Lucid Group, Inc. (LCID) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Group first-quarter 2026 earnings conference call. Please be advised that today's conference call is being recorded. (Operator Instructions)

各位女士、先生，感謝您耐心等候，歡迎參加 Lucid Group 2026 年第一季財報電話會議。請注意，今天的電話會議將被錄音。(接線員指示)

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

現在我想把會議交給今天的發言人——Nick Twork，傳播副總裁。請開始。

Thank you, and welcome to Lucid Group's first-quarter 2026 earnings call. Joining me today are Silvio Napoli, Incoming CEO; Marc Winterhoff, our Interim CEO; and Taoufiq Boussaid, our CFO.

謝謝，歡迎參加 Lucid Group 2026 年第一季財報電話會議。今天與我一同出席的有：即將上任的執行長 Silvio Napoli；我們的臨時執行長 Marc Winterhoff；以及我們的財務長 Taoufiq Boussaid。

Before handing the call over to Silvio, let me remind you that some of the statements on this call include forward-looking statements under the federal securities laws. These include, without limitation, statements regarding the future financial performance of the company; production and delivery volumes; vehicles and products; studios and service networks; financial and operating outlook and guidance; macroeconomic, geopolitical, policy, and industry trends; tariffs and trade policy; company initiatives; leadership changes; and other future events. 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.

在把電話交給 Silvio 之前，先提醒各位，本次電話會議中的部分陳述依據聯邦證券法屬於前瞻性陳述。其中包括但不限於：公司未來財務表現；生產與交付量；車輛與產品；展示中心與服務網路；財務與營運展望及指引；總體經濟、地緣政治、政策與產業趨勢；關稅與貿易政策；公司倡議；領導階層變動；以及其他未來事件等相關陳述。這些陳述係基於多項假設（無論本次溝通中是否已明確指出），並基於截至今日管理層的預測與期望。

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, 2025, subsequent quarterly reports on Form 10-Q, current reports on our 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. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as required by law.

實際事件或結果難以或無法預測，且可能因多項風險與不確定性而有所不同。我們請您參閱：截至 2025 年 12 月 31 日止年度的 Form 10-K 年報、後續的 Form 10-Q 季報、我們的 Form 8-K 當前報告及其他向 SEC 提交的文件中的警示性文字與風險因素，以及我們網站投資人關係專區 ir.lucidmotors.com 上可取得之季度財報簡報第 2 頁的前瞻性陳述。除法律要求外，我們不承擔因任何原因公開修訂或更新任何前瞻性陳述之義務。

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.

此外，管理層在本次電話會議中將提及非 GAAP 財務衡量指標。關於我們為何使用非 GAAP 財務衡量指標的說明，以及 GAAP 與非 GAAP 結果之間的調節資訊，已載於今天下午稍早發布的財報新聞稿以及財報簡報中。

With that, I'd like to turn the call over to Lucid's Incoming CEO, Silvio Napoli. Silvio, please go ahead.

接下來，我想把電話交給 Lucid 即將上任的執行長 Silvio Napoli。Silvio，請開始。

Thank you, Nick. Good morning, everyone, and thank you for joining. This is my first earnings call with Lucid, and as already had the opportunity to share with many of you, I'm extremely pleased to be here and part of the Lucid team. With not even a month with the company, I'm still at a very early stage, so I'll keep my remarks brief.

謝謝你，Nick。各位早安，感謝各位參與。這是我在 Lucid 的第一次財報電話會議；如同我已經有機會與許多各位分享的，我非常高興能在這裡，成為 Lucid 團隊的一員。由於加入公司還不到一個月，我仍處於非常早期的階段，因此我會簡短說明。

Let me start by reiterating why I'm here. Lucid brings together state-of-the-art technology, a premium product platform, and a unique opportunity to build a strong, enduring position in a transforming industry. And that combination is compelling.

我先重申我為何來到這裡。Lucid 匯聚最先進的技術、高端產品平台，以及在一個正在轉型的產業中建立強大且持久地位的獨特機會。而這樣的組合非常具有吸引力。

That is the reason that brought me here. Today, three weeks into the journey, I'm even more convinced that this is the case.

這就是促使我來到這裡的原因。今天，在這段旅程開始三週之後，我更加確信確實如此。

In my first days, I've had the opportunity to meet with our teams in Newark, our headquarters, and in some of our key markets. In fact, on the very first day, I traveled to visit a factory in Arizona, the heart of Lucid.

在我加入的最初幾天，我有機會與我們在總部 Newark 的團隊，以及在一些關鍵市場的團隊會面。事實上，在第一天我就前往亞利桑那州參觀工廠——那是 Lucid 的核心。

Last week, I traveled to Saudi Arabia to witness a strong brand recognition in this fast-growing market and to see firsthand the progress of our new factory under construction.

上週，我前往沙烏地阿拉伯，見證這個快速成長市場中強勁的品牌認知，並親眼看到我們正在興建的新工廠的進展。

As you know, this manufacturing center is an essential part of our commitment to drive scale, profitability, and to position Lucid on the world stage. While there, I've also been meeting with employees, shareholders, and with local stakeholders.

如各位所知，這座製造中心是我們推動規模化與獲利能力、並讓 Lucid 站上世界舞台承諾中的關鍵一環。在那裡，我也與員工、股東以及當地利害關係人會面。

And everywhere I go, I'm focused on listening and beginning to understand where we are strongest and where we need to improve. And what stands out immediately is the incredible domain competence and outstanding motivation of the Lucid team and the strength of our product.

我所到之處，都專注於傾聽，並開始了解我們最強之處以及需要改進之處。而立刻顯而易見的是：Lucid 團隊令人驚豔的專業領域能力與卓越的動力，以及我們產品的實力。

At the same time, it's clear that realizing Lucid's full potential will require sharper focus and consistent execution, particularly around simplification, prioritization, and speed. My near-term priorities are straightforward: recenter all our activities around our customers, ensure the organization operates with clarity and accountability, focus resources on the highest impact areas, and embed a stronger culture of cost and capital discipline across the business.

同時也很清楚，要充分實現 Lucid 的潛力，需要更聚焦且一致的執行力，特別是在簡化、優先排序與速度方面。我近期的優先事項很明確：讓所有活動重新以客戶為中心；確保組織以清晰與問責方式運作；將資源聚焦於影響最大的領域；並在全公司建立更強的成本與資本紀律文化。

A central objective over time is to build a more self-sufficient company, one that progresses towards funding its own growth. And that means being rigorous in delivering on our commitments and how we allocate capital to few vital priorities. In simple words, this means making clear choices on where to invest and just as important, where not to.

長期而言，一個核心目標是打造更自給自足的公司，也就是逐步朝向能以自身資金支持成長的方向前進。這意味著我們必須嚴謹地履行承諾，並將資本配置在少數關鍵優先事項上。簡單來說，就是清楚做出投資取捨：決定投資在哪裡，同樣重要的是，決定不投資在哪裡。

At the risk of stating the obvious, I'm not in the position to comment on results reached prior to my joining. Accordingly, I trust you will understand that today I will not comment on any specifics, including the outlook. My goal over the coming weeks is to deepen my understanding of the business so I can engage more fully with you in the future discussions.

即便這聽起來顯而易見，但我並不適合評論我加入之前所達成的結果。因此，我相信各位能理解，今天我不會就任何具體事項發表評論，包括展望。我接下來幾週的目標，是加深對業務的理解，以便未來能與各位更充分地交流討論。

With that, I'll turn the call over to the team to walk you through the Q1 results. Thank you.

