Lucid Group Inc (LCID) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Lucid Group Second Quarter 2022 Earnings Conference Call. (Operator Instructions)

美好的一天，感謝您的支持。歡迎參加 Lucid Group 2022 年第二季度收益電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker for today. Maynard Um, you may begin.

我現在想把今天的會議交給你的演講者。梅納德 嗯，你可以開始了。

Thank you, and welcome to Lucid Group's Second Quarter 2022 Earnings Call. Joining me today are Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO.

謝謝，歡迎參加 Lucid Group 的 2022 年第二季度財報電話會議。今天加入我的是我們的首席執行官兼首席技術官 Peter Rawlinson；和我們的首席財務官雪利酒屋。

Before handing the call over to Peter, let me remind you that some of the statements on this call, particularly those regarding the future financial performance of the company, production and delivery volumes, macroeconomic and industry trends, company initiatives and other future events, are based on the information that we have as of today and include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在將電話轉給彼得之前，讓我提醒您，本次電話會議中的一些聲明，特別是關於公司未來財務業績、生產和交付量、宏觀經濟和行業趨勢、公司計劃和其他未來事件的聲明，是基於我們今天擁有的信息，並包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements are subject to numerous risks, uncertainties and other factors that could cause actual results to differ from expectations, and we refer you to the cautionary language and the risk factors in our quarterly report on Form 10-Q for the quarter ended June 30, 2022, as well as other documents filed or to be filed with the SEC for a full discussion of such risks, uncertainties and other factors.

前瞻性陳述受眾多風險、不確定性和其他可能導致實際結果與預期不同的因素影響，我們在截至 6 月的季度的 10-Q 表格季度報告中向您推薦警示性語言和風險因素2022 年 3 月 30 日，以及提交或將提交給 SEC 的其他文件，以全面討論此類風險、不確定性和其他因素。

Forward-looking statements made during today's call speak only as of the time they are made, and we are under no obligation and expressly disclaim any obligation to update, alter or otherwise revise any forward-looking statements whether as a result of new information, future events or otherwise except as required by law. You are cautioned not to place undue reliance on these forward-looking statements.

在今天的電話會議中發表的前瞻性陳述僅在發表時發表，我們沒有義務並明確表示不承擔任何更新、更改或以其他方式修改任何前瞻性陳述的義務，無論是由於新信息、未來事件或其他情況，除非法律要求。請注意不要過分依賴這些前瞻性陳述。

In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon as well as in the investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

此外，管理層將在本次電話會議期間參考非公認會計原則財務措施。我們今天下午早些時候發布的收益新聞稿以及我們網站“投資者關係”部分的投資者資料中提供了關於我們為什麼使用非 GAAP 財務指標的討論以及關於我們的 GAAP 與非 GAAP 結果對賬的信息在 ir.lucidmotors.com。

With that, I'd like to turn the call over to Lucid's CEO and CTO, Peter Rawlinson. Peter, please go ahead.

有了這個，我想把電話轉給 Lucid 的首席執行官兼首席技術官 Peter Rawlinson。彼得，請繼續。

Thank you, Maynard. In Q2, we continued to see strong customer demand for our vehicles with over 37,000 customer reservations as of today. That's an increase of more than 7,000 in the quarter, up from 30,000 reservations as we reported last quarter.

謝謝你，梅納德。在第二季度，我們繼續看到客戶對我們車輛的強勁需求，截至今天已有超過 37,000 名客戶預訂。這比我們上個季度報告的 30,000 個預訂量在本季度增加了 7,000 多個。

Now this 37,000 figure does not include our agreement with the Government of Saudi Arabia to purchase up to 100,000 vehicles, which is entirely incremental nor indeed does it include potential reservations for our forthcoming SUV, the Project Gravity, nor even potential reservation for Lucid Air in markets outside of North America, Middle East and Europe.

現在，這 37,000 輛的數字不包括我們與沙特阿拉伯政府達成的購買多達 100,000 輛汽車的協議，這完全是增量的，實際上也不包括對我們即將推出的 SUV、Project Gravity 的潛在預訂，甚至也不包括對 Lucid Air 的潛在預訂北美、中東和歐洲以外的市場。

As such, we are very pleased with the reaction from customers and the excitement surrounding Lucid Air. And we believe that as we get more of our vehicles into our customers' hands and expand our test drive program that our momentum will just continue to build.

因此，我們對客戶的反應和對 Lucid Air 的興奮感到非常滿意。我們相信，隨著我們將更多車輛交到客戶手中並擴大我們的試駕計劃，我們的勢頭將繼續增強。

We're also pleased to report that Lucid Air continues to garner many industry accolades vesting some very well-established luxury car brands. Now for example, we debuted the 1,050 horsepower Lucid Air Grand Touring Performance in June at the Goodwood Festival of Speed in the U.K., which features some of the world's fastest vehicles.

我們也很高興地報告，Lucid Air 繼續獲得許多行業讚譽，歸屬於一些非常成熟的豪華汽車品牌。例如，我們於 6 月在英國古德伍德速度節上首次推出了 1,050 馬力的 Lucid Air Grand Touring Performance，其中包括一些世界上最快的車輛。

Although Lucid Air Grand Touring Performance recorded a Goodwood Hill time climb of 50.79 seconds in the shootouts and that's the fastest time of any production road car at the event and the 12th fastest time overall, which included many racing cars.

儘管 Lucid Air Grand Touring Performance 在槍戰中記錄了古德伍德山 50.79 秒的爬升時間，這是該賽事中所有量產公路車的最快時間，也是包括許多賽車在內的整體第 12 快時間。

Now to be clear, only racing cars were faster at the event and many of the racing cars were not as fast. Now this demonstrable performance advantage lies in Lucid's in-house EV powertrain technology. Lucid designs, develops and manufactures all our core EV technology in-house. This vertical integration differentiates Lucid from virtually every other car manufacturer today. However, with all that positive momentum, I do have to say that this quarter has proven to be a very challenging period. And whilst we have experienced supply chain and logistics challenges along with the entire industry, the limitations of our logistics system have compounded the challenge.

現在要明確的是，只有賽車在比賽中速度更快，而許多賽車的速度並沒有那麼快。現在，這種明顯的性能優勢在於 Lucid 的內部 EV 動力總成技術。 Lucid 在內部設計、開發和製造我們所有的核心電動汽車技術。這種垂直整合將 Lucid 與當今幾乎所有其他汽車製造商區分開來。然而，鑑於所有這些積極的勢頭，我不得不說本季度已被證明是一個非常具有挑戰性的時期。雖然我們與整個行業一起經歷了供應鍊和物流挑戰，但我們物流系統的局限性加劇了挑戰。

And although we continue to face supply chain constraints, the resolution of some earlier gating component supply issues allowed us to push towards increasing the production rate. And as we attempted to push forward the rate, we found that our logistics constraints prevented us from scaling meaningfully this past quarter.

儘管我們繼續面臨供應鏈限制，但一些早期門控組件供應問題的解決使我們能夠推動提高生產率。當我們試圖提高速度時，我們發現我們的物流限制使我們無法在上個季度進行有意義的擴展。

For example, our ability to speed the correct part to align at the correct time and cadence. Our each car is built with thousands of parts and do this whilst maintaining a high Lucid quality build standards.

例如，我們能夠加快正確的零件以正確的時間和節奏對齊。我們的每輛車都由數千個零件製造而成，並在保持高 Lucid 質量製造標準的同時做到這一點。

So with that, let me walk you through our first half and Q2 production and delivery figures to provide a little context. In the first half of 2022, we produced 1,405 vehicles. These were factory gated vehicles, and this means that they are completed and ready for delivery to customers. But in Q2, we also made a significant number of vehicles that we did not factory gate instead electing to hold them back in order to ensure that these cars met the highest standard of quality.

因此，讓我帶您了解我們上半年和第二季度的生產和交付數據，以提供一些背景信息。 2022年上半年，我們生產了1,405輛汽車。這些是工廠門控車輛，這意味著它們已經完成並準備好交付給客戶。但在第二季度，我們還製造了大量車輛，我們沒有出廠，而是選擇將它們停產，以確保這些汽車符合最高質量標準。

Remember, quality must take a priority over volume as a luxury brand, and I'll touch on quality a little bit later. Now from a production standpoint, we have both planned and unplanned pauses in the quarter that resulted in approximately 2.5 weeks where we have no daily production at the factory.

請記住，作為奢侈品牌，質量必須優先於數量，稍後我會談到質量。現在從生產的角度來看，我們在本季度有計劃和計劃外的停頓，導致大約 2.5 週我們在工廠沒有日常生產。

In addition to causes of a more transient nature related to supply chain and logistics issues.

除了與供應鍊和物流問題相關的更短暫性質的原因之外。

A production pause due to installation of body shell assembly equipment and robotics with the Lucid Air Pure was preplanned. The equipment has been successfully installed, and we're on track for the start of Pure before the end of the year, which we expect to be hugely significant for us as a company.

由於安裝 Lucid Air Pure 的車身外殼組裝設備和機器人技術，生產暫停是預先計劃好的。設備已成功安裝，我們有望在年底前啟動 Pure，我們預計這對我們公司來說意義重大。

At the same time, we did also experience some unplanned production pauses, primarily in order to improve our logistics processes, which, as I stated earlier, became more apparent as we started to scale. So as a result, we are reducing our 2022 production guidance to a range of 6,000 to 7,000 vehicles.

同時，我們也確實經歷了一些計劃外的生產停頓，主要是為了改善我們的物流流程，正如我之前所說，隨著我們開始擴大規模，這種停頓變得更加明顯。因此，我們將 2022 年的生產指導減少至 6,000 至 7,000 輛。

Our revised outlook guidance for the year reflects the logistic challenges I described as we begin scaling, which exposed the immaturity of our logistics processes. But I do believe that we've identified the primary bottlenecks and have already taken steps to begin to remedy the situation. We have made a significant decision to bring our logistics operations in-house. We've made key hires to the executive team, and we've restructured our logistics and manufacturing organizations accordingly. We accelerated access to our logistics center as part of our Phase 2 expansion in Arizona. And within a couple of months, we expect to have our logistics center on site at AMP-1, which should help mitigate and begin to eliminate the logistics bottlenecks as well as reduce costs of the shipping and handling of parts.

