Lucid Group Inc (LCID) 2023 Q2 法說會逐字稿

Hello, and thank you for standing by. Welcome to Lucid Group's Second Quarter 2023 Earnings Conference Call. (Operator Instructions) I would now like to hand the conference over to Maynard Um. Sir, you may begin.

您好，感謝您的支持。歡迎參加 Lucid Group 2023 年第二季度收益電話會議。 （操作員指示）我現在想將會議交給 Maynard Um。先生，您可以開始了。

Thank you, and welcome to Lucid Group's Second Quarter 2023 Earnings Call. Joining me today are Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO.

謝謝，歡迎參加 Lucid Group 2023 年第二季度財報電話會議。今天加入我的是我們的首席執行官兼首席技術官 Peter Rawlinson；和我們的首席財務官 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 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.

在將電話會議交給彼得之前，讓我提醒您，本次電話會議中的一些陳述包括聯邦證券法規定的前瞻性陳述。這些包括但不限於有關公司未來財務業績、產量和交付量、財務和運營前景和指導、宏觀經濟和行業趨勢、公司舉措和其他未來事件的聲明。這些陳述基於截至目前的預測和預期，實際事件或結果可能由於許多風險和不確定性而有所不同。我們建議您參閱我們最近向 SEC 提交的文件中的警告性語言和風險因素，以及我們網站 ir.lucidmotors.com 投資者關係部分中投資者資料第 2 頁上的前瞻性聲明。

In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon as well as in the investor deck. With that, I'd like to turn the call over to Lucid's CEO and CTO, Peter Rawlinson. Peter, please go ahead.

此外，管理層將在本次電話會議中參考非公認會計準則財務指標。關於我們為什麼使用非公認會計原則財務指標的討論以及有關我們的公認會計原則與非公認會計原則結果調節的信息，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。說到這裡，我想將電話轉給 Lucid 的首席執行官兼首席技術官 Peter Rawlinson。彼得，請繼續。

Thank you, Maynard, and thank you, everyone, for joining us for our second quarter earnings call. We hit several major milestones in Q2, none of which could have been accomplished without the incredible commitment of our employees. Thank you to the Lucid team for your passion and dedication in driving our mission forward.

謝謝梅納德，謝謝大家參加我們的第二季度財報電話會議。我們在第二季度實現了幾個重大里程碑，如果沒有我們員工的難以置信的承諾，這些目標都是不可能實現的。感謝 Lucid 團隊在推動我們的使命前進過程中所表現出的熱情和奉獻精神。

We also have many exciting events and announcements planned in the second half of this year that I'm very eager to share with you. But before I do, let me start with our major Q2 milestones and provide an update on our progress of our initiatives. In June, we announced a landmark agreement with Aston Martin, providing them access to our Sapphire electric vehicle powertrain technology, indeed, Sapphire-enabled Aston Martin EVs.

我們還計劃在今年下半年舉辦許多激動人心的活動和公告，我非常渴望與您分享。但在此之前，讓我先介紹第二季度的主要里程碑，並提供有關我們舉措進展的最新信息。 6 月，我們宣布與阿斯頓·馬丁達成一項具有里程碑意義的協議，為他們提供我們的藍寶石電動汽車動力總成技術，以及支持藍寶石的阿斯頓·馬丁電動汽車。

Aston Martin chose Lucid following a competitive process to ensure that they accessed, what they felt was not only the best but also the most advanced and suitable technology available on the planet. This agreement represents the advent of a core pillar of Lucid Group, namely our technology supply and licensing, and in so doing, reaffirms the commercial value of our patented technologies. We believe this could represent a harbinger of future opportunities not only in applications for the automotive market but also in markets such as commercial transportation and even aviation.

阿斯頓·馬丁通過競爭流程選擇了 Lucid，以確保他們能夠獲得他們認為的世界上最好的、最先進、最合適的技術。該協議代表了 Lucid Group 的核心支柱，即我們的技術供應和許可的出現，並由此重申了我們專利技術的商業價值。我們相信，這不僅預示著汽車市場應用的未來機遇，而且還預示著商業運輸甚至航空等市場的未來機遇。

Also in the second quarter, we raised $3 billion in capital to fund the forward business, removing financial concern and demonstrating the strength of our partnership with our core partner, the Public Investment Fund. Sherry will go into greater financial detail of both the Aston Martin agreement and the capital raise later in her prepared remarks.

同樣在第二季度，我們籌集了 30 億美元的資本來資助遠期業務，消除了財務擔憂，並展示了我們與核心合作夥伴公共投資基金的合作夥伴關係的實力。雪莉稍後將在她準備好的講話中詳細介紹阿斯頓·馬丁協議和融資的財務細節。

In Q2, we produced 2,173 vehicles and delivered 1,404. In addition, we had a significant number of vehicles that were in transit to Saudi Arabia. These are cars which were produced but not yet delivered, which we have started delivering to customers in Q3, and Sherry will further elaborate upon this as well.

第二季度，我們生產了 2,173 輛汽車，交付了 1,404 輛。此外，我們還有大量車輛正在過境沙特阿拉伯。這些是已經生產但尚未交付的汽車，我們已在第三季度開始向客戶交付，Sherry 也會對此進行進一步詳細說明。

Over the last 2 quarters, I spoke about the company's 2 strategic priorities: growing brand awareness and cost efficiencies. Now whilst we still have work to do, I'm pleased to say that some of the initiatives we've actioned are seeing solid progress. We saw another strong increase in the number of test drives sequentially through Q2, and the third-party data shows that our brand awareness in the luxury and premium segment is growing to a much stronger place. And as our fleet size grows, so does the number of Lucid Air sightings. We believe that there is a marketing and demand benefit when we achieve a critical mass of vehicles on the road, and we're making headway here.

在過去的兩個季度中，我談到了公司的兩個戰略重點：提高品牌知名度和成本效率。現在，雖然我們仍有工作要做，但我很高興地說，我們採取的一些舉措正在取得紮實進展。我們看到第二季度的試駕數量再次強勁增長，第三方數據顯示我們在豪華和高端細分市場的品牌知名度正在不斷增強。隨著我們機隊規模的擴大，Lucid Air 的目擊事件數量也在增加。我們相信，當我們在道路上實現臨界數量的車輛時，就會帶來營銷和需求方面的好處，而且我們正在這方面取得進展。

We continue to garner strong accolades and received an authoritative independent summary of how Lucid Air stacks up against the competition with MotorTrend most recently naming Lucid Air the best electric luxury vehicle you can buy in 2023. It's also important to highlight that Lucid is being asked with increasing frequency by government and nongovernment organization partners to showcase our cars and technology at a growing number of events in the U.S. and Europe. Our name recognition and positive brand associations are growing significantly in the government, trade associations and nongovernment organization space.

我們繼續獲得強有力的讚譽，並收到了一份關於Lucid Air 如何在競爭中脫穎而出的權威獨立總結，MotorTrend 最近將Lucid Air 評為2023 年您可以購買的最佳電動豪華汽車。同樣重要的是要強調的是，Lucid 正在被要求政府和非政府組織合作夥伴越來越頻繁地在美國和歐洲舉辦的越來越多的活動中展示我們的汽車和技術。我們的知名度和積極的品牌聯想在政府、行業協會和非政府組織領域中正在顯著增長。

We'll also be launching a customer referral program, which we think will get our loyal customers excited about the opportunities for both physical and experiential redemptions. Our customers are some of our most ardent advocates, and we want to reward them for their fervor. And with our brand awareness moving in the right direction, we're now putting more energy behind it to capitalize upon the interest, including the recent reinstatement of Lucid's original pricing. And Sherry will talk more about this in her prepared remarks.

我們還將推出客戶推薦計劃，我們認為這將使我們的忠實客戶對實體和體驗兌換的機會感到興奮。我們的客戶是我們最熱心的擁護者，我們希望獎勵他們的熱情。隨著我們的品牌知名度朝著正確的方向發展，我們現在投入更多的精力來利用人們的興趣，包括最近恢復了 Lucid 的原始定價。雪莉將在她準備好的發言中詳細討論這一點。

So looking into the second half of the year, we have many exciting events and announcements coming. We're on track to execute on deliveries under the purchase agreement with the government of Saudi Arabia and thus far, I'm pleased with consumer and government demand in the region. In September, we expect to start producing Lucid Air Pure rear-wheel drive. Now the Pure rear-wheel drive will be able to achieve 419 miles on an EPA cycle with just an 88 kilowatt-hour battery pack. And let me do the quick math for you. This equates to an efficiency of approximately 4.74 miles per kilowatt-hour. Indeed, at 4.74 miles per kilowatt-hour, the single-motor Lucid Air Pure tops every other EV on the U.S. market.

展望今年下半年，我們將迎來許多激動人心的活動和公告。我們正在按照與沙特阿拉伯政府的購買協議執行交付，到目前為止，我對該地區消費者和政府的需求感到滿意。 9 月，我們預計開始生產 Lucid Air Pure 後輪驅動。現在，Pure 後輪驅動僅需 88 千瓦時的電池組即可在 EPA 循環中行駛 419 英里。讓我為你快速算一下。這相當於每千瓦時行駛約 4.74 英里的效率。事實上，單電機 Lucid Air Pure 以每千瓦時 4.74 英里的速度領先於美國市場上的所有其他電動汽車。

What this efficiency means for customers is the ability to go further with less battery. And because the battery is smaller, this means in turn that the car weighs less, is more agile and more importantly, can cost less than a vehicle of similar range which needs a larger battery pack. To get greater distance, smaller battery, lower materials costs, lower running costs, lower total cost of ownership, immense interior space and much better for the environment. And what really excites me is this technology that enables this 4.74 miles per kilowatt-hour for Air will in turn enable more affordable products in the future. In fact, as the price of the vehicle goes down, the cost of the battery becomes even more significant because it is the largest single cost of the vehicle. This is where efficiency becomes most critical.

