REE Automotive Ltd (REE) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the REE Automotive Q2 2023 Financial Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 REE Automotive 2023 年第二季度財務業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Kamal Hamid, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人、投資者關係副總裁卡邁勒·哈米德 (Kamal Hamid)。請繼續。

Thank you, operator, and thank you all for joining our second quarter 2023 conference call. We hope that you have seen our press release and shareholder letter issued earlier this morning at investors.ree.auto. If you haven't, I encourage you to review it as it has additional insights into the topics we'll talk about on the call today.

謝謝運營商，也感謝大家參加我們的 2023 年第二季度電話會議。我們希望您已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函。如果您還沒有，我鼓勵您查看它，因為它對我們今天將在電話會議中討論的主題有更多見解。

I would like to remind you that today's call may include 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 anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control.

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、預測和假設的聲明均為前瞻性聲明。請注意，由於多種原因，公司的實際結果可能與此類前瞻性陳述的預期有所不同，其中許多原因是我們無法控制的。

Please refer to the company's Form 20-F filed on March 28, 2023, with the Securities and 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.

請參閱公司於 2023 年 3 月 28 日向美國證券交易委員會提交的 20-F 表，其中確定了可能影響我們的業務、前景和未來業績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。

At this point, I will turn the call over to Daniel Barel, our CEO and Co-Founder.

此時，我將把電話轉給我們的首席執行官兼聯合創始人 Daniel Barel。

Thank you, Kamal. Hello, everybody, and thank you for joining us today. Halfway through 2023, we continue to make steady progress, and we remain disciplined, both operationally and financially as we focus on our execution of our P7 program. This morning, we announced that we have achieved one of our most important technology milestones to date following months of testing. We confirm that it is feasible for our x-by-wire system to pass the required FMVSS certification, a key step in our road map to delivering certified vehicles.

謝謝你，卡邁勒。大家好，感謝您今天加入我們。 2023 年已過半，我們繼續取得穩步進展，並在運營和財務方面保持紀律，專注於 P7 計劃的執行。今天早上，我們宣布經過幾個月的測試，我們已經實現了迄今為止最重要的技術里程碑之一。我們確認我們的線控系統通過所需的 FMVSS 認證是可行的，這是我們交付經過認證的車輛路線圖中的關鍵一步。

Being the first to market with full x-by-wire System, such a high bar. So in order to prove feasibility, we contracted HORIBA MIRA, a world leader in testing to perform internal tests, modeling certain FMVSS certification requirements. We have already started to build our certification in P7 fleet and are on track to initiate the next phase of the full certification process of P7 vehicles.

作為第一個向市場推出完整線控系統的公司，門檻如此之高。因此，為了證明可行性，我們與世界領先的測試公司 HORIBA MIRA 簽訂了合同，進行內部測試，對某些 FMVSS 認證要求進行建模。我們已經開始在 P7 車隊中建立認證，並有望啟動下一階段的 P7 車輛全面認證流程。

We have progressed with the certification plan and are targeting delivery of our first pilot vehicles by the end of this year, while ensuring they are safe, reliable electric trucks that dealers and fleet owners can depend on. Our confidence in our vehicles, combined with our discussions with dealers and fleet customers, make us confident in our business plan, which claims to reach cumulative sales of $1 billion over to 2024 to 2026 by executing on our production plan as shown in our shareholder letter.

我們的認證計劃已取得進展，目標是在今年年底前交付第一批試點車輛，同時確保它們是經銷商和車隊所有者可以信賴的安全、可靠的電動卡車。我們對車輛的信心，加上我們與經銷商和車隊客戶的討論，使我們對我們的業務計劃充滿信心，該計劃聲稱，通過執行我們的股東信中所示的生產計劃，到2024 年至2026年，累計銷售額將達到10 億美元。

As we continue to build out our dealer network, which now covers the entire U.S., and our recent expansion into Canada, we see demand for our commercial electric trucks coming from both incentivized and non-incentivized states as charging infrastructures continues to become more accessible to fleet owners. In addition, in commercial trucking industry, aftersales service is key, and we also see demand growth from our ability to simplify service with our quick REEcorners swap, with fleet and dealers only having to keep a single service part in their inventory, the REEcorners, which intends to increase uptime of our trucks and lower the cost of customers' inventory and its cost of management.

