REE Automotive Ltd (REE) 2022 Q4 法說會逐字稿

Greetings, and welcome to the REE Automotive Fourth Quarter 2022 Earnings Conference Call. As a reminder, this conference is being recorded.

您好，歡迎來到 REE Automotive 2022 年第四季度收益電話會議。提醒一下，這次會議正在錄製中。

I would now like to turn the call over to Kamal Hamid, Vice President of Investor Relations. Thank you. You may begin.

我現在想把電話轉給投資者關係副總裁 Kamal Hamid。謝謝。你可以開始了。

Thank you, operator, and thank you all for joining our Fourth Quarter 2022 Conference Call. We hope that you have seen our press release and shareholder letter issued earlier this morning at investors.ree.auto.

謝謝接線員，也感謝大家參加我們的 2022 年第四季度電話會議。我們希望您已經看到我們今天上午早些時候在 investors.ree.auto 上發布的新聞稿和股東信。

I would like to remind you that today's call may contain forward-looking statements. Any statements describing our beliefs, goals, plans, strategies, expectations, projections, forecasts and assumptions are forward-looking statements. Please note that the company's actual results may be different from other anticipated -- by such forward-looking statements for a variety of reasons, many of which are beyond our control. Please refer to the company's Form 20-F filed on March 28, 2022, with the Securities Exchange Commission, which identifies principal risks and uncertainties that could affect our business, prospects and future results. We assume no obligation to publicly update any forward-looking statements, except as required by law.

我想提醒您，今天的電話會議可能包含前瞻性陳述。任何描述我們的信念、目標、計劃、戰略、期望、預測、預測和假設的陳述都是前瞻性陳述。請注意，公司的實際結果可能因各種原因而不同於其他預期——由此類前瞻性陳述，其中許多原因超出了我們的控制範圍。請參閱公司於 2022 年 3 月 28 日向美國證券交易委員會提交的 20-F 表格，其中確定了可能影響我們的業務、前景和未來結果的主要風險和不確定性。除非法律要求，否則我們不承擔公開更新任何前瞻性陳述的義務。

In addition, we will be discussing or providing certain non-GAAP financial measures today, including non-GAAP net loss and non-GAAP operating expenses. Please see our shareholder letter for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures.

此外，我們今天將討論或提供某些非 GAAP 財務指標，包括非 GAAP 淨虧損和非 GAAP 運營費用。請參閱我們的股東信，了解這些非 GAAP 措施與最直接可比的 GAAP 措施的對賬情況。

Joining me today is our Co-Founder and CEO, Daniel Barel; Tali Miller, our Chief Business Officer; Josh Tech, our Chief Operating Officer; and Yaron Zaltsman, our incoming CFO, who will join the Q&A session.

今天加入我的是我們的聯合創始人兼首席執行官 Daniel Barel；我們的首席商務官 Tali Miller； Josh Tech，我們的首席運營官；以及我們即將上任的首席財務官 Yaron Zaltsman，他將參加問答環節。

At this point, I would like to turn the call over to Daniel.

在這一點上，我想把電話轉給丹尼爾。

Hi, everybody. Thank you for joining us today. We are excited about the opportunities ahead of us. As we look to 2023 and beyond. We have further important milestones to achieve, including the completion of certification activities, the deliveries of initial vehicles and the successful completion of the test fleet phase, which we expect will lead to receipt of additional orders.

大家好。感謝您今天加入我們。我們對擺在我們面前的機會感到興奮。展望 2023 年及以後。我們還有更多重要的里程碑要實現，包括認證活動的完成、初始車輛的交付和測試車隊階段的成功完成，我們預計這將導致收到更多訂單。

We continue to see a growing demand for our P7 product line from fleet dealers and OEMs as we are selectively growing our customer base. We are prioritizing customers with significant market share in the U.S. and that are pioneering the transition to electric vehicles.

隨著我們有選擇地擴大客戶群，我們繼續看到車隊經銷商和原始設備製造商對我們 P7 產品線的需求不斷增長。我們優先考慮在美國擁有重要市場份額並率先向電動汽車過渡的客戶。

Since November 2022, we quadrupled our customer base from 2 to 8 in different industries, such as vehicle rental and leasing, shipping and logistics and dealers. In addition to their initial orders, we believe those customers have the potential to order significant volumes of vehicles. We are working closely with those customers who require a testing phase in order to optimize this important process and advance to fleet orders.

自 2022 年 11 月以來，我們在不同行業的客戶群從 2 個增加到 8 個，翻了兩番，例如汽車租賃、航運和物流以及經銷商。除了最初的訂單外，我們相信這些客戶還有可能訂購大量車輛。我們正在與那些需要測試階段的客戶密切合作，以優化這一重要流程並推進車隊訂單。

Let me share some highlights with you. We achieved key development milestones in 2022, with total GAAP operating expenses of $127 million and non-GAAP operating expenses of $101 million, on time and in line with budget. In addition, we delivered 2 different prototypes to a leading OEM for testing and validation. One of those vehicles is our P7B, which is undergoing testing and customer evaluation, and the other is related to a long-term project. These -- our efforts are being supported by our talented and dedicated tech team, led by Ahishay Sardes, our Co-Founder and CTO.

