Lucid Group Inc (LCID) 2022 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to Lucid's Fourth Quarter 2022 Earnings Conference Call. (Operator Instructions)

你好，謝謝你的支持。歡迎來到 Lucid 2022 年第四季度收益電話會議。 （操作員說明）

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

我現在想將會議交給您的發言人 Maynard Um。先生，您可以開始了。

Thank you, and welcome to Lucid Group's fourth quarter 2022 earnings call. Joining me today are Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO.

謝謝，歡迎來到 Lucid Group 2022 年第四季度財報電話會議。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 Sherry House。

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, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events. These statements are based on the 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 most recent filings with the SEC 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.

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規定的前瞻性陳述。這些包括但不限於關於公司未來財務業績、生產和交付量、財務和運營前景和指導、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。我們向您推薦我們最近向美國證券交易委員會提交的文件中的警示性語言和風險因素，以及我們網站 ir.lucidmotors.com 投資者關係部分提供的投資者平台第 2 頁上的前瞻性陳述。

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.

此外，管理層將在本次電話會議期間參考非 GAAP 財務指標。關於我們為何使用非 GAAP 財務指標的討論以及有關我們的 GAAP 與非 GAAP 結果的對賬信息，請參閱我們今天下午早些時候發布的收益新聞稿以及投資者平台。

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彼得羅林森。彼得，請繼續。

Thank you, Maynard, and thank you, everyone, for joining us for our fourth quarter earnings call. I'd like to start by extending a heartfelt thank you to the entire Lucid team. I'm proud of their perseverance, resourcefulness and teamwork. This allowed us to drive meaningful improvements in the back half of 2022 and close out the year with production above our previously stated annual guidance. We went from making 279 vehicles in 2021 to 7,180 in our first full year of production. And we went from delivering 125 vehicles to customers in 2021 to 4,369 deliveries in 2022.

謝謝梅納德，也謝謝大家參加我們的第四季度財報電話會議。首先，我要向整個 Lucid 團隊表示衷心的感謝。我為他們的毅力、足智多謀和團隊合作感到自豪。這使我們能夠在 2022 年下半年推動有意義的改進，並以高於我們先前規定的年度指導的產量結束這一年。我們從 2021 年的 279 輛汽車增加到我們第一個全年生產的 7,180 輛。我們從 2021 年向客戶交付 125 輛汽車到 2022 年交付了 4,369 輛。

Now I'd also like to thank our suppliers and partners who work diligently with us to navigate through an exigent year. And of course, I would particularly like to call out the PIF, who have not only been a committed investor but really an incredible strategic partner. We are most grateful for their partnership. And of course, I'd like to thank our customers. One of the things I enjoyed most is getting to meet you and see your delight when you take delivery of your Lucid Air. You are a big part of what drives us to deliver the quality and experience to so deserve. But let's not forget that 2022 was also a seminal year for the company, a year when we finally realized our issue of producing an EV embodying our view of the most advanced technology possible and getting that into customers' hands in significant numbers. That was not without its challenges, but as ever, the team work tirelessly to resolve as I will cover later.

現在，我還要感謝我們的供應商和合作夥伴，他們與我們一起努力工作，度過了艱難的一年。當然，我特別想提到 PIF，它不僅是一個堅定的投資者，而且是一個非常棒的戰略合作夥伴。我們非常感謝他們的合作。當然，我要感謝我們的客戶。我最喜歡的事情之一就是見到您並看到您收到 Lucid Air 時的喜悅之情。您是推動我們提供應得的質量和體驗的重要因素。但我們不要忘記，2022 年對公司來說也是開創性的一年，這一年我們終於意識到生產電動汽車的問題體現了我們對最先進技術的看法，並將其大量交付客戶手中。這並非沒有挑戰，但與以往一樣，團隊不知疲倦地努力解決問題，我將在後面介紹。

Now during that period, I've also observed a growing realization and acknowledgment of our view that our core EV technology is not just the best, but the best by a tangible margin. We see this acceptance widely by many in the know by those who follow the EV and technology space. In fact, even some of our detractors are coming to this inevitable conclusion that the Lucid Air is a truly incredible product. Now this awareness has happened though in the large part, not just through an overwhelming endorsement from journalists and outlets in the automotive sector, but moreover, through customers experiencing the range, comfort and sheer driving pleasure of our cars.

現在，在那段時間裡，我也觀察到越來越多的人認識到我們的觀點，即我們的核心 EV 技術不僅是最好的，而且在有形利潤方面是最好的。我們看到許多關注電動汽車和技術領域的知名人士廣泛接受了這一點。事實上，甚至我們的一些批評者都得出了這個不可避免的結論，即 Lucid Air 是一款真正令人難以置信的產品。現在，這種意識在很大程度上已經發生，不僅僅是通過汽車行業記者和媒體的壓倒性認可，而且還通過客戶體驗我們汽車的續航里程、舒適性和純粹的駕駛樂趣。

Now some of you may have heard (inaudible), but there are really 3 steps that will lead to our success as a company. And those steps are manufacturing, sales and profitability. In short, in respect of our cars, can we make them? Can we sell them? And can we make money on them? So in 2022, our primary focus was the first of these steps. So preview wasn't indeed possible for us to manufacture [the whole]. We've got the right leaders in place, brought logistics in-house, and I personally worked tirelessly on the factory floor, leading the team to identify and remove the manufacturing bottlenecks that we faced.

現在你們中的一些人可能已經聽說過（聽不清），但實際上有 3 個步驟可以使我們公司取得成功。這些步驟是製造、銷售和盈利能力。總之，就我們的車而言，我們能造出來嗎？我們可以賣掉它們嗎？我們可以從中賺錢嗎？因此，在 2022 年，我們的主要重點是這些步驟中的第一步。因此，我們確實無法製作 [整個] 預覽版。我們有合適的領導者，內部物流，我個人在工廠車間不知疲倦地工作，帶領團隊確定並消除我們面臨的製造瓶頸。

And the fact that I take in today's earnings call from our headquarters here in Newark, California, is symbolic as the transition of the day-to-day factory operations (inaudible) our Arizona team. Let me be clear, production is no longer a bottleneck. We were also able to deliver Lucid Air Touring and a small number of Lucid Air Pure in the fourth quarter and delivered our first Air into Europe and Saudi Arabia, as promised. So we now have the rates of Air covering a spectrum of performance and range on the road today. And Sapphire, our highest performance Air is scheduled to start production this summer.

事實上，我在我們位於加利福尼亞州紐瓦克的總部參加了今天的財報電話會議，這象徵著我們亞利桑那州團隊日常工廠運營（聽不清）的轉變。讓我明確一點，生產不再是瓶頸。我們還能夠在第四季度交付 Lucid Air Touring 和少量 Lucid Air Pure，並按照承諾將我們的第一架 Air 交付到歐洲和沙特阿拉伯。因此，我們現在的 Air 費率涵蓋了當今道路上的一系列性能和範圍。我們的最高性能 Air Sapphire 計劃於今年夏天開始生產。

You may indeed have seen a video on social media of Lucid Air Sapphire in a quarter mile road race with the Tesla model S Plaid, the Bugatti Chiron and the Ducati motorcycle. Lucid Air Sapphire's extraordinary performance is clearly a testament to the superiority of the technology we have developed in-house. So whilst other EVs may offer a choice between performance, range, efficiency, charging speed, luxury and space, variance of Lucid Air lead in all of these key metrics. And this is fundamentally enabled through the vertical integration of our technology. We design, we develop and manufacture our motor inverter by directional charger and racing-derived battery pack in our factory in Arizona.

您可能確實在社交媒體上看過 Lucid Air Sapphire 與 Tesla model S Plaid、Bugatti Chiron 和 Ducati 摩托車進行四分之一英里公路賽的視頻。 Lucid Air Sapphire 的非凡性能顯然證明了我們內部開發的技術的優越性。因此，雖然其他電動汽車可能會在性能、續航里程、效率、充電速度、豪華和空間之間提供選擇，但 Lucid Air 的差異在所有這些關鍵指標中都處於領先地位。這是通過我們技術的垂直整合從根本上實現的。我們在亞利桑那州的工廠通過定向充電器和賽車電池組設計、開發和製造電機逆變器。

Now in tickle to this is a world-class EV powertrain software. And I want to clarify that a large part of our incredible range of performance is indeed software derived. And I think that there's insufficient understanding and appreciation of this core Lucid capability. And this is where the importance of our in-house technology leadership is paramount. Not only does it provide advantages in performance, efficiency, charging times, interior space among many other features. We also expect it will provide a cost advantage at scale. And there are tangible metrics that will lead us to believe our technology is probably several years ahead of even our next closest competitor, who, in turn, we believe, is several years ahead of others. And we continue to invest in cutting-edge innovation. This is a central capability, which only find really exciting and personally really inspiring.

現在，世界級的 EV 動力總成軟件對此很感興趣。我想澄清的是，我們令人難以置信的性能範圍中的很大一部分確實是軟件衍生的。而且我認為人們對 Lucid 的這一核心功能沒有足夠的理解和欣賞。這就是我們內部技術領導地位的重要性至關重要的地方。它不僅在性能、效率、充電時間、內部空間等諸多方面具有優勢。我們還預計它將在規模上提供成本優勢。並且有一些切實的指標會讓我們相信我們的技術可能比我們的下一個最接近的競爭對手領先幾年，而我們相信，反過來，我們也比其他競爭對手領先幾年。我們繼續投資於尖端創新。這是一項核心能力，只有發現它才會真正令人興奮，並且真正鼓舞人心。

A great example is our new motor sports drive unit with integral electric motor, inverter and transmission, which is already in use as the standard frontline units for a leading electric racing series. Our recent body, Lucid's very latest technology, resulting in unprecedented compactness and lightweight for its electric.

