Lucid Group, Inc. · NASDAQ:LCID
Lucid — Investor Day (March 2026)
135 slides from Lucid's investor day presentation, Mar 12, 2026
Slide 1: Investor Day: Accelerating to Profitability
Investor Day Accelerating to Profitability NEW YORK, NY MARCH 12, 2026 1
Slide 2: Forward Looking Statements (1 of 2)
Forward Looking Statements (1 of 2) This presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as “estimate,”
Slide 3: Forward Looking Statements (2 of 2)
Forward Looking Statements (2 of 2) These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, economic, market, financial, political, regulatory and legal conditions, including changes of policies, imposition or proposed
Slide 4: Agenda
Our Next Chapter: Marc Winterhoff 8:00 – 8:25 AM Interim CEO Accelerating to Profitability Revenue Growth: Erwin Raphael 01 SVP of Global Revenue 8:25 – 8:45 AM Lucid Air & Lucid Gravity Momentum Derek Jenkins SVP of Design & Brand Midsize: Emad Dlala 02 8:45 – 9:40 AM Scale and Profitability Cataly
Slide 5: Marc Winterhoff
Marc Winterhoff Interim Chief Executive Officer 5
Slide 6: Our next chapter: Accelerating to Profitability
Our next chapter Clear vision to lead in mobility technology Increasingly diverse, high-margin revenue by monetizing autonomy Accelerating to #1 position with Air in luxury EV sedan and Strong, ready-to-scale operations and supply Profitability strong early reception of Lucid Gravity chain that enab
Slide 7: Our mission and vision
Our mission and vision Through technology we create exceptional experiences to Drive the World Forward 7
Slide 8: Lucid Air is #1 for luxury EV sedans…
U.S. unit sales for EV Luxury Sedans (2025) ~9.5k ~7.2k ~6.0k Lucid Air is #1 for ~5.3k ~5.0k luxury EV sedans… ~3.9k ~3.1k A testament to our winning value ~1.8k proposition of technology leadership, design, and brand Lucid Tesla BMW Porsche Polestar Audi BMW Mercedes Air Model S i5 Taycan 3 A6 e-T
Slide 9: … and #3 across gas and electric vehicles
U.S. unit sales for Luxury Sedans (2025) ~21.1k ~16.0k … and #3 across ~9.5k gas and electric vehicles ~8.3k ~7.3k ~7.2k ~6.0k BMW Mercedes Lucid BMW Mercedes Tesla BMW 5-Series E-Class Air 7-Series S-Class Model S i5 Source: S&P Mobility January 2026 (except for Lucid data) 9
Slide 10: Lucid Gravity is gaining momentum
U.S. unit sales for EV Luxury SUVs (for 3rd quarter on the market) ~3.8k ~2.9k ~2.8k ~2.2k Lucid Gravity is ~2.0k ~1.8k gaining momentum ~1.5k ~1.0k Tesla Lucid Rivian Cadillac BMW Cadillac Polestar Volvo Model X Gravity R1S Vistiq iX Escalade 3 EX90 IQ Note: Sales reflect each model’s third full qu
Slide 11: Lucid's recognition is unparalleled
Lucid’s recognition is unparalleled Lucid Air awards vs. EV competitors (2022 – present) Lucid Air has won more awards than others combined since 2022 * ** *Lucid Air won this award in 2024, 2025, and 2026 **Lucid Air won this award in 2022 and 2023. Lucid Gravity won this award in 2025. 11 Number o
Slide 12: Lucid Today
LUCID TODAY U_uUIC” IED COMPROMISE NOTHING hi t = . cw we VN Ys ca | rl Ta 12
Slide 13: Our Strategy: Accelerating to Profitability
Our Strategy Maximize Lucid Air Launch and Scale Lead Software-Defined Vehicle Lead and Lucid Gravity Midsize Platform and Software Innovation Robotaxi Market Accelerating to Profitability 13
Slide 14: ~$700B+ TAM
+ Autonomy ~$700B+ TAM + Midsize EV Midsize platform and entry ~$350B TAM into the robotaxi market are significantly expanding our addressable market Luxury EV Sedan and SUV ~$40B TAM Note: Global TAM estimations excluding China; TAM figures are cumulative Source: S&P Mobility, July 2025 14
Slide 15: Scale, engineering, and manufacturing improvements drive down unit costs
Scale, engineering, and manufacturing improvements drive down unit costs Unit cost improvements (%) Unit cost Lucid Gravity own Midsize own cost Lucid Gravity cost cost improvement improvement improvement due to Midsize scaling 60-70% 30-40% 100% ~60% reduction in BOM vs 2025 Lucid 80% Gravity BOM ~
Slide 16: Strong improvements in operational and supply chain performance
Strong improvements in operational and supply chain performance SUPPLY CHAIN PRODUCTION QUALITY ~25% 98% 85%+ BOM cost improvement Increase in production Decrease in warranty for Gravity during 2025 volumes in 2025 costs for Air (last 3 years) Key Navigated challenging • Significant decrease in Sign
