理想汽車2026Q2業績直播
【AI 要點總結】
財務表現
- 二季度總收入257億元，同比下降15.1%，環比增長11.7%
- 車輛毛利率9.4%，較去年同期19.4%大幅下降
- 運營虧損23億元，去年同期爲盈利8.27億元
- 現金儲備875億元，經營現金流轉正至1500萬元
業務進展
- L系列完成全面換新，搭載自研馬赫M100芯片等核心技術
- 理想L6連續六個月位居20萬元以上車型銷量前三
- 5C超充站投運4141座，覆蓋全國近300座城市
- 海外市場拓展至哈薩克斯坦、烏茲別克斯坦等地區
下一季度業績指引
- 三季度預計交付9.5萬至10萬輛車
- 三季度總收入預計266億至280億元人民幣
- 全年資本支出預計約60億元人民幣
- 四季度交付情況將決定全年現金流是否轉正
機會
- 通過OTA升級持續釋放硬件能力，馬赫VLA性能提升20%
- 自研三電體系實現結構性降本和運營效率提升
- 海外市場佈局加速，Q4開啓歐洲市場
- 與哈薩克斯坦頭部汽車集團達成戰略合作
風險
- 面對激烈市場競爭和車型迭代期壓力
- 原材料漲價帶來成本壓力，包括芯片和碳酸鋰
- 換代切換階段存在老款清庫和新品上市壓力
- 海外業務拓展面臨地緣環境等不確定因素
【AI 會議實錄】
Operator
Hello, ladies and gentlemen. Thank you for standing by for Lee Auto's Second Quarter 2026 Earnings Conference Call. At this time, all participants are in listen only mode. Today's conference call is being recorded. I will now turn the call over to your host, Miss Janet Seng, Investor Relations Director of Lee Auto. Please go ahead, Janet.
Janet Seng
Thank you, operator. Good evening and good morning everyone. Welcome to Lealdo's second quarter 2026 earnings conference call. The companies financial and operating results were published in a press release earlier today and were posted on the companies IR website. On today's call, we will have our Chairman and CEO, Mr. Seong Li and our CFO, Mr. Johnny Tilley to begin with prepared remarks.
Our President, Mr. Dong Hui Ma and CTO, Mr. Yan XI will join for the Q&A discussion. Before we continue, please be reminded that today's discussion will contain forward-looking statements made under the Safe Harbor provision of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. As such, the company's actual results may be materially different from the views expressed today.
Further information regarding risks and uncertainties is included in certain company filings with the SEC and the Stock Exchange of Hong Kong Limited. The company does not assume any obligation to update any forward-looking statements except as required under applicable law. Please also note that Leotto's earnings press release and this conference call include discussions of unaudited GAAP financial information as well as unaudited non GAAP financial measures.
Please refer to Leotto's disclosure document on the IR section of our website, which contain a reconciliation of the unaudited non GAAP measures to comparable GAAP measures. Our CEO will start his remarks in Chinese. There will be English translation after he finishes all his remarks. With that, I will now turn the call over to our CEO, Mr. Zhang Li. Please go ahead.
Zhang Li
大家好，我是李響，歡迎各位參加今天的業績電話會議，面對激烈的市場競爭和車型迭代期，今年上半年，理想汽車在二十萬元以上的新能源汽車市場依然位居中國品牌銷量第一。隨着我們雙能戰略的持續推進，理想汽車增程與純電車型目前訂單結構均衡已經接近對半。
二季度以來，理想L系列已經完成了全面換新，我們的一系列核心技術成果順利上車，從自研馬赫M100芯片馬赫vlv模型到八百伏主動懸架全線控底盤，再到第三代自研增程器儀與5C超充電池，全方位軟硬件的升級重新定義的技術和體驗的新標準。
純電方面，理想I6已經連續六個月位居二十萬元以上所有車型銷量前三，它將與理想R6分別成爲所在細分市場的頭部產品，進一步鞏固我們在二十到三十萬元SUV市場的領導地位。純純電產品的迭代升級也在順利推進，七月末理想I8新增後驅長續航版本，並圍繞用戶反饋的問題和需求，增加了電動前備箱前排雙流動力座椅等配置，補強了產品力，也帶來了銷量的提升。
9月2日，新一代理想mega即將上市，我們對其先鋒造型做了進一步打磨，並帶來了新一代的內飾設計空間體驗智能平台和駕駛質感。全新純電旗艦SUV理想I9也將於九月中旬上市，進一步完善理想汽車的純電產品矩陣，預計後續純電車型的訂單佔比會持續提升。
隨着下半年幾款車的上市及爬坡，我們有信心在二十萬元以上中國乘用車市場進入所有品牌銷量前三。通過核心技術的自研，我們持續鞏固更深的護城河，並逐漸將其轉化爲用戶價值和商業效率。目前，5C超充已經成爲了用戶選擇的必要因素，理想自建超充站是重要競爭力之一。
電池方面，我們已經實現了包括電芯BMS和派克在內的全站自研，繼自研電機和電控之後，補齊了三電領域的最後一個版圖。通過和整車系統的一體化設計，以及對於5C超充的技術的經驗積累，理想汽車自研電池可以在質量安全壽命等方面有行業領先的表現。目前，理想汽車自研電池已經在全新理想二八新一代理想二六和理想I8正式上車。
未來幾個月，我們將所有的車型，我們在所有的車型上都將會搭載自研電池。我們堅定的認爲，長期來看，電池和芯片會是具身智能行業最重要的技術壁壘和護城河。五月我們開始交付基於理想汽車自研馬克M馬克M100芯片的整套試駕體系，目前馬克M100芯片交付已經超過了五萬顆，並保持了良好的質量表現。
芯片之外，我們在模型控制器軟件系統等研發層面也在不斷突破，並逐漸將轉化爲產品體驗。七月底，通過OTA 9.1馬赫vla的性能整體較之前提升了20%，用戶里程滲透率相較上一代算力平台也接近翻倍的提升。九月馬赫vla也將推送至索爾和敖潤平台的用戶，後續我們會基於理想汽車的數據積累，針對馬克M100芯片加速模型訓練與能力的提升，進一步發揮自研芯片的算力優勢。
七月的OTA 9.1版本讓vlv在反應速度上看齊和超越人類駕駛員，十月的OTA 9.2版本vlv將全面採用3Dvit的感知，看得更遠更精準。年底的OTA 9.3版本vlv的模型參數會成倍提升，在複雜場景的任務理解和推理能力上顯著提升。反應更快，看得更準，推理更強是今年馬赫M100和馬赫V2V最重要的三個提升。
未來，我們將繼續以打造巨身智能的汽車爲核心戰略，通過軟件一體的全棧自研與持續迭代，讓汽車真正成爲保護人類安全獨立完成任務比人類更高效的智能機智能體機器。下面有請我們的CFO呂鐵爲大家介紹我們的財務表現。
Zhang Li (English Translation)
Hey everyone, this is Visa and thank you for joining our earnings conference call today. In the first half of this year, in the midst of intense market competition and a complete product refresh, Lee Auto has remained the top selling Chinese automotive brand in the RMB 200,000 and above and EV market. The continued rollout of our dual energy strategy has resulted in a healthy product mix with E reps and DIP apps each accounting for 50% of total sales.
