Hello, ladies and gentlemen. Thank you for standing by for the second quarter 2026 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 Capital Markets of the company. Please go ahead, Alex. Thank you. Hello everyone, and welcome to XPeng's second quarter 2026 earnings conference call. Our financial and operating results were issued via news wire services early today and available online. You can also view the earnings press release by visiting the IR section of our website at ir.xpeng.com. Participants on today's call from our management team will include Co-founder, Chairman, and CEO Mr. He Xiaopeng, Vice Chairman and President Dr. Brian Gu, 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 the IR section of our website. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's results may be materially different from the views expressed today. Such information regarding these and other risks and uncertainties is included in the relevant public filings of the company as filed with the U.S. Securities and Exchange Commission. The company does not assume any obligation to update any forward-looking statements, except as required under applicable law. Please also note that XPeng's earnings press release and this conference call include the disclosure of unaudited GAAP financial measures as well as unaudited non-GAAP financial measures. XPeng's earnings press release contains a reconciliation of the unaudited non-GAAP measures to the unaudited GAAP measures. I will now turn the call over to our Co-founder, Chairman, and CEO Mr. He Xiaopeng. Please go ahead. [Non-English content] Good evening, everyone. I am pleased to share with our shareholders and investors that we have just announced the first round of financing for XPeng Robotics business. The business raised over $900 million at over $6.2 billion post-money valuation. This round was initiated by leading global investors led by IDG Capital, with participation from Gaorong Ventures and support from Tencent and Alibaba as strategic investors. Both the size and valuation of the first round of financing have set a new private financing record in China's humanoid robotic industry, underscoring the capital market's strong endorsement of XPeng's leadership in physical AI, technology roadmap, ability to manufacture at scale and long term commercial value. The financing will provide ample capital to support the mass production and continued development of our advanced general purpose humanoid robot, IRON. We will accelerate our progress towards the ChatGPT moment for physical AI, whilst bringing additional strategic resources to strengthen the robotics ecosystem and expand real world applications. As a global leader in physical AI, XPeng will not only lead the large scale deployment and commercialization of autonomous driving worldwide, but also build the world's most valuable humanoid robot company. Today, we're very happy to see that we have taken another important step towards that goal. [Non-English content] Since June, alongside my responsibilities as CEO of XPeng, I have also taken up the role of the CEO of our robotics business. Over the past 12 years, XPeng has remained committed to full-stack in-house R&D across both software and hardware, building a solid technological and commercial foundation for the physical AI era. We are able to bring together and integrate the strengths and resources of the entire group. These include the supply chain, automotive-grade manufacturing capabilities and global footprint developed through our automobile business, as well as the Turing AI chips, AI infrastructure and world foundation models developed through our other businesses. By applying these capabilities to our robotic business, I believe that we can accelerate the mass production and commercialization of XPeng's humanoid robots. [Non-English content] We have been conducting our research and development in the area of robotics for more than eight years, and I have always believed that the technological challenges and level of innovation required for advanced general-purpose humanoid robots are far greater than those for smart EVs by at least 20 times. To accomplish something that is this difficult, we need to have broad and deep R&D and system integration capabilities across design and styling, hardware and chips, software and AI, data and control systems, and quality and manufacturing. Only then can we succeed. XPeng is the only robotics company in China with such comprehensive in-house R&D capabilities across the entire technological stack. This is why XPeng IRON fundamentally stands apart from other humanoid robots currently on the market, with differentiated capabilities across multiple areas. [Non-English content] Currently, our full in-house technology stack covers IRON's body, brain, cerebellum, data and infrastructure. On the hardware front, XPeng IRON features the industry's most human-like form and design. XPeng pioneered the industry's first fully enclosed flexible lattice structure for IRON, combining aesthetic appeal with enhanced safety. With 76 degrees of freedom across the body and 21 degrees of freedom in each hand, both are at industry-leading levels. XPeng has independently designed and developed an AI-native hardware platform and all core components specifically for embodied intelligence, including chips, controllers, motion modules and dexterous hands. Leveraging