我們修訂後的年度展望指引反映了我在開始擴展時所描述的物流挑戰，這暴露了我們物流流程的不成熟。但我確實相信我們已經確定了主要瓶頸，並且已經採取措施開始糾正這種情況。我們做出了一項重大決定，將我們的物流業務納入內部。我們已經為執行團隊聘用了關鍵人員，並相應地重組了我們的物流和製造組織。作為我們在亞利桑那州第二階段擴建的一部分，我們加快了對物流中心的訪問。在幾個月內，我們預計我們的物流中心將在 AMP-1 現場建成，這將有助於緩解並開始消除物流瓶頸，並降低零件運輸和處理的成本。

Furthermore, we're overhauling our logistics processes and introducing a series of improvements to simplify the system and yet make it more efficient and robust. I am pleased to announce that Steven David has joined Lucid as Senior Vice President of Operations. Steven will report to me and will be based in Arizona at the center of our critical manufacturing and logistics operations.

此外，我們正在徹底改革我們的物流流程並引入一系列改進以簡化系統，同時使其更加高效和穩健。我很高興地宣布，Steven David 已加入 Lucid，擔任運營高級副總裁。 Steven 將向我匯報，並將駐紮在我們關鍵製造和物流業務中心的亞利桑那州。

In this newly created role, Steven will lead global operations, including oversight for the expansion of AMP-1 as well as future operational centers. The business leaders of supply chain, logistics, manufacturing quality will now report directly to Steven, ensuring we're executing tight alignment across these business units.

在這個新設立的職位上，Steven 將領導全球運營，包括監督 AMP-1 的擴展以及未來的運營中心。供應鏈、物流、製造質量的業務負責人現在將直接向 Steven 匯報，確保我們在這些業務部門之間執行緊密的協調。

Steven's wealth of experience in manufacturing and operations will be a tremendous asset to Lucid. Most recently, he was Head of Components Operations at Stellantis, responsible for business operations, including P&L for 2 companies within the organization. And before that, Steven has served in a variety of leadership positions at Fiat Chrysler Automobiles, including Vice President of Manufacturing and Engineering manufacturing for Asia Pacific. Steven has extensive and in-depth experience in the automotive arena.

Steven 在製造和運營方面的豐富經驗將成為 Lucid 的巨大財富。最近，他擔任 Stellantis 的組件運營主管，負責業務運營，包括組織內 2 家公司的損益。在此之前，史蒂文曾在菲亞特克萊斯勒汽車公司擔任過多個領導職務，包括亞太地區製造和工程製造副總裁。 Steven 在汽車領域擁有豐富而深入的經驗。

I'm also delighted to welcome Walter Ludwig, Vice President of Global Logistics to our executive team, who will be reporting to Steven. Walter brings over 28 years of automotive experience and joins us from Mercedes-Benz where he held various roles, including Head of Operations, Head of Quality and most recently, Head of Central Logistics.

我也很高興歡迎全球物流副總裁 Walter Ludwig 加入我們的執行團隊，他將向 Steven 匯報工作。 Walter 擁有超過 28 年的汽車行業經驗，加入我們之前曾在梅賽德斯-奔馳擔任過各種職務，包括運營主管、質量主管，最近擔任中央物流主管。

For the last 20 years, his main management focus has been ramping up and stabilizing the manufacturing plants in Germany, China, Russia, Argentina and the United States. Walter provides operational leadership in developing and implementing best practices in automotive logistics and parts management, material planning as well as other areas.

在過去的 20 年裡，他的主要管理重點是加強和穩定在德國、中國、俄羅斯、阿根廷和美國的製造工廠。 Walter 在開發和實施汽車物流和零件管理、材料規劃以及其他領域的最佳實踐方面提供運營領導。

Now moving on to the deliveries. Last quarter, I highlighted that we delivered well over 300 vehicles in the month of April. In Q2, we delivered 679 vehicles to customers. Our decision to prioritize quality had an effect on our deliveries and quality is an organizational priority. I've been working with the team to make sure that nothing leaves our house without meeting our high standards.

現在繼續交付。上個季度，我強調我們在 4 月份交付了超過 300 輛汽車。第二季度，我們向客戶交付了 679 輛汽車。我們優先考慮質量的決定對我們的交付產生了影響，質量是組織的優先事項。我一直在與團隊合作，以確保沒有任何東西不符合我們的高標準離開我們的房子。

Now in fact, I'm joining today's Q2 earnings conference call directly from our AMP-1 factory right here in Arizona. I'm right here on the front line, and I've been spending a vast majority of my time here, right here on the shop floor. As I believe it's my responsibility as the CEO to be here resolving issues and helping to onboard the new executives.

現在，事實上，我將直接從我們位於亞利桑那州的 AMP-1 工廠參加今天的第二季度財報電話會議。我就在前線，我大部分時間都在這裡，就在車間。因為我相信作為首席執行官，我有責任在這裡解決問題並幫助新高管入職。

Indeed, I feel particular at home on and around the production line, where I am personally and directly engaged in helping solve problems. It is right here that I witnessed the passion and the camaraderie of the Lucid employees in the factory first hand and particularly a much valued associates who are so engaged in this process. And this is very real. They are so engaged because just like me, they really want to build the world's best cars, and just like me, we want to do that in volume. And believe me, we're working tirelessly to make that happen. And so I'd like to personally think all of our employees for their sheer dedication for working alongside me shoulder to shoulder right here in the factory.

事實上，我在生產線上和生產線上都感到特別自在，我親自直接參與幫助解決問題。正是在這裡，我親眼目睹了工廠中 Lucid 員工的熱情和友情，尤其是那些如此投入這一過程的非常重要的員工。這是非常真實的。他們之所以如此投入，是因為和我一樣，他們真的想製造世界上最好的汽車，而且和我一樣，我們希望批量生產。相信我，我們正在不知疲倦地努力實現這一目標。因此，我個人想感謝我們所有的員工在工廠裡與我並肩工作的純粹奉獻精神。

Now we've also made enhancements to our quality processes that are yielding improvements. The quality of the cars that we're factory gating now are excellent, and we are working to make sure that this excellence in quality is consistent at scale off the line.

現在，我們還對正在產生改進的質量流程進行了改進。我們現在工廠門控的汽車質量非常好，我們正在努力確保這種卓越的質量在生產線下保持一致。

Again, quality simply must take priority over volume as we establish our brand reputation.

同樣，在我們建立品牌聲譽時，質量必須優先於數量。

In the quarter, we aligned manufacturing quality and field quality under Nick Minbiole, our Vice President of Global Quality and that is already yielding improvements. We also brought in [Sun Hei Moon] as Global Head of supplier quality. [Sun Hei] joins us from LG Electronics vehicle component solutions company, where she was the Vice President of Field Quality and of customer support, responsible for leading all aspects of field quality performance, customer support and aftermarket for products.

在本季度，我們在全球質量副總裁 Nick Minbiole 的領導下調整了製造質量和現場質量，這已經產生了改進。我們還聘請了[Sun Hei Moon]作為供應商質量的全球負責人。 [孫黑]加入我們來自LG電子汽車零部件解決方案公司，她曾擔任現場質量和客戶支持副總裁，負責領導現場質量性能、客戶支持和產品售後市場的各個方面。

Prior to LG, Sun Hei served as Powertrain Quality Director for General Motors international operations in Asia. They, along with the team, have already identified areas for further improvement and implementation has been underway. And these, combined with existing planned process improvements, give me confidence in our ability to ramp significant production volumes.

在加入 LG 之前，孫黑曾擔任通用汽車在亞洲的國際業務的動力總成質量總監。他們和團隊已經確定了需要進一步改進的領域，並且正在實施中。這些，再加上現有的計劃流程改進，讓我對我們提高產量的能力充滿信心。

On a positive note, our ability to produce cars has not been limited by our ability to manufacture our electric powertrain. And this advanced technology, which truly differentiates us, is manufactured in-house by attendantly advanced processes. And these are largely all going pretty well. And when you consider just how advanced these systems are, this part of the story is really quite an achievement.

積極的一面是，我們生產汽車的能力並沒有受到我們製造電動動力系統能力的限制。而這種真正使我們與眾不同的先進技術是通過伴隨的先進工藝在內部製造的。這些在很大程度上都進展順利。當您考慮這些系統的先進程度時，這部分故事確實是一項成就。

And from a product perspective, as I noted earlier, we already started deliveries of the 1,050 horsepower Grand Touring Performance. And we're on track for additional version of Lucid Air for later this year, followed by the start of Project Gravity SUV production in the first half of 2024.

從產品的角度來看，正如我之前提到的，我們已經開始交付 1,050 馬力的 Grand Touring Performance。我們有望在今年晚些時候推出更多版本的 Lucid Air，隨後在 2024 年上半年開始生產 Project Gravity SUV。

We also expect to ship the very first Lucid Air into Europe and Saudi Arabia by year-end. So we see a lot of opportunity ahead of us.

我們還預計在年底前將第一架 Lucid Air 運送到歐洲和沙特阿拉伯。因此，我們看到了很多機會。

Now I also want to provide an update on our Formula E relationship. As we approach the completion of 4 successful seasons supplying the standard battery pack to the series, I'm proud to say that we have had a 100% safety record to date with just 2 races remaining in this the final series season for the Generation 2 race cars.

現在，我還想提供有關我們的 Formula E 關係的更新。隨著我們為該系列賽提供標準電池組的 4 個成功賽季接近尾聲，我很自豪地說，迄今為止，我們已經擁有 100% 的安全記錄，在第 2 代的最後一個系列賽賽季只剩下 2 場比賽賽車。

With the advent of the all new Generation 3 Formula E race cars for next season, Lucid is proud to announce that we will be the sole provider of front drive units for the series. This brand-new Lucid front drive unit has been custom developed to provide ultra high performance with gravimetric and volumetric power density. These drive units are capable of 469 horsepower, yet remarkably are approximately half the weight of the Lucid Air drive units. Their position in the nose of the electric race kind front of the driver's feet would drive shelf connecting outlet to the front wheels.

