Lucid Group Inc (LCID) 2022 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Lucid Group First Quarter 2022 Earnings Conference Call. Please be advised that today's conference is being recorded. (Operator Instructions)

女士們，先生們，感謝您的支持，歡迎參加 Lucid Group 2022 年第一季度收益電話會議。請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to turn the conference over to your speaker for today, Maynard Um, Senior Director of Investor Relations. Please go ahead, sir.

我現在想將會議轉交給您今天的演講者，投資者關係高級總監 Maynard Um。請繼續，先生。

Thank you, and welcome to Lucid Group's First Quarter 2022 Earnings Call. Joining me today are Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO.

謝謝，歡迎參加 Lucid Group 的 2022 年第一季度財報電話會議。今天加入我的是我們的首席執行官兼首席技術官 Peter Rawlinson；和我們的首席財務官雪利酒屋。

Before handing the call over to Peter, let me remind you that some of the statements on this call, particularly those regarding the future financial performance of the company, production and delivery volumes, macroeconomic and industry trends, company initiatives, supply chain dynamics, expansion of our studios and manufacturing facilities and other future events, are based on the information that we have as of today and constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在將電話轉交給彼得之前，讓我提醒您，本次電話會議的一些陳述，特別是關於公司未來財務業績、生產和交付量、宏觀經濟和行業趨勢、公司舉措、供應鏈動態、擴張的聲明我們的工作室和製造設施以及其他未來事件的數據基於我們今天所擁有的信息，並構成 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。

Forward-looking statements are subject to numerous risks, uncertainties and other factors that could cause actual results to differ from expectations, and we refer you to the cautionary language included in risk factors in our quarterly report on Form 10-Q for the quarter ended March 31, 2022, as well as other documents filed or to be filed with the SEC for a full discussion of such risks, uncertainties and other factors.

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，我們請您參考我們截至 3 月的季度 10-Q 表格季度報告中風險因素中包含的警示性語言2022 年 3 月 31 日，以及提交或將提交給 SEC 的其他文件，以全面討論此類風險、不確定性和其他因素。

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

在今天的電話會議中發表的前瞻性陳述僅在發表時發表，我們沒有義務並明確表示不承擔任何義務更新、更改或以其他方式修改任何前瞻性陳述，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 reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon, as well as in the investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

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

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

有了這個，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, Maynard. In Q1, we delivered 360 vehicles to customers, nearly tripling the 125 cars delivered in Q4 of 2021. Furthermore, in April alone, we delivered well over 300 vehicles, demonstrating our accelerated production ramp. And this growth progression keeps us nicely on track for our 12,000 to 14,000 production targets, as Sherry will tell us more about shortly.

謝謝你，梅納德。第一季度，我們向客戶交付了 360 輛汽車，幾乎是 2021 年第四季度交付的 125 輛汽車的三倍。此外，僅在 4 月，我們就交付了 300 多輛汽車，這表明我們的產量加速增長。這種增長進程使我們能夠很好地實現 12,000 到 14,000 輛的生產目標，Sherry 很快就會告訴我們更多信息。

We're pleased with the demand we're seeing, and now, we have more than 30,000 reservations as of today. Note that this 30,000 figure does not include the recent up to 100,000 car deal with the government of Saudi Arabia, which is entirely incremental. I'd like to thank the entire Lucid team for their dedication and hard work, and we're off to a great start and we're only just beginning. We have a lot of hard work ahead of us, but we're up for the challenge, and we're on track for some great milestones this year.

我們對我們看到的需求感到滿意，現在，截至今天，我們有超過 30,000 份預訂。請注意，這 30,000 輛的數字不包括最近與沙特阿拉伯政府達成的高達 100,000 輛的汽車交易，這完全是增量。我要感謝整個 Lucid 團隊的奉獻精神和辛勤工作，我們有了一個良好的開端，而我們才剛剛開始。我們前面有很多艱苦的工作，但我們已經準備好迎接挑戰，今年我們正朝著一些偉大的里程碑前進。

In just 2 short quarters since we started deliveries, we've garnered industry accolades, beating out some very well-established luxury car brands. Lucid Air is now used in the same breadth as some of the best-known luxury car luminaries in the market. And that's truly amazing if you think about it.

自我們開始交付以來的短短兩個季度內，我們就贏得了業界的讚譽，擊敗了一些非常成熟的豪華汽車品牌。 Lucid Air 現在的使用範圍與市場上一些最知名的豪華汽車燈具相同。如果你仔細想想，那真是太神奇了。

In the first quarter, Lucid Air was named the best luxury electric car by U.S. News & World Report. It was named Luxury Electric Vehicle of the Year by Cars.com and Best Car to Buy 2022 by Green Car Reports. Edmunds very recently reported an unprecedented 505 miles in their real-world EV range test of the Lucid Air Dream R, a new record. But most importantly, it's our customers who are truly delighted with Lucid Air. I believe, as we get more of our vehicles into our customers' hands and as we expand our test drive program, our momentum will just continue to build.

第一季度，Lucid Air 被《美國新聞與世界報導》評為最佳豪華電動汽車。它被 Cars.com 評為年度豪華電動汽車，並被 Green Car Reports 評為 2022 年最佳購買汽車。 Edmunds 最近在 Lucid Air Dream R 的實際 EV 續航里程測試中報告了前所未有的 505 英里，創下新紀錄。但最重要的是，真正對 Lucid Air 感到滿意的是我們的客戶。我相信，隨著我們將更多車輛交到客戶手中，並且隨著我們擴大試駕計劃，我們的勢頭將繼續增強。

We're nearing completion of deliveries of Lucid Air Dream Edition and commenced deliveries of Air Grand Touring in the first quarter. Also, having announced the new Air Grand Touring Performance model in April. The dual motor Grand Touring Performance delivers 1,050 horsepower, making it the most powerful electric vehicle currently available in North America. combined with an exceptional EPA-estimated 446 miles range.

我們即將完成 Lucid Air Dream Edition 的交付，並在第一季度開始交付 Air Grand Touring。此外，在 4 月宣布了新的 Air Grand Touring Performance 模型。雙電機 Grand Touring Performance 可提供 1,050 馬力，使其成為目前北美最強大的電動汽車。再加上 EPA 估計的 446 英里續航里程。

The Air Grand Touring, with up to 516 miles of EPA-estimated range, has an unprecedented efficiency of 4.6 miles per kilowatt hour. And I would like to spend a minute or 2 on this, because I don't believe the importance of EV efficiency is well understood today. In order to drive widespread EV adoption, we must address the cost of making EVs. And here, the really fundamental question is not how much does a battery cost per se in terms of dollars per kilowatt hour, but moreover, how much does it cost to endow an EV with a given amount of range.

Air Grand Touring 的 EPA 估計航程可達 516 英里，具有前所未有的每千瓦時 4.6 英里的效率。我想在這上面花一兩分鐘，因為我不相信今天電動汽車效率的重要性已經得到很好的理解。為了推動電動汽車的廣泛採用，我們必須解決製造電動汽車的成本問題。在這裡，真正根本的問題不是電池本身的成本是多少，以每千瓦時的美元計算，而且，賦予電動汽車一定的續航里程需要多少成本。

For example, how much does it cost to create an EV? We'd say 200 miles range or 300 miles range or a 400-mile EV. In this context, it's crucial to compare, which is the better route to achieve this goal, a reduction in battery costs or an increase in efficiency. Well, we'd say a 10% increase in efficiency, it is possible to achieve the same range within 10% smaller and therefore, 10% less expensive battery.

例如，創建一個 EV 需要多少成本？我們會說 200 英里範圍或 300 英里範圍或 400 英里 EV。在這種情況下，比較是實現這一目標、降低電池成本或提高效率的更好途徑至關重要。好吧，我們會說效率提高 10%，有可能在 10% 小範圍內實現相同的範圍，因此電池成本降低 10%。

For example, we believe we can endow Lucid Air Pure with over 400 miles range with a battery pack size of less than 90-kilowatt hours, a significant battery downsize and therefore, cost saving and commercial advantage over the competition. But efficiency also drives other very important benefits. Unlike a gasoline car, where the benefit of efficiency is only felt at the cost of a fill-up at the gas station, an efficient EV is a fundamentally superior product in many ways, influencing weight, agility, range and interior space and comfort. Reducing battery cost, although not to be dismissed, fundamentally only really benefits the cost of manufacture, whereas we expect increasing efficiency to benefit not only the cost of manufacture, but also the lifetime running costs, plus the lifetime environmental footprint, both through energy consumption and through raw material usage.