our established smart EV R&D and manufacturing capabilities, we can achieve automotive-grade quality and build the capability to manufacture and deliver at scale. [Non-English content] In terms of intelligence, XPeng IRON is powered by three Turing AI chips, delivering effective computing power of up to 2,250 TOPS. With the industry's highest level of edge computing power, XPeng's physical AI foundation model runs directly on IRON, enabling it to autonomously perform complex work tasks without heavy operation, whilst ensuring low latency inference and data security. IRON's highly humanlike hardware platform provides a natural advantage in scaling data. It allows us to maximize the reuse of behavioral data generated in people's everyday lives, and rapidly adapt to a broad range of environments designed for humans. As XPeng IRON moves ahead to mass production and real-world deployment, we will gain access to vast amounts of real-world and human demonstration data, accelerating the training and iteration of our AI models. In turn, continued improvements in model capabilities will allow IRON to enter more scenarios and generate more high-quality data, creating a flywheel across data, models, and applications that will accelerate IRON's evolution in the real world. [Non-English content] XPeng IRON combines an exceptionally humanlike design, the most intelligent AI brain, and the highest standards of safety and quality. Only by doing so can IRON become a trusted companion to people and truly become part of everyday work and life. We have recently achieved several major milestones in the development of the mass production version. Starting from September, we will unveil and demonstrate a series of distinctive capabilities. We plan to enter scaled production by year-end, with initial commercial deployments in XPeng stores and campuses. In 2027, XPeng IRON will officially launch and begin large-scale deliveries in China and overseas to external customers in the retail and service sectors. Next year, monthly production capacities can rapidly ramp up to several thousand units in response to market demand. I believe the technological barriers to advanced general-purpose humanoid robots are exceptionally high, while the supply of high-quality humanoid robots remain limited. As a result, the lifetime revenue and gross profits contribution of each IRON, including hardware sales and recurring revenue from upgrades to its AI model capabilities, will be substantially higher than the current average selling price and gross profit per vehicle of our automotive business. I expect the commercialization of humanoid robots to scale rapidly in China and overseas following mass production, generating meaningful gross profit growth, supporting our investment in physical AI R&D, and further widening our technological lead. [Non-English content] Now, I would like to come back to our automotive business. In the second quarter, our vehicle deliveries reached 103,295 units, up 65% quarter-over-quarter, and we achieved year-over-year growth ahead of the broader industry. Despite industry-wide cost pressures, our operations remained resilient. Supported by our progress in the premium segment in international markets, company's growth margin remained above 20% in the second quarter. Our tech-defined luxury flagship model GX stood out among a wave of large six-seat SUVs launched this year. Domestic deliveries exceeded 7,000 units in July, making it one of the top three models in China's NEV SUV segment priced above RMB 300,000. MONA L03, the first SUV in the MONA series, became a breakout hit immediately after its launch, with orders setting a new record for any XPeng model. In the third quarter, new uncancelable orders increased by 50% quarter-over-quarter to a record high. Extreme weather and supply chain disruptions affected our pace of ramping up in delivery. Here, I would like to especially express my sincere appreciation to our customers for their patience. We have started two shifts of production for the MONA L03 and are working closely with our supply chain partners to accelerate the capacity ramp. I expect that L03 deliveries will increase substantially over the coming months and continue to trend upward. [Non-English content] The success of the GX and the MONA L03 gives us more confidence in our upcoming models. We are translating our competitive strengths in best-in-class intelligence and standout design into higher sales targets and stronger brand momentum. Our flagship five-seat SUV, the G9L, will officially launch and begin delivery in September. The MONA L05 will also launch in China in the fourth quarter. With the launch of four brand new SUV models, we will cover all major SUV segments. We believe XPeng deliveries to increase significantly in the fourth quarter, with monthly deliveries targeting more than 60,000 units. [Non-English content] Our international business is the second growth engine for XPeng's automotive business and also an important driver of improving profitability. Overseas quarterly deliveries exceeded 20,000 units for the first time in the second quarter, up 81% year-over-year. In the first half of the year, our international business accounted for more than 25% of total revenues. Furthermore, our overseas operations boast exceptional quality with an average selling price of our exports exceeding EUR 40,000, placing