Lucid Group Inc (LCID) 2022 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Lucid's Third Quarter 2022 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to your speaker for today, Maynard Um. You may begin.

您好，感謝您的支持。歡迎來到 Lucid 的 2022 年第三季度收益電話會議。 （操作員說明）我現在想把今天的會議交給你的發言人，Maynard Um。你可以開始了。

Thanks, Towanda, and welcome to Lucid Group's Third Quarter 2022 Earnings Call. Joining me today are Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO. Before handing the call over to Peter, let me remind you that some of the statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, macroeconomic and industry trends, company initiatives and other future events. These statements are based on predictions and expectations as of today and actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our quarterly report on Form 10-Q for the quarter ended September 30, 2022, and the forward-looking statements on Page 2 of our investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

謝謝 Towanda，歡迎參加 Lucid Group 的 2022 年第三季度財報電話會議。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。在將電話轉給彼得之前，讓我提醒您，本次電話中的一些陳述包括聯邦證券法下的前瞻性陳述。這些包括但不限於有關公司未來財務業績、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。這些陳述基於截至今天的預測和預期，實際事件或結果可能因許多風險和不確定性而有所不同。我們向您推薦我們在截至 2022 年 9 月 30 日的季度的 10-Q 表格季度報告中的警示性語言和風險因素，以及我們投資者資料第 2 頁上的前瞻性陳述，可在我們的投資者關係部分獲得網站 ir.lucidmotors.com。

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

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。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, and thank you, everyone, for joining us for our third quarter earnings call. Now I'm delighted to say that we've made significant progress towards achieving our 2022 production targets of 6,000 to 7,000 vehicles. In Q3, we achieved a record quarterly production of 2,282 vehicles, more than triple that of Q2, and deliveries of 1,398, which is more than double that of Q2. I want to extend a heartfelt thank you to everyone at Lucid. Your collective efforts which have been central to driving these meaningful increases as we scale and ramp production and deliveries. You continue to play a key role in the progress of our production ramp and in so doing help getting more customers behind the wheel of their new Lucid Air.

謝謝你，梅納德，謝謝大家加入我們的第三季度財報電話會議。現在我很高興地說，我們在實現 2022 年 6,000 至 7,000 輛汽車的生產目標方面取得了重大進展。第三季度，我們實現了創紀錄的季度產量 2,282 輛，是第二季度的三倍多，交付量為 1,398 輛，是第二季度的兩倍多。我想向 Lucid 的每一個人表示衷心的感謝。隨著我們擴大和增加生產和交付，您的集體努力對於推動這些有意義的增長至關重要。您繼續在我們的生產升級過程中發揮關鍵作用，並幫助更多客戶使用他們的新 Lucid Air。

Now in Q2, we weren't in a position to give you a figure for a weekly production number. But today, I'm pleased to announce that we've now proven our ability to produce 300 cars a week. And even more importantly, we have a visible pathway to our next incremental production rate. And this has been a huge team effort drawing upon talent from right across the company. We've made some difficult decisions and some systematic changes to the organizational structure. And I think now that the results are beginning to speak for themselves.

現在在第二季度，我們無法為您提供每週生產數量的數字。但是今天，我很高興地宣布，我們現在已經證明了我們每週生產 300 輛汽車的能力。更重要的是，我們有一條通往下一個增量生產率的可見途徑。這是一個巨大的團隊努力，從整個公司吸引了人才。我們做出了一些艱難的決定，並對組織結構進行了一些系統性的改變。我認為現在結果開始不言自明了。

We're working very hard to control what we can control, but the supply chain situation remains fluid. In fact, even now, we're experiencing a challenge with one particular item that will lead to some very temporary time-out for the line. However, we believe we can still achieve our 6,000 to 7,000 production guidance for 2022 despite this particular issue. And during this time, we'll implement a whole batch of improvements that will further enable us to produce even more cars.

我們正在努力控制我們可以控制的東西，但供應鏈情況仍然不穩定。事實上，即使是現在，我們也遇到了一個特定項目的挑戰，這將導致生產線出現一些非常暫時的超時。但是，儘管存在這個特殊問題，我們相信我們仍然可以實現 2022 年 6,000 到 7,000 輛的生產指導。在此期間，我們將實施一整批改進，進一步使我們能夠生產更多汽車。

But turning to logistics. We believe we've made significant progress in our plan to bring our logistics operations in-house and to restructure our logistics and manufacturing organization. We addressed some of the primary gating factors that impacted production in the second quarter. Steve and David and the new leaders we put in place have been doing a very good job, providing valuable leadership in executing this transition. But whilst I'm pleased with our progress, we do have more work to do, but it is my privilege to continue to personally lead this important team effort alongside incredible team here in Arizona.

但轉向物流。我們相信，我們在將我們的物流業務內部化並重組我們的物流和製造組織的計劃方面取得了重大進展。我們解決了影響第二季度生產的一些主要門控因素。史蒂夫和大衛以及我們任命的新領導人一直做得很好，在執行這一過渡過程中提供了寶貴的領導力。但是，雖然我對我們的進步感到滿意，但我們確實還有更多工作要做，但我有幸繼續親自領導這一重要的團隊努力，與亞利桑那州的令人難以置信的團隊一起努力。

So in fact, I'm joining today's earnings call once again from AMP-1 in Arizona right off the factory floor where we've been very busy. Just last week, we commenced production of a Lucid Air Touring that I'm looking forward to personally deliver the very first one to a customer next week. Touring is our 620-horsepower dual-motor all-wheel drive version of the Air with 0 to 60 of around 3.2 seconds.

所以事實上，我再次從亞利桑那州的 AMP-1 參加今天的財報電話會議，就在我們一直非常忙碌的工廠車間。就在上週，我們開始生產 Lucid Air Touring，我期待著在下週親自將第一個交付給客戶。 Touring 是我們的 620 馬力雙電機全輪驅動版 Air，0 到 60 秒約 3.2 秒。

And whilst I'm very excited to be able to offer a more affordable version of Air with Touring, I'm equally as excited by Lucid Air Pure, which will be our most affordable Air variants with up to 480 horsepower. We're on track to start production of Pure soon and expect to start delivering the first of these vehicles before year-end. So stay tuned next week for our Lucid launch event for a lot more details. But I'll give you a little sneak peek with some numbers. We talked about Grand Touring getting the industry leading 4.6 miles per kilowatt hour.

雖然我很高興能夠提供更實惠的 Air with Touring 版本，但我同樣對 Lucid Air Pure 感到興奮，這將是我們最實惠的 Air 變體，功率高達 480 馬力。我們有望很快開始生產 Pure，並有望在年底前開始交付第一批此類車輛。因此，請繼續關注下週我們的 Lucid 發布活動，了解更多詳情。但我會用一些數字讓你先睹為快。我們談到 Grand Touring 獲得行業領先的每千瓦時 4.6 英里。

And now I'm happy to say that Touring will be able to match the landmark 4.6 miles per kilowatt hour efficiency of Grand Touring, albeit at a more affordable price point. And that's an important incremental step to bringing ultra-efficient EVs more attainable. And we will continue to push relentlessly to get closer to what is our aspirational target of close to 5 miles per kilowatt hour for Lucid Air. Now this incredible efficiency is driven in large part by our in-house developed powertrain tech.

現在我很高興地說，Touring 將能夠與 Grand Touring 具有里程碑意義的每千瓦時 4.6 英里的效率相媲美，儘管價格更實惠。這是使超高效電動汽車更容易實現的重要增量步驟。我們將繼續不懈努力，以更接近我們對 Lucid Air 接近 5 英里/千瓦時的理想目標。現在，這種令人難以置信的效率在很大程度上是由我們內部開發的動力總成技術推動的。

Many of you heard me say this before, this truly is a technology race and not all EVs are created equal. We at Lucid enabled more miles per kilowatt out of battery. And this allows us to provide world-leading range with a smaller battery and so offer exceptional rear seat ergonomics with a deeper footwell in both the Touring and Pure models. And we continue to garner external validation of our technology progress through such recent awards as Top 10 Best Engine and Propulsion Systems from WardsAuto.

你們中的許多人以前聽我說過，這確實是一場技術競賽，並非所有電動汽車都是平等的。我們在 Lucid 使每千瓦的電池消耗更多英里。這使我們能夠以更小的電池提供世界領先的續航里程，從而在 Touring 和 Pure 車型中提供出色的後座人體工程學設計和更深的腳部空間。我們通過 WardsAuto 頒發的 10 大最佳發動機和推進系統等近期獎項，繼續獲得對我們技術進步的外部驗證。

But we're not stopping there. In Q3, we introduced the Sapphire brand, Lucid's new high-performance, driver-focused brand. Sapphire represents the pinnacle of electric performance, finally achieving the satisfactory performance that I so long searched for. Air Sapphire will be the very first Lucid product to bear the Sapphire name, and we'll build upon our technical prowess to take electric high performance to next level.

但我們不會止步於此。在第三季度，我們推出了藍寶石品牌，這是 Lucid 以駕駛員為中心的全新高性能品牌。藍寶石代表著電性能的巔峰，終於達到了我尋覓已久的滿意性能。 Air Sapphire 將是第一個使用 Sapphire 名稱的 Lucid 產品，我們將憑藉我們的技術實力將電動高性能提升到一個新的水平。

At the heart of Lucid Air Sapphire is the 3-motor powertrain, the first from Lucid, featuring a brand-new twin motor rear drive unit and a single motor front-drive unit. All developed and manufactured enhanced by Lucid. And make no mistake in terms of performance, efficiency and compactness, I believe these are truly state of the art. The twin rear drive unit introduces new heat exchanger technology and heightened coolant flow rate. In addition, the battery system is upgraded for higher power and more precise thermal logic. And with over 1,200 horsepower, Lucid Air Sapphire is not only the most powerful electric sedan in the world, it is the most powerful sedan in the world.

