Xpeng Inc (XPEV) 2022 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the Second Quarter 2022 Earnings Conference Call of XPeng Inc. (Operator Instructions) Today's conference call is being recorded.

你好，女士們，先生們。感謝您等待小鵬汽車2022年第二季度收益電話會議（操作員說明）今天的電話會議正在錄音中。

I would now like to turn the call over to your host, Mr. Alex Xie, Head of Investor Relations of the company. Please go ahead, Alex.

我現在想將電話轉給您的主持人，公司投資者關係負責人 Alex Xie 先生。請繼續，亞歷克斯。

Thank you. Hello, everyone, and welcome to XPeng's Second Quarter 2022 Earnings Conference Call. Our financial and operating results were issued by our newswire services earlier today and are available online. You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com.

謝謝你。大家好，歡迎來到小鵬汽車 2022 年第二季度財報電話會議。我們的財務和經營業績今天早些時候由我們的新聞專線服務發布，並可在線獲取。您還可以通過訪問我們網站 ir.xiaopeng.com 的 IR 部分查看收益新聞稿。

Participants on today's call from our management will include Co-founder, Chairman and CEO; Mr. He Xiaopeng; vice Chairman and President; Dr. Brian Gu; Vice President of Finance, Mr. Dennis Lu; Vice President of Corporate Finance and Investment, Mr. Charles Zhang; and myself. Management will begin with the prepared remarks, and the call will conclude with the Q&A session. A webcast replay of this conference call will be available on the IR section of our website.

我們管理層今天電話會議的參與者將包括聯合創始人、董事長兼首席執行官；何小鵬先生；副主席兼總裁；顧博士；財務副總裁Dennis Lu先生；企業融資與投資副總裁張朝陽先生；和我自己。管理層將從準備好的評論開始，電話會議將以問答環節結束。本次電話會議的網絡重播將在我們網站的 IR 部分提供。

Before we continue, please note that today's discussion 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 results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties included in the relevant public filings of the company as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

在我們繼續之前，請注意今天的討論將包含根據 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風險和不確定性。因此，該公司的結果可能與今天表達的觀點存在重大差異。公司向美國證券交易委員會提交的相關公開文件中包含有關這些和其他風險和不確定性的更多信息。除適用法律要求外，公司不承擔更新任何前瞻性陳述的任何義務。

Please also note that XPeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

另請注意，小鵬的收益新聞稿和本次電話會議包括披露未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標。小鵬汽車的收益新聞稿包含未經審計的非公認會計原則措施與未經審計的公認會計原則措施的對賬。

I will now turn the call over to our Co-Founder, Chairman and CEO, Mr. He Xiaopeng. Please go ahead.

我現在將把電話轉給我們的聯合創始人、董事長兼首席執行官何小鵬先生。請繼續。

[Interpreted] Hi, everyone. In the second quarter of 2022, XPeng delivered 34,422 vehicles, representing 98% growth year-over-year. For the fourth consecutive quarter, we ranked #1 among emerging EV makers in China as measured by vehicle insurance registration volume.

[解釋] 大家好。 2022年第二季度，小鵬汽車交付34,422輛，同比增長98%。按車險註冊量衡量，我們連續第四個季度在中國新興電動汽車製造商中排名第一。

Starting from the second half of this year, we'll launch a suite of industry-leading products and technologies developed in-house as well as next-generation smart EV models equipped with these state-of-the-art technologies. These upcoming product launches will bring our customers an unparalleled driving experience through innovation in both electrification and smart technologies.

從今年下半年開始，我們將推出一系列自主研發的行業領先產品和技術，以及搭載這些最先進技術的下一代智能電動汽車車型。這些即將推出的產品將通過電氣化和智能技術的創新為我們的客戶帶來無與倫比的駕駛體驗。

On August 10, we unveiled interior design of our new flagship G9 SUV and began accepting reservations. The preorders of G9 exceeded 22,000 within 24 hours, and this has exceeded the model that we launched previously, which were the P7 and G9 that were launched in the same period, and orders of G9 keeps increasing, which shows the strong demand from our customers. On August 26, the G9 will join us at the Chengdu Auto. We plan to announce the G9's price during its official launch in September and commenced deliveries in October.

8月10日，我們發布了全新旗艦SUV G9的內飾設計並開始接受預訂。 G9在24小時內預購量突破22,000台，超過了我們之前推出的P7和G9同期推出的機型，而且G9的訂單不斷增加，可見客戶需求旺盛. 8 月 26 日，G9 將與我們一同亮相成都車展。我們計劃在 9 月正式發佈時公佈 G9 的價格，並於 10 月開始交付。

With a stylist design, superior control and driving performance, leverage comfort and other luxury features that benchmark against luxury SUVs priced nearly RMB 1 million, the G9 has already proven itself a veritable flagship model in the SUV segment. The G9 also showcases our leadership position in electrification, technology, innovation as the first model to offer our groundbreaking end-to-end high-voltage charging technology which is comprised of an onboard 800 watt high-voltage platform and 480 kilowatt supercharging station, bringing the ultimate charging experience to our customers.

G9的造型設計、卓越的操控性和駕駛性能、舒適性等豪華特性對標近100萬元的豪華SUV，已經證明了自己在SUV細分市場中名副其實的旗艦車型。 G9 還展示了我們在電氣化、技術、創新方面的領先地位，作為首款提供我們突破性的端到端高壓充電技術的車型，該技術由車載 800 瓦高壓平台和 480 千瓦增壓站組成，帶來為我們的客戶提供終極充電體驗。

With respect to smart technology configurations based on our industry-leading City navigation guided pilots, or City NGP, G9 will provide our next-generation full scenario, advanced driving assistance system to market. The G9 will significantly expand the coverage of advanced level driving assistance system, making driving easier and safer. I believe that G9 will be the market's best SUV under RMB 500,000 and become one of the best sellers among medium to large size SUVs.

在基於我們行業領先的城市導航引導飛行員或城市 NGP 的智能技術配置方面，G9 將向市場提供我們的下一代全場景、先進的駕駛輔助系統。 G9將顯著擴大高級駕駛輔助系統的覆蓋範圍，讓駕駛更輕鬆、更安全。我相信G9會成為市場上50萬元以下的SUV，成為中大型SUV中最暢銷的車型之一。

I believe that based on our technological innovation in our platform systems architecture, we will actually innovate and accelerate the pace of our new product launches to round out our offering with vehicles priced between RMB 150,000 to RMB 500,000. In 2023, we plan to launch a new B-class model, which will help us expand our market share in this segment. We'll also roll out a new C-class model next year to bring a compelling product to customers in need of additional cabin space with greater comfort.

我相信，基於我們在平台系統架構上的技術創新，我們將真正創新並加快我們的新產品發布的步伐，以完善我們的價格在150,000元至500,000元之間的車輛。 2023年，我們計劃推出新的B級車型，這將有助於我們擴大在該細分市場的市場份額。我們還將在明年推出一款新的 C 級車型，為需要更多客艙空間和更舒適的客戶帶來一款引人注目的產品。

These 2 new models, in addition to the G9, will bolster our strong sales growth momentum to carry through next year. Meanwhile, leveraging our top notch electrification and smart technologies in our platform development system, developed in-house to constantly upgrade product performance, the average selling price of our products will rise accordingly as our products superior features boost their competitiveness amongst same class and even higher class models. With our concerted efforts to advance our platform-based vehicle architecture and multiple technological improvement in manufacturing, such as integrated dye-casting techniques, we expect a meaningful vehicle margin expansion for the G9 as well as our new models coming next year.