接下來，我把電話交給團隊，帶各位回顧第一季的結果。謝謝。

Thank you, Silvio, and good afternoon, everyone. Let me start with the key takeaways. We expanded our Uber partnership to at least 35,000 vehicles, raised over $1 billion in new capital and ended the quarter with a clear cost-reduction program underway. The foundation is solid, and we are building on it. We have made meaningful progress on each of these fronts.

謝謝你，Silvio，各位下午好。我先從重點摘要開始。我們將與 Uber 的合作擴大至至少 35,000 輛車，新增募得超過 10 億美元資金，並在本季結束時已啟動明確的降本計畫。基礎穩固，我們正以此為基礎持續建設。我們在上述各方面都取得了實質進展。

Among the highlights. First, we expanded our partnership with Uber to provide a minimum of 35,000 robotaxis, up from 20,000 previously announced and increased their investment to $500 million, up from $300 million, improving our visibility into long-term demand and revenue in a new and growing market. Further reflecting the strengthening relationship between our companies, Sachin Kansal, Chief Product Officer at Uber, has been nominated for election to Lucid's Board of Directors.

以下是幾項亮點。第一，我們擴大與 Uber 的合作，將提供至少 35,000 輛自動駕駛計程車（robotaxi），高於先前宣布的 20,000 輛；同時 Uber 將其投資額提高至 5 億美元，高於原先的 3 億美元，提升了我們對於新興且成長中市場之長期需求與營收的可見度。進一步反映兩家公司關係的強化，Uber 產品長 Sachin Kansal 已被提名參選 Lucid 董事會董事。

Second, we significantly strengthened our financial position, raising approximately $1.05 billion, including $550 million investment from the Public Investment Fund through a private placement, reaffirming their continued support and long-term commitment to Lucid.

第二，我們大幅強化了財務狀況，合計募得約 10.5 億美元，其中包括公共投資基金（Public Investment Fund）透過私募投資的 5.5 億美元，再次確認其對 Lucid 的持續支持與長期承諾。

We maintained approximately $2 billion of undrawn commitment under the DDTL after drawing $500 million of cash in April, further enhancing our financial flexibility. Pro forma for the capital raise and the DDTL increase, liquidity at quarter end would have been $4.7 billion, providing ample flexibility to continue to support development of our Midsize platform and the continued build-out of M2.

在 DDTL 項下，我們在 4 月提取 5 億美元現金後，仍維持約 20 億美元的未動用承諾額度，進一步提升我們的財務彈性。若以本次募資與 DDTL 額度增加後的備考（pro forma）口徑計算，季末流動性將為 47 億美元，提供充足彈性以持續支持我們的中型（Midsize）平台開發，以及 M2 的持續擴建。

Third, we continue to execute to deliver scale and profitability, delivering $282 million in revenue. Despite the unforeseen geopolitical tensions and logistical obstacles in the region during Q1, our M2 construction never stopped, and we continue to install capital equipment and work towards start of production.

第三，我們持續推進執行，以實現規模化與獲利能力，帶來2.82億美元營收。儘管第一季期間該地區出現未預期的地緣政治緊張局勢與物流障礙，我們的M2建設從未停工，並持續安裝資本設備、朝投產目標邁進。

The plan remains to ramp up Midsize vehicle production in 2027, and we launched an aggressive cost-reduction program targeting cost savings across all areas of the organization in all geographies.

計畫仍是於2027年提升中型車款產量，同時我們已啟動一項積極的降本計畫，目標是在所有地區、組織各領域全面推動成本節省。

Let me walk you through the key updates of the execution of our strategy in detail. Following the framework we laid out at our recent Investor Day, the Lucid Air and Gravity continue to anchor our near-term growth. And our focus here remains execution, quality, delivery, and customer experience.

接下來我將帶您詳細了解我們策略執行的關鍵更新。依循我們在近期投資人日所提出的架構，Lucid Air與Gravity仍將作為我們短期成長的核心支柱。而我們在此的重點仍是執行力、品質、交付與客戶體驗。

Operationally, we produced 5,500 vehicles in Q1, up 149% year over year. Despite a temporary disruption, which elevated costs, we exited the quarter trending back toward our cost targets. We delivered 3,093 vehicles, which was flat compared to Q1 2025. When Gravity deliveries were temporarily impacted by a supplier issue, we acted quickly, resolved it and resumed deliveries with additional quality controls. As deliveries resumed, we saw improving momentum through the quarter, including the highest March deliveries in Lucid history, up 14% year over year.

在營運方面，我們第一季生產5,500輛車，年增149%。儘管出現一次短暫中斷並推升成本，我們在季末已呈現回到成本目標的趨勢。我們交付3,093輛車，與2025年第一季相比持平。當Gravity交付因供應商問題而短暫受影響時，我們迅速採取行動、解決問題，並在加強品質控管後恢復交付。隨著交付恢復，我們在本季看到動能改善，包括創下Lucid史上最高的3月交付量，年增14%。

We also experienced a strong rebound in order intake, up 144% in North America in March from February, with Gravity driving the majority of demand. In March, we regained our position among the best-selling EVs in our segments.

我們的訂單流入也出現強勁反彈，北美地區3月較2月成長144%，其中多數需求由Gravity帶動。在3月，我們重新回到所屬細分市場中最暢銷電動車之列。

We also continue to make progress on our partnerships for our international distribution, including the official launch of our first retail partnership in Europe, which allows us to scale more quickly in a capital-efficient way. We expect the delivery trajectory to improve through the year.

我們也持續推進國際通路合作夥伴關係，包括在歐洲正式啟動我們的首個零售合作夥伴模式，使我們能以更具資本效率的方式更快速擴張。我們預期今年交付走勢將逐步改善。

Near-term demand signals are mixed, but we see tailwinds building into the second half. Apart from seasonality, which historically drives greater deliveries in second half, there are numerous other factors which may deliver a lift, including high gas prices, which tilt demand towards vehicles with more attractive operating costs, competitive dynamics, including exits from the Air and Gravity segments, lease cycles, Lucid software updates, potential tariffs on European imports, and potential improvements in macroeconomic and geopolitical conditions.

短期需求訊號好壞參半，但我們看到下半年利多因素正在累積。除了季節性因素（歷史上通常帶動下半年交付增加）之外，還有多項因素可能帶來提振，包括高油價使需求轉向營運成本更具吸引力的車款、競爭態勢（包含退出Air與Gravity細分市場的競爭者）、租賃週期、Lucid軟體更新、對歐洲進口產品可能加徵關稅，以及總體經濟與地緣政治情勢可能改善。

As a result, we continue to expect a back-end weighted delivery profile for 2026, but are confident in the long-term trajectory of demand. Our priority now is consistent and predictable conversion of production into deliveries.

因此，我們仍預期2026年的交付將呈現「後段加權」的分布，但對長期需求走勢充滿信心。我們目前的優先事項，是將生產穩定且可預測地轉化為交付。

Central to our framework to scale and drive profitable growth is the Midsize platform. The Midsize platform brings Lucid's signature range, efficiency and driving experience to a much larger TAM and broader set of customers and is key to unlocking scale, affordability and improved unit economics.

在我們擴大規模並推動獲利性成長的架構中，中型平台（Midsize platform）是核心。中型平台將Lucid標誌性的續航里程、效率與駕馭體驗帶給更大的可服務市場總量（TAM）與更廣泛的客群，並且是解鎖規模化、可負擔性與改善單位經濟效益的關鍵。

At our recent Investor Day, we provided a clearer view of the future product portfolio with the expected pricing starting below $50,000, reinforcing Lucid's entry into a more accessible segment of the market.

