Lucid Group Inc (LCID) 2024 Q4 法說會逐字稿

Hello and welcome to Lucid Q4 2024 earnings call.

您好，歡迎參加 Lucid 2024 年第四季財報電話會議。

(Operator Instructions)

（操作員指示）

Well, now I'd like to turn the conference over to Maynard Um. Sir, you may begin.

好吧，現在我想把會議交給 Maynard Um。先生，您可以開始了。

Thank you. And welcome to Lucid Group's fourth-quarter 2024 earnings call.

謝謝。歡迎參加 Lucid Group 2024 年第四季財報電話會議。

Joining me, today, are Marc Winterhoff, our interim CEO; Gagan Dhingra, Senior Vice President of Finance and Principal Accounting Officer; and Taoufiq Boussaid, CFO.

今天與我一起出席的還有我們的臨時執行長 Marc Winterhoff； Gagan Dhingra，財務高級副總裁兼首席會計官；以及首席財務官 Taoufiq Boussaid。

Before handing the call over to Marc, let me remind you that some of the statements, on this call, include forward-looking statements, under Federal Securities' laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, vehicle and products, studios and service networks, financial and operating outlook and guidance, macroeconomic policy and industry trends, company initiatives, and other future events.

在將電話交給馬克之前，請允許我提醒您，根據聯邦證券法，本次電話會議中的一些聲明包括前瞻性聲明。這些包括但不限於有關公司未來財務業績、生產和交付量、車輛和產品、工作室和服務網絡、財務和營運前景和指導、宏觀經濟政策和行業趨勢、公司舉措和其他未來事件的聲明。

These statements are based on the predictions and expectations, as of today. And actual events of results may differ, due to a number of risks and uncertainties.

這些聲明是基於今天的預測和預期。由於存在許多風險和不確定性，實際事件的結果可能有所不同。

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.

請您參閱我們最近向美國證券交易委員會 (SEC) 提交的文件中警示性用語和風險因素，以及投資者文件第 2 頁上的前瞻性聲明，這些文件可在我們網站 ir.lucidmotors.com 的投資者關係部分查閱。

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

With that, I'd like to turn the call over to Lucid's Interim CEO, Marc Winterhoff. Mark, please go ahead.

說到這裡，我想把電話轉給 Lucid 的臨時執行長 Marc Winterhoff。馬克，請繼續。

Thank you, Maynard. And thank you, everyone, for joining us in our 2024 and fourth-quarter earnings call.

謝謝你，梅納德。感謝大家參加我們的 2024 年第四季財報電話會議。

This is my first time speaking to you as Interim CEO. I'm honored the Board has named me to this role, at a pivotal and exciting time in the company's journey. It's a true pleasure to be here and share our vision, progress, and the remarkable strides Lucid had made in 2024.

這是我第一次以臨時執行長的身份與你們交談。我很榮幸董事會在公司發展的關鍵和令人興奮的時刻任命我擔任這一職位。我很高興來到這裡分享我們的願景、進展以及 Lucid 在 2024 年取得的顯著進步。

Before I get to my prepared remarks, I'd like to, first, thank Peter Rawlinson. Peter founded Lucid as you know it today, helping to bring the world the most-advanced EV technology, the Lucid Air -- the world's best sedan -- and the Lucid Gravity, in the SUV, was truly no compromise.

在我開始準備演講之前，我首先要感謝彼得·羅林森。彼得創立瞭如今大家所熟知的 Lucid，幫助為世界帶來了最先進的電動車技術、世界上最好的轎車 Lucid Air 以及 SUV 車型 Lucid Gravity，真正做到了毫不妥協。

Under his leadership, the team built the most-advanced greenfield EV manufacturing plant in the US; built the first car plant in Saudi Arabia; signed the company's first Technology Supply Agreement, with an OAM; and put us on a determined path to further advance the state-of-the -art of electrical cars, with our next-generation Atlas powertrain, in the Midsize platform.

在他的帶領下，團隊建成了美國最先進的綠地電動汽車製造工廠；在沙烏地阿拉伯建造了第一家汽車廠；簽署了公司第一份技術供應協議，並附帶OAM；並讓我們堅定地走上進一步推進中型平台電動車最先進的道路，採用我們的下一代 Atlas 動力系統。

I could probably spend the entire hour speaking to his accomplishments. But, above all, Peter put together an incredible team to advance the company's mission and I'm honored to lead this team into the next phase of its journey.

我可能要花整整一個小時來談論他的成就。但最重要的是，彼得組建了一支出色的團隊來推進公司的使命，我很榮幸能夠帶領這支球隊進入下一個階段。

This [segues], nicely, into my delight to introduce, today, Lucid CFO, Taoufiq Boussaid. Taoufiq brings very strong financial experience, as a CFO, that aligns very well with our long-term strategy. He has decades of experience in strategic finance and operational transformation, with a proven ability to align financial strategy with business objectives, as we scale our operations efficiently.

今天，我很高興向大家介紹 Lucid 財務長 Taoufiq Boussaid。身為財務官，Taoufiq 擁有非常豐富的財務經驗，這與我們的長期策略非常契合。他在策略財務和營運轉型方面擁有數十年的經驗，並已證明能夠將財務策略與業務目標相結合，從而有效地擴大我們的營運規模。

He joined us a few weeks ago but is already getting into the thick of it. Taoufiq, would you like to give a brief introduction?

他幾週前加入我們，但現在已經深陷其中。Taoufiq，可以簡單介紹一下嗎？

Thanks, Marc. And hello, everyone. I couldn't be more excited to be here at Lucid. That's such a pivotal moment, not just for the company but for the entire EV industry.

謝謝，馬克。大家好。我非常高興來到 Lucid。這是一個關鍵時刻，不僅對公司而言，對整個電動車產業而言都是如此。

We are in the middle of a once-in-a-generation shift towards electrification. This is a secular shift. And Lucid is at the leading edge of that transformation.

我們正處於一代人一次的電氣化轉型之中。這是一個長期的轉變。而 Lucid 正處於這一轉型的前沿。

What immediately struck me about Lucid is that this isn't just another car company. It's a company built on engineering excellence, board innovation, and a clear vision to redefine the future of sustainable mobility. And that's exactly why I'm here.

Lucid 給我的第一印像是，它不僅僅是一家汽車公司。這是一家以卓越的工程技術、董事會創新和清晰的願景為基礎、重新定義永續移動未來的公司。這正是我來這裡的原因。

Throughout my career, I've had companies navigate through complex transformation, growth expansions, and large-scale operational turnarounds. I have worked in industries where disruption, competition, and rapid change were constant realities.

在我的整個職業生涯中，我幫助過許多公司經歷了複雜的轉型、成長擴張和大規模的營運轉型。我曾經工作過一些產業，在這些產業中，混亂、競爭和快速變化是常有的現實。

And I've seen, firsthand, what it takes for a company to go from a visionary idea to a financially-strong, globally-scaled business. The key to the success is about smart capital allocation, operational efficiency, and making sure we set up for long-term profitable growth.

我親眼目睹了一家公司如何從一個空想的想法發展成為一家財力雄厚、業務遍布全球的企業。成功的關鍵在於明智的資本配置、營運效率以及確保我們實現長期獲利成長。

At Lucid, we have world-class technology, industry-leading efficiency, and a brand that stands for performance and luxury. But, as we move into the next phase, scaling production, optimizing operations, and accelerating growth, bringing financial discipline will be more critical than ever.

在 Lucid，我們擁有世界一流的技術、領先業界的效率以及代表性能和奢華的品牌。但是，隨著我們進入下一階段，擴大生產、優化營運和加速成長，實施財務紀律將比以往任何時候都更加重要。

What really excites me is the opportunity ahead. The EV market is still in its early days. And as demand continues to grow, the real challenge is scaling efficiently, operating smartly, and driving sustained financial performance.

真正讓我興奮的是未來的機會。電動車市場仍處於早期階段。隨著需求的不斷增長，真正的挑戰是有效擴大規模、智慧營運以及推動持續的財務表現。

That's where my focus will be. Ensuring we scale efficiently, balancing growth with operational excellence, driving financial discipline and smart capital allocation by making sure we invest in the right areas to maximize long-term value and strengthening our financial strategy so that we're not just building great cars but also building a sustainable, profitable company that delivers for our investors and stakeholders.

這就是我關注的重點。確保我們有效率地擴大規模，在成長與卓越營運之間取得平衡，推動財務紀律和明智的資本配置，確保我們投資於正確的領域以最大化長期價值，並加強我們的財務策略，以便我們不僅能製造出優秀的汽車，還能打造一家可持續發展、盈利的公司，為我們的投資者和利益相關者提供服務。

I've had the chance to drive the Lucid Air and experience the Lucid Gravity and I can confidently say that these are game-changing vehicles. But great products alone don't make a great company.

我有機會駕駛 Lucid Air 並體驗 Lucid Gravity，我可以自信地說，這些都是改變遊戲規則的車輛。但僅有優秀的產品並不能成就優秀的公司。

It takes strong execution, a clear financial roadmap, and the right leadership to turn potential into sustained success. That's why I'm here. And that's why I'm committed to delivering.

需要強而有力的執行力、清晰的財務路線圖和正確的領導力才能將潛力轉化為持續的成功。這就是我來這裡的原因。這就是我致力於實現這一目標的原因。

Over the coming weeks and months, I look forward to engaging with our investors, analysts, and key stakeholders, sharing more about our strategy and working with this incredible team to make Lucid a true powerhouse in the industry.

在接下來的幾週和幾個月裡，我期待與我們的投資者、分析師和主要利益相關者接觸，分享更多關於我們的策略，並與這個優秀的團隊合作，使 Lucid 成為行業中真正的強者。

I'm honored to be here. And I can't wait to get started.

我很榮幸來到這裡。我已經迫不及待地想要開始了。

Thank you.

