Polestar Automotive Holding UK PLC (PSNY) 2025 Q2 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 Polestar's results for the first half of 2025. I'm joined by Michael Lohscheller, Polestar's CEO; and Jean-Francois Mady, Polestar's CFO, who will comment on the performance, and then we will open the floor to analysts' 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 年上半年的表現。與我一起的還有 Polestar 執行長 Michael Lohscheller 和 Polestar 財務長 Jean-Francois Mady，他們將對業績進行評論，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 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。

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 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 財務指標的討論以及與最直接可比較的 GAAP 指標的對賬，請參閱新聞稿附錄和今天發布的 6-K 表格。

Now I will hand over to Michael.

現在我將把時間交給麥可。

Hello, everyone, and thank you for joining us today. It's one year since the announcement of my appointment as CEO of Polestar, and I'd like to spend a few moments reflecting both on my first 12 months here as well as our commercial and operational performance during the first 6 months of 2025.

大家好，感謝大家今天加入我們。距離我宣布被任命為 Polestar 執行長已經過去一年了，我想花點時間回顧我在這裡工作的前 12 個月以及 2025 年前 6 個月的商業和營運表現。

There were two main things that attracted me to Polestar that have become even more important and clearer during the last 12 months. First off, Polestar's strong brand with clear focus on design, performance and sustainability. The proof points for that are our unique incredible cars. Secondly, Polestar's unwillingness to compromise is something that I see manifested almost every single day. And as the world continues to throw more challenges towards us, it will remain.

吸引我關注 Polestar 的主要原因有兩個，這兩個方面在過去 12 個月變得更加重要和清晰。首先，Polestar 強大的品牌明確注重設計、性能和永續性。我們獨一無二的令人難以置信的汽車就是證明。其次，我幾乎每天都能看到 Polestar 不願妥協的表現。隨著世界繼續向我們提出更多挑戰，這種情況仍將持續下去。

First and foremost, we are invested in the future, not in the past. We are convinced that the future of mobility is emission free. It is not hybrid technology or ICE, it is electric. That's why Polestar was founded and what we will continue with.

首先，我們投資的是未來，而不是過去。我們堅信，未來的交通出行是零排放的。它不是混合動力技術或內燃機，而是電動的。這就是 Polestar 成立的原因，也是我們將繼續努力的方向。

Regulators and policymakers across the world spend years creating a framework for this transition and now is not the time to backtrack simply because some legacy OEMs haven't been fast enough in their technology development or cost competitiveness. Customers want electrification, they want emission-free mobility. Demand is increasing across major markets and our sales figures underline this. As Europe's first and only pure EV start-up, we continue to follow our mission, making the best performance EVs.

世界各地的監管機構和政策制定者花了數年時間為這一轉變創建框架，現在還不是回頭的時候，僅僅因為一些傳統原始設備製造商在技術開發或成本競爭力方面不夠快。客戶想要電氣化，他們想要零排放的旅行。主要市場的需求正在增加，我們的銷售數據也證實了這一點。作為歐洲第一家也是唯一一家純電動汽車新創企業，我們將繼續履行我們的使命，製造性能最佳的電動車。

We are very proud of our cars, which get great feedback and reviews from customers and industry experts. Polestar 4 recently won the prestigious Red Dot Best of the Best award. The Mille Miglia rally in Italy as well as achieving a 5-star Euro NCAP safety rating, just like Polestar 2 and Polestar 3. Like its siblings, Polestar 4 benefits from regular over-the-air updates, improving the car and adding new features on a regular basis.

我們對我們的汽車感到非常自豪，它們獲得了客戶和行業專家的良好回饋和評價。Polestar 4 最近榮獲了享有盛譽的紅點最佳設計獎。義大利 Mille Miglia 拉力賽，並與 Polestar 2 和 Polestar 3 一樣獲得了五星級歐洲 NCAP 安全評級。與其同類產品一樣，Polestar 4 受益於定期的無線更新，可以定期改進車輛並添加新功能。

Polestar 3 recently set a Guinness World Record traveling 935 kilometers on 1 charge around Southeast England, reaffirming our view that there is no reason for range anxiety. Polestar Charge now offers access to over 1 million charge points across Europe, making owning and driving a Polestar even easier.

Polestar 3 最近創造了一項吉尼斯世界紀錄，在英格蘭東南部一次充電行駛了 935 公里，這再次證明了我們沒有必要擔心續航里程。Polestar Charge 現可覆蓋歐洲超過 100 萬個充電點，讓擁有和駕駛 Polestar 變得更加輕鬆。

The next big thing is Polestar 5. This car is our brand shaper. It showcases what Polestar is all about. And we are very excited about the launch on September 8 at IAA in Munich. I can tell you that we have completed the first VIP media test drives in the past weeks. The reactions of the journalists speak for themselves. With this car, we can compete with legacy performance brands. Let me tell you, this car is amazing, a 4-seat Grand Tourer with amazing power, precise handling and sustainable materials. For those of you coming to IAA, make sure to visit our booth so you can experience this incredible car for yourself.

下一個大事件是 Polestar 5。這輛車是我們的品牌塑造者。它展示了 Polestar 的全部內容。我們對 9 月 8 日在慕尼黑 IAA 舉行的發表會感到非常興奮。我可以告訴你們，我們在過去幾週內已經完成了第一次 VIP 媒體試駕。記者們的反應不言而喻。有了這款車，我們就可以與傳統性能品牌競爭。我告訴你，這輛車太棒了，這是一款 4 人座豪華旅行車，擁有驚人的動力、精準的操控和可持續的材料。對於即將參加 IAA 的各位，請務必參觀我們的展位，以便親身體驗這款令人難以置信的汽車。

Looking slightly further ahead, we have recently announced that our next model, Polestar 7, will be manufactured in Kosice, Slovakia together with our manufacturing and development partner, Volvo Cars. More to come about this in the future, but for now, this is a very important milestone for us, being able to manufacture a car in Europe. This compact SUV targets the fastest-growing segment in our industry and is expected to launch in 2028.

