Xpeng Inc (XPEV) 2023 Q2 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the Second Quarter 2023 Earnings Conference Call for XPeng, Inc. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations for the company. Please go ahead, Alex.

女士們、先生們，大家好。感謝您耐心等待小鵬汽車 2023 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。現在我將把電話轉給東道主，公司投資者關係主管謝先生。請繼續，亞歷克斯。

Thank you. Hello, everyone, and welcome to XPeng's Second Quarter 2023 Earnings Conference Call. Our financial and operating results were issued by our newswire services earlier today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com.

謝謝。大家好，歡迎參加小鵬汽車2023年第二季度業績電話會議。今天早些時候，我們的新聞專線服務發布了我們的財務和經營業績，並可在線查看。您還可以訪問我們網站 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 Corporate Finance and Investments, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. Ching Hsueh and myself. Management will begin with prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this conference call will be available on the IR section of our website.

出席今天管理層電話會議的包括聯合創始人、董事長兼首席執行官何小鵬先生；副主席兼總裁顧布萊恩博士；企業融資與投資副總裁張朝陽先生；財務會計副總裁薛清先生和我本人。管理層將以準備好的發言開始，電話會議將以問答環節結束。本次電話會議的網絡直播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.

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做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。因此，該公司的業績可能與今天表達的觀點存在重大差異。

Certain information regarding these and other risks and uncertainties is included 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.

有關這些以及其他風險和不確定性的某些信息包含在該公司向美國證券交易委員會提交的相關公開文件中。除適用法律要求外，公司不承擔更新任何前瞻性陳述的義務。

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，小鵬汽車的盈利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。小鵬汽車的盈利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調節表。

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

我現在將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. During the first half of this year, given the intensified competition and rapidly evolving environment, I led a set of reforms across business strategy, organizational structure, product and marketing to tackle huge risks and challenges and forge significant comprehensive transformation within a short time frame.

【解讀】大家好。今年上半年，面對激烈的競爭和快速變化的環境，我主導了一系列業務戰略、組織架構、產品、營銷等方面的改革，應對巨大的風險和挑戰，在短時間內實現重大的全面轉型。

Today, I'm pleased to report that this transformational adjustments have generated better-than-expected results internally and externally and propelled XPeng into the initial phase of a virtuous cycle. The G6 has become the dominant BEV model in the RMB 200,000 to RMB 300,000 price market segment, turbo charging our sales growth momentum. We've created meaningful breakthroughs in commercializing our industry-leading full-stack self-developed EV platform and intelligent technologies.

今天，我很高興地向大家報告，這次轉型調整在內部和外部都取得了好於預期的成果，推動小鵬汽車進入了良性循環的初始階段。 G6已成為20萬元至30萬元價位細分市場的純電動主導車型，為銷量增長注入強勁動力。我們在行業領先的全棧自主研發電動汽車平台和智能技術的商業化方面取得了有意義的突破。

We have formed a long-term strategic partnership with Volkswagen. As part of our partnership, we'll embark on broad-based collaborations to develop EV platforms and intelligent software technology, creating long-term value for both companies.

我們與大眾汽車建立了長期戰略合作夥伴關係。作為我們合作夥伴關係的一部分，我們將開展廣泛的合作，開發電動汽車平台和智能軟件技術，為兩家公司創造長期價值。

Moreover, an inflection point in user acceptance for ADAS is emerging faster and stronger than we expected. We saw orders for the G6 [MAX] version accounted for 70% of total G6 orders in the first month of its official launch, far exceeding our estimates. Our NPS and OTA satisfaction scores improved continuously in the first half of the year, reaching an industry-leading level as we prioritize customer-centric transformation.

此外，用戶對 ADAS 接受度的拐點出現得比我們預期的更快、更強。我們看到G6[MAX]版本正式上市第一個月的訂單就占到了G6總訂單的70%，遠遠超出了我們的預期。上半年，我們堅持以客戶為中心的轉型，NPS和OTA滿意度持續提升，達到行業領先水平。

In addition, the changes at Xpeng have boosted team morale, owner engagement and the confidence of suppliers and other external partners. This provides a strong foundation for advancing organizational adjustments, cost-saving initiatives, efficiency improvement and new product launches.

此外，小鵬汽車的變革提高了團隊士氣、業主參與度以及供應商和其他外部合作夥伴的信心。這為推進組織調整、節約成本、提高效率和新產品推出奠定了堅實的基礎。

This month marks the ninth anniversary of our inception. Over the past 9 years, we have been steadfastly committed to advancing technological innovation. That commitment has never wavered.

這個月是我們成立九週年。 9年來，我們堅定不移地致力於推進技術創新。這一承諾從未動搖過。

We plan to advance full-stack technology innovation in core areas to make leading-edge smart EV products accessible to a broader range of customer cohorts across the globe. As we grow to a larger scale, we'll build a sustainable business model underpinned by full-stack capabilities across hardware, software, commercial operations and partnerships for empowerment.

我們計劃在核心領域推進全棧技術創新，讓全球更廣泛的客戶群體能夠接觸到領先的智能電動汽車產品。隨著我們規模的擴大，我們將建立一個可持續的商業模式，以跨硬件、軟件、商業運營和賦能合作夥伴關係的全棧能力為基礎。

As we move forward with this recent transformation, I continuously remind myself and the team that in order to succeed in this growing competition in the long run, we must consistently look beyond short-term financial performance as we tirelessly evolve and advance our underlying capabilities. That said, I'm glad that our efforts to elevate our underlying capabilities across the board have begun to bear fruit.

在我們推進最近的轉型時，我不斷提醒自己和團隊，為了在這場日益激烈的競爭中取得長期成功，我們必須始終超越短期財務業績，不懈地發展和提高我們的基礎能力。儘管如此，我很高興我們全面提升基礎能力的努力已經開始取得成果。

Our vehicle deliveries have grown sequentially for 6 months straight and continue to grow. Specifically, the P7i, our new product launched in March 2023, has been gaining great consumer traction, with its monthly deliveries surpassing 3,000 units for 2 consecutive months since June, overcoming supply chain challenges. As we enter the second half of this year, we believe will further ramp up the capacity and product competitiveness of the P7i model lineup to drive its continued sales momentum.

我們的車輛交付量連續 6 個月連續增長，並且還在繼續增長。具體而言，我們於2023年3月推出的新產品P7i深受消費者歡迎，自6月份以來連續兩個月月交付量超過3,000台，克服了供應鏈挑戰。進入今年下半年，我們相信P7i車型陣容的產能和產品競爭力將進一步提升，以推動其持續的銷售勢頭。

More importantly, our first strategic model built on SEPA 2.0, the G6, made its Market Day deal at the end of June and has quickly become a phenomenal bestseller in the segment.

更重要的是，我們的第一個基於 SEPA 2.0 的戰略模型 G6 在 6 月底完成了市場日交易，並迅速成為該領域的現象級暢銷產品。

Guided by our SEPA 2.0-enabled platform-based cost efficiency and a pricing strategy that prioritizes scale expansion, XPeng's G6 has emerged as the industry pioneer in introducing the most advanced technologies, such as 800-volt SiC platform and full-scenario ADAS, which is accessible to mainstream consumers of RMB 200,000 to RMB 300,000 price market segment. Furthermore, the G6 has become more popular across a wide range of consumers, including those in both higher and lower price segments.