在近期投資人日上，我們更清楚地展示了未來產品組合，預期定價將從5萬美元以下起跳，強化Lucid進入更易入手市場區隔的定位。

I'm pleased to be able to share that our BOM cost position remains favorable, still tracking below our initial cost estimates. During the quarter, construction on M2 and installation of capital equipment continued, and we remain on track for production ramp-up of the Midsize in 2027.

我很高興分享，我們的物料清單（BOM）成本水位仍具優勢，持續低於我們最初的成本估算。本季期間，M2的建設與資本設備安裝持續進行，我們仍按計畫於2027年推動中型車款量產爬坡。

Turning to our third priority, autonomy. In mid-April, we announced the expansion of our partnerships with Uber, increasing their total investment to $500 million and expanding the planned deployment to at least 35,000 robotaxi vehicles. This represents a meaningful increase in both scale and long-term visibility for the program, which generates a new revenue stream through a partnership approach that enables rapid speed to market in a new and rapidly growing market with minimal CapEx.

接著談我們的第三項優先事項：自動駕駛。在4月中旬，我們宣布擴大與Uber的合作夥伴關係，將其總投資提高至5億美元，並把規劃部署規模擴大至至少35,000輛robotaxi車隊。這在規模與計畫的長期能見度上都帶來顯著提升；該計畫透過合作夥伴模式創造新的營收來源，以極低資本支出（CapEx）在一個全新且快速成長的市場中加速上市。

I'm excited to share that we have met all milestones so far in our joint project with Nuro to provide autonomous Lucid Gravities to Uber for commercial launch by the end of the year, and remaining milestones are on track. We delivered 75 engineering vehicles, and testing and mileage accumulation is ongoing in several cities throughout the US.

我很興奮地分享，我們與Nuro的聯合專案迄今已達成所有里程碑，目標是在年底前為Uber提供具自動駕駛能力的Lucid Gravity並進行商業化上線，其餘里程碑也按計畫推進。我們已交付75輛工程車，目前正在美國多座城市持續進行測試與里程累積。

Starting in mid-April, Uber and Nuro employees are now able to test the end-to-end customer experience, including ordering a robotaxi within the Uber app and choosing from select destinations for drop-off. Our partners at Nuro have also received approval from the California DMV for driverless testing of the Lucid Gravity in the state, making it one of the only a handful of vehicles that have received such approval. This is a key step in paving the way for launching commercial autonomous operations later this year.

自4月中旬起，Uber與Nuro員工已可測試端到端的客戶體驗，包括在Uber App內叫車並從指定目的地中選擇下車地點。我們在Nuro的合作夥伴也已取得加州車輛管理局（California DMV）核准，可在州內對Lucid Gravity進行無人駕駛測試，使其成為少數獲此核准的車款之一。這是為今年稍晚啟動商業化自動駕駛營運鋪路的關鍵一步。

Looking forward, we are targeting the following milestones as we track toward commercial robotaxi operations in late 2026.

展望未來，隨著我們朝向2026年下半年robotaxi商業營運邁進，我們鎖定以下里程碑。

This quarter, Lucid will start our production validation builds, which are intended to reflect our production intent design and some of the key robotaxi features like exterior beaconing for customers, interior cameras, and consumer interfaces.

本季，Lucid將開始進行生產驗證試製（production validation builds），其目的在於反映我們的量產意圖設計，以及部分關鍵robotaxi功能，例如供乘客辨識的外部信標、車內攝影機與消費者介面。

This build is expected to be completed in Q3 and allows us to begin more comprehensive end-to-end testing with our partners as well as homologation testing and validation. And following the completion of testing in Q3, we anticipate starting regular production of robotaxi vehicles for commercial sale in early Q4 at M1.

預期此批試製將於第三季完成，使我們能與合作夥伴展開更全面的端到端測試，以及型式認證（homologation）測試與驗證。並且在第三季完成測試後，我們預期於第四季初在M1開始為商業銷售進行robotaxi車輛的常態化生產。

As you can see, we are well on our way to achieving our goals with our robotaxi program and commercial launch is on track for late 2026.

如您所見，我們正穩步達成robotaxi計畫目標，商業化上線仍按計畫於2026年下半年進行。

In parallel, we continue to expand advanced driver assistance features across our consumer vehicles. Over time, we expect these features to become an increasingly important source of recurring revenue with subscription-based offerings being launched starting in 2027.

同時，我們也持續在消費者車款上擴展先進駕駛輔助功能。隨著時間推進，我們預期這些功能將成為愈來愈重要的經常性收入來源，並自2027年起推出訂閱制方案。

In closing, Q1 highlighted areas where we still need to improve execution, and we are taking clear actions to address them.

最後，第一季凸顯了我們在執行上仍需改善的面向，我們正採取明確行動加以因應。

I'd like to close with a few personal words. It has been a privilege to serve as Interim CEO. We delivered two years of consecutive record quarters when it comes to deliveries until the end of 2025. We ramped the Gravity throughout 2025, resulting in a production increase of about 100% last year.

我想以幾句個人的話作結。能以代理執行長身分服務是一項榮幸。截至2025年底，我們在交付方面連續兩年創下連續的季度新高紀錄。我們在2025年持續推升Gravity產能，使去年產量約增加100%。

We've navigated real headwinds and the team's ability to keep moving through them is something I'm proud of. We sharpened and expanded our strategy with a clear and capital-efficient approach to provide leading autonomy solutions, both for robotaxis and personally owned vehicles. We made meaningful progress across our partnerships, including expanded commitments from both PIF and Uber.

我們面對真實的逆風，而團隊能在逆風中持續前進，令我感到自豪。我們以清晰且具資本效率的方法，聚焦並擴展策略，提供領先的自動駕駛解決方案，涵蓋robotaxi與個人擁有車輛。我們在合作夥伴關係上取得實質進展，包括PIF與Uber雙方承諾的擴大。

I'm confident in this team and Silvio's leadership and in where Lucid is headed, and I'm looking forward to continue to contribute as Chief Operating Officer.

我對這個團隊、對Silvio的領導，以及Lucid的發展方向充滿信心，也期待未來以營運長身分持續貢獻。

With that, let me hand over to Taoufiq.

接下來，我把時間交給Taoufiq。

Thank you, Marc. I will walk you through the financial results for the quarter, the structural drivers behind them, and how recent actions position us to execute against the framework we laid out at the Investor Day.

謝謝你，Marc。我將帶各位回顧本季財務結果、其背後的結構性驅動因素，以及近期行動如何讓我們得以依照投資人日所提出的架構推進執行。

Q1 was disrupted by a temporary stop sell, but the underlying business held, and in March, orders and deliveries rebounded. With roughly similar units delivered and lower regulatory credit sales, revenue grew by approximately 20% year over year to $282 million in Q1, driven primarily by mix and pricing effects from Gravity.

第一季因臨時停售而受到干擾，但基本業務仍然穩健，且在3月，訂單與交付量回升。在交付台數大致相近且監管信用額度銷售較低的情況下，第一季營收年增約20%至2.82億美元，主要由Gravity的產品組合與定價效應所帶動。

Let me give you the context that makes this number more useful for thinking about Q2 and the rest of the year. We produced 5,500 vehicles in the quarter but delivered 3,093. This gap reflects a combination of the impact of the temporary Gravity stop sell during which finished vehicles sat in inventory pending validation rather than converting to revenue and segment contraction.

