still a little bit to see when that's going to happen. But that is one of the big things that will help us avoiding tariffs.

它沒有像兩週前那樣實施，至少在這裡是這樣。因此，還需要觀察什麼時候會發生。但這是幫助我們避免關稅的重要事情之一。

The second thing is, as I said, our plant in South Korea, together with Renault, where we will produce Polestar 4s for Europe. And we are also now in deep discussion can that plant also be used to supply Polestar 4s for Europe?

第二件事是，正如我所說，我們在韓國的工廠與雷諾一起，在那裡我們將為歐洲生產 Polestar 4。我們現在也在深入討論該工廠是否也可以用於向歐洲供應 Polestar 4？

And then thirdly, of course, our cost reduction activities, we have had to speed up significantly from this one. So we have had, as I said, quite a lot of discussions, both with Volvo cars and with Geely on actions to be made here. So we are looking into all of the car lines Polestar 2, Polestar 4, and Polestar 3 to really reduce the base cost of the car, and there are quite a lot of opportunities.

第三，當然，我們的成本削減活動，我們必須在此基礎上大幅加快。因此，正如我所說，我們與沃爾沃汽車和吉利就此處要採取的行動進行了大量討論。因此，我們正在研究 Polestar 2、Polestar 4 和 Polestar 3 的所有汽車系列，以真正降低汽車的基本成本，並且存在相當多的機會。

Although the cars are new, you could expect that they would have been like cost optimized from the beginning. But historically, also when you launch a car, you may have to take some quite shortcuts. So you could build in some costs there or quite a lot of cost opportunities in some of the Polestar 3 and Polestar 4 cars here. So that is really like the starting point.

儘管這些汽車是新車，但您可以預期它們從一開始就進行了成本優化。但從歷史上看，當你推出一輛汽車時，你可能必須採取一些相當的捷徑。因此，您可以在那裡增加一些成本，或者在這裡為 Polestar 3 和 Polestar 4 的一些汽車增加相當多的成本機會。這確實是一個起點。

And as I said, the US tariffs, we will handle with the Polestar 3 production with the Polestar 4 being produced in South Korea. And then you also have like a netting system in US, which we will be able to use for some of our other car lines. So that is not a problem.

正如我所說，美國的關稅，我們將處理 Polestar 3 的生產，而 Polestar 4 則在韓國生產。然後，您在美國也有一個網路系統，我們將能夠將其用於我們的其他一些汽車系列。所以這不是問題。

If you then go to Europe, European Union announced a tariff increase. Normally, the tariffs from China to Europe is 10%. They have then basically announced different levels for different brands. It ends up that Geely, Volvo, Polestar would have 19.3% if this is going to be implemented. The good news is that it has been delayed from July into November at first.

如果你再去歐洲，歐盟宣布提高關稅。通常情況下，從中國到歐洲的關稅是10%。然後他們基本上宣布了不同品牌的不同層次。如果實施的話，吉利、沃爾沃、Polestar 將獲得 19.3% 的份額。好消息是，一開始從7月延後到了11月。

So if there is a decision in the European Union to implement that it will happen in November, of course, still a lot of political discussions. Some of the member countries in Europe are definitely not in favor of this one because they see that it would not benefit their industry, not their countries or their markets. So a little bit open from that perspective.

因此，如果歐盟決定在 11 月實施該決定，當然，仍然會有很多政治討論。歐洲的一些成員國肯定不贊成這個做法，因為他們認為這不會有利於他們的行業，也不會惠及他們的國家或市場。所以從這個角度來看有點開放。

The last thing on this one is that we are in constant dialogue with the European Union because there are a couple of different ways to avoid or defer or limit the impact of this one. So I was actually earlier today in a meeting with the European Commission going through where we are, what impact this would have, and if these tariffs would actually support what the European Commission wants to achieve, or if it would actually be negative for what they want to achieve.

最後一件事是，我們正在與歐盟進行持續對話，因為有幾種不同的方法可以避免、延遲或限制這種影響。因此，我今天早些時候在與歐盟委員會的一次會議上討論了我們的處境、這會產生什麼影響，以及這些關稅是否真正支持歐盟委員會想要實現的目標，或者實際上是否會對他們的目標產生負面影響。

The European Commission wants to protect European industry to be able to have European industry to develop the technology. From a Polestar perspective, putting tariffs on the cars that we are importing from China is completely making the different way because we are investing a lot of technology in Europe from ourselves together with Volvo cars, together with our suppliers.

歐盟委員會希望保護歐洲工業能讓歐洲工業開發該技術。從 Polestar 的角度來看，對我們從中國進口的汽車徵收關稅完全是一種不同的做法，因為我們與沃爾沃汽車以及我們的供應商一起在歐洲投資了大量技術。

So of course, it will be better for Polestar and for the European industry if we would have less or no increases of the tariffs. So we are in quite a lot of dialogues with those ones here. So your question then on our gross margin above 10%, if it will happen, it will happen in November at some point in time here.