例如，我們相信我們可以為 Lucid Air Pure 提供超過 400 英里的續航里程，而電池組的尺寸小於 90 千瓦時，大大縮小了電池尺寸，因此在競爭中節省了成本和商業優勢。但效率也帶來了其他非常重要的好處。與汽油車不同，效率的好處只是以加油站的加油為代價，而高效的電動汽車在許多方面都是一種根本上優越的產品，影響重量、敏捷性、續航里程以及內部空間和舒適度。降低電池成本雖然不容忽視，但從根本上說只會真正有利於製造成本，而我們預計提高效率不僅有利於製造成本，而且有利於整個生命週期的運行成本，加上生命週期的環境足跡，這兩者都通過能源消耗並通過原材料使用。

Now this final advantage is not to be dismissed lightly because in a world with a potentially limited raw material supply chain, efficiency becomes the enabler for the manufacturer of more electric cars. So our first step has been to deliver a vehicle with a longer range than anyone else in the market, and our next step, later this year, will be to deliver a vehicle with a range of over 400 miles. But to achieve this, with a smaller battery pack from the competition, and this is Lucid's commercial advantage.

現在這一最後的優勢不容忽視，因為在一個原材料供應鏈可能有限的世界裡，效率成為更多電動汽車製造商的推動力。因此，我們的第一步是提供比市場上任何其他人都具有更長續航里程的車輛，而我們的下一步，即今年晚些時候，將是提供續航里程超過 400 英里的車輛。但要實現這一點，需要用更小的電池組來競爭，而這正是 Lucid 的商業優勢。

Now we're only able to do this because we design, develop and manufacture our own technology in-house. It's the combination of our proprietary ultracompact powertrain, state-of-the-art high-voltage inverter, a bidirectional 900-volt Wunderbox, exceptional aerodynamic design and our scalable and modular battery pack, which is based on our extensive Formula E race experience.

現在我們之所以能夠做到這一點，是因為我們在內部設計、開發和製造了我們自己的技術。它結合了我們專有的超緊湊型動力總成、最先進的高壓逆變器、雙向 900 伏 Wunderbox、卓越的空氣動力學設計以及基於我們豐富的電動方程式比賽經驗的可擴展和模塊化電池組。

I'm aware of only one other who has the technology vertical integration we do. You simply cannot achieve this by buying off-the-shelf components. And I'm proud to say that our efficiency is industry-leading among commercially available passenger vehicles. While others will try to catch up to where we are today, we're not standing still. We're improving on our technological advancements and will drive more innovations and efficiency to remain ahead of the competition.

我知道只有一個人擁有我們所做的技術垂直整合。您根本無法通過購買現成的組件來實現這一點。我很自豪地說，我們的效率在商用乘用車中處於行業領先地位。雖然其他人會努力趕上我們今天的水平，但我們並沒有停滯不前。我們正在改進我們的技術進步，並將推動更多的創新和效率，以保持在競爭中的領先地位。

We also continue to make great strides in our software and developed 11 over-the-air software updates in Q1. We hear our customers and we're delivering on their constructive feedback, many through over-the-air updates. We've designed our vehicles from a clean sheet to be one of the most advanced in the market, and with world-class vehicle technology that will enable us to deliver more features and enhancements without customers having to bring their vehicles in for service. We have the capability to control even the smallest details in the car via software. With our software-defined vehicles, we can change everything from how the door handles function to increasing key fob battery life. And we will continue to strive to meet the high standards of our customers by making their Lucids better and better over time.

我們還在軟件方面繼續取得長足進步，並在第一季度開發了 11 個無線軟件更新。我們聽取客戶的意見，並通過無線更新提供他們的建設性反饋。我們從零開始設計我們的車輛，使其成為市場上最先進的車輛之一，並採用世界一流的車輛技術，使我們能夠提供更多功能和增強功能，而無需客戶將車輛送修。我們有能力通過軟件控制車內最小的細節。借助我們的軟件定義車輛，我們可以改變一切，從門把手的功能到延長遙控鑰匙的電池壽命。我們將繼續努力滿足客戶的高標準，隨著時間的推移使他們的 Lucids 越來越好。

So we think we're extremely well positioned in the technology race, but we need to get Lucid Airs into the hands of more customers and ramping production of quality vehicles is my top priority. We have over 30,000 customer reservation holders as of today, demonstrating growing interest in Lucid and rising demand even as new competitors arrive. So we are intently focused on production as well as our expansion. And as you can see from the photo in the shareholder presentation, the AMP factory expansion in Arizona is seeing tremendous progress. And once complete, we'll have an additional 2.85 million square feet of production footprint and increase our annual production capacity in Arizona to 90,000 vehicles per year.

因此，我們認為我們在技術競賽中處於非常有利的位置，但我們需要將 Lucid Airs 交到更多客戶手中，而提高質量車輛的生產是我的首要任務。截至今天，我們擁有超過 30,000 名客戶預訂持有者，這表明對 Lucid 的興趣與日俱增，即使新競爭對手到來，需求也在不斷增長。因此，我們專注於生產和擴張。正如您從股東演示文稿中的照片中看到的那樣，亞利桑那州的 AMP 工廠擴建取得了巨大進展。一旦完成，我們將擁有額外的 285 萬平方英尺的生產面積，並將我們在亞利桑那州的年生產能力提高到每年 90,000 輛。

We're also very excited to be breaking ground on our new factory in Saudi Arabia soon, and very shortly, we'll have a grand opening of our Munich studio, signaling the arrival of Lucid to the EU market. Now more on this next week, when we will debut our EU plans. So our global expansion plans are on track.

我們也很高興很快在沙特阿拉伯的新工廠破土動工，很快，我們的慕尼黑工作室將隆重開幕，標誌著 Lucid 進入歐盟市場。現在更多關於下週的內容，屆時我們將推出我們的歐盟計劃。因此，我們的全球擴張計劃步入正軌。

Now having said that, I do want to highlight that supply chain dynamics are very fluid, and the COVID lockdowns in China that's impacting others in the industry are also resulting in some bottlenecks for us. But our team is doing an incredible job mitigating this to keep us on track.

話雖如此，我確實想強調供應鏈動態非常不穩定，中國的 COVID 封鎖影響了該行業的其他人，也給我們帶來了一些瓶頸。但是我們的團隊正在做著令人難以置信的工作來緩解這種情況，以使我們保持在正軌上。

We also announced today that we're increasing prices on our vehicles that will go into effect at the beginning of June. The world has changed dramatically from the time we first announced Lucid Air back in September 2020. And I want to assure our existing reservation holders that we will be honoring current pricing for all existing customers, as well as new reservations made before the end of the month. In order to ensure fairness and prioritization, we will be reaching out to reservation holders to facilitate order configurations in order to lock in pricing as their specified model becomes available.

我們今天還宣布，我們將提高車輛的價格，這將於 6 月初生效。自 2020 年 9 月我們首次宣布 Lucid Air 以來，世界已經發生了巨大變化。我想向我們現有的預訂持有者保證，我們將尊重所有現有客戶的當前定價，以及在結束前進行的新預訂。月。為了確保公平性和優先級，我們將與預訂持有人聯繫以促進訂單配置，以便在他們指定的模型可用時鎖定定價。

Now lastly, I want to highlight a landmark agreement we made with the government of Saudi Arabia on April 20. The government has undertaken to purchase up to 100,000 Lucid vehicles. This is one of the single largest electric vehicle purchases that I'm aware of, and we're delighted to be supporting Saudi Arabia in achieving its sustainability goals and net 0 ambitions, by bringing our advanced luxury EVs to Saudi Arabia. Sherry will go into more details on this momentarily.

最後，我想強調一下我們在 4 月 20 日與沙特阿拉伯政府達成的一項具有里程碑意義的協議。政府已承諾購買多達 100,000 輛 Lucid 車輛。這是我所知道的最大的電動汽車採購之一，我們很高興通過將我們先進的豪華電動汽車帶到沙特阿拉伯來支持沙特阿拉伯實現其可持續發展目標和淨 0 雄心。雪利酒稍後將詳細介紹這一點。

So in closing, I believe the electric vehicle market is still in the very early days of secular growth. And I've never been more excited than I am today about our technology, our products, our team and our future. I firmly believe this is a technology race that is set to play out over the coming years. And I'm highly confident that we are well placed to be a leader with our state-of-the-art in-house developed technology.

所以最後，我相信電動汽車市場仍處於長期增長的早期階段。我對我們的技術、我們的產品、我們的團隊和我們的未來感到前所未有的興奮。我堅信這是一場將在未來幾年上演的技術競賽。我非常有信心，憑藉我們最先進的內部開發技術，我們完全有能力成為領導者。

With that, let me turn it over to Sherry for an update on our financials. Sherry?

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. Despite ongoing supply chain disruptions, we continue to see terrific progress in the business. This was largely due to the perseverance and astute problem-solving capabilities of the Lucid team across manufacturing, logistics, supply chain and engineering. We're also grateful to our whole supply base who worked tirelessly with us to find real-time solutions to a very complicated and fluid supply chain situation. We're very pleased with the reservation momentum we're experiencing, we're seeing excellent increasing traffic to our Lucid studios as well as visits to our website and our award-winning vehicle configurator, all indicating accelerating interest in the Lucid brand.