我先提供一些背景，讓這個數字在思考第二季與今年其餘時間時更有參考價值。本季我們生產了5,500輛車，但交付了3,093輛。這個差距反映了多項因素的綜合影響：臨時Gravity停售期間，完工車輛在等待驗證時滯留於庫存，未能轉為營收，以及部門收縮。

A key highlight of the quarter was Uber's expanded vehicle commitment and increased investment in Lucid. It matters for three reasons. It improves long-term revenue visibility, it de-risks the volume ramp into the Midsize era, and it validates our vehicle platform as the reference point for commercial autonomy deployment. This is a durable addition to the capital structure and to the revenue outlook, not a one-time transaction.

本季的一大亮點是Uber擴大其車輛承諾並加碼投資Lucid。這之所以重要有三個原因。它提升了長期營收能見度、降低了進入中型車（Midsize）時代的放量爬坡風險，並驗證了我們的車輛平台可作為商用自動駕駛部署的參考基準。這是對資本結構與營收展望的長期性增強，而非一次性交易。

Gross margin for the quarter was negative 110.4% versus negative 80.7% in Q4 and negative 97.2% in Q1 a year ago. I want to be precise about the walk because the composition matters more than the headline. Three factors drove the sequential decline: lower delivery volume against a largely fixed manufacturing cost base, under absorption of fixed cost, and large regulatory credit revenue in Q4 that didn't repeat in Q1.

本季毛利率為負110.4%，相較之下，第四季為負80.7%，去年同期第一季為負97.2%。我想精準說明變動拆解，因為其構成比表面數字更重要。造成環比下滑的三項因素為：在製造成本基礎大致固定下交付量較低、固定成本吸收不足，以及第四季有大量監管信用額度收入而第一季未重現。

Partially offsetting these were IEEPA tariff refunds and the lower inventory write-down versus the prior quarter. These costs were tied directly to the stop sell. With that resolved, they don't carry forward. What remains and what we are focused on is the structural trajectory, which includes, as shared at Investor Day, an average of 50% to 60% reduction in unit cost over the coming years.

部分抵銷因素包括IEEPA關稅退稅，以及相較前一季較低的存貨減記。這些成本與停售直接相關。隨著問題已解決，這些不會延續到後續期間。我們所關注、且仍將持續的是結構性走勢；如同在投資人日所分享，未來數年單位成本平均可望降低50%至60%。

While we saw unit cost spike during the quarter driven by temporary disruption, it trended back towards the targeted trajectory in March. As volume scale into the second half and with the launch of the Midsize vehicle platform, we expect continued structural improvement in unit economics. I want to be clear, the underlying midterm trajectory of unit cost improvement that we described at Investor Day remains intact, and Q1 does not alter it.

雖然本季因短期干擾導致單位成本飆升，但在3月已回到接近目標軌跡的水準。隨著下半年規模放量，以及中型車平台的推出，我們預期單位經濟性將持續出現結構性改善。我想說清楚：我們在投資人日所描述的中期單位成本改善基本軌跡仍然完好，第一季並未改變它。

Turning to operating expenses. This totaled approximately $678 million for the quarter. R&D was $336 million, down sequentially from $361 million, reflecting program level sequencing even as we continue to fund the Midsize platform and our autonomy stack.

接著談營業費用。本季合計約6.78億美元。研發費用為3.36億美元，較前一季的3.61億美元下降，反映專案層級的時程安排，即便我們仍持續投入中型車平台與自動駕駛技術堆疊。

SG&A increased $22 million sequentially to $304 million, primarily driven by discrete items, including a prior quarter provision reversal. Excluding these items, underlying SG&A was broadly stable. Year over year, SG&A increased $92 million with the comparison impacted by a $35 million noncash benefit in the prior year related to the reversal of stock-based compensation. These numbers also don't yet capture the $500 million in savings expected from our recently announced headcount actions over the next three years with the near-term impact most significant.

銷售、一般及行政費用（SG&A）較前一季增加2,200萬美元至3.04億美元，主要由一次性項目所驅動，包括前一季準備金回轉。排除這些項目後，核心SG&A大致維持穩定。年對年而言，SG&A增加9,200萬美元；比較基期受到去年一項3,500萬美元非現金利益影響，該利益與股份基礎給付回轉相關。這些數字也尚未反映我們近期宣布的人力調整在未來三年預期帶來的5億美元節省，其中短期影響最為顯著。

Taken together, our posture on operating expenses is straightforward: protect the investments that build long-term competitive advantage, Midsize, autonomy, software, and drive discipline everywhere else.

綜合而言，我們對營業費用的立場很明確：保護能建立長期競爭優勢的投資——中型車、自動駕駛、軟體——並在其他所有領域推動紀律。

Net loss for the quarter was approximately $1 billion compared to $366 million in the first quarter of 2025. The increase reflects the gross margin dynamics we discussed, continued investment in the business, particularly the Midsize platform, and higher SG&A with the year-over-year comparison impacted by a discrete benefit in the prior year.

本季淨損約10億美元，相較2025年第一季的3.66億美元。增加主要反映我們所討論的毛利率動態、對業務的持續投資（尤其是中型車平台），以及SG&A較高；年對年比較亦受到去年一次性利益的影響。

Importantly, a significant portion of the year-over-year change is driven by noncash and nonoperating items, including a $274 million unfavorable change in the fair value of derivative liabilities related to movements in our stock price as well as lower interest income and higher interest expense. And as mentioned, it does not reflect the benefits of our recent headcount actions no more recently launched cost takeout initiatives.

重要的是，年對年變動中有相當大一部分來自非現金與非營運項目，包括因股價變動導致與衍生負債公允價值相關的2.74億美元不利變動，以及利息收入較低與利息費用較高。此外，如前所述，這也尚未反映我們近期人力調整的效益，更未反映更近期推出的成本削減措施。

Net loss in any quarter reflects noncash and nonoperating items that move significantly with our stock price. The operating loss and cash consumption metrics give a cleaner read on trajectory. Our focus remains on improving operating leverage as we scale volumes and continue to drive cost discipline across the business.

任何一季的淨損都會反映會隨股價大幅波動的非現金與非營運項目。營業損失與現金消耗指標能更清楚地呈現趨勢。我們仍聚焦於在放量擴張的同時提升營運槓桿，並持續在全公司推動成本紀律。

Turning to liquidity and capital structure. We ended the quarter with approximately $700 million in cash and cash equivalents and total liquidity of approximately $3.2 billion. Subsequent to quarter end, we executed a series of transactions that strengthened our balance sheet, $200 million of equity investment of common stock from Uber, $300 million from a registered common stock offering, and $550 million in convertible preferred stock from PIF.

接著談流動性與資本結構。本季末我們持有約7億美元的現金及約當現金，總流動性約32億美元。季末之後，我們完成一系列強化資產負債表的交易：Uber以普通股形式投入2億美元股權投資、透過註冊普通股發行募集3億美元，以及PIF提供5.5億美元可轉換優先股。

In addition, PIF and Lucid announced an amendment to our delayed draw term loan, providing greater flexibility and approximately $2 billion of available liquidity following a $500 million draw on April 1.

此外，PIF與Lucid宣布修訂我們的延遲提領定期貸款（DDTL），在4月1日提領5億美元後，提供更高的彈性與約20億美元的可用流動性。

Giving effect to the capital raise and DDTL increase, total liquidity would have been approximately $4.7 billion at quarter end. This extends our operating runway into the second half of 2027 and gives us the flexibility to fund Gravity ramp, M2 construction, and launch preparation and continued investment in the Midsize program and autonomy stack.

若將增資與DDTL額度提高的影響納入計算，季末總流動性原本將約為47億美元。這使我們的營運資金跑道延伸至2027年下半年，並讓我們有彈性為Gravity放量、M2建設、上市準備，以及對中型車計畫與自動駕駛技術堆疊的持續投資提供資金。

On the question of dilution, which I know is on investor minds, the recent financing was structured deliberately to balance liquidity needs against dilution considerations. The convertible preferred structure with PIF reflects that balance as does the sizing of the common equity component. We will continue to evaluate all financing options, including the public markets when the appropriate conditions materialize and our bias is toward disciplined capital deployment and with opportunistic raises.

