Lucid Group Inc (LCID) 2025 Q2 法說會逐字稿

Ladies and gentlemen. Thank you for standing by, and welcome to the Lucid Group second-quarter 2025 earnings conference call. Please be advised that today's conference is being recorded. (Operator Instructions) I would now like to turn the conference over to your speaker for today, Nick Twork, Vice President of Communication. Please go ahead.

女士們，先生們。感謝您的支持，歡迎參加 Lucid Group 2025 年第二季財報電話會議。請注意，今天的會議正在錄音。（操作員指示）現在，我想將會議交給今天的發言人，通訊副總裁 Nick Twork。請繼續。

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

謝謝，歡迎參加 Lucid Group 2025 年第二季財報電話會議。今天與我一起出席的還有我們的臨時執行長馬克溫特霍夫 (Marc Winterhoff) 和我們的財務長陶菲克布薩德 (Taoufiq Boussaid)。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規定的前瞻性聲明。

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 and other future events. These statements are based on various assumptions, whether or not identified in this communication and on the predications and expectations of our management as of today.

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、關稅和貿易政策以及其他未來事件的聲明。這些聲明是基於各種假設（無論是否在本通訊中明確說明）以及我們管理階層截至今天的預測和期望。

Actual events or results are difficult or impossible to predict and may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our annual report on Form 10-K for the year ended December 31, 2024.

實際事件或結果很難或不可能預測，並且可能由於許多風險和不確定性而有所不同。我們請您參閱我們截至 2024 年 12 月 31 日的 10-K 表年度報告中的警示性語言和風險因素。

Subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and other SEC filings and the forward-looking statements on Page 2 of our quarterly earnings presentation available online at Investor Relations section of our website at ir.lucidmotors.com.

後續季度報告（表格 10-Q）、當前報告（表格 8-K）和其他 SEC 文件以及季度收益報告第 2 頁中的前瞻性聲明均可在我們網站 ir.lucidmotors.com 的投資者關係部分在線查閱。

We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as required by law. 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 issued earlier this afternoon as well as in the earnings presentation.

除法律要求外，我們不承擔因任何原因修改或公開更新任何前瞻性聲明的義務。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收益報告中的內容。

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, Nick, and thank you, everyone, for joining us in our second-quarter 2025 earnings call. I'd like to begin by expressing my sincere appreciation to our employees, customers, partners and shareholders. You'll continue to believe in our mission is what drives us forward every day. In the second quarter of 2025, we achieved meaningful progress on both operational and strategic fronts. We delivered 3,309 vehicles, up 38% year over year, and our sixth consecutive quarter of record deliveries.

謝謝尼克，也謝謝大家參加我們的 2025 年第二季財報電話會議。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。您將繼續相信我們的使命是我們每天前進的動力。2025年第二季度，我們在營運和策略方面都取得了有意義的進展。我們交付了 3,309 輛汽車，年增 38%，這是我們連續第六個季度創下交付量記錄。

We produced 3,863 vehicles, up 83% year over year. As expected, ASP increased sequentially this quarter due to improved mix. However, gross margin was negatively impacted by tariffs as to equal detail in his remarks.

我們生產了3,863輛汽車，年增83％。正如預期的那樣，由於產品組合改善，本季平均售價較上季上漲。然而，他在演講中同樣詳細地指出，關稅對毛利率產生了負面影響。

First, we've been sharing with you that we are in active discussions about partnerships beyond selling or licensing our industry-leading EV technology. On July 17, we took a big step in this direction with the announcement of a partnership with Uber and Nuro on a next-generation premium robotaxi created specifically for the use on Uber's ride-hailing platform.

首先，我們一直在與您分享，除了銷售或授權我們行業領先的電動車技術之外，我們還在積極討論合作夥伴關係。7 月 17 日，我們朝著這個方向邁出了一大步，宣布與 Uber 和 Nuro 合作開發專為 Uber 叫車平台使用而設計的下一代高端機器人計程車。

This partnership combines the industry-leading software-defined vehicle architecture of the Lucid Gravity, the scalability and proven capability of the Nuro driver Level 4 autonomy system and Uber's vast global network and dynamic fleet management, delivering a fully integrated robotaxi experience developed for comfort, safety and scale.

此次合作結合了 Lucid Gravity 業界領先的軟體定義車輛架構、Nuro 駕駛員 4 級自動駕駛系統的可擴展性和經過驗證的能力以及 Uber 龐大的全球網絡和動態車隊管理，提供了專為舒適性、安全性和規模而開發的完全集成的機器人出租車體驗。

Our industry-leading efficiency and technology like our AV capable sensor suite, redundant steering and braking systems and highly efficient, compact and high-power density motors help maximize uptime and reduce operating cost per mile.

我們領先業界的效率和技術，例如我們的 AV 感測器套件、冗餘轉向和煞車系統以及高效、緊湊和高功率密度電機，有助於最大限度地延長正常運行時間並降低每英里的營運成本。

Key success factors in a successful robotaxi program. The new security software-defined architecture makes it the ideal platform for third-party autonomy stacks. As part of the agreement, Uber will invest $300 million in Lucid, subject to regulatory review.

成功的自動駕駛計程車計劃的關鍵成功因素。新的安全軟體定義架構使其成為第三方自治堆疊的理想平台。作為協議的一部分，Uber 將向 Lucid 投資 3 億美元，但需接受監管部門的審查。

Uber plans to deploy a minimum of 20,000 Lucid Gravity vehicles equipped with the Nuro driver over six years in dozens of markets around the world with the first vehicles launching late next year. This is an important step for Lucid into the multitrillion dollar robotaxi market, but it's only the first step.

Uber 計劃在未來六年內在全球數十個市場部署至少 20,000 輛配備 Nuro 駕駛員的 Lucid Gravity 汽車，首批汽車將於明年年底推出。這是 Lucid 進軍數兆美元的自動駕駛計程車市場的重要一步，但這只是第一步。

And while we are working with external partners on this initiative, we continue developing our internal ADAS and AD capabilities, such as our recently announced hands-free driving software update with more improvements to be announced.

在我們與外部合作夥伴合作進行這項計畫的同時，我們繼續開發內部 ADAS 和 AD 功能，例如我們最近宣布的免持駕駛軟體更新，還有更多改進即將公佈。

We are also leveraging our partnership with the King Abdullah or University of Science and Technology, or cost to train our AI models for ADAS and AD and bring cutting-edge innovation from the lab to the road. I've been clear about our intention to monetize Lucid Technology through licensing deals or strategic partnerships.

我們也利用與阿卜杜拉國王科技大學的合作關係，或花費成本來訓練我們的 ADAS 和 AD 人工智慧模型，並將尖端創新從實驗室帶到道路上。我已經明確表示，我們打算透過授權協議或策略合作夥伴關係將 Lucid Technology 貨幣化。

And this announcement signals our right to win in new markets. Uber's investment in Lucid is yet another example of a third party validating our highly advanced technical platform, and we remain in active discussions with other potential partners.

