Sono Group NV (SEV) 2022 Q3 法說會逐字稿

Good day and thank you for standing by. Welcome to the Q3 2022 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Kirill Bagachenko. Please go ahead.

美好的一天，謝謝你的支持。歡迎來到 2022 年第三季度財報電話會議。 （操作員說明）請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言人 Kirill Bagachenko。請繼續。

Thank you, Heidi. Dear ladies and gentlemen, welcome to our conference call. A press release including financial information for the third quarter of 2022 was released this morning. It is available on our website and on EDGAR platform. A full interim report will be published later this week.

謝謝你，海蒂。尊敬的女士們，先生們，歡迎參加我們的電話會議。今天上午發布了一份包含 2022 年第三季度財務信息的新聞稿。它可以在我們的網站和 EDGAR 平台上找到。一份完整的中期報告將於本週晚些時候發布。

On today's call, we have our CEO, Laurin Hahn; our Chief Operating Officer, Thomas Hausch; and our Chief Financial Officer, Torsten Kiedel. Laurin and Thomas will first provide an update on our operations. Torsten will then review our Q3 financials, and Laurin will conclude our -- today's presentation with some important views. After that, we will be happy to take your questions.

在今天的電話會議上，我們有我們的首席執行官 Laurin Hahn；我們的首席運營官 Thomas Hausch；以及我們的首席財務官 Torsten Kiedel。 Laurin 和 Thomas 將首先提供我們運營的最新情況。然後，Torsten 將回顧我們第三季度的財務狀況，而 Laurin 將以一些重要觀點結束我們今天的演講。之後，我們將很樂意回答您的問題。

Before we continue, please be reminded that today's presentation will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today. This information regarding risks and uncertainties is included in the recent filings of the company with the U.S. Securities and Exchange Commission.

在我們繼續之前，請注意今天的演講將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。前瞻性陳述涉及固有的風險和不確定性。因此，公司的實際結果可能與今天表達的觀點存在重大差異。有關風險和不確定性的信息包含在公司最近向美國證券交易委員會提交的文件中。

The company doesn't assume any obligation to update any forward-looking statements, except as required under applicable law.

公司不承擔任何更新任何前瞻性陳述的義務，除非適用法律要求。

With that, I will now turn the call over to our CEO, Laurin. Please go ahead.

有了這個，我現在將把電話轉給我們的首席執行官勞林。請繼續。

Hi, there, and thanks, Kirill. A warm welcome to everyone on this call. As you know, we are working very hard every single day to deliver on our mission, solar on every vehicle. And I want to start today with this beautiful picture here. The son in front of the Golden Gate Bridge, while being successfully shown in our U.S. tour recently.

嗨，謝謝，基里爾。熱烈歡迎大家接聽電話。如您所知，我們每天都在非常努力地工作，以實現我們的使命，讓每輛車都裝上太陽能。今天我想從這幅美麗的圖畫開始。金門大橋前的兒子，最近在我們的美國巡演中成功亮相。

As you all know, there are so many challenging things out there happening right now in the world, inflation, recession, energy crisis, Russia and Ukraine war, the COVID-19 pandemic and a very challenging capital market. And in these difficult times, people become more cost-sensitive and look for affordable, yet still innovative solutions for their everyday life. And the Sion is exactly 1 of these technical solution. Approximately EUR 20,000 -- EUR 25,000, very affordable, solar charging, very convenient and reduces utility bills, bidirectional charging, a home storage on wheels.

眾所周知，世界上正在發生許多具有挑戰性的事情，通貨膨脹、經濟衰退、能源危機、俄羅斯和烏克蘭戰爭、COVID-19 大流行以及極具挑戰性的資本市場。在這些困難時期，人們對成本變得更加敏感，並為他們的日常生活尋找負擔得起但仍具有創新性的解決方案。而Sion正是這些技術方案中的一種。大約 20,000 歐元 - 25,000 歐元，非常實惠，太陽能充電，非常方便並減少水電費，雙向充電，帶輪子的家庭儲物櫃。

Our SEV is the perfect answer for so many people and so many problems we have in the world right now. And I was thrilled to see how the Sion resonated in the U.S., with the people we met, including press and media, potential strategic partners and other interested individuals who attended our events. Same as in Europe, people are looking for an affordable, sustainable and yet innovative car. And that's not for just another luxury EV, which the majority just can't afford.

我們的 SEV 是當今世界上許多人和許多問題的完美答案。我很高興看到 Sion 在美國如何與我們遇到的人產生共鳴，包括媒體和媒體、潛在的戰略合作夥伴和參加我們活動的其他感興趣的人。與歐洲一樣，人們正在尋找一款價格實惠、可持續且創新的汽車。這不僅僅適用於大多數人買不起的另一款豪華電動汽車。

That said, let's talk about the recent milestones we have achieved. One year has passed since we went public in November 2021. And we keep on delivering on our ambitious plans. Within the last 12 months, we achieved 30% growth and are now looking at 21,000 B2C Sion reservation holders. We achieved 44% growth on the B2B side of the Sion preorders. This sums up to an incredible amount of approximately 43,000 Sion preorders and reservations, which would equal a potential backlog of over $1 billion.

也就是說，讓我們談談我們最近取得的里程碑。自我們於 2021 年 11 月上市以來已經過去了一年。我們繼續實現我們雄心勃勃的計劃。在過去 12 個月內，我們實現了 30% 的增長，現在正在尋找 21,000 名 B2C Sion 預訂持有人。我們在 Sion 預購的 B2B 方面實現了 44% 的增長。這加起來大約有 43,000 個 Sion 預購和預訂，數量驚人，相當於潛在積壓超過 10 億美元。

We achieved 130% growth with our 23 B2B solar customers where we license and sell our solar technology. We achieved an impressive 240% growth with our total of 34 patents granted or filed. And we almost doubled our staff to over 418 engineers and industry experts. And lastly, we delivered on our IPO promise and built 17 vehicles and body-in-whites of our Sion's validation fleet.

我們的 23 個 B2B 太陽能客戶實現了 130% 的增長，我們在這些客戶中授權並銷售我們的太陽能技術。我們總共獲得或申請了 34 項專利，實現了 240% 的驚人增長。我們的員工幾乎翻了一番，超過 418 名工程師和行業專家。最後，我們兌現了 IPO 承諾，為 Sion 的驗證車隊製造了 17 輛汽車和白車身。

Let us walk you through the achievements in more detail. Let's start with our first business unit, Sono Solar, where we license and sell our solar technology to trucks, buses, vans and more. We entered several new markets with strong customers. 130% growth since our IPO, now at 23 customers. These are industry's leaders like Mitsubishi, Scania or MAN, the latter both being Volkswagen subsidiaries. These are very renowned corporations, are now starting to integrate solar into their first products, still on a prototype basis, but with a massive potential once we achieve fuel integration.

讓我們更詳細地向您介紹這些成就。讓我們從我們的第一個業務部門 Sono Solar 開始，在那裡我們向卡車、公共汽車、貨車等許可和銷售我們的太陽能技術。我們進入了幾個擁有強大客戶的新市場。自首次公開募股以來增長了 130%，現在有 23 個客戶。這些是行業領導者，如三菱、斯堪尼亞或 MAN，後者都是大眾汽車的子公司。這些都是非常知名的公司，現在開始將太陽能整合到他們的第一批產品中，雖然仍處於原型階段，但一旦我們實現燃料整合，就會具有巨大的潛力。

We now have solar customers in over 10 countries globally, running from Japan to the U.S. So let me give you some examples of the recent customers we signed. We recently announced Scania and LLT as the new customers. Six Scania diesel buses have been equipped with our innovative solar technology and are already up and running in Sweden. It's a customized version of our solar bus kit. And Scania is a subsidiary of Volkswagen with over 54,000 employees. Scania operates in more than 100 countries and delivered roughly 90,000 vehicles in 2021 alone.