Since Q2, we have updated the entire DL series showcasing our latest technologies. Key updates include our in health mock 100 M 100 chip running mock VLA model, 800 Volt active suspension and drive by wire chassis and our third generation range extender with 5C supercharging battery. The hardware and software upgrades set new standard for the technology and user experience once again.
Turning over to our Bev lineup, the Lee I6 has been one of our top top three selling models priced over RMB 200,000 for six consecutive months. Lee I 6 and and the L6 are the top sellers in their respective segments, further solidifying our leadership in the RMB 200 to 300,000 SUV market. Upgrades to our Bev lineup is also underway. In late July, we launched the rear wheel drive long range version of VI 8.
Based on user feedback, we added features such as Powerfrunk and 0 gravity driver and passenger seats. These updates bolstered our product competitiveness and translated to a notable sales uplift. The new Generation V Mega is scheduled for launch on September 2nd. We further polished its pioneering design and completely revamped the interior, the cabin experience, intelligent platforms and bike quality.
Additionally, the all new flagship SUVI9 will also be launched in mid-september, further enriching the auto that product lineup. We anticipate that model to account for an even larger share of total sales over time. With new models launching and ramping up in the second-half of this year, we're confident in maintaining a top three position among all brands in China's passenger vehicle market priced above R&B 200,000.
By developing core technologies in house, we're continuously deepening our competitive mode, steadily translating these technological advancements into tangible user value and commercial efficiency. Spicy supercharging has become a prerequisite in user purchase decisions and a proprietary supercharging network stands as one of our key competitive advantages. On batteries, we're able to develop cell BMS and pack fully in house, completing the final piece of the electric powertrain puzzle following electric motors and control units.
Operator
This is the operator. Please hold and the conference will recommend shortly. Thank you. The conference is reconnected. Please go ahead.
Zhang Li (English Translation Continued)
Apologies for the breakup to continue with the CEO's remarks. Through integrated design with the overall vehicle system combined with the technology and experience we have accumulated in 5C supercharging, we're confident that Lee Autos in house battery will deliver industry leading performance and quality, safety and service life. Our in house batteries are already developed, deployed on our all new lead L 8, the new Lead L6 and then the I8.
Within the next few months, all of our models will be equipped with our proprietary batteries. We firmly believe that batteries and chips are going to be the most critical technological barriers in the embodied AI industry. In May, we started shipping our full Sack, a DEF solution based on the MOD 100 M 100 chips. Today, shipments of the MOD M100 chips have exceeded 50,000 units, maintaining excellent quality track record.
Beyond chips, we're also making R&D breakthroughs across models, controllers and software. These achievements have steadily translated into product experience. In late July, with OTA 9.1, overall mock VLA performance improved by 20% and user mileage penetration nearly doubled compared to the previous generation including platform. In September, we will also roll out mock VLA to cars with NVIDIA Store and Ornex chips.
Building on the data we have accumulated, we'll accelerate accelerate model training and iterations to fully leverage the compute advantage on our chips. The July OTA 9.1 update allows VLA to match and surpass human drivers in reaction speed. The October OTA 9.29 Point 2 update will enable VLA to fully adopt 3D Vision Transformer, providing long range and better precision, and your end OTA 9.3 update will see VLA model parameter scale exponentially, significantly enhancing task comprehension and reasoning capabilities in complex scenarios.
Faster reactions, sharper vision and stronger reasoning are the three most crucial upgrades for the Mock M100 and Mock VLA this year. Going forward, building and body AI vehicles will remain at the core of our strategy through full stack in health development across hardware and software. With continuous, continuous iteration, our vision is that vehicles will become true intelligent agents that can not only look after human beings, but also complete task independently more efficiently than human beings. With that, I'll turn the call over to our CFO, Johnny to walk you through our financial performance.
Johnny Tilley
Thank you, Lee. Hello, everyone. Given time constraints, my remarks today will be limited to our second quarter financial highlights. All figures will be quoted in RMB unless otherwise stated for further details, including the corresponding U.S. dollar amount. We encourage you to refer to our earnings press release.
Total revenues in the second quarter were RMB 25.7 billion, down 15.1% year over year and up 11.7% quarter over quarter. This included 24.1 billion from vehicle sales, down 15.7% year over year and up 11.8% quarter over quarter. The year over year decrease was mainly driven by reduced vehicle deliveries and the lower average selling price due to different product mix. The sequential increase was mainly attributable to a higher average selling price due to different product mix and increased vehicle deliveries.
Cost of sales in the second quarter was RMB 22.8 billion, down 5.6% year over year and up 7.8% quarter over quarter. Gross profit in the second quarter was RMB 2.8 billion, down 53.3% year over year and up 56.9% cultural quarter. Vehicle margin in the second quarter was 9.4% versus 19.4% in the same period last year and 6.1% in the prior quarter. The year over year and sequential changes were mainly due to different product mix.