隨著我們繼續建設目前覆蓋整個美國的經銷商網絡，以及最近擴展到加拿大，我們看到對我們的商用電動卡車的需求來自激勵州和非激勵州，因為充電基礎設施繼續變得更容易獲得車隊所有者。此外，在商業卡車運輸行業，售後服務是關鍵，我們還看到了需求的增長，因為我們能夠通過快速 REEcorners 交換來簡化服務，車隊和經銷商只需在其庫存中保留一個服務部件，即 REEcorners，旨在增加我們卡車的正常運行時間並降低客戶的庫存成本及其管理成本。

As a customer-centric company, we listen to our current and potential customers to expand our P7 offering with full vehicle solutions, including boxes, service bodies and platform bodies. Therefore, as we shared yesterday, we're growing our collaboration with market-leading work truck body manufacturers, such as Knapheide Morgan Truck Body and others, all plan to be available in 2024.

作為一家以客戶為中心的公司，我們傾聽當前和潛在客戶的意見，通過完整的車輛解決方案擴展我們的 P7 產品，包括盒子、服務機構和平台機構。因此，正如我們昨天分享的那樣，我們正在加強與市場領先的工作卡車車身製造商的合作，例如 Knapheide Morgan Truck Body 等，所有這些都計劃於 2024 年上市。

We have already delivered our first P7-S prototype to one of our existing U.S. fleet customers for their initial internal closed-track tests with the help of our on-site and remote support team, as we jointly develop a complete electric work truck that will pave the way for potential future purchases.

在我們的現場和遠程支持團隊的幫助下，我們已經向我們現有的美國車隊客戶之一交付了第一台P7-S 原型車，以進行初步的內部閉路測試，因為我們共同開發了一款完整的電動工作卡車，該卡車將為未來潛在的購買鋪平道路。

The P7 lineup uses software-based x-by-wire system, which will use over-the-air capabilities that allow for: continuous vehicle improvements and update; continuous rolling out of new features and options; and remote diagnostics, often negating the need to return to a service center to future improve uptime.

P7 系列採用基於軟件的線傳系統，該系統將使用無線功能，從而實現： 持續的車輛改進和更新；不斷推出新功能和選項；和遠程診斷，通常無需返回服務中心即可提高未來的正常運行時間。

Our system architecture, coupled with data-as-a-service capabilities, is intended to allow customers to manage fleet performance, gather any data required for incentive compliance and forecast and predict maintenance.

我們的系統架構與數據即服務功能相結合，旨在幫助客戶管理車隊績效、收集激勵合規性以及預測和預測維護所需的任何數據。

We ended the second quarter with liquidity of $105 million, comprised of cash, cash equivalents and short-term investments. As part of our efforts to secure 2024 capital needs in advance, after the end of Q2, we have established a $35 million ATM program and secured a bank facility of $15 million.

截至第二季度末，我們的流動資金為 1.05 億美元，包括現金、現金等價物和短期投資。作為我們提前確保 2024 年資本需求的努力的一部分，第二季度末後，我們建立了 3500 萬美元的 ATM 計劃，並獲得了 1500 萬美元的銀行融資。

Before we open it up for questions, I want to stress that we're aware of the market condition in general and the EV industry in particular. We see strong demand for electric truck driven by both organic demand as well as the federal state incentives throughout the U.S., and we understand our customers and the market expect us to deliver. We're laser focused on bringing the best commercial EV to the market, and we have the right team and technology.

在我們開始提問之前，我想強調，我們了解總體市場狀況，特別是電動汽車行業。我們看到美國各地的有機需求和聯邦州激勵措施推動了對電動卡車的強勁需求，並且我們了解我們的客戶和市場期望我們交付。我們專注於將最好的商用電動汽車推向市場，並且我們擁有合適的團隊和技術。

We believe our stakeholders, customers and investors will see long-term value creation because of our unique technology, IP, operational focus and disciplined approach.

我們相信，由於我們獨特的技術、知識產權、運營重點和嚴格的方法，我們的利益相關者、客戶和投資者將看到長期的價值創造。

Operator, please open the line for questions, and I'm going to be joined by our Chief Financial Officer, Yaron Zaltsman; our Chief Business Officer, Tali Miller; and Josh Tech, our Chief Operating Officer.

接線員，請撥打電話提問，我們的首席財務官 Yaron Zaltsman 將加入我的行列；我們的首席商務官 Tali Miller；以及我們的首席運營官 Josh Tech。

(Operator Instructions) We will now take the first question from the line of Michael Shlisky from D.A. Davidson & Company.

（操作員說明）我們現在將回答來自 D.A. Michael Shlisky 的第一個問題。戴維森公司。

Can you hear me okay?

你能聽到我說話嗎？

Yes, we can.

我們可以。

Are you there?

你在嗎？

Yes, we can year you fine, Mike.

