Lucid Group Inc (LCID) 2024 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. And welcome to the Lucid Group First Quarter 2024 Earnings Conference Call. Please be advised that today's conference is being recorded. (Operator Instructions)

女士們先生們，謝謝你們的支持。歡迎參加 Lucid Group 2024 年第一季財報電話會議。請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker for today, Maynard Um, Senior Director of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人，投資者關係高級總監梅納德·烏姆 (Maynard Um)。請繼續。

Thank you, and welcome to Lucid Group's First Quarter 2024 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 2024 年第一季財報電話會議。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. 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.

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。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。

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.

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 on our first quarter 2024 earnings call. In my prepared remarks today, I'll discuss our partners at the PIF, our better-than-expected production and delivery figures, our cost advantage and our overall momentum, all of which makes me more optimistic than I've ever been about our future. Now I believe there are 2 key factors that really set Lucid apart: our superior in-house technology and our partnership with the PIF, who have been steadfast investors and partners. In Q1, we raised $1 billion in capital through a private placement of convertible preferred stock to an affiliate of the PIF. We are a strategic partner in the country's plan to achieve its Saudi Vision 2030 goals. I'm very grateful for the PIF's continued confidence and their steadfast support.

謝謝 Maynard，也謝謝大家參加我們的 2024 年第一季財報電話會議。在我今天準備好的演講中，我將討論我們在PIF 的合作夥伴、我們好於預期的生產和交付數據、我們的成本優勢和我們的整體動力，所有這些都讓我比以往任何時候都對我們的業務更加樂觀。現在，我相信有兩個關鍵因素真正讓 Lucid 脫穎而出：我們卓越的內部技術以及我們與 PIF 的合作關係，PIF 一直是堅定的投資者和合作夥伴。第一季度，我們透過向 PIF 的一家附屬公司私募可轉換優先股籌集了 10 億美元的資本。我們是該國實現「沙烏地阿拉伯 2030 年願景」目標計畫的戰略合作夥伴。我非常感謝 PIF 的持續信任和堅定支持。

Now turning to production and deliveries. In Q1, we produced 1,728 Lucid Airs, and we delivered 1,967. Both slightly above our expectations. In fact, it was our best quarter-to-date for deliveries, up 39.9% year-over-year. Our lower production than deliveries is an active decision to be cost conscious and is not a reflection of production bottlenecks. For 2024, we expect to produce approximately 9,000 vehicles, which is consistent with our guidance last quarter. Let me now provide you with an update on where I believe Lucid stands today.

現在轉向生產和交貨。第一季度，我們生產了 1,728 輛 Lucid Air，交付了 1,967 輛。兩者都略高於我們的預期。事實上，這是我們迄今為止最好的季度交付量，年增 39.9%。我們的產量低於交付量是出於成本意識的主動決定，而不是生產瓶頸的反映。 2024 年，我們預計生產約 9,000 輛汽車，這與我們上季度的指導一致。現在讓我向您介紹我認為 Lucid 目前的最新情況。

We've made solid progress on both brand awareness and pricing, with our general brand awareness raising in the first quarter despite reducing media spend from the fourth quarter. Our Lucid Air is increasingly recognized as a superior vehicle in nearly every aspect that customers value. For the third consecutive year, Lucid Air was named the best luxury electric car by U.S. & World Report (sic) [U.S. News & World Report] on its 2024 Best Hybrid and Electric Car Awards. Lucid Air is the only EV to win this category award 3 years in a row, another achievement that sets us apart.

我們在品牌知名度和定價方面都取得了紮實的進展，儘管媒體支出比第四季度有所減少，但我們的整體品牌知名度在第一季有所提高。我們的 Lucid Air 幾乎在客戶重視的各個方面都被越來越多地認為是一款卓越的車輛。 Lucid Air 連續第三年被《美國與世界報道》（原文如此）評為最佳豪華電動車 [U.S. & World Report]新聞與世界報道] 2024 年最佳混合動力與電動車獎。 Lucid Air 是唯一一款連續 3 年榮獲該類別獎項的電動車，這是讓我們脫穎而出的另一項成就。

Lucid Air solves biased key concerns. It has price parity with gas car equivalents. It's the longest range and fastest charging production car in the U.S. market. It's engaging to drive, with remarkable performance, and it enjoys a lower total running costs due to its efficiency. Now consumers are savvy, and they recognize the deficiency of other EVs in the market, particularly the limited range of most EVs.

Lucid Air 解決了有偏見的關鍵問題。它的價格與同等燃油汽車相當。它是美國市場上續航里程最長、充電速度最快的量產車。它駕駛起來很有吸引力，具有卓越的性能，並且由於其效率而享有較低的總運行成本。現在消費者很精明，他們認識到市場上其他電動車的缺陷，特別是大多數電動車的續航里程有限。

To ease fears of range anxiety, other automakers must produce and install bigger batteries, which results in higher cost to charge the vehicle and longer relative charge times versus Lucid Air. Remember, Lucid Air is the most efficient vehicle in its class, as measured in miles per kilowatt hour while leading the industry for range and charging speed and having a lower total cost to charge.

為了緩解人們對里程焦慮的擔憂，其他汽車製造商必須生產和安裝更大的電池，這導致車輛充電成本更高，相對於 Lucid Air 的充電時間更長。請記住，Lucid Air 是同類產品中最高效的車輛（以每千瓦時行駛里程計算），同時在續航里程和充電速度方面處於行業領先地位，並且充電總成本較低。

I've seen commentary about our losses per vehicle, but such speculations reflect a lack of knowledge about our costs and our scale of intentions. Inside the extensively high cost of goods line item is the cost of the factories and equipment needed to make the vehicles and scale our business. If we envisage the company would only make a small number of vehicles, we would have purchased less equipment and built a smaller factory. But we have a more ambitious goal to provide affordable, long-range EVs for mainstream mass market consumers.

我看到過有關我們每輛車損失的評論，但這種猜測反映出我們對我們的成本和意圖規模缺乏了解。在商品成本普遍較高的項目中，包括製造車輛和擴大業務所需的工廠和設備的成本。如果我們設想公司只生產少量車輛，我們就會購買更少的設備並建造更小的工廠。但我們有一個更雄心勃勃的目標，為主流大眾市場消費者提供價格實惠、續航里程長的電動車。

And as we scale, the leverage in our model should become obvious. And we're embarking on a transformational phase: the expansion of our vehicle lineup. Lucid Air Pure is already here, with a starting price from $69,900. And the Gravity SUV program is scheduled for start of production late this year.

隨著我們規模的擴大，我們模型中的槓桿作用應該變得顯而易見。我們正在進入一個轉型階段：擴大我們的車輛陣容。 Lucid Air Pure 已經上市，起價為 69,900 美元。 Gravity SUV計畫於今年稍後開始生產。

Our SUV's total addressable market is 6x larger than the market we could access in 2023. And the excitement is palpable. In a third-party survey, already 2/3 of EV SUV purchasing tenders would consider Lucid. And this is worth emphasizing: 2 in every 3 people intending to purchase an electric SUV knows and would consider Lucid. Amongst all SUV purchase intenders, EVs and gas SUVs, more than 50% would consider Lucid. Now this is a staggering figure for any brand, let alone a new one, and this reflects the significant opportunity ahead.

我們 SUV 的總目標市場比 2023 年我們能夠進入的市場大 6 倍。第三方調查顯示，已有 2/3 的電動 SUV 採購招標會考慮 Lucid。值得強調的是：每 3 名打算購買電動 SUV 的人中就有 2 人了解並會考慮 Lucid。在所有SUV購買意向者中，無論是電動車或汽油SUV，超過50%的人會考慮Lucid。對於任何品牌來說，這都是一個驚人的數字，更不用說新品牌了，這反映出未來的重大機會。

We are continuing to invest in our future with further virtual vertical integration, stamping, body in white for the Gravity SUV program, paint shop expansion and powertrain at AMP-1, an important part of our longer-term cost and quality strategy. We've applied all of our learnings from Air and incorporated them into our SUV program. So I'm confident that Gravity will redefine the segment with world-class range, efficiency, charging speed and interior volume.

我們將繼續投資於我們的未來，包括進一步的虛擬垂直整合、沖壓、Gravity SUV 計劃的白色車身、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策略的重要組成部分。我們應用了從 Air 中學到的所有知識，並將其融入我們的 SUV 專案中。因此，我相信 Gravity 將以世界一流的續航里程、效率、充電速度和內部體積重新定義這個細分市場。

Later this year, we plan to host analysts and institutional investors at our AMP-1 facility in Arizona to show you our state-of-the-art factory manned by our incredible employees and the machines that build the machines. We'll also have vehicles on the road later this year for you to test drive. And following the Gravity SUV program, we see another step change in total addressable market expansion with our midsized vehicle, which is scheduled for start of production in late 2026.

