Lucid Group Inc (LCID) 2024 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Group second-quarter 2024 earnings conference call. (Operator instructions)

女士們、先生們，感謝大家的支持，歡迎參加 Lucid Group 2024 年第二季財報電話會議。 （操作員說明）

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

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，先生。

Thank you, and welcome to Lucid Group's second-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 的 2024 年第二季財報電話會議。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 our 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, macro economic 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，我們在本次電話會議中的一些聲明包括聯邦證券法規定的前瞻性聲明。這些包括但不限於有關公司未來財務業績、產量和交付量、財務和營運前景及指導、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 the investor deck.

此外，管理階層將在本次電話會議中參考非公認會計準則財務指標。關於我們為什麼使用非公認會計原則財務指標的討論以及有關我們的公認會計原則與非公認會計原則結果調節的信息，請參閱我們今天下午早些時候發布的收益新聞稿以及投資者平台。

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

說到這裡，我想將電話轉給 Lucid 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 second quarter 2024 earnings call. Now before I get to my prepared remarks, I'd like to extend a heartfelt thank you to all listed employees as well as all our suppliers and partners. Our record deliveries in the second quarter were no small part due to your hard work.

謝謝你，梅納德。感謝大家參加我們的 2024 年第二季財報電話會議。現在，在我開始準備發言之前，我謹向所有列出的員工以及我們所有的供應商和合作夥伴表示衷心的感謝。我們第二季創紀錄的交付量在很大程度上歸功於你們的辛勤工作。

We generated great momentum and progress in this first half of the year, and we'll look to build upon this through the back half of the year and into the scheduled start of production of Lucid gravity, which is of course, highly anticipated.

我們在今年上半年取得了巨大的動力和進展，我們將在今年下半年以此為基礎，並按計劃開始生產 Lucidgravity，這當然是備受期待的。

I'm also pleased to announce today that we executed financing agreements with an affiliate of the public investment fund for additional commitments of $1.5 billion. Through strategic investments in Lucid, the PIF is not only advancing the country's commitment to sustainable energy and innovation, but also propelling it towards achieving the ambitious goals of Vision 2030. This partnership underscores their dedication to fostering our diversified economy and positioning itself as a global leader in the electric vehicle industry. I'd like to thank them for their continued support.

我今天也很高興地宣布，我們與公共投資基金的一家附屬機構簽署了額外承諾 15 億美元的融資協議。透過對Lucid 的戰略投資，PIF 不僅推進了該國對永續能源和創新的承諾，而且推動其實現2030 年願景的雄心勃勃的目標。並將其定位為全球經濟體電動車產業的領導者。我要感謝他們的持續支持。

Now turning to deliveries. And we delivered a record 2,394 vehicles in the second quarter, and that was up 21.7% sequentially and up 70.5% year-upon-year. The increase was driven by strength in North America, where deliveries were up sequentially.

現在轉向交貨。第二季我們交付了創紀錄的 2,394 輛汽車，較上季成長 21.7%，較去年同期成長 70.5%。這一增長是由北美市場的強勁推動的，該地區的交付量連續上升。

Now turning to production. We produced 2,110 vehicles in the second quarter, and we're on track to produce approximately 9,000 vehicles in 2024. As I've noted previously, production is not our bottleneck, and we are managing production to prudently optimize cash flow and to match deliveries. Lucid's brand awareness continues to grow, reaching an all-time high in June since we started tracking the metrics.

現在轉向生產。我們在第二季度生產了 2,110 輛汽車，預計到 2024 年將生產約 9,000 輛汽車。自從我們開始追蹤指標以來，Lucid 的品牌知名度持續成長，在 6 月達到了歷史最高水準。

Now we still have more work to do, but the combination of a science-based data-driven approach to marketing, an increasing number of Lucid Airs on the road and the word of mouth advocacy of our loyal customers is building momentum. I think customers are also increasingly becoming aware of the tremendous value in technology and technology the Lucid Air.

現在我們還有更多的工作要做，但是基於科學的數據驅動的營銷方法、越來越多的 Lucid Air 上路以及我們忠實客戶的口碑宣傳相結合，正在形成勢頭。我認為客戶也越來越意識到 Lucid Air 技術和技術的巨大價值。

In many ways, we've reached parity or even surpassed gas cars in our class when it comes to range, performance, technology and pricing. And this is especially true when compared to other electric vehicles. So it may come as no surprise that Lucid Air once again been named the best luxury electric car by US News & World Report.

在很多方面，我們在續航里程、性能、技術和價格方面都達到了與同類燃油汽車相當甚至超越的水平。與其他電動車相比尤其如此。因此，Lucid Air 再次被《美國新聞與世界報道》評為最佳豪華電動車也就不足為奇了。

This is the third year in a row that this award has been bestowed upon the app and no other car has ever achieved this, but we're moving beyond being known as a luxury carmaker. We're a technology company and people are recognizing that we have the most advanced electric vehicle. We announced in July that we achieved a landmark 5 miles per kilowatt hour with the Lucid Air Pure, a critical element in achieving this was our software and innovations in our advanced motor control mathematical algorithms.

這是該應用程式連續第三年獲此殊榮，沒有其他汽車曾獲此殊榮，但我們正在超越豪華汽車製造商的範疇。我們是一家科技公司，人們認識到我們擁有最先進的電動車。我們在 7 月宣布，我們透過 Lucid Air Pure 實現了每千瓦時 5 英里的里程碑，實現這一目標的關鍵因素是我們的軟體和先進馬達控制數學演算法的創新。

And I'm pleased to announce that with an over-the-air software update coming soon, I expect all vehicles in the fleet will see some further efficiency improvements, bringing greater value to the car well after a customer's initial purchase. 2025 Air Sedans will also have the Sapphire heat pump and of course, the latest advancements in motor design.

我很高興地宣布，隨著無線軟體更新即將推出，我預計車隊中的所有車輛都將進一步提高效率，在客戶首次購買後為汽車帶來更大的價值。 2025 Air Sedan 也將配備藍寶石熱泵，當然還有電機設計的最新進展。

Now this collectively is how we were able to obtain at 5 miles of EPA estimated range for the Lucid Air Grand Touring under the more stringent EPA testing and achieve 5 miles per kilowatt hour with the new Air Pure. And we'll continue to provide more features and value. We are planning an over-the-air software update that will significantly enhance our advanced driver assistance system or ADAS.

現在，這就是我們如何能夠在更嚴格的 EPA 測試下讓 Lucid Air Grand Touring 獲得 5 英里的 EPA 估計續航里程，並透過新 Air Pure 實現每千瓦時 5 英里的續航里程。我們將繼續提供更多功能和價值。我們正在計劃進行無線軟體更新，這將顯著增強我們的高級駕駛員輔助系統或 ADAS。

And it's including the introduction of hands-free highway assist, lane change assist, curb rash assist and more. We also have plans for a comprehensive update to the user experience, new interfaces, new functions and further app enhancements. I think customers are going to be delighted. We're making a really big push on many aspects of our user interface software.

其中包括引進免持高速公路輔助、變換車道輔助、路緣碰撞輔助等。我們還計劃對用戶體驗、新介面、新功能以及進一步的應用程式增強功能進行全面更新。我認為客戶會很高興。我們正在大力推動用戶界面軟體的許多方面。

So despite the market dynamics, we are making inroads, making constant improvement and gaining market share with Air. Yet again in Q2 in the US markets for Lucid Air outsold many of the largest and most storied brands in the industry within our competitive set of electric vehicles. And in some cases, we outsold our competitors by more than double.

因此，儘管市場瞬息萬變，我們仍在不斷進取，不斷改進，並透過 Air 贏得市場份額。第二季度，Lucid Air 在美國市場的銷量再次超過了我們具有競爭力的電動車系列中業內許多最大和最著名的品牌。在某些情況下，我們的銷量比競爭對手高出一倍以上。

And with the Lucid Gravity, I suspect we will find greater success in the large and growing SUV market. In late July, the first Lucid Gravity preproduction body shell drop down from the roof conveyor and into the main production line at our factory in Casa Grande, Arizona. This marks the beginning of the Lucid Gravity preproduction run on our assembly line.

憑藉 Lucid Gravity，我懷疑我們將在龐大且不斷成長的 SUV 市場中取得更大的成功。 7 月下旬，第一個 Lucid Gravity 預生產車身外殼從頂部傳送帶落下，進入我們位於亞利桑那州卡薩格蘭德工廠的主生產線。這標誌著 Lucid Gravity 預生產在我們的組裝線上開始運作。

And just last week, I had the honor of driving the first preproduction Lucid Gravity of the production line, a key milestone in the journey to the schedule starts of production later this year. Each units will help us perfect the process and will be used for final validation testing to ensure top-tier build quality in full-scale production.

就在上週，我有幸駕駛了生產線的第一輛預生產 ​​Lucid Gravity，這是今年稍後按計劃開始生產的過程中的一個重要里程碑。每個單元都將幫助我們完善流程，並將用於最終驗證測試，以確保全面生產中的頂級建造品質。

Now we'll be hosting a technology and manufacturing day at our factory on September 10. To showcase our technology, and also give you a closer look at the Lucid Gravity and the new advanced factory where the machines build the machine. We've made significant advances to the factory that will help drive down costs, and I can't wait to show it to you.

