Xpeng Inc (XPEV) 2021 Q3 法說會逐字稿

Hello, ladies and gentlemen, and thank you for standing by for the Third Quarter 2021 Earnings Conference Call for XPeng Inc. (Operator Instructions) Today's conference call is being recorded.

女士們，先生們，您好，感謝您支持 XPeng Inc. 2021 年第三季度收益電話會議（操作員說明）今天的電話會議正在錄製中。

I will now turn the call over to your host, Mr. Alex (inaudible) Head of Investor Relations of the company. Please go ahead, Alex.

我現在將電話轉給您的主持人，亞歷克斯先生（聽不清）公司投資者關係主管。請繼續，亞歷克斯。

Thank you. Hello, everyone, and welcome to XPeng's Third Quarter 2021 Earnings Conference Call. Our financial and operating results were issued by our newswire services earlier today and are available online. You can also review the earning press release by visiting the IR section of our website at ir.xiaopeng.com.

謝謝你。大家好，歡迎來到小鵬汽車2021年第三季度財報電話會議。我們的財務和經營業績今天早些時候由我們的新聞專線服務發布，可在線查閱。您還可以訪問我們網站 ir.xiaopeng.com 的投資者關係部分，查看盈利新聞稿。

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

我們管理層今天電話會議的參與者包括聯合創始人、董事長兼首席執行官何小鵬先生；副董事長兼總裁顧博良博士；財務部副總裁盧志強先生；企業融資與投資副總裁；張朝陽先生和我自己。

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.

管理層將從準備好的發言開始，電話會議將以問答環節結束。本次電話會議的網絡直播重播將在我們網站的 IR 部分提供。

Before we continue, please note that today's discussion will contain forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995.

在我們繼續之前，請注意今天的討論將包含根據 1995 年美國私人證券訴訟改革法案的安全港條款作出的前瞻性陳述。

Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Further information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the U.S. Securities and Exchange Commission.

前瞻性陳述涉及固有的風險和不確定性。因此，該公司的業績可能與今天表達的觀點存在重大差異。有關這些及其他風險和不確定性的更多信息包含在公司提交給美國證券交易委員會的相關公開文件中。

The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that XPeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a reconciliation of the unaudited non-GAAP financial measures and unaudited GAAP financial measures.

公司不承擔任何更新任何前瞻性陳述的義務，除非適用法律要求。另請注意，小鵬汽車的收益新聞稿和本次電話會議包括披露未經審計的 GAAP 財務指標以及未經審計的非 GAAP 財務指標。 XPeng 的收益新聞稿包含未經審計的非 GAAP 財務指標和未經審計的 GAAP 財務指標的對賬。

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

我們現在將電話轉交給我們的聯合創始人、董事長兼首席執行官何小鵬先生。請繼續。

[Interpreted] In the third quarter of 2021, XPeng achieved another record with deliveries reaching 25,666 units, representing a year-on-year increase of 199%. Our total deliveries for the first 3 months of 2021 exceeded 56,400 units, more than doubled last year's full year delivery.

【解讀】2021年第三季度，小鵬汽車出貨量再創新高，達到25666輛，同比增長199%。我們在 2021 年前 3 個月的總交付量超過 56,400 台，是去年全年交付量的兩倍多。

Furthermore, our monthly deliveries surpassed 10,000 units consecutively in both September and October and will strive to reach the target of 15,000 units of delivery per month. As rapid growth in deliveries continued to drive our economies of scale and P7 mix in our deliveries grew substantially to around 77%, our gross margin in the third quarter increased to 14.4%, up 250 basis points from last quarter.

此外，我們的月出貨量在9月和10月連續超過10,000台，並力爭達到每月15,000台的出貨量目標。由於交付量的快速增長繼續推動我們的規模經濟，我們交付量中的 P7 組合大幅增長至 77% 左右，我們第三季度的毛利率增至 14.4%，比上一季度增長 250 個基點。

Our unwavering commitment to in-house developed full-spec autonomous driving software and core hardware underpins expansibility to continuously strengthen our technology leadership.

我們對內部開發的全規格自動駕駛軟件和核心硬件的堅定承諾支持可擴展性，以不斷加強我們的技術領先地位。

At our Annual Tech Day event, we showcased a P5 equipped with our city and GP development version, which was able to navigate through the complex driving scenarios in downtown Guangzhou. This highlights logical breakthroughs and rising popularity of advanced driver assistance systems are transforming the use of mobility experience at an unprecedented speed. As our mission, XPeng is accelerating technology innovation and disruption in this field.

在我們的年度科技日活動中，我們展示了配備我們城市和 GP 開發版的 P5，它能夠在廣州市中心複雜的駕駛場景中導航。這凸顯了邏輯上的突破和高級駕駛員輔助系統的日益普及正在以前所未有的速度改變移動體驗的使用。作為我們的使命，小鵬正在加速該領域的技術創新和顛覆。

In our view, our competitive advantages, advanced driver-assistance systems, stem from our capabilities, including passenger safety to vertically integrate hardware, software and massive data set in-house, overall cost efficiency and rapid product iterations globally.

在我們看來，我們的競爭優勢、先進的駕駛輔助系統源於我們的能力，包括乘客安全垂直整合內部硬件、軟件和海量數據集、整體成本效率和全球快速產品迭代。

Our ability to accumulate corner cases from complex and real-life driving scenarios across China is XPeng's core competitive edge, and we'll continue to strengthen our technology leadership over peers.

我們在中國複雜和真實的駕駛場景中積累角落案例的能力是小鵬的核心競爭優勢，我們將繼續加強我們對同行的技術領先地位。

The attach rate of XPILOT 3.0 software reached close to 20% in P7 in the third quarter and revenue from software increased quarter-over-quarter. Among the more than 50,000 P7 that we have delivered as of September 30, over 11,000 units were equipped with XPILOT 3.0.

XPILOT 3.0軟件第三季度P7貼附率接近20%，軟件收入環比增長。在截至 9 月 30 日交付的 50,000 多台 P7 中，超過 11,000 台配備了 XPILOT 3.0。

During the third quarter of 2021, the average monthly utilization rate of our NGP for highway and the highway NGP mileage penetration rate each exceeded 60%. And the NGP assisted our customers in driving approximately 5.51 million kilometers or 3.42 million miles on highways.

2021年第三季度，公司高速公路NGP月均利用率和高速公路NGP里程滲透率均超過60%。 NGP 幫助我們的客戶在高速公路上行駛了大約 551 萬公里或 342 萬英里。

As we launch XPILOT 3.0 in the second half of 2022, we'll begin to explore the robotaxi business. Our strategic goal in the near term is to improve the robustness and safety of our autonomous driving algorithms through generalization. I believe our ability to mass produce turnkey solutions, including vehicles and software to potential mobility service operators will bring a revolutionary mobility experience to users and create significant business value.