謝謝。

Thank you, Taoufiq.

謝謝你，Taoufiq。

I also want to take a moment to give a special thank you to Gagan Dhingra for his great work as our Interim CFO. Gagan is an incredible example of Lucid's experienced internal talent that we can utilize to maintain seamless continuity.

我還想藉此機會特別感謝 Gagan Dhingra 作為我們的臨時財務長所做的出色工作。Gagan 是 Lucid 經驗豐富的內部人才的一個令人難以置信的例子，我們可以利用他來保持無縫的連續性。

I'd also like to congratulate him on his promotion and expanded role as the Senior Vice President of Finance and Accounting, in addition to his role as Principal Accounting Officer. We look forward to your continued contributions to Lucid.

我還要祝賀他除了擔任首席會計官之外，還晉升為財務和會計高級副總裁，並擔任更重要的職位。我們期待您繼續為 Lucid 做出貢獻。

I believe Taoufiq's addition and Gagan's promotion set the finance organization up for continued success in accelerating our strategic priorities at Lucid.

我相信，Taoufiq 的加入和 Gagan 的晉升將為財務部門繼續取得成功奠定基礎，從而加速 Lucid 的策略重點。

Now, turning to the business.

現在，談談業務。

2024 was an incredible year for Lucid. We established ourselves as the preeminent leader in EV technology, producing the longest-range, fastest-charging, most efficient sedans on the market, achieving a market lead at 5 miles per kilowatt hour.

2024 年對 Lucid 來說是不可思議的一年。我們確立了自己在電動車技術領域的卓越領先地位，生產出市場上行駛里程最長、充電速度最快、效率最高的轎車，以每千瓦時 5 英里的速度在市場上處於領先地位。

We saw four consecutive quarters of record deliveries, significant year-over-year improvements in gross margin and our working capital, delivered our first Lucid Gravity SUVs, and strengthened our balance sheet. I think it's fair to say that our say-do ratio was very good.

我們連續四個季度創下交付量記錄，毛利率和營運資金較去年同期大幅提升，交付了首批 Lucid Gravity SUV，資產負債表也加強。我認為可以公平地說，我們的說與做的比例非常好。

These accomplishments are a testament to the hard work and the support of the Lucid team, our supply chain partners, and our strategic partner, the PIF. We are grateful for all their continued support.

這些成就證明了 Lucid 團隊、我們的供應鏈合作夥伴以及我們的策略夥伴 PIF 的辛勤工作和支持。我們感謝他們一直以來的支持。

Now, to the numbers.

現在，我們來看看數字。

In 2024, we produced 9,029 vehicles, with deliveries of 10,241. A record year.

2024年，我們生產了9,029輛汽車，交付了10,241輛。創紀錄的一年。

But let me put this in context for you. In 2024, the Lucid Air was the third best-selling EV, in its segment, in the US, according to Motor Intelligence. But that doesn't reflect the momentum we gained because we were the number 1 best-selling EV, in the back half of 2024, Ford segment, and the third best-selling vehicle, when including all gas-powered vehicles, in the segment.

但請讓我為您解釋一下這個情況。根據 Motor Intelligence 的數據，2024 年，Lucid Air 成為美國同類車型中銷量第三好的電動車。但這並不能反映出我們獲得的發展勢頭，因為在 2024 年下半年，我們是福特細分市場中銷量第一的電動車，並且如果包括所有燃氣動力汽車，我們是該細分市場中銷量第三的汽車。

I think this is worth repeating. The Lucid Air was the number1 best-selling EV, in the second half of 2024, Ford segment, and the third best-selling vehicle, among all vehicles in its class, including gas-powered vehicles. Think about that for a second.

我認為這值得重複。Lucid Air 是 2024 年下半年福特細分市場中銷量第一的電動車，也是包括燃氣動力車在內的同級所有車款中銷量第三的車款。想一想。

We outsold many of the most-storied and well-known brands in the automotive industry, in both the EV and the gas market. This is a testament to how much customers love the Lucid Air. They love how it drives, its performance, its drivability, the design, the charging speed, the interior space, and the range, of course.

無論是在電動車市場還是汽油市場，我們的銷量都超過了許多汽車行業最著名、最知名的品牌。這證明了顧客對 Lucid Air 的喜愛程度。他們喜歡它的駕駛方式、性能、可駕駛性、設計、充電速度、內部空間，當然還有續航里程。

And I'll tell you why this is so important, as we enter 2025. Because everything that customers love about the Air, we brought to the Lucid Gravity. This is why we are tremendously optimistic about the Lucid Gravity, in the SUV segment.

在我們進入 2025 年之際，我會告訴你們為什麼這一點如此重要。因為顧客喜愛 Air 的一切，我們都帶到了 Lucid Gravity 上。這就是我們對 SUV 領域的 Lucid Gravity 非常樂觀的原因。

In the coming weeks, we expect, virtually, all of our studios to have showroom and test drive cars. So buyers can see and feel just how great it is for themselves.

在接下來的幾週內，我們預計幾乎所有工作室都會設有展示廳和試駕車。因此買家可以親眼看到並感受到它有多棒。

Turning to the Lucid Gravity demand.

轉向 Lucid Gravity 需求。

We opened US orders for the Lucid Gravity Grand Touring, in November of last year. And orders have exceeded my expectations. We've opened the orders for the Grand Touring in the US and the order for the Gravity Grand Touring are exceeding the Air Grand Touring, by far, in the same timeframe.

我們於去年 11 月在美國開放了 Lucid Gravity Grand Touring 的訂單。而且訂單量超出了我的預期。我們已經在美國開放了 Grand Touring 的訂單，並且在同一時間段內，Gravity Grand Touring 的訂單遠遠超過了 Air Grand Touring。

And this is with an intentionally very limited marketing push, which you can expect us to significantly ramp up throughout 2025. Mark late Q1 in your calendars. We are working on something truly special.

這是在有意限制行銷力度的情況下進行的，您可以預期，我們將在 2025 年大幅加大行銷力度。在日曆上標記第一季末。我們正在做一些真正特別的事情。

And we expect to open orders for the Touring [trend], late this year. So we feel very optimistic about the large market opportunity ahead.

我們預計將於今年稍後開放 Touring [trend] 的訂單。因此，我們對未來的巨大市場機會感到非常樂觀。

I also highlight that well more than three-quarters of the Lucid Gravity orders are new customers to Lucid. The Lucid Gravity is attracting new people to the brand. Again, despite very limited marketing.

我還要強調的是，超過四分之三的 Lucid Gravity 訂單都是來自 Lucid 的新客戶。Lucid Gravity 正在吸引新客戶關注該品牌。再次，儘管行銷非常有限。

As we ramp up the number of Lucid Gravities on the road and our marketing campaigns, we anticipate seeing a strong growth trajectory, like we saw with the Lucid Air but in a much larger market opportunity.

隨著我們增加上路的 Lucid Gravities 數量和我們的行銷活動，我們預計會看到強勁的成長軌跡，就像我們在 Lucid Air 中看到的那樣，但市場機會要大得多。

I'd like to add that, thus far, while we priced the Lucid Gravity Grand Touring, attractively, starting at $94,900, we are seeing customers ordering highly-optioned equipped configurations. A significant portion of the orders have a configured price of above $120,000, with more than two-thirds opting for the seven-seater.

我想補充一點，到目前為止，雖然我們為 Lucid Gravity Grand Touring 設定了頗具吸引力的起價 94,900 美元，但我們看到客戶訂購的是配置高度可選的配置。很大一部分訂單的配置價格超過 12 萬美元，其中超過三分之二的人選擇七人座車。

We would expect this trend to go down, over time, as we mix in less-equipped configurations for inventory.

隨著我們將裝備較少的配置混合到庫存中，我們預計這種趨勢會隨著時間的推移而下降。

Others are moving away from larger three-row SUVs because it's challenging to create an SUV with lots of space without sacrificing range or having a large battery pack that makes it less financially attractive to make.

其他公司則不再生產更大的三排 SUV，因為製造一款擁有大量空間且不犧牲續航里程或配備大型電池組的 SUV 是一項挑戰，因為大型電池組的使用會降低其經濟吸引力。

But we solved that problem with our technology. And I think customers will be really happy with the Lucid Gravity. I believe it's very unique in the industry.

但我們利用科技解決了這個問題。我認為客戶會對 Lucid Gravity 非常滿意。我相信這在行業中是非常獨特的。

Customers have been telling me that it has every feature they want in an SUV. And it's underpinned by our industry-leading technology that customers can only expect from Lucid.

顧客告訴我，它具備他們想要的 SUV 的所有功能。它以我們領先業界的技術為基礎，這是客戶對 Lucid 的期望。

In December, we launched Compromise Nothing as our brand promise, with a hero video and a campaign. I have to say I'm impressed by the response and the positive feedback. I think we found the perfect way of expressing what Lucid is all about and what the customers can expect from joining the Lucid family.

12 月，我們推出了「不妥協」作為我們的品牌承諾，並推出了一個英雄影片和一項活動。我必須說，大家的回應和正面回饋給我留下了深刻的印象。我認為我們找到了完美的方式來表達 Lucid 的意義以及客戶加入 Lucid 家族後可以期待什麼。

We, once again, achieved the highest level of brand awareness among customers intending to purchase EVs. And we're just getting started.

我們再次在有意購買電動車的客戶中獲得了最高的品牌知名度。我們才剛開始。

We have a long list of exciting creative concepts we're working on. Stay tuned.

我們正在研究一系列令人興奮的創意概念。敬請關注。

In 2025, we will take a much bolder approach on marketing than ever before at Lucid, starting with the Lucid Gravity and, then, in just a few weeks' time, in New York City. Now, we're going to put a lot of focus on quality and ensure customers get what they expect from the Lucid brand.

