Xpeng Inc (XPEV) 2020 Q4 法說會逐字稿

Hello, ladies and gentlemen. Thank you for standing by for the Fourth Quarter and Fiscal Year 2020 Earnings Conference call for XPeng Inc. (Operator Instructions) Today's conference call is being recorded.

女士們，先生們，您好。感謝您等待 XPeng Inc. 第四季度和 2020 財年收益電話會議（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. Charles Zhang, Managing Director and of Strategy of the company. Please go ahead, Mr. Zhang.

我現在將電話轉給您的主持人，公司董事總經理兼戰略部 Charles Zhang 先生。請繼續，張先生。

Thank you. Hello, everyone, and welcome to the Fourth Quarter and Fiscal Year 2020 Earnings Conference Call of XPeng Inc. The company's financial and operating results were issued by our newswire services earlier today and are available online. You can also view the earnings 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2020財年第四季度財報電話會議。該公司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 IR 部分查看收益新聞稿。

Participants on today's call will include our Co-Founder, Chairman and CEO, Mr. Xiaopeng He; Vice Chairman and President, Dr. Brian Gu; Vice President of Finance, Mr. Dennis Lu; and myself. Management will begin with prepared remarks, and the call will conclude with a Q&A session.

今天電話會議的參與者包括我們的聯合創始人、董事長兼首席執行官何曉鵬先生；副董事長兼總裁顧博良博士；財務部副總裁盧志強先生；和我自己。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。

As a reminder, this conference is being recorded. A webcast replay of this conference call will be available on the IR section of our website.

提醒一下，這次會議正在錄製中。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 provision of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such the company's results may be materially different from the views expressed today. 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. SEC. The company does not assume any obligations to update any forward-looking statements, except as required under the applicable law.

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。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向美國證券交易委員會提交的相關公開文件中。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。

Please also note that XPeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures.

另請注意，小鵬汽車的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 措施與未經審計的 GAAP 措施的調節。

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

我現在將把電話轉給我們的聯合創始人、董事長兼首席執行官何曉鵬先生。請繼續。

[Interpreted] Hello, everyone. Thank you for joining XPeng's Fourth Quarter and Fiscal Year 2020 Earnings Conference call today. In the fourth quarter of 2020, we achieved another quarter of record-high vehicle delivery which reached 12,964 units, up 303% year-over-year and 51% quarter-over-quarter. Vehicle deliveries for the full year of 2020 increased by 112% year-over-year to 27,041 units.

【解讀】大家好。感謝您今天參加小鵬汽車 2020 財年第四季度財報電話會議。在 2020 年第四季度，我們的汽車交付量再創歷史新高，達到 12,964 輛，同比增長 303%，環比增長 51%。 2020 年全年汽車交付量同比增長 112% 至 27,041 輛。

Driven by strong delivery growth, we increased our revenue in 2020 by 151.8% to RMB 5.8 billion. More excitingly, we achieved a positive full year gross margin for the first time in the company's history, marking a significant milestone.

在交付量強勁增長的推動下，我們 2020 年的收入增長了 151.8% 至人民幣 58 億元。更令人興奮的是，我們在公司歷史上首次實現了全年正毛利率，這是一個重要的里程碑。

I believe that 2020 signified the beginning of a new era in China's Smart EV development. During the year, our consistent execution of the past 6 years of full stack in-house R&D strategy bolstered our ability to provide customers with differentiated Smart EV products and lead the technology innovation of Smart EVs in China.

我相信2020年標誌著中國智能電動汽車發展新時代的開始。年內，我們持續執行過去 6 年的全棧自主研發戰略，增強了我們為客戶提供差異化智能電動汽車產品的能力，並引領了中國智能電動汽車的技術創新。

Next, I would like to go through our recent advancements in Smart EV technology innovation. In October 2020, we released our second-generation smart in-car operating system through OTA, which features the first of its kind All Voice In-car System. This is one of our key proprietary technologies that allow our customers to interact with our vehicles in natural language and continuous dialogue.

接下來，我想介紹一下我們最近在智能電動汽車技術創新方面的進展。 2020年10月，我們通過OTA發布了第二代智能車載操作系統，首創全語音車載系統。這是我們的一項關鍵專有技術，使我們的客戶能夠以自然語言和持續對話與我們的車輛進行交互。

In January and February 2021, the average daily utilization rate for our AI voice assistant exceeded 90%. This illustrates the disruptive changes our self-developed smart in-car operating system is bringing to traditional in-car interactions.

2021 年 1 月和 2 月，我們的 AI 語音助手的平均每日使用率超過 90%。這說明了我們自主研發的智能車內操作系統正在為傳統的車內交互帶來顛覆性的改變。

On January 26, 2021, we have released the first OTA of XPILOT 3.0, our full-stack, in-house-developed autonomous driving system, which includes our navigation-assisted highway autonomous driving solution or Navigation Guided Pilot, NGP. NGP has been activated in approximately 20% of all P7s delivered as of the end of February and has assisted our customers in driving for more than 1.3 million kilometers.

2021 年 1 月 26 日，我們發布了 XPILOT 3.0 的第一個 OTA，這是我們的全棧、內部開發的自動駕駛系統，其中包括我們的導航輔助高速公路自動駕駛解決方案或 Navigation Guided Pilot，NGP。截至 2 月底，已交付的所有 P7 中約有 20% 啟用了 NGP，並已協助我們的客戶行駛了超過 130 萬公里。

Leveraging field data from our customers and our closed-loop data capability, we can continuously train our algorithms and implement fast iterations, providing our customers with an evolving autonomous driving system that is capable of handling complex road conditions in China. In February, the NGP-assisted mileage penetration rate, which refers to the mileage assisted by the NGP as a percentage of the drivable mileage of NGP, exceeded 50% amongst those P7s that activated the NGP. This is a very exciting figure.

利用客戶的現場數據和我們的閉環數據能力，我們可以持續訓練我們的算法並實現快速迭代，為我們的客戶提供一個能夠應對中國複雜路況的不斷發展的自動駕駛系統。 2月份，在啟用了NGP的P7中，NGP輔助里程滲透率（即NGP輔助行駛里程佔NGP可行駛里程的百分比）超過了50%。這是一個非常令人興奮的數字。

With the continuous advancements in our autonomous driving capabilities, we're confident that autonomous driving features will be a key consideration of our customers' purchasing decisions. Later this month, we'll also kick off the NGP expedition from Guangzhou to Beijing to showcase the disruptive experiences our cutting-edge autonomous driving system can offer to the customers. In addition to that, we're also planning to release multiple OTA updates of XPILOT 2.0 in 2021, including memory parking and a further improved version of the NGP to enhance our vehicles in terms of safety, functionality and performance.