我們現在在全球 10 多個國家/地區擁有太陽能客戶，從日本到美國。所以讓我舉一些我們最近簽署的客戶的例子。我們最近宣布 Scania 和 LLT 成為新客戶。六輛斯堪尼亞柴油巴士配備了我們創新的太陽能技術，並已在瑞典投入運營。它是我們太陽能巴士套件的定製版本。斯堪尼亞是大眾汽車的子公司，擁有超過 54,000 名員工。斯堪尼亞在 100 多個國家開展業務，僅 2021 年就交付了大約 90,000 輛汽車。

Another customer was Pepper. Pepper has integrated our solar tech in 1 of their electric buses. Pepper is the world's first digital OEM in the automotive industry for repowering and new vehicle. First, solar integration by Sono Motors on e-buses, so our solar bus kit is now applicable for diesel and electric buses. We are expecting the e-bus market to gain significant market share over the next 5-plus years.

另一位顧客是 Pepper。 Pepper 已將我們的太陽能技術集成到他們的一輛電動巴士中。 Pepper 是汽車行業全球首家改裝新車的數字化 OEM。首先，Sono Motors 將太陽能集成到電動巴士上，因此我們的太陽能巴士套件現在適用於柴油和電動巴士。我們預計電動巴士市場將在未來 5 年多的時間裡獲得顯著的市場份額。

We have 1.3 kilowatt peak installed on an electrified Mercedes Benz Citaro. And more and more customers are beginning to understand the value of solar integration to reduce TCO and CO2 emission. This is especially the case for commercial vehicles. But there's more to that. We have made great progress with our seamless solar integration, going from vehicle-applied photovoltaic, short VAPV, to now vehicle-integrated photovoltaic, short VIPV.

我們在電動梅賽德斯奔馳 Citaro 上安裝了 1.3 千瓦峰值。越來越多的客戶開始了解太陽能集成在減少 TCO 和 CO2 排放方面的價值。商用車尤其如此。但還有更多。我們在太陽能無縫集成方面取得了很大進展，從車載光伏，簡稱 VAPV，到現在的車載光伏，簡稱 VIPV。

We have now developed our sixth generation of solar technology. And this trailblazing solar technology is so unique and proprietary that other OEMs started to approach us to find out more. And here, I'm not speaking about commercial vehicles, but passenger car OEMs. So let me share some exciting news with you today.

我們現在已經開發出第六代太陽能技術。這種開創性的太陽能技術是如此獨特和專有，以至於其他原始設備製造商開始與我們聯繫以了解更多信息。在這裡，我不是在談論商用車，而是在談論乘用車原始設備製造商。因此，讓我今天與您分享一些令人振奮的消息。

We received the first purchase order from 1 of the world's largest car manufacturer. The scope of the order is the delivery of solar body panels for their first prototype. Together with Sono Motors, this OEM wants to explore solar integration into their high-volume vehicle production. We have worked with that OEM customer now for several months and believe this partnership shows the potential that our technology and business has to move to the next level.

我們收到了來自世界上最大的汽車製造商之一的第一份採購訂單。訂單範圍是為他們的第一個原型交付太陽能電池板。這家原始設備製造商希望與 Sono Motors 一起探索將太陽能集成到他們的大批量汽車生產中。我們已經與該 OEM 客戶合作了幾個月，並且相信這種夥伴關係顯示了我們的技術和業務必須提升到一個新水平的潛力。

On that note, let me answer the question why other car manufacturers should license our solar technology. And yes, it's because of 3 simple answers. They want -- first, they want to avoid a huge reengineering effort. Second, they don't want to lose time to come to the market, or to say another famous word, if a trend becomes obvious, you are too late. And third, they don't want to infringe our patents. So our technology is an already developed technology, which saves time, ready for large-scale production, it's industrialized, and it's protected with a very strong IP.

關於這一點，讓我回答為什麼其他汽車製造商應該許可我們的太陽能技術的問題。是的，這是因為 3 個簡單的答案。他們想要——首先，他們想要避免巨大的重新設計工作。第二，他們不想浪費時間來到市場，或者說一句名言，如果趨勢變得明顯，你就來不及了。第三，他們不想侵犯我們的專利。所以我們的技術是已經開發出來的技術，可以節省時間，可以大規模生產，已經工業化，並且有非常強大的知識產權保護。

With that great news, I hand over to Thomas.

有了這個好消息，我交給托馬斯。

Thank you, Laurin. And thank you for showing us the Sion in front of the Golden Gate Bridge in San Francisco. Here, you can actually see the Sion in Brooklyn, where we calculated an average yearly free range from solar for our vehicle of nearly 5,000 miles or 8,000 kilometers. Overall, we're making good progress on our Sion. We are on track with testing and series validation. We have now produced and fully assembled 17 vehicles and bodies-in-white and plan to complete 32 of them within the next weeks.

謝謝你，勞林。感謝您向我們展示舊金山金門大橋前的 Sion。在這裡，您實際上可以看到布魯克林的 Sion，我們在那裡計算出我們的車輛每年平均可以從太陽能中免費行駛近 5,000 英里或 8,000 公里。總的來說，我們在 Sion 上取得了很好的進展。我們正在進行測試和系列驗證。我們現在已經生產並完全組裝了 17 輛汽車和白車身，併計劃在未來幾週內完成其中的 32 輛。

We're testing in several locations around the world, including aerodynamics and wind tunnel tests in Sweden, steering another driving dynamics tests in the Northern U.S., and consumption and efficiency testing in Spain. On the development side, overall, we're progressing as planned. We've entered a release process for series, which marks the completion of the core stage of development work. We continue to order series development tools. Key functionalities, such as discharging, charging, solar yield, drivability, infotainment were successfully tested and of course, the final validation is ongoing.

我們正在世界各地的多個地點進行測試，包括在瑞典進行的空氣動力學和風洞測試、在美國北部進行的另一項駕駛動力學測試以及在西班牙進行的消耗和效率測試。在開發方面，總體而言，我們正在按計劃進行。我們已經進入了系列的發布過程，標誌著核心開發工作階段的完成。我們繼續訂購系列開發工具。放電、充電、太陽能發電、駕駛性能、信息娛樂等關鍵功能均已成功測試，當然，最終驗證仍在進行中。

Good news also on the series production. We have received more series tools. We've nominated more series suppliers. We continue to have detailed alignments with Valmet Automotive regarding our manufacturability and next line builder commitments for our body shop and general assembly. However, A reduced funding speed drives the delay of the SOP from the second half of 2023 into Q1 2024. Our definition of SOP continues to be handing over sellable product to customers, not just producing vehicles alone.

系列製作也有好消息。我們收到了更多的系列工具。我們已經提名了更多的系列供應商。我們繼續與 Valmet Automotive 就我們的可製造性和下一條線製造商對我們的車身車間和總裝的承諾進行詳細的調整。然而，融資速度下降導致 SOP 從 2023 年下半年推遲到 2024 年第一季度。我們對 SOP 的定義繼續是將可銷售的產品交付給客戶，而不僅僅是生產車輛。

You can see that we're preparing for series production and servicing, and that's why we are tied up now with a Europe-wide partnership with Bosch Automotive for the long term. We're working with them for servicing and repairing the Sion in Europe. This completes our 3-pronged approach to allow self-repair to the customer, empower independent workshops, but also create a Europe-wide dedicated partner network.