Slide 17: Best-in-class software that is both visible and invisible
Best-in-class software that is both visible and invisible • Lucid UX 3.0 New features • Surreal Sound Pro coming in 2026 Infotainment • Apple CarPlay and • Today: Apple Android Auto in Lucid Air CarPlay and • Hands-free highway Android Auto in driving in Lucid Air Lucid Gravity ADAS • Automated park
Slide 18: Lucid's autonomous strategy unlocks large additional revenue potential
Lucid’s autonomous strategy unlocks large additional revenue potential Dual robotaxi and L4-ready Most efficient Best-in-class Capital-efficient personal autonomy vehicles EV platform partners approach strategy 18
Slide 19: Lucid Tomorrow
LUCID TOMORROW 4 Balanced 19
Slide 20: Lucid Tomorrow: larger TAM, autonomy, software
Much larger TAM L4 Autonomous Driving Leading in SDV and >$700B in 2035 For customer vehicles & robotaxis software innovation Compromise Nothing accessible for many more customers New high-margin revenue streams Profitable and cash flow positive Infrastructure ready for large scale Leveraging techno
Slide 21: Erwin Raphael
Erwin Raphael SVP of Global Revenue 21
Slide 22: Revenue Growth: Lucid Air and Lucid Gravity Momentum
01 Revenue Growth: Lucid Air and Lucid Gravity Momentum #1 ~4X 42 ~$1B Market leader in Growth in Lucid New locations Incremental annual luxury EV sedans Gravity sales1 planned for 2026 non-vehicle revenue by late decade Note: (1) U.S. Q4 volume vs. U.S. Q3 volume 22
Slide 23: Lucid Air is the #1 best-selling luxury EV sedan
Lucid Air is the #1 best-selling luxury EV sedan U.S. unit sales for Lucid Air (2021–2025) 9.5K 7.7K 5.4K 4.3K 0.1K 2021 2022 2023 2024 2025 Market share position #4 #4 #3 #1 Source: S&P Mobility Data, January 2026; market share position compared to other luxury EV sedans in the Air Segment 23
Slide 24: Lucid Gravity is off to a strong start and growth has accelerated
Lucid Gravity is off to a strong start and growth has accelerated U.S. unit sales for Lucid Gravity (2025) ~4X 2,875 of Q3 sales 768 80% new to Lucid 213 21 Q1 Q2 Q3 Q4 28% Lucid Gravity conquests from non-SUV segment Source: New Lucid buyers data per S&P Mobility Data, January 2026 24
Slide 25: Press reviews of Lucid Gravity
The 2025 Lucid Gravity Is Test-Driving The 2026 Lucid as Good as EV SUVs Get Gravity, A Supercar In SUV Form Fast, futuristic, and one of the Defies the laws of physics most thrilling vehicles I’ve driven Lucid Gravity First Drive: An electric SUV that doesn’t Lucid Gravity Review: As Close make com
Slide 26: Despite headwinds, the EV market is still primed for significant growth
Despite headwinds, the EV market is still primed for significant growth EV sales penetration, global (ex. China) CAGR 53M 64M 68M 71M ’25–’35 ICE / PHEV -1% EV 15% 2020 2025 2030F 2035F EV % ~2% ~8% ~18% ~28% ~2.3x ~3.5x S&P Mobility prior forecast Technology Adoption Cycle 26
Slide 27: Near-term revenue opportunities given market dynamics
Near-term revenue opportunities given market dynamics Lucid is the #1 next destination for luxury EV customers ~350k Est. number of Tesla Model S #1 Lucid Air’s rank as customer ~2X Number of Tesla Model S # 1 Lucid Gravity’s rank as and Model X vehicles in the choice after trading in Tesla customer
Slide 28: Proven ability to scale
Proven ability to scale 3.2K 3.2K 2026 target run rate 2.2K monthly run rate 1.9K (25–27K annual units) 1.4K 2025 target run rate 1.7K monthly run rate 1.0K (20K annual units*) 1.0K July 2025 Aug 2025 Sept 2025 Oct 2025 Nov 2025 Dec 2025 *Initial 2025 manufacturing guidance from Q4 2024 earnings pub
Slide 29: Rapid, strategic, and efficient global expansion
Rapid, strategic, and efficient global expansion +25 +7 ~200% increase in Europe1 ~15% increase in North America Planned locations in 2026 +10 ~200% increase Current location Planned new sales location* in Middle East Planned expansion Active with planned expansion Note: (1) Does not include 4 short
Slide 30: Strong momentum in Europe supports scalable growth
Strong momentum in Europe supports scalable growth 2026 EUROPE EXPANSION 7 25 new countries in Europe Locations planned with LOIs signed and for 2026 planned for 2026 launch ACCELERATION IN GERMANY 2 new locations signed as of February 2026 10 locations under LOI discussions Current location Planned
Slide 31: Tailored go-to-market approach
