Xpeng Inc (XPEV) 2024 Q3 法說會逐字稿

Hello everyone.

大家好。

I'm a Xiaopeng.

我是小鵬

Mr, I'm a woman the.

先生，我是一個女人。

In the third quarter of 2024 we surpass our key performance targets.

2024 年第三季度，我們超額完成了關鍵績效目標。

We deliver 46,533 units in the third quarter, reflecting a 54% increase quarter over quarter and a 16 increase, 16% increase year over year beating the high end of our prior quarterly guidance.

我們第三季交付了 46,533 套，環比增長 54%，環比增長 16%，同比增長 16%，超出了我們之前季度指導的上限。

SEMS deliveries exceeded 20,000 units marking a record high.

SEMS 出貨量突破 20,000 台，創歷史新高。

Furthermore, thanks to the technology driven cost reduction and growth in scale.

此外，得益於技術驅動的成本降低和規模成長。

Our gross profit margin increased to 15.3% in the third quarter, achieving our c level and demonstrating continuous improvement for five consecutive quarters.

第三季毛利率增至15.3%，達到C水平，並連續五季持續改善。

As a champion Xop cheers.

作為冠軍Xop歡呼。

Over the past two years, Exan has undergone significant transformation amidst challenges.

兩年來，Exan在挑戰中經歷了重大轉型。

However, I remain calm at the center of the storm because crises often present opportunities having overcome these adversities.

然而，我在風暴中心仍然保持冷靜，因為危機往往會帶來克服逆境的機會。

Exan has emerged stronger than ever.

Exan 變得比以往任何時候都更強大。

We're now poised to accelerate our growth and move forward steadily.

我們現在已準備好加速成長並穩步前進。

I would like to express my gratitude to all of our shareholders and everyone who has consistently supported us.

我謹向所有股東和所有一直支持我們的人表示感謝。

We have implemented comprehensive changes in our strategies, products, management and organizational structure.

我們對策略、產品、管理、組織架構進行了全面變革。

We've also addressed previous areas of improvement in marketing sales channels and design.

我們也解決了先前行銷銷售管道和設計方面的改進問題。

Moreover, our firm investment in A I technology has begun to yield advantages in both product experience and cost efficiency, helping to bolster our competitive edge by prioritizing customer needs, maintaining a business oriented approach and keep the full picture in mind.

此外，我們對人工智慧技術的堅定投資已開始在產品體驗和成本效率方面產生優勢，透過優先考慮客戶需求、保持業務導向、顧全大局，幫助增強我們的競爭優勢。

We have established a robust capability across our entire operations from product definition and research and development to presell activities, product launches and delivery.

我們在整個營運中建立了強大的能力，從產品定義和研發到預售活動、產品發布和交付。

As a result, we have created a series of send out products that truly surprise and delight our users.

因此，我們創造了一系列真正讓用戶感到驚喜和高興的發送產品。

The I.

I。

Exan second decade has started and I believe the next 10 years will be the era of A I or artificial intelligence.

Exan第二個十年已經開始，我相信未來10年將是A I或人工智慧的時代。

I'll strive to lead Exan to become a global A I defined car company and spearhead the large scale application of A I in the mobility industry.

我將努力帶領Exan成為全球人工智慧定義的汽車公司，並引領人工智慧在行動產業的大規模應用。

Looking at the industry landscape, I anticipate that between 2025 and 2027 which is upcoming three years, we will see a knockout phase in the Chinese automobile industry.

從產業格局來看，我預計2025年到2027年這三年，中國汽車產業將進入淘汰賽階段。

The penetration rate of China's new energy vehicles will likely rise to over 85% while the integration of A I will lead to the next stage of consolidation of market share.

中國新能源汽車滲透率預計將提升至85%以上，A I的整合將帶來下一階段的市場份額鞏固。

Unlike the traditional car companies that have relied on cooperative integrated supply chain models for research and development.

與傳統車企依賴合作的一體化供應鏈模式進行研發不同。

In the past winners in the A I defined car sector will be those with indepth fullstack self development capabilities.

過去人工智慧定義的汽車領域的贏家將是那些具有深度全端自主開發能力的人。

We plan to harness the power of A I and use it as a data engine integrated both software and hardware in our research and development of the whole vehicle ad cabin and engines, et cetera.

我們計劃利用AI的力量，將其作為軟硬體一體化的數據引擎，用於整車廣告艙、發動機等研發。

This will allow us to iterate and upgrade at an unprecedented speed, creating a substantial advantage over companies that continue to use traditional R&D models regarding user experience and optimization speed.

這將使我們能夠以前所未有的速度進行迭代和升級，在用戶體驗和優化速度方面比繼續使用傳統研發模式的公司形成實質優勢。

Starting next year, I expect significant advancement in autonomous driving and vehicle intelligence.

從明年開始，我預計自動駕駛和車輛智慧將取得重大進展。

Introducing A I large models will provide a transformative experience from all aspects, enabling users to embrace safer, more comfortable, more comprehensive and smarter A IA I driving and A I driven vehicles.

推出A I大車型，將從各方面帶來變革性體驗，讓使用者擁抱更安全、更舒適、更全面、更智慧的A IA I駕駛和A I驅動車輛。

The outside.

外面。

On November the seventh, the world's first A I defined car, the P seven plus was officially launched that night.

11月7日，全球首款A I定義車款－P 7 Plus於當晚正式上市。

The number of firm orders exceeded 30,000 and continued to rise.

確認訂單數突破3萬份，持續上升。

The P seven plus has become a phenomenal success in the mid to large BEV sedan market and marks a milestone in the widespread adoption of A I defined cars.

P 7 plus 在中大型純電動轎車市場取得了巨大成功，標誌著人工智慧定義汽車廣泛採用的一個里程碑。

I'm pleased to see that the core reasons users choose the P seven plus is its standard, high standard intelligent driving features across the entire model range.

我很高興看到用戶選擇P 7 plus的核心原因是其全系標配、高標準的智慧駕駛功能。

In the past luxury was defined by configuration, but now it is defined by technology and this trend is where we are striving to be.

過去豪華是由配置定義的，現在是由技術定義的，這也是我們努力的方向。

We're collaborating with suppliers to expand the production capacity of the P seven plus and I expect the delivery volume of the P seven plus to exceed 10,000 units in December.

我們正與供應商合作擴大P 7+的產能，預計12月份P 7+的交付量將超過10,000台。

Currently, both the M 03 and the P seven plus have begun double shift production as production capacity ramps up.

目前，隨著產能的提升，M 03和P 7+都已開始雙班生產。

We anticipate monthly deliveries will set a record in the fourth quarter and will strive to exceed 30,000 units in November.

我們預計第四季的月交量將創下歷史新高，並爭取11月突破3萬台。

Additionally, steady and long term progress is one of our main themes for 2025 we'll enter 2025 with tens of thousands of orders which will increase our delivery volume in the first quarter of next year and lay a solid foundation for a significant increase in sales next year.

另外，穩中求進是我們2025年的主題之一，我們將以數萬份訂單進入2025年，這將增加我們明年第一季的交付量，為銷售額的大幅增長奠定堅實的基礎明年。

No number two, nen.

沒有第二名，nen。

Starting from the P seven plus model, our new and facelifted max models will all feature the A I Hawkeye Visual Adas solution.

從P 7 plus車型開始，我們的新款和改款max車型都將採用A I Hawkeye Visual Adas解決方案。

This is the only a solution in China that does not rely on HD maps or L A and we'll take it to the rest of the world soon.

這是中國唯一一個不依賴高清地圖或洛杉磯的解決方案，我們很快就會把它推廣到世界其他地方。

In the global automotive industry, we're the first to standardize high-level intelligent driving software and hardware across our entire lineup, providing an actual leading experience for the users.