讓我與您分享一些亮點。我們在 2022 年實現了關鍵的發展里程碑，GAAP 運營總支出為 1.27 億美元，非 GAAP 運營支出為 1.01 億美元，按時且符合預算。此外，我們還向領先的 OEM 交付了 2 個不同的原型進行測試和驗證。其中一輛車是我們的 P7B，正在接受測試和客戶評估，另一輛車與長期項目有關。這些——我們的努力得到了我們才華橫溢、敬業的技術團隊的支持，該團隊由我們的聯合創始人兼首席技術官 Ahishay Sardes 領導。

As you have seen, we are expanding our go-to-market strategy. We now have direct sales to fleet and have begun building out a dealer network. We already have 5 authorized dealers in the U.S. who are accepting orders. I would like to thank Tali, our Chief Business Officer, and her team, for the tireless efforts to build our order book and expand our go-to-market channel.

如您所見，我們正在擴大我們的上市戰略。我們現在直接銷售車隊，並開始建立經銷商網絡。我們在美國已有 5 家授權經銷商接受訂單。我要感謝我們的首席商務官 Tali 和她的團隊為建立我們的訂單簿和擴大我們的上市渠道所做的不懈努力。

With that, I would like to hand over the call to Tali. Tali?

有了這個，我想把電話交給塔利。大理？

Thank you, Daniel. Interest in our EV solutions continues to be robust as fleets both large and small, seek to lower their carbon footprint and increase efficiency. We continue to conduct additional customer evaluations with prospective fleets, delivery, logistics and e-commerce companies, as well as dealers in North America and other major markets around the world.

謝謝你，丹尼爾。隨著大大小小的車隊尋求降低碳足跡和提高效率，人們對我們的 EV 解決方案的興趣持續高漲。我們繼續與潛在的車隊、交付、物流和電子商務公司以及北美和世界其他主要市場的經銷商進行額外的客戶評估。

Subsequent to the end of the fourth quarter of 2022, we started establishing a dealership network across the U.S. We have initially entered into an agreement with 5 authorized dealers, Future in EV, Tom's Truck Center, Industrial Power and Truck Equipment, New England Truck Solutions and FMI Truck Sales and Services. Each of these dealers have placed initial orders which are included in our current order book. We will offer training to authorized dealers to certify technicians to provide service on REE vehicles facilitating the adoption by fleet.

2022 年第四季度末，我們開始在美國建立經銷商網絡。我們初步與 5 家授權經銷商簽訂了協議，Future in EV、Tom's Truck Center、Industrial Power and Truck Equipment、New England Truck Solutions和 FMI 卡車銷售和服務。這些經銷商中的每一個都已經下了初始訂單，這些訂單包含在我們當前的訂單簿中。我們將為授權經銷商提供培訓，以證明技術人員可以為 REE 車輛提供服務，從而促進車隊的採用。

Existing orders include both the Class 3/4 P7B and Class 5 Proxima powered by REE. Orders for the P7B are for cab chassis configurations, while orders for Proxima powererd by REE are for strip chassis and a full vehicle via our partnership with Body App Feature, JB Poindexter and Co. both the P7B and Proxima Powered by REE, leverage our P7 platform, which features full X-by-Wire architecture supporting all-wheel steer and drive adaptive regenerative braking, and torque vectoring as standard as well as over-the-air update.

現有訂單包括由 REE 提供動力的 3/4 級 P7B 和 5 級 Proxima。 P7B 的訂單用於駕駛室底盤配置，而由 REE 提供的 Proxima powerd 訂單是通過我們與 Body App Feature、JB Poindexter 和 Co. 的合作夥伴關係提供的條形底盤和整車。由 REE 提供動力的 P7B 和 Proxima 都利用了我們的 P7平台，具有完整的 X-by-Wire 架構，支持全輪轉向和驅動自適應再生製動，扭矩矢量作為標準配置以及無線更新。

Our vehicles set a new standard in commercial EVs, offering the greatest interior space on a given footprint, optimize driver ergonomics and ease of maneuverability. As we seek to further expand our dealer network in the U.S., we can now offer financing solutions to our dealers through an agreement with Mitsubishi Hitachi Capital America, to provide financing solutions to dealers in the REE network. The agreement is designed to streamline the process of obtaining the financing required for the purchase of REE vehicles.

