Quantumscape Corp (QS) 2023 Q2 法說會逐字稿

Good day, and welcome to QuantumScape's Second Quarter 2023 Earnings Conference Call.

大家好，歡迎參加 QuantumScape 2023 年第二季財報電話會議。

John Saager, QuantumScape's Vice President of Capital Markets and FP&A, you may begin your conference.

QuantumScape 資本市場和 FP&A 副總裁 John Saager，您可以開始您的會議了。

Thank you, operator. Good afternoon, and thank you to everyone for joining QuantumScape's Second Quarter 2023 Earnings Call. To supplement today's discussion, please go to our IR website at ir.quantumscapes.com to view our shareholder letter.

謝謝您，接線生。下午好，感謝大家參加 QuantumScape 2023 年第二季財報電話會議。為了補充今天的討論，請造訪我們的 IR 網站 ir.quantumscapes.com 查看我們的股東信。

Before we begin, I want to call your attention to the safe harbor provision for forward-looking statements that is posted on our website as part of our quarterly update. Forward-looking statements generally relate to future events, future technology progress or future financial or operating performance. Our expectations and beliefs regarding these matters may not materialize. Actual results and financial periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected. There are risk factors that may cause actual results to differ materially from the content of our forward-looking statements for the reasons that we cite in our shareholder letter, Form 10-K and other SEC filings, including uncertainties posed by the difficulty in predicting future outcomes.

在我們開始之前，我想請您注意作為季度更新的一部分發佈在我們網站上的前瞻性陳述的安全港條款。前瞻性陳述通常與未來事件、未來技術進步或未來財務或經營績效有關。我們對這些問題的期望和信念可能不會實現。實際結果和財務期間受風險和不確定因素的影響，可能導致實際結果與預測結果有重大差異。由於我們在致股東信、10-K 表和其他 SEC 文件中所述的原因，存在可能導致實際結果與我們的前瞻性陳述內容有重大差異的風險因素，包括難以預測未來結果。

Joining us today will be QuantumScape's Co-Founder, CEO and Chairman, Jagdeep Singh; and our CFO, Kevin Hettrich. Jagdeep will provide a strategic update on the business, and then Kevin will cover the financial results and our outlook in more detail.

今天與我們一起參加的是 QuantumScape 的共同創辦人、執行長兼董事長 Jagdeep Singh；以及我們的財務長 Kevin Hettrich。 Jagdeep 將提供業務的策略更新，然後 Kevin 將更詳細地介紹財務結果和我們的展望。

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

說完這些，我想把電話轉給 Jagdeep。

Thanks, John. At the beginning of 2023, we set out a few key goals to enable our transition from technology prototype to a commercial product. With the first half of the year behind us, we're pleased to share an update on our progress.

謝謝，約翰。 2023 年初，我們制定了幾個關鍵目標，以實現從技術原型到商業產品的轉變。今年上半年已經過去，我們很高興與大家分享我們的最新進展。

The first of our 2023 goals was to increase the cathode loading of our cells, which increases cell energy by packing more cathode-active material into the same area. Last quarter, we shared testing results of 2-layer unit cells using higher-loading cathodes, which our system enables, thanks to anode-free lithium-metal technology. This design eliminates the graphite host material used in conventional battery anodes, reducing the transport distance lithium ions have to traverse as the battery cycles and allowing for higher cathode loadings.

我們的 2023 年目標之一就是增加電池的陰極負載，透過在同一區域填充更多的陰極活性材料來增加電池能量。上個季度，我們分享了使用更高負載陰極的 2 層單元電池的測試結果，得益於無陽極鋰金屬技術，我們的系統可以實現這一目標。這種設計消除了傳統電池陽極中使用的石墨主體材料，減少了電池循環過程中鋰離子必須穿越的運輸距離，並允許更高的陰極負載。

These new cathodes are capable of storing more energy, not only compared with the cathodes themselves we previously shipped to customers but also relative to the cathodes used in commercial cells, such as the 2170 battery which powers some of today's best-selling EVs.

這些新陰極能夠儲存更多的能量，不僅與我們之前運送給客戶的陰極相比，而且與商用電池中使用的陰極相比也是如此，例如為當今一些暢銷電動車提供動力的 2170 電池。

We're happy to report that we've now shipped high cathode-loading unit cells to multiple automotive partners, in line with our development road map. This is an important milestone because this level of cathode loading is close to our commercial intent cathode-loading design for energy-dense cells and represents a significant step toward delivering a commercial product. In our view, when combined with the 24-layer capability we've already shown in our A0 prototype cells and other planned improvements, this shipment represents a validation of our ability to achieve industry-leading energy and power performance for our first commercial product.

我們很高興地報告，我們現在已經根據我們的發展路線圖向多個汽車合作夥伴交付了高陰極負載單元電池。這是一個重要的里程碑，因為這種陰極負載水平接近我們針對高能量密度電池的商業用途陰極負載設計，代表著朝著交付商業產品邁出的重要一步。我們認為，當與我們在A0 原型電池和其他計劃中的改進中已經展示的24 層功能相結合時，這批貨物證明了我們有能力為我們的首款商業產品實現業界領先的能源和功率性能。

On that subject, as we announced last quarter, our first commercial product is planned to be a 5 amp-hour cell, which we believe will offer a compelling combination of energy density and power unmatched by the leading EV batteries available today. We're designating this first product QSE-5 and are already working closely with a prospective launch customer in the automotive sector for this cell, with the goal of bringing our next-generation technology to the electric vehicle market as rapidly as possible.

關於這個問題，正如我們在上個季度宣布的那樣，我們計劃推出的首款商業產品是 5 安培小時電池，我們相信它將提供當今領先的電動車電池無法比擬的能量密度和功率的完美組合。我們將第一款產品命名為 QSE-5，並已與汽車領域的潛在首發客戶就這款電池展開密切合作，目標是盡快將我們的下一代技術推向電動車市場。

Our technology enables a shift of the energy power frontier. We expect QSE-5 to push this frontier well beyond the capabilities of today's best-performing EV cells, offering an unmatched combination of energy density and power performance, better than 800 watt-hours per liter of energy with the ability to charge from 10% to 80% in approximately 15 minutes. We believe this is a unique selling point. With our technology enabling longer range, higher power and faster charging, we believe automotive OEMs gain the ability to better differentiate their EV offerings.