關於稀釋問題——我知道投資人很關心——近期融資在設計上是刻意在流動性需求與稀釋考量之間取得平衡。PIF的可轉換優先股結構體現了這種平衡，普通股權部分的規模亦然。我們將持續評估所有融資選項，包括在條件成熟時進入公開市場；我們的偏好是有紀律地配置資本，並在機會出現時進行募資。

The strategic stockholder base around this company, anchored by PIF and now meaningfully reinforced by Uber, gives us a structural advantage in how we think about capital over the medium term.

本公司周邊的策略性股東基礎——以PIF為核心，且如今又由Uber大幅強化——使我們在中期資本規劃思維上具備結構性優勢。

Now, on working capital and inventory. We also expect to see benefits to cash flow driven by improvements to working capital. Inventory stood at approximately $1.47 billion at quarter end, up from approximately $1.1 billion at the prior quarter and elevated by the stop sell buildup. As deliveries normalize through the year and we draw down that inventory, you should expect a higher conversion into cash.

接著談營運資金與存貨。我們也預期，隨著營運資金改善，現金流將受益。季末存貨約14.7億美元，高於前一季約11億美元，且因停售造成的累積而偏高。隨著全年交付逐步正常化並消化該存貨，你應可預期更高的現金轉換。

Beyond the stop sell normalization, we are tightening production to delivery alignment as an ongoing operating discipline. The new production reporting methodology, which I will cover in a moment, supports that by improving transparency on the conversion step.

除了停售正常化之外，我們也將持續以營運紀律收緊生產與交付的對齊。我稍後會說明的新生產申報方法，透過提升對「轉換」步驟的透明度來支持這一點。

We took over $200 million in inventory impairments in Q1. Going forward, we expect those to decline. And as inventory reduces through the year, we expect to benefit from impairment releases.

我們在第一季認列了超過2億美元的存貨減損。展望未來，我們預期這些將下降。且隨著全年存貨降低，我們預期將受益於減損回轉。

Now, I mentioned our new production reporting methodology. I want to take a moment on this change to how we report production. Starting this quarter, we are moving our production metric to a process complete definition, meaning we count a vehicle once it has completed the factory gating process, regardless of whether it ships as a complete unit or in a semi-knockdown form. This change better reflects true quarterly production and reduces the volatility that the prior methodology introduced due to shipment logistics.

現在，我提到我們新的生產報告方法。我想花一點時間說明這項我們報告生產方式的變更。自本季起，我們將生產指標改為「流程完成」的定義，也就是一輛車只要完成工廠的關卡放行（gating）流程，我們就計入產量，不論它是以整車形式出貨，或以半散件（semi-knockdown）形式出貨。這項變更能更好地反映真實的季度產量，並降低先前方法因出貨物流所引入的波動性。

It has no impact on inventory or days on hand reporting, both of which remain based on finished deliverable vehicles. The effect for investors is greater comparability with peers and a cleaner signal on underlying operational cadence. Under the new methodology, the normal auto industry seasonality, Q2 strongest based on working days, Q1 and Q4 softer due to holidays, and planned shutdowns will appear more visibly in our reported numbers.

這對庫存或庫存天數（days on hand）的揭露沒有影響，兩者仍以可交付的完工車輛為基礎。對投資人而言，其效果是與同業具有更高的可比性，並能更清楚地傳達底層營運節奏的訊號。在新方法下，汽車產業正常的季節性——以工作天數計算Q2最強、Q1與Q4因假期與計畫性停工而較弱——將會在我們的報告數字中更明顯地呈現。

Now, let me address our outlook and guidance. With Silvio now on board and conducting his review of the business, we are suspending our prior guidance and we provide a full updated outlook at our Q2 earnings call. I want to be clear, this is a governance decision. Near-term demand conditions remain uneven, and we are managing our production cadence accordingly.

接下來，我來談談我們的展望與指引。由於Silvio現已加入並正在對業務進行檢視，我們將暫停先前的指引，並會在Q2財報電話會議上提供完整更新後的展望。我想說清楚，這是一項公司治理的決定。短期需求狀況仍不均衡，我們也因此相應地管理生產節奏。

Our 2026 objective is unchanged. We continue to work to closely align production with demand to avoid excess inventory. We are not constrained on capacity. We are constrained by our own discipline not to build inventory ahead of demand. As market conditions develop, we will scale production accordingly.

我們對2026年的目標不變。我們持續努力讓生產與需求緊密對齊，以避免過多庫存。我們不受產能限制。我們受限的是自身的紀律——不在需求到來之前先行堆積庫存。隨著市場狀況發展，我們將相應擴大或調整產量。

We have launched a company-wide program to sharpen operational efficiency, reduce costs and concentrate capital on the highest-return opportunities.

我們已啟動一項全公司計畫，以提升營運效率、降低成本，並將資本集中投入於報酬率最高的機會。

Q1 cash performance was affected by the stop sell action and the associated inventory reset, which we expect to normalize as we move forward. We are focused on restoring consistent cash generation and building a more durable operating foundation.

Q1的現金表現受到停售（stop sell）措施及相關的庫存重置影響；我們預期隨著後續推進將回歸正常。我們專注於恢復穩定的現金創造能力，並建立更具韌性的營運基礎。

Production of our first Midsize vehicle is expected to ramp throughout 2027. And our Lucid Gravity robotaxi program in partnership with Uber and Nuro remains on schedule for launch in late 2026.

我們首款中型（Midsize）車款的生產預計將在2027年逐步爬坡。此外，我們與Uber及Nuro合作的Lucid Gravity自動駕駛計程車（robotaxi）計畫仍按進度進行，預計於2026年末推出。

In closing, to put the quarter in perspective, we strengthened our balance sheet, expanded the strategic partnership that improves long-term visibility, and are implementing reporting changes that improve transparency. A temporary stop sell in February was resolved, and we have taken action to address the root cause. The Investor Day framework holds. The path to profitability runs through scale from Midsize cost reduction through M2 and improved mix and operating leverage.

最後，為了讓大家更好地理解本季表現，我們強化了資產負債表、擴大了可提升長期能見度的策略合作夥伴關係，並正在推行可提升透明度的報告變更。2月的暫時停售已解決，我們也已採取行動處理根本原因。投資人日（Investor Day）的框架仍然成立。通往獲利的路徑在於：透過中型車款的規模化帶動成本下降（包含M2）、以及更佳的產品組合與營運槓桿。

Q1 does not change that trajectory. It reinforces the importance of disciplined execution, and that is where our focus is. The fundamentals of this business, the technology, the product, and the strategic position we have built are intact.

Q1並未改變這一軌跡。它更凸顯了紀律執行的重要性，而這正是我們的重點。這項業務的基本面——技術、產品，以及我們建立的策略定位——依然完好。

We are managing this period with discipline, and we intend to emerge from it in a stronger competitive position.

我們以紀律管理這段期間，並打算在結束後以更強的競爭地位走出來。

With that, let me turn it over to the operator for your questions.

接下來，我把時間交給主持人，開始回答各位的提問。

Thank you. We will now begin the question-and-answer session by taking questions submitted through the Say Technologies platform.

謝謝。我們現在將開始問答環節，先從透過Say Technologies平台提交的問題開始。

Our first question comes from [Sarah Varanar]. How does management plan to restore shareholder confidence and address concerns about bankruptcy or potential take-private scenario?