是的，我們祝你一切順利，邁克。

Can you maybe take us behind the scenes of the external testing that you did to get to the point where the external firm said that you're ready for FMVSS. I guess I would like to know if that was a long process. Was it very iterative? Or did you just send in the chassis and you got back a nice report card. I'm curious to see whether that was very expensive in that very long process or relatively short one?

您能否向我們介紹一下您所做的外部測試的幕後情況，以便外部公司表示您已準備好採用 FMVSS。我想我想知道這是否是一個漫長的過程。是不是非常迭代？或者您是否只是發送了機箱，然後就收到了一份不錯的成績單。我很好奇，在這個很長的過程中，還是相對較短的過程中，這是非常昂貴的？

I'm not sure I heard the full question. Sorry, Mike, my bad, the line is a little bit -- can you repeat, please?

我不確定我是否聽到了完整的問題。抱歉，邁克，我的錯，線路有點長——您能再說一遍嗎？

Yes. Is that a little bit better? Sorry about that. I guess I was wondering if you could take us behind the scenes of the external testing to get the P7 chassis to the FMVSS kind of the external third-party approval. I guess I'm curious whether that was an iterative process that took a very long time, longer than expected? Or did you just kind of send in a chassis and get back a pretty clean report card from a very early stage?

是的。這樣是不是好一點了？對於那個很抱歉。我想我想知道您是否可以帶我們到外部測試的幕後，讓 P7 機箱獲得 FMVSS 類型的外部第三方批准。我想我很好奇這是否是一個迭代過程，花費了很長的時間，比預期的時間更長？或者您只是發送了一個機箱並從很早的階段就拿回了一份非常乾淨的成績單？

Sure. Josh, do you want to take this?

當然。喬什，你想拿這個嗎？

Yes. I guess, Miller on hold, I'll take that one. So basically, to sum it up. So the P7 lineup is going to be the first by-wire commercial truck out there. And our x-by-wire technology is what makes us unique. And therefore, we've been testing these core systems for months, okay? As we shared today, we've also contracted a third party to do the tests. So the FMVSS standards are generally their design neutral. So different vehicle and vehicle technology designs can be certified if those minimum requirements are met.

是的。我想，米勒稍等一下，我會接受那個。基本上，總結一下。因此，P7 系列將成為第一款線控商用卡車。我們的線傳技術使我們與眾不同。因此，我們已經測試這些核心系統幾個月了，好嗎？正如我們今天分享的，我們還簽約了第三方來進行測試。因此，FMVSS 標準的設計通常是中立的。因此，如果滿足這些最低要求，則可以對不同的車輛和車輛技術設計進行認證。

But some of those standards have test procedures that are written with a traditional vehicle mindset in mind. So the certification and feasibility testing showed that the REE x-by-wire architecture could be tested according to the applicable FMVSS standards. So for example, we have the FMVSS 105 test performance requirements for breaking during normal operation and failing injection.

但其中一些標準的測試程序是根據傳統車輛思維編寫的。因此，認證和可行性測試表明，REE 線傳架構可以根據適用的 FMVSS 標准進行測試。例如，我們有 FMVSS 105 測試性能要求，用於正常操作期間的斷裂和注射失敗。

Our REEcorner comprehensive architecture goes beyond those requirements and includes multiple redundancies that allow for fail operations. So for example, if breaks on one of the wheels fails, the other corners will allow you to continue to drive safe -- drive the P7 vehicle safely. So the feasibility testing also provided a lot of other data that we refined and as we tune our calibrations ahead of what we expect our full certification by the end of the year.

我們的 REEcorner 綜合架構超出了這些要求，並包括允許故障操作的多個冗餘。例如，如果其中一個車輪的製動失效，其他角落將允許您繼續安全駕駛——安全駕駛 P7 車輛。因此，可行性測試還提供了我們改進的許多其他數據，並且我們在預計年底前獲得全面認證之前調整了校準。

Okay. Okay. Great. I want to also ask you that you mentioned in your prepared remarks, Daniel, but some of the things that were in the press release about your sales outlook for, I think it was 2024 to 2026. I was looking there was some ramp-up in there, obviously, between '24 and '25, but could you kind of give us some kind of breakdown of the cadence of the $1 billion you plan to be on the road there in sales, how much might be in the early stages in that 2024 at the very least?

好的。好的。偉大的。我還想問你，丹尼爾，你在準備好的發言中提到了一些關於你的銷售前景的事情，我認為是 2024 年到 2026 年。我正在尋找一些增長顯然，是在24 到25 年間，但是您能否給我們提供一下您計劃在銷售中實現10 億美元的節奏的詳細信息，有多少可能處於早期階段？至少到 2024 年？

I guess, Dave, I can take that one too as well. So to answer the question. For Phase 1, we plan to produce from the U.K. facility the minimum number of pilot vehicles that we require to get customer feedback before we begin mass production in the states, right? This is intentional from our side because the cost reduction towards breaking the gross margin per unit level is expected to start only after we have our production tooling in place.

