Lucid Group Inc (LCID) 2025 Q1 法說會逐字稿

Hello, and welcome to Lucid's First Quarter 2025 earnings conference call. (Operator Instructions)

您好，歡迎參加 Lucid 2025 年第一季財報電話會議。（操作員指示）

I would now like to turn the conference over to Maynard Um. You may begin.

現在我想將會議交給 Maynard Um。你可以開始了。

Thank you, and welcome to Lucid Group's first-quarter 2025 earnings call. Joining me today are Marc Winterhoff, our Interim CEO; and Taoufiq Boussaid, CFO.

謝謝，歡迎參加 Lucid Group 2025 年第一季財報電話會議。今天與我一起出席的是我們的臨時執行長 Marc Winterhoff；以及財務長 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, vehicles and products, studios and service networks financial and operating outlook and guidance, macroeconomic, policy and industry trends, tariffs and trade policy, company initiatives and other future events. These statements are based on predictions and expectations as of today and actual events or results may differ due to a number of risks and uncertainties. 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.

在將電話交給馬克之前，請允許我提醒您，本次電話會議中的某些聲明包括聯邦證券法下的前瞻性聲明。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、關稅和貿易政策、公司舉措和其他未來事件的聲明。這些聲明是基於今天的預測和預期，實際事件或結果可能因多種風險和不確定性而有所不同。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，以及我們投資者文件第 2 頁中的前瞻性聲明，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. Marc, 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 I thank everyone for joining us on our first quarter 2025 earnings call. I'd like to begin by expressing my sincere appreciation to our employees, customers, partners and shareholders. Your continued belief in our mission is what drives us forward every day.

謝謝你，梅納德，我也謝謝大家參加我們的 2025 年第一季財報電話會議。首先，我謹向我們的員工、客戶、合作夥伴和股東表達誠摯的感謝。您對我們使命的持續信任是我們每天前進的動力。

In the first quarter of 2025, we continue to make significant strides on both operational execution and strategic positioning. We delivered 3,109 vehicles, up more than 58% year-over-year and our fifth consecutive quarter of record deliveries. And this was despite very limited deliveries in Saudi Arabia due to a system change that has been fully resolved since then. We produced 2,212 vehicles, up 28% year-over-year. We also had over 600 vehicles in transit to Saudi Arabia.

2025年第一季度，我們在營運執行和策略定位方面持續取得重大進展。我們交付了 3,109 輛汽車，年成長超過 58%，這是我們連續第五個季度創下交付量記錄。儘管由於系統變更導致沙烏地阿拉伯的交付量非常有限，但此後問題已完全解決。我們生產了2,212輛汽車，年增28%。我們還有超過 600 輛車輛正在運往沙烏地阿拉伯。

This will be counted towards production in Q2. We saw a significant year-over-year improvement in gross margin, which was ahead of our guidance provided in our Q4 earnings call, while managing operating expenses.

這將計入第二季的產量。我們看到毛利率年比大幅提升，超出了我們在第四季度財報電話會議上給出的預期，同時我們也控制了營運費用。

More recently, we completed a convertible notes offering with strong support from the public investment fund, I'd be remiss if I didn't personally thank them for their continued support and partnership. Demand for the Lucid Air remains strong, and I'm proud to say that the 2025 Lucid Air was again named Best Luxury Electric Car by U.S. News and Road Report for the fourth consecutive year. In the first quarter, the Lucid Air remained the #1 best-selling EV and the third best-selling sedan overall in its segment in the U.S., including gas cars, from many of the most storied brands in the world. In the month of March, we were even the best-selling vehicle of any type in our segment in the U.S.

最近，我們在公共投資基金的大力支持下完成了可轉換票據發行，如果我不親自感謝他們持續的支持和合作，那將是失職的。Lucid Air 的需求依然強勁，我很自豪地說，2025 年 Lucid Air 連續第四年被《美國新聞與道路報道》評為最佳豪華電動車。在第一季度，Lucid Air 仍然是美國市場上銷量第一的電動車，也是包括燃氣汽車在內的同類車型中銷量第三的轎車，這些車型均來自全球許多知名品牌。三月份，我們甚至成為美國同類型車款中銷量最好的車款。

according to third-party data. Many of our customers continue to tell us that once they experience a Lucid, it's hard to go back. That's what sets us apart, not just the specs, but the way it feels to drive and live with on a daily basis.

根據第三方數據。許多客戶不斷告訴我們，一旦他們體驗過 Lucid，就很難再回頭。這就是我們與眾不同之處，不僅僅是規格，還有日常駕駛和生活的感覺。

Turning to the Lucid Gravity. We are very excited by the strong interest we're seeing, and one of the most recent significant moments was the special customer event in the just outside of our studio in New York City. Our extraordinary stunt activation delivered meaningful results for Lucid. Over the course of 1 weekend, more than 3,000 people visited our New York store, leading to a significant increase in aided awareness, particularly among EV intenders. On social media, the campaign reached over 11 million people, driving some of our most significant follower and engagement growth to date.

轉向清醒引力。我們對所看到的強烈興趣感到非常興奮，最近最重要的時刻之一就是在我們紐約市工作室外舉行的特別客戶活動。我們非凡的特技活化為 Lucid 帶來了有意義的成果。在一個週末內，超過 3,000 人訪問了我們的紐約商店，這顯著提高了人們的輔助意識，尤其是在有意購買電動車的人中。在社群媒體上，該活動覆蓋了超過 1100 萬人，推動了我們迄今為止最重要的追蹤者和參與度成長。

The Lucid Gravity is not just another SUV. It's to both lead forward in design, space, performance and technological elegance. The reaction we received in New York and in our recent media drive events confirm what we believed all along that the Lucid gravity is a game changer. MotorTrend said that the Lucid Gravity is as good as an EV SUV get. Road, Lucid passenger vehicle is almost too good to be real.

Lucid Gravity 不只是一款普通的 SUV。它在設計、空間、性能和技術優雅方面均處於領先地位。我們在紐約和最近的媒體活動中所收到的回饋證實了我們一直以來的信念：Lucid 引力將改變遊戲規則。MotorTrend 表示，Lucid Gravity 與電動 SUV 一樣出色。在道路上，Lucid 乘用車好得令人難以置信。

added, The gravity is all around capability establishes a new era in electrical SUV engineering. And said Lucid Gravity's brilliance makes other cars seem pointless.

此外，重力全方位功能開創了電動 SUV 工程的新時代。並表示 Lucid Gravity 的出色表現讓其他車款顯得毫無意義。

And the Lucid Gravity continues to attract new people to the brand with more than three-quarters of orders coming from those that are new to Lucid. You can expect us to significantly ramp up our marketing campaigns throughout 2025. And as we put greater emphasis behind building the Lucid brand with customers, we are thrilled to share that we signed a global ambassador who's reach across entertainment, culture and fashion will be a catalyst for our next phase of marketing and growth. We have a very special Lucid Gravity campaign we are currently producing and which will air soon. Stay tuned, an official announcement is forthcoming.

Lucid Gravity 持續吸引新用戶追蹤品牌，超過四分之三的訂單來自 Lucid 的新用戶。您可以期待我們在 2025 年大幅加強我們的行銷活動。隨著我們更加重視與客戶一起打造 Lucid 品牌，我們很高興地告訴大家，我們簽約了一位全球大使，他的影響力遍及娛樂、文化和時尚領域，將成為我們下一階段營銷和成長的催化劑。我們目前正在製作一個非常特別的 Lucid Gravity 活動，即將播出。請繼續關注，官方公告即將發布。

And this is just the start. I'm pleased to welcome pronounced AK, to Lucid as Senior Vice President of Marketing. AK brings a wealth of experience to the Lucid team in building iconic brands, including Red and will play a key role in accelerating Lucid's marketing initiatives, increasing the reach and the relevancy of the Lucid brand, strengthening consumer engagement and driving global growth. The continued deliveries of the Lucid Gravity to customers, including the first deliveries of the limited Dream addition. In fact, we are delivering more Lucid Gravity as we speak.

