Lucid Group Inc (LCID) 2023 Q4 法說會逐字稿

Hello, and thank you for standing by. Welcome to Lucid's Fourth Quarter 2023 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 Maynard Um, Senior Director of Investor Relations. You may begin.

您好，感謝您的支持。歡迎參加 Lucid 2023 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄音。現在，我想將會議移交給投資者關係高級總監 Maynard Um。你可以開始了。

Thank you, and welcome to Lucid Group's Fourth Quarter 2023 Earnings Call. Joining me today are Peter Rawlinson, our CEO and CTO; and Gagan Dhingra, our Interim CFO and Principal Accounting Officer.

謝謝，歡迎參加 Lucid Group 2023 年第四季財報電話會議。今天與我一起參加的是我們的執行長兼技術長 Peter Rawlinson；以及我們的臨時財務長兼首席會計官 Gagan Dhingra。

Before handing the call over to Peter, let me remind you that some of the statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events.

在將電話交給彼得之前，請允許我提醒您，本次電話會議中的某些聲明包括聯邦證券法下的前瞻性聲明。這些包括但不限於有關公司未來財務業績、生產和交付量、財務和營運前景和指導、宏觀經濟和行業趨勢、公司計劃和其他未來事件的聲明。

These statements are based on predictions and expectations as of today and actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our most recent filings with the SEC and the forward-looking statements on Page 2 of our investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

這些聲明是基於今天的預測和預期，實際事件或結果可能因多種風險和不確定性而有所不同。請您參閱我們最近向美國證券交易委員會提交的文件中警示性用語和風險因素，以及我們網站 ir.lucidmotors.com 的投資者關係部分提供的投資者資料第 2 頁中的前瞻性聲明。

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 our 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。有關我們使用非 GAAP 財務指標的原因以及有關 GAAP 與非 GAAP 結果調整的信息，請參閱我們今天下午早些時候發布的收益新聞稿以及我們的投資者資料。

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

接下來，我想將電話轉給 Lucid 的執行長兼技術長 Peter Rawlinson。彼得，請說。

Thank you, Maynard, and thank you, everyone, for joining us for our fourth quarter earnings call.

謝謝梅納德，也謝謝大家參加我們第四季財報的電話會議。

During the first 3 years of production of Lucid Air, we've garnered significant industry accolades, including Car and Driver 10 Best List for 2024, The 2023 World Luxury Car of the Year and the 2022 Motor Trend Car of the Year. I can't think of any other company that has gotten this far this fast. Our superior technology, design and performance has repeatedly been recognized.

在 Lucid Air 生產的前 3 年裡，我們獲得了業界的重大讚譽，包括《汽車與駕駛員》雜誌 2024 年十大榜單、2023 年世界年度豪華車和 2022 年 Motor Trend 年度汽車。我想不出還有哪家公司能夠如此快速地取得如此大的進步。我們的卓越技術、設計和性能已多次獲得認可。

We've proved our technology prowess with Lucid Air. And not only did we pioneer the concept of efficient range through our technology, we also grew our lead with 4.74 miles of range per kilowatt hour for the Air Pure real wheel drive. The technology gap between Lucid and others is growing, not shrinking.

我們已經透過 Lucid Air 證明了我們的技術實力。我們不僅透過自己的技術率先提出了高效續航里程的概念，而且我們還以 Air Pure 實輪驅動每千瓦時 4.74 英里的續航里程進一步擴大了領先優勢。 Lucid 與其他公司之間的技術差距正在擴大，而不是縮小。

We also launched the Lucid Air Sapphire, the first supersport EV Sudan as a halo product to showcase the potency of our technology. Not just the most powerful production Sudan ever, it has also been recognized as a great all-around driving car with exceptional handling and driving dynamics. Its exceptional 427 miles of EPA estimated range and fast charging truly completes the package.

我們還推出了 Lucid Air Sapphire，這是蘇丹首款超級運動電動車，作為一款明星產品，展現了我們技術的實力。它不僅是迄今為止動力最強大的量產蘇丹，而且還被公認為一款操控性和駕駛動力俱佳的全能駕駛汽車。其出色的 427 英里 EPA 估計續航里程和快速充電功能真正使這款產品更加完美。

And now we're embarking upon our next and most transformational phase of our development with the expansion of our vehicle lineup. The expansion of Lucid's total addressable market starts right now with the Air Pure rear wheel drive grows with Gravity and broadens with the forthcoming midsized platform. We unveiled the Lucid Gravity at the LA Auto Show in November to tremendous early reviews.

現在，隨著我們車輛陣容的擴大，我們正邁入發展的下一個也是最具變革性的階段。 Lucid 整體目標市場的擴張從現在開始，隨著 Air Pure 後輪驅動的不斷增長，Gravity 也將隨之發展，並隨著即將推出的中型平台而不斷拓寬。我們於 11 月在洛杉磯車展上推出了 Lucid Gravity，獲得了早期的熱烈好評。

I am confident that the Lucid Gravity will redefine the electric SUV segment with incredible range, superior efficiency, fast charging speed and interior space that you have to see to believe. It will be unlike anything in its class, and it will be massive for Lucid. And for those who might be in Geneva, Switzerland next week, we welcome you to come and see us at the Geneva International Motor Show, where we will introduce the Gravity to the European market.

我相信 Lucid Gravity 將以令人難以置信的續航里程、卓越的效率、快速的充電速度和令人難以置信的內部空間重新定義電動 SUV 領域。它將與同類產品截然不同，對於 Lucid 來說它將具有巨大的影響力。對於下周可能在瑞士日內瓦的人們，我們歡迎你們來日內瓦國際車展參觀我們，我們將在那裡向歐洲市場推出 Gravity。

Now turning to sales and marketing. In 2023, we increased our brand awareness. And of greater significance our awareness among EV purchasing tenders increased substantially from the beginning of the year. And this gives us confidence that our sales and marketing initiatives are making solid progress. And we'll continue to take a science-based, data-driven analytical approach to our marketing but are also adding new initiatives. For example, our recent Saks Fifth Avenue partnership will allow us to leverage Saks luxury brand and ecosystem to generate awareness, leads and sales. Select locations will have test drive vehicles, further expanding our reach in locations which are not currently present with the studio.

現在轉向銷售和行銷。 2023年，我們提升了品牌知名度。更重要的是，我們從年初開始在電動車採購招標中的知名度就大幅提升了。這使我們相信我們的銷售和行銷工作正在取得穩步進展。我們將繼續採用基於科學、數據驅動的分析方法進行行銷，同時也增加新的措施。例如，我們最近與 Saks Fifth Avenue 的合作將使我們能夠利用 Saks 的奢侈品牌和生態系統來提高知名度、吸引潛在客戶並促進銷售。選定的地點將提供試駕車，進一步擴大我們在目前工作室尚未開設的地點的影響力。

Of particular significance has been our recent Air Pure Stealth initiative launched just last week. We have now realized a starting price point for the Lucid Air range of $69,900. Yes, that's right. The finest production EV in the world now starts at under $70,000.

我們上週剛啟動的 Air Pure Stealth 計畫具有特別重要的意義。我們現在已經實現了 Lucid Air 系列的起始價格為 69,900 美元。是的，沒錯。目前全球最精良的量產電動車起價不到 7 萬美元。

This effectively extends the scope of the Lucid Air range into a new total addressable market segment. In fact, we're already seeing extremely promising results from this. Moreover, this is commensurate with our long-term strategy to make progressively more affordable vehicles.

這有效地將 Lucid Air 系列的範圍擴展到一個新的可尋址市場領域。事實上，我們已經看到了非常有希望的成果。此外，這與我們逐步生產更實惠的汽車的長期策略相符。

This remarkable value proposition has in large part been made possible by our world-leading technology. Because (inaudible) enables our cars to go further with less batteries, the Air Pure rear wheel drive is able to achieve an EPA estimated range of 419 miles (inaudible) further than the competition. But more significantly, it achieves this with a battery pack size of just 88-kilowatt hours. And since the cost of an EV is dominated by the cost of the battery pack, this technical advantage translates directly to profound commercial advantage.

這項卓越的價值主張很大程度上得益於我們世界領先的技術。因為（聽不清楚）讓我們的汽車能夠使用更少的電池行駛得更遠，所以 Air Pure 後輪驅動能夠比競爭對手多達到 EPA 估計的 419 英里（聽不清楚）的行駛里程。但更重要的是，它僅使用 88 千瓦時的電池組就實現了這一目標。由於電動車的成本主要由電池組成本決定，因此這種技術優勢直接轉化為巨大的商業優勢。

Now I believe it's important that the full impact of this is fully comprehended. The EPA testing procedure has recently been revised, and it's become more stringent. So Air Pure rear wheel drive is able to achieve a landmark [4.74] miles of range per kilowatt hour of battery capacity, and that's with new EPA ratings.

現在我認為重要的是充分理解這件事的全部影響。 EPA 測試程序最近進行了修訂，變得更加嚴格。因此，Air Pure 後輪驅動能夠實現每千瓦時電池容量行駛里程 [4.74] 英里的里程碑，而且這是根據新的 EPA 評級得出的。

So whilst we are currently witnessing other EV brands registering reductions in their respective range ratings, Lucid is forging ahead, growing and building upon our technology advantage, and with it, I believe our future commercial advantage.