除了 G9 之外，這兩款新車型將支持我們明年的強勁銷售增長勢頭。同時，利用我們自主研發的平台開發體系中一流的電氣化和智能化技術，不斷提升產品性能，產品的平均售價將隨著產品的卓越性能提昇在同級甚至更高的競爭力而相應提高類模型。隨著我們齊心協力推進基於平台的車輛架構和製造中的多項技術改進，例如集成的壓鑄技術，我們預計明年 G9 以及我們的新車型的車輛利潤率將實現有意義的增長。

Starting from G9, XPeng's commitment to long-term investment in proprietary electrification technologies has bolstered our leading edge in this area, while significantly enhancing our customers' experience. The G9 has leveled up XPeng's electrification technologies to the next generation. [Whilst more], the G9 and subsequent new models will be fully compatible with high-power supercharging system and we will consistently enhance charging efficiency for customers through technological upgrades.

從G9開始，小鵬對自主電動化技術的長期投入，鞏固了我們在該領域的領先優勢，同時顯著提升了我們的客戶體驗。 G9將小鵬的電氣化技術提升到了下一代。 【還有更多】G9及後續新車型將全面兼容大功率增壓系統，我們將通過技術升級不斷提升客戶的充電效率。

Our new models can not only achieve the best charging speed on XPeng's self-operated high-power supercharging networks but also allow our customers to have better charging experience in third-party charging stations. Benefiting from our leading high-voltage platform, XPeng new models will be able to obtain a higher power allocation and longer-lasting peak power at third-party charging piles that are the EV models -- than other EV models.

我們的新車型不僅可以在小鵬自營的大功率超級充電網絡上實現最佳充電速度，還可以讓我們的客戶在第三方充電站獲得更好的充電體驗。受益於我們領先的高壓平台，小鵬新車型將能夠在作為電動車型的第三方充電樁上獲得比其他電動車型更高的功率分配和更持久的峰值功率。

Besides, we have built our in-house capabilities in both the development and production of electrical motors, where we also have been accelerating technology innovations. Looking ahead, we'll continue to uphold our unique approach to reincorporate powertrain system designs into one cohesive vehicle architecture, leveraging a growing suite of electrification technology innovation to provide consumers with smart EVs supporting longer-range, faster-charging and lower cost.

此外，我們在電機的開發和生產方面建立了內部能力，我們還一直在加速技術創新。展望未來，我們將繼續堅持我們獨特的方法，將動力總成系統設計重新整合到一個有凝聚力的車輛架構中，利用不斷增長的電氣化技術創新套件，為消費者提供支持更遠、更快充電和更低成本的智能電動汽車。

XPeng's self-operated supercharging network will further compound our advantages in electrification, technologies and establish competitive values. Our well-established, self-operated supercharging network already features one of the broadest coverage and the best customer experience among China's independent EV brands.

小鵬的自營增壓網絡將進一步鞏固小鵬在電動化、技術上的優勢，樹立競爭價值。我們完善的自營增壓網絡已經成為中國自主電動汽車品牌中覆蓋範圍最廣、客戶體驗最佳的充電站之一。

As of early August, the number of XPeng's self-operated supercharging stations reached 1,000, which is a new milestone. To need to fully support the mass delivery of our vehicle models featuring 800voltage high-power charging, we in-house developed 480 kilowatt supercharging stations surpassing the industry's benchmarks in terms of performance and costs. Through technology innovations, our new generation supercharging station not only achieved the power three times higher than the industry's mainstream 120 kilowatt supercharging station but also make the cost at the same level of the previous generation supercharging stations.

截至8月初，小鵬汽車自營增壓站數量達到1000座，又是一個新的里程碑。為全面支持800伏大功率充電車型的量產，我們自主研發了性能和成本均超越行業標杆的480千瓦超級充電站。通過技術創新，我們的新一代增壓站不僅實現了比業界主流120千瓦增壓站高出三倍的功率，而且使成本與上一代增壓站處於同一水平。

XPeng's supercharging system can charge up to 200 kilometers range in 5 minutes. This outstanding charging performance demonstrates our end-to-end high-power fast-charging capability constituted by EV battery, capable of fast charging, onboard high-voltage platform and supercharging station underlying the best charging efficiency in our industry. We began building our self-operated 480 kilowatt supercharging stations in August, and will soon step up our development in major cities and along main highways nationwide.

小鵬的增壓系統可在 5 分鐘內充電 200 公里。如此出色的充電性能，展示了我們由電動汽車電池構成的端到端大功率快充能力，具備快速充電能力、車載高壓平台和增壓站，是行業最佳充電效率的基礎。 8月份開始建設自營480千瓦超級充電站，將在全國主要城市和主要高速公路沿線加快建設。

By 2025, we hope to build another 2,000 high-power supercharging stations to provide the best-in-class charging experience for our consumers and customers. In the upcoming years, XPeng's customers charging experience will be completely revolutionalized across all scenarios, including vacation trips, returning to their hometowns for the Chinese New Year or long distance travels. The scenario of using EV to drive in the city and ICE, the cross-country driving, will be completely changed very soon.

到2025年，我們希望再建設2000個大功率超級充電站，為我們的消費者和客戶提供一流的充電體驗。未來幾年，小鵬用戶的充電體驗將在假期出行、春節返鄉、長途旅行等全場景徹底顛覆。電動車在城市裡行駛，ICE這種越野行駛的場景，很快就會徹底改變。

Moving on to our smart technology advancement. We are very excited to see that customers' acceptance of our advanced driver system is growing at a steady pace, as is the positive influence of word of mouth among customers. As a result, our highway and GP mileage penetration rate in the second quarter reached over 65%. Beginning in early May, we integrated our XPILOT software as standard configurations on mid- to high-end versions of our models, allowing a broader customer base to experience our industry-leading, best-in-class more advanced driver-assistance functions at an affordable price.

繼續我們的智能技術進步。我們很高興看到客戶對我們先進的驅動系統的接受度正在穩步增長，客戶口碑的積極影響也在穩步增長。因此，第二季度我們的高速公路和GP里程滲透率達到65%以上。從 5 月初開始，我們將 XPILOT 軟件作為標準配置集成到我們車型的中高端版本上，讓更廣泛的客戶群能夠以最快的速度體驗我們行業領先、一流的更先進的駕駛輔助功能。可接受的價格。

It has helped us cultivate trust in XPILOT, reshaping driver habits towards a human machine copilot patent and provide hardware platform support for more innovative intelligent functions in the future. Among orders received from early May through the end of July, the proportion of buyers who chose mid- and high-end versions of our models equipped with XPILOT grew significantly to over 50%.

它幫助我們培養了對XPILOT的信任，將駕駛習慣重塑為人機副駕駛專利，並為未來更多創新的智能功能提供硬件平台支持。 5月初至7月底收到的訂單中，選擇我司配備XPILOT的中高端車型的買家比例大幅增長至50%以上。

We're also expanding the boundaries of smart driving at an accelerated pace as we roll our next-generation products that create greater value for customers. For instance, we have completed the development and testing process for city and GPs in the second quarter during an array of tests throughout challenging driving situations such as crowded downtown streets and rainy nights, our P5 model equipped with only 30 tops of computing power in combination with its sensor hardware to achieve the industry's highest safety and driving efficiency levels among similar scenarios.

隨著我們推出為客戶創造更大價值的下一代產品，我們也在加速擴展智能駕駛的邊界。例如，我們在第二季度完成了城市和 GP 的開發和測試過程，在充滿挑戰的駕駛環境中進行了一系列測試，例如擁擠的市中心街道和雨夜，我們的 P5 模型僅配備了 30 頂級的計算能力組合憑藉其傳感器硬件，在同類場景中實現了業界最高的安全和駕駛效率水平。

By taking the lead in exploring urban driving scenarios, we have amassed a tremendous amount of experience and developed deep insights into complex city roads scenarios. Notably, the autonomous driving computing center, we codeveloped with Alibaba Cloud, Fu Yao commenced operations in early August. Fu Yao computing power can reach 600FLOPS, making it the largest domestic autonomous driving computing center in China. It will provide the requisite foundation of computing power for deep learning training, which empowers our full scenario advanced driver assistance system and will facilitate the future development of Level 4 autonomous driving algorithms. All of these advancements will greatly enhance our competitive advantages in smart technology.