當我們在 2022 年下半年推出 XPILOT 3.0 時，我們將開始探索機器人出租車業務。我們近期的戰略目標是通過泛化提高自動駕駛算法的魯棒性和安全性。我相信，我們為潛在移動服務運營商批量生產交鑰匙解決方案（包括車輛和軟件）的能力將為用戶帶來革命性的移動體驗，並創造巨大的商業價值。

XPeng not only developed full-stack software in-house, but also design and integrate core hardware in-house to achieve a rapid iteration of technology for instance will be one of the first in China as a mass-produced 800-volt high-voltage silicon carbide cut platform and 480-kilowatt high-voltage supercharging piles, which will allow 200 kilometers of driving range through only 5 minutes of charging.

小鵬不僅自主研發全棧軟件，還自主設計集成核心硬件，實現技術快速迭代，如國內率先量產800伏高壓碳化矽切割平台和480千瓦高壓充電樁，充電5分鐘即可續航200公里。

The domain controller and the electric and electronic architecture equipped in our fourth EV model, G9 were also developed in-house. We believe our ability to design these core hardware in-house will compound our competitive advantage in software, which will further cement our technology leadership.

我們的第四款 EV 車型 G9 配備的域控制器和電氣電子架構也是自主開發的。我們相信，我們在內部設計這些核心硬件的能力將增強我們在軟件方面的競爭優勢，這將進一步鞏固我們的技術領先地位。

We are accelerating our product rollout in order to increase our product penetration in our target market with price ranges between RMB 150,000 to RMB 400,000. In the third quarter of 2022, we'll begin the deliveries of our fourth EV model, the G9, which supports XPILOT 4.0. In our view, XPILOT 4.0 is going to fundamentally transform mobility experiences into the next stage.

我們正在加速我們的產品推出，以提高我們的產品在目標市場的滲透率，價格範圍在人民幣 150,000 元至人民幣 400,000 元之間。 2022 年第三季度，我們將開始交付支持 XPILOT 4.0 的第四款 EV 車型 G9。我們認為，XPILOT 4.0 將從根本上將移動體驗轉變為下一階段。

Our mission is to make Smart EV accessible to a broader user group in largest passenger vehicle market segments, delivering revolutionary Smart EV experience across our target market segment.

我們的使命是讓最大的乘用車細分市場中更廣泛的用戶群體能夠使用智能電動汽車，在我們的目標細分市場中提供革命性的智能電動汽車體驗。

Officially launched on September 15, our third mass-produced model, the P5 began deliveries in October as planned. The launch of P5 marked for the first time that an industry-leading advanced driver-assistance system and smart cockpit system in China can be deployed to smart EV models with price at around RMB 200,000.

P5 於 9 月 15 日正式發布，是我們的第三款量產機型，按計劃於 10 月開始交付。 P5的推出標誌著國內領先的先進輔助駕駛系統和智能座艙系統首次搭載在20萬元左右的智能EV車型上。

We believe that P5 has achieved a purchase cost parity with its equivalent internal (technical difficulty) vehicles. I believe P5 will disrupt the family sedan market, which has been dominated by traditional ICE models that have been made largely unchanged in terms of technology over the past decade.

我們認為 P5 已實現與其同等內部（技術難度）車輛的採購成本平價。我相信 P5 將顛覆家庭轎車市場，該市場一直由傳統的 ICE 車型主導，這些車型在過去十年中在技術方面基本沒有變化。

Despite the recent challenges from semiconductor shortages, the orders for P5 has exceeded our expectation, and the delivery of P5 has been scheduled until after Chinese New Year already.

儘管最近受到半導體短缺的挑戰，但P5的訂單超出了我們的預期，P5的交付時間已經安排在農曆新年之後。

Last Friday, we unveiled G9, our flagship SUV at the 2021 Guangzhou International Automobile Exhibition. The G9 will be our first mass produced Smart TV that supports XPILOT 4.0. Meanwhile, the G9 will be equipped with an 800 voltage high-voltage silicon carbide platform and XPeng's new proprietary XEEA 3.0 electric and electronic architecture that adopt a domain controller, deeply integrating hardware, software and communication architecture to achieve powerful performance and high flexibility in OTA upgrade. Also, I would like to highlight that G9 is our first model to be conceived and developed from the ground up for the international as well as the Chinese market.

上週五，我們在 2021 年廣州國際車展上發布了我們的旗艦 SUV G9。 G9 將是我們第一款支持 XPILOT 4.0 的量產智能電視。同時，G9將搭載800伏特高壓碳化矽平台和小鵬全新自主研發的XEEA 3.0電氣電子架構，採用域控制器，將硬件、軟件和通信架構深度融合，實現OTA的強大性能和高度靈活性。升級。另外，我想強調的是，G9 是我們為國際和中國市場從頭開始構思和開發的第一款車型。

Next, I would like to walk you through our strategic initiatives. Accelerating our research and development for new models and core technology innovations, we continue to build out our R&D team. As of the end of third quarter 2021, XPeng's R&D stock comprised of over 4,000 employees, more than twofold our staffing at the end of 2020. Over the next couple of years, you continue to see our technology breakthrough in uncharted areas.

接下來，我想向您介紹我們的戰略舉措。加快新車型研發和核心技術創新，不斷壯大研發隊伍。截至 2021 年第三季度末，小鵬汽車的研發人員數量超過 4,000 人，是我們 2020 年底人員數量的兩倍多。在接下來的幾年裡，您將繼續看到我們在未知領域的技術突破。

Our sales and services network sustained rapid expansion. As of September 30, XPeng's physical sales network consisted of 271 south centers across 95 cities in China. Of these sales stores, 167 were directly operated by us and 104 were franchise stores. We expect the number of sales stores to reach more than 350 by the end of 2021. Meanwhile, the average monthly store sales volume witnessed a sequential increase in the third quarter, reflecting enhancements to our store productivity and efficiency.

我們的銷售和服務網絡持續快速擴張。截至 9 月 30 日，小鵬汽車的實體銷售網絡由遍布中國 95 個城市的 271 個南方中心組成。其中直營店167家，加盟店104家。我們預計到 2021 年底，銷售門店數量將達到 350 多家。同時，第三季度平均每月門店銷量環比增長，反映出我們門店生產力和效率的提升。

We also continue to rapidly build out our supercharging network. As of September 30, the number of XPeng branded supercharging stations increased to 439 across 121 cities, and the total number of free supercharging stations reached 1,648 covering 221 cities. We are the industry pioneer deploying supercharging capabilities across the entire Beijing, Shanghai and Beijing, Hong Kong, Macau Expressway. The 30 XPeng branded supercharging stations deployed alongside the Expressway allow XPeng's customers to assess our supercharging facilities every 170 kilometers on average.

