Xpeng Inc (XPEV) 2024 Q3 法說會逐字稿

Hello, ladies and gentlemen.

女士們、先生們，大家好。

Thank you for standing by for the third-quarter 2024 earnings conference call for XPENG Inc. (Operator Instructions) Today's conference call is being recorded.

感謝您出席小鵬汽車 2024 年第三季財報電話會議（操作員說明） 今天的電話會議正在錄音。

I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations and Capital Markets of the company.

現在我將電話轉交給東道主，公司投資人關係及資本市場部主管謝先生。

Please go ahead, Alex.

請繼續，亞歷克斯。

Thank you.

謝謝。

Hello, everyone, and welcome to XPENG's third-quarter 2024 earnings conference call.

大家好，歡迎參加小鵬汽車2024年第三季財報電話會議。

Our financial and operating results were issued via Newswire services earlier today and available online.

我們的財務和經營業績今天早些時候透過 Newswire 服務發布並可在線查看。

You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com.

您也可以造訪我們網站 ir.xiaopeng.com 的 IR 部分，查看收益新聞稿。

Participants on today's call from our management will include our Co-Founder, Chairman, and CEO, Mr. He Xiaopeng; Vice Chairman and President, Dr. Brian Gu; Vice President of Corporate Finance and VW Projects, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. James Wu; and myself.

出席今天管理層電話會議的人員包括我們的共同創辦人、董事長兼執行長何小鵬先生；副主席兼總裁顧布萊恩博士；公司財務及大眾專案副總裁張朝陽先生；財務會計副總裁吳先生；和我自己。

Management will begin with prepared remarks, and the call will conclude with a Q&A session.

管理階層將以準備好的發言開始，電話會議將以問答環節結束。

A webcast replay of this conference call will be available on the IR section of our website.

本次電話會議的網路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 US Private Securities Litigation Reform Act of 1995.

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。

Forward-looking statements involve inherent risks and uncertainties.

前瞻性陳述涉及固有風險和不確定性。

As such, the company's results may be materially different from the views expressed today.

因此，該公司的業績可能與今天表達的觀點有重大差異。

Further information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the US Securities and Exchange Commission.

有關這些以及其他風險和不確定性的更多資訊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。

The company does not assume any obligation to update any forward-looking statements except as required under applicable law.

除適用法律要求外，本公司不承擔更新任何前瞻性聲明的義務。

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.

另請注意，小鵬汽車的獲利新聞稿和本次電話會議包括揭露未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標。

XPENG's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

小鵬汽車的獲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.

我現在將電話轉給我們的共同創辦人、董事長兼執行長何小鵬先生。

Please go ahead.

請繼續。

(interpreted) Hello, everyone.

（譯）大家好。

I'm He Xiaopeng.

我是何小鵬。

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

2024 年第三季度，我們超額完成了關鍵績效目標。

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

第三季我們交付了 46,533 套，季增 54%，年增 16%，超出了我們先前季度指引的上限。

September's deliveries exceeded 20,000 units, marking a record high.

9月交車量突破2萬輛，創歷史新高。

Furthermore, thanks to the technology-driven cost reduction and growth in scale, our gross profit margin increased to 15.3% in the third quarter, achieving our pinnacle level and demonstrating continuous improvement for five consecutive quarters.

此外，由於技術驅動的成本下降和規模增長，第三季毛利率提升至15.3%，達到頂峰水平，並連續五個季度持續提升。

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

兩年來，小鵬汽車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.

然而，我在風暴中心依然保持冷靜，因為危機往往蘊藏著機會。

Having overcome these adversities, XPENG has emerged stronger than ever.

克服了這些困難，小鵬汽車變得更加強大。

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.

我們在策略、產品、管理、組織架構等方面進行了全面變革。

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

我們也解決了先前在行銷、銷售通路和設計方面需要改進的問題。

Moreover, our firm investment in AI technology has begun to yield advantages in both product experience and cost efficiency, helping to bolster our competitive edge.

此外，我們對人工智慧技術的堅定投入已開始在產品體驗和成本效率方面產生優勢，有助於增強我們的競爭優勢。

By prioritizing customer needs, maintaining a business-oriented approach and keeping the full picture in mind, we have established a robust capability across our entire operations from product definition and research and development to pre-sale activities, product launches, and delivery.

透過優先考慮客戶需求、保持以業務為導向的方法並牢記全局，我們在從產品定義和研發到預售活動、產品發布和交付的整個營運中建立了強大的能力。

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

因此，我們創造了一系列出色的產品，真正讓我們的用戶感到驚喜和高興。

XPENG's second decade has started, and I believe the next 10 years will be the era of AI or artificial intelligence.

小鵬汽車的第二個十年已經開始，我相信下一個十年將是AI或人工智慧的時代。

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

我將努力帶領小鵬汽車成為全球性的人工智慧汽車公司，引領人工智慧在出行產業的大規模應用。

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

從產業格局來看，我預計2025年到2027年，也就是即將到來的三年，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 AI will lead to the next stage of consolidation of market shares.

中國新能源汽車滲透率可望提升至85%以上，而人工智慧的融合將帶來下一階段的市場份額整合。

Unlike the traditional car companies that have relied on cooperative integrated supply chain models for research and development in the past, winners in the AI-defined car sector will be those with in-depth full-scale self-development capabilities.

與以往依賴合作式一體化供應鏈模式進行研發的傳統車企不同，AI定義汽車領域的贏家將是那些擁有深度全面自主研發能力的企業。

We plan to harness the power of AI 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.

我們計劃利用人工智慧的力量，將其作為數據引擎，將軟硬體整合到整車、AD駕駛室、引擎等研發中。

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

AI大車型的引進將從各方面帶來變革性的體驗，讓使用者擁抱更安全、更舒適、更全面、更智慧的AI駕駛和AI驅動車輛。

On November 7, the world's first AI-defined car, the P7+ was officially launched.

