Lucid Group Inc (LCID) 2021 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Third Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝您的支持，並歡迎參加 Lucid 2021 年第三季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to your speaker for today, Lauren Sloane, Investor Relations for Lucid. You may begin.

我現在想將會議轉交給您今天的演講者，Lucid 投資者關係部的 Lauren Sloane。你可以開始了。

Welcome to Lucid Group's Third Quarter Fiscal Year 2021 Earnings Call. Thank you for joining us today. On the call, we have Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO. Our quarterly report on Form 10-Q for the second quarter ended September 30, 2021, was filed with the SEC and the related earnings press release was issued after close of market earlier today, both are posted on our website.

歡迎參加 Lucid Group 的 2021 財年第三季度財報電話會議。感謝您今天加入我們。我們的首席執行官兼首席技術官 Peter Rawlinson 在電話會議上發言；和我們的首席財務官雪利酒屋。我們截至 2021 年 9 月 30 日的第二季度表格 10-Q 季度報告已向美國證券交易委員會提交，相關收益新聞稿在今天早些時候收市後發布，兩者均發佈在我們的網站上。

Before we get started, we want to emphasize that some of the statements on this call, particularly those regarding the future financial performance of the company, production and delivery volumes, macroeconomic and industry trends, company initiatives and other future events are based on the information that we have as of today, and include forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我們想強調一下，本次電話會議中的一些聲明，特別是關於公司未來財務業績、生產和交付量、宏觀經濟和行業趨勢、公司計劃和其他未來事件的聲明是基於信息的我們今天擁有的，並包括 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements are subject to numerous risks, uncertainties and other factors that could cause actual results to differ from expectations, and we refer you to the cautionary language included in Risk Factors in our quarterly report on Form 10-Q for the quarter ended September 30, 2021, as well as other documents filed or to be filed with the SEC for a fuller discussion of such risks, uncertainties and other factors.

前瞻性陳述受到眾多風險、不確定性和其他可能導致實際結果與預期不同的因素的影響，我們建議您參閱截至 9 月的季度報表 10-Q 季度報告中風險因素中包含的警告語言2021 年 3 月 30 日，以及提交或將提交給 SEC 的其他文件，以便更全面地討論此類風險、不確定性和其他因素。

Forward-looking statements made during today's call speak only as of the time they are made, and we are under no obligation and expressly disclaim any obligation to update, alter or otherwise revise any forward-looking statements, rather as a result of new information, future events or otherwise except as required by law. You are cautioned not to place undue reliance on these forward-looking statements.

在今天的電話會議中發表的前瞻性陳述僅在發表時發表，我們沒有義務並明確表示不承擔任何更新、更改或以其他方式修改任何前瞻性陳述的義務，而不是由於新信息，未來事件或其他情況，除非法律要求。請注意不要過分依賴這些前瞻性陳述。

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 currently available in our earnings press release issued earlier this afternoon as well as in the investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

此外，管理層將在本次電話會議期間參考非公認會計原則財務措施。我們今天下午早些時候發布的收益新聞稿以及我們投資者關係部分的投資者資料中目前提供了關於我們為什麼使用非 GAAP 財務措施的討論以及關於我們的 GAAP 與非 GAAP 結果對賬的信息。網站 ir.lucidmotors.com。

And now I'd like to turn the call over to Lucid's CEO and CTO, Peter Rawlinson. Peter, please go ahead.

現在我想把電話轉給 Lucid 的首席執行官兼首席技術官 Peter Rawlinson。彼得，請繼續。

Thank you, Lauren. We're very excited to welcome stakeholders to Lucid's inaugural earnings call. We have achieved tremendous amount over the course of 2021, and we're excited to lay out our vision and priorities for the company. We look forward to continuing to work with investors and analysts to build long-term relationships with our stakeholders.

謝謝你，勞倫。我們非常高興地歡迎利益相關者參加 Lucid 的首次財報電話會議。我們在 2021 年取得了巨大成就，我們很高興為公司製定願景和優先事項。我們期待繼續與投資者和分析師合作，與我們的利益相關者建立長期關係。

Now for those of you who are new to Lucid story, we were originally founded as Atieva back in 2007. At that time, we were focused on advancing our battery technology, logging over 20 million miles in real-world driving data. And armed with everything we learned as Atieva, we then turn our efforts to creating the best car in the world as Lucid, rethinking from the ground up every single aspect of the vehicle from design to engineering to manufacturing.

現在對於那些不熟悉 Lucid 故事的人來說，我們最初是在 2007 年成立的 Atieva。當時，我們專注於推進我們的電池技術，記錄了超過 2000 萬英里的真實駕駛數據。憑藉我們在 Atieva 所學到的一切，我們將努力打造世界上最好的汽車，成為 Lucid，從頭開始重新思考汽車的每一個方面，從設計到工程再到製造。

The initial result of that effort is Lucid Air, which carries with it the means to accelerate the adoption of electrification while redefining luxury in the automotive market. As we continue to bring Lucid Air to market, it's clear that the opportunity we have in front of us is massive because the market opportunity is not just for electric vehicles, it's the vehicles overall.

這項努力的初步成果是 Lucid Air，它帶來了加速採用電氣化的手段，同時重新定義了汽車市場的奢侈品。隨著我們繼續將 Lucid Air 推向市場，很明顯我們面前的機會是巨大的，因為市場機會不僅適用於電動汽車，還適用於整個汽車。

Currently, there's only about 2.5% penetration into the U.S. vehicle market through EVs and only about 4% penetration into the global vehicle market. We see the luxury car market expanding at an annual rate of about 5% over the next few years. And ultimately reaching over $700 billion of global sales near the middle of this decade. We believe that the growing customer sentiment for electric vehicles, coupled with the government mandates encouraging their adoption provides significant support for the EV industry overall and for Lucid's position within it.

目前，通過電動汽車進入美國汽車市場的滲透率只有 2.5% 左右，而全球汽車市場的滲透率只有 4% 左右。我們預計未來幾年豪華車市場將以每年約 5% 的速度擴張。並最終在本世紀中期達到超過 7000 億美元的全球銷售額。我們認為，客戶對電動汽車的日益增長的情緒，加上政府鼓勵採用電動汽車的規定，為整個電動汽車行業以及 Lucid 在其中的地位提供了重要支持。

Lucid is uniquely positioned to capture this opportunity driven by our key differentiators, namely, our technology innovation and the people who work here. Now first off, we believe that our technology is world apart from even the current market leaders. For example, no one expected Lucid to achieve even 400 miles of range. And now we have an EPA certification of 520 miles of range for the Lucid Air, Dream Edition R.

Lucid 具有獨特的優勢，可以抓住這個由我們的主要差異化因素驅動的機會，即我們的技術創新和在這里工作的人。現在首先，我們相信我們的技術與目前的市場領導者相比是世界上的佼佼者。例如，沒有人期望 Lucid 能達到 400 英里的射程。現在我們的 Lucid Air, Dream Edition R 獲得了 520 英里航程的 EPA 認證。

And we've created this technology with an eye towards an ability to manufacture it at scale, which is where true innovation lies.