這項聲明標誌著我們有權在新市場中取勝。Uber 對 Lucid 的投資是第三方驗證我們高度先進的技術平台的另一個例子，我們仍在與其他潛在合作夥伴進行積極討論。

Second, we followed through on our commitment to drive awareness for our products and the Lucid brand last week when we announced Timothée Chalamet as Lucid's first-ever global brand ambassador. Chalamet will be featured in a new campaign promoting Lucid Gravity that marks another significant milestone in our commitment to raise brand awareness. This first campaign of the partnership were launched in early September.

其次，我們上週宣布 Timothée Chalamet 為 Lucid 第一位全球品牌大使，履行了提升我們產品和 Lucid 品牌知名度的承諾。查拉梅 (Chalamet) 將參與一項新的 Lucid Gravity 宣傳活動，這標誌著我們致力於提高品牌知名度的另一個重要里程碑。此次合作的首個活動於九月初啟動。

In addition to stimulating near-term demand, this multiyear partnership with Timothée is designed to anchor the Lucid brand in popular culture ahead of our entry into the mass market with our midsized vehicles. Now let me take a moment to go in depth to explain how these initiatives fit into our mission to not just deliver the best car in the world but also the best business.

除了刺激短期需求外，與 Timothée 的此次多年合作還旨在讓 Lucid 品牌在我們憑藉中型車進入大眾市場之前，在流行文化中站穩腳跟。現在，請容許我花點時間深入解釋這些舉措如何符合我們的使命，不僅提供世界上最好的汽車，還提供最好的業務。

Since we started our respective roles, Taoufiq and I have dedicated time to aligning our priorities for the business. We are laser focused on three important near-term priorities for Lucid. These are; first, operational discipline; second, building a distinctive, scalable brand and maintaining and enhancing a sustainable edge through our technology.

自從我們開始擔任各自的職位以來，Taoufiq 和我一直致力於協調業務重點。我們重點關注 Lucid 的三個重要近期優先事項。這些是：首先，營運紀律；其次，打造獨特的、可擴展的品牌，並透過我們的技術保持和增強永續優勢。

Operational discipline relates to manufacturing, cost control and practically every element of the business. As we communicated in our press release, our target is to produce 18,000 to 20,000 total vehicles in 2025. And as of the second quarter, we have produced just over 6,000.

營運紀律涉及製造、成本控制以及幾乎所有業務要素。正如我們在新聞稿中所述，我們的目標是到 2025 年總共生產 18,000 至 20,000 輛汽車。截至第二季度，我們的產量已超過 6,000 台。

On this topic, I feel that it is important to acknowledge that we are where we want to be with Lucid Gravity production relative to our target at this point in the year. However, our team has been working very hard all year to address bottlenecks in our supply chain and improve manufacturing efficiency.

關於這個主題，我認為有必要承認，相對於我們今年的目標，Lucid Gravity 的產量已經達到了我們想要的水平。然而，我們的團隊全年都在努力解決供應鏈瓶頸並提高製造效率。

I'm happy to say that we have overcome most of these issues and are beginning to ramp up Lucid Gravity production. We believe we will significantly increase production in the second half of the year. The challenges we faced were multifold but can primarily be attributed to, first, the capacity of certain suppliers in our supply chain; and second, the availability of magnets originating in China, an industry-wide challenge.

我很高興地說，我們已經克服了大部分問題，並開始增加 Lucid Gravity 的產量。我們相信下半年產量會大幅提高。我們面臨的挑戰是多方面的，但主要可以歸因於：第一，我們供應鏈中某些供應商的產能；第二，中國產磁鐵的供應問題，這是一個全行業的挑戰。

To the first point, we've been working closely with our suppliers to alleviate issues that could prevent us from producing the necessary volume to achieve our target in the second half of the year . We've also implemented key initiatives that are focused on fostering enhanced accountability and data-driven decision-making.

關於第一點，我們一直在與供應商密切合作，以緩解可能阻礙我們生產出實現下半年目標所需產量的問題。我們也實施了一些重要舉措，重點是加強問責制和數據驅動的決策。

We are already seeing the benefits of this as we work diligently to improve Lucid Gravity production. Turning to the second point. To mitigate geopolitical supply chain challenges, our team was able to quickly integrate substitute magnets in production. And because of our nimble in-house vertical integration, this process took weeks instead of months. Software changes, manufacturing changes and software hardware integration all work together to make this happen.

我們正在努力提高 Lucid Gravity 的產量，並且已經看到了這樣做的好處。轉到第二點。為了緩解地緣政治供應鏈挑戰，我們的團隊能夠快速將替代磁鐵整合到生產中。由於我們靈活的內部垂直整合，這個過程只需幾週而不是幾個月。軟體變化、製造變化和軟體硬體整合共同作用，使這一目標得以實現。

Without our vertical integration and ability for our team to make quick changes, we would have stopped production in Q2. I'm happy to say that we believe this issue is behind us and we have secured enough magnets to meet our production target for the remainder of the year.

如果沒有我們的垂直整合和團隊快速做出改變的能力，我們將在第二季停止生產。我很高興地說，我們相信這個問題已經解決了，我們已經獲得了足夠的磁鐵來滿足今年剩餘時間的生產目標。

As we have noted before, we have a strong commitment to our US-based manufacturing. We believe this will make us more resilient and help mitigate the impact of tariffs and other geopolitical issues. In that regard, I wanted to highlight a couple of recent announcements that further support our position.

正如我們之前提到的，我們對美國製造業有著堅定的承諾。我們相信這將使我們更具韌性，並有助於減輕關稅和其他地緣政治問題的影響。在這方面，我想強調最近的幾項聲明，以進一步支持我們的立場。

First, in June, we announced a preliminary agreement with Graphite One to source natural and synthetic graphite domestically, beginning in 2028. This agreement complements our existing nonbinding supply agreement with Graphite One that was signed in April of 2024.

首先，今年 6 月，我們宣布與 Graphite One 達成初步協議，從 2028 年開始在國內採購天然和合成石墨。該協議是我們與 Graphite One 於 2024 年 4 月簽署的現有非約束性供應協議的補充。

Following this announcement, we helped establish the minerals for national automotive competitiveness collaboration or MINAC, a partnership among US critical minerals producers that are focused on supporting US-based manufacturing and sourcing. We view these as necessary corrective steps to help insulate our supply chain from global volatility.

在這項聲明發布後，我們協助建立了國家汽車競爭力合作組織（MINAC），這是美國關鍵礦產生產商之間的合作夥伴關係，旨在支持美國的製造和採購。我們認為這些是必要的糾正措施，有助於使我們的供應鏈免受全球波動的影響。

We also recently celebrated the opening of Panasonic's US factory in De Soto, Kansas. Panasonic is one of our key suppliers and the presence of this US factory will strengthen our domestic supply chain starting in 2026. Our next priority is to amplify demand through brand marketing and partnership initiatives.

