Q2 2026 XPeng Inc Earnings Call

Speaker #2: 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.

Operator 2: Hello, ladies and gentlemen. Thank you for standing by for the Q2 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.

Speaker #2: 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. Alexi, Head of Capital Markets at the company.

Speaker #2: Please go ahead, Alex.

Speaker #3: Thank you. Hello, everyone, and welcome to XPeng's second quarter 2026 earnings conference call. Our financial and operating results were issued via newswire services earlier today and are available online.

Alex Xie: Thank you. Hello, everyone, and welcome to XPeng's Q2 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.xiaopeng.com. Participants on today's call from our management team will include the 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.

Speaker #3: We 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 our Co-Founder, Chairman, and CEO, Mr. He Xiaotong.

Speaker #3: The Vice Chairman and President, Dr. Brian Gu; the 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.

Speaker #3: 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.

Speaker #3: The 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.

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

Speaker #3: Further information regarding these and other risk uncertainties is included in the relevant public filings of the company, as filed with the U.S. Securities and Exchange Commission.

Speaker #3: 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.

Speaker #3: 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 Xiaotong.

Speaker #3: Please go ahead.

Speaker #4: 大家好。很高兴与各位股东投资人分享我们在刚刚宣布了小鹏集团旗下的人形机器人业务的首轮融资。那么小鹏机器人的业务将会以超过63亿美元的投后估值获得超过9亿美元的融资。这次刷新中国人形机器人行业的私募的融资记录。本轮融资是由全球顶尖的投资机构主动发起，其中包括了IDG领投、高融、参投。同时我们获得了腾讯和阿里两家战略投资者的大力支持。首轮的融资金额跟估值已经打破了行业的记录，受所以充分体现了资本市场对小鹏在物理AI领域的领先地位、技术路线以及规模量产能力和长期商业价值的高度认同。我相信融资不仅仅为高阶通用人形机器人Iron的量产和研发提供充裕的资金支持，更让我们向物理AI的ChatGPT、思科加速前进，也会让机器人业务的生态建设和应用场景的拓展带来更多的战略和资源。我相信小鹏作为全球领先的物理AI公司，不仅仅要引领无人驾驶在全球的规模应用跟商业落地，还必将打造最具价值的人形机器人公司。我很开心的是，在今天我们又向前迈出了重要的一步。

He Xiaopeng: 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 US$900 million at over US 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.

Speaker #5: 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.

Speaker #5: The business raised over $900 million at a post-money valuation of over $6.2 billion. This round was initiated by leading global investors led by IDG Capital, with participation from Gaorong Ventures, with support from Tencent and Alibaba as strategic investors.

Speaker #5: Both the size and valuation of the first round of financing have set a new private financing record in China's humanoid robotics 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.

Speaker #5: The financing will provide ample capital to support the mass production and continued development of our advanced general-purpose humanoid robots, Iron. It will accelerate our progress toward the "ChatGPT moment" for physical AI, while bringing additional strategic resources to strengthen the robotics ecosystem and expand real-world applications.

He Xiaopeng: 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 are very happy to see that we have taken another important step towards that goal.

Speaker #5: 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 robotics company.

Speaker #5: Today, we are very happy to see that we have taken another important step towards that goal.

Speaker #4: 那么从今年的6月份开始，除了担任小鹏的CEO外，我还亲自负责机器人业务的CEO。小鹏在过去12年始终坚持软件和硬件的全栈自研，已经为物理AI时代构建了坚实的技术跟商业底座。那么我们现在能够调动全集团的优势资源，共同协作把汽车业务所积累的，例如供应链、车规级的制造、全球布局，以及我们在自动驾驶业务积累的图灵AI芯片、AI的英法、数据的底层能力、物理世界的基础模型等，整合应用到机器人业务板块。我相信一定会帮助小鹏机器人更快实现量产和商业化。

He Xiaopeng: 那么从今年的6月份开始，除了担任小鹏的CEO外，我还亲自负责机器人业务的CEO。小鹏在过去12年始终坚持软件和硬件的全栈自研，已经为物理AI时代构建了坚实的技术跟商业底座。那么我们现在能够调动全集团的优势资源，共同协作，把汽车业务所积累的，例如供应链、车规级的制造、全球布局，以及我们在自动驾驶业务积累的图灵AI芯片、AI的基础设施、数据的底层能力、物理世界的基础模型等整合应用到机器人的业务板块，我相信一定会帮助小鹏机器人更快实现量产和商业化。

Speaker #5: Thanks, Jun. Alongside my responsibilities as CEO of Xpeng, I have also taken on the role of CEO of our robotics business. Over the years, we have 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.

He Xiaopeng: Since June, alongside my responsibilities as CEO of XPeng, I have also taken up on 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 chip, 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.

Speaker #5: 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 touring AI chips, AI infrastructure, and world foundation models developed through our other business.

Speaker #5: By applying these capabilities to our robotics business, I believe that we can accelerate the mass production and commercialization of XPeng's humanoid robots.

Speaker #4: 那么小鹏的机器人研发已经有8年，随着时间的过去，我越来越看到高阶通用人形机器人的技术挑战跟创新难度，实际上是远高于智能汽车的难度了。我认为至少相差20倍。要做到如此大的创新，我们必须在设计和造型、硬件和软件、硬件和芯片、软件跟AI、数据跟管理、品质跟制造上，都要做到兼具广度和深度的正向研发和整体集成。我相信才可能把机器人做成功。我相信小鹏机器人可能是中国所有机器人公司中间唯一在全部体系都进行自研的公司，正因为如此，小鹏的Iron跟目前市面上的竞品，我相信有本质的差别。在多个方面，我们都具备独一无二的能力跟整体的平衡艺术。

He Xiaopeng: 那么小鹏的机器人研发已经有8年。随着时间的过去，我越来越看到高阶通用人形机器人的技术挑战跟创新难度，实际上是远高于智能汽车的难度，我认为至少相差20倍。要做到如此大的创新，我们必须在设计和造型、硬件和软件、硬件和芯片、软件跟AI、数据跟管理、品质跟制造上都要做到兼具广度和深度的正向研发和整体集成，我相信才可能把机器人做成功。我相信小鹏机器人可能是中国所有机器人公司中间，唯一在全部体系都进行自研的公司。正因为如此，小鹏的Iron跟目前市面上的竞品，我相信有本质的差别，在多个方面我们都具备独一无二的能力跟整体的平衡艺术。

Speaker #5: 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.

He Xiaopeng: 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 in manufacturing. Only then can we succeed. XPeng is the only robot 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.

Speaker #5: 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.

Speaker #5: Only then can we succeed. XPeng is the only robotics company in China with such comprehensive in-house R&D capabilities across the entire technology stack. This is why XPeng Iron fundamentally stands apart from other humanoid robots currently on the market, with differentiated capabilities across multiple areas.

Speaker #4: 那么当前我们全栈自研的技术栈已经完整覆盖了机器人的包括本体、大脑、小脑、数据和相关的英法。那么在本体方面，小鹏的Iron具有行业最领先的拟人状态与造型。我们首创全包裹覆盖柔性的晶格，兼具美观和安全，全身一共有76个自由度，其中单手灵巧手的自由度为21个，均处于行业的领先水平。小鹏机器人围绕具身智能自主设计开发了AI原生的硬件平台跟基本上全部的核心零部件，包括芯片、控制器、运动的关节模组、灵巧手，并且我们基于当前已经完善的智能电动车研发跟制造体系，打造车规级的机器人品质和大规模量产交付的整体能力。

He Xiaopeng: 那么当前我们全栈自研的技术栈已经完整覆盖了机器人的包括本体、大脑、小脑、数据和相关的基础设施。那么在本体方面，小鹏的Iron具有行业最领先的拟人状态与造型。我们首创全包裹覆盖柔性的荆棘，兼具美观和安全。全身一共有76个自由度，其中单手灵巧手的自由度为21个，均处于行业的领先水平。小鹏机器人围绕自身智能，自主设计开发了AI原生的硬件平台，跟基本上全部的核心零部件，包括芯片、控制器、运动的关键模块、灵巧手，并且我们基于当前已经完善的智能电动车研发跟制造体系，打造车规级的机器人品质和大规模量产交付的整体能力。

Speaker #5: 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.

He Xiaopeng: 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.

Speaker #5: 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.

Speaker #5: XPeng has independently designed and developed an AI-native hardware platform for all core components, specifically for embodied intelligence, including chips, controllers, motion modules, and dexterous hands.

Speaker #5: 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.

Speaker #4: 那么在智能的方面，小鹏的Iron搭载三颗图灵AI芯片，有效算力高达2,250个TOPS。那么依托我相信这次机器人行业最大的本地算力，小鹏的物理AI大模型，我们目前已经在端侧部署成功。我们实现了无需遥操就可自主完成复杂的工作任务，并且保证整个的推理在本地是低时延跟高数据安全的。那么高度拟人的机器人的硬件的平台呢，又天然具备了更强的数据规模化的优势。它既可以最大程度复用学习能力、日常生活产生的行为数据，又能够快速适配为人而设计的广泛应用场景，甚至工具的使用。我相信随着小鹏Iron率先量产应用，我们还会获得海量增持场景的数据跟能力的试教的数据。那么这些全部都会加速AI模型训练迭代，持续提升我们的模型能力，又将支持更多机器人进入更多的场景，从而产生更多的数据，从而整体形成的数据模型应用的飞轮效应，让小鹏的Iron在增持世界中间会加速的进化。

He Xiaopeng: 在智能的方面，小鹏的 Xpeng Iron 搭载3颗图灵 AI 芯片，有效算力高达2250个 TOPs。依托我相信这个机器人行业最大的本地算力，小鹏的物理 AI 大模型，我们目前已经在端侧部署成功。我们实现了无需遥操就可自主完成复杂的工作任务，并且保证整个的推理在本地是低时延跟高数据安全。高度拟人的机器人的硬件的平台，又天然具备了更强的数据规模化的优势。它既可以最大程度复用学习人类日常生活产生的行为数据，又能够快速适配为人而设计的广泛应用场景，甚至工具的使用。我相信随着小鹏 Xpeng Iron 率先量产应用，我们还会获得海量真实场景的数据跟人类的示教的数据，这些全部都会加速 AI 模型训练迭代，持续提升我们的模型能力，又将支持更多机器人进入更多的场景，从而产生更多的数据，从而整体形成的数据模型应用的飞轮效应，让小鹏的 Xpeng Iron 在真实世界中间会加速地进化。

Speaker #5: 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.