因此，儘管我們目前看到其他電動車品牌的續航里程評級有所下降，但 Lucid 仍在繼續前進、發展並鞏固我們的技術優勢，我相信，有了它，我們未來的商業優勢也將得以實現。

But I want to be clear, I'm also critically focused upon cost. It's not well understood that we designed and developed our technology for true mass manufacturability at scale. And we have more coming.

但我想明確一點，我也非常關注成本。我們設計和開發的技術是否真正實現了大規模量產還不太為人所知。我們還將迎來更多。

We have significant advancements that I believe can drive costs down further.

我們取得了重大進展，我相信這可以進一步降低成本。

Technology is not only about creating incredible products. It's also about innovation to improve costs. And I've never been more pumped about what's coming, what's yet to come from our technology roadmap. We are resolutely focused upon cost whilst continuing to prudently invest for the future.

技術不僅僅是創造令人難以置信的產品。這也是一種改善成本的創新。我從未對我們的技術路線圖即將實現和即將實現的目標感到如此興奮。我們堅決關注成本，同時繼續審慎地為未來進行投資。

Through 2023, we dramatically expanded our advanced manufacturing plant in Arizona, which we call AMP 1, and that was in preparation for Gravity. We built a state-of-the-art a general assembly line that is capable of assembling both Gravity and Air on the same line. And we'll continue to vertically integrate where it makes the most sense in areas of stamping, [body Gravity], our paint shop expansion and the new powertrain facility at AMP 1.

到 2023 年，我們將大幅擴建位於亞利桑那州的先進製造工廠（我們稱之為 AMP 1），為 Gravity 做準備。我們建造了一條最先進的總裝配線，能夠在同一生產線上組裝 Gravity 和 Air。我們將繼續在沖壓、車身重力、噴漆車間擴建和 AMP 1 的新動力總成設施等領域進行最有意義的垂直整合。

We built the first ever car manufacturing plant in Saudi Arabia for semi knockdown kits. This year we also broke ground for the manufacturing of the completely built-up cars there. These are critical long-term investments that are reflected in our cost of goods sold.

我們在沙烏地阿拉伯建造了第一家半散件汽車製造廠。今年我們還在那裡破土動工，開始生產全組裝車。這些都是重要的長期投資，反映在我們的銷售成本上。

Now the imagery in our earnings presentation, I hope gives you some sense of the scope and scale of what we're doing. When you see it in person and not the different shots in the factory, you truly start to understand how we're building a state-of-the-art factory for the future.

現在，我們收益報告中的圖像可以讓您了解我們所做工作的範圍和規模。當你親眼看到它而不是工廠裡的不同鏡頭時，你會真正開始理解我們如何為未來打造最先進的工廠。

In fact, in January of this year, we have more than 100 guests representing over 60 strategic suppliers for Gravity, Air and for potentially midsize come to our factory. The feedback and support from our suppliers was extraordinary. They highlighted our best-in-class and advanced technology and continued investment in our production facilities, which provide a material signal of our long-term commitment. My key message to them was one of growth, the critical need for obsessed partners, focused upon excellence and the importance of driving this journey together. So I want to express my heartfelt gratitude to all of them.

事實上，今年 1 月，我們有超過 100 位客人來到我們的工廠，代表 Gravity、Air 和潛在中型企業的 60 多家策略供應商。我們的供應商給予了我們極大的回饋和支持。他們強調了我們一流的先進技術以及對生產設施的持續投資，這充分證明了我們的長期承諾。我向他們傳達的關鍵訊息是成長、對專注的伴侶的迫切需求、對卓越的關注以及共同推動這趟旅程的重要性。因此我要向他們所有人表達衷心的感謝。

Now on the R&D side, we continue to invest for future supremacy, and I'm incredibly excited about our road map, both from an innovation and from a cost perspective. In 2023, we also raised $3 billion, including unparalleled support of $1.8 billion in equity funding from our largest shareholder, the PIF. Now Gagan will talk about liquidity in further detail.

現在在研發方面，我們繼續為未來的霸主地位進行投資，無論從創新還是從成本角度來看，我對我們的路線圖都感到非常興奮。 2023 年，我們還籌集了 30 億美元，其中包括來自我們最大股東 PIF 的 18 億美元股權融資的無與倫比的支持。現在 Gagan 將進一步詳細討論流動性。

We formed our technology licensing and access business through our first such deal with Aston Martin, and we're actively exploring additional and even broader technology and supply agreements.

我們透過與阿斯頓馬丁達成的首筆此類交易建立了我們的技術許可和訪問業務，並且我們正在積極探索更多甚至更廣泛的技術和供應協議。

We also have sales to a rental car company, and we're very pleased with early results. Lucid's range and efficiency are perfectly suited for fleets. And in fact, we saw new incremental orders from that rental car company due to demand.

我們也向一家汽車租賃公司銷售產品，我們對早期結果非常滿意。 Lucid 的續航里程和效率非常適合車隊。事實上，由於需求增加，我們看到該租車公司的訂單增加。

Of course, we haven't yet scaled this business. We're taking a methodical approach, which is prudent, and we're pleased with what we're seeing thus far. This is yet another tool to help grow our brand awareness and allow potential customers experience the car.

當然，我們還沒有擴大這個業務。我們採取了一種有條不紊的、審慎的方法，我們對目前所看到的結果感到滿意。這是幫助我們提高品牌知名度並讓潛在客戶體驗汽車的另一種工具。

2023 was also a year where we made significant progress with our in-house software capabilities. Software is more than just the user interface. We have some of the best software engineers in the world, working on everything from user interface to new features, to powertrain to infrastructure. In fact, we developed and have been transitioning to our own in-house over-the-air software infrastructure. This not only helps our OTA functionality but it's also a source of cost savings.

2023年也是我們在內部軟體能力方面取得重大進展的一年。軟體不僅僅是使用者介面。我們擁有世界上最優秀的軟體工程師，致力於從使用者介面到新功能、從動力系統到基礎設施等所有領域。事實上，我們已經開發並正在轉向我們自己的內部無線軟體基礎設施。這不僅有助於我們的 OTA 功能，而且還可以節省成本。

Now building an OTA software as a service platform is no small feat. One that I believe most other car companies would simply not be able to do. And it's another example of technology aiding costs. And of course, this is a platform that we could potentially monetize in the future.

現在建立一個OTA軟體即服務平台絕非易事。我相信大多數其他汽車公司根本無法做到這一點。這是技術輔助成本的另一個例子。當然，這是一個未來我們有可能獲利的平台。

Now I want to be transparent as well. We also had some challenges. Firstly, the macroeconomic and higher interest rate environment impacted mainly in this market. And in the new markets to us, there's been some learning. For example, in Saudi Arabia, we learned that there are different market dynamics and intricacy is unique to that market. And so we have to scale that business differently for growth. But we've addressed the pain points. We're scaling up and expect good growth in the region this year.

現在我也想變得透明。我們也面臨一些挑戰。首先，宏觀經濟和較高的利率環境對此市場影響較大。在新的市場中我們已經有了一些學習。例如，在沙烏地阿拉伯，我們了解到存在不同的市場動態，而複雜性是該市場獨有的。因此，我們必須以不同的方式擴大業務規模，以實現成長。但我們已經解決了痛點。我們正在擴大規模，預計今年該地區將實現良好的成長。

Now we've also faced some technical challenges with commencing production of the rear wheel drive Pure in the fourth quarter. This is normal when doing something so advanced and so efficient. As I said, a landmark achievement with a 4.74 miles of range per kilowatt hour. This is our most accessible car, and we had challenges ramping it up. But I'm delighted to say that we've now overcome these challenges and are now fully ramped in pure production.

現在，我們在第四季開始生產後輪驅動 Pure 時還面臨一些技術挑戰。當做如此先進和高效的事情時，這很正常。正如我所說，每千瓦時 4.74 英里的續航里程是一項里程碑式的成就。這是我們最容易接近的汽車，但我們在提升它的性能方面遇到了挑戰。但我很高興地說，我們現在已經克服了這些挑戰，並且完全投入純生產。

So as we start 2024, I'm very excited about the year ahead and beyond. We made focused improvements to further enhance our customer journey. For example, the Lucid financial services team has been working to enhance and to simplify the customer financing experience, significantly reducing the customer cycle time to finance vehicles. And we are also in the midst of implementing a new technology platform.

因此，當我們進入 2024 年時，我對未來一年及以後的日子感到非常興奮。我們進行了有針對性的改進，以進一步改善我們的客戶旅程。例如，Lucid 金融服務團隊一直致力於增強和簡化客戶融資體驗，大幅縮短客戶汽車融資週期。我們也正在實施一個新的技術平台。

Combined with the rollout of our accelerated delivery pilots, we were able to significantly improve the cycle times from order to delivery, improve customer satisfaction and, in some cases, increase orders. In one instance, we were able to get a customer through their purchase journey from the time they place the order to the time they completed delivery walk out in only just about 3 hours. Now this new process has been live for select markets since Q4 and for new loans and is expected to go live for all lease and other loan markets by the end of Q1 of this year. You'll see us roll these out to more locations throughout 2024.

結合我們加速交付試點的推出，我們能夠顯著改善從訂單到交付的周期時間，提高客戶滿意度，並在某些情況下增加訂單。在一個案例中，我們只花大約 3 個小時就幫助客戶完成從下訂單到完成送貨的購買流程。現在，這項新流程已自第四季起在部分市場和新貸款中上線，預計將在今年第一季末在所有租賃和其他貸款市場上線。您會看到我們在 2024 年將這些服務推廣到更多地點。

So our total addressable market triples by doing what we always intended to do, making the Air progressively more affordable and now starting at under $70,000. A technical achievement in getting an 88-kilowatt hour battery pack in the Pure allows us to cut out battery costs but still provide an EPA estimated range of 419 miles even based upon the new and more stringent EPA testing.