隨著下賽季全新第 3 代電動方程式賽車的問世，Lucid 自豪地宣布，我們將成為該系列前驅單元的唯一供應商。這款全新的 Lucid 前驅動單元經過定制開發，可提供具有重量和體積功率密度的超高性能。這些驅動單元的功率為 469 馬力，但重量卻是 Lucid Air 驅動單元的一半左右。它們位於電動賽車的前部，位於駕駛員腳前部，將驅動架子將插座連接到前輪。

Make no mistake, this is impressive next-level technology. And just as our learnings from our racing battery program provided technological transfer into our road to Lucid Air, I think that this brand new Lucid high-tech racing drive unit is probably a good point to a potentially smaller yet powerful road car drive unit in our future.

毫無疑問，這是令人印象深刻的下一級技術。正如我們從賽車電池計劃中學到的知識為我們通往 Lucid Air 的道路提供了技術轉移一樣，我認為這種全新的 Lucid 高科技賽車驅動單元可能是我們在我們的可能更小但功能強大的公路車驅動單元的一個好點。未來。

As far as I'm aware, we are one of only 2 OEMs or car companies that are vertically integrated through the design, development and manufacturing of our own technology. And I'm confident that as this technology race plays out, Lucid will continue to stand out. And we continue to garner strong industry accolades driven our technology and our design.

據我所知，我們是僅有的兩家通過設計、開發和製造我們自己的技術進行垂直整合的 OEM 或汽車公司之一。我相信，隨著這場技術競賽的展開，Lucid 將繼續脫穎而出。我們繼續獲得強大的行業讚譽，推動了我們的技術和設計。

In Q2, we won the 2022 Ward's 10 Best Interiors and UX. This award validates one of the founding principles of Lucid Air, which is the Lucid space concept. In fact, I recently filmed our Lucid Tech Talk on the Space Concept whilst Chief Engineer, Eric Bach presented our latest Tech Talk on the Wunderbox bidirectional charger, which you can find on our Investor Relations website.

在第二季度，我們贏得了 2022 年 Ward 的 10 項最佳室內設計和用戶體驗。該獎項驗證了 Lucid Air 的創始原則之一，即 Lucid 空間概念。事實上，我最近拍攝了我們關於太空概念的 Lucid 技術講座，而首席工程師 Eric Bach 展示了我們關於 Wunderbox 雙向充電器的最新技術講座，您可以在我們的投資者關係網站上找到它。

The software team continues to work hard with 19 over-the-air update delivered since the beginning of the year. We added a number of features, including an enhancement to Lucid Air, its ability to identify traffic signs and inform the driver of speed limit changes and other important drive information, a major upgrade to navigation as well as other customer-requested features, and we have a major software upgrade coming later this year.

自今年年初以來，軟件團隊繼續努力提供 19 次無線更新。我們添加了許多功能，包括增強 Lucid Air、識別交通標誌並通知駕駛員限速變化和其他重要駕駛信息的能力、導航的重大升級以及其他客戶要求的功能，我們今年晚些時候將進行重大軟件升級。

Now although I'm delighted by the strength of demand we see for our cars and the (inaudible) are received, I am conspicuously aware that the true value of having what is now widely recognized as a truly exceptional car can only be achieved by producing it in a meaningful volume and that is why my laser focus and indeed that our Lucid team is right here in Arizona, unlocking the path to our volume ramp-up.

現在，雖然我對我們看到的汽車需求強勁並且（聽不清）收到了很高興，但我清楚地意識到，擁有現在被廣泛認為是真正卓越的汽車的真正價值只能通過生產來實現它以有意義的音量，這就是為什麼我的激光焦點以及我們的 Lucid 團隊就在亞利桑那州，為我們的音量增加開闢了道路。

Make no mistake, although frustrating, this is a phase of our growth as a company that we will power through. And that one, we will power through with a steely determination. We have a product. We've augmented our workforce, and we're improving our processes to enable this to happen.

毫無疑問，儘管令人沮喪，但這是我們作為一家公司成長的一個階段，我們將全力以赴。而那個，我們將以堅定的決心挺過去。我們有一個產品。我們已經增加了我們的員工隊伍，並且我們正在改進我們的流程以實現這一目標。

Now furthermore, as we increase the number of vehicles on the road, I believe we will see further demand growth as the awareness of Lucid Air and of the Lucid brand proliferates. I'm also excited about the potential reservation demand for project gravity SUV, which we are now considering just how to debut and when precisely to open reservations.

此外，隨著道路上車輛數量的增加，我相信隨著 Lucid Air 和 Lucid 品牌知名度的提高，我們將看到進一步的需求增長。我也對項目重力 SUV 的潛在預訂需求感到興奮，我們現在正在考慮如何首次亮相以及何時開放預訂。

Longer term, in order to have a more meaningful impact on the climate, we recognize that we need to be in the more affordable, higher volume segments of the market, and we will be doing just that with our midsized vehicle platform around mid-decade. Which I believe will further demonstrate the value of our efficiency through our in-house EV technology.

從長遠來看，為了對氣候產生更有意義的影響，我們認識到我們需要進入更實惠、更大容量的市場領域，我們將在十年中期左右通過我們的中型汽車平台做到這一點.我相信這將通過我們內部的電動汽車技術進一步展示我們效率的價值。

In short, I remain very excited about our future and the broad road map ahead. Whilst right now, we're taking steps to resolve our current constraints at the same time, we're driving forward with a sense of urgency to get our incredible vehicles to market. And indeed, on that note, I'm very hopeful you will see the fruits of these labors in the coming months and quarters.

簡而言之，我對我們的未來和未來的廣闊路線圖仍然感到非常興奮。雖然現在，我們正在採取措施解決我們當前的限制，但我們正帶著緊迫感向前推進，以將我們令人難以置信的車輛推向市場。事實上，在這一點上，我非常希望你能在未來幾個月和幾個季度看到這些努力的成果。

And with that, let me turn it over to Sherry for an update on our financials and an additional perspective on our business. Sherry?

有了這個，讓我把它交給雪利酒，了解我們的財務狀況和對我們業務的額外看法。雪莉酒？

Thank you, Peter, and thank you to all those for taking the time to join us today. I want to echo Peter's excitement about our future product and technology road map and customer demand.

謝謝你，彼得，感謝所有今天抽出時間加入我們的人。我想回應彼得對我們未來產品和技術路線圖以及客戶需求的興奮。

We remain incredibly excited to bring new versions of the Lucid Air to customers this year. And it put the reservation number of over 37,000 in context, this represents potential future revenue of approximately $3.5 billion, and that's before including the up to 100,000 vehicle deal with Saudi Arabia and the future reservations for the Gravity since we've not yet opened the order book for our upcoming SUV.

我們仍然非常高興今年能夠為客戶帶來新版本的 Lucid Air。它將超過 37,000 輛的預訂數量放在上下文中，這代表了大約 35 億美元的潛在未來收入，這還沒有包括與沙特阿拉伯達成的多達 100,000 輛汽車的交易以及未來對 Gravity 的預訂，因為我們尚未開放我們即將推出的 SUV 的訂單。

Our future reservations taken together with our growing customer base, brand awareness and number of industry accolades gives us the conviction to continue to invest in the rapid expansion of our business.

我們未來的預訂加上我們不斷增長的客戶群、品牌知名度和行業讚譽的數量，使我們有信心繼續投資於我們業務的快速擴張。

Turning to our second quarter financial results. Our second quarter revenue was $97.3 million, which represented a quarter-over-quarter increase of 69%. This included $96.1 million in automotive revenue from the delivery of 679 vehicles.

轉向我們的第二季度財務業績。我們第二季度的收入為 9730 萬美元，環比增長 69%。其中包括來自交付 679 輛汽車的 9610 萬美元汽車收入。

We also recorded other revenue of approximately $1.2 million, which includes sales to Formula E. As Peter mentioned, the Formula E drivetrain agreement is the natural next step in our relationship, and it's a true testament to our advanced technology differentiation.

我們還記錄了大約 120 萬美元的其他收入，其中包括對 Formula E 的銷售。正如 Peter 所提到的，Formula E 傳動系統協議是我們關係中自然而然的下一步，它是我們先進技術差異化的真實證明。

Cost of revenue was $292.3 million. Similar to last quarter, this expected increase was primarily related to personnel and overhead costs as we ramp up production offset by lower freight costs quarter-over-quarter due to our ability to ship the vast majority of our international shipments from air to ocean freight.

收入成本為 2.923 億美元。與上一季度類似，這一預期增長主要與人員和管理費用有關，因為我們有能力將大部分國際貨物從空運到海運，因此我們提高產量被季度環比降低的運費所抵消。

We recorded an impairment charge of $81.7 million in the second quarter, primarily as a result of these increased costs being capitalized into inventory. This is fairly typical in initial production ramps. And just as we saw a decline from Q1 to Q2 in this impairment charge, we expect that the impact should lessen over time as we ramp up production volumes toward our planned manufacturing capacity.

我們在第二季度記錄了 8170 萬美元的減值費用，主要是由於這些增加的成本被資本化為庫存。這在初始生產斜坡中是相當典型的。正如我們看到減值費用從第一季度到第二季度有所下降一樣，我們預計隨著我們將產量提高到計劃的製造能力，這種影響應該會隨著時間的推移而減輕。

Moving to operating expenses. We're still in the growth stages of our company and investing behind our strategic priorities, but I want to be clear that we're doing this in a prudent and methodical manner. We're instilling a culture of cost consciousness, and we're working with our talented team members across the company to identify and execute on cost efficiency opportunities.

轉向運營費用。我們仍處於公司的成長階段，並為我們的戰略重點進行投資，但我想明確表示，我們正在以謹慎和有條不紊的方式來做這件事。我們正在灌輸一種成本意識的文化，我們正在與全公司才華橫溢的團隊成員合作，以識別和執行成本效率機會。

To illustrate this point, I'd like to add on to Peter's earlier comments around the importance of quality. Getting quality right and getting it right early on in the factory helps to reduce downstream costs and improve throughput. So in addition to building the brand and customer loyalty, there is also tangible financial benefits to our quality-first approach.

