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 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 our co-founder, Chairman, and CEO, Mr.

He Xiaopeng; Vice Chairman and President, Dr. Brian Gu; Vice President of Finance and Accounting, Mr.

James Wu; and myself. Management will begin with prepared remarks and the call will conclude with a Q&A session.

A webcast replay of this conference call will be available on the IR section of our website. Before we continue, please note that today's discussion will contain forward-looking statements made under the Safe Harbor provisions of the U.S.

Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties.

As such, the company's results may be materially different from the views expressed today. 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. 大家好。很高兴与各位股东投资者分享，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。这是刷新中国人形机器人行业的私募的融资纪录。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，高榕参投。同时我们获得了腾讯和阿里两家战略投资者的大力支持。首轮的融资金额和估值已经打破了行业的纪录。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 时刻加速前行，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。

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$6.3 billion post-money valuation. This round was initiated by leading global investors, led by IDG Capital, with participation from Gaorong Ventures, in 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 markets' 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.

It will accelerate our progress towards the ChatGPT moment for physical AI, whilst bringing additional strategic resources to strengthen the robotics ecosystem and expand real-world applications. As a global leader in physical AI, XPeng will not only lead the large-scale deployment and commercialization of autonomous driving worldwide, but also build the world's most valuable humanoid robot company.

Today, we're very happy to see that we have taken another important step towards that goal. 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 的音法、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。

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 chips, AI infrastructure, and world foundation models developed through our ADAS business.

By applying these capabilities to our robotic business, I believe that we can accelerate the mass production and commercialization of XPeng's humanoid robots. 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。

We have been conducting our research and development in the area of robotics for more than 8 years, and I have always believed that the technological challenges and level of innovation required for advanced general-purpose humanoid robots are far greater than those for smart EVs by at least 20 times. To accomplish something that is this difficult, we need to have broad and deep R&D and system integration capabilities across design and styling, hardware and chips, software and AI, data and control systems, and quality and manufacturing.

Only then can we succeed. XPeng is the only 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. 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、数据和相关的音法。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筋膜，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、运动的关键模组、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模式量产交付的整体能力。

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.

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。那么依托我相信就是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即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。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 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。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与模型应用的飞轮效应，让小鹏的 IRON 在真实世界中间会加速地进化。

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 teleoperation, 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. 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.

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地提升到数千台每月。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 模型能力的相关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，在同行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。

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 a part of everyday work and life.

We have recently achieved several major milestones in the development of the mass-production version. Starting from September, we will unveil and demonstrate a series of distinctive capabilities.

We plan to enter scaled production by year-end, with initial commercial deployments in XPeng stores and campuses. In 2027, XPeng IRON will officially launch and begin large-scale deliveries in China and overseas to external customers in the retail and service sectors.

Next year, monthly production capacities can rapidly ramp up to several thousand units in response to market demand. I believe the technological barriers to advanced general-purpose humanoid robots are exceptionally high, while the supply of high-quality humanoid robots remain limited.

As a result, the lifetime revenue and gross 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. 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.

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幅。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 7 月份的中国国内的交付量就超过了 7,000 台，成为 30 万元以上新能源 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纪录，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 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。

Now, I would like to come back to our automotive business. In the second quarter, our vehicle deliveries reached 103,295 units, up 65% quarter-over-quarter, and we achieved year-over-year growth ahead of the broader industry.

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

Our tech-defined luxury flagship model GX stood out among a wave of large six-seat SUVs launched this year. Domestic deliveries exceeded 7,000 units in July, making it one of the top three models in China's NEV SUV segment priced above RMB300,000.

MONA L03, the first SUV in the MONA series, became a breakout hit immediately after its launch, with orders setting a new record for any XPeng model. In the third quarter, new uncancellable orders increased by 50% quarter 50% quarter-over-quarter to a record high.

Extreme weather and supply chain disruptions affected our pace of ramping up and delivery. 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 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.

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势能。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 MONA 的 L05 也将会是在国内上市。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。

The success of the GX and 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 the fourth quarter.

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

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%。那么在今年上半年，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 MONA 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，包括增程车型，进一步扩大小鹏在海外的地域覆盖和市场份额。

Our international business is the second growth engine for XPeng's automotive business and also an important driver of improving profitability. Overseas quarterly deliveries exceeded 20,000 units for the first time in the second quarter, up 81% year-over-year.

In the first half of the year, our international business accounted for more than 25% of total revenues. Furthermore, our overseas operations boast exceptional quality, with an average selling price of our export exceeding €40,000, placing our per-value revenue and gross profits at the forefront of Chinese automakers expanding globally.

Since its global launch in Munich in July, the MONA L03 has attracted significant attention and earned high praise from overseas consumers for its intelligent technology, distinctive styling, and spacious interior. I believe MONA L03 will become XPeng's first major model to achieve leading sales across multiple international markets.

