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。 （操作員說明）。請注意，今天的會議正在錄製中。現在我想將會議交給投資者關係高級總監梅納德·烏姆 (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。今天加入我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.

在將電話會議交給彼得之前，讓我提醒您，本次電話會議中的一些陳述包括聯邦證券法規定的前瞻性陳述。這些包括但不限於有關公司未來財務業績、產量和交付量、財務和營運前景和指導、宏觀經濟和行業趨勢、公司舉措和其他未來事件的聲明。

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，以及我們網站 ir.lucidmotors.com 投資者關係部分中投資者資料第 2 頁上的前瞻性聲明。

In addition, management will make reference to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon as well as in 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。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.

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 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，我們獲得了重大的行業榮譽，包括 2024 年汽車和駕駛員 10 佳榜單、2023 年世界年度豪華汽車和 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走到這一步。我們卓越的技術、設計和性能多次得到認可。

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.

我們透過 Lucid Air 證明了我們的技術實力。我們不僅透過我們的技術開創了高效續航里程的概念，還透過 Air Pure 真輪驅動每千瓦時 4.74 英里的續航里程擴大了領先優勢。 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.

我們也推出了 Lucid Air Sapphire，這是首款超級運動型電動車蘇丹，作為光環產品來展示我們技術的潛力。它不僅是有史以來最強大的量產蘇丹，還被認為是一款具有卓越操控性和駕駛動力的出色全能駕駛汽車。其卓越的 EPA 預計續航里程為 427 英里，並且快速充電，真正完善了這一方案。

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，隨著車輛陣容的擴大，我們正進入下一個也是最具變革性的發展階段。 Lucid 的整體目標市場的擴張從現在開始，Air Pure 後輪驅動隨著 Gravity 的成長而成長，並隨著即將推出的中型平台而擴大。我們在 11 月的洛杉磯車展上推出了 Lucid Gravity，並獲得了大量早期評論。

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 將重新定義電動 SUV 領域，其令人難以置信的續航里程、卓越的效率、快速的充電速度和您必須親眼所見的內部空間。它將不同於同類產品，並且對於 Lucid 來說將是巨大的。對於下周可能在瑞士日內瓦的人們，我們歡迎您來日內瓦國際汽車展參觀我們，我們將在會上向歐洲市場推出 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，我們提高了品牌知名度。更重要的是，我們對電動車採購招標的認知度從年初開始大幅提高。這讓我們相信我們的銷售和行銷計劃正在取得紮實進展。我們將繼續採用基於科學、數據驅動的分析方法進行行銷，但也會增加新的措施。例如，我們最近與 Saks Fifth Avenue 的合作夥伴關係將使我們能夠利用 Saks 奢侈品牌和生態系統來提高知名度、潛在客戶和銷售。選定的地點將有試駕車輛，進一步擴大我們在工作室目前沒有的地點的影響力。

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.

特別重要的是我們上週剛推出的 Air Pure Stealth 計畫。我們現在已經確定 Lucid Air 系列的起價為 69,900 美元。恩，那就對了。世界上最好的量產電動車現在起價不到 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總體目標市場領域。事實上，我們已經看到了非常有希望的結果。此外，這也符合我們製造價格越來越便宜的汽車的長期策略。

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.

這項非凡的價值主張在很大程度上得益於我們世界領先的技術。因為（聽不清楚）讓我們的汽車能夠用更少的電池走得更遠，所以 Air Pure 後輪驅動能夠比競爭對手實現 419 英里（聽不清楚）的 EPA 估計行駛里程。但更重要的是，它實現這一目標的電池組尺寸僅為 88 千瓦時。由於電動車的成本主要由電池組的成本決定，因此這種技術優勢可以直接轉化為深遠的商業優勢。

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要充分理解這一點的全部影響。 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的里程碑式的 [4.74] 英里續航里程，這是新的 EPA 評級的結果。

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，雖然我們目前看到其他電動車品牌的各自續航里程評級有所下降，但 Lucid 正在繼續前進，不斷發展並建立我們的技術優勢，我相信我們未來的商業優勢將隨之而來。

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.