因此，透過實現我們一直打算做的事情，我們的總目標市場擴大了三倍，使 Air 的價格越來越便宜，現在起價不到 70,000 美元。在 Pure 中安裝 88 千瓦時電池組是一項技術成就，它使我們能夠降低電池成本，但即使根據新的、更嚴格的 EPA 測試，仍能提供 EPA 估計的 419 英里的續航里程。

And Gravity will further expand our total addressable market from 2023 by more than 6x. The Gravity is scheduled for start of production late this year and numerous prototypes are already driving around. In fact, we just built more than 40 prototypes to date. You just have to see to believe it, the interior space and the sheer practicality is what every family has been craving, made only possible by our technology and design.

從 2023 年起，Gravity 將進一步將我們的總目標市場擴大 6 倍以上。 Gravity 預計於今年底開始生產，目前已有多輛原型車投入行駛。事實上，迄今為止我們已經建造了 40 多個原型。您只需要親眼所見就會相信，內部空間和純粹的實用性是每個家庭所渴望的，而這只有透過我們的技術和設計才有可能實現。

And I'm exceptionally encouraged by the early feedback and interest. We saw more than fourfold increase in daily gravity interest sign-ups following the L.A. Auto Show unveil. And the start of production for more affordable, high-volume midsized car is scheduled for late 2026. We'll continue to push the boundaries of what's possible with the midsized platform and the next-gen powertrain technology. And this will expand our market opportunity from 2023 to nearly 20x.

早期的回饋和興趣讓我感到非常鼓舞。洛杉磯車展揭幕後，我們發現每日重力興趣註冊量增加了四倍以上。價格更實惠、產量更大的中型車預計將於 2026 年底開始生產。這將使我們的市場機會從 2023 年擴大到近 20 倍。

As I mentioned earlier, we'll continue to invest in our future with further vertical integration with stamping, with [body in light] for Gravity with paint shop expansion and powertrain at AMP 1, an important part of our longer-term cost and quality strategy.

正如我之前提到的，我們將繼續投資於我們的未來，進一步垂直整合沖壓業務、為 Gravity 進行車身照明、擴建噴漆車間以及在 AMP 1 進行動力總成，這些都是我們長期成本和質量戰略的重要組成部分。

I want also to touch on the broader market landscape and what seems to be a shift in emphasis from EVs. We have the utmost confidence in the future growth of the EV market. Environmental sustainability, energy storage improvements, regulatory forces and sheer performance superiority over internal combustion engine vehicles will drive the eventual march to an EV dominated automotive market. Emission standards are getting more stringent, and you've heard me say this many times. This truly is a technology race.

我還想談談更廣泛的市場格局，以及重點似乎從電動車轉移的情況。我們對電動車市場的未來成長充滿信心。環境永續性、能源儲存改進、監管力量以及相對於內燃機汽車的絕對性能優勢將推動汽車市場最終向電動車主導的方向發展。排放標準越來越嚴格，這你們已經聽我說過很多次了。這確實是一場技術競賽。

But doing world-leading EV technology isn't easy and not everyone can do it. And I believe that is becoming better understood now. As others are pulling back on EVs, we are here ready to help. We've talked about our willingness to work with other OEMs, and we've signed our first technology access deal with Aston Martin. And we continue to receive incremental interest from larger OEMs and others in the automotive space as well as in adjacent markets for our advanced technology.

但打造世界領先的電動車技術並不容易，並不是每個人都能做到。我相信現在人們對此有了更好的理解。當其他國家紛紛停止使用電動車時，我們隨時準備好提供協助。我們已經談到了與其他 OEM 合作的意願，並且已經與阿斯頓馬丁簽署了第一份技術使用協議。我們先進技術的關注度不斷提升，不僅來自大型原始設備製造商，也來自汽車領域及鄰近市場的其他企業。

In the automotive vertical, this is not only for electric vehicles, but we are also seeing interest in our technology for use in hybrid electric vehicles. There's nothing to announce yet today in terms of the deal, but we're really encouraged by the level of interest. And we're open to it because we think it's critically important for the planet.

在汽車垂直領域，這不僅適用於電動車，我們還看到對我們的技術用於混合動力電動車的興趣。今天就交易而言還沒有宣布任何消息，但我們對大家的興趣程度感到非常鼓舞。我們對此持開放態度，因為我們認為這對地球至關重要。

Sustainability is at the core of who we are. It's ingrained in our purpose and our products, and we are a technology innovation company. EVs are just the start, but we also believe in the importance of accountability and transparency, which is why I'm so proud to say that we published our very first sustainability report just last week.

永續性是我們的核心。它根植於我們的宗旨和產品中，我們是一家技術創新公司。電動車只是一個起步，但我們也相信責任和透明度的重要性，這就是為什麼我很自豪地說我們上週發布了第一份永續發展報告。

We have more to come in 2024 with the expansion of our total addressable market opportunity with Air Pure and Gravity, further software enhancements and significant announcements, the opening of Gravity orders, the start of Gravity test drives and, of course, start of production of Gravity later this year.

2024 年，我們將有更多舉措，擴大 Air Pure 和 Gravity 的整體潛在市場機會，進一步增強軟體功能並發布重要公告，開放 Gravity 訂單，開始 Gravity 試駕，當然，還將於今年晚些時候開始生產 Gravity。

Now we've come a long way, and we're here to do much more. We are here to stay. We have a clear and determined strategy for growth while having a laser focus upon costs. So I'd like to close by saying thank you to our suppliers, to our partners, and to our most important asset, our employees. We've overcome significant challenges and I can't think of any other people I would rather be with on this journey than the people here at Lucid. You are the core of our successes. And we are embarking upon our next transformational phase of the Lucid story, and so I've never been more excited about the future.

如今我們已經取得了長足進步，並且能夠做更多的事情。我們會一直在這裡。我們擁有明確而堅定的成長策略，同時高度關注成本。最後，我想向我們的供應商、合作夥伴以及我們最重要的資產——員工表示感謝。我們已經克服了重大的挑戰，除了 Lucid 的員工，我想不出還有誰比我更願意和他們一起踏上這段旅程。您是我們成功的核心。我們即將踏入 Lucid 故事的下一個轉型階段，因此我從未對未來感到如此興奮。

And with that, I'd like to introduce Gagan Dhingra, who has stepped into the role of our interim CFO, Gagan, please provide an update on our financials.

現在，我想介紹一下 Gagan Dhingra，他已擔任我們的臨時財務官，請 Gagan 提供我們的財務狀況更新。

Thank you, Peter, and thank you to those who are taking the time to join us today.

謝謝你，彼得，也謝謝今天抽出時間參加我們會議的人。

Before I get to my prepared remarks, I would also like to start by thanking the entire Lucid team. Over the past few months, I have spent even more time working closely with all the different parts of the organization. I am incredibly impressed by your perseverance, resourcefulness and teamwork. The successes we have been able to achieve is in no small part due to all of you.

在我開始準備好的演講之前，我還想先感謝整個 Lucid 團隊。在過去的幾個月裡，我花了更多時間與組織的各個不同部門密切合作。您的毅力、智慧和團隊合作精神給我留下了深刻的印象。我們所取得的成功在很大程度上歸功於你們所有人。

Turning to the business. In 2023, we made headway with our cost optimization programs, the key strategic priority for the company. We found success in areas, including freight, logistics, overhead and bill of materials. For example, we activated logistics as a part of the Phase II build-out of our Arizona factory, AMP 1, allowing us to bring the vast majority of vehicle components under the same roof as general assembly. This enabled us to realize savings from the reduction in overhead, transportation and complexity as well as better efficiency.

轉向生意。 2023年，我們在成本優化計劃方面取得了進展，這是公司的重點策略重點。我們在貨運、物流、管理費用和物料清單等領域都取得了成功。例如，我們啟動了物流作為亞利桑那州工廠 AMP 1 第二階段建設的一部分，使我們能夠將絕大多數汽車零件放在同一屋簷下進行組裝。這使我們能夠透過減少開銷、運輸和複雜性以及提高效率來實現節約。

From an inventory perspective, we drew down raw material inventory levels by high teens percent from the start of Q4 through material planning and inventory management improvements. Improvements in focus accuracy, in particular, allowed us to reduce inventory resulted in savings related to logistics and material handling labor, equipment rentals and storage cost.

從庫存角度來看，我們透過物料規劃和庫存管理改進，從第四季開始將原料庫存水準降低了百分之十幾。尤其是焦點精度的提高使我們能夠減少庫存，從而節省與物流和材料處理勞動力、設備租賃和儲存成本相關的成本。

We also experienced a significant reduction in freight from more efficient transportation and storage planning. For vehicle direct costs, we implemented a number of initiatives that resulted in certain bill of materials cost savings, some of which is directly related to our commitment to reduce our carbon footprint. We have identified additional opportunities in cost of goods sold as well as operating expenses that we will look to operationalize over the course of 2024.

透過更有效率的運輸和倉儲規劃，我們也大幅減少了貨運量。對於車輛直接成本，我們實施了一系列舉措，從而節省了一定的物料清單成本，其中一些與我們減少碳足跡的承諾直接相關。我們已經發現了銷售成本和營運費用的其他機會，我們將在 2024 年內實現這些機會。

Turning to our 2023 and fourth quarter financial results. We produced 8,428 vehicles in 2023, up 17% year-over-year and at the higher end of the 8,000 to 8,500 guidance we provided on our third quarter earnings call.

