Lucid Group, Inc. (LCID) 2026 Q2 法說會逐字稿

Good day and welcome to Lucid Group's second quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Lucid Group 2026 年第二季財報電話會議。(接線員指示) 請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker, Nick Twork, Chief Communications Officer. Please go ahead.

現在我想把會議交給今天的講者，首席傳播長 Nick Twork。請開始。

Thank you and welcome. Joining me today are Silvio Napoli, our CEO, and Taoufiq Boussaid, our CFO. Before handing the call over to Silvio, let me remind you that some of the statements on this call include forward-looking statements under federal securities laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, vehicles and products, studios and service networks, financial and operating outlook, timeline and guidance, liquidity position, capital expenditures, macroeconomic, geopolitical, policy and industry trends, tariffs and trade policy, company initiatives and plans, leadership changes, and other future events. These statements are based on various assumptions, whether or not identified in this communication, and on the predictions and expectations of our management as of today.

謝謝，歡迎各位。今天與我一同出席的有我們的執行長 Silvio Napoli，以及財務長 Taoufiq Boussaid。在把電話交給 Silvio 之前，先提醒各位，本次電話會議中的部分陳述依據聯邦證券法屬於前瞻性陳述。其中包括但不限於：公司未來財務表現、產量與交付量、車輛與產品、展示中心與服務網路、財務與營運展望、時程與指引、流動性狀況、資本支出、總體經濟、地緣政治、政策與產業趨勢、關稅與貿易政策、公司倡議與計畫、領導階層變動，以及其他未來事件等相關陳述。這些陳述係基於多項假設（無論本次溝通中是否明確指出），並以截至今日管理層的預測與期望為基礎。

Actual events or results are difficult or impossible to predict and may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our annual report on Form 10-K for the year ended December 31, 2025, subsequent quarterly reports on Form 10-Q, current reports on Form 8-K and other filings and the forward-looking statements on page 2 of our quarterly earnings presentation available on the Investor Relations section of our website at ir.lucidmotors.com. We undertake no obligation to revise or update publicly any forward-looking statement for any reason, except as required by law.

實際事件或結果難以或無法預測，且可能因多項風險與不確定性而有所不同。我們請各位參閱：截至 2025 年 12 月 31 日止年度的 Form 10-K 年報、後續的 Form 10-Q 季報、Form 8-K 即時報告及其他申報文件中的警示性用語與風險因素，以及我們網站投資人關係專區 ir.lucidmotors.com 上可取得之季度財報簡報第 2 頁的前瞻性陳述。

In addition, management will make references to non-GAAP financial measures during this call. A discussion of why we use non-GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon, as well as in the earnings presentation. Please note that today's agenda is longer than usual. We plan to reserve 20 minutes for questions at the end of the call, and we'll take them in the order received.

此外，管理層在本次電話會議中將提及非 GAAP 財務衡量指標。關於我們為何使用非 GAAP 財務衡量指標的說明，以及 GAAP 與非 GAAP 結果的調節資訊，已載於今天下午稍早發布的財報新聞稿以及財報簡報中。請注意，今天的議程比平常更長。我們計畫在電話會議結束前保留 20 分鐘進行問答，並將依收到的順序提問。

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

接下來，我想把電話交給 Lucid 執行長 Silvio Napoli。Silvio，請開始。

Thank you, Nick. Good afternoon, everyone, and thank you for joining us for my first quarterly results as Lucid's CEO. As promised, today I'll share my initial assessment, our mid-term priorities, and the actions already underway. In my first two months as CEO with the company, I spent much of my time with the people who do the work in our factories, studios, service centers, engineering labs, and technology centers. My approach is simple: listen first, understand what is happening on the ground, and act with urgency.

謝謝你，Nick。各位下午好，感謝各位參加我擔任 Lucid 執行長後的首次季度業績說明。如先前承諾，今天我將分享我的初步評估、我們的中期優先事項，以及目前已在推進的行動。在我加入公司擔任執行長的前兩個月，我把大量時間花在與那些在工廠、展示中心、服務中心、工程實驗室與技術中心實際執行工作的同仁交流。我的方法很簡單：先傾聽、了解第一線正在發生的事情，並以緊迫感採取行動。

Over more than 30 years, I've led complex technology-driven manufacturing and service businesses through many of the same fundamental challenges Lucid faces today. That experience is directly relevant to the work ahead and is one of the reasons I came to Lucid. And what I've seen so far gives me confidence in Lucid's inherent value and potential. We have leading technology, compelling award-winning products, and deeply committed people. But potential is not performance, and effort is not the same as results.

在超過 30 年的職涯中，我曾帶領複雜、以科技驅動的製造與服務型企業，面對並克服許多與 Lucid 今日所面臨相同的根本挑戰。這些經驗與接下來的工作高度相關，也是我加入 Lucid 的原因之一。而我目前所看到的一切，讓我對 Lucid 的內在價值與潛力充滿信心。我們擁有領先的技術、具吸引力且屢獲獎項的產品，以及高度投入的團隊。但潛力不等於績效，努力也不等於成果。

Now, before discussing our priorities, I want to be very direct about our situation. I came to Lucid with a mandate from the Board to do what is necessary to fix the business. My acceptance of this exciting challenge is based on the clear understanding that financial support is needed to provide the runway to make the company profitable and successful. Together with the Board, we are confident in our results, and that confidence is supported by the financial and operational measures that I will discuss today, which we expect will provide sufficient liquidity runway well into 2027.

在討論我們的優先事項之前，我想非常直接地談談我們的處境。我加入 Lucid，是董事會授權我採取必要措施來修復這門生意。我接受這項令人振奮的挑戰，是基於一個清楚的共識：公司需要財務支持，才能提供足夠的跑道，使公司走向獲利與成功。我與董事會對我們的成果充滿信心，而這份信心也由我今天將討論的財務與營運措施所支撐；我們預期這些措施將提供充足的流動性跑道，延伸至 2027 年的相當一段時間。

But let me be direct. The way we operate has to change. While there is no question that Lucid brought leading innovations and outstanding products to the market, we are disappointed on several fronts, and for far too long. We have not executed consistently, we missed commitments, launched products before they were ready, underinvested in service, responded too slowly to quality issues, and allowed complexity to slow decisions down. Accountability has too often been diffused rather than clearly owned, and we have not operated as one team. The consequence is clear.

但我必須直言。我們的營運方式必須改變。毫無疑問，Lucid 為市場帶來了領先的創新與卓越的產品，但我們在多個面向令人失望，而且時間已經太久。我們未能持續穩定地執行、未能達成承諾、在產品尚未準備就緒前就推出、對服務投入不足、對品質問題反應過慢，並讓複雜性拖慢決策。責任歸屬過於分散，未能清楚由人承擔，我們也未能以一個團隊的方式運作。其後果非常明確。

We have strained trust. Trust with our customers, trust with our employees, trust with our suppliers, and ultimately, trust with you, our investors. And I'm here because I'm convinced, we can rebuild this trust. We will fix the business because the underlying causes are operational and largely within our control. But to get there, we must go back to basics.

我們的信任已經受損。客戶對我們的信任、員工對我們的信任、供應商對我們的信任，最終還包括各位投資人對我們的信任。而我在這裡，是因為我深信我們能重建這份信任。我們將修復這門生意，因為根本原因在於營運，而且大多在我們可控範圍之內。但要做到這一點，我們必須回歸基本功。

All our work must be focused on three fundamentals and 4 must-win deliverables. We define the 3 fundamentals as our 3Cs: cash and cost, customer and quality, and culture and team. The 4 must-win projects are: first, our plan to deliver $1.4 billion of cash flow improvement by year-end. Second, the Uber/Nuro Robotaxi project. Third, the completion of our AMP-2 factory in Saudi Arabia; and fourth, our Midsize platform.

我們所有工作都必須聚焦於三項基本面與四項必勝交付成果。我們將三項基本面定義為 3C：現金與成本、客戶與品質、以及文化與團隊。四項必勝專案為：第一，我們的計畫是在年底前實現 14 億美元的現金流改善。第二，Uber/Nuro Robotaxi 專案。第三，完成我們在沙烏地阿拉伯的 AMP-2 工廠；第四，我們的中型車平台。

Let me first provide some color on the 3Cs, starting with cash and cost. During my first month as CEO, we reduced our US workforce by one-fifth and eliminated the second shift at our Arizona factory. These two measures combined generated $158 million in projected annualized savings. The decision to separate ourselves from hard-working team members was not taken lightly.

我先就 3C 提供一些補充說明，從「現金與成本」開始。在我擔任執行長的第一個月，我們將美國員工人數縮減五分之一，並取消亞利桑那工廠的第二班次。這兩項措施合計帶來預估每年年化節省 1.58 億美元。與勤奮工作的團隊成員分道揚鑣，這個決定並非輕率做出。

And in fact, I would like to take this opportunity to thank them again for their contribution to make Lucid what it is today. But that decision was necessary, and it was only the first step in our cost reduction efforts. We need to be direct about the scale of the challenge. Lucid continues to consume a significant amount of cash each quarter as we invest simultaneously in a manufacturing footprint, vehicle production, and future programs. That level of cash burn is not sustainable and bringing it down is an immediate priority.

事實上，我也想藉此機會再次感謝他們對打造今日 Lucid 所做出的貢獻。但這個決定是必要的，而且這只是我們降本工作的第一步。我們必須正視挑戰的規模。Lucid 仍在每一季消耗大量現金，因為我們同時投資於製造版圖、車輛生產以及未來計畫。這樣的現金消耗水準無法持續，降低現金消耗是當務之急。

We are therefore reviewing every major cost, each individual investment, and every single program across the company. Our objective is to reduce cash burn with urgency while protecting the initiatives that are most critical to Lucid's long-term value. We've already identified approximately $1.4 billion of cash flow improvement in 2026 across operating costs, capital spending, and working capital.

因此，我們正在檢視公司內每一項主要成本、每一筆個別投資，以及每一個專案。我們的目標是在保護對 Lucid 長期價值最關鍵的倡議之同時，以緊迫感降低現金消耗。我們已在 2026 年於營運成本、資本支出與營運資金等面向，辨識出約 14 億美元的現金流改善空間。

We deliberately reduced production by eliminating a second shift because building vehicles faster than we could deliver them was consuming cash and increasing inventory. Today, our priority is to convert inventory into deliveries and cash, aligning production with demand to improve working capital.

我們刻意透過取消第二班次來降低產量，因為造車速度快於交付速度會消耗現金並增加庫存。如今，我們的優先事項是將庫存轉化為交付與現金，使產量與需求對齊，以改善營運資金。

We will continue to selectively use incentive programs, but we will not buy volume at the expense of cash or vehicle economics.

我們將持續選擇性地使用激勵方案，但不會以犧牲現金或車輛經濟性為代價去買量。

Here, I also want to address the speculation surrounding our work with AlixPartners. Their engagement has been focused solely on supporting our cost savings plan and streamlining our operations. We will be wrapping up their assignment once that work is complete, which we expect at the end of this month.

