Lucid Group Inc (LCID) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Group's third-quarter 2024 earnings conference call.

女士們、先生們，感謝你們的耐心等待，歡迎參加 Lucid Group 的 2024 年第三季財報電話會議。

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to turn the conference over to your speaker for today, Maynard Um, Senior Director of Investor Relations.

（操作員指示）我現在想將會議交給今天的發言人，投資者關係高級總監 Maynard Um。

Please go ahead.

請繼續。

Thank you, and welcome to Lucid Group's third-quarter 2024 earnings call.

謝謝，歡迎參加 Lucid Group 的 2024 年第三季財報電話會議。

Joining me today are Peter Rawlinson, our CEO and CTO; and Gagan Dhingra, our Interim CFO and Principal Accounting Officer.

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.

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。

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.

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、公司舉措以及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.

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. In addition, management will make reference to non-GAAP financial measures during this call.

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。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。

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.

關於我們為什麼使用非公認會計原則財務指標的討論以及有關我們的公認會計原則與非公認會計原則結果調節的信息，請參閱我們今天下午早些時候發布的收益新聞稿以及投資者平台。

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

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

Peter, please go ahead.

彼得，請繼續。

Thank you, Maynard, and thank you, everyone, for joining us on our third-quarter 2024 earnings call.

謝謝 Maynard，也謝謝大家參加我們的 2024 年第三季財報電話會議。

Now before I get to the third quarter results, I'd like to start by thanking all our employees, suppliers, and partners for their support and hard work.

在公佈第三季業績之前，我首先要感謝所有員工、供應商和合作夥伴的支持和辛勤工作。

I'd like also to thank our investors and the PIF for their continuous support and partnership.

我還要感謝我們的投資者和 PIF 的持續支持和合作。

Last month, we raised approximately $1.75 billion through a public offering of common stock of approximately $719 million and a corresponding pro rata investment by an affiliate of the public investment fund of approximately $1.026 billion

上個月，我們透過公開發行約 7.19 億美元的普通股以及公共投資基金附屬公司相應按比例投資約 10.26 億美元籌集了約 17.5 億美元

This additional capital gives us sufficient financial runway into the ramp of Lucid Gravity and indeed well into 2026.

這筆額外資金為我們提供了充足的財務跑道，以推動 Lucid Gravity 的發展，甚至持續到 2026 年。

The raise is consistent with our strategy.

此次加薪符合我們的策略。

And we've said that we'd continue to be opportunistic based upon the market and we delivered this with strong support from the PIF as well as other institutional investors.

我們已經說過，我們將繼續根據市場進行機會主義，我們在 PIF 以及其他機構投資者的大力支持下實現了這一目標。

So turning to third-quarter results.

所以轉向第三季的業績。

We had another quarter of record deliveries with the momentum in the first half of the year continuing into the third quarter.

我們的季度交付量再創新高，上半年的動能持續到第三季。

We delivered 2,781 vehicles, up approximately 91% year over year and up 16% sequentially.

我們交付了 2,781 輛汽車，較去年同期成長約 91%，較上季成長 16%。

Outperforming what is typically a seasonally softer period for the industry.

表現優於該行業通常的季節性疲軟時期。

In September, in the US market, the Lucid Air not only outsold many of the largest and most storied brands in the industry within our competitive set of electric vehicles, but we also have sold many of the competitive set in the gas market as well.

9 月份，在美國市場，Lucid Air 的銷量不僅超過了我們具有競爭力的電動車系列中業內許多最大、最知名的品牌，而且我們還在燃氣市場上銷售了許多具有競爭力的產品。

So I think our momentum is quite notable.

所以我認為我們的勢頭非常顯著。

And I believe a part of this is due to Lucid's growing brand awareness which is reaching an all-time high in the third quarter since we started tracking this metric.

我相信，這在一定程度上是由於 Lucid 的品牌知名度不斷提高，自從我們開始追蹤這一指標以來，該品牌知名度在第三季度達到了歷史最高水平。

Whilst I believe we still have much more opportunity to grow our brands, we're still making very good progress.

雖然我相信我們仍然有更多的機會來發展我們的品牌，但我們仍然取得了很好的進展。

And I think you can see this in our delivery numbers.

我想你可以從我們的交貨數字中看到這一點。

The number of vehicles on the road continues to grow, and I'd like to thank our loyal customers who are our biggest advocates.

道路上的車輛數量持續成長，我要感謝我們的忠實客戶，他們是我們最大的支持者。

You are a key part of our success, and I'd like to extend my sincere gratitude.

您是我們成功的關鍵部分，我謹致以誠摯的謝意。

Turning to production.

轉向生產。

We produced 1,805 vehicles in the third quarter and are on track to produce approximately 9,000 vehicles for the full year 2024.

我們第三季生產了 1,805 輛汽車，預計在 2024 年全年生產約 9,000 輛汽車。

I'm delighted with the progress we've made with vehicle inventory, and we'll continue to manage this judiciously.

我對我們在車輛庫存方面取得的進展感到高興，我們將繼續明智地管理這一點。

As that said, I would expect an increase in production in the fourth quarter.

如上所述，我預計第四季度產量將會增加。

I'm also delighted by the progress in our planned cost optimization programs at the Arizona factory.

我也對亞利桑那工廠計劃的成本優化計劃的進展感到高興。

In the third quarter, we transitioned our battery enclosure manufacturing and various subassemblies on site, and we're transitioning powertrain manufacturing to be fully on site.

在第三季度，我們將電池外殼製造和各種組件轉移到現場，我們正在將動力總成製造完全轉移到現場。

We expect this will not only have a number of cost benefits, including logistics, but should also help the efficiency of the factory when fully integrated.

我們預計這不僅會帶來包括物流在內的許多成本效益，而且在完全整合後應該有助於提高工廠的效率。

We held our technology and manufacturing day at the Arizona factory on September 10.

9 月 10 日，我們在亞利桑那州工廠舉辦了技術和製造日。

To demonstrate our technology leadership, it's cost-effectiveness and to show off our Lucida Gravity SUV.

為了展示我們的技術領先地位、成本效益並展示我們的 Lucida Gravity SUV。

The day was purposely structured to not only highlight our technology advantage, but just as critically, our cost competitive referencing data from a widely respected and objective third-party company that specializes in this type of analysis.

這一天的安排是有意安排的，不僅是為了突出我們的技術優勢，而且同樣重要的是，我們的成本競爭力參考數據來自一家廣受尊敬且客觀的第三方公司，該公司專門從事此類分析。

We also demonstrated how our advanced technology translates into vehicle comfort and performance with close course test ride of Lucid Gravity beta and preproduction vehicles as well as the Lucid Air sapphire 0 to 60 launches.

我們也透過 Lucid Gravity 測試版和預生產車輛的近距離試駕以及 Lucid Air 藍寶石 0 至 60 的發布，展示了我們的先進技術如何轉化為車輛的舒適性和性能。

Now I think those that have had the opportunity to test ride the Lucid Gravity, would agree that the drivability is more akin to a sports than a traditional SUV.

現在，我認為有機會試駕 Lucid Gravity 的人都會同意，它的駕駛性能更像是一款運動車型，而不是傳統的 SUV。

The Lucid Air is the best car I've ever driven but the Lucid Gravity may well be the first SUV I'm genuinely looking forward to as my daily driver.

Lucid Air 是我開過的最好的車，但 Lucid Gravity 很可能是我作為日常駕駛者真正期待的第一款 SUV。

We've also opened our Arizona factory show Phase 2 to analysts for the first time, highlighting the high levels of automation and significant areas of cost savings that we have, and we'll be able to realize.

我們也首次向分析師開放了亞利桑那工廠第二階段的展示，強調了我們所擁有的高水準自動化和顯著的成本節約領域，並且我們將能夠實現這一點。

Turning to software.

轉向軟體。

On our last quarter's earnings call, I promised we would release over-the-air software updates, substantively enhancing our advanced driver assistance system or ADAS.

在我們上個季度的財報電話會議上，我承諾我們將發布無線軟體更新，從而實質增強我們的高級駕駛員輔助系統或 ADAS。

And we delivered with a number of over-the-air updates in the third quarter, including our Lucid-UX 2.4 package, which introduced many enhanced features such as lane change assist, active curve speed control, and extended stop and go.

我們在第三季度提供了許多無線更新，包括 Lucid-UX 2.4 軟體包，該軟體包引入了許多增強功能，例如變換車道輔助、主動彎道速度控制和擴展停車和走動。

UX 2.4 also introduced our new Lucid Assistant, our new in-cabin voice assistant as well as user interface upgrades.

UX 2.4 還引入了我們新的 Lucid Assistant、新的艙內語音助理以及用戶介面升級。

And last week, we started deploying via an over-the-air software update Lucid-UX 2.5 which adds an innovative curb brush assist feature, warning the driver of Lucid Air before a wheel scrapes the curb.

上週，我們開始透過無線軟體更新 Lucid-UX 2.5 進行部署，該更新增加了創新的路緣刷輔助功能，在車輪擦過路緣之前向駕駛員發出 Lucid Air 警告。

We also upgraded the performance of our audio systems for improved response and performance.

我們還升級了音訊系統的性能，以提高響應和性能。

Now these are further examples of how we continue to bring tremendous value to the vehicle long after a customer's purchase.