我們創造了這項技術，著眼於大規模製造它的能力，這就是真正的創新所在。

Furthermore, we have a drive to continue innovating, which is why we've been able to surpass even our early range estimates. As another example, our technology powers every car in Formula E, the world's premier electric motor sports series. And indeed, it changed the sport. Our battery packs have enabled formula e-cars to complete full race distances on a single charge. And what we learn from every race car and every race goes directly into the battery technology powering Lucid Air.

此外，我們有繼續創新的動力，這就是為什麼我們甚至能夠超過我們早期的範圍估計。再舉一個例子，我們的技術為世界首屈一指的電動汽車運動系列 Formula E 中的每輛車提供動力。事實上，它改變了這項運動。我們的電池組使電動方程式賽車一次充電即可完成完整的比賽距離。我們從每輛賽車和每場比賽中學到的東西都直接用於為 Lucid Air 提供動力的電池技術。

As media and early customers have learned, our vehicles are truly the fusion of hardware and software, made possible by one of the best teams in the industry. We have auto industry veterans, including members of my former Tesla Model S team, working with former executives from Apple and learning from their customer electronics experience along with so many other standouts from automotive and tech industries. We plan to leverage our team's abilities to continue to improve vehicle function and features even after customers take delivery via over-the-air updates.

正如媒體和早期客戶所了解的那樣，我們的車輛真正融合了硬件和軟件，由業內最優秀的團隊之一實現。我們有汽車行業的資深人士，包括我以前的特斯拉 Model S 團隊的成員，與蘋果的前高管一起工作，並從他們的客戶電子產品經驗中學習，以及汽車和科技行業的許多其他傑出人物。我們計劃利用我們團隊的能力繼續改進車輛功能和特性，即使在客戶通過無線更新收貨後也是如此。

Now before we update you on some of our substantial achievements during the most recent quarter, I would be remiss in not highlighting some of our most recent achievements outside of Q3 and that's because these are quite significant. Now first off, we started delivering vehicles to customers at an event at our Silicon Valley HQ just 2 weeks ago on October 30.

現在，在我們向您更新我們在最近一個季度中取得的一些重大成就之前，如果沒有強調我們在第三季度之外的一些最新成就，那將是失職，因為這些成就非常重要。首先，就在兩週前的 10 月 30 日，我們在矽谷總部的一次活動中開始向客戶交付車輛。

Now this preceded an increasing number of deliveries nationwide slated for this month and next, including more than 2 dozen deliveries to paying customers that occurred just this past weekend. So you may have already witnessed your first sighting of Lucid Air in the wild. We actually have a full report on customer deliveries during our Q4 call. So watch this space for more.

現在，這在本月和下個月全國范圍內的交付數量增加之前，包括上週末發生的超過 2 打交付給付費客戶的交付。因此，您可能已經目睹了您在野外第一次看到 Lucid Air。在第四季度電話會議期間，我們實際上有一份關於客戶交付的完整報告。因此，請關注這個空間以獲取更多信息。

Next, just this morning, Lucid Air was officially announced as MotorTrend's 2022 Car of the Year. Now it is arguably the most prestigious award in the motor industry seeking out true innovation and groundbreaking vehicles. For a new brand and a new company to win, well, to my knowledge, that's only been done once before, and I should know what was there.

接下來，就在今天早上，Lucid Air 被正式宣佈為 MotorTrend 的 2022 年度汽車。現在，它可以說是汽車行業最負盛名的獎項，旨在尋找真正的創新和突破性車輛。對於一個新品牌和一家新公司來說，據我所知，這以前只做過一次，我應該知道那裡有什麼。

Getting back to the matter at hand. In Q3, we secured a number of certifications required to sell the vehicle ahead of those customer deliveries that I've just mentioned. This includes full FMVSS, CARB FCC and FDA safety certifications, all of which further establish our credibility and cleared the way for the ramp-up of Lucid Air deliveries.

回到手頭的事情。在第三季度，我們在我剛剛提到的客戶交付之前獲得了銷售車輛所需的多項認證。這包括完整的 FMVSS、CARB FCC 和 FDA 安全認證，所有這些都進一步確立了我們的信譽，並為增加 Lucid Air 交付掃清了道路。

But we're most proud of is the official EPA rating of 520 miles range. And because we achieved this landmark through our world-leading in-house technology, not by simply installing an oversight battery pack or off-the-shelf parts. Our Lucid Air Grand Touring has an official EPA rated range of 516 miles and it achieves that with a 112 kilowatt-hour battery pack, giving it an industry-leading efficiency of 4.6 miles per kilowatt hour.

但我們最引以為豪的是 520 英里續航里程的官方 EPA 評級。而且因為我們通過我們世界領先的內部技術實現了這一里程碑，而不是簡單地安裝監督電池組或現成的零件。我們的 Lucid Air Grand Touring 的官方 EPA 額定範圍為 516 英里，它通過 112 千瓦時的電池組實現了這一目標，使其具有行業領先的每千瓦時 4.6 英里的效率。

Taking a step further, we have 6 Lucid Air variants in the top 6 positions of the EPA range ratings for EVs. And unlike many other EV companies, we design, develop and build our powertrain and core EV technology components in-house with an emphasis upon efficiency. Now we view this as a strategic competitive advantage for Lucid as we look ahead.

更進一步，我們在 EPA 電動汽車范圍評級的前 6 位中有 6 種 Lucid Air 變體。與許多其他電動汽車公司不同，我們在內部設計、開發和製造我們的動力總成和核心電動汽車技術組件，並強調效率。現在，我們將其視為 Lucid 的戰略競爭優勢，因為我們展望未來。

Next, after securing the EPA rating, we officially commissioned our factory in Casa Grande, Arizona, and started production of Lucid Air. At a factory event on September 27, we hosted customers, media and guests. All of them had the opportunity to drive the Lucid Air. The reactions and feedback from this experience could not have been better, including a broad validation from important media, I rather like when reporters call Lucid Air jaw-dropping and the future of cars.

接下來，在獲得 EPA 評級後，我們在亞利桑那州卡薩格蘭德的工廠正式投產，並開始生產 Lucid Air。在 9 月 27 日的工廠活動中，我們接待了客戶、媒體和嘉賓。他們都有機會駕駛 Lucid Air。這次經歷的反應和反饋再好不過了，包括來自重要媒體的廣泛驗證，我更喜歡記者稱 Lucid Air 令人瞠目結舌和汽車的未來。

Now the fantastic experience this customers and media has had with the Lucid Air to date have only increased interest in the brand. The result is an accelerated pace of new reservations. Currently at 17,000 and climbing quickly, which has also spurred us to increase the total production quantity of the Dream edition to 520, both to accommodate demand and also to recognize the Landmark EPA 500 miles achievement.

現在，客戶和媒體迄今為止對 Lucid Air 的奇妙體驗只會增加對該品牌的興趣。結果是新預訂的步伐加快。目前為 17,000 輛並迅速攀升，這也促使我們將 Dream 版的總產量增加到 520 輛，既要滿足需求，又要表彰具有里程碑意義的 EPA 500 英里成就。

Lastly, I'll highlight that the customer journey has also been an area of focus for us this past quarter. We now have 16 Lucid studios and service centers across North America. But this is only the beginning, and I'll talk more about our plans for expansion shortly.

