Lucid Group Inc (LCID) 2025 Q3 法說會逐字稿

Good day, and welcome to Lucid Group's third-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Lucid Group 2025 年第三季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Mr. Nick Twork, Vice President of Communications. Please go ahead.

現在我謹將會議交給你們的發言人，通訊副總裁尼克‧特沃克先生。請繼續。

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

謝謝，歡迎參加 Lucid Group 2025 年第三季財報電話會議。今天與我一同出席的有我們的臨時執行長馬克溫特霍夫和我們的財務長陶菲克布賽德。

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 law. 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.

在將電話交給馬克之前，我想提醒各位，本次電話會議中的一些陳述包含聯邦證券法規定的前瞻性陳述。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。

These statements are based on various assumptions, whether or not identified in this communication and on the predictions and expectations of our management as of today. 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, 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 on the Investor Relations section of our website at ir.lucidmotors.com.

這些聲明是基於各種假設，無論這些假設是否已在本文件中明確指出，以及我們管理階層截至目前為止的預測和預期。實際事件或結果難以預測，甚至不可能預測，並且可能由於多種風險和不確定因素而有所不同。請參閱我們截至 2024 年 12 月 31 日止年度的 10-K 表格年度報告、後續的 10-Q 表格季度報告、8-K 表格當前報告和其他提交給美國證券交易委員會的文件，以及我們在公司網站 ir.lucidmotors.com 投資者關係部分提供的季度收益第 2 頁上的前瞻性聲明。

We undertake no obligation to revise or update 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 release 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提及非GAAP財務指標。關於我們為何使用非公認會計準則財務指標以及有關公認會計準則與非公認會計準則結果的調節信息的討論，請參閱我們今天下午早些時候發布的盈利新聞稿以及盈利演示文稿。

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

接下來，我想把電話交給 Lucid 的臨時執行長馬克溫特霍夫。馬克，請繼續。

Thank you, Nick, and thank you, everyone, for joining us. First, I want to acknowledge all our employees, customers and partners. We appreciate your commitment and support. Secondly, I'm pleased to point out that in Q3, despite all of the headwinds, we delivered our seventh consecutive quarter of record delivery numbers.

謝謝尼克，也謝謝大家的參與。首先，我要感謝我們所有的員工、客戶和合作夥伴。我們感謝您的付出與支持。其次，我很高興地指出，儘管面臨許多不利因素，我們在第三季仍實現了連續第七個季度創紀錄的交付量。

With that in mind, I would like to reiterate the near-term priorities we are focused on, which we laid out earlier this year, disciplined execution and scaling production, building our brand and further driving consumer demand and advancing our technology leadership, and this has not changed. We remain focused on designing and delivering the best cars period. This is the core of our business, and in a moment, we'll review our progress against these near-term priorities.

有鑑於此，我想重申我們今年稍早制定的近期重點工作：嚴格執行和擴大生產規模、打造品牌、進一步推動消費者需求以及提升我們的技術領先地位，這些重點工作至今沒有改變。我們始終專注於設計和交付最好的汽車。這是我們業務的核心，稍後我們將回顧我們在這些近期優先事項方面的進展。

But before I talk about the near-term priorities, I'd like to share how our strategy has evolved from the beginning of the year and how we have been executing that strategy with intention. Beyond expanding our core business, we are pushing hard on what will be our next chapter, a push into new markets and high-value adjacencies.

但在我談論近期優先事項之前，我想分享一下我們的策略從年初到現在是如何演變的，以及我們是如何有目的地執行該策略的。除了拓展核心業務，我們也正在努力邁向下一個篇章，進軍新市場和高價值的鄰近領域。

So before reviewing the quarter with you, I want to explain to you a bit about the next stage of our strategic evolution, where we have already been working hard building block by building block toward the future of robotaxis, Level 4 autonomy and new opportunities for revenue. Our vehicles are not only awesome driving machines, but built on industry-leading EV technology. But also a platform for delivery of new customer service and next-generation customer experience, and we're starting with autonomy.

因此，在與大家回顧本季之前，我想向大家解釋一下我們戰略發展的下一階段，我們已經努力一步一個腳印地朝著機器人出租車、L4 級自動駕駛和新的收入機會的未來邁進。我們的車輛不僅是性能卓越的駕駛機器，而且採用業界領先的電動車技術打造。但它也是一個提供新型客戶服務和下一代客戶體驗的平台，而我們正從自主性開始。

As you all know, we announced in September that we closed a $300 million strategic investment from Uber as part of our partnership to deploy 20,000 robotaxis or more. We already reached a first milestone with successfully delivering the first batch of robotaxi engineering vehicles to Nuro. Nuro is now finalizing their integration and will begin further testing activities. And we announced last week that the San Francisco Bay Area has been chosen as the first location for deployment planned in 2026.

如大家所知，我們在 9 月宣布，我們已完成與 Uber 的 3 億美元戰略投資，作為我們合作部署 2 萬輛或更多無人駕駛計程車的一部分。我們已經成功向 Nuro 交付了第一批機器人計程車工程車輛，達到了第一個里程碑。Nuro目前正在完成整合工作，並將開始進一步的測試活動。我們上週宣布，舊金山灣區已被選為 2026 年計劃部署的首個地點。

Uber is a global leader in ridesharing and their scale, brand and global reach help position Lucid at the forefront of the B2B Level 4 market. Their strategic investment in Lucid validates our highly advanced technology platform and aligns with our strategy.

Uber 是全球共享旅遊領域的領導者，其規模、品牌和全球影響力幫助 Lucid 處於 B2B 4 級市場的前沿地位。他們對 Lucid 的策略性投資驗證了我們高度先進的技術平台，並符合我們的策略。

But we don't stop at robotaxis because we believe demand for high levels of autonomous driving will grow as consumers have the opportunity to experience this technology and that they will not only choose vehicles that have these capabilities over those that don't, but also are willing to pay for this capability. And that's why we are very excited about our collaboration with NVIDIA to deliver full Level 4 eyes, hands and mind of point-to-point autonomous driving capabilities to our consumers.

但我們並不會止步於無人駕駛計程車，因為我們相信，隨著消費者有機會體驗這項技術，對高水平自動駕駛的需求將會增長，他們不僅會選擇具備這些功能的車輛而不是不具備這些功能的車輛，而且還願意為這種功能付費。因此，我們非常高興能與 NVIDIA 合作，為我們的消費者提供完整的 L4 級點對點自動駕駛能力，包括眼、手和腦。

We are playing to win. We plan to leverage our agility and focus to be the first to bring full Level 4 capabilities to the B2C market, and we couldn't ask for a better partner than NVIDIA. Lucid's vehicle platforms and safety architectures, combined with the world's AI computing leader will result in a vehicle with formidable performance and intelligence.

我們的目標是贏球。我們計劃利用我們的敏捷性和專注力，率先將完整的 L4 功能引入 B2C 市場，而 NVIDIA 就是我們最好的合作夥伴。Lucid 的車輛平台和安全架構，結合世界領先的人工智慧運算技術，將打造出一款性能卓越、智慧強大的汽車。

We will jointly develop L4 capabilities, drawing on years and millions of miles of data and continuously update software as technology improves to remain at the forefront of the industry. To be clear, while we are pushing for L4, with this partnership, we plan to provide significant upgrades to our advanced driving assist functionality beyond what we're already doing in-house as early as end of next year. For decades, cars have been a symbol for freedom to go anywhere at any time.

我們將利用多年累積的數百萬英里數據，共同開發 L4 能力，並隨著技術的進步不斷更新軟體，以保持行業領先地位。需要明確的是，雖然我們正在努力推進 L4 級自動駕駛，但透過此次合作，我們計劃最早在明年年底前，對我們目前內部開發的先進駕駛輔助功能進行重大升級。幾十年來，汽車一直是隨時隨地自由出行的象徵。

With autonomy, this freedom expands by being able to be productive during your commute or being driven home safely after dinner with friends. And of course, with Lucid's exceptional driving feel, you always have the option to experience the thrill of driving your Lucid yourself whenever you choose.

