Hello, ladies and gentlemen. Thank you for standing by for the First Quarter 2025 Earnings Conference Call for XPeng Inc. At this time, all participants are in listen-only mode. After management's remarks, there will be a question-and-answer session. Today's conference call is being recorded. I will now turn the call over to your host, Mr. Alex Xie, Head of Investor Relations and Capital Markets of the company. Please go ahead, Alex. Thank you. Hello, everyone, and welcome to XPeng's First Quarter 2025 Earnings C onference Call. Our Financial and Operating Results were issued by Newswire Services early today and available online. You can also view the earnings press release by visiting the IR section of our website at irs.xiaopeng.com. Participants on today's call from our management will include our Co-founder, Chairman, and CEO, Mr. He Xiaopeng; Vice Chairman and President, Dr. Brian Gu; Vice President of Corporate Finance and VW Projects, Mr. Charles Zhang; Vice President of Finance and Accounting, Mr. James Wu; and myself. 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 our website IR. Before we continue, please know 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. Forward-looking statements involve inherent risks and certainties. As such, the company's results may be materially different from views expressed today. Further information regarding these and other risks and certainties is included in the relevant public filings of the company as filed with the U.S. Securities and Exchange Commission. 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 will 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. I will now turn the call over to our Co-founder, Chairman, and CEO, Mr. He Xiaopeng. Go ahead. 非常好。2025年第一季度，小鹏汽车迎来了开门红，在车市的传统的淡季中逆势突围。第一季度我们的交付量为94,008台，同比增长331%。那么我们的单季度交付再创了历史新高。那么在中国国内以及全球市场，我们都成为了造车新势力一季度的销量的第一名。同时我们的汽车毛利率在过去连续七个季度都有提高，使我们整体的毛利率在今年一季度达到15.6%，同样创历史新高。那么净亏损环比大幅度收窄，在一季度我们的自由现金流超过了30亿元。 Hello, everyone. The first quarter of 2025 marked a promising start for XPeng, as the company successfully navigated the traditional off-season in the automotive market. Our Q1 deliveries totaled 94,008 units, marking a 331% year-over-year increase and establishing a new historical record for quarterly deliveries. We secured the top position in sales among emerging EV brands, both domestically and internationally. During this quarter, our vehicle gross margin has improved for seven consecutive quarters, propelling the company's overall gross margin to a record high of 15.6% in Q1 2025, with net loss narrowing significantly compared to the previous quarter. Free cash flow exceeded RMB 3 billion in Q1. 很多人好奇，我们为何在一季度有不错的业绩表现。我认为核心还是我们在组织、产品、营销，以及在技术和经营的体系化的能力，我们在不断地综合地提高。这也是小鹏坚持在技术上的AI驱动，以及在经营上行稳致远的，我认为初步成效。其中MORA M03上市八个月，累计交付超过10万台，成为A级纯电轿车的销量冠军。而P7加上市五个月，已经完成了第五万台正式的下线。那么我们最近发布的2025款G6跟G9在四月份首月交付超过7,500台。那么这导致我们整个的月交付量已经连续六个月保持在3万台以上。 Many are curious about our impressive performance in Q1. I believe it stems from XPeng's systemic enhancement across our capabilities in organization, product development, marketing, technology, and operations, along with a consistent commitment to AI-driven tech innovation and steady and long-term sustainable growth. The MONA M03, introduced eight months ago, has surpassed 100,000 deliveries, securing its place as the best-selling A-class pure electric sedan. The P7+ achieved its 50,000th unit production just five months after its launch, and the 2025 G6 and G9 Models delivered over 7,500 units in total in their April debut. Our monthly deliveries have exceeded 30,000 units for six consecutive months. 那我倍感振奋的是，我们的增长潜力才刚刚开始释放。当前小鹏正在将AI底盘、图灵AI辅助驾驶、新一代智能座舱、图灵芯片、巨声智能机器人以及和企业生产力相关的工具，通过以AI驱动进行融合式创新。那么在最近的第二季度，我们看到多个领域都取得了突破性进展。这让我相信小鹏全公司向AI的全面转型开始取得了初步成功。那么部分重点的AI能力，例如辅助驾驶，我们相信会在2026年在行业取得断代式的领先。我也相信随着物理世界基座大模型跟图灵芯片在汽车的全面应用，那么AI汽车在全球市场的产品跟政策的落地，以及小鹏人形机器人的创新变革，小鹏汽车将会率先跨越我们的三条增长曲线，实现长期可持续的高增长。 I'm most excited by the fact that our growth potential is just starting to emerge. We're spearheading integrated innovations powered by AI in various fields, including AI chassis, Turing AI-assisted driving, smart cabins, Turing Chips, embodied intelligent robots, and enterprise productivity tools. In Q2, we achieved significant progress in several areas, reinforcing our conviction that XPeng's comprehensive transformation toward AI has begun to achieve initial success across the full technology stack. Some of our key AI capabilities are poised to create generational leadership within the industry in 2026. I'm confident that through the extensive application of our Physical World Foundation Model and Turing Chips and vehicles, the global deployment of AI-powered vehicles and related policies, along with the innovative advancement of humanoid robots, XPeng will lead three growth curves and attain sustainable long-term high growth. 那么小鹏的核心曲线是AI汽车。大家知道小鹏汽车一直坚持科技平权的战略。我们通过创新的研发，降低先进技术的门槛，打造用户喜爱的产品，从而实现高端科技普惠共享。我们希望在最宽阔的价格带普及AI汽车。在五月二十八日，我们将举办MONA M03 Max满血版本的上市发布会，将图灵AI辅助驾驶首次普及到15万级产品，让更多热爱科技的年轻人可以不妥协、不将就，享受到跟豪华车一样的智能顶配，实现既安全又流畅的AI辅助驾驶。我相信这会是汽车行业在AI平权的全新的里程碑。它颠覆了行业目前仅在高端车型的高配版本才配备城市和高速全面的辅助驾驶的格局，向世界展现中国车企在物理世界AI的创新能力。 XPeng has actively embraced a strategy of democratizing technology aimed at reducing barriers to advanced technology through innovative R&D and crafting products that resonate with users. These efforts make premium technology accessible to all. On May the 28th, we will launch the MONA M03 Max. The full performance edition will debut Turing AI-assisted driving in the RMB 150,000 price sector for the first time. This innovation enables tech-savvy young consumers to experience top-tier intelligent features, once exclusive to luxury vehicles, without compromise, ensuring safe and smooth AI-assisted driving. This launch represents a pivotal moment for AI democratization within the automotive sector, shaking up the current landscape where smart urban driving and highway driving is limited to high-end models at premium price points and showcasing Chinese automakers' groundbreaking innovations in physical world AI. 在6月，我们的G7还将与大家见面。我相信G7会是25万级别SUV市场非常有竞争力的新产品。