Luminar Technologies Inc (LAZR) 2022 Q3 法說會逐字稿

Welcome, everyone to Luminar's Third Quarter Business Update Call. I'm Trey Campbell, Luminar's VP of Finance and Investor Relations. With me today are Austin Russell, Founder and Chief Executive Officer; and Tom Fennimore, Chief Financial Officer. As a quick reminder, this call is being recorded and you can find the earnings release and slides that accompany this call at investors.luminartech.com.

歡迎大家參加 Luminar 第三季度業務更新電話會議。我是 Luminar 財務和投資者關係副總裁 Trey Campbell。今天和我在一起的是創始人兼首席執行官 Austin Russell；和首席財務官湯姆芬尼莫爾。快速提醒一下，本次電話會議正在錄音中，您可以在investors.luminartech.com 上找到本次電話會議附帶的收益發布和幻燈片。

In a moment, you'll hear brief remarks followed by Q&A, but ahead of that, we're going to take a little over 5 minutes so that you can watch our latest and final installment of our Path to Series Production video series. The URL for that video www.luminartech.com/path is on the screen right now, so please take a moment and we'll rejoin the call a little after 5 minutes.

稍後，您將聽到簡短的評論，然後是問答，但在此之前，我們將花費 5 分鐘多一點的時間，以便您可以觀看我們的“通往系列製作之路”視頻系列的最新和最後一期。該視頻 www.luminartech.com/path 的 URL 現已顯示在屏幕上，因此請稍等片刻，我們將在 5 分鐘後重新加入通話。

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For anybody who may have joined a little bit late, welcome to the call. We're taking 5 minutes to give you a chance to watch our new Path to Series Production video installment. The URL is at luminartech.com/path. It's on the screen. Please take a look at the video and then we'll be back in a few minutes.

對於任何可能加入晚一點的人，歡迎來電。我們將花 5 分鐘時間讓您有機會觀看我們新的系列製作之路視頻部分。 URL 位於 luminartech.com/path。它在屏幕上。請看一下視頻，然後我們會在幾分鐘後回來。

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（技術難度）

Well, I hope everybody enjoyed the video. Similar to last quarter, in the spirit of continuously improving our shareholder outreach, we will be addressing some of the top questions submitted online on the Say platform at the end of our prepared remarks today followed by analyst questions.

好吧，我希望每個人都喜歡這個視頻。與上個季度類似，本著不斷改善股東外展的精神，我們將在今天準備好的評論結束時解決在 Say 平台上在線提交的一些熱門問題，然後是分析師問題。

But before we begin the prepared remarks and Q&A, let me remind everyone that during the call, we may refer to GAAP and non-GAAP measures.

但在我們開始準備的評論和問答之前，讓我提醒大家，在電話會議期間，我們可能會參考 GAAP 和非 GAAP 措施。

Today's discussion also contains forward-looking statements based on the environment as we currently see it, and as such does include risks and uncertainties. Please refer to the press release and business update presentation for more information on the specific risk factors that could cause actual results to differ materially.

今天的討論還包含基於我們目前所看到的環境的前瞻性陳述，因此確實包括風險和不確定性。有關可能導致實際結果出現重大差異的特定風險因素的更多信息，請參閱新聞稿和業務更新演示文稿。

With that, I'd like to introduce Luminar Founder and CEO, Austin Russell.

有了這個，我想介紹一下 Luminar 創始人兼首席執行官 Austin Russell。

All right. Hey, everyone. You guys hear me okay?

好的。嘿大家。你們聽我說好嗎？

We can hear you, Austin.

我們可以聽到你的聲音，奧斯汀。

All right. Thumbs up. Thanks. Cool. All right. We're live from our -- from the Gores office, which is a great partner of ours and Board member with Alec. And with that, we can just get rolling. So thanks everyone for checking out the video. And again, thank you, Trey, and welcome everyone to our quarterly business update.

好的。豎起大拇指。謝謝。涼爽的。好的。我們來自 Gores 辦公室，這是我們的重要合作夥伴，也是 Alec 的董事會成員。有了這個，我們就可以開始滾動了。所以感謝大家觀看視頻。再次感謝 Trey，並歡迎大家關注我們的季度業務更新。

So this is certainly a monumental quarter for Luminar with a bunch of different things converging at the same time. And to name really the 5 things that are happening here is: #1, achieving start of production with Iris, a huge convergence over the past 10 years leading up to that; but at the same time, #2, the debut of SAIC's RISING AUTO R7 in China, which is really the first vehicle of its kind from the large automaker in China; #3, Volvo's vision for standard safety with Luminar is materializing with the unveiling of EX90, now 1 week from today on November 9; #4, Polestar next-generation vehicle, the Polestar 3 was introduced a couple of weeks ago and is successfully launching with Luminar available to order on vehicles beginning in Q2 next year; and #5, we remain on track to meet or beat each of our 4 key company-level 2022 milestones following our guidance raised last quarter and, of course, that includes our financials.

因此，對於 Luminar 來說，這無疑是一個具有里程碑意義的季度，許多不同的事物同時融合在一起。真正說出這裡發生的 5 件事是：#1，實現與 Iris 的生產開始，在此之前的 10 年中實現了巨大的融合；但同時，#2，上汽瑞星R7在中國的首發，這確實是中國大型汽車製造商的第一款同類車型； #3，沃爾沃通過 Luminar 實現標準安全的願景隨著 EX90 的推出而實現，現在距離今天 1 週，即 11 月 9 日； #4，Polestar 下一代汽車，Polestar 3 幾週前推出，並成功推出 Luminar，明年第二季度開始在車輛上訂購；和#5，在我們上個季度提出的指導之後，我們仍然有望達到或超越我們 4 個關鍵的公司級 2022 里程碑，當然，這也包括我們的財務狀況。

So, despite a strong backdrop of broader industry skepticism and macroeconomic headwinds, among other things, we're delivering. We're breaking out of the pack of moonshot R&D efforts and into the first autonomous company that's delivering this capability into production consumer vehicles. And our success to date can be attributed really to 3 simple things at the end of the day: one is, our winning rock solid strategy; 2, is that breakthrough technology that we developed from the chip level up; and 3, of course, is relentless execution. And from the start, Luminar strategy has always been focused on partnering with the automotive industry to be able to deliver the foundation for next-generation safety and autonomy. And as many of you know, it takes years worth of work in advance with automakers prior to production to make it possible. And we're now at that inflection point with our first SOP. We could jump into a little bit more detail on that for the first instance.

因此，儘管存在更廣泛的行業懷疑和宏觀經濟逆風等強烈背景，但我們正在交付。我們正在突破登月研發工作，成為第一家將這種能力應用於生產消費車輛的自動駕駛公司。到目前為止，我們的成功實際上可以歸結為 3 件簡單的事情：一是，我們堅如磐石的製勝戰略； 2、是我們從芯片級向上開發的突破性技術；而3，當然是無情的執行。從一開始，Luminar 的戰略就一直專注於與汽車行業合作，以便為下一代安全和自動駕駛奠定基礎。正如你們許多人所知，在生產之前需要與汽車製造商提前數年的工作才能實現。我們現在正處於第一個 SOP 的拐點。首先，我們可以對此進行更詳細的介紹。

We also have a slide deck available with a few different graphics that we can share and is available as well for you guys online on our IR website. You can see that, okay. So SAIC, as you heard in the video, SAIC is the #1 Chinese automaker in the world's largest auto market and is now launching with Luminar in the series production vehicles in China starting with the R7. And the R7 is the first flagship vehicle from SAIC's new smart electric brand, RISING AUTO. So our tech helps power what they call their RISING PILOT Intelligent Driving Program to enable advanced safety features and automated driving capabilities. This follows RISING AUTO's high-speed testing across China, encompassing more than 400,000 kilometers to start out. So, Tom will be going off into 4 different key company-level 2022 milestones when I hand it off, but the first of 4 was being ready for series production by year-end. And here we are at the beginning of November and we're now both in series production and launching with our first major automaker. So we've successfully proven that we can achieve all these major commercial wins more than the rest of the landscape altogether, but now critically, we're proving that we can deliver.

我們還提供了一個幻燈片，其中包含一些我們可以共享的不同圖形，您也可以在我們的 IR 網站上在線獲取。你可以看到，好吧。所以上汽，正如你在視頻中所聽到的，上汽是全球最大汽車市場中排名第一的中國汽車製造商，現在與 Luminar 一起在中國推出以 R7 為首的系列生產汽車。而R7是上汽全新智能電動品牌瑞星汽車的首款旗艦車型。因此，我們的技術有助於推動他們所謂的 RISING PILOT 智能駕駛計劃，以實現先進的安全功能和自動駕駛功能。此前，瑞星汽車在中國進行了超過40萬公里的高速測試。所以，當我把它交給湯姆時，湯姆將進入 4 個不同的關鍵公司級 2022 里程碑，但 4 個中的第一個已準備好在年底前進行批量生產。我們現在是 11 月初，我們現在正在批量生產並與我們的第一家主要汽車製造商一起推出。因此，我們已經成功地證明，我們能夠比其他領域更能取得所有這些重大的商業勝利，但現在至關重要的是，我們正在證明我們可以交付。

And with that, I want to take the opportunity to thank the entire Luminar team and our production partners at this very special moment in time as a decade of innovating, prototyping, developing, and industrializing efforts. I mentioned this in the video that it's tough to describe in words just how much has gone into making this possible and it couldn't be more true. We're just getting started. But now, it's all about being able to successfully scale to higher volumes with our automaker partners and we're well on our way.

藉此機會，我想藉此機會感謝整個 Luminar 團隊和我們的生產合作夥伴，在這個非常特殊的時刻，十年來的創新、原型設計、開發和工業化努力。我在視頻中提到了這一點，很難用語言來描述為實現這一目標付出了多少，而且再真實不過了。我們才剛剛開始。但現在，一切都是為了能夠與我們的汽車製造商合作夥伴一起成功擴大規模，並且我們正在順利進行。

So with that, next up is Volvo and we'll talk about Polestar. So -- and what you guys had seen and what you see here, too, by the way, is the final production integration up on there with the Volvo for Life, which is kind of a cool little additive there. But that said, as we successfully continue to prove ourselves to the major automakers, they are becoming more and more convinced that the path to autonomy and next-generation safety will be paved by Luminar. And Volvo was, of course, the first or among the first to reach this conclusion. And as you saw in the video, Volvo views Luminar to really be the symbol for the automotive safety in the 21st century, just as the invention of the seatbelts was to the 20th century. This will be key to enabling their journey towards 0 collisions and the introduction of unsupervised autonomous driving. That's why they're going all-in to standardized Luminar on the new EX90. And you get a sneak peek in today's video to see the final production of Luminar integration as you can see on the screen here, and they'll be fully unveiling the EX90 on November 9.