Gross margin in the second quarter was 11% versus 20.1% in the same period last year and 7.9% in the prior quarter. Operating expenses in the second quarter was R&B 5.1 billion, down 2% year over year and up 6.9% quarter over quarter. R&B expenses in the second quarter were R&B 2.8 billion, down 1.2% year over year and up 2% quarter over quarter as C&A expenses in the second quarter were RMB 2.3 billion, down 16.2% year over year, mainly on lower employee compensation and up 11.2% culture mainly on higher marketing and promotion spending.
Loss from operations in the second quarter was RMB 2.3 billion versus 827 million income from operations in the same period last year and three billion loss from operations in the prior quarter. Operating margin in the second quarter was -9% versus 2.7% in the same period last year and -13% in the prior quarter. Net loss in the second quarter was RMB 1.7 billion versus 1.1 billion net income in the same period last year and 2.3 billion net loss in the prior quarter.
Diluted net loss per ADS attribute to ordinary shareholders was RMB 1.69 in the second quarter versus diluted net earning of 1.03 in the same period last year and diluted net loss of 2.26 in the prior quarter. And now turning to our cash flow and balance sheet. Net cash provided by operating activities in the second quarter was RMB 15,000,000 versus 3 billion used in the same period last year and 6.1 billion used in the prior quarter.
Free cash flow was negative RMB 1.3 billion in the second quarter versus -3.8 billion in the same period last year and -7.4 billion in the prior quarter. Our quarter end cash position remained robust as RMB 87.5 billion. This solid cash position gave us the flexibility to invest in product and technology innovation. They are also returning value to our shareholders through share repurchase.
To date, we have repurchased a total of 91.7 million Class A ordinary shares including 23.7 million ADS for total consideration of about U.S. dollar 631.5 million. And now for our business outlook for third quarter of 2026, the company expects to deliver the deliver risk to be between 95,000 and 100,000 vehicles and quarterly total revenue will be between 26.6 billion and 28 billion.
This business outlook reflects the company's current and preliminary view on its business situation and market conditions, which is subject to change. That concludes our prepared remarks. I will now turn the call over to the operator to start our Q&A session.
Operator
Thank you. If you wish to ask a question, please press *1 on your telephone and wait for your name to be announced. If you wish to cancel your request, please press *2. If you're on a speakerphone, please pick up the handset to ask your question. For the benefit of all participants on today's call, please limit yourself to two questions and if you have additional questions, you can reenter the queue.
If you are Mandarin speaker, please ask your questions in Chinese first, then follow with English translation. Your first question comes from Tim Hessio with Morgan Stanley.
Tim Hessio
管理層你好，我是的Tim，我有兩個簡短的問題啊，第一個問題是有關於呃2020年這個遊戲列，因爲我們今年啊這個理想遊系列的換代已經完成，那能否請管理層更新理想遊系列的一個上市表現。I have two questions. The first question is about L series. How is the model year updates for the lead L series now completed? Could the management provide an update on its market performance so far since launch? That's my first question.
Dong Hui Ma
Tim，你好，我是馬東輝，我來回答這個問題。那今年的話我們是完成了完整的L系列的產品換代，從L9L8然後到L6，全部切換到新的一代平台，我們全系搭載了自研的馬赫M100芯片5C的征程核心技術，並且在利維斯車型上面，我們搭載了全線控的底盤，完成了二十萬到五十萬增程SUV完整價格帶的一個覆蓋。
從上市交付的表現來說的話啊，高端版本用戶接受度啊是超預期的，上市以來L9利維斯的版本訂單佔比啊大約是85%，大量用戶願意爲全線控底盤高階質價這些硬核的技術買單，也鞏固了我們在四十到五十萬家庭SUV當中的市場地位。L8上市以來的話，阿爾法版本是走量的主力門店市價轉化率啊表現良好。
關於新一代的話，L6承接了上代產品的用戶基本盤，而上一代的話L6我們累計交付已經接近的話四十萬台，也奠定了良好的市場基礎。那在新一代L6上面，我們補齊了用戶此前反饋的純電續航里程短充電速度慢試駕能力的短板，並且零重力座椅和29英寸的全景屏進一步提升了乘坐的體驗。
那上市之後啊，訂單熱度是較好的，有望形成穩定的月銷一萬台的規模，這也是我們二十到三十萬價位區間最重要的基本盤車型。那同時我們也看到換代切換器帶來階段性的擾動，像換代呃，切換階段，受老款的清庫新品的上市以及政策銜接等因素影響，那在經營端存在階段性的壓力，我們正在優化相關的環節。
那接下來的話我們會關注兩件事兒啊，第一站的話是軟件迭代來持續提升我們產品的價值，我們這一代io系列的產品擁有紮實的硬件基礎和性能，後續我們將通過OTA迭代，持續釋放制架能力，逐步落地自身智能等相關的功能。那第二點的話，我們會持續加密和覆蓋自建5C的超充網絡。
那截止到七月末已經投入運營了理想超充站達到了4141座充電樁超過了兩萬2800多根，完成了九縱九橫18條國家級的高速貫通，覆蓋全國近三百座城市。那我們自建的超出5C網絡啊，既可以服務純電也可以服務新一代的5C中程車型，並且已經成爲用戶購車的重要考量因素。
那我相信L系列完成換代之後會和I系列的純電產品形成互補，共同來支撐整體業務的增長。那當前的話，增程和純電訂單呃結構接近的話是均衡，那後續的話伴隨着我們更多純電產品的投放，純電的訂單佔比有望進一步提升，謝謝。
Dong Hui Ma (English Translation)
This year we have completed completed the full refresh of the L series from L9L8L6, have all transitioned to the latest platform which includes the mock and 100 chip 5C range extension and other core technologies and on live as models. We also carry our latest fully drive by wire chassis. With these we have completed coverage of the 200 to 500,000 RMB range extended SUV market.
