Polestar Automotive Holding UK PLC (PSNY) 2025 Q1 法說會逐字稿

Hello, everyone. I'm Anna Gavrilova, Head of Investor Relations at Polestar. Thank you for joining this call covering the first-quarter 2025 select financial results for Polestar. I am joined by Michael Lohscheller, CEO; and Jean-François Mady, CFO, who will give the operational and financial update, and then we will open the floor to analyst questions.

大家好。我是 Polestar 投資者關係主管 Anna Gavrilova。感謝您參加本次電話會議，討論 Polestar 2025 年第一季的部分財務表現。執行長 Michael Lohscheller 和財務長 Jean-François Mady 將與我一起介紹營運和財務最新情況，然後我們將開始回答分析師的問題。

Before we start, I would like to remind participants that many of our comments today will be considered forward-looking statements under the U.S. Federal securities laws and are subject to numerous risks and uncertainties that may cause Polestar's actual results to differ materially from what has been communicated. These forward-looking statements include, but are not limited to, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating results, near-term outlook and medium-term targets, fundraising and funding requirements, macroeconomic and industry trends, company initiatives and other future events.

在我們開始之前，我想提醒與會者，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，並受到許多風險和不確定性的影響，這些風險和不確定性可能導致 Polestar 的實際結果與所傳達的結果存在重大差異。這些前瞻性陳述包括但不限於有關公司未來財務表現、生產和交付量、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的陳述。

Forward-looking statements made today are effective only as of today, and the 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. In addition, management may make references to non-GAAP financial measures during the call. 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 to the press release and in the Form 6-K published today.

今天做出的前瞻性陳述僅在今天有效，Polestar 不承擔更新任何前瞻性陳述的義務。有關可能導致我們的實際結果不同的一些因素的討論，請查看我們向美國證券交易委員會提交的文件中包含的風險因素。此外，管理階層可能會在電話會議中提及非公認會計準則財務指標。關於我們為何使用非 GAAP 財務指標以及與最直接可比較的 GAAP 指標的調整的討論，可以在新聞稿附錄和今天發布的 6-K 表格中找到。

I will now hand over to Michael.

現在我將把時間交給麥可。

Thank you, Anna, and to everyone for joining us today. In January, we announced our plan for Polestar with ambitious growth targets and clear milestone. The first important milestone for us as a new leadership team is our Q1 volumes and financial results. And I'm pleased to say our Polestar plan is off to a strong start. We are delivering both from a commercial and financial point of view.

謝謝安娜，也謝謝今天加入我們的所有人。今年 1 月，我們宣布了 Polestar 計劃，其中包含雄心勃勃的成長目標和明確的里程碑。作為新的領導團隊，我們的第一個重要里程碑是第一季的銷售和財務表現。我很高興地說，我們的 Polestar 計劃開局良好。我們從商業和財務兩個角度來交付成果。

After reporting 76% increases in retail sales for the first quarter compared to last year, we are also improving our financial performance with revenue growth of 84%, driven by sales of Polestar 3 and 4; significant margin improvement with a 15 percentage point swing to a positive gross margin of 7%; significant fixed cost reductions; net loss and adjusted EBITDA improvement. Polestar is in execution mode. We are making significant changes to our commercial operations, leveraging our growing model lineup and increasing efficiencies across all areas of the business. This is what we are doing and what we remain focused on.

與去年同期相比，第一季零售額成長了 76%，同時，我們的財務表現也在改善，營收成長了 84%，這主要得益於 Polestar 3 和 4 的銷量；利潤率顯著提高，毛利率提高了 15 個百分點，達到 7%；固定成本大幅降低；淨虧損和調整後的 EBITDA 7%；固定成本大幅降低；淨虧損和調整後的 EBITDA 7%；固定成本大幅降低；淨虧損和調整後的 EBITDA 7%。Polestar 處於執行模式。我們正在對我們的商業營運進行重大變革，利用我們不斷成長的模型陣容並提高所有業務領域的效率。這就是我們正在做的事情，也是我們持續關注的事情。

Consistency in our actions and conviction in our decision-making over the last few months have created a strong momentum, and we are making good progress. Firstly, let me talk about our commercial transformation. During the last few months, I have had the opportunity to meet with customers and retailers across all markets. What I've seen has really impressed me and reaffirmed the importance of our focus on commercial transformation, making it easier for more people to experience our cars because when they do, they get excited. That's why we are signing up new dealers across all markets.

過去幾個月來，我們行動的一致性和決策的堅定信念創造了強勁的勢頭，我們正在取得良好的進展。首先講一下我們的商業轉型。在過去的幾個月裡，我有機會與各市場的客戶和零售商會面。我所看到的一切確實給我留下了深刻的印象，並再次證明了我們注重商業轉型的重要性，讓更多的人更容易體驗我們的汽車，因為當他們體驗到我們的汽車時，他們會感到興奮。這就是我們在所有市場簽約新經銷商的原因。

Our ambition is to grow our sales points by 75% until 2026 and in the first quarter of this year compared to Q1 last year, we grew this by 33% excluding China. The renaissance of the dealer is how I've referred to this over the last few months journey. And for me, this is the most important step on our journey. Some people prefer to buy online, configuring their cars on our website and going through the purchasing process from home.

我們的目標是到 2026 年將銷售點數增加 75%，而今年第一季與去年第一季相比，除中國外，我們的銷售點數增加了 33%。在過去幾個月的歷程中，我一直將這現象稱為經銷商的復興。對我來說，這是我們旅程中最重要的一步。有些人喜歡在線購買，在我們的網站上配置他們的汽車並在家中完成購買過程。

We will continue to serve these customers. But for a large part of the market, buying a car is different from any other purchase you make. Being able to visit a dealership, have technology and features explained, and financing solution described is more conducive to increasing sales. It also has the added benefit of enabling pre-owned sales. Along with our more active sales model and commercial agreements with dealers that allow them more freedom in how they sell Polestar, this is the foundation of our growth.

我們將繼續為這些客戶提供服務。但對於很大一部分市場而言，購買汽車與購買其他商品有所不同。能夠存取經銷商，了解技術和功能，並描述融資解決方案更有利於增加銷售。它還具有支援二手車銷售的額外好處。這是我們成長的基礎，加上我們更積極的銷售模式以及與經銷商達成的商業協議，使經銷商在銷售 Polestar 方面擁有更多自由。

Secondly, maximizing the value of our existing model lineup. We recently launched the updated model year '26 Polestar 2. The car that we have built our expansion on to date gets a number of new technologies and features, including a Qualcomm Snapdragon processor chip and the Bowers & Wilkins sound systems with 1,350 watts of power.