He Xiaopeng: 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 human-like 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.

Speaker #5: Xpeng's physical AI foundation model runs directly on iron, enabling it to autonomously perform complex work tasks without tele-operation, while ensuring low-latency inference and data security.

Speaker #5: Iron’s highly human-like 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.

Speaker #5: As XPeng Iron moves ahead to mass production and real-world deployments, we will gain access to vast amounts of real-world and human demonstration data, accelerating the training and iteration of our AI models.

Speaker #5: 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.

He Xiaopeng: 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.

Speaker #4: 我们希望小鹏的Iron兼具极致拟人的造型、最聪明的AI大脑和最高品质、最高标准的安全品质。那么这样的话，Iron才会成为人类值得信赖的伙伴，走入大众的工作与生活。我们面向量产的版本，在近期已经达到了多个重要的里程碑，从下个月，也就是9月份开始，我会逐步向大家展示跟介绍Iron一系列与众不同的能力。我们并且计划从今年的年底开始进入规模量产阶段，然后从小鹏的门店、园区开始落地商业场景应用，并且在2027年，小鹏Iron会正式上市面向零售和服务业场景的外部客户，在中国和海外开始规模的交付。那么明年的月产能会根据市场的需求迅速的提升到数千台美元。我认为高阶通用能行机器人的技术门槛极高，供给也相当稀缺，所以每一台Iron在全生命周期的收入跟毛利贡献，包括硬件销售和软件的AI模型能力的相关的销售服务，都将带来持续性的收入。因此它一定会大幅度高于当前汽车业务的单车均价和毛利。我期待能行机器人在规模量产后，在国内跟海外的商业化快速落地，为我们带来可观的毛利增长，并且以支持我们的物理AI的更大的投入，持续扩大技术领先优势。

He Xiaopeng: 我们希望小鹏的 Iron 兼具极致拟人的造型、最聪明的 AI 大脑和最高品质、最高标准的安全品质。这样的话，Iron 才会成为人类值得信赖的伙伴，走入大众的工作与生活。我们面向量产的版本在近期已经达到了多个重要的里程碑。从下个月，也就是 9 月份开始，我会逐步向大家展示跟介绍 Iron 一系列与众不同的能力。我们计划从今年的年底开始进入规模量产阶段，然后从小鹏的门店、园区开始落地商业场景应用，并且在 2027 年，小鹏 Iron 会正式上市，面向零售和服务业场景的外部客户，在中国和海外开始规模的交付。那么明年的月产能会根据市场的需求迅速地提升到数千台规模。我认为高阶通用人形机器人的技术门槛极高，供给也相当稀缺，所以每一台 Iron 在全生命周期的收入跟毛利贡献，包括硬件销售和软件的 AI 模型能力相关的销售服务，都将带来持续性的收入。因此，它一定会大幅度高于当前汽车业务的单车均价和毛利。我期待人形机器人在规模量产后，在国内跟海外的商业化快速落地，为我们带来可观的毛利增长，并且以支持我们的 Physical AI 的更大的投入，持续扩大技术领先优势。

Speaker #5: Xpeng Iron combines an exceptionally human-like 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.

He Xiaopeng: XPeng Iron combines an exceptionally human-like 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 working 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.

Speaker #5: 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.

Speaker #5: 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.

Speaker #5: 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 remains limited.

Speaker #5: As a result, the lifetime revenue and gross profit 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.

He Xiaopeng: 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 growth profit growth, supporting our investment in Physical AI, R&D, and further widening our technological lead.

Speaker #5: 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.

Speaker #4: 那么回到汽车的业务，二季度我们的汽车业务交付量为103,295台，环比增长65%，并且早于行业的恢复进行同比增长。面对行业性的整体成本上升的压力，我们的经营继续保持着稳健，得益于在高端化和国际化的突破。二季度小鹏的毛利率继续超过20%，其中科技豪华旗舰小鹏GS从今年上市的一系列大六座SUV产品中间脱颖而出。我们在7月份的中国国内的交付量就超过了7,000台，成为30万以上新能源SUV市场排名前三的明星产品。那么Mora系列的首款SUV产品L03在上市后更成为现象级的爆款产品。它的订单打破了小鹏所有车型的历史记录，并且即使在三季度已经过去的7月份跟8月份，我们可以看到小鹏汽车的新增锁单量环比增长超过50%，创了历史的新高。我相信由于极端的天气和供应链的影响，我们的产能爬坡节奏当前的确影响了交付速度。那么在此我特别特别感谢各位车主的耐心等待，我们已经开启了Mora L03的双班生产，并且正在全力以赴和供应链伙伴一起加速提升产能。我相信L03的交付量在之后几个月一定会大幅度提高，持续向上。

He Xiaopeng: 那么回到汽车的业务，二季度我们的汽车业务交付量为103,295台，环比增长65%，并且早于行业的恢复进行同比增长。面对行业性的整体成本上升的压力，我们的经营继续保持了稳健，得益于在高端化和国际化的突破，二季度小鹏的毛利率继续超过20%，其中科技豪华旗舰小鹏GX从今年上市的一系列大六座SUV产品中间脱颖而出，我们在七月份的中国国内的交付量就超过了7,000台，成为30万以上新能源SUV市场排名前三的明星产品。那么MONA系列的首款SUV产品L03，在上市后更成为现象级的爆款产品，它的订单打破了小鹏所有车型的历史记录。并且即使在三季度已经过去的七月份跟八月份，我们可以看到小鹏汽车的新增锁单量环比增长超过50%，创了历史的新高。我相信由于极端的天气和供应链的影响，我们的产能爬坡节奏当前的确影响了交付速度。那么在此我特别感谢各位车主的耐心等待。我们已经开启了MONA L03的双班生产，并且正在全力以赴和供应链伙伴一起加速提升产能。我相信L03的交付量在之后几个月一定会大幅度提高，持续向上。

Speaker #5: 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.

He Xiaopeng: Now I would like to come back to our alternatives of business. in Q2, 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 gross margin remained above 20% in Q2. 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 3 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.

Speaker #5: Despite industry-wide cost pressures, our operations remained resilient. Supported by our progress in the premium segment and international markets, the company's gross margin remained above 20% in the second quarter.

Speaker #5: 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.

Speaker #5: 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.

Speaker #5: In the third quarter, new uncancellable orders increased by 50% quarter over quarter to a record high. Extreme weather and supply chain disruptions affected our pace of ramping up and delivery.

He Xiaopeng: In Q3, new uncancellable 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 2 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.

Speaker #5: Here, I would like to especially express my sincere appreciation to our customers for their patience. We have started two-shift production for the Mona and our supply chain partners to accelerate the capacity ramp.

Speaker #5: I expect that L03 deliveries will increase substantially over the coming months and continue to trend upward.

Speaker #4: GX和L03的连续成功，那我们对于后面的产品会更有信心。我们会将智能、颜值、品质等领先的优势转化为更高的销量目标和更强的品牌式的。那么我们的大五座旗舰车型G9L将在9月份正式上市并且启动交付。同时在四季度，小鹏Mora的L05也将会在国内上市。我相信随着这四款全新SUV车型的上市，我们将实现对于SUV主要细分市场的更好覆盖。我相信小鹏的销量会在四季度会大幅度提升，并且实现单月销量突破6万。

He Xiaopeng: GX 和 L03 的连续成功，让我们对于后面的产品会更有信心。我们会将智能、颜值、品质等领先的优势转化为更高的销量目标和更强的品牌势能。那么我们的大五座旗舰车型 G9L 将在九月份正式上市，并且启动交付。同时在四季度，小鹏 MONA 的 L05 也将会在国内上市。我相信随着这四款全新 SUV 车型的上市，我们将实现对于 SUV 主要细分市场的更好覆盖。我相信小鹏的销量会在四季度大幅度提升，并且实现单月销量突破 6 万。

Speaker #5: The success of the GX and 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.

He Xiaopeng: The success of the GX and the MONA L03 gives us more confidence in our upcoming models. We are translating our competitive strengths in the 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 Q4. With the launch of 4 brand new SUV models, we will cover all major SUV segments. We believe XPeng's deliveries to increase significantly in Q4, with monthly deliveries targeting more than 60,000 units.

Speaker #5: Our flagship five-seat SUV, the G9L, will officially launch and begin deliveries in September. The Mona L05 will also launch in China in the fourth quarter.

Speaker #5: With the launch of four brand new SUV models, we will cover all major SUV segments. We believe Xpeng's deliveries will increase significantly in the fourth quarter, with monthly deliveries targeting more than 60,000 units.