Since we started delivery, we have seen a few seen a few trends. First of all, our high end models have exceeded users and our expectations since launch. The L9 Livis accounts, the Livis version of the L9 accounts for over 85% of all sales. Many users willing to pay for this fully drive by wire chassis as well as high end ADAS systems as well as other core technologies. This also solidified our leadership in the R&B 400 five 100,000 home and family SUV market.
And since the launch of the L8 Ultra version has been the key sales driver and the conversion ratios in our storefronts have been performing very well. Secondly, the new generation L6 has successfully retained the user base from the previous generation with the previous generation laying a very good foundation by delivering almost 400,000 units. And the new generation have addressed key user feedback such as EV range, charging speed, heat intelligent platforms and also completed the offering with 20 gravity seats in the front row and a 29 inch panoramic screen, which also enhanced user experience.
So since launch, we have seen very good reception on L6 and we're hopeful that there will be a 10,000 units per month demand level steadily going forward. So this is a poor pillar for sales in the 200 to 300,000 market. In the meantime, we have honestly seen some temporary disruptions caused by the model refresh cycle including clear old, old inventory, ramping up new models and sales policy transitions have all created short term operational headwinds. We're currently working very hard to optimize our processes and address these challenges.
Going forward we will focus on two things. The first is to further enhance product value through OTAs. The all new L series have a very robust and industry leading hardware at the basis. So moving forward we'll continue to unlock these hardware capabilities and AI features through OTA updates. Secondly, we will continue to build out our 5C supercharging network increasing both density and coverage.
As of the end of July, we have already 4141 charging stations in operations and over 200 28 thousand 222,800 charging stalls. We have now a 9 by 9 grid covering 18 national level highways and covering more than 300 cities. So our in house charging network as well as 5C charging capability have become a prerequisite for many of our users in their car purchase decisions.
So with the L series refresh complete, it is now, it will now complement our I series BAV to jointly Dr. overall business growth. Currently ERAB and BAV each account for half of our total sales and we expect that share to rise further as we launch more bad models later this year. Thank you.
Tim Hessio
感謝管理層，呃，我的第二個問題是有關於mega，那今天公司也發佈了理想mega的一個預熱視頻啊，所以是否能夠請管理層介紹一下理想mega的改款方向和接下來的像預期。My second question is about Omega. Following today's the release of the preview video for the newly Mega, could you share the key highlights of this refresh and to your sales expectation? Thank you.
Dong Hui Ma
好，謝謝，我是那個馬東輝啊我們今天發佈了mega改款的預熱物料啊，這次mega改款啊，其實是基於老款mega上市以來大量真實用戶的反饋，針對於大家核心痛點做的多項重點優化，主要是集中在三個方面。第一個的話是底盤和超重啊體驗的提升，針對於MPV車型尺寸大城市掉頭泊車不夠靈活的用戶反饋。
那在改款mega上面，我們將搭載後輪轉向線控轉向以及主動防傾杆等配置，大幅來縮小轉彎半徑，改善過彎的車傾，兼顧大車的空間和靈活的駕控。那第二個的話是智能硬件會全面升級，升級全套的支架感知硬件會搭載我們自研馬克M100支架芯片補全側向後向的感知能力，強化城市的NA在複雜路口自動泊車的表現。
那座艙也將升級高通的高性能座艙芯片，帶來更好的交互和娛樂體驗。那第三個方面的話是家庭的座艙和細節體驗的優化，我們會延續mega家庭MPV的定位，升級二排和三排座椅的乘坐體驗，內飾氛圍交互細節更好的話去滿足多成員家庭出行的使用需求。
那mega作爲我們五十萬以上價位的純電家庭旗艦的MPV，它的定位非常清晰，這次改款補齊了用戶集中反饋的短板，產品力也得到系統的提升。關於後續的銷量和表現，取決於上市之後的訂單轉化產能爬坡和市場需求的變化，我們接下來會全力做好產品的交付門店的體驗和用戶的運營，上市後市場表現我們會持續和大家進行同步。
Dong Hui Ma (English Translation)
Many of you have noted, we have today officially read these, the first batch of teaser information on our new generation MEGA. This new generation is really based on user feedback, real user feedback from the previous generation MEGA and to address the important feedback and product forecomings of the previous generation. And they mainly fall into 3 categories.
The first is improvement in chassis and handling experience. Many view MPV's as very large and cumbersome in cities. So the new generation mega wheel have will be equipped with rear wheel steering drive by wire system and as well as active anti roll bars, which will greatly reduce the turning radius and reduce roller, reduce body roll in cornering and also make the car more flexible and agile in cities.
And 2nd is upgrade to the intelligent platform. We improved the entire photons driving system with our in house mock and 100 chips. We've also completed the latter on rare sensors in to improve city and LA and handling complex intersections and auto parking on the cabin side, but also be upgrading to the latest Qualcomm chips to bring better interactive and entertainment experience.
And thirdly is improvements in the cabin and details to further drive the positioning. As a family MPV, we've made significant upgrades, but second and third row including the interior atmosphere interactions to better serve the needs of large families. Mega's Bureau clearly positioned as the flagship SUV over 500,000 RMB. So this new generation has really addressed user feedback and have completely revamped the product and improved the product upstate.
The sales performance will depend on many things including sales conversion, including product ramp up as well as changes in the market. But we will make sure to. Make sure to deliver to focus on delivery store experience as well as user operations. And we'll keep updating everyone on the sales performance as we launch the product. Thank you.
Tim Hessio
感謝各位的分享
Operator
Your next question comes from Paul Gong with UBS.
Paul Gong
啊，感謝感謝接受我的提問啊，我有兩個問題啊，第一個問題是啊近期原材料漲價啊，對於公司的一個利潤率的一個影響啊，我們是否能夠在單車的一個層面上面有一個匡算啊，也就是說在二季度進入到三季度的時候啊，有一個方向性的一個指引啊，我們如何在啊採取什麼樣的措施來應對這樣的原材料的漲價。So my first question is regarding the impact of commodity cost inflation. How much can you quantify in terms of the impact in Q2 and some moving towards AQ 3 and what would be your strategy to counter for such cost inflation challenge the margin pressure? Thank you.
