and to today. taking Peter, those to the you you, Thank time who join are thank us
in Before this to I'd my successfully our the extend gratitude sincere results, We closed like transaction year. also sharing June. QX [indiscernible]
Martin. we mentioned, landmark a Aston also with technology Peter announced As deal
ordinary will Aston million phased Martin is the million, in $XXX X Lucid later of and deal with access period Martin year. Lucid ordinary $XXX technology million cash closing, pay Aston this payments comprising $XXX to million fee the following $XX aggregate of expected years, a cash of shares and which of a shares payable over of
engineering also on $XXX Lucid will components minimum million effective to spend an with commit Martin to fees. powertrain Aston in addition integration of
of Aston strategy, commence to the an vehicles with and product our purchase period. a of and purchase to Saudi an XX,XXX It's relationship earnings strategic a government our an affirmation to over initial key our technology testament announced Martin. additional to option of is country. up new with commitment business forward award-winning the well part milestone respected and Concurrent Lucid's our our partner this as delighted we're arm release, a of we a of with agreement finalization Monetizing as XX-year XX,XXX to Arabia powerful with with a the our
On is on also front, referred our in semi-knocked-down, Saudi the SKD to manufacturing track and for as is Arabia complete September. facility, nearly production
deliveries QX part of be is larger scale various from SKD within to units as in expected per consumers campus, per to and facility at both produce up of well expect to XXX,XXX is for up [indiscernible] as KSA. facility full We scale year units will government which X,XXX This this entities our AMP-X to capable year.
financial by to A about touch in actions our At to order year, on luxury capitalize marketing The the our is this our improve evidence invigorate awareness. let Before quarter cost spoke the validation targeted reinstated spoke few of this X volumes we customers. on we Peter we for end initiatives. in and pricing. aim our brand the brand and to towards the premium stronger our with resulting priorities, started taking I strategic beginning of second increasing segments brand and moments this July, greater programs to brand the awareness to seeing third-party We briefly ago, momentum actions position. affordability turn vehicle of awareness me of took results,
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Turning to costs.
rates number a In of also We And in bill improvements globally. some of through costs XXXX, had reductions we our routing materials. in cost realized combined offsets. in we've cost in more have declining we've experienced significant improvements efficient logistics but areas our XXXX, with realized
Our come reduction efficiency and of manufacturing gone as down, result a also this year. has labor costs up and initiatives our have implemented manufacturing productivity earlier workforce our
of cost identified in of year. downs the this as still see X-part a for organization part opportunity that first implemented However, we that have we tremendous cost been program across the half control
opportunities largest costs, of We some scrap believe that and reduction manufacturing exist services overhead, of spend. professional bill material in the
expect XXXX. While some many and cost some more the be material this much reductions reductions To be can realized of context, to provide implement bill will validate. time year, we cost these of of realized in take
Additionally, and realization we first. our optimization of in material partly through existing new these the savings COVID work bring on inventory requires required levels carrying planning We're high to variants. us to still partly to as due inventory due vehicle balance
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vehicle, of per around forms which the It's do of couple income few our see not results. We in thousand recognize benefits estimate currently we of quarters. important to also dollars IRA a in note next that other we
deals Additionally, QX. several recognize revenue in we've signed expect now emission starting and to credit
amount here. the and yet, are total material interest we Although not further is seeing opportunity
expectations Now XXXX units quarter X,XXX financial to so sequential XXX% turning quarter-on-quarter. up results. year-over-year, We to our be relative to for flattish second produced vehicles, approximately XXX% vehicles, and X,XXX our delivered up year-over-year up
they and though to and Those due issues. are holidays, customers we had expect delayed summer to this to in ramp were of of Eid and government to In quarter get to delivery Arabia Saudi transit and supplier QX. the now that significant to vehicles Arabia a planned Arabia. the for issues We resolved, addition, before Saudi in we largely Saudi number these out had were vehicles deliveries
which of Turning we XX%. million, P&L. a Cost recorded year-over-year represented million to increase $XXX.X In QX, of $XXX.X for the revenue was of quarter. the revenue second
purchase refer largely and related quarter-over-quarter The losses increase to driven a costs Our gross commitments. revenue of that or gross or to obsolescence LC $XXX impairment QX from campaigns cost was to related reinstatement pricing value program, realizable scrap in we sources component margin due under of NRV, firm cost onetime included of charges on in quarter of the was the original replace special Other net this repair as of margin down warranties. to to lower also basis. million reduction was which and approximately by
due sequential X refresh awareness. and which and million, build continue for we'll judicious G&A our higher have the studios, SG&A centers leverage operating and to $XXX.X the sequentially, opened studios but our approximately totaled our to to XX. will was attributable expenses. expense The The site studio be temporary been out and quarter place compensation quarter-to-quarter, can of annual the studios expense as effective bringing our expense number vary approximately within openings attributable X% Now and total compensation of brand pop-up complementing million, cost-effective moving R&D was in to to up strategic to QX, factor expansion in new the $XXX.X our with equity highly with largest well expenses at up business. service satellite excludes higher taking the higher XX% studio stock-based quarter. end IT service payroll-related stock-based sequentially. increase We as also and we investments global centers. This as expense
service On ended QX we body the fleet bands XX the in mobile and shops. with XX side, nationwide-approved
We locations will increase of additional customers. satellite service Lucid cost-effectively the provide number for expect which centers, to
the in quarter compensation was million. staff-based $XX.X Our
common $XX.X of benefit million warrant related change of recorded in also noncash a stock the We value fair our to liability.