為了說明這一點，我想補充一下 Peter 先前關於質量重要性的評論。確保質量並在工廠早期確保質量有助於降低下游成本並提高產量。因此，除了建立品牌和客戶忠誠度外，我們以質量為先的方法還可以帶來切實的經濟利益。

Now turning to research and development. R&D expense totaled $200.4 million. The 7.7% increase sequentially was primarily related to prototype material, engineering, design and testing services, offset partially by lower stock-based compensation expense.

現在轉向研發。研發費用總計 2.004 億美元。環比增長 7.7% 主要與原型材料、工程、設計和測試服務有關，部分被較低的庫存補償費用所抵消。

SG&A expense was $163.8 million, down 26.6% from the first quarter, primarily due to lower stock-based compensation expense. In Q2, we added 5 new studios for a total of 29 studios and service centers across the U.S., Canada and Europe. We're proud to have added new studio locations in Boston, Massachusetts; Manhasset, New York; Denver, Colorado; Seattle, Washington and our first European studio in Munich, Germany. And we'll continue to strategically open new locations globally as we scale the business and grow our presence.

SG&A 費用為 1.638 億美元，比第一季度下降 26.6%，主要是由於基於股票的薪酬費用減少。在第二季度，我們在美國、加拿大和歐洲增加了 5 個新工作室，共有 29 個工作室和服務中心。我們很自豪在馬薩諸塞州波士頓增加了新的工作室；紐約曼哈塞特；科羅拉多州丹佛；西雅圖，華盛頓和我們在德國慕尼黑的第一家歐洲工作室。隨著我們擴大業務規模和擴大影響力，我們將繼續戰略性地在全球開設新地點。

We're also increasing our fleet of mobile vans and have a total of 29 in North America as of quarter end. Our mobile service vans can perform over 80% of the service procedures that can be done in a service center, and it's an important element in ensuring high customer satisfaction and a lower-cost approach to providing service as the fleet of Lucid vehicles grows.

我們還在增加我們的移動貨車車隊，截至季度末在北美共有 29 輛。我們的移動服務車可以執行超過 80% 的服務程序可以在服務中心完成，隨著 Lucid 車隊的增長，它是確保高客戶滿意度和提供服務的低成本方法的重要因素。

Stock-based compensation in the quarter was $94.4 million, $10.4 million was in cost of revenue, $39.2 million was in research and development and $44.8 million was in SG&A. In other income, we recognized a noncash gain of approximately $335 million related to the mark-to-market value of private warrants. The value of the warrants can be influenced quarter-to-quarter by a number of factors, including Lucid Group's end of quarter share price.

本季度基於股票的薪酬為 9440 萬美元，收入成本為 1040 萬美元，研發為 3920 萬美元，SG&A 為 4480 萬美元。在其他收入中，我們確認了大約 3.35 億美元的非現金收益，與私人認股權證的市值掛鉤。認股權證的價值可能會受到許多因素的影響，包括 Lucid Group 的季度末股價。

Now moving to the balance sheet. We ended the quarter with $4.6 billion in cash, cash equivalents and investments, which we expect will fund us well into 2023. During the quarter, we also announced a new ABL asset-based loan credit facility with initial committed capital of up to $1 billion and the availability is based on the value of certain eligible assets. The terms also provide for incremental revolving commitments of up to an additional $500 million subject to obtaining vendor commitments. We had no outstanding borrowings under the ABL credit facility in Q2.

現在轉到資產負債表。我們在本季度結束時擁有 46 億美元的現金、現金等價物和投資，我們預計這些資金將持續到 2023 年。在本季度，我們還宣布了一項新的基於資產的 ABL 貸款信貸安排，初始承諾資本高達 10 億美元可用性基於某些合格資產的價值。這些條款還規定了最多 5 億美元的增量循環承諾，前提是獲得供應商承諾。我們在第二季度沒有 ABL 信貸額度下的未償還借款。

The importance of the facilities that it provides Lucid with incremental liquidity and demonstrates the vote of confidence from a world-class syndicated global banks, many of which have been through with us through multiple transactions as we scale our business. I'd also highlight that this is a typical part of the capital structure of mature businesses and reflects the further development of Lucid as a growing global company.

它為 Lucid 提供增量流動性的設施的重要性，並展示了世界級銀團全球銀行的信任投票，其中許多銀行在我們擴大業務時通過多次交易與我們進行了合作。我還要強調，這是成熟企業資本結構的典型組成部分，反映了 Lucid 作為一家成長中的全球公司的進一步發展。

In Q2, we activated a working capital loan under the Gulf International Bank facility agreement in the amount of approximately USD 6.7 million related to early work to build our factory in Saudi Arabia. We have approximately USD 86.6 million currently available under the working capital facility and an additional USD 173.2 million under a bridge facility.

在第二季度，我們根據海灣國際銀行融資協議啟動了一筆約 670 萬美元的營運資金貸款，與我們在沙特阿拉伯建造工廠的早期工作有關。我們目前有大約 8660 萬美元可用於營運資金融資，另外還有 1.732 億美元可用於過橋融資。

It demonstrated through the series of actions we are committed to working proactively and opportunistically to ensure that our balance sheet remains an area of company's strength.

它通過一系列行動證明了我們致力於積極和機會主義地工作，以確保我們的資產負債表仍然是公司的優勢領域。

In Q2, we continue to invest in our technology platform, the scaling of our global business and the manufacturing infrastructure build-out. Capital expenditures related to these activities were $309.8 million in the second quarter.

在第二季度，我們繼續投資於我們的技術平台、全球業務的擴展和製造基礎設施的建設。第二季度與這些活動相關的資本支出為 3.098 億美元。

As you can see from the photos we shared in our Q2 earnings presentation, our Phase 2 expansion at our Casa Grande, Arizona factory is progressing. When complete, we expect our installed capacity to increase to 90,000 units per year by early 2023. As we exit mid-decade, we expect to reach an annual installed capacity of 350,000 units in Arizona and 150,000 annual units of installed capacity in Saudi Arabia and that gets you to an annual installed capacity of 500,000 shortly after mid-decade.

從我們在第二季度收益報告中分享的照片中可以看出，我們在亞利桑那州卡薩格蘭德工廠的第二階段擴建正在進行中。完成後，我們預計到 2023 年初，我們的裝機容量將增加到每年 90,000 台。當我們退出 10 年中期時，我們預計亞利桑那州的年裝機容量將達到 350,000 台，沙特阿拉伯和沙特阿拉伯的年裝機容量將達到 150,000 台。十年中期後不久，您的年裝機容量將達到 500,000。

In Q2, we announced our initial launch plans into the European market with the Lucid Air Dream Edition R, which is optimized for an estimated 900 kilometers of range and the Dream Edition P, which features 1,111 horsepower. We have not yet begun to accept orders in Europe, but we did reach out to our existing reservation holders to gauge interest in Dream Edition, and we immediately saw strong demand.

在第二季度，我們宣布了我們在歐洲市場的初步推出計劃，包括針對估計 900 公里的航程優化的 Lucid Air Dream Edition R 和具有 1,111 馬力的 Dream Edition P。我們尚未開始在歐洲接受訂單，但我們確實聯繫了現有的預訂持有者以評估對 Dream Edition 的興趣，我們立即看到了強勁的需求。

Moving to some of the other major milestones in the quarter. We launched Lucid Financial Services in June, an all-new digital platform, offering a flexible, fast and transparent financing process. Many Lucid Air customers have been asking for flexible financing options with a preference for a 100% digital experience, and we've delivered on that ask.

轉向本季度的其他一些主要里程碑。我們於 6 月推出了全新的數字平台 Lucid Financial Services，提供靈活、快速和透明的融資流程。許多 Lucid Air 客戶一直在尋求靈活的融資選擇，並希望獲得 100% 的數字體驗，而我們已經滿足了這一要求。

Loan products are available to U.S. customers in all 50 states and leased products in 38 states and growing through a seamless process designed specifically for Lucid customers. We believe this helps open up the market as it's estimated that over 65% of OEM customers seek out loan or lease financing. This also enables us to continue to build direct relationships with our customers throughout their ownership journey.

貸款產品面向所有 50 個州的美國客戶提供，並在 38 個州提供租賃產品，並通過專為 Lucid 客戶設計的無縫流程實現增長。我們相信這有助於打開市場，因為據估計超過 65% 的 OEM 客戶尋求貸款或租賃融資。這也使我們能夠在客戶擁有的整個過程中繼續與他們建立直接關係。

Now it's highly unusual for an auto company to roll out this type of service is early in the growth cycle as truly amazing and great work by the team. Another proud milestone in the quarter was our addition to the Russell 1000 Index. Russell Indices are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies. Our inclusion in the Russell 1000 Index is another significant milestone for Lucid and should help broaden our awareness in the institutional investment community.

現在，對於一家汽車公司來說，在增長周期的早期推出這種服務是非常不尋常的，因為這是團隊真正令人驚嘆和偉大的工作。本季度另一個值得驕傲的里程碑是我們加入了羅素 1000 指數。羅素指數被投資經理和機構投資者廣泛用於指數基金，並作為主動投資策略的基準。我們加入羅素 1000 指數是 Lucid 的另一個重要里程碑，應該有助於擴大我們在機構投資界的認識。

Now turning to the outlook. Peter outlined some of the supply chain and logistics challenges as well as the actions we're taking to address the near-term production bottlenecks we're experiencing. Bringing our logistics operations entirely in-house in accelerating access to our logistics center on site at our Arizona factory will help reduce complexity, cut down lead times and reduce various costs.

現在轉向前景。 Peter 概述了一些供應鍊和物流挑戰，以及我們為解決近期遇到的生產瓶頸而採取的行動。將我們的物流業務完全內部化，以加快訪問我們在亞利桑那州工廠現場的物流中心，這將有助於降低複雜性、縮短交貨時間並降低各種成本。

We believe these decisive actions as well as the addition of leadership across logistics, process transformation and supplier quality will help us unlock these bottlenecks. However, it's unlikely we'll be able to make up the anticipated loss volume in 2022. Consequently, we are adjusting our 2022 production guidance to 6,000 to 7,000 units from 12,000 to 14,000 units.

