Lucid Group Inc (LCID) 2023 Q1 法說會逐字稿

Hello, and thank you for standing by, and welcome to Lucid Group's First Quarter '23 Earnings Conference Call. (Operator Instructions)

您好，感謝您的支持，歡迎來到 Lucid Group 的 23 年第一季度收益電話會議。 （操作員說明）

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

我現在想把會議交給 Maynard 嗯，你可以開始了。

Thank you, and welcome to Lucid Group's First Quarter 2023 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 的 2023 年第一季度收益電話會議。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 law. 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 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 first quarter earnings call.

謝謝梅納德，也謝謝大家參加我們的第一季度財報電話會議。

In quarter 1, we produced 2,314 vehicles and delivered 1,406. Sherry will go into more detail on our financials, but I would like to first thank all our employees. We have the best EV on the market, and really, I believe, the best car on the market, and it would not have been possible without the collective efforts of our entire team, which is a direct result of tremendous perseverance, resourcefulness and teamwork. I want to express my deep personal gratitude to everyone who has contributed to and the teams that will help advance our mission going forward.

第一季度，我們生產了 2,314 輛汽車，交付了 1,406 輛。雪莉將詳細介紹我們的財務狀況，但我想首先感謝我們所有的員工。我們擁有市場上最好的電動汽車，我相信，真的是市場上最好的汽車，如果沒有我們整個團隊的共同努力，這是不可能的，這是巨大的毅力、足智多謀和團隊合作的直接結果.我想對所有做出貢獻的人和將幫助推進我們的使命的團隊表示深深的個人感謝。

I'm very excited about our future and the opportunities that lie ahead of us. We have the best EV on the market and really, I believe, the best car on the market. And it would not have been possible without the collective efforts of the entire team.

我對我們的未來和擺在我們面前的機遇感到非常興奮。我們擁有市場上最好的電動汽車，而且我相信，我們確實是市場上最好的汽車。沒有整個團隊的共同努力，這是不可能的。

I would like to welcome 3 new members of the Board, Sherif Marakby, Chabi Nouri, and Ori Winitzer. Together, they bring significant global experience in the areas of marketing, finance and operations across automotive, technology and luxury consumer goods. Now these additions are a reflection of the company's evolution as we mature to the growth and brand awareness stage of our life cycle.

我要歡迎董事會的 3 位新成員，Sherif Marakby、Chabi Nouri 和 Ori Winitzer。他們共同在汽車、技術和奢侈品消費品的營銷、金融和運營領域帶來了豐富的全球經驗。現在，隨著我們進入生命週期的成長和品牌知名度階段，這些新增內容反映了公司的發展。

I'd also like to congratulate Turqi Alnowaiser on his appointment as Lucid's Chairman of the Board and also thank Andrew Liveris for his guidance during his service as Chairman. And also, a heartfelt thank you to outgoing Board members, Nancy Gioia, Tony Posawatz and Frank Lindenberg for their significant contributions and their dedication to Lucid's mission.

我還要祝賀 Turqi Alnowaiser 被任命為 Lucid 的董事會主席，並感謝 Andrew Liveris 在擔任董事長期間的指導。此外，衷心感謝即將離任的董事會成員 Nancy Gioia、Tony Posawatz 和 Frank Lindenberg，感謝他們對 Lucid 使命的重大貢獻和奉獻。

Now last quarter, I laid out 2 key significant strategic priorities for the company: number one, growth and brand awareness; and number two, a laser focus upon cost. We have taken immediate action on both. We made the decision to adjust our workforce in Q1 given evolving business needs, productivity improvements and broader economic uncertainty, which we, like many others, are not immune from. Whilst we believe this positions us to be more agile and puts us in the best position for success moving forward, it was nonetheless a difficult decision.

上個季度，我為公司製定了 2 個關鍵的重要戰略重點：第一，增長和品牌知名度；第二，增長和品牌知名度。第二，高度關注成本。我們已立即對兩者採取行動。考慮到不斷變化的業務需求、生產力的提高和更廣泛的經濟不確定性，我們決定在第一季度調整我們的員工隊伍，我們和許多其他人一樣，都無法倖免。雖然我們相信這使我們變得更加敏捷，並使我們處於成功前進的最佳位置，但這仍然是一個艱難的決定。

Sherry will speak to our cost focus in greater depth. So let me provide an update on our growth and brand awareness progress.

雪莉將更深入地談到我們的成本重點。因此，讓我提供有關我們的增長和品牌知名度進展的最新信息。

Now we continue to make strides in growing our brand awareness. And I'm proud to say that Lucid Air was recently awarded a number of prestigious industry accolades. Adding to our existing portfolio of awards such as the 2022 Motor Trend Car of the Year. At the 2023 New York International Auto Show, Lucid Air was crowned the 2023 World luxury Car. Lucid Air was also named to the U.S. News & World Report 2023 Best Hybrid & Electric Cars list for Best Luxury Electric Car.

現在，我們繼續在提高品牌知名度方面取得長足進步。我很自豪地說，Lucid Air 最近獲得了多項著名的行業榮譽。添加到我們現有的獎項組合中，例如 2022 年度汽車趨勢汽車。在2023年紐約國際車展上，Lucid Air榮膺2023年世界豪華車。 Lucid Air 還被《美國新聞與世界報導》評為 2023 年最佳混合動力和電動汽車最佳豪華電動汽車榜單。

Now these awards reinforce our belief that the Lucid Air not just the best EV in the world but the best car available in the world today. The Lucid Air sets a new industry benchmark for range and 2 versions that were the first EVs to achieve an EPA estimated range over 500 miles. And we've set these new standards, thanks in part to our groundbreaking in-house development technology, which continues to garner significant industry attention. In fact, Lucid recently received the 2023 Newsweek Powertrain Disruptor of the Year award.

現在，這些獎項強化了我們的信念，即 Lucid Air 不僅是世界上最好的電動汽車，而且是當今世界上最好的汽車。 Lucid Air 為續航里程和 2 個版本設定了新的行業基準，這是首批達到 EPA 估計續航里程超過 500 英里的電動汽車。我們已經制定了這些新標準，這在一定程度上要歸功於我們開創性的內部開發技術，該技術繼續受到業界的廣泛關注。事實上，Lucid 最近獲得了 2023 年《新聞周刊》年度動力總成顛覆者獎。

I cannot underscore enough how advanced our technology is, making it the best in the world on many metrics. I believe that we are years ahead of our next closest competitor who, in turn, we believe, is several years ahead of their next closest competitor. I believe that, as more companies come to the realization that developing world-class powertrains is not as easy as we make it look, then we will continue to grow more interest in our patented hardware and software technology from other OEMs.

我無法充分強調我們的技術有多先進，使其在許多指標上成為世界上最好的。我相信我們比下一個最接近的競爭對手領先幾年，我們相信，反過來，我們也比他們下一個最接近的競爭對手領先幾年。我相信，隨著越來越多的公司開始意識到開發世界一流的動力系統並不像我們看起來那麼容易，那麼我們將繼續對其他 OEM 的專利硬件和軟件技術產生更多興趣。

And in fact, we continue to see interest from multiple parties. As I've said in the past, whilst this is not an area where we've put a tremendous amount of proactive attention, I'm pleased with the growing levels of interest and progress that we're receiving with these OEMs.

事實上，我們繼續看到多方的興趣。正如我過去所說，雖然這不是我們投入大量主動關注的領域，但我很高興我們對這些 OEM 的興趣和進步水平不斷提高。

So our technology and know-how is what enables us to have game-changing range, supercar levels of performance, superfast charging, a luxurious and spacious interior and exceptional aerodynamics. But I also want to stress that the best technology does not mean most complex nor most expensive. In fact, it's quite the opposite. I believe that our vehicles are fundamentally easier to manufacture in many ways than our competitors. And this is done through brilliant in-house engineering, design for manufacture and very high degrees of innovation.

因此，我們的技術和專有技術使我們能夠擁有改變遊戲規則的續航里程、超級跑車級別的性能、超快充電、豪華寬敞的內部空間以及卓越的空氣動力學性能。但我也想強調，最好的技術並不意味著最複雜或最昂貴。事實上，情況恰恰相反。我相信我們的車輛在很多方面都比我們的競爭對手更容易製造。這是通過出色的內部工程、製造設計和高度創新來實現的。

And we're not resting on our laurels. We're using advanced technology to drive down the costs for EVs. We're moving towards more efficient EVs in order to decrease the battery pack sizes, which will enable lower-cost vehicles. And we have much more to come with an exceptional technology road map and further enhancements and innovations, pushing the envelope on what's possible, including for our midsized platform.

我們並沒有固步自封。我們正在使用先進技術來降低電動汽車的成本。我們正在轉向更高效的電動汽車，以減小電池組的尺寸，從而使車輛成本更低。我們還有更多的事情要做，包括卓越的技術路線圖和進一步的增強和創新，推動一切可能的極限，包括我們的中型平台。

Now looking more near term, Sapphire is on track for sales and production later this summer in mid-September. The Lucid Air Sapphire will feature 3 motors, carbon ceramic brakes, an aerodynamic package, new sports seats and track-tuned suspension for a sublime driver-focused sporting experience. It's expected to boast a sub-2 seconds 0 to 60 miles an hour and a sub-4 seconds 0 to 100 miles an hour, with a sub-9 second quarter mile and top speed exceeding 200 miles an hour. I've been test driving Sapphire very recently, and I'm finding it extremely satisfactory in terms of its performance.

現在看起來更近期，Sapphire 有望在今年夏天晚些時候的 9 月中旬進行銷售和生產。 Lucid Air Sapphire 將配備 3 個電機、碳陶瓷製動器、空氣動力學組件、新的運動座椅和軌道調諧懸架，以提供以駕駛員為中心的卓越運動體驗。預計它在 0 到 60 英里/小時的速度低於 2 秒，在 0 到 100 英里/小時的速度低於 4 秒，第二個四分之一英里低於 9 秒，最高時速超過 200 英里。我最近試駕了Sapphire，我覺得它的性能非常令人滿意。

I'm also excited to announce that the Gravity SUV entered a new phase of development, with road testing having started a couple of weeks ago. Just as Lucid Air redefined the sedan category, I believe that the Gravity SUV is positioned to do exactly the same for its corresponding SUV category. Indeed, we're taking all the best elements there and putting them into an SUV, a game-changing range and efficient to see amazing interior space, fast-charging performance and luxury. Just last week, I was out in a Gravity on a test drive, and I'm delighted with the progress that has been made. Make no mistake, the Gravity SUV will be a true landmark. And we can't wait for you to experience the Gravity SUV at an unveil later this year, at which time you'll be able to place a reservation. We think you're going to absolutely love it.