談到我們的 2023 年和第四季的財務表現。我們在 2023 年生產了 8,428 輛汽車，年成長 17%，並且達到了我們在第三季財報電話會議上給出的 8,000 至 8,500 輛預期的高端。

During the fourth quarter, we produced 2,390 vehicles, up 54% sequentially. In 2023, we delivered 6,001 vehicles up 37% year-over-year and in the fourth quarter, delivered 1,734 vehicles, up 19% sequentially. We expected to deliver more vehicles in Saudi Arabia in the fourth quarter. As we mentioned last quarter, the ramp-up was taking longer than we expected. However, we believe we now have the right infrastructure and processes built out.

第四季度，我們生產了2,390輛汽車，季增54％。 2023年，我們交付了6,001輛汽車，較去年同期成長37%，第四季交付了1,734輛汽車，較上季成長19%。我們預計第四季將在沙烏地阿拉伯交付更多汽車。正如我們上個季度提到的那樣，成長所花的時間比我們預期的要長。然而，我們相信我們現在已經建立了正確的基礎設施和流程。

Turning to the P&L. For Q4, revenue was $157.2 million, up 14% sequentially, driven primarily by higher deliveries. Cost of revenue in Q4 was $410 million. I want to make sure this is well understood. You cannot take this line item and divide it by the number of cars delivered to get the initial cost of making each vehicle. This is because our lower of cost or net eligible value, or LCNRV, also takes into account losses on raw materials and from purchase commitments.

轉向損益表。第四季營收為 1.572 億美元，季增 14%，主要得益於交付量的增加。第四季的營收成本為 4.1 億美元。我想確保這一點能被充分理解。您不能用此項除以交付的汽車數量來獲得製造每輛汽車的初始成本。這是因為我們的成本或淨合格價值（LCNRV）中較低的值也考慮了原材料和購買承諾的損失。

We have LCNRV adjustments, which write down certain inventory value to the amount we anticipate receiving upon vehicle sale after considering the future cost necessary to get the inventory ready for the ultimate sale. And we also record losses on firm purchase commitments. In addition, as we ramp up production, we expect the overhead per vehicle to improve.

我們有 LCNRV 調整，在考慮為最終銷售準備庫存所需的未來成本後，將一定的庫存價值減記為我們預計在車輛銷售時收到的金額。我們也記錄了確定的購買承諾的損失。此外，隨著產量的提高，我們預計每輛車的管理費用將會降低。

Our gross margin improved on a quarter-over-quarter basis primarily due to lower impairment charges in Q4 related to LCNRV. This amount was approximately $174.1 million, a 24.6% reduction from Q3. Although there are many controllable and uncontrollable variables that can affect gross margin, so we don't typically provide specific gross margin guidance, I wanted to provide some directional color to aid in your modeling.

我們的毛利率環比提高，主要由於第四季度與 LCNRV 相關的減損費用降低。該金額約為 1.741 億美元，較第三季減少 24.6%。雖然有許多可控和不可控的變數會影響毛利率，所以我們通常不會提供特定的毛利率指導，但我想提供一些方向性的顏色來幫助您建模。

Looking forward to the first quarter of 2024, we anticipate improvements to gross margin despite the price adjustments in the quarter for Pure and Tooling. The improvements are expected to be driven primarily by projected reductions in impairments.

展望 2024 年第一季度，儘管本季 Pure 和 Tooling 的價格有所調整，但我們預計毛利率仍將有所提高。預計這些改善將主要得益於預期的減損減少。

As we move into the back half of the year, we expect to build inventory of Gravity components ahead of start of production, and so expect an increase in LCNRV impairments from an accounting standpoint that will affect gross margin. As I noted earlier, we have identified additional opportunities in cost of goods sold and we'll continue to focus on implementation and further areas for cost out.

隨著進入下半年，我們預計在生產開始前建立 Gravity 組件庫存，因此從會計角度來看，預計 LCNRV 減損將會增加，進而影響毛利率。正如我之前提到的，我們已經發現了銷售成本中的更多機會，我們將繼續專注於實施和進一步的成本削減領域。

Now moving to operating expenses. R&D expense in Q4 totaled approximately $243 million up 5.3% sequentially due largely to higher personnel-related expenses. We believe our R&D investment into technology garners a strong return as the technology is not only used in our own vehicles but can also be leveraged as an additional revenue stream through strategic technology deals such as the one with Aston Martin.

現在轉向營運費用。第四季研發費用總計約 2.43 億美元，季增 5.3%，主要原因是人員相關費用增加。我們相信，我們對技術的研發投資將獲得豐厚的回報，因為該技術不僅用於我們自己的車輛，還可以透過與阿斯頓馬丁等達成的戰略技術交易作為額外的收入來源。

SG&A expense in Q4 was approximately $241 million, up from $189.7 million in Q3. The sequential increase was primarily related to an increase in sales and marketing spend, which is consistent with what we talked about in prior quarters related to putting more energy behind our science-based data-driven sales and marketing initiatives, professional services and personnel-related expenses related to largely geographic expansion.

第四季的銷售、一般及行政開支約為 2.41 億美元，高於第三季的 1.897 億美元。環比成長主要與銷售和行銷支出的增加有關，這與我們在前幾季所談論的一致，即投入更多精力支持基於科學的數據驅動的銷售和行銷計劃、專業服務和與地理擴張相關的人員相關費用。

We ended the fourth quarter with 45 studio and service centers, excluding our temporary and satellite service centers flat from Q3. On the service side, we ended Q4 with 47 mobile vans in the fleet and 79 nationwide [improvised] shops.

截至第四季度，我們共有 45 個工作室和服務中心（不包括與第三季度持平的臨時服務中心和衛星服務中心）。在服務方面，截至第四季度，我們的車隊擁有 47 輛移動貨車，在全國範圍內擁有 79 家[臨時]商店。

We plan to continue to strategically expand our studio and service center footprint as well as satellite service centers, which will cost effectively provide additional locations for Lucid customers. Although we don't provide specific guidance on operating expenses, I did want to provide some broader directional color.

我們計劃繼續策略性地擴大我們的工作室和服務中心以及衛星服務中心的覆蓋範圍，以經濟高效地為 Lucid 客戶提供更多地點。雖然我們沒有提供關於營運費用的具體指導，但我確實想提供一些更廣泛的方向性。

Looking into 2024 we expect operating expenses to be up year-over-year on an absolute basis, but expect it to decrease as a percentage of revenue. Our stock-based compensation in the quarter was $63.9 million. Total other income was $83.1 million, down from $122.3 million in Q3. The decrease was largely attributable to a lower noncash benefit of $25.3 million related to the change in fair value of our common stock warrant liability down from $60.3 million in Q3.

展望 2024 年，我們預期營業費用絕對值將年增，但佔收入的百分比將下降。我們本季的股票薪酬為 6,390 萬美元。其他總收入為 8,310 萬美元，低於第三季的 1.223 億美元。下降主要歸因於與普通股認股權證負債公允價值變動相關的非現金收益從第三季的 6,030 萬美元下降至 2,530 萬美元。

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 shared price at the end of the quarter. We also recognized $6 million in unrealized gains related to the Aston Martin stock we received in Q4 as a part of our strategic technology management. In Q4, we achieved an adjusted EBITDA loss of $604.6 million, a slight improvement from $624.1 million in Q3.

提醒一下，這種非現金影響可能受到多種因素的影響，其中一個較大的因素是季末 Lucid 的股價。作為策略技術管理的一部分，我們還確認了與第四季度收到的阿斯頓馬丁股票相關的 600 萬美元未實現收益。第四季度，我們的調整後 EBITDA 虧損為 6.046 億美元，較第三季的 6.241 億美元略有改善。

Moving to the balance sheet. We ended the quarter with approximately $4.3 billion in cash, cash equivalents and investments, with total liquidity of approximately $4.78 billion. Note, this excludes the $81.5 million in value of the Aston Martin shares as of December 31.

轉到資產負債表。截至本季末，我們的現金、現金等價物和投資約為 43 億美元，總流動資金約為 47.8 億美元。請注意，這不包括截至 12 月 31 日阿斯頓馬丁股票的價值 8,150 萬美元。

We have been able to consistently sustain a strong balance sheet over time. And as we have done for the last couple of years, we will continue to be opportunistic in exploring and diversifying access to financing sources. Accounts receivable increased to $51.8 million in the fourth quarter, up sequentially from $23.4 million in the third quarter. The increase was primarily due to vehicle sales related to EV purchase agreements with the government of Saudi Arabia, and you can expect that this mix could result in fluctuations on a quarter-to-quarter basis.

長期以來，我們一直能夠持續維持強勁的資產負債表。正如我們過去幾年所做的那樣，我們將繼續抓住機會探索和多樣化融資來源。第四季應收帳款從第三季的2,340萬美元增加至5,180萬美元。成長主要歸因於與沙烏地阿拉伯政府簽訂的電動車購買協議相關的汽車銷售，您可以預期這種組合可能會導致季度間波動。

Turning to inventory. Total inventory decreased 12.9% sequentially primarily due to raw material drawdown. We continue to see a box to a significant reduction in raw material days of inventory on hand as we work towards greater predictability in the transportation channel and refine our inventory management processes and systems. Capital expenditures for 2023 was $910.6 million, slightly below the $1 billion to $1.1 billion range we guided to on our third quarter earnings conference call. The lower CapEx was primarily related to developed projects into 2024. CapEx in the fourth quarter was $272.6 million, up from $192.5 million in Q3.