我們的技術使能源力量前沿的轉變成為可能。我們預計 QSE-5 將推動這一領域超越當今性能最佳的電動車電池的能力，提供無與倫比的能量密度和功率性能組合，每公升能量超過 800 瓦時，並且能夠從 10% 充電約15 分鐘內充電至80%。我們相信這是一個獨特的賣點。我們相信，憑藉我們的技術實現更長的續航里程、更高的功率和更快的充電速度，汽車原始設備製造商將能夠更好地區分其電動車產品。

Note that delivering on our product road map will undoubtedly require us to successfully address many technical and manufacturing challenges, including our key goals for 2023 and beyond. However, we believe QSE-5 raises the bar for EV performance and puts battery development on a fundamentally new trajectory.

請注意，實現我們的產品路線圖無疑需要我們成功解決許多技術和製造挑戰，包括我們 2023 年及以後的關鍵目標。然而，我們相信 QSE-5 提高了電動車性能的標準，並使電池發展走上了一條全新的軌道。

Now a word on our technical development. Last quarter, we shared data from high-power discharge of unit cells with high-loading cathodes. This shows that in our system, cathodes optimized for high energy density can also meet the demands of high-performance vehicle applications.

現在談談我們的技術發展。上個季度，我們分享了高負載陰極單元電池高功率放電的數據。這顯示在我們的系統中，針對高能量密度優化的陰極也能滿足高性能汽車應用的需求。

Of course, in addition to high rate discharge, improving the driving experience of electric vehicles also requires high-power fast charging. We've targeted the ability to charge from 10% to 80% in approximately 15 minutes for our first commercial product, faster than conventional energy cells used in today's best-selling EVs. Fast charge rates present a challenge for conventional cell architectures, which have to transport lithium ions from one side of the battery to the other and then drive them into the graphite or silicon host material, which imposes a kinetic penalty that limits power. Our system unlocks higher performance by plating lithium directly on the anode layer, without the need for a host material. The lithium ions in our system have a shorter distance to traverse and don't incur the diffusion penalty of intercalating into a graphite host material, as is the case in a conventional cell.

當然，除了高倍率放電，提升電動車的駕駛體驗還需要高功率的快充。我們的目標是讓我們的首款商用產品能夠在大約 15 分鐘內將電量從 10% 充電至 80%，比當今最暢銷的電動車中使用的傳統能源電池充電速度更快。快速充電率對傳統的電池結構提出了挑戰，因為傳統的電池結構必須將鋰離子從電池的一側傳輸到另一側，然後將它們驅動到石墨或矽宿主材料中，這會造成限制功率的動力學損失。我們的系統透過將鋰直接鍍在陽極層上來實現更高的性能，而無需使用宿主材料。我們系統中的鋰離子所穿越的距離更短，不會像傳統電池那樣產生插入石墨主體材料中的擴散損失。

As a result, in our system, lithium can plate as fast as the cathode can deliver it. Thanks to this fundamental advantage, we've now demonstrated unit cells capable of meeting our 15-minute 10% to 80% fast-charge target even with a high-loading cathode.

因此，在我們的系統中，鋰的沉積速度與陰極的輸送速度一樣快。由於這一根本優勢，我們現在已經證明，即使在高負載陰極的情況下，單元電池也能夠滿足我們 15 分鐘內 10% 至 80% 的快速充電目標。

As shown by data published in our shareholder letter, our anode-free design enables not only higher energy density via higher cathode loading and a thinner anode but also higher power density as a result of shortened ion-transport paths. This fundamental advantage is why we believe our technology is capable of an unmatched combination of energy and power.

正如我們在股東信中公佈的數據所示，我們的無陽極設計不僅可以透過更高的陰極負載和更薄的陽極實現更高的能量密度，而且還可以透過縮短離子傳輸路徑來實現更高的功率密度。正是由於這一根本優勢，我們相信我們的技術能夠實現無與倫比的能源與動力組合。

Another key technical development milestone is safety testing. In Q2, we ran a suite of safety tests on our A0 prototype cells, including nail penetration, overcharge, external short circuit and thermal stability testing up to 300 degrees Celsius, and we're pleased to report that the A0 prototype cells successfully passed these safety tests according to the specification set by a leading automotive prospective customer.

另一個關鍵的技術發展里程碑是安全測試。在第二季度，我們對 A0 原型電池進行了一系列安全測試，包括釘刺、過充、外部短路和高達 300 攝氏度的熱穩定性測試，我們很高興地報告，A0 原型電池成功通過了這些測試根據領先的汽車潛在客戶設定的規範進行安全測試。

We attribute these impressive results to our solid-state architecture, which replaces the combustible polymer separator in conventional lithium-ion cells with a noncombustible solid-state ceramic separator and also eliminates the graphite fuel from the anode. However, it's important to note that safety is a function of cell materials and design, and as we improve packaging efficiency and energy density for QSE-5, the cell itself will have different physical characteristics and potentially a different safety profile. Any new cell design must be retested to establish its behavior under abuse conditions.

我們將這些令人印象深刻的結果歸功於我們的固態結構，它用不可燃的固態陶瓷隔板取代了傳統鋰離子電池中的可燃聚合物隔板，並且還消除了陽極中的石墨燃料。然而，值得注意的是，安全性取決於電池材料和設計，隨著我們提高 QSE-5 的封裝效率和能源密度，電池本身將具有不同的物理特性，並可能具有不同的安全性。任何新的電池設計都必須重新測試以確定其在濫用條件下的行為。

We also made significant progress last quarter on our manufacturing scale-up process. We reported previously on an innovative fast separator heat-treatment process that offers the potential for dramatically better throughput. Initial deployment of this fast process is another key goal for 2023, and we plan to roll it out in 2 stages, which we've dubbed Raptor and Cobra. The underlying work on these processes has been ongoing for several years. And as the data has come in, it's clear that fast separator processes are the endgame for our separator production.

上個季度，我們的生產擴大規模過程也取得了重大進展。我們之前曾報道過一種創新的快速隔膜熱處理工藝，該工藝可以顯著提高產量。這個快速流程的初步部署是 2023 年的另一個關鍵目標，我們計劃分兩個階段推出，我們稱之為 Raptor 和 Cobra。這些流程的基礎工作已經持續好幾年了。從數據來看，很明顯的是，快速隔膜製程是我們隔膜生產的最終目標。

Raptor introduces a step-change process innovation, which allows continuous flow of heat treatment equipment to process separator films more rapidly while applying less total heat energy per film, increasing the throughput of the equipment and bringing down the cost of producing an individual separator. Raptor is intended to support production of initial B0 samples from QS-0 in 2024, and so our goal is to qualify Raptor for production by the end of 2023. We're pleased to report that installation of Raptor equipment is complete, and we continue to expect initial production to begin before the end of the year.