在全球汽車產業，我們率先實現了全系列高水準智慧駕駛軟硬體標準化，為使用者提供了真正領先的體驗。

We delivered the experience of the level three A driving at the cost of level two.

我們以二級駕駛為代價，提供了三級 A 駕駛體驗。

Achieving what we refer to as intelligence for all tech powered driving with the same cost as fuel excitingly in the first half of next year.

明年上半年，我們將令人興奮地以與燃油相同的成本實現我們所說的所有技術驅動的智慧駕駛。

After the Lunar New Year.

農曆新年過後。

Mona M 03 max will start mass producing the platform based A I Hawkeye Visual Aid solution.

Mona M 03 max將開始量產基於平台的AI鷹眼視覺輔助解決方案。

This will allow us to become the world's first car company to offer advanced intelligent driving vehicles for just 150,000 RMB or about $20,000.

這將使我們成為世界上第一家以 15 萬元人民幣（約 2 萬美元）提供先進智慧駕駛汽車的汽車公司。

Lowering the threshold.

降低門檻。

With our leading A I technology and strong cost control, we have the competitive mode that will serve as our ultimate weapons for navigating from a serious competitive red Ocean to the opportunities of a blue ocean market.

憑藉領先的人工智慧技術和強大的成本控制，我們擁有的競爭模式將成為我們從競爭激烈的紅海市場走向藍海市場機會的終極武器。

No A so.

沒有A所以。

I believe that over the next 1 to 5 years, the penetration rate of smart features will significantly increase nonlinearly.

我相信未來1到5年，智慧功能的滲透率將呈現非線性顯著成長。

Our A I defined vehicles which incorporate powerful A I capabilities and autonomous driving features will accelerate the replacement of cars that lack these technologies or cars that only claim to have these technologies.

我們的人工智慧定義的汽車融合了強大的人工智慧能力和自動駕駛功能，將加速缺乏這些技術的汽車或只聲稱擁有這些技術的汽車的更新換代。

In 2025 we plan to launch at least four new models including super electric vehicles and we will also update several existing models.

2025年，我們計劃推出至少四款新車型，包括超級電動車，我們也將更新幾款現有車型。

Each of these new and faceless models will be very distinctive in their respective market segments.

這些新的、不露面的車型中的每一個都將在各自的細分市場中非常獨特。

And I look forward to launching more top selling models that users will love next year.

我期待明年推出更多用戶喜愛的暢銷型號。

The Xop.

Xop。

So she was shy that a woman.

所以說她是個害羞的女人。

No.

不。

So.

所以。

At our recent A I tech day, we unveiled the Quinn Super electric system.

在最近的人工智慧技術日上，我們推出了 Quinn 超級電動系統。

Our next generation extended range products along with our next generation pure electric products will be our second largest growth engine together with our A I capabilities.

我們的下一代增程產品以及下一代純電動產品將與我們的人工智慧能力一起成為我們的第二大成長引擎。

It will drive strong momentum for accelerated development, powertrain technology and industry leading energy efficiency are key components of expanse brand.

它將帶動加速發展的強勁動力，動力總成技術和業界領先的能源效率是擴展品牌的關鍵組成部分。

We have received widespread user acclaim for our exceptional energy consumption management.

我們卓越的能耗管理贏得了用戶的廣泛讚譽。

With our electric vehicles regularly exceeding advertised range estimates in our brand new extended range products.

我們的電動車經常超出我們全新增程產品中宣傳的續航里程估計值。

We employ high voltage electric technology one generation ahead of the market to address common user pain points facing current extended range products in the market and provide a user experience far superior to many existing extended range products.

我們採用領先市場世代的高壓電氣技術，解決市場上目前增程產品面臨的常見使用者痛點，並提供遠優於許多現有增程產品的使用者體驗。

The kong Super electric drive system is built on our third generation industry leading 800 volts platform supporting various features including a pure electric range of 430 kilometers.

kong Super電動驅動系統建立在我們第三代業界領先的800伏特平台上，支援各種功能，包括430公里的純電動續航里程。

A combined range of 1,400 kilometers and the five C ultra charging battery while also controlling cost, all of which will lead the way for the next generation extended range technology in the coming future, Exan will adopt a dual energy approach offering a batch of new vehicle models with pure electric and super electric powertrain options to cater to the diverse needs of global customers.

1400公里的綜合續航里程和5C超級充電電池，同時也控制了成本，所有這些都將引領未來下一代增程技術的發展，Exan將採用雙能源方式提供一批新車擁有純電動和超級電動動力總成車型可供選擇，滿足全球客戶的多樣化需求。

I believe that this will significantly expand our total addressable market, bringing multiple opportunities for sales growth and accelerating the mass adoption of A I defined vehicles worldwide.

我相信，這將顯著擴大我們的整體目標市場，帶來多種銷售成長機會，並加速人工智慧定義的車輛在全球的大規模採用。

In the no any audience and the audience.

在沒有任何觀眾和觀眾的情況下。

The.

這。

In terms of operations, the P seven plus will also mark a brand new starting point for the overall improvement in vehicle growth margins.

營運方面，P 7+也將標誌著整車增速整體提升的全新起點。

For exan next generation models, new platform based technologies we have implemented in the P seven plus will also be applied to new models and major facelifts over the next two years of 2025 and 2026 we anticipate that the gross margin of our next generation models will reach double digits, significantly increasing our sales volume to a new level during our strong product cycles and helping us move steadily toward achieving scale profitability.

對於exan下一代車型，我們在P 7 plus中實施的基於新平台的技術也將應用於2025年和2026年未來兩年的新車型和主要改款中，我們預計下一代車型的毛利率將達到兩位數的成長，在我們強勁的產品週期中將我們的銷量顯著提高到新的水平，並幫助我們穩步實現規模盈利。

From a job.

來自工作。

Oh man.

噢，夥計。

And and I need a figure.

我需要一個數字。

Exan turing A I smart driving system derate our robust full sex self development capabilities.

Exan圖靈AI智慧駕駛系統降低了我們強大的全性自我發展能力。

It indicates cloud based and inve software and hardware including chips.

它表示基於雲端並投資包括晶片在內的軟體和硬體。

It set a new goal standard for next generation, full set development and highlights our exceptionally efficient R&D iteration process.

它為下一代全套開發設定了新的目標標準，並凸顯了我們異常高效的研發迭代流程。

Many of our peers are still using our previous generation of architecture and technological routes.

我們很多同行還在使用我們上一代的架構和技術路線。

I believe that enhancing the capabilities of smart driving relies heavily on cloud technologies.

我認為，智慧駕駛能力的提升很大程度上依賴雲端技術。

Our cloud based large model has 80 times more parameters than in vehicle model making it the most advanced technology currently available in China's Adas market in the coming years, the synergy between our in vehicle data, cloud based commuting computing power and both cloud and inve large models.

我們基於雲端的大模型參數比車輛模型多80倍，這將使其成為未來幾年中國ADAS市場目前最先進的技術，我們的車載數據、基於雲端的通勤運算能力以及雲端和投資之間的協同作用模型。

And our globalization and car manufacturing will grow exponentially marking and making significant leaps forward in our large models performance per the scaling law.

我們的全球化和汽車製造將呈指數級增長，根據比例定律，我們的大型模型性能將實現顯著飛躍。

The the Tianqi, the N GP.

天齊、N GP。

No, we I.

不，我們我。

We plan to realize door to door full scenario.

我們計劃實現門到門全場景。

A as on Tnaix OS 5.5.

Tnaix OS 5.5 上的 A。

By the end of this year, this uninterrupted and ultrasmooth driving experience will elevate us from being on par with the 1st year to truly leading the pack.

到今年年底，這種不間斷且超順暢的駕駛體驗將使我們從與第一年的水平持平到真正領先。

We actually were able to deliver similar experience three years ago already, but it was a combination of multiple solutions.