我也很高興地宣布，Gravity SUV 進入了一個新的開發階段，路測已於幾週前開始。正如 Lucid Air 重新定義了轎車類別一樣，我相信 Gravity SUV 的定位完全相同，可以為其相應的 SUV 類別做同樣的事情。事實上，我們正在將所有最好的元素融入到 SUV 中，這是一款改變遊戲規則的高效車型，可以看到令人驚嘆的內部空間、快速充電性能和奢華。就在上週，我在 Gravity 中進行了試駕，我對所取得的進展感到高興。毫無疑問，Gravity SUV 將成為真正的里程碑。我們迫不及待地想讓您在今年晚些時候的發布會上體驗 Gravity SUV，屆時您就可以進行預訂了。我們認為您一定會愛上它。

Now in software, we continue to make big strides. We had 5 over-the-air updates in Q1 with a number of features that customers have been requesting, including CarPlay and scheduled charging. And indeed, we're working on many more exciting updates. We're listening intently to what our customers want, while simultaneously providing more in-house design features to provide our customers with whatever best-in-class experience they prefer. And what's more important is to emphasize that we've designed be over-the-air updatable from the very start. And I believe that there are very few that have the over-the-air capability to the same degree. It's a platform on which we can do so much more.

現在在軟件方面，我們繼續取得長足進步。我們在第一季度進行了 5 次無線更新，其中包含客戶一直要求的許多功能，包括 CarPlay 和定時充電。事實上，我們正在努力進行更多令人興奮的更新。我們專注於傾聽客戶的需求，同時提供更多內部設計功能，為我們的客戶提供他們喜歡的任何一流體驗。更重要的是要強調我們從一開始就設計為可無線更新。而且我相信很少有人具備相同程度的空中傳輸能力。這是一個我們可以做更多事情的平台。

On our last earnings call in February, I spoke about customer awareness of the Lucid brand. We see brand growth happening in stages, starting with the innovators, then early adopters and moving to early majority and beyond. We believe we are still early on in our customer growth stage of innovators and early adopters. And as we achieve the tipping point in brand visibility, once enough cars are on the road, we believe we will see a higher velocity of growth.

在 2 月份的最後一次財報電話會議上，我談到了客戶對 Lucid 品牌的認知度。我們看到品牌的成長是分階段發生的，從創新者開始，然後是早期採用者，再到早期大眾，甚至更多。我們相信我們仍處於創新者和早期採用者的客戶增長階段。隨著我們達到品牌知名度的臨界點，一旦有足夠多的汽車上路，我們相信我們將看到更高的增長速度。

And we've continued to take serious action and a holistic data-driven approach to our marketing programs focused on qualified awareness, digital conversion, test drive experiences and conversion to orders and deliveries. And we're seeing some early wins. The number of test drives has nearly doubled in the first quarter from the fourth quarter of last year. I believe that seeing is believing. And once you experience the handling, the quality, the performance and the interior space of Lucid Air for yourself, you'll understand the award-winning nature of our vehicles. We see test drives as the key stepping stone for customers considering the purchase of a Lucid Air.

我們繼續對我們的營銷計劃採取認真的行動和整體數據驅動的方法，重點是合格的意識、數字轉換、試駕體驗以及訂單和交付的轉換。我們看到了一些早期的勝利。今年第一季度的試駕人數比去年第四季度增長了近一倍。我相信眼見為實。一旦您親身體驗了 Lucid Air 的操控、質量、性能和內部空間，您就會了解我們車輛屢獲殊榮的本質。我們將試駕視為考慮購買 Lucid Air 的客戶的關鍵踏腳石。

We launched our Dream Ahead Tour last month, which is designed to showcase the Lucid Air's game-changing electric vehicle performance and technology. Consumers will have the opportunity to experience and drive our 3 Lucid Air models: the Lucid Air Pure, the Lucid Air Touring and Grand Touring. And they will do that in 42 key cities right across the U.S.A. Now in fact, the White House promoted our Dream Ahead Tour as part of President Biden's EV Acceleration Challenge, highlighting actions to encourage EV deployment.

我們上個月啟動了 Dream Ahead Tour，旨在展示 Lucid Air 改變遊戲規則的電動汽車性能和技術。消費者將有機會體驗和駕駛我們的 3 款 Lucid Air 車型：Lucid Air Pure、Lucid Air Touring 和 Grand Touring。他們將在全美 42 個主要城市這樣做。現在，事實上，白宮將我們的 Dream Ahead Tour 作為拜登總統電動汽車加速挑戰的一部分，強調了鼓勵電動汽車部署的行動。

I'm also delighted to announce that Andrea Soriani recently joined Lucid as our new Head of Marketing. Andrea brings over 25 years of experience in luxury brands and automotive, having worked at companies such as Maserati, Ferrari and TAG Heuer.

我也很高興地宣布 Andrea Soriani 最近加入 Lucid，擔任我們的新營銷主管。 Andrea 在奢侈品牌和汽車領域擁有超過 25 年的經驗，曾在瑪莎拉蒂、法拉利和泰格豪雅等公司工作。

And we certainly expect Lucid Air Sapphire and the Gravity SUV to further elevate awareness of the Lucid brand. There are many more grassroots efforts underway capitalizing upon our incredibly passionate customers, who are also our biggest advocates.

我們當然期待 Lucid Air Sapphire 和 Gravity SUV 進一步提升 Lucid 品牌的知名度。還有更多的基層努力正在利用我們極其熱情的客戶，他們也是我們最大的擁護者。

Now there's a misconception out there that Lucid Air's starting price is far higher than it actually is. Many people out there really believe that the Lucid Air is a $200,000 car. Well, the fact is that the starting price for Lucid Air Pure is $87,400, which we believe is a truly compelling offering in the marketplace today. And we're working on ways to achieve broader access. We started deliveries of Lucid Airs with Stealth Appearance last month, and we'll deliver more Lucid Air Dream and Grand Touring this quarter to customers in the EU and in Saudi Arabia.

現在有一種誤解，認為 Lucid Air 的起始價格遠高於實際價格。許多人真的相信 Lucid Air 是一輛價值 20 萬美元的汽車。事實上，Lucid Air Pure 的起價為 87,400 美元，我們認為這是當今市場上真正引人注目的產品。我們正在研究實現更廣泛訪問的方法。我們上個月開始交付具有 Stealth Appearance 的 Lucid Airs，本季度我們將向歐盟和沙特阿拉伯的客戶交付更多的 Lucid Air Dream 和 Grand Touring。

We've resolved some of the gating items, and we'll continue to focus on ramping up production of Stealth Appearance and components for international shipments in the second quarter. We expect the Lucid Air Pure volumes in the back half to also ramp, with the start of the Lucid Air Pure real-world drive in North America.

我們已經解決了一些門控項目，我們將繼續專注於在第二季度提高 Stealth Appearance 和組件的產量以供國際發貨。我們預計，隨著 Lucid Air Pure 在北美的真實世界駕駛開始，後半部分的 Lucid Air Pure 銷量也會增加。

We're on track to produce over 10,000 vehicles in 2023, with company-wide initiatives ongoing that will enable higher volumes as market conditions allow. And Sherry will go through guidance in greater detail.

我們有望在 2023 年生產超過 10,000 輛汽車，公司範圍內的計劃正在進行中，這將在市場條件允許的情況下實現更高的產量。雪莉將更詳細地接受指導。

So in closing, we recognize that we have more work to do, but we're making progress with our strategic priorities, and the team is totally energized. Our mission and our optimism are unchanged: we're committed to a more innovative and environmentally sustainable future, designing, building and delivering the best EVs on the market as we expand globally and develop more exceptional vehicles, such as the Gravity SUV, which we plan to launch in 2024.

因此，最後，我們認識到我們還有更多工作要做，但我們在戰略重點方面取得了進展，團隊充滿活力。我們的使命和樂觀態度沒有改變：我們致力於打造更具創新性和環境可持續性的未來，設計、製造和交付市場上最好的電動汽車，同時我們在全球擴張並開發更多卓越的車輛，例如我們推出的 Gravity SUV計劃於 2024 年推出。

I am confident that we have the most advanced technology. We have the right operational infrastructure and the know-how to deliver. And we have a track record of tenacity that will make us stronger.

我相信我們擁有最先進的技術。我們擁有合適的運營基礎設施和交付的專業知識。我們擁有堅韌不拔的記錄，這將使我們更加強大。

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

因此，讓我轉向雪莉，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 are taking the time to join us today. I'd like to begin by calling out a few recent highlights.

謝謝你，彼得，也感謝今天抽出時間加入我們的人。我想首先介紹一些最近的亮點。

Last month, we announced that Lucid joined the United Nations Global Compact, the world's largest corporate initiative advancing sustainable and socially responsible business practices. Sustainability is an integral part of what we do every day. It's our mission. And we view this as a natural progression in our sustainability journey as a company.

上個月，我們宣布 Lucid 加入了聯合國全球契約，這是世界上最大的推動可持續和對社會負責的商業實踐的企業倡議。可持續發展是我們每天所做工作不可或缺的一部分。這是我們的使命。我們將此視為公司可持續發展之旅的自然進展。

Last month, we also signed the first annual agreement with the Human Resources Development Fund, or HRDF, in Saudi Arabia. This agreement operationalizes the memorandum of understanding signed with the HRDF in October 2022 and will facilitate Lucid training programs and will fund skills development and salaries for Saudi nationals who work within our organizations within Saudi Arabia.

上個月，我們還在沙特阿拉伯與人力資源開發基金 (HRDF) 簽署了第一份年度協議。該協議實施了 2022 年 10 月與 HRDF 簽署的諒解備忘錄，並將促進 Lucid 培訓計劃，並將資助在我們沙特阿拉伯組織內工作的沙特國民的技能發展和工資。

The Public Investment Fund has connected us to many of the ministries throughout Saudi Arabia, and this HRDF agreement is another example of how those relationships and partnerships have resulted in significant economic and administrative support as we launch our international operations in the Middle East. The PIF has been a committed investor and a strategic partner for many years, and we're very grateful for their partnership and support.