這種效率對客戶來說意味著能夠用更少的電池走得更遠。由於電池更小，這意味著汽車重量更輕、更靈活，更重要的是，與需要更大電池組的類似續航里程的車輛相比，成本更低。為了獲得更遠的距離、更小的電池、更低的材料成本、更低的運行成本、更低的總擁有成本、更大的內部空間以及更好的環境。真正令我興奮的是，這項技術能夠讓 Air 實現每千瓦時 4.74 英里的行駛里程，而這反過來又會在未來帶來更實惠的產品。事實上，隨著汽車價格的下降，電池的成本變得更加重要，因為它是汽車最大的單一成本。這就是效率變得最關鍵的地方。

Now I've been asked many times, Lucid has an advantage for now, but how long before others go and catch up? And my reply to this is always the same. Far from this gap shrinking, we are working assiduously to grow that gap because it's critical to the planet that we achieve higher-efficiency EVs. Achieving a 4.74 miles per kilowatt-hour is testament to that. And we won't stop pushing the envelope on our technology. Work has been well underway on our next-generation power technology for our midsized platform.

現在我已經被問過很多次了，Lucid現在有優勢，但是其他人要多久才能趕上呢？我對此的回答總是一樣的。這一差距非但沒有縮小，反而正在努力擴大這一差距，因為實現更高效率的電動汽車對地球至關重要。每千瓦時行駛 4.74 英里的成績就證明了這一點。我們不會停止挑戰我們的技術極限。我們的中型平台下一代電源技術的工作正在順利進行。

Now also in September, we plan to commence production of Sapphire. Preproduction has, in fact, already begun, and we've held a number of viewings for media and early customers already. Sapphire will boast a 0 to 60 time of 1.89 seconds, a 0 to 100 miles an hour time of 3.84 seconds, and a standing-quarter mile time of 8.95 seconds. But whilst I think the power and the performance is impressive, I can only begin to tell you how immensely delightful and responsive Sapphire is just to drive normally, even when you choose to exploit a mere fraction of the performance. This, to me, is one of its most surprising, engaging, even endearing attributes. Sapphire fuses hypercar performance, delightful handling, the tractability and turning response of torque vectoring with everyday usable in an unprecedented combination.

現在也是在九月，我們計劃開始生產藍寶石。事實上，預製作已經開始，我們已經為媒體和早期客戶進行了多次觀看。 Sapphire 的 0 至 60 英里加速時間為 1.89 秒，0 至 100 英里每小時加速時間為 3.84 秒，站立四分之一英里時間為 8.95 秒。雖然我認為它的動力和性能令人印象深刻，但我只能開始告訴您藍寶石在正常駕駛時是多麼令人愉悅和反應靈敏，即使您選擇利用性能的一小部分。對我來說，這是它最令人驚訝、最迷人、甚至最可愛的屬性之一。 Sapphire 將超級跑車性能、令人愉悅的操控性、扭矩矢量控制的易操控性和轉向響應與日常實用性以前所未有的方式融合在一起。

Then in October, we'll be hosting a special launch event as well as making the first Sapphire customer deliveries. Now outside of the North America, we are continuing to expand our footprint. We plan to open our Dusseldorf studio in late September, and I'm particularly excited about the prospects for this market. We took Lucid Air Dream performance to the Autobahn, where it's best-in-class drag coefficient, range and high-speed stability to many heads on some of the most iconic roads in Europe.

然後在 10 月份，我們將舉辦一次特別的發布活動，並為第一批藍寶石客戶交付產品。現在，在北美以外的地區，我們正在繼續擴大我們的足跡。我們計劃在九月底開設杜塞爾多夫工作室，我對這個市場的前景感到特別興奮。我們將 Lucid Air Dream 的性能帶到了高速公路上，在歐洲一些最具標誌性的道路上，它為許多人帶來了一流的風阻係數、航程和高速穩定性。

Now also in September, we plan to have the opening ceremony for our manufacturing facility in Saudi Arabia. We're incredibly excited about this official opening of our second Lucid factory and our first manufacturing facility outside of the United States. And finally, the announcement everyone has hotly been anticipating. We plan to formally unveil the Lucid Gravity to the world in November at a special launch event that will be live streamed for everyone to watch.

現在也是在九月，我們計劃在沙特阿拉伯舉行製造工廠的開業典禮。我們對第二家 Lucid 工廠和美國以外的第一家製造工廠的正式開業感到非常興奮。最後，大家都在熱切期待的公告。我們計劃在 11 月的一次特別發布會上向全世界正式推出 Lucid Gravity，該發布會將進行現場直播供所有人觀看。

Turning to software. In the second quarter, we pushed 7 Over-The-Air software updates with some major enhancements. I can't emphasize enough the significance of our ability to enhance almost every part of the vehicle with software updates. And we have a more significant vision for our software strategy, one that we think very, very few in the industry can match. And I'm really excited about the long-term potential here. Please stay tuned.

轉向軟件。在第二季度，我們推出了 7 個無線軟件更新，並進行了一些重大增強。我無法充分強調我們通過軟件更新增強車輛幾乎每個部分的能力的重要性。我們對我們的軟件戰略有一個更重要的願景，我們認為業內很少有人能與之匹敵。我對這裡的長期潛力感到非常興奮。敬請期待。

So to sum up, despite an uncertain macro environment, I'm very excited about the back half of this year. We plan to start executing on purchase agreement with the government of Saudi Arabia, produce and deliver Pure rear-wheel drive, produce and deliver Sapphire, officially opening our manufacturing facility in Saudi Arabia and, of course, unveil Gravity at our marquee launch event in November and more to come that we're not quite ready to announce yet. I really cannot wait for you to experience these amazing cars.

總而言之，儘管宏觀環境不確定，但我對今年下半年感到非常興奮。我們計劃開始執行與沙特阿拉伯政府的購買協議，生產和交付純後輪驅動，生產和交付藍寶石，正式開設我們在沙特阿拉伯的製造工廠，當然，還會在我們的大型發布會上揭曉 Gravity。 11月以及更多我們還沒有準備好宣布的事情。我真的迫不及待地想讓你體驗這些令人驚嘆的汽車。

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

接下來，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 are taking the time to join us today. Before sharing our Q2 results, I'd also like to extend my sincere gratitude (technical difficulty) this year. We successfully closed the transaction in June. As Peter mentioned, we also announced a landmark technology deal with Aston Martin. Aston Martin will pay Lucid a technology access fee of $232 million, comprising $100 million in ordinary shares of Aston Martin and aggregate cash payments of $132 million phased over a period of 3 years, with the ordinary shares and $33 million of the cash payable to Lucid following deal closing, which is expected later this year. Aston Martin will also commit to an effective minimum spend with Lucid on powertrain components of $225 million in addition to engineering integration fees.

謝謝你，彼得，也感謝那些今天抽出時間加入我們的人。在分享我們第二季度的成果之前，我還想對今年的技術難度表示衷心的感謝。我們於六月成功完成了交易。正如彼得提到的，我們還宣布與阿斯頓·馬丁達成一項具有里程碑意義的技術協議。阿斯頓·馬丁將向Lucid 支付2.32 億美元的技術使用費，其中包括1 億美元的阿斯頓·馬丁普通股，以及在3 年內分階段支付的總計1.32 億美元的現金，其中普通股和3300 萬美元的現金應付給Lucid交易預計在今年晚些時候完成。除工程集成費外，阿斯頓·馬丁還將承諾與 Lucid 在動力總成部件上的有效最低支出為 2.25 億美元。

Monetizing Lucid's award-winning technology is a key part of our forward strategy, and we're delighted to commence this new arm of our business with a partner as well respected as Aston Martin. Concurrent with our earnings release, we announced the finalization of our milestone agreement with the government of Saudi Arabia with an initial commitment to purchase 50,000 vehicles and an option to purchase up to an additional 50,000 over a 10-year period. It's a powerful affirmation of our product and a testament to our strategic relationship with the country.

將 Lucid 屢獲殊榮的技術貨幣化是我們前進戰略的關鍵部分，我們很高興與阿斯頓·馬丁這樣備受尊敬的合作夥伴一起開始我們的這一新業務部門。在發布財報的同時，我們宣布敲定與沙特阿拉伯政府的里程碑協議，初步承諾購買 50,000 輛汽車，並可選擇在 10 年內額外購買 50,000 輛汽車。這是對我們產品的有力肯定，也是我們與國家戰略關係的證明。

On the manufacturing front, our Saudi Arabia semi-knocked-down, also referred to as SKD facility, is nearly complete and is on track for production in September. We expect to scale deliveries from this facility in Q3 (inaudible) for both consumers as well as various government entities within KSA. This SKD facility will be capable of up to 5,000 units per year and is part of our larger AMP-2 campus, which at full scale is expected to produce up to 155,000 units per year.

在製造方面，我們沙特阿拉伯的半散裝工廠（也稱為 SKD 工廠）已接近完工，並有望於 9 月投入生產。我們預計在第三季度（聽不清）擴大該設施向消費者以及沙特阿拉伯境內各政府機構的交付規模。該 SKD 工廠每年產能高達 5,000 台，是我們更大的 AMP-2 園區的一部分，該園區全面建成後預計每年產能高達 155,000 台。

Before I turn to our second quarter financial results, let me briefly touch on the reinstated pricing. At the beginning of this year, we spoke about our 2 strategic priorities, brand awareness and cost initiatives. The targeted actions we took to invigorate our marketing programs in the luxury and premium segments is resulting in greater brand awareness. A few moments ago, Peter spoke to the third-party validation of our stronger brand position. We started seeing evidence of this with our order volumes increasing towards the end of July, and we aim to capitalize on this brand awareness momentum by taking actions to improve vehicle affordability for customers.