事實上，我們三年前就已經能夠提供類似的體驗，但它是多種解決方案的組合。

Whereas this 5.5 OS is onestop solution.

而這個 5.5 作業系統是一站式解決方案。

Next, we plan to achieve A L three like intelligent driving experience by the fourth quarter of 2025 targeting less than one takeover per 100 kilometers.

接下來，我們計畫在2025年第四季實現A L 3類智慧駕駛體驗，目標是百公里接管次數少於1次。

The more advanced ultra version of the vehicle we are developing now will significantly enhance the computing power on board and incorporate a fully redundant design for core components.

我們現在正在開發的更先進的超級版本將顯著增強車上的運算能力，並採用核心零件的完全冗餘設計。

This will enable us to mass produce robotaxi at a low cost while ensuring sufficient safety.

這將使我們能夠以低成本批量生產機器人出租車，同時確保足夠的安全性。

I firmly believe that the substantial improvement in autonomous driving capabilities will make A I A core differentiator among leading auto companies and a key factor in capturing user mindshare users will discover that A I is not only applied to autonomous driving but will also expand and integrate into various aspects including in car A I system, A I cabin, a hub, smart chess, smart audio systems, and A I battery doctors.

我堅信，自動駕駛能力的大幅提升，將讓AI成為領先車企的核心差異化因素，成為俘獲用戶心智的關鍵因素。方面，包括在汽車AI系統、AI座艙、集線器、智慧棋、智慧音響系統、AI電池醫生等方面。

In the medium to long term.

從中長期來看。

The GAAP between A I leaders and laggards on product technology, brand image and profit models will continue to widen.

AI領導者和落後者在產品技術、品牌形象和獲利模式上的公認會計準則將持續擴大。

Some time to change your call.

有時間更改您的電話。

We don't understand how you do your heart, Xia, why or the.

我們不明白你是怎麼做你的心，霞，為什麼還是的。

Now let's talk about globalization.

現在我們來談談全球化。

We're accelerating our global presence leading the way for chinese smart EV brands in their overseas ventures.

我們正在加速我們的全球佈局，為中國智慧電動車品牌在海外投資中引領潮流。

Our organizational management, product planning, autonomous driving technology, smart COFI design, supply chain management, and manufacturing and production are all strategically aligned for global deployment.

我們的組織管理、產品規劃、自動駕駛技術、COFI智慧設計、供應鏈管理、製造生產等都在策略上與全球部署保持一致。

By collaborating with high quality overseas dealers.

透過與優質海外經銷商合作。

We have extended our reach to more than 30 countries with over 110 C stores as of the third quarter and we have experienced strong initial sales in multiple regions.

截至第三季度，我們已將業務範圍擴展至 30 多個國家，擁有 110 多家 C 店，並且在多個地區都經歷了強勁的初始銷售。

Currently, Exan ranks first in export sales of chinese premium BEVS and LG nine ranks first in the mid to large sized battery electric SUV in Northern Europe.

目前，Exan在中國高端BEVS出口銷售中排名第一，LG九在北歐中大型純電動SUV中排名第一。

In the third quarter, our overall overseas sales increased by 70%.

第三季度，我們整體海外銷售額成長了70%。

Sequentially accounting for 15% of our total sales volume.

依序占我們總銷量的15%。

Looking ahead to 2025 we plan to further expand our international sales network to more than 300 stores, expanding to over 90% of the NV market outside of North America.

展望2025年，我們計畫進一步將國際銷售網路擴大到300多家門市，擴展到北美以外90%以上的NV市場。

Our goal is to maintain robust growth in overseas sales over the next two years.

我們的目標是未來兩年維持海外銷售的強勁成長。

Aiming to secure the leading position in mid to high end NV export sales among Chinese automakers.

力求鞏固中國汽車企業中高階NV出口銷售領先地位。

The rapid expansion of our international business will further boost our profitability.

國際業務的快速擴張將進一步提升我們的獲利能力。

So don.

所以唐。

After two years of head winds, we're about to enter a brand new positive cycle in the fourth quarter of 2025.

經過兩年的逆風，我們即將在 2025 年第四季進入一個全新的良性循環。

We expect to experience tailwinds driven by A I transformation and the super electric system which will accelerate our growth and lead us to profitability.

我們預計將經歷由人工智慧轉型和超級電力系統推動的順風車，這將加速我們的成長並引導我們獲利。

We anticipate our total delivery volume for the fourth quarter of 2024 will range from 87,000 to 91,000 units.

我們預計 2024 年第四季的總交付量將在 87,000 至 91,000 台之間。

This represents a quarter over quarter increase of 87% to 95.6% and a year over year increase of 44.6% to 51.3%.

這意味著環比增長87%至95.6%，年增44.6%至51.3%。

Additionally, we project our total revenue for the fourth quarter to fall between RMB15.3 billion and RMB16.2 billion.

此外，我們預計第四季的總營收將下降至人民幣 153 億元至 162 億元之間。

Reflecting a quarter over quarter rise of 51.5% to 60.4% and a year over year increase of 17.2% to 24.1%.

季增51.5%至60.4%，年增17.2%至24.1%。

Moreover, we expect our cash flow in the fourth quarter to improve significantly resulting in positive free cash flow for the second half of the year.

此外，我們預計第四季度的現金流將顯著改善，從而導致下半年的自由現金流為正。

By year end, we anticipate our cash on hand will exceed RMB40 billion with healthy gross profit and cash flow will have the capacity to invest deeply in research and development and for the future allowing us to consistently and confidently provide our customers in China and abroad with market leading A I defined vehicles.

到年底，我們預計手頭現金將超過400億元人民幣，毛利穩健，現金流將有能力深度投資於研發，未來我們將能夠持續、自信地為國內外客戶提供市場領先的人工智慧定義的車輛。

So.

所以。

The.

這。

Thank you everyone with that, I'll turn the call over to our VP Finance James to discuss our financial performance for the third quarter of 2024.

謝謝大家，我將把電話轉給我們的財務副總裁 James，討論我們 2024 年第三季的財務表現。

Thank you Xiaopeng.

謝謝小鵬。

Now let me provide a brief overview of our financial results for the third quarter of 2024.

現在讓我簡要概述一下我們 2024 年第三季的財務表現。

I'll reference RMB only in my discussion today unless otherwise stated, our total revenues were 10.1 billion for the third quarter of 2024.

除非另有說明，我今天的討論中僅提及人民幣，2024 年第三季我們的總收入為 101 億。

An increase of 18.4% year over year and an increase of 24.5% quarter Over quarter revenues from vehicle sales were 8.8 billion for the third quarter of 2024 representing an increase of 12.1% year over year and an increase of 29% quarter.

年增18.4%，季增24.5% 2024年第三季汽車銷售收入較上季成長12.1%，季增29%為88億。

Over quarter the year over year and quarter over quarter increases were mainly attributable to higher deliveries.

季度同比和環比增長主要歸因於交付量的增加。

Revenues from services and others were 1.31 billion for the third quarter of 2024 representing an increase of 90.7% year over year and an increase of 1.1% quarter by quarter the year over year increase was mainly attributable to the increased revenue from the technical R&D services related to the platform and software, strategic technical collaboration, as well as electrical electric architecture, also known as EE a technical collaboration with the Volkswagen group.

2024年第三季服務及其他營收為13.1億，年增90.7%，季增1.1%，年成長主要是由於技術研發服務相關收入增加與大眾集團在平台和軟體、策略技術合作以及電氣電氣架構（也稱為EE）方面進行技術合作。

The quarter over quarter increase was mainly attributable to the revenue from technical R&D services related to the ee a technical collaboration with the Volkswagen Group, partially offset by the reduction in parts and accessory sales gross margin was 15.3% for the third quarter of 2024.