轉向庫存。總庫存季減 12.9%，主要由於原料減少。隨著我們努力提高運輸管道的可預測性並改善我們的庫存管理流程和系統，我們繼續看到原材料庫存天數顯著減少。 2023 年的資本支出為 9.106 億美元，略低於我們在第三季財報電話會議上預期的 10 億至 11 億美元的範圍。較低的資本支出主要與 2024 年開發的項目有關。

Moving to the outlook for 2024. We forecast production of approximately 9,000 vehicles in 2024, and we'll continue to prudently manage and adjust our production to meet our sales and delivery needs. Although we don't typically provide quarterly forecasts, I would remind you that the North American market is typically down sequentially in the first quarter. However, we expect to deliver vehicles in Saudi Arabia that we were not able to deliver in fourth quarter of 2023.

展望 2024 年，我們預測 2024 年汽車產量約為 9,000 輛，我們將繼續審慎管理和調整生產，以滿足銷售和交付需求。雖然我們通常不提供季度預測，但我要提醒您，北美市場在第一季通常會連續下滑。不過，我們預計將在 2023 年第四季向沙烏地阿拉伯交付未能交付的車輛。

With regard to our liquidity position, we ended the quarter with total liquidity of approximately $4.78 billion. We expect this will give us runway through the start of production of Gravity and at least into 2025.

就我們的流動性狀況而言，本季末我們的總流動性約為 47.8 億美元。我們預計這將為《地心引力》的製作提供跑道，至少持續到 2025 年。

Moving to CapEx. Our focus is increasing investments in our future growth initiatives, and we expect capital expenditures for 2024 to be approximately $1.5 billion, reflecting certain defers in our capital outlay, M2 expansion for completely built up unit which we broke out last month. The completion of the AMP 1 Phase II expansion for stamping, paint shop, powertrain on-premise and Gravity body in [white].

轉向資本支出。我們的重點是增加對未來成長計畫的投資，我們預計 2024 年的資本支出約為 15 億美元，這反映了我們上個月公佈的資本支出、完全建成單位的 M2 擴張中的某些延期。 AMP 1 第二階段擴建工程完工，包括沖壓車間、噴漆車間、動力總成現場和 [白色] Gravity 車身。

From a product perspective, we have scheduled for Gravity starter production in late 2024, and start of production of our high-volume midsized platform is scheduled for late 2026.

從產品角度來看，我們計劃於 2024 年底開始生產 Gravity 入門級產品，並計劃於 2026 年底開始生產大批量中型平台。

In closing, I would like to echo Peter's excitement as we enter the next transformation phase of the Lucid. We gained market share in 2023 and outpaced our overall addressable market despite the challenging macro environment, and I'm excited about the significant expansion of our total addressable market opportunity with the Pure, Gravity and the upcoming midsized platform. We are confident in the growth of the EV market and that we have the right technology, people and product lineup to succeed.

最後，當我們進入 Lucid 的下一個轉型階段時，我想表達對彼得的興奮。儘管宏觀環境充滿挑戰，但我們在 2023 年獲得了市場份額，並超越了我們的整體目標市場，我對 Pure、Gravity 和即將推出的中型平台顯著擴大我們的總目標市場機會感到興奮。我們對電動車市場的成長充滿信心，並且我們擁有取得成功所需的正確技術、人才和產品陣容。

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

說完這些，讓我把話題轉回給梅納德，來回答你的問題，梅納德。

Thanks, Gagan. We'll now start the Q&A portion of the call. As we typically do, we'll start with the saved retail questions. The first question is from Ed. Where are you at on production and delivery of Saudi orders?

謝謝，Gagan。我們現在開始通話的問答部分。與通常的做法一樣，我們將從已保存的零售問題開始。第一個問題來自艾德。沙烏地訂單的生產和交付情況如何？

Well, last year, we made history in Saudi Arabia with the opening of the country's first ever manufacturing facility. In its first phase, the factory has a capacity to assemble just 5,000 Lucid vehicles a year, and operations have been well underway. Last month, actually, we broke ground on the factory for completely built up or CBU cars and these are critical investments into our future. And we're grateful for all the support from the government and from our partners.

去年，我們在沙烏地阿拉伯創造了歷史，開設了該國第一家製造工廠。該工廠第一階段每年組裝能力僅 5,000 輛 Lucid 汽車，目前運作進展順利。事實上，上個月，我們開始動工建造全車或 CBU 汽車工廠，這些都是對我們未來的關鍵投資。我們感謝政府和合作夥伴的所有支持。

With regard to deliveries, we started deliveries to the Ministry of Finance last year. Under the terms of the agreement, the government has committed to purchase 50,000 vehicles with an option to purchase additional 50,000 over a 10-year time frame. This includes the Lucid Air as well as future models such as the Gravity and midsized platform. As I said in the opening remarks, the ramp was taking longer. We now have the infrastructure built out and have the right processes, we are scaling and expect good growth in 2024.

關於交付，我們去年就開始向財政部交付。根據協議條款，政府承諾購買 50,000 輛汽車，並選擇在 10 年內再購買 50,000 輛。其中包括 Lucid Air 以及 Gravity 和中型平台等未來車型。正如我在開場白中所說的那樣，上坡時間更長了。我們現在已經建好了基礎設施，擁有了正確的流程，我們正在擴大規模，預計 2024 年將實現良好的成長。

Our next question is from Paul. Do you plan to reduce time to market for new products? Gravity has delayed 1 year. Third model is now mooted as mid- to late decade to the 2025. And as shareholders were losing value due to failures and delays, what happened to the all-star team and proven track record?

下一個問題來自保羅。您是否計劃縮短新產品的上市時間？重力已延遲1年。第三種模式目前被提議在 2025 年的中後期實現。

Yes. That's a good point actually. I mean what we saw unprecedented external forces that impacted us with COVID and the global supply chain disruption. And that impacted many in the industry, not just Lucid. But I would say this. Tesla is the benchmark for engineering speed. If you look at the time taken between the start of production of Tesla Model S and X, it was just a bit over 3 years. If you look at where -- I mean we're scheduled for production for Gravity late this year, that's going to be a very similar time period between production of Air and Gravity. And that's despite it not being a derivative product there, a whole new platform. So I think that is a world-leading pace of engineering.

是的。這確實是一個很好的觀點。我的意思是，我們看到了前所未有的外部力量，它們透過新冠疫情和全球供應鏈中斷對我們產生了影響。這影響了業內許多人，而不僅僅是 Lucid。但我想說的是。特斯拉是工程速度的標竿。如果你看一下特斯拉 Model S 和 X 從開始生產到現在所花的時間，你會發現只過了三年多一點。如果你看一下——我的意思是我們計劃在今年晚些時候製作《地心引力》，那這將是《空氣》和《地心引力》的製作時間段非常相似。儘管它不是一個衍生產品，而是一個全新的平台。所以我認為這是世界領先的工程步伐。

And for a small team to get Gravity, a landmark product, a completely differentiated product in just over 3 years. Now midsize what we've done is define a schedule for it, we're scheduling for late '26. Very similar in time scale. It's right there. I think this is world-class execution, frankly.

對於一個小團隊來說，只花了 3 年多的時間就做出了像 Gravity 這樣具有里程碑意義、完全差異化的產品。現在，我們為中型企業所做的工作是製定一個時間表，我們計劃在 26 年末完成。時間尺度上非常相似。就在那裡。坦白說，我認為這是世界級的執行。

Thanks, Peter. We'll go to question 3. Are there any updates regarding future partnerships with Apple?

謝謝，彼得。我們進入問題 3。

Well, as a general corporate policy, we don't talk about any particular companies, particularly as it relates to the future. But as I said in my prepared remarks, we have what I believe is the best tech history. We've seen increased interest from others, and we're very open to it because we think it's critically important for the planet. As I said before, it's super hard to do a good EV. It's relatively easy to make a bad EV and this growing realization just how hard it is to do a world-class EV.

嗯，作為一項一般的公司政策，我們不會談論任何特定的公司，特別是與未來相關的公司。但正如我在準備好的演講中所說，我們擁有我認為最好的技術歷史。我們看到其他人對此越來越感興趣，我們對此持非常開放的態度，因為我們認為這對地球至關重要。正如我之前所說，生產出一款好的電動車非常困難。生產出一輛劣質的電動車相對容易，但人們越來越意識到生產出一輛世界一流的電動車有多麼困難。

Next question is from Landon. When will Gravity reservations open? Is there a target date for first deliveries? We know what -- the target date for first deliveries.

下一個問題來自 Landon。 Gravity 預訂何時開放？首批交付有預定日期嗎？我們知道第一批交付的目標日期。

Oh, yes, I'm hoping we'll deliver some Gravity vehicles later this year. But naturally, you should expect the bigger volume to be around 2025. But we know the excitement around gravity is palpable.

哦，是的，我希望我們能在今年稍後交付一些重力飛行器。但自然而然地，你應該預期更大的體積會在 2025 年左右出現。

Okay. And we'll take our last saved question from Daniel. Do you plan to take a salary cut to reduce losses or plan to buy back shares to improve stock health?