謝謝你，彼得。儘管供應鏈持續中斷，但我們繼續看到業務取得巨大進展。這主要歸功於 Lucid 團隊在製造、物流、供應鍊和工程方面的毅力和敏銳的解決問題的能力。我們也感謝我們的整個供應基地，他們不知疲倦地與我們合作，為非常複雜和多變的供應鏈情況找到實時解決方案。我們對我們正在經歷的預訂勢頭感到非常滿意，我們看到我們的 Lucid 工作室的流量以及對我們網站和我們屢獲殊榮的車輛配置器的訪問量不斷增加，所有這些都表明對 Lucid 品牌的興趣正在增加。

I'd now like to turn our attention to our first quarter financial results. Our Q1 revenue was $57.7 million, which represents a quarter-over-quarter increase of 113%. We remain committed to scaling our business and expect to see significant growth in revenue as our delivery volumes ramp across GT, Touring and Pure models.

我現在想將注意力轉向我們的第一季度財務業績。我們第一季度的收入為 5770 萬美元，環比增長 113%。我們仍然致力於擴大我們的業務，並預計隨著我們在 GT、Touring 和 Pure 車型上的交付量增加，收入將顯著增長。

Cost of revenue in the first quarter was approximately $246 million. This expected increase was primarily related to personnel and overhead costs, as we ramp up production as well as higher logistic costs and expedited freight due to ongoing supply chain disruption. As a result of these increased costs, we recorded an impairment charge of $96.4 million in the first quarter to reduce inventory to their net realizable value. As noted last quarter, we expect increased freight and overhead will result in impairment charges, which will negatively impact cost to revenue in 2022, but we expect this impact to lessen over time.

第一季度的收入成本約為 2.46 億美元。這一預期增長主要與人員和間接成本有關，因為我們提高了產量，以及由於持續的供應鏈中斷導致物流成本增加和貨運加快。由於這些成本增加，我們在第一季度記錄了 9640 萬美元的減值費用，以將庫存減少到其可變現淨值。如上個季度所述，我們預計運費和間接費用的增加將導致減值費用，這將對 2022 年的收入成本產生負面影響，但我們預計這種影響會隨著時間的推移而減輕。

R&D expense was $186.1 million, in line with our expectations. Peter talked about how our efficiency is driven by the in-house design, development and manufacturing of our own proprietary technology, and we continue to focus on pushing the technology envelope. Specifically, we're investing in state-of-the-art battery and powertrain equipment and facilities, software advancements and world-class talent.

研發費用為 1.861 億美元，符合我們的預期。 Peter 談到了我們的效率是如何由我們自己的專有技術的內部設計、開發和製造來推動的，我們將繼續專注於推動技術的發展。具體來說，我們正在投資最先進的電池和動力總成設備和設施、軟件進步和世界一流的人才。

SG&A expense of $223.2 million was comprised in part of expenses related to growing our retail studio and service network, along with investments to build out our systems and personnel globally. We opened 4 additional studios and service centers and continue to prepare for growth in North America, Europe and the Middle East this year.

2.232 億美元的 SG&A 費用包括與發展我們的零售工作室和服務網絡相關的費用，以及在全球範圍內建立我們的系統和人員的投資。我們又開設了 4 個工作室和服務中心，並繼續為今年在北美、歐洲和中東的增長做準備。

Staff-based compensation in the quarter was approximately $175 million, $116 million of this amount was in SG&A, $50 million was in research and development and the balance of $8.5 million was in cost of revenues.

本季度員工薪酬約為 1.75 億美元，其中 1.16 億美元用於 SG&A，5000 萬美元用於研發，其餘 850 萬美元用於收入成本。

In other income, we recognized a noncash gain of approximately $523 million related to the mark-to-market value of private warrants. The value of the warrant can be influenced quarter-to-quarter by a number of factors, including Lucid Group's end-of-quarter share price.

在其他收入中，我們確認了與私人認股權證的按市值計價相關的約 5.23 億美元的非現金收益。認股權證的價值可能會受到許多因素的影響，包括 Lucid Group 的季度末股價。

Moving to the balance sheet. We ended the quarter with close to $5.4 billion of cash on hand, which we expect will fund us 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. Capital expenditures were $185 million in Q1, and we expect CapEx for the year to be around $2 billion as we continue to invest in the incredible opportunity ahead.

轉移到資產負債表。本季度末，我們手頭有近 54 億美元的現金，我們預計這將為我們提供充足的資金到 2023 年。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。第一季度的資本支出為 1.85 億美元，我們預計今年的資本支出約為 20 億美元，因為我們將繼續投資於未來令人難以置信的機會。

Our 2022 CapEx will be used for facilities, in machinery and equipment expansion in Arizona, retail and service center development, early investment in Saudi Arabia and other CapEx associated with vehicle and component development. We remain committed to scaling our business and are executing against our strategic objectives. Ramping production is a high priority to fulfill growing demand as we're selling every vehicle we can make.

我們 2022 年的資本支出將用於設施、亞利桑那州的機械和設備擴建、零售和服務中心開發、沙特阿拉伯的早期投資以及與車輛和零部件開發相關的其他資本支出。我們仍然致力於擴大我們的業務，並根據我們的戰略目標執行。增加生產是滿足不斷增長的需求的重中之重，因為我們正在銷售我們可以製造的每一輛車。

As Peter indicated earlier, we successfully delivered 360 cars to our customers in Q1, and in April alone, we delivered over 300 vehicles, demonstrating our accelerated production ramp. Total reservations grew to 30,000 as of today, which doesn't include the additional 100,000 units from the agreement with the government of Saudi Arabia. And we believe interest will continue to increase as the number of Lucid Airs on the road grows and as more consumers are able to experience its luxury in performance in person.

正如 Peter 之前所說，我們在第一季度成功向客戶交付了 360 輛汽車，僅在 4 月，我們就交付了 300 多輛汽車，這表明我們的產量加速增長。截至今天，總預訂量增至 30,000 套，其中不包括與沙特阿拉伯政府簽訂的協議中額外增加的 100,000 套。我們相信，隨著路上 Lucid Air 數量的增加以及更多消費者能夠親身體驗其奢華性能，人們的興趣將繼續增加。

We continue to build out our physical presence through our expanding retail studio and service footprint. We added 4 new locations in Toronto, New Jersey, Arizona and Southern California in the first quarter, for a total of 24 and more recently opened a location in Boston. We have additional new locations planned for 2022, including the grand opening of our first European studio in Munich, Germany next week.

我們通過不斷擴大的零售工作室和服務足跡繼續擴大我們的實體存在。我們在第一季度在多倫多、新澤西、亞利桑那州和南加州增加了 4 個新地點，總共 24 個，最近在波士頓開設了一個地點。我們計劃在 2022 年增加新的地點，包括下週我們在德國慕尼黑的第一家歐洲工作室的盛大開幕。

In the first quarter, we started deliveries for the Grand Touring Air, and in April, we announced the Grand Touring Performance. We announced pricing for the Grand Touring Performance at $179,000, reflecting our appreciation for our early Lucid Air Dream purchasers, but also, reflecting cost increases in the commodity, supply chain and logistics end markets. To align these fluid market dynamics, we're announcing price increases to our Lucid Air line. As of June 1, the new pricing will be $154,000 for Grand Touring, $107,400 for Touring and $87,400 for Pure. And as Peter said, we will honor current pricing for all existing customer reservations, as well as new reservations made before the end of the month. As long as potential customers convert their reservations to orders within 30 days of the opening of the order system.

在第一季度，我們開始交付 Grand Touring Air，並在 4 月宣布了 Grand Touring Performance。我們宣布 Grand Touring Performance 的定價為 179,000 美元，這既反映了我們對早期 Lucid Air Dream 購買者的感謝，也反映了商品、供應鍊和物流終端市場的成本增加。為了調整這些流動的市場動態，我們宣布對我們的 Lucid Air 產品線進行提價。從 6 月 1 日起，Grand Touring 的新定價為 154,000 美元，Touring 為 107,400 美元，Pure 為 87,400 美元。正如彼得所說，我們將尊重所有現有客戶預訂的當前定價，以及在月底之前進行的新預訂。只要潛在客戶在訂單系統開通後30天內將其預訂轉化為訂單。

While we are and always will be intensely focused on finding ways to lower the cost of making our vehicles and providing value to our loyal customer base, we also need to be mindful of the changing industry dynamics and will continue to be vigilant and take action as necessary.

雖然我們現在並將永遠專注於尋找降低車輛製造成本並為我們忠實的客戶群提供價值的方法，但我們也需要注意不斷變化的行業動態，並將繼續保持警惕並採取行動必要的。

As Peter also mentioned, we entered into a landmark agreement with the government of Saudi Arabia, where they will undertake to purchase up to 100,000 vehicles over a 10-year period. The initial commitment is to purchase 50,000 vehicles with an option to purchase up to an additional 50,000 vehicles. Deliveries will start no later than 2023, and we expect orders will range from 1,000 to 2,000 vehicles annually and increased to 4,000 to 7,000 vehicles starting in 2025. The purchase price of the vehicles will be determined based on the lower of the standard retail price for the applicable vehicle in Saudi Arabia and the standard retail price for the applicable vehicle in the United States, plus the logistics and importation costs and other costs of delivery and homologating vehicles to meet the regulations of Saudi Arabia.