有了自主權，這種自由得以擴展，你可以在通勤途中高效工作，或者在與朋友共進晚餐後安全地被送回家。當然，憑藉 Lucid 出色的駕駛感受，您隨時都可以選擇親自體驗駕駛 Lucid 的刺激。

So in a nutshell, we continue to develop the best driving vehicles, providing the most advanced EV technology, significantly advance our autonomous driving capabilities and user experience, expanding into new businesses and optimizing our operations to become leaner and more efficient. Now maybe there's a question about developing autonomous technology fully in-house versus working with partners. Well, Lucid's strategy here is clear and very intentional. We are doing both. Developing higher levels of autonomy, especially true for L4, requires enormous investments.

總而言之，我們將繼續研發最好的駕駛車輛，提供最先進的電動車技術，顯著提升我們的自動駕駛能力和用戶體驗，拓展新業務，並優化運營，使其更加精簡高效。現在可能會出現一個問題：是完全自主研發自動駕駛技術，還是與合作夥伴共同研發？Lucid 的策略很明確，而且是經過深思熟慮的。我們兩者都在做。發展更高水準的自主能力，特別是L4級自主能力，需要龐大投資。

And while some of our peers spend vast sums for in-house development to provide this functionality to their customers, our focus is to provide a high level of autonomy to our customers as soon as possible and with optimized CapEx spend.

雖然我們的一些同行花費巨資進行內部開發，以向客戶提供此功能，但我們的重點是盡快為客戶提供高度自主權，並優化資本支出。

Our partnerships are enabling us to do exactly that. Having said that, we are continuing our in-house development, but with a smart and resource-efficient approach. In early Q3, we already rolled out hands-free highway driving for the Lucid Air via OTA, and we will bring the same to the gravity soon, fully developed in-house. The verdict is still out on whether owning autonomous driving technology in-house will be a sustainable differentiator or will become commoditized in the long run. Working with our partners allows us to monitor how the technology develops and make focused in-sourcing decisions once the future path becomes clear and avoid costly investments.

我們的合作夥伴關係使我們能夠做到這一點。儘管如此，我們仍在繼續進行內部研發，但會採取一種智慧且資源高效的方法。第三季初，我們已經透過 OTA 為 Lucid Air 推出了免手持高速公路駕駛功能，我們很快也會將同樣的功能引入 Gravity，該功能完全由我們自主研發。目前尚無定論，自主研發自動駕駛技術能否成為可持續的差異化優勢，還是最終會變得同質化。與合作夥伴攜手，我們可以監控技術的發展情況，並在未來發展方向明確後做出有針對性的內部投資決策，從而避免代價高昂的投資。

I hope this gives you some insight into where Taoufiq and I and the leadership team plan to take Lucid. We are fully committed to technology leadership and innovation. But at the same time, we are committed to efficient and smart capital allocation.

我希望這能讓您更清楚地了解陶菲克、我和領導團隊計劃將 Lucid 帶到何處。我們致力於技術領先和創新。但同時，我們也致力於高效率、明智的資本配置。

Now let's turn back to the progress on near-term priorities. First, let's talk about our operational execution. As mentioned in the beginning, we achieved a seventh consecutive record quarter for deliveries. I've said before that our delayed ramp-up of the gravity is mainly due to a small number of suppliers not able to ramp as expected. On top of that, we had to cope with a number of extraordinary external headwinds that threatened to shut our production down several times throughout the year.

現在讓我們回到近期優先事項的進展。首先，我們來談談我們的營運執行情況。如同開頭提到的，我們連續第七個季度實現了交付量創紀錄。我之前說過，我們重力發電量提升延遲的主要原因是少數供應商未能如預期提升產能。除此之外，我們還必須應對許多非同尋常的外部不利因素，這些因素在一年中數次威脅到我們的生產。

That's why we are not where we want to be. Let me elaborate a bit on this to give you a flavor of what our teams are working through each day. Over the last six months, we have contended with three consecutive industry-wide supply chain crisis, magnets, aluminum and chips. These are crisis that set even far bigger competitors on their heels.

這就是為什麼我們還沒有達到我們想要的目標。讓我詳細解釋一下，以便您了解我們的團隊每天都在處理哪些工作。在過去的六個月裡，我們連續應對了三次席捲整個產業的供應鏈危機：磁鐵、鋁和晶片。這些危機甚至讓規模遠大於它們的競爭對手也措手不及。

However, thanks to our vertical integration and our team's agility and resourcefulness, we have been able to problem solve our way through each one to limit impact. First, the magnet shortage in Q2. The magnets we were able to get were incompatible with our unique NACS boost charging drive units for gravity. Hence, we had to temporarily shift our production plan from the grand touring trim for North America to the touring trim for export to Saudi Arabia until magnet availability improved.

然而，由於我們的垂直整​​合以及團隊的敏捷性和足智多謀，我們能夠逐一解決問題，從而最大限度地減少影響。首先是第二季磁鐵短缺的問題。我們能找到的磁鐵與我們獨特的 NACS 重力增壓充電驅動單元不相容。因此，在磁鐵供應情況好轉之前，我們不得不暫時將生產計畫從北美豪華旅行版轉向出口沙烏地阿拉伯的旅遊版。

Unfortunately, that impacted our Q3 production and delivery numbers simply because the additional transport time needed. After we successfully crossed that bridge, a fire at our aluminum suppliers plant shut other OEMs down, but we were once again able to minimize the impact. And right after this, ship supply threatened the whole industry. While once again, our team is on the job, and we are still working through it. I hope this gives you some insight in what our teams are able to navigate on a daily basis, and I'm very proud what they have been able to accomplish and continue to accomplish.

不幸的是，由於需要額外的運輸時間，這影響了我們第三季的生產和交付數量。在我們成功渡過那座橋之後，我們鋁供應商的工廠發生火災，導致其他原始設備製造商停產，但我們再次成功地將影響降到了最低。緊接著，船舶供應就威脅到了整個產業。我們的團隊再次投入工作，我們仍在努力解決這個問題。我希望這能讓您更深入地了解我們的團隊每天要應對哪些挑戰，我為他們已經取得的成就以及正在取得的成就感到非常自豪。

Having said that, I want to assure you that we hold ourselves to a high standard and constantly evaluate how we can improve as an organization. So today, we are making some key organizational changes to streamline decision-making, enhance accountability and accelerate growth as the company scales globally.

話雖如此，我想向你們保證，我們對自己要求很高，並且會不斷評估我們作為一個組織如何做得更好。因此，今天我們將進行一些關鍵的組織變革，以簡化決策流程、加強問責制並加速公司在全球範圍內的發展。

To support these objectives, we are making the following organizational changes. Emad Dlala has been appointed Senior Vice President, Engineering and Digital. In addition to leading the powertrain organization, he will now oversee all product development functions, including vehicle engineering, digital systems and software.

為了支持這些目標，我們正在進行以下組織變革。Emad Dlala 已被任命為工程與數位化資深副總裁。除了領導動力總成部門外，他現在還將負責所有產品開發職能，包括車輛工程、數位系統和軟體。

In his expanded role, he will continue to drive Lucid's technology leadership, lead vehicle development, improve cost efficiency and manufacturability and advance Lucid's software-defined vehicle architectures. Emad has made remarkable contributions to Lucid's technology leadership over the last 10 years, and we expect this leadership will have a similar impact on the vehicle development as he will now have end-to-end responsibility.

在他的新職位上，他將繼續推動 Lucid 的技術領先地位，領導車輛開發，提高成本效益和可製造性，並推進 Lucid 的軟體定義車輛架構。在過去的 10 年裡，Emad 為 Lucid 的技術領導地位做出了卓越的貢獻，我們期望他的領導才能將對車輛開發產生類似的影響，因為他現在將承擔端到端的責任。

Erwin Raphael has been elevated to Senior Vice President, Revenue with expanded oversight of Lucid's global operations. Since Erwin has been at Lucid, he has driven consecutive record results every quarter. He will now lead global sales and services operations, driving accountability for revenue and customer experience as Lucid expands further into new consumer markets worldwide.