我想，戴夫，我也可以接受這個。所以來回答一下問題。對於第一階段，我們計劃在英國工廠生產最少數量的試點車輛，以便在美國開始大規模生產之前獲得客戶反饋，對嗎？這是我們有意為之的，因為只有在我們的生產工具到位後，才能開始降低成本以突破單位毛利率水平。

So as we built confidence through the positive feedback from the customers over the next few months, we initiated our $15 million production tooling purchase program in July of '23. So this was earlier than we planned. We believe this will allow us to shorten our Phase 1 and enter Phase 2 by Q4 of 2024. So Phase 2 is currently planned to commence in Q4 of '24, which is expected to be a total production plan of up to 300 vehicles during that calendar year, ramping up to a low thousands in 2025 and then mid-thousands in 2026.

因此，隨著我們通過未來幾個月客戶的積極反饋建立了信心，我們於 2023 年 7 月啟動了 1500 萬美元的生產工具採購計劃。所以這比我們計劃的要早。我們相信，這將使我們能夠縮短第一階段，並在2024 年第四季度進入第二階段。因此，第二階段目前計劃於2024 年第四季度開始，預計在此期間的總生產計劃將達到300 輛汽車2025 年將增加到數千人，然後在 2026 年增加到數千人。

For chassis manufacturing and final vehicle builds in Phase 2, we plan to use a contract manufacturer located in the states, and we'll give you guys more information on that once we have selected that contract manufacturer.

對於第二階段的底盤製造和最終車輛製造，我們計劃使用位於各州的合同製造商，一旦我們選擇了該合同製造商，我們將為大家提供更多信息。

Just to be clear then, the 2024 vehicles that are coming out are going to be prototype or still low volume and there will be -- and all of the -- all of them will be in the U.K. shipped over here, correct?

需要明確的是，2024 年推出的車輛將是原型車或仍然是小批量的，而且所有這些車輛都將在英國運到這裡，對嗎？

The first half to first 3 quarters, yes, those will be that what we said, those will be the pilot vehicles. And then for -- by Q4, we will start to ramp up the remaining, as we said, up to 300 from the U.S.

上半年到前三季度，是的，就是我們說的，就是試點車輛。然後，到第四季度，我們將開始將剩餘的數量（正如我們所說的）從美國增加到 300 個。

(Operator Instructions) We will now take the next question from the line of Jeff Osborne from TD Cowen.

（操作員指示）我們現在將接受來自 TD Cowen 的 Jeff Osborne 的下一個問題。

Thanks for all the detail in the letter. Maybe just a few follow-up questions on some of the points raised. Daniel, I was wondering if you could walk us through the $50 million investment that was flagged. I think Josh just mentioned that you had a $15 million tooling purchase in July last month. Was that part of the $50 million? Or is the $50 million still to come more next year? I'm just trying to get a sense of the cadence and associated cash burn.

感謝信中提供的所有詳細信息。也許只是針對所提出的一些觀點提出一些後續問題。丹尼爾，我想知道你能否向我們介紹一下所標記的 5000 萬美元投資。我想 Josh 剛剛提到您在上個月 7 月份購買了價值 1500 萬美元的工具。這是 5000 萬美元的一部分嗎？或者明年還會增加 5000 萬美元嗎？我只是想了解一下節奏和相關的現金消耗。

Yes. So these are 2 different things. I think, if I heard you right. So we initiated first hand the $15 million tooling program ahead of schedule because we're -- we have higher confidence ahead of plan. So I think all in all, good news there, and that would allow us to kick off the tooling programs. We're expected, as Joe said, to enter Phase 2, which is production, tooling and scaling in the second half of next year as we prepare the ramp-up for that.

是的。所以這是兩件不同的事情。我想，如果我沒聽錯的話。因此，我們提前啟動了價值 1500 萬美元的模具計劃，因為我們比計劃更有信心。所以我認為總而言之，這是個好消息，這將使我們能夠啟動工具計劃。正如 Joe 所說，我們預計將在明年下半年進入第二階段，即生產、工具和擴展，同時我們正在為此做好準備。

On burn, I can -- probably Yaron can add more.

關於燒傷，我可以——也許亞龍可以添加更多。

So most of the $50 million have not been spent yet, but it's part of our business plan, and we share information about the amount of cash that we have right now and the amount of cash that we need in the next 2 years. So you can include in there. We secured $50 million loan from an Israeli bank that -- this will fully cover the tooling spend at the moment.