正如彼得還提到的，我們與沙特阿拉伯政府達成了一項具有里程碑意義的協議，他們將承諾在 10 年內購買多達 100,000 輛汽車。最初的承諾是購買 50,000 輛汽車，並可選擇再購買多達 50,000 輛汽車。交付將不遲於 2023 年開始，我們預計每年的訂單量將從 1,000 到 2,000 輛不等，從 2025 年開始增加到 4,000 到 7,000 輛。車輛的購買價格將根據標準零售價中的較低者確定沙特阿拉伯的適用車輛和適用車輛在美國的標準零售價，加上物流和進口成本以及其他交付和認證車輛的成本，以滿足沙特阿拉伯的規定。

We're also excited to announce that we'll be breaking ground very shortly on our previously announced manufacturing facility in Saudi Arabia, which should enable us to meet the growing demand for Lucid's products over time.

我們也很高興地宣布，我們將很快在我們之前宣布的沙特阿拉伯製造工廠破土動工，這將使我們能夠滿足隨著時間的推移對 Lucid 產品不斷增長的需求。

On our last earnings call, we announced agreements with the Ministry of Investment in Saudi Arabia, the Saudi Investment Development Fund (sic) [Saudi Industrial Development Fund] and the King Abdullah Economic City. We are honored to be a part of the country's vision of transformation and their commitment to advancing the automotive ecosystem and the manufacturing of sustainable transportation in the country.

在我們上次的財報電話會議上，我們宣布了與沙特阿拉伯投資部、沙特投資發展基金 (sic) [沙特工業發展基金] 和阿卜杜拉國王經濟城的協議。我們很榮幸成為該國轉型願景的一部分，並致力於推動該國的汽車生態系統和可持續交通製造。

Moving to our production outlook. Similar to many companies in our industry, we continue to face global supply chain and logistics challenges, including COVID-related factory shutdowns in China. We are working closely with our suppliers to mitigate the impact of disruption. While any extended disruptions could result in an impact to our production forecast, Today, we are reiterating our 12,000 to 14,000 vehicle production guidance for 2022 based on the information we have at this point, combined with our mitigation plan.

轉向我們的生產前景。與我們行業中的許多公司類似，我們繼續面臨全球供應鍊和物流挑戰，包括與 COVID 相關的中國工廠關閉。我們正在與供應商密切合作，以減輕中斷的影響。雖然任何長時間的中斷都可能對我們的生產預測產生影響，但今天，我們將根據我們目前掌握的信息以及我們的緩解計劃，重申 2022 年 12,000 至 14,000 輛汽車的生產指導。

We're also reiterating our CapEx of roughly $2 billion in 2022 and continue to believe our current cash on hand is sufficient to fund our scaling well into 2023. From a product perspective, we're excited to start delivering the Air Grand Touring Performance in June and the Air Touring and Air Pure later this year, with Project Gravity SUV remaining on target to begin production in the first half of 2024, and much more to come.

我們還重申了 2022 年大約 20 億美元的資本支出，並繼續相信我們現有的現金足以為我們在 2023 年的擴張提供資金。從產品的角度來看，我們很高興能夠在六月以及今年晚些時候的 Air Touring 和 Air Pure，Project Gravity SUV 仍有望在 2024 年上半年開始生產，未來還會有更多。

In closing, I want to thank our dedicated and talented employees and our partners and suppliers who are working to bring our award-winning products to the global marketplace. We're confident that our in-house technology, coupled with our investments in our manufacturing, sales and service footprint, will enable us to meet our growing customer demand and provide substantial benefits for all of our stakeholders.

最後，我要感謝我們敬業且才華橫溢的員工以及我們的合作夥伴和供應商，他們正在努力將我們屢獲殊榮的產品推向全球市場。我們相信，我們的內部技術，加上我們在製造、銷售和服務方面的投資，將使我們能夠滿足不斷增長的客戶需求，並為我們所有的利益相關者帶來巨大的利益。

Following Peter's closing remarks, we'll begin the Q&A portion of today's call. Today's Q&A will feature questions from some of our retail investors, an important constituency of our shareholder base through the Say Technologies platform.

在彼得的閉幕詞之後，我們將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的問題為特色，散戶投資者是我們通過 Say Technologies 平台的股東基礎的重要組成部分。

With that, I'd like to turn it over to Peter for closing remarks.

有了這個，我想把它交給彼得做結束語。

Thank you, Sherry. We are intently focused on ramping production this year to get more of our award-winning vehicles into customers' hands. And this is a top priority, and we are pushing hard. Our geographic expansion plans are progressing as planned, and I believe our product road map is second to none. With the Grand Touring Performance, Grand Touring Pure and Project Gravity on schedule for their respective time lines, and we'll have more to share with you in the future.

謝謝你，雪莉。我們今年專注於提高產量，以將更多屢獲殊榮的車輛交付給客戶。這是當務之急，我們正在努力。我們的地域擴張計劃正在按計劃進行，我相信我們的產品路線圖是首屈一指的。隨著 Grand Touring Performance、Grand Touring Pure 和 Project Gravity 各自時間線的如期進行，我們將在未來與您分享更多內容。

And with that, let me turn it back to Maynard Um to get to your questions. Maynard?

有了這個，讓我把它轉回到 Maynard Um 來回答你的問題。梅納德？

Thank you, Peter. We'll now start the Q&A portion of the call. We'll start by taking questions from our retail investors sent into the Say platform before we take questions from the phone, and close out with a couple of more investor questions.

謝謝你，彼得。我們現在將開始電話的問答部分。在我們通過電話回答問題之前，我們將首先回答散戶投資者發送到 Say 平台的問題，然後再回答幾個投資者問題。

Our first question is, how do you intend to compete with both Tesla and Rivian given current supply chain and market constraints?

我們的第一個問題是，鑑於當前的供應鍊和市場限制，您打算如何與特斯拉和 Rivian 競爭？

Well, we are highly confident that we can compete against the very best based upon our EV technology leadership. I mean we compete on our technology differentiation, on our unprecedented efficiency and in our in-house vertical integration. And I talked about our unprecedented efficiency in my prepared remarks, and how this is only possible because we design, develop and manufacture our own technology in-house, we're truly vertically integrated. And you cannot achieve this just by buying off-the-shelf components.

好吧，我們非常有信心，我們可以根據我們的電動汽車技術領先地位與最優秀的公司競爭。我的意思是，我們在技術差異化、前所未有的效率和內部垂直整合方面展開競爭。我在準備好的演講中談到了我們前所未有的效率，以及這如何成為可能，因為我們在內部設計、開發和製造我們自己的技術，我們真正實現了垂直整合。而你不能僅僅通過購買現成的組件來實現這一點。

We also differentiate ourselves by having a luxury brand mindset. We're focused on quality and having a customer-centric approach to our direct-to-consumer experience. We want a brand to reflect not only the best EV in the market, but also the experience of that to our customers. But the EV market is not a zero-sum game today. I mean we compete in a global car market.

我們還通過擁有奢侈品牌的心態來區分自己。我們專注於質量，並採用以客戶為中心的直接面向消費者的體驗。我們希望一個品牌不僅能反映市場上最好的電動汽車，還能向我們的客戶反映這種體驗。但今天的電動汽車市場並不是一場零和遊戲。我的意思是我們在全球汽車市場上競爭。

And let's not forget our primary competition is gasoline cars, not just the EVs. I said before, I don't believe there's such a thing as just the market for EVs. There's a market for gas. And the EV market penetration is very low today. We believe the EV share will come at the expense of gasoline cars. So I'm incredibly optimistic. I see a tremendous amount of runway ahead of us. Sherry?

別忘了我們的主要競爭對手是汽油車，而不僅僅是電動汽車。我之前說過，我不相信只有電動汽車市場這樣的東西。天然氣有市場。今天的電動汽車市場滲透率非常低。我們相信電動汽車的份額將以汽油車為代價。所以我非常樂觀。我看到我們面前有大量的跑道。雪莉酒？

Yes. I'd also add that in my prepared remarks, I spoke about the supply chain challenges that are impacting the entire automotive industry. Now we've been able to mitigate some of these issues because of our vertical integration and our in-house design capabilities. When you design your own package, it just allows you an increased level of flexibility and control. For example, because we design many of our own printed circuit boards, we've been able to redesign, qualify and even source a different chip directly from our existing semiconductor supply base that we have direct relationships with.

是的。我還要補充一點，在我準備好的講話中，我談到了影響整個汽車行業的供應鏈挑戰。現在，由於我們的垂直整合和內部設計能力，我們已經能夠緩解其中的一些問題。當您設計自己的包裝時，它只會讓您提高靈活性和控制力。例如，由於我們設計了許多自己的印刷電路板，因此我們能夠直接從與我們有直接關係的現有半導體供應基地重新設計、鑑定甚至採購不同的芯片。

In other situations, as I mentioned last quarter, we've been buying ahead in the spot market, and we continue to work really closely with our supply base to mitigate impact and look at risks ahead of time. But in some cases, we have had to switch suppliers, and we have even in-sourced where it made engineering and financial sense.