我們的車輛為商用電動汽車樹立了新標準，在給定的佔地面積內提供最大的內部空間，優化駕駛員的人體工程學和易操作性。隨著我們尋求進一步擴大我們在美國的經銷商網絡，我們現在可以通過與 Mitsubishi Hitachi Capital America 的協議為我們的經銷商提供融資解決方案，為 REE 網絡中的經銷商提供融資解決方案。該協議旨在簡化獲得購買 REE 車輛所需融資的過程。

We expect to continue to deliver [6 test fleets] in 2024 as well as to start converting these test fleets into scale orders in 2024 onwards, subject to successful testing and certification.

我們預計將在 2024 年繼續交付 [6 個測試機隊]，並在 2024 年開始將這些測試機隊轉化為規模訂單，前提是測試和認證成功。

By bolstering direct sales activities to large fleet owners while also growing our network of dealers, REE now covers the channels through which medium-duty commercial vehicles are acquired.

通過加強對大型車隊所有者的直接銷售活動，同時擴大我們的經銷商網絡，REE 現在涵蓋了購買中型商用車的渠道。

With that, let me turn the call over to Josh. Josh?

有了這個，讓我把電話轉給喬希。喬希？

Having reached a production-intent level, much of the intensive R&D and engineering spending is now complete, in part contributing to the significant decrease in planned cash spending from 2022 to 2023. We are now in the production and certification execution phase and are focused on passing the required testing of our X-by-Wire technology. Additionally, we are accumulating durability and validation miles according to plan to support this certification, which is expected to be completed in the second half of 2023.

達到生產意圖水平後，大部分密集的研發和工程支出現已完成，這在一定程度上導致了 2022 年至 2023 年計劃現金支出的大幅減少。我們現在處於生產和認證執行階段，並專注於通過我們的 X-by-Wire 技術所需的測試。此外，我們正在按計劃積累耐久性和驗證里程以支持該認證，預計將於 2023 年下半年完成。

Reaching the production intent phase is an important step in our product maturity. As we continue our validation and verification protocols, we have ordered components for 25 P7 vehicles and submitted production forecasts with our suppliers for our main components through 2024. During the fourth quarter of 2022, we commenced the build of the first batch of P7 production intent vehicles, which were completed subsequent to the quarter.

達到生產意向階段是我們產品成熟的重要一步。隨著我們繼續執行驗證和驗證協議，我們已經為 25 輛 P7 車輛訂購了組件，並向我們的供應商提交了到 2024 年主要組件的生產預測。在 2022 年第四季度，我們開始構建第一批 P7 生產意向車輛，這是在本季度之後完成的。

As previously reported, we finalized the build-out of our integration center in the third quarter of 2022. All major equipment is in place, and we have established a production capacity for 10,000 vehicle sets annually.

正如之前報導的那樣，我們在2022年第三季度完成了集成中心的擴建。所有主要設備都已到位，並且我們已經建立了每年10,000輛汽車的生產能力。

During the fourth quarter of 2022, we validated the assembly process and drive cycled our modular production line comprised of 13 highly automated manufacturing cells. Also, our supply chain is now built out, including the recent announcement of Microvast as our battery supplier. We expect to begin deliveries to customers in the fourth quarter of 2023.

在 2022 年第四季度，我們驗證了組裝過程並驅動循環了我們的模塊化生產線，該生產線由 13 個高度自動化的製造單元組成。此外，我們的供應鏈現已建成，包括最近宣布 Microvast 作為我們的電池供應商。我們預計將於 2023 年第四季度開始向客戶交付產品。

We are targeting COGS breakeven in the low hundreds of vehicles. We are also targeting adjusted EBITDA breakeven in the low thousands of vehicles. In order to achieve that, we are working with our suppliers to optimize production tooling and building materials to further reduce the production costs required. We currently believe reaching these margin targets will require tooling investments which we'll be able to invest as our business cycle and customer feedback evolves.

我們的目標是在數百輛汽車中實現 COGS 收支平衡。我們的目標還包括調整後的 EBITDA 收支平衡，以實現數千輛汽車的收支平衡。為了實現這一目標，我們正在與供應商合作優化生產工具和建築材料，以進一步降低所需的生產成本。我們目前認為，實現這些利潤率目標將需要工具投資，隨著我們的業務週期和客戶反饋的發展，我們將能夠進行投資。

With that, let me hand the call back to Daniel who will take you through the financial and commercial outlook. Daniel?

有了這個，讓我把電話轉回給丹尼爾，他將帶你了解財務和商業前景。丹尼爾？

Thanks, Josh. We ended 2022 with liquidity of $154 million and anticipated non-GAAP operating expenses of $70 million to $75 million in 2023 as we execute on a disciplined approach and CapEx-light model. We achieved key development milestone in 2022 on time and in line with budget with total non-GAAP operating expenses of $101 million, total GAAP operating expenses of $127 million.

