LCID 并非有吸引力的买入标的，其公允价值（1.91 美元）远低于当前价格（4.22 美元）。
逐段跳播
Lucid 公布了季度产量和交付量数据，管理层仍在继续设法调整公司业务规模。他们减少了产量，交付和销量超过产量，以降低库存，因为美国消费者购买的电动汽车减少了。
Lucid announced its quarterly production and delivery figures as management continues to try to adjust the size of the company's business. They are producing fewer vehicles and delivering and selling more than they produce in an effort to reduce their inventory, as consumers in the United States are buying fewer electric cars.
这对 Lucid 股票的投资者意味着什么？Lucid 告知投资者，其生产了 2,954 辆车，交付了 3,806 辆车。因此，交付或销量比产量多出约 900 辆。这降低了公司的库存，我认为这是明智的策略，因为电动汽车销量的增长速度远未达到 Lucid、Rivian、Tesla 等公司所期望的水平。
What does this mean for Lucid stock investors? Lucid informed investors that it produced 2,954 vehicles and delivered 3,806 vehicles. So, there are approximately 900 more deliveries or sales than were produced.
This reduces the company's inventory, and I believe this is a wise strategy because electric car sales are by no means growing at the pace that companies like Lucid, Rivian, Tesla, and others had hoped for.
公司在继续实施降低库存计划的同时，交付量已超过产量。正如我提到的，我认为这是明智的策略。他们还表示，Lucid Gravity 的需求正在继续重拾势头。
The company has exceeded production while continuing to implement its plan to reduce inventory. As I mentioned, I believe this is a wise strategy. They also stated that demand for the Lucid Gravity continues to regain momentum.
请记住，美国消费者偏好 SUV 而非轿车，而 Lucid Gravity 是一款电动 SUV，在我看来，它是市场上最好的电动 SUV 之一。
Remember that consumers in the United States prefer SUVs to sedans, and the Lucid Gravity is an electric SUV that, in my opinion, is one of the best on the market.
Lucid 的车外观漂亮，是我最喜欢的市面上的电动汽车，但它们极其昂贵，整个车型系列的价格都接近六位数。可以想象，这触及不到多少消费者。能负担得起 10 万美元车价的消费者更少。
Lucid cars look beautiful and are my favorite electric cars on the market, but they are extremely expensive, approaching six figures across their range of vehicles . As you can imagine, this does not reach many consumers.
Fewer consumers can afford the $100,000 price tag for a vehicle.
因此，第三季度销量将与第二季度大致持平，第二季度公司交付了 3,953 辆车，生产了 4,774 辆。差距约为 100 到 150 辆，但这是连续第二个季度环比下降，而且又是一个产量低于销量的季度。
Therefore, third-quarter sales will be roughly at the same level as the second quarter, when the company delivered 3,953 vehicles and produced 4,774. The difference is about 100 to 150 units, but it is a consecutive decrease compared to the previous quarter , and again, another quarter in which production is less than sales.
Lucid 的问题在于，其业务设计需要更大规模的生产才能实现可持续。这意味着他们需要卖出更多车，至少达到净利润的盈亏平衡点。他们距离那个水平还很远。
The problem with Lucid is that the business is designed to produce on a larger scale to be sustainable. This means they need to sell more cars to at least reach the break-even point in net profit. They are far from that level.
公司资产负债表上约有 8 亿美元现金和短期投资，同时每年仍在消耗数亿甚至数十亿美元。
The company has about $800 million in cash and short- term investments on its balance sheet while continuing to burn through hundreds of millions, if not billions, of dollars annually.
这家公司曾一度拥有超过 60 亿美元的资产负债表资产，如今已消耗了其中大部分资本。大部分资本流入了季度运营，每 3 个月就有资金流出公司。
This company at one point had over $6 billion on its balance sheet and has consumed most of that capital. Most of that capital went into quarterly operations, where money leaves the company every 3 months.
好消息是，随着汽车销量增加以及“Lucid Gravity”的推出，营业利润率正在改善。但对于一家净利润亏损如此之大的公司来说，改善速度还不够快。
The good news is that with increased vehicle sales and the launch of "Lucid Gravity ", the operating profit margin is improving. But it is not improving fast enough for a company that is losing so much in net profit.
过去十二个月，营业利润率为负 259%，而这还没有计入维持一家汽车制造公司所必需的资本支出。这一数字已从负 500% 有所改善，但仍然如此之负，以至于你会希望看到业绩更快改善，而这种情况并未发生，这可以归咎于 Lucid 最初设定公司时所抱的预期——当时公司的设立方式要求非常大的规模才能实现可持续。
Over the past twelve months, the operating profit margin has been negative 259%, and this does not take into account the capital expenditures necessary to maintain a car manufacturing company.
This figure has improved from negative 500%, but it is still so negative that you would like to see a faster improvement in performance, which is not happening, and you can blame Lucid for the initial expectations when the company was set up in a way that required a very broad scale to be sustainable.
但那是很多年前做出的决定，而电动汽车市场最终证明比 Lucid、Rivian 和 Tesla 等公司所预期的要小。
But that was a decision made many years ago , and the electric car market has turned out to be smaller than companies like Lucid, Rivian, and Tesla had anticipated.
因此，这适用于 Tesla、Lucid、Rivian 等所有电动汽车公司，它们曾以为销量会比实际高得多。因此，Lucid 的估值跌至历史新低并不令人意外。其市销率（远期）为 0.457，处于历史最低水平。
Thus, this applies to all electric car companies such as Tesla, Lucid, Rivian and others, who thought that sales would be much higher than they actually are. Therefore , it is not surprising that Lucid's rating has fallen to record lows.
It is trading at a price- to-forward sales ratio of 0.457, its lowest level in history.
我计算出 Lucid 股票的公允价值为 1.91 美元。当前市场价格为 4.22 美元。因此，尽管股价较历史高点下跌超过 90%，并接近 95%，在我看来它仍不像是具有吸引力的买入机会。还有很多工作要做。
I calculated the fair value of Lucid's stock at $1.91. The current market price is $4.22. Therefore, despite the stock price being down more than 90% from its all-time high , and approaching 95%, it does not appear to me to be an attractive buying opportunity . There is still a lot of work to be done .
我认为管理层正在做出明智的决策。只是这个行业目前处境不佳，短期内也不太可能改善。如果我对 Lucid 股票感兴趣，我会等待更好的买入机会再入场。
I believe the management is making wise decisions. It is simply an industry that is not in a good position right now, and is unlikely to improve in the near term. If I were interested in Lucid stock, I would have waited for a better buying opportunity to enter.
这个频道对 $LCID 的历次判断
Parkev Tatevosian, CFA 在这只股票上共 2 条判断，这里只列相邻的几条。