Lucid Air Sapphire 的核心是三電機動力總成，這是 Lucid 的第一款動力總成，具有全新的雙電機後驅動單元和單電機前驅動單元。所有開發和製造都由 Lucid 增強。在性能、效率和緊湊性方面毫無疑問，我相信這些都是最先進的。雙后驅動單元引入了新的熱交換器技術和更高的冷卻液流量。此外，電池系統升級為更高功率和更精確的熱邏輯。擁有超過 1,200 馬力的 Lucid Air Sapphire 不僅是世界上最強大的電動轎車，也是世界上最強大的轎車。

We're regularly testing Sapphire now. In fact, I'm currently personally test driving Sapphire, and I'm satisfied with the progress it's making. We expect to start production in the first half of 2023. We're also delighted to say that Project Gravity SUV will be ready to be unveiled soon. We're planning events in early 2023, and we'll begin taking reservations from that moment ahead of the start of production in calendar year 2024.

我們現在定期測試藍寶石。事實上，我目前正在親自試駕 Sapphire，我對它所取得的進展感到滿意。我們預計將於 2023 年上半年開始生產。我們也很高興地宣布，Project Gravity SUV 即將面世。我們計劃在 2023 年初舉辦活動，我們將從 2024 日曆年開始生產之前的那一刻開始接受預訂。

So I'd go so far to say that I believe the performance metrics of Gravity are going to be unsurpassed within its class, further demonstrating our technology prowess. We're going to take some -- the same space concept, the range, the efficiency, technology, design elements and performance and apply all that to create, what I believe, will be truly a landmark SUV. We're readying our factory through Phase 2 here at AMP-1 in Arizona. Specifically, we're expanding the north end of the body Shop to get ready for Project Gravity and the South side of the building.

所以到目前為止，我想說的是，我相信 Gravity 的性能指標將在同類產品中無與倫比，進一步展示了我們的技術實力。我們將採用一些相同的空間概念、範圍、效率、技術、設計元素和性能，並應用所有這些來創造，我相信這將是一款真正具有里程碑意義的 SUV。我們正在亞利桑那州 AMP-1 的第二階段準備我們的工廠。具體來說，我們正在擴建車身車間的北端，以便為 Project Gravity 和建築物的南側做好準備。

The new assembly halls where we'll run both Air and Gravity down that line. Now I believe Gravity can have as much, if not, even greater impact upon the SUV market than that Air has for the luxury sedan markets. And I cannot wait to share more details in the not-too-distant future. Stay tuned for our launch event next week, we will go through the Lucid Air line and provide a sneak peek on the Gravity SUV.

我們將在這條線上同時運行 Air 和 Gravity 的新裝配車間。現在我相信 Gravity 對 SUV 市場的影響可能與 Air 對豪華轎車市場的影響一樣大，甚至更大。我迫不及待地想在不久的將來分享更多細節。請繼續關注我們下週的發布活動，我們將通過 Lucid Air 線並提供有關 Gravity SUV 的先睹為快。

Now while I'm very excited by our vehicle road map, I'm also thrilled with our software progress and in particular, the latest UX 2.0 release. We made a very conscious decision to design Lucid Air from the beginning as a truly software-defined vehicle. The synergistic integration of software and hardware engineering results in a vehicle that can get better over time, long after customer takes delivery through simply receiving an over-the-air update.

現在，雖然我對我們的車輛路線圖感到非常興奮，但我也對我們的軟件進步感到興奮，特別是最新的 UX 2.0 版本。我們做出了一個非常有意識的決定，從一開始就將 Lucid Air 設計為真正的軟件定義車輛。軟件和硬件工程的協同集成使車輛能夠隨著時間的推移而變得更好，在客戶收到交付後很長時間，只需接收無線更新。

Now during the third quarter, we released 14 over-the-air software updates, more than 1 per week. Our latest over-the-air software update is the most extensive to date with significant advancements and improvements across the vehicle. New features include instant non glass cockpit and pilot panel displays, launch of highway assist for the DreamDrive advanced driver assistance system, improved on-screen layouts and indeed many other features. Well, I think it's very important to highlight that Lucid Air has always had world-class software you've likely just never seen it. It's a software that drives the powertrain, the software that manages the batteries, all the software that controls the critical components of the vehicle.

現在在第三季度，我們發布了 14 個無線軟件更新，每週超過 1 個。我們最新的無線軟件更新是迄今為止最廣泛的，在整個車輛上都有顯著的進步和改進。新功能包括即時非玻璃駕駛艙和飛行員面板顯示器、為 DreamDrive 高級駕駛員輔助系統推出的高速公路輔助、改進的屏幕佈局以及許多其他功能。好吧，我認為強調 Lucid Air 一直擁有您可能從未見過的世界級軟件非常重要。它是驅動動力總成的軟件，是管理電池的軟件，是控制車輛關鍵部件的所有軟件。

In addition to our in-house manufactured technology, software is a key element for Lucid Air's unheralded performance and efficiency. Put simply, we've never achieved an EPA estimated 520 miles in the case of the Dream edition range had it not been for this software. Of course, these components are all over-the-air updatable as well. Our world-class software team led by Mike Bell will be releasing many more features in the very near future.

除了我們內部製造的技術外，軟件是 Lucid Air 無與倫比的性能和效率的關鍵要素。簡而言之，如果沒有這款軟件，我們從未達到 EPA 估計的 520 英里 Dream edition 系列。當然，這些組件也都是可以無線更新的。我們由 Mike Bell 領導的世界級軟件團隊將在不久的將來發布更多功能。

In fact, just last week, we announced SiriusXM's radio audio entertainment experience will be a standard in-dash feature across the full lineup of Lucid vehicles. The beta will be available at no cost diluted owners and in 2023, we expect to deliver the full implementation. Lucid owners will receive a full 3-month trial subscription. As everyone may be aware, my bigger picture vision has always been to establish a Lucid group of companies that encompass not just cars but an energy ecosystem as well as a technology licensing.

事實上，就在上週，我們宣布 SiriusXM 的無線電音頻娛樂體驗將成為 Lucid 車輛全系列的標準內置功能。 Beta 版將免費提供稀釋後的所有者，我們預計將在 2023 年提供全面實施。 Lucid 所有者將獲得完整的 3 個月試用訂閱。每個人都可能知道，我的更大願景一直是建立一個 Lucid 公司集團，不僅包括汽車，還包括能源生態系統以及技術許可。

And these are the 3 pillars, if you will. So we recently launched our Lucid vehicle accessories, which includes the Lucid connected home charging station, the first step into the company's future energy ecosystem. Lucid's home charging solution can support up to 19.2 kilowatts of electrical power which enables charging of up to 80 miles per hour to match Lucid Air's industry-leading fast AC charging rate. The home station will effectively double the rates at which the Lucid Air can be charged when installed at full power compared to the included charging cable.

如果你願意的話，這就是三大支柱。因此，我們最近推出了 Lucid 汽車配件，其中包括 Lucid 聯網家庭充電站，這是進入公司未來能源生態系統的第一步。 Lucid 的家庭充電解決方案可支持高達 19.2 千瓦的電力，可實現高達每小時 80 英里的充電速度，以匹配 Lucid Air 行業領先的快速交流充電速率。與隨附的充電電纜相比，當 Lucid Air 以全功率安裝時，家用充電站的充電速率將有效提高一倍。

Now the charging station is also equipped with hardware ready for bidirectional electric power and is WiFi enabled for the future over-the-air updates. Turning to our battery strategy. I'm delighted to announce that we recently validated battery cells with another global battery supplier. We expect this agreement along with our existing agreements with LG and Samsung to give us sufficient cell supply both in 2022 as well as 2023. And we're working on long-term supply arrangements with numerous suppliers.

現在，充電站還配備了可用於雙向電力的硬件，並且支持 WiFi 以用於未來的無線更新。轉向我們的電池戰略。我很高興地宣布，我們最近與另一家全球電池供應商驗證了電池。我們預計該協議以及我們與 LG 和三星的現有協議將在 2022 年和 2023 年為我們提供充足的電池供應。我們正在與眾多供應商進行長期供應安排。

Indeed, I'd like to take this moment to thank all our suppliers who work very hard with us during these challenging times. So to sum up, I'm incredibly proud of the Lucid team and what we've accomplished despite the many challenges that we and the industry faced. In just a short amount of time, we brought our logistics operations in-house. We restructured our logistics and manufacturing operation. We brought in exceptional leadership. We've addressed some of the gating factors impacting Q2 production, and we delivered on the software experience, one would truly expect to the Lucid Air, and launched our technology division.

事實上，我想藉此機會感謝所有在這些充滿挑戰的時期與我們一起努力工作的供應商。總而言之，我為 Lucid 團隊以及儘管我們和整個行業面臨許多挑戰而取得的成就感到無比自豪。在很短的時間內，我們將物流業務引入了內部。我們重組了物流和製造業務。我們帶來了卓越的領導力。我們已經解決了影響第二季度生產的一些關鍵因素，我們提供了人們真正期待 Lucid Air 的軟件體驗，並啟動了我們的技術部門。

I believe we're only just getting started. We'll deliver variance across the performance and affordability spectrum with Sapphire, Touring and Pure. We'll begin on our global expansion with the first deliveries into Europe and into Saudi Arabia by the end of the year. We'll unveil Project Gravity SUV early next year, and we'll continue to focus on extending our unsurpassed technology leadership. Lastly and most importantly, I'd like to thank our customers for your faith in us. I've met a number of you and your families and your feedback and delight are really a part of what drives me and the whole team here to deliver the quality and experience you truly deserve. We're ramping production as quickly as we can to get more vehicles into the helm of our customers. And I want to reiterate that I firmly believe we're on track to achieve our 6,000 to 7,000 vehicle production guidance for 2022. And with that, let me turn it over to Sherry for an update on our financials.

