Shen Hui of WM Motors: The new energy automobile industry is not a winner-take-all

Recently, the changes in the epidemic in Shanghai have made the automotive industry face major challenges. To this end, Huanqiu Automobile's "All V Symposium" organized representatives of all V Alliance members to conduct online exchanges with many car companies in Shanghai, sending greetings and blessings at the same time, but also to further understand how car companies respond to the epidemic crisis.

The guest of honor invited by this issue is Shen Hui, founder, chairman and CEO of WM Motor. The following is the transcript of the communication:

Car company guests:

Shen Hui Founder, Chairman and CEO of WM Motors

Participating Media:

Liang Yi, General Manager of automotive industry center of Xinhua Net

Li Zhong, CEO of "Car Zhilian"

Fan Wenqing is the editor-in-chief of the car channel of the Daily Economic News

Founder of Liu Shiyu's "Buy Car Network"

Founder of He Qiuhui's "Uncle Ball Teaches You to Buy a Car"

Executive Editor of Huang Chunmian's Auto Channel of China Economic Network

Niu Lizhi is the editor-in-chief of "Yipin Automobile"

President of Li Hongwu's "Huanqiu Car"

Editor-in-chief of Su Yunong's Huanqiu Auto

Summer Dragon", executive editor-in-chief of Auto Dealer Daily

Executive Editor of Zhang Kun's Automotive Prophet

Su Yunong: Welcome to Shen Hui, founder, chairman and CEO of WM Motor.

Shen Hui: Hello, Teacher Su, thank you for inviting us to communicate and share with you.

Su Yunong: Mr. Shen, we are still looking forward to meeting you this time, because during this time, WM has a mysterious feeling in the overall spread, and now Shanghai is also facing such a situation as the epidemic. Therefore, we have organized important members of our all-V alliance and several media teachers to send some warmth to our colleagues in Shanghai. Taking this opportunity, we can also have some face-to-face exchanges, and through communication, we can understand how car companies have responded and responded to the epidemic. The other is to create an opportunity for everyone to communicate, so our theme today is called "Don't Come Unharmed", on the one hand, it reflects our greetings, on the other hand, it is also a concern for the health of your colleagues and friends.

We would like to ask Mr. Shen to talk about it, because our office is in Qingpu, may not have reached the stage of home isolation, but according to the requirements may also be fast, so I think, please Mr. Shen first briefly introduce, now at this stage, in the face of the current situation in Shanghai, how do we cope, what kind of work state we are in, including our production and research and development, marketing, channels, etc., what kind of state are in, how to deal with it? Please let's talk about it first.

Shen Hui: Okay, thank you! In the case of a very severe epidemic, the teachers are still thinking about us! Although our headquarters is in Qingpu, in fact, our office has long been closed, it has been more than ten days, I personally live in Minhang, in fact, I have not been out for twelve days (Note: the interview time is March 30), this impact is very large, because we are the only new forces headquartered in Shanghai. We have about 1,000 people in Shanghai, where there are R&D, sales, purchasing companies, in addition to half of us are R & D personnel, the other half is several functional departments of the headquarters, including the headquarters of the sales company, the headquarters of the purchasing company. Of course, there are also some support departments, such as finance, human resources are in Shanghai, the impact is quite large.

Because many of our classmates live in Pudong. In fact, two weeks ago, Qingpu stopped for two days, and then it was normal, but our classmates lived in various places in Shanghai, so the impact was still very large. For example, most of us can work online. Because when WM was first established, because our initial entrepreneurial team was scattered throughout the country, we also used technical means early on, for example, we were the first batch of domestic zoom, and the service was in the United States. However, at that time, we felt that the zoom experience was very good, so the first batch was used, and then in the 20 years of the epidemic, we found that we had the most mature zoom at that time, and then we also opened a service in China, so we moved to China. Including we are the first batch of domestic enterprise WeChat, that is to say, online office, digital means, we have this logic from the first day of establishment, including the online ability of our factory, the online ability of the dealership is very strong, that is to say, from this point of view, even if the headquarters is closed is OK.