2025 年，我們將在 Lucid 採取比以往更大膽的行銷方式，首先是 Lucid Gravity，然後在短短幾週內登陸紐約市。現在，我們將重點放在品質並確保客戶從 Lucid 品牌獲得他們期望的產品。

As mentioned last quarter, this means we will have more gradual delivery ramp in the first quarter. We'll prioritize Lucid Gravity for showrooms and test drives, which, I think, is the right strategy and one of the key learnings from the Lucid Air launch. We want our customers to be able to experience the Lucid Gravity.

正如上個季度所提到的，這意味著我們在第一季將有更漸進的交付成長。我們將優先考慮 Lucid Gravity 的展廳和試駕，我認為這是正確的策略，也是 Lucid Air 發布的關鍵經驗之一。我們希望我們的客戶能夠體驗 Lucid Gravity。

We are also working with our suppliers to ensure they can ramp with high-quality parts and support our production ramp in Q2.

我們還與供應商合作，確保他們能夠提供高品質的零件並支持我們在第二季的生產提升。

We also opened orders in Saudi Arabia, in early February. And we expect to start producing a number of Lucid Gravity for customers there.

我們還在二月初向沙烏地阿拉伯開放了訂單。我們預計將開始為那裡的客戶生產一定數量的 Lucid Gravity。

These vehicles will be in transit, in the first quarter, for final production at our AMP-2 factory, in the second quarter. So you see those in our Q2 production numbers.

這些車輛將在第一季運輸，並於第二季在我們的 AMP-2 工廠進行最終生產。您可以在我們第二季的生產數據中看到這些。

Now, turning to Europe.

現在，轉向歐洲。

It's still early but we continue to see traction and that's despite the very tough market for EVs in Europe, these days, especially in our segment. And we have our eyes set on accelerating our progress.

現在還為時過早，但我們仍然看到了發展勢頭，儘管目前歐洲的電動車市場非常艱難，尤其是在我們的領域。我們致力於加速進步。

We have added additional sales studios and service centers. For example, in Germany. And we're accelerating the growth of our retail footprint and market coverage in Europe by introducing additional distribution channels like importers and the agency models for select countries, in addition to our existing direct-to -consumer model.

我們增加了額外的銷售工作室和服務中心。例如在德國。除了現有的直接面向消費者的模式外，我們還透過引入進口商和針對特定國家的代理模式等其他分銷管道，加速擴大我們在歐洲的零售足跡和市場覆蓋率。

We are very excited about 2025 and expect another big year.

我們對 2025 年充滿期待，並期待又一個重要的一年。

We expect to produce approximately 20,000 vehicles, with continued growth in 2026, as we get a full year of Lucid Gravity, further brand awareness growth, and more maturity in the business and markets. This will take us to Midsize, with scheduled start of production in late 2026.

我們預計將生產約 20,000 輛汽車，並且隨著 Lucid Gravity 全年的推出、品牌知名度的進一步提升以及業務和市場的進一步成熟，2026 年產量將繼續增長。這將使我們進入中型市場，並計劃於 2026 年底開始生產。

I was just down in the design studio. And I can tell you the vehicles look amazing. I think customers are going to love them. And I can't wait to show them to you.

我剛剛在設計工作室。我可以告訴你，這些車輛看起來棒極了。我認為顧客會喜歡它們。我迫不及待地想把它們展示給你看。

I don't want to reveal too much. But we are currently planning to unveil them late this year or early next year.

我不想透露太多。但我們目前計劃在今年年底或明年年初公佈它們。

In closing, I'd like to highlight the four strategic priorities I'm focused on. First, I continue to be laser-focused on driving our growth of customer deliveries of our high-quality and technology-leading vehicles. As mentioned before, this includes doubling down on marketing across regions we are active in, expanding our retail footprint and distribution channels, and, most importantly, ramping production of the Lucid Gravity.

最後，我想強調一下我所關注的四個策略重點。首先，我將繼續專注於推動我們高品質、技術領先的汽車的客戶交付量成長。如前所述，這包括加倍我們活躍地區的行銷，擴大我們的零售足跡和分銷管道，最重要的是提高 Lucid Gravity 的產量。

Second, continue to advance our technology leadership in vehicles, especially powertrain technology. But, equally important, further advancing our advanced driver-assistance system functionality. For example, by introducing hands-free driving, which we expect to roll-out later this year.

第二，持續提升我們在車輛技術，特別是動力總成技術的領先地位。但同樣重要的是，進一步推動我們先進的駕駛輔助系統功能。例如，我們預計將於今年稍後推出免持駕駛功能。

Third, bringing our three Midsize vehicles to market, with the first vehicle scheduled for startup production in late 2026. In fact, we signed off on the advanced engineering phase of two of the Midsize variants, which will, now, move to the development and industrialization phase. This includes the Atlas powertrain, which is well under development. And it's all about a lower cost version of our Zeus powertrain, in the Air.

第三，將我們的三款中型車推向市場，第一輛汽車計劃於 2026 年底開始生產。事實上，我們已經批准了兩款中型飛機的高級工程階段，現在將進入開發和工業化階段。其中包括正在順利開發的 Atlas 動力系統。這一切都與我們的 Zeus 動力系統的低成本版本有關，即 Air 版。

Fourth, expanding our technology-license business and drive forward other new technology-monetization options. This will be a core focus, in terms of the discussions that are already well under way, as well as examining new opportunities.

第四，擴大我們的技術授權業務並推動其他新的技術貨幣化選擇。這將是目前已在進行的討論以及新機會探討的核心重點。

And, of course, underpinning all of this will be a laser-focus on cost and efficiency, which will be enhanced with a partnership with Taoufiq.

當然，所有這一切的基礎將是對成本和效率的高度關注，而與 Taoufiq 的合作將進一步增強這一目標。

With that, I'd like to turn over to Gagan Dhingra to provide an update on our financials.

接下來，我想請 Gagan Dhingra 提供有關我們財務狀況的最新資訊。

Thank you, Marc. And thank you to those who are taking the time to join us, today.

謝謝你，馬克。感謝今天抽出時間來參加我們的會議的各位。

Before I get to my prepared remarks, I wanted to take a moment to express my gratitude for Peter's leadership, guidance, contributions, and for his continued vision to drive the company's success. I'm grateful for the opportunity to learn and grow under his leadership.

在我開始準備發言之前，我想花點時間表達我對彼得的領導、指導、貢獻以及他推動公司成功的持續願景的感激之情。我很感激有機會在他的領導下學習和成長。

I would also like to take this opportunity to thank the Leadership Team, the Board of Directors, and the entire Lucid team for their unwavering support. It was an honor and a privilege to serve as the company's Interim CFO.

我也想藉此機會感謝領導團隊、董事會和整個 Lucid 團隊的堅定支持。能夠擔任公司的臨時財務長是我的榮幸。

It was also a pleasure telling the Lucid story and getting to know so many of you, in the analyst and investor community. I truly appreciate the thoughtful discussions and insights you have shared. I remain deeply appreciative of the relationships we have built and the journey we have taken together, over the last several earnings calls.

我也很高興講述 Lucid 的故事並認識分析師和投資者社群中的許多人。我非常感謝您分享的深思熟慮的討論和見解。我仍然深深感激我們在過去幾次財報電話會議中建立的關係和共同走過的歷程。

As I turn my focus to my new and expanded role, I would like to take this opportunity to officially welcome Taoufiq to the Lucid team.

當我將注意力轉向新的和更廣泛的角色時，我想藉此機會正式歡迎 Taoufiq 加入 Lucid 團隊。

Turning to our 2024 and fourth-quarter results.

談到我們的 2024 年和第四季業績。

As Marc mentioned, 2024 was a transformational year for Lucid. We delivered four consecutive quarters of record deliveries. We made significant improvement in gross margins, nearly having them on a year-over year-basis. And we expect significant improvement in 2025.

正如馬克所說，2024 年是 Lucid 的轉型之年。我們連續四個季度創下了交付量記錄。我們的毛利率取得了顯著的提高，幾乎與去年同期持平。我們預計 2025 年將出現顯著改善。

We successfully managed operating expenses, despite strategic growth investments, delivering on our guidance for operating margin improvement year over year. We strengthened our balance sheet with continued strong support from our strategic partners, the PIF, as well as new investors in our last transaction. And we also significantly improved working capital, behind strategic improvement in inventory management and despite mixed headwinds.

儘管進行了策略性成長投資，我們仍成功管理了營運費用，並實現了營運利潤率逐年提高的預期。在策略夥伴 PIF 以及上次交易中的新投資者的持續大力支持下，我們增強了資產負債表。儘管面臨各種不利因素，但我們在庫存管理方面進行了策略性改進，顯著改善了營運資本。

We have a lot to be proud of, in light of the challenges we and the industry faced. But we recognize that we still have a lot more work to do.

考慮到我們和產業所面臨的挑戰，我們有很多值得驕傲的地方。但我們認識到我們還有很多工作要做。

The team is invigorated with the Lucid Gravity ramp still ahead of us and as we get closer to the launch of our high-volume Midsize platform.

隨著 Lucid Gravity 的加速推進以及我們大容量中型平台的推出越來越近，整個團隊都充滿活力。

Turning to production and deliveries.

轉向生產和交付。

In 2024, we produced 9,029 vehicles, up 7% year over year and in line with our guidance of approximately 9,000 vehicles. While delivering 10,241 vehicles, up 71% year over year.

2024 年，我們生產了 9,029 輛汽車，年增 7%，符合我們約 9,000 輛的預期。同時交付汽車10,241輛，較去年成長71%。

During the fourth quarter, we produced 3,386 vehicles, up 42% year over year and up 88% sequentially. And delivered 3,099 vehicles, up 79% year over year and up 11% sequentially.