那么在三季度，我们还将推出30万级别的豪华运动轿跑，也是全新一代的P7。在四季度，我们还会有鲲鹏超级电动车型逐步进入量产，从而实现一车双人。我相信鲲鹏超电的推出会帮助小鹏在国内和海外市场触达更广阔的客群，也为我们带来更显著的销量增长。 In June, the G7 will make its debut to the public, and I'm confident that it will stand out as a highly competitive new product in the RNB 250,000 class SUV market. In Q3, we'll launch the New Generation P7, a luxury sports coupe in the RMB 300,000 segment. In Q4, our Twin Tongue Super Electric Models will gradually begin mass production, realizing the one-vehicle dual energy options approach. The Twin Tongue series aims to expand our reach to a wider consumer base, both domestically and internationally, unlocking substantial sales growth potential. 从中国走向全球市场是小鹏汽车的第二增长曲线。我们预计海外业务在未来三年将会持续高速扩张，成为我们在销量利润增长的重要驱动力。那么在2025年第一季度，我们的海外销量同比增长超过370%，在中国中高端新能源出口继续排名第一。一季度我们新增了超过40家海外的门店，开拓了数个关键市场，包括欧洲的代表性市场，英国，也包括东南亚的最大市场印尼。我们期待小鹏是作为一家高科技公司进入全球的，在多个区域我们会开展研发、制造以及更加深度的本土化服务。我们会打造一个定位在科技差异化的中高端全球品牌。 XPeng's global expansion represents our second growth curve. We anticipate that our overseas business will experience rapid growth over the next three years, becoming a significant contributor to our sales and profit increase. In Q1 2025, overseas deliveries soared by more than 370,000 year-over-year, solidifying our status as China's leading exporter of mid to high-end new energy vehicles. During Q1, we opened over 40 new stores abroad, entering key markets such as the U.K. and Europe and Indonesia in Southeast Asia. As a global technology company, we strive to enhance localized R&D, manufacturing, and services globally, establishing a unique mid to high-end brand rooted in technological innovation. 下面我介绍一下小鹏在AI领域的部分进展。那么2025年会是小鹏在物理世界基座大模型在AI汽车领域全面应用，我相信会是扩大代际领先优势的起点。我们搭建了行业内最全面且也是上限最高的全栈自研体系，那么涵盖了鹰眼的纯视觉方案、图灵大算力自研芯片、云端超大规模基座模型、全本地部署的VLA模型，以及整车新一代EA架构和物理仿真体系等。我相信这些都为我们实现高等级自动辅助驾驶领域的研发路线打下了坚实的基础，并且会构建对手难以逾越的竞争壁垒。下面一步，我们将会从L2加的辅助驾驶的研发开始向更高级L3、L4级别自动驾驶的技术都非常快速地发展。我期待会拉开代际领先。 Let me now give you an update on XPeng's AI development. 2025 signifies the launch of XPeng's full-scale implementation of the Physical World Foundation Model in AI-powered vehicles, further extending our generational advantage. We have developed the most comprehensive and sophisticated full-stack in-house R&D system with the highest potential in the industry, which includes the HawkEye Pure Vision ADAS Solution, self-developed high-performance Turing Chips, ultra-large scale cloud-based foundation odel, fully localized VLA Models, vehicle EEA architecture, and physical simulation systems. This strengthens our strategy for advanced autonomous driving, establishing formidable competitive barriers. Moving forward, we'll expedite R&D efforts from L2 Plus assisted driving to L3 and L4 autonomous driving technologies, widening our generational lead. 我们在中国汽车行业率先实现了不依赖激光雷达的城区智能辅助驾驶。那么小鹏的鹰眼纯视觉方案研发难度高，但是它在安全跟体验的上限也会大幅度提高。我们升级了视觉感知模型的容量、参数量和推理的频率，我们使端到端的延时得以大幅度降低，让整个辅助驾驶更灵敏、更安全。我们提高了360度的视觉和综合感知的环境的能力，特别这会导致在城市的复杂道路、转向、掉头、雨雪雾等场景下，将用户的驾驶体验跟安全性都做到更佳。另外，小鹏的鹰眼纯视觉方案还更适合将高端自动辅助驾驶从中国走向全球，以及从汽车走向巨声智能机器人。 XPeng is the pioneer in China's automotive sector for implementing urban smart driving without depending on LiDAR. Our HawkEye Pure Vision ADAS solution, although difficult to develop, greatly enhances the upper limit of safety and user experience. We improved the capacity, parameters, and inference frequency of our visual perception models, significantly reducing end-to-end latency for quicker and safer assisted driving. Our enhanced 360-degree environmental perception performs exceptionally well in intricate urban environments, including turns, U-turns, and under adverse weather conditions such as rain, snow, or fog, enhancing both safety and driving experience. Furthermore, XPeng HawkEye Pure Vision ADAS Solution is ideally positioned for the global rollout of high-end autonomous driving and the shift from AI cars to advanced intelligent robots. 在我看来，物理世界AI技术的皇冠在于芯片、模型、数据、infrastructure等，而在这个皇冠上的明珠无疑会是芯片。小鹏从2021年起坚定地踏上芯片自研之路。那么在2024年，我们的芯片一次性流片成功，图灵芯片的有效AI算力相当于当前在行业里面主流车段AI芯片算力的3到7倍，并且我们通过全栈自研的内部把硬件闭环、软件编译器、大模型结构联合设计开发，更大程度地发挥了模型跟芯片的协同效果。我相信小鹏汽车坚持芯片硬核技术的研发，会给用户带来行业最大的车辆算力，最大的车辆模型，会让小鹏汽车在端侧AI模型的效率、体验和安全实现飞跃。 In my view, the crown of physical world AI lies in chips, models, data, and infrastructure, with chips as the jewel. XPeng has been committed to in-house chip development since 2021. In 2024, our self-developed chip succeeded in its first tape out. The Turing Chip delivers three to seven times the effective compute power of mainstream automotive chips. Through full-stack in-house development and closed-loop integration of hardware, software, compilers, and model architecture, we maximize synergy between chips and AI Models. Our dedication to chip R&D will not only deliver industry-leading in-vehicle computing power and odels, but also elevate the efficiency and overall experience of XPeng's edge-side AI Models. 那么当前在物理世界的AI模型里面，我们已经看到Scaling Road的优势已经在显现。小鹏正在研发更大规模的云端基座大模型和端侧模型。在云端，我们训练的基座模型已经达到了720亿的超大规模参数量。为了训练这个全新的基座模型，我们建成了国内汽车行业首个万卡集群。当前集群的运行效率常年保持在90%以上。在高数据方面，高质量的训练数据，我们今年年底会达到2亿条视频，包含全国范围内的广泛的驾驶场景。使用强大的算力跟海量的数据训练出来的基座模型，能够更好地理解现实世界，像人类一样进行复杂的推理行动。通过强化学习的训练，小鹏的基座模型将不断进化到超越人类脑思境，最终成为小鹏自动驾驶真正走向Level 3和Level 4的基础。我相信这也是未来小鹏所有物理AI终端的通用模型。我们会通过蒸馏减资等方式开发匹配车端算力部署的端侧大模型，让车端模型尽量承袭这个基座模型的能力，实现在行业里面领先的本地的推理能力。 In the ecosystem of the physical world AI Model, the benefits of the scaling law are becoming clear. XPeng is working on larger scale cloud-based foundation models and edge-side models. Our Physical World Foundation Model is the cloud that in the cloud has achieved 72 billion parameters to facilitate its training. We established the first 10,000 GPU AI computing cluster in the Chinese automotive industry, maintaining an operational efficiency of over 90% throughout the year. By the end of the year, our high-quality training data will expand to 200 million video clips that depict various driving scenarios across the country. Powered by large computing resources and extensive data, our foundation model can understand the real world and execute complex reasoning similar to human capabilities. It will evolve through reinforcement learning to outperform seasoned human drivers, laying the groundwork for L3, L4 autonomy and autonomous driving, and eventually acting as a universal model for all XPeng's physical AI terminals. We create edge models via knowledge distillation and pruning to align with in-vehicle computing power, leveraging the foundation model's capabilities as much as possible to enable industry-leading inference on devices. 