其次，最大限度地發揮我們現有車型陣容的價值。我們最近推出了更新的 26 款 Polestar 2。到目前為止，我們用於擴展的汽車採用了多項新技術和新功能，包括 Qualcomm Snapdragon 處理器晶片和功率為 1,350 瓦的 Bowers & Wilkins 音響系統。

Like all our cars, Polestar 2 continues to benefit from over-the-air updates, making this car even better over time. In support of our pre-owned business, we are now also providing battery state of health certificates, creating greater peace of mind for our customers. Polestar 3 continues to set new standards in the SUV segment, achieving a five-star Euro NCAP rating. It also achieved a score of 93% of child occupant protection, the highest score of any passenger car tested by Euro NCAP over the past nine years.

與我們所有的汽車一樣，Polestar 2 繼續受益於無線更新，使這款車隨著時間的推移變得更好。為了支持我們的二手業務，我們現在也提供電池健康狀態證書，讓客戶更加安心。Polestar 3 繼續在 SUV 領域樹立新標準，並獲得歐洲新車安全評估協會 (Euro NCAP) 五星評級。該車在兒童乘員保護方面也取得了 93% 的成績，這是過去九年來歐洲新車安全評估協會 (Euro NCAP) 測試的所有乘用車中的最高分。

Sales of Polestar 4 continue to increase across our major markets, and its popularity is reinforced by winning several awards, including Car of the Year in South Korea. Manufacturing of our SUV coupe in Busan, South Korea is expected to start during the second half of the year with preparations and prototype production going well. This is the latest step in developing our asset-light model, which already includes sites in China and the U.S. with plans for European production for Polestar 7 in the future.

Polestar 4 的銷量在我們主要市場持續成長，並因贏得包括韓國年度車在內的多個獎項而更加受歡迎。我們的SUV轎跑車預計今年下半年在韓國釜山開始生產，準備工作和原型生產進展順利。這是我們發展輕資產模式的最新舉措，該模式已包括在中國和美國的工廠，並計劃未來在歐洲生產 Polestar 7。

This flexibility and ability to manufacture cars as close to our customers as possible will become more and more important as geopolitical uncertainties increases. Polestar 5, our four-door Grand Tourer developed by our own engineering teams and based on a bonded aluminum platform, is expected to start sales later this year. This car will set a new standard for its segment and reaffirming Polestar's position as a performance car company.

隨著地緣政治不確定性的增加，這種靈活性和盡可能靠近客戶製造汽車的能力將變得越來越重要。Polestar 5 是一款四門豪華旅行車，由我們自己的工程團隊開發，基於黏合鋁平台，預計今年稍後開始銷售。這款車將為其細分市場樹立新標準，並重申 Polestar 作為高性能汽車公司的地位。

Thirdly, we will continue to reduce our cost base and generate efficiencies, adapting our ways of working and structures as needed. This will make us more resilient as uncertainties around the world continue to increase. For example, as future Polestar cars will be based on group architectures, we are taking steps to realize efficiencies in our R&D organization.

第三，我們將繼續降低成本基礎並提高效率，並根據需要調整工作方式和結構。隨著世界各地的不確定性不斷增加，這將使我們更具韌性。例如，由於未來的 Polestar 汽車將基於集團架構，我們正在採取措施提高研發組織的效率。

Adjusting our structures and reducing our cost base was very much part of our focus when we presented our updated business plan in January, and these steps are becoming even more important given the current uncertainty surrounding international tariffs and government regulations. As a result of this uncertainty, we announced that we are pausing our financial guidance for 2025. We reaffirm our growth target of 30% to 35% per annum between 2025 and 2027, a clear reflection of our ambitions and underlying continued growth in the EV sector.

當我們在一月份提出更新後的業務計劃時，調整我們的結構和降低成本基礎是我們關注的重點，而鑑於目前國際關稅和政府法規的不確定性，這些步驟變得更加重要。由於這種不確定性，我們宣布暫停 2025 年的財務指引。我們重申 2025 年至 2027 年期間每年 30% 至 35% 的成長目標，這清楚地反映了我們的雄心壯志以及電動車領域的持續成長。

Polestar is the only global premium EV brand with a clear focus on design, sustainability, and performance. Our cars are winning more and more comparison tests against premium competitors, showing that we are here to compete with a growing network of experienced dealers. And of course, with really passionate and progressive colleagues throughout the world.

Polestar 是唯一一個明確注重設計、永續性和性能的全球高端電動車品牌。我們的汽車在與高端競爭對手的對比測試中不斷獲勝，這表明我們有能力與不斷增長的經驗豐富的經銷商網絡競爭。當然，還有世界各地真正充滿熱情和進取心的同事。

I want to thank everybody for all their efforts. We are taking steps to give our strong brand and our incredible cars the spotlight and recognition they deserve. And we are just getting started. We want to grow more. We are doing the right things.

我要感謝大家的努力。我們正在採取措施，讓我們強大的品牌和令人難以置信的汽車獲得應有的關注和認可。我們才剛開始。我們希望進一步成長。我們正在做正確的事。

With that, I'll end my opening remarks and hand over to Jean-François.

我的開場白到此結束，現在輪到讓-弗朗索瓦發言了。

Thank you, Michael. Good morning, good afternoon, everyone. Before I dive into Q1 2025 select financial results we published today, I will say a few words on the 2024 full-year performance. We filed the annual report on Form 20-F on May 9, which I hope you have had a chance to look at. Michael and I joined Polestar in our respective position in October 2024.

謝謝你，麥可。大家早安，下午好。在深入探討我們今天發布的 2025 年第一季精選財務業績之前，我想先談談 2024 年全年業績。我們於 5 月 9 日提交了 20-F 表年度報告，希望您有機會查看。麥可和我於 2024 年 10 月加入 Polestar，擔任各自的職位。

Our first priority was to review with group management the company performance and strategy and then to come up with a realistic but ambitious business plan for the next phase of Polestar future growth, which was shared in January. We are now in a new phase. Previously, the focus was on launching Polestar and building the brand. And our priority now want to reiterate what Michael laid out.

我們的首要任務是與集團管理層一起審查公司業績和策略，然後為 Polestar 未來發展的下一階段製定切實可行且雄心勃勃的商業計劃，該計劃已於 1 月公佈。我們現在處於一個新階段。此前，重點是推出Polestar並打造品牌。我們現在的首要任務是重申麥可所闡述的觀點。

First, driving significant changes to our commercial operations as the foundation for our growth. Second, leveraging our growing model lineup. And third, increasing efficiencies across all areas of the business to improve profitability. And finally, one more strand of our strategy invisible to external audience but very important, improving our processes.