公共投資基金將我們與沙特阿拉伯的許多部委聯繫起來，而這份 HRDF 協議是這些關係和夥伴關係如何在我們在中東開展國際業務時帶來重要經濟和行政支持的另一個例子。多年來，PIF 一直是忠實的投資者和戰略合作夥伴，我們非常感謝他們的合作和支持。

I'd also [speak] on the SEC investigation that was previously disclosed on December 6, 2021. On April 27, 2023, SEC staff informed Lucid that the SEC concluded their investigation related to the business combination between Churchill Capital Corp IV, which was Lucid's legal predecessor, and Atieva, Inc, and certain projections and statements. I'm pleased to inform you that they do not intend to recommend an enforcement action by the SEC against the company, which we view as a very positive outcome. We consider this matter closed.

我還會 [speak] 關於美國證券交易委員會之前於 2021 年 12 月 6 日披露的調查。2023 年 4 月 27 日，美國證券交易委員會工作人員通知 Lucid，美國證券交易委員會結束了與 Churchill Capital Corp IV 之間的企業合併相關的調查，該調查是Lucid 的法定前身和 Atieva, Inc，以及某些預測和聲明。我很高興地通知您，他們不打算建議美國證券交易委員會對該公司採取執法行動，我們認為這是一個非常積極的結果。我們認為此事已經結束。

I also want to talk about the Form S-3 and Form S-8 that you may have seen filed today after market close. We amended the existing S-3 with the filing of a new S-3. As you'll recall, we consummated a private placement of common stock to Ayar for aggregate proceeds of $915 million in December 2022. In connection with this private placement, we agreed to register the shares with the SEC. The Form S-3 is intended to register these shares by amending the existing Form S-3 that we filed in August 2022. This action was to fulfill our contractual obligations regarding registration rights and is not a new issuance.

我還想談談您可能在今天收市後看到的表格 S-3 和表格 S-8。我們通過提交新的 S-3 修改了現有的 S-3。您可能還記得，我們於 2022 年 12 月完成了向 Ayar 的普通股私募配售，總收益為 9.15 億美元。關於此次私募，我們同意在美國證券交易委員會登記股份。表格 S-3 旨在通過修改我們於 2022 年 8 月提交的現有表格 S-3 來註冊這些股票。此操作是為了履行我們關於註冊權的合同義務，而不是新發行。

We also filed a Form S-8. As a reminder, the Form S-8 is primarily to register the additional shares made available under the company's second amended and restated 2021 stock incentive plan, which was approved by the stockholders at the 2023 Annual Meeting on April 24.

我們還提交了 S-8 表格。提醒一下，S-8 表格主要是為了登記根據公司第二次修訂和重述的 2021 年股票激勵計劃提供的額外股份，該計劃在 4 月 24 日的 2023 年年會上獲得股東批准。

Moving to the business. As Peter mentioned, in Q1, we made the very difficult decision to streamline our workforce to better position the company for the future. We took a $22.5 million restructuring charge, which was at the lower end of the $22 million to $28 million we indicated in late March given that we were able to reallocate certain employees to other critical positions within the company. We anticipate the final part of this restructuring action, approximately $2 million, to occur in the second quarter.

轉向業務。正如彼得所提到的，在第一季度，我們做出了一個非常艱難的決定，即精簡我們的員工隊伍，以便更好地為公司的未來定位。我們承擔了 2250 萬美元的重組費用，這是我們在 3 月底表示的 2200 萬至 2800 萬美元的較低端，因為我們能夠將某些員工重新分配到公司內的其他關鍵職位。我們預計這一重組行動的最後一部分，大約 200 萬美元，將在第二季度進行。

Now turning to our 2023 first quarter financial results. We produced 2,314 vehicles, up 225% year-over-year; and delivered 1,406 vehicles, up approximately 291% year-over-year, making Q1 2023 our second highest performing quarter in terms of production and delivery volumes, though its performance was less than Q4 2022. As we guided last quarter, we expected Q1 to be down significantly versus Q4 2022 while we work to drive up qualified awareness of our world-class products and also work to unlock production of Stealth, the European and the Middle East variants. As Peter mentioned, we've now resolved some of those gating items and are focused on ramping these 3 areas further in Q2.

現在轉向我們 2023 年第一季度的財務業績。我們生產了 2,314 輛汽車，同比增長 225%；並交付了 1,406 輛汽車，同比增長約 291%，使 2023 年第一季度成為我們在生產和交付量方面表現第二好的季度，儘管其表現低於 2022 年第四季度。正如我們上季度的指導，我們預計第一季度與 2022 年第四季度相比顯著下降，同時我們努力提高對我們世界級產品的合格認知度，並努力解鎖 Stealth、歐洲和中東變體的生產。正如 Peter 所提到的，我們現在已經解決了其中一些門控項目，並專注於在第二季度進一步擴大這 3 個領域。

For Q1, we recorded revenue of $149.4 million, which represented a year-over-year increase of 159%. Cost of revenue was $500.5 million for the first quarter. Our gross margin was down on a quarter-over-quarter basis. This reduction was driven by lower volumes, which we signaled would be down in our Q4 earnings call in February. As part of that $500.5 million in cost of revenue, we recorded impairment charges of approximately $227 million in Q1 related to lower of cost or net realizable value, which we also refer to as LCNRV, obsolescence and losses from firm purchase commitments.

第一季度，我們錄得收入 1.494 億美元，同比增長 159%。第一季度的收入成本為 5.005 億美元。我們的毛利率環比下降。這種減少是由銷量下降推動的，我們在 2 月份的第四季度財報電話會議上表示銷量會下降。作為這 5.005 億美元收入成本的一部分，我們在第一季度記錄了與成本或可變現淨值中較低者相關的減值費用約 2.27 億美元，我們也將其稱為 LCNRV、過時和堅定購買承諾的損失。

Now moving to operating expenses. R&D expense totaled approximately $229.8 million, up 3.8% sequentially due in part to Gravity testing and tooling. Peter spoke about Gravity, and we're very excited that road testing has already begun. This increase was partially offset by the execution of cost initiatives to reduce outside services as well as freight.

現在轉向運營費用。研發費用總計約為 2.298 億美元，環比增長 3.8%，部分原因是重力測試和工具。 Peter 談到了 Gravity，我們很高興道路測試已經開始。這一增長部分被執行成本計劃以減少外部服務和運費所抵消。

SG&A expense was approximately $168.8 million, down 1.2% sequentially. The sequential decrease was primarily due to lower base staff compensation and IT expenses.

SG&A 費用約為 1.688 億美元，環比下降 1.2%。環比下降主要是由於較低的基本員工薪酬和 IT 費用。

While we are intently focused on optimizing costs, which I will talk about in a moment, it's equally important to note that we are continuing to invest behind our strategic and growth priorities including sales and service, customer care and the build-out of international offices and infrastructure. To that end, in the first quarter, we're excited to have opened 5 new studios and service centers, 3 are international sites, with 1 each in Montreal, Toronto and Oslo, Norway; and 2 are in the U.S., with 1 in the Washington, D.C. area and the second in the San Francisco Bay Area. This brought our total at the end of the quarter to 40. We'll continue to be strategic and judicious with our site expansion and are utilizing cost-effective pop-up studios with great effect to complement our studios for brand awareness.

雖然我們專注於優化成本，我稍後會談到這一點，但同樣重要的是要注意，我們將繼續投資於我們的戰略和增長優先事項，包括銷售和服務、客戶關懷和國際辦事處的擴建和基礎設施。為此，在第一季度，我們很高興開設了 5 個新的工作室和服務中心，其中 3 個是國際站點，蒙特利爾、多倫多和挪威奧斯陸各有 1 個； 2個在美國，1個在華盛頓特區，2個在舊金山灣區。這使我們在本季度末的總數達到 40 個。我們將繼續在網站擴展方面保持戰略性和明智性，並利用具有成本效益的彈出式工作室來補充我們的品牌知名度。

On the service side, we ended Q1 with 38 mobile vans in the fleet and 73 nationwide approved body shops to ensure high customer satisfaction as the fleet of Lucid vehicles continues to grow.

在服務方面，我們在第一季度結束時擁有 38 輛移動貨車和 73 家全國認可的車身修理廠，以確保隨著 Lucid 車隊的持續增長而獲得高客戶滿意度。

Our stock-based compensation in the quarter was $55.3 million. We also recorded a noncash expense of $40.8 million related to the change in fair value of our common stock warrant liability. As a reminder, this noncash impact can be influenced quarter-to-quarter by a number of factors, with one of the larger factors being Lucid's share price at the end of the quarter.

我們本季度的股票薪酬為 5530 萬美元。我們還記錄了與我們的普通股認股權證負債的公允價值變化相關的 4080 萬美元的非現金費用。提醒一下，這種非現金影響可能會受到許多因素的影響，其中一個較大的因素是本季度末 Lucid 的股價。

In Q1, we achieved an adjusted EBITDA loss of $643.9 million.

第一季度，我們實現了 6.439 億美元的調整後 EBITDA 虧損。

Now moving to the balance sheet. We ended the quarter with just over $3.4 billion in cash, cash equivalents and investments with total liquidity of approximately $4.1 billion. We're very proud of our ability to consistently sustain a strong balance sheet over time. We've been able to access a variety of funding options from the $2 billion green convertible bond offering at the end of 2021 to the $1.5 billion ATM in private placement at the end of 2022, alongside 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 the business, and we continue to believe that we have access to various options in debt and equity markets as well as access to low-cost government programs.

現在轉到資產負債表。本季度結束時，我們擁有超過 34 億美元的現金、現金等價物和投資，總流動資金約為 41 億美元。我們為能夠隨著時間的推移始終如一地維持強勁的資產負債表而感到自豪。我們已經能夠獲得多種融資選擇，從 2021 年底的 20 億美元綠色可轉換債券發行到 2022 年底的 15 億美元 ATM 私募，以及沙特阿拉伯的政府支持，以及 1億美元的 ABL 設施，我們與世界級的銀行集團合作。我們將繼續採取整體和機會主義的方法為企業提供資金，我們仍然相信我們可以在債務和股票市場上獲得各種選擇，以及獲得低成本的政府計劃。

Turning to inventory. Inventory increased sequentially due to the pace of our production volume ramp versus delivery in the quarter, raw materials associated with new vehicle variants that we are now producing and a higher volume of in-transit inventory as we move the remainder of the components, which are eligible for ocean transport to sea. Over the balance of the year, we expect a significant reduction in raw material days of inventory on hand, if supply chain pressures ease somewhat, we obtain more predictability in the transportation channel and we refine our inventory management processes and systems.