在SEPA 2.0平台化成本效率和規模優先的定價策略指引下，小鵬汽車G6率先引入800伏SiC平台、全場景ADAS等最先進技術，成為行業先鋒。面向20萬元至30萬元價位細分市場的主流消費者。此外，G6 在廣大消費者中越來越受歡迎，包括高價位和低價位消費者。

Today, I want to extend my deep gratitude to those owners who are patiently awaiting delivery of their XPeng's G6. We're making every endeavor with our supplier partners to ramp up our production output for the G6, especially for the MAX version.

今天，我要向那些耐心等待小鵬G6交付的車主致以深深的謝意。我們正在與供應商合作夥伴盡一切努力提高 G6 的產量，特別是 MAX 版本。

We currently estimate that G6 delivery volume in September will grow significantly, fueling our monthly deliveries to reach over 15,000 units in total.

目前我們預計G6 9月份的交付​​量將大幅增長，月度交付總量將達到15,000台以上。

In the upcoming fourth quarter, we'll continue to accelerate G6 production throughput to capture the increasing market popularity that has followed its first batch of deliveries, with a goal to deliver more than 10,000 G6 monthly. With G6 ramp-ups and enriched configurations for other on-sell models, we will strive for a peak monthly delivery of 20,000 in the fourth quarter. I believe the success of the G6 is just the beginning. Moving forward, we plan to introduce an even wider range of SEPA 2.0-enabled top-selling models.

在即將到來的第四季度，我們將繼續加快G6的生產吞吐量，以抓住第一批交付後日益增長的市場人氣，目標是每月交付超過10,000個G6。隨著G6的量產以及其他在售車型配置的豐富，我們將力爭第四季度實現月交付2萬輛的峰值。我相信G6的成功只是一個開始。展望未來，我們計劃推出更多支持 SEPA 2.0 的暢銷型號。

In July, we announced our long-term strategic partnership with the Volkswagen Group. I believe that forming this partnership marks a milestone not only in XPeng's business journey, but also in China's auto-making development. XPeng and the Volkswagen Group are highly compatible in our underlying technological beliefs and long-term vision for the evolution of smart EVs, and we each hold compelling and complementary industry advantages.

7月，我們宣布與大眾汽車集團建立長期戰略合作夥伴關係。我相信，此次合作不僅是小鵬汽車事業發展的里程碑，也是中國汽車工業發展的里程碑。小鵬汽車與大眾汽車集團在智能電動汽車發展的技術理念和長遠願景上高度契合，雙方擁有令人信服且互補的行業優勢。

Combining XPeng's industry-leading smart EV technologies with Volkswagen's world-class design, engineering and supply chain capabilities, our collaboration will begin with 2 B-class BEV models to bring best-in-class technologies, top-notch products and a superior experience to our customers.

小鵬汽車行業領先的智能電動汽車技術與大眾汽車世界一流的設計、工程和供應鏈能力相結合，我們的合作將從兩款B級純電動車型開始，為人們帶來一流的技術、一流的產品和卓越的體驗。我們的顧客。

Volkswagen Group will also make a long-term strategic equity investment in XPeng for a total consideration of approximately USD 700 million. We'll continually deepen our cooperation with the Volkswagen Group and build stronger synergies in the next-generation EV platforms, software technologies and supply chain capabilities, sharing economies of scale.

大眾集團還將對小鵬汽車進行長期戰略股權投資，總對價約7億美元。我們將不斷深化與大眾集團的合作，在下一代電動汽車平台、軟件技術、供應鏈能力等方面形成更強的協同效應，共享規模經濟。

I'm excited about this strategic partnership, which underscores Volkswagen's confidence in and recognition of our in-house self-developed core technologies and groundbreaking capabilities. Our corporation creates the globe auto industry's first collaborative business model that integrates software and hardware full-stack technology, and we're moving to capitalize on this opportunity to generate immense value for our shareholders.

我對這一戰略合作夥伴關係感到非常興奮，這突顯了大眾汽車對我們自主研發的核心技術和突破性能力的信心和認可。我們公司創造了全球汽車行業首個集成軟硬件全棧技術的協作商業模式，我們將利用這個機會為股東創造巨大的價值。

As technology trends continue to evolve, I'm convinced that globally, the era of software-defined cars will conclude and we'll venture into a new era of AI-powered vehicles. XPeng will be among the most active advocates of this evolution, where we expect to reap substantial benefits. As we progress, I will establish an enterprise-level team taking charge of autonomous technology R&D, road map planning and operations.

隨著技術趨勢的不斷發展，我相信在全球範圍內，軟件定義汽車的時代將會結束，我們將進入人工智能驅動汽車的新時代。小鵬汽車將成為這一變革最積極的倡導者之一，我們預計將獲得巨大的利益。隨著我們的進展，我將建立一個企業級團隊，負責自主技術研發、路線圖規劃和運營。

I'll personally lead this macro intelligent tech team, unifying the development planning for ADAS, smart cabin, electrical and electronic architecture functions as well as the evolution of several innovative initiatives.

我將親自領導這個宏觀智能技術團隊，統一ADAS、智能座艙、電氣電子架構功能的發展規劃以及多項創新舉措的演進。

We're ready for AI to disrupt the existing automotive technology system as human machine copilot and AI-powered autonomous driving gather steam and reshape our driving habits. I look forward to presenting our latest achievement in R&D road map in intelligent technologies at our 2023 Tech Day on October '24.

隨著人機副駕駛和人工智能驅動的自動駕駛蓄勢待發並重塑我們的駕駛習慣，我們已經準備好讓人工智能顛覆現有的汽車技術體系。我期待在 10 月 24 日舉行的 2023 年科技日上展示我們在智能技術研發路線圖方面的最新成果。

Over the second half of this year, we plan to make additional major breakthroughs in experience and coverage with our XNGP ADAS to further drive customer acceptance and the adoption process, widening the technology gap with our peers.

今年下半年，我們計劃通過 XNGP ADAS 在經驗和覆蓋範圍上取得更多重大突破，以進一步推動客戶接受度和採用過程，擴大與同行的技術差距。

The development of our XNGP that does not rely on high-precision maps is speeding up, and we just completed a number of professional media test drives with XNGP prototype versions across many districts in Beijing this week. And media, who participated, gave overwhelmingly positive reviews on the XNGP-assisted driving because it did not rely on high-definition maps or prior knowledge of the roads.

我們不依賴高精度地圖的XNGP開發速度正在加快，本週我們剛剛完成了XNGP原型版本在北京多個區的多個專業媒體試駕。參與的媒體對XNGP輔助駕駛給予了壓倒性的正面評價，因為它不依賴於高清地圖或對道路的先驗知識。

For our next OTA software update slated for October, we will roll out the XNGP independent of HD maps in the first batch of [cities], along with other new features that we have yet to announce, but are sure to delight XNGP -- to delight XPeng owners. We're confident that we'll make non-HD map-reliant XNGP available to customers across approximately 50 cities by the end of this year.

對於定於 10 月份進行的下一次 OTA 軟件更新，我們將在第一批[城市]中推出獨立於高清地圖的 XNGP，以及我們尚未宣布但肯定會讓 XNGP 高興的其他新功能 -讓小鵬車主高興。我們有信心，到今年年底，我們將向大約 50 個城市的客戶提供不依賴高清地圖的 XNGP。

Through technology innovations, our work will also entail cutting XNGP's BOM cost by about 50% by 2024, ensuring our models have the most advanced autonomous driving hardware as a standard configuration. We're simultaneously exploring flexible pricing models for our software subscription business.

通過技術創新，我們的工作還包括到2024年將XNGP的BOM成本削減約50%，確保我們的車型標配最先進的自動駕駛硬件。我們同時正在為我們的軟件訂閱業務探索靈活的定價模式。

I am closely working with our President, Ms. Wang Fengying to achieve the highest cost control level among car makers in the world and China. And prioritize cost savings is one of the core goals for various business units, including product design, R&D, manufacturing, supply chain and marketing.