現在，我們將於 9 月 10 日在我們的工廠舉辦技術和製造日活動。我們在工廠方面取得了重大進展，這將有助於降低成本，我迫不及待地想向您展示。

Now I'd like to emphasize something that may still not be well appreciated by the market. Whilst many may never understand the concept of efficiency and which means how many miles can one go with a given amount of battery. It may not be broadly known as to why this energy efficiency is so damn critical. It's quite interesting.

現在我想強調一些市場可能尚未充分認識到的事情。雖然許多人可能永遠不理解效率的概念，這意味著在給定電量的情況下一個人可以行駛多少英里。人們可能並不知道為什麼這種能源效率如此重要。這很有趣。

Some might believe that it's the engineer in me driving the narrative of the importance of efficiency. But actually, it's the businessman in me that's driving the efficiency story. So let me explain. According to the database A2MAC1, nearly 40% of the bill of materials or the cost of the materials to make an electric vehicle is attributable to the battery pack, almost 40% in cars above $60,000 and in lower priced car, the battery cost as a percentage of the bill of materials can be even higher than that 40%.

有些人可能認為，是我身上的工程師推動了效率重要性的敘事。但實際上，是我內心的商人推動了效率故事。讓我解釋一下。根據資料庫 A2MAC1，製造電動車的材料清單或材料成本的近 40% 可歸因於電池組，在 60,000 美元以上的汽車和價格較低的汽車中，幾乎 40% 的電池成本為物料清單的百分比甚至可以高於40%。

And this is why energy efficiency matters so much because the higher the energy efficiency, the smaller the battery needed for a given amount of range. And this is worth repeating. The energy efficiency, the fewer battery cells we need for a given amount of range. And this is an essential factor to lowering cost when it comes to making an EV and a key element in improving gross margins.

這就是為什麼能源效率如此重要，因為能源效率越高，給定的行駛里程所需的電池就越小。這值得重複。能源效率越高，在給定的行駛里程內我們需要的電池就越少。這是降低電動車製造成本的重要因素，也是提高毛利率的關鍵因素。

It also means less battery raw materials, which is better for the environment. And this is critically important. This is truly our life's mission. And we can start having a greater impact through our technology because not all EVs are born equal. And our technology licensing and access business enables our partners to accelerate their EV transition and reduce emissions with the goal of achieving the mission of a cleaner environment.

這也意味著更少的電池原料，對環境更好。這一點至關重要。這確實是我們一生的使命。我們可以開始透過我們的技術產生更大的影響，因為並非所有電動車生來都是一樣的。我們的技術授權和存取業務使我們的合作夥伴能夠加速電動車轉型並減少排放，以實現更清潔環境的使命。

I've said this before, making good EV technology is really hard. In fact, using publicly available ETA data. We estimate that if the closest competitor were to continue at its rate of operational efficiency progress, it would take them many years to match where Lucid's core EV technology is today. By this measure, Lucid is many years ahead of the number two player.

我之前說過，打造優秀的電動車技術確實很難。事實上，使用公開的預計到達時間資料。我們估計，如果最接近的競爭對手繼續保持其營運效率進步的速度，他們將需要很多年才能趕上 Lucid 的核心電動車技術今天的水平。以此衡量，Lucid 領先第二名選手很多年。

And of course, the traditional car brands are even further behind them. And I think you're seeing this play out. Some are recognizing just how hard it is. And I think it's a matter of time before car brands might look to enhance their own know-how with Lucid advanced technology. Because remember product defines brand.

當然，傳統汽車品牌還遠遠落後。我想你已經看到這個結果了。有些人認識到這有多麼困難。我認為汽車品牌希望利用 Lucid 先進技術來增強自己的專業知識只是時間問題。因為記住產品決定品牌。

I believe many of the products in the market are not yet commensurate to the heritage of their brands, and I believe that technology can be a key enabler. Whilst it's difficult to identify the exact timing of when we will reach a tipping point, we have been seeing increased interest in our technology.

我相信市場上的許多產品尚不與其品牌的傳統相稱，我相信科技可以成為關鍵的推動因素。雖然很難確定我們何時達到臨界點的確切時間，但我們已經看到人們對我們的技術越來越感興趣。

Now there's been more questions that relate about or ECU and general architecture. An ECU or I should say electronic control unit is essentially a computer that controls certain specific functions of the car. Now Lucid has been at the forefront of this for quite some time. And I really would like to share my thoughts here because this is an element of our technology licensing and access business.

現在出現了更多與 ECU 和通用架構相關的問題。 ECU或我應該說電子控制單元本質上是一台控制汽車某些特定功能的電腦。現在 Lucid 已經處於這方面的前沿已有相當長一段時間了。我真的很想在這裡分享我的想法，因為這是我們技術許可和訪問業務的一個要素。

We were very early on in bringing Ethernet ring architectures to electric vehicles when we launched the Lucid Air back in 2021. We were also early with Air and Gravity programs incorporating aspects of the zonal electrical architecture. We have 16 in-house ECUs, all of which are over-the-air updatable. And in midsize platform, we'll introduce our next zonal architecture.

當我們在 2021 年推出 Lucid Air 時，我們很早就將乙太網路環架構引入了電動車。我們有 16 個內部 ECU，所有這些都可以無線更新。在中型平台中，我們將介紹下一個區域架構。

We will further reduce the number of ECUs down to single digits. These are only possible when you take a clean sheet approach to vehicle design. It's interesting to note that others are just now getting to this place where we have taken the lead for quite some time.

我們將進一步將ECU的數量減少到個位數。只有當您採用全新的車輛設計方法時，這些才有可能實現。有趣的是，其他人剛剛達到這個水平，而我們已經領先相當長一段時間了。

Now these are important because the architecture plays a role in helping costs and efficiency. But we've go much further than that. We've been able to improve efficiency at a pace that's truly unheard of any industry through innovations in our core powertrain technology. This isn't just hardware, but it's also the software. Indeed, we could not achieve the level of efficiency that we've been able to hit without advanced software developed in-house.

現在這些很重要，因為架構在幫助降低成本和提高效率方面發揮作用。但我們已經走得更遠了。透過核心動力總成技術的創新，我們能夠以任何產業前所未聞的速度提高效率。這不僅是硬體，也是軟體。事實上，如果沒有內部開發的先進軟體，我們就無法達到我們所能達到的效率水準。

So in closing, I'm very encouraged by the momentum that we're seeing in the market. The benefits we're realizing from our cost optimization programs and the excitement has been building into the Lucid Gravity launch. I believe our strategic initiatives and dedicated team position us well for continued growth for momentum and innovation in the coming quarters and years, and we look forward to updating you on our progress in the future.

最後，我對我們在市場上看到的勢頭感到非常鼓舞。我們從成本優化計劃中獲得的好處以及 Lucid Gravity 的發布帶來的興奮感。我相信，我們的策略舉措和敬業的團隊使我們能夠在未來幾季和幾年內持續成長，實現動力和創新，我們期待向您通報我們未來的進展。

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 for their tireless work in achieving very solid results.

謝謝你，彼得，也感謝那些今天抽出時間加入我們的人。在開始我準備好的演講之前，我首先要感謝整個 Lucid 團隊的不懈努力，並且取得了非常紮實的成果。

Turning to our 2024 second quarter financial results. During the second quarter, we produced 2,110 vehicles, and we reaffirm our guidance to produce approximately 9,000 vehicles this year. More importantly, deliveries of 2,394 vehicles were ahead of our expectations in the second quarter, up 70.5% year-over-year and up 21.7% sequentially.

轉向我們 2024 年第二季的財務表現。第二季度，我們生產了 2,110 輛汽車，我們重申今年生產約 9,000 輛汽車的指導方針。更重要的是，第二季交車量為 2,394 輛，超出我們的預期，年增 70.5%，季增 21.7%。

As Peter mentioned, we are pleased with the demand we have been experiencing thus far. Deliveries outpaced production in the quarter, which was according to plan and we worked down inventory to much more manageable levels while still enabling a hub-and-spoke model to facilitate shorter customer delivery times.

正如彼得所提到的，我們對迄今為止所經歷的需求感到滿意。本季度的交付速度超過了生產速度，這是按照計劃進行的，我們將庫存降低到更易於管理的水平，同時仍然啟用中心輻射模型以縮短客戶交付時間。

We reported revenue of approximately $200.6 million in the second quarter, up 32.9% year-over-year and up 16.1% sequentially, driven primarily by higher deliveries. Cost of revenue in the second quarter was approximately $470.4 billion. The LCNRV impairment was approximately $154.2 million. Gross margin was essentially flat from the first quarter, in line with what we guided to on the last earnings call despite the full quarter impact of pricing actions taken in Q1.

我們報告第二季度營收約為 2.006 億美元，年成長 32.9%，環比成長 16.1%，這主要是由於交付量增加所致。第二季的營收成本約為 4,704 億美元。 LCNRV 減損約 1.542 億美元。儘管第一季採取的定價行動對整個季度產生了影響，但毛利率與第一季基本持平，與我們上次財報電話會議的指導一致。

We continued to see improvements in our BOM costs, inbound freight and labor cost per vehicle as part of our cost optimization initiatives, which were offset by a special provision related to warranty campaign. Excluding this campaign, gross margin would have improved 800 basis points sequentially. Although we don't explicitly provide gross margin guidance, let me provide some direction to help with your modeling.