只有AI汽车如果具备更聪明的大脑，会使最终的体验远超传统汽车。我们希望形成大脑、小脑、脊椎的三个能力的融合。那么很开心的是，小鹏汽车正在智能座舱正在研发全本地部署在图灵芯片上的多模态大模型。它不仅使语言的交互更聪明，体验更具个性化，而且它可以在无网络、弱网络的条件下流畅地运行，大幅度提高安全性以及可以进行全球部署。我相信这会是中国首个具备全本地端的多语言交互能力和本地VLA能力的座舱大模型。那么为将来小鹏的整车大脑能力的快速升级铺平了道路。 To truly outperform traditional vehicles, AI-powered cars must possess true intelligence, integrated three core capabilities of the brain, cerebrium, and the spinal cord. For XPeng's Smart Cockpit, we're currently developing a multi-modal large Model that entirely functions locally on Turing Chips. This advancement facilitates smarter voice interactions and a more personalized user experience, and ensures smooth operation even in office conditions, significantly enhancing safety and global scalability. This will be China's first large Model capable of fully localized multilingual interaction and VLA features in a cockpit, paving the way for rapid improvement in the vehicle's intelligence. 我们在AI汽车上研发的投入，正在使我们在人形机器人的研发具备在中国机器人行业拥有独一无二的优势。今年在上海车展广受好评的IRON铁人是我们的第四代产品。那么下面一步呢，图灵芯片将会部署在我们的第五代机器人上面，它会大幅度提高机器人的本地端的算力。那么小鹏机器人的模型体系也将跨越目前行业普遍使用的之前的技术路线，例如强化学习的小模型或者分段式端到端的模型，而会直接同源共用小鹏在物理世界基座模型的VLA架构，并且充分复用我们的云端AI的基础架构的设施能力。那么这会显著提高我们在人形机器人上大小脑跟脊椎的智能上限。那么人形机器人作为巨声智能的形式之一，会成为小鹏汽车的第三曲线。我们的目标是在2026年能够推出面向工业和商业场景的人形机器人，它会达到行业领先的智能水平，并且通过量产场景的数据驱动来快速自我的进化。 Our investment in AI vehicles also provides distinct advantages in human-eyed robot R&D in China's robotics industry. The IRON, our fourth generation robot, celebrated at the Shanghai Auto Show, will soon be followed by a fifth generation model powered by Turing Chips, significantly enhancing on-device computing capabilities. XPeng's robot models will surpass traditional industry technological approaches, such as small reinforcement learning models and fragmented systems, by utilizing the VLA architecture of our Physical World Foundation Model and taking advantage of our existing cloud AI infrastructure to improve robotic intelligence. As a type of embodied intelligence, humanoid robots will represent XPeng's third growth curve. We aim to launch industry-leading humanoid robots for industrial and commercial applications in 2026 and evolve rapidly through data from mass production scenarios. 我相信强劲的增长势能在2025年会持续，其中2025年第二季度我们将完成五个车型的年款升级或者增配。那么在三季度我们会有两款全新的重磅车型开始交付和放量。我预计二季度总交付量约为102,000至108,000辆，同比上升237.7%至257.5%。那么收入呢，预计约为人民币175亿元至187亿元，同比上升115.7%至130.5%。我很有信心，今年不仅实现销量翻倍以上的增长目标，而且公司还将在四季度走向盈利，实现全年规模的自由现金流。我们希望用更强大的自我造血能力来支撑未来AI技术和产品研发的不断的投入和创新突破。 I'm optimistic that the robust growth momentum will carry on into 2025. In the second quarter, we'll finalize annual upgrades or configuration improvements for five Models, with two brand new major Models set to begin deliveries in the third quarter. For the second quarter, we estimate total vehicle deliveries to range from 102,000 units-108,000 units, reflecting a year-over-year increase of 237.7%-257.5%. Revenue is expected to be between RMB 17.5 billion-RMB 18.7 billion, representing a year-over-year growth of 115.7%-130.5%. I believe we'll not only meet our goal of more than doubling sales growth this year, but we'll also achieve profitability in Q4 and generate substantial free cash flow for the entire year. With enhanced self-sustaining capabilities, we'll drive ongoing breakthroughs in AI technology and product development. 谢谢大家，下面由我们的财务VP James为大家介绍我们2025年第一季度的财务状况。 Thank you, everyone. With that, I'll now turn the call over to our Vice President of Finance, Mr. James Wu, who will discuss our financial performance for the first quarter of 2025. Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for the first quarter of 2025. I'll reference RMB only in my discussion today unless otherwise stated. Our total revenues were RMB 15.81 billion for the first quarter of 2025, an increase of 141.5% year-over-year and a decrease of 1.8% quarter-over-quarter. Revenues from vehicle sales were RMB 14.37 billion for the first quarter of 2025, an increase of 159.2% year-over-year and a decrease of 2.1% quarter-over-quarter. The year-over-year increase was mainly attributable to higher deliveries. Revenues from services and others were RMB 1.44 billion for the first quarter of 2025, representing an increase of 43.6% year-over-year and an increase of 0.5% quarter-over-quarter. The year-over-year increase was mainly attributable to the increased revenues from technical R&D services related to the Volkswagen Group, repair and maintenance services, and auto financing services. Gross margin was 15.6% for the first quarter of 2025, compared with 12.9% for the same period of 2024 and 14.4% for the fourth quarter of 2024. Vehicle margin was 10.5% for the first quarter of 2025, compared with 5.5% for the same period of 2024 and 10% for the fourth quarter of 2024. The year-over-year and quarter-over-quarter increases were primarily attributable to the ongoing cost reduction and the economies of scale driven by the increase in sales volume, partially offset by the inventory provision and losses on purchase commitment related to the upgrade of certain vehicle Models. R&D expenses were RMB 1.98 billion for the first quarter of 2025, representing an increase of 46.7% year-over-year and a decrease of 1.3% quarter-over-quarter. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle Models and technologies as the company expanded its product portfolio to support future growth. SG&A expenses were RMB 1.95 billion for the first quarter of 2025, representing an increase of 40.2% year-over-year and a decrease of 14.5% quarter-over-quarter. The year-over-year increase was primarily attributable to the higher commissions paid to the franchise stores driven by higher sales volume. The quarter-over-quarter decrease was mainly due to lower marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB 1.04 billion for the first quarter of 2025, compared with RMB 1.65 billion year-over-year and RMB 1.56 billion quarter-over-quarter. Net loss was RMB 0.66 billion for the first quarter of 2025, compared with RMB 1.37 billion year-over-year and RMB 1.33 billion quarter-over-quarter. As of March 31st, 2025, our company had cash and cash equivalents, restricted cash, short-term investments, and time deposits in total of RMB 45.28 billion. 