However, there are some things that cannot be done, for example, the classmate in charge of the bank told me today, because all of our bank-related KEYS are in the company, and the work does not allow this thing to be taken to the house. Now the company can't get in, it's trouble, last week, it was allowed to go in, but it couldn't come out, that is to say, we had a few financial classmates who went in and lived in the company, and after living there, they could come out, and now they are not allowed to enter the company. Therefore, although the online office ability is very strong, but there are some important documents that must also be stamped, but the seal is not allowed to be brought to the home, it is troublesome, it is not easy to stamp a seal, this impact is still very large, everyone works at home, there is no problem in the means, but in fact, there are some details, or affected to a certain extent. Including business trips, although the headquarters in Shanghai, but I travel a lot, since the beginning of the business is rare almost two weeks without travel, from the business point of view there is still a certain pressure, however, see the teachers, many old friends care about us, we are still very moved, hope that the epidemic will pass as soon as possible, because we are still a fast-growing enterprise, has been affected by the epidemic is not good.

Su Yunong: Thank you Mr. Shen for your introduction! In fact, the spread of WM online is more positive, I am particularly impressed is that when the epidemic began in 2020, the first online exchange I participated in was organized by WM, when there was a direct purchase model briefing, I remember that it was February 189th, anyway, at that time the Spring Festival just passed, and the epidemic is in a very serious stage, we have communicated through the line, I think this impression is actually very deep.

I want to ask Mr. Shen a question first, and then everyone continues to ask, because I have a really curious point, that is, to see Mr. Shen recently became the up master of the B station from this year, I see that you recorded a lot of videos, including on Weibo, in fact, it is very active, has been answering the questions of netizens, I want to ask you how you personally appeared on camera This feeling is, what is the promotion and inspiration for WM's digital marketing in this regard? Thank you.

Shen Hui: Your question is very good, my starting point is what is missing. Compared with several other founders, I was actually an engineer and a polytechnic man, in fact, I like to hide behind, but the people in our team also told me that in fact, my work experience and life experience are very rich. Young people in China not only want to know your company's brand, but also want to understand what kind of person the founder is. What exactly does this person like and what does he like? Then I think from this point of view, I usually have to look at things online often anyway, and then I also like to share it, Weibo is good, B station is good, you can share my ideas.

My personal experience is still quite rich, I have been in many cities, I grew up in Shanghai for a while, in Guangzhou for a while, 21 years old to the United States, and then to Europe, spent almost half of the time (6 and a half years) in Europe, a lot of experience has had a certain impact on my car building.

Jobs once said that there are many points in life that you don't know. Looking back and connecting it, I found that it was all related, and I was particularly touched by this sentence, because this car building actually reflects my past work experience. I came out of the United States after reading the book, in fact, not in the automotive industry, I came out in the power company, in the power company power generation, power transmission, electricity sales, and then I also worked in the nuclear power plant for six months, so the characteristics of electricity I know very well, including after the car, I have always thought that the smart pure electric car is the mobile charging treasure, and even we are with the State Grid in 19 years is the world's first to engage in double-creation charging, this double-creation charging electricity is in line with the standards of the power grid, can feed the grid to go, the average person thinks that this thing has what significance? But you've worked on power plants and you'll find that it's very, because any electric field is peak-shaving and valley-filling. Balancing the load pressure of the power grid is a major task, so I have done electricity, and later after doing electricity, I think the power plant is too boring, I ran to the parts company, this parts company - BorgWarner, is the world's first to do automotive motors, drive motors and reducers, including Tesla's, to this day, the reducer supplier of each car is still BorgWarner. Later, I went to Fiat Dynamics, which was a very strange experience, because I stayed in the United States for 11 years, and I did enough, and it was not interesting, so I ran to a European company to play, ran to Fiat, and entered Fiat Power Technology. Fiat Power Technology, Engines, Gearboxes are the main business, but it is very strange, he put the bridge in this department, at that time he thought that this bridge has something to do with power technology? We were doing hybrid battery packs at that time, and at that time, they didn't look useful, they all seemed like very strange things. That in fact, now the integration of three electric systems, electric drives, especially bridges, is a big trend. Then I, although I can't be an expert, but at least I have worked for so many years, and I have also managed a period of Fiat's scientific and technological power, including battery packs, and hybrid battery packs have been engaged.