Overseas delivery of the MONA L03 are expected to begin in the fourth quarter, driving firm-wide quarterly overseas deliveries to exceed 40,000 units. In 2027, we will also introduce multiple star models, including extended-range EV models in overseas markets, further expanding our geographic coverage and market share.

那么从

8 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。那么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 的司机做到了看得到准、会思考、反应快。那么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。那么我相信这个第二代 VLA 可以在保持智驾状态下自主安全地寻找靠边车位并且完成泊车。

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 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. The new version delivers a 300% improvement in perception sensitivity, introduces ultra-long-horizon reasoning and predictive capabilities, and operates at an industry-leading frame rate.

This enables the AI driver to see accurately, think ahead, and respond quickly. The new version will also integrate ADAS and smart cockpit capabilities powered by VLA and VLM, bringing selected L4-level capabilities developed for XPeng Robotaxi to our passenger vehicles.

One example is voice-activated pull-over parking. Users simply give a voice command and VLA 2.0 will autonomously find a suitable roadside parking space and park the vehicle without exiting ADAS mode.

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

VLA 以及我们全球友商的最新版本。我认为非常明显的是在大陆上的路况的情况下，小鹏的第二代 VLA 已经和我们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 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跟安全。我相信随着算力和模型的升级，我们在第二代 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。

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 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. 同时我们正在全力以赴加快第二代

VLA 在全球的部署。那么近期我跟团队在德国完成了 VLA 的本地化验收测试。说实话我当时非常地兴奋，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地接近。我认为这比友商的全球多区域的泛化能力要明显领先。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 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。那么当第二代 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。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。

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

We aim to obtain regulatory approval for VLA 2.0 in Europe first in the first half of next year and roll out VLA 2.0, bringing a safer, more comfortable, and more convenient driving experience to users worldwide. After deploying in overseas market, VLA 2.0 will compete directly with the world's leading ADAS and become XPeng's defining competitive advantage for our global products.

At the same time, we will actively explore new software-based business models, creating a positive cycle in which commercialization and technology development reinforce each other. 那么截止到现在，搭载

VLA 的前装量产的 Robotaxi 已经在广州完成了超过 2,000 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。我们在现在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。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地扩大业务规模，通过整车的销售、技术的服务和运营分成创造更大的商业价值。

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.

同时我们认为小鹏的物理

AI 的技术不仅需要技术突破，更需要打造成开放合作、多方共赢的技术和商业生态。那么为了加速物理 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地洽谈，希望让我们的行业领先的图灵 AI 芯片、VLA 的模型、Robotaxi 甚至人形机器人的技术能够更快地走向全球。

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 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. 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，那么环比增长 11.3% 至 17.1%。收入预计约为人民币 217 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。

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 RMB21.7 billion to RMB23.4 billion, representing quarter-over-quarter growth of 9.9% to 18.5%.

I believe XPeng is entering a period of accelerating momentum across multiple business in the second half of the year. Both domestic and overseas vehicle deliveries are expected to reach new highs.

We are also expected to be among the first globally to achieve scaled mass production and commercialization of advanced general-purpose humanoid robots. We also expect to be among the first to deploy advanced ADAS technologies in overseas markets, and we will establish new business models around the physical AI ecosystem, creating greater value for customers and shareholders worldwide.

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。

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

Thank you, Xiaopeng. 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. 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.

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

Gross margin was 20.7% for the second quarter of 2026, compared with 17.3% for the same period of 2025 and 20.6% for the first quarter of 2026. Vehicle margin was 12.1% for the second quarter of 2026, compared with 14.3% for the same period of 2025 and 12.1% for the first quarter of 2026.

The year-over-year decrease was primarily due to the production generation transition. R&D expenses were 2.91 billion for the second quarter of 2026, representing an increase of 32.1% year-over-year and an increase of 0.3% quarter-over-quarter.

The year-over-year increase was mainly due to higher expenses related to the development of new vehicle models and AI-related technologies as the company expanded its product portfolio to support the future growth. SG&A expenses were 2.5 billion for the second quarter of 2026, representing an increase of 15.2% year-over-year and an increase of 32.5% quarter-over-quarter.

The year-over-year increase was primarily due to higher marketing and advertising expenses. The quarter-over-quarter increase was primarily due to the higher commissions to the franchise stores and higher marketing and advertising expenses.

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, compared with net loss of 0.48 billion year-over-year and net loss of 1.7 billion quarter-over-quarter.

As of June 30th, 2026, our cash position was 40.48 billion. To be mindful of the length of the earnings call, I would encourage listeners to refer to our earnings press release for more details on our second quarter 2026 financial results.

This concludes our prepared remarks. We'll now open the call to questions.

Operator, please go ahead.