我們還繼續快速建立我們的增壓網絡。截至9月30日，小鵬品牌超充站數量增至439個，覆蓋121個城市，免費超充站總數達到1648個，覆蓋221個城市。我們是在整個京滬高速和京港澳高速公路上部署超級充電能力的行業先驅。 30個小鵬品牌超級充電站沿高速公路部署，讓小鵬的客戶平均每170公里評估一次我們的超級充電設施。

We expect XPeng branded supercharging stations to be more than 600 by the end of the year, accelerating our supercharging network expansion across lower-tier speeds. We expect to accomplish the construction of infrastructure supporting XPeng's supercharging network spanning all prefecture-level cities in China this year.

我們預計到今年年底，小鵬品牌的超級充電站將超過 600 個，加速我們的超級充電網絡向低端速度擴張。我們預計今年將完成支持小鵬超級充電網絡覆蓋中國所有地級市的基礎設施建設。

Furthermore, we will build on our well-established charging facilities in main areas to expand our network to cover a majority of country-level cities and highways in 2022 and 2023.

此外，我們將在 2022 年和 2023 年以我們在主要地區完善的充電設施為基礎，將我們的網絡擴展到覆蓋大多數國家級城市和高速公路。

On the overseas business front, XPeng's P7 was launched in Norway on October 25. We will explore opportunities to expand in Norway and other European markets such as Sweden, Denmark and the Netherlands and improve our sales delivery and service network continuously.

海外業務方面，小鵬P7於10月25日在挪威發布，我們將探索在挪威及瑞典、丹麥、荷蘭等歐洲市場的拓展機會，不斷完善銷售配送和服務網絡。

With respect to manufacturing capabilities, our first plant Zhaoqing plant is currently running on double shifts with production lines working up to 20 hours per day and production is ramping up rapidly. Total defined production capacity of Zhaoqing plant and the plants being built in Guangzhou and Wuhan will be more than 400,000 units per year. By adopting a double-shift production at these plants, annual production can reach up to 600,000 units, laying a strong foundation for our high growth in the next 2 years.

在製造能力方面，我們的第一工廠肇慶工廠目前實行雙班制，生產線每天工作長達 20 小時，產量正在迅速增加。肇慶工廠和在建的廣州、武漢工廠的總產能將超過40萬台/年。這些工廠採用雙班制生產，年產量可達60萬台，為我們未來兩年的高速增長奠定了堅實的基礎。

On October 19, XPeng's urban and mobility affiliates, HT Aero announced that it has entered into a definitive agreement with the consortium of investors to raise over USD 500 million for its Series A capital funding. This marks the largest single tranche fundraising to date in Asia's low altitude flying vehicle sector.

10 月 19 日，小鵬汽車旗下城市和出行子公司 HT Aero 宣布已與投資者財團達成最終協議，為其籌集超過 5 億美元的 A 輪融資。這是迄今為止亞洲低空飛行器領域最大的單筆融資。

XPeng is always committed to upholding the highest standards in ESG practices and is driving contributions to China's carbon neutrality goal by advancing our dream, eco-friendly smart mobility offering. On October 15, XPeng released its inaugural ESG report and notably for 2 consecutive years, XPeng received a AA rating from MSCI ESG research, topping its global auto peers. In the near future, we expect to make greater contributions to carbon neutrality through technological innovation, utilizing our in-house developed full-stack technologies.

小鵬汽車始終致力於在 ESG 實踐中堅持最高標準，並通過推進我們夢想中的環保智能出行產品，為中國的碳中和目標做出貢獻。 10月15日，小鵬汽車發布首份ESG報告，小鵬汽車連續兩年獲得MSCI ESG研究AA評級，位居全球車企榜首。在不久的將來，我們希望通過技術創新，利用我們內部開發的全棧技術，為碳中和做出更大的貢獻。

In conclusion, we'll make every endeavor to overcome the challenges stemming from chip shortages and the COVID-19 pandemic, which is still prevalent in some parts of the world. In the fourth quarter of 2021, we expect our smart EV deliveries to be approximately 34,500 to 36,500 units and our total revenue to be approximately RMB 7.1 billion to RMB 7.5 billion.

總之，我們將盡一切努力克服芯片短缺和 COVID-19 大流行帶來的挑戰，這種流行病在世界某些地區仍然很普遍。 2021 年第四季度，我們預計我們的智能電動汽車交付量約為 34,500 至 36,500 輛，我們的總收入約為人民幣 71 億元至人民幣 75 億元。

Thank you, everyone. With that, I will now turn the call over to our VP of Finance, Mr. Dennis Lu to discuss our financial performance for the third quarter of 2021.

謝謝大家。有了這個，我現在將把電話轉給我們的財務副總裁 Dennis Lu 先生，討論我們 2021 年第三季度的財務業績。

Thank you, Mr. He, and hello, everyone. Now I would like to provide a brief overview of our financial results for the third quarter of 2021. I will only reference RMB in my discussion today unless otherwise stated. Our total revenues were RMB 5.7 billion for the third quarter of 2021, an increase of 187% year-over-year and an increase of 52% quarter-over-quarter. Revenues from vehicle sales were RMB 5.5 billion for the third quarter of 2021, an increase of 188% year-over-year and an increase of 52% from last quarter.

謝謝何老師，大家好。現在我想簡要概述一下我們 2021 年第三季度的財務業績。除非另有說明，否則我今天的討論中只會提到人民幣。 2021 年第三季度，我們的總收入為人民幣 57 億元，同比增長 187%，環比增長 52%。 2021年第三季度汽車銷售收入為人民幣55億元，同比增長188%，環比增長52%。

The revenue increase was mainly attributable to higher vehicle deliveries, especially of the P7 resulting from channel expansion and brand equity improvement. Revenues from service and others were RMB 0.3 billion for the third quarter of 2021, an increase of 182% year-over-year and an increase of 47% quarter-over-quarter, mainly attributed to more income from service, parts and accessory sales in line with higher accumulated vehicle sales.