As you know, when Geely acquired Volvo, I think Volvo's autonomous driving is already more advanced than Tesla, and one of the core strategic partners in this is Mobileye, and Tesla may say that more than half of the cars running on the road are actually the perception solutions provided by Mobileye, and I know it very well. When I took the team to due diligence in 2009, I had a lot of my own thinking and practice on this industry until now, especially Tesla's autopilot, how did it get it? He didn't do it all himself, so how did he do it? We know it all too. So later I was also doing a battery pack company, Suzhou Weirui, then it is also currently Geely, Volvo's largest battery pack supplier, which was also founded when I was in Geely, and at that time, everyone did not understand what fun there was in the battery pack? Later, in PATEO, the Whampoa Military Academy in China's intelligent cockpit, I and Ying Yilun also struggled for ten months, and then I wanted to build a car! Then I will come out to engage in smart pure electricity, in fact, smart charging you come back to see the electricity, what are the characteristics of charging? What is the use of transmission and transformation charging, and how to understand this electricity? It is very critical to the car, unlike us to make gasoline cars, in fact, you must know enough about oil and oil. But electricity is not the same, electricity is a very special thing, the motor, reducer, drive bridge in the three electrics have a deep understanding, and then the battery pack, including the hardware software and perception algorithm in the rear of this unmanned driving. To the back of the intelligent cockpit electrical and electronic architecture, this I am deeply involved in, and did a lot of work, that look back, a look at us to engage in this intelligent charging car, then now these things, many people in the process of a lot of life experience, not only this experience. So, when we were on Weibo, B station, there are many people who suggested that you might as well share these things, I think it is also very good, I have been in more than six months in too many countries, the United States, Canada, Sweden, Germany, Italy, are very familiar, very interesting, anyway, Hu Kan, if there is a column related to non-cars in the future, you can also invite me to participate.

Su Yunong: Thank you Mr. Shen, you just reviewed your career, in the future, you can indeed do a cross-border cultural program with Mr. Shen, then please friends from the media, do you have any questions you want to ask Mr. Shen? You can ask questions.

Huang Chunmian: I would like to ask Mr. Shen a question. Hello Mr. Shen, I am very able to take such an opportunity to communicate with you online cloud. Just after Mr. Shen's introduction, including when we first looked at the new forces, we felt that Weima was the most down-to-earth car company that made new forces in the car, and if you look back, would you think that Weima this product, when it was defined in that year, was still conservative, such as its price range. In the future, will you consider doing a new brand?

Shen Hui: What you said is very reasonable, we start a business, I think the biggest difference from the original is that the first one should constantly reflect; the second, you can think of the things you decide, you can do it quickly, the original in a very large enterprise, the first is not the opportunity to reflect, this is not easy, it is not necessarily not anti-no, there are many students anyway better than us, but it is not easy to implement. Because you are a screw inside a large device, you may understand it well, but you have a hard time. But the benefits of starting a business now, according to my reflection, then, are we not going to be able to do better. So my thinking process is to say which market segment we think will be the biggest in the future, I will do it.

Smart pure electric cars, although the characteristics of the car are very strong, but, indeed, my brand did not go high-end this thing, right? Light positioning in the middle is not the lack of high-end, but there is a high-end, it is not easy to live too well, we are also reflecting. If you want to try, you must also be careful, in the world, the traditional car companies only rely on the high-end, no one survives, basically rely on the mainstream to save it. History like Cadillac, Lincoln, Volvo, Jaguar Land Rover, Ferrari, Maserati, do high-end are hung, and later are the mainstream rescue, for example, Cadillac was taken by GM after living, Lincoln was saved by Ford, Volvo was saved by Geely, Jaguar Land Rover was taken by Tata after living, Ferrari, Maserati are all taken by Fiat to live. Anyway, there are many reasons for this, but in fact, when it is penetrated, it is actually regular.

Including some people will tell me, isn't Mercedes-Benz good at high-end work? In fact, no, Mercedes-Benz it sells the best A-class car, in fact, not a high-end car, intermediate, especially if it is just with a brand to penetrate, but in fact she relies on the living, large amount, or rely on the mainstream of these cars, including BMW, if there is no 3 Series, I think it does not live so well. Mercedes-Benz if it didn't have the A-Series, I don't think it would have lived so well. What I said is not necessarily right, our industry may be a little different, but after all, it caused us to think, in fact, Lincoln was very bullish in the United States, everyone said that this brand is good, things are good, everything is good, the only bad thing is that the finance is not good, and finally hung up. What we do is a beautiful ideal, but we still have a lot of shortcomings, and we are called seats and applauded, and we are not called seats, and in the end we still have to hang up. The light is not applauded, and may still be able to live, so this is still reflecting, thank you Chunmian teacher.