隨著我們自動駕駛能力的不斷進步，我們相信自動駕駛功能將成為客戶購買決策的關鍵考慮因素。本月晚些時候，我們還將啟動從廣州到北京的 NGP 考察，展示我們尖端的自動駕駛系統可以為客戶提供的顛覆性體驗。除此之外，我們還計劃在 2021 年發布 XPILOT 2.0 的多個 OTA 更新，包括內存停車和進一步改進的 NGP 版本，以增強我們車輛的安全性、功能和性能。

We'll deploy automotive-grade LIDAR technology in our third Smart EV model, which we plan to deliver in the second half of this year. We believe our third model will be the first mass-produced Smart EV equipped with LIDAR in the world. Leveraging our visual-based perception capability, complemented by LIDAR, we plan to roll out XPILOT 3.5, which will support NGP on major urban roads. We also plan to introduce XPILOT 4.0, built on our next-generation autonomous driving hardware and software platform to be deployed on our fourth model, which will be launched in 2022. We're confident that XPILOT 4.0 will provide our customers with a new level of autonomous driving experiences.

我們將在我們計劃於今年下半年交付的第三款 Smart EV 車型中部署汽車級 LIDAR 技術。我們相信我們的第三款車型將是全球首款配備激光雷達的量產智能電動汽車。利用我們基於視覺的感知能力，輔以激光雷達，我們計劃推出 XPILOT 3.5，它將在主要城市道路上支持 NGP。我們還計劃推出 XPILOT 4.0，它建立在我們將於 2022 年推出的第四款車型上部署的下一代自動駕駛硬件和軟件平台上。我們相信 XPILOT 4.0 將為我們的客戶提供一個新的水平的自動駕駛體驗。

These aforementioned technological advancement underpins our mission to drive Smart EV transformation with data and technology, shaping the mobility experience of the future. Looking forward, as we upgrade our XPILOT and Xmart in-car operating system, we're committed to investing in Smart EV technologies and leading technology innovation. As we solidify our core strength in technology, we'll strive to diversify our product portfolio to address additional customer needs and expand our market share.

上述這些技術進步鞏固了我們的使命，即通過數據和技術推動智能電動汽車轉型，塑造未來的出行體驗。展望未來，隨著我們升級 XPILOT 和 Xmart 車載操作系統，我們將致力於投資智能電動汽車技術和引領技術創新。隨著我們鞏固我們在技術方面的核心優勢，我們將努力使我們的產品組合多樣化，以滿足更多客戶的需求並擴大我們的市場份額。

Later in March this year, we expect to start to deliver the P7 Wing edition that was unveiled in November at the Guangzhou Auto show 2020. This edition features sporty wing doors and is also equipped with the XPILOT 3.0 system as the standard configuration. It provides an exclusive and exhilarating mobility experience to auto enthusiasts.

今年3月下旬，我們預計將在2020年11月廣州車展上亮相的P7 Wing版開始交付。該版採用運動型翼門，並標配XPILOT 3.0系統。它為汽車愛好者提供獨特而令人振奮的移動體驗。

On March 3, we announced lithium iron phosphate, or LFP, battery-powered G3 SUVs and P7 sedans, and we plan to start deliveries in April and May, respectively, this year. We expect these 2 models to resonate across a broader customer base.

3 月 3 日，我們發布了磷酸鐵鋰 (LFP) 電池驅動的 G3 SUV 和 P7 轎車，我們計劃分別於今年 4 月和 5 月開始交付。我們希望這兩種模式能夠在更廣泛的客戶群中產生共鳴。

In the second quarter of 2021, we'll unveil and begin selling our third mass-produced vehicle model. This brand-new design will be the first mass-produced Smart EV equipped with LIDAR and will support our XPILOT 3.5. Also, it will feature an innovative third-generation smart cockpit, connecting the vehicle to our everyday life in an even closer way. Mass delivery of this new model will start in the fourth quarter of this year. Furthermore, we plan to begin delivering the mid-cycle facelift version of the G3 in the late third quarter of 2021.

2021 年第二季度，我們將推出並開始銷售我們的第三款量產車型。這種全新的設計將是第一款搭載激光雷達的量產智能電動車，並將支持我們的 XPILOT 3.5。此外，它還將配備創新的第三代智能駕駛艙，以更緊密的方式將車輛與我們的日常生活聯繫起來。這款新車型將於今年第四季度開始批量交付。此外，我們計劃在 2021 年第三季度末開始交付 G3 的中期改款版本。

In terms of sales and service network, as of December 31, 2020, XPeng's physical sales and service network consisted of 160 sales stores and 54 service centers across 69 cities in China. Of the 160 stores, 72 were direct stores operated by us. During 2020, we greatly increased the efficiency of our stores, especially direct stores. By the end of 2021, we plan to increase the number of sales stores to approximately 300, covering 110 cities.

在銷售和服務網絡方面，截至2020年12月31日，小鵬汽車的實體銷售和服務網絡包括遍布中國69個城市的160家銷售門店和54個服務中心。在這160家門店中，有72家是我們自營的直營店。 2020年，我們大大提高了門店，尤其是直營店的效率。到2021年底，我們計劃將銷售門店數量增加到約300家，覆蓋110個城市。

In terms of our supercharging network, we also accelerated our efforts to expand our coverage across the nation. As of December 31, the number of XPeng-branded supercharging stations was 159, covering 54 cities. To further improve our customers' charging experience, we plan to significantly expand the number of XPeng-branded supercharging stations in our network to more than 500 by the end of 2021.

在超級充電網絡方面，我們也加快了覆蓋全國的步伐。截至12月31日，小鵬品牌超充站159座，覆蓋54個城市。為了進一步提升客戶的充電體驗，我們計劃到 2021 年底將我們網絡中的小鵬品牌超級充電站數量大幅增加到 500 多個。

Since we initiated the free charging program last year, the number of cities in this program has grown to 100 as of the end of December. In 2021, we'll strive to expand our free charging service network to 200 cities and provide greater accessibility in a broader range of locations, including highways and airports. At the same time, we plan to substantially increase the number of XPeng-branded supercharging stations and charging piles in selected popular destinations to facilitate more convenient and efficient charging services for our customers.

自去年推出免費充電計劃以來，截至 12 月底，該計劃的城市數量已增長到 100 個。 2021年，我們將力爭將免費充電服務網絡擴展到200個城市，並在高速公路、機場等更廣泛的地點提供更便利的服務。同時，我們計劃在選定的熱門目的地大幅增加小鵬品牌超級充電站和充電樁的數量，為我們的客戶提供更方便、更高效的充電服務。

In the fourth quarter, we also made positive progress in overseas markets. In December, we fully delivered the first batch of the European version G3 in Norway. In 2021, we'll continue to strengthen our capabilities of international operations in areas such as organization, product development, R&D, branding and distribution channels.

第四季度，我們在海外市場也取得了積極進展。 12月，首批歐版G3在挪威全面交付。 2021年，我們將在組織、產品開發、研發、品牌和分銷渠道等方面繼續加強國際化運營能力。

With the rapid growth in vehicle deliveries, we have been ramping up our capacity at the Zhaoqing factory to prepare for a monthly production capacity of 10,000 units within this year. Meanwhile, we have started construction of our Guangzhou manufacturing base and expect to commence production in the third quarter of 2022. Our Guangzhou and Zhaoqing Smart EV manufacturing base will ensure our production capacity and allow us to further capitalize on the rising demand in the EV market.