Dong Hui Ma
哎，胖你好，我是馬同輝，呃，今年上游的核心原材料還有零部件出現週期性的波動啊，給汽車行業也包含我們帶來了很大的成本壓力。那從細分來看的話呢，呃，主要是包含像受AI產業高速發展然後推動的像芯片P4B板，整個市場需求是旺盛的啊，供給的話偏緊價格的話上行，像存儲芯片同樣也出現了漲價。
那我們依託呢前期所量和長期的採購框架協議，呃，受到的價格波動影響小於的話行業平均水平還有電池，今年的話碳酸鋰的價格啊，也出現了較爲明顯的週期性的波動。所以說爲了應應對週期性的成本波動啊，我們有兩個舉措啊，一方面我們會持續推進精細化的運營來實現的話降成本。
那另外一方面，我們要依託全棧的技術資源和自主的供應鏈體系來構建長期的結構性降本能力啊。首先我們持續會建設高度自研自控的三電體系，夯實我們的技術和成本兩方面的競爭基礎。那在電驅動領域的話，我們已經實現了像電機電控碳化硅呃芯呃芯片的模組自研自制。
那對於關鍵部件啊，深度掌握，那依託一體化的集成架構啊，我們會不斷的話去優化，能能耗迭代的話，技術方案來攤薄單車的硬件成本。那另外在電池系統方面的話，我們將電池派克和整車的架構同步開發深度耦合，那這樣的話可以實現像能耗溫控安全以及空間的最優解兼顧的話產品的體驗和成本的控制。
那目前我們已經構建了像電芯體系的設計，派克的結構設計熱管理BMS算法等核心的自主研發能力，我們會推動自研電池系統在更多車型上面落地應用，在質量性能和成本維度形成的話競爭力。那另外，我們通過自研的制架芯片，會打造核心技術和成本的競爭優勢。
我們自研馬赫一百的芯片，通過創新的數據流架構和軟硬件的一體化設計，在算力表現和成本控制上具備顯著的結構性的優勢。呃總結來說的話，短期啊，我們會通過長單的鎖量精細化的運營來平滑階段性的對成本的壓力來進行的話控制，那中長期會依靠自然技術的規模化落地穩固經營的話毛利水平來支持公司長期高質量的發展，謝謝。
Dong Hui Ma (English Translation)
This year, we've seen cyclical fluctuations in the upstream raw materials and core components, which has been created temporary cost pressures for both the industry and our company, which has been further impacted our gross margin. To look this, look at this in more detail. On the AI side, because of the development in the AI sector has this has driven demand for chips and PCBS pushing prices up.
On the memory side, memory chips price have also risen, but with our early volume commitments and long term procurement agreements, the price impact on us is less than the industry average average. And on the battery front, lithium carbonate prices also experienced cyclical fluctuations this year. And to navigate the cyclical cost fluctuations, we're taking A2 pronged approach.
On the one hand we're continuously driving cost reductions through more efficient operations and on the other hand we're leveraging our full stack in house technology and proprietary supply chain to build the long term structural cost advantages. So specifically first on the on the electric drivetrain front, we will continue to be committed to owning and driving the R&D and supply chain of the three key electric systems to solidify our dual modes and technology and cost.
On the electric drive side, we have a cheap in house development and manufacturing of motors, controllers and silicon carbide chip modules which ensures our control over the critical components. By leveraging our integrated architecture, we're continuously optimizing energy consumption and iterating on our technological solutions which has steadily amortized the hardware cost per vehicle.
And in terms of battery system, we develop in tandem and deeply integrate our battery packs with the overall vehicle architecture, which allows us to achieve the best possible balance between energy, energy consumption, thermal management, safety and packaging efficiency, which further develops delivers an exceptional user experience while maintaining strict cost central.
We have established the in house R&D capabilities in core areas which includes cell pack, thermal management and BMS algorithms. We're accelerating the deployment of our proprietary battery systems crop A broader range of models establishing a strong competitive action quality, performance and cost. And secondly is in health developed chips. We're building a strong competitive advantage across technology and cost.
Again, the proprietary mock and 100 chip is built on an innovative data flow structure, which would integrated hardware and software customization and delivers a structural advantage in compute performance and also costs. So overall in the short term, we're trying to smooth out the temporary cost fluctuations and pressures on our business through volume commitments and refined operations. And in the medium to long term, we're relying on scale deployment of our in house technologies to stabilize the gross margin and support the company's high quality sustainable growth. Thank you.
Paul Gong
嗯，謝謝，那考慮到這個原材料漲價以及同質化競爭的這些問題，我們接下來對於毛利率的一個目標是多少啊。If we're considering the raw material costs as well as the commoditized competition, what would be our latest gross margin target? Thank you.
Zhang Li
哎，我，我是李想，因爲今年的電池啊，存儲芯片等核心零部件成本上漲是整個行業都會面臨的共同挑戰，那理想汽車的我們的整個產品智能化程度更高，所以存儲和半導體的用量更大，受的影響也更爲顯著。除了這個報名因素以外，然後理想汽車在製造費用端對模具壓減距和其他設備的折舊攤銷也都按照嚴格的標準進行。
包括對車型改款然後事項的處理，這個處理隨着今年新車型的陸續上市，而毛利率正在逐步的改善，但也必須正視今年芯片PCB等半導體成本上漲帶來的影響。我們不會把成本然後上漲轉嫁給消費者，而是會通過一體化的設計和工業能力，包括對電池的進一步的自研和搭載，然後補齊我們三電領域的自研和供應。
然後通過更好的成本管理能力，也包含通過我們的整個銷售體系的費用的，然後效率提升然後成本降低，然後的改善，從而將整個的這個將降降本的這個金額轉化爲用戶可以實際享受到的實惠。那長期來看，我認爲公司健康的毛利率會介於15%到二十之間，對，然後跟二十的差異的主要的影響因素就是未來然後各種原材料，然後仍然可能會存在着，然後變動。
Zhang Li (English Translation)
As we can observe this year, we have seen a very big increase in the cost of batteries and memory chips. This which is a common challenge for everyone in the industry. And because Liotta's products are more intelligent, which makes them consume more memory and semiconductor. So we're more impacted and apart from the impact on BOMB, we're also experiencing amortization and depreciation on our tooling and production equipment.