在討論第二季度財務業績之前，讓我簡單談談恢復的定價。今年年初，我們談到了我們的兩個戰略重點：品牌知名度和成本計劃。我們為振興奢侈品和高端細分市場的營銷計劃而採取的有針對性的行動正在提高品牌知名度。不久前，彼得談到了我們更強大的品牌地位的第三方驗證。隨著 7 月底訂單量的增加，我們開始看到這方面的證據，我們的目標是通過採取行動提高客戶的車輛負擔能力來利用這種品牌知名度勢頭。

Hence, we have reinstated pricing levels to those which we contemplated in our original business plan. The early reception has been very strong with a 3x increase in orders in the first full day of the program as compared to the end of July. The return on investment that we're now seeing gives us more confidence in the next steps of our plan to further improve brand awareness and importantly, conversion.

因此，我們已將定價水平恢復到我們最初業務計劃中考慮的水平。早期的反響非常強烈，與 7 月底相比，該計劃第一天的訂單量增加了 3 倍。我們現在看到的投資回報讓我們對下一步計劃更有信心，進一步提高品牌知名度，更重要的是提高轉化率。

Turning to costs. We have realized cost improvements in a number of areas but we've also had some offsets. In 2022, we realized cost reductions in our bill of material. And in 2023, we've experienced significant improvements in our logistics costs through more efficient routing combined with declining rates globally. Our manufacturing labor costs have also come down, and our manufacturing efficiency has gone up as a result of our workforce reduction and productivity initiatives implemented earlier this year. However, we still see tremendous opportunity across the organization for cost downs that have been identified as part of a 5-part cost control program that we implemented in the first half of this year.

轉向成本。我們已經在許多領域實現了成本改進，但也取得了一些成果。 2022 年，我們實現了物料清單成本降低。到 2023 年，通過更高效的路線以及全球運費的下降，我們的物流成本得到了顯著改善。由於今年早些時候實施的裁員和生產力計劃，我們的製造勞動力成本也有所下降，製造效率也有所提高。然而，我們仍然看到整個組織存在巨大的成本降低機會，這些機會已被確定為我們今年上半年實施的由 5 部分組成的成本控制計劃的一部分。

We believe that some of the largest opportunities exist in bill of material costs, manufacturing overhead, scrap reduction and professional services spend. While some of these cost reductions can be realized this year, we expect much more will be realized in 2024. To provide some context, many of the bill of material cost reductions take time to implement and validate. Additionally, realization of these savings requires us to work through our existing inventory balance first. We're still carrying high inventory levels partly due to COVID and partly due to the optimization required in material planning as we bring on new vehicle variants. As a result, both cost downs as well as other savings in areas such as commodity price reductions won't be realized until we work through this existing inventory, which we expect will meaningfully occur in 2024.

我們認為，一些最大的機會存在於材料成本、製造費用、廢品減少和專業服務支出方面。雖然今年可以實現其中一些成本削減，但我們預計 2024 年將實現更多。為了提供一些背景信息，許多物料清單成本削減需要時間來實施和驗證。此外，要實現這些節省，我們首先需要解決現有的庫存餘額問題。我們的庫存水平仍然很高，部分原因是新冠疫情，部分原因是我們推出新車型時物料計劃所需的優化。因此，在我們處理掉現有庫存之前，成本下降以及大宗商品降價等其他領域的節省都不會實現，我們預計這將在 2024 年發生。

It's important to note that we also see other forms of income in the next few quarters. We estimate IRA benefits of around a couple of thousand dollars per vehicle, which we do not currently recognize in our results. Additionally, we've now signed several emission credit deals and expect to recognize revenue starting in Q3. Although the total amount is not material yet, we are seeing further interest and opportunity here.

值得注意的是，我們在接下來的幾個季度還會看到其他形式的收入。我們估計每輛車的 IRA 福利約為幾千美元，但我們目前在結果中並未意識到這一點。此外，我們現已簽署了幾項排放信用協議，並預計從第三季度開始確認收入。儘管總額還不大，但我們在這裡看到了更多的興趣和機會。

Now turning to our 2023 second quarter financial results. We produced 2,173 vehicles, up 213% year-over-year and delivered 1,404 vehicles, up approximately 107% year-over-year, so flattish sequential relative to our expectations for units to be up quarter-on-quarter. In addition, we had a significant number of vehicles that were in transit to Saudi Arabia. We had planned to get these vehicles to Saudi Arabia out for delivery before the Eid and summer holidays, though they were delayed due to supplier issues. Those issues are now largely resolved, and we expect deliveries to customers and the government of Saudi Arabia to ramp this quarter and in Q4.

現在轉向我們 2023 年第二季度的財務業績。我們生產了 2,173 輛汽車，同比增長 213%，交付了 1,404 輛汽車，同比增長約 107%，與我們對季度環比增長的預期相比，環比持平。此外，我們還有大量車輛正在過境沙特阿拉伯。我們原計劃在開齋節和暑假之前將這些車輛運往沙特阿拉伯交付，但由於供應商問題而被推遲。這些問題現已基本解決，我們預計本季度和第四季度向客戶和沙特阿拉伯政府的交付量將增加。

Turning to the P&L. In Q2, we recorded revenue of $150.9 million, which represented a year-over-year increase of 55%. Cost of revenue was $555.8 million for the second quarter. Our gross margin was down on a quarter-over-quarter basis. The reduction in gross margin was driven by impairment charges of approximately $295 million in Q2 related to lower of cost or net realizable value that we also refer to as LCNRV, which was largely due to reinstatement of the original pricing program, obsolescence and losses from firm purchase commitments. Other sources of the cost of revenue increase this quarter included component scrap and onetime costs related to special campaigns to repair or replace under warranties.

轉向損益表。第二季度，我們的收入為 1.509 億美元，同比增長 55%。第二季度的收入成本為 5.558 億美元。我們的毛利率環比下降。毛利率下降是由於第二季度約2.95 億美元的減值費用造成的，該費用與成本或可變現淨值（我們也稱為LCNRV）的降低有關，這主要是由於恢復原來的定價計劃、公司的過時和損失購買承諾。本季度收入成本增加的其他來源包括組件報廢以及與保修期內維修或更換的特殊活動相關的一次性成本。

Now moving to operating expenses. R&D expense totaled approximately $233.5 million, up 2% sequentially, with the largest factor attributable to higher stock-based compensation expense due to our annual equity refresh taking place within the quarter. SG&A expense was approximately $197.7 million, up 17% sequentially. The sequential increase was attributable to higher payroll-related expenses and higher stock-based compensation expense as well as IT and G&A investments as we build out the global business. We opened 1 new studio in Q2, bringing our total studios and service centers at the end of the quarter to 41. This excludes our temporary and satellite service centers. The number of studio openings can vary quarter-to-quarter, but we'll continue to be strategic and judicious with our site expansion and will also leverage cost-effective pop-up studios, which have been highly effective in complementing our studios for brand awareness.

現在轉向運營費用。研發費用總計約 2.335 億美元，比上一季度增長 2%，其中最大的因素是由於本季度進行的年度股權更新而導致股票薪酬費用增加。 SG&A 費用約為 1.977 億美元，比上一季度增長 17%。環比增長歸因於工資相關費用和股票薪酬費用的增加，以及我們在拓展全球業務時進行的 IT 和一般行政管理投資。我們在第二季度開設了 1 個新工作室，使我們的工作室和服務中心總數在本季度末達到 41 個。這不包括我們的臨時服務中心和衛星服務中心。開設工作室的數量可能會因季度而異，但我們將繼續以戰略性和明智的方式擴展我們的網站，並將利用具有成本效益的快閃工作室，這些工作室在品牌方面非常有效地補充了我們的工作室意識。

On the service side, we ended Q2 with 43 mobile vans in the fleet and 74 nationwide-approved body shops. We expect to increase the number of satellite service centers, which will cost-effectively provide additional locations for Lucid customers. Our stock-based compensation in the quarter was $71.4 million. We also recorded a noncash benefit of $42.1 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. In Q2, we achieved an adjusted EBITDA loss of $710.3 million.

在服務方面，第二季度末，我們的車隊擁有 43 輛移動貨車和 74 家全國認可的車身維修店。我們預計將增加衛星服務中心的數量，這將為 Lucid 客戶提供經濟高效的額外地點。本季度我們的股票薪酬為 7140 萬美元。我們還記錄了與普通股認股權證負債公允價值變動相關的 4210 萬美元非現金收益。提醒一下，這種非現金影響可能會受到多種因素的季度影響，其中較大的因素之一是 Lucid 在季度末的股價。第二季度，我們的調整後 EBITDA 虧損為 7.103 億美元。

Moving to the balance sheet. We ended the quarter with approximately $5.5 billion in cash, cash equivalents and investments with total liquidity of approximately $6.25 billion. We've been able to consistently sustain a strong balance sheet over time. And as we've done for the last 2 years, we'll continue to be opportunistic in exploring and diversifying access to financing sources.

轉向資產負債表。本季度末，我們擁有約 55 億美元的現金、現金等價物和投資，流動性總額約為 62.5 億美元。隨著時間的推移，我們能夠持續保持強勁的資產負債表。正如我們過去兩年所做的那樣，我們將繼續抓住機遇，探索融資來源並使融資渠道多樣化。

Turning to inventory. Inventory decreased 16.5% sequentially due to the reduction in raw materials and inventory write-down. Presuming that supply chain pressures continue to stabilize, we see a pathway to a significant reduction in raw material days of inventory on hand as we work toward greater predictability in the transportation channel and refine our inventory management processes and systems. Capital expenditures were $203.7 million, down 15.7% versus Q1.