收入增長主要歸因於更高的車輛交付量，尤其是渠道擴張和品牌資產提升帶來的 P7。 2021年第三季度服務及其他收入為人民幣3億元，同比增長182%，環比增長47%，主要是服務、零部件銷售收入增加與較高的累計汽車銷量一致。

Gross margin was 14.4% for the third quarter of 2021 compared with 4.6% for the same period of 2020 and 11.9% last quarter. Vehicle margin reached 13.6% for the third quarter of 2021 compared with 3.2% for the same period of 2020 and 11% last quarter. The vehicle margin improvement was primarily attributable to better product mix and manufacturing efficiency enhancement driven by economies of scale.

2021 年第三季度的毛利率為 14.4%，而 2020 年同期為 4.6%，上一季度為 11.9%。 2021 年第三季度汽車利潤率達到 13.6%，而 2020 年同期為 3.2%，上季度為 11%。汽車利潤率的提高主要歸功於更好的產品組合和規模經濟帶來的製造效率提升。

R&D expenses were RMB 1.3 billion for the third quarter of 2021, an increase of 99% year-over-year and an increase of 46% quarter-over-quarter, mainly due to: one, increase in employee compensation as well as expanded research and development staff; and two, higher expense relating to the development of the G9, the P5 and related software technology to support future growth.

2021年三季度研發費用為人民幣13億元，同比增長99%，環比增長46%，主要原因是：一、員工薪酬增加以及研發規模擴大和開發人員；第二，與 G9、P5 和相關軟件技術的開發相關的更高費用，以支持未來的增長。

SG&A expense were RMB 1.5 billion for the third quarter of 2021, an increase of 28% year-over-year and an increase of 49% quarter-over-quarter, mainly due to: one, higher marketing, promotional and advertising expense to support vehicle sales; and two, expansion in our sales network and associated personnel costs and commission for franchise store sales.

2021 年第三季度 SG&A 費用為 15 億元人民幣，同比增長 28%，環比增長 49%，主要是由於：一是更高的營銷、促銷和廣告費用以支持車輛銷售；第二，擴大我們的銷售網絡以及相關人員成本和特許經營店銷售佣金。

Other income was RMB 0.2 billion for the third quarter of 2021, including government subsidies of approximately RMB 0.3 billion, partially offset by the allocation and disposal cost about RMB 0.1 billion related to the Haima Plant. Loss from operations was RMB 1.8 billion for the third quarter of 2021 compared with RMB 1.7 billion for the same period of 2020 and RMB 1.4 billion last quarter.

2021年第三季度其他收入為人民幣2億元，其中政府補貼約人民幣3億元，部分被與海馬廠相關的分配及處置費用約人民幣1億元所抵消。 2021 年第三季度運營虧損為人民幣 18 億元，而 2020 年同期為人民幣 17 億元，上一季度為人民幣 14 億元。

Excluding share-based compensation expense, the non-GAAP loss from operations were RMB 1.7 billion for the third quarter of 2021 compared with RMB 0.2 billion for the same period of 2020 and RMB 1.3 billion last quarter. Net loss was RMB 1.6 billion for the third quarter compared with RMB 1.1 billion for the same period a year ago and RMB 1.2 billion last quarter.

不計股權激勵費用，2021 年第三季度的非美國通用會計準則運營虧損為人民幣 17 億元，而 2020 年同期為人民幣 2 億元，上一季度為人民幣 13 億元。第三季度淨虧損為人民幣 16 億元，去年同期為人民幣 11 億元，上季度為人民幣 12 億元。

Non-GAAP net loss was RMB 1.5 billion for the third quarter of 2021 compared with RMB 0.9 billion for the same period of 2020 and RMB 1.1 billion last quarter. In July, we completed dual primary listing in Hong Kong. As of September 30, 2021, our company had cash, cash equivalents, restricted cash, short-term and long-term investments and deposits in total of RMB 45 billion.

2021 年第三季度非美國通用會計準則淨虧損為人民幣 15 億元，而 2020 年同期為人民幣 9 億元，上季度為人民幣 11 億元。 7月，我們完成了在香港的雙重主要上市。截至2021年9月30日，公司持有現金、現金等價物、受限制現金、短期和長期投資及存款合計人民幣450億元。

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

為註意我們財報電話會議的時長，我鼓勵聽眾參閱我們的財報新聞稿以了解更多詳情。我們準備好的發言到此結束。我現在將開始提問。接線員，請繼續。

Hi, operator, would you please go ahead? We are ready for Q&A.

嗨，接線員，你能繼續嗎？我們準備好進行問答。

Sorry. Can you hear me?

對不起。你能聽到我嗎？

Yes. So we can hear you. Please go ahead to start Q&A.

是的。這樣我們就能聽到你的聲音。請繼續開始問答。

(Operator Instructions) Our first question comes from Tim Hsiao from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Tim Hsiao。

Congratulations on the great results. I have 2 questions. And the first question is just want to quickly follow up about development taxi plans you just mentioned during the presentation. Could you share more details in terms of the scale, business motive, business model and more? Is it more like a demonstration of the capability of XPILOT 4.0? And are we going to have any different or facelift model for the robotaxi fleet operation next year or simply leverage P5 for the fleet operation in Guangzhou? And are we going to do that in other places or other province? So that's my first question. (foreign language)

祝賀你取得了很好的成績。我有兩個問題。第一個問題只是想快速跟進您剛才在演示中提到的開發出租車計劃。您能否在規模、商業動機、商業模式等方面分享更多細節？是不是更像是XPILOT 4.0能力的展示？明年我們是否會為 Robotaxi 車隊運營採用任何不同或改款的模式，或者只是利用 P5 進行廣州的車隊運營？我們會在其他地方或其他省份這樣做嗎？這是我的第一個問題。 （外語）

[Interpreted] Thanks for your first question. Now in regards to robotaxi and its development plan, we are still in the process of doing internal discussions. So I can only share with you some of the basic and initial frameworks and some thoughts. So basically, we are going to adopt the current models that we have, and we are going to use XPILOT 3.5 to 4.0 or even further future OTA versions on these fleets and our motive or target is to test and train our close look capability of integrating software, hardware and also our data capability in urban roads so that we can serve the future development of XPILOT 4.0, 5.0 or even further more advanced versions of our XPILOT software upgrades. And so we are also not looking into doing mass services in the future. We are looking to partner with the current operators that we can together contribute to the development of this industry.