但我想澄清的是，我也非常關注成本。人們還不太了解我們設計和開發的技術是為了實現真正的大規模大量生產。我們還會有更多。

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

我們取得了重大進展，我相信這些進步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。它還涉及降低成本的創新。我對我們的技術路線圖即將發生的事情和尚未發生的事情感到前所未有的興奮。我們堅決關注成本，同時繼續為未來謹慎投資。

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，我們大幅擴建了位於亞利桑那州的先進製造工廠，我們稱之為 AMP 1，這是為《地心引力》做準備。我們建造了一條最先進的總裝配線，能夠在同一條線上組裝重力和空氣。我們將繼續在沖壓、[車身重力]、我們的塗裝車間擴建和 AMP 1 的新動力總成設施等領域最有意義的地方進行垂直整合。

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生產半散裝套件的汽車製造廠。今年，我們還破土動工，在那裡生產整車。這些都是重要的長期投資，反映在我們的銷售成本中。

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.

現在我們收益演示中的圖像，我希望能讓您對我們正在做的事情的範圍和規模有所了解。當您親眼看到它而不是工廠裡的不同鏡頭時，您就會真正開始理解我們如何為未來建造一座最先進的工廠。

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，我們有代表 60 多家 Gravity、Air 和潛在中型企業策略供應商的 100 多名客人來到我們的工廠。我們供應商的回饋和支援非常出色。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，這為我們的長期承諾提供了重要訊號。我向他們傳達的關鍵訊息是成長、對痴迷的伴侶的迫切需求、專注於卓越以及共同推動這趟旅程的重要性。所以我想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，無論是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。現在加根將更詳細地討論流動性。

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的第一個此類交易形成了我們的技術許可和獲取業務，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.

我們也向一家租賃汽車公司進行銷售，我們對早期結果非常滿意。 Lucid 的航程和效率非常適合車隊。事實上，由於需求，我們看到該租車公司新增加了訂單。

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，我們還沒有擴大這項業務的規模。我們正在採取有條不紊的方法，這是謹慎的，我們對迄今為止所看到的情況感到滿意。這是另一個幫助提高我們品牌知名度並讓潛在客戶體驗汽車的工具。

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 年也是我們內部軟體能力有重大進展的一年。軟體不僅僅是使用者介面。我們擁有世界上最好的軟體工程師，致力於從使用者介面到新功能，從動力系統到基礎設施的各個方面。事實上，我們開發並一直在過渡到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，而且是節省成本的一個來源。

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 OTA 軟體即服務平台並非易事。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，這是一個我們將來可能會獲利的平台。

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。我們也遇到了一些挑戰。首先，宏觀經濟和較高的利率環境主要影響該市場。在新市場中，我們學到了一些東西。例如，在沙烏地阿拉伯，我們了解到存在不同的市場動態，而複雜性是該市場所獨有的。因此，我們必須以不同的方式擴展業務以實現成長。但我們已經解決了痛點。我們正在擴大規模，預計今年該地區將出現良好成長。

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 時也面臨一些技術挑戰。當做如此先進和高效的事情時，這是正常的。正如我所說，這是一項里程碑式的成就，每度電可行駛 4.74 英里。這是我們最方便使用的汽車，我們在提升它方面面臨挑戰。但我很高興地說，我們現在已經克服了這些挑戰，並且現在已全面投入純生產。

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，在 2024 年伊始，我對未來的一年及未來感到非常興奮。我們進行了重點改進，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，大幅縮短客戶融資工具的週期時間。我們也正在實施一個新技術平台。

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.

結合加速交付試點的推出，我們能夠大幅縮短從訂單到交貨的周期時間，提高客戶滿意度，並在某些情況下增加訂單。在一個例子中，我們能夠幫助客戶完成從下訂單到完成送貨僅用了大約 3 個小時的購買過程。現在，這項新流程自第四季以來已在部分市場和新貸款中上線，預計今年第一季末將在所有租賃和其他貸款市場上線。您將看到我們在 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，透過做我們一直想做的事情，我們的總目標市場增加了兩倍，使 Air 逐漸變得更便宜，現在起價低於 70,000 美元。 Pure 中配備 88 千瓦時電池組的技術成就使我們能夠削減電池成本，但即使根據新的、更嚴格的 EPA 測試，EPA 預計行駛里程仍可達 419 英里。

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.