在其他情況下，正如我上個季度提到的，我們一直在現貨市場提前購買，我們將繼續與我們的供應基地密切合作，以減輕影響並提前考慮風險。但在某些情況下，我們不得不更換供應商，我們甚至在工程和財務方面進行了內購。

Our next question is, the investor presentation in July 2021 mentions a prototype energy storage system progressing well. How is the Lucid energy storage system progressing now? And when do you expect for the Lucid ESS to begin?

我們的下一個問題是，2021 年 7 月的投資者介紹中提到了一個進展良好的原型儲能係統。 Lucid 儲能係統現在進展如何？您預計 Lucid ESS 何時開始？

Yes. Well, we're primarily focused on vehicles today, but we do fully recognize that our tech is extensible to other growth markets that we can help drive our sustainability mission. We analyze different markets to understand where our tech could give us a unique advantage, to compete with, and one of the most promising ones we called out was with energy storage or ESS.

是的。好吧，我們今天主要專注於汽車，但我們確實充分認識到我們的技術可以擴展到其他增長市場，我們可以幫助推動我們的可持續發展使命。我們分析不同的市場，以了解我們的技術可以在哪些方面為我們帶來獨特的優勢並與之競爭，而我們提出的最有前途的市場之一就是儲能或 ESS。

Now our first prototype has validated the capability of our technology. It's running and is here at our headquarters here in Silicon Valley. It's attached to our solar field array, and it's working well. And we've installed a significant solar array at our AMP-1 factory in Arizona, and that is in readiness to connect and integrate our second prototype there at the factory, and this is currently in the development phase.

現在我們的第一個原型已經驗證了我們技術的能力。它正在運行，就在我們位於矽谷的總部。它連接到我們的太陽能場陣列，並且運行良好。我們在亞利桑那州的 AMP-1 工廠安裝了一個重要的太陽能電池板，準備在工廠連接和集成我們的第二個原型，目前處於開發階段。

Yes. And to put this in context, it's a small amount of our people and financial resources today, but we see a lot of future potential here. We've been examining and we are examining multiple end markets, including residential, commercial, industrial and utility to see where it might be best for us to play today. But right now we're focused, firstly, and laser-focused on the vehicle market. But we'll be sure to keep you apprised if we have any more to say on this topic and as developments come forth.

是的。把它放在上下文中，這是我們今天的一小部分人員和財政資源，但我們在這裡看到了很多未來的潛力。我們一直在研究並且正在研究多個終端市場，包括住宅、商業、工業和公用事業，以了解我們今天在哪些方面可能是最好的。但現在我們首先專注於汽車市場。但是，如果我們對這個話題還有更多要說的以及隨著事態的發展，我們一定會及時通知您。

Our next question is, with the report of Saudi Arabia buying upwards of 100,000 cars from the company, do you think that will drive more buyers from other areas of the world? Or are there other big orders such as that, that just aren't public?

我們的下一個問題是，據報導沙特阿拉伯從該公司購買了超過 100,000 輛汽車，您認為這會吸引更多來自世界其他地區的買家嗎？還是有其他諸如此類的大訂單，只是不公開？

Thanks, Maynard. Yes, we're seeing many legislation from a number of other countries towards achieving a goal of 0 emissions, and that aligns with the mission of our company to bring sustainable technologies to the world. And we're thrilled that Saudi Arabia has shown such vision and commitment to our company. The government undertook to purchase up to 100,000 Lucid vehicles, and we believe they're buying very best EV tech there is. Purchase price of the vehicles to be based on our standard retail prices, as we shared in our earlier announcement.

謝謝，梅納德。是的，我們看到許多其他國家/地區為實現零排放目標制定了許多立法，這與我們公司將可持續技術推向世界的使命相一致。我們很高興沙特阿拉伯對我們公司表現出這樣的遠見和承諾。政府承諾購買多達 100,000 輛 Lucid 車輛，我們相信他們購買的是最好的電動汽車技術。正如我們在之前的公告中所分享的，車輛的購買價格將基於我們的標準零售價格。

Just to put this in context, this is one of the single largest electric vehicle purchases that we're aware of, and we're delighted to be -- to support Saudi Arabia in achieving its sustainability goals and net 0 ambition.

僅將其放在上下文中，這是我們所知道的最大的電動汽車採購之一，我們很高興能夠支持沙特阿拉伯實現其可持續發展目標和淨零雄心。

I also want to highlight that in connection with the King Abdullah Economics City, the SIDF and the MISA agreements that we signed in February, we expect to receive up to $3.4 billion in financing and incentives with respect to CapEx and operations for our manufacturing factory in KSA. Now this includes financing is provided by the SIDF loan and that's disclosed in our 10-Q.

我還想強調，就我們在 2 月簽署的阿卜杜拉國王經濟城、SIDF 和 MISA 協議而言，我們預計將獲得高達 34 億美元的融資和激勵措施，用於我們的製造工廠的資本支出和運營。沙特。現在這包括由 SIDF 貸款提供的融資，這在我們的 10-Q 中有所披露。

In addition, we recently secured a revolver facility from Gulf International Bank, which is also disclosed in our subsequent events section, if you want more detail. We also expect that the unprecedented efficiency that we have aligned very strongly with what fleet operators care about and there's many benefits also to our bidirectional technology. So we don't have anything to announce today, but we think our efficiency and our bidirectional technology are going to be a really important part of the value proposition to this set of potential customers.

此外，我們最近從海灣國際銀行獲得了一項左輪手槍設施，如果您想了解更多詳細信息，這也將在我們的後續活動部分中披露。我們還期望我們與車隊運營商所關心的非常一致的前所未有的效率，並且我們的雙向技術也有很多好處。所以我們今天沒有什麼要宣布的，但我們認為我們的效率和我們的雙向技術將成為對這組潛在客戶的價值主張的一個非常重要的部分。

Our next question is, what is Lucid's plan for a charging network? Tesla obviously has the advantage over the EV market right now with their network of chargers. Will Lucid be mirroring a similar solution or will there be an adapter to utilize other charging networks?

我們的下一個問題是，Lucid 的充電網絡計劃是什麼？特斯拉的充電網絡顯然在目前的電動汽車市場上具有優勢。 Lucid 會鏡像類似的解決方案，還是會有適配器來利用其他充電網絡？

Yes. Well -- I mean, first of all, the remarkable efficiency and range of Lucid Air, meaning, you can replace range anxiety with a range confidence. You can go further in the first place. And we also have an advantage because we have the fastest charging car in the world. We've demonstrated up to 300 miles range in about 22 minutes. It's a profound commercial and technology advantage. You simply charge less when you have greater efficiency and the longest useable range.

是的。嗯——我的意思是，首先，Lucid Air 卓越的效率和航程，意思是，你可以用航程信心代替航程焦慮。首先，您可以走得更遠。而且我們還有一個優勢，因為我們擁有世界上最快的充電汽車。我們在大約 22 分鐘內展示了高達 300 英里的射程。這是一個深刻的商業和技術優勢。當您擁有更高的效率和最長的可用範圍時，您只需收取更少的費用。

And there's also, I believe, that we have a significant second mover advantage. We've got a 900-volt vehicle. Others are at 400 volts, and we have a much faster charging vehicle. And when you need to charge, you can charge your Lucid Air virtually anywhere in North America and using an open-source Combined Charging System, the CCS plug, the current standard. That's super important that we are open source. And then we combined Air's Wunderbox boost charger can automatically recognize your Air, adjust the incoming voltage and boost voltage for the quickest possible charge. So it's got boost voltage capability.

我相信，我們還有一個重要的後發優勢。我們有一輛 900 伏的汽車。其他的電壓為 400 伏，而我們的充電車要快得多。當您需要充電時，您幾乎可以在北美的任何地方為您的 Lucid Air 充電，並使用當前標準的開源組合充電系統 CCS 插頭。我們是開源的，這一點非常重要。然後我們結合了 Air 的 Wunderbox 升壓充電器，可以自動識別您的 Air，調整輸入電壓和升壓電壓，以盡可能快地充電。所以它具有升壓能力。

And this means makes charging easy at home or at any public station. And you can also charge it up by plugging the included Lucid mobile charging cable into a typical household outlet or NEMA 150 for a faster rated charge.

這意味著可以在家中或任何公共車站輕鬆充電。您還可以通過將隨附的 Lucid 移動充電線插入典型的家用插座或 NEMA 150 進行充電，以獲得更快的額定充電速度。

Now that said, along with Air's astonishing range, it can also benefit from our partnership with Electrify America and the most extensive network of ultrafast public charging stations nationwide. And they have over 750 stations and over 3,300 chargers, I believe, across the U.S. and plan to have more by the end of the year. And don't forget, when you reserve an Air by June 30, 2022, you'll get complementary access to up to 350-kilowatt charging for 3 full years in the U.S.A.

