Lucid Group Inc (LCID) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Lucid's Third Quarter Earnings Conference Call. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Head of Investor Relations, Maynard Um. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Lucid 第三季財報電話會議。 （操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給今天的第一位發言者，投資者關係主管梅納德·烏姆 (Maynard Um)。請繼續。

Thank you, and welcome to Lucid Group's Third 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 年第三季財報電話會議。今天加入我的是我們的執行長兼技術長 Peter Rawlinson；和我們的財務長 Sherry House。

Before handing it over to Peter, let me remind you that some of the statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events. These statements are based on 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 forward-looking statements on Page 2 of our investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

在將其交給彼得之前，讓我提醒您，本次電話會議中的一些聲明包括聯邦證券法規定的前瞻性聲明。這些包括但不限於有關公司未來財務業績、產量和交付量、財務和營運前景和指導、宏觀經濟和行業趨勢、公司舉措和其他未來事件的聲明。這些陳述是基於截至目前的預測和預期，實際事件或結果可能會因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，以及我們投資者平台第2 頁上的前瞻性聲明，這些聲明可在我們網站ir.lucidmotors.com 的投資者關係部分獲取。

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，管理階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。

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

說到這裡，我想將電話轉給 Lucid 的執行長兼技術長 Peter Rawlinson。彼得，請繼續。

Thank you, Maynard, and thank you, everyone, for joining us for our third quarter earnings call. In Q3, we delivered a number of the key milestones that we set out to achieve. In September, we started production of the Air Pure Rear-Wheel Drive, as we said we'd do, and we are currently in the process of ramping up its production.

謝謝梅納德，也謝謝大家參加我們第三季的財報電話會議。在第三季度，我們實現了我們計劃實現的許多關鍵里程碑。九月，我們開始生產空氣純後輪驅動系統，正如我們所說的那樣，目前我們正在提高其產量。

Now the Air Pure Rear-Wheel Drive is our most attainable [variant] with a starting price of just $77,400. However, it sacrifices absolutely nothing for the style and technology, range and performance, space and practicality. It has it all. The Pure Rear-Wheel Drive can charge up to 150 miles in just 12 minutes. And has an official EPA estimated range of 419 miles, more than any other electric car currently available besides other Lucid Air models.

現在，Air Pure 後輪驅動是我們最容易買到的[變體]，起價僅為 77,400 美元。然而，它絕對不會犧牲風格和技術、範圍和性能、空間和實用性。它擁有一切。純後輪驅動僅需 12 分鐘即可充電長達 150 英里。 EPA 官方估計續航里程為 419 英里，超過目前 Lucid Air 車型之外的任何其他電動車。

But most importantly for me, it's incredibly delightful and engaging to drive. And we continue to push the boundaries of our technology with a Pure Rear-Wheel Drive efficiency of approximately 4.7 miles per kilowatt hour, and this is further widening the gap against our competitors.

但對我來說最重要的是，駕駛起來令人難以置信的愉悅和投入。我們繼續突破技術界限，純後輪驅動效率約為每千瓦時 4.7 英里，這進一步擴大了與競爭對手的差距。

Now for customers, this means the ability to go further with less batteries. And because the battery is small, this means the car weighs less, is more agile and can cost less than a vehicle of similar range with a larger battery pack. So you get a greater distance, small battery, less raw materials, lower running costs, immense interior space and it's much better for the environment.

現在對客戶來說，這意味著能夠用更少的電池走得更遠。由於電池較小，這意味著汽車重量更輕、更靈活，並且比具有更大電池組的類似續航里程的車輛成本更低。因此，您可以獲得更遠的距離、更小的電池、更少的原材料、更低的運行成本、巨大的內部空間，而且對環境也更加有利。

We also started production of Lucid Air Sapphire in September, and we delivered the first cost to customers at a special event in early October. The Air Sapphire is the world's first fully electric luxury super-sports sedan, achieving a 0 to 60 miles per hour time of just 1.89 seconds, 0 to 100 miles per hour time in just 3.84 seconds and 0.25 mile time of 8.95 seconds with a top speed of 205 miles an hour. Air Sapphire delivers both 1,234 horsepower and an efficiency of 3.61 miles per kilowatt hour as well as an EPA estimated range of 427 miles on a single charge, representing an extraordinary fusion of capabilities. I mean for reference, the closest competitors provide perhaps between 20% and 50% less range.

我們也於 9 月開始生產 Lucid Air Sapphire，並在 10 月初的特別活動中向客戶交付了第一批成本。 Air Sapphire是全球首款全電動豪華超級運動轎車，0至60英里/小時加速僅需1.89秒，0至100英里/小時加速僅需3.84秒，0.25英里加速僅需8.95秒。時速205英里。 Air Sapphire 提供 1,234 匹馬力和每度電 3.61 英里的效率，以及 EPA 估計一次充電可行駛 427 英里的里程，代表了非凡的功能融合。我的意思是，作為參考，最接近的競爭對手的續航里程可能要少 20% 到 50%。

Now the technology that underpins Sapphire enables an unsurpassed blend of performance, agility and versatility. And the result is an extreme performance car, but it's not just about 0 to 60 [time]. That's just one dimension. It's truly a rewarding car to drive with amazing road car dynamics. In fact, Jason Cammisa, who is a well-regarded automotive journalist said, with the Lucid Air Sapphire is like the best-handling sedan in the history of the world or maybe the best-handling car period. With Lucid Air Sapphire, we once again raised the bar and increased the gap between Lucid and its competitors, creating the world's most well-rounded and versatile, high-performance EV.

現在，支撐 Sapphire 的技術實現了性能、敏捷性和多功能性的無與倫比的融合。結果是一輛性能極高的汽車，但它不僅僅是 0 到 60 [時間]。這只是一個維度。這確實是一輛駕駛起來非常有益的汽車，具有令人驚嘆的公路汽車動力。事實上，著名汽車記者 Jason Cammisa 表示，Lucid Air Sapphire 就像世界史上操控性最好的轎車，或許是操控性最好的汽車時期。憑藉 Lucid Air Sapphire，我們再次提高了標準並拉大了 Lucid 與其競爭對手之間的差距，創造了世界上最全面、最通用的高性能電動車。

We also achieved major manufacturing milestones in September. In Arizona, we officially shifted general assembly to the Phase 2 factory. This is just the start as construction continues on the new powertrain manufacturer area with our body-in-white expansion and stamping facility getting really vertically integrated out there. We made history in Saudi Arabia also opening of country's first-ever car manufacturing factory. In its first phase, the factory has a capacity to assemble 5,000 Lucid vehicles a year, and operations are already underway.

我們也在 9 月實現了重要的製造里程碑。在亞利桑那州，我們正式將組裝轉移到第二期工廠。這只是一個開始，新的動力系統製造商區域的建設仍在繼續，我們的白色車身擴建和沖壓設施在那裡得到了真正的垂直整合。我們在沙烏地阿拉伯創造了歷史，並開設了該國第一家汽車製造工廠。第一階段工廠的產能為每年 5,000 輛 Lucid 車輛，目前營運已經開始。

Now before turning to production and deliveries, I'm delighted to announce the appointment of Mr. Marc Winterhoff as our new Chief Operating Officer, a newly created role, which reports directly to me. This appointment is a natural evolution of the company as Lucid enters the next phase of its growth. In just 2 years, we expanded our global sales and service footprint, built our second factory facility located in Saudi Arabia. We signed our first technology agreement with Aston Martin, and we are working assiduously on future vehicles, the Gravity SUV as well our more affordable midsize vehicle.

現在，在討論生產和交付之前，我很高興地宣布任命 Marc Winterhoff 先生為我們新的首席營運官，這是一個新設立的職位，直接向我匯報。隨著 Lucid 進入下一階段的發展，這項任命是公司的自然演變。在短短兩年內，我們擴大了全球銷售和服務足跡，在沙烏地阿拉伯建立了第二家工廠。我們與阿斯頓馬丁簽署了第一份技術協議，並且正在孜孜不倦地開發未來的車輛、Gravity SUV 以及我們更實惠的中型車輛。

Thus, the execution of our strategy towards global manufacturing supply chain, sales and service, marketing and international markets is indeed critical to our success, and I am confident that Marc's intimate knowledge of Lucid and extensive automotive experience will be invaluable as we continue to grow. And I believe this will significantly benefit us by freeing up my time to focus upon mighty strengths, namely the product strategy and its technical execution, the overall commercial strategy and a long-term vision for this company.