現在，這些是我們如何在客戶購買車輛後很長一段時間內繼續為車輛帶來巨大價值的進一步範例。

The software team is invigorating and we have much more in store.

軟體團隊充滿活力，我們還有更多的事情要做。

In the very near future, we're targeting a release of an over-the-air software update that will enable hands-free highway assist.

在不久的將來，我們的目標是發布無線軟體更新，以實現免持高速公路輔助。

Watch this space, I believe the road map is robust, and I think customers are really going to love it.

關注這個空間，我相信路線圖是穩健的，而且我認為客戶真的會喜歡它。

I'm also delighted to announce that Lucid Air earned the highest possible overall safety rating of 5 stars from the national highway traffic Safety Administration's new car assessment program.

我還很高興地宣布，Lucid Air 在國家公路交通安全管理局的新車評估計畫中獲得了最高的 5 星整體安全評級。

This is the government's premier customer information program for evaluating vehicle safety.

這是政府用於評估車輛安全的首要客戶資訊計畫。

The Lucid Air Pure, Touring, Grand Touring, and Sapphire received the maximum five-star scores for overall safety, in frontal crash, side crash, and rollover testing.

Lucid Air Pure、Touring、Grand Touring 和 Sapphire 在正面碰撞、側面碰撞和側翻測試中獲得了整體安全性的最高五星級分數。

This follows the highest possible European rating of five-stars for the Lucid Air in the rigorous Euro NCAP crash testing process.

在此之前，Lucid Air 在嚴格的 Euro NCAP 碰撞測試過程中獲得了歐洲最高的五星級評級。

We worked assiduously on making the most advanced electric vehicle enabled by a clean sheet design and engineering with a goal of securing the highest possible safety ratings.

我們孜孜不倦地致力於透過全新的設計和工程製造最先進的電動車，以確保盡可能高的安全評級。

Safety has been a top priority from the outset at Lucid and achieving five-stars in NISA's new car assessment program should give owners even more confidence in the Lucid Air.

Lucid 從一開始就將安全放在首位，在 NISA 新車評估計劃中獲得五星級應該會讓車主對 Lucid Air 更有信心。

So we have much to celebrate this quarter and thus far throughout the year.

因此，本季以及全年迄今為止，我們有很多值得慶祝的事情。

I think our progress through the first three quarters of the year is a testament to our tremendous progress.

我認為今年前三個季度我們取得的進展證明了我們所取得的巨大進步。

Turning to the Lucid Gravity.

轉向清醒重力。

I'm delighted to announce that we opened orders and pricing today.

我很高興地宣布我們今天開始接受訂單和定價。

Our configurator is now live.

我們的配置器現已上線。

Customers are telling us they are keen to get behind the wheel of our Lucid Gravity, and we know there's an incredible amount of interest.

客戶告訴我們，他們渴望駕駛我們的 Lucid Gravity，我們知道他們的興趣非常強烈。

For example, we had Lucid Gravity road servants in our studios across the country.

例如，我們在全國各地的工作室都有 Lucid Gravity 道路僕人。

And in those studios, we saw foot traffic increase more than 70% versus the prior 30 days.

在這些工作室中，我們發現人流比前 30 天增加了 70% 以上。

I think certainly, the Lucid Gravity is having a positive effect on the Lucid brand and is also helping to raise awareness of the Lucid Air.

我認為，Lucid Gravity 無疑對 Lucid 品牌產生了積極影響，也有助於提高 Lucid Air 的知名度。

The scheduled soft production is just a number of weeks away.

距離預定的試生產只剩下幾週的時間了。

And I think very soon, we'll be in a position to announce when we might be able to make the very first deliveries.

我認為很快我們就能宣布何時能夠進行第一批交付。

On the technology licensing front, we remain actively engaged in discussions.

在技​​術許可方面，我們仍然積極參與討論。

You can see that the industry has become more active.

可以看到這個行業變得更加活躍了。

However, to my knowledge, many of the announcements we've seen in the industry don't appear to be binding.

然而，據我所知，我們在業界看到的許多公告似乎並不具有約束力。

And my philosophy is the announcement should be a greater binding substance because you can lose a significant amount of leverage if you were to announce something well before the details are set.

我的理念是，公告應該要有更大的約束力，因為如果你在細節確定之前就宣布某些事情，你可能會失去很大的影響力。

So all I can say is to watch this space.

所以我只能說觀察這個空間。

In closing, I'm very encouraged by the progress and momentum that we're having with Lucid Air.

最後，我對 Lucid Air 所取得的進展和勢頭感到非常鼓舞。

I believe that Lucid Gravity is coming at an opportune time as the momentum and brand awareness has been building.

我相信，隨著勢頭和品牌知名度的不斷增強，Lucid Gravity 的出現恰逢其時。

At all the elements that make the Lucid Air success is coming to the Lucid Gravity, I believe this innovation has the potential to reshape the market for SUVs with meaningful opportunity to scale in a significantly larger addressable market.

Lucid Air 成功的所有要素都融入了 Lucid Gravity 中，我相信這項創新有潛力重塑 SUV 市場，並為在更大的潛在市場中擴展提供有意義的機會。

And in technology licensing, I believe our technology is even more relevant today than it has ever been with our Atlas drive unit technology for midsize addresses a significantly larger market.

在技​​術授權方面，我相信我們的技術在今天比以往任何時候都更加重要，我們的 Atlas 驅動單元技術適用於中型設備，可滿足更大的市場需求。

We're also realizing the benefits from our cost optimization programs, and we've identified further opportunities.

我們也認識到成本優化計劃的好處，並且我們已經發現了更多機會。

Perhaps our cost transformation is a more appropriate nomenclature as we're instilling this into our very DNA of the company.

也許我們的成本轉型是一個更合適的術語，因為我們正在將其灌輸到我們公司的 DNA 中。

And we will tactically reprioritize some benefits into areas of strategic growth like Lucid Gravity and the Atlas Drive unit and the mid-sized platform.

我們將在戰術上將一些優勢重新安排到戰略成長領域，例如 Lucid Gravity 和 Atlas Drive 單元以及中型平台。

So lastly, I'd like to thank all of our employees, our suppliers, our customers, our strategic partners. and our investors for your hard work and your support.

最後，我要感謝我們所有的員工、供應商、客戶和策略夥伴。以及我們的投資者的辛勤工作和支持。

I look forward to updating you of our progress in the future.

我期待著向您通報我們未來的進展。

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

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。

Gagan?

加甘？

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

謝謝你，彼得，也感謝那些今天抽出時間加入我們的人。

Before I get to my prepared remarks, I would also like to start by thanking the entire Lucid team for their hard work. the significant achievements and progress we have made is a direct result of your efforts.

在開始我準備好的演講之前，我首先要感謝整個 Lucid 團隊的辛勤工作。我們所取得的重大成就和進步是你們努力的直接成果。

Turning to our 2024 third-quarter financial results.

轉向我們的 2024 年第三季財務業績。

During the third quarter, we produced 1,805 vehicles and we reaffirm our guidance to produce approximately 9,000 vehicles this year.

第三季度，我們生產了 1,805 輛汽車，並重申今年生產約 9,000 輛汽車的指導方針。

More importantly, deliveries of 2,781 vehicles were yet again ahead of expectations in the third quarter, up approximately 91% year over year and more than 16% sequentially.

更重要的是，第三季交車量為2,781輛，再次超出預期，較去年同期成長約91%，季增超過16%。

As Peter mentioned, we are pleased with the demand we have been experiencing thus far.

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。

Deliveries outpaced production in the quarter as we further managed to work down weaker inventory.

由於我們進一步設法減少庫存疲軟，本季的交付量超過了生產量。

We reported revenue of approximately $200 million in the third quarter, up 45.2% year over year and flat sequentially.

我們報告第三季營收約為 2 億美元，年成長 45.2%，與上一季持平。

Average selling price was down sequentially, primarily due to product mix.

平均售價季減，主要是因為產品組合。

For those who are calculating average selling price by taking revenue and dividing it by total deliveries, please note that 8% of deliveries were subject to operating lease accounting and the revenue recognized for those vehicles was immaterial in the third quarter.

對於那些透過收入除以總交付量來計算平均售價的人，請注意，8% 的交付量需要進行經營租賃會計處理，而這些車輛在第三季度確認的收入並不重要。

Cost of revenue in the third quarter was $412.5 million.

第三季的營收成本為 4.125 億美元。

The LCNRV impairment was $154.9 million. GAAP

LCNRV 減損額為 1.549 億美元。公認會計原則

gross margin improved by 28 percentage points sequentially and better than directional guidance we provided of being down sequentially.

毛利率環比提高了 28 個百分點，比我們提供的環比下降的方向指引更好。

Also, last quarter, we caught out a special provision related to a warranty campaign that impacted the second quarter gross margin.

此外，上個季度，我們發現了一項與保固活動相關的特殊條款，影響了第二季的毛利率。

Excluding that campaign, our third-quarter gross margin still would have improved by approximately 11 percentage points.

排除該活動，我們第三季的毛利率仍將提高約 11 個百分點。

The primary reason for the improved gross margin was a result of continued cost reduction initiatives.