轉向庫存。由於我們的產量增長速度與本季度的交付速度、與我們現在生產的新車型相關的原材料以及我們移動剩餘部件時的在途庫存量增加，庫存量環比增加，這些部件是符合海運出海條件。在今年餘下的時間裡，我們預計原材料庫存天數將大幅減少，如果供應鏈壓力有所緩解，我們將在運輸渠道中獲得更多的可預測性，並改進我們的庫存管理流程和系統。

Capital expenditures were $242 million in Q1.

第一季度的資本支出為 2.42 億美元。

Now moving to the outlook. We are on track to produce over 10,000 vehicles in 2023 with company-wide initiatives ongoing that will enable Lucid to pivot to higher volumes as market conditions allow. While we typically don't provide delivery guidance, we wanted to provide some directional color to help you with your modeling.

現在轉向展望。我們有望在 2023 年生產超過 10,000 輛汽車，並在全公司範圍內採取行動，使 Lucid 能夠在市場條件允許的情況下轉向更高的產量。雖然我們通常不提供交付指南，但我們希望提供一些方向性顏色來幫助您進行建模。

For Q2, we are targeting deliveries to be up sequentially. We now have Pures in all U.S. showrooms for test drives, and we have a broader set of buildable configurations available, though it is important to note that we are still scaling those programs and we're continuing to work on our sales and qualified awareness initiatives. We expect that Q3 production and delivery numbers will ultimately be determined by how fast we are able to ramp the Pure buildable configuration. And as for Q4, we are expecting that to be our largest quarter of the year.

對於第二季度，我們的目標是按順序增加交付量。我們現在在美國的所有展廳都有 Pures 用於試駕，並且我們有更廣泛的可構建配置可用，但重要的是要注意我們仍在擴展這些程序並且我們將繼續致力於我們的銷售和合格的意識計劃.我們預計第三季度的生產和交付數量最終將取決於我們能夠以多快的速度提升 Pure 可構建配置。至於第四季度，我們預計這將是我們今年最大的季度。

While I would again caution that there are many controllable and uncontrollable variables that can affect gross margin, I want to provide some context on our expectation for the direction of gross margin this year.

雖然我要再次提醒，有許多可控和不可控的變量會影響毛利率，但我想提供一些關於我們對今年毛利率方向的預期的背景信息。

In the second quarter, we expect improvement on higher sequential volume. We also expect to realize improvements throughout the year as a result of our cost efficiency and cost optimization efforts. Specifically, our workforce restructuring in the first quarter is expected to result in annualized cost savings of approximately $91 million, geared towards cost of revenue, with the balance of the annual savings attributed to OpEx. You will start to see the full impact of the savings in Q2, less the approximately $2 million restructuring charge that we mentioned above and which will hit in Q2.

在第二季度，我們預計較高的連續銷量會有所改善。由於我們的成本效率和成本優化工作，我們還希望在全年實現改進。具體而言，我們在第一季度的勞動力重組預計將導致年化成本節省約 9100 萬美元，用於收入成本，年度節省的餘額歸因於運營支出。您將開始看到第二季度節省的全部影響，減去我們上面提到的將在第二季度產生的大約 200 萬美元的重組費用。

Second, we've been working a number of bill of material cost reduction efforts. We're expecting to see cost savings by the end of the year, not necessarily throughout the year, with more reductions already identified for 2024.

其次，我們一直在努力降低物料清單成本。我們預計到今年年底將看到成本節約，不一定是全年，我們已經確定 2024 年會有更多的削減。

Third, we have restructured a number of our freight contracts, and we believe that we'll continue to see improvements in this area over time.

第三，我們重組了一些貨運合同，我們相信隨著時間的推移，我們將繼續看到這方面的改進。

Lastly, we're working diligently to reduce the days outstanding of our raw material inventory. Over the past 18 months, we have held additional inventory due to concerns on part availability and logistics slowdown and, in some cases, banking of parts due to tooling capacity planning. However, this excess inventory has significant storage costs, reduces our ability to benefit from commodity price reductions that are now occurring and also increases risk for obsolescence if some parts expire or are outdated due to engineering changes. We believe that there is significant savings as we unwind some of this excess inventory and simultaneously refine our tracking and inventory systems. These actions will both reduce our working capital and our cost of revenue.

最後，我們正在努力減少原材料庫存的周轉天數。在過去的 18 個月裡，由於對零件可用性和物流放緩的擔憂，以及在某些情況下，由於工具能力規劃，我們持有額外的庫存。然而，這種過剩庫存會產生巨大的存儲成本，降低我們從目前正在發生的商品價格下降中獲益的能力，並且如果某些零件因工程變更而過期或過時，也會增加過時的風險。我們相信，隨著我們解除部分過剩庫存並同時改進我們的跟踪和庫存系統，可以節省大量資金。這些行動將減少我們的營運資金和收入成本。

Other gross margin tailwinds include the opportunity from the Inflation Reduction Act, which we think could contribute as much as a couple of thousand dollars per vehicle. And the regulatory environment is also getting more stringent, and we see opportunity on the emission credit side around the world. Recall, we signed our first emission credit deal in Q4 of 2022.

其他毛利率有利因素包括《降低通貨膨脹法案》帶來的機會，我們認為該法案可為每輛車貢獻高達兩千美元的收益。監管環境也越來越嚴格，我們在全球排放信用方面看到了機會。回想一下，我們在 2022 年第四季度簽署了第一份排放信用協議。

Regarding our liquidity position, we ended the quarter with approximately $4.1 billion in total liquidity, which we believe provides sufficient capital at least into the second quarter of 2024.

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 41 億美元，我們認為這至少可以為 2024 年第二季度提供足夠的資金。

Moving to CapEx. We expect capital expenditures for 2023 to be between $1.4 billion and $1.6 billion, reflecting some efficiencies, which were identified over the last quarter, and deferrals in our capital outlay. CapEx will support our continued growth objectives as we strategically invest in manufacturing capacity and capabilities, our retail studios and service center capabilities across the globe, in development of different products and technologies and other areas supporting growth of Lucid's business.

轉向資本支出。我們預計 2023 年的資本支出將在 14 億美元至 16 億美元之間，反映了上個季度確定的一些效率以及我們資本支出的延期。資本支出將支持我們的持續增長目標，因為我們戰略性地投資於製造能力和能力、我們在全球的零售工作室和服務中心能力、開發不同的產品和技術以及支持 Lucid 業務增長的其他領域。

Phase 2 of the factory build-out in Arizona is progressing, and we believe we'll benefit from a number of cost efficiencies, including moving logistics more fully on site and later bringing stamping in-house. We're also looking at bringing Phase 2 online in stages, on a shop-by-shop basis, which we expect will allow us to defer some capital expenditures and associated depreciation expense until 2024 without a delay in the estimated Gravity timing.

亞利桑那州工廠擴建的第 2 階段正在進行中，我們相信我們將受益於許多成本效益，包括更充分地在現場移動物流以及稍後在內部進行沖壓。我們還考慮在逐個商店的基礎上分階段將第 2 階段上線，我們希望這將使我們能夠將一些資本支出和相關折舊費用推遲到 2024 年，而不會延遲估計的 Gravity 時間。

With regard to our manufacturing progress in the Middle East, the first semi-knocked-down, also referred to as SKD, facility in Saudi Arabia with capacity of up to 5,000 units is nearly complete, and equipment installation will begin next month. We had a ribbon-cutting for our SKD building in Casa Grande, Arizona, trained up staff that came over from the Middle East, and we expect to be operational in Saudi Arabia in Q3. This is very exciting and exactly where we want to be.

關於我們在中東的製造進度，在沙特阿拉伯的第一個半散裝（也稱為 SKD）工廠產能高達 5,000 台已接近完成，設備安裝將於下個月開始。我們為位於亞利桑那州卡薩格蘭德的 SKD 大樓剪彩，培訓了來自中東的員工，我們預計將在第三季度在沙特阿拉伯投入運營。這非常令人興奮，也正是我們想要達到的目標。

In closing, I want to express my gratitude to the entire Lucid team as well as our investors, partners, suppliers and customers. With your support and commitment, we are several steps closer to realizing an environmentally sustainable future.

最後，我想對整個 Lucid 團隊以及我們的投資者、合作夥伴、供應商和客戶表示感謝。在您的支持和承諾下，我們離實現環境可持續發展的未來又近了幾步。

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？

Thanks, Sherry. We'll now start the Q&A portion of the call. We'll start by taking Q&A from our retail investors through the Say platform, very important constituency of our shareholder base, followed by live analyst questions.

謝謝，雪莉。我們現在將開始通話的問答部分。我們將首先通過 Say 平台（我們股東基礎的重要支持者）接受散戶投資者的問答，然後是現場分析師提問。

So our first retail question is, Peter, you have said, "I'd just like to under-promise and like to over-deliver." You promised 20,000 deliveries in 2022 and 49,000 in 2023. We got 4,022, and guidance is just 10,000 to 14,000 for '23. When will we see under-promising and over-delivering? It has been the complete opposite so far.

所以我們的第一個零售問題是，彼得，你說過，“我只是想少承諾，多交付。”你承諾在 2022 年交付 20,000 次，在 2023 年交付 49,000 次。我們得到了 4,022 次，而 23 年的指導只是 10,000 到 14,000 次。我們什麼時候會看到承諾不足和交付過多？到目前為止，情況完全相反。

Thank you, Maynard. I'd just like to say -- I'd start by saying to everyone I acknowledge and empathize with the frustration, and I take this very seriously. Under-promising and over-delivering isn't about setting low standards or being complacent. It's about being realistic and proactive and then going above and beyond to try to exceed expectations. And we as a management team, we've taken this very, very seriously.

謝謝你，梅納德。我只想說——我首先要對每個人說，我承認並同情這種挫敗感，我非常認真地對待這一點。承諾不足和交付過多並不是要設定低標准或自滿。這是關於現實和積極主動，然後超越並試圖超越期望。作為一個管理團隊，我們非常非常認真地對待這一點。

Back in '21, hardly anyone could have foreseen the disruption to the logistics and supply chain that we saw in 2022 that affected the whole industry. It wasn't just Lucid. It was a bunch of other car companies. Very established names were affected the same way. I was part of a team that worked night and day in that factory to resolve issues throughout '22. And as a huge team effort, we did that. And now we're facing challenges in the market, macroeconomic effects and high interest rates, which do impact. We've seen all the federal tax incentive at the end of 2022. And these are factors, which are very difficult to predict.