第一，推動商業營運的重大變革，作為我們成長的基礎。第二，利用我們不斷成長的車型陣容。第三，提高所有業務領域的效率以提高獲利能力。最後，我們的策略還有一個外部受眾看不見但非常重要的部分，那就是改善我們的流程。

I wanted to touch briefly on profitability and processes to add to what Michael has said earlier. On profitability, after a few months now with Polestar, we clearly see significant opportunities to deliver revenue growth and importantly, also improve the financial performance of Polestar. We are streamlining our operation and enhancing operating efficiencies to reduce product costs and expenses.

我想簡單談談獲利能力和流程，以補充麥可之前所說的內容。在獲利能力方面，經過幾個月的運營，Polestar 已經清楚地看到了實現收入成長的巨大機會，更重要的是，還能改善 Polestar 的財務表現。我們正在簡化營運並提高營運效率，以降低產品成本和費用。

Moreover, we are instilling working capital and cash management discipline. We do so mainly by optimizing inventory level and looking for capital expenditure efficiency. At the same time, we leverage synergistic partnership. We are fortunate to have Geely Group and Volvo Cars as our long-term partners. Their deep automotive expertise, technology, and network of production sites are invaluable to Polestar and its asset-light model. We will look to optimize these partnerships and seek further synergies in every domain.

此外，我們正在灌輸營運資金和現金管理紀律。我們主要透過優化庫存水準和尋求資本支出效率來實現這一目標。同時，我們利用協同夥伴關係。我們很榮幸能有吉利集團和沃爾沃汽車作為我們的長期合作夥伴。他們深厚的汽車專業知識、技術和生產基地網路對於 Polestar 及其輕資產模式來說非常寶貴。我們將尋求優化這些合作關係，並在各個領域尋求進一步的協同效應。

And finally, on processes. We are changing the way we operate at Polestar with a culture defined by a focus on performance and results, ownership, and accountability. We are implementing new and enhancing existing processes, standards, and rules across all functions. We have been making progress since Michael and I came on board, but Polestar is not yet where we would like it to be. There is still some work to do, but we are on the right track and doing the right things.

最後，關於流程。我們正在改變 Polestar 的營運方式，採用注重績效和成果、所有權和責任感的文化。我們正在所有職能部門實施新的流程、標準和規則，並加強現有的流程、標準和規則。自從邁克爾和我加入以來，我們一直在取得進展，但 Polestar 尚未達到我們所希望的水平。還有一些工作要做，但我們正走在正確的軌道上，做正確的事情。

I will now go briefly through the income statement to highlight key points of the 2024 performance. We pre-announced in January that retail sales volume declined by 15%. Consequently, revenue decreased by 14% in a challenging environment. Within the cost of sale, we incurred significant impairments related to tangible and intangible asset of USD622 million impacting the gross loss. It's reflected our expectation on future volume and pricing.

現在，我將簡要介紹損益表，重點介紹 2024 年業績的要點。我們在一月就預先宣佈零售額下降了15%。因此，在充滿挑戰的環境下，收入下降了 14%。在銷售成本中，我們發生了與有形和無形資產相關的重大減值，金額為 6.22 億美元，影響了總損失。這反映了我們對未來產量和價格的預期。

On a positive note, we saw a reduction in selling, general and administrative expenses due to lower advertising activity and cost discipline. And a lower research and development cost due to higher capitalization level and a change in intellectual property cost treatment since December 2023. These savings were not sufficient, however, to compensate for the effect described earlier and consequently, we reported a higher net loss at $2 billion.

積極的一面是，由於廣告活動減少和成本控制，我們看到銷售、一般和行政費用減少。由於資本化水準提高以及自 2023 年 12 月以來知識產權成本處理方式的變化，研發成本降低。然而，這些節省不足以彌補前面描述的影響，因此，我們報告的淨虧損更高，達到 20 億美元。

Adjusted EBITDA, which excludes impairments and unusual items, only declined by 6% to $1 billion loss versus the comparable period. The cash position at the end of the year was $739 million. And since then, we have secured or renewed over $900 million worth of facilities. 20-F has been published, and you are now welcome to reach out to us with any questions.

調整後的 EBITDA（不包括減損和異常項目）與去年同期相比僅下降 6%，虧損 10 億美元。年底的現金狀況為7.39億美元。自那時起，我們已經獲得或續簽了價值超過 9 億美元的貸款。20-F 已經發布，現在歡迎您就任何問題與我們聯繫。

Now I would like to move on to the discussion of the key point of Q1 2025 performance. As we announced in April, we reported growth in retail volume of 76% year on year and a stable performance versus the fourth-quarter 2024 in what is a challenging environment for the automotive industry globally.

現在我想繼續討論2025年第一季業績的關鍵點。正如我們在 4 月宣布的那樣，在全球汽車行業充滿挑戰的環境下，我們的零售量同比增長了 76%，與 2024 年第四季相比表現穩定。

Our revenue grew more strongly by 84%, supported by a favorable benefit from a larger portfolio of cars with higher price Polestar 3 and Polestar 4 model that we now offer to customers. The good news is the improvement in gross margin to a positive 7%. This is an encouraging achievement. The improvement of 15 percentage points was driven predominantly by a positive mix as we sold more of the higher-margin model compared to Q1 2024 when mostly we sold Polestar 2. This was partially offset by more competitive pricing.

我們的營收成長更為強勁，達到了 84%，這得益於我們目前向客戶提供的更大車型組合，包括價格更高的 Polestar 3 和 Polestar 4 車型。好消息是毛利率提高至正7％。這是一個令人鼓舞的成就。15 個百分點的提升主要得益於積極的產品組合，因為與 2024 年第一季主要銷售 Polestar 2 相比，我們銷售了更多利潤率更高的車型。這在一定程度上被更具競爭力的定價所抵消。

Continuing cost reduction measures are starting to bear fruits. Selling, general and administrative expenses benefited from both workforce reductions made in 2024 and continuing optimized marketing spend. R&D costs also declined due to a higher capitalization level. Net loss and adjusted EBITDA results have subsequently improved as higher revenue and gross profit and lower fixed costs flow through to the bottom line. Net loss of $190 million decreased by $86 million or 31%.

持續的成本削減措施開始取得成效。銷售、一般和行政費用受益於 2024 年裁員和持續優化的行銷支出。由於資本化水準提高，研發成本也有所下降。隨著收入和毛利的增加以及固定成本的降低轉化為利潤，淨虧損和調整後的 EBITDA 結果也隨之改善。淨虧損 1.9 億美元，減少了 8,600 萬美元，降幅為 31%。

Gross profit improvement, fixed cost savings and a positive foreign exchange impact within net finance expenses were partially offset by our share of the losses in the joint venture with Hubei Xingji Meizu Group Co., Ltd. and lower positive fair value change of earn-out rights. Adjusted EBITDA loss of $150 million decreased by $97 million or 46% as gross profit improvement, cost savings from headcount reduction, optimized marketing spend, and positive FX impact contributed to a better result.