一個很好的例子是我們的新型賽車運動驅動裝置，它集成了電動機、逆變器和變速箱，它已經被用作領先電動賽車系列的標準前線裝置。我們最近的機身，Lucid 的最新技術，為其電動帶來了前所未有的緊湊性和輕量化。

Now I am also proud to say that Lucid Air achieved the highest possible rating of 5 stars in the rigorous Euro NCAP safety assessment with a full 5 stars for each category. We brought a clean sheet design and engineering to Lucid Air with the goal of securing the highest possible safety ratings. Also in the fourth quarter, we released 22 over-the-air software update and in particular, released UX 2.0, which is our most expensive software update to date, comprising literally tens of millions of new lines of source code across nearly every upgradable computer in the vehicle. Lucid Air was engineered from the start with this over-the-air capability and is in every car we make today. And many of the upgrades and refinements were based on owner feedback and ideas, and our incredible software team is looking on further developments and improvements and features, and you'll see these continuously rolled out over time.

現在，我也很自豪地說，Lucid Air 在嚴格的 Euro NCAP 安全評估中獲得了 5 星的最高評級，每個類別都獲得了 5 星。我們為 Lucid Air 帶來了乾淨的床單設計和工程，目標是確保盡可能高的安全等級。同樣在第四季度，我們發布了 22 個無線軟件更新，特別是發布了 UX 2.0，這是我們迄今為止最昂貴的軟件更新，幾乎包含每台可升級計算機的數千萬行新源代碼在車輛中。 Lucid Air 的設計從一開始就具有這種空中傳輸功能，並且在我們今天製造的每輛汽車中都有。許多升級和改進都是基於所有者的反饋和想法，我們令人難以置信的軟件團隊正在尋求進一步的開發、改進和功能，你會看到這些隨著時間的推移不斷推出。

Our software capabilities are further demonstrated through our recent decision to initiate a voluntary recall of a small number of Lucid Air related to a supplier issue. Now I want to be super clear. We were not mandated to do this, but we have an unwavering commitment to our customers. We were able to identify potentially impacted vehicles by sending a software update to all of our vehicles that allowed us to scan for a particular electrical signature within each car and thereby, to identify the less than 300 cars potentially affected by this supplier issue. Now this truly innovative over-the-air solution is an example of our world-class software capabilities and advanced technologies. Believe me, very huge car companies would have been able to implement such a solution.

我們最近決定主動召回與供應商問題相關的少量 Lucid Air，進一步證明了我們的軟件能力。現在我想非常清楚。我們沒有被強制這樣做，但我們對客戶有堅定的承諾。我們能夠通過向所有車輛發送軟件更新來識別可能受影響的車輛，這使我們能夠掃描每輛汽車內的特定電子簽名，從而識別出可能受此供應商問題影響的不到 300 輛汽車。現在，這個真正創新的無線解決方案是我們世界級軟件功能和先進技術的一個例子。相信我，非常大的汽車公司本可以實施這樣的解決方案。

Now I'd also like to address some questions that we've been getting about battery cell supply. In the fourth quarter, we signed an agreement with Panasonic for battery cells. We expect this agreement along with our existing agreements with LG and Samsung to give us sufficient cell supply for our Air and Gravity programs comfortably through 2025. So having manufactured 7,180 vehicles and delivered 4,369 vehicles in 2022, we currently have more than 28,000 reservations. In fact, more than we plan to make in 2023. And this doesn't include the up to 100,000 vehicles under the agreement with the government of Saudi Arabia with deliveries expected to start this year.

現在我還想解決一些關於電池供應的問題。第四季度，我們與松下簽署了電池協議。我們希望該協議以及我們與 LG 和三星的現有協議能夠在 2025 年之前為我們的空氣和重力項目提供充足的電池供應。因此，我們在 2022 年製造了 7,180 輛汽車並交付了 4,369 輛汽車，目前有超過 28,000 輛預訂。事實上，這比我們計劃在 2023 年生產的還要多。這還不包括根據與沙特阿拉伯政府達成的協議，預計將於今年開始交付的多達 100,000 輛汽車。

Now as we indicated last quarter, one part of the variance between production and deliveries is the distribution of vehicles across 3 areas of the delivery process, and that is vehicles in transit, vehicles awaiting quick delivery inspection and vehicles awaiting delivery to a customer. Now some of the vehicles were also internal fleet cost for test drives and engineering. A further constraint is of course matching the precise specification of cars we build to that of the customer selection. But like many other companies, we are not immune from a challenging macroeconomic environment.

正如我們在上個季度指出的那樣，生產和交付之間差異的一部分是車輛在交付過程的 3 個區域中的分佈，即運輸中的車輛、等待快速交付檢查的車輛和等待交付給客戶的車輛。現在有些車輛也是用於試駕和工程的內部車隊成本。進一步的限制當然是將我們製造的汽車的精確規格與客戶選擇的規格相匹配。但與許多其他公司一樣，我們也無法免受充滿挑戰的宏觀經濟環境的影響。

Now Sherry will go through our guidance in more detail, but I want to reiterate that we are not limited by production. We could scale up, but we're making a conscious decision to match production, whilst focusing upon cost-effective build quality. We are focused on building versions of Air to meet customer interest, converting reservations into orders, meeting an increasing customer demand and getting Lucid Air into the hands of more drivers who can become brand advocates.

現在 Sherry 將更詳細地介紹我們的指導，但我想重申我們不受生產限制。我們可以擴大規模，但我們正在有意識地做出匹配生產的決定，同時專注於具有成本效益的構建質量。我們專注於構建 Air 版本以滿足客戶的興趣，將預訂轉化為訂單，滿足不斷增長的客戶需求，並將 Lucid Air 交到更多可以成為品牌擁護者的司機手中。

And I want to stress that this is nothing new to Lucid team. Having designed and engineered Lucid Air through a time of considerable turbulence in the supply chain. We built our greenfield factory in arguably one of the most challenging times the industry has ever seen with the COVID pandemic. Later overcoming newer supply chain and logistics bottlenecks to ramp production. Indeed, we've persevere through circumstances outside of our compilable while growing and becoming a stronger and more nimble companies from our experiences. And we'll continue focusing upon innovation and bringing the best products we believe anyone has ever seen to market to do to our customers, but also to make the planet a better place for generations to come in so doing.

我想強調的是，這對 Lucid 團隊來說並不是什麼新鮮事。在供應鏈相當動蕩的時期設計和製造了 Lucid Air。我們在 COVID 大流行期間可以說是該行業有史以來最具挑戰性的時期之一建造了我們的綠地工廠。後來克服了新的供應鍊和物流瓶頸以提高產量。事實上，我們在我們的經驗中成長並成為一家更強大、更靈活的公司的同時，也堅持了我們可編輯範圍之外的環境。我們將繼續專注於創新，將我們認為任何人見過的最好的產品推向市場，為我們的客戶服務，同時也讓地球成為子孫後代更美好的地方。

And we're not only building zero emission cars. We're building zero emission cars that make the best use of the world's resources and that's through our advanced technology and design. It's this mission and our incredible customers that drive us every day. And indeed, that's why I am so optimistic about our future. In 2023, we have 2 prior strategic areas of focus. Number one, customer awareness and growth; and number two, a laser focus on cost. Sherry will talk more about costs in her prepared remarks.

我們不僅在製造零排放汽車。我們正在製造零排放汽車，充分利用世界資源，這是通過我們先進的技術和設計實現的。正是這一使命和我們令人難以置信的客戶每天都在推動著我們。事實上，這就是我對我們的未來如此樂觀的原因。 2023 年，我們有 2 個優先戰略重點領域。第一，客戶意識和增長；第二，高度關注成本。雪莉將在她準備好的發言中更多地談論成本。

So let me speak now to growth. I spoke about the early momentum we had that was impacted by our ability to manufacture Air's delivery. We identified the issues and move quickly to address them. We've gotten past the major bottlenecks limiting manufacturing, but this had some impact on the demand we generated early on, and this has been exacerbated by the challenging macroeconomic environment. But we know there's real interest in our car. We know this because despite not having an aggressive brand awareness campaign, we generated a considerable amount of consumer interest and reservations. And these are customers that discovered Lucid's [Gravity] delays that a coveted early dream addition and granting customers who love this luxury EV. We've learned so much from our early adopter customers, and they're on the cutting edge of automotive, they are the taste makers. And now we're ready to expand to a broader audience.

現在讓我談談增長。我談到了我們的早期勢頭受到我們製造 Air 交付能力的影響。我們確定了問題並迅速採取行動加以解決。我們已經克服了限制製造業的主要瓶頸，但這對我們早期產生的需求產生了一些影響，而充滿挑戰的宏觀經濟環境加劇了這種影響。但我們知道大家對我們的車很感興趣。我們之所以知道這一點，是因為儘管沒有開展積極的品牌宣傳活動，但我們產生了相當多的消費者興趣和保留意見。這些客戶發現 Lucid 的 [Gravity] 延遲了令人垂涎的早期夢想添加，並授予喜歡這款豪華 EV 的客戶。我們從我們的早期採用者客戶那裡學到了很多，他們處於汽車的前沿，他們是品味製造者。現在我們已準備好擴展到更廣泛的受眾。

Just so I work side-by-side with the team in Arizona to alleviate the manufacturing of mix, I've been personally touring the country, visiting our studios, listening to our sales associates, delivering cars in person and speaking to customers to garner all their insightful feedback. And I've taken this feedback to energize the team with a renewed focus upon building broader and more targeted brand awareness. This effort reaches across our organization, from leadership to the retail customer experience and further is the progress we've already seen with national ride and drive programs. Indeed, we're inviting people to experience the best and those who best understand this are our customers who ultimately become our very best advocates. And there's also a critical mass we're nearing. In my experience, there's a tipping point in brand visibility once enough vehicles are on the road. And I believe we're getting really closer to that point now. I'm proud to say that today, indeed, we believe there's a Lucid Air in every single space of the U.S.A.