回到 21 年，幾乎沒有人能預見到我們在 2022 年看到的影響整個行業的物流和供應鏈中斷。不僅僅是清醒。這是一堆其他汽車公司。非常知名的品牌也受到同樣的影響。我是那個工廠夜以繼日地工作以解決整個 22 年問題的團隊的一員。作為一個巨大的團隊努力，我們做到了。現在我們面臨著市場挑戰、宏觀經濟影響和高利率，這些確實會產生影響。我們已經看到了 2022 年底的所有聯邦稅收激勵措施。這些都是很難預測的因素。

When we guide, we do so with absolute honesty and integrity, to the very best that we are able to estimate. And I truly empathize with our shareholders who are here with us through the long run. But I, nevertheless, believe that this is a technology race, that the technology that we've developed is unique. It's hugely differentiating. It will enable us to push the points of cars down because we've got more efficiency, which means we can go further with less battery energy, which means we can go the same distance as anyone else with smaller batteries. And battery is a high cost item, which gives us an advantage in terms of potential gross margin. And I believe this will come to bear in the future.

當我們進行指導時，我們會以絕對的誠實和正直做到我們能夠估計的最好程度。從長遠來看，我真的很同情我們的股東。但是，儘管如此，我相信這是一場技術競賽，我們開發的技術是獨一無二的。這是非常不同的。它將使我們能夠降低汽車的點數，因為我們獲得了更高的效率，這意味著我們可以用更少的電池能量走得更遠，這意味著我們可以用更小的電池走與其他人相同的距離。電池是一種高成本產品，這使我們在潛在毛利率方面具有優勢。我相信這會在未來出現。

And we've also got compelling products coming. We've got Sapphire, which is going to be a halo product for the brand and help grow brand awareness. As we know, that is a limiting factor right now. And then we've got the big one for production coming next year and on track, the Gravity, which I think is going to be a seminal product. So I temper this with unerring optimism for the future for Lucid.

我們也推出了引人注目的產品。我們有 Sapphire，它將成為品牌的光環產品，有助於提高品牌知名度。正如我們所知，這是目前的一個限制因素。然後我們將在明年投入生產併步入正軌，Gravity，我認為這將是一個開創性的產品。因此，我對 Lucid 的未來抱有絕對樂觀的態度。

Thanks, Peter. The second question is, would you consider launching the Gravity with a more price accessible trims first to attract more buyers, considering the current economy conditions?

謝謝，彼得。第二個問題是，考慮到當前的經濟狀況，您是否會考慮首先推出價格更親民的 Gravity 以吸引更多買家？

Yes. First thing, I would say that, from a principle perspective, and given where we are in the life cycle maturity of our company, we do think it's important to balance between volume and price, and not to optimize one to the detriment of the other. Your question is timely because we have been studying this topic, looking at launch cadence. The time between launches and the price elasticity curves and where the intersection of those end up optimizing for the company, it's still a little bit early for us to comment on our intended approach. But what I can say is that we've already sourced about 80% of the components on the Gravity. It's going really well. And we've been able to stay within our cost targets, which will ultimately give us maximum flexibility to react to dynamic market conditions over time.

是的。首先，我要說的是，從原則的角度來看，考慮到我們在公司生命週期成熟度中所處的位置，我們確實認為在數量和價格之間取得平衡很重要，而不是優化一個而損害另一個.你的問題很及時，因為我們一直在研究這個話題，關注發布節奏。發布和價格彈性曲線之間的時間以及這些曲線的交集最終為公司優化的地方，我們現在對我們的預期方法發表評論還為時過早。但我可以說的是，我們已經採購了 Gravity 上大約 80% 的組件。它真的很順利。而且我們已經能夠保持在我們的成本目標之內，這最終將為我們提供最大的靈活性，以隨著時間的推移對動態市場狀況做出反應。

We're also taking lessons learned from the Air in looking how we shrink the amount of time between trim launches, hence, getting all buildable configurations into all regions out to the public faster. And finally, we know it's important that customers are aware of the full price spectrum for the vehicle. We found that a lot of people simply don't know that we offer, in the case of an Air, a vehicle with a starting price of $87,000, as Peter mentioned a few moments ago. And hence, awareness is something that we continue to focus on. So we'll keep you posted as we can share more, perhaps if the Gravity unveils later this year, and in 2024 as we approach start of production.

我們還吸取了 Air 的經驗教訓，研究如何縮短 trim 發布之間的時間，從而更快地將所有可構建的配置放入所有區域並向公眾公開。最後，我們知道客戶了解車輛的全部價格範圍很重要。我們發現很多人根本不知道我們提供的 Air 起價為 87,000 美元，正如彼得剛才提到的那樣。因此，意識是我們繼續關注的事情。因此，我們會及時通知您，因為我們可以分享更多信息，也許如果 Gravity 在今年晚些時候發布，並在 2024 年我們接近開始生產時發布。

Thanks. Joanna, can we turn it over to phone questions, please?

謝謝。喬安娜，我們可以把它轉為電話問題嗎？

(Operator Instructions) Our first question comes from the line of Chris Pierce with Needham & Company.

（操作員說明）我們的第一個問題來自 Needham & Company 的 Chris Pierce。

Just a clarification, did I hear you right that test drives are up 2x in 1Q '23 versus the fourth quarter of last year? And if that is the case, I was just curious what was driving that given the Dream Ahead Tour launched in the second quarter, I believe.

只是澄清一下，我沒聽錯嗎，23 年第一季度的試駕量與去年第四季度相比增長了 2 倍？如果是這樣的話，我很好奇是什麼推動了 Dream Ahead Tour 在第二季度推出，我相信。

That is correct. It's been a whole holistic series other activities that we've initiated, which collectively will form the basis for our forthcoming marketing strategy. It's not just been the Dream Ahead Tour that's garnering a lot of test drives. But we've been much more proactive both at studio level through initiatives that we've undertaken from headquarters here to get more people in the car. People are blown away by the sportiness, the driver engagement, the refinement, the comfort of driving a Lucid Air. People who have never driven EVs before are attracted to this. So it's all about getting people behind the wheel to experience. Very few people will actually buy a car without experiencing a test drive. So I see this as a conduit, a sort of gateway, to a future purchase and ownership experience.

那是對的。這是我們發起的一系列其他活動，它們共同構成了我們即將推出的營銷戰略的基礎。獲得大量試駕的不僅僅是 Dream Ahead Tour。但是，通過我們從這裡的總部採取的讓更多人上車的舉措，我們在工作室層面更加積極主動。人們被駕駛 Lucid Air 的運動性、駕駛員參與度、精緻度和舒適度所震撼。以前從未駕駛過電動汽車的人對此很感興趣。所以這一切都是為了讓人們在方向盤後面體驗。很少有人會在沒有試駕的情況下真正購買汽車。因此，我將其視為通往未來購買和擁有體驗的渠道，一種門戶。

Okay. And then just lastly for me, with the cars available on the website right now, cars you have in inventory, is there something you're doing that coincides with the test drives or the Dream Ahead kind of work through that inventory? Or is it just about whatever specifications or configurations a customer wants, you'll build that based on whatever they order? I just kind of want to get a sense of it. I know you're not referencing time or price, but how are you kind of thinking about those 2 dynamics?

好的。然後最後對我來說，現在網站上有可用的汽車，你有庫存的汽車，你正在做的事情是否與試駕或通過庫存的 Dream Ahead 工作相吻合？或者只是關於客戶想要的任何規格或配置，您將根據他們的訂單進行構建？我只是想感受一下。我知道你不是指時間或價格，但你是如何看待這兩種動態的？

Well, we are reconfiguring the website to make the customer experience more seamless, more straightforward. We're showing the cars we have currently available that can be spec-ed on that website. And of course, we're building to order. We've recently introduced the Stealth, the dark side look, of Lucid Air. And that's really attracting a very different audience. It's a very different vibe, a more youthful appearance to that car. And it's a very handsome manifestation of the range.

好吧，我們正在重新配置網站，以使客戶體驗更加無縫、更加直接。我們正在展示我們目前可以在該網站上指定規格的汽車。當然，我們是按訂單生產的。我們最近推出了 Stealth，即 Lucid Air 的黑暗面外觀。這確實吸引了非常不同的觀眾。這是一種截然不同的氛圍，那輛車看起來更年輕。這是該系列的一個非常漂亮的體現。

So we're doing all those things. We've got increasing volumes of Touring out there. We've got Tourings in the studio to experience and test drives are undergoing. And of course, we're bringing more and more affordable versions of Air Pure, the Air Pure coming out. And later this year, we'll be bringing the real-world drive variant of the Air Pure out. Remember that many people believe that a Lucid Air is a $200,000 car. It actually starts at $87,400. We need to really dispel this myth.

所以我們正在做所有這些事情。我們那裡的巡演數量越來越多。我們在工作室中進行了 Tourings 體驗，試駕正在進行中。當然，我們推出了越來越實惠的 Air Pure 版本，Air Pure 即將問世。今年晚些時候，我們將推出 Air Pure 的真實驅動變體。請記住，許多人認為 Lucid Air 是一輛價值 20 萬美元的汽車。它實際上起價為 87,400 美元。我們需要真正消除這個神話。

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

（操作員說明）我們的下一個問題來自美國銀行的 John Murphy。

Peter, in your comments, it sounded like you were alluding to potentially licensing or selling the powertrain technology. And it sounded like that was actually pretty far along, potentially with some customers. I'm just curious if you can comment on that or give us any other color as to what those comments meant.

彼得，在你的評論中，你似乎在暗示可能會授權或出售動力總成技術。聽起來這實際上已經很遠了，可能與一些客戶有關。我只是想知道您是否可以對此發表評論，或者就這些評論的含義給我們任何其他顏色。

John, I'm not in a position to disclose anything tangible at this juncture, as I said earlier. But we continue to receive incoming interest. And I think there's a growing awareness that we have something very, very special here in terms of performance and efficiency. And if you can have something more efficient, you carry less batteries, so you're burdened with less battery weight, and this makes the car really more agile and more sporty, more of a driver-focused experience.