因此，執行我們的全球製造供應鏈、銷售和服務、行銷和國際市場策略確實對我們的成功至關重要，我相信Marc 對Lucid 的深入了解和豐富的汽車經驗將在我們不斷發展的過程中發揮無價的作用。我相信這將使我受益匪淺，讓我有時間專注於強大的優勢，即產品策略及其技術執行、整體商業策略和公司的長期願景。

I particularly look forward to help drive our technology advantage over our competitors with our exciting technology road map. And naturally, I'll also be closely partnering with Marc in essential day-to-day matters and operations.

我特別期待透過我們令人興奮的技術路線圖來幫助提高我們相對於競爭對手的技術優勢。當然，我還將在重要的日常事務和營運方面與馬克密切合作。

Now turning to production and deliveries. In Q3, we produced 1,550 vehicles. Now this does not include over 700 vehicles that were in transit to Saudi Arabia. Whilst these were manufactured in Q3, they will only be counted towards production upon final assembly at our AMP-2 facility in Saudi. And we delivered 1,457 vehicles in the third quarter, including initial deliveries Lucid Air under the Ministry of Finance agreement. We decided to prudently align our production with deliveries. And we are adjusting our production outlook to a range of 8,000 to 8,500, down from more than 10,000. Now, Sherry will touch on this in a little more detail.

現在轉向生產和交貨。第三季度，我們生產了 1,550 輛汽車。現在，這還不包括轉運至沙烏地阿拉伯的 700 多輛車輛。雖然這些產品是在第三季製造的，但它們只會在我們位於沙烏地阿拉伯的 AMP-2 工廠進行最終組裝時才計入生產。我們在第三季交付了 1,457 輛汽車，其中包括根據財政部協議交付的 Lucid Air 的首批車輛。我們決定謹慎調整生產和交貨。我們將產量預期從 10,000 多輛下調至 8,000 輛至 8,500 輛。現在，雪莉將更詳細地討論這一點。

Now turning to brand awareness. A critical imperative has been very specific in compelling sales and marketing initiatives and actions to enhance awareness and demand. Efforts are well underway and showing good results. In North America, the majority of orders in the third quarter came in fact from new customers. These are customers whose first contact with Lucid within the quarter of their order.

現在轉向品牌知名度。一個關鍵的當務之急是非常具體地實施令人信服的銷售和行銷舉措和行動，以提高意識和需求。努力正在順利進行，並且取得了良好的成果。在北美，第三季的大部分訂單實際上來自新客戶。這些客戶是在下訂單的季度內首次與 Lucid 聯繫的客戶。

And we believe that our targeted data-driven approach to marketing as well as our compelling offerings are bearing fruit despite an uneven macro environment. The volume of Lucid Air on the road also continues to grow, and it's exciting to see all photos of Air sightings in a while that people are sending out. I believe that our brand awareness can benefit more meaningfully once we hit that critical mass of cars on the road. So we're pleased with our brand awareness progress in the U.S. as well as in the Middle East. We're making progress in Europe with test drive growth, but we're still early on in our journey there, frankly, and expect more significant progress towards growth next year.

我們相信，儘管宏觀環境不平衡，我們有針對性的數據驅動行銷方法以及引人注目的產品正在取得成果。道路上的 Lucid Air 數量也在持續增長，一段時間內人們發出的所有 Air 目擊照片令人興奮。我相信，一旦我們上路的汽車數量達到臨界數量，我們的品牌知名度就能獲得更有意義的收益。因此，我們對我們在美國和中東的品牌知名度的進步感到滿意。我們在歐洲透過試駕成長取得了進展，但坦白說，我們仍處於這段旅程的早期階段，並預計明年的成長將取得更重大的進展。

We've also been working on improving the customer journey. From the start of the journey with a financial service process all the way through the final delivery process. And we've made great progress, but we do still have some more work to do. We're also working on new sales initiatives to accelerate deliveries and to improve the customer experience. So a lot of things happening behind the scenes that we're really excited by.

我們也一直致力於改善客戶旅程。從金融服務流程的開始一直到最終的交付流程。我們已經取得了很大的進展，但我們仍然有更多的工作要做。我們也致力於實施新的銷售計劃，以加快交貨速度並改善客戶體驗。因此，幕後發生的許多事情讓我們感到非常興奮。

I'm also pleased to announce that Lucid customers can gain access to more than 15,000 Tesla Superchargers in North America. And then we will integrate the North American changing standard into our vehicles in 2025. And of course, all Lucid vehicles with the current CCS charging standard, will be able to access that network through an adapter. Now this is an important addition to providing our customers expanded access to reliable and convenient charging solutions.

我還很高興地宣布，Lucid 客戶可以使用北美超過 15,000 個 Tesla 超級充電站。然後我們將在 2025 年將北美變化標準整合到我們的車輛中。當然，所有採用當前 CCS 充電標準的 Lucid 車輛將能夠透過適配器存取該網路。現在，這是為我們的客戶提供更多可靠、便利的充電解決方案的重要補充。

Now turning to software. Earlier today, we started rolling out our latest over-the-air software update. This update will enable a new revolutionary feature in vehicle-to-vehicle charging. Not only are we solving range anxiety with our industry-leading range but the Lucid Air can now also lower anxiety for owners of other EVs with less range. So please stay tuned for more details of this in the very near future.

現在轉向軟體。今天早些時候，我們開始推出最新的無線軟體更新。此更新將為車對車充電帶來新的革命性功能。我們不僅透過業界領先的續航里程解決了續航里程焦慮，而且 Lucid Air 現在還可以減輕其他續航里程較短的電動車車主的焦慮。因此，請在不久的將來繼續關注有關此內容的更多詳細資訊。

But let me tell you why this is so significant. This is a shining example of our systems approach to the design of the vehicle. It's the tight integration of our cutting-edge software with our state-of-the-art technology. Now this systems approach of integrating hardware and software is what allows us to provide these value-added updates. And I believe a few in the auto industry can do it as well as to the degree that we can. And with Lucid Air, the longer you own the car, the better it can get, we continue to improve and add functionality as you own the car.

但讓我告訴你為什麼這麼重要。這是我們車輛設計系統方法的一個光輝典範。這是我們的尖端軟體與最先進技術的緊密整合。現在，這種整合硬體和軟體的系統方法使我們能夠提供這些增值更新。我相信汽車行業中的一些人可以做到和我們一樣好。借助 Lucid Air，您擁有汽車的時間越長，它就越好，我們會在您擁有汽車時不斷改進和添加功能。

Now I invite you to watch a video with Mike Bell, our Head of Digital. You can find on the Tech Talks section of our Lucid website and which I hope will give you some insight into our software differentiation and a glimpse into what to come.

現在我邀請您觀看我們的數位主管 Mike Bell 的影片。您可以在我們的 Lucid 網站的技術講座部分找到，我希望它能讓您深入了解我們的軟體差異化並了解未來的發展。

I'm also delighted to say that we recently closed our Aston Martin arrangement. Sherry will go through this in more detail, but I want to highlight that Lucid was chosen as part of a competitive process based upon the merits of our Sapphire technology. And, in fact, since the announcement of the Aston Martin deal, I'm very pleased to say that we have seen an increase in inbound interest to access our great technology.

我還很高興地說，我們最近結束了與阿斯頓馬丁的合作。 Sherry 將更詳細地介紹這一點，但我想強調的是，Lucid 被選為基於我們藍寶石技術優點的競爭過程的一部分。事實上，自從阿斯頓馬丁交易宣布以來，我很高興地說，我們看到人們對我們偉大技術的興趣增加。

As we move forward, I continue to see significant market potential. We'll continue to advance our technology and look to further widen the technology gap. Some in the market are talking about the potential for a reduction in EV investments by other OEMs.