our per-value revenue and gross profit at the forefront of Chinese automakers expanding globally. Since its global launch in Munich in July, the MONA L03 has attracted significant attention and earned high praise from overseas consumers for its intelligent technology, distinctive styling and spacious interior. I believe MONA L03 will become XPeng's first major model to achieve leading sales across multiple international markets. Overseas delivery of the MONA L03 are expected to begin in the fourth quarter, driving firm-wide quarterly overseas deliveries to exceed 40,000 units. In 2027, we will also introduce multiple star models, including extended range EV models in overseas markets, further expanding our geographic coverage and market share. [Non-English content] Starting from end of August, we will roll out a major upgrade to VLA 2.0, once again validating the Scaling Law in ADAS and delivering substantial improvements in both user experience and safety. With the new VLA 6.3.0 major version, the number of parameters in the VLA 2.0 on-device model will increase by three point five times, putting its parameter count an order of magnitude above that of small models commonly used in the industry. The new version delivers a 300% improvement in perception sensitivity, introduces ultra long horizon reasoning and predictive capabilities, and operates at an industry leading frame rate. This enables the AI driver to see accurately, think ahead, and respond quickly. The new version will also integrate ADAS and smart cockpit capabilities powered by VLA and VLM, bringing selected L4 level capabilities developed for XPeng Robotaxi to our passenger vehicles. One example is voice activated pull over parking. Users simply give a voice command and VLA 2.0 will autonomously find a suitable roadside parking space and park the vehicle without exiting ADAS mode. [Non-English content] Recently, together with my colleagues, we test drove XPeng's VLA 2.0 and the latest ADAS from a leading global peer in China, Europe and North America respectively. In my view, VLA 2.0 is already on par with the world's leading ADAS on major roads. In narrow roads when negotiating, as well as in campuses and parking facilities, the user experience delivered by VLA 2.0 is even better. It can navigate directly to a parking space with both efficiency and safety. I believe that as we upgrade the computing power and model capabilities, VLA 2.0 will develop even more powerful capabilities over the next several version upgrades, delivering an L4 level ADAS experience in mass-produced vehicles, surpassing peers, and establishing a generational lead. [Non-English content] We continue to enhance the VLA 2.0's model capabilities whilst accelerating its global deployment. Recently, my team and I completed on-road validation of VLA 2.0 in Germany, and which was particularly encouraging was that the model, primarily trained on data from China, performed nearly as well on the European urban roads as it did in China, with almost no additional local training data. We aim to obtain regulatory approval for VLA 2.0 in Europe first in the first half of next year, and roll out VLA 2.0, bringing a safer, more comfortable, and more convenient driving experience to users worldwide. After deploying in overseas markets, VLA 2.0 will compete directly with the world's leading ADAS and become XPeng's defining competitive advantage for our global products. At the same time, we will actively explore new software-based business models, creating a positive cycle in which commercialization and technology development reinforce each other. [Non-English content] As of now, our pre-installed mass-produced Robotaxi powered by VLA 2.0 has completed more than 2,000 internal test orders in Guangzhou and validated the full end-to-end process for trial passenger operations, laying the groundwork for commercial operations. Recently, we have completed the development of our cloud remote takeover platform, and our goal is to begin passenger operations without a safety operator in the car next year. In 2027, XPeng will continue strengthening the technology and cost competitiveness of our Robotaxi while partnering with leading domestic and international mobility platforms to expand our Robotaxi business across key cities in China and around the world. This will create greater commercial value through vehicle sales, technological services, and revenue sharing from operations. [Non-English content] In the meantime, we believe that the large-scale application of physical AI requires more than technological breakthroughs. An open and collaborative technology and business ecosystem that creates value for multiple participants is equally important. To accelerate the commercialization of physical AI, we recently established a group-level business development team within the group and are actively engaging with the partners in China and overseas to bring our industry-leading Turing AI chips, VLA 2.0, Robotaxi, and humanoid robots technologies to global markets more quickly. [Non-English content] For the third quarter of 2026, we expect the deliveries to be approximately 115,000- 121,000 units, representing quarter-over-quarter growth of 11.3%- 17.1%. Revenue is expected to be approximately RMB 21.7 billion- RMB 23.4 billion, representing quarter-over-quarter growth of 9.9%- 18.5%. I believe XPeng is entering a period