而這只是一個開始。我很高興歡迎 AK 加入 Lucid 擔任行銷資深副總裁。AK 為 Lucid 團隊帶來了打造 Red 等標誌性品牌的豐富經驗，並將在加速 Lucid 的營銷計劃、擴大 Lucid 品牌的影響力和相關性、加強消費者參與度和推動全球增長方面發揮關鍵作用。Lucid Gravity 持續向客戶交付，包括首批限量版 Dream 的交付。事實上，我們正​​在提供更多的 Lucid Gravity。

On the technology access and licensing side, we continue to see more interest, and we had a number of new conversations. I think OEMs are starting to see our leading EV technology as complementary to their scaling and manufacturing capabilities. We are also seeing more of an interest in the platform. Our powertrain hardware as well as our software and software-defined architecture. Discussions are ongoing and are at varying stages with some much deeper maturity and some in the early stages.

在技​​術獲取和許可方面，我們繼續看到更多的興趣，並且我們進行了許多新的對話。我認為 OEM 開始將我們領先的 EV 技術視為對其擴展和製造能力的補充。我們也看到人們對該平台的興趣日益濃厚。我們的動力系統硬體以及我們的軟體和軟體定義架構。討論仍在進行中，處於不同的階段，有些已經非常成熟，而有些則處於早期階段。

While many companies are currently focused on the tariff situation, I'm optimistic about the potential for our technology access and licensing business. We've also seen interest in our manufacturing capability in Arizona. As OEMs look for more capital-efficient strategies to make vehicles in the U.S., we've seen several inbound inquiries to discuss possible cooperation.

雖然目前許多公司都關注關稅情況，但我對我們的技術取得和授權業務的潛力持樂觀態度。我們也看到了人們對我們在亞利桑那州的製造能力的興趣。隨著原始設備製造商尋求更具資本效率的策略來在美國生產汽車，我們已經看到了幾份討論潛在合作的來電諮詢。

It's still early and talks are preliminary, but the President and the administration want to have a strong manufacturing sector in the U.S., and we are looking at potential ways we can leverage our assets. The recent purchase of assets gives us further optionality while adding hundreds of more American jobs. So far, we welcomed more than 250 former employees with strong backgrounds in EV technology, which will support our growth plans. We received a lot of questions about this. And I think it's worth highlighting the tremendous value we received.

現在還為時過早，談判還處於初步階段，但總統和政府希望美國擁有強大的製造業，我們正在尋找利用我們資產的潛在方法。最近的資產購買為我們提供了進一步的選擇權，同時增加了數百個美國就業機會。到目前為止，我們已經迎來了 250 多名擁有豐富電動車技術背景的前員工，這將支持我們的成長計畫。我們收到了很多關於此的問題。我認為值得強調的是，我們所獲得的巨大價值。

We paid approximately $17 million in cash plus the assumption of their 2 Arizona leases. Truly a great deal that allows us to gain assets that would have otherwise been significantly more costly by a huge factor. For context, these assets are valued at hundreds of millions of dollars. We have also engaged with strategic partners in Saudi Arabia and recently announced an MOU with the King Abdullah University of Science and Technology or KAUST. KAUST world-class research infrastructure and talent has the potential to further boost our technology leadership in many dimensions, including our ADAS and autonomous driving road map, bringing cutting-edge innovation from the lab to the road.

我們支付了大約 1700 萬美元現金，並承擔了他們在亞利桑那州的兩份租約。這確實是一筆大買賣，它讓我們獲得了一些原本成本會高很多的資產。這些資產價值數億美元。我們也與沙烏地阿拉伯的戰略合作夥伴進行了接觸，並最近宣布與阿卜杜拉國王科技大學（KAUST）簽署諒解備忘錄。KAUST 世界一流的研究基礎設施和人才有潛力進一步提升我們在許多方面的技術領先地位，包括我們的 ADAS 和自動駕駛路線圖，將尖端創新從實驗室帶到道路上。

As part of this cooperation, Lucid will have access to KAUST's high-performance supercomputing capabilities, significantly enhancing simulation capabilities and providing compute power to train our AI models for ADAS and autonomous driving technologies. It also dramatically enhances our ability to develop advanced materials, simulate real-world physics, motor fluid dynamics and thermal transfer, analyzed electromagnetic flux and accelerate AI training for autonomous systems, digital twin technology and large language models. We are excited about this collaboration and thrilled about the breakthroughs it will drive across our engineering, autonomous driving and AI initiatives.

作為此次合作的一部分，Lucid 將能夠使用 KAUST 的高效能超級運算能力，顯著增強模擬能力，並提供運算能力來訓練我們的 ADAS 和自動駕駛技術的 AI 模型。它也大大增強了我們開發先進材料、模擬真實世界物理、電機流體動力學和熱傳遞、分析電磁通量以及加速自主系統、數位孿生技術和大型語言模型的人工智慧訓練的能力。我們對此次合作感到非常興奮，並對它將在我們的工程、自動駕駛和人工智慧領域帶來的突破感到興奮。

On the autonomous vehicle front, we are in advanced discussions with partners. We have told us that Lucid Gravity is the best positioned AV capable platform on the market. Lucid Gravity comes out of production at M1 with an AV capable sensor suite, redundant electrical and controlled architectures and the latest SoC. If you think about what fleet operators care about, they essentially have 2 critical requirements. The first is asset utilization.

在自動駕駛汽車方面，我們正在與合作夥伴進行深入討論。我們已經說過，Lucid Gravity 是市面上定位最佳的 AV 平台。Lucid Gravity 在 M1 投入生產，配備 AV 感測器套件、冗餘電氣和控制架構以及最新的 SoC。如果你考慮一下車隊營運商關心什麼，他們基本上有兩個關鍵要求。第一是資產利用率。

The second is operating costs. Lucid's leading technology enables both of those in ways that I believe no one else can. On asset utilization, longer range means less time for stops, while faster charging means less downtime to charge.

第二是營運成本。Lucid 的領先技術能夠以我認為其他任何人都無法做到的方式實現這兩個目標。在資產利用率方面，更長的續航里程意味著更少的停車時間，而更快的充電速度意味著更少的充電停機時間。

On operating costs, greater efficiency means smaller battery for a given amount of range, resulting in lower charging costs. And a smaller battery without sacrificing range results in less weight, which can result in less ware. On Level 4, we believe the industry has acknowledged Lucid's AV capabilities, multiple L4 focused software mobility companies have engaged Lucid about potential collaboration. On Level 2++ and Level 3, we've engaged with several companies to discuss accelerating L2++ L3 development and multiple paths forward. We are focused on delivering the best and safest solution to our customers, leveraging models that can quickly scale in multiple geographies and optimizing Lucid's CapEx and OpEx to get a competitive product timely into market.

在營運成本方面，更高的效率意味著在給定的續航里程內電池體積更小，從而降低充電成本。而且，在不犧牲續航里程的情況下，電池體積更小，重量更輕，從而可以減少損耗。在 4 級方面，我們相信業界已經認可 Lucid 的 AV 功能，多家專注於 L4 的軟體行動公司已與 Lucid 洽談潛在的合作。在 2++ 級和 3 級方面，我們與多家公司合作，討論加速 L2++ L3 開發和多種前進路徑。我們專注於為客戶提供最佳、最安全的解決方案，利用能夠在多個地區快速擴展的模型，並優化 Lucid 的資本支出和營運支出，以便及時將有競爭力的產品推向市場。

Before I close, let me touch on the topic of tariffs, which we've been getting asked about frequently. Taoufiq will go through our guidance in more detail, but I wanted to highlight that the automotive supply chain is global. And of course, I don't believe anyone can be immune. We are in a better position than others given that we produce all of our vehicles we sell and major components like our drive units, battery modules and packs in the U.S. in Arizona, but changes in policy bring about uncertainty until we get more definitive clarity to be able to assess the full impact and consequences.