隨著我們的前進，我繼續看到巨大的市場潛力。我們將繼續推進我們的技術，並尋求進一步拉大技術差距。市場上的一些人正在談論其他原始設備製造商減少電動車投資的可能性。

Now whilst I urge the industry to accelerate the transition to sustainable transportation, nonetheless, if this were to come to bear, I believe that Lucid would be in a prodigious position to benefit through our technology licensing business. And whilst Lucid is becoming widely recognized as having the best EV technology (inaudible). Some may be led to believe that it's expensive to make. And this is not well understood. [All this] technology was designed from the outset for mass manufacturability.

現在，雖然我敦促業界加速向永續交通的過渡，但如果這一目標成為現實，我相信 Lucid 將處於有利地位，可以透過我們的技術授權業務受益。同時，Lucid 被廣泛認為擁有最好的電動車技術（聽不清楚）。有些人可能會認為它的製造成本很高。這還不是很容易理解。 [所有這些]技術從一開始就是為了大規模製造而設計的。

I cannot close without talking about a product I'm very excited about, the Lucid Gravity, a 3-row, 7-passenger SUV. And I can't wait to unveil it at our special launch event on November 16, next week at the LA Auto Show. The Gravity will significantly expand our market opportunity opening up a total addressable market that is nearly 3x larger and growing.

在結束之前，我必須先談談一款令我非常興奮的產品：Lucid Gravity，一款 3 排 7 人座 SUV。我迫不及待地想在 11 月 16 日（下週的洛杉磯車展）我們的特別發布會上揭曉它。 Gravity 將顯著擴大我們的市場機會，開闢一個規模近 3 倍且不斷成長的總目標市場。

More importantly, for our customers and for the planet, the Gravity takes all the innovations of Lucid Air and builds upon the range, the efficiency, the performance, the driving experience, the interior space, just everything that people love about the Air and help redefine the Sedan space we will now bring to Gravity. And in turn, we will redefine the SUV in the electric age.

更重要的是，對於我們的客戶和地球而言，Gravity 繼承了 Lucid Air 的所有創新，並以航程、效率、性能、駕駛體驗、內部空間以及人們喜愛 Air 和幫助的一切為基礎。重新定義我們現在將帶入Gravity 的Sedan 空間。反過來，我們將重新定義電動時代的SUV。

But let me be clear that Gravity SUV isn't an Air Sedan design that we just converted to an SUV. But Gravity has been designed from the ground up to be a true SUV. Now I don't want to reveal too much, but I think you're going to love it, and I can't wait to show it to you all next week. And I hope that many of you will be able to join us for this momentous occasion.

但讓我明確一點，Gravity SUV 並不是我們剛改裝成 SUV 的空中轎車設計。但 Gravity 的設計初衷就是為了成為一款真正的 SUV。現在我不想透露太多，但我想你們會喜歡它，我迫不及待地想在下週向大家展示它。我希望你們中的許多人能夠與我們一起見證這重要時刻。

So in closing, we recognize that there are forces that are out of our control and that some are not. We are navigating an uneven macro environment that is also affecting many others in the industry. But I'm excited about the remainder of this year and for 2024. In addition to Gravity and the expansion into a larger and growing market, we have a number of other announcements that I'm excited to share with you in the future. We know we have a lot of hard work ahead of us. And I'd like to close by saying thank you to our most important asset, our employees, to our suppliers and to our partners.

因此，最後，我們認識到有些力量是我們無法控制的，有些則不是。我們正在應對一個不平衡的宏觀環境，這也影響著行業中的許多其他人。但我對今年剩餘時間和 2024 年感到興奮。除了 Gravity 和向更大且不斷增長的市場的擴張之外，我們還發布了許多其他公告，我很高興在未來與您分享。我們知道我們還有很多艱苦的工作要做。最後，我想對我們最重要的資產、我們的員工、我們的供應商和我們的合作夥伴表示感謝。

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. I'd like to start by acknowledging our employees for their perseverance, dedication and especially their hard work. And our suppliers and partners for their deep commitment. We've endured through the pandemic, global supply chain disruptions and now an uneven macro environment.

謝謝你，彼得，也感謝那些今天抽出時間加入我們的人。首先，我要感謝我們的員工的毅力、奉獻精神，特別是他們的辛勤工作。以及我們的供應商和合作夥伴的堅定承諾。我們經歷了疫情、全球供應鏈中斷以及現在不平衡的宏觀環境。

Despite all of this, we gained almost 300 basis points of U.S. market share in the Premium Luxury Sedan market year-to-date as of September 30 versus the same period in 2022. We opened manufacturing locations in 2 continents, and we launched our full of Air variants. We believe we have the best car in the market, and we're equally excited to redefine the SUV market with Gravity.

儘管如此，截至今年 9 月 30 日，與 2022 年同期相比，我們在高級豪華轎車市場的美國市場份額獲得了近 300 個基點。我們在兩大洲開設了製造基地，並推出了全面的空氣變種。我們相信我們擁有市場上最好的汽車，我們同樣很高興能夠透過 Gravity 重新定義 SUV 市場。

Before turning to Q3 results, let me speak about the Aston Martin agreement. We're pleased to have closed the deal and pursuant to the terms of the agreement, we received approximately 28.35 million ordinary shares in the first cash installment of USD 33 million. Excluding the Aston Martin shares, this deal is anticipated to be worth in excess of $350 million.

在討論第三季業績之前，讓我先談談阿斯頓馬丁協議。我們很高興完成了交易，根據協議條款，我們在第一期現金付款中收到了約 2835 萬股普通股，金額為 3300 萬美元。不包括阿斯頓馬丁股票，這筆交易預計價值超過3.5億美元。

Turning to our cost control program. As you'll recall, this was one of our top 2 priorities we highlighted at the beginning of this year. The 5-part cost control program that we implemented in the first half of this year has yielded significant operational improvements and cost savings through inventory level drawdowns as well as vehicle direct cost, freight and overhead cost reductions. We've been able to draw down our raw material inventory levels by approximately 10% from the start of Q3 through improvements made in material planning and inventory management.

轉向我們的成本控制計劃。您可能還記得，這是我們在今年年初強調的兩大優先事項之一。我們在今年上半年實施的由五部分組成的成本控制計劃通過庫存水平下降以及車輛直接成本、運費和間接成本的降低，顯著改善了運營並節省了成本。透過改進物料計劃和庫存管理，我們已經能夠從第三季開始將原材料庫存水準降低約 10%。

Particularly, we've been able to improve forecast accuracy of our inbound shipping channels and optimize inventory entitlement through the course of the program. These lower inventory levels have resulted in materialized savings related to logistics and material handling labor, equipment rentals and working capital. For vehicle direct costs during Q3, we were able to implement measures such as battery cell optimization and product development improvements. For example, a new battery cover is being introduced across all modules that we manufacture. Additionally, we've introduced packaging improvements on large parts such as fascias, panels and glass as part of Lucid's carbon footprint reduction plan.

特別是，我們已經能夠透過該計劃提高入庫運輸管道的預測準確性並優化庫存權利。庫存水準的降低導致了與物流和物料搬運勞動力、設備租賃和營運資金相關的具體節省。對於第三季的車輛直接成本，我們能夠實施電池優化和產品開發改進等措施。例如，我們製造的所有模組都採用了新的電池蓋。此外，作為 Lucid 碳足跡減少計畫的一部分，我們還對儀表板、面板和玻璃等大型零件進行了包裝改進。

The cost control program for vehicle direct cost has also helped identify and steer further opportunities for 2024 with key measures such as product feature consolidation and upgrades as well as bringing select operations in-house. Further cost reduction opportunities have also been identified in both cost of goods sold and OpEx.

車輛直接成本的成本控制計劃還透過產品功能整合和升級以及將精選業務納入內部等關鍵措施，幫助識別和把握 2024 年的更多機會。在銷售成本和營運支出方面也發現了進一步降低成本的機會。

Now turning to our 2023 third quarter financial results. We produced 1,550 vehicles during Q3. These are factory gated vehicles that are ready to be sold to a customer. This does not include the over 700 additional vehicles that were manufactured and then prepared into semi CKD kits. These kits are not counted as factory gated until they're finally assembled at our AMP-2 factory in Saudi Arabia. The Saudi Arabia vehicles are a combination of retail customer and government cars, and we hope to deliver many of them in Q4. We delivered 1,457 vehicles, up 4% both year-over-year and sequentially versus Q2. We had hoped to deliver more vehicles in Saudi Arabia in the third quarter. However, the scale up time has taken a little longer than estimated.