自 2023 年起，Gravity 將進一步將我們的潛在市場總量擴大 6 倍以上。 Gravity 計劃於今年年底開始生產，許多原型機已經投入使用。事實上，迄今為止我們剛剛製造了 40 多個原型。您只需親眼所見就會相信，室內空間和純粹的實用性是每個家庭都渴望的，只有我們的技術和設計才能實現。

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深受鼓舞。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。更實惠、大批量的中型車計劃於 2026 年底開始生產。我們將繼續突破中型平台和下一代動力總成技術的可能性界限。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，進一步與沖壓進行垂直整合，為Gravity 提供[輕體車身]、塗裝車間擴建和AMP 1 的動力總成，這是我們長期成本和品質的重要組成部分策略。

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電動車的重點轉移。我們對電動車市場的未來成長充滿信心。環境永續性、儲能改進、監管力量以及相對於內燃機汽車的絕對性能優勢將推動最終進軍電動車主導的汽車市場。排放標準越來越嚴格，你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.

但實現世界領先的電動車技術並不容易，也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。當其他人減少電動車的使用時，我們隨時準備好提供協助。我們已經討論了與其他原始設備製造商合作的意願，並且我們已經與阿斯頓馬丁簽署了第一份技術存取協議。我們繼續收到來自汽車領域以及鄰近市場的大型原始設備製造商和其他公司對我們先進技術越來越濃厚的興趣。

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，而且我們也看到了人們對我們的混合動力電動車技術的興趣。今天就交易而言還沒有什麼可宣布的，但我們對人們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.

永續發展是我們的核心。它根植於我們的宗旨和產品中，我們是一家技術創新公司。電動車只是一個開始，但我們也相信問責制和透明度的重要性，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，我們將迎來更多機遇，擴大 Air Pure 和 Gravity 的總潛在市場機會、進一步的軟體增強和重大公告、Gravity 訂單的開放、Gravity 試駕的開始，當然還有開始生產今年晚些時候的重力。

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.

現在我們已經走了很長的路，我們在這裡要做更多的事情。我們會留下來。我們制定了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——我們的員工表示感謝。我們已經克服了重大挑戰，在這段旅程中，我想不出除了 Lucid 的人們之外我更願意和誰一起踏上這段旅程。您是我們成功的核心。我們正在開始 Lucid 故事的下一個轉型階段，因此我對未來從未如此興奮。

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.

在此，我想介紹一下 Gagan Dhingra，他已擔任我們的臨時財務官，Gagan，請提供我們財務狀況的最新資訊。

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

謝謝你，彼得，也感謝那些今天抽出時間加入我們的人。

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.

在開始我準備好的演講之前，我首先要感謝整個 Lucid 團隊。在過去的幾個月裡，我花了更多的時間與組織的各個不同部門密切合作。你們的毅力、足智多謀和團隊合作給我留下了深刻的印象。我們能夠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.

轉向業務。 2023 年，我們在成本優化計劃方面取得了進展，這是公司的策略重點。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，我們將物流作為亞利桑那州工廠 AMP 1 二期擴建的一部分，使我們能夠將絕大多數車輛部件與總裝在同一屋簷下進行。這使我們能夠透過減少管理費用、運輸和複雜性以及提高效率來節省成本。

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，我們透過物料計畫和庫存管理改進，從第四季開始將原料庫存水準降低了百分之十幾。尤其是對焦精度的提高，使我們能夠減少庫存，從而節省了與物流和物料搬運勞動力、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.

由於更有效率的運輸和儲存規劃，我們的貨運量也大幅減少。對於車輛直接成本，我們實施了一系列舉措，節省了一定的材料成本，其中一些與我們減少碳足跡的承諾直接相關。我們已經確定了銷售成本和營運費用的其他機會，我們將在 2024 年將其付諸實施。

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.