今年晚些時候，我們計劃在亞利桑那州的 AMP-1 工廠接待分析師和機構投資者，向您展示我們由令人難以置信的員工管理的最先進的工廠以及製造機器的機器。今年晚些時候，我們還將有車輛上路供您試駕。繼 Gravity SUV 計畫之後，我們看到中型車輛的整體目標市場擴張又發生了一步變化，該車輛計劃於 2026 年底開始生產。

I am confident that we can achieve unrivaled levels of efficiency for this crucial midsized class vehicle. And again, I can't stress enough: Efficiency is the key to a smaller battery for any given range, and a smaller battery is a key element to lower cost when it comes to making an EV. I can't wait to show you our midsized game changer.

我相信我們能夠為這款至關重要的中型車輛實現無與倫比的效率水準。我再次強調：效率是在任何給定範圍內使用較小電池的關鍵，而較小的電池是製造電動車時降低成本的關鍵因素。我迫不及待地想向您展示我們的中型遊戲規則改變者。

Next, I'd like to talk about our technology business. Our Aston Martin deal continues to generate more interest in our technology from other prospective partners. And additionally, we are the sole supplier of a front drive unit to a leading electric racing series. Please watch this space as we continue to discuss monetization opportunities across all aspects of our technology, including our world-class software.

接下來我想談談我們的科技業務。我們的阿斯頓馬丁交易繼續引起其他潛在合作夥伴對我們技術的更多興趣。此外，我們也是領先電動賽車系列賽前驅動裝置的唯一供應商。請關注此空間，我們將繼續討論我們技術各個方面（包括我們世界一流的軟體）的貨幣化機會。

I'll close with additional details about our momentum. We surpassed 12,000 vehicles on the road in Q1, which takes us nicely past the critical threshold into boosting word-of-mouth awareness. And I am pleased with the 39.9% year-over-year uptick in sales in Q1 and with the momentum we're seeing here in April. I always offer caveats. We expect typical seasonal slowing in Saudi Arabia in Q2 and we expect typical seasonal slowing globally in Q3 as consumers go on vacation. Despite this, for the first time, I feel we're on the cusp of escape velocity. We have sales momentum, a compounding efficiency advantage, unprecedented interest from consumers and corporate partners, more than $5 billion in total liquidity, and Gravity, which I believe is on track to become the world's best SUV. Therefore, I've never been more confident in our future.

最後，我將提供有關我們勢頭的更多詳細資訊。第一季我們在路上行駛的車輛數量超過了 12,000 輛，這使我們很好地跨越了提高口碑知名度的關鍵門檻。我對第一季銷售額年增 39.9% 以及我們在 4 月看到的勢頭感到滿意。我總是提出警告。我們預計第二季沙烏地阿拉伯將出現典型的季節性放緩，隨著消費者度假，我們預計第三季全球將出現典型的季節性放緩。儘管如此，我還是第一次感覺到我們正處於逃逸速度的風口浪尖。我們擁有銷售動力、複合效率優勢、消費者和企業合作夥伴前所未有的興趣、超過 50 億美元的總流動資金，以及我相信它有望成為世界上最好的 SUV 的 Gravity。因此，我對我們的未來充滿信心。

So before turning the call over to Gagan, I would like to take a moment to acknowledge our recently announced management change. Derrick Carty will now lead digital's organization as interim head, taking over from Mike Bell, who will be leaving to pursue other opportunities. I'd like to thank Mike for all of his contributions. Mike joined Lucid in early 2021 and was instrumental in building a truly unparalleled software organization. Mike will be staying on for a period of time in an advisory capacity, and I have full confidence in Derrick and the digital organization as we enter into our next transformational phase of the company.

因此，在將電話轉給加根之前，我想花一點時間來確認我們最近宣布的管理層變更。德里克卡蒂 (Derrick Carty) 現在將作為臨時負責人領導數位部門，接替邁克貝爾 (Mike Bell)，而後者將離開公司去尋找其他機會。我要感謝邁克所做的所有貢獻。 Mike 於 2021 年初加入 Lucid，在建立真正無與倫比的軟體組織方面發揮了重要作用。 Mike 將以顧問身分繼續留任一段時間，隨著我們進入公司的下一個轉型階段，我對 Derrick 和數位化組織充滿信心。

So I'll end with a big thank you to all of our suppliers, our partners and our shareholders. And most of all, thank you to all Lucid employees for your commitment, your dedication and shared hard work.

最後，我要向我們所有的供應商、合作夥伴和股東表達衷心的感謝。最重要的是，感謝所有 Lucid 員工的承諾、奉獻和共同的辛勤工作。

So with that, I'd like to turn it over to Gagan Dhingra to provide an update on our financials. Gagan?

因此，我想將其轉交給 Gagan Dhingra，以提供我們財務狀況的最新資訊。加甘？

Thank you, Peter. And thank you to those who are taking the time to join us today. Before I get to my prepared remarks, I would also like to start by thanking the entire Lucid team. I am continually amazed by and thankful for everyone's dedication and perseverance.

謝謝你，彼得。感謝今天抽出時間加入我們的人們。在開始我準備好的演講之前，我首先要感謝整個 Lucid 團隊。我一直對每個人的奉獻和毅力感到驚訝和感激。

Turning to our 2024 first quarter financial results. During the first quarter, we produced 1,728 vehicles and we reiterate our guidance to produce approximately 9,000 vehicles this year. We delivered 1,967 vehicles in Q1, up nearly 40% year-over-year and up 13% sequentially.

轉向我們 2024 年第一季的財務表現。第一季度，我們生產了 1,728 輛汽車，並重申今年生產約 9,000 輛汽車的指導方針。第一季我們交付了 1,967 輛汽車，較去年同期成長近 40%，較上季成長 13%。

In Saudi Arabia, we resolved some of the logistical go-to-market challenges we had in Q4, and we were able to ramp up deliveries in Q1. We are also pleased with North American volumes, which we think is benefiting from growing brand awareness and increasing number of vehicles on the road and improving affordability. We are encouraged by what we are seeing.

在沙烏地阿拉伯，我們解決了第四季度遇到的一些物流上市挑戰，並且我們能夠增加第一季的交付量。我們對北美銷售也感到滿意，我們認為這得益於品牌知名度的提高、道路上車輛數量的增加以及可負擔性的提高。我們對所看到的感到鼓舞。

Turning to the P&L. For Q1, revenue was $172.7 million, up 9.9% sequentially, driven primarily by higher deliveries. Average selling prices were down sequentially due to mix as well as the pricing adjustments, which affected a part of the quarter.

轉向損益表。第一季的營收為 1.727 億美元，季增 9.9%，這主要是由於交付量增加所致。由於混合以及定價調整，平均售價環比下降，這影響了本季的部分時間。

Cost of revenue in Q1 was $404.8 million. Despite lower average selling price, our gross margin improved on a quarter-over-quarter basis due to both cost optimization initiatives, including production and Bill of Material and logistics costs and lower impairment charges in Q1 related to LCNRV. The LCNRV amount was approximately $137.8 million or 20.8% reduction from Q4.

第一季的營收成本為 4.048 億美元。儘管平均售價較低，但由於成本優化措施（包括生產和物料清單以及物流成本）以及第一季與 LCNRV 相關的減損費用降低，我們的毛利率環比有所改善。 LCNRV 金額約 1.378 億美元，較第四季減少 20.8%。

Fixed costs related to the depreciation of our factories and equipment remains a large part of the cost of revenue. And as we ramp up production and deliveries, we expect the overhead per vehicle to significantly improve. There are many controllable and uncontrollable variables that can affect gross margin. And as a result, we don't typically provide specific gross margin guidance. However, I wanted to provide some directional color to aid in your modeling.

與我們工廠和設備折舊相關的固定成本仍然佔收入成本的很大一部分。隨著我們提高產量和交付量，我們預計每輛車的管理費用將顯著改善。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引。然而，我想提供一些定向顏色來幫助您建模。

Looking forward to the second quarter of 2024, we anticipate gross margin to remain flat despite our full quarter price adjustment in Q2 instead of half quarter impact in Q1. This improvement is mainly due to further cost optimization initiatives.

展望 2024 年第二季度，儘管我們在第二季度進行了全季度價格調整，而不是在第一季度進行了半季度影響，但我們預計毛利率將保持持平。這項改進主要歸功於進一步的成本優化措施。

As we move into the back half of the year, we expect to build inventory of components for the Gravity SUV program resulting in an increase in LCNRV impairments from an accounting standpoint. This, in addition to higher depreciation due to further Phase 2 activation, is expected to adversely affect gross margin. I mentioned this in my prepared remarks last quarter as well. We have identified additional opportunities in cost of goods sold, and we'll continue to focus on implementation and further areas for cost out. Longer term, our technology will be a key driver of our gross margin. With scale, I believe you will see strong gross margins, with efficiency the key enabler.