現在轉向我們的 2023 年第三季財務業績。第三季我們生產了 1,550 輛汽車。這些是工廠封閉的車輛，準備出售給客戶。這不包括另外製造並準備成半 CKD 套件的 700 多輛車輛。這些套件只有在我們位於沙烏地阿拉伯的 AMP-2 工廠最終組裝後才算是工廠封閉。沙烏地阿拉伯的車輛是零售客戶和政府車輛的組合，我們希望在第四季度交付其中許多車輛。我們交付了 1,457 輛汽車，比第二季度同比和環比增長 4%。我們原本希望第三季在沙烏地阿拉伯交付更多車輛。然而，擴大規模的時間比預期的要長一些。

Turning to the P&L. In Q3, we recorded revenue of $137.8 million, which represented a quarter-over-quarter decline of 9% largely driven by a change in product mix. Cost of revenue was approximately $469.7 million for the third quarter. Our gross margin improved slightly on a quarter-over-quarter basis primarily due to lower impairment charges in Q3 related to the lower of cost or net realizable value that we also refer to as LCNRV. This amounted to $230.8 million in Q3, a 21.7% reduction from Q2.

轉向損益表。第三季度，我們的營收為 1.378 億美元，季減 9%，主要是由於產品結構的變化。第三季的營收成本約為 4.697 億美元。我們的毛利率較上季略有改善，主要是由於第三季減損費用較低，這與成本或可變現淨值（我們也稱為 LCNRV）較低有關。第三季這數字為 2.308 億美元，比第二季減少 21.7%。

Looking forward to Q4, although there are many controllable and uncontrollable variables that can affect gross margin, we anticipate improvements to gross margins, driven primarily by projected reductions in impairments, on costs and logistics, along with us beginning to recognize productivity improvements as part of our transition to AMP-1 Phase 2, offset to some degree by incentives to help aid conversions. I would also highlight that our results do not include any potential IRA benefits as we work through fully contemplating the accounting dynamics. However, we still expect to be able to recognize benefits, which may be up to $2,000 per vehicle and we're evaluating the timing of recognition.

展望第四季度，儘管有許多可控和不可控的變數會影響毛利率，但我們預計毛利率將有所改善，這主要是由於預期減損、成本和物流的減少，以及我們開始認識到生產力的提高是毛利率的一部分。我們向 AM​​P-1 第 2 階段的過渡在一定程度上被幫助轉換的激勵措施所抵消。我還要強調的是，我們的結果不包括任何潛在的 IRA 福利，因為我們充分考慮了會計動態。然而，我們仍然希望能夠認可效益，每輛車可能高達 2,000 美元，我們正在評估認可的時間。

It's also important to note that there have been meaningful reductions in commodity costs which we've not yet benefited from due to higher-than-optimal inventory levels. As we work down inventory we built partly due to COVID and partly due to the inventory ramp-up associated with the launch of new vehicle variants, we expect to see meaningful financial benefits in 2024. We'll be watching very carefully for any inflationary impacts that may offset these gains, however.

還需要注意的是，商品成本已大幅降低，但由於庫存水準高於最佳水平，我們尚未從中受益。隨著我們逐步減少因新冠疫情以及與推出新車相關的庫存增加而建立的庫存，我們預計將在 2024 年看到有意義的財務收益。我們將非常仔細地關注任何通膨影響然而，這可能會抵消這些收益。

Now moving to operating expenses, R&D expense totaled approximately $230.8 million, down 1% sequentially. SG&A expense was approximately $189.7 million, down 4% sequentially. The sequential decrease was attributable to better cost management partially offset by higher marketing expense. We added 4 new locations to our studio and service center network in Q3 bringing our total at the end of the quarter to 45, excluding our temporary and satellite service centers.

現在轉向營運費用，研發費用總計約 2.308 億美元，比上一季下降 1%。 SG&A 費用約為 1.897 億美元，比上一季下降 4%。環比下降歸因於更好的成本管理，部分被更高的行銷費用所抵消。第三季度，我們在工作室和服務中心網路中新增了 4 個地點，使季度末的總數達到 45 個（不包括臨時服務中心和衛星服務中心）。

On the service side, we ended Q3 with 41 mobile vans in the fleet in 77 nationwide approved body shops. We also plan to continue to open satellite service centers, which will cost effectively provide additional locations for Lucid customers. Our stock-based compensation in the quarter was $68.2 million, down 4% sequentially. You should expect to see an increase in Q4 due to vesting as well as incremental hires.

在服務方面，第三季末，我們在全國 77 家經批准的車身修理廠擁有 41 輛行動貨車。我們還計劃繼續開設衛星服務中心，這將為 Lucid 客戶提供更多具有成本效益的地點。本季我們的股票薪酬為 6,820 萬美元，比上一季下降 4%。由於歸屬和增量招聘，您應該會看到第四季度的成長。

Total other income was $122.3 million, up from $74 million in Q2. The increase was largely attributable to higher interest income due to higher average balances and book yield from cash and investments. We also recorded a noncash benefit of $60.3 million related to the change in fair value of our common stock warrant liability, up from $42.1 million in Q2. 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 share price at the end of the quarter. In Q3, we achieved an adjusted EBITDA loss of $624.1 million.

其他收入總額為 1.223 億美元，高於第二季的 7,400 萬美元。這一增長主要歸因於現金和投資的平均餘額和帳面收益率增加導致利息收入增加。我們也記錄了與普通股認股權證負債公允價值變動相關的 6,030 萬美元非現金收益，高於第二季的 4,210 萬美元。提醒一下，這種非現金影響可能會受到許多因素的季度影響，其中較大的因素之一是季度末 Lucid 的股價。第三季度，我們的調整後 EBITDA 虧損為 6.241 億美元。

Moving to the balance sheet. We ended the quarter with approximately $4.9 billion in cash, cash equivalents and investments, with total liquidity of approximately $5.45 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。本季末，我們擁有約 49 億美元的現金、現金等價物和投資，流動性總額約 54.5 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管道多樣化。

Turning to inventory. Total inventory decreased 6% sequentially. Presuming that supply chain pressures continue to stabilize, we continue to 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 in refiner inventory management processes and systems. Capital expenditures were $192.5 million, down 5.5% versus Q2.

轉向庫存。總庫存季減 6%。假設供應鏈壓力持續穩定，隨著我們努力提高煉油廠庫存管理流程和系統中運輸管道的可預測性，我們將繼續看到大幅減少原材料庫存天數的途徑。資本支出為 1.925 億美元，較第二季下降 5.5%。

Moving to the outlook. We are adjusting our production outlook to a range of 8,000 to 8,500 down from our prior guidance of more than 10,000. I want to make clear that production is not our bottleneck. But rather we're taking a prudent approach to inventory management and working capital to better align with deliveries. The timing of in-transit semi knocked-down kits to Saudi Arabia could affect production in any given quarter, as you saw in Q3. So that's something to keep in consideration as well.

轉向展望。我們將產量預期從先前超過 10,000 輛的指導下調至 8,000 輛至 8,500 輛。我想澄清的是，生產不是我們的瓶頸。相反，我們正在採取謹慎的庫存管理和營運資金方法，以更好地與交付保持一致。正如您在第三季度看到的那樣，運往沙烏地阿拉伯的半散裝套件的運輸時間可能會影響任何特定季度的產量。所以這也是需要考慮的事情。

With regard to our liquidity position, we ended the quarter with total liquidity of approximately $5.45 billion. We expect this will give us runway through the start of production of Gravity and into 2025.