因此，接下來是沃爾沃，我們將討論 Polestar。所以——順便說一句，你們所看到的以及你們在這裡看到的，是最終的生產集成，與沃爾沃終身，這是一種很酷的小添加劑。但話雖如此，隨著我們成功地繼續向主要汽車製造商證明自己，他們越來越相信 Luminar 將為自主和下一代安全鋪平道路。當然，沃爾沃是第一個或第一個得出這個結論的人。正如您在視頻中看到的那樣，沃爾沃認為 Luminar 確實是 21 世紀汽車安全的象徵，就像安全帶的發明到 20 世紀一樣。這將是他們實現零碰撞和引入無人監督自動駕駛的關鍵。這就是為什麼他們在新的 EX90 上全力以赴的標準化 Luminar。你可以在今天的視頻中偷看一下 Luminar 集成的最終產品，正如你在屏幕上看到的那樣，他們將在 11 月 9 日全面推出 EX90。

So, next up, Polestar. So for those that don't know, Polestar has effectively become the largest new EV company in the western world and is also backed by Volvo. So just a few weeks ago, Polestar introduced the Polestar 3 calling Luminar the cherry on top and spotlighting the critical role we play in helping enable advanced safety and autonomy. Polestar announced the customers can pre-order the Polestar 3 with Luminar starting in Q2 of the subsequent year here.

所以，接下來，北極星。所以對於那些不知道的人來說，Polestar 實際上已經成為西方世界最大的新電動汽車公司，並且得到了沃爾沃的支持。因此，就在幾週前，Polestar 推出了 Polestar 3，稱 Luminar 為重中之重，並強調了我們在幫助實現先進的安全性和自主性方面發揮的關鍵作用。 Polestar 宣布客戶可以從明年第二季度開始在這裡預訂帶有 Luminar 的 Polestar 3。

So in conclusion, our vision of saving lives and power in autonomy is coming to fruition. What seemed like big audacious bets just a few years ago around building auto-grade product for consumer vehicles, safety and highway autonomy versus urban autonomous robotaxis is now happening and becoming a reality. So in a world of overpromising and underdelivering for autonomous vehicles, we aim to be the standout that underpromises, overdelivers, and will help make this industry happen and into the hands of consumers. And I think today is evidence of exactly that.

因此，總而言之，我們在自治中拯救生命和權力的願景正在實現。幾年前，圍繞為消費車輛、安全和高速公路自主打造汽車級產品與城市自主機器人出租車進行大膽的賭注，現在正在發生並成為現實。因此，在一個對自動駕駛汽車過度承諾和交付不足的世界中，我們的目標是成為承諾不足、交付過多的佼佼者，並將幫助這個行業實現並落入消費者手中。我認為今天正是這一點的證據。

So with that, I'll hand it over to our CFO, Tom, for our quarterly report on our 4 key milestones and Q3 financials.

因此，我將把它交給我們的首席財務官湯姆，以獲取我們關於 4 個關鍵里程碑和第三季度財務狀況的季度報告。

All right. Thank you, Austin. Let's start by reviewing our progress towards the 4 key 2022 milestones we laid out at the beginning of the year. Our first milestone was to achieve series production readiness by year-end. I'm proud to say the team achieved this milestone by reaching SOP, or start of production, when we recently launched with SAIC. Our advanced manufacturing team and production partners are now focused on the next phase of industrialization as we prepare for scale and additional upcoming launches. This includes the construction of our new, highly-automated manufacturing line and larger higher volume facility in Mexico for launch in the second half of next year.

好的。謝謝你，奧斯汀。讓我們首先回顧一下我們在年初制定的 2022 年 4 個關鍵里程碑方面取得的進展。我們的第一個里程碑是在年底前實現批量生產。我很自豪地說，當我們最近與 SAIC 一起推出時，該團隊通過達到 SOP 或開始生產實現了這一里程碑。我們先進的製造團隊和生產合作夥伴現在正專注於下一階段的工業化，因為我們為規模和即將推出的其他產品做準備。這包括我們在墨西哥建造新的高度自動化的生產線和更大容量的工廠，將於明年下半年投入使用。

Our second milestone is to achieve the beta milestone for our software suite by year-end. Our team continues to develop and deliver software leveraging Iris lidar as the foundation, while at the same time, making great strides developing and refining full-stack software capabilities, including proactive safety and other ADAS and autonomous features. We will publicly demonstrate the beta version of our Sentinel software functionalities at CES in January.

我們的第二個里程碑是在年底前實現我們軟件套件的 beta 里程碑。我們的團隊繼續以 Iris 激光雷達為基礎開發和交付軟件，同時在開發和完善全棧軟件功能（包括主動安全和其他 ADAS 和自主功能）方面取得了長足的進步。我們將在 1 月份的 CES 上公開展示我們的 Sentinel 軟件功能的測試版。

Our third milestone is to grow our major commercial win total by 60% year-over-year, up from 40% at the beginning of the year or 5 new wins this year. During the quarter, we signed a major commercial agreement with a new non-OEM customer. We will talk more about this new win in the financial benefit at our upcoming Luminar Day. At our year-end update call, we will tally up announced and any unannounced wins, and we remain on track to meet this milestone for the year.

我們的第三個里程碑是將我們的主要商業勝利總額同比增長 60%，高於年初的 40% 或今年的 5 次新勝利。在本季度，我們與一個新的非 OEM 客戶簽署了一項重要的商業協議。我們將在即將到來的 Luminar Day 上更多地討論這一新的經濟利益勝利。在我們的年終更新電話會議上，我們將對已宣布的和未宣布的勝利進行統計，我們將繼續朝著今年的這一里程碑邁進。

And finally, we remain on track to achieve 60% year-on-year growth in our forward-looking order book based on the commercial momentum we are experiencing with both new and existing customers.

最後，基於我們與新老客戶的商業發展勢頭，我們的前瞻性訂單仍有望實現 60% 的同比增長。

Let's review our financial highlights for Q3. Revenue for the quarter was $12.8 million, up 60% year-over-year and coming in ahead of expectations due to accelerated timing of new customer contracts. We achieved sequential organic growth in both of our segments during the quarter.

讓我們回顧一下我們第三季度的財務亮點。該季度的收入為 1280 萬美元，同比增長 60%，並且由於新客戶合同的時間加快而超出預期。我們在本季度的兩個部門都實現了連續的有機增長。

For Q3, we reported a gross loss of $10.1 million and COGS of $22.9 million on a non-GAAP basis. The majority of our COGS expense was from R&D expenses associated with program development revenue, inventory reserves, and fixed overhead. As stated previously, these factors inflate our reported COGS and gross loss at this stage and are non-indicative of volume production unit economics.

對於第三季度，我們報告的非公認會計原則基礎上的總虧損為 1010 萬美元，銷貨成本為 2290 萬美元。我們的大部分銷貨成本費用來自與項目開發收入、庫存儲備和固定開銷相關的研發費用。如前所述，這些因素誇大了我們現階段報告的銷貨成本和總損失，並不代表批量生產單位的經濟性。

Our Q3 cash spend was $52.5 million. Cash spend was down slightly sequentially from Q2 and in line with our expectations. We ended the quarter with $553 million in cash and marketable securities. As I mentioned in the last quarter, this liquidity position leaves Luminar with sufficient capital plus a healthy cushion to reach positive cash flow and profitability. We will update investors at our upcoming Luminar Day on our path and timeline to profitability.

我們第三季度的現金支出為 5250 萬美元。現金支出較第二季度略有下降，符合我們的預期。我們在本季度結束時擁有 5.53 億美元的現金和有價證券。正如我在上個季度提到的那樣，這種流動性狀況使 Luminar 擁有充足的資本和健康的緩衝，以實現正現金流和盈利能力。我們將在即將到來的 Luminar Day 上向投資者介紹我們的盈利路徑和時間表。

We are affirming our previously raised full-year revenue guidance range of $40 million to $45 million. Our Q3 revenue outperformance was largely due to accelerating timing of new customer contracts executed in Q3 instead of the expected Q4. As a result, we expect Q4 revenue to be in the range of $11 million to $13 million. We maintain our full-year guidance at net cash spend will be moderately higher than last year's total of $155 million, as well as our year-end share count guidance to be in the mid-$360 million range.

我們確認我們之前提出的全年收入指導範圍為 4000 萬美元至 4500 萬美元。我們第三季度的收入表現優異主要是由於第三季度執行新客戶合同的時間加快，而不是預期的第四季度。因此，我們預計第四季度的收入將在 1100 萬美元至 1300 萬美元之間。我們維持全年淨現金支出指引將略高於去年的 1.55 億美元，而我們的年終股票數量指引則在 3.6 億美元左右。

Consistent with our comments from last quarter, we expect our non-GAAP EPS loss to increase sequentially next quarter and be in the low-$0.20 range for Q4 as we continue to invest in our business in a disciplined manner to prepare for series production.

與我們上個季度的評論一致，我們預計我們的非公認會計準則每股收益損失將在下個季度環比增長，並在第四季度處於 0.20 美元的低位範圍內，因為我們將繼續以有紀律的方式投資於我們的業務以準備批量生產。

One final note, as I mentioned earlier, we are planning to host a Luminar Day in Orlando covering our technology, road map, and long-term financials in February. Stay tuned for the exact date.

最後一點，正如我之前提到的，我們計劃在 2 月份在奧蘭多舉辦一個 Luminar Day，涵蓋我們的技術、路線圖和長期財務狀況。請繼續關注確切的日期。

To conclude, I would like to thank the broader Luminar team for another great quarter and the incredible effort in achieving SOP.