謝謝，喬希。截至 2022 年，我們的流動資金為 1.54 億美元，預計 2023 年非 GAAP 運營費用為 7000 萬至 7500 萬美元，因為我們採用嚴格的方法和輕資本支出模式執行。我們在 2022 年按時並符合預算實現了關鍵的發展里程碑，非 GAAP 運營總支出為 1.01 億美元，GAAP 運營總支出為 1.27 億美元。

GAAP net loss was $27.3 million in the fourth quarter of 2022 compared to $33.5 million in the third quarter of 2022 and $46.7 million in the fourth quarter of 2021. The decrease in GAAP net loss compared to the third quarter of 2022 is mainly driven by lower operating expenses, including transaction costs. The year-over-year decrease in GAAP net loss is mainly attributed to lower income from remeasurement of warrant and lower share-based compensation expense.

2022 年第四季度 GAAP 淨虧損為 2730 萬美元，而 2022 年第三季度為 3350 萬美元，2021 年第四季度為 4670 萬美元。與 2022 年第三季度相比，GAAP 淨虧損減少的主要原因是較低的營業費用，包括交易費用。 GAAP 淨虧損同比減少主要是由於重新計量認股權證的收入減少和基於股份的補償費用減少。

Non-GAAP net loss was $21.5 million in the fourth quarter of 2022 compared to $27.3 million in the third quarter of 2022 and $26 million in the fourth quarter of 2021. The decrease in non-GAAP net loss versus the third quarter of 2022 is mainly attributed to the decreased operating expenses, including transaction costs. The year-over-year decrease in non-GAAP net loss is primarily related to the decrease of operating expense as the company shifts from ramping up its capabilities and market penetration for its commercial production into certification and testing.

2022 年第四季度非美國通用會計準則淨虧損為 2150 萬美元，而 2022 年第三季度為 2730 萬美元，2021 年第四季度為 2600 萬美元。非美國通用會計準則淨虧損較 2022 年第三季度減少主要是歸因於運營費用的減少，包括交易費用。非 GAAP 淨虧損同比減少主要與運營費用減少有關，因為公司從提高其商業生產的能力和市場滲透率轉向認證和測試。

As of December 31, 2022, the company had $153.6 million of liquidity, comprised of cash, cash equivalents and short-term investments and no debt. The company anticipates it has sufficient liquidity to achieve initial production of its P7 platform and continue to advance other commercial activities set forth above.

截至 2022 年 12 月 31 日，公司擁有 1.536 億美元的流動資金，包括現金、現金等價物和短期投資，沒有債務。公司預計它有足夠的流動性來實現其 P7 平台的初始生產，並繼續推進上述其他商業活動。

The P7 program is fully funded into commercialization. Our CapEx-light model is designed to support COGS breakeven in the low hundreds of vehicles and adjusted EBITDA breakeven in the low thousands of vehicles. We carefully watch market conditions and explore options of raising debt or equity capital in the right form and time based on the progress in our business cycle and needs.

P7 計劃已全額資助商業化。我們的 CapEx-light 模型旨在支持數百輛汽車的 COGS 盈虧平衡和數千輛汽車的調整後 EBITDA 盈虧平衡。我們仔細觀察市場狀況，並根據我們的商業周期和需求的進展，探索以正確的形式和時間籌集債務或股權資本的選擇。

Before we open the call up for questions, I'd like to thank David Goldberg for his contribution in helping building out our finance team, and to Hans Thomas for his dedication, support and belief in our mission. I want to extend a very warm welcome to our Yaron Zaltsman, who we are all excited to work with. And to our 2 new Board members, Hicham Abdessamad and Ittamar Givton who will bring vast industry experience to REE.

在我們開始提問之前，我要感謝 David Goldberg 在幫助建立我們的財務團隊方面所做的貢獻，並感謝 Hans Thomas 對我們使命的奉獻、支持和信念。我想對我們的 Yaron Zaltsman 表示熱烈的歡迎，我們都很高興能與他共事。感謝我們的 2 位新董事會成員 Hicham Abdessamad 和 Ittamar Givton，他們將為 REE 帶來豐富的行業經驗。

Operator, please open up the call for questions.

接線員，請打開電話詢問。

(Operator Instructions) We will now take the first question. It comes from the line of Mike Shlisky from D.A. Davidson.

（操作員說明）我們現在將回答第一個問題。它來自 D.A. 的 Mike Shlisky 系列。戴維森。

I guess I wanted to ask about the orders that were in the release and in your comments today. You mentioned 35 vehicles were ordered. Is that irrespective of -- I guess 2 things. One, is it just the dealers that have ordered those vehicles? Or are there other customers that have ordered them?

我想我想問一下今天發布的訂單和您的評論中的訂單。你提到訂購了 35 輛車。這與——我猜有兩件事無關。第一，是否只有經銷商訂購了這些車輛？或者是否有其他客戶訂購了它們？

And secondly, does that reflect the orders that -- that your dealers are taking for the vehicles from the end user, or just what they're asking for you for either demo or inventory reasons?