Raptor 引入了一項突破性的製程創新，使熱處理設備連續流動，從而更快速地處理隔膜，同時每片薄膜施加更少的總熱能，從而提高設備的產量並降低生產單一隔膜的成本。 Raptor 旨在支援 2024 年 QS-0 初始 B0 樣品的生產，因此我們的目標是在 2023 年底前使 Raptor 具備生產資格。前開始初步生產。

Cobra is a further evolution of the fast separator process, which builds on the innovation of Raptor and adds even faster processing and better unit economics. We see Cobra as a groundbreaking innovation in ceramics processing and we believe it represents the best pathway to gigafactory-scale manufacturing. We're currently operating prototypes of Cobra and intend to roll out our first production Cobra system to support higher-volume B-sample production from QS-0.

Cobra 是快速分離製程的進一步發展，它在 Raptor 的創新基礎上進一步增加了更快的處理速度和更好的單位經濟性。我們認為 Cobra 是陶瓷加工領域的突破性創新，並相信它代表了超級工廠規模製造的最佳途徑。我們目前正在操作 Cobra 的原型，並打算推出我們的第一個生產 Cobra 系統，以支援從 QS-0 開始的更大批量 B 樣本生產。

Finally, I'd like to take a moment to look at the bigger picture and our strategic outlook. At the start of the year, we set our focus on moving from our first 24-layer A0 prototypes, which we shipped at the end of 2022, to a first commercial product design, with initial lower-volume B0-sample production currently slated for next year. To achieve this transition from prototype to product, we set 4 key goals: introduce high-loading cathodes; bring up our fast separator production process; optimize packaging efficiency; and improve cell quality, consistency and reliability.

最後，我想花點時間來審視更大的圖像和我們的策略前景。今年年初，我們將重點從首批 24 層 A0 原型（計劃於 2022 年底發貨）轉向首個商業產品設計，目前計劃於 2021 年開始小批量生產 B0 樣品。為了實現從原型到產品的轉變，我們設定了 4 個關鍵目標：引入高負載陰極；提出我們的快速隔膜生產流程；優化包裝效率；並提高電池品質、一致性和可靠性。

Midway through 2023, we're excited and encouraged by our progress against these goals. We've demonstrated 800 cycles with high-loading cathodes in unit cells and have begun sampling high-loading unit cells to prospective automotive OEM customers for validation in their own labs.

到 2023 年中期，我們對實現這些目標所取得的進展感到非常興奮和鼓舞。我們已經證明了在電池單元中使用高負載陰極進行了 800 次循環，並已開始向潛在的汽車 OEM 客戶提供高負載電池樣品，以便在自己的實驗室中進行驗證。

With Raptor equipment now fully installed and beginning qualification, we're making good progress on implementing our faster separator production process.

隨著 Raptor 設備現已完全安裝並開始驗證，我們在實施更快的隔膜生產流程方面取得了良好的進展。

On packaging efficiency, our QSE-5 product is being developed for a slimmer version of our A0 packaging, which we believe will allow for an unmatched combination of energy density and power performance, better than 800 watt-hours per liter with the ability to charge from 10% to 80% in approximately 15 minutes. As our product road map shows, we also believe our solid-state lithium-metal technology unlocks significant design headroom and can put EV battery development on a fundamentally new trajectory.

在包裝效率方面，我們的 QSE-5 產品正在針對 A0 包裝的更薄版本進行開發，我們相信這將實現無與倫比的能量密度和功率性能組合，每公升超過 800 瓦時，並具有充電能力大約15 分鐘內從10% 增至80%。正如我們的產品路線圖所示，我們也相信我們的固態鋰金屬技術將釋放巨大的設計空間，並可以使電動車電池發展走上一條全新的軌道。

As a result of our ongoing quality improvement initiatives, we've integrated in-line improvements to our manufacturing processes and metrology systems, which are showing encouraging movements to reliability. Ongoing improvements throughout the year have allowed us to ship high cathode-loading unit cells to customers, in line with our development schedule.

作為我們正在進行的品質改進舉措的結果，我們已經將線上改進融入了我們的製造流程和計量系統中，這些改進在可靠性方面顯示出令人鼓舞的進展。透過全年持續的改進，我們能夠按照開發計劃向客戶運送高陰極負載單元電池。

Hopefully, it's clear from these results that our team of more than 800 engineers, technicians and business personnel has been laser-focused on doing what it takes to bring our first commercial product to market.

希望從這些結果中可以清楚地看到，我們由 800 多名工程師、技術人員和商務人員組成的團隊一直專注於盡一切努力將我們的第一個商業產品推向市場。

As we always emphasize, there is much work still to be done on our path from prototype to product, and unforeseen challenges will almost certainly arise. However, at the close of Q2, we're excited by the momentum we've built and energized to tackle the remaining challenges on the path to commercialization. We look forward to sharing more as we continue ahead.

正如我們一直強調的那樣，從原型到產品的道路上還有很多工作要做，幾乎肯定會出現無法預料的挑戰。然而，在第二季度結束時，我們對所建立的勢頭感到興奮，並充滿活力地應對商業化道路上剩餘的挑戰。我們期待在未來的道路上分享更多。

With that, I'll hand it over to Kevin for a word on our financial outlook. Kevin?

說完這些，我會把話題交給凱文，請他談談我們的財務前景。凱文？

Thanks, Jagdeep. The second quarter 2023 capital expenditures were $25 million. GAAP operating expenses were $124 million. Cash operating expenses, defined as operating expenses less stock-based compensation and depreciation, were $64 million. For the full year 2023, we maintain our guidance on capital expenditures of $100 million to $150 million and cash operating expenses of $225 million to $275 million.

謝謝，Jagdeep。 2023 年第二季的資本支出為 2,500 萬美元。根據 GAAP，營業費用為 1.24 億美元。現金營業費用（定義為營業費用減去股票薪酬和折舊）為 6,400 萬美元。對於 2023 年全年，我們維持 1 億至 1.5 億美元資本支出和 2.25 億至 2.75 億美元現金營運支出的預期。

During Q2, our CapEx primarily went towards facility spend for our consolidated QS-0 preproduction line. Other notable CapEx spend was driven from progress payments made toward various equipment projects, including equipment for the Raptor process. For the remainder of the year, our CapEx will continue to be allocated toward facility work and equipment for our consolidated QS-0 preproduction line.

在第二季度，我們的資本支出主要用於合併 QS-0 預生產線的設施支出。其他值得注意的資本支出來自對各種設備項目的進度付款，包括 Raptor 製程的設備。在今年剩餘時間裡，我們的資本支出將繼續分配給合併後的 QS-0 預生產線的設施工作和設備。

We ended Q2 with over $900 million in liquidity. We continue to look for opportunities to optimize our spending and be prudent with our strong balance sheet. We maintain our guidance that our cash runway is forecast to extend into the second half of 2025. Any funds raised from capital markets activity, including under our ATM prospectus supplement, would further extend this cash runway.