當我們進入今年下半年時，我們預計將為 Gravity SUV 專案建立零件庫存，從會計角度來看，這將導致 LCNRV 減損增加。再加上第二階段進一步啟動導致的折舊增加，預計將對毛利率產生不利影響。我在上個季度準備好的演講中也提到了這一點。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。從長遠來看，我們的技術將成為毛利率的關鍵驅動因素。憑藉規模，我相信您將看到強勁的毛利率，而效率是關鍵推動因素。

Now moving to operating expenses. R&D expense in Q1 totaled approximately $284.6 million, up 17.1% sequentially. We expect R&D to increase further as we ramp up the new vehicle programs. I think it's widely accepted that Lucid has the best EV technology in the world.

現在轉向營運費用。第一季的研發費用總計約為 2.846 億美元，較上一季成長 17.1%。隨著我們加大新車專案的力度，我們預計研發將進一步增加。我認為人們普遍認為 Lucid 擁有世界上最好的電動車技術。

SG&A expense in Q1 was approximately $213.2 million, down 11.5% from Q4. The sequential decrease was primarily due to lower sales and marketing spend due to seasonality and lower professional services and other general expenses due to continued cost optimization initiatives. Although we have identified additional cost reduction opportunities to execute this year, we expect SG&A to increase primarily due to continued investments in strategic growth initiatives.

第一季的 SG&A 費用約為 2.132 億美元，比第四季下降 11.5%。環比下降的主要原因是季節性因素導致銷售和行銷支出減少，以及持續的成本優化措施導致專業服務和其他一般費用減少。儘管我們已經確定了今年要執行的額外成本削減機會，但我們預計 SG&A 將會增加，這主要是由於對策略性成長計畫的持續投資。

We ended the first quarter with 50 studio and service centers, excluding our temporary and satellite service centers, up from 45 in Q4. On the service side, we ended Q1 with 54 mobile brands in the fleet and 93 nationwide-approved body shops. 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.

第一季末，我們擁有 50 個工作室和服務中心（不包括臨時服務中心和衛星服務中心），而第四季有 45 個。在服務方面，截至第一季度，我們的車隊擁有 54 個行動品牌和 93 個全國認可的車身維修店。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。

In 2024, we see a pathway to operating leverage. The key will be driving volumes and scale. Our stock-based compensation in the quarter was $63.7 million. Total other income was $49.2 million, down from $83.1 million in Q4. The decrease was primarily attributable to a noncash loss of $19.9 million related to the change in fair value of our equity securities of Aston Martin shares, which we received in Q4 as a part of our strategic technology arrangement. In Q1, we achieved an adjusted EBITDA loss of $598.4 million, a slight improvement from $604.6 million in Q4.

2024 年，我們看到了一條通往營運槓桿的路。關鍵是推動數量和規模。本季我們的股票薪酬為 6,370 萬美元。其他收入總額為 4,920 萬美元，低於第四季的 8,310 萬美元。減少的主要原因是與阿斯頓馬丁股票公允價值變動相關的 1,990 萬美元非現金損失，這是我們在第四季度收到的作為我們策略技術安排的一部分的非現金損失。第一季度，我們的調整後 EBITDA 虧損為 5.984 億美元，比第四季的 6.046 億美元略有改善。

Moving to the balance sheet. In Q1, we raised $1 billion through a private placement of convertible preference stock to an affiliate of the PIF. I would like to echo Peter and thank the PIF for their partnership and their commitment to Lucid and our mission.

轉向資產負債表。第一季度，我們透過向 PIF 的一家附屬公司私募可轉換優先股籌集了 10 億美元。我想同意 Peter 的觀點，並感謝 PIF 的合作以及他們對 Lucid 和我們使命的承諾。

PIF's partnership and support separates us from others in the industry. We ended the quarter with approximately $4.6 billion in cash, cash equivalents and investments, with total liquidity of approximately $5.03 billion. Note, this excludes the $50.8 million in value of the Aston Martin shares as of March 31. We have been able to consistently sustain a strong balance sheet over time. And as we have done for the last several years, we will continue to be opportunistic in exploring financing.

PIF 的合作夥伴關係和支持使我們在業界脫穎而出。本季末，我們擁有約 46 億美元的現金、現金等價物和投資，流動性總額約 50.3 億美元。請注意，這不包括截至 3 月 31 日價值 5,080 萬美元的阿斯頓馬丁股票。正如我們過去幾年所做的那樣，我們將繼續抓住機會探索融資。

Turning to inventory. Total inventory decreased 18. 8% sequentially, primarily due to further raw material drawdown and lower purchases as we optimize our existing inventory. This is consistent with what I outlined last quarter, where we continue to see a pathway to a significant reduction in raw material on hand. Capital expenditures in Q1 was $198.2 million, down from $272.6 million in Q4.

轉向庫存。總庫存環比下降 18. 8%，主要是由於我們優化現有庫存而進一步減少原材料和減少採購。這與我上季度概述的一致，我們繼續看到顯著減少現有原材料的途徑。第一季的資本支出為 1.982 億美元，低於第四季的 2.726 億美元。

Moving to the outlook for 2024. We forecast production of approximately 9,000 vehicles in 2024, and we will continue to prudently manage and adjust our production to meet our sales and delivery needs. As Peter mentioned, we are pleased with the demand we are seeing, but I would also remind you that we typically see some seasonality in Saudi Arabia towards the end of the second quarter. With regard to our liquidity position, we ended the quarter with total liquidity of approximately $5.03 billion. We expect this will give us a runway through the start of production of the Gravity SUV program and into the second quarter of 2025.

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，以滿足我們的銷售和交付需求。正如彼得所提到的，我們對所看到的需求感到滿意，但我也想提醒您，我們通常會在第二季末看到沙烏地阿拉伯的一些季節性因素。就我們的流動性狀況而言，本季末我們的流動性總額約為 50.3 億美元。我們預計這將為 Gravity SUV 項目的生產開始和 2025 年第二季提供一條跑道。

Moving to CapEx. We will continue to focus on our future growth initiatives, and we expect capital expenditures for 2024 to be approximately $1.5 billion. This reflects certain deferrals in our capital outlay from last year: the AMP-2 expansion for completely built-up unit; the completion of the AMP-1 Phase 2 expansion for stamping paint shop powertrain on-premise and body in white for the Gravity SUV program. From a product perspective, we are scheduled for start-up production of the Gravity SUV program in late 2024 and scheduled for start-up production of our high-volume midsized platform in late 2026.

轉向資本支出。我們將繼續關注未來的成長計劃，預計 2024 年的資本支出約為 15 億美元。這反映了我們去年資本支出的某些延期：完全建成單位的 AMP-2 擴建；完成 AMP-1 第二階段擴建，用於沖壓噴漆車間動力系統以及 Gravity SUV 專案的白色車身。從產品角度來看，我們計劃在2024年底啟動Gravity SUV專案的投產，並計劃在2026年底啟動我們大批量中型平台的投產。

Our performance this quarter continues to demonstrate the positive momentum. The expansion of our total addressable market, the Pure, upcoming Gravity SUV and midsize programs provide further opportunities, and I feel very good about our cost optimization strategies and see many opportunities ahead.

我們本季的業績持續展現出正面的勢頭。我們整個潛在市場的擴張、即將推出的 Pure Gravity SUV 和中型計畫提供了更多機會，我對我們的成本優化策略感到非常滿意，並看到了未來的許多機會。

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

接下來，讓我把話題轉回梅納德，回答你的問題。

Thanks, Gagan. We'll now start the Q&A portion of the call. Before we take questions from those on the phone, I want to post some questions that our retail investors sent into the Say Technologies platform. Our first question is from [Anav]. Can you elaborate on Lucid's pathway to profitability? What are the key milestones and challenges the company anticipates facing in reducing production costs and achieving positive gross margins?

謝謝，加根。我們現在將開始通話的問答部分。在回答電話中的提問之前，我想先發布散戶投資者發送到 Say Technologies 平台的一些問題。我們的第一個問題來自[Anav]。能詳細介紹一下 Lucid 的獲利之路嗎？公司預計在降低生產成本和實現正毛利率方面將面臨哪些關鍵里程碑和挑戰？

Thank you, [Anav]. It's all about scale. The more we can scale the more cars we make, the more volume we can spread the fixed cost. That's the cost of our investment, our incredible factory and facility, our long-term investments across the sale of each car. So how do we do that? We need to continue growth of Lucid Air sales right now. And right now, we're trending up 40% from Q1 this year relative to last year.