作為成本優化計劃的一部分，我們的 BOM 成本、每輛車的入庫運費和勞動力成本繼續得到改善，但與保固活動相關的特殊條款抵消了這些改善。如果不計入該活動，毛利率將比上季提高 800 個基點。儘管我們沒有明確提供毛利率指導，但讓我提供一些指導來幫助您進行建模。

We expect to build inventory of components for the Lucid Gravity, which will result in an increase in LCNRV of impairments from an accounting standpoint. We also expect to incur incremental depreciation in the back half of the year for Phase two activations in our Arizona factory. We expect this will impact gross margin in Q3. However, we expect to see the meaningful benefits from vertical integration and lowering our bill of materials as we move forward.

我們預計將為 Lucid Gravity 建立組件庫存，從會計角度來看，這將導致 LCNRV 減損增加。我們也預計今年下半年亞利桑那工廠第二階段的啟動將帶來增量折舊。我們預計這將影響第三季的毛利率。然而，隨著我們的前進，我們期望看到垂直整合和降低材料清單帶來的有意義的好處。

Longer term, I would echo Peter's comments that our technology and increased scale will be key enablers of our gross margin. As with ramp volume, you will see improving gross margins with efficiency the key enabler to driving a lower bill of materials.

從長遠來看，我同意彼得的評論，即我們的技術和規模的擴大將是我們毛利率的關鍵推動因素。與斜坡體積一樣，您將看到毛利率的提高和效率的提高，這是降低材料成本的關鍵推動因素。

Now moving to operating expenses. R&D expense in Q2 totaled approximately $257.2 billion, up less than 1% sequentially. We expect R&D to increase in back half of the year, which is typical in the run-up to start of production of new vehicle programs.

現在轉向營運費用。第二季研發費用總計約 2,572 億美元，季增不到 1%。我們預計研發工作將在今年下半年增加，這在新車專案生產前的準備階段很常見。

SG&A expense in Q2 was approximately $210.2 million, down 1.4% from Q1. The sequential decrease was primarily due to lower professional services and other cost optimization initiatives. Although we have identified further cost reduction opportunities to execute this year, we expect SG&A to increase in the second half, primarily due to higher stock-based compensation expenses and continued investments into strategic growth initiatives. We ended the second quarter with 53 studio and service centers, excluding our temporary and satellite service locations, up from 50 in Q1.

第二季的 SG&A 費用約為 2.102 億美元，比第一季下降 1.4%。環比下降主要是由於專業服務和其他成本優化措施的減少。儘管我們已經確定了今年要執行的進一步降低成本的機會，但我們預計下半年的銷售管理費用將增加，這主要是由於股票薪酬費用的增加以及對戰略增長計劃的持續投資。第二季末，我們有 53 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），而第一季有 50 個。

On the service side, we ended Q2 with 64 mobile wins in the fleet and 113 approved body shops worldwide. 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 as well as ensure high customer satisfaction as we continue to grow.

在服務方面，我們在第二季度結束時在車隊中贏得了 64 場移動勝利，並在全球範圍內獲得了 113 家經批准的車身維修店。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，這將具有成本效益地提供更多地點，並在我們不斷發展的過程中確保較高的客戶滿意度。

We recorded restructuring charges of $20.2 million related to the recent reduction in force announcement. Our stock-based compensation expense in the quarter was $58.5 million. We expect this expansion to grow substantially in the second half due to the timing of new grants.

我們記錄了與最近宣布的裁員相關的 2,020 萬美元重組費用。本季我們的股票薪資支出為 5850 萬美元。由於新撥款的時機，我們預計下半年這種擴張將大幅成長。

In Q2, we recorded a gain of $103 million in other income from a change in fair value of derivative liability and a corresponding total accretion of $146.9 million associated with our redeemable convertible preferred stock under a line item below net loss. The adjusted EBITDA loss was $647.6 million. GAAP net loss per share in Q2 was $0.34, and non-GAAP net loss per share was $0.29.

第二季度，我們從衍生負債公允價值變動中獲得了 1.03 億美元的其他收入收益，以及與淨虧損以下的可贖回可轉換優先股相關的相應總增值 1.469 億美元。調整後的 EBITDA 虧損為 6.476 億美元。第二季 GAAP 每股淨虧損為 0.34 美元，非 GAAP 每股淨虧損為 0.29 美元。

Moving to the balance sheet. We ended the quarter with approximately $3.9 billion in cash, cash equivalents and investments and total liquidity of approximately $4.28 billion. We remain committed to maintaining a healthy balance sheet to execute on our strategic vision and will continue to be opportunistic in exploring financing.

轉向資產負債表。本季結束時，我們的現金、現金等價物和投資約為 39 億美元，流動性總額約為 42.8 億美元。我們仍然致力於維持健康的資產負債表，以執行我們的策略願景，並將繼續抓住機會探索融資。

We also announced after market close today that Lucid executed financing agreements with an affiliate of the public investment fund for an additional capital commitment of $1.5 billion. This is made up of $750 million of convertible preferred stock, where a private placement and a $750 million unsecured delayed drought term loan facility.

今天收盤後，我們也宣布 Lucid 與公共投資基金的一家附屬公司簽署了融資協議，承諾追加 15 億美元的資本。其中包括 7.5 億美元的可轉換優先股、私募和 7.5 億美元的無擔保延遲乾旱定期貸款融資。

Turning to inventory. Total inventory decreased 9.9% sequentially, consistent with the decrease over the last few quarters and driven primarily by higher vehicle deliveries. CapEx in Q2 was $234.3 million, up from $198.2 billion in Q1.

轉向庫存。總庫存較上季下降 9.9%，與過去幾季的下降情況一致，主要是由於車輛交付量增加。第二季的資本支出為 2.343 億美元，高於第一季的 1,982 億美元。

Moving to outlook for 2024. We reiterate our 2024 production guidance of approximately 9,000 vehicles and we will continue to prudently manage and adjust our production to meet our sales and delivery needs. As Peter mentioned, I would also remind you that Q3 is typically a seasonally down quarter for the industry given summer holidays and then ramps up in Q4. So something to consider in your modeling.

展望 2024 年。正如彼得所提到的，我還想提醒您，由於暑假，第三季度通常是該行業的季節性下降季度，然後在第四季度上升。所以在你的建模中需要考慮一些事情。

Turning to our liquidity outlook, we expect total liquidity inclusive of the $1.5 billion commitment from an affiliate of the PIF to give us sufficient runway at least into the fourth quarter of 2025.

談到我們的流動性前景，我們預計總流動性（包括 PIF 附屬機構承諾的 15 億美元）至少能夠在 2025 年第四季為我們提供足夠的支援。

Moving to CapEx, we are updating our 2024 CapEx guidance to approximately $1.3 billion from our prior guidance of $1.5 billion. This reflects a meaningful reduction as a part of our cost optimization efforts as well as certain [deffers] in our capital outlay into 2025.

至於資本支出，我們將 2024 年資本支出指引從先前 15 億美元的指引值更新為約 13 億美元。這反映了我們成本優化工作的顯著減少以及我們到 2025 年的資本支出的某些[延遲]。

From a product perspective, the Lucid Gravity start of production is scheduled for late 2024 and start up production of our high volume midsize platform is scheduled for late 2026.

從產品角度來看，Lucid Gravity 計劃於 2024 年底開始生產，我們的大批量中型平台計劃於 2026 年底開始生產。

I want to close by sharing my experience with Lucid Gravity and why I'm very excited about the future. I've recently had the opportunity to get on the road in elusive gravity beta better vehicle, and I have to tell you the right was turning the way the car handle the performance, I don't think there's any other electric SUV like this in the market today. With new products on the horizon, the strong financial commitment by the PIF and progress on cost optimization, I feel we are well positioned for the future.

最後，我想分享我使用 Lucid Gravity 的經驗以及為什麼我對未來感到非常興奮。我最近有機會駕駛難以捉摸的重力測試版更好的車輛上路，我必須告訴你，正確的是汽車處理性能的方式，我不認為有任何其他電動SUV像這樣今天的市場。隨著新產品的面世、PIF 的堅定財務承諾以及成本優化方面的進展，我認為我們已經為未來做好了準備。

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. Will now start the Q&A portion of the call. (Operator instructions)

謝謝，加根。現在將開始通話的問答部分。 （操作員說明）

Our first question comes from Paul C. Can you provide more information on what you're doing to cut costs? For example, Rivian recently announced a 35% reduction in costs and expect to have positive gross margin in Q4. Can you share your path to positive margins?

我們的第一個問題來自 Paul C。例如，Rivian 最近宣布成本削減 35%，並預計第四季毛利率為正。能分享一下實現正利潤的途徑嗎？

Yes. I mean, this is an absolute key activity and Gagan and his team are absolutely focused on this. We do tremendous amount across the entire company, looking at cost cutting as well as efficiencies, direct vehicle costs, supplier partnership, manufacturing efficiencies, quality assurance, logistics, transportation, inventory management, development strategies, we're looking at go to market models.

是的。我的意思是，這絕對是一項關鍵活動，加根和他的團隊絕對專注於此。我們在整個公司範圍內做了大量工作，著眼於削減成本和效率、直接車輛成本、供應商合作夥伴關係、製造效率、品質保證、物流、運輸、庫存管理、開發策略，我們正在考慮進入市場模式。

We're looking at internal policies, professional services and CapEx. I can't think of any more. I mean, it's really across the board. And we're also, of course, focused on using our technology to reduce costs and efficiency. This is a huge enabler. For example, we're testing service machinery that I think can not only save us millions across our service centers, but it could also reduce our real estate footprint.