Speaker #4: 全球化的业务是小鹏汽车增长的第二曲线，也会是盈利改善的重要驱动力。那么在二季度，我们的海外的销量首次突破了2万台，同比增长81%。那么今年上半年呢，小鹏的海外业务在营收的占比突破了25%，并且取得了很高的经营质量，平均售价超过4万欧元，单车收入和单车毛利。我相信都处于中国车企出海的领先水平。那么在7月份，小鹏Mora M03在德国慕尼黑面向全球发布后，备受关注。那么其中智能化造型空间都获得了海外消费者的高度评价。我相信L03将会成为小鹏第一款在全球多个市场销量领先的大单品，并且我们预计在四季度开始交付，带动公司的海外季度销量突破4万台。那么在2027年，我们还将在海外推出多款明星车型，包括真诚车型进一步扩大小鹏在海外的地域覆盖和市场份额。

He Xiaopeng: 全球化的业务是小鹏汽车增长的第二曲线，也会是盈利改善的重要驱动力。那么在二季度，我们的海外的销量首次突破了2万台，同比增长81%。那么今年上半年呢，小鹏的海外业务在营收的占比突破了25%，并且取得了很高的经营质量，平均售价超过4万欧元，单车收入和单车毛利也我相信都处于中国车企出海的领先水平。在七月份，小鹏MONA L03在德国慕尼黑面向全球发布后备受关注。其中智能化、造型、空间都获得了海外消费者的高度评价。我相信L03将会成为小鹏第一款在全球多个市场销量领先的大单品，并且我们预计在四季度开始交付，带动公司的海外季度销量突破4万台。在2027年，我们还将在海外推出多款明星车型，包括增程车型，进一步扩大小鹏在海外的地域覆盖和市场份额。

Speaker #5: 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.

He Xiaopeng: 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 Q2, up 81% year-over-year. In H1, 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.

Speaker #5: 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 the average selling price of our exports exceeding €40,000, placing our per-value revenue and gross profit at the forefront of Chinese automakers expanding globally.

Speaker #5: 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.

Speaker #5: I believe Mona L03 will become XPeng's first major model to achieve leading sales across multiple international markets. Overseas deliveries of the Mona L03 are expected to begin in the fourth quarter.

He Xiaopeng: Overseas delivery of the MONA L03 are expected to begin in Q4, 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.

Speaker #5: 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.

Speaker #4: 那么从8月底开始，我们的第二代VA大模型将会迎来首次重大的升级。那么我们在自动驾驶领域再次验证了Skylo为体验安全和泛化性带来的巨大的提升。那么在这次全新的6.3的版本里面，我们的模型参数扩大了3.5倍，与行业内常见的小模型拉开了数量级的差距。新的版本还提高了我们的感知灵敏度，提升了300%，并且引入了超长时序的推理预判能力，运行的帧率也在行业做到了更加领先，让AI的司机做到了看得准、会思考、反应快。那么并且这次我们新版本还首次实现了VA加VOM的自仓联合，将一部分小鹏的robotaxi的L4级体验也下放，例如靠语音能够进行靠边停车。那么我相信这个第二代VA可以在保持自驾状态下自主安全地寻找靠边车位，并且完成泊车。

He Xiaopeng: 从八月底开始，我们的第二代VLA大模型将会迎来首次重大的升级。我们在自动驾驶领域再次验证了scaling law，为体验、安全和泛化性带来了巨大的提升。在这次全新的6.3的版本里面，我们的模型参数扩大了3.5倍，与行业内常见的小模型拉开了数量级的差距。新的版本还提高了我们的感知灵敏度，提升了300%，并且引入了超长时序的推理预判能力。运行的帧率也在行业做到了更加领先，让AI的司机做到了看得准，会思考，反应快。并且这次我们新版本还首次实现了VLA加VLM的智舱联合，将一部分小鹏的Robotaxi的L4级体验也下放，例如靠语音能够进行靠边停车。我相信第二代VLA可以在保持自驾状态下，自主安全地寻找靠边车位，并且完成泊车。

Speaker #5: Starting from the 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.

He Xiaopeng: 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 Xmart OS 6.3.0 major version, the number of parameters in the VLA 2.0 on-device model will increase by 3.5 times, putting its parameter count in 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.

Speaker #5: With the new 6.3.0 major version, the number of parameters in the VLA 2.0 on-device model will increase by 3.5 times, putting its parameter count an order of magnitude above that of small models commonly used in the industry.

Speaker #5: 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.

Speaker #5: 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.

Speaker #5: 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.

He Xiaopeng: 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.

Speaker #4: 那么近期我跟我的同事在中国、美国、澳洲、欧洲分别都试驾了小鹏的第二代VOA，以及我们分全球友商的最新版本。我认为非常明显的是在大陆上路况的情况下，小鹏的第二代VA已经和我们的友商的产品已经并驾齐驱。但是在小路的博弈、停车场内部园区，小鹏新的VA 6.3的版本体验明显会更好。我们支持直接从导航到停车位全部可以做到高效和安全。我相信随着算力和模型的升级，我们在这一代VA之后的几个大版本会涌现出更强大的综合能力。我们在量产车型上达到L4级别的自动驾驶体验，也会快速超越其他友商，实现综合的断代式的领先。

He Xiaopeng: 近期，我跟我的同事在中国、美国、澳洲、欧洲分别都试驾了小鹏的第二代VLA，以及我们分全球友商的最新版本。我认为非常明显的是，在大路上的路况的情况下，小鹏的第二代VLA已经和我们的友商的产品并驾齐驱。但是在小路的博弈、停车场、内部园区，小鹏新的VLA 6.3的版本体验明显会更好。我们支持直接从导航到停车位，全部可以做到高效和安全。我相信随着算力和模型的升级，我们在这一代VLA之后的几个大版本会涌现出更强大的综合能力。我们在量产车型上达到L4级别的自动驾驶体验，也会快速超越其他友商，实现综合的断代式的领先。

Speaker #5: 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.

He Xiaopeng: 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.

Speaker #5: In my view, VLA 2.0 is already on par with the world's leading ADAS on major roads. On narrow roads, during negotiations, as well as in campuses and parking facilities, the user experience delivered by VLA 2.0 is even better.

Speaker #5: It can navigate directly to a parking space with both efficiency and safety. I believe that as we upgrade computing power and model capabilities, VLA 2.0 will develop even more powerful capabilities over the next several version upgrades.

Speaker #5: Delivering an L4-level ADAS experience in mass-produced vehicles, surpassing peers and establishing a generational lead.

Speaker #4: 同时我们正在全力以赴加快第二代VA在全球的部署。那么近期我跟团队的德国完成了VA的本地化验收测试。说实话，我当时非常的兴奋，因为我们的模型在几乎不增加本地化训练数据的情况下，都达到了在德国的体验跟中国的体验高度的接近。我认为这比友商的全球本全球多区域的泛化能力要明显领先。那么我们的目标是明年2027年的上半年率先能够在欧洲获得监管许可，并且同时开始向更多国家的海外用户交付第二代VA。我们希望让全球的用户享受到安全、舒适、便捷的智能出行体验。那么当第二代VA在海外落地之后，我们也会非常开心跟全球其他友商最领先的辅助驾驶系统直接同台竞技。那么并且小鹏也会积极探索基于软件的全新商业模式，形成商业化技术研发相互促进的正循环。

He Xiaopeng: 同时，我们正在全力以赴加快第二代VLA在全球的部署。近期我跟团队在德国完成了VLA的本地化验收测试。说实话，我当时非常的兴奋，因为我们的模型在几乎不增加本地化训练数据的情况下，都达到了在德国的体验跟中国的体验高度的接近。我认为这比友商的全球多区域的泛化能力要明显领先。我们的目标是明年2027年的上半年，率先能够在欧洲获得监管许可，并且同时开始向更多国家的海外用户交付第二代VLA。我们希望让全球的用户享受到安全、舒适、便捷的智能出行体验。当第二代VLA在海外落地之后，我们也会非常开心跟全球其他友商最领先的辅助驾驶系统直接同台竞技。并且小鹏也会积极探索基于软件的全新商业模式，形成商业化技术研发相互促进的正循环。

Speaker #5: We continue to enhance VLA 2.0's model capabilities while accelerating its global deployment. Recently, my team and I completed on-road validation of VLA 2.0 in Germany, and what was particularly encouraging was that the model—primarily trained on data from China—performed nearly as well on European urban roads as it did in China, with almost no additional local training data.

He Xiaopeng: 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 H1 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.

Speaker #5: 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.

Speaker #5: 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.

Speaker #5: At the same time, we will actively explore new software-based business models, creating a positive cycle in which commercialization and technology developments reinforce each other.

He Xiaopeng: 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.

Speaker #4: 那么截止到现在，搭载VA的前装量产的Robotaxi已经在广州完成了超过2,000次的内测订单，并且我们跑通了载能示范运营的全流程。这为迈向商业化运营做好了准备。我们在现最近已经完成了云端接管的平台开发，我们的目标是在明年实现没有安全源的载客运营。那么在2027年，小鹏将继续提升Robotaxi的技术和成本的竞争力，并且我们在国内外领先的出行平台合作，会在中国，会在海外的核心城市快速的扩大业务规模，通过整车的销售、技术的服务和运营分层创造更大的商业价值。

He Xiaopeng: 截止到现在，搭载VLA的前装量产的Robotaxi已经在广州完成了超过2000次的内测订单，并且我们跑通了载人示范运营的全流程，这为迈向商业化运营做好了准备。我们最近已经完成了云端接管的平台开发，我们的目标是在明年实现没有安全员的载客运营。在2027年，小鹏将继续提升Robotaxi的技术和成本的竞争力，并且我们在国内外领先的出行平台合作，会在中国或者海外的核心城市快速地扩大业务规模，通过整车的销售、技术的服务和运营分层创造更大的商业价值。

Speaker #5: 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.

He Xiaopeng: 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.

Speaker #5: Laying the groundwork for commercial operations, we have recently 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.

Speaker #5: 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.

Speaker #5: This will create greater commercial value through vehicle sales, technological services, and revenue sharing from operations.

