REE Automotive Ltd (REE) 2024 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the REE Automotive Q2 2024 Financial Results. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to turn the conference over to your speaker today, Keren Shemesh, REE's Chief Marketing Officer. Please go ahead.

您好，感謝您的支持。歡迎閱讀 REE Automotive 2024 年第二季財務表現。 （操作員指示）請注意，今天的會議正在錄音。現在，我想將會議交給今天的發言人，REE 的首席行銷長 Keren Shemesh。請繼續。

I would like to remind you that today's call may include forward-looking statements. Any statements describing our belief, goals, plans, strategies, expectations, projections, forecasts, and assumptions are forward-looking statements. Please note that the company's actual results may be different from those anticipated by such forward-looking statements for a variety of reasons, many of which are beyond our control, such as the ongoing military conflict in Israel. Please refer to the company's Form 20-F filed on March 27, 2024, with the Securities and Exchange Commission, which identifies the principal risks and uncertainties that could affect our business prospects and future results.

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、策略、期望、預測、預報和假設的陳述均為前瞻性陳述。請注意，由於各種原因，公司的實際結果可能與此類前瞻性聲明所預期的結果不同，其中許多原因是我們無法控制的，例如以色列正在發生的軍事衝突。請參閱本公司於 2024 年 3 月 27 日向美國證券交易委員會提交的 20-F 表，其中列出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。

We assume no obligation to publicly update any of these forward-looking statements, except as required by law. 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 financial results press release for a reconciliation of these non-GAAP measures to the most directly comparable GAAP measures. Listeners and those on our webcast are invited to follow along with our presentation today, which is available on the Investor Relations portion of our website.

除非法律要求，我們不承擔公開更新任何這些前瞻性聲明的義務。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 營業費用。請參閱我們的財務表現新聞稿，以了解這些非 GAAP 指標與最直接可比較的 GAAP 指標的調整。歡迎聽眾和網路廣播人員關注我們今天的演示，該演示可在我們網站的投資者關係部分找到。

Today's call is hosted by Daniel Barel, REE's Co-Founder and CEO. We will be joined by Josh Tech, our Chief Operational Officer; Tali Miller, our Chief Business Officer; and Yaron Zaltsman, our Chief Financial Officer. I will now turn the call over to Daniel Barel.

今天的電話會議由 REE 聯合創始人兼執行長 Daniel Barel 主持。我們的營運長 Josh Tech 將加入我們；我們的首席商務官 Tali Miller；以及我們的財務長 Yaron Zaltsman。現在我將電話轉給丹尼爾·巴雷爾。

Good day, everyone, and thank you for joining us today. For those of you who have been following our story and for those who recently joined, the past few months have been the most significant in REE's history. We have achieved milestones that we pursued for years. Today, I can tell you that we have what we believe is by far the best product offering in our heavily underserved addressable market.

大家好，感謝大家今天的參與。對於一直關注我們的故事和最近加入的人來說，過去幾個月是 REE 歷史上最重要的幾個月。我們實現了多年來追求的里程碑。今天，我可以告訴你們，我們相信，在我們服務嚴重不足的潛在市場上，我們提供的產品是迄今為止最好的。

I can also tell you that we have secured sufficient production capital and our funding position is strong. Thanks to our recently announced strategic supply chain management agreement with Motherson Group, we derisked our ability to ramp up to mass production. We have already kicked off US production with Roush as a US-based contract manufacturer for our P7 product line, and we continue to see growing demand for our products, both from fleets and OEMs. The strategic agreement with Motherson Group is transformational.

我還可以告訴大家，我們已經獲得了足夠的生產資本，而且我們的資金狀況良好。由於我們最近與 Motherson Group 宣布達成策略性供應鏈管理協議，我們降低了實現大規模生產的能力風險。我們已經與 Roush 合作在美國開始生產 P7 產品線，Roush 是我們的 P7 產品線的美國合約製造商，我們看到車隊和原始設備製造商對我們產品的需求不斷增長。與 Motherson Group 簽署的策略協議具有變革意義。

It will allow us to grow faster, while lowering production challenges that other EV companies often face as they ramp. With Motherson driving manufacturing, customers and shareholders could be confident on this front. Today, we are joined by two great gentlemen from Motherson, Mr. Rajesh Goel, President & Head, Special Projects; and Mr. Aviral Khandelwal, Head of Group Strategy and M&A, who will share more on the rationale behind Motherson's decision to partner with REE. But before we jump to discuss the strong milestones in more detail, let's first cover the second quarter of 2024 financials.

它將使我們能夠更快地發展，同時降低其他電動車公司在擴大生產過程中經常面臨的生產挑戰。在 Motherson 推動製造業的情況下，客戶和股東可以對此充滿信心。今天，我們邀請到了兩位來自 Motherson 的紳士，他們是總裁兼特別專案主管 Rajesh Goel 先生；以及集團策略和併購主管 Aviral Khandelwal 先生，他們將進一步分享 Motherson 決定與 REE 合作背後的理由。但在我們更詳細地討論重要的里程碑之前，讓我們先來介紹一下 2024 年第二季的財務狀況。

Second quarter net loss narrowed by 57% quarter-over-quarter and by 59% year-over-year. Free cash flow burn continued to narrow with a 19% reduction quarter-over-quarter. Liquidity was $60.5 million, comprised of cash, cash equivalent and short-term investments inclusive of a $15 million credit facility. I believe that our strategic agreement with Motherson would allow faster and more stable production scale-up and significant working capital benefits.

第二季淨虧損季減57%，較去年同期收窄59%。自由現金流消耗持續收窄，季減 19%。流動資金為 6,050 萬美元，包括現金、現金等價物和短期投資，其中包括 1,500 萬美元的信貸額度。我相信我們與 Motherson 的策略協議將實現更快、更穩定的生產規模擴大和顯著的營運資金效益。

Motherson is a very strong global engineering and manufacturing company and one of the world's leading automotive supplier. For fiscal year 2024, Motherson achieved gross revenue of $17.2 billion and they operate 400 facilities across 44 countries with 190,000 employees. Motherson has a strong lasting relationship with some of the leading automotive brands. Combining Motherson's manufacturing expertise and supply chain might with REE's market-leading software-defined EV product lineup promises to create a dominant new force in the electrified commercial vehicle market globally, allowing us to service customers at scale and address the significant order growth anticipated for our products.

Motherson 是一家非常強大的全球工程和製造公司，也是世界領先的汽車供應商之一。2024 財年，Motherson 實現總收入 172 億美元，在 44 個國家經營 400 家工廠，擁有 19 萬名員工。Motherson 與一些領先的汽車品牌保持著牢固持久的合作關係。將 Motherson 的製造專業知識和供應鏈實力與 REE 市場領先的軟體定義 EV 產品陣容相結合，有望在全球電動商用車市場打造出一支主導新力量，使我們能夠大規模為客戶提供服務，並滿足我們產品預期的大幅訂單增長。

As part of the strategic agreement, Motherson will manage sourcing and supply chain management of all production parts and support the assembly of the REEcorner and the REE P7 electric trucks. They will drive operational and manufacturing improvements to REE's production line, which we believe would significantly improve unit costs. Faster revenue growth and improved unit costs are expected to accelerate the road to meaningful free cash flow generation. Demand-wise, we continue to see strong interest in our technology from potential customers, including OEMs.