第四季度，我們生產了 3,386 輛汽車，較去年同期成長 42%，較上季成長 88%。交車 3,099 輛，較去年同期成長 79%，較上季成長 11%。

This was the primary driver of the $234.5 million in revenue for the quarter.

這是本季 2.345 億美元收入的主要推動力。

GAAP gross margin, for 2024, was negative 114%, a significant improvement from the negative 225% in 2023. In the fourth quarter, GAAP gross margin was negative 89%.This included a favorable impact related to a net supply recovery, which we were able to successfully negotiate. Excluding this benefit, gross margin of negative 108% was similar to the third quarter and in line with the guidance we provided.

2024 年 GAAP 毛利率為負 114%，較 2023 年的負 225% 有顯著改善。第四季，GAAP毛利率為-89%。包括與淨供應復甦相關的有利影響，我們能夠成功談判。不計入該項收益，毛利率為負 108%，與第三季相似，符合我們提供的指引。

In 2025, we expect another year of significant gross margin improvement, similar to the trend in 2024. We expect this improvement to be driven by a combination of production scale, mix, and continued focus on cost reductions.

我們預計 2025 年毛利率將再次大幅提升，與 2024 年的趨勢類似。我們預計，這項改善將由生產規模、產品組合和持續關注降低成本等因素共同推動。

Gross margin, for the first half of 2025, is expected to be near the levels of Q42 -- excluding the one-time favorable recovery benefit; this is due to one-time incremental cost associated with the Lucid Gravity ramp up -- and, then, significantly improve, with scale, in the second half of the year.

預計 2025 年上半年的毛利率將接近 2042 季度的水平（不包括一次性有利的復甦收益）；這是由於 Lucid Gravity 升級帶來的一次性增量成本，並且隨著規模的擴大，在下半年將得到顯著改善。

We expect Q1 to be more impacted by seasonality and, then, improve in Q2, with the ramping of the Lucid Gravity.

我們預計第一季將受到更大的季節性影響，然後隨著 Lucid Gravity 的提升，第二季將有所改善。

Turning to OpEx.

轉向 OpEx。

R&D, in 2024, was approximately $1.1 billion, up 26% year over year, driven largely by Gravity investments. R&D, in the fourth quarter, of $280 million, was down from $324 million in the prior quarter, as costs related to Gravity diminished with its start of production.

2024 年研發費用約 11 億美元，年增 26%，主要得益於 Gravity 投資。第四季研發費用為 2.8 億美元，低於上一季的 3.24 億美元，原因是隨著《Gravity》開始生產，相關成本減少。

In 2025, we expect R&D to steadily increase throughout the year as we ramp up Midsize and Atlas investments.

到 2025 年，隨著我們加大對中型和 Atlas 型飛機的投資，我們預計全年研發支出將穩定成長。

SG&A, in 2024, was $901 million, up 13% year over year and $243.9 million in the fourth quarter, up 4.4% sequentially.

2024 年銷售、一般及行政費用為 9.01 億美元，年增 13%，第四季為 2.439 億美元，季增 4.4%。

The Lucid Gravity is an opportunity for Lucid to accelerate its brand around a compelling new product, in a much more desirable SUV market segment. And we expect to put more muscle behind the Lucid Gravity to drive sales and brand awareness.

Lucid Gravity 為 Lucid 提供了一個機會，使其能夠在更受歡迎的 SUV 市場中圍繞一款引人注目的新產品加速其品牌發展。我們希望為 Lucid Gravity 注入更多動力，以推動銷售和品牌知名度。

We expect to be able to leverage the brand awareness growth into the Midsize market, with the Midsize vehicles we expect to start producing in late 2026.

我們預計能夠利用品牌知名度的成長進入中型車市場，並預計將於 2026 年底開始生產中型車。

We expect operating expenses in 2025, as a percentage of revenue, to improve by more than 100 percentage points.

我們預計 2025 年營業費用佔收入的百分比將增加 100 個百分點以上。

Turning to other income.

轉向其他收入。

In Q4, we recorded a gain of $292.6 million in other income, from a change in fair value of derivative liability and a corresponding total accretion of $239.7 million, associated with our redeemable convertible preferred stock, under a line item below net loss. This was mainly due to the decrease in our share price at the end of the fourth quarter compared to the prior quarter.

在第四季度，我們記錄了 2.926 億美元的其他收入收益，來自衍生負債公允價值的變動以及與我們的可贖回可轉換優先股相關的 2.397 億美元的相應總增值，列於淨虧損下的項目中。這主要是因為我們第四季末的股價與上一季相比有所下降。

Adjusted EBITDA, in Q424, was approximately negative $577 million, an improvement of 6% from Q3 2024.

2024 年第四季調整後 EBITDA 約為負 5.77 億美元，較 2024 年第三季改善 6%。

Moving to the balance sheet.

轉到資產負債表。

We ended the quarter with approximately $5.08 billion in cash, cash equivalents, investments, and equity securities, with total liquidity of approximately $6.13 billion. This does not include the MISA grants or the SIDF loans.

截至本季末，我們擁有約 50.8 億美元的現金、現金等價物、投資和股權證券，總流動資金約 61.3 億美元。這還不包括 MISA 贈款或 SIDF 貸款。

Additionally, we also renewed and upsized the GIB credit facility, increasing the commitment amount from SAR1 billion to SAR1.9 billion, further improving our liquidity profile by approximately USD240 million and demonstrating strong support from our global banking network.

此外，我們還更新並增加了 GIB 信貸額度，將承諾金額從 10 億沙特里亞爾增加到 19 億沙特里亞爾，進一步改善了我們的流動性狀況約 2.4 億美元，並展示了我們全球銀行網絡的強大支持。

Turning to inventory.

轉向庫存。

Inventory was $407.8 million in Q424, down from $506.8 million in Q3 2024, due to continuous improvement in inventory management.

由於庫存管理持續改善，2024 年第四季庫存為 4.078 億美元，低於 2024 年第三季的 5.068 億美元。

Capital expenditure, for 2024, was $883.8 million, slightly below the $1 billion we guided to on our third-quarter earnings conference call. The lower CapEx was primarily related to the (inaudible) of projects in 2025.

2024 年的資本支出為 8.838 億美元，略低於我們在第三季財報電話會議上預測的 10 億美元。較低的資本支出主要與 2025 年的項目（聽不清楚）有關。

Before moving to the outlook for 2025, let me touch on some external factors.

在展望2025年之前，先來談談一些外在因素。

The industry faces a number of uncertainties, with regard to potential policy and regulation changes in the US. We have been working, tirelessly, to find ways to mitigate some of these impacts. For example, we have been taking steps to localize supply. We have also [actioned] certain supply chain, optimizing efforts that we think could help mitigate some of the tariff impacts, as we understand them today.

該行業面臨許多不確定因素，包括美國潛在的政策和法規變化。我們一直在不懈地努力尋找減輕這些影響的方法。例如，我們一直在採取措施實現本地化供應。我們也對某些供應鏈採取了行動，優化了我們認為可以幫助減輕部分關稅影響的措施，正如我們今天所了解的那樣。

And we expect some of these auctions should also benefit us, from a cost perspective. Of course, we don't expect to be immune from potential policy changes. And understanding precise impact has a number of dependencies.

我們預計，從成本角度來看，其中一些拍賣也會為我們帶來好處。當然，我們並不期望免受潛在政策變化的影響。而理解精確的影響則需要依賴多種因素。

We're closely monitoring the situation and we'll continue to work with our government partners.

我們正在密切關注局勢，並將繼續與政府合作夥伴合作。

Our production outlook embeds our best understanding of the possible impacts, as we comprehend it today.

我們的生產展望體現了我們對今天可能產生的影響的最佳理解。

We forecast production of approximately 20,000 vehicles in 2025.

我們預測 2025 年的產量將約為 20,000 輛。

With regard to our liquidity position, we ended the quarter with total liquidity of approximately $6.13 billion. Due to our cost transformation efforts and cash management, we expect our current liquidity will, now, give us runway into the second half of 2026.

關於我們的流動性狀況，本季末我們的總流動性約為 61.3 億美元。由於我們的成本轉型努力和現金管理，我們預計目前的流動性將為我們進入 2026 年下半年提供動力。

In addition to the recent upsizing of the GIB credit facility, I would also highlight that this does not include future SIDS loans or MISA grants.

除了最近增加 GIB 信貸額度外，我還要強調的是，這不包括未來的 SIDS 貸款或 MISA 贈款。

Moving to CapEx.

轉向資本支出。

Our focus is increasing investments in our future growth initiatives. And we expect capital expenditures, for 2025, to be approximately $1.4 billion, reflecting AMP-2 expansion for our completely built-up unit factory, Atlas powertrain manufacturing in AMP-1, certain (inaudible) in our capital outlay from 2024, and our continued investments in retail infrastructure.

我們的重點是增加對未來成長計劃的投資。我們預計 2025 年的資本支出約為 14 億美元，這反映了我們完全建成的單元工廠的 AMP-2 擴建、AMP-1 中的 Atlas 動力系統製造、2024 年起的某些資本支出（聽不清楚），以及我們對零售基礎設施的持續投資。

From a product perspective, we are scheduled for startup production of our high-volume Midsize platform, in late 2026.

從產品角度來看，我們計劃在 2026 年底開始生產大批量中型平台。

As we close off 2024 and look ahead to 2025, I couldn't be more excited about the opportunities that lie ahead for our company. We built a strong financial foundation, established ourselves as the EV technology leader, and positioned ourselves for significant growth.

當我們結束 2024 年並展望 2025 年時，我對公司未來的機會感到無比興奮。我們建立了強大的財務基礎，確立了我們在電動車技術方面的領先地位，並為實現顯著成長做好了準備。

In the coming year, we will continue to focus on driving efficiency, invest strategically, and creating value for our stakeholders.

在未來的一年裡，我們將繼續致力於提高效率、進行策略性投資並為利害關係人創造價值。

We thank you for your continued trust and support.