其次，這是否反映了您的經銷商從最終用戶那裡獲得車輛的訂單，或者他們出於演示或庫存原因向您索取的訂單？

I guess I expect a dealer ought to be ordering in the hundreds, if not thousands of vehicles, based on what other EVs have been getting from their initial dealer orders business. Just to -- kind of clarity on what's going on, what are some of the ins and outs of the order book? Whether it's yours or from the dealers directly?

我想我預計經銷商應該根據其他電動汽車從其最初的經銷商訂單業務中獲得的情況訂購數百輛甚至數千輛汽車。只是 - 有點清楚發生了什麼，訂單簿的一些來龍去脈是什麼？是您自己的還是直接從經銷商處購買的？

I'll start by answering your first questions about the orders. So right, as we said, we -- since November 2022, we grew our order book from 3 to 35 firm orders. Those orders are coming from 8 customers. And that's compared to 2 that we had in November.

首先，我將回答您關於訂單的第一個問題。所以，正如我們所說，我們 - 自 2022 年 11 月以來，我們的訂單從 3 個增加到 35 個確定訂單。這些訂單來自 8 個客戶。與我們 11 月份的 2 相比。

Now these overall numbers represent a substantial growth, right? There's a much bigger and more important message here, where each of those carefully chosen fleet, logistics and dealers customers has potential to -- has a potential to order very large numbers of units for many years. So assuming we receive certification and our platform perform to spec, which we believe it will, then -- it isn't a leap to see that how these customers can contribute to very robust order book in the near future. And that's, of course, as we expect to sign even more customers.

現在這些總體數字代表了大幅增長，對嗎？這裡有一個更大、更重要的信息，那些精心挑選的車隊、物流和經銷商客戶中的每一個都有可能——有可能在多年內訂購大量的單位。因此，假設我們獲得認證並且我們的平台符合規格，我們相信它會，那麼 - 看到這些客戶如何在不久的將來為非常強勁的訂單做出貢獻並不是一個飛躍。當然，這也是我們希望簽下更多客戶的原因。

Well, I guess I wanted to clarify, the 35 orders you have so far reflect what you expect to ship for the year? Maybe as a simple question. Or are there more that might come later on -- over the coming months that will also be shipped in 2023?

好吧，我想我想澄清一下，你到目前為止的 35 份訂單反映了你預計今年會發貨什麼？也許作為一個簡單的問題。還是有更多的東西可能會在以後出現——在接下來的幾個月裡也將在 2023 年發貨？

Can you repeat the question? I'm not sure I understood it.

你能重複這個問題嗎？我不確定我是否理解它。

Yes. I just I'm curious whether the orders you've received, that you mentioned, the 35, are reflective of your volume expectations for the full year. Or might more orders come in over the next few months that will also ship this year?

是的。我只是很好奇你收到的訂單，你提到的 35 個，是否反映了你對全年的銷量預期。或者可能會在接下來的幾個月內收到更多今年也將發貨的訂單？

Yes. So -- no, that's a good question. What we're doing now is we're very, very carefully selecting our customer base. We're doing this on the basis of their market potential and of course their readiness to electrify. If there are fleets, the readiness to accept electric vehicles; and if they are dealers, their ability and readiness to sell this to their customers.

是的。所以 - 不，這是一個很好的問題。我們現在正在做的是非常、非常謹慎地選擇我們的客戶群。我們這樣做是基於他們的市場潛力，當然還有他們對電氣化的準備。如果有車隊，準備接受電動車；如果他們是經銷商，他們有能力和願意將其出售給他們的客戶。

Because we're ramping up on production, it's very important for us to prioritize how many orders and to which we're delivering first batches. So we would most likely be interested in prioritizing significantly the first batches to certain customers that we believe have the highest potential of growing the business significantly. And we will be ramping up the capacity as we move forward.

因為我們正在提高產量，所以對我們來說，確定訂單數量的優先級以及我們要交付的第一批訂單非常重要。因此，我們很可能有興趣將第一批產品優先分配給我們認為最有可能顯著發展業務的某些客戶。隨著我們的前進，我們將提高能力。

Okay, okay. I can follow up with that separately. Also, you didn't mention it. You -- as far as your liquidity goes, you haven't filed your 10-K or 20-F for the year, but do you anticipate that document having a "going concern" causing it? Or do you think, with your orders, you've got a good outlook for ample liquidity to fund the business throughout the entire 2023 year?

好吧好吧。我可以單獨跟進。還有，你沒有提到。你 - 就你的流動性而言，你還沒有提交當年的 10-K 或 20-F，但你是否預計該文件有“持續經營”導致它？或者你認為，根據你的訂單，你有充足的流動資金為整個 2023 年的業務提供資金的良好前景嗎？

Yes. So listen, we had $154 million on the balance sheet at the end of 2022, and we have no debt. So as we mentioned, like you just said on the shareholder, we're targeting a non-GAAP operating expense of between $70 million to $75 million for 2023, right? So that's quite straightforward. And if you keep in mind that our model is very capital-light. So once we begin SOP, we believe that the vast majority of capital-intensive cash burn is over for the foreseeable future.