[已解釋] 感謝您的第一個問題。現在關於robotaxi和它的發展規劃，我們還在做內部的討論。所以我只能和大家分享一些基本的、初步的框架和一些想法。所以基本上，我們將採用我們現有的模型，我們將在這些機隊上使用 XPILOT 3.5 到 4.0 甚至未來的 OTA 版本，我們的動機或目標是測試和訓練我們的近距離集成能力軟件、硬件以及我們在城市道路上的數據能力，以便我們可以服務於 XPILOT 4.0、5.0 甚至更高級版本的 XPILOT 軟件升級的未來發展。所以我們也沒有考慮在未來做大眾服務。我們希望與現有運營商合作，共同為這個行業的發展做出貢獻。

Great. My second question is about P5. I think we already touched on the topics a little bit during the presentation, but do we have more updates on P5 order intake and backlog at the moment? Probably just some rough quantitative guidance would be great. And roughly how many percentage of the consumers are willing to take the cars first without radar. And in the meantime, could we have a rough idea about the order mix of 550P and the 600P, the 2 models with LiDARs integrated? (foreign language)

偉大的。我的第二個問題是關於P5。我認為我們在演示期間已經稍微談到了這些主題，但是目前我們是否有更多關於 P5 訂單接收和積壓的更新？可能只是一些粗略的定量指導會很好。大概有多少消費者願意在沒有雷達的情況下先乘坐汽車。與此同時，我們能否對 550P 和 600P 這兩款集成 LiDAR 的型號的訂單組合有一個大概的了解？ （外語）

Tim, it's Brian. Let me just, first of all, respond, we never give guidance or forecast on our specific orders and backlog. So that has been our policy since our listing. But just to give you some color on P5, we actually saw a very robust demand as Mr. He stated in the opening speech. We actually saw the backlog now stands to post the Chinese New Year. So on average, in some models, up to 4 months of backlog, wait time. So that's also a very robust demand.

蒂姆，是布萊恩。首先，讓我回答一下，我們從不就我們的具體訂單和積壓訂單提供指導或預測。這就是我們上市以來的政策。但只是給你一些關於 P5 的顏色，我們實際上看到了非常強勁的需求，正如何先生在開幕詞中所說的那樣。我們居然看到現在積壓的立柱要過年了。因此，平均而言，在某些型號中，積壓的等待時間長達 4 個月。所以這也是一個非常強勁的需求。

In terms of the mix, the only thing I can tell you just a few facts. One is that more than 50% of the orders that we received are for software subscribing models, which in corporate XPILOT 3.0 or 3.5 are hardware architect. And also regarding to your question whether -- what's the percentage of orders actually choose to take delivery and have future installation of the radar, actually, more than 80% of people actually have chosen that option. So we actually see very strong favorable sort of reception to our P5.

在混合方面，我唯一能告訴你的只是一些事實。一是我們收到的訂單中有超過50%是軟件訂閱模型，在企業XPILOT 3.0或3.5中是硬件架構師。還有關於你的問題——實際選擇收貨並在未來安裝雷達的訂單百分比是多少，實際上，超過 80% 的人實際上選擇了該選項。所以我們實際上看到我們的 P5 受到了非常強烈的歡迎。

Our next question comes from Jeff Chung from Citi.

我們的下一個問題來自花旗銀行的 Jeff Chung。

(foreign language)

（外語）

Okay. So let me translate that into. So question 1 is about the robotaxi. So can we quantify our solution on robotaxi? How much cheaper than Baidu and Pony and other competitors? And secondly, it's about our autopilot penetration rate into the first half next year, given that our autopilot 3.5 urban version OTA will be activated soon? And also for P5, the 3, also 5 model we offer this function, and this is much higher than the P7, 1 model also 3. And my last question is about November and December monthly sales run rate guidance.

好的。所以讓我把它翻譯成。所以問題 1 是關於機器人出租車的。那麼我們可以量化我們在 robotaxi 上的解決方案嗎？比百度和小馬等競爭對手便宜多少？其次是關於我們明年上半年的自動駕駛普及率，考慮到我們的自動駕駛3.5城市版OTA即將激活？而且對於 P5，3，5 型號我們提供了這個功能，這比 P7，1 型號也 3 高得多。我的最後一個問題是關於 11 月和 12 月的月度銷售運行率指導。

[Interpreted] Thank you. Let me take the first question. Now in regards to robotaxi, basically, we're going to adopt all of our mass produced model. So technically speaking, their cost would be a lot cheaper to our competitors. And on average, every month, we expect see 8,000 to 10,000 kilometers of driving mileage that we can accumulate from our fleet. And so the purpose for using those kind of fleet as robotaxi is to gain further ability and capability of getting more knowledge in mass and also accumulated corner cases in our database so that we can further explore and enhance our overall capability of integrating the software, data capability, hardware and also to build up a higher level of safety and reduce costs further. Thank you.

[翻譯] 謝謝。讓我回答第一個問題。現在關於機器人出租車，基本上，我們將採用我們所有的量產模型。所以從技術上講，他們的成本會比我們的競爭對手便宜很多。平均每個月，我們預計我們的車隊可以累積 8,000 到 10,000 公里的行駛里程。所以使用這類車隊作為robotaxi的目的是進一步獲得海量知識的能力和能力，並在我們的數據庫中積累角落案例，以便我們進一步探索和提高我們整合軟件、數據的整體能力能力、硬件以及建立更高級別的安全性並進一步降低成本。謝謝你。

And Tim, this is Brian. Let me address your next 2 questions. First of all, on the question of P5 software subscription, again, I don't want to offer any guidance and forecast, but I want to point to a few facts. First of all, right now, we're seeing more than 50% of the orders for P5 for the software subscription-ready hardware model. So definitely, you can see the mix is higher than the P7 that we actually see in terms of the software capable models.

蒂姆，這是布萊恩。讓我回答你接下來的 2 個問題。首先，關於 P5 軟件訂閱的問題，我不想提供任何指導和預測，但我想指出幾個事實。首先，現在，我們看到超過 50% 的 P5 訂單用於軟件訂閱就緒的硬件模型。所以可以肯定的是，就軟件功能模型而言，您可以看到混合比我們實際看到的 P7 更高。

Secondly is that the delivery of the software subscribing model is also subject to some supply chain bottleneck. As you saw earlier, we actually need to install some of the radars post the delivery. So as a result, we also offered software free for some of these customers. So I think in the short term, you will see the impact due to a number of these factors.

其次是軟件訂閱模式的交付也受到一些供應鏈瓶頸的影響。正如您之前看到的，我們實際上需要在交付後安裝一些雷達。因此，我們還為其中一些客戶提供免費軟件。所以我認為在短期內，你會看到由於這些因素造成的影響。

But in the long run, we are confident that P5 will see higher software subscription rates for both XPILOT 3.0 or XPILOT 3.5 software. And as you know, XPILOT 3.5 software is priced higher than XPILOT 3.0. Your third question on the guidance. Again, I don't want to give additional color on specific month delivery, but I want to reiterate 2 things. The one is that we are still striving for hitting a monthly peak delivery of 15,000 per month in the next 2 months. So that's our goal. And I think we have a good chance of hitting that.