我們感謝您一直以來的信任與支持。

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

說完這些，讓我把問題轉回梅納德來回答。

(Operator Instructions)

（操作員指示）

Hi, [Tawanda]. Before we get to the calls on, by phone, I'd like to take some retail questions from investors on the [Safe Technology] platform.

你好，[塔萬達]。在我們進行電話會議之前，我想先回答[Safe Technology]平台上投資者提出的一些零售問題。

Our first question comes from [Patrick] M. Peter mentioned how Lucid aims to be 80% tech company and 20% car company. When does revenue from tech plays expected? What categories of products do you see making up that 80% of revenue?

我們的第一個問題來自 [Patrick] M. Peter，他提到 Lucid 的目標是成為 80% 的科技公司和 20% 的汽車公司。科技股預計何時獲利？您認為哪些類別的產品佔了這 80% 的收入？

Let me take this. Thanks for the question, [Patrick].

讓我來接手這個。謝謝你的提問，[派崔克]。

I think this statement, by Peter, was a bit taken out of context. I want to stress that it doesn't mean that we are deprioritizing our Automotive Car business.

我認為彼得的這句話有點斷章取義。我想強調的是，這並不意味著我們降低汽車業務的優先順序。

Quite the opposite is the fact. We are very excited about the growth potential that we have, particularly with the Gravity coming to market.

事實恰恰相反。我們對我們的成長潛力感到非常興奮，特別是隨著 Gravity 進入市場。

80% tech company and 20% car company, basically, means that we see ample opportunity to leverage our technology, with external customers, beyond our car business. But it doesn't mean, like one of the articles that I've read, in the headline: Lucid it wants to become a supplier and do cars on the [side]. This is not what we're planning to do. I wanted to make this very clear.

80% 的科技公司和 20% 的汽車公司，基本上意味著我們看到了除了汽車業務之外，利用我們的技術與外部客戶合作的充足機會。但這並不意味著，就像我讀過的一篇文章標題中說的那樣：Lucid 想成為一家供應商，在[邊]。這不是我們計劃要做的事。我想把這一點講清楚。

We are in constant discussions with the additional partners for deals. And we're expecting deals to close soon. But I cannot go into further details.

我們一直在與其他合作夥伴討論交易事宜。我們預計交易將很快完成。但我無法透露更多細節。

Types of products and revenues. Right now, it's definitely vehicle technology-related. But we are exploring other means of monetization and other technologies, going forward.

產品類型和收入。現在，這肯定與車輛技術有關。但我們正在探索其他貨幣化手段和其他技術。

Thanks, Marc. We'll go to our second question, from Paul C.

謝謝，馬克。讓我們來討論第二個問題，來自 Paul C.

It's been mentioned that discussions are ongoing regarding potential tech deals since 2021, with one deal made. Are the recently mentioned discussions the same or with different manufacturers? Do you see a deal being made, before the Atlas motor is ready?

據稱，自 2021 年以來，有關潛在技術交易的討論一直在進行，並且已經達成了一項交易。最近提到的討論是相同的還是與不同的製造商？您認為在 Atlas 引擎準備好之前會達成交易嗎？

The recently mentioned discussions are not the same as the potential partners that we talked to in 2021. As a matter of fact, the list is getting longer and longer. Just this week, we had additional very large OEMs reaching out to us, in order to have discussions.

最近提到的討論與我們在 2021 年談到的潛在合作夥伴不同。事實上，這個名單越來越長。就在本週，又有大型原始設備製造商與我們聯繫，希望能討論。

As a matter of fact, regarding the second question, regarding the Atlas motor, it is not needed to have the Atlas motor ready. As a matter of fact, some of the current discussions are about the Zeus powertrain and not about the Atlas.

其實關於第二個問題，關於阿特拉斯發動機，沒必要準備好阿特拉斯發動機。事實上，目前的一些討論是關於 Zeus 動力系統而不是 Atlas。

But future discussions, definitely, are around the Atlas motor. But we don't have to wait until the motor is ready.

但未來的討論肯定會圍繞著 Atlas 引擎。但我們不必等到引擎準備好。

By now, we are established as the technology leader. So we don't have to show it first, anymore.

現在，我們已確立了技術領導者的地位。所以我們不再需要先展示它了。

Thanks.

謝謝。

And our last (inaudible) question is from Paul C.

我們的最後一個（聽不清楚）問題來自 Paul C.

With Gravity deliveries being low, while you're manufacturing ramp-up quality mindset constraint, are you concerned that you will lose a lot of customers who have pre-ordered, due to the long wait times, similar to what happened with Air?

由於 Gravity 的交付量較低，而您在製造過程中又受到品質思維約束，您是否擔心由於等待時間過長而失去大量預訂的客戶，就像 Air 的情況一樣？

Well, let's put long wait times into perspective. We opened the orders in November. So that's a few months ago. And we are starting to ramp up our deliveries, over the next coming weeks. So it's not really in comparison to what we've seen in Air, a long wait time.

好吧，讓我們客觀地看待漫長的等待時間。我們在十一月開始接受訂單。那是幾個月前的事了。在接下來的幾週內，我們將開始加強送貨。因此，與我們在 Air 中看到的情況相比，等待時間並不算長。

And, also, let's not make a mistake. Every automotive OEM has a gradual ramp, at the beginning, when they launch a new product. So it's not unnormal, what we're experiencing here.

而且，我們也不要犯錯。每個汽車原始設備製造商在推出新產品時，都會有一個逐步提升的過程。所以我們在這裡經歷的事情並不罕見。

And even beyond that, yes, there might be some customers that changed their mind because it doesn't fit their timing. But our order intake, right now, is healthy -- actually, very healthy -- without any marketing and we said that in the earnings call. And we expect this to become even healthier, going forward.

除此之外，確實可能會有一些顧客因為時間安排不合適而改變主意。但目前我們的訂單量是健康的——實際上非常健康——沒有任何行銷，我們在收益電話會議上說過這一點。我們期望未來這種情況會變得更加健康。

Great. [Tawanda], we'd like to, now, take questions from the phone lines.

偉大的。 [Tawanda]，現在我們想透過電話回答大家的問題。

(Operator Instructions)

（操作員指示）

John Murphy, Bank of America Securities.

美國銀行證券公司的約翰‧墨菲。

Good evening, everybody. Just wanted to go right to the heart of I think what a lot of people are questioning, right now.

大家晚上好。我只是想直接回答現在很多人質疑的問題。

Peter's not on the call. It's a bit untraditional to make a change with it, like this, without having the founder involved with the transition call. I'm just curious why Peter isn't present and why he would make an announcement, like this, without a successor? Why he wouldn't stick around until a successor was chosen?

彼得沒有接電話。在沒有創辦人參與過渡會議的情況下做出這樣的改變有點不傳統。我只是好奇為什麼彼得沒有出席，以及為什麼他會在沒有繼任者的情況下發表這樣的聲明？為什麼他不肯留任直到選出繼任者？

I know it's a tough question but it's the one that everybody's thinking, right now.

我知道這是一個很難回答的問題，但這是現在每個人都在思考的問題。

I can take that.

我可以接受。

Obviously, I think we clearly announced that Peter made the decision that after 12 years, it's now a good time to pass the baton. What Peter did, in that time, is extraordinary. And he built this company. But he also built a very strong team.

顯然，我認為我們明確宣布了彼得所做的決定，12 年後，現在是交接接力棒的好時機。彼得在那個時候所做的事是非同尋常的。他創建了這家公司。但他也組建了一支非常強大的團隊。

And he felt that it's, now, a good time, after bringing Air to life, establishing our technology leadership and Gravity, to pass the baton. And that's why we are sitting here, right now, to take the call.

他認為，在讓 Air 煥發生機、確立我們的技術領導地位和 Gravity 之後，現在是傳遞接力棒的好時機。這就是我們現在坐在這裡接聽電話的原因。

Okay.

好的。

Then, just a second question. I wonder if you could give us an idea of the Gravity order book and how that's developing. I'm not sure you'd be willing to give us the size but we'd love to hear that. Just the trajectory and how that's developing.

那麼，還有第二個問題。我想知道您是否可以向我們介紹 Gravity 訂單簿以及它的發展。我不確定您是否願意告訴我們尺寸，但我們很樂意聽到這個消息。只是軌跡以及它是如何發展的。

Yeah. I just mentioned that in the earnings call. We opened the orders last November. And I was actually positively surprised about the demand.

是的。我剛剛在收益電話會議上提到了這一點。我們去年十一月開始接受訂單。事實上，我對這種需求感到非常驚訝。

Let's not forget we only opened the orders for the Grand Touring train, which starts at $94,900. And the vast majority of orders that we get are north of $120,000. And that limits, potentially, the numbers. But we see, actually, very strong take-off of orders.

別忘了，我們只開放了 Grand Touring 列車的訂單，起價為 94,900 美元。我們收到的絕大多數訂單金額都在 12 萬美元以上。這可能會限制數量。但實際上，我們看到訂單成長非常強勁。

And I want to repeat. We haven't done much marketing. I would actually almost say we have done no marketing, so far, for the Gravity, which we are planning to increase, drastically, over the next couple of weeks.

我想重複一遍。我們沒有做太多的行銷。實際上，我幾乎可以說，到目前為止，我們還沒有為 Gravity 做過任何行銷，但我們計劃在接下來的幾週內大幅加大行銷力度。

So stay tuned. You will see some very interesting things coming.

敬請關注。你會看到一些非常有趣的事情發生。

So Marc, is it fair to state that the Gravity that you have, within the 20,000 guidance, is what you think you're going to sell? Or is it what you're limited for production? Just trying to understand because it sounds like the order book is still early days. How are you coming up with that number and is it capacity-constrained?