隨著車輛交付量的快速增長，我們一直在提升肇慶工廠的產能，準備在今年內實現月產能 10,000 輛。同時，我們已經開始建設我們的廣州製造基地，預計將於 2022 年第三季度投產。我們的廣州和肇慶智能電動汽車製造基地將確保我們的產能，並使我們能夠進一步利用電動汽車市場不斷增長的需求.

Looking into 2021, we remain dedicated to delivering smarter and more differentiated products to our customers in our relentless drive to implement fast software and hardware iteration and technology innovation. We'll also strategically make long-term investments in branding, sales and service network, charging network, brand-new smartification system, our powertrain technologies, production and supply chain capabilities, international operations and the R&D efforts into innovative product pipelines, such as our flying vehicle, to support our growth over the next few years.

展望2021年，我們將繼續致力於為客戶提供更智能、更具差異化的產品，我們將不懈地推動軟硬件的快速迭代和技術創新。我們還將戰略性地在品牌、銷售和服務網絡、充電網絡、全新的智能化系統、我們的動力總成技術、生產和供應鏈能力、國際化運營以及創新產品管線的研發方面進行長期投資，例如我們的飛行器，以支持我們未來幾年的發展。

Lastly, on guidance. For the first quarter of 2021, we expect our Smart EV deliveries to be approximately 12,500 units and our total revenue to be approximately RMB 2.6 billion.

最後，關於指導。 2021 年第一季度，我們預計 Smart EV 交付量約為 12,500 輛，總收入約為人民幣 26 億元。

Thank you, everyone. With that, I'll now turn the call over to our VP of Finance, Mr. Dennis Lu, to discuss our financial performance for the fourth quarter of 2020.

謝謝大家。有了這個，我現在將電話轉給我們的財務副總裁 Dennis Lu 先生，討論我們 2020 年第四季度的財務業績。

Thank you, Xiaopeng, and hello, everyone. We are very pleased to have achieved solid results in our fourth quarter and throughout fiscal year 2020, which demonstrates our ability to effectively cater to the rapidly growing market demand for compelling smart mobility experience.

謝謝小鵬，大家好。我們很高興在第四季度和整個 2020 財年取得了穩固的業績，這表明我們有能力有效地滿足快速增長的市場對引人注目的智能移動體驗的需求。

Our top line in the fourth quarter and for the full year expanded year-over-year, with robust vehicle delivery performance. In particular, we increased gross margin sequentially in the fourth quarter and post the first positive full year gross margin. Additionally, we had a strong cash position to ensure a solid financial foundation to execute our business strategies and to enhance our competitive advantages.

我們在第四季度和全年的收入同比增長，車輛交付表現強勁。特別是，我們在第四季度連續增加了毛利率，並實現了全年毛利率的首次正增長。此外，我們擁有強大的現金狀況，以確保堅實的財務基礎來執行我們的業務戰略並增強我們的競爭優勢。

Now I would like to walk you through our detailed financial results for the fourth quarter of 2020. Total revenues were RMB 2.9 billion for the fourth quarter, representing an increase of 345% from RMB 640 million for the same period of 2019 and an increase of 43% from RMB 2 billion for the third quarter of 2020.

現在我想向您介紹一下我們 2020 年第四季度的詳細財務業績。第四季度總收入為人民幣 29 億元，比 2019 年同期的人民幣 6.4 億元增長 345%，增長了從2020年第三季度的20億元人民幣增長43%。

Revenues from vehicle sales were RMB 2.7 billion for the fourth quarter, up 376% from RMB 575 million for the same period of 2019 and an increase of 44% from RMB 1.9 billion for the third quarter of 2020. The year-over-year increase was mainly due to mass delivery of the P7. The quarter-over-quarter increase was primarily due to accelerated vehicle deliveries for both P7 and G3 in the fourth quarter of 2020.

第四季度汽車銷售收入為人民幣27億元，比2019年同期的人民幣5.75億元增長376%，比2020年第三季度的人民幣19億元增長44%。同比增長主要是由於P7的批量交付。環比增長主要是由於 2020 年第四季度 P7 和 G3 的車輛交付加速。

Gross margin was 7.4% for the fourth quarter compared with a negative 6.6% for the same period of 2019 and 4.6% for the third quarter of 2020. Vehicle margin was 6.8% for the fourth quarter compared with negative 8.5% for the same period a year ago and 3.2% for the third quarter of 2020. The improvement was primarily due to better product mix, decreased material costs and increased manufacturing efficiencies.

第四季度毛利率為 7.4%，而 2019 年同期和 2020 年第三季度分別為負 6.6% 和 4.6%。第四季度汽車利潤率為 6.8%，而同期為負 8.5%一年前和 2020 年第三季度為 3.2%。改善主要是由於更好的產品組合、降低的材料成本和提高的製造效率。

Research and development expenses were RMB 460 million for the fourth quarter, down 29% from RMB 652 million for the same period in 2019 and down 28% from RMB 635 million for the third quarter of 2020. The year-over-year decrease was mainly due to higher expenses relating to the development of the P7 a year ago. The quarter-over-quarter decrease was mainly due to the reduced share-based compensation expenses in the fourth quarter compared with a one-off large amount recognized in the third quarter.

第四季度研發費用為人民幣4.6億元，較2019年同期的人民幣6.52億元下降29%，較2020年第三季度的人民幣6.35億元下降28%，同比下降主要是由於一年前與 P7 開發相關的費用增加。環比下降主要是由於與第三季度確認的一次性大額金額相比，第四季度股權激勵費用有所減少。

Selling, general and administrative expenses were RMB 918 million for the fourth quarter, representing an increase of 133% from RMB 395 million for the same period a year ago and a decrease of 24% from RMB 1.2 billion for the third quarter of 2020. The year-over-year increase was mainly due to: number one, higher marketing, promotional and advertising expense to support vehicle sales; number two, the expansion of our sales network and associated personnel cost, lease expense of physical sales and service center and also the commission for the franchise stores.

第四季度銷售、一般和管理費用為人民幣 9.18 億元，較去年同期的人民幣 3.95 億元增長 133%，較 2020 年第三季度的人民幣 12 億元下降 24%。同比增長主要是由於：第一，更高的營銷、促銷和廣告費用以支持汽車銷售；第二，我們的銷售網絡和相關人員成本的擴展，實體銷售和服務中心的租賃費用以及特許經營店的佣金。

The quarter-over-quarter decrease was mainly due to the reduced amount of share-based compensation expense compared with a one-off large amount recognized in the previous quarter, offset partially by increase in marketing, promotional and advertising expense as well as personnel costs, lease expense and commission, as mentioned above. Excluding the share-based compensation expenses, the year-over-year and quarter-over-quarter increase was mainly resulted from higher marketing, promotional and advertising to support new vehicle sales and also the expansion of our sales network and associated personnel costs and also the increased commission paid to our franchise dealers.