通過率先探索城市駕駛場景，我們積累了豐富的經驗，對複雜的城市道路場景有了深刻的洞察。值得注意的是，我們與阿里雲共同開發的自動駕駛計算中心，扶搖於8月初開始運營。扶搖算力可達600FLOPS，成為國內最大的國內自動駕駛計算中心。它將為深度學習訓練提供必要的計算能力基礎，為我們的全場景高級駕駛輔助系統賦能，並將促進4級自動駕駛算法的未來發展。所有這些進步將大大增強我們在智能技術方面的競爭優勢。

Since this year, we have been very happy and excited to see the development of smart driving technology has been received -- has received active support from governments at all levels. The Ministry of Natural Resources recently announced a pilot project that high-definition maps applicate in smart driving vehicles in 6 cities, including Beijing, Shanghai and Guangzhou. On this basis, we look forward to the public beta test of the City NGP in the near future.

今年以來，我們非常高興和激動地看到智能駕駛技術的發展得到了各級政府的積極支持。近日，自然資源部宣佈在北京、上海、廣州等6個城市開展智能駕駛汽車應用高清地圖試點。在此基礎上，我們期待在不久的將來City NGP的公測。

The launch of City NGP showcases our capabilities as a pioneer in smart technology. We will leverage our competitive edges in talent, data and system efficiency to further cement our leadership position in autonomous driving technologies, broadening our advantages in coverage, over experience, safety performance and costs.

City NGP 的推出展示了我們作為智能技術先驅的能力。我們將利用我們在人才、數據和系統效率方面的競爭優勢，進一步鞏固我們在自動駕駛技術方面的領先地位，擴大我們在覆蓋範圍、經驗、安全性能和成本方面的優勢。

I believe that the revolution of driving habits and car purchase decision-making driven by technology has begun. So our next generation technology to be unveiled next year will upgrade the architecture in all fronts, paving a way for facts and widespread adoption of full scenario ADAS-enabled driving nationwide and making safe and convenient intelligent driving software a reliable partner for users.

相信科技驅動的駕駛習慣和購車決策的革命已經開始。所以我們明年要發布的下一代技術將全面升級架構，為全場景ADAS駕駛在全國范圍內的普及鋪平道路，讓安全便捷的智能駕駛軟件成為用戶可靠的合作夥伴。

I firmly believe that a full scenario ADAS will become a core deciding factor in consumers' car purchasing decisions and that consumer adoption of ADAS software will become mainstream after the adoption increase of both scenario ADAS in the future. Additionally, we have already commenced R&D for our robotaxi software based on a full scenario ADAS in an effort to utilize lower cost, must produce smart EV models and algorithms with strong generalization capabilities to lead the innovation.

我堅信，全場景ADAS將成為消費者購車決策的核心決定因素，未來兩種場景ADAS的採用率增加後，消費者對ADAS軟件的採用將成為主流。此外，我們已經開始研發基於全場景ADAS的robotaxi軟件，以降低成本，必須生產出具有強大泛化能力的智能電動汽車模型和算法來引領創新。

Moreover, I would like to share recent developments of portfolio companies in our ecosystem. XPeng Robotics completed over USD 100 million in Series A fundraising in July. Upon completion of the fundraising, XPeng Robotics will accelerate its R&D of bionic robots while pursuing synergies with Smart EV technologies to create greater value. Also XPeng Aero HT's first manufacturing factory for production trials of flying cars officially came into service in July, marking a significant milestone in the development of XPeng flying cars.

此外，我想分享我們生態系統中投資組合公司的最新發展。小鵬機器人7月完成超1億美元A輪融資。本次募資完成後，小鵬機器人將加速仿生機器人的研發，同時追求與智能電動汽車技術的協同效應，創造更大的價值。 7月，小鵬Aero HT首家試制飛行汽車製造工廠正式投入使用，標誌著小鵬飛行汽車發展的重要里程碑。

According to China passenger vehicle insurance registration data, BEV penetration rate reached nearly 20% in the second quarter of 2022, while BEV penetration rate, excluding A0 class and A00 class was only 14%, thoroughly indicating a vast market potential with long-term disruptive opportunities for us. Although market competition is becoming increasingly intense, I believe we will reap the rewards of XPeng's (inaudible) long-term investment in electrification and core smart technologies for years to come as we bring more highly competitive new products to market.

根據中國乘用車保險登記數據，2022年第二季度BEV滲透率接近20%，而剔除A0級和A00級的BEV滲透率僅為14%，充分說明市場潛力巨大，具有長期顛覆性我們的機會。儘管市場競爭日趨激烈，但我相信隨著我們將更具競爭力的新產品推向市場，我們將在未來幾年從小鵬汽車（聽不清）對電氣化和核心智能技術的長期投資中獲得回報。

With the G9, we have taken electrification, smart technology and platform development architecture to new heights. We will continue to propel innovations across software and hardware products, bringing consumers, smart EVs featuring an unparalleled combination of advanced technology, building and design and an exceptional smart driving experience. With the continuous advancement of our advantages in longer driving range, higher charging efficiency and broader charging network coverage, XPeng will accelerate the transformation from ICEs and PHEVs in mid- to high-end market towards BEVs.

憑藉 G9，我們將電氣化、智能技術和平台開發架構提升到了新的高度。我們將繼續推動軟件和硬件產品的創新，為消費者帶來無與倫比的先進技術、建築和設計組合以及卓越的智能駕駛體驗的智能電動汽車。隨著我們在更長的續航里程、更高的充電效率和更廣泛的充電網絡覆蓋方面的優勢不斷提升，小鵬汽車將加速從中高端市場的ICE和PHEV向BEV的轉變。

In the third quarter, we will work to overcome the impact of COVID-19 as well as seasonal factors. We expect to deliver a total of 29,000 to 31,000 vehicles in the third quarter of 2022 with estimated revenue of RMB 6.8 billion to RMB 7.2 billion.

在第三季度，我們將努力克服 COVID-19 以及季節性因素的影響。我們預計 2022 年第三季度共交付 29,000 至 31,000 輛汽車，預計收入為 68 億元至 72 億元人民幣。

Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, Mr. Dennis Lu, to discuss our financial performance for the second quarter of 2022.

謝謝大家。有了這個，我現在將把電話轉給我們的財務副總裁 Dennis Lu 先生，討論我們 2022 年第二季度的財務業績。

Thank you, Mr. He, and hello, everyone. Now I would like to provide a brief overview of our financial results for the second quarter of 2022. I will reference RMB only in my discussion today, unless otherwise stated.

謝謝何先生，大家好。現在我想簡要介紹一下我們 2022 年第二季度的財務業績。除非另有說明，否則我將在今天的討論中僅提及人民幣。

Our total revenues were RMB 7.4 billion for the second quarter of 2022, an increase of 98% year-over-year and equivalent to the level of the last quarter. Revenues from vehicle sales were RMB 6.9 billion for the second quarter of 2022, an increase of 94% year-over-year and a decrease of 0.9% from the last quarter. The year-over-year increase was mainly attributable to higher vehicle deliveries, especially for the P7 and P5.

2022年第二季度，我們的總收入為人民幣74億元，同比增長98%，與上一季度持平。 2022年第二季度汽車銷售收入為人民幣69億元，同比增長94%，環比下降0.9%。同比增長主要是由於車輛交付量增加，尤其是 P7 和 P5。

Gross margin was 10.9% for the second quarter of 2022 compared with 11.9% for the same period of 2021 and 12.2% for the last quarter. Vehicle margin reached 9.1% for the second quarter of 2022 compared with 11% for the same period of 2021 and 10.4% for the last quarter. The quarter-over-quarter decrease was mainly attributable to battery cost increase, offset partially by the revenue increase as a result of selling price adjustment.