最後，我將強調客戶旅程也是上個季度我們關注的一個領域。我們現在在北美擁有 16 個 Lucid 工作室和服務中心。但這僅僅是開始，我將在不久後更多地談論我們的擴張計劃。

Now, I wanted to look ahead to our near-term strategic priorities, which will see a continued focus on achieving progress against our existing activities. As I mentioned earlier, last month, we started delivering Lucid Air Dream editions models to our reservation holders and we're currently ramping up customer deliveries. We will soon start to deliver Lucid Air Grand Touring models followed by touring and AMP Pure next year.

現在，我想展望我們近期的戰略重點，它將繼續關注在現有活動上取得進展。正如我之前提到的，上個月，我們開始向我們的預訂持有者提供 Lucid Air Dream 版本模型，我們目前正在增加客戶交付。我們將很快開始提供 Lucid Air Grand Touring 車型，然後是明年的 Touring 和 AMP Pure。

With such demand across the Lucid Air lineup. We felt it critical to accelerate the expansion of our advanced manufacturing plant or our AMP-1 factory in Arizona, essentially investing in our capabilities to mitigate future business risks. This process started in Q3, with progress well underway on the addition of 2.85 million square feet of manufacturing space to our Arizona factory. This expansion will allow for a significant increase in production capacity for Lucid Air and enable production of the Gravity SUV in 2023.

在整個 Lucid Air 陣容中都有這樣的需求。我們認為加速擴建我們在亞利桑那州的先進製造工廠或 AMP-1 工廠至關重要，主要是投資於我們降低未來業務風險的能力。這一過程從第三季度開始，在我們的亞利桑那工廠增加 285 萬平方英尺的製造空間方面進展順利。此次擴建將顯著提高 Lucid Air 的產能，並能夠在 2023 年生產 Gravity SUV。

And speaking of expansion, our retail footprint grew significantly this year, including our first location outside of the U.S. in Vancouver, Canada, which we opened last month. And we plan to have 20 studios and service centers opened by the end of this year. So you can see acceleration as a theme in the second half of 2021.

說到擴張，今年我們的零售足跡顯著增長，包括我們上個月在加拿大溫哥華開設的美國以外的第一家門店。我們計劃在今年年底前開設 20 個工作室和服務中心。因此，您可以將加速視為 2021 年下半年的一個主題。

We also continue to increase our service footprint across the U.S., not just with physical service centers, but also with the rollout of our mobile service program. We expect service centers to continue opening in North America, and we anticipate hiring a significant number of additional service technicians as we expand our capabilities. We're optimistic about these goals.

我們還將繼續擴大我們在美國的服務足跡，不僅是實體服務中心，還包括我們的移動服務計劃的推出。我們預計服務中心將繼續在北美開放，並且隨著我們能力的擴大，我們預計會僱用大量額外的服務技術人員。我們對這些目標持樂觀態度。

Even in a challenging environment as COVID-19 continues to present numerous obstacles for the auto industry and supply chain. Lucid is no stranger to this, but we have continued to deliver against our time line and with the highest standard of quality. And I would like to commend the company's employees who worked relentlessly and tirelessly to help Lucid's progress and grow during these recent periods of uncertainty.

即使在充滿挑戰的環境中，因為 COVID-19 繼續為汽車行業和供應鏈帶來眾多障礙。 Lucid 對此並不陌生，但我們繼續按照我們的時間表和最高的質量標準交付。我要讚揚公司的員工在最近這些不確定的時期內不懈地努力幫助 Lucid 的進步和成長。

Lastly, I would like to spend some time providing an overview of our longer-term strategic focus areas as well as upcoming major milestones. Lucid continues to grow its operations in the U.S., but as part of our growth strategy and more specifically, our international strategy, we intend to expand our sales, maintenance, repair services and manufacturing activities outside of the U.S., again with the goal of mitigating business risk and charging future growth.

最後，我想花一些時間概述我們的長期戰略重點領域以及即將到來的主要里程碑。 Lucid 繼續發展其在美國的業務，但作為我們增長戰略的一部分，更具體地說，我們的國際戰略，我們打算擴大我們在美國以外的銷售、維護、維修服務和製造活動，目標是減輕業務風險和充電未來增長。

On the retail service front, we're looking to expand our footprint in Europe and the Middle East, and we expect to enter these markets in 2022. There has been continued expansion of the team in both regions with key additions to leadership and the employee base, and we're excited by the prospects of these key regions. We believe this will help establish Lucid as a global brand and address untapped market demand in these regions on an entirely new level while also taking action to address climate change through sustainable mobility.

在零售服務方面，我們希望擴大我們在歐洲和中東的足跡，我們預計將在 2022 年進入這些市場。這兩個地區的團隊都在不斷擴大，領導層和員工人數都在增加基地，我們對這些關鍵地區的前景感到興奮。我們相信，這將有助於將 Lucid 打造成一個全球品牌，並在一個全新的水平上解決這些地區尚未開發的市場需求，同時採取行動通過可持續交通來應對氣候變化。

Moving to our Air line up. The longer view will see production expanding to include Touring and Pure models as well as its future variants. With our in-house technology establishing Lucid Air as the new bank benchmark for EV efficiency. We will be quick to maximize this potential because if we can achieve 516 miles with just a 112 kilowatt-hour battery pack, it's easy to imagine a smaller pack and the weight and cost savings afforded by it, which would allow for a much more attainable EV that can still achieve 300-plus or 400-plus miles of range.

轉到我們的 Air 陣容。從長遠來看，產量將擴大到包括 Touring 和 Pure 車型以及其未來的變體。憑藉我們的內部技術，將 Lucid Air 確立為 EV 效率的新銀行基準。我們將迅速最大限度地發揮這種潛力，因為如果我們僅使用 112 千瓦時的電池組就可以達到 516 英里，那麼很容易想像一個更小的電池組以及它所提供的重量和成本節省，這將允許更容易實現電動汽車仍然可以達到 300 多或 400 多英里的續航里程。

And finally, we're excited to launch additional vehicles over the coming decade including Project Gravity, a luxury SUV that leverages the Air's platform and that we expect will elevate the SUV to a new level with extraordinary performance and category defining interior space. And we look forward to sharing more details about the Gravity next year ahead of expected production in 2023.

最後，我們很高興在未來十年推出更多車輛，包括 Project Gravity，這是一款利用 Air 平台的豪華 SUV，我們預計它將以卓越的性能和定義內部空間的類別將 SUV 提升到一個新的水平。我們期待在 2023 年預計投產之前，在明年分享有關 Gravity 的更多細節。

So with that, I would like now to hand the call over to our CFO, Sherry House, who has been a tremendous addition to the Lucid team. Her experience and background have been truly invaluable. I could not have asked for a better partner to work with me on the next phase of this very exciting journey. Sherry?

因此，我現在想將電話轉交給我們的首席財務官 Sherry House，他是 Lucid 團隊的重要成員。她的經歷和背景確實非常寶貴。在這個激動人心的旅程的下一階段，我找不到更好的合作夥伴與我合作。雪莉酒？

Thank you very much, Peter. I'd like to start by expressing how pleased I am to be speaking to all of you today for Lucid's inaugural earnings call covering the third quarter of 2021. Just 6 months ago, I joined this fantastic team, which Peter has assembled. And I've witnessed first hand what is possible when you put a passionate and persevering team on task to set a new standard in vehicle electrification.