環比下降主要是由於與上一季度確認的一次性大額相比，基於股份的薪酬費用有所減少，部分被營銷、促銷和廣告費用以及人員成本的增加所抵消、租賃費用和佣金，如上所述。不包括基於股份的補償費用，同比和環比增長主要是由於更高的營銷、促銷和廣告以支持新車銷售以及我們的銷售網絡和相關人員成本的擴展以及支付給我們的特許經銷商的佣金增加。

Loss from operation was RMB 1.1 billion for the fourth quarter compared with RMB 1.1 billion for the same period of 2019 and RMB 1.7 billion for the same quarter of 2020. Excluding the share-based compensation, the non-GAAP loss from operation was RMB 1 billion in the fourth quarter compared with RMB 1.1 billion for the same period of 2019 and also RMB 823 million for the third quarter of 2020.

第四季度經營虧損為人民幣 11 億元，而 2019 年同期為人民幣 11 億元，2020 年同期為人民幣 17 億元。剔除股權激勵，非美國通用會計準則經營虧損為人民幣 1 元第四季度為 11 億元人民幣，2019 年同期為 11 億元人民幣，2020 年第三季度為 8.23 億元人民幣。

Net loss was RMB 787 million for the fourth quarter compared with RMB 1 billion for the same period a year ago and RMB 1.1 billion for the third quarter of 2020. Excluding share-based compensation expenses, the fair value change on derivative liabilities related to the redemption right of the preferred shares, the non-GAAP adjusted net loss was RMB 713 million for the fourth quarter of 2020 compared with RMB 1.1 billion for the same period of 2019 and also RMB 865 million for the third quarter of 2020.

第四季度淨虧損為人民幣 7.87 億元，上年同期為人民幣 10 億元，2020 年第三季度淨虧損為人民幣 11 億元。剔除股權激勵費用後，衍生負債的公允價值變動與優先股贖回權，2020 年第四季度非美國通用會計準則調整後淨虧損為人民幣 7.13 億元，而 2019 年同期為人民幣 11 億元，2020 年第三季度為人民幣 8.65 億元。

Net loss attributable to ordinary shareholders of Xiaopeng (sic) [XPeng] was RMB 787 million for the fourth quarter compared with RMB 1.3 billion for the same period a year ago and also RMB 2 billion for the third quarter of 2020. Excluding the share-based compensation expense, the fair value change on derivative liabilities related to the redemption right of preferred shares and also the accretion of preferred share to redemption value, the non-GAAP net loss attributable to ordinary shareholders of Xiaopeng was RMB 713 million for the fourth quarter of 2020 compared with RMB 1.1 billion loss for the same period 2019 and RMB 865 million for the third quarter of 2020.

第四季度歸屬於小鵬普通股股東的淨虧損為人民幣 7.87 億元，去年同期為人民幣 13 億元，2020 年第三季度為人民幣 20 億元。不包括股份-基於補償費用、與優先股贖回權相關的衍生負債的公允價值變動以及優先股對贖回價值的增值，第四季度非美國通用會計準則歸屬於小鵬普通股股東的淨虧損為人民幣7.13億元2020 年同期虧損人民幣 11 億元，2020 年第三季度虧損人民幣 8.65 億元。

Basic and diluted net loss per ADS were both RMB 1.05 for the fourth quarter of 2020. Non-GAAP basic and diluted net loss per ADS were both CNY 0.95 for the fourth quarter of 2020. Each ADS represents 2 Class A ordinary shares.

2020 年第四季度每股 ADS 基本和稀釋淨虧損均為 1.05 元人民幣。2020 年第四季度非美國通用會計準則每股 ADS 基本和稀釋淨虧損均為 0.95 元人民幣。每股 ADS 代表 2 股 A 類普通股。

It is worthwhile to know that the calculation of earnings per share per the ADS is based on the weighted average number of the ADS. For example, 747 million ADS were used for the fourth quarter of 2020, while 377 million ADS has been used for the fiscal year 2020. And our year-end ADS count was 789 million at the end of the year.

值得一提的是，每份ADS的每股收益是根據ADS的加權平均數計算的。例如，2020 年第四季度使用了 7.47 億個美國存託憑證，而 2020 財年使用了 3.77 億個美國存託憑證。到年底，我們的年終美國存託憑證數量為 7.89 億個。

Turning back to the balance sheet. At the end of 2020, our company has cash and cash equivalent, restricted cash, short-term deposits and also the short-term investment in total of RMB 35.3 billion compared with RMB 2.8 billion as of December 31, 2019. To be mindful of the events of our earnings call for our full year financial results, I will encourage listeners to refer to our earnings press release for further details.

回到資產負債表。截至 2020 年末，公司持有現金及現金等價物、受限制現金、短期存款以及短期投資合計人民幣 353 億元，而截至 2019 年 12 月 31 日為人民幣 28 億元。我們的收益事件需要我們的全年財務業績，我會鼓勵聽眾參考我們的收益新聞稿以了解更多詳細信息。

This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead.

我們準備好的發言到此結束。我們現在將開始提問。接線員，請繼續。

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

（操作員說明）您的第一個問題來自摩根士丹利的 Tim Hsiao。

This is Tim from Morgan Stanley. Congratulations on the strong result. So my question is about the guidance. Because based on the latest guidance, we are looking for around 5% sequential pricing erosion in the first quarter. So could you please elaborate more about the underlying factors. Especially, I think previously, the management mentioned some of XPILOT 3.0 revenue would be recognized in the first quarter. So isn't that ASP-accretive? Why are we still expecting ASP to be down quarter-over-quarter here?

我是摩根士丹利的蒂姆。祝賀你取得了優異的成績。所以我的問題是關於指南。因為根據最新的指引，我們預計第一季度的連續定價下降 5% 左右。那麼，您能否詳細說明一下潛在因素。特別是，我認為之前，管理層提到 XPILOT 3.0 的一些收入將在第一季度確認。那麼這不是 ASP 增值嗎？為什麼我們仍然預計 ASP 會環比下降？

(foreign language)

（外語）

Okay. Thank you for your question. I think in quarter 4, we delivered close to 13,000 units. In the first quarter, because of the seasonality issue, the February -- which was very slow, typically the lowest month in the year. So our guideline for the moment is 12,500 units, so you can see that 500 units are like volume and mix impact.

好的。謝謝你的問題。我認為在第 4 季度，我們交付了近 13,000 個單位。在第一季度，由於季節性問題，2 月份非常緩慢，通常是一年中最低的月份。所以我們目前的指導方針是 12,500 個單位，所以你可以看到 500 個單位就像音量和混合影響。

And yes, you're right, we have included the XPILOT 3.0 for those vehicles, those customers who have activated the functionality. We have included that in our first quarter, mainly in the January and part in February. But due to the volume and mix impact, we are foreseeing that will have some minor impact on the overall revenue compared with quarter 4 last year.

