Lucid Group Inc (LCID) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Group Fourth Quarter and Full Year 2021 Earnings Conference Call. Please be advised, today's conference call is being recorded. If you object tot he recording, you may disconnect at this time. (Operator Instructions) I would now like to turn the conference over to Lauren Sloane, Investor Relations of Lucid. Ms. Sloane. You may begin.

女士們，先生們，感謝您的支持，歡迎參加 Lucid Group 第四季度和 2021 年全年收益電話會議。請注意，今天的電話會議正在錄音中。如果您反對錄音，此時您可以斷開連接。 （操作員說明）我現在想將會議轉交給 Lucid 投資者關係部的 Lauren Sloane。斯隆女士。你可以開始了。

Thank you, and welcome to Lucid Group's Fourth Quarter and 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.

謝謝，歡迎參加 Lucid Group 的第四季度和 2021 財年財報電話會議。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。

Our 10-K was filed and the earnings release were issued after the close of market earlier today. Both are posted on our website. Before we get started, we want to emphasize that some of our statements made on this call, particularly those regarding the future financial performance of the company, 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.

我們的 10-K 已提交，收益報告是在今天早些時候收市後發布的。兩者都發佈在我們的網站上。在開始之前，我們想強調一下，我們在本次電話會議上所做的一些聲明，特別是關於公司未來財務業績、行業趨勢、公司計劃和其他未來事件的聲明，是基於我們今天所掌握的信息並包括 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 annual report on Form 10-K for the year ended December 31, 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. 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, whether 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.

前瞻性陳述受眾多風險、不確定性和其他可能導致實際結果與預期不同的因素影響，我們建議您參考我們截至 12 月的 10-K 表格年度報告中風險因素中包含的警示性語言2021 年 3 月 31 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。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，無論是由於新信息，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 a reconciliation of GAAP versus non-GAAP results is currently available in our earnings press release issued earlier this afternoon as well as in the appendix of our investor deck and available in 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。關於我們為什麼使用非 GAAP 財務指標的討論以及關於 GAAP 與非 GAAP 結果對賬的信息，目前可在我們今天下午早些時候發布的收益新聞稿以及我們的投資者甲板的附錄中獲得，並可在投資者中獲得我們網站 ir.lucidmotors.com 的關係部分。

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 excited to update you on Lucid's tremendous progress in the fourth quarter and for the full year of 2021.

謝謝你，勞倫。我們很高興向您介紹 Lucid 在第四季度和 2021 年全年取得的巨大進展。

During the fourth quarter, we reached a significant milestone for Lucid. We commenced customer deliveries of the world's most advanced EV sedan. As of year-end 2021, this included 125 cars in customers' hands, while we produced over 400 vehicles in total as of today. And on these, over 300 have now been delivered to customers. We accomplished deep deliveries against the backdrop of an extraordinary supply chain and supply quality challenges. Indeed, we could have chosen to build faster, but we elected not to sacrifice quality, given our unwavering commitment to the highest standards.

在第四季度，我們達到了 Lucid 的一個重要里程碑。我們開始向客戶交付世界上最先進的電動轎車。截至 2021 年底，這包括客戶手中的 125 輛汽車，而截至今天，我們總共生產了 400 多輛汽車。在這些產品上，現在已經向客戶交付了 300 多個。在非凡的供應鍊和供應質量挑戰的背景下，我們完成了深度交付。事實上，我們本可以選擇更快地建造，但我們選擇不犧牲質量，因為我們對最高標準的堅定承諾。

These first deliveries of Lucid Air validate our mission to inspire the adoption of sustainable energy by designing and building captivating electric vehicles centered around the human experience. While the delivery of our first cohort of cars to consumers is important in its own right, it also represents the first real-world stress testing of the critical part of the customer journey. From reservation to order, to production, delivery and after-sales support, including the over-the-air update to the Lucid Air's onboard software. When you step back and think about it, we put both a full EV powertrain and vehicles into production across 2 separate and distinct factories which I believe to be the very first time that that's ever been done.

Lucid Air 的首批交付驗證了我們通過設計和製造以人類體驗為中心的迷人電動汽車來激發採用可持續能源的使命。雖然我們向消費者交付第一批汽車本身就很重要，但它也代表了對客戶旅程關鍵部分的第一次真實世界壓力測試。從預訂到訂購，再到生產、交付和售後支持，包括對 Lucid Air 機載軟件的無線更新。當您退後一步想一想時，我們將完整的 EV 動力總成和車輛在 2 個獨立且不同的工廠投入生產，我相信這是有史以來第一次這樣做。

So we were able to run 2 parallel tracks simultaneously in our manufacturing, producing our proprietary powertrain and battery packs at one site and then fully assembling the car a little way down the road at our AMP factory, an extraordinary achievement. And having worked through all of this, we are more confident than ever that we're building a quality foundation on which we can scale our business and build long-term growth. Starting and beginning to ramp production was a significant step in moving from concept to reality and delivering on our mission to create a future where there is no longer an artificial choice between doing great things and doing the right thing.

因此，我們能夠在製造過程中同時運行 2 條平行軌道，在一個地點生產我們專有的動力總成和電池組，然後在我們的 AMP 工廠中完全組裝汽車，這是一項了不起的成就。在經歷了所有這些之後，我們比以往任何時候都更有信心，我們正在建立一個質量基礎，我們可以在此基礎上擴展我們的業務並建立長期增長。開始並開始量產是從概念轉變為現實的重要一步，也是實現我們創造未來的使命的重要一步，在這個未來中，在做偉大的事情和做正確的事情之間不再有人為的選擇。

The initial feedback from customers and third parties has been resoundingly positive. So many customers are saying that their Lucid Air is the best car that they have ever driven and praised the quality of a build, enjoying the engaging dynamic driving experience, whilst also relishing the luxurious interior ambience. At the time of our last call, Lucid Air had just been named MotorTrend's 2022 Car of the Year. Since then, we've continued to rack up industry accolades. We were named Best New Car to Buy in 2022 by Green Car Reports, the 2022 Luxury Green Car of the Year by Green Car Journal, and MotorWeek 2022 Driver's Choice Award for the Best EV.

客戶和第三方的初步反饋非常積極。很多客戶都說他們的 Lucid Air 是他們駕駛過的最好的汽車，並稱讚其製造質量，享受引人入勝的動態駕駛體驗，同時也享受豪華的內部氛圍。在我們上次打電話時，Lucid Air 剛剛被評為 MotorTrend 的 2022 年度汽車。從那時起，我們不斷贏得業界讚譽。我們被 Green Car Reports 評為 2022 年最佳新車購買，被 Green Car Journal 評為 2022 年度豪華綠色汽車，以及 MotorWeek 2022 最佳電動汽車駕駛員選擇獎。

The EPA has efficiently certified the Lucid Air Dream Edition with the longest range of any EV at 520 miles. And subsequent to the end of the quarter, InsideEVs conducted a real-world driving test to validate our 500-mile range at a steady 70 miles per hour. I encourage you to take a look at their coverage, which is posted online. In addition, we have the fastest charging EV available today, independently verified to be capable of charging 300 miles in just 22 minutes. And as I recently told The New York Times, we've replaced range anxiety with range confidence.

EPA 已經有效地認證了 Lucid Air Dream Edition，它具有 520 英里的最長續航里程。在本季度末之後，InsideEVs 進行了一次真實世界的駕駛測試，以驗證我們以每小時 70 英里的穩定速度行駛 500 英里。我鼓勵您查看他們發佈在網上的報導。此外，我們擁有當今最快的充電電動汽車，經過獨立驗證，能夠在 22 分鐘內充電 300 英里。正如我最近告訴紐約時報的那樣，我們已經用射程信心取代了射程焦慮。

Now on that note, I do want to emphasize a point which has been all too long overlooked here. Our transformative range and efficiency are as much due to our in-house software as our in-house hardware. We truly are becoming as much a software company as a hardware company. And I believe our efficiency in miles per kilowatt hour is an appropriate and valid metric for this. Now these metrics reinforce that our powertrain is the most efficient in the market, in the real world and in customers' hands. And this is a critical point. Our in-house technology, enabling more miles from a smaller battery size, will allow us to shrink pack sizes for future products whilst maintaining a highly competitive range.