展望未來，我們最近宣布，我們的下一代車型 Polestar 7 將與我們的製造和開發合作夥伴沃爾沃汽車在斯洛伐克科希策生產。未來還會有更多相關信息，但就目前而言，能夠在歐洲生產汽車對我們來說是一個非常重要的里程碑。這款緊湊型 SUV 瞄準我們行業中成長最快的細分市場，預計將於 2028 年推出。

Looking back at the last few months, I am pleased with the operational improvements and developments that our team have delivered in a very challenging market. In light of these conditions, we have identified further actions to accelerate our strategic journey, finding additional efficiencies and improvement. The ambitions set out in the strategic plan announced in January are reliant on three main components: increasing our sales through a transformation of our commercial operations, enhancing our operating efficiency and cost discipline and improving our cash position.

回顧過去幾個月，我對我們的團隊在充滿挑戰的市場中所取得的營運改善和發展感到滿意。鑑於這些情況，我們已確定進一步行動來加速我們的策略進程，尋求額外的效率和改進。一月宣布的策略計畫中提出的目標取決於三個主要要素：透過轉變商業營運來增加銷售額，提高營運效率和成本控制，以及改善現金狀況。

Our active selling model is now implemented with existing and new partners across all major markets. Compared to the end of Q2 last year, we have grown our number of sales points excluding China, by 40% to 169, and this number will continue to grow during the coming months into the next year. We still offer our cars online which some customers prefer, but our growth ambitions would not be attainable without growing our network of dealers.

我們的主動銷售模式現已與所有主要市場的現有和新合作夥伴一起實施。與去年第二季末相比，我們在中國以外的銷售點數量增加了 40%，達到 169 個，而這一數字在未來幾個月和明年還將繼續增長。我們仍然在網路上提供汽車，這是一些客戶喜歡的方式，但如果不擴大經銷商網絡，我們的成長目標就無法實現。

In summary, despite the well-known geopolitical and market challenges, our financial results for the first half of the year show that we are on the right track and doing the right things. We grew our retail sales by 51%. Our revenue was up 56% to $1.4 billion. Our adjusted gross margin, excluding the announced impairment is positive and has improved year-over-year. Our CO2 sales for 2025 are up and expected to be in line with our announced target.

總而言之，儘管存在著眾所周知的地緣政治和市場挑戰，但我們上半年的財務結果表明，我們正走在正確的軌道上，做著正確的事情。我們的零售額成長了51%。我們的營收成長了 56%，達到 14 億美元。不包括已宣布的減值，我們的調整後毛利率為正，且較去年同期有所改善。我們 2025 年的二氧化碳銷售量將會上升，預計將與我們宣布的目標一致。

Thanks to commercial initiatives and lower material costs, including for batteries, we are seeing a reduction in production costs. Marketing spend has been optimized in line with planned activities and workforce and organizational structure changes are being made. There is still a lot to do but we are successfully implementing our plan and doing the right things.

由於商業措施和較低的材料成本（包括電池成本），我們看到生產成本的下降。行銷支出已根據計劃活動進行了優化，並且正在進行勞動力和組織結構變革。還有很多工作要做，但我們正在成功實施我們的計劃並做正確的事情。

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

我的開場白到此結束，接下來交給 Jean-Francois。

Thank you, Michael. Good morning, good afternoon, everyone. Financial results for the first six months of '25 reflect strong commercial performance as we continue the transition to the active selling model at pace. However, significant external headwinds, notably tariffs and mounting pricing pressure impacted profitability, particularly in the second quarter.

謝謝你，麥可。大家早安，下午好。隨著我們繼續快速向主動銷售模式轉型，25 年前六個月的財務表現反映了強勁的商業表現。然而，巨大的外部阻力，特別是關稅和不斷增加的價格壓力影響了獲利能力，尤其是在第二季。

Looking at the financial results for the first half of 2025, retail sales volume as pre-announced, grew by 51% to over 30,000 cars, ahead of our growth target of 30% to 35% for 2025 to 2027. Polestar 3 and Polestar 4 made up well over 50% of the volume.

從2025年上半年的財務表現來看，零售量如預先公佈的那樣增長了51%，達到30,000多輛汽車，超過了我們2025年至2027年30%至35%的增長目標。Polestar 3 和 Polestar 4 佔據了超過 50% 的銷售量。

In the second half of the year, the comparison will be tougher as first sale in Q1 2024 were low. Second, sales increased during H2 2024 compared to H1 2024. And third, we face a very different industry environment compared to a year ago. Having said that, we expect to continue to grow year-on-year in line with our set growth targets.

由於 2024 年第一季的首次銷售量較低，因此下半年的比較將更加困難。其次，2024 年下半年的銷售額與 2024 年上半年相比有所增加。第三，與一年前相比，我們面臨的產業環境截然不同。話雖如此，我們預計將繼續按照既定的成長目標來實現同比增長。

By geography, we saw particularly strong performances in Europe with U.K., Germany, Belgium and the Nordic region and in APAC with South Korea. However, the situation in the U.S. is challenging due to tariffs and policy changes, and this market represents about 9% of our retail sales. We operate in 28 countries worldwide, and Europe is now our main regional market with presence in 17 countries, and I'm pleased to say that it is doing well, especially in terms of commercial footprint as mentioned by Michael. Polestar signed up 26 new retail partners, of which 20 in Europe compared to just 10 partners for the whole of 2024.

從地域來看，歐洲的英國、德國、比利時和北歐地區以及亞太地區的韓國表現尤其強勁。然而，由於關稅和政策變化，美國的情況充滿挑戰，該市場約占我們零售額的 9%。我們在全球 28 個國家開展業務，歐洲現在是我們的主要區域市場，業務遍及 17 個國家，我很高興地說，我們的業務發展良好，特別是在邁克爾提到的商業足跡方面。Polestar 簽約了 26 家新的零售合作夥伴，其中 20 家在歐洲，而 2024 年全年僅有 10 家合作夥伴。

And as part of our commercial geographic development in Europe, we launched in France in the first week of June with all three models available for purchase. In this context, our revenue grew by 56% to $1.4 billion in H1, driven by higher sales volume and a growing share of higher-priced Polestar 3 and Polestar 4 models.

作為我們在歐洲商業地理發展的一部分，我們於 6 月第一周在法國推出了這三種型號的產品並可供購買。在此背景下，受銷售成長和高價位 Polestar 3 和 Polestar 4 車型份額增長的推動，我們的收入在上半年增長了 56%，達到 14 億美元。

Carbon credit sale amounted to $90 million from almost no sale a year earlier under the new EU pooling agreement and sale in the U.S. Of $90 million, $72 million is booked in revenue and $80 million is booked in other operating income. Committed carbon credit sales are reasonably derisked for the second half of the year. And clearly, we are on track to achieve a 3-digit $100 million amount in 2025 as we guided in January.