因此，這 5000 萬美元中的大部分尚未支出，但這是我們商業計劃的一部分，我們會分享有關我們目前擁有的現金數量以及未來 2 年內需要的現金數量的信息。所以你可以包括在那裡。我們從一家以色列銀行獲得了 5000 萬美元的貸款，這將完全覆蓋目前的工具支出。

So the cumulative cash burn, CapEx is less than $105 million over the next 2 years? Is that what you're trying to say? And then if you add the ATM and the $15 million?

那麼未來 2 年累計現金消耗、資本支出將低於 1.05 億美元？這就是你想說的嗎？如果加上 ATM 機和 1500 萬美元呢？

What I'm trying to say is that $105 million that we have right now, plus the additional ATM and the loan security is well enough for the next year. We feel we need to cover '25 due to working capital. Therefore, we need to raise another $50 million for year 2025.

我想說的是，我們現在擁有的 1.05 億美元，加上額外的 ATM 和貸款擔保，足夠明年使用。我們認為由於營運資金的原因，我們需要覆蓋 25 年。因此，我們需要為 2025 年再籌集 5000 萬美元。

Got it. And then the -- I apologize for following up on Mike's questions with Josh, but you mentioned pilot vehicles. So I'm just trying to get a sense of -- the math of the dealers is impressive. You have pilot vehicles being produced and then, at some point in time, late next year up to 300 vehicles. At what point in time will there be vehicles for revenue? Is that Q4 of next year? Or will there be revenue associated with any pilot vehicles before this?

知道了。然後，我為與喬希跟進邁克的問題表示歉意，但你提到了試點車輛。所以我只是想了解一下——經銷商的數學令人印象深刻。您正在生產試點車輛，然後在明年年底的某個時間點生產到 300 輛。什麼時候會有收入工具？是明年第四季度嗎？或者在此之前會有與任何試點車輛相關的收入嗎？

I think yes, Yaron will add more color, Jeff, on that. But I think the quick answer for that is all of our vehicles are for revenue depends on where we recognize them, right? But we're being paid for each of those vehicles that we deliver. The difference between -- the reason we call them and like Joe said, pilot vehicles are because they're intended to gather customer feedback in order for us to, if needed, make the relevant changes before we initiate our production tooling because of the cost naturally in time that it takes to change production tooling.

我想是的，傑夫，亞倫會在這方面添加更多的色彩。但我認為這個問題的快速答案是我們所有的車輛都是為了收入取決於我們在哪裡認識它們，對吧？但我們為我們交付的每輛車獲得報酬。我們之所以稱呼它們和像 Joe 所說的試點車輛之間的區別是因為它們旨在收集客戶反饋，以便我們在需要時在啟動生產工具之前進行相關更改，因為成本自然地，需要及時更換生產工具。

And once we're very comfortable with this, we'll kick up the production tooling and go to, like we said, about 300 by the end of next year and then the low thousands and mid-thousands.

一旦我們對此感到非常滿意，我們就會啟動生產工具，並像我們所說的那樣，到明年年底達到約 300 個，然後是數千個和數千個。

I don't know Josh and Yaron, if you want to add?

我不認識 Josh 和 Yaron，你想補充嗎？

So we've started delivering the pilot vehicle by the end of this year. Most of the vehicles that we provide are not pilot vehicles, of course, right? And therefore, all of them will be recognized as revenues. Small amount only on the first part of the year, probably Q1, we still see it as a pilot vehicles, and therefore, we're -- I think we already gave some guidance about -- revenue recognition guidance about this specific amount of vehicles, but it's a really small amount only for this year and only for Q1 next year.

因此，我們已在今年年底開始交付試點車輛。當然，我們提供的大多數車輛都不是試點車輛，對嗎？因此，所有這些都將被確認為收入。僅在今年上半年（可能是第一季度）有少量，我們仍然將其視為試點車輛，因此，我們 - 我認為我們已經提供了一些指導 - 關於該特定車輛數量的收入確認指導，但僅適用於今年和明年第一季度，這確實是一個很小的金額。

Sorry for the follow-up. So Q4, Q1, you'll have modest revenue for pilots, and then there'll be a low in Q2, Q3 and then it ramps back up in Q4?

抱歉後續。那麼，第四季度、第一季度，飛行員的收入會適度，然後第二季度、第三季度會較低，然後在第四季度又會回升？

Yes. Correct.