就我們的流動性狀況而言，本季末我們的流動性總額約為 54.5 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 $1.0 billion and $1.1 billion, reflecting deferrals in our capital outlay. CapEx will support our continued growth objectives as we strategically invest in manufacturing capacity and capabilities, some moderate investment in retail studios and service center capabilities across the globe as well as vendor tooling for Gravity 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 10 億至 11 億美元之間，反映了我們資本支出的延長。資本支出將支持我們的持續成長目標，因為我們對製造能力和能力進行策略性投資，對全球零售工作室和服務中心能力進行一些適度投資，以及用於Gravity 和其他支持Lucid 業務成長的領域的供應商工具。

Before I close, I want to mention the Form S-3 that you may have seen filed today after market close. This is not a new issuance and it's related to the previously announced private placement of common stock to the PIF in June of 2023. Pursuant to the agreement, we were required to file a registration statement. So this is simply the execution of our contractual obligations, and this is not a new issuance.

在結束之前，我想提一下您可能在今天收市後提交的 S-3 表格。這不是新發行，與先前宣布的 2023 年 6 月向 PIF 私募普通股有關。根據協議，我們需要提交登記聲明。所以這只是我們合約義務的履行，並不是新發行。

I'd like to close by saying that I'm proud of the team's execution in a difficult environment that affects many in the industry. We started production of Pure Rear-Wheel Drive in Sapphire in September. We transitioned over from Phase 1 to our new Phase 2 facility for general assembly in Arizona. We opened AMP-2 in Saudi Arabia, all on time. We closed the Aston Martin Deal, launched our referral program and will be delivering our vehicle-to-vehicle charging feature through an over-the-air update, highlighting the tight integration of our hardware and software. Something we believe a few others in the industry can do. But we know we have much more work to do. We're working hard to increase the number of vehicles on the road, to help drive an inflection and brand awareness. We're keeping a strong focus on cost control, and we're working diligently on improving the customer journey.

最後，我想說的是，我對團隊在影響產業許多人的困難環境中的執行力感到自豪。我們在九月開始在 Sapphire 生產純後輪驅動。我們從第一階段過渡到新的第二階段工廠，在亞利桑那州進行組裝。我們在沙烏地阿拉伯按時開設了 AMP-2。我們完成了阿斯頓馬丁交易，啟動了推薦計劃，並將透過無線更新提供我們的車輛間充電功能，突出我們的硬體和軟體的緊密整合。我們相信業內其他一些人也能做到。但我們知道我們還有很多工作要做。我們正在努力增加道路上的車輛數量，以幫助推動變革和品牌知名度。我們高度重視成本控制，並努力改善客戶旅程。

And on November 16, we'll finally release more details about our Gravity SUV at our unveil event at the LA Auto Show. We can't wait to show you this incredible SUV. We think you're going to love it.

11 月 16 日，我們最終將在洛杉磯車展的揭幕活動上發布有關 Gravity SUV 的更多細節。我們迫不及待地想向您展示這款令人難以置信的 SUV。我們認為您會喜歡它。

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

接下來，讓我把問題轉回梅納德，詢問你們的問題。梅納德？

Thanks, Sherry. We'll start the Q&A portion. Before we get to questions on the phone, we're going to post some questions from our retail investors through the Say platform. So we'll start the first question. What is the plan for Lucid to expand their operations and start becoming a profitable company?

謝謝，雪莉。我們將開始問答部分。在我們透過電話提問之前，我們將透過 Say 平台發布散戶投資者的一些問題。那我們開始第一個問題。 Lucid 擴大業務並開始成為盈利公司的計劃是什麼？

Thanks, Maynard. Well, I think we answered the question about our expansion plans already with our discussion of the AMP-1 Phase 2 expansion in Arizona, with the AMP-2 in Saudi Arabia as well as the expansion of our studio and service network.

謝謝，梅納德。嗯，我想我們已經透過討論亞利桑那州的 AMP-1 二期擴建、沙烏地阿拉伯的 AMP-2 以及工作室和服務網絡的擴建，回答了有關我們的擴建計劃的問題。

The second part of your question refers to our path to profitability. This is where our cost control program and the efficiencies that we're looking to adapt through every part of our organization is a core part of our company's focus. Our most important areas of focus continue to be building material cost-down initiatives, manufacturing, labor and overhead cost-down initiatives, automation of key process and expansion of core system capabilities. All of this is to be coupled with our extensive demand generation activities globally. As we ramp production and with Gravity company coming, we believe it will start to really show the strength of our business model. And of course, we'll have midsize to look forward to as we exit in the decade.

你問題的第二部分涉及我們的獲利之路。這就是我們的成本控制計劃和我們希望透過組織的每個部分進行調整的效率是我們公司關注的核心部分。我們最重要的關注領域仍然是建立材料成本降低計劃、製造、勞動力和管理成本降低計劃、關鍵流程的自動化以及核心系統功能的擴展。所有這一切都將與我們在全球廣泛的需求產生活動相結合。隨著我們產量的增加以及 Gravity 公司的到來，我們相信它將開始真正展示我們商業模式的優勢。當然，當我們在十年內退出時，我們將擁有中型飛機值得期待。

Great. Second question, are there any plans to stop the current slide of stock prices? What are the efforts Lucid is doing for it?

偉大的。第二個問題，有沒有計畫來阻止目前股價的下滑？ Lucid正在為此做出哪些努力？

Well, as you know, stock movement is a function of a number of factors. And some factors are clearly beyond any company's control. There are things like interest rates, supply chain issues and other macro conditions that can make it extremely challenging for any company to offer the kind of predictability that investors would like to see. Now that said, what is within our control is continuing to deliver on our product rollout promises to continue to innovate, to invest and to make important progress against our plan. We'll also continue to push the revenue opportunities beyond automobiles, whether in technology, emission credits and indeed software. So quite simply, we have to execute. And the announcement today of the org structure changes, I believe, will help us really, really tremendously.

如您所知，股票走勢是多種因素的函數。有些因素顯然超出了任何公司的控制範圍。利率、供應鏈問題和其他宏觀條件等因素可能會讓任何公司很難提供投資者希望看到的可預測性。話雖如此，我們所能控制的是繼續兌現我們的產品推出承諾，繼續創新、投資並根據我們的計劃取得重要進展。我們也將繼續推動汽車以外的收入機會，無論是在技術、排放信用或軟體方面。很簡單，我們必須執行。我相信，今天宣布的組織結構變化將為我們帶來巨大的幫助。

Thanks, Peter. The third question, I think, we answered in our prepared remarks, as it relates to any guidance for 2024. Sherry mentioned, the outlook is typically something we give on our Q1 earnings call. So we'll move to the next question. What will Lucid do to prevent cash burn per vehicle?

謝謝，彼得。我想，我們在準備好的發言中回答了第三個問題，因為它涉及 2024 年的任何指導。Sherry 提到，前景通常是我們在第一季財報電話會議上給出的內容。那麼我們將轉向下一個問題。 Lucid 將採取哪些措施來防止每輛車燒錢？

Great. Well, first, let me just start with the cash and liquidity that we have on hand. In my prepared remarks, I think, I might have just said $5.54 billion should have said $5.45 billion. So I just want to get that correct on the record. But this particular question, a lot out there today that is misleading and frankly misunderstood as it relates to this question. First off, it [conflates] cost with investment.

偉大的。好吧，首先，讓我從我們手頭上的現金和流動性開始。我認為，在我準備好的發言中，我可能剛剛說的是 55.4 億美元，而本來應該要說的是 54.5 億美元。所以我只想把這一點記錄在案。但這個特殊的問題，今天有很多與這個問題相關的誤導性和坦率的誤解。首先，它將成本與投資[混為一談]。

And this particular question, specifically asking about our cash burn for vehicle. It's really important to note that there's a number of noncash expenses that are in our P&L, things that we've already paid for that are showing up in the P&L. So the largest ones include depreciation. This is not just of our manufacturing and studio service center expansion efforts, but also for all other depreciation related to facilities, investment in our new program tools as well.

這個特殊的問題，特別是詢問我們的車輛燒錢狀況。值得注意的是，我們的損益表中有許多非現金費用，我們已經支付的費用也顯示在損益表中。所以最大的包括折舊。這不僅是我們的製造和工作室服務中心擴張工作的結果，還包括與設施、新程序工具投資相關的所有其他折舊。

Additionally, we talk about the impairment we refer to it as the LCNRV, which looks not yet today, but it also includes costs today that are related to future quarters. So it's conflating future costs in the current period, which can give a misleading interpretation of these numbers.