在此，我也想回應外界對我們與 AlixPartners 合作的揣測。他們的參與僅聚焦於支持我們的成本節省計畫並精簡營運。一旦該項工作完成，我們將結束他們的任務；我們預期在本月底完成。

Moving on to the second C, customer and quality. Frankly, this is not optional, but a must for every business, including ours. Let's be honest, we have exceptional vehicles, but the ownership experience has too often fallen short of the promise of the product. That's why we created the Chief Customer Officer position and hired Billy Hayes, a highly respected automotive industry leader, with a unique understanding of the customer experience in our sector. With them we're assigning clear ownership to each major customer pain point and creating a closed loop from customer feedback to corrective action.

接下來談第二個 C：客戶與品質。坦白說，這不是可選項，而是每一家企業（包括我們）都必須做到的。老實說，我們的車輛非常出色，但擁車體驗卻太常未能達到產品所承諾的水準。因此我們設立了首席客戶長（Chief Customer Officer）職位，並聘請在汽車產業備受尊敬的領導者 Billy Hayes，他對本產業的客戶體驗有獨到理解。在他的帶領下，我們將為每個主要客戶痛點指派明確的負責人，並建立從客戶回饋到矯正行動的閉環機制。

We are making significant investments in service. By the end of the year, we plan to increase the number of technicians and dedicated staff supporting our customers by 35% and mobile service capacity by more than 20%. Together with improvements in parts availability, service operations, and capacity, we expect these actions to reduce wait times by more than 30%.

我們正在對服務進行重大投資。到今年年底，我們計畫將支援客戶的技師與專職人員數量增加 35%，並將行動服務產能提高 20% 以上。配合零件供應、服務營運與產能的改善，我們預期這些措施可將等候時間縮短 30% 以上。

Our objective is to make the full experience of buying and owning a Lucid match the strength of the vehicle. We will continue to invest in innovation and bring outstanding products to the market, but only after passing rigorous quality gates.

我們的目標是讓購買與擁有 Lucid 的完整體驗，與車輛本身的實力相匹配。我們將持續投入創新並將卓越產品推向市場，但前提是必須通過嚴格的品質關卡。

We created a Chief Technology Officer position and hired Raja Macha, a proven technology leader, and accomplished scientist with extensive industrial experience, including the automotive sector, to take our innovation to the next level and enable the quality our customers expect. Even prior to Raja's joining, we knew that software was a common root cause for customer dissatisfaction.

我們設立了首席技術長（Chief Technology Officer）職位，並聘請 Raja Macha——一位經驗證的科技領導者與成就卓著的科學家，具備涵蓋汽車產業在內的豐富工業經驗——以將我們的創新提升到新層次，並實現客戶所期待的品質。甚至在 Raja 加入之前，我們就已知道軟體是造成客戶不滿的常見根本原因。

To address this pain point, we immediately deployed measures to strengthen our software rollout process. And we're already seeing progress. During the quarter, software quality improved across Gravity and Air, with work focused on infotainment stability, access control, and OTA reliability.

為了解決這個痛點，我們立即部署措施以強化軟體上線（rollout）流程。而且我們已經看到進展。本季期間，Gravity 與 Air 的軟體品質均有所提升，工作重點聚焦於資訊娛樂系統穩定性、存取控制，以及 OTA 的可靠性。

We strengthened our validation and release processes, reduced software-related customer issues, and established more rigorous quality disciplines. At the same time, we continue to bring innovations to the market. Our latest software release, Gravity UX 3.6, added Hands-Free Drive Assist in combination with other customer features and stability improvements. And I'm excited to share that in a few days, at Monterey Car Week, we will unveil a new, sportier version of the Lucid Gravity.

我們強化了驗證與發佈流程，降低與軟體相關的客戶問題，並建立更嚴謹的品質紀律。同時，我們也持續將創新帶入市場。我們最新的軟體版本 Gravity UX 3.6，新增了免持駕駛輔助（Hands-Free Drive Assist），並結合其他客戶功能與穩定性改進。我也很高興分享：幾天後在 Monterey Car Week，我們將揭曉一款更具運動風格的新版本 Lucid Gravity。

Coming to the third of our Cs, culture and talent. Without the right team and the right culture, no plan can succeed. That's why culture and team must be one of our top priorities. Last July 2, in my second month on the job, we introduced a new simplified organizational structure which halved the number of direct CEO reports. To enforce accountability and foster transparency, we introduced a true C-suite to lead the company.

接著談第三個 C：文化與人才。沒有合適的團隊與正確的文化，任何計畫都不可能成功。因此，文化與團隊必須是我們的最優先事項之一。去年 7 月 2 日，也就是我上任第二個月，我們推出了新的精簡組織架構，將直接向 CEO 匯報的人數減半。為了強化問責並促進透明，我們引入真正的 C 級高管團隊（C-suite）來領導公司。

To accelerate decision-making, we are greatly reducing the number of committees, except for legally mandatory ones. In just a few weeks, we began a major transformation of Lucid as a company and as a team. To keep the momentum going, we created a Chief Transformation Officer role and appointed Hugo Martinho, a proven leader with deep expertise in driving organizational change across global businesses. We will establish the Lucid Business Process function, led by Hugo, to enforce process discipline across everything we do.

為了加速決策，我們將大幅減少委員會數量，法律強制要求者除外。短短幾週內，我們就啟動了 Lucid 作為一家公司與一個團隊的重大轉型。為了延續動能，我們設立首席轉型長（Chief Transformation Officer）職位，並任命 Hugo Martinho——一位經驗證的領導者，對推動跨全球企業的組織變革具備深厚專長。我們將成立由 Hugo 領導的 Lucid 業務流程（Business Process）職能，以在我們所做的一切中落實流程紀律。

Lucid needs leaders who are fully present and working side by side with their teams. That is why we asked our new leadership team to work in person from one of our main locations close to our customers and teams in manufacturing, supply chain, and engineering. My expectation is straightforward. Tough medicine first, clear ownership, fast action, and unity of effort. The people closest to the work will diagnose the problems and design solutions. Leadership sets priorities, removes obstacles, and holds individuals accountable, starting with me and our executive team.

Lucid 需要能全心投入、與團隊並肩作戰的領導者。因此，我們要求新的領導團隊在我們的主要據點之一親自辦公，靠近客戶以及製造、供應鏈與工程團隊。我的期待很直接。先下猛藥、明確責任歸屬、快速行動、同心協力。最接近工作現場的人將診斷問題並設計解決方案。領導層負責設定優先順序、排除障礙並追究個人責任——從我以及我們的高階主管團隊開始。

Alongside this fundamental reset, we identified four must-win deliverables that will shape Lucid's future. I've already addressed the first one, a spending reduction plan which delivers approximately $1.4 billion in cash flow improvement in 2026. The second one is our Robotaxi project with Uber and Nuro. A top priority and indeed a must-win project for Lucid. Lucid's capabilities are recognized not only through independent awards for our products but also through partners choosing our platform for their own strategic platforms.

在這次根本性重整的同時，我們也確定了四項必勝交付成果（must-win deliverables），將塑造 Lucid 的未來。我已經談過第一項：支出削減計畫，將在 2026 年帶來約 14 億美元的現金流改善。第二項是我們與 Uber 及 Nuro 的 Robotaxi 專案。這是 Lucid 的最高優先事項之一，確實也是必勝專案。Lucid 的能力不僅透過產品獲得的獨立獎項而受到肯定，也體現在合作夥伴選擇我們的平台作為其自身策略平台。

The work between Uber, Nuro, and Lucid is one example and demonstrates the potential of our technology beyond privately owned vehicles. Brand recognition and committed sales aside, this project applies our technology in a new, fast-growing sector. Independent estimates project that 2.5 million robotaxis will be operating globally in 2035. That is less than 10 years from now, and the total addressable market for robotaxi vehicles will grow to $600 billion by 2040. Given Lucid's differentiated technology, the robotaxi ecosystem also creates opportunities beyond vehicle sales, including recurring software services and mobility revenue.

Uber、Nuro 與 Lucid 之間的合作就是一個例子，展現我們的技術在私人擁有車輛之外的潛力。撇開品牌知名度與已承諾的銷售不談，這個專案把我們的技術應用到一個新的、快速成長的領域。獨立估算預測，到 2035 年全球將有 250 萬輛 robotaxi 投入營運。那距今不到 10 年，而 robotaxi 車輛的總可服務市場（TAM）將在 2040 年成長至 6,000 億美元。鑑於 Lucid 具差異化的技術，robotaxi 生態系也創造了車輛銷售以外的機會，包括可重複發生的軟體服務與移動出行收入。

Over time, Lucid has the potential to participate across a broader share of the robotaxi value chain, which some industry estimates value at approximately $1 trillion. These exponential growth prospects are not the only feature that makes the Robotaxi market so attractive. Equally compelling, if not more so, is the profit potential with projected margins vastly exceeding those of the traditional retail model.

隨著時間推進，Lucid 有潛力參與 robotaxi 價值鏈中更廣泛的份額；部分產業估算將其價值約為 1 兆美元。這些指數型成長前景並非讓 Robotaxi 市場如此具吸引力的唯一因素。同樣引人注目、甚至更具吸引力的是其獲利潛力：預估毛利率將遠高於傳統零售模式。

As a native software-defined vehicle company, Lucid is ideally positioned to capture a large share of this rapidly emerging market. Lucid's technology platform combined with our vehicle space, efficiency, and lower operating cost provides a clear advantage over legacy carmakers.

作為一家原生的軟體定義車輛（software-defined vehicle）公司，Lucid 具備理想定位，可在這個快速成形的新興市場中取得可觀份額。Lucid 的技術平台結合我們的車內空間、效率與更低的營運成本，相較於傳統車廠具備明顯優勢。

The success of the Uber/Nuro project will demonstrate the value of our platform at scale. Our program is deep into the testing and validation phase with an active engineering fleet of nearly 100 vehicles across the San Francisco Bay Area and Houston.

Uber/Nuro 專案的成功將在規模化層面證明我們平台的價值。我們的計畫已深入測試與驗證階段，在舊金山灣區與休士頓部署了近 100 輛車的在役工程車隊。

Last month, we began delivering to Uber and Nuro production validation vehicles assembled at our facility in Coolidge, Arizona. This will be followed by regular vehicle production in Q4, which in turn will be followed by a launch in late 2026. While we progress towards this milestone, the robotaxi industry is at a pivotal juncture.

上個月，我們開始向 Uber 與 Nuro 交付在亞利桑那州庫利奇（Coolidge）工廠組裝的量產驗證車（production validation vehicles）。接著將在第四季進入常規車輛生產，並於 2026 年底推出上線。在我們朝此里程碑推進之際，robotaxi 產業正處於關鍵轉折點。

And Lucid is resolved to fully capture this historic opportunity. That's why we are creating Lucid Technologies, a new business unit with its leader, Kay Stepper, reporting directly to me and driving our efforts in robotaxis and other high-potential technology opportunities. Lucid Technologies brings together AI, ADAS, and our broader digital functions under one single structure to improve resource and capital allocation.

而 Lucid 已決心全面把握這一歷史性機遇。因此，我們正在成立 Lucid Technologies（Lucid 科技），這是一個新的事業單位，由其負責人 Kay Stepper 直接向我匯報，並推動我們在機器人計程車（robotaxis）及其他高潛力技術機會上的工作。Lucid Technologies 將 AI、ADAS 以及我們更廣泛的數位職能整合到單一架構之下，以改善資源與資本配置。

Kay previously led our ADAS and autonomy organization and now serves as President of Lucid Technologies and Chief Digital Officer. With more than 25 years of experience spanning autonomous driving, advanced vehicle technologies, product development, and strategic partnerships, Kay is ideally positioned to help Lucid capitalize on this emerging opportunity.