環比成長主要歸因於與大眾集團技術合作相關的技術研發服務收入，部分被2024年第三季零件銷售毛利率下降15.3%所抵銷。

Compared with negative 2.7% for the same period of 2023 and 14% for the second quarter of 2024.

相較之下，2023年同期為負2.7%，2024年第二季為負14%。

Vehicle margin was 8.6% for the third quarter of 2024.

2024 年第三季汽車利潤率為 8.6%。

Compared with negative 6.1% for the same period of 2023 and 6.4%.

與2023年同期的負6.1%和6.4%相比。

For the second quarter of 2024.

2024 年第二季。

The year over year increase was primarily attributable to the cost reduction and the improvement in product mix.

同比增長主要歸因於成本降低和產品結構的改善。

The quarter over quarter increase was mainly attributable to the cost reduction.

環比成長主要歸因於成本下降。

R&D.

研發。

Expenses were 1.63 billion for the third quarter of 2024 representing an increase of 25.1% year over year and an increase of 11.3% 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 the company expanded its product portfolio to support future growth.

2024年第三季費用為16.3億，年增25.1%，季增11.3%，年比成長主要是由於新產品開發相關費用增加。

SG&A expenses were 1.363 billion for the third quarter of 2024 representing a decrease of 3.5% year over year and an increase of 3.8% quarter over quarter.

2024年第三季的SG&A費用為13.63億，年減3.5%，季增3.8%。

The year over year decrease was primarily due to lower employee compensation in the third quarter of 2024.

年比下降主要是由於 2024 年第三季員工薪資下降。

While the quarter over quarter increase was mainly due to higher commissions paid to the franchise stores.

而環比增長主要是由於支付給特許經營店的佣金增加。

As a result of the foregoing loss from operations was 1.85 billion for the third quarter of 2024.

上述結果導致 2024 年第三季營運虧損為 18.5 億美元。

Compared with 3.16 billion for the same period of 2023 and 1.61 billion.

相較之下，2023年同期為31.6億、16.1億。

For the second quarter of 2024 net loss was 1.81 billion for the third quarter of 2024.

2024年第二季淨虧損為18.1億美元，2024年第三季淨虧損為18.1億美元。

Compared with 3.89 billion for the same period of 2023 and 1.28 billion for the second quarter of 2024.

相較之下，2023年同期為38.9億，2024年第二季為12.8億。

As of September 30th 2024 our company had cash and cash equivalents, restricted cash short term investments and time deposits in total of 35.75 billion to be mindful of the length of our earnings call.

截至 2024 年 9 月 30 日，我們公司的現金和現金等價物、受限制現金短期投資和定期存款總計 357.5 億美元，請注意我們財報電話會議的持續時間。

I would encourage listeners to refer to our earnings press release for more details on our third quarter, 2024 financial results.

我鼓勵聽眾參考我們的收益新聞稿，以了解有關 2024 年第三季財務業績的更多詳細資訊。

This concludes our prepared remarks.

我們準備好的演講到此結束。

We'll now open the call to questions operator.

我們現在將打開提問接線員。

Please go ahead.

請繼續。

Thank you.

謝謝。

If you wish to ask a question, please press star one on your telephone and wait for your name to be announced.

如果您想提問，請按電話上的星號一，然後等待宣布您的名字。

If you wish to cancel your request, please press star two.

如果您想取消要求，請按星二號。

If you're on a speaker phone, please pick up the handset to ask your question for the benefit of all participants on today's call.

如果您使用免持電話，請拿起聽筒提出問題，以方便今天通話的所有參與者。

If you wish to ask your question to management in Chinese, please immediately repeat your question in English for the sake of clarity and order.

如果您想用中文向管理階層提問，請立即用英文重複您的問題，以便清楚有序。

Please ask one question at a time management will respond and then feel free to follow up with your next question.

請一次提出一個問題，管理層將予以答复，然後隨時跟進您的下一個問題。

Your first question comes from Tim Shaw with Morgan Stanley.

你的第一個問題來自摩根士丹利的蒂姆·肖。

Please go ahead.

請繼續。

The local.

當地的。

So my first question is value because in the next 3 to 5 years, are you expecting the technology GAAP or smart driving be widened and narrow?

所以我的第一個問題是價值，因為在未來3到5年裡，您是否期望技術GAAP或智慧駕駛會被拓寬和縮小？

Several leading local ed brands in China are considering making smart driving a standard configuration for all mass market models with the to become a need to function in the future and how could ensure consumers can feel and appreciate the difference and Chief Excellence Cars because of that.

中國幾個領先的本土品牌正在考慮將智慧駕駛作為所有大眾市場車型的標準配置，並成為未來的一種需求，如何確保消費者能夠感受到和欣賞卓越汽車的差異化。

That's my first question.

這是我的第一個問題。

Thank you.

謝謝。

So we do the so and you know, that's the one.

所以我們就這麼做了，你知道，就是這樣。

Thank you.

謝謝。

This is a very good question.

這是一個很好的問題。

Actually, we've been talking about this for the past two years while we are developing our N two and large model solution.

事實上，過去兩年我們在開發 N 2 和大型模型解決方案時一直在討論這個問題。

Now, what we need to hear for this next generation of capability is not only first of all the capital for RD, but also the computing power and big data as well.

現在，我們需要聽到的下一代能力首先不僅是研發資本，還包括運算能力和大數據。

And in the coming 3 to 5 years, I think any companies who try to compete in this land in this landscape will not only have the full sex self developed R&D capability that combines software and hardware, but also on the cloud side, whole vehicle chip development and also ee a development across different car manufacturing capabilities are all essential for having that capability.

而且未來3到5年，我想任何一家試圖在這片土地上競爭的公司，不僅要有軟硬體結合的完全性自研研發能力，還要在雲端、整車晶片上開發以及跨不同汽車製造能力的發展對於擁有這種能力都是至關重要的。

So in some, I believe that the GAAP between different E makers will actually be widened in the several years.

因此，在某些方面，我相信不同電子製造商之間的公認會計準則實際上會在幾年內擴大。

Another point that I would like to mention is that a capability is just like part of your brain.

我想提的另一點是，能力就像大腦的一部分。

You have to have to not only have your mindset, you know what you think you can do, but you actually need to be able to deliver your claims and that also will set the bar or the threshold for entering this competition.

你不僅必須有你的心態，你知道你認為你能做什麼，而且你實際上需要能夠表達你的主張，這也將為進入這場比賽設定標準或門檻。

Another point that I would like to mention is the whole vehicle capability.

還有一點我想提的是整車能力。

How do we make sure that the whole car gets smarter in order to carry all this a des generate a desk capability?

我們如何確保整輛車變得更加智能，以便承載所有這些並產生辦公桌功能？

So I think going forward users will actually have a better idea or awareness of how capable a company is and how good the product is and they will have an in depth experience or first hand experience of what truly means to have a smart a desk capability in the product.

因此，我認為未來用戶實際上會對一家公司的能力和產品有多好有更好的想法或認識，他們將深入體驗或親身體驗智慧辦公桌能力的真正含義。

Thank you.

謝謝。

So I also would like to add that traditionally, the model for OEM to develop cars is to work with tier one suppliers.

所以我還想補充一點，傳統上，OEM開發汽車的模式是與一級供應商合作。

However, in the future, when we require cars to adapt the a capability from not only the brain but your upper toss in your legs and the whole body.

然而，在未來，當我們要求汽車不僅能夠適應大腦的能力，還能夠適應腿部和整個身體的上肢能力。

It will actually require a completely different model of development, which will also in the coming 3 to 4 years, set us apart from the rest of the competition.

它實際上需要一種完全不同的發展模式，這也將使我們在未來的三到四年內從其他競爭對手中脫穎而出。

Thank you.