毛利率提高的主要原因是持續的成本削減措施。

As we look into the fourth quarter, we expect gross margin to be largely flat.

展望第四季度，我們預期毛利率將基本持平。

As we highlighted at our Technology and Manufacturing day in Arizona, we believe our technology and increased scale will be key enablers of our gross margin and the forthcoming elusive Gravity ramp will be a key driver.

正如我們在亞利桑那州的技術和製造日上所強調的那樣，我們相信我們的技術和擴大的規模將成為我們毛利率的關鍵推動因素，而即將到來的難以捉摸的重力斜坡將成為關鍵驅動力。

Now moving to operating expenses.

現在轉向營運費用。

R&D expense in Q3 totaled $324.4 million up 13% sequentially.

第三季的研發費用總計 3.244 億美元，比上一季成長 13%。

The increase was primarily due to higher stock-based compensation expense, which we called out on our last quarter's earnings call as well as the costs related to the Lucid Gravity and the run-up to start of production.

這一增長主要是由於基於股票的補償費用增加，我們在上個季度的收益電話會議上指出了這一點，以及與 Lucid Gravity 和投產準備階段相關的成本。

SG&A expense in Q3 was $233.6 million, up 11% from Q2.

第三季的 SG&A 費用為 2.336 億美元，比第二季成長 11%。

The sequential increase was primarily due to higher stock-based compensation expense, again, as we called out on our last quarter's earnings call.

正如我們在上個季度的財報電話會議上所指出的那樣，環比增長主要是由於股票薪酬費用增加。

As we guided previously, we expect our full year 2024 operating expense to decrease as a percentage of revenue compared with 2023.

正如我們先前的指導，我們預計 2024 年全年營運費用佔收入的比例將比 2023 年有所下降。

We ended the third quarter with 55 studio and service centers, excluding our temporary and settle and service locations, up from 53% in Q2.

截至第三季末，我們擁有 55 個工作室和服務中心（不包括臨時、定居和服務地點），高於第二季的 53%。

On the service side, we ended Q3 with 72 mobile vans in the fleet and 118 approved body shops worldwide.

在服務方面，第三季結束時，我們的車隊擁有 72 輛移動貨車，全球擁有 118 家經批准的車身修理廠。

We plan to continue to strategically expand our studio and service center footprint as well as settle service centers which will cost effectively provide additional locations as well as ensure high customer satisfaction as we continue to grow.

我們計劃繼續策略性地擴大我們的工作室和服務中心的足跡，並設立服務中心，這將具有成本效益地提供更多地點，並在我們不斷發展的同時確保高客戶滿意度。

Our stock risk compensation expense in the quarter was $88.1 million compared to $58.5 million in Q2.

本季我們的股票風險補償費用為 8,810 萬美元，而第二季為 5,850 萬美元。

In Q3, we recorded a loss of $221.5 million in other expense which mainly included a noncash loss of approximately $240 million, driven by an increase in the fair value of derivative liabilities associated with our redeemable convertible preferred stock.

第三季度，我們錄得 2.215 億美元的其他費用損失，其中主要包括約 2.4 億美元的非現金損失，這是由於與我們的可贖回可轉換優先股相關的衍生負債公允價值增加所致。

This was mainly due to the increase in our share price at the end of the third quarter compared to the prior quarter.

這主要是由於第三季末我們的股價較上一季上漲。

The adjusted EBITDA loss was $613.1 million compared with $647.6 million in Q2.

調整後 EBITDA 虧損為 6.131 億美元，而第二季為 6.476 億美元。

The improvement was largely driven by improvements in gross margin.

這項改善主要是由於毛利率的改善所致。

GAAP net loss per share in Q3 was $0.41 and non-GAAP net loss per share was $0.28.

第三季 GAAP 每股淨虧損為 0.41 美元，非 GAAP 每股淨虧損為 0.28 美元。

The difference was primarily related to the change in fair value of derivative liabilities associated with our redeemable convertible preference stock.

此差異主要與我們的可贖回可轉換優先股相關的衍生負債的公允價值變動有關。

Moving to the balance sheet.

轉向資產負債表。

We ended the quarter with approximately $4.03 billion in cash, cash equivalents, and investments and total liquidity of approximately $5.16 billion.

本季末，我們的現金、現金等價物和投資約為 40.3 億美元，流動性總額約為 51.6 億美元。

As Peter mentioned, in October, we raised a total of approximately $1.75 billion through a public offering of common stock and a corresponding prorata investment by an affiliate of the public investment fund.

正如 Peter 所提到的，10 月份，我們透過公開發行普通股以及公共投資基金附屬公司相應的按比例投資籌集了總計約 17.5 億美元的資金。

I would also like to thank the PIF for the incredible partnership and support.

我還要感謝 PIF 提供的令人難以置信的合作夥伴關係和支持。

We remain committed to maintaining a healthy balance sheet to execute on our strategic vision, and we'll continue to be opportunistic in exploring financing.

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，我們將繼續抓住機會探索融資。

Turning to inventory.

轉向庫存。

Total inventory was essentially flat sequentially as finished goods inventory was offset by the buildup of raw materials we spoke about last quarter.

總庫存與上季基本持平，因為成品庫存被我們上季度談到的原材料增加所抵消。

CapEx in Q3 was $159.7 million.

第三季的資本支出為 1.597 億美元。

Moving to the outlook for 2024.

展望 2024 年。

We reiterate our 2024 production guidance of approximately 9,000 vehicles.

我們重申 2024 年約 9,000 輛汽車的產量指引。

We expect total liquidity inclusive of the recent $1.75 billion capital raise will give us sufficient runway well into 2026.

我們預計，包括最近 17.5 億美元融資在內的總流動性將為我們在 2026 年之前提供充足的跑道。

Moving to CapEx.

轉向資本支出。

We are updating our 2024 CapEx guidance to approximately $1 billion from our prior guidance of $1.3 billion.

我們將 2024 年資本支出指引值從先前的 13 億美元指引值更新為約 10 億美元。

This mainly reflects vessels in our capital outlay into 2025 and certain savings as part of our cost reduction initiatives.

這主要反映了我們到 2025 年的船舶資本支出以及作為我們降低成本措施的一部分的某些節省。

From a product perspective, the Lucid Gravity starter production is scheduled for late 2024 and starter production of our high-volume midsized platform is scheduled for late 2026.

從產品角度來看，Lucid Gravity 的入門機生產計畫於 2024 年底，我們的大批量中型平台的入門機生產計畫於 2026 年底。

In closing, I think our performance this quarter demonstrates the significant progress we have made with our cost transformation initiatives and our go-to-market and brand awareness.

最後，我認為我們本季的業績證明了我們在成本轉型計劃以及上市和品牌知名度方面取得的重大進展。

We'll continue to maintain a disciplined approach to managing cost while strategically investing to fuel growth.

我們將繼續保持嚴格的成本管理方法，同時進行策略性投資以推動成長。

Looking ahead, I want to emphasize our excitement about the upcoming launch of the Lucid Gravity.

展望未來，我想強調我們對即將推出的 Lucid Gravity 感到興奮。

Thank you to our investors and stakeholders for your continued trust and support.

感謝我們的投資者和利害關係人一直以來的信任和支持。

Together, we hope to make this next one of our most successful yet.

我們希望共同努力，使下一次成為我們迄今為止最成功的一次。

With that, if we turn it back to Maynard to get to your questions.

那麼，如果我們把它轉回給梅納德來回答你的問題。

Thanks, Gagan.

謝謝，加根。

We'll now start the Q&A portion of the call.

我們現在將開始通話的問答部分。

Before we take questions from those on the phone, I want to post some questions that our retail investors sent into the Say Technology platform.

在接受電話提問之前，我想先發布一些散戶投資者發送到 Say Technology 平台的問題。

The first question comes from Paul C. With the share price still hovering near all-time lows, what do you have to say to early investors that believe in the company in path?

第一個問題來自Paul C。

What do you plan to do to improve the share price as more funding is needed, can you protect shareholder value?

由於需要更多資金，您打算採取什麼措施來提高股價，您能保護股東價值嗎？

And there's another question somewhat related to this from Ryan P that asks what does the future of the company look like that is similar that we'll put together.

Ryan P 提出了另一個與此有些相關的問題，該問題詢問公司的未來是什麼樣子，我們將把它放在一起。

Yes, indeed.

是的，確實如此。

Well, look, to start with, thank you so much for your support and your belief in the company, and we deeply appreciate your commitment.

好吧，首先，非常感謝您對公司的支持和信任，我們非常感謝您的承諾。

I want to assure you that we're taking significant steps to deliver long-term shareholder value.

我想向您保證，我們正在採取重大措施來實現長期股東價值。

That's what it's all about.

這就是全部內容。

Now that said, market conditions have been challenging.

話雖如此，市場狀況一直充滿挑戰。

And a number of factors, some of which were out of control have undoubtedly impacted our share price.

許多因素，其中一些是失控的，無疑影響了我們的股價。

However, we remain confident in our strategic direction and the long-term potential of our business.

然而，我們對我們的策略方向和業務的長期潛力仍然充滿信心。

This is a long-term play.

這是一個長期的遊戲。

And we're actively working on several initiatives, both to drive growth and to improve our financial performance.