好的。我們將回答丹尼爾提出的最後一個問題。您是否計劃減薪以減少損失或計劃回購股票以改善股票健康？

Well, many may not be aware of my founding role in this company as we know it today. I joined the company around 11 years ago, with a clear goal of making the very best electric vehicle and to drive a revolution towards sustainable transportation, which is going to benefit everyone in the planet.

好吧，很多人可能不知道我在這家公司中扮演的創辦人角色。大約 11 年前，我加入了這家公司，當時的明確目標是製造最好的電動車，推動永續交通革命，讓地球上的每個人受益。

Around that, we would call (inaudible). And I guess we had around 19 employees. So in 2021, I received a onetime CEO stock grant, and this was solely determined and approved by the Board of Directors. And a significant portion of that vested due to the company achieving certain market capitalization milestones as we publicly disclosed in 2023. So I think there's a huge misperception that this onetime grant was received as a salary and somehow we replicate it as my salary in the future.

圍繞這一點，我們會呼籲（聽不清楚）。我想我們大概有 19 名員工。因此在 2021 年，我獲得了一次性執行長股票授予，這是由董事會單獨決定和批准的。其中很大一部分是由於公司實現了我們在 2023 年公開披露的某些市值里程碑而歸屬的。

In fact, in 2023, at my request, I did not receive a bonus for 2022, nor did I receive any further equity grants in '22 or '23. And I just want to assure you, my mission and my dedication is still unwavering. I have not sold a single share of stock in all this time, over 10 years, except what was absolutely necessary for tax purposes. And the company stock I received from the grant remains in the form of company stock. And so I am also directly tied, personally tied, directly and hugely to the company's performance as a key shareholder.

事實上，根據我的要求，2023 年我沒有收到 2022 年的獎金，也沒有在 2022 年或 2023 年收到任何進一步的股權授予。我只想向你們保證，我的使命和奉獻精神仍然堅定不移。在過去的 10 年裡，我沒有出售過一股股票，除非出於稅收目的絕對必要的情況下。而我從贈款中獲得的公司股票仍然以公司股票的形式存在。因此，身為公司的主要股東，我自己也與公司的表現有著直接、巨大的關係。

And so I'm incentivized that way. My promise is to continue to work tirelessly, day and night, to drive brand awareness, to deliver more cars, to sign up more technology licensing and access agreements, to drive down costs and to bring the Gravity and midsized platform to market. We have an incredible team. We're driving forward, and I'm incredibly excited about our products and moreover, our future.

因此我受到了這樣的激勵。我的承諾是繼續日夜不懈地工作，提高品牌知名度，交付更多汽車，簽署更多技術許可和使用協議，降低成本，並將 Gravity 和中型平台推向市場。我們擁有一支不可思議的團隊。我們正在不斷前進，我對我們的產品以及我們的未來感到無比興奮。

Regarding the second part of the question, we are investing in our future, but we are a growth company. We are also a technology company. and I believe our investments into areas such as our research and development is an advantage and give us the opportunity for higher returns than any other automotive company because we are monetizing the intellectual property through agreements such as the one with Aston Martin. When we feel we can't increase value from reinvesting back into the business, we would consider returning the cash to shareholders via a repurchase program. But we don't believe this would happen for quite some time.

關於問題的第二部分，我們正在投資我們的未來，但我們是一家成長型公司。我們也是一家科技公司。我相信，我們在研發等領域的投資是一種優勢，讓我們有機會獲得比其他汽車公司更高的回報，因為我們透過與阿斯頓馬丁等公司達成的協議將智慧財產權貨幣化。當我們覺得無法透過重新投資於業務來增加價值時，我們會考慮透過回購計畫將現金回饋給股東。但我們相信這種情況在相當長的時間內都不會發生。

Okay, thanks. Towanda, can we turn it over to go to questions on the call, please?

好的，謝謝。托旺達，我們可以把時間轉接電話會議提問嗎？

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

（操作員指令）。我們的第一個問題來自美國銀行的約翰‧墨菲。

Good morning, everybody -- good afternoon. Sorry, long day here. Peter, as you think about the gravity, it's really kind of showcasing your technology, not just on the powertrain but also in the body and structures of the vehicle, meaning just you have maximum material space for the footprint, is pretty impressive. As we think about the Gravity, it seems like it's going to be a game changer for you in the market. However, it does seem like the midsize platform may be even more important.

大家早安，下午好。抱歉，我在這裡度過了漫長的一天。彼得，當你考慮重力時，它實際上展示了你的技術，不僅在動力系統上，而且在車身和車輛結構上，這意味著你在佔地面積上擁有最大的材料空間，這是非常令人印象深刻的。當我們思考 Gravity 時，它似乎會成為市場上的遊戲規則改變者。然而，中型平台似乎確實更為重要。

As we think about the launch of these two programs late this year and then the midsize in 2026, in relative importance, which is more important for Lucid for mid- to long-term success? And how do you kind of gauge that relative size of importance to the company?

我們考慮在今年年底啟動這兩個項目，然後在 2026 年啟動中型項目，從相對重要性來看，哪一個對 Lucid 的中長期成功更為重要？您如何衡量其對公司的重要性？

Thank you, John. I mean if you asked the question a year or 2 ago, people would question our technology. Today, it's given. The world's most -- we've got the very best technology. What we haven't got is scale and an economy of scale. And that is going to take place in 3 critical steps and the first step happened last week. We launched our Pure Stealth initiative. Lucid Air is now available at 69 -- from $69,900, the best EV on the planet at that price. That puts us into 3x the TAM, the total addressable market because now we go into E class Mercedes territory rather than S class So step one, Pure from $69,900, 3x the total addressable market. And then scheduled for production late this year, we have Gravity, the SUV. We're talking about 6x the TAM with Gravity. And then scheduled production late '26, the third step on this journey, midsize, 20x for TAM. It's all about scale. We've got the tech. The tech is designed for scale. It's about achieving scale and with that, we'll get the economies of scale and the margins and the profitability.

謝謝你，約翰。我的意思是，如果你在一兩年前提出這個問題，人們會質疑我們的技術。今天，就給了。世界上最——我們擁有最先進的技術。我們尚未實現規模和規模經濟。這將分三個關鍵步驟進行，第一步已在上週完成。我們推出了 Pure Stealth 計劃。 Lucid Air 現已上市，起價 69,900 美元，是這個價位全球最好的電動車。這樣一來，我們的 TAM（總目標市場）就擴大到 3 倍，因為現在我們進入的是 E-Class 賓士領域，而不是 S-Class，所以第一步，Pure 的起價為 69,900 美元，是總目標市場的 3 倍。我們還有計劃於今年稍後投產的 SUV 產品 Gravity。我們正在討論使用 Gravity 的 6 倍 TAM。然後計劃於 26 年末投產，這是這趟旅程的第三步，中型，TAM 的 20 倍。一切都與規模有關。我們掌握了技術。該技術專為擴大規模而設計。這是為了實現規模，透過規模，我們將獲得規模經濟、利潤和獲利能力。

So ultimately, just to interpret that, I mean we're fighting to the position of getting to that even greater scale with the midsize, and that probably is sort of the fulcrum point and where you'll get to escape philosophy on profitability and cash flow. Is that a fair statement?

所以最終，只是為了解釋這一點，我的意思是我們正在努力爭取以中型企業的身份達到更大的規模，這可能是一種支點，也是你擺脫盈利能力和現金流理念的地方。這是一個公正的說法嗎？

Today, we're competing with Mercedes and Porsche. With midsized, we compete directly with Tesla Model Y and Model 3. That's the best selling car in the world.

今天，我們的競爭者是梅賽德斯和保時捷。對於中型車，我們直接與特斯拉 Model Y 和 Model 3 競爭。

And then just one follow-up. You mentioned the potential for hybrid technology or joining obviously a nice engine to be part of a hybrid powertrain. I mean, one, what kind of discussions are going on there? And two, I mean in layman's terms, there's always these positions in electric motor to be put or placed in the ICE powertrain from P0 all the way back to P4 and various positions in the middle. As you kind of envision what you could bring to the table and the potential positioning or integration with an ICE engine to make a presumably pretty efficient powertrain for hybrid, where would you land in that positioning? And have you even thought of that at this point? So if you just talk about discussions that are going on and then sort of your thought process about how you would integrate into an ICE engine.

然後只需進行一次後續行動。您提到了混合動力技術的潛力，或者顯然加入了一款優質的引擎作為混合動力系統的一部分。我的意思是，第一，那裡正在進行什麼樣的討論？其次，我的意思是，用外行人的話來說，電動馬達總是有這些位置可以放置在 ICE 動力系統中，從 P0 一直到 P4 以及中間的各種位置。如果您設想一下您可以帶來什麼以及與 ICE 引擎的潛在定位或集成，從而為混合動力打造一個相當高效的動力系統，那麼您將在該定位中處於什麼位置？現在您想到這一點了嗎？因此，如果您只是談論正在進行的討論，然後談談您關於如何融入 ICE 引擎的思考過程。

Yes. So we always envisaged a key pillar of our business being the technology licensing and supply where in we got the best technology, and that's recognized. Our arrangement with Aston Martin last year has triggered an increase in interest in our technology. we're also growing our own internal team so that we'll be able to not just be receiving passively inquiries but actually become a little bit more proactive in the future.