轉向庫存。由於原材料減少和庫存減記，庫存環比下降16.5%。假設供應鏈壓力繼續穩定，隨著我們努力提高運輸渠道的可預測性並完善我們的庫存管理流程和系統，我們看到了顯著減少原材料庫存天數的途徑。資本支出為 2.037 億美元，較第一季度下降 15.7%。

Moving to the outlook. We're reiterating our production outlook for more than 10,000 vehicles in 2023. We've noted in the past that production is not our bottleneck but we're being prudent in managing vehicle inventory. For those of you updating your models, I want to point out that the SKD vehicles that are partially assembled in Arizona and completed in KSA will not be counted as a production unit until they are finished in KSA, so an increasing amount of our production volume will be coming from KSA as we finish out the year.

轉向展望。我們重申 2023 年產量超過 10,000 輛的預期。我們過去曾指出，生產不是我們的瓶頸，但我們在管理車輛庫存方面持謹慎態度。對於那些更新模型的人，我想指出的是，在亞利桑那州部分組裝並在沙特阿拉伯完成的 SKD 車輛在沙特阿拉伯完成之前不會被算作一個生產單元，因此我們的產量不斷增加今年結束時將來自沙特阿拉伯。

Although we typically don't provide delivery or gross margin guidance, we want to provide some direction to help you with your modeling. We expect deliveries to be up the back half of the year, and we expect Q4 to be our largest quarter of the year as we ramp sales to customers in the government of Saudi Arabia, ramp Pure all-wheel drive and introduce our most affordable variant, Pure rear-wheel drive in September.

儘管我們通常不提供交付或毛利率指導，但我們希望提供一些指導來幫助您進行建模。我們預計今年下半年的交付量將增加，並且我們預計第四季度將成為我們今年最大的季度，因為我們將增加對沙特阿拉伯政府客戶的銷售，增加純全輪驅動並推出我們最實惠的變體，9月份純後輪驅動。

There are many controllable and uncontrollable variables that can affect gross margin but let me provide a little color on our expectations based on what we know today. We expect gross margin to improve through the back half of the year. We expect the improvement to be driven by higher volume as well as lower LCNRV and an expectation for fewer one-off expenses that occurred in Q2 of this year. With regard to our liquidity position, we ended the quarter with total liquidity of approximately $6.25 billion. We expect this will give us runway through the start of production of Gravity and into 2025.

有許多可控和不可控的變量會影響毛利率，但讓我根據我們今天所了解的情況，對我們的預期提供一些顏色。我們預計今年下半年毛利率將有所改善。我們預計這一改善將由銷量增加、LCNRV 降低以及今年第二季度一次性費用減少的預期推動。就我們的流動性狀況而言，本季度末我們的流動性總額約為 62.5 億美元。我們預計這將為我們從《地心引力》的製作開始到 2025 年奠定基礎。

Moving to CapEx. We expect capital expenditures for 2023 to be between $1.1 billion and $1.3 billion, reflecting some efficiencies which were identified over the last quarter and deferrals in our capital outlay. CapEx will support our continued growth objective as we strategically invest in manufacturing capacity and capabilities, some moderate investment in retail studios and service center capabilities across the globe 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 11 億美元至 13 億美元之間，反映了上一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，因為我們對製造能力和能力進行戰略投資，對全球零售工作室和服務中心能力以及支持 Lucid 業務增長的其他領域進行適度投資。

I'd like to close by saying that we recognize the uncertainties in the macro environment and we're being thoughtful about how we navigate through this. But we're pleased so far with the progress we're seeing across some of our targeted initiatives and the momentum in our brand awareness and orders. We're also excited by what's coming in the remainder of the year. We're getting the Air into more customers' hands this quarter in Saudi Arabia. We will deliver Pure rear-wheel drive, our most affordable Air trim in September. We'll start deliveries of the Air Sapphire in October, and in November, we'll have our big Gravity unveil, a lot to be excited about in the 2 quarters ahead.

最後我想說的是，我們認識到宏觀環境中的不確定性，並且我們正在考慮如何應對這一問題。但到目前為止，我們對一些有針對性的舉措所取得的進展以及品牌知名度和訂單的勢頭感到滿意。我們也對今年剩餘時間裡發生的事情感到興奮。本季度我們將在沙特阿拉伯將 Air 交付給更多客戶。我們將在 9 月份提供 Pure 後輪驅動，這是我們最實惠的 Air 裝飾。我們將於 10 月開始交付 Air Sapphire，並在 11 月推出 Gravity 大型產品，未來兩個季度將有很多令人興奮的事情。

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

接下來，讓我把問題轉回給梅納德，詢問你們的問題。梅納德？

Thanks, Sherry. We'll now start the Q&A portion of the call. Today's Q&A will feature questions from some of our retail investors, which is an important constituency of our shareholder base through the Say Technologies platform, followed by live analyst questions. Before we take questions from those on the phone, let's move to the Say questions here.

謝謝，雪莉。我們現在將開始通話的問答部分。今天的問答將包括我們的一些散戶投資者的問題，他們是我們通過 Say Technologies 平台股東基礎的重要組成部分，隨後是現場分析師提問。在回答電話中的問題之前，讓我們先討論一下這裡的問題。

The first question. What is the current status of your midsized EV development? Are you still planning on building it or alternatively providing licensing your platform to another OEM, similar to Aston Martin recent deal? Are you still aiming for a mid-decade release?

第一個問題。貴公司中型電動車的開發現狀如何？您是否仍計劃構建它，或者將您的平台授權給另一家 OEM，類似於阿斯頓·馬丁最近的交易？您仍然計劃在十年中期發布嗎？

Well, I'm delighted that the midsized EV development is on schedule for mid-to-late decade. It's going to represent a further development in our technology and really take the efficiency story to the next level. That's really important. Expect all the attributes of efficiency, the space concept that you see in our current vehicles, the charging speed that you experienced in the Air to be there.

嗯，我很高興中型電動汽車的開發已按計劃在十年中後期進行。它將代表我們技術的進一步發展，並真正將效率提升到一個新的水平。這真的很重要。期望所有的效率屬性、您在我們當前車輛中看到的空間概念、您在空中體驗到的充電速度都在那裡。

For that, we're developing our next-generation powertrain and we're already started working on that. That needs to be ready and to sync with the start of production of the platform. We're looking at all opportunities. The car's going to be a global vehicle. We're going to make it much more accessible in terms of its price point. And this was always the strategy, the vision of Lucid to start with high-end product we're seeing with Air and Gravity to develop the world's most advanced technology and then to use that to deploy it to make electric cars more attainable.

為此，我們正在開發下一代動力系統，並且我們已經開始致力於此。這需要準備好並與平台生產的開始同步。我們正在尋找所有機會。該汽車將成為全球汽車。我們將使其在價格上更容易獲得。這始終是 Lucid 的戰略和願景，從我們所看到的 Air and Gravity 高端產品開始，開發世界上最先進的技術，然後利用該技術進行部署，使電動汽車變得更容易實現。

And a center point of that whole thesis is how far can we go with how little battery, how efficient can we make the car. That's what is ultra-high voltage is all about. That's what our technology is all about. And we're going to really -- that's going to manifest itself fully in the midsized platform.

整篇論文的中心點是，用很少的電池我們能走多遠，我們能製造出多高效的汽車。這就是超高壓的意義所在。這就是我們技術的意義所在。我們真的會在中型平台上充分體現這一點。

Great. We'll move to the next question. Could you provide an update regarding the development of your energy storage system? What is the current status of your ESS pilot program testing? And when should we expect it to go into production phase?

偉大的。我們將轉向下一個問題。您能否提供有關您的儲能係統開發的最新信息？你們 ESS 試點計劃測試的當前狀態如何？我們預計它什麼時候可以進入生產階段？

Thanks, Maynard. Yes, in addition to the vehicle development and tech licensing businesses, we have envisioned that energy storage systems could be another monetization option for us. This could be ESS as the vehicle itself or residential storage systems as an example. While we have completed some early pilot work, it's not a strategic focus for us right now. In light of macroeconomic uncertainty and higher interest rates, we think it's important at this time to stay focused on our 2 highest priorities, which is our vehicle sales business and our tech licensing business.

謝謝，梅納德。是的，除了車輛開發和技術許可業務之外，我們還設想能源存儲系統可能是我們的另一個貨幣化選擇。例如，這可以是車輛本身的 ESS 或住宅存儲系統。雖然我們已經完成了一些早期試點工作，但這並不是我們目前的戰略重點。鑑於宏觀經濟的不確定性和較高的利率，我們認為目前重要的是繼續關注我們的兩個最高優先事項，即我們的汽車銷售業務和我們的技術許可業務。

Thanks, Sherry. The next one we addressed in terms of the delivery numbers in the back half, so I'll move to the question after. Is the partnership with Apple still in the works?

謝謝，雪莉。下一個問題我們在後半部分討論了交貨數量，所以我將在後面討論這個問題。與蘋果的合作仍在進行中嗎？

Well, it's a company policy. I can't speak of potential partnerships with any company, clearly. I would say that we were delighted to have rolled out Apple CarPlay, and I think that really addressed a lot of -- we listen to the voice of the customer, and I think that was a big win for so many people. I think we have developed now a really fantastic user experience with our software. But it's important to give the customers choices they want and to let them choose. So we're open to all partnerships that make sense, including that.