現在，關於這一點，我確實想強調一點，這里長期以來一直被忽視。我們的變革範圍和效率與我們的內部軟件和內部硬件一樣重要。我們確實正在成為一家與硬件公司一樣多的軟件公司。而且我相信我們以英里/千瓦時為單位的效率是一個合適且有效的指標。現在，這些指標強化了我們的動力總成是市場上、現實世界和客戶手中最高效的。這是一個關鍵點。我們的內部技術可以從更小的電池尺寸實現更多里程，這將使我們能夠縮小未來產品的電池組尺寸，同時保持極具競爭力的範圍。

And this is particularly advantageous for the Lucid Air Pure variant. All of this is translating to significant demand for our products. As of today, we had over 25,000 reservations for Lucid Air, representing a 47% increase from our 17,000 reservations in mid-November. Our reservation book represents a healthy mix across our products from our higher-end trims through to our pure model. The Lucid Air Dream Edition was heavily oversubscribed and is completely sold out. We continue to see strong demand across our highest performance product tiers are actually reconsidering how best to address this demand.

這對於 Lucid Air Pure 變體特別有利。所有這些都轉化為對我們產品的巨大需求。截至今天，我們的 Lucid Air 預訂量已超過 25,000 份，比 11 月中旬的 17,000 份預訂量增加了 47%。我們的預訂簿代表了我們產品的健康組合，從我們的高端裝飾到我們的純模型。 Lucid Air Dream Edition 被嚴重超額認購，並且完全售罄。我們繼續看到我們最高性能產品層的強勁需求實際上正在重新考慮如何最好地滿足這一需求。

We are gratified that customers recognize the exceptional quality of our cars with an industry leading, independently certified range, exceptional performance and handling and unmatched efficiency. To address the rising demand for our products, we are actively working to expand our manufacturing facility in Arizona, AMP-1. This is an imperative for us. Increased production capacity is essential to drive mass electrification and meet customer appetite for our vehicles. We continue to make good progress on the addition of 2.85 million square feet of manufacturing capacity as part of Phase 2. And Sherry will provide further details.

我們很高興客戶認可我們汽車的卓越品質，以及行業領先的獨立認證範圍、卓越的性能和操控性以及無與倫比的效率。為了滿足對我們產品不斷增長的需求，我們正在積極努力擴大我們在亞利桑那州 AMP-1 的製造工廠。這對我們來說是當務之急。提高生產能力對於推動大規模電氣化和滿足客戶對我們車輛的需求至關重要。作為第二階段的一部分，我們在增加 285 萬平方英尺的製造能力方面繼續取得良好進展。雪利酒將提供更多細節。

And as we discussed ramping up our manufacturing footprint, today, we are also excited to announce plans for a new factory in Saudi Arabia, our first international production facility. Lucid estimates that the selection of KSA as the location of its first international manufacturing plants may result in financial benefits to Lucid of up to $3.4 billion over 15 years. This facility will be a world-class manufacturing center with the ability to produce up to 150,000 vehicles annually at full capacity.

當我們討論擴大我們的製造足跡時，今天，我們也很高興地宣布計劃在沙特阿拉伯建立新工廠，這是我們的第一個國際生產設施。 Lucid 估計，選擇 KSA 作為其第一家國際製造工廠的所在地可能會在 15 年內為 Lucid 帶來高達 34 億美元的財務收益。該工廠將成為世界級的製造中心，每年可滿負荷生產多達 150,000 輛汽車。

We appreciate the efforts of the Ministry of Investment of Saudi Arabia, the Saudi Industrial Development Fund, and the King Abdullah Economic City to finalize this game-changing collaboration. We are thrilled that this collaboration will allow us to introduce the world's most advanced electric vehicles to more people and additional markets in the coming years, and also enables us to further our shared ambition to transform the economy of the KSA to sustainable transportation energy. We look forward to breaking ground shortly and expect the facility to begin production in 2025.

我們感謝沙特阿拉伯投資部、沙特工業發展基金和阿卜杜拉國王經濟城為完成這一改變遊戲規則的合作所做的努力。我們很高興這次合作將使我們能夠在未來幾年向更多人和更多市場推出世界上最先進的電動汽車，並使我們能夠進一步實現我們將沙特經濟轉變為可持續交通能源的共同目標。我們期待很快破土動工，並預計該設施將於 2025 年開始生產。

In the more immediate term, like many manufacturers, our production has been and indeed continues to be impacted by supply chain challenges. As you saw from our press release today, we have updated our 2022 production outlook for Lucid Air to a range of 12,000 to 14,000 vehicles.

在更直接的時期，與許多製造商一樣，我們的生產已經並且確實繼續受到供應鏈挑戰的影響。正如您從今天的新聞稿中看到的那樣，我們已將 Lucid Air 的 2022 年產量展望更新為 12,000 至 14,000 輛。

As a vertically integrated company, our technology and engineering foundation gives us significant advantages. We have control over both software and hardware, and the proprietary powertrain and battery pack technology have been holistically designed for scalability of automated manufacturing. And because we have a clean sheet approach without the constraints of managing a legacy internal combustion based business, we've been able to pivot and adapt quickly if availability of certain components is disrupted. As an example, we have been able to manage the chip shortage in partnership with our suppliers.

作為一家垂直整合的公司，我們的技術和工程基礎為我們提供了顯著優勢。我們對軟件和硬件都有控制權，專有的動力總成和電池組技術經過整體設計，可實現自動化製造的可擴展性。而且由於我們採用全新的方法，不受管理基於傳統內燃機的業務的限制，因此如果某些組件的可用性受到干擾，我們能夠快速調整和適應。例如，我們已經能夠與供應商合作管理芯片短缺問題。

The supply chain issues that we are experiencing from factors including components shortages,

我們正在經歷的供應鏈問題來自組件短缺等因素，

(technical difficulty)

（技術難度）

our insistence on the highest quality parts and logistics issues. In some cases, the pandemic meant that our teams could not visit our suppliers in person to ensure alignment on engineering specifications and tooling.

我們堅持最高質量的零件和物流問題。在某些情況下，大流行意味著我們的團隊無法親自拜訪我們的供應商，以確保工程規範和工具的一致性。

As travel has opened back up, our supplier quality teams have been able to address many of these issues. I will note that these issues are impacting only a handful of our approximately 250 suppliers and are not affecting critical single source or dual source components like semiconductors or batteries. Instead, it's been commodity items like glass and carpets, and we've adapted by changing our specifications or indeed switching vendors if needed.

隨著旅行的重新開放，我們的供應商質量團隊已經能夠解決其中的許多問題。我會注意到，這些問題只影響了我們大約 250 家供應商中的一小部分，並且不會影響關鍵的單源或雙源組件，例如半導體或電池。相反，它是像玻璃和地毯這樣的商品，我們已經通過改變我們的規格或在需要時更換供應商來適應。

In some limited cases, we are evaluating additional opportunities to move production in-house to drive further efficiencies. We believe we will move past the key bottlenecks we're experiencing in the next few months with further improvement in the second half. We're continuing to augment our skills and capabilities, and refine our processes in supply chain and logistics. As a startup, our priority is to gain efficiency and improve as we scale. None of this is possible without an experienced team that brings decades of experience in the automotive industry, including in manufacturing and the supply chain. Indeed, we recently added Ralph Jakobs, a veteran of Audi and Volkswagen, as Vice President of Program Management to help spearhead our launch efforts alongside our existing leadership team.

在某些有限的情況下，我們正在評估將生產轉移到內部以進一步提高效率的其他機會。我們相信，我們將克服未來幾個月遇到的關鍵瓶頸，下半年會進一步改善。我們將繼續增強我們的技能和能力，並改進我們在供應鍊和物流方面的流程。作為一家初創公司，我們的首要任務是隨著規模的擴大而提高效率和改進。如果沒有一支在汽車行業（包括製造和供應鏈）擁有數十年經驗的經驗豐富的團隊，這一切都是不可能的。事實上，我們最近聘請了奧迪和大眾汽車的資深人士拉爾夫·雅各布斯 (Ralph Jakobs) 作為項目管理副總裁，與我們現有的領導團隊一起領導我們的發布工作。

Overall, while we are optimistic that our current shortages will ease over the coming quarters, we also know that unexpected issues will arise in the future. And we are confident that we have and continue to augment the right team in place to manage them. We are at an inflection point in terms of consumer interest in and adoption of electric vehicles, which means our timing as we scale simply couldn't be better. The entire car market is going electric. One need not look further than the 6 Super Bowl ads for electric vehicles to know that the tide has turned, whether it's Bentley planning to be all EV by 2030, GM and [Renault] investing significant sums to build EV capacities over the next few years, or Volvo's effort to become the first all-electric legacy automaker. We started where they're all heading, and I like our odds.