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 first quarter 2025 financial results. This concludes our prepared remarks. We'll now open a call to questions. Operator, please go ahead. Thank you. If you wish to ask a question, please press star one on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star two. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. For the sake of clarity and order, please ask one question at a time and management will respond. Feel free to follow up with your next question. Your first question comes from Tim Hsiao with Morgan Stanley. 观点先生你好，感谢接受我的提问。我是听Morgan Stanley这边。我有两个问题。第一个问题是有关于这个销量，就是我们也看到了小鹏汽车已经连续六个月销量超三万，尤其在淡季的这个表现也跑赢了不少造车新势力，所以显示了这公司行稳致远的一个战略非常有效。也想请问接下来，因为刚才小鹏总也提到我们的新车产品力都特别强劲，销量表现是不是预期在接下来会有一个比较大幅的增加？那公司交付管理层觉得何时能够再上一个台阶，达到更高的水平？ My first question is about the volume sales, because XPeng has successfully kept monthly run rate about 30,000 units for six months in a row, outperforming EV startup peers during the low season. Given the strong Model pipelines that the CEO just mentioned, should we expect more significant sales jump in the following quarters? I just want to get more clarity on the volume upside. That's my first question. Thank you. 谢谢小鹏在2025年的目标的整体的策略就是行稳致远。我们期望在多个综合能力上把基础打好。那么其中在二季度实际上您会看到我们在二季度完成了五个车型的年度改款。那么在改款的车型里面，在短期肯定会受到一定的影响，但是对中长期会是非常的利好。我们在后面的时间我认为有几个趋势的变化。第一个，从三季度开始会看到全新产品从2025年的下半年一直会持续到26年。那么第二点我认为一个非常重要点是小鹏的AI体系的能力的进一步的提高，并且从低等引到断代式的领先的变化。我认为第三个我认为就是整个的鲲鹏电动，这个在今年的刚刚所说的今年四季度。那么这是我们对于这个趋势来看的话，我相信这一次整个小鹏的整个的产品技术商业能力的向前。 Thank you so much for your question. First of all, I think it is our performance in the past quarter definitely aligns with our overall strategy of long-term and steady development, and we are doing everything we can to lay good foundations very comprehensively for our future long-term development. For Q2, we expect to actually have five upgraded versions or improvement-facing versions, which may cause some changes in the market in the midterm or short term, but it will be very beneficial for the long-term development of the company. I would like to actually highlight three things. First of all, starting from Q3, you're going to see our momentum of launching new Models even more aggressively going into 2026, and it's going to generate more deliveries. The second aspect is our AI capability and our R&D efforts being translated into AI performance on our cars and also our robots, which will allow us to maintain a leader in the industry and really widening our generational difference between ourselves and our competitors. The last aspect, something that I want everyone to pay attention to, is our Quantum Electric Drive System, which also will go into is going to power our future lineup. Thank you. Yeah, Tim, it's Brian. Let me just add to what Xiaopeng mentioned. First of all, the steady performance we saw in the previous many months actually also reflects improved operation quality. For example, the first quarter usually are the low seasons for Chinese auto sales, and we maintain still steady growth. Also, the second quarter, despite many transitions we need to handle for our refreshments of products, we still see very stable and steady delivery numbers. Those actually, I would say, are representative of the operation quality that we have. Looking forward, we actually have very strong confidence that with now the many new launches, for example, the MONA M03 Max by the end of this month, and also the next couple of months with G7 and P7 launches, all of them we think will be catalysts for further growth. We believe that in the third quarter, we'll see continued growth in our delivery numbers and hitting historical highs again. Another thing I think I wanted also highlight is that also you can look at the new models that we're introducing. Those will represent products in the higher price categories as well as with better gross profit margins. This also introduced a very, I would say, favorable mix towards our overall product mix. I'll have James comment on the. Yeah. Okay, just next question then. Your next question comes from Ming Li with Bank of America. 各位领导，还有小鹏总，您好。那我这边也是两个问题。那第一个问题还是想要请教这个出口相关，那可不可以请这个管理层这边有没有最新的这个出口的一个今年的预期？那特别刚才小鹏总也有提到说像英国市场还有印尼市场是我们最近开始这个打入。那也想了解一下，比如说这个今年我们会比较看好哪些市场的一个发展。那另外的话，像这个欧盟他从去年有增加这个对中国电动车的关税，那我们目前在这个欧盟地区的国家销售的情况有什么这个因应的策略？那我翻译一下。 For your export business, could you give us the latest guidance for your growth in 2025 and among all the different regions? Which area do you see a higher growth? And for the EU zone, because they increased the tariff for the EV made in China since last year. Right now, what is your current strategy in this market? Thank you. Hey, Ming, it's Brian. Let me address your question. Yes, indeed, we have seen very strong international growth and also contribution to our results, both on the top line as well as on the bottom line. It is actually an area we are increasing our efforts with investments as well as our team focuses. I would say that this year, our continued focus will be on the European, Middle East, and Southeast Asia, those three core regions. Also, some of the regions we have launched recently, for example, the U.K., Indonesia, as well as, I think, continued growth we are seeing across a number of the markets that we entered later last year. I would say these are showing pretty balanced overall growth, all reaching triple-digit growth, I would say, in the last quarter, year- over- year. Going forward, I think we are continuing to expand to additional markets. We're looking at also some of the other regions that we currently don't have a focus yet, for example, Latin America, as well as some other countries in the Asian region. The issue on the tariff, I think, is something that we are very, very focused on. Clearly, it's having an impact on the profitability of our business, for example, in Europe. However, I think we are committed to build for the longer term. We are also looking at ways to reduce the impact of these tariffs through more collaboration with our partners, change the product mix on the ground, as well as potentially local investments that give us the ability to navigate some of these tariff hits. These are things that we are focusing at the moment, and I think if there's any further progress, we'll be definitely sharing with you as well as the community. 