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    Xinran Li • CICC

    Xinran Li's questions to Archer Aviation Inc (ACHR) leadership

    Xinran Li's questions to Archer Aviation Inc (ACHR) leadership • Q4 2024

    Question

    Xinran Li, on behalf of Edison Yu at Deutsche Bank, asked about the next steps for the Anduril partnership and inquired about a realistic timeframe for winning a Department of Defense (DoD) program of record and its potential size.

    Answer

    COO Thomas Muniz confirmed that Archer is actively building the hybrid VTOL aircraft but could not share sensitive details. He stated the program leverages core technology from the Midnight aircraft. Regarding a program of record, Muniz declined to provide a specific timeline or size but stressed that they are working towards a 'very real opportunity with a very real customer about a very real need.'

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    Xinran Li's questions to Lotus Technology Inc (LOT) leadership

    Xinran Li's questions to Lotus Technology Inc (LOT) leadership • Q3 2024

    Question

    Xinran Li of CICC inquired about the revenue recognition timeline for the $130 million intelligent driving contract, whether the 2026 hybrid product will be a new model or a PHEV version of an existing one, and the drivers behind the significant sequential decline in Q3 gross margin to 3%.

    Answer

    CEO Feng Qingfeng explained that ADAS contract revenue is recognized through two methods: NRE (Non-Recurring Engineering) payments tied to project milestones and per-vehicle licensing fees upon delivery. He confirmed that all future models will offer both EV and PHEV versions but did not specify the 2026 launch model. Mr. Feng attributed the Q3 margin drop to a strategic destocking effort in Europe to clear inventory of older models before the launch of the model year '26 products, which he expects will lead to a margin recovery.

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    Xinran Li's questions to EHang Holdings Ltd (EH) leadership

    Xinran Li's questions to EHang Holdings Ltd (EH) leadership • Q2 2024

    Question

    Xinran Li inquired about the anticipated timeline for commencing commercial operations in overseas markets, questioning if 2025 is a realistic target, and asked about the degree of supply chain overlap with the electric vehicle (EV) or drone industries.

    Answer

    Founder, Chairman, and CEO Huazhi Hu explained that overseas commercial operations are contingent on local regulatory approvals and that EHang is actively working with authorities in the UAE, Brazil, and others on validation of type certificates (VTC). CFO Conor Yang addressed the supply chain, stating that while most procurement is domestic, with some imported components, the battery and electric motor designs are proprietary and differ significantly from those in the EV industry.

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