總體而言，雖然我們樂觀地認為我們目前的短缺將在未來幾個季度得到緩解，但我們也知道未來會出現意想不到的問題。我們相信，我們擁有並繼續擴大合適的團隊來管理它們。就消費者對電動汽車的興趣和採用而言，我們正處於一個轉折點，這意味著我們擴大規模的時機再好不過了。整個汽車市場正在走向電動化。只需看看電動汽車的 6 個超級碗廣告，就知道潮流已經轉變，無論是賓利計劃到 2030 年實現全電動汽車，通用汽車和 [雷諾] 都在未來幾年投入大量資金建設電動汽車產能，或者沃爾沃努力成為第一家全電動傳統汽車製造商。我們從他們都去的地方開始，我喜歡我們的賠率。

As we put the first Lucid Air Dream Edition cars into customers' ends, we are at the forefront of one of the most significant transitions in mobility and generations. Now not all EVs are equal. Our technology supports the greatest efficiency as well as the roomiest interior for an exterior footprint of our size. And with the growing interest in EVs, the opportunity is enormous, and we are well-positioned to target an expanding global market in the years ahead. We are attracting all types of consumers, not just luxury traditional car buyers, but also early EV adopters, consumers seeking performance and consumers focused on sustainability. I hope you'll stop by one of our studios to see our products up close and learn more if indeed you haven't already.

當我們將第一輛 Lucid Air Dream Edition 汽車投入客戶終端時，我們處於移動和世代最重大轉變之一的最前沿。現在並非所有電動汽車都是平等的。我們的技術支持最大的效率以及最寬敞的內部空間，以實現我們尺寸的外部足跡。隨著人們對電動汽車的興趣日益濃厚，機會是巨大的，我們已做好準備在未來幾年瞄準不斷擴大的全球市場。我們正在吸引所有類型的消費者，不僅是豪華傳統汽車購買者，還包括早期電動汽車採用者、追求性能的消費者和關注可持續發展的消費者。如果您確實還沒有的話，我希望您能到我們的工作室來近距離觀察我們的產品並了解更多信息。

As we look ahead, we are continuing to expand our retail footprint with our first studios in Europe and Middle East planned to open later this year. In addition, we are making progress in the development of new models such as our Gravity SUV. We continue to experience earnest interest in Gravity, and our ambition is to make Gravity as outstanding as our first product in the sedan category. We now expect Gravity production to begin in the first half of 2024, which will help ensure it meets our commitment to high-quality standards. This will also provide us additional time to implement learnings and best practices from our Air launch. I continue to personally oversee the engineering development of Gravity and I'm becoming increasingly excited by its sheer disruptive potential.

展望未來，我們將繼續擴大零售業務，計劃於今年晚些時候在歐洲和中東開設第一家工作室。此外，我們正在開發新車型，例如我們的 Gravity SUV。我們繼續對 Gravity 產生濃厚的興趣，我們的目標是讓 Gravity 與我們在轎車類別中的第一款產品一樣出色。我們現在預計 Gravity 的生產將於 2024 年上半年開始，這將有助於確保它符合我們對高質量標準的承諾。這也將為我們提供更多時間來實施從我們的 Air 發布中學到的知識和最佳實踐。我繼續親自監督 Gravity 的工程開發，我對它的顛覆性潛力越來越感到興奮。

In closing, I'm confident we have the right combination of technology, people, products and funding to continue to break new ground in the large and growing market for electric vehicles. We have a significant cash position and a strong balance sheet to support the scaling of our business and to capture the tremendous growth ahead. We have great confidence that our technology will lead the industry in development of new products that will redefine consumers' expectations of EVs.

最後，我相信我們擁有技術、人員、產品和資金的正確組合，可以繼續在龐大且不斷增長的電動汽車市場開闢新天地。我們擁有可觀的現金頭寸和強大的資產負債表，以支持我們的業務擴展並抓住未來的巨大增長。我們非常有信心，我們的技術將引領行業開發新產品，重新定義消費者對電動汽車的期望。

2021 was a great year for Lucid. And at the same time, we're only getting started. While I certainly have been frustrated by the supply chain and logistics setbacks that we've experienced, our conviction and proof points in what we can accomplish has never been greater. I'm incredibly proud of our team and everything that we've achieved to-date. And with that, let me turn it over to Sherry for an update on our financials. Sherry?

2021 年對 Lucid 來說是偉大的一年。同時，我們才剛剛開始。雖然我當然對我們所經歷的供應鍊和物流挫折感到沮喪，但我們對我們能夠完成的工作的信念和證明點從未如此強烈。我為我們的團隊以及我們迄今為止所取得的一切感到無比自豪。有了這個，讓我把它交給雪利酒，了解我們的財務狀況。雪莉酒？

Thank you, Peter. Today, I'll share our Q4 and full year results, which demonstrate the progress in our business model and conviction in our future opportunities.

謝謝你，彼得。今天，我將分享我們的第四季度和全年業績，這些業績展示了我們商業模式的進步和對未來機遇的信念。

As Peter mentioned, 2021 was a critical year in establishing the foundation of our business operationally, which is reflected in our financial results. We are very excited to have started deliveries in the fourth quarter. Our Q4 revenue was $26.4 million, including $21.3 million from the initial 125 deliveries at the Lucid Air Dream Edition, which began in October. We also recorded $4.9 million in revenues from battery pack sales from the Formula E racing series.

正如彼得所提到的，2021 年是建立我們業務運營基礎的關鍵一年，這反映在我們的財務業績中。我們很高興在第四季度開始交付。我們第四季度的收入為 2640 萬美元，其中 2130 萬美元來自於 10 月開始的 Lucid Air Dream Edition 的最初 125 次交付。我們還從電動方程式賽車系列的電池組銷售中獲得了 490 萬美元的收入。

Our results in the fourth quarter reflect the inflection point we are at, beginning to scale production and delivering vehicles while investing substantially in the future promise of the company. Cost of revenues were $151.5 million, which includes direct parts, materials, shipping and handling, overhead and estimated warranty costs. Launch costs were a meaningful part of this number in Q4. We brought in additional manufacturing and quality personnel to ramp up production. These steps represent our commitment to the highest possible quality standards.

我們在第四季度的業績反映了我們所處的拐點，開始擴大生產和交付車輛，同時對公司的未來承諾進行大量投資。收入成本為 1.515 億美元，其中包括直接零件、材料、運輸和處理、間接費用和估計保修成本。發布成本是第四季度這一數字的重要組成部分。我們引進了更多的製造和質量人員來提高產量。這些步驟代表了我們對最高質量標準的承諾。

We also experienced increased logistic costs and expedited freight due to supply chain disruptions. As a result of these increased costs, we recorded an impairment charge of $48.9 million in the fourth quarter to reduce inventories to their net realizable value, less the cost to sell.

由於供應鏈中斷，我們還經歷了物流成本增加和貨運加快。由於這些成本增加，我們在第四季度記錄了 4890 萬美元的減值費用，以將庫存減少到其可變現淨值減去銷售成本。

In 2022, as we continue to ramp production, we expect increased freight and overhead will result in impairment charges that could negatively impact cost of sales, though this impact should lessen over time. As an item further down in the P&L, we also incurred on December 31, the $583 million noncash expense related to the mark-to-market gain on private warrants.

2022 年，隨著我們繼續提高產量，我們預計運費和間接費用的增加將導致減值費用，這可能會對銷售成本產生負面影響，儘管這種影響應該會隨著時間的推移而減輕。作為損益表中的一個項目，我們還在 12 月 31 日發生了與私人認股權證的按市值計價收益相關的 5.83 億美元非現金費用。

Our R&D costs in 2021 totaled $750 million, which was in line with our expectations. These efforts are focused primarily on the development of the battery and powertrain technology, the Lucid Air, Project Gravity and future generations of our electric vehicles. We will continue to invest in our technology leadership. As more OEMs bring EVs to market, it's critical that we maintain our competitive advantages by delivering a unique combination of hardware and software that sets Lucid apart.

2021年我們的研發費用總計7.5億美元，符合我們的預期。這些努力主要集中在電池和動力總成技術、Lucid Air、Project Gravity 和我們未來幾代電動汽車的開發上。我們將繼續投資於我們的技術領先地位。隨著越來越多的 OEM 將電動汽車推向市場，我們必須通過提供使 Lucid 與眾不同的獨特硬件和軟件組合來保持我們的競爭優勢。

Our Q4 SG&A costs of $197 million were comprised in part of expenses related to growing our retail studio and service network along with investment to build out our global e-commerce platforms, IT and other G&A systems. We opened 6 additional studios and service centers and have hired personnel in North America, Europe and the Middle East as we prepare the business for international sales and service in 2022. Over the next several quarters, we will continue to build out our core business systems and direct-to-consumer digital and physical infrastructure to transact with customers in new countries.