轉向我們 2023 年和第四季的財務表現。 2023 年，我們生產了 8,428 輛汽車，年增 17%，處於我們在第三季財報電話會議上提供的 8,000 至 8,500 輛指導值的高端。

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，比上一季成長 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車輛。正如我們上季度所提到的，提升所需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。第四季的營收為 1.572 億美元，季增 14%，這主要是由於交付量增加所致。第四季的營收成本為 4.1 億美元。我想確保這一點得到很好的理解。您無法將此行項目除以交付的汽車數量來獲得製造每輛車的初始成本。這是因為我們的成本或合格淨值較低者 (LCNRV) 也考慮了原材料和採購承諾的損失。

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.

我們進行了 LCNRV 調整，在考慮了為最終銷售準備庫存所需的未來成本後，將某些庫存價值減記為我們預計在車輛銷售時收到的金額。我們也記錄了確定購買承諾的損失。此外，隨著我們提高產量，我們預計每輛車的管理費用將會改善。

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.

我們的毛利率環比有所改善，主要是由於第四季度與 LCNRV 相關的減損費用降低。這筆金額約為 1.741 億美元，較第三季減少 24.6%。儘管有許多可控和不可控的變數會影響毛利率，因此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顏色來幫助您進行建模。

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 Pure 和 Tooling 在本季度進行了價格調整，但我們預計毛利率將有所改善。預計這些改善主要是由於減損預計減少所致。

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.

隨著進入今年下半年，我們預計在開始生產之前建立 Gravity 組件的庫存，因此從會計角度來看，LCNRV 減損預計會增加，從而影響毛利率。正如我之前指出的，我們已經發現了銷售成本的其他機會，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。第四季的研發費用總計約為 2.43 億美元，季增 5.3%，主要是由於人員相關費用增加。我們相信，我們對技術的研發投資會獲得豐厚的回報，因為該技術不僅用於我們自己的車輛，還可以透過策略性技術交易（例如與阿斯頓馬丁的交易）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 SG&A 費用約為 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，這與我們在前幾個季度談到的有關將更多精力投入到基於科學的數據驅動的銷售和行銷計劃、專業服務和人事相關的支出是一致的。費用主要與地域擴張有關。

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.

截至第四季末，我們擁有 45 個工作室和服務中心，不包括第三季的臨時和衛星服務中心。在服務方面，在第四季度結束時，我們的車隊擁有 47 輛移動貨車和 79 家全國[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的覆蓋範圍以及衛星服務中心，這將為 Lucid 客戶提供更多具有成本效益的地點。雖然我們沒有提供有關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色彩。

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，我們預計營運費用絕對值將年增，但預計其占收入的百分比將下降。本季我們的股票薪酬為 6,390 萬美元。其他收入總額為 8,310 萬美元，低於第三季的 1.223 億美元。這一下降主要歸因於與我們的普通股認股權證負債公允價值變化相關的非現金收益從第三季的 6,030 萬美元減少到 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。我們也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，作為我們策略技術管理的一部分。第四季度，我們的調整後 EBITDA 虧損為 6.046 億美元，比第三季的 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.

轉向資產負債表。本季末，我們擁有約 43 億美元的現金、現金等價物和投資，流動性總額約 47.8 億美元。請注意，這不包括截至 12 月 31 日價值 8,150 萬美元的阿斯頓馬丁股票。

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.

隨著時間的推移，我們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，我們將繼續抓住機遇，探索融資來源並使融資管道多樣化。第四季應收帳款從第三季的 2,340 萬美元增至 5,180 萬美元。這一增長主要是由於與沙烏地阿拉伯政府簽訂的電動車購買協議相關的車輛銷售，您可以預期這種組合可能會導致季度與季度之間的波動。

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。總庫存較上季下降 12.9%，主要是由於原料減少。隨著我們努力提高運輸管道的可預測性並完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大幅減少。 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所指導的 10 億至 11 億美元範圍。資本支出較低主要與 2024 年的開發案有關。第四季的資本支出為 2.726 億美元，高於第三季的 1.925 億美元。

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。我們預計2024年產量約為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。儘管我們通常不提供季度預測，但我想提醒您，北美市場通常在第一季連續下滑。然而，我們預計將在沙烏地阿拉伯交付我們在 2023 年第四季未能交付的車輛。