Morgan Stanley 的 Tim。感谢接受我的提问，也恭喜这个旗下机器原形机器人这个项目以非常亮眼的估值完成融资。那我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面也提到，就是我们目前机器人 R&D 计划是在今年年底进入一个规模量产。那想请问一下，就是整体产能爬坡的一个计划，刚才也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。好，这是我第一个问题。 So my first question is about volume and production target.

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

谢谢，我是小鹏啊。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。那么但是小鹏的

IRON 的机器人，我们实际上不仅多个角度都全栈自研，而且我们在自制方面我们也做得很深。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。

Thank you for your question. This is Xiaopeng speaking.

In terms of robot capacities and 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, and I think when it comes to about the challenges of capacities, in the early stage, it is about the quality, and in the later stage, it is about the sales. 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。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，小鹏 IRON，Sorry，你先帮我翻吧。

In terms of mass production for 2026, and we expect that by year-end of 2026, we will see mass production at scale kicking in for IRON's this product. We believe that we will see the commercialization of the robot itself first starting with our stores.

In 2027, we will see that the commercialization will take place in the different areas of our own self-operated scenarios, and rolling out as well as picking up the speed to external commercialization and user-case scenarios. In terms of R&D, and I think that we are looking at starting from the mid and the second half of next year in 2027, we will pick up the R&D development, and the mass production units will be at multiple of several thousands units per month, and further picking up the speed.

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，并且在中国和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自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。

One final part that I would like to supplement, which is that for the IRON robot deliveries, and 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 figures that we will share.

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. 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嘛，所以也想请教一下就是机器人我们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？能量产之后的一个毛利率大概是一个什么样的水平？

My second question is about the unit economics and the margin profile. What is the estimated unit cost for the mass-production variant of IRON, 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. Thank you.

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% 以上与当前的小鹏在汽车方面是重合的。所以我们是非常地相信最终小鹏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收入，会提高整体的收入跟利润。谢谢。

Thank you for your question. With respect to the mass-produced robots, and 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're looking at doing the R&D research all in-house. When it comes to the supply chain of all these parts, actually over 85% of the supply chain partners that we work with actually overlap with the existing supply chain partners for our automotive business.

I believe the cost of our robots, IRON robots 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 of the BOM material.

For IRON, given that this is a general-purpose robots, and there is a very limited supply in the market, and 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. 对，以上就是我的对这个问题的这个答复，谢谢。

Those conclude my answers to your questions. Thank you.

Which part of the world foundation model can be highly synergistic with autonomous driving? Which modules are shared, and which are developed relatively independently?

谢谢。实际上在行业里面有非常多的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，但是我认知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。那么当前小鹏的汽车里面的模型像 VLA、像我们的这一个多模态模型 VLM 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 VLA 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四类的漫游功能算是一个逻辑。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 VLT 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。那么机器人里面实际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，针对于摔倒或者快没有电的安全模型等。那么这些是一些独特模型，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小鹏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，包括像生成模型等等我们都是在共同开发。谢谢。

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

Perhaps this is possible many years later, but I don't think that is viable as of now. In terms of the difference large models, and 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 models, large models, and which are operating at 10 frames to 20 frames per second.

There are also the slow ones, and slow large models, we call them the thinking large models, they operate at 1 frame per second. When it comes to the VLA and VLM, and for instance, those are the ones adopted in our automotive business.

I believe there are similarities, and for instance, the currently VLA adopted in the automotive business when it comes to the roaming in non-planned roads, and 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 in to use for our XPeng's automotive business.

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, and such as the different mode for safety, and 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.

As you can see, there are commonalities, and all of these features we are developing under the large XPeng system altogether. Even so, and if we look at the further underlying system, and there are many other areas that are quite similar, for instance, the generation of the model generative models, and as well as the mimicking and the simulation models, etc.

Those are the similarities. 谢谢，那我第二个问题就 我补充一句啊，就是除了模型之外，实际上无论是

AI 的音法、数据的管控和组织的音法，实际上在我们这两条线也是共用的。OK，好，谢谢。

Sorry, before you move on to your second question, and 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, and these are also the ones that we do share across the two different parts of the business. 那我的第二个问题呢还是跟机器人相关。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? 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，他就可以做得很好。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。那么我觉得小鹏在机器人的数据跟小鹏的自动驾驶的数据实际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的经验、数据的经验，并且我们已经形成了 我认为在这个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、数据的整个的音法体系也跟小鹏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、数据采集的硬件等系列的事情跟汽车不一样。所以我非常相信我们在数据的从采集到使用的全部闭环的能力都很强。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 它所需要的示教数据。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，这就全部都回答了。

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

Many people say that as long as you have enough data, and 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, and what we are good at is that we have much better data, and the training of the data, we also have 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 decade of experience, as well as the data that we have collected.

We are absolutely leading in the industry among our peers. In terms of the robots, it is the same.