2022 年第二季度的毛利率為 10.9%，而 2021 年同期為 11.9%，上一季度為 12.2%。 2022 年第二季度汽車利潤率達到 9.1%，而 2021 年同期為 11%，上一季度為 10.4%。環比下降主要是由於電池成本增加，部分被銷售價格調整帶來的收入增加所抵消。

Our R&D expenses were RMB 1.3 billion for the second quarter of 2022 and increased 46.5% year-over-year and an increase of 3.6% quarter-over-quarter. The year-over-year and quarter-over-quarter increase were mainly due to, number one, the increase in employee compensation as a result of expanded research and development staff; and number two, higher expenses relating to the development of new vehicles to support our future growth.

2022年第二季度，我們的研發費用為人民幣13億元，同比增長46.5%，環比增長3.6%。同比和環比增長主要是由於研發人員增加導致員工薪酬增加；第二，與開發新車相關的更高費用，以支持我們未來的增長。

SG&A expenses were RMB 1.7 billion for the second quarter of 2022, an increase of 61.5% year-over-year and equivalent to the level of the last quarter. The year-over-year increase was mainly due to: number one, higher marketing, promotional and advertising expenses to support vehicle sales; and number two, the expansion of our sales network and the associated personnel costs and commission for the franchise store sales.

2022年第二季度SG&A費用為17億元人民幣，同比增長61.5%，與上一季度持平。同比增長的主要原因是：第一，支持汽車銷售的營銷、促銷和廣告費用增加；第二，我們的銷售網絡的擴展以及加盟店銷售的相關人員成本和佣金。

As a result of foregoing, loss from operations was RMB 2.1 billion for the second quarter of 2022 compared with RMB 1.4 billion for the same period of 2021 and RMB 1.9 billion for the last quarter. A change in loss from foreign currency transaction was RMB 0.9 billion for the second quarter of 2022, primarily resulting from the revaluation impact of RMB-dominated assets held in the U.S. functional currency subsidiaries and rapid depreciation of the RMB against the U.S. dollar in the second quarter of 2022.

綜上所述，2022 年第二季度的經營虧損為 21 億元人民幣，而 2021 年同期為 14 億元人民幣，上一季度為 19 億元人民幣。 2022年第二季度外幣交易損失變動9億元，主要是受美國記賬本位幣子公司持有的人民幣資產重估影響，二季度人民幣兌美元快速貶值影響2022 年第四季度。

Net loans were RMB 2.7 billion for the second quarter compared with RMB 1.2 billion for the same period a year ago and RMB 1.7 billion for the last quarter. As of June 30, 2022, our company had cash, cash equivalent, restricted cash, short-term deposits, short-term investment and long-term deposits in total RMB 41.3 billion.

第二季度淨貸款為人民幣27億元，去年同期為人民幣12億元，上一季度為人民幣17億元。截至2022年6月30日，公司持有現金、現金等價物、受限現金、短期存款、短期投資、長期存款共計413億元。

To be mindful of the length of our earnings call, I will encourage listeners to refer to our earnings press release for more details on our second quarter financial results. This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead.

為了注意我們的財報電話會議的長度，我將鼓勵聽眾參考我們的財報新聞稿，以獲取有關我們第二季度財務業績的更多詳細信息。我們準備好的評論到此結束。我們現在將打開問題電話。接線員，請繼續。

(Operator Instructions) Today's first question is from Tim Hsiao with Morgan Stanley.

（操作員說明）今天的第一個問題來自摩根士丹利的 Tim Hsiao。

(foreign language) So my first question is about the technology innovation and how we are going to translate that into our legal sales because XPeng is the leader in server technology domains, for example, like a City NGP and a 100 volt supercharging. So how could we maximize the traction of the technological innovation, especially in the premium mass market, where we notice consumers might be less tech savvy and care more about their pricing performance ratio and how we expect? So that's my first question.

（外語）所以我的第一個問題是關於技術創新以及我們如何將其轉化為我們的合法銷售，因為小鵬是服務器技術領域的領導者，例如城市 NGP 和 100 伏增壓器。那麼，我們如何才能最大限度地發揮技術創新的牽引力，尤其是在高端大眾市場，我們注意到消費者可能不太懂技術，更關心他們的定價性能比和我們的預期？所以這是我的第一個問題。

[Interpreted] Thank you for the question. Actually, we do not talk about performance over price ratio that much. Rather, we put more emphasis on the configuration versus pricing more. If the configuration for a particular pricing is good of our vehicle, then the sales will naturally increase. However, if you look at the sales performance for the subsequent 6 months and 18 months after the launch of a particular product, you actually have to rely on the branding, the after-sale services, the product quality and the unique competitiveness of our products themselves.

[解釋] 謝謝你的問題。實際上，我們並沒有過多地談論性能價格比。相反，我們更加強調配置而不是定價。如果特定價格的配置適合我們的車輛，那麼銷量自然會增加。但是，如果你看一個特定產品推出後6個月和18個月的銷售業績，你實際上要依靠我們產品的品牌、售後服務、產品質量和獨特的競爭力。他們自己。

Let's take P7, for example. If you look at the first 6 months of sales performance of that particular product after its first launch, the sales wasn't that great. However, ever since we launched the City NGP function as well as other high-quality configurations in accordance with the P7 model, we definitely see a huge increase in the sales.

我們以 P7 為例。如果您查看該特定產品首次推出後前 6 個月的銷售業績，銷售情況並沒有那麼好。不過，自從我們推出了City NGP功能以及其他符合P7車型的高品質配置後，我們確實看到了銷量的巨大增長。

For the past 4 years, we have been able to attract a large quantity of customers that are interested in the configuration versus price ratio or that kind of balance in new NG vehicles. And ever since last year, we noticed that customers begin to pay more and more attention to the driving range of new NG vehicles, and also the safety of driving and the charging experience, et cetera.

在過去的 4 年中，我們已經能夠吸引大量對新 NG 車輛的配置與價格比或這種平衡感興趣的客戶。從去年開始，我們注意到客戶開始越來越關注新能源汽車的續駛里程，以及行車安全和充電體驗等。

And as a result, because of our concerted efforts and commitment into boosting our performance in those areas for the past 4 years, we are -- we are also able to gain a lot of trust and love and support from our loyal customers as well. And in the future, especially going forward as we continue to develop our smart technologies and electrification in different aspects in terms of expanding the driving range, driving safety as well as the charging network and the convenience of charging, we will be able to enjoy the economies of scales benefiting from our previous R&D efforts.

因此，由於我們在過去 4 年中齊心協力並致力於提高我們在這些領域的表現，我們也能夠從我們的忠實客戶那裡獲得很多信任、愛戴和支持。而在未來，尤其是未來，隨著我們在續航里程、行車安全以及充電網絡和充電便利性等各個方面不斷發展我們的智能技術和電氣化，我們將能夠享受到規模經濟受益於我們之前的研發工作。

And as a result, we believe that we can gradually converge those customers that we're not so happy with, for example, charging experience for new NG vehicles as well as other aspects of the performance of new NG vehicles and slowly transitioning them into adopting more and more new energy vehicle, especially these. And going forward, especially since the launch of G9, we believe that with the adoption of full scenarios ADAS technology, we will be able to boost our performance of our products to a whole new level. And ever since that, we will be able to attract more and more users and that would translate into our sales performance.

因此，我們相信我們可以逐步將那些我們不太滿意的客戶聚集在一起，例如新NG車的充電體驗以及新NG車的其他性能方面，並慢慢過渡到採用新能源汽車越來越多，尤其是這些。而展望未來，尤其是G9推出以來，我們相信隨著全場景ADAS技術的採用，我們將能夠將我們的產品性能提升到一個全新的水平。從那以後，我們將能夠吸引越來越多的用戶，這將轉化為我們的銷售業績。

In addition to that, I would also like to mention that actually, with our commitment and investment in our R&D technologies, we are able to further decrease our cost of manufacturing and R&D in the future with the adoption of our platform-based vehicle architecture as well as our new generation of smartification and electrification technologies.

