Xpeng Inc (XPEV) 2024 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the fourth quarter and fiscal year 2024 earnings conference call for XPeng, Inc. (Operator Instructions) Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations, Capital Markets of the company.

女士們、先生們，大家好。感謝您關注小鵬汽車第四季及2024財年財報電話會議。 （操作員指示）今天的電話會議正在錄音。現在我將電話轉給主持人、公司資本市場部投資者關係主管 Alex Xie 先生。

Please go ahead, Alex.

請繼續，亞歷克斯。

Thank you. Hello, everyone, and welcome to XPeng's fourth quarter and fiscal year 2024 earnings conference call. Our financial and operating results were issued by our Newswire Services earlier today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xiaopeng.com.

謝謝。大家好，歡迎參加小鵬汽車第四季及2024財年財報電話會議。我們的財務和經營結果已於今天早些時候由我們的新聞專線服務發布，可在網上查閱。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 Co-Founder, Chairman and CEO, Mr. He Xiaopeng; Vice Chairman and President, Dr. Brian Gu; Vice President of Corporate Finance and BW Projects, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. James Wu; and myself.

參加今天電話會議的管理層人員包括聯合創始人、董事長兼首席執行官何小鵬先生；副董事長兼總裁 Brian Gu 博士；企業財務和BW項目副總裁張朝陽先生；財務會計副總裁吳建民先生；和我自己。

Management will begin with prepared remarks, and the call will conclude with a Q&A session. A webcast replay of this conference call will be available on the IR section of our website.

管理階層將以準備好的發言開始會議，並以問答環節結束會議。本次電話會議的網路回放將在我們網站的 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. Forward-looking statements involve inherent risks and uncertainties.

在我們繼續之前，請注意，今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款做出的前瞻性陳述。前瞻性陳述涉及固有風險和不確定性。

As such, the company's results may be materially different from the views expressed today. 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. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law.

因此，該公司的業績可能與今天表達的觀點有重大差異。有關這些和其他風險和不確定性的更多資訊包含於公司向美國證券交易委員會提交的相關公開文件中。除適用法律要求外，該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 includes the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. Earnings press release contains a reconciliation of the audited non-GAAP measures to the unaudited GAAP measures.

另請注意，小鵬汽車的獲利新聞稿和本次電話會議包括未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標的揭露。收益新聞稿包含經審計的非 GAAP 指標與未經審計的 GAAP 指標的對帳。

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

現在，我將把電話轉給我們的共同創辦人、董事長兼執行長何小鵬先生。請繼續。

(interpreted) Hello, everyone. I'm He Xiaopeng. In the fourth quarter of 2024, we achieved significant milestones, including a record 91,507 vehicle deliveries in a single quarter, six consecutive quarters of improving vehicle margins and over RMB4 billion in free cash flow in the second half of the year.

（譯）大家好。我是何小鵬。2024年第四季度，我們實現了重要的里程碑，包括單季交付汽車91,507輛，創下紀錄，汽車利潤率連續六個季度提高，下半年自由現金流超過40億元。

These results highlight our significant progress in scaling organizational improvement and strategic execution. As we move into 2025, XPeng has topped monthly deliveries among China's emerging EV companies for two consecutive months, demonstrating our robust momentum.

這些結果凸顯了我們在擴大組織改進和策略執行方面取得的重大進展。進入2025年，小鵬汽車月交車量已連續兩個月位居中國新興造車企業榜首，展現強勁的發展動能。

I believe that the key to achieving long-term goals lies in steady progress. This year, I'll dedicate myself to further enhancing XPeng's organizational capacity, user-centric product development, AI, and automotive technology commercialization and globalization.

我相信，實現長期目標的關鍵在於穩定前進。今年我將致力於進一步提升小鵬的組織能力、以使用者為中心的產品開發、人工智慧和汽車技術的商業化和全球化。

In our last earnings call and AI Tech Day, I emphasized that the next decade in the automaking industry will be the era of AI. And by 2025, advanced AI models will revolutionize autonomous driving. The AI advancement led by China in the first quarter of this year has only strengthened my conviction. I'm now more confident than ever in XPeng's strategy and technology road map for AI large model in the physical world.

在我們上次的財報電話會議和人工智慧科技日上，我強調汽車製造業的下一個​​十年將是人工智慧時代。到 2025 年，先進的人工智慧模式將徹底改變自動駕駛。今年第一季中國在人工智慧領域的進步更加堅定了我的這一信念。我現在對小鵬汽車在物理世界的AI大模型策略和技術路線圖比以往任何時候都更有信心。

We've developed a cloud-based foundational model that boasts tens of billions of parameters leveraging over 100 million kilometers of real driving data for pretraining. This marks an unprecedented scale of model parameters and data volume in the field of autonomous driving in China.

我們開發了基於雲端的基礎模型，該模型擁有數百億個參數，利用超過 1 億公里的真實駕駛資料進行預訓練。這標誌著我國自動駕駛領域的模型參數和數據量達到了前所未有的規模。

To further enhance the model's generalization capabilities and its ability to manage long tail scenarios, we employ reinforcement learning techniques. We then implement the model in vehicles applying distillation, pruning, and quantization techniques and have successfully boosted the model's accuracy by over 100%.

為了進一步增強模型的泛化能力和管理長尾場景的能力，我們採用了強化學習技術。然後，我們應用提煉、修剪和量化技術在車輛中實現該模型，並成功將模型的準確率提高了 100% 以上。

In January 2025, DeepSeek R1 made significant strides in large language models, advancing AI capabilities in the digital realm. Much of this technology roadmap resonates with ours. I'm thrilled to see that large models are integrating in various industries, and XPeng is exploring the frontier of technology together with leading AI tech companies from different fields. I truly believe AI will transform the automotive industry in a few years' time, speeding up the development of L3 and L4 autonomous driving.

2025年1月，DeepSeek R1在大型語言模型方面取得重大進展，提升了數位領域的AI能力。該技術路線圖的大部分內容與我們的產生共鳴。很高興看到大模型正在融入各個行業，小鵬汽車也在與不同領域領先的AI科技公司一起探索技術的前沿。我堅信人工智慧將在幾年內改變汽車產業，加速 L3 和 L4 自動駕駛的發展。

Additionally, I see a growing trend of smart vehicles that embody AI evolving together and smart vehicles may pave the way for humanoid robot. I'm confident that all future smart cards will be embodied AI vehicles. My goal for this decade is to build XPeng into an AI-empowered global automotive company and a smart technology brand cherished by users worldwide.

此外，我看到體現人工智慧共同發展的智慧汽車日益增長的趨勢，智慧汽車可能為人形機器人鋪平道路。我相信未來所有的智慧卡都將成為人工智慧載體。我未來十年的目標是，把小鵬汽車打造成一家人工智慧賦能的全球化汽車公司，一個受全球用戶喜愛的智慧科技品牌。

We're currently undergoing a transformational shift from the era of vehicle electrification to the era of AI. If 2025 marks the beginning of the AI application, then XPeng's in-house developed AI vehicles and humanoid robots will be two of the most significant applications of AI in the physical world.

我們目前正在經歷從汽車電氣化時代向人工智慧時代的轉型。如果說2025年是人工智慧應用的開始，那麼小鵬汽車自主研發的人工智慧汽車和人形機器人，則是人工智慧在物理世界中最重要的兩個應用。

I believe that a top AI company should possess cutting-edge full stack software and hardware capabilities and be able to iterate closed-loop data effectively across large cloud-based AI models in vehicle models, vehicle electronic architecture or EEA and system on chips or SoC.

我認為，頂尖的AI公司應該擁有尖端的全端軟硬體能力，能夠在車型、車輛電子架構或EEA以及系統單晶片或SoC等基於雲端的大型AI模型之間有效迭代閉環數據。

We expect to begin mass production of our self-developed touring chip, which, by the way, is progressing really well for vehicles, flying cars, and humanoid robots this year. This chip is also designed for swift deployment across global markets and diverse scenarios.