Niu Lizhi: Hello Mr. Shen, it is an honor to have an exchange with Mr. Shen in the form of clouds, and I have two questions for Mr. Shen to consult. The first is an old topic, because now when it comes to new forces, the first thing that everyone thinks of may be Wei Xiaoli, this kind of head, and then it may be Nezha these new brands now. However, we see that whether it is Xiaomi or freelances, it seems that they are eager to enter the market and want to ask Mr. Shen how to look at the current pattern of new forces.

The second is that two days ago at the hundred people's meeting, I noticed an argument that this round, especially the price increase of raw materials and battery raw materials, may be behind the normal market factors, there are some artificial hoards in it. We know that Mr. Shen has also been in this parts industry for many years, and the leaders of other OEMs are not the same, so I think you may have a deeper understanding of the awareness of the most upstream industry, or more sensitive, more sensitive, more sensitive, so I would like to ask you to talk about, this wave of price increases is estimated to last until when, or when it may return to normal? Thank you.

Shen Hui: Okay, thank you. The first question is very interesting, that is, first of all, our industry, not winner-take-all, it is very different from the Internet industry, the Internet industry is definitely winner-take-all. Our industry, first of all, it is difficult to win all, let's give an example, I go into a room, half of the people in a room like the same product, and finally the possibility of buying apples is still there, but you have a room full of people who say that driving a car is different, some people say that I usually drive alone, never bring other people, some people say I sometimes bring children, some people say that long-distance and short-distance driving, some people say I don't have a parking space... There is a car that is difficult to say that ten people agree, that is, two people agree, so it is difficult to bring a market segment to this manufacturer, not a winner-take-all, just say that I figure out who my users are, I will hold the thighs of these users, do as he asks, that can live. So, there is no winner-take-all.

In fact, I think this pattern is somewhat similar to our gasoline car back then, but it may be iterative faster. When I returned to China in 2004, in fact, our Chinese gasoline cars were also new forces in car-making, when Geely, Chery, BYD, the Great Wall... Much more than now, anyway I remember that I was in the United States is dry car, back to China on the way half of the car is not known, at that time one or two hundred brands, and then also divided has been dry for a period of time, there are also just up, there are some cross-border, now cross-border, I said this is not a new phenomenon, when engaged in gasoline cars, why I was very impressed, I came back to see what mobile phone in the fighter, and then the waveguide that made the mobile phone also made a car, and then the air conditioner is the most famous Oaks also made a car, Oaks Zheng also communicated with me, when I just came back, in Ningbo.

At that time was also very interesting, in fact, at that time, the gap between China's independent brand new forces and foreign capital gap is very large, whether it is the brand, technical strength, team, channel, product itself, supply chain foundation, anyway, there is no same as their comparison is advantageous, that after so many years of development, the development of our group of new forces now rushed out, of course, also fell a lot, but rushed out is not winner-take-all, the Great Wall has the characteristics of the Great Wall, BYD has the characteristics of BYD, Chery has the characteristics of Chery, Geely has auspicious characteristics, all do very well, are very good, then in fact, I think that this wave, in fact, there will be such a thing, that is, the new forces come out to face some old forces, but after all, the gap between our new forces and the old forces is not as big as the original, this includes some individual aspects, I think we are stronger than it, this is the first.

The second, there are also cross-border, there are also have been working, all kinds of have, how to figure out who my market segment is, which type of user I want to serve, you say that the street is full of to buy my car, it may be very difficult, it is indeed very difficult, the car this thing, the user's various needs, but I at least know that we Weima is facing a young family, this is very important, the family is to say that the rear space of all cars is always more comfortable than friends, of course, because of this, I will have sacrifices, this can only be chosen, for example, some people say, The design of your car, the waist line is not flat enough, not dazzling enough, then I pull flat pull dazzling, sitting in the back row is very uncomfortable, overhead, this is the fact. So our back row is always the comfort of the space, and even the degree of intelligence, behind us, users can choose to install home flat. Very important, then this time I sacrificed my design on the slippery back, resulting in my head discomfort, long-term sitting uncomfortable this feature, so, this to figure out who my users are, I want to serve them, and then, may have to sacrifice some other things, but can not do everything, I am this mainly based on him, so, I think this economic law is still there. That wave of new forces. It may take ten years, or even a little longer, to fight with the old forces head-on, and our wave may iterate faster, and the competition with the old forces may have already occurred, or it may be known within five years. I don't want to talk about this, anyway, it is a reality.

