Lucid Group, Inc. · NASDAQ:LCID
Lucid — Churchill Capital Corp IV — SPAC Merger (July 2021)
73 slides from Lucid's SPAC merger presentation, Jul 13, 2021
Slide 1: Investor Presentation July 2021
CHURCHILL CAPITAL Investor Presentation July 2021 CHURCHILL CAPITAL
Slide 2: About This Presentation
CHURCHILL CAPITAL ABOUT THIS PRESENTATION This presentation is provided for informational purposes only and has been prepared to assist interested parties in making their own evaluation with respect to a potential business combination (the “proposed business combination”) between Atieva, Inc . (“Luc
Slide 3: About This Presentation: Use of Projections
CHURCHILL CAPITAL ABOUT THIS PRESENTATION Use of Projections This presentation contains projected financial information with respect to the combined company, namely revenue, cost of goods sold, gross profit, capital expenditures, EBIT, EBITDA and Free Cash Flow for 2021 – 2026 . Such projected finan
Slide 4: About This Presentation: Industry, Market and Vehicle Data
CHURCHILL CAPITAL ABOUT THIS PRESENTATION Industry, Market and Vehicle Data Industry and market data used in this presentation have been obtained from third - party industry publications and sources as well as from research reports prepared for other purposes . Neither Lucid nor CCIV has independent
Slide 5: Key Updates
CHURCHILL CAPITAL Key Updates CHURCHILL CAPITAL 5
Slide 6: Lucid Air Reservations
CHURCHILL CAPITAL 6 Lucid Air Reservations UPDATES Lucid Air Dream Edition is now fully reserved, and total Air reservations are above 10,000. 1) As of June 21, 2021 1)
Slide 7: Lucid Team
CHURCHILL CAPITAL 7 UPDATES Continued expansion of team in North America, Europe and Middle East, with the employee base now over 2,300. 1) As of May 31, 2021 1) Lucid Team
Slide 8: Vehicle Testing and Validation
CHURCHILL CAPITAL 8 UPDATES • Crash testing program nearly complete. • EPA range testing underway. • On track for 2H 2021 customer deliveries. Vehicle Testing and Validation
Slide 9: Manufacturing
CHURCHILL CAPITAL 9 UPDATES • Pre - production run of 89 Lucid Airs completed in June on schedule. • Production run for final quality validation is in progress. • Manufacturing facility is ready for 2H 2021 Start of Production for customer deliveries. Manufacturing
Slide 10: Retail and Service
CHURCHILL CAPITAL 10 UPDATES • Lucid studios now open in Illinois and New York. • More retail and service locations to open in the US and Canada in the coming months. Retail and Service
Slide 11: Energy Storage System
CHURCHILL CAPITAL 11 UPDATES Energy Storage System • Lucid energy storage system (ESS) prototype testing progressing well, including integration tests with the solar panel installation at headquarters. • Working towards larger pilot project at the Lucid vehicle manufacturing facility in Arizona (AMP
Slide 12: Digital User Experience
CHURCHILL CAPITAL 12 UPDATES Digital User Experience On May 26, Lucid shared with the world additional information regarding its digital user experience.
Slide 13: Business Update
CHURCHILL CAPITAL • As of June 21 , we have completed production builds and started production of our quality validation builds of the Lucid Air and have opened our flagship NYC Studio on June 24 and Chicago Studio on June 11 . • As we approach the launch of Lucid Air in the second half of 2021 , we
Slide 14: Mission
CHURCHILL CAPITAL Lucid’s mission is to inspire the adoption of sustainable transportation by creating the most captivating luxury electric vehicles centered around the human experience. Lucid’s first product, the Lucid Air, is on track for expected production and deliveries in 2H 2021. MISSION CHUR
Slide 15: Investment Highlights