我們預計今年將開始量產我們自主研發的旅行晶片，順便說一句，該晶片在汽車、飛行汽車和人形機器人方面的應用進展非常順利。該晶片還旨在實現全球市場和多樣化場景的快速部署。

The touring chip combined with our full stack in-house developed software and hardware will enable XPeng to fully leverage scaling law of our vehicles. Our model architecture will not only remain a generation ahead of the industry, but effective parameters used in our vehicles will also be dozens of times larger than those of our competitors, creating a significant gap between us and them.

巡遊晶片與我們全端自主開發的軟體和硬體結合，將使小鵬汽車能夠充分利用車輛的縮放定律。我們的模型架構不但會領先業界世代，而且我們車輛所採用的有效參數也會比競爭對手大幾十倍，與他們拉開明顯差距。

I believe that in the second half of this year, XPeng will be the first in China to offer a smart driving experience that boasts software capabilities and user experience equivalent to L3 autonomous driving. L3 autonomy will generate strong user demand and exceptional user loyalty marking an iPhone for moment for AI defined cars.

我相信今年下半年小鵬汽車將在國內率先推出軟體能力和使用者體驗等同於L3級自動駕駛的智慧駕駛體驗。L3 自動駕駛將產生強勁的用戶需求和卓越的用戶忠誠度，這標誌著 iPhone 成為人工智慧定義汽車的時代。

Additionally, in 2026, we plan to mass produce vehicle models that will support L4 autonomous driving in low-speed scenarios. True success will be achieved when smart driving earns the trust of a broad range of family users. So even those from my parents' generation can use it confidently and frequently.

另外，2026年我們計畫量產支援低速場景L4自動駕駛的車款。只有當智慧駕駛贏得廣大家庭用戶的信任，才算是真正的成功。所以即使是我父母那一代也可以自信地經常使用它。

An interesting figure to share with you is that starting from 2025, the penetration rate of advanced urban smart driving among new car buyers in China will exceed 10% for the first time, marking a turning point in the demand for smart driving.

跟大家分享一個有趣的數字，那就是從2025年開始，中國新車購買者中高級城市智慧駕駛的滲透率將首次超過10%，這是智慧駕駛需求的轉折點。

This growth trend is expected to be non-linear, presenting a significant opportunity for us. We're well-prepared in terms of technology, cost, and model lineup to rapidly ramp up the sales of AI vehicles and promote the global adoption of AI-powered smart driving.

預計這種成長趨勢是非線性的，這對我們來說是一個重大機會。我們在技術、成本、車款等方面都做好了充分的準備，能夠快速帶動人工智慧汽車的銷量，推動人工智慧智慧駕駛在全球的普及。

From a technology standpoint, XPeng and Tesla are the only two companies worldwide that are capable of providing globally reliable AI smart driving experience without relying on high-definition maps or LiDAR and using a single software suite across the vehicle models.

從技術層面來看，小鵬汽車與特斯拉是全球僅有的兩家能夠不依賴高清地圖或雷射雷達，在所有車型中使用統一軟體套件，提供全球可靠的AI智慧駕駛體驗的公司。

Going forward, we look forward to competing alongside world's leading AI autonomous driving companies in both the Chinese and global markets, jointly accelerating the penetration and adoption of AI-driven autonomous driving technologies.

未來，我們期待在中國及全球市場與全球領先的人工智慧自動駕駛企業並駕齊驅，共同加速人工智慧驅動的自動駕駛技術的普及與應用。

Starting from the P7+, all new XPeng models, including the recently launched 2025 G6 and G9 will come with industry-leading pure vision-based AI smart driving as a standard feature across all trims, no extra costs or add-ons.

從 P7+ 開始，所有新款小鵬車型，包括最近推出的 2025 年 G6 和 G9，都將配備業界領先的純視覺 AI 智慧駕駛，作為所有車型的標準功能，無需額外費用或附加組件。

Our upcoming MONA M03 Max is set to launch in May will lower the entry barrier for urban AI smart driving to the RMB150,000 range for the first time, making advanced vehicle technology more accessible to younger consumers by integrating cutting-edge AI technology with a well-developed and highly efficient platform-based approach, XPeng is democratizing AI technology across the widest price range, making it affordable and reliable for broad base of ordinary users.

我們即將於5月上市的MONA M03 Max，將首次把城市AI智慧駕駛的門檻降低到15萬元左右，讓先進的汽車科技更容易被更年輕的消費者所接受。小鵬汽車將前沿的AI技術與成熟高效的平台化方式相結合，讓AI技術在最廣泛的價格區間內普及，讓廣大普通用戶都能負擔得起、信賴。

As the AI boom accelerates over the next three years, we'll focus on refining, differentiating, and globalizing our well-defined product portfolio. This will enable us to achieve rapid sales growth and scale leadership through our three-year product cycle, while also ensuring sustainable profitability. Starting in 2025, we plan to launch new models or updated versions every quarter, all equipped with XPeng's latest next-gen AI technologies.

隨著未來三年人工智慧熱潮的加速，我們將專注於完善、差異化和全球化我們明確的產品組合。這將使我們能夠在三年的產品週期內實現銷售的快速成長和規模領先，同時確保可持續的獲利能力。從 2025 年開始，我們計劃每季推出新車型或升級版本，並搭載小鵬汽車最新的下一代 AI 技術。

On March 13, we launched a new 2025 G6 and G9. Their comprehensive upgrades and top-tier product capabilities have been widely recognized and appreciated by our users. Orders continue to pile up and have exceeded our expectations.

3月13日，我們推出了全新的2025款G6和G9。其全面的升級和一流的產品能力得到了用戶的廣泛認可和讚賞。訂單不斷增加，已經超出了我們的預期。

Additionally, the surge in store visits following the new model launches has driven an increase in demand for our entire lineup. We plan to begin deliveries of the new G6 on March 21, and we're currently working closely with our supply chain to ramp up production capacity, ensuring that more customers can receive their vehicles as soon as possible.

此外，新車型推出後商店訪問量的激增推動了我們整個產品線的需求增加。我們計劃於3月21日開始交付新款G6，目前我們正與供應鏈密切合作，以提高生產能力，確保更多客戶能夠盡快收到他們的車輛。

Next, our MONA M03, G7 and X9 will introduce new Max streams and launch new models or facelift. I'm confident that our strong product offerings represented by the M03, G6, G7, P7+, G9, and X9 will effectively cater to the diverse needs of young consumers, families, and those seeking premium upgrades, ultimately helping us increase our market share across diverse market segments.

接下來我們的MONA M03、G7和X9將會引進Max Stream並推出新車型或改款。我相信，以 M03、G6、G7、P7+、G9 和 X9 為代表的強大產品線將有效滿足年輕消費者、家庭和尋求高端升級的消費者的多樣化需求，最終幫助我們提高在不同細分市場的份額。

With the deliveries of our new models and updated versions ramping up, I expect ourselves to steadily navigate a transitional period of product generational change, continue to grow and reach new highs in the second quarter. In the second half of the year, we plan to deliver several new products, including battery electric vehicles or BEVs and Quinton super electric vehicles. Most of our models will feature dual energy or power significantly broadening our addressable market through super electric models.

隨著我們新車型和升級版本的交付量不斷增加，我預計我們將穩步度過產品更替的過渡期，在第二季度繼續增長並創下新高。今年下半年，我們計劃推出幾款新產品，包括電池電動車或純電動車和 Quinton 超級電動車。我們的大多數車型都具有雙能源或動力，透過超級電動車型大大拓寬了我們的潛在市場。

By the end of 2026, will have a comprehensive product lineup across the RMB100,000 to RMB500,000 price range, covering all mainstream segments from compact to large models. We are also thrilled to report that our design center in Shanghai is now operational, and the team is growing rapidly. The integration of art and technology is gradually unleashing its full potential. I believe our new models will impress users with their aesthetics and refined perception.