當然，如果我們減少或不增加關稅，對 Polestar 和歐洲工業來說會更好。所以我們在這裡與這些人進行了很多對話。那麼你的問題是我們的毛利率超過 10%，如果它會發生，它會發生在 11 月的某個時間點。

And we are importing quite total cost before that one here. And we are also working very hard to limit or at least mitigate some or all of that going forward here. But it will be a lot of hard work together with the European Commission here. So let's see where we end up that one here.

我們在這裡導入了之前的相當總成本。我們也正在非常努力地限製或至少減輕部分或全部的影響。但與歐盟委員會的合作將是一項艱鉅的工作。那麼讓我們看看我們最終會在哪裡得到這個結果。

Then back to your question on your cash burn. I think, of course, as we talked about working capital has helped us a lot. My anticipation, as I said, is that we will be able to keep the working capital very lean and not to increase it to the relative levels that we have had.

然後回到你關於現金消耗的問題。當然，我認為正如我們所談論的營運資金對我們幫助很大。正如我所說，我的預期是我們將能夠保持營運資金非常精簡，而不是將其增加到我們已有的相對水準。

So I see that as a less of a problem. Of course, the underlying cash burn is driven two things right now. It's the gross margin that you see has been basically breakeven gross margin in the last couple of quarters here. We will, going forward, have a positive gross margin with the Polestar 3 and Polestar 4s.

所以我認為這不是什麼問題。當然，目前潛在的現金消耗是由兩件事驅動的。您看到的毛利率在過去幾季中基本上是盈虧平衡的毛利率。展望未來，Polestar 3 和 Polestar 4 的毛利率將為正值。

And on top of that one, of course, our investing cash flow is -- I would expect this year to be like a peak year and when we are putting all the money into Polestar 3, Polestar 4, and the last R&D expenditure into Polestar 5. So when we go into next year, our investing cash flow will go down as well.

當然，除此之外，我們的投資現金流是——我預計今年將是一個高峰年，屆時我們將所有資金投入 Polestar 3、Polestar 4，並將最後的研發支出投入 Polestar 5.因此，當我們進入明年時，我們的投資現金流也會下降。

So a combination of keeping working capital as lean as possible, getting gross margin up, and gradually reducing our investment levels will give us a better cash flow going forward. And you will see that gradually coming, especially into next year.

因此，保持營運資金盡可能精簡、提高毛利率和逐步降低投資水準相結合，將為我們帶來更好的未來現金流。你會看到這種情況逐漸發生，尤其是明年。

Right. Really super helpful. Thanks, Per.

正確的。真的超級有幫助。謝謝，佩爾。

(Operator Instructions) As there are no further questions on the phone lines, I would now like to hand back to Bojana for any questions from the retail.

（操作員說明）由於電話線路上沒有進一步的問題，我現在想將零售店的任何問題轉交給 Bojana。

Thank you, Sonia. So Per, we're going to go through the top three shareholder -- retail shareholder questions that we have received on the (inaudible) technologies platform. So I'll read them out and then we can answer them.

謝謝你，索妮亞。因此，我們將討論我們在（聽不清楚）技術平台上收到的前三大股東——散戶股東的問題。所以我會把它們讀出來，然後我們就可以回答它們。

The first question as received, reads, Polestar recently received a deficiency notice from Nasdaq. What measures are leadership taking to ensure compliance and to reassure shareholders that the stock will not be delisted in the future?

收到的第一個問題是，Polestar 最近收到了納斯達克的缺陷通知。領導層正在採取哪些措施來確保合規並向股東保證該股票將來不會退市？

Two things on that one. First of all, we had a deficiency on our reporting compliance. That one was -- and I must say I'm very happy to make sure that we have healed that one as we filed our full-year 2023 Form 20-F in mid-August. So that has gone out. So that is very good.

關於這一點有兩件事。首先，我們在報告合規性方面有缺陷。我必須說，當我們在 8 月中旬提交 2023 年全年 20-F 表格時，我很高興確保我們已經解決了這個問題。所以這已經消失了。所以這非常好。

The other deficiency is the share price being below $1. And we have been trading below $1 for quite some time. The last couple of days, it's been above $1, and it was above $1 also earlier in July. So it's moving around there. We have up to early next year to heal this deficiency.

另一個缺陷是股價低於 1 美元。我們的交易價格已經低於 1 美元已有相當長一段時間了。過去幾天，它一直高於 1 美元，7 月初也高於 1 美元。所以它在那裡移動。我們必須在明年初之前彌補這一缺陷。

Our plan or our ambition is, of course, really to make sure now that with our increased deliveries and sales on Polestar 3 and Polestar 4 and continued good feedback from customers, and you will gradually during the year see that this starts to happen that the share price should go up below -- above $1, which is really what we think.

當然，我們的計劃或我們的雄心壯志實際上是要確保，隨著我們Polestar 3 和Polestar 4 交付量和銷量的增加以及客戶持續的良好反饋，您將在這一年中逐漸看到這種情況開始發生，股價應該會上漲至 1 美元以下，這正是我們的想法。

If you think about it, Polestar is European-based company with a good manufacturing and R&D and sales footprint globally, which can like stands out from all other. And we have 170,000 cars on the road or close to that one. So we are a company which I think puts us apart from many of our EV competitors. Of course, that is what we are targeting.