我們正在積極開展多項舉措，以推動成長並改善我們的財務表現。

And I think you can see that in our record deliveries and in the progress and improvement in our gross margins, you're seeing that already.

我認為您可以看到，在我們創紀錄的交付量以及毛利率的進步和改善中，您已經看到了這一點。

Now the Lucid is widely recognized as the best car in the world.

現在 Lucid 被廣泛認為是世界上最好的汽車。

And that recognition has been as growing over the last few years.

過去幾年，這種認可度不斷提高。

We've also created what is now widely recognized as the SEV technology in the world.

我們也創造了目前世界上廣泛認可的 SEV 技術。

And we have shown how this technology becomes a cost-down driver in the long term.

我們已經展示了這項技術如何成為長期降低成本的推動者。

We're growing scale, and that profitability depends largely upon that scale.

我們正在擴大規模，而獲利能力很大程度上取決於規模。

And we're growing scale by introducing products, which we believe will realize that scale starting with Gravity.

我們正在透過推出產品來擴大規模，我們相信這些產品將從 Gravity 開始實現這一規模。

Now even with Lucid Air, we're already outselling many of the storied brands in both EVs and gas cars.

現在，即使有了 Lucid Air，我們的電動車和燃油汽車銷量也已經超過了許多知名品牌。

This is something which is not sufficiently recognized.

這是尚未被充分認識的事。

Now today, we opened orders for Lucid Gravity, and we've entered the market.

今天，我們打開了 Lucid Gravity 的訂單，並進入了市場。

That's about 6 times larger than our addressable market last year with Lucid Air.

這大約是我們去年 Lucid Air 的目標市場的 6 倍。

Clarity is a revolutionary new class of SUV, has been conceived from the ground up without compromise.

Clarity 是一款革命性的新型 SUV，從頭開始構思，毫不妥協。

And remember, we'll follow this with a high-volume midsized platform, scheduled for start of production late '26.

請記住，我們將在此之後推出一個大容量中型平台，計劃於 26 年末開始生產。

I really think that's really going to be a huge, huge product for us.

我真的認為這對我們來說真的將是一個巨大的產品。

And we -- I mean we also focused on our technology access and licensing business.

我們——我的意思是我們也專注於我們的技術取得和授權業務。

And the Atlas powertrain, which suits midsized vehicles, that's the new powertrain that I recently announced.

還有適合中型車輛的Atlas動力總成，這是我最近宣布的新動力總成。

The work for that is well underway already.

這項工作已經在順利進行中。

And I see a huge licensing potential at a significantly higher volume market with Atlas.

我看到 Atlas 在銷量顯著增加的市場上擁有巨大的授權潛力。

And collectively, these efforts are really designed to enhance our competitive position and to deliver long-term value to our shareholders.

總的來說，這些努力實際上是為了增強我們的競爭地位並為我們的股東帶來長期價值。

I mean, Gagan, have you got anything to add to?

我的意思是，Gagan，你還有什麼要補充的嗎？

Yeah.

是的。

So regarding funding, I think we have been transparent with the market that we would be opportunistic when it comes to capital raising.

因此，關於融資，我認為我們對市場保持透明，在融資方面我們會投機取巧。

We are committed to maintaining a strong financial position and ensuring that our actions aligned with the best interest of our shareholders.

我們致力於維持強勁的財務狀況，並確保我們的行動符合股東的最佳利益。

We remain dedicated to enhancing shareholder value through improved operational efficiency increased profitability and sustainable growth.

我們仍然致力於透過提高營運效率、提高獲利能力和永續成長來提高股東價值。

We believe that our strategic initiatives will position us for success and drive long-term value for our shareholders.

我們相信，我們的策略性舉措將使我們取得成功，並為股東帶來長期價值。

Indeed.

的確。

Maybe I'll like to add a bit of flavor here.

也許我想在這裡添加一點味道。

As a major shareholder, myself personally, believe me, nobody is more than me for success.

身為大股東，就我個人而言，相信我，沒有人比我更成功。

And lots less known, I relate because I put so many of my own savings into this company to make it happen.

我認為還有很多鮮為人知的事情，因為我把自己的許多積蓄投入這家公司來實現這一目標。

I might also add that many of you may not be aware of my founding role in the company as we know it today.

我還想補充一點，你們中的許多人可能不知道我們今天所知道的我在公司的創始角色。

I joined this company over 10 years ago, and with the goal of making the best electric vehicle into drive a revolution towards sustainable transportation, my mission and my dedication is steadfast.

我十多年前加入這家公司，目標是製造最好的電動車，推動永續交通革命，我的使命和奉獻精神是堅定不移的。

I've not sold a single share of the stock, except what was necessary for tax purposes.

除了出於稅收目的而需要的部分外，我沒有出售過任何股票。

And so I am directly tight to the company's performance as a shareholder, more than virtually anyone else.

因此，作為股東，我比其他任何人都更直接關注公司的表現。

So my promise is to continue to work tirelessly day and night to drive that long-term shareholder value.

因此，我的承諾是繼續日夜不知疲倦地工作，以推動長期股東價值。

And this is a long-term play, and it is a tech play.

這是一個長期的遊戲，也是一個科技遊戲。

So we'll go to the second stay question from Skyler R. Do you plan to offer a more affordable vehicle?

那麼我們將討論 Skyler R 提出的第二個住宿問題。

If so, what's the time line?

如果是的話，時間線是多少？

Yeah.

是的。

Well, maybe is clear enough because this has been on the vision, our mission, our scheduled for many years now.

嗯，也許已經夠清楚了，因為這已經是我們多年來的願景、使命和計劃。

We're not here to be just a niche player.

我們來這裡不僅僅是為了成為一個小眾玩家。

This is so misunderstood.

這實在是太被誤解了。

Lucid exists to have a meaningful impact on the planet.

Lucid 的存在是為了對地球產生有意義的影響。

And to do that, we need scale.

為此，我們需要規模。

And to get that scale, we need to bring our price down.

為了達到這樣的規模，我們需要降低價格。

So our midsized vehicle is scheduled for stock production late '26.

因此，我們的中型車輛計劃於 26 年末進行庫存生產。

The work is well underway and in our Technology and Manufacturing Day presentation we showed in September.

這項工作正在順利進行，我們在 9 月的技術和製造日演示中展示了這一點。

We already actually gave us a peak of one version of this midsized vehicle.

我們實際上已經向我們展示了這款中型車輛的一個版本的巔峰。

We addressed the total -- we estimate the total addressable market to be about 30 times than our market last year.

我們討論了總數——我們估計潛在市場總量是去年市場的 30 倍左右。

This is our product, which we're targeting about $48,000 to $50,000.

這是我們的產品，我們的目標價約為 48,000 至 50,000 美元。

The vision is I'd love to sell 1 million of these a year.

我的願景是每年賣出 100 萬個。

The opportunity is fast.

機會來得快。

Great.

偉大的。

Our next same question is from Monique H. What are the chances of the Saudi is buying out Lucid completely?

我們的下一個同樣的問題來自 Monique H。

Will Lucid go private?

Lucid 會私有化嗎？

And what does this mean for the investors?

這對投資者意味著什麼？

Well, thank you, Monique, for the question.

嗯，謝謝莫妮克提出的問題。

But of course, I mean, it would be out of place for me to speak on behalf of the PIF.

但當然，我的意思是，我代表 PIF 發言是不合適的。

I will say this though, look, what really differentiates us as a company, the two things: our world-leading technology and the long-term partnership with the PIF.

不過我要說的是，你看，我們作為一家公司真正與眾不同的地方有兩點：我們世界領先的技術以及與 PIF 的長期合作關係。

And they continue to be fantastic partners.

他們仍然是出色的合作夥伴。

I'm hugely grateful for their support.

我非常感謝他們的支持。

They stood shoulder to shoulder with us and enable this to happen.

他們與我們並肩站在一起，使這一切得以實現。

Now we are driven by our mission and our ambition to drive long-term shareholder value through our strategic growth and our cost transformation initiatives.

現在，我們的使命和雄心壯志驅動著我們透過策略成長和成本轉型措施推動長期股東價值。

Let's not forget that.

我們不要忘記這一點。

Okay.

好的。

And our last question that we'll take is from Paul C. Can you reach positive margin individually on Air and Gravity, what sales volume would be needed to achieve would be needed to achieve this for each?

我們要問的最後一個問題來自 Paul C。

Yes.

是的。

We see a path to positive margin in ideally on Air and Gravity.

我們在空氣和重力方面看到了一條通往正利潤的道路。

And I think you can see that we are making good progress and improvements in gross margin.

我想你可以看到我們在毛利率方面取得了良好的進展和提高。

With all projects and pipeline, I feel very comfortable where we are and will be in the contribution margin.

對於所有項目和管道，我對我們現在和將來的貢獻邊際感到非常滿意。

We have a lot of fixed cost in our cost of goods sold related to our factory.

我們的銷售成本中有很多與我們工廠相關的固定成本。

And in addition to lowering the cost to build a vehicle we need a level of scale to get above our fixed cost.

除了降低車輛製造成本之外，我們還需要一定程度的規模來超出固定成本。

We have been heading in the right direction with Air, and we expect Gravity to drive even further scale.