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，本季末我們的流動性總額約為 47.8 億美元。我們預計這將為我們從《地心引力》的製作開始到至少到 2025 年奠定基礎。

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，反映了我們上個月公佈的完全建成單位的 M2 擴張和資本支出的某些推遲。 AMP 1 二期擴建工程已完成，包括沖壓車間、塗裝車間、動力總成內部部署和[白色]重力車身。

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，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 的下一個轉變階段時，我想回應彼得的興奮。儘管宏觀環境充滿挑戰，我們還是在 2023 年獲得了市場份額，並超過了我們的整體潛在市場，我對 Pure、Gravity 和即將推出的中型平台顯著擴大了我們的整體潛在市場機會感到興奮。我們對電動車市場的成長充滿信心，並且擁有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.

說到這裡，讓我把話題轉回梅納德，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，加根。我們現在將開始通話的問答部分。正如我們通常所做的那樣，我們將從保存的零售問題開始。第一個問題來自艾德。您在沙烏地阿拉伯訂單的生產和交付方面進展如何？

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開設了全國第一家製造工廠，創造了歷史。第一階段，該工廠每年只能組裝 5,000 輛 Lucid 車輛，目前營運工作進展順利。實際上，上個月，我們為完全組裝或 CBU 汽車的工廠破土動工，這些都是對我們未來的重要投資。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.

在交付方面，我們去年開始向財政部交付。根據協議條款，政府承諾購買 50,000 輛汽車，並可選擇在 10 年內額外購買 50,000 輛。這包括 Lucid Air 以及未來的型號，例如 Gravity 和中型平台。正如我在開場白中所說，坡道需要更長的時間。我們現在已經建成基礎設施並擁有正確的流程，我們正在擴展並預計在 2024 年實現良好成長。

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?

我們的下一個問題來自保羅。您是否計劃縮短新產品的上市時間？ 《地心引力》延後了一年。第三種模式現在被認為是到 2025 年的十年中後期。隨著股東因失敗和延誤而損失價值，全明星團隊和可靠的業績記錄發生了什麼？

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。這實際上是一個很好的觀點。我的意思是，我們看到前所未有的外部力量透過新冠疫情和全球供應鏈中斷對我們產生了影響。這影響了行業中的許多人，而不僅僅是 Lucid。但我想說的是。特斯拉是工程速度的基準。如果你看一下特斯拉 Model S 和 X 開始生產之間的時間，你會發現，只有 3 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《重力》，那將是《空氣》和《重力》製作之間的非常相似的時間段。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，在短短 3 年多的時間裡就獲得了 Gravity，這是一款具有里程碑意義的產品，一款完全差異化的產品。現在中型我們所做的就是為其製定一個時間表，我們計劃在 26 年末進行。在時間尺度上非常相似。它就在那裡。坦白說，我認為這是世界一流的執行力。

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

謝謝，彼得。我們將討論問題 3。關於未來與 Apple 的合作關係有什麼最新消息嗎？

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，作為一般的公司政策，我們不會談論任何特定的公司，尤其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科技歷史。我們看到其他人越來越感興趣，我們對此非常開放，因為我們認為這對地球至關重要。正如我之前所說，做一輛好的電動車非常困難。製造一輛糟糕的電動車相對容易，但人們越來越意識到製造世界一流的電動車是多麼困難。

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.

下一個問題來自蘭登。重力預約什麼時候開放？首次交付是否有目標日期？我們知道——首次交付的目標日期。

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。但自然地，你應該預期 2025 年左右會有更大的體積。但我們知道，圍繞重力的興奮是顯而易見的。

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。我們將接受丹尼爾最後保存的問題。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.

嗯，很多人可能不知道我在這家公司中所扮演的創始角色，正如我們今天所知道的那樣。我大約 11 年前加入該公司，有著明確的目標：製造最好的電動車，並推動永續交通革命，這將使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，我們會打電話（聽不清楚）。我猜我們大約有 19 名員工。因此，在 2021 年，我獲得了一次性 CEO 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。因此，我認為存在一個巨大的誤解，即這筆一次性補助金是作為工資收到的，並且我們以某種方式將其複製為我未來的工資。

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，在2023年，根據我的要求，我沒有收到2022年的獎金，也沒有在'22或'23年收到任何進一步的股權授予。我只是想向你們保證，我的使命和奉獻精神仍然堅定不移。十多年來，除了出於稅收目的絕對必要的情況外，我沒有出售過任何股票。而我從贈款中收到的公司股票仍然是公司股票的形式。因此，身為主要股東，我個人也與公司的業績直接、巨大地連結在一起。

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.