Erwin Raphael 已晉升為高級副總裁，負責營收，並擴大了對 Lucid 全球營運的監管範圍。自從 Erwin 加入 Lucid 以來，他每季都取得了連續創紀錄的業績。他將領導全球銷售和服務運營，隨著 Lucid 進一步拓展全球新的消費市場，他將負責收入和客戶體驗。

We are also appointing a new seasoned quality leader to our executive team. Marnie Levergood is appointed Senior Vice President, Quality and will lead efforts to ensure Lucid delivers vehicles that meet the highest standard of quality and craftsmanship, working in close concert with engineering and manufacturing. She previously held quality and manufacturing roles at Scout Motors, Stellantis and Magna. Levergood succeeds Jeri Ford, who is retiring after more than 35 years in the automotive industry. We thank Jeri for her service to Lucid.

我們還將任命一位經驗豐富的品質管理新負責人加入我們的管理團隊。Marnie Levergood 被任命為品質高級副總裁，她將領導 Lucid 確保其交付的車輛符合最高品質和工藝標準的工作，並與工程和製造部門密切合作。她之前曾在 Scout Motors、Stellantis 和 Magna 擔任品質和製造方面的職位。萊弗古德接替了傑瑞福特，後者在汽車行業工作超過 35 年後退休。我們感謝Jeri為Lucid公司所做的貢獻。

These organizational changes are designed to capitalize on opportunities to strengthen our business, and we are confident that they will help drive the results we need moving forward.

這些組織變革旨在抓住機遇，並加強我們的業務，我們相信這些變革將有助於推動我們實現未來所需的績效。

Before I hand over to Taoufiq, I'd like to share a few points on our efforts to boost awareness and strengthen our brand. In Q3, we accelerated our focus on building the Lucid brand and increasing awareness among luxury EV intenders, and we are already seeing results. In the United States, brand awareness jumped 8 points month-over-month among consumers who plan to purchase an EV. This improvement was driven by the launch of our new brand campaign titled Driven, staring our first global brand ambassador, Timothée Chalamet, and directed by Academy Award-nominated Director, James Mangold.

在將發言權交給陶菲克之前，我想分享我們為提高知名度和加強品牌所做的一些努力。第三季度，我們加快了對 Lucid 品牌建立和提高豪華電動車潛在消費者認知度的投入，並且已經看到了成效。在美國，計畫購買電動車的消費者對電動車品牌的認知度較上月增加了 8 個百分點。這項改進得益於我們推出的名為“Driven”的新品牌宣傳活動，該活動由我們的首位全球品牌大使蒂莫西·柴勒梅德主演，並由奧斯卡金像獎提名導演詹姆斯·曼高德執導。

Driven is now the most successful brand campaign in Lucid's history with more than 7.2 million views on YouTube and over 1 billion total impressions in the US. Lucid's cultural relevance continues to grow. In October, we launched the We Ride for New York campaign featuring NBA, All-Stars, Jalen Brunson and Josh Hart with billboards across New York City and global extension in Abu Dhabi during the Knicks preseason game. And we are just getting started. Stay tuned for more to come.

Driven 目前是 Lucid 史上最成功的品牌推廣活動，在 YouTube 上的觀看次數超過 720 萬次，在美國的總曝光量超過 10 億次。Lucid的文化影響力持續成長。10 月，我們推出了「我們為紐約而戰」活動，NBA 全明星球員傑倫布倫森和喬什哈特參與其中，在紐約市投放了廣告牌，並在尼克斯隊季前賽期間在阿布扎比進行了全球推廣。我們才剛起步。敬請期待更多後續內容。

We also received another award our whole Lucid team is especially proud of. The Lucid Air Sapphire was selected as this year's German Performance Car of the Year by 30 leading German motor journalists. Let this sink in for a moment. The German Performance Car of the Year is designed and built in America. To my dear fellow countryman, sorry to wrap that in, but you probably can imagine how proud the Lucid team feels about that.

我們還獲得了另一個獎項，我們整個 Lucid 團隊都為此感到無比自豪。Lucid Air Sapphire 被 30 位德國頂尖汽車記者評選為今年的德國年度最佳性能車。請稍作思考。德國年度性能車是由美國設計和製造的。親愛的同胞，很抱歉要這樣說，但你大概能想像 Lucid 團隊對此有多自豪。

Last but certainly not least, on Midsize, SOP of the first variant of our all-important Midsize platform remains scheduled for the end of 2026, and I can share that we are very pleased with the progress of sourcing and cost structure the team is able to achieve. And on our Atlas drive unit family, it is on track with again, class-leading efficiency, much fewer parts, lower BOM costs, lower weight, and it will include also a rare-earth free variant.

最後但同樣重要的是，關於中型車，我們至關重要的中型車平台第一款車型的標準作業程序 (SOP) 仍計劃於 2026 年底推出，我可以分享的是，我們對團隊在採購和成本結構方面取得的進展非常滿意。而我們的 Atlas 驅動單元系列也再次取得了領先，效率更高，零件更少，物料清單成本更低，重量更輕，並且還將包括不含稀土的版本。

With that said, we are entering a new phase and looking forward to a very exciting year ahead, one where Lucid's award-winning vehicles, our leading technology, thoughtful partnerships, brand and focus on execution come together to define the next generation of mobility. Thank you for your continued support and confidence in Lucid.

綜上所述，我們正進入一個新階段，並期待著激動人心的一年，在這一年中，Lucid 屢獲殊榮的車輛、我們領先的技術、深思熟慮的合作夥伴關係、品牌以及對執行的專注將共同定義下一代出行方式。感謝您一直以來對 Lucid 的支持與信任。

With that, I'll turn over the call to Taoufiq to discuss our financial results and outlook.

接下來，我將把電話交給 Taoufiq，讓他來討論我們的財務表現和展望。

Thanks, Marc. Good afternoon, everyone. Q3 for Lucid was really about progress, preparation and stabilization in what continues to be a complex and volatile environment. We pushed through those headwinds and kept the plan moving. Revenue was up 30% sequentially and 68% year over year, which is a strong result. Just as important, we strengthened our balance sheet. Today, I will cover the strategic actions we took and why they matter, how the quarter played out and how we're thinking about the months ahead.

謝謝你，馬克。大家下午好。Lucid 第三季的重點是在持續複雜多變的環境中取得進展、做好準備並保持穩定。我們克服了這些不利因素，使計劃得以繼續推進。營收季增 30%，年增 68%，這是一個強勁的成績。同樣重要的是，我們加強了資產負債表。今天，我將介紹我們採取的策略行動及其重要性，本季業績如何，以及我們對未來幾個月的展望。

On strategy, Marc already touched on our partnership with Uber, Nuro and NVIDIA. These collaborations are important because they reshape our financial model in a very meaningful way. They give us a capital-efficient path to growth and open the door to new recurring revenue streams in advanced driver assistance, software and data services.

在策略方面，馬克已經談到了我們與 Uber、Nuro 和 NVIDIA 的合作關係。這些合作非常重要，因為它們以非常有意義的方式重塑了我們的財務模式。它們為我們提供了一條資本高效的成長之路，並為高級駕駛輔助、軟體和數據服務等領域開闢了新的經常性收入來源。

At the same time, they help us optimize costs through smarter manufacturing and operational efficiencies. These partnerships are a key part of our midterm plan to strengthen our path to profitability and deliver long-term shareholder value. We expect them to improve margins, support scalable growth and drive returns aligned with disciplined capital deployment.

同時，它們透過更智慧的製造和營運效率幫助我們優化成本。這些合作關係是我們中期計劃的關鍵組成部分，旨在加強我們實現盈利的途徑，並為股東創造長期價值。我們期望它們能夠提高利潤率，支持可擴展的成長，並推動與嚴謹的資本部署一致的回報。

Now we all know the industry and geopolitical headwinds are real, but what matters is execution, and our team is delivering. We hit record deliveries, improved our product mix and set new highs for average selling prices. Production rates picked up towards the end of the quarter, which is especially important in a context where the rest of the industry is reporting major headwinds. On top of that, we expanded internationally and built strong consumer awareness ahead of next year's midsized launch. All of this puts us on a solid trajectory for Q4.