作為策略協議的一部分，Motherson 將負責所有生產零件的採購和供應鏈管理，並支持 REEcorner 和 REE P7 電動卡車的組裝。他們將推動 REE 生產線的營運和製造改進，我們相信這將顯著改善單位成本。預計更快的收入成長和單位成本的改善將加速實現有意義的自由現金流的產生。從需求方面來看，我們繼續看到包括 OEM 在內的潛在客戶對我們的技術表現出濃厚的興趣。

Let me repeat that last point. We are currently in discussions with three OEMs seeking to utilize REE's software-defined technology in their future product lines, offering the potential of meaningfully expand our current offering from full vehicle or platforms to software licensing of our full X-by-Wire technology, allowing OEMs to take our software to EVs in all classes and segments. Our order book continues to grow, reflecting strong demand, even amidst broader challenges in the EV market. We remain committed to offering excellent products that provide improved operational efficiencies and a low total cost of ownership.

讓我重複最後一點。我們目前正在與三家 OEM 進行商談，尋求在其未來的產品線中利用 REE 的軟體定義技術，這有可能將我們目前的產品從整車或平台擴展到完整 X-by-Wire 技術的軟體許可，從而使 OEM 能夠將我們的軟體應用於所有級別和細分市場的電動車。即使在電動車市場面臨更大挑戰的情況下，我們的訂單量仍在持續成長，反映出強勁的需求。我們始終致力於提供優質產品，以提高營運效率並降低整體擁有成本。

With the additional confidence, customer gain from our collaboration with Motherson, we anticipate strong order flow to continue. To put numbers on it, our order book is up 15% quarter-over-quarter as we continue to expand our dealer and service network to 78 locations across North America. We now have one of the largest service network of its kind in North America. On the demand front, it is important to note that the commercial vehicle fleet globally is not electrifying as quickly as fleet owners would like.

透過與 Motherson 的合作，我們獲得了額外的信心和客戶收益，我們預計強勁的訂單流將繼續存在。具體來說，隨著我們繼續將經銷商和服務網路擴展到北美 78 個地點，我們的訂單量較上季增加了 15%。我們目前擁有北美最大的同類服務網絡之一。在需求方面，值得注意的是，全球商用車隊的電氣化速度並沒有像車隊所有者所希望的那樣快。

The reason is simple: the available electrified vehicle options are simply not good enough. I think it's fair to say that major fleet owners today are desperate for a fit-to-purpose electric product that they can order at scale. At the risk of repeating myself, we believe that REE has the best-in-class technology-led product. Not only do we have the best product, but now, thanks to Motherson, REE also has the manufacturing scale, experience, and expertise to scale production to meet the demand of large and global fleet owners.

原因很簡單：現有的電動車選項根本不夠好。我認為可以公平地說，當今的主要車隊所有者迫切需要一種能夠大規模訂購的合適用途的電動產品。儘管可能會重複，但我們相信 REE 擁有一流的技術主導產品。我們不僅擁有最好的產品，而且現在，由於 Motherson 的存在，REE 還擁有了製造規模、經驗和專業知識，可以擴大生產規模，滿足大型全球車隊所有者的需求。

The annual market for medium-duty vehicles in the US alone is 240,000 units, with more than double that in Europe and Asia. Currently, only a small part of that is electrified. And those units that do sell are essentially retrofitted ICE products. With the right product and production availability, the industry could easily be ordering tens of thousands of EV units per year in the US alone, especially in Class 3 to 5.

光是美國一年的中型車市場就達24萬輛，是歐洲和亞洲的兩倍多。目前，其中只有一小部分是電氣化的。而那些銷售出去的設備本質上都是改裝的內燃機產品。有了合適的產品和生產可用性，僅在美國，該行業每年就可以輕鬆訂購數萬輛電動車，尤其是 3 至 5 級電動車。

With the right product, the required manufacturing backing and the required service network, we are ready to meet the growing demand. As you may have seen, last week we announced a $45.35 million capital raise. As you know, we went public via SPAC transaction. And at the time of the transaction, we underwent approximately $153 million in redemptions, causing us to commence our life as a public company with less cash than we expected; however, since that time, we continue to adapt.

憑藉合適的產品、所需的製造支援和所需的服務網絡，我們已準備好滿足日益增長的需求。正如您可能已經看到的，上週我們宣布籌集 4535 萬美元的資金。如您所知，我們透過 SPAC 交易上市。在交易時，我們經歷了大約 1.53 億美元的贖回，這導致我們作為上市公司開始時的現金比我們預期的要少；然而，從那時起，我們就不斷適應。

And today, we feel that we are finally in a very, very strong cash position. We are proud that we have made it to the mass production point with a best-in-class full FMVSS certified X-by-Wire product that has been custom designed for the target customers. Thanks to the continued support of our patient long-term investors, this additional capital allows us to move forward confidently into the mass production phase from a financial standpoint. Motherson contributed to the capital raise, as you have seen, fully aligning their interests with ours. With that, let me hand it over to Josh to tell you more about our plans to meet the growing demand we see.

今天，我們感覺到我們的現金狀況終於非常非常強勁。我們非常自豪，我們已經憑藉為目標客戶量身設計的、獲得 FMVSS 全面認證的一流 X-by-Wire 產品實現了量產。感謝我們耐心的長期投資者的持續支持，這筆額外資本使我們從財務角度能夠滿懷信心地進入大規模生產階段。如您所見，Motherson 為籌集資金做出了貢獻，使他們的利益與我們的利益完全一致。現在，讓我將話題交給喬希 (Josh)，讓他向您詳細介紹我們為滿足日益增長的需求而製定的計劃。

Thank you, Daniel. We believe that our supply chain management agreement with Motherson is a game changer and bolsters our commitment to deliver our amazing Powered by REE technology reliably with quality and at scale to all our customers. It allows us to grow our production capacity responsibly with the demand, while leveraging Motherson's purchasing power, global footprint and experience. This translates into a more efficient and stable production ramp alongside improvements to working capital.

謝謝你，丹尼爾。我們相信，與 Motherson 達成的供應鏈管理協議將改變整個格局，並增強了我們向所有客戶提供可靠、優質、大規模的 Powered by REE 技術的承諾。它使我們能夠根據需求負責任地擴大生產能力，同時利用 Motherson 的購買力、全球影響力和經驗。這意味著生產將更有效率、穩定，同時營運資金也將得到改善。

For those that are new to the story, Motherson Group is a major supplier to the automotive industry with long-standing relationships with global OEMs. And I would like to hand it over to Aviral from Motherson to tell you more about them and then why, in their eyes, they did partner with us.

對於不熟悉這個故事的人來說，Motherson Group 是汽車行業的主要供應商，與全球原始設備製造商保持著長期的合作關係。我想把話題交給 Motherson 的 Aviral，讓他向大家詳細介紹他們的情況，以及在他們看來，為什麼他們選擇與我們合作。

Thanks, Josh. We, at Motherson, have been highly impressed by REE's pathbreaking corner module based architecture and the value proposition it represents for both truck makers as well as end users. Our goal is to support REE's growth and technological progress by expertly managing its supply chain and leveraging our top-tier engineering and manufacturing capabilities to drive commercialization and industrialization through a mutually beneficial commercial framework. Additionally, we aim to enhance REE's integration into the automotive ecosystem by providing exceptional customer support across the value chain.

謝謝，喬希。在 Motherson，我們對 REE 開創性的角落模組架構以及它為卡車製造商和最終用戶所代表的價值主張印象深刻。我們的目標是透過專業管理 REE 的供應鏈並利用我們一流的工程和製造能力透過互惠互利的商業框架推動商業化和工業化，支持 REE 的成長和技術進步。此外，我們還旨在透過在整個價值鏈中提供卓越的客戶支援來增強 REE 與汽車生態系統的融合。

Our participation in the financing round further underscores our commitment to support this exciting technology. We believe the strategic partnership will contribute to Motherson's diversification and strategy of increasing content per vehicle. Over to you.