11月7日，全球首款AI定義汽車P7+正式上市。

That night, the number of firm orders exceeded 30,000 and continued to arise.

當晚，實盤數量突破3萬份，持續上漲。

The P7+ has become a phenomenal success in the mid to large BEV sedan market and marks a milestone in the widespread adoption of AI-defined cars.

P7+在中大型純電動轎車市場取得了巨大成功，標誌著人工智慧汽車廣泛採用的里程碑。

I'm pleased to see that the core reasons users choose the P7+ is its standard -- high standard, intelligent driving features across the entire model range.

我很高興看到用戶選擇P7+的核心原因是它的標準——全系車型的高標準、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，這種趨勢也是我們努力的方向。

We're collaborating with suppliers to expand the production capacity of the P7+, and I expect the delivery volume of the P7+ to exceed 10,000 units in December.

我們正與供應商合作擴大P7+的產能，預計12月份P7+的出貨量將超過10,000台。

Currently, both the M03 and the P7+ have begun double shift production.

目前，M03和P7+均已開始雙班生產。

As production capacity ramps up, we anticipate monthly deliveries will set a record in the fourth quarter and will strive to exceed 30,000 units in November.

隨著產能的提升，我們預期第四季的月交付量將創下歷史新高，並爭取11月突破3萬台。

Additionally, steady and long-term progress is one of our main themes for 2025.

此外，穩定、長期的進展是我們2025年的主題之一。

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.

進入2025年，我們將有數萬個訂單，這將增加我們明年第一季的交付量，為明年銷售量的大幅成長奠定堅實的基礎。

Starting from the P7+ model, our new and facelifted Max models will all feature the AI Hawkeye Visual ADAS solution.

從P7+車款開始，我們的新款與改款Max車款均將搭載AI鷹眼視覺ADAS解決方案。

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

這是中國唯一不依賴高清地圖或雷射雷達的ADAS解決方案，我們很快就會把它推向世界其他地區。

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 experience of the Level 3 ADAS driving at the cost of Level 2, achieving what we refer to as intelligence for all, tech-powered driving with the same cost as fuel.

我們以 2 級的成本提供了 3 級 ADAS 駕駛的體驗，實現了我們所說的全民智慧駕駛，以與燃油相同的成本實現技術驅動的駕駛。

Excitingly, in the first half of next year, after the Lunar New Year, Mona M03 Max will start mass producing the platform-based AI Hawkeye visual ADAS solution.

令人興奮的是，明年上半年農曆新年過後，莫娜M03 Max將開始量產基於平台的AI鷹眼視覺ADAS解決方案。

This will allow us to become the world's first car company to offer advanced intelligent driving vehicles for just RMB150,000 or about $20,000, lowering the threshold.

這將使我們成為全球第一家以 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，並降低了門檻。

With our leading AI technology and strong cost control, we have the competitive moats that will serve as our ultimate weapons for navigating from a seriously competitive red ocean to the opportunities of the blue ocean market.

憑藉領先的人工智慧技術和強大的成本控制，我們擁有競爭的護城河，這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。

I believe that over the next one to five years, the penetration rate of smart features will significantly increase non-linearly.

我相信在未來一到五年內，智慧功能的滲透率將呈現非線性顯著成長。

Our AI-defined vehicles, which incorporate powerful AI capabilities and autonomous driving features, will accelerate the replacements of cars that lag these technologies or cars that only claims to have these technologies.

我們的AI定義汽車融合了強大的AI能力和自動駕駛功能，將加速落後這些技術的汽車或僅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'll 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 facelift models will be very distinctive in their respective market segments, and I look forward to launching more top-selling models that users will love next year.

這些全新和改款車型中的每一款都將在各自的細分市場中非常有特色，我期待明年推出更多用戶喜愛的暢銷車型。

At our recent AI Tech day, we unveiled the Kunpeng Super Electric System, our next-generation extended range products along with our next generation pure electric products will be our second-largest growth engine.

在最近的人工智慧科技日上，我們推出了鯕鵬超級電動系統，我們的下一代增程產品以及下一代純電動產品將成為我們的第二大成長引擎。

Together with our AI capabilities, it will drive strong momentum for accelerated development.

與我們的人工智慧能力一起，將為加速發展帶來強勁動力。

Powertrain technology and industry-leading energy efficiency are key components of XPENG brands.

動力總成技術和業界領先的能源效率是小鵬品牌的關鍵組成部分。

We have received widespread user acclaim for our exceptional energy consumption management with our electric vehicles regularly exceeding advertised range estimates.

我們卓越的能源消耗管理贏得了用戶的廣泛讚譽，我們的電動車經常超出廣告宣傳的續航里程估計。

In our brand-new extended range products, we'll 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.

在我們全新的增程產品中，我們將採用領先市場一代的高壓電動技術，解決市場上目前增程產品常見的用戶痛點，並提供遠優於許多現有增程產品的用戶體驗。

The Kunpeng Super Electric Drive System is built on our third-generation industry-leading 800-volt platform, supporting various features, including a pure electric range of 430 kilometers, a combined range of 1,400 kilometers, and the 5C ultra-charging battery, while also controlling cost, all of which will lead the way for the next-generation extended range technology.

鯤鵬超級電驅動系統基於業界領先的第三代800伏特平台打造，支援純電續航430公里、綜合續航1400公里、5C超級快充電池等多種特性。增程技術引領道路。

In the coming future, XPENG 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.

未來，小鵬汽車將採用雙能源策略，推出一批純電動和超級電動動力總成的新車型，以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 AI-defined vehicles worldwide.