正因為如此，我才與亞利桑那州的團隊並肩工作以減輕混合製造，我一直在全國巡迴演出，參觀我們的工作室，聽取我們的銷售助理的意見，親自交付汽車並與客戶交談以獲取他們所有有見地的反饋。我利用這些反饋來激勵團隊重新關注建立更廣泛和更有針對性的品牌知名度。這種努力遍及我們的整個組織，從領導層到零售客戶體驗，更進一步是我們已經在全國乘車和駕駛計劃中看到的進展。事實上，我們正在邀請人們體驗最好的體驗，而那些最了解這一點的人就是我們的客戶，他們最終會成為我們最好的擁護者。我們也正在接近臨界質量。根據我的經驗，一旦有足夠多的車輛上路，品牌知名度就會達到一個臨界點。我相信我們現在離那一點越來越近了。我很自豪地說，今天，我們確實相信美國的每一個地方都有 Lucid Air。

And turning to our product road map, we have stealth look coming, metal restoring, more pure all-wheel drive and pure rear-wheel drive, the purest of the pure. We have a lot of linked demand for these products. However, I should note, we are experiencing a supply chain issue with stealth look that will impact our ability to ship these in Q1 of this year. And we have quite a bit of demand here, and we're working very hard to resolve this. We'll also be ramping up international shipments this year, of course, to Europe and to the Middle East. And I'm really excited about the Gravity SUV, which remains on track for start of production in 2024. Gravity builds upon everything we've achieved thus far. Driving further advancements of our in-house technology to create a luxury SUV like none other. Gravity is a further evolution of Lucid's core DNA of luxury, spaciousness and efficiency through its in-house technology, setting itself apart from the competition with a previously unattainable combination of supercar performance and seating for up to 7 adults. I look forward to Gravity's public unveiling later this year.

轉向我們的產品路線圖，我們有隱形外觀、金屬修復、更純粹的全輪驅動和純粹的後輪驅動，最純粹的。我們對這些產品有很多關聯需求。但是，我應該指出，我們正在經歷一個隱形外觀的供應鏈問題，這將影響我們在今年第一季度發貨的能力。我們這裡有很多需求，我們正在努力解決這個問題。今年我們還將增加國際出貨量，當然是向歐洲和中東的出貨量。我對 Gravity SUV 感到非常興奮，它仍有望在 2024 年開始生產。Gravity 建立在我們迄今為止取得的一切基礎之上。推動我們內部技術的進一步發展，打造與眾不同的豪華 SUV。 Gravity 通過其內部技術進一步發展了 Lucid 奢華、寬敞和高效的核心 DNA，以前所未有的超級跑車性能和最多可容納 7 名成人的座椅組合在競爭中脫穎而出。我期待著今年晚些時候 Gravity 的公開亮相。

So I want to leave you with a message of restless optimism for the year ahead. We have what we view as the very best car imaginable in production today. A view substantiated with countless reviews and accolades. Plus we have more attainable versions arising very soon. We now need to amplify this message across a broader customer audience in order to broaden awareness, which will in turn drive sales. We'll be ramping up in key new international markets. We'll be producing with quality and volume. Clearly landmark products are on their way in Sapphire and Gravity, supported by technology road map to keep us clearly ahead of the competition. I consider myself privileged to lead our talented team through this, the next step of our journey.

因此，我想給你們留下對來年永不止步的樂觀情緒。我們擁有我們認為是當今生產中可以想像的最好的汽車。無數評論和讚譽證實了這一觀點。另外，我們很快就會推出更多可實現的版本。我們現在需要在更廣泛的客戶群體中擴大這一信息，以擴大知名度，進而推動銷售。我們將在主要的新國際市場上加大力度。我們將以質量和數量生產。 Sapphire 和 Gravity 顯然是具有里程碑意義的產品，在技術路線圖的支持下，使我們在競爭中遙遙領先。我認為自己很榮幸能夠帶領我們才華橫溢的團隊度過這一階段，這是我們旅程的下一步。

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

然後，讓我將其轉交給雪莉，了解我們財務狀況的最新情況。雪莉酒？

Thank you, Peter, and thank you to those who were taken the time to join us today.

謝謝你，彼得，也感謝今天抽出時間加入我們的人。

In 2022, we scaled virtually every part of our business while keeping a sharp focus on execution. We made tremendous strides in our production ramp, began delivering Grand Touring, Air Touring and Pure in the U.S. and initiated deliveries into Canada, Europe and the Middle East. We also launched Lucid Financial Services to provide loan and lease products to our customer base and had our most significant over-the-air software upgrade in US 2.0, just to name a few of our many achievements. We were able to accomplish this despite supplier, supply chain, logistics and quality issues throughout parts of the year, and we finished the year on a strong production note, coming in above our previous annual production guidance. All of this was achieved through the perseverance and collaboration of the entire Lucid team. I'd like to extend my sincere gratitude to them and to our customers, our partners and our suppliers without whom this would not have been possible.

2022 年，我們幾乎擴展了業務的每個部分，同時高度重視執行。我們在生產上取得了巨大進步，開始在美國交付 Grand Touring、Air Touring 和 Pure，並開始向加拿大、歐洲和中東交付。我們還推出了 Lucid Financial Services，為我們的客戶群提供貸款和租賃產品，並在 US 2.0 中進行了最重要的無線軟件升級，這只是我們眾多成就中的一小部分。儘管全年部分時間存在供應商、供應鏈、物流和質量問題，我們還是實現了這一目標，並且我們以強勁的生產記錄結束了這一年，超過了我們之前的年度生產指導。所有這一切都是通過整個 Lucid 團隊的堅持不懈和協作實現的。我要向他們以及我們的客戶、我們的合作夥伴和我們的供應商表示衷心的感謝，沒有他們，這一切就不可能實現。

Now turning to our fourth quarter and 2022 financial results. For 2022, we recorded revenue of just over $608 million, up from just over $27 million in 2021 and achieved an adjusted EBITDA loss of $1.97 billion versus a loss of $952 million in 2021. In 2022, we made important investments in our future and did so while ensuring a healthy balance sheet throughout the year with an average liquidity balance of over $4.8 billion.

現在轉向我們的第四季度和 2022 年財務業績。 2022 年，我們的收入略高於 6.08 億美元，高於 2021 年的略高於 2700 萬美元，調整後的 EBITDA 虧損為 19.7 億美元，而 2021 年為虧損 9.52 億美元。2022 年，我們對未來進行了重要投資，並做到了因此，在確保全年資產負債表健康的同時，平均流動性餘額超過 48 億美元。

Now moving to the fourth quarter results. We produced 3,493 vehicles, delivered 1,932 and generated revenue of $257.7 million. Cost of revenue was $615.3 million for the fourth quarter. As we produce vehicles at low volumes and production lines designed for higher volumes, we have and we will continue to experience negative gross profit related to labor and overhead costs. However, as we scale production, we would expect to see economy of scale benefits. Additionally, we recorded a lower of cost or net realizable value, which we also refer to as LC NRV adjustment of $204.9 million in Q4. This amount contemplates the value we anticipate receiving upon vehicle sale after considering costs necessary to convert the inventory on hand into a finished product. Our LC NRV impairment increased 10% on an absolute basis, primarily due to the production of multiple variants of Air and an increase in inventory levels associated with the ramp in production.

現在轉到第四季度的結果。我們生產了 3,493 輛汽車，交付了 1,932 輛，創造了 2.577 億美元的收入。第四季度的收入成本為 6.153 億美元。由於我們生產的車輛產量較低，而生產線設計的產量更高，因此我們已經並將繼續經歷與勞動力和管理費用相關的負毛利。然而，隨著我們擴大生產規模，我們希望看到規模經濟效益。此外，我們記錄了較低的成本或可變現淨值，我們也將其稱為第四季度 2.049 億美元的 LC NRV 調整。在考慮將手頭庫存轉換為成品所需的成本後，該金額考慮了我們預計在車輛銷售時獲得的價值。我們的 LC NRV 減值絕對值增加了 10%，這主要是由於生產了多種 Air 變體以及與產量增加相關的庫存水平增加。

We typically receive several questions from the investment community on LC NRV and how to normalize this impact. The impairment calculation has various levels of complexity. And so understandably, it's very difficult to back out when assessing gross margin. What I would say is, we have seen improvements in gross margin throughout the year. When adjusting for the LC NRV, we went from an average gross margin of negative 138% in Q1 and Q2 to an average negative 58% in Q3, Q4 for a total gross margin improvement of 2.3x over that period. And we're far from done. We have many additional opportunities identified that I'll illustrate in a moment.

我們通常會收到投資界關於 LC NRV 以及如何使這種影響正常化的幾個問題。減值計算具有不同程度的複雜性。因此可以理解，在評估毛利率時很難退出。我要說的是，我們全年都看到了毛利率的改善。在針對 LC NRV 進行調整時，我們從第一季度和第二季度的平均負 138% 毛利率變為第三季度和第四季度的平均負 58%，同期總毛利率提高了 2.3 倍。我們還遠未完成。我們還發現了很多其他機會，我稍後會加以說明。

Moving to operating expenses. We've been able to hold operating expenses essentially flat while increasing the revenue line 32% quarter-over-quarter. R&D expense totaled approximately $221.3 million, up 4% sequentially. The sequential increase was primarily related to gravity and payroll expenses, partially offset by lower stock-based compensation expense. SG&A expense was approximately $170.9 million, down 3% sequentially. The sequential decrease was primarily due to lower stock-based compensation expense and reduction of specific external professional services. Staff based compensation in the quarter was $71.3 million, approximately $11.9 million was in cost of revenue, $28.5 million in research and development and $30.9 million was in SG&A.