We're going to follow more strict rules as well as the treatment to enter production items as we launch new products this year. Over time we already are seeing improvements in gross margin, but we must also face the increase in chip and PCB as well as other semiconductor, the cost increase, we must face this as well. We have made a decision not to pass these price increase over to our customers.
But instead we will continue, we'll continue to leverage our integrated design and supply chain such as deepening our in house R&D deployment of our batteries to make our system more self-sufficient. And secondly, we will build a better cost control, cost management capabilities. And thirdly on the sales front we have through our sales partner program we have we have benefit from lower sales cost, better operational mindset and increase inefficiency.
So all of these lower prices at low cost will be transformed to actual benefits that our users can receive in the long term. My view is that the company healthy margin for the company will be somewhere between 15 to 20% gross margin with the main driver here being the raw material cost. Thank you.
Operator
Thank you very much. Your next question comes from Lynn Zukwel with Scitex.
Lynn Zukwel
啊，感謝管理層接受我的提問啊，我是中信證券的喬文祚啊，我有兩個問題啊，第一個關係，呃第一個問題呢啊，是關於這個即將上市的理想啊I9的啊，想請問管理層目前有什麼信息呢可以跟我們分享啊。So my first Is about I-9. What information could you please share about the upcoming Li Auto I9?
Dong Hui Ma
哦你好我是馬東輝我來那個回答這個問題在這裏的話有三點可以和大家做一個分享。呃第一個的話是關於產品的定位，I9呢是我們面向多成員家庭打造的純電旗艦六座的SUV也延續了我們之前深耕家庭出行的核心產品基因。那在產品矩陣上的話I9和麥達會形成精準的互補，一個是旗艦的SUV一個是旗艦的MPV，共同覆蓋高端多成員家庭純電的出行市場。
那在產品正式落地之後，那I6I9啊也將進一步壯大我們的純電產品陣營和L系列形成增程純電的雙能協同，進一步完善二十萬到五十萬高端新能源市場的產品佈局。那第二個的話是核心技術的底座，那I9呢也會搭載八百伏5C的高壓平台，會採用我們新一代自研的電驅系統，依託我們全國自建的5C超充網絡，爲用戶帶來優異的極速補能體驗。
那在智能方面的話，我們將搭載自研的馬克一百的支架芯片爲高級智架以及後續的巨神智能功能的迭代提供充足的算力。那座艙呢，也將會搭載我們新一代的高通高性能的座艙芯片來支撐多任務並行AI智能交互等複雜的場景。那最後的話是用戶的核心價值，因爲I9的話會聚焦多成員家庭的全員出行場景。
我們重點優化超大空間的佈局，全員舒適的乘坐體驗以及全域的智能交互能力，致力爲車內每位乘客都帶來旗艦級的綜合體驗。那在發佈節奏上的話，I9計劃是在九月中旬正式發佈，那具體的價格配置啊，這個敬請大家關注我們的正式發佈會啊，歡迎大家持續關注，謝謝。
Dong Hui Ma (English Translation)
There are three things about the the I9 that I would like to share. First of all, product positioning. I9 is designed for large families as a flagship 6 heater SUV, which continues our core DNA to build products for large families. In terms of product, Matrix I9 will complement Omega, one being a flagship SUV, the other being the flagship MTV that will both together satisfy the needs of large families who wants to buy an electric vehicle.
As I 9 Lands, I 9 will also be an important addition to our EV flagship EVEV profit line as well as it will also complement the L series with our independent range extended and bad product lines. So these all will complete our coverage of the Army 200 to 500,000 high end new energy vehicle market. Second thing I'd like to share is the technological foundation. I 9 will be equipped with 800 Volt 5C high voltage charging platform.
It will be powered by our latest generation in health developed electric motors, which also relies on our overall national 5C charging network to provide a very good charging experience for our users. On the intelligence front, I 9 will carry the mock M108S chip to power not only a tons driving, but also embodied AI capabilities going forward. On the cabin front, have also carried the latest Qualcomm high performance cabin ship as well to support multitask parallel processing as well as AI intelligent agents.
And thirdly, in terms of users, I 9 will be focusing on large families on our large families trying traveling together. So our focus will be on the interior experience comfort for each family member as well as a spatial interactive experience. So in order to provide a flagship level experience for every member of the family. In terms of release timeline, the VI 9 will be launched in mid-july, mid-september.
Unfortunately, due to disclosure regulations, I can't say too much about pricing and specific trim levels. We will be releasing the complete information in the product official launch event. Please stay tuned. Thank you.
Lynn Zukwel
哎，感謝呃感，感謝管理層的回答啊，我的第二個問題是關於自動駕駛的，我想請公司介紹一下當前馬赫一百啊馬赫M100芯片和自呃和這個質駕模型協同優化的一個進展啊，以及下半年在這個質駕算法方面啊，有哪些關鍵的這種里程碑和量化的指標啊。So my sex question is About the autonomous driving, So could you please update us on the progress of the Co optimization between M100 chip and autonomous driving models and what are the key milestones and quantitative metrics for autonomous driving algorithm upgrades in the second-half of the year?
Yan XI
This is Yan and let me answer your question. And our in house smart M100 chip began mass production with the all new L9 in Q2 and is now deployed across the all new L9L8 and L6. Currently the the chip production capacity is sufficient to meet market demand. Our ADA system powered by our in house Mac M100 chip has been delivered to customers with the new all new L9 since May.
Leveraging the strong capabilities of Mac platform, we expected to continue making significant improvement to our models. OTA 9.1 began rolling out at the end of July, further reducing end to end latency. We also introduced 2 new speed preference modes for our Mark VRA model, efficient and comfort, improving responsiveness across a broad range of driving scenarios.
The upcoming OT 9.1 will represent a major architectural upgrade and on the model side, we are evolving toward a full 3D vision transformer architecture with three times the parameter count and 4.6 times the compute. This upgrade will deliver systematic improvement across key dimensions of aiders including safety, comfort, efficiency and navigation.
