Lucid Group, Inc. (NASDAQ:LCID) Q1 2024 Earnings Call Transcript

This is a philosophy that we’ve adopted. And we will let you know that time in the future when we open a waiting list for Gravity. And we’re not even close to. I don’t think it’s right to be opening up reservations on a product that is over two years out. I just don’t think — I think it ill serves the consumer and it’s something that I think there’s a transparency that’s lacking from that.

Operator: Thank you. Our next question comes from the line of Stephen Gengaro with Stifel. Your line is open.

Stephen Gengaro: Thanks. Thanks for taking my question. Just going back to a question about the cash burn. Can you give us any sense as we think getting to the midsized launch sort of the cadence of CapEx necessary in 2025, 2026 timeframe?

Peter Rawlinson: Well, I mean, it’s interesting. We haven’t guided on that. But I mean, we are in a very good position, which will see us beyond gravity start of production. We have some amazing incentives from the Kingdom of Saudi Arabia for a setup of our factory there, our AMP-2 facility, and that’s where we’re going to put in the midsized product to start with.

Stephen Gengaro: Great. Thank you. And just a quick follow-up on the gravity order question. How soon before production begins do you open up gravity orders?

Peter Rawlinson: It’s an interesting point. I think that — as I say, look, we can look forward to us opening a waiting list when we feel that in absolute transparency, we can release more specific details of the TRIM and specifications of that vehicle. I don’t want to do it in an environment of opacity. Gravity is a schedule for start of production later this year. And we’re on that runway now. Every day counts as we build up a Crexendo to that launch, and we will let you know watch this space.

Stephen Gengaro: Great. Thank you, Peter.

Peter Rawlinson: Thank you.

Maynard Um: Thank you. So this concludes Lucid’s first quarter 2024 earnings conference call. Thank you all for joining us today, and you may now disconnect.