你可以看到我們正在為批量生產和服務做準備，這就是為什麼我們現在與博世汽車在歐洲範圍內建立長期合作夥伴關係。我們正在與他們合作，在歐洲為 Sion 提供服務和維修。這完成了我們的三管齊下的方法，允許客戶自行維修，授權獨立車間，同時還創建了一個歐洲範圍內的專用合作夥伴網絡。

In our case, for the Sion launch, we are starting with 50 Bosch car service locations in Germany to be trained and qualified. More locations and European countries are following in the course of the subsequent rollout. Bosch Automotive aftermarket gives us access to over 10,000 workshops in Europe as 1 of the world's largest grouping of repair locations.

在我們的案例中，對於 Sion 的發布，我們從德國的 50 個博世汽車服務點開始接受培訓和資格認證。在隨後的推出過程中，更多地點和歐洲國家正在跟進。博世汽車售後市場使我們能夠進入歐洲 10,000 多個車間，成為世界上最大的維修地點群之一。

Another one of our important partner is Continental. We appreciate partnering with such a well-established Tier 1 supplier, and I'm showing here an advertisement created by Conti. Conti and formally also Vitesco -- Conti in their former function also as Head of Vitesco already supplied us with our electric drive unit for our SVC2 years ago. Here in our SVC3, our series validation vehicles, you can see many applications from Continental, including ADAS functions, vehicle control unit software and many others, just to name a few. So much about the Sion. Let's give a corporate update and start that one with the Sion.

我們的另一個重要合作夥伴是大陸集團。我們很高興與這樣一家知名的一級供應商合作，我在這裡展示的是 Conti 製作的廣告。 Conti 和正式的 Vitesco——Conti 在他們以前的職能中也作為 Vitesco 的負責人，已經在 2 年前為我們的 SVC 提供了我們的電力驅動單元。在我們的 SVC3 系列驗證車中，您可以看到大陸集團的許多應用程序，包括 ADAS 功能、車輛控制單元軟件等等，僅舉幾例。關於錫永的事太多了。讓我們進行公司更新，並從 Sion 開始。

Here in Los Angeles, where we calculated an average yearly free range from solar of nearly 6,000 miles or 9,000 kilometers. We created these real pictures just recently on our first U.S. tour for Sono Motors. The feedback we received on this tour from our Sion Series validation vehicles, but also for our overall company and the solar business was quite rewarding. In October, we showcased this for 3 weeks. We had interviews with CNBC, Barron's, CNET, Axios, Boston Globe, among others. And receiving the broad interest for our solar EVs in the U.S. showed the generally huge and positive interest in solar technologies as well.

在洛杉磯，我們計算出平均每年近 6,000 英里或 9,000 公里的太陽能自由射程。我們最近在我們為 Sono Motors 進行的首次美國巡演中製作了這些真實照片。我們在這次巡迴演出中從我們的 Sion 系列驗證車收到的反饋，對我們整個公司和太陽能業務來說也是非常有益的。 10 月，我們展示了 3 週。我們採訪了 CNBC、巴倫周刊、CNET、Axios、波士頓環球報等。我們的太陽能電動汽車在美國受到廣泛關注，這也表明人們普遍對太陽能技術產生了巨大而積極的興趣。

As an impression for you, we selected 7 pictures representing our 7 locations we serve. Feedback from the people we met, including press, potential investors and other interested attendees, was very positive. For example, many followers and interested parties perceived the Sion as being much bigger, more spacious in real life than in pictures. There was excitement about the smooth integration of the solar wafers. Whoopi Goldberg was especially convinced by the affordability of the product. The wish and need to see our vehicle on the road and to see the application of our technology was evident to everyone on our small team on the tour.

作為給您的印象，我們選擇了代表我們服務的 7 個地點的 7 張圖片。我們遇到的人（包括媒體、潛在投資者和其他感興趣的與會者）的反饋非常積極。例如，許多追隨者和感興趣的人認為錫永在現實生活中比圖片中更大、更寬敞。太陽能晶片的順利集成令人興奮。 Whoopi Goldberg 尤其對產品的經濟性深信不疑。在路上看到我們的車輛並看到我們的技術應用的願望和需要對我們這個小團隊中的每個人來說都是顯而易見的。

Further progress was made in our team composition and protecting our IP. We're now well over 400 employees by the end of Q3 2022 in December 418 with more than 300 engineers. About 50% of our employees have an international background, with currently 45 nationalities represented at Sono Motors. Based on the aforementioned funding speed, we have implemented a hiring freeze since November to control our operational expenses.

隊伍建設和知識產權保護取得新進展。到 418 年 12 月 2022 年第三季度末，我們現在擁有 400 多名員工，擁有 300 多名工程師。我們大約 50% 的員工具有國際背景，目前 Sono Motors 有 45 個國家的員工。基於上述融資速度，我們從 11 月開始實施了招聘凍結，以控制我們的運營費用。

On the patent side, we continue with high speed for filing patents. We have now 5 patents and utility model applications filed in Q3, 3 additional filings since the end of Q3. In total, we have now 4 patents granted, 30 patents or patent utility model applications filed as of December 8.

在專利方面，我們繼續高速申請專利。我們現在在第三季度提交了 5 項專利和實用新型申請，自第三季度末以來又提交了 3 項申請。截至 12 月 8 日，我們總共擁有 4 項專利授權，30 項專利或實用新型專利申請。

To continue, Torsten will take you through our financial key facts.

接下來，Torsten 將帶您了解我們的財務關鍵事實。

Thank you, Thomas. Also a warm welcome from my side. Let me start with our year-to-date financial results. In the first 9 months of this year, we significantly increased our revenues and achieved EUR 180,000 from Sono Solar and Sono Digital, compared to no revenues at all in the same time frame in 2021. In parallel, we made substantial R&D investments with almost EUR 90 million spent in the last 9 months in comparison to EUR 27 million year-to-date, September 2021.

謝謝你，托馬斯。也從我身邊熱烈歡迎。讓我從年初至今的財務業績開始。今年前 9 個月，我們顯著增加了收入，從 Sono Solar 和 Sono Digital 獲得了 180,000 歐元，而 2021 年同期則為零。與 2021 年 9 月年初至今的 2700 萬歐元相比，過去 9 個月的支出為 9000 萬歐元。

We also started purchasing necessary machinery and tooling in preparation of the start of production and capitalized approximately EUR 42 million as of September 30, 2022, versus EUR 1.5 million 1 year ago.

截至 2022 年 9 月 30 日，我們還開始購買必要的機器和工具，為開始生產做準備，並資本化了約 4200 萬歐元，而一年前為 150 萬歐元。

I'd also like to highlight that despite the strong growth in our operations and headcount, we were able to keep SG&A costs well under control with approximately EUR 16 million for the first 9 months in comparison to EUR 13 million in the same time frame last year. That's merely an increase of EUR 3 million.

我還想強調，儘管我們的運營和員工人數增長強勁，但我們能夠很好地控制 SG&A 成本，前 9 個月約為 1600 萬歐元，而去年同期為 1300 萬歐元年。這僅僅增加了 300 萬歐元。

Let's look at the third quarter in more detail. The revenue growth accelerated particularly in Q3, with 6x higher sales compared to the previous quarter, resulting in EUR 138,000 in revenue. Our cash and cash equivalents stood at roughly EUR 33 million on September 30 of this year. Since liquidity is essential in such a challenging market environment, let me also update you on our current and expected liquidity. It's approximately EUR 55 million as November 30, which consists of EUR 25 million of cash and cash equivalents and a signed agreement for the sale and issuance of up to $30 million of convertible debenture on which I'll provide more details on in a minute.