我們的 Air 一直在朝著正確的方向前進，我們預計 Gravity 將進一步推動規模發展。

From a cost perspective, there's very high reuse of the powertrain technology in Gravity that we use in Air.

從成本角度來看，我們在 Air 中使用的 Gravity 動力總成技術的重複使用率非常高。

I mean, maybe I can add a bit of color here.

我的意思是，也許我可以在這裡添加一些顏色。

That's completely right, Gagan.

完全正確，加根。

On the powertrain side, people need to realize that we've got about 95% reuse across from Air to Gravity.

在動力總成方面，人們需要意識到，從空氣到重力，我們已經實現了大約 95% 的重複使用。

The battery modules are virtually the same.

電池模組實際上是相同的。

The PAC layout is very slightly different and we use the same motor technology, inverter technology, slightly different gear ratio to get the tractability for a true SUV.

PAC 佈局略有不同，我們使用相同的馬達技術、逆變器技術和略有不同的齒輪比來獲得真正 SUV 的操控性。

But we have gone through a different platform architecture from Gravity, from Air and we've done that just in three years.

但我們經歷了與 Gravity、Air 不同的平台架構，而且我們只花了三年就做到了這一點。

I don't think anyone has really been able to do that.

我認為沒有人真正能夠做到這一點。

And there's a good reason for this by using a different platform, we're not constrained by the boundaries of a platform designed for Sedan.

使用不同的平台是有充分理由的，我們不會受到專為轎車設計的平台邊界的限制。

And that means that we're able to get incredible distinct product differentiation across from Air to Gravity.

這意味著我們能夠獲得從空氣到重力的令人難以置信的獨特產品差異化。

And that's never been achievable for in an SUV because of our technology.

由於我們的技術，這在 SUV 中是不可能實現的。

So Lucid Gravity provides interior space and practicality of full size SUV within the exterior footprint of just a midsized SUV.

因此，Lucid Gravity 在中型 SUV 的外部佔地面積內提供了全尺寸 SUV 的內部空間和實用性。

And also that on a cost perspective, we take all the learnings from Air and applied them across the Gravity platform.

此外，從成本角度來看，我們從 Air 中汲取了所有經驗，並將其應用到 Gravity 平台上。

So this may sound a little bit counterintuitive, but we're able to design a vehicle at a greater cost lens than if we were just to simply try to use the entire Air platform.

因此，這聽起來可能有點違反直覺，但與僅僅嘗試使用整個 Air 平台相比，我們能夠以更高的成本設計車輛。

And by creating that product differentiation, we really can expand our total addressable market.

透過創造產品差異化，我們確實可以擴大我們的整體目標市場。

Great.

偉大的。

Now we'd like to take questions from the phone lines.

現在我們想透過電話回答問題。

Liz, can we go to the first question, please?

LZ，我們可以先回答第一個問題嗎？

John Murphy.

約翰·墨菲.

Just's a first question is your working through sort of the greater proportion of mix being pure and taking some price action on the Air, what lessons are you learning as to sort of price elasticity of demand.

Just 的第一個問題是，您透過更大比例的純混合物進行工作，並在空氣中採取一些價格行動，您在需求價格彈性方面學到了什麼。

And it's really kind of interesting that you might be taking a slightly more conservative view or favorably from the consumer side on the grand touring on the Gravity because it's about $15,000 or less than the Grand Touring on the Air.

有趣的是，你可能會對 Gravity 上的 Grand Touring 採取稍微保守的觀點或從消費者角度看好，因為它比 Grand Touring on the Air 大約 15,000 美元或更少。

So it just seems like you're learning some lessons and coming a little bit further down in the price point to unlock some demand.

因此，看起來你正在吸取一些教訓，並進一步降低價格以釋放一些需求。

So just kind of what lessons you're learning there.

那麼你在那裡學到了什麼教訓。

And what could that mean for the Gravity ramp as opposed to what happened with the Air?

與空氣中發生的情況相比，這對重力坡道意味著什麼？

Yes, John.

是的，約翰。

I think the pricing structure of Gravity.

我認為 Gravity 的定價結構。

Lucid Gravity, I think it's absolutely super affordable.

Lucid Gravity，我覺得絕對超平價。

A super value proposition actually because if you look at the fully loaded Gravity Grand Touring on our website now on the configurator, it actually fully loaded comes in at lower than the entry price of a big electric SUV being launched now by one of our competitors in the Big 3.

實際上，這是一個超級價值主張，因為如果您現在在我們網站上的配置器上查看滿載的Gravity Grand Touring，它實際上滿載的價格低於我們的競爭對手之一現在推出的大型電動SUV 的入門價格。

And so it just shows what a cracking value for money proposition that is.

所以它只是表明這是一個多麼物有所值的主張。

And we're able to achieve this because we've got so much carryover content from our powertrain technology.

我們之所以能夠實現這一目標，是因為我們從動力總成技術中繼承了許多內容。

We've got all the learnings from Lucid Air, but there's another special factor at work here.

我們從 Lucid Air 中學到了所有經驗，但還有另一個特殊因素在起作用。

And this is what I addressed in our Manufacturing and Technology Day.

這就是我在製造和技術日上談到的內容。

Because we've got the most advanced technology in the world, we're able to achieve over 440 miles range with virtually half the battery size of that competitor.

由於我們擁有世界上最先進的技術，因此我們能夠以競爭對手一半的電池尺寸實現超過 440 英里的續航里程。

That can give us a build materials advantage of $14,000, $15,000 potentially.

這可以為我們帶來 14,000 美元的建築材料優勢，潛在的 15,000 美元。

And that's how we can pass that value proposition to our customers.

這就是我們如何將價值主張傳遞給客戶的方式。

And not only that, it will cost less to run because we use less electricity, there'll be less draw on the grid.

不僅如此，運作成本也會更低，因為我們使用的電力更少，電網的消耗也更少。

The car is lighter, and more agile, and more fun to drive.

汽車更輕、更敏捷、開更有趣。

The battery pack by being smaller, occupies less interior space.

電池組更小，佔用的內部空間更小。

So we have a rumor comfortable car.

所以我們有一輛傳聞舒適的汽車。

We genuinely have seven seating space for seven adults.

我們確實有七個座位空間，可容納七名成人。

It's not your normal five-plus-two Tata SUV.

這不是普通的五加二塔塔 SUV。

We just get the kids in the back.

我們只是讓孩子坐在後面。

All this, it is because this is a technology play.

這一切，都是因為這是一場科技劇。

And our technology is now starting to become a cost down enabler.

我們的技術現在開始成為降低成本的推動者。

And then maybe I could ask a second question, and I apologize for skipping over the Gravity to some degree and trying to get to the midsize but when you think about the commonality between the Air, the Gravity and then whatever the name will be on the midsize, what are the reuse potential there and as you think about sort of in general in the organization.

然後也許我可以問第二個問題，我很抱歉在某種程度上跳過了“重力”並試圖進入中型，但是當你考慮到“空氣”、“重力”以及無論名稱是什麼之間的共性時中型規模，那裡的重用潛力是什麼，以及您在組織中的一般情況。

How much of your resources from a human capital perspective and actual capital -- dollar capital perspective, is now being focused on that midsize?

從人力資本的角度和實際資本（美元資本的角度）來看，您的資源有多少現在集中在中型企業上？

So I think if you look at some of our core technology, all our expertise in battery management system control logic, traction control, stability control, motor control, all of that is directly transferable.

所以我認為，如果你看看我們的一些核心技術，我們在電池管理系統控制邏輯、牽引力控制、穩定性控制、馬達控制方面的所有專業知識，所有這些都是可以直接轉移的。

If you look at our infotainment technology suite, ADAS, A lot of that is directly transferable.

如果你看看我們的資訊娛樂科技套件 ADAS，其中很多都是可以直接轉移的。

A lot of our core software expertise, absolutely.

絕對是我們的許多核心軟體專業知識。

But in terms of motor technology, we're taking the very best learning from our Zeus program and transferring that into Atlas, Atlas is well on its way, actually.

但在電機技術方面，我們正在從 Zeus 計劃中汲取最好的經驗，並將其轉移到 Atlas 中，實際上 Atlas 正在順利進行中。

Atlas is all about an absolute ultra-affordable version of Zeus.

Atlas 是一款絕對超實惠的 Zeus 版本。

And this was affordable because it enabled cost down in batteries.

而且這是可以負擔的，因為它可以降低電池成本。

So we're going to take next-generation battery tech and a completely new architectural very advanced architectural look at midsize and that is going to be really aimed at reducing the bill of materials cost for high volume.

因此，我們將採用下一代電池技術和全新的架構，非常先進的中型架構外觀，這將真正旨在降低大量的材料成本。

So we will use different high-volume processes and very much focused upon the factory as the center of the cost down driver.

因此，我們將使用不同的大批量工藝，並非常關注工廠作為成本降低驅動因素的中心。

This is a very different animal.

這是一種非常不同的動物。

We've proven we've got the best vehicle, the technological tour to force in Air and Gravity.

我們已經證明，我們擁有最好的飛行器、空氣與重力技術之旅。

Midsize is going to be the really different approach.

中型將是真正不同的方法。

It's going to be cost conscious.

它將具有成本意識。

Its focus is the machine that builds the machine.

它的重點是製造機器的機器。

Andres Sheppard, Cantor Fitzgerald.