我正在與我們的總裁王鳳英女士密切合作，以實現全球和中國汽車製造商中最高的成本控制水平。優先考慮成本節約是各個業務部門（包括產品設計、研發、製造、供應鍊和營銷）的核心目標之一。

With several cost-saving initiatives going well, I have great confidence in achieving the goal of reducing overall cost by 25% by the end of 2024, with even better results in some other subdivisions. These cost-saving initiatives will strengthen our product competitiveness and substantially drive gross margin improvement in 2024.

隨著多項成本節約舉措進展順利，我對實現2024年底總體成本降低25%的目標充滿信心，其他一些細分領域的效果甚至更好。這些節省成本的舉措將增強我們的產品競爭力，並大幅推動 2024 年毛利率的改善。

Interestingly, 2 years ago, I expressed my view that considering cost effectiveness, no auto company could offer competitive autonomous cars to consumers at RMB 150,000 level. But as we implement technology innovation and full-cycle cost reduction, I have changed my mind and formulated a clear plan to make autonomous cars affordable for the largest market segment in China, the RMB 150,000 price range. This will greatly promote the accessibility of intelligent autonomous driving.

有趣的是，兩年前，我曾表達過這樣的觀點：考慮到成本效益，沒有一家汽車公司能夠向消費者提供15萬元級別有競爭力的自動駕駛汽車。但隨著我們實施技術創新和全週期成本降低，我改變了想法，並製定了明確的計劃，讓自動駕駛汽車能夠在中國最大的細分市場（15萬元價格區間）中普及。這將極大促進智能自動駕駛的普及。

In terms of sales, marketing and service capabilities. Under the leadership of our President, Wang Fengying, we have continuously improved customer satisfaction and cross-team collaboration. Looking ahead into the second half of the year, we'll accelerate our business model transformation across our domestic and international sales channels.

在銷售、營銷和服務能力方面。在總裁王鳳英的帶領下，我們不斷提高客戶滿意度和跨團隊協作。展望下半年，我們將加快國內外銷售渠道的業務模式轉型。

To that end, our efforts will include optimizing our sales network drastically and partnering with more top dealers. These initiatives will spur our expansion and help us gain market share across Tier 2 and lower-tier cities.

為此，我們的努力將包括大幅優化我們的銷售網絡並與更多頂級經銷商合作。這些舉措將刺激我們的擴張，並幫助我們獲得二線及二線城市的市場份額。

Regarding cash flow, our cash on hand at the end of the second quarter of 2023 amounted to RMB 33.7 billion. With vehicle deliveries back on track for sequential quarter growth, we significantly narrowed our cash outflow from operations to around RMB 1 billion.

現金流方面，截至2023年第二季度末，我們的手頭現金為337億元人民幣。隨著車輛交付量重回環比增長軌道，我們的運營現金流出大幅收窄至 10 億元人民幣左右。

With the second half -- over the second half of 2023, with accelerating sales growth from the G6 and other new products, we expect our gross margin to rebound gradually and will continue to improve our operating efficiency. As a result, we expect our overall cash flow from operations to turn positive for the second half of the year.

下半年——2023年下半年，隨著G6等新產品銷量的加速增長，我們預計我們的毛利率將逐步回升，並將繼續提高我們的運營效率。因此，我們預計下半年我們的整體運營現金流將轉正。

Now moving to our guidance. We expect our total vehicle deliveries to be between 39,000 and 41,000 units in the third quarter of 2023, representing 68.1% to 76.7% quarter-over-quarter growth and revenue to be between RMB 8.5 billion and RMB 9 billion.

現在轉向我們的指導。我們預計 2023 年第三季度我們的汽車總交付量將在 39,000 至 41,000 輛之間，環比增長 68.1%至 76.7%，收入將在 85 億元至 90 億元人民幣之間。

Thanks to the proactive adjustment we made over the last several quarters, moving into the third quarter this year, we have seen our sales, branding, team morale and cash flow started to form a positive loop at XPeng. As the power of AI reshapes the auto-making industry, we expect our virtuous cycle to accelerate and cover more areas over the next 2 years.

經過過去幾個季度的積極調整，進入今年第三季度，我們看到小鵬汽車的銷售、品牌、團隊士氣和現金流開始形成良性循環。隨著人工智能的力量重塑汽車製造行業，我們預計未來兩年良性循環將加速並覆蓋更多領域。

Thank you, everyone. With that, I'll now turn the call over to our new VP of Finance, Mr. Ching Hsueh, to discuss our financial performance for the second quarter of 2023.

謝謝大家。現在，我將把電話轉給我們新任財務副總裁 Ching Hsueh 先生，討論我們 2023 年第二季度的財務業績。

By way of introduction, before joining XPeng, Ching held executive finance roles at both General Motors' U.S. and China headquarters and at SAIC-General Motors-Wuling Auto.

據介紹，在加入小鵬汽車之前，程先生曾在通用汽車美國和中國總部以及上汽通用五菱汽車擔任高管財務職務。

We look forward to tapping into his extensive experience in finance and operations management and his valuable insight into international business practices. Ching's skill set is ideally suited to lead our finance and operations team, and we look forward to his contributions as we embark on our next level of success.

我們期待利用他在財務和運營管理方面的豐富經驗以及他對國際商業實踐的寶貴見解。 Ching 的技能非常適合領導我們的財務和運營團隊，我們期待他在我們邁向新階段成功時做出貢獻。

Thank you Xiaopeng, and hello, everyone. Before I start, I'd like to say that I'm really happy to join Xiaopeng in this exciting time and look forward to our future interactions. Now I would like to provide a brief overview of our financial results for the second quarter of 2023. I will reference RMB only in my discussion today, unless otherwise stated.

謝謝小鵬，大家好。在開始之前，我想說，我很高興在這個激動人心的時刻加入小鵬，並期待我們未來的互動。現在我想簡要概述一下我們 2023 年第二季度的財務業績。除非另有說明，我在今天的討論中僅提及人民幣。

Our total revenues were RMB 5.06 billion for the second quarter of 2023, a decrease of 31.9% year-over-year and an increase of 25.5% quarter-over-quarter. Revenues from vehicle sales were RMB 4.42 billion for the second quarter of 2023, representing a decrease of 36.2% from the same period of 2022 and an increase of 25.9% from the first quarter of 2023.

2023年第二季度我們的總收入為人民幣50.6億元，同比下降31.9%，環比增長25.5%。 2023年第二季度汽車銷售收入為人民幣44.2億元，較2022年同期下降36.2%，較2023年第一季度增長25.9%。

The year-over-year decrease was mainly attributable to lower vehicle deliveries and discontinuation of new energy vehicle subsidy, while the quarter-over-quarter increase was mainly due to higher vehicle deliveries of the P7i.

同比下降主要是由於車輛交付量下降以及新能源汽車補貼取消，環比增長主要是由於P7i的車輛交付量增加。

Gross margin was negative 3.9% for the second quarter of 2023 compared with 10.9% for the same period of 2022 and 1.7% for the first quarter of 2023. Vehicle margin was negative 8.6% for the second quarter of 2023 compared with 9.1% for the same period of 2022 and negative 2.5% for the first quarter of 2023.