Kay 先前領導我們的 ADAS 與自動化（autonomy）組織，現任 Lucid Technologies 總裁兼首席數位長。Kay 擁有超過 25 年的經驗，涵蓋自動駕駛、先進車輛技術、產品開發與策略合作夥伴關係，具備理想條件協助 Lucid 把握這一新興機會。

Moving on to our third must-win project, AMP-2. AMP-2 our new factory in Saudi Arabia, is steadily transitioning from construction to industrialization. Last April, in my second week with Lucid, I traveled to Jeddah to see the factory first-hand and get a sense of construction progress and factory readiness. And I was impressed by the progress achieved despite the geopolitical situation.

接下來談我們第三個必勝專案：AMP-2。AMP-2 是我們在沙烏地阿拉伯的新工廠，正穩步從建設階段轉向工業化階段。去年 4 月，在我加入 Lucid 的第二週，我前往吉達親自查看工廠，了解施工進度與工廠就緒情況。儘管地緣政治局勢存在影響，我仍對所取得的進展印象深刻。

All buildings are functional and manufacturing systems installation and equipment testing is happening across stamping, body, paint, and final assembly in preparation for production trials. These pictures also attest to the heroic effort by the Lucid team and our supportive Saudi government partners who continue to work to meet the project milestones. I'm due to return to the Kingdom this month, and I look forward to seeing the continued progress over there.

所有建築均已具備功能，製造系統安裝與設備測試正在衝壓、車身、塗裝與總裝等各環節同步進行，為試產做準備。這些照片也證明了 Lucid 團隊以及持續協助我們達成專案里程碑的沙烏地政府合作夥伴所付出的英勇努力。我預計本月將返回王國，並期待看到那邊持續的進展。

It is important to clarify that there are two distinct components to our readiness plan. The first is the factory itself, which is within our control. Based on the work underway today, we expect AMP-2 to be ready for production in early 2027 and ready to run Midsize production in the second half of the year.

需要澄清的是，我們的就緒計畫包含兩個明確不同的組成部分。第一部分是工廠本身，這在我們的掌控範圍內。基於目前正在進行的工作，我們預期 AMP-2 將於 2027 年初具備投產條件，並在下半年具備量產 Midsize（中型平台）車型的能力。

The second component is the surrounding supplier base and supporting infrastructure, required to enable a sustained production ramp. We are closely working with the Saudi authorities, suppliers, and other partners to ensure that this ecosystem is ready to support our planned ramp.

第二部分是周邊供應商基礎與配套基礎設施，這些是支撐持續爬坡量產所必需的。我們正與沙烏地主管機關、供應商及其他合作夥伴密切合作，確保該生態系統已準備好支援我們規劃的產能爬坡。

The Saudi authorities continue to be a strong partner helping to advance the road, water, electrical, and telecom infrastructure. We are also evaluating supply localization timelines and identifying actions to mitigate potential delays.

沙烏地主管機關仍是強有力的合作夥伴，協助推進道路、水務、電力與電信等基礎設施。我們也在評估供應在地化（localization）的時程，並識別可採取的行動以降低潛在延誤。

Importantly, this does not change our commitment to the Kingdom, to the local supply chain networks, and to our broader industrial strategy. We look forward to updating you as the work proceeds. Speaking of progress, I had the opportunity to drive our latest Cosmos prototype at our Arizona test track last week.

重要的是，這並不改變我們對王國、對在地供應鏈網絡，以及對更廣泛工業策略的承諾。我們期待在工作推進過程中向各位更新進展。說到進展，上週我有機會在亞利桑那測試跑道駕駛我們最新的 Cosmos 原型車。

And I have to say, I came away extremely impressed. This new model delivers everything you would expect from a Lucid. The acceleration is remarkable, the handling is precise, and it remains unmistakably true to the Lucid DNA. Really, I can't wait for you to experience it yourself. Cosmos will be the first vehicle produced at our new AMP-2 factory and the first model from our Midsize platform.

我必須說，我對此感到非常驚艷。這款新車型呈現了你對 Lucid 所期待的一切。加速表現出色、操控精準，並且毫無疑問地忠於 Lucid 的 DNA。坦白說，我迫不及待想讓你親自體驗。Cosmos 將是我們新 AMP-2 工廠生產的第一款車，也是我們 Midsize 平台的首款車型。

And this Midsize platform remains an essential element of Lucid's strategic plan. That's why it must be one of our must-wins. While the EV market is experiencing near-term demand uncertainty, we remain confident in the long-term transition to electric vehicles. EV adoption continues to expand globally, and we believe the Midsize segment represents the largest opportunity for Lucid to bring our technology to a broader EV customer base. And I am encouraged by the progress across the program.

而這個 Midsize 平台仍是 Lucid 策略計畫中的關鍵要素。因此，它必須成為我們的必勝項目之一。儘管電動車市場短期需求存在不確定性，我們仍對長期向電動車轉型充滿信心。全球電動車採用率持續擴大，我們相信中型級距（Midsize segment）代表 Lucid 將技術帶給更廣泛電動車客群的最大機會。我也對該專案各方面的進展感到鼓舞。

Atlas drive units and prototype vehicles are already in advanced stages of testing. With work underway across chassis, drive units, battery pack manufacturing, and on-road and test track validation. We are also carrying out crash testing, aerodynamic refinement, and durability testing with cold weather evaluation in New Zealand. The next major phases of the program include additional prototype and quality launch builds, completion of the regulatory and homologation activities, expanded manufacturing validation, and preparation for a start of production.

Atlas 驅動單元與原型車已進入先進測試階段。目前底盤、驅動單元、電池包製造，以及道路與測試跑道驗證等工作正同步推進。我們也正在進行碰撞測試、空氣動力學優化與耐久性測試，並在紐西蘭進行冷天候評估。該專案下一個主要階段包括：更多原型車與品質導入（quality launch）試製、完成法規與型式認證（homologation）活動、擴大製造驗證，以及為正式投產做準備。

To lead the process and coordinate actions across functions, we have promoted Christian Appel to VP of Program Management. Based at our AMP-1 factory in Arizona. Christian is responsible for the program while ensuring discipline and coordination across the company to deliver top quality. With a strengthened team and additional resources, he and his team are performing a comprehensive review of the program and will implement any changes needed to ensure a successful launch. Our objective is clear.

為了領導流程並協調跨職能行動，我們已晉升 Christian Appel 為專案管理副總裁。他常駐於我們位於亞利桑那的 AMP-1 工廠。Christian 負責該專案，同時確保全公司在紀律與協同方面到位，以交付最高品質。在強化團隊與增加資源後，他與團隊正對專案進行全面審視，並將落實任何必要的調整，以確保成功上市。我們的目標很明確。

Midsize will launch only when every process and quality requirement have been met. We will not repeat the mistakes of the past by bringing a product to market before it is ready. Once more, we remain confident in Midsize as a core enabler to scale, improve unit economics, and ultimately, profitability.

Midsize 只有在每一道流程與品質要求都達成後才會上市。我們不會重蹈覆轍，在產品尚未就緒前就推向市場。再次強調，我們仍然相信 Midsize 是實現規模化、改善單位經濟效益，並最終達成獲利能力的核心推動力。

Finally, moving on to Outlook. Today I have provided an update on my ongoing assessment, our near-term priorities, and several of the actions already underway. As you will understand, we are not yet in the position to provide detailed guidance. We will set formal guidance once our leadership team has completed the strategic planning process. In the meantime, we want nonetheless to offer some directional context.

最後，談談展望（Outlook）。今天我已就我正在進行的評估、我們的短期優先事項，以及若干已展開的行動提供更新。如各位所理解，我們目前尚未能提供詳細指引。待我們的領導團隊完成策略規劃流程後，我們將設定正式指引。在此期間，我們仍希望提供一些方向性的背景說明。

In particular, I want to stress how current consensus estimates for production and deliveries are based on operating models that no longer reflect the figures we anticipate today.

特別是，我想強調，目前市場共識對產量與交付量的估計，是基於已不再反映我們今日所預期數字的營運模型。

Consequently, based on our ongoing assessment, production and delivery figures are expected to come in below current consensus estimates. Specifically, production in Q3 and Q4 is expected to be below Q2 levels, reflecting AMP-1 transition from two shifts to a single shift configuration through year-end. On the other hand, given the availability of existing inventory, deliveries should be above the deliberate reduction in production.

因此，基於我們持續進行的評估，預期產量與交付量將低於目前市場共識估計。具體而言，第三季與第四季的產量預期將低於第二季水準，反映 AMP-1 將在年底前由兩班制轉為單班制配置。另一方面，鑑於現有庫存可用，交付量應會高於我們刻意降低的產量幅度。

Deliveries in the second half should benefit from recent product and service enhancements and reflect sequential growth broadly consistent with the typical seasonal increase from Q2 to Q3. We expect growth to be more moderate than in the prior year period, which at the time also benefited from a pull forward of demand and the ramp of the Gravity model.

下半年交付量應可受惠於近期的產品與服務強化，並呈現環比成長，整體大致符合第二季到第三季典型的季節性增幅。我們預期成長幅度將較去年同期溫和；當時亦受惠於需求提前釋放（pull forward）以及 Gravity 車型的產能爬坡。

When we are ready to provide formal guidance, it will be grounded in market-calibrated demand, lower inventory, and disciplined cash management. Above all, it will reflect commitments we are confident Lucid can deliver. For now, our business review remains underway, and Alexander De Bock our incoming Chief Financial Officer, who joins us this week, will play a leading role in completing that work. So, what can you expect from us over the next two quarters in terms of further updates? In November, at our Q3 results, we will provide details on the progress of our $1.4 billion cash flow improvement for 2026, including a liquidity update.

當我們準備提供正式指引時，將以經市場校準的需求、較低的庫存，以及嚴謹的現金管理為基礎。最重要的是，它將反映我們有信心 Lucid 能夠兌現的承諾。目前，我們的業務檢視仍在進行中；本週加入的候任首席財務官 Alexander De Bock 將在完成該工作中扮演主導角色。那麼，在接下來兩個季度，你可以期待我們提供哪些進一步更新？在 11 月公布第三季業績時，我們將提供 2026 年 14 億美元現金流改善計畫的進展細節，包括流動性更新。

We will also provide a progress update on the Nuro, Uber Robotaxi project and on the latest advancements of our AMP-2 factory readiness. Next, at the year-end results, we will provide guidance for 2027, as well as our mid-term plan and targets. To wrap up, the work ahead is substantial. And rebuilding trust will take time. We have a clear understanding of the key issues.

我們也將就 Nuro、Uber Robotaxi 專案以及我們 AMP-2 工廠就緒狀態的最新進展提供進度更新。接著，在年終業績發布時，我們將提供 2027 年的指引，以及我們的中期計畫與目標。總結來說，前方的工作量相當龐大。而重建信任需要時間。我們對關鍵問題有清楚的理解。

These issues are operational in nature, and we are fixing them. A deep transformation is in motion at Lucid. With a new team in place with clear priorities, the direction is clear. Focus on the fundamentals, execute the must-win projects, act with discipline, and demonstrate progress through results. Lucid has the technology, products, and people to succeed.