話雖如此，除了 Air 驚人的續航里程外，它還可以從我們與 Electrify America 的合作夥伴關係以及全國最廣泛的超快公共充電站網絡中受益。我相信，他們在美國擁有超過 750 個充電站和 3,300 多個充電站，併計劃在今年年底之前擁有更多。別忘了，當您在 2022 年 6 月 30 日之前預訂 Air 時，您將在美國獲得長達 3 年 350 千瓦的免費充電服務。

Next question, are you planning on releasing a new vehicle this year? If so, when do you think it would come out?

下一個問題，你打算今年發布一款新車嗎？如果是這樣，你認為它什麼時候會出來？

Thanks, Maynard. So the answer to that is yes. In our outlook section of the shareholder presentation, also, in my prepared remarks, we said we would have the Air Grand Touring Performance in June, and then, that's going to be sequentially followed by the Air Touring and the Air Pure later this year. And of course, we still have the production of the Project Gravity SUV starting in the first half of 2024.

謝謝，梅納德。所以答案是肯定的。在股東介紹的展望部分，在我準備好的講話中，我們說我們將在 6 月舉行 Air Grand Touring Performance，然後，今年晚些時候將依次推出 Air Touring 和 Air Pure。當然，我們仍然會在 2024 年上半年開始生產 Project Gravity SUV。

Thank you. We'll now take some questions from the phone lines. David, can we take the first question, please?

謝謝你。我們現在從電話線上回答一些問題。大衛，我們可以回答第一個問題嗎？

(Operator Instructions) And we'll take our first question from the side of Itay Michaeli with Citi.

（操作員說明）我們將從 Itay Michaeli 方面與花旗一起回答我們的第一個問題。

Just first, I was hoping you could share the production numbers in Q1 -- I apologize if I missed it earlier, and also where you were in April. And I know you talked about deliveries for the quarter in production for the full year, but hoping to get us a sense of where you are on the production ramp.

首先，我希望你能分享第一季度的生產數字——如果我早些時候錯過了，我很抱歉，還有你四月份的情況。而且我知道您談到了全年生產季度的交付情況，但希望讓我們了解您在生產斜坡上的位置。

Yes, sure. Great to have you with us, by the way. We had 360 deliveries in Q1 and as for production vehicles in Q1, we had nearly 700.

是的，當然。順便說一句，很高興有你和我們在一起。我們在第一季度交付了 360 輛，至於第一季度的量產車，我們有近 700 輛。

Perfect. Any kind of early update on Q2, maybe an April number?

完美的。 Q2 的任何早期更新，也許是 4 月的數字？

Well, Itay, we actually delivered over 300 vehicles to customers in April. And this is a very interesting progression, almost a geometric progression we've seen here because in Q1 of this year, we delivered 360 to customers, very nearly, triple what we delivered to customers, 125 in Q4 of last year. And then, we're seeing over 300 customer deliveries in April. And it's so easy to do, sort of invalid math here. People take a quarter and they multiply it before and come to the wrong answer for the year. This is a progression. It's almost a geometric progression that we're seeing unfolding.

嗯，Itay，我們實際上在 4 月份向客戶交付了 300 多輛汽車。這是一個非常有趣的進展，幾乎是我們在這裡看到的幾何級數，因為在今年第一季度，我們向客戶交付了 360 個，幾乎是去年第四季度交付給客戶的 125 個的三倍。然後，我們在 4 月份看到了 300 多個客戶交付。這很容易做到，這裡的數學有點無效。人們取四分之一，然後乘以它，得出當年的錯誤答案。這是一個進步。這幾乎是我們看到的幾何級數。

So Itay, as we said in our prepared remarks, we are reiterating our 12,000 to 14,000 guidance for the balance of the year, so long as the supply chain logistics disruptions aren't material and our mitigation plans are effective. And we've been watching the China lockdown situation really closely. We have had a little bit of impact there. We had a couple of days that we did shut down, and we did have a little bit of slowing for about 1.5 weeks in April. But we have mitigation plans in place. We were able to get access to some warehouses. We're able to move production to another area of China in one case. And so long as things continue to progress and really, resolved through the course of May, we're feeling comfortable with what we've stated.

因此，Itay，正如我們在準備好的評論中所說，只要供應鏈物流中斷不嚴重且我們的緩解計劃有效，我們將重申對今年剩餘時間的 12,000 至 14,000 指導。我們一直在密切關注中國的封鎖情況。我們在那裡產生了一點影響。我們確實關閉了幾天，並且在 4 月的大約 1.5 週內確實有一點放緩。但我們制定了緩解計劃。我們能夠進入一些倉庫。在一個案例中，我們能夠將生產轉移到中國的另一個地區。只要事情繼續取得進展，並在 5 月份真正得到解決，我們就會對我們所說的感到滿意。

We're reiterating our 12,000 to 14,000 vehicle production forecast for '22. And that's based on the information we have at this point, combined with our current mitigation plans.

我們重申我們對 22 年 12,000 至 14,000 輛汽車產量的預測。這是基於我們目前掌握的信息以及我們當前的緩解計劃。

Great. That's very helpful. And then just a quick follow-up. On the price increase, I think you alluded a bit before, is that all reflective of higher input costs? And if you could maybe talk a little bit more detail about specific cost increases you're seeing, kind of what sort of in there that you're trying to kind of cover for?

偉大的。這很有幫助。然後只是快速跟進。關於價格上漲，我想你之前提到過一點，這是否都反映了更高的投入成本？如果你可以談談你所看到的具體成本增加的更多細節，那麼你試圖掩蓋的是什麼樣的？

Yes, sure. Let me provide some context here. Well, first of all, the pricing actions that will be effective June 1 won't start to impact our financials in a meaningful way likely until 2023. There might be some slight positive impact in 2022. Our raw material exposures have been ranging in, call it, 5% to 10% of our BOM cost depending on the vehicle variant. And these actions will help to offset those inflationary pressures throughout this year, which are typically delayed due to the way the contracts are written. Usually, the indices move and then we pay either the quarter or semiannually following that.

是的，當然。讓我在這裡提供一些上下文。嗯，首先，將於 6 月 1 日生效的定價行動可能要到 2023 年才會開始對我們的財務產生有意義的影響。到 2022 年可能會有一些輕微的積極影響。我們的原材料敞口範圍包括，稱之為，我們 BOM 成本的 5% 到 10%，具體取決於車輛型號。這些行動將有助於抵消今年全年的通脹壓力，這些壓力通常由於合同的編寫方式而延遲。通常，指數會移動，然後我們在之後的季度或每半年支付一次。

We do have other exposures, though, including expedites, which have been very high due to the supply chain disruptions and record freight prices. We also have a little bit of exposure on steel and construction costs. A lot of that's locked in for our Phase II, but we do have a little bit of exposure on the back end with respect to steel.

不過，我們確實有其他風險敞口，包括加急，由於供應鏈中斷和創紀錄的運費價格，這些風險一直很高。我們還對鋼鐵和建築成本有一些了解。其中很多已經鎖定在我們的第二階段，但我們確實在鋼鐵方面有一點曝光。

So looking ahead, I'd say our current belief is that costs will stay elevated or slightly higher than they are today for the next couple of quarters. And then we are expecting some stabilization might occur.

因此，展望未來，我想說我們目前的看法是，在接下來的幾個季度中，成本將保持較高或略高於現在的水平。然後我們預計可能會出現一些穩定。

We'll take our next question from Charles Coldicott with Redburn.

我們將向雷德伯恩的查爾斯·科迪科特提出下一個問題。

My first one, again, just on the price rises that you've announced today. So I think it's -- the price rises are between 8% and 13%. And if I look at some of your competition, I know that Rivian raised its prices, on average, by 18% back in March; and Tesla's raised the price for the Model S by 25% over the last 12 months. So do you think that there's further room for raising the prices that you have on the Lucid Air, especially given the quality of the product, as you mentioned?

我的第一個，再次，就在你今天宣布的價格上漲上。所以我認為是——價格上漲在 8% 到 13% 之間。如果我看看你們的一些競爭對手，我知道 Rivian 在 3 月份將其價格平均提高了 18%。過去 12 個月，特斯拉將 Model S 的價格提高了 25%。那麼，正如您所提到的，您是否認為還有進一步提高 Lucid Air 價格的空間，尤其是考慮到產品的質量？

So here's what I would say about that. And good to have you with us here today. I'd say we don't know for certain, the situation is very fluid. We are actively monitoring it, and we will act as required. We are pushing ahead also though with many engineering changes and cost-reduction initiatives that are aimed at lowering our cost basis for the vehicle, so that is helping to offset some of this as well. But if we do have to raise further, one of the things that we're comforted by is we know that we offer a very unique value proposition to customers. And we believe, there's no other vehicle on the market that offers the same combination of efficiency, performance, range, space and design that we have.

所以這就是我要說的。很高興你今天和我們在一起。我會說我們不確定，情況非常不穩定。我們正在積極監控它，我們將根據需要採取行動。我們也在推進許多旨在降低車輛成本基礎的工程變更和降低成本的舉措，因此這也有助於抵消其中的一部分。但是，如果我們確實必須進一步提高，我們感到欣慰的一件事是我們知道我們為客戶提供了非常獨特的價值主張。我們相信，市場上沒有其他車輛能夠提供與我們相同的效率、性能、續航里程、空間和設計組合。

So like other companies, we are experiencing these real increases in commodities and you were just going to have to balance the benefits that we provide to all our stakeholders, whether it be our customers, our suppliers or our investors. But we believe that the actions we're taking right now best optimizes. And then as for future, we're just going to have to watch and see.