謝謝。

And my second question is about the profitability because over the past few quarters, we've seen expert posting consecutive margin improvement at both week and at the group level looking into next year, how could the company further narrow the loss in the systematically turn the profit?

我的第二個問題是關於獲利能力，因為在過去的幾個季度中，我們看到專家發布了兩週和集團層面的利潤率連續改善，展望明年，公司如何進一步縮小虧損，系統性地扭轉局面利潤？

That's my second question.

這是我的第二個問題。

Thank you.

謝謝。

It's Brian, let me address this question.

我是布萊恩，讓我來回答這個問題。

First of all, I think in this quarter's financials, I think we're very encouraged to see that our nongaap operating margin, actually, the loss has narrowed to 15.5% compared to in the second quarter.

首先，我認為在本季度的財務數據中，我們非常高興地看到我們的非公認會計準則營業利潤率，實際上，與第二季度相比，虧損已收窄至 15.5%。

I think it's about 19%.

我認為大約是19%。

So you start to see operating leverage and narrowing of operating losses.

因此，您開始看到經營槓桿和經營損失縮小。

And I think that trend will, as we mentioned, we're going to launch P seven plus, which we think is actually a better margin profile product.

我認為，正如我們所提到的，這種趨勢將是我們將推出 P 7 plus，我們認為這實際上是一款利潤率更高的產品。

And also overall, we actually can see the scale effect coming into play as well as additionally, we can see continued improvement on the vehicle margin front and also on the expense side, I think we also start to see a very significant reduction opportunities for, for example, for the fourth quarter, I think we are going to hold a very consistent R&D spend of below 2 billion R&B in total.

總的來說，我們實際上可以看到規模效應正在發揮作用，此外，我們可以看到車輛利潤率和費用方面的持續改善，我認為我們也開始看到非常顯著的減少機會，例如，對於第四季度，我認為我們的研發支出總額將維持在20 億美元以下。

And that will make our entire year R&D to be probably less than 6.5 billion R&B than our original estimate.

這將使我們全年的 R&D 可能比我們最初的估計少 65 億 R&B。

So going into next year, we start to see these factors going to compound with additional launch of more in a robust product.

因此，進入明年，我們開始看到這些因素將隨著更多強大產品的推出而變得更加複雜。

As we mentioned, we have new models as well as refresh models to be launched.

正如我們所提到的，我們有新型號以及更新型號即將推出。

We also have models that are tackling new segments including for example, extended range energy module.

我們也有針對新細分市場的模型，例如增程能源模組。

So with all that, I think we're very optimistic about our robust growth as well as continued margin improvement.

因此，我認為我們對我們的強勁成長以及持續的利潤率改善非常樂觀。

We still, I think hold the same view as I think, communicated to all of you starting two years ago, that will be breaking even at some point next year, probably towards the end of next year.

我認為，我們仍然持有與我認為相同的觀點，從兩年前開始就與大家溝通，這將在明年的某個時候實現收支平衡，可能是在明年底。

And that is still a view.

這仍然是一種觀點。

I hold, I think we hope to deliver on that and also the improvement also will bring a healthy cash flow for the company as well next year.

我認為我們希望能夠實現這一目標，而且明年的改進也將為公司帶來健康的現金流。

So for example, by the end of this year, we asked them that we're going to have over 4 billion R&B on hand.

例如，到今年年底，我們要求他們手頭上將有超過 40 億的 R&B。

And next year, 40 billion R&B on hand.

明年，R&B 資金將達到 400 億美元。

Sorry.

對不起。

And next year, I think we will actually still continue to see healthy cash flow which allows us to have very comfortable capital base to bring us to break even.

明年，我認為我們實際上仍將繼續看到健康的現金流，這使我們能夠擁有非常舒適的資本基礎，使我們能夠實現收支平衡。

Great.

偉大的。

Thanks for sharing the details and congrats again on the strong results.

感謝您分享詳細信息，並再次祝賀我們取得的優異成績。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from Ming Shan Li with Bank of America.

您的下一個問題來自美國銀行的李明山。

Please go ahead.

請繼續。

Ha ha ha ha the woman the sentence to now find out.

哈哈哈哈這女人這句話現在就知道了。

So my first question is related to export outlook.

我的第一個問題與出口前景有關。

So in 2024 how do you expect the export sales contribution to your total revenue?

那麼，您預計2024年出口銷售對您總收入的貢獻為何？

And because some overseas market, the charging infrastructure is not as good as in China.

而且因為一些海外市場的充電基礎設施不如國內。

Therefore, do you see any potential bottleneck for the ev penetration in certain countries?

因此，您認為某些國家的電動車普及有潛在瓶頸嗎？

And in the longer term, where you see your ev product to be the major product for the overseas market?

從長遠來看，您認為您的電動車產品將在哪裡成為海外市場的主要產品？

I mean, Brian again, yeah, let me address your question on overseas market.

我的意思是，布萊恩，是的，讓我回答你關於海外市場的問題。

First of all, I think we do see overseas market as a very robust growth market for us, it's still very early in the electrification process compared to the Chinese market.

首先，我認為我們確實認為海外市場對我們來說是一個非常強勁的成長市場，與中國市場相比，海外市場仍處於電氣化進程的早期階段。

And also I think given our current you know, coverage of, you know, covering, you know, most of these markets by the end of next year, I think we are hoping to be able to tap into that growth as you mentioned, you know, last year, I mean, I would say this year, our overseas market percentage is has increased to around 15% of our sales.

而且我認為，考慮到我們目前的覆蓋範圍，你知道，覆蓋，你知道，到明年年底，大部分市場，我認為我們希望能夠利用你提到的這種增長，你我知道，去年，我的意思是，今年，我們的海外市場比例已增加到我們銷售額的15% 左右。

I think the next year we expect the contribution will be similar even though our domestic market growth is very very significant.

我認為明年我們預計貢獻將是相似的，儘管我們的國內市場成長非常非常顯著。

But I would still think overseas growth will, you know, you know, I think has a very similar growth profile as well.

但我仍然認為海外成長也將具有非常相似的成長概況。

And then also in terms of the electric BV versus extended range format, I think you're right.

然後，就電動 BV 與增程格式而言，我認為您是對的。

I think in some markets, we do recognize the lack of infrastructure could be a potential bottleneck for be penetration.

我認為在某些市場，我們確實認識到基礎設施的缺乏可能是滲透率的潛在瓶頸。

However, I think these markets, I think currently the B penetration is still very low, so there is still growth opportunity for be models themselves.

但是，我認為這些市場，我認為目前B滲透率仍然很低，所以be模型本身仍然有成長機會。

So we are also very hopeful, the growth of BEV exports as well as market penetration will increase as we expand into more markets.

因此，我們也非常希望，隨著我們擴展到更多市場，純電動車出口的成長以及市場滲透率將會提高。

But at the same time, once we actually have extended range of products, we think in some markets, particularly for markets like let's say Latin America or Central Asia or Middle East where charging facility infrastructure is lacking for efficient and fast charging be products, some of the extended range product will actually be also attractive.

但同時，一旦我們實際上擴大了產品範圍，我們認為在某些市場，特別是拉丁美洲、中亞或中東等市場，這些市場的充電設施基礎設施缺乏高效和快速的充電產品，一些擴展系列產品其實也很有吸引力。

So we're actually very very optimistic that both be as well as extended range products will be finding attractive growth opportunities in various global markets.

因此，我們實際上非常非常樂觀地認為，系列產品和擴展系列產品都將在全球各個市場中找到有吸引力的成長機會。

Yeah, thank you, Brian.

是的，謝謝你，布萊恩。

Now with the China woman, now you can go.

現在有了中國女人，你可以走了。

Yes, the Xinjiang component you now we find with the one.

是的，你現在發現的新疆成分就是其中之一。

So my second question is related to capacity.