讓我們更詳細地看一下第三季度。收入增長尤其在第三季度加速，銷售額比上一季度增長 6 倍，收入達到 138,000 歐元。截至今年 9 月 30 日，我們的現金和現金等價物約為 3300 萬歐元。由於流動性在如此充滿挑戰的市場環境中至關重要，讓我也向您介紹我們當前和預期的流動性。截至 11 月 30 日，它約為 5500 萬歐元，其中包括 2500 萬歐元的現金和現金等價物以及已簽署的出售和發行高達 3000 萬美元可轉換債券的協議，我將在稍後提供更多詳細信息。

The substantial investments, combined with the SG&A resulted in approximately EUR 56 million net cash outflow in Q3 of this year.

大量投資與 SG&A 相結合，導致今年第三季度淨現金流出約 5600 萬歐元。

Looking ahead, I'd like to share with you a helicopter view of where we stand on the development side and how that connects with our funding needs. Overall, we've raised around [EUR 330 million] over the last couple of years. This allowed us to achieve the series validation vehicle fleet in our car business. And on the solar side, we were able to develop the aforementioned sixth generation of solar panel integration and to deliver the first prototypes to many renowned vehicle manufacturers.

展望未來，我想與您分享我們在開發方面的立場以及這如何與我們的資金需求聯繫起來的直升飛機觀點。總的來說，我們在過去幾年籌集了大約 [3.3 億歐元]。這使我們能夠在我們的汽車業務中實現系列驗證車隊。在太陽能方面，我們能夠開發上述第六代太陽能電池板集成，並向許多知名汽車製造商交付第一批原型。

We've got this far and now only have a fairly short distance towards launching Sion production. We currently estimate that we need approximately EUR 130 million until the next crucial milestone, the pre-series vehicle release next summer.

我們已經走到了這一步，現在離推出 Sion 產品只有很短的距離了。我們目前估計我們需要大約 1.3 億歐元，直到下一個重要的里程碑，即明年夏天的預系列車輛發布。

Thereafter, we estimate that we will require only an additional EUR 80 million to start delivering the first Sions to our customers in Q1 of 2024. We are currently in the process of securing this funding.

此後，我們估計只需要額外的 8000 萬歐元就可以在 2024 年第一季度開始向我們的客戶交付第一批 Sions。我們目前正在爭取這筆資金。

Just this morning, we announced an agreement for the sale of convertible debentures with Yorkville Advisors. We will get net proceeds of $30 million in 3 tranches, the first 1 upon signing, the second 1 upon signing a registration statement and the third 1 upon effectiveness.

就在今天早上，我們宣布了與 Yorkville Advisors 出售可轉換債券的協議。我們將分三批獲得 3000 萬美元的淨收益，第一批在簽署時獲得，第二批在簽署註冊聲明時獲得，第三批在生效時獲得。

We are quite happy with the favorable terms we received, a 4% interest, no warrants, a fixed conversion price of $1.75, unless the stock price is below that level, then a variable conversion of 96.5%, the lowest daily (inaudible) during the 7 prior days. Conversion below the fixed conversion price are limited to the greater of either 20% of the monthly trading volume or $5 million per month, and the limitations can be waived at company discretion.

我們對收到的優惠條款非常滿意，4% 的利息，沒有認股權證，固定轉換價格為 1.75 美元，除非股價低於該水平，然後可變轉換為 96.5%，這是期間最低的每日（聽不清）前 7 天。低於固定轉換價的轉換僅限於每月交易量的 20% 或每月 500 萬美元中的較大者，並且公司可以自行決定放棄這些限制。

What I'd like to highlight here is that while the debentures provide us with meaningful upfront capital, the conversions related to them would effectively replace our use of the existing committed equity facility or our new ATM going forward since both are now limited to 2% of daily trading volume, subject to exceptions for days with high trading volumes.

我想在這裡強調的是，雖然債券為我們提供了有意義的前期資本，但與它們相關的轉換將有效地取代我們對現有承諾股權工具或我們未來新 ATM 的使用，因為兩者現在都限制在 2%每日交易量，交易量高的日子除外。

Worth mentioning is that we also filed a registration statement on Form F-3. We made this move because we recently became shelf-eligible and wanted to add this vehicle to our final toolbox. On December 7, Sono Group also entered into an -- at the market sales agreement with B. Riley, Berenberg and Cantor Fitzgerald acting as sales agents.

值得一提的是，我們還提交了表格 F-3 的註冊聲明。我們之所以採取這一舉措，是因為我們最近符合上架條件，並希望將這款車輛添加到我們的最終工具箱中。 12 月 7 日，Sono Group 還與 B. Riley、Berenberg 和 Cantor Fitzgerald 作為銷售代理簽訂了市場銷售協議。

The size is up to USD 135 million, and the sales agent commission is 3%.

規模達1.35億美元，銷售代理佣金3%。

As mentioned before, once the debentures have been repaid, the ATM program will replace the existing committed equity facility that we have been using in the last 4.5 months and is meant to enhance our access to capital. Given the Sion convertible debenture agreement, we don't plan to use the ATM extensively until the convertibles are redeemed.

如前所述，一旦償還了債券，ATM 計劃將取代我們在過去 4.5 個月中一直使用的現有承諾股權融資，旨在加強我們獲得資本的機會。鑑於 Sion 可轉換債券協議，在可轉換債券被贖回之前，我們不打算廣泛使用 ATM。

I've now shared the pillars of our funding strategy for Q4 that are already secured. We started with EUR 33 million in cash at the end of Q3, secured an agreement for the convertible debentures with USD 30 million, and already had inflows via the committed equity facility of approximately EUR 7 million this quarter. Summed up, we have secured EUR 70 million in total. Let me now share with you how we plan to close the remaining gap of approximately EUR 130 million to finance the next big milestone, the pre-series vehicles that will already come from our -- at our production partner, Valmet Automotive in Finland.

我現在已經分享了我們已經確定的第四季度融資戰略的支柱。我們在第三季度末以 3300 萬歐元現金開始，以 3000 萬美元獲得可轉換債券協議，本季度已經通過承諾的股權融資流入約 700 萬歐元。總而言之，我們總共獲得了 7000 萬歐元。現在讓我與您分享我們計劃如何縮小約 1.3 億歐元的剩餘缺口，以資助下一個重要里程碑，即已經來自我們的生產合作夥伴芬蘭維美德汽車公司的試生產車輛。

The most significant source of funding will be a community marketing campaign we are launching right after this call. With the support of our strong community, we are planning to raise EUR 84 million net, which translates to 3,500 full Sion down payments. In a moment, Laurin will provide more details on why we strongly believe this is the right next step.

最重要的資金來源將是我們在此次電話會議後立即發起的社區營銷活動。在我們強大社區的支持下，我們計劃淨籌集 8,400 萬歐元，相當於 3,500 美元的 Sion 全額首付。稍後，Laurin 將提供更多細節，說明為什麼我們堅信這是正確的下一步。

Let me just comment on the additional 2 instruments we are planning following the successful raise of the envisioned EUR 84 million. We plan to tap capital markets again and raise a total of approximately EUR 50 million via additional sale of new equity. We still have ongoing dialogues with IP lending and asset-based financing, secured with our patents and the production machinery to further leverage the funding as much as possible and to keep dilution as low as feasible, also in our own interest.

在成功籌集到預期的 8400 萬歐元後，讓我來評論一下我們正在計劃的另外 2 種工具。我們計劃再次開拓資本市場，通過額外出售新股本籌集總額約 5000 萬歐元的資金。我們仍在與知識產權貸款和基於資產的融資進行持續對話，以我們的專利和生產機器為擔保，以盡可能進一步利用資金並儘可能降低稀釋度，這也符合我們自己的利益。

We will keep you updated once there is news.