是的。所以聽著，到 2022 年底，我們的資產負債表上有 1.54 億美元，而且我們沒有債務。因此，正如我們提到的，就像您剛才對股東所說的那樣，我們的目標是 2023 年的非 GAAP 運營費用在 7000 萬至 7500 萬美元之間，對嗎？所以這很簡單。如果你記住我們的模型是非常輕資本的。因此，一旦我們開始 SOP，我們相信在可預見的未來，絕大多數資本密集型現金消耗已經結束。

So therefore, as for additional capital, we carefully watch the market condition, explore option for raising debt or equity capital in the right form and time. But that's based on the progress of our business cycle and need.

因此，對於追加資本，我們會仔細觀察市場狀況，探索在合適的時間和方式籌集債務或股權資本的選擇。但這是基於我們商業周期的進展和需要。

Got it. And maybe last 1 for me. We had the NTEA show last week. Booth looked great. Looked pretty crowded in the booth. Could you maybe give us a sense as to how that might have gone, in your view? Any new fleets coming in with some interesting interest there? Or any other use cases that came about as folks came in and out of your booth over at that show last week?

知道了。也許對我來說是最後一個。上週我們參加了 NTEA 表演。展位看起來很棒。攤位裡看起來很擁擠。在您看來，您能否告訴我們這可能是如何進行的？有沒有新艦隊帶著一些有趣的興趣進來？或者上週在那個展會上人們進出你的展位時出現的任何其他用例？

Yes. It has been -- to think quite a show. It will -- had been very busy, as you just mentioned. We've seen a lot of interest in EV in general, and in our products in particular. We see interest from large fleets, logistic companies and e-commerce as well as from dealers and also OEMs.

是的。它一直是 - 認為相當一場表演。正如你剛才提到的，它會很忙。總的來說，我們看到人們對電動汽車特別是我們的產品很感興趣。我們看到了大型車隊、物流公司和電子商務以及經銷商和原始設備製造商的興趣。

So at -- in the risk of repeating myself, I'll say that it is extremely important for us to deliver those first deliveries spot on, right? And to make sure that our deliveries are successful on time, on target, on TCO, to those customers, and prioritizing those who ordered and are waiting for the vehicles as we grow our ordering book more and more. We take very seriously our commitment to deliver vehicles to our customers.

因此，冒著重複自己的風險，我會說，對我們來說，當場交付第一批貨物非常重要，對吧？並確保我們按時、按目標、按 TCO 成功交付給這些客戶，並優先考慮那些訂購和等待車輛的人，因為我們的訂單越來越多。我們非常重視向客戶交付車輛的承諾。

We will now take the next question. It comes from the line of Andres Sheppard from Cantor Fitzgerald.

我們現在開始下一個問題。它來自 Cantor Fitzgerald 的 Andres Sheppard 系列。

Congrats on the quarter. Wanted to maybe start off by just following up on that question about liquidity, right? So $140 -- excuse me, $154 million funded through -- or into commercialization. I'm wondering, how are you thinking about your capital needs following that, right? Particularly as you begin to ramp up orders and ramp up production. How are you thinking about future capital need plans after entering commercialization?

祝賀這個季度。想從跟進有關流動性的問題開始，對嗎？所以 140 美元——對不起，1.54 億美元通過——或用於商業化。我想知道，在那之後你是如何考慮你的資本需求的，對吧？特別是當您開始增加訂單並提高產量時。您如何看待進入商業化後的未來資金需求計劃？

Yes. Right. Again, so like you said, there's $154 million on the balance sheet at the end of 2022, and we don't have debt. So yes, we think we have sufficient liquidity to take the P7 platform into commercialization and continue to advance the other commercial projects.

是的。正確的。同樣，就像你說的，到 2022 年底資產負債表上有 1.54 億美元，我們沒有債務。所以是的，我們認為我們有足夠的流動性將 P7 平台商業化並繼續推進其他商業項目。

we would be looking, I mean, in the market, and we would be exploring opportunities and options for raising debt and equity capital, but it needs to be in the right form and time. And that, again, we're going to base this on the business cycle and needs. As we go further into the year, we'll have more visibility into the order book, the production ramp-up, et cetera.

我們會尋找，我的意思是，在市場上，我們會探索籌集債務和股權資本的機會和選擇，但它需要以正確的形式和時間。而且，我們將再次基於商業周期和需求。隨著今年的深入，我們將對訂單簿、產量提升等有更多的了解。

Got it. Okay. Daniel. And maybe as a follow-up. Was just wondering, this is a bit more of a macro question. Curious if you can maybe comment on what you're seeing from a supply chain disruptions? Obviously, that's been persistent in the industry over the last year or so, if not more. What kind of -- what trends are you seeing in that supply chain? Do you expect those disruptions to continue? If so, to what extent? And what can kind of be put in place to try to mitigate some of those disruptions? .