非常感謝你，彼得。首先，我想表達我很高興今天能在 Lucid 2021 年第三季度的首次財報電話會議上與大家交談。就在 6 個月前，我加入了彼得組建的這個出色的團隊。我親眼目睹了當你讓一個充滿激情和堅持不懈的團隊承擔起為汽車電氣化設定新標準的任務時會發生什麼。

This has been a very active quarter for the company, highlighted by external validation of Lucid's many technological and design feats and even marked by a number of industry first such as first EV to reach and exceed 500 miles of range on a single charge.

對於公司來說，這是一個非常活躍的季度，Lucid 的許多技術和設計壯舉的外部驗證突出了這一點，甚至還有許多行業首創的標誌，例如第一個 EV 一次充電即可達到並超過 500 英里的續航里程。

On the finance front, on July 23, we completed our reverse merger, de-SPAC transaction with Churchill Capital Corp IV and our PIPE investors to form Lucid Group, Inc. This transaction brought approximately $4.4 billion of net cash under Lucid's balance sheet.

在財務方面，7 月 23 日，我們與 Churchill Capital Corp IV 和我們的 PIPE 投資者完成了反向合併、去 SPAC 交易，以組建 Lucid Group, Inc.。這項交易為 Lucid 的資產負債錶帶來了約 44 億美元的淨現金。

On July 26, we further raised our public profile and access to capital through our public listing on the NASDAQ as LCID. These events significantly bolster Lucid's balance sheet and derisk the near-term execution of Lucid's forward plan. This capital will increase the production capacity and vertical integration at our production facilities in Costa Grande, Arizona, and support the readiness of our global supply chain.

7 月 26 日，我們通過在納斯達克公開上市作為 LCID 進一步提升了我們的公眾形象和融資渠道。這些事件顯著增強了 Lucid 的資產負債表，並降低了近期執行 Lucid 遠期計劃的風險。這筆資金將提高我們在亞利桑那州科斯塔格蘭德的生產設施的生產能力和垂直整合，並支持我們全球供應鏈的準備就緒。

Second, this capital will enable our commercialization and globalization efforts by expanding our studio and service center footprint and planning for the future localization of manufacturing.

其次，這筆資金將通過擴大我們的工作室和服務中心的足跡並規劃未來的製造本地化，來推動我們的商業化和全球化努力。

And finally, this investment will fund R&D efforts to enhance and grow the technological moat that Lucid has established. Specifically, the dollars will advance the development and launch of new variants of the Lucid Air and the Gravity SUV as well as future vehicle programs and other technologies.

最後，這筆投資將資助研發工作，以加強和發展 Lucid 建立的技術護城河。具體而言，這些資金將推動 Lucid Air 和 Gravity SUV 的新變型的開發和推出，以及未來的車輛計劃和其他技術。

I'd now like to turn your attention to our third quarter results. To put the quarter in context, it will serve 2 primary themes throughout our financials. First will be the strengthening of our financial position, which we just discussed. And second will be the transformation of our company as we ready ourselves for large-scale vehicle production.

我現在想將您的注意力轉向我們的第三季度業績。為了將本季度放在背景中，它將在我們的財務中服務於兩個主要主題。首先是加強我們剛剛討論過的財務狀況。其次是我們公司的轉型，我們為大規模汽車生產做好了準備。

In our Q3 results, you'll see cost associated with our start of production in September. However, you will not see vehicle revenues until Q4, given that customer deliveries began on October 30.

在我們的第三季度業績中，您將看到與我們 9 月開始生產相關的成本。但是，鑑於客戶交付於 10 月 30 日開始，您要到第四季度才能看到車輛收入。

In Q3, Lucid recognized revenue of $232,000, predominantly related to the use of our battery packs in the Formula E Ray series. There is seasonality of this revenue stream. And similar to 2020, we expect to see the lion's share of battery pack revenue in Q4. The cost of revenue was $3.3 million and includes cost of goods sold related to the start of production at AMP 1 get occurred in September. Engineering, research and development expenses have grown by about 72% year-to-date compared with the same period in 2020, predominantly driven by the investment in talent, prototype expenses related to the testing and certification processes that Peter referenced earlier, as well as the production quality validation fleet that we produced at AMP-1.

在第三季度，Lucid 確認了 232,000 美元的收入，主要與我們在 Formula E Ray 系列中使用我們的電池組有關。這種收入流存在季節性。與 2020 年類似，我們預計第四季度電池組收入將佔據最大份額。收入成本為 330 萬美元，其中包括與 AMP 1 於 9 月開始生產相關的銷售成本。與 2020 年同期相比，今年迄今為止，工程、研發費用增長了約 72%，這主要是由於人才投資、與 Peter 之前提到的測試和認證流程相關的原型費用以及我們在 AMP-1 生產的生產質量驗證車隊。

On the SG&A side, expenses increased by approximately $400 million for the 9 months ending September 30, versus the same period in 2020. A key driver of SG&A expenses is headcount growth related to the build-out of the sales and service network as we prepare for additional deliveries in the fourth quarter.

在 SG&A 方面，截至 9 月 30 日的 9 個月，費用與 2020 年同期相比增加了約 4 億美元。SG&A 費用的一個關鍵驅動因素是與我們準備的銷售和服務網絡建設相關的員工人數增長第四季度的額外交付。

We also invested in people, processes and systems on the G&A side of the house in order to not only support Lucid as a publicly-traded company, but also to support the globalization of our business.

我們還在 G&A 方面對人員、流程和系統進行了投資，不僅支持 Lucid 作為一家上市公司，而且支持我們業務的全球化。

Lastly, there was an increase quarter-over-quarter in stock-based compensation across both R&D and SG&A. This increase is attributed to a cumulative catch-up on employee grants. Accounting treatment requires the merger to close before 2021 grants could be recorded as stock-based compensation.

最後，研發和 SG&A 的股票薪酬環比增長。這一增長歸因於員工補助金的累積追趕。會計處理要求合併在 2021 年贈款可以記錄為基於股票的補償之前完成。

Transitioning to our balance sheet and cash flows. At the end of the third quarter, Lucid had a cash position of approximately $4.8 billion, reflecting the $4.4 billion from the SPAC and PIPE plus the cash on balance sheet at the time of the close. We also added $173 million from the exercise of public warrants prior to the notice of cashless redemption, which occurred on September 8. The cashless redemption provided investors who had purchased the LCIBW warrants with access to the stock without the burden of making an upfront cash investment.

過渡到我們的資產負債表和現金流。在第三季度末， Lucid 的現金頭寸約為 48 億美元，反映了 SPAC 和 PIPE 的 44 億美元加上收盤時資產負債表上的現金。在 9 月 8 日發出無現金贖回通知之前，我們還通過行使公共認股權證增加了 1.73 億美元。無現金贖回為購買 LCIBW 認股權證的投資者提供了獲得股票的機會，而無需承擔前期現金投資的負擔.

As for the close of our public warrant program, that decision resulted in the exercise of nearly all of our outstanding public warrants. The cashless exercise also reduced dilution by enabling a 0.4458:1 ratio on the issuance of shares to public warrants exercised.