我們正在研究內部政策、專業服務和資本支出。我想不出更多了。我的意思是，這確實是全面的。當然，我們也專注於利用我們的技術來降低成本和效率。這是一個巨大的推動因素。例如，我們正在測試服務機械，我認為這不僅可以為我們的服務中心節省數百萬美元，而且還可以減少我們的房地產足跡。

It could increase employee efficiencies, reduce repair times and it could improve customer satisfaction. I think we made great progress, but we're really working, it's work in progress. And addition, we take a lot of the learnings from Air and, of course, incorporated them into the Lucid Gravity early on. And I think we'll see significant benefits from that learning transition from one product to the other.

它可以提高員工效率、減少維修時間並提高客戶滿意度。我認為我們取得了很大的進步，但我們確實在努力，工作正在進行中。此外，我們從 Air 中學到了很多東西，當然，我們很早就將它們融入了 Lucid Gravity 中。我認為我們會看到從一種產品到另一種產品的學習過渡帶來的巨大好處。

But Gagan, you're right at the heart of this, could you answer this, please?

但加根，你正是這件事的核心，你能回答這個問題嗎？

Yes. Thanks, Peter. Cost optimization has become an essential part of our life at Lucid. First, let me start with company-wide initiatives of cutting costs and part to improving margins, and then I will cover similar focus around OpEx and CapEx.

是的。謝謝，彼得。成本優化已成為 Lucid 生活的重要組成部分。首先，讓我從全公司範圍內削減成本和提高利潤的舉措開始，然後我將討論圍繞營運支出和資本支出的類似重點。

On cost of revenue, starting with bill of materials, we are able to bring the cost down by double digit percentage since we launched Air and we have identified more cost action that we plan to implement in the second half of this year.

在收入成本方面，從物料清單開始，自從我們推出 Air 以來，我們能夠將成本降低兩位數百分比，並且我們已經確定了計劃在今年下半年實施的更多成本行動。

On logistics, the cost has reduced by more than double-digit percentage year-over-year. On transportation, we have made meaningful improvements in reducing the cost since the beginning of this year. Further, we also reduced labor cost per vehicle this year through efficiency improvements. Looking at our journey over the last few quarters, our gross margin improved from negative 240% to negative 134%.

在物流方面，成本年減了兩位數以上。在交通方面，今年以來，我們在降低成本方面做出了有意義的改進。此外，今年我們也透過提高效率降低了每輛車的勞動成本。回顧過去幾季的歷程，我們的毛利率從負 240% 提高到負 134%。

We are also looking into the longer term, although we believe the best way to reduce battery costs is to reduce the number of batteries by increasing efficiency. We are also evaluating every opportunity to drive down cell cost. For example, we recently signed a supply agreement with Graphite One. In addition to BOM and logistics cost, I want to remind that a meaningful portion of our cost of goods sold is related to the depreciation of our factories and equipment.

我們也在考慮更長期的問題，儘管我們認為降低電池成本的最佳方法是透過提高效率來減少電池數量。我們也正在評估每一個降低電池成本的機會。例如，我們最近與 Graphite One 簽署了一份供應協議。除了物料清單和物流成本之外，我想提醒的是，我們的銷售成本中很大一部分與我們的工廠和設備的折舊有關。

We've made a very deliberate choice of making our long-term investments, including a leading in-house powertrain and battery technology, software and state of art manufacturing facilities. So as we start to ramp volumes, you'll not only see improvement in gross margins, but will also have a significant cost advantage to our competition, which we are very proud of.

我們非常謹慎地選擇了長期投資，包括領先的內部動力系統和電池技術、軟體和最先進的製造設施。因此，當我們開始增加產量時，您不僅會看到毛利率的提高，而且還會在我們的競爭對手中獲得顯著的成本優勢，對此我們感到非常自豪。

On other areas on OpEx, we are looking each and every corner, whether it is headcount optimization, professional services or overhead. Each expense is monitored and challenged, which is evident from our results that the SG&A expense went down in the current quarter despite our increased footprint and higher number of deliveries.

在營運支出的其他領域，我們正在關注每個角落，無論是人員優化、專業服務或管理費用。每項費用都受到監控和質疑，從我們的結果可以明顯看出，儘管我們的足跡有所增加，交付數量有所增加，但本季的銷售、管理和行政費用卻有所下降。

On CapEx, we updated our guidance today to reduce the annual spend by $200 million and a significant portion is related to savings and cost reduction.

在資本支出方面，我們今天更新了指導意見，將年度支出減少了 2 億美元，其中很大一部分與節省和降低成本有關。

Thanks, Gagan. Thanks, Peter. Question two is also from Paul C. There are companies working on axial radial flux motors and claiming highest torque and power density while using less materials, some claim to be production ready within one to two years. How does this compare to Lucid Motors and how are you staying ahead of the upcoming tech?

謝謝，加根。謝謝，彼得。問題二也來自 Paul C。這與 Lucid Motors 相比如何？

Maynard, I will get me started here. So there's two sort of categories of permanent magnet motors. There is the axial flux motor, which is larger diameter and its shortest market pancake shape. And then Lucid Motors are radio flux. They're more like a drum shape. And it's quite fascinating.

梅納德，我就從這裡開始吧。因此，永磁馬達有兩類。軸向磁通馬達具有較大的直徑和最短的市場煎餅形狀。 Lucid Motors 是無線電通量。它們更像是鼓的形狀。這非常令人著迷。

I mean, really, I think there's a fundamental lack of understanding just how technically advanced Lucid's radial flux motors are. The axial flux motor stack up reasonably well against other people's radial flux. But compared with what the level of technology that we got at Lucid for a battery EV and axial modes of a flux motor really sucks.

我的意思是，實際上，我認為人們對 Lucid 徑向磁通馬達的技術先進程度缺乏了解。軸向磁通馬達與其他人的徑向磁通相比相當好。但與我們在 Lucid 獲得的電池電動車和磁通馬達軸向模式的技術水平相比，確實很糟糕。

Now because they are large diameter, relatively low revs, and quite flat. They've got a great application in a gasoline hybrid, and you see these in super sports cars. And they're great for that because they rev about 8,000 RPM like a fast, internal combustion engine. But really, the problem they've got is there a very high thrust pauses, and they effectively because they're large diameter, they can't spin very fast.

現在因為它們直徑大、轉速相對較低且非常平坦。它們在汽油混合動力汽車中得到了很好的應用，您可以在超級跑車中看到它們。它們非常適合這一點，因為它們的轉速約為 8,000 RPM，就像快速的內燃機一樣。但實際上，他們遇到的問題是存在非常高的推力停頓，而且由於直徑很大，它們實際上無法旋轉得很快。

And if you want to get the speed up to maybe 10,000 RPM, you really need to resort to carbon wrapping. And believe me, anyone who has to resort to carbon ramping doesn't really know what they're doing with electric motors because it's super high cost. It's super difficult to manufacture. You do not want to do carbon wrapping.

如果您想讓速度達到 10,000 RPM，您確實需要採用碳包裹。相信我，任何不得不訴諸碳排放的人並不真正知道他們在用電動馬達做什麼，因為它的成本極高。製造起來超級困難。您不想進行碳包裝。

It is a last resort. And also actual flex motors are super difficult to manufacture. They have got the segmented laminations and they are radial laid so each laminations are different sizes. They are nightmare to put together. And so here's the thing that you plan for similar per to weight ratio get more torque out of an axial flux.

這是最後的手段。而且實際的柔性馬達非常難以製造。他們有分段的疊片，並且它們是徑向鋪設的，因此每個疊片的尺寸都不同。它們放在一起簡直是惡夢。因此，您計劃採用類似的重量比，從軸向磁通中獲得更多扭矩。

But it's about 23% more something like that are really good example compared with where Lucid radial flux is. But the Lucid radial flex will spin about 20,000 RPM compared with the axial flux of 8,000 RPM. And what I said in one of my tech talks and motors is what really matters is not just not even grabbing power density. It's this bandwidth between maximum spin speeds and bottom end torque.

但與 Lucid 徑向通量相比，這樣的情況確實多了 23%，這確實是一個很好的例子。但 Lucid 徑向 Flex 的旋轉速度約為 20,000 RPM，而軸向通量為 8,000 RPM。我在一次關於馬達的技術演講中說過，真正重要的不僅僅是不抓住功率密度。這是最大旋轉速度和底端扭矩之間的頻寬。

And we are just so far ahead of an axial flux motor. And as I say, I think there's a fundamental lack of understanding just how far advance we are. We're not going to get to 5 miles per kilowatt hour anywhere close if we went axial flux, I'm sorry.

我們遠遠領先軸向磁通馬達。正如我所說，我認為人們對我們的進步程度缺乏根本性的了解。如果我們採用軸向磁通，我們就不可能達到每千瓦時 5 英里，抱歉。

Thanks, Peter. And we'll take our last say question. Can you give an update on the progress for retail ESS product? Are you still running prototypes? And can you provide information on their performance?

謝謝，彼得。我們將回答最後一個問題。能否介紹一下零售 ESS 產品的最新進展？您還在運行原型嗎？您能否提供有關他們表現的資訊？

Okay. Well, yes, we are. I mean, first of all, I'd like to say we're closely engaged in this energy sector. The end of last year, we launched our range exchange feature, and it's got innovative feature. It gives enabled by the Lucid's bidirectional Wunderbox and the software enables Lucid Air to directly charge other electric vehicles. But that's beside the point in many ways, specifically related to energy storage.