一旦有消息，我們會及時通知您。

Before I hand over to Laurin, I'd like to share some more thoughts about the funding in general. We've achieved very important operational and commercial milestones since we went public 1 year ago. These include signing promising partnerships in our solar business and presenting our first Sion Series validation vehicles. At the same time, high inflation and rising interest rates as central banks seek to curb inflation, have resulted in negative sentiment in the financial market since the second quarter of this year, with many tech companies losing between 50% to over 90% of their respective market cap. Shares and mobility tech companies have been particularly hard hit. As a result, financing our CapEx program through equity has become challenging and dilutive for existing shareholders.

在我交給 Laurin 之前，我想分享一些關於資金的更多想法。自 1 年前上市以來，我們已經取得了非常重要的運營和商業里程碑。其中包括在我們的太陽能業務中籤署有前途的合作夥伴關係，並展示我們的第一款 Sion 系列驗證車。與此同時，高通脹和央行為了抑制通脹而加息，導致今年二季度以來金融市場的負面情緒，許多科技公司的股票損失了 50% 到 90% 以上。各自的市值。股票和移動技術公司受到的打擊尤其嚴重。因此，通過股權為我們的資本支出計劃融資對現有股東來說已變得具有挑戰性和攤薄性。

One view of the investment community is that we should focus on capital-light, revenue-generating solar business and abandon the Sion project. We hear you, and we would be willing to streamline our business. As a public company with shareholders, we have to be open to any and all alternatives that are best for the long-term prosperity of our company. However, we believe one aspect that makes Sion unique is our very strong and loyal community. They want us to bring the Sion to the road as much as we do.

投資界的一種觀點是，我們應該專注於輕資本、創收的太陽能業務，放棄Sion項目。我們聽到你的聲音，我們願意精簡我們的業務。作為一家擁有股東的上市公司，我們必須對任何和所有最有利於我們公司長期繁榮的替代方案持開放態度。然而，我們相信讓 Sion 與眾不同的一個方面是我們非常強大和忠誠的社區。他們希望我們像我們一樣將 Sion 帶到路上。

We believe that, with our community, we can bridge that difficult market environment, reduce the overall funding need and prove to the capital market the strong demand for our solar technology and our affordable SEV design.

我們相信，通過我們的社區，我們可以彌合困難的市場環境，減少整體資金需求，並向資本市場證明對我們的太陽能技術和我們負擔得起的 SEV 設計的強勁需求。

Handing over to Laurin, once again, to talk about the next steps.

再次交給 Laurin，討論下一步。

Thanks, Torsten. I want to start with, we have an incredible EUR 1 billion of potential backlog revenue, with over 40% from down payments. So before we dare to decide to stop the Sion project, we want to give the approximately 21,000 reservation holders, our community, one last chance to prepay the car in full. And by doing so, partially solve our funding hurdle. These 21,000 reservations are an equivalent of approximately EUR 460 million when converted into potential revenue, with almost EUR 600 million worth of B2B preorders, on top of that, we have a potential order backlog of more than EUR 1 billion. So why you're asking the community to help to bridge the funding gap? Well, this is exactly what we plan to do by launching a special marketing campaign.

謝謝，托爾斯滕。首先，我們有令人難以置信的 10 億歐元潛在積壓收入，其中超過 40% 來自預付款。因此，在我們敢於決定停止 Sion 項目之前，我們想給大約 21,000 名預訂持有人，我們的社區最後一次全額預付汽車費用的機會。通過這樣做，部分解決了我們的資金障礙。這 21,000 個預訂轉換為潛在收入時相當於約 4.6 億歐元，B2B 預訂價值近 6 億歐元，除此之外，我們還有超過 10 億歐元的潛在訂單積壓。那麼，您為什麼要求社區幫助彌合資金缺口？好吧，這正是我們計劃通過發起特別營銷活動來做的。

We are calling the special marketing campaign Save Sion. With it, we will give our customers' community the chance to prepay the equivalent of 3,500 Sions within 50 days. To make it clear, our community is an invaluable asset. We believe no other company has such a strong community. So the community engagement is planned like this. We launch a special marketing campaign today. We ask customers for an upfront payment of their car reservations equivalent to 3,500 Sion full price payments. This would lead to EUR 100 million cash in, including VAT. The good news for investors out there, it's a non-dilutive way of bridging the funding gap.

我們將特別營銷活動稱為 Save Sion。有了它，我們將讓我們的客戶社區有機會在 50 天內預付相當於 3,500 Sions 的款項。明確地說，我們的社區是無價的資產。我們相信沒有其他公司擁有如此強大的社區。所以社區參與是這樣計劃的。我們今天推出了一項特別的營銷活動。我們要求客戶預付相當於 3,500 Sion 全價的汽車預訂費用。這將帶來 1 億歐元的現金收入，包括增值稅。對於那裡的投資者來說，這是個好消息，這是彌合資金缺口的一種非稀釋方式。

And here is the simple message we give to our community. 21,000 people have reserved the car. The vast majority of people plan to pay us the full down payment as soon as they expect to get the vehicle. So now we ask them to give us some of the money 12 to 18 months earlier in order to start the production of their car. And they will only have to pay if the campaign is successful. In order to support our message, we have planned a very intensive marketing campaign around it.

這是我們向社區傳達的簡單信息。已有21,000人預訂了汽車。絕大多數人計劃在他們希望獲得車輛後立即向我們支付全額首付款。所以現在我們要求他們提前 12 到 18 個月給我們一些錢，以便開始生產他們的汽車。而且他們只有在活動成功時才需要付費。為了支持我們的信息，我們圍繞它計劃了一場非常密集的營銷活動。

Our planned activities are to start under the #SaveSion, an exceptional social media campaign with transparency as a key factor of success. Additionally, we'll start a tour, a Sion tour through Germany, Austria, Switzerland, Netherlands, 12 cities, inviting 10,000 people. We give incentives for an advanced payment, up to 10% discount for full price down payments. And the campaign will last for 50 days from December 8 until January 26. This is a complete new way of marketing, and we have great experience in it. We have been successfully funded by the community in the past.

我們計劃的活動將從 #SaveSion 開始，這是一項特殊的社交媒體活動，透明度是成功的關鍵因素。此外，我們將開始巡演，一場穿越德國、奧地利、瑞士、荷蘭的錫永巡演，12 個城市，邀請 10,000 人。我們為預付款提供獎勵，全價首付款可享受高達 10% 的折扣。活動將從12月8日持續到1月26日，為期50天。這是一種全新的營銷方式，我們在這方面有豐富的經驗。過去，我們已經成功地獲得了社區的資助。

In 2019, we raised EUR 53 million in payment commitments in 50 days through prepayments, loans, donations, but no dilution for equity. At that time, it was the largest of its kind for a hardware product in Europe. The public feedback was overwhelmingly positively. We received positive press coverage around the world. So we also believe this time in our strong community. We have done it once in 2019, now with the Sion in its final production design and comparably higher brand awareness and a shorter distance towards the start of production, we are confident that we can work this out and that we can be successful with this campaign.

2019 年，我們在 50 天內通過預付款、貸款、捐贈籌集了 5300 萬歐元的付款承諾，但不稀釋股權。當時，它是歐洲同類硬件產品中規模最大的。公眾的反饋非常積極。我們收到了世界各地積極的媒體報導。所以我們這次也相信我們強大的社區。我們在 2019 年做過一次，現在有了 Sion 的最終生產設計和相對較高的品牌知名度，距離生產開始的距離更短，我們有信心我們可以解決這個問題，我們可以通過這次活動取得成功.