這些問題本質上屬於營運層面，我們正在加以修正。Lucid 正在推動一場深度轉型。在一個具備明確優先事項的新團隊就位後，方向已十分清楚。聚焦基本面、執行必勝專案、以紀律行事，並以成果展現進展。Lucid 擁有成功所需的技術、產品與人才。

Our responsibility now is to build a disciplined operating model that converts those strengths into consistent performance. We expect to be judged by the results. Before I turn over the call, I want to thank Taoufiq for his outstanding efforts and loyal service to the company. His contribution and partnership throughout this transition reflect his professionalism, commitment, and integrity.

我們目前的責任，是建立一個具紀律的營運模式，將這些優勢轉化為穩定一致的績效。我們預期外界將以結果來評價我們。在我把電話交出去之前，我想感謝 Taoufiq 對公司所付出的傑出努力與忠誠服務。他在這段轉型期間的貢獻與合作，展現了他的專業、承諾與正直。

Thank you, Taoufiq, and over to you.

謝謝你，Taoufiq，接下來交給你。

Thank you, Silvio. As Silvio outlined, we are focused on improving capital efficiency, preserving liquidity, and positioning the business for the successful launch and ramp of our Midsize platform and commercialization of our autonomous offerings. While our review of the business remains ongoing, we have already begun implementing actions. My comments today will focus on our liquidity position, second quarter financial results, the actions already underway, and the priorities guiding our decision going forward.

謝謝你，Silvio。如 Silvio 所概述，我們正專注於提升資本效率、維持流動性，並為我們中型（Midsize）平台的成功上市與放量，以及自動駕駛產品的商業化做好布局。雖然我們對業務的檢視仍在進行中，但我們已開始落實相關行動。我今天的評論將聚焦於我們的流動性狀況、第二季財務結果、已在推進的行動，以及引導我們未來決策的優先事項。

Turning to Q2 results, production was 4,774 vehicles, down 13% from 5,500 in the first quarter, a deliberate reduction, and up 24% year-over-year from 3,863. We lowered production during the quarter deliberately to better align production with near-term demand, reduce inventory levels over time, improve capital efficiency, and preserve liquidity as we prepare for the launch and ramp of our Midsize platform and commercial robotaxi program.

談到第二季（Q2）結果，產量為 4,774 輛，較第一季的 5,500 輛下降 13%，這是刻意的下調；較去年同期的 3,863 輛增加 24%。我們在本季刻意降低產量，以更好地使生產與短期需求對齊，隨時間降低庫存水位、提升資本效率並維持流動性，為中型平台的上市與放量，以及商用 robotaxi 計畫做準備。

As Silvio and I have discussed, our objective is to stabilize the business and accelerate the path towards profitability. Looking ahead, we believe certain external expectations regarding our production levels do not yet fully reflect the operating assumptions guiding our decisions today, including the reduction of our manufacturing workforce to preserve cash. Our near-term focus is on improving unit economics, reducing cash burn, and progressing towards breakeven.

如同 Silvio 與我所討論的，我們的目標是穩定業務並加速邁向獲利的路徑。展望未來，我們認為外部對我們產量水準的某些預期，尚未完全反映目前引導我們決策的營運假設，包括為保留現金而縮減製造人力。我們短期的重點是改善單位經濟效益、降低現金消耗，並朝損益兩平推進。

Our objective is to allocate capital efficiently while maintaining readiness for the next phase. As we optimize incentives, improve product mix, and convert inventory into customer deliveries, we expect these actions to support average selling price, working capital efficiency, and operating cash flow. Q2 deliveries were 3,953 vehicles, up 28% from 3,093 in the first quarter and up 19% from 3,309 in the quarter a year ago. Lucid Gravity continued to be the majority of deliveries. Deliveries in the Middle East improved during the quarter.

我們的目標是在維持下一階段就緒的同時，有效率地配置資本。隨著我們優化促銷激勵、改善產品組合，並將庫存轉化為客戶交付，我們預期這些行動將支撐平均售價、營運資金效率與營運現金流。第二季交付量為 3,953 輛，較第一季的 3,093 輛增加 28%，較去年同期的 3,309 輛增加 19%。Lucid Gravity 仍占交付量的大宗。中東地區的交付在本季有所改善。

As a reminder, under our existing agreement, the government of Saudi Arabia has committed to purchase more than 4,000 vehicles during 2026 and annually through 2032, subject to the terms of the agreement. During the quarter, we continued working through the effects of the stop-sale actions announced earlier this year.

提醒一下，依據我們現行協議，沙烏地阿拉伯政府已承諾在 2026 年以及 2032 年前每年購買超過 4,000 輛車，惟仍須符合協議條款。本季我們持續處理今年稍早宣布的停售（stop-sale）措施所帶來的影響。

Deliveries improved as the quarter progressed, and we are focused on converting the remaining affected orders. As part of our back to basic priorities, we are determined to improve customer experience, product quality, and execution. Our focus remains on converting existing demand, shortening delivery cycle times, improving order to delivery execution, and restoring customer confidence through product and service performance.

隨著季度推進，交付有所改善，我們正專注於轉化剩餘受影響的訂單。作為我們「回歸基本功」優先事項的一部分，我們決心提升客戶體驗、產品品質與執行力。我們仍聚焦於轉化既有需求、縮短交付週期時間、改善從下單到交付的執行，並透過產品與服務表現恢復客戶信心。

To be very clear, we are prioritizing margin, and we will not sacrifice pricing to chase volumes. Revenue was approximately $405 million, up 44% sequentially from $282 million in the first quarter and up 56% year-over-year from $259 million in the quarter a year ago. The increase was driven primarily by higher deliveries and improved product mix reflected in a 3.7% overall sequential increase in average sales price, which was further supported by higher regulatory credit sales revenue by $25 million. Besides pricing, we expect revenue growth ahead will be driven by improved sales execution and mix, an expanding service footprint, recurring software and subscription opportunities, and finally, future vehicle programs.

非常明確地說，我們優先考量毛利，我們不會為了追逐量而犧牲定價。營收約為 4.05 億美元，較第一季的 2.82 億美元季增 44%，較去年同期的 2.59 億美元年增 56%。成長主要由更高的交付量與更佳的產品組合所帶動，反映在平均售價整體季增 3.7%；此外，法規信用額度（regulatory credit）銷售收入增加 2,500 萬美元亦提供支撐。除定價因素外，我們預期未來營收成長將由更佳的銷售執行與組合、擴大的服務據點、可重複的軟體與訂閱機會，以及最後的未來車款計畫所驅動。

On top of traditional EV sales, revenue streams from robotaxis are expected to be a new source of revenue growth. Q2 gross margin was negative 105% compared with negative 110% in the prior quarter and negative 105% year-over-year. Gross margin in the quarter reflects higher revenue sequentially, lower production volumes, which resulted in lower fixed cost absorption, and higher conversion costs per vehicle.

除了傳統電動車銷售之外，來自 robotaxi 的收入來源預期將成為新的營收成長動能。第二季毛利率為負 105%，相較前一季為負 110%，去年同期亦為負 105%。本季毛利率反映：營收較前季提高、產量較低導致固定成本吸收較少，以及每輛車的轉換成本較高。

Gross margin also reflects $300 million in impairment charges associated with inventory optimization actions, offset by a reduction in loss on firm purchases commitments as a result of lower volumes. This impairment has had a negative impact on gross margin of 74 percentage points in the current quarter.

毛利率亦反映與庫存優化行動相關的 3 億美元減損費用（impairment charges），並因產量較低而使確定採購承諾（firm purchase commitments）損失下降，部分抵銷其影響。此項減損在本季對毛利率造成 74 個百分點的負面影響。

The gross margin also included $25 million of regulatory credit revenue. Adjusted EBITDA was negative $901 million in the second quarter, compared to negative $781 million in the first quarter. The sequential change was primarily driven by higher gross loss as we continue to ramp Gravity production through May, thereby increasing finished vehicle inventory.

毛利亦包含 2,500 萬美元的法規信用額度收入。第二季調整後 EBITDA 為負 9.01 億美元，相較第一季為負 7.81 億美元。季對季變動主要由較高的毛損所驅動，因我們持續在 5 月前逐步提升 Gravity 產量，進而增加成車庫存。

Operating expenses remained flat sequentially, reflecting reduced payroll from lower headcount and the absence of certain one-time costs recorded in the first quarter. These benefits were partially offset by increased prototype parts and tooling for our Midsize platform, as well as sustained cost and investment related to the construction of our AMP-2 factory. Our focus during the quarter was not simply reducing inventory balances but improving inventory quality.

營業費用季對季持平，反映因人數下降而使薪資成本降低，以及第一季所認列的某些一次性成本不再發生。上述效益部分被中型平台的原型零件與工裝（tooling）增加，以及與 AMP-2 工廠建設相關的持續成本與投資所抵銷。我們本季的重點不僅是降低庫存餘額，更是提升庫存品質。

As noted previously, the $300 million impairment in the current quarter reflects a reassessment of carrying values and expected demand, and we cut firm purchases commitments proactively reducing future inventory obligations and cash requirements. Inventory conversion remains one of our most significant opportunities to improve working capital, free cash flow, and capital efficiency. A large part of our inventory has already consumed cash.

如先前所述，本季 3 億美元的減損反映對帳面價值與預期需求的重新評估；同時我們也主動削減確定採購承諾，以降低未來庫存義務與現金需求。庫存轉化仍是我們改善營運資金、自由現金流與資本效率的最重要機會之一。我們相當大一部分的庫存已經消耗了現金。

Converting it into deliveries unlocks working capital and reduces our cash requirements. The efforts initiated as of June have not yet been able to offset the created inventory increase during the first five months of the year, during which Gravity production outpaced demand.

將其轉化為交付可釋放營運資金並降低我們的現金需求。自 6 月啟動的各項努力，尚未能抵銷今年前五個月所形成的庫存增加，當時 Gravity 的產量超過需求。

Together with the impairments and lower purchase commitments, the inventory reduction improves the quality of our working capital position. Our objective is to accelerate the order to delivery to cash cycle and improve inventory turnover. As we convert finished inventory into deliveries, we expect stronger working capital efficiency, liquidity, and free cash flow. Free cash flow was negative $1.476 billion during the quarter. A meaningful part of this is working capital trapped on the balance sheet rather than permanent burn.

連同減損以及較低的採購承諾，庫存下降改善了我們營運資金部位的品質。我們的目標是加速從接單到交付再到回收現金的週期，並提升庫存周轉率。隨著我們將成品庫存轉化為交付，我們預期營運資金效率、流動性與自由現金流將更為強勁。本季自由現金流為負 14.76 億美元。其中相當一部分是資產負債表上被營運資金占用，而非永久性的現金消耗。

As we convert that inventory to cash, our free cash flow is positively impacted. The actions underway today are specifically designed to improve cash generation and reduce capital requirements going forward. Free cash flow was primarily affected by working capital investment, including inventory built into finished Gravity vehicles ahead of deliveries, lower accounts receivable collections, and accelerating the conversion cycle and increasing inventory turnover.