根據新的歐盟集中協議和美國的銷售，碳信用銷售額達到 9,000 萬美元，而一年前幾乎沒有銷售。在這 9,000 萬美元中，7,200 萬美元記入收入，8,000 萬美元記入其他營業收入。承諾的碳信用額銷售在下半年已合理降低風險。顯然，正如我們在一月份所預測的那樣，我們有望在 2025 年實現三位數 1 億美元的目標。

Gross margin was negative at 49% in the first half of the year due to an impairment expense of $739 million for Polestar 3 assets booked in the second quarter. The key factors driving the impairments are an increase in production costs resulting from new tariffs on parts for cars to be assembled in the U.S. and mounting pressure on pricing. These factors significantly impact current and forecast volume and profitability of Polestar 3. Overall, the adjusted gross margin, which excludes the impairment expense, improved to a positive 1.4% in the first six months from a negative 2.6% a year ago.

由於第二季提列了 7.39 億美元的 Polestar 3 資產減損費用，上半年毛利率為負 49%。造成減損的主要因素是美國對在美國組裝的汽車零件徵收新關稅導致生產成本上升，以及定價壓力不斷增加。這些因素極大地影響了 Polestar 3 的當前和預測銷售和盈利能力。整體而言，扣除減損費用後的調整後毛利率從一年前的負 2.6% 上升至上半年的正 1.4%。

Despite higher tariffs year-on-year, a growing share of Polestar 3 and Polestar 4 in the geographical sales mix contributes to gross margin improvement. In addition, continuous product cost reduction delivered through commercial initiatives and the lower cost of material and batteries contribute to offset partially external headwinds. The carbon credit sale contributed positively to Polestar's profitability.

儘管關稅同比上漲，但 Polestar 3 和 Polestar 4 在地區銷售組合中的份額不斷增加有助於提高毛利率。此外，透過商業措施持續降低產品成本以及降低材料和電池成本有助於部分抵銷外部阻力。碳信用額的出售對Polestar的獲利能力做出了積極貢獻。

Selling, general and administrative expenses, excluding the sale agency remuneration, decreased by $49 million year-on-year, that is to say by 12%, reflecting mainly optimized marketing and advertising costs and reduction in administrative costs resulting from cost discipline and organizational restructuring with reduced headcount. Research and development costs were higher by $7 million year-on-year due to a lower capitalization rate in the period.

銷售、一般及行政開支（不包括銷售代理費）年減 4,900 萬美元，即減少 12%，主要反映營銷和廣告成本的優化以及成本管控和組織重組及員工減少導致的行政開支的減少。由於本期間資本化率較低，研發成本年增 700 萬美元。

For the first six months of 2025, net loss results primarily reflect the impairment expense. Adjusted EBITDA loss of $302 million narrowed by 30%, reflecting the improvement at the top line and adjusted gross margin as well as enhanced operating efficiencies and cost discipline and higher other operating income, including positive FX impact. If we look at the result of the second quarter, the quarter-on-quarter development merit explanation when looking at the revenue and the adjusted gross margin.

2025 年前六個月的淨虧損結果主要反映減損費用。調整後的 EBITDA 虧損為 3.02 億美元，收窄了 30%，這反映了營業收入和調整後毛利率的提高，以及營運效率和成本控制的提高以及其他營運收入的增加，包括積極的外匯影響。如果我們看一下第二季的結果，那麼從收入和調整後的毛利率來看，季度環比發展是值得解釋的。

Retail sales grew by 47% compared to the first quarter. Revenue increased 25%, driven mainly by higher volume, partially offset by mounting pressure on pricing and a different sales mix. The sales mix compared to the first quarter was affected by two factors: first, more Polestar 2 cars were sold reflecting demand; and second, the channel mix with more internal sale vehicle to promote Polestar 3 and Polestar 4 and to support the expansion of our retail network. Sales of carbon credits were $41 million in the second quarter and $31 million in the first one.

零售額較第一季成長47%。收入成長了 25%，主要原因是銷量增加，但定價壓力加大和銷售組合變化部分抵消了這一增長。與第一季相比，銷售組合受到兩個因素的影響：首先，由於需求增加，Polestar 2 汽車銷量增加；其次，通路組合中增加了內部銷售車輛，以推廣 Polestar 3 和 Polestar 4，並支持我們零售網絡的擴張。第二季碳信用額銷售額為 4,100 萬美元，第一季為 3,100 萬美元。

Gross margin include impairment expense. Adjusted gross margin was a negative 5.7%, lower by 16 points quarter-on-quarter. First, we faced an intensifying competitive pricing environment. Second, we sold more Polestar 2 cars due to demand. Third, the cost of sales increased due to tariffs. And finally, there was a negative adjustment to inventory net realizable value. Net loss in the second quarter is primarily a result of the impairment expense. Adjusted EBITDA loss of $216 million increased compared to the result in the first quarter, mainly due to negative evolution of the adjusted gross margin.

毛利率包含減損費用。調整後毛利率為負5.7%，季減16個百分點。首先，我們面臨日益激烈的競爭定價環境。其次，由於需求量大，我們銷售了更多的 Polestar 2 汽車。三是關稅導致銷售成本增加。最後，對庫存淨可實現值進行了負調整。第二季的淨虧損主要是因為減損費用造成的。調整後 EBITDA 虧損 2.16 億美元，較第一季增加，主因是調整後毛利率出現負面變動。

Entering the second half of the year, we are focusing on the following measures: rebalancing the product and channel mix, leveraging, for example, the launch of Polestar 4 in North America, targeting further cost reduction, especially in product cost and capitalizing on further sale of carbon credits. On the funding of our operation and liquidity, we are pleased to have raised $200 million of new equity from PSD Investments, an existing investor and an entity that is controlled by Mr. Li Shufu, Founder and Chairman of Geely Holding Group.