好的。嗯，是的，我們是。我的意思是，首先，我想說我們正在密切參與這個能源領域。去年年底，我們推出了範圍交換功能，它具有創新性的功能。它由 Lucid 的雙向 Wunderbox 啟用，該軟體使 Lucid Air 能夠直接為其他電動車充電。但這在很多方面都不是重點，特別是與能源儲存相關的方面。

I've got all my engineering teams, absolutely laser focused on three things. We're further enhancing Lucid Air. We're looking for further advancements. We've got the launch of Lucid Gravity coming imminently and as a whole advanced team working on the development of our midsize vehicle, which path to have that laser focus on our products have that take priority.

我的所有工程團隊都完全專注於三件事。我們正在進一步增強 Lucid Air。我們正在尋求進一步的進步。我們即將推出 Lucid Gravity，作為一個整體先進團隊致力於中型車輛的開發，優先關注我們產品的雷射聚焦路徑。

Now that said, technology leadership is core to our business and it's the biggest strength. And I believe our core competency in the future in battery tech will allow us to develop engineer and engineer in energy storage solutions. But right now, our main focus is the vehicles, not ESS.

話雖如此，技術領先是我們業務的核心，也是最大的優勢。我相信我們未來在電池技術方面的核心能力將使我們能夠培養能源儲存解決方案的工程師和工程師。但現在，我們的主要關注點是車輛，而不是 ESS。

Great. Thanks, Peter. Now we'd like to take some questions from the phone lines. Wanda, can we move to the instructions and first question?

偉大的。謝謝，彼得。現在我們想透過電話回答一些問題。萬達，我們可以轉到說明和第一個問題嗎？

(Operator instructions) John Murphy, Bank of America.

（操作員說明）John Murphy，美國銀行。

This is actually John Babcock on for John Murphy. Just quickly for the first question. I did want to ask, I mean, are you going to be able to reach free cash flow positive with the small-ish mid CV. Ultimately, we've been calling it the space, but I'm not sure if it's going to come out with a different product name or that? And, or should we expect that you might get to free cash flow positive before that?

這其實是約翰·巴布科克（John Babcock）為約翰·墨菲（John Murphy）代言。很快回答第一個問題。我確實想問，我的意思是，你是否能夠透過中小型履歷實現正自由現金流。最終，我們一直將其稱為空間，但我不確定它是否會以不同的產品名稱出現？或者我們是否應該期望在此之前您可能會獲得正的自由現金流？

Well, I certainly plan to, I mean, that is the vision. Our whole business model is a long-term model of a successive growth through successive periods and the phasing of product. We move now with Lucid Air off the back of two record quarters for deliveries, just 6 times the TAM with a Lucid Gravity to potentially 30 times the TAM with our midsize platform. And it's that scale that's going to lead us to cash flow positive.

嗯，我當然計劃，我的意思是，這就是願景。我們的整個商業模式是一個透過連續時期和產品階段性持續成長的長期模式。在創下兩個季度交付量紀錄後，我們現在與 Lucid Air 合作，交付量僅為 Lucid Gravity 的 TAM 的 6 倍，而使用中型平台的 TAM 可能是 TAM 的 30 倍。正是這種規模將使我們實現正現金流。

Gagan, would you like to --

加根，你願意——

Yes, I think Peter welfare. We are a high-growth technology company, and we are operating in a capital intensive space. And at the same time, we have in house the way we made our investments, we are like leading in house powertrain and battery technologies. So that will give us a competitive advantage when our volume increases and we are very proud of that one.

是的，我認為彼得福利。我們是一家高成長的科技公司，並且在資本密集型領域運作。同時，我們的投資方式是內部的，我們在內部動力系統和電池技術方面處於領先地位。因此，當我們的銷售量增加時，這將為我們帶來競爭優勢，我們對此感到非常自豪。

And I'd really want to add something here, John, as well. I think the key USP of us as a company, when we get to scale, is this efficiency story because we will not rest. We're advancing the technology. We're significantly ahead of the competition, all competition. We have leadership with from 5 miles per kilowatt hour. And this is going to play. That means we can make a car of a given range with a smaller battery pack than other people.

約翰，我真的想在這裡添加一些內容。我認為，當我們擴大規模時，我們作為一家公司的關鍵 USP 就是效率故事，因為我們不會休息。我們正在推進技術。我們在所有競爭中都明顯領先。我們擁有每千瓦時 5 英里的領先優勢。這就要開始了。這意味著我們可以用比其他人更小的電池組來製造給定範圍的汽車。

And that is really going to play to our midsize. We'll be able to make it more cost effectively. And that will lead directly to help us to become free cash flow positive.

這確實適合我們的中型企業。我們將能夠使其更具成本效益。這將直接幫助我們實現正自由現金流。

Okay. That's helpful. And then next question. I was wondering if you might be able to talk about price elasticity of demand for the year. And also does it, whether it makes any sense to reduce prices or go down on trend to drive volume? Or if ultimately, the goal would be to protect the brand for future vehicles?

好的。這很有幫助。然後下一個問題。我想知道您是否可以談談今年需求的價格彈性。降低價格或順應趨勢來推動成交量是否有意義？或者，如果最終目標是保護未來汽車的品牌？

What we've done is we've introduced Lucid Air Pure, which is a real drive car at just $69,900. A lot of people think of Lucid is much more expensive than that. But we did actually promise that back in 2020, when we launched the product in our 2020 residual that we would hit $69,900.

我們所做的是推出 Lucid Air Pure，這是一款真正的駕駛汽車，售價僅為 69,900 美元。很多人認為 Lucid 的價格比這貴很多。但我們確實在 2020 年承諾，當我們在 2020 年殘差中推出該產品時，我們的售價將達到 69,900 美元。

So think of this really as us introducing successively more accessible versions of the car rather than price cuts. But clearly there is a degree of price sensitive in the marketplace.

因此，請將此視為我們不斷推出更易於使用的汽車版本，而不是降價。但顯然市場上存在一定程度的價格敏感度。

Thanks, John. Let's go to the next--

謝謝，約翰。讓我們進入下一個——

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

Thanks. Good afternoon, everybody. Just two questions from me. First, just quickly, when do you think you'll start opening reservations for the gravity?

謝謝。大家下午好。我只想問兩個問題。首先，請快速回答一下，您認為什麼時候會開始對重力進行預訂？

Okay. Well, we haven't disclosed that yet. I would say that, we will do so at an appropriate time. What we feel is that some companies have really done their customer base of this service by prematurely opening a reservation list, it becomes very speculative and almost meaningless to a certain degree.

好的。嗯，我們還沒透露這一點。我想說的是，我們會在適當的時候這樣做。我們的感覺是，一些公司透過過早開放預訂清單來真正完成了這項服務的客戶群，這在某種程度上變得非常投機，幾乎毫無意義。

What we are thinking of is being a pre order list and we'll let you know as soon as we're in a position to do so.

我們正在考慮制定預購清單，一旦我們能夠這樣做，我們就會立即通知您。

Thank you. And the other picture, the other question from a bigger picture perspective is as we think about the mid price vehicle and I think you said by the end of 2026. How do you, I'm not sure exactly how to ask this, but how do you calibrate or reconfigure the engines based on your phenomenal technology at a lower price point to sort of (multiple speakers) help bring the cost of materials down on that vehicle along with the battery?

謝謝。另一張圖片，從更大的角度來看的另一個問題是，我們考慮中價車輛，我想你說過到 2026 年底。根據您的非凡技術以較低的價格校準或重新配置發動機，以幫助降低車輛和電池的材料成本（多個揚聲器）？

Yes. So we're using all our considerable experience now. We are creating the most advanced systems in the world to create a much more cost effective variance for our midsize. And that work is well underway already. I think what we've done is achieve remarkable efficiency. I think we've achieved remarkable compactness.

是的。所以我們現在正在利用我們所有豐富的經驗。我們正在創建世界上最先進的系統，為我們的中型企業創造更具成本效益的差異。這項工作已經在順利進行中。我認為我們所做的就是取得了顯著的效率。我認為我們已經實現了顯著的緊湊性。

I don't think going further compact is the way we can use our expertise to reduce the cost, the cost of the bearings, the cost of the amount of copper that we're using, the cost of the materials, the heat treatment in the gears. And this is a laser focus for us now. But I want to be clear there is this miss understanding that our current technology is so esoteric, so expensive that's driving our losses.

我不認為進一步緊湊化是我們可以利用我們的專業知識來降低成本、軸承成本、我們使用的銅量成本、材料成本、熱處理成本的方式。這是我們現在關注的焦點。但我想澄清的是，我們目前的技術是如此深奧、如此昂貴，這導致了我們的損失。

And the truth is so far from this, our current technology is eminently manufacturable and cost-effective for its level of performance. What I'm trying to do now is take all that knowledge and go for even more cost effectiveness for a lower performance unit, which imminently suits our midsize and would suit licensing for a family come from a traditional OE as well.

事實遠非如此，我們目前的技術在性能水平方面具有出色的可製造性和成本效益。我現在要做的就是利用所有這些知識，為較低性能的設備尋求更高的成本效益，這非常適合我們的中型企業，也適合來自傳統原始設備製造商的系列的許可。

Itay Michaeli, Citi.

伊泰‧米凱利，花旗銀行。

Great, thanks. Hi, everyone. Just two financial questions for me. First on the capital raise announced today. Can you just talk about your intentions to actually draw down on the delayed term loan? Should we expect that to happen this year or just given your cash position should that be maybe more of a next year expectation?