CHURCHILL CAPITAL INVESTMENT HIGHLIGHTS 15 Lucid, a leader in EV technologies, defines a new generation of EVs, ushering in a new paradigm for the automotive industry. Favorable Market Forces Large addressable market with favorable tailwinds 3 Long Term Success High - end first product, followed by
Slide 16: Lucid Management Team
CHURCHILL CAPITAL Michael Smuts VICE PRESIDENT OF FINANCE Andrew Rogan SENIOR DIRECTOR OF CORPORATE DEVELOPMENT Doreen Allen SENIOR DIRECTOR OF SALES Eugene Lee SENIOR DIRECTOR OF ADAS Zak Edson SENIOR DIRECTOR OF RETAIL OPERATIONS Peter Hochholdinger VICE PRESIDENT OF MANUFACTURING Peter Hasenkamp
Slide 17: Investment Highlights
CHURCHILL CAPITAL INVESTMENT HIGHLIGHTS 17 Note: Projected range, performance and specifications are for the Lucid Air Dream Edition are based on Lucid testing data. Mi les per kWh is calculated for Lucid Air Grand Touring based on projected range. Projected range based upon manufacturer’s projected
Slide 18: Market Positioning: Establishing the Lucid Brand
CHURCHILL CAPITAL Market Positioning Establishing the Lucid Brand CHURCHILL CAPITAL 18
Slide 19: Changing Luxury Market Values
CHURCHILL CAPITAL MARKET POSITIONING Changing Luxury Market Values Status Opulence Materialism Indulgence Physical Engagement Well - being Refinement Experience Sustainability Physical & Emotional Engagement “Post - luxury” consumers increasingly seek brands that align with their values - brands tha
Slide 20: Lucid Air is Pioneering Post-Luxury
CHURCHILL CAPITAL 20 Lucid Air is pioneering “Post - Luxury.” This, Lucid’s first product, will effectively define the Lucid brand. MARKET POSITIONING Opulence + Indulgence Elegance + Modernity
Slide 21: Post-Luxury: Increased Expectations
CHURCHILL CAPITAL Post - Luxury: Increased Expectations We look past traditional definitions of luxury in order to appeal to customers who expect more , including brand values, experiences and designs without constraints. Lucid appeals to people who value purpose and meaning , and who realize that t
Slide 22: The Brand Proposition
CHURCHILL CAPITAL California Cool Understated Luxury Reflection of Customer Values Sustainable Effortless Performance Silicon Valley Tech Technological Tour - de - Force Connected Computer on Wheels Race Proven Battery Technology Sophisticated Software Heart + Mind MARKET POSITIONING The Brand Propo
Slide 23: Product
CHURCHILL CAPITAL Product CHURCHILL CAPITAL 23
Slide 24: Lucid Air
CHURCHILL CAPITAL 24 PRODUCT Lucid’s first product, the Lucid Air, fuses art and science to capture the full potential of electrification. As Lucid’s flagship product, the Air establishes the bar for excellence across all Lucid products and experiences. STARTING FROM $77,400 MAX PROJECTED RANGE 2) >
Slide 25: Lucid Space Concept
CHURCHILL CAPITAL Lucid's Space Concept represents a technical breakthrough, achieved through a ground up rethink in the way an automobile is designed. Lucid’s reimagining of the car has resulted in more interior space for driver, passengers and storage within a more compact, sporty and efficient ex
Slide 26: Rear Seating
CHURCHILL CAPITAL 26 PRODUCT Lucid Air will launch with a “bench” style rear seat, providing expansive space for three adults with class - leading legroom.
Slide 27: Interior Themes
CHURCHILL CAPITAL 27 PRODUCT Lucid Air’s interior themes are crafted with colors and materials that invoke iconic California locations at various times of day and night.
Slide 28: Glass Canopy
CHURCHILL CAPITAL 28 PRODUCT A glass canopy sweeps over the cabin, creating an even more extravagant sense of space.
Slide 29: Glass Cockpit
CHURCHILL CAPITAL 29 PRODUCT Introducing “Glass Cockpit;” Lucid Air’s beautifully integrated, configurable infotainment system is a technical marvel, providing a seamless connected experience.
Slide 30: Aerodynamics
CHURCHILL CAPITAL 30 PRODUCT With a drag coefficient of only 0.21, Lucid Air offers outstanding aerodynamics that enable greater range and performance.