如果你仔細想想，Polestar 是一家總部位於歐洲的公司，在全球擁有良好的製造、研發和銷售足跡，可以從其他公司中脫穎而出。我們有 170,000 輛汽車在路上行駛或接近這個數字。因此，我認為我們是一家有別於許多電動車競爭對手的公司。當然，這就是我們的目標。

Yeah. And maybe just to wrap up on the previous one, we always said, and we are very mindful of that, and board and management are monitoring the situation very closely when it comes to the $1, right?

是的。也許只是為了總結上一個，我們總是說，我們非常注意這一點，董事會和管理層正在非常密切地關注 1 美元的情況，對嗎？

Yeah, definitely.

是的，絕對是。

Okay. Question number two, which links back to the previous question as well, is very much what's our current plans to increase the share value?

好的。第二個問題也與上一個問題有關，也就是我們目前增加股票價值的計畫是什麼？

Yeah, I think I've basically said most of this one. I think, again, the business needs to demonstrate improvement. And I think we have been doing that gradually through the year, and we will continue to do that.

是的，我想我基本上已經說了大部分了。我再次認為，企業需要展現改進。我認為我們這一年一直在逐步這樣做，而且我們將繼續這樣做。

Yeah, absolutely. And we have said in the past as well that we are going to grow in the existing markets. We're going to spread into new markets as well, and we have fantastic products coming through. So a lot of exciting developments.

是的，絕對是。我們過去也說過，我們將在現有市場上成長。我們也將開拓新市場，並且我們將推出出色的產品。所以有很多令人興奮的發展。

And question three, just a little bit more color there. How do you plan to expose the brand more, sell more cars, and keep the stock value going up?

第三個問題，稍微多一點顏色。您打算如何更多地曝光品牌、銷售更多汽車並保持股票價值上漲？

Yes, I think we all want the stock value to go up. And a couple of things, one, we are a small brand. We don't have unlimited resources to do a lot of advertising campaigns. We are trying to find different ways to do it. We have done a lot of media drives. We did that here in spring, in Spain.

是的，我認為我們都希望股票價值上漲。還有幾件事，第一，我們是一個小品牌。我們沒有無限的資源來進行大量的廣告活動。我們正在努力尋找不同的方法來做到這一點。我們做了很多媒體驅動。我們春天在西班牙就這麼做了。

Global media drives, we are moving that over now to more like local regional media drives to really get good coverage from journalists. We are -- when we do our marketing campaigns, we are working much more targeted trying to reach the right type of consumers who really are interested in Polestar.

全球媒體活動，我們現在正在將其轉變為更像當地區域媒體活動，以真正獲得記者的良好報道。當我們進行行銷活動時，我們會更有針對性地努力吸引真正對 Polestar 感興趣的正確類型的消費者。

We are also working a lot with test drives as we are very sure about the test drives will make a difference for Polestar. People need to come, drive our cars, and experience them. And on top of that, as Bojana said, we are expanding our geographical footprint in two ways: one, expanding into new markets. And markets, I mean new countries.

我們也進行了大量的試駕工作，因為我們非常確定試駕將為 Polestar 帶來改變。人們需要來駕駛我們的汽車並體驗它們。除此之外，正如博亞納所說，我們正在透過兩種方式擴大我們的地理足跡：一是擴展到新市場。至於市場，我指的是新的國家。

We will go into France. For example, next year, we will expand as an importer setup to Eastern Europe in some markets. We are also seeing what we can do in South America, for example. And which I think is more important, when we are now making some changes to our sales model, we are expanding the existing geographical network in many of the countries in Europe, in US.

我們將進入法國。例如，明年，我們將作為進口商擴展到東歐的一些市場。例如，我們也在看看我們可以在南美洲做些什麼。我認為更重要的是，當我們現在對我們的銷售模式進行一些改變時，我們正在擴大歐洲和美國許多國家的現有地理網絡。

And we are also with the changed sales model also engaging our investors and retailers in a completely different way. And that will be the energy from them and the good cost will expand our sales gradually this year and continuing into next year.

我們也改變了銷售模式，也以完全不同的方式吸引我們的投資者和零售商。這將是他們的能量，良好的成本將逐步擴大我們今年的銷售額，並持續到明年。

Great. That's it. So we have taken the first top three questions from the retail shareholders. So we can close the call.

偉大的。就是這樣。因此，我們回答了散戶股東提出的前三個問題。這樣我們就可以結束通話了。

Yeah. And then I'll just say thank you very much for listening in here. And I -- we look forward to meet you here again quite soon when we are going through our third-quarter results here in November. So welcome back, and thanks for listening in, and thanks for your questions. Have a good day.

是的。然後我只想說非常感謝您在這裡聆聽。我——我們期待很快再次在這裡與您見面，屆時我們將在 11 月在這裡公佈第三季業績。歡迎回來，感謝您的收聽，也感謝您提出的問題。祝你有美好的一天。