我相信我們才剛剛開始。我們將通過 Sapphire、Touring 和 Pure 在性能和可負擔性範圍內提供差異。我們將在年底前向歐洲和沙特阿拉伯首批交付產品，開始我們的全球擴張。我們將在明年初推出 Project Gravity SUV，我們將繼續專注於擴展我們無與倫比的技術領先地位。最後也是最重要的一點，我要感謝我們的客戶對我們的信任。我見過你們中的許多人和你們的家人，你們的反饋和喜悅確實是推動我和這裡的整個團隊提供你們真正應得的質量和體驗的一部分。我們正在盡可能快地提高產量，以使更多車輛掌握在我們的客戶手中。我想重申，我堅信我們有望實現 2022 年 6,000 至 7,000 輛汽車的生產指導。因此，讓我把它交給雪利酒，了解我們的財務狀況。

Thank you, Peter, and thank you to those who are taking the time to join us today. Before sharing our Q3 results, I'd also like to extend my sincere gratitude to our customers as well as our entire Lucid team members, our partners and our suppliers. In Q3, we scaled across every corner of our business, from manufacturing and engineering to G&A, sales and service. We've made tremendous strides in our production ramp. We launched our new Sapphire brand, introduced additional product features and worked to enhance our customer experience through our expanding sales and service network.

謝謝你，彼得，也感謝今天花時間加入我們的人。在分享我們的第三季度業績之前，我還要向我們的客戶以及我們的整個 Lucid 團隊成員、我們的合作夥伴和我們的供應商表示衷心的感謝。在第三季度，我們擴展了業務的每一個角落，從製造和工程到 G&A、銷售和服務。我們在生產坡道上取得了長足的進步。我們推出了新的藍寶石品牌，推出了額外的產品功能，並通過不斷擴大的銷售和服務網絡努力提升客戶體驗。

All of this strong progress was only possible through the perseverance and collaboration of each and every one of you, and I'm incredibly proud to work alongside you. Now turning to our third quarter financial results. As Peter mentioned, we produced 2,282 vehicles, more than triple our Q2 production numbers and delivered 1,398 vehicles, which was more than double Q2. The variance between production and deliveries was primarily a function of vehicles distributed across 3 areas of the delivery process, vehicles in transit, vehicles awaiting predelivery inspection and vehicles awaiting delivery to a customer.

所有這些強勁的進步只有通過你們每一個人的堅持和合作才有可能實現，我為能與你們一起工作而感到無比自豪。現在轉向我們的第三季度財務業績。正如彼得所說，我們生產了 2,282 輛汽車，是我們第二季度產量的三倍多，交付了 1,398 輛汽車，是第二季度的兩倍多。生產和交付之間的差異主要是分佈在交付過程的 3 個區域的車輛的函數，即在途車輛、等待交付前檢查的車輛和等待交付給客戶的車輛。

As we mature as a business, we'll continue to learn and refine our in-transit inspection and delivery processes. So in the near to medium term, we expect vehicles produced to pace at a higher volume than vehicle deliveries as we accelerate our production and we initiate international deliveries in the fourth quarter, the latter which requires longer in-transit times.

隨著我們業務的成熟，我們將繼續學習和完善我們的在途檢查和交付流程。因此，在中短期內，隨著我們加快生產速度，我們預計汽車產量將高於汽車交付量，我們將在第四季度開始國際交付，後者需要更長的運輸時間。

We continue to have strong demand with more than 34,000 reservations as of November 7. To put the reservation number in context, this value equates to the amount of our current annual tool capacity in AMP-1. This also compares to the over 37,000 reservations we had in Q2. The reservation calculation includes new reservation, nets out all deliveries that we accomplished in Q3 and Q4 to date and also nets out cancellations. It's important to note that this number does not include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia. We expect deliveries to start next year. Meetings have been ongoing with the government, and we're actively working on scheduling of the first deliveries.

截至 11 月 7 日，我們仍然有超過 34,000 個預訂的強勁需求。為了說明預訂數量，這個值等於我們當前在 AMP-1 中的年度工具容量。這也與我們在第二季度的 37,000 多個預訂相比。預訂計算包括新預訂，扣除我們迄今為止在第三季度和第四季度完成的所有交付，還扣除取消。需要注意的是，這個數字不包括與沙特阿拉伯政府簽訂的協議中的多達 100,000 輛汽車。我們預計交付將於明年開始。與政府的會議一直在進行，我們正在積極安排首批交付。

We also have not opened up reservations for Project Gravity SUV. We expect to start taking reservations in early 2023, opening up what we believe will be a very large and incremental addressable market for us. Our ultimate goal is to sustain a healthy reservation bank balancing wait times and deliveries until our supply increases with our expanding factory footprint.

我們也沒有開放 Project Gravity SUV 的預訂。我們預計將在 2023 年初開始接受預訂，打開我們認為對我們來說將是一個非常大且增量的潛在市場。我們的最終目標是維持一個健康的預訂銀行，平衡等待時間和交付，直到我們的供應隨著我們工廠足蹟的擴大而增加。

Turning to our P&L. Q3 revenue was just over $195 million, which represented a quarter-over-quarter increase of 101%. We remain intently focused on scaling the business and continue to expect to see significant growth in revenue as delivery volumes ramp. We're also excited about our recent launch of Lucid vehicle accessories, an expanding line of accessories that serve as the stylish complement to the entire Lucid Air vehicle lineup. In addition to the Lucid connected home charging station that Peter mentioned, we also announced a number of other accessories, including a Cargo Capsule that many customers have been asking for.

轉向我們的損益表。第三季度收入剛剛超過 1.95 億美元，環比增長 101%。我們仍然專注於擴展業務，並繼續預計隨著交付量的增加，收入將顯著增長。我們也對我們最近推出的 Lucid 汽車配件感到興奮，這是一個不斷擴大的配件系列，可作為整個 Lucid Air 汽車系列的時尚補充。除了 Peter 提到的 Lucid 聯網家庭充電站，我們還發布了許多其他配件，包括許多客戶一直要求的 Cargo Capsule。

Turning to our cost of revenue. Cost of revenue was $492.5 million, which includes direct parts, material, shipping and handling, IT costs, overhead, personnel costs, including wages and stock-based comp, estimated warranty cost and inventory write-down, primarily related to reducing inventories to their net realizable value. 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 shift the vast majority of our international shipments from air to ocean freight.

轉向我們的收入成本。收入成本為 4.925 億美元，其中包括直接零件、材料、運輸和處理、IT 成本、間接費用、人員成本，包括工資和基於庫存的補償、估計保修成本和庫存減記，主要與減少庫存相關可變現淨值。與上一季度類似，由於我們能夠將絕大多數國際貨運從空運轉移到海運，這一預期增長主要與我們提高產量時的人員和管理成本有關，但被環比降低的貨運成本所抵消貨運。

As we produce vehicles at low volumes on production line designed for higher volumes, we have and will continue to experience negative gross profit related to labor and overhead costs. Additionally, we recorded a lower of cost or net realizable value adjustment of $186.5 million in Q3. This amount contemplates the value we anticipate receiving upon vehicle sale after considering cost necessary to convert the inventory on hand into a finished product.

由於我們在專為大批量生產而設計的生產線上小批量生產車輛，我們已經並將繼續經歷與勞動力和間接成本相關的負毛利潤。此外，我們在第三季度記錄了較低的成本或可變現淨值調整 1.865 億美元。該金額考慮了我們在考慮將現有庫存轉換為成品所需的成本後預計在車輛銷售時獲得的價值。

During this quarter, our LCNRV impairment increased primarily due to product mix and an increase in inventory levels, including firm commitments. Moving to operating expenses. We're still in the growth stages of our company and investing behind our strategic priorities, but we're doing this in a prudent and methodical manner. As I said last quarter, we're instilling a culture of cost consciousness and we're working across the company to identify and execute on cost efficiency opportunities. R&D expense totaled approximately $213.8 million, up 7% sequentially. The sequential increase was related to the continued ramp-up of the Gravity and Sapphire program as well as headcount growth to support further investment into our cutting-edge tech and products, partially offset by lower stock-based compensation expense.

在本季度，我們的 LCNRV 減值增加主要是由於產品組合和庫存水平的增加，包括堅定的承諾。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，但我們正在以謹慎和有條不紊的方式進行投資。正如我上個季度所說，我們正在灌輸一種成本意識的文化，我們正在整個公司內努力識別和執行成本效率機會。研發費用總計約 2.138 億美元，環比增長 7%。環比增長與 Gravity 和 Sapphire 計劃的持續增加以及員工人數增長有關，以支持對我們的尖端技術和產品的進一步投資，部分被較低的基於股票的薪酬費用所抵消。

SG&A expense was approximately $176.7 million, up 8% sequentially. SG&A consists primarily of personnel-related expenses, allocated facility costs and other general corporate expenses. As we continue to grow as the company, build out our sales force and commercialize the Lucid Air and planned future generations of our electric vehicles, we expect that our SG&A costs will increase. We ended the quarter with 29 studio and service centers, flat from Q2. We opened our first studio in Saudi Arabia at the end of October as well as our first Texas studio in Plano. And we expect to strategically expand the number of studio and service centers with a number of new openings across North America and Europe through the remainder of this year.

SG&A 費用約為 1.767 億美元，環比增長 8%。 SG&A 主要包括與人事相關的費用、分配的設施成本和其他一般公司費用。隨著我們作為公司不斷發展壯大，建立我們的銷售隊伍並將 Lucid Air 商業化併計劃我們的電動汽車的未來幾代，我們預計我們的 SG&A 成本將會增加。我們在本季度末有 29 個工作室和服務中心，與第二季度持平。 10 月底，我們在沙特阿拉伯開設了第一家工作室，並在普萊諾開設了第一家德克薩斯工作室。我們預計將在今年剩餘時間內通過在北美和歐洲開設一些新的開業來戰略性地擴大工作室和服務中心的數量。

We increased our mobile fleet by nearly 10% in Q3, which is an important element in ensuring high customer satisfaction as the fleet of Lucid vehicles continues to grow. Our mobile vans can perform over 80% of the services that can be done in a service center. Stock-based compensation in the quarter was $83.3 million, approximately $10.8 million within cost of revenue, $34.1 million in research and development and $38.4 million within SG&A.

我們在第三季度將我們的移動車隊增加了近 10%，這是確保隨著 Lucid 車隊不斷增長的客戶滿意度的重要因素。我們的移動貨車可以執行超過 80% 的服務，這些服務可以在服務中心完成。本季度基於股票的薪酬為 8330 萬美元，其中收入成本約為 1080 萬美元，研發成本約為 3410 萬美元，SG&A 約為 3840 萬美元。

Other income was favorably impacted by a noncash impact, mark-to-market value of private warrants in the amount of $140.1 million. The value of the warrant can be influenced quarter-to-quarter by a number of factors, including Lucid Group's end of quarter share price. Our overall performance in the quarter was a net loss of negative $530.1 million.