進入下半年，我們將重點放在以下措施：重新平衡產品和通路組合，例如利用Polestar 4在北美的推出，進一步降低成本，特別是產品成本，並利用進一步銷售碳信用。在營運和流動資金方面，我們很高興從現有投資者、吉利控股集團創始人兼董事長李書福先生控制的實體 PSD Investments 籌集了 2 億美元的新股權。

In terms of loan facilities, we succeeded in securing about $1 billion worth of new 12-month term facilities and renewed about $1.1 billion of existing 12-month term facilities. These facilities allow for efficient funding of Polestar operating and investing activities.

在貸款方面，我們成功獲得了價值約 10 億美元的新的 12 個月定期貸款，並續簽了約 11 億美元的現有 12 個月定期貸款。這些設施可為 Polestar 的營運和投資活動提供有效的資金。

Our cash position at the end of June was $719 million. We continuously engage in a constructive dialogue with our club lenders. Following ongoing discussion, Polestar agreed amended covenants with club loan facility banks and quarterly and annual testing for the remainder of 2025. Regarding its debt level, Polestar remained compliant with its loan covenants.

截至六月底，我們的現金狀況為 7.19 億美元。我們不斷與俱樂部貸款人進行建設性對話。經過持續的討論，Polestar 同意與俱樂部貸款銀行修改契約，並在 2025 年剩餘時間內進行季度和年度測試。至於債務水平，Polestar 仍然遵守其貸款契約。

I will finally touch upon the cash burn rate for the first six months of 2025. We have made good progress on unwinding the new inventory from last year from 23,000 units to now 14,000 units, which had a positive impact on the working capital. However, the increase in receivable at the end of June due to high retail sales volume, combined with a high level of payment to our related party distorted our normalized cash burn management performance.

最後，我將談談 2025 年前六個月的現金消耗率。我們在清理去年新庫存方面取得了良好進展，從 23,000 台減少到現在的 14,000 台，這對營運資金產生了積極影響。然而，由於零售量高導致 6 月底應收帳款增加，加上向關聯方支付的高額款項扭曲了我們正常的現金消耗管理績效。

We will continue in the second half of the year to enhance our working capital management, still focusing on optimizing the inventory level and our CapEx spending while expecting an increase in cash used for investing activities during the second half of the year due to Polestar 5, the model years and our manufacturing activity in Busan, South Korea.

我們將在下半年繼續加強營運資本管理，仍專注於優化庫存水準和資本支出，同時預計由於 Polestar 5、車型年和我們在韓國釜山的製造活動，下半年用於投資活動的現金將會增加。

To conclude, our priorities remain: first, driving growth through the active selling model and leveraging our attractive model lineup; second, improving processes, streamlining the organization and operation, looking for further synergies; third, extracting efficiencies and cutting costs; and last but not least, protecting the cash and securing new equity funding.

總而言之，我們的優先事項仍然是：首先，透過主動銷售模式推動成長，並利用我們具有吸引力的模型陣容；其次，改進流程，精簡組織和運營，尋求進一步的協同效應；第三，提高效率並削減成本；最後但並非最不重要的是，保護現金並獲得新的股權融資。

We are making progress and Polestar is energetically transforming, but it is fair to recognize that the external environment is very different since Michael and I started with Polestar. But we will continue to focus on what is under our control and protect the company in the face of external headwinds. In terms of guidance, we will not be issuing any financial guidance at this time other than reiterating the target compound annual retail sales volume growth of 30% to 35% over 2025 and 2027.

我們正在取得進展，Polestar 也在大力轉型，但必須認識到，自從我和邁克爾開始加入 Polestar 以來，外部環境已經大不相同。但我們將繼續專注於我們能控制的事情，並在面臨外部阻力時保護公司。在指導方面，除了重申 2025 年和 2027 年零售額複合年增長率為 30% 至 35% 的目標外，我們目前不會發布任何財務指引。

Now I will hand over back to the operator.

現在我將把麥克風交還給接線員。

(Operation Instructions)

（操作說明）

Winnie Dong, Deutsche Bank.

德意志銀行的 Winnie Dong。

Hi. Thanks so much for taking my question.

你好。非常感謝您回答我的問題。

I was wondering if you can maybe comment on the demand environment quarter-to-date. You achieved some really good growth in Q2. Just curious on your commentary in terms of how that extend into Q3 and then the rest of the year. And then secondly, I was wondering if you can help us bridge from Q1 adjusted gross margin to the Q2 figure. What were some of the factors that drove the margin decline and maybe breakdown for what each components were possible? Thank you.

我想知道您是否可以對本季迄今為止的需求環境發表評論。您在第二季度取得了非常好的成長。我只是好奇您對這種情況如何延續到第三季以及今年剩餘時間的評論。其次，我想知道您是否可以幫助我們將第一季調整後的毛利率與第二季的數據進行比較。哪些因素導致了利潤率下降？每個組成部分的利潤率可能會出現什麼變化？謝謝。

Thank you, Winnie. This is Michael here. Let me take the first question on the demand and give you some color, and then I'm sure Jean-Francois will give you some further color on the margin development.

謝謝你，溫妮。我是麥可。讓我先回答有關需求的第一個問題並給你一些說明，然後我相信 Jean-Francois 會給你進一步說明利潤率的發展。

So what did we see in terms of demand? I mean, obviously, overall BEV markets are still growing, right, despite what everybody is saying, right? But the growth is obviously not as we expected a couple of years ago. But we see in all key markets' growth of the BEV markets, especially here in Europe, which obviously is good news for us. However, we do see shifts in segments, right? So there's clearly a trend to lower-priced BEVs in particular European market.

那麼，就需求而言我們看到了什麼？我的意思是，顯然，儘管大家都這麼說，但整體 BEV 市場仍在成長，對吧？但成長顯然不如我們幾年前所預期的。但我們看到所有主要市場的 BEV 市場都在成長，尤其是歐洲，這對我們來說顯然是個好消息。然而，我們確實看到了細分市場的變化，對嗎？因此，尤其是在歐洲市場，純電動車明顯呈現低價化趨勢。

But overall, I think there is demand. Demand is developing in a positive way. Then of course, it varies like the U.S., we see a lot of uncertainty, right? You guys all have seen that the tax credits are going away. Obviously, there is uncertainty. It's hard to predict. But overall, I think it's important to remind ourselves we still see growing BEV markets across Europe, and I think that's positive for us.