The second question asked by Teacher Liu about the supply chain is indeed from last year's chip to this year's battery, in fact, this feature, but these two advantages are not the same. The chip is because of its own international market, and Chinese companies have little right to speak. However, like we in WM, as a smart car, we have about four to five times more chips than the same grade of traditional cars, we have about 200 chips in a car, and 11 giants are my suppliers. That is, the smarter the car chip, the more it is used. Say last year, led to a special phenomenon, in fact, the low-end car growth within 100,000 is very fierce, because their chip requirements are less, there is also the battery itself is used less, which is advantageous, the theory is that in fact, the larger the car, the mileage is maintained, the higher the degree used. Now the price of the battery is calculated per kilowatt-hour, so this must be the loss of this month, and then the more chips, the chip, and the different places from the battery, the number it uses, its unit price is actually not high, but the multiple of growth is scary. We sweep a lot of goods, are dozens of times hundreds of times this sweep, but its unit price is not high.

This year's problem is different, this year's battery, its unit price is very high, although its multiple is not high, for example, it rose by twenty-thirty percent, but its unit price is too high, so all of a sudden, there is a lot of pressure on everyone's cost, including some people are hoarding, the country now has some policies to coordinate, because this thing to hoard this thing, hoard chips, in fact, the victim is the entire industry. But this we are a market economy, people hoard, you can't help. I did do parts for a long time, and I said that in traditional cars, it is more difficult to do this thing, because traditional cars have been engaged for 100 years, and the materials in it have changed. However, the general suppliers of traditional cars, they are very mature, like we should be in the supply of this supplier, we are facing the global market, basically will do futures hedging, including this foreign exchange hedging, is a mature supply chain will do so, large suppliers, one is raw materials, material futures to do hedging, a foreign exchange hedging, so, the impact is relatively there, but, after all, he is also a system, but our new energy vehicles, in fact, the cycle is still relatively short, Subjectively I think they also have this idea, I know there is a battery supplier boss, he is almost half of the time in the world now sweeping goods, sweeping mines, but he is not an expert in this industry after all, you say that sweeping mines is not so simple, like the recently famous Qingshan, Qingshan is our important supplier, I am also very familiar with them, they are usually in Shanghai Pudong well. These are all said to form an impact on our industry, the change is very fast, the impact of the change of this stock on us is not too late to form a very effective mechanism, to carry out this hedging, so this has a certain impact on us.

But I think that by the second half of this year, it will be much better, there are many reasons, first, the market may not expect to be so high as the original demand; second, foreign countries such as the Russian-Ukrainian conflict, which will have a certain psychological impact. There is also the overall. This year's Baihui people I also participated, Professor Ouyang Minggao said that it is also very reasonable, that is, we still provide efficiency, provide recycling, recycling, and there are many means, because efficiency, in fact, now our industry efficiency ratio, not to say that the mileage, the user side is to say, you 500 kilometers, 600 kilometers, 700 kilometers, you are very cattle, in fact, this, I think the significance is not great, that is, now I really want to do 1000 kilometers out, can also do, but there is no need. This is a waste, as you said, after this waste, this raw material is longer fierce, you think about us in China do not say 1 million, you say that there are 100,000 cars, 1000 meters of mileage on the road, this raw material is more scarce, more unbelievable, then now the key is what the user needs.

Second, in fact, we are comparing how many kilometers per kilowatt hour of electrical energy, this is the real efficiency, this is definitely efficiency, everyone is improving, which means that I use this raw material, the same endurance I use less and less, this I can still achieve, and the endurance can also be increased. The second one is the loop. How can the use of ladders in this area improve this? Including some of the hedging mechanisms I talked about, everyone's management of raw materials, these are all things that can help solve this problem, then there is no way in the short term, indeed, this is a material pressure for all enterprises, growth pressure.

Li Zhong: Hello Mr. Shen. I have two questions, one problem, is because of the previous oil price rise, and the rise in raw materials for new energy, in fact, everyone is still quite concerned, what is the point of everyone's attention? That is to say, the rise in this oil price, as well as the rise of this new energy, and finally converted into the cost of our consumers' cars, which one rises more, which one has a greater impact on the future of consumers, and we have also made a related selection, that is, if we convert the cost of its second-hand car, then we find that it is a pure tram plus the cost of a used car, in fact, its cost per kilometer is greater than that of the oil car. It's a question you see how we can solve it in the future, or what kind of way to weaken it, because you actually mentioned such a problem on Weibo before this, and this is my first question. The second question is to ask if our current sales may not be as good as in the previous two years, whether it will have a certain impact on our future listing, and then you plan to optimize our products to solve this problem.