在結束之前，我想談談我們經常被問到的關稅問題。Taoufiq 將更詳細地介紹我們的指導，但我想強調的是，汽車供應鏈是全球性的。當然，我不相信有人能夠免疫。由於我們銷售的所有車輛以及驅動裝置、電池模組和電池組等主要部件均在美國亞利桑那州生產，因此我們的處境比其他公司更有利，但政策變化帶來了不確定性，直到我們獲得更明確的信息才能評估其全部影響和後果。

And the macro impact to the consumer is also something that is uncertain. But we've always been forward thinking in our strategy, and we've been proactively working towards localizing supply. For example, although our 2170 battery cells from Panasonic today are produced in Japan, we expect future production at Panasonic's new production facility in Kansas. We've also committed to sourcing battery raw materials in the United States, such as graphite from partners like Graphite One and Resources. We also engaged in a range of other optimization initiatives to mitigate some of the tariff impacts, including collaborating across the supply chain to share challenges and financial responsibilities.

對消費者的宏觀影響也尚不確定。但我們的策略始終具有前瞻性，並且積極致力於本地化供應。例如，雖然我們目前松下的 2170 電池單元是在日本生產的，但我們預計未來將在松下位於堪薩斯州的新生產工廠生產。我們也致力於在美國採購電池原料，例如來自 Graphite One 和 Resources 等合作夥伴的石墨。我們也採取了一系列其他優化措施來減輕關稅的影響，包括在整個供應鏈中合作，共擔挑戰和財務責任。

For example, when you look at rare earth metals, we can make the necessary technical changes in-house to use different suppliers. We could potentially use entirely different rare earth metals as well without impacting performance. Both in the industry that outsource as many do, don't have the same level of flexibility or even technical know-how to do that. But I also want to highlight again the importance of leading technology because of our high-power density, the Lucid driving unit actually uses less rare content compared to others, and Atlas will be even better. It's very similar to how our technology enables us to have a smaller battery for a given amount of range compared with our competitors.

例如，當您查看稀土金屬時，我們可以在內部進行必要的技術變更以使用不同的供應商。我們也可以使用完全不同的稀土金屬而不會影響性能。儘管許多外包行業都存在同樣的情況，但他們並不具備同等程度的靈活性，甚至沒有相應的技術知識。但我也想再次強調領先技術的重要性，因為我們的高功率密度，Lucid 駕駛單元實際上使用的稀有內容比其他的要少，而 Atlas 會更好。這與我們的技術非常相似，與競爭對手相比，我們的技術使我們能夠在給定的行駛範圍內使用更小的電池。

This underscores the importance of in-house technology know-how, and I believe we are among the best in the world in that regard. And it's not just having our factory in the U.S. I think something that's not well appreciated is the advantage of designing, developing and manufacturing your own technology in-house.

這強調了內部技術知識的重要性，我相信在這方面我們是世界上最好的。這不僅僅是因為我們在美國有工廠。我認為人們沒有充分認識到在公司內部設計、開發和製造自己的技術的優勢。

By vertically integrating, we are able to have more control over certain components that go into our vehicles. At the same time, we are exploring a variety of strategic adjustments to better align with the changing landscape, including vehicle price changes, tariff risk mitigation and bifurcating the supply chain. These efforts are expected to help support overall cost effectiveness and supply chain efficiency. So the world is rapidly evolving, and we will be as nimble as we can. We are constantly evolving our strategy in examining our sourcing plans.

透過垂直整合，我們能夠更好地控制車輛的某些零件。同時，我們正在探索各種策略調整，以更好地適應不斷變化的形勢，包括車輛價格變化、關稅風險緩解和供應鏈分叉。預計這些努力將有助於提高整體成本效益和供應鏈效率。因此，世界正在快速發展，我們將盡可能保持靈活。我們在審查採購計劃時不斷改進我們的策略。

Some of this may take time. And as I said earlier, no one is likely to be new, including us. But relative to many other OEMs, we have some advantages. Our U.S. manufacturing plant is in Arizona, and we vertically integrate our technology, which provides flexibility.

其中有些可能需要一些時間。正如我之前所說，沒有人可能是新人，包括我們。但相對於許多其他OEM，我們有一些優勢。我們的美國製造工廠位於亞利桑那州，我們垂直整合我們的技術，從而提供了靈活性。

And we will have production and vertical integration in our new assembly plant in KSA, M2 will allow us to optimize our production, location and supply chain strategies utilizing this highly strategic geographic locale. But of course, we will remain attentive to policy developments and maintain open lines of communication with relevant stakeholders and government partners.

我們將在沙烏地阿拉伯的新組裝廠進行生產和垂直整合，M2 將使我們能夠利用這個高度策略性的地理位置來優化我們的生產、位置和供應鏈策略。但當然，我們將繼續關注政策發展，並與相關利害關係人和政府合作夥伴保持暢通的溝通管道。

In closing, we are not here to follow the EV playbook. We are here to rewrite it with a Lucid Air, now with a Lucid Gravity and in the near future, our Midsize platform variance. We have a world-class team driving innovation every day, and I feel Lucid is positioned better than it has ever been before. The road ahead is exciting, and we're just getting started. Thank you for your continued support and for believing in what Lucid represents, not just a car company, but as a catalyst for what's possible.

最後，我們來這裡不是為了遵循電動車的劇本。我們將用 Lucid Air 來重寫它，現在用 Lucid Gravity 來重寫它，在不久的將來，我們將用我們的中型平台變體來重寫它。我們擁有一支世界級的團隊，每天都在推動創新，我認為 Lucid 的地位比以往任何時候都好。前方的道路令人興奮，而我們才剛開始。感謝您一直以來的支持，也感謝您對 Lucid 所代表的意義的信任，Lucid 不僅僅是一家汽車公司，更是實現一切可能的催化劑。

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

接下來，我想讓 Taoufiq 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. It's a pleasure to be here with you for my first full earnings call as CFO of Lucid Motors. Since joining, I've spent time across the organization with our engineering teams, our factory floors, our commercial teams and our partners. And what stands out is the deep sense of mission and the shared belief in what Lucid represents, not just building remarkable EVs, but leading the transformation of the automotive industry through innovation, performance and sustainability.

謝謝你，馬克，也謝謝今天抽出時間來參加我們的活動的人。我很高興能作為 Lucid Motors 財務長來到這裡參加我的第一次完整收益電話會議。自加入以來，我花了大量時間與我們的工程團隊、工廠車間、商業團隊和合作夥伴一起在該組織工作。最突出的是深刻的使命感和對 Lucid 所代表的共同信念，不僅要製造卓越的電動車，還要透過創新、性能和永續性引領汽車產業的轉型。

We know that delivering on this mission requires more than just great technology. It requires discipline, financial, operational and strategic, and this quarter, we've made meaningful progress on all 3 fronts. Let me walk you through the key highlights of the quarter and how they fit into our broader strategic agenda. One of my top priorities as CFO is ensuring that Lucid has the financial strength and flexibility to scale responsibly in Q1, we took 2 important steps to bolster our liquidity and financial resilience. In February, we renewed and upsized our GIB credit facility in Saudi Arabia, increasing the commitment by approximately $240 million.

我們知道，完成這項使命需要的不僅僅是先進的技術。它需要紀律、財務、營運和策略，本季度，我們在這三個方面都取得了有意義的進展。讓我向您介紹本季的主要亮點以及它們如何融入我們更廣泛的策略議程。作為財務官，我的首要任務之一是確保 Lucid 擁有財務實力和靈活性，以便在第一季負責任地擴大規模，我們採取了兩個重要措施來增強我們的流動性和財務彈性。2 月份，我們更新並增加了在沙烏地阿拉伯的 GIB 信貸額度，承諾金額增加了約 2.4 億美元。

In April, we closed a $1.1 billion convertible senior note offering due in 2030, which included the full exercise of the $100 million over allotment option, and we used $935.6 million of the net proceeds to repurchase approximately $1 billion in principal of our outstanding 2026 notes.