2023 年第二季度毛利率為負3.9%，而2022 年同期為10.9%，2023 年第一季度為1.7%。2023 年第二季度汽車毛利率為負8.6%，而2023 年第二季度毛利率為9.1%。與 2022 年同期相比，2023 年第一季度負 2.5%。

The year-over-year and quarter-over-quarter decreases were explained by, first, the inventory write-downs and losses on inventory purchase commitments, amounting to RMB 0.2 billion, related to the model G3i as management lowered its forecasted sales due to stronger-than-expected market amounts for newly launched vehicle models, with a negative impact of 4.5 percentage points on vehicle margin. Secondly, increased sales promotions and the expiry of new energy vehicle subsidies mentioned above.

同比和環比下降的原因首先是與G3i車型相關的庫存減記和庫存採購承諾損失人民幣2億元，原因是管理層下調了銷售預期。新上市車型市場銷量強於預期，對整車利潤率產生4.5個百分點的負面影響。其次，促銷力度加大以及上述新能源汽車補貼到期。

R&D expenses were RMB 1.37 billion for the second quarter of 2023, representing an increase of 8.1% year-over-year and an increase of 5.5% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly due to higher expenses related to the development of new vehicle models as we expand our product portfolio to support future growth.

2023年第二季度研發費用為人民幣13.7億元，同比增長8.1%，環比增長5.5%。同比和環比增長主要是由於我們擴大產品組合以支持未來增長，與新車型開發相關的費用增加。

SG&A expenses were RMB 1.54 billion for the second quarter of 2023, representing a decrease of 7.3% year-over-year, an increase of 11.3% quarter-over-quarter. The year-over-year decrease was primarily attributable to the reduction of commissions paid to franchise stores and lower marketing and advertising expenses. The quarter-over-quarter increase was mainly resulting from higher marketing and advertising expenses to support new product launches.

2023年第二季度SG&A費用為人民幣15.4億元，同比下降7.3%，環比增長11.3%。同比下降的主要原因是支付給特許經營店的佣金減少以及營銷和廣告費用減少。環比增長主要是由於支持新產品發布的營銷和廣告費用增加。

As a result of the foregoing, loss from operations was RMB 3.09 billion for the second quarter of 2023 compared with RMB 2.09 billion for the same period of 2022 and RMB 2.59 billion for the first quarter of 2023.

綜上所述，2023年第二季度的運營虧損為人民幣30.9億元，而2022年同期為人民幣20.9億元，2023年第一季度為人民幣25.9億元。

Net loss was RMB 2.8 billion for the second quarter of 2023 compared with RMB 2.7 billion for the same period of 2022 and RMB 2.34 billion for the first quarter of 2023. As of June 30, 2023, our company had cash and cash equivalents, restricted cash, short-term investments and time deposits in total of RMB 33.74 billion.

2023年第二季度淨虧損為人民幣28億元，而2022年同期淨虧損為人民幣27億元，2023年第一季度淨虧損為人民幣23.4億元。截至2023年6月30日，我公司持有現金及現金等價物、受限制的現金及現金等價物。現金、短期投資和定期存款合計337.4億元。

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'll 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，以了解有關我們第二季度財務業績的更多詳細信息。我們準備好的發言到此結束。我們現在開始提問。接線員，請繼續。

(Operator Instructions) And the first question comes from Tim Hsiao with Morgan Stanley.

（操作員說明） 第一個問題來自摩根士丹利的 Tim Hsiao。

[Interpreted] So my first question is about the improvement of the component supply because I expect third quarter volume guidance suggest a continuous improvement of the component supply. However, the longer waiting time has adversely affected the new order momentum of G6 lately.

[解讀]所以我的第一個問題是關於零部件供應的改善，因為我預計第三季度的銷量指導表明零部件供應將持續改善。然而，較長的等待時間對G6近期的新訂單勢頭產生了不利影響。

So just want to know that when do you expect that bottleneck would be fully removed, and how could we reboost the auto momentum of G6? And do we expect the 10,000 per month is more like the [30] or stable monthly runway? And will XPeng consider to add [replacement] with the new supplier for the upcoming model to avoid such bottleneck from relaxing?

所以我只想知道，您預計這個瓶頸什麼時候才能完全消除，以及我們如何才能重新提升G6的汽車動力？我們是否期望每月 10,000 更像是 [30] 或穩定的每月跑道？小鵬汽車是否會考慮在即將推出的車型中增加[替代]新供應商，以避免這種瓶頸的緩解？

[Interpreted] Thank you for your question. First of all, we are very confident of G6 future [sales], and it's definitely going to be very competitive. And right now, looking at G6 among the RMB 200,000 to RMB 300,000 price range, definitely, it is one of the top players. And definitely, we expect orders to continue to go up.

[解釋]謝謝你的提問。首先，我們對G6的未來（銷量）非常有信心，它肯定會非常有競爭力。而目前來看，G6在20萬到30萬的價位段裡，絕對是頂級玩家之一。當然，我們預計訂單將繼續增加。

However, right now, the biggest challenge that we face is the [MAX] version because we are lacking in the supply of some of the core intelligent part. But we're seeing the ramp-up of the supply of the parts in August -- since August. And going into September and October, we expect the same ramp-up momentum to continue as well. So definitely, going into Q4, we expect to achieve at least 10,000 monthly deliveries for G6.

不過，目前我們面臨的最大挑戰是[MAX]版本，因為我們缺乏一些核心智能部分的供應。但自八月份以來，我們看到零部件供應量在八月份有所增加。進入九月和十月，我們預計同樣的增長勢頭也將持續。因此，進入第四季度，我們預計 G6 的每月交付量至少可達 10,000 輛。

And right now, we have done actually a lot of adjustment and revolutions to avoid such shortage issues in the future. For example, with the launch of our SEPA 2.0 platform, not only can we reduce the overall production cost of our future models, but we can reduce the reliance and dependence of our supply chain as well. So in the future, our supply chain will be much more -- which will be much easier to manage, and it will be much more straightforward as well.

現在，我們實際上已經做了很多調整和革命，以避免未來出現此類短缺問題。例如，隨著我們SEPA 2.0平台的推出，我們不僅可以降低未來車型的整體生產成本，還可以減少我們供應鏈的依賴和依賴。因此，未來，我們的供應鏈將會更加豐富，更容易管理，也將更加直接。

In the future, we will have much more models that are built on SEPA 2.0, which means that can have better management and control over the supply of our core parts. And because of the SEPA 2.0, we also can actually have a lot of parts that are mutually compatible on the platform that can support the development of a lot of our future models.

未來我們將會有更多基於SEPA 2.0的車型，這意味著我們可以更好地管理和控制我們核心零部件的供應。而且因為有了SEPA 2.0，我們實際上還可以在平台上擁有很多相互兼容的部件，可以支持我們未來很多模型的開發。

So overall speaking, given what we observed from G6 so far and thanks to the development of our technology, we believe that our supply chain constraint is getting resolved.

總的來說，鑑於我們迄今為止從 G6 觀察到的情況以及我們技術的發展，我們相信我們的供應鏈限制正在得到解決。

[Interpreted] So my second question is about the [deposit] competition. So I just want to learn more about the management feel on the potential impact on the new wave of price war along with the competitors like Tesla upcoming new model launches in September.

[解讀]所以我的第二個問題是關於[存款]競爭的。因此，我只是想更多地了解管理層對新一波價格戰以及特斯拉等競爭對手即將在 9 月份推出的新車型的潛在影響的看法。

Does XPeng need to get more aggressive with their pricing or promotion strategies for current G6 or upcoming models? If so, how should we think about the impact of vehicle margin in third quarter and day after? Could you effectively pass-through the cost [gradually] to our supply chain? So that's my second question.