知道了。好的。丹尼爾。也許作為後續行動。只是想知道，這更像是一個宏觀問題。想知道您是否可以評論您從供應鏈中斷中看到的情況？顯然，在過去一年左右的時間裡，這種情況在行業中一直存在，甚至更多。您在該供應鏈中看到什麼樣的趨勢？您預計這些中斷會繼續嗎？如果是這樣，到什麼程度？可以採取哪些措施來減輕其中的一些干擾？ .

Yes. And I think is one. Listen, macro is always a factor, right? In fact, it's possible that, if the macro was different, REE and basically the whole EVehicle system would have seen a much faster, steeper growth. And that being said, based on our conversation with large -- large customers, for example, we see obviously nothing that will derail the electrification of global delivery fleets.

是的。我認為是一個。聽著，宏觀總是一個因素，對吧？事實上，如果宏觀不同，REE 和基本上整個 EVehicle 系統可能會出現更快、更陡峭的增長。話雖這麼說，基於我們與大客戶的談話，例如，我們顯然看不到任何會破壞全球交付車隊電氣化的事情。

Luckily for us, our capital-light strategy and modular approach will allow us to flex our production quickly as adoption accelerates. And importantly, I mean, we believe a modest cash burn compared to some of our other competitors will allow us to be one of the beneficiaries of this huge multi-decade trend.

對我們來說幸運的是，我們的輕資本戰略和模塊化方法將使我們能夠隨著採用加速而快速調整生產。重要的是，我的意思是，我們相信，與我們的其他一些競爭對手相比，適度的現金消耗將使我們成為這一巨大的數十年趨勢的受益者之一。

On the supply side. As we said, we've -- we have a steady supply chain where we are monitoring the disturbance within the supply chain, we're having multiple suppliers where it makes sense to make sure that we have ample supply to what we need we currently do not see a significant disturbance that we cannot change in that supply chain.

在供給側。正如我們所說，我們已經 - 我們有一個穩定的供應鏈，我們正在監控供應鏈內的干擾，我們有多個供應商，確保我們有足夠的供應來滿足我們目前的需求是有意義的沒有看到我們無法在該供應鏈中改變的重大干擾。

But I think -- maybe, Josh, you want to add something on that.

但我認為——也許，喬什，你想補充一些東西。

Yes. Thanks, Daniel. Yes, I mean, guys -- let's look at it like this. I mean, in the end, we're starting to build the first delivery vehicles, and we said that we've ordered 25 -- except for 25, for this year, right? Obviously, those are small numbers in the grand scheme of things. So -- and as we ramp through the hundreds and thousands. So we -- in the near future, we see no issues at all with the supply. I mean -- and hopefully, as we ramp through the thousands, that the concerns alleviate even more from the industry.

是的。謝謝，丹尼爾。是的，我的意思是，伙計們——讓我們這樣看。我的意思是，最後，我們開始建造第一批運載工具，我們說我們已經訂購了 25 輛——除了今年的 25 輛，對吧？顯然，這些在宏偉的計劃中只是很小的數字。所以 - 當我們通過成百上千的時候。所以我們 - 在不久的將來，我們認為供應沒有任何問題。我的意思是 - 並且希望，當我們通過數千人時，這些擔憂會從行業中得到更多緩解。

(Operator Instructions) We will now take the next question. It comes from the line of Jeff Osborne from Cowen & Company.

（操作員說明）我們現在開始下一個問題。它來自 Cowen & Company 的 Jeff Osborne 系列。

Daniel, a couple of quick questions on my side. I was wondering if you could give us an update on the homologation progress of the Proxima and the P7B, what you accomplished this quarter? And what the outlook looks like over the next quarter or 2 as you start deliveries in Q4?

丹尼爾，我這邊有幾個簡短的問題。我想知道您是否可以向我們提供有關 Proxima 和 P7B 認證進展的最新信息，您本季度完成了什麼？當您在第四季度開始交付時，下一季度或第二季度的前景如何？

Sure. I think -- Josh, do you want to take this, maybe? And I'll complete.

當然。我想——喬什，你想接受這個嗎？我會完成。

Yes, sure. So we are on track for homologation activities. As we said, we've -- we're looking to build our winter test vehicles and ship them up immediately. That's happening soon, and then complete first our X-by-Wire validation, and then completed by the rest of the vehicle. So that's slated for the second half of the year. So we see no roadblocks doing that at the moment at all.

是的，當然。因此，我們正在進行認證活動。正如我們所說，我們已經 - 我們正在尋求建造我們的冬季測試車並立即發貨。這很快就會發生，然後首先完成我們的 X-by-Wire 驗證，然後由車輛的其餘部分完成。所以這定於今年下半年。因此，我們目前完全看不到這樣做的障礙。

And Josh, is that separately for the P7B and the Proxima? Or are you doing those concurrently?