至於我們的公共認股權證計劃的結束，該決定導致我們幾乎所有未完成的公共認股權證的行使。無現金行使還通過使股票發行與行使的公共認股權證的比率為 0.4458:1 來減少稀釋。

We observed a significant amount of goodwill with our retail investor base due to this cashless provision and our decision to extend the warrant redemption window through October 29, which allows some who missed the initial redemption window to still exercise for shares. We want to reiterate how much we appreciate everyone who exercised their warrants and are so pleased to have such a diverse and supportive investor base.

由於這項無現金條款以及我們將認股權證贖回窗口延長至 10 月 29 日的決定，我們觀察到我們的散戶投資者基礎的大量商譽，這使得一些錯過初始贖回窗口的人仍然可以行使股票。我們想重申，我們非常感謝所有行使認股權證的人，並為擁有如此多元化和支持性的投資者基礎而感到高興。

And lastly, I'd like to comment on CapEx to close out our balance sheet highlights. We increased our net, property, plant and equipment by over $250 million from the prior year. As I mentioned, this PP&E growth is related to the build-out of AMP-1, investments in machinery, tooling and equipment, and the expansion of our retail studio and service center footprint throughout the United States and internationally.

最後，我想對資本支出發表評論，以結束我們的資產負債表亮點。我們的淨資產、物業、廠房和設備比上一年增加了超過 2.5 億美元。正如我所提到的，這種 PP&E 增長與 AMP-1 的擴建、對機械、工具和設備的投資以及我們在美國和國際上的零售工作室和服務中心足蹟的擴張有關。

Looking onward to the fourth quarter, we are incredibly excited about the road ahead. We expect to ramp up production and continue to increase customer deliveries of the Lucid Air. We're seeing increasing interest in the Lucid Air with over 17,000 current reservations. Heading into 2022, we remain committed to our plan to achieve 20,000 units in the calendar year. However, this plan is not without risk, given the extraordinary supply chain and logistics challenges that the automotive industry has been facing.

展望第四季度，我們對未來的道路感到無比興奮。我們希望提高產量並繼續增加 Lucid Air 的客戶交付量。我們看到對 Lucid Air 的興趣越來越大，目前有超過 17,000 個預訂。進入 2022 年，我們將繼續致力於在日曆年實現 20,000 台的計劃。然而，鑑於汽車行業一直面臨著非凡的供應鍊和物流挑戰，該計劃並非沒有風險。

Financially, we're proud to have strengthened Lucid's balance sheet as we commence production of customer vehicles heading into the fourth quarter, and we believe that we are well positioned to fund the exceptional growth opportunities in front of us as we move through 2022.

在財務方面，我們很自豪能夠在進入第四季度開始生產客戶車輛時加強了 Lucid 的資產負債表，並且我們相信，隨著我們進入 2022 年，我們有能力為擺在我們面前的非凡增長機會提供資金。

In closing, I'd like to thank all of you for joining our third quarter earnings call, a recording of which will be posted on our Investor Relations website. I'd also like to thank our talented employees for their hard work and dedication across our headquarters and facilities, retail stores and manufacturing plants.

最後，我要感謝大家參加我們的第三季度財報電話會議，電話會議的錄音將發佈在我們的投資者關係網站上。我還要感謝我們才華橫溢的員工在我們的總部和設施、零售店和製造工廠的辛勤工作和奉獻精神。

It's because of your collective effort and the effort of our partners that Lucid can create value for our investor base and drive our ultimate mission to bring sustainable energy technologies to the world. I'm personally optimistic about the future of Lucid and the value that we will deliver to all stakeholders, customers, suppliers, partners and investors.

正是由於您的集體努力和我們合作夥伴的努力，Lucid 才能為我們的投資者群體創造價值，並推動我們將可持續能源技術推向世界的最終使命。我個人對 Lucid 的未來以及我們將為所有利益相關者、客戶、供應商、合作夥伴和投資者提供的價值感到樂觀。

Before we transition to analyst questions, I'd like to note that we are exploring additional methods to ensure that our broad and growing investor base can participate in the Q&A, and we hope to have that implemented in early 2022. With that, we'd like to open the call to questions. Operator?

在我們轉向分析師問題之前，我想指出，我們正在探索其他方法，以確保我們廣泛且不斷增長的投資者群能夠參與問答，我們希望在 2022 年初實施。有了這個，我們我想打開問題電話。操作員？

(Operator Instructions) Our first question comes from the line of John Murphy with Bank of America.

（操作員說明）我們的第一個問題來自美國銀行的 John Murphy。

Congrats on your first quarter as a public company. That's an achievement onto its own, in addition to everything else you're getting done here. First question for you, Peter, and maybe Sherry, you can chime in on the second part of this. As you think about what you're doing here and the success of the Air and what theoretically will come here with the Gravity, 90,000 units capacity by 2023 seems a little bit pedestrian, right, meaning that your demand may far exceed that.

祝賀您作為上市公司的第一季度。除了您在這裡完成的所有其他事情之外，這本身就是一項成就。給你的第一個問題，彼得，也許還有雪利酒，你可以加入第二部分。當您考慮您在這裡所做的事情以及 Air 的成功以及 Gravity 理論上將在這裡帶來什麼時，到 2023 年的 90,000 單位容量似乎有點平淡無奇，對，這意味著您的需求可能遠遠超過這個。

I'm just curious, Peter, as you think about what your volume goals or aspirations are over time, if you could elucidate those or just tell us where you're headed.

彼得，我很好奇，當您考慮隨著時間的推移您的銷量目標或願望是什麼時，您是否可以闡明這些目標或只是告訴我們您的目標。

And then also just thinking about what's going on with the stock and the availability of low-cost capital, Sherry, would you consider or you Peter as well, obviously, doing a greater issuance sooner rather than later, to raise capital to maybe accelerate this 90,000 units capacity in 2023 and hopefully maybe grow even faster than what you've been talking about?

然後還只是考慮股票的情況以及低成本資本的可用性，雪莉，你會考慮還是彼得，顯然，儘早而不是稍後進行更大的發行，以籌集資金以加速這一進程到 2023 年將達到 90,000 台產能，並且希望增長速度可能比您一直在談論的還要快？

Well, it's an interesting point, John. Right now, we're laser focused as a company and the whole management team under my direction in scaling what we've got. Laser-focused on growing the scale towards 20,000 units next year, then 50,000. But we're planning on 500,000 units by the end of the decade. We have a plan in place to expand Casa Grande to that level.

嗯，這是一個有趣的觀點，約翰。現在，我們作為一家公司和整個管理團隊在我的指導下專注於擴大我們擁有的東西。 Laser-專注於明年將規模擴大到 20,000 台，然後是 50,000 台。但我們計劃在本世紀末生產 500,000 台。我們已經制定了將 Casa Grande 擴展到該級別的計劃。

And we've also got localization of manufacturing. We've got incredible high value in our manufacturing as well because we manufacture the entire technology suite. The battery, the motor, the inverter, the whole electric powertrain in-house. So we're not just buying in parts here and just adding value that way. There's a whole lot of in-built value add to the cars that we've got. We've got a Casa Grande capacity planned out to 365,000 units.