是的。正確的。

Maybe to add a little color to that. That's very strategic what we did because why we're calling those pilot vehicles is basically to make sure that our dealer network has units they need to get customers in seats and test the vehicle. In that way, we're using those feedback before we start to ramp. And then as we said, we kicked off the tooling.

也許可以為此添加一點色彩。我們所做的事情非常具有戰略意義，因為我們之所以調用這些試點車輛，基本上是為了確保我們的經銷商網絡擁有他們所需的設備，讓客戶入座並測試車輛。這樣，我們就可以在開始升級之前使用這些反饋。然後正如我們所說，我們啟動了工具。

Key for the ramp isn't just to build trucks. It's to get them where we can start driving towards material margin parity, right? So we want to get the parts down at a lower cost. So as we start ramping, we're actually coming to bump parity and then driving positive material margin as we ramp, right? So it's very strategic what we did there.

坡道的關鍵不僅僅是建造卡車。這是為了讓他們我們可以開始推動物質利潤平價，對嗎？所以我們希望以更低的成本減少零件。因此，當我們開始擴張時，我們實際上會達到平價，然後在我們擴張時推動積極的材料利潤，對吧？所以我們在那裡所做的事情非常具有戰略意義。

We will now take the next question from the line of Colin Langan from Wells Fargo.

現在我們將回答富國銀行科林·蘭根 (Colin Langan) 提出的下一個問題。

Just to follow up on the cash flow needs, so I understand. So you have enough cash to get through the end of '24, but you will need another $50 million as for '25. And one, is that correct? But -- or do you need the cash, but you still have to use the ATM program, so -- because there's $35 million, I think you only used less than $1 million of it.

只是為了跟進現金流需求，所以我理解。所以你有足夠的現金來度過 24 年底，但到 25 年底你還需要 5000 萬美元。一，這是正確的嗎？但是——或者你需要現金，但你仍然必須使用ATM程序，所以——因為有3500萬美元，我認為你只使用了其中不到100萬美元。

So does that mean more dilution will be coming as you use that program through '25. That will give you $35 million. And then on top of that, you go some -- before 2025, you need to raise another $50 million. Is that -- so there's 2 pieces. There's $50 million for '25 and then $35 million or $34 million left under the ATM in terms of sort of dilutive impact?

那麼，這是否意味著當您在 25 年期間使用該計劃時，將會出現更多的稀釋。這將為您帶來 3500 萬美元。除此之外，在 2025 年之前，您還需要籌集 5000 萬美元。是嗎——所以有兩塊。 25 年有 5000 萬美元，然後 ATM 下還剩下 3500 萬美元或 3400 萬美元，以稀釋影響？

So I think we published last time that we'll need to raise between $80 million to $100 million in equity or in debt for year 2024 to year 2025. So what we're trying right now is actually to give much more color on that. We're trying to give breakdown between year 2024 to year 2025. And we're saying for year 2025, we'll need $50 million, which means that for year 2024, the need is less than $50 million. It's probably between -- around $35 million.

因此，我認為我們上次發布的消息稱，我們需要在 2024 年至 2025 年期間通過股本或債務籌集 8000 萬至 1 億美元。因此，我們現在正在嘗試的實際上是為此提供更多信息。我們正在嘗試對 2024 年至 2025 年進行細分。我們說 2025 年我們將需要 5000 萬美元，這意味著 2024 年的需求將低於 5000 萬美元。大概在 3500 萬美元左右。

How we're going to take this $35 million? We can take it by bank loans or by using the ATMs. We have both options. And this is still what we're doing right now. So already -- $50 million out of that already been secured. And based on that, we will not need to use the full ATM for $35 million. And, two, it's our decision based on the stock price, how much do we need.

我們將如何使用這 3500 萬美元？我們可以通過銀行貸款或使用自動櫃員機提取。我們有兩種選擇。這仍然是我們現在正在做的事情。因此，其中 5000 萬美元已經到位。基於此，我們將不需要使用完整的 ATM 3500 萬美元。第二，這是我們根據股價做出的決定，即我們需要多少。

Okay. But still, you still will have to -- so the ATM has not been really used yet at this point?

好的。但是，您仍然必須這樣做——那麼 ATM 目前還沒有真正被使用？

Correct. The answer is correct.

正確的。答案是正確的。

Okay. And then you have a 100 -- so the 155 orders, how does that compare to the 300 orders? So just the 155 are initial orders that are locked in and then the 300 is the target once they get the first, you're hoping to get a second? Is that the logic so I make sure I'm comparing apples-to-apples?