那麼，馬克，是否可以公平地說，你所擁有的 Gravity 在 20,000 輛的指導範圍內，你認為你會出售它？或者這是你們的生產限制嗎？只是想了解一下，因為聽起來訂單簿還處於早期階段。您是如何得出這個數字的？它是否受到容量限制？

Yeah. I think Peter said that, in previous earnings calls, that we're expecting to be capacity-constrained, in the first couple of quarters. And that's the way, right now, we were projecting this.

是的。我認為彼得在先前的財報電話會議上說過，我們預計在前幾季我們的產能會受到限制。這就是我們現在預測的情況。

We have also considered in the 20,000. The fact that, obviously, there's a lot of uncertainty, right now, with regulatory changes and in other parts. That's why we wanted to be a little bit more prudent with the numbers.

我們也考慮過2萬這個數字。事實是，目前監管變化和其他方面顯然存在許多不確定性。這就是為什麼我們希望對數字更加謹慎。

But, yes, we expect to be, in the first couple of quarters, supply-constrained.

但是，是的，我們預計在前幾個季度，供應將會受到限制。

And, then, just one last one, on the Midsize. It sounds like it's getting close to design freeze, almost.

然後，最後一個問題，關於中型車。聽起來它已經快要設計完成了。

I'm just curious when that hits. When we get to see it cause we'd love to see it, cause most of your vehicles, so far, pretty good looking.

我只是好奇什麼時候會發生這種情況。當我們看到它時，我們很樂意看到它，因為到目前為止，你們的大多數車輛看起來都很棒。

And who is taking the lead on that, now that Peter is stepped aside Is he still involved with that product, in the final stages? Or the rest of the team, leading the charge?

現在彼得已經卸任，誰來負責領導這項工作？在最後階段，他是否仍參與該產品的開發？還是團隊的其他成員來帶頭衝鋒？

No. It's clearly the rest of the team. Really, Peter has handed over the day-to-day responsibilities to the team.

不。顯然是團隊的其他成員。事實上，彼得已經將日常職責交給團隊了。

And we have the Head of Products. We have Head of Powertrain. We have the Head of Design. All those people that are with the company for many years, some north of 10 years, will continue the baton to the finish line.

我們還有產品主管。我們有動力總成主管。我們有設計主管。所有在公司工作多年的人，有的人已經工作了 10 多年，都會繼續接力棒，堅持到最後。

And when do we get to see it, the prototypes?

我們什麼時候可以看到原型？

Yeah. I think I said that earlier. Later this year, beginning next year.

是的。我想我之前就說過了。今年晚些時候，明年年初。

Okay. Great. Thank you very much.

好的。偉大的。非常感謝。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Tom Narayan, RBC.

加拿大皇家銀行的湯姆·納拉揚。

Hi. Thanks for taking the question. Hi, Marc, Taoufiq. And congrats to Gagan, on your new role.

你好。感謝您回答這個問題。你好，Marc，Taoufiq。恭喜 Gagan 獲得新職位。

I just have follow-ups to what John was asking, some of these questions.

我只是對約翰所問的一些問題進行跟進。

The first, on Peter's new role. Just curious as to what that is, exactly? You mentioned not day -to-day. But, as an advisor, what, exactly, does that mean?

第一，關於彼得的新角色。只是好奇那到底是什麼？您提到不是每天。但是，身為顧問，這究竟意味著什麼？

He was such a strong presence, obviously, for all of us. I'd just love to hear more on that, first.

顯然，對我們所有人來說，祂的存在是如此強大。首先，我很想聽聽更多關於這方面的情況。

Well, it's basically a Senior Technical Advisor for the Chairman of the Board.

嗯，基本上就是董事會主席的高級技術顧問。

Yeah. Strategic Technical Advisor. So, again, he will not be part of the day-to-day business. But if there are questions arising and the Chairman thinks it is worthwhile to involve Peter, then he will.

是的。策略技術顧問。所以，再說一次，他將不會參與日常業務。但如果出現問題，並且主席認為值得讓彼得參與進來，那麼他就會這樣做。

But it's up to the discretion of the Chairman to have that interaction.

但是否進行這種互動取決於主席的判斷。

Okay.

好的。

And, then, the other follow-up, again, on Gravity. I understand capacity constraint on the 20,000, are you, guys, still seeing that 6 times total addressable market, for Gravity versus the sedans? Or has that been lowered, by any chance? Because you're only doubling the size from, basically, production year to year.

然後，我們再來談談《地心引力》的另一個後續故事。我理解 20,000 輛的產能限制，你們是否仍然認為 Gravity 和轎車的總目標市場是前者的 6 倍？或者說，這個數字已經降低了嗎？因為基本上每年的產量只是翻倍。

Yeah. But, as I said, it's more production and supply constraint than it is demand constraint. So that's really the reason we're ramping up.

是的。但正如我所說，這更多的是生產和供應的限制，而不是需求的限制。所以這確實是我們加大力度的原因。

We want to make sure that we're ramping up with a high quality. And that's the main reason.

我們希望確保我們能夠高品質地發展。這就是主要原因。

So we haven't changed the 10% for Air and Gravity, together.

因此，我們並沒有同時改變空氣和重力的 10%。

Okay.

好的。

My final one, on the IRA credit. Could you remind us what portion of your demand came from the lease portion, the IRA -- that's, I think, what folks are thinking may go away. Just seeing of what headwind that could be for you, guys.

我的最後一個問題是關於 IRA 信用的。您能否提醒我們，您的要求中有多少部分來自租賃部分，即 IRA——我認為，人們認為這些可能會消失。只是想看看這對你們來說可能是什麼樣的逆風，夥計們。

I think, right now, it's no secret that a good portion or a big portion of all EV sales, in North America, are leases. And it also applies to us.

我認為，目前北美電動車銷售的很大一部分都是租賃，這已經不是什麼秘密了。這也適用於我們。

But I wanted to point out: earlier, I said, already, that in our production numbers and, obviously, linked the delivery numbers, there, we already anticipated, regulatory changes and how that that potentially impacts our demand.

但我想指出的是：之前我已經說過，在我們的生產數據和顯然相關的交付數據中，我們已經預料到了監管變化及其可能對我們的需求產生的影響。

One, the additional information on Gravity, as I've mentioned, we only have open orders for the Grand Touring. And the vast majority of that car, right now, is configured at prices around $120,000, where the price elasticity is not as big as when you talk about a $60,000-vehicle, $50,000-vehicle.

第一，關於 Gravity 的附加信息，正如我所提到的，我們目前只收到 Grand Touring 的開放訂單。目前，絕大多數此類汽車的價格都在 12 萬美元左右，其價格彈性不如 6 萬美元或 5 萬美元的汽車那麼大。

So it's not that we have not considered anything. We actually did. But we don't expect this to be a super big swing.

所以並不是我們沒有考慮過任何事情。我們確實這麼做了。但我們並不認為這會帶來巨大的波動。

Okay.

好的。

Last one, on the licensing. I think you mentioned there's very large OEMs reaching out to have discussions. Is there any more detail on that? Are they far along or is it just like very introductory level for these large OEMs?

最後一個問題，關於許可。我想您提到過，有大型 OEM 廠商正在伸出援手進行討論。還有更多詳細資訊嗎？他們是否已經取得了很大進展，或者對於這些大型 OEM 來說，這還只是入門級？

Well, it changes, actually. Because, yes, for the ones that I just mentioned -- the two that just reached out -- its introductory. But we have others that are much further along.

嗯，實際上，情況已經改變了。因為，是的，對於我剛才提到的那些——剛剛聯繫到的那兩個——它是介紹性的。但我們還有其他人走得更遠。

And it's not only for upcoming technologies, even Ford technology, as I mentioned, for the Zeus powertrain that we already have.

而且它不僅適用於即將推出的技術，甚至適用於福特技術，正如我所提到的，適用於我們已經擁有的宙斯動力系統。

So I'm not commenting on how far we are. We hope to surprise everybody.

所以我不想評論我們走了多遠。我們希望帶給大家驚喜。

Okay. Thank you.

好的。謝謝。

(Operator Instructions)

（操作員指示）

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thanks. Good afternoon, everybody.

謝謝。大家下午好。

I think, too, for me, can you give us a sense, when we think about 2025, how the Gravity mix impacts the progression in gross margins?

我也認為，對我來說，當我們考慮 2025 年時，您能否讓我們了解 Gravity 組合將如何影響毛利率的成長？

Yeah. Absolutely. So if we look at from, like, year '25 perspective, we said in the prepaid remarks we expect a significant improvement in gross margin, in line with what we see in '24 compared to 2023. So we are in the right trajectory.

是的。絕對地。因此，如果我們從 25 年的角度來看，我們在預付費評論中表示，我們預計毛利率將顯著提高，與 2024 年相比 2023 年的情況一致。因此我們正走在正確的軌道上。

During this call, we're not sharing the split between Air and Gravity. But it's going to significantly improve.

在本次通話中，我們不會分享 Air 和 Gravity 之間的分割。但情況將會顯著改善。

Okay. Thanks.

好的。謝謝。

And the other question was, it's come up but given a demand expectations for Gravity and how it unfolds, could you ballpark, for us, either what you think, like, the 4Q production exit rate could be? Or how we should think about, like, a 2026 production capability, without giving any specific numbers for what you expect? But what kind of capacity would you have in '26, once Gravity is rolling, at the end of this year?

另一個問題是，考慮到《地心引力》的需求預期及其發展情況，您能否為我們估算一下，您認為第四季度的生產退出率是多少？或者我們應該如何考慮 2026 年的生產能力，而不給出您所期望的任何具體數字？但是，一旦《地心引力》在今年年底開始運行，你們在 26 年會擁有什麼樣的產能呢？

I'm not prepared to disclose this. We have variability.

我還沒準備好透露這一點。我們具有可變性。

We can add additional shifts, for instance. So that's all things that we are going to decide, throughout 2025, when we see how the demand evolves.