我們還實現了製造本地化。我們的製造也具有令人難以置信的高價值，因為我們製造了整個技術套件。電池、電機、逆變器、內部的整個電動動力系統。因此，我們不只是在這裡購買零件並以這種方式增加價值。我們擁有的汽車有很多內置的附加值。我們計劃將 Casa Grande 產能擴大到 365,000 個單位。

But of course, we also plan plants in other parts of the world, the Middle East and in China. And so this is going to be part of our global expansion plan. I think we're very ambitious in terms of the scope. And make no mistake, this is a technology play, and this is a technology race. And as a tech company, it's our technology, which we are confident will put us in this preeminent position. But as you know, we designed this technology to be truly mass manufacturable. So I think scaling our volume is well within our sights.

當然，我們也計劃在世界其他地區、中東和中國建廠。因此，這將成為我們全球擴張計劃的一部分。我認為我們在範圍方面非常雄心勃勃。毫無疑問，這是一場技術比賽，這是一場技術競賽。作為一家科技公司，這是我們的技術，我們相信這將使我們處於領先地位。但如您所知，我們將這項技術設計為真正可大規模製造。所以我認為擴大我們的交易量在我們的視野之內。

And then John, well, great to have you with us first. And I can take the second part of your question where you're talking about just balance sheet and also just deployment of capital. So we're sitting in a terrific place today with the $4.8 billion as of September 30, that's going to get us well through 2022. You're going to see a large CapEx increase happening next year. Actually, multiples of CapEx are going to be deployed next year versus this year. So we're already doing that acceleration.

然後約翰，嗯，很高興你先和我們在一起。我可以回答你問題的第二部分，你所說的只是資產負債表和資本部署。因此，截至 9 月 30 日，我們今天坐擁 48 億美元的資金，這將使我們順利度過 2022 年。明年您將看到資本支出大幅增加。實際上，與今年相比，明年將部署數倍的資本支出。所以我們已經在進行加速了。

And in June, we announced that we were going to be bringing forward $350 million of planned CapEx investment from future periods into the 2021 to 2023 period and also increasing overall between 2021 and 2026, by 6% to 7%. So we are going to be as a company accelerating our ability to deploy CapEx.

6 月，我們宣布將把 3.5 億美元的計劃資本支出投資從未來時期提前到 2021 年至 2023 年期間，並在 2021 年至 2026 年期間整體增加 6% 至 7%。因此，作為一家公司，我們將加速我們部署資本支出的能力。

And if the opportunity presents themselves, you might recall that our prior versions of our model has suggested that kind of 2024 and beyond that we might start to step down our CapEx. But if that opportunity is there for continued expansion, and we are ready for it, we will certainly go after it.

如果機會出現，您可能會記得我們之前的模型版本已經表明，在 2024 年及以後，我們可能會開始降低我們的資本支出。但是，如果有繼續擴張的機會，並且我們已為此做好準備，我們肯定會去追求它。

We do think that there is increasing availability of capital to us today from a lot of different sources. You'll note that we still haven't even taken debt on. So we have the opportunity to provide terrific loan to value there if we chose to take on debt. And then with the stock price increasing, it gives us a lot of other opportunities as well. So we're feeling really good about what we could do, and we feel like we are increasing the company's ability to deploy capital efficiently and quickly.

我們確實認為，今天我們可以從許多不同的來源獲得越來越多的資金。你會注意到我們甚至還沒有承擔債務。因此，如果我們選擇承擔債務，我們就有機會提供極好的貸款來評估那裡的價值。然後隨著股價的上漲，它也給了我們很多其他的機會。所以我們對我們能做的事情感覺非常好，我們覺得我們正在提高公司高效、快速地部署資本的能力。

Okay. And then just a second question, Peter. I mean, obviously, with Air, you have a knockout products with best-in-class range, arguably one of the best, if not the best, EV on the planet. When you think about Gravity, that's tough act to follow. So Gravity is following that. How do you view Gravity's differentiation in the market? I mean presumably, just given the form factor, it's not going to have quite as good a range as Air. But I mean, what's the real, no pun intended, pull for the Gravity to the consumer in the market?

好的。然後是第二個問題，彼得。我的意思是，很明顯，有了 Air，你就有了同類產品中最好的淘汰產品，可以說是地球上最好的，如果不是最好的，電動汽車之一。當你想到 Gravity 時，這是很難遵循的。所以 Gravity 緊隨其後。您如何看待 Gravity 在市場上的差異化？我的意思大概是，僅考慮到外形尺寸，它的射程不會像 Air 那樣好。但我的意思是，什麼是真實的，沒有雙關語的，將重力吸引到市場上的消費者？

I'm so glad you asked me that. We've made a whole bunch of advances with Gravity Project. It's very close to my heart. We're getting it ready for production in late '23. And I think it's going to be equally as disruptive in the SUV space as Air is in its sedan space. We're going to deploy the space concept, the miniaturization of the electric powertrain, incredible range for its class, and it's going to have 1 or 2 really [big dialing] unique features as well. I am super excited about Gravity.

我很高興你這麼問我。我們在 Gravity Project 上取得了一大堆進步。它非常貼近我的心。我們準備在 23 年末進行生產。而且我認為它在 SUV 領域的顛覆性將與 Air 在其轎車領域的顛覆性一樣。我們將部署空間概念、電動動力系統的小型化、同類產品中令人難以置信的續航里程，並且它還將擁有 1 或 2 個真正 [big dialing] 的獨特功能。我對 Gravity 感到非常興奮。

Okay. And then lastly, sorry, just a housekeeping question, Sherry. How much stock comp was in SG&A and R&D, specifically in each line item, if you could just give us that if you have it?

好的。最後，對不起，只是一個家政問題，雪莉。 SG&A 和 R&D 有多少庫存，特別是在每個行項目中，如果你有的話可以給我們嗎？

I can tell you across the 2 was $235 million, and that's roughly double what it might have otherwise been, but you have this cumulative effect that I mentioned. And that it's really just related to -- it has like a double trigger and you have to actually have the merger happen before you can put it up on your accounting statements.

我可以告訴你 2 是 2.35 億美元，這大約是原本可能的兩倍，但你有我提到的這種累積效應。而且它實際上只是與之相關 - 它就像一個雙重觸發因素，你必須真正讓合併發生，然後才能將它放在你的會計報表中。

Plus the stock is performing very well. So that's always a good high-class problem to have. I appreciate it.

加上股票表現非常好。所以這總是一個很好的高級問題。我很感激。

Yes, of course. And it was more that it's a cumulative effect than it was the stock price, but itself, right?

是的當然。它更多的是一種累積效應，而不是股價，而是它本身，對吧？

(Operator Instructions) Our next question comes from the line of Adam Jonas with Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的亞當喬納斯。

Congrats on the MotorTrend Car of the Year award. That's incredible, especially considering it's your first car. So well done. I had a question on the delta of reservations from the 13 at the end of the quarter to the over 17 now. Can you give us a little -- my understanding is you opened up reservations to international. So I'd be curious what the like-for-like is of North American reservations within that delta? And then maybe within international, how much it was Saudi versus non-Saudi. Or any color there would be helpful.