我們的第一個問題來自[Sarah Varanar]。管理層計畫如何恢復股東信心，並回應對破產或可能私有化情境的疑慮？

First, I want you to know that we hear your frustration, and restoring your confidence is of our utmost importance to us. We are focused on rebuilding your confidence through disciplined execution, transparency, and measurable progress against key operational and financial milestones.

首先，我想讓各位知道，我們聽到了你們的挫折感，而恢復你們的信心對我們而言至關重要。我們將透過紀律執行、透明度，以及在關鍵營運與財務里程碑上可衡量的進展，來重建你們的信心。

The business is moving from a period of heavy investment toward a phase where we can begin to leverage those assets at greater scale.

公司正從大量投資的階段，走向能以更大規模開始發揮這些資產效益的階段。

We ended 2025 having scaled production, improved unit economics, and maintained liquidity. And yes, we've been hit with an unforeseen operational disruption in Q1, which we solved and deliveries and orders have rebounded towards the end of the quarter. We are focused on translating operational progress into more predictable financial profile.

我們在2025年底已擴大生產規模、改善單位經濟性，並維持流動性。而且沒錯，我們在Q1遭遇了一項未預期的營運中斷；我們已解決該問題，且在季度末交付與訂單已回升。我們專注於把營運進展轉化為更可預測的財務輪廓。

To your specific concerns, we do not speculate on market rumors or hypothetical strategic alternatives. Our focus is on executing the plan we laid out, strengthening the company, and creating long-term value for our shareholders.

針對你提到的具體疑慮，我們不對市場傳聞或假設性的策略選項進行揣測。我們的重點是執行既定計畫、強化公司，並為股東創造長期價值。

All right. Our next question comes from Robbie S. When is Lucid going to turn a profit? What is the plan?

好的。下一個問題來自Robbie S。Lucid何時能轉虧為盈？計畫是什麼？

At our Investor Day, we laid out a clear path to profitability. The target is gross margin breakeven in the midterm, building towards the mid-teens by late decade. And on cash flow, we expect to reach positive free cash flow on a similar horizon.

在投資人日上，我們已提出清晰的獲利路徑。目標是在中期達到毛利率損益兩平，並在本十年末提升至十幾個百分點（mid-teens）。在現金流方面，我們預期在相近的時間範圍內達到自由現金流轉正。

But the levers to get there are straightforward. It starts with improving fixed cost absorption as volume grow, continuing to bring down bill of material and manufacturing costs, scaling Gravity, launching the Midsize platform, and developing higher-margin recurring revenue from software, ADAS, and autonomy.

但要達成的槓桿其實很直接。首先是隨著銷量成長提升固定成本吸收，持續降低物料清單（BOM）與製造成本，擴大Gravity規模，推出中型平台，並從軟體、ADAS與自動駕駛中發展更高毛利的經常性收入。

On the Midsize platform specifically, this is a meaningful expansion of our addressable market. And importantly, it has been designed from day one with cost, scale, and manufacturability at its core.

就中型平台而言，這將大幅擴展我們的可觸及市場（addressable market）。而且重要的是，它從第一天起就以成本、規模化與可製造性為核心進行設計。

All right. The next question comes from Crystal M. Based on your current cash burn rate, how many quarters of runway does Lucid have without raising additional capital? And what specific milestones must be met before then to avoid dilution?

好的。下一個問題來自Crystal M。以你們目前的現金消耗速度（cash burn rate），在不再額外募資的情況下，Lucid還能支撐多少個季度？在那之前必須達成哪些具體里程碑，才能避免稀釋？

Based on our current cash burn and the recent financing activities we have taken, including the capital raise and the extension of the DDTL, we have funding runway into the second half of 2027. That gives us adequate flexibility to support the Gravity ramp, progress M2 construction and continued targeted investments in both the Midsize platform and our autonomy software.

以我們目前的現金消耗，以及近期採取的融資活動（包括增資與DDTL的展期）來看，我們的資金跑道可延伸至2027年下半年。這讓我們有足夠的彈性來支持Gravity的產能爬坡、推進M2建設，並持續對中型平台與自動駕駛軟體進行有針對性的投資。

During this period, our focus is on executing the operational milestones that moves us towards breakeven and reduce our reliance on dilutive capital. That means disciplined execution of the Gravity launch, continued manufacturing efficiency gains, measured advancement of M2 aligned with demand and sustained momentum on the Midsize program. At the same time, we are actively pursuing top-line diversification through higher-margin software and services particularly around ADAS.

在此期間，我們的重點是達成能推動我們走向損益兩平、並降低對具稀釋性資本依賴的營運里程碑。這包括：以紀律執行Gravity上市、持續提升製造效率、在與需求對齊的前提下有節奏地推進M2，以及維持中型車款計畫的動能。同時，我們也正積極透過更高毛利的軟體與服務來推動營收多元化，特別是在ADAS相關領域。

On dilution, we are deliberate in how we approach capital raising. We have consistently favored structures that limit near-term dilution and preserve optionality. The use of preferred convertibles being a good example of managing both timing and impact.

關於稀釋，我們在募資方式上採取審慎策略。我們一向偏好能限制短期稀釋並保留選擇權的架構。例如採用優先可轉換證券（preferred convertibles），就是在管理時間點與影響程度上的一個好例子。

But ultimately, the strongest answer to dilution is accelerating our path to breakeven because this is what opens up a much broader range of financing alternatives.

但歸根結底，對稀釋最有力的回應，是加速我們達到損益兩平的進程，因為這將為我們打開更廣泛的融資替代方案。

Thank you. That concludes the questions from the Say Technologies platform. Now, I'll turn it over to the operator for live questions.

謝謝。以上為來自 Say Technologies 平台的提問。現在我把時間交給接線員，進行現場提問。

(Operator Instructions) Michael Ward, Citigroup.

(接線員指示) Michael Ward，花旗集團。

Thank you very much. Good afternoon, everyone. Can you share any volume targets for M2 for 2027? It sounds like it's going to be a gradual type launch throughout the year. And I'm just wondering if the launch is better than expected, does that liquidity take you into 2028?

非常感謝。各位下午好。你們能否分享一下 2027 年 M2 的任何銷量目標？聽起來會是在全年逐步推出。我想請教，如果上市表現優於預期，這樣的流動性是否能支撐你們延伸到 2028 年？

The targets on the volume, we actually revealed at the Investor Day, and they have not changed. They have not changed. No, no. We are really laser-focused on that ramp.

關於銷量目標，我們其實在投資人日已經揭露過，而且沒有改變。沒有改變。沒有，沒有。我們確實非常聚焦在那個爬坡（ramp-up）上。

Okay. And then the second thing I would ask is, as it relates to the robotaxis, are the volume deliveries to Uber depending on them getting certified, or is there some sort of a schedule for those volume numbers to start to accelerate?

好的。第二個問題是，關於 robotaxi（自動駕駛計程車），交付給 Uber 的出貨量是否取決於他們取得認證，還是說有某種時程安排，讓這些出貨量開始加速？

Well, it's basically actually Nuro getting the certification. As we just mentioned, we make very good --

嗯，基本上其實是 Nuro 取得認證。如同我們剛提到的，我們取得非常好的--

Nuro?

Nuro？

Yeah, very good progress on that. So we are on track with this. I mean, still we have to have final certification to be able to do this, for instance, when we start in the Bay Area here in California. But so far, even all the development and the certifications are moving as we expected.