最後，我要感謝更廣泛的 Luminar 團隊，感謝他們又一個偉大的季度以及為實現 SOP 所做的令人難以置信的努力。

With that, I will hand it over to Trey for Q&A.

有了這個，我會把它交給 Trey 進行問答。

We're going to start the Q&A with a few of the questions that we received on the Say platform and then we'll move to analyst questions.

我們將從在 Say 平台上收到的一些問題開始問答，然後我們將轉到分析師問題。

So Austin, Tom, the first question is, when will Luminar turn profitable?

所以奧斯汀，湯姆，第一個問題是，Luminar 什麼時候開始盈利？

Yes, and Trey, as I mentioned, we're going to cover that in more detail at our Luminar Day in February and going through the credible path and timeline we have to achieve it. The good news is, is that, we have the business in hand, as well as the cash on hand plus a healthy cushion to get there. So, we're going to talk more about that in February at Luminar Day.

是的，正如我提到的，Trey，我們將在 2 月的 Luminar Day 上更詳細地介紹這一點，並通過我們必須實現的可靠路徑和時間表。好消息是，我們手頭有業務，手頭有現金，還有一個健康的墊子可以到達那裡。所以，我們將在 2 月的 Luminar Day 上更多地討論這個問題。

The second question was really about scalable production in our factory and would that be possible by the end of 2022? The question said, Rochester, but I think they really meant Monterrey. Kind of walk through maybe the industrialization path and kind of how that's working through the end of '22 through '23?

第二個問題真的是關於我們工廠的規模化生產，到 2022 年底有可能嗎？問題是，羅切斯特，但我認為他們真的是指蒙特雷。有點走過工業化道路，以及在 22 年到 23 年結束時它是如何運作的？

Yes. Maybe as a quick context, I think we -- as far as I understand, the Say portal was closed yesterday before everything that we just announced today as well. So I imagine [even this] probably answered with flying colors, but yes, we're already in series production in leveraging our partners. And everything from our subsidiaries like from the chip level up all the way through our partners in Thailand and Monterrey, Mexico, where the final assembly is done, so that's already happening as it stands today. And if there's other audio here in the room, we can mute it.

是的。也許作為一個簡短的背景，我認為我們 - 據我了解，Say 門戶昨天在我們今天剛剛宣布的所有內容之前關閉。所以我想[即使這樣] 可能會得到很好的回答，但是是的，我們已經在利用我們的合作夥伴進行批量生產。我們子公司的一切，比如從芯片級一直到我們在泰國和墨西哥蒙特雷的合作夥伴，最終組裝完成，所以這已經發生在今天。如果房間裡還有其他音頻，我們可以將其靜音。

Yes. And then, we talked about -- and both Austin and Tom have talked about the second half of '23 moving to the more automated kind of dedicated facility, right?

是的。然後，我們談到了——奧斯汀和湯姆都談到了 23 年下半年轉向更自動化的專用設施，對嗎？

Yes. And just for a point of clarity because I know that Rochester was in the question that came up on the Say platform. There is a firm up in Upstate New York, hence the Rochester, that is actually building most of our automation equipment for series production. We actually just went through the initial validation of that equipment. That equipment will then be shipped down to this new dedicated facility that we're building out in Monterrey, Mexico. The plan is for that equipment and that facility to be up and running in the second half of this year. In the meantime, our contract manufacturing partner, Celestica, has their own existing facility right down the street from that new facility in Monterrey, Mexico where they're currently building our Iris units that are going to SAIC and our other customers. So I just want to kind of clear up. I know sometimes you get a little confusion, but everything that is currently going on and expect it to go on and why the Rochester location came up in the question.

是的。只是為了澄清一點，因為我知道羅切斯特參與了 Say 平台上提出的問題。紐約州北部有一家公司，也就是羅切斯特公司，它實際上正在為我們的批量生產製造大部分自動化設備。實際上，我們剛剛完成了該設備的初步驗證。然後，這些設備將被運送到我們在墨西哥蒙特雷建造的這個新的專用設施。該計劃是讓該設備和該設施在今年下半年啟動並運行。與此同時，我們的合同製造合作夥伴 Celestica 在墨西哥蒙特雷的新工廠附近擁有自己的現有工廠，他們目前正在那裡建造我們的 Iris 裝置，這些裝置將供應給 SAIC 和我們的其他客戶。所以我只是想澄清一下。我知道有時您會有些困惑，但目前正在發生的一切並期望它繼續下去，以及為什麼羅切斯特的位置會出現在問題中。

And then that highly automated line that we're building that can do the 250,000 units per year is going into this new dedicated facility that we're constructing that -- for very high volume that's also down below in Monterrey, Mexico. So that's how it's all coming together and how we can ramp up successfully, not just with SAIC, but also with Volvo and Polestar and other automakers.

然後，我們正在建造的高度自動化的生產線每年可以生產 250,000 件，它正在進入我們正在建造的這個新的專用設施——產量非常高，也低於墨西哥蒙特雷的產量。因此，這就是一切融合在一起的方式，以及我們如何能夠成功升級，不僅與上汽合作，還與沃爾沃、Polestar 和其他汽車製造商合作。

Great. Thanks for clarifying that, guys. The third question from Say and then we'll go to the analyst questions. So what is the future outlook for lidar technology in the automotive sector? So Elon Musk comments that their vehicles will eventually rely on camera technology and most recently has talked about disabling ultrasonic sensors in their vehicles.

偉大的。感謝您澄清這一點，伙計們。 Say 的第三個問題，然後我們將轉到分析師問題。那麼激光雷達技術在汽車領域的未來前景如何？所以埃隆馬斯克評論說，他們的車輛最終將依賴攝像頭技術，最近還談到了在他們的車輛中禁用超聲波傳感器。

Right. Yes. So I think, obviously, more and more so as we see continued adoption throughout the rest of the industry of lidar for pretty much everyone that just proves the case more and more so. And obviously, we've gone out and I've been a little bit more outspoken with the state of affairs, which is not, by the way, like just a Tesla problem, it's an emerging problem in terms of safety of where cars are today and where they need to be able to get to be able to ultimately save the lives that we need to. But I think the whole notion still stands that solving -- trying to solve some fully autonomous problem, even with lidar makes it orders of magnitude easier like 100 or 1000x easier is already almost impossible in the immediate term, much less trying to make it that much harder on yourself. And yes, there is some theoretical world where it could be done. But the reality is, is that, no software or hardware exists or comes remotely close to meeting anywhere near human standards.

正確的。是的。因此，我認為，很明顯，隨著我們看到激光雷達在整個行業的其他部分繼續被幾乎所有人採用，越來越多地證明了這一點。顯然，我們已經出去了，我對事態的態度更加直言不諱，順便說一句，這不像特斯拉的問題，它是汽車安全性方面的一個新問題今天，他們需要能夠到達的地方才能最終拯救我們需要的生命。但我認為整個概念仍然是解決 - 嘗試解決一些完全自主的問題，即使使用激光雷達使其更容易像 100 或 1000 倍這樣的數量級在短期內已經幾乎是不可能的，更不用說試圖做到這一點了對自己更難。是的，有一些理論上的世界可以做到這一點。但現實情況是，沒有軟件或硬件存在，也沒有任何軟件或硬件可以遠程接近接近人類標準的任何地方。

And then, of course, the question is, is that, why wouldn't you want if it's -- even if you could meet the human standards or even you could do something, why wouldn't you want it to be 10x or 100x safer beyond that? So that's, of course, the whole question where lidar has come into play and why we see this rapid adoption, and why automakers are so heavily doubling down on this technology for -- by all means. So when it comes down to it, cameras are going to continue to have their place. We're partnered with companies like Mobileye, for example, and NVIDIA. Mobileye's whole business is based around the camera system and that side of it and if there's any company who would be incentivized doing only camera for everything, it would be that, which, by the way, congratulations to them on their IPO as well just earlier here last week. So yes, it's been good. And I think we're obviously like don't take it from us, take it from all the other major automakers and all the experts in the field that say the same thing and obviously, are proving exactly that.

然後，當然，問題是，如果它是，你為什麼不想要——即使你可以達到人類標準，甚至你可以做某事，你為什麼不想要它是 10 倍或 100 倍除此之外更安全嗎？當然，這就是激光雷達在哪裡發揮作用的全部問題，為什麼我們會看到這種快速採用，以及為什麼汽車製造商如此大力投入這項技術——無論如何。因此，歸根結底，相機將繼續佔有一席之地。例如，我們與 Mobileye 和 NVIDIA 等公司合作。 Mobileye 的整個業務都基於攝像頭系統和它的那一面上週在這裡。所以是的，一直很好。我認為我們顯然不想從我們這裡拿走它，從所有其他主要汽車製造商和該領域的所有專家那裡拿走同樣的話，顯然，正在證明這一點。

Thanks to everyone who submitted Say questions. We're going to continue to use this as a platform to increase shareholder engagement with us.

感謝所有提交說問題的人。我們將繼續以此為平台，增加股東與我們的互動。

With that, let's get to the analyst questions that are online. And so, the first one is going to be from Emmanuel Rosner at Deutsche Bank.

有了這個，讓我們來看看在線的分析師問題。因此，第一個將來自德意志銀行的 Emmanuel Rosner。

So congrats, I guess, on starting production of the lidar for the SAIC. Now that we're -- now that you are in production, can you share maybe a little bit more color around expected timing to ramp up? What can these volumes eventually look like? And, I guess, by when? And then, maybe confidence level into how this could translate into either additional models or just additional brands within the portfolio?

所以，我猜，恭喜開始為上汽生產激光雷達。既然我們已經 - 現在你已經投入生產了，你能分享一些關於預計時間增加的顏色嗎？這些卷最終會是什麼樣子？而且，我猜，到什麼時候？然後，也許對這如何轉化為其他型號或產品組合中的其他品牌的信心水平？

Yes. So, Emmanuel, for this year, because we're entering SOP towards the end of the year, I wouldn't expect a significant increase in revenue. When you look at when it's really going to scale up and you're really going to start to see real significant increases in revenue and volume, it's going to be when that new dedicated facility comes online in the second half of the year. We're initially launching on an R7. This is a new vehicle platform for SAIC. This is, I were to call it, a premium EV that they're introducing to the market, particularly to compete against the Tesla Model Y and the Model 3. They have a similar price point. It was important to them. And part of this strategy in terms of how to compete was to put cutting-edge technology on that. Hence, the reason why they selected us. We're initially going on as an option. We'll see how those take rates turn out relative to our forecast, but the initial signs so far have been positive. And when it comes to exactly what that's going to translate into revenue next year, not only for this launch, but the others that we're planning, we're going to discuss that in more detail during our year-end call, as well as at Luminar Day.