轉到運營費用。我們已經能夠將運營費用基本持平，同時將收入線環比增長 32%。研發費用總計約為 2.213 億美元，環比增長 4%。環比增長主要與重力和工資支出有關，部分被較低的基於股票的薪酬支出所抵消。 SG&A 費用約為 1.709 億美元，環比下降 3%。環比下降主要是由於基於股票的補償費用減少和特定外部專業服務的減少。本季度基於員工的薪酬為 7130 萬美元，其中約 1190 萬美元用於收入成本，2850 萬美元用於研發，3090 萬美元用於 SG&A。

In other income, we recognized a non-cash gain of $256 million related to a change in fair value of a common stock warrant liability. I'd like to highlight, though, that this noncash warrant related impact can be influenced quarter-to-quarter by a number of factors, but one of the larger factors is Lucid Group's share price at the end of the quarter. The decrease in our share price was one of the key reasons for the noncash gain. The inverse should also hold true so that's something to consider as some of you build forecasts at the end of each quarter. In Q4, we achieved an adjusted EBITDA loss of $623.6 million.

在其他收入中，我們確認了與普通股認股權證負債公允價值變動相關的 2.56 億美元非現金收益。不過，我想強調的是，這種與非現金認股權證相關的影響可能會受到許多因素的影響，但其中一個較大的因素是 Lucid Group 在本季度末的股價。我們股價的下跌是非現金收益的主要原因之一。反之亦然，所以當你們中的一些人在每個季度末建立預測時，需要考慮這一點。在第四季度，我們實現了 6.236 億美元的調整後 EBITDA 虧損。

Moving to the balance sheet. We ended the quarter with just over $4.4 billion in cash, cash equivalents and investments with total liquidity of approximately $4.9 billion when considering our global credit facilities. This included the successful completion of a $1.5 billion capital raise in Q4, which was comprised of an aftermarket offering for net proceeds of $594.3 million and also the consummation of a private placement of shares to the PIF for aggregate proceeds of $915 million. The public investment fund of Saudi Arabia has been a committed investor and a strategic partner for Lucid for many years, and we're so grateful for their partnership and support. Since 2018, the PIF has invested $3.6 billion, including $915 million through its private placement in Q4 2022 through IAR, an affiliate of the PIS. They've also been instrumental in introducing us to many of the ministries throughout Saudi Arabia and those relationships and partnerships have resulted in significant economic and administrative support as we launch our international operations in the Middle East.

轉到資產負債表。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 44 億美元的現金、現金等價物和投資，流動性總額約為 49 億美元。這包括在第四季度成功完成 15 億美元的融資，其中包括 5.943 億美元淨收益的售後發售，以及完成向 PIF 私募配售股票，總收益為 9.15 億美元。多年來，沙特阿拉伯的公共投資基金一直是 Lucid 的忠實投資者和戰略合作夥伴，我們非常感謝他們的合作和支持。自 2018 年以來，PIF 已投資 36 億美元，其中 9.15 億美元是通過 PIS 的附屬機構 IAR 在 2022 年第四季度進行的私募。他們還幫助我們介紹了沙特阿拉伯的許多部委，這些關係和夥伴關係為我們在中東開展國際業務提供了重要的經濟和行政支持。

Back to the balance sheet. We're very proud of the balance sheet strength that we've been able to consistently sustain over time. As you've seen over the last 15 months, we have access to a variety of funding options from the $2 billion green convertible bond offering at the end of 2021 to the $1.5 billion GAAP to market and private placement at the end of 2022, coupled with government support in Saudi Arabia and the large $1 billion ABL Facility we put in place with a world-class banking syndicate. We'll continue to take a holistic and opportunistic approach towards funding 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.

回到資產負債表。我們為能夠隨著時間的推移始終如一地維持資產負債表實力而感到自豪。正如您在過去 15 個月中看到的那樣，我們可以獲得多種融資選擇，從 2021 年底發行的 20 億美元綠色可轉換債券到 2022 年底上市和私募的 15 億美元 GAAP，再加上在沙特阿拉伯政府的支持下，以及我們與世界級銀行集團建立的 10 億美元的大型 ABL 貸款。我們將繼續採取整體和機會主義的方法來資助業務。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。

Turning to inventory. Inventory increased 22% in the quarter due to our production volume ramp and the number of vehicle variants that we are now producing. Capital expenditures were $289.9 million in Q4. Year-to-date CapEx was approximately $1.1 billion, slightly lower than our guidance of $1.2 billion, which is due to timing of payments and the deferment of certain costs by reconfiguring usage of Phase 1 at AMP 1 in Arizona in order to use it for a longer period of time before we fully cut over to Phase 2 in Arizona.

轉向庫存。由於我們的產量增加和我們現在生產的車型數量增加，本季度庫存增加了 22%。第四季度的資本支出為 2.899 億美元。年初至今的資本支出約為 11 億美元，略低於我們 12 億美元的指導，這是由於付款時間安排以及通過重新配置亞利桑那州 AMP 1 的第 1 階段的使用以將其用於在我們完全切換到亞利桑那州的第 2 階段之前需要更長的時間。

Before providing our 2023 outlook, I want to speak to our top 2 priorities of the company. Heading into 2023, we recognize the difficult market environment and particularly the impact higher interest rates and market uncertainty has on consumers' inclination to purchase, and we're taking action. We talked about our 2 strategic priorities in 2023 being: #1, growth; and #2, cost. Peter spoke to our growth priority. So I'll largely address cost. But before doing so, I'd like to make 1 comment on our growth. Beyond our focus on vehicle growth, I believe we have a number of additional opportunities, many of which are already beginning to become additive to 2023. Our strong technology advantage is no longer in question. Our range, our performance, our efficiency, our charge times, we're increasingly being recognized for our in-house technology. And these are creating opportunities.

在提供我們的 2023 年展望之前，我想談談我們公司的兩大優先事項。進入 2023 年，我們認識到艱難的市場環境，尤其是利率上升和市場不確定性對消費者購買意願的影響，我們正在採取行動。我們談到了 2023 年的兩個戰略重點：#1，增長；和#2，成本。彼得談到了我們的增長重點。所以我將主要解決成本問題。但在此之前，我想對我們的成長發表 1 條評論。除了我們對汽車增長的關注之外，我相信我們還有許多額外的機會，其中許多已經開始成為 2023 年的補充。我們強大的技術優勢不再是問題。我們的續航里程、我們的性能、我們的效率、我們的充電時間，我們的內部技術越來越受到認可。這些正在創造機會。

We generated revenue from our motorsports electric drive unit in Q4. We expect to recognize a small amount of revenue from a U.S. government award for battery module prototypes and a number of others have reached out to us for discussion on licensing or purchasing our technology. In addition, we signed our first vehicle emission credit deal in the U.S. It's a multiyear deal, and we expect to recognize a small amount of revenue starting in 2023, and we see considerably more opportunity here as the regulatory environment around many parts of the world's tighten.

我們在第四季度從我們的賽車電驅動單元中獲得了收入。我們希望從美國政府對電池模塊原型的獎勵中獲得少量收入，並且許多其他人已經與我們聯繫以討論許可或購買我們的技術。此外，我們在美國簽署了首個車輛排放信用協議。這是一項多年期協議，我們預計從 2023 年開始確認少量收入，隨著世界許多地區的監管環境，我們在這裡看到了相當多的機會緊縮。

Turning to costs. There are 2 areas of cost that we are zeroing in on. The first is driving down the cost per vehicle. The second is cost optimization of operating expenses. And let me go through each. On the manufacturing and cost of goods sold side, we've been intensely focused on reducing costs. We have daily cost improvement meetings across various areas of manufacturing, engineering and supply chain. Last year we were able to reduce costs to more than cover the headwinds in the form of battery raw material input costs.

轉向成本。我們正在關注 2 個成本領域。首先是降低每輛車的成本。二是運營費用成本優化。讓我逐一介紹。在製造和銷售成本方面，我們一直專注於降低成本。我們每天都會在製造、工程和供應鏈的各個領域召開成本改進會議。去年，我們能夠將成本降低到足以彌補電池原材料投入成本形式的不利因素。

As we are sitting here in February, we already have identified cost opportunities at a similar level to last year that we expect to implement by the end of this year. And we are surfacing more innovative ideas in cross-functional internal meetings and value engineering workshops with our supply base. This is before considering the impact of the Inflation Reduction Act, which we expect to contribute as much as a couple of thousand dollars per vehicle. As we look ahead to Gravity, we've already sourced approximately 70% of Gravity components with a very strong carryover of suppliers from Air. And I'm happy to report that on an aggregate basis to date, we've been able to stay in alignment with our cost target for Gravity.

正如我們 2 月份坐在這裡一樣，我們已經確定了與去年相似的成本機會，我們希望在今年年底前實施。我們正在跨職能內部會議和供應基地的價值工程研討會上提出更多創新想法。這是在考慮通貨膨脹減少法案的影響之前，我們預計每輛車將貢獻高達幾千美元。當我們展望 Gravity 時，我們已經採購了大約 70% 的 Gravity 組件，並從 Air 獲得了非常強大的供應商結轉。我很高興地報告，到目前為止，我們已經能夠與我們的 Gravity 成本目標保持一致。

Another area of COGS focused for this year is inbound freight. We've achieved significant reductions last year by moving our international freight from air transit to sea, but we've identified another 2 to 3x savings that we believe is possible. We have a task team assigned, and we think this is one of the fastest realizable cost reduction opportunities available to us this year.