好的。然後你有 100 個訂單，即 155 個訂單，與 300 個訂單相比如何？因此，只有 155 個是鎖定的初始訂單，然後 300 個是目標，一旦他們獲得第一個訂單，您希望獲得第二個嗎？這是邏輯，所以我確保我正在比較蘋果嗎？

Yes, sure. So again, as we're reporting the shareholders letter, the production plan targets is accumulated of $1 billion for the year 2024, '25 and '26. And the plan is expected to reach production of up to 300 vehicles in '24 and then low thousands in '25 and mid-thousands in 2026.

是的，當然。因此，在我們報告股東信函時，2024 年、25 年和 26 年的生產計劃目標累計為 10 億美元。該計劃預計在 2024 年產量達到 300 輛，然後在 25 年產量達到數千輛，到 2026 年產量達到數千輛。

Now we continue to grow our authorized dealers network. We disclosed that we had 1 dealer at the end of last year, and now it has grown to 12 dealers currently, covering the U.S. and Canada. In the previous earnings call, although we don't have formal numbers, conversations held with our dealers suggest that they sold over 50,000 vehicles a year, which generated over $1 billion, and therefore, we feel confident in our ability to execute this business plan of ours. Now -- and this is in addition to the previously announced 3 large fleet customers.

現在我們繼續擴大我們的授權經銷商網絡。我們透露，去年底我們有1家經銷商，現在已經發展到12家，覆蓋美國和加拿大。在之前的財報電話會議中，雖然我們沒有正式的數字，但與我們的經銷商進行的對話表明，他們每年銷售超過50,000 輛汽車，產生的收入超過10 億美元，因此，我們對執行此業務計劃的能力充滿信心我們的。現在——這還不包括之前宣布的 3 個大型車隊客戶。

These dealers and fleets, they are committed to electrification, and they've already placed these orders of 155 vehicles, or P7 vehicles. And this initial order book is similar to the number of initial deliveries by market leaders and these numbers reflect initial orders and they support the growing pipeline. So we believe that these dealers and fleets could purchase hundreds and thousands of units per year and we also continue to see strong demand for the entire P7 product line.

這些經銷商和車隊致力於電氣化，他們已經下了 155 輛 P7 車的訂單。這個初始訂單簿與市場領導者的初始交付數量類似，這些數字反映了初始訂單並支持不斷增長的管道。因此，我們相信這些經銷商和車隊每年可以購買成百上千台，而且我們也繼續看到對整個 P7 產品線的強勁需求。

And the 155 orders you have, you get paid when you deliver, or do you get paid when they actually deliver it on to a customer since they're dealers?

你有 155 個訂單，你在交貨時獲得報酬，還是當他們實際將產品交付給客戶時（因為他們是經銷商）你獲得報酬？

We're getting paid when they are delivered.

當它們交付時我們就會得到報酬。

To the dealership not to the customer. So they're taking....

給經銷商而不是顧客。所以他們正在採取....

Correct. Yes, correct.

正確的。是，對的。

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

現在我們將回答來自坎托·菲茨杰拉德的安德烈斯·謝潑德的下一個問題。

Congrats on the quarter. I was wondering if you could maybe remind us where ASPs stands? Just curious with the inflation and the rise in interest rates whether you may have -- whether you may now expect some differences in your selling prices.

恭喜本季度。我想知道您能否提醒我們 ASP 的立場？只是對通貨膨脹和利率上升感到好奇，您現在是否可以預期銷售價格會出現一些差異。

Sorry, probably our line. Can you repeat sorry, Andres? My bad.

抱歉，可能是我們的線路。你能再說一遍對不起嗎，安德烈斯？我的錯。

Yes. No problem. The question is, if you can maybe remind us where you expect the average selling prices of either the corners or the platforms to be? Just wondering if those may have changed given the inflationary environment?

是的。沒問題。問題是，您能否提醒我們您預計角落或平台的平均售價是多少？只是想知道在通脹環境下這些是否可能發生變化？

No, I think we cannot share the exact price that we're selling to the dealers. The one thing that we can share is that we do believe that we can have a better vehicle compared to the others. And therefore, over time, we can increase prices and get better prices than maybe others. But this is over time.

不，我認為我們無法透露我們向經銷商出售的確切價格。我們可以分享的一件事是，我們確實相信我們可以擁有比其他人更好的車輛。因此，隨著時間的推移，我們可以提高價格並獲得比其他人更好的價格。但這已經是時過境遷了。

I'll add, Andres, on that. Our business model does not take into consideration evergreen IRA or any other incentive plan in place, meaning the business plan, prices and margins are built from the bottom up where we believe we have competitive market pricing that are sustainable and also acceptable by the industry, also without incentives. And naturally, it's supported by the fact that we see demand for our vehicles both from incentivized and non-incentivized state. So definitely, don't get in the wrong way. The incentives help a lot. But I look at them more as a fire starters and not continuous support.