嗯，這是公司政策。顯然，我不能談論與任何公司的潛在合作夥伴關係。我想說，我們很高興推出 Apple CarPlay，我認為這確實解決了很多問題——我們傾聽客戶的聲音，我認為這對很多人來說是一個巨大的勝利。我認為我們現在已經通過我們的軟件開發出了非常出色的用戶體驗。但重要的是要為客戶提供他們想要的選擇並讓他們選擇。因此，我們對所有有意義的合作夥伴關係都持開放態度，包括這一點。

Thanks, Peter. The next question we already addressed in terms of our increasing brand awareness, so let me move to the next question. How often will we see ventures where Lucid is licensing or allowing companies like Aston Martin to use Lucid technology in the next 5 to 10 years?

謝謝，彼得。我們已經在提高品牌知名度方面解決了下一個問題，所以讓我轉到下一個問題。在未來 5 到 10 年內，我們多久會看到 Lucid 授權或允許像阿斯頓·馬丁這樣的公司使用 Lucid 技術？

Well, first of all, I'm really thrilled to be partnering with Aston Martin. Such a storied company with such great history and just an ideal partner for us. Lucid started with relatively high-end, high-performance technology that we're seeing in Lucid Air and will see very soon in Sapphire. So it's appropriate and timely that we have a partner whose core DNA is high technology and high-performance attributes. So there's a perfect synergy here.

首先，我很高興能與阿斯頓·馬丁合作。這是一家具有悠久歷史的傳奇公司，是我們理想的合作夥伴。 Lucid 從相對高端、高性能的技術開始，我們在 Lucid Air 中看到了這一點，很快就會在 Sapphire 中看到。因此，我們有一個以高科技和高性能為核心DNA的合作夥伴是合適和及時的。所以這裡有一個完美的協同作用。

As we progress as a company and come progressively down-market into a more accessible place and more affordable, our technology -- our powertrain technology will become more affordable and then that would, in turn suit more mainstream partners in the future. But I believe there's a time scale to this. I believe the market will come to us. I mean, it's little known, the vast majority of car companies today are just buying their powertrain from other companies. We are maybe 1 of maybe 2 or 3 that are vertically integrated. We believe that we're about at least 3 years ahead of the nearest competitor. And that nearest competitor is probably many, many years ahead of their closest competitor in terms of core EV technology.

隨著我們作為一家公司的進步，並逐步進入低端市場，進入更容易接近和更便宜的地方，我們的技術——我們的動力總成技術將變得更便宜，然後這將適合未來更多的主流合作夥伴。但我相信這有一個時間尺度。我相信市場會來找我們。我的意思是，鮮為人知的是，當今絕大多數汽車公司只是從其他公司購買動力總成。我們可能是垂直整合的 2 或 3 家中的 1 家。我們相信我們比最接近的競爭對手至少領先 3 年。在核心電動汽車技術方面，最接近的競爭對手可能比最接近的競爭對手領先很多很多年。

Now I think a lot of the traditional car companies are starting to look at this, but frankly, they're way behind. And I think that as we increase the gap, the very fact we're getting to these extraordinary levels of efficiency, the 4.74 miles per kilowatt-hour, this is an indicator that the gap is growing, not narrowing. I think that a number of these traditional car companies are going to be left behind. And then I think that will be a real opportune moment for us as they seek to get onto the electric vehicle bandwagon, which will be a juggernaut by then.

現在我認為很多傳統汽車公司已經開始關注這一點，但坦率地說，他們遠遠落後。我認為，隨著差距的擴大，事實上我們已經達到了非凡的效率水平，即每千瓦時 4.74 英里，這表明差距正在擴大，而不是縮小。我認為許多傳統汽車公司將被拋在後面。然後我認為這對我們來說將是一個真正的時機，因為他們尋求加入電動汽車潮流，屆時電動汽車將成為一股主宰力量。

Thanks, Peter. Now we'd like to take questions from the phone lines. Towanda, can we queue up the first question, please?

謝謝，彼得。現在我們想通過電話回答問題。 Towanda，我們可以先排一下第一個問題嗎？

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

（操作員說明）我們的第一個問題來自美國銀行的 John Murphy。

Just a first question, Peter. I mean, the Aston Martin contract sounds great, and it seems like it might be the tip of the spear of things to come on selling the powertrain technology or licensing it. I'm just curious if you can confirm that there are other talks going on or that is part of the game plan. I know you can't talk about specific companies.

只是第一個問題，彼得。我的意思是，阿斯頓·馬丁的合同聽起來很棒，而且看起來這可能是出售動力總成技術或授權該技術的先兆。我只是好奇你能否證實還有其他會談正在進行或者這是遊戲計劃的一部分。我知道你不能談論具體的公司。

And then maybe sort of secondarily with that, explain the economics beyond the initial sort of payments here on shares and cash. That $225 million of powertrain development payment or revenue, I'm not sure exactly how you want to characterize that, Sherry. What kind of economics does that bring within? And is there something beyond this initial $450 million payment?

然後也許是其次，解釋一下除了最初的股票和現金支付之外的經濟學。 2.25 億美元的動力總成開發費用或收入，我不確定你到底想如何描述它，Sherry。這會帶來什麼樣的經濟學？除了最初的 4.5 億美元付款之外，還有其他什麼嗎？

Peter here. So yes, I mean, we're thrilled to have Aston Martin as a partner. It's a supply and technology partnership. Well, the elements -- the core elements that we're going to supply are Wunderbox, battery modules and battery technology, part of our battery monitoring system and the twin rear-drive unit that is destined for Sapphire. So this is top line technology which we're enabling Aston Martin really to get completely ahead of the pack with in terms of their move to electrification, and it's a wonderful result for both parties.

彼得在這裡。所以，是的，我的意思是，我們很高興有阿斯頓·馬丁作為合作夥伴。這是一種供應和技術合作夥伴關係。好吧，我們要提供的核心要素是 Wunderbox、電池模塊和電池技術、我們電池監控系統的一部分以及為藍寶石設計的雙后驅動單元。因此，這是頂級技術，我們使阿斯頓·馬丁在轉向電氣化方面真正完全領先，這對雙方來說都是一個美妙的結果。

We're also going to help with the technological implementation and integration such as traction control, stability control and braking systems. The way that our power unit is integrated into their chassis, into their tires, the weight of the vehicle, the weight distribution of their vehicle. And so that sort of leads to the 2 elements of revenue here as a piece which is accessing the technology, and I'd let Sherry elaborate on that. It's an accessing fee, and then there's a supply fee, which is based upon clearly the number of vehicles that will be sold.

我們還將幫助技術實施和集成，例如牽引力控制、穩定性控制和製動系統。我們的動力裝置集成到他們的底盤、輪胎、車輛重量、車輛重量分佈的方式。因此，這就引出了收入的兩個要素，即獲取技術的一部分，我會讓雪莉詳細說明這一點。這是一筆使用費，然後是供應費，該費用明確基於將要出售的車輛數量。

We've stated for some time, we've been in dialogue with a number of parties. We're not proactively reaching out to anybody. And my priority is to have -- really satisfying our first customer, Aston Martin. That is my #1 priority now is to ensure that they get excellent service and get the full might of our technological prowess behind them. But I'm open to dialogue with any other interested party that may come along. But clearly, right now, the technology we've got today suits higher-end products. In a few years' time we'll be in a situation where we could countenance a partnership for a more mainstream product when we get midsized platform technology ready.

一段時間以來，我們一直在與多方進行對話。我們不會主動聯繫任何人。我的首要任務是真正滿足我們的第一位客戶阿斯頓·馬丁。我現在的首要任務是確保他們獲得優質的服務並充分利用我們的技術實力。但我願意與任何其他可能出現的感興趣方進行對話。但顯然，目前我們擁有的技術適合高端產品。幾年後，當我們準備好中型平台技術時，我們將處於一種可以支持更主流產品的合作夥伴關係的境地。

Great. I'll take the economics part of that question, John. So as we said, Lucid is going to get a technology access fee of $232 million. That's comprised of $100 million in ordinary shares and aggregate cash payments of $132 million. That's going to be phased over 3 years. Now a portion of the cash, $33 million, some engineering fees and the $100 million ordinary shares, that is available after deal closing, which we expect later this year. That will initially be recorded as deferred revenue, which we'll begin to release into the income statement as prototypes and/or production parts are shipped to AML.

偉大的。約翰，我將回答這個問題的經濟學部分。正如我們所說，Lucid 將獲得 2.32 億美元的技術使用費。其中包括 1 億美元的普通股和 1.32 億美元的現金支付總額。這將在三年內分階段進行。現在，部分現金（3300 萬美元）、一些工程費和 1 億美元的普通股將在交易完成後可用，我們預計交易將於今年晚些時候完成。這最初將記錄為遞延收入，當原型和/或生產零件運送到 AML 時，我們將開始將其釋放到損益表中。

The second part, the minimum spend on powertrain components of $225 million, that will be for prototype parts as well as production parts and then there will also be engineering integration fees. That will occur over time. So as the parts are shipped, the revenue will be due to us.

第二部分是動力總成組件的最低支出為 2.25 億美元，這將用於原型零件和生產零件，然後還有工程集成費用。隨著時間的推移，這種情況將會發生。因此，當零件發貨後，收入將歸我們所有。

And just a follow-up on that. I mean, a very simple question. I mean, do you think those margins will be sort of very strong supplier margins that would be in the mid-teens with return on invested capital in the high 20s or is that still TBD?

這只是後續行動。我的意思是，一個非常簡單的問題。我的意思是，您認為供應商的利潤率會非常高，達到十幾歲左右，而投資資本回報率則達到 20 多歲，還是仍待確定？

This is going to be very strong margins for the company.