我們相信，這些決定性的行動以及在物流、流程轉型和供應商質量方面的領導力將幫助我們解開這些瓶頸。但是，我們不太可能彌補 2022 年的預期虧損量。因此，我們將 2022 年的生產指導從 12,000 輛調整至 14,000 輛，調整為 6,000 至 7,000 輛。

Now turning to our cash guidance, we ended the quarter with $4.6 billion in cash, cash equivalents and investments, which we continue to believe is sufficient liquidity to fund us well into 2023. This assumes we are investing fully in accordance with our forward plans.

現在轉向我們的現金指導，我們在本季度結束時擁有 46 億美元的現金、現金等價物和投資，我們仍然認為這些流動性足以為我們提供充足的資金到 2023 年。這假設我們完全按照我們的前瞻性計劃進行投資。

As a reminder, we also had the KSA debt facilities and the ABL with significant untapped capacity. I'm also confident we will have options for additional funding as needed, and our strong balance sheet allows us the flexibility to be opportunistic in the market.

提醒一下，我們還有 KSA 債務工具和 ABL 有大量未開發的能力。我也有信心，我們可以根據需要選擇額外的資金，而且我們強大的資產負債表使我們能夠靈活地在市場上投機取巧。

Moving to CapEx. CapEx in the first half of 2022 was $494.9 million. While the timing of CapEx outflows can shift quarter-to-quarter, we continue to expect capital expenditures for the year of approximately $2 billion. This funds facilities as well as machinery and equipment in Arizona, retail and service center development, early investment in our presence in Saudi Arabia and other CapEx associated with vehicle and component development.

轉向資本支出。 2022 年上半年的資本支出為 4.949 億美元。雖然資本支出流出的時間可能會逐季發生變化，但我們繼續預計今年的資本支出約為 20 億美元。這為亞利桑那州的設施以及機械和設備、零售和服務中心的開發、對我們在沙特阿拉伯的早期投資以及與車輛和零部件開發相關的其他資本支出提供資金。

In terms of our product road map guidance, we're on track for deliveries of additional versions of Lucid Air later this year, including the grand -- Air Grand Touring Performance, the Air Pure, the touring and for production of Project Gravity SUV in the first half of 2024.

就我們的產品路線圖指導而言，我們有望在今年晚些時候交付其他版本的 Lucid Air，包括盛大的 Air Grand Touring Performance、Air Pure、旅行和生產 Project Gravity SUV 2024年上半年。

In closing, despite our immediate challenges, I'm proud of what our team has been able to accomplish collectively with our business partners. We've enabled financings. We've continued important infrastructure build-out and launched award-winning products. We welcome the new leadership team members and look forward to the capabilities that they bring as we work together to resolve issues and capture the tremendous opportunities ahead of us.

最後，儘管我們面臨著緊迫的挑戰，但我為我們的團隊能夠與我們的業務合作夥伴共同完成的成就感到自豪。我們啟用了融資。我們繼續進行重要的基礎設施建設，並推出了屢獲殊榮的產品。我們歡迎新的領導團隊成員，並期待他們在我們共同努力解決問題並抓住我們面前的巨大機遇時所帶來的能力。

Following Peter's closing remarks, we'll begin a Q&A portion of today's call. Today's Q&A will feature questions from some of our retail investors, an important constituency of our shareholder base through the Say Technologies platform.

在彼得的閉幕詞之後，我們將開始今天電話會議的問答部分。今天的問答將以我們的一些散戶投資者的問題為特色，散戶投資者是我們通過 Say Technologies 平台的股東基礎的重要組成部分。

With that, I'd like to turn it over to Peter for closing remarks. Thank you.

有了這個，我想把它交給彼得做結束語。謝謝你。

Thank you, Sherry. I want to close by thanking all our employees for their dedication and hard work, our customers and investors who put their trust in us and our suppliers and partners who are tirelessly helping us on our journey.

謝謝你，雪莉。最後，我要感謝我們所有員工的奉獻和辛勤工作，感謝信任我們的客戶和投資者，以及在我們的旅程中不知疲倦地幫助我們的供應商和合作夥伴。

I'm more convinced than ever that this is a technology race and that we are well positioned with our enhanced developed advanced technology. But I want to be clear that right now, my relentless focus is with this great team right here in Arizona in helping resolving our logistics challenges and in ramping up production.

我比以往任何時候都更加確信這是一場技術競賽，並且我們已經憑藉我們增強的先進技術處於有利地位。但我想明確一點，現在，我的不懈關注是與亞利桑那州這個偉大的團隊一起幫助解決我們的物流挑戰和提高產量。

I remain confident that we shall overcome these near-term challenges with a relentless tenacity and a steely determination. And in so doing, put in place appropriate processes and methodologies that will serve us well for the future. And make no mistake, that future is hugely exciting because right now, more than ever, the world needs the new Lucid products and technology advancements that we have yet to bring to market.

我仍然相信，我們將以不懈的堅韌和堅定的決心克服這些近期的挑戰。在此過程中，制定適當的流程和方法，為我們的未來服務。毫無疑問，未來非常令人興奮，因為現在，世界比以往任何時候都更需要我們尚未推向市場的新 Lucid 產品和技術進步。

And with that, let me turn it back to Maynard to get to your questions.

有了這個，讓我把它轉回梅納德來回答你的問題。

Thank you, Peter. We'll now start the Q&A portion of the call. Before we take questions from those on the phone, we want to post some questions from our retail investors sent them through the Say Technologies platform.

謝謝你，彼得。我們現在將開始電話的問答部分。在我們回答電話中的問題之前，我們想發布一些散戶投資者通過 Say Technologies 平台發送的問題。

The first question, straight to it. We all want to know is there a possibility for a partnership with Apple in the future. And we also have another related question regarding partners that will include, which is since Hertz went with Tesla would Lucid think about something like a partnership with car rental companies to get the brand out there?

第一個問題，直截了當。我們都想知道未來是否有可能與蘋果合作。我們還有另一個與合作夥伴相關的問題，其中包括自從赫茲與特斯拉合作以來，Lucid 會考慮與汽車租賃公司合作以將品牌推廣出去嗎？

Thanks, Maynard. So we don't have anything to announce today regarding any new partnerships. That said, we recognize the attractiveness of our product and tech platform for other companies, and we're keenly open to discussing partnership options.

謝謝，梅納德。因此，對於任何新的合作夥伴關係，我們今天沒有任何要宣布的內容。也就是說，我們認識到我們的產品和技術平台對其他公司的吸引力，我們對討論合作夥伴選項持開放態度。

With regard to fleet or rental cars specifically, our vehicle line very strongly with the operational and financial metrics that these operators care about. For instance, we are industry-leading in efficiency, which is measured in miles per unit of energy and hence miles per dollar. Our charge time and range are also leading the market, which translates to higher vehicle uptime, which both customers and fleet operators desire, and we can also enable fleet operators to manage and run predictive analytics on the fleet and communicate with the fleet given we've installed an OTA-enabled software platform in every car that we've sold.

特別是在車隊或租車方面，我們的車輛非常符合這些運營商關心的運營和財務指標。例如，我們在效率方面處於行業領先地位，效率以每單位能源的英里數和每美元的英里數來衡量。我們的充電時間和續航里程也領先於市場，這意味著客戶和車隊運營商都希望獲得更高的車輛正常運行時間，而且我們還可以讓車隊運營商管理和運行車隊的預測分析，並與車隊進行溝通，因為我們我們已經在我們售出的每輛汽車上安裝了支持 OTA 的軟件平台。

Yes, indeed, Sherry. Even from a -- I guess, from a vehicle architecture perspective, our Lucid Air Space Concept provides additional room for luggage or cargo or in the case of an autonomous vehicle like ride-sharing fleets, which are configured with the extra computer hardware and equipment. We have more room for that equipment and the batteries to totality equipment.

是的，確實，雪利酒。即使從——我猜，從車輛架構的角度來看，我們的 Lucid Air Space 概念也為行李或貨物提供了額外的空間，或者在自動駕駛車輛（如拼車車隊）的情況下，配置了額外的計算機硬件和設備.我們有更多的空間容納該設備和電池到整體設備。

So I think for many of these characteristics and attributes would potentially make us a fantastic partner for one of these groups today. And frankly, even more, I guess, over time as we introduce more affordable models in the future, such as the Air Pure, another variants. I mean, what can I say? Well, look, we've got the perfect current platform for such opportunities, I guess.

因此，我認為對於其中許多特徵和屬性，我們可能會成為當今這些群體之一的絕佳合作夥伴。坦率地說，我想隨著時間的推移，我們會在未來推出更實惠的型號，比如 Air Pure，另一種變體。我的意思是，我能說什麼？好吧，看，我想我們已經為此類機會提供了完美的當前平台。

We'll move to the next question. Any plans for an EV in the $40,000 to $50,000 range to compete with other EVs in that price range? And there's another question related, which is will Lucid offer cheaper models for a broader market?

我們將轉到下一個問題。是否有計劃推出 40,000 至 50,000 美元的電動汽車來與該價格範圍內的其他電動汽車競爭？還有一個相關的問題，即 Lucid 會為更廣闊的市場提供更便宜的型號嗎？

Yes, this is good. And I think there's a sort of kind of a popular sort of widespread miss perception that Lucid only wants to be playing in the high-end luxury segment of the market, and that's simply not true. In order to have a more meaningful impact to the climate, we just need to be in the higher volume segments in the market. That's how we're going to really make that impact.

是的，這很好。而且我認為有一種流行的普遍錯覺，即 Lucid 只想在市場的高端奢侈品領域發揮作用，而這根本不是真的。為了對氣候產生更有意義的影響，我們只需要進入市場中銷量更大的細分市場。這就是我們要真正產生影響的方式。

And one of the first steps, I see Pure as a stepping stone to a more affordable car. That's one so passionate about the Lucida Air Pure. And I mean, looking a little further ahead, we'll see our midsized vehicle platform just mid-decade, which is going to be a further advance in our technology and efficiency story. And I just want to explain, we deliberately chose to start off at the high end because we were defining a brand, a cyclical brand with -- from its California DNA, and this is just the starting position.

