A：In Q3 2025, XP reported record results in key operating metrics including a new high in vehicle deliveries at 116,007 units, a 149% increase year over year. The company also achieved a gross margin exceeding 20% for the first time, and reduced its net loss, aiming for breakeven in the fourth quarter.

A：As AI models advance and become integrated with real-world data, machines are gaining the ability to interact, communicate, transform, and create within our physical environment, reshaping the future of mobility and daily life.

A：XP's strategy to become a leading global company in embodied intelligence includes developing an extensive portfolio of technologies, products, and supporting a business ecosystem. This involves providing AI-powered vehicles to consumers worldwide, deploying mass-produced robotaxis on a large scale, and achieving the mass production of humanoid robots. An open and dynamic ecosystem is seen as crucial to unlocking the full potential of physical AI for humanity.

A：On November 6th, XP launched the preysal S for the XP X 9 Super, an extended range vehicle equipped with a 5 C rate, high capacity lithium-polymer battery and a total range of up to 1602 km. It is the world's first seven-year-old vehicle to offer the longest range, highest AI computing power, smallest turning radius, and most efficient space utilization in its category. The 9 Super Erev model has received unprecedented interest, especially in northern regions and inland cities of China.

A：The plan is to introduce three super extended range products in Q1 2026 to alleviate key challenges for extended-range vehicles (Erev) users by offering long pure electric range and quicker supercharging, capturing more of the Erev market.

A：XP maintained strong sales growth and established a solid foundation for long-term expansion through its localized approach. In September 2025, monthly overseas deliveries exceeded 10,000 units for the first time, growing 79% year over year. During the third quarter, 56 new overseas stores were established, expanding the cell and service network to 52 countries and regions. A European localized production facility at Magna Land in Graz, Austria, commenced operations, and the company began introducing the XPG G6 and G9 models simultaneously.

A：XP is focusing on investing in AI, large models, computing infrastructure, and datasets, which is driving the continuous emergence of advanced capabilities from their physical world model. The upcoming V 2.0 model, with 10 more parameters than its predecessors, will substantially enhance safety and user experience in intelligent driving. The mass production of the VLA 2.0 model is seen as a major breakthrough in physical AI models, offering significant generational improvements in user experience.

A：XP plans to open-source the VLA 2.0 model to global commercial partners, aiming to provide leading advanced driver experience to audiences. The initial launch customer for the VLA 2.0 model will be the Audi brand. Additionally, the Turing AI SOC has earned a formal sourcing from TTM, and mass production is expected to start early next year. Revenue from licensing technology to external partnerships will be reinvested into R&D for the Touring and V models to foster a positive cycle of innovation and commercialization.

A：XP plans to launch 3 robotaxi models in 2026 with technology that does not depend on high-definition maps or lidar, addressing industry challenges including high costs, operational limitations, and poor generalization.

A：X Robotics aims to begin mass production of advanced humanoid robots by the end of 2026, after full capability integration through cross-domain innovation in Q2 2026.

A：The speaker envisions that by 2030, humanoid robots could sell over 1 million units annually, once a new generation of robots reaches inflection, similar to China's automotive industry.

A：The speaker expects total deliveries in the fourth quarter of 2025 to be between 120,000 and 130,000 units, with year-over-year revenue growth of 36.6% to 44.3%, and projected fourth-quarter revenue between 21.5 billion RMB to 23 billion RMB.

A：The year-over-year and quarter-over-quarter increases in vehicle sales revenue were mainly attributable to higher deliveries from nearly launched vehicle models, while services and others revenue increases were primarily due to the increased revenue from after-sales services and technical R&D services rendered to the Volkswagen Group due to the achievement of certain key milestones.

A：Revenues from vehicle sales increased 105.3% year over year and 6.9% quarter over quarter, while revenues from services and others increased 78.1% year over year and 67.3% quarter over quarter.

A：The speaker describes that traditional automakers focus on their own designs and how they target user segments, relying on the integration of tier 1 suppliers and different parts of the supply chain. In contrast, the physical AI generated model focuses on the definition of the future tech, involving full technology capability and cost integration.

A：Future cars will integrate AI technology across various domains, which will lead to the development of a completely new set of products involving software, hardware, and infrastructure upgrades. This shift signifies that physical AI components will become increasingly prevalent in car development, with projections suggesting over 50% involvement in future car development.