我們參與此輪融資進一步強調了我們對支持這項令人興奮的技術的承諾。我們相信，此次策略合作將有助於 Motherson 的多元化和增加每輛車內容的策略。交給你了。

Thank you, Aviral. We believe that we have the most compelling products on the market, well-positioned to meet the growing consumer demands within the segment. Now with Motherson's vast network of supply chain professionals, we can better support our customers through the start of production and ramp-up phases as they build their electric commercial fleets. We know how important the ability to produce at scale and provide nationwide support are to our customers. Motherson will be looking to drive efficiencies throughout the supply chain, especially in areas where they have production expertise.

謝謝你，Aviral。我們相信，我們擁有市場上最具吸引力的產品，能夠滿足該領域日益增長的消費者需求。現在，憑藉 Motherson 龐大的供應鏈專業人員網絡，我們可以在客戶打造電動商用車隊的過程中，為他們在生產啟動和加速階段提供更好的支援。我們知道規模生產和提供全國範圍支援的能力對我們的客戶有多重要。Motherson 將致力於提高整個供應鏈的效率，特別是在他們擁有生產專業知識的領域。

With this manufacturing backbone, we will be able to grow sustainably, while maintaining our DNA as an innovative technology company. We are freeing up resources for future technological development and product enhancements, while reducing production risks, becoming more efficient, and improving on unit economics. We kicked off US production of our P7 line with Roush as our contract manufacturer for full vehicle assembly. Roush is a leading global product development supplier operating across more than 30 countries.

憑藉這一製造支柱，我們將能夠實現永續發展，同時保持我們作為創新技術公司的 DNA。我們正在釋放資源用於未來的技術開發和產品增強，同時降低生產風險、提高效率並改善單位經濟效益。我們在美國啟動了 P7 生產線的生產，並聘請 Roush 作為我們整車組裝的合約製造商。Roush 是一家全球領先的產品開發供應商，業務遍及 30 多個國家。

We signed agreement with Roush during the second quarter and have been preparing to start production over the past few months. This effort will be supported by a joint Motherson and REE team responsible for quality assurance, logistics and testing. REE will continue to manufacture our proprietary REEcorner technology in our Coventry Integration Center. Now that we have secured the capital required for production to execution of the strategic agreement with Motherson and the production kickoff at Roush, we are updating our production plan to start deliveries in 2025, in order to utilize our renewed capabilities, while addressing the strong customer pull we see, and to capitalize on the significant savings and efficiencies our collaboration with Motherson is expected to enable.

我們在第二季度與 Roush 簽署了協議，並在過去的幾個月裡一直在準備開始生產。這項工作將得到 Motherson 和 REE 聯合團隊的支持，負責品質保證、物流和測試。REE 將繼續在我們的考文垂整合中心生產我們專有的 REEcorner 技術。現在，我們已獲得執行與 Motherson 的戰略協議以及在 Roush 啟動生產所需的資金，我們正在更新生產計劃，以便在 2025 年開始交付，利用我們更新後的能力，同時應對我們看到的強勁客戶吸引力，並利用與 Motherson 的合作預計實現的顯著節約和效率。

As a result of the very recent signing of our agreement with Motherson, we expect it will take some time to develop our production plan, which includes Motherson's important input. Following the finalization of the revised production plan, we believe the revised production and revenue plan will benefit our ability to address larger follow-on orders from fleets and OEMs, and coupled with the expected improved unit costs, will accelerate the road to meaningful free cash flow generation. With that, let me hand it over to Tali to tell you more about our business and product achievements. Tali?

由於我們最近與 Motherson 簽署了協議，我們預計需要一些時間來製定生產計劃，其中包括 Motherson 的重要意見。在最終確定修訂後的生產計劃後，我們相信修訂後的生產和收入計劃將有利於我們處理來自車隊和原始設備製造商的更大後續訂單的能力，再加上預期的單位成本改善，將加速實現有意義的自由現金流的產生。現在，讓我將話題交給 Tali，讓他進一步向您介紹我們的業務和產品成就。塔利？

Thank you, Josh. The demand and interest for REE's software-defined electric vehicles continues to grow. We see strong demand from both fleets and OEMs. Our order book increased by 15% quarter-over-quarter and is valued today at approximately $60 million. REE's authorized dealer network, one of North America's largest of pure commercial electric vehicles continues to grow, now covering 78 sales and service points.

謝謝你，喬希。人們對 REE 軟體定義電動車的需求和興趣持續成長。我們看到來自車隊和原始設備製造商的強勁需求。我們的訂單量較上季成長了 15%，目前價值約為 6,000 萬美元。稀土元素授權經銷商網絡，北美最大的純商用電動車之一，持續成長，目前涵蓋 78 個銷售和服務點。

This is a key strength for our fleet customers, who seek nationwide service and support. We continue to receive strong positive customer feedback from our demo program as we continue to deliver more P7-C demo trucks to our dealers across the US The REEcorner business line continues to show strong potential with two new OEMs joining our OEM program. We continue to see growing interest in our software-defined technology by traditional and new OEMs interested in adopting our REEcorners and thus gaining access to software-defined EV technology. We believe that although this is a long-cycle business, it has the potential to bring our technology across vehicle categories and classes, making it the Intel Inside for automotive.

對於尋求全國服務和支援的車隊客戶來說，這是一大優勢。隨著我們繼續向全美經銷商提供更多的 P7-C 演示卡車，我們繼續從演示計劃中收到強烈的積極客戶反饋。我們不斷看到傳統和新興 OEM 對我們的軟體定義技術的興趣日益濃厚，他們有興趣採用我們的 REEcorners，從而獲得軟體定義的 EV 技術。我們相信，儘管這是一項長週期業務，但它有潛力將我們的技術推廣到各個車輛類別和級別，使其成為汽車領域的「Intel Inside」。

As Josh mentioned, we are updating our production plan. And as such, we are working with our current and new customers to secure production slots for their deliveries. Naturally, our production slots are limited and we prioritize according to several factors, one of which is significant follow-on orders commitment. During the quarter, we delivered the first Powered by REE demo trucks to Penske and U-Haul, amongst others, and have expanded our collaborations with upfitters such as Wabash, who upfitted the Penske EV with a 16-foot Wabash DuraPlate body.

正如 Josh 所說，我們正在更新生產計劃。因此，我們正在與現有和新客戶合作，以確保他們的交貨生產時段。當然，我們的生產時段有限，我們會根據多種因素來確定優先順序，其中之一就是大量的後續訂單承諾。在本季度，我們向 Penske、U-Haul 等公司交付了首批 Powered by REE 演示卡車，並擴大了與 Wabash 等改裝商的合作，Wabash 為 Penske EV 改裝了 16 英尺的 Wabash DuraPlate 車身。

These trucks received great feedback from potential customers and Penske began offering Powered by REE electric vehicles for demos and orders across North America. In addition, U-Haul received the first P7-S platform, completed it with a full body and is now evaluating it as the first solution to support the electrification of its fleet. The feedback from U-Haul is very positive, and we believe that the P7-S stripped chassis is an excellent solution for a significant portion of the U-Haul fleet. The newly unveiled P7-S, a software-defined electric truck, was designed in collaboration with the leading parcel delivery fleet.