除此之外，我還想提一下，實際上，憑藉我們對研發技術的投入和投入，我們能夠在未來通過採用基於平台的車輛架構進一步降低製造和研發成本。以及我們新一代的智能化和電氣化技術。

Let's see G9, for example. This is our first flagship products that actually adopt the mature level of these 3 areas of the technologies, which as a result, are able to bring down our manufacturing costs as well as our R&D costs as well. Because for the past years, we've seen every single product that we launched have been focusing on advancing technologies and -- next-generation technologies. But in the future, we will begin to reap the rewards of our previous investment in the R&D. And as a result, that would translate into a lot of reduction in our R&D costs as well as manufacturing costs and that will also contribute to the enhancement of our overall quality of the products that we are going to launch in the future as well as enhancing the manufacturing efficiency and R&D efficiency as well.

例如，讓我們看看 G9。這是我們第一款真正採用這三個技術領域成熟水平的旗艦產品，因此能夠降低我們的製造成本以及我們的研發成本。因為在過去的幾年裡，我們看到我們推出的每一款產品都專注於先進技術和下一代技術。但在未來，我們將開始收穫我們之前在研發上的投資的回報。結果，這將轉化為我們的研發成本和製造成本的大量降低，這也將有助於提高我們未來將推出的產品的整體質量以及增強製造效率和研發效率。

And since 2019, we've been investing in improving our manufacturing craftsmanship as well. As a result in the upcoming 2 to 3 years, we believe that we will also welcome a new generation of quality boost in terms of the overall use a few of our -- both the interior and exterior of our vehicles in the future as well as the adoption of more and more integrated direct costing technologies that will allow us to achieve future upgrade of our product quality. And as a result, as I mentioned earlier, we will be able to actually lower our R&D and manufacturing costs as well as enhancing our overall product quality. And so in the future, we believe that we will be able to actually witness better sales performance as a result.

自 2019 年以來，我們也一直在投資改進我們的製造工藝。因此，在接下來的 2 到 3 年內，我們相信我們也將迎來新一代的質量提升，在我們的一些整體使用方面——未來我們車輛的內部和外部以及採用越來越多的綜合直接成本核算技術，使我們能夠實現產品質量的未來升級。因此，正如我之前提到的，我們將能夠真正降低我們的研發和製造成本，並提高我們的整體產品質量。所以在未來，我們相信我們將能夠真正見證更好的銷售業績。

(foreign language) My second question is about the platform strategy. So following the launch of the G9 Carbide (inaudible) platform, I think XPeng is going to launch new models next year based on 2 platforms. So in light of faster iteration and more intense competition, what would be the reasonable life cycle of our next-generation platform and how many models we plan to build on each of the platform throughout their life cycle? So that's my second question.

（外語）我的第二個問題是關於平台戰略的。因此，隨著 G9 Carbide（聽不清）平台的推出，我認為小鵬明年將推出基於 2 個平台的新車型。那麼考慮到更快的迭代和更激烈的競爭，我們下一代平台的合理生命週期是多少，我們計劃在每個平台的整個生命週期中構建多少模型？所以這是我的第二個問題。

[Interpreted] Thank you for your question. Indeed, in 2023, we aim to launch 2 new platforms to develop in total 6 new vehicles in the future that's based on our current platforms in total. And in -- we also estimate an average of 3 years life cycle for each single platforms before any system upgrades for those platforms. And we also have been discussing internally a lot of possibilities to upgrade our current platforms to allow them to empower our next generation of smartification and electrification technologies in the future as well. And so in the future, we estimate that actually, our products have already entered into a very good cycle of developing base on our platform-based vehicle architecture technology of using at least 3 to 6 years of life cycle for those platforms, which will continue to fuel our future product development.

[解釋] 謝謝你的提問。事實上，我們的目標是在 2023 年推出 2 個新平台，以在未來總共開發 6 款基於我們現有平台的新車。而且，在對這些平台進行任何系統升級之前，我們還估計每個平台的平均生命週期為 3 年。我們還在內部討論了很多升級我們當前平台的可能性，以使它們在未來也能夠為我們的下一代智能化和電氣化技術提供支持。所以在未來，我們估計實際上我們的產品已經進入了一個非常好的開發週期，基於我們的平台化車輛架構技術，這些平台至少使用3到6年的生命週期，並且會繼續下去為我們未來的產品開發提供動力。

And our next question today comes from Jeff Chung with Citi.

我們今天的下一個問題來自花旗銀行的 Jeff Chung。

(foreign language) So my first question is about the strong motorcycle ahead in '22, '23. We are going to launch our 4 new brand new product, the P7 and the G9, the midterm facelift P7. So could you give us some insight that whether we can challenge the annual sales run rate at about 300,000 unit level? And if yes, could you break down the portion between the old products and the new products and whether the current old product, P7, G3 and P5 matured sustainable monthly run rate can be maintained at 12,000 units?

（外語）所以我的第一個問題是關於'22、'23前面的強勁摩托車。我們將推出我們的 4 款全新產品，P7 和 G9，中期改款 P7。那麼您能否給我們一些見解，我們是否可以挑戰大約 300,000 台的年銷售運行率？如果是的話，您能否分解一下舊產品和新產品之間的比例，目前的舊產品、P7、G3和P5成熟的可持續月運行率能否維持在12,000台？

Jeff, this is Brian. Let me answer your question. First of all, as you know that we don't give guidances that far out, so I cannot give you a number. But I can give you some color regarding how do we see the new models going to position and compete in our lineup.

傑夫，這是布賴恩。讓我回答你的問題。首先，正如你所知，我們不會給出那麼遠的指導，所以我不能給你一個數字。但我可以告訴你一些關於我們如何看待新模型將在我們的陣容中定位和競爭的顏色。

First of all, I think we still see continued growth in our core product, for example, P7. With the update next year, we believe P7 will renew and continue strong performance. We have hoped that G9 next year will exceed the monthly delivery of P7, so you can actually do a little bit of calculation of what number that will represent.

首先，我認為我們仍然看到我們的核心產品繼續增長，例如 P7。隨著明年的更新，我們相信 P7 將會更新並繼續保持強勁的表現。我們一直希望明年的 G9 能夠超過 P7 的月交付量，所以你實際上可以稍微計算一下這將代表什麼數字。

The next year's new models, the first half will launch a B-class based product, that's actually going to target even larger market segment. It could probably consider that to be of strong competitors to the current model (inaudible) in the market. So we believe that will actually also be a model that can generate substantial numbers items' delivery and sales.

明年的新車型，上半年將推出基於B級的產品，這實際上是針對更大的細分市場。它可能會認為這是市場上當前模型（聽不清）的強大競爭對手。所以我們相信這實際上也將是一個可以產生大量項目交付和銷售的模型。

Obviously, the fourth new product, the C-class product will be launched in the second half. And given the premium and large format positioning, the number may be limited in terms of contribution. But again, it's still going to be targeting a brand new segment that we did not cover before. So with that, you can get a sense of what the likely sort of peak level monthly delivery next year will look like. And we're very confident about our strong growth.

顯然，第四款新品C級產品將在下半年推出。並且考慮到高端和大幅面的定位，數量可能會受到限制。但同樣，它仍將針對我們以前未涵蓋的全新細分市場。因此，您可以了解明年可能達到的最高月度交付量是什麼樣的。我們對我們的強勁增長充滿信心。

(foreign language) So my second question is about the GP margin in the second quarter. So I think it's a little bit better than consensus. And on the negative side, we had the P7 sales volume declined by 3,500 units Q-on-Q, and this was a high margin product. And also after factoring the battery cost hike Q-on-Q, it seems that the GP margin was still quite resilient. So could you break down the details. Elaborate a bit on the second quarter? And also, how about going to the third quarter, how do we see the margin trend?

（外語）所以我的第二個問題是關於第二季度的GP利潤率。所以我認為這比共識要好一些。不利的一面是，我們的 P7 銷量環比下降了 3,500 台，這是一款高利潤率的產品。而且在考慮到電池成本環比上漲之後，似乎 GP 利潤率仍然相當有彈性。所以你能分解細節嗎？對第二季度進行詳細說明？還有，到第三季度怎麼樣，我們如何看待利潤率趨勢？

Jeff, let me answer your questions and Brian or Charles can supplement later. You're right. In the first quarter, our vehicle margin was 10.4%. In the second quarter, the vehicle margin was 9.1%. So we dropped about 1.3 points. This was better than our original expectation because we were able to price the battery cost increase. However, due to some accumulating the orders, so the new price order was delivered until late May. So we could not fully recover the battery cost through the price adjustment, that's one difference.