我們最近也慶祝了位於堪薩斯州德索託的松下美國工廠的開幕。松下是我們的主要供應商之一，這家美國工廠的存在將從 2026 年開始加強我們的國內供應鏈。我們的下一個重點是透過品牌行銷和合作計劃來擴大需求。

Our team's hard work in this regard has been on display through recent announcements over the past few weeks that I have already discussed. I'm pleased with the progress we are making to enhance our brand but this work is only the beginning.

我們的團隊在這方面的辛勤工作已透過過去幾週我所討論過的最新公告得到了展示。我對我們為提升品牌所取得的進展感到高興，但這項工作只是個開始。

As I mentioned earlier in my remarks, in September, we plan to launch a new gravity brand campaign, featuring Timothée Chalamet as part of our broader partnership. To further deepen brand affinity and trust, we are expanding our efforts beyond traditional advertising. This includes new brand ambassador partnerships with world-class athletes influential cultural voices and globally recognized creators who share our vision and values.

正如我之前在演講中提到的，我們計劃在 9 月推出一項新的引力品牌活動，並以 Timothée Chalamet 作為我們更廣泛合作的一部分。為了進一步加深品牌親和力和信任度，我們正在將努力擴展到傳統廣告之外。這包括與世界級運動員、有影響力的文化代言人以及與我們擁有共同願景和價值觀的全球知名創作者建立新的品牌大使合作夥伴關係。

We are also developing strategic collaborations with brands and organizations at the forefront of sports and culture. These partnerships will allow us to tap in new communities and strengthen emotional connection consumers have with our brand.

我們也正在與體育和文化領域的前沿品牌和組織進行策略合作。這些合作關係將使我們能夠進入新的社區並加強消費者與我們品牌的情感聯繫。

Regarding the scalability of our brand, many new customers are now experiencing Lucid Gravity in our studios. And we're seeing a high order conversion rate for prospective customers once they experience the vehicle. In fact, our daily order rate has nearly doubled since display and test drive vehicles have been widely delivered to studios.

關於我們品牌的可擴展性，許多新客戶現在正在我們的工作室體驗 Lucid Gravity。一旦潛在客戶體驗了這款車輛，我們就會發現訂單轉換率很高。事實上，自從展示車和試駕車廣泛送達工作室以來，我們的每日訂單率幾乎翻了一番。

Our final priority is to maintain and enhance our competitive edge through our technology. Engineering and technological excellence have long defined Lucid brand, and we remain committed to these tenants as we grow the business.

我們的最終任務是透過我們的技術來保持和增強我們的競爭優勢。卓越的工程和技術長期以來一直是 Lucid 品牌的標誌，在業務發展的過程中，我們仍將致力於這些原則。

Just a few days ago, we deployed a software update to our DreamDrive Pro Advanced Driver Assist System. This update enables hands-free driving and lane changes and is also expected to be released for Lucid Gravity later this year.

就在幾天前，我們為 DreamDrive Pro 高級駕駛輔助系統部署了軟體更新。此更新可實現免持駕駛和車道變換，預計今年稍後也將在 Lucid Gravity 上發布。

Recently, we also began production of the 2026 Lucid Air which features a new battery pack for touring models that extends the modeled EPA rated range to 431 miles compared to 406 in the previous model year.

最近，我們也開始生產 2026 年 Lucid Air，該車配備了用於旅行車型的新電池組，將 EPA 額定續航里程從上一車型年的 406 英里延長至 431 英里。

Notably, all 2026 Lucid Air models now utilize the same AC compressor as Lucid Gravity, marking the beginning of further efforts aimed at part commonization across our vehicle lines. The Lucid Air Grand Touring demonstrates its range leadership recently by garnering the Guinness world record of the longest journey by an electrical vehicle on a single charge.

值得注意的是，所有 2026 年 Lucid Air 車型現在都使用與 Lucid Gravity 相同的空調壓縮機，這標誌著我們開始進一步努力實現整個車輛系列的零件通用化。Lucid Air Grand Touring 最近創造了單次充電電動車最長行駛里程的金氏世界紀錄，展現了其在續航里程方面的領先地位。

Additionally, current driver named the Lucid Sapphire, the quickest car they've ever tested, toppling the Porsche Taycan Turbo GT Weissach. The Air Sapphire set a 0 to 60 time of 1.9 seconds and completed the quarter mile in 9.1 seconds. In Jason Cammisa's ultimate drag race on Haggerty, Lucid Gravity (inaudible) edition with dual motors completed the quarter mile in 10.5 seconds, matching the quad motor Rivian R1S.

此外，現任車手將 Lucid Sapphire 評為他們測試過的最快的汽車，擊敗了保時捷 Taycan Turbo GT Weissach。Air Sapphire 從 0 加速到 60 英里僅需 1.9 秒，並在 9.1 秒內跑完了四分之一英里。在 Jason Cammisa 駕駛 Haggerty 進行的終極直線加速賽中，配備雙引擎的 Lucid Gravity（聽不清）版在 10.5 秒內跑完了四分之一英里，與四引擎的 Rivian R1S 不相上下。

But where the Lucid Gravity Touring stood out as an acceleration beyond 60 miles per hour, showcasing the superior passing power and highway emerging confidence that define Lucid performance. The same Lucid Gravity Dream addition can also reach 150 miles power faster than a Corvette Z06 according to current driver.

但 Lucid Gravity Touring 的突出之處在於其加速性能超過每小時 60 英里，展現了 Lucid 卓越的超強通過能力和高速公路行駛時的自信。根據目前駕駛者的說法，同樣的 Lucid Gravity Dream 附加裝置還可以比 Corvette Z06 快 150 英里。

At the beginning of my remarks, I highlighted our recent partnership with Uber and Nuro, which showcases and validates that the advanced capabilities of Lucid Gravity provide an ideal platform on which to integrate AD technology.

在我的演講開始時，我強調了我們最近與 Uber 和 Nuro 的合作，這展示並驗證了 Lucid Gravity 的先進功能為整合 AD 技術提供了理想的平台。

Looking ahead, our midsized platform vehicles will play a crucial role in maintaining Lucid's competitive edge in technology. These vehicles have been meticulously designed to achieve leading product features and specifications with low cost, enabling us to position our company for significant market expansion.

展望未來，我們的中型平台車將在保持 Lucid 技術競爭優勢方面發揮關鍵作用。這些車輛經過精心設計，以低成本實現了領先的產品功能和規格，使我們能夠為公司實現顯著的市場擴張做好準備。

By adopting this approach, we aim to strike a balance between cost competitiveness and high-volume production, while still preserving the premium attributes that our customers have come to expect from Lucid. Technology leadership is the key enabler for this previously opposing combination.