Speaker #4: 同时我们认为小鹏的物理AI的技术不仅仅需要技术突破，更需要打造好开放合作多方共赢的技术和商业生态。那么为为了加速物理AI的技术的商业化，我们在近期还组建了集团级的大BD团队。我们当前正在与海外和国内的合作伙伴积极的洽谈，期望让我们的行业领先的图灵AI芯片、VA的模型、Robotaxi，甚至人形机器人的技术能够更快的走向全球。

He Xiaopeng: 同时我们认为小鹏的Physical AI的技术不仅仅需要技术突破，更需要打造好开放合作、多方共赢的技术和商业生态。为了加速Physical AI的技术的商业化，我们在近期还组建了集团级的大B团队。我们当前正在与海外和国内的合作伙伴积极地洽谈，希望让我们的行业领先的Turing AI芯片、VLA的模型、Robotaxi，甚至无人机群的技术能够更快地走向全球。

Speaker #5: 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.

He Xiaopeng: 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.

Speaker #5: To accelerate the commercialization of physical AI, we recently established a group-level business development team within the Group and are actively engaging with partners in China and overseas to bring our industry-leading Turing AI chips, VLA 2.0 Robotaxi, and humanoid robot technologies to global markets more quickly.

Speaker #4: 我预期2026年第三季度小鹏的交付量约为11.5万台次、12.1万台。那么环比增长11.3至17.1，收入预计约为人民币271亿元至234亿元。那么环比增长是9.9%至18.5%。我相信小鹏从下半年开始会进入多项业务共振所带来的势能提升，不仅在汽车的国内销量和海外的销量都会再创新高，而且我们相信我们的自动驾驶会形成更大范围的领先，并且在全球开始逐批落地高阶智能辅助驾驶技术。我还期待我们在全球范围内率先实现高阶通用人形机器人的规模量产跟商用。整体来说，围绕在AI生态建立全新的技术能力跟全新的商业模式，为我们的客户和股东创造更大的价值。

He Xiaopeng: 我预期2026年第三季度，小鹏的交付量约为11.5万台至12.1万台，环比增长11.3%至17.1%。收入预计约为人民币271亿元至234亿元，环比增长9.9%至18.5%。我相信小鹏从下半年开始会进入多项业务共振所带来的势能提升，不仅在汽车的国内销量和海外的销量都会再创新高，而且我们相信我们的自动驾驶会形成更大范围的领先，并且在全球开始逐批落地高阶智能辅助驾驶技术。我还期待我们在全球范围内率先实现高阶通用人机接口的规模量产跟商用。整体来说，围绕在AI生态建立全新的技术能力跟全新的商业模式，为我们的客户和股东创造更大的价值。

Speaker #5: For the third quarter of 2026, we expect deliveries to be approximately 115,000 to 121,000 units, representing quarter-over-quarter growth of 11.3% to 17.1%. Revenue is expected to be approximately RMB 21.7 billion to RMB 23.4 billion, representing quarter-over-quarter growth of 9.9% to 18.5%.

He Xiaopeng: For Q3 2026, we expected deliveries to be approximately 115,000 to 121,000 units, representing quarter-over-quarter growth of 11.3% to 17.1%. Revenue is expected to be approximately RMB 21.7 billion to RMB 23.4 billion, representing quarter-over-quarter growth of 9.9% to 18.5%. I believe XPeng is entering a period of accelerating momentum across multiple businesses in the H2 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 a 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.

Speaker #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.

Speaker #5: We also expect to be among the first, globally, to achieve scaled mass production and commercialization of advanced general-purpose humanoid robots. We 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.

Speaker #4: 那么谢谢大家。下面由我们的财务VP James为大家介绍我们2026年第二季度的财务状况。

He Xiaopeng: 那么谢谢大家。下面由我们的财务VP James为大家介绍我们2026年第二季度的财务状况。

Speaker #5: Thank you, everyone. With that, I will now turn the call over to our VP of Finance, James, who will walk you through our financial performance for the second quarter of 2026.

He Xiaopeng: 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 Q2 2026.

Speaker #1: Thank you, Xiaopeng. Now, 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.

James Wu: Thank you, Xiaopeng. Now let me provide a brief overview of our financial results for Q2 2026. I will reference RMB only in my discussion today, unless otherwise stated. Our total revenues were RMB 19.74 billion for Q2 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 Q2 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 Q2 2026, representing an increase of 93.9% year-over-year and an increase of 32.6% quarter-over-quarter.

Speaker #1: Our total revenues were $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.

Speaker #1: Revenues from vehicle sales were $17.05 billion for the second quarter of 2026, an increase of 1% year over year and an increase of 55% quarter over quarter.

Speaker #1: The quarter-over-quarter increase was mainly attributable to higher vehicle deliveries. Revenues from services and others were $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.

Speaker #1: The year-over-year and quarter-over-quarter increases were primarily attributable to increased revenues from, first, technical R&D services rendered to the Volkswagen Group due to the successful achievements of certain key milestones, and second, parts and accessory sales.

James Wu: 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 achievement of certain key milestones, and secondly, parts and accessory sales. Gross margin was 20.7% for Q2 2026, compared with 17.3% for the same period of 2025 and 20.6% for Q1 2026. Vehicle margin was 12.1% for Q2 2026, compared with 14.3% for the same period of 2025 and 12.1% for Q1 2026. The year-over-year decrease was primarily due to the production generation transition. R&D expenses were CNY 2.91 billion for Q2 2026, representing an increase of 32.1% year-over-year and an increase of 0.3% quarter-over-quarter.

Speaker #1: 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.

Speaker #1: The year-over-year decrease was primarily due to the production generation transition. R&D expenses were $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.

Speaker #1: 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 future growth.

James Wu: 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 CNY 2.5 billion for Q2 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 of operations was CNY 1.14 billion for Q2 2026, compared with CNY 0.93 billion year-over-year and CNY 1.87 billion quarter-over-quarter. Net loss was CNY 1.34 billion for Q2 2026, compared with net loss of CNY 0.48 billion year-over-year and net loss of CNY 1.7 billion quarter-over-quarter.

Speaker #1: SG&A expenses were $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 higher commission to the franchise stores and higher marketing and advertising expenses.

Speaker #1: As a result of the foregoing, loss of operations was $1.14 billion for the second quarter of 2026, compared with $0.93 billion year-over-year and $1.87 billion quarter-over-quarter. Net loss was $1.34 billion for the second quarter of 2026.

Speaker #1: Compared with a net loss of $0.48 billion year-over-year and a net loss of $1.7 billion quarter-over-quarter, as of June 30, 2026, our cash position was $40.48 billion.

James Wu: As of 30 June 2026, our cash position was CNY 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 Q2 2026 financial results. This concludes our prepared remarks. We will now open the call to questions. Operator, please go ahead.

Speaker #1: 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.

Speaker #1: This concludes our prepared remarks. We'll now open the call to questions. Operator, please go ahead.

Speaker #2: 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.

Operator 2: Thank you. If you wish to ask a question, please press star 1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press star 2. 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, then feel free to follow up with your next question. Your first question today comes from Tim Hsiao with Morgan Stanley. Please go ahead.

Speaker #2: If you're on 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.

Speaker #2: 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.

Speaker #2: Your first question today comes from Tim Sao with Morgan Stanley. Please go ahead.

Speaker #3: 管理层你好，我是摩根士丹利的Tim。感谢接受我的提问，也恭喜公司旗下的人形机器人项目以非常亮眼的估值完成融资。我有两个问题，都是和机器人相关的。第一个问题想跟进一下，刚才小鹏总在简报里也有提到，目前机器人研发计划是在今年年底进入规模量产。想请问一下，整体产能爬坡的计划是什么？因为刚才提到明年会达到几千台。另外，2027年整体的交付目标是多少？我们也关注到融资情况，所以想请问下这个基本假设是怎样的？这是我的第一个问题。So my first question is about volume and production target. What is the projected production capacity for XPeng’s humanoid robot R&D upon entering commercial mass production by late 2026?

Tim Hsiao: 管理层你好，我是Morgan Stanley的Tim。感谢接受我的提问，也恭喜旗下人形机器人这个项目以非常亮眼的估值完成融资。那我有两个问题，都是跟机器人相关的。那第一个问题，主要还是想跟进一下，可能刚才小鹏总在简报里也提到，目前机器人Iron计划是在今年年底就一个规模量产。那想请问一下，整体产能爬坡的计划，因为刚才提到了明年会到几千台。那另外的话，就是2027年整体的交付目标是多少？因为我们可能也做了融资，所以想问一下这个基本假设是什么样的一个情况？这是我第一个问题。So my first question is about volume and production target.

Tim Hsiao: So what is the projected production capacity for XPeng's humanoid robot Iron upon entering commercial mass production by late 2026? What is the target delivery volume for fiscal year 2027? That is my first question.

Speaker #3: And what is the target delivery volume for fiscal year 2027? That's my first question.

Speaker #1: 谢谢，我是Xiaopeng。我觉得机器人的产能跟汽车的产能在我们角度来看还是有比较大的差异的。那么汽车的产能的供应链广度跟深度都非常大。那么但是Xiaopeng的R&D集成，我们实际上不光多个角度都全站自研，而且我们在自制方面我们也做得非常的深入。所以我相信真正的机器人最后进入量产，产能的挑战前期肯定是在质量上面，后期肯定是在销售方面。我觉得基本上一定程度的产能相比汽车的这个场景都会小很多。先帮我翻译第一段，谢谢。

He Xiaopeng: 谢谢，我是小鹏。我觉得机器人的产能跟汽车的产能在我们角度来看还是有比较大的差异。汽车产能的供应链广度跟深度都非常大。但是小鹏的Iron机器人，我们实际上不光多个角度都全占自研，而且我们在自制方面我们也做得非常的深入。所以我相信真正的机器人最后进入量产，产能的挑战，前期肯定是在质量上面，后期肯定是在销售方面。我觉得基本上一定程度的产能相比汽车的场景都会小很多。

Speaker #4: Thank you for your question. This is Xiaopeng speaking. In terms of robot capacities versus automobile capacities, from our perspective, we do think that there is quite a large difference between those two.