到2026年底，將擁有覆蓋10萬至50萬元價格段的完善產品陣容，涵蓋從緊湊型到大型車型所有主流細分市場。我們也很高興地報告，我們在上海的設計中心現已投入運營，團隊正在迅速壯大。藝術與科技的融合正逐漸釋放出其最大潛力。我相信我們的新車型會以其美感和精緻感給用戶留下深刻印象。

Additionally, the development of our new models will adhere to thorough platform-based approach, sharing a unified set of underlying technologies, including AI-driven smart driving, AI cockpit, EEA, and AI-powered powertrain. This will enable efficient R&D advancement and strong economies of scale.

此外，我們新車型的開發將堅持徹底的平台化思路，共享統一的底層技術，包括AI智慧駕駛、AI座艙、EEA、AI動力總成等。這將實現高效的研發進步和強大的規模經濟。

Our growth momentum in overseas markets is also strong, and there is still significant potential for both electrification and smart technologies. In 2024, XPeng's overseas vehicle sales exceeded 20,000 units, ranking first in export volume among China's emerging EV brands and also leading in the export of China's mid to high-end BEV. I want to express my heartfelt gratitude to all XPeng owners around the world for their unwavering support and passion for our brand.

我們在海外市場的成長動能也很強勁，電氣化和智慧化技術仍有很大潛力。2024年，小鵬汽車海外銷量突破2萬輛，位居中國新興造車品牌出口量第一，並領先中國中高端純電動車出口。我要向全球所有小鵬汽車車主表達衷心的感謝，感謝他們對我們品牌的堅定支持與熱愛。

Looking ahead to 2025, our overseas business milestones include doubling our sales and establishing over 300 sales and service stores worldwide, double the number we had at the end of 2024. Beyond expanding our vehicle sales globally, we're committed to establishing ourselves as a leader in advanced technology and high quality.

展望2025年，我們的海外業務里程碑包括實現銷售額翻番，並在全球建立超過300家銷售和服務店，數量是2024年底的兩倍。除了在全球擴大我們的汽車銷售外，我們還致力於成為先進技術和高品質領域的領導者。

In 2025, we'll set up new overseas R&D center and promise overseas -- and commence our overseas research and testing for our touring AI power smart driving. Our goal is to bring XPeng's AI smart driving capabilities to more countries and users around the world in 2026 and beyond, also ensuring compliance with local regulations.

2025年，我們將在海外設立新的研發中心，並在海外做出承諾，開始我們在海外的巡遊AI動力智能駕駛的研究和測試。我們的目標是在2026年及以後將小鵬的AI智慧駕駛功能帶給全球更多國家和用戶，同時確保遵守當地法規。

With the launch of more competitive products and ongoing global expansion, I'm confident that XPeng's total sales in 2025 were more than double that of 2024. This will significantly increase our market share in both the Chinese and global smart EV sectors and establish us as a leading AI automotive brand widely recognized by consumers.

隨著更多有競爭力的產品的推出和持續的全球擴張，我相信小鵬汽車 2025 年的總銷量將比 2024 年增長一倍以上。這將大幅提升我們在中國乃至全球智慧電動車領域的市場份額，並使我們成為消費者廣泛認可的領先人工智慧汽車品牌。

Alongside our growth, ongoing technology-driven cost reductions and economies of scale will help further improve our vehicle margins in 2025. This allows us to continue our investment in AI research and development, while moving towards profitability in the fourth quarter.

隨著我們的成長，持續的技術驅動成本降低和規模經濟將有助於我們在 2025 年進一步提高汽車利潤率。這使我們能夠繼續對人工智慧研發進行投資，同時在第四季度實現盈利。

In the long run, I believe AI will evolve from being just an assistant to becoming a crucial part of our social infrastructure, woven into the fabric of our daily lives. When I think about the future of an AI-driven mobility ecosystem, I envision driverless vehicles cruising through cities, flying cars for intercity travel, and humanoid robots integrated into our factories and communities.

從長遠來看，我相信人工智慧將從單純的助手發展成為我們社會基礎設施的重要組成部分，融入我們日常生活中。當我思考人工智慧驅動的移動生態系統的未來時，我會設想無人駕駛汽車在城市中穿梭，飛行汽車用於城際旅行，人形機器人融入我們的工廠和社區。

Regarding my strategic plan for XPeng, I have identified three primary growth trajectories. First, we're working on AI powered vehicles, equipping our cars with cutting-edge AI technology. Second, we're focusing on global market expansion, actively broadening our presence beyond China and into international markets.

關於小鵬的策略規劃，我確定了三個主要的成長軌跡。首先，我們正在研發人工智慧汽車，為我們的汽車配備尖端的人工智慧技術。第二，我們注重全球市場擴張，並積極拓展中國以外的國際市場。

Lastly, we're dedicated to the development of humanoid robot that can seamlessly integrate with the automotive industry. Our amazing team is committed to excelling in each of these areas, putting in the hard work to deliver the best AI-driven products to consumers around the world and to provide greater value overall.

最後，我們致力於開發能夠與汽車產業無縫整合的人形機器人。我們出色的團隊致力於在每個領域都表現出色，努力為全球消費者提供最好的人工智慧驅動產品，並提供更大的整體價值。

We anticipate that our total deliveries for the first quarter of 2025 will be between 91,000 and 93,000 units, reflecting a year-over-year increase of 317% to 326.2%. At the same time, we forecast our total revenue to fall between RMB15 billion and RMB15.7 billion, which represents a year-over-year growth of 129% to 139%.

我們預計 2025 年第一季的總交付量將在 91,000 至 93,000 輛之間，年增 317% 至 326.2%。同時，我們預期總收入將在人民幣150億元至人民幣157億元之間，年增129％至139％。

Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, Mr. James, who will discuss our financial performance for the fourth quarter of 2024.

謝謝大家。說完這些，我現在將電話轉給我們的財務副總裁詹姆斯先生，他將討論我們 2024 年第四季的財務表現。

Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the fourth quarter of 2024. I'll reference RMB only in my discussion today, unless otherwise stated.

謝謝你，小鵬。現在，讓我簡要概述一下我們 2024 年第四季的財務表現。除非另有說明，我今天的討論只會提及人民幣。

Our total revenues were RMB16.11 billion for the fourth quarter of 2024, an increase of 23.4% year over year and an increase of 59.4% quarter over quarter. Revenues from vehicle sales were RMB14.67 billion for the fourth quarter of 2024, an increase of 20% year over year and an increase of 66.8% quarter over quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to our higher deliveries.

2024年第四季，我們的總營收為人民幣161.1億元，年增23.4%，季增59.4%。2024年第四季汽車銷售收入為人民幣146.7億元，年增20%，季增66.8%。同比增長和環比增長主要歸因於我們交付量的增加。

Revenues from services and others were RMB1.43 billion for the fourth quarter of 2024, representing an increase of 74.4% year-over-year and an increase of 9.7% quarter over quarter. The year-over-year increase was mainly attributable to the increased revenue from technical R&D services related to the Volkswagen Group. The quarter-over-quarter increase was mainly attributable to the increased revenues of maintenance services and auto financing services.

2024年第四季服務及其他收入為人民幣14.3億元，年增74.4%，季增9.7%。年成長主要得益於大眾汽車集團相關技術研發服務收入的增加。環比增長主要由於維修服務和汽車金融服務收入的增加。

Gross margin was 14.4% for the fourth quarter of 2024 compared with 6.2% for the same period of 2023 and 15.3% for the third quarter of 2024. Vehicle margin was 10% for the fourth quarter of 2024 compared with 4.1% for the same period of 2023 and 8.6% for the third quarter of 2024. The year-over-year and quarter-over-quarter increases were mainly attributable to the cost reduction.