第一步，我認為 Pure 是通往更實惠汽車的墊腳石。這就是對 Lucida Air Pure 的熱情所在。我的意思是，再往前看，我們將在十年中期看到我們的中型車輛平台，這將是我們技術和效率故事的進一步進步。我只是想解釋一下，我們故意選擇從高端開始，因為我們正在定義一個品牌，一個週期性品牌，具有加州 DNA，這只是起點。

I mean we start off by creating our tech flagships such as Lucida Air and Gravity first. And we focused on the technical efficiency, we set new benchmarks. And then we're going to make more affordable products, and that's what really excites me. Remember that we design, we develop, we manufacture all our powertrain in our factory in Arizona. And we think we can become even more efficient, and that's going to drive down cost of EV ownership and accelerate and capitalize widespread adoption, which is my passion.

我的意思是我們首先創建我們的技術旗艦，例如 Lucida Air 和 Gravity。我們專注於技術效率，我們設定了新的基準。然後我們將生產更實惠的產品，這才是真正讓我興奮的地方。請記住，我們在亞利桑那州的工廠設計、開發和製造所有動力總成。我們認為我們可以變得更加高效，這將降低電動汽車的擁有成本，加速並利用廣泛的採用，這是我的熱情所在。

And we'll move to the next question. Does Lucid plan to pay out dividends in the future?

我們將轉到下一個問題。 Lucid 是否計劃在未來派發股息？

We don't currently have plans to do so, but let me give you a little bit of perspective. We believe that our EV technology platform is amongst the best in-house developed technology available in the market today. And so our primary focus is to continue investing behind the strength and the growth of that platform so that we can fulfill our mission, which is to bring sustainable technologies to the world. Therefore, we don't anticipate paying a cash dividend in the foreseeable future.

我們目前沒有這樣做的計劃，但讓我給你一點看法。我們相信，我們的電動汽車技術平台是當今市場上最好的內部開發技術之一。因此，我們的主要重點是繼續投資支持該平台的實力和增長，以便我們能夠完成我們的使命，即為世界帶來可持續的技術。因此，我們預計在可預見的未來不會支付現金股息。

Thanks, Sherry. And our next question from the Say platform. Is Lucid currently working with Apple to implement the new car play with iOS 16 that will be released in 2023 to utilize all lucid copic displays?

謝謝，雪莉。以及來自 Say 平台的下一個問題。 Lucid 目前是否正在與 Apple 合作實施將於 2023 年發布的 iOS 16 新車遊戲，以利用所有 Lucid copic 顯示器？

Well, that's a very specific question, I guess. Maybe allow me to explain this more broadly perhaps. And of course, I can't speak for Apple's future product line here. But we're always evaluating new technologies as they come to market. And of course, we will continue to do so.

嗯，我猜這是一個非常具體的問題。也許允許我更廣泛地解釋這一點。當然，我不能在這里為蘋果未來的產品線說話。但我們總是在新技術進入市場時對其進行評估。當然，我們將繼續這樣做。

Look, we've got an awesome car from a hardware and mechanical perspective. And what I can talk about is some very exciting software updates coming throughout the year that will really sort of match the prowess from the hardware side, and we will continue to provide new features via over-the-air software updates. And specifically, with regards to car play, we're actually in a beta testing phase of validating right now. And actually, we plan to release the final version in the near future. So if stay tuned and wait for that.

看，從硬件和機械的角度來看，我們有一輛很棒的汽車。我可以談論的是全年都會出現的一些非常令人興奮的軟件更新，它們將真正與硬件方面的實力相匹配，我們將繼續通過無線軟件更新提供新功能。具體來說，關於汽車遊戲，我們現在實際上處於驗證的 beta 測試階段。實際上，我們計劃在不久的將來發布最終版本。因此，請繼續關注並等待。

Great. Our next question, how is Lucid planning to combat inflation and a potential recession in the short term? How will this affect the Gravity SUV that's coming out in 2023 and potentially a $50,000 EV in 2025? And Sherry, maybe you can take the first part, and Peter, you can take the second.

偉大的。我們的下一個問題是，Lucid 計劃如何在短期內應對通貨膨脹和潛在的衰退？這將如何影響 2023 年推出的 Gravity SUV 以及 2025 年可能售價 50,000 美元的電動汽車？雪莉，也許你可以參加第一部分，彼得，你可以參加第二部分。

Thanks, Maynard. Well, the entire industry has been experiencing inflationary cost environment, and we're certainly not immune from that. With respect to the actions that we've specifically taken in June, we increased the prices of the Lucid Air. And it was the first time that we announced -- since the first time that we announced prices back in September 2020.

謝謝，梅納德。嗯，整個行業一直在經歷通貨膨脹的成本環境，我們當然不能倖免。關於我們在 6 月份特別採取的行動，我們提高了 Lucid Air 的價格。這是我們第一次宣布——自 2020 年 9 月我們第一次宣布價格以來。

And we're not going to see a material impact from that action until 2023, given that we honor the prior prices on the reservations made through May 31 and orders of the grand touring which were confirmed in June. As I mentioned in the prepared remarks, we're still in the growth stages of our company investing behind our strategic priorities. So large-scale blanket cost-cutting initiatives aren't necessarily appropriate in our case.

鑑於我們兌現截至 5 月 31 日預訂的先前價格以及 6 月確認的盛大巡演訂單，我們要到 2023 年才能看到該行動的實質性影響。正如我在準備好的評論中提到的那樣，我們仍處於公司投資於我們戰略重點的成長階段。因此，大規模的一攬子削減成本舉措不一定適合我們的案例。

That said, I want to be clear that we're allocating capital in a very prudent and methodical manner. We're instilling a culture of cost consciousness. We're working side-by-side with our talented team members to identify and then execute on cost efficiency opportunities. It often takes time to get processes to be best-in-class in efficiency. So there is definitely more work that we can do to rein in costs. Like others in the industry, we're running at various downside scenarios and we'll act accordingly based on market conditions.

也就是說，我想明確一點，我們正在以非常謹慎和有條不紊的方式分配資本。我們正在灌輸一種成本意識的文化。我們正在與我們才華橫溢的團隊成員並肩工作，以確定並執行具有成本效益的機會。使流程在效率方面達到一流水平通常需要時間。因此，我們肯定可以做更多的工作來控製成本。與業內其他公司一樣，我們面臨各種下行情景，我們將根據市場情況採取相應行動。

Yes. And I think the second part of the question was, is everything on track for Gravity release? Yes, as we stated, our Project Gravity SUV is on track for start of production in the first half of 2024. And actually, we're currently in the process of releasing the engineering data for our prototype builds. And I'm hugely excited about that and have been closely interacting with that whole process. And we also happen to mention that our midsized platform, of course, is on track for just past mid-decade as well.

是的。我認為問題的第二部分是，Gravity 發布的一切都在軌道上嗎？是的，正如我們所說，我們的 Project Gravity SUV 有望在 2024 年上半年開始生產。實際上，我們目前正在發布原型構建的工程數據。我對此感到非常興奮，並且一直在與整個過程密切互動。我們還碰巧提到我們的中型平台，當然，在剛剛過去的 10 年中期也步入正軌。

Now of course, it's important to recognize, but to sync with the start of production of gravity of course. But at the same time, we're readying our factory through the Phase 2 here of AMP-1 right here in Arizona. And particularly, we're expanding the north end of the body shop ready for Project Gravity and the south side of the building the new assembly halls where we'll run both air and gravity down that line.

當然，現在認識到這一點很重要，但當然要與重力產生的開始同步。但與此同時，我們正在亞利桑那州通過 AMP-1 的第 2 階段準備我們的工廠。特別是，我們正在擴建車身車間的北端，為“重力計劃”做好準備，在大樓的南側擴建新的裝配車間，在那裡我們將沿著這條線運行空氣和重力。

Now we have customers asking us all the time for SUV and also improved Gravity can do for the SUV market, just what Air did for the luxury sedan market, and we're going to take the same Space Concept, the range, the efficiency, the technology and design and performance and apply all the great stuff to an SUV. And I think it probably doesn't surprise a lot of people. I'm not a great SUV fan, but this finally is the SUV for me. It's actually going to happen. And we finally met the SUV I love, and that's a Project Gravity.

現在我們的客戶一直在向我們詢問 SUV，並且改進了 Gravity 可以為 SUV 市場做些什麼，就像 Air 為豪華轎車市場所做的一樣，我們將採用相同的 Space 概念，範圍，效率，技術、設計和性能，並將所有偉大的東西應用到 SUV 上。我認為這可能不會讓很多人感到驚訝。我不是一個偉大的 SUV 粉絲，但這最終是我的 SUV。它實際上會發生。我們終於遇到了我喜歡的 SUV，那就是 Project Gravity。

Great. Thank you. So now we'd like to take a few questions from the phone lines. Towanda, can we take the first question?

偉大的。謝謝你。所以現在我們想從電話線上回答幾個問題。 Towanda，我們可以回答第一個問題嗎？

(Operator Instructions) Our first question comes from the line of John Murphy with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 John Murphy。

I just have 3 quick ones. First, Peter, you mentioned that there were finished vehicles that were held at the factory and that factory gated and ordered as finished. I'm just curious how many those were and how many of those are close to being finished?

我只有3個快速的。首先，彼得，你提到工廠裡有成品車輛，工廠門控並訂購為成品。我只是好奇有多少，其中有多少即將完成？

Second, as we think about the logistics center being brought on site in Casa Grande, what the incremental cost for that would be and does that have any impact on capacity? And then the third question, Sherry, what is the ABL borrowing base that's backstopping the new $1 billion loan or ABL facility? And you mentioned that might be upside. So what other assets could be pledged for that ABL?