此外，我們談論的是我們將其稱為 LCNRV 的減值，目前看起來還沒有，但它也包括與未來季度相關的今天成本。因此，它將未來成本與當前期間合併在一起，這可能會對這些數字產生誤導性的解釋。

So with that as a backdrop, there are a number of things that we are doing today at a company level and at a per vehicle level. And those are as follows. And some of them just talked about. Some cost reduction, manufacturing labor and overhead reduction, efficiencies across all areas of our business, importantly, also enabling the flywheel effect that we expect to naturally occur is more of our cars are in the market and in people's driveways.

因此，以此為背景，我們今天在公司層面和每輛車層面正在做很多事情。這些如下。其中一些只是談論。一些成本的降低，製造勞動力和管理費用的減少，我們業務所有領域的效率的提高，重要的是，也使我們期望自然發生的飛輪效應成為可能，因為我們的汽車更多地進入市場和人們的車道。

And our fantastic customers have the ability to drive enthusiasm in their neighborhoods and on the street. So what is important here is that we have a plan and we are working diligently across every area of our business to reduce costs, drive enthusiasm for our brand and bring profitability to our investors as quickly as possible.

我們出色的客戶有能力激發他們的社區和街道的熱情。因此，重要的是我們有一個計劃，我們正在業務的各個領域努力工作，以降低成本，激發人們對我們品牌的熱情，並儘快為我們的投資者帶來盈利。

Thanks, Sherry. Maggie, I would like to turn to the phone lines for questions.

謝謝，雪莉。瑪吉，我想透過電話詢問問題。

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

（操作員說明）。我們的第一個問題來自美國銀行的約翰‧墨菲。

Just a first question here and Sherry just about the Saudi CKD units. It's [700] plus in the quarter, and I would imagine there'll be some more to come in the fourth quarter. Sort of an optimist might say, hey, that's the significant reason you have the guide down on production units, but sort of customers might say, hey, those aren't included.

這裡只是第一個問題，Sherry 是關於沙烏地阿拉伯 CKD 裝置的。本季的數量超過了 [700]，我想第四季還會有更多。樂觀主義者可能會說，嘿，這就是您制定生產單位指南的重要原因，但有些客戶可能會說，嘿，這些不包括在內。

So I'm just trying to understand where these units are ultimately going to be accounted for. And if we think about the [700,000] units going to Saudi, I would imagine they're effectively presold. I mean there's no question that there's orders there. So I would imagine that the revenue recognition and the sale would occur almost immediate upon your final assembly there. So just how are these being accounted for? And how should we think of that relative to the guide down in production for the year?

所以我只是想了解這些單位最終將被計入何處。如果我們考慮運往沙烏地阿拉伯的 [700,000] 輛，我想它們實際上已經預售了。我的意思是毫無疑問那裡有訂單。因此，我認為收入確認和銷售幾乎會在您在那裡進行最終組裝後立即發生。那麼這些是如何解釋的呢？相對於今年產量指南的下降，我們該如何看待這一點？

So first off, the SKD units, as we said, are not showing up in production for this quarter. So we'll be building those out presumably over the next quarter. So they'll show up in production numbers likely mostly in Q4, okay. So that's the first part of your question.

首先，正如我們所說，SKD 裝置在本季沒有投入生產。因此，我們大概會在下個季度建構這些內容。因此，它們可能主要在第四季度出現在生產數據中，好吧。這是你問題的第一部分。

With respect to being presold, I can't really speak to the exact transaction dynamics with us in the Ministry of Finance. We really don't speak about the specific transaction elements of any of our customers. But what I can say is that part of these units will be for the government and part of them will be for retail. We have already begun deliveries to the government, as we said in the 10-Q, though that was nonmaterial for this last quarter, and we expect to increase going forward.

關於預售，我無法真正與財政部談論確切的交易動態。我們確實不會談論任何客戶的具體交易要素。但我可以說的是，這些單位的一部分將用於政府，一部分將用於零售。正如我們在第十個季度所說，我們已經開始向政府交付，儘管這對上個季度來說並不重要，我們預計未來會增加。

Okay. Sherry, maybe just to follow up on that. I mean there will be a reload on this in the fourth quarter, right? So I mean, it does seem like you're selling yourself short or being a little bit too humble on what was executed this quarter and what might be executing in the fourth quarter. Would it be fair to assume that these -- you're calling SKDs, I call them CKDs, whatever on these knockdown kits. We'll continue to reload for the foreseeable future until that AMP-2 is really up and running?

好的。雪莉，也許只是為了跟進此事。我的意思是第四季度會重新加載，對嗎？所以我的意思是，您似乎確實賣空了自己，或者對本季度執行的內容以及第四季度可能執行的內容有點過於謙虛。公平地假設這些——你稱之為 SKD，我稱之為 CKD，無論這些拆卸套件是什麼。在可預見的未來，我們將繼續重新加載，直到 AMP-2 真正啟動並運行？

Yes. So we'll be establishing a quarterly cadence over time. I think that's fair to say. And it's going to be important for us also to introduce other product variants into the region. So we've been producing new product variants that will also be shipped over to Saudi as well. Some of those will be produced in the quarter. Some of those are going to be in ships at the end of the quarter or not yet into production numbers. But, yes, I mean you're going to be sending vehicles over there, producing them into finished units and then delivering them and then completing that process each quarter.

是的。因此，隨著時間的推移，我們將建立季度節奏。我認為這樣說是公平的。對我們來說，向該地區引入其他產品變體也很重要。因此，我們一直在生產新的產品變體，這些變體也將運往沙烏地阿拉伯。其中一些將在本季生產。其中一些將在本季度末發貨或尚未投入生產。但是，是的，我的意思是你將把車輛送到那裡，將它們生產成成品，然後交付它們，然後每個季度完成這個過程。

Yes. I think we'll reach an equilibrium point, John, where those units in transit equalize out. It's -- a lot of this is due to the shipping time, getting those kits from Arizona right around the world to the [Kingdom]. And I think that we -- you have to remember that those are incomplete units. So they have to be counted as work in progress, they cannot be counted as factory gated. They might leave the factory in Arizona, but that doesn't count factory gated until they're reassembled and that moment of leaving the factory in Saudi Arabia, that's when for accounting purposes, we can count them as produced.

是的。我認為我們會達到一個平衡點，約翰，那些運輸中的單位將達到平衡。這很大程度上是由於運輸時間造成的，將這些套件從亞利桑那州運往世界各地到[王國]。我認為我們——你必須記住，這些都是不完整的單位。因此，它們必須算在製品，不能算是工廠封閉。它們可能會離開亞利桑那州的工廠，但在它們重新組裝之前，這不算工廠封閉，而在離開沙烏地阿拉伯工廠的那一刻，出於會計目的，我們可以將它們算作已生產。

Yes. And, in fact, if you look at total inventory, you would have noticed that went down by 6%. Raw material went down about 12% that was due to some of the better material planning we had talked about as well as inventory management. Finished goods actually went down as well around that same amount. But work in progress went up and that went up because of these specific SKDs. But again, on the whole, you're down about 6% on an inventory basis. You're just going to see a different composition of it now going forward.

是的。事實上，如果您查看總庫存，您會發現下降了 6%。原材料下降了約 12%，這是由於我們討論過的一些更好的材料計劃以及庫存管理。成品實際上也下降了大約相同的數量。但由於這些特定的 SKD，正在進行的工作有所增加。但總的來說，庫存下降了約 6%。現在您將看到它的不同組成。

That's really helpful. And then just, Peter, just real quickly, a second one. The idea of licensing powertrain technology seems like it should be coming more and more appealing to the industry at large as everybody is struggling to get these EVs launched profitably. It's not just you, but it's literally everybody. Has anything changed in the tenor of discussions? Or is there anything new you can say directly on this? And maybe you could kind of confirm that you might be having these conversations in Korea, Japan, Europe and North America, maybe all the major regions and China, obviously, too.