我們第四季度的 SG&A 成本為 1.97 億美元，其中一部分包括與發展我們的零售工作室和服務網絡相關的費用，以及建立我們的全球電子商務平台、IT 和其他 G&A 系統的投資。我們又開設了 6 個工作室和服務中心，並在北美、歐洲和中東地區招聘了人員，為 2022 年的國際銷售和服務業務做準備。在接下來的幾個季度中，我們將繼續構建我們的核心業務系統以及直接面向消費者的數字和物理基礎設施，以便與新國家的客戶進行交易。

Additionally, operating expenses were impacted by stock-based compensation in the amount of $151 million in Q4, including vesting under the CEO equity award agreement. We expect that additional shares will vest under the CEO equity award agreement in early March. We've also strengthened our leadership team with key hires in accounting and finance. We appointed Gagan Dhingra as Vice President of Accounting and Internal Controls and Principal Accounting Officer; and Mustally Hussain as Managing Director, Global Treasurer and Head of Financial Services. Together, they bring decades of strategic leadership experience in building accounting and financial functions at multinational public companies.

此外，運營費用受到第四季度 1.51 億美元股票薪酬的影響，包括根據 CEO 股權獎勵協議歸屬。我們預計，根據 CEO 股權獎勵協議，額外股份將在 3 月初歸屬。我們還通過會計和金融領域的關鍵員工加強了我們的領導團隊。我們任命 Gagan Dhingra 為會計和內部控制副總裁兼首席會計官； Mustally Hussain 擔任董事總經理、全球財務主管和金融服務主管。他們共同帶來了數十年在跨國上市公司建立會計和財務職能方面的戰略領導經驗。

Attracting and retaining talented experienced people that want to be part of this new wave of transportation will be key to our success. So far, despite constraints in the labor market generally, we've been able to add talented colleagues to the Lucid team across geographies and levels in the organization.

吸引和留住有才華、有經驗的人，他們希望成為這一新交通浪潮的一部分，這將是我們成功的關鍵。到目前為止，儘管勞動力市場普遍受到限制，但我們已經能夠為 Lucid 團隊增加跨地域和跨組織級別的優秀同事。

Overall, and as reflected in our financial results, we continue to invest in best-in-class technology, processes, personnel and systems. This is a theme you will continue to hear throughout 2022 as we create the infrastructure necessary to scale globally and operate effectively as a large public company. As we prioritize scaling our business, we've executed strongly against our strategic objectives, setting the stage for another growth surge in 2022 commensurate with the increasing demand for the Lucid Air. As you heard from Peter, we successfully produced 400 vehicles and delivered approximately 300 cars to our customers, and our total reservations have increased to over 25,000 as of today.

總體而言，正如我們的財務業績所反映的那樣，我們將繼續投資於一流的技術、流程、人員和系統。在我們創建必要的基礎設施以在全球範圍內擴展並作為大型上市公司有效運營時，您將在 2022 年繼續聽到這一主題。當我們優先考慮擴大業務時，我們的戰略目標執行得非常有力，為 2022 年與 Lucid Air 日益增長的需求相稱的另一次增長奠定了基礎。正如您從 Peter 那裡聽到的那樣，我們成功生產了 400 輛汽車，並向我們的客戶交付了大約 300 輛汽車，截至今天，我們的總預訂量已增加到 25,000 多輛。

We've received multiple prestigious third-party accolades as well as great feedback from customers [who received] their cars. We continue to see strong demand for our premium products. In fact, the demand for Grand Touring at $139,000 is even higher than our lower-priced Touring model. We also have seen increasing reservations for the Lucid Air Pure Trim model, which we are targeting at a price point of less than $70,000 for consumers in the U.S. after the impact of tax incentives.

我們收到了多個享有盛譽的第三方讚譽以及[收到]汽車的客戶的好評。我們繼續看到對我們優質產品的強勁需求。事實上，139,000 美元的 Grand Touring 需求甚至高於我們價格較低的 Touring 車型。我們還看到對 Lucid Air Pure Trim 模型的預訂量增加，在稅收優惠的影響後，我們的目標是為美國消費者提供低於 70,000 美元的價格點。

With our reservations reflecting estimated revenues of more than $2.4 billion, we're accelerating our plans for growth as quickly as possible. Our retail footprint grew significantly in 2021, and we reached our goal of opening 20 studios and service centers by the end of the year with additional new locations planned for 2022. In addition, we're seeing strong progress to increase our total capacity from 34,000 units to 90,000 units with the Phase II expansion of AMP-1 in Arizona coming online in late 2023. Phase 2, which is an additional 2.85 million square feet, will include an in-factory logistics center, on-site stamping facility and the relocation of our powertrain center to AMP-1 from another location in Arizona, thereby helping to speed the assembly of finished goods and improve our overall efficiency.

由於我們的預訂反映了超過 24 億美元的估計收入，我們正在盡快加快我們的增長計劃。我們的零售足跡在 2021 年顯著增長，我們實現了到今年年底開設 20 個工作室和服務中心的目標，併計劃在 2022 年增加新的地點。此外，我們看到總容量從 34,000 個增加的強勁進展隨著 AMP-1 在亞利桑那州的第二階段擴建將於 2023 年底上線，單位數量將增加到 90,000 單位。第二階段將增加 285 萬平方英尺，將包括工廠內物流中心、現場沖壓設施和搬遷將我們的動力總成中心從亞利桑那州的另一個地點轉移到 AMP-1，從而有助於加快成品組裝並提高我們的整體效率。

In addition to the groundbreaking announcement we made today about our plans to build a new manufacturing facility, we continue to explore additional sites in China and possibilities in Europe. All of these efforts underscore our global ambitions and reflect the interest we are seeing for our products around the world.

除了我們今天宣佈建立新製造工廠的計劃外，我們還將繼續探索在中國的其他工廠和在歐洲的可能性。所有這些努力都彰顯了我們的全球雄心，並反映了我們在全球範圍內看到的對我們產品的興趣。

As mentioned by Peter, we are managing through supply chain challenges that you've heard about in numerous companies across industries this earning season. At Lucid, we have the right experience and resources to help mitigate these issues. In some cases, we're buying ahead to reduce the risk of parts shortages. This will be a use of cash in the coming year as some items now require more than a year's lead time.

正如彼得所提到的，我們正在應對您在本財報季從各行各業的眾多公司中聽到的供應鏈挑戰。在 Lucid，我們擁有正確的經驗和資源來幫助緩解這些問題。在某些情況下，我們會提前購買以降低零件短缺的風險。這將在來年使用現金，因為現在有些項目需要一年以上的交貨時間。

In situations when suppliers have not been able to deliver, there are multiple options to resolve these issues, and we've executed on all of them as needed to effectively deal with the current situation, including collaborating with existing suppliers to improve throughput and quality, switching suppliers if we deem that the best approach and necessary enhancements cannot be executed to our satisfaction and bringing the manufacturing in-house.

在供應商無法交付的情況下，有多種選擇可以解決這些問題，我們已根據需要對所有選擇執行以有效應對當前情況，包括與現有供應商合作以提高產量和質量，如果我們認為最好的方法和必要的改進不能讓我們滿意，並把製造帶入內部，則更換供應商。

Our holistic approach is a key competitive advantage. And when AMP-1 Phase 2 comes online, it will allow us to become even more nimble in the quarters ahead.

我們的整體方法是關鍵的競爭優勢。當 AMP-1 第 2 階段上線時，它將讓我們在未來幾個季度變得更加靈活。

As we consider Lucid's global market opportunity, the strength of our balance sheet is a leading asset. Building upon our successful listing on NASDAQ, we issued $2 billion in green convertible bonds in December. We were also selected to the NASDAQ 100 in December. As a result of our successful fundraising initiatives in 2021, we ended the year with over $6.2 billion of cash on hand, which ensures we are funded well into 2023. We have multiple options for additional funding to further solidify our position, which will enable us to continue to be opportunistic in the market. Balance sheet strength and financial discipline are central to our approach as we build our infrastructure and execute on the massive opportunity ahead. In all, we invested $421 million in CapEx in 2021 and these foundational investments will help deliver on the promise of electrification.

當我們考慮 Lucid 的全球市場機會時，我們資產負債表的實力是一項領先資產。在納斯達克成功上市的基礎上，我們於 12 月發行了 20 億美元的綠色可轉換債券。我們還在 12 月入選納斯達克 100 指數。由於我們在 2021 年成功的籌款計劃，到年底我們手頭有超過 62 億美元的現金，這確保我們在 2023 年獲得充足的資金。我們有多種額外資金選擇來進一步鞏固我們的地位，這將使我們能夠繼續在市場上投機取巧。資產負債表實力和財務紀律是我們建立基礎設施並利用未來巨大機遇執行方法的核心。總之，我們在 2021 年投資了 4.21 億美元的資本支出，這些基礎投資將有助於實現電氣化的承諾。

All in, with everything we've accomplished recently, we have the elements in place to execute successfully on our plans, the core pillars for future scalability and growth. Now turning to guidance. We're updating our outlook for 2022 production to a range of 12,000 to 14,000 vehicles. This projection represents our best estimate as we analyze our relationship with our suppliers and where the bottlenecks still exist in the supply chain, as well as our own internal plans to improve logistics.