今年 COGS 的另一個重點領域是入境貨運。去年，我們通過將國際貨運從空運轉移到海運，實現了顯著減少，但我們還確定了另外 2 到 3 倍的節省，我們認為這是可能的。我們分配了一個任務團隊，我們認為這是今年我們可用的最快可實現的成本削減機會之一。

On the operating expense side, we're instilling the same approach. We're looking at all facets of spending with a multitude of ideas on the table. In SG&A, we do expect growth in a couple of key areas. Number one, we'll continue to strategically build out our service and delivery footprint throughout the U.S., Europe and the Middle East as we meet the needs of our growing customer base and our commitment to customer care. However, we're simultaneously studying ways to drive increased efficiencies out of our existing studio and service center assets and were feeding this information into our future planning. And second, we're increasing our investment in IT enterprise systems to support the increasing production and delivery volume, global expansion, continuous improvement in cybersecurity and growth in cloud data resources for both our active customer fleet and our internal R&D initiatives. We are instilling a culture of cost consciousness and we're working across the company to identify and execute on numerous cost efficiency opportunities.

在運營費用方面，我們正在灌輸相同的方法。我們正在審視支出的各個方面，並提出多種想法。在 SG&A 方面，我們確實預計幾個關鍵領域會出現增長。第一，我們將繼續戰略性地擴大我們在美國、歐洲和中東的服務和交付足跡，以滿足不斷增長的客戶群的需求和我們對客戶服務的承諾。然而，我們同時也在研究提高現有工作室和服務中心資產效率的方法，並將這些信息納入我們未來的規劃中。其次，我們正在增加對 IT 企業系統的投資，以支持不斷增加的生產和交付量、全球擴張、網絡安全的持續改進以及我們活躍客戶群和內部研發計劃的雲數據資源的增長。我們正在灌輸一種成本意識文化，我們正在全公司範圍內努力識別和執行大量成本效率機會。

Now to our outlook. For 2023, while we believe we have capacity for greater production, we're forecasting a production range of 10,000 to 14,000 vehicles. Given the uncertain macro environment, we think it's prudent to provide a guidance range that's larger than what we would provide under normal circumstances. While we don't provide quarterly guidance, I want to highlight some things to consider as you think about the linearity throughout the year. In Q1, factory production in the early part of January was reduced by 7 days of production due to a planned year-end physical inventory count. We'll also start building vehicles for Europe and the Middle East in earnest shortly. And so there will be some transit time associated with that.

現在談談我們的展望。到 2023 年，雖然我們相信我們有能力提高產量，但我們預測產量範圍為 10,000 至 14,000 輛。鑑於不確定的宏觀環境，我們認為提供比我們在正常情況下提供的指導範圍更大的指導範圍是謹慎的。雖然我們不提供季度指導，但我想強調一些在考慮全年線性時需要考慮的事項。第一季度，由於計劃年終實物庫存盤點，1 月初的工廠生產減少了 7 天的生產。我們也將很快開始認真地為歐洲和中東製造車輛。因此會有一些與之相關的運輸時間。

In addition, due to supply chain challenges, we were unable to deliver on the popular stealth look option, resulting in a reduction of buildable configurations heading into Q1, and so we made a strategic decision to moderate some production as we transition to buildable configuration. Thus, we expect Q1 to be down significantly on a sequential basis with a corresponding impact on margins in Q1. In Q2, we will ramp shipments to the Middle East and Europe, so we would expect total deliveries to increase in Q2. We will also begin to build popular configurations across several vehicle variants, including pure and higher volumes for which demand remains very strong.

此外，由於供應鏈方面的挑戰，我們無法提供流行的隱形外觀選項，導致進入第一季度的可構建配置減少，因此我們做出戰略決策，在過渡到可構建配置時減少一些生產。因此，我們預計第一季度將環比大幅下降，並對第一季度的利潤率產生相應影響。在第二季度，我們將增加對中東和歐洲的出貨量，因此我們預計第二季度總交付量會增加。我們還將開始在多種車型上構建流行的配置，包括需求仍然非常強勁的純車型和更高車型。

Starting in Q3, we may begin activating parts of Phase 2 at AMP 1, and we expect some transitional downtime could occur. In Q4, with Phase 2, we would expect higher efficiencies as specific shops come online and hence, greater potential manufacturing output versus the rest of the year. While I would caution that there are many controllable and uncontrollable variables that we -- that can affect gross margin, I wanted to provide some color on the direction of our gross margin. We expect lower volumes in Q1 to impact gross margin but expect a sequential improvement throughout the year, which should be supported by some of the expected bill of material cost down and inbound freight opportunities that I just mentioned a moment ago. Regarding our liquidity position, we ended the quarter with approximately $4.9 billion in total liquidity, which we believe provides sufficient capital at least into the first quarter of 2024.

從第 3 季度開始，我們可能會在 AMP 1 開始激活第 2 階段的部分內容，我們預計可能會出現一些過渡性停機時間。在第 4 季度的第 2 階段，隨著特定商店上線，我們預計效率會更高，因此與今年剩餘時間相比，潛在的製造產出會更高。雖然我要警告說，我們有許多可控和不可控的變量——它們會影響毛利率，但我想為我們的毛利率方向提供一些顏色。我們預計第一季度的銷量下降將影響毛利率，但預計全年會出現連續改善，這應該得到我剛才提到的一些預期物料成本下降和入境貨運機會的支持。關於我們的流動性頭寸，我們在本季度結束時的總流動性約為 49 億美元，我們認為這至少可以為 2024 年第一季度提供足夠的資金。

Moving to CapEx. We expect capital expenditures for 2023 to be between $1.5 billion and $1.75 billion, reflecting some efficiencies and deferrals in our capital outlay, which is lower than the $2 billion annual CapEx that we provided at the beginning of 2022. We are moving forward with parts of Phase 2 in Arizona as we believe will benefit from a number of cost efficiencies, including bringing logistics more fully on site, bringing staffing in-house as well as plant efficiency. We also are looking at activating Phase 2 online in stages on a shop-by-shop basis, which we expect will allow us to defer some capital expenditures until 2024 without a delay in the estimated Gravity timing.

轉向資本支出。我們預計 2023 年的資本支出將在 15 億美元至 17.5 億美元之間，這反映了我們資本支出的一些效率和延期，這低於我們在 2022 年初提供的 20 億美元年度資本支出。我們正在推進部分我們相信亞利桑那州的第二階段將受益於許多成本效益，包括將物流更充分地帶到現場，將人員配備在內部以及工廠效率。我們還考慮在逐家商店的基礎上分階段在線激活第 2 階段，我們希望這將使我們能夠將一些資本支出推遲到 2024 年，而不會延遲估計的 Gravity 時間。

Lastly, as Peter mentioned, we had more than 28,000 reservations as of February 21, and this is before counting the potential impact to be up to 100,000 vehicles from KSA. At the time we first started providing reservation, we have not started production or delivery, and we provided this figure as a proxy to estimate potential future revenue. With the progression of our business, we believe production and deliveries are a better representation of the progress of our business. And so going forward, we will no longer plan to provide an updated quarterly reservation number. However, we plan to continue to provide quarterly production and delivery figures shortly following the end of each quarter. As we look into 2023, we'll continue to focus on strong capital discipline, leaving no stone unturned for every cost optimization or elimination opportunity. We are proud of our technology and product achievements. We're gearing for growth while simultaneously taking a vigorous and comprehensive look at reducing costs, and I am very excited about the opportunities that lie ahead of us.

最後，正如 Peter 所提到的，截至 2 月 21 日，我們有超過 28,000 筆預訂，這還沒有計算來自 KSA 的多達 100,000 輛汽車的潛在影響。在我們第一次開始提供預訂時，我們還沒有開始生產或交付，我們提供這個數字作為估計未來潛在收入的代理。隨著我們業務的發展，我們相信生產和交付能更好地代表我們業務的進展。因此，展望未來，我們將不再計劃提供更新的季度預訂編號。但是，我們計劃在每個季度結束後不久繼續提供季度生產和交付數據。展望 2023 年，我們將繼續專注於嚴格的資本紀律，不遺餘力地抓住每一個成本優化或消除的機會。我們為我們的技術和產品成就感到自豪。我們正在為增長做好準備，同時積極全面地考慮降低成本，我對擺在我們面前的機遇感到非常興奮。

With that, let me turn it back to Maynard to get your questions. Maynard?

有了這個，讓我把它轉回梅納德來回答你的問題。梅納德？

(Operator Instructions) The first question is, is the Saudi PIF taking Lucid private?

（操作員說明）第一個問題是，沙特 PIF 是否將 Lucid 私有化？

It's a policy. Lucid does not comment on market rumors, and so we don't have anything to say specific to this question. What we said in our prepared remarks, is that, PIF has shown a commitment to Lucid having provided $3.6 billion since 2018, including $915 million through its participation from the subscription agreement just in Q4 2022. PIF has not only been a committed investor but also a strong strategic partner, and we're very grateful for the partnership.

這是一項政策。 Lucid 不對市場傳聞發表評論，因此我們對這個問題沒有任何具體要說的。我們在準備好的發言中所說的是，自 2018 年以來，PIF 已承諾向 Lucid 提供 36 億美元，其中包括通過參與 2022 年第四季度的認購協議提供的 9.15 億美元。PIF 不僅是一個承諾的投資者，而且一個強大的戰略合作夥伴，我們非常感謝這種夥伴關係。

Peter here. The partnership and support has been phenomenal.

彼得在這裡。夥伴關係和支持是驚人的。

I think we'll move to the questions from the phone lines, please.

我想我們會轉到電話線上的問題，請。

(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 wanted to dig into sort of the decline in the reservations and sort of this new line, the demand may be a little bit weaker than expected. I mean -- and Peter, when you look at this, the implied price on the old backlog was $94,000. And then on the current backlog, it's $96,000. So it kind of indicates that the mix improved. So it seems like these folks might be a bit stickier, but you're indicating that the demand relative to your production is weakening, but it's still far in excess of what you're talking about producing this year of 10,000 to 14,000 units. So I'm just trying to understand why production is not an issue, why you wouldn't produce more to drive revenue and profits this year if that backlog is real.