今年 4 月，我們完成了 2030 年到期的 11 億美元可轉換優先票據發行，其中包括全部行使 1 億美元的超額配售選擇權，我們使用 9.356 億美元的淨收益回購了未償還的 2026 年票據的約 10 億美元本金。

Both transactions demonstrated strong institutional support, particularly from the public investment fund, our strategic anchor investor and extend our liquidity runway into the second half of 2026 even before factoring in additional financing sources like Saudi Industrial Development Fund or the Ministry of Industry of Saudi Arabia grants. These actions are part of a deliberate strategy, maintain balance sheet strength while minimizing shareholder dilution and do so in a way that supports our long-term growth ambition. Now turning to Q1 results. We produced 2,212 vehicles, a 28% year-over-year increase and delivered 3,109 vehicles, up more than 58% year-over-year. Importantly, this was achieved despite temporary systems issues in Saudi Arabia that have now been fully resolved.

這兩筆交易都體現了強大的機構支持，特別是來自公共投資基金、我們的戰略基石投資者的支持，並將我們的流動性跑道延長至 2026 年下半年，甚至還沒有考慮到沙特工業發展基金或沙烏地阿拉伯工業部撥款等額外融資來源。這些行動是我們深思熟慮的策略的一部分，旨在保持資產負債表實力的同時，最大限度地減少股東稀釋，並以支持我們長期成長目標的方式實現這一目標。現在轉向第一季業績。我們生產了 2,212 輛汽車，年增 28%；交付了 3,109 輛汽車，年成長超過 58%。重要的是，儘管沙烏地阿拉伯的系統暫時出現問題，但目前這些問題已完全解決，我們仍取得了這項成就。

Total revenue for the quarter was $235 million, representing 36% growth year-over-year.

本季總營收為 2.35 億美元，年增 36%。

We also recognized $31.5 million in regulatory credit revenue, a significant contribution and an area where we see continued opportunity. Gross margin improved meaningfully. On a GAAP basis, Q1 gross margin was negative 97.2%, up from negative 134.3% in the prior year quarter. This was ahead of the directional guidance we provided in February. The improvement reflects higher regulatory credit revenue, continued focus on cost transformation and disciplined execution.

我們也確認了 3,150 萬美元的監管信貸收入，這是一項重大貢獻，也是我們認為持續存在機會的領域。毛利率大幅提升。依照美國通用會計準則，第一季毛利率為負 97.2%，高於去年同期的負 134.3%。這超出了我們二月提供的方向性指導。這項改善反映了監管信貸收入的增加、對成本轉型的持續關注以及嚴格的執行。

When adjusting for onetime supply recovery benefit in Q4, we delivered over 1,000 basis points of sequential improvement. Let's turn to operating expenses. In Q1, R&D was $251 million, down from Q4, largely due to the lower Lucid Gravity related development expenses. However, we expect R&D to increase throughout the year as we accelerate investments in our Midsize program and in the Atlas powertrain platform.

在調整第四季度的一次性供應恢復效益時，我們實現了超過 1,000 個基點的連續改善。讓我們來談談營運費用。第一季研發費用為 2.51 億美元，較第四季下降，主要原因是 Lucid Gravity 相關開發費用較低。然而，隨著我們加快對中型車專案和 Atlas 動力總成平台的投資，我們預計全年研發支出將會增加。

SG&A was $212 million, a 13% sequential decline. The change was primarily attributable to a reversal of $35.4 million related to previously recognized stock-based compensation expenses. This reversal is onetime in nature, and we expect this to normalize in the second quarter. Combined with seasonal growth and marketing initiative that we signaled last year, we would expect a more significant sequential increase in SG&A in the second quarter. We're continuing to focus on efficiency, but we are also investing where it matters, including brand building and expanding our commercial reach.

銷售、一般及行政費用為 2.12 億美元，較上季下降 13%。這項變更主要歸因於與先前確認的股票薪酬費用相關的 3,540 萬美元的逆轉。這種逆轉本質上是一次性的，我們預計它將在第二季恢復正常。結合我們去年暗示的季節性成長和行銷舉措，我們預計第二季銷售、一般及行政費用將出現更顯著的環比成長。我們將繼續關注效率，但我們也在重要領域進行投資，包括品牌建立和擴大商業範圍。

Adjusted EBITDA in Q1 was negative $563 million and improvement of 2% versus Q4.

第一季調整後的 EBITDA 為負 5.63 億美元，較第四季改善 2%。

Moving to the balance sheet, our liquidity position and the strategic deployment of capital. We ended Q1 with approximately $4.56 billion in cash and investment and total liquidity of $5.76 billion. This provides a strong platform from which to execute on our long-term strategy. Inventory increased to $471 million, up from $408 million in Q4 as we ramp up production of the Lucid Gravity. This is in line with our build plans and expectations.

轉向資產負債表、我們的流動性狀況和資本的策略部署。我們在第一季結束時擁有約 45.6 億美元的現金和投資，總流動資金為 57.6 億美元。這為執行我們的長期策略提供了強大的平台。隨著 Lucid Gravity 產量的增加，庫存從第四季的 4.08 億美元增加到 4.71 億美元。這符合我們的建設計劃和預期。

CapEx for the first quarter came in at $161.2 million. Now turning to our outlook. The level of uncertainty has increased since our last earning calls. As Marc indicated, we've been working on ways to mitigate some of these impacts. But adversity is not new to Lucid, and we have always been a nimble company.

第一季的資本支出為 1.612 億美元。現在轉向我們的展望。自我們上次召開財報電話會議以來，不確定性程度有所增加。正如馬克所指出的，我們一直在努力尋找減輕其中一些影響的方法。但逆境對 Lucid 來說並不陌生，我們一直是一家靈活的公司。

We built a greenfield EV factory during the time of tremendous turmoil during COVID when not just getting parts, but also getting people was challenging. We faced incredible supply chain disruption during the time when some of our suppliers were forced to shut down factories. And we launched the Air in a time of macroeconomic uncertainty. We were able to do this through the resilience of our team, a strong partnership with our supply chain and the determination that I believe is embedded into the DNA of the company.

在新冠疫情期間的巨大動盪時期，我們建造了一座新建的電動汽車工廠，當時不僅獲取零件很困難，而且獲取人員也很困難。當我們的一些供應商被迫關閉工廠時，我們面臨嚴重的供應鏈中斷。我們在宏觀經濟不確定的時期推出了 Air。我們能夠做到這一點，得益於我們團隊的韌性、與供應鏈的牢固合作以及我相信已融入公司 DNA 的決心。

There is a lot of uncertainty, and we need to tackle it with the same vigor as we have in the past. Last quarter, we provided the potential gross margin headwind of 7% to 12% based on the tariff impact as we were aware of at the time of our Q4 earnings calls back in February. Based on what we understand today and the best information we have, we see the potential impact in the range of 8% to 15%. This is a challenging situation and the outcome on our financial performance depends upon various underlying factors, including market volatility and regulatory challenges. And as a result, the range could further change.

存在著許多不確定性，我們需要以過去同樣的活力去應對。上個季度，我們根據關稅影響預計毛利率可能下降 7% 至 12%，這一點我們在 2 月第四季財報電話會議上就已經意識到了。根據我們目前的了解和掌握的最佳信息，我們認為潛在影響在 8% 到 15% 之間。這是一個充滿挑戰的情況，我們的財務表現結果取決於各種潛在因素，包括市場波動和監管挑戰。因此，範圍可能會進一步改變。

Although the situation remains fluid, we are taking efforts to mitigate the impact as best as we can.

儘管情況仍然不穩定，但我們正在盡最大努力減輕影響。

Turning to production. We forecast production of approximately 20,000 vehicles in 2025. Although there are many uncertainties in the market, we believe we have some potential levers if market dynamics were to fluctuate, but we feel this is still an appropriate target. With regard to our liquidity position, we ended the quarter with a total liquidity of approximately $5.76 billion, which we believe provide us runway into the second half of 2026. I would also highlight that this does not include potential future Saudi Industrial Development Fund loans or Ministry of Industry of Saudi Arabia brands.