是的。所以，伊曼紐爾，對於今年，因為我們將在年底進入 SOP，我預計收入不會顯著增加。當你看到它什麼時候真正會擴大規模並且你真的會開始看到收入和數量的真正顯著增長時，那將是在今年下半年新的專用設施上線的時候。我們最初是在 R7 上發布的。這是上汽的全新整車平台。這是，我稱之為，他們正在向市場推出的高級電動汽車，特別是與特斯拉 Model Y 和 Model 3 競爭。它們的價格點相似。這對他們很重要。就如何競爭而言，這一戰略的一部分是將尖端技術放在上面。因此，他們選擇我們的原因。我們最初是作為一種選擇進行的。我們將看到這些利率相對於我們的預測結果如何，但到目前為止的初步跡像是積極的。當談到明年將轉化為收入的確切內容時，不僅是這次發布，還有我們計劃的其他內容，我們將在年終電話會議上更詳細地討論這個問題，以及就像在光明日一樣。

But can you maybe just talk about the scope of the agreement that you expect in the multiple model or is it...

但是你能不能只談談你在多重模型中所期望的協議範圍，或者是......

Right now, we're spec-ed into the R7. We're spec-ed in there as an option, and that gives us growth opportunities with that customer, not only in terms of increasing the take rate and hopefully eventually moving to standardizations, but also potential new vehicle programs. Nothing to discuss now, but needless to say, we don't consider mission accomplished with all the business we can go out there and win at SAIC.

現在，我們被指定為 R7。我們被指定為一種選擇，這為我們與該客戶提供了增長機會，不僅在提高采用率和希望最終轉向標準化方面，而且在潛在的新車計劃方面。現在沒有什麼可討論的，但不用說，我們不認為我們可以去那裡並在上汽贏得所有業務的任務已經完成。

I wanted to say, by the way, just as important as new companies there, too. A lot like -- there so much business growth that we have like say, within OEMs that, given that we've already won a huge chunk of the overall landscape here, too, is that, even just riding the current growth of where we're able to do that, that's where we see such a huge growth. In fact, a lot of the order book growth, for example, the forward-looking order book even comes from even independent of what we're also winning on top of it.

順便說一句，我想說的是，與那裡的新公司一樣重要。很像 - 我們喜歡說，在原始設備製造商內部有如此多的業務增長，鑑於我們已經在這裡贏得了整體格局的很大一部分，即使只是利用我們目前的增長能夠做到這一點，這就是我們看到如此巨大增長的地方。事實上，很多訂單的增長，例如，前瞻性的訂單甚至來自甚至獨立於我們也在它之上贏得的東西。

Okay. And then, Thomas, you were very careful to say, look, the losses or the cost of goods sold doesn't represent sort of the run rate sort of back to unit economics. I guess, when would we see sort of more like the run rate unit economics? Is it when you launch sort of like the next facility, then sort of makes more sense? Or do you need to reach a specific level of volume to sort of start approaching this?

好的。然後，托馬斯，你非常小心地說，看，損失或銷售商品的成本並不代表某種運行率，回到單位經濟學。我想，我們什麼時候會看到更像是運行率單位經濟學？是不是當你推出類似於下一個設施的時候，才會更有意義？或者您是否需要達到特定的音量水平才能開始接近這個？

Yes. And I think, Emmanuel, it's really getting that new facility, that new dedicated facility coming online in the second half of the year up and running. I think it needs to be up and running for a few quarters to kind of really get everything running smoothly, get the scale, get hitting our bottom targets. While we hit SOP, there's still work to do in terms of improving yields, improving efficiencies, right. Step 1 is to kind of make these things and then step 2 is to make these things and scale. And so, I think we got to get those things up and running. I think we got a little bit of scale before you start seeing what this business is going to look like on a unit economics basis.

是的。我認為，Emmanuel，它真的讓那個新設施，那個新的專用設施在今年下半年上線並運行。我認為它需要啟動並運行幾個季度才能真正讓一切順利運行，獲得規模，達到我們的最低目標。雖然我們達到了 SOP，但在提高產量、提高效率方面仍有工作要做，對吧。第 1 步是製作這些東西，然後第 2 步是製作這些東西並進行規模化。所以，我認為我們必須讓這些東西啟動並運行。我認為在你開始看到這項業務在單位經濟學的基礎上會是什麼樣子之前，我們已經有了一點規模。

Yes. There is the equation. If there is a certain amount of fixed overhead that you have, right, so then there is an intersection point from a volume standpoint as you scale up there, too. And I think that point is really exactly when that -- yes, when the new facility comes online when you can achieve those volumes there, too. But I think starting off at Luminar Day there, too, we're going to get -- and when the facility comes online, we'll probably get into a little bit more detail, or at least I'm talking with the finance team, how do we get more detailed metrics around the specific unit economics and other kinds of things in terms of the things that we can do.

是的。有方程。如果你有一定數量的固定開銷，對，那麼從體積的角度來看，當你擴大規模時，也會有一個交點。而且我認為這一點實際上正是在那個時候 - 是的，當新設施上線時，你也可以在那裡實現這些數量。但我認為從那裡的 Luminar Day 開始，我們也會得到 - 當設施上線時，我們可能會進入更多細節，或者至少我正在與財務團隊交談，就我們可以做的事情而言，我們如何獲得關於特定單位經濟學和其他類型事物的更詳細的指標。

The next question comes from Mark Delaney at Goldman Sachs.

下一個問題來自高盛的 Mark Delaney。

Yes. Congratulations on getting into the startup series production. My first question was on the expansion potential within customers and I think it's one of the big opportunities you guys have highlighted in some of the past calls and discussing again today. Maybe if you could elaborate a bit more on that and talk about what do you think some of these OEMs would want to see before deciding to put your products on more of their vehicles, right? I mean, you're on a model with SAIC, Volvo. And do you think they want to see vehicles on road and kind of see how that goes for some period of time? Or perhaps could they come and place orders to put your products on more vehicles more quickly than that?

是的。恭喜您進入啟動系列製作。我的第一個問題是關於客戶內部的擴張潛力，我認為這是你們在過去的一些電話會議中強調的重要機會之一，今天再次討論。也許如果您可以詳細說明一下，並談談您認為這些原始設備製造商中的一些在決定將您的產品安裝在更多車輛上之前希望看到什麼，對嗎？我的意思是，你在上汽沃爾沃的車型上。您是否認為他們希望看到道路上的車輛並在一段時間內看看情況如何？或者他們可以來下訂單，讓您的產品更快地安裝在更多車輛上嗎？

Yes. So I think, Mark, it varies by customer. Getting your foot in the door with these -- with the initial win with each of the customers tends to be the most difficult task as we talked about in the past. And you like if you look at Volvo, we started off as an option on their most premium vehicle, the EX90, then you kind of move to standardization, then you kind of move on to the other vehicle platforms. So, Step 1, you got to get in the door. Step 2, you got to execute, right? You got to do what you promise and deliver to the customer what you promised. And once you start building up that credibility with that customer building up the confidence, they have the faith to give you more business. And then, it needs to align with their specific platform development schedule. When you introduce this new technology, you either do it at the start of a new platform or at a mid-cycle refresh. So you have to align the timing of all that. But those are the 3 things that usually need to go in there to win new vehicle programs at these customers. It's something we're really gaining a lot of momentum on where we showed some early signs of success, and I think you're going to see more signs of that at some point in the future here from Luminar.

是的。所以我認為，馬克，它因客戶而異。正如我們過去所說的那樣，通過這些讓您踏上大門 - 與每個客戶取得初步勝利往往是最困難的任務。如果您喜歡沃爾沃，我們一開始是作為他們最優質車輛 EX90 的一個選項，然後您轉向標準化，然後您轉向其他車輛平台。所以，第一步，你必須進門。第2步，你必須執行，對吧？你必須做你承諾的事情，並把你承諾的東西交付給客戶。一旦您開始建立信譽，該客戶建立信心，他們就有信心為您提供更多業務。然後，它需要與他們特定的平台開發計劃保持一致。當您引入這項新技術時，您要么在新平台開始時進行，要么在周期中期更新時進行。所以你必須調整所有這些的時間。但這些是在這些客戶那裡贏得新車計劃通常需要做的三件事。在我們顯示出一些早期成功跡象的地方，我們確實獲得了很大的動力，我認為你會在未來的某個時候從 Luminar 看到更多這樣的跡象。

That's helpful. And the second question is just how to think qualitatively about the direction of cash spend? I understand the guidance for this year. I mean, as you think about next year, right, you've got the dedicated facility, you're starting to support higher volume ramps, and margins for any company in the early parts of a ramp are going to be pretty low. So should investors be anticipating some more material step function increase in cash expenses in 2023 or maybe there's some other offsets to that?

這很有幫助。第二個問題是如何定性地思考現金支出的方向？我理解今年的指導。我的意思是，當你考慮明年的時候，對，你已經有了專門的設施，你開始支持更高的產量斜坡，任何公司在斜坡早期的利潤率都將非常低。那麼投資者是否應該預計到 2023 年現金支出會出現更多實質性的階梯函數增長，或者可能會有其他一些抵消？

I don't think you're going to see a step function increase. I think Q4 this year is going to look a lot like Q2 and Q3. Some of these development -- program development revenue, the cash payments associated with those tend to happen at the end of the year, whether that's December or January is going to determine -- it's probably going to be the biggest contributor on what Q4 is going to look like, but I think ultimately, it's going to look like Q2 and Q3. And then ultimately, once we get to that ramp up in scale in the second half of the year when the new facility comes online, I think that that's when you're going to start to see some real improvements as opposed to step function increases and what our current cash spend rate. I mean, look...