這些卡車得到了潛在客戶的積極回饋，Penske 開始在北美提供由 REE 驅動的電動車進行演示和訂購。此外，U-Haul 收到了第一個 P7-S 平台，並完成了整個車身，目前正在評估它作為支援其車隊電氣化的第一個解決方案。U-Haul 的回饋非常積極，我們相信 P7-S 剝離底盤對於很大一部分 U-Haul 車隊來說是一個絕佳的解決方案。新推出的 P7-S 是一款軟體定義的電動卡車，是與領先的包裹遞送車隊合作設計的。

The P7-S is designed to enable a fully flat platform with low step-in height, modular configuration, high payload, and revolutionary all-wheel steer, allowing for flexibility in dimensions and ultimate design freedom for fleets and body builders to develop their own purpose-built electric vehicles such as step vans, box trucks and vocational specific vehicles. On the autonomy front, we are very excited by the progress in our joint program with Airbus. Airbus has fitted Powered by REE with basic A350 airliner controls to demonstrate the first-ever autonomous drive on runways in France as part of the Airbus three-year Optimate project. According to Airbus, they expect to see this technology tested in a full flight within one year on the Airbus A350 with more platforms to come.

P7-S 的設計旨在實現一個完全平坦的平台，該平台具有低踏入高度、模組化配置、高有效載荷和革命性的全輪轉向，為車隊和車身製造商提供了尺寸靈活性和最終的設計自由，以開發他們自己的專用電動汽車，如廂式貨車、箱式貨車和專用職業車輛。在自主性方面，我們對與空中巴士聯合專案的進展感到非常興奮。作為空中巴士三年期 Optimate 計畫的一部分，空中巴士已為 A350 客機的基本控制裝置配備了 Powered by REE，以在法國跑道上首次展示自動駕駛。據空中巴士稱，他們預計該技術將在一年內於空中巴士 A350 上進行全飛行測試，隨後還將在更多平台上進行測試。

This project further improves the future of aviation, airport ground traffic management and safety, and REE's technology is in its core. As of July 2024, over 50,000 government and education entities were granted access to purchase REE software-defined electric trucks through Sourcewell contract. Subsequent to the quarter end, REE announced that its P7-C will be available to government and education entities in all 50 states in the US through a four-year contract awarded to National Auto Fleet Group by Sourcewell, a government agency dedicated to streamlining the procurement process by fulfilling the bidding requirements on behalf of their members. As you can see, we've made strong progress on the demand side.

該項目進一步改善航空、機場地面交通管理和安全的未來，而 REE 的技術是其核心。截至 2024 年 7 月，超過 50,000 個政府和教育機構獲得透過 Sourcewell 合約購買 REE 軟體定義電動卡車的權限。本季度結束後，REE 宣布其 P7-C 將透過為期四年的合約提供給美國所有 50 個州的政府和教育機構，該合約由 Sourcewell 授予國家汽車車隊集團，Sourcewell 是一家致力於代表其成員滿足招標要求以簡化採購流程的政府機構。正如您所看到的，我們在需求方面取得了長足的進展。

We continue to see high interest from both fleets and OEMs for our very differentiated products as customers appreciate the value our technology brings to their needs. I believe the market has been waiting for electric trucks to be better, safer and more efficient than combustion engine trucks. The Powered by REE electric trucks are made to serve this exact need and customers recognize that. We are working with our fleet customers to secure production slots to ensure they have the best possible pathway to build meaningful electric fleets.

隨著客戶欣賞我們的技術為他們的需求帶來的價值，我們繼續看到車隊和原始設備製造商對我們差異化產品的濃厚興趣。我相信市場一直在等待電動卡車比內燃機卡車更好、更安全、更有效率。由 REE 供電的電動卡車正是為滿足這一需求而製造的，而且客戶也認可這一點。我們正在與我們的車隊客戶合作以確保生產時段，從而確保他們擁有最佳途徑來打造有意義的電動車隊。

I'm very encouraged by the level of interest our software-defined technology receives from leading auto manufacturers. With that, I would like to hand over to Yaron to talk about financials. Yaron?

我們的軟體定義技術受到領先汽車製造商的廣泛關注，這讓我感到非常鼓舞。說完這些，我想把話題交給亞龍來談財務問題。亞龍？

Thank you, Tali. I'm very happy to share that we have secured the necessary funding to kick off US production. This will allow us to start delivering vehicles to our customers in North America in year 2025, and to grow it to scale. I believe our collaboration with Motherson will allow us to start to reduce our production cost and to accelerate growth as we concentrate on our core, which is our technology and product offering. I'm very proud of our teams across the world for driving results while cutting cost.

謝謝你，塔利。我很高興地告訴大家，我們已經獲得了啟動美國生產所需的資金。這將使我們能夠在 2025 年開始向北美客戶交付汽車，並擴大規模。我相信與 Motherson 的合作將使我們能夠開始降低生產成本並加速成長，因為我們可以專注於我們的核心，即我們的技術和產品。我為我們遍布全球的團隊在削減成本的同時取得成果感到非常自豪。

With that, let us dive into our second quarter financials. As Daniel stated earlier, our working capital position is strong. We ended the quarter with $60.5 million in cash and short-term investments, inclusive of a $15 million credit facility. Our cash burn narrowed in the second quarter, as did our net loss.

接下來，讓我們深入了解第二季的財務狀況。正如丹尼爾之前所說，我們的營運資金狀況良好。截至本季末，我們擁有 6,050 萬美元的現金和短期投資，其中包括 1,500 萬美元的信貸額度。我們第二季的現金消耗減少，淨虧損也隨之減少。

Free cash flow burn continued to decrease with a 19% reduction quarter-over-quarter and a 17% reduction year-over-year. Net loss narrowed as well to $10.8 million, a 50% decrease quarter-over-quarter and 59% decrease year-over-year. Non-GAAP net loss in the second quarter decreased by 41% quarter-over-quarter to $12.4 million, a 43% decrease year-over-year. A reconciliation of GAAP to non-GAAP measurement has been provided in the financial statement tables included in our earnings press release.

自由現金流消耗持續減少，季減 19%，年減 17%。淨虧損也收窄至 1,080 萬美元，較上一季減少 50%，比去年同期減少 59%。第二季非公認會計準則淨虧損季減41%至1,240萬美元，較去年同期減少43%。我們在收益新聞稿中的財務報表中提供了 GAAP 與非 GAAP 衡量標準的對帳表。

Last week, we completed a $45 million registered direct offering for the purchase of about 11 million ordinary shares or prefunded warrants. M&G Investments, our long-term supportive shareholder, led the investment with a $20 million, and they now hold approximately 16% of REE's shares outstanding. Motherson invested $15 million and now hold 11% on a fully diluted basis. We believe our funding position is strong and that with the recent financing round, we have the capital we need to kick off production without the need for further funding.

上週，我們完成了價值 4,500 萬美元的註冊直接發行，用於購買約 1,100 萬股普通股或預付認股權證。我們的長期支持股東 M&G Investments 以 2,000 萬美元領投，目前持有 REE 約 16% 的流通股。Motherson 投資了 1500 萬美元，目前以完全稀釋後的比例持有 11% 的股份。我們相信我們的資金狀況良好，而且透過最近一輪融資，我們擁有啟動生產所需的資金，無需進一步融資。

We always said that we will kick off our production plan only when we know we are not taking any major financing risk. And now we are finally ready. There is a lot going on for REE. We have our work cut out for us as we merge our operational activities with Motherson, and we will be providing new guidance soon. Once we are deeper into the plan with Motherson, we will be able to share the updated number, which we expect to include positive margin on our production and faster path to positive cash flow than previously announced. I will now turn the call back over to Daniel.