2024 年第四季的毛利率為 14.4%，而 2023 年同期為 6.2%，2024 年第三季為 15.3%。2024 年第四季的汽車利潤率為 10%，而 2023 年同期為 4.1%，2024 年第三季為 8.6%。同比和環比成長主要歸因於成本降低。

R&D expenses were RMB2.01 billion for the fourth quarter of 2024, representing an increase of 53.4% year over year and an increase of 22.9% 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年第四季研發費用為人民幣20.1億元，年增53.4%，季增22.9%。同比成長和環比成長主要由於公司擴大產品組合以支持未來成長，導致與新車型開發相關的費用增加。

SG&A expenses were RMB2.28 billion for the fourth quarter of 2024, representing an increase of 17.5% year-over-year and an increase of 39.3% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were mainly attributable to the higher commissions paid to the franchise stores, driven by our higher sales volume. As a result of the foregoing loss from operations was RMB1.56 billion for the fourth quarter of 2024 compared with RMB2.05 billion year over year and RMB1.85 billion quarter over quarter.

2024年第四季銷售、一般及行政費用為人民幣22.8億元，較去年同期成長17.5%，季增39.3%。同比增長和環比增長主要歸因於我們銷售量的增加導致支付給特許經營店的佣金增加。由於上述經營虧損，2024 年第四季經營虧損為 15.6 億元，而去年同期為 20.5 億元，季增 18.5 億元。

Net loss was RMB1.33 billion for the fourth quarter of 2024 compared with RMB1.35 billion year over year and RMB1.81 billion quarter over quarter. As of December 31, 2024, our company had cash and cash equivalents, restricted cash, short-term investments, and time deposits in total of RMB42 billion.

2024年第四季淨虧損為人民幣13.3億元，去年同期為人民幣13.5億元，季增18.1億元。截至2024年12月31日，本公司的現金及現金等價物、受限現金、短期投資及定期存款總額為420億元人民幣。

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 fourth quarter and full year 2024 financial results. This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead.

考慮到我們的收益電話會議的長度，我鼓勵聽眾參考我們的收益新聞稿，以了解有關我們第四季度和 2024 年全年財務業績的更多詳細資訊。我們的準備好的演講到此結束。我們現在開始提問。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) My first question is about the autonomous driving. So with the AV autonomous driving or auto pilot functions become commodity after XPeng's AI democratization in China and an upcoming upgrade to Level 3 autonomous driving system, can really help to widen the gaps between the leaders and the laggards remain a tight race over time? That's my first question.

（外語）我的第一個問題是關於自動駕駛的。那麼，隨著小鵬汽車在中國實現人工智慧民主化，以及即將升級到 3 級自動駕駛系統，AV 自動駕駛或自動駕駛功能成為商品，是否真的有助於擴大領先者與落後者之間的差距，並隨著時間的推移保持激烈的競爭？這是我的第一個問題。

(interpreted) First of all, thank you so much for your question. Indeed, we have seen for the past several months that basically, all OEMs in China have made huge announcement of entering the realm of smart driving, which is really exciting because when you look back at 2020 or 2021, people were still talking about the future being just new energy vehicle instead of traditional ICE.

（翻譯）首先，非常感謝您的提問。事實上，在過去的幾個月裡，我們看到基本上中國所有的原始設備製造商都宣布要進入智慧駕駛領域，這真的令人興奮，因為當你回顧 2020 年或 2021 年時，人們仍然在談論未來只是新能源汽車，而不是傳統的內燃機汽車。

And right now, we are actually in a new generation of technology advancement. And I believe that this is going to trigger a wider adoption of smart driving for the whole society, all people, all consumers will become more and more interested in understanding what smart driving is and what ADAS really is and what kind of experience is going to generate and bring forth to our society.

而現在，我們其實正處於新一代科技進步的時代。我相信這將引發全社會對智慧駕駛的更廣泛應用，所有人、所有消費者都會越來越有興趣了解什麼是智慧駕駛、什麼是真正的 ADAS，以及它將為我們的社會帶來什麼樣的體驗。

And actually, during the past period of time, I think that a lot of the so-called smart driving capability were limited to high-speed driving -- I mean, highway driving and also auto parking, which already achieved a lot of progress.

實際上，在過去的一段時間裡，我認為許多所謂的智慧駕駛功能僅限於高速駕駛——我的意思是高速公路駕駛和自動停車，這些功能已經取得了巨大進展。

However, since last year, our launch of the so-called AI plus vehicle or AI-empowered vehicle which really allow AI capability to be embodied in a vehicle in the physical world, and it comes as a standard feature in our lineup to have this high level advanced ADAS capability, not only in the software but also in the hardware as well.

然而，自去年以來，我們推出了所謂的「AI plus」汽車或「AI賦能」汽車，真正讓AI能力在物理世界中體現在汽車中，並且這種高水平的先進ADAS能力已經成為我們產品線的標準功能，不僅在軟體方面，而且在硬體方面也是如此。

And I believe this series of change is going to allow AI vehicles to actually become AI agents, and that will also bring forth a lot of unique capabilities that people have longed for or have never envisioned to be able to have.

我相信這一系列變化將使人工智慧汽車真正成為人工智慧代理，這也將帶來許多人們渴望或從未想像過的獨特功能。

And as regards to the second part of your question, which is how do we view L3 capability as a turning point. First of all, I believe that, first of all, it represents an advancement in technology, not only in the software, but also in the hardware and the integration of both as well. And also the model capability -- large model capability, I believe, will be way higher than even the advanced level of L2 right now maybe by 10x or even more, and that is definitely very clear and foreseeable.

關於你問題的第二部分，我們如何將 L3 能力視為轉捩點。首先我認為，首先它代表了技術的進步，不僅是軟體方面的，而且還有硬體方面的，以及兩者的融合。而且模型能力——我相信大型模型能力將比現在的 L2 高級水平高得多，可能高出 10 倍甚至更多，這是非常清晰和可預見的。

And also another point that I want to mention is that when we look at -- as I mentioned in my prepared remarks that when the whole adoption rate or penetration rate of high-level autonomous driving in the market reaching 10%, it's going to generate a lot of user following up and understanding of advanced capability of smart driving.

另外我想說的是，正如我在準備好的發言中提到的那樣，當整個市場上高級自動駕駛的採用率或滲透率達到 10% 時，將會引起大量用戶的關注和對智能駕駛高級功能的了解。

And when it comes to making the purchase decision, people is going to more and more prioritize having this advanced level of ADAS capability. I'm going to pause in here, and I'll continue to answer your question.

在做出購買決定時，人們會越來越優先考慮這種先進的 ADAS 功能。我要在這裡暫停一下，然後繼續回答你的問題。

And I think in the foreseeable future, you're going to see that XPeng is going to create bigger and bigger gaps between ourselves and our competitors from multiple perspectives. First one, we have the capability to do full stack self-development, and we are able to leverage all resources across different domains and different scenarios.

而且我認為在可預見的未來，你會看到小鵬汽車將在多個角度與競爭對手拉開越來越大的差距。第一，我們具備全端自開發的能力，能夠跨領域、跨場景整合各種資源。

If -- when we look at that -- when we claim to have the full stack of development capability, if it was 100 points, right now, we're looking [30,000 points]. The reason for that is because we are looking at huge data and also large model.

如果——當我們說我們擁有完整的開發能力時，如果是 100 分，那麼現在，我們正在尋找【30000分】原因在於我們正在查看大量數據和大型模型。

And that kind of smart driving capability is going to require closed loop, end-to-end closed-loop capability across different domains from the cloud to in-vehicle to data to chip, system on chip, et cetera, and also your engineering and your hardware.