我認為您不會看到階躍函數增加。我認為今年第四季度看起來很像第二季度和第三季度。其中一些開發——項目開發收入，與這些相關的現金支付往往發生在年底，無論是在 12 月還是 1 月將決定——它可能會成為第四季度的最大貢獻者看起來像，但我認為最終，它看起來像第二季度和第三季度。然後最終，一旦我們在今年下半年新設施上線時規模擴大，我認為那時你將開始看到一些真正的改進，而不是階梯函數的增加和我們目前的現金支出率是多少。我是說，看...

Next question is going to come from Samik Chatterjee at JPMorgan.

下一個問題將來自摩根大通的 Samik Chatterjee。

Congrats on the series production start here. I guess, I want to start off with software and you are reiterating the target to get to a beta version by the end of this year. But maybe help me think through or sort of the road map from there on, like what are the key metrics you're trying to improve to drive higher confidence to get that software from where you're maybe showing us the improvements that CES to automakers signing off and saying, okay, highway autonomy is good to go on the road, like what are those key sort of portions of the software stack you're really trying to improve in terms of metrics? And any insights there would be helpful to get us more confident about that eventually getting a larger sort of relevance with the automaker customers as well? And I have a follow-up later.

恭喜系列製作從這裡開始。我想，我想從軟件開始，而您重申了在今年年底之前獲得測試版的目標。但是也許可以幫助我思考或從那裡開始製定路線圖，例如您正在嘗試改進的關鍵指標是什麼，以提高獲得該軟件的信心，您可能會向我們展示 CES 對汽車製造商的改進簽字並說，好吧，高速公路自治很好上路，比如你真正試圖在指標方面改進的軟件堆棧的那些關鍵部分是什麼？那裡的任何見解都會有助於讓我們更有信心最終與汽車製造商客戶建立更大的相關性？我稍後會跟進。

So I'd say, the most important part with all of that, too, is you start off with the lidar, right? That's the foundation of everything. That's our unique advantage is the most fundamental question, like why are you doing software because you have that advantage development closely with the sensor and it can enable automakers that don't have that. So our objective is to make them as successful as possible. And what we found is that, automakers can be good at developing certain parts of the software stack, automakers are not great at developing many parts of the software stack, and that's where they have to rely on partners like us or other players like the NVIDIAs, the Mobileyes and other (inaudible) of this world to be able to help support. So when it comes down to it, I think the -- this is the stuff that we're showing at CES is going to be the next version iteration from a -- even better performance from what we've seen last year with the alpha version going into the beta version. But also continuing to develop different vectors of the product, as well as we continue to expand that. And then, we'll be going into more detail on -- at CES where we'll showing off there. So some exciting stuff up ahead.

所以我想說，所有這一切中最重要的部分也是從激光雷達開始，對吧？那是一切的基礎。這是我們的獨特優勢，也是最基本的問題，比如你為什麼要做軟件，因為你擁有與傳感器密切相關的優勢開發，它可以使沒有這種優勢的汽車製造商成為可能。所以我們的目標是讓他們盡可能地成功。我們發現，汽車製造商可以擅長開發軟件堆棧的某些部分，汽車製造商並不擅長開發軟件堆棧的許多部分，這就是他們必須依賴像我們這樣的合作夥伴或像英偉達這樣的其他參與者的地方、Mobileyes 和這個世界的其他（聽不清）能夠提供幫助支持。因此，歸根結底，我認為——這是我們在 CES 上展示的東西，將是下一個版本的迭代——甚至比我們去年看到的 alpha 性能更好版本進入測試版。但也繼續開發產品的不同載體，以及我們繼續擴展它。然後，我們將在 CES 上展示更多細節。所以前面有一些令人興奮的東西。

But that said, more generally, we're already working with automakers on parts of the software stack today that's supporting the ability to actually deliver at the end of the day and make it useful. But on top of that, I think the focus has really been on automakers that have some central software or already have software partners, or something to that effect today. The reality is that, most automakers at the end of the day don't have a clear software strategy or plan or ability to develop it. And that's why we're also making the bet of, not just doing some of the foundational software, but even some of the full stack software as well to enable proactive safety in highway autonomy capabilities as part of an all-inclusive package. And that's where you really start to see that take off in the second half of this decade. So, if you kind of think about different layers of content that scale up to make it successful from both the lidar standpoint because effectively without software, the lidar is just a box, right? So there's no way that you could even deliver a lidar system to the majority of the major automakers at the end of the day if you didn't have software as well. So that's where how we think about it all tied in together.

但這就是說，更一般地說，我們今天已經在與汽車製造商合作開發部分軟件堆棧，這些軟件堆棧支持在一天結束時實際交付並使其有用的能力。但最重要的是，我認為重點確實放在了擁有一些中央軟件或已經擁有軟件合作夥伴的汽車製造商上，或者今天有類似效果的東西。現實情況是，大多數汽車製造商最終都沒有明確的軟件戰略或計劃或開發能力。這就是為什麼我們也下注的原因，不僅是做一些基礎軟件，甚至是一些全棧軟件，以實現高速公路自主能力的主動安全，作為一個包羅萬象的包的一部分。這就是你真正開始看到在本世紀下半葉起飛的地方。所以，如果你想從激光雷達的角度考慮不同層次的內容，以使其成功，因為實際上沒有軟件，激光雷達只是一個盒子，對吧？因此，如果您沒有軟件，您甚至無法在一天結束時向大多數主要汽車製造商提供激光雷達系統。這就是我們如何看待這一切的地方。

Okay. And for the second one if I can just sort of ask you about the competitive landscape here. We've seen -- I think just you highlighted your cash position, but we've also seen certain lidar companies sort of go bankrupt in the -- from what we can see from press reports. So are you starting to see some narrowing of the field already in terms of sort of considerations from automakers, some automakers starting to sort of change track in terms of which companies they're evaluating, any sort of changes that you're seeing yet or sort of more of that to come?

好的。第二個問題，如果我可以問你這裡的競爭格局。我們已經看到——我想你只是強調了你的現金頭寸，但我們也看到某些激光雷達公司在某種程度上破產了——從我們從新聞報導中可以看到。那麼，您是否已經開始看到該領域的一些縮小，就汽車製造商的考慮而言，一些汽車製造商開始在他們正在評估的公司方面發生某種變化，您正在看到的任何類型的變化或還有更多這樣的事情嗎？

Yes. So, Samik, I think we're in the early stages of rationalization, not only of the lidar industry, but I think the broader autonomy landscape. I think as you mentioned, there has been some bankruptcies and restructuring of some lidar companies recently. We -- there's also been some kind of bailout financings. And look, we also monitor the cash levels and the kind of the cash burn rates and we know that our OEM customers are doing that as well because it takes anywhere between 2 or 3 years between when you win a piece of business and the development work you need to do just to get to series production. And when you win that piece of business and you need to do the investments in engineering, in the manufacturing, and buying all the equipment, but we know it firsthand, we're doing it in multiple ways now, it's expensive and that cash burn rate tends to go up. And these OEMs want to make sure that if they're making a long-term commitment that that company is going to be around to deliver on that. Luckily for Luminar and the strength of that balance sheet, we easily address those questions.

是的。所以，Samik，我認為我們正處於合理化的早期階段，不僅是激光雷達行業，還有更廣泛的自治領域。我想就像你提到的，最近出現了一些激光雷達公司的破產和重組。我們 - 也有某種救助融資。看，我們還監控現金水平和現金消耗率，我們知道我們的 OEM 客戶也在這樣做，因為從贏得一筆業務到開發工作之間需要 2 到 3 年的時間您只需要進行批量生產即可。當你贏得了那份業務，你需要在工程、製造和購買所有設備方面進行投資，但我們第一手知道，我們現在正在以多種方式做到這一點，它很昂貴，而且會燒錢率趨於上升。這些原始設備製造商希望確保，如果他們做出長期承諾，該公司將能夠實現這一目標。幸運的是 Luminar 和資產負債表的實力，我們很容易解決這些問題。

And then, in the broader autonomous landscape, I think you see it, there's been a lot of public announcements recently of some of these larger autonomous software companies having struggles from either the parents not willing to fund them anymore to even getting caught up in some of the geopolitical tensions out there. And so, we're in a -- it's a tough environment out there and Luminar is getting caught up in a lot of this macro storm that we're withstanding. But on a relative basis, we have a pretty strong storm shelter and we're going to survive -- we're in a very good shape to survive this relative to the other players in the industry.

然後，在更廣泛的自治領域，我想你已經看到了，最近有很多公開公告表明，其中一些較大的自治軟件公司面臨著父母不願再資助他們甚至陷入某些困境的掙扎。那裡的地緣政治緊張局勢。因此，我們處於一個艱難的環境中，Luminar 正陷入我們正在承受的很多宏觀風暴中。但在相對的基礎上，我們有一個非常強大的風暴避難所，我們將生存下來——相對於業內的其他參與者，我們處於非常好的生存狀態。

Yes. And I think the most important thing though, too, is just at the fundamental level, people can mix up terms like when it comes to like these autonomous vehicle companies out there that when people associate autonomy and they're like, oh, it's not happening. Nothing is here, all this stuff and all this skepticism, it's really around the robotaxi like Waymo, Cruise, Argo, Aurora, Zoox, Motional like all those companies who kind of bucket into there like that's a completely different kind of problem than what we're solving here and what we're going into. And obviously, I think today ultimately, evidence is that, of by us actually making our way into series production. It's not some huge hundred thousand dollar roof rack full of sensors, it's something that is exactly making its way into the consumers' hands and feasible for production consumer car. So that's the fundamental distinction. But -- and also not spending $1 billion a year helps, but that -- or more, $2 billion a year.