Slide 31: Battery Efficiency and Vehicle Range
CHURCHILL CAPITAL Vehicle Range (miles) Efficiency is the ultimate measure of EV technology, and Lucid is the clear winner. High efficiency is crucial in that it provides key benefits: • Longer range in its own right • Faster miles - per - minute charging for the equivalent power charger • Equivalen
Slide 32: Range and Performance Comparison
CHURCHILL CAPITAL Lucid’s advanced technology has enabled long - range and high - performance to co - exist. Other EVs have either range or performance, not both. PRODUCT 32 Tesla Model S Long Range (Dual Motor) Tesla Model S Plaid (Tri Motor) Lucid Air Dream Edition Tesla Model S Long Range Tesla M
Slide 33: Lucid Air vs. Mercedes-Benz S-Class
CHURCHILL CAPITAL Lucid Air redefines luxury by offering more than Mercedes - Benz S - Class across price points. PRODUCT Air Dream Edition vs. Mercedes S65 AMG Air Grand Touring vs. Mercedes S63 AMG Air Touring vs. Mercedes S560 Note: Chart based on data advertised by Mercedes - Benz and Lucid test
Slide 34: Lucid Air Trims and Pricing
CHURCHILL CAPITAL Dream Edition Grand Touring Touring Pure Horsepower 1) 1,080 hp 800 hp 620 hp 480 hp Range 1) Projected >500 mi. Projected >500 mi. Projected >400 mi. Projected >400 mi. Cost 2 $169,000 inclusive From $139,000 From $95,000 From $77,400 Reservation Payment 3) $7,500 $1,000 $1,000 $3
Slide 35: Lucid Skateboard EV Platform
CHURCHILL CAPITAL Lucid “Skateboard” EV Platform In - house design, underpinning Lucid’s “Space Concept” The LEAP platform incorporates Lucid’s 6 key powertrain elements, designed and developed fully in - house: • Battery Pack & Battery Management Software • Electric Motors • Power Electronics • Tra
Slide 36: Project Gravity
CHURCHILL CAPITAL 36 PRODUCT Project Gravity
Slide 37: Project Gravity
CHURCHILL CAPITAL Project Gravity elevates the SUV to a new level with extraordinary performance, as well as category - redefining interior space. Reimagining the SUV Introducing Utility 2.0 Project Gravity’s maximized interior space will allow for seven passengers, made possible by Lucid’s miniatur
Slide 38: Broader Lucid Family of Products
CHURCHILL CAPITAL Lucid Air and Project Gravity are the initial cornerstones of a broader Lucid family of products. PRODUCT 2021 End of 2023 2030 Lucid Air Lucid Gravity Planned Sedans Planned SUVs Other Planned Vehicles Lucid plans to offer a portfolio of products with varying body styles and price
Slide 39: Energy Storage Systems Technology Supplier
CHURCHILL CAPITAL Energy Storage Systems (ESS) Technology Supplier • Early prototype already operating at Lucid Headquarters • Leverages Lucid’s extensive battery pack and battery management systems (BMS) experience • Opportunity to leverage Lucid vehicle battery module and power electronics technol
Slide 40: Technology
CHURCHILL CAPITAL Technology CHURCHILL CAPITAL 40
Slide 41: Potential Applications Across Multiple Industries
CHURCHILL CAPITAL Battery Pack Motor & Transmission Inverter Software Potential Applications Across Multiple Industries CVs/Buses Helicopters/ Drones/Aircraft Static Energy Storage Systems Heavy Equipment/ Agriculture Passenger Vehicles • Compact and energy dense pack developed in - house embodies i
Slide 42: Race-Proven Battery Technology
CHURCHILL CAPITAL 10+ years’ experience in the design, engineering and manufacturing of battery packs and battery management software . Millions of real - world vehicle miles of data accrued . Our battery pack and battery management software power all teams in the world’s premier EV racing series. O
Slide 43: Power Dense Drive Unit
CHURCHILL CAPITAL 43 TECHNOLOGY Lucid has developed an incredibly power dense drive unit. Comprising integrated motor, transmission and inverter, Lucid’s Drive Unit is designed to increase efficiency and power outpu t, while reducing size and weight; attributes that enhance range and enable the “spa
Slide 44: Ultra-Fast and Bi-Directional Charging
CHURCHILL CAPITAL Time to Charge Grand Touring / Dream Edition ~20 Minutes/ 300 Miles Tesla Model S Long Range 15 Minutes / 200 Miles Tesla Model S Plaid 15 Minutes / 200 Miles Porsche Taycan Turbo S 22.5 Minutes / 160 Miles TECHNOLOGY Lucid’s proprietary technology enables ultra - fast and bi - dir