萬分感謝。大家好。對我來說只有兩個財務問題。首先是今天宣布的融資。您能談談您實際提取延遲定期貸款的意圖嗎？我們是否應該預期這種情況會在今年發生，或者僅僅考慮到您的現金狀況，這是否應該更多是明年的預期？

And then secondly, hope you could talk a little bit more about the drivers of the CapEx outlook reduction for this year? Thank you.

其次，希望您能多談談今年資本支出前景下調的驅動因素嗎？謝謝。

Yes, sure. Thank you. So we ended the quarter with $4.28 billion of liquidity. And yes, we announced $1.5 billion today. Coming to specifically when we take out the money from the facility. So we have enough liquidity today. And also with $750 million convertible, this adds to our liquidity as well. So at this stage, we don't have intention to withdraw $750 million from term loan in the near future. We'll in the due course of time.

是的，當然。謝謝。因此，本季末我們的流動資金為 42.8 億美元。是的，我們今天宣布了 15 億美元的投資。特別是當我們從設施中取出錢時。所以我們今天有足夠的流動性。此外，7.5 億美元的可轉換資金也增加了我們的流動性。因此，現階段，我們不打算在不久的將來從定期貸款中提取 7.5 億美元。我們會在適當的時候。

Yes, I think there was a misunderstanding, Itay, that I've seen it out there that we had $1.28 billion cash. But of course, we should be looking at the $4.28 liquidity because, of course, we're investing prudently some of that. And remember that we're investing heavily in a few areas we're looking, we're currently building out. We just put the full steelwork up in our new factory in Saudi Arabia.

是的，我認為這是一個誤解，Itay，我看到我們有 12.8 億美元現金。但當然，我們應該關注 4.28 美元的流動性，因為當然，我們正在謹慎地投資其中的一部分。請記住，我們正在對我們正在尋找、目前正在建立的一些領域進行大量投資。我們剛剛在沙烏地阿拉伯的新工廠安裝了完整的鋼結構。

Just got the pictures in this morning. And so we're putting a significant chunk of money into that. Then we're completing as major investment in an additional 3 million square feet, close to 3 million in our factory in Arizona, bringing stamping in-house, bringing our logistics center in-house under the same roof to reduce OpEx and bringing our state-of-the-art powertrain plant actually under that same roof and expanding its capability massively.

今天早上剛收到照片。因此，我們投入了大量資金。然後，我們將完成對額外300 萬平方英尺（接近300 萬平方英尺）的重大投資，在我們位於亞利桑那州的工廠中進行內部沖壓，將我們的物流中心置於同一屋簷下，以減少運營支出，並將我們的州最先進的動力總成工廠實際上位於同一屋簷下，並大規模擴展其能力。

So there's a huge chunk of investment there. Then we've got the gravity or the tooling and R&D costs, the launch costs for Gravity. And on top of that, we're building out ourselves and service network internationally. And look, we've got to think this is a long-term play. This is where the money is going in these crucial investments for the long term.

所以那裡有大量的投資。然後我們就有了重力或工具和研發成本，以及重力的發射成本。最重要的是，我們正在國際上建立自己的服務網絡。看，我們必須認為這是一個長期的遊戲。這就是這些關鍵長期投資的資金流向。

In regard to your second question on the CapEx, this $200 million revising the guidance, a significant amount of that is based on the cost reduction efforts, which basically looking at challenging each and every item, the negotiation, how we want to build our, the factory, how we want to procure our machinery and equipment, the number of units, a very thorough process looking each dollar carefully and we are able to bring down our CapEx cost, yes, as part of revising guidance. There is also some CapEx deferral, but savings and reductions have played a bigger part. (multiple speakers)

關於你關於資本支出的第二個問題，這 2 億美元的指導修改，其中很大一部分是基於降低成本的努力，基本上是著眼於挑戰每一個項目、談判、我們想要如何建立我們的、工廠，我們希望如何購買我們的機械和設備，單位數量，仔細檢查每一美元的非常徹底的流程，我們能夠降低我們的資本支出成本，是的，作為修訂指導的一部分。還有一些資本支出延期，但節省和減少發揮了更大的作用。 （多個發言者）

Thank you, Gagan.

謝謝你，加甘。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

Hi, good afternoon. I had two questions. First of all, when I'm looking at chart 7, it looks like you're back on your efficiency improvement curve with the latest model year. Can you just talk about, say, over next two to three years of improvements? How should we think of the mix between coming from software versus electrical versus battery, et cetera? And then I had a follow-up.

嗨，下午好。我有兩個問題。首先，當我查看圖表 7 時，您似乎又回到了最新車型年份的效率改進曲線。您能否談談未來兩到三年的改進？我們應該如何考慮軟體、電力、電池等之間的混合？然後我進行了跟進。

Actually that's right, Steven. It's a fusion software and hardware. I mean, we recently announced the most efficient car in production ever with 5 miles per kilowatt hour and 146 [MPGE.] And I think it's just to be good in context because the new way of assessing the cars by the ETA here in the USA become more stringent.

事實上，史蒂文，這是對的。它是軟體和硬體的融合。我的意思是，我們最近宣布了有史以來最高效的汽車生產，每千瓦時可行駛5 英里，每千瓦時146 [MPGE]。方法變得更加嚴格。

And you see actually some, we saw some today quite a close competitor actually recording worse numbers because it's like having to face a more stringent test. So I think that's absolutely key. But this is a technology race. It's yet to play out. And I recently was delighted to commission what we call internally Project Chwech, which is the Welsh word for six as we move towards the aspirational 6 miles per kilowatt hour.

你實際上看到了一些，我們今天看到一些相當接近的競爭對手實際上記錄了更糟糕的數字，因為這就像必須面對更嚴格的測試。所以我認為這絕對是關鍵。但這是一場技術競賽。還沒上演。最近，我很高興委託我們內部所謂的“Chwech 項目”，這是威爾士語中“六”的意思，因為我們正朝著每千瓦時 6 英里的目標邁進。

So Project Chwech is officially go here. and you heard it first. And you might have to look that up in the dictionary, but it's an aspirational how much better than 5.0. can we go? And I've got a brilliant team of scientists and research engineers on that.

所以 Chwech 計畫就正式開始了。你是第一個聽到的。你可能需要查一下字典，但它比 5.0 好多少真是令人嚮往。我們可以走了嗎？我在這方面擁有一支由科學家和研究工程師組成的出色團隊。

That's helpful. And I just learned some Welsh for the first time in a while. And then just as a follow-up, can you just talk about the importance to your funding initially with customers in terms of your ADAS features that you have in place and are rolling out? (multiple speakers)

這很有幫助。我有一段時間第一次學了一些威爾斯語。作為後續行動，您能否先與客戶討論您已經部署並正在推出的 ADAS 功能對您最初融資的重要性？ （多個發言者）

We're having a big, big push on software. I personally taken a leading role in driving software. I was reviewing ADAS this morning with the team. There is a new vigor in the company. And we're going to introduce hands free lane assist before the year is out. We've got a whole range of improvements that I am personally driving and that isn't just ADAS, that's the whole infotainment stack in the car.

我們正在大力推動軟體發展。我個人在驅動軟體方面發揮了主導作用。今天早上我正在與團隊一起審查 ADAS。公司煥發出新的活力。我們將在今年底前推出免持車道輔助系統。我親自推動了一系列改進，這不僅僅是 ADAS，還包括汽車中的整個資訊娛樂堆疊。

And I want to roll a lot of that out this year on Air in the run-up to Gravity. So people will see [was June] Gravity how awesome it's going to be, and there will be incremental evidence of improvement on as we roll towards Gravity.

我想在今年《地心引力》的籌備階段在 Air 上推出很多這樣的內容。所以人們會看到[六月]《萬有引力》將是多麼的棒，並且隨著我們向《萬有引力》邁進，將會有越來越多的改進證據。

Andrew Shepard, Cantor Fitzgerald.

安德魯·謝潑德，康托·菲茨杰拉德。

Hey, good afternoon, everyone. Thanks for taking my questions and congratulations on the quarter. A lot of my questions have been asked, but maybe to touch on the capital raise again. Peter, what is the best way we should be viewing this announcement. Obviously, in the near term, it extends the cash runway into Q4 of '25, which helps to address any near term liquidity issues.

嘿，大家下午好。感謝您回答我的問題並對本季表示祝賀。有人問了我很多問題，但也許又涉及融資問題。彼得，我們查看此公告的最佳方式是什麼？顯然，在短期內，它將現金跑道延伸至 25 年第四季度，這有助於解決任何短期流動性問題。

But should we see this as a final straw from the PIF or is this, is it more accurate to view it as kind of restrengthening that relationship and then being more focus on the medium to long term as well. Thank you.

但我們是否應該將其視為 PIF 的最後一根稻草，或者將其視為重新加強這種關係，然後更加關注中長期，是否更準確？謝謝。

Thank you, Andrew. I'll describe it as a resounding further inducement of their long-term commitment of a long-term relationship, and they are the perfect partners. I couldn't ask for any more and we are so aligned, this transcends a mere financial arrangement. We are a cornerstone of the Saudi Arabia's ambitious Vision 2030 to transition their company to a sustainable economy.