毛利潤的提高、固定成本的節省以及淨財務費用中的積極外匯影響，被我們與湖北星際魅族集團有限公司的合資企業所承擔的損失以及盈利權的較低正公允價值變動所部分抵消。調整後的 EBITDA 虧損為 1.5 億美元，減少了 9,700 萬美元，降幅為 46%，這是由於毛利的提高、員工減少帶來的成本節約、行銷支出的優化以及外匯的正面影響促成了更好的業績。

We finished the first quarter with $732 million of cash, nearly at the same level as at the end of 2024. In terms of funding, in February, we secured up to $450 million in term facilities and renewed Green Trade Finance Facility with a syndicate of global banks for EUR480 million for working capital requirements.

第一季結束時，我們的現金餘額為 7.32 億美元，幾乎與 2024 年底的水平相同。在資金方面，2月份，我們與全球銀行財團獲得了高達 4.5 億美元的定期貸款，並續簽了 4.8 億歐元的綠色貿易融資協議，以滿足營運資金需求。

And finally, a few words on the current quarter. You will appreciate the environment is challenging and volatile due to known and yet unknown potential geopolitical developments. We are yet to see the impact from confirmed tariffs on prices for cars globally and consumer demand. Also, we will focus on what we can control, namely, first, transform our commercial operations to lay the foundation for our future growth; second, leverage our model lineup, continue executing cost-cutting measures and preserving cash; and finally, fix processes. Notwithstanding the challenging environment, we are on the right track.

最後，簡單談談本季的情況。您會發現，由於已知和未知的潛在地緣政治發展，環境充滿挑戰且不穩定。我們尚未看到已確認的關稅對全球汽車價格和消費者需求的影響。此外，我們將專注於我們能夠控制的事情，即首先，轉變我們的商業運營，為我們未來的成長奠定基礎；其次，利用我們的車型陣容，繼續執行削減成本的措施並保留現金；最後，修復流程。儘管環境充滿挑戰，但我們仍走在正確的道路上。

Now, I will hand back to Michael.

現在，我將把麥克風交還給麥可。

Thank you, Jean-Francois, for running through the financials. Operator, we are ready now to start the Q&A session. We look forward to taking your questions.

感謝 Jean-Francois 為我們說明財務狀況。接線員，我們現在可以開始問答環節了。我們期待回答您的問題。

(Operator Instructions)

（操作員指示）

John Babcock, Bank of America.

美國銀行的約翰·巴布科克。

Hey, good morning and thanks for taking my questions. I guess, first of all, you didn't really touch on this too much, but could you talk about the impact of the tariffs that the U.S. is considering and ultimately, how you're adjusting the impact on demand, recognizing it may be early, but any color you could provide on that would be useful.

嘿，早上好，感謝您回答我的問題。我想，首先，您並沒有過多地談及這一點，但您能否談談美國正在考慮的關稅的影響，以及最終您如何調整對需求的影響，認識到這一點可能還為時過早，但您能提供的任何細節都會很有用。

Sure. Thanks for your question, John. Happy to do that. So first, I think we obviously see that Q1, lots of things going in the right direction. We have around 75% of our total business in Europe. The U.S. business is around 11% for us. And I think it's fair to say that we are relatively well-positioned in the U.S. because 100% of our volume is localized in the Volvo plant in Charleston, South Carolina.

當然。謝謝你的提問，約翰。很高興這樣做。首先，我認為我們顯然看到第一季很多事情都在朝著正確的方向發展。我們的業務總量的 75% 左右來自歐洲。美國業務占我們的11%左右。我認為可以公平地說，我們在美國市場佔據相對有利的地位，因為我們 100% 的產量都來自位於南卡羅來納州查爾斯頓的沃爾沃工廠。

But of course, tariffs do then have an impact in terms of the different parts, right? And therefore, we monitor this closely. It's also changing quite a bit. I'm sure you, guys, saw also the changes in terms of tariffs postponed for 90 days between China and the U.S. So I think localization is good. We are well-positioned there with the product, which gets a lot of momentum. But obviously, we have to work through the different cost elements on the pricing, and it will accelerate our need to bring costs down overall, right?

但當然，關稅確實會對不同部分產生影響，對嗎？因此，我們對此進行密切監視。它也正在發生很大變化。我相信大家也看到了中美之間暫停90天關稅方面的變化。所以我認為本地化是好的。我們的產品在那裡佔據了有利地位，並且發展勢頭強勁。但顯然，我們必須在定價時考慮不同的成本因素，這將加速我們降低整體成本的需求，對嗎？

But we had good momentum also in the U.S. We grew, I think, by 74% on the retail side. So the U.S. is an important growth market for us. But obviously, now it's about like, okay, making sure that we have optimized cost and work through the different tariffs which are out there.

但我們在美國也保持了良好的發展動能。我認為，零售方面的成長達到了 74%。因此，美國對我們來說是一個重要的成長市場。但顯然，現在的關鍵在於確保我們優化了成本並解決了現有的不同關稅問題。

So at this juncture, does it make sense to revisit the supplier base to -- and/or maybe find localized suppliers in the U.S. market to compete there? Or does it perhaps make more sense to adjust like the sales footprint and focus more on other markets like, say, Europe or other areas of Asia, et cetera?

那麼在這個關鍵時刻，重新審視供應商基礎——或者在美國市場尋找在地化供應商進行競爭是否有意義？或者，調整銷售範圍並將更多精力放在其他市場（例如歐洲或亞洲其他地區等）是否更有意義？

Yes. As I said, I mean, if you have 75% of your volume in Europe and see strong growth, I think we did exceptionally well in the U.K. Then, of course, the focus of our work is on Europe, right? As you know, we go into markets like France, also more European markets to come because what we see is what we do has an immediate impact. Our brand is well-established. We have now new cars, which are being well-received. So Europe is working well.

是的。正如我所說，如果你們 75% 的銷售來自歐洲，並且成長強勁，那麼我認為我們在英國的表現非常出色。當然，我們工作的重點是在歐洲，對嗎？如您所知，我們進入了法國等市場，也將進入更多的歐洲市場，因為我們所看到的是我們所做的會產生直接的影響。我們的品牌已享有盛名。我們現在有了新車，而且很受歡迎。因此歐洲運作良好。

But of course, the U.S. is a very interesting growth market for us with 75% growth, it's important. But obviously, we will make sure that we stay very competitive from a cost point of view. And with more certainty coming, I think we will also have a better view than on the mid- and long-term view of the U.S. business. But it's an important market for us.