但總體而言，我認為有需求。需求正在積極發展。當然，情況會像美國一樣變化，我們看到很多不確定性，對嗎？你們都已經看到稅收抵免正在消失。顯然，存在不確定性。這很難預測。但總的來說，我認為重要的是提醒自己，我們仍然看到歐洲各地的 BEV 市場正在成長，我認為這對我們來說是正面的。

With that, maybe Jean-Francois, you take the second one.

有了這個，也許 Jean-Francois 會選擇第二個。

Yes. Thanks, Michael. Hello, Winnie. So just to give you some color regarding the evolution of the gross margin between Q2 and Q1. So in Q2, despite the increase of volume, what we can see is, I would say, a negative car line sale mix with more demand on the Polestar 2, detrimental, I would say, to the mix of Polestar 4 and Polestar 3. We can see also that in terms of channel mix, we had more internal sale in order to further promote Polestar 3 and Polestar 4 in phase with the development of our retail network in order, I would say, to support those cars in a more competitive environment.

是的。謝謝，麥可。你好，溫妮。因此，我只是想向您介紹一下第二季和第一季之間的毛利率變化。因此，在第二季度，儘管銷量有所增加，但我認為，我們看到的是，汽車系列銷售呈現負成長，Polestar 2 的需求增加，這對 Polestar 4 和 Polestar 3 的銷售組合不利。我們還可以看到，在通路組合方面，我們進行了更多的內部銷售，以便與零售網絡的發展同步進一步推廣 Polestar 3 和 Polestar 4，我想說，以便在更具競爭力的環境中支持這些汽車。

As well as part of this competitive environment, what we can see, this is a mounting pressure on the prices. But also looking at our cost of goods sold, we have been fully impacted by the confirmed increase of tariffs, including partially the new increase that we have seen during Q2 on the import of parts and components.

除了這種競爭環境之外，我們還可以看到，價格壓力正在增加。但從我們的銷售成本來看，我們已受到已確認的關稅上調的全面影響，其中包括我們在第二季度看到的零件進口關稅的新上調。

And when we consolidate all those factors, pricing and increase of cost of goods sold, we had also to reconsider an assessment of the net reliable value of our inventory, which caused a negative impact. Having said that, I would like to mention that we had also positive impact related to the CO2 credit sale, but also the continuing decrease of the cost of our product. I think that we did significant improvement since the last six to eight months.

當我們綜合考慮所有這些因素、定價和銷售成本的增加時，我們還必須重新考慮對庫存淨可靠價值的評估，這造成了負面影響。話雖如此，我想提一下，我們在二氧化碳信用額度銷售方面也產生了積極影響，而且我們的產品成本也持續下降。我認為自過去六到八個月以來我們取得了顯著的進步。

And looking at H2 and entering H2, while still wanted to comply with our volume guidance of 30% to 35% volume increase over '25 to '27, it is fair as well to comment that we want to still monitor all the actions which are under our control, that is to say the sales mix, but also the channel mix, but still continuing as well on the cost reduction.

展望下半年，進入下半年，我們仍希望遵守 2025 年至 2027 年銷量增長 30% 至 35% 的預期，同時公平地說，我們仍希望監控所有在我們控制之下的行動，即銷售組合，還有渠道組合，但同時仍繼續降低成本。

Thank you so much. I'll pass it along.

太感謝了。我會傳達的。

Tobias Beith, Rothschild and Co. Redburn.

託拜厄斯‧貝斯 (Tobias Beith)、羅斯柴爾德家族 (Rothschild) 與雷德本公司 (Co. Redburn)。

Hi. Good morning both. Thanks for taking my question. I hope you're well. I have two, please. I'll ask them separately if that's great.

你好。兩位早安。感謝您回答我的問題。我希望你一切都好。請給我兩份。如果這樣可以的話我會分別詢問他們。

If they're present today, I was wondering whether you could quantify how large potential reimbursements are to your contract manufacturing partners for lower-than-expected volumes today and over the next few years versus when these nameplates and presumably the supply contracts were conceived.

如果他們今天存在，我想知道您是否可以量化今天和未來幾年低於預期產量對您的合約製造合作夥伴的潛在補償金額，與這些銘牌和可能的供應合約構思時相比。

I can take that, Tobias, and I hope you're doing well.

我可以接受，托比亞斯，希望你一切都好。

So obviously, as you know, we have an asset-light business model, right? So obviously, you have the support from Geely and Volvo also in terms of where we produce our cars, right? And of course, there, we have long-term agreements. But of course, there are changes, right, as the industry is changing. So we don't give you a figure here today as you might have expected, but I can tell you that we have long-term agreements with our partners, work through any possible changes. And of course, needless to say, you have seen it in our figures expected. So that's what I can say on that side.

顯然，如你所知，我們擁有輕資產商業模式，對嗎？顯然，我們在汽車生產方面也得到了吉利和沃爾沃的支持，對嗎？當然，我們之間有長期協議。但當然，隨著產業的變化，也會有變化。因此，我們今天不會像您預期的那樣在這裡給出一個數字，但我可以告訴您，我們與合作夥伴達成了長期協議，並正在努力解決任何可能的變化。當然，不用說，您已經在我們預期的數據中看到了這一點。這就是我在這方面可以說的。

All right, thanks for trying to help. Second question, how does Polestar intend to establish brand independence from Geely and Volvo Cars over the next couple of years given the overlap, which will still exist between the respective product portfolios and the requirement for Polestar to establish a premier with similar products to generate its own profits?

好的，感謝您的幫忙。第二個問題，考慮到兩家公司的產品線仍會存在重疊，而且 Polestar 需要透過打造類似產品的旗艦品牌來獲取利潤，Polestar 打算如何在未來幾年內實現與吉利和沃爾沃汽車的品牌獨立？

Yes. Also, great question, Tobias. Let me take that, Michael again.

是的。另外，托比亞斯，這個問題問得很好。讓我再說一遍，麥可。

So first of all, I think it's fair to say that Polestar really has established a strong brand, right, absolutely being perceived as a Swedish Scandinavian brand. While on the one hand, we utilize, for example, the service network of Volvo of the Volvo dealer network, which is very, very important because customers immediately ask like where can we do the service?