我相信，這將顯著擴大我們的潛在市場總量，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 terms of operations, the P7+ will also mark a brand-new starting point for the overall improvement in vehicle gross margins for XPENG's next-generation models.

從經營角度來看，P7+也將標誌著小鵬汽車新一代車型整車毛利率全面提升的全新起點。

New platform-based technologies we have implemented in the P7+ will also be applied to new models and major facelift over the next few years of 2025 and 2026.

我們在 P7+ 中實施的基於平台的新技術也將應用於未來幾年（2025 年和 2026 年）的新車型和重大改款。

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.

我們預計下一代車型的毛利率將達到兩位數，在強勁的產品週期中使我們的銷量大幅提升到新的水平，幫助我們穩步實現實現盈利。

XPENG Turing AI Smart driving system demonstrates our robust full sets of development capabilities.

小鵬圖靈AI智慧駕駛系統展現了我們強大的全套開發能力。

It integrates cloud-based and in-vehicle software and hardware, including chips.

它整合了基於雲端的車載軟體和硬件，包括晶片。

It sets a new gold 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黃金標準，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.

我們的雲端大模型參數比車載機型多80倍，是目前中國ADAS市場最先進的技術。

In the coming years, the synergy between our in-vehicle data, cloud-based computing power, and both cloud and in-vehicle large models and our globalization and car manufacturing will grow exponentially, marking and making significant leaps forward in our large models' performance per the scaling law.

未來幾年，我們的車載數據、雲端運算能力、雲車一體大車型與全球化和汽車製造的協同效應將呈指數級增長，標誌著我們大車型的重大飛躍。

We plan to realize door-to-door full scenario ADAS on [Gen Z AI] XOS 5.5 by the end of this year.

我們計劃今年年底在【Gen Z AI】XOS 5.5上實現挨家挨戶的全場景ADAS。

This uninterrupted and ultra-smooth driving experience will elevate us from being on par with the first year to truly leading the pack.

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相當到真正領先。

We actually were able to deliver similar experience three years ago already, but it was a combination of multiple solutions, whereas this 5.5 OS is one-stop solution.

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，而這個 5.5 作業系統是一站式解決方案。

Next, we plan to achieve an L3-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L3級智慧駕駛體驗，目標是百公里接管次數低於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Robotaxi，同時確保足夠的安全性。

I firmly believe that the substantial improvement in autonomous driving capabilities will make AI a core differentiator among leading automating companies and a key factor in capturing user mindshare.

我堅信，自動駕駛能力的大幅提升將使人工智慧成為領先自動化公司的核心差異化因素，也是贏得用戶關注的關鍵因素。

Users will discover that AI is not only applied to autonomous driving but will also expand and integrate into various aspects, including in-car AI assistance, AI cabin, AI hub, smart chassis, smart audio systems, and AI battery doctors.

使用者會發現，AI不僅應用於自動駕駛，還將擴展到各個方面，包括車內AI輔助、AI座艙、AI中樞、智慧底盤、智慧音響系統、AI電池醫生等。

In the medium to long term, the gap between AI leaders and laggers on product technology, brand image, and profit models will continue to widen.

中長期來看，人工智慧領先者與落後者在產品技術、品牌形象、獲利模式等方面的差距將持續拉大。

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.

我們正在加速全球佈局，引領中國智慧電動車品牌在海外的發展。

Our organizational management, product planning, autonomous driving technology, smart cockpit 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、智慧座艙設計、供應鏈管理、製造生產等都在策略上面向全球部署。

By collaborating with high-quality overseas dealers, we have extended our reach to more than 30 countries with over 110 sales stores as of the third quarter.

透過與海外優質經銷商的合作，截至第三季度，我們的觸角已拓展至30多個國家，擁有超過110家銷售門市。

And we have experienced strong initial sales in multiple regions.

我們在多個地區都經歷了強勁的初始銷售。

Currently, XPENG ranks first in export sales of Chinese premium BEVs, and our G9 ranks first in the mid to large-sized battery electric SUV in Northern Europe.

目前，小鵬汽車在中國高端純電動車出口銷量中排名第一，G9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% sequentially, accounting for 15% of our total sales volume.

第三季度，我們的整體海外銷售額較上季成長70%，占我們總銷售量的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 EV 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%以上的電動車市場。

Our goal is to maintain robust growth in overseas sales over the next three years, aiming to secure the leading position in mid to high end EV export sales among Chinese automakers.

我們的目標是未來三年海外銷售保持強勁成長，確保中國汽車企業中高端電動車出口銷售領先地位。

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。

After two years of headwinds, we're about to enter a brand-new positive cycle.

經過兩年的逆風，我們即將進入一個全新的良性循環。

In the fourth quarter of 2025, we expect to experience tailwinds driven by AI transformation and the super electric system, which will accelerate our growth and lead us toward profitability.

2025年第四季度，我們預計將經歷由人工智慧轉型和超級電動系統驅動的順風車，這將加速我們的成長並帶領我們獲利。

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, reflecting a quarter-over-quarter rise of 51.5% to 60.4% and a year-over-year increase of 17.2% to 24.1%.

此外，我們預計第四季總營收將在 153 億元至 162 億元之間，季增 51.5%至 60.4%，年增 17.2%至 60.4%。

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.

預計到年底，我們的庫存現金將超過400億元。

With healthier gross profit and cash flow, we'll 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 AI-defined vehicles.

有了更健康的毛利和現金流，我們將有能力在研發和未來方面進行深度投資，使我們能夠持續、自信地為國內外客戶提供市場領先的人工智慧定義的汽車。

Thank you, everyone.

謝謝大家。

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

接下來，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.

謝謝你，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.

除非另有說明，我在今天的討論中僅提及人民幣。

Our total revenues were RMB10.1 billion for the third quarter of 2024, an increase of 18.4% year over year and an increase of 24.5% quarter over quarter.

