Lucid Group (LCID) Q3 2022 Earnings Call Transcript

For the period ending September, 2022

November 8, 2022 5:30 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Hello, and thank you for standing by. Welcome to the Lucid's Third Quarter 2022 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 your speaker for today, Maynard Um. You may begin.

Maynard Um

Thanks, Towanda, and welcome to Lucid Group’s third quarter 2022 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 laws. These include, without limitation, statements regarding the future financial performance of the company, production and delivery volumes, 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 quarterly report on Form 10-Q for the quarter ended September 30, 2022, and the forward-looking statements on Page two 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 third quarter earnings call. Now, I'm delighted to say, that we've made significant progress towards achieving our 2022 production targets of 6,000 to 7,000 vehicles. In Q3, we achieved a record quarterly production of 2,282 vehicles, more than triple that of and deliveries of 1,398, which is more than double that of Q2.

I want to extend a heartfelt thank you to everyone at Lucid, your collective efforts, which has been central to driving these meaningful increases, as we scale and ramp production and deliveries. You continue to play a key role in the progress of our production ramp and in so doing, help getting more customers behind the wheel of their new Lucid Air.