現在我們都知道產業和地緣政治方面的逆風是真實存在的，但重要的是執行力，而我們的團隊正在做到這一點。我們實現了創紀錄的交付量，改進了產品組合，並創下了平均售價的新高。本季末生產力有所回升，這在其他產業普遍面臨重大不利因素的情況下尤其重要。除此之外，我們也拓展了國際市場，並在明年的中型產品發表前就建立了強大的消費者認知度。所有這些都為我們第四季的發展奠定了堅實的基礎。

And here is the big milestone. For the first time, Lucid Gravity is expected to make up the majority of our production in Q4. And the momentum is already here. October deliveries are climbing, especially for Gravity, and that gives us confidence that this quarter is going to be a turning point for Lucid.

這是一個重要的里程碑。Lucid Gravity 預計將首次在第四季度佔據我們產量的大部分。勢頭已經到來。10 月的交貨量正在攀升，尤其是 Gravity 系列，這讓我們相信本季將是 Lucid 的轉捩點。

We also announced today that we strengthened our liquidity subsequent to quarter end to an increase of our delayed draw term loan facility with our majority shareholder, the public investment fund, from $750 million to approximately $2 billion, all of which remains undrawn. This increase lengthens our runway into the first half of 2027 and provides Lucid with stable access to liquidity. This underscores PIF's ongoing support of Lucid and their strong commitment to our business and confidence in our long-term strategy. We are committed to maintaining a healthy liquidity position, and we'll continue to evaluate all financing and liquidity options, including in the public markets when the appropriate conditions materialize.

我們今天也宣布，在季度末之後，我們透過與大股東——公共投資基金——簽訂的延期提取定期貸款協議，將貸款額度從 7.5 億美元增加到約 20 億美元，從而加強了我們的流動性，目前所有貸款均尚未提取。此次增資延長了我們到 2027 年上半年的資金週轉期，並為 Lucid 提供了穩定的流動性來源。這凸顯了PIF對Lucid的持續支持，以及他們對我們業務的堅定承諾和對我們長期策略的信心。我們致力於保持健康的流動性狀況，並將繼續評估所有融資和流動性選擇，包括在適當條件出現時進入公開市場。

Now moving to our business performance in the third quarter. Demand once again exceeded our production. We delivered 4,078 vehicles, our seventh straight quarterly record and a 47% increase year over year. ASP moved higher with Gravity mix and more high-value configurations. On the production side, we built 3,891 vehicles and produced over 1,000 additional vehicles for final assembly in Saudi Arabia.

接下來我們來看看第三季的業務表現。需求再次超過了我們的產量。我們交付了 4,078 輛汽車，連續第七個季度創下紀錄，年增 47%。隨著 Gravity 組合和更多高價值配置的推出，平均售價有所上升。在生產方面，我們製造了 3,891 輛汽車，並生產了 1,000 多輛汽車，用於在沙烏地阿拉伯進行最終組裝。

During the first three quarters, we produced 9,966 vehicles, just short of 10,000 units excluding additional vehicles in transit to Saudi Arabia for final assembly. Our second shift that came online in October is expected to further accelerate our production growth. Our exit rate improved late in the quarter, and we plan to carry that momentum into Q4.

前三個季度，我們生產了 9,966 輛汽車，略低於 10,000 輛，還不包括運往沙烏地阿拉伯進行最終組裝的額外車輛。我們於 10 月投入營運的第二班次預計將進一步加快我們的生產成長。本季末，我們的退出率有所提高，我們計劃將這一勢頭延續到第四季度。

Now as Marc mentioned earlier, the supply chain remains challenging, not just for us, but across the industry. We're working through issues one by one, but we can't completely rule out further volatility. On the financials, revenue came in at $337 million, up 68% year on year and roughly 30% sequentially, driven by deliveries growth and gravity mix.

正如馬克之前提到的，供應鏈仍然充滿挑戰，不僅對我們而言如此，對整個產業也是如此。我們正在逐一解決問題，但不能完全排除未來進一步波動的可能性。財務方面，營收達 3.37 億美元，年增 68%，季增約 30%，主要得益於配送業務成長和重力產品組合的最佳化。

Gross margin improved about 6 points sequentially as mix improved and productivity and cost reduction actions took hold. Margins are still below our long-term goals as we work through tariffs and input costs. Adjusted EBITDA was negative $718 million, reflecting our increased sales and marketing effort and ongoing investment in our midsized platform, the Atlas powertrain platform and our autonomy initiatives. Free cash flow improved to negative $955 million on tighter working capital and execution discipline.

隨著產品組合的改善以及生產效率和成本削減措施的實施，毛利率比上季提高了約 6 個百分點。由於關稅和投入成本問題，利潤率仍低於我們的長期目標。調整後的 EBITDA 為負 7.18 億美元，反映了我們加大銷售和行銷力度，以及對其中型平台、Atlas 動力總成平台和自動駕駛計畫的持續投資。由於營運資本收緊和執行紀律加強，自由現金流改善至負9.55億美元。

On liquidity, we ended the quarter with $4.2 billion, $3 billion of cash and investment and $1.2 billion of credit facilities. That includes the $300 million strategic investment from Uber.

流動性方面，本季末我們擁有 42 億美元，其中現金和投資 30 億美元，信貸額度 12 億美元。其中包括 Uber 的 3 億美元戰略投資。

After the quarter closed and as disclosed earlier today, we agreed to increase our delayed draw term loan with the PIF from $750 million to about $2 billion. It's undrawn and extends our runway into the first half of 2027. This again underscores PIF's ongoing support and strong commitment to our business and confidence in our long-term strategy. We are committed to maintaining a healthy liquidity position, and we'll continue to evaluate all financing and liquidity options, including in the public markets when the appropriate conditions materialize.

本季結束後，正如今天稍早披露的那樣，我們同意將與沙烏地阿拉伯公共投資基金 (PIF) 的延期提取定期貸款從 7.5 億美元增加到約 20 億美元。這是未繪製的，並將我們的跑道延長至 2027 年上半年。這再次凸顯了沙烏地阿拉伯公共投資基金 (PIF) 對我們業務的持續支持和堅定承諾，以及對我們長期策略的信心。我們致力於保持健康的流動性狀況，並將繼續評估所有融資和流動性選擇，包括在適當條件出現時進入公開市場。

Now on the outlook. We're entering Q4 with stronger visibility and a solid foundation for growth. Over the past quarters, we made real progress, refining processes, tightening quality controls and ensuring supplier readiness. We exited Q3 with higher production run rate. And in October, we successfully launched the second ship that we trained during the third quarter.

現在來看前景。我們帶著更清晰的成長前景和堅實的成長基礎進入第四季。在過去的幾個季度裡，我們取得了實質的進展，改善了流程，加強了品質控制，並確保了供應商的準備。第三季末，我們的生產運作率有所提高。10 月份，我們成功下水了第三季訓練的第二艘艦艇。

We also have units already in transit to Saudi Arabia for final assembly, along with the vehicles produced so far this month. Assuming no unexpected disruption from supply chain factors, we expect total production at year-end to be around 18,000 units. This is in the range of our guidance, and it's a strong outcome given the complexity of the macro environment.

我們還有一些車輛已經運往沙烏地阿拉伯進行最終組裝，以及本月迄今生產的車輛。假設供應鏈因素沒有意外中斷，我們預期年底總產量約為 18,000 台。這符合我們的指導方針，考慮到宏觀環境的複雜性，這是一個不錯的結果。

Looking ahead, while the industry expects a continuation of the effects on the demand related to the tapering of incentives and the expiration of certain US tax credit, which pulled some demand forward in Q3, we do see this as a temporary dynamic, and we expect a significant delivery growth in Q4. We anticipate demand to normalize in early 2026, supported by expanded marketing campaigns and the broader availability of Lucid Gravity across multiple streams. In October, while US EV sales in general have dropped, our deliveries and market share have increased, showing strong demand for Lucid vehicles.