我只是想深入了解預訂量下降和這條新線路的情況，需求可能比預期的要弱一些。我的意思是——彼得，當你看這個時，舊積壓訂單的隱含價格是 94,000 美元。然後在當前的積壓中，它是 96,000 美元。所以這有點表明組合有所改善。所以看起來這些人可能有點粘性，但你表示相對於你的生產的需求正在減弱，但它仍然遠遠超過你今年所說的 10,000 到 14,000 單位的產量。所以我只是想了解為什么生產不是問題，如果積壓是真實的，為什麼你今年不會生產更多來推動收入和利潤。

Yes. Peter here, John. That's a very cogent point. First of all, we do have over 28,000 reservations. But remember that a reservation doesn't guarantee itself is transmitting -- translating into delivery. These are nonbinding reservations. So you can't bank on a reservation automatically transitioning into delivery. I'd also like to point out that the 28,000 does not include the 100,000 that are potentially being ordered by the government of Saudi Arabia. So we're sitting in a very good position in that respect.

是的。彼得在這裡，約翰。這是一個非常有說服力的觀點。首先，我們確實有超過 28,000 個預訂。但請記住，預訂並不能保證自己正在傳輸——轉化為交付。這些是不具約束力的保留意見。因此，您不能指望預訂會自動過渡到交付。我還想指出，這 28,000 個不包括沙特阿拉伯政府可能訂購的 100,000 個。所以我們在這方面處於非常有利的位置。

I think what we've got to focus on is providing cars building configurations from a factory that precisely match the configuration of the customer order. For example, we've got stealth trend coming. We've got a little delay in stealth trend because of a supplier issue. And there's a lot of orders for stealth. And then there's Pure in volume, although we've delivered some Pure and many of those reservations are waiting for the availability of the pure solution of Pure the real-world drive. So I think a lot of this is our focus on providing new variants, our focus on building cars with the utmost attention to quality and cost in terms of optimizing our processes and matching the cars that we do build to the precise reservation -- the precise specification of the customer whilst in meaningful that a reservation in itself is nonbinding and not guaranteed to transition to the consummation of an order.

我認為我們必須關注的是從工廠提供與客戶訂單配置完全匹配的汽車製造配置。例如，我們有隱形趨勢即將到來。由於供應商問題，我們的隱形趨勢有所延遲。還有很多隱身的命令。然後是 Pure 的數量，儘管我們已經交付了一些 Pure 並且其中許多預訂正在等待 Pure 的純解決方案的可用性。所以我認為這在很大程度上是我們專注於提供新的變體，我們專注於製造汽車，在優化我們的流程和匹配我們製造的汽車方面最注重質量和成本——精確客戶的說明，同時有意義的是，預訂本身不具有約束力，並且不能保證過渡到訂單的完成。

Additionally, we're in the process of expanding internationally, and it takes time. We'll also be putting some vehicles on boats and starting to really offering more volume to the Middle East and the Europe especially as we're exiting Q1 and into Q2. So you're going to start to see that pick up throughout the year in volume.

此外，我們正在進行國際擴張，這需要時間。我們還將把一些車輛放在船上，並開始真正向中東和歐洲提供更多的車輛，尤其是在我們即將退出第一季度並進入第二季度的時候。所以你會開始看到全年的銷量都在回升。

And also, John, our advice, our guidance for the year is a reflection of the range due to the uncertainty of the current macroeconomic conditions. And the effect on consumer behavior is challenging in such circumstances.

而且，約翰，我們的建議，我們今年的指導反映了由於當前宏觀經濟狀況的不確定性而導致的範圍。在這種情況下，對消費者行為的影響具有挑戰性。

Okay. Then if I could just ask one quick follow-up. You're emphasizing your technology and the advantages you have, which is pretty impressive. What kind of opportunities in the near term as far as licensing and potential product sales on the powertrain side do you think could effectively be executed? Or is this the kind of opportunity that might be 2 to 5 years out as opposed to something that will be 1 to 2 years out?

好的。然後，如果我可以問一個快速跟進。你在強調你的技術和你擁有的優勢，這非常令人印象深刻。就動力總成方面的許可和潛在產品銷售而言，您認為短期內可以有效執行哪些機會？還是這種機會可能需要 2 到 5 年，而不是 1 到 2 年？

Well, John, I'd love to do this. I think we've got a technology, which is -- which has observed a sea change in the last year. There's a widespread recognition that the technology that I believe is the best, is being recognized as so very widely. And yes, we'd like to make our technology available to other automakers and customers and not just automakers. There are a range of applications. Our focus has been, as an executive team, focused on ramping up production. My focus right now is just amplifying the message to a broader audience so that we can ramp up our sales. It's not been -- my focus has not been going out to lobby for licensing agreements with our technology to other automakers. We've been very passive in that respect. And I think that's the right focus for us. Let's focus on our own product, first and foremost and then good things will come.

好吧，約翰，我很樂意這樣做。我認為我們有一項技術，它在去年發生了翻天覆地的變化。人們普遍認為，我認為最好的技術得到了廣泛的認可。是的，我們希望將我們的技術提供給其他汽車製造商和客戶，而不僅僅是汽車製造商。有一系列的應用。作為一個執行團隊，我們的重點一直是提高產量。我現在的重點只是向更廣泛的受眾擴大信息，以便我們可以提高銷量。它不是——我的重點不是遊說其他汽車製造商與我們的技術達成許可協議。我們在這方面一直非常被動。我認為這對我們來說是正確的重點。讓我們專注於我們自己的產品，首先也是最重要的，然後好事就會到來。

And then in addition, I think that any test that we continue to apply in those cases, is this accretive to our business? Can it leverage where we are today as a business? And is it going to not distract from our core focus as a company. So when it meets those, then it becomes a higher likelihood of success.

然後此外，我認為我們繼續在這些情況下應用的任何測試是否會增加我們的業務？它可以利用我們今天的業務嗎？它不會分散我們作為一家公司的核心重點嗎？因此，當它滿足這些條件時，成功的可能性就會更高。

Our next question comes from the line of James Picariello with BNP Paribas.

我們的下一個問題來自法國巴黎銀行的 James Picariello。

Just to ask John's question -- first question, just another way or more bluntly. The 10,000 to 14,000 production guide, that's a deeper reflection of underlying demand as opposed to any limitations on your ability to ramp production, right? Because production is no longer the bottleneck. If you were to annualize your fourth quarter production, right, that would get you to 14,000 units for the full year. So yes, can you just kind of unpack that one more time in terms of what informs this range? Is it demand, or is it -- yes?

只是問 John 的問題——第一個問題，只是換一種方式或更直截了當。 10,000 到 14,000 的生產指南更深入地反映了潛在需求，而不是對您提高生產能力的任何限制，對吧？因為生產不再是瓶頸。如果您要將第四季度的產量年化，那麼全年產量將達到 14,000 台。所以是的，你能再解壓一次關於這個範圍的信息嗎？是需求，還是——是的？

Certainly, and your math is irrefusable. Look, we've sold production that is not the gating issue here now. My focus is on sales. And here's the thing. We've got what I only believe to be the very best product in the world. And we've just too few people are aware of not just the car, but even the company. And so we need to amplifies my focus now away from production to amplifying customer awareness that we've got this amazing car with unprecedented range, technology efficiency, incredible driving machine, a great driver's car, just unbridled joy of ownership that we are getting feedback from owners who have experienced this. We need to amplify that message and broaden the awareness, which in turn will drive sales. And that is the focus right now. It's not that we're production-constrained.

當然，你的數學是不可拒絕的。看，我們現在已經出售了不是門控問題的產品。我的重點是銷售。事情是這樣的。我們擁有我認為是世界上最好的產品。而且我們很少有人不僅知道汽車，甚至公司也知道。因此，我們現在需要將我的注意力從生產擴大到擴大客戶意識，即我們擁有這款具有前所未有的範圍、技術效率、令人難以置信的駕駛機器、出色的駕駛者汽車的驚人汽車，我們正在獲得反饋的擁有的無限樂趣來自有過這種經歷的業主。我們需要擴大這一信息並擴大意識，這反過來又會推動銷售。這就是現在的重點。這並不是說我們的生產受到限制。

Yes. And then in addition, reservation holders some of them are waiting for us to offer their very specific configurations in volume. We talked about that already, whether it be Pure, whether it be Stealth, whether it be some of the Middle East and European configurations as well.

是的。此外，其中一些預訂持有人正在等待我們提供他們非常具體的批量配置。我們已經討論過，無論是 Pure、Stealth，還是中東和歐洲的某些配置。

Yes, there's quite a lot of interest in stealth. And unfortunately, we've got a little bit of a delay due to supply chain challenges, which we're working seriously to resolve.

是的，人們對隱形很感興趣。不幸的是，由於供應鏈挑戰，我們有一點延遲，我們正在認真努力解決。

Okay. Understood. And on gross profit for this year, and it does sound as though the LC NRV formula is quite complicated. But that totaled almost $570 million negative noncash impact for 2022. Is there any way to think about what that impact will look like for this year? And any clarity on -- if this year goes to plan, your plan as stated here, when gross profit breakeven, the time horizon as to when that could be achieved, I think would be -- obviously would be really helpful.

好的。明白了。就今年的毛利而言，LC NRV 公式聽起來確實相當複雜。但這對 2022 年的非現金負面影響總計將近 5.7 億美元。有沒有辦法考慮今年的影響會是什麼樣子？如果今年按計劃進行，你的計劃如這裡所述，當毛利收支平衡時，關於何時可以實現的時間範圍，我認為 - 顯然會非常有幫助。

Sure. So as I said on the prepared remarks, we're really proud of the actions that we were to take last year in terms of cost reduction, cost down, inbound freight reductions that led to a 2.3x improvement when you went from the first half of last year to the second half of last year when removing the effects of the LC NRV. As we look forward to next year, the way that we're thinking about it is, we have identified areas for bill of material cost reductions. We have identified areas for inbound freight reductions, we do see emission credits starting to come more into play. We do expect to start getting the benefits of IRA impacts. We do also see some lessening of our need to be buying ahead significantly in the spot market. Last year, this time, we were buying ahead a lot of semiconductors. We're not doing that nearly as much as we were last year this time. All of those are potential tailwinds and benefits to gross margin.

