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LUCAS IGNITION SWITCH ALT/SPB501

Thanks, Mitesh and thanks everyone for joining us. The crucial dispatches you’ll hear moment are that we’ve completed machine instrument, passed over 70 of instrument tests on van, and made significant progress on our Microfactories with our skateboard cabin and circle structure being assembled Lucas Automotive.

We believe the manufacturer unit economics remain amongst the most compelling in the assiduity and we continue to anticipate launch of product in Q3. I want to emphasize that machine instrument is a crucial achievement for appearance and bone that the whole platoon is extremely proud of. This is the critical corner towards our machine being suitable to carry passengers on public roads in the EU and UK.

We commenced the first phase of our trial program with First Bus and are presently bringing their motorists and service technicians up to speed with our innovative new vehicle before we begin taking passengers on public route changes. The position of this is likely to be blazoned this quarter. And overall, we anticipate trials to last 3 to 6 months Lucas Automotive.

Van instrument is also progressing fleetly. And we’ve over 70 of tests formerly passed. Our target is to complete van testing in Q2 2022 and Mike will go into further detail on the path to instrument for the van shortly. Just as significant, we’ve used the same microfactory technologies preliminarily shown to put together the lattice skateboard to assemble the cabin and circle structure Lucas Automotive.

We continue Lucas Automotive to punctuate this as it represents the unique design of our vehicles and our microfactory technologies coming together. The progress this quarter gives us farther confidence the microfactory system will work at significantly lower CapEx than traditional styles and with increased inflexibility. We’re agitated to lead the changing of the places of the assiduity this time.

Our client engagement Lucas Automotive continues to grow withnon-binding LOIs and orders over to. We’re presently showcasing our van guests in theU.S. in a number of different metropolises. In March, we held a van media show in New York to members of the press who got a chance to sit in and interact with our vehicle and we also attended south by Southwest. There’s no cover for implicit guests seeing our vehicles in person.

And this continues to be a core part of our marketing strategy. Combining these exhibits with instrument in microfactory progress, the platoon has turned attention to conversion to binding orders as we start our product ramp latterly this time.

Last quarter, I did a deep dive on the appearance software ecosystem, which is just one of the amazing enabling technologies that we’ve developed in- house to bring to life our unique system of product. moment, I want to introduce another of our core enabling technologies, our in- house developed factors. appearance’s vehicles are developed using appearance’s device frame, a system in which we’re suitable to produce smart bias on bus in a short period of time, exercising our expansive library of automotive tackle and software rudiments, designed and delivered using a draw- and- play approach.

The system is grounded on several core principles. One, physical comity, all factors have been designed using a grid armature, which ensures simple Q grounded figure, specifically created for robotic assembly. This unique tackle and software draw- and- play approach allows us to both upgrade factors over the time and replace tackle when demanded, driving longer lifecycles and advanced residual values. Two, software comity.

Pieces of software assembled into store firmware in just a many short clicks on the mastermind’s computer, saving thousands of hours of work for what would naturally be the responsibility of multiple platoon members. And three, electronic armature. In this case, it’s the frame that combines the rudiments of software and tackle into a functional vehicle. It’s so adaptable that we’re suitable to use the same armature with only minor changes, but completely different vehicles similar as the van and machine.

When we colonize our library with new factors and systems, every new function can be reused across multiple vehicle platforms, reducing the time to vend for unborn vehicle generations. To achieve such a high position of perpendicular integration we’ve developed and certified the core factors line in- house at appearance and we’ve filed over 100 patent means. There are veritably specific strategic advantages to this approach.

We save on supplier costs typically set up in a traditional league 1 automotive force chain. We can control variations from end- to- end speeding up advancements and we can collect deep telemetry data to optimize vehicle operations and eventually lowering TCO. Overall, we estimate eventually 70 of our core systems for the van, including the drive unit, HMI, high voltage and low voltage rudiments developed by appearance and numerous of these can be used across multiple vehicle platforms.

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