這對公司來說將是非常強勁的利潤。

John, this is a technology company play.

約翰，這是一個科技公司的遊戲。

Yes, no, I understand. Okay, that's great. And then just on...

是的，不是，我明白。好的，太好了。然後就在...

This isn't an automotive-supplier type of contract. This is a technology play.

這不是汽車供應商類型的合同。這是一場科技劇。

Okay, that's very interesting. And then just second on...

好吧，這很有趣。然後就只是第二...

It's also very thoughtfully constructed such that the dollars coming in are anticipated to cover our costs as we go through the development cycle with them.

它的構建也經過深思熟慮，因此預計收到的資金將在我們與它們一起完成開發週期時覆蓋我們的成本。

Yes. No, it seems like there's a lot of opportunity here and need for this. Just a second question in the SG&A step-up, Sherry. I mean, you didn't mention marketing dollars increasing as far as that step-up. But I would imagine those probably had some impact on the step-up in SG&A, or am I misinterpreting something? Because it just seems like we're seeing a lot more commercials and there's talk about this. So just curious what that marketing spend was and how much it stepped up or didn't.

是的。不，似乎這裡有很多機會和需要。這是 SG&A 升級中的第二個問題，Sherry。我的意思是，您沒有提到營銷費用的增加。但我想這些可能對 SG&A 的提升產生了一些影響，還是我誤解了某些東西？因為我們似乎看到了更多的廣告並且有關於這個的討論。所以只是好奇營銷支出是多少以及增加或沒有增加多少。

Yes. So marketing is certainly part of the SG&A. We stayed largely within the bounds that we had budgeted and planned for Q2. And as we have said last quarter, we really took a targeted approach. And so we're really thoughtful about where those dollars are spent that we were going to get the largest ROI. Now that we're seeing those targeted dollars providing ROI, we plan to put more dollars into the targeted marketing spend, and then additionally, as we said, capitalize it through the incorporation and reinstatement of our original pricing program.

是的。因此，營銷當然是 SG&A 的一部分。我們基本上保持在第二季度預算和計劃的範圍內。正如我們上季度所說，我們確實採取了有針對性的方法。因此，我們非常認真地考慮將這些資金花在哪裡，以便獲得最大的投資回報率。既然我們看到這些目標資金提供了投資回報率，我們計劃將更多的資金投入到目標營銷支出中，然後，正如我們所說，通過合併和恢復我們原來的定價計劃來將其資本化。

As you go forward the next couple of quarters, I would guide that SG&A will continue to be up somewhat, particularly as we are investing in infrastructure. So this company is growing. It's growing globally and there's important IT, G&A and launch costs associated with opening into some of these new markets, particularly marketing, that is going to happen. I don't expect this to be significant but it could be up 15%, 20% as you look forward on a year-over-year basis -- as you look at a year-over-year basis, say, maybe up 15% to 20% on SG&A.

在接下來的幾個季度中，我認為銷售、管理費用將繼續有所上升，特別是在我們投資基礎設施的情況下。所以這家公司正在成長。它正在全球範圍內增長，並且與開拓其中一些新市場（特別是營銷）相關的重要的 IT、一般管理費用和啟動成本將會發生。我預計這不會很顯著，但如果你展望同比，它可能會增長 15%、20%——比如，可能會增長 15% SG&A % 至 20%。

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

我們的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

Two questions from me also, if I could. First of all, when we think about the rightsizing or slowing down of the manufacturing, given this -- lower deliveries than maybe you would have expected a year ago, how much further could you go if, say, you're growing sales but maybe not by as much as you think? Like what are the backstops you have to sort of continue to narrow the gross profit losses? And then I had a follow-up.

如果可以的話，我也問兩個問題。首先，當我們考慮調整規模或放慢製造速度時，考慮到交付量可能低於一年前的預期，如果您的銷售額正在增長，但也許您還能走多遠？沒有你想像的那麼多？比如，你必須採取哪些措施才能繼續縮小毛利潤損失？然後我進行了跟進。

Okay. So you had a question on manufacturing specifically, and then additionally, you had a question on gross margin more generally. So in manufacturing specifically, we were able to see some significant efficiencies due to productivity initiatives and the workforce reduction that we did earlier in the year. So we're sitting in a good position relative to that. We don't see a lot of creep-up in manufacturing labor as we exit the year. Might be a little bit as we transition into our new general assembly hall and we move to the logistics center that's going to be on site. So we are being very thoughtful about the staged turning on of the new equipment with phase 2.

好的。因此，您有一個關於製造的具體問題，此外，您還有一個關於更普遍的毛利率的問題。因此，特別是在製造業方面，由於我們今年早些時候採取的生產力舉措和裁員，我們能夠看到一些顯著的效率。因此，相對於此，我們處於有利的位置。今年結束時，我們並沒有看到製造業勞動力出現大幅增長。當我們過渡到新的大會堂並搬到現場的物流中心時，可能會有一點點。因此，我們正在非常認真地考慮第二階段分階段啟用新設備。

So as we are in 2023, at this point, we're really only accepting that we'd be turning on depreciation expense associated with the new general assembly hall and the warehouse, which would be essentially the internal logistics center. So as you look through the course of the year, that will come on board but that's only going to be an increase in depreciation expense of, say, 10% to 20%. The rest of that, we're going to move to 2024, more so when the Gravity comes on board late in 2024.

因此，在 2023 年，此時我們實際上只接受與新大會堂和倉庫（本質上是內部物流中心）相關的折舊費用。因此，當您縱觀這一年的進程時，您會發現這種情況將會出現，但這只會導致折舊費用增加，例如 10% 到 20%。剩下的事情，我們將移至 2024 年，尤其是當“地心引力”號於 2024 年末上線時。

On gross margins, lots of activities that are going on there. We're sitting in a good position with respect to our contribution margin, also known as variable margin, as we're exiting the year. But there's even more that we can do there on bill of materials. As I said in my prepared remarks, I think you're going to see more of that action being effective in 2024. But I do see additional freight reductions and logistics cost down through the balance of the year. So those are 2 things on the variable margin, I think we'll be working on through the balance of the year.

在毛利率方面，正在進行很多活動。由於我們即將退出這一年，我們的貢獻邊際（也稱為可變邊際）處於有利位置。但我們在物料清單方面還可以做更多的事情。正如我在準備好的發言中所說，我認為您將看到更多此類行動在 2024 年發揮作用。但我確實看到今年餘下的時間裡運費會進一步減少，物流成本也會下降。因此，這是可變利潤率方面的兩件事，我認為我們將在今年餘下的時間裡努力解決這一問題。

I referenced our 5-point cost control program. And part of that is focused in the manufacturing cost area. There's still a lot to do in manufacturing overhead. And I already spoke to depreciation. So we're really going to be working to get scrap down and to be looking at professional services in the manufacturing overhead area, really focused on getting that down. So those are the areas of primary focus for this year.

我參考了我們的 5 點成本控制計劃。其中一部分集中在製造成本領域。在製造費用方面還有很多工作要做。我已經談到了折舊。因此，我們確實將努力減少廢料，並在製造費用領域尋求專業服務，真正專注於減少廢料。因此，這些是今年的主要關注領域。

Great. That's helpful detail, and obviously, it's a complex math to figure out. And then just as a follow-up, you guys were successful in raising capital this past quarter but you also diluted your shareholders -- the existing shareholders by 20% to 25%. Can you sort of talk about your -- how you plan to move forward on any potential capital raise relative to protecting your shareholder base?

偉大的。這是有用的細節，顯然，這是一個複雜的數學計算。接下來，你們在上個季度成功籌集了資金，但你們也稀釋了股東——現有股東 20% 到 25%。您能否談談您計劃如何推進與保護股東基礎有關的任何潛在融資？

Well, first of all, as we said, there's not an immediate need to raise cash. We will continue to be opportunistic. What I'm excited about is there's a lot of catalysts potentially coming forward here with the bring-on of the rear-wheel drive, with the scale-up of the all-wheel drive of the Pure, with the Sapphire coming out, with the Gravity unveil later this year. All of these things are going to be interim and major milestone points that I would think could be very positive to the valuation of the company.

嗯，首先，正如我們所說，目前並不需要立即籌集現金。我們將繼續保持機會主義。令我興奮的是，隨著後輪驅動的引入、Pure 全輪驅動的擴大、藍寶石的問世、重力將於今年晚些時候揭曉。所有這些事情都將成為臨時和主要的里程碑點，我認為這可能對公司的估值非常積極。

Hence, as you go further in time, if you add more shares then, it might not be as dilutive because you have these major milestone events and progress points in your business. We'll continue to look at all types of liquidity for the business. We have available to us the ABL. We have available to us a loan in the Kingdom of Saudi Arabia as we advance our production there. We continue to have debt options as well as, of course, equity options.

因此，隨著時間的推移，如果您添加更多股票，它可能不會被稀釋，因為您的業務中有這些重大的里程碑事件和進展點。我們將繼續關注企業的所有類型的流動性。我們有可用的 ABL。隨著我們推進沙特阿拉伯的生產，我們可以在沙特阿拉伯王國獲得貸款。我們繼續擁有債務期權，當然還有股權期權。

Our next question comes from the line of Itay Michaeli with Citi.

我們的下一個問題來自花旗銀行的 Itay Michaeli。

Just 2 questions for me. Peter, you mentioned seeing an increase in orders since the recent -- very recent price adjustment. Hoping you can elaborate a bit more on that, and particularly in which trims did you see some of the strongest order response?