of accelerating momentum across multiple businesses in the second half of the year. Both domestic and overseas vehicle deliveries are expected to reach new highs. We are also expected to be among the first globally to achieve scaled mass production and commercialization of advanced general-purpose humanoid robots. We also expect to be among the first to deploy advanced ADAS technologies in overseas markets, and we will establish new business models around the physical AI ecosystem, creating greater value for customers and shareholders worldwide. [Non-English content] Thank you everyone. With that, I will now turn over the call to our VP of Finance, James, who will walk you through our financial performance for the second quarter of 2026. Thank you, Xiaopeng. Let me provide a brief overview of our financial results for the second quarter of 2026. I will reference RMB only in my discussion today unless otherwise stated. Our total revenues were RMB 19.74 billion for the second quarter of 2026, an increase of 8% year-over-year, and an increase of 51.5% quarter-over-quarter. Revenues from vehicle sales were RMB 17.05 billion for the second quarter of 2026, an increase of 1% year-over-year and an increase of 55% quarter-over-quarter. The quarter-over-quarter increase was mainly attributable to higher vehicle deliveries. Revenues from services and others were RMB 2.7 billion for the second quarter of 2026, representing an increase of 93.9% year-over-year and an increase of 32.6% quarter-over-quarter. The year-over-year and quarter-over-quarter increases were primarily attributable to the increased revenues from, first, technical R&D services rendered to the Volkswagen Group due to the successful achievements of certain key milestones, and secondly, parts and accessory sales. Gross margin was 20.7% for the second quarter of 2026, compared with 17.3% for the same period of 2025, and 20.6% for the first quarter of 2026. Vehicle margin was 12.1% for the second quarter of 2026, compared with 14.3% for the same period of 2025, and 12.1% for the first quarter of 2026. The year-over-year decrease was primarily due to the production generation transition. R&D expenses were RMB 2.91 billion for the second quarter of 2026, representing an increase of 32.1% year-over-year and an increase of 0.3% quarter-over-quarter. The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the company expanded its product portfolio to support the future growth. SG&A expenses were RMB 2.5 billion for the second quarter of 2026, representing an increase of 15.2% year-over-year and an increase of 32.5% quarter-over-quarter. The year-over-year increase was primarily due to higher marketing and advertising expenses. The quarter-over-quarter increase was primarily due to the higher commission to the franchise stores and higher marketing and advertising expenses. As a result of the foregoing, loss from operations was RMB 1.14 billion for the second quarter of 2026, compared with RMB 0.93 billion year-over-year and RMB 1.87 billion quarter-over-quarter. Net loss was RMB 1.34 billion for the second quarter of 2026, compared with net loss of RMB 0.48 billion year-over-year and net loss of RMB 1.7 billion quarter-over-quarter. As of June 30, 2026, our cash position was RMB 40.48 billion. To be mindful of the length of the earnings call, I would encourage listeners to refer to our earnings press release for more details on our second quarter 2026 financial results. This concludes our prepared remarks. We will now open the 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. If you are on a speakerphone, please pick up the handset to ask your question. 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. Management will respond and then feel free to follow up with your next question. Your first question today comes from Tim Hsiao with Morgan Stanley. Please go ahead. [Non-English content] So my first question is about volume and production target. What is the projected production capacity for XPeng humanoid robot IRON upon entering commercial mass production by late 2026? What is the target delivery volume for FY 2027? That is my first question. [Non-English content] Thank you for your question. This is Xiaopeng speaking. In terms of robots capacities versus automobile capacities, from our perspectives, we do think that there is quite a large difference between those two. I think that when it comes to the capacities of the supply chain of robots, it is rather broad and deep. But in our company, we emphasize on multiple areas of full stack research and development. I think when it comes to the challenges of capacities, in the early stage, it is about quality, and in the later stage, it is about sales. [Non-English content] In terms of mass production for 2026, we expect that by year end of 2026, we will see mass production at scale kicking in for IRON's this product. We believe that we will see the commercialization of the robot itself first, starting with our stores. In 2027, we will see that the commercialization will take place in the different areas of our own self-operated scenarios and rolling out as well as picking up the speed to external commercialization and user case scenarios. In terms of R&D, I think that we are looking at starting from the mid and the second half of next year in 2027, we will pick up the R&D development and the mass production units will