對，在那方面進展非常好。所以我們在這件事上是按計畫進行的。我的意思是，我們仍然需要最終認證才能做這件事，例如當我們在加州灣區開始營運時。但到目前為止，即使是所有開發與認證流程，都如我們預期在推進。

Good news. Thank you very much.

好消息。非常感謝。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Great. Thanks so much for taking the questions. Maybe if I can start out on the free cash flow expectations and just your general commentary around having sufficient liquidity through or at least until the second half of 2027, can you just maybe help provide a little bit more context around what some of the underlying assumptions are within that? I understand that you guys are pulling the delivery guidance for the year for some governance reasons, but there's anything you can kind of provide in terms of what your underlying assumptions are around demand, that would be super helpful. Thank you.

太好了。非常感謝讓我提問。我想先從自由現金流的預期談起，以及你們對於擁有足夠流動性可支撐到、或至少到 2027 年下半年的一般性評論；能否請你們提供更多背景，說明其中一些底層假設是什麼？我理解你們因為一些治理方面的原因撤回了今年的交付指引，但若能就需求面的底層假設提供一些資訊，會非常有幫助。謝謝。

Yeah. Hi, Andrew. I think that the first answer to your question is that you need to recall that there is a typical seasonality in the company and that we see a significantly improved cash flows during or on the back end of the year. So we shouldn't do any read-through of the cash performance as of Q1 because of two specific events. The first one is the stop sells, so which has led to higher cash burn, and we are saying that we will be recovering that. And the second element that you need to take into account is the typical seasonality with a step-up in the sales towards Q3 and Q4, which is helping us to manage the cash burn.

好的。嗨，Andrew。我想你這個問題的第一個回答是，你需要回想公司存在典型的季節性，我們通常在年底或下半年看到現金流顯著改善。因此，不應該僅根據第一季的現金表現做延伸解讀，因為有兩個特定事件。第一個是停止銷售（stop sells），這導致現金消耗更高，而我們也表示會把這部分追回來。第二個你需要考量的是典型季節性：第三季與第四季銷售會上台階式提升，這有助於我們管理現金消耗。

So we haven't guided specifically for the cash burn. We have guided for the runway. The statement still remains unchanged. So we will be providing more visibility on that when we reaffirm the guidance in Q2.

所以我們並沒有針對現金消耗（cash burn）提供具體指引。我們提供的是資金可支撐期間（runway）的指引。這個說法仍然不變。因此，當我們在第二季重申指引時，會提供更高的能見度。

Okay, understood. And maybe just my follow-up is just around the commodity cost environment. A lot of your OEM peers are continuing to highlight some pressures there this year and into next year. Can you just maybe provide an update in terms of what you're seeing?

好的，了解。我接著想追問的是大宗商品成本環境。你們許多 OEM 同業仍在強調今年以及明年會有一些成本壓力。你們能否更新一下你們目前看到的情況？

I think you guys in the past have said that you've at least hedged or contracted out some of that commodity exposure. But to what extent are you seeing any kind of incremental pressure there and might that impact that path to profitability?

我想你們過去曾提到，至少已對部分大宗商品曝險做了避險或簽約鎖定。但你們目前看到多大程度的額外壓力？這是否會影響通往獲利的路徑？

Actually, right now, that is very limited. I mean, yeah, there have been increases over the last couple of months on certain raw materials like aluminum. But very recently, for instance, we haven't actually seen an increase.

其實目前影響非常有限。我的意思是，過去幾個月某些原物料（例如鋁）確實有上漲。但非常近期來看，例如我們其實沒有看到進一步上漲。

And the other topic is the DRAM, which hits the whole industry. But even that, I mean, is compared to the rest of the BOM cost of the vehicle, a small amount. So we don't see a major impact compared to where we ended end of last year right now.

另外一個議題是 DRAM，這影響整個產業。但即便如此，相較於整車物料清單（BOM）成本的其他部分，這仍然只是小項目。所以就目前而言，與去年年底相比，我們沒有看到重大影響。

Thanks, guys. Appreciate it.

謝謝各位。感謝。

Ben Kallo, Baird.

Ben Kallo，Baird。

Hey, thanks for taking my question. Just maybe the first one, could you maybe talk more about the sales partnerships, which I guess will be very important, especially as you introduce the Midsize vehicle. You mentioned one in Europe.

嗨，謝謝讓我提問。第一個問題，能否多談談銷售合作夥伴？我想這會非常重要，尤其是在你們推出中型車款（Midsize）之際。你們提到在歐洲有一個。

Yeah. I mean, what we're doing there is we're basically extending our approach there from a pure direct-to-consumer model into also partnering either with dealerships in an agency model, for instance, within Germany, so in areas where we already have a D2C network or with importers in new markets that we are entering right now. And we are in the midst of all this process and recently launched the first agent in addition to our D2C outlets in Germany, which gives one day to the other two additional cities to cover and we have numerous LOIs.

是的。我們在那邊做的事情，基本上是把我們的做法從純粹的直面消費者（D2C）模式，延伸到也與合作夥伴合作：例如在德國，與經銷商以代理（agency）模式合作，在我們已經有 D2C 網路的區域；或是在我們目前正進入的新市場，與進口商合作。我們正在推進這整個流程，最近在德國除了我們的 D2C 據點外，也啟動了第一個代理商，讓我們在一夕之間多覆蓋兩個城市，並且我們有許多意向書（LOI）。

I think the recent number is like 12 LOIs that are -- we're pushing forward and hopefully get to a contract situation and launch very soon. But it allows us to much faster grow within the areas and the countries we are already in, for instance, in Germany or in the Netherlands or expand into new countries through an importership where you then use existing infrastructure and existing business relationships of those importers to scale much faster.

我想最近的數字大概是 12 份意向書（LOI）——我們正在推進，並希望能進入簽約階段、很快就能啟動。但這讓我們能在既有的區域與國家更快成長，例如在德國或荷蘭；或透過進口商模式擴展到新國家，利用那些進口商既有的基礎設施與商業關係，更快地擴張規模。

Great. Thank you for that. And then just on the review, Silvio's review, could you maybe talk, if possible, just about the timing or when we should expect another update, or is there not a lot of certainty in that for now? Thank you.

很好。謝謝你的說明。另外關於審查（review），Silvio 的審查，若可以的話，能否談談時程，或我們何時應該期待下一次更新？還是目前還沒有太多確定性？謝謝。

Yeah, thank you, Ben. I think at the moment, I'm getting to the position. I would say, as of Q2, we should start somehow getting a sense of where we are.

好的，謝謝你，Ben。我想就目前而言，我正在進入狀況。我會說，從第二季開始，我們應該會開始大致掌握我們目前所處的位置。

Now, in terms of by when I'll be ready to give a plan, et cetera, this, I think, is something I'll discuss with the Board at the earliest opportunity.

至於我何時能準備好提出一個計畫等等，我想我會在最早的適當時機與董事會討論。

Great. Have a good evening. Thanks, guys.

很好。祝你晚上愉快。謝謝各位。

Andres Sheppard, Cantor Fitzgerald.

Andres Sheppard，Cantor Fitzgerald。

Hey, everyone. Good afternoon, and thank you so much for taking our questions. Congratulations on the quarter and just wanted to maybe take a brief moment to thank Marc and congratulate him on all his great efforts over the past two years.

各位好。下午好，非常感謝你們回答我們的提問。恭喜本季表現，也想藉此簡短地感謝 Marc，並祝賀他過去兩年所付出的所有卓越努力。

First question, I just wanted to clarify on the guidance. So just to be clear, you'll give us an update in Q2 regarding the production guidance as well as the CapEx guidance. But just to be clear as well, the Midsize timing, robotaxi timing and also the medium-term goals, those are all on track and unchanged. Just wanted to clarify. Thank you.