這種智慧駕駛能力將需要跨不同領域的閉環、端到端閉環能力，從雲端到車載到資料到晶片、系統單晶片等，還有您的工程和硬體。

And because of our early vision and also early investment and our resources and time and capability that we invested -- I mean, way ahead of our competitors, we are able to create a very significant huge -- I mean, first-mover advantage.

由於我們早期的願景、早期的投資以及我們投入的資源、時間和能力——也就是說，我們遠遠領先於我們的競爭對手，我們能夠創造非常巨大的——也就是先發優勢。

Another big advantage that we're going to have is our capability of doing smart driving combined with our smart cockpit, our platform, our powertrain and also we're able to integrate vertically but horizontally as well, which can also create a lot of value because it requires a lot of cross-domain self-development capability.

我們的另一個優勢是，我們能夠結合智慧駕駛艙、平台和動力系統進行智慧駕駛，而且我們能夠進行垂直和水平整合，這也可以創造很多價值，因為它需要大量的跨領域自我開發能力。

Another area that I want to highlight, which is advantageous to ourselves is that when we look at AI plus vehicles, we actually leverage one platform to achieve all the capabilities I just mentioned, which allow us to have higher efficiency of iterating our data and capability in the future when data explodes.

我想強調的另一個對我們自己有利的領域是，當我們看到人工智慧加汽車時，我們實際上利用一個平台來實現我剛才提到的所有功能，這使得我們在未來數據爆炸式增長時能夠更有效率地迭代我們的數據和能力。

And another aspect that I want to mention is that when we first envisioned AI plus vehicle, we already have not only the Chinese market, but the global market. So when it comes to the deployment of our capability, the efficiency, and the implementation and execution, we're going to have very significant first-mover advantage in terms of globalization as well. But the list goes on and on and on.

我想說的另一個面向是，當我們最初設想人工智慧加汽車的時候，我們已經不但擁有了中國市場，還擁有了全球市場。因此，在能力部署、效率、實施和執行方面，我們在全球化方面也將擁有非常顯著的先發優勢。但這個清單還可以很長很長。

I mean, in summary, I just want to highlight that when it comes to advanced ADAS capability, we are going to create a huge gap between ourselves and our competitors.

總而言之，我只想強調的是，在先進的 ADAS 功能方面，我們將與競爭對手拉開巨大差距。

(spoken in foreign language) So my second question is about the application. How are you going to see any major synergy across XPeng's investments in AI applications, i.e., autonomous vehicles, humanoid robots? And when are we going to see value contribution from the vehicle products? And whether those projects would lead to a more meaningful increase in R&D and other operating expenses in the following quarters? That's my second question. Thank you.

（外語）我的第二個問題是關於申請的。您認為小鵬汽車在人工智慧應用（例如自動駕駛汽車、人形機器人）方面的投資將如何產生重大協同效應？我們什麼時候才能看到汽車產品的價值貢獻？這些項目是否會導致接下來幾季研發和其他營運費用更顯著的成長？這是我的第二個問題。謝謝。

(interpreted) Thank you. Indeed, as we mentioned, our long-term vision for the company is to become an explorer of future mobility. And on the deeper level, we are actually exploring the future ecosystem of mobility, which means that we want to empower energy together with AI, so that we can create a new way of travel. And that would include not only vehicles, but also flying vehicles or humanoid robot. And for the past 10 years, we have been invested in not only smart driving vehicles but also humanoid robot.

（翻譯）謝謝。事實上，正如我們所提到的，我們對公司的長期願景是成為未來移動出行的探索者。而在更深層次上，我們其實在探索未來的出行生態系統，也就是我們希望把能源和AI一起賦能，創造出一種全新的出行方式。這不僅包括車輛，還包括飛行器或人形機器人。在過去的十年裡，我們不僅投資了智慧駕駛汽車，還投資了人形機器人。

And in the coming decade or two, we believe that a true intelligence or AI powered vehicle manufacturer will definitely be producer or manufacturer of embodied intelligent new mobility or vehicle manufacturer. And that includes vehicle, flying cars, or humanoid robots.

而且在未來的十年或二十年裡，我們相信真正的智慧或人工智慧驅動的汽車製造商肯定是體現智慧新移動方式或汽車的生產商或製造商。其中包括汽車、飛行汽車或人形機器人。

And in this area, if you have a very early preparation, you can definitely create a lot of synergies across different domains. For example, what we are developing right now is the L3 capability for our autonomous driving vehicles. And this physical world AI model is definitely compatible with the humanoid robot L3 capability.

而且在這個領域，如果你已經做好了很早的準備，你肯定可以在不同領域創造很多協同效應。例如，我們目前正在開發的是自動駕駛汽車的 L3 功能。而這個物理世界AI模型肯定是和人形機器人L3能力相容的。

The only difference is the data that they collect to train a model, which is different. But across many other domains and aspects, there's a lot of capabilities that can actually be shared. And also, when you look across other domains from other aspects of development from end-to-end AI development or a global sales network and distribution network, and even when we look at the manufacturing capability and also capacity network, there's also a lot of synergy that you can have across different types of mobility.

唯一的區別是他們收集的用於訓練模型的數據不同。但在許多其他領域和方面，有很多能力實際上可以共享。此外，當你從端到端人工智慧開發或全球銷售網路和分銷網路等其他開發方面審視其他領域時，甚至當我們審視製造能力和產能網路時，也會發現不同類型的行動性之間也可以存在很多協同作用。

And I believe that by 2026, you are going to see excellent outcome from our synergy. As we mentioned in the prepared remarks previously, we believe that by 2026, we can actually mass-produce our flying cars. And by that time, you'll be able to see that XPeng will be the first in China, if not globally to actually mass-produce flying cars. Thank you.

我相信到 2026 年，您將看到我們的綜效取得優異的成果。正如我們之前在準備好的評論中提到的那樣，我們相信到 2026 年，我們能夠真正大規模生產飛行汽車。到那時，你會看到小鵬汽車將成為中國乃至全球第一個真正量產飛行汽車的公司。謝謝。

Ming-Hsun Lee, Bank of America

李明勳，美國銀行

(spoken in foreign language) So my first question is still related to autonomous driving, especially right now, we are seeing more and more auto companies. They are using end-to-end model or the old model to turn their autonomous driving system. So is it possible that the leading AD companies and also the companies who are behind, is it possible that the technology gap to be narrow?

（外語）所以我的第一個問題仍然與自動駕駛有關，尤其是現在，我們看到越來越多的汽車公司。他們正在使用端到端模型或舊模型來轉變他們的自動駕駛系統。那麼領先的AD公司和落後的公司之間的技術差距是否有可能縮小呢？

And also for XPeng because you will start to use your touring chip this year. So besides the cost control, how can this chip to help you to advance your AI-AD capability? Thank you.

對於小鵬汽車來說也是如此，因為今年你們將開始使用巡迴晶片。那麼除了成本控制之外，這款晶片還能如何幫助你提升AI-AD能力呢？謝謝。

(interpreted) Thank you. Actually, the first part of your question sounded similar to some of the previous questions. I'm trying to -- I'm going to respond to both of your questions at once. First of all, after the emergence of high-level autonomous driving or smart driving, I believe that for any players in the automotive industry, you will have to have the so-called comprehensive full stack self-development capability.

（翻譯）謝謝。實際上，您問題的第一部分聽起來與之前的一些問題類似。我正在嘗試——我將同時回答您的兩個問題。首先，在高階的自動駕駛或智慧駕駛出現之後，我相信對於任何一個汽車產業的玩家來說，你都要具備所謂全面的全端自開發能力。

What I mean is that you not only need to have the software capability but also hardware and also supply chain capability that allow you to work with the top-tier suppliers and also have more and more resources. And having that comprehensive capability is going to draw a bigger advantage for you and create a bigger gap between ourselves and our competitors.