安德烈斯·謝潑德，康托·菲茨杰拉德。

I'm wondering if -- I know it might be a bit early, but curious to see if you have a sense or an idea what kind of unit mix are you anticipating for next year with the Gravity ramping up in terms of the Air and the Gravity?

我想知道——我知道這可能有點早，但很想知道你是否有一種感覺或想法，隨著重力在空氣和空氣方面的增強，明年你預計會出現什麼樣的單位組合？

Just curious what is the better way to think about that for next year.

只是好奇明年更好的思考方式是什麼。

So what we've done, we started with a high-end product first, the Gravity, Lucid Gravity, Grand Touring.

所以我們所做的，我們首先從高端產品開始，即 Gravity、Lucid Gravity、Grand Touring。

We think there is a huge slight demand for that.

我們認為對此有巨大的輕微需求。

We've announced that later in 25 an appropriate moment in time, we'll bring out the Lucid Gravity Touring, which starts at was $79,900.

我們已經宣布，在 25 月晚些時候的適當時候，我們將推出 Lucid Gravity Touring，起價為 79,900 美元。

The Grand Touring starting at 94,900 which I think is a cracking price point for the product over 440 miles of range true seven-seater high-performance 828-horsepower machine. it really is a flying machine.

Grand Touring 的起價為 94,900 美元，我認為對於這款續航超過 440 英里的真正七座高性能 828 馬力機器來說，這是一個突破性的價格點。它確實是一架飛行機器。

So I think there's huge latent demand for further Grand Touring I've stated before that we're not manufacturing constrained with our builds for Air.

因此，我認為對進一步的 Grand Touring 存在巨大的潛在需求，我之前已經說過，我們的製造不會受到 Air 建造的限制。

We've been market constrained.

我們一直受到市場的限制。

I anticipate that we're going to be manufacturing constrained next year and the buildup of Gravity.

我預計明年我們的製造和重力的建設將受到限制。

We need to get the quality right and take a judicious and very prudent approach to meeting customer expectations with the quality as we ramp up.

我們需要保證質量，並在我們的發展過程中採取明智且非常謹慎的方法來滿足客戶對品質的期望。

I anticipate we will be manufacturing ramp-up quality mindset constrained in that ramp-up, not constrained by market demand.

我預期我們的製造品質提升思維將受到這種提升的限制，而不是受到市場需求的限制。

And then we'll transition to the Touring at some stage late next year when we deem appropriate.

然後我們將在明年年底的某個階段我們認為合適的時候過渡到巡迴賽。

Got it.

知道了。

That's super helpful.

這非常有幫助。

I appreciate that color.

我很欣賞那種顏色。

And maybe just as a quick follow-up.

也許只是作為一個快速的後續行動。

I want to touch on the customer agreements with the government of Saudi Arabia for the up to 100,000 vehicles.

我想談談與沙烏地阿拉伯政府簽訂的最多 10 萬輛汽車的客戶協議。

I believe in the past, you had alluded to the fact that the vast majority of the deliveries for this contract will actually be the Gravity in the midsized platform.

我相信您過去曾提到過，該合約的絕大多數交付實際上將是中型平台中的「重力」。

So I guess, a, I wanted to confirm that and, b, wondering if in light of you now ramping up the Gravity next year, do you foresee a significant ramp-up in deliveries to Saudi Arabia.

所以我想，a，我想確認這一點，b，想知道鑑於你們現在加大了明年「重力」的力度，你們是否預計對沙烏地阿拉伯的交付量會大幅增加。

Well, thanks, Andres.

嗯，謝謝，安德烈斯。

I mean, what we said is, look, we anticipate that there will be a natural distribution of that -- of those deliveries based upon a price point.

我的意思是，我們所說的是，看，我們預計這些交付將根據價格點進行自然分配。

Although that is not actually being determined.

儘管這實際上還沒有確定。

So we actually think that Gravity is going to be the perfect car for the Middle East or Saudi Arabia.

所以我們實際上認為重力將成為中東或沙烏地阿拉伯的完美汽車。

It is the tractability that an all-wheel-drive SUV gives you from electric power.

這是全輪驅動 SUV 透過電力為您提供的操控性。

Traction control operating literally 1,000 times a second with extreme precision in low grip and Sandy conditions.

牽引力控制系統每秒運行 1,000 次，在低抓地力和沙地條件下具有極高的精度。

This is what I believe the Middle East as a broader market really has been waiting for.

我相信這就是中東作為一個更廣闊的市場真正一直在等待的。

So I think it's going to be a Houghton and early part of the -- some of the early build is going to be heading straight for KSA early next year.

所以我認為這將是霍頓和早期的一部分——一些早期建築將在明年初直接運往沙烏地阿拉伯。

Wonderful.

精彩的。

Congrats on the quarter.

恭喜本季。

I'll pass it on.

我會把它傳遞下去。

Stephen Gengaro, Stifel.

史蒂芬·根加羅，斯蒂菲爾。

So I think two for me.

所以我認為對我來說有兩個。

One is sort of following up on the prior question.

一個是對前一個問題的跟進。

But when we think about the Gravity and the production ramping at the Gravity in 2025 over the next several quarters.

但當我們考慮到 Gravity 以及 2025 年 Gravity 在未來幾季的產量成長時。

How should we think about the gross margin impact?

我們該如何看待毛利率的影響？

I mean I imagine at the beginning, it would be a headwind, but then you start to get volume.

我的意思是，我想像在一開始，這將是一個逆風，但隨後你開始獲得成交量。

How do we think about just the progression of gross margin as the Gravity ramps?

隨著重力的增加，我們如何看待毛利率的變化？

Yeah, absolutely.

是的，絕對是。

As Peter mentioned earlier, that we are already applying our learnings from a Tier 2 Gravity.

正如彼得之前提到的，我們已經在應用從二級重力中學到的知識。

So we are in a better shape where we look at -- we are heading in the right direction for the Air, but we expect Gravity to drive even further scale.

因此，從我們的角度來看，我們處於更好的狀態——我們正朝著 Air 的正確方向前進，但我們預計 Gravity 會進一步推動規模發展。

And we feel very confident with our cost reduction and technology efforts that Gravity is giving us that scale.

我們對 Gravity 為我們帶來的規模降低成本和技術努力充滿信心。

So today, we are not guiding production or delivery numbers for 2025, which we'll do in Q4, but we are in the right trajectory from a cost perspective for Gravity.

因此，今天，我們不會指導 2025 年的生產或交付數量（我們將在第四季度這樣做），但從 Gravity 的成本角度來看，我們正處於正確的軌道上。

Okay.

好的。

Great.

偉大的。

And the other question -- just kind of a high level, when you think about your capital needs and timing of capital, like you did the recent capital raise and I was just curious about how you choose kind of when to do it versus need because it felt like you had a longer runway.

另一個問題——當你考慮你的資本需求和資本時機時，就像你最近進行的融資一樣，我只是很好奇你如何選擇何時進行以及何時需要，因為感覺就像你有一條更長的跑道。

And I know it creates confidence to have the sort of thinking about how you balance that out.

我知道，思考如何平衡這一點可以創造信心。

Glad you asked me that, Stephen actually.

很高興你問我這個問題，史蒂芬。

So to recap, we recently raised nearly $1.75 billion, and that secures the future of the company.

回顧一下，我們最近籌集了近 17.5 億美元，這確保了公司的未來。

And it secures our financial runway well into 2026.

它確保我們的財務跑道能夠順利進入 2026 年。

And that takes us way past the -- not just the start of production of Gravity but well through its ramp-up phase.

這不僅讓我們度過了《地心引力》製作的開始階段，也讓我們度過了它的加速階段。

And that means for this year we've raised well over $4 billion in what's been a brutal market where Wall Street is really falling in love with the EVs

這意味著今年我們在殘酷的市場中籌集了超過 40 億美元的資金，華爾街真的愛上了電動車

And it just shows just how we can buck the trend because there's been a cognizance of the value of our tech both commercially and as a key product differentiator.

它只是展示了我們如何逆勢而行，因為我們已經認識到我們的技術的商業價值和作為關鍵產品差異化因素的價值。

Now this should come as no surprise whatsoever because before we had a financial runway into Q4 2025.

現在這應該不足為奇，因為之前我們已經有一條進入 2025 年第四季的財務跑道。

Y

是

ou never want to be -- have a runway less than a year.

你永遠不想——擁有一條跑道不到一年。

So it makes perfect sense.

所以這是完全有道理的。

And I've always said they would want to be opportunistic and raise capital in the moment is right and not just run things right to the last minute.

我總是說，他們會想機會主義，在正確的時刻籌集資金，而不只是把事情拖到最後一刻。

Why would I run things for the right last minute?

為什麼我要在最後一刻才處理事情？

What we did, I think, was a very prudent move, we took the opportunity.

我認為我們所做的是非常謹慎的舉動，我們抓住了機會。

Why would I want to run it into the holiday period?

為什麼我要把它放到假日期間呢？

I don't want to be running less than a year's financial runway.

我不想運行不到一年的財務跑道。

So I think this has been misinterpreted.

所以我認為這被誤解了。

I think it's super positive news for the company.

我認為這對公司來說是超級積極的消息。

We've raised capital when others have not been able to.