謝謝你，[阿納夫]。一切都與規模有關。我們規模越大，生產的車子就越多，我們就能分攤固定成本的量就越大。這就是我們的投資成本，我們令人難以置信的工廠和設施，以及我們對每輛車銷售的長期投資。那我們該怎麼做呢？我們現在需要繼續成長 Lucid Air 的銷售額。目前，今年第一季與去年相比成長了 40%。

Now in a similar period, we see the sales of Tesla Model S down very, very considerably. We're outselling key competitors like Porsche Taycan. It's a about scale. And the next thing on that scale path is to get Gravity into production that will have a multiplier effect upon the market size and Gravity is scheduled for startup production late this year. And then beyond that, we need to get our midsized vehicle, our volume vehicle price at around, we believe, about $48,000, get that into production and is on schedule for production for late '26.

現在，在相似的時期，我們看到特斯拉 Model S 的銷量大幅下降。我們的銷售量超過了保時捷 Taycan 等主要競爭對手。這是一個大約規模。規模化道路上的下一步是將《Gravity》投入生產，這將對市場規模產生乘數效應，《Gravity》計劃在今年稍後啟動生產。除此之外，我們需要將我們的中型車輛（我們相信我們的批量車輛價格約為 48,000 美元）投入生產，並按計劃於 26 年底投產。

And I've got to tell you just how much our current finances are truly dominated by the major investments that Lucid's made for its future. Things like the expansion of our Arizona first factory, we've got nearly 4 million square feet in there. General assembly is ready. We're putting robots in now for building the body structure for Gravity. We've invested in a huge stamping line, we're integrating logistics, we're bringing a powertrain facility right under that one roof, and that's exactly where we're going to make the units that we supply to Aston Martin, all under one roof. And I think there are some photographs in the presentation, Maynard, and videos on our social media pages.

我必須告訴您，我們目前的財務狀況在多大程度上真正由 Lucid 為其未來所做的重大投資所主導。例如我們亞利桑那州第一家工廠的擴建，我們在那裡擁有近 400 萬平方英尺的面積。大會已準備就緒。我們現在正在使用機器人來建造重力的身體結構。我們投資了一條巨大的沖壓生產線，我們正在整合物流，我們正在同一屋簷下建立一個動力總成設施，而這正是我們將製造向阿斯頓·馬丁供應的裝置的地方。我認為梅納德的演示中有一些照片，我們的社交媒體頁面上有影片。

And then the other thing is the real big advantage that Lucid's got over everyone else is efficiency. And I don't say that as an engineer, I say that as a businessman. That efficiency means we can make cars with smaller batteries, with less batteries than anyone else. That means because the battery is the most costly part of an EV, we will be able to make cars more cost effectively and therefore, with more profit margin than anyone else, which leads perfectly to your role, Gagan.

另一件事是 Lucid 相對於其他人的真正巨大優勢是效率。我不是以工程師的身份這麼說，而是以商人的身份這麼說。這種效率意味著我們可以製造配備更小電池的汽車，並且比其他任何人都使用更少的電池。這意味著，由於電池是電動車中最昂貴的部分，我們將能夠以更具成本效益的方式製造汽車，因此，比其他任何人都擁有更多的利潤率，這完全適合你的角色，加根。

Yes. Thank you, Peter. And 2 things more: scale and continuous cost optimization initiatives. With scale, we'll be able to significantly bring down: number one, the fixed cost per vehicle, including depreciation of the investment we made in the factory, which is a big part of our cost of goods sold; number two, labor and overhead, and you get more efficient when you work at the optimal capacity; number three, also the BOM cost as volume provides a significant cost leverage.

是的。謝謝你，彼得。還有兩件事：規模和持續的成本優化計劃。透過規模化，我們將能夠大幅降低：第一，每輛車的固定成本，包括我們在工廠投資的折舊，這是我們銷售商品成本的很大一部分；第二，勞力和管理費用，當您以最佳能力工作時，您的效率會更高；第三，BOM 成本作為數量提供了重要的成本槓桿。

Now let me add to the cost optimization initiatives that we have been working very aggressively, and I'm personally leading this on a daily basis with big support from Peter. As I said in the prepared remarks, we were able to reduce the Bill of Materials, which is the cost of the parts that go into the car and also logistics costs significantly this quarter. We have also identified additional opportunities to execute throughout the year.

現在讓我補充一下我們一直在非常積極地進行的成本優化計劃，在彼得的大力支持下，我個人每天都在領導這項計劃。正如我在準備好的演講中所說，我們能夠在本季度大幅降低材料成本，即汽車零件的成本以及物流成本。我們也確定了全年執行的其他機會。

Our next question from the platform is [Jason]. The stock price keeps dropping. What measures will you be employing to bring the price up considerably? It seems product output is extremely low.

我們來自平台的下一個問題是[Jason]。股價持續下跌。您將採取哪些措施來大幅提高價格？看來產品產量極低。

Thanks, [Jason]. Now look, our share price, again -- again, it's all about volume. So forgive me, because the share price and the part of profitability are interwoven. Against a broader EV market, where the -- other makers products are really down. We're up 40% on deliveries year-on-year. We're bucking that trend. It's all about scale. It's about recognition on the brand, and I believe we're getting there. And we've got Gravity coming.

謝謝，[傑森]。現在看，我們的股價，再次強調，這一切都與成交量有關。所以請原諒我，因為股價和獲利部分是交織在一起的。相對於更廣泛的電動車市場，其他製造商的產品確實在下滑。我們的交付量年增 40%。我們正在逆潮流而動。一切都與規模有關。這是關於品牌的認可，我相信我們正在實現這一目標。我們已經迎來了《地心引力》。

Just to put this in perspective, in Q1, for the first time ever, Lucid outsold Porsche Taycan. We've outsold the Mercedes Benz EQE for the third consecutive quarter. We've outsold the Mercedes Benz EQS as well for third consecutive quarter. We've outsold the new BMW i7. And we've outsold the Audi e-tron GT for the fifth consecutive quarter.

客觀地說，在第一季度，Lucid 的銷售量首次超過了保時捷 Taycan。我們的銷量連續第三個季度超過了梅賽德斯 EQE。我們的銷量也連續第三個季度超過了梅賽德斯 EQS。我們的銷量超過了新款 BMW i7。我們的銷量連續第五個季度超過了奧迪 e-tron GT。

I want to also explain another matter here. We are not manufacturing constrained. This isn't a ramp-up situation. We can [link] from it. It's very much an economy situation. It's about growing awareness of just how awesome the product is and the sales will follow. And that's the trajectory we're on. It's all about these sales and volumes.

這裡我還想解釋一下另外一個問題。我們不受製造限制。這不是一個上升的情況。我們可以從中[連結]。這在很大程度上是一種經濟狀況。這是關於人們越來越認識到產品是多麼的棒，並且銷售也會隨之而來。這就是我們現在的軌跡。這一切都與銷量和數量有關。

And I also want to just put as a final point, I would like to put Lucid's stock price in context for this year. Just for context, Tesla is down about 25.6%. Rivian is down about 56%. We're down 27%. So really, there is a trend here in this sector. But clearly, we've got a path to get out of it. Gagan, do you want to add some color?

我還想最後一點，我想將 Lucid 的股價放在今年的背景下。僅供參考，特斯拉股價下跌約 25.6%。 Rivian 下跌約 56%。我們下降了 27%。事實上，這個領域存在著一種趨勢。但顯然，我們有一條擺脫困境的道路。加根，你想添加一些顏色嗎？

Yes. Thank you, Peter. And again, we are also very focused on execution and optimization of cost. We have the most efficient vehicle, but it's not just about the sustainability story. It's about growth, it's about scale, and it's about the profitability. I expect it will show in our margins over time as we scale.

是的。謝謝你，彼得。再說一次，我們也非常注重成本的執行與最佳化。我們擁有最高效的車輛，但這不僅僅是關於永續發展的故事。這關乎成長、關乎規模、關乎獲利能力。我預計隨著時間的推移，隨著我們規模的擴大，它將反映在我們的利潤中。

The third question is from [Justin]. Is Lucid in talks with any of the legacy automakers to provide battery or motors for production?

第三個問題來自[Justin]。 Lucid 是否正在與任何傳統汽車製造商進行談判，以提供用於生產的電池或馬達？

Thanks, [Justin]. Thanks for the question. I can't emphasize enough. This is absolutely central to the whole vision of the company, and that's why we call it Lucid Group. The vision is to have a meaningful impact upon the planet, upon the environment to take technological leadership. And to use that leadership that we can travel further with less and be truly sustainable and then to share that technology and provide that technology to other companies. And we've taken the first step, we're providing the sapphire technology, our hypercar technology to no less than Aston Martin. And there's a time scale associated with this. I mean the technology that we've got in our current lineup of touring, grand touring was ideally suited to a luxury performance car from another automaker.