因此，與其他公司一樣，我們正在經歷商品的實際增長，而您只需要平衡我們為所有利益相關者（無論是我們的客戶、供應商還是投資者）提供的利益。但我們相信，我們現在正在採取的行動是最優化的。然後至於未來，我們只需要觀察和觀察。

Indeed, Charles. I think Sherry raises a really salient point here and it's not recognized sufficiently. Our efficiency advantage becomes a commercial advantage. We can provide a car with a competitive range for a smaller battery pack, and that helps in our cost structure.

確實，查爾斯。我認為雪利酒在這裡提出了一個非常突出的觀點，但沒有得到充分的認可。我們的效率優勢變成了商業優勢。我們可以為更小的電池組提供具有競爭力的續航里程的汽車，這有助於我們的成本結構。

Great. And my second question, on the batteries, can you just remind us what your current battery cell supplier relationships are, how they're structured and the extent to which higher raw material input costs will hit you in 2022 or whether or not it's sort of delayed to 2023 and beyond? And finally, how much battery capacity is already locked in with your suppliers and until when?

偉大的。我的第二個問題，關於電池，您能否提醒我們您當前的電池供應商關係是什麼，它們的結構以及原材料投入成本在 2022 年對您的影響程度如何？推遲到 2023 年及以後？最後，您的供應商已經鎖定了多少電池容量以及何時鎖定？

Sure. So we have long-term contracts with two of the major global suppliers, that's LG and Samsung. Those are multiyear in nature. We also have some stateside production that's going to be coming on board as well. On the raw material side, we are exposed, like most companies are, to the raw materials and the batteries. But we are fortunate in that we can leverage the buying power of LG and Samsung, their access to these raw materials going forward.

當然。因此，我們與兩家主要的全球供應商簽訂了長期合同，即 LG 和三星。這些都是多年性質的。我們也有一些美國本土的產品也將加入。在原材料方面，我們像大多數公司一樣，接觸到原材料和電池。但我們很幸運，我們可以利用 LG 和三星的購買力，讓他們在未來獲得這些原材料。

Now as for our availability, we are covered fully through this year, and we also have most of our coverage for the next couple of years, so we are working with both LG and Samsung, as well as another company that we're in the process of validating this fall that we expect will come on board with them either later this year or early next year. And we're working with these 3 groups in order to supply the balance of what we need. But right now, things are looking promising at this point.

現在，至於我們的可用性，我們將在今年全面覆蓋，並且我們還將在接下來的幾年中獲得大部分覆蓋，因此我們正在與 LG 和三星以及我們所在的另一家公司合作我們預計今年秋天或明年年初將與他們一起進行驗證的過程。我們正在與這三個小組合作，以提供我們需要的平衡。但就目前而言，事情看起來很有希望。

Indeed.

確實。

(Operator Instructions) We'll take our next question from John Murphy with Bank of America.

（操作員說明）我們將向美國銀行的 John Murphy 提出下一個問題。

The first question on the Lucid Air performance. I think I heard it right, but the price was $179,000 and this is (technical difficulty) level it's been announced. So not just in addition to the pricing more so on mix, right? (technical difficulty) considered to be very powerful as I think about revenue generation over time. So is that number correct?

關於 Lucid Air 性能的第一個問題。我想我沒聽錯，但價格是 179,000 美元，這是它宣布的（技術難度）水平。所以不只是除了定價之外更多的組合，對吧？ （技術難度）被認為是非常強大的，因為我認為隨著時間的推移會產生收入。那麼這個數字對嗎？

And two, how much opportunity is there -- in the early days, maybe over time, to pull out performance versions of your product that might go on (technical difficulty) very strong mix and (technical difficulty) price.

第二，有多少機會——在早期，也許隨著時間的推移，你的產品的性能版本可能會繼續（技術難度）非常強大的組合和（技術難度）價格。

Okay. There was a lot of static on the line, John, but I think we got some of that. I think you were asking about the GTP, the GT Performance pricing. You're right, that is $179,000, that does sit above the new pricing that we've just launched for the GT, which will be $154,000, effective June 1. The base was $139,000. It will stay on the GT and will stay that through May 31.

好的。約翰，線上有很多靜電，但我認為我們得到了一些。我想你是在問 GTP，GT Performance 定價。沒錯，即 179,000 美元，這確實高於我們剛剛為 GT 推出的新定價，即 154,000 美元，從 6 月 1 日起生效。基數為 139,000 美元。它將保留在 GT 上，並將一直保留到 5 月 31 日。

Now I think you're asking a little bit about like our revenue generation capability and maybe the ability of this product. Peter, if you would talk maybe a bit about how you see customers desire for this product?

現在我想你問的是我們的創收能力，也許還有這個產品的能力。彼得，您能否談談您如何看待客戶對該產品的需求？

Indeed, Sherry. I mean what happened was that we were oversubscribed -- very significantly oversubscribed for Dream Edition. And customers were asking, well, hey, we want -- we have a 1,000 horsepower car. People are going power crazy here. "Where is the 1,000-horsepower car? We want a 1,000-horsepower car?" So we quickly turned around, and we're very responsive. We're a tech company, we put it and we created the GT Performance at 1,050 horsepower.

確實，雪莉。我的意思是發生的事情是我們被超額認購——夢想版的超額認購非常顯著。客戶問，嗯，嘿，我們想要 - 我們有一輛 1000 馬力的汽車。人們在這裡變得瘋狂。 “1000馬力的車在哪裡？我們要1000馬力的車？”所以我們很快轉過身來，我們反應非常迅速。我們是一家科技公司，我們說它創造了 1,050 馬力的 GT Performance。

Now that price reflects our commitment to Dream Edition customers. They put commitments and faith in us, and I think they got a bargain.

現在，這個價格反映了我們對 Dream Edition 客戶的承諾。他們對我們做出承諾和信任，我認為他們得到了討價還價。

So maybe a follow-up if you can hear me better now. I just picked up my handset. I don't know if it helps. But how much opportunity do you see there to potentially give you more performance versus like this and took advantage of mix not just raising price?

所以，如果你現在能更好地聽到我的話，也許可以跟進。我剛拿起手機。我不知道它是否有幫助。但是你認為有多少機會可能會給你帶來更多的性能而不是像這樣並利用混合而不僅僅是提高價格？

Very difficult to hear what you're saying there, John.

很難聽到你在說什麼，約翰。

He's asking about the ability to do more of these in the future.

他正在詢問未來是否有能力做更多這些事情。

I think there's always an opportunity. I think what -- I mean this is showing the power of the brand, and it's showing that the product defines the brand. We are being considered as a brand that can command this sort of position in the market against the traditional [Grande] marks already, because of the prowess of our product.

我認為總是有機會的。我想什麼 - 我的意思是這展示了品牌的力量，它展示了產品定義了品牌。由於我們產品的實力，我們已經被認為是一個可以在市場上與傳統 [Grande] 商標相抗衡的品牌。

And the other thing you -- I think you may have touched on was just mix, generally. So let me give you a little bit of context there. Similar to last quarter, we continue to see the demand for the GT product exceeding that of a Touring, and we're building the GT product now, we'll then be building the Touring, then, the Pure as we're exiting the year. So you're going to continue to see very strong mix throughout this year, slightly decreasing it to sequentially bring on these other products that are priced slightly lower.

你的另一件事——我想你可能已經提到過，一般來說只是混合。所以讓我給你一點背景。與上個季度類似，我們繼續看到對 GT 產品的需求超過了 Touring，我們現在正在構建 GT 產品，然後我們將構建 Touring，然後是 Pure，因為我們正在退出年。因此，您將在今年全年繼續看到非常強勁的組合，略微降低以依次推出價格略低的其他產品。

And that's a really healthy position for us because as we are ramping up, carefully maintaining the quality, it's great for us that we can sell higher-end products through that ramp-up and don't have to transition to a more affordable products quite yet.

這對我們來說是一個非常健康的位置，因為隨著我們不斷提升，小心地保持質量，我們可以通過這種提升銷售高端產品，而不必過渡到更實惠的產品，這對我們來說非常棒。然而。

It's absolutely right, Peter. Because the absorption costs will start to improve over time as the volume increases as we get through the next couple of quarters and into next year. So you're going to start to see some relief on what you're seeing happening right now in the negative gross margins as that greater level of production comes on board.

這是絕對正確的，彼得。因為隨著我們在接下來的幾個季度和明年的到來，隨著數量的增加，吸收成本將隨著時間的推移而開始提高。因此，隨著更高水平的生產出現，您將開始看到您現在看到的負毛利率正在發生一些緩解。

Yes. And we're seeing it reflected in the 30,000 orders that we've now got, the reservation -- 30,000 reservations, a very healthy mix between GT Touring and Pure.