例如，我們可以增加額外的班次。所以，這些都是我們將在 2025 年期間決定的事情，屆時我們將觀察需求如何改變。

And, also, when we, then, later in the year, as mentioned, open orders for the touring. So I think that has to wait a few quarters until we talk about that.

而且，正如之前提到的，我們今年稍後也會開放巡迴訂單。所以我認為我們必須等幾個季度才能討論這個問題。

Okay. I appreciate the context.

好的。我很欣賞這個背景。

Thank you.

謝謝。

(Operator Instructions)

（操作員指示）

Chris Pierce, Needham & Company.

克里斯·皮爾斯（Chris Pierce），Needham & Company。

Hey. Good evening, everyone.

嘿。大家晚上好。

I just love to hear why you want to lean into marketing so aggressively, right now, when you're production-constrained? Would it be that you're trying to market the Air as the family of cars? Or is it trying to precede the market for the touring edition? I just want to get a sense of why lean into marketing, so soon.

我很想聽聽，為什麼在生產受限的情況下，您現在要如此積極地進行行銷？您是否想將 Air 作為汽車系列進行行銷？還是它想搶佔旅行版市場的先機？我只是想了解為什麼這麼快就轉向行銷。

No. It's actually not really linked to the touring or the Air.

不。它實際上與巡演或 Air 並沒有什麼聯繫。

But compared to, let's say, established OEMs, we are still behind with brand awareness.

但與成熟的原始設備製造商相比，我們的品牌知名度仍然落後。

And with the Gravity coming to market, we have a very great opportunity to not only introduce a new car but also introduce the brand to our customers, at a much larger stage and scale than we were able, before.

隨著 Gravity 的上市，我們不僅擁有絕佳的機會推出一款新車，還能以比以前更大的舞台和規模向我們的客戶介紹我們的品牌。

And let's not forget, what we're working towards is the Midsize. So, then, we're talking about a much bigger [town], a much bigger pool of people that we need to reach. And that's what we're paving the way for.

別忘了，我們努力的方向是中型企業。所以，我們談論的是一個更大的城鎮，我們需要接觸的人群更大。這正是我們正在鋪路的。

And important, for that, is that we continue to build the brand, not only market vehicles but continue to build the brand, in order to really, then, see the demand, when Midsize comes around.

重要的是，我們要繼續打造品牌，不僅要銷售車輛，還要繼續打造品牌，以便在中型車出現時真正看到需求。

Okay.

好的。

And, then, not to put you on the spot too much, but if you think about Rivian as the quasi closest comp, we see them unable to generate positive gross margins, without regulatory credits of 50,000 units.

然後，我不想讓你太難，但是如果你把 Rivian 視為最接近的競爭對手，我們認為他們無法產生正的毛利率，如果沒有 50,000 輛的監管信用。

Do you think you'd be ahead of that pace because of your lower battery input costs? Or, like, what's the right way to think about longer-term production?

您是否認為由於電池投入成本較低，您會領先於此步伐？或者，思考長期生產的正確方法是什麼？

We can make productionist estimates. But, like, how should your margins line up, over time, when we think a little further out, just in terms of advantages and disadvantages versus peers? To the extent you can speak to it.

我們可以做出生產主義估計。但是，當我們進一步思考時，僅從與同行相比的優勢和劣勢來看，隨著時間的推移，您的利潤率應該如何排列？只要你能談論它。

I can take that.

我可以接受。

First of all, there are a lot of uncertainties, you know what's happening. But there are a few things which really don't apply to us. And we are taking efforts, in our supply chain, to look like that.

首先，存在著許多不確定性，你知道發生了什麼。但有些事情確實不適用於我們。我們正在努力在我們的供應鏈中實現這一點。

So let me take one by one. One is, basically, when we look at on the manufacturing credit side of it, which is battery and inverter -- on that one, the chances of appeal, we believe is less.

因此，讓我一一介紹。基本上，當我們從製造信貸方面來看，也就是電池和逆變器時，我們認為上訴的機會較小。

Then, we're talking about the 45W, which is like $7,500-credit, which Marc already covered, in this one. And, then, we are talking about various tariffs related to import from Mexico or Canada or steel, you name it.

然後，我們討論的是 45W，相當於 7,500 美元的信用額度，Marc 已經介紹過了。然後，我們討論與從墨西哥或加拿大進口鋼鐵有關的各種關稅，隨便什麼都可以。

And our production already embeds that. In fact, we expect that, if all things apply to us today, like, factor, the impact could be, like, in the range of 7% to 12%. But we are taking efforts to mitigate.

我們的生產已經體現了這一點。事實上，我們預計，如果今天所有的事情都適用於我們，那麼影響可能會在 7% 到 12% 的範圍內。但我們正在努力緩解。

And I believe we're in much better shape compared to other OEMs.

我相信，與其他 OEM 相比，我們的狀況要好得多。

Okay perfect thank you.

好的，非常感謝。

(Operator Instructions)

（操作員指示）

Andres Sheppard, Cantor Fitzgerald.

安德烈斯‧謝潑德 (Andres Sheppard)、康托‧費茲傑拉 (Cantor Fitzgeral

Hi, everyone. Good afternoon. And thanks for taking our questions.

大家好。午安.感謝您回答我們的問題。

I think most of our questions have been asked, already. But, maybe, I just wanted to touch on ASPs and gross margin, once more. How should we think about blended ASPs for 2025, now, with the mix including Gravity?

我想我們大多數的問題都已經被問過了。但是，也許，我只是想再談一下 ASP 和毛利率。現在，我們應該如何考慮包括 Gravity 在內的混合 ASP？

And, on margins you mentioned in your prepared remarks, you expect Q1 and Q2 to be relatively similar to Q4. What does the path to -- just to build on one of the previous questions -- to profitable gross margins look like, from a timeline perspective?

並且，就您在準備好的評論中提到的利潤率而言，您預計第一季和第二季將與第四季相對相似。從時間軸的角度來看，實現獲利毛利率的途徑是什麼？僅基於前面的一個問題。

Thank you.

謝謝。

I think I mentioned that in my prepared remarks. When we look at the total-year 2025, we expect the significant improvement, in line with what we had in 2024. And I believe you can do that math.

我想我在準備好的發言中提到過這一點。當我們展望 2025 年全年時，我們預計會出現顯著的改善，與 2024 年的水準一致。我相信你能算出這個算式。

Coming to, like, the Air and Gravity. Now, you look at the -- we have guided, basically, 20,000 production. Last year was 9,000 production. So, now, we have more skill.

就像空氣和重力一樣。現在，你看——我們基本上已經指導了 20,000 的產量。去年產量為9000輛。所以，現在，我們擁有了更多的技能。

First of all, we're taking significant effort, in the company, about the cost transformation and what is the [boom] of conversion cost we significantly decrease. And we're consistently working.

首先，我們公司在成本轉型方面做出了巨大努力，並大幅降低了轉換成本。我們一直在努力。

But going to '25 is a completely different trajectory. We're talking about not 20,000 production. The conversion cost, significantly, come down, because like fixed cost per vehicle doesn't change. And this also gives an opportunity to have -- like, how we deal with our suppliers.

但到 25 年，則是一條完全不同的軌跡。我們談論的產量並非 20,000 輛。轉換成本顯著下降，因為每輛車的固定成本沒有變化。這也為我們提供了一個機會——例如，我們如何與供應商打交道。

So, all together, we are in the right trajectory. We are not guiding what will be the precise range or the percentage. What we're saying is, like, there's a significant improvement because of the couple of factors that's taking place.

所以，總的來說，我們正走在正確的軌道上。我們無法預測具體的範圍或百分比。我們所說的情況是，由於正在發生的幾個因素，情況出現了顯著改善。

Got it. Okay. That's helpful.

知道了。好的。這很有幫助。

And, as a follow up, regarding your partnership with the government of Saudi Arabia to deliver up to 100,000 vehicles, I think, in the past, you had mentioned that, I think, majority of this mix will comprise of the Gravity and the Midsize.

另外，作為後續問題，關於您與沙烏地阿拉伯政府合作交付多達 100,000 輛汽車，我想，您過去曾提到過，我認為這種組合中的大多數將由 Gravity 和 Midsize 組成。

So just wondering if you can a., confirm that and b., if you can, maybe, quantify, a bit further, how we should think about those deliveries, starting in late '25 and throughout 2026?

所以我只是想知道您是否可以 a. 確認這一點，以及 b. 如果您可以，也許可以進一步量化，我們應該如何考慮從 25 年底開始到 2026 年的這些交付？

Thank you.

謝謝。

That is correct. That it's mainly actually the Midsize but, also, Gravity -- higher than the Air. But we cannot disclose further breakdowns because of our agreement.

沒錯。它實際上主要是中型，但 Gravity 也比 Air 更高。但由於雙方達成了協議，我們不能透露進一步的細目。

Okay. Fair enough.

好的。很公平。

One more, if I could squeeze it in. Just, maybe, a bit of a macro question. With the potential or likely implementation of new tariffs in April, just curious if you can, maybe, give us your thought as to how exactly you might be impacted? And, then, what can be done to try to mitigate some of that impact?

如果我能擠進去的話，再來一個。也許這只是一個宏觀問題。由於四月可能或即將實施新的關稅，我只是好奇您是否可以告訴我們您的想法，即您可能會受到怎樣的影響？那麼，我們可以做些什麼來減輕部分影響呢？

Thank you.

謝謝。

Yeah. I think on that one, I mentioned that the impact, including tariffs and 45W, 45X, everything combined -- and if we factor in, it could range from 7% to 12% on the gross margin, in fact.

是的。我認為在這一點上，我提到了影響，包括關稅和 45W、45X 等所有因素的總和——如果我們考慮到這些因素，實際上毛利率可能會在 7% 到 12% 之間。

But we are taking mitigating factors, localizing your supply. And we're taking all efforts, there. And that also brings those costs down, when we look, like, supply.