當然，美國對我們來說是一個非常有趣的成長市場，成長率高達 75%，這很重要。但顯然，我們將確保從成本角度保持競爭力。隨著更多確定性的到來，我認為我們也會對美國業務的中長期前景有更好的看法。但這對我們來說是一個重要的市場。

Got you. Thank you. And the next question, you did talk about the new commercial strategy and particularly using dealers. If you could just talk a bit more about how that transition is going? How far along are you? Where you expect to get to by the end of the year?

明白了。謝謝。下一個問題，您確實談到了新的商業策略，特別是使用經銷商。能否再多談談這一轉變的進展？您現在進展如何？您預計今年底能達到什麼目標？

Yes, happy to do that, John. And I think a key point because Polestar in the past had the direct distribution, which works for several people, but I'm a big believer that the dealer model is much, much better because customers want to go to the dealers, want to know where the service is, want to know what's happening, also all the explanations. I think it goes extremely well, and that also explains why I think our first quarter was so good.

是的，我很樂意這麼做，約翰。我認為關鍵點在於，Polestar 過去採用的是直接分銷，這對幾個人來說都有效，但我堅信經銷商模式要好得多，因為客戶想去經銷商那裡，想知道服務在哪裡，想知道發生了什麼，也想知道所有的解釋。我認為一切進展非常順利，這也解釋了為什麼我認為我們的第一季表現如此出色。

But it's also fair to say a transition from a direct distribution model to a dealership model takes more time. And we are in the middle of this. It requires more location. It requires more salespeople from our retail partners. It also requires more digital process. So I think we are in the middle of this, and we will continue to grow the retail partners quite a bit during this year, but also next year. So we have started and more to come.

但公平地說，從直接分銷模式到經銷商模式的轉變需要更多時間。而我們正處於這過程之中。它需要更多位置。這需要我們的零售合作夥伴提供更多的銷售人員。它還需要更多的數位化流程。所以我認為我們正處於這個階段，今年以及明年我們將繼續大幅增加零售合作夥伴。我們已經開始了，還有更多事情要做。

Good. Thank you. And then just last question. I know you talked a fair bit also about driving efficiency through the business. I was wondering if you might provide maybe some examples of where you see opportunities to improve efficiency and especially as you go through '25, what are the areas you're going to focus on there?

好的。謝謝。接下來是最後一個問題。我知道您也談了很多關於透過業務提高效率的事情。我想知道您是否可以提供一些例子來說明您認為有哪些機會可以提高效率，特別是在您經歷 25 年後，您將重點放在哪些領域？

Yes. Maybe I'll start and then hand it over to Jean-Francois. So first of all, efficiency on the cost side, right? So while we now ramp up some of our cars really nicely, I mean, the Polestar 4, I think it's fair to say, is now a big success. And of course, then with the right level of volume, you can optimize this, you can bring much more efficiencies into the different product lineups.

是的。也許我會開始，然後把它交給 Jean-Francois。那麼首先，成本方面的效率，對嗎？因此，雖然我們現在對一些車型的提升非常順利，但我認為可以說，Polestar 4 現在已經取得了巨大的成功。當然，透過適當的數量，您可以對其進行最佳化，從而為不同的產品系列帶來更高的效率。

And then also on the cost side, there's more to do. But maybe, Jean-François, you give a few examples here.

而且在成本方面，還有很多工作要做。但是也許，Jean-François，您可以在這裡舉幾個例子。

Thanks, Michael. Indeed, on the cost side, as you know, we are still an unmature organization. So we have to work around the organization. So when we are speaking about organization, we are speaking also about headcount efficiencies, rightsizing. As we mentioned it during the last call, we have decreased our headcount by 25% from 2023 to the end of 2024. So we don't want to stop here. We are going to continue and to look out for more efficiencies on this matter.

謝謝，麥可。確實，在成本方面，如你所知，我們仍然是一個不成熟的組織。所以我們必須圍繞組織來開展工作。因此，當我們談論組織時，我們也在談論員工效率和精簡規模。正如我們在上次電話會議上提到的那樣，從 2023 年到 2024 年底，我們的員工人數減少了 25%。所以我們不想就此止步。我們將繼續努力並尋求在這個問題上提高效率。

I would like also to speak briefly about the cash optimization and to look for more efficiencies on this side because we have also to improve. We finished the year-end 2024 with a quite high level of new vehicle inventory that impacted, I will say, our cash flow and our working capital. And we have definitely to improve, I would say, the way we are managing our cash flow, and that will be reflected in our working capital improvement. And to mention to you that versus situation where we had a high level of stock at the end of 2024, we are improving a lot on this aspect at the end of Q1.

我還想簡單談談現金優化，並尋求這方面的更多效率，因為我們也需要改進。到 2024 年底，我們的新車庫存水準相當高，這對我們的現金流和營運資金產生了影響。我想說，我們肯定要改善管理現金流的方式，這將反映在我們的營運資本改善上。需要向您提及的是，與 2024 年底庫存水準高的情況相比，我們在第一季末在這方面有了很大的改善。

Okay, thank you.

好的，謝謝。

(Operator Instructions)

（操作員指示）

Daniel Roeska, Bernstein Research.

羅斯卡（Daniel Roeska），伯恩斯坦研究公司。

Good morning, good afternoon. Thanks for taking my questions. Congratulations on the breakeven on gross profit in Q1.

早安，下午好。感謝您回答我的問題。恭喜第一季毛利達到收支平衡。

I wonder if we may dive a little bit deeper because it looks that the vehicle mix, while pricing was a little bit better year on year kind of Q1 '24 to '25 seems roughly stable. So I'm wondering what prompted or what were the key drivers for the reduction in the COGS per vehicle? Could you, maybe, split out if there was a mix component to that decrease in the COGS per car? And how much of that was battery cost relief?

我想知道我們是否可以深入一點，因為看起來車輛組合雖然定價同比 2024 年第一季至 2025 年第一季略有好轉，但似乎大致保持穩定。所以我想知道是什麼促使或是什麼關鍵驅動因素降低了每輛車的銷售成本？您能否分析一下是否存在混合因素導致每輛車的銷售成本下降？其中有多少是電池成本的降低？

If I kind of backtrack the numbers you published, I kind of get to a number of about [51,000] COGS per car in Q1 '24 and then [46,000] in now '25. Just any color kind of what that progression was? And maybe ex-tariffs, what your targets for this year would have been? Kind of how do you see that COGS per car going forward?