我們總是說，只有當我們知道不會承擔任何重大融資風險時，我們才會啟動生產計劃。現在我們終於準備好了。REE 方面正在發生很多事情。當我們將我們的營運活動與 Motherson 合併時，我們已經做好了充足的工作，並且我們很快就會提供新的指導。一旦我們與 Motherson 深入探討該計劃，我們將能夠分享更新後的數字，我們預計這將包括我們的生產利潤率和比之前宣布的更快的正現金流路徑。我現在將電話轉回給丹尼爾。

Thank you, Yaron. As you can probably tell from the tone of this call, the recent announcement of REE's strategic collaboration with Motherson represents an absolutely transformational development. It's very big news for REE's future prospects and our ability to realistically scale into what we know is a massive market opportunity where customers have limited alternative options. We have also strengthened our financial position with new capital from stable long-term investors, including Motherson itself. In combination, this marks a major positive inflection point for the business.

謝謝你，亞龍。從此次通話的語氣中您可能已經聽出了，REE 最近宣布與 Motherson 進行策略合作代表著一次絕對變革性的發展。這對 REE 的未來前景和我們切實擴大規模的能力來說都是一個重大新聞，我們所知的市場是一個巨大的市場機遇，而客戶的替代選擇有限。我們也利用來自穩定的長期投資者（包括 Motherson 本身）的新資本加強了我們的財務狀況。總的來說，這標誌著該業務的一個重大積極轉折點。

The combination of core competencies from REE and Motherson will significantly benefit our customers, be they fleet owners or OEMs. They have been in need of a mature and capable electrified product lineup that can be produced and serviced at scale. In fact, we have already started discussion with key customers to secure production slots, and we are currently updating our production plan. We will update you on this as things progress.

REE 和 Motherson 的核心競爭力相結合將為我們的客戶（無論他們是車隊所有者還是原始設備製造商）帶來巨大利益。他們一直需要成熟且性能強大的電動產品陣容，能夠大規模生產並提供售後服務。事實上，我們已經開始與主要客戶進行討論以確保生產時段，目前正在更新我們的生產計劃。隨著事情的進展，我們將向您通報最新進展。

Looking ahead, we anticipate three different ways to that REE's technology will be sold and integrated into the market. REEcorner, the REE platform, and full vehicle such as the P7. We will work with Motherson to build a reliable, stable and long-term production plan across all three avenues. We will leverage Motherson's production capabilities and expertise to lower our costs and improve our cash flows as we ramp production and delivery quantities.

展望未來，我們預計 REE 的技術將以三種不同的方式出售和融入市場。REEcorner、REE平台以及P7等整車。我們將與 Motherson 合作，在三個方面製定可靠、穩定、長期的生產計劃。我們將利用 Motherson 的生產能力和專業知識來降低成本，並改善現金流，同時提高生產和交付數量。

Before opening to Q&A, I should also mention that I'm encouraged by our recent capital raise, which secures our working capital needs to start US production, and I'm grateful to Motherson, to M&G Investments, and the rest of our other long-term investors for their continued support, trust and patience. I also look forward to Motherson's additional contribution to our Board of Directors. Lastly, as always, I would like to thank the entire Team REE for their devotion and dedication, as this very talented group of professionals are the true factor behind our success.

在開始問答之前，我還應該提到，我們最近的融資讓我感到鼓舞，這確保了我們開始美國生​​產所需的營運資金，並且我感謝 Motherson、M&G Investments 以及我們其他長期投資者的持續支持、信任和耐心。我也期待 Motherson 為我們的董事會做出更多貢獻。最後，一如既往，我要感謝整個 REE 團隊的奉獻和投入，因為這群才華橫溢的專業人士是我們成功的真正因素。

I would also like to thank Aviral and Rajesh from Motherson for joining us on this call today. Operator, please open the line up for questions.

我還要感謝 Motherson 的 Aviral 和 Rajesh 今天參加我們的電話會議。接線員，請打開熱線來回答問題。

(Operator Instructions) Craig Irwin, ROTH Capital Partners.

(操作員指示) Craig Irwin，ROTH Capital Partners。

Congratulations for the strategic investment. It was big news and a big deal actually for the EV trucking industry, considering the vote of confidence there from Motherson. So I wanted to ask if we could maybe talk a little bit about the Roush contract manufacturing agreement. You did mention in the release you kicked off U.S. production.

祝賀戰略投資。考慮到 Motherson 的信任投票，這對電動車卡車行業來說實際上是一件大新聞，也是一件大事。所以我想問我們是否可以談談 Roush 合約製造協議。您在新聞稿中確實提到已啟動美國生產。

Does that mean that there are trucks that have started the build process or that you're preparing for the build process? Can you maybe frame out for us your interaction with Roush, and how you would qualify the vehicles with them and then certify those for US customer delivery, and maybe the capacity or the number of vehicles a day that you would hope to get to over the next number of months?

這是否意味著有些卡車已經開始了建造過程或您正在為建造過程做準備？您能否為我們介紹一下您與 Roush 之間的互動，您將如何讓他們對車輛進行鑑定，然後保證這些車輛可以交付給美國客戶，以及您希望在未來幾個月內達到的日產量或車輛數量？

Sure, Greg. This is Daniel. Thank you for the question. Maybe, Josh, do you want to start?

當然，格雷格。這是丹尼爾。感謝您的提問。也許，喬希，你想開始嗎？

Yes, I can take that. So Roush, as we noted, we started working with them back way earlier in the year, and we kicked off the actual contract back in Q2, and we've been preparing for this moment with them for actually quite a while now, right? Now is the right time to bring it to fruition and announce it. But basically, our collaboration with Roush is really centered around contract manufacturing for the full vehicle assembly of our Powered by REE vehicle.

是的，我可以接受。所以，正如我們所指出的，Roush，我們在今年早些時候就開始與他們合作，並且在第二季度啟動了實際合同，實際上，我們已經為這一刻準備了相當長一段時間了，對吧？現在是將其付諸實踐並宣布的最佳時機。但基本上，我們與 Roush 的合作主要集中在 Powered by REE 汽車的整車組裝合約製造。

Roush will play a super-critical role in helping us scale that production in North America and through joint operations with the REE team, right? So as we noted, Roush will build the vehicle for us. It's an exact copy of the vehicle that we've certified already. So keep in mind, as a contract manufacturer, they're building to our spec, right? So that's how the certification handles.

羅什將在幫助我們擴大在北美的生產規模以及與 REE 團隊的聯合行動中發揮極其關鍵的作用，對嗎？正如我們所說，Roush 將為我們製造車輛。它是我們已經認證的車輛的精確複製品。所以請記住，作為合約製造商，他們是按照我們的規格進行生產的，對嗎？這就是認證的處理方式。

They're really doing what we've already done. And as we noted, we start production in Q4, and then we will deliver the first vehicles in '25. So right now, we're in the preparatory phase to be able to start before the end of the year and then, of course, ramp up through next year.

他們確實在做我們已經做過的事情。正如我們所說，我們將在第四季度開始生產，然後將在 25 年交付第一批汽車。因此，現在我們正處於準備階段，以便能夠在年底之前開始，然後當然會在明年逐步完成。

Understood. So my second question is about the cash burn, right? So you guys have done a fantastic job bringing expenses down. I know some of the belt tightening there is sometimes a little bit painful, but you've got the company to a much leaner overall structure. As we look at the progress to customers' deliveries in '25, is there much in the way of incremental expenses that might need to be added back?