轉向生產。我們預測 2025 年的產量將約為 20,000 輛。儘管市場存在著許多不確定性，但我們相信，如果市場動態發生波動，我們有一些潛在的槓桿，但我們認為這仍然是一個合適的目標。關於我們的流動性狀況，本季末我們的總流動性約為 57.6 億美元，我們相信這為我們進入 2026 年下半年提供了支撐。我還要強調的是，這不包括未來潛在的沙烏地阿拉伯工業發展基金貸款或沙烏地阿拉伯工業部品牌。

Moving to CapEx. We believe in the large opportunities for Lucid ahead of us and will continue to invest for growth. We expect capital expenditure for 2025 to be approximately $1.4 billion, which include investments in our AMP-1, AMP-2 and retail infrastructure. That said, I believe we have potential levers here as well if market dynamics were to change. From a product perspective, beyond the Lucid Air and the Lucid Gravity, we plan to expand our vehicle lineup with upcoming midsize platform, which is scheduled for start of production in late 2026.

轉向資本支出。我們相信 Lucid 未來擁有巨大的機遇，並將繼續投資以實現成長。我們預計 2025 年的資本支出約為 14 億美元，其中包括對 AMP-1、AMP-2 和零售基礎設施的投資。話雖如此，我相信如果市場動態發生變化，我們這裡也有潛在的槓桿。從產品角度來看，除了 Lucid Air 和 Lucid Gravity 之外，我們還計劃透過即將推出的中型平台擴展我們的汽車陣容，該平台計劃於 2026 年底開始生產。

Introducing a new vehicle is always challenging and complex, particularly at our rapid pace, and we are leveraging the insights gained from our Lucid Gravity production ramp, while planning for our Midsize production.

推出一輛新車總是充滿挑戰和複雜性，尤其是在我們快速發展的情況下，我們正在利用從 Lucid Gravity 生產坡道中獲得的見解，同時規劃中型車的生產。

The highly uncertain macroeconomic environment and swift moving trade policies further complicate these efforts, and we are diligently working to optimize our supply chain and manufacturing plans for our midsized platform in response. In closing, let me leave you with this. We're building more than a car company. We're building a technology-driven, capital discipline, vertically integrated enterprise designed to lead in the next era of mobility. We're executing against our near-term goals, driving volume, improving margin and operating with rigor, and we're positioning ourselves for long-term value creation with a clear strategic priorities, strong liquidity and breakthrough products that redefine what EVs can be.

高度不確定的宏觀經濟環境和快速變化的貿易政策進一步使這些努力複雜化，我們正在努力優化我們的中型平台的供應鏈和製造計劃。最後，讓我給你們留下這一點。我們所打造的不僅僅是一家汽車公司。我們正在建立一家技術驅動、資本紀律、垂直整合的企業，旨在引領下一個行動時代。我們正在實現近期目標，推動銷量，提高利潤率並嚴格運營，並且我們透過明確的戰略重點、強大的流動性和重新定義電動車的突破性產品來定位自己，以實現長期價值創造。

To our employees, partners and shareholders, thank you for your continued trust and belief in Lucid.

對於我們的員工、合作夥伴和股東，感謝你們對 Lucid 的持續信任和信念。

With that, I'll turn it over to Maynard to take your questions.

接下來，我將把時間交給梅納德來回答你們的問題。

Thanks, Taoufiq. We'll now start the Q&A portion of the call. Before we take questions from those on the phone, I do want to any questions that our retail investors sent in through the technology platform. Question 1 is from Karthik A. With the acquisition of the Nikola factory, can Midsize rollout and ramp be accelerated than previously planned second half 2026.

謝謝，Taoufiq。我們現在開始電話會議的問答部分。在我們回答電話提問之前，我確實想先回答我們的散戶投資者透過技術平台發送的任何問題。問題 1 來自 Karthik A。透過收購 Nikola 工廠，中型車的推出和產量提升能否比先前規劃的 2026 年下半年更快。

Also, does this acquisition minimize the capital expenditure than previously planned. .

此外，此次收購是否會使資本支出比先前計畫的減少？。

Maybe I take the first part. Taoufiq Boussaid, you take the second part CapEx. First of all, I would like to clarify in the question second half of 2026. We always talked about and Taoufiq said that earlier in the prepared remarks, late 2026. And may not be well appreciated by, but the pace at which Lucid has been able to bring Lucid Air and Lucid The gravity to market was already incredibly fast and much faster than most OEMs are capable of.

也許我會選擇第一部分。Taoufiq Boussaid，您負責第二部分資本支出。首先，我想就2026年下半年的問題進行澄清。我們一直在談論這個，陶菲克在早些時候的準備好的發言中也說過，是 2026 年末。也許不太受重視，但 Lucid 將 Lucid Air 和 Lucid gravity 推向市場的速度已經非常快，比大多數 OEM 的速度要快得多。

These were incredibly complex programs with substantial challenges that we had to overcome and are overcoming. The Midsize is just as difficult. And on top of that, uncertainty around tariffs and the supply chain adds an additional layer of complexity. We are in the midst of sourcing and are about to make major sourcing decisions. Hence, we need to take the necessary time to fully evaluate the impact of current developments to ensure we make the right business decisions for the long term, which is difficult to do in a rapidly shifting tariff environment.

這些都是極其複雜的項目，面臨著巨大的挑戰，我們必須克服並且正在克服這些挑戰。中型企業同樣困難。除此之外，關稅和供應鏈的不確定性也增加了額外的複雜性。我們正處於採購階段，即將做出重大採購決策。因此，我們需要花費必要的時間來充分評估當前發展的影響，以確保我們做出正確的長期商業決策，這在快速變化的關稅環境中很難做到。

We are already working at a pace and a time line that is very aggressive. So I would say, unfortunately, accelerating Midsize isn't possible, particularly in this environment. I want to say so that the distinguishing attributes of the Lucid Air and Lucid Gravity will be definitely coming to Midsize. You can see all of the positive reviews about the Lucid Gravity. I love the Lucid Gravity, but I think the Midsize platform is going to be an even bigger game changer.

我們已經在按照非常積極的節奏和時間表開展工作。因此我想說，不幸的是，加速中型企業的發展是不可能的，特別是在這種環境下。我想說的是，Lucid Air 和 Lucid Gravity 的顯著特徵肯定會出現在中型車上。您可以看到有關 Lucid Gravity 的所有正面評價。我喜歡 Lucid Gravity，但我認為中型平台將會發揮更大的作用。

But we've got to focus on getting it right, not just getting it out to. Taoufiq?

但我們必須集中精力把事情做好，而不只是把它做好。陶菲克？

So on the Nikola assets specifically, I think it's important to make the point that, that was a highly attractive financial deal for us. So just to put things into perspective for hundreds of million in assets, we did pay approximately $17 million in cash plus 2 leases in Arizona that we have assumed. So I think that this could mitigate some of the CapEx that we will need to spend. For the time being, we are maintaining our CapEx guidance of $1.4 billion, but I definitely see opportunity for this to be better in 2025.

因此，具體到尼古拉資產，我認為有必要指出，這對我們來說是一筆極具吸引力的金融交易。因此，為了更清楚地了解數億美元的資產，我們確實支付了約 1700 萬美元的現金以及我們承擔的亞利桑那州的 2 份租約。所以我認為這可以減輕我們需要花費的一些資本支出。目前，我們維持 14 億美元的資本支出指導，但我確實看到 2025 年這一數字會有所改善。

Great. Question number 2 is from John G. And there's actually another question related to the same topic from Are there any plans for Lucid to sell or lease it not technology to other car manufacturers in the future?