我們第二季末的流動資金超過 9 億美元。我們將繼續尋找機會優化我們的支出，並審慎維持我們強勁的資產負債表。我們維持我們的預期，預計我們的現金跑道將延長至 2025 年下半年。

Longer term, our capital requirements will be a function of our industrialization business model, which we believe could reflect a mix of wholly owned production, joint venture and licensing relationships.

從長遠來看，我們的資本需求將取決於我們的工業化業務模式，我們認為該模式可以反映獨資生產、合資和授權關係的混合。

Thanks, Kevin. We'll begin today's Q&A portion with a few questions we received from investors or that I believe investors would be interested in.

謝謝，凱文。今天的問答環節，我們將從投資人提出的幾個問題或我認為投資人會感興趣的問題開始。

Jagdeep, our first question is for you. Can you expand a bit more on the launch customer that you mentioned in the shareholder letter?

Jagdeep，我們的第一個問題是問您的。能否進一步詳細說明您在股東信中提到的首發客戶？

So we can't say much more than we said in the shareholder letter, which is that we're already working closely with a prospective launch customer in the automotive sector for our QSE-5 cell. The 2 points I would take away are: one is with the QSE-5 cell, we've defined a specific set of functionality that we believe offers a compelling combination of energy and power that we can deliver in the near term; and two, customer interest that we've seen in the cell provides further evidence that the market is excited about this unique capability and that the value proposition is compelling. We look forward to sharing more when we can.

因此，我們不能說比股東信中說的更多，我們已經在與汽車領域的潛在首發客戶就我們的 QSE-5 電池展開密切合作。我要指出的兩點是：第一，對於QSE-5 電池，我們定義了一組特定的功能，我們相信這些功能可以提供引人注目的能源和電力組合，而且我們可以在短期內實現這些功能；其次，我們看到客戶對該單元的興趣進一步證明，市場對這項獨特功能感到興奮，而且價值主張引人注目。我們期待在可能的情況下分享更多。

Okay. Thanks. Can you compare the QSE-5 product at launch relative to your expectations of where silicon-dominant anode cells may be at the time, notably on energy density and charge times?

好的。謝謝。您能否將 QSE-5 產品在發佈時的情況與您對當時矽主陽極電池的預期進行比較，特別是在能量密度和充電時間方面？

Sure. Let me start by pointing out that when it comes to anodes, the lithium-metal approach offers the highest theoretical gravimetric energy density. And within the category of lithium-metal anodes, an anode-free design offers higher energy density than approaches that require a lithium foil.

當然。首先我要指出的是，當談到陽極時，鋰金屬方法提供了最高的理論重量能量密度。在鋰金屬陽極類別中，無陽極設計比需要鋰箔的方法提供更高的能量密度。

As shown in the energy power frontier chart in our shareholder letter, for any given chemistry, batteries can generally be optimized either for power or for energy, but not both simultaneously. Doing this requires moving the energy power frontier up into the right, which typically requires a new chemistry. Now silicon anodes do have the potential to move the energy power frontier incrementally. However, our understanding is silicon anodes today still generally consists of relatively low amounts of silicon which, in our view, limits their value as such anodes are mostly carbon. Future so-called silicon-dominant anodes have their own challenges, for example, for a low-cost production, if they use chemical vapor deposition or with cycle life and 3D extension, which tend to be worse with higher silicon content.

正如我們致股東信中的能源功率前緣圖所示，對​​於任何給定的化學反應，電池通常可以針對功率或能量進行最佳化，但不能同時進行最佳化。要做到這一點，需要將能源動力邊界向右上移，這通常需要一種新的化學反應。現在矽陽極確實有潛力逐步推動能源功率前沿。然而，據我們了解，如今的矽陽極通常仍含有相對較少的矽含量，我們認為，這限制了它們的價值，因為這種陽極主要是碳。未來所謂的以矽為主的陽極有其自身的挑戰，例如，對於低成本生產，如果它們使用化學氣相沉積或循環壽命和3D擴展，則矽含量越高，情況就越糟。

What we believe is unique about our technology is the ability to offer a compelling combination of energy density and fast charge simultaneously, representing a step change in performance. Furthermore, with future enhancements such as larger format cells, which improve packaging efficiency, we expect energy densities to improve from here.

我們認為，我們的技術的獨特之處在於能夠同時提供能量密度和快速充電的完美組合，代表著性能的重大飛躍。此外，隨著未來電池尺寸更大、封裝效率提高等技術的進步，我們預期能量密度將會進一步提高。

So we believe our technology represents a platform that we can build on over time. We expect our initial product, QSE-5, to deliver a better power-energy combination than what we believe the industry will be capable of delivering in the near term. But over time, we expect to expand on that lead as we believe we're just at the beginning of the S-curve of our technology.

因此我們相信我們的技術代表著一個我們可以隨著時間的推移而不斷建構的平台。我們預計，我們的初始產品 QSE-5 將提供比我們認為產業在短期內能夠提供的更好的電力-能源組合。但隨著時間的推移，我們期望擴大領先優勢，因為我們相信我們才處於技術 S 曲線的開始階段。

But probably the more important point to close on is that we believe the market is big enough for multiple entrants. If the planned EV transition targets announced by various automakers and governments are realized, we believe there will be more demand for batteries than any new entrant can satisfy.

但可能最後要說的更重要的一點是，我們相信這個市場足夠大，可以容納多個進入者。如果各汽車製造商和政府宣布的電動車轉型計畫得以實現，我們相信對電池的需求將超過任何新進入者所能滿足的需求。

Okay. Thanks. Our next question comes from our investor inbox. What are the major challenges you still face in scaling up production?

好的。謝謝。我們的下一個問題來自投資者收件匣。擴大生產規模時您仍面臨的主要挑戰是什麼？

So in terms of the main challenges, the first step is to lock and load on the critical aspects of the product definition. We believe we've now done that with QSE-5. Once we have the product defined, we need to freeze the major steps in the production process, i.e., how it will be manufactured. Once we do that, we can specify and order manufacturing equipment and tools. And finally, once that equipment arrives, we can install, qualify, turn it up and begin production of QSE-5. This is what we're doing between now and when we have higher volume B-samples at the end of 2025.

