ECARX Holdings Inc.

Good day and thank you for standing by. Welcome to the ECAR-X fourth quarter and full year 2023 earnings conference call. At this time, all participants are in listen-only mode. Dear participants, please kindly download the PDF presentation for your reference. After the speaker's presentation, there will be the question and answer session. To ask a question during the session, you need to press star 1 1 on your telephone keypad. And then you will hear the automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference has been recorded. I would now like to hand the conference over to our first speaker today, Renard Du. Please go ahead.

Thank you, Operator. Good morning and welcome to ECAR-X fourth quarter and four-year 2023 earnings conference call. With me today for ECAR-X are Chairman and Chief Executive Officer Ziyu Shen, Chief Operating Officer, Peter Serino, and Chief Financial Officer, Phil Zhou. Following their prepared remarks, they will all be available to answer your questions during the Q&A session that follows. Please note, today's call is being recorded. Before we start, I would like to refer you to our forward-looking statements at the bottom of our earnings press release, which also applies to this call. Further information on specific risk factors that could cause actual results to differ materially can be found in our filings with the SEC. In addition, this call will include discussions of certain non-GAAP financial measures. A reconciliation of the non-GAAP measure to GAAP measure can be also found at the bottom of our earnings release. With that, I'd like to hand the call over to Ziyu. Please go ahead.

Thank you, Renee. Hello, everyone, and thank you for participating in our fourth quarter and four-year 2003 earnings call. 2003 was a pivotal year for China's automotive industry. China exported 4.9 million vehicles in 2003, supporting Japan to become the world's top auto exporter. Global auto sales topped at 74 million as EVs continued to gain significant market share. with their global penetration hitting another record high of 23% in December. With demand for EVs expanding globally, the software that defines them and is enriched in car experience they offer will grow in tandem. According to PECG, software platforms for vehicles are forecast to grow at 12% CAGR by 2030 with the market value of US dollars 13 billion creating enormous market opportunities that we are uniquely positioned to benefit from with our innovative product portfolio. There are now over 6 million vehicles on the road that incorporate our technology across 25 brands offered by our 16 automotive OEM customers. eCarX equipped vehicles on the road increased 8% from last quarter and 30% from the same period last year. We are starting out the year strongly with a solid pipeline that includes the expected launch of 49 vehicle models over the next 18 months, which we expect to translate into an additional 1 million vehicles on the road that incorporate our technology. This growth is reflected in our financial results, where revenue during the fourth quarter hit a record high of 1.87 billion RMB, up 22% year over year, while for year 2023, revenue hit 4.67 billion RMB, up 31% year over year. the sector continues to present enormous opportunities for growth despite increasing price pressure as competition intensifies. While we continue to invest in our future long-term growth, we are simultaneously working to improve operating efficiency across our supply chain to build a sustainable path towards profitability as our business grows to scale. Our net growth for the year narrowed significantly to 1 billion RMB, compared to 1.6 billion RMB in 2022. Our customer base continues to grow as automotive OEMs increasingly recognize the significant value proposition that our solution offers them. We added one new mass-market Japanese brand in December, and the Multiply EV project wins through our strategic collaboration with one of China's top automotive OEM groups. This is all in addition to winning three new projects within the GE ecosystem during the course. Our international profile and brand awareness continues to strengthen alongside our expanding customer base. Last month, We showcased our full product and met with a number of well-known global automotive OEMs at CES in Las Vegas. Polar 4 also saw the launch of the Polestar 4 and Volvo Car EX30. We showcased the Polestar OS, the customized OS based on Flyme Auto and eCarX Cloud Pick software stack. Both vehicles are equipped with Google Automotive Service. which highlights our ability to deploy these services at scale and to support both Chinese and global automotive OEMs with the launch of their vehicles internationally. Our unique partnerships equal to and continues to be a key driver of our success. During quarter four, we embarked on a new joint venture with Smart to collaborate on intelligent automotive products and strengthened our existing partnership with Black Semi to further develop our intelligent driving ecosystem. This is in addition to our partnership with Mobile, which was on full display with the launch of the Polestar 4. I'm extremely pleased with the progress we have made throughout the year. With our profile growing internationally, strong partnerships, and cutting-edge solutions, we couldn't be in a better position to benefit from the enormous growth opportunities ahead. I will now pass the call over to Peter, who will go through the operating results for the quarter in more detail.