Jeff，讓我回答你的問題，Brian 或 Charles 可以稍後補充。你是對的。第一季度，我們的車輛利潤率為 10.4%。第二季度，整車利潤率為9.1%。所以我們下降了大約 1.3 個點。這比我們最初的預期要好，因為我們能夠為電池成本增加定價。不過，由於一些訂單的積累，所以新的價格訂單一直到5月下旬才交付。所以我們不能通過價格調整來完全收回電池成本，這是一個區別。

And the other one would be, as you mentioned, the P7 mix in the second quarter was lower than 50%, so that has some mix impact. I cannot give the detailed numbers to you. But basically, the margin reduction was primarily due to, number one, the cost increase, which were not fully recovered in the second quarter and then the mix changes.

另一個問題是，正如你所提到的，第二季度的 P7 組合低於 50%，因此產生了一些組合影響。我不能給你詳細的數字。但基本上，利潤率下降主要是由於，第一，成本增加，在第二季度沒有完全恢復，然後組合發生了變化。

Looking forward to the third quarter, I think we will be able to deliver the new price holders starting from July. So that's good news compared with the second quarter. And more importantly, we will have better product mix in terms of the P7 as a percent of the total deliveries compared with second quarter. So we are anticipating the margin in the third quarter will improve compared with the second quarter will be equivalent or very close to the first quarter level for the moment. That's all I can tell you for the moment.

展望第三季度，我認為我們將能夠從 7 月開始交付新的價格持有者。因此，與第二季度相比，這是個好消息。更重要的是，與第二季度相比，我們將在 P7 佔總交付量的百分比方面擁有更好的產品組合。因此，我們預計第三季度的利潤率將與第二季度相比有所改善，目前將與第一季度相當或非常接近。我暫時只能告訴你這些。

Yes. And then, Jeff, let me comment on your sort of point about our product cycle and also the current sort of weather both from a margin as well as from growth rate, how do we see the current situation.

是的。然後，傑夫，讓我評論一下你關於我們的產品週期的觀點，以及從利潤率和增長率來看目前的天氣，我們如何看待目前的情況。

As Dennis mentioned, margin because of the mix change as well as stabilization of battery and also, our orders are now reflective of the fuel price changes as well as our sort of incentive mix change, we see third quarter margin should be stabilized and protect better than the second quarter. And also because we are starting to launch new products, obviously, G9 being delivered in October will be the first of the few new products that we can launch, we start to see growth being sort of generated from these new product launches as well. Going to fourth quarter, we feel like the seasonality is in our favor.

正如丹尼斯所說，由於混合變化以及電池的穩定，我們的訂單現在反映了燃料價格變化以及我們的激勵組合變化，我們認為第三季度利潤率應該穩定並更好地保護比第二季度。而且因為我們開始推出新產品，很明顯，10 月份交付的 G9 將是我們可以推出的少數新產品中的第一個，我們開始看到這些新產品的推出也產生了增長。進入第四季度，我們覺得季節性對我們有利。

So we do think there is a strong chance and strong confidence that we are going to a growth cycle, led by our new product launches this -- end of this year as well as throughout the next year as well as I think with these new models, also representing better margin due to the platform design as well as higher price points compared to our ASP. So those are the observations I can make at the moment.

因此，我們確實認為我們很有可能進入一個增長周期，由我們的新產品發布引領——今年年底以及整個明年，以及我認為這些新模型，由於平台設計以及與我們的 ASP 相比更高的價格點，也代表了更高的利潤率。所以這些是我目前可以做的觀察。

And our next question today comes from Bin Wang with Credit Suisse.

我們今天的下一個問題來自瑞士信貸的王斌。

(foreign language) My question is all about there was a promotion in the start from mid of July. So what's the low in terms of both the volume guidance in the third quarter? So basically, if you have a bigger promotion, you should have a better volume. So did it mean you have a little bit conservative on the guidance is that you already plan to cancel the promotion of this month or this month?

（外語）我的問題是七月中旬開始有促銷活動。那麼，就第三季度的銷量指導而言，最低點是多少？所以基本上，如果你有更大的促銷，你應該有更好的銷量。那麼這是否意味著您對指導有點保守，您已經計劃取消本月或本月的促銷活動？

Meanwhile, you also give a pretty positive guidance about the margin in the third quarter, which will be returned to the level of the first quarter. Could you also assume your promotion will disappear start from, say, with obviously, this months and next month?

同時，您對第三季度的利潤率也給出了相當積極的指導，將恢復到第一季度的水平。您是否還可以假設您的促銷活動將從本月和下個月開始消失？

So Bin, this is Brian. To answer your question, first of all, the third quarter delivery guidance is considered all the information to date. So it will include the -- obviously, all of the promotion and price adjustments that we made in the past. The -- I think the guidance sort reflected the fact that we are entering to relatively a slow season. And also, we can see that some of the traffic in the stores are less than what we've seen before because of post-COVID situation.

所以斌，這是布賴恩。要回答您的問題，首先，第三季度交付指南被認為是迄今為止的所有信息。因此，它將包括 - 顯然，我們過去所做的所有促銷和價格調整。 - 我認為指導排序反映了我們正在進入相對緩慢的季節這一事實。而且，我們可以看到，由於疫情后的情況，商店的一些客流量比我們以前看到的要少。

And also, I think there's a part also due to that before the new model launch and deliveries, there are a little bit of people waiting to compare to existing purchases. So all that, I think you will see both from our experience as well as from peers performance as well.

而且，我認為還有一部分原因是在新模型發布和交付之前，有一些人在等待與現有購買進行比較。所以這一切，我想你會從我們的經驗以及同行的表現中看到。

On the margin front, I think what I would say is that the promotions that we offer to the models actually is less than the price increases that we made in the second quarter. So net, actually, the margin on the products is actually slightly better in this current sort of pricing environment or pricing mix. So we are seeing improvement in third quarter or stabilization in third quarter margins. I don't think we have actually guided to -- back to the first quarter level yet, but I think we see stabilization improvement in the third quarter versus second quarter.

在利潤方面，我想我想說的是，我們為模型提供的促銷實際上低於我們在第二季度所做的價格上漲。因此，實際上，在當前這種定價環境或定價組合中，產品的利潤率實際上略好一些。因此，我們看到第三季度的改善或第三季度的利潤率趨於穩定。我不認為我們實際上已經引導到 - 回到第一季度的水平，但我認為我們看到第三季度與第二季度相比穩定有所改善。

Our next question today comes from Ming Lee at BoA.

我們今天的下一個問題來自 BoA 的 Ming Lee。

(foreign language) So my question is regarding the battery technology. Because you just mentioned that the charging speed is much faster than the current battery. So do you own the patent and the technology or you are supplier on it? And can they supply such kind of battery to other OEMs? And also, what is the reason for you to manufacture the product on yourself?

（外語）所以我的問題是關於電池技術的。因為你剛才提到充電速度比現在的電池快很多。那麼您擁有專利和技術還是您是它的供應商？他們可以向其他原始設備製造商提供這種電池嗎？另外，您自己製造產品的原因是什麼？

[Interpreted] Thank you for your question. In regards to supercharging, now there are several aspects of the consideration in the technologies behind the supercharging. First of all, you have to look at the battery themselves and the management of battery, the battery pack as well as the whole vehicle manufacturing and design as well as the charging piles.

[解釋] 謝謝你的提問。關於增壓，現在在增壓背後的技術上有幾個方面的考慮。首先要看電池本身和電池的管理、電池包以及整車的製造設計和充電樁。

Now we do conduct collaboration in terms of the R&D of the development of the batteries with our suppliers and our partners. And so we share some of those patents in those areas. However, we have in-house R&D capabilities, and we own the patent of our management of the batteries as well as the design and manufacturing of the whole vehicle and the charging pilots as well. So to the first part of your question.