偉大的。問題 2 來自 John G。實際上還有另一個與同一主題相關的問題：Lucid 未來是否有計劃將其非技術出售或租賃給其他汽車製造商？

Yes. That always has been the plan. And this is why we actually named the company Lucid Group, not Lucid Motors. In fact, as the margin was our first OEM contract, and as I said multiple times earlier, we are in active discussions with many other companies. But of course, many OEMs today are very preoccupied with tariffs, and this might obviously take some of their focus.

是的。這一直是我們的計劃。這就是我們將公司命名為 Lucid Group 而不是 Lucid Motors 的原因。事實上，由於保證金是我們的第一份 OEM 合同，正如我之前多次說過的，我們正在與許多其他公司進行積極討論。但當然，如今許多 OEM 都非常關注關稅，這顯然會分散他們的部分注意力。

But I mean, encouraged by the amount of the discussions we're having and the progress.

但我的意思是，我們正在進行的討論的數量和取得的進展令我感到鼓舞。

And question number 3 is again from Karthik A. What is the impact on Lucid supply chain as a result of Chinese curbs on export of rare earth material? To what extent is Lucid exposed to the tariffs?

第三個問題再次來自 Karthik A。中國限制稀土材料出口對 Lucid 供應鏈有何影響？Lucid 在多大程度上受到關稅的影響？

I think the second part of the question we already addressed in the prepared remarks, even the first one, but let me -- let me reiterate that this was why designing, developing and manufacturing your own technology is so important. There are very few companies that we are aware of that can do this to this end. Because of our vertical integration, we are able to have more control over various components that go into our vehicles. Not only does our high-power density drive units in the Lucid Air and Lucid Gravity require significantly less materials, including a very low ratio of dysprosium and terbium, but we could potentially use completely different rare worth materials without impacting vehicle performance. We are always evaluating our supply chain, and we will continue to deliver the award-winning performance and experience that our customers expect every time they step into lucid.

我認為我們已經在準備好的發言中討論了問題的第二部分，甚至是第一部分，但請允許我重申，這就是為什麼設計、開發和製造自己的技術如此重要。據我們所知，能夠做到這一點的公司非常少。由於我們的垂直整​​合，我們能夠更好地控制車輛的各種零件。Lucid Air 和 Lucid Gravity 中的高功率密度驅動裝置不僅需要更少的材料，包括非常低比例的鏑和铽，而且我們還可以採用完全不同的稀有價值材料，而不會影響車輛性能。我們始終在評估我們的供應鏈，並將繼續提供客戶每次踏入 Lucid 時所期望的屢獲殊榮的性能和體驗。

Thanks, Marc. And our last question is from Patrick M. Is it fair to say that Lucid lacks urgency with regard to production ramp and deliveries. Gravity's time line seemed especially slow a year from unveiling to orders opening, 51 more days to make 50 cars for friends and family and nothing to show in the 4 months since.

謝謝，馬克。我們的最後一個問題來自 Patrick M.，是否可以說 Lucid 在產量提升和交付方面缺乏緊迫感。Gravity 的時間表似乎特別慢，從揭幕到接受訂單，一年多的時間裡，他又花了 51 天為朋友和家人製造了 50 輛汽車，而此後的 4 個月裡卻沒有任何成果。

Well, we appreciate your passion and share your sense of urgency. Bringing a high-quality vehicle to market, especially one that we believe will be a long-term category leader requires thoughtful execution. Let me start by reiterating that we brought the Lucid Gravity to market at a pace faster than most are capable in the industry. While we encountered a modest supply chain bottleneck that has impact on our time line, the more important point is that we're taking the time to get it right, not just getting it out. Our focus remains on delivering a product that meets the very high standards that our customers expect and that will drive long-term value for our shareholders.

好吧，我們感謝您的熱情並感受到您的緊迫感。將高品質汽車推向市場，尤其是我們認為將成為長期行業領導者的汽車，需要深思熟慮的執行。首先我要重申，我們將 Lucid Gravity 推向市場的速度比業界大多數公司都要快。雖然我們遇到了輕微的供應鏈瓶頸，對我們的時間表產生了影響，但更重要的是，我們要花時間把事情做好，而不僅僅是把它弄出來。我們的重點仍然是提供滿足客戶期望的高標準並為股東帶來長期價值的產品。

We have line of sight that all the supply chain bottlenecks are being resolved in Q2, and we have made plans to ensure capability to still produce the number of Lucid Gravity we initially expect for 2025. And in fact, we just recently delivered the very first Lucid Gravity green edition, and if deliveries continue today, and we expect to start ramping further soon.

我們預計所有供應鏈瓶頸都將在第二季度解決，並且我們已經制定計劃，以確保仍能生產我們最初預計在 2025 年生產的 Lucid Gravity 數量。事實上，我們最近剛交付了第一款 Lucid Gravity 綠版，如果今天繼續交付，我們預計很快就會開始進一步增加產量。

Great. Thanks. Now we'd like to take questions from the phone lines. Can you give instructions?

偉大的。謝謝。現在我們想透過電話回答問題。可以給指點一下嗎？

(Operator Instructions)

（操作員指示）

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

Thank you, and good afternoon, everybody. I think the first one for me is having been lucky enough to experience to Gravity, I would imagine, as you as you get people in the seat, it's going to -- you'll start to see a pretty significant interest. Can you tell us where you stand kind of on test drives and what you're seeing maybe just call it qualitatively from an order perspective at this point?

謝謝大家，下午好。我認為對我來說，第一個幸運就是能夠體驗《地心引力》，我可以想像，當你讓人們坐在座位上時，你會開始看到相當濃厚的興趣。您能否告訴我們您在試駕過程中的立場以及您所看到的可能只是從訂單角度定性地稱呼它？

Yes, I can take that. From the orders perspective, we continue to see strong order inflow -- we only have opened so far the ordering for our higher Grant Touring And we actually see very good numbers continuing way above the GT of the Air. We also have launched a kind of a little bit off the record, a limited edition, the Dream addition, which is almost sold out. There are only a few available until we reach the limited number that we wanted to do. So all in all, we still see very high demand and interest in the vehicle.

是的，我可以接受。從訂單角度來看，我們繼續看到強勁的訂單流入——到目前為止，我們只開放了更高級別 Grant Touring 的訂單，而且我們實際上看到非常好的數字繼續高於 Air 的 GT。我們還推出了一種略微非正式的限量版產品「Dream」附加產品，幾乎已售罄。在達到我們想要的有限數量之前，只有少數可用。總而言之，我們仍然看到對該車輛的需求和興趣非常高。

And as you rightfully said, it only increases when people are actually sitting in the car. And when it comes to test drives and studio cars, we are about to roll this out. Not all of the studios have built test drives and studio cars, but we are basically delivering those cars as we speak.

正如您所說，只有當人們真正坐在車上時，這種感覺才會增加。當談到試駕和工作室汽車時，我們即將推出這項服務。並非所有工作室都製造了試駕車和攝影棚汽車，但我們基本上正在交付這些汽車。

Great. And then I might have missed this on the call, but do you have an update on where the Atlas drivetrain sits right now?

偉大的。然後我可能在通話中錯過了這一點，但是你有沒有關於 Atlas 傳動系統目前情況的最新消息？

Yes, I do. We're not actually announcing something today, but that is something for maybe the next few months or quarters where we then announced the Atlas drivetrain. We actually are actively discussing when are we doing this.

是的，我願意。我們實際上今天不會宣布什麼，但這可能是未來幾個月或幾個季度的事情，屆時我們會宣布 Atlas 動力傳動系統。我們實際上正在積極討論何時進行此項工作。

Andres Sheppard, Cantor Fitzgerald.

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

Congratulations on the quarter. I want to just maybe touch on the 2025 outlook. So guidance is reaffirmed or unchanged at 20,000. I guess like how should we think about the breakdown between the sedans and the Gravity, both in terms of maybe production and deliveries for this year. I think in the past, you had mentioned, I think, the sedans will be relatively flat to last year, and the delta perhaps coming from the Gravity.

