Colin Langan: Okay. But still, you still left — so the ATM has not been really used yet at this point?
Yaron Zaltsman: Correct, the answer is correct.
Colin Langan: Okay. And then you have — so the 155 orders — how does that compare to the 300 orders? So just the 155 are initial orders that are locked in and then the 300 is the target once they get the first, you’re hoping to get a second? Is that the logic so I make sure I’m comparing apples-to-apples?
Tali Miller: Yes, sure. So again, as we are reporting the shareholders letter, the production plan targets is accumulated of $1 billion for the year 2024, ‘25 and ‘26. And the plan is expected to reach production of up to 300 vehicles in ’24 and then low-1,000s in ’25 and mid-1,000s in 2026. Now we continue to grow our authorized dealers network. We disclosed that we had one dealer at the end of last year, and now it has grown to 12 dealers currently, covering the U.S. and Canada. In the previous earnings call, although we don’t have formal numbers, conversations held with our dealers suggest that they sold over 50,000 vehicles a year, which generated over $1 billion, and therefore, we feel confident in our ability to execute this business plan of ours.
Now — and this is in addition to the previously announced 3 large fleet customers. These dealers and fleets, they are committed to electrification, and they’ve already placed these orders of 155 vehicles, or P7 vehicles. And this initial order book is similar to the number of initial deliveries by market leaders and these numbers reflect initial orders and they support the growing pipeline. So we believe that these dealers and fees could purchase hundreds and thousands of units per year and we also continue to see strong demand for the entire P7 product line.
Colin Langan: And the 155 orders you have, you get paid when you deliver, or do you get paid when they actually deliver it on to a customer since their dealers?
Yaron Zaltsman: They’re getting paid when they are delivered.
Josh Tech: To the dealership not to the customer. [Multiple Speakers]
Yaron Zaltsman: Correct. Yes, correct.
Colin Langan: Okay, alright. Thanks for taking my questions.
Operator: Thank you. We will now take the next question from the line of Andres Sheppard from Cantor Fitzgerald. Please go ahead.
Andres Sheppard: Hi, good morning, everyone, good afternoon. Congrats on the quarter, and thanks for taking our questions. And I was wondering if you could maybe remind us where ASPs stands? Just curious with the inflation and the rise in interest rates whether you may have — whether you may now expect some differences in your selling prices.
Daniel Barel: Sorry, probably our line. Can you repeat. Sorry, Andres.
Andres Sheppard: Yes. No problem. The question is, if you can maybe remind us where you expect the average selling prices of either the corners or the platforms to be? Just wondering if those may have changed given the inflationary environment? Thank you.
Yaron Zaltsman: No, I think we cannot share the exact price that we are selling to the dealers. One thing that we can share is that we do believe that we can have a better vehicle, compared to the others. And therefore, over time, we can increase prices and get better prices than maybe others. But this is over time.
Daniel Barel: I’ll add Andres that our business model taking to — I’ll put differently, our business model does not take into consideration evergreen IRA or any other incentive plan in place, meaning the business plan, prices and margins are built from the bottom up where we believe we have competitive market pricing that are sustainable and also acceptable by the industry, also without incentives. And actually, it’s supported by the fact that we see demand for our vehicles both from incentivized and non-incentivized state. So definitely, don’t get in the wrong way. The incentives help a lot. But I look at them more as a fire starters and not continuous support.