首先，我認為可以公平地說，Polestar 確實已經建立了一個強大的品牌，絕對被視為瑞典斯堪的納維亞品牌。一方面，我們利用沃爾沃的服務網絡、沃爾沃經銷商網路等，這非常非常重要，因為客戶會立即詢問我們在哪裡可以提供服務？

We have separate showrooms, right? Most of our retailers, and we have seen a strong growth of retailers, also Volvo retailers, but we have separate showrooms. And I think the brands differentiate extremely well. So Polestar clearly stands for design but also performance and sustainability and we have seen very little overlap between Volvo and Polestar.

我們有單獨的陳列室，對嗎？我們的大多數零售商，以及沃爾沃零售商都出現了強勁增長，但我們有單獨的展廳。我認為這些品牌的差異化非常好。因此，Polestar 顯然代表著設計，同時也代表著性能和永續性，我們發現沃爾沃和 Polestar 之間很少有重疊。

It's actually incremental business for most of our dealers, right? And that's why they appreciate that. That's why we can also grow the number of retailers very fast. You have seen that we are now having a retail number of 169. We grow every month 5 to 6 retailers around the world. So that's what we do.

對於我們大多數經銷商來說，這實際上都是增量業務，對嗎？這就是他們欣賞這一點的原因。這就是為什麼我們也能快速增加零售商的數量。您已經看到，我們現在的零售數量是 169。我們每月在全球增加 5 到 6 家零售商。這就是我們所做的。

And with that, we can also make sure that we develop Polestar more and more to a premium brand, right? And this takes time, this doesn't come overnight, but I think we do the right things, price accordingly and also have very different marketing activities. And then obviously, also products like the Polestar 5, which we will introduce next week at the IAA Munich, and some of you might have seen pictures, that is obviously a very, very strong asset to build this premium of the Polestar brand because very few brands have a car like that. Let me tell you that, right?

這樣一來，我們還可以確保將 Polestar 發展成為一個高端品牌，對嗎？這需要時間，不是一朝一夕就能實現的，但我認為我們做了正確的事情，制定了相應的價格，並且開展了非常不同的行銷活動。顯然，還有像 Polestar 5 這樣的產品，我們將於下週在慕尼黑 IAA 車展上推出它，你們中的一些人可能已經看到了圖片，這顯然是打造 Polestar 品牌高端產品的非常強大的資產，因為很少有品牌能擁有這樣的汽車。讓我告訴你吧，對吧？

So I hope that, that gives you a little bit of color how we want to differentiate on the one hand, while using the synergies of the Volvo service network and dealer network in particular, and how we want to develop the Polestar brand as a premium brand further.

因此，我希望這能讓您稍微了解我們如何一方面實現差異化，同時特別利用沃爾沃服務網絡和經銷商網絡的協同效應，以及我們如何進一步將 Polestar 品牌發展為高端品牌。

Cool. That's very helpful. Thank you, Michael. I'll hand over the line.

涼爽的。這非常有幫助。謝謝你，麥可。我會把線路交接過來。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯謝潑德、康托費茲傑拉。

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

嘿，大家好。早安，下午好，感謝您回答我們的問題。

Jean-Francois, I'm wondering if -- I know you touched this on the call, but can you just remind us the company's total liquidity, maybe cash burn expectations for the second half? And how are you thinking about capital needs, capital runway? Thank you.

Jean-Francois，我想知道——我知道您在電話中提到了這一點，但您能否提醒我們公司下半年的總流動性，也許是現金消耗預期？您如何考慮資本需求和資本跑道？謝謝。

Thanks, Andres. First, I just would like to step back regarding the liquidity situation of Polestar, to mention that we have a constructive and positive dialogue with the lenders participating to our pool. And just to demonstrate it, as mentioned it previously, we have secured a renewed plus $2.1 billion over the first eight months of 2025. At the same time, in full agreement with our lenders, we have also renegotiated some of our comments -- some of our covenants, sorry. So at the end of June, in terms of cash, we are at $719 million.

謝謝，安德烈斯。首先，我想退一步談談 Polestar 的流動性狀況，並指出我們與參與我們資金池的貸方進行了建設性和積極的對話。為了證明這一點，正如之前提到的，我們在 2025 年前八個月獲得了 21 億美元的續約資金。同時，在與貸款人達成完全一致的情況下，我們也重新協商了我們的一些意見——抱歉，是我們的某些契約。因此，截至 6 月底，我們的現金餘額為 7.19 億美元。

Looking at our debt. So as I already mentioned it, the level of the debt is too high, and this is not satisfying for Polestar. We are still compliant with our total debt covenant of $5.5 billion. We still have some headroom. And as we mentioned it previously, it is very much important for us to deleverage this level of debt and to continue financing our operation and investing activity, diversifying our source of funding and raising new equity.

看看我們的債務。正如我已經提到的，債務水平太高，這對 Polestar 來說是不令人滿意的。我們仍然遵守總額 55 億美元的債務契約。我們仍有一定的發展空間。正如我們之前提到的，對於我們來說，降低這一水平的債務槓桿、繼續為我們的營運和投資活動提供資金、實現資金來源多元化和籌集新股本非常重要。

When it comes to the cash burn, so in H1, it is fair to comment that we had a negative EBITDA of $300 million, which obviously impacted our cash burn. But also to recognize that as part of our working capital improvement, we had a significant decrease of our inventory, which have moved from 23,000 units at the end of December '24 to 14,000 units at the end of June '25. This is a great achievement, which contributed to improve our working capital.

說到現金消耗，公平地說，在上半年，我們的 EBITDA 為負 3 億美元，這顯然影響了我們的現金消耗。但也要認識到，作為我們營運資金改善的一部分，我們的庫存大幅減少，從 24 年 12 月底的 23,000 台減少到 25 年 6 月底的 14,000 台。這是一項偉大的成就，有助於改善我們的營運資金。

However, at the same time, we had a very good commercial performance in June, but it impacted our level of receivable. And also in the meantime, we had paid some significant amount of a related party, which caused all in one, a negative variation of our working capital management with, I would say, considering the investing level that we had in H1 to an average cash burn of around $140 million for the first six months of H1, which is not aligned with our normalized cash burn considering the previous effect that I have mentioned.