透過採用這種方法，我們的目標是在成本競爭力和大量生產之間取得平衡，同時仍保留客戶對 Lucid 所期望的優質屬性。技術領導力是促成這原本對立的組合的關鍵因素。

A prime example of this approach is our ADAS drive unit, which serves as a cornerstone of our higher volume and cost efficiency strategy. We are committed to enhancing our powertrain efficiency leadership while simultaneously achieving lower costs and maintaining exceptional performance. Lastly, as you may know, the Lucid Gravity was the first non-Tesla vehicles sold to offer a built-in next connector and supports native Tesla Supercharger network access.

這種方法的一個主要例子是我們的 ADAS 驅動單元，它是我們更高產量和成本效率策略的基石。我們致力於增強我們的動力系統效率領導地位，同時降低成本並維持卓越的效能。最後，您可能知道，Lucid Gravity 是第一款提供內建下一個連接器並支援原生特斯拉超級充電網路存取的非特斯拉汽車。

We have also recently opened this access for Lucid Air owners as well. As of July 31, Lucid Air owners with an approved adapter in North America can now charge their vehicles at any one of the 23,500 plus Tesla supercharger locations throughout the country with access integrated into their Lucid app.

我們最近也向 Lucid Air 擁有者開放了此項存取權限。截至 7 月 31 日，在北美擁有經批准適配器的 Lucid Air 車主現在可以在全國 23,500 多個特斯拉超級充電站中的任何一個為他們的車輛充電，並將訪問權限集成到他們的 Lucid 應用程式中。

This is in addition to more than 30,000 CCS charges already available across North America to Lucid drivers. In closing, we are not simply building electrical vehicles. We are pushing the boundaries of what EVs can be. On the record-breaking performance and efficiency of the Lucid Air to the game-changing Lucid Gravity to our upcoming midsized platform.

除此之外，北美地區 Lucid 駕駛者還可以享受超過 30,000 次 CCS 充電。最後，我們不僅僅是製造電動車。我們正在突破電動車的極限。從 Lucid Air 破紀錄的效能和效率，到改變遊戲規則的 Lucid Gravity，再到我們即將推出的中型平台。

Our technology continues to redefine what's possible. Well, our mission isn't only to make the best EVs in the world. It's to build a great business around that. That means continuing to drive innovation while also scaling intelligently building a robust supply chain and making strategic decisions that position us for long-term success.

我們的技術不斷重新定義一切可能。我們的使命不僅僅是製造世界上最好的電動車。這是為了圍繞這一點建立一個偉大的企業。這意味著我們要繼續推動創新，同時也要智慧地擴大規模，建立強大的供應鏈，並做出策略決策，為我們的長期成功做好準備。

We are entering a pivotal new phase, one where world-class engineering meets world-class execution. And with the talent, focus and drive across our team, I truly believe we're just getting started. Thank you for your continued belief in Lucid, not just as a car company but as a company shaping the future of mobility and American manufacturing.

我們正在進入一個關鍵的新階段，世界一流的工程與世界一流的執行相結合。憑藉我們團隊的才華、專注和動力，我堅信我們才剛起步。感謝您一直以來對 Lucid 的信任，我們不僅將其視為一家汽車公司，更將其視為塑造移動旅行和美國製造業未來的公司。

Thank you, Marc, and thank you to those who are joining us today. I'd like to build on Marc's comment by sharing more details about our operational and financial performance this quarter. I will also provide clarity on the strategic steps we're taking to position Lucid for the long-term success.

謝謝你，馬克，也謝謝今天加入我們的人。我想在馬克的評論基礎上分享更多有關我們本季營運和財務業績的細節。我還將闡明我們為 Lucid 的長期成功所採取的策略步驟。

In the last few months, our focus has been on execution, turning strategic commitments into measurable progress across production cost discipline and financial resilience. We have also taken meaningful steps to strengthen our capital structure and accelerate monetization of our technology.

在過去的幾個月裡，我們的重點是執行，將策略承諾轉化為生產成本紀律和財務彈性的可衡量進展。我們也採取了有意義的措施來加強我們的資本結構並加速我們的技術貨幣化。

One of our most significant recent developments was our agreement with Uber and Nuro, which represents far more than a commercial transaction. It is a strategic alignment with two leading players in mobility and autonomy, who choose Lucid Gravity as the core platform for the next-generation robotaxi.

我們最近最重要的進展之一是與 Uber 和 Nuro 達成的協議，這不僅僅是一項商業交易。這是與行動和自動駕駛領域兩大領導企業的策略聯盟，他們選擇 Lucid Gravity 作為下一代機器人計程車的核心平台。

Uber's planned $300 million investment in Lucid, subject to regulatory approval will directly support the development and integration of this program. It reflects external confidence in our underlying architecture and is a validation of the broader platform opportunity we see beyond direct-to-consumer sales. It also confirms our ability to create scalable enterprise value by deploying our technology in new verticals, fleet, autonomy and AI mobility.

Uber 計劃向 Lucid 投資 3 億美元，經監管部門批准後，將直接支持該計劃的開發和整合。它反映了外界對我們底層架構的信心，也驗證了我們在直接面向消費者的銷售之外看到的更廣泛的平台機會。這也證實了我們透過在新的垂直領域、車隊、自主性和人工智慧移動性中部署我們的技術來創造可擴展的企業價值的能力。

In parallel, we announced our intention to implement 1 for 10 reverse stock split. This is not a cosmetic action. It is a deliberate and targeted measure to ensure Lucid's equity remains accessible to broader universe of long-only institutional investors.

同時，我們宣布了實施 1:10 反向股票分割的意圖。這不是一種表面行為。這是一項經過深思熟慮且有針對性的措施，旨在確保更廣泛的多頭機構投資者能夠獲得 Lucid 的股票。

It also lies our share price with the strategic trajectory of the company as we move into the next chapter of scaling our operations and deepening our capital market engagement. The reverse split is expected to take effect in early September, subject to shareholder approval.

隨著我們進入擴大經營規模和深化資本市場參與的下一章，我們的股價也與公司的策略軌跡有關。此次反向分割預計將於 9 月初生效，但需獲得股東批准。

Turning now to the numbers. We have delivered $259 million in revenue in Q2, marking a 29% increase year over year. We produced 3,863 vehicles and deliveries reached 3,309 units, up 38% compared to the same quarter last year.

現在來談談數字。我們第二季的營收為 2.59 億美元，年增 29%。我們生產了 3,863 輛汽車，交車量達到 3,309 輛，比去年同期成長了 38%。

This marks our sixth consecutive quarter of record deliveries. Despite the ongoing challenges facing the EV sector, particularly in supply chain, we maintained positive momentum and continued progressing towards our volume targets.

這是我們連續第六個季度創下交付量紀錄。儘管電動車產業面臨持續的挑戰，特別是在供應鏈方面，但我們仍然保持了積極的勢頭，並繼續朝著我們的產量目標前進。

Given the continuously shifting market environment, we have decided to provide our production guidance as a range. Gross margin for the quarter was negative 105%, and reflecting a $54 million impact from tariffs alone.