因此，就主要挑戰而言，第一步是鎖定並載入產品定義的關鍵方面。我們相信我們現在已經透過 QSE-5 實現了這一點。一旦我們定義了產品，我們就需要確定生產過程中的主要步驟，即如何製造產品。一旦我們做到這一點，我們就可以指定和訂購製造設備和工具。最後，一旦設備到達，我們就可以安裝、檢驗、啟動並開始生產 QSE-5。這就是我們從現在到 2025 年底擁有更大數量 B 樣本期間所要做的事。

Thanks, Jagdeep. Kevin, turning to you now, investors have been asking about the long-term business model. And in the shareholder letter, you mentioned your openness to wholly owned facilities, joint ventures and licensing relationships. Could you walk investors through the advantages and disadvantages and also comment on whether or not QuantumScape needs a wholly owned facility up and running to prove out manufacturability before a partner can build and license the technology.

謝謝，Jagdeep。凱文，現在問你一下，投資人一直在問長期的商業模式。在致股東的信中，您提到了對獨資工廠、合資企業和許可關係的開放態度。您能否向投資者介紹其優缺點，並評論 QuantumScape 是否需要建立一個全資設施來證明其可製造性，然後合作夥伴才能製造和授權該技術。

John, thanks for the question. First, regarding our openness to various business models, our prospective customers have communicated different preferences, ranging from a desire to purchase cells, or participate in a joint venture, to licensing our technology. And in the fullness of time, we anticipate a combination of wholly owned, joint venture and licensing business models would enable us to address the breadth of customer opportunities we see.

約翰，謝謝你的提問。首先，關於我們對各種商業模式的開放性，我們的潛在客戶已經表達了不同的偏好，從希望購買電池，或參與合資企業，到授權我們的技術。隨著時間的推移，我們預計獨資、合資和授權業務模式的結合將使我們能夠應對我們所看到的廣泛的客戶機會。

An advantage of the wholly owned business model is control, QuantumScape receives 100% of the revenue and proceeds generated by the factory. A joint venture adds in the strength of the partner, for example, customer commitment, manufacturing capabilities and reduces capital requirements for QuantumScape. And finally, licensing is the most capital-efficient model and allows penetration of the market beyond the scale-up bandwidth of the QuantumScape manufacturing team. Under a licensing model, we look for economics that reflect our product differentiation and look to see both contractual IP protections and alignment of incentives with our partner.

獨資商業模式的優勢在於控制權，QuantumScape 可獲得工廠產生的 100% 的收入和收益。合資企業增強了合作夥伴的實力，例如客戶承諾、製造能力，並降低了 QuantumScape 的資本要求。最後，授權是最資本效率的模式，並允許超越 QuantumScape 製造團隊的擴大頻寬來滲透市場。在授權模式下，我們尋求能夠反映我們產品差異化的經濟效益，並希望看到合約智慧財產權保護和與合作夥伴的激勵措施一致。

As to the final part of your question, our pre-pilot production line, QS-0, is a wholly owned facility. A core purpose of QS-0 is to serve as a blueprint for subsequent factory scale-up irrespective of the business model.

至於您問題的最後一部分，我們的預試生產線 QS-0 是全資工廠。 QS-0 的一個核心目的是作為後續工廠擴大的藍圖，無論商業模式為何。

Okay. Thanks so much, Kevin. We're now ready to begin the live portion of today's call. Operator, please open up the line for questions.

好的。非常感謝，凱文。我們現在準備開始今天電話會議的現場直播部分。接線員，請打開電話線以回答問題。

(Operator Instructions) We'll take our first question from Winnie Dong with Deutsche Bank.

(操作員指示) 我們將回答德意志銀行的 Winnie Dong 提出的第一個問題。

First question is, you mentioned that you're already working with a prospective launch customer. Can you maybe elaborate on the process and the catalyst behind it? How is this different from -- or the same from the A0 shipments that you're sending to multiple customers? What more are you working with this particular launch customer on that you're not necessarily doing with the rest of the other ones yet?

第一個問題是，您提到您已經在與一位潛在的首發客戶合作。您能否詳細說明一下這一過程及其背後的催化劑？這與您寄給多位客戶的 A0 貨件有何不同或相同之處？您與這位特定的首發客戶還進行了哪些合作，而與其他客戶尚未進行這些合作？

Yes. Thanks for the question, Winnie. This is Jagdeep, I'll go ahead and take that. So the A0 prototypes were just that. They were prototypes that were meant to demonstrate that the core functionality is feasible. What we're talking about now, of course, is the QSE-5 cell, which we believe will be the actual cell that we deliver as our first product. So what we're doing with this prospective launch customer is working closely to integrate that cell into their design.

是的。謝謝你的提問，溫妮。這是 Jagdeep，我會繼續接受這個。所以 A0 原型就是這樣的。它們是原型，旨在證明核心功能是可行的。當然，我們現在談論的是 QSE-5 電池，我們相信它將是我們作為第一款產品交付的實際電池。因此，我們正在與這個潛在的發布客戶密切合作，將該單元整合到他們的設計中。

So we can't say much more about this, as I mentioned, in the answer to John's question. But I think our takeaway is that we now have a product definition, which is QSE-5, that's a very specific cell. It's this 5-amp power cell that we've spoken about before. And based on the customer interest that we're seeing, we think the combination of energy and power density this cell provides is, in fact, something that the customer base is excited about. So those are the key points that I would emphasize about that product.

因此，正如我在回答約翰的問題時提到的那樣，我們無法就這一點透露更多。但我認為我們的要點是我們現在有一個產品定義，即 QSE-5，這是一個非常具體的單元。這就是我們之前談到的5安培電池。根據我們看到的客戶興趣，我們認為該電池提供的能量和功率密度的組合實際上是客戶群所興奮的東西。這些就是我要強調的有關該產品的重點。

Okay. And then second question is, it seems like you're making a good progress on the equipment installation front, would you perhaps be able to attach some numbers to either the Raptor and Cobra process? For instance, in the past, you've provided X thousands of separator production per week. What would that look like for Raptor? And then what would that look with Cobra?

好的。第二個問題是，看起來你們在設備安裝方面取得了良好的進展，你能否為 Raptor 和 Cobra 流程提供一些數字？例如，過去您每週提供 X 千個隔膜產量。對於 Raptor 來說這會是什麼樣子？那麼 Cobra 看起來怎麼樣呢？

Yes, absolutely. So you're right to focus on Raptor and Cobra because that really is what we think -- where we think the future lies for high-scale production of our separators. As we've said before, the steady-state production of our current capability is on the order of 5,000 films per week. Film, this is another word for separator. And we've indicated that we believe the Raptor line is capable of roughly 3x that capacity. Now it won't be there at day 1, and there are also other bottlenecks that have to get resolved besides the tool itself, so things like the automation to load and unload the tool and so on. But at a fundamental level, the ability of that tool to process films is a lot faster than our current process.