總而言之，憑藉我們最近完成的一切，我們擁有成功執行我們計劃的要素，這是未來可擴展性和增長的核心支柱。現在轉向指導。我們將 2022 年的產量展望更新為 12,000 至 14,000 輛。這一預測代表了我們在分析我們與供應商的關係、供應鏈中仍然存在瓶頸的地方以及我們自己改善物流的內部計劃時的最佳估計。

We expect to remain supply chain constrained in select parts of the business in the coming months, and project improvement in the second half of the year. As we look at our operating expenses for the year, we expect to continue to see investment in our vehicle programs as well as investment in our retail operations, planning and business support functions. We will also be supporting our entry into the European and Middle East markets during 2022.

我們預計未來幾個月，部分業務的供應鏈仍將受到限制，下半年的項目將得到改善。當我們審視今年的運營費用時，我們預計將繼續看到對我們的車輛計劃以及對我們的零售業務、規劃和業務支持功能的投資。我們還將在 2022 年支持我們進入歐洲和中東市場。

We anticipate capital expenditures in the range of $2 billion in 2022, which includes investment to support our manufacturing facilities and associated machinery tooling and equipment and retail network and service development, both domestically and internationally as well as software and technology investments. This represents a nearly 5x increase compared to our spending in 2021 as we work to dramatically scale our business.

我們預計 2022 年的資本支出將達到 20 億美元，其中包括支持我們在國內和國際的製造設施和相關機械工具和設備以及零售網絡和服務開發的投資，以及軟件和技術投資。與我們在 2021 年的支出相比，這代表了近 5 倍的增長，因為我們正在努力大幅擴展我們的業務。

We are considering other accelerations and opportunistic projects and will act on them as they make sense during the year. We remain committed to our business model of starting with the production of higher trim products before moving to other tiers. With this in mind, we will be starting production of Pure later this year, which will lead to higher volumes and scaling.

我們正在考慮其他加速和機會主義項目，並將在年內對其採取行動。我們仍然致力於我們的商業模式，從生產更高級別的產品開始，然後再轉向其他層級。考慮到這一點，我們將在今年晚些時候開始生產 Pure，這將導致更高的產量和規模。

In closing, we are still in the early innings of the electric vehicle revolution and believe that we are well-positioned to emerge as one of the winners. We're confident that we have the right technology, people, products and funding trajectory to succeed. In just a moment, Peter will make some final comments and begin the Q&A portion of today's call. Today's Q&A will feature questions fielded from some of our retail investors with the aid of the Say Technologies platform, consistent with our commitment in November to introduce a mechanism to include questions from this important part of our shareholder base. We're excited to address those questions here.

最後，我們仍處於電動汽車革命的早期階段，並相信我們已做好準備成為贏家之一。我們相信我們擁有成功的正確技術、人員、產品和資金軌跡。稍後，Peter 將發表一些最後的評論，並開始今天電話會議的問答部分。今天的問答將以我們的一些散戶投資者在 Say Technologies 平台的幫助下提出的問題為特色，這與我們在 11 月承諾引入一種機制來包括來自我們這一重要股東基礎的問題的承諾相一致。我們很高興在這裡解決這些問題。

With that, I'd like to turn the call back to Peter. Thank you.

有了這個，我想把電話轉回給彼得。謝謝你。

Thank you, Sherry. I hope it's clear why we're so energized by what we've accomplished in the past few months. And by how much opportunity is still ahead of us. We are looking forward to continuing our dialogue with all of you in the months ahead as we build momentum in the business. And with that, let me turn it back to Lauren to get your questions.

謝謝你，雪莉。我希望很清楚為什麼我們對過去幾個月所取得的成就如此充滿活力。還有多少機會擺在我們面前。我們期待著在未來幾個月繼續與大家對話，因為我們在業務中建立了勢頭。有了這個，讓我把它轉回勞倫來回答你的問題。

Thank you, Peter. It is now time for our Q&A session. We will start by taking a few questions we received from investors who submitted questions on the Say Technologies platform. We have implemented this platform to enable shareholders to post questions directly to our management team, and we have chosen questions which address topics that we felt were not discussed in our prepared remarks. We will also take questions from our research analysts.

謝謝你，彼得。現在是我們的問答環節。我們將從在 Say Technologies 平台上提交問題的投資者那裡收到的幾個問題開始。我們已經實施了這個平台，使股東能夠直接向我們的管理團隊發布問題，我們選擇了一些問題來解決我們認為在我們準備好的評論中沒有討論的主題。我們還將接受研究分析師的提問。

And the first question we received from our retail investors is related to Lucid's current and forward-looking competitive strategy. Do you have any strategies in mind to compete with Tesla?

我們從散戶投資者那裡收到的第一個問題與 Lucid 當前的前瞻性競爭戰略有關。你有什麼策略可以與特斯拉競爭嗎？

Well, that's a fascinating point actually. Well, in fact, we really don't see ourselves competing directly with any particular car companies. Our goal and my goal is straight out to make the very best cars. We want to make the very best electric cars in the world. Our mission is to inspire the adoption of sustainable energy.

嗯，這實際上是一個有趣的觀點。嗯，事實上，我們真的不認為自己與任何特定的汽車公司直接競爭。我們的目標和我的目標是直接製造最好的汽車。我們想製造世界上最好的電動汽車。我們的使命是鼓勵採用可持續能源。

I actually believe that Lucid Air is the best product in the world already. I believe we're at the forefront of that technology and the proof points are that we have the most efficient EV with the highest range certified by the EPA. We have a high voltage, the fastest charging. And these are also proven and validated outside by real-world third parties and customers. But what excites me the most is we're advancing state-of-the-art. I'm really confident that we can do that because I know the product road map. For me, it's product, product, product.

實際上，我相信 Lucid Air 已經是世界上最好的產品。我相信我們處於該技術的最前沿，證據是我們擁有經 EPA 認證的最高效、續航里程最高的電動汽車。我們有高電壓，充電速度最快。這些也得到了現實世界的第三方和客戶的證明和驗證。但最讓我興奮的是我們正在推進最先進的技術。我非常有信心我們可以做到這一點，因為我知道產品路線圖。對我來說，它是產品、產品、產品。

Thank you, Peter. And our next question is supply chain related. How is Lucid approaching the chip shortage?

謝謝你，彼得。我們的下一個問題是與供應鏈相關的。 Lucid 如何解決芯片短缺問題？

Yes. As Peter mentioned in his prepared remarks, to date, we've not experienced a gating issue with semiconductors. And this is really for several reasons. First, Lucid has significant electrical and hardware engineering talent, and we designed many not all of our printed circuit boards in-house. Hence, when certain of these shortages have surfaced, we've been able to adjust our designs and revalidate and resource promptly, largely using our existing direct relationships. I mean second, we stay in close contact with our supply base to understand any critical shortages, and we do periodically leverage the spot market to secure chips that are at risk. And we purchased ahead where it makes good business sense.

是的。正如彼得在他準備好的評論中提到的那樣，迄今為止，我們還沒有遇到過半導體門控問題。這確實有幾個原因。首先，Lucid 擁有重要的電氣和硬件工程人才，我們在內部設計了許多並非全部的印刷電路板。因此，當這些短缺中的某些問題浮出水面時，我們能夠及時調整我們的設計並重新驗證和資源，主要是利用我們現有的直接關係。我的意思是第二，我們與我們的供應基地保持密切聯繫，以了解任何嚴重的短缺情況，並且我們會定期利用現貨市場來確保有風險的芯片。我們提前購買了它具有良好商業意義的地方。

In fact, just recently, I approved a purchase record ship that required a 72-week lead time. This is not a [trial] process to actively manage the chip shortage situation, and it does continue to evolve. But Lucid is really well-positioned to deal with these sort of challenges because of our deep subject matter expertise and the direct relationships that we enjoy with many of the semiconductor leaders.

事實上，就在最近，我批准了一艘需要 72 週交貨時間的採購記錄船。這不是一個積極管理芯片短缺情況的[試驗]過程，它確實在不斷發展。但由於我們深厚的主題專業知識以及我們與許多半導體領導者的直接關係，Lucid 確實處於應對這些挑戰的有利位置。

Thank you, Sherry. And our next question. Any update on the Apple Car discussion?

謝謝你，雪莉。還有我們的下一個問題。關於 Apple Car 討論的任何更新？

Well, I've been asked this question a number of times in the past. Unfortunately, we have nothing to provide related to discussions with Apple or any other potential partner at this point. But I would say, that said, we do recognize the attractiveness of our product and technology for such companies and we're always open to discussions. I mean, I think our efficiency, our connectivity, the sensor suite are significant points of attraction for such partnerships in the autonomous vehicle space or as it relates to other in-cabin monetization opportunities.