Slide 45: Infotainment System
CHURCHILL CAPITAL The Lucid Infotainment System is designed to provide a seamless Connected Experience, both inside the car and out. TECHNOLOGY With highly advanced processing capabilities, the system is designed to leverage data analytics and OTA updates to improve over time. Expected Features* inc
Slide 46: Sensor Suite and Autonomous Driving
CHURCHILL CAPITAL 46 46 Lucid Air is equipped with an extensive sensor suite, high on - board computing power, and back - up systems for advanced autonomous driving functionality. TECHNOLOGY Note: Expected specifications are for the Lucid Air Dream Edition. Vehicles are in pre - production and speci
Slide 47: Micro Lens Array Lighting
CHURCHILL CAPITAL TECHNOLOGY 47 Note: Vehicles are undergoing final quality validation and specifications are subject to change. Lucid’s Micro Lens Array Lighting - A Revolution in Optical Technology Lucid's in - house created and engineered Intelligent Micro Lens Array (MLA) headlights provide an i
Slide 48: R&D Leadership
CHURCHILL CAPITAL TECHNOLOGY 48 R&D Leadership • Innovation is at our core • Our in - house R&D establishes Lucid as a leader across multiple technologies and areas of expertise • Lucid has developed a state - of - the - art electric powertrain • Over 80% of our filed patent applications have issued
Slide 49: Designed for Mass Production
CHURCHILL CAPITAL Designed for Mass Production TECHNOLOGY 49 Lucid’s vision is to truly revolutionize EV technology through mass industrialization on a scale hitherto not achieved. Lucid’s single piece “brick” injection molded battery module is race derived yet designed for manufacture in the millio
Slide 50: Go-To-Market Strategy
CHURCHILL CAPITAL Go - To - Market Strategy CHURCHILL CAPITAL 50
Slide 51: Customer Reservations
CHURCHILL CAPITAL GO - TO - MARKET With existing reservations already representing over $900mm in anticipated sales, customer traction is strong and has continued to grow as brand awareness has increased. 1) Depending on final trim specification and package. As of June 21, 2021. Includes reservation
Slide 52: Direct Sales Strategy
CHURCHILL CAPITAL Lucid’s direct sales strategy enables full control over the customer experience, to ensure that interactions are on - brand and pressure - free. First eight studios are now open, with numerous additional studios opening in North America throughout 2021. Entry to European and Middle
Slide 53: Lucid Studio Locations
CHURCHILL CAPITAL Century City – West Los Angeles, CA Multiple Lucid Studios are currently open, and additional high - profile locations are under construction or in development. Lucid HQ – Newark, CA Valley Fair Mall – San Jose, CA Beverly Hills – Los Angeles, CA Brickell City Center – Miami, FL GO
Slide 54: The Lucid Digital Journey
CHURCHILL CAPITAL GO - TO - MARKET The Lucid Digital Journey Customers engage with Lucid through its advanced digital platform. *Some elements of the platform are in development and are not yet available. * 54
Slide 55: Charging Solutions
CHURCHILL CAPITAL • Home energy management system • Plug & Play using portable EV Supply Equipment (EVSE) included with every vehicle OR • Purchase optional wall mount EVSE 1) • Installation through official Lucid - Installation partner, QMerit, or an electrician of choice • Capable of AC up to ~20k
Slide 56: Tesla Supercharger vs Lucid Electrify America Strategy
CHURCHILL CAPITAL Tesla Supercharger Network vs Lucid Strategy with Electrify America GO - TO - MARKET Tesla Supercharger Network • First Mover perception of advantage • Highly capital intensive • 400V, first generation system • Max 250kW with latest v3 units • Unique closed source system Lucid - El
Slide 57: Manufacturing
CHURCHILL CAPITAL Manufacturing CHURCHILL CAPITAL 57
Slide 58: Advanced Manufacturing Plant AMP-1
CHURCHILL CAPITAL Our Advanced Manufacturing Plant (AMP - 1) in Casa Grande, Arizona is scheduled to begin production in 2H 2021. Built with strong incentives package and excellent support from government team. By building the facility from a clean slate and leveraging our decades of previous experi
Slide 59: Lucid Powertrain Manufacturing LPM-1