明白了。所以我的第二個問題是關於現金消耗，對嗎？所以，你們在降低開支方面做得非常出色。我知道，勒緊褲腰帶有時會帶來一些痛苦，但這樣可以讓公司的整體結構變得更加精簡。當我們查看 25 年客戶交付的進度時，是否有許多增量費用需要加回？

Or can this be part of a conversation you started in your prepared comments about getting to profitability faster with the Motherson agreement and obviously, manufacturing at Roush?

或者這可以作為您在準備好的評論中開始的對話的一部分，關於通過 Motherson 協議以及顯然在 Roush 進行製造來更快地實現盈利？

Sure. I think this is a very good question. Yaron, why don't you --.

當然。我認為這是一個非常好的問題。Yaron，你為什麼不--.

So the cash burn was getting down and it's not going to go up. Actually, it's going to get more down in the following quarters, because the R&D, as we always said, is more or less done. And R&D was the major expense in our cash burn. And the R&D now is going to go more down in the future. And of course, the SG&A should go slightly up, because we need to increase our position in the US But in total, there's not going to be increasing the cash burn.

因此現金消耗正在下降，並且不會再上升。實際上，在接下來的幾個季度中，這一數字還會進一步下降，因為正如我們一直所說，研發工作或多或少已經完成。研發是我們現金消耗的最大開支。現在的研發在未來將會更加深入。當然，銷售、一般及行政開支應該會略有上升，因為我們需要增加在美國的地位，但總的來說，我們不會增加現金消耗。

Maybe I'll just add to that. There's a lot of expenses that we are reevaluating now that we've thought we would need to spend, but we might not necessarily need to due to the collaboration with both Motherson and with Roush as we move forward. This is why this collaboration with Motherson and Roush as a contract manufacturer is so transformational for us, because not only that it gets us to scale, it helps us to significantly lower cost that we already thought we're going to be spending, but not necessarily will be spending in the future, hence the revised production plan. And I think this is what we believe will drive faster profitability and free cash flow as we move forward.

也許我只是想補充這一點。我們現在正在重新評估許多我們認為需要花費的開支，但由於我們未來與 Motherson 和 Roush 的合作，我們可能不一定需要這樣做。這就是為什麼與 Motherson 和 Roush 作為合約製造商的合作對我們來說具有如此大的變革意義，因為它不僅使我們擴大了規模，還幫助我們顯著降低我們已經認為將要花費但不一定將在未來花費的成本，因此修改了生產計劃。我認為這正是我們所堅信的，在我們未來發展過程中，這將推動我們更快的獲利能力和自由現金流。

Excellent. My last question, I guess, it's probably interesting for both Wall Street and your customer base, right? So I've talked to a lot of customers that are enthusiastic to take delivery of units from REE. And I was hoping you might be able to talk a little bit about how you select the customers that are likely to be front of the line for deliveries in 2025. Are there certain characteristics or potential longer-term commitments that could be solidified?

出色的。我的最後一個問題，我想，這對華爾街和你的客戶群來說可能都很有趣，對嗎？我與許多熱衷於從 REE 購買產品的客戶進行了交流。我希望您能稍微談談如何選擇可能在 2025 年排在交付最前面的客戶。是否存在某些可以鞏固的特徵或潛在的長期承諾？

Or are these more marquee customers or customers that have made the right level of investment to allow adoption? Can you maybe flesh that out for us?

或者這些是更重要的客戶或已經做出適當投資以允許採用的客戶？能為我們詳細說明一下嗎？

Of course. First of all, I tend to agree, we see a lot of demand and a growing demand for Powered by REE vehicles out there for multiple customers. And to your point, we have a very clear decision matrix through which we prioritize orders. Amongst other indexes that we look at, you can find order size, price, even the fleet, the electrification readiness and of course, the future potential. And we weigh them altogether in order to score that in the end.

當然。首先，我傾向於同意這一點，我們看到眾多客戶對 REE 驅動的汽車的需求很大，而且需求還在不斷增長。正如您所說，我們有一個非常清晰的決策矩陣，透過它可以對訂單進行優先排序。在我們關注的其他指數中，您可以找到訂單規模、價格，甚至車隊、電氣化準備狀況，當然還有未來潛力。我們會將所有因素綜合起來，最後得出最終的評分結果。

And according to that score, we prioritize the production slot. I think maybe Tali can shed a little bit more light on customers actually visiting a few now in the US Tali?

根據該分數，我們會對生產時段進行優先排序。我覺得 Tali 或許可以更詳細地介紹一下現在在美國實際訪問過一些顧客的情況，Tali？

Yes, sure. Thank you. Yes, definitely, we see demand, we see growing demand. The way we prioritize is, first of all, we have, again, a lot of demand how to allocate that now that we have a clear production plan for 2025. We're working with the fleet and working with the dealers that we have in place and prioritization goes by size, potential, price and also the fit to their needs.

是的，當然。謝謝。是的，我們確實看到了需求，而且看到了不斷增長的需求。我們確定優先順序的方式是，首先，我們再次面臨許多需求，既然我們已經有了明確的 2025 年生產計劃，那麼如何分配這些需求呢？我們正在與車隊和現有的經銷商合作，優先考慮規模、潛力、價格以及是否符合他們的需求。

Understood. Well, congratulations on the progress.

明白了。好吧，恭喜你取得進展。

Amit Dayal, H.C. Wainwright.

阿米特·達雅爾，H.C.溫賴特。

Congrats on all these important strategic milestones that you recently accomplished. With respect to the three OEMs, Daniel, can you give a little bit more color on what kind of customers these potentially are? I know you mentioned Penske and U-Haul in the last earnings call. Are these the same customers? Or are these different customers versus what you highlighted previously?

恭喜您最近完成的所有這些重要的戰略里程碑。關於這三家 OEM，丹尼爾，您能否詳細介紹它們的潛在客戶類型？我知道您在上次財報電話會議上提到了 Penske 和 U-Haul。這些都是同一個顧客嗎？還是這些客戶與您之前強調的客戶有所不同？

Yes. Thanks. So no, these are not the same customers. When we're talking about OEMs, remember, what we always said is that REE completes, it does not compete. So we have the ability to work with other OEMs such as us to allow them access to our software-defined technology, giving them by-wire, software-defined vehicles. And we see a lot of demand and growing demand from other leading car and automotive manufacturers interested in our technology.

是的。謝謝。所以，這些不是同一個客戶。當我們談論 OEM 時，請記住，我們總是說 REE 是補充，而不是競爭。因此，我們有能力與其他 OEM 合作，讓他們可以使用我們的軟體定義技術，為他們提供線控、軟體定義的汽車。我們看到其他領先汽車和汽車製造商對我們的技術有很大的需求，而且這種需求還在不斷增長。

And when I say interested in our technology for other OEMs, they are not interested in us building trucks for them. They are more than capable of building and sort of having their own trucks. They're more interested in the software. And why is it important? It's important because, one, we are the technology company. And second, it allows us to open up an opportunity for software licensing revenue, which is very, very significant in general, and also for us, especially margin-wise and scale-wise.

當我說其他 OEM 對我們的技術感興趣時，他們並不對我們為他們製造卡車感興趣。他們完全有能力製造並擁有自己的卡車。他們對軟體更感興趣。為什麼它很重要？這很重要，因為首先我們是一家科技公司。其次，它為我們提供了軟體授權收入的機會，這總體上非常非常重要，對我們來說也是如此，特別是從利潤率和規模來看。

Why is that? It's because it opens up the opportunity for our software to be implemented in vehicles that are not necessarily only commercial and are not necessarily only in the current Class 3 to 5. So we're looking at lower and higher classes, both in the commercial and not commercial world. And I think if you look at the market in general, most of the car manufacturers and auto manufacturers out there have been talking about trying to get access to software-defined vehicles.