謝謝，[賈斯汀]。謝謝你的提問。我怎麼強調都不為過。這絕對是公司整個願景的核心，這就是我們稱之為 Lucid Group 的原因。我們的願景是對地球和環境產生有意義的影響，以取得技術領先地位。利用這種領導力，我們可以用更少的錢走得更遠，真正實現永續發展，然後分享該技術並向其他公司提供該技術。我們已經邁出了第一步，我們正在向阿斯頓馬丁提供藍寶石技術、我們的超級跑車技術。並且有一個與此相關的時間尺度。我的意思是，我們目前的旅行車、豪華旅行車系列所擁有的技術非常適合另一家汽車製造商的豪華高性能汽車。

But what really excites me is the potential for the technology that we're currently developing right here in this building, in Lucid headquarters where I speak, for our midsized tech platform. This is the tech that really is going to suit a high-volume family car of the future. And that's what's going to create the multiplier effect. So as you can appreciate, we can't really talk about specifics. But indeed, we are in talks. There are large OEMs that appreciate the value of our tech, and they are certainly interested in working together with us.

但真正令我興奮的是我們目前正在這棟大樓（我發言的 Lucid 總部）為我們的中型技術平台開發的技術的潛力。這項技術確實適合未來的大容量家用車。這就是產生乘數效應的原因。正如您所理解的，我們無法真正談論具體細節。但事實上，我們正​​在談判中。有一些大型原始設備製造商欣賞我們技術的價值，他們當然有興趣與我們合作。

Gagan, would you like to add anything to that?

加根，你想補充什麼嗎？

Yes. And of course, under the right economics.

是的。當然，在正確的經濟條件下。

Absolutely. And I think therein lies another misunderstanding. Because of our current finances, there's this completeness information that our tech is so expensive. And it's completely the opposite. Our tech is made for affordability at scale. It's designed around reducing the need for battery, which is the biggest cost item of making an EV. So actually adopting Lucid's technology is a route to significantly reducing the cost of making an EV. And this is simply just not sufficiently appreciated or understood.

絕對地。我認為這其中還有另一個誤解。由於我們目前的財務狀況，有完整的資訊表明我們的技術非常昂貴。而事實卻完全相反。我們的技術是為了大規模的經濟實惠而設計的。它的設計是為了減少對電池的需求，這是製造電動車的最大成本項目。因此，實際上採用 Lucid 的技術是顯著降低電動車製造成本的一條途徑。而這一點根本沒有被充分認識或理解。

Great. And our last Say question is from [Robert]. Will Lucid make an affordable car to compete with Tesla?

偉大的。我們的最後一個問題來自[羅伯特]。 Lucid 會製造出一款價格實惠的汽車來與特斯拉競爭嗎？

Well, I've got an answer to that. We already are. The Lucid Air Pure rear-wheel drive, finest machine on the planet, $69,900, the price I promised back in September 2020, we're already competing with Tesla. But wait until our midsize comes out late '26. That's when we'll have a car, $48,000, $50,000, and that is the big one, the one that's going to be really exciting.

嗯，我已經有了答案。我們已經是了。 Lucid Air Pure 後輪驅動，地球上最好的機器，69,900 美元，這是我在 2020 年 9 月承諾的價格，我們已經在與特斯拉競爭了。但請等到 26 年底我們的中型產品上市。到時候我們就會擁有一輛車，48,000 美元、50,000 美元，那是一筆大錢，那將是真正令人興奮的。

Great. Now we'd like to take questions from the phone lines. [Twanda], can we take the first question, please?

偉大的。現在我們想透過電話回答問題。 [Twanda]，我們可以回答第一個問題嗎？

Our first questions from the line of Adam Jonas.

我們的第一個問題來自亞當·喬納斯（Adam Jonas）。

Peter, you said in your prepared remarks and in the statements that you published that sales momentum is building? Can you quantify what supports that statement? Over what period was it measured? Were you talking year-on-year? Or were you talking about momentum building kind of more during the quarter and sequentially?

彼得，您在準備好的演講和發表的聲明中表示銷售動能正在增強？您能量化支持該聲明的內容嗎？是在什麼時期測量的？你說的是同比嗎？或者您是在談論本季和隨後的勢頭增強？

Okay. Yes. Adam. So if we look at 2023 versus '22, I believe we were up by 37% or close to 37% on memory. And if you compare Q1 '24 to Q1 '23, that's where we had the 39.9%, very, very close to 40% growth. So we're bucking the trend of the market quite nicely.

好的。是的。亞當。因此，如果我們對比 2023 年和 22 年，我相信我們的記憶體成長了 37% 或接近 37%。如果你比較 24 年第一季和 23 年第一季度，我們的成長率為 39.9%，非常非常接近 40%。因此，我們很好地逆市趨勢而行。

Okay. And just as a follow-up, you said that your focus remains on cost, a relentless attention to cost. And you mentioned some big improvements this quarter on BOM costs specifically. Can you give some examples of this improvement in BOM within the quarter? And who are you benchmarking for the BOM cost for the Gravity?

好的。作為後續行動，您說您的重點仍然是成本，對成本的不懈關注。您特別提到了本季 BOM 成本的一些重大改進。您能否舉例說明本季度 BOM 的改善？您正在以誰為 Gravity 的 BOM 成本進行基準測試？

Adam, thank you for your question. So yes, in this quarter, despite the pricing actions, our gross margin improved and is mainly due to cost optimization initiatives, including BOM cost reduction. And within BOM cost, there are various components, and we are working hard with both the supplier side of things and internally, and internally more on the technology side of it, where we are bringing the battery cost down. Our car is the lowest per vehicle range.

亞當，謝謝你的提問。所以，是的，在本季度，儘管採取了定價行動，但我們的毛利率有所提高，這主要歸功於成本優化舉措，包括 BOM 成本降低。在 BOM 成本中，有各種組件，我們正在與供應商方面和內部方面努力合作，內部更多地在技術方面努力，我們正在降低電池成本。我們的車是每輛車續航里程最低的。

But also then on the logistics side of it, we are able to bring our cost down significantly quarter-over-quarter. And in addition, we identified a few other initiatives that we want to execute throughout the year. We're also managing our inventory very effectively. That helps bring the cost down.

但在物流方面，我們能夠逐季大幅降低成本。此外，我們也確定了一些我們希望全年執行的其他措施。我們也非常有效地管理我們的庫存。這有助於降低成本。

Our next question comes from the line of John Murphy with Bank of America.

我們的下一個問題來自美國銀行的約翰·墨菲。

Peter, I don't necessarily mean to conflate the company necessarily with Tesla for many reasons. But I mean, as we look at the SNX, the company was struggling and it wasn't until the [3NY] launch that there was kind of an escape velocity on self-funding. And it seems like we're looking at sort of -- somewhat of a parallel here. I don't mean to make explicit direct comparison, but it does seem like the space or the smaller vehicle launching in late '26 will be sort of where you potentially reach that escape velocity similar to when they hit the 3NY . So I was wondering if you would maybe kind of concur with that to some degree, right? I hope you don't take a fence to that, but to some degree.

彼得，基於多種原因，我不一定要把該公司與特斯拉混為一談。但我的意思是，當我們觀察 SNX 時，該公司一直在苦苦掙扎，直到 [3NY] 推出，自籌資金才出現某種逃逸速度。看起來我們正在尋找某種類似的東西。我並不是要進行明確的直接比較，但看起來 26 年末發射的太空或較小的飛行器將有可能達到類似於它們撞擊 3NY 時的逃逸速度。所以我想知道您是否會在某種程度上同意這一點，對吧？我希望你不要對此採取圍欄，但在某種程度上。

And then also, as we think about that, we're seeing sort of these dribs and drabs and I wouldn't say $1 billion is a drib and drab, it's a lot of money. But sort of this question from investors, will you be able to get the funding sort of guaranteed to get to the launch of that escape velocity or maybe it's the space in 2026. So I mean, one, do you kind of agree with sort of that logic that, that's when you reach escape velocity? And will you have the funding to get there?

然後，當我們思考這個問題時，我們看到了一些點點滴滴，我不會說 10 億美元是點點滴滴，它是很多錢。但投資人提出的這個問題是，你是否能夠獲得有保證的資金來啟動該逃逸速度，或者可能是 2026 年的空間。是你達到逃逸速度的時候？您有資金實現這項目標嗎？

Thank you, John. An interesting parallel and a very thoughtful question from you, as always. I mean, look, the vision is to get to very significant volume. And clearly, that comes in 2 steps -- well, there's 3 steps. First of all, scale Air more with brand awareness. Step 2, go for about 6x the TAM with Gravity. And I really believe there's a very big significant opportunity with Gravity that Model X didn't capture because Model X was a bit car-like, a bit CUV-like whereas Gravity is a proper SUV, and it's a 7-seat 3-row and we've got this unique secret weapon that we can go further with less battery and address the critical cost of making these products, and which you'll see unfold as we get to a degree of scale which Gravity will enable. But it's true to say that we won't bear full fruition of all that until we get the midsized platform into production and it's scheduled for start of production late '26.