小鵬汽車是否需要對當前 G6 或即將推出的車型採取更積極的定價或促銷策略？如果是這樣，我們應該如何看待第三季度及之後的整車利潤率的影響？您能否有效地將成本[逐漸]轉嫁給我們的供應鏈？這是我的第二個問題。

Tim, it's Brian. Let me address your question. First of all, the recent price movements of our competitors have not really impacted our sales, especially the growth trend of G6 because when we actually established our pricing for G6, we anticipated competitive pressure. And I think the resulting, I think, momentum, I think, is actually intact.

蒂姆，我是布萊恩。讓我回答你的問題。首先，我們競爭對手最近的價格變動並沒有真正影響我們的銷售，特別是G6的增長趨勢，因為當我們實際確定G6的定價時，我們預期到了競爭壓力。我認為由此產生的勢頭實際上是完好無損的。

But before I address the pricing as well as gross margin sort of trends, I want to underscore that our strategy, right now, is to make sure that we regain growth and scale. I think that's the foremost strategic priority for us this year. As you can see that we have actually successfully gained [growth] momentum. We actually now are forecasting returning to our historical high in terms of revenue -- quarterly revenue rates. That actually will help us in the long run to gain scaled economy as well efficiency.

但在討論定價和毛利率等趨勢之前，我想強調我們目前的戰略是確保我們重新獲得增長和規模。我認為這是我們今年最重要的戰略重點。正如您所看到的，我們實際上已經成功獲得了[增長]動力。實際上，我們現在預測收入（季度收入率）將恢復到歷史最高水平。從長遠來看，這實際上將幫助我們獲得規模經濟和效率。

Another priority that we, actually also as a company, want to achieve for the second half of this year is to gain very strong cash flow. As you heard earlier that we actually anticipate with the growth of our deliveries, our cash flow for the second half on the operational level, be positive. So I think that's also important for us to build momentum into improving economy.

我們實際上也是一家公司，希望在今年下半年實現的另一個優先事項是獲得非常強勁的現金流。正如您之前聽說的那樣，我們實際上預計隨著交付量的增長，下半年運營層面的現金流將是積極的。因此，我認為這對於我們增強經濟改善勢頭也很重要。

So on the gross margin trend, I'll hand over to Ching to give you some sort of trend sort of estimate. But I think that's something that -- clearly, we cannot give guidance at the moment, but I think it can give you some trends to analyze.

因此，關於毛利率趨勢，我將請 Ching 為您提供某種趨勢的估計。但我認為，顯然，我們目前無法提供指導，但我認為它可以為您提供一些趨勢進行分析。

Yes. So I just wanted to add, as Brian mentioned, our focus is very clear in terms of gaining volume and scale, which obviously will help improve our gross margin as well as we've seen our manufacturing costs.

是的。所以我只是想補充一點，正如布萊恩提到的，我們的重點在增加銷量和規模方面非常明確，這顯然將有助於提高我們的毛利率以及我們已經看到的製造成本。

As mentioned in the earlier script, we've got some [EOP] impact from the G3i in Q2. I just want to note that we still have some level of production scheduled for G3i in the third quarter. So there will be another portion coming through in the third quarter. And as we increase volume in Q3 and into Q4, we expect our gross margin to improve over time. And as we sell a better mix products in the second half, we do expect our gross margin to become positive in the fourth quarter of this year.

正如前面的腳本中提到的，我們在第二季度受到了 G3i 的一些 [EOP] 影響。我只是想指出，我們仍計劃在第三季度為 G3i 進行一定程度的生產。因此，第三季度還會有另一部分內容完成。隨著我們在第三季度和第四季度增加銷量，我們預計我們的毛利率將隨著時間的推移而提高。隨著我們在下半年銷售更好的混合產品，我們預計今年第四季度的毛利率將變為正數。

And lastly, I just want to echo that Brian mentioned, from a cash flow standpoint, as we increase volume in the second half, we've already seen some pretty big improvement in the second quarter in terms of cash flow. And into the second half, we are pretty confident that we will be achieving positive operating cash flow and have a really healthy cash balance towards the end of the year.

最後，我只想回應布萊恩提到的，從現金流的角度來看，隨著我們下半年銷量的增加，我們已經看到第二季度現金流方面出現了一些相當大的改善。進入下半年，我們非常有信心我們將實現正的運營現金流，並在年底前擁有真正健康的現金餘額。

And the next question comes from Tina Hou with Goldman Sachs.

下一個問題來自高盛的蒂娜·侯。

[Interpreted] The first one is in terms of the distribution network building. As management mentioned, there will be a lot of changes and optimization as well as deepening into the lower-tier cities into the second half of this year as well as next year. So should we expect to -- a higher level of sales and marketing expenses accordingly in the second half of this year as well as 2024? Thank you.

【解讀】第一是分銷網絡建設方面。正如管理層所提到的，今年下半年和明年將會有很多變化和優化，並深入到低線城市。那麼，我們是否應該預期今年下半年以及 2024 年的銷售和營銷費用水平會相應提高？謝謝。

This is Brian. I think you're right. We're actually making changes to our sales channel and strategy. We actually are envisioning more partners to be our sales -- store investors and sales agents. And that effect, I think, will lead to a better penetration of lower-tier cities as well as, I think, optimize the sales performance because we actually simultaneously will read out weaker performers on the sort of stores, both in terms of [owned] as well as our current channels.

這是布萊恩。我想你是正確的。我們實際上正在改變我們的銷售渠道和策略。事實上，我們正在設想更多的合作夥伴成為我們的銷售人員——商店投資者和銷售代理。我認為，這種效應將導致更好地滲透到低線城市，並優化銷售業績，因為我們實際上會同時讀出此類商店中表現較弱的商店，無論是在[擁有的] 以及我們當前的頻道。

Interestingly, actually -- this actually, we envision, will lead to a more efficiency gain and lower sales marketing cost for our operations. Because we think right now, the optimal efficiency has not been achieved with our current model. And also, we actually have not partnered with enough high-quality and efficient operators.

有趣的是，我們預計，這實際上將為我們的運營帶來更高的效率增益和更低的銷售營銷成本。因為我們現在認為，我們當前的模型尚未實現最佳效率。而且我們實際上還沒有與足夠多優質高效的運營商合作。

So with renewed focus on partnership and also higher standard setting for our sales partners, I think, will lead to high efficiency. That's actually we envision more efficient and lower sales and marketing ratio.

因此，我認為，通過重新關注合作夥伴關係以及為我們的銷售合作夥伴制定更高的標準，將帶來高效率。這實際上是我們設想的更高效、更低的銷售和營銷比率。

[Interpreted] So my second question is regarding the operating level breakeven point. Since management mentioned that the gross margin will start turning positive into Q4 this year, just wondering because we're still continuing to invest in R&D continuously, so what would be the expected operating profit breakeven point?

[解讀]所以我的第二個問題是關於操作水平盈虧平衡點。由於管理層提到今年第四季度毛利率將開始轉正，只是想知道我們仍在繼續持續投資研發，那麼預計營業利潤盈虧平衡點是多少？

I think for guidance on overall company breakeven as well as more cash flow forecast, we're actually maintaining our current view that by 2024, we will achieve quarterly free cash flow positive. So that's something we're confident next year, we can actually hit. And then for the overall breakeven year, we still maintain some time to 2025, we will achieve breakeven for the whole company.

我認為，對於公司整體盈虧平衡以及更多現金流預測的指導，我們實際上維持目前的觀點，即到 2024 年，我們將實現季度自由現金流為正。因此，我們有信心明年能夠真正實現這一目標。然後對於整體盈虧平衡的一年，我們仍然保持一段時間到2025年，我們將實現整個公司的盈虧平衡。

And the next question comes from Paul Gong with UBS.