是的，絕對是如此。所以你把重點放在 Raptor 和 Cobra 上是正確的，因為這確實是我們的想法——我們認為未來我們的隔膜將大規模生產。正如我們之前所說，我們目前的穩定生產能力大約是每週 5,000 部電影。薄膜，這是分離器的另一種說法。我們已經證明，我們相信 Raptor 系列的容量大約是該數字的 3 倍。現在它不會在第一天就出現，除了工具本身之外，還有其他瓶頸需要解決，例如工具的載入和卸載自動化等等。但從根本上來說，該工具處理膠片的能力比我們目前的處理速度要快得多。

And then, of course, with Cobra, it's a further improvement in terms of both throughput as well as unit economics on the separator. And there, too, we're really excited about the progress because, as we mentioned in our letter, we have prototype Cobra tools running at this point as well.

當然，有了 Cobra，分離器的產量和單位經濟性都有了進一步的提高。而且，我們對這一進展感到非常興奮，因為正如我們在信中提到的那樣，我們目前也有原型 Cobra 工具在運作。

So we feel good about both those processes. And in fact, I'll just say in closing, if you look at the cover of our shareholder letter, that's actually a photo of the Raptor equipment. In fact, that's -- specifically, those are the load and unload robots that are used to load and unload the Raptor process.

因此我們對這兩個過程都感到滿意。事實上，我最後想說的是，如果你看一下我們給股東信的封面，那其實是一張猛禽設備的照片。事實上，那是——具體來說，那些是用於裝載和卸載 Raptor 流程的裝載和卸載機器人。

We'll take our next question from Chris Snyder with UBS.

我們將回答瑞銀 (UBS) 的 Chris Snyder 提出的下一個問題。

I wanted to ask on the time line between A-sample, B-sample and C-sample. In the past, the company has kind of talked about 18-month gaps between each. I believe the shareholder letter from today said a B-sample next year. So I guess my question is, does the prioritization of the QSE-5 rather than the larger format, does that change the time line, just that, hey, this product seems a lot more commercially ready?

我想問A樣本、B樣本和C樣本之間的時間軸。過去，該公司曾談到兩次銷售之間 18 個月的間隔。我相信今天的股東信中說的是明年的 B 樣品。所以我想我的問題是，優先考慮 QSE-5 而不是更大的格式，這會改變時間線嗎，只是，嘿，這個產品看起來更適合商業化嗎？

Yes, that's a good question. I think the way that we would interpret the QSE-5 is rather than any kind of a schedule acceleration which is, of course, constrained by the time it takes to get automation equipment in, to turn up that equipment and so on, there's not a lot we can do to compress those times, those are all our suppliers' schedules. Rather than that, I would think about this as risk reduction.

是的，這是個好問題。我認為，我們理解 QSE-5 的方式不是任何類型的進度加速，當然，進度加速受到自動化設備安裝、啟動設備等所需時間的限制，沒有我們可以做很多事情來壓縮這些時間，這些都是我們供應商的時間表。相反，我會將此視為降低風險。

So if we had to design a different form factor that was, say, dramatically different than what we've been working in so far, there is the risk that, that could take longer because then we need to modify things like the robot and the vectors that are used to pick up and load, unload the films; laser cutting that we use to do various steps in the process and so on.

因此，如果我們要設計一種與我們目前的工作截然不同的形式因素，那麼就存在著風險，這可能需要更長的時間，因為我們需要修改機器人和用於拾取和裝載、卸載膠片的載體；我們利用雷射切割來完成工藝過程中的各個步驟等等。

So the way to think about this QSE format is, because it leverages the same form factor, the same dimensions we've been working in, it really represents, in our view, the fastest path to market for our technology because trying to change that form factor would just potentially extend things out. So that's the way to think about QSE-5, as a way to reduce risk rather than an acceleration.

因此，考慮這種QSE 格式的方式是，因為它利用了相同的外形尺寸，與我們一直在研究的相同尺寸，在我們看來，它確實代表了我們技術進入市場的最快途徑，因為試圖改變這一點外形尺寸可能會進一步延伸。所以這就是思考 QSE-5 的方式，將其作為一種降低風險而不是加速的方法。

I appreciate that. Then I want to follow up on the cathode in the high cathode-loading unit cells. So I guess kind of maybe part A, can you just talk a little bit about why that is so important for the company? I mean, obviously, kind of historically, the focus has really been on the anode. It does feel like the company has a lot on its plate already. So kind of why add this to the mix?

我很感激。然後我想跟進高陰極負載單元電池中的陰極。所以我想這也許是 A 部分，您能否稍微談談為什麼這對公司如此重要？我的意思是，顯然，從歷史上看，重點一直放在陽極上。確實感覺公司已經有很多事情要做了。那麼為什麼要將其添加到混合物中呢？

And then kind of question B, when we see -- when we look at the shareholder letter on Page 3, and we see the performance of the QSE-5 versus kind of competing alternatives in the market, is that using the higher cathode-loading cell?

然後是問題 B，當我們看到第 3 頁的股東信時，我們看到 QSE-5 與市場上的競爭替代品相比的表現，是使用更高的陰極負載細胞？

Yes, it's a great question, and I'm glad you asked it. So that dark new curve on Page 3, on the power energy performance frontier chart, that is the range of energy and power combinations that can be achieved in a QSE-5-like cell, and the difference being on one end of that curve versus the other is exactly that cathode loading. So the reason why cathode loading is important is because it allows you to be on the right-hand side of that curve where you have more energy. But if you want it to have a lower loading cathode, then you get more power. So it's a really important parameter.

是的，這是一個很好的問題，我很高興你問了這個問題。因此，第 3 頁上的功率能量性能前緣圖上的深色新曲線，即 QSE-5 類電池中可以實現的能量和功率組合範圍，以及該曲線一端與另一個就是陰極負載。陰極負載之所以重要是因為它能讓你處於曲線的右側，從而擁有更多的能量。但是如果你希望它具有更低負載的陰極，那麼你就能獲得更大的功率。所以這是一個非常重要的參數。

In the past, what we've shown data on is our roughly 3 milliamp-hour per centimeter squared cells. And this is north of 5 milliamp-hour per centimeter squared, which allows us to be a higher-loading cathode than, say, conventional 2170 cells that we've mentioned in the letter that are used in some of the best-selling EVs today. So the short answer to your question is squeezing more cathode material into the cell is how you get more energy into the cell.

過去，我們展示的數據是每平方公分電池大約 3 毫安培。這是每平方公分 5 毫安培時以上，這使得我們的陰極負載比我們在信中提到的傳統 2170 電池更高，這種電池目前用於一些最暢銷的電動車。因此，對你的問題的簡短回答是，將更多的陰極材料擠入電池中就能為電池提供更多的能量。

Now you can't do that with conventional cathodes as easily because you have -- you're constrained by the transport distance inside the cell from one end of the cathode to the other end of the anode. In our design, of course, because there is no conventional hosted anode, there's no carbon or silicon in our anode, it's just a layer of metallic lithium that plates as you cycle, that transport path is shortened. And so because we have a shorter path through the anode, we can use that extra distance to make the cathode more energy dense, in effect. So that's the reason why the loading is so important.