謝謝你，安德魯。我將其描述為對他們對長期關係的長期承諾的進一步激勵，他們是完美的合作夥伴。我不能要求更多，我們是如此一致，這超越了單純的財務安排。我們是沙烏地阿拉伯雄心勃勃的 2030 年願景的基石，旨在將其公司轉型為永續經濟。

And we are proud to participate in this. And that's why we're currently putting up still work in our factory in Saudi Arabia. This isn't the case. It's often portrayed. How long is it before Saudi is going to get fed up with Peter playing with it because it's not that. We have regular dialogues. I have with my Chairman, and we are absolutely both committed the dialogue is much more of a Peter, keep things on track.

我們很自豪能夠參與其中。這就是為什麼我們目前在沙烏地阿拉伯的工廠仍在繼續工作。事實並非如此。它經常被描繪。沙烏地阿拉伯要多久才會厭倦彼得玩弄它，因為事實並非如此。我們定期進行對話。我和我的主席，我們都絕對致力於對話更多的是彼得，讓事情走上正軌。

We want these midsize, we want these products, is Gravity on track? This is the commitment that we have together. This is the sense of enduring partnership that Lucid has with the PIM. And also it's non dilutionary. So I think this is an ideal manner of raising capital. And on the significance service, to take us through into well into Q4 next year.

我們想要這些中型產品，我們想要這些產品，重力是否步上正軌？這是我們共同的承諾。這就是 Lucid 與 PIM 之間持久的合作關係。而且它是非稀釋性的。所以我認為這是一種理想的籌資方式。在重要服務方面，我們將進入明年第四季。

This means that we go through the critical launch period of Gravity through a launch part of its production ramp up. And remember, Gravity is just the product that everybody wants. And remember what Gagan has said over and over, our economics are driven by scale. And gravity is going to be scale. There's going to be four steps to scale sell more Airs, and that's about brand awareness.

這意味著我們透過其產量提升的發射部分經歷了《重力》的關鍵發射期。請記住，Gravity 正是每個人都想要的產品。請記住加根一遍又一遍說過的話，我們的經濟是由規模驅動的。重力將具有規模。需要透過四個步驟來擴大銷售更多 Air 的規模，這就是品牌知名度。

Get gravity ramped up, get the midsize running and see if we can get technical partnerships with other OEs. Those are the four steps and efficiency is going to play absolutely into all of those right now with Pure, getting the 5 miles per kilowatt hour. We are 420 miles. We are just 84 kilowatt hours of energy.

加大力度，讓中型設備運作起來，看看我們是否可以與其他原始設備製造商建立技術合作關係。這就是四個步驟，現在 Pure 的效率將在所有這些步驟中發揮作用，每千瓦時可行駛 5 英里。我們距離 420 英里。我們的能源只有84千瓦時。

Nobody's even close. That's why we can make it at $69,000. So that's why it makes sense at $69,900 and it's going to make even more sense we're going to have a Gravity with the sort of range with half the battery size of some other players out there.

沒有人能接近。這就是為什麼我們可以做到 69,000 美元。因此，這就是為什麼它的售價為 69,900 美元是有意義的，而且更有意義的是，我們將擁有一款續航里程只有其他播放器一半的電池尺寸的 Gravity。

They are just half the battery size. No one else is even close and it really is going to come this whole chess game is going to play out, we get to mid size we'll be able to have a competitive range with a relatively tiny battery pack and much less cost than anyone else.

它們的尺寸只有電池的一半。沒有其他人能接近，整個國際象棋遊戲真的會結束，我們達到中等尺寸，我們將能夠以相對較小的電池組和比任何人都低得多的成本擁有具有競爭力的範圍別的。

Got it. Thanks, Peter. That's super helpful. I appreciate all that color. (multiple speakers)

知道了。謝謝，彼得。這非常有幫助。我很欣賞所有這些顏色。 （多個發言者）

Maybe just one last quick question. Wanted to touch on something we haven't maybe spoken about in a couple of quarters. But just on the licensing agreement with Aspen Marin, I'm curious if you could maybe expand on how that relationship is going, and particularly when and how that might that you expect that to ramp up in terms of kind of revenue?

也許只是最後一個快速問題。想談談我們可能在幾個季度內沒有談論過的事情。但就與阿斯彭馬林的授權協議而言，我很好奇您是否可以詳細說明這種關係的進展情況，特別是您期望這種關係何時以及如何在收入方面增加？

There was an announcement. There is a little delayed on their end, which is disappointing because it's disappointing that any EV is delayed. But I completely I emphasize with where they are in terms of their customer requirements. I don't think it makes any long-term difference to the relationship with solid as a rock. Aston is fully committed.

有公告。他們的末端有一點延遲，這令人失望，因為任何電動車的延遲都令人失望。但我完全強調他們在客戶需求上的地位。我認為這不會對堅如磐石的關係產生任何長期影響。阿斯頓全心投入。

We are all in to ensure the Aston creates the best electric hyper cars in the world. And what's great about that is, our price range from $69,900, a week up to $249,000 with Sapphire. We're not going to go above that, and Aston starts where we finish. So there's no cannibalization. There is absolute synergy and a great working relationship.

我們全力以赴，確保阿斯頓創造出世界上最好的電動超級汽車。最棒的是，Sapphire 的價格從每週 69,900 美元到 249,000 美元不等。我們不會超越這一點，阿斯頓從我們結束的地方開始。所以不存在蠶食。有絕對的協同作用和良好的工作關係。

Tobias Beith, Redburn Atlantic.

託拜厄斯·貝斯，《雷德本大西洋》。

Hi, good evening. Thanks for taking my questions. I have three, please, and I'll ask them individually. Peter, I noticed the stated capacity of the 2025 Lucid Pure is 4 kilowatt hours smaller than its predecessor. And this seems to me too small to reflect the removal of one battery module from the pack suggesting that the cells themselves could be slightly different and the vehicle weight may have been reduced. Are you able to comment on this logic and perhaps provide more information on other improvements that were made to reach to 5 miles per kilowatt hour threshold?

嗨，晚上好。感謝您回答我的問題。我有三個，我會分別問他們。彼得，我注意到 2025 Lucid Pure 的標稱容量比其前身小 4 千瓦時。在我看來，這似乎太小，不足以反映從電池組中取出一個電池模組的情況，這表明電池本身可能略有不同，並且車輛重量可能有所減輕。您能否對此邏輯發表評論，並或許提供有關為達到每千瓦時 5 英里閾值而進行的其他改進的更多資訊？

Yes, absolutely. It runs at16 module pack which is, I think, 672 volts. If you look at Grand touring and Sapphire have a 22 module pack, which runs at 924 volts. And then Touring has a 16 module pack, which runs at 756 volts and we've reduced that down to a 16 module pack for Pure at 84 kilowatt hours, and that runs at 672 volts. It's 42 volts per module open circuit on page.

是的，一點沒錯。它以 16 個模組包運行，我認為是 672 伏特。如果你看看 Grand Touring，Sapphire 有一個 22 個模組組，運行電壓為 924 伏特。 Touring 有一個 16 模組組，運行電壓為 756 伏，而我們已將其降低到 Pure 的 16 模組組，運行電壓為 84 千瓦時，運行電壓為 672 伏特。頁面上每個模組開路電壓為 42 伏特。

So we've got the most efficient car ever, 146 miles per gallon E and it's magic 5 miles per kilowatt, no one's even close. And let me tell you, if we were to choose less range, we get even more efficiency because there's even less battery weighs.

因此，我們擁有有史以來最高效的汽車，每加侖 E 可行駛 146 英里，而每千瓦可神奇地行駛 5 英里，沒有人能接近。讓我告訴你，如果我們選擇更小的續航里程，我們會獲得更高的效率，因為電池重量更輕。

So what you got to remember is, we're achieving that 5.0 miles per kilowatt hour with 420 miles range, which has got more range. There's no other competitive car out there from any other manufacturer. A little usage that's close to the 420 and we still got a world record for efficiency. If we dropped that down to 360, would be above 5 miles per kilowatt hour. Lower range cars, it's easy to get to these efficiency levels.

所以你必須記住的是，我們正在實現每千瓦時 5.0 英里的續航里程，續航里程為 420 英里，續航里程更長。任何其他製造商都沒有其他具有競爭力的汽車。稍微接近 420 的使用量，我們仍然保持了效率世界紀錄。如果我們將其降至 360，則每千瓦時可行駛 5 英里以上。對於低檔汽車，很容易達到這些效率等級。

Well, relatively. Okay. What is the end game for Lucid's theoretical advantage on the bill of material costs for an electric vehicle, assuming that the need can be maintained plus volume scale. Is it to achieve superior profitability?

嗯，相對而言。好的。假設可以維持需求並擴大產量規模，Lucid 在電動車材料成本方面的理論優勢的最終結果是什麼。是為了實現卓越的獲利能力嗎？

Yes, absolutely. It's the endgame is why we exist. There is a mix understanding, a misinterpretation that with some niche luxury car company when and nothing could be further from the truth. We're here to make a to advance the state of art of the electric car in order to find ways of driving the cost down so that it can be attained by far more people to have a meaningful impact upon the planet.

是的，一點沒錯。這就是我們存在的原因。人們對某些小眾豪華汽車公司有一種混合理解和誤解，認為這與事實相去甚遠。我們來這裡是為了提高電動車的技術水平，找到降低成本的方法，以便更多的人能夠使用電動車，對地球產生有意義的影響。

If you look at even the Bloomberg numbers of $128 per kilowatt hour at pack level, I mean if we can say with 15, 16 kilowatt hours less than the competition. This is multi-thousand dollar cost saving today, and that's going to make all the difference when we look at midsize products. And if we license our tech to another company that maybe wants to do a $25, $30,000 car, this is just like where every dollar counts we can suddenly start saving beyond thousands of dollars.