其他收入受到非現金影響的有利影響，私人認股權證的市值為 1.401 億美元。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。我們在本季度的整體表現是淨虧損 5.301 億美元。

Moving to the balance sheet. We ended the quarter with just over $3.85 billion in cash, cash equivalents and investments with total liquidity of $4.2 billion when considering our global credit facilities. To continue to drive our growth plan and capture significant market opportunity we see, we do want to maintain the flexibility to raise additional capital. Our major shareholder, the public investment fund, has expressed a willingness to support us in a future capital raise on a pro rata basis. We are incredibly grateful to have such a strong strategic investor as our partner.

轉移到資產負債表。考慮到我們的全球信貸額度，我們在本季度結束時擁有超過 38.5 億美元的現金、現金等價物和投資，總流動性為 42 億美元。為了繼續推動我們的增長計劃並抓住我們看到的重要市場機會，我們確實希望保持靈活性以籌集更多資金。我們的主要股東公共投資基金已表示願意支持我們未來按比例籌集資金。我們非常感謝有如此強大的戰略投資者作為我們的合作夥伴。

We are putting in place a $600 million at-the-market program which will create flexibility for us to raise new third-party equity capital. Combined with a pro rata participation by the Public Investment Fund, this would allow us to raise up to approximately $1.5 billion net of fees and other operating expenses. The ATM program provides us with an attractive option to raise capital but we have no obligation to execute on the program, and we will continue to be opportunistic in our approach to financing. This is consistent with our historical funding actions, including raising funds last year with a green convertible bond and earlier this year securing a $1 billion ABL facility.

我們正在實施一項 6 億美元的上市計劃，這將為我們籌集新的第三方股權資本創造靈活性。加上公共投資基金的按比例參與，這將使我們能夠籌集高達約 15 億美元的淨費用和其他運營費用。 ATM 計劃為我們提供了一個有吸引力的融資選擇，但我們沒有義務執行該計劃，我們將繼續在融資方式上投機取巧。這與我們的歷史融資行動一致，包括去年通過綠色可轉換債券籌集資金以及今年早些時候獲得了 10 億美元的 ABL 融資。

Our strategy is to take a holistic approach towards funding the business. We believe we have access to a variety of available options in debt and equity markets as well as access to low-cost government programs. We'll continue to be opportunistic in raising capital, and this ATM program is one incremental tool in our broader funding strategy. Turning to inventory. Inventory in the quarter increased due to a combination of our production volume ramp and vehicles in transit to customers However, we reduced work-in-progress inventory by more than half relative to last quarter as we made progress on completing production of in-process vehicles from Q2.

我們的戰略是採取全面的方法為業務提供資金。我們相信我們可以在債務和股票市場上獲得各種可用的選擇，以及獲得低成本的政府計劃。我們將繼續在籌集資金方面投機取巧，而這個 ATM 計劃是我們更廣泛的籌資戰略中的一個增量工具。轉向庫存。由於我們的產量增加和運送給客戶的車輛，本季度的庫存增加但是，由於我們在完成在製品車輛的生產方面取得了進展，我們將在製品庫存相對於上一季度減少了一半以上從第二季度開始。

In Q3, we secured approximately 495 acres of land, situated underneath our AMP-1 factory, and we also entered into an option to purchase additional land around our existing facility, further securing our future needs. Capital expenditures were $290.1 million in Q3. Year-to-date CapEx was close to $785 million. Our Phase 2 expansion at AMP-1 is progressing, and we expect to begin moving Air production to the south building in the first half of next year.

在第三季度，我們獲得了大約 495 英畝的土地，位於我們的 AMP-1 工廠下方，我們還選擇在現有設施周圍購買額外土地，進一步確保我們未來的需求。第三季度的資本支出為 2.901 億美元。年初至今的資本支出接近 7.85 億美元。我們在 AMP-1 的第二階段擴建正在進行中，我們預計將於明年上半年開始將 Air 生產轉移到南樓。

Construction is ongoing, but we've started installing some equipment and as we discussed last quarter, we're using a portion of our expanded footprint for logistics. Now moving to our international expansion efforts. Just recently, Peter and I and some of the Lucid team went to Kingdom of Saudi Arabia, meeting with government and banking partners in conjunction with the opening of our studio in Riyadh. We're already starting to realize the benefits of the KSA relationship in the $3.4 billion economic support.

建設正在進行中，但我們已經開始安裝一些設備，正如我們上個季度討論的那樣，我們正在使用我們擴大的物流足蹟的一部分。現在轉向我們的國際擴張努力。就在最近，彼得和我以及一些 Lucid 團隊前往沙特阿拉伯王國，與政府和銀行合作夥伴會面，同時我們在利雅得的工作室開業。我們已經開始意識到 KSA 關係在 34 億美元的經濟支持中的好處。

We were happy to announce the signing of a memorandum of understanding with the Human Resources Development Fund for HRDF in Saudi Arabia as well as the receipt of the first grant from the Ministry of Investment of Saudi Arabia, also known as MISA. HRDF, which is part of the National Development Fund, will contribute 75% of the training costs and salary support for more than 1,000 employees, resulting in an estimated contribution of more than USD 50 million over a 5-year period.

我們很高興地宣布與沙特阿拉伯 HRDF 人力資源開發基金簽署諒解備忘錄，並收到沙特阿拉伯投資部（也稱為 MISA）的第一筆贈款。 HRDF 是國家發展基金的一部分，將為 1,000 多名員工提供 75% 的培訓費用和工資支持，預計在 5 年內貢獻超過 5,000 萬美元。

This collaboration and investment from HRDF will allow Lucid to provide essential and meaningful training opportunities for Saudi National, many of whom have not worked in the EV space previously and will be instrumental in making sure we have well-trained professionals as we launch Lucid's first internal manufacturing -- international manufacturing locations. We're thankful for the strong support and collaboration in the region and glad to see it all coming to fruition.

HRDF 的這項合作和投資將使 Lucid 能夠為沙特國民提供必要且有意義的培訓機會，其中許多人以前沒有在電動汽車領域工作過，並將有助於確保我們在推出 Lucid 的第一個內部培訓時擁有訓練有素的專業人員製造——國際製造地點。我們感謝該地區的大力支持和合作，並很高興看到這一切都取得了成果。

Turning to the outlook. We're reiterating our 2022 production guidance of 6,000 to 7,000. We had strong production in Q3, and we believe we're on track to achieving this outlook. We ended the quarter with a little over $3.85 billion in cash and investments, which we continue to believe is sufficient liquidity at least into the fourth quarter of 2023. This assumes we are investing fully in accordance with our forward plan, which includes the Phase 2 expansion of AMP-1 in Arizona, the engineering and prototyping of Gravity, the continued build-out of studios and service centers in North America, Europe and Middle East and some early spend associated with entering the Asia-Pac and China market.

轉向前景。我們重申我們的 2022 年生產指導為 6,000 至 7,000。我們在第三季度的生產強勁，我們相信我們正在實現這一前景。我們在本季度結束時擁有略高於 38.5 億美元的現金和投資，我們仍然認為至少到 2023 年第四季度有足夠的流動性。這假設我們完全按照我們的前瞻性計劃進行投資，其中包括第 2 階段AMP-1 在亞利桑那州的擴張、Gravity 的工程和原型設計、北美、歐洲和中東的工作室和服務中心的持續建設以及與進入亞太地區和中國市場相關的一些早期支出。

Moving to CapEx. We expect capital expenditures for 2022 to be around $1.2 billion. The reduction in CapEx guidance for 2022 is largely a function of timing and does not represent an overall reduction in the budget. Any dollars not spent in 2022 are anticipated to be spent in 2023 and a corresponding shift from the end of 2023 into 2024 is likely to occur. In closing, we're excited about our progress in the many exciting coming milestones in our road map. By the end of this year, we will have introduced 4 of our Lucid Air vehicle variant. Grand Touring Performance, Grand Touring, Touring, Pure and Air Sapphire and Gravity are on the horizon.

轉向資本支出。我們預計 2022 年的資本支出約為 12 億美元。 2022 年資本支出指引的減少主要是時間的函數，並不代表預算的整體減少。預計 2022 年未花費的任何美元都將在 2023 年花費，並且可能會從 2023 年底到 2024 年發生相應的轉變。最後，我們對我們在路線圖中許多令人興奮的即將到來的里程碑方面取得的進展感到興奮。到今年年底，我們將推出 4 款 Lucid Air 車型。 Grand Touring Performance、Grand Touring、Touring、Pure and Air Sapphire 和 Gravity 即將推出。

Our international expansion is also well underway. And you can see that we're starting to realize the benefits of our strong partnership with the government of Saudi Arabia. We can't wait to share more about some of these great projects that the Lucid's team is working on, including our Lucid Launch Event on November 15. With that, let me turn it back to Maynard to get your questions. Maynard?

我們的國際擴張也在順利進行。你可以看到，我們開始意識到我們與沙特阿拉伯政府建立強有力的伙伴關係的好處。我們迫不及待地想分享更多關於 Lucid 團隊正在開展的一些偉大項目的信息，包括 11 月 15 日的 Lucid 發布活動。有了這個，讓我把它轉回 Maynard 來回答你的問題。梅納德？

Thanks, Sherry. We'll now start the Q&A portion of the call. Today's Q&A will feature some questions from some of our retail investors who are an important constituency of our shareholder base through the Say Technologies platform. We'll follow that by live analyst questions and close it out with a couple of statements if we have time. So let's start with the first question.

謝謝，雪莉。我們現在將開始電話的問答部分。今天的問答環節將包括一些散戶投資者的一些問題，他們是我們股東基礎的重要組成部分，通過 Say Technologies 平台。如果我們有時間，我們將通過現場分析師的問題來跟進，並用一些陳述來結束它。那麼讓我們從第一個問題開始。

What is the production target for 2023?