現在，你不能用傳統的陰極輕鬆地做到這一點，因為你受到電池內部從陰極一端到陽極另一端的傳輸距離的限制。當然，在我們的設計中，因為沒有傳統的承載陽極，我們的陽極中沒有碳或矽，它只是一層金屬鋰，當你循環時，它會鍍上一層，所以傳輸路徑縮短了。因此，由於通過陽極的路徑較短，我們可以利用額外的距離來使陰極的能量更加密集。這就是為什麼加載如此重要的原因。

(Operator Instructions) We'll take our next question from Ben Kallo with Baird.

（操作員指示）我們將由貝爾德的本·卡洛 (Ben Kallo) 提出下一個問題。

Could you guys just -- because a lot of things have, I think, changed a little bit, so could you just update us on the capacity, when we expect it and how that translates to the number of cars? How we should think about that, just timing and capacity?

你們能否——因為我認為很多事情都發生了一些變化，所以你們能否向我們更新一下容量情況，我們預計什麼時候會達到容量，以及這會轉化為汽車數量嗎？我們應該如何思考這個問題，只是時間和能力嗎？

Yes. Ben, the last 2 questions is regarding output. Maybe if I could start there, the intention of QS-0 is to do 2 things. One is first commercialization of our technology, and that would be through the QSE-5 as we've discussed about in this letter, and we're excited to talk about that prospective first launch customer. We haven't given an exact size of that, but you should think of that as a small program. Does that help answer your question?

是的。本，最後兩個問題是關於輸出的。也許如果我可以從那裡開始，QS-0 的目的是做兩件事。一是首次將我們的技術商業化，這將透過我們在本信中討論過的 QSE-5 實現，我們很高興談論那個潛在的首個發布客戶。我們沒有給出它的確切大小，但你應該把它看作一個小程式。這有助於回答你的問題嗎？

I guess so. Before, it was like we had QS-0 like preproduction, then production. And you guys kind of gave a timetable, then some things shifted around. I was just wondering what that time line is now.

大概吧。之前，我們就像是進行 QS-0 的預生產，然後再進行生產。你們給了一個時間表，然後一些事情就改變了。我只是想知道現在的時間線是怎麼樣的。

Yes. So we haven't -- I don't think we ever provided a gigawatt-hour number or a kilowatt-hour number for QS-0. I think as Kevin points out, here's what we've said about QS-0, we believe we'll be making B-samples off the QS-0 line. There are multiple iterations of the QS-0 line where we're going to be adding more -- higher levels of automation to get higher and higher capacity over time. So I would expect that line to be -- to start out as a lower-volume line and become a higher-volume line. We mentioned that there might -- that the first -- our target remains to have the first B-samples, initial samples come out next year in '24. Those will be on a lower-volume version of that line; subsequent, higher-volume versions of the B-sample. We've said in the past, it will come out toward the end of 2025. So there's a built-in scale-up of the line itself that's contemplated.

是的。所以我們沒有——我認為我們從未提供過 QS-0 的千兆瓦時數字或千瓦時數字。我認為正如凱文指出的那樣，這就是我們對 QS-0 所說的，我們相信我們將從 QS-0 生產線上生產 B 樣品。 QS-0 系列有多個版本，我們將添加更多功能——更高水準的自動化，以便隨著時間的推移獲得越來越高的產能。因此我預計這條線路一開始是一條較低容量的線路，然後變成一條較高容量的線路。我們提到，可能——第一個——我們的目標仍然是獲得第一批 B 樣本，初始樣本將於明年（2024 年）問世。這些將屬於該系列的低容量版本；隨後，B 樣本的容量更大版本。我們過去曾說過，它將在 2025 年底問世。

But the important point for QS-0 is the one that Kevin made, which is that it is the factory, the production facility, that we plan to use to define the blueprint for how to make our cells in an industrialized fashion. And then once we have that, we can go from there as far as bigger factories or joint ventures with other folks or even licensing our technology out. But all roads lead to QS-0, so it's a really important factory for us.

但 QS-0 的重要一點是凱文所說的，它是工廠、生產設施，我們計劃用它來定義如何以工業化方式製造細胞的藍圖。一旦我們擁有了這些，我們就可以從那裡開始，建立更大的工廠或與其他人建立合資企業，甚至授權我們的技術。但是條條大路都通往QS-0，所以對我們來說，這是一個非常重要的工廠。

And just to point a third time, that is the same guidance as was given last quarter: low-volume B-samples in '24, high-volume B-samples at the end of '25. In fact, we've made progress against that execution road map, installing the Raptor system on time, including the equipment and the site acceptance test. So if anything, we have less work to do over the remaining part of the year and we were actually pretty pleased with the results that we shared in this letter.

再次強調，這與上個季度的指導意見相同：24 年 B 組樣本量較少，25 年底 B 組樣本量較大。事實上，我們已經按照執行路線圖取得了進展，按時安裝了 Raptor 系統，包括設備和現場驗收測試。因此，如果有什麼不同的話，那就是今年剩餘時間我們要做的工作減少了，而且我們對在這封信中分享的結果感到非常滿意。

And when I think about that frontier curve, it's a good chart. There's a lot going on there. How do I think about going to 2025 and how all those little dots, whether it's 4680 or whatever kind of cell, moving in all direction and at the same time that you're kind of going through that direction for commercialization? All I'm asking is, how do you think about like commercializing versus the incremental changes that are happening in the market right now with scale?

當我思考那條前沿曲線時，我發現這是一張很好的圖表。那裡發生了很多事。我如何設想到 2025 年，所有這些小點（無論是 4680 還是任何類型的單元）都將朝各個方向移動，同時您也將朝著這個方向進行商業化？我只是想問，您如何看待商業化與目前市場上正在發生的規模化漸進式變化？

Yes, it's a great question. So yes, this is a really cool chart, frankly, because it really shows 2 of the most important metrics that batteries are measured on. If you look at the actual data points we have there on current batteries, you can see that, in fact, the 4680 is a little bit lower than the other cells on that chart, the 2170s. And the reason for that might be that they're optimizing for cost or some other metrics other than energy density and power density. But this data comes from a third-party database. What we're talking about is pushing the frontier out.