所以我受到這樣的激勵。我的承諾是繼續日夜不知疲倦地工作，提高品牌知名度，交付更多汽車，簽署更多技術許可和訪問協議，降低成本並將 Gravity 和中型平台推向市場。我們有一支令人難以置信的團隊。我們正在不斷前進，我對我們的產品以及我們的未來感到非常興奮。

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，使我們有機會獲得比其他汽車公司更高的回報，因為我們正在透過與阿斯頓馬丁等協議將智慧財產權貨幣化。當我們認為無法透過再投資回業務來增加價值時，我們會考慮透過回購計畫將現金回饋給股東。但我們認為這種情況在相當長的時間內不會發生。

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

好的謝謝。 Towanda，我們可以把它轉過來回答電話中的問題嗎？

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

（操作員說明）。我們的第一個問題來自美國銀行的約翰‧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，在這裡度過了漫長的一天。彼得，當你想到重力時，它確實展示了你的技術，不僅在動力總成上，而且在車輛的車身和結構上，這意味著你有最大的佔地面積材料空間，這是相當令人印象深刻的。當我們想到 Gravity 時，它似乎將改變您在市場上的遊戲規則。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?

當我們考慮今年稍後推出的這兩個計劃以及 2026 年中型計劃的相對重要性時，對於 Lucid 的中長期成功而言，哪個更重要？您如何衡量對公司重要性的相對大小？

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，如果你在一兩年前問這個問題，人們會質疑我們的技術。今天，它已經給出了。世界上最——我們擁有最好的技術。我們缺乏的是規模和規模經濟。這將透過三個關鍵步驟來實現，第一步發生在上週。我們發起了 Pure Stealth 計劃。 Lucid Air 現已上市，售價 69 美元，起價 69,900 美元，是同價位上世界上最好的電動車。這使我們進入了3 倍的TAM（總目標市場），因為現在我們進入了E 級梅賽德斯領域而不是S 級，所以第一步，Pure 從69,900 美元起，是總目標市場的3 倍。然後計劃於今年稍後生產，我們有 SUV Gravity。我們談論的是重力 TAM 的 6 倍。然後計劃於 26 年稍後進行生產，這是此旅程的第三步，為 TAM 生產中型 20 倍。一切都與規模有關。我們有技術。該技術是為規模化而設計的。這是為了實現規模化，這樣我們就能獲得規模經濟、利潤率和獲利能力。

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?

因此，最終，為了解釋這一點，我的意思是我們正在努力爭取中型企業達到更大的規模，這可能是一個支點，在這裡你可以擺脫盈利能力和現金的哲學流動。這是一個公平的說法嗎？

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，我們正在與梅賽德斯和保時捷競爭。在中型車方面，我們直接與特斯拉 Model Y 和 Model 3 競爭。那是世界上最暢銷的汽車。

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.

然後只有一個後續行動。您提到了混合動力技術的潛力，或者顯然加入了一個不錯的發動機，成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？第二，我的意思是，用外行人的話來說，電動馬達中總是有這些位置可以放置在 ICE 動力系統中，從 P0 一直回到 P4 以及中間的各個位置。當您設想自己可以帶來什麼以及潛在的定位或與 ICE 引擎整合以製造出相當高效的混合動力系統時，您會在該定位中處於什麼位置？此時你有沒有想過這一點？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整合到 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，我們始終設想我們業務的一個關鍵支柱是技術授權和供應，我們可以獲得最好的技術，這一點得到了認可。去年我們與阿斯頓馬丁的合作引發了人們對我們技術的興趣增加。我們還在發展自己的內部團隊，這樣我們就不僅能夠被動地接收詢問，而且在未來實際上變得更加主動。

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.