In Q4, our goal is to further enhance perception and decision making capabilities of Mark VRA. As specifically, firstly, longer range perception. The effective perception range will exceed 250 meters, enabling early speed adjustment and pass planning. We expect this to reduce undesirable behavior such as heartbreaking hesitation and unnecessary lane change by more than 30%.
Secondly, higher perception accuracy, 3D spatial perception accuracy for key objects will improve to within 5 centimeters, increasing success rate in challenging scenarios such as narrow Rd. driving, passing through gates and other tight clearance maneuvers by 50%. Thirdly, a stronger seeing understanding. Rather than simply recognizing individual objects, the system will be able to infer intent based on the broader traffic context.
In scenarios such as yielding or narrow roads and navigating around the construction zones and making unprotected turns, it will make more decisive yield or proceed decisions, reducing unnecessary standstills and hesitations by more than 20%. Additionally, VRA 2.0 for NVIDIA or Ring and Thor platforms will launch in early September. The share of driving mileage completed with aiders engaged is a key metric for us at this stage.
On the MARK platform, Ada's mileage penetration in urban scenarios has nearly doubled from previous levels as deliveries of MARK powered vehicles continue to ramp up. Our all scenarios MPI has increased by 25% in recent months. Thank you.
Operator
Your next question comes from Jing Chang with CICC.
Jing Chang
好的，感謝我的提問，呃呃，感謝感，感謝接受的提問，呃，我我這邊，呃，主要呃，問一個問題，時間比較有限，呃，就是我們看到二季度的話，公司經營活動現金流已經基本上轉正了，呃，但是自由現金流可能還是負值，呃那現金儲備稍微也是有一定的下降，呃那呃，下半年的話，不知道三四季度對於自由現金流的指引能否轉正，呃，全年我們怎麼看現金的一個走勢。So my only question is about the cash flow. We see the operating cash flow nearly turned positive in the second quarter, but free cash flow remain negative and also we see some cash position declined. So could you share your outlook on the second-half, whether our free cash flow will turn positive and our over what will be off the Cash, Cash position? Thank you, Johnny.
Johnny Tilley
This is Johnny. I'll take this question from the third quarter. With the delivery of our new models, we expected to maintain a stable operating cash flow on a quarterly basis. At present, we have UNCLE cash on hand, which provides strong support for our product innovation, technology breakthroughs and global expansion. This year, we remain committed to R&D investment and the CapEx including our supercharging network.
We expect our full year CapEx to be around R&B 6 billion for the full year. Achieving positive operating tax flow and free cash flow will lastly depend on our fourth quarter deliveries. One thing is certain that our overall cash flow performance this year will be stronger than last year. Thank you.
Jing Chang
再追問一個問題，也是關於，呃，關於，呃自動駕駛智能化這邊，呃，我們看到自研呃M100芯片和軟硬件體化協同，呃，也在呃，陸續的推進，呃，這邊對我們自動駕駛能力的提升有哪些比較關鍵的作用，呃，能否再稍微分享一些細節，呃。So my Following question is about the intelligent driving. What the key contributions do you think it's our self developed chips and also software and hardware integrated integration can deliver to advancing our intelligent driving capabilities? Thank you.
Yan XI
This is Yan. Let me answer this question. And the rapid progress we have made in intelligent driving both in terms of performance and speed of delivery is driven by the close integration of our in house chip and food stack system capabilities. Firstly, we have streamlined our organizational structure so that the chip and model teams can work much more closely together and jointly designing model architectures that can fully leverage the computing capabilities of Mark M100.
From a hardware interface perspective, Mark M100 gives our model, algorithm and operating systems significant design flexibility allowing the chip, algorithm and system software to be optimized together for the best overall performance and secondly, optimization of data and training. With our in house chip as the foundation, we are able to explore and optimize the training process at much deeper level.
In particular, our reinforcement learning approach built around the platform has significantly enhanced model capabilities within our world model framework. In addition, the data management and shadow data system built on the market platform enabled faster model iteration and improvement. Thirdly, system level optimization through our in house Halo OS. Halo OS enable the deep integration between upper layer applications and the underlying chip, improving both resource utilization and overall system performance at the system level.
This also helps improving engineering quality and accelerate development cycles. Together, the cheap model and OS form are tightly integrated food stack architecture, creating a complete technology loop for our intelligent driving system. The value of our in house chip is now extending beyond intelligent driving into embodied intelligence. A vehicle equipped with dual mark and 100 chips.
We are able to run a full multi modal, fully multi modal foundation model entirely on device supporting inputs across voice, language and video. The model is capable of general purpose problem understanding, environmental understanding and task planning and this means the vehicle is no longer limited to executing predefined functions. It can increasingly understand user intention and physical world, then plan and execute tasks towards a given object.
We believe this will significantly expand the capability boundary of the vehicle as an embodied intelligent agent and represent an important new direction enabled by our integrated hardware software architecture. Thank you.
Operator
Your next question comes from Ming Sun Li with B of A.
Ming Sun Li
呃，呃，管理層你好，那我這邊有兩個問題，呃，請問呢第一個問題的話，呃，可不可以請管理層這邊更新一下啊海外戰略的呃，進展跟規劃，那第二個問題呢呃是呃，我們這邊，呃呃，因爲有這個呃，爲了自身智呃智能的這個戰略，呃，公司是否會在目前的競爭格局之下，呃持續進行呃，比較高投入的這個研發開支，那呃我也。So my first question, could you update your overseas markets development strategy and also the progress? And the second questions to develop your embodied humanoid robot product, will you continue to invest high R&D amid the current competition, competition background?