如果我回溯一下您公佈的數字，我會發現 2024 年第一季每輛車的銷售成本約為 [51,000]，而現在 2025 年每輛車的銷售成本約為 [46,000]。任何顏色的演變都是這樣的嗎？除去關稅，您今年的目標是什麼？您如何看待未來每輛車的銷售成本？

I think to your first point, the improvement in terms of gross margin is mainly coming from, I would say, the product mix when you're comparing Q1 2024 to Q1 2025. We have much more profitable products with PS3 and PS4 now, and that's explaining why we are moving from a negative gross margin to a positive gross margin. And of course, it is reflected, I would say, in the cost of goods sold of those products.

我認為對於您的第一點，當您比較 2024 年第一季和 2025 年第一季時，毛利率的提高主要來自於產品組合。現在，我們的 PS3 和 PS4 產品利潤更高，這也解釋了為什麼我們的毛利率從負轉為正。當然，我想說，這反映在這些產品的銷售成本上。

Moving forward and taking into account, I would say, the uncertainties that we are facing due to the geopolitical context and the ongoing discussion about tariffs, it's too early to say how it's going to evolve. So let's wait when those discussions will be concluded and when we are going to have much more visibility, I would say, to come back to this point, mentioning as well that this is the reason why we paused our guidance for 2025.

展望未來，我想說，考慮到我們因地緣政治背景和正在進行的關稅討論而面臨的不確定性，現在判斷情況將如何發展還為時過早。因此，讓我們等待這些討論結束，當我們有了更多的了解之後，我想說，再回到這一點，同時也提到，這就是我們暫停 2025 年指導的原因。

Very clear. I'll press you on one thing on the tariffs, though, to ask what is the share of non-USMCA parts in your South Carolina production. So if we think about the Polestar 3 manufactured in South Carolina, kind of what's the share of non-USMCA parts in that car?

非常清楚。不過，我想就關稅問題向您施壓，詢問您在南卡羅來納州生產的產品中，非 USMCA 零件所佔的比例是多少。因此，如果我們考慮在南卡羅來納州生產的 Polestar 3，那麼該車中非 USMCA 零件的份額是多少？

The main component is the battery.

主要部件是電池。

Would it be fair to compare you to other OEMs who said like there's kind of a fairly low share kind of 10% or less on the bill of materials that are sourced from elsewhere. And then there's, of course, the battery. I'm just wondering that with your connection and the platform also connected to Geely, whether there is a higher Chinese content in the Polestar 3 made in South Carolina than in other cars in the U.S.

將您與其他 OEM 進行比較是否公平，他們說從其他地方採購的材料清單中所佔份額相當低，為 10% 或更少。當然還有電池。我只是想知道，憑藉您的聯繫以及與吉利相關的平台，在南卡羅來納州生產的 Polestar 3 中是否比美國其他汽車含有更多的中國成分。

I don't know. I don't have any reference with the other cars in the U.S. and our competitors.

我不知道。我對美國其他汽車和我們的競爭對手沒有任何參考。

Okay. Cool, thanks.

好的。太棒了，謝謝。

Tobias Beith, Redburnn Atlantic.

託拜厄斯·貝斯，《雷德伯恩大西洋》。

Great. Good afternoon, both. I hope you're well. My first question is this, how explicit are contract manufacturing volumes in your multi-year contracts with Volvo and Geely? And does Polestar have any protection against both of these companies reallocating capacity to their own models, which is a more profitable activity for them?

偉大的。兩位下午好。我希望你一切都好。我的第一個問題是，你們與沃爾沃和吉利簽訂的多年期合約中對合約製造量的規定有多明確？那麼，Polestar 是否有任何保護措施可以防止這兩家公司將產能重新分配到自己的車型上，這對他們來說是一項更有利可圖的活動？

So maybe I'll get started. So to put this into perspective, we have obviously various agreements in place. We talk a lot about the one in Charleston, but I want to remind everybody, this is only like the 11.3%, which we have in the U.S., right? More important is, for example, the Polestar 4 coming out of China and then also later during the year out of Korea. This probably in terms of size and magnitude is much, much more important.

所以也許我會開始。因此，從這個角度來看，我們顯然已經達成了各種協議。我們常常談論查爾斯頓的事件，但我想提醒大家，這只相當於美國的 11.3%，對嗎？更重要的是，例如，Polestar 4 將從中國上市，並在今年稍後在韓國上市。從規模和程度上來說，這可能更為重要。

And then, of course, in terms of the different contract manufacturing agreements, we wouldn't disclose that at this stage. But be rest assured, like we have flexible agreements and obviously discuss it depending on what the different situation in the various markets are.

當然，就不同的合約製造協議而言，我們現階段不會透露。但請放心，我們有靈活的協議，並且顯然會根據各個市場的不同情況進行討論。

Sure. Okay. But is it fair to assume that, I guess, there is a world where Volvo says, hey, actually, I would prefer to use the capacity in South Carolina to produce more Polestar 3s or -- sorry, EX90s or ES90s and therefore, limit Polestar 3's volumes in that country?

當然。好的。但是，我猜，是否可以公平地假設，沃爾沃會說，嘿，實際上，我更願意利用南卡羅來納州的產能來生產更多的 Polestar 3 或 - 抱歉，EX90 或 ES90，從而限制 Polestar 3 在該國的銷量？

Yes. But if we came to a situation where capacity was a bottleneck, then of course, we would have that dialogue and would say, look, how do we make sure we prioritize and we would always find good solutions, right?

是的。但如果我們遇到容量成為瓶頸的情況，那麼當然，我們會進行對話並說，看，我們如何確保我們優先考慮並且總能找到好的解決方案，對嗎？

But at the moment, we have a situation where I think it's fair to say we have sufficient capacity, especially in the U.S. So we actually don't have that discussion, which you referred to. But of course, in case we came to that also to the other Geely factories, we would have exactly that debate. And then we find preferences, of course.

但就目前的情況而言，我認為可以公平地說我們擁有足夠的產能，尤其是在美國。所以我們其實並沒有討論你提到的那個問題。但當然，如果我們也談到吉利的其他工廠，我們也會進行同樣的辯論。當然，然後我們會發現偏好。

Sure. All right. Thank you. How do you as a management team plan to navigate Polestar through the next few years in a world where Polestar's equity value is unfortunately temporarily impaired due to changes in global trade and mismatched contract manufacturing footprint.

當然。好的。謝謝。由於全球貿易變化和合約製造足跡不匹配，Polestar 的股權價值不幸暫時受損，作為管理團隊，您計劃如何引導 Polestar 度過未來幾年？

Yes, sure. Great, great question, Tobias. And I would word it like this. I mean, first of all, we look at where do we have our strengths and where is also our business model working extremely well. And while we always talk about tariffs, I think probably it doesn't have any tariffs with regard to China, right? And we do exceptionally well in the U.K. I mean 28.6% of our total volume in the first quarter came from the U.K., right?