但從長遠來看，我們有信心 P5 將看到更高的 XPILOT 3.0 或 XPILOT 3.5 軟件訂閱率。如您所知，XPILOT 3.5 軟件的價格高於 XPILOT 3.0。關於指南的第三個問題。同樣，我不想在特定月份的交貨時給出額外的顏色，但我想重申兩件事。一是我們還在努力爭取在接下來的2個月內達到每月15000個的月交付峰值。這就是我們的目標。我認為我們很有可能實現這一目標。

Second thing I want to mention is that the supply chain constraint is still very severe. So the visibility to the chip shortage as well as some other constraining factors, makes -- the forecast is very short and not very reliable in the coming months or so. So that's why I think we provided the guidance with the best knowledge that we see today. But I think this is where we see and also how we feel about the monthly delivery peak will arrive.

其次我想提的是，供應鏈的製約還是很嚴重的。因此，芯片短缺的可見性以及其他一些限制因素使得 - 未來幾個月左右的預測非常短暫且不太可靠。所以這就是為什麼我認為我們提供了我們今天看到的最佳知識的指南。但我認為這是我們所看到的，也是我們對每月交付高峰即將到來的看法。

Our next question comes from Ming Lee from Bank of America.

我們的下一個問題來自美國銀行的 Ming Lee。

(foreign language)

（外語）

My first question is regarding Q3 because in the third quarter, you started to make Q3 in your own plant. And how do you see the margin improvement after you make the car in your own plant? And also in the future, when do you expect to launch a facelift or a new generation of Q3 to improve the margin of the product? And my second question is the different functions between XPILOT 3.5 and 4.0.

我的第一個問題是關於 Q3，因為在第三季度，你們開始在自己的工廠生產 Q3。在您自己的工廠生產汽車後，您如何看待利潤率的提高？以及未來，您預計什麼時候推出改款或新一代Q3來提高產品的利潤率？我的第二個問題是XPILOT 3.5 和4.0 之間的不同功能。

Ming, this is Dennis. Let me address the first question. We actually -- we moved our G3 to our Zhaoqing plant in August to commence with the (inaudible) model. As you rightly pointed, we actually -- we can see the scales improvement. So we see better labor and overhead efficiency compared with all that we have Haiman to do the contract manufacturing. So we are seeing the margin improvement on P7I already, which we have launched, and we are selling the vehicle already. That's number one. And number two.

明，這是丹尼斯。先說第一個問題。實際上，我們在 8 月份將 G3 搬到了肇慶工廠，開始使用（聽不清）模型。正如您正確指出的那樣，我們實際上 - 我們可以看到規模的改善。因此，與我們讓海曼從事合同製造的所有工作相比，我們看到了更好的勞動力和間接費用效率。所以我們已經看到我們已經推出的 P7I 的利潤率有所提高，並且我們已經在銷售車輛。這是第一。第二。

[Interpreted] Thank you. For your second question, actually, we are not going to disclose any more details between the different -- of the difference between XPILOT 3.5 and XPILOT 4.0 because we're going to launch and talk more about XPILOT 4.0 next year. But right now, I can give you a general idea about the differences.

[翻譯] 謝謝。對於你的第二個問題，實際上，我們不會透露 XPILOT 3.5 和 XPILOT 4.0 之間的不同之處的更多細節，因為我們將在明年推出並更多地討論 XPILOT 4.0。但是現在，我可以給你一個關於差異的大概概念。

Basically, for XPILOT 3.5, we are able to cover the urban NGP function that supports quite a number of cities and some urban roads. But that is comparatively smaller number compared to XPILOT 4.0 because we expect XPILOT 4.0 to be able to support the majority number of growth and city in not just China, but also Europe as well.

基本上，對於XPILOT 3.5，我們已經能夠涵蓋支持相當多城市和部分城市道路的城市NGP功能。但與 XPILOT 4.0 相比，這個數字相對較小，因為我們預計 XPILOT 4.0 不僅能夠支持中國乃至歐洲的大部分增長點和城市。

And on top of that, XPILOT 4.0 is also equipped with a higher level of sensing capability, electric and electronic architecture and also a more stronger sort of algorithm calculation computing power as well.

而除此之外，XPILOT 4.0還配備了更高級別的傳感能力、電子電氣架構以及更強大的算法運算能力。

Our next question comes from Bin Wang from Credit Suisse.

我們的下一個問題來自瑞士信貸的 Bin Wang。

I got 2 questions. Number one is the dollar margin improving. Can you break down the different factors about the gross margin increase? For example, how much came from the higher (inaudible)? How much came from the efficiency and how much came from the product mix? That's number one. Number two, more technology question because you actually will migrate to the 800 voltage system, does that mean for current supercharge (inaudible) to have a dramatic rebuild, what's the (inaudible) cost from current maybe 350 voltage to the 800?

我有 2 個問題。第一是美元利潤率提高。您能否分解影響毛利率增長的不同因素？例如，有多少來自較高（聽不清）？有多少來自效率，有多少來自產品組合？這是第一。第二，更多的技術問題，因為您實際上將遷移到 800 電壓系統，這是否意味著電流增壓（聽不清）要進行戲劇性的重建，從電流可能是 350 電壓到 800 的（聽不清）成本是多少？

(foreign language)

（外語）

Bin, this is Dennis. Let me address your first question. Regarding the quarter-over-quarter margin improvement, majority improvement came from the mix improvement. In the our quarter 2, our total P7 accounting for about 66% of the sales. But in third quarter, because of the P3 migration, we actually saw more P7. P7 accounted for about 77% of total sales in quarter 3. So that's the major reason for the margin improvement.

斌，這是丹尼斯。讓我回答你的第一個問題。關於環比利潤率的改善，大部分改善來自組合改善。在我們的第二季度，我們的 P7 總銷售額約佔銷售額的 66%。但在第三季度，由於 P3 的遷移，我們實際上看到了更多的 P7。 P7 約佔第 3 季度總銷售額的 77%。因此這是利潤率提高的主要原因。

And the other improvement would be for the labor and overhead efficiency due to the scale, the economic improvement because we are producing all the vehicle in our Zhaoqing plant. So we see the kind of efficiency improvement. However, we also had some cost increase to offset partially the -- the good news for example, the raw material increase and also the chip shortage also partial up. The good news I mentioned briefly. So I hope I addressed your first question.