展望未來，雖然業內人士預計，隨著激勵措施的逐步取消和某些美國稅收抵免政策的到期，需求將繼續受到影響，導致第三季度部分需求提前釋放，但我們認為這只是暫時的，預計第四季度交付量將大幅增長。我們預計，在擴大行銷活動和 Lucid Gravity 在多個管道更廣泛地普及的支援下，需求將在 2026 年初恢復正常。10 月份，雖然美國電動車銷量整體下降，但我們的交付量和市場份額卻有所增加，這表明市場對 Lucid 汽車的需求強勁。

While other OEMs are slowing down EV investments, we believe we can turn the current challenges into an opportunity, continue to grow market share, capturing shares from other luxury makers.

雖然其他汽車製造商正在放緩對電動車的投資，但我們相信我們可以將當前的挑戰轉化為機遇，繼續擴大市場份額，從其他奢侈品製造商手中奪取份額。

We are already seeing encouraging signals. European orders are up year-over-year and North American traffic and test drives in October were solid compared to historical levels. Gravity orders becoming a larger portion of total order intake will help to drive higher ASPs and revenue. These trends are confirming the strength of our brand and position us well to capture growth as the market stabilizes. We believe the steps we've taken this year, including operational improvements, disciplined incentive management and strategic product expansion are setting the stage for sustainable growth and margin improvement.

我們已經看到了一些令人鼓舞的跡象。歐洲訂單量較去年同期成長，10 月北美地區的交通流量和試駕量與歷史水準相比也表現穩健。Gravity訂單在總訂單量中所佔比例的增加將有助於提高平均售價和收入。這些趨勢證實了我們品牌的實力，並使我們能夠在市場穩定地抓住成長機會。我們相信，今年我們採取的措施，包括營運改善、嚴格的激勵管理和策略性產品擴張，正在為永續成長和利潤率提高奠定基礎。

As the Gravity touring launches and our marketing reach expands, we expect to unlock new demand opportunities globally, reinforcing our long-term trajectory.

隨著 Gravity 巡演的啟動和我們市場覆蓋範圍的擴大，我們期望在全球範圍內釋放新的需求機會，從而鞏固我們的長期發展軌跡。

For 2025 CapEx, we are planning $1 billion to $1.2 billion. We will continue to focus on scaling production, midsized development, automation and cost reduction initiatives. We intend to lower capital intensity per unit as we move through the year. Directionally, the goal is clear, more towards breakeven as mix scale and cost actions compound. To close, Q3 showed that we can grow, derisk and strengthen liquidity at the same time.

2025 年資本支出計畫為 10 億至 12 億美元。我們將持續專注於擴大生產規模、中型開發、自動化和降低成本等措施。我們計劃在今年逐步降低單位資本密集度。從方向來看，目標很明確，隨著規模化和成本控制措施的疊加，目標是實現損益平衡。總之，第三季表明，我們可以同時實現成長、降低風險和增強流動性。

Orders and delivery reached record levels, mix improved, quality and exit rate moved the right way despite higher complexity, and we extended the runway with an undrawn facility that takes us into first half 2027.

訂單和交付量達到創紀錄水平，產品組合得到改善，儘管複雜性更高，但品質和退出率仍朝著正確的方向發展，而且我們還有未開發的設施，這將使我們的資金使用期限延長至 2027 年上半年。

Our focus remains the same: compound liquidity, derisk the ramp and improve unit economics every quarter. I want to thank our teams for their execution and our customers, investors and partners for their continued support.

我們的重點依然不變：提高流動性，降低產能爬坡風險，每季改善單位經濟效益。我要感謝我們團隊的辛勤付出，以及我們的客戶、投資者和合作夥伴的持續支持。

With that, I will hand the call back over to Nick.

這樣，我就把電話交還給尼克了。

Thanks, Taoufiq. We'll now start the Q&A portion of the call. Before we take questions from those on the phone, I want to pose some of the questions that our retail investors sent in through the Say Technology platform.

謝謝，陶菲克。現在開始電話會議的問答環節。在回答電話中提出的問題之前，我想先提出一些散戶投資者透過 Say Technology 平台提交的問題。

The first one comes from Patrick M. Please share Lucid's plan to increase the market cap and shareholder value within the next 12 months.

第一條問題來自 Patrick M.，請分享 Lucid 在未來 12 個月內提高市值和股東價值的計劃。

We appreciate the question, Patrick. What will drive market cap and shareholder value is profitability and cash generation. Short term, it's about executing against our plan to reduce cash usage and improve profitability. This relies on ramping the gravity and next year, launching and ramping the Midsize with the right focus on capital allocation and spend. Midterm, we want to further accelerate our cash generation.

感謝你的提問，派崔克。推動市值和股東價值成長的關鍵在於獲利能力和現金流。短期內，關鍵在於執行我們的計劃，以減少現金消耗並提高獲利能力。這取決於加大力度，明年推出並擴大中型企業規模，並專注於資本配置和支出。中期來看，我們希望能進一步加快現金流的產生。

Marc has laid out some of the foundations of how we can achieve that. Technology and software will be key as they will allow us to maximize return in a repeatable model and with a low capital intensity. There are many exciting developments in the pipeline. I strongly believe that if we continue to make progress against the strategy we laid out, the results of these efforts will be reflected in the share price and the shareholders' return.

馬克已經為我們如何實現這一目標奠定了一些基礎。技術和軟體將是關鍵，因為它們將使我們能夠以可重複的模式和較低的資本密集度實現收益最大化。有很多令人興奮的新項目正在籌備中。我堅信，如果我們繼續按照我們所製定的策略取得進展，這些努力的成果將會反映在股價和股東回報上。

Our next question comes from Min. Any updates on the robotaxi partnership with Uber?

下一個問題來自Min。關於與Uber的自動駕駛計程車合作，有什麼最新進展嗎？

Thanks, Min. This is Marc. Yes, there's a lot of updates. There's a lot of progress being made between the teams at Lucid and at Nuro, and we successfully delivered the first batch of the vehicles -- of the engineering vehicles to Nuro during the quarter for testing.

謝謝，敏。我是馬克。是的，有很多更新。Lucid 和 Nuro 的團隊之間取得了很大進展，我們在本季度成功向 Nuro 交付了第一批工程車輛進行測試。

We also announced that San Francisco is the first city we are working towards launching in 2026, subject to regulatory approvals. And we closed the $300 million equity investment from Uber during the quarter, which speaks to their level of confidence as Lucid as a partner.

我們也宣布，舊金山是我們計劃於 2026 年推出的首個城市，但需獲得監管部門的批准。本季我們完成了來自 Uber 的 3 億美元股權投資，這體現了他們對 Lucid 作為合作夥伴的信心。

Okay. Our third question comes from (inaudible). When will the company become profitable?

好的。我們的第三個問題來自（聽不清楚）公司何時才能獲利？

Well, we have an internal road map and stage gates against which we are executing. This plan is the North Star for the company and our teams in everything we do. We haven't yet publicly communicated the timing for breakeven. But as a management team, we are continuously working towards this goal through a disciplined focus on executing our short-term plans and midterm strategy. We have a pathway mapped out, and we continue to make significant progress on both short and midterm plans, as Marc has explained.

我們有內部路線圖和階段性目標，並正依照這些目標執行。這項計劃是公司和我們團隊一切工作的指路明燈。我們尚未公開公佈實現損益平衡的時間。但作為管理團隊，我們正透過嚴謹地執行短期計畫和中期策略，不斷朝著這個目標努力。正如馬克所解釋的那樣，我們已經制定了發展路線圖，並且在短期和中期計劃方面都持續取得重大進展。

We are confident that in the short term, the combination of Gravity and Midsize will allow us to achieve the scale needed to become profitable. Midterm, Marc has explained some of the strategies and plans we are executing against to further consolidate the cash generation capabilities of the company. One last information. We are planning to organize an Investor Day early next year, which will give us the opportunity to explain our short-term plans and strategy as well as our road map towards cash generation.

我們相信，短期內，Gravity 和 Midsize 的合併將使我們能夠達到獲利所需的規模。中期，馬克解釋了我們正在執行的一些策略和計劃，以進一步鞏固公司的現金創造能力。最後還有一點資訊。我們計劃於明年初舉辦投資者日活動，屆時我們將有機會闡述我們的短期計劃和策略，以及我們實現現金流的路線圖。

Okay. Our next question comes from Nicholas A. What is the time line of an affordable entry-level vehicle for Lucid?