祝賀 MotorTrend 年度汽車獎。這太不可思議了，尤其是考慮到這是你的第一輛車。做得很好。我有一個關於從季度末的 13 人到現在的 17 人以上的預訂增量的問題。你能不能給我們一點——我的理解是你向國際開放了預訂。所以我很好奇該三角洲內北美保留地的相似之處是什麼？然後也許在國際範圍內，沙特與非沙特之間的差距有多大。或者那裡的任何顏色都會有幫助。

We'd opened up international reservations before we announced the 13,000. Also, I mean, the bulk of reservations is a home market U.S. and we haven't even opened up the big market in the future, which is China. But absolutely, Saudi is great because it's our second biggest market by number of reservations. And that's really heartening that the country, which has gained its wealth based upon its carbon economy is so forward-looking and sees the Air as such an attractive product.

在宣布 13,000 人之前，我們已經開放了國際預訂。另外，我的意思是，大部分預訂是美國本土市場，我們甚至還沒有打開未來的大市場，那就是中國。但絕對是，沙特很棒，因為它是我們預訂數量的第二大市場。令人振奮的是，這個通過碳經濟獲得財富的國家如此具有前瞻性，並將 Air 視為如此有吸引力的產品。

Okay, Peter. And I'll leave it to you whether you want to disclose that or not. But just for my second question, on your distribution strategy, can you remind us why the advantages of going direct to consumer and why you are not using a franchise model, and I don't believe you're considering using a franchise model. I just wanted to confirm that.

好的，彼得。不管你想不想透露，我都會留給你。但是對於我的第二個問題，關於您的分銷策略，您能否提醒我們為什麼直接面向消費者的優勢以及為什麼您不使用特許經營模式，我不相信您正在考慮使用特許經營模式。我只是想確認一下。

That's correct, Adam. Well, I think the important thing here is that we are creating a new brand. It's not just about the product, the product designed to the brand, but there's more here than just Lucid Air and a luxury brand. And the consumer experience and the consumer journey is too precious to delegate the third party. We need to choreograph the consumer's journey through discovery, through increase, through purchase and ownership. And how that will then to do it directly.

沒錯，亞當。好吧，我認為這裡重要的是我們正在創建一個新品牌。這不僅僅是產品，為品牌設計的產品，而且不僅僅是 Lucid Air 和奢侈品牌。而消費體驗和消費旅程太寶貴，不能委託第三方。我們需要通過發現、增加、購買和擁有來編排消費者的旅程。以及如何直接做到這一點。

It's not just drive consistency in messaging as well. You're not working with independent franchises and dealerships. And it just really allows a lot more control, controlling pricing there's a lot of benefits that we see in this direct relationship.

這不僅僅是推動消息傳遞的一致性。您沒有與獨立的特許經營權和經銷商合作。它真的允許更多的控制，控制定價我們在這種直接關係中看到了很多好處。

Our next question comes from the line of Itay Michaeli with Citi.

我們的下一個問題來自 Itay Michaeli 與 Citi 的對話。

Just a first question first, going back to reservation growth up to 17,000. With the momentum you're seeing in reservations, how are you thinking about when to, I guess, more formally unveil Gravity and even open up the reservation book there?

首先是第一個問題，回到 17,000 的預訂增長。隨著您在預訂中看到的勢頭，您如何考慮何時更正式地推出 Gravity 甚至在那裡打開預訂簿？

Well, I guess that will all things in good time. I'd like to have Gravity to a level of greater substance that we can actually show a car possibly later next year, I would say. But right now, I've got such laser focus on Air. The reservations are growing, increasing. And I'll tell you something else. I'm really particularly happy about the split in those reservations.

好吧，我想這一切都會適時進行。我會說，我希望 Gravity 能夠達到一個更大的實質水平，我們可能會在明年晚些時候實際展示一輛汽車。但現在，我對 Air 非常關注。預訂量越來越大，越來越多。我會告訴你一些別的事情。我對這些保留意見的分裂感到特別高興。

We've got a really nice blend. I mean, we're sold out of our Dream edition, as you know, we've expanded that to 520 units to reflect our 520 EPA rating and the growing demand, but we've got a really nice blend of reservations for Grand Touring and Touring and Pure, very much reflecting the sort of split that we will manufacture over the next 15 months or so.

我們有一個非常好的混合。我的意思是，我們的 Dream 版已經售罄，如您所知，我們已將其擴展到 520 台，以反映我們的 520 EPA 評級和不斷增長的需求，但我們為 Grand Touring 提供了非常好的預訂組合以及 Touring 和 Pure，很大程度上反映了我們將在未來 15 個月左右製造的那種拆分。

In fact, when you look at September 30 numbers, we had talked about the 13,000 reservations, and we also had talked about that, that reflects an order book and revenues of about $1.3 billion. So you can do the MSRP math from there and it gives you a good sense, to where that mix lies.

事實上，當您查看 9 月 30 日的數據時，我們已經談到了 13,000 次預訂，我們也談到了這一點，這反映了大約 13 億美元的訂單和收入。因此，您可以從那裡進行 MSRP 數學計算，它可以讓您很好地了解混合所在的位置。

And so you can see we're not over-indexed on Pure. It's just really a nice balance. So we're happy with where it is, and we'll keep watching it as we go forward. And we're also going to be enjoying decreasing costs over time and improving margins. And so we feel like we'll be in a really good position as some of these other products pick up.

所以你可以看到我們在 Pure 上沒有被過度索引。這真是一個很好的平衡。所以我們對它的位置感到滿意，我們會在前進的過程中繼續關注它。隨著時間的推移，我們還將享受到成本降低和利潤率提高的樂趣。所以我們覺得隨著其他一些產品的興起，我們將處於一個非常好的位置。

That's very helpful. And then just maybe secondly, hoping you can update us on your latest thoughts on the Dream Drive software strategy in terms of partners versus what you might look to do in-house?

這很有幫助。然後也許是第二個，希望您能向我們介紹您對 Dream Drive 軟件戰略在合作夥伴方面的最新想法，而不是您可能希望在內部做什麼？

Yes. Well, our strategy here to date has been, of course, a key focus on creating the very best electric vehicle in the world with the most advanced electric powertrain and endowing that car with the core foundations of hardware suite, 32 sensor suite, 14 cameras with solid-state 120-degree LiDAR and a whole host of long-range radar and closely knit radar. So that's been the step 1 of the plan, creates the most advanced foundations for the house in terms of the hardware and have software, which is broadly competitive in the marketplace.

是的。好吧，我們迄今為止的戰略當然是重點關注打造世界上最好的電動汽車，配備最先進的電動動力系統，並賦予該車硬件套件、32 個傳感器套件、14 個攝像頭的核心基礎配備固態 120 度 LiDAR 和一整套遠程雷達和緊密結合的雷達。所以這是計劃的第一步，在硬件和軟件方面為房子創造最先進的基礎，這在市場上具有廣泛的競爭力。

Now we've achieved that. The next step will be to advance that software. Now we're planning as a default to do that in-house, and we're building the team. But as you know, I'm very open here in Silicon Valley to potential partnerships in terms of the software. But I see that as a potential bonus, I think the default position is going to be develop that software now and take that to world-class standard based upon the hardware suite we've got and to develop that in-house.