是的，你是對的，我們已經為那些車輛，那些激活了該功能的客戶提供了 XPILOT 3.0。我們已將其包括在第一季度，主要是在一月份和二月份。但由於數量和組合的影響，我們預計與去年第四季度相比，這將對整體收入產生一些輕微影響。

Okay. My second question is about more like the impact from the component supply tightness. So we have -- we are going to launch the LFP version P7 in second quarter. So I just want to know that will the increased battery variety help to ease the battery bottleneck in second quarter or the other way around. In the meantime, our peers and other traditional OEM highlighted the impact or the hiccup caused by the component tightness. So what's our assessment of the potential impact to expand the company's second quarter shipments?

好的。我的第二個問題更像是組件供應緊張的影響。所以我們 - 我們將在第二季度推出 LFP 版本 P7。所以我只想知道增加電池種類是否有助於緩解第二季度或相反的電池瓶頸。與此同時，我們的同行和其他傳統 OEM 強調了組件密封性造成的影響或問題。那麼我們對擴大公司第二季度出貨量的潛在影響有何評估？

(foreign language)

（外語）

[Interpreted] Yes, indeed. I think for the coming 6 months, battery supply will remain very important for all OEMs out there. And for our new models of P7s and G3s, for their Q2 deliveries, I think that would be very challenging in terms of battery supplies because we are adopting this new LPF (sic) [LFP] battery, and we're working very closely with our battery suppliers to solve this challenge.

[解釋] 是的，確實如此。我認為在接下來的 6 個月裡，電池供應對於所有原始設備製造商來說仍然非常重要。對於我們的新型號 P7s 和 G3s，對於它們的第二季度交付，我認為這在電池供應方面將是非常具有挑戰性的，因為我們正在採用這種新的 LPF (sic) [LFP] 電池，並且我們正在與我們的電池供應商來解決這一挑戰。

I believe in the long run, we will be facing ramp-up in terms of our battery supply. And by Q3 and Q4 and the coming year, we'll be able to solve the supply issue. And with our past experience of successful delivery of the 500 kilometers version, the range version of G3, we are very confident that we can solve this kind of challenge of adopting LFP as a new battery for our vehicles in the coming year.

我相信從長遠來看，我們將面臨電池供應量的增加。到第三季度和第四季度以及來年，我們將能夠解決供應問題。並且憑藉我們過去成功交付 500 公里版本 G3 續航版的經驗，我們非常有信心在來年解決這種採用 LFP 作為我們車輛的新電池的挑戰。

Tim, this is Brian. Let me just to add to what Xiaopeng just said on this LFP battery version of our products. We are seeing actually very healthy and very strong demand for that product. As we see actually, just -- since we just recently launched, we already see up to like 20% of our P7 actually have the LFP version battery orders, which is actually very interesting and very exciting.

蒂姆，這是布萊恩。補充一下小鵬剛才說的關於我們產品的磷酸鐵鋰電池版。我們看到對該產品的需求實際上非常健康且非常強勁。實際上，正如我們所看到的，自從我們最近推出以來，我們已經看到多達 20% 的 P7 實際上有 LFP 版本電池訂單，這實際上非常有趣和令人興奮。

The supply issue, I think, Xiaopeng mentioned, I think we actually expect this to gradually sort of resolve as we actually head towards the second half of the second quarter. And I think this volume will be picking up as we see. So for the second quarter, actually, we are very confident that we can see actually quite healthy growth over the first quarter overall for the deliveries.

供應問題，我認為，小鵬提到，我認為我們實際上預計隨著我們實際上進入第二季度下半年，這個問題將逐漸得到解決。正如我們所見，我認為這個數量將會增加。因此，實際上，對於第二季度，我們非常有信心我們可以看到第一季度整體交付量實際上相當健康的增長。

Your next question comes from Edison Yu of Deutsche Bank.

你的下一個問題來自德意志銀行的 Edison Yu。

First, kind of more near term. I know you just said 2Q, you should see sequential growth. Can you give us kind of an idea of not only 2Q, but in the second half as well? Obviously, not trying to pin you down to a number. But just assuming demand is there, what kind of monthly sales run rate could we see? And is there any sort of limitations due to the semiconductor shortage?

首先，有點更近期。我知道你剛才說第二季度，你應該看到連續增長。您能否給我們一些關於 2Q 以及下半年的想法？顯然，不是試圖將您固定在一個數字上。但假設存在需求，我們可以看到什麼樣的月銷售運行率？由於半導體短缺，是否存在任何限制？

(foreign language)

（外語）

So Edison, this is Brian again. We obviously don't want to give out long-range guidances per company policy. But what we can see, as Xiaopeng described in the opening remarks, that we actually have new product introductions every quarter for the next 3 quarters. So we actually see growth picking up on a sequential basis fairly healthy.

愛迪生，這又是布賴恩。我們顯然不想根據公司政策給出長期指導。但是我們可以看到，正如小鵬在開場白中描述的那樣，我們實際上在接下來的 3 個季度中每個季度都有新產品介紹。因此，我們實際上看到增長在相當健康的連續基礎上回升。

And in terms of supply constraints, right now, we have visibility for about 2 to 3 months of semiconductor supply, which, I think, on a long-range basis, we are monitoring very closely as to whether that will impact our supply chain overall. So far, in the foreseeable period, we don't see any impact, but that's something we're actually paying a lot of focus on.

就供應限製而言，目前我們可以看到大約 2 到 3 個月的半導體供應，我認為，從長遠來看，我們正在密切關注這是否會影響我們的整體供應鏈.到目前為止，在可預見的時期內，我們沒有看到任何影響，但這實際上是我們非常關注的事情。

At the same time, I think we -- given our volume is relatively small compared to some larger OEMs that's facing much bigger crisis, I think we are more nimble to address this issue. But this is definitely something we'll be monitoring very closely.

與此同時，我認為我們 - 鑑於與一些面臨更大危機的大型 OEM 相比，我們的銷量相對較小，我認為我們可以更靈活地解決這個問題。但這絕對是我們將密切關注的事情。

Great. Second question, unrelated. So I wanted to ask about XPILOT. So as we think about the next-generation offering, would you consider moving to a subscription-only model for the features? And if not, would you expect the pricing of it to go up since now you're equipping it with LIDAR?

偉大的。第二個問題，無關。所以我想問一下XPILOT。因此，當我們考慮下一代產品時，您會考慮轉向僅訂閱模式的功能嗎？如果不是，你會期望它的價格上漲，因為現在你為它配備了激光雷達嗎？

(foreign language)

（外語）

[Interpreted] Yes, based on our newer generations of XPILOT, we'll definitely increase the pricing for different configurations. But whether or not it's a subscription model or a one-off payment model, it will depend on our customers' feedback and also our overall strategy. But generally speaking, definitely, the ASP will go up for higher versions of XPILOT.

[解讀]是的，基於我們更新一代的XPILOT，我們肯定會提高不同配置的定價。但無論是訂閱模式還是一次性付款模式，都將取決於我們客戶的反饋以及我們的整體策略。但一般來說，XPILOT 的高版本ASP 肯定會上漲。

Your next question comes from Jeff Chung of Citi.

