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| Statement |
|---|
| We're scaling up and expect good growth in the region this year |
| So the focus, accuracy, the freight opportunities in BAM really helped us out improve our gross margin in Q4 |
| We are very proud of what team has accomplished |
| And also we don't provide a guidance, but I expect our gross margin will improve sequentially in Q1 next year |
| Not just the most powerful production Sudan ever, it has also been recognized as a great all-around driving car with exceptional handling and driving dynamics |
| We have addressed most of the pain points we are scaling and expect good growth this year |
| This has really helped us in reducing the cost |
| I am confident that the Lucid Gravity will redefine the electric SUV segment with incredible range, superior efficiency, fast charging speed and interior space that you have to see to believe |
| Scale will help us improve our margin |
| That's the best selling car in the world |
| And this gives us confidence that our sales and marketing initiatives are making solid progress |
| The world's most -- we've got the very best technology |
| Peter, as you think about the gravity, it's really kind of showcasing your technology, not just on the powertrain but also in the body and structures of the vehicle, meaning just you have maximum material space for the footprint, is pretty impressive |
| In fact, we're already seeing extremely promising results from this |
| and I believe our investments into areas such as our research and development is an advantage and give us the opportunity for higher returns than any other automotive company because we are monetizing the intellectual property through agreements such as the one with Aston Martin |
| This remarkable value proposition has in large part been made possible by our world-leading technology |
| We're driving forward, and I'm incredibly excited about our products and moreover, our future |
| My promise is to continue to work tirelessly, day and night, to drive brand awareness, to deliver more cars, to sign up more technology licensing and access agreements, to drive down costs and to bring the Gravity and midsized platform to market |
| I joined the company around 11 years ago, with a clear goal of making the very best electric vehicle and to drive a revolution towards sustainable transportation, which is going to benefit everyone in the planet |
| But as I said in my prepared remarks, we have what I believe is the best tech history |
| So whilst we are currently witnessing other EV brands registering reductions in their respective range ratings, Lucid is forging ahead, growing and building upon our technology advantage, and with it, I believe our future commercial advantage |
| We are confident in the growth of the EV market and that we have the right technology, people and product lineup to succeed |
| We gained market share in 2023 and outpaced our overall addressable market despite the challenging macro environment, and I'm excited about the significant expansion of our total addressable market opportunity with the Pure, Gravity and the upcoming midsized platform |
| We have been able to consistently sustain a strong balance sheet over time |
| We believe our R&D investment into technology garners a strong return as the technology is not only used in our own vehicles but can also be leveraged as an additional revenue stream through strategic technology deals such as the one with Aston Martin |
| They highlighted our best-in-class and advanced technology and continued investment in our production facilities, which provide a material signal of our long-term commitment |
| Our gross margin improved on a quarter-over-quarter basis primarily due to lower impairment charges in Q4 related to LCNRV |
| This enabled us to realize savings from the reduction in overhead, transportation and complexity as well as better efficiency |
| I am incredibly impressed by your perseverance, resourcefulness and teamwork |
| Environmental sustainability, energy storage improvements, regulatory forces and sheer performance superiority over internal combustion engine vehicles will drive the eventual march to an EV dominated automotive market |
| Statement |
|---|
| Now we've also faced some technical challenges with commencing production of the rear wheel drive Pure in the fourth quarter |
| We also had some challenges |
| There were significant administrative challenges |
| I mean what we saw unprecedented external forces that impacted us with COVID and the global supply chain disruption |
| Although we don't typically provide quarterly forecasts, I would remind you that the North American market is typically down sequentially in the first quarter |
| This is our most accessible car, and we had challenges ramping it up |
| Firstly, the macroeconomic and higher interest rate environment impacted mainly in this market |
| This is a technology and volume risk |
| Total other income was $83.1 million, down from $122.3 million in Q3 |
| So I think there's a huge misperception that this onetime grant was received as a salary and somehow we replicate it as my salary in the future |
| We would not be able to capture that TAM |
| And we also record losses on firm purchase commitments |
| We've overcome significant challenges and I can't think of any other people I would rather be with on this journey than the people here at Lucid |
| You mentioned, first of all, that there was some unexpected nuances in ramping and I guess, production to during '23 |
| Capital expenditures for 2023 was $910.6 million, slightly below the $1 billion to $1.1 billion range we guided to on our third quarter earnings conference call |
| As we mentioned last quarter, the ramp-up was taking longer than we expected |
| And as shareholders were losing value due to failures and delays, what happened to the all-star team and proven track record? Peter Rawlinson Yes |
| And as I said in the opening remarks, the ramp was taking longer than we expected |
| One that I believe most other car companies would simply not be able to do |
| But we've addressed the pain points |
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