是的，當然。非常好的問題，托比亞斯。我會這樣說。我的意思是，首先，我們要看看我們的優勢在哪裡，以及我們的商業模式在哪些方面運作良好。雖然我們總是談論關稅，但我認為可能對中國沒有任何關稅，對嗎？我們在英國的表現非常好。我的意思是，第一季我們總銷售量的 28.6% 來自英國，對嗎？

So a market where the tariffs are not there. So we focus a lot on our strengths and the strengths are really in Europe for sure, right? Because we see we have a good service network. We have a lot of dealers together with Volvo. Our brand, I think, is -- has a very good awareness. It is also being recognized, standing for design, sustainability, and performance. So for us, Europe has absolutely the highest priority and therefore, also introduction of new markets like France or also Eastern Europe and a much better penetration also of markets like Germany.

因此這是一個不存在關稅的市場。所以我們非常注重我們的優勢，而這些優勢肯定在歐洲，對嗎？因為我們看到我們有一個好的服務網絡。我們與沃爾沃有很多經銷商。我認為我們的品牌具有非常好的知名度。它也得到認可，代表著設計、永續性和性能。因此，對我們來說，歐洲絕對是重中之重，因此，我們也要引進法國或東歐等新市場，並且更能滲透德國等市場。

Then, of course, as I said earlier on, the U.S. is a growth market. But of course, we need to consider the increasing cost through tariffs and obviously make sure we find mitigation. And also, it's fair to say that in some of the other markets, we can't put all the resources because Europe is a key focus. And I think focusing on where we are good at and also see immediate impact.

當然，正如我之前所說，美國是一個成長型市場。但當然，我們需要考慮透過關稅增加的成本，顯然要確保找到緩解措施。而且，公平地說，在其他一些市場，我們無法投入所有資源，因為歐洲才是重點。我認為專注於我們擅長的領域也能看到直接的影響。

Therefore, I'm pleased to see that the volume was increasing so much that the margin was improving and that also the costs are coming down, and I think that's the way forward. And I think we are off to a good start.

因此，我很高興看到銷量大幅成長，利潤率不斷提高，成本也在下降，我認為這是未來發展的方向。我認為我們已經有了一個好的開始。

All right. Great. And then just hopefully, a quick final last one from me. If you feel comfortable, may you share the amount of income that was generated from the sale of regulatory credits in the first quarter?

好的。偉大的。然後，我希望，我能快速完成最後一個。如果您願意，您能否分享一下第一季出售監管信用所產生的收入金額？

Maybe, Michael, I will take this one. So we are not going to communicate, I will say, on the CO2 credit sale in the first quarter. What I would just like to say is we have an ongoing portfolio of CO2 credit sale, and we are still confident that we will reach the three-digit million-U.S.-dollar target in 2025.

也許，邁克爾，我會選擇這個。因此，我想說，我們不會在第一季就二氧化碳排放額度銷售進行溝通。我想說的是，我們正在進行二氧化碳排放額度銷售，我們仍然有信心在 2025 年實現數億美元的目標。

Sure. All. Right. Thank you.

當然。好的。謝謝。

Andreas Sheppard, Cantor Fitzgerald.

安德烈亞斯·謝潑德、康托·菲茨傑拉德。

Hi, everyone. Good morning, good afternoon and thank you for taking our questions. I just wanted to maybe follow up again on manufacturing in South Carolina. I think I recall in the past, the production capacity here is about 150,000. I believe Polestar's production mix will be roughly about one-third. And so are we to understand that that is meant to kind of fulfill the demand in the U.S. and that the priority will now be shifting more towards Europe and other markets?

大家好。早安，下午好，感謝您回答我們的問題。我只是想再次跟進南卡羅來納州的製造業。我記得過去這裡的生產能力大約是15萬。我相信 Polestar 的生產結構大約佔三分之一。那麼我們是否可以理解為這是為了滿足美國的需求，而現在的重點將轉向歐洲和其他市場？

Or is that how the -- potentially you expect to mitigate the tariff impact by maybe shifting strategies to European and other markets rather than the U.S. since the production there is roughly only about 50,000. Just any color there would be helpful. Thank you.

或者說，您是否希望透過將策略轉向歐洲和其他市場而不是美國來減輕關稅的影響，因為那裡的產量大約只有 50,000 輛。任何顏色都有幫助。謝謝。

Yes. Thanks for the question, Andres. So happy to give some more color. So again, I think Europe, as I said, we do well. We make good progress. And in Q1, 75% of our volume was in Europe, which is good, right? At the same time, U.S. is a growth market. We also had a lot of momentum there. I mean we had some really good campaigns out there. And the Polestar 3 is just being really like in the market. I think dealers see a lot of momentum. And if you're up in the U.S. by 74%, you have momentum. I think that's fair to say.

是的。謝謝你的提問，安德烈斯。很高興能提供更多色彩。所以，正如我所說，我認為歐洲做得很好。我們取得了良好的進展。第一季度，我們 75% 的銷售來自歐洲，這很好，對吧？同時，美國是一個成長型市場。我們在那裡也擁有很大的發展動能。我的意思是我們在那裡開展了一些非常好的活動。Polestar 3 在市場上確實表現不錯。我認為經銷商看到了很大的發展勢頭。如果美國市場的漲幅達到 74%，那麼你就有發展動力。我認為這樣說是公平的。

Obviously, still on a small scale, but we have the facility. We have enough capacity. Then by the end of this year, we will -- or in the second half of the year, we bring the Polestar 4, a good addition for the portfolio in the U.S. So we are convinced that especially also with CARB state, ZEV mandates and other things, U.S. consumers are open for zero-emission mobility, and we will continue to do that.

顯然，規模仍然很小，但我們有設施。我們有足夠的產能。然後在今年年底或下半年，我們將推出 Polestar 4，這將是我們在美國產品組合中的一個很好的補充。因此，我們相信，特別是在 CARB 州、ZEV 授權和其他因素的影響下，美國消費者對零排放行程持開放態度，我們將繼續這樣做。

But obviously, we need to be mindful steering through the different frameworks, which are changing quite a bit. And if I want to remind all of us, I mean, the tariffs from China, which is obviously then a different setup, but were paused now for 90 days before our understanding was it was 145% tariffs. Now for 90 days at 30%. Those are big changes. And I think we need to be mindful going through this.

但顯然，我們需要謹慎地引導不同的框架，因為它們正在發生很大的變化。如果我想提醒大家的話，我的意思是，來自中國的關稅，顯然是一個不同的設置，但現在暫停了 90 天，而我們的理解是之前的關稅是 145%。現在為 90 天，利率為 30%。這些都是巨大的變化。我認為我們需要謹慎處理這個問題。

But there is no change of strategy. Europe is our home market. This is where we do well, and the U.S. is an important growth market for us now and in the future.