be at multiple of several thousands units per month and further picking up the speed. [Non-English content] One final part that I would like to supplement, which is that for the IRON robot deliveries, this will mainly be rolled out in the areas of retail and services, both in China and abroad. Same as our automotive business, the delivery of our robots and sales will be authentic and genuine in data and the figures that we will share. In terms of the quality of our robots, the services that it can provide, I believe that versus the other peers out there in the market when it comes to either the shopping assistance perspective or the intelligence level, we will definitely be better and stronger than the others, as well as to be able to be used in a wider and broader, more adaptive environment. [Non-English content] My second question is about the unit economics and margin profile. So what is the estimated unit cost for the mass production variant of IRON? What go to market pricing strategy does management intend to deploy? What is the anticipated gross profit margin trajectory, especially after the full scale ramp? That is my second question. Thank you. [Non-English content] Thank you for your question. With respect to the massive produced robots, I think that we are looking at from the perspective of innovation, quality, capacity and all of these for both our hardware and software. We are looking to do the R&D research all in house. When it comes to the supply chain of all these parts, actually over 85% of the supply chain partners that we work with actually overlap with the existing supply chain partners for our automotive business. I believe the cost of our, robots, IRON robots, the competitiveness will definitely be leading in this area. At the moment, in terms of the pricing for robots in the market, generally speaking, it is about 2.5x- 3x of the BOM material. For IRON, given that this is a general purpose robot and there is a very limited supply in the market, I do believe that for our gross margins of the hardwares will definitely be better than the existing automotive business. In the meantime, not only that we are relying on the sales of the hardware, there will also be sales of our different models and the software services, subscriptions, etc. These we believe will all bring in profits for our business. [Non-English content] Those conclude my answers to your questions. Thank you. Thank you. Your next question comes from Ming Hsun Lee with Bank of America. Please go ahead. [Non-English content] Which part of your robot foundation model can be highly synergistic with autonomous driving? Which modules are shared and which are developed relatively independently? [Non-English content] Thank you for your question. In order to answer this question, in our industry, for instance, many people will say that in robots, generally, all they need is one brain and one large model. That will be enough. Perhaps this is possible many years later, but I don't think that is viable as of now. In terms of the different large models, there are different types. For instance, we have the super fast models, and those are operating at 100 frames per second or even several 100 frames per second. There are these medium speed models, large models, and which are operating at 10 frames- 20 frames per second. There are also the slow ones and the slow large models, we call them the thinking large models. They operate at one frame per second. When it comes to the VLA and VLM, for instance, those are the ones adopted in our automotive business. I believe there are similarities. For instance, currently VLA adopted in the automotive business when it comes to the roaming in non-planned roads, that will be quite similar to the roaming or moving around of the robots. For robots on the other hand, I also believe that some of the thinking capabilities of robots, such as on the open platform next year, can also be put into use for our XPeng's automotive business. So you can see that there are definitely some synergistic commonalities there. In the meantime, there are also some unique perspective and points of the robots, such as the different mode for safety. For instance, there are the models of safety such as data privacy, and safety about prevention of falling, and data safety about lack of running out of electricity, etc. So as you can see, there are commonalities and all of these features we are developing under the large XPeng system altogether. Even so, if we look at the further underlying system, there are many other areas that are quite dissimilar. For instance, the generative models, as well as the mimicking and the simulation models, etc. So those are the similarities. [Non-English content] [Non-English content] Sorry, before you move on to your second question, I would also like to supplement that. Apart from the models, whether it is about the AI applications or the applications of the overall architecture and structure, these are also the ones that we do share across the two different parts of the business. [Non-English content] What differentiated advantages does XPeng have in robot data collection, training and close loop iteration? [Non-English content] Thank you. That is a great question. I do believe that in terms of the physical AI and in the future, data is of course the key. Many people say that as long as you have enough data, that