下一個問題來自瑞銀集團的龔保羅。

[Interpreted] So my first question is regarding the autonomous driving without HD map. I can understand it could offer more coverage of the applications in terms of cities, how does the cost compare with previous version with HD map? And to achieve that, what are the key challenges we have to overcome?

[解讀]所以我的第一個問題是關於沒有高精地圖的自動駕駛。我可以理解它可以提供更多城市方面的應用覆蓋，與以前的高清地圖版本相比，成本如何？為了實現這一目標，我們必須克服哪些關鍵挑戰？

[Interpreted] Thank you for your question. This is slightly technical. I'll try to provide a simple and straightforward answer. When we are equipped with high-definition maps, it's very easy for XNGP to be guided because you will know when you expect to change lanes before turning left or right.

[解釋]謝謝你的提問。這有點技術性。我將嘗試提供一個簡單明了的答案。當我們配備了高清地圖時，XNGP 就很容易被引導，因為你會知道何時需要在左轉或右轉之前改變車道。

However, without the high-definition maps, things will get much trickier because the XNGP system will have to judge by -- on its own where to change or what kind of situations will change beforehand.

然而，如果沒有高清地圖，事情會變得更加棘手，因為 XNGP 系統必須自行判斷要在哪裡改變或者什麼樣的情況會提前改變。

For example, it will need to be equipped with the hardware sufficient for it to actually identify dotted lines on the road or solid lines on the road or signs and characters that says that this is a left-turn corner or right-turn signals. This is just like when a person visits a new environment, you will get -- you will need some time to get acquainted. There is always a possibility for mistakes.

例如，它需要配備足夠的硬件來實際識別道路上的虛線或實線，或者表明這是左轉角或右轉信號的標誌和字符。這就像一個人到了一個新的環境，你會發現——你需要一些時間來熟悉。總是有出錯的可能。

However, there are a lot of pros that come from this non-HD map-reliant XNGP. First of all, you don't need high-definition maps, which means that you can go wherever you want as long as you have, for example, the conditions and the hardware equipped that comes with the XNGP. And basically, theoretically, speaking, as long as your phone can guide you there, our XNGP without the HD map reliance can also guide you there.

然而，這種不依賴高清地圖的 XNGP 有很多優點。首先，你不需要高清地圖，這意味著你可以去任何你想去的地方，只要你有條件，比如XNGP自帶的硬件配備。基本上，理論上來說，只要你的手機可以引導你到達那裡，我們不依賴高清地圖的XNGP也可以引導你到達那裡。

And the second benefit is that you don't need to jump through hoops to get policy approval because of this [high] safety. And the third benefit is that you don't have to spend extra bucks to purchase the high-definition maps. And also, another big benefit is that you actually lower a lot of the maintenance cost because it is by default of the XNGP to actually recognize any sort of road conditions.

第二個好處是，由於這種[高]安全性，您無需費力就能獲得政策批准。第三個好處是您不必花額外的錢購買高清地圖。而且，另一個很大的好處是，您實際上可以降低很多維護成本，因為默認情況下 XNGP 可以實際識別任何類型的道路狀況。

For example, there might always be construction going on the road that might not be indicated in high-definition maps, and you need to be able to adapt that kind of changes.

例如，道路上可能始終存在高清地圖中無法指示的施工，您需要能夠適應這種變化。

Now obviously, when you mention -- what you mentioned in your question are the major challenges, basically, it comes down to the capability to actually identify environmental elements, including words and characters, signs and signals, pictures and basically, all of the traffic, all of the vehicles and other kinds of road participants that are surrounding you, and you have to actually make decisions based on that ahead of time. And basically, that is my simple answer. I hope that helps.

現在顯然，當你提到你在問題中提到的主要挑戰時，基本上，它歸結為實際識別環境元素的能力，包括文字和字符、標誌和信號、圖片以及基本上所有的交通、您周圍的所有車輛和其他類型的道路參與者，您必須提前根據這些實際情況做出決定。基本上，這就是我的簡單答案。我希望這有幫助。

[Interpreted] So my following second question is still regarding the autonomous driving. In this case, without HD map, does that mean it leads to observe more environments and calculate more, think more, so that it requires even more calculation power on the chips?

【解讀】那麼我接下來的第二個問題仍然是關於自動駕駛的。那麼，如果沒有高清地圖，是否意味著要觀察更多的環境、計算更多、思考更多，從而對芯片的計算能力提出更高的要求？

And regarding the cost down of autonomous driving hardware heading towards 2024, you mentioned you're going to cut your cost by 50%. Does that mean you are going to use smarter software to reduce the requirement of the calculation power? Or should we maintain the calculation power, even bigger calculation power?

關於到 2024 年自動駕駛硬件的成本下降，您提到您將削減 50% 的成本。這是否意味著您將使用更智能的軟件來降低對計算能力的要求？還是應該保持算力，甚至更大的算力？

[Interpreted] Thank you for your question. Definitely, when we need to adopt multi-model perception fusion and use higher-level algorithms, definitely, it will require more computing power. However, we were already very successful with our [CNGP], even using 30 tops computing power. And nowadays, we actually have 512 tops computing power.

[解釋]謝謝你的提問。當然，當我們需要採用多模型感知融合，使用更高層次的算法時，肯定會需要更多的計算能力。然而，我們的 [CNGP] 已經非常成功，甚至使用了 30 頂級的計算能力。而現在，我們實際上擁有512頂級的計算能力。

So definitely, we believe that we are very sufficient. And actually, you can expect to hear more about our ways to reduce cost while building up our intelligent driving power on our Tech Day this year on October '24. And one of the key things I'm going to talk about is how we can drive down our production cost using technological innovation and management innovation as well on an operational level.

所以毫無疑問，我們相信我們已經足夠了。事實上，您可以在今年 10 月 24 日的技術日上聽到更多有關我們在增強智能驅動力的同時降低成本的方法。我要講的一個關鍵問題是我們如何通過技術創新和管理創新以及運營層面來降低生產成本。

For example, in terms of computing power, we are actually right now thinking about how to utilize the electronic and also electric architecture to drive down our -- to improve our efficiency by using maybe one [PCBA] and also 2 [SoC] to do everything together. This is just an example, and you can expect to hear actually hear more on our Tech Day.

例如，在計算能力方面，我們現在正在考慮如何利用電子和電氣架構來降低我們的效率，通過使用一個[PCBA]和兩個[SoC]來完成任務一切都在一起。這只是一個例子，您可以在我們的技術日聽到更多實際情況。

And the next question comes from Bin Wang with Credit Suisse.

下一個問題來自瑞士信貸銀行的王斌。

[Interpreted] My one question is about 2024 new products. You also mentioned that you were producing one self-driving car within the pricing range of around RMB 150,000. So it's going to be a product slightly lower than the G6, for example, or G5?

[解讀]我的一個問題是關於2024年的新產品。您還提到您正在生產一款自動駕駛汽車，定價在15萬元左右。那麼它會是一款比 G6 或 G5 稍低的產品嗎？

Bin, this is Brian. We have planned for 2 new model launches next year. But specific sign we will not be providing this -- at this moment, obviously. But we envision those all will be large volume drivers for growth as well, likely to be launched in the second half.

賓，這是布萊恩。我們計劃明年推出兩款新車型。但顯然，目前我們不會提供具體的跡象。但我們預計這些都將成為增長的巨大推動力，並可能在下半年推出。

And the next question comes from Xinchi Yin with Citic Securities.