恭喜本季。我可能只是想談談 2025 年的展望。因此指導意見重申或維持在 20,000 不變。我想我們應該如何看待轎車和 Gravity 之間的細分，無論是從今年的生產還是交付來看。我認為，您過去曾提到過，轎車的銷售將與去年持平，而增量可能來自 Gravity。

Just any color you can give us there? Basically, we're trying to figure out what's the best way to think about ASPs for the rest of the year.

您能給我們任何顏色嗎？基本上，我們正​​在嘗試找出在今年剩餘時間內考慮 ASP 的最佳方法。

Yes, I can take that. I mean, the expectation has not changed from what we said last time. I mean, we're expecting the Air -- actually, it sells pretty well right now. And in the prepared remarks, I said that in March, we were actually the best-selling car in our segment, not only EV, best-selling car in our segment. So Air is going well.

是的，我可以接受。我的意思是，我們的期望與我們上次所說的一樣，沒有改變。我的意思是，我們期待 Air——實際上，它現在賣得很好。我在準備好的演講中說過，三月份，我們實際上是我們這個細分市場中最暢銷的汽車，不僅是電動車，也是我們這個細分市場中最暢銷的汽車。所以空氣運作良好。

But in general, we're not expecting the Air to drastically increase in sales. So then the balance will have to come from Gravity. How is this now exactly turns out by the end of the year remains to be seen, but that's kind of what we are planning for right now.

但總的來說，我們並不認為 Air 的銷量會大幅成長。因此平衡必須來自重力。到今年年底，這項計畫究竟會如何發展還有待觀察，但這就是我們目前的計畫。

And maybe Andreas just to me -- because you also had a question about the ASPs. So I mean, the expectation is that you should see the ASP is improving towards the second half of the year with the Gravity's representing higher volume in our overall mix.

也許 Andreas 只是對我而言——因為你也對 ASP 有疑問。所以我的意思是，我們預計平均售價 (ASP) 將在下半年有所改善，而 Gravity 在我們的整體產品組合中佔有更高的份額。

Okay. When you say improving in this case, you mean lowering correct? The blended is the...

好的。在這種情況下，當您說改善時，您的意思是降低，對嗎？混合的是...

No, no. ASPs will go up. Yes, they will increase.

不，不。平均售價將會上漲。是的，會增加。

Okay. Got it. Super helpful. And then just as a maybe a quick follow-up. On liquidity.

好的。知道了。超有幫助。然後可能只是快速跟進。關於流動性。

So total liquidity is just shy of about $6 billion. You touched on this before, but can you remind us again kind of the plan to address the convertible bonds maturing in 2026. I believe the recent capital injection will be used to offset that. But can you maybe just remind us what you've said there and kind of what the plan is?

因此總流動資金略低於 60 億美元。您之前提到過這一點，但您能否再次提醒我們有關解決 2026 年到期的可轉換債券的計劃。我相信最近的資本注入將用來抵消這一點。但是您能否提醒我們您說過什麼以及計劃是什麼？

Well, I mean, we didn't really specify the plan and the timing in terms of execution. I mean, what we have always said is that, I mean, historically, we have been very opportunistic. We will continue to be very opportunistic. The way we have executed the funding for the convertible bond or half of the convert, I mean, does demonstrate the fact that we are very nimble when it comes to executing this kind of transaction. It was a very successful transaction.

嗯，我的意思是，我們並沒有真正指定執行計劃和時間。我的意思是，我們一直在說，從歷史上看，我們一直非常有機會主義精神。我們將繼續抓住機會。我的意思是，我們執行可轉換債券或一半轉換債券的融資方式確實證明了我們在執行此類交易時非常靈活。這是一次非常成功的交易。

Very well executed, well received by the market and that was very encouraging for us. So it gives us confidence for us to be able to drive the next phase of what we need to do. We are not communicating about the timing because, again, as I said, we want to be in a position to choose the right timing and do things when we think it's the right time, not when we have to do them.

執行得非常好，受到市場的好評，這對我們來說非常令人鼓舞。因此，它使我們有信心推動我們需要做的下一階段的工作。我們沒有就時間安排進行溝通，因為，正如我所說，我們希望能夠選擇正確的時機，在我們認為正確的時間做事，而不是在我們必須做事的時候。

Davis Sunderland, Baird.

戴維斯桑德蘭，貝爾德。

Maybe just to start going back to your prepared remarks, Marc, about the KAUST partnership. Could you just expand maybe a bit on the resources, either financial or through personnel that you and your partner might be committing, where are the R&D focus might be out of all those different areas you outlined? And then I have 1 follow-up.

馬克，也許只是回到你準備好的關於 KAUST 合作關係的發言。您能否稍微詳細地介紹一下您和您的合作夥伴可能投入的資源，無論是財務資源還是人員資源，在您概述的所有不同領域中，研發重點可能放在哪些方面？然後我有一個後續問題。

Yes. So the financial -- there's actually not much financial commitment involved from our side, and that is actually going to be further discussed. I mean, right now, we are in MOU phase, but I want to reiterate how much benefits that brings to us. I mean, the KAUST University has very strong resources across many, many areas. But for us, one of the major things is really about the compute power that we can have access to in a very efficient -- cost-efficient way for us particularly around AI models for ADAS and autonomous driving.

是的。因此，就財務而言，我們實際上並沒有投入太多的財務，這一點我們實際上將進一步討論。我的意思是，現在我們正處於諒解備忘錄階段，但我想重申這為我們帶來了多少好處。我的意思是，阿卜杜拉國王科技大學在許多領域都擁有非常強大的資源。但對我們來說，最重要的事情之一實際上是我們可以以非常高效且經濟的方式獲得的運算能力，特別是圍繞 ADAS 和自動駕駛的 AI 模型。

But that's not the only thing. Developing new materials and simulation be it fluid related. There's a lot of things that we can do together, which will increase our capability to further develop our leadership in EV technology, but also then leadership in the areas of autonomous driving and ADAS. So it's really -- I cannot stress enough how beneficial that is for us. It's a little bit similar like the Nikola deal.

但這並不是唯一的事。開發與流體相關的新材料和模擬。我們可以一起做很多事情，這將增強我們進一步發展電動車技術領域領導地位的能力，同時也增強我們在自動駕駛和 ADAS 領域的領導地位。所以這真的——我再怎麼強調這對我們有多有益也不為過。這與尼古拉的交易有點相似。

And we said this earlier, maybe a little bit underappreciated how valuable that was for us. And this is another, let's say, stepping stone of things where we make smart choices in order to help our business.

我們之前就說過，也許我們有點低估了這對我們有多重要。可以說，這是我們做出明智選擇以幫助我們的業務的另一個墊腳石。

And maybe just to reiterate what Marc has said, I mean, from a financial standpoint, I think that we need to look at this partnership as an asset-light way for us to accelerate our go-to-market. And I think it's really important to remind everyone about that because it gives us access again to compute power with actually no financial commitment from our side with the strong benefit of allowing us to accelerate our go-to-market.

也許只是為了重申馬克所說的話，我的意思是，從財務角度來看，我認為我們需要將這種合作關係視為一種輕資產的方式，以加速我們的行銷。我認為提醒大家這一點非常重要，因為它讓我們能夠再次獲得運算能力，而實際上我們無需做出任何財務承諾，這為我們加快上市速度帶來了巨大的好處。

That's super helpful. And then maybe just for my second -- totally acknowledge your points about other OEMs being preoccupied with tariffs. But I just wanted to ask, do you see a scenario potentially where all the global uncertainty and the tariff talk actually increases interest in some of your technology just as OEMs want to increase their use of U.S. components. And I know you talked in the past about a licensing model specifically, but would you guys ever consider being a manufacturer of certain components for a customer, given your excess capacity and maybe some of the new Nikola assets.