約翰，正如我之前所說，此時此刻我無法透露任何有形的信息。但我們繼續收到傳入的興趣。而且我認為人們越來越意識到我們在性能和效率方面有一些非常非常特別的東西。如果你能擁有更高效的東西，你攜帶的電池就會更少，那麼你的電池重量就會更輕，這會讓汽車真正變得更靈活、更運動，更像是一種以駕駛員為中心的體驗。

So the technology we have today is eminently suitable for higher-performance vehicles with our drive units of 600 to 670 horsepower capability. When we develop lower-power units, more affordable units, a mid-sized platform in a few years' time, that technology would be more appropriate for our more mainstream manufacturers. We've not proactively gone out to seek any engagement in this arena, but we've had multiple OEMs come speak to us, and we are in dialogue with several right now. And that's all I really can disclose at this juncture.

因此，我們今天擁有的技術非常適用於我們的驅動裝置具有 600 至 670 馬力能力的高性能車輛。當我們在幾年後開發低功率單元、更實惠的單元、中型平台時，該技術將更適合我們更主流的製造商。我們沒有主動出去尋求在這個領域的任何參與，但我們有多個原始設備製造商來找我們說話，我們現在正在與幾個人進行對話。這就是我此時此刻真正可以透露的全部內容。

Okay. And then, Sherry, maybe just 2 quick financial questions for you. The $411 million of finished goods inventory would indicate there's almost 4,000 units in stock. Is that about right? Or is there something else in that finished goods inventory that would be considered, that wouldn't be a completed vehicle?

好的。然後，Sherry，也許只有 2 個簡單的財務問題要問你。 4.11 億美元的製成品庫存表明有近 4,000 件庫存。這樣說對嗎？或者在成品庫存中是否還有其他需要考慮的東西，那不是完整的車輛？

Yes, that is a little bit misleading. I'm glad you asked the question, John. The finished goods inventory has the inventory that is available for sale, but it also includes our test fleet vehicles, loaner vehicles that we have in order to give optimal customer care experiences for the end customer, showroom cars as well. These are vehicles that, ultimately, after a few thousand miles on them or perhaps no miles on them, in the case of showroom cars or media cars, we will ultimately sell, but they're not available for sale today. So it's important to differentiate between available for sale today and finished goods inventory that is being used for other customer-facing purposes.

是的，這有點誤導。很高興你問了這個問題，約翰。成品庫存包括可供銷售的庫存，但它還包括我們的測試車隊車輛、我們為最終客戶提供最佳客戶服務體驗而擁有的借用車輛、陳列室汽車。這些車輛，最終，在行駛幾千英里或可能沒有行駛幾英里之後，對於展廳汽車或媒體汽車，我們最終將出售，但它們今天無法出售。因此，區分今天可供銷售的庫存和用於其他面向客戶目的的成品庫存非常重要。

Okay. And then just the other financial question, I mean there's a lot going on right now, so I haven't had a chance to completely go through that S-3. But it sure looks like a mixed shelf. I mean is there the availability for you to raise material amounts of capital under that shelf that's been filed? I'm sorry, once again, I haven't gone through the details there, but it looks at first blush like there's a lot of room for you to raise capital.

好的。然後是另一個財務問題，我的意思是現在發生了很多事情，所以我還沒有機會完全通過 S-3。但它確實看起來像一個混合架子。我的意思是，您是否可以在已提交的貨架下籌集大量資金？再次抱歉，我沒有詳細了解那裡的細節，但乍一看好像你有很大的籌資空間。

Well, again, this is not a new issuance. This was really just a contractual obligation that was associated with the subscription agreement that we did with the PIF back in December of 2022.

好吧，這不是新發行的。這實際上只是與我們在 2022 年 12 月與 PIF 簽訂的認購協議相關的合同義務。

Our next question comes from the line of Andrew Sheppard with Cantor Fitzgerald.

我們的下一個問題來自 Andrew Sheppard 和 Cantor Fitzgerald 的台詞。

Congrats on the quarter. Peter, I wanted to perhaps follow up from one of the last questions, in terms of the licensing. I realize you're not providing additional color on that. I'm seeing if I can maybe ask the question slightly differently. Given the slight reduction in the production guidance for this year and gross margins where they are, I guess what is the reluctancy to introduce this as a new revenue stream? You have the proof of concept with the Formula E series. You continued to talk about the technology and how superior it is relative to competitors. So I'm just trying to understand why not introduce this sooner rather than later.

祝賀這個季度。彼得，我可能想就許可方面的最後一個問題進行跟進。我知道你沒有提供額外的顏色。我在看看我是否可以稍微不同地問這個問題。鑑於今年的生產指導和毛利率略有下降，我想為什麼不願意將其作為新的收入來源引入？您擁有 Formula E 系列的概念證明。您繼續談論這項技術以及它相對於競爭對手的優勢。所以我只是想了解為什麼不早點而不是晚點介紹它。

There's no reluctance on our part. We're very open and engaged. We have to prioritize here. Last year, my laser focus was working crazy hours in the factory, that's what I was doing, crazy hours to resolve logistics and supply chain issues. My laser focus right now is amplifying for brand awareness and creating a cohesive strategy with Andrea to market this brand and make many more people aware that we've got the best car on the planet.

我們沒有不情願。我們非常開放和參與。我們必須在這裡優先考慮。去年，我專注於在工廠瘋狂工作，這就是我所做的，瘋狂工作以解決物流和供應鏈問題。我現在的激光重點是擴大品牌知名度，並與安德里亞制定一個有凝聚力的戰略來營銷這個品牌，讓更多的人意識到我們擁有這個星球上最好的汽車。

Our tech road map, I believe, is extraordinary. We will be launching progressively more affordable versions of our tech, which would be appropriate for OEs in different parts structure of the market. So there's nothing tangible to announce right now in dialogue with third-parties. And I will make an appropriate announcement should that bear fruit. But there's no reluctance on our part. We're open and receptive, but I really have to focus on our products right now rather than proactively chasing licensing.

我相信，我們的技術路線圖非同尋常。我們將逐步推出更實惠的技術版本，這將適用於市場不同部分結構的原始設備製造商。因此，在與第三方的對話中，目前沒有任何具體的消息可以宣布。如果取得成果，我將發布適當的公告。但我們並沒有不情願。我們是開放和樂於接受的，但我現在真的必須專注於我們的產品，而不是主動尋求許可。

Got it. Okay. Understood. And maybe as a quick follow-up, I was wondering if you can perhaps just give us any color on the deliveries starting to Saudi Arabia as part of the major agreements. There was a brief comment there from Sherry at the end. Sorry, if I missed it. Just wondering maybe you can elaborate a bit further just in terms of how do you see those progressing, yes.

知道了。好的。明白了。也許作為快速跟進，我想知道你是否可以給我們一些關於作為主要協議的一部分開始向沙特阿拉伯交付的顏色。最後雪莉 (Sherry) 發表了簡短評論。對不起，如果我錯過了。只是想知道也許您可以就您如何看待這些進展做進一步的闡述，是的。

Yes. So I think you're referring to the Ministry of Finance agreement that we have in which they have committed up to 50,000, with the option for another 50,000, to a total of 100,000 units over the next 10 years. We are progressing those conversations. We are in active dialogues. We're in the process of building out the specs for the first vehicles that they want to receive later this year. So that is actively ongoing.

是的。所以我認為你指的是我們已經達成的財政部協議，他們承諾在未來 10 年內提供最多 50,000 個單位，並可選擇另外 50,000 個單位，總計 100,000 個單位。我們正在推進這些對話。我們正在進行積極的對話。我們正在為他們希望在今年晚些時候收到的第一批車輛制定規格。所以這是積極進行的。

Our next question comes from the line of Steven Fox with Fox Advisors.

我們的下一個問題來自 Steven Fox 與 Fox Advisors 的對話。

Two questions, if I could. First of all, the change in guidance in terms of going from 10,000 to 14,000 to 10,000, how much of that would you say is related to just some concerns on the macro or your ability to build brand versus just factory production issues, any details you can provide on that? And then I have a follow-up.

兩個問題，如果可以的話。首先，從 10,000 到 14,000 再到 10,000 的指導變化，你會說其中有多少與宏觀的一些擔憂或你建立品牌的能力有關，而不僅僅是工廠生產問題，你的任何細節可以提供嗎？然後我有一個後續行動。

Yes. I think it's important that we take a very responsible perspective of this, that we match the cars that we build the production volumes with the cars that we deliver. And that's a balancing act. Certainly, we believe that the macroeconomics are playing a part in the deliveries right now. We also believe that the interest rates play a part, even for a high-end product. Even in this part of the market, interest rates to provide a headwind. But we've got initiatives within the company to turn the faucets on, to up the volumes, shouldn't those market conditions improve. And we are ready to scale up pending that and also as we amplify brand awareness.

是的。我認為重要的是我們對此採取非常負責任的觀點，我們將生產量產的汽車與我們交付的汽車相匹配。這是一種平衡行為。當然，我們認為宏觀經濟目前正在交付中發揮作用。我們還認為，即使是高端產品，利率也有一定影響。即使在這部分市場中，利率也會帶來阻力。但是，如果市場狀況不改善，我們公司內部已經採取措施打開水龍頭，提高產量。我們已經準備好擴大規模，同時也在擴大品牌知名度。

And also, I come back to this misconception which seems to be out there. But yes, people believe it's a $200,000 car. Actually, the entry level price is $87,400. It's probably conceivable that people think of it as a $200,000 car because it's so amazing, but actually, it's much more attainable, and we need to spread that word as well.

而且，我回到這個似乎存在的誤解。但是，是的，人們相信這是一輛價值 200,000 美元的汽車。實際上，入門級價格為 87,400 美元。人們可能認為它是一輛價值 200,000 美元的汽車，因為它太棒了，但實際上，它更容易實現，我們也需要傳播這個詞。

Great. That's helpful. And then you mentioned maybe bringing Phase 2 online in stages. Can you just talk to sort of the triggering points for that? And I don't know whether if you focus on certain stages besides the CapEx efficiencies, it helps in any other ways in terms of how the vehicle production goes from a cost standpoint and your ability to react to changes in demand.

偉大的。這很有幫助。然後你提到可能會分階段將第 2 階段上線。你能談談觸發點嗎？而且我不知道如果你關注資本支出效率之外的某些階段，它是否會以任何其他方式幫助你從成本的角度來看汽車生產的方式以及你對需求變化做出反應的能力。

Yes. No, I think it's an important question. So we're in the process of adding significant, I think, 2.85 million additional square feet in the Arizona Casa Grande facilities, and a number of shops are being either expanded or new building. And what we're finding is that as we look at our production plants that we have the ability to continue to eke out a bit more volume out of some of our existing machinery tooling equipment in the existing shops for a bit longer which would allow us to take certain of the shops, like stamping, perhaps paint, to potentially delay the onboarding of those, hence, you will delay the depreciation expense that accompanies that particular machinery tooling equipment and facility to a little bit longer.