好的。下一個問題來自 Nicholas A.：Lucid 推出價格適中的入門車型的時間表是什麼？

Thanks, Nicholas. The first variant of our Midsize platform remains scheduled for the end of 2026. Nothing has changed, and we're working towards that goal.

謝謝你，尼古拉斯。我們中型平台的首個衍生車型仍計劃於 2026 年底推出。一切照舊，我們正朝著這個目標努力。

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

好的。現在我們來回答電話提問。操作員？

(Operator Instructions) Ben Kallo, Baird.

（操作說明）Ben Kallo，Baird。

Maybe can we start with just where you are with choosing suppliers for the midsize vehicle? And then if you could talk about any kind of overlap that can be leveraged from the Air Gravity suppliers? And then I have a follow-up as well.

或許我們可以先從您在選擇中型車供應商的情況開始談起？那麼，您能否談談可以利用 Air Gravity 供應商的任何重疊資源？然後我還有一個後續問題。

Yes, Ben, yes, I can take this. So we are well underway with all of our sourcing for the Midsize. So fully on track with what we -- where we wanted to be at this point in time. And I also want to point out that we are very pleased with the BOM costs that we're currently seeing that it looks like that we can achieve. As a matter of fact, in many instances, we are coming in below our own should cost calculations, which is very, very good and speaks to our suppliers wanting to work with us.

是的，本，是的，我可以接受。我們已經全面展開中型車的採購工作。所以，我們完全按照計畫進行──達到了目前想要達到的目標。我還想指出，我們對目前看到的物料清單成本非常滿意，看起來我們可以實現這個目標。事實上，在許多情況下，我們的實際成本都低於我們自己的預期成本，這非常好，也說明我們的供應商願意與我們合作。

And your second question is also something that we see and it's very positive that many of the suppliers we are already working with for the Air and the Gravity are now also giving us relief on our pricing for the Air and the Gravity because of being awarded the programs for Midsize. So all in all, that is a very, very encouraging development right now, and we're very pleased with the results.

你的第二個問題也是我們看到的，而且非常積極的是，由於我們獲得了中型卡車項目，我們已經合作的許多 Air 和 Gravity 供應商現在也為我們 Air 和 Gravity 的價格提供了優惠。總而言之，這是一個非常非常令人鼓舞的進展，我們對結果非常滿意。

Great. Could you just talk maybe about how you guys are prioritizing capital between what the work you're doing in autonomy and then also pushing forward with your technology manufacturing, just how you prioritize or if you don't look at it that way, then I'd love to hear that, too.

偉大的。您能否談談你們是如何在自主研發工作和推進技術製造之間分配資金的？你們是如何權衡輕重緩急的？或者如果您不這樣看待這個問題，我也很想聽聽您的看法。

Yes, absolutely. I mean that goes very much in line with our partnerships that we have announced. I mean they're CapEx efficient. We don't have to spend a lot of CapEx. That's exactly why we're doing it.

是的，絕對的。我的意思是，這與我們已宣布的合作關係非常吻合。我的意思是，它們的資本支出效率很高。我們不需要投入大量資本支出。這正是我們這樣做的原因。

We want to be able to provide really leading edge capability and features to our customers without having a very big CapEx outlay right now. That's why we did the Uber-Nuro partnership for our B2B market, but also now the NVIDIA partnership when it comes to the autonomy for consumer vehicles. So yes, I mean, that's exactly what we are planning to do. And while we are doing that, we are monitoring also where it makes sense for us to, in the future, invest capital. But at this point right now, given the -- it costs a lot of money and very big numbers of investments in order to do this completely in-house, and that's why we chose that path.

我們希望能夠在不投入巨額資本支出的情況下，為客戶提供真正領先的功能和特性。這就是為什麼我們與 Uber 和 Nuro 合作開拓 B2B 市場，以及現在與 NVIDIA 合作開拓消費級車輛自動駕駛技術的原因。是的，我的意思是，這正是我們計劃要做的事。同時，我們也密切關注未來哪些地方適合我們進行資本投資。但就目前而言，考慮到完全自主研發需要花費大量資金和巨額投資，所以我們選擇了這條道路。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

Maybe to start, a couple of questions on the L4 announcement with NVIDIA. Can you maybe roughly share how you're thinking about the time line for achieving Level 4 on consumer-owned vehicles? And then for the Midsize, do you expect that the L4 hardware will be standard on the vehicle? And if so, does that have any impact on the projected price of the vehicle?

或許可以先問幾個關於NVIDIA L4發布的問題。您能否大致分享您認為消費者擁有的車輛實現 L4 級自動駕駛的時間表？那麼對於中型車來說，您預計L4硬體會成為車輛的標準配備嗎？如果是這樣，這會對車輛的預計價格產生任何影響嗎？

Yes. So on the L4 side, I don't think that we have right now the number -- or actually, we have internally, obviously, a plan, but I would like to communicate that once we are a little bit further down the road in the project and we have the first dots on the board. What I can tell you is that the first result that we want to roll out of that partnership is basically an L2+, L2++ version for Gravity and also for the launch of Midsize by the end of next year. So that's the first step. And from there, we will then roll out via OTAs additional updates.

是的。所以，就 L4 方面而言，我認為我們目前還沒有確切的數字——或者實際上，我們內部顯然有一個計劃，但我希望等到專案進展到一定階段，有了初步成果之後再公佈。我可以告訴大家的是，我們希望透過這次合作推出的第一個成果基本上是 Gravity 的 L2+、L2++ 版本，以及明年年底前推出的 Midsize 版本。這是第一步。然後，我們將透過OTA推送更多更新。

We will also already have all the hardware changes being made, but we will then roll out additional updates in order to get to L4 eventually. But I reserve the right, right now, not to say it's end of next year or next year, but rather come with a date when we are very confident that we can hit it. But at the same time, both NVIDIA and ourselves have very ambitious targets. That's why we did this together with our, let's say, accelerated engineering approach and their, let's say, firepower when it comes to running the large models and calculations, we are confident that we can do this sooner than later.

我們屆時將完成所有硬體變更，但之後我們將推出額外的更新，最終達到 L4 等級。但我現在保留權利，不說是明年年底或明年，而是提出一個我們非常有信心能夠實現的日期。但同時，NVIDIA 和我們自己都設定了非常雄心勃勃的目標。正因如此，我們才攜手合作，運用我們先進的工程方法，結合他們在運行大型模型和計算方面的強大實力，我們有信心能夠盡快完成這項工作。

Terrific. That's very helpful. And then just as a follow-up, maybe just on the outlook. With the uptick in production in Q4, how should we think about the deliveries in relation to that production level as well as maybe the impact on COGS per unit as you ramp production and, of course, ramp the Gravity as well?

了不起。那很有幫助。然後，作為後續討論，也許可以談談前景。隨著第四季度產量的增加，我們應該如何考慮與該產量水準相關的交付情況，以及隨著產量的增加和重力效應的增強，單位銷售成本可能會受到怎樣的影響？

Yes, I can take it and maybe afterwards, you can also chime in to fish. But I mean, when it comes to deliveries, we're not guiding deliveries. But obviously, we are expecting a significant ramp-up of the deliveries in Q4 and the majority being the Gravity. And when it comes to COGS, I mean, obviously, the more volume we have in our installed factories with what we have there, the lower the COGS will become.

是的，我可以接受，之後你也可以加入釣魚。但我的意思是，就配送而言，我們並不是負責指導配送。但很顯然，我們預計第四季度交付量將大幅增加，其中大部分是 Gravity 型號。至於銷售成本，我的意思是，很顯然，我們建造工廠的產量越大，銷售成本就越低。

But Taoufiq, maybe you can --

但是陶菲克，或許你可以--

Yes. I think you hinted at the key point. So when you think about the COGS, I mean, directionally, obviously, we have a plan and the plan is that to continue progressing and reduce the COGS per unit compared to the performance from last year. So that was the plan. Directionally, we gave a direction when it comes to the gross margin, which is a good proxy to assess where the COGS will land.