是的。而且我認為最重要的事情也只是在基本層面上，人們可以混淆術語，比如當談到喜歡這些自動駕駛汽車公司時，當人們將自動駕駛聯繫起來時，他們就像，哦，這不是正在發生。什麼都沒有，所有這些東西和所有這些懷疑，它真的圍繞著機器人出租車，比如 Waymo、Cruise、Argo、Aurora、Zoox、Motional 就像所有那些像我們一樣投入其中的公司，這是一個與我們完全不同的問題'正在解決這里以及我們將要進入的內容。顯然，我認為今天最終，有證據表明，我們實際上正在進入批量生產。這不是一個裝滿傳感器的巨大的十萬美元車頂行李架，而是正在進入消費者手中並且對生產消費汽車可行的東西。這就是根本的區別。但是——而且每年花費 10 億美元也沒有幫助，而是——或者更多，每年 20 億美元。

But that said, yes, I think we're -- that's only going to continue to happen. In terms of the consolidation, we would be surprised if most of the companies out there, we're surviving given the macro headwinds that basically makes it impossible to raise money in this kind of environment. But that said, I think -- while we don't -- I think we haven't considered any like M&A opportunities and other stuff as a result for -- with like consolidation for anyone's technology or anything like that, too, I think from a broader standpoint there, too, there's no question that there are certain kinds of things from a team standpoint or other things that there is a silver lining to some of these things where you can pick out some of the best people that are basically on the market for free and at the same time, like certain types -- certain little hidden gems within each of these things that can be useful along the way. So we will be taking full advantage of those.

但話雖如此，是的，我認為我們 - 這只會繼續發生。在整合方面，如果大多數公司能夠倖存下來，我們會感到驚訝，因為宏觀逆風基本上使得在這種環境下無法籌集資金。但話雖如此，我認為 - 雖然我們沒有 - 我認為我們沒有考慮任何類似的併購機會和其他東西因此 - 對於任何人的技術或類似的東西的整合，我認為從更廣泛的角度來看，毫無疑問，從團隊的角度來看，有些事情或其他事情有一線希望，在這些事情中，你可以挑選出一些最優秀的人市場是免費的，同時，就像某些類型一樣——這些東西中的某些隱藏的小寶石，在此過程中可能會很有用。因此，我們將充分利用這些優勢。

Next question comes from Josh Buchalter at Cowen.

下一個問題來自 Cowen 的 Josh Buchalter。

Congrats on your new series production. I'm sure it's going to be very rewarding for you guys. I wanted to follow up on Samik's question on software. I think we've seen some of the auto OEMs struggle with their internal software development, and then some -- on the other side, some compute players investing more and more heavily in autonomous software. And so, what I'm trying to better understand is, where does your Sentinel fit into a broader stack? And then, what's the economic go-to-market strategy as it matures fully cognizant that it's early?

恭喜你的新系列作品。我相信這對你們來說是非常有益的。我想跟進 Samik 關於軟件的問題。我認為我們已經看到一些汽車原始設備製造商在內部軟件開發方面遇到了困難，然後一些——另一方面，一些計算公司在自主軟件上的投資越來越多。所以，我想更好地理解的是，你的 Sentinel 適合更廣泛的堆棧嗎？然後，什麼是經濟進入市場的戰略，因為它已經完全認識到它為時過早？

Yes. So, I'd say this is that, I think, yes, as we're seeing more and more evidence of people have had their own software divisions, people have had their own -- they are shutting down. They're not what they think that they were and that's largely just -- it's as much -- it's not even just a capability problem like there's the traditional notion of, okay, like automakers will have a hard time like hiring the best engineers, and then, like you need the best engineers to be able to develop that, which there is truth to this, right? Like, obviously, is like a leading technology company for this industry and growth technology company, you're able to attract some of the best talent as we've seen by some of the announcements and other things that we had of the kind of people joining us, which is fantastic. But it's not even just that, it's also a strategy question as well where most of the divisions of the software divisions have just fundamentally taken a wrong strategy in the broader industry there, too. Then, that's why you see these like dramatic blow-ups and shutdowns because it's not like you can just like pivot the code to like go towards consumer cars in a completely different application. And that's really where we've obviously been focusing the software in. I think as you see more and more of these different types of companies shut down, they're literally going to pair it exactly what we say our strategy is on the software side.

是的。所以，我想說的是，我認為，是的，隨著我們看到越來越多的證據表明人們擁有自己的軟件部門，人們擁有自己的——他們正在關閉。他們不是他們認為的那樣，這在很大程度上只是 - 它同樣如此 - 它甚至不僅僅是一個能力問題，就像傳統觀念中那樣，好吧，就像汽車製造商將很難像僱用最好的工程師一樣，然後，就像你需要最好的工程師來開發它一樣，這是事實，對吧？就像，很明顯，就像這個行業的領先技術公司和成長型技術公司一樣，你能夠吸引一些最優秀的人才，正如我們從一些公告和我們擁有的這類人的其他事情中看到的那樣加入我們，這太棒了。但不僅如此，這也是一個戰略問題，軟件部門的大多數部門在更廣泛的行業中也從根本上採取了錯誤的戰略。然後，這就是為什麼你會看到這些像戲劇性的爆炸和關閉的原因，因為它不像你可以像在完全不同的應用程序中將代碼轉向消費汽車一樣。這確實是我們顯然一直專注於軟件的地方。我認為，隨著您看到越來越多的這些不同類型的公司關閉，他們確實會按照我們所說的軟件方面的策略來配對.

So, it ends up aligning very well with the overall approach that we've taken and have that ability. It takes time, obviously, to develop the full stack part of it and we've continued to work our way up through different parts of that stack and expand it out. But at the same time, I think this is -- does 2 things. One is, it increases the value in the ASPs when it comes to like a fundamental lidar standpoint in terms of what you can do and what you can enable, and that's why I think it's probably -- I think it's kind of a surprise to many in terms of like the kinds of ASPs that we get already for products as it stands now and the relative share of value that we have from an OEM standpoint going into market. But then, 2 is, additional value adds on top of that, like option upgrade features, other kinds of things that can help enable additional revenue streams associated with the product and with the capabilities in addition to, of course, the broader notion of supporting standardization of the product and capabilities for multiple automakers.

因此，它最終與我們採取並具有這種能力的整體方法非常吻合。顯然，開發它的完整堆棧部分需要時間，我們一直在努力通過該堆棧的不同部分並將其擴展。但與此同時，我認為這是 - 做兩件事。一個是，它增加了 ASP 的價值，當涉及到一個基本的激光雷達觀點時，你可以做什麼和你可以啟用什麼，這就是為什麼我認為它可能——我認為這對許多人來說是一個驚喜就目前我們已經為產品獲得的 ASP 類型以及從 OEM 的角度來看我們進入市場的相對價值份額而言。但是，2 是除此之外的附加價值，例如選項升級功能，其他類型的東西可以幫助實現與產品和功能相關的額外收入流，當然，除了更廣泛的支持概念為多家汽車製造商提供產品和能力的標準化。

So, yes, I mean, just increasing content value. I mean, I think ultimately the expectation is, is that, can help multiply content value and profits over the course of this decade. That's not a next year thing, but like when you look on -- it's ultimately my responsibility to make bets. We have our next year bets, our 3-year bets, our 5-year bets. This is kind of spans on the spectrum. It's more on the middle of the decade side of when we see that inflection take off, probably a few years to offset from the lidar. So that's kind of where -- when you start seeing the additional revenue streams and other stuff really scaling up beyond what's additive already to supporting much higher than what you'd expect ASPs.

所以，是的，我的意思是，只是增加內容價值。我的意思是，我認為最終的期望是，可以幫助在這十年中增加內容價值和利潤。這不是明年的事情，但就像你看的時候一樣——下注最終是我的責任。我們有明年的賭注，3 年的賭注，5 年的賭注。這是頻譜上的一種跨度。當我們看到拐點起飛時，更多的是在十年的中期，可能需要幾年時間才能從激光雷達中抵消。所以這就是 - 當你開始看到額外的收入流和其他東西真正擴大到超出已經添加到支持比你預期的 ASP 高得多的東西時。

I appreciate all that color. It's very helpful. As my follow-up, the RISING AUTO and Polestar offering the lidar as an optional upgrade, I imagine given cycle times and we're getting pretty close to that launch, there's got to be some capacity planning on your part. I guess, can you walk through what initial feedback are they getting on adoption of the lidar upgrade, and in particular, how are they marketing it to their customers, how are they positioning it for a longer-term because I'm sure they are incentivized just like you are to have more lidar on more vehicles?

我欣賞所有這些顏色。這很有幫助。作為我的後續行動，RISING AUTO 和 Polestar 提供激光雷達作為可選升級，我想給定週期時間並且我們已經接近發布，您必須進行一些容量規劃。我想，您能否了解一下他們在採用激光雷達升級時得到了什麼初步反饋，特別是他們如何向客戶推銷它，他們如何長期定位它，因為我確信他們是就像您在更多車輛上安裝更多激光雷達一樣受到激勵？

Yes. I would encourage you, Josh, as well as others on the call go to the Polestar event in early October, go to what the Volvo's CEO unveiled at the end of September, and listen to what they are going to unveil in more detail next week.

是的。我會鼓勵你，喬希，以及其他參加電話會議的其他人，去參加 10 月初的 Polestar 活動，去看看沃爾沃首席執行官在 9 月底公佈的內容，並聽聽他們下週將公佈的更詳細信息.

What I'd say, if you go right after this, go to the Luminar website or Luminar YouTube channel there, too, and there's actually literally like SAIC is putting out video ads like basically like commercial TV-style like professionally-produced ads that are basically for us. There's -- like it's kind of like shocking like how much people -- how people excited about -- how much people are excited about this, how much they are leaning into it. So it's -- so you can actually see -- you can see some of that stuff.

我想說的是，如果你在這之後馬上去，也去那裡的 Luminar 網站或 Luminar YouTube 頻道，實際上就像 SAIC 正在投放視頻廣告，基本上就像商業電視風格，比如專業製作的廣告基本上是給我們的。有 - 就像這有點令人震驚 有多少人 - 人們多麼興奮 - 有多少人對此感到興奮，他們有多少投入其中。所以它 - 所以你實際上可以看到 - 你可以看到一些東西。

Yes. Our lidar is very prominent in their marketing campaigns for these new vehicles. Look, on the take rates, it's too early to tell what we've kind of embedded in our forecast and our order back are very conservative assumptions. The initial data we've seen so far and let's say, it's very initial, not drawing any conclusion from it, suggest it maybe too conservative, but we'll continue to monitor that and share with you guys once we have enough data and are able to draw some conclusions on it.