現在我們已經做到了。下一步將是推進該軟件。現在我們計劃默認在內部做這件事，我們正在組建團隊。但如你所知，我在矽谷對軟件方面的潛在合作夥伴持開放態度。但我認為這是一個潛在的好處，我認為默認職位將是現在開發該軟件，並根據我們擁有的硬件套件將其提升到世界級標準，並在內部開發該軟件。

(Operator Instructions) Our next question comes from the line of Stan Shpetner with Pickering Energy.

（操作員說明）我們的下一個問題來自 Stan Shpetner 的 Pickering Energy。

Congratulations on the new vehicle launch. Can you speak to a little bit of what degree of gross margin variability you have across the different versions of the Air. And how over time, if you take a point of view that to drive volumes over time, you'll have a greater proportion of Pure sales. What are the implications for that in terms of trend of gross margin as that mix shifts over time?

祝賀新車上市。你能談談你在不同版本的 Air 中毛利率的變化程度嗎？以及隨著時間的推移，如果您認為隨著時間的推移推動銷量，您將擁有更大比例的純銷售。隨著時間的推移，這種組合的變化對毛利率的趨勢有什麼影響？

Yes. Thanks so much for your question. So we're expecting to have competitive gross margins by the time we reach mid-decade. And you're going to see that our gross margins are not going to be there initially because we're activating depreciation expense, we're training new employees, we're going to be driving efficiency within the manufacturing arena over the next year, especially 1.5 years. And then you're going to see as the volume increases just gross margins improving overall as that absorption improves.

是的。非常感謝你的問題。因此，我們預計到十年中期時將擁有具有競爭力的毛利率。你會看到我們的毛利率最初不會在那裡，因為我們正在激活折舊費用，我們正在培訓新員工，我們將在明年提高製造領域的效率，特別是1.5年。然後你會看到隨著銷量的增加，毛利率隨著吸收的提高而整體提高。

With respect to your question about how are we thinking about the higher-priced models versus the Pure, we're just in such a unique advantaged position because of our technology, that it's going to enable us to go from tremendous machine of our Dream edition and still be able to produce with the Pure over 400 range -- 400-mile range as well as of our 500 horsepower, and we can do that while reducing cost, by reducing one of our motors. We also can reduce the battery pack, and we have a lot of trim features that can be activated or deactivated. Basically, make a bespoke product exactly to what the customer is seeking. So those are the enablers that we have.

關於您關於我們如何考慮價格更高的型號與 Pure 的問題，由於我們的技術，我們處於如此獨特的優勢地位，這將使我們能夠從夢想版的巨大機器中脫穎而出並且仍然能夠使用 Pure over 400 範圍 - 400 英里範圍以及我們的 500 馬力進行生產，我們可以通過減少我們的一台電機來降低成本，同時做到這一點。我們還可以減少電池組，並且我們有很多可以激活或停用的修剪功能。基本上，根據客戶的需求製作定制產品。所以這些是我們擁有的推動力。

That's absolutely right. So right now, we're using our extraordinary efficiency to achieve range to create a technological tool to force to define the brand as a range king. But in the future, we use that technological advance as a commercial enabler. It means that we will be able to provide a car, which is competitive with range, we'd be at 300 miles, 400 miles, whatever.

這是完全正確的。所以現在，我們正在利用我們非凡的效率來實現範圍，以創建一種技術工具來強制將品牌定義為範圍之王。但在未來，我們會將這種技術進步用作商業推動力。這意味著我們將能夠提供一輛在續航里程方面具有競爭力的汽車，我們將達到 300 英里、400 英里等等。

But with a commensurately smaller -- proportionately smaller battery pack than the competition because our technology is inherently more efficient. And because of that, because the battery pack is the single most expensive item in electric car, this will affect the margin. And therefore, it has a direct bearing upon our viability, our commercial viability as a company.

但由於我們的技術本質上更高效，因此電池組的體積比競爭對手小得多。正因為如此，由於電池組是電動汽車中最昂貴的單品，這將影響利潤率。因此，它直接關係到我們的生存能力，我們作為一家公司的商業生存能力。

And the other thing I would just say there, too, is just we have an amazing team. We've got a terrific supply chain team. We have a terrific manufacturing team. They've done it before. They've done it at Audi, they've done it at Tesla. And they've not just gotten the plants up and running and efficient, they brought the cost down, and all of that experience is coming to bear on our product and our factory. And so that's another important point that I wanted to make sure I left you with.

我還要說的另一件事就是我們擁有一支了不起的團隊。我們有一個了不起的供應鏈團隊。我們有一個了不起的製造團隊。他們以前做過。他們在奧迪做到了，在特斯拉也做到了。他們不僅讓工廠運轉起來並提高效率，還降低了成本，所有這些經驗都將影響到我們的產品和工廠。所以這是另一個重要的一點，我想確保我離開了你。

Yes. And we designed the battery in a modular manner with costs down in mind for the future. So the car is designed that way.

是的。我們以模塊化方式設計電池，並考慮到未來的成本。所以這輛車就是這樣設計的。

And just a follow-up. Earlier, you mentioned that you have a fairly balanced order book between the different 4 versions of the Lucid Air. Can you give us a little bit of a sense of when next year that we could expect to see shipments of the pure to begin?

只是一個後續行動。之前，您提到您在 Lucid Air 的不同 4 個版本之間有一個相當平衡的訂單。你能給我們一點關於明年我們可以期待看到純品出貨的感覺嗎？

I think it's in the latter part of next year when Pure comes out. But my passion is Pure. I want to get the cost down. I want to fulfill our mission, which is the mass adoption of electric vehicles.

我認為 Pure 會在明年下半年問世。但我的熱情是純粹的。我想降低成本。我想完成我們的使命，即大規模採用電動汽車。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to Peter for closing remarks.

謝謝你。女士們，先生們，我們的問答環節到此結束。我現在想把電話轉回給 Peter 來做結束語。

Thank you so much. As you can see by what we have achieved in Q3 and by future plans, there is a tremendous amount of exciting activity here at Lucid. Supported by our industry-leading technology, our ongoing investments in cutting-edge manufacturing and the outstanding team we have assembled, we believe there are sizable opportunities for shareholder value creation ahead of us.

太感謝了。正如您從我們在第三季度取得的成就和未來計劃中看到的那樣，Lucid 有大量令人興奮的活動。在我們行業領先的技術、我們對尖端製造的持續投資以及我們組建的優秀團隊的支持下，我們相信我們面前存在著巨大的股東價值創造機會。

I would again like to thank our employees for getting us here. We have a truly unrivaled team. I am proud of what we've accomplished and I'm optimistic about the opportunity ahead of us. We look forward to speaking with you regularly and keeping you updated on the progress we are making. We aim to be transparent in our approach and look forward to engaging with you. Thank you so much for joining us here today.

我要再次感謝我們的員工讓我們來到這裡。我們擁有一支真正無與倫比的團隊。我為我們所取得的成就感到自豪，我對我們面前的機會持樂觀態度。我們期待定期與您交談，並讓您了解我們正在取得的進展。我們的目標是在我們的方法中保持透明，並期待與您互動。非常感謝您今天加入我們。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。