所以我的第二個問題與容量有關。

Could you advise your latest capacity and also your effective capacity in 2025?

能透露一下你們最新的產能以及2025年的有效產能嗎？

Do you have any plan to expand the new plant or you can just expand your current plant to meet the demand?

您是否有擴建新工廠的計劃，或者您可以直接擴建現有工廠來滿足需求？

And recently, do you also see any component shortage across your supply chain?

最近，您是否也發現整個供應鏈出現零件短缺的情況？

Thank you.

謝謝。

I mean, Charles.

我是說，查爾斯。

First of all, I think as we mentioned in the earning call that both our Guangzhou and Zo Qing plant already turned on the second shift.

首先，我認為正如我們在財報電話會議中所提到的，我們的廣州和佐慶工廠都已經開始了二班制。

I think each of the plants can support approximately 200,000 to 300,000 per annum based on the two shifts.

我認為，以兩班制計算，每個工廠每年可以支援約 20 萬人到 30 萬人。

And also I think as we communicate before, there are also ample reserved land and also existing the plant next to our Guangzhou and Ching manufacturing base.

而且我想正如我們之前溝通的，我們的廣州和清代生產基地旁邊也有充足的預留土地，也有工廠。

So we believe that we can expand our production capacity at fast speed and also with low capital intensity.

因此我們相信我們能夠以較低的資本密集度快​​速擴大產能。

And also we already had our long term production capacity planning until 2026.

我們也已經制定了到 2026 年的長期產能規劃。

And so we believe that all these required manufacturing capacity has been a well planned ahead and also given we have long term planning for the our own manufacturing capacity, we are also working with our suppliers also to expand the supplier capacity.

因此，我們相信所有這些所需的製造能力都已提前規劃良好，考慮到我們對自己的製造能力有長期規劃，我們也在與供應商合作以擴大供應商的產能。

Because as you know that we are pushing really hard on the platform, a unified platform and also the component sharing across multi platforms and vehicles.

因為如您所知，我們正在大力推動平台、統一平台以及跨多平台和車輛的組件共享。

So it is actually more efficient for our suppliers to expand their capacity with us.

因此，對於我們的供應商來說，與我們一起擴大產能實際上更加有效。

Thank you, Charles.

謝謝你，查爾斯。

Thank you.

謝謝。

Your next question comes from Bin Wang with Deutsche Bank.

您的下一個問題來自德意志銀行的王斌。

Please go ahead.

請繼續。

So my first question is about the gross margin of the vehicles and actually in the third quarter, you got 2.2% points.

所以我的第一個問題是關於車輛的毛利率，實際上在第三季度，你得到了 2.2% 的分數。

Much expansion.

很大的擴展。

Can you quantify each of the factors?

你能量化每個因素嗎？

How much came from the, how much came from, how much came from the high base?

多少來自，多少來自，多少來自高基？

Because they have the cost?

因為他們有成本？

And secondly, you actually for the number four quarter due to the vehicle cost can go to double digit or not.

其次，由於車輛成本，實際上第四季的車輛成本可能會達到兩位數，也可能不會達到兩位數。

Thank you.

謝謝。

Hey, Ben, this is James.

嘿，本，這是詹姆斯。

So to your question on the Q3 versus Q2 margin improvement, I'd say it's primarily driven by two aspects.

因此，對於您關於第三季與第二季利潤率改善的問題，我認為這主要是由兩個方面驅動的。

One is we continued engineering cost reduction with regard to efforts on bave.

一是我們繼續努力降低工程成本。

In combination of the battery cost reduction, as we see the battery cost is coming down for the entire industry.

結合電池成本的降低，我們看到整個產業的電池成本正在下降。

You did mention the eop impact.

您確實提到了 eop 的影響。

We did have some impact in the second quarter which is less in the third quarter, which is also driving an improvement of the margin.

我們確實在第二季產生了一些影響，而第三季的影響較小，這也推動了利潤率的改善。

So that's that's for the quarter over quarter improvement.

這就是季度環比改善情況。

As we look into Q4, we mentioned earlier, the P seven plus delivery will start in Q4.

當我們展望第四季時，我們之前提到過，P 7 plus 的交付將於第四季度開始。

This is a product that will embed our latest platform with the cost reduction targets achieved and representing a double digit gross margin.

該產品將嵌入我們最新的平台，實現了成本降低目標，毛利率達到兩位數。

As we communicated earlier, this is going to help us further improve our vehicle margin from Q3 into Q4.

正如我們之前所傳達的，這將幫助我們從第三季到第四季進一步提高我們的車輛利潤率。

So as a trend, we do see margin continue to improve combined with larger scale.

因此，作為一種趨勢，我們確實看到利潤率隨著規模的擴大而繼續改善。

As Xiaopeng mentioned earlier, we expect our Q4 delivery to be exceeding prior quarters in the history.

正如小鵬汽車之前提到的，我們預計第四季度的交付量將超過歷史上前幾季。

Therefore helping us to thin our manufacturing cost as well and improve overall margin.

因此，幫助我們降低製造成本並提高整體利潤率。

So we have a double cost margin in the number four quota possible.

因此，我們在第四個配額中可能有雙倍的成本利潤。

The overall margin will improve.

整體利潤率將會改善。

As you can see, we have overall margin in Q3 as reported and you can expect that to improve in the fourth quarter.

正如您所看到的，我們在第三季的整體利潤率如報告的那樣，您可以預期第四季度會有所改善。

Okay.

好的。

Thank you.

謝謝。

The question is that recently media report that the Taiwan Foundry Company may not be able to do the OEM for China suppliers actually for the seven nanometer with any potential impact for our upcoming chips.

問題是，最近有媒體報導稱，台灣代工公司可能無法為中國供應商代工實際的7奈米工藝，這對我們即將推出的晶片有任何潛在影響。

Thank you.

謝謝。

I think this Charles, I think that the the mass production of our touring soc still progress.

我認為這個查爾斯，我認為我們的巡迴演出系統的大規模生產仍在進步。

Well, and we haven't seen any impact on our development of the turing soc.

嗯，我們還沒有看到對圖靈系統的發展有任何影響。

Thank you.

謝謝。

Thank you.

謝謝。

Your next question comes from Tina Hou with Goldman Sachs.

您的下一個問題來自高盛的蒂娜·侯。

Please go ahead.

請繼續。

And JJ.

還有傑傑。

And thanks for taking my question.

感謝您提出我的問題。

So my first question is regarding long term cost reduction of of EV.

所以我的第一個問題是關於電動車的長期成本降低。

So if we look at it from an angle of the powertrain, the A bomb including both smart cabin as well as autonomous driving as well as maybe potentially the car body and the interior exterior.

所以如果我們從動力總成的角度來看，A彈既包括智慧座艙，也包括自動駕駛，還可能包括車身和內裝。

So how much potential further cost reduction do you think there is in the longer term?

那麼，您認為從長遠來看，進一步降低成本的潛力有多大？

Thank you.

謝謝。

No to the people.

對人民不。

Number one by JD is the for the three TNZ Guiu.

JD 排名第一的是三個 TNZ Guiu。

So.

所以。

Thank you.

謝謝。

Thank you for this question.

謝謝你提出這個問題。

Actually, we've been, we've never stopped thinking about that.

事實上，我們一直都在思考這個問題。

And our understanding and our possible solution to it has been changing over the years.

多年來，我們的理解和可能的解決方案一直在變化。

I remember about a year and a half ago during the earnings call, I actually made a promise of achieving significant cost reduction at that time.

我記得大約一年半前的財報電話會議上，我當時實際上做出了大幅降低成本的承諾。

I actually summoned my courage to make that promise and I'm very happy and proud that we are able to actually deliver what we promise at that time.