是的。不，我認為這是一個重要的問題。因此，我認為，我們正在為 Arizona Casa Grande 設施增加 285 萬平方英尺的顯著面積，並且正在擴建或新建許多商店。我們發現，當我們審視我們的生產工廠時，我們有能力繼續從現有商店中的一些現有機械工具設備中擠出更多的產量，持續更長的時間，這將使我們能夠採取某些商店，如沖壓，也許油漆，可能會延遲這些商店的入職，因此，您將延遲伴隨特定機械工具設備和設施的折舊費用稍微長一點。

The other thing we're doing is we're really carefully looking at all of the equipment that's going in each of these shops. And to the extent that there is volume equipment that could potentially be delayed like the addition of additional robots, for instance, we're looking to put those in place and activate those as they're needed versus doing it all at one time.

我們正在做的另一件事是，我們非常仔細地檢查每家商店中使用的所有設備。在某種程度上，有可能會延遲的大量設備，例如添加額外的機器人，例如，我們希望將它們放置到位並在需要時激活它們，而不是一次完成所有操作。

The other thing that's really unique about what we're doing in the general assembly hall is that we're going to have the ability to dial up the jobs per hour between a few different job per hour point. So it's not a unit step increase in the direct labor and bringing on the equipment, but instead, we'll have the ability to dial that up gradually. And we're going to work to be really thoughtful about that so we can minimize depreciation expense and also just the efficiency of the workforce as well.

我們在大會堂所做的另一件真正獨特的事情是，我們將能夠在每小時幾個不同的工作點之間調整每小時的工作。因此，這不是直接人工和引進設備的單位步驟增加，而是我們將有能力逐漸增加。我們將努力真正考慮到這一點，以便我們可以最大限度地減少折舊費用以及勞動力的效率。

Our next question comes from the line of Doug Dutton with Evercore.

我們的下一個問題來自 Doug Dutton 與 Evercore 的對話。

So looking at ASPs, there were about $106,000 per vehicle this quarter, so that either implies some heavy discounting, below SRP or a lot of our vehicle trims. Can you maybe speak a little more to that and how we can think about that going forward?

因此，看看平均售價，本季度每輛車的售價約為 106,000 美元，因此這要么意味著一些大幅折扣，低於建議零售價，要么意味著我們的大量車輛裝飾。你能不能多說一點，我們如何考慮未來的發展？

So I think that when you think about the mix, as it starts to differ from 2022, you're starting to have more dominance in trims other than Grand Touring and Dream, right? So now you start having more prevalence of Touring. We're starting to get Pures in there. But as you go forward, through the balance of this year, there is going to continue to be a healthy mix because some of the higher-trim levels are going to start going and are going to the Middle East and Europe. And so you're going to start to see the exposure of those products, those higher-end products, in those regions while you simultaneously start to ramp Pure in the U.S. and then later send that overseas as you're exiting the year and into 2024. You're going to continue to see this mix of trims. We did have a $7,500 kind of continuation program that lasted the first couple of months of the year -- a few months of the year, and that also is reflected in the revenue numbers that you do see.

所以我認為當你考慮混合時，因為它開始與 2022 年不同，除了 Grand Touring 和 Dream 之外，你開始在裝飾方面擁有更多的主導地位，對吧？所以現在你開始更流行旅行。我們開始在其中加入 Pures。但隨著你向前邁進，在今年餘下的時間裡，將繼續保持健康的組合，因為一些較高級別的產品將開始運往中東和歐洲。因此，您將開始看到這些產品、那些高端產品在這些地區的曝光度，同時您開始在美國推廣 Pure，然後在年底和進入時將其發送到海外2024 年。您將繼續看到這種混合裝飾。我們確實有一個 7,500 美元的延續計劃，該計劃持續了今年的前幾個月 - 一年中的幾個月，這也反映在您看到的收入數字中。

Okay. And it's safe to say that $7,500 continuation program will come off going forward throughout '23?

好的。可以肯定地說，7,500 美元的延續計劃將在整個 23 年結束嗎？

It did come off, yes.

它確實脫落了，是的。

Yes. Okay. And then just one quick modeling question for you, Sherry, on the LCNRV cadence. Is there any sort of guide on how we might see those charges hit in the remainder of this year and the next just so that we can lay it out cleanly in the model and understand how those might affect the bottom line.

是的。好的。然後雪莉，關於 LCNRV 節奏的一個快速建模問題。是否有任何類型的指南可以說明我們如何看待今年剩餘時間和明年的這些費用，以便我們可以在模型中清楚地展示這些費用並了解這些費用如何影響底線。

It's a great question. The LCNRV charges have been really kind of between $180 million, $200-ish million, $220 million the last 3 quarters. So we've kind of seen it basically leveling off. We do expect to see an improvement of that over time. Because part of the charge that's associated with the inventory we have on hand, given my comments that we're looking to reduce the days outstanding of inventory on hand, and not bringing fresh inventory in, in terms of raw material and also work in process, finished goods, we would expect that to start to taper down. So as you're looking forward this year, we are expecting some reduction in that over time.

這是一個很好的問題。在過去的三個季度中，LCNRV 的費用實際上介於 1.8 億美元、2 億美元和 2.2 億美元之間。所以我們已經看到它基本上趨於平穩。我們確實希望隨著時間的推移看到這種情況的改善。因為部分費用與我們手頭的庫存相關，根據我的意見，我們希望減少手頭庫存的未清天數，而不是在原材料和在製品方面引入新庫存，成品，我們預計會開始逐漸減少。所以當你期待今年的時候，我們預計隨著時間的推移會有所減少。

The other thing that we have had some impairments there is we had mentioned some obsolescence. We had mentioned some scrap. I had mentioned the fact that we have some different activities ongoing to really address that in a more proactive way. And that's partly us improving our systems. It's partly us not having to hold as much inventory on a precautionary basis because we're not experiencing the same supply chain issues and the same COVID issues that we had in the past. So bringing down that inventory, making sure it's more current inventory, will also improve the situation throughout the year.

我們在那裡遇到的另一件事是我們提到了一些過時的東西。我們提到了一些廢料。我已經提到了一個事實，即我們正在進行一些不同的活動，以更積極主動的方式真正解決這個問題。這部分是我們改進我們的系統。部分原因是我們不必在預防的基礎上持有那麼多的庫存，因為我們沒有遇到與過去相同的供應鏈問題和相同的 COVID 問題。因此，降低庫存，確保它是最新庫存，也將改善全年的情況。

(Operator Instructions) Our next question comes from the line of Tobias Beith with Redburn.

（操作員說明）我們的下一個問題來自 Tobias Beith 和 Redburn 的台詞。

If we exclude the noncash inventory write-down charge, your COGS per unit only improved by about 8% versus the fourth quarter 2022, which likely reflects the rotation towards the lower content Pure and Touring variants but also some of the discounts that you just mentioned. Are you able to provide some data points for analysts and investors on the work that's being done internally to remove the costs from the vehicle?

如果我們排除非現金庫存減記費用，與 2022 年第四季度相比，您的單位銷售成本僅提高了約 8%，這可能反映了轉向較低含量的 Pure 和 Touring 變體以及您剛才提到的一些折扣.您能否為分析師和投資者提供一些數據點，說明內部為降低車輛成本所做的工作？

Yes, absolutely. I mentioned a few of them in my prepared remarks, but let me provide some additional context. So some of the work that's being done is on bill of material cost down. Now they have 2 different flavors. One part is commercial agreements that we have with our suppliers and improving piece price cost. Some of that happens as you're negotiating additional volume with them on new programs, they become more open to negotiating down piece price on current programs. So that's part of the effect.

是的，一點沒錯。我在準備好的發言中提到了其中的一些，但讓我提供一些額外的背景信息。因此，正在進行的一些工作是降低物料清單成本。現在他們有兩種不同的口味。一方面是我們與供應商達成的商業協議以及提高單價成本。其中一些發生在您與他們就新程序談判額外數量時，他們變得更加願意談判降低當前程序的單價。這就是效果的一部分。

The other effect is when we are doing engineering changes that have a corresponding cost increase as well. So BOM cost is certainly something that we are expecting to see throughout the year, though you have to remember, when you've got inventory on hand and you're bringing new lower cost parts in, you got to go through that inventory first. That's why I guided earlier that you're going to start to see the impact of that more towards the end of the year and also as you get into 2024 because some of these items we know will actually take effect in 2024.

另一個影響是當我們進行工程變更時也會相應增加成本。所以 BOM 成本肯定是我們預計全年都會看到的東西，但你必須記住，當你手頭有庫存並且你要引入新的低成本零件時，你必須首先檢查該庫存。這就是為什麼我早些時候指導你將在今年年底和進入 2024 年時開始更多地看到它的影響，因為我們知道其中一些項目實際上將在 2024 年生效。

Some of the other areas where we've been seeing some really good progress has been in freight, and that will start to show up more in Q2 and Q3 as we've renegotiated some of our contracts there and also we're seeing improvements in manufacturing overhead as well. And then as a result of the workforce reduction, there's improvements that you're going to start seeing. More of it is going to be in cost of revenues than in OpEx, and you're going to start seeing that in Q2. So these are different cost-down initiatives that will start flowing through the gross margin. And of course, we talked about the greenhouse gas credits, the Inflation Reduction Act, some of those things, some of the trims that we have, those will start hitting a little bit later in the year is our expectation.

我們在貨運方面看到了一些非常好的進展，並且在第二季度和第三季度開始出現更多，因為我們在那裡重新談判了一些合同，而且我們也看到了改進製造費用也是如此。然後由於勞動力減少，您將開始看到改進。更多的收入成本將超過運營支出，你將在第二季度開始看到這一點。因此，這些不同的成本降低舉措將開始影響毛利率。當然，我們談到了溫室氣體信用額度、降低通貨膨脹法案，其中一些事情，我們擁有的一些調整，我們預計這些將在今年晚些時候開始發揮作用。

Okay. Cool. And I guess my second question is, the Lucid Air began production roughly 1 year after beta prototyping testing began, and clearly, COVID impacted some of the start of production time line. But shouldn't analysts and investors use the same time line to conclude that the Gravity SUV begins production in roughly 9 to 12 months from now given your announcement that this nameplate has just begun road testing?