但我們正在採取緩解因素，使您的供應本地化。我們正在盡一切努力。當我們考慮供應時，這也會降低成本。

As an example, we just announced another deal with One Graphite, in the United States. On top of the other one that we already have. So we're taking actions.

例如，我們剛剛宣布與美國 One Graphite 達成另一項交易。在我們已有的另一個之上。所以我們正在採取行動。

Wonderful. Thank you very much. I appreciate your time. I'll pass it on.

精彩的。非常感謝。感謝您抽出時間。我會傳達的。

(Operator Instructions)

（操作員指示）

Adam Jonas, Morgan Stanley.

摩根士丹利的亞當喬納斯。

Thanks, everybody. Good evening, gentlemen.

謝謝大家。先生們，晚上好。

I had a question on your artificial intelligence strategy. What is the company's AI strategy, specifically with autonomy. Obviously, you have the partnership with Nvidia, in DreamDrive and the Hyperion software-defined platform.

我對您的人工智慧策略有一個疑問。公司的人工智慧策略是什麼，特別是自主性。顯然，您與 Nvidia 在 DreamDrive 和 Hyperion 軟體定義平台上建立了合作關係。

But I'm not sure you've commented on whether you've gone to an end-to-end GenAI approach, the way many -- where the industry seems to be moving, quite quickly. And, if you are, what would that mean, in terms of your expenditure and compute needs?

但我不確定您是否評論過是否已經採用了端到端的 GenAI 方法，因為許多行業似乎正在以相當快的速度發展這種方法。如果是的話，那麼就您的支出和運算需求而言，這意味著什麼？

And I have just a follow-up. Thanks.

我還有一個後續問題。謝謝。

Yeah. I can definitely take that. So when it comes to our functionality, be it (inaudible) or on higher levels on (inaudible) driving. I want to point out, first, that we actually made quite some strides, already, in our current functionality, over the last couple of months.

是的。我絕對可以接受。因此，當談到我們的功能時，無論是（聽不清楚）還是更高等級的（聽不清楚）駕駛。首先我想指出的是，在過去的幾個月裡，我們在當前功能方面實際上已經取得了相當大的進展。

Better leveraged the sensors that we already have in our vehicles. And we continue to do so.

更好地利用我們車輛中已有的感測器。我們將繼續這樣做。

We're actually planning to roll-out hands-free driving, later this year. And, hopefully, we can surprise everybody with how early that actually might be. So that's something that we're, short term, working on.

實際上，我們計劃在今年稍後推出免持駕駛功能。並且，希望我們能讓所有人感到驚訝，因為我們實際上可以提前完成這一目標。所以這是我們短期內正在努力的事情。

When it comes to the to the AD technology, autonomous driving. Then, we need to keep in mind that over the last couple of months or maybe a year, the goalposts have shifted. And, nowadays, technologies that were mainly AI-based are much different from what we've done, we've seen in the past, where other players have invested billions and, basically, have nothing to show for.

說到AD技術，自動駕駛。然後，我們需要記住，在過去的幾個月甚至一年裡，目標已經改變了。如今，主要基於人工智慧的技術與我們過去所做的大不相同，我們過去看到其他參與者投入了數十億美元，但基本上沒有任何成果。

That is, now, changing. Having said that, we are considering different routes, right now. Yeah, we have extensive discussions with potential partners to partner on this particular topic. But, also, with what I just said, with the goalposts shifting, we're analyzing whether it would be worthwhile for us to completely in-source that.

但如今，這種情況正在改變。話雖如此，我們現在正在考慮不同的路線。是的，我們與潛在合作夥伴就這一特定主題進行了廣泛的討論。但是，正如我剛才所說，隨著目標的轉變，我們正在分析是否值得完全進行內部採購。

But we haven't made that decision yet. We're, right now, focusing on the short-term implementation and the improvement of the technology that we have in our cars. In Gravity, obviously, upcoming. But, then, also in Air.

但我們尚未做出決定。我們現在專注於短期實施和改進我們的汽車技術。顯然，《地心引力》即將上映。但是，同樣在空中。

While we are doing this analysis, a lot of things have changed, in the last year. If we would have made a decision, one year ago, we probably would have been on the wrong track.

在我們進行這項分析的同時，去年很多事情都改變了。如果我們一年前就做出決定，那麼我們可能就會走上錯誤的道路。

Okay. I appreciate that.

好的。我很感激。

Just as a follow-up, I didn't know if you care to address the messaging from your largest shareholder. Obviously, with the agreements in place to lower the stakes, potentially, to as low as 45% -- billions of dollars at the current share price. I know that shelf was -- the prospectus was previously out there.

作為後續問題，我不知道您是否願意回應來自最大股東的訊息。顯然，如果達成協議，股票可能會降低至 45%——以當前股價計算，價值數十億美元。我知道那個架子——招股說明書之前就在那裡。

But in identifying that with your largest shareholder, it does raise questions, in terms of whether you would be a controlled company, if they were to fall below 50%?

但在將其歸咎於最大股東時，確實會引發疑問，如果持股比例低於 50%，您是否還會成為受控公司？

And we're getting some questions about that and we'll just love to hear any messages that you wanted to convey, to the extent that you can, on that position.

我們收到了一些關於此的問題，我們非常希望聽到您就此職位想表達的任何信息，只要您能做到。

Thanks.

謝謝。

Yeah. I think, Adam, on the ownership percentage, we believe this is 58.4%, based on the number of shares issued.

是的。亞當，我認為，就所有權百分比而言，根據發行的股份數量，我們認為這是 58.4%。

Right. But there's agreements to reduce that, right?

正確的。但是有協議可以減少這種情況，對嗎？

None that I am aware of.

據我所知沒有。

Okay. We'll follow up. Appreciate it.

好的。我們會跟進。非常感謝。

(Operator Instructions) .

（操作員指令）。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi, everybody. I just have a question on Saudi Arabia shipments.

大家好。我只是想問一下關於沙烏地阿拉伯貨物的問題。

In 2024, by my estimation, would have to totaled something close to 2,100, just based on the region's generated revenue of $179 million, for your 10,000. Is that the right ballpark figure, in terms of unit volume? And just how should we be thinking about Saudi deliveries, for this year, given the importance of that contribution?

根據我的估計，到 2024 年，僅根據該地區 1.79 億美元的收入計算，總數就必須接近 2,100，而這 10,000 家企業的數量則為 10,000 家。就單位體積而言，這個大概數字正確嗎？那麼，考慮到沙烏地阿拉伯貢獻的重要性，我們該如何考慮今年的交付呢？

Sure. First, looking at it, overall, the Saudi government has a commitment of up to, like, 50,000 vehicles, with an option for another 50,000 vehicles.

當然。首先，整體來看，沙烏地阿拉伯政府承諾最多提供 5 萬輛汽車，並可選擇再提供 5 萬輛。

And, we said previously -- and the mood will go towards, like, the Midsize, then Gravity, then Air.

而且，我們之前說過——情緒將轉向中型，然後是 Gravity，然後是 Air。

Now, we are going from 9,000 production to 20,000 production.

現在，我們的產量將從 9,000 台增加到 20,000 台。

We expect, like, in year 2025, the proportion of Saudi Arabia come down and more go towards North America.

我們預計，到 2025 年，沙烏地阿拉伯的份額將下降，更多的份額將流向北美。

Okay. And, then, just to a quick two-part one.

好的。然後，簡單分為兩部分。

The 20,000 units of production guidance, for this year, given that Gravity production is going to be capacity-constrained, you can't give us the estimation on what the Gravity volumes are, within that production figure?

今年的生產指引值為 20,000 輛，考慮到 Gravity 的生產將受到產能限制，您能否估算一下在這個生產數字範圍內 Gravity 的產量是多少？

And, then, as we think about the Midsize crossover, starting in late '26, will production solely take place in Saudi Arabia, in your AMP-2 plant, for that crossover? Or will it get produced in Arizona as well? Or will it just strictly be dependent on imports, into the US?

那麼，當我們考慮從 26 年底開始生產的中型跨界車時，這款跨界車的生產是否會僅在沙烏地阿拉伯的 AMP-2 工廠進行？或者它也會在亞利桑那州生產嗎？或者它是否將嚴格依賴進口到美國？

We're not disclosing the mix. But it's clear, obviously, in the beginning of the year, that the Gravity is low, while we are ramping up. And, then, the picture will change, over the year, given the fact that the Gravity has a higher temp than the Air.

我們不會透露混合物的成分。但很顯然，在年初，重力較低，而我們正在加大力度。然後，考慮到重力溫度高於空氣，情況會在一年內發生變化。

And when it comes to Midsize, we have AMP-1, sorry, AMP-2 in Saudi Arabia. But we're also outfitting AMP-1, right now, to produce vehicles to be locally sold in North America.

說到中型企業，我們有 AMP-1，抱歉，是沙烏地阿拉伯的 AMP-2。但我們目前也在裝備 AMP-1，以生產在北美本地銷售的車輛。

Okay. So both plants will produce the crossover?

好的。那麼這兩家工廠都會生產跨界產品嗎？

Correct.

正確的。

Thank you.

謝謝。

Thank you.

謝謝。

Ladies and gentlemen, at this time, I would, now, like to turn the call back over to Maynard for closing remarks.

女士們、先生們，現在，我想將發言權交還給梅納德，請他作最後發言。

Thanks. So this concludes Lucid's fourth-quarter and full-year 2024 earnings conference call.

謝謝。至此，Lucid 2024 年第四季和全年財報電話會議結束。

Thanks, everyone, for joining us today. And you may now disconnect.

感謝大家今天加入我們。現在您可以斷開連線了。

Ladies and gentlemen, that concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。