謝謝你，約翰。一如既往，你提出了一個有趣的相似之處和一個非常深思熟慮的問題。我的意思是，你看，我們的願景是達到非常可觀的銷售量。顯然，這需要 2 個步驟——嗯，有 3 個步驟。首先，透過品牌知名度擴大Air規模。第 2 步，利用重力將 TAM 提高約 6 倍。我真的相信 Gravity 有一個非常重要的機會，但 Model X 沒有抓住，因為 Model X 有點像汽車，有點像 CUV，而 Gravity 是一款真正的 SUV，而且是 7 座 3 排我們擁有這種獨特的秘密武器，我們可以用更少的電池走得更遠，並解決製造這些產品的關鍵成本，當我們達到重力所能實現的規模時，你會看到它的展開。但可以肯定的是，在我們將中型平台投入生產之前，我們不會完全實現這一切，並且計劃在 26 年晚些時候開始生產。

Now regarding our partnership, what really makes -- sets Lucid apart is the combination of 2 things: a unique world-class technology, combined with our special relationship with the PIF. And that relationship with the PIF transcends a nearly financial one because they are invested in us a cornerstone of transitioning the economy of Saudi Arabia to a sustainability model with their audacious Vision 2030. And they are -- we are in this together. They are equally incentivized for success. Right now, running in Saudi Arabia is the first car plant they've ever had operating and it's elusive plant. Right now, we're laying the foundations, literally pouring the concrete for our complete business unit, our CBU factory, which is scheduled to sync with the advent of the arrival of the midsize there in Saudi Arabia. They are incentivized for our success. We are mutually incentivized for success, nothing less than success is acceptable here.

現在，關於我們的合作關係，真正讓 Lucid 與眾不同的是兩件事的結合：獨特的世界級技術，以及我們與 PIF 的特殊關係。與 PIF 的這種關係幾乎超越了金融關係，因為他們向我們投資，成為沙烏地阿拉伯經濟轉型為永續發展模式的基石，並提出了大膽的 2030 年願景。他們同樣受到成功的激勵。目前，在沙烏地阿拉伯營運的汽車工廠是他們營運的第一家汽車工廠，而且是一家難以捉摸的工廠。現在，我們正在奠定基礎，為我們的整個業務部門（CBU 工廠）澆築混凝土，該工廠計劃與沙烏地阿拉伯中型車的到來同步。他們因我們的成功而受到激勵。我們互相激勵取得成功，在這裡，只有成功才是可以接受的。

Okay. That's very helpful. Just one second follow-up. 9,000 vehicles produced or Airs produced this year. You already delivered more than you produced. I think there's well over 5,000 units or I think there are over 5,000 units in inventory. Could we see deliveries significantly above that 9,000 production number? I think you did 239. Delivery is greater than production this quarter. Should we expect something similar to that go through the rest of the year? Or could it actually be higher?

好的。這非常有幫助。只需一秒鐘的跟進。今年生產了 9,000 輛汽車或 Airs。您交付的數量已經超過了生產的數量。我認為有超過 5,000 個單位，或者我認為庫存有超過 5,000 個單位。我們能否看到交付量顯著高於 9,000 輛的產量？我想你做了 239。我們是否應該期待今年剩餘時間會出現類似的情況？或者它實際上可以更高嗎？

Well, we haven't guided on that. And actually I'd love to see it. what is crucial here is the key message is that management is taking prudent steps in balancing our production with deliveries so that we don't get an undue amount of inventory and have that working capital tied up. This is prudent from management.

嗯，我們還沒有對此進行指導。事實上我很想看到它。這裡最重要的是，管理層正在採取謹慎的措施來平衡我們的生產和交貨，這樣我們就不會出現過多的庫存並佔用營運資金。這對管理階層來說是謹慎的。

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

我們的下一個問題來自花旗銀行的 Itay Michaeli。

Just 2 questions for me. First, Peter, can you just give us an update on kind of supplier readiness for the Gravity launch? What would the progress you're making there and just over how you're feeling about that?

只要問我 2 個問題。首先，Peter，您能為我們介紹一下供應商為 Gravity 發布做好準備的最新情況嗎？你在那裡取得的進展是什麼？

And then maybe a second question, just going back to the gross margin. I know there's a lot of noise in that number. I was hoping you could talk a little bit to what you're seeing across trends for kind of variable margins. They're just kind of looking at parts, material, freight and warranty, excluding kind of labor and overhead costs. If you can give us a little bit of sense of how that's trending, that would be helpful, too.

然後也許是第二個問題，回到毛利率。我知道這個數字中有很多噪音。我希望您能談談您所看到的可變利潤趨勢。他們只是專注於零件、材料、運費和保修，不包括人工和管理費用。如果您能讓我們了解一下其趨勢，那也會很有幫助。

Thanks, Itay. Yes, so we -- I'm personally overseeing the march towards the Gravity start of production. Literally in this room, every morning, my morning starts with a review of the status. And in order to ready the program, we need to sync 3 activity streams: the readiness of the gravity product, the readiness of the factory, Arizona factory, and the build-out of that and the installation of all the equipment. And the third thing you covered in your question was the readiness of the supply base. And absolutely, we're all over this. We have literally a few hundred suppliers with thousands of parts. Truly drawn upon some of the best suppliers right around the world. And that is something we're managing very closely.

謝謝，伊泰。是的，所以我們——我親自監督《重力》的製作進程。從字面上看，每天早上，在這個房間裡，我的早晨都是從回顧狀態開始的。為了準備好該計劃，我們需要同步 3 個活動流：重力產品的準備情況、工廠、亞利桑那州工廠的準備情況以及該工廠的擴建和所有設備的安裝。你在問題中提到的第三件事是供應基地的準備。當然，我們已經解決了這個問題。我們實際上有數百家供應商，擁有數千個零件。真正利用了世界各地一些最好的供應商。這是我們正在密切管理的事情。

And to that aim, I want this process to be really super transparent. So I personally commissioned the team to make a series of videos, which will tell the tale for everybody who's following the company, the path to Gravity, the road to Gravity, the series. We launched that just last week, and that's going to trace those 3 connecting pillars: the product, the factory readiness and supply chain readiness. But we've got a major advantage this time with this product, Itay, because we're not trying to do it coming out of a pandemic. So there should be a lot more opportunity for us to do SQA, which is supplier quality awareness and audit. And we have our supplier quality engineering teams visiting those suppliers and checking and verifying and validating the readiness for starter production late this year.

為了實現這個目標，我希望這個過程非常透明。所以我親自委託團隊製作了一系列視頻，向每一個關注公司的人講述這個故事，通往重力的道路，通往重力的道路，這個系列。我們上週剛推出了這個項目，它將追蹤這三個相互關聯的支柱：產品、工廠準備和供應鏈準備。但這一次，我們在這款產品 Itay 上獲得了一個重大優勢，因為我們不想在疫情期間做到這一點。所以我們應該有更多的機會來做SQA，也就是供應商品質意識和審核。我們的供應商品質工程團隊拜訪了這些供應商，並檢查、驗證和確認今年稍後啟動生產的準備情況。

Now regarding margins, I would like to defer the question to Gagan, please.

現在關於利潤，我想把問題交給加根。

Yes. Thanks, Peter. So Itay, on the gross margin, we have been working very hard with both the supplier side of things and then taking cost out of the business. And looking at the BOM cost first is a significant effort. We are continuously bringing thousands of dollars out from the cost. But one thing this quarter specifically, I want to call about technology. Our car also has its lowest cost of ownership. And if you look at in the investor deck, we added Slide 7 and Slide 8, explaining how our car has the lowest cost. And it will be good for you to look at that.

是的。謝謝，彼得。因此，在毛利率方面，我們一直在與供應商方面非常努力地合作，然後從業務中降低成本。首先查看 BOM 成本是一項巨大的工作。我們不斷地從成本中節省數千美元。但在本季度，我想特別談談技術方面的一件事。我們的汽車擁有成本也是最低的。如果你看看投資者的幻燈片，我們添加了幻燈片 7 和幻燈片 8，解釋了我們的汽車如何具有最低的成本。看看這個對你會有好處。

And then in parallel, our -- the cost optimization team, this team is challenging each and every one and also for every dollar value, and I'm personally leading this initiative with support from Peter. But what does that mean to us, we're able to significantly bring the logistic cost down. We are looking more and more opportunities. Now it's a matter of scale because we today are spending significant amount of money on the fixed cost.