Josh，P7B 和 Proxima 是分開的嗎？或者你同時做這些？

Well, the -- if you think about it, the X-by-Wire, it's the same system, so we'll do those concurrently. And then we do each chassis separately. So -- but they are relatively on the same timeline. Both are set -- both are set for the second half of the year to be completed.

好吧，如果你考慮一下，X-by-Wire，它是同一個系統，所以我們會同時做這些。然後我們分別做每個底盤。所以——但它們相對處於同一時間線上。兩者都已確定——都將在今年下半年完成。

Got it. And then the comment, Josh, that you made about the 25-unit order for the parts and components for the second half of the year. What is the lead time for that? Like if there was demand for 50, could you do that within 3 to 4 months? Or do you have to give your supply base 6 months lead time, just given the low volume and probably more manual involvement? I'm just curious on that front.

知道了。然後是評論，Josh，你為今年下半年的零部件訂購了 25 個單位。交貨時間是多少？比如如果有 50 個需求，你能在 3 到 4 個月內完成嗎？或者你是否必須給你的供應基地 6 個月的交貨時間，只是考慮到低產量和可能更多的人工參與？我只是對那方面感到好奇。

Yes. We have that planned out based on the lead times. There's no issue there at all. I mean, if you think about it, those orders are going to cover the vehicles we need for homologation and testing for both the Proxima and the P7 -- the P7 platform, the P7B and then, of course, the first vehicles to be delivered. So the planned supply chain is there's no issue with what we're planning versus the build plan at the moment.

是的。我們已經根據交貨時間計劃好了。那裡根本沒有問題。我的意思是，如果你仔細想想，這些訂單將涵蓋我們為 Proxima 和 P7 進行認證和測試所需的車輛——P7 平台、P7B，當然還有第一批交付的車輛.因此，計劃中的供應鏈與我們目前的計劃與構建計劃相比沒有問題。

Got it. And if I could just squeeze in 2 more. If Tali had to pick one variable that's leading to the demand, in your pitch, you highlight 10 to 15 different reasons why you think your solution is better than the incumbent. But whether it's turning radius, payload, et cetera, what would be the one variable that is exciting people to want to deal with you folks?

知道了。如果我能再擠 2 個。如果 Tali 必須選擇一個導致需求的變量，那麼在你的演講中，你會強調 10 到 15 個不同的原因，說明你認為你的解決方案比現有解決方案更好。但無論是轉彎半徑、有效載荷等等，有什麼變量能讓人們興奮地想與你們打交道？

Yes. I think the most important element that customers are looking for is the CCO, if I need to pick one, to the cost of ownership.

是的。我認為客戶正在尋找的最重要的元素是 CCO，如果我需要選擇一個，則為擁有成本。

Got it. And then the last question I had is just at the show last week that you folks were at. There was a lot of, I would say, anxiety around charging and infrastructure availability, are you starting to work with the A customers on what their solutions are and ensuring that, that's on time, in terms of charging capacity so that they can take delivery of these vehicles? Or are you letting them do that separately with outside of your involvement?

知道了。然後我的最後一個問題是上週你們參加的演出。有很多，我想說，關於充電和基礎設施可用性的焦慮，你是否開始與 A 客戶合作，了解他們的解決方案，並確保在充電能力方面準時，以便他們可以提貨這些車輛？還是讓他們在您不參與的情況下單獨進行？

Yes. As we said before, we've partnered with Hitachi America on that to provide, among others, charging infrastructure for -- for our partners, those who need some. Some come with other requirements and some we provide.

是的。正如我們之前所說，我們已經與 Hitachi America 合作，為我們的合作夥伴，那些需要的人提供充電基礎設施。有些帶有其他要求，有些我們提供。

But you're touching on the right point, right? Because it's -- in order to transition the fleet to an EV, there is a lot of infrastructure that's needed. And it's not only -- by the way, it's just the charging, it's also if you have enough power near you that you can draw -- in terms of the need of the fleet. But we're working closely to optimize those.

但你說對了，對吧？因為它——為了將車隊過渡到電動汽車，需要大量的基礎設施。就車隊的需求而言，這不僅僅是——順便說一下，這只是充電，如果你附近有足夠的電力你可以汲取的話。但我們正在密切合作以優化這些。

Thank you. There are no further questions at this time. I would like to hand back over to the speakers for final remarks.

謝謝。目前沒有其他問題。我想把最後的發言交還給發言者。

Yes. So I want to thank the REE team for doing a really good job in 2022 in accomplishing a lot, a lot of things that are very, very difficult to do. And we are all very, very proud of them, so I want to say thank you to all of them. And thank you all for joining our call today.

是的。所以我要感謝 REE 團隊在 2022 年做得非常好，完成了很多很多非常非常困難的事情。我們都為他們感到非常非常自豪，所以我想對他們所有人表示感謝。感謝大家今天加入我們的電話會議。

That does conclude our conference for today. Thank you for participating. You may all disconnect.

我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。

Thank you.

謝謝。