A：The revenue from technology collaboration with Volkswagen is expected to increase significantly in the December quarter, mirroring the increase seen in Q3. Key milestones for Q4 are anticipated to be delivered, contributing to similar revenue levels as Q3. Regarding the touring associate, revenue from the supply of toolingSOC to pre-production verification vehicles is expected to start in Q4, with a ramp-up in revenue anticipated to align with the sales volume of the jointly developed vehicles starting early next year. It is expected that the revenue from the technical collaboration for the full year 2026 will be comparable to the revenue recognized in 2025, provided key milestones are met.

A：The company's strategy for robotics technology is moving forward as planned, focusing on human-like robots that are highly appealing and can attract people to interact with. Their robots incorporate advanced features like muscles and bionic skin, making them more human-like and appealing for human interaction. Compared to existing robots in the market, the company's robots represent the seventh generation, with the eighth generation already in mass production. The company's robots integrate software and AI, differentiating them from hardware-driven robots. The company's advantages in robotics development include synergies with physical AI resources and expertise from the automotive industry, which aids in business strategy and mass production. Additionally, the company's knowledge in the electric vehicle industry is expected to facilitate their future sales and marketing布局 and globalization efforts. The company aims to commercialize their technology by reinvesting revenue from licensing and technical collaborations into their R&D team.

A：The mass production of human robots is considered one of the most challenging tasks the company has undertaken. Meeting the challenge of easily trainability with human language to enable various assistive functions is crucial. While specific capacity and effect scaling figures for human robot operations by the end of 2026 are not provided, the company's long-term goal is to deliver 1 million units by 2030. In terms of use cases, the company is targeting broader integration into daily life and various industries, although specific use cases are not detailed in the provided text.

A：The new generation of mass-produced robots is entering the 1.0 stage, and it is anticipated that by the end of the next 10 months, the robot development process during mass production will be significantly advanced.

A：The initial commercial scenarios for the robots include tour guiding, shopping, or retail assistance. It is hoped that by 2026, the robots will be working alongside people at XPS source campuses for field testing, and the SDK will be opened to more partners for commercialization purposes.

A：Household robot applications are expected within five years, and the opening of the SDK is anticipated to allow more partners to help with diverse and long-tail scenario applications, thus building a better robotic future and ecosystem.

A：The launch of the robot taxi service in 2026 is a part of the company's R&D strategy focusing on full self-development and cross integration. Inflection points in 2026 include the ability to launch current models into the Rob x.c. configuration of fleets and the continuation of offering new capabilities for future vehicles to be more robotic.

A：In 2026, X will launch three different types of robot taxi models to support various mobility purposes and demands. The company aims to work with business partners like Aab for development support in technology, operations, and services. Plans include launching partnerships with service providers across different countries and cities to build a toolbox and interface capability for a successful commercial launch in varied environments.

A：The long-term goal is to have one million human robot sales per year by 2030, driven by the quick ramp-up in technology and multiple applications in home, office, and factory settings.

A：New passenger vehicles with prices targeted to be competitive in the market have been announced. Pricing details and volume targets for these models were mentioned in the speech, as well as the plans for their launch in both domestic and international markets in early 2026. The company aims to continue enhancing its product portfolio across various price segments.

A：Growth potentials for the new Erev models in 2026 are expected to be substantial, driven by different customer groups purchasing the vehicles for varied scenarios. The actual growth could be several times the quarterly growth when the new version of X9 is delivered. Specific data for quarter 4 and the first quarter of next year will be necessary to provide a more concrete answer.

A：The company believes that the pricing logic between cars and robots is very different. They anticipate that future retail sales prices for robots could be very similar to car prices. Additionally, they note that traditional car pricing is weight-based, whereas robots have a high percentage of software (over 50%) and require significant costs for training software and integration. Despite the challenges, the company aims to make robots affordable and empowering for households.

A：The company has initiated localized production in the second half of the year with a factory in Indonesia and a partnership with Magna in Austria. They anticipate a rise in production volume for these plants to support overseas growth, aiming for tens of thousands of locally produced vehicles in Europe and a few thousand in Indonesia. The company is also exploring additional opportunities for local capabilities in other markets and local supply chain integration. Smart driving capabilities are intended to drive sales growth in international markets, with the company looking for higher profits and growth from international businesses compared to the domestic market.