這真的很有幫助。然後，彼得，很快，第二個。授權動力總成技術的想法似乎應該對整個行業越來越有吸引力，因為每個人都在努力讓這些電動車獲利。不只是你，而是幾乎所有人。討論的基調有變化嗎？或是您有什麼新的可以直接說的嗎？也許你可以確認，你可能會在韓國、日本、歐洲和北美進行這些對話，也許所有主要地區和中國也是如此。

There's nothing specific I can talk to, but I will say this. We've closed successfully -- delighted to close our agreement with Aston Martin. And that's indeed, awareness of that has definitely catalyzed a degree of inbound interest. Now, that said, the sort of technology we've got right now suits pretty high-end cars like Aston Martins.

我沒有什麼具體可以談的，但我會說這個。我們已經成功完成——很高興與阿斯頓·馬丁達成了協議。事實上，對這一點的認識肯定激發了一定程度的入境興趣。也就是說，我們現在擁有的技術適合像阿斯頓馬丁這樣的高階汽車。

But as we transition to our technology, which is appropriate for a midsized platform, that's when we are -- we will be in a position to attract a whole new strata of clientele, more family cars, more affordable Echelon altogether. And so really, we're looking at how could we accelerate that technology for the powertrain to midsize that we could be in a position to capture any inbound interest in that position of the market.

但當我們過渡到適合中型平台的技術時，我們將能夠吸引全新的客戶階層、更多的家庭汽車、更實惠的梯隊。事實上，我們正​​在研究如何將動力總成技術加速到中型，以便我們能夠抓住該市場地位的任何入境興趣。

And I want to provide maybe an ecosystem perspective on this as well. I mean we're not going to prognosticate about what other OEMs are going to do. But if you read a lot of the earnings scripts that just came out, people are starting to look at the portfolio they have of ICE products and EV and you hear some hinting as to possible pullback a bit on EV. If that were to be the case, we're not saying that it is, we do think that us having this technology licensing program puts us in an advantage position and we can possibly help some of these OEMs as a partner.

我也想就此提供一個生態系統的視角。我的意思是，我們不會預測其他原始設備製造商將做什麼。但如果你讀了很多剛發布的收益腳本，人們開始關注他們擁有的 ICE 產品和電動車的投資組合，你會聽到一些關於電動車可能會有所回調的暗示。如果是這樣的話，我們並不是說確實如此，我們確實認為擁有這項技術許可計劃使我們處於優勢地位，並且我們可能可以作為合作夥伴幫助其中一些原始設備製造商。

And I think there's also a recognition as well, John. It's relatively straightforward to do a kind of average okay EV because you just buy the parts off the shelf. But that is going to be unacceptable -- is already. And I think it's such a recognition that we got something very special with our technology. And there's -- we still haven't got the message out, just how affordable our technology is in its own rights.

我認為這也是一種認可，約翰。製作一款普通的電動車相對簡單，因為你只需購買現成的零件即可。但這已經是不可接受的了。我認為正是這種認可讓我們的技術獲得了一些非常特別的東西。我們還沒有得到這樣的資訊：我們的技術本身的價格是多麼便宜。

But when you overlay the true power of efficiency, our efficiency of drive units and our whole system means we can go further with less batteries. This addresses the cost of the battery. And I think that there's a growing awareness of this, which is our strategic advantage and our customers can leverage this, Aston martin can leverage this. And it can mean that Aston Martin can be lighter with the same range because it's got less battery. And that's an incredibly valuable attribute for the super sports car like an Aston.

但是，當您疊加效率的真正力量時，我們的驅動單元和整個系統的效率意味著我們可以用更少的電池走得更遠。這解決了電池的成本問題。我認為人們越來越意識到這一點，這是我們的策略優勢，我們的客戶可以利用這一點，阿斯頓馬丁也可以利用這一點。這可能意味著阿斯頓馬丁在相同的續航里程下可以更輕，因為它的電池更少。對於像阿斯頓這樣的超級跑車來說，這是一個非常有價值的屬性。

Our next question comes from Steve Fox -- Steven Fox from Fox Advisors, LLC.

我們的下一個問題來自 Steve Fox——來自 Fox Advisors, LLC 的 Steven Fox。

I wanted to ask a question. I think I've asked in a different way. The company has definitely battened down the hatches in terms of costs and done a lot to leverage technology and the (inaudible) start you've had with the production. All of that is -- you should receive applaud for how you've reacted to higher interest rates. However, I mean, to me, it seems like the company might need to take some drastic steps in the future. Given that interest rates look like they're going to stay higher and maybe move higher to sort of modify your ambitions. What would trigger such an event in your mind, Peter? Like it just seems like it's a more niche market for a longer time for Lucid unless you can argue the opposite for, say, the next 12 to [24] months.

我想問一個問題。我想我是用不同的方式問的。該公司肯定已經在成本方面做好了準備，並做了很多工作來利用技術和（聽不清楚）生產開始。這一切都是——你應該為你對更高利率的反應而受到讚揚。然而，我的意思是，對我來說，公司未來可能需要採取一些激進的措施。考慮到利率看起來會保持在較高水平，甚至可能會走高以改變你的野心。彼得，什麼會在你的腦海中引發這樣的事件？對於 Lucid 來說，在更長的時間內，這似乎是一個更利基的市場，除非你能在接下來的 12 到 [24] 個月內提出相反的觀點。

I think we're taking a very prudent, very nuanced view. Sherry is doing a great job in leading the imperative cost -- cost optimization. We're looking at all measures here, looking at our efficiency of making the cars, looking our working capital, looking at inventory, all aspects of the business. We're also pushing like crazy to improve our delivery numbers.

我認為我們採取了非常謹慎、非常細緻的觀點。 Sherry 在領導必要的成本——成本優化方面做得非常出色。我們正在考慮這裡的所有措施，看看我們製造汽車的效率，看看我們的營運資金，看看庫存，看看業務的各個方面。我們也瘋狂地努力提高我們的交付數量。

Now I think that we're looking at Gravity, which is going to be a transformative product just around a year from now, late 2024 with a considerably greater market -- market potential than -- and a growing market potential in SUV. And I think that's going to have a transformative impact within the company. We've always taken a very prudent and nuanced view for cost control and cost effectiveness within the company. And all I can say that, that will continue as an absolute core cornerstone of our thinking and our very being here at Lucid.

現在我認為我們正在關注 Gravity，它將在大約一年後（即 2024 年末）成為一款變革性產品，其市場潛力要大得多，而且 SUV 的市場潛力也在不斷增長。我認為這將對公司內部產生變革性的影響。我們一直對公司內部的成本控制和成本效益採取非常謹慎和細緻的看法。我只能說，這將繼續作為我們思維和 Lucid 存在的絕對核心基石。

And the other thing I would just say about the interest rate environment. I mean, it is known that it is more expensive right now for customers to buy cars, we know that. And that is why we are offering some support there. But there is another side to the interest rate environment for Lucid in particular. We're sitting on a very large cash balance and we have a lot of this invested. So we've actually been experiencing quite a bit of interest income associated with those costs -- with the cash balance as well in the interest rate environment. So there is another side to it as well as it pertains to us in particular.

我想說的另一件事是關於利率環境。我的意思是，眾所周知，現在客戶購買汽車的成本更高，我們知道這一點。這就是我們在那裡提供一些支持的原因。但對 Lucid 來說，利率環境還有另一面。我們擁有大量現金餘額，並且進行了大量投資。因此，我們實際上已經經歷了相當多與這些成本相關的利息收入——在利率環境下也與現金餘額有關。所以它還有另一面，也特別適合我們。

That's helpful. And if I could just ask maybe a more upbeat question and I look forward to seeing the Gravity next week. But like when you think about ramping revenues from the SUV, how complementary do you think you can make it to the existing models out there, existing stores, so that like the incremental cost to ramp Gravity is more on the production side and less on the sales side?