這是為什麼？這是因為它為我們的軟體提供了在車輛中實施的機會，這些車輛不一定僅限於商用，也不一定僅限於目前的 3 到 5 級。因此，我們關注的是商業世界和非商業世界的下層階級和上層階級。我認為，如果從整體上看市場，大多數汽車製造商和汽車生產商都在談論嘗試獲得軟體定義的汽車。

Understood. So my follow-up question on that is, these OEMs or other types of customers who are looking into your software, they don't have to buy the REEcorners?

明白了。所以我的後續問題是，這些 OEM 或其他類型的客戶在研究您的軟體時，他們不必購買 REEcorners 嗎？

They can buy the REEcorners, and we'll be more than happy to supply them and, of course, leverage on Motherson's production capabilities at scale, which is also, just to make sure we understand, is super important for those OEMs. But at the end of the day, production of mechanical parts can be done by several fronts. We believe that the best way to do it is for REE itself to concentrate on software. And together with Motherson, we will be able to produce the REEcorners as a full set with better scale, better economics, and better efficiencies.

他們可以購買 REEcorners，我們非常樂意為他們供應，當然，還可以利用 Motherson 的規模生產能力，確保我們理解，這對那些 OEM 來說也非常重要。但歸根究底，機械零件的生產可以透過多條戰線完成。我們認為，最好的方法就是讓 REE 自己專注於軟體。透過與 Motherson 的合作，我們將能夠生產出規模更大、經濟效益更好、效率更高的全套 REEcorners。

And then the OEMs will basically, the way we see it, put it on their own chassis, their own bodies, and be able to drive it. When we look at different vehicle classes, naturally, there's going to be different REEcorners.

然後，正如我們所見，OEM 基本上會將其安裝在自己的底盤和車身上，然後駕駛它。當我們觀察不同的車輛類別時，自然會有不同的 REEcorner。

Okay. Understood. The regulatory incentives that were in place or that you were expecting, are those still in play for customers who purchase the REE vehicles? Any changes on that front?

好的。明白了。現有的或您所期望的監管激勵措施對於購買 REE 汽車的客戶仍然有效嗎？這方面有什麼變化嗎？

Could you please repeat the question? I couldn't hear it well, sorry.

您能重複一下這個問題嗎？我聽不清楚，抱歉。

So the regulatory incentives for purchasing these electric trucks, are those still in place? Any changes to that? Just to see if your customers can still enjoy those incentives when they purchase these offerings?

那麼購買這些電動卡車的監管激勵措施是否仍然有效？有什麼改變嗎？只是想看看您的客戶在購買這些產品時是否還能享受這些激勵措施？

Yes. I mean, I think Tali can answer that. But before she does, I think I can say that we haven't seen a change in incentives. On the contrary, I think in the quarter, we actually added another state that provides incentives. Tali, can you share some more on that?

是的。我的意思是，我認為塔利可以回答這個問題。但在她這樣做之前，我想我可以說我們還沒有看到激勵措施的改變。相反，我認為在本季度，我們實際上增加了另一個提供激勵措施的州。塔利，您能分享更多這方面的資訊嗎？

Yes. Sure, sure. So on the incentive side, we don't see a major difference. There continues to be incentives on both state level and federal level. We're talking about US now. Specifically, we announced that we are now eligible for Massachusetts. But of course, there are also other states, and we see this definitely as interesting, too.

是的。當然，當然。因此從激勵方面來看，我們沒有看到太大的差異。州一級和聯邦一級都繼續提供激勵措施。我們現在談論的是美國。具體來說，我們宣布我們現在有資格進入馬薩諸塞州。但當然，也有其他州，我們也認為這絕對很有趣。

Understood. Just one last one for me. The $60 million in your order book, this is all for the full vehicles, right? These are not just orders for the corners, but these are orders for full vehicle delivery, right?

明白了。對我來說，只剩下最後一個了。您訂單中的 6000 萬美元都是用於購買整輛車的，對嗎？這些不只是角落的訂單，而是整輛車交付的訂單，對嗎？

Yes. So that's actually a very good question. So remember, we have three different product lines, full vehicles, chassis, and corners. The approximate $60 million order book value is for full vehicles and chassis.

是的。這實際上是一個非常好的問題。所以請記住，我們有三條不同的產品線，整輛車、底盤和角件。訂單價值約為 6,000 萬美元，包括整車和底盤。

(Operator Instructions) Jeff Osborne, TD Cowen.

(操作員指示) Jeff Osborne，TD Cowen。

Daniel, just a couple of quick questions I wanted to understand the process flow. So obviously, you'll be making the corners in Coventry. Will you be making chassis there, and then Roush is doing the full vehicles? Or will the skateboard actually be made by Roush as well and you're just making corners in Coventry. It's confusing as to what Roush is actually doing.

丹尼爾，我只想問幾個簡單的問題，想了解流程。所以很明顯，你會在考文垂轉彎。你會在那裡製造底盤，然後 Roush 製造整車嗎？或者滑板其實也是由 Roush 製造的，而你只是在考文垂拐彎抹角。羅什究竟在做什麼，這讓人困惑。

Yes. Corners are in Coventry in the UK. All the rest is with Roush. But Josh, do you want to maybe dive a little bit deeper?

是的。角落位於英國考文垂。其餘一切都交給羅許 (Roush)。但是喬希，你是否想再深入一點呢？

Yes. So again, Coventry, again, like we want to keep our core IP to us. So again, we're going to manufacture corner there, right? That's ours. What we're going to do then is we locally source everything else, right? So again, the truck, the compelling REE vehicle is our design, everything is our IP.

是的。所以，考文垂，我們再次強調，我們想將我們的核心智慧財產權保留給我們自己。那麼，我們再說一次，要在那裡製造角落，對嗎？那是我們的。那麼我們要做的就是在當地採購其他所有東西，對嗎？再說一次，卡車、引人注目的 REE 車輛是我們設計的，一切都是我們的智慧財產權。

We will source that like our normal models. We're not going to invest in heavy equipment to make chassis, so we have current chassis manufacturers that will manufacture chassis for us. Cabin parts will be made locally by local suppliers in the US Again, we want to localize the supply chain. Again, Motherson will have a huge impact on that as well.

我們將像採購常規模型一樣採購該模型。我們不會投資重型設備來製造底盤，因此我們有現有的底盤製造商可以為我們製造底盤。機艙零件將由美國當地供應商生產。再次，Motherson 也會對此產生巨大影響。

And then Roush will do the final assembly for us, right? So again, that's with us and Motherson together, we'll localize the supply chain. We'll bring down the costs. A lot of that has to do with logistics, of course, quality management, able to be with the suppliers, work hand in hand, and we'll bring the entire vehicle together at Roush.

然後 Roush 會為我們進行最後的組裝，對嗎？再次強調，我們和 Motherson 攜手合作，實現供應鏈在地化。我們將降低成本。當然，這在很大程度上與物流、品質管理有關，能夠與供應商攜手合作，我們將在 Roush 將整輛車組裝在一起。

And again, what's key is, us with Motherson as well, will be at Roush. Roush is putting the vehicle together to our specifications. We then take the vehicle back over. We'll do the shakedown, quality qualification, and then handle the distribution within the US.