2024年第三季我們的總營收為人民幣101億元，年增18.4%，季增24.5%。

Revenues from vehicle sales were RMB8.8 billion for the third quarter of 2024, representing an increase of 12.1% year over year and an increase of 29% quarter over quarter.

2024年第三季汽車銷售收入為人民幣88億元，較去年同期成長12.1%，較上季成長29%。

The year-over-year and quarter-over-quarter increases were mainly attributable to higher deliveries.

年比和環比增長主要歸因於交付量的增加。

Revenues from services and others were RMB1.31 billion for the third quarter of 2024, representing an increase of 90.7% year over year and an increase of 1.1% quarter over quarter.

2024年第三季服務及其他收入為人民幣13.1億元，年增90.7%，季增1.1%。

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 electric architecture, also known as EEA technical collaboration with the Volkswagen Group.

同比成長主要歸因於平台和軟體策略技術合作以及電動架構（也稱為EEA技術合作）與大眾集團相關的技術研發服務收入的增加。

The quarter-over-quarter increase was mainly attributable to the revenue from technical R&D services related to the EEA technical collaboration with the Volkswagen Group, partially offset by the reduction in parts and accessory sales.

環比成長主要歸因於與大眾集團歐洲經濟區技術合作相關的技術研發服務收入，但部分被零件銷售減少所抵銷。

Gross margin was 15.3% for the third quarter of 2024, compared with negative 2.7% for the same period of 2023 and 14% for the second quarter of 2024.

2024年第三季的毛利率為15.3%，而2023年同期為負2.7%，2024年第二季為14%。

Vehicle margin was 8.6% for the third quarter of 2024 compared with negative 6.1% for the same period of 2023 and 6.4% for the second quarter of 2024.

2024 年第三季汽車利潤率為 8.6%，而 2023 年同期為負 6.1%，2024 年第二季為 6.4%。

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

同比成長主要歸因於成本降低和產品結構改善。

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

環比成長主要得益於成本下降。

R&D expenses were RMB1.63 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.

2024年第三季研發費用為人民幣16.3億元，年增25.1%，季增11.3%。

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.

年比和環比成長主要是由於公司擴大產品組合以支持未來成長，與新車型開發相關的費用增加。

SG&A expenses were RMB1.63 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年第三季銷售管理及行政費用為人民幣16.3億元，較去年同期下降3.5%，較上季成長3.8%。

The year-over-year decrease was primarily due to lower employee compensation in the third quarter of 2024, while the quarter-over-quarter increase was mainly due to higher commissions paid to the franchise stores.

年比下降主要是由於2024年第三季員工薪酬下降，而環比增長主要是由於支付給加盟店的佣金增加。

As a result of the foregoing, loss from operations was RMB1.85 billion for the third quarter of 2024 compared with RMB3.16 billion for the same period of 2023 and RMB1.61 billion for the second quarter of 2024.

綜上所述，2024年第三季營運虧損為人民幣18.5億元，而2023年同期營運虧損為人民幣31.6億元，2024年第二季營運虧損為人民幣16.1億元。

Net loss was RMB1.81 billion for the third quarter of 2024 compared with RMB3.89 billion for the same period of 2023 and RMB1.28 billion for the second quarter of 2024.

2024年第三季淨虧損為人民幣18.1億元，2023年同期淨虧損為人民幣38.9億元，2024年第二季淨虧損為人民幣12.8億元。

As of September 30, 2024, our company had cash and cash equivalents, restricted cash, short-term investments, and time deposits in total of RMB35.75 billion.

截至2024年9月30日，本公司持有現金及現金等價物、限制性現金、短期投資、定期存款合計人民幣357.5億元。

To be mindful of the length of our earnings call, I would encourage listeners to refer to our earnings press release for more details on our third-quarter 2024 financial results.

為了注意我們財報電話會議的長度，我鼓勵聽眾參考我們的財報新聞稿，以了解有關我們 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.

我們現在開始提問。

Operator, please go ahead.

接線員，請繼續。

(Operator Instructions) Tim Hsiao, Morgan Stanley.

（操作員指示）Tim Hsiao，摩根士丹利。

(spoken in foreign language) So my first question is about driving because in the next three to five years, are you expecting the technology gap of smart driving be widened or narrow?

（用外語發言）所以我的第一個問題是關於駕駛的，因為在未來三到五年內，您預計智慧駕駛的技術差距會擴大還是縮小？

Several leading local EV brands in China considering making smart driving a standard configuration for all mass-market models.

中國多家領先的本土電動車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備。

Will the [smart-driving car] become a mid-tier function in future?

【智慧駕駛汽車】未來會成為中階功能嗎？

And how could XPENG ensure consumers can feel and appreciate the difference and choose XPENG's cars because of that?

小鵬汽車如何讓消費者感受到差異化、體會差異化並因此選擇小鵬汽車？

That's my first question.

這是我的第一個問題。

Thank you.

謝謝。

(interpreted) Thank you.

（翻譯）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 end-to-end large model solution.

實際上，過去兩年我們在開發端到端大模型解決方案時一直在討論這個問題。

Now what we need here for this next generation of capability is not only, first of all, the capital for R&D, but also the computing power and big tech as well.

現在，下一代能力首先需要的不僅是研發資本，還包括運算能力和大技術。

And in the coming three to five years, I think any companies who tried to compete in this landscape will not only have the full sets of self-developed R&D capability that combines software and hardware, but also on the cloud side, whole vehicle, chip development, and also EEA development across different car manufacturing capabilities are all essential for having that capability.