是的。我們的激光雷達在這些新車的營銷活動中非常突出。看，關於採取率，現在說我們在預測中嵌入了什麼還為時過早，我們的訂單是非常保守的假設。到目前為止我們看到的初始數據，假設它是非常初始的，沒有從中得出任何結論，這表明它可能過於保守，但是一旦我們有足夠的數據並且我們將繼續監控並與你們分享能夠得出一些結論。

All right. For the remaining analysts, we're going to try to get as many as we can on the call. I think we got about 15 minutes, so I'm going to ask everybody just to do 1 question, and then we'll try to kind of cycle through a few folks. So the next analyst is going to be Jared Maymon from Berenberg.

好的。對於其餘的分析師，我們將嘗試盡可能多地參加電話會議。我想我們有大約 15 分鐘的時間，所以我將要求每個人只做 1 個問題，然後我們將嘗試循環通過幾個人。因此，下一位分析師將是來自 Berenberg 的 Jared Maymon。

Obviously, congrats on getting the production milestone. Austin, 1 question, but kind of 2 parts. So first of all, can you -- I know right. But first of all, can you help us better understand how your forward-facing order book is calculated alongside the customer? And then do you see any risk from take rates from macro factors that could impact light vehicle production or consumer demand trends like rising financing risk?

顯然，恭喜獲得生產里程碑。奧斯汀，1 個問題，但有 2 個部分。所以首先，你能不能——我知道是對的。但首先，您能否幫助我們更好地了解您的前瞻性訂單是如何與客戶一起計算的？然後，您是否認為宏觀因素的利率會影響輕型汽車生產或消費需求趨勢（如融資風險上升）帶來的風險？

Sure. So let me try to address your 2-part question there Jared with 1 answer. I'll give you a refresher in terms of how we calculate our forward-looking order book and we tried to be conservative in terms of how we calculate it. So, for example, for Volvo, we only have the EX90 in it. Volvo has said publicly their plan is to eventually put our lidar on every vehicle that they produce. We don't have all the vehicles of Volvo in our order book. We don't assume some probability in our order book that we're going to get the non-EX90 business. We only have the EX90 in there. Same thing with SAIC, right? The only thing that's in there is a very conservative take rate assumption for the R7. We're not assuming standardization of the R7, we're assuming 0 of any other business at SAIC. Nissan has said publicly that this system that we're jointly developing with them is something they're going to deploy on virtually every vehicle that they make at the end of this decade. Nissan makes 4 million vehicles. At the end of last year, we had 0 in there for Nissan. So we take a very conservative approach in what we put in there. Any delays in platforms because of the current challenging environment we're in, that won't have a material impact on the order book because we typically do it over the life of the platform. So if somebody is 3 to 6 months late in launching a platform, they're still going to keep it running for 5, 7 years or however long it's going to be.

當然。因此，讓我嘗試用 1 個答案在 Jared 那裡解決您的兩部分問題。我將就我們如何計算我們的前瞻性訂單簿給你一個複習，並且我們試圖在我們如何計算它方面保持保守。因此，例如，對於沃爾沃，我們只有 EX90。沃爾沃公開表示，他們的計劃是最終將我們的激光雷達安裝在他們生產的每一輛車上。我們的訂單中沒有沃爾沃的所有車輛。我們不會在我們的訂單簿中假設我們將獲得非 EX90 業務的概率。我們那裡只有 EX90。上汽也一樣吧？唯一的內容是對 R7 的採用率假設非常保守。我們不假設 R7 的標準化，我們假設上汽的任何其他業務為 0。日產公開表示，我們正在與他們共同開發的這個系統是他們將在本世紀末在幾乎所有他們製造的車輛上部署的系統。日產汽車生產 400 萬輛汽車。去年年底，我們的日產為 0。因此，我們在其中放入的內容採取了非常保守的方法。由於我們當前所處的充滿挑戰的環境而導致平台的任何延遲，這不會對訂單簿產生重大影響，因為我們通常會在平台的生命週期內這樣做。因此，如果有人遲到了 3 到 6 個月推出一個平台，他們仍然會讓它運行 5、7 年，或者不管它會持續多久。

The take rate, once again, we're very conservative on the take rates that we assume there for it's an option. We typically take a haircut to what our customers indicate to us, to even what IHS is indicating to us. I know others in the industry have their own methodology for calculating order books which are different than ours. We kind of did hit back envelope calculation of what our order book would be if we kind of used others in the industry's definitions. We were getting the numbers in the $15 billion to $20 billion range. Now, look, that's not our official order book. We're going to update it what it is at the end of the year. We calculate it once a year, but it's very conservative, much more conservative than what others in the industry is.

再一次，我們對我們假設的採取率非常保守，因為這是一種選擇。我們通常會根據客戶向我們提出的建議，甚至是 IHS 向我們提出的建議進行調整。我知道業內其他人有自己的計算訂單簿的方法，這與我們的不同。如果我們在行業定義中使用其他人，我們確實回擊了我們的訂單簿的信封計算。我們得到的數字在 150 億美元到 200 億美元之間。現在，看，那不是我們的正式訂單。我們將在年底更新它。我們每年計算一次，但它非常保守，比業內其他人保守得多。

Looking forward to seeing you guys at CES '23.

期待在 CES '23 見到你們。

And the next question is going to be from Itay Michaeli of Citi.

下一個問題將來自花旗的 Itay Michaeli。

I'll stick to 1 question. Just hoping we could talk about the business funnel. I know you did the formal update at the end of the year, but maybe give us a bit of a flavor on what you're seeing on the RFQ, RFI environment. Anything changing with the macro or some of the wins you've had? Is that creating more of a domino effect we were seeing at the increased activity? Maybe just a little bit of a preview there at a high level.

我會堅持1個問題。只是希望我們能談談業務漏斗。我知道您在年底進行了正式更新，但也許可以讓我們了解一下您在 RFQ、RFI 環境中看到的內容。宏或您獲得的一些勝利有什麼變化嗎？這是否會產生我們在活動增加時看到的更多多米諾骨牌效應？也許只是高水平的一點預覽。

Yes. Look, Itay, what I would say is, we're still on track to reach our goals that we set out at the beginning of the year and then increased during the last quarter. So I think in general, things are according -- going according to our expectations. I would say, there have been some OEMs who said, "Hey, look, we're going to send out this, the RFQ at the end of this year, some of that's starting into like early next year, just given everything going on in the world". Having said all that, there are other situations where we actually see an acceleration, whether that's a new customer, existing customer, an acceleration trying to get our technology on the vehicles sooner or maybe even taking customer where you have business and maybe deploying that a little faster than expected.

是的。聽著，Itay，我想說的是，我們仍有望實現我們在年初設定的目標，然後在最後一個季度增加。所以我認為總的來說，事情是按照我們的預期進行的。我想說，有一些 OEM 說，“嘿，看，我們將在今年年底發出這個 RFQ，其中一些像明年初一樣開始，只是考慮到一切正在發生的事情在世界上”。說了這麼多，在其他情況下，我們實際上看到了加速，無論是新客戶，現有客戶，加速試圖讓我們的技術更快地應用於車輛，或者甚至可能將客戶帶到您有業務的地方並可能部署比預期的快一點。

I would say, people have also been talking about software, but I would say there's also other avenues we have to kind of monetize the ecosystem that our lidar can create and we'll be talking more about those at Luminar Day and we're seeing some traction there as well. So I think overall, on average, everything is going according to plan, but I would say certain customers are pushing back a little, other customers are kind of accelerating.

我想說，人們也一直在談論軟件，但我想說，我們還必須通過其他途徑將我們的激光雷達可以創建的生態系統貨幣化，我們將在 Luminar Day 上更多地談論這些，我們正在看到那裡也有一些牽引力。所以我認為總的來說，平均而言，一切都在按計劃進行，但我會說某些客戶正在推遲一點，其他客戶正在加速。

Well, I think it's fair to say like for anyone that is on sort of what we call like fishing expeditions of things like they're not really serious about doing something, then you're probably going to think twice around investing billions of dollars more immediately. Anyone who is serious about this is doubling down accelerating other stuff or doing things earlier than what we said we're going to do. We're signing. I mean, even the contracts for what we have for this quarter and for everything that's accelerated and lead to some of the results and all these other fronts that are moving full speed ahead, people are doubling down, people are expanding the opportunities there with the OEMs in terms of what we have for the existing ones, and then some. I think it's more of -- there's already a lot of players there, too, at the table and that's why I think what you're going to see is more of the consolidation, but not with like automakers selling -- like selling cars with these features and wanting to equip their cars with this kind of next-generation technology. More of the like macroeconomic -- like what the macroeconomic headwinds are forcing like isn't really for our customer base. It's more of like the moonshot R&D projects of, "Hey, does it really make sense for us to keep investing a $1 billion-plus per year into something that may or may not actually come to fruition?" So I think that's where we're going to see the bulk of it there, too, and that's again not to be confused with the kind of product, commercial deals, landscape, autonomy, the kind of stuff like safety that we're giving.

好吧，我認為公平地說，對於那些從事我們所謂的釣魚探險的人來說，他們對做某事並不認真，那麼你可能會三思而後行，再投資數十億美元立即地。任何對此認真的人都在加倍加速其他事情或做比我們說我們要做的事情更早的事情。我們正在簽約。我的意思是，即使是我們本季度所擁有的合同以及所有加速並帶來一些結果的合同，以及所有這些全速前進的其他方面，人們都在加倍努力，人們正在擴大那裡的機會就我們現有的原始設備製造商而言，然後是一些。我認為這更多的是——那裡已經有很多玩家了，這就是為什麼我認為你會看到更多的整合，但不是像汽車製造商那樣銷售——就像賣汽車一樣這些功能，並希望為他們的汽車配備這種下一代技術。更多類似的宏觀經濟——就像宏觀經濟逆風所迫使的那樣，實際上並不適合我們的客戶群。這更像是登月研發項目，“嘿，我們每年繼續投資 10 億多美元，用於可能會或可能不會真正實現的東西真的有意義嗎？”所以我認為這也是我們將在那裡看到大部分內容的地方，同樣不要與產品類型、商業交易、景觀、自主性以及我們提供的安全等東西相混淆.

Next question is going to be from David Kelley at Jefferies.

下一個問題將來自 Jefferies 的 David Kelley。

Just a quick 1 for me and a follow-up on the RISING AUTO R7 specifically. Any color you can give us on how the Luminar lidar option is going to be priced in to that vehicle?