鑑於不斷變化的市場環境，我們決定以一系列的形式提供我們的生產指導。本季毛利率為-105%，光是關稅就造成5,400萬美元的影響。

This impact accounted for a 21 percentage point decrease in gross margin, offsetting the benefits from sequential improvements in ASP. While we anticipate this pressure, we're actively taking decisive actions to move margins back towards a positive trajectory. These actions include material cost optimization, improving production efficiency and tighter inventory management.

這一影響導致毛利率下降了 21 個百分點，抵消了平均銷售價格連續改善的好處。雖然我們預見了這種壓力，但我們正在積極採取果斷行動，使利潤率回到積極的軌道。這些措施包括優化材料成本、提高生產效率和加強庫存管理。

We also saw continued cost discipline across the organization while maintaining targeted investments in products and brands. R&D totaled $274 million for the quarter, reflecting higher spend on the midsized platform and Atlas powertrain.

我們也看到整個組織繼續嚴格控製成本，同時保持對產品和品牌的有針對性的投資。本季研發總額為 2.74 億美元，反映出中型平台和 Atlas 動力系統的支出增加。

SG&A was $257 million, a sequential increase as stand normalized following the onetime reversal of previously recognized stock-based compensation expense in the first quarter. Importantly, we are continuing to make deliberate trade-offs across the business, investing where it matters and streamlining where appropriate. Adjusted EBITDA was negative $632 million, down 12%, driven mainly by gross margin pressure.

銷售、一般及行政費用為 2.57 億美元，環比增長，因為在第一季一次性逆轉先前確認的股票薪酬費用後，這一數字已恢復正常。重要的是，我們將繼續在整個業務範圍內進行謹慎的權衡，在重要的地方進行投資，並在適當的地方進行精簡。調整後EBITDA為負6.32億美元，下降12%，主要受毛利率壓力影響。

We ended the quarter with $3.6 billion in cash and investments and total liquidity of $4.86 billion. Our financial position remains strong, providing us the runway to fund operations and execute our long-term plans.

本季末，我們的現金和投資為 36 億美元，總流動資金為 48.6 億美元。我們的財務狀況依然強勁，為我們提供了營運資金和執行長期計劃的平台。

CapEx totaled $183 million, consistent with our guidance and inventory rose to $730 million, reflecting Lucid Gravity production build and preparations for ramp-up. Looking forward, we are navigating an environment that remains volatile and uneven. We flagged earlier this year the potential impact of tariff-related margin headwinds in the range of 8% to 15%.

資本支出總計 1.83 億美元，與我們的指導一致，庫存增加至 7.3 億美元，反映了 Lucid Gravity 生產的建設和產能提升的準備。展望未來，我們仍將處於一個動盪和不平衡的環境中。我們在今年稍早指出，關稅相關的利潤率阻力可能造成 8% 至 15% 的影響。

Based on what we know today and the mitigations we have already activated, including the localized sourcing, engineering substitutions and vertical integration, we now believe the actual impact will fall at the lower end of that range.

根據我們目前掌握的情況以及我們已經採取的緩解措施，包括本地化採購、工程替代和垂直整合，我們現在認為實際影響將處於該範圍的低端。

We are also continuing to manage exposure to magnet supply risk through a combination of supplier diversification and in-house reengineering. The lessons learned during the Lucid Gravity ramp are informing our decisions as we prepare for the start of midsized production in late 2026. On the policy front, most of you are aware of the $7,500 (inaudible) EV lease credit will be eliminated beginning in Q4 of this year. We have defined countermeasures that will be implemented in Q3 to address this change.

我們也將繼續透過供應商多樣化和內部重組相結合的方式管理磁鐵供應風險。當我們為 2026 年底開始中型生產做準備時，Lucid Gravity 爬坡過程中獲得的經驗教訓將為我們的決策提供參考。在政策方面，大多數人都知道，從今年第四季開始，7,500 美元（聽不清楚）的電動車租賃抵免將被取消。我們已經制定了將在第三季實施的應對措施來應對這項變化。

This next phase of our strategy will require us to scale with precision. The midsize platform represents a critical opportunity to expand Lucid's addressable market, enhance manufacturing leverage and offer a broader value proposition to customers without compromising on performance and efficiency.

我們策略的下一階段將要求我們精確地擴大規模。中型平台代表著擴大 Lucid 目標市場、增強製造槓桿以及在不影響性能和效率的情況下為客戶提供更廣泛的價值主張的關鍵機會。

We are applying everything we've learned from the Lucid Gravity to ensure this program comes to market with greater agility, lower unit cost and shorter lead times. Lastly, we are updating our annual production guidance to a range of 18,000 to 20,000 vehicles. Going forward, we will provide production guidance as a range to reflect the potential impact of continuously changing market environment and external factors.

我們正在運用從 Lucid Gravity 學到的一切知識，以確保該計劃以更高的靈活性、更低的單位成本和更短的交貨時間進入市場。最後，我們將年度產量預期更新至 18,000 至 20,000 輛。展望未來，我們將提供一定範圍的生產指導，以反映不斷變化的市場環境和外部因素的潛在影響。

We are refining our 2025 CapEx guidance to a range of $1.1 billion to $1.2 billion. This adjustment reflects a more focused investment approach, prioritizing critical programs with the highest near-term returns and long-term strategic value and deprioritizing lower return investments.

我們正在將 2025 年資本支出指引調整至 11 億美元至 12 億美元之間。這項調整體現了更集中的投資方式，優先考慮短期回報最高和長期策略價值最高的關鍵項目，降低迴報較低的投資的優先順序。

We remain committed to funding future growth and all other operational and strategic targets remain unchanged. Let me close with this. As you've seen, we are committed to building a great company, not just a great product.

我們將繼續致力於為未來的成長提供資金，所有其他營運和策略目標保持不變。讓我以此作為結束。如您所見，我們致力於打造一家偉大的公司，而不僅僅是生產出偉大的產品。

That means scaling responsibly, investing wisely and staying laser focused on the fundamentals, quality, cost and capital discipline. We are operating in one of the most dynamic and competitive industries of our time. What will distinguish the winners from the rest is not ambition alone but execution and execution is what we do. Thank you for your continued belief in our mission.

這意味著要負責任地擴大規模、明智地投資並始終專注於基本面、品質、成本和資本紀律。我們正處於當今最具活力和競爭力的行業之一。成功者與其他人的差異不僅在於雄心，還在於執行力，而執行力就是我們所做的。感謝您對我們使命的持續信任。

And with that, I turn it back to Nick to open the line for questions.

說完這些，我把話題轉回給尼克，讓他開始回答問題。

Thanks, Taoufiq. (Event Instructions) The first question comes from Sean D. How many current gravity orders are there?

謝謝，Taoufiq。（活動說明）第一個問題來自 Sean D. 目前重力階有幾個？

We don't disclose the specific number of orders we've received. However, as I referenced in my prepared remarks, customers are now experiencing Lucid Gravity in our studios, and we are seeing a high conversion rate once people see the vehicle for themselves. We are happy with what we're seeing, and we remain supply constrained and not demand constrained. We expect the situation will normalize soon.