如果你看看彭博社的數據，在電池組水平上每千瓦時 128 美元，我的意思是，如果我們可以說比競爭對手少 15、16 千瓦時。如今，這可以節省數千美元的成本，當我們考慮中型產品時，這將產生巨大的影響。如果我們將我們的技術授權給另一家可能想要生產 25 至 30,000 美元汽車的公司，這就像每一美元都很重要，我們可以突然開始節省數千美元以上。

And in fact, if you look at the the agony that some of the other OEs have put with the wrong product trying to do electric pickup and electricity and electric propulsion isn't the right solution for a usable affordable pickup, believe you may. But our technology would save those OE's, thousands if that was applied to those pickups because their pickups would require so much smaller battery pack with our high-tech solution.

事實上，如果你看看其他一些原始設備製造商在嘗試生產電動皮卡時使用錯誤的產品所帶來的痛苦，而電力和電力推進並不是一款可用且價格實惠的皮卡的正確解決方案，相信你可以。但是，如果我們的技術應用於這些皮卡，我們的技術將節省這些原始設備的成本，因為使用我們的高科技解決方案，他們的皮卡將需要更小的電池組。

And to add to this, we made a choice of our long-term investment having in-house power train technology and battery technology. So as we get to scale, we expect long-term investments to pay dividends many times over. This also translates to significant cost advantage compared to our competition, better margin profile than where traditional OEM or today. It's just a matter of scale and we are getting there. But we already have narrowed down our losses and with scale, we'll be in a better position than competition.

除此之外，我們選擇了擁有內部動力總成技術和電池技術的長期投資。因此，隨著我們規模的擴大，我們預計長期投資將帶來數倍的股息。與我們的競爭對手相比，這也意味著顯著的成本優勢，比傳統 OEM 或今天更好的利潤狀況。這只是一個規模問題，我們正在實現這一目標。但我們已經縮小了損失，隨著規模的擴大，我們將比競爭對手處於更好的位置。

Absolutely, good point, Gagan, because we're going to hold this technology and manufacturing Day on September 10. I hope you'll be able to join us there because you, I think if seeing is believing, we really got the real leading state-of-the-art in-house advanced power EV powertrain manufacturing plant, like I don't if anyone's got anything to compete with.

絕對，好點，Gagan，因為我們將於 9 月 10 日舉辦這個技術和製造日。先進動力電動車動力總成製造工廠，就像我不知道的那樣，是否有人有任何東西可以與之競爭。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody. I have a question on deliveries for this year. You obviously have the production guide of 9,000 units. You saw a nice uptick in North America, demand North American deliveries in the second quarter. We could see that in the sequentially lower Saudi revenue in the second quarter.

大家好。我有一個關於今年交貨的問題。顯然你有9000台的生產指南。您看到北美市場出現了良好的成長，要求第二季北美交付。我們可以從第二季度沙烏地阿拉伯收入的連續下降中看到這一點。

But I think the, the indication was for lower third quarter deliveries. Just curious what's in play there and what the expectation is for (multiple speakers) full year?

但我認為，這表明第三季的交付量較低。只是好奇那裡正在發生什麼以及對（多個演講者）全年的期望是什麼？

Sure. So we haven't guided on deliveries. What we have guided upon is that we plan to make approximately 9,000 cars this year. And we just reaffirm that today that we're on track for that. Now, of course, regarding deliveries, we are on the back of two record quarters, 70% up from Q2 this year over last year.

當然。所以我們沒有提供交貨指導。我們的指導方針是，今年計劃生產約 9,000 輛汽車。今天我們只是重申，我們正在朝著這個目標邁進。當然，現在就交付量而言，我們已經連續兩季創下歷史新高，今年第二季比去年成長了 70%。

But clearly, what we're trying to do is prudently manage the business, manage the efficiency of our inventory. We need some inventory. We need a buffer and we need to be able to supply to customers directly out of inventory. So we don't want no inventory, but we want a managed amount of inventory. We don't want the inventory to grow.

但顯然，我們正在努力做的是謹慎地管理業務，管理我們的庫存效率。我們需要一些庫存。我們需要一個緩衝，我們需要能夠直接從庫存中向客戶供貨。所以我們不要沒有庫存，但我們想要有管理的庫存量。我們不希望庫存增加。

So therefore, implicitly, that implies that we want to be delivering a very similar number or more than the number we manufacture, although we haven't guided upon that.

因此，這隱含地意味著我們希望提供與我們製造的數量非常相似或更多的數量，儘管我們還沒有對此進行指導。

Yes, and right now, we believe our inventory is manageable. And it also, couple of benefits that bring managing our cash flow better, reducing the risk of obsolescence also reducing the storage costs. So we believe we are in a good position from that perspective.

是的，現在，我們相信我們的庫存是可控的。它還具有一些好處，可以更好地管理我們的現金流，降低過時的風險，也降低儲存成本。因此，我們相信從這個角度來看，我們處於有利地位。

And regarding, I think we were cautioning about Q3 because of that the summer months. I think we've just been prudent about that.

關於，我認為我們對第三季持謹慎態度，因為夏季是幾個月。我認為我們對此一直很謹慎。

Okay. Yes, that's just ultimately on the deliveries and the demand side. Just seems it's more cautionary (multiple speakers)

好的。是的，這最終取決於交付和需求方面。只是看起來更謹慎（多個發言者）

Traditionally, you tend to see a bit of a shutdown with people their long summer vacation and then an upturn in Q4, but we will see.

傳統上，您往往會看到人們在度過漫長的暑假期間出現一些停工，然後在第四季度出現好轉，但我們會看到。

Got it. And then just my quick follow up. Well, one, is there any discernible difference in ASP between your general deliveries and those the Saudi government? And then on the quarterly cash burn rate that's implied where we've got the $4.3 billion in liquidity plus the $1.5 billion that you just raised and announced today, right? And then that gets you into the fourth quarter as you state, right?

知道了。然後就是我的快速跟進。嗯，第一，你們的一般交付和沙烏地阿拉伯政府的交付之間的平均售價是否有明顯差異？然後就季度現金消耗率而言，這意味著我們擁有 43 億美元的流動性加上您今天剛籌集並宣布的 15 億美元，對吧？然後正如你所說，這會讓你進入第四季度，對嗎？

So that implied quarterly cash burn rate still is in that $900 million to $1 billion. Just curious what goes into that? Is that just loose math and not necessarily your expectation, which is ultimately of critical importance in terms of the cash burn rate through next year and how that corresponds with your profitability expectation on gross (multiple speakers)

因此，隱含的季度現金消耗率仍在 9 億至 10 億美元之間。只是好奇這裡面有什麼？這只是鬆散的數學，不一定是您的期望，這對於明年的現金消耗率以及它與您的總盈利預期的對應關係至關重要（多個發言者）

So couple of things here. First of all, from a CapEx perspective, we spent around $243 million this quarter, nearly $200 million last quarter. We guided $1.3 billion for CapEx. So significant amount of CapEx is going to come remaining part of the year, plus we are working on Gravity as well as midsize where significant investment is going to be there.

這裡有幾件事。首先，從資本支出的角度來看，本季我們花了約 2.43 億美元，上季接近 2 億美元。我們指導資本支出為 13 億美元。因此，今年剩下的時間將會有大量的資本支出，而且我們正在研究 Gravity 以及中型企業，那裡將有大量的投資。

Plus we are building a factory in Saudi Arabia. So our CapEx and the R&D programs where we are going to spend significant amount of capital for us to be ready for the future to take us to the next journey.

另外，我們正在沙烏地阿拉伯建造一家工廠。因此，我們的資本支出和研發計劃將花費大量資金，為未來做好準備，帶我們進入下一個旅程。

I mean, please come and join us. Please visit us in the factory on September the 10. We're holding the Technology and Manufacturing day. I think anyone visiting will realize this the sheer level of investment we've made. We've got state-of-the-art facility. This puts us in an incredible position for the future.

我的意思是，請來加入我們。請於 9 月 10 日來工廠參觀。我想任何來訪的人都會意識到我們所做的投資的絕對水準。我們擁有最先進的設施。這使我們的未來處於令人難以置信的位置。

We're continuing this. This is a long term play. This is where the money is going to new factories in Saudi Arabia, the completing of our state-of-the-art facility in Arizona on the tooling to get the best SUV in the world Gravity into production. We're spending money now investing in the design of our midsize and on the service network around the world. So these are long-term strategic investments that's where the money is going. This is a long-term play, and it will come to power.

我們正在繼續這個。這是一個長期的遊戲。這些資金將用於沙烏地阿拉伯的新工廠，完成我們在亞利桑那州最先進的工廠的建設，以生產世界上最好的 SUV Gravity。我們現在正在花錢投資中型飛機的設計和世界各地的服務網絡。因此，這些都是長期策略投資，也是資金的去向。這是一個長期的遊戲，它會發揮作用。

Thanks, look forward to September.

謝謝，期待九月。

Thank you.

謝謝。

Thanks, everyone. So this concludes Lucid second-quarter 2024 earnings conference call. I appreciate everyone joining us today. Thank you.

感謝大家。 Lucid 2024 年第二季財報電話會議到此結束。我感謝今天大家加入我們。謝謝。

Thanks, everyone.

感謝大家。

Ladies and gentlemen, you may now disconnect.

女士們先生們，你們現在可以斷開連結了。