只需問我 2 個問題。彼得，您提到自最近的價格調整以來訂單有所增加。希望您能詳細說明一下這一點，特別是您在哪些裝飾中看到了最強烈的訂單反應？

And then secondly, Sherry, thanks for the color on SG&A going forward. I was hoping you could also provide some color on how we should think about R&D over the next couple of quarters.

其次，Sherry，感謝您對 SG&A 未來發展的貢獻。我希望您也能就我們應該如何考慮未來幾個季度的研發提供一些建議。

Thank you. We can't give guidance on the specific breakdown between trims. But what I would say is that we're already seeing a very positive feedback from our recent adjustments. We've also seen the value of just growing the awareness of the brand. And I think also, there's another factor here that so many people have it in their minds that the is more expensive than it really was in the first place.

謝謝。我們無法就裝飾之間的具體細分提供指導。但我想說的是，我們已經從最近的調整中看到了非常積極的反饋。我們還看到了提高品牌知名度的價值。我還認為，這裡還有另一個因素，很多人都認為它比一開始的實際價格更貴。

So then you combine that with the advent of the Pure rear-wheel drive, which is scheduled for production start in September. So I think this puts us in a very positive position now. It's all about growing awareness -- customer awareness of just how great the product is. We received a very significant endorsement just in the last few days indeed from MotorTrend that voted us the best luxury EV offering available in the U.S. and putting us above Tesla, Porsche and Mercedes. So I think we're looking forward to a pretty bright future now.

因此，您可以將其與純後輪驅動的出現結合起來，後者計劃於 9 月開始生產。所以我認為這讓我們現在處於非常積極的位置。這一切都與不斷提高的意識有關——客戶對產品的優秀程度的認識。就在過去幾天，我們確實得到了 MotorTrend 的非常重要的認可，將我們評為美國最好的豪華電動汽車產品，使我們超越了特斯拉、保時捷和梅賽德斯。所以我認為我們現在期待著一個非常光明的未來。

And I can cover off on the R&D question that you had over the next couple of quarters. So we've been able to hold R&D pretty flat the last couple of quarters, but I do expect it to tick up over the next 2. And the reason for that is we're now reaching the important phase in the Gravity development where we'll be doing prototype vehicles. We'll also be doing engineering, design and testing on the Gravity and also early work on the midsized, with continued work on advancements in powertrain. We also talked about the fact that we would have Aston Martin coming on, but that really has cash inflows designed to offset it. But I would expect maybe up 20% year-over-year would be the guidance that I'd look to give on a year-over-year basis in R&D.

我可以回答你們在接下來的幾個季度提出的研發問題。因此，我們在過去的幾個季度中一直能夠保持研發水平相當平穩，但我確實預計在接下來的兩個季度中它會有所上升。原因是我們現在正處於重力開發的重要階段，我們將在將製作原型車。我們還將對 Gravity 進行工程、設計和測試，並對中型車進行早期工作，並繼續致力於動力系統的進步。我們還談到了我們會讓阿斯頓·馬丁加入這一事實，但這確實有現金流入來抵消它。但我預計，我希望在研發方面給出的同比增長指導可能是同比增長 20%。

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

我們的下一個問題來自安德烈斯·謝潑德和康托·菲茨杰拉德的台詞。

Congratulations on the quarter. A lot of our questions have been asked by now. But maybe I was hoping, is it possible to perhaps better quantify the agreement with Saudi Arabia in terms of deliveries for Q3 and Q4? Just trying to figure out how best to model it. I know you said maybe not material in Q3, but just seeing if perhaps we can get a little more color there.

祝賀本季度。到目前為止我們已經提出了很多問題。但也許我希望，是否有可能更好地量化與沙特阿拉伯在第三季度和第四季度的交付方面達成的協議？只是想弄清楚如何最好地建模它。我知道你說的可能不是第三季度的材料，但只是看看我們是否可以在那裡得到更多的顏色。

Well, thank you. Yes, we're able to announce today that we have signed the finalized agreement. And this is an agreement and a commitment for at least 50,000 vehicles and an option up to an additional 50,000, making it 100,000 vehicles in all. Of all models of Lucid, this includes cars like Lucid Air being made in Arizona and also -- in Arizona. And we've successfully shipped homologated cars at scale to Saudi Arabia already and that's a real milestone. And these were in transit at the end of the quarter and after a while shortly after the quarter end.

嗯，謝謝。是的，我們今天可以宣布我們已經簽署了最終協議。這是一份至少 50,000 輛汽車的協議和承諾，以及最多額外 50,000 輛汽車的選項，使其總數達到 100,000 輛汽車。在 Lucid 的所有車型中，這包括在亞利桑那州生產的 Lucid Air 等汽車。我們已經成功地將經過認證的汽車大規模運送到沙特阿拉伯，這是一個真正的里程碑。這些在季度末和季度結束後不久就在運輸途中。

We hope to get them landed and delivered before the Eid and summer holidays in KSA, but that we encountered a couple of issues there, which have now been resolved. So we're looking forward to beginning ramping deliveries to customers both in Q3 and Q4. Right now, I have to say we're not providing exact numbers. We don't plan to provide a geographic mix today.

我們希望在開齋節和暑假之前在沙特阿拉伯著陸並交付它們，但我們在那裡遇到了一些問題，現在已經解決了。因此，我們期待在第三季度和第四季度開始增加向客戶的交付量。現在，我不得不說我們沒有提供確切的數字。我們今天不打算提供地理組合。

Got it. Okay, Peter. And maybe just a quick follow-up. Just wondering if you can maybe give us a sense of pricing for the Gravity, the SUV. I know you haven't disclosed that. But are you able to perhaps point us in the right direction as to where your thinking or what is something that you're targeting there?

知道了。好吧，彼得。也許只是快速跟進。只是想知道您能否給我們介紹一下 SUV Gravity 的定價。我知道你還沒有透露這一點。但是您能否向我們指出正確的方向，即您的想法或您的目標是什麼？

Sure, sure. Well, we've indicated for some time now to anticipate prices very similar to the sort of price structure that you get with Lucid Air. But we're not in a position today to disclose those prices. We are planning a major launch event for Gravity in November, and I hope to be in a position that we can disclose those -- the pricing structure at that juncture.

一定一定。好吧，我們已經暗示了一段時間了，預計價格與 Lucid Air 的價格結構非常相似。但我們今天無法透露這些價格。我們計劃在 11 月舉辦一次 Gravity 的大型發布活動，我希望能夠披露這些信息——當時的定價結構。

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

我們的下一個問題來自羅恩·朱斯蒂科和古根海姆的關係。

With the production guidance being maintained, implying a pretty big step-up in back-half deliveries or at least back-half production, how should we think about your pricing strategy going forward? Is your goal to price your product lineup to limit inventory increases from the current level? And would you rather flex pricing or limit production from the current levels?

在維持生產指導的情況下，這意味著後半交付量或至少是後半產量將大幅增加，我們應該如何考慮你們未來的定價策略？您的目標是對產品系列進行定價以限制庫存在當前水平上的增加嗎？您願意靈活定價還是限制當前水平的產量？

Well, I think we want to make the car competitively priced to make it a super compelling proposition which I think it is now. I think it's an absolute bargain right now, quite frankly. We need to add more vehicles to the visible fleet on the road. The best advertisement we can get is a Lucid Air driving in the wild. The more people see the cars, the more they get used to them and the more confidence that they have in our potential customer base. And so we're seeking to, of course, draw down upon existing inventory here and get the cars in customers' hands because our best salespeople are our customers. They're our best, our firmest advocates.

嗯，我認為我們想讓這款車的價格具有競爭力，使其成為一個超級引人注目的主張，我認為現在就是這樣。坦率地說，我認為現在這絕對是一筆划算的交易。我們需要在道路上可見的車隊中添加更多車輛。我們能得到的最好的廣告就是在野外行駛的 Lucid Air。人們看到這些汽車的次數越多，他們就越習慣它們，對我們的潛在客戶群就越有信心。因此，我們當然希望利用這裡的現有庫存，並將汽車送到客戶手中，因為我們最好的銷售人員就是我們的客戶。他們是我們最好、最堅定的擁護者。

And this creates a sort of natural catalytic effect. That's what we're achieving. Now of course, we've got 2 bookings coming. We've got the halo product, our Sapphire performance car coming imminently going into production in September, first deliveries in early October. And at the same time, going very, very similar time, we've got the rear-wheel drive version of our Pure going into production in Arizona in September. And this will be our most affordable and most attainable variant of the car. So I think we need to watch this space.

這會產生一種自然的催化效應。這就是我們正在實現的目標。當然，現在我們已經收到了 2 個預訂。我們的光環產品——藍寶石高性能汽車即將於 9 月投入生產，並於 10 月初首次交付。與此同時，非常非常相似的時間，我們的 Pure 後輪驅動版本將於 9 月份在亞利桑那州投入生產。這將是我們最實惠、最容易獲得的車型。所以我認為我們需要關注這個領域。

We're always willing to adjust to market conditions. I think that's very important to retain that flexibility. The key is to get product out into the wild in customers' hands. That's the best marketing tool we've got.

我們總是願意根據市場情況進行調整。我認為保持這種靈活性非常重要。關鍵是將產品送到客戶手中。這是我們擁有的最好的營銷工具。

Yes, that makes perfect sense to me. And maybe just a quick one for Sherry. But on the impairment charges this quarter, does that reflect the latest pricing moves? Or should we think of -- what should we think about for LCNRV charges into the third quarter?

是的，這對我來說非常有意義。也許對雪莉來說只是一個快速的。但就本季度的減值費用而言，這是否反映了最新的定價變動？或者我們應該考慮 - 對於進入第三季度的 LCNRV 費用，我們應該考慮什麼？

It does already contemplate the reinstatement of the original pricing program for the balance of the year.