我們不會透露收到的訂單的具體數量。然而，正如我在準備好的演講中提到的那樣，客戶現在正在我們的工作室體驗 Lucid Gravity，一旦人們親眼看到這輛車，我們就會看到很高的轉換率。我們對目前的情況感到滿意，我們仍然受到供應限製而不是需求限制。我們預計局勢將很快恢復正常。

Our second question comes from Paul C. Is the midsize platform still on target for production in late 2026? Our delivery is expected to start in 2026 or 2027, and the acquisition of the Nikola facilities allow midsize to be brought forward at all.

我們的第二個問題來自 Paul C.。中型平台是否仍計劃在 2026 年底投入生產？我們的交付預計將於 2026 年或 2027 年開始，而收購 Nikola 工廠使得中型車的交付可以提前進行。

The midsize is still scheduled for start of production in late 2026, and we are planning to unveil the vehicle next year. Given that production starts in late 2026, we expect deliveries to ramp up throughout 2027. Regarding the Nikola facilities, while the facilities we acquired added capabilities, they will not impact the time line of our midsized vehicles.

這款中型車仍計劃於 2026 年底開始生產，我們計劃明年推出這款車。鑑於生產將於 2026 年底開始，我們預計交付量將在 2027 年全年增加。關於尼古拉設施，雖然我們收購的設施增加了功能，但它們不會影響我們中型車的時間表。

The third question comes from Adrian B. How will the partnership with Uber aid in company growth? And how big of an impact do you expect it to have?

第三個問題來自 Adrian B。與 Uber 的合作將如何幫助公司發展？您預計它會產生多大的影響？

The strategic partnership with Uber and Nuro is our entry into a large and very attractive market. As far as impact, partnering companies like Uber and Nuro is another data point that validates Lucid's highly scalable platform and signals our right to win in new markets as we continue to pursue additional partnerships. This is the start of our path to extend our innovation and technology leadership into this multitrillion dollar market.

與 Uber 和 Nuro 的策略合作夥伴關係使我們進入了一個龐大且極具吸引力的市場。就影響而言，與 Uber 和 Nuro 等合作公司合作是另一個數據點，證明了 Lucid 高度可擴展的平台，並表明我們在繼續尋求更多合作夥伴關係的過程中有權在新市場中獲勝。這是我們將創新和技術領先地位擴展到這個數兆美元市場的開始。

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

現在我們想透過電話回答問題。操作員？

Thank you. (Operator Instructions) Andrea Shepherd, Cantor Fitzgerald.

謝謝。（操作員指示）安德里亞·謝潑德 (Andrea Shepherd)、康托·菲茨杰拉德 (Cantor Fitzgerald)。

Hey everyone, good afternoon and thank you so much for taking our questions. Congratulations on the quarter. Just a quick question on ASPs, just given the macro environment, should we be expecting any changes to the midsized initial ASPs as they ramp-up? Thanks.

大家好，下午好，非常感謝您回答我們的問題。恭喜本季。關於 ASP 的一個簡單問題，考慮到宏觀環境，我們是否應該預期中型初始 ASP 在成長過程中會發生任何變化？謝謝。

Midsize ASPs ramp-up. I think that is still some time out. Are you referring to gravity?

中型企業平均銷售價格 (ASP) 不斷上升。我認為還需要一些時間。你指的是重力嗎？

So just on the mid-size, I know we have -- we're not there yet, but just curious as the macro worsens if you're expecting any changes to initial ASPs once it's available.

因此，就中型而言，我知道我們還沒有達到那個水平，但只是好奇，隨著宏觀形勢的惡化，您是否預計一旦它可用，初始 ASP 會發生任何變化。

No. No. I mean there's no plan and no expectation that the ASP of the midsize will be impacted. As a matter of fact, I mean, we have the current situation I personally and we as a company see this also as a temporary phase where we had a big hype on EVs a couple of years ago. And now there's more a slowdown but we are fully convinced that EVs is the way forward, and this will normalize over the next years.

不。不。我的意思是，沒有計劃也沒有預期中型車的平均售價會受到影響。事實上，我的意思是，我個人和我們公司都認為目前的情況只是一個暫時階段，幾年前我們對電動車進行了大肆宣傳。現在經濟放緩的趨勢更加明顯，但我們完全相信電動車是未來的發展方向，而且這種情況將在未來幾年內恢復正常。

Got it. That's very helpful. Thank you. And just as a follow-up, maybe for Taoufiq, can you just remind us the plans regarding the 2026 convertible that's coming up? Like remind us how you're planning on addressing, I think, the remaining $900 or so million that's left. Thanks.

知道了。這非常有幫助。謝謝。作為後續問題，對於 Taoufiq，您能否提醒我們即將推出的 2026 年敞篷車的計劃？例如，請提醒我們您打算如何處理剩下的大約 9 億美元。謝謝。

Yes. Andres. So I mean the plan is still -- I think we touched quickly on it last time we spoke. I mean -- the plan is still to go to the market in the next coming quarters. So I mean there is no change to that. So obviously, we're carefully monitoring the market situation in order to take advantage of the best conditions. So -- but it's something that, for the moment, we're planning for towards the end of 2025, early 2026.

是的。安德烈斯。所以我的意思是計劃仍然——我想我們上次談話時很快就談到了這一點。我的意思是——計劃仍然是在接下來的幾個季度內進入市場。所以我的意思是這沒有改變。因此，顯然我們正在密切關注市場情況，以便利用最佳條件。所以 — — 但目前，我們計劃在 2025 年底或 2026 年初實現這一目標。

Wonderful. Thank you so much. Congrats again. I'll pass it on.

精彩的。太感謝了。再次恭喜。我會傳達的。

Thank you, Andreas.

謝謝你，安德烈亞斯。

Stephen Gengaro, Stifel. Mr. Gengaro, if you're on mute, please unmute your line.

史蒂芬·根加羅（Stephen Gengaro），Stifel。Gengaro 先生，如果您處於靜音狀態，請取消靜音。

Okay. Sorry about that. I hit mute by mistake. Thanks for taking the questions. What I would like to start with, if you don't mind, is -- can you talk about the approach, the current approach and if it changed to licensing agreements and kind of what you see the potential there for over the next couple of years?

好的。很抱歉。我錯誤地按下了靜音鍵。感謝您回答這些問題。如果您不介意的話，我想首先問的是——您能否談談這種方法、當前的方法以及如果它改變為許可協議，您認為未來幾年這種方法的潛力是什麼？

Yeah. I mean actually, the comment on that one would not change compared to what I said three months ago because we have still ongoing discussions on that topic. Most of the other OEMs we are talking to, they have other problems right now. I mean they are still very much focused on grappling with the tariff effect and those kind of things. And so those discussions are still happening.