而且未來三到五年，我想任何一家想要在這個領域競爭的公司，不僅要有軟硬體結合的全套自研研發能力，還要在雲端、整車、晶片上都有能力。不同汽車製造能力的EEA 開發對於擁有這種能力都是至關重要的。

So in sum, I believe that the gap between different EV makers will actually be widened in the several years.

總而言之，我相信不同電動車製造商之間的差距實際上會在未來幾年內擴大。

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

我想提的另一點是，ADAS 功能就像是您大腦的一部分。

You have to not only have your mindset, 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.

你不僅要有你的心態，你認為你能做什麼，而且你實際上需要能夠表達你的主張，這也將為參加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 ADAS capability?

我們如何確保整車變得更加智能，以承載所有這些 ADAS 功能？

So I think going forward, users will actually have a better idea or awareness of how capable a company is, 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 ADAS capability in the product.

所以我認為未來用戶實際上會對一個公司有多大能力、產品有多好有一個更好的認識或認識，他們會對什麼是真正的智慧有一個深入的體驗或親身體驗。 。

Thank you.

謝謝。

I also would like to add that traditionally, the model for OEMs to develop cars is to work with Tier 1 suppliers.

我還想補充一點，傳統上，主機工廠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 ADAS capability from not only the brain but your upper [tassel] and your legs and the whole body, it will actually require a completely different model of development, which will also in the coming three to four years set us apart from the rest of the competition.

但是，未來當我們要求汽車不僅要從大腦上適應ADAS能力，還要從你的上流蘇、你的腿和整個身體上適應ADAS能力時，它實際上需要一種完全不同的開發模式，這也會在未來三到四年，我們將在競爭中脫穎而出。

Thank you.

謝謝。

(spoken in foreign language) My second question is about the profitability because over the past few quarters, we've seen XPENG posting consecutive margin improvement at both vehicle and at the group level.

（用外語發言）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，我們看到小鵬汽車在整車和集團層面的利潤率都持續改善。

Looking to next year, how could the company further narrow the loss and systematically turn to profit?

展望明年，公司如何進一步收窄虧損、系統性轉虧為盈？

That's my second question.

這是我的第二個問題。

Thank you.

謝謝。

Hey, Tim.

嘿，提姆。

It's Brian.

是布萊恩。

Yes, let me address this question.

是的，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 non-GAAP operating margin, actually, the loss has narrowed to 15.5%, compared to -- in the second quarter, I think it's about 19%.

首先，我認為在本季度的財務數據中，我認為我們非常鼓舞地看到我們的非 GAAP 營業利潤率實際上與第二季度相比，虧損已收窄至 15.5%，我認為約19%。

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

因此，您開始看到我們的經營虧損縮小了經營槓桿。

And I think that trend will continue.

我認為這種趨勢將會持續下去。

As we mentioned, we're going to launch P7+, which we think is actually a better margin profile product.

正如我們所提到的，我們將推出 P7+，我們認為這實際上是一個利潤率更高的產品。

And also, overall, we actually can see the scale effect come into play.

而且，總體而言，我們實際上可以看到規模經濟正在發揮作用。

As well as additionally, we can see continued improvement on the vehicle margin front.

此外，我們還可以看到車輛利潤率持續改善。

And also on the expense side, I think we still -- also start to see very significant reduction opportunities.

同樣在費用方面，我認為我們仍然 - 也開始看到非常顯著的減少機會。

For example, for the fourth quarter, I think we are going to hold a very consistent R&D spend below RMB2 billion in total, and that will make our entire year's R&D to be probably less than RMB6.5 billion, lower than our original estimate.

例如，第四季度，我認為我們的研發支出總額將非常穩定地維持在20億元人民幣以下，這將使我們全年的研發支出可能低於65億元人民幣，低於我們原來的估計。

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

因此，進入明年，我們開始看到這些因素與更多強大產品的推出相結合。

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

正如我們所提到的，我們有新型號以及即將推出的更新型號。

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

我們也有針對新細分市場的模型，包括增程能源模組等。

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利潤率的持續改善非常樂觀。

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

我認為，我們仍然持有與兩年前開始向大家傳達的相同觀點，即我們將在明年某個時候實現收支平衡，可能是在明年年底，這仍然是我的觀點。

I think we hope to deliver on that.

我認為我們希望能夠實現這一點。

And also, the improvement also will bring healthy cash flow for the company as well next year.

此外，這項改善也將為公司明年帶來健康的現金流。

So for example, by the end of this year, we estimate we're going to have over RMB4 billion on hand.

例如，到今年年底，我們估計我們手上的資金將超過40億元。

And next year, over RMB40 billion be on hand, sorry.

明年，手上有超過400億元人民幣，抱歉。

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 breakeven.

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。

Ming Hsun Lee, Bank of America.

李明勳，美國銀行。

(spoken in foreign language) So my first question is related to export outlook.

（用外語發言）我的第一個問題是關於出口前景的。

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

那麼2024年，您預計出口銷售對您總收入的貢獻為何？

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

而目前，由於一些海外市場的原因，充電基礎設施還不如國內。

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率是否有潛在瓶頸？

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

從長遠來看，您的純電動車產品會成為海外市場的主力產品嗎？

Hey, Ming.

嘿，明。

It's Brian again.

又是布萊恩。

Yes, let me address your question on overseas market.

是的，我來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.

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。

It's still very early in the electrification process compared to the Chinese market.

與中國市場相比，電氣化進程仍處於早期階段。

And also, I think given our current coverage of -- covering in most of these markets by the end of next year, I think we are hoping to be able to tap into that growth.

而且，我認為考慮到我們目前的覆蓋範圍——到明年年底涵蓋大部分這些市場，我認為我們希望能夠利用這種成長。

As you mentioned, last year -- I mean, I would say this year, our overseas market percentage is -- has increased to around 15% of our sales.