是的，這是一個很好的問題。所以，坦白說，這是一張非常酷的圖表，因為它確實展示了測量電池的兩個最重要的指標。如果您查看我們目前電池的實際數據點，您會發現，實際上，4680 比該圖表上的其他電池 2170 略低。原因可能是他們正在優化成本或能量密度和功率密度以外的其他指標。但這些數據來自第三方資料庫。我們正在談論的是擴大邊界。

Now as I mentioned, in an answer to John's question, one of the things that conventional lithium-ion is hoping to do is introduce silicon-dominant anodes into those cells over time. And that will, if they are successful, incrementally move out the energy power frontier curve up and to the right. But we believe that lithium-ion is a pretty mature technology, and there's not a lot of juice left there to squeeze out, so to speak. Whereas what the solid-state lithium-metal approach represents is a new approach with a new chemistry where we're just starting out. So our QSE-5, that dark blue curve on that power energy frontier chart, that's the beginning of our S-curve. So we believe that as we, for example, increase the cell sites, the larger areas, as we add other optimizations, we just go up from there and further expand the gap.

正如我在回答約翰的問題時提到的，傳統鋰離子希望做的事情之一是隨著時間的推移將以矽為主的陽極引入這些電池中。如果他們成功了，這將逐步使能源權力前沿曲線向右上方移動。但我們認為，鋰離子是一種相當成熟的技術，可以說，其剩餘潛力已經不大。而固態鋰金屬方法代表的是一種新方法和新化學，我們才剛開始。因此，我們的 QSE-5，即功率能量前緣圖上的深藍色曲線，就是我們的 S 曲線的起點。因此我們相信，隨著我們增加基地台數量、擴大覆蓋區域，以及進行其他優化，我們就能從那裡進一步擴大差距。

We'll take our next question from Jordan Levy with Truist Securities.

下一個問題由 Truist Securities 的喬丹·利維 (Jordan Levy) 提出。

I apologize if you already covered this, but I just wanted to see if you could give a little color on the process of first getting Raptor online and what goes into that. But then more importantly, kind of the hurdles and complexities of the process once you move from Raptor to Cobra, is that more or less of a complexity from a process perspective than getting Raptor or going? Or is it kind of just a matter of scale and volume?

如果您已經介紹過這一點，我很抱歉，但我只是想看看您是否可以稍微介紹一下 Raptor 首次上線的過程以及其中涉及哪些內容。但更重要的是，一旦從 Raptor 轉移到 Cobra，流程的障礙和複雜性從流程角度來看是否比獲得 Raptor 或其他方式更複雜或更不複雜？或者這僅僅是規模和數量的問題？

Yes, it's a great question. So with Raptor, as we've mentioned, we now already have installed the main tool that we use for Raptor. So that part of it, we believe, is in good shape. We're making films now, and we're pleased with the -- with what we're seeing from that process. And it's very exciting because it's a step change in the process that allows us to process films more quickly with higher throughput and, we believe, better economics.

是的，這是一個很好的問題。因此，正如我們所提到的，我們現在已經安裝了用於 Raptor 的主要工具。因此我們相信這部分狀況良好。我們現在正在製作電影，我們對這個過程所取得的成果感到非常滿意。這是非常令人興奮的，因為這是流程上的一個重大改變，它使我們能夠以更快的速度處理膠片，具有更高的產量，而且我們相信，經濟效益也更好。

What Cobra does is take the same basic framework of Raptor in terms of how we're doing the films but adds to it the ability to run at even higher throughputs. And so we think that Cobra is an extension. The Raptor would kind of build on Raptor. And in addition to that, we've already built the first Cobra prototypes in-house, and they too are showing very promising results. So we think that at the end of the day, these 2 processes, which are really the same family of process, actually simplify the complexity of what we're doing today. And that's why they allow us to run faster and run more efficiently with better longer-term economics.

Cobra 所做的就是在電影製作方面採用與 Raptor 相同的基本框架，但增加了以更高的吞吐量運行的能力。因此我們認為 Cobra 是一種延伸。 Raptor 將會以 Raptor 為基礎進行改進。除此之外，我們已經在內部建造了第一批 Cobra 原型，它們也顯示出非常有希望的結果。因此，我們認為，歸根結底，這兩個過程實際上屬於同一類過程，實際上簡化了我們今天所做工作的複雜性。這就是為什麼它們能讓我們運作得更快、更有效率，並且帶來更好的長期經濟效益。

And just as a follow-up, should we think about -- from the consumer electronics side, I know you've mentioned you're working with a few partners there that you ship cells to. I'm just curious if we should think of Cobra as a time when you can start selling into that space? Or how are you thinking about that?

作為後續問題，我們是否應該考慮—從消費性電子產品來看，我知道您提到您正在與一些合作夥伴合作，向他們運送電池。我只是好奇，我們是否應該將 Cobra 視為開始在該領域銷售產品的時機？或者您對此有何看法？

Yes. So I think what we've said is that we expect to use Cobra with the low-volume B-samples that come out next year -- I apologize, I apologize. We said we'll use Raptor -- thanks, Kevin, for correcting me -- to use Raptor, which is the first generation for the low-volume B-samples that come out next year and Cobra for the higher-volume versions of the B-samples that come out at the end of 2025.

是的。所以我認為，我們說過，我們希望將 Cobra 與明年推出的低容量 B 樣本一起使用——我很抱歉，我很抱歉。我們說我們會使用 Raptor——謝謝 Kevin 糾正我——使用 Raptor，這是明年推出的低容量 B 樣品的第一代產品，而 Cobra 則用於更高容量的版本2025 年底問世的 B 樣本。

Relative to consumer versus automotive, I think the main point we're making there is that the same functionality that we offer in our battery, which is higher energy density and higher power density and so on, are of interest in multiple sectors, and that basically creates optionality for us that we think is a good thing for us to have.

相對於消費性電子和汽車，我認為我們的主要觀點是，我們在電池中提供的功能相同，即更高的能量密度和更高的功率密度等，引起了多個行業的興趣，基本上為我們創造了可選性，我們認為這對我們來說是一件好事。

(Operator Instructions) And there are no further questions at this time. I would like to turn the call back over to Jagdeep Singh for closing remarks.

（操作員指示）現在沒有其他問題了。我想將電話轉回給 Jagdeep Singh，請他做最後發言。

Yes. So I'd like to thank you all for joining us. I'd also like to thank our team for their excellent work this quarter and thank our shareholders for their continuing support of our mission, and we look forward to sharing more as we continue ahead.

是的。所以我感謝大家加入我們。我還要感謝我們團隊本季的出色工作，感謝股東對我們使命的持續支持，我們期待在未來繼續分享更多。

Thank you. That does conclude today's presentation. Thank you for your participation, and you may now disconnect.

謝謝。今天的演講到此結束。感謝您的參與，您現在可以斷開連接。