谢谢 Brian。那我这边第二个问题是芯片相关。那因为我们这个图灵芯片其实大家已经期待已久了。那想了解是不是这个 G7 现在 6 月上市的话，就可能是这个第一款搭载这个图灵芯片。那也想了解就是未来我们是否小鹏品牌的这个车系都会搭载这个我们的图灵芯片。那我记得小鹏总之前也提过图灵芯片跟我们自己全能自研的这个软件算法等等会有更好的适配性。那是不是也可以透过图灵芯片降本，然后并且就是有达到这个百万公里更低的接管率？那至于另外降本的话，是不是我们也会考虑就是把这个透过芯片降本的这个 benefit 可能大部分还是会就是让消费者去享受这样子的一个红利？那我翻译一下我这个问题。 So my second question is related to your Turing Chip. Will G7 be the first model to use the Turing Chip in your product portfolio? Going forward, will all of your XPeng branded EV Models use Turing Chips? By using these chips, I believe you can reduce your costs. Will you share the cost reduction benefit with your customers? Yeah, that's my question. Thank you. 谢谢我的小鹏。这个我们整个的这个图灵芯片目前的进展是非常的顺利的。它不光在汽车方面，这不光在自动驾驶、自动辅助驾驶方面，在座舱方面，在机型方面，现在目前都是进展顺利。我们在第二季度已经开始有部分的车开始进入到生产的环节。那么在第三季度，图灵芯片的车型将会更大范围的开始放量。那么图灵芯片的有效的 AI 算力，我们来。相比当前行业的主流的车辆的芯片算力，我们现在是大概 3-7 倍。这是一个非常强劲的变化。那么所以图灵芯片配合我们的物理世界基础大模型和我们本地端的全新的模型，我们还是非常的相信整个的辅助驾驶的能力。我们期望在未来的时间，不长的时间，我们能够取得断代式的领先。我觉得在那个时候，我们不光甚至要比百公里的这个使用的这种体验，我们甚至要开始逐步到数百公里，甚至往千公里的体验走。我觉得这是最重要的。我一直都认为要想在车上做到 L3 级别的软件，就是自动驾驶、自动辅助驾驶软件的能力，是汽车跟 AI 结合里面对于用户的巨大的这种创新的这种变革。所以在 2025 年、2026 年，我们会坚定地根据图灵芯片为基础的，包括了自动驾驶、自动辅助驾驶的能力和我们的这个智能座舱的能力来构建全本地端的 VOA 的能力。这是我想说的。那么小鹏汽车一直的目标都是在把高科技做好，然后能够做到平权。这是我们肯定要做的事情。但是我们也相信新的图灵芯片会给用户带来更高的差异化的这个体验。在这个时候，我们会给用户更好的体验。谢谢。 Thank you. This is Xiaopeng. Thank you for the question. Now, when it comes to our Turing Chip, the development of it has been going really, really well. Not only when it comes to the application on our cars, but also in upgrading our autonomous driving capability in our cockpit and across a lot of our models. Currently, everything's going really well. We have already begun our production in the second quarter of this year, and we expect to mass produce some more Models supported or with the Turing Chip in the third quarter of the year. Now, when it comes to the mass production in a wider scale, we believe that it's going to happen very, very soon because with the development of our chip, we not only will be able to have a stronger and more competitive autonomous driving capability, but also stronger capabilities to support our other products. When it comes to the Turing Chip itself, its AI computing power right now, the effective computing power is we are leading the industry because it's about three to seven times the chip computing power in mainstream edge side AI chips, which is very, very competitive and is a huge step up of the game. When it comes to the Turing Chip and how it helps us to go into the next level or next stage of the AI world, especially the physical AI world, we are going to leverage our Physical World Foundation Model and also our edge side AI or in-vehicle AI Model, which will be very, very capable and powerful to allow us to go into higher level or more advanced level of autonomous driving. We believe that in a very, very near future, we will be able to really showcase our generational lead in this regard. By that time, we're not going to be talking about the human interference within the current, you know, how many miles we're going to enter the next stage of autonomous driving. That's when I believe we can really generate benefits and optimize our user experience for our consumers. Because by that time, we not only will launch our new models with higher and advanced autonomous driving capability, but also leveraging our smart cockpits and also localized VOA capability, XPeng cars will definitely bring to you a completely new experience because our target of the company has always been democratizing high-end technology. We will bring benefits to all of the people and hope that everyone can get access to this fancy technology one day as soon as possible. We believe that this new Turing Chip can help us to do that. Thank you. Thank you. That's all my question. Your next question comes from Pingyu Wu with Si-Tech Securities. 哎，各位观众朋友好，感谢这是我的提问。我是中信的武平月，然后我想请教两个问题。第一个关于 MONA，因为我这个 MONA Max 也会在 28 号发布，我其实对 MONA Max 是非常期待的。所以我第一个问题是想请教，因为 MONA 作为一个可能 10-15 万比较入门级别的这个价格带里边很走样的一款车，那么 MONA 系列可能在我们这个小鹏的这个整个战略里边起到了一个什么样的一个作用，以及相关的一个问题是因为小鹏本品现在的这个 Max 占比已经是 100%，就是全系去标配这个 Max。那么可能 MONA Max 的这个比例在 MONA 这个系列里面的比例可能占比达到多少是我们的一个目标。 Thank you for taking my question, and my first question is about MONA. MONA, I'm looking forward to the release of MONA Max, and what is the role of the MONA series in our strategy, and what percentage share of MONA Max is our target? Thank you. 这对我们也是一个会去探索的问题。我相信在 RMB 150,000 级别，在当前还没有任何的车真正上了端到端的大模型，也没有任何的上了超过 500 TOPS 的大算力。那么在目前来说的话，其他的这个整车厂我们看到的在这个级别里面基本上都是高速或者叫做城市记忆驾驶，我们认为它都不是这个满血版。所以满血版的这个辅助驾驶到底在这个级别会有多大的用户比例，我们也探索，我们期望在很快了，实际上是在过段时间我们可以得到真正的数据。我所期望的这个数据比例还是比较高的。这个我们来看一下一些行业的数据，在 RMB 200,000 级别有很多的公司或者 RMB 150,000-200,000 之间，他们实际上的真正的满血版的辅助驾驶的比例都很低，但小鹏是很高的。那这个在这个级别到底多高，能不能做到 50%、70%，我 I don't know，这个我期望是一个越高越好的这样一个数据。这是第一段，谢谢。 Thank you for the question. Now, this is definitely a question that we're going to explore. We're also curious about that as well, because when you look at the current market, when it comes to the market segment of RMB 150,000, there's no real implementation of end-to-end large models or computing power of 500 TOPS and above. These available cars are not the so-called full performance models. We are very excited about MONA, and we are very curious about its penetration rate in the market. I definitely have very high hopes for it because of our capability. When you look across the industry, even for cars between RMB 150,000- RMB 200,000, currently there's very, very rare so-called full performance version available in the market. What is the penetration rate going to be? 50%, 70%? We don't know, but we are curious, and we'll try our best to achieve the maximum amount. Thank you. 