但同時，我們6月份的商業表現非常好，但這對我們的應收帳款水準產生了影響。同時，我們向關聯方支付了一大筆款項，這導致我們的營運資本管理出現負面變化，考慮到我們在上半年的投資水平，我想說，上半年前六個月的平均現金消耗約為 1.4 億美元，這與我之前提到的正常現金消耗不一致。

Now entering H2, as you know, we paused our financial guidance. So I will not comment. But clearly, I will say, considering still the increase of our volume, the improvement of our car line mix, but as well of our expected profitability. Normally, the operating cash burn should improve. But also, it is fair to say that in terms of cash use for our investing activity, we are expecting higher cash out linked to a sale of legacy investments related to the Polestar 5, but also our factory in Busan. Now looking forward on 2026, normally, this level of cash burn should improve with the improvement of our profitability, but also less CapEx spending.

現在進入下半年，如您所知，我們暫停了財務指引。所以我不會發表評論。但顯然，我要說的是，我們仍然在考慮銷售量的成長、汽車產品線組合的改善，同時也在考慮預期獲利能力的成長。正常情況下，營運現金消耗應該會有所改善。但同樣，公平地說，就我們投資活動的現金使用而言，我們預計與 Polestar 5 相關的遺留投資以及我們在釜山的工廠的出售相關的現金流出會更高。現在展望 2026 年，通常情況下，隨著獲利能力的提高，這種現金消耗水準應該會有所改善，但資本支出也會減少。

Wonderful. That's super helpful. I really appreciate all that color.

精彩的。這非常有幫助。我真的很欣賞這些顏色。

Maybe as just a quick follow-up. With the Polestar 5 now becoming available, curious how should we think about the ASPs -- the blended ASPs and the gross margins for the rest of the year? What kind of demand might you expect from the Polestar 5? And how might that impact margins and ASPs for the second half of the year? Thank you.

也許只是一個快速的後續行動。隨著 Polestar 5 的上市，我們很好奇應該如何看待平均售價——混合平均售價和今年剩餘時間的毛利率？您預計 Polestar 5 會有什麼樣的需求？這會對下半年的利潤率和平均售價產生什麼影響？謝謝。

Yes. Thanks, Andres, Michael here. Let me take that.

是的。謝謝，安德烈斯，我是麥可。讓我來接手。

So obviously, first, I mean, the Polestar 5 is a very, very unique sports car, right? GT, high performance, a lot of technology in there. And it's really -- it stands for what the Polestar brand is all about, right? It's summarized in this car. From a financial perspective, I don't think this is a volume model, right? This is a brand halo, this is a brand shaper. Of course, we will sell it strongly, but this is -- the point is not like this is high volume. This is really what the Polestar brand as a premium brand stands for.

所以很明顯，首先，我的意思是，Polestar 5 是一款非常非常獨特的跑車，對吧？GT，高性能，包含許多技術。這確實代表了 Polestar 品牌的全部意義，對嗎？這輛車就概括了這一點。從財務角度來看，我認為這不是一個數量模型，對嗎？這是一個品牌光環，這是一個品牌塑造者。當然，我們會大力銷售，但重點不在於銷售量高。這確實就是 Polestar 品牌作為高端品牌所代表的意義。

Once we then bring it to the market, obviously, we will have launch events. We will do this in a very, very unique way, what this car deserves, right? And then ASP will follow accordingly. Of course, we will have positive margins with this car, but as the volume is limited, I wouldn't expect like major, major changes. This is all about what the Polestar brand stands for. The Polestar 5 is not an absolute volume car, and I think that's important to keep in mind.

一旦我們將其推向市場，顯然我們就會舉辦發布活動。我們將以一種非常非常獨特的方式來做到這一點，這是這輛車應得的，對嗎？然後 ASP 也會跟著跟進。當然，這款車的利潤率是正數，但由於銷量有限，我預計不會有太大的變化。這就是 Polestar 品牌所代表的意義。Polestar 5 不是一款絕對量產的車，我認為記住這一點很重要。

I don't know, Jean-Francois, if you want to add a few things from your side.

我不知道 Jean-Francois，您是否想從您的角度來看補充一些內容。

No, nothing to add. That's fully aligned, Michael.

不，沒什麼好補充的。這完全一致，邁克爾。

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

精彩的。太感謝了。我會傳達的。

(Operator Instructions)

（操作員指示）

Dan Levy, Barclays.

巴克萊銀行的丹·利維。

Hi. Good afternoon. Thank you for taking the questions.

你好。午安.感謝您回答這些問題。

I wanted to just start with a question on your U.S. presence. If you could just remind us, I know you said you're primarily European focused on the volumes at this point. But if you could just remind us what your U.S. exposure is and what the strategy will be after the EV tax credit goes away.

首先我想問一個有關您在美國的情況的問題。如果您能提醒我們一下，我知道您說過目前您主要關注的是歐洲的數量。但如果您能提醒我們您在美國的風險敞口是什麼，以及在電動車稅收抵免取消後您的策略是什麼。

Thanks, Dan. Michael again, here. I take this, and maybe Jean-Francois will add a few financial figures.

謝謝，丹。又是邁克爾，這裡。我接受這一點，也許 Jean-Francois 會添加一些財務數字。

But first, if you look at Polestar H1, 77% of our sales are in Europe, 8% in the U.S., right? So I think those are strong numbers, so we are clearly focused on Europe. This is where we make a lot of progress. I mean, there's a reason why we're up 51% in H1. I mean, those are strong growth numbers, and they're absolutely driven by Europe, right? We are very, very successful in Europe, in particular in the U.K. and the Nordics. Germany is picking up nicely. We go into new markets. So I think we have a very, very big success story in Europe going on.

但首先，如果你看一下 Polestar H1，我們 77% 的銷售來自歐洲，8% 來自美國，對嗎？所以我認為這些都是強勁的數字，因此我們顯然將重點放在歐洲。這是我們取得很大進展的地方。我的意思是，我們上半年成長 51% 是有原因的。我的意思是，這些都是強勁的成長數字，而且絕對是由歐洲推動的，對嗎？我們在歐洲，特別是在英國和北歐地區非常成功。德國經濟正在良好復甦。我們進入新市場。所以我認為我們在歐洲取得了非常非常大的成功。

Now the U.S. is also important, and I think we have a very good setup. We can use the Volvo plant in Charleston, South Carolina. I think localization is important. But I will say very clearly, we need to find the right balance between volume and profitability, right? While tariffs is a burden for our financial results, and Jean-Francois has illustrated this in the prepared remarks very well, we will have to optimize volume and profitability and find that right balance, right?