是的。因此，我們始終將技術授權和供應視為我們業務的關鍵支柱，我們從中獲得最好的技術，這是認可的。我們去年與阿斯頓馬丁的合作引發了人們對我們科技的興趣增加。我們也在擴大我們自己的內部團隊，以便我們不僅能夠被動地接受詢問，而且將來實際上能夠變得更加積極主動。

Actually, the application for hybrid has come as an external inquiry. Because if you look at the core capabilities of our powertrain, the unique selling price of it -- proposition of it is its efficiency. Well, that applies equally to say, a hydrogen fuel cell vehicle or a gasoline electric hybrid and also it's compactness its power.

實際上，混合動力汽車的申請是作為外部詢問而提出的。因為如果你看看我們的動力系統的核心能力，它的獨特銷售價格--它的主張就是它的效率。嗯，這同樣適用於氫燃料電池汽車或汽油電動混合動力車，也適用於它的緊湊性和動力。

And that is very relevant to the hybrid because in a hybrid, you've got to stuff in a gasoline engine and exhaust and all that stuff and that paraphernalia, and electric motors and battery. And it really becomes a packaging puzzle plus. And because we've got the most complex technology, that ideally lends itself to that. Now Lucid, it's not going to do hybrids. We're ready to bat for electric. We believe Pure is the solution. But certainly, the hybrid opportunity opens up a whole new market arena for our technology.

這與混合動力汽車非常相關，因為在混合動力汽車中，你必須安裝汽油引擎和排氣管以及所有這些東西和相關設備，還有電動馬達和電池。這確實成為了包裝拼圖的加分項。而且由於我們擁有最複雜的技術，因此這非常適合於此。現在，Lucid 不會推出混合動力汽車。我們已準備好為電力而戰。我們相信 Pure 就是解決方案。但可以肯定的是，混合機會為我們的技術開闢了一個全新的市場領域。

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

我們的下一個問題來自 Evercore ISI 的 Doug Dutton。

Peter, so you mentioned a few manufacturing advancements coming to further drive down costs in 2024. I was just curious if you can quantify those or give us a couple of examples of initiatives that you have in progress right now to help on that cost side of the business.

彼得，您提到了一些製造業的進步，這些進步將在 2024 年進一步降低成本。

Right. So we're really looking at further vertical integration, particularly in our factory in Arizona. We're bringing stamping in-house and that is going to be right alongside the new body shop for our Gravity. So we will reduce the operational cost, we will reduce OpEx. We'll reduce inbound logistics costs, we will actually reduce scrap as well. And there's an internal efficiency as well by having an integrated state-of-the-art hydraulic transfer stamping line with laser blanking facility fully integrated. Then we're actually moving our powertrain, which is already vertically integrated our world-class motors, inverters, drive units, all in-house at the moment. But that's in a separate factor up the road so we will save those logistics costs by actually putting them under the same roof as our main factory in Arizona, so we will save operational and will be efficiencies.

正確的。因此，我們正在考慮進一步的垂直整合，特別是在我們位於亞利桑那州的工廠。我們將沖壓製程引入公司內部，並將與 Gravity 的新車身車間一起進行。因此我們將降低營運成本，降低營運支出。我們將降低入站物流成本，實際上我們也將減少廢料。此外，透過採用整合的最先進的液壓傳送沖壓生產線和完全整合的雷射落料設備，還可以提高內部效率。然後我們實際上正在移動我們的動力系統，它已經垂直整合了我們世界一流的馬達、逆變器、驅動裝置，目前全部在內部完成。但這是另一個因素，因此，透過將它們與我們位於亞利桑那州的主要工廠放在同一屋簷下，我們將節省這些物流成本，從而節省營運成本並提高效率。

The other thing we're integrating into that factory is logistics. And we've been able to draw down some of the cross stocks. I think all our cross stocks now virtually have been drawn down upon. So we've got inbound logistics cost savings. And then the other thing we're doing is we've really revised the organization so that quality reports directly into me. We're really driving down man hours per vehicle. But perhaps, Gagan, you could provide a little bit more color on some of the initiatives you're driving leading to drive down cost.

我們在該工廠中整合的另一項內容是物流。我們已經能夠減少一些交叉庫存。我認為現在我們所有的交叉庫存實際上都已被消耗殆盡。因此我們節省了入站物流成本。然後，我們正在做的另一件事是，我們真正修改了組織結構，以便品質報告直接向我報告。我們確實正在減少每輛車的工時。但是，Gagan，也許您可以更詳細地介紹您正在推動的一些降低成本的舉措。

Yes. Thank you, Peter. So we have identified 3 initiatives, 1 scale. Scale will help us improve our margin. This is technology and volume rate. One, we took some initiatives in 2023, and we are seeing the results. But more importantly, we have identified additional opportunities that will look to operationalize in 2024. On operational efficiency, which is number three. And as Peter mentioned, we are looking multiple areas. One, freight, we made significant improvements in '23 and looking more in 2024. Logistics specifically as we move from our LOC warehouse to implement Phase 2 general assembly. This has really helped us in reducing the cost. This is a consistent exercise. And we are looking at this very carefully. This is my #1 goal, having the cost optimization. But again, it is not easy. We are looking at consistently. And also, we have initiated a team under me specifically looking each area very carefully looking at each dollar and bring the efficiencies. But as we grow, as we scale, it will bring us efficiencies. This is a technology and volume risk.

是的。謝謝你，彼得。因此，我們確定了3項舉措、1個規模。規模將幫助我們提高利潤。這是技術和體積率。首先，我們在 2023 年採取了一些舉措，並且看到了成果。但更重要的是，我們已經發現了其他機會，這些機會將在 2024 年投入營運。正如彼得所提到的，我們正在關注多個領域。首先，貨運，我們在 2023 年取得了重大進展，並期待在 2024 年取得更多進展。這確實幫助我們降低了成本。這是一個持續的練習。我們正在仔細研究這個問題。這是我的首要目標，實現成本優化。但同樣，這並不容易。我們一直持續關注。此外，我們還在我的領導下成立了一個團隊，專門負責審查各個領域，精打細算每一美元，提高效率。但隨著我們的成長和規模的擴大，它將為我們帶來效率。這是一個技術和數量風險。

Yes. Scale is critical because to drive down the COGS, you've got that fixed cost component. And it's the amortization of the fixed cost and overhead depreciation per vehicle. So this is a -- this is the initiative to start at $69,000 is 3-step hitting our total addressable market, the scale will drive down the costs.

是的。規模至關重要，因為要降低銷貨成本，就必須有固定成本部分。這是每輛車的固定成本和間接折舊的攤提。所以這是一項從 69,000 美元開始的計劃，分三步驟觸及我們的總目標市場，規模將降低成本。

Excellent. I appreciate all the detail there. That's really helpful. Just one quick one from me then. On Gravity, starting price of $80,000, obviously, not a ton of deliveries in 2024, but will that be similar to the strategy with the air where you're starting with the higher trims and then moving downstream. Is that the right way to think about pricing and the model pending '24 and going into '25?

出色的。我很欣賞那裡的所有細節。這真的很有幫助。那我只想說一句話。 Gravity 的起價為 80,000 美元，顯然 2024 年不會有大量交付，但這是否與空中策略類似，先從較高的裝飾開始，然後向下游移動。這是考慮定價和 24 年及 25 年模型的正確方式嗎？

Yes. we haven't disclosed that yet. I do think it's reasonable to assume Gravity is going to be in a similar competitive set as Air, it's going to be completing more in the Mercedes arena, we'll have to wait for midsize to come, which is scheduled for production late '26 to have a true Tesla Model Y Model 3 competitor. I mean, the key thing with Gravity is we're going to hit about 6x the TAM that's going to help us hugely with this economy of scale.

是的。我們還沒有透露這一點。我確實認為，可以合理地假設 Gravity 將與 Air 處於類似的競爭對手地位，它將在梅賽德斯領域完成更多任務，我們必須等待中型車的到來，該車計劃於 26 年底投產，成為特斯拉 Model Y 和 Model 3 真正的競爭對手。我的意思是，Gravity 的關鍵在於我們將達到約 6 倍的 TAM，這將極大地幫助我們實現規模經濟。

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

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

I was just wondering if you could talk a little bit more about your expectations for the KSA market this year. You mentioned, first of all, that there was some unexpected nuances in ramping and I guess, production to during '23. So how do we think about how you benefit from that market and the growth during the year.

我只是想知道您是否可以再談談您對今年 KSA 市場的期望。首先，您提到，在 23 年期間，產量和生產速度出現了一些意想不到的細微差別。那麼我們如何看待您從該市場以及全年的成長中獲益呢？

Yes. Thank you, Steven. We are limited to what we can say in general, and we do not specifically talk about any specific customer. But what we can say, and most of you are already aware that the government of Saudi Arabia has an initial commitment to purchase 50,000 vehicles with an option to purchase additional 50,000 vehicles. And as I said in the opening remarks, the ramp was taking longer than we expected. And we now have the right infrastructure and processes built out. There were significant administrative challenges. We have addressed most of the pain points we are scaling and expect good growth this year. And also note this government with Saudi Arabia also includes Air, Gravity and Midsize.

是的。謝謝你，史蒂文。我們只能泛泛地說一些，不會具體談論任何特定的客戶。但我們可以說的是，而且大多數人都已經知道，沙烏地阿拉伯政府已承諾初步購買 5 萬輛汽車，並可選擇再購買 5 萬輛汽車。正如我在開場白中所說的那樣，坡道的建造時間比我們預期的要長。現在我們已經建立了正確的基礎設施和流程。存在著重大的管理挑戰。我們已經解決了大部分正在擴展的痛點，預計今年將實現良好的成長。也要注意的是，沙烏地阿拉伯的這個政府還包括航空、重力和中型企業。

That's helpful. And then just one clarification. You mentioned a lot of cost initiatives that are underway for '24. In '23, is there a way to quantify how the bill of materials came down or just directionally what it did versus '22?