當其他人無法籌集到資金時，我們已經籌集到了資金。

It's had a huge step forward in securing our future.

它在確保我們的未來方面向前邁出了一大步。

And there's another lines here, which again, should be recognized.

這裡還有另一行，再次應該被辨識。

The PIF went pro-rata on that $1.75 billion.

PIF 按比例支付這 17.5 億美元。

So you've got 2 factors.

所以你有兩個因素。

You've got independent third-party validation of our value.

您已經獲得了我們價值的獨立第三方驗證。

So we're not just dependent upon the PIF, but the PIF go and show shoulder-to-shoulder commitment to Lucid and their support of us again because we are absolutely in this together long term.

因此，我們不僅依賴 PIF，而且 PIF 也再次對 Lucid 做出並肩承諾，並再次支持我們，因為從長遠來看，我們絕對是在一起的。

But a long-term partnership which transcends a near financial arrangement because we are cornerstone of the Saudi Arabia's bold vision for 2030 to transition to a sustainable economy.

但這種長期夥伴關係超越了近乎財務安排，因為我們是沙烏地阿拉伯 2030 年向永續經濟轉型的大膽願景的基石。

And it's Lucid's technology, which is going to enable that.

Lucid 的技術將實現這一目標。

Great.

偉大的。

No, that's good color.

不，這個顏色很好。

Steven Fox, Fox Advisors.

史蒂文‧福克斯，福克斯顧問公司。

I had two questions as well.

我也有兩個問題。

I guess, first of all, just to follow through on all the conversation about cost and the similarities from a technical standpoint with the Gravity.

我想，首先，只是為了從技術角度跟進所有關於成本和與 Gravity 的相似之處的對話。

What are the working capital implications for next year as you ramp Gravity if there are any?

如果有的話，當你增加重力時，明年的營運資金影響是什麼？

And then secondly, as you think about success for next year and into '26 towards a midsized vehicle.

其次，當你考慮明年和 26 年中型車的成功。

I'm just trying to understand what has to happen in order for that ramp to go ahead given where the financial position of the company is right now.

我只是想了解考慮到公司目前的財務狀況，必須發生什麼才能繼續前進。

Yeah.

是的。

So if you look at it from a working capital perspective, as we said earlier, the funding today will take us well into financial railway well into 2026.

因此，如果從營運資金的角度來看，正如我們之前所說，今天的資金將帶我們進入 2026 年的金融鐵路。

And now with our continued cost reduction and technology initiatives, all things are coming together, where we are expecting, and we are very proud of that one.

現在，隨著我們不斷降低成本和採取技術舉措，一切都在朝著我們所期望的方向發展，我們對此感到非常自豪。

In terms of -- what's the second question, I didn't follow up completely on that one.

至於第二個問題是什麼，我沒有完全跟進這個問題。

Yes.

是的。

Well, before we go into that, I'm just trying to understand the dollars of working capital that might go out the door next year versus this year as you ran.

好吧，在我們討論這個問題之前，我只是想了解一下明年與今年可能會花掉的營運資金的金額。

So for dollars perspective, we'll provide more color during our Q4 guidance for the full year 2025.

因此，從美元角度來看，我們將在 2025 年第四季的指引中提供更多資訊。

And typically, there we'll cover, okay, color on the gross margin as well as OpEx and the CapEx.

通常，我們會介紹毛利率以及營運支出和資本支出的顏色。

So that will cover in the next quarter earnings.

因此，這將涵蓋下個季度的收益。

Okay.

好的。

And then I'm just trying to understand like what are the thresholds that have to be crossed with two models out there, two different types of vehicles out there in order to have confidence in ramping a third type of vehicle?

然後我只是想了解兩種車型、兩種不同類型的車輛必須跨越哪些門檻，才能有信心推出第三種類型的車輛？

Or is it just you'll do it as long as the funding is there for the third vehicle.

或者只要有第三輛車的資金，你就會這麼做。

We've already started.

我們已經開始了。

It's not like we've got to get confidence in order to start a midsize.

我們並不是必須要有信心才能推出中型產品。

A very large proportion of the engineering team is already working on midsize.

工程團隊的很大一部分已經在研究中型尺寸。

A very large proportion of the Powertrain team is creating and developing the Atlas powertrain technology to power midsize.

動力總成團隊的很大一部分人正在創建和開發 Atlas 動力總成技術，為中型車提供動力。

The factory to build midsize in Saudi Arabia, the foundations are laid, the steel is going up, even I think some walls are even on the factory.

在沙烏地阿拉伯建造中型工廠，地基已經打好，鋼材正在拔地而起，甚至我認為工廠上甚至有一些牆。

And we're thinking that in readiness for a start of production late '26 so we are all in on midsize.

我們正在考慮為 26 年末開始生產做好準備，因此我們將全力投入中型產品。

And this is about scale.

這與規模有關。

And there are four steps to scale.

擴展有四個步驟。

We're selling more Air each quarter as brand awareness grows and more people get to realize our car is far superior to these lane EV offerings out there.

隨著品牌知名度的提高，以及越來越多的人意識到我們的汽車遠遠優於市面上的車道電動車，我們每季都會銷售更多的 Air。

And then we're going for 6 times the total addressable market with Gravity.

然後，我們將透過 Gravity 獲得 6 倍的總目標市場。

That's the car all America has been waiting for.

這就是全美國都在等待的車。

And then the next step will be midsize.

然後下一步將是中型。

That's the big one.

這是最大的一個。

That is our really big world platform.

那才是我們真正的大世界平台。

And then the icing on the cake is technology licensing.

錦上添花的是技術許可。

Those are the four steps to get this really serious scale.

這些是獲得這個真正嚴肅的規模的四個步驟。

Great.

偉大的。

That's helpful, Peter.

這很有幫助，彼得。

I appreciate that.

我很欣賞這一點。

Tobias Beith, Redburn Atlantic.

託拜厄斯·貝斯，《雷德本大西洋》。

I have two, please, which I'll ask separately.

我有兩個，我會分別詢問。

Firstly.

首先。

Gagan, the charge to write down inventory was, call it, flat sequentially and more unfinished inventory was purchased in the period.

加根稱，減記庫存的費用連續持平，並且在此期間購買了更多未完成的庫存。

That chain of logic suggests that the new -- or the value of new stock purchase was impaired less, i.e., underlying vehicle profitability was better.

這一邏輯鏈表明，新股票或新股票購買的價值受到的損害較小，即基礎車輛的盈利能力更好。

I was wondering if, firstly, you can confirm if this is correct?

我想知道，首先，你能否確認這是否正確？

And secondly, can you expand on the cost efficiency comments in your prepared remarks?

其次，您能否在準備好的發言中詳細闡述成本效率的評論？

Absolutely.

絕對地。

So your -- yes, what you said is absolutely correct.

所以你的——是的，你說的是絕對正確的。

As we are getting better on our cost, our impairment on new inventory is getting better.

隨著我們的成本越來越好，我們對新庫存的減損也越來越好。

Absolutely correct.

絕對正確。

Now coming to the cost efforts.

現在來談談成本工作。

If you look at our gross margin itself and sequentially, comparing Q3 with Q2, although GAAP basis, we improved by 28 percentage points.

如果你看看我們的毛利率本身和順序，將第三季與第二季進行比較，儘管按照 GAAP 計算，我們還是提高了 28 個百分點。

But please note that last quarter, we had some warranty campaign even if we would have excluded, we still improved by 11 percentage points apple-to-apple.

但請注意，上個季度，我們進行了一些保固活動，即使我們將其排除在外，我們仍然提高了 11 個百分點。

And that is across the board, whether it's a Bobcat, is a logistics core operational efficiency because sometimes we take actions, but the result come a few months later.

這是全面的，無論是山貓，還是物流的核心營運效率，因為有時我們採取了行動，但結果卻在幾個月後才出現。

So this we are now seeing the trend.

所以我們現在看到了這種趨勢。

And that's why, as I said in my opening remarks, we are very comfortable where we are and where we expect to be in the forcing period.

這就是為什麼，正如我在開場白中所說的那樣，我們對目前的處境以及我們期望在強迫期所處的處境感到非常滿意。

Very pleased with that.

對此非常滿意。

Okay.

好的。

And I guess, just a small follow-up to that.

我想，這只是一個小小的後續行動。

The theme of kind of reaping cost savings from logistics bill of materials cost damage, it's been said for quite a number of quarters now, in fact, and non your predecessor, Sherry was talking about it.

事實上，從物流物料成本損失中獲得成本節約的主題已經被談論了好幾個季度，而且不是你的前任雪莉（Sherry）在談論這個主題。

And I just wondered whether you could perhaps place me on a timeline.

我只是想知道你是否可以給我安排一個時間表。

How far are we away from all of the cost savings being realized for things like freight and cost savings and where you need to take, I guess, some more difficult actions to actually remove cost from the Air.

我們距離在運費和成本節約等方面實現的所有成本節約還有多遠，我猜你需要採取一些更困難的行動來真正消除航空成本。

And then I have one for Peter, if that's okay.

如果可以的話，我還為彼得準備了一份。

That's a great question.

這是一個很好的問題。

Our journey is recurring.

我們的旅程不斷重複。

We are taking consistent efforts.