再次強調，關鍵是我們和 Motherson 都會在 Roush。羅什 (Roush) 正在按照我們的要求組裝車輛。然後我們把車開回去。我們將進行試運行和品質鑑定，然後負責美國境內的分銷。

Just to add on that, Jeff. I think it's important to mention that you're touching on a very important point in my view is that for a company like us to be able to manufacture in multiple locations around the world and manage that everything from supply chain to logistics is a big challenge. And I think this is one of the key strengths that we've now enabled through this partnership with Motherson. So maybe to add a little bit more color about how do we see now, as a joint group, the global supply chain and logistics, maybe Rajesh or Aviral, you can share a little bit more on that.

我只是想補充一點，傑夫。我認為值得一提的是，你提到了一個非常重要的觀點，在我看來，對於像我們這樣的公司來說，能夠在世界各地多個地點進行生產並管理從供應鏈到物流的一切，是一個巨大的挑戰。我認為這是我們透過與 Motherson 的合作所獲得的關鍵優勢之一。因此，也許為了更詳細地介紹我們現在作為一個聯合小組對全球供應鏈和物流的看法，也許 Rajesh 或 Aviral 可以就此分享更多內容。

Okay. Thanks, Daniel. Thank you for the question. So as was mentioned during the announcement and by Daniel and Josh, the partnership is to bring in Motherson's global expertise, a, to help with supply chain management, which obviously includes sourcing and managing the entire supply chain. The value that it brings is because we do a lot of manufacturing of multiple components by ourselves globally, including harnesses, including mirrors, including plastic parts, including lighting, et cetera, et cetera. So the components that Motherson can contribute definitely competitively helps the competitiveness of REE.

好的。謝謝，丹尼爾。感謝您的提問。正如丹尼爾和喬許在公告中提到的那樣，這項合作是為了引入 Motherson 的全球專業知識，以幫助進行供應鏈管理，這顯然包括採購和管理整個供應鏈。它帶來的價值是因為我們在全球範圍內自己製造了大量多個組件，包括線束、鏡子、塑膠零件、照明等等。因此，Motherson 所能提供的組件無疑有助於提高 REE 的競爭力。

Second is because we have a fairly large sourcing organization, and with that expertise, we are able to source a lot of the other components that we don't do by ourselves, because we being module manufacturers on modules like the IP module or the bumper module, et cetera, our ability to source other components also is of a significantly high nature. And I think all of that in terms of, a, taking away that management granting that management bandwidth to REE and taking away that workload from them and to bring efficiencies, both in terms of cost and in terms of the process is, I think, what Motherson will bring to this partnership.

其次，因為我們擁有相當大的採購機構，憑藉這些專業知識，我們能夠採購很多我們自己不做的其他組件，因為我們是 IP 模組或保險桿模組等模組的製造商，所以我們購買其他組件的能力也非常高。我認為，就管理層而言，將管理頻寬授予 REE，減輕他們的工作量，並提高效率（無論是在成本方面還是在流程方面），這些都是 Motherson 將為此次合作帶來的。

That's helpful. Two other quick questions. Josh, I think you mentioned that Roush was in production currently. I assume those are for demo units and you wouldn't have revenue attributed to those in Q1. But can you just give us any type of comments as to when you expect to deliver vehicles for revenue? Would that be in Q2 or second half of next year?

這很有幫助。另外兩個簡短的問題。喬希，我想你提到過 Roush 目前正在生產中。我認為這些都是演示單元，您不會在第一季獲得歸因於這些單元的收入。但是您能否就您預計何時交付車輛以獲取收益給我們一些評論？那會是在明年第二季或明年下半年嗎？

Yes. So like I said, we plan to start Q4. So we've been preparing for production and, obviously, getting infrastructure and things together with them, start before end of the year, and then we will start production next year. So as far as the production plan, again, as we've noted throughout this call, we signed with Motherson just a little bit ago, and we're in the process of updating that production plan now. So again, we expect to start in Q4, deliveries in '25.

是的。正如我所說的，我們計劃開始第四季。因此，我們一直在為生產做準備，顯然，我們會在年底前開始準備基礎設施和其他東西，然後明年開始生產。至於生產計劃，正如我們在整個通話過程中所提到的，我們剛剛與 Motherson 簽約，現在我們正在更新該生產計劃。因此，我們預計將於第四季開始交付，並於 25 年交付。

And then following the finalization of the revised plan, we believe this revised production and revenue plan will benefit our ability to really address the larger follow-on orders from fleets and OEMs. So we feel like this is a hugely beneficial thing, and we're going to work to optimize it to the best. But yes, deliveries in '25 for sure.

在修訂計劃最終確定後，我們相信修訂後的生產和收入計劃將有利於我們真正滿足來自車隊和原始設備製造商的更大後續訂單的能力。因此，我們覺得這是一件非常有益的事情，我們將努力將其優化到最佳狀態。但是是的，'25 年肯定會交貨。

Got it. And then can you share what the maximum capacity is of the Michigan facility from Roush, if it were fully utilized, hypothetically?

知道了。然後您能否分享一下，如果羅什密西根工廠得到充分利用，那麼假設它的最大產能是多少？

So the way we've done the production plan over the next couple of years is we can scale on a single plant up to 5,000 vehicles on 2 shifts. But again, we'll be putting that plan together for what '25, '26, '27, et cetera, with them over the next couple of weeks.

因此，我們制定的未來幾年生產計劃是，我們可以在單一工廠內透過兩班制將產量擴大到 5,000 輛汽車。但我們會在接下來的幾週內與他們一起制定 2025、2026、2027 等年的計畫。

Got it. Last question. Do you think by the next call, you could update us on what the production plan is, potential cost savings, and then what the new gross margin and EBITDA breakeven levels are based on volume that you've shared in the past?

知道了。最後一個問題。您是否認為在下次電話會議中，您可以向我們介紹一下生產計劃、潛在的成本節約，以及基於您過去分享過的產量，新的毛利率和 EBITDA 盈虧平衡水平是多少？

Yes. Guys, we're working really, really hard to update the plan. And we are very excited by this plan. It will take us a little bit longer. Remember, we announced the partnership last week, literally, I think, a week from today. And it will take us, I think, a little bit longer. But the moment we have it, we'll update you, update our customers, of course, and everybody.

是的。夥計們，我們正在非常非常努力地更新該計劃。我們對這個計劃感到非常興奮。我們需要花費更長的時間。記住，我們上周宣布了合作關係，我想，確切地說，是從今天起一週。我認為這還需要更長的時間。一旦我們獲得該訊息，我們就會立即向您、我們的客戶以及所有人通報。

As Tali said, we have already started to work with our customers to secure their production slot for the new plan and build that new plan. And I believe it's going to be very beneficial for REE.

正如塔利所說，我們已經開始與客戶合作，以確保新計劃的生產時段並製定新計劃。我相信這將對 REE 非常有益。

We have no further questions at this time. I will now hand back to Daniel Barel for closing remarks.

目前我們沒有其他問題。現在我將把發言交還給丹尼爾·巴雷爾 (Daniel Barel)。

Thank you, operator. And thank you, everybody, for joining our call today and being part of this story. Thank you again for everybody at REE for putting such hard and great work in this quarter and every day, making us who we are. Thank you all. Have a great day.

謝謝您，接線生。感謝大家今天參加我們的電話會議並成為這個故事的一部分。再次感謝 REE 的每一個人，感謝你們在本季度以及每一天的辛勤工作，成就了今天的我們。謝謝大家。祝你有美好的一天。

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

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路了。謝謝。