2023年的生產目標是什麼？

So we will be providing a detailed outlook for 2023 today, we will likely provide this information in our next earnings call, which will cover our Q4 and full year performance and expectations for 2023. As we said in our prepared remarks, we're intently focused on ramping production. We have line of sight into our next incremental ramp-up, and we're delivering as many vehicles to our customers as possible.

因此，我們今天將提供 2023 年的詳細展望，我們可能會在下一次財報電話會議上提供這些信息，其中將涵蓋我們第四季度和全年的業績以及對 2023 年的預期。正如我們在準備好的評論中所說，我們很專注專注於提高產量。我們已經看到了我們的下一次增量增長，我們正在向我們的客戶提供盡可能多的車輛。

So by next year, we expect to be producing our full line of Air from our highest performing Air Sapphire to our most affordable Air Pure. And we plan to begin delivering some of these vehicle variants internationally. We're also planning on unveiling our Gravity SUV. So we're very excited about 2023.

因此，到明年，我們預計將生產從性能最高的 Air Sapphire 到最實惠的 Air Pure 的全系列 Air。我們計劃開始在國際上交付其中一些車型。我們還計劃推出我們的 Gravity SUV。所以我們對 2023 年感到非常興奮。

Thanks, Sherry. We'll move to the next Say question. When are you planning to start building and utilizing the railway transportation in the Casa Grande factory to reduce transportation costs for suppliers and cars delivery?

謝謝，雪莉。我們將轉到下一個 Say 問題。您打算什麼時候開始在 Casa Grande 工廠建設和利用鐵路運輸，以降低供應商和汽車交付的運輸成本？

Yes. So as I mentioned, we're working across the company to identify and execute on cost efficiency opportunities generally. There's a number of opportunities we could pursue in which they make more sense to pursue as we ramp volume. If it makes financial sense, we, of course, will consider them, including the use of the railway transportation, which is right in our backyard.

是的。因此，正如我所提到的，我們正在整個公司範圍內共同識別和執行成本效率機會。我們可以追求許多機會，隨著我們的銷量增加，這些機會更有意義。如果這在經濟上有意義，我們當然會考慮它們，包括使用就在我們後院的鐵路運輸。

Yes. I think I'd want to add that Arizona and the City of Casa Grande have been incredible partners, and we're always looking for additional opportunities to drive our business, whilst at the same time helping to spur jobs and economic growth in this region.

是的。我想我想補充一點，亞利桑那州和卡薩格蘭德市一直是令人難以置信的合作夥伴，我們一直在尋找更多機會來推動我們的業務，同時幫助刺激該地區的就業和經濟增長.

Thank you. And let's move to the next Say question. It looks like there's about 1,000 cars that have been produced and not delivered. Why is that? And where are these cars stored?

謝謝你。讓我們轉到下一個 Say 問題。看起來有大約 1,000 輛汽車已經生產但尚未交付。這是為什麼？這些汽車存放在哪裡？

Yes. Well, I mean this is a function of the cadence by which we've ramped up. We've made a remarkable strides in ramping up. And naturally, there's going to be a phase lag between producing the cars and getting them out to our dear customers. So very much a cadence issue and a phase lag phenomenon.

是的。嗯，我的意思是這是我們加快節奏的函數。我們在提升方面取得了顯著進步。當然，在生產汽車和將它們交付給我們親愛的客戶之間會有一個階段性的滯後。所以非常有節奏問題和相位滯後現象。

Yes. As I said in my prepared remarks, in the near to medium term, we expect vehicles produced to pace at a higher volume in vehicle deliveries is we're accelerating production, and we're also going to be initiating our international deliveries in the fourth quarter, and that requires longer in-transit time.

是的。正如我在準備好的講話中所說，在中短期內，我們預計生產的車輛將以更高的車輛交付量增長，因為我們正在加速生產，我們也將在第四季度開始我們的國際交付季度，這需要更長的運輸時間。

Great. Next question is, what is your current development progress of the current CarPlay version? Is it still planned to be released by end of year? And are you planning on partnering with Apple to add their upcoming fully integrated CarPlay in the next year?

偉大的。下一個問題是，你們目前的 CarPlay 版本的開發進度如何？是否還計劃在年底發布？您是否計劃與 Apple 合作，在明年添加他們即將推出的完全集成的 CarPlay？

Yes. Well, we're most cognizant of the demand for this and the team is working on it. All I can say right now is we are pushing hard to get it to market as soon as we possibly can.

是的。好吧，我們最清楚對此的需求，團隊正在努力解決這個問題。我現在只能說，我們正在努力盡快將其推向市場。

Great. We'll move to the next question. The report of Q3 deliveries and confirmation of 2022 delivery targets was helpful. Going forward, does Lucid plan to provide more transparency to investors between earnings calls?

偉大的。我們將轉到下一個問題。第三季度交付報告和 2022 年交付目標的確認很有幫助。展望未來，Lucid 是否計劃在收益電話會議之間為投資者提供更多透明度？

Yes. So it is our intention to release our production and delivery numbers each quarter ahead of earnings and the hope of providing greater transparency. We know this has been important to the retail and the institutional shareholders. And we really appreciate your feedback, and I'm glad to have the confirmation of this information was helpful.

是的。因此，我們打算在每個季度在收益之前公佈我們的生產和交付數據，並希望提供更大的透明度。我們知道這對散戶和機構股東很重要。我們非常感謝您的反饋，我很高興確認此信息對您有所幫助。

Great. I think we'll move to questions on the phone in the interest of time in getting everyone's questions in. Operator, I just wonder if we could take the first question, please.

偉大的。我想我們會轉移到電話上的問題，以便有時間回答每個人的問題。接線員，我想知道我們是否可以回答第一個問題。

(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。

Just a couple of quick ones. Sherry, can you remind us of what you think the minimum cash level is you need to keep on the balance sheet along with liquidity? And how do you think about the key drivers of the improvement of cash flow through the end of next year? I mean, there's a lot going on here on product investments, capacity expansion.

只是幾個快速的。 Sherry，您能否提醒我們您認為資產負債表上需要保持的最低現金水平以及流動性？您如何看待到明年年底現金流改善的關鍵驅動因素？我的意思是，這裡有很多關於產品投資、產能擴張的事情。

So I mean, it would be understandable that cash burn would stay fairly high in this growth mode, but it seems like you're indicating that improve materially as we go through the end of next year. So just curious on minimum cash and how we should think about cash burn improvement?

因此，我的意思是，在這種增長模式下，現金消耗將保持相當高是可以理解的，但您似乎表示，隨著我們到明年年底，這種情況會出現實質性改善。所以只是對最低現金以及我們應該如何考慮改善現金消耗感到好奇？

Yes. So as I said in the prepared remarks, John, we got cash of $3.85 billion already on the book. And then when you look at the availability under the ABL on available borrowing, that takes (inaudible) to $4.2 billion. And as even before you look at the fact that we've access to the SIDF program and that's the Saudi Investment Development Fund, which has $1.4 billion loan capacity.

是的。正如我在準備好的發言中所說，約翰，我們已經在賬面上獲得了 38.5 億美元的現金。然後，當您查看 ABL 下可用借款的可用性時，這需要（聽不清）到 42 億美元。甚至在您看到我們可以使用 SIDF 計劃的事實之前，這就是沙特投資發展基金，它擁有 14 億美元的貸款能力。

We've drawn down on none of that. And so as we expand next year, a lot of our CapEx is going to be kind of split between both Saudi and then also here in the United States. And so all those Saudi dollars were able to draw down against the loan as well. So as we said, we're good well into Q4 of next year. So you can kind of complete the math there kind of for yourself on minimum cash needs.

我們沒有考慮這些。因此，隨著我們明年的擴張，我們的很多資本支出將在沙特和美國之間進行分攤。因此，所有這些沙特美元也能夠從貸款中提取。正如我們所說，我們在明年第四季度的表現很好。因此，您可以根據最低現金需求自行完成數學計算。

As for key drivers of it, we're going to continue to keeping a watchful eye on manufacturing overhead and labor, be looking at our bond cost reductions, keeping an eye on things like raw market -- raw material inflation. And then, of course, a big part of this is our intentional growth, right? We're deciding as a company to expand rapidly, quadrupling the size of our Casa Grande facility and then also the big build-out of our first international facility. So that CapEx spend is what's driving a lot of this spend for next year. And again, that fit our decision.

至於它的關鍵驅動因素，我們將繼續密切關注製造開銷和勞動力，關注我們的債券成本降低，關注原材料市場等因素——原材料通脹。然後，當然，其中很大一部分是我們有意的增長，對吧？作為一家公司，我們決定迅速擴張，將我們的 Casa Grande 工廠的規模擴大四倍，然後還要擴建我們的第一個國際工廠。因此，資本支出支出是推動明年大量支出的原因。再一次，這符合我們的決定。

Okay. That's helpful. And then just a second question around the product, Peter. You sound equally excited about the Sapphire and the Pure, which are kind of 2 ends of the spectrum for Air. I'm just curious, as you think about mix and pricing next year, if you balance the launch of those 2 products, ones at the high-end, ones at the lower end of the Air, still a high-mix product. How should we think about that, Peter? And if you look at Sapphire, are there volume limits on that? Or if the order book is thousands and thousands will you feel that? Is there a limit on where Sapphire volume could be capped?

好的。這很有幫助。然後是關於產品的第二個問題，彼得。 Sapphire 和 Pure 聽起來同樣令人興奮，它們是 Air 頻譜的兩端。我只是好奇，當你考慮明年的混合和定價時，如果你平衡這兩種產品的推出，高端產品，低端產品，仍然是高混合產品。我們應該怎麼想，彼得？如果您查看藍寶石，是否有數量限制？或者如果訂單是成千上萬的，你會感覺到嗎？藍寶石交易量的上限是否有限制？

Well, I'm equally excited, John, for different reasons. I mean the key message here is we're going to use our in-house technology to drive down the cost per mile of making an electric car through efficiency. And Pure is a big step forward in advance in that march. It's going to be an example of us making a more affordable car, a more attainable price point and a fundamentally better car, we're going to get match the 4.6 miles per kilowatt hour that you see with a more expensive model with Grand Touring. But we're also going to have a better rear seat ergonomics because we have a smaller battery pack, we're going to have class-leading range from this thing.