For the robots data management, data training, and data quality, all of these are being developed under the same ecosystem at our company. I believe that apart from the hardwares being different in terms of the collection of the data and to 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 become 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 and R&D of our products. This is different from the low-quality data and which are not helpful at all.

I believe that by having all of these would actually be able to create a flywheel of the high-quality data and R&D that we are conducting, and continue to contribute the development of our products. That's all my answers for your question.

Thank you.

Thank you, Xiaopeng. That's all my questions.

IRON？然后最重要的是后续有没有就是进入工业和家庭场景的这个计划？ 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, and most importantly, are there follow-up plans to expand into industrial and home use cases?

Thank you. 谢谢啊。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。很多人会说他可能从工厂进入，或者从家庭进入，并且是以

2B 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。那么为什么从商业从刚开始从三导进入？我觉得一个最重要的一个能力就是我们把我们的机器人的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，支持二次开发和室内外功能的拓展。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。

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 2B business. What we are looking at is that we are focusing on the large-scale Cs, as well as the small and medium Bs.

That is, to speak, we start entering into the market with business commercialization cases, followed by industries and home usage at a later stage with smaller SKUs. The reason we have picked the salespersons and tour guides, etc., it is because that we believe, both in China and abroad, and 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 robot itself; number two, the environment; number three, the business that it provides; and number four, the emotional values that it brings. Therefore, starting from commercial usage cases, and starting from the smaller type of business, and smaller and medium type of 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.

With these commercial use scenarios for collaboration, and 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. This is our thinking in the regard, and which is different from our peers.

好的，谢谢小鹏总，感谢。我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?

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，而且我们不仅研发，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技术上把灵巧手能够进行规模量产。谢谢。

Thank you very much for your question. Yes indeed, dexterous hand is a extremely important part for robots.

For our robots, and we have one set of hardware, one set of software, as well as three sets of different perceptive systems. In terms of the specific mass production plans that we will be communicating with the analyst by year-end.

We are not only just conducting the R&D of 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 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. 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 dexterous hand, and what we are focusing on rather is on striking a good balance of safety, reliability, easy to maintain, and cost.

For instance, our dextrous hand also has a very nice set of skin that is very similar to the human hand.

ADAS 和 VLA 的业务。那刚小鹏总有提到说 VLA 的业务就是 2.0 明年在海外会有可能会上市。那想知道说是具体是哪些车型的规划？还是说这个明年这个在海外推出的车型都会有这个 VLA 2.0 的这个技术？那同时刚有提到说商业模式海外会考虑这个订阅跟单独收费，那这个部分的思路可不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技术自动驾驶技术能力可以跟其他主机厂合作，让更创造这个收入跟获利的这个潜在的这个市场商业空间？ First question is about the ADAS technology.

Chairman He mentioned that in first half 2027 would start to deploy model in overseas market, particularly starting from Germany with VLA 2.0 technology. I wonder how many models will be equipped with such technology in overseas market, and also can management elaborate a bit more about the business model, including subscription and one-time payment strategy, in the long term in overseas market?

Thank you. 谢谢啊。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，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事。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地顺利的，实际上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。我们同现在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。

Thank you very much for your question. Given that the signal wasn't coming through very clearly and I could only hear some key words 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, 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. For VLA, and this will be deployed in L03 models across all different markets.

In the meantime, we're also catching up and working with the compliance and local laws and regulations, and localization work, testing, all of these are being done at the same time in tandem. In the meantime, we are looking at for instance, about the subscription service of the 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 and other areas. Thank you.

So my first question is regarding with the volume production of our humanoid robot product, and also congratulations on the announced equity raising today. Just wondering what would be the expected timeline of profitability for humanoid robot business, or in other words, what level of sales volume should we achieve in order to become profitable?

Also related to that, do we have any plans to report our profit level separately for the humanoid robot as well as the auto business, so that I think the market investors could have a better understanding of the profitability of these two separate businesses? Thank you.

Hey Tina, this is 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 first half of next year and gradually ramp up from that.

That's our goal. I would say it's too early for us to provide a volume prediction guidance.

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 it's the hardware is already much higher than the automotive business.

In addition to that, we think there will be significant opportunities to add on future AI model training, upgrade, software capability related revenues, which is much higher margin as well. 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 profitability can become reality much faster than the auto business.

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 in a 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.

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 sort of advanced manufacturing, powertrain, supply chain, forth. Actually the two business can both achieve high efficiency and greater, I would say, capabilities.

With that, I think the near-term expectation is it will still be mostly viewed as together as a business. Also as the volume production and also as the commercialization scenarios become more clear, we'll probably think about more likely separations.

In any event, given the ownership structure, this business will be 100% consolidated. It will not impact our financials going forward, even though the business may start to separate based on the plan.

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

Thank you.

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