那么刚刚您问到关于 MONA 系列对小鹏，我觉得，嗯，我觉得简单的说一点点就是说 MONA M03 是小鹏 MONA 这个系列的第一款车。啊，在 2026 年你会看到 MONA 系列的其他和更多的车型，因为 MONA 整个系列是针对一个年轻用户，要做到酷、高颜值，整个的智能化非常棒，整个的情趣价值要非常的好。啊，我觉得这一点是跟小鹏的整体逻辑还是有一些差别的。我相信在明年在之后你会看到我们的 MONA 系列上是真正非常有在行业里面我认为有影响力并且有冲击力的一个很好的一个系列。好，谢谢。 Also regarding the part of your question that is about our M03 and the MONA series, obviously M03 was our first model of the whole MONA series, and in 2026 we can expect to see more models from this series. MONA as a series really caters for young people's taste. It It needs to look cool and beautiful, provide this emotional value and connection with younger consumers. We definitely can cater to that. We believe that after next year you will be able to see the full potential of this series, and it is going to be very impactful across the industry. Thank you. 非常感谢，然后我第二个问题是关于研发的投入的分配，就是在我们 2025 年的研发投入里面，或者是这个 2025 年研发投入的，比如说增量的这个部分，可能多少会投入到 AI 的相关的方面。 My second question is about the research and development investment, and for 2025, to what percentage of the R&D expense will be allocated to AI-related areas or to what or how much to the increase of the R&D expense will be allocated to AI-related areas? Thank you. Thank you. This is James. I'll answer your question regarding the overall R&D expenses for this year. If you look at our total R&D expenses in 2024, it's around RMB 6.5 billion. In 2025, we have guided around RMB 8.5 billion of full-year R&D expense, and this remains unchanged. I would say the increased R&D expenses, a good amount of that will be spent on AI-related activities, and that would primarily help us to improve our computational capability on a cloud basis. That will both, as Xiaopeng mentioned earlier, be applied on the AI vehicle autonomous driving training as well as humanoid robot line as well. Obviously, there are other areas that we will continue to invest, include smart cockpit equipped with local VLA features that will allow us to, you know, increase our capability on multi-language voice command interaction function as well. We should be able to also personalize our customer experience with more enhanced capability. Other than AI, obviously, we will continue to invest on the vehicle basis. As you know, we will have additional vehicle models that will be launched this year and into 2026 as well to enhance our product portfolio, and that will help us to complete our portfolio in the long term. 好的，感谢关于他。 Your next question comes from Ben Wang with Deutsche Bank. 谢谢领导。我有两个财务的问题。第一个问题是关于我们在一批中有很多的政府补贴，想问问政府补贴的来源。第二个就是我们是否也有一个外汇转移，这个外汇转移的来源。 First, I have a few financial questions. The first one is about your government subsidy in the first quarter. What's the reason drives such a big government subsidy? Meanwhile, you actually seem to pick off the FX gains. Can you elaborate what drives FX impact? Thank you. Hey, Ben, this is James. Let me clarify. In the first quarter, we did receive some level of, let's say, regulatory subsidies as well as tax rebates, tax handling fees, refunds, things like that. The recognition of those revenues is based on the actual receipt of the cash proceeds which occurred in the first quarter. This is in the nature of, I would say, cash collections into the next couple of quarters. I'm not sure we'll continue to be benefited from this type of revenue recognitions. That is on the other income side. You also asked a question about the FX movement in the first quarter. This is primarily driven by our business in Europe. We have a pretty sizable, I would say, deliveries. We actually delivered more than 10,000 units in Europe over the course of last year, and we are exposed to euro from a revenue perspective. The strength in euro in the first quarter resulted in a portion of FX gain in the first quarter. We have seen that to circle back a little bit in the recent months in April and May. We will continue to monitor that exposure and be able to control our exposure to euro and to ensure that FX impact through our exposure is not a surprise going forward. Thank you. 好，我第二个问题呢，想问看二季度的毛利率啊，因为我们看到二季度的产品组合好像是有改善的，更少的 M03，更多的新产品，包括 G7 的赛事。我们能不能认为在二季度我们的平均售价和毛利率都会环比一季度会有进一步的改善？ The second question is about the second quarter ASP and margin guidance. It seems that you have a better product mix in the second quarter because you have a smaller proportion from M03. Can you provide guidance for the second quarter ASP and the gross margin? Thank you. Sure, this is James again. From a gross margin perspective, first of all, I think we've observed we have achieved seven consecutive months vehicle margin improvement. This is primarily due to our cost reduction efforts as well as achievement of certain levels of economies of scale. Looking into Q2 and beyond, what I would say is there are still several areas we see that can help us further improve our vehicle margin. The first is continue the product mix, as you mentioned, as we introduce new models. Even with the model year changes on G6 and G9, we've seen healthier margin compared to the old models. This in line will also help us to further higher our average sales price. What I would say is the ASP you've seen in first quarter is probably the lowest throughout the year. We will continue to, you know, sell better product mix to help us increase average sales price in the following quarters into 2025. The other thing that we continue to see is the material cost reduction through our supply chain optimization. Then lastly, you know, based on the volume projection and higher volume potentials in the third and fourth quarter, you know, we should be able to achieve higher scale, which will help us to lower allocations and improve vehicle margin as well. With all of that, we are pretty confident at this point that, you know, going into second half and into Q4, we believe that our total company gross margin should be able to get close to the high 10s level to support us eventually achieve profitability in Q4 as we communicated earlier. Thank you. Thank you very much. Appreciate it. Your next question comes from Xiaoyi Lei with Jefferies. 