好吧，約翰，出於不同的原因，我同樣感到興奮。我的意思是這裡的關鍵信息是我們將使用我們的內部技術通過提高效率來降低製造電動汽車的每英里成本。而 Pure 是在那次進軍中向前邁出的一大步。這將是我們製造更實惠的汽車、更實惠的價格點和從根本上更好的汽車的一個例子，我們將與您看到的更昂貴的 Grand Touring 車型相匹配的每千瓦時 4.6 英里。但我們也將擁有更好的後座人體工程學，因為我們有一個更小的電池組，我們將擁有一流的續航里程。

I think it's going to be an amazing product in a character of its own. And it's part of our relentless drive to make more affordable products. And I'll touch on that in my closing remarks. I think for Sapphire, it's really important because it's a halo product. It's our performance driver focused brand. It shows how far the Lucid brand can go. But it's really important as a market to demonstrate to the world the sheer prowess, The Performance prowess and the drive-ability, that a state-of-the-art, high -- ultra-high voltage, homegrown electric powertrain can deliver.

我認為這將是一款具有自己特色的令人驚嘆的產品。這是我們不懈努力生產更實惠產品的一部分。我將在結束語中談到這一點。我認為對於藍寶石來說，這真的很重要，因為它是一個光環產品。這是我們以性能驅動為中心的品牌。它顯示了 Lucid 品牌可以走多遠。但作為一個市場，向世界展示最先進的、高 - 超高壓、本土電動動力系統可以提供的絕對實力、性能實力和驅動能力是非常重要的。

I mean Sapphire is the most satisfying driving machine. I mean, I've driven -- I had the luxury of driving phenomenal cars throughout my entire career. I think this is truly the pinnacle of driving machinery. So there you have a really nice bandwidth from right up to $250,000, and it's a great, great price range to operate in.

我的意思是藍寶石是最令人滿意的駕駛機器。我的意思是，我開過車——在我的整個職業生涯中，我都擁有駕駛非凡汽車的奢侈。我認為這確實是駕駛機械的巔峰之作。因此，您擁有從 250,000 美元到 250,000 美元的非常好的帶寬，而且這是一個非常好的價格範圍。

Yes. So we're going to continue to see strong mix with the nice mix of products. And just a helpful indicator to you for informing ASP is the reservations book. And so we've got the 34,000 reservation that equates to greater than $3.2 billion in corresponding revenue. And so that's a helpful indicator as you're looking to build out your models.

是的。因此，我們將繼續看到與產品組合的強勁組合。預訂書是對您通知 ASP 的一個有用指標。因此，我們有 34,000 個預訂，相當於超過 32 億美元的相應收入。因此，當您正在尋找構建模型時，這是一個有用的指標。

(Operator Instructions) Our next question comes from the line of Andres Sheppard with Cantor Fitzgerald.

（操作員說明）我們的下一個問題來自 Andres Sheppard 和 Cantor Fitzgerald 的台詞。

Congrats on another strong quarter. I just wanted to better understand the CapEx. So it looks like the 2022 guidance was lower to $1.2 billion from $2 billion. You mentioned on the call that this reduction is primarily due to timing. So I'm just wondering, I know you haven't disclosed the CapEx for 2023, but should we assume an additional $800 million in CapEx for 2023? Or how should we think about that as we go into next year?

祝賀另一個強勁的季度。我只是想更好地了解資本支出。因此，2022 年的指引似乎從 20 億美元降至 12 億美元。您在電話會議上提到，這種減少主要是由於時間安排。所以我只是想知道，我知道您尚未披露 2023 年的資本支出，但我們是否應該假設 2023 年的資本支出額外增加 8 億美元？或者當我們進入明年時，我們應該如何考慮這一點？

Yes. No, thank you for the question. I'd be thinking more of it in terms of a shifting in the way that we estimate for CapEx for both kind of 2022 and if we look at it in 2023, we took a really conservative estimate of all of the exposure that we would have. But as the payment schedules come in, the work is completed, it's been a little bit slower on the payment side.

是的。不，謝謝你的問題。我會更多地考慮我們對 2022 年兩種資本支出的估計方式的轉變，如果我們在 2023 年觀察它，我們對我們將擁有的所有風險敞口進行了非常保守的估計.但是隨著付款時間表的到來，工作已經完成，付款方面的速度有點慢。

So that -- those dollars that are going to go into 2023, we see that a similar amount of dollars are going to exit 2023 and actually go into 2024. So we don't really see it as incremental per se. We see a little bit more as a shifting of dollars based on the way we did our computations for CapEx. So we'll be giving some more guidance on that in February when we do our Q4 performance and then also providing some guidance for 2023 then.

所以 - 那些將進入 2023 年的美元，我們看到類似數量的美元將退出 2023 年並實際進入 2024 年。所以我們並不認為它本身是增量的。根據我們對資本支出的計算方式，我們更多地看到了美元的轉移。因此，我們將在 2 月份進行第四季度業績時提供更多指導，然後為 2023 年提供一些指導。

Got it. That's very helpful. And maybe for my quick follow-up is just in regards to the agreement with the government of Saudi Arabia for the up to 100,000 vehicles. I'm wondering if you can maybe give a bit more color there regarding the timing. I think in the past, you've said that the vehicle deliveries for the agreement are expected to begin no later than second quarter of 2023 with initial orders in the range of between 1,000 and 2,000 vehicles annually. Is there any additional color there that you could provide? Or just trying to get a sense of how to think about it going forward.

知道了。這很有幫助。也許我的快速跟進只是關於與沙特阿拉伯政府達成的多達 100,000 輛汽車的協議。我想知道你是否可以在時間上提供更多的顏色。我認為過去，您曾說過，該協議的車輛交付預計將在 2023 年第二季度開始，初始訂單每年在 1,000 至 2,000 輛之間。您可以提供任何其他顏色嗎？或者只是想了解如何考慮未來。

Yes, I would say that, that's exactly right. I don't have any updates to that guidance. We were just over in Saudi a couple of weeks ago meeting with the Ministry of Finance on the very initiatives. So we're firming up the details. They're starting to pick trends. We're working on schedules. So all of that is coming together really nicely and that same number that we said, it's going to start a little bit slower.

是的，我會說，這是完全正確的。我沒有對該指南的任何更新。幾週前，我們剛剛在沙特與財政部就這些舉措進行了會談。所以我們正在確定細節。他們開始挑選趨勢。我們正在按計劃工作。所以所有這些都很好地結合在一起，我們所說的同樣的數字，它會開始有點慢。

And remember, this is a 10-year agreement that they're making with us. So just a tremendous commitment from KSA, and that's going to extend across multiple of our vehicle variants. It's going to start with the Air and then move to the Gravity and also to the Lucid platform thereafter.

請記住，這是他們與我們簽訂的為期 10 年的協議。因此，KSA 做出了巨大的承諾，這將擴展到我們的多個車輛變體。它將從 Air 開始，然後移至 Gravity，然後移至 Lucid 平台。

Yes, indeed, I think that, that 10-year commitment just underscores what a great long-term partnership that we've got, particularly with the Public Investment Fund, this is a long-term relationship we're planning for a very successful long-term future together.

是的，確實，我認為，這 10 年的承諾只是強調了我們擁有的良好的長期合作夥伴關係，特別是與公共投資基金，這是我們計劃建立的長期合作關係，非常成功長遠的未來在一起。

(Operator Instructions) Our next question comes from the line of Charles Coldicott with Redburn.

（操作員說明）我們的下一個問題來自於 Redburn 的 Charles Coldicott。

My first one was on the order book. So maybe it was a bit surprising to see it decrease in length since (inaudible). I appreciate deliveries were higher in the past 3 months than in prior periods. But I guess that still implies that order intake has slowed materially. Why do you think that is? And do you think that the order backlog will continue to decrease as you deliver more vehicles in Q4? Perhaps you could comment on what you think an ideal order backlog is for Lucid either in units or days of sales.

我的第一個在訂單簿上。因此，自（聽不清）以來，看到它的長度減少可能有點令人驚訝。我很欣賞過去 3 個月的交付量高於之前的時期。但我想這仍然意味著訂單量大幅放緩。你認為這是為什麼？您是否認為隨著您在第四季度交付更多車輛，訂單積壓會繼續減少？也許您可以評論一下您認為理想的 Lucid 訂單積壓量是單位還是銷售天數。

Yes. So let me just add a little bit. Yes, you absolutely understood it correctly. The reservation does net out all of the deliveries that we had in Q3 as well as up to now in Q4. We did have some cancellations as well. So they've continued to be quite modest, low single-digit level of -- low single-digit percentage amount of cancellations. What we did see, just to give you a little bit more context and a lot of people are asking about this, is in August after we announced the bring down to the 6,000 to 7,000, we think some of the folks felt that they might be pushed out a little bit too far, and we did see a bit of a spike in August, the still low single-digit in terms of cancellations.

是的。所以讓我來補充一點。是的，你完全理解正確。預訂確實扣除了我們在第三季度以及截至目前在第四季度的所有交付。我們也確實有一些取消。因此，他們繼續保持相當溫和的低個位數水平 - 低個位數百分比的取消量。我們確實看到了，只是為了給你更多的背景信息，很多人都在問這個問題，是在 8 月，在我們宣布將人數減少到 6,000 到 7,000 人之後，我們認為有些人認為他們可能會推得太遠了，我們確實在 8 月看到了一些高峰，取消量仍然是個位數的低水平。

But now that's normalized to a much more normal rate, we also think folks are getting excited for Gravity. And that's going to be coming here in early 2023. We're going to be opening up the order book. So frankly, Peter can speak to this as well, but I'm quite satisfied with where we are when you think about...