正如您所提到的，去年——我的意思是，今年，我們的海外市場百分比——已經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，我們預計貢獻將是類似的，儘管我們的國內市場成長非常非常顯著。

But we still think overseas growth will -- I think has a very similar growth profile as well.

但我們仍然認為海外成長將會——我認為也有非常相似的成長概況。

And then also in terms of the electric BEV versus extended-range format.

然後是電動純電動車與增程型車型的比較。

I think you're right.

我認為你是對的。

I think in some markets, we do recognize the lack of infrastructure could be a potential bottleneck for BEV 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純電動車普及的潛在瓶頸。

However, I think these markets -- I think currently the BEV penetration is still very low.

然而，我認為這些市場目前純電動車的普及率仍然很低。

So there is still ample growth opportunity for BEV models themselves.

因此純電動車型本身仍存在充足的成長機會。

So we are also very hopeful the growth of BEV exports as well as the 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 products, we think in some markets, particularly for markets like, let's say, Latin America or Central Asia or Middle East, where charging facility or infrastructure is lacking for efficient and fast-charging BEV products, some of the extended-range product will actually be also attractive.

但同時，一旦我們實際上擁有了擴展範圍的產品，我們就會考慮在某些市場，特別是拉丁美洲、中亞或中東等市場，這些市場缺乏高效和快速充電的充電設施或基礎設施BEV產品中，有些增程產品其實也會很有吸引力。

So we're actually very, very optimistic that both BEV as well as the 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，純電動車以及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。

Yes, thank you, Brian.

是的，謝謝你，布萊恩。

(spoken in foreign language) So my second question is related to capacity.

（外語）所以我的第二個問題是關於能力的。

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。

Hey, Ming.

嘿，明。

This is Charles.

這是查爾斯.

First of all, I think as we mentioned in the earnings call that both our Guangzhou and Zhaoqing plant already turned a second shift.

首先，我認為正如我們在財報電話會議中所提到的，我們的廣州和肇慶工廠已經轉為二班制。

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 communicated before, there are also ample reserved land and also existing plant next to our Guangzhou and Zhaoqing manufacturing base.

而且，我想正如我們之前溝通過的，我們的廣州和肇慶製造基地旁邊也有充足的預留土地和現有工廠。

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2026年的長期產能規劃。

And so we believe that all this required manufacturing capacity has been well planned ahead.

因此，我們相信所有這些所需的製造能力都已提前規劃好。

And also, given we have long-term planning for our own manufacturing capacity, we are also working with our suppliers also to expand the suppliers' capacity because as you know that we are pushing really hard on the platform, unify the platform, and also the component sharing across multiple platforms and vehicles.

而且，考慮到我們對自己的製造能力有長期規劃，我們也在與我們的供應商合作，以擴大供應商的產能，因為如你所知，我們正在非常努力地推動平台，統一平台，並且跨多個平台和車輛共享組件。

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。

Bin Wang, Deutsche Bank.

王斌，德意志銀行。

(spoken in foreign language) My first question is about the gross margin of the vehicles.

（外語）我的第一個問題是關於車輛的毛利率。

And actually, in the third quarter, you got 2.2 percentage points margin expansion.

事實上，在第三季度，你的利潤率擴大了 2.2 個百分點。

Can you quantify each of the factors?

你能量化每個因素嗎？

How much came from the product mix, how much came from cost reduction, how much came from the high base, because second quarter (inaudible) and what would be the cost?

有多少來自產品組合，有多少來自成本削減，有多少來自高基數，因為第二季（聽不清楚），成本是多少？

And secondly, you actually guided for the number four quarter.

其次，您實際上指導了第四季度。

Do you think the vehicle gross margin can go to double-digit or not?

您認為整車毛利率能達到兩位數嗎？

Thank you.

謝謝。

Hey, Bin, this is James.

嘿，賓，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 [VAVE] in combination of the battery cost reduction as we see the battery cost is coming down for the entire industry.

一是，我們繼續在 [VAVE] 方面努力降低成本，同時降低電池成本，因為我們看到整個產業的電池成本正在下降。

You didn't mention the EOP impact.

您沒有提到 EOP 的影響。

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

我們在第二季確實受到了一些 EOP 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 for the quarter-over-quarter improvement.

這就是季度環比的改善。

As we look into Q4, we mentioned earlier the P7+ delivery will start in Q4.

在我們展望第四季時，我們之前提到 P7+ 將於第四季開始交付。

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

該產品將嵌入我們最新的平台，實現了成本降低目標，並代表了我們先前溝通的兩位數毛利率。

This is going to help us further improve our vehicle margin from Q3 into Q4.

這將幫助我們從第三季到第四季進一步提高汽車利潤率。

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

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，因此也有助於我們降低製造成本並提高整體利潤率。

Can we have a double-digit gross margin in the number fourth quarter?

第四季毛利率能否達到兩位數？

Possible?

可能的？

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所述，您可以預期第四季度的整體利潤率會有所改善。

Okay, thank you.

好的，謝謝。

(spoken in foreign language) The question is that recently, media reported that a Taiwan foundry company may not be able to do the OEM for China chip suppliers actually for the 7-nanometer.

（外語）問題是，近日有媒體報道稱，台灣一家代工企業可能無法為大陸晶片供應商代工實際7奈米製程。

Were there any potential impact for our upcoming chips?

對我們即將推出的晶片有任何潛在影響嗎？

Thank you.

謝謝。

Hi, Bin.

嗨，斌。

This is Charles.

這是查爾斯.

I think that the mass production of our Turing SOCs still progress well, and we haven't seen any impact on our development of the Turing SOC.

我認為我們的圖靈SOC的量產進展仍然很好，我們沒有看到對我們圖靈SOC的發展有任何影響。

Okay, thank you.

好的，謝謝。

Tina Hou, Goldman Sachs.