He Xiaopeng: Thank you for your question. This is Xiaopeng speaking. In terms of robot capacities versus automobile capacities, from our perspective, 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. In our company, we emphasize on multiple areas of full stack research and development. I think when it comes to about the challenges of capacities, in the early stage, it is about quality, and in the later stage, it is about sales.

Speaker #4: I think that when it comes to the capacities of the supply chain for robots, it is rather broad and deep. But in our company, we emphasize multiple areas of full-stack research and development.

Speaker #4: And 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.

Speaker #1: 那么关于量产，我们计划是在2026年的年底开始进入规模量产阶段。那么在量产后，我们开始会进行首秀，并且率先将Xiaopeng的R&D集成应用在Xiaopeng的门店，开始落地商业场景。那么在2027年的上半年，我们会先从自有的商业场景和素材场景开始部署，并且不断地会加速启动外部的交付。那么随着产品研发质量以及供应链成熟度的提升，我们在年中和下半年会不断地加快我们的产能爬坡。那么我们会根据市场的需求扩展到月数千台，甚至更高的月产能。那么在2027年呢，Xiaopeng R&D，sorry，你先帮我翻吧。

James Wu: 那么关于量产，我们计划是在2026年的年底开始进入规模量产阶段。那么在量产后，我们开始会进行首秀，并且率先将小鹏的Iron机器人应用在小鹏的门店，开始落地商业场景。那么在2027年的上半年，我们会先从自有的商业场景和素材场景开始部署，并且不断地会加速启动外部的交付。随着产品研发质量以及供应链成熟度的提升，我们在年中和下半年会不断地加快我们的产能爬坡，我们会根据市场的需求扩展到月数千台甚至更高的月产能。那么在2027年呢小鹏Iron。你先帮我翻吧。

Speaker #4: In terms of mass production for 2026, we expect that by the end of 2026, we will see mass production at scale kicking in. For IRONS, this product, we believe that we will see the commercialization of the robot itself first, starting with our stores in 2027.

He Xiaopeng: 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 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. Mass production units will be at multiple of several thousands units per month and further picking up the speed.

Speaker #4: 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.

Speaker #4: In terms of R&D, I think that we are looking at starting from the middle and the second half of next year. In 2027, we will pick up the R&D developments, and the mass production units will be at multiples of several thousand units per month, and further picking up the speed.

Speaker #1: 那么我最后想补充一小段，就是说因为Xiaopeng的R&D，它的交付是面向零售服务业场景，并且在中国跟海外都会逐步开始交付。所以我们的交付量一定是像汽车一样，是真实的，并且我们会跟行业其他的机型公司在商业场景，例如在导购上，的智能解决能力是完全不同的。我相信这些能力的真正的交付会快速看到有更强在不同岗位的行业的泛化能力，并且走向更全面的商业化。好，谢谢。

He Xiaopeng: 那么我最后想补充一小段，就是说因为小鹏的Iron，它的交付是面向零售服务业场景，并且在中国、海外都会逐步开始交付，所以我们的交付量一定是像汽车一样是真实的。并且我们会跟行业其他的机器人公司在商业场景，例如在导购上的智能解决能力是完全不同的。我相信这些能力的真正的交付会快速看到有更强在不同岗位的行业的泛化能力，并且走向更全面的商业化。好，谢谢。

Speaker #4: One final part that I would like to supplement is that for the iron robot deliveries, these will mainly be rolled out in the areas of retail and services.

He Xiaopeng: 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 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 more wider and broader, more adaptive environment.

Speaker #4: Both in China and abroad, and same as our automotive business, the delivery of our robots and sales will be authentic and genuine data and figures that we will share.

Speaker #4: In terms of the quality of our robots, 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 more wider and broader more adaptive environment.

Speaker #3: 感谢Xiaopeng总详尽的分享。那我第二个问题，因为刚才您也提到的，就是说除了是质量之外，就是需求端。所以想请教一下，就是机器人我目前量产版本，可能预计的一个单台成本会处于一个什么水平？那计划后续采取什么样的一个定价策略？那量产之后的一个毛利率大概是什么样的一个水平？ My second question is about the unit economics and the margin profile. So what is the estimated unit cost for the mass production variant of iron?

Tim Hsiao: 感谢小鹏总详尽分享。那我第二个问题，因为刚才您也提到了，就是说除了质量之外，就是需求端。所以想请教一下，机器人目前量产版本可能预计的一个单台成本会处于一个什么水平？那计划后续采取什么样的一个定价策略？那量产之后的一个毛利率大概是什么样的一个水平？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?

Speaker #3: And what go-to-market pricing strategy does management intend to deploy? And what is the anticipated gross profit margin trajectory, especially after the full-scale ramp? That's my second question.

Tim Hsiao: 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.

Speaker #3: Thank you.

Speaker #1: 好的，谢谢。因为我们iron的整个量产，为了创新的融合，为了品质，为了产能，所以我们自主设计开发了全部的原生硬件平台和软件的体系。那么整个供应链企业的供应链的合作企业也有85%以上与当前的Xiaopeng在汽车方面是重合的。所以我们上次非常的相信最终Xiaopeng的机型的成本竞争力在行业里面肯定是领先的。那么当前中国我们看到机型行业的产品定价通常它跟汽车是不一样的，它是通常差不多是BOM的2.5到3倍。而iron本身定位在通用人型机型，我相信它具有非常广阔的定价空间。它的供给相当的稀缺，所以我相信它的硬件的毛利会大幅度高于当前我们的汽车业务的毛利的能力，并且我们在机型里面一定会除了硬件销售之外，我们还会增加对AI模型能力和软件的相关的收入，会提高整体的收入跟利润。谢谢。

He Xiaopeng: 好的，谢谢。因为我们Iron的整个量产，为了创新的融合，为了品质，为了产能，所以我们自主设计开发了全部的原生硬件平台和软件的体系。那么整个供应链的合作企业也有85%以上与当前的小鹏在汽车方面是重合的。所以我们非常地相信，最终小鹏的机器人的成本竞争力在行业里面肯定是领先的。那么当前中国我们看到机器人行业的产品定价通常跟汽车是不一样的，它是通常差不多是BOM的2.5到3倍。而Iron本身定位在通用人形机器人，我相信它具有非常广阔的定价空间，它的供给也相当地稀缺，所以我相信它的硬件的毛利会大幅度高于当前我们的汽车业务的毛利的能力，并且我们在机器人里面一定会除了硬件销售之外，我们还会增加对AI模型能力和软件的相关的收入，会提高整体的收入能力。谢谢。

Speaker #4: Thank you for your question. With respect to the mass-produced robot hand, I think that we are looking at it from the perspective of innovation, quality, capacity, and all of these for both our hardware and software.

He Xiaopeng: Thank you for your question. With respect to the mass 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 at doing the R&D research all in house. When it comes to the supply chain of all these parts, over 85% of the supply chain partners that we work with overlap with the existing supply chain partners for our automotive business. I believe the cost of our Iron robots 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 2.5 to 3 times of the BOM material.

Speaker #4: We're looking at doing the R&D research all in-house, and when it comes to the supply chain for all these parts, actually over 85% of the supply chain partners that we work with overlap with the existing supply chain partners for our automotive business.

Speaker #4: I believe the cost of our robots—iron robots—and our competitiveness will definitely be leading in this area. At the moment, in terms of the pricing for robots in the market, generally speaking, it's about 2.5 to 3 times the BOM material cost.

Speaker #4: For iron, given that this is a general-purpose robot, there is a very limited supply in the market, and I do believe that our gross margins for the hardware will definitely be better than the existing automotive business.

He Xiaopeng: 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.

Speaker #4: In the meantime, not only are we relying on the sales of the hardware, there will also be sales of our different models and the software services subscriptions, etc.

Speaker #4: These, we believe, will all bring in profits for our business.

Speaker #1: 对，以上就是我的对于这个问题的一个答复。谢谢。

He Xiaopeng: 对，以上就是我对这个问题的答复。谢谢。

Speaker #4: That concludes my answers to your questions. Thank you.

He Xiaopeng: Those conclude my answers to your questions. Thank you.

Speaker #2: Thank you. Your next question comes from Meng Sanlei with Bank of America. Please go ahead.

Operator 2: Thank you. Your next question comes from Ming Hsun Lee with Bank of America. Please go ahead.

Speaker #5: Hey, Xiaopeng, 总您好。那我这边有两个问题，也是跟机器人相关。第一个问题，就是我们的机器人的模型，哪些部分可以和自动驾驶高度协同？另外，哪些模块是共享的，哪些是相对独立开发的？我翻译一下我第一个问题。Which part of your robot foundation model can be highly synergistic with automotive driving? Which modules are shared, and which are developed relatively independently?

Ming Hsun Lee: 小鹏总您好，我这边有两个问题，也是跟机器人相关。第一个问题就是我们的机器人的模型哪些部分可以与自动驾驶高度地协同，另外有哪些模块是共通的，还有另外是相对独立开发。我翻译一下我第一个问题。Which part of your robot foundation model can be highly synergistic with autonomous driving? Which modules are shared and which are developed relatively independently?