是的。我認為你已經暗示了關鍵點。所以，當你考慮銷貨成本時，我的意思是，從方向上來看，顯然，我們有一個計劃，這個計劃就是繼續進步，並降低單位銷貨成本，使其比去年的業績有所提高。這就是計劃。從方向上看，我們對毛利率給了一個方向，這可以很好地反映出銷貨成本的走向。

We didn't assume some of the headwinds that we had to deal with like the tariffs, which are obviously impacting the COGS this year. But directionally, the combination of the incremental volume resulting from the ramp of the Gravity and some of the volume projections that we are currently assessing for next year, plus the benefits that we're getting from the bill of material and our suppliers that Marc has touched on will help us crystallize some of these improvements that we're aiming at in terms of COGS per unit in the short term.

我們沒有預料到會遇到一些不利因素，例如關稅，這顯然對今年的銷售成本產生了影響。但從方向來看，Gravity 的逐步投產帶來的增量銷量，以及我們目前正在評估的明年銷售預測，再加上 Marc 提到的物料清單和供應商帶來的收益，將有助於我們在短期內實現我們在單位銷售成本方面的一些改進目標。

Andres Sheppard, Cantor.

安德烈斯·謝潑德，坎托爾。

Congrats on the quarter. Marc, I was hoping to maybe get a sense of how the contract with the government of Saudi Arabia, the one up for 50,000 plus, another option for 50,000. If you can maybe give us an update on kind of where that stands. I think in the past, we've said most deliveries to that agreement will be the Gravity and then the upcoming Midsize. So I know you're not guiding anything for '26, but should we expect some deliveries to that region next year? Or will that likely come after the completion of the IM2 facility?

恭喜你本季取得佳績。馬克，我希望能了解一下與沙烏地阿拉伯政府簽訂的那份合約的情況，那份價值 5 萬多英鎊的合同，還有另一份價值 5 萬英鎊的合約。如果您能告知我們目前進展就太好了。我認為過去我們曾說過，根據該協議交付的大部分車輛將是 Gravity，然後是即將推出的 Midsize。我知道你們沒有對 2026 年做出任何預測，但我們是否可以期待明年該地區會有一些貨物交付？或者，這很可能要等到 IM2 設施建成之後才會發生？

Yes. Thanks for the question, Andres. Well, absolutely. I mean, as of now already, we are delivering vehicles to Saudi Arabia as part of that arrangement. And it was always planned to be on a certain level, lower level when we only have the Air, then we're adding to the deliveries when the Gravity becomes available.

是的。謝謝你的提問，安德烈斯。當然。我的意思是，目前我們已經按照該協議向沙烏地阿拉伯交付車輛。我們一直計劃將交付量控制在一定水平，在只有 Air 機型時交付量較低，然後在 Gravity 機型上市後增加交付量。

I would say that the big increase versus this agreement, the 50,000 that we have already, will come with the Midsize. But we will have higher deliveries to the government now in 2026 with the ramp-up of the Gravity, absolutely.

我認為，與這項協議相比，最大的成長（我們已經擁有的 5 萬輛）將來自中型車。但隨著 Gravity 計畫的推進，到 2026 年，我們向政府的交付量肯定會更高。

Got it. Okay. That's helpful. And then maybe one for Taoufiq. So you've extended your capital runway looks like into first half of 2027 now. I'm curious if you can maybe refresh us on near-term capital needs. Does that -- extension now in the draw facility, does that account for the maturity in September of '26? Or how should we think about that?

知道了。好的。那很有幫助。然後也許還要給陶菲克一個。所以，你的資金周轉期看起來可以延長到 2027 年上半年了。我想請您簡單介紹一下近期資金需求。現在提取資金的延期是否意味著 2026 年 9 月到期？我們該如何看待這個問題？

No, that's two separate things. So the maturity, I guess you're referring here to the convert. So the convert will need to be refinanced, and we have a plan for that. So it's not directly related to the DDTL.

不，那是兩件不同的事。所以，你這裡說的成熟度，我猜是指轉換者吧。因此，這筆貸款需要進行再融資，我們已經制定了相應的計劃。所以它與DDTL沒有直接關係。

James Picariello, BNP Paribas.

詹姆斯·皮卡里洛，法國巴黎銀行。

This is Jake on for James. So first, I just wanted to follow up on the NVIDIA partnership. Obviously, you guys set a pretty ambitious goal of being the first company to roll out consumer Level 4 capability. Virtually every major automaker has some form of kind of advanced ADAS program. And after billions of dollars invested, no one has really been able to move past Level 2+. So can you just provide some color on why you think you'll be able to succeed where everyone else has failed?

這是傑克替詹姆斯發言。首先，我想跟進一下與英偉達的合作關係。顯然，你們設定了一個相當雄心勃勃的目標，那就是成為第一家推出面向消費者的L4級自動駕駛能力的公司。幾乎所有主要汽車製造商都擁有某種形式的先進ADAS（高級駕駛輔助系統）程序。儘管投入了數十億美元，但仍然沒有人能夠真正突破 2+ 級。那麼，你能否具體說明一下，為什麼你認為自己能夠在其他人都失敗的地方取得成功？

Yes, James, maybe I can take that. Well, I guess, Obviously, a lot of things have changed, I would say, in the recent year or so when it comes to approach to autonomy. And that's actually a good point that you're saying because if we would have -- there was a question earlier about capital investments around this topic. If we would have done what others have done earlier, like five years ago, we would have probably invested billions and nothing to show for. But the technology with the end-to-end models and the compute power in the meantime has drastically changed. And the way those end-to-end models can be trained, this is now completely different than how it was two years ago.

是的，詹姆斯，也許我可以接受。嗯，我想，很顯然，在最近一年左右的時間裡，關於自主性的方法有很多變化。你說的這一點確實很好，因為如果我們——之前有一個關於圍繞這個主題的資本投資的問題。如果我們像其他人五年前那樣做，我們可能已經投入了數十億美元，但一無所獲。但同時，端到端模型的技術以及運算能力已經發生了翻天覆地的變化。而且，這些端到端模型的訓練方式與兩年前相比已經完全不同了。

And so that makes us confident with everything that we are seeing right now and obviously, in our conversations and our testing with NVIDIA, we see a path now to get there. And why we think we can be among the first, I mean, obviously, we cannot guarantee this. We can only say that we are, together with NVIDIA, do everything to be the first. It has also a little bit to do with our vehicle cycle, where are we with the development versus others that are further out until they even can do something like that. So yes, but given the drastic change in AI technology and approach to autonomy, that's what makes us confident that it's achievable now.

因此，我們對目前所看到的一切充滿信心，而且顯然，透過與 NVIDIA 的交流和測試，我們現在看到了實現目標的途徑。至於我們為什麼認為我們可以成為首批企業之一，我的意思是，很顯然，我們不能保證這一點。我們只能說，我們正與英偉達一起，竭盡全力做到第一。這和我們的車輛研發週期也有一些關係，我們目前的研發進度與其他一些研發進度落後於人的廠商相比處於什麼位置，而其他廠商甚至還沒有達到那種水準。是的，但鑑於人工智慧技術和自主性方法的巨大變化，這讓我們有信心現在就能實現這一目標。

And then can you just provide some color on the new vehicle order trends you've been seeing since the expiration of US EV tax credits in October. Obviously, the Air and the Gravity weren't eligible for the 30D credit, but it looks like roughly 65% of your US sales in the third quarter came from leases where people were able to take advantage of the 45W credit.

那麼，您能否詳細介紹自 10 月美國電動車稅收抵免政策到期以來，您所觀察到的新車訂單趨勢？顯然，Air 和 Gravity 車型不符合 30D 稅收抵免的條件，但看起來你們第三季度在美國的銷售額中約有 65% 來自租賃，而人們可以利用 45W 稅收抵免。

Yes. Well, I mean, what I can definitely say is that actually our delivery numbers in October, meaning first month of the fourth quarter actually went up. And so that is a very encouraging trend compared to many of our, let's say, competitors that have EVs and ICE. There are several ones that reported, I think, a drop of about 50%. Our numbers went up and so did our market share.