蒂娜·侯，高盛。

(spoken in foreign language) Thanks for taking my question.

（用外語發言）感謝您提出我的問題。

So my first question is regarding long term cost-reduction 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 ADAS bond, including both smart cabin as well as autonomous driving, as well as for maybe potentially the car body and interior/exterior, so how much potential further cost reduction do you think there is in the longer term?

那麼如果我們從動力總成的角度來看，ADAS的結合，包括智慧座艙和自動駕駛，還有潛在的車身和內外飾，那麼進一步降低成本的潛力有多大？

Thank you.

謝謝。

(interpreted) Thank you.

（翻譯）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, and our understanding and our possible solution to it has been changing over the years.

事實上，我們從未停止思考這個問題，多年來我們的理解和可能的解決方案一直在改變。

I remember about 1.5 year ago during the earnings call, I actually made a promise of achieving significant cost reduction.

我記得大約 1.5 年前，在財報電話會議上，我實際上做出了大幅降低成本的承諾。

At that time, 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 promised at that time.

當時我確實鼓起勇氣做出了這個承諾，我很高興也很自豪我們能夠真正兌現當時的承諾。

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

顯然，在未來三到四年內，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——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 1 suppliers or help them together develop the capabilities of Tier 2, Tier 3 suppliers' advantages, leveraging their already existing logistics 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，還有很多其他的細節，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，我們還可以關注節約和成本控制以及電子電氣材料等方面的問題。

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

我的意思是，這些只是一些例子，其實只是冰山一角。

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 three to four years.

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三、四年內製造製程、製程的升級。

We're not going to stop until we achieve the optimal level of cost cutting.

在實現成本削減的最佳水平之前，我們不會停止。

Now in the future AI 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上，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 to -- 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.

我認為這不僅來自於規模或供應鏈控制優化，而更有可能是由技術創新所驅動的。

Thank you.

謝謝。

(spoken in foreign language) And so second question is regarding our 2025 new model pipeline and also volume outlook.

（用外語發言）第二個問題是關於我們的 2025 年新車型管道和銷售前景。

Could we get more details in terms of the four new models, which quarter will they come out, and then what kind of price range, what kind of body type?

能否詳細介紹一下這四款新車型，具體會在哪一季上市，價格區間是多少，車身類型是怎樣的？

And also our overall volume outlook for 2025?

我們對 2025 年的整體銷售有何展望？

Thank you.

謝謝。

Hey, Tina.

嘿，蒂娜。

It's Brian.

是布萊恩。

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

我認為，首先，我們沒有像過去那樣提供明顯的年度指導。

So I think right now, all I can say is that next year, we actually are very confident that we can continue the momentum we're seeing in the second half of this year.

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今年下半年的勢頭。

And also looking at the growth profile, I think it will be more moderate growth, compared to this year.

而且從成長情況來看，我認為與今年相比，成長將更加溫和。

But still, I think it will be second half that's 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, but we mentioned that there will be four new models.

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上市時間，但我們提到將會有四種新型號。

One of those will be extended range model.

其中之一將是增程型號。

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。

And that will be spread over the next four quarters.

這將分佈在接下來的四個季度。

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

因此，您可能會期望每個季度都會看到新型號和更新。

(spoken in foreign language) So for the four new models, our expectation should not be lower versus MONA as well as P7+?

（外語）那麼對於這四款新機，我們的期待應該不會比MONA和P7+低吧？

Well, I think we are very, very confident that the models we launch will be leading their respective categories.

嗯，我認為我們非常非常有信心我們推出的車型將在各自的類別中處於領先地位。

Obviously, different segments and different categories will have different volume expectations, but we do feel like our models will be very competitive in their respective segments.

顯然，不同的細分市場和不同的類別會有不同的銷售預期，但我們確實認為我們的模型在各自的細分市場中將非常有競爭力。

(spoken in foreign language) Thank you very much.

（用外語發言）非常感謝。

Nick Lai, JPMorgan.

尼克‧賴 (Nick Lai)，摩根大通。

(spoken in foreign language) Let me translate my question very quickly.

（用外語說）讓我快速翻譯一下我的問題。

Yes, I mean at the moment, third-quarter export overseas market accounted for about 15% of our sales volume.

是的，我的意思是目前第三季出口海外市場約占我們銷售的15%。

But we understand from other competitors that for those who have overseas exposure, the possibility of profit margin is generally about 1.5 times to 2 times higher than the same car sold in China.

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，利潤率的可能性一般比在中國銷售的同種汽車高出1.5倍至2倍左右。

Is it fair to say the same pattern will apply to XPENG?

可以說同樣的模式也適用於小鵬汽車嗎？

And likewise, how do we educate of this customer that level two, level three functionality is something very nice and that they need to have in the future?

同樣，我們如何教育該客戶二級、三級功能是非常好的並且他們將來需要擁有？

Hey, Nick.

嘿，尼克。

It's Brian.

是布萊恩。

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

我想讓我回答你的第一個問題，即海外市場對我們獲利能力的貢獻。

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 is additional cost obviously and potential tariff and duties that we have to pay.

顯然，我們必須支付額外的費用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 be mindful is that the margins that we achieve in a lot of these overseas markets actually are margins that are 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 are margins, actually, it's essentially direct contribution to us rather than just the gross margin.

所以其中很多都是利潤率，實際上，它本質上是對我們的直接貢獻，而不僅僅是毛利率。

So there's a distinction.

所以這是有差別的。

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

但我認為進入明年，我認為，顯然，我們需要應對關稅的變化，改變潛在的新市場，並採取不同的製度。

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.

但今年，我認為貢獻是相當正面的。

And I think Xiaopeng will address your second question.

我想小鵬會回答你的第二個問題。

(interpreted) Thank you.