是的。我的意思是，實際上，與我三個月前所說的相比，對此的評論不會改變，因為我們仍在就該主題進行討論。我們正在洽談的大多數其他 OEM 目前都面臨其他問題。我的意思是他們仍然非常專注於應對關稅效應和諸如此類的問題。這些討論仍在進行中。

They're just progressing slower. And we still see the potential in those deals. But as I said the last time -- background noise there. But we also have now discussions and partnerships beyond this topic. And this is the Nuro and Uber deal is one example of that. And that's now what we are expecting to come to fruition more in the future as well.

他們只是進步得比較慢。我們仍然看到這些交易的潛力。但正如我上次所說的那樣——那裡有背景噪音。但我們現在也進行了超越這個主題的討論和合作。Nuro 和 Uber 的交易就是一個例子。我們現在也期待未來能取得更多成果。

Great. Thank you. And I apologize for that background noise. The other question, just the update on how the new Atlas Powertrain is coming and sort of your confidence in the development of that and the efficiency of that product versus kind of -- because you're just so well known for how efficient the motor systems are. So I'm just curious where things stand there.

偉大的。謝謝。我對於背景噪音表示歉意。另一個問題是，關於新 Atlas Powertrain 的最新進展，以及您對其開發和產品效率的信心——因為您因其電機系統的高效性而聞名。所以我只是好奇那裡的情況如何。

Yeah, on track. I mean to say it short because obviously, this is our next-generation powertrain that will achieve or we are targeting to achieve the same efficiency or even better at a much lower cost. So we are fully on track with that at this point. And yeah, looking very much forward to deploy this in the midsized platform as the first vehicle.

是的，正在按計劃進行。我想簡短地說，因為顯然這是我們的下一代動力系統，它將實現或我們的目標是以更低的成本實現相同甚至更好的效率。因此，目前我們的進展已完全步入正軌。是的，非常期待將其作為第一款車型部署在中型平台上。

Great. Thank you, Marc.

偉大的。謝謝你，馬克。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

Hi guys, this is Jake on for James. I was wondering if you could just quantify Gravity deliveries in the second quarter? And based on third-party data, which is admittedly unreliable for Lucid, there were no deliveries in July. So is there a hang up like a quality issue with the gravity delivery ramp -- and when should we expect to see material volumes?

大家好，我是傑克，為詹姆斯主持節目。我想知道您是否可以量化第二季的 Gravity 交付量？並且根據第三方數據（對於 Lucid 來說，這些數據無疑是不可靠的），7 月沒有交付。那麼，重力輸送坡道是否有品質問題？我們什麼時候可以看到物料量？

Yeah. Well, let me address July first. That number is bold. And that's all I want to say about that it's totally bold. When it comes to number for second half, we are not disclosing this, but we're definitely in the process right now of ramping up Gravity in the second half of this year, the gravities will actually be the majority of our deliveries. But yeah, going back to the July number, we saw that as well. But yeah, it's unfortunate that something like this is published.

是的。好吧，讓我先談談七月一日。該數字是粗體。這就是我想說的，這非常大膽。至於下半年的數字，我們不會透露，但我們肯定正在加大今年下半年的重力運輸力度，重力運輸實際上將占我們交付量的絕大部分。但是，是的，回顧七月的數據，我們也看到了這一點。但是，發表這樣的文章確實很不幸。

Yeah, thanks for clarifying on that and then CapEx is an area where I think you guys have done a good job controlling your cost, keeping under expectations. But even the revised guide, it looks like you're implying spending will more than double in the second half. So could you just talk through some of the puts and takes there? Thank you.

是的，感謝您對此進行澄清，我認為在資本支出領域，你們在控製成本、保持預期方面做得很好。但即使是修訂後的指南，看起來您也暗示下半年的支出將增加一倍以上。那麼，您能否簡單談談其中的一些優點和缺點？謝謝。

Well, I mean, as you can imagine, I mean, when it comes to the CapEx spend, it's not a linear exercise. So I mean, between the moment you place your POs, you finalize all the blueprint and so forth. I mean, there's a lag of time. So this is why, I mean, CapEx, which is backloaded. So most of the spend will be related to our [AMP2] facility in KSA.

嗯，我的意思是，正如你所想像的，當談到資本支出時，它並不是一個線性過程。所以我的意思是，從你下達採購訂單的那一刻起，你就完成了所有的藍圖等等。我的意思是，存在時間延遲。所以這就是為什麼，我的意思是，資本支出是後期負擔的。因此，大部分支出將與我們位於沙烏地阿拉伯的 [AMP2] 設施有關。

So again, it's not a linear spend. What we have tried to do is to have a critical look at all the CapEx spend proposal and make sure that we only spend where it deserves to be spent with the highest product return and the highest level of return. Hence, the revised guidance that we have provided. But again, yes, I mean, most of the spend will happen in the second half of the year.

所以，這又不是線性支出。我們試圖做的是批判性地審視所有的資本支出提案，並確保我們只把錢花在值得花的地方，以獲得最高的產品回報和最高的回報水平。因此，我們提供了修訂後的指南。但再次強調，是的，我的意思是，大部分支出將發生在下半年。

Thanks, guys.

謝謝大家。

Thank you. (Operator Instructions) Tobias Beith, Rothschild.

謝謝。（操作員指示） 託拜厄斯·貝思，羅斯柴爾德。

Hi, good evening, Mark and Taoufiq. I hope you're both well and thanks for your time. I have three questions, if that's okay. Two for Marc and one for Taoufiq and I'll ask them separately. Marc, in your prepared remarks, you cited the supply of magnets as constraining production, but output in the second quarter is at an all-time high and also above demand. And I also understand that Gravity and the Air use the same amount magnets. So I'm slightly confused. And I was wondering if I can ask the further details on that topic or if you can tell me what I've missed.

嗨，晚上好，馬克和陶菲克。我希望你們都很好，感謝你們抽出時間。我有三個問題，如果可以的話。兩個問題問馬克，一個問題問陶菲克，我分別問他們。馬克，在您準備好的發言中，您提到磁鐵的供應限制了生產，但第二季度的產量達到了歷史最高水平，並且也高於需求。而且我也知道重力和空氣使用相同數量的磁鐵。所以我有點困惑。我想知道我是否可以詢問有關該主題的更多詳細信息，或者您是否可以告訴我我錯過了什麼。

Yeah. Well, first of all, that problem is behind us. So we solved that problem in Q2. Second half of the year, we have secured enough magnets, so we have no problem with that anymore. When it comes to your second part, that the Gravity and the Air use the same magnet is not exactly true.

是的。嗯，首先，這個問題已經解決了。因此我們在第二季解決了這個問題。下半年，我們已經獲得了足夠的磁鐵，所以我們不再有這個問題了。說到第二部分，重力和空氣使用相同的磁鐵並不完全正確。

Because what happens is that over -- from each model year and from each model, we have minor changes in the chemical setup of the magnets and those kind of things. So that is not really correct. So we had a shortfall for a certain trend and we were able to overcome this with a -- yeah, some magic, I would call it, that our engineering teams then were able to do. So we actually didn't with production due to that in Q2. And yeah, that helped us over that hump.