當然。因此，正如我在準備好的發言中所說的那樣，我們為去年在降低成本、降低成本、減少入境運費方面採取的行動感到非常自豪，這些行動使上半年的業績提高了 2.3 倍去除 LC NRV 的影響時，從去年到去年下半年。當我們期待明年時，我們的思考方式是，我們已經確定了降低物料清單成本的領域。我們已經確定了減少入境運費的領域，我們確實看到排放信用開始發揮更大作用。我們確實希望開始獲得 IRA 影響的好處。我們也確實看到我們在現貨市場上大量提前購買的需求有所減少。去年，這一次，我們提前購買了很多半導體。這次我們做的幾乎沒有去年那麼多。所有這些都是潛在的順風和毛利率的好處。

On the other side, some of the things that you'll see is, as the trim mix changes and it moves to more Pure, those are lower margins. So that's kind of working against you from a gross margin profitability perspective. Also, just looking ahead, as we start to activate some of the additional equipment in the factory, that's going to see a little bit more of a burden in terms of depreciation, which is also going to act in the opposite direction. So what I wanted to do now is to just at least help contextualize a little bit of where the puts and the takes are. We're not here going to share exactly when we think we're going to be gross margin positive, but I think that those are important factors to take into consideration as you're thinking about your model.

另一方面，你會看到的一些事情是，隨著修剪組合的變化，它變得更純淨，這些都是較低的利潤率。所以從毛利率的角度來看，這對你不利。此外，展望未來，隨著我們開始激活工廠中的一些額外設備，折舊方面的負擔會增加一些，這也會朝著相反的方向發展。所以我現在想做的是至少幫助將放置和獲取的位置放在上下文中。我們不會在這裡確切地分享我們認為我們將獲得正的毛利率，但我認為這些是您在考慮您的模型時需要考慮的重要因素。

(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。

I just wanted to touch on the guidance once more. So that 10,000 to 14,000 number, which is roughly in line with the preliminary guidance for last year, can you talk about some of the -- kind of the assumptions that are embedded in that guidance? And just maybe a little more granularity. I presume that, that's -- you said before that you will begin shipments to Europe and Middle East later this year. So I presume that part of that production is being included in there. I'm just wondering if you could maybe add a little more context there?

我只是想再次談談指南。那麼 10,000 到 14,000 的數字，大致與去年的初步指導一致，你能談談該指導中嵌入的一些假設嗎？也許只是更細化一點。我想，那是 - 你之前說過你將在今年晚些時候開始向歐洲和中東發貨。所以我認為該作品的一部分包含在其中。我只是想知道您是否可以在那裡添加更多上下文？

It is, absolutely. We're including the -- in the guidance, a number of cars to Europe and the Middle East. We've already supplied small numbers to those markets, but we're really ramping up now in earnest in the very near quarter. We've also -- it includes the ramp-up in customer demand for Pure for metal roof, Touring for real-world drive Pure and a number of factors. As an executive team, we've taken a very careful look at the landscape. And we've been very cognizant in our thinking, our guidance, a prudent guidance with a bandwidth, which reflects the uncertainty of the market in these challenging macroeconomic times.

絕對是。我們在指南中包括了一些開往歐洲和中東的汽車。我們已經向這些市場提供了少量產品，但在最近一個季度，我們確實在認真地增加供應。我們還——它包括客戶對 Pure 金屬車頂、Touring 對真實世界駕駛 Pure 的需求增加以及許多因素。作為一個執行團隊，我們非常仔細地審視了形勢。我們一直非常清楚我們的想法，我們的指導，一種具有帶寬的審慎指導，這反映了在這些充滿挑戰的宏觀經濟時代市場的不確定性。

Got it. And maybe one quick follow-up. I wanted to touch on licensing, again. I think some perception out there is that over the long term, this licensing component could potentially be the largest contributor to revenue in the future. And maybe I'm not thinking about this correctly, but I presume that, that would certainly improve gross margins. I understand the emphasis being almost entirely on ramping up production in car sales. But why not introduce this licensing revenue segment, perhaps prior than initially anticipated?

知道了。也許一個快速的跟進。我想再次談談許可。我認為有些人認為，從長遠來看，這個許可部分可能會成為未來收入的最大貢獻者。也許我沒有正確考慮這個問題，但我認為這肯定會提高毛利率。我理解重點幾乎完全放在提高汽車銷售的產量上。但是為什麼不引入這個許可收入部分，也許比最初預期的要早？

Indeed, I actually share your optimism. I think that it's a really big dining opportunity here. But I have to have laser focus. I've described the 3 steps, the 3 steps forward, can we make these cars, can we sell them? And can we make a module on them? Last year, my focus was on manufacturing, and we make them, my focus now is on amplifying the message, attracting a broader audience and ramping up our sales. But you're absolutely right. I mean this is a technology race, and this is very little understood.

事實上，我真的和你一樣樂觀。我認為這是一個非常好的用餐機會。但我必須有激光聚焦。我已經描述了 3 個步驟，向前的 3 個步驟，我們可以製造這些汽車，我們可以出售它們嗎？我們可以在它們上面製作一個模塊嗎？去年，我的重點是製造，我們製造了它們，我現在的重點是擴大信息，吸引更廣泛的受眾並提高我們的銷售額。但你是絕對正確的。我的意思是這是一場技術競賽，但人們對此知之甚少。

There's a reason we've got outstanding range -- with the reason we've got so much more range than the competition. It's not born due to an oversized battery pack. It's more upon excluding the efficiency, which we've created through in-house technology. That means we can go further with a smaller battery pack. That means our car can be lighter and more agile and more cost-effective to make. And this is where we have a leadership. And this is so relevant to many other car companies that haven't really invested in this new era of electric technology, but it's also good applications outside of automotive in heavy industry, aerospace and agriculture.

我們擁有出色的航程是有原因的——我們的航程遠超競爭對手是有原因的。它不是因為超大電池組而誕生的。更多的是排除我們通過內部技術創造的效率。這意味著我們可以使用更小的電池組走得更遠。這意味著我們的汽車可以更輕、更靈活、製造成本更低。這就是我們擁有領導力的地方。這與許多其他尚未真正投資電動技術新時代的汽車公司息息相關，但它在汽車以外的重工業、航空航天和農業領域也有很好的應用。

And as you may have heard me say in prior earnings calls as well. This just doesn't have an application just for like the passenger cars like Peter is saying, but also opportunities for fleet operators. They more than anybody, appreciate the efficiency, the performance, the range that we have, uptime is important to them, range is important to them. So those are factors that we think also makes us a very attractive option for fleets as well.

正如你在之前的財報電話會議上也可能聽過我說的那樣。這不僅僅是像彼得所說的乘用車那樣的應用程序，還有車隊運營商的機會。他們比任何人都更欣賞我們的效率、性能和航程，正常運行時間對他們很重要，航程對他們很重要。因此，我們認為這些因素也使我們成為車隊非常有吸引力的選擇。

I do also think, though, that there is a natural time scale to this. I think that many traditional automakers have only just come to terms with the fact that battery electric is indeed the future. And I think that amongst those, many are yet to recognize the value of high-technology solutions not commoditizing EV technology and the true value of efficiency. Not my words, efficiency is not some esoteric thing that appeals just to engineers and scientists. It has a tangible value to the commercial viability of the company, because the battery pack is the biggest single big-ticket item in the bill of materials of the car. And if you can meaningfully reduce the size of the battery for a given range through efficiency, that means that you can make a more profitable product. And I think that many people are actually really weakening up to this realization.

不過，我也確實認為，這有一個自然的時間尺度。我認為許多傳統汽車製造商才剛剛接受電池電動確實是未來這一事實。我認為，其中許多人尚未認識到不將電動汽車技術商品化的高科技解決方案的價值以及效率的真正價值。不是我的話，效率並不是只對工程師和科學家有吸引力的深奧事物。它對公司的商業可行性具有切實的價值，因為電池組是汽車材料清單中最大的單一大件物品。如果您可以通過提高效率在給定範圍內有意義地減小電池的尺寸，那意味著您可以製造出更有利可圖的產品。而且我認為很多人實際上都在削弱這種認識。

(Operator Instructions) Our next question comes from the line of Ron Jewsikow with Guggenheim Partners.

（操作員說明）我們的下一個問題來自 Ron Jewsikow 與 Guggenheim Partners 的合作。

First on reservations. Are you seeing higher cancellation rates on maybe your higher trim vehicles? Or what drove the recent decision to add an incentive on select trim levels?

首先是預訂。您是否看到您的高級車輛的取消率更高？或者是什麼促使最近決定增加對特定修剪級別的激勵？

Well, remember that when we have a reservation, it is a nonbinding reservation. So there's no guarantee that someone who's made a reservation will actually follow through with that. What we are seeing is a very strong demand, particularly or a product sort of forthcoming Pure rear-drive Pure Touring. I think that we've had a very strong uptake of green addition and Grand Touring, but I think there is a latent demand for other products in the range and particularly stealth. I think there's a strong demand for stealth, and that's why I frustrated that we have some supply chain issues now, which are delaying that a little bit, but it's coming very soon.

好吧，請記住，當我們有保留時，它是一個不具約束力的保留。因此，無法保證預訂的人會真正完成預訂。我們看到的是非常強勁的需求，尤其是即將推出的 Pure 後驅 Pure Touring 產品。我認為我們對綠色添加和 Grand Touring 的接受度非常高，但我認為對該系列中的其他產品存在潛在需求，尤其是隱形產品。我認為對隱形的需求很大，這就是為什麼我對我們現在有一些供應鏈問題感到沮喪，這些問題稍微推遲了一點，但它很快就會到來。

Okay. So that's helpful. And then presentation calls out strong demand for Air, Pure. And I think that makes perfect sense, especially when we look at the implied potential sales in the reservation backlog. But is that the single biggest gating factor for 2023 production, or maybe are we under appreciating some of the stealth and international batching being pretty large issues. I guess the way we think about it is geared ramping pretty meaningfully.