好吧，過去我曾多次被問過這個問題。不幸的是，我們目前無法提供與 Apple 或任何其他潛在合作夥伴的討論相關的信息。但我想說，就是說，我們確實認識到我們的產品和技術對此類公司的吸引力，並且我們始終對討論持開放態度。我的意思是，我認為我們的效率、我們的連接性、傳感器套件是自動駕駛汽車領域的此類合作夥伴關係的重要吸引力點，或者因為它與其他艙內貨幣化機會有關。

I think we really recognize that we are in the process of creating a Lucid Air computer on wheels. And that software development is a huge part of that. We've been focused upon developing software as much as hardware in the past year, we brought in significant leadership from Apple and other disruptive technology companies to take up our digital engineering leadership. We remain very open-minded on this front, and we're excited about potential for partnerships.

我認為我們真的認識到我們正在開髮帶輪子的 Lucid Air 計算機。軟件開發是其中的重要組成部分。在過去的一年裡，我們一直專注於開發軟件和硬件，我們從 Apple 和其他顛覆性技術公司引入了重要的領導者，以承擔我們在數字工程方面的領導地位。我們在這方面仍然非常開放，我們對合作的潛力感到興奮。

We remain open-minded on this front and are excited about potential for partnership. I will now take a question from John Murphy with Bank of America.

我們在這方面保持開放的態度，並對合作的潛力感到興奮。我現在將回答美國銀行約翰·墨菲的一個問題。

I just have 2 quick ones. First, Peter, as you think about the causal factors for the reduction in your planned production this year, I mean, you're citing supply chain. It appears that maybe some of the capacity expansion and reorganization has put forth or been prioritized over ramping volume in the near term for the benefit in the long term, and there might be some other micro issues that we can't see.

我只有2個快速的。首先，彼得，當您考慮今年計劃產量減少的原因時，我的意思是，您引用了供應鏈。看來，為了長期利益，近期可能一些產能擴張和重組已經提出或優先於增加產量，並且可能還有一些我們看不到的其他微觀問題。

I'm just wondering if you could kind of bucket those or maybe rank those in order of sort of impact. And then also as we think about this, does this change your outlook for 2023 volumes? Or is this sort of short-term pain for long-term gain?

我只是想知道您是否可以將這些存儲起來，或者按照影響的順序對它們進行排名。然後，當我們考慮這一點時，這是否會改變您對 2023 年銷量的展望？或者這種短期的痛苦是為了長期的利益？

Those are interesting points. I mean, first of all, I would say that we have been primarily constrained. We've got about 250 suppliers worldwide, notionally about 3,000 parts. And this has been really a phenomenon of just a small handful of our 250 suppliers. Paradoxically, we've been mainly impacted in a commodity supply parts. For example, finished parts, trim parts for the exterior, even glass and carpet. So it's not the core technologies of the vehicle that have been largely impacting us here. And we have -- you're right, we've chosen quality over volume. We don't want to get sucked into myopic view of short-term numbers. We're building a brand with a 10-year plan. And our customers have been really grateful and appreciative of the quality that we've built into our car, the build quality.

這些都是有趣的點。我的意思是，首先，我會說我們主要受到限制。我們在全球擁有大約 250 家供應商，理論上大約有 3,000 個零件。這實際上只是我們 250 家供應商中的一小部分的現象。矛盾的是，我們受到的主要影響是商品供應部分。例如，成品部件、外部裝飾部件，甚至玻璃和地毯。因此，對我們產生重大影響的並不是車輛的核心技術。我們有 - 你是對的，我們選擇了質量而不是數量。我們不想陷入對短期數字的短視。我們正在建立一個有 10 年計劃的品牌。我們的客戶非常感激和讚賞我們為汽車打造的質量，即製造質量。

So we prioritize quality over numbers.

所以我們優先考慮質量而不是數量。

For 2023, just to provide a little bit of context there, the supply chain situation is quite dynamic, and we will share guidance as we experience more of the following quarters, and we'll be doing that in Q4 for sure. What we can say though is that the tooling is coming on nicely within the factory for Phase 2, and that is enabling us to be able to produce up to 53,000 and Lucid Airs as we are -- by the end of 2023. So we do have the ability to -- we are bringing on this tooling that's going to enable continued availability of production.

對於 2023 年，僅提供一些背景信息，供應鏈情況非常動態，隨著我們在接下來的幾個季度中經歷更多，我們將分享指導，我們肯定會在第四季度這樣做。不過，我們可以說的是，第二階段的工具在工廠內運行良好，這使我們能夠在 2023 年底之前生產多達 53,000 台和 Lucid Airs。所以我們做到了有能力——我們正在引入這種工具，它將使生產的持續可用性成為可能。

Exactly. And by way of risk mitigation, John, we're supplying particular support to some suppliers to up their processes and bring them in line with our quality expectations. Some we're actually reallocating the supply to new suppliers. And in some instances, we're actually bringing processes and manufacturing in-house so that we can have a vertically integrated control of quality and volume.

確切地。約翰，通過降低風險的方式，我們正在為一些供應商提供特別支持，以提升他們的流程並使其符合我們的質量預期。有些我們實際上正在將供應重新分配給新的供應商。在某些情況下，我們實際上是在內部引入流程和製造，以便我們可以對質量和數量進行垂直整合控制。

Okay. That's very helpful. And then just a second question around the Saudi facility. Do you expect the financing to come from internal funds that you have? Or do you think the public investment fund will be a key component funding that capacity addition, I should say, even expansion, but the incremental addition of that facility in Saudi Arabia? It just sounds like there would be a lot of interest in the diversification from their standpoint, so they might be able to or willing to put more capital in. I'm just curious what your expectations are there.

好的。這很有幫助。然後是關於沙特設施的第二個問題。您是否期望資金來自您擁有的內部資金？或者你認為公共投資基金將成為增加產能的關鍵組成部分，我應該說，甚至是擴張，但在沙特阿拉伯增加該設施？從他們的角度來看，這聽起來對多元化很感興趣，所以他們可能能夠或願意投入更多資金。我只是好奇你的期望是什麼。

Well, first of all, we ended the year with $6.26 billion of cash in the balance sheet. So that in and of itself funds us really well into 2023. So as we look to launch these efforts here in 2022, we already have the cash available to us to be able to use. I mean as we move forward with our forward business plan, we plan to leverage many sources of capital. It could come from governments that could come from the capital markets, whether it be debt or equity. And right now, we see just a tremendous number of opportunities for funds. So we're going to look at what's going to be in the best interest of the shareholders. and be really opportunistic looking for cash that is efficient.

嗯，首先，我們在資產負債表中以 62.6 億美元的現金結束了這一年。因此，這本身就可以很好地為我們提供到 2023 年的資金。因此，當我們希望在 2022 年在這裡開展這些工作時，我們已經有足夠的現金可供我們使用。我的意思是，隨著我們推進我們的未來業務計劃，我們計劃利用許多資金來源。它可能來自政府，也可能來自資本市場，無論是債務還是股權。而現在，我們只看到了大量的資金機會。因此，我們將研究什麼將最符合股東的利益。並且非常機會主義地尋找有效的現金。

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

Pur 下一個問題來自 Itay Michaeli 與 Citi 的對話。

A couple of questions. Just first, going back to the supply chain pressures. I was hoping you can maybe articulate it sounds like you expect most of the recovery to happen in the second half of the year. Maybe talk about how much visibility you have over the next few months with some of the suppliers you mentioned and just the degree of confidence of how to think about the cadence of improvement in production throughout the year.

幾個問題。首先，回到供應鏈壓力。我希望你能說得清楚，聽起來你預計大部分複蘇將在下半年發生。也許談談你在接下來的幾個月裡與你提到的一些供應商的知名度，以及如何考慮全年生產改進節奏的信心程度。

Yes. Well, we have an earning focus on addressing some of the supply chain challenges. We see them to continue for the next few months. But we see an uptake in the second half of the year. So we're really optimistic that we're going to be able to resolve these. And again, this is a small handful of suppliers. We're not talking about fundamental technologies here. We're talking largely paradoxically commodity suppliers, finishes, carpet, glass and things like that. And unfortunately, you can't sell a single quality car unless those -- particularly those visible parts are absolutely perfect.

是的。好吧，我們的收入重點是解決一些供應鏈挑戰。我們認為它們將在接下來的幾個月中繼續存在。但我們看到今年下半年會有增長。因此，我們非常樂觀地認為我們將能夠解決這些問題。同樣，這是少數供應商。我們在這裡不是在談論基礎技術。我們談論的主要是自相矛盾的商品供應商、飾面、地毯、玻璃和類似的東西。不幸的是，除非那些——尤其是那些可見的部分是絕對完美的，否則你不能賣出一輛優質的汽車。

So we're very optimistic that we will resolve, but it's going to take a few months, and the second half of the year, we'll see a significant uptake. And our guidance is based upon that premise.