同時，我們的成本優化團隊，這個團隊正在挑戰每一個人，也挑戰每一美元的價值，我個人在彼得的支持下領導這項計畫。但這對我們意味著什麼，我們能夠大幅降低物流成本。我們正在尋找越來越多的機會。現在這是一個規模問題，因為我們今天在固定成本上花費了大量資金。

Even on the variable cost, we identify more opportunities, and it will help us because look at it from a supplier perspective, also, they also allocate their fixed overhead to the volume they deliver. But we have part to go there. And with Gravity coming late 2024, we are getting close and close to our capacity, and that will give us an operating leverage.

即使在變動成本上，我們也發現了更多機會，這將對我們有所幫助，因為從供應商的角度來看，他們還將固定費用分配到他們交付的數量上。但我們有一部分要去那裡。隨著 Gravity 於 2024 年底推出，我們越來越接近我們的產能，這將為我們提供營運槓桿。

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

我們的下一個問題來自安德烈斯·謝潑德和康托·菲茨杰拉德的台詞。

Peter, I was just -- I wanted to follow up on maybe deliveries to Saudi Arabia. Trying to get a sense if it's possible to maybe quantify it a little bit as to how that agreement will develop later this year, next year and onwards. I think in the past, you had mentioned that -- and please correct me if I'm wrong, but that a lot of these deliveries would include the Gravity and the midsized high-volume models, which have yet to reach their SOPs. So just wondering, are we able to quantify what these deliveries to Saudi Arabia will be this year, next year as you work your way up to the Gravity and...

彼得，我只是想跟進可能運送到沙烏地阿拉伯的情況。試圖了解是否有可能稍微量化一下該協議將如何在今年稍後、明年及以後發展。我想在過去，您曾經提到過——如果我錯了，請糾正我，但這些交付中的許多都將包括 Gravity 和中型高容量型號，這些型號尚未達到其 SOP。所以只是想知道，當你努力達到重力和...時，我們是否能夠量化今年、明年向沙烏地阿拉伯交付的貨物量。

Yes. We're not planning to guide on the split in the future, but our deliveries in Q1 exceeded 500 units. I'm very confident that we've got equal demand for our products in Saudi, particularly to the SUV. That's going to be quite an interesting market. But again, I'm not in a position to guide right now on these. And we haven't decided yet where would guide on that specific split, either Andres.

是的。我們不打算在未來指導分拆，但我們第一季的交付量超過了 500 台。我非常有信心，沙烏地阿拉伯對我們的產品有同樣的需求，尤其是 SUV。這將會是一個非常有趣的市場。但同樣，我現在無法就這些問題提供指導。我們還沒有決定在哪裡指導具體的分裂，安德烈斯也沒有。

Okay. Got it. That's helpful. But so over 500 deliveries in Q1 were to Saudi Arabia market. So that's helpful.

好的。知道了。這很有幫助。但第一季有超過 500 架交付至沙烏地阿拉伯市場。所以這很有幫助。

Okay. And then just a question on liquidity. You touched on the updated liquidity. Obviously, the $1 billion recent capital raise fortifies the balance sheet. In your presentation, you mentioned that liquidity on hand is sufficient to fund the business, I believe, is until second quarter of next year. So I guess my question is, as you're thinking for your next capital raise, do you -- to the extent of the ability that you can answer, do you foresee that coming from the PIF or perhaps would that be from external capital? I guess what I'm asking is with $6.4 billion in funding from the PIF so far year-to-date, do you foresee a situation where the next raise may also be with them or elsewhere?

好的。然後是關於流動性的問題。您談到了最新的流動性。顯然，最近 10 億美元的融資增強了資產負債表。在您的演講中，您提到手頭上的流動性足以為業務提供資金，我相信，直到明年第二季。所以我想我的問題是，當您考慮下一次融資時，您是否——在您能回答的範圍內，預計資金來自 PIF 還是來自外部資本？我想我要問的是，今年迄今為止，PIF 已提供 64 億美元的資金，您是否預見到下一次融資也可能來自他們或其他地方？

Well, look, we're a technology company. We're on a growth trajectory, and it's a capital-intensive endeavor. We know that. And so all I can say is that we will take an entrepreneurial opportunistic view of raising capital when the business requires it. We are very, very aware and appreciative of a very special relationship and the steadfast support that the public investment fund has shown us and gone every single round supporting us to date. And I think that puts us in a very strong position. It takes us past the start of production of gravity and well into next year. And I think that's an enviable position. It puts us in a very strong position financially.

嗯，看，我們是一家科技公司。我們正處於成長軌道，這是一項資本密集的努力。我們知道。因此，我只能說，當業務需要時，我們將採取創業機會主義的觀點來籌集資金。我們非常非常了解並感謝這種非常特殊的關係以及公共投資基金向我們提供的堅定支持以及迄今為止每一輪對我們的支持。我認為這使我們處於非常有利的地位。我們已經過了重力生產的開始階段，進入了明年。我認為這是一個令人羨慕的位置。它使我們在財務上處於非常有利的地位。

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

我們的下一個問題來自雷德伯恩大西洋公司的託拜厄斯·貝斯。

I have 2 questions for Gagan, please, and I'll ask them separately. Through 2024, the expectation is that production processes will become more vertically integrated as you continue to build out the Phase II expansion of AMP-1. Can you confirm whether this will increase losses in the near term while volumes are subscale?

我有兩個問題想問加根，我會分別問。到 2024 年，隨著您繼續建造 AMP-1 二期擴建，預計生產流程將變得更加垂直整合。您能否確認這是否會在短期內增加損失，而交易量卻較小？

Yes. So as I said in the prepared remarks, we typically don't guide gross margin because of certain controllable and noncountable factors. However, I can provide some directional color. In Q2, I expect that gross margin will remain flat despite the impact -- the full quarter impact of pricing actions we took in Q1. In Q1, that impact us for part of the quarter.

是的。正如我在準備好的演講中所說，由於某些可控和不可數的因素，我們通常不會指導毛利率。不過，我可以提供一些定向顏色。在第二季度，我預計毛利率將保持平穩，儘管我們在第一季採取的定價行動對整個季度產生了影響。在第一季度，這對我們該季度的部分時間產生了影響。

Scaling back to second half of the year, now purchase of gravity components ahead of production, which will result in increase in inventory, i.e., result in LCNRV and also higher depreciation as a result of Phase 2 activation, we expect to have some negative impact on the gross margin. But then we have Gravity scheduled for production late this year. As we move to next year, we expect things to change significantly.

時間回到下半年，現在在生產之前購買重力組件，這將導致庫存增加，即導致 LCNRV 以及由於第二階段激活而導致的折舊更高，我們預計會在毛利率上產生一些負面影響。但我們計劃在今年稍後製作《地心引力》。隨著明年的到來，我們預計情況會發生重大變化。

Okay. But -- sorry, just to ask my question slightly differently. On a variable margin basis, do you expect the higher vertical integration to decrease the variable margins in the near term, on both Air and Gravity?

好的。但是——抱歉，只是想稍微不同地問我的問題。在可變利潤的基礎上，您是否預期更高的垂直整合會在短期內減少空氣和重力方面的可變利潤？

Yes, that's a great question. Now it is a game of scale. We're getting better on contribution margin trim by trim. Now the BOM cost, freight and certain overheads, part of contribution margin gets significantly impacted when you have a low volume. And with scale, it significantly improves because suppliers also amortize their fixed cost based on the volume they deliver. It's a matter of scale. The more we get close to our capacity, our margins get much better.

是的，這是一個很好的問題。現在這是一場規模遊戲。我們在邊際貢獻方面不斷削減。現在，當產量較低時，BOM 成本、運費和某些管理費用以及部分邊際貢獻會受到顯著影響。隨著規模的擴大，它會顯著改善，因為供應商也根據他們交付的數量來攤提固定成本。這是一個規模問題。我們越接近我們的產能，我們的利潤率就會越高。

Okay. Understood. And then just to turn back to the question that Adam and Itay asked. If I exclude the impairment charge from your cost of goods sold and make a simplistic assumption that all of the D&A charge is within COGS. Then in the first quarter this year, underlying costs per unit delivered actually increased 5% sequentially. And given that delivery volume was 13% higher with some of these cars presumably benefiting from last year's overproduction. I was wondering if you could comment on what happened?

好的。明白了。然後回到 Adam 和 Itay 提出的問題。如果我從您的銷售成本中排除減損費用，並簡單地假設所有 D&A 費用均在銷貨成本內。今年第一季度，每單位交付的基本成本實際上比去年同期成長了 5%。鑑於交付量增加了 13%，其中一些汽車可能受益於去年的生產過剩。我想知道你能否對發生的事情發表評論？

Yes. It is a factor of incentive as well. So if you look at -- we took some pricing actions in the current quarter. So it's because of the pricing actions, which were largely offset by the cost reduction activities.