下一個問題來自中信證券的尹新馳。

[Interpreted] So my question -- my #1 question is about our guidance on the product pipeline on the second half. So what will be the exact release date of the MPV XPeng? And could you provide more information on the MPV in detail, for example, the price, the size and the cruising ranges, et cetera?

[解釋]所以我的問題 - 我的第一個問題是關於我們對下半年產品管道的指導。那麼MPV小鵬的具體上市日期是什麼時候呢？您能否提供更多有關MPV的詳細信息，例如價格、尺寸和續航里程等？

And my number 2 question is about the strategic collaboration. So apart from Volkswagen, is or will there be any other OEMs that are looking forward to have collaborations with Xiaopeng? And what is our attitude towards the potential collaboration opportunities in the future?

我的第二個問題是關於戰略合作。那麼除了大眾之外，是否還有其他整車廠期待與小鵬汽車的合作呢？我們對未來潛在的合作機會持什麼態度？

[Interpreted] Let me take the first question. First of all, the development of our upcoming [7 seater] has been going really well. So we expect to follow our original plan, which is today build the car in late Q4. We don't expect to deliver it in a mass scale by the end of the year. But starting from next year, we expect to have mass deliveries. And we definitely will prepare the supply chain well enough for this car, learning from previous experience.

[解讀]我先回答第一個問題。首先，我們即將推出的[7座]的開發進展非常順利。因此，我們希望遵循最初的計劃，即今天在第四季度末生產汽車。我們預計不會在今年年底大規模交付。但從明年開始，我們預計將進行大規模交付。我們肯定會藉鑑以往的經驗，為這款車做好供應鏈準備。

In regards to the details about the cars, unfortunately, I'm not able to give you too much information. However, several things I can talk about here. First of all, it's supported by the SEPA 2.0 platform, which means that in terms of its intelligence and also the whole car integration, it is of the same logic as G6.

關於汽車的細節，不幸的是，我無法向您提供太多信息。不過，我可以在這裡談談幾件事。首先，它有SEPA 2.0平台的支持，這意味著它的智能化以及整車集成度與G6的邏輯是一致的。

And the second benefit of this car or selling point is its spaciousness. It is huge, especially its inner space, I would say that we expect it to be the biggest in terms of its inner space of the same vehicles and models of the same price point. And another big advantage to it is it's handling and drivability. It is very -- it offers top-notch driving experience. That's all I can say.

而這款車的第二個好處或者說賣點就是它的寬敞。它很大，特別是它的內部空間，我想說我們預計它是同價位同車同款車型內部空間最大的。它的另一大優勢是它的操控性和駕駛性能。它提供了一流的駕駛體驗。我只能說這麼多。

This is Charles here. I'll address your second question. So first of all, our strategic partnership with Volkswagen Group is a long-term and win-win partnership, and we see -- we have highly complementary strength to bring into this partnership. And our collaboration on G9 is only a start, and we see there are other opportunities that we can collaborate in the future.

這是查爾斯。我來回答你的第二個問題。首先，我們與大眾集團的戰略合作夥伴關係是長期、雙贏的合作夥伴關係，我們看到——我們擁有高度互補的優勢，可以將這種合作夥伴關係融入其中。我們在 G9 上的合作只是一個開始，我們看到未來還有其他可以合作的機會。

And we believe that such -- we actually created the first of its kind like a collaboration business model on the full-stack platform and the software technologies. So I think that in terms of the collaboration potentially with other parties, I think that we remain open-minded. But also in the meantime, we will be very selective. We will look into the strategic value and also commercial value that can bring to us and also bring to our partners.

我們相信，我們實際上在全棧平台和軟件技術上創建了第一個協作業務模型。所以我認為，就與其他各方的潛在合作而言，我認為我們保持開放的態度。但與此同時，我們也會非常有選擇性。我們將研究能為我們和我們的合作夥伴帶來的戰略價值和商業價值。

And the next question comes from Yuqian Ding with HSBC.

下一個問題來自匯豐銀行的丁宇謙。

[Interpreted] The first question is to ask when the management would think would be the iPhone 4 moment for autonomous driving. It looks like the big data would exhaust the [Kona] eventually. But to truly achieve hands-off and eyes-off and minds-off, does that require regulatory support? Or is the technology just naturally mature to no engagement per million of miles?

【解讀】第一個問題是管理層認為什麼時候是iPhone 4自動駕駛的時刻。看來大數據最終會耗盡[科納]。但要真正做到放手、放眼、放心，是否需要監管支持？還是該技術自然成熟到每百萬英里沒有參與？

[Interpreted] Thank you for that question. It's a bit tricky. I'll try to answer it to the best of my capability. My short answer is the 2025 or 2026 will be the iPhone 4 moment for autonomous driving.

[解釋]謝謝你的提問。這有點棘手。我會盡力回答這個問題。我的簡短回答是，2025 年或 2026 年將是自動駕駛的 iPhone 4 時刻。

Now there are several influencing factors to it. The first one is the full area coverage. When I mention full area, I'm actually referring to covering 95% of China road, including not just highways but also urban areas and also within the different neighborhoods and also parking garage, et cetera.

現在有幾個影響因素。一是全區域覆蓋。當我提到全區域時，我實際上指的是覆蓋95%的中國道路，不僅包括高速公路，還包括城市地區，還包括不同的社區和停車場等。

And the second factor is the cost of manufacturing and also producing such high level of intelligence. And the third factor is its overall capability, and that is actually twofold. The first one is safety profile and the other is the overall driving experience.

第二個因素是製造成本以及生產如此高水平的智能的成本。第三個因素是它的整體能力，這實際上是雙重的。第一個是安全狀況，另一個是整體駕駛體驗。

As you mentioned, the takeover rate definitely matters. So we expect to actually have, for example, in the coming 2 to 3 years, [reaching] a level of having 0 to 1 or 1 takeovers within 1000 miles -- 1,000 kilometers, and maybe on the highway, we have already achieved that, which is to have 1 takeover per 10,000 kilometers. Another thing is -- another big part to it, the driving experience is -- actually whether or not it can actually beat a human driver in terms of it's smartness and also it's driving efficiency.

正如您提到的，收購率絕對很重要。因此，我們預計，例如，在未來 2 到 3 年內，[達到] 1000 英里、1000 公里內進行 0 到 1 或 1 次接管的水平，也許在高速公路上，我們已經實現了這一目標，即每萬公里有1次接管。另一件事是——駕駛體驗的另一個重要部分——實際上，它是否能夠在智能性和駕駛效率方面真正擊敗人類駕駛員。

Now personally speaking, I expect to reach that point of iPhone 4 moment in 2025 because thanks to the rapid development of [LLM], we believe that it's actually bringing up the schedule. Otherwise, it could be 2026.

現在就我個人而言，我預計將在 2025 年達到 iPhone 4 時刻，因為由於 [LLM] 的快速發展，我們相信它實際上正在提前時間表。否則，可能是 2026 年。

[Interpreted] My second question is about the new product cycle. Although we understand there could be limited that can be shared on the detail side. But the company did talk about the pricing spectrum to be arching between RMB 150,000 to [RMB 350,000]. So we see the midsized G6 targeting RMB 200,000 to [RMB 250,000]. And the compact size may be covering the below. So do we consider like to revise or refresh G9 model for the potential 250 to 350 pricing point? And how do we position within the pricing spectrum we want to target? Any color would be useful.