感谢管理层接受我的提问。我这边就有一个问题是关于机器人的。那我们看到就是在上海车展上面，IRON的就关注度非常的高。那想请问一下管理层，我们在机器人和自动驾驶的这个协同方面会有哪些优势，以及就是接下来我们在量产的这个层面有没有一个具体的目标。 My question is regarding the humanoid robots. We noticed that IRON has received a lot of attention at the Shanghai Auto Show. How are we going to leverage our existing know-how from autonomous driving to robotics? What are the advantages of our products? Also, do we have a specific goal for the mass production of humanoid robot products? Thank you. 谢谢，我是小鹏。这个是的，机器人实际上在我们内部是一个完全的一个独立的中心在运作，所以它在于小鹏的整体的能力都是有调用。刚刚您所问到的问题，例如整个的 EEA 架构是由我们的这个机器人 EEA 架构，是由我们汽车的 EEA 架构负责做的。那整个机器人的这个关节，那是我们的整个小鹏的三电动力团队在负责的。那么整个我们机器人的现在的包括了脊椎、小脑和大脑是来自于小鹏机器人团队和自动驾驶团队和我们作战团队一起做的。那么芯片也是来自于我们小鹏的自研的芯片团队。所以整个的从组织到英法到 Cloud，实际上全部啊，这个我们认为有接近 7 成是同源。当然机器人跟汽车因为在整个的巨身上面是不一样的，这会导致了有部分的能力的这个差异，所以那些是有一定的个性化的。先帮我翻译这段，谢谢。 Thank you. Basically, robots or robotics robots development, they are operating as an independent center within the company, but they leverage our overall in-house full-stack R&D capability. For example, the EEA of our robots is being developed by the EEA team of autonomous driving of our car department, and also the joints within the humanoid robots are being developed by our powertrain team at XPeng Motors. Also, the other parts, for example, the spinal cord of humanoid robots, the cerebellum, which is the larger brain of the humanoid robot. I mean, everything combined is being developed by both the robotic team and also our autonomous driving intelligent driving team. In addition to that, also our chips, you know, we leverage the driven chip capability when it comes to developing our IRON or humanoid robots. I would say 70% of the development among our humanoid robots are coming from the same source as autonomous driving, our cars. Now, obviously, overall, these are two different products. They have different matrix, and so they do have different differences when it comes to their capabilities and features and form factors. There are differences. 我觉得小鹏跟其他机器人公司有很多非常大的差异。例如，我们是以数据为导向去重新构建机器人的架构体系的。例如，我们在硬件软件上底层的，还有芯片跟操作系统的角度，我们是超强度耦合为导向去做事情的。这些都会使小鹏的机器人跟行业现在所看到的机器人的研发的逻辑是不一致的。我们期待在 2026 年可以进入到部分场景的量产，并且能够快速的 OTA 迭代。我也期待我们的机器人跟今天市场上看到的所有机器人都是有非常大的差异的。在那个时候，谢谢。 I think XPeng is very different from other humanoid robots or robotics company. First of all, we are data driven. We redefine how we should build a humanoid robot. Also, we have chips that we are developing in-house. The operating system we can develop in-house, and we also have full-stack self-development capability of our hardware and software. From that point of view, we are really guided by a super strong coupling capability to do things, especially when it comes to developing new products such as humanoid robots. We expect to actually, by 2026, go into a certain percentage of mass production capacity and can quickly go into, can quickly enter a stage of OTA iteration. We also expect to actually bring forth some very surprising and brand new innovative products to the market, which will look very different from what we can see right now available in the market. Thank you. Thank you. That's very helpful. Your next question comes from Lujia with BOCI. 哎，管理层好。我是中英国际楼家。我这边问两个问题，一个是还是关于财务的，因为我看到说一季度就是我们的整车毛利率这边还是会受到一些老车型的库存计提，还有一些什么供应链补偿等的影响。就想问一下这块有没有一些量化，或者说剔除这块我们核心的整车毛利率一季度是什么水平，那未来这一块影响还有存不存在。 My first question is regarding the vehicle margin in Q1. As we see that vehicle margin is negatively impacted by some inventory provision and loss on purchase commitment related to some old models. Wondering if excluding these, what our core vehicle margin comes in, in future, if this impact will persist. 我的第二个问题是关于我们接下来至少看下半年吧，基本上我们的新车型的投放都是高价车。 Hey, Lujia. So we will answer your first question first. Thank you. Okay. This is James. Yes, we do recognize some level of purchase commitments as we change some of our models. One of the things you probably have seen from the media is that we have revealed the very Next Generation of P7, which the outlook design has received very well feedback from the market. That is part of the recognition that we have done in the first quarter around the Current Generation of P7. We also have recently launched model year changes for G6 and G9. These have been included in the purchase commitments as well. Overall, I would say the impact of these in a scheme of things is relatively small. It does not change the overall trend of our margin improvement for the past seven consecutive months. What I would say is looking into the next couple of quarters in 2025, I would not expect the purchase commitments related to our model changes is going to be significant. You can take that as in your consideration. You know, what I would focus is, as mentioned earlier, our vehicle margin, given our continued cost reduction, continued climbing of higher economy of scale, as well as the product mix improvement, we forecast vehicle margin to steady growth in the following quarters in 2025. Thank you. Thank you. 那我的第二个问题是关于我们下半年新车型基本上都是从价格段上来是重新走向高端化吧。所以的话就想问一下管理层，就是我们为重新向上走做了哪些准备，或者说我们如何有信心就在高价位的这些价格段上就打造出像我们在 10-20 万这个市场的 MONA 或者 PGR 等等吧，一些爆款产品。 So my second question is that looking forward into second half of the year, we will go upscale again by launching more high price models. How management to get prepared for our premierization? Thank you. RMB 100,000-RMB 400,000 之间，我们都有车型的整个的规划。那么其中 MONA 系列的主要在 RMB 100,000-RMB 200,000 之间。那么在大概 RMB 180,000 到接近 RMB 500,000 之间的这个范畴都是在小鹏的整个体系里面的范畴。那么从今年的三季度到 2026 年，我们会看到包括小鹏，包括 MONA 都会有不断的有新车在这个体系里面。我觉得在后面的时候，我觉得只能说有几个特点吧。我觉得我们希望它的颜值，包括内外造型都会好非常的多。大家会看到我们在三季度的全新的 P7 就是其中的一款。我们也非常相信这个小鹏会在整体车动力、自驾、座舱、工艺里面，我觉得这个是小鹏在最近的三年里面我们会再做非常多的研发，把细节、框架、功能、性能、质量、成本、服务，然后用户对客户的看法，就是我们对客户的看法，我们对用户的看法，我们对企业的看法，我们会把它融入进去。我还是非常有信心，你看去年年初我们推出了 X9 到去年的下半年的 P7+ 到今年 Q3 到今年 Q4 的系列的产品，我是非常有信心能够在每一个段位里面我们都拿到 Top 3 甚至到 Top 1 的这个能力。而且这里面有相当的车型，我们后面还会变成了双能，也就是说有纯电和超级电动的组合。