Speaker #1: 谢谢。实际上在行业里面有非常多人说机器人可能就需要一个大脑，一个大模型就可以了。也许很多很多年后这个可以做到，但是我认为当前是完全没有可能性的。我认为机器人里面最主要有三个不同方向的模型，一个是超快的模型，比如说一秒钟100帧到数百帧，一个是这个中速的模型，比如说一秒钟大概10帧到20帧，例如自动驾驶的能力的模型，另外一个就是慢模型，是一个思考的模型，例如一秒钟一帧。那么当前Xiaopeng的汽车里面的模型，像VOA，像我们的这一个多模态的模型VOM，都是和机器人里面基本上绝大部分都是类似的。比如说举例，我们的VOA现在正在所研发的在非导航道路，例如地下停车场的漫游功能，那它跟机器人将来在室内的漫游功能上是一个逻辑。那么同时我们也看到机器人里面也有一些模型，将来会对汽车里面也产生价值，例如机器人里面的思考的VOT模型，开放平台等系列的模型，这些在明年或以后也会反过来放到Xiaopeng的汽车体系里面去。那么机器人里面上还有很多有趣的模型，比如说全身运控的模型，比如说有多个安全体系的模型，例如针对于数据隐私的安全模型，针对于摔倒或者停快没有电的安全模型等，那么这些是一些独特的模型。整体来说，互相都有可共通的点，所以在我们的体系里面，我们会在Xiaopeng的大体系里面共同来开发相关的模型，包括更底层的，像世界模型的仿真，包括像次生模型的生成模型等等，我们都是在共同开发。谢谢。

He Xiaopeng: 谢谢。实际上在行业里面有非常多人说，机器人可能就需要一个大脑，一个大模型就可以了。也许很多很多年后这个可以做到，但是我认为当前是完全没有可能性的。我认为机器人里面最主要有三个不同方向的模型，一个是超快的模型，比如说一秒钟100帧到数百帧；一个是中速的模型，比如说一秒钟大概10帧到20帧，例如自动驾驶的能力的模型；另外一个就是慢模型，是一个思考的模型，例如一秒钟一帧。那么当前小鹏的汽车里面的模型，像VLA，像我们的多模态的模型VLM，在机器人里面基本上绝大部分都是类似的。比如说举例，我们的VLA现在正在研发在非导航道路，例如地下停车场的漫游功能，它跟机器人将来在室内的漫游功能是一个逻辑。那么同时我们也看到机器人里面也有一些模型将来会对汽车里面产生价值，例如机器人里面的思考的VOT模型，开放平台等系列的模型，这些在明年或以后也会反过来放到小鹏的汽车体系里面去。那么机器人里面当然还有很多有趣的模型，比如说全身运控的模型，比如说有多个安全体系的模型，例如针对于数据隐私的安全模型，针对于摔倒或者快没有电的安全模型等。那么这些是一些独特的模型，整体来说互相都有可共通的点。所以在我们的小鹏的大体系里面，我们会在里面共同来开发相关的模型，包括更底层的像世界模型的仿真，包括像知识模型的生成模型等等，我们都是在共同开发。谢谢。

Speaker #4: Thank you for your question. In order to answer this question, in our industry, for instance, many people will say that with robots, generally all they need is one brain and one large model, and that will be enough.

He Xiaopeng: 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 do not 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 frame per second or even several hundred frame per second. There are these medium speed large models, which are operating at 10 frames to 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.

Speaker #4: Perhaps this is possible many years later, but I don't think that is viable as of now. In terms of the difference, there are large models and there are different types.

Speaker #4: For instance, we have the super-fast models, and those are operating at 100 frames per second or even several hundred frames per second. There are these medium-speed models, large models, which are operating at 10 to 20 frames per second.

Speaker #4: And there are also the slow ones, and slow large models—we call them the thinking large models. They operate at one frame per second.

Speaker #4: When it comes to the VLA and VLM, for instance, those are the ones adopted in our automotive business. I believe there are similarities.

He Xiaopeng: 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, the 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.

Speaker #4: And for instance, the currently VLA adopted in the automotive business when it comes to roaming in non-planned roads—that will be quite similar to the roaming or moving around of the robots.

Speaker #4: 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 exponential automotive business.

Speaker #4: So you can see that there are definitely some synergistic commonalities there. In the meantime, there are also some unique perspectives and points for the robots, such as the different modes for safety. For instance, there are models of safety such as data privacy, safety in terms of prevention of falling, and data safety regarding preventing running out of electricity, etc.

He Xiaopeng: 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's system altogether. Even so, if we look at the further underlying system, there are many other areas that are quite dissimilar. For instance, the generation of the generative models, as well as the mimicking and the simulation models, etc. So those are the similarities.

Speaker #4: So, as you can see, there are commonalities, and all of these features we are developing under the large exponential system altogether. And even so, if we look at the further underlying system, there are many other areas that are quite similar, for instance, the generation of the model, generative models, as well as the mimicking and the simulation models, etc.

Speaker #4: So those are the similarities.

Speaker #5: 谢谢。那我的第二个问题，就是。

Ming Hsun Lee: 谢谢。那我的第二个问题就是——

Speaker #1: 我补充一句，就是除了模型之外，实际上无论是AI的英法数据的管控和组织的英法，实际上在我们这两条线也是共用的。OK，好，谢谢。

He Xiaopeng: 我补充一句，除了模型之外，实际上无论是AI的因果、数据的管控和组织的因果，实际上在我们这两条线也是共用的。好，谢谢。

Speaker #4: Sorry, before you move on to your second question, I would also like to supplement that. Apart from the models and 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.

He Xiaopeng: 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.

Speaker #5: 那我的第二个问题还是跟机器人相关。那如果跟其他的机器人的新创公司比的话，小鹏公司在数据采集、训练，还有闭环迭代等方面，有哪一些差异化的优势？那我翻译一下。What differentiated advantages does Xpeng have in robot data collection, training, and closed-loop iteration?

Ming Hsun Lee: 那我的第二个问题还是跟机器人相关。那如果跟其他的机器人的新创公司比的话，小鹏公司在数据采集、训练，还有闭环迭代等，有哪一些差异化的优势？我翻译一下。What differentiated advantages does Xpeng have in robot data collection, training, and closed-loop iteration?

Speaker #1: 对，谢谢，非常好的问题。我认为数据将来是物理AI一个非常重要核心，并且取得差异化的一个核心的价值。那么很多人说，如果机器人有了足够的数据，它就可以做到很好。它可能是必要条件，但一定不是充分条件。今天做自动驾驶的汽车的公司非常多，但是能够做好自动驾驶的很少。所以我相信，如何把数据进行好的使用，包括它的质量多样性管理，以及训练是最重要的一个事情。那么我觉得Xiaopeng在机器人的数据跟Xiaopeng的自动驾驶的数据上，我觉得一个非常核心重要的事情是Xiaopeng是拥有长达10年的自动驾驶的研发的经验，数据的经验，并且我们已经形成了我认为在从这个月底我们的版本做到了在行业里面最领先的能力。我觉得这是最重要的。其次，我们的机器人的数据的管理，数据的训练，数据的整个的英法体系也跟Xiaopeng的汽车是完全在一个体系里面，一个体系内进行研发的。我们仅仅在数据的采集，数据的采集的硬件等系列的事情跟汽车不一样。所以我是非常相信我们在数据的从采集到使用的全闭环的能力都是很强。所以随着Xiaopeng Iron率先的量产，我反而会认为后面Xiaopeng会收集到更多真实场景的数据和人类使用Iron它所需要的试教数据。那么这一系列的数据我们全部都是高质量数据。我认为今天很多低质量的数据的价值会使整个的精度下降。我们需要用高质量的数据形成数据模型应用的飞轮效应，让Iron在真实世界加速进化。好，谢谢，这就全部的回答。

He Xiaopeng: 对，谢谢，非常好的问题。我认为数据将来是Physical AI一个非常重要、核心，并且取得差异化的一个核心的价值。那么很多人说如果机器人有了足够的数据，它就可以做得很好。它可能是必要条件，但一定不是充分条件。在今天做自动驾驶的汽车的公司非常多，但是能够做好自动驾驶的很少。所以我相信如何把数据进行好地使用，包括它的质量、多样性、管理以及训练，是最重要的一个事情。那么我觉得小鹏在机器人的数据跟小鹏的自动驾驶的数据上，我觉得一个非常核心重要的事情是，小鹏是拥有长达10年的自动驾驶的研发经验、数据的经验，并且我们已经形成了，我认为从这个月底我们的版本做到了在行业里面最领先的能力，我觉得这是最重要的。其次，我们机器人的数据的管理、数据的训练、数据的整个的研发体系，跟小鹏的汽车是完全在一个体系内进行研发的。我们仅仅在数据的采集、数据的采集的硬件等系列的事情跟汽车不一样。所以我是非常相信我们在数据的从采集到使用的全闭环的能力都是很强。所以随着小鹏Iron率先的量产，我反而会认为后面小鹏会收集到更多真实场景的数据和人类使用Iron所需要的示教数据。那么这一系列数据我们全部都是高质量数据。我认为今天很多低质量的数据的价值会使整个的精度下降，我们需要用高质量的数据形成数据模型应用的flywheel效应，让Iron在真实世界加速进化。好，谢谢，这是全部的回答。

Speaker #4: Thank you. That is a great question. And I do believe that, in terms of the physical AI and in the future, data is, of course, the key.

He Xiaopeng: Thank you. That is a great question. I do believe that in terms of the physical AI, 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. In 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.

Speaker #4: 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.

Speaker #4: However, it is not yet the full condition. And what we would see is that for Xpeng, and 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.

Speaker #4: For Xpeng, for instance, we have been in the area of autonomous driving for over 10 years. Within not only our R&D, but also the past decade of experience as well as the data that we have collected, we are absolutely leading in the industry among our peers.

Speaker #4: In terms of the robots, it is the same. For the robots, management, the robots' data management, data training, and data quality—all of these are being developed under the same ecosystem as our company.

He Xiaopeng: 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.

Speaker #4: And I believe that, apart from the hardware being different in terms of the collection of the data, all the way to the application of the data at our company for our two different lines of business, it would be the same.