其次，當我們考慮將物流中心帶到卡薩格蘭德現場時，增加的成本是多少，這對容量有什麼影響？然後是第三個問題，Sherry，支持新的 10 億美元貸款或 ABL 設施的 ABL 借款基礎是什麼？你提到這可能是好的。那麼，該 ABL 還可以質押哪些其他資產呢？

Thank you, John. Peter here. Yes, I mean the first question was the cars that we held back through Q2 at the factory. But we did that to really ensure that the quality was just perfect. And it was just fit and finish adjustments on what we call flush and gap, the hood to the fenders, the -- just the finer points of finessing that you would expect features and the quality commensurate with a luxury automobile.

謝謝你，約翰。彼得在這裡。是的，我的意思是第一個問題是我們在工廠第二季度保留的汽車。但我們這樣做是為了真正確保質量完美。它只是對我們所說的齊平和間隙、擋泥板的引擎蓋、以及 - 只是你所期望的功能和質量與豪華汽車相稱的更精細的精細點進行了調整。

And although -- and many of those cars were meeting some of the standards of my quality team, I took the decision that I really want to up the game now and get things nice. Now we're actually releasing a lot of those cars were direct into our service centers right now and then they're finding selves that way through customers having have that attendance, love and attention and care. And I think they'll be delighted with our best efforts to make them as perfect as they can be.

雖然——而且其中許多車都達到了我的質量團隊的一些標準，但我還是決定現在我真的想提高比賽水平，讓事情變得更好。現在我們實際上正在釋放很多這些汽車，這些汽車現在直接進入我們的服務中心，然後他們通過客戶的出勤、愛、關注和關懷找到了自我。而且我認為他們會為我們盡最大努力使它們盡可能完美而感到高興。

You also asked about the logistics center at Casa Grande now this was -- this was preplanned. Part of the massive 2.85 million square foot expansion does include several hundred square feet, 100,000 square feet of logistics space. What we're doing is just accelerating that at a very modest outlay. Just getting that a little bit quicker because the closer we can bring the buffer soft in the materials to the line that is key to create a more efficient flow of material within our own house. So this is nothing new. It's just an acceleration of what we've already planned.

您還詢問了 Casa Grande 的物流中心，這是 - 這是預先計劃好的。 285 萬平方英尺的大規模擴建部分包括數百平方英尺、100,000 平方英尺的物流空間。我們正在做的只是以非常適度的支出加速這一進程。只是讓它更快一點，因為我們可以將材料中的軟緩衝帶越接近生產線，這是在我們自己的房子內創造更有效的材料流動的關鍵。所以這並不是什麼新鮮事。這只是我們已經計劃的加速。

Yes, right. So no real incremental cost to speak of with respect to the LOC. You asked about the ABL. I mean we are just delighted to put that in place with this world-class group of banks in our syndicate. The borrowing base, the initial committed part of it is $1 billion, okay? And then we can borrow up to about $0.25 billion right now based on eligible assets. That, we will grow into more over time as inventory goes up as other of our assets go up, and so that is something that is going to be available to us on a growing basis just as we move forward and mature as a company.

是的，沒錯。因此，就 LOC 而言，沒有真正的增量成本可言。你問過ABL。我的意思是，我們很高興與我們的銀團中的這家世界級銀行集團一起實現這一點。借款基礎，最初承諾的部分是 10 億美元，好嗎？然後，我們現在可以根據符合條件的資產借入約 2.5 億美元。隨著時間的推移，隨著庫存的增加，我們的其他資產增加，我們將成長為更多，因此，隨著我們作為一家公司向前發展並成熟，我們將在不斷增長的基礎上獲得這些東西。

The neat feature about this ABL is it also has an accordion feature. So although the second part of it, the accordion part is not committed yet, it is up to an additional $500 million that's going to be available for that.

這個 ABL 的簡潔功能是它還具有手風琴功能。因此，儘管它的第二部分，即手風琴部分還沒有承諾，但最多還有 5 億美元可供使用。

(Operator Instructions) Our next question comes from the line of Itay Michaeli with Citi.

（操作員說明）我們的下一個問題來自 Itay Michaeli 與 Citi 的一行。

Also 3 quick ones for me. First, it sounds like on logistics issues, you've identified the problems and the team is in place. Hoping just you can elaborate more on the level of confidence in the second half of the year. Maybe talk about what you expect production split between Q3 and Q4 and degree of confidence you have in to growing that for next year?

對我來說還有3個快速的。首先，這聽起來像是在物流問題上，您已經確定了問題並且團隊已經到位。希望只是您能詳細說明下半年的信心水平。也許談談您對第三季度和第四季度之間的產量分配的預期以及您對明年增長的信心程度？

And then secondly, I was hoping you could also comment on the rate of reservations that you saw after the June price hike. Just curious on what you saw for demand there. And lastly, Sherry, maybe you could comment on the minimum cash balance you'd like to have as you kind of plan out liquidity into 2023?

其次，我希望您也可以評論一下您在 6 月價格上漲後看到的預訂率。只是好奇你在那裡看到的需求。最後，Sherry，也許您可以評論一下您在計劃 2023 年的流動性時希望擁有的最低現金餘額？

Peter here. I think it's a really excellent question. We've -- we based our guidance. Based upon a mindset, which is neither super -- duly optimistic or I'm duly pessimistic, a very balanced approach, and we've taken a very comprehensive and very thorough analytical approach to the risks and opportunities that we see and which confronts us. This is a perfect size and in precise area. But the entire executive analyze this very thoroughly, and we have a very high degree of concurrence in our collective thinking, which has led to this revised guidance.

彼得在這裡。我認為這是一個非常好的問題。我們已經 - 我們基於我們的指導。基於一種既不是過分樂觀也不是過分悲觀的心態，一種非常平衡的方法，我們對我們看到和麵臨的風險和機遇採取了非常全面和非常徹底的分析方法.這是一個完美的尺寸和精確的區域。但整個高管對此分析得非常透徹，我們的集體思想高度認同，這導致了這次修訂的指導。

So let me talk to the reservations question. So as you can expect, when we announced in May at our May earnings release that we were going to keep the prices -- the old prices in effect through the end of May and not have them go into effect until June 1. That did bring forward some reservations. So we had a very large spike that happened in May. You see that as we went from 30,000 to 37,000 that's the largest growth that we've ever had in a 3-month period before.

那麼讓我談談預訂問題。因此，正如您所料，當我們在 5 月發布的 5 月收益報告中宣布我們將保持價格 - 舊價格在 5 月底之前有效，直到 6 月 1 日才生效。這確實帶來了轉發一些保留。所以我們在五月發生了一個非常大的峰值。您會看到，當我們從 30,000 增加到 37,000 時，這是我們在之前 3 個月期間所經歷的最大增長。

So that did happen as expected. I'd say that pull ahead had a little bit more pure in it than others, which you also would find as being intuitive that the lower price points might be a little bit more price sensitive, so looking to lock in that rate. Now what was really interesting as we move ahead the next couple of quarters and we looked at the reservations that have come in, in June and July, if we take that June and July base that we've had and then we add to it the increase, the over normalized increase that we got in May, we are still way ahead of where we would typically be if we were just normalize through June and July.

所以這確實發生了。我想說的是，拉動比其他人更純粹，你也會發現這是直觀的，較低的價格點可能對價格更敏感，所以希望鎖定這個價格。現在真正有趣的是，隨著我們在接下來的幾個季度中前進，我們查看了 6 月和 7 月的預訂量，如果我們採用我們已經擁有的 6 月和 7 月的基礎，然後我們添加它增長，我們在 5 月獲得的過度正常化增長，如果我們在 6 月和 7 月正常化，我們仍然遠遠領先於我們通常會達到的水平。

So that pull ahead, we're seeing really might have been a bit of a bump up, just kind of like a marketing event almost, if you will. The other thing that was interesting is we booked at the June and July reservations that are coming in is that they continue to be allocated across the same mix allocations that we saw pre-price hike. So you're still seeing Pure highest followed by grand touring and then touring. So Grand Touring continues to be above touring as well.

因此，如果您願意的話，我們看到這確實可能會有所提升，就像營銷活動一樣。另一件有趣的事情是，我們在 6 月和 7 月的預訂中進行了預訂，這些預訂繼續被分配到與我們看到價格上漲前相同的混合分配中。所以你仍然看到 Pure 最高，然後是盛大的巡迴演出，然後是巡迴演出。因此，Grand Touring 也繼續超越巡迴演出。

So we're seeing -- what I would say is very encouraging response and reservations following similar patterns. And when you take the bump in May with the reduction we've seen in June and July, we're sitting in a really great place. And then third, I think you had a question about minimum cash balance. So that one's interesting. There's a lot of different ways to model this because the way we are looking at the $4.6 billion and when I talk about going -- when I talk about being well into 2023, I'm talking about going in accordance to our full plan, which is investing in Saudi Arabia, investing in all of our vehicle variants, investing after the swift pace that we have chosen to do. We have some options there, right?

所以我們看到——我想說的是非常令人鼓舞的回應和遵循類似模式的保留意見。當你在 5 月看到 6 月和 7 月的減少時，我們正處於一個非常好的位置。第三，我認為您對最低現金餘額有疑問。所以這很有趣。有很多不同的方法可以對此進行建模，因為我們看待 46 億美元的方式以及當我談到前進時——當我談到順利進入 2023 年時，我是在談論按照我們的完整計劃前進，這正在沙特阿拉伯投資，投資於我們所有的車型，按照我們選擇的快速步伐進行投資。我們有一些選擇，對吧？

So when you think about the minimum balance, you could stretch that out if you want. So I mean, I'm not really going to provide any guidance with respect to how much cash we want in the bank, but I just want you to know that you're going to continue to see from us the same type of proactive kind of opportunistic behavior that you've seen all along. Every quarter, we're coming to you, and we're telling you about something interesting that we've done in the capital markets. We did the convertible bond offering. Now we've done the ABL. We put in place the $3.4 billion in Saudi Arabia. So I think you're going to continue to see that kind of action taking place from us monitoring the markets and making sure that we're doing what is prudent on behalf of all investors.