現在我們與供應商和合作夥伴在電池開發方面進行合作。因此，我們在這些領域分享了其中的一些專利。但是，我們有內部研發能力，我們擁有電池管理專利以及整車設計製造和充電先導專利。所以對於你問題的第一部分。

In regards to the second part of your question, which is about the reasons behind or rationale behind the in-house development and research of our motors. It is because it's very important for us to control the quality for the development of the motors to uphold the highest standards of the, for example, quality of our products as well as to maintain the level of technology level that we aim to achieve. And so in order to achieve that, we have to do the R&D in-house.

關於您問題的第二部分，關於我們電機內部開發和研究背後的原因或原理。這是因為對於我們來說，控制質量對於電機的開發非常重要，以維持最高標準，例如我們的產品質量以及保持我們目標達到的技術水平水平。因此，為了實現這一目標，我們必須在內部進行研發。

Let me just add, to answer your second question, the reason is better performance. Because our self-designed model actually has a very compact design also efficiency that allows us to prolong the range of the vehicles better than what we can get in the market.

讓我補充一下，回答你的第二個問題，原因是性能更好。因為我們自行設計的模型實際上具有非常緊湊的設計和效率，這使我們能夠比我們在市場上獲得的更好地延長車輛的續航里程。

Sorry, a quick follow-up question. Regarding the new model in 2023, Brian just mentioned that the product could be comparative product of models. So can I say it will be slightly smaller than G9 and price-wise, will be slightly lower. So it has a large addressable market.

對不起，一個快速的後續問題。關於2023年的新車型，Brian剛剛提到該產品可以是車型的對比產品。所以我可以說它會比 G9 略小，而且價格會略低。所以它有很大的潛在市場。

Yes, that's what will likely to be positioned.

是的，這就是可能的定位。

And our next question today comes from Paul Gong with UBS.

我們今天的下一個問題來自瑞銀的 Paul Gong。

Just 2 questions. The first one still want to discuss a little bit more on the Q3 guidance. Do you see it is more like a supply side constraint or demand side constraint? So is it like the supply chain? Or do you see the -- really it's a demand side completed due to the seasonality?

就2個問題。第一個仍然想就第三季度的指導進行更多討論。您認為它更像是供應側約束還是需求側約束？那麼它就像供應鏈嗎？或者你是否看到——真的是由於季節性而完成的需求方？

And the second question is regarding the potential cannibalization. So you're going to have B-segment SUV as well as the C-segment model next year. Given you already have the medium-sized sedan and SUV, P7 and G9, how do you see the cannibalization versus each other? (foreign language)

第二個問題是關於潛在的蠶食。因此，明年您將擁有 B 級 SUV 和 C 級車型。鑑於您已經擁有中型轎車和 SUV、P7 和 G9，您如何看待相互蠶食？ （外語）

Paul. So on the first question, I think I mentioned earlier that we see the weakness mostly due to seasonal weakness, but also post-COVID control measures, there's lack of traffic. And also ahead of the new model launches, there is a little bit of a comparison and wait-and-see attitude which you saw, I think, in other models or other peers as well. But from our own perspective, also, there is a level of orders not pairing with the supply chain because the mismatch in some of the older models. So those are the reasons that I think we have currently provided such a delivery estimate view. So that's -- to answer your first question.

保羅。所以關於第一個問題，我想我之前提到過，我們看到的疲軟主要是由於季節性疲軟，但也有後 COVID 控制措施，交通不足。而且在新車型發布之前，我認為你在其他車型或其他同行中也看到了一些比較和觀望的態度。但從我們自己的角度來看，也存在一定程度的訂單與供應鏈不匹配，因為一些舊型號的不匹配。所以這就是我認為我們目前提供這種交付估計視圖的原因。這就是——回答你的第一個問題。

Second question you had on the new models versus our current lineup. We feel like, first of all, there's very minimal overlap in cannibalization. What I answered before this question, the new B-class model product in terms of size and in terms of price points will be different compared to G9. It will be positioned also very differently and competing with a very different segment. And also next year, the new models are not sedan models. So it does not compete with P7 as well. So there's minimal cannibalization from our model positioning and lineup.

第二個問題是關於新車型與我們目前的陣容。我們覺得，首先，自相殘殺的重疊非常小。之前回答的這個問題，新B級車型產品無論在尺寸上還是在價位上都會與G9有所不同。它的定位也將非常不同，並與非常不同的細分市場競爭。而且明年，新車型將不再是轎車車型。因此它也不與 P7 競爭。因此，我們的模型定位和陣容的蠶食最少。

Our next question today comes from Nick Lai with JPMorgan.

我們今天的下一個問題來自摩根大通的 Nick Lai。

(foreign language) Let me quickly translate my question. The first question is really an update on chip condition as well as any production impact from (inaudible) currently in China? That's the first question related to production and supply equation. And second question is really on second quarter or first half. We booked about RMB 890 million FSOs. Can we explain a little bit more on that?

（外語）讓我快速翻譯一下我的問題。第一個問題真的是芯片狀況的更新以及目前在中國（聽不清）的任何生產影響嗎？這是與生產和供應方程有關的第一個問題。第二個問題實際上是在第二季度或上半年。我們預訂了大約 8.9 億元人民幣的 FSO。我們能解釋一下嗎？

(foreign language) Let me address your questions. First of all, in regards to the chip and battery shortage, definitely since last year, we have been greatly challenged by these 2 problems in the supply chain. However, since we believe that the problem -- the shortage in these 2 raw materials will be greatly released by the beginning of next year. Now for the first half of this year, there were a total of about 10 types of chips that were in high risk of supply shortage. And so far, we have seen a reduction in the number of the types of shortage that face high risk of supply shortage. And as I mentioned, previously, there is a total of 5,000 different types of chips included in every single vehicle. And so definitely, chip shortage will still be a big problem. But however, we are very excited and glad to see that the supply shortage is being relieved and definitely by the beginning of next year, the problem will be much less stress and dire for us.

（外語）讓我來回答你的問題。首先，在芯片和電池短缺的問題上，肯定從去年開始，我們就受到了供應鏈上這兩個問題的極大挑戰。但是，由於我們認為問題——這兩種原材料的短缺將在明年年初得到很大的緩解。現在，今年上半年，共有約10種芯片處於供應短缺的高風險中。到目前為止，我們已經看到面臨供應短缺高風險的短缺類型的數量有所減少。正如我之前提到的，每輛車中總共包含 5,000 種不同類型的芯片。所以毫無疑問，芯片短缺仍將是一個大問題。但是，我們非常興奮和高興地看到供應短缺正在得到緩解，而且肯定到明年年初，問題對我們的壓力和可怕程度就會大大降低。

Now in regards to the second part of your question, because of very early PM measures and accommodations, we are not being challenged or troubled or concerned with the power shortage or a power supply shortage in, for example, provinces such as Zhaoqing.

現在關於你的問題的第二部分，由於很早的PM措施和調整，我們沒有受到挑戰或困擾或擔心例如肇慶等省份的電力短缺或電力供應短缺。

Nick, this is Dennis. Let me further explain the so-called the currency law exchange loss from the foreign currency transaction. Because when we had the U.S. IPO and the Hong Kong IPO, major money was raised and kept in the U.S. subsidiaries. So the functional currency is U.S. dollar. And through kind of intercompany lending, the U.S. subsidiary lend money to the domestic -- I mean, the company, the subsidiaries in China through the kind of intercompany lending. So this is kind of the RMB-dominated assets held by the U.S. subsidiaries.