事實上，我鼓起勇氣做出了這個承諾，我非常高興和自豪，因為我們能夠真正兌現當時的承諾。

And in the coming 3 to 4 years, obviously, there are a lot of room for improvement when it comes to cost reduction.

顯然，未來3到4年，在降低成本方面還有很大的進步空間。

A lot of things are very obvious, for example, supply chain optimization, scale economy of scale and also technology driven kind of cost reduction.

很多事情都是非常明顯的，例如供應鏈優化、規模經濟以及技術驅動的成本降低。

But specifically, we can do a lot more things as well.

但具體來說，我們還可以做更多的事情。

For example, on the one hand, we can do something that we call super integration, meaning that we can actually combine different capabilities of different parts together and make something that is significantly different from what we traditionally have.

例如，一方面，我們可以做一些我們稱之為超級整合的事情，這意味著我們實際上可以將不同部分的不同功能組合在一起，並做出與我們傳統擁有的顯著不同的東西。

Or we can also learn and adopt the Apple model, which is to empower the tier one suppliers or help them together develop the capabilities of tier two, tier three suppliers advantages, leveraging their already existing existing logistic capability and a lot of other details that can help us to improve efficiency and cut costs.

或者我們也可以學習和採用蘋果的模式，就是給一級供應商賦能或幫助他們一起發展二級、三級供應商的優勢能力，利用他們已有的物流能力和許多其他細節，可以幫助我們提高效率、降低成本。

In addition to that, we also can look at, for example, saving and cost control and in the electronic electric materials, et cetera.

除此之外，我們還可以關注例如電子電氣材料的節約和成本控制等等。

I mean, these are just some examples tip of iceberg here really.

我的意思是，這些其實只是冰山一角的一些例子。

And as a company that's constantly driven by technology innovation, we also can look at the upgrade of our manufacturing process, our craftsmanship in the coming 3 to 4 years, we're not going to stop until we achieve, you know, the optimal level of cost cutting.

作為一家不斷以技術創新為動力的公司，我們也可以著眼於未來3到4年我們的製造流程、我們的製程的升級，我們不會停止，直到我們達到最佳水準。

Now in the future A I tech day and also in the future earnings call, you can expect to hear our reporting of every year's cost control outcome.

現在，在未來的人工智慧技術日以及未來的財報電話會議中，您可以期待聽到我們對每年成本控制結果的報告。

And I don't think it's not just going, I don't think that it will come from only the scale or supply chain control optimization, but more likely being driven by technological innovation.

而且我不認為它只是持續下去，我不認為它只會來自規模或供應鏈控制優化，而更有可能由技術創新驅動。

Thank you.

謝謝。

Now, the xxxxxy and Z and the second question is regarding our 2025 new pipeline and also volume outlook.

現在，xxxxxy 和 Z，第二個問題是關於我們 2025 年的新管道和銷售展望。

Could we get more details in terms of the four new models?

我們能否獲得有關這四款新車型的更多詳細資訊？

Which quarter will they come out?

他們會在哪一季推出？

And then what kind of price range, what kind of body type and also our overall volume outlook for 2025?

那麼，什麼樣的價格範圍、什麼樣的車身類型以及我們對 2025 年整體銷售的展望？

Thank you.

謝謝。

Brian.

布萊恩.

I think first of all, we are not providing any guidance as we've done in the past.

我認為首先，我們沒有像過去那樣提供任何指導。

So I think right now, all I can say is that next year, we we actually are very confident that we can continue the momentum.

所以我認為現在我只能說，明年我們實際上非常有信心能夠繼續保持這一勢頭。

We're seeing the second half of this year and also looking at the the the growth profile, I think it will be more moderate growth compared to this year.

我們看到今年下半年，也看到了成長概況，我認為與今年相比，成長將更加溫和。

But still, I think it will be second half and slightly heavier than the first half.

但我仍然認為下半場會比上半場稍微重一些。

In terms of the model, I think we gave you the total number.

就型號而言，我想我們給了你總數。

We're not at the moment, I think ready to share specific models and exactly when they will be launched.

我認為我們目前還沒有準備好分享特定型號以及它們的確切發佈時間。

But we mentioned that there will be four new models, one of those will be extended model.

但我們提到將會有四種新車型，其中一款將是擴展車型。

And also in addition to those four models, we will have a few refresh of current models.

除了這四種型號之外，我們還將對當前型號進行一些更新。

So and that will be spread over the next four quarters.

因此，這將分佈在接下來的四個季度。

So you will expect to see a new model and refreshment potentially every quarter.

因此，您預計每個季度都會看到新型號和更新。

Follow up is the model YB mona PJ Biba.

跟進的是模特兒YB mona PJ Biba。

So for the four new models, our expectation should not, should not be lower mona as well as P seven plus.

所以對於四款新機型，我們的期望不應該、不應該降低mona以及P 7 plus。

Well, I think we are very, very confident that the models we launch will be leading their respective categories, obviously, different segments and different categories will have different volume expectations.

嗯，我認為我們非常非常有信心，我們推出的車型將會在各自的品類中處於領先地位，顯然，不同的細分市場、不同的品類會有不同的銷售預期。

But we do feel like our models will be very competitive in their respective segments.

但我們確實覺得我們的模型在各自的細分市場中將非常有競爭力。

Thank you very much.

非常感謝。

Thank you.

謝謝。

Your next question comes from Nick Le with JP Morgan.

您的下一個問題來自摩根大通的 Nick Le。

Please go ahead.

請繼續。

Let me translate my question very quickly at the moment, so called as per overseas market accounted for about 50% of our sales volume.

我現在快速翻譯一下我的問題，所謂海外市場占我們銷售量的50%左右。

But we understand from other competitors that for those who have overseas exposure, the possibility of profit margin is generally about 1.5 to 2 times arrogant.

但我們從其他競爭對手了解到，對於那些有海外業務的企業來說，利潤率的可能性通常在1.5到2倍左右。

I think in China it is fair to say the same pattern will apply to us.

我認為在中國，可以公平地說，同樣的模式也適用於我們。

And likewise, how do we educate customers?

同樣，我們如何教育客戶？

That level two, level three functionality is something very nice and that they need to have in the future.

二級、三級功能非常好，他們將來需要擁有。

Hey, Nick, it's Brian.

嘿，尼克，我是布萊恩。

I think, let me address your first question in terms of overseas markets, profitability contribution to us.

我想，我先回答你的第一個問題，海外市場、對我們的獲利貢獻。

I think there are a couple of areas to think about.

我認為有幾個方面需要考慮。

One is that yes, in general, I think the price of selling our models overseas are higher than domestic prices.

一是是的，總的來說，我認為我們的車型在海外銷售的價格比國內的價格要高。

There's additional cost obviously and potential tariffs and duties that we have to pay.

顯然，我們必須支付額外的成本以及潛在的關稅和關稅。

But the margin in general is slightly higher than the domestic gross margin.

但毛利率整體略高於國內毛利率。

But also to to be mindful is that the margins that we achieve in a lot of these overseas markets actually are margins that wholesale margins because we are working with importers or distributors in those countries where we are not responsible for retailing and distribution of those products.

但也要注意的是，我們在許多海外市場實現的利潤實際上是批發利潤，因為我們正在與那些我們不負責這些產品的零售和分銷的國家的進口商或分銷商合作。

So a lot of those margins actually, it's essential direct contribution to us rather than just the gross margin so that there's a distinction.

實際上，許多利潤對我們來說都是重要的直接貢獻，而不僅僅是毛利率，所以這是有區別的。

But I think going into next year, I think you clearly, you know, we are in a need to dealing with, you know, changes in tariff change, potential new markets have different regimes.

但我認為進入明年，我認為你很清楚，你知道，我們需要應對關稅變化的變化，潛在的新市場有不同的製度。

So we need to obviously have a more flexible approach to that structure.