但現在這已經標準化為更正常的速度，我們也認為人們對重力感到興奮。這將在 2023 年初到來。我們將開放訂單簿。坦率地說，彼得也可以談論這一點，但當你想到......時，我對我們所處的位置非常滿意

Charles, yes. I mean there's a good number to hear. We don't want people working too long. There's a perception here, the more is better. I think there's a good number. We've got great, great order book here. I think that some folks we might have lost a few because our Q2 production was lacking, and there was perhaps an anticipation that the wait would be too long. But we're addressing that now with a dramatic increase in production rates. And also, as Sherry has said, I think the big one for us is going to be Gravity. Gravity is absolutely going to be awesome. And that many people are saying, look, I'm just holding back now.

查爾斯，是的。我的意思是有一個很好的數字可以聽到。我們不希望人們工作太久。這裡有一種看法，越多越好。我認為有一個很好的數字。我們這裡有很棒的訂單。我認為我們可能失去了一些人，因為我們第二季度的產量不足，並且可能預計等待時間會太長。但我們現在正在通過大幅提高生產率來解決這個問題。而且，正如雪莉所說，我認為對我們來說最重要的是重力。重力絕對會很棒。很多人都在說，看，我現在只是退縮了。

I want to see what this Gravity is going to be like because it's really the SUV that I'm hankering after. And if that can deliver the same sort of space concept, the range, the efficiency, the performance, I'm waiting for the order book to open on that one.

我想看看這款 Gravity 會是什麼樣子，因為它真的是我渴望的 SUV。如果這可以提供相同類型的空間概念、範圍、效率、性能，我正在等待打開那個訂單簿。

(inaudible) the cancellations to, we're finding as we do research on that, a lot of it's from the people that order early. So what Peter is talking about that wait time and the proper size that really is important for us to manage.

（聽不清）取消，我們在對此進行研究時發現，其中很多來自提前訂購的人。所以彼得所說的等待時間和適當的大小對我們來說真的很重要。

Got it. And then my second question on the gross profit margin. So despite the increase in volumes, there wasn't much improvement in the gross margin versus Q2. Could you maybe comment on that? And sort of more big picture. During the de-SPAC process, I think your financial guidance at the time indicated that the gross margin would be positive once you were delivering 20,000 units a year. Obviously, a lot has changed since then, including the material costs. But is 20,000 units anywhere near the scale that you think you require to get to gross margin breakeven? And if not, how much higher?

知道了。然後是關於毛利率的第二個問題。因此，儘管銷量有所增加，但毛利率與第二季度相比並沒有太大改善。你能對此發表評論嗎？還有更大的圖景。在 de-SPAC 過程中，我認為您當時的財務指導表明，一旦您每年交付 20,000 個單位，毛利率就會為正。顯然，從那以後發生了很多變化，包括材料成本。但是，20,000 台是否接近您認為達到毛利率盈虧平衡所需的規模？如果沒有，要高多少？

Yes. So first, let me comment on the quarter. So you're right, the gross margin to go a little bit more negative. But a lot of that is related to us ramping up the business, increasing the inventory, the way that lower cost or net realizable value calculation works is you got to take your inventory, you got to then assume that you put into that all the additional dollars needed to make it scalable. You look at what your mix is and then you do that analysis for the impairment. So the impairment had gone up, which is a big kind of driver of that number.

是的。所以首先，讓我評論一下這個季度。所以你是對的，毛利率會更負一些。但其中很多都與我們擴大業務、增加庫存有關，降低成本或可變現淨值計算的工作方式是你必須獲取你的庫存，然後你必須假設你投入了所有額外的使其可擴展所需的資金。你看看你的混音是什麼，然後你對損傷進行分析。所以減值增加了，這是這個數字的一個重要驅動因素。

We are seeing a lot of positive progress on the gross margin as we go into next year, I'm not ready to comment on that fully yet. We're working through the budget, we might provide some guidance on that in February. But a lot of the things that we're looking at is we're looking at for continued ability to bring our BOM cost down, which we're continuing to see. We're also seeing that really coming into effect with our gravity program as well as we're sourcing some of the components. So as we're moving into the future, we're seeing that as well. And you're right, there are some things that are different than when we went out with the SPAC.

隨著我們進入明年，我們在毛利率方面看到了很多積極的進展，我還沒有準備好對此發表評論。我們正在研究預算，我們可能會在 2 月份提供一些指導。但我們正在關注的很多事情是我們正在尋找持續降低 BOM 成本的能力，我們將繼續看到這一點。我們還看到，我們的重力計劃以及我們正在採購一些組件真的開始生效。因此，當我們邁向未來時，我們也看到了這一點。你說得對，有些事情與我們與 SPAC 合作時有所不同。

The raw material prices have been high. We think they may have peaked in Q3, and we're starting to see what we believe is going to be some settling in Q4 and beyond, but that definitely hit us hard. And then also freight cost, although we've been able to do within our control to take anything that was an air and transported to sea, freight costs are still high. So we're looking for that to continue to normalize, which is going to really start to enable the types of numbers that we were thinking about previously. So more to come on that probably in our next call. Thank you very much for the question.

原材料價格一直居高不下。我們認為它們可能在第三季度達到頂峰，我們開始看到我們認為在第四季度及以後會有所穩定，但這無疑對我們造成了沉重打擊。還有運費，雖然我們已經能夠在我們的控制範圍內採取任何空運和海運的方式，但運費仍然很高。因此，我們正在尋求繼續正常化，這將真正開始啟用我們之前考慮的數字類型。因此，可能會在我們的下一次電話會議中討論更多內容。非常感謝您的提問。

Can I just sneak one last one in. The CapEx reduction for this year, what are the projects specifically that have been delayed into next year?

我可以偷偷最後一個。今年的資本支出減少，具體推遲到明年的項目是什麼？

So it's more the payments and most of the spend this year is based on our AMP-1 facility. So this whole quadrupling of the facility that's happening here in Casa Grande, Arizona that's where most of it's happening.

因此，更多的是付款，今年的大部分支出都基於我們的 AMP-1 設施。因此，在亞利桑那州卡薩格蘭德這裡發生的設施翻了兩番，這是大部分發生的地方。

(Operator Instructions) Our next question comes from the line of Adam Jonas with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的亞當喬納斯。

Just a question on cost cutting. You added about 1,000 new employees in the quarter. I'm just wondering, in addition to some of the delayed CapEx into '23 and '24, whether there is an opportunity to maybe slow that pace of hiring? Could we see some of the OpEx or the curvature of it also maybe be flattened a bit sequentially? Or how should we think about that as you kind of plow forward with the quadrupling of the size of the facility?

只是關於削減成本的問題。您在本季度增加了大約 1,000 名新員工。我只是想知道，除了一些延遲到 23 年和 24 年的資本支出外，是否有機會放慢招聘速度？我們能否看到一些 OpEx 或它的曲率也可能按順序變平？或者當您將設施規模擴大四倍時，我們應該如何考慮這一點？

Yes. I think that's a keen observation, Adam. I'd say that we're keeping a really watchful eye on this. So we want to make sure that we are scaling in the OpEx really commensurate with the progress in the business. And if the business is progressing at a certain level, we want to make sure that rate is making up. So we'll continue to look at SG&A in particular. But you remember, part of the SG&A is the sales component and the building out that footprint for our studios and our service centers, which is a really important part of our customer service experience. So we don't want to cut ourselves short there, but certainly in other areas of the business we're keeping a very watchful eye on spend.

是的。我認為這是一個敏銳的觀察，亞當。我想說我們正在密切關注這一點。因此，我們希望確保我們在運營支出中的擴展與業務進展真正相稱。如果業務在某個水平上取得進展，我們希望確保該速度正在彌補。因此，我們將繼續特別關注 SG&A。但是您要記住，SG&A 的一部分是銷售部分，以及為我們的工作室和服務中心建立的足跡，這是我們客戶服務體驗的一個非常重要的部分。因此，我們不想在那裡縮短自己的時間，但可以肯定的是，在業務的其他領域，我們正在密切關注支出。

Yes. I think that's absolutely right, Adam. I think we're balancing our growth trajectory with prudence here.

是的。我認為這是絕對正確的，亞當。我認為我們在這裡用謹慎來平衡我們的增長軌跡。

You're going to continue to see as the revenue is going up and with a doubling of revenue that we have this quarter. Obviously, as a percentage, the OpEx came down quite a bit, as you would expect, and we continue to expect that type of improvement to happen over time.

隨著收入的增長，您將繼續看到我們本季度的收入翻了一番。顯然，正如您所期望的那樣，作為一個百分比，OpEx 下降了很多，我們繼續預計隨著時間的推移會發生這種類型的改進。

Okay. Just a last quick one for me is thinking into 4Q, the LCNRV impact, you guided that you're still going to be having production over deliveries. And I think implying that as you ramp, you're still going to have the carrying inventory in the channel, even if it's not work in process inventory. But I'm wondering if the number you mentioned of, what was it, $180-some-odd million in the third quarter was something that could flatten increase or be a bogey we could think about as an impact into the fourth quarter as well?

好的。對我來說，最後一個快速的想法是考慮到 4Q，即 LCNRV 的影響，您指導您仍然將生產超過交付。而且我認為這意味著隨著您的增加，您仍然會在渠道中擁有庫存，即使它不是在製品庫存。但我想知道你提到的數字，它是什麼，第三季度的 180 多萬美元是否可能會趨於平穩增長，或者我們也可以將其視為對第四季度的影響？

Yes. It's a complicated calculation, but I would say it's going to likely improve over time as we continue to grow into the full capacity of our facility and before we start to activate kind of new depreciation expense associated with future expansion. So given that wouldn't be activated probably in the end of the year, you're going to probably see quite a bit of improvement there. Also, as you start to maybe normalize some of the inventory levels as well because remember, a lot of this is kind of looking at inventory and taking kind of a reduction based on that as well.

是的。這是一個複雜的計算，但我想說隨著我們繼續發展到我們設施的全部容量並且在我們開始激活與未來擴張相關的新折舊費用之前，它可能會隨著時間的推移而改善。因此，鑑於它可能不會在今年年底被激活，你可能會在那裡看到相當多的改進。此外，當您開始可能使某些庫存水平正常化時，因為請記住，其中很多都是在查看庫存並在此基礎上進行某種減少。

Our next question comes from the line of Vikram Bagri with Needham.