當我們將該庫存轉換為現金時，我們的自由現金流將受到正面影響。目前正在推進的行動，係專為提升未來的現金創造能力並降低資本需求而設計。自由現金流主要受到營運資金投入影響，包括在交付前已建置於已完工 Gravity 車輛中的庫存、應收帳款回收較低，以及加速轉換週期並提高庫存周轉率。

More broadly, our operating assumptions today prioritize liquidity preservation, cash generation, and disciplined capital allocation. Investors should expect measured operating approach as we improve unit cost economics and progress towards profitability.

更廣泛而言，我們目前的營運假設優先考量維持流動性、創造現金，以及有紀律的資本配置。隨著我們改善單位成本經濟性並朝獲利邁進，投資人應預期我們將採取審慎的營運方式。

In June, we launched a comprehensive review of the business to identify opportunities to reduce cash burn and improve cash flows while preserving our most important strategic initiatives. To date, we have identified approximately $1.4 billion in cash flow improvements for 2026. Implementation is already underway on many of these, and the review continues. These opportunities span inventory, capital expenditure, and operating expenses and together are intended to improve liquidity, reduce cash burn, and increase capital efficiency while preserving key growth programs including our Midsize platform and autonomous commercialization initiatives.

6 月，我們啟動對業務的全面檢視，以在保留最重要策略性計畫的同時，找出降低現金消耗並改善現金流的機會。截至目前，我們已辨識出約 2026 年可改善 14 億美元現金流的項目。其中許多項目已開始執行，檢視工作仍在持續。這些機會涵蓋庫存、資本支出與營運費用，整體旨在提升流動性、降低現金消耗並提高資本效率，同時保留關鍵成長計畫，包括我們的中型車平台與自動駕駛商業化計畫。

Turning to our liquidity position and financial flexibility, as of June 30, we had $3 billion of total liquidity, including $800 million of cash and investment and $2.2 billion of available borrowing capacity through our credit facilities. Following the quarter, we drew an additional $800 million under our delayed draw term loan facility. This strengthens our cash position, increases financial flexibility, and supports execution of the actions underway.

談到我們的流動性部位與財務彈性，截至 6 月 30 日，我們的總流動性為 30 億美元，其中包括 8 億美元的現金與投資，以及透過信貸額度可動用的 22 億美元借款額度。季後，我們在延遲提用定期貸款額度下額外提用 8 億美元。這強化了我們的現金部位、提升財務彈性，並支持目前正在推進的各項行動。

This transaction reflects continued support from our stakeholders and provides additional flexibility as we complete the construction of our AMP-2 factory and prepare for the launch and ramp of our Midsize platform. It also supports our autonomous initiatives and robotaxi programs where we continue to work alongside strategic partners towards commercialization.

此交易反映利害關係人持續的支持，並在我們完成 AMP-2 工廠建設、準備中型車平台的上市與爬坡之際，提供額外彈性。同時也支持我們的自動駕駛計畫與 robotaxi 專案；我們將持續與策略夥伴合作推進商業化。

Our priority remains maintaining adequate liquidity while preserving investments that are strategically important to Lucid's future. We continue to expect liquidity to extend well into 2027, further supported by ongoing organic improvements, including the announced $1.4 billion in cash savings in 2026. This gives us the flexibility to select the right timing to raise further additional funding, while ensuring that we optimize the execution, pricing, and capital structure. Lucid will provide an updated liquidity outlook with its Q3 results.

我們的優先事項仍是維持充足流動性，同時保留對 Lucid 未來具策略重要性的投資。我們仍預期流動性可延伸至 2027 年之後，並將進一步受惠於持續的內生性改善，包括已宣布 2026 年 14 億美元的現金節省。這使我們能更有彈性地選擇進一步籌資的適當時點，同時確保我們在執行、定價與資本結構上達到最佳化。Lucid 將在第三季財報中提供更新的流動性展望。

In closing, while our review remains ongoing, we have already moved from identifying areas for improvement to executing actions across the business. Manufacturing actions have been implemented, organizational changes have been announced and are being executed, cost reduction initiatives are underway, and additional opportunities across inventory, CapEx, and OpEx continue to be identified and implemented. At the same time, we are preserving investments in the program and technologies that strengthen the foundation for our next phase. We are not providing quantitative financial guidance at this time. However, we believe external estimates do not yet fully reflect three things.

最後，雖然我們的檢視仍在進行中，但我們已從辨識改善領域轉向在全公司範圍內執行行動。製造端措施已落地，組織調整已宣布並正在執行，降本計畫正在推進，且在庫存、資本支出（CapEx）與營運費用（OpEx）方面的更多機會仍持續被辨識並落實。同時，我們也保留對強化下一階段基礎之計畫與技術的投資。目前我們不提供量化的財務指引。然而，我們認為外部估計尚未充分反映三件事。

The lower near-term anticipated production given the reduction in the manufacturing workforce, improved cost structure and cash preservation from recent workforce reductions, and updated operating assumptions, and the upside to gross margin as we reduce inventories and release impairment provisions. We are confident in the direction of the company and will provide additional updates and guidance as we are able.

由於製造人力縮減而導致的短期預期產量下調、近期人力縮減與更新後的營運假設所帶來的成本結構改善與現金保全，以及隨著我們降低庫存並釋放減損準備而帶來的毛利率上行空間。我們對公司的發展方向充滿信心，並將在可行時提供更多更新與指引。

Looking ahead, we remain on track for the launch of robotaxi's service with our partners Uber and Nuro, and we continue to advance AMP-2 and our Midsize readiness plan. We anticipate multiple opportunities to extend Lucid's technology platform to new applications over time.

展望未來，我們仍按計畫與合作夥伴 Uber 與 Nuro 推出 robotaxi 服務，並持續推進 AMP-2 以及我們的中型車就緒計畫。我們預期隨時間推移，將有多項機會把 Lucid 的技術平台延伸至新的應用領域。

In closing, I would like to thank my colleagues at Lucid, partners, investors, and analysts for their engagement and support. It has been a privilege to serve as Lucid's CFO during this important chapter in the company's journey. I remain deeply confident in the strength of Lucid's technology, products, and people, and look forward to watching the company continue to execute against the significant opportunities ahead.

最後，我要感謝 Lucid 的同仁、合作夥伴、投資人與分析師的參與與支持。在公司旅程中這個重要篇章擔任 Lucid 的財務長是一項榮幸。我對 Lucid 的技術、產品與人才的實力仍深具信心，並期待看到公司持續把握前方重大的機會並落實執行。

Thank you for your partnership and support. And with that, I turn it back to the operator.

感謝各位的合作與支持。接下來我把時間交還給主持人。

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

謝謝。我們現在開始問答環節，將先回答透過 Say Technologies 平台提交的問題。

Our first question comes from John R. Thanks for stepping in as a Lucid CEO, Mr. Napoli. How confident are you and your team today in bringing Lucid Motors to a stable company? What message would you deliver to people who love and are loyal to Lucid Motors?

我們的第一個問題來自 John R. 感謝您接任 Lucid 執行長，Napoli 先生。您和您的團隊目前對於讓 Lucid Motors 成為一家穩健的公司有多大信心？您會對熱愛並忠誠於 Lucid Motors 的人傳達什麼訊息？

Thank you, John, for your question, your support, and your engagement reflected in the statement you make here. If I'm here, it's because I'm extremely confident in Lucid's future. The one thing that impressed me the most in joining is the depth of our technology, the strength of our people, but also the engagement and loyalty of our customers. You are a perfect example, and I think now it's time that we reward this loyalty with performance.

謝謝你，John，提出問題，也謝謝你的支持與參與，這也反映在你剛才的陳述中。我之所以在這裡，是因為我對 Lucid 的未來極具信心。加入後最令我印象深刻的是我們技術的深度、團隊的實力，以及客戶的投入與忠誠。你就是最好的例子，而我認為現在是我們用績效回報這份忠誠的時候了。

So I am absolutely confident, and that's why we launched these priorities and must win projects, delivering on those will set the platform for our success going forward and for a company that will always be stronger, closer with its customers, with new products and also a much stronger service.

因此我絕對有信心，這也是我們啟動這些優先事項與必勝專案的原因；把它們交付落地，將為我們未來的成功奠定平台，並打造一家永遠更強大、與客戶更緊密連結的公司，帶來新產品以及更強的服務。

So again, thank you for your question, and I look forward to providing more products and more technology and more service to you.

再次感謝你的提問，我也期待為你帶來更多產品、更多技術以及更好的服務。

Our next question comes from Vikas A. How is the restructuring of your expenses, manufacturing, and software coming along with new leadership in place?

下一個問題來自 Vikas A. 在新領導團隊到位後，你們在費用、製造與軟體的重整進展如何？

Thank you, Vikas. We addressed the financial aspect of restructuring and so I'd like to focus here about more the aspect of software. I also did mention in my statement how we are reviewing the whole aspect of software from conception to coding into the installation and into the service. I was at our factory last week and I witnessed firsthand as an example how we are actually bringing software engineers and manufacturing line experts together in order to improve the process. And as an example, we totally changed the way we do over-the-air upload of our software in our vehicles.

謝謝你，Vikas。我們已談到重整的財務面向，因此我想在此更聚焦於軟體面向。我也在發言中提到，我們正在檢視軟體的整體流程，從構想到撰寫程式碼、到安裝、再到服務。我上週到工廠時親眼看到一個例子：我們正把軟體工程師與產線製造專家聚在一起，以改善流程。例如，我們已徹底改變車輛軟體的 OTA（空中下載）更新方式。

And by simply having these workshops, we improved our performance in terms of not only efficiency of the upload, but also quality. We get very good marks on, for example, the Gravity 3.6 release that just came out, and I'm very positive this will continue going forward. We are very conscious that software is a key element -- key opportunity for us to improve our performance, and we'll continue doing so. So, Vikas, thank you for your support, and I look forward to showing results going forward in that regard too.

而且僅僅透過舉辦這些工作坊，我們在表現上不僅提升了上傳效率，也提升了品質。例如，剛發布的 Gravity 3.6 版本，我們獲得了非常好的評分，我也非常正面地相信這種情況會在未來持續下去。我們非常清楚，軟體是關鍵要素——也是我們提升表現的關鍵機會，我們會持續推進。所以，Vikas，謝謝你的支持，我也期待在這方面未來能展示更多成果。

Thank you. The next question comes from William I. Is Lucid ready to become more than just a car company by branching into ESS where it could see huge growth, especially if working with Saudi Arabia to achieve its 2030 goals?

謝謝。下一個問題來自 William I。Lucid 是否已準備好不僅僅是一家汽車公司，而是透過進軍 ESS 來拓展業務、實現巨大成長，特別是若與沙烏地阿拉伯合作以達成其 2030 目標？

William, thank you for this question. I think you point to a very important opportunity, which I strongly believe in. That's why we created Lucid Technologies, which is meant to drive this opportunity starting with the Robotaxi, which I addressed during my speech, which is an immediate big opportunity. There will be others, many more, thanks to our technology. At the same time, before we get there, we need to stabilize the business.

William，謝謝你的提問。我認為你指出了一個非常重要的機會，而我也非常相信這一點。這也是我們成立 Lucid Technologies 的原因，其目的就是要推動這個機會，並從 Robotaxi 開始著手——我在演講中已提到，這是一個立即且重大的機會。同時，憑藉我們的技術，還會有其他更多機會。但在到達那一步之前，我們需要先讓業務穩定下來。

This is our priority today. Our 3Cs and our four must-wins. Then we create the platform. We have to be disciplined in not going after other things today which may further strain our resources. So ESS is definitely one of them.