The numbers speak for themselves. We have since then doubled the amount of the community members, and we plan to raise double the amount of the money now. So it's doable. We can achieve it. If it doesn't go as expected, we will focus on the B2B solar-only business case as a very attractive alternative, which is significantly less capital intensive. We believe we already have all the resources on hand to roll it out.

數字不言自明。從那時起，我們的社區成員數量翻了一番，我們計劃現在籌集兩倍的資金。所以這是可行的。我們可以實現它。如果它沒有按預期進行，我們將專注於 B2B 太陽能業務案例，將其作為一個非常有吸引力的替代方案，它的資本密集度要低得多。我們相信我們手頭上已經擁有推出它的所有資源。

Moreover, we have had a number of promising negotiations with potential strategic partners interested in our solar technology. So we would not rule out some strategic alliances here.

此外，我們與對我們的太陽能技術感興趣的潛在戰略合作夥伴進行了多次有希望的談判。所以我們不排除在這裡建立一些戰略聯盟。

So let us prove you and all investors out there that it's about a car that has massive potential, a community that has one belief, a belief that even a small group of people can make a difference. So let's do it. Let's bring the Sion to series production for a world without fossil fuels. Thank you.

因此，讓我們向您和所有投資者證明，這是一輛具有巨大潛力的汽車，一個擁有共同信念的社區，一個相信即使是一小群人也能有所作為的信念。讓我們開始吧。讓我們為沒有化石燃料的世界將 Sion 投入批量生產。謝謝你。

With this, we will be happy to take any questions. Heidi, could you please remind our participants all the instructions.

有了這個，我們很樂意回答任何問題。海蒂，請你提醒我們的參與者所有的指示。

(Operator Instructions) We will take our first question. The first question comes from the line of Christopher Souther from B. Riley.

（操作員說明）我們將回答第一個問題。第一個問題來自 B. Riley 的 Christopher Souther。

Congrats on the progress here. So maybe just you called out initial shipments to automotive customer looking at integrated solar for potentially high-volume vehicles. Can you talk through the steps and time lines you think that you have ahead of you in order to get design wins from that customer?

祝賀這裡取得的進展。因此，也許您只是向汽車客戶提出了最初的出貨量，他們正在尋找用於潛在大批量車輛的集成太陽能。你能談談你認為為了從客戶那裡獲得設計勝利而提前完成的步驟和時間表嗎？

I just wanted to frame where we think we are in that process and great to see that process is starting to kind of kick off.

我只是想勾勒出我們認為我們在這個過程中所處的位置，很高興看到這個過程開始啟動。

Sure. So usually, this goes in 3 main steps. The first step is a prototype in order to convince internally the management and the engineers to take a look and to test this solution. That's the first step. The second step is then series development, where you have 2 to 3 years of series development until it goes into production, and that's the third step, series production.

當然。所以通常，這分為 3 個主要步驟。第一步是製作原型，以說服內部管理層和工程師看一看並測試該解決方案。這是第一步。第二步是系列開發，你有 2 到 3 年的系列開發直到投入生產，這就是第三步，系列生產。

Got it. Okay. And as we're looking at the EUR 130 million that we need to get to pre-series production, can you give us a sense of the timing of the cash out? It sounds like there's kind of a go- or no-go decision based on kind of the community. Can you just kind of walk through time lines that we should expect around the Sion cash needs and decisions there?

知道了。好的。當我們正在考慮進行前期製作所需的 1.3 億歐元時，您能告訴我們兌現的時間嗎？聽起來好像有一種基於社區種類的去或不去的決定。您能否簡單介紹一下我們應該圍繞 Sion 現金需求和那裡的決策制定的時間表？

Yes, Chris. So maybe, first of all, it's good to see that we have access to the 70 million I mentioned as a starting point. So this is already a big step towards the funding need. And the additional capital, I mean, this is why we're kicking it off today. The sooner we have transparency, the sooner we can kick off purchase orders for some of the bigger machineries and toolings that we need to kick off as soon as possible. So the timing, Laurin talked about it is a 50-day campaign. And we hope to see along over the next couple of weeks, how we are progressing there. And then as soon as we have more transparency on the potential success of the campaign to kick off the required or necessary purchase order for the machineries.

是的，克里斯。所以也許，首先，很高興看到我們能夠獲得我提到的作為起點的 7000 萬。因此，這已經是朝著資金需求邁出的一大步。額外的資金，我的意思是，這就是我們今天開始的原因。我們越早獲得透明度，我們就能越早開始為我們需要盡快開始的一些更大的機械和工具下達採購訂單。因此，Laurin 談到的時機是為期 50 天的活動。我們希望在接下來的幾週內看到我們在那裡取得的進展。然後，一旦我們對啟動機械所需或必要的採購訂單的活動的潛在成功有了更多的透明度。

Okay. Got it. And then just last one. Are there any strategic opportunities as we're kind of entering kind of the new year as far as other OEMs out there that are looking for credits? Is it -- would it still be too early for you guys to start pre-selling emission credits, that kind of thing? Or are there other opportunities with kind of the existing OEMs as far as strategic opportunities to help with the financing there?

好的。知道了。然後就是最後一個。就其他尋求信貸的原始設備製造商而言，我們是否有任何戰略機會進入新的一年？對你們來說開始預售排放信用額度這樣的事情還為時過早嗎？或者，就幫助那裡融資的戰略機會而言，現有 OEM 是否還有其他機會？

Thank you for that question. You know better than us, we're a publicly traded company. So we only give here the information that we can give out. Fact is, however, we continue to -- are in discussions on the items you just mentioned with not only 1 passenger car OEM alone. So we continue on the business that we have started 2 years ago at CES at the end of -- at the beginning of '21 to continue to talk about other opportunities, including the credits you just mentioned. Of course, as you know, they are effective in Europe only when you register the first cars. So the priority for us is now to make sure that we are successful in the campaign we just presented to you.

謝謝你提出這個問題。你比我們更清楚，我們是一家上市公司。所以我們只在這裡提供我們可以提供的信息。然而，事實是，我們繼續 - 不僅與 1 個乘用車 OEM 就您剛才提到的項目進行討論。因此，我們繼續我們 2 年前在 CES 上開始的業務，在 21 世紀末 - 在 21 年初繼續討論其他機會，包括你剛才提到的學分。當然，如您所知，它們只有在您註冊第一輛汽車時才在歐洲生效。因此，我們現在的首要任務是確保我們在剛剛向您展示的活動中取得成功。

We will take our next question. And the question comes from the line of Eric Stine from Craig-Hallum.

我們將回答下一個問題。這個問題來自 Craig-Hallum 的 Eric Stine。

So just to kind of stick on the point from the previous question. So on the 50-day campaign, it sounds like optimism on that front. I mean can you just talk about -- I mean, in the scenario where you have to pause that, if that's the decision that you make, I mean does that impact anything with Valmet? Does that -- I mean, is it something that you are able to -- I don't want to say easy, but you're able to stop and then start again if you're in a position to do so? Or how does that just kind of impact the relationships and the work you've done to date?