Shen Hui: Well, thank you, the first question you talked about, the core is the residual value of the second-hand car, in fact, buy this car from this, if it is an electric car and the price of the same configuration, it is actually difficult to configure the same, generally there is a difference, but it must be compared, because our smart car is intelligent, then the traditional car, a lot of also play safety, no charging trouble, must still be electric vehicle intelligent pure electricity is more expensive, this is still very normal, but the use of charging and refueling, It must be that charging is very cheap, so far it is still a lot cheaper tram, the problem is second-hand car, what is the problem with second-hand car? First of all, now really take out the second-hand car car, a large number of are the first two years, you think about our entire new force to hand over the car only three years, in fact, many of the cars that are taken out are the early brands of cars, his residual value is very cheap, why cheap? Because the battery doesn't do well. New energy vehicle pure electric car, its residual value depends on the battery, three years ago or earlier car, its battery management system itself ability, technology, quality is not good, attenuation is very bad, or the endurance is very low, and then, this old car in addition to this battery other functions in all aspects of your performance are very poor, the residual value is naturally low. The volume of this batch of cars is very large, it is on the market, and the overall number is pulled down. Second, smart pure electric car used car it did not form a large-scale, because to be honest how many? We don't have many new forces combined, and it is negligible in this big plate, although we ourselves may feel that it is negligible to say that I started to have some used cars come out three years later, which is negligible compared to this big plate. So this will cause a market chaos.

But I think a normal market, smart pure electricity from buying, from the use of used cars, the overall consideration must be much cheaper than this gasoline car, not a little cheaper, but now you are a mature thing. This is for example, the gasoline car of the second-hand car to form this mechanism is a very heavy mechanism, you say that its price will rise, the distance will not be too large, the fall is there, but it will not be too big, it is not like we are still up and down, depending on what car. You can buy a used car, Tesla residual value retention is very good, you buy another brand may be very bad, so you do this, it is difficult to compare. So I think that direction is correct.

Second, in fact, we have paid a total of three years, we are more than last year is flipping and fighting, just above, I look OK, compared with friends, we do have a low growth rate, there are many reasons here, I think the capital market listing, we are a little later than the other three, but, from the perspective of product planning, I still hope to focus on smart pure electricity, in the mainstream market, then this high-end brand, we have a plan, this will be announced in the future, but in fact, For us, I want to become a public of intelligent pure electricity. Audi, which was acquired by Volkswagen, could not survive at that time, just to do high-end, I think it is difficult to have a future, so from our point of view, the key is to do their own products well, and then, the competition is still efficiency. Because our industry is still efficient in the end, that is to say, in the early days, there is often an advantage in having more money, but in fact, when it really enters the second half, whether it is more money must have an advantage, or who has more efficiency to spend this money. This is the most efficient, in fact, in terms of efficiency, we are not worse than them, just say that my company's capital market stage is different. We also completed a round of private financing at the beginning of this year, the US dollar, but also exceeded our original target, five hundred million US dollars, then it is also the only company that can raise a large area of US dollars in the past 12 months by the new Forces in China, because there are many reasons for this overall, that the overall we are not too optimistic about the US dollar of This Chinese stock in China, we are the only one, from a cross-industry point of view, or from the industry point of view, can raise such a large amount of money, more than 500 million US dollars on our family. This and our goal is 500 million, in fact, the account is more than close to 600 million US dollars, but also far more than, so from this point of view, we are still very confident, of course, to do things well.

Su Yunong: Mr. Shen, thank you very much, although I know that you are in the process of staying at home, but in fact, the communication with all parties online is very frequent, and the rhythm of everyone's work is also very tense. Through the exchanges during this period of time, Mr. Shen actually not only talked about the current situation of WM, but also based on your rich industry experience, from the perspective of supply chain, from the perspective of the development direction of electric vehicle products, we have made a lot of in-depth interpretation, I think there is also a feeling of inexhaustibility. But our communication time at this time is almost here, we do not delay your work time, I think, is to communicate with you here first, and then follow up with any problems, we can also carry out more of this in-depth exchange and discussion, thank you, thank you Mr. Shen.

Shen Hui: Okay, thank you, thank you teachers.