我的意思是，你不僅需要具備軟體能力，還需要具備硬體和供應鏈能力，這樣你才能與頂級供應商合作，並擁有越來越多的資源。擁有這種綜合能力將會為您帶來更大的優勢，並拉大我們與競爭對手之間的差距。

Not to mention, we have this very, very powerful data closed-loop iteration capability and efficiency. Together with our profitability that we are generating right now and also our economies of scale, I believe it's going to allow us to be even more competitive than ever before.

更不用說我們有這個非常非常強大的資料閉環迭代能力和效率。結合我們現在產生的獲利能力以及規模經濟，我相信這將使我們比以往更具競爭力。

In addition to that, we also have our self-developed chip and the capability to actually deploy it across multiple scenarios in different markets. That is why we are very, very confident in our competitive leadership because newcomers or existing incumbents are not easily surpassing us just because they may do better in one aspect or two, which really is very different than the digital competitive landscape, as you mentioned in your question, such as DeepSeek and other AI software company.

除此之外，我們還擁有自主研發的晶片，並具備在不同市場多種場景中實際部署的能力。這就是為什麼我們對我們的競爭領導地位非常有信心，因為新來者或現有的企業不會僅僅因為他們在一兩個方面做得更好而輕易超越我們，這與數位競爭格局非常不同，正如你在問題中提到的，例如DeepSeek和其他人工智慧軟體公司。

The second part of your question, this is a very interesting question, how the self-developed touring chip really empower our development for the future. Let me just give you an example. The reason why so many companies, OEMs or smartphone manufacturers try to develop their own chip is because you realize not only can you gain cost benefits from developing your own chip, but also it allows you to customize a lot of your products and also have a lot of potential of development as well.

你問題的第二部分，這是一個很有趣的問題，自主研發的巡迴晶片如何真正賦能我們未來的發展。讓我給你舉一個例子。許多公司、OEM或智慧型手機製造商嘗試開發自己的晶片的原因是，你意識到開發自己的晶片不僅可以獲得成本效益，而且還可以客製化很多產品，而且還具有很大的發展潛力。

And the fact that we are able to self-develop our touring chip allow us to maintain our leadership. And because do everything within our own system in the company, you'll realize that it also allows you to achieve benefit and efficiency and improve your performance of your products significantly. And you also can work with other players and other suppliers more effective for you as well.

而且我們能夠自主研發巡迴晶片的事實使我們能夠保持領先地位。而且由於我們公司的所有工作都是在自己的系統內進行的，您會發現它還能讓您獲得效益和效率，並顯著提高您產品的性能。您還可以與其他參與者和其他供應商進行更有效率的合作。

It allows have the unparalleled self-development capability to also leverage data and have very effective and fast iteration. That is the reason why we really invest heavily in our self-developed Turing chip. Thank you.

它具有無與倫比的自我開發能力，可以利用數據並進行非常有效和快速的迭代。這就是我們大力投資自主研發的圖靈晶片的原因。謝謝。

(spoken in foreign language) So my second question is related to your humanoid robot product development. So, things that you just mentioned that -- you plan to mass production your humanoid robot in 2026. So will you also start to sell the product next year? And currently, based on your development progress, which area you feel you are satisfied? And what is the area that you think you still need to continue to make more progress before you officially launch it?

（外語）我的第二個問題與你們的人形機器人產品開發有關。所以，您剛才提到的事情——您計劃在 2026 年大規模生產人形機器人。那麼明年你們也會開始銷售該產品嗎？那麼目前，就你們的發展進度來說，哪些方面你覺得比較滿意呢？在正式啟動之前，您認為哪些方面還需要繼續進步？

(interpreted) Thank you for your question. This is definitely not an easy question to answer because it involves our next generation of technology and products. Now when we talk -- when we mentioned the mass production of humanoid robots by 2026, we're definitely talking about the commercial market and large production.

（翻譯）感謝您的提問。這絕對不是一個容易回答的問題，因為這涉及到我們下一代的技術和產品。現在當我們提到在 2026 年實現人形機器人的大規模生產時，我們肯定是在談論商業市場和大規模生產。

But when it comes to the manufacturing of humanoid robots, it's actually more challenging than even producing AI vehicles. The reason for that is because it really requires fully integrated capabilities across the board because a true humanoid robot requires not only the hardware but also real data from our human activities and also simulated data. And it's very hard to achieve this comprehensive level of full integration.

但說到人形機器人的製造，其實比生產人工智慧汽車更具挑戰性。原因在於它確實需要全面整合的能力，因為真正的人形機器人不僅需要硬件，還需要來自人類活動的真實數據以及模擬數據。但要達到這種全面一體化的程度是非常困難的。

Right now, when you look at available products in the market, a lot of our peers are actually focusing on the lower body motion capability of humanoid robot. And I believe that is still very limiting because it's restricting themselves to the Level 2 or L2 level kind of capability, which is not enough.

目前，當你看看市場上現有的產品時，你會發現很多同行其實都專注於人形機器人的下半身運動能力。我認為這仍然非常有限，因為它將自己限制在 2 級或 L2 級別的能力上，這還不夠。

For example, if you have an AI vehicle, but you don't fully have the AI capability integrated in it, you can still drive it because it's a car. But a humanoid robot without the AI capability, without that L3 level capability, it's basically useless.

例如，如果你有一輛人工智慧汽車，但其中並沒有完全整合人工智慧功能，但你仍然可以駕駛它，因為它是一輛汽車。但是，如果沒有人工智慧能力，沒有 L3 級能力的人形機器人基本上是無用的。

So even the most -- for the most basic model of the humanoid robot, you still require a lot, including all of the joints that you have for your arm and also the motion capabilities that you need and the agility that you need for a robot, which is not easy to achieve when you set the target of achieving the L3 AI capability.

因此，即使對於最基本的人形機器人模型，你仍然需要很多東西，包括手臂的所有關節以及所需的運動能力和機器人所需的靈活性，當你設定實現 L3 AI 能力的目標時，這並不容易實現。

And right now, what I can share with you is that our humanoid robot R&D is progressing very well. And I believe that what we are able to do right now, not only is just the basic lower body capability, but also legs, arms, mouth, and also some very simple but necessary brain capability. We call it the agent capability and the combination of basically humanoid or human -- semi-human kind of brain intelligent capability that we incorporated in our humanoid robot. But that is very, very challenging. And I hope that in maybe the near future, I can share more update with you when we have more information.

目前我可以跟大家分享的是，我們的人形機器人研發進展非常順利。我相信我們現在能夠做的不僅僅是基本的下半身能力，還有腿、手臂、嘴巴，以及一些非常簡單但必要的大腦能力。我們稱之為代理能力以及我們融入人形機器人的基本類人或半人類大腦智慧能力的結合。但這非常非常具有挑戰性。我希望在不久的將來，當我們有更多資訊時，我可以與你們分享更多更新。

Bin Wang, Deutsche Bank.

德意志銀行王斌。

(spoken in foreign language)

（用外語說）

My two questions all about the financial. The first one, can you provide the first quarter gross margin guidance? And the second question is about your financial (inaudible) improvement in the long-term investment? The other one is the fair value gains, which may be linked to the DiDi acquisition? Thank you.

我的兩個問題都與財務有關。第一個問題，您能提供第一季的毛利率指引嗎？第二個問題是關於您在長期投資方面的財務（聽不清楚）改善？另外一個是公允價值收益，這可能和滴滴收購有關？謝謝。

Well, this is James. I'll answer your question. Yes, so what you've seen, first of all, in Q4 is our vehicle margin has improved versus the prior quarter. And this is primarily due to our cost reduction efforts as well as higher scale. As to the forecasting on our -- to improve our vehicle margin to be -- stand solidly on the double-digit vehicle margin. Continue to -- from a cost front and as we continue to improve scale, we would benefit from a manufacturing cost perspective as well.