[解讀]我的第二個問題是關於新產品週期的。儘管我們知道在細節方面可以分享的內容可能有限。但該公司確實談到定價區間為 15 萬元至 35 萬元人民幣。因此我們看到中型G6的目標價為20萬元至[25萬元]。緊湊的尺寸可能涵蓋以下內容。那麼我們是否考慮針對潛在的 250 至 350 定價點修改或更新 G9 型號？我們如何在目標定價範圍內定位？任何顏色都會有用。

[Interpreted] Actually, this is a topic that we have discussed internally multiple times. And unfortunately, I cannot give you all the information. However, what we can say is that we expect that by the second half of 2024, XPeng is going to launch multiple new models as well as multiple face of versions of previous models based on the same platform, and it will be between RMB 150,000 to RMB 350,000.

【解讀】其實這個話題我們內部討論過很多次了。不幸的是，我無法向您提供所有信息。不過，我們可以說的是，我們預計到2024年下半年，小鵬汽車將推出多款新車型以及基於同一平台的多款老車型版本，售價將在15萬元到15萬元之間。人民幣35萬元。

And that is because from our previous experience, identified multiple market needs or demands or user demand for a different price range and different models, they could be individual use or for smaller families and big families. And between RMB 250,000 to RMB 300,000 level, there, definitely, the space is very crowded and is very, very competitive. And there are different use or different demands, it could be individual customers, smaller or bigger families.

這是因為根據我們以往的經驗，確定了多種市場需求或需求或用戶需求，不同的價格範圍和不同的型號，它們可以是個人使用，也可以是小家庭和大家庭。而在25萬元到30萬元之間，這個空間肯定非常擁擠，競爭非常非常激烈。而且有不同的用途或不同的需求，可能是個人客戶，也可能是小家庭或大家庭。

However, we are very glad to report that with our current big platform strategy using our SEPA 2.0 platform with our modular designed, we can actually produce new models, meeting different demands in the market in a very high efficient manner using very low cost as well. So definitely a lot to look forward to in the future. Thank you.

然而，我們很高興地向大家報告，通過我們目前的大平台戰略，使用我們的模塊化設計的SEPA 2.0平台，我們實際上可以生產新的模型，以非常高效的方式和非常低的成本滿足市場的不同需求。 。所以未來肯定有很多值得期待的事情。謝謝。

And the next question comes from Ming-Hsun Lee with Bank of America.

下一個問題來自美國銀行的 Ming-Hsun Lee。

[Interpreted] So my question is related to your second quarter gross margin. So besides certain discounts and also sales contribution from G9 is lower than first quarter, is there any other reason why your gross margin declined Q-o-Q in the second quarter, is there any noncash item?

[解讀]所以我的問題與你們第二季度的毛利率有關。那麼，除了某些折扣以及G9的銷售貢獻低於第一季度之外，還有其他原因導致第二季度毛利率環比下降嗎？是否有任何非現金項目？

This is Ching. I'll answer this question. So you're right. In Q2, as mentioned earlier, there's a portion of the G3i EOP impact that we have booked in Q2. And I just want to emphasize that a majority of the impact is noncash because -- that's because of the acceleration of the unamortized toolings that we have booked because of the decision.

這是清。我來回答這個問題。所以你是對的。在第二季度，如前所述，我們已在第二季度記錄了 G3i EOP 影響的一部分。我只是想強調，大部分影響是非現金的，因為——這是因為我們因這一決定而預訂的未攤銷工具的加速。

Excluding the EOP impact, we still have a slight lower gross margin versus Q1. That is mostly because of the increased promotional spend on some of the older models that we have. That is partially offset by lower battery costs that we've seen in the second quarter. And to your question, we have seen a pretty healthy, improved cash flow in Q2, and we will continue to see that in the second half.

排除期末影響，我們的毛利率仍略低於第一季度。這主要是因為我們對一些舊型號的促銷支出增加了。第二季度電池成本下降部分抵消了這一影響。對於你的問題，我們在第二季度看到了相當健康、改善的現金流，並且我們將在下半年繼續看到這種情況。

Other than the profitability impact, a big impact is -- will come from the working capital impact because as we increase volume, we will improve our collections from a delivery perspective, and we will clear our payables on a stack basis. So as we increase volume, we will have considerable working capital gain in the second half, which will help to improve our operating cash flow.

除了盈利能力的影響之外，一個很大的影響將來自營運資金的影響，因為隨著我們增加數量，我們將從交付的角度改善我們的收款，並且我們將在堆棧的基礎上清除我們的應付賬款。因此，隨著銷量的增加，下半年我們將獲得可觀的營運資金收益，這將有助於改善我們的運營現金流。

[Interpreted] So my second question is for the fast-charging battery. So in the past G9, you already start to sell the 4C NCM battery on G9. But at that time, the sales portion is really small probably because the battery is expensive and also the supercharging station is still not comprehensive enough. So since recently, there are some fast-charging LFP batteries in the market. So will you start to discuss with your supplier to adopt such kind of a battery in the future of your product to lower your costs?

[解讀]所以我的第二個問題是關於快充電池的。所以在過去的G9上，你們就已經開始在G9上銷售4C NCM電池了。但當時銷量佔比確實很小，可能是因為電池價格昂貴，而且充電站還不夠完善。所以最近以來，市場上出現了一些快充磷酸鐵鋰電池。那麼您是否會開始與您的供應商討論在您的產品中採用這種電池以降低您的成本？

It's Charles. So first of all, when we mass produce the G9, we already provided the customers with the 3C, NCM and also LFP battery as a standard configuration. And at the time of the mass production, its already the best-in-class and most of the fast charging technology in the market. And I think it's still -- at this point, is still the best-in-class fast-charging technology in the market as well today.

是查爾斯。所以首先，當我們量產G9的時候，我們已經為客戶提供了3C、NCM和LFP電池作為標準配置。而且在量產的時候，它已經是市場上同類中最好的、大多數的快充技術了。我認為，在這一點上，它仍然是當今市場上最好的快速充電技術。

So I think that from the consumer perspective, first of all, we believe that the 3C, LFP and NCM battery present a very cost-competitive and also fast-charging product, and it is still very competitive in the market this year.

所以我認為從消費者的角度來看，首先我們認為3C、LFP和NCM電池是一個非常具有成本競爭力並且快充的產品，而且今年在市場上仍然非常有競爭力。

And to answer your question regarding the charging experiences, I want to clarify, yes, I think that the 3C battery coupled with 800-voltage platform, it can achieve the most fast-charging technology on our 480-kilowatt supercharger.

回答你關於充電體驗的問題，我想澄清一下，是的，我認為3C電池配合800電壓平台，可以實現我們480千瓦超級充電樁上最快的充電技術。

But I think I also want to clarify that even though on the standard charging powers, I think the 90% of the charging powers in the market also support 800 voltage and also can support fast charging to our 800 voltage and the 3C battery powertrain technology.

但我想我還想澄清一下，即使在標準充電功率上，我認為市場上90%的充電功率也支持800電壓，也可以支持快充到我們的800電壓和3C電池動力總成技術。

And as this does conclude the question-and-answer session. I would like to turn the call back over to the company for any closing comments.

問答環節就此結束。我想將電話轉回公司以徵求結案意見。

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 information provided on our website or the Piacente Financial Communications.

再次感謝您今天加入我們。如果您還有其他疑問，請隨時通過我們網站或Piacente Financial Communications提供的聯繫方式聯繫小鵬汽車投資者關係部。

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

謝謝。今天的電話會議到此結束。您現在可以斷開線路。謝謝。

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

[本文字記錄中標記為[已翻譯]的部分是由現場通話中的口譯員朗讀的。]