你的下一個問題來自花旗銀行的 Jeff Chung。

(foreign language) So my first question is how should we see the sales mix between LFP- and LCM-powered BEV going forward? And the differences in margin outlook and guidance on changing the full year sales target? So this is my first question.

（外語）所以我的第一個問題是我們應該如何看待 LFP 和 LCM 驅動的 BEV 之間的銷售組合？利潤率前景和改變全年銷售目標的指導意見有何不同？所以這是我的第一個問題。

(foreign language)

（外語）

For the LFP battery, we are seeing the -- obviously, it's still recent days that on the P7 version, the LFP version actually is close to 20% of the new orders. And then the -- on the G3, I think it's around 10% of the new orders that are LFP battery. We believe that, that mix will probably going to increase as we continue the promotion in introducing these new LFP battery products.

對於 LFP 電池，我們看到——顯然，最近幾天，在 P7 版本上，LFP 版本實際上接近新訂單的 20%。然後——在 G3 上，我認為大約 10% 的新訂單是 LFP 電池。我們相信，隨著我們繼續推廣推出這些新的 LFP 電池產品，這種組合可能會增加。

Another very interesting, I would say, mix on the LFP battery versions is that since we got rid of the low-end configuration without the autonomous driving and assist-driving systems, actually the percentage of these LFP battery version P7, that's incorporating our XPILOT 3.0 hardware is actually much higher in terms of percentage than the entire P7 population, which also can potentially translate to higher software penetration for these products, which is actually quite exciting.

另一個非常有趣的，我想說的是，混合 LFP 電池版本是因為我們擺脫了沒有自動駕駛和輔助駕駛系統的低端配置，實際上這些 LFP 電池版本 P7 的百分比，它結合了我們的 XPILOT 3.0 硬件實際上比整個 P7 人口的百分比要高得多，這也可能轉化為這些產品更高的軟件滲透率，這實際上是非常令人興奮的。

In terms of growth for March and the full year, I think I already gave the comments earlier. I don't know whether you're looking for anything specific.

關於三月份和全年的增長，我想我之前已經給出了評論。我不知道你是否正在尋找任何特定的東西。

Yes. Just the margin outlook. If we take off the software portion, just considering the hardware, the vehicle portion, could you give us some -- the roughly level between the margin trend on the vehicle powered by LFP and on vehicle powered by LCM? Because in some -- some OEM actually can achieve a higher margin from the LFP-powered BEV. So I just wanted to know what the company think about the long-term margin trend.

是的。只是保證金前景。如果我們去掉軟件部分，只考慮硬件，車輛部分，你能給我們一些——LFP 驅動的車輛和 LCM 驅動的車輛的利潤率趨勢之間的大致水平嗎？因為在一些 - 一些 OEM 實際上可以從 LFP 驅動的 BEV 中獲得更高的利潤。所以我只想知道公司對長期利潤率趨勢的看法。

Thanks, Jeff. This is Dennis. For the margin, actually the instruction of the LFP product, there are 2 purpose. One is to improve sales. The other one actually is to reduce cost. So definitely, this product will improve sales as well as will improve our margin. I cannot give you specifically the number or the amount of the margin improvement, but this product will bring us better margin for these 2 products, yes, both P7 and G3.

謝謝，傑夫。這是丹尼斯。對於保證金，實際上是LFP產品的指令，有2個目的。一是提高銷量。另一個實際上是降低成本。因此，毫無疑問，該產品將提高銷售額並提高我們的利潤率。我不能給你具體的利潤率提高的數字或金額，但該產品將為我們這兩款產品帶來更好的利潤率，是的，P7 和 G3。

Okay. And my second question is on the autopilot revenue and income. So considering the previous P7 equipment for autopilot 3.0, the software income, and also the first quarter income will be combined together in the first quarter earnings this year. But a while ago, the management seems to give a rather conservative guidance on the software income, so I just want to know the -- why.

好的。我的第二個問題是關於自動駕駛的收入和收益。所以考慮到之前的自動駕駛3.0的P7設備，軟件收入，還有一季度的收入會合併到今年一季度的財報中。但不久前，管理層似乎對軟件收入給出了相當保守的指導，所以我只想知道——為什麼。

And secondly, could you give us some color on the attach rate on the autopilot 3.0 right now? And also going forward, as well as they 3 -- autopilot 3.5 penetration level in the future.

其次，您現在可以給我們介紹一下自動駕駛儀 3.0 的附加率嗎？並且在未來，以及他們 3 - 未來自動駕駛儀 3.5 的滲透水平。

(foreign language)

（外語）

Jeff, this is Brian again. So as I think I mentioned earlier that the entire P7, the activation of our XPILOT 3.0 represents over 20% of the entire P7 population, which we have delivered over 20,000 units already. And upon introduction in OTA in the NGP in January, we saw actually the penetration slightly going up, which is very encouraging. We also saw the utilization rate of that product is at a very high level, over 50%.

傑夫，我又是布賴恩。因此，正如我之前提到的，整個 P7，我們的 XPILOT 3.0 的激活代表了整個 P7 人口的 20% 以上，我們已經交付了 20,000 多個單位。一月份在 NGP 中引入 OTA 後，我們實際上看到滲透率略有上升，這非常令人鼓舞。我們還看到該產品的利用率處於非常高的水平，超過 50%。

So we're actually very confident that as we go into more and more product that's having the XPILOT 3-point architecture embedded in the vehicle, we see the penetration rate will continue to increase. That's the trend that we are foreseeing.

所以我們實際上非常有信心，隨著我們進入越來越多的將 XPILOT 3 點架構嵌入車輛的產品，我們看到滲透率將繼續增加。這是我們預見的趨勢。

It's difficult to predict the XPILOT 3.5, the penetration rate. But for the third product that we're going to introduce in the fourth quarter, we're actually going to have the product mostly in the configuration -- have either 3.0 or 3.5 XPILOT capabilities, which means that the majority, let's say over 80% of the models for the third product, we'll be able to charge software revenue and -- because they have the hardware configuration. So we anticipate the penetration rate for that product will be higher than P7.

很難預測 XPILOT 3.5 的普及率。但對於我們將在第四季度推出的第三款產品，我們實際上將主要配置該產品——具有 3.0 或 3.5 XPILOT 功能，這意味著大多數，比方說 80第三種產品的模型百分比，我們將能夠收取軟件收入，並且 - 因為它們具有硬件配置。因此，我們預計該產品的滲透率將高於 P7。

[Interpreted] So I would just like to add to that. Basically, right now, if you look at our current XPILOT upgrading, you will notice the trend that we've been upgrading them quite aggressively and rapidly. Basically, in the future new models launched by XPeng, all of them will be equipped with newer version of XPILOT, and we plan to remove all of the older versions.