Speaker #4: For Iron again, once this product becomes a 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 and which are both sets of high quality data and this will further drive the development in R&D of our products and this is different from the low quality data and which are not helpful at all.

Speaker #4: So, I believe that having all of these would actually enable us to create a flywheel of high-quality data and R&D that we are conducting, and continue to contribute to the development of our products.

He Xiaopeng: I believe that by having all of these, we would actually be able to create a flywheel of the high quality data and R&D that we are conducting, and to continue to contribute to the development of our products. That is all my answer for your question. Thank you.

Speaker #4: That's all for my answer to your question. Thank you.

Speaker #5: Thank you, Xiaopeng. That's all my questions.

Ming Hsun Lee: Thank you, Xiaopeng. That is all my question.

Speaker #2: The next question comes from Jeff Chang with Citi. Please go ahead.

Operator 2: The next question comes from Jeff Chung with Citi. Please go ahead.

Speaker #1: 谢谢小副总和管理层。感谢这个问问题的机会。我第一个问题是关于小鹏机器人为何选择三岛，就是销售、导游这些作为首个落地场景。目标客户会是谁？他们为什么会购买Ion？然后最重要的是后续有没有这个进入工业和家庭场景的这个计划？ My first question is about the why did Xpeng robotics select the salesperson? The tour guide scenario as an initial real world deployment. Who are the target customers?

Jeff Chung: 谢谢小鹏和管理层，感谢这个问题机会。我第一个问题是关于小鹏机器人为何选择三导，就是销售、导游这些作为首个落地场景，目标客户会是谁，他们为什么会购买 AION，然后最重要的是后续有没有进入工业和家庭场景的计划。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? Most importantly, are there follow-up plans to expand into industrial and home use cases? Thank you.

Speaker #1: Why would customers buy Ion? And most importantly, are their follow-up plans to expand into industrial and the home use cases? Thank you. 谢谢。这个实际上我们小鹏的机器人跟很多公司的机器人它思考的商业场景是蛮大的不同的。很多人会说它可能是从工厂进入，或者从家庭进入，而是并且是以ToB的角度。我们认为实际上目标客户是大C、中小B。我们先认为是从商业进入。当然商业进入之后我们也会进入工业和家庭。我们会用非常非常少的SKU来实现这样的一个场景。那么为什么从商业进从刚开始从三岛进入？我觉得一个最重要的，一个能力就是我们把我们的机器人全面的综合能力分为四大能力。我们认为在中国和海外商业的体系里面最容易的是将整个的这四个我们小鹏的，包括了本体的能力，包括了我们的环境的能力，包括我们的业务的能力和我们的整个的情绪价值的综合的能力，把这四个能力的融合，我们认为在商业化是最有可能服务于千行百业。当然首先从少部分的行业开始，同时我们会开放我们的Iron在使用之后，我们会开放SDK支持S开发和生态功能的拓展。所以这些都是我们在下一个阶段要做的事情。那么通过商业上的合作，我们会看到小鹏的机器人可以共享小鹏的整体的渠道，并且会创造新的线上销售的渠道。那么我们的客户期望是通过这个线上跟线下的直接的这个大C和中小B的客户。我相信这会是一个非常有价值的全新的跟现在其他机器人企业不一样的一个商业的销售逻辑。谢谢。

He Xiaopeng: 谢谢。实际上我们小鹏的机器人跟很多公司的机器人，它思考的商业场景是蛮大的不同的。很多人会说它可能是从工厂进入，或者从家庭进入，并且是以To B的角度。我们认为实际上目标客户是大C、中小B，我们先认为是从商业进入。当然商业进入之后，我们也会进入工业和家庭，我们会用非常少的SKU来实现这样的一个场景。那么为什么刚开始从三导进入？我觉得一个最重要的能力就是我们把我们的机器人的全面的综合能力分为四大能力，我们认为在

He Xiaopeng: 中国和海外商业的体系里面，最容易的是将这四个我们小鹏包括了本体的能力，包括了我们的环境的能力，包括我们的业务的能力和我们的整个的情绪价值的综合的能力，把这四个能力融合，我们认为在商业化是最有可能服务于千行百业。当然首先从少部分的行业开始。同时我们在使用的时候，我们会开放我们的Iron，我们会开放SDK，支持apps开发和生态功能的拓展。所以这些都是我们在下一个阶段要做的事情。那么通过商业上的合作，我们会看到小鹏的机器人可以共享小鹏的整体的渠道，并且会创造新的线上销售的渠道。那么我们的客户期望是通过线上跟线下的、直接的，这个大C端和中小B的客户，我相信这会是一个非常有价值的、全新的，跟现在其他机器人企业不一样的一个商业的销售逻辑。谢谢。

Speaker #4: 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 our competitors.

He Xiaopeng: 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, and that is so to speak, we start entering into the market with business commercialization cases, followed by industries and home uses at a later stage with smaller SKUs.

Speaker #4: Many other competitors they are focusing on breaking into the market by ways of entering into factories, home usage, and mainly for ToB business. What we are looking at is that we are focusing on the large scale C's as well as the small and medium B's.

Speaker #4: And that is, so to speak, we start entering into the market with business commercialization cases, followed by industries and home uses at a later stage with smaller SKUs.

Speaker #4: The reason we have picked the salespersons and tour guides, et cetera, is because we believe that 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.

He Xiaopeng: The reason we have picked the salespersons and tour guides, 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 businesses that it provides; and number four, the emotional values that it brings. Therefore, starting from commercial usage cases and starting from the smaller type of business and the smaller 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.

Speaker #4: And the four comprehensive capabilities are as follows. Number one is the main body and the main hardware of the robot itself. Number two is the environment.

Speaker #4: Number three, the business that it provides and number four, the emotional values that it brings. Therefore, starting from commercial usage cases and starting from the smaller type of business and smaller and medium type of the business industries that we go in and later on with Iron, of course, when it starts opening up the market and we will also open up SDKs to enable secondary development as well as further expand its user cases.

Speaker #4: With these commercial use scenarios for collaboration, we believe that this will also open up more channels for XPeng's robot business—not only for offline sales, but also for online sales.

He Xiaopeng: With these commercial use scenarios for collaboration, we believe that this will also open up more channels for XPeng's robots 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, and 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.

Speaker #4: So that our customers would be able to see the use cases for our robots, and not only for the big customers, but also for small and medium businesses.

Speaker #4: So, this is our thinking in this regard, and it is different from our peers.

Speaker #1: 好的，谢谢小方总。感谢。我的第二个问题是关于公司自研的灵巧手，最近进展如何？我们的灵巧手是采用哪一种整体的设计方案？而这些方案在性能、成本方面相比行业又处于一个什么样的水平？ 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?

Jeff Chung: 好的，谢谢小鹏总，感谢。我第二个问题是关于这个公司自研的灵巧手最近进展如何？我们的灵巧手是采用哪一种整体的设计方案，而这些方案在性能成本方面相比行业又处于一个什么样的水平？The second question is about the latest progress on the company's self-developed dexterous hand.

He Xiaopeng: What overall design approach has been adopted, and how does it compare with peers in terms of performance and cost? 谢谢小鹏总。对，我觉得灵巧手是机器人公司一个极其重要的零部件，它有一套硬件，一套感知跟三套软件的能力，我们全部都选择了在硬件软件都选择了自研。我觉得非常幸运的是，我们灵巧手开发非常地顺利，我们会在今年年底跟 Iron 的整机一样进行规模量产。而且我们不光研发，我们还在灵巧手的生产制造里面投入了大量的工艺跟装备的相关的工作。那么我们的灵巧手会用直驱，每只手有 21 个自由度，我们的尺寸厚度与成年的真人的手基本上一样。那么我相信我们的灵巧手在负重、抓握能力等都处于行业的领先。我们并没有用行业里面现在有很多人在讨论的腱绳手，因为我们认为它在当前并不是一个优秀的选择。所以我们在做手的时候，我们并不追求很高的力量，或者很强的精度，我们是关注更平衡的能力，例如安全。我们甚至连灵巧手的手的皮肤都在做研发，关注了成本，关注了可靠性，关注了可维修性，快换，关注了量产的一致性，包括我们做生产制造。所以我们期望是在平衡的基础上，把灵巧手能够进行规模量产。谢谢。

Speaker #1: 谢谢小方总。 对，我觉得灵巧手是机器人公司一个极其重要的零部件。它有一套硬件、一套感知跟三套软件的能力。我们全部都选择了这个在硬件软件都选择了自研。我觉得非常幸运的是我们灵巧手开发非常的顺利。我们会在今年年底跟Iron的整机一样进行规模量产。而且我们不光研发，我们还在灵巧手的生产制造里面投入了大量的这个工艺跟装备的这个相关的工作。那么我们的灵巧手会用磁区，每只手有21个自由度。我们的尺寸、厚度与成年的真人的手基本上一样。那么我相信我们的灵巧手在负重抓握能力等都处于行业的领先。我们并没有用行业里面现在有很多人在讨论的健身手，我们认为它在当前并不是一个优秀的选择。那么所以我们在做手的时候，我们上并不追求很高的力量或者很强的精度。我们是关注更平衡的能力，例如安全。我们甚至连灵巧手的手的皮肤都正在做研发，关注了成本，关注了可靠性，关注了可维修性、快换，关注了量产的一致性，包括我们做生产制造。所以我们期望是在平衡的基础上把灵巧手能够进行规模量产。谢谢。

He Xiaopeng: Thank you very much for your question. Yes, indeed, dexterous hand is an extremely important part for robots and 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, and we have also invested greatly into the manufacturing of the processing of dexterous hands as well as the equipment in this regard. The dexterous hand for our robot, 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.

Speaker #4: Thank you very much for your question. And yes, indeed, the dexterous hand is an extremely important part for robots and for our robots, and we have one set of hardware, one set of software, as well as three sets of different perceptive systems.