另一個改進是由於規模帶來的勞動力和間接費用效率，以及經濟改善，因為我們在肇慶工廠生產所有車輛。所以我們看到了那種效率的提高。然而，我們也有一些成本增加來部分抵消——好消息，例如，原材料增加和芯片短缺也部分增加。我簡單提到的好消息。所以我希望我回答了你的第一個問題。

[Interpreted] Let me take the second question. Now for G9 and other future models, we are going to adopt the 800-volt high-voltage charging. And so for our current charging piles, we are going to upgrade them to -- I mean, in the future to 360 kilowatt and also in the future, 480 kilowatts. And so as we lay out our deployment of supercharging stations, we are going -- I mean, the newer ones we're going to take the high-voltage charging facilities such as 380 kilowatts and 480 kilowatts for sure. So there won't be any waste because we will gradually roll out our plant and network building for construction for the charging facilities.

[解讀]我來回答第二個問題。現在對於G9和其他未來車型，我們將採用800伏高壓充電。因此，對於我們目前的充電樁，我們將把它們升級到——我的意思是，將來升級到 360 千瓦，將來也會升級到 480 千瓦。因此，當我們部署超級充電站時，我們將 - 我的意思是，我們肯定會採用 380 千瓦和 480 千瓦等高壓充電設施。所以不會有任何浪費，因為我們將逐步推出我們的工廠和網絡建設來建設充電設施。

(foreign language)

（外語）

[Interpreted] Yes because each station -- each charging station consists of different piles of different voltage. And so we are going to be able to diversify the kind of piles in each single station.

[解讀]是的，因為每個站——每個充電站都由不同電壓的不同樁組成。因此，我們將能夠使每個站點的樁類型多樣化。

Our next question comes from Nick Lai from JPMorgan.

我們的下一個問題來自摩根大通的 Nick Lai。

(foreign language)

（外語）

Nick, we lost you. You're still there. Nick?

尼克，我們失去了你。你還在那裡。缺口？

Our next question will be from Edison Yu from Deutsche Bank.

我們的下一個問題將來自德意志銀行的 Edison Yu。

Great. I actually just have one. Could you maybe go over long term, what kind of opportunity you see in Europe? Obviously, don't expect anything too concrete. But what kind of potential volume or what kind of percentage of the market you can maybe target or expect to see there in the longer term? (foreign language)

偉大的。其實我只有一個。你能不能從長遠來看，你在歐洲看到了什麼樣的機會？顯然，不要期望任何太具體的東西。但是，從長遠來看，您可以瞄准或期望看到什麼樣的潛在數量或什麼樣的市場百分比？ （外語）

Edison, this is Brian. First of all, I mean, to answer your question, I want to emphasize that our current plan in Europe is mainly focused on building our presence capabilities and also make sure we have the right network and brand awareness build up. So we are not emphasizing delivery numbers in the near term.

愛迪生，這是布賴恩。首先，我的意思是，為了回答你的問題，我想強調我們目前在歐洲的計劃主要集中在建立我們的存在能力，並確保我們擁有正確的網絡和品牌知名度。因此，我們不會在短期內強調交付數量。

And in the long run, I would say that's multiyear, we actually see ourselves as a global company with around half of the volume ultimately will come from outside of China and half of the volume inside China. That's our goal. That's -- again, it's a multiyear goal, but that's what we're striving for.

從長遠來看，我想說這是多年的，我們實際上將自己視為一家全球公司，最終大約一半的銷量將來自中國以外，一半的銷量將來自中國境內。這就是我們的目標。那是 - 再一次，這是一個多年目標，但這就是我們正在努力的目標。

Our next question comes from Paul Gong from UBS.

我們的下一個問題來自瑞銀集團的 Paul Gong。

I have 2 questions. The first one is still regarding the autonomous driving. My understanding is from the XPILOT 3.0 to XPILOT 3.5, the hardware-wise, you cannot migrate to the newer version because of the different consideration of the hardware. How about from 3.5 to 4.0? Will you support upgrades on the hardware for the previous buyers of the system? (foreign language)

我有兩個問題。第一個還是關於自動駕駛。我的理解是從 XPILOT 3.0 到 XPILOT 3.5，硬件方面，你不能遷移到更新的版本，因為對硬件的考慮不同。從 3.5 到 4.0 怎麼樣？是否支持為之前的系統購買者進行硬件升級？ （外語）

[Interpreted] Actually, the hardware cannot be migrated to XPILOT 4.0 because of fundamental upgrade in computing power and sensing capability. We also upgrade the whole electronic and electric system as well. So basically, these 2 XPILOT systems are built on top of 2 very different infrastructure. Also, we are laying the foundation for the future development of L4 level of autonomous driving. So you will see fundamental changes in terms of the ACC, LCC and also APA programs.

【解讀】實際上，由於計算能力和感知能力的根本升級，硬件無法遷移到XPILOT 4.0。我們還升級了整個電子和電氣系統。所以基本上，這兩個 XPILOT 系統是建立在兩個截然不同的基礎設施之上的。此外，我們正在為未來L4級別自動駕駛的發展奠定基礎。因此，您將看到 ACC、LCC 和 APA 計劃方面的根本變化。

Okay. My second question is regarding the (inaudible) operation. I think Q3 has been available there for over 1 year and P7 was available since last month. So far, how have you been faring the learning process in Norway, like what lessons you have learned? What has been preventing you selling more vehicles over there given the cost advantage and some of the smart features of the XPeng's cars are pretty competitive in that market? (foreign language)

好的。我的第二個問題是關於（聽不清）操作。我認為 Q3 已經在那裡可用了 1 年多，而 P7 從上個月開始可用。到目前為止，你在挪威的學習過程如何，比如你學到了什麼？考慮到成本優勢和小鵬汽車的一些智能功能在那個市場上非常有競爭力，是什麼阻止了你們在那裡銷售更多的汽車？ （外語）

[Interpreted] Our international strategy determines that our target between 2020 to 2022 is to lay a good foundation for our international expansion in the following aspects, which are the software and hardware R&D development, our safety and data protection and also our team and organization structure revamp. So basically, in Norway and other international markets, you would see us doing more restructuring and exploration in terms of our product, technology and also our organization. So sales right now is not our priority in the international market. But in the future from 2021 to 2025, we are going to conceive and develop models that are suitable for not just the Chinese market, but for the international market in the sense that we are going to comply with all the safety regulations and environmental regulations to the highest standards in the European market as well as the global market in general.