我对于，所以这次我只能简单来说一下，我相信小鹏的这个整个的车型的平均的售价在未来的时间会逐步稳定向上。OK，谢谢。 Thank you for the question. This is Xiaopeng. When it comes to our targeted market segment, I would say our current lineup basically features around RMB 100,000-RMB 400,000, in which MONA is around RMB 100,000-RMB 200,000. Basically, across RMB 180,000-RMB 500,000 will all be our target market segment. Starting from Q3 going into 2026, you can expect to actually see a lot of our new product launch that actually have brand new capabilities across not only the exterior, the design of the car, but also the smart cockpit and overall autonomous driving capability. People will be surprised, and I think a lot of people are going to really love our new launches. For example, as you can see from our brand new P7 and also going, which will be launched in Q3, we are going to actually integrate new capabilities when it comes to the whole vehicle, the powertrain, the architecture, the smart cockpit, and also the craftsmanship. I think all of these areas are something that we're going to focus on in the coming three years. We believe such an improvement and overhaul of our capability being reflected in our lineup will showcase how great a company XPeng really is. Also, from our past performance in recent months and quarters, you can also see that these improvements have been well accepted by the market. We believe that no matter what market price segments that we're targeting in, we are very confident of going into at least the top three, if not the top one, best-selling models. In the future, we also are going to launch not only BEV Models, but also super electric or dual energy vehicles as well. We are very confident going into a premium market segment. Thank you. Your next question comes from Nick Li with JPMorgan. 小鹏总跟各位管理层大家好。我的两个简单问题吧。第一个问题就是在最近的车展看到一些外资品牌，像日本品牌等等，像丰田、本田、日产都推出一些叫做 In China for China，然后用中国的成本，用中国的定价来去竞争。然后我们最近几天也跟丰田、本田也跟他们沟通，他们在未来几年也会有陆续的这些产品出来。那就想问一下说这个中长期我们怎么看这行业竞争的状态，这个就是第一个简单的问题。 My first question is pretty simple. Recent China auto show, we saw quite a few foreign brands, in particular from Japanese brands called Toyota, Honda, Nissan, launching what they call In China for China with localized supplier, local cost, and very competitive price. And we spoke to Toyota, Honda in the past few days, and they indicate that in China in the next few years they are going to launch a few more such products. So I'm curious to understand from Xiaopeng's standpoint, how should we see the competition dynamic moving from here? 谢谢。 对，我们也看到同样的变化。我觉得就是竞争开始从中国本地进入到全球的一个变化，我觉得它是一个必然的趋势。但是我非常坚定，我认为汽车公司的科技属性会越来越高。那么相比同比就是原来的制造属性相对比例会下降。所以汽车公司一定会经历从集成性研发到单向的全站性自研，到多向的融合性自研的过程。最终不管是营销做得多好，销售做得多好，最重要还是产品符合客户、符合用户、符合市场的需求。所以我很高兴我们看到有很多公司的变化，我们正在向他们学习他们的优点。我觉得他们也正在向我们跟其他的厂商学习我们的一些特点。我觉得这是一个互相融合的过程。但是我还是想说小鹏正在从多向的全域型这个全站型研发进入到矩阵的融合型研发。我相信会让小鹏的科技的能力差异会越来越强。而在这个时候用集成性的研发是非常困难能够在中长期的竞争中间获得更大的成功。谢谢。 Thank you. Yes, we also observe the same trends from the market. I think competition is getting more and more aggressive not only domestically, but also internationally as well. I think this is something that we will continue to see, and it is something that is destined to happen. We are very firm on our position, which is that car makers will need to have their technological capability in order to win in such a competition. There will be more and more impact on the market when you have more powerful technological elements, whereas your manufacturing capability or capacity will matter less and less. Also, another trend that I want to highlight here is that automakers are going to sort of convert from an integrated R&D format to a model of maybe single direction, full stack R&D of all resources to multi-aspect fusion integrated R&D capability. I think it will take time to happen, but we are pretty sure that it's going to take place. Ultimately, no matter how good your sales and marketing teams are doing, you need to be able to deliver the products that are popular and that resonate with the customers and fulfill user demands. We are very happy to see that a lot of companies are changing their traditional way of doing things. We are learning from them. We believe that they are learning something from us as well. I think during this process, we also are able to change ourselves from the full stack R&D kind of way of doing research and development to a fusion integrated R&D ecosystem, entering a matrix of different R&D aspects. We believe that it will allow us to become even stronger technologically. By that time, integrated companies with only integrated R&D capability are going to struggle, especially in the mid to long-term competition. Thank you. 好的，谢谢小鹏总。我第二个简单问题就是在车展看到非常兴奋，看到大众展出一些几台新车型。那我想应该是这个跟 G9 合作的平台在明年第一季度上市。那之后还有 EU 的平台的合作，可以很快跟我们 update 一下跟大众的合作在未来近期有没有一些比较重要的 milestone 可以跟我们分享。 My second question is really quick update on our partnership with Volkswagen. We saw major model from Volkswagen at China auto show. Any very quick update or new milestone that Chairman can share with us? Thanks. Hi, Nick, it's Charles. I think the collaboration with Volkswagen has progressed at a very fast speed. So far we meet every milestone. We are currently probably less than one year to SOP of some of our products. Yeah, as you rightly pointed out, I think that our partner Volkswagen unveiled some of the models. For example, one model based on our G9 platform. There are multiple models that will be based on the EEA architecture that we are jointly developing. I think that all these models will start to come to market starting from early next year. So far, I think that we are meeting all the milestones. Looking forward, I think that we continue will work with our partner to jointly develop more products. We are also exploring potential new opportunities that can bring win-win value to our partnership. Thank you. That does conclude our question and answer session. Now I'd like to turn over the call to the company for closing remarks. 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 PSN Financial Communications. This concludes today's conference call. You may now disconnect your line. Thank you.