Dong Hui Ma
Yeah. Thank you. 我是馬東輝，我來回答第一個關於那個海外的問題，海外的話是公司的長期戰略，目前市場的拓展和產品的佈局整體進度是符合我們的預期。然後在區域的佈局上面的話，關於中東和中亞的市場，我們將會以理想L系列的中程車型作爲主力的產品，七月份我們全新的L9已經正式登陸了哈薩克斯坦烏茲別克斯坦。
在九月份，我們計劃在迪拜舉辦新產品的上市活動，陸續會開啓中東市場的銷售。那同時呢，我們也和哈薩克斯坦頭部的汽車集團達成了戰略合作，推進當地本地化的組裝合作落地，依託現有車型的海外本地化適配，以及本土的組裝項目，我們也正在逐漸去搭建研發產品生產銷售和服務的全球化業務的能力框架。
那在歐洲市場的話，我們會優先導入純電的產品理想I6計劃，藉助十月份巴黎車展完成首次海外的公開亮相，並計劃在今年Q4開啓歐洲市場的佈局。那針對的話，右舵市場除了計劃在年內推進mega在中國香港新加坡等右舵區的落地，我們還會推出右舵的I6，持續來完善右舵市場的產品矩陣。
當然，海外業務的拓展也會有很多客觀的挑戰，包含地緣環境市場的法規等不確定的因素，理想在海外會去堅持高端品牌的定位，我們會結合自身的能力以及各個區域市場的差異化特點，把控發展的節奏，同步做好產品會合規以及售後服務網絡的搭建和品牌建設，謝謝。
Dong Hui Ma (English Translation)
Overseas expansion has been our long term strategy and we have made some steady progress in market expansion and product deployment. Overall, the progress has been on track and within our expectations. In terms of regional strategy for Middle East and Central Asia, we will be focusing on our L series range extended models at the key offering. In July, we have launched the all new VL 9 in Kazakhstan and Uzbekistan.
In September we'll plan we're planning to launch in Dubai and to kick off our sales in the Middle Eastern market. In the meantime, we have already formed a strategic partnership with Allure, a leading local car group in Kazakhstan to drive our the local assembly of our vehicles. By pushing forward the local adaptation and the local assembly of our current models, we're steadily building out a complete global presence across R&D, products, manufacturing, sales and service.
In Europe, we will be prioritizing BAT models, so the I6 will be launching at the October Paris Motor Show and officially start selling in the European market in Q4. For right hand drive markets, in addition to launching lead mega in Hong Kong SAR and Singapore by the end of this year, we'll also be rolling out the right hand drive version of the the I6 to complete our model lineup in the right hand drive market.
With all that being said, expanding oversea comes with its own set of challenges, particularly uncertainties around the geopolitical environment and market regulations. We aim to position the auto as a premium brand in overseas markets as well and we will carefully manage our pace, tailoring our approach through our strengths and the unique dynamics of each market and at the same time, ensure the products are compliant, build after sales service networks and continue to build our brand. Thank you.
Zhang Li
哎，我是李想，那我回答一下那個研發這方面的問題，理想汽車，然後前面一個階段是我們的創業階段，創業初期階段，所以接下來然後很重要的是持續的研發投入來構建壁壘的階段。其中然後芯片資源是我們很久之前就確立了長期的資源戰略，我們會繼續進行投入，推進資源芯片的迭代模型，那代表了我們公司的AI的競爭力，所以芯片我們認爲是壁壘，然後靠模型的競爭力對。
那此外，我們對於包括電池在內的三電的研發投入也會持續進行，以電池爲例，以電池以電池爲例，我們的自研然後包括了電芯tech BMS和熱管理在內的完整的系統，包括這套系統，然後與車型的搭配，對通過一體化的研發戰略，以及我們對於5C超充過去幾年的技術和經驗積累，我們對自研電池在質量安全和壽命的領先有非常的信心。
對今年下面開始，所以理想品牌的電池將會陸續搭載到我們的全系車型，我這裏面需要強調的一點是，自研並不代表其實供應商的產品不夠好，對我們自研馬赫芯片並不影響英偉達仍然是全世界最好的芯片品牌，我們自研我們自研電池也不影響然後寧德在內的品牌是全世界，然後最好的電池品牌對。
然後在巨身智能時代，我們的戰略判斷是電池和芯片是最核心的壁壘，三電技術，優秀的產品將是公司的核心競爭力，自研代表了我們希望能夠像蘋果華爲一樣，然後面向未來的核心技術壁壘掌握在自己手裏，謝謝。
Zhang Li (English Translation)
On R&D, if you look at the history of the autumn, the 1st 10 years is really our startup phase. And going forward, the next stage is going to be continued investment in R&D to build our competitive barrier. And among all of this devolving chips in house is a strategy, core strategy, long term strategies that we have established from a very long time ago. And we're we will remain committed to keep investing and to improve and iterate on our in house chips over time.
So if we look at chips as a core competitive advantage, AI is going to be the model is going to be the competitiveness. Other than chips are or AI, we have also been investing in the core components of the electric powertrain. Taking batteries as an example, we have in house developed our sales pack BMS and even including thermal management system. This entire offering including and pairing and adaptation to our actual vehicle products with an integrated R&D approach.
We have accumulated a ton of experience around 5C charging and technologies. So which makes us confident in terms of our in house batteries quality, safety and life expectancy. So starting from the second-half this year, we will be rolling out Lee auto branded batteries across all of our vehicles. And I need to emphasize by choosing to develop these components in house doesn't mean that our suppliers products aren't great.
We developed our in house mock 100 chips. That doesn't make NVIDIA any less respectable as the best ship company in the world as we develop our in house batteries. That doesn't make CATL any less respectable as the best battery companies well see CATL as well as many other brands which all great battery brands, that doesn't make them any less respectable.
We believe that in the in the era of embodied AI chips and chips and batteries are going to be the most important competitive advantage and electric powertrain and great products will be the key to our competitiveness, our product competitiveness. So choosing to develop these technologies in house only shows that we want to be like companies like Apple and Huawei to really hold the key components of our competitiveness in our own hands. Thank you.
Operator
As we are reaching the end of our conference call now, I'd like to turn the call back over to the company for closing remarks. Miss Jenna Feng, please go ahead.
Janet Seng
Thank you once again for joining us today. If you have further questions, please feel free to contact the Autos Investor Relations team. This concludes this conference call. You may now disconnect your line. Thank you.
Operator
Thank you.
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