這很有幫助。然後只需澄清一件事。您提到了許多針對'24年正在進行的成本措施。在'23 年，有沒有辦法量化物料清單的下降情況，或者只是與'22 年相比，它的變化方向是什麼？

Yes. We don't specifically guide but what I can say that our gross margin in Q4 improved compared to Q3. And also we don't provide a guidance, but I expect our gross margin will improve sequentially in Q1 next year. Having said that, our purchase of Gravity components ahead of start of production may have some impact on LCNRV as we progress. But as I said, the cost is a critical component. We are looking at it very carefully. We are very proud of what team has accomplished. Specifically related to the engineering team and supply chain team. They have done a tremendous job finding savings even through technology. So we are -- we have identified couple of areas, and we are looking very aggressively. And this is our #1 goal, looking at the cost optimization and (inaudible).

是的。我們沒有具體預測，但我可以說，我們第四季的毛利率與第三季相比有所提高。而且我們也沒有提供指引，但我預計明年第一季我們的毛利率將較上季增加。話雖如此，我們在生產開始前購買 Gravity 組件可能會對 LCNRV 的進展產生一些影響。但正如我所說，成本是一個關鍵因素。我們正在非常仔細地觀察它。我們為團隊所取得的成就感到非常自豪。具體涉及工程團隊和供應鏈團隊。他們甚至透過技術手段也做出了巨大的節約。所以，我們已經確定了幾個領域，並且正在積極地尋找。這是我們的首要目標，著眼於成本優化和（聽不清楚）。

I think the other thing is that I know I keep bringing on this point that is critical. It's a critical differentiator of us. Because we can go batteries, we can hit the biggest single cost item of ore on an EV, which is the cost of the battery. Some people are looking at these are so-called advance in technology and manufacturing, you might save $100 in a vehicle. You can say $,1000 potentially with having the ability to go further with less batteries. And we're seeing that playing out now with the Air Pure rear wheel drive. We've got more range than anyone else in that sector. And with just a 88-kilowatt hour battery pack, smaller pack, say, 12-kilowatt hours of pack has potentially thousands of bucks on bill of material.

我認為另一件事是我知道我一直在強調這個至關重要的觀點。這是我們的一個關鍵區別因素。因為我們可以使用電池，所以我們可以實現電動車最大的單一成本，也就是電池成本。有些人認為這是所謂的技術和製造方面的進步，你可能會在車輛上節省 100 美元。可以說，使用更少的電池就能行駛更遠，從而可能節省 1000 美元。我們現在看到 Air Pure 後輪驅動正在實現這一目標。我們的業務範圍比該領域的其他任何人都要廣。僅使用 88 千瓦時的電池組，較小的電池組（例如 12 千瓦時的電池組）的物料清單可能要花費數千美元。

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

我們的下一個問題來自 Redburn Electric 的 Tobias Beith。

I'd like to -- and maybe we'll start with my questions for Gagan. If I exclude the inventory write-down of the $172 million from COGS in the fourth quarter, it looks like unit COGS improved by about 20 percentage points sequentially. I was wondering what was it that drove the improvement? Was it the receipt of the $98 million government grant? Or is this accounted for elsewhere?

我想——也許我們可以從我向 Gagan 提出的問題開始。如果我從第四季的銷貨成本中剔除 1.72 億美元的庫存減記，看起來單位銷貨成本較上季提高了約 20 個百分點。我想知道是什麼推動了這種進步？是收到 9,800 萬美元的政府補助嗎？還是這是在其他地方解釋的？

Yes, that's a good question. So first of all, grant doesn't play a role in the course as of today. What -- as I highlighted, we took a couple of initiatives in 2023. Freight like very important, we made significant savings but also, more importantly, our forecast accuracy of raw materials because today, the cost of goods sold is not only related to how many cars we sell. But is also related to what raw material inventory will have and how we utilize that. So the focus, accuracy, the freight opportunities in BAM really helped us out improve our gross margin in Q4.

是的，這是個好問題。首先，從今天起，格蘭特在課程中不再發揮任何作用。正如我所強調的那樣，我們在 2023 年採取了一些措施。但這也與原料庫存以及我們如何利用這些庫存有關。因此，BAM 的重點、準確性和貨運機會確實幫助我們提高了第四季的毛利率。

Sure. Okay. That's helpful. And my second question relates to the Air and the Gravity. If I put aside the differences in the interior and exterior of the vehicles, are you able to share roughly what proportion of parts and components are shared I guess the fact that these vehicles are using different platforms may impact the variable cost down assumptions. It was previously communicated that both vehicles would leverage LEAP.

當然。好的。這很有幫助。我的第二個問題與空氣和重力有關。如果我拋開車輛內部和外部的差異，您能否大致分享一下零件的共享比例？先前有消息稱，這兩款車型都將利用 LEAP。

Okay. Let me cover that. If you look at the battery pack, which is the core, core part of the bill of materials of both vehicles, it is about 95% the same. It's -- they've both got the same number of modules, the same number of cells. They made exactly on the same line. It's just that the two of the top modules are a different location. We move them from underneath the rear seat in Air to underneath the front seat in Gravity. This has a transformative effect upon the nature of the vehicle, which in turn leads to a much bigger TAM.

好的。讓我來介紹一下。如果你看一下電池組，也就是兩種車輛物料清單的核心部分，它大約有 95% 相同。它們都擁有相同數量的模組和相同數量的單元。他們做的完全是同一條線。只是頂部的兩個模組位於不同的位置。我們將它們從 Air 的後排座椅下方移到 Gravity 的前排座椅下方。這對車輛的性質產生了變革性的影響，進而帶來了更大的TAM。

We can only capture that TAM, by having a degree of differentiation. Now if you look at the core powertrain, the drive units and the inverters they're very, very high proportion carryover, slightly different gear ratios because the wheels are bigger, and you need more tractability you have slightly lower gear ratios.

我們只能透過一定程度的差異化才能捕捉到TAM。現在，如果你看一下核心動力傳動系統、驅動裝置和逆變器，它們的比例非常非常高，齒輪比略有不同，因為車輪更大，你需要更多的可操縱性，你的齒輪比會稍微低一些。

Now the rest of the platform is very similar, which has meant that it saved on our R&D costs because we've got a learning and the process knowledge of how we rivet and glue the sheet stampings, the castings and the extrusions together. But there is a degree of difference in that platform, which I think makes a whole bunch of sense because it makes gravity a true SUV, not some sort of -- soft CUV derivative. And that means we go into a whole new TAM 6 times. We would not be able to capture that TAM. And also, you need to double the tools anyway because of the extra volume. So then we look at the upper body shell of the car, they're always going to be different anyway. So we're talking about a very slight increase in tooling costs. But in return for that, we truly enter a massively bigger term, 6x, and this is all about economy of scale. We've got the technology. It's designed for scale. We just haven't achieved that scale yet. And so therefore, it's not showing in our P&L.

現在，平台的其餘部分非常相似，這意味著我們節省了研發成本，因為我們已經掌握瞭如何將沖壓板、鑄件和擠壓件鉚接和粘合在一起的工藝知識。但是該平台存在一定程度的差異，我認為這是非常有意義的，因為它使重力成為真正的 SUV，而不是某種軟 CUV 衍生產品。這意味著我們六次進入全新的TAM。我們將無法捕獲該 TAM。而且，由於額外的體積，你無論如何都需要加倍工具的數量。然後我們看看汽車的上車身外殼，它們無論如何總是會有所不同。所以我們談論的是工具成本的輕微增加。但作為回報，我們真正進入了一個更大的時期，6 倍，這完全是關於規模經濟。我們擁有這項技術。它專為擴大規模而設計。我們只是尚未達到那個規模。因此，它沒有顯示在我們的損益表中。

Makes sense. All right. And if I could squeeze one last one in. 2 quarters ago, I asked about the steps required to move from beta prototyping of the gravity, which is then just started to series production. I was wondering if you could provide an update on the progress today.

有道理。好的。如果我可以擠出最後一個時間，兩個季度前，我詢問了從重力測試原型轉向大量生產所需的步驟。我想知道您是否可以提供今天進展的最新情況。

So we're writing the thick of beta prototypes. In fact, both between betas and alphas, we've got more than 40 prototypes built, many of which are running around right now. We'll be finishing our run of beta prototypes over as we move now into the spring. And the next step will be to do our release candidates. That's our preproduction run through the summer in the factory and Arizona, which will lead to our scheduled start of production late this year.

因此，我們正在編寫大量的測試原型。事實上，無論是 Beta 版還是 Alpha 版，我們都已經建立了 40 多個原型，其中許多現在都在運行。隨著春天的到來，我們將完成 beta 原型的運作。下一步我們將推出候選版本。這是我們整個夏天在工廠和亞利桑那州進行的預生產，這將使我們在今年稍後按計劃開始生產。

Thank you. Due to the interest of time, I would now like to turn the call back over to Maynard for closing remarks.

謝謝。由於時間關係，我現在想將電話轉回給梅納德，請他作最後發言。

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

謝謝。 Lucid 2023 年第四季財報電話會議到此結束。感謝大家今天的加入我們，現在您可以斷開連結了。