And in particular, in this case, at the end of this year, there will be a big milestone where Qualcomm will be releasing their 8,295 chips. So the delay in our EV product is highly tied to this because we want to meet the development cycle so that we can release our flagship vehicle with the new chip as early as possible. We cannot have our flagship model and only carry the last generation chip when it comes to market. And the second one, in terms of the EV lineup. The EV lineup will basically mirror something similar to what we have with the L-Series, which fully covers the RMB200,000 to RMB500,000 price range.
MingHsun Lee: Thank you.
Operator: The next question comes from Yingbo Xu with CITICS. Please go ahead.
Yingbo Xu: My first question comes from, it is — just now we mentioned that we aim to get 20% market share on the SUV market with the price from between RMB300,000 to RMB500,000. So my question is that how we have confidence in this market share? And could you please talk a little bit more on how we consider about the market of SUV between the price RMB200,000 to RMB300,000? This is my first question. Thank you.
Xiang Li: First one, about the RMB300,000, RMB500,000 price range. We were at a market share of 9.5% last year, as you mentioned. And this year, we expect the whole market size to be between 1.4 million to 1.5 million units. And our goal is to double the share because we believe at 20% share is where we could reasonably steadily stay as a brand champion. And that’s kind of how our goal came about. The RMB200,000 to RMB300,000 market is a lot more competitive. So our plan is to achieve the market — approach the market at a second stage where we have much greater economy of scale and stronger core competencies.
Yingbo Xu: My second question is that considering the generated — considering the pretrain transformer the AI technology has influenced in different sectors in different industries. So my question is how will that impact auto industry we are working now? And in the future, how can that influence? And for the consumers, for the users, what kind of change we can experience in short? Thank you.
Yan Xie: Hello, Yingbo. This is Yan. Let me take your question. We have invested in the development of AI based cognitive technologies for quite a long time, especially in the conversational AI and the gesture recognition. We think they are very important in smart space and we will keep our customers a very good user experience. So recently, we are paying close attention to ChatGPT and we think it’s technology — the technology behind like large language models and pretrain models are very similar to what we are doing right now in small space. So we also believe that these technologies have good potentials in visual task like self-driving and the related study and the development is still in progress.
Yingbo Xu:
Operator: The next question comes from Yuqian Ding with HSBC. Please go ahead.
Yuqian Ding: I only got one question, is that within our current three SUV model portfolio, how do we evaluate the potential cannibalization given by different version of different models, the pricing points overlap? And should these three models combined sales between amount RMB20,000 to RMB30,000, what’s the roughly margin range we would expect given these three SUV models have the shared cost base?