這是我們今天的優先事項。我們的 3Cs 與四個必勝要務。然後我們再打造平台。我們必須自律，不要在今天去追逐其他事情，因為那可能會進一步拉緊我們的資源。因此，ESS 絕對是其中之一。

There are actually, in fact, many more, and I look forward to putting ourself in the position to address all of them. But thank you for the confidence shown in your question. That, again, indeed shows a big opportunity for Lucid going forward. We are resolved to get there by further strengthening and stabilizing the business.

事實上，還有更多機會，我也期待讓我們自己處於能夠逐一應對它們的位置。但也謝謝你在問題中展現的信心。這再次顯示 Lucid 未來確實有很大的機會。我們決心透過進一步強化並穩定業務來達成那一步。

Our last question comes from John R. I purchased the Air Touring, and I love to drive every day. Kudos to the teams, but what is the plan to improve the quality of software issues/bugs? Could we stop tarnishing the brand name, unveiling with the bad quality of the vehicle?

我們最後一個問題來自 John R。我購買了 Air Touring，而且我每天都很喜歡開它。向團隊致敬，但改善軟體問題／錯誤（bugs）的計畫是什麼？我們能否停止因車輛品質不佳而玷污品牌名聲、在發表時就暴露出不良品質？

John, thank you. This is another question that I really like because it's direct and specific and addresses one -- clearly one of the major opportunities. I addressed it in my answer to Vikas a second ago, how we're improving software, so we'll not repeat it here. Again, your question reinforces a belief that having customer and quality as a central part of our strategy is absolutely essential for the future. In fact, customer and quality are the best investment we can do in a brand.

John，謝謝你。這也是我非常喜歡的一個問題，因為它直接、具體，而且切中——顯然是我們其中一個主要機會點。我剛才在回答 Vikas 時已談到我們如何改善軟體，因此這裡就不重複。再次強調，你的問題強化了我們的信念：把客戶與品質作為策略核心，對未來絕對至關重要。事實上，客戶與品質是我們能對品牌做的最佳投資。

That's why we are investing in service and that's why we created a Chief Customer Officer position, because we want someone accountable to me, but to the company and to the Board in terms of driving forward with a single accountability point.

這也是為什麼我們在服務上加大投資，並設立首席客戶長（Chief Customer Officer）職位，因為我們希望有一位對我負責、同時也對公司與董事會負責的人，來推動前進並形成單一責任歸屬點。

All these actions, which address software, as I mentioned before, but many other aspects, which have, I think a great opportunity for us to improve, not only versus our past performance, but also against the industry, which generally, I must say, from what I see, has a lot of room to improve in terms of customer service. So, again, thank you for that. Reestablishing a brand and rewarding eligible customers is my absolute key priority.

所有這些行動——如我先前提到的，涵蓋軟體，但也包括許多其他面向——我認為都為我們帶來很大的改善機會，不僅相較於我們過去的表現，也相較於整個產業；而一般而言，我必須說，從我所見，產業在客戶服務方面仍有很大的改善空間。所以，再次謝謝你。重建品牌並回饋符合資格的客戶，是我絕對的關鍵優先事項。

That concludes the questions from the Say Technologies platform. We will now take questions from the phone lines. (Operator Instructions)

以上為 Say Technologies 平台的提問。我們現在將接聽電話線上的問題。（接線員指示）

Andres Sheppard-Slinger, Cantor Fitzgerald.

Andres Sheppard-Slinger，Cantor Fitzgerald。

First, I just wanted to quickly thank Taoufiq as well for all his contributions. It's been great working with you, and you will be missed. Regarding questions, you know, Silvio, I wanted to maybe touch on the AMP-2 and Midsize a bit further. I realize you talked about it in your prepared remarks, but I guess as we move closer to production of Midsize starting in early 2027, curious if you can maybe help us understand, what are the milestones that are left regarding the completion of the Saudi plant? What can investors be tracking there?

首先，我也想快速感謝 Taoufiq 對所有工作的貢獻。與你共事非常愉快，我們會想念你。關於問題，Silvio，我想再更深入談談 AMP-2 和 Midsize。我知道你在事先準備的發言中提過，但我想，隨著我們更接近 Midsize 於 2027 年初開始投產，想請你協助我們理解：關於沙烏地工廠完工，還剩下哪些里程碑？投資人可以追蹤哪些事項？

And separately, how should we think about those initial deliveries in the first half before ramping up in the second half of next year? Thank you.

另外，對於明年上半年在下半年放量爬坡之前的初期交付，我們應該如何看待？謝謝。

Andres, thank you for your question. So it is about AMP-2 and Midsize. So what are the key milestones? Let's start with AMP-2. AMP-2, as I tried to address in my remarks, there are two of them.

Andres，謝謝你的提問。所以這是關於 AMP-2 和 Midsize。那麼關鍵里程碑是什麼？我們先從 AMP-2 開始。AMP-2，如同我在發言中嘗試說明的，有兩類里程碑。

There are the ones that are achievable to us under our control and the ones which are outside our direct control. In terms of what is in our control, the only thing missing is the industrialization testing or the different parts of the production line.

一類是我們可達成、且在我們掌控之內的；另一類是超出我們直接掌控的。就我們可控的部分而言，唯一尚缺的是工業化測試，也就是產線各個不同環節的測試。

So there is the painting, there is the body in white, all the solutions, which are now into final testing with the different suppliers that brought that. That is something which is on track now. Of course, never should be taken for granted, but that's why we are confident we should be able to close them as planned by year-end.

例如塗裝、白車身（body in white）以及所有解決方案，目前都在與提供這些設備的不同供應商一起進行最終測試。這部分目前進度符合計畫。當然，永遠不該視為理所當然，但這也是為什麼我們有信心能在年底前按計畫完成收尾。

There are other parts which are outside our control, and this mainly involves certain elements of local certification, but also, it's access to power, for example. All the things that are not in our control but have to be validated with the local authorities or agency, which so far have been extremely supportive. So I'm very positive.

還有一些部分不在我們掌控之內，主要涉及某些在地認證要素，但也包括例如電力接入等。所有不在我們掌控、但必須與當地主管機關或機構完成驗證的事項；截至目前，他們都給予了極大的支持。因此我非常正面。

The third element, which is not entirely in our control is the supplier's network which is due to be built around this new manufacturing area being built in the very same geographical location where the factory is. These ones are not only -- it depends on the supplier corresponding which we have only limited control and so this is one thing that we need to keep close watch of.

第三個要素也不完全在我們掌控之內，那就是供應商網絡：它需要圍繞這個新製造區域建立，而該區域正是在工廠所在的同一地理位置建設中。這些不僅——它取決於對應的供應商，而我們能掌控的程度有限，因此這是我們需要密切關注的一點。

To be clear, we have backup plans. If they were late in their localization plans, we would be able nonetheless to proceed with production by importing the parts. This is all in flux, and again, not in our control, hence our caution into providing an exact date.

說清楚一點，我們有備援方案。如果他們的在地化計畫延遲，我們仍然可以透過進口零件來推進生產。這一切仍在變動中，而且再次強調，不在我們掌控之內，因此我們在提供確切日期時會保持謹慎。

In terms now of the Midsize. The Midsize we're going through all the certifications. I mentioned all the lists and parts as part of my remarks. So far, I'll tell you, also based on my personal experience last week with this prototype, it is all looking very, very well. But again, in automotive, until you have not produced a car, you don't know until there are all those certifications and not only external, but also internal that want to make sure are done well.

接著談 Midsize。Midsize 目前正在進行所有認證流程。我在發言中提到過所有清單與零件。到目前為止，我可以告訴你，也基於我上週親自體驗這台原型車的經驗，一切看起來都非常、非常好。但再次強調，在汽車產業，在你真正生產出一輛車之前，你不會完全知道結果，因為還有所有那些認證，不僅是外部的，也包括內部的，我們都要確保做得完善。

And to do it well takes time. And in the past, mistakes were done. I want to make sure they're not repeated here. So all in all, that's why we are not being held to account to a date established top-down, my objective is to launch the car when it is ready with top quality. And when that moment will come, it's going to be in '27, when we are clear about the date, I'll be communicating that to everyone.

而且要把它做好需要時間。過去曾經犯過錯。我想確保這些錯誤不會在這裡重演。因此總而言之，這就是為什麼我們不會被自上而下所設定的日期所約束；我的目標是在車輛準備就緒、且品質達到頂尖水準時才推出。而當那個時刻到來時，會是在 2027 年；當我們對日期有明確把握時，我會向大家溝通。

Excellent. Thank you, Silvio. I appreciate all that color. That's very helpful. And maybe just as a quick follow-up, so you highlighted a $1.4 billion cash flow improvement for the year, which is excellent.

太好了。謝謝你，Silvio。我很感謝你提供的所有補充說明。這非常有幫助。另外也許快速追問一下：你提到今年現金流可改善 14 億美元，這很棒。

And now with $3 billion in total liquidity as of the quarter, just curious, if you can maybe give us a sense of how you're thinking about capital needs going forward.

而且截至本季你們的總流動性達 30 億美元，我想請教你們如何看待未來的資本需求？

Andres, thank you for the follow-up question. To be clear, capital needs going forward will be a function of the business planning we are just in the process of completing. We will once done with the planning and clarity on the top and bottom line, this will be the time to assess how to then manage our balance sheet. Depending on the findings we'll decide. We have many options, we have a very supportive Board, and as soon as we will have an answer on how to do that, we have different alternatives, we'll be communicating that.

Andres，謝謝你的追問。先說清楚，未來的資本需求將取決於我們正在完成中的業務規劃。當規劃完成、且對營收與獲利（損益表的上線與下線）有清楚掌握時，才是評估接下來如何管理資產負債表的時點。我們會依據結果來決定。我們有很多選項，董事會也非常支持；一旦我們對如何進行有了答案、並在不同替代方案中做出選擇後，我們會對外溝通。

Alexander Perry, Bank of America.

Alexander Perry，美國銀行。

I guess first, I just wanted to ask, you know, what milestones should investors be monitoring to measure progress in robotaxi? Maybe talk through some of the key learnings from your testing and validation in San Francisco and Houston. Thanks.

我想先問一下，投資人應該關注哪些里程碑，來衡量 robotaxi 的進展？也請談談你們在舊金山與休士頓的測試與驗證中得到的一些關鍵學習。謝謝。

Alex, thank you for this question. So clearly there are two elements. This is three-party type partnership. So I can comment on the learnings of the engineering EV supplier side. I will refrain from comment concerning the software and platform side which are with our partners.

Alex，謝謝你的問題。很明顯有兩個面向。這是一種三方合作夥伴關係。因此我可以就工程與電動車供應商這一端的學習做評論。至於軟體與平台端屬於我們合作夥伴的範疇，我就不予評論。

So clearly, it's Houston and Bay Area. The idea is really, we have a vehicle that is software-defined, so the challenge of integrating that to the new firmware in the software is in fact facilitated by the way our vehicles are conceived. It is really essentially about how to make sure that all the checks and balances, all the redundancies, which are very much safety related, function through operations.