所以我們非常樂觀地認為我們會解決，但這需要幾個月的時間，到今年下半年，我們會看到一個顯著的增長。我們的指導就是基於這個前提。

That's very helpful, Peter. And just a quick follow-up on the 25,000-plus reservations. Hoping you can give a bit more context around the regional breakdown, kind of where you're seeing the most incremental demand coming from. I don't know if you can give detail on which other vehicles or segments, some of these reservation holders are kind of coming from. Any additional comment will be helpful.

這很有幫助，彼得。只需對 25,000 多個預訂進行快速跟進。希望您能提供更多有關區域細分的背景信息，這是您看到最大需求增量的地方。我不知道您是否可以詳細說明哪些其他車輛或細分市場，其中一些預訂持有者來自。任何其他評論都會有所幫助。

So we announced we've got over 25,000 reservations. Last time we announced, we had over 17,000 mid-November. So that's well over 40% uptake. I think what's really important to recognize here is that, that is just for Lucid Air. This is -- we haven't opened reservations for Gravity. And this is our reservations that only opened in North America, Europe and the Middle East. The lion's share of those reservations are our home market here in the U.S. And also, we have a fantastic mix here.

所以我們宣布我們已經收到了超過 25,000 份預訂。上次我們宣佈時，我們在 11 月中旬有超過 17,000 個。所以這遠遠超過了 40% 的吸收率。我認為這裡真正重要的是要認識到，這僅適用於 Lucid Air。這是 - 我們還沒有為 Gravity 開放預訂。這是我們僅在北美、歐洲和中東開放的預訂。這些預訂的最大份額是我們在美國的本土市場。而且，我們在這裡有一個很棒的組合。

Of course, the Dream edition is sold out. We've actually started making Grand Tourings, and Touring is coming later this year and reaching to something that really excites me the Pure before the end of this year And we've got a really healthy mix of orders between those models. Moreover, I should say, because the Dream edition was so resoundingly sold out, we are looking at how we can address that actual latent demand out there for our higher end products.

當然，夢想版已經售罄。我們實際上已經開始製作 Grand Tourings，Touring 將於今年晚些時候推出，並在今年年底之前達到讓我真正興奮的東西，而且我們在這些模型之間得到了非常健康的訂單組合。此外，我應該說，由於 Dream 版的銷售量非常大，我們正在研究如何解決對高端產品的實際潛在需求。

Our next question comes from the line of Charles Coldicott with Redburn.

我們的下一個問題來自 Charles Coldicott 和 Redburn 的觀點。

So my first question for Sherry. So CapEx, thanks for the guidance of $2 billion this year. I have in mind that at one stage last year, you were intending to spend $900 million in '22. And then I think in July, you announced a plan to accelerate some spending. But nevertheless, the $2 billion, it feels like a further raise on that acceleration. So can you talk to us a little bit about where that additional spending is going and the benefits that should come from it? Yes. Maybe I'll start with that.

所以我對雪莉酒的第一個問題。所以資本支出，感謝今年 20 億美元的指導。我記得在去年的某個階段，你打算在 22 年花費 9 億美元。然後我認為在 7 月份，您宣布了一項加速支出的計劃。但是，儘管如此，這 20 億美元，感覺就像是在加速增長的基礎上進一步提高。那麼你能和我們談談額外支出的去向以及應該從中獲得的好處嗎？是的。也許我會從那開始。

Yes, of course. Actually, we were planning to spend closer to $900 million in 2021, and that was before we did that June update. In 2021, we ended up spending $421 million in CapEx. And it wasn't that anything is delayed. It's just payment of some of the CapEx ended up being shifted out by about a quarter. So a lot of that $500 million essentially is now moving into 2022. So that is increasing the base amount that you're seeing originally in 2022.

是的當然。實際上，我們計劃在 2021 年花費近 9 億美元，而那是在我們進行 6 月更新之前。 2021 年，我們最終在資本支出上花費了 4.21 億美元。並不是任何事情都被延遲了。只是部分資本支出的支付最終被轉移了大約四分之一。因此，這 5 億美元中的大部分現在已經進入 2022 年。這增加了您最初在 2022 年看到的基本金額。

And actually, our amount in 2022, the prior guidance was higher than that. It was, I believe, closer to $1.3 billion originally. And so now we're bringing in that $500 million.

實際上，我們在 2022 年的金額，之前的指導高於此。我相信，最初接近 13 億美元。所以現在我們帶來了 5 億美元。

And then as you might recall in that June press release, we had talked about taking some of the spend, $350 million of the spend, from 2025 and '26 and moving it into the earlier years with an overall increase in CapEx with 6% to 7%. So really, you're not seeing anything different from that guidance that we provided before, you're seeing this kind of shift that's happening.

然後，正如您在 6 月的新聞稿中所記得的那樣，我們曾談到從 2025 年和 26 年將部分支出（3.5 億美元）轉移到早期，資本支出總體增長 6% 至7%。所以真的，你沒有看到與我們之前提供的指導有任何不同，你看到了這種正在發生的轉變。

Okay. Wonderful. And my second question, you mentioned some input cost inflation, maybe around logistics. Obviously, we've seen it more broadly from raw materials. I'm wondering what sort of impact we should expect from that this year? And are you intending to offset any or maybe all of it with price rises?

好的。精彩的。我的第二個問題，你提到了一些投入成本的膨脹，可能是在物流方面。顯然，我們已經從原材料更廣泛地看到了它。我想知道今年我們應該期待什麼樣的影響？您是否打算通過價格上漲來抵消任何或全部？

Yes. Like many of the OEMs right now, we are definitely studying price and making sure that the value that we're providing to the customers makes sense in the context of the price that we're charging. And there may be opportunity there, and that's something we're going to continue to study over the future quarters, potentially to offset some of these increases but also it just may make good business sense. So more to come on that. We're analyzing it.

是的。像現在的許多原始設備製造商一樣，我們肯定在研究價格，並確保我們為客戶提供的價值在我們收取的價格背景下是有意義的。那裡可能有機會，這是我們將在未來幾個季度繼續研究的東西，可能會抵消其中的一些增長，但也可能具有良好的商業意義。所以還有更多的事情要做。我們正在分析它。

On the cost side, we do see this continuing logistics cost increases both in air as well as land and sea. And so part of what we're trying to do as we're starting to stabilize and moving out of some of the early launches to move more of our parts from air to sea, which will bring down some of our costs. But despite our actions there, the costs are high regardless. So we are planning to still see these high cost throughout 2022, and we do expect that, that is going to result negative gross margin for us through 2022 due to these impacts supply chain and logistic issues, and it's just going to end up attaching itself to the inventory costs, which is going to cause -- we anticipate further impairment charges within the cost of goods sold.

在成本方面，我們確實看到空中以及陸地和海上的這種持續物流成本增加。因此，當我們開始穩定並退出一些早期發射以將我們的更多零件從空中轉移到海上時，我們正在嘗試做的部分工作，這將降低我們的一些成本。但是，儘管我們在那裡採取了行動，但無論如何成本都很高。因此，我們計劃在整個 2022 年仍然看到這些高成本，並且我們確實預計，由於這些影響供應鍊和物流問題，到 2022 年這將導致我們的毛利率為負，並且最終會自行增加到庫存成本，這將導致 - 我們預計銷售成本中的進一步減值費用。

But we do see that lessening as the year goes by, and we're taking lots of mitigating actions. As I mentioned, things like that overseas components, moving them from air to sea. And we're looking at getting early analysis on some of the shipping channels that we have, looking at how we can aggregate shipments. So lots of actions are in the works there.

但隨著時間的推移，我們確實看到這種情況正在減少，我們正在採取許多緩解措施。正如我所提到的，諸如海外組件之類的東西，將它們從空中轉移到海上。我們正在考慮對我們擁有的一些運輸渠道進行早期分析，看看我們如何聚合發貨。所以很多行動都在進行中。

Our next question comes from the line of Ali Faghri with Guggenheim Partners.

我們的下一個問題來自 Ali Faghri 與 Guggenheim Partners 的對話。

Great. First, just a quick clarification on the Air production ramp. When do you expect to finish the Dream edition deliveries and start delivering the Grand Touring trim?

偉大的。首先，快速澄清一下 Air 生產坡道。您預計何時完成 Dream 版交付並開始交付 Grand Touring 內飾？

Well, we've actually started delivering the Grand Touring already. And as soon as we're able to secure sufficient parts of sufficient quality, we will complete delivery to our customers of the Dream edition. And that can't happen soon enough for me.