這非常有幫助。然後也許只是我的第二個——完全承認你關於其他 OEM 專注於關稅的觀點。但我只是想問一下，您是否看到了這樣一種可能的情況：所有全球不確定性和關稅談判實際上增加了人們對您的某些技術的興趣，就像原始設備製造商希望增加對美國零件的使用一樣。我知道您過去曾專門談論過授權模式，但考慮到您的過剩產能以及一些新的 Nikola 資產，您是否會考慮成為客戶某些零件的製造商。

Actually, this is as part of our The first one that we signed, we are actually a supplier or a manufacturer for the powertrain or the whole drivetrain technology for them. And so we're not opposed. I guess when it comes to doing this in a broader scale, we always have to consider, well, we want to build our own cars and we need our capacity for that, and we want to focus on that. But it's not out of the picture. And glad you brought the Nikola topic up because yes, absolutely.

實際上，這是我們簽署的第一份協議的一部分，我們實際上是他們的動力系統或整個傳動系統技術的供應商或製造商。所以我們並不反對。我想，當要更廣泛地做到這一點時，我們總是要考慮，好吧，我們想要製造自己的汽車，我們需要自己的能力，我們要專注於此。但這並非不可能。很高興你提起尼古拉這個話題，因為是的，絕對是。

I mean, this gives us now more options to do things like that. And as a matter of fact, I mentioned that in the prepared remarks, we had several players reaching out to us, exploring joint manufacturing in the U.S., given that we have now additional assets that we can leverage. So yes, we can envision that, absolutely.

我的意思是，這為我們提供了更多選擇來做這樣的事情。事實上，我在準備好的發言中提到，已經有幾家公司與我們聯繫，探討在美國進行聯合生產，因為我們現在擁有可以利用的額外資產。是的，我們絕對可以想像這一點。

[Operator Instructions] Our next question comes from the line of Tobias Beith with Redburn

[操作員指示] 我們的下一個問題來自 Redburn 的 Tobias Beith

Great. Good afternoon. Thank you for your time to speak, Marc. I have 2 questions, which I'll ask separately, if that's okay. In the near term, not to be philosophical, but total type work hours can be thought of as being a semi-fixed resource.

偉大的。午安.感謝您抽出時間發言，馬克。我有兩個問題，如果可以的話，我會分別詢問。從短期來看，雖然不是哲學意義上的，但總工作時間可以被視為一種半固定資源。

And I was wondering if Lucid would divert time to re-architect existing supply chains for the Air and the Gravity, the potential detriment to the Midsize platform time line.

我想知道 Lucid 是否會花時間重新建造 Air 和 Gravity 的現有供應鏈，這可能會對中型平台時間表造成損害。

The answer is no. No, we are working right now with a very strong focus on Midsize and we are not making decisions to rework supply chain on our existing products to hamper anything on Midsize. So I want to be crystal clear on this. It doesn't mean that we're not working on Air and Gravity supply chain. We actually do that.

答案是否定的。不，我們現在的工作重點是中型企業，我們不會決定重新設計現有產品的供應鏈，以免對中型企業造成任何阻礙。所以我想把這一點講清楚。這並不意味著我們沒有致力於空氣和重力供應鏈。我們確實這麼做了。

But particular to your point, at the detriment of midsize, the answer is a clear no.

但具體到你的觀點，以中型企業為代價，答案顯然是否定的。

All right. That does help to have confirmation. Secondly, the event in April has mostly positive feedback on the Gravity, which is great, but several reviews, some of which you highlighted in your opening remarks mentioned it finishing technology issues. And then enthusiast form also indicates that many studios are yet to receive permanent test deals. My question is whether the state of the vehicle and its derivative to the Touring and whatever else that follows are on track versus your expectations at the start of 2025.

好的。這確實有助於確認。其次，四月份的活動對 Gravity 的反饋大多是正面的，這很好，但也有幾篇評論提到了它解決了技術問題，您在開場白中重點提到了其中一些評論。然後愛好者表格也表明許多工作室尚未收到永久測試協議。我的問題是，到 2025 年初，這款車及其 Touring 衍生車型以及後續車型的狀況是否符合您的預期。

Yes. I mean, the -- I think we stated or I stated that also that we now actually continued deliveries to customers. Following this very, very closely. As a matter of fact, this morning, I checked how many we had this morning. So deliveries are still happening.

是的。我的意思是——我想我們已經說過或我也說過我們現在實際上正在繼續向客戶交貨。非常非常密切地關注此事。事實上，今天早上，我檢查了我們今天早上有多少。因此交付仍在進行。

It is true that we had some technical issues that we had to overcome around software, but also on the topic around the head-up display. You probably have heard that we basically entangled the technology package and took the -- made the optional because that is one area where we had issues with the supplier not ramping up at the level our customers wanted actually the technology package, now that we have untangled that we can continue to build vehicles because it's not only the itself involved, it's also different harnesses and other things that you have to change. And so with that move, we are now able to continue and scale up our deliveries. And other things were around software updates that we had to do, which are now -- have been done as well. So yes, there have been some hiccups, to be quite frank.

確實，我們在軟體方面遇到了一些需要克服的技術問題，但在平視顯示器方面也遇到了一些需要克服的技術問題。您可能已經聽說過，我們基本上將技術包糾纏在一起並使其成為可選項，因為這是我們遇到的一個問題，供應商沒有達到客戶實際想要的水平，實際上是技術包，現在我們已經解開了這個問題，我們可以繼續製造車輛，因為它不僅涉及本身，還涉及不同的線束和其他必須更改的東西。透過這項舉措，我們現在能夠繼續並擴大我們的交付規模。其他事情與我們必須進行的軟體更新有關，現在也已經完成了。是的，坦白說，確實存在一些問題。

I think this is absolutely normal in the beginning of launching a vehicle and -- but we are now -- we are basically one after the other, knocking those out. And that's also why we delivered less vehicles to studios and for test drives because we want to only do that if we have the standard that we promise to our customers. And we rather push it out a few days or weeks rather than putting half-baked product in front of the customer.

我認為在發射飛行器之初這絕對是正常的，但我們現在基本上是一個接一個地將它們淘汰。這也是為什麼我們向工作室和試駕中心交付較少車輛的原因，因為我們只有在達到向客戶承諾的標準的情況下才會這樣做。我們寧願將其推遲幾天或幾週，也不願將半成品擺在客戶面前。

Sure. I completely understand and get that ramp-ups have a natural learning curve. Thanks for your time, both look forward to speaking soon.

當然。我完全理解並知道提升有一個自然的學習曲線。感謝您抽出時間，我們期待盡快進行交談。

Thank you.

謝謝。

Stephen Gengaro, Stifel.

史蒂芬·根加羅（Stephen Gengaro），Stifel。

I'm not sure you all want to comment directly on this, but I'm curious, can you talk about with the Gravity production ramping, like how do you think about the sort of the timing and the puts and takes towards gross margin -- gross margins moving towards breakeven and profitability. Is there anything you can kind of talk about that helps frame that for us?

我不確定你們是否都想直接對此發表評論，但我很好奇，您能否談談 Gravity 產量提升的情況，例如，您如何看待時機以及毛利率走向盈虧平衡和盈利的利弊。您能談談什麼來幫助我們理解這一點嗎？

Well, I mean, we didn't specifically guide about the timing of us reaching the breakeven. But I think that it's important as well to insist on the fact that the key lever for us to reach the breakeven is the scale. So Gravity will definitely contribute to PAT to allow us to reach that scale, which will lead us to the breakeven. But the real program, which will allow us to have to mitigate the fixed cost under absorption is the Midsize.

嗯，我的意思是，我們並沒有具體指導我們達到盈虧平衡的時間。但我認為，同樣重要的是要堅持這樣一個事實：我們實現收支平衡的關鍵槓桿是規模。因此，Gravity 肯定會為 PAT 做出貢獻，以使我們能夠達到這一規模，從而實現收支平衡。但真正的計劃是讓我們能夠減輕吸收下的固定成本，即中型。

Ladies and gentlemen, due to the interest of time, that concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們、先生們，由於時間關係，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。