事實上，混合動力的申請是作為外部詢問而來的。因為如果你看看我們動力總成的核心功能，它的獨特售價──它的主張就是它的效率。好吧，這同樣適用於氫燃料電池汽車或汽油電動混合動力車，而且它的動力也很緊湊。

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.

這與混合動力車非常相關，因為在混合動力車中，你必須安裝汽油引擎和排氣裝置以及所有這些東西和用具，以及電動馬達和電池。它確實成為了包裝難題的補充。因為我們擁有最複雜的技術，所以非常適合這一點。現在Lucid，它不會做混合動力。我們已準備好迎接電動化。我們相信 Pure 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.

Peter，您提到了一些製造方面的進步將在 2024 年進一步降低成本。我只是好奇您是否可以量化這些進步，或者給我們舉幾個您目前正在進行的舉措的示例，以幫助解決成本方面的問題這生意。

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，我們確實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。我們將在內部進行沖壓，這將位於我們的 Gravity 的新車身車間旁。所以我們將降低營運成本，我們將減少營運支出。我們將降低入庫物流成本，實際上我們也會減少廢品。透過擁有最先進的整合式液壓轉移沖壓生產線和完全整合的雷射沖裁設備，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、驅動單元，目前全部在內部。但這是一個單獨的因素，因此我們將透過將它們實際放置在與我們位於亞利桑那州的主工廠同一屋簷下來節省這些物流成本，因此我們將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.

我們整合到該工廠的另一件事是物流。我們已經能夠減少一些交叉庫存。我認為我們所有的交叉股票現在幾乎都被抽空。因此，我們節省了入庫物流成本。然後我們正在做的另一件事是我們真正修改了組織，以便品質直接向我報告。我們確實減少了每輛車的工時。但也許，加根，您可以為您正在推動的一些旨在降低成本的舉措提供更多的資訊。

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 項規模。規模將幫助我們提高利潤率。這就是技術和體積率。第一，我們在 2023 年採取了一些舉措，我們正在看到結果。但更重要的是，我們已經確定了將於 2024 年實施的其他機會。關於營運效率，這是第三位。正如彼得所提到的，我們正在尋找多個領域。一是貨運，我們在 23 年取得了重大改進，並在 2024 年進行了更多改進。特別是物流，因為我們從 LOC 倉庫搬到實施第二階段組裝。這確實幫助我們降低了成本。這是一個持續的練習。我們正在非常仔細地研究這個問題。這是我的第一目標，就是成本優化。但同樣，這並不容易。我們正在持續關注。此外，我們在我的領導下組建了一個團隊，專門負責每個領域，非常仔細地關注每一美元並提高效率。但隨著我們的成長、規模的擴大，它會為我們帶來效率。這是技術和數量風險。

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，因為要降低銷售成本，就需要固定成本部分。這是每輛車固定成本和間接費用折舊的攤提。因此，這是一項以 69,000 美元起價的舉措，分三步打入我們的整體目標市場，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。那我就快說一首吧。在 Gravity 上，起價為 80,000 美元，顯然，2024 年的交付量不會很大，但這是否類似於空中巴士的策略，即從較高的裝飾開始，然後向下游移動。這是考慮 24 年和 25 年定價和模型的正確方法嗎？

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 將處於與 Air 類似的競爭環境中，它將在梅賽德斯競技場完成更多工作，我們將不得不等待中型車的到來，該車計劃於 26 年末生產真正的特斯拉Model Y Model 3 競爭對手。我的意思是，Gravity 的關鍵是我們將達到約 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多談談您對今年沙烏地阿拉伯市場的期望。首先，您提到，在 23 年期間的產能提升和我猜的生產過程中存在一些意想不到的細微差別。那麼我們如何考慮您如何從該市場和這一年的成長中受益？

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。我們僅限於籠統地說，我們不會具體談論任何特定客戶。但我們可以說的是，你們大多數人已經知道沙烏地阿拉伯政府最初承諾購買 50,000 輛汽車，並可以選擇購買額外的 50,000 輛汽車。正如我在開場白中所說，坡道所需的時間比我們預期的要長。我們現在已經建立了正確的基礎設施和流程。存在重大的行政挑戰。我們已經解決了正在擴展的大部分痛點，並預計今年會有良好的成長。另請注意，沙烏地阿拉伯政府還包括 Air、Gravity 和 Midsize。