因此，我們顯然需要對這種結構採取更靈活的方法。

But this year, I think the contribution has been pretty positive and I think Xiaopeng just your second question.

但今年，我認為貢獻是相當正面的，我認為小鵬只是你的第二個問題。

So and Tao, so the LCC.

所以和濤，所以LCC。

Thank you.

謝謝。

Yes, indeed.

是的，確實如此。

Different countries are different, they have different users, different preferences, different regulations.

不同的國家是不同的，他們有不同的使用者、不同的偏好、不同的法規。

By comparison.

相比之下。

For example, Europe versus China, typically China, you know, as a market has a younger group of consumers that are, you know, really attracted by nuvs, whereas in Europe, the majority of the users are middle age and above.

舉個例子，歐洲和中國，特別是中國，你知道，因為一個市場有一個年輕的消費者群體，你知道，他們確實被新人所吸引，而在歐洲，大多數用戶是中年以上的人。

But also we see a lot of similarities between China and other parts of the world outside of EU as well.

但我們也看到中國與歐盟以外的世界其他地區有許多相似之處。

But here for this discussion, I'm going to focus on the differences between Europe and China now.

但在這次討論中，我現在將重點放在歐洲和中國之間的差異。

Right now what you know, when it comes to the capabilities being delivered to our Europes customers, I think they really love smart cabin, fast and ultrafast, efficient charging our high quality services after sales services and also the the parking, auto parking LCC AC C.

現在你知道的是，當談到向我們的歐洲客戶提供的功能時，我認為他們真的很喜歡智慧座艙、快速和超快、高效的充電、我們高品質的服務、售後服務以及停車、自動停車LCC AC C.

These are the you know, sort of most daily commonly accepted and prefer Adas features that are being loved by European customers.

這些是您所知道的、最日常接受的、最受歐洲客戶喜愛的 Adas 功能。

And when it comes to other parts of Adas features because of the limitation or because of the regulatory environment in Europe, typically, you know, the implementation of those features in Europe is about 12 months behind what we can see in China right now.

當涉及到 ADAS 功能的其他部分時，由於歐洲的限製或監管環境，這些功能在歐洲的實施通常比我們現在在中國看到的晚大約 12 個月。

But as a company that is being driven by technology with heavy investment and very strong capabilities in software and hardware.

但作為一家以技術為驅動、投入大量、軟硬體能力非常強的公司。

We are very, very confident in, you know, adopting the same set of solutions but using different combinations for different market in order to build our global presence as a premium brand going forward.

我們非常非常有信心，您知道，採用同一套解決方案，但針對不同的市場使用不同的組合，以便在未來建立我們作為優質品牌的全球影響力。

And right now, you know, as has been proven by market feedback that we are actually able to do that.

現在，你知道，正如市場反饋所證明的那樣，我們實際上能夠做到這一點。

So in the future, when it comes to landing or implementing our solutions in different countries, we're going to focus more on not only product and service quality but also the operations across different regions to customize for local consumers.

所以未來我們的解決方案在不同的國家落地或落地的時候，我們會更加關注的不僅是產品和服務的質量，還有跨區域的運營，為當地消費者量身定制。

Thank you.

謝謝。

My second question is really about the trading policy from a top down standpoint.

我的第二個問題其實是從自上而下的角度來看的貿易政策。

What's our view on the continuity of the policy in 225?

我們對225政策的連續性有何看法？

And likewise, our product volume has been very strong, especially for free and PC plus if we place orders today and we only get a cut sometime in first quarter next year.

同樣，我們的產品量也非常強勁，尤其是免費版和 PC+ 版，如果我們今天下訂單，我們只會在明年第一季的某個時候獲得降價。

What's our market strategy for the customer who get a car only in first quarter?

對於第一季才買車的客戶，我們的市場策略是什麼？

Hi, Nick, this is.

嗨，尼克，這是。

Charles.

查爾斯.

I think we believe that our newly launched product like MO three and also the P seven plus are very competitive in terms of the product capabilities.

我認為我們相信我們新推出的產品如MO 3和P 7 plus在產品能力方面非常有競爭力。

And I think that the customer chose the product because I think there is no alternative product or, or less or very limited options available to them.

我認為客戶選擇該產品是因為我認為沒有替代產品，或可供他們選擇的選項較少或非常有限。

In the price range.

在價格範圍內。

So we believe that we will continue to see the strong momentum for the order orders for the MO three and also P seven plus.

因此，我們相信 MO 3 和 P 7 plus 的訂單將繼續保持強勁勢頭。

I think that more importantly, I think that we have very significant, huge, significant order backlog for both MO three and the P seven plus.

我認為更重要的是，我們對於 MO 3 和 P 7 plus 都有非常大量的訂單積壓。

I think this is also, I think this is also very different from a lot of our peers.

我覺得這個也是,我覺得這個跟我們很多同行也是非常不一樣的。

We will be carrying probably tens of thousands order backlog for both mo three and P seven plus into the Q1.

我們將在第一季為 Mo 3 和 P 7 Plus 提供可能數以萬計的積壓訂單。

So we believe that that will be the foundation of our growth in the 2025.

因此，我們相信這將成為我們 2025 年成長的基礎。

And this is my question is my question is for the customer who buy P C++ or if they only get a car in first quarter, 2025 will consider reimbursed, then provide additional incentive.

這是我的問題，我的問題是對於購買 P C++ 的客戶或如果他們在第一季才買車的客戶，2025 年將考慮報銷，然後提供額外的激勵。

Thanks.

謝謝。

Hi, this is Alex.

嗨，這是亞歷克斯。

So first of all, we do not have any specific insight about the government subsidies.

所以首先，我們對政府補貼沒有任何具體的了解。

We expect the auto sector will still be supported by any of the potential stimulus policy as a priority of any of the economic policy.

我們預計汽車產業仍將受到任何潛在刺激政策的支持，作為任何經濟政策的優先事項。

And regarding the customer expectations, I think they have quite reasonable expectations for the delivery time.

至於客戶的期望，我認為他們對交貨時間有相當合理的期望。

As you can see the delivery time for the P seven plus is 8 to 11 weeks.

如您所見，P 7 plus 的交貨時間為 8 至 11 週。

So I don't think our customers they are expecting to see sort of delivery before the December of this year for most of the customers who put their orders right now, they have reasonable expectations.

因此，我認為我們的客戶不會期望在今年 12 月之前看到交貨，對於大多數現在下訂單的客戶來說，他們有合理的期望。

We don't think they will change the decision because of the subsidies, they chose Expo cars because of the unique value proposition.

我們認為他們不會因為補貼而改變決定，他們選擇世博車是因為其獨特的價值主張。

We bring to these customers in these segments.

我們為這些細分市場的客戶提供服務。

P seven plus more than three, they exhibit competitiveness of all our peers models.

P七加三以上，展現了我們所有同行車型的競爭力。

So we don't really expect to see a material impact from any potential continuation or discontinuation of subsidies.

因此，我們並不真正期望看到任何潛在的補貼的繼續或終止產生實質影響。

We just focus on our product competitiveness as well as strengthening our channels.

我們只關注我們的產品競爭力以及加強我們的管道。

That very, very clear.

這非常非常清楚。

Thank you.

謝謝。

Thank you.

謝謝。

As there are no further questions.

因為沒有其他問題了。

Now, I'd like to turn the call back over to the company for closing remarks.

現在，我想將電話轉回公司進行結束語。

Thank you once again for joining us today.

再次感謝您今天加入我們。

If you have further questions, please feel free to contact investor relations through the contact information provided on our website or the PS and financial communications.

如果您還有其他疑問，請隨時透過我們網站或 PS 和財務通訊上提供的聯絡資訊與投資者關係聯繫。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect your line.

現在您可以斷開線路。

Thank you.

謝謝。