所以只是為了堅持上一個問題的要點。因此，在為期 50 天的競選活動中，這聽起來像是樂觀的態度。我的意思是你能不能談談 - 我的意思是，在你必須暫停的情況下，如果這是你做出的決定，我的意思是這對維美德有什麼影響嗎？那是——我的意思是，這是否是你能夠做到的——我不想說簡單，但如果你能夠這樣做，你可以停下來然後重新開始嗎？或者這會如何影響人際關係和你迄今為止所做的工作？

Yes. Thank you. That's an awesome question. So as we inform the public, of course, we also inform our suppliers. And of course, as I mentioned earlier, with the funding that became more complicated, as Torsten described it over the last couple of months, we have made the decision that we presented today to move our SOP from the second half of '23 into the first quarter of 2024. So we did, of course, this in concert with suppliers. And we do not expect any dramatic impact from delaying our SOP with any supplier. Can never rule it out, but specifically with Valmet Automotive, it's a very good partner. So no, we do not expect from that campaign and the announcement today anything but the delay we just mentioned.

是的。謝謝你。這是一個很棒的問題。因此，當我們通知公眾時，我們當然也會通知我們的供應商。當然，正如我之前提到的，隨著資金變得更加複雜，正如 Torsten 在過去幾個月中所描述的那樣，我們做出了今天提出的決定，將我們的 SOP 從 23 年下半年移至2024 年第一季度。當然，我們是與供應商一起這樣做的。我們預計延遲與任何供應商的 SOP 不會產生任何重大影響。永遠不能排除它，但特別是與 Valmet Automotive，它是一個非常好的合作夥伴。所以不，除了我們剛才提到的延遲之外，我們對那場活動和今天的公告沒有任何期望。

Right. But if the -- let's say, at the end of the 50-day campaign, you realize that maybe you need to push that a little further, is that something that -- I mean I would assume you'll be in front -- having conversations ongoing with your suppliers so that they're aware of the situation. But is it fair to say that, that wouldn't cause a great disruption, and that is something that you could start up again or get back on the time line pretty easily if you're able to do so?

正確的。但是如果——比方說，在 50 天的活動結束時，你意識到也許你需要進一步推動它，那是——我的意思是我假設你會在前面——與您的供應商進行持續對話，以便他們了解情況。但可以公平地說，這不會造成很大的破壞，如果你能夠這樣做，你可以重新開始或很容易地回到時間線上？

Well, we want to act now and to drag -- not to drag it out endlessly. So we have been successful in the past with the 50 days raising those EUR 53 million in payment commitments. Now we have doubled the amount of community members. We have so much more visibility in the market. We cruised through such a big operation and cooperation right now so that we are very confident that we can make it.

好吧，我們想現在就行動並拖延——而不是無休止地拖延。因此，我們在過去 50 天內成功籌集了 5300 萬歐元的付款承諾。現在我們的社區成員數量翻了一番。我們在市場上的知名度要高得多。我們現在通過了這麼大的運營和合作，所以我們非常有信心我們能做到。

Okay. Got it. And then just on the -- good news on the PO signed with the large OEM. Just curious with financing top of mind, I mean, any thought or any interest from some of those large partners potentially in some sort of strategic investment to kind of help alleviate that? I mean is that -- I know you're probably limited as to what you can say, but anything along those lines might be helpful.

好的。知道了。然後就是 - 關於與大型 OEM 簽署的 PO 的好消息。只是對融資感到好奇，我的意思是，一些大型合作夥伴的任何想法或興趣可能會在某種戰略投資中幫助緩解這種情況？我的意思是——我知道你能說的可能有限，但任何與此相關的內容都可能有所幫助。

Yes, sure. Of course, we have some confidentiality limitations here. But of course, we would be foolish not to speak to potential OEMs or to OEMs out there about a potential strategic investment. And of course, those who receive or are currently looking into our technology would most -- would be the ones most likely to invest. But you also know how it works. It's -- with big OEMs or big corporates, it does take time. So for us, it's great to see there's interest in the technology. We take this as a first step. And we believe once we have proven the technology works, yes, then consequently, conversations will continue.

是的，當然。當然，我們這裡有一些保密限制。但是，當然，如果我們不與潛在的原始設備製造商或那裡的原始設備製造商談論潛在的戰略投資，那將是愚蠢的。當然，那些接受或正在研究我們技術的人最有可能進行投資。但你也知道它是如何工作的。這是——對於大型原始設備製造商或大型企業來說，這確實需要時間。所以對我們來說，很高興看到人們對這項技術感興趣。我們以此為第一步。我們相信，一旦我們證明該技術有效，是的，那麼對話就會繼續。

(Operator Instructions) We will take our next question. Our next question comes from the line of Andres Sheppard from Cantor Fitzgerald.

（操作員說明）我們將回答下一個問題。我們的下一個問題來自 Cantor Fitzgerald 的 Andres Sheppard。

Congrats on all the milestones. And so I wanted to maybe clarify a little bit on the funding strategy. So I see you've raised -- you've mentioned you've raised that 70 million, you expect to raise an additional 134 million. And so I just want to be sure I am understanding this correctly, 40 million of that is expected to be a new capital raise or debt, 10 million will be from the ATM and then the rest is from the community down payments.

祝賀所有里程碑。所以我想澄清一下資金策略。所以我看到你已經籌集了 - 你提到你已經籌集了 7000 萬美元，你希望再籌集 1.34 億美元。所以我只是想確保我理解正確，其中 4000 萬預計將用於新的融資或債務，1000 萬來自 ATM，其餘來自社區預付款。

I guess, if there's any issues or delays in the community down payments, then would that change the amount that you expect to raise?

我想，如果社區首付款有任何問題或延遲，那麼這會改變您期望籌集的金額嗎？

I'm sorry.

對不起。

Go ahead.

前進。

Yes. I want to get more color on the capital funding strategies, particularly in regards to ATM and to the community down payments. Anything you can say there, particularly given what the -- maybe the stock is trading, is the ATM -- do you still expect to use that?

是的。我想對資本融資策略有更多的了解，特別是在 ATM 和社區首付款方面。你可以在那裡說什麼，特別是考慮到 - 也許股票正在交易，是 ATM - 你仍然希望使用它嗎？

Yes. So first of all, let's start with the ATM or in the past, the committed equity facility. As you probably saw, our daily average trading stock volume increased significantly ever since we went to the U.S. in order to present our solar technology and the Sion. Prior to the U.S. tour, the weeks prior to that, we averaged around 300,000 on a single day. And now we're looking at more than 1 million. I believe latest number was EUR 1.7 million for the last months of average daily trading volume. So significant improvement there. As I mentioned before, since we now signed the convertible debenture with Yorkville, we will limit the usage of the formerly committed equity facility in the future, the ATM, in order not to put too much pressure on the stock.

是的。因此，首先，讓我們從 ATM 或過去的承諾股權設施開始。正如您可能看到的那樣，自從我們去美國展示我們的太陽能技術和 Sion 以來，我們的每日平均股票交易量顯著增加。在美國巡迴演出之前的幾週內，我們平均每天約有 300,000 人次。現在我們正在尋找超過 100 萬。我相信最近幾個月的日均交易量的最新數字是 170 萬歐元。那裡有如此顯著的改進。正如我之前提到的，由於我們現在與 Yorkville 簽署了可轉換債券，我們將在未來限制以前承諾的股權工具 ATM 的使用，以免對股票造成太大壓力。

So it's limited to 2% and there's an exception for very high trading volume days where we can use it to a bigger extent. But of course, interest here is to keep dilution as low as possible.

所以它被限制在 2%，並且在交易量非常大的日子裡有一個例外，我們可以在更大程度上使用它。但當然，這裡的興趣是盡可能降低稀釋度。

We spoke extensively about the community down payments, about the marketing campaign and why we believe this is the right next step. It's non-dilutive. It's an incredible community we have out there. And this would reduce the overall funding amount significantly. And of course, as you can imagine, one of the feedbacks in the past was, you still need a lot of money. We know it's not a lot of money from an OEM perspective. It's not a lot of money in comparison to many of our peers but having to raise more than EUR 200-plus million still until the start of production is quite some money. And this is why we believe achieving a successful community campaign or marketing campaign will reduce that amount significantly. And then we'll make it easier for equity investors to realize the potential there is in our technology and in the stock as well.