是的。嗯，我的意思是，我可以肯定地說，實際上我們10月份的交付​​量，也就是第四季度的第一個月，實際上有所增長。因此，與我們的許多競爭對手（他們既有電動車也有內燃機汽車）相比，這是一個非常令人鼓舞的趨勢。有好幾家媒體報道，降幅約 50%。我們的業績成長了，市場佔有率也隨之擴大了。

And we credit basically our vehicles, in particular, now the Gravity becoming more and more available with us ramping up the production with that. So we believe we're in a very good spot when it comes to sustaining the demand and then, therefore, the deliveries. And we also believe that this is a passing phase, meaning we think that by beginning of next year, the demand will normalize compared to what we are seeing right now or what others are seeing right now.

我們認為這主要歸功於我們的車輛，特別是 Gravity，隨著我們增加生產力度，Gravity 的供應量越來越大。因此，我們相信我們在維持需求以及隨之而來的交付方面處於非常有利的地位。我們也相信這只是一個過渡階段，也就是說，我們認為到明年年初，需求將恢復正常，與我們目前或其他人目前所看到的相比。

(Operator Instructions) Tobias Beith, Rothschild.

（操作說明）托比亞斯·貝思，羅斯柴爾德。

I've got three questions, if that's okay. First one is for Taoufiq. The gross margin rate when I adjusted for income from emission credit trading depreciation improved by 8 points quarter over quarter and was possibly flat on a pre-tariff impact basis. My question is, why wasn't leverage on volumes and the impact of product mix visible?

可以嗎？我有三個問題。第一張是給陶菲克的。扣除排放信用交易收入折舊後，毛利率較上月提高了 8 個百分點，在關稅影響之前可能持平。我的問題是，為什麼銷售槓桿和產品組合的影響沒有顯現出來？

So the thing is that if you look at the production of Q3, the impact from mix was not as big as what we wanted it to be because we're still in a ramp-up phase for the Gravity. The numbers are improving versus Q2, but they are still at a meaningful level where they can significantly impact the volume.

所以問題是，如果你看一下第三季的生產情況，你會發現混合生產的影響並沒有我們預期的那麼大，因為我們仍然處於 Gravity 的產能提升階段。雖然數字比第二季度有所改善，但仍處於能夠對銷量產生重大影響的水平。

But the real reason behind this flat or lack of improvement is mainly related to the increase of inventory and the impairment associated with that. So we have increased the inventories in preparation of the ramp-up in Q4. We are in a loss-making situation, and we needed to impair these inventories, and this is hitting the gross margin.

但造成這種停滯不前或缺乏改善的真正原因主要與庫存增加以及由此產生的減損有關。因此，我們增加了庫存，為第四季產能提升做好準備。我們目前處於虧損狀態，需要對這些庫存進行減損處理，這影響了毛利率。

Okay. I understand. Marc, what is Lucid's plan regarding the localization of production of the Midsize platform, if at all? I appreciate that the global automotive trade is in flux at the moment, but even an expansion of AMP-1's capabilities would probably have a lead time of at least a year if you started tomorrow.

好的。我明白。馬克，Lucid公司關於中型平台在地化生產的計畫是什麼？如果有的話？我理解目前全球汽車貿易處於動盪之中，但即使明天就開始擴大 AMP-1 的能力，也可能需要至少一年的準備時間。

Well, I mean, we have already made preparations for that to build the Midsize in AMP-1. So I actually thought that we've talked about this some time ago, but maybe not. I mean AMP-1 in Arizona is planned to produce the Midsize as well. It's not only our plant in KSA. AMP-1 is also already being prepared.

嗯，我的意思是，我們已經為此做好了準備，要在 AMP-1 中建造中型機。我以為我們之前已經討論過這個問題了，但也許沒有。我的意思是，位於亞利桑那州的 AMP-1 也計劃生產中型卡車。不僅僅是我們在沙烏地阿拉伯的工廠。AMP-1 也已經在研發中。

We will have still to make some investments, but it's actually not that much. Much of the investments that are needed in order to produce the vehicle are already there. So that's the plan. I mean we're more talking about, okay, when would we have to expand that. But for that, we want to be very prudent, and we want to see how everything goes before we pull the next phase. But yes, it is definitely planned to be also built here in AMP-1.

我們還需要進行一些投資，但實際上並不多。生產該車輛所需的大部分投資已經到位。這就是計劃。我的意思是，我們現在更多是在討論，好吧，什麼時候需要擴大規模。但為此，我們希望非常謹慎，希望在進入下一階段之前，先觀察一切進展如何。是的，AMP-1 也確實計劃建造一個。

Okay. And last question, the PowerPoint, it shows for the first time, I believe, a detailed render of the Atlas propulsion system. It's very impressive. It seems to show that there's a new inverter, redesigned thermal management system. And I know that the Atlas propulsion system was mentioned in your prepared remarks, Marc. But I wondered if I could ask for even more of an update on the Atlas, please, given its importance.

好的。最後一個問題，關於 PowerPoint，我相信，它首次展示了 Atlas 推進系統的詳細渲染圖。非常令人印象深刻。這似乎顯示採用了新型逆變器和重新設計的散熱管理系統。我知道你在事先準備好的演講稿中提到了阿特拉斯推進系統，馬克。但鑑於地圖集的重要性，我想知道是否可以要求提供更多關於地圖集的最新資訊。

Yes. Well, I mean, what I can say is definitely that it's totally on track. So that's why we are now starting to leak -- or not leak actually, a little bit of information. But I mean, it's coming out actually really great. I mean, from a cost perspective, it's a material change, and we will also share soon probably at the Investors Day that we are planning the details how far below of our current generation the cost is, we have much fewer parts, highly integrated, as you just mentioned, the inverter in everything.

是的。嗯，我的意思是，我可以肯定地說，一切都在按計劃進行。所以這就是為什麼我們現在開始洩漏——或者更確切地說，不是洩漏——一些資訊的原因。但我的意思是，最終效果真的非常棒。我的意思是，從成本角度來看，這是一個實質性的變化，我們可能很快就會在投資者日上分享我們正在計劃的細節，即成本比我們目前的一代產品低多少，我們的零部件少得多，高度集成，正如你剛才提到的，逆變器集成在所有產品中。

So weight is lower, efficiency is even higher from what we have right now. So we are very, very pleased with that. And we also have different versions where we have also versions of the Atlas that doesn't need any rare earth. So I mean, we're really very -- yes, very convinced that this is a big step forward for us.

因此，重量更輕，效率比我們現在擁有的更高。所以，我們對此非常非常滿意。我們還有一些不同的版本，其中一些版本的阿特拉斯鐵礦不需要任何稀土。所以我的意思是，我們真的非常——是的，非常確信這對我們來說是一大進步。

Can I ask why not do all of the Atlas without rare earth, given it has caused problems for Lucid and the broader industry in the last six months or so?

請問為什麼不完全不使用稀土來製造 Atlas 呢？畢竟在過去六個月左右的時間裡，稀土給 Lucid 和整個行業都帶來了問題。

That will be, let's say, the long-term plan, but certain applications, certain power requirements for certain trims require, at this time, still permanent magnets. But that is the goal that we obviously try to figure that out. And again, maybe in the Investor Day that we are planning, I mean, Emad will definitely be there, and he can probably tell you in a short explanation over about two hours what exactly we are doing there. But yes, I mean, happy to provide further insights on that.

可以說，這將是長期計劃，但某些應用，某些修飾方式的某些功率需求，目前仍然需要永久磁鐵。但這正是我們努力想要弄清楚的目標。而且，也許在我們計劃的投資者日上，Emad 肯定會出席，他可能會在大約兩個小時的時間裡簡要地向你解釋我們究竟在做什麼。是的，我很樂意就此提供更多見解。

Thank you. As I'm showing no further questions in the queue at this time. This concludes today's program. Thank you all for participating. You may now disconnect.

謝謝。目前隊列中沒有其他問題了。今天的節目到此結束。感謝大家的參與。您現在可以斷開連線了。