因為實際情況是——從每一年、每個型號開始，磁鐵的化學設定和諸如此類的東西都會發生細微的變化。所以這並不完全正確。因此，我們在某種趨勢上存在不足，但我們能夠透過某種方式來克服這個問題——是的，我稱之為某種魔法，我們的工程團隊能夠做到這一點。因此，我們實際上在第二季度沒有進行生產。是的，這幫助我們克服了困難。

Okay, I think I understand. Second question for Marc. About two years ago, I asked your predecessor to detail the time line and the required milestones from them to starting production of the Gravity to help me judge progress from the outside. I was wondering if you could please do the same for the Atlas Powertrain and the first model based on the midsized platform.

好的，我想我明白了。第二個問題是馬克。大約兩年前，我要求你的前任詳細說明從他們開始生產 Gravity 的時間表和所需的里程碑，以幫助我從外部判斷進展。我想知道您是否可以對 Atlas Powertrain 和基於中型平台的第一款車型做同樣的事情。

Yeah. I mean, right now, one key thing that we're doing is basically we are in sourcing right now. And basically, what I'm saying right now applies to the Atlas Powertrain, but also to the midsize. So there's not really a difference because both of them will come at the same time. Then sourcing is important because we are sourcing right now for the so-called TV builds which is the product validation builds.

是的。我的意思是，現在，我們正在做的一件關鍵的事情基本上就是在尋找資源。基本上，我現在所說的內容不僅適用於 Atlas Powertrain，也適用於中型車。所以實際上沒有什麼差別，因為它們會同時出現。那麼採購就很重要，因為我們現在正在為所謂的電視建置（即產品驗證建置）尋找採購。

So all of the engineering work will be very quickly be finalized. And then from there, we go into a validation phase with all kinds of testing, including winter testing later in the year and then home allegation. So those are the things that are following. I guess the background of the question are we on track with what we planned to start the production of the midsize in the end of 2026. And the answer to that, this is our current plan has not changed.

因此所有工程工作將很快完成。然後從那裡開始，我們進入驗證階段，進行各種測試，包括今年稍後的冬季測試和家庭指控。這些就是接下來要做的事。我想問這個問題的背景是我們是否按照計劃在 2026 年底開始生產中型車。答案是，我們目前的計劃沒有改變。

Thanks for that. Taoufiq, final question from me. How much did step up in the write-downs on inventories and losses on firm purchase commitments is attributable to tariffs versus building raw inventory to the ramp-up of the Gravity?

謝謝。陶菲克，我最後一個問題。庫存減記和公司採購承諾損失的增加有多少是由於關稅造成的，有多少是由於 Gravity 產量增加而建立的原始庫存造成的？

Yeah. So again, first of all, yes, there is an impact on inventory adjustment on inventory for the next six months commitment of purchases. It's as far as we see it, I mean, an event which will hit primarily Q2 because for the subsequent quarters, I mean, we will need to do a reversal which will offset the new provision that we will book provided that we maintain roughly an equivalent volume of procurement.

是的。首先，是的，庫存調整會對未來六個月的採購承諾產生影響。據我們所知，這是一個主要會影響第二季度的事件，因為在接下來的幾個季度，我們需要進行逆轉，以抵消我們將要預訂的新準備金，前提是我們保持大致相等的採購量。

So knowing that we have acquired and we did an increase in our inventory in Q2, we should expect the volumes to remain roughly stable in Q3 and Q4. And therefore, it will not revise any incremental impairment that we might have to book.

因此，考慮到我們在第二季度已經收購了庫存並且庫存有所增加，我們預計第三季和第四季的庫存量將保持大致穩定。因此，它不會修改我們可能必須登記的任何增量減損。

So we have stated that the tariffs -- the impact from the tariffs in Q2 was amounting to roughly $55 million. So this is actually a net figure which is made of three different amounts. The first one is the actual tariff impact, which is in the range of $55 million, then there is the impairment that we booked only in Q2. And then there is a netting effect coming from the reimbursement that we're getting, the famous 3.75% that we're getting. So all this leading to a net $50 million, $55 million-plus for the quarter.

因此，我們已經聲明，關稅——第二季度關稅的影響約為 5500 萬美元。所以這其實是由三個不同金額組成的淨數字。第一個是實際關稅影響，在 5500 萬美元左右，然後是我們僅在第二季度計入的減值。然後，我們獲得的報銷會產生淨效應，即我們獲得的著名的 3.75%。因此，所有這些使本季的淨利潤達到 5000 萬美元到 5500 萬美元以上。

Okay. So just some crystal clear, right, the 21 points of tariff impact, but not all of it was actually realized in the second quarter and you're still expecting some reimbursements to come later in the year. So actually, the impact on the second quarter was more than 21%?

好的。因此，只是一些非常清楚的，對吧，21個點的關稅影響，但並不是所有的關稅影響都在第二季度真正實現，而且您仍然預計今年晚些時候會有一些補償。那麼實際上對第二季的影響超過 21%？

So no, no. I mean we will have reimbursement. So this will continue. It's a flat percentage, which is a function of the localization of the procurement activity and the volumes. So this will continue until the end of the year. The only difference that will not happen or the only elements which will not happen or will not have an impact on our financial for the balance of the year is the booking of the impairment of the inventory because this will be netted off between reversal and provision that we book.

所以不，不。我的意思是我們將獲得補償。這種情況將會持續下去。這是一個固定百分比，取決於採購活動的本地化和採購量。這種情況將持續到今年底。唯一不會發生的區別或不會發生或不會對我們今年財務狀況產生影響的唯一因素是庫存減值的記錄，因為這將在我們記錄的逆轉和撥備之間抵消。

So that's why when you look at the statement that we have or the guidance that we have given, we are saying that the tariff impact on a full-year basis will be on the lower end of what we have provided. So we said 8% to 15% on a full-year basis. We have 21% in Q2, primarily because we had to book the first impairment on inventories that will not happen for the subsequent quarters.

因此，當您查看我們的聲明或給予的指導時，我們會說全年關稅影響將處於我們所提供的水平的較低水平。所以我們說全年成長率是 8% 到 15%。我們第二季的跌幅為 21%，主要是因為我們必須計入第一筆庫存減值，而這在隨後的幾季不會發生。

Okay, understood. I really appreciate the detail from both of you. Thanks for your time.

好的，明白了。我真的很感謝你們兩位提供的詳細資訊。感謝您的時間。

(multiple speakers)

（多位發言者）

Thank you. I'm showing no further questions in the queue at this time. This concludes Lucid's second quarter of 2025 earnings conference call. Thank you all for joining us today, and you may now disconnect.

謝謝。目前隊列中沒有其他問題。Lucid 2025 年第二季財報電話會議到此結束。感謝大家今天的加入我們，現在您可以斷開連結了。