好的。所以這很有幫助。然後介紹提出了對 Air, Pure 的強烈需求。我認為這是完全有道理的，尤其是當我們查看預訂積壓中隱含的潛在銷售量時。但這是 2023 年生產的最大單一限制因素，還是我們沒有意識到一些秘密和國際批次是相當大的問題。我想我們考慮它的方式是非常有意義的。

Yes, it's an overlay of another -- it's normal [answer] than that. I mean it's just the different specification of cars, interior color, exterior between the range of Touring, Grand Touring and Pure and then you've got the real combinations and then you overlay that with the stealth. There's quite a number of combinations here, and it's matching the discrete requirements, the very discerning requirements, a very discerning high-end customer base with our ability to build specifically those specs of cars and get those to the customers. That is 1 factor. And then we have the overlay of the international deliveries and the fact then that you've got relatively long journeys to faraway places between the factory and actually the customer. So all these factors conspire to, and we give a very analytical approach. Sherry has led a very thorough analysis from the executive team looking at a whole range of factors to lead to these conclusions.

是的，它是另一個的疊加層——比那更正常 [answer]。我的意思是，這只是 Touring、Grand Touring 和 Pure 系列之間的汽車規格、內飾顏色、外觀的不同，然後你得到了真正的組合，然後你用隱形覆蓋了它。這裡有相當多的組合，它符合離散的要求，非常挑剔的要求，非常挑剔的高端客戶群，我們有能力專門製造這些規格的汽車並將其提供給客戶。那是1個因素。然後我們有國際交付的疊加，然後你有相對較長的旅程到工廠和實際客戶之間的遙遠地方。所以所有這些因素共同作用，我們給出了一個非常分析的方法。雪莉帶領執行團隊進行了非常徹底的分析，著眼於得出這些結論的一系列因素。

Capable of whole cross-functional, look at that across every single area from supply chain to manufacturing to all of those, and as we said that, the manufacturing is very well prepared to be able to take on additional volumes as they come for.

能夠全面跨職能，從供應鏈到製造再到所有這些領域，看看每個領域，正如我們所說，製造業已經做好充分準備，能夠在需要時承擔額外的數量。

Production is no longer a bottleneck here. But I would say that one of the biggest factors we face, and I'll be very transparent here is, we've -- I believe, for what from my perspective, we've got the very best car in the world and not enough people know about it. And actually, that is an entirely solvable problem, I believe.

生產不再是這裡的瓶頸。但我要說的是，我們面臨的最大因素之一，我在這裡將非常透明，我們已經 - 我相信，從我的角度來看，我們擁有世界上最好的汽車，而不是足夠多的人知道它。實際上，我相信這是一個完全可以解決的問題。

Our next question comes from the line of Chris McNally with Evercore.

我們的下一個問題來自 Evercore 的 Chris McNally。

Two quick ones, one on Pure and then one just qualitatively on gross margin. So Peter, on Pure, you mentioned that more units and more volume will be available in early 2024. And just to combine the sort of demand, wait time and reservations comments you already answered to some of the other questions, why couldn't you produce more Pure this year that would pull in higher conversion from the reservations and just do it this year as opposed to '24. That was the part that I wasn't clear.

兩個快速的，一個關於純，然後一個只是關於毛利率的定性。所以 Peter，在 Pure 上，你提到 2024 年初將提供更多的單位和更多的數量。只是為了結合你已經回答了其他一些問題的需求、等待時間和預訂評論，你為什麼不能今年生產更多 Pure，這將從預訂中獲得更高的轉化率，今年就這樣做，而不是 24 年。那是我不清楚的部分。

We don't have to wait till 2024. What we've said is that Gravity will start production in '24. We're absolutely indeed doing that, Chris. We're ramping up Pure, and we will ride Pure throughout this year. It's what we need to do is ramp up the suppliers' ability to supply the parts for those particular models.

我們不必等到 2024 年。我們所說的是 Gravity 將在 24 年開始生產。克里斯，我們絕對確實在這樣做。我們正在加強 Pure，我們將在今年全年使用 Pure。我們需要做的是提高供應商為這些特定型號提供零件的能力。

Okay. So while production is not a bottleneck, there is maybe component supply issues that have a natural ramp curve for Pure. So you are somewhat limited on the amount that you can produce Pure this year, even though it's not a "bottleneck."

好的。因此，雖然生產不是瓶頸，但 Pure 可能存在具有自然斜坡曲線的組件供應問題。因此，您今年可以生產 Pure 的數量有所限制，即使這不是“瓶頸”。

That's right. And we're further ahead with 4-wheel-drive Pure than 2-wheel-drive Pure. And actually, 2-wheel drive Pure is a great car as well because it's a classic. We will drive car, they are driver's machine.

這是正確的。我們在 4 輪驅動 Pure 方面比 2 輪驅動 Pure 更領先。實際上，兩輪驅動的 Pure 也是一款出色的汽車，因為它是一款經典車型。我們會開車，他們是司機的機器。

Okay. Peter, would you -- I mean just because there's always a question that will result of this, chicken and egg, of demand versus production. Would you be willing to venture on a go-forward basis do. You think Pure will be sort of greater than 50% of the -- of sort of the demand for Air if we put Gravity aside?

好的。彼得，你會不會——我的意思是因為總有一個問題會導致這個問題，雞和蛋，需求與生產。你願意在前進的基礎上冒險嗎？如果我們把重力放在一邊，你認為 Pure 將超過 50% 的空氣需求？

I would think that's a reasonable function, yes. I think that we're looking for just its price point who will determine that figure with that presumption would be a reasonable, yes. I can't dive precisely on the product mix, but I would thinking not far off.

我認為這是一個合理的功能，是的。我認為我們只是在尋找它的價格點，誰會根據該假設確定該數字是合理的，是的。我無法準確地了解產品組合，但我認為相距不遠。

I would think that over time that that's what you would see. You're going to have some different impacts here in the near term because some of the regions like the Middle East and Europe haven't had the opportunity to enjoy some of the higher products yet. So there's going to be maybe a little bit more focus on those earlier and then they would get Pure a little bit [later].

我認為隨著時間的推移，這就是你會看到的。短期內你將在這裡產生一些不同的影響，因為中東和歐洲等一些地區還沒有機會享受一些更高的產品。因此，可能會更早地關注那些，然後他們會 [稍後] 獲得一點 Pure。

And that's what we're going to be building Green and Grand Touring is now very soon for Europe and the Middle East in numbers as we ramp up that. So there will be a skew towards higher end products, but I think that will be transient in those markets.

這就是我們將要建設的 Green 和 Grand Touring，隨著我們的增加，歐洲和中東的數量很快就會增加。所以會偏向高端產品，但我認為這在這些市場中將是短暫的。

Okay. Great. And then, Sherry, just one more for you. I know you don't want to give gross margin targets or guidance. But is it fair to assume you talked about the cost improvements from sort of the 58% sort of "normalize" in second half, you'll make some improvements over the course of 2023. But you really won't get the unit scale under absorption, just given the numbers versus where sort of second half and Q4 are? Is it fair to assume that, that is probably, by far, the absolute largest bucket to get you to gross margin positive. And that when I think about a high utilization number, you probably have to get production into the 30-plus units to sort of have high utilization on just Phase I. Again, no numbers, but conceptually.

好的。偉大的。然後，雪莉，再給你一份。我知道你不想給出毛利率目標或指導。但是假設你在下半年談到了 58% 的“正常化”帶來的成本改進，你會在 2023 年期間做出一些改進，這公平嗎？但你真的不會得到單位規模吸收，僅給出數字與下半年和第四季度的情況？假設這可能是迄今為止讓您獲得正毛利率的絕對最大桶是否公平？而且，當我考慮高利用率數字時，您可能必須將生產投入 30 多個單位才能在第一階段獲得高利用率。同樣，沒有數字，但在概念上。

Yes. I think conceptually, you're thinking about the right way. I think that we're seeing really good reductions in bill and material costs. And the -- as I said, in some of the other areas where I think we have some control, including inbound freight, but that, remember, it's going to take through the year to start to see. So it's going to be gradual over time. And then when you look at volumes probably increasing over that period, we guided that Q1 will be low and the fact that you've got some depreciation that's going to start activating as we bring on some of those additional shops towards the end of the year, that's going to increase the depreciation and the volume is not going to catch up entirely to that, right? So you've got some competing forces there, but I think you've got a pretty good understanding of it as you just described it.

是的。我認為從概念上講，您正在考慮正確的方法。我認為我們看到了賬單和材料成本的顯著降低。而且 - 正如我所說，在我認為我們可以控制的其他一些領域，包括入境貨運，但請記住，這將需要一年的時間才能開始看到。所以隨著時間的推移，這將是漸進的。然後，當您查看這段時間的銷量可能會增加時，我們指導第一季度將會很低，而且隨著我們在年底前增加一些額外的商店，您的折舊將開始激活這一事實，這將增加折舊，並且數量不會完全趕上它，對嗎？所以你那裡有一些競爭力量，但我認為你已經對它有了很好的理解，就像你剛才描述的那樣。

Thank you. Ladies and gentlemen, this concludes our Q&A session. I would now like to turn the call back to Maynard for closing remarks.

謝謝。女士們，先生們，我們的問答環節到此結束。我現在想把電話轉回給梅納德，讓他發表結束語。

Thanks, everyone. This concludes Lucid's fourth quarter 2022 earnings conference call. Thank you all for joining us today, and you may now disconnect.

感謝大家。 Lucid 2022 年第四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。