它確實已經考慮在今年剩餘時間內恢復原來的定價計劃。

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

我們的下一個問題來自法國巴黎銀行 (BNP) 的詹姆斯·皮卡里耶洛 (James Picariello)。

Just on gross profit, the -- following up on the LCNRV impact, it took another step higher in the second quarter but with not all of the impact this quarter reflecting noncash. So curious what might be unpacked there. And just how do you foresee LCNRV trending through the remainder of the year? And should gross profit per loss, excluding this impact, improve through the remainder of the year?

僅就毛利潤而言，繼 LCNRV 影響之後，第二季度毛利潤又進一步走高，但本季度並非所有影響都反映了非現金。很好奇那裡可能會打開什麼。您如何預測今年剩餘時間內 LCNRV 的趨勢？排除這一影響後，每項虧損的毛利潤是否會在今年剩餘時間內有所改善？

Yes. So the LCNRV was impacted by the original pricing program. It was also impacted by obsolescence and firm -- losses on firm commitments. In terms of the cost of revenue overall, there were some write-offs with respect to inventory. You get things like expired inventory, et cetera. Those are deemed to be more of a one-off nature. You always have some but we thought it was exceptionally high in Q2 was our opinion. So as we go forward, we would expect LCNRV to go down the next 2 quarters. That would be our expectation, and that's based on really the points that I made that there's fewer one-offs, that we already have quite a bit of inventory on the books and those would be the major drivers.

是的。因此 LCNRV 受到了原始定價計劃的影響。它還受到過時和堅定承諾損失的影響。就總體收入成本而言，存在一些庫存沖銷。你會得到諸如過期庫存之類的東西。這些被認為更像是一次性的。你總是有一些，但我們認為第二季度的比例特別高，這是我們的觀點。因此，隨著我們的前進，我們預計 LCNRV 將在接下來的兩個季度下降。這將是我們的期望，這實際上是基於我提出的觀點，即一次性事件較少，我們賬面上已經有相當多的庫存，而這些將是主要驅動因素。

I mean, I know it's tough to say but given the pricing announcements that you've recently made, should the gross profit per loss -- the gross profit loss per unit improve through the back half?

我的意思是，我知道這很難說，但考慮到你們最近發布的定價公告，每單位損失的毛利潤——每單位的毛利潤損失是否應該在下半年有所改善？

So we've already contemplated the adoption of the original pricing program in the LCNRV.

因此，我們已經考慮在 LCNRV 中採用原來的定價方案。

Okay, all right. And then just one last one on the commentary regarding the company's current $6.25 billion in liquidity to sustain the company into early '25. The implied cash burn rate over the next 7 quarters would be roughly $900 million per quarter. Is there any other way to read into that provided timeline? I mean, I know we won't get into 2024 guidance right now, but just high level, how should we be thinking about CapEx relative to operating losses, just informing that timeline?

好吧，好吧。最後一篇評論是關於該公司目前 62.5 億美元的流動性，以維持該公司到 25 年初。未來 7 個季度的隱含現金消耗率約為每季度 9 億美元。還有其他方法可以讀取所提供的時間表嗎？我的意思是，我知道我們現在不會進入 2024 年指導，但只是高水平，我們應該如何考慮相對於運營損失的資本支出，只是告知時間表？

Yes. I think that you're right, it would go into 2025. We are expecting to go through the launch of the Gravity program. The cash, I think that your estimate is a reasonable one. We have been sharing CapEx all along. I did guide down a bit on CapEx to $1.1 billion to $1.3 billion for the balance of the year, so that gives you a little bit of runway into thinking about the next 2 quarters. As we get closer to the end of the year, I'll probably guide for 2024 on CapEx.

是的。我認為你是對的，它將持續到 2025 年。我們期待著重力計劃的啟動。現金，我認為你的估計是合理的。我們一直在共享資本支出。我確實將今年剩餘時間的資本支出下調至 11 億至 13 億美元，這樣您就可以為接下來的兩個季度的思考提供一些空間。隨著年底的臨近，我可能會為 2024 年的資本支出提供指導。

Our next question comes from the line of Tobias Beith with Redburn.

我們的下一個問題來自托比亞斯·貝斯 (Tobias Beith) 和雷德伯恩 (Redburn) 的線路。

I had two, if that's okay, and I guess where I'd like to start is on engineering changes. And I think you mentioned a couple of -- or you'd mentioned that you made a start on engineering changes to the Air during this quarter and also in the last quarter. But I was wondering if you could actually give some examples of changes that have been made or incoming to reduce the Lucid Air's bill of materials. And perhaps outside of that, what opportunities are there to de-content the vehicle to reduce its BOM. And then I have one follow-up.

如果可以的話，我有兩個，我想我想從工程變更開始。我想你提到了一些——或者你提到你在本季度和上個季度開始對 Air 進行工程變更。但我想知道您是否真的可以舉出一些為減少 Lucid Air 的物料清單而進行或即將進行的更改的示例。也許除此之外，還有哪些機會可以降低車輛的含量以減少其 BOM。然後我有一個後續行動。

I think the most significant point here that affects the bill of material cost, it's not so much a change but it's a new model, which was planned. So there's a difference in the engineering but it's not a sort of unplanned change. It is a structured part of our product rollout. And that is the rear-wheel drive, 2-wheel drive Lucid Air Pure. This has got just 1 drive unit at the rear and so the other cars have got 2 drive units, 1 at the front and 1 at the rear.

我認為影響物料成本的最重要的一點，與其說是一個變化，不如說是一個計劃中的新模型。因此，工程上存在差異，但這並不是一種計劃外的變化。它是我們產品推出的結構化部分。這就是後輪驅動、兩輪驅動 Lucid Air Pure。這輛車的後部只有 1 個驅動單元，因此其他汽車有 2 個驅動單元，1 個在前部，1 個在後部。

So you save the cost of a drive unit. That in itself is very helpful. But we're down to just an 88 kilowatt-hour battery pack, which for most other companies would remain an unacceptably small range. But we're achieving 419 miles on the new EPA cycle with just this 88 kilowatt-hour pack, which is unprecedented. And because the battery pack is the biggest single cost item in the bill of materials, this has significant downward pressure on the cost of building the car.

因此您可以節省驅動單元的成本。這本身就非常有幫助。但我們的電池組只剩下 88 千瓦時，對於大多數其他公司來說，這個範圍仍然小得令人無法接受。但僅用這個 88 千瓦時的電池組，我們就在新的 EPA 循環中行駛了 419 英里，這是前所未有的。由於電池組是物料清單中最大的單一成本項目，這對汽車的製造成本產生了巨大的下行壓力。

I think that's the most significant change that we're making. I wouldn't portray that we're making -- implementing a series of changes to the vehicle other than on the software side because we're able to download Over-The-Air, significant software changes to existing customers, which see their cars become better through the course of ownership.

我認為這是我們正在做出的最重大的改變。我不會描述我們正在對車輛進行一系列除了軟件方面的更改，因為我們能夠通過無線方式下載重大軟件更改給現有客戶，他們可以看到他們的汽車通過所有權的過程變得更好。

And I also would like to indicate this, that because we have this modular battery pack, it means that we can just reduce the number of modules in the pack to downsize the pack for the rear-wheel drive 88 kilowatt-hour pack. So it's not a fundamentally different battery pack. It's just a natural derivative designed in from the outset of the pack we've got. And actually, we use a very similar philosophy on the pack of Gravity. It's very similar to the pack of Air using a very high percentage of carryover components to reduce cost and maximize economy of scale as well for us.

我還想指出的是，因為我們有這個模塊化電池組，這意味著我們可以通過減少電池組中的模塊數量來縮小電池組的尺寸，從而形成後輪驅動的88千瓦時電池組。所以它不是一個根本不同的電池組。它只是我們從一開始就設計的自然衍生品。事實上，我們在 Gravity 包上使用了非常相似的理念。它與 Air 包裝非常相似，使用非常高比例的遺留組件來降低成本並最大限度地提高我們的規模經濟。

Got it. That is super helpful. And I guess my second question is really for Sherry. I calculate Lucid's written down approximately $1.1 billion worth of inventory and firm purchase commitments since starting production in the third quarter of 2021. And I was wondering, when exactly do you expect to benefit from consuming this stock or perhaps cease writing down new purchases?

知道了。這非常有幫助。我想我的第二個問題實際上是針對雪莉的。據我計算，自2021 年第三季度開始生產以來，Lucid 已減記了價值約11 億美元的庫存和堅定的採購承諾。我想知道，您預計什麼時候會從消耗這些庫存中受益，或者可能停止減記新的採購？

Well, over the next few quarters, we're going to continue to use inventory that has already had LCNRV charges taken against it. So that would be over the next few quarters, you can see what the inventory balance is on a raw material basis, work in process as well as finished goods through the footnotes in the 10-Q. And then you can do some rough math essentially to think about either the cost that would be attributed to the vehicles that are sold and think about the volumes in your model in order to do that math.

好吧，在接下來的幾個季度，我們將繼續使用已經收取 LCNRV 費用的庫存。因此，在接下來的幾個季度中，您可以通過 10-Q 中的腳註了解原材料、在製品以及成品的庫存餘額。然後，您可以進行一些粗略的數學計算，主要是考慮歸因於已售車輛的成本，並考慮模型中的數量以便進行數學計算。

At this time, I would like to turn the call back over to Maynard Um for closing remarks.

此時，我想將電話轉回梅納德·烏姆（Maynard Um）進行總結髮言。

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

謝謝。 Lucid 2023 年第二季度收益電話會議至此結束。感謝大家今天加入我們。您現在可以斷開連接。