但戰略沒有改變。歐洲是我們的本土市場。這是我們做得好的地方，美國是我們現在和未來的重要成長市場。

Got it. Okay. That's super helpful. I appreciate that. And maybe just as a quick follow-up. Can you just walk us through your liquidity position again? So with $732 million, maybe can you remind us what kind of cash burn you expect? And how are you thinking about additional capital needs? Thank you.

知道了。好的。這非常有幫助。我很感激。或許只是作為一個快速的後續行動。可以再向我們介紹一下您的流動性狀況嗎？那麼，對於 7.32 億美元，您能否提醒我們您預計的現金消耗是多少？您如何考慮額外的資本需求？謝謝。

So during the last call, we had, I mentioned an average cash burn of USD100 million to USD120 million per month in 2024. This level of cash burn is not sustainable. We need to significantly decrease this level. We have a plan starting with, I will say, growing our top line, improving our profitability, reducing cost and expenses and improving as well our working cap and starting to look for efficiencies in terms of CapEx spending.

因此，在上次電話會議中，我提到 2024 年每月平均現金消耗為 1 億至 1.2 億美元。這種程度的現金消耗是不可持續的。我們需要大幅降低這一水平。我們有一個計劃，首先要增加我們的營業收入，提高我們的獲利能力，降低成本和費用，同時提高我們的工作上限，並開始尋求資本支出方面的效率。

The level of the debt so far is at USD4.8 billion. As you know, we have a debt covenant of USD5.5 billion. So it is not a situation which is satisfying. And of course, with the decrease of the cash burn during 2025, we will have to look for alternative sources of financing, of which new equity. So we are working actively on this new equity story in coordination with Geely. We have discussion with some potential investors, but it's too early to give you more detail, so more to come.

迄今為止債務水準已達48億美元。如您所知，我們有 55 億美元的債務契約。所以這不是一個令人滿意的情況。當然，隨著 2025 年現金消耗的減少，我們將不得不尋找替代融資來源，其中包括新股權。因此，我們正在與吉利合作，積極開展這項新的股權投資工作。我們已經與一些潛在投資者進行了討論，但現在提供更多細節還為時過早，因此以後還會提供更多資訊。

Got it. Thank you so much. I'll pass it on.

知道了。太感謝了。我會傳達的。

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi, thank you, good afternoon to you. I wanted to first start with a question on model mix. If you could just run us through again what the mix of Polestar 3 and 4 is? And how much more you can push the mix towards 3 and 4 to at least improve the profitability and de-emphasize 2?

你好，謝謝你，下午好。我想先問一個關於模型組合的問題。可以再給我們講一下 Polestar 3 和 4 的混合情況嗎？您還可以在多大程度上將組合推向 3 和 4，以至少提高盈利能力並弱化 2 的重要性？

Thanks, Dan, for your question. I take this up and give you some color on the different product lines. Obviously, you know Polestar 2, basically our starting model really and also the foundation of the brand. We sold 31% of our total volume in Q1 was Polestar 2. Polestar 3 was 19% or 20% rounded and Polestar 4 was 49%.

謝謝丹的提問。我接受這個問題並向您介紹不同產品線的一些情況。顯然，您知道 Polestar 2 基本上是我們的首款車型，也是品牌的基礎。我們第一季銷售的 Polestar 2 佔總銷售量的 31%。Polestar 3 的四捨五入率為 19% 或 20%，而 Polestar 4 的四捨五入率為 49%。

So by far, the biggest portion was Polestar 4. And that is an important achievement because as we all know in the industry, SUVs and larger SUVs in general in the industry have better margin than, for example, sedans. And that's good. And that is also one of the reasons, as Jean-Francois highlighted that our margin has improved, especially when you launch cars, it's important that you get this momentum.

到目前為止，最大的份額是 Polestar 4。這是一項重要的成就，因為眾所周知，在行業中，SUV 和大型 SUV 的利潤率通常比轎車等更高。這很好。這也是原因之一，正如 Jean-Francois 所強調的那樣，我們的利潤率有所提高，尤其是當你推出汽車時，獲得這種勢頭非常重要。

And I think it's fair to say that we have a lot of momentum for Polestar 4, but also Polestar 3, and that's encouraging to see because that is the way to go. And I think, obviously, now we try to explore this even better with more retailers, but I think product mix is absolutely going in the right direction, and we're happy to see with this development.

我認為可以說，我們對 Polestar 4 和 Polestar 3 都抱有很大的發展勢頭，這是令人鼓舞的，因為這是前進的方向。我認為，顯然現在我們試圖與更多的零售商更好地探索這一點，但我認為產品組合絕對朝著正確的方向發展，我們很高興看到這種發展。

Great. Thank you. And I know it's a ways out, and I think this is something that was addressed on the last call, but the U.S. ban on China-connected cars starting model year 2027, I know there's a ways to go, but have there been any development on your end on ways to work around this?

偉大的。謝謝。我知道這是一條出路，而且我認為這是上次通話中討論過的問題，但美國從 2027 年車型開始禁止與中國聯網的汽車，我知道還有很長的路要走，但您在解決這個問題的方法上有什麼進展嗎？

Yes, absolutely. And as I said earlier on, the U.S. is an important growth market for us. That's why we have many dialogues obviously, to find good solutions for the model year '27 because it's still a bit time, but obviously, preparations are happening now. And this is exactly what we are doing to make sure that we are compliant in the U.S. and can continue our growth story. So we are very focused on making sure we comply with this new legislation.

是的，絕對是。正如我之前所說，美國是我們的一個重要的成長市場。這就是為什麼我們進行了很多對話，為 27 年車型找到好的解決方案，因為還需要一些時間，但顯然，準備工作正在進行中。這正是我們正在做的事情，以確保我們符合美國的規定並能夠繼續我們的成長。因此，我們非常注重確保遵守這項新法規。

Okay. Thank you.

好的。謝謝。

(Operator Instructions) There appear to be no further questions at this time, so I'll hand the call back to Michael for closing remarks.

（操作員指示）目前似乎沒有其他問題，因此我將把電話交還給邁克爾，讓他做最後發言。

Yes. Thank you, operator, and thanks, everybody, for joining this Q1 call. Thanks for staying with us. And hopefully, we could bring across like where do we see the improvements. For us, a good quarter and looking forward to the continuous dialogue with all of you.

是的。謝謝接線員，也謝謝大家參加本次 Q1 電話會議。感謝您與我們同在。希望我們能夠傳達出我們在哪些方面看到了改進。對我們來說，這是一個好的季度，並期待與大家繼續對話。

I wish you a very good day. Talk to you soon. Bye-bye.

祝您有個愉快的一天。很快再和你聊。再見。