好的。涼爽的。我想我的第二個問題是，Lucid Air 在 beta 原型測試開始大約 1 年後開始生產，顯然，COVID 影響了生產時間線的一些開始。但是，鑑於您宣布這款銘牌剛剛開始路測，分析師和投資者不應該使用相同的時間線得出結論，Gravity SUV 將在大約 9 到 12 個月後開始生產嗎？

All I can say is that we've got to get the product absolutely right. There is a gestation period between data and start of production. There's also a nomenclature issue here. We are on target for start of production late '24 for the Gravity.

我能說的就是我們必須讓產品絕對正確。在數據和生產開始之間有一個醞釀期。這裡還有一個命名問題。我們的目標是在 24 年底開始生產 Gravity。

Okay. Cool. But perhaps maybe if you can outline exactly what needs to happen between now and the start of production, maybe so that we can track real time of when you expect the vehicle will get homologated, et cetera, et cetera?

好的。涼爽的。但是也許如果你能準確地概述從現在到開始生產之間需要發生什麼，也許這樣我們就可以實時跟踪你期望車輛何時獲得認證，等等，等等？

Yes. Well, I mean homologation comes relatively late because that has to be conducted to process and tooling, represent levels of authenticity that represent production. So right now, we're road testing the beta vehicles for the core attributes: structural integrity, drivability, suspension tuning. We're starting on some of the brake developments, the traction control, the antilock braking systems, the core attributes of the vehicle. Then we will move to a phase of interior development. They want to have representative interiors at this stage. Later this year, we'll move bases with representative interiors. We can do all that development.

是的。好吧，我的意思是認證相對較晚，因為必須對流程和工具進行認證，代表代表生產的真實性水平。所以現在，我們正在對測試版車輛的核心屬性進行道路測試：結構完整性、駕駛性能、懸架調整。我們開始著手開發一些制動器、牽引力控制、防抱死制動系統，這些都是車輛的核心屬性。然後我們將進入內部開發階段。他們希望在現階段擁有具有代表性的內飾。今年晚些時候，我們將搬遷具有代表性內飾的基地。我們可以做所有的開發。

Then the long lead tooling items are being kicked off. Because some of the parts take over a year to tool, and then we'll go through a preproduction run through next spring, culminating in production late 2024, on track. And I believe it will be a seminal product. Gravity is on track. It's the big one. It's going to landmark, 7-seater, 3-row, super practical, super high performance, extraordinary range, extraordinary performance attributes.

然後啟動長周期工具項目。因為有些零件需要一年多的時間來加工，然後我們將在明年春天進行試生產，最終在 2024 年底投產，一切順利。我相信這將是一個開創性的產品。重力在軌道上。這是大的。它將具有里程碑意義，7座3排，超實用，超高性能，非凡航程，非凡性能屬性。

Our next question comes from the line of Ron Jewsikow with Guggenheim.

我們的下一個問題來自古根海姆的 Ron Jewsikow。

Peter, just wanted to get your thoughts on kind of competitive dynamics in the market right now. From our vantage point, it feels like a pretty challenging market for luxury electric vehicles, but wanted to get your view on if price cuts from one of your large domestic competitors on their luxury line of vehicles is having any impact on demand for Lucid vehicles?

彼得，只是想了解您對目前市場競爭動態的看法。從我們的角度來看，這對豪華電動汽車來說是一個極具挑戰性的市場，但想了解一下您的國內大型競爭對手之一對其豪華汽車系列的降價是否對 Lucid 汽車的需求有任何影響？

Well, I think what you're referring to is perhaps a different part of the market. I believe that there is a challenge to the entire market right now because of macroeconomics and because of interest rates, which actually do affect, displace the market. We're seeing key competitors from Germany discounting their products very heavily. That's not just the U.S. manufacturer that you may be referencing. The Germans are heavily discounting their vehicles, and I think there are challenges right across the marketplace.

嗯，我認為你所指的可能是市場的不同部分。我認為，由於宏觀經濟和實際上確實影響並取代市場的利率，目前整個市場都面臨挑戰。我們看到來自德國的主要競爭對手正在大力打折他們的產品。您可能指的不僅僅是美國製造商。德國人正在大幅打折他們的車輛，我認為整個市場都存在挑戰。

I think what we need to do is just amplify awareness of just how compelling our product is. We've got better range. We've got better interior comfort. We've got more legroom. We're faster charging. We're more efficient. We're high technology. We've got a fundamentally superior driver engagement experience. I was taking some potential customers for a test drive just yesterday, and they were just blown away by the overall driving and riding experience. We just need to get more people behind the wheel. That's what this is about. We don't have a 100-year heritage or history. We don't have an existing customer base. We need to win new advocates, new customers.

我認為我們需要做的只是提高人們對我們產品的吸引力的認識。我們有更好的射程。我們有更好的內部舒適度。我們有更多的伸腿空間。我們的充電速度更快。我們更有效率。我們是高科技。我們從根本上獲得了卓越的駕駛員參與體驗。就在昨天，我帶一些潛在客戶試駕，他們對整體的駕駛和騎行體驗感到震驚。我們只需要讓更多人參與進來。這就是它的意義所在。我們沒有 100 年的傳承或歷史。我們沒有現有的客戶群。我們需要贏得新擁護者、新客戶。

That's super helpful. And it's good to hear you out in the field kind of promoting the product.

這非常有幫助。很高興聽到你在現場推廣產品。

Personally. Most weekends, I'm out meeting customers at events. And the grassroots evangelism is growing. And this doesn't happen overnight. This will take some time. We are planting acorns for a forest to come in the future. Make no mistake.

親自。大多數週末，我都會在活動中會見客戶。草根傳福音正在增長。這不會在一夜之間發生。這需要一些時間。我們正在為未來的森林種植橡子。不犯錯誤。

Makes perfect sense. I guess you gave the data points around test drives and the number of cities you're going to for the Dream Ahead Tour. Is there anything, a commentary, you can provide on kind of the cadence for order trends since that started? Or is it too early?

很有道理。我猜你給出了關於試駕的數據點和你要去參加 Dream Ahead Tour 的城市數量。有什麼評論可以提供自開始以來訂單趨勢的節奏嗎？還是為時過早？

It's too early to do that. And there are so many factors that overlay. It's very dangerous. But what I would say is this, that we've more than doubled the number of test drives in the last quarter, and I believe that very few people would buy a car without test driving. I see that as a key stepping stone, a key conduit, a very relevant metric. And that is a step towards purchasing, ownership. And then what we see is the best salespeople we've got are our customers that become advocates. And some of them even evangelize for us. And there's something very genuine about that.

現在這樣做還為時過早。並且有很多因素疊加在一起。這是非常危險的。但我要說的是，我們在上個季度的試駕次數增加了一倍多，我相信很少有人會在沒有試駕的情況下買車。我認為這是一個關鍵的墊腳石，一個關鍵的渠道，一個非常相關的指標。這是邁向購買和所有權的一步。然後我們看到的是我們擁有的最好的銷售人員是我們的客戶成為擁護者。他們中的一些人甚至為我們傳福音。這有一些非常真實的東西。

Yes. These test results will give us personal touch points in order to enter into dialogue with the customers, better understanding their needs. And then also I would say that if we've stood up the Lucid Financial Services business in the U.S. and then growing that overseas, that's another touch point where we can gain intelligence on what the customer needs, the pricing that they're looking for, the interest rates that they're looking for. And all of these are going to be data points that we can use to refine offerings that are going to best meet the customer needs.

是的。這些測試結果將為我們提供個人接觸點，以便與客戶進行對話，更好地了解他們的需求。然後我還要說，如果我們在美國建立了 Lucid Financial Services 業務，然後在海外發展，這是另一個接觸點，我們可以從中獲得有關客戶需求的情報，以及他們正在尋找的定價，他們正在尋找的利率。所有這些都將成為我們可以用來改進最能滿足客戶需求的產品的數據點。

We're streamlining the whole customer experience, making the website much more intelligible, more intuitive, more user-friendly, streamlining the ordering process online.

我們正在簡化整個客戶體驗，使網站更易於理解、更直觀、更人性化，並簡化在線訂購流程。

That's super helpful. And just last quick question for me, kind of Gravity, any learnings from the Air launch process over the last 12 to 18 months that will help inform the Gravity launch, call it, 12 months from now?

這非常有幫助。最後一個簡短的問題，關於 Gravity，從過去 12 到 18 個月的 Air 發射過程中獲得的任何經驗教訓將有助於為 Gravity 發射提供信息，稱它為 12 個月後？

Yes, of course. I mean we want to continuously improve. And there's a continuous improvement and learning process, which we take very seriously with the teams here. The engineering team of Gravity works very closely with the production team and is in full process design for manufacture. And this is a really collaborative team sport, which we take very seriously.

是的當然。我的意思是我們要不斷改進。還有一個持續改進和學習的過程，我們非常重視這裡的團隊。 Gravity 的工程團隊與生產團隊緊密合作，正在進行全流程設計以進行製造。這是一項真正協作的團隊運動，我們非常重視。

I really believe Gravity is going to be a seminal product. I don't think there's going to be anything else there that's even close. It's taken all technology that we've developed to date and more that we're going to throw at this car because the problem with SUVs is getting range without an unduly large battery, which becomes super heavy and then you lose payload capacity on the car. So this is a multidimensional, hugely technical challenge. And it's only now, I believe, that we're ready to really give it our best shot. Gravity is going to be huge for us. I'm very excited about it.

我真的相信 Gravity 會成為一個開創性的產品。我認為那裡不會有任何其他東西更接近。它採用了我們迄今為止開發的所有技術，我們將在這輛車上投入更多技術，因為 SUV 的問題是在沒有過大電池的情況下獲得續航里程，這會變得超重，然後你會失去汽車的有效載荷能力.所以這是一個多方面的、巨大的技術挑戰。我相信，直到現在，我們才真正準備好全力以赴。重力對我們來說將是巨大的。我對此感到非常興奮。

Ladies and gentlemen, due to interest of time, I would now like to turn the call back to Maynard for closing remarks.

女士們，先生們，由於時間關係，我現在想把電話轉回給梅納德，請他作結束語。

This concludes Lucid's First Quarter 2023 Earnings Conference Call. Thank you all for joining us today, and you may now disconnect.

Lucid 2023 年第一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。