[解釋] 所以我想補充一點。基本上，現在，如果您查看我們當前的 XPILOT 升級，您會注意到我們一直在非常積極和快速地升級它們的趨勢。基本上小鵬未來推出的新車型，都會搭載更新版本的XPILOT，我們計劃將舊版本全部下架。

For example, this upcoming third model that's going to be launched by XPeng will be equipped with XPILOT 2.5 or above. So all of those will be a chargeable version of XPILOT. And for our fast upcoming model as to by -- to be launched by our company, it will be equipped with XPILOT 4.0.

比如小鵬即將推出的這款即將推出的第三款車型，將搭載XPILOT 2.5及以上版本。所以所有這些都將是 XPILOT 的收費版本。對於即將由我們公司推出的即將推出的模型，它將配備 XPILOT 4.0。

So as a result, with the development and advancement of our software and technology and also this kind of investment on R&D efforts in the autonomous driving and with future reduction in cost of these hardware preparation to support such XPILOT technologies, we believe in the future all of the new vehicles launched by XPeng will be equipped with not only the hardware that -- and architecture that are able to support newer versions of XPILOT, but also we will forecast more and more revenue income from the software of XPILOT.

因此，隨著我們軟件和技術的發展和進步，以及對自動駕駛研發工作的這種投資，以及未來支持此類 XPILOT 技術的硬件準備成本的降低，我們相信未來所有小鵬推出的新車中，不僅會配備能夠支持新版本XPILOT的硬件和架構，而且我們預計越來越多的收入來自XPILOT的軟件。

Your next question comes from Bin Wang of Crédit Suisse.

你的下一個問題來自瑞士信貸銀行的王斌。

(foreign language)

（外語）

Bin, do you want to repeat it in English for the other people to understand your question?

Bin，你想用英語重複一遍讓其他人理解你的問題嗎？

Sure. Actually, I just want to know whether you actually speed up your R&D for autonomous driving. Because if you compare to your plan announced in the last October, you actually guide that XPILOT 3.5 actually will only launch in 2022. But it seems that in the opening remarks, you mentioned maybe end of this year you already achieve the XPILOT 3.5.

當然。其實我只是想知道你們是否真的加快了自動駕駛的研發。因為如果你對比去年10月宣布的計劃，你實際上指導XPILOT 3.5實際上只會在2022年推出。但在開場白中，你似乎提到可能今年年底你已經實現了XPILOT 3.5。

For the same issue, actually, you also announced you will roll out an XPILOT 4.0 in 2022. This seems to be earlier compared to your last -- in the technology you get on 2023. So that actually, can I assume you -- we have speed up the R&D capability? And meanwhile, actually in the urban driving, that actually XPILOT 3.5, is does means you can already achieve the 90-degree turning in the vehicle, but also actually recognize the traffic lights? Last, actually, because if you do need speed up your R&D, we do have a big jump in R&D expense for the upcoming 2 or 3 years.

對於同樣的問題，實際上，您還宣布將在 2022 年推出 XPILOT 4.0。這似乎比您上次推出的時間早——就您在 2023 年獲得的技術而言。所以實際上，我可以假設您——我們有沒有加快研發能力？而同時，其實在城市駕駛中，其實XPILOT 3.5，是不是意味著你已經可以在車內實現90度轉彎，而且還能識別紅綠燈？最後，實際上，因為如果你確實需要加快研發速度，那麼在接下來的 2 或 3 年裡，我們的研發費用確實會大幅增加。

[Interpreted] Thank you for your question. Indeed, in 2020, based on our efforts, our R&D efforts in particular into XPILOT 3.0, we actually gained confidence into our future R&D effort and future launching of XPILOT 3.5, 4.0 and even 5.0. So yes, we plan to bring up the -- bring ahead the schedule of launching fewer, I mean, in the future, more higher version of XPILOTs. And all of those comes from our current R&D efforts and also the data that we collected from our customers, which are very -- which have been very positive. So that's to the first part of your question.

[已翻譯] 謝謝你的問題。事實上，在 2020 年，基於我們的努力，尤其是我們對 XPILOT 3.0 的研發努力，我們實際上對我們未來的研發工作以及 XPILOT 3.5、4.0 甚至 5.0 的推出充滿信心。所以是的，我們計劃提出 - 提前發布更少的時間表，我的意思是，在未來，更高版本的 XPILOT。所有這些都來自我們當前的研發工作以及我們從客戶那裡收集的數據，這些數據非常非常積極。這就是你問題的第一部分。

To the second part of your question, I believe that in the future, LIDAR technology, millimeter wave technology and cameras will be part of the standard configuration of the hardware architecture that supports a safer driving experience for future autonomous driving technology in general. Because that will give us a better computing power that allow us to not only navigate along to level 1, level 2 highways, but also in a broader sense, of the urban roads in -- across China and in other regions of the world.

關於你問題的第二部分，我相信在未來，激光雷達技術、毫米波技術和攝像頭將成為硬件架構的標準配置，為未來的自動駕駛技術提供更安全的駕駛體驗。因為這將為我們提供更好的計算能力，使我們不僅可以導航到 1 級、2 級高速公路，還可以在更廣泛的意義上導航到中國和世界其他地區的城市道路。

However, we believe that in order to achieve the full level of autonomous driving, there is still a long way to go, not only in China, but all over the world. But we definitely have confidence that this will come sooner than expected. Thank you.

但是，我們認為，要實現全面的自動駕駛水平，還有很長的路要走，不僅在中國，在全世界都是如此。但我們絕對有信心，這會比預期來得早。謝謝你。

And yes, we are going to significantly increase our R&D spending this year and for upcoming years as well. Mainly, we'll be focusing on all of the areas surrounding autonomous driving, including the software upgrade, the data and computing and also the internationalization of autonomous driving and also an exploration into the Level 4 autonomous driving strategy and also to the hardware upgrade in relation to supporting the software upgrade.

是的，我們將在今年和未來幾年大幅增加研發支出。主要是圍繞自動駕駛的所有領域，包括軟件升級，數據和計算，還有自動駕駛的國際化，還有4級自動駕駛戰略的探索，還有硬件升級。與支持軟件升級有關。

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

你的下一個問題來自美國銀行的 Ming Lee。

(foreign language)

（外語）

So my question is regarding the international expansion, especially in Europe countries. Because for some hardware or HD map, because of initial security reasons, so you probably need to change the vendor or change your software, et cetera. So what kind of challenge and bottleneck do you see for your international expansion, especially the smart cabin and autonomic driving are your strength?

所以我的問題是關於國際擴張，尤其是在歐洲國家。因為對於某些硬件或高精地圖，由於最初的安全原因，所以您可能需要更改供應商或更改軟件等。那麼貴司的國際化擴張面臨什麼樣的挑戰和瓶頸，尤其是智能座艙和自動駕駛是貴司的強項？

[Interpreted] Yes. Actually, I've had many years of experience into expanding into the overseas market. I've been doing that since my first entrepreneurial project, which was back in 2010. So my opinion on overseas expansion is maybe quite different from other counterparts in there. I think it takes a lot of time and efforts to build a solid foundation in order to grasp the international opportunities right there.

