CBAK Energy Technology, Inc. (NASDAQ:CBAT) Q3 2023 Earnings Call Transcript

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Yunfei Li: [Foreign Language] Okay. Okay. So, in response to first question we aim for sodium ion battery in June this year, we released the first sodium ion battery product. And this is, we can say that in China, we are the first company to realize the mass production of the sodium ion battery. And although in the markets, some of the competitors also announced that they are doing the research or production of these sodium ion battery products. However, we are the company that really can realize a mass production. And this year, we also – we also achieved installation of this sodium iron battery in the vehicle. And in fact, to not to be really satisfactory and for our battery products, it can realize 2000 to even more than 3,000 rounds.

So we can say, we have already have a stable product system in place. And talking about the production line construction, where we can say our company and our products is very popular in the markets, there were some other competitors. But they are only at the very early stage. For example, they only have startup teams or they only have some samples. However, for us, for our company CBAK have managed to come up with product with 0.5 gigawatts and the production capacity will be extended in the future. So at present, four partners have approached us and we are trying to select one – one place, what we can say for local governments have approached this is – we are going to select one place for the construction of the production line and we’re trying to select the best from the four.

And then in the next year, we have even going to expand our production capacity to be as high as 10 gigawats. And in that case, it will put us in a better position to cater to the demand of our customers. [Foreign Language]

Unidentified Analyst: And in your introduction, you mentioned about – you mentioned that CBAK has become a business partner of Anker Innovation and we’d like to know how big of the order volume of Anker will be? And could you also share with us your expectation for your partnership with Anker?

Yunfei Li: [Foreign Language] So at present Anker has already finished the opening of models here with our factory and seven to eight products of Anker will use our battery. And actually they started their pilot production here and the results turned out to be great. That is why we are excited to export further to Europe, United States, Japan and India. And we already have been in depth communication with Anker talking about future cooperation and talking about deepen our future of cooperation. And because that, if we have a look at the exception for the order volumes, at present it’s about 500,000 items with a order value of about RMB20 million. And in the future, it will be increased to – it’s expected to be increased to 800,000 to 1.2 million items. And that is with an order value of about RMB14 million.

Operator: Thank you. Seeing no more questions in the queue, let me turn the call back to Mr. Yunfei Li for closing remarks.

Yunfei Li : [Foreign Language] Thank you, operator and thank you all for participating in today’s call and for your support. We appreciate your interest and look forward to reporting to you again next quarter on our progress.

Operator: Thank you all again. This concludes the call. You may now disconnect.

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