嗯，這是詹姆斯。我來回答你的問題。是的，首先您看到的是，第四季度我們的汽車利潤率較上一季有所提高。這主要歸功於我們努力降低成本以及擴大規模。至於我們對提高汽車利潤率的預測——穩固地維持兩位數的汽車利潤率。繼續－從成本方面來看，隨著我們規模的不斷擴大，我們也將從製造成本的角度受益。

With regard to your second question on the DiDi-related transaction, yes, there was an adjustment that was made. If you recall, as we closed the transaction with DiDi, there was an earn-out mechanism that has baked in with DiDi that is linked to the delivery of vehicles registered in the DiDi platform for ride-hailing purposes.

關於你提到的第二個問題，關於滴滴相關交易，是的，確實做出了調整。如果你還記得的話，當我們與滴滴完成交易時，滴滴已經內置了一項盈利機制，該機制與在滴滴平台上註冊的用於叫車目的的車輛的交付掛鉤。

Now as we introduce MONA product, we have made positions internally and obviously aligned with DiDi that we are going to focus on the 2C customer rather than the 2B customer. And therefore, based on our assessment, the first milestone is unlikely to be met. And therefore, we have released that liability, which is what you've seen in our financials. Thank you.

現在，當我們推出 MONA 產品時，我們在內部已經明確了立場，顯然與滴滴保持一致，即我們將專注於 2C 客戶而不是 2B 客戶。因此，根據我們的評估，第一個里程碑不太可能實現。因此，我們免除了該責任，這就是您在我們的財務報表中看到的。謝謝。

And then our long-term investment?

那我們的長期投資呢？

Long-term investment, we had some long-term investment revaluations based on our invested companies. And the impact in the fourth quarter is relatively not significant, I would say. That would come from -- some would come from, for example, the investment we had as an equity holder, and then there are a variety of other investments as well. But overall, the change in the fourth quarter is not as meaningful as what we've seen on the DiDi transaction release.

長期投資，我們根據所投資的公司進行了一些長期投資重估。我認為第四季的影響相對較小。這些資金可能來自——例如，我們作為股權持有人的投資，還有各種其他投資。但總體而言，第四季度的變化並不像我們在滴滴交易發布上看到的那麼有意義。

Thank you.

謝謝。

Ping Yue Wu, CITIC Securities.

吳平岳，中信證券。

(spoken in foreign language) Thank you for the opportunity to ask the question. And my first question is about the oversea market. And as we can see, the oversea market is one of the pillars for our long-term development. And are we considering to build a factory or some kind of cooperation in terms of capacity overseas? Thank you.

（外語）感謝您給我提問的機會。我的第一個問題是關於海外市場的。我們可以看到，海外市場是我們長期發展的支柱之一。我們是否考慮在海外建廠或產能的合作？謝謝。

Hi. It's Brian. Let me address this question. Yes, it's correct that I think international expansion is a key pillar of our growth curve as Xiaopeng articulated in the earlier opening speech. We see, there is tremendous demand for our high-quality technology products for a number of overseas markets.

你好。我是布萊恩。讓我來解答一下這個問題。是的，我認為國際擴張是我們成長曲線的關鍵支柱，正如小鵬在先前的開幕致詞中所闡述的那樣。我們看到，許多海外市場對我們的高品質技術產品有著巨大的需求。

In fact, last year, I think we saw a very encouraging robust reception to our market entries into a number of new markets. So by the end of last year, we actually are now selling in over 30 countries globally. And also in a number of those countries, we saw our product has been positioned as the top three EV models in the respective categories.

事實上，我認為，去年我們進入的一系列新市場都獲得了非常令人鼓舞的熱烈反響。截至去年年底，我們的產品銷售範圍實際上已覆蓋全球 30 多個國家。而且在其中一些國家，我們發現我們的產品在相應類別中已位居前三名的電動車車型之列。

So I think so far, we are very encouraged by the response to our product and technology. In terms of going-forward contribution, I think this year, we continue to see increased expansion of our global platform. Our number of stores internationally will double.

所以我認為到目前為止，我們對我們的產品和技術的反應感到非常鼓舞。就未來貢獻而言，我認為今年我們全球平台的擴張將持續加速。我們的國際門市數量將增加一倍。

I think our sales outlet will double probably roughly 150 to probably over 300 this year. Our number of countries that we're selling our product were close to double as well. And also, we anticipate close to also about doubling of our international sales as a consequence of all these expansions.

我認為今年我們的銷售據點將增加一倍，大概從150個增加到300個以上。我們銷售產品的國家數量也增加了近一倍。此外，我們預計，透過這些擴張，我們的國際銷售額將成長近一倍。

We also are indeed invest in teams, invest in international sort of infrastructure. We mentioned that we're going to be building overseas R&D centers this year, which will help us to really recruit local talent to focus on international technology development.

我們確實也投資了團隊，投資了國際基礎建設。我們提到，我們今年要建立海外研發中心，這將有助於我們真正招募本地人才專注於國際技術開發。

At the same time, we're also going to look at a number of local potential production solutions. I think earlier, I think we have jointly announced with our partner in Indonesia to explore local manufacturing production solutions. We'll be also spending time in other regions. So we will obviously share with the market once we actually have these determined.

同時，我們也將研究一些本地潛在的生產解決方案。我想早些時候，我們已經與印尼的合作夥伴共同宣布探索本地製造生產解決方案。我們還會在其他地區待一段時間。因此，一旦我們真正確定這些，我們顯然會與市場分享。

But we do have a very detailed and also, I would say, aggressive plan to make sure that we are well positioned to enter these international markets with the products, with the brand, and also with the local capabilities.

但我們確實有一個非常詳細且可以說是積極的計劃，以確保我們能夠憑藉產品、品牌以及本地能力很好地進入這些國際市場。

(spoken in foreign language) Let me translate the question. My second question is about autonomous driving. And we are going to enlarge the NPI to 100 kilometers by the end of this year. Do we think it is an ultimate goal for us or we aim higher?

（外語）讓我翻譯一下這個問題。我的第二個問題是關於自動駕駛的。今年年底，我們將把NPI擴大到100公里。我們是否認為這是我們的最終目標或我們的目標更高？

And also, do we consider -- how do we think of the possibilities for the OEMs or the insurance company to take some of the responsible of the driving systems? Thank you.

而且，我們是否考慮過──我們如何看待原始設備製造商或保險公司承擔部分駕駛系統責任的可能性？謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) Right. Thank you for your question. Now about the human intervention or takeover per 100 kilometers, I think this is quite an interesting paradox. So we're trying to navigate ourselves within this paradox. The reason for that is because, first of all, it depends on the scenarios and the application of the ADAS capability.

（解釋）對。感謝您的提問。現在關於每 100 公里的人為幹預或接管，我認為這是一個非常有趣的悖論。因此，我們正嘗試在這個悖論中找到出路。之所以如此，首先是因為這取決於ADAS功能的場景和應用。

For example, if you are covering different scenarios, if you are driving within the neighborhood or within a parking lot, the possibility is that you're going to take over more than, let's say, if you were just driving on the highway. And also, it depends on who you are and what your purpose is with the testing and calculation of the human intervention, right?

例如，如果您要應對不同的場景，如果您在社區內或停車場內駕駛，那麼您接管的可能性將比在高速公路上駕駛時更大。而且，這取決於你是誰，以及你進行人類幹預的測試和計算的目的是什麼，對嗎？

If you are a media, a member of the media, you're going to test a limit of the ADAS capability, which means that you're not going to take over unless it's absolutely necessary. However, for just an ordinary driver on for example, daily commute, they might tend to take over more when they feel like it.