第一個問題，我想釐清一下你們的指引。所以確認一下，你們會在第二季就產量指引以及資本支出（CapEx）指引提供更新。但也請再確認一下，中型車（Midsize）的時程、robotaxi 的時程，以及中期目標，這些都仍按計畫進行且沒有改變。只是想確認一下。謝謝。

Okay, on the Midsize, this is also what we guided before. So that is also subject to the suspension right now. But I think what is important to understand is that what really counts is the ramp-up in 2027, and that's what remains unchanged.

好的，關於中型車（Midsize），這也符合我們先前給出的指引。所以目前也同樣受到暫停的影響。但我認為重要的是要理解，真正關鍵的是 2027 年的爬坡（ramp-up），而這一點仍維持不變。

As I said in the beginning, the volumes that we're looking at is unchanged. On the start of production, that's something that we will guide after review with Silvio and the team then by the end of Q2.

如我一開始所說，我們所看的量（volumes）沒有改變。至於開始量產（start of production），我們會在與 Silvio 及團隊完成檢視後，於第二季末提供指引。

I also want to point out that when we talk about the start of production, that is less impactful actually than the ramp. I mean, we've seen this, you probably remember with the Gravity where we had an SOP, but then we weren't able to ramp as we intended to. And that is something that we definitely absolutely want to avoid, and that's why we want to review everything and make the right decision for the business.

我也想指出，當我們談到開始量產（start of production）時，實際上它的影響不如爬坡（ramp）來得大。我的意思是，我們在 Gravity 上已經看到這點，你們可能記得我們有 SOP（量產開始），但之後未能如預期爬坡。這是我們絕對、一定要避免的，因此我們要檢視所有事項，並為業務做出正確決策。

Wonderful. Okay. That's super helpful, thank you. And maybe just as a quick follow-up. I wanted to touch again on the second production facility, the one in Saudi. Just given the geopolitical conflict still going on, do you foresee any bottlenecks or any issues to the timeline for the construction there or is that on track? Just any update there would be helpful. Thank you.

太好了。好的。這非常有幫助，謝謝。再追問一個簡短問題。我想再談一下第二座生產設施，也就是沙烏地那座。考量地緣政治衝突仍在進行，你們是否預期那邊的建設時程會出現任何瓶頸或問題，還是仍按計畫進行？任何更新都會很有幫助。謝謝。

Well, so far, I mean, it is going and we have never stopped doing it. I mean, we had a few delays when it comes to arrival of equipment to be installed, but our team was able to mitigate that. And so yeah, on that as well, we will update at the end of Q2. But so far, we haven't seen any impact.

嗯，到目前為止，我的意思是，進度仍在推進，我們也從未停止。我的意思是，在設備到貨、準備安裝方面確實有一些延遲，但我們的團隊已經能夠加以緩解。所以是的，這部分我們也會在第二季末更新。但到目前為止，我們尚未看到任何影響。

Wonderful. Thank you so much, and congrats again. I'll pass it on.

太好了。非常感謝，也再次恭喜。我把時間交給下一位。

(Operator Instructions) James Picariello, BNP Paribas.

(接線員指示) BNP Paribas 的 James Picariello。

Hey, guys. This is Jake on for James. First, could you give us some idea of the split between the Gravity and Air deliveries in the first quarter? And approximately, how many units were pushed from the first quarter into the second by the stop sell?

各位好。我是 Jake，代 James 提問。首先，你們能否說明第一季 Gravity 與 Air 交付量的大致占比？以及大約有多少台因為停止銷售（stop sell）而從第一季遞延到第二季？

I mean, as we said in the past, so the majority of our deliveries are now the Gravity. We don't give a direct projection on that. I mean, on the average selling price, you maybe can reverse engineer the math somehow.

我的意思是，如同我們過去所說，我們目前交付的大多數是 Gravity。我們不會就此提供直接的預測。我的意思是，從平均售價（average selling price）你或許可以用某種方式反推計算。

When it comes to how many sales are being pushed into the second quarter, that's actually a number that I don't have handy right now. I mean, the numbers of deliveries and orders rebounded in March significantly. But that exact number, I don't have handy.

至於有多少銷售被推遲到第二季，這個數字我現在手邊沒有。我的意思是，3 月的交付與訂單數量明顯反彈。但確切數字我目前沒有。

All right, thank you. And then thinking a little bit longer term, you guys are targeting breakeven free cash by the end of the decade. Right now, your $4.7 billion in liquidity gets you into the second half of 2027. Is there any way to think about your total liquidity need to get from the second half of 2027 until 2029 or 2030? Thank you.

好的，謝謝。再從稍長期來看，你們的目標是在本十年末實現自由現金流損益兩平（breakeven free cash）。目前你們 47 億美元的流動性可支撐到 2027 年下半年。那麼，從 2027 年下半年到 2029 或 2030，你們的總流動性需求是否有任何方式可以思考或估算？謝謝。

Well, James, you asked us the same question during the Investor Day. I understand that it's a very important point for you. So again, the key data points that we have. So we have a trajectory of how we will be rebuilding the gross margin and how we'll be progressing over the years. So it's a very important data point for you to assess.

嗯，James，你在投資人日（Investor Day）也問過我們同樣的問題。我理解這對你而言是非常重要的一點。所以再次說明，我們掌握的關鍵數據點是：我們有一條路徑，說明我們將如何重建毛利率（gross margin），以及未來幾年將如何逐步推進。因此，這對你評估而言是非常重要的數據點。

We have also communicated the details around the different levers for us to reach the breakeven and the rough timing to get there. I think that our historical and future delivery of the key milestones will allow you to do a calibration of what it would mean, and it will help you estimate the additional capital requirement, which is required.

我們也已溝通過，關於達成損益兩平的不同槓桿（levers）以及大致的時間點細節。我認為，我們過去與未來在關鍵里程碑上的交付表現，將使你能夠校準其意涵，並幫助你估算所需的額外資本需求。

Having said that, I would like to reemphasize two very important points. So what we have said is that the important component of the cash burn is related to the CapEx in M2. So we have also shared our trajectory in terms of CapEx reduction. We will have a steep decline after 2027. And as a consequence of that, we will see a significant reduction of the cash requirements that will be needed for the plan.

話雖如此，我想再次強調兩個非常重要的重點。我們所說的是，現金消耗（cash burn）的重要組成與 M2 的資本支出（CapEx）相關。因此，我們也分享了資本支出下降的路徑。在 2027 年之後，我們的資本支出將大幅下滑。因此，我們將看到為該計畫所需的現金需求顯著降低。

So over time, the cash burn profile in itself will have to change and evolve. So again, I'm sharing some of the important data points. We have not historically been in a position to provide the exact quantification. We obviously have a plan. What is really important is the milestones and how we're executing against some of these important targets, milestones, be it in gross margin, be it in terms of reducing the CapEx and accelerating the trajectory to the breakeven.

因此，隨著時間推移，現金消耗的輪廓本身必須改變並演進。所以再次，我是在分享一些重要的數據點。我們過去並不處於能提供精確量化的狀態。我們當然有一個計畫。真正重要的是各項里程碑，以及我們如何針對這些重要目標與里程碑執行，包括毛利率、降低資本支出，以及加速邁向損益兩平的進程。

Thanks, guys.

謝謝各位。

Thank you. Ladies and gentlemen, I'm showing no further questions in the queue. That concludes today's conference call. Thank you for your participation. You may now disconnect.

謝謝。各位女士先生，我這邊顯示隊列中沒有其他提問。今天的電話會議到此結束。感謝各位參與。您現在可以掛線。