Lucid Group (LCID) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

May 8, 2023 5:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and thank you for standing by, and welcome to Lucid Group's First Quarter '23 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to Maynard Um. You may begin.

Maynard Um

Thank you, and welcome to Lucid Group's first quarter 2023 earnings call. Joining me today are Peter Rawlinson, our CEO and CTO; and Sherry House, our CFO.

Before handing the call over to Peter, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events.

These statements are based on predictions and expectations as of today and actual events or results may differ due to a number of risks and uncertainties. We refer you to the cautionary language and the risk factors in our most recent filings with the SEC and the forward-looking statements on Page 2 of our investor deck available on the Investor Relations section of our website at ir.lucidmotors.com.

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.

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

Peter Rawlinson

Thank you, Maynard, and thank you, everyone for joining us for our first quarter earnings call. In quarter one, we produced 2,314 vehicles and delivered 1,406. Sherry will go into more detail on our financials, but I would like to first thank all our employees. We have the best EV on the market. And really, I believe, the best car on the market and it would not have been possible without the collective efforts of our entire team, which is a direct result of tremendous perseverance, resourcefulness and teamwork.

I want to express my deep personal gratitude to everyone who has contributed to and the teams that will help advance our mission going forward. I'm very excited about our future and the opportunities that lie ahead of us. We have the best EV on the market and really, I believe, the best car on the market. And it would not have been possible without the collective efforts of the entire team.