如果您是媒體，或媒體的一員，您將測試 ADAS 功能的極限，這意味著除非絕對必要，否則您不會接手。然而，對於普通駕駛者來說，例如在日常通勤中，他們可能傾向於在自己願意的情況下接管更多車輛。

So it really depends. And as an OEM, we need to really collect a huge amount of data before we can claim that we can achieve, for example, Level 2 or Level 3 ADAS capability or some sort of milestone.

所以這確實取決於情況。作為 OEM，我們需要收集大量數據，然後才能聲稱我們可以實現例如 2 級或 3 級 ADAS 功能或某種里程碑。

And when you look at a lot of our peers, even when they claim that they have L2++ or even L3, L4 capabilities, their 100 kilometers human intervention rate might actually be quite high. And so it really depends.

而當你看看我們的許多同行，即使他們聲稱他們擁有 L2++ 甚至 L3、L4 的能力，他們的 100 公里人為幹預率實際上可能相當高。所以這確實要視情況而定。

I think it is part of our next milestone. And even though achieving L3 capability can be challenging, I also believe -- I still believe that it's achievable depending on the next generation of model, computing power, and capability and data. With that combination, I believe that we can actually utilize and leverage ADAS more and more.

我認為這是我們下一個里程碑的一部分。儘管實現 L3 能力具有挑戰性，但我也相信——我仍然相信，根據下一代模型、運算能力、能力和數據，它是可以實現的。透過這種結合，我相信我們實際上可以越來越多地利用和發揮 ADAS 的作用。

And in the future, perhaps maybe on a weekly basis or on a monthly basis, we'll be driving maybe hundreds of kilometers or even thousands of kilometers. And we only have to take over maybe once a week, two weeks or once a month. We definitely will promote the whole penetration rate of high-level intelligent driving for the whole society.

將來，也許我們每週或每月都會行駛數百公里甚至數千公里。我們可能只需要每週、兩週或每月接手一次。我們一定會推動高階智慧駕駛在全社會的全面普及。

And I think this is our goal. And when we mentioned that we need to achieve such a milestone of one takeover per 100 kilometers of mileage or driving range, we're actually talking about some sort of measurement of our milestone. And essentially, we're talking about the L3 capability that we expect to achieve. And then we believe, and we are confident that we can achieve with our capability as well.

我認為這就是我們的目標。當我們提到我們需要實現每行駛 100 公里或行駛里程完成一次接管這一里程碑時，我們實際上是在談論對里程碑的某種衡量。本質上，我們討論的是期望實現的 L3 能力。然後我們相信，並且我們相信憑藉我們的能力我們也能取得成果。

And also, we believe that we are way ahead of the game, and we have a higher and more advanced capability than industry average. And even for that, let me just add that it's only an initial or an early stage of L3 capability. And in the future, maybe we can only -- we only need to take over every 1,000 kilometers or tens of thousands of kilometers. Thank you.

而且，我們相信我們已經領先於行業，我們的能力比行業平均更高、更先進。即使如此，我只想補充一點，這只是 L3 功能的初始或早期階段。而在未來，也許我們只需要每隔 1,000 公里或幾萬公里進行一次接管。謝謝。

(spoken in foreign language)

（用外語說）

(interpreted) And about the second part of your question regarding the safety issues of driving and also regulation and related accountability of traffic accidents, we actually have been exploring that very early on, included in our proposal in the -- during the two sessions of the MPC recently.

(口譯)關於您問題的第二部分，關於駕駛安全問題以及交通事故的監管和相關責任，我們實際上很早就開始探討這個問題，並在最近中國人民銀行兩會的提案中有所提及。

We have proposed to actually do more so that we can really push the next generation of regulation that can allow us to have more -- have safer environment of driving. And we believe that in this process, China is going to lead the world in becoming safer environment and having more regulation in this regard. Thank you.

我們提議實際採取更多行動，以便我們能夠真正推動下一代法規，讓我們擁有更安全的駕駛環境。我們相信，在此過程中，中國將引領世界創造更安全的環境並制定更完善的監管規定。謝謝。

Nick Lai, JPMorgan.

摩根大通的 Nick Lai。

(spoken in foreign language)

（用外語說）

My question very briefly. Xiaopeng had mentioned that in the longer term, we had three major subscribers, including AI car, obviously smart and humanoid robot. fast Forward to say 2030, how should we think about the scope of each of these products?

我的問題非常簡短。小鵬曾提到，從更長遠來看，我們有三大用戶，包括AI汽車、天眼智慧和人形機器人。快轉到2030年，我們該如何思考每種產品的範圍？

(spoken in foreign language)

（用外語說）

(interpreted) It's very hard to answer your question. What I can only say for now is that in the coming 10 years, meaning by 2034, we hope that half of our sales will come from China and the other half will come from the overseas market. We do have our internal plan and targets for 2030. But unfortunately, I have to keep it confidential.

（翻譯）你的問題很難回答。我目前只能說，未來10年，也就是到2034年，我們希望一半的銷售額來自中國，另一半來自海外市場。我們確實有 2030 年的內部計劃和目標。但不幸的是，我必須保密。

And the second part of your -- I mean the second aspect that I want to mention to respond to your question is regarding humanoid robot. It's very hard to predict when the turning point will come technologically and commercially or when it comes to the mass production.

而你的第二部分——我的意思是我想提到的回答你問題的第二個方面是關於人形機器人的。很難預測技術和商業的轉折點何時到來，或大規模生產何時到來。

We might have more visibility by the end of 2026 or end of '27 when we saw the emergence of mass-produced humanoid robots. I think right now, for now, things are still very foggy. We're probably at about 2010 or 2011 for new energy vehicles when it comes to comparing humanoid robot development. Thank you.

到 2026 年底或 2027 年底，當我們看到大規模生產的人形機器人出現時，我們可能會有更清晰的認知。我認為現在，事情還很不明朗。如果拿人形機器人的發展來比較，那麼新能源車的發展大概可以追溯到 2010 年或 2011 年。謝謝。

(spoken in foreign language) My second question is really about new policy announced by European government, lately on encouraging obviously foreign investment in the European car market, especially on AI autonomous driving car. And given the partnership with Volkswagen, is there any new opportunity we can explore from there?

（外語）我的第二個問題是關於歐洲政府最近宣布的新政策，顯然是鼓勵外國對歐洲汽車市場的投資，特別是在人工智慧自動駕駛汽車方面。鑑於與大眾的合作，我們是否可以探索新的機會？

Nick, I think as we laid out our autonomous driving strategy before, I think we're setting up our overseas R&D center. And also we are in the process, bring our autonomous driving technology to the global customers.

尼克，我想，正如我們之前製定的自動駕駛策略一樣，我們正在建立海外研發中心。我們也正在將我們的自動駕駛技術帶給全球客戶。

I think that we are -- right now, we are setting up the infrastructure to start the preparation. I think in terms of the collaboration with Volkswagen, currently, I think that we are -- I think our teams and engineering teams are working really hard to push for the SOP of the G9 platform collaboration as well as the EEA collaboration. We do believe that there is a potential and also the industrial logic to collaborate in the potential overseas market. Thank you.

我認為我們現在正在建立基礎設施以開始準備工作。我認為就與大眾的合作而言，目前，我認為我們的團隊和工程團隊正在努力推動 G9 平台合作以及 EEA 合作的 SOP。我們確實相信在潛在的海外市場進行合作具有潛力，也符合產業邏輯。謝謝。

That does conclude our question-and-answer session. I'd like to turn the call back over to the company for closing remarks.

我們的問答環節到此結束。我想將電話轉回給公司，以便發表結束語。

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

再次感謝您今天的參與。如果您還有其他問題，請隨時透過我們網站或 Piacente Financial 通訊提供的聯絡資訊聯絡小鵬汽車投資者關係部。

That does conclude our conference for today. Thank you for participating. You may disconnect your line.

今天的會議就到此結束了。感謝您的參與。您可以斷開您的線路。