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。然後只有一項澄清。您提到了 24 年正在進行的許多成本計劃。在 23 年，是否有一種方法可以量化物料清單的下降情況，或直接量化與 22 年相比的情況？

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。我們沒有具體指導，但我可以說，我們第四季的毛利率比第三季有所改善。我們也沒有提供指導，但我預計明年第一季我們的毛利率將持續改善。話雖如此，隨著我們的進展，我們在開始生產之前購買 Gravity 組件可能會對 LCNRV 產生一些影響。但正如我所說，成本是關鍵組成部分。我們正在非常仔細地研究它。我們對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。他們甚至透過科技在節省成本方面也做出了巨大的努力。所以我們——我們已經確定了幾個領域，我們正在非常積極地尋找。這是我們的第一目標，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提出這一點，這一點至關重要。這是我們的一個關鍵區別。因為我們可以使用電池，所以我們可以解決電動車上最大的單一礦石成本項目，即電池的成本。有些人認為這些是所謂的技術和製造進步，買一輛車可能會節省 100 美元。你可以說 1000 美元可能會用更少的電池走得更遠。我們現在看到 Air Pure 後輪驅動正在發揮作用。我們的業務範圍比該領域的任何其他公司都多。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）的材料成本可能高達數千美元。

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──也許我們會從我向加根提出的問題開始。如果我排除第四季銷貨成本中 1.72 億美元的庫存減記，單位銷貨成本似乎比上季提高了約 20 個百分點。我想知道是什麼推動了這種改進？是收到9800萬美元的政府補助嗎？或者這在其他地方有考慮嗎？

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，這是一個好問題。首先，到目前為止，贈款在課程中不再發揮作用。正如我所強調的，我們在 2023 年採取了多項措施。運費非常重要，我們節省了大量成本，但更重要的是，我們對原材料的預測準確性，因為今天，銷售商品的成本不僅與我們銷售了多少輛汽車。但也與原材料庫存以及我們如何利用它們有關。因此，BAM 的專注度、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共享零件的比例，我猜這些車輛使用不同平台的事實可能會影響可變成本下降的假設。先前有消息稱，這兩款車都將利用 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，它是兩輛車物料清單的核心、核心部分，大約 95% 相同。它們都有相同數量的模組、相同數量的電池。他們完全在同一條線上製作。只是最上面的兩個模組位置不同而已。我們將它們從“空氣”中的後座下方移動到“重力”中的前座下方。這對車輛的性質產生了變革性的影響，進而導致 TAM 變得更大。

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來捕捉 TAM。現在，如果你看看核心動力系統、驅動單元和逆變器，它們的殘留比例非常非常高，齒輪比略有不同，因為車輪更大，並且您需要更多的易操控性，因此齒輪比稍低。

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，這意味著它節省了我們的研發成本，因為我們已經掌握瞭如何將沖壓件、鑄件和擠壓件鉚接和粘合在一起的工藝知識。但該平台存在一定程度的差異，我認為這很有意義，因為它使 Gravity 成為真正的 SUV，而不是某種軟性 CUV 衍生品。這意味著我們進入全新的 TAM 6 次。我們將無法捕獲該 TAM。而且，由於體積額外，您無論如何都需要將工具加倍。那麼我們來看看汽車的上半身外殼，無論如何它們總是會有所不同。所以我們談論的是模具成本的輕微增加。但作為回報，我們真正進入了一個更大的術語，6 倍，而這一切都與規模經濟有關。我們有技術。它是為規模而設計的。我們只是還沒達到那個規模。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.

說得通。好的。如果我能擠出最後一個。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。我想知道您能否提供今天的最新進展。

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.

所以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，我們已經建立了 40 多個原型，其中許多現在正在運行。當我們現在進入春季時，我們將完成我們的測試原型運行。下一步將是製作我們的候選版本。這是我們整個夏天在工廠和亞利桑那州進行的預生產，這將導致我們計劃在今年稍後開始生產。

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進行結束語。

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至此結束。感謝大家今天加入我們，現在您可以斷開連線了。