will help with the integration of the services. It is a necessary condition, however, it is not yet the full condition. What we would see is that for XPeng, what we are good at is that we have much better data and the training of the data, we also have a higher quality of the data. For XPeng, for instance, we have been in the area of autonomous driving for over 10 years within not only our R&D for the past over a decade of experience as well as the data that we have collected. We are absolutely leading in the industry among our peers. In terms of the robots, it is the same. For the robots data management, data training and data quality, all of these are being developed under the same ecosystem at our company. I believe that apart from the hardware being different in terms of the collection of the data and all the way to the application of the data at our company for our two different lines of business would be the same. For IRON, again, once this product becomes mass produced and launched into the market, not only that, we will be further continuing to collect real world data as well as the human demonstrated data, which are both sets of high quality data, and this will further drive the development and R&D of our products. This is different from the low quality data, which are not helpful at all. I believe that by having all of these, would actually be able to create a flywheel of the high quality data and the R&D that we are conducting and continue to contribute to the development of our products. That is all my answer for your question. Thank you. Thank you, Xiaopeng. That is all my question. The next question comes from Jeff Chung with Citi. Please go ahead. [Non-English content] My first question is about why did XPeng Robotics select the salesperson, the tour guide scenario as the initial real world deployment? Who are the target customers? Why would customers buy IRON? And most importantly, are there follow-up plans to expand into industrial and home use cases? Thank you. [Non-English content] Thank you very much for your question. For XPeng's robots, yes indeed, when it comes to commercialization, we have gone down a different route versus other competitors. Many other competitors, they are focusing on breaking into the market by ways of entering into factories, home usage and mainly for B2B business. What we are looking at is that we are focusing on the large scale Cs as well as the small and medium Bs. That is so to speak. We start entering into the market with the business commercialization cases followed by industries and home uses at a later stage with the smaller SKUs. The reason we have picked the sales persons and tour guides, etc., it is because that we believe both in China and abroad, there are four major comprehensive capabilities of our robots that are very helpful and would be able to be reflected very well in these sectors. The four comprehensive capabilities are as follows: number one is the main body and the main hardware of the robots itself; number two, the environment; number three, the business that it provides; and number four, the emotional values that it brings. Therefore, starting from commercial usage cases, starting from the smaller type of business and the small and medium type of business industries that we go in. Later on with IRON, of course, when it starts opening up the market we will also open up SDKs to enable secondary development as well as further expand its user cases. With these commercial use scenarios for collaboration, we believe that this will also open up more channels for XPeng Robotics business, not only for offline sales, but as well as for online sales, so that our customers would be able to see the use cases for our robots, not only for the big customers, but as well as for the small and medium business. So this is our thinking in the regard, which is different from our peers. [Non-English content] The second question is about the latest progress on the company's self-developed dexterous hand. What overall design approach has been adopted, and how does it compare with peers in terms of performance and cost? [Non-English content] Thank you very much for your question. Yes indeed, dexterous hand is an extremely important part for robots. For our robots, we have one set of hardware, one set of software, as well as three sets of different perceptive systems. In terms of the specific master production plans, we will be communicating with the analysts by year-end. We are not only just conducting the R&D of a dexterous hand, we have also invested greatly into the manufacturing of the processing of dexterous hands as well as the equipment in this regard. The dexterous hands for our robots, we have 21 degrees of freedom. As mentioned earlier, in terms of the size of the product of the dexterous hand, it is the exact same size as the hand of an adult. When it comes to the load-bearing capabilities, as well as grasping and gripping, we believe that our dexterous hand is in the leading position versus the other peers. I know that in the industry that people often talk about another type of hand, we do not think that is the smart choice to go for. We are not focusing on the force or the accuracy itself of a dexterous hand. What we are focusing on rather, is on striking a good balance of safety, reliability, easy to maintain, and cost. For instance, our dexterous hand also has