（翻譯）謝謝。

Yes, indeed, different countries are different.

是的，確實，不同的國家是不同的。

They have different users, different preferences, different regulations.

他們有不同的使用者、不同的偏好、不同的規定。

My comparison, for example, Europe versus China, typically, China as a market has a younger group of consumers that are really attracted by EVs, whereas in Europe, the majority of the users are in middle aged and above.

我舉例來說，歐洲與中國的比較，通常情況下，中國作為一個市場，真正被電動車吸引的是年輕的消費者群體，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.

但在這次討論中，我將重點放在歐洲和中國之間的差異。

Now right now, what -- when it comes to the capabilities being delivered to Europe's customers, I think they really love smart cabin, fast, and ultra-fast efficient charging; our high-quality services; after-sales services; and also the valet parking, auto parking, LCC, ACC.

現在，當談到向歐洲客戶提供的功能時，我認為他們真的很喜歡智慧座艙、快速和超快速高效充電；我們的優質服務；售後服務；還有代客泊車、自動停車、LCC、ACC。

These are the sort of most daily -- commonly accepted and preferred ADAS features that are being loved by European customers.

這些是最日常、普遍接受和首選的 ADAS 功能，深受歐洲客戶的喜愛。

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

至於 ADAS 功能的其他部分，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, we are very, very confident in 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.

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，我們非常非常有信心採用同一套解決方案，但針對不同的市場使用不同的組合，以建立我們的全球影響力作為一個未來的優質品牌。

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

而現在，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 services 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實施的時候，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。

(spoken in foreign language) My second question is really about the trading policy.

（用外語發言）我的第二個問題其實是關於貿易政策的。

From top-down standpoint, what's our view on the continuity of the policy into '25?

從自上而下的角度來看，我們對25世紀政策的連續性有何看法？

And likewise, our product sales volume has been very strong, especially for M03 and P7+.

同樣，我們的產品銷售也非常強勁，尤其是M03和P7+。

If we place orders today and we only get the cut sometime in first quarter next year, what's our marketing strategy for the customer who get a cut only in first quarter?

如果我們今天下訂單，並且只能在明年第一季的某個時候獲得折扣，那麼對於僅在第一季獲得折扣的客戶，我們的行銷策略是什麼？

Thanks.

謝謝。

Hi, Nick.

嗨，尼克。

This is Charles.

這是查爾斯.

I think we believe that our newly launched product like M03 and also the P7+ 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M03和P7+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 for that or less or very limited options available to them in the price range.

我認為客戶選擇該產品是因為我認為沒有其他選擇，或者在價格範圍內可​​供他們選擇的選項較少或非常有限。

So we believe that we will continue to see the strong momentum for the order -- orders for the M03 and also P7+.

因此，我們相信我們將繼續看到訂單的強勁勢頭——M03 和 P7+ 的訂單。

I think that more importantly, I think that the -- we have very significant -- huge, significant order backlog for both M03 and the P7+.

我認為更重要的是，我認為 M03 和 P7+ 的訂單積壓量非常大。

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

我想這也是和我們很多同行有很大不同的地方。

We will be carrying probably tens of thousands order backlog for both M03 and the P7+ into the Q1.

我們將在第一季為 M03 和 P7+ 提供約數萬個積壓訂單。

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

因此，我們相信這將成為我們 2025 年成長的基礎。

Thanks.

謝謝。

(spoken in foreign language) My question is -- thank you, Charles.

（用外語發言）我的問題是－－謝謝你，查爾斯。

My question is for the customer who buy P7+ or M03.

我的問題是針對購買P7+或M03的客戶。

If they only get a car in first-quarter 2025, will XPENG consider reimbursement -- provide additional incentive?

如果他們在2025年第一季才拿到車，小鵬汽車會考慮報銷－提供額外的誘因嗎？

Thanks.

謝謝。

Hi, this is Alex.

嗨，這是亞歷克斯。

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

所以首先，我們對政府補貼並沒有任何具體的見解。

We expect 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 P7+ is 8 to 11 weeks.

如您所見，P7+ 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 with -- before the December this year.

因此，我認為我們的客戶不會期望在今年 12 月之前看到某種交付。

For most of the customers who put their orders right now, they have reasonable expectations.

對於大多數現在下訂單的客戶來說，他們都有合理的期望。

We don't think they will change their decision because of the subsidies.

我們認為他們不會因為補貼而改變決定。

They chose XPENG cars because of the unique value proposition we bring to these customers in these segments, P7+ more than M03.

他們選擇小鵬汽車是因為我們在這些細分市場為這些客戶帶來了獨特的價值主張，P7+ 比 M03 更重要。

They exceeded the competitiveness of all our peers' models.

它們超越了我們所有同儕模式的競爭力。

So we don't really expect to see a material impact from any potential continuation or discontinuation of subsidies, which are focused on our product competitiveness as well as strengthening our channels.

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，這些補貼的重點是我們的產品競爭力以及加強我們的管道。

Thanks, very clear.

謝謝，非常清楚。

Thank you.

謝謝。

Thank you.

謝謝。

As there are no further questions, now I'd like to turn the call back over to the company for closing remarks.

由於沒有其他問題，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 XPENG's Investor Relations through the contact information provided on our website or the Piacente Financial Communications.

如果您還有其他疑問，請隨時透過我們網站或Piacente Financial Communications提供的聯絡方式聯絡小鵬汽車投資者關係部。

This concludes today's conference call.

今天的電話會議到此結束。

You may now disconnect your lines.

現在您可以斷開線路。

Thank you.

謝謝。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call.

此文字記錄中標記（翻譯）的部分是由現場通話中的口譯員說出的。

The interpreter was provided by the company sponsoring this event.

口譯員由贊助本次活動的公司提供。