of of achieved price quarter. this end of with $XXX.X impact adjusted EBITDA QX, influenced larger million. be the of by a at one the the noncash a In an factors loss share As being we reminder, Lucid's quarter-to-quarter can number factors,
sources. cash, to done We've $X.X of $X.XX financing to billion in sheet with balance in liquidity ended to We we've diversifying access the approximately to investments the consistently and the balance exploring equivalents a last able And over and we'll time. continue total billion. quarter been with Moving cash be approximately years, X sheet. sustain for strong as opportunistic
work inventory. to pressures in $XXX.X in inventory a continue XX.X% Capital we on million, to our QX. versus and write-down. of days inventory transportation as management Presuming that channel significant hand refine greater materials Turning supply reduction the and material down decreased sequentially processes in predictability raw Inventory a due inventory systems. to reduction pathway chain to stabilize, and we were toward raw XX.X% the expenditures see
We're to outlook our in in reiterating we're production inventory. in outlook. production our the being the managing Moving prudent XX,XXX more for vehicle past vehicles We've but noted that not bottleneck than XXXX. is
models, Arizona I point until KSA finished in increasing our an a you KSA For unit year. as coming volume counted amount they updating KSA, so your of SKD in be from out production in will that assembled to out those completed finish production vehicles partially not that are want and the of as are we be the will
guidance, don't or your help provide provide to typically want some we modeling. gross Although to we delivery margin direction you with
the to of deliveries half sales quarter we variant, most introduce ramp of up expect Pure and drive affordable be We September. to Arabia, the back as be government year, the customers the year we to all-wheel largest expect rear-wheel our our ramp Pure QX and of in drive in Saudi
color me variables margin There gross can controllable know uncontrollable and today. are that a but based what our on many let we on provide little expectations affect
gross year. improve half the margin through back of to expect We the
regard higher approximately ended expectation that for volume expect total improvement and as the to this fewer liquidity with our quarter we We driven of NRV the in QX to With of lower expenses well $X.XX billion. one-off LC occurred position, be by as an year. liquidity
through will We production into runway and Gravity the us XXXX. start this of of give expect
to CapEx. Moving
billion, some identified of our $X.X capital in as in service will we other retail investment invest supporting objective some and capabilities, moderate between growth quarter business. to and reflecting manufacturing CapEx center capital were expect the We our across outlay. the and Lucid's last which billion in continued globe support over expenditures and capacity studios capabilities XXXX for deferrals be $X.X strategically efficiencies and areas growth
targeted close and macro remainder we're we're I'd thoughtful by Air in saying in customers' and that year. by through also what's being this far in the the Saudi brand of navigate getting the the We're orders. our this. the more into in We're how But across we of hands about like pleased initiatives awareness recognize the environment coming and our Arabia. we're to seeing some with progress uncertainties the momentum we quarter excited so
our affordable and quarters trim We'll Air rear-wheel about ahead. September. deliver deliveries in big We will most in X a October, the Air the Pure have November, unveil, in drive, our be start Gravity excited lot to Sapphire of we'll in
that, back to Maynard? With turn to me your Maynard questions. let it get