安德烈斯，我要補充一點。我們的商業模式沒有考慮常青IRA 或任何其他現有的激勵計劃，這意味著商業計劃、價格和利潤是自下而上建立的，我們相信我們擁有可持續且行業可接受的有競爭力的市場定價，也沒有激勵。當然，我們看到激勵州和非激勵州對我們的車輛的需求這一事實也支持了這一點。所以絕對不要走錯路。激勵措施有很大幫助。但我更多地將它們視為火種，而不是持續的支持。

Okay. And maybe a different way of asking is, can you give us the sense of what kind of gross margins we might expect for next year or between 2024 and 2026? As we look at that new sales guidance that you've mentioned, just wondering when we could see positive gross margin? Is that something that you expect from the production of the 300 vehicles in 2024, or perhaps is that more likely in 2025?

好的。也許換一種提問方式是，您能否告訴我們明年或 2024 年至 2026 年期間我們可能預期的毛利率是多少？當我們查看您提到的新銷售指導時，只是想知道我們什麼時候可以看到正的毛利率？您是否期望 2024 年生產 300 輛汽車，或者 2025 年更有可能實現這一目標？

So we mentioned that we will get to breakeven burn cost by the end of next year when we have 300 vehicles. Going forward from that, when we're having higher production, of course, we have a positive gross margin. And we also mentioned that we'll go to positive EBITDA in year 2025. So therefore, the gross margin should reflect also all of the cost that we have in the company, and we'll share more information about that next year.

所以我們提到，到明年年底，當我們擁有 300 輛汽車時，我們將實現盈虧平衡。展望未來，當我們的產量更高時，我們當然會擁有正的毛利率。我們還提到，我們將在 2025 年實現正 EBITDA。因此，毛利率也應該反映我們公司的所有成本，明年我們將分享更多相關信息。

Got it. Okay. And maybe the last question is, can you just remind us where you stand with all of the integration centers? You've mentioned the U.K., but just remind us maybe the future plans and kind of where those stand?

知道了。好的。也許最後一個問題是，您能否提醒我們您對所有整合中心的立場？您提到了英國，但請提醒我們未來的計劃以及這些計劃的情況？

Josh, you want to take this one?

喬什，你想拿這個嗎？

Yes. I got it. Yes. So basically, right now, as we said, we're going to -- our intention is always to use the manufacturer of the corners and then work with partners for platform and full vehicle integration. So -- and of course, the corner is our core competency around the corner. So that's the value add. So as we launch the contract manufacturer in the U.S., that's -- we'll do that in second half of next year, we have the option. So we'll continue to build at the beginning. We'll continue to build the corners in the U.K. for at least the beginning of Phase 2.

是的。我得到了它。是的。因此，基本上，現在，正如我們所說，我們的意圖始終是使用彎道製造商，然後與合作夥伴合作進行平台和整車集成。所以——當然，我們的核心能力即將到來。這就是增值。因此，當我們在美國推出合同製造商時，我們將在明年下半年這樣做，我們有選擇。因此，我們將繼續從一開始就進行構建。至少在第二階段開始時，我們將繼續在英國建造角落。

And then as we ramp, we have the option, of course, we have already secured the outcome facility to start that up in any time when it makes sense. Obviously, we don't want to overinvest until we need that part. So we'll make sure that we're not really dropping excessive amount of capital before it's needed, okay? So we'll basically keep that flexibility.

然後，隨著我們的發展，我們可以選擇，當然，我們已經獲得了結果設施，可以在任何有意義的時候啟動它。顯然，在我們需要該部分之前，我們不想過度投資。因此，我們將確保在需要之前我們不會真正投入過多的資金，好嗎？所以我們基本上會保持這種靈活性。

I would now like to turn the conference back to Daniel Barel for final -- for closing remarks.

現在我想請丹尼爾·巴雷爾（Daniel Barel）發表最後的閉幕詞。

Thank you. So I would like to thank and acknowledge our teams around the world for their devotion and dedication to bring P7 line up to market. We're getting closer every day, and I'm confident that we have what it takes to deliver the best electric trucks available on the market. So thank you, everybody, for taking the time today to listen to our call. Have a good day.

謝謝。因此，我要感謝並認可我們世界各地的團隊為將 P7 系列推向市場所做的奉獻和奉獻。我們每天都離目標越來越近，我相信我們有能力提供市場上最好的電動卡車。謝謝大家今天抽出時間來聆聽我們的電話。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。