尼克，這是丹尼斯。讓我進一步解釋一下外匯交易中的所謂貨幣法彙兌損失。因為當我們進行美國 IPO 和香港 IPO 時，大部分資金被籌集並保存在美國子公司中。所以功能貨幣是美元。通過公司間借貸，美國子公司通過公司間借貸向國內借貸——我的意思是，公司，在中國的子公司。所以這是美國子公司持有的以人民幣為主的資產。

So in the future, the money should be returned back to the U.S. So to convert back to the U.S. dollar. So when RMB has the appreciation, we will get the revaluation benefits. And in the second quarter due to the rapid RMB depreciation against the U.S. dollar, there is a revaluation impact, negative depreciation impact held in the second quarter. So in the future, if the currency change, we will do that on a monthly basis. So if RMB appreciates against the U.S. dollar, that will have the positive gain on the foreign currency transaction. So you're right, that's the trend.

所以以後應該把錢還回美國，所以要換回美元。所以當人民幣升值時，我們就會得到升值收益。而二季度由於人民幣對美元快速貶值，存在升值影響，二季度持負貶值影響。因此，將來，如果貨幣發生變化，我們將每月進行一次。因此，如果人民幣兌美元升值，將對外匯交易產生正收益。所以你是對的，這就是趨勢。

Nick, just to make clear. First of all, it's noncash. It's not -- doesn't mean that we have converted the cash. It's just the valuation because of the currency exchange rate differences result in such sort of swings. Obviously, every quarter, we have to value the assets using our functional currency, and that's why there is differences resulting from that. Because the RMB exchange rate reacted pretty, I would say, significantly in the last quarter.

尼克，只是為了說清楚。首先，它是非現金的。這不是 - 並不意味著我們已經轉換了現金。這只是估值，因為貨幣匯率差異導致了這種波動。顯然，每個季度，我們都必須使用我們的功能貨幣對資產進行估值，這就是為什麼會產生差異的原因。因為人民幣匯率在上個季度的反應非常好，我會說，顯著。

And our next question today comes from Jing Chang with CICC.

我們今天的下一個問題來自中金公司的京昌。

(foreign language) This is my first question. How do we look at the competition, patent and consumer preference of the market pressed at RMB 200,000 compared with peer model. Can you share what we think are our major advantages and disadvantages, whether there would be a new version of P5 next year? And how should we expect the monthly sales volume at the steady state?

（外語）這是我的第一個問題。與同行模型相比，我們如何看待20萬人民幣市場的競爭、專利和消費者偏好。你能分享一下我們認為我們的主要優點和缺點，明年是否會有新版本的P5？以及我們應該如何期望在穩定狀態下的月銷量？

[Interpreted] Thank you. Thank you for your question. Now in regards to the competitive landscape within the price range of RMB 200,000, we believe the competition will continue to be very intense for this year and the coming year as well. And there are 2 types of competition out there, really. The first type is regarding the driving range as well as the performance over pricing ratio. And the other is about the overall design and the smartification features for those kind of products.

[解釋] 謝謝。謝謝你的問題。現在就20萬元價格區間的競爭格局而言，我們認為今年和來年競爭將繼續非常激烈。真的有兩種類型的競爭。第一種是關於行駛里程以及性能價格比。另一個是關於這類產品的整體設計和智能化功能。

And for P5, its advantages is definitely in regards to the -- it's very outstanding in terms of overall site, it's smart features as well as it's immersive and their immense sort of cabin space as well. And we have observed a very steady sales performance for P5. In regards to P5 sales performance guidance for 2023, we'd argue about guidance with that kind of level of details in terms of the specific quantity of sales expectation, but because there are some -- some new updates for P7, we definitely believe that maybe it will have a small impact on the sales performance of P5. But overall, we expect to see very good performance in terms of the sales for P5 overall.

而對於 P5 來說，它的優勢絕對在於——它在整體站點方面非常出色，它的智能功能、身臨其境的感覺以及巨大的機艙空間。我們觀察到 P5 的銷售表現非常穩定。關於 2023 年 P5 的銷售業績指導，我們會就具體的銷售預期數量爭論這種詳細程度的指導，但是因為 P7 有一些——一些新的更新，我們絕對相信或許會對P5的銷售業績產生不小的影響。但總體而言，我們預計 P5 的整體銷售表現會非常好。

And also with the -- as we observe for P7 with the newly launched City NGP, we observed a boost in sales performance, and we expect to see the same situation happened for P5 as well, which means that the -- with the launch of a higher level of smart features such as city level NGP, the sales performance for P5 will grow.

此外，正如我們觀察到 P7 與新推出的 City NGP 一樣，我們觀察到銷售業績的提升，我們預計 P5 也會出現同樣的情況，這意味著 - 隨著城市級 NGP 等更高級別的智能功能，P5 的銷售業績將會增長。

(foreign language) My second question is how you think about the timing of the mass usage of supercharging. Will it be popularized quickly? Or will it need to gradually penetrate over a few years? In addition, how should the high-voltage platform increase the purchase of manufacturing cost of the vehicle? Can it achieve record -- can it be penetrated to a lower price model?

（外語）我的第二個問題是您如何看待大規模使用增壓的時機。會很快普及嗎？還是需要在幾年內逐漸滲透？另外，高壓平台應該如何增加整車的採購製造成本？能否創紀錄——能否滲透到低價機型？

[Interpreted] Now in regards to the construction and the adoption of our supercharging network, definitely, it's developing quicker than expected. This quarter, we started the aggressive construction of our network. And by Q4 this year, we believe that we will have another one of new stations equipped with the supercharging facilities. And by 2023, our supercharging network will be constructed even at a higher space -- at a higher pace.

【解讀】現在關於我們的增壓網絡的建設和採用，肯定比預期的發展得更快。本季度，我們開始積極建設我們的網絡。到今年第四季度，我們相信我們將擁有另一個配備增壓設施的新站。到 2023 年，我們的增壓網絡將建設在更高的空間——更快的速度。

Now for example, G9 with its highest configuration model, fully compatible with the 4C supercharging facility, all the other configurations and other models actually G9 -- other versions of G9 actually support 3C supercharging function. And in the future, because our platforms right now will support this high-voltage and high-power supercharging facility, we believe that our future models will all be equipped with this kind of functionality, which means that we can be able to do better supply chain control to equip our future products with this kind of facility and allow us to achieve better economies of scales as well as cost controlled effects.

現在比如G9最高配置車型，完全兼容4C增壓功能，其他配置和其他車型實際上都是G9——其他版本的G9其實都支持3C增壓功能。而在未來，因為我們現在的平台將支持這種高壓大功率的增壓設施，我們相信我們未來的車型都將配備這種功能，這意味著我們可以做得更好。鏈控制為我們未來的產品配備這種設施，使我們能夠實現更好的規模經濟和成本控制效果。

Now there are 2 things that we need to focus on when we talk about the supercharging network construction. One is development and the design of our vehicle products to support this kind of high voltage supercharging function. And the other is the quickening construction of our supercharging network and the charging piles. And by the second half of 2023, we believe that you will -- we expect to see a very well-established supercharging networks that can fully promote the adoption of our supercharging -- quick charging facility.

現在談增壓網絡建設需要重點關注兩點。一是開發和設計我們的車輛產品以支持這種高壓增壓功能。二是加快推進我國增壓網絡和充電樁建設。到 2023 年下半年，我們相信您會——我們期待看到一個非常完善的超級充電網絡，可以充分推動我們的超級充電——快速充電設施的採用。

And ladies and gentlemen, this concludes our question-and-answer session. I'd like to turn the conference back over to the company for closing remarks.

女士們，先生們，我們的問答環節到此結束。我想把會議轉回公司做閉幕詞。

Thank you once again for joining us today. If you have further questions, please feel free to contact XPeng's Investor Relations through the contact relation provided on our website or the KSM Group Investor Relations.

再次感謝您今天加入我們。如果您還有其他問題，請隨時通過我們網站上提供的聯繫方式或 KSM 集團投資者關係部聯繫小鵬的投資者關係部。

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

今天的電話會議到此結束。您現在可以斷開線路。謝謝你。

[Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]

[此成績單中標記為 [已翻譯] 的部分由現場通話中的口譯員朗讀。]