現在美國也很重要，我認為我們有非常好的安排。我們可以使用位於南卡羅來納州查爾斯頓的沃爾沃工廠。我認為本地化很重要。但我要非常清楚地說，我們需要在數量和盈利能力之間找到適當的平衡，對嗎？雖然關稅對我們的財務表現來說是一個負擔，而且 Jean-Francois 在準備好的發言中很好地說明了這一點，但我們必須優化產量和盈利能力並找到正確的平衡，對嗎？

I think the setup is good with the local factory. We bring now the Polestar 4 also to the U.S. This will also be very helpful, but we will not grow in the U.S. at any cost, right, because the financial exposure is then too high. But of course, even after the disappearance of the tax credit, the U.S. will stay an important market for us.

我認為當地工廠的設置很好。我們現在也將 Polestar 4 帶到了美國。這也將非常有幫助，但我們不會不惜一切代價在美國發展，因為財務風險太高了。但當然，即使稅收抵免消失後，美國仍將是我們的重要市場。

I also do believe that eventually, the market will price for cost increases, right? I've never seen in many, many years in automotive that cost increases have not led to price increases. Unfortunately, at the moment, the price environment is pretty competitive, but we will continue to operate successfully in the U.S.

我也確實相信，最終市場會因成本上漲而定價，對嗎？多年來，我從未見過汽車行業成本增加而不導致價格上漲的情況。不幸的是，目前的價格環境競爭相當激烈，但我們將繼續在美國成功運作。

That's a good summary. I don't know, Jean-Francois, anything you want to add.k

這是一個很好的總結。我不知道，Jean-Francois，你還有什麼要補充的。

No. Maybe just to add that it is true that Polestar being the only one car models sold into the U.S. and being under significant pressure due to tariffs, due to the fact that tax incentive will disappear. So as you mentioned it, Michael, indeed, I think probably the market will price this disappearance of the tax incentive. But at the same time, I'm waiting for Polestar 4. We are continuing working with our partners. So Volvo in order to relocalize some parts and components, which are currently subject to tariffs.

不。也許只是要補充一點，Polestar 確實是唯一一款在美國銷售的車型，並且由於稅收優惠即將消失而面臨關稅帶來的巨大壓力。正如您所說，邁克爾，事實上，我認為市場可能會對稅收誘因的消失進行定價。但同時，我也在等待Polestar 4。我們將繼續與我們的合作夥伴合作。因此，沃爾沃需要重新本地化一些目前需要繳納關稅的零件。

We are working as well continuing working on the reduction of the cost of our product. And over the last 12 months, we had good results. The average cost of our product has decreased by 8% in average. Polestar beneficiated from this decrease. And among those cost reductions to be mentioned that the cost of the battery, which is a key component of our car, also decreased in average by 10%. So all those actions that we are monitoring, which are in our hand should help to improve the profitability of the Polestar 3 in the U.S. And of course, with Polestar 4 coming from Korea very soon, the profitability will increase further.

我們也持續努力降低產品成本。在過去的 12 個月裡，我們取得了良好的成績。我們的產品平均成本平均下降了8%。Polestar 從這一下降中受益。值得一提的是，在我們汽車的關鍵零件——電池的成本也平均下降了 10%。因此，我們正在監控的所有這些行動都應該有助於提高 Polestar 3 在美國的獲利能力。當然，隨著 Polestar 4 即將在韓國上市，獲利能力將進一步提高。

Okay. Great. Thank you. As a follow-up, I know you've withdrawn your guidance, but maybe you could just conceptually remind us of the items that you'll need to do to eventually get to EBITDA breakeven. I mean, if you could just walk through maybe conceptually, what types of volumes we need to see? What has to happen on mix? And what are the mitigants now to what seems to be what you're talking to a tougher pricing environment, tariffs and what seems to be a tougher channel mix? So if you could just conceptually walk through the items that need to occur to get to EBITDA breakeven.

好的。偉大的。謝謝。作為後續問題，我知道您已經撤回了您的指導，但也許您可以從概念上提醒我們最終實現 EBITDA 收支平衡所需做的事情。我的意思是，如果您能從概念上簡單介紹一下，我們需要看到哪些類型的捲？混合時會發生什麼事？那麼，對於您所說的更嚴峻的定價環境、關稅以及更嚴峻的管道組合，現在有哪些緩解措施？因此，如果您能從概念上介紹實現 EBITDA 收支平衡所需發生的事情。

We are still currently, I would say, assessing all the external headwinds that Polestar is facing, so including tariffs, but also change in policies and regulations. We are also looking at further what is under our control. So -- and we are also investigating in some further synergies and cooperation. But it's too early to come back to you, so we are working on a new business plan. And as soon as everything will be validated, we will come back to you with a clear guidance.

我想說，我們目前仍在評估 Polestar 面臨的所有外部阻力，包括關稅，以及政策和法規的變化。我們也在進一步研究我們能控制什麼。所以——我們也在研究一些進一步的協同與合作。但現在回覆您還為時過早，所以我們正在製定新的商業計劃。一旦一切得到驗證，我們將向您提供明確的指導。

Okay, thank you.

好的，謝謝。

Thank you. There seems to be no further questions, I would like to hand back for closing remarks.

謝謝。似乎沒有其他問題了，我想交還大家做結束語。

Thank you, operator, and thanks, everybody, for joining our call. So I hope we gave you a very clear overview of our financial performance in the second quarter of this year, but also in the first six months. And as we said in our opening remarks, we do the right things, but there are obviously several things which are not in our control. But thanks for joining, and let's stay connected and hope to see you soon. If you can make it, as I said, come to the IIA in Munich, and you will see the most beautiful car Polestar ever did, the Polestar 5. With that, let's stay in touch. Thanks for joining. Have a wonderful day.

謝謝接線員，也謝謝大家加入我們的電話會議。因此，我希望我們能夠向您清晰地概述我們今年第二季以及前六個月的財務表現。正如我們在開場白中所說的那樣，我們所做的事情是正確的，但顯然有些事情是我們無法控制的。但感謝您的加入，讓我們保持聯繫並希望很快見到您。如果你能來的話，就像我說的，來慕尼黑的IIA，你會看到Polestar有史以來最漂亮的車－Polestar 5。就這樣，我們保持聯絡吧。感謝您的加入。祝您有美好的一天。