我們廣泛討論了社區首付款、營銷活動以及為什麼我們認為這是正確的下一步。它是非稀釋的。這是一個令人難以置信的社區。這將大大減少整體資金數額。當然，你可以想像，過去的反饋之一是，你仍然需要很多錢。我們知道從 OEM 的角度來看，這不是很多錢。與我們的許多同行相比，這不是很多錢，但在開始生產之前必須籌集超過 200 多萬歐元，這是一筆不小的錢。這就是為什麼我們相信成功的社區活動或營銷活動將大大減少這一數字。然後我們將使股權投資者更容易意識到我們的技術和股票的潛力。

Got it. Torsten, that's very helpful, very detailed. Appreciate it. Maybe as a follow-up, can you just remind us what the -- kind of the cash burn or the cash outflow expectations are maybe on a quarterly or annual basis. I think in the past, you had mentioned the operating and investment cash flow outflow of about EUR 165 million for the second half of this year and a little bit north of EUR 150 million in 2023. So have those numbers changed or are they kind of expected to be the same?

知道了。 Torsten，這非常有幫助，非常詳細。欣賞它。也許作為後續行動，你能否提醒我們 - 什麼樣的現金消耗或現金流出預期可能是季度或年度的。我想在過去，您曾提到今年下半年的運營和投資現金流出量約為 1.65 億歐元，2023 年略高於 1.5 億歐元。那麼這些數字是否發生了變化，或者它們有點像預計會一樣嗎？

Yes. So what has changed is, of course, we try to adapt to market environment as much as possible. So we try to postpone some expenses. And we did the hiring freeze that Thomas talked about, started that in November to be as efficient as possible with the money we have received. I think this is key. We decided against layoffs. Of course, there are many tech companies right now laying off people. It comes at a price, and this is why we decided, let's take the step of the hiring freeze.

是的。所以變化的當然是我們盡量去適應市場環境。所以我們盡量推遲一些費用。我們做了 Thomas 談到的招聘凍結，從 11 月開始，以盡可能高效地利用我們收到的錢。我認為這是關鍵。我們決定不裁員。當然，現在有很多科技公司正在裁員。這是有代價的，這就是為什麼我們決定，讓我們採取凍結招聘的步驟。

Looking forward, the internal burn rate is less than EUR 5 million a month, mainly for salaries, the 400-plus employees we currently employ here in Munich, and then some other OpEx. Of course, what we need to do is continue to invest in CapEx. Majority of the use of funds, as indicated in the past, is for production machinery and toolings. And this is -- yes, we trigger the purchase orders. So we drive the -- when we need to pay for those orders. And this then is connected to when do we get access to the money in order to then purchase the production machinery and toolings.

展望未來，內部消耗率每月不到 500 萬歐元，主要用於支付工資、我們目前在慕尼黑僱用的 400 多名員工，以及其他一些運營支出。當然，我們需要做的是繼續投資資本支出。如過去所示，大部分資金用於生產機械和工具。這是 - 是的，我們觸發採購訂單。因此，當我們需要為這些訂單付款時，我們就會開車。然後這與我們何時獲得資金以購買生產機械和工具有關。

We will take our next question. And the question comes from the line of [Austin Zako] from Freedom Capital Markets.

我們將回答下一個問題。問題來自 Freedom Capital Markets 的 [Austin Zako]。

Congrats on a successful third quarter. I just had a couple of questions here. So as you've probably seen last month, your competitor they've announced that they've begun production and are planning to scale early next year. So what is Sono's plans around staying ahead of a competitor in the space, like Lightyear in the solar auto industry?

祝賀第三季度取得成功。我在這裡有幾個問題。因此，正如您上個月可能已經看到的那樣，您的競爭對手已經宣布他們已經開始生產併計劃在明年初擴大規模。那麼 Sono 有什麼計劃來保持領先於該領域的競爭對手，例如太陽能汽車行業的 Lightyear？

Thank you, Austin. Awesome question. First of all, believe it or not, but we love every EV that gets produced and put online. We even love it more if solar electric vehicles get out there. We don't see any competitor in the next 10 years in the market that's increasing massively. Particularly shout out to Lightyear. If I'm not mistaken, the car is about 10x our price. It's a wonderful product. It's a low-volume, high-priced product. And with that kind of production, you actually do a lot of work by hand. So you have a lot of high variable cost. While we have the first affordable solar electric vehicle, and that's why we're upfront investing into tools and machinery that makes this car sell at EUR 25,000 or roughly $25,000 net, so that is the main difference, and we hope to see many more solar electric vehicles coming out in the future.

謝謝你，奧斯汀。很棒的問題。首先，不管你信不信，但我們喜歡每一輛生產並上線的電動汽車。如果太陽能電動汽車問世，我們甚至會更喜歡它。我們看不到未來 10 年市場上有任何競爭對手會大幅增長。特別要向光年大聲喊叫。如果我沒記錯的話，這輛車的價格大約是我們價格的 10 倍。這是一個很棒的產品。這是一種小批量、高價格的產品。對於這種製作，您實際上需要手工完成很多工作。所以你有很多高可變成本。雖然我們擁有第一款經濟實惠的太陽能電動汽車，這就是為什麼我們預先投資於工具和機械，使這款汽車的售價達到 25,000 歐元或大約 25,000 美元的淨價，所以這是主要區別，我們希望看到更多的太陽能未來會出現電動汽車。

Great. Great. And I just had 1 more around on the marketing campaign that you guys are running. So are you all concerned about upsetting your customer base if you don't hit the delivery milestones of like you publicly announced that they're starting at Q1 of 2024? Are you concerned that maybe some of the people that pay down early are going to be upset if you guys have to push back production, I mean, on delivery?

偉大的。偉大的。我剛剛又了解了你們正在開展的營銷活動。那麼，如果您沒有達到像您公開宣布他們從 2024 年第一季度開始那樣的交付里程碑，你們是否都擔心會擾亂您的客戶群？你是否擔心如果你們不得不推遲生產，我的意思是，在交貨時，一些提前付款的人會感到不安？

So we're trying to be very transparent with our community, publishing biweekly -- sorry, every second week, a Sprint report on our website. We are publishing even on our website the exact time plan to production. And yes, another delay, it's, of course, not a great news to our customers, but we are trying to be that very transparent OEM who delivers also the reason for it, the rationale behind it, and we think our community can deal with it.

因此，我們正努力對我們的社區保持透明，每兩週——抱歉，每兩週在我們的網站上發布一份 Sprint 報告。我們甚至在我們的網站上發布了生產的確切時間計劃。是的，又一次延遲，當然，這對我們的客戶來說不是什麼好消息，但我們正在努力成為一個非常透明的 OEM，他們也會提供延遲的原因，它背後的基本原理，我們認為我們的社區可以處理它。

There seems to be no further questions at this time. Please continue.

此時似乎沒有進一步的問題。請繼續。

Thank you, Heidi. Thank you all for joining our conference call. If you need more information, please take a look at our website or reach out directly to our IR team. Have a great day, and I hope to be talking to you soon. Bye-bye.

謝謝你，海蒂。感謝大家參加我們的電話會議。如果您需要更多信息，請查看我們的網站或直接聯繫我們的 IR 團隊。祝你有美好的一天，我希望很快能和你交談。再見。

Thank you all.

謝謝你們。

Thank you.

謝謝你。

Have a good one.

祝你有個好的一天。

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。