Speaker #4: In terms of the specific mass production plans, we will be communicating with the analyst by year-end. We are not only conducting the R&D of the Dexterous hand, but we have also invested greatly into the manufacturing and processing of Dexterous hands, as well as the equipment in this regard.

Speaker #4: The Dexterous hands for our robots and 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.

Speaker #4: And when it comes to the load-bearing capabilities, as well as grasping and gripping, we believe that our dexterous hand is in a leading position versus the other peers.

He Xiaopeng: 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, and 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.

Speaker #4: I know that in the industry, people often talk about another type of hand, and we do not think that is the smart choice to go for.

Speaker #4: We are not focusing on the force or the accuracy itself of the dexterous hand; what we are focusing on, rather, is striking a good balance of safety, reliability, ease of maintenance, and cost.

Speaker #4: For instance, our Dexterous Hand also has a very nice set of skin that is very similar to the human hand.

Speaker #3: Your next question comes from Nikolai with JPMorgan. Please go ahead.

Operator 2: Your next question comes from Nick Lai with JPMorgan. Please go ahead.

Speaker #5: 好的，谢谢。那我提问题。我的问题是关于这个ADAS的LA业务。刚才小方总有提到VLA的业务，2.0版本明年会在海外上市。想了解一下，初步是哪些车型有这样的规划，还是说明年在海外推送的车型都会有VLA 2.0这个技术？同时，刚刚有提到商业模式，在海外会考虑订阅和单独收费，这部分能不能跟我们多分享一下？同时间，海外的业务有没有机会中长期把我们的自动驾驶技术能力开放给其他主机厂合作，进一步创造收入和获利的潜在商业空间？ First question is really about the ADAS technology. 全门课 mentioned that in the first half of 2027, we'll start to deploy a model in overseas markets, potentially starting from Germany with VLA 2.0 technology.

Nick Lai: 好的，谢谢让我提问题。我提的问题有关ADAS的VLA的业务。当小鹏有提到说VLA的业务就是2025年在海外会不会上市？那想知道是在初步是哪些车型的规划，还是说明年在海外推出的车型都会有VLA 2.0的这个技术。那同时刚刚有提到说商业模式，海外会考虑订阅跟单独收费，那这个部分是不是可以跟我们分享一下？那同时在海外的业务有没有机会中长期，我们这个自动驾驶技术能力可以跟其他主机厂合作，更创造收入跟获利的潜在的商业空间。First question is about ADAS technology.

Nick Lai: Chairman He mentioned that in H1 2027, we will start to deploy a model in all key markets, potentially starting from Germany with VLA 2.0 technology. I wonder how many models will be equipped with such technology in overseas market. How can you elaborate a bit more about our business models, including subscription and one-time payment strategy in the long term in overseas markets. Thank you.

Speaker #5: I wonder how many models will be equipped with such technology in overseas markets, and also, can you deliver a bit more about our business models, including subscription and one-time payment strategies?

Speaker #5: That is a long-term opportunity in overseas markets, potentially.

Speaker #2: 谢谢。因为信号不是很清晰，所以我只能大概听到，然后我快速回复一下。我想说配备图灵芯片的L03目前已经在海外上市了。那么之后我们所有的车的再发布，我们都会在海外拥有我们的OCHA版本。这是我想说的第一个是。那么也就意味着我们的具备VLA的硬件能力会覆盖L03跟之后所有的车型跟市场。我们目前的进展是非常的顺利的，实际上是包括刚刚所说的法规的准备，以及我们在本地化的开始相关的测试。我们的确正在探索商业软件订阅的商业模式。那么我们会在择机开始会宣布，并且我们也正在成立了相关的BD团队，以当前已经有多家的合作伙伴在跟我们探讨这个如何将我们的VLA甚至其他的相关的能力走向全球。谢谢。

He Xiaopeng: 谢谢。因为信号不是很清晰，所以我只能大概听到，然后我快速回复一下。我想说配备图灵芯片的L03目前已经在海外上市了，那么之后我们所有的车的再发布，我们都会在海外拥有我们的Ultra版本，这是我想说的第一个。那么也就意味着我们的具备VLA的硬件能力会覆盖L03跟之后所有的车型跟市场。我们目前的进展是非常顺利的，实际上是包括刚刚所说的法规的准备，以及我们在本地化的开始相关的测试。我们的确正在探索商业软件订阅的商业模式，那么我们会在择机开始会宣布，并且我们也正在成立了相关的BD团队，目前已经有多家的合作伙伴在跟我们探讨这一个如何将我们的VLA甚至其他的相关的能力走向全球。谢谢。

Speaker #4: Thank you very much for your question. Given that the signal wasn't coming through very clearly and I could only hear some keywords of your questions, I'll try my best to answer your question based on what I have heard.

He Xiaopeng: 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 which are launched to the overseas market as well, and 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.

Speaker #4: Number one, with respect to the Turing AI chips and this has already been deployed, to our L03 vehicles for the ones that which are launched to the overseas market as well and all of these will have the ultra version.

Speaker #4: For VLA and this will be deployed in L03 models across all different markets and 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 and in the meantime we are looking at for instance about the subscription service of the softwares for our customers and 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 and with respect to the VLA usage or even further expanded into other areas.

He Xiaopeng: In the meantime, we are looking at, for instance, about the subscription service of the software, so 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.

Speaker #4: Thank you.

Speaker #3: Your next question comes from Tena Hu with Goldman Sachs. Please go ahead.

Operator 2: Your next question comes from Tina Hou with Goldman Sachs. Please go ahead.

Speaker #5: 感谢给我提问的机会。第一个问题是想要问一下小彭总，就是我们随着人形机器人的量产和推进，也恭喜我们今天宣布的首轮融资。想问一下咱们对人形机器人整体盈利性的展望，大概会在什么时间点，或者达到什么样的量产规模能够实现盈利？另外，也想问一下公司有没有计划将人形机器人和汽车这两个业务的利润在未来拆分披露，这样可以让投资人和市场对这两个业务在财务方面有更清晰的认知。So my first question is regarding, with the volume production of our humanoid robot product, and also congratulations on the announced equity raising today.

Tina Hou: 感谢给我提问的机会。我第一个问题是想要问一下小鹏总，就是我们随着人形机器人的量产和推进，包括也恭喜我们今天宣布的这个首轮融资。想问一下咱们对人形机器人整体一个盈利性的一个展望，大概是一个什么时间点，或者是到一个什么样的量产规模？然后另外一方面也想问一下公司有没有计划把人形机器人和车的业务两个业务的一个就是利润，可能未来后续拆开来报，这样的话可能能给到投资人和市场可能有更清晰的对两个业务的一个财务方面的一个认知。my first question is regarding, with the volume production of our humanoid robot product, and also congratulations on the announced equity raising today.

Speaker #5: Just wondering, what would be the expected timeline of profitability for the humanoid robot business? Or, in other words, what level of sales volume should we achieve in order to become profitable?

Tina Hou: 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.

Speaker #5: 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? I think this would help market investors have a better understanding of the profitability of these two separate businesses.

Speaker #5: Thank you.

Speaker #2: 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.

Brian Gu: 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, and also start deploying first in our internal scenarios, and gradually offer to external customers starting, I would say, the H1 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. I would say commenting on the 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.

Speaker #2: I would say we are now focused on the milestones that Xiaofeng shared, which is to reach SOP for our robots with volume production capability by the end of this year.

Speaker #2: And also start deploying first in our internal scenarios and gradually offer to external customers, starting, I would say, in the first half of next year, and gradually ramp up from that.

Speaker #2: So that's our goal. I would say it's too early for us to provide a volume prediction or guidance. Commenting on profitability, we anticipate the product of the humanoid robot will achieve much higher gross profit potential compared to the automotive business.

Speaker #2: 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 are much higher margin as well.

Brian Gu: 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 profitability, 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. We obviously, according to the announcement you saw, we actually have a period of 18 months that gradually allows to achieve a separation.

Speaker #2: So given the high profitability, 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.

Speaker #2: So that's our projection. And also, to answer your question regarding the potential separation of the businesses, at the moment, actually, the businesses are operating together.

Speaker #2: 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 us to achieve a separation.

Speaker #2: But in the meantime, what we're going to be focused on is still achieving high degrees of synergy, because we talked about leveraging the capabilities in AI, the capability in advanced manufacturing, powertrain, supply chain, and so forth.

Brian Gu: But in the meantime, what we're going to be focused on is 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. So actually the two business can both achieve high efficiency and greater, I would say, capabilities. So with that, I think the near-term expectation is it will still be mostly viewed as together as business. Also as the volume production and 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. So I think in short, we still see the group consolidating all the financials of the robotic business.

Speaker #2: So actually, the two businesses can both achieve high efficiency and greater, I would say, capabilities. So with that, I think the near-term expectation is it will still be mostly viewed as together, as business.

Speaker #2: And also, as the volume production—and also as 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.

Speaker #2: So I think, in short, we still see the group consolidating all the financials of the robotic business, and at the same time, we'll really think about the most efficient and also most synergistic way to run the business.

Brian Gu: At the same time, we'll really think about the most efficient and also most synergistic way to run the business. Thank you.

Speaker #2: Thank you.

Speaker #3: Thank you. That concludes the question and answer session. Now, I'd like to turn the call back over to the company for closing remarks.

Operator 2: Thank you. That concludes the question and answer session. Now I'd like to turn the call back over to the company for closing remarks.

Speaker #1: 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 Pearson Financial Communications.

Brian Gu: Thank you once again for joining us today. If you have further questions, please feel free to contact XPeng's IR teams through the contact information provided on our website or the Piacente Financial Communications.

Operator 2: This concludes today's conference call. You may now disconnect your line. Thank you.

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