我們的下一個問題來自 Vikram Bagri 和 Needham 的觀點。

I wanted to quickly touch on order book and potential revenues as well. The potential revenues dropped $300 million from approximately $3.5 billion in 2Q to $3.2 billion in 3Q. Third Quarter revenues of $200 million do not explain the drop fully. I was wondering if -- what the gap of $100 million here is? Am I reading too much in these approximate figures or early high-priced orders were replaced by lower-priced orders during the quarter? Or was there something else like impact of ForEx, what explains that $100 million additional drop in potential revenues?

我還想快速了解訂單和潛在收入。潛在收入從第二季度的約 35 億美元下降到第三季度的 32 億美元，下降了 3 億美元。第三季度 2 億美元的收入並不能完全解釋這種下降。我想知道 - 這裡的 1 億美元差距是多少？我是否在這些近似數字中閱讀過多，或者在本季度早期的高價訂單被低價訂單所取代？或者還有其他類似 ForEx 的影響，是什麼解釋了潛在收入額外下降 1 億美元的原因？

I'm not necessarily following it. Our deliveries increased by about double and our revenue increased a little bit more than double. So we saw a really nice linear relationship between deliveries and revenue. Our reservation mix continues to be quite high right now because, remember, we've been largely producing the GTs, which is one of our higher-priced products, higher performance products.

我不一定遵循它。我們的交付量增加了大約一倍，我們的收入增加了一倍多一點。因此，我們看到交付和收入之間存在非常好的線性關係。我們現在的預訂組合仍然很高，因為請記住，我們一直主要生產 GT，這是我們價格更高、性能更高的產品之一。

And as we move forward, we're going to start seeing more of the Touring and Pure entering into the equation. So you will see the mix changing over time, but then we're also bringing the Sapphire and some of the GTP as well that does some counterbalancing. So I didn't see any kind of disconnect from my vantage point between the revenue number and the delivery number.

隨著我們前進，我們將開始看到更多的 Touring 和 Pure 進入方程式。所以你會看到混合隨著時間的推移而變化，但是我們也帶來了藍寶石和一些 GTP 以及一些平衡。因此，在收入數字和交付數字之間，我沒有看到任何與我有利的脫節。

Okay. Great. And the second question was I wanted to ask about the resiliency of the 10,000 vehicle order from the Kingdom. There is a lot of talk about Kingdom looking to have their own EV brand. How does it affect your relationship with the government? Is there increased urgency to deliver those vehicles quickly? Are there -- is there a sense of urgency to have some safeguards in place to protect that order in any other way? How should we think about that large order from Kingdom of Saudi Arabia?

好的。偉大的。第二個問題是我想問一下來自王國的 10,000 輛汽車訂單的彈性。有很多關於王國希望擁有自己的電動汽車品牌的討論。它如何影響您與政府的關係？快速交付這些車輛的緊迫性是否增加？是否有一種緊迫感，需要採取一些保障措施以任何其他方式保護該秩序？我們應該如何看待沙特阿拉伯王國的那筆大訂單？

I think that it's a testament to the long-term relationship that we have and the support that we've enjoyed from Saudi Arabia. I think we typically (inaudible) the electric car company. And I think there are potentially some synergies with supply chain in the Kingdom as well. But I think that our relationship, it spans across many ministries within the Kingdom, they committed to 50,000 preorders and with an option up to 100,000 over long-term period of 10 years. So I am very confident and I think we can very comfortably coexist and benefit, actually mutually benefit from each other's existence and growth.

我認為這證明了我們擁有的長期關係以及我們從沙特阿拉伯獲得的支持。我認為我們通常（聽不清）電動汽車公司。而且我認為與王國的供應鏈也可能存在一些協同作用。但我認為，我們的關係跨越了王國的許多部委，他們承諾預購 50,000 份，並且在 10 年的長期期限內可以選擇多達 100,000 份。所以我非常有信心，我認為我們可以非常舒適地共存和受益，實際上是從彼此的存在和成長中互惠互利。

And I see that they really view us as very vital to the growth of the auto ecosystem overall. And that's why we have such a strong relationship building across SIDF, the HRDF, the Ministry of Finance, the MISA organization especially the Public Investment Fund.

我看到他們真的認為我們對整個汽車生態系統的發展至關重要。這就是為什麼我們在 SIDF、HRDF、財政部、MISA 組織尤其是公共投資基金之間建立瞭如此牢固的關係。

I think the other thing to recognize is we're in different parts of the market where (inaudible) luxury on higher end. So I think we've got some sort of complementary strength here. But I just think that we can work together to reduce costs with the supply chain. I'm looking at a synergistic opportunity here.

我認為要認識到的另一件事是我們處於市場的不同部分，其中（聽不清）高端奢侈品。所以我認為我們在這裡有某種互補的力量。但我只是認為我們可以通過供應鏈共同努力降低成本。我在這裡尋找一個協同的機會。

Great. And if I can sneak one more in. Sherry, you mentioned that you will start international deliveries in the fourth quarter. I was wondering if you can talk about what does it do to the margins, especially your cost of deliveries will go up and U.S. dollar is pretty strong. So how should we think about margins in fourth quarter with higher headcount, international deliveries and so forth?

偉大的。如果我能再偷偷溜進來一個。雪莉，你提到你將在第四季度開始國際交付。我想知道你是否可以談談它對利潤有什麼影響，尤其是你的交付成本會上升，而且美元非常強勁。那麼我們應該如何考慮第四季度的利潤率，因為員工人數增加，國際交付等等？

Yes. So we're just going to be starting the international deliveries in Q4, and that's going to be going to Europe and Saudi Arabia first. So we haven't announced all of our pricing in those regions yet. So stay tuned for that, and you'll be able to see what we're going to be doing there.

是的。所以我們將在第四季度開始國際交付，首先是歐洲和沙特阿拉伯。所以我們還沒有公佈我們在這些地區的所有定價。所以請繼續關注，您將能夠看到我們將在那裡做什麼。

It's a lot of opportunity. That's the way I'm looking at.

這是很多機會。我就是這麼看的。

I'm showing no further questions in the queue. I would now like to turn the call back over to Peter for closing remarks.

我沒有在隊列中顯示更多問題。我現在想把電話轉回給 Peter 來做結束語。

Great. Actually, before we go to the closing remarks and maybe we'll mix them together. Let's go to 1 more Say question. And the last question in orders that you guys tend to make cheaper cars like Tesla in the future. But this wraps in, I think, very nicely to another question, which is what can shareholders expect within the next year to 2 years from Lucid Motors?

偉大的。實際上，在我們進行結束語之前，也許我們會將它們混合在一起。讓我們再回答 1 個說問題。最後一個問題是你們將來傾向於製造像特斯拉這樣的更便宜的汽車。但我認為，這很好地解決了另一個問題，即股東在未來一年到兩年內對 Lucid Motors 的期望是什麼？

Essentially. I mean this is what it's all about. Our vision is to capitalize and inspire and accelerate the adoption of sustainable mobility, sustainable energy. And to do that, we're developing our own ultrahigh technology in-house to create more efficient electric vehicles because not only these are created equal and that enables us to travel further with less batteries because batteries are the highest single cost item. That's where we can drive the cost of EVs down. That may seem a great paradox, because right now, we're making starting the luxury product. But mid-decade, we're going to bring our midsized platform in. That's going to be an awesome product and much more affordable.

本質上。我的意思是這就是它的全部。我們的願景是利用、激發和加速採用可持續交通和可持續能源。為此，我們正在內部開發我們自己的超高技術，以創造更高效的電動汽車，因為不僅這些電動汽車是平等的，而且使我們能夠用更少的電池走得更遠，因為電池是單項成本最高的項目。這就是我們可以降低電動汽車成本的地方。這似乎是一個很大的悖論，因為現在，我們正在啟動奢侈品。但是在十年中期，我們將引入我們的中型平台。這將是一款很棒的產品，而且價格更實惠。

So watch this space. That's what this is all about, making EVs more affordable through high technology in this tech race. And maybe to that point, what do we expect to see? Well, I mean, this year, we're going to see Touring and Pure. Pure is a particular favorite of mine, it's the elemental Air truly, and we're going to show more of that on our Lucid Launch Event on November 15 of this year. So please tune into that, and we're going to have Touring and Pure. Then we're going to have this monumental driving machine Sapphire, which I'm personally testing, finding the performance truly satisfactory at the moment.

所以注意這個空間。這就是這一切的意義所在，在這場科技競賽中通過高科技使電動汽車更實惠。也許到那時，我們期望看到什麼？好吧，我的意思是，今年，我們將看到 Touring 和 Pure。 Pure 是我特別喜歡的，它確實是元素空氣，我們將在今年 11 月 15 日的 Lucid 發布活動中展示更多內容。所以請注意這一點，我們將擁有 Touring 和 Pure。然後我們將擁有這款具有里程碑意義的駕駛機器 Sapphire，我正在親自對其進行測試，發現目前的性能確實令人滿意。

That's going to come out in the first half of next year. And then the real big one on the near horizon, which is looming, is Gravity. And I think Gravity is going to be really transformative as a high-tech, high efficiency, truly sporting SUV. It's a sporting SUV. And I just can't wait to show that to everybody. So that's planned for calendar year 2024. And we'll have a sneak peek of that on November 15. And then we will move towards sort of late mid-decade midsized platform, which is what it's going to be about the real gelling of all this technology to make a car, which is truly much more affordable mid-price range.

這將在明年上半年推出。然後，迫在眉睫的近地平線上真正的大人物是重力。我認為 Gravity 作為一款高科技、高效率、真正的運動型 SUV 將真正具有變革性。這是一款運動型SUV。我迫不及待地想向所有人展示這一點。所以這是計劃在 2024 日曆年。我們將在 11 月 15 日先睹為快。然後我們將朝著 10 年中期後期的中型平台邁進，這將是真正的凝膠這項技術造就了一輛真正實惠得多的中等價位的汽車。

Great. Well, thank you, everyone. This concludes Lucid's Third Quarter 2022 Earnings Conference Call. Thank you all for joining us today, and you may now disconnect.

偉大的。嗯，謝謝大家。 Lucid 的 2022 年第三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。