是的。我們看到它反映在我們現在獲得的 30,000 份訂單中，預訂量 - 30,000 份預訂量，GT Touring 和 Pure 之間非常健康的組合。

And maybe if I could talk really loud and talk through the static, hopefully, you can hear me better now, but really loud. There's a revolver, Sherry, that you mentioned of (technical difficulty) in the 10-Q. But then you also mentioned $3.4 billion of additional funding for the Saudi plant. Can -- is that number correct and -- where is that coming from? And how is that structured and then (technical difficulty) on the balance sheet right now?

也許如果我能大聲說話並通過靜電說話，希望你現在能更好地聽到我的聲音，但聲音很大。你在 10-Q 中提到了一把左輪手槍，雪利酒（技術難度）。但你也提到了為沙特工廠提供的 34 億美元額外資金。可以 - 這個數字是否正確，並且 - 它來自哪裡？現在資產負債表上的結構和（技術難度）如何？

Sure, sure. So the revolver is from Gulf International Bank. That is, in addition to the $3.4 billion of financing and incentives that we had mentioned. Now in the 10-Q in the note, you can go to Note 6, you can go to Note 19 and 20, you're going to see some detail in there about the SIDF loan, how it's structured. You'll also see mentioned to the GIB in there, the Gulf International Bank revolver, the $267 million that you just referenced. You'll also see in there information about our lease that we're getting through the King Abdullah Economic City and you'll be able to see some of the dollars associated with that as well. So that's giving you some of the tools you need to be able to understand the financing that is available to us. And then additionally, there's incentives.

一定一定。所以左輪手槍是海灣國際銀行的。也就是說，除了我們提到的 34 億美元的融資和激勵措施。現在在註釋的 10-Q 中，您可以轉到註釋 6，您可以轉到註釋 19 和 20，您將在其中看到有關 SIDF 貸款的一些細節，以及它的結構。您還會在其中看到 GIB 提到的海灣國際銀行左輪手槍，您剛才提到的 2.67 億美元。您還將在其中看到有關我們通過阿卜杜拉國王經濟城獲得的租約的信息，您也將能夠看到與此相關的一些美元。因此，這為您提供了一些了解我們可用融資所需的工具。此外，還有激勵措施。

Now we did decide to proactively adopt a new government assistance standard, a disclosure standard as of January 1 of this year. So as any of these incentives or any of these loan items come on board on our balance sheet and impact, we will be showing that in the financial statements through notes and disclosures. So you'll be able to get information fairly real time with respect to that.

現在，我們確實決定主動採用新的政府援助標準，即從今年 1 月 1 日起實施的披露標準。因此，當任何這些激勵措施或任何這些貸款項目出現在我們的資產負債表和影響上時，我們將通過附註和披露在財務報表中顯示這一點。因此，您將能夠相當實時地獲得與此相關的信息。

Now you were breaking up a little bit. I think you were asking about the $5.4 billion of cash on hand. We continue to feel really good about our ability to be well into 2023, and the addition of some of these financing packages has continued to strengthen our liquidity situation and our access to financing. We did have some of that baked into our forward model, but this continues to derisk that for us.

現在你們分手了一點。我想你問的是手頭有 54 億美元的現金。我們繼續對我們進入 2023 年的能力感到非常滿意，並且增加其中一些融資方案繼續加強我們的流動性狀況和我們獲得融資的機會。我們確實在我們的前向模型中加入了其中的一些內容，但這對我們來說繼續存在風險。

And there are no further questions on the phone at this time. I'll turn the call back to you, Maynard.

目前電話中沒有其他問題。我會把電話轉給你的，梅納德。

Thank you. So we'll take -- we'll now take our last retail investor question before concluding the call. And the last question is, what is Lucid's 5-year plan?

謝謝你。所以我們會接受 - 我們現在將在結束電話會議之前回答最後一個散戶投資者問題。最後一個問題是，Lucid 的 5 年計劃是什麼？

Maynard, I think this is my favorite question, I think. We didn't pose this ourselves. Look, it's about product, product, product. I'm an engineer. Product is king. And a great brand is built by having the best products, and it's actually defined by those products. And I'm so excited we're going to do Air, Pure, Project Gravity SUV and further drive technology innovation. We have a road map and a tech road map to keep on advancing.

梅納德，我想這是我最喜歡的問題。這不是我們自己擺出來的。看，這是關於產品、產品、產品的。我是個工程師。產品為王。一個偉大的品牌是通過擁有最好的產品而建立的，它實際上是由這些產品定義的。我很興奮我們將推出 Air、Pure、Project Gravity SUV 並進一步推動技術創新。我們有一張路線圖和一張技術路線圖來繼續前進。

Now really, what we've done so far, step one, was to establish Lucid as a global luxury brand and create a vehicle with incredible range through efficiency. We've done that. Now step two is even more interesting because that is to scale globally into the premium segment and to commercialize vehicles that use smaller battery packs with competitive range versus other vehicles in the market. And I've already noted that ramping production is my top priority. We're making really good strides here. Again, efficiency is our key USP.

實際上，到目前為止，我們所做的第一步就是將 Lucid 打造為全球奢侈品牌，並通過效率創造出具有令人難以置信的續航里程的車輛。我們已經做到了。現在第二步更加有趣，因為這是在全球範圍內擴展到高端市場，並將使用較小電池組的車輛商業化，與市場上的其他車輛相比，具有競爭力的續航里程。我已經註意到，提高產量是我的首要任務。我們在這裡取得了很大的進步。同樣，效率是我們的關鍵 USP。

Now beyond that, I'm aiming for a midsized platform in a decade. I'm really enthusiastic about that. We could only do this by starting off by creating our technology flagships, Air and Gravity first by advancing the efficiency and setting the new EV benchmarks and then by making more affordable products. Remember, design all our EV powertrain in-house. We developed it all and we manufacture it all in our special factory in Arizona. And we think we can become even more efficient over time, and that will translate well into our product road map. Sherry?

現在除此之外，我的目標是在十年內建立一個中型平台。我對此非常熱情。我們只能通過創建我們的技術旗艦 Air 和 Gravity 來做到這一點，首先通過提高效率和設定新的 EV 基準，然後製造更實惠的產品。請記住，在內部設計我們所有的 EV 動力總成。我們開發了這一切，並在我們位於亞利桑那州的特殊工廠生產。我們認為隨著時間的推移我們可以變得更加高效，這將很好地轉化為我們的產品路線圖。雪莉酒？

Sure. And if you look at our current manufacturing plans, we expect to have capacity for 500,000 vehicles annually as we cross the mid-decade mark. So to break that down, we're going from 34,000 capacity in Arizona to 90,000, with our Phase 2 expansion. As we complete the AMP-1 Phase 2 expansion, we'll move directly into Phase 3, and we believe that can get us to about 350,000 annual vehicle capacity in Arizona. Then you add the 150,000 vehicle capacity from Saudi Arabia, and that gets you to about 500,000 by just after mid-decade.

當然。如果你看看我們目前的製造計劃，我們預計在跨過十年中期的時候每年可以生產 500,000 輛汽車。因此，為了打破這一點，我們將從亞利桑那州的 34,000 個容量增加到 90,000 個，我們的第 2 階段擴展。隨著我們完成 AMP-1 第 2 階段的擴建，我們將直接進入第 3 階段，我們相信這可以讓我們在亞利桑那州達到約 350,000 輛的年產能。然後再加上來自沙特阿拉伯的 150,000 輛汽車容量，到 10 年中期之後，您將達到 500,000 輛左右。

And then to remind investors, we do we have the $5.4 billion on the balance sheet as we just spoke with John Murphy. We do also have access to the financing in the kingdom, and we believe that this funds us well into 2023.

然後提醒投資者，正如我們剛剛與約翰墨菲交談時，我們的資產負債表上有 54 億美元。我們也確實可以在王國獲得融資，我們相信這將為我們提供到 2023 年的資金。

Exactly, Sherry. So I mean we are very focused on product, product, product in our long-term plan. Near term, we're focused on ramping production and getting more of our vehicles into customers' hands.

沒錯，雪莉。所以我的意思是，在我們的長期計劃中，我們非常關注產品、產品、產品。近期，我們專注於提高產量並將更多車輛交付給客戶。

And I have to say, in closing, I've never been more excited than I am today about our tech, our products, our team and our future. The electric vehicle market is still in its very early days of secular growth. And I believe our focus on product, technology, quality and service will put us in an enviable market position.

我不得不說，最後，我對我們的技術、我們的產品、我們的團隊和我們的未來感到前所未有的興奮。電動汽車市場仍處於長期增長的早期階段。我相信我們對產品、技術、質量和服務的關注將使我們處於令人羨慕的市場地位。

Thank you, Peter. This concludes Lucid's First Quarter 2022 Earnings Conference Call. Thank you all for joining us today, and you may now disconnect.

謝謝你，彼得。 Lucid 的 2022 年第一季度收益電話會議到此結束。感謝大家今天加入我們，您現在可以斷開連接。