因此，當您考慮最低餘額時，您可以根據需要將其擴展。所以我的意思是，我不會就我們想要在銀行里有多少現金提供任何指導，但我只是想讓你知道，你將繼續從我們那裡看到同樣類型的主動類型你一直看到的機會主義行為。每個季度，我們都會來找你，告訴你我們在資本市場所做的一些有趣的事情。我們進行了可轉換債券發行。現在我們已經完成了 ABL。我們在沙特阿拉伯投入了 34 億美元。因此，我認為您將繼續看到我們監控市場並確保我們代表所有投資者採取謹慎的行動。

We'll take the next question, please.

請我們回答下一個問題。

Our next question comes from the line of Charles Coldicott with Redburn.

我們的下一個問題來自 Charles Coldicott 和 Redburn 的觀點。

I've also got 3, please. So firstly, again, sorry, on the production. I'm wondering, can you help reassure us a little bit on the ramp-up by giving us an idea of what your weekly production rates exited Q2 at and what it is today?

我也有3個，拜託。所以首先，再次抱歉，關於製作。我想知道，您能否通過讓我們了解您在第二季度退出的每週生產率以及今天的情況，來幫助我們稍微放心一點？

My second question on order intake, Sherry, you just mentioned there that if you smooth out the last 3 months, it was actually ahead of what you expected. But if I look at it, I think I'm right in saying that you've averaged about 78 orders a day in the last period since you updated us? And in the 3-month period before that, which is March to May, it was basically the same as that. So I'm wondering is the sort of explanation that there were cancellations and so the gross order intake was significantly above or maybe the expectation is that the order intake would slow?

關於訂單接收的第二個問題，Sherry，你剛才提到，如果你平滑過去 3 個月，它實際上超出了你的預期。但是，如果我看一下，我想我說的對，自從您更新我們以來，您在上一個時期平均每天大約有 78 個訂單？而在此之前的3個月，也就是3月到5月，基本都是這樣。所以我想知道是否存在取消訂單的解釋，因此總訂單量明顯高於預期，或者預期訂單量會減慢？

And thirdly, Sherry, I think there was $1.4 billion of purchase of securities in Q2. Can you just tell us what that is and whether or not we should treat it as being as liquid as cash when it comes to your funding requirements?

第三，雪莉，我認為第二季度有 14 億美元的證券購買。您能否告訴我們那是什麼，以及在您的資金需求方面，我們是否應該將其視為與現金一樣具有流動性？

Charles, it's Peter here. I really love to provide guidance on weekly production rates, and this is because it can be so misleading. There's a whole host of factors. If we can delay production a little bit to improvements to our line side supply, which, for example, can improve rate in the future. And once we start cherry-picking specifically weekly production rates, I think we get into dangerous territory.

查爾斯，這裡是彼得。我真的很喜歡提供有關每週生產率的指導，這是因為它可能會產生誤導。有很多因素。如果我們可以稍微推遲生產以改善我們的生產線側供應，例如，這可以提高未來的速度。一旦我們開始專門挑選每週的生產率，我認為我們就進入了危險的領域。

I think that the numbers we provide you give the most broad and honest description of our ability to have produced cars through this relevant quarter. And our guidance of 6,000 to 7,000 cars for the year, I believe, is a very balanced and a realistic guide for the future. So I'm sorry, I don't think it's wise for me to give you a well weekly production rate right now.

我認為我們為您提供的數字最廣泛、最誠實地描述了我們在這個相關季度生產汽車的能力。我相信，我們對今年 6,000 到 7,000 輛汽車的指導是一個非常平衡和現實的未來指導。所以我很抱歉，我認為現在給你一個很好的每週生產率對我來說是不明智的。

Let me cover off a couple of your questions as well. So you were asking about the short-term and long-term investments. So you're right, we took some of our cash, and we parked it in short-term and long-term investments in separately managed funds. And we did this because we didn't need access to all the cash right now, and we wanted to be able to get a little bit higher return on our money. Those dollars are accessible to us at any time that we don't intend to use them right away and we plan to let them mature and garner the interest rates, which is the purpose why we put them there. But they are absolutely acceptable to us.

讓我也掩蓋你的幾個問題。所以你問的是短期和長期投資。所以你是對的，我們拿走了一些現金，並將其存放在單獨管理的基金的短期和長期投資中。我們這樣做是因為我們現在不需要獲得所有現金，我們希望能夠獲得更高的資金回報。我們隨時可以使用這些美元，我們不打算立即使用它們，我們計劃讓它們成熟並獲得利率，這就是我們將它們放在那裡的目的。但它們對我們來說是絕對可以接受的。

I don't want people to get confused when they see the cash balance, the cash line on the balance sheet going down quarter-over-quarter. Some of that was moved into short-term and long-term investments. Our assets are still there. It wasn't that we spent all that. And I definitely don't want there to be confusion on that point.

我不希望人們在看到現金餘額時感到困惑，資產負債表上的現金線環比下降。其中一些被轉移到短期和長期投資中。我們的資產還在。並不是我們花了那麼多錢。我絕對不希望在這一點上出現混亂。

Secondarily, you asked a bit about just the reservation. So when we booked at that normalized curve, I was talking about, we did exactly what you said, I look back 3 months and I look back 6 months and 9 months and I kind of looked at what does that normalization look like, and we are definitely well above that when you look at May, June and July kind of taken together.

其次，你問了一些關於預訂的問題。所以當我們在那個標準化曲線上預訂時，我說的是，我們完全按照你說的做了，我回顧了 3 個月，回顧了 6 個月和 9 個月，我看了看標準化的樣子，我們當你把 5 月、6 月和 7 月放在一起看時，肯定遠遠高於這個數字。

Cancellations came down slightly. So we've actually seen some improvement there as well. But what you are going to see as we go forward is that the deliveries are going to be increasing substantially. So I don't know you're going to continue to see that kind of growth because you're going to have a lot of deliveries coming out of that number.

取消量略有下降。所以我們實際上也看到了一些改進。但是隨著我們的發展，您將看到交付量將大幅增加。所以我不知道你會繼續看到這種增長，因為你會有很多交付量來自這個數字。

Now we will be opening up the gravity order book at some point, then we expect we're going to get another large spike to get, right? So there's going to be some dynamic nature to these reservation numbers going forward, and we'll be sure to be as transparent as we can about that in future earnings calls.

現在我們將在某個時候打開重力訂單簿，然後我們預計我們會得到另一個大的峰值，對吧？因此，這些預訂數字未來將具有一些動態性質，我們將確保在未來的財報電話會議中盡可能透明。

Great. And we'll close out with the last question from the, Say platform, which is what is the plan for growth? How do you plan to take more market share in the EV market?

偉大的。最後，我們將從Say 平台提出的最後一個問題結束，增長計劃是什麼？您打算如何在電動汽車市場佔據更多市場份額？

Well, I mean, first of all, I have to say this. I think there is no such thing as a market for EVs. There's a market for cars. So we're not competing for this sort of artificial construct of EV market share. I think that's a fantasy. We're competing for the rest of the marketplace, which is huge, the white space, which is currently occupied by outdated gasoline cars. And that's what we're competing with the penetration into that market. But I would also say that this is a technology race, and we're in it. And this is yet to play out because not all EVs are created equal.

好吧，我的意思是，首先，我必須說這個。我認為電動汽車沒有市場。汽車有市場。因此，我們不會競爭這種人為構建的電動汽車市場份額。我認為那是一種幻想。我們正在爭奪市場的其餘部分，這是一個巨大的空白空間，目前被過時的汽油車佔據。這就是我們正在與該市場的滲透競爭。但我還要說這是一場技術競賽，我們參與其中。這還沒有發生，因為並非所有的電動汽車都是平等的。

And I'd also like to add, I mean, with Lucid Air, we're addressing specific issues that have been sort of resistance points, I guess, to customer adoption with EVs in the past. I mean we've got the longest range. We're the fastest time to charge. We've got incredible space and superior design. It's really leveraging so much more than just an EV. It's a leverage all those advantages that electrification can provide. And I think we can sell more cars, the cost we address these key resistance points. But furthermore, I guess there's a bigger issue at stake here.

我還想補充一點，我的意思是，通過 Lucid Air，我們正在解決過去一直是客戶採用電動汽車的阻力點的具體問題。我的意思是我們的射程最長。我們是最快的充電時間。我們擁有令人難以置信的空間和卓越的設計。它真正利用的不僅僅是電動汽車。這是電氣化可以提供的所有這些優勢的槓桿作用。而且我認為我們可以銷售更多汽車，我們解決這些關鍵阻力點的成本。但此外，我想這裡還有一個更大的問題。

And I'm glad you asked the question because I mean it allows me to address this. The world's precious battery materials are really scarce, and our technology allows us to make more cars with less batteries and this is a point that's really missed because we can make more cars less -- with less resources because we can go further for a given amount of energy because we've got more efficiency.

我很高興你提出這個問題，因為我的意思是它可以讓我解決這個問題。世界上珍貴的電池材料真的很稀缺，而我們的技術讓我們可以用更少的電池製造更多的汽車，而這一點確實被忽略了，因為我們可以用更少的資源用更少的資源製造更多的汽車，因為我們可以在給定的數量下走得更遠能源，因為我們有更高的效率。

I mean, for example, we believe we could endow Lucid Air Pure with over 400 miles range with a battery pack size of less than 90 kilowatt hours. That's what's going to make Lucid Air Pure really awesome similar range, but fewer batteries than compared with EVs for others. And that is the future. That is the consequence of being in the tech race.

我的意思是，例如，我們相信我們可以為 Lucid Air Pure 提供超過 400 英里的續航里程，而電池組的容量小於 90 千瓦時。這就是使 Lucid Air Pure 真正令人敬畏的類似範圍的原因，但與其他電動汽車相比，電池更少。這就是未來。這就是參加技術競賽的結果。

Great. Thank you. And I think that's a great way to end. This concludes Lucid's first (sic) [second] quarter 2022 Earnings Conference Call. Thank you all for joining us today, and you may now disconnect.

偉大的。謝謝你。我認為這是一個很好的結束方式。 Lucid 的 2022 年第一季度（原文如此）[第二] 季度收益電話會議到此結束。感謝大家今天加入我們，您現在可以斷開連接。