是的。這也是一個激勵因素。因此，如果你看一下——我們在本季採取了一些定價行動。這是因為定價行為在很大程度上被成本削減活動所抵消。

Okay. But -- sorry, the pricing actions, surely, they're not in your COGS anymore because I've excluded the impairment charge.

好的。但是，抱歉，定價行為當然不再包含在您的銷貨成本中，因為我已經排除了減損費用。

Yes. But it's multiple things that go in that factor. So when we say pricing actions, we basically -- like for Pure and Touring that the pricing that we offered and plus mix, both together play a significant role in that component.

是的。但這個因素涉及多種因素。因此，當我們說到定價行為時，我們基本上就像 Pure 和 Touring 一樣，我們提供的定價和混合定價，兩者一起在該組成部分中發揮著重要作用。

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

我們的下一個問題來自福克斯顧問公司的史蒂文·福克斯。

I just had a question on the push to have more third-party related sales of hardware and software. I guess I was wondering if you would say over the last few quarters, whether there has been an increasing number of bottlenecks in getting to the finish line on some of these deals. I'm curious just because it seems like you've proven out some cost advantages that you can provide as a -- from a third-party standpoint and the pressures on OEMs to get their BOM costs down have only increased in the last year-to-date. Any color on that and your progress going forward would be helpful.

我剛剛有一個關於推動更多第三方相關硬體和軟體銷售的問題。我想我想知道您是否會說在過去的幾個季度中，在完成其中一些交易時是否遇到了越來越多的瓶頸。我很好奇，因為從第三方的角度來看，您似乎已經證明了可以提供的一些成本優勢，而 OEM 降低 BOM 成本的壓力在去年只增加了 -迄今為止。任何顏色和你今後的進展都會有幫助。

That's an interesting point, Steve. I would say this that there's a time scale, there's a cadence, there's a chronology associated with any such arrangement with the traditional OE. There's a natural cadence to the place they work and operate. And also, there's this sort of impending regulatory overhang in terms of the drivers for that transition to sustainable mobility model. So all I can say is just watch this space. We need patience when we're talking to large automakers.

這是一個有趣的觀點，史蒂夫。我想說的是，傳統 OE 的任何此類安排都有時間尺度、節奏、年表。他們工作和經營的地方有一種自然的節奏。此外，在向永續交通模式轉型的驅動因素方面，即將出現監管懸而未決的問題。所以我只能說只是觀察這個空間。當我們與大型汽車製造商交談時，我們需要耐心。

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

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

This is Jake on for James. So if I just look at your liquidity and the implied cash burn with the $5 billion lasting into the second quarter of 2025. It looks like the implied cash burn has stepped up from roughly $900 million in your previous commentary to over $1 billion now. So how should everyone think about cash burn really through next year once you get through the launch of the Gravity?

這是傑克替補詹姆斯。因此，如果我只看一下你們的流動性和隱含的現金消耗，50 億美元持續到2025 年第二季。的超過10 億美元。那麼，一旦重力發射完成後，每個人都該如何考慮明年的現金消耗？

Yes. So if you look at -- there are multiple things go into cash burn. One, is the capital investment that we're making. As we have guided, we expect to spend around $1.5 billion in our investments, which is expansion in Arizona taking from 30,000 installed capacity to 90,000 because of paint shop, stamping, body in white coming later this year. And then AMP-2, which is in Saudi Arabia, where we are making significant investment, building our CBU facility. So that capital expenditure play a significant role there. And also in the next year, we have a significant amount of capital expenditure that will continue.

是的。因此，如果你看一下——有很多因素會導致現金消耗。一是我們正在進行的資本投資。正如我們所指導的，我們預計將花費約 15 億美元的投資，這是由於今年稍後將在亞利桑那州進行塗裝、沖壓和白車身擴建，將裝機容量從 30,000 輛增加到 90,000 輛。然後是位於沙烏地阿拉伯的 AMP-2，我們正在那裡進行大量投資，建造我們的 CBU 設施。因此資本支出在那裡發揮重要作用。同樣在明年，我們也將繼續進行大量資本支出。

Got it. That's very helpful. And then just following up on John's question about the midsize more mass market model. How do you guys thought about providing some more just detail on it, maybe some teaser pictures a little earlier to try to draw up some just some more interest from a broader consumer base and even potentially opening the door reservation to just generate more liquidity?

知道了。這非常有幫助。然後跟進約翰關於中型更大眾市場模型的問題。你們如何考慮提供一些更多的細節，也許早一點提供一些預告片，試圖從更廣泛的消費者群體中吸引更多的興趣，甚至可能開放預訂以產生更多的流動性？

Well, that's an interesting point. I actually think that the consumer has been ill-served by some players in this space by taking reservations way, way ahead of time in a very artificial manner. What we believe is a much greater degree of transparency and really getting closer to that product being an absolute reality. Remember that any such reservations and money taken is a false form of liquidity because it's something we would have to put in escrow anyway. It doesn't really -- it's not true liquidity. And we believe in absolute transparency, and showing the product with a realistic specification as we're doing, say, with Gravity. We've not taken reservations deliberately until we get closer to the start of production. This is a philosophy that we've adopted. And we will let you know that time in the future when we open a waiting list for gravity. And we're not even close to. I don't think it's right to be opening up reservations on a product that is over 2 years out. I just don't think -- I think it ill serves the consumer, and it's something that I think there's a transparency that's lacking from that.

嗯，這是一個有趣的點。事實上，我認為這個領域的一些參與者以一種非常人為的方式提前預訂，從而對消費者造成了不好的服務。我們相信的是更高程度的透明度，並且真正接近該產品成為絕對現實。請記住，任何此類保留和收取的資金都是虛假的流動性形式，因為無論如何我們都必須將其託管。這並不是真正的流動性。我們相信絕對的透明度，並以現實的規格展示產品，就像我們正在做的那樣，比如說，重力。在接近生產之前，我們並沒有特意進行預訂。這是我們所採用的理念。將來當我們開放重力等待名單時，我們會通知您。我們甚至還沒有接近。我認為對已經上市兩年多的產品開放預訂是不對的。我只是不認為——我認為這對消費者不利，而且我認為這缺乏透明度。

Our next question comes from the line of Stephen Gengaro with Stifel.

我們的下一個問題來自 Stephen Gengaro 和 Stifel 的對話。

Just going back to a question about the cash burn. Can you give us any sense as we think getting to the midsize launch sort of the cadence of CapEx necessary in '25, '26 time frame?

回到關於現金消耗的問題。當我們認為在 25 年、26 年時間範圍內達到中型發布所需的資本支出節奏時，您能給我們任何啟發嗎？

Well, I mean, it's interesting. We haven't guided on that. But I mean we are in a very good position, which will see us beyond Gravity start of production. We have some amazing incentives from the Kingdom of Saudi Arabia for a setup of our factory there, our AMP-2 facility, and that's where we're going to put in the midsized product to start with.

嗯，我的意思是，這很有趣。我們還沒有對此進行指導。但我的意思是，我們處於非常有利的位置，這將使我們超越《重力》的生產開始。我們從沙烏地阿拉伯王國獲得了一些令人驚嘆的激勵措施，鼓勵我們在那裡建立我們的工廠，我們的 AMP-2 工廠，這就是我們將首先投入中型產品的地方。

Great. And just a quick follow-up on the Gravity order question. How soon before production begins do you open up Gravity orders?

偉大的。關於重力順序問題的快速後續。在生產開始前多久你們會開始重力訂單？

It's an interesting point. I think that -- as I say, look, we can look forward to us opening a waiting list when we feel that in absolute transparency, we can release more specific details of the trim and specifications of that vehicle. I don't want to do it in an environment of opacity. Gravity is scheduled for start of production later this year. And we're on that runway now. Every day counts as we build up a crescendo to that launch, and we will let you know. Watch this space.

這是一個有趣的觀點。我認為，正如我所說，當我們覺得在絕對透明的情況下，我們可以發布該車輛的裝飾和規格的更多具體細節時，我們可以期待我們開設等候名單。我不想在不透明的環境中這樣做。 《重力》計劃於今年稍後開始製作。我們現在就在跑道上。每一天都很重要，因為我們會為該發布做好準備，我們會通知您。關注此空間。

Thank you. So this concludes Lucid's First Quarter 2024 Earnings Conference Call. Thank you all for joining us today, and you may now disconnect.

謝謝。 Lucid 的 2024 年第一季財報電話會議到此結束。感謝大家今天加入我們，現在您可以斷開連線了。