很明確地說，是在休士頓與灣區。核心想法是：我們的車輛是軟體定義（software-defined）的，因此把它整合到軟體中的新韌體（firmware）的挑戰，實際上因為我們車輛的設計方式而更容易。本質上就是要確保所有的檢查與制衡、所有的備援機制（這些都與安全高度相關）能在實際營運中正常運作。

As you can imagine, you probably read about this about this, robotaxi certification. It's all about miles accumulated, and there are miles on the road, miles virtually, and now the whole system, which is now three, so the software, the firmware, and the vehicle respond to that.

如你所想像的，你可能也讀過相關報導：robotaxi 的認證。重點就在於累積的里程數，包括實際道路里程、虛擬里程；而現在整個系統是三個部分——軟體、韌體以及車輛——都要能對應並運作。

So, data is there a number, and I personally, by the way, every two weeks review the state of the projects with my counterpart at Nuro. And in parallel, there is a number of also certifications that have been dealt with by Nuro in terms of openness. It's passing all those certifications, making sure enough miles are accumulated that then pave the way for the final launch.

因此，數據是一個關鍵指標；順帶一提，我個人每兩週都會與 Nuro 的對口一起檢視專案進度。同時，Nuro 也在透明度等面向處理了多項認證。通過所有這些認證，並確保累積足夠的里程，才能為最終上市鋪路。

This is what we're following. So far, there is honestly no red flag in terms of the engineering aspect. But again, there is new systems coming through. I was last week, as I mentioned, in Arizona, and I saw how the prototype vehicles are being assembled and shipped to our partners, and I am very excited to see them on the road, and how they perform will be the next stage of validation of the project.

這就是我們在追蹤的內容。到目前為止，就工程面而言，坦白說沒有任何紅旗。但同時也有新的系統正在導入。我上週如我提到的在亞利桑那州，看到原型車如何被組裝並運送給我們的合作夥伴；我非常期待看到它們上路，而它們的表現將是專案下一階段的驗證。

That's really helpful. And then my follow-up question was just on inventory and how you're thinking about inventory. How much do you plan to underproduce relative to deliveries? What is the ultimate goal? And I think you actually produced more than deliveries in the second quarter; I guess.

這非常有幫助。接著我的追問是關於庫存，以及你們如何看待庫存。相對於交付量，你們計畫少生產多少？最終目標是什麼？而且我想你們在第二季的產量其實高於交付量；對吧？

Is the expectation that, that sort of reverses as we move into the back half? And when should we expect the inventory right-sizing to be complete?

是否預期在下半年這種情況會反轉？以及我們應該何時預期庫存調整到位（right-sizing）完成？

I'd like to pass this question to Taoufiq, please.

我想把這個問題交給 Taoufiq，謝謝。

Hi, Alex. So, I mean, as we said, we are not providing a detailed guidance, but the baseline that we're starting from, so I mean, we have published obviously our inventory, so you saw the evolution since, I would say Q4 of last year. So what we want to do is that between now, and year-end we come back to a normalized inventory level so that's the plan that we're building so that's also one of the key components of the $1.4 billion cash optimization plan that we're working on. So normalization is supposed to happen by year-end. So as a result of that, so the expectation is that production will slow down.

嗨，Alex。如我們所說，我們不提供詳細指引；但我們的起點基準是——我們已經公布了庫存，所以你也看到自去年第四季以來的變化。我們想做的是在現在到年底之間，把庫存拉回到正常化水準；這就是我們正在建立的計畫，也是我們正在推動的 14 億美元現金優化計畫中的關鍵組成之一。因此，正常化預計在年底前發生。因此，預期生產將會放緩。

When it comes to deliveries, we have the normal seasonality which would help. You know that, and we have commented on that during our prepared remarks. We're expecting a growth for the second half of the year when it comes to the deliveries and this is really the key component of the plan which will allow us to burn down the inventories that we have currently built. And obviously the ultimate expectation is to release this trapped cash into real cash for the business.

至於交付量，我們有正常的季節性因素會帶來幫助。你也知道，而且我們在事先準備的發言中也提到過。我們預期下半年交付量會成長；這是計畫中真正的關鍵組成，能讓我們消化目前累積的庫存。而最終的期待，當然是把這些被占用的現金釋放出來，轉化為企業可用的真實現金。

If I may just -- On this question, Alex, for a second here. Going back to the earlier question, so inventory made me think about deliveries, right? So let's not forget this Uber/Nuro project for now, has 35,000 units included in delivery. Those will start ramping up as of January or as soon as the project goes live. I'd like to say this is for us, not only for SEI, but as I said in my speech, this is really a new industry, which I think needs to be taken into consideration in terms of our growth prospects, which will not only be in this traditional EV, but very much so in an industry that is at the start of an exponential growth and therefore this project provides us a unique chance to position us for an additional growth with higher volumes and higher margins as I said and I feel very strongly about that also the investment and resources dedicated to that so sorry just wanted to bring that point back.

如果我可以就這個問題補充一下——Alex，讓我插一句。回到先前的問題，庫存讓我想到交付，對吧？所以別忘了，這個 Uber/Nuro 專案目前包含 35,000 輛的交付量。這些將自一月起、或專案一旦上線就會開始爬坡。我想說，對我們而言，這不僅是對 SEI；正如我在發言中所說，這其實是一個全新的產業，我認為在評估我們的成長前景時必須納入考量——成長不只會來自傳統電動車，也會來自一個正處於指數型成長起點的產業。因此，這個專案為我們提供了獨特機會，讓我們能以更高的量與更高的毛利（如我所說）來取得額外成長的定位；我對此也非常有信心，並且我們也投入相應的投資與資源。抱歉，我只是想把這點再帶回來強調。

Andrew Percoco, Morgan Stanley.

Andrew Percoco，摩根士丹利。

Taoufiq, great working with you and wishing you the best in your next endeavor. But I guess maybe to start just where we kind of left off with that last question on inventory and the inventory turn. Can you provide any more, I guess, clarity or color around within the buckets of inventory you put in the deck, raw materials, WIP, and finished goods, what's the proportion for split between Gravity and Air within that?

Taoufiq，很高興與你合作，也祝福你在下一段旅程一切順利。不過我想先從我們剛才那個關於庫存與庫存周轉的問題接續下去。你能否再提供更多一些清楚度或補充說明：在你們簡報中列出的庫存分類——原材料、在製品（WIP）與成品——其中 Gravity 與 Air 各自占比大概是多少？

So, we can give you some indication. First of all, Andrew, thank you very much for your very nice words. So, I mean, again, we are not breaking down the inventories by categories, but what we have said is that the majority of the production has been about Gravity, so you can take a reasonable assumption and consider that the big part of what we currently have on hand is Gravity related.

所以，我們可以給你一些指引。首先，Andrew，非常感謝你非常友善的話語。所以，我的意思是，再次強調，我們不會按類別拆分庫存，但我們所說的是，大部分的生產都與 Gravity 有關，因此你可以做一個合理的假設，認為我們目前手上持有的很大一部分庫存是與 Gravity 相關的。

Okay, got it. That's helpful context. And then maybe just one question on manufacturing strategy. Obviously, right now running AMP-1 at a pretty low utilization rate, and you're still kind of ramping AMP-2 here. So I'm just kind of curious what your philosophy or your strategy is in terms of potentially consolidating Midsize production into AMP-1 and maybe mothballing AMP-2?

好的，了解了。這些背景資訊很有幫助。接著也許再問一個關於製造策略的問題。顯然，目前 AMP-1 的產能利用率相當低，而你們這邊仍在逐步爬坡 AMP-2。所以我只是好奇，你們在可能把中型車（Midsize）的生產整併到 AMP-1，並且也許讓 AMP-2 暫時停用（mothball）方面，你們的理念或策略是什麼？

Just what are your thoughts in general about trying to be maybe a little bit more capital efficient and running a higher utilization rate to optimize that fixed cost structure while demand is relatively de minimis in the near term?

整體而言，你們對於嘗試更有效率地運用資本、提高產能利用率，以在短期需求相對微不足道（de minimis）的情況下優化固定成本結構，有什麼想法？

Andrew, thank you for the question. I mean, in essence, this is part of what we're looking at now as part of our strategic planning. But to be clear, I asked the same question coming in, but the fact is today the AMP-1 factory is meant to design to produce Air and especially Gravity. The way the factory is designed, introducing a new line will create inefficiencies on the other models. That's why the decision was taken to put this factory with a new platform in Saudi Arabia with AMP-2.

Andrew，謝謝你的問題。我的意思是，本質上，這正是我們目前在策略規劃中正在評估的一部分。但要說清楚，我剛上任時也問過同樣的問題；然而事實是，今天 AMP-1 工廠的設計目的，是用來生產 Air，尤其是 Gravity。依照工廠的設計方式，引入一條新產線會對其他車型造成效率損失。這也是為什麼當初決定在沙烏地阿拉伯以 AMP-2 來承載這個新平台的工廠。

So going forward, clearly, our job is to make sure we ramp it up with quality on both sides. Let's not forget that now we have a new source of volume, which is the robotaxi. So our plan is to optimize capacity utilization by also looking at these volumes and others that may come going forward, first of all by traditional business, but also by others that Lucid Technologies might generate. For now, that's all we can say, but I think it's a very understandable question and one that is -- we cannot answer for now, but still a key to our profitability going forward.

因此展望未來，我們的工作顯然是要確保兩邊都能在品質到位的情況下順利爬坡。也別忘了，我們現在有一個新的量能來源，也就是 robotaxi。所以我們的計畫是，透過同時考量這些量能以及未來可能出現的其他量能，來最佳化產能利用率；首先來自傳統業務，但也包括 Lucid Technologies 可能帶來的其他業務。目前我們只能說到這裡；但我認為這是個非常合理的問題，也是——我們現在還無法回答，但它仍是我們未來獲利能力的關鍵。

Stephen Gengaro, Stifel.

Stephen Gengaro，Stifel。

Two things for me. The first is, and I know you're maybe not ready to give a whole lot of detail, but when you think about sort of the next couple of years, is the underlying business plan changing as far as the willingness to license the technology as one thing I'm thinking of, or just, and also just kind of the focus and importance of the Midsize? Is there anything material changing in the underlying plan? Is it all sort of financial and cost related?

我這邊有兩點。第一點是，我知道你們可能還沒準備好提供太多細節，但當你們思考未來幾年時，底層的商業計畫是否有所改變？例如我想到的一點是，對於授權技術（license the technology）的意願；或者還有中型車（Midsize）的聚焦與重要性。底層計畫有任何實質性的改變嗎？還是說一切都主要是財務與成本相關？

Stephen, thank you for the question. The line is not ideal, but I do think your question related to the idea of licensing. I think as we look at our business planning, licensing absolutely is an option. And Lucid Technologies is indeed also one of the activities will be to license or sell our components into either automotive, EV, but possibly also to other industries. So that is very much something we're looking actively at.