我們正在不斷努力。

In fact, we have identified our targets where we want to be end of this year, where we want to be end of next year, where we want to be middle of next year and even beyond that.

事實上，我們已經確定了今年年底、明年年底、明年年中甚至更長的目標。

So we are going to make significant efforts on cost reductions.

因此，我們將在降低成本方面做出重大努力。

In parallel, what we're doing is technology is helping us bring the cost down, like the battery cost, the drive unit.

同時，我們正在做的是科技正在幫助我們降低成本，例如電池成本、驅動單元成本。

But what you see in terms of targets and when we come to scale, is significantly going to turn around it because what we are right now doing with targets, bringing the variable cost significantly down.

但是，當我們擴大規模時，您在目標方面看到的情況將顯著扭轉局面，因為我們現在對目標所做的事情，顯著降低了可變成本。

And with Gravity coming it is going to take us to the next level for scale where all our fixed cost per vehicle will significantly come down.

隨著《地心引力》的到來，它將把我們的規模提升到一個新的水平，每輛車的所有固定成本都將大幅下降。

So you'll see where we are on the gross margin, negative 106%.

所以你會看到我們的毛利率為負 106%。

It was negative 44% last year.

去年為負44%。

So if you look at that improvement and where we will be next year, when we provide some directional color in the Q4 earnings about 25%, we are on the right track in that journey.

因此，如果你看看這一改進以及我們明年的情況，當我們在第四季度收益約 25% 中提供一些方向性色彩時，我們就處於這一旅程的正確軌道上。

I think I'm following Peter, I wondered if you could explain what you mean when you say that the Gravity uses a different platform to Air.

我想我正在關注彼得，我想知道你是否能解釋一下當你說 Gravity 使用與 Air 不同的平台時你的意思。

If I'm correct, both vehicles have nearly identical wheel bases, and LEAP is a modular platform, which would allow for differentiation by our top hat design.

如果我沒猜錯的話，兩輛車的軸距幾乎相同，而且 LEAP 是一個模組化平台，這將允許我們透過高帽設計實現差異化。

So I just want to kind of understand a little bit what got mean by Gravity's the different platform.

所以我只是想稍微了解一下 Gravity 不同平台的意思。

LEAP is a modular platform where you could do a CUV, you could have done a mini van, you could have done a Cooper, you can done lots of things like that where you're fairly compromised as a product.

LEAP 是一個模組化平台，您可以在其中製作 CUV、小型貨車、Cooper，您可以做很多類似的事情，但作為產品相當妥協。

If you look at an example of that is Tesla Model X versus Model S, X is not really as proper SUV, it's more CUV-like because it's based upon S platform.

如果你看一下 Tesla Model X 與 Model S 的例子，X 並不是真正意義上的 SUV，它更像 CUV，因為它是基於 S 平台。

We took the decision to get much more product differentiation to avoid a cannibalization of Air with Gravity.

我們決定獲得更多的產品差異化，以避免空氣與重力的蠶食。

We wanted to really catch the 6 times time of a true SUV market.

我們想真正抓住真正SUV市場的6倍時間。

And that means more off-road capability that means more wheel travel, larger wheel diameters, more suspension movements, you need longer links more durable suspension.

這意味著更多的越野能力，意味著更多的車輪行程、更大的車輪直徑、更多的懸吊運動，您需要更長的連桿、更耐用的懸吊。

So you're going to have a heavier suspension arms and brakes and rated for off-road durability.

因此，您將擁有更重的懸吊臂和煞車，並具有越野耐用性。

So the thing endures a long life on rugged trails.

因此，這東西在崎嶇的小路上可以承受很長的壽命。

And also, we combined that with air suspension, so we could adjust the right height of the vehicle.

而且，我們將其與空氣懸吊結合起來，這樣我們就可以調整車輛的正確高度。

The other thing is that with Air, we sculpted the battery pack around the occupants in order to create the most advanced package and the space concept, which achieved the 500 miles range sculpted around the people.

另一件事是，透過Air，我們圍繞乘員雕刻電池組，以創造最先進的封裝和空間概念，從而實現了圍繞人雕刻的500英里續航里程。

And that's great for a Sedan SUV.

這對於轎車 SUV 來說非常棒。

But for a 3-row SUV, what you need is a really flat floor so we could achieve that with the same battery technology, with the same modules, but we just moved 2 of them around from under the reset to under the front seat.

但對於3 排SUV，您需要的是一個非常平坦的地板，這樣我們就可以使用相同的電池技術和相同的模組來實現這一目標，但我們只是將其中的2 個從重置下方移動到前排座椅下方。

And that makes a different shape back for you, but we got 95% carryover content.

這會為您帶來不同的形狀，但我們得到了 95% 的殘留含量。

But I tell you it's transformative in regards to the product.

但我告訴你，這對產品來說是變革性的。

You've got a true SUV and you've got a true Sports Sedan and they're very, very different and very optimized.

你擁有一輛真正的 SUV，也擁有一輛真正的運動轎車，它們非常非常不同，而且經過了非常優化。

And we realized we couldn't really do that with a carryovers.

我們意識到我們無法透過結轉來真正做到這一點。

Carryover platform would tell us for product differentiation.

結轉平台將告訴我們產品差異化。

And let me tell you, we've done that now.

讓我告訴你，我們現在已經做到了。

Just -- I mean it's only a smidgen over three years from when we launched into the market.

只是——我的意思是，距離我們進入市場僅過了三年多的時間。

From a relatively young company, no one's ever done a second platform in three years.

對於一家相對年輕的公司來說，沒有人在三年內做過第二個平台。

There is no precedent for the rate that my engineering team is operating at.

我的工程團隊的運作速度是史無前例的。

And we really through this year, tap Gravity on crack admirably to hit startup production late this year is an incredible achievement for the team, and I really applaud them all for doing it.

我們確實度過了今年，令人欽佩地利用《重力》在今年年底啟動製作，這對團隊來說是一項令人難以置信的成就，我真的為他們所有人的做法鼓掌。

Okay.

好的。

How do you think this has impacted the cost?

您認為這對成本有何影響？

So I guess when I hear things like that they're not actually just a different top happen it has me a little bit.

所以我想當我聽到這樣的事情時，它們實際上不僅僅是一個不同的頂部發生，它讓我有點感動。

I know, but this is the problem that there is a disproportionate value placed upon true platform sharing because you very rarely share the full platform.

我知道，但問題是，真正的平台共享被賦予了不成比例的價值，因為您很少共享整個平台。

What happens is it's talked about the same platform, but it gets modified.

所發生的情況是，它談論的是同一個平台，但它被修改了。

Now all the superstructure of SUV is going to be different anyway.

現在所有SUV的上層建築無論如何都會有所不同。

All seats are going to be different.

所有座位都會有所不同。

The driver controls are going to be different; the wheels are going to be different; the suspension is going to be different; the breaks are going to be different in any way.

駕駛員控制將會有所不同；車輪將會有所不同；暫停將會有所不同；無論如何，休息時間都會有所不同。

The weight is going to be different.

重量就會不一樣。

So a cost and collapse mechanisms and the way you engineer those have to be different.

因此，成本和崩潰機制以及設計它們的方式必須不同。

Where the real value proposition and economy of scale goes in is in the software and the powertrain architecture and componentry.

真正的價值主張和規模經濟在於軟體以及動力總成架構和組件。

We've got inherently the same motor, state-of-the-art motors, there's a lot of value, the same inverter, the same motor control system on the box all the battery modules. 95% of all value in all the software is carryover.

我們擁有本質上相同的電機，最先進的電機，有很多價值，相同的逆變器，所有電池模組的盒子上都有相同的電機控制系統。所有軟體中 95% 的價值都是結轉的。

You're not going to be able to carry over the doors, the glass, the suspension, the seats and the tailgate anyway.

無論如何，你都無法搬動車門、玻璃、懸吊、座椅和後擋板。

So it's just a tiny bit of it, a relatively small part of it is different to get all that product differentiation.

因此，這只是其中的一小部分，相對較小的一部分是不同的，以獲得所有的產品差異化。

If we didn't do that, you'd be saying, wow, I don't think there's another new 6 times, 6 [TAM], you'd be saying, well, this is a cannibalization situation.

如果我們不這樣做，你會說，哇，我不認為還有新的 6 次，6 [TAM]，你會說，好吧，這是一個蠶食的情況。

It's not differentiated enough.

差異化還不夠。

Maybe you got 2 tomes the TAM, not 6 times the TAM.

也許你有 2 本書的 TAM，而不是 6 倍的 TAM。

This is a value proposition, a bit more engineering, a bit more cost, huge market opportunity.

這是一個價值主張，更多的工程設計，更多的成本，巨大的市場機會。

Thank you.

謝謝。

And I will now turn the call back over to Maynard Um for closing remarks.

現在，我將把電話轉回梅納德·烏姆 (Maynard Um) 進行閉幕致詞。

Thanks, everyone, for joining us today.

謝謝大家今天加入我們。

This now concludes Lucid's third-quarter 2024 earnings conference call.

Lucid 2024 年第三季財報電話會議至此結束。

Thank you.

謝謝。

Thank you, everyone, for joining.

謝謝大家的加入。

You may now disconnect.

您現在可以斷開連線。