[解釋]是的。其實，我有多年開拓海外市場的經驗。自 2010 年我的第一個創業項目以來，我一直在這樣做。所以我對海外擴張的看法可能與那裡的其他同行有很大不同。我認為打下堅實的基礎需要花費大量的時間和精力才能抓住國際機遇。

In the future, our strategy on overseas expansion is, in general, will be very similar to our domestic market ones. Basically, we'll focus on our product portfolio and our operation and organization. In those 3 areas, I think it would be very similar in our domestic market and international market so that in the future it can speed up our process of internationalization.

未來，我們在海外擴張的策略總體上會與我們在國內市場的策略非常相似。基本上，我們將專注於我們的產品組合以及我們的運營和組織。在這三個方面，我認為我們國內市場和國際市場會非常相似，以便將來可以加快我們的國際化進程。

And basically, after XPILOT 2.5, we'll be able to synchronize the launching of future XPILOT versions, both in the domestic market and in the overseas market as well. And we plan to launch maybe in the European market and also in some very developed markets XPILOT 4.0 and above in the future at the same time as we launch it in the domestic markets.

基本上，在XPILOT 2.5之後，我們將能夠在國內市場和海外市場同步推出未來的XPILOT版本。並且我們計劃在未來可能會在歐洲市場以及一些非常發達的市場推出XPILOT 4.0及更高版本，同時我們在國內市場推出它。

Now in terms of our smart cockpit, right now, we are doing everything in house, and we already dedicated a large team of R&D people in -- last year in this regard. And in the coming year, we're going to build an even bigger team that focus on the R&D of smart cockpit. Usually, it will take maybe a longer time, such as 12 months, to build a good solid technological foundation that allow us to really apply it in all of our products and allow us to have a good foundation to expand overseas. But once the foundation is built, we believe that in the future, development is going to be very impressive in terms of the speed of expansion, the reduction of costs and also the core technological and high quality -- the technological foundation and the quality of our smart cockpit product.

現在就我們的智能駕駛艙而言，現在，我們正在內部做所有事情，並且我們已經在去年投入了大量的研發人員 - 在這方面。未來一年，我們將組建一個更大的團隊，專注於智能座艙的研發。通常，可能需要更長的時間，比如12個月，才能建立起一個很好的堅實的技術基礎，讓我們真正把它應用到我們所有的產品中，讓我們有一個很好的基礎向海外擴張。但是一旦基礎打好了，我們相信未來無論是在擴張的速度上，還是在成本的降低上，還有核心技術和質量上，都會有非常可觀的發展——技術基礎和質量。我們的智能座艙產品。

And so in the future, our overall strategy is that we are going to be a very powerful platform that are able to launch a very rich product line that have a very solid autonomous driving capability. And also, we are going to have a very strong and powerful sales and marketing team that supports our overseas market expansion in the future.

所以在未來，我們的總體戰略是要做一個非常強大的平台，能夠推出非常豐富的產品線，具有非常紮實的自動駕駛能力。而且，我們將擁有一支非常強大的銷售和營銷團隊，以支持我們未來的海外市場擴張。

Your next question comes from Paul Gong of UBS.

你的下一個問題來自瑞銀集團的Paul Gong。

My first question is regarding on the R&D headcount. I recall, during the IPO, you had like 1,500 R&D people, roughly 1/3 on the autonomous driving. Now you have more financial resources than ever. And I think Xiaopeng also mentioned you're going to increase R&D significantly this year. Do you have any target of the headcount for the R&D heading towards later of this year?

我的第一個問題是關於研發人員的。我記得，在 IPO 期間，你們有大約 1,500 名研發人員，大約 1/3 在自動駕駛方面。現在您擁有比以往更多的財務資源。我想小鵬也提到你今年將大幅增加研發。您對今年晚些時候的研發人員有任何目標嗎？

(foreign language)

（外語）

[Interpreted] Indeed, we plan to greatly increase the headcount in not only the R&D, but also our sales and service teams as well. So by the end of this year, we forecast that the R&D team will double in its size. And also, we're going to also increase the R&D people that will be surrounded around our ecosystem as well.

[解讀] 事實上，我們不僅計劃大幅增加研發人員的人數，還計劃大幅增加我們的銷售和服務團隊的人數。所以到今年年底，我們預測研發團隊的規模將翻一番。而且，我們還將增加圍繞我們生態系統的研發人員。

(foreign language)

（外語）

Let me translate my question. The second question is regarding the monetization of your autonomous driving. Given the price gap between the XPILOT 2.5 and 3.0, the penetration is just 20% so far for P7 on the XPILOT 3.0. In view, you have spent fixed cost on the R&D of the software. And is it worthy for you to consider to narrow down the price gap between the 2.5 and 3.0 and try to monetize less in the near term but harvest more data to feed into the software and further improve that?

讓我翻譯我的問題。第二個問題是關於自動駕駛的貨幣化。鑑於 XPILOT 2.5 和 3.0 之間的價格差距，目前 P7 在 XPILOT 3.0 上的滲透率僅為 20%。可見，你在軟件的研發上花費了固定成本。您是否值得考慮縮小 2.5 和 3.0 之間的價格差距並嘗試在短期內減少貨幣化但收集更多數據以輸入軟件並進一步改進它？

[Interpreted] Actually, we don't have any current plans to shorten or narrow the price gap between different versions of XPILOT software offerings because we are dedicating our R&D efforts into the core AD technological developments. And we believe that in the future, we're only going to have newer and newer or higher and higher versions of XPILOT. And in the future, older versions or lower versions of XPILOTs will be removed from our product portfolio.

[解讀]實際上，我們目前沒有任何計劃來縮短或縮小不同版本 XPILOT 軟件產品之間的價格差距，因為我們正在將研發工作投入到核心 AD 技術開發中。而且我們相信，在未來，我們只會擁有越來越新或越來越高的 XPILOT 版本。並且在未來，舊版本或低版本的 XPILOT 將從我們的產品組合中刪除。

And we believe that as we advance into the exploration into a higher level of AD technologies, actually, not only will us be able to upgrade our payment fee for software -- higher-level softwares, but also across the ecosystem, we are going to have so many opportunities across different scenarios that allow us to really provide better experience for our customers and also a lot of monetization opportunities in the future. Thank you.

我們相信，隨著我們深入探索更高層次的 AD 技術，實際上，我們不僅能夠升級我們的軟件支付費用——更高層次的軟件，而且在整個生態系統中，我們將在不同的場景中有如此多的機會，使我們能夠真正為我們的客戶提供更好的體驗，並在未來提供大量的貨幣化機會。謝謝你。

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

由於現在沒有進一步的問題，我想將電話轉回給公司以作結束語。

Thank you once again for joining us today. If you have any further questions, please feel free to contact us. Thank you. Thank you, everyone.

再次感謝您今天加入我們。如果您有任何其他問題，請隨時與我們聯繫。謝謝你。謝謝大家。

This concludes this conference call. You may now disconnect your lines. Thank you.

本次電話會議到此結束。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。]