對我來說只是一個快速的 1 和專門對 RISING AUTO R7 的跟進。關於 Luminar 激光雷達選項將如何定價到該車輛，您可以告訴我們任何顏色嗎？

You can go to their website now and take a look.

你現在可以去他們的網站看看。

It's an option, David. It's the U.S. dollar equivalent from memory is somewhere in the mid- to high-$2,000 range. You can actually go -- if you're a Chinese proficient, actually go to the website.

這是一個選擇，大衛。記憶中的美元等值在 2,000 美元到 2,000 美元左右。你實際上可以去——如果你精通中文，就去網站。

Yes. It's in Chinese. It's not actually. But, yes. Exactly. So basically they're priced at -- I mean, the point is, is that, there's pretty significant value that's attributable obviously to this. And I think that kind of -- there's obviously different calculations of what we can do to the price relative to take rate and/or some curve associated with that. But I think there is a sweet spot where you can get huge adoption and still have huge value. And we have to remember, this is even on -- this isn't like some like crazy super high-end vehicle, too. This is like a...

是的。是中文的。實際上並非如此。但是，是的。確切地。所以基本上它們的定價是——我的意思是，關鍵是，有相當重要的價值顯然可以歸因於這一點。我認為那種 - 對於我們可以對價格相對於採取率和/或與之相關的一些曲線做些什麼，顯然有不同的計算。但我認為有一個甜蜜點，你可以獲得巨大的採用率，並且仍然具有巨大的價值。而且我們必須記住，這甚至是開著的——這也不像一些瘋狂的超高端汽車。這就像一個...

It's a Tesla Model Y competitor.

這是特斯拉 Model Y 的競爭對手。

Yes, exactly. So yes, it's cool to see you get out there already.

對，就是這樣。所以，是的，很高興看到你已經走出去。

The next question is from Richard Shannon at Craig-Hallum.

下一個問題來自 Craig-Hallum 的 Richard Shannon。

Austin, maybe just a question on technology. Your Freedom Photonics acquisition from earlier this year kind of alludes to next-generation hardware. Wondering if you can talk about the timing and urgency of wanting to make that. And to what degree does that present any risks for follow-on wins with a change in hardware? Just kind of get perspective on that as well, please.

奧斯汀，也許只是一個關於技術的問題。你今年早些時候收購的 Freedom Photonics 暗示了下一代硬件。想知道你是否可以談談想要做到這一點的時機和緊迫性。這在多大程度上會給硬件的變化帶來後續勝利的風險？請您也對此有所了解。

Yes. So, I think there's different parts of each of these things, in general. When we look at some of the vertical integration that we've done, whether it's with Black Forest Engineering, OptoGration or more recently Freedom, which, by the way, we'll take an opportunity to talk about the bigger picture strategy with all this coming Luminar Day in the first quarter of next year. But I would say that each of these as a key element of a few different things, one is, accelerating technology development that was already on our existing road map in partnership with them. Two is, with regards to supply chain security. And then three is, with regards to defensibility and just basically having total ownership over the respective companies and continuing to build that moat all around it there, too.

是的。所以，總的來說，我認為這些事情都有不同的部分。當我們查看我們已經完成的一些垂直整合時，無論是與 Black Forest Engineering、OptoGration 還是最近的 Freedom，順便說一下，我們將藉此機會討論所有這些的大局戰略明年第一季度即將到來的 Luminar Day。但我想說，這些都是一些不同事物的關鍵要素，其中之一是加速技術開發，這已經在我們與他們合作的現有路線圖上。二是關於供應鏈安全。然後三是，關於防禦性，基本上對各自的公司擁有完全的所有權，並繼續在那裡建立護城河。

So I think in the case of Freedom, for example, just as we were able to get the cost of the receiver down to just like single-digit dollars between Black Forest Engineering and OptoGration, the laser itself was also -- there is some amazing, amazing technology and that's Freedom has had in a specific type of laser building out. And like I said, we'll get into more details on the technical aspect of all of this, but this is where there's already cost-down opportunities that can be implemented. If you take a look at kind of the 5-year view, there is stuff that we're already doing today that's getting integrated and then there is stuff that gets implemented for next-generation of products and that's where you continue to see that exponential benefit when it comes to both a not just a performance standpoint, but even in an economic standpoint as well as we vertically integrate across the board. And which we think is going to be fundamentally required to produce any kind of viable products that can achieve where the ultimate place that we want to get to and at the cost that we want to get to. And we've shared that very long-term road map for extreme profitability at the end of the day.

因此，我認為以 Freedom 為例，正如我們能夠將接收器的成本降低到 Black Forest Engineering 和 OptoGration 之間的個位數美元一樣，激光器本身也是 - 有一些驚人的，令人驚嘆的技術，這就是 Freedom 在特定類型的激光建築中所擁有的。就像我說的那樣，我們將深入了解所有這一切的技術方面的更多細節，但這是已經存在可以實施的降低成本機會的地方。如果你看一下 5 年的觀點，我們今天已經在做一些事情，這些事情正在整合，然後有一些事情會為下一代產品實施，這就是你繼續看到指數增長的地方不僅從性能的角度，甚至從經濟的角度，以及我們全面垂直整合，都可以從中受益。我們認為，從根本上來說，生產任何一種可行的產品都是必要的，這些產品可以達到我們想要到達的最終位置，並以我們想要到達的成本。我們已經分享了最終實現極端盈利的長期路線圖。

The next question comes from Kevin Cassidy at Rosenblatt.

下一個問題來自 Rosenblatt 的 Kevin Cassidy。

Congratulations. Now, you're in series production or starting with series production, can you talk about your cycle times? And what kind of improvements do you expect you'll see as you go to your new factory in second half of '23?

恭喜。現在，您正在批量生產或開始批量生產，您能談談您的周期時間嗎？當你在 23 年下半年去你的新工廠時，你希望你會看到什麼樣的改進？

Yes. So, Kevin, as I mentioned earlier in this call, Step 1 is figuring out how to make these with the right technology, mean right specs and the right quality where our customers focus to put them on the consumer vehicle. That's the most difficult step. That's something that we recently achieved with SAIC. We -- now we're focusing on improving those metrics that you talked about, the yields, the efficiencies, et cetera, and I think the most important one and that we're really going to start focusing on is when that new dedicated facility is up and running in the second half of the year. So, we still have some work to do there to make those improvements to the efficiencies, but the team is making great progress in terms of tackling that and getting to where we need to be.

是的。所以，凱文，正如我在本次電話會議前面提到的，第一步是弄清楚如何使用正確的技術、正確的規格和正確的質量來製造這些產品，讓我們的客戶專注於將它們放在消費車輛上。這是最困難的一步。這是我們最近通過上汽實現的目標。我們——現在我們專注於改進你談到的那些指標，產量，效率等等，我認為最重要的一個，我們真正要開始關注的是什麼時候新的專用設施已於下半年啟動並運行。因此，我們仍有一些工作要做，以提高效率，但團隊在解決這個問題和到達我們需要的地方方面取得了很大進展。

And to answer specifically, I mean, that basically ends up translating into cycle times that are measured in minutes, not like hours or anything, right? So that's where -- with -- obviously, there is a ramp through all the stuff, and then you take one step at a time with each of these. But we need to get to that capacity to be able to ultimately meet all of the needs for the multiple OEMs and vehicle models that we're launching. But the other part of it is, it's not just about the increased capacity, it's also about automation. So we're constantly automating more and more. We made this early bet on having an advanced manufacturing team and capability as part of Luminar starting, what, 6 years ago. So since then, we've really worked on refining how you can build and assemble all these different aspects of what goes into the lidar and building that into automated capabilities, everything from the component level, to alignment of the system, to calibration, to all of that stuff that's very, very tough. And like said, it's one thing having a technology, it's another thing proving out that it can truly meet all the performance. It's a completely different thing actually being able to industrialize the manufacturer, and that's something that obviously is a proud moment today, but there's a lot more left to do.

具體來說，我的意思是，這基本上最終會轉化為以分鐘為單位的周期時間，而不是幾小時或任何時間，對吧？所以這就是 - 顯然，所有的東西都有一個斜坡，然後你一步一步地處理每一個。但我們需要達到這種能力，才能最終滿足我們推出的多個 OEM 和車型的所有需求。但另一部分是，這不僅僅是增加產能，還涉及自動化。因此，我們不斷地實現越來越多的自動化。作為 Luminar 的一部分，我們早早押注擁有一支先進的製造團隊和能力，這是 6 年前開始的。因此，從那時起，我們一直致力於改進如何構建和組裝進入激光雷達的所有這些不同方面，並將其構建為自動化功能，從組件級別到系統對齊、校準、再到所有那些非常非常艱難的東西。就像說的那樣，擁有技術是一回事，證明它能夠真正滿足所有性能是另一回事。實際上能夠將製造商工業化是完全不同的事情，這顯然是今天值得驕傲的時刻，但還有很多事情要做。

Congratulations, again.

再次恭喜。

Thanks, Kevin.

謝謝，凱文。

Thanks, Kevin.

謝謝，凱文。

We're going to take 1 final question from Kevin Garrigan at WestPark Capital.

我們將回答 WestPark Capital 的 Kevin Garrigan 的最後一個問題。

Or we're going to end the call. So thanks, everybody, for participating in the call. We look forward to talking to you on the next quarter call, and also look forward to everybody joining at Luminar Day when we do that in Q1. And if you're in CES, also let us know if you're going to CES. Thank you.

或者我們將結束通話。非常感謝大家參與電話會議。我們期待在下一季度的電話會議上與您交談，也期待大家在第一季度加入 Luminar Day。如果您參加 CES，請告訴我們您是否參加 CES。謝謝你。

Yes. We'll see you guys soon. That'll be awesome. And I think you may be able to -- whether it's at Luminar Day or CES should be able to see the SAIC car live and in the flash as well. So that'll be awesome. I look forward to seeing you, guys. Thanks again for joining on and tuning in and we'll see you soon.

是的。我們很快就會見到你們。那會很棒。而且我認為您也許能夠 - 無論是在 Luminar Day 還是 CES 上，都應該能夠看到上汽汽車的現場直播和閃光。所以那會很棒。我期待著見到你們，伙計們。再次感謝您的加入和收看，我們很快再見。

Thanks, everyone.

感謝大家。