CHURCHILL CAPITAL MANUFACTURING 59 Powertrain technology is a key Lucid differentiator. Therefore core manufacture is conducted exclusively in - house (other than the battery cells). Lucid Powertrain Manufacturing (LPM - 1) plant is located just a few miles away from our vehicle manufacturing (AMP -
Slide 60: Arizona Site Selection
CHURCHILL CAPITAL Good proximity to Lucid HQ and existing automotive supply base. All utilities fully in place: • Power • Water/sewer • Road infrastructure • Rail Zoning suitable for automotive factory (“attainment” status for air quality). Site well positioned between Phoenix + Tucson with ample lo
Slide 61: Market Opportunity and Financial Outlook
CHURCHILL CAPITAL CHURCHILL CAPITAL Market Opportunity and Financial Outlook 61
Slide 62: Manufacturing and Business Update
CHURCHILL CAPITAL • As of June 21 , we have completed production builds and started production of our quality validation builds of the Lucid Air and have opened our flagship NYC Studio on June 24 and Chicago Studio on June 11 . • As we approach the launch of Lucid Air in the second half of 2021 , we
Slide 63: Luxury Vehicle Market Opportunity
CHURCHILL CAPITAL The global luxury car market was estimated to be $495.7 billion in 2018 and is projected to reach $733.2 billion by 2026, registering a CAGR of ~5.0% from 2018 to 2026. This presents an opportunity for a true luxury EV company to address unmet needs and revolutionize this market. W
Slide 64: 2030 Run-Rate Production and TAM
CHURCHILL CAPITAL By 2030, Lucid anticipates run - rate production of >500,000 units, representing ~4% market share of an anticipated 2030 TAM of 15mm units. 2021 Products 2023 Products 2030 Products 3% 2% Lucid Air Lucid Air ~1.7mm Units TAM ~3.2mm Units TAM 2% Lucid Air 2030 TAM: ~2mm Lucid Gravit
Slide 65: Production Volume and Revenue Forecast
CHURCHILL CAPITAL $2,219 $5,532 $9,931 $13,985 $22,756 2022 2023 2024 2025 2026 36 41 42 42 12 49 86 134 8 75 20 49 90 135 251 2022 2023 2024 2025 2026 Luxury Sedan SUVs Other Future Models Production Volume and Revenue Forecast FINANCIAL OVERVIEW Annual Total Deliveries (‘000s) Total Revenue ($mm)
Slide 66: Path to Near Term Profitability
CHURCHILL CAPITAL ($1,090) ($637) $592 $1,671 $2,885 2022 2023 2024 2025 2026 $34 $1,149 $2,125 $3,096 $5,280 2022 2023 2024 2025 2026 ($2,759) ($3,250) ($1,485) $321 $1,515 2022 2023 2024 2025 2026 Significant Investment and Progress to Date Leads to Near Term Profitability FINANCIAL OVERVIEW EBITD
Slide 67: Financial Operating Summary
CHURCHILL CAPITAL 67 FINANCIAL OVERVIEW Financial Operating Summary 2021E 2022E 2023E 2024E 2025E 2026E Sales Volumes (000s of Vehicles) Luxury Sedan <1 ) 20 ) 36 ) 41 ) 42 ) 42 ) SUVs - ) - ) 12 ) 49 ) 86 ) 134 ) Other Future Models - ) - ) - ) - ) 7 ) 75 ) Total Sales Volume <1 ) 20 ) 49 ) 90 ) 13
Slide 68: Free Cash Flow
CHURCHILL CAPITAL 68 FINANCIAL OVERVIEW Free Cash Flow ($ Millions) 2021E 2022E 2023E 2024E 2025E 2026E EBITDA $ (1,389) $ (1,090) $ (637) $ 592 $ 1,671 $ 2,885 ) ( - ) Change in NWC (50) (334) (706) (327) (675) (903) ( - ) Cash Taxes - ) - ) - ) - ) (5) (70) (+) Incentives 4 ) 7 ) 10 ) 34 ) 105 ) 1
Slide 69: Transaction Overview
CHURCHILL CAPITAL Transaction Overview CHURCHILL CAPITAL 69
Slide 70: Transaction Overview & Valuation
CHURCHILL CAPITAL • $11.75B Acquisition Value • $2,070M Churchill Capital IV Cash in Trust + $2,500M PIPE • Transaction expected to close by July 23, 2021 • CCIV ticker will convert to LCID upon closing Note: Dollars and shares in millions, except for per share values. 1) Assumes no redemptions in c
Slide 71: Investment Highlights
CHURCHILL CAPITAL INVESTMENT HIGHLIGHTS Lucid, a leader in EV technologies, defines a new generation of EVs, ushering in a new paradigm for the automotive industry. Favorable Market Forces Large addressable market with favorable tailwinds 3 Long Term Success High - end first product, followed by pro
Slide 72: Thank you.
CHURCHILL CAPITAL Thank you.
Slide 73: Reconciliation of Non-GAAP Financials
CHURCHILL CAPITAL 73 FINANCIAL OVERVIEW Reconciliation of Non - GAAP Financials EBITDA ($ Million) 2021E 2022E 2023E 2024E 2025E 2026E Net Income ($1,494) ($1,361) ($1,026) ($150) $632 $1,698 (+) Income Tax -- -- -- -- 5 70 EBIT ($1,494) ($1,361) ($1,026) ($150) $637 $1,768 (+) Depreciation & Amorti