好吧，我們實際上已經開始提供 Grand Touring。一旦我們能夠確保足夠的質量足夠的零件，我們將完成向我們的客戶交付夢想版。這對我來說不會很快發生。

Great. And then on the Gravity SUV production launch now being expected in 2024 versus 2023 prior, could you provide us a bit more color on why you're pushing out the launch at this point? I think is there anything specific you'd highlight that makes you feel like it's going to take longer to get the SUV out of the door since it does seem like most of the supply chain issues impacting production now should be transporting?

偉大的。然後關於現在預計在 2024 年而不是 2023 年推出的 Gravity SUV 生產，您能否為我們提供更多關於您為什麼要在此時推出該產品的顏色？我認為您有沒有什麼特別要強調的東西，讓您覺得將 SUV 推出門需要更長的時間，因為現在影響生產的大多數供應鏈問題似乎都應該是運輸？

Yes, exactly. So I just want to make it a better product. I'm really excited with the way it's developing. It's just going to be awesome. It's taken a few twists and turns in its development to make it even better than we had anticipated. So I'm super pumped and I think it needs -- deserves just a little bit longer. We also want to integrate a lot of the learnings of productionalization from Lucid Air into that program, have that healthy feedback loop of integrating those learnings. We're going to have a transformative SUV, which is going to embody the core Lucid DNA, product DNA, the space concept. And more compact on the outside, more space, more practicality, more luxury on the inside.

對，就是這樣。所以我只是想讓它成為更好的產品。我對它的發展方式感到非常興奮。這會很棒。它的發展經歷了一些曲折，使它比我們預期的還要好。所以我非常興奮，我認為它需要 - 應該更長一點。我們還希望將來自 Lucid Air 的大量產品化學習整合到該計劃中，並擁有整合這些學習的健康反饋循環。我們將擁有一款變革性的 SUV，它將體現核心 Lucid DNA、產品 DNA、空間概念。外觀更緊湊，空間更大，實用性更強，內部更奢華。

And we're going to have an ultra-high efficiency SUV, which nobody has ever done before.

我們將擁有一輛超高效的 SUV，這是前所未有的。

And we will next take our investor question through the Say Technologies platform. What's the future plan in terms of expanding sales and charging stations?

接下來，我們將通過 Say Technologies 平台回答投資者的問題。在擴大銷售和充電站方面的未來計劃是什麼？

Thanks, Lauren. Yes, we are actively and thoughtfully investing in our retail studio and service center footprint to support our customers throughout their customer journey. And that's everything from discovery and initial interactions with our product and technology all the way through over-the-air updates and post sales and service. As we disclosed, we have increased our studio and service center footprint to 20 locations by the end of 2021. All of those were in North America, and we brought our first Canadian operation online in Q4. And we're excited to be entering the European and Middle East markets in 2022. We have started working our Munich location, and we expect to open it this spring.

謝謝，勞倫。是的，我們正在積極而周到地投資於我們的零售工作室和服務中心，以在客戶的整個客戶旅程中為他們提供支持。這就是從發現和與我們的產品和技術的初始交互一直到無線更新以及售後和服務的所有內容。正如我們所披露的，到 2021 年底，我們已將工作室和服務中心的足跡增加到 20 個。所有這些都在北美，我們在第四季度將我們的第一個加拿大業務上線。我們很高興能在 2022 年進入歐洲和中東市場。我們已經開始在慕尼黑開展工作，預計今年春天開業。

And then we also have several other domestic and international announcements planned throughout this year. I should also mention that we have mobile vans deployed in over a dozen major metropolitan areas already, and we're going to be expanding that throughout the year as well.

然後，我們還計劃在今年全年發布其他幾項國內和國際公告。我還應該提到，我們已經在十幾個主要大都市地區部署了移動貨車，我們還將在全年進行擴展。

On the charging front, first off, we're fortunate to have the longest range and the fastest charging vehicles. So our charging frequency and duration is shortened. That said, we are continuing to enjoy the partnership that we've established with Electrify America, and we're actively studying whether it makes sense to deploy specific high-speed charging infrastructure on a case-by-case basis.

在充電方面，首先，我們很幸運擁有續航里程最長、充電速度最快的車輛。所以我們的充電頻率和持續時間都縮短了。也就是說，我們將繼續享受與 Electrify America 建立的合作夥伴關係，並且我們正在積極研究根據具體情況部署特定的高速充電基礎設施是否有意義。

We're also watching the deployment plans for charging infrastructure that's funded by the U.S. government, and we're excited to hear that with the joint office that's being developed between transportation and energy, that they're looking to get some of these first charging infrastructure in place and online as soon as the end of this year. And so that's also going to benefit all of us in the EV sector. So we're excited about that as well.

我們也在關注由美國政府資助的充電基礎設施的部署計劃，我們很高興聽到與交通和能源之間正在開發的聯合辦公室，他們希望獲得其中的一些首次充電基礎設施到位並最快在今年年底上線。因此，這也將使我們在電動汽車領域的所有人受益。所以我們也對此感到興奮。

Great. Thank you, Sherry. And the last question we will take from the Say Technologies platform. What are the next plans for the company? And where do you see Lucid in 10 years?

偉大的。謝謝你，雪莉。我們將從 Say Technologies 平台提出的最後一個問題。公司接下來的計劃是什麼？ 10 年後你會在哪裡看到 Lucid？

Oh, wow. Well, as we discussed in our previous remarks, right now, we're focused on ramping up production and achieving delivery targets. And we've got a laser focus on the team, the company is just laser-focused on that. As we seek to fulfill what is now 25,000 reservations, over 25,000 that have been placed by customers for just the Lucid Air. So now we've got Grand Touring in production and then the next product is already taking place. Then we've got Touring coming later this year. But the one that I'm really excited about is Pure. Pure is on schedule for late this year, the Pure version of Lucid Air in its purest most affordable form.

哦，哇。好吧，正如我們在之前的評論中所討論的，現在，我們專注於提高產量和實現交付目標。而且我們非常關注團隊，公司只是專注於這一點。當我們尋求完成現在的 25,000 份預訂時，客戶已為 Lucid Air 預訂了超過 25,000 份。所以現在我們已經生產了 Grand Touring，然後下一個產品已經開始生產。然後我們將在今年晚些時候推出 Touring。但我真正興奮的是 Pure。 Pure 計劃於今年晚些時候推出，Lucid Air 的 Pure 版本以其最純淨、最實惠的形式。

And we're expanding our manufacturing footprint as well, both now through expansion at our AMP-1 factory in Arizona, and that's through Phase 2. That will add 2.85 million square feet to our production footprint and will increase our annual production capacity in Arizona up to 90,000 vehicles per annum. And in addition, we'll be building out our AMP-2, our second factory, in the Kingdom of Saudi Arabia, our first assembly site overseas. And that, alone will add another 150,000 vehicle production per annum.

我們也在擴大我們的製造足跡，現在通過擴建我們在亞利桑那州的 AMP-1 工廠，以及通過第 2 階段。這將為我們的生產足跡增加 285 萬平方英尺，並將提高我們在亞利桑那州的年生產能力每年多達 90,000 輛汽車。此外，我們將在沙特阿拉伯王國建造我們的第二家工廠 AMP-2，這是我們在海外的第一個組裝基地。僅此一項，每年將再增加 150,000 輛汽車的產量。

As discussed, we continue to look on Lucid Gravity. That's on track for the first half of '24. I'm super excited about how disruptive an SUV this is going to be. And overall, we have the industry's leading EV sedan, and we started customer deliveries. It's a significant achievement for our company. Next step is really about scaling. Scaling, scaling, scaling. And capturing the tremendous opportunities ahead just as our consumer interest in EVs is reaching this inflection point.

如前所述，我們繼續關注 Lucid Gravity。這在 24 年上半年有望實現。我對這款 SUV 的顛覆性感到非常興奮。總體而言，我們擁有行業領先的電動轎車，並且我們開始向客戶交付。這對我們公司來說是一項重大成就。下一步實際上是關於擴展。縮放，縮放，縮放。在我們消費者對電動汽車的興趣達到這個拐點之際，抓住未來的巨大機遇。

And of course, I'm a product guy, it's going to be scale, scale, scale. Product, product. This is a technology race. But to wrap up, I'd like to just say a few words, how grateful we are to all our stakeholders, to the employees, to investors, to our suppliers, our partners for helping us in the progress and for helping realizing this all-important mission.

當然，我是一個產品專家，這將是規模，規模，規模。產品，產品。這是一場技術競賽。但最後，我只想說幾句話，我們非常感謝所有利益相關者、員工、投資者、供應商、合作夥伴幫助我們取得進展並幫助實現這一切——重要使命。

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。