【解讀】我們的國際化戰略決定了我們2020年到2022年的目標是在軟硬件研發開發、我們的安全和數據保護、我們的團隊和組織結構等方面為我們的國際化擴張打下良好的基礎改造。所以基本上，在挪威和其他國際市場，你會看到我們在產品、技術和組織方面進行更多的重組和探索。所以現在的銷售不是我們在國際市場上的首要任務。但在未來，從 2021 年到 2025 年，我們將構思和開發不僅適合中國市場，而且適合國際市場的車型，因為我們將遵守所有安全法規和環境法規，以歐洲市場以及全球市場的最高標準。

So by that time, I think we'll be more prepared to hit the sales target or further expand into the overseas market.

所以到那個時候，我認為我們會為實現銷售目標或進一步拓展海外市場做好更充分的準備。

Hi, operator. We are ready for the closing remarks.

你好，運營商。我們已準備好發表閉幕詞。

All right. Please go ahead.

好的。請繼續。

Operator, Nick -- you still have 1 more question left from JPMorgan, Nick Lai.

接線員，尼克——你還有 1 個來自摩根大通的問題，尼克賴。

Okay. Our next question again is from Nick Lai.

好的。我們的下一個問題再次來自 Nick Lai。

Can you hear me? Hello?

你能聽到我嗎？你好？

Yes.

是的。

Now let me ask questions very briefly. Yes. I know I'm running out of time. But maybe 2 questions quickly. One is on the profit margin outlook. And second is on (inaudible) outlook. I'll ask quickly in English and then translate in Chinese. On the profit margin, indeed great result in third quarter. As we move to first half next year, how should we think about the possibility considering positive and potential industry headwind on the positive side, P5 showed meaningful volume and P5 showed large part of component in Q3. So that's the efficiency gain. But at the same time, we have incremental material price hike and also P5 carryable profit margin that could be margin dilutive as we sell more P5 into first half of next year. And that's the first question on margins. And the second on G9 itself, considering G9's addressable market. How should we think about the monthly run rate when G9 is fully ramped up? Is it fair to compare G9 with comparable peers like NIO ES8 or maybe the (inaudible) product? (foreign language)

現在讓我非常簡短地提問。是的。我知道我快沒時間了。但也許很快就會有 2 個問題。一是利潤率前景。其次是（聽不清）前景。我會用英文快速詢問，然後用中文翻譯。就利潤率而言，第三季度確實取得了不錯的成績。當我們進入明年上半年時，我們應該如何考慮在積極方面考慮積極和潛在行業逆風的可能性，P5 顯示有意義的數量，P5 在第三季度顯示大部分組件。這就是效率增益。但與此同時，我們有增量材料價格上漲和 P5 可攜帶利潤率，這可能會稀釋利潤，因為我們在明年上半年銷售更多 P5。這是關於利潤率的第一個問題。第二個是關於 G9 本身，考慮到 G9 的潛在市場。 G9全面上線後，我們應該如何看待月度運行率？將 G9 與 NIO ES8 或（聽不清）產品等同類產品進行比較是否公平？ （外語）

Nick, this is Dennis. Let me address the first question regarding the margin. As I mentioned previously, our quarter 3 margin improvement compared with quarter 2 is primarily due to the product mix improvement. You're right, going to the first quarter, we will deliver P5 and then the G3i volume will be better than the old model. So the mix will have the impact. I mean, the P7 percentage in terms of total sale will reduce. But having said that, we are actually, in our future products, including G9 and for the future model, we will have better margin. For example, bigger car, we are foreseeing a better margin for future model (inaudible) see the near term the impact due to the mix change. But going to next year, we actually will see more good news from the better product mix, including the new product introduction.

尼克，這是丹尼斯。讓我來談談關於保證金的第一個問題。正如我之前提到的，與第二季度相比，我們第三季度的利潤率有所提高，這主要是由於產品組合的改善。沒錯，到了第一季度，我們會交付P5，然後G3i的銷量會比老款好。所以混合會產生影響。我的意思是，總銷售額的 P7 百分比將會降低。但話雖如此，我們實際上是，在我們未來的產品中，包括 G9 和未來的模型，我們將有更好的利潤率。例如，更大的汽車，我們預計未來車型的利潤率更高（聽不清）看到近期由於混合變化而產生的影響。但是到了明年，我們實際上會從更好的產品組合中看到更多的好消息，包括新產品的推出。

So Nick, it's Brian. Again, no forecast on G9, unfortunately. But I just want to tell you that we are very confident that G9 will be a flagship product that will deliver, I think, results similar to our top selling models for a number of reasons. First of all, the G9 is positioned and the size more similar to ES6 than ES8. So the addressable market is actually much bigger. Secondly is that upon the launch of G9 at the time, it will offer superior capability in a number of areas in terms of autonomous -- highly capable autonomous driving capabilities as well as fast charging capabilities and leading electric architecture components for a much faster upgrades, et cetera. So we think it will be probably one of the most technologically superior product coupled with the attractive design and also by the leading infrastructure of XPeng network. So we're very actually confident that we will achieve a strong debut. And also to know that G9 is designed for the global market. So that product only will be sold in China. They will also be designed and sold in international markets and with Europe specifically in mind. So I think -- we think this is going to be a very important product for XPeng going forward.

尼克，是布萊恩。同樣，不幸的是，沒有關於 G9 的預測。但我只想告訴你，我們非常有信心 G9 將成為一款旗艦產品，我認為，出於多種原因，它會提供與我們最暢銷機型相似的結果。首先，G9在定位和尺寸上更接近ES6而不是ES8。因此，潛在市場實際上要大得多。其次是G9屆時推出後，將在多個領域提供卓越的能力，包括自動駕駛能力——高能力的自動駕駛能力以及快速充電能力和領先的電氣架構組件，以實現更快的升級，等等。因此我們認為它可能是技術上最先進的產品之一，再加上有吸引力的設計以及小鵬網絡領先的基礎設施。所以我們非常有信心我們將實現強勁的首次亮相。還要知道 G9 是為全球市場設計的。所以該產品只會在中國銷售。它們還將在國際市場上設計和銷售，並特別考慮到歐洲。所以我認為 - 我們認為這將成為小鵬未來非常重要的產品。

There is no further question at this time. You may continue.

目前沒有進一步的問題。你可以繼續。

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 Group Investor Relations.

再次感謝您今天加入我們。如果您還有其他問題，請隨時通過我們網站上提供的聯繫信息或 The Piacente Group Investor Relations 聯繫 XPeng 的投資者關係。

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

今天的電話會議到此結束。您現在可以斷開線路。謝謝你。

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

[此記錄中標記為 [已翻譯] 的部分由現場通話中的口譯員說出。]