Stephen，謝謝你的問題。線路狀況不太理想，但我確實認為你的問題與授權的想法有關。我想在我們檢視業務規劃時，授權絕對是一個選項。而 Lucid Technologies 的確也會把授權或銷售我們的零組件，提供給汽車產業、電動車（EV），甚至可能也包括其他產業，作為其業務活動之一。所以這確實是我們正在積極評估的方向。

At the same time, allow me to come back. This will only be possible when we stabilize the business. So our priority now is really our 3Cs and our four must-wins, because then we're going to have the sustainable business model to take us forward. So all of what I understood you mentioned is still very much possible, and actively looked at, but we're also very conscious of our priorities, which at the moment is to stabilize our business as it is today.

同時，請容我補充一點。這只有在我們把業務穩定下來之後才有可能。所以我們目前的優先事項，確實是我們的 3Cs 與四個必勝項（four must-wins），因為那樣我們才能建立可持續的商業模式，帶領我們往前走。因此，你提到的所有方向仍然非常可行，也在積極評估中，但我們也非常清楚自己的優先順序——此刻就是先把現有業務穩定下來。

Itay Michaeli, TD Cowen.

Itay Michaeli，TD Cowen。

It's been great working with you. Thank you for everything and all the best. Maybe just a first question. I'm curious what the go-forward marketing and branding campaign might look like as you curtail production, and maybe hopefully can strengthen pricing. Just curious how you're thinking about brand positioning, particularly ahead of the Midsize launch.

很高興能與你們合作。謝謝你們所做的一切，祝一切順利。也許先問第一個問題。我很好奇，在你們縮減產量、並且希望能強化定價的情況下，未來的行銷與品牌活動可能會是什麼樣子。想請教你們如何思考品牌定位，特別是在中型車（Midsize）上市之前。

I thank you for the very current question. Something which in fact I realize I didn't speak much about this time, but I will elaborate more next time, is that we are, as we speak, carrying out, we just initiated actually this week in fact, a whole -- I call it a brand audit, and then it will allow us to reposition our brand in a way that is consistent with our product.

謝謝你這個非常切合當下的問題。其實我也意識到這次我沒有談太多，但下次我會更深入說明：我們正在進行——事實上我們剛在本週啟動——一個完整的流程，我稱之為品牌稽核（brand audit），它將讓我們以與產品一致的方式重新定位品牌。

Today, our brand is very strong, but I think it is fair to say the approach, the understanding of the brand is not consistent across every sector, every market, and I'm going to say even internally within a company in the sense of how people see that. So I want to make sure that this is clear because this is a strength. So building on that asset is a clear platform to go forward.

今天，我們的品牌非常強，但我認為可以公平地說，在每個產業區隔、每個市場，甚至我想說在公司內部對品牌的理解與看法，都不完全一致。所以我想確保這一點是清楚的，因為這是一項優勢。因此，在這項資產之上持續建構，將是我們往前推進的一個明確平台。

I look forward to sharing more about that, but I do concur with your view that it's something that needs to be looked at. And this is independently from the volume we do, but this is a key to differentiate our offering and make sure that we build on our strengths, and we are clear about our priorities and what makes our products unique in the eyes of our customer. And this will have to include more and more the customer experience, i.e., not only engineering aspects, but to relate to the emotions that our products evoke in customers, which frankly speaking, one of the reasons why I also came to Lucid in the first place.

我期待之後能分享更多相關內容，但我也同意你的看法：這確實需要被檢視。而這與我們做多少量無關；這是用來區隔我們的產品主張、確保我們建立在自身優勢之上、並清楚我們的優先事項，以及在客戶眼中我們的產品獨特之處的關鍵。而這必須越來越多地涵蓋客戶體驗，也就是不僅是工程層面，還要連結到我們產品在客戶心中所喚起的情感；坦白說，這也是我當初選擇加入 Lucid 的原因之一。

That's helpful. As a quick follow up, I think it was mentioned a few times, sort of an effort to improve the unit economics. But typically there is some relationship between volume and unit economics. And so I'm curious, sort of during this period where volume is a bit more in a kind of a low period, how you're able to improve unit economics and sort of maybe some targets there would be helpful. Thank you.

這很有幫助。快速追問一下，我想你們提到好幾次，正在努力改善單位經濟效益（unit economics）。但通常產量與單位經濟效益之間存在某種關係。所以我很好奇，在這段產量相對偏低的期間，你們要如何改善單位經濟效益？如果能提供一些目標方向也會很有幫助。謝謝。

Itay, thank you for the follow-up question. I'm not in a position, again, to provide targets, but what I can tell you is that our suppliers have been extremely supportive in the way we look at different volumes in combination with profitability and you say unit economics. At the same time, there are things that are also in our control. For example, we have way too many options. So working on our configurator to make sure we focus on the trims that also support economics, is a key element and you can imagine that is in itself a good opportunity.

Itay，謝謝你的追問。我目前同樣無法提供目標數字，但我可以告訴你的是，我們的供應商在我們以不同產量情境搭配獲利能力、以及你所說的單位經濟效益來評估時，給了我們非常大的支持。同時，也有一些事情是在我們可控範圍內。例如，我們的選配項目太多了。因此，優化我們的配置器（configurator），確保我們聚焦在同時也能支撐經濟效益的車型等級（trims），是一個關鍵要素；你可以想像，這本身就是一個很好的機會。

So that's an example of exactly the type of non-stopping exercise to look into every aspect of the business to make sure we establish a solid way forward. So thank you for the question, which allowed me to address that. I will look forward to coming with more detail as we continue our changing.

所以，這就是一個例子，說明我們會以這種不間斷的方式，檢視業務的每一個面向，以確保我們建立一條穩健的前進道路。因此也謝謝你的提問，讓我能夠回應這一點。隨著我們持續轉型，我也期待之後能提供更多細節。

(Operator Instructions) Michael Ward, Citigroup.

(接線員指示) Michael Ward，花旗集團。

When I look at page 23 and you talked about $1.4 billion in cash savings by the end of the year, are those annualized savings, cash savings, or a run rate? Because it's always going to occur in the second half.

我看第23頁，你提到年底前可節省14億美元現金，這些是年化節省、現金節省，還是以執行率（run rate）計？因為這通常都會發生在下半年。

Hi Mike, thanks for the question. So the $1.4 billion is what we're expecting to save this year between now and year-end. So that's a 2026 impact that will be reflected in our results. So now part of it obviously as you can imagine we will make it sustainable and part of it will be impacting as well the baseline for next year so we're trying to do things from a structural standpoint removing some of the cash but there are also part of the savings and optimizations which are leveraging phasing. So some spend will be potentially pushed to next year.

嗨，Mike，謝謝你的問題。這14億美元是我們預期在今年從現在到年底之間可以節省的金額。所以這是會反映在我們業績中的2026年影響。當然，如你所想，其中一部分我們會讓它具備可持續性；另一部分也會影響到明年的基準，因此我們正嘗試從結構性角度來做一些事情，移除部分現金支出，但也有一部分節省與優化是利用支出時點的調整。因此，有些支出可能會被推遲到明年。

So when you read the $1.4 billion, read it as an impact in 2026.

所以當你看到這14億美元時，請把它解讀為2026年的影響。

And so then, so it sounds like some of the CAPEX are deferred, so they're not eliminated. But it sounds like the inventory -- it looks like to get back to the December 2025 level; it's like $300 million. So there's more there. And that sounds like more of a structural change. Is that the right way to read it? Getting more efficient with the new rate there?

那麼，聽起來有些資本支出（CAPEX）是延後，而不是取消。但看起來庫存——若要回到2025年12月的水準，大概是3億美元。所以那裡還有更多空間。而且那聽起來更像是結構性的改變。這樣解讀對嗎？透過新的節奏讓效率更高？

That's absolutely the right point. So, I mean, and we refer to it in the prepared remarks, it's really about how we accelerate the conversion cycle. So reducing the timing between the moment where we receive the raw materials for our products into converting them into WIP and finished goods, that's something that we're working on from a structural standpoint, and it's really about carrying the lowest level of working capital and translating this working capital into revenues as soon as possible. And this obviously touches receivables, payables, so it's really an end-to-end approach and structural change to your point that we're implementing currently.

完全正確。我們在事先準備的講稿裡也有提到，重點其實在於我們如何加速轉換週期。也就是縮短從我們收到產品原材料，到把它們轉換成在製品（WIP）與成品之間的時間差；這是我們從結構面正在推動的工作，核心是把營運資金維持在最低水位，並盡快把這些營運資金轉化為營收。這當然也會牽涉到應收款、應付款，因此這是一個端到端的方法，以及如你所說、我們目前正在落實的結構性變革。

And it leads to a lower inventory write-down, correct?

而且這會帶來較低的庫存減記，對嗎？

That's right.

沒錯。

And the second thing is on the Cosmos, where are those prototypes being built? It sounds like you have some out there being tested and certified already. And where are those being put together? In AMP-1 or --

第二個問題是關於Cosmos，那些原型車是在哪裡打造的？聽起來你們已經有一些在外面進行測試與認證了。那些是在哪裡組裝的？在AMP-1還是--

AMP-1. Today it's assembled in Coolidge. We have a factory next to AMP-1. We considered part of it, which is still in Arizona. And so today we have the pilot lines in Coolidge, in a facility which is just a few miles away from Casa Grande.

AMP-1。目前是在Coolidge組裝。我們在AMP-1旁邊有一座工廠。我們考量其中一部分仍會留在亞利桑那州。所以目前我們在Coolidge有試產線，位於一個距離Casa Grande只有幾英里的設施內。

This is where we also have a test track and that's how we drive our prototypes and make them ready. So there is actually an interesting technology transfer that we're going to do from Coolidge into Saudi Arabia. In fact, we have a whole line testing everything before we can be transferring it to AMP-2 in Saudi Arabia.

我們在那裡也有測試跑道，這就是我們如何試駕原型車並讓它們達到可用狀態。因此，我們將會把一項相當有意思的技術移轉，從Coolidge帶到沙烏地阿拉伯。事實上，在移轉到沙烏地阿拉伯的AMP-2之前，我們有一整條產線會先測試所有項目。

And when will the prototypes begin coming off AMP-2?

那原型車什麼時候會開始從AMP-2下線？

That is what I said before. They will be coming prototypes. That will be starting in the early '27, and the full runtime production will be in the second part.

這就是我先前說的。原型車會開始下線。這將在27年初開始，而完整的量產爬坡會在下半段。

I'm showing no further questions in the queue. I'd like to turn the call back over to Silvio for any closing remarks.

我這邊顯示隊列中沒有其他問題。我想把電話會議交回給Silvio，請他做結語。

Thank you. So as we come to a close here, I'd like to thank you all for joining us today, for your engagement and for your questions. Our priorities are clear. Reduce cash burn, improve quality and the customer experience, build a high premium team and culture, simplify the company and deliver our must-win projects. We know that rebuilding credibility will take time, and we intend to earn it through consistent results.

謝謝。在我們接近尾聲之際，我想感謝各位今天的參與、投入以及提問。我們的優先事項很清楚。降低現金消耗、提升品質與客戶體驗、打造高端團隊與文化、簡化公司並交付我們必勝的專案。我們知道重建可信度需要時間，而我們打算透過一致的成果來贏得它。

Thanks again, and I look forward to seeing you again soon and continuing our conversation. Bye-bye.

再次感謝，也期待很快再見到各位，並持續我們的對話。再見。

This concludes today's program. Thank you all for participating. You may now disconnect.

今天的節目到此結束。感謝各位參與。您現在可以掛線。