這很有幫助。如果我能問一個更樂觀的問題，我期待下週看到《地心引力》。但是，就像當你考慮增加SUV 的收入時，你認為你可以將其與現有車型、現有商店進行怎樣的互補，因此，就像增加Gravity 的增量成本一樣，更多的是生產方面，而不是銷售方面。銷售方面？

I mean I think that we configured on stores to have room for Gravity alongside Air. It's always been a part of our sort of cohesive strategy that we've implemented. We're investing in our retail network, but a lot of that is built out and ready for Gravity. And I think we also should think of the very considerable investment we've already made in Phase 2 of our factory in Arizona ready for the Gravity.

我的意思是，我認為我們在商店中配置了重力和空氣的空間。它一直是我們實施的凝聚力策略的一部分。我們正在投資零售網絡，但其中許多網絡都是為「重力」而建造的。我認為我們也應該考慮到我們已經在亞利桑那州工廠的第二階段進行了非常可觀的投資，為重力做好準備。

I think another point here, Steven, is just have different products Gravity is from Air. When we look at cannibalization, of course, we took the decision not to just base Gravity upon Air platform and therefore, result in some kind of car-like sort of compromise. We really designed Gravity as a true SUV with its own new platform. We made that investment to create 2 very, very distinct product lines between Air and Gravity. So I think we can really capture people's imagination into very distinct markets from 2 very distinctly different products as a consequence of that.

史蒂文，我認為這裡的另一點是，只是有不同的產品，重力來自空氣。當然，當我們考慮蠶食時，我們決定不將 Gravity 僅僅建立在 Air 平台上，因此會導致某種類似汽車的妥協。我們確實將 Gravity 設計為一款真正的 SUV，擁有自己的新平台。我們進行這項投資是為了在空氣和重力之間創建兩條非常非常不同的產品線。因此，我認為我們確實可以透過兩種截然不同的產品將人們的想像帶入截然不同的市場。

And then just from a financial perspective, the way I think about it is much higher asset utilization, not just at the stores, at the service centers, at the sales staff, but also we're sharing a paint shop. We're sharing powertrain, we're sharing general assembly. So there's going to be a number of areas where this is just going to give us more flexibility as a company to really respond to the demand signals that we're seeing in the market.

然後，僅從財務角度來看，我認為資產利用率要高得多，不僅是在商店、服務中心、銷售人員，而且我們還共享一個噴漆車間。我們共享動力總成，我們共享大會。因此，在許多領域，這將使我們作為一家公司擁有更大的靈活性，真正回應我們在市場上看到的需求訊號。

Absolutely. I mean Air and Gravity will go down the same line. So you'll actually have the same production line that we built in the factory, you might see 1 Air and a couple of Gravities, a couple of Airs, 3 or 4 Gravities and they'll be coming [to life] alongside each other. And that's a real economy of scale.

絕對地。我的意思是空氣和重力將沿著同一條線走下去。因此，您實際上將擁有我們在工廠建造的相同生產線，您可能會看到 1 個空氣和幾個重力、幾個空氣、3 或 4 個重力，它們將彼此並肩[生活] 。這就是真正的規模經濟。

Next, we have James Picariello from BNP Paribas from Exane.

接下來是來自 Exane 的法國巴黎銀行的 James Picariello。

This is Jake on for James. So first is looking at your - just looking at your liquidity, it looks like we're looking at about a $900 million cash burn in the -- per quarter in [1Q '25]. First, can you confirm if that's accurate? And then how much of that is tied to the Gravity launch versus just continued run rate on the Air?

這是傑克替補詹姆斯。因此，首先是看看您的流動性，看起來我們正在考慮 [25 年第一季] 每季約 9 億美元的現金消耗。首先，你能確認一下這是否準確嗎？那麼其中有多少是與重力發射有關，與空中的持續運行率有關？

Sure. So the free cash flow this quarter is actually lower than what you just cited by a couple of hundred million. And then your second question was about the Gravity launch. And what was the question related to the Gravity launch?

當然。所以這個季度的自由現金流其實比你剛才提到的低了幾億。你的第二個問題是關於重力發射的。與重力發射相關的問題是什麼？

Just how much of the cash burn is tied to the Gravity launch versus continued run rate on the Air?

到底有多少現金消耗與《重力》的發射和空中的持續運行率有關？

Sure. So -- maybe I'll answer that a little bit on the CapEx side. So you'll see that we guided our CapEx down to $1.0 billion to $1.1 billion for the balance of the year. Now we're not giving guidance, but you can do the math. You can see that we started the year with a capital CapEx guidance of around $1.5 billion to $1.75 billion. What we were able to effectively do, is we were able to move roughly $500 million of that CapEx for 2023 into 2024. So when you get into 2024, we do expect to have about $500 million of CapEx spend to finish the launch in the facilities as well as the machinery, tooling and equipment associated with that Gravity onboarding.

當然。所以——也許我會在資本支出方面回答這個問題。因此，您會看到我們將今年剩餘時間的資本支出引導至 10 億至 11 億美元。現在我們不提供指導，但你可以計算一下。您可以看到，我們年初的資本支出指引約為 15 億至 17.5 億美元。我們能夠有效地做的是，我們能夠將2023 年的資本支出中大約5 億美元轉移到2024 年。因此，當進入2024 年時，我們確實預計將有大約5 億美元的資本支出來完成設施的啟動以及與 Gravity 入門相關的機械、工具和設備。

And so we did recognize some savings. So that's why it's not as high as $1.75 billion in totality, but that will be related to the Gravity. We'll also have some vendor tooling as we move into next year, probably spent about 1/3 of the vendor tooling in 2023, about 2/3 of that yet in 2024. So the Air, the majority of the spend has already occurred, of course, you have people that continue to be on carryover product, continuing to make advancements and improve the product but the spend on an engineering level and an R&D level is really shifting into Gravity and then also the midsize as well.

所以我們確實意識到了一些節省。所以這就是為什麼總金額沒有 17.5 億美元那麼高，但這將與《地心引力》有關。當我們進入明年時，我們還將擁有一些供應商工具，可能在 2023 年花費了約 1/3 的供應商工具，到 2024 年則花費了約 2/3。因此，Air 的大部分支出已經發生當然，有人繼續使用遺留產品，繼續取得進展並改進產品，但工程層面和研發層面的支出實際上正在轉向“重力”，然後也轉向中型產品。

And then [looks] like ASPs in the third quarter took a pretty big step down as Pure mix ramped up. How should we expect that to trend in the fourth quarter as we see more Saudi shipments and you guys strip the stock higher?

然後[看起來]隨著 Pure mix 的增加，第三季的平均售價出現了相當大的下降。當我們看到更多的沙烏地阿拉伯發貨並且你們將庫存推高時，我們應該如何預期第四季度的趨勢？

Yes, you're right. So as we went from Q2 to Q3, we had an ASP drop. That was partly expected, as I guided last quarter, I talked about how we were going to be introducing the Pure and larger numbers in the U.S. in that we were also going to be ramping shipments and deliveries into Europe and KSA, but that's small on a comparison, a percentage basis as it relates to the U.S. deliveries in Q3. So as we move to Q4, we continue to see the U.S. as being the dominant market. We do see KSA and Europe increasing. But I would guide that it's going to be relatively flat. I think it will be a similar mix as you're seeing in Q3, as you'll see in Q4.

你是對的。因此，從第二季度到第三季度，平均售價有所下降。這在一定程度上是預料之中的，正如我在上個季度所指導的那樣，我談到了我們將如何在美國推出Pure 和更大的數量，因為我們還將增加對歐洲和沙烏地阿拉伯的出貨量和交付量，但這對於比較，百分比基礎，因為它與美國第三季度的交付量有關。因此，當我們進入第四季時，我們仍然認為美國是主導市場。我們確實看到沙烏地阿拉伯和歐洲的成長。但我認為它會相對平坦。我認為這將是與您在第三季和第四季看到的類似的組合。

Thank you. I would now like to pass back to Maynard for closing remarks.

謝謝。現在我想請梅納德做結束語。

Thank you. So this concludes Lucid's Third Quarter 2023 earnings conference call. Thanks, everyone, for joining us today, and you may now disconnect.

謝謝。 Lucid 的 2023 年第三季財報電話會議到此結束。謝謝大家今天加入我們，現在您可以斷開連線了。