a very nice set of skin that is very similar to the human hand. Your next question comes from Nick Lai with JP Morgan. Please go ahead. [Non-English content] First question is really about ADAS technology. Chairman He mentioned that in the first half 2027, we will start to deploy a model in overseas market, potentially starting from Germany with VLA 2.0 technology. I wonder how many models will be equipped with such technology in overseas market. Can you elaborate a bit more about our business models including subscription and one-time payment strategy in long term in overseas markets. Thank you. [Non-English content] Thank you very much for your question. Given that the signal wasn't coming through very clearly, I could only hear some keywords of your questions. I'll try my best to answer your question based on what I have heard. Number one, with respect to the Turing AI chips, this has already been deployed to our L03 vehicles for the ones that are launched to the overseas market as well. All of these will have the ultra version. For VLA, this will be deployed in L03 models across all different markets. In the meantime, we're also catching up and working with the compliance and local laws and regulations and localization work testing. All of these are being done at the same time in tandem. In the meantime, we are looking at, for instance, about the subscription service of the software for our customers. Such updates will be announced and shared with you all in due course. We have also established another BD team and this team is actively discussing with our partners, with respect to the VLA usage or even further expanded into other areas. Thank you. Your next question comes from Tina Hou with Goldman Sachs. Please go ahead. [Non-English content] My first question is regarding, with the volume production of our humanoid robot product, and also congratulations on the announced equity raising today. Just wondering what would be the expected timeline of profitability for humanoid robot business? In other words, what level of sales volume should we achieve in order to become profitable? Also related to that, do we have any plans to report our profit level separately for the humanoid robot as well as the auto business, so that, I think the market investors could have a better understanding of the profitability of these two separate businesses. Thank you. Hey, Tina, it's Brian. Let me address your question. With regard to the financial outlook of the robotic business, I think it's a bit too early for us to comment. I would say, we are now focused on the milestones that Xiaopeng shared, which is reach SOP for our robots for volume production capability by the end of this year. Also start deploying first in our internal scenarios, and gradually offer to external customers, starting, I would say, the first half of next year, and gradually ramp up from that. So that's our goal. I would say it's too early for us to provide a volume prediction guidance. Profitability, we anticipate the product of humanoid robot will achieve much higher gross profit potential compared to the automotive business. In fact, I would say the hardware is already much higher than the automotive business. In addition to that, we think there will be significant opportunities to add on future AI model training, upgrade software capability related revenues, which is much higher margin as well. So, given the high probability, I would say expectation as well as, I would say, much smaller investment and CapEx requirement for robotic business. I would say once volume ramp up is achieved, I would say probability can become reality much faster than the auto business. So that's our projection. Also to answer your question regarding the potential separation of the businesses. At the moment, actually, the business are operating together. In fact, we have not started any separation of the business. Obviously, according to the announcement you saw, we actually have a period of 18 months that gradually allows to achieve a separation. But in the meantime, what we're going to be focused on, still achieving high degrees of synergy, because we talked about leveraging the capabilities in AI, the capability on advanced manufacturing, powertrain, supply chain, so forth. Actually the two business can both achieve high efficiency and greater, I would say, capabilities. With that, I think the near term expectation is, it will still be mostly viewed as together as business, and also as the volume production and also as the commercialization scenarios become more clear, we'll probably think about more likely separations. But in any event, given the ownership structure, this business will be 100% consolidated. It will not impact our financials going forward, even though the business may start to separate based on the plan. I think in short, we still see the group consolidating all the financials of the robotic business. At the same time, we will really think about the most efficient and also most synergistic way to run the business. Thank you. Thank you. That concludes the question and answer session. Now I would like to turn the call back over 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 IR team through the contact information provided on our website or the Piacente Financial Communications. This concludes today's conference call. You may now disconnect your line. Thank you.