Tailored go-to-market approach Direct Indirect USA, Canada, KSA Europe, Other International Markets Attractive retail economics by going direct-to-consumer Efficient market expansion with reduced CapEx and fixed OpEx Customer relationship ownership across lifecycle Faster scale and network from leve
Slide 32: Incremental non-vehicle opportunities driven by software
Incremental non-vehicle opportunities driven by software Software-based Legacy revenue opportunities 9% ~$1B expected annual 26% 11% non-vehicle revenue opportunity by late decade ~$1B 54% Smart Energy, Service Aftermarket F&I Accessories Incremental Connectivity & Protection Plans Non-Vehicle Reven
Slide 33: Expanded software offerings delivered via over-the-air updates
Expanded software offerings for customers delivered via over-the-air updates SOFTWARE ROADMAP HIGHLIGHTS Now Coming 2026 Coming 2027 • Hands-Free Highway Driving • Auto Park In/Out • Apple CarPlay/Android Auto • UI/UX 3.0 • Lucid AI Assistant • V2H Energy Back-up • Smart Home Charging • Enhanced Aut
Slide 34: Customers demonstrate strong demand for Lucid autonomy offerings
Customers demonstrate strong demand for Lucid autonomy offerings Lucid Air and Lucid Gravity L2 ADAS take rates vs. industry (%) ~65% Lucid take rates Industry Average consistently above 10–40% ~40% competitors Note: Industry averages at OEM level 34
Slide 35: Revenue Growth summary
01 Revenue Growth: Lucid Air and Lucid Gravity Momentum SUMMARY Demonstrated Proven ability Expanding Diversifying market leadership to scale geographically revenue streams Lucid Air #1 in luxury Exceeded 2026 Thoughtful expansion Incremental revenue EV sedans target monthly run globally, with focus
Slide 36: Derek Jenkins
Derek Jenkins SVP of Design & Brand 36
Slide 37: Midsize: Scale and Profitability Catalyst
02 Midsize: Scale and Profitability Catalyst ~10x increase in Same Lucid DNA Accessible Lucid’s TAM and performance price point Designed Up to 70% lower to scale unit costs Today’s Investor Day provides a preview of Midsize, will full product reveal to come later this year 37
Slide 38: We started 10 years ago with a clean sheet
We started 10 years ago with a clean sheet, determined to build the best vehicles in the world 38
Slide 39: Lucid Air and Lucid Gravity have established Lucid as the leader in their segments
Lucid Air and Lucid Gravity have established Lucid as the leader in their segments They have challenged both gas and electric vehicle leaders across many metrics and are setting benchmarks for design, space, efficiency, range, driving dynamics, and performance 39
Slide 40: With the same Lucid DNA, the Midsize is more accessible
With the same Lucid DNA, the Midsize is more accessible to a bigger market 40
Slide 41: Entering the Midsize market significantly expands our TAM
Entering the Midsize market significantly expands our TAM Total addressable market (Global excluding China) ~$350B Large Luxury Premium SUV and Sedan Midsize SUV EV Segment EV Segment Average vehicle price $100K+ $50K+ 2025 unit sales volume ~0.5M ~3M ~$40B Today With Midsize, 2030 Note: Typical veh
Slide 42: Today, Lucid customers are more luxury and on-road focused
Today, Lucid customers are more luxury and on-road focused Current target buyers represent approximately of the total EV market SOPHISTICATED LOYALISTS Median age: 51 • More mature, affluent EV buyers • Practical, functional technology matters • Prefer EV-only brands; high Lucid consideration Note:
Slide 43: Midsize expands the Lucid brand to new customer segments
Midsize expands the Lucid brand to new customer segments Urban, on-road, performance-focused Suburban, any-road, adventure-focused UPSCALE NURTURERS + TRENDSETTING ACHIEVERS + ACTIVE EXPLORERS Median age: 41 Median age: 39 Median age: 49 • Luxury-forward Millennial parents • Young, affluent near-lux
Slide 44: Expanding Lucid's Product Portfolio
Expanding Lucid’s Product Portfolio Urban, on-road, performance-focused Suburban, any-road, adventure-focused The launch of Midsize enables us to access a significant additional part of the electric vehicle market of the total EV market UPSCALE NURTURERS + TRENDSETTING ACHIEVERS + ACTIVE EXPLORERS M
Slide 45: Lucid's expanded portfolio will reach most of the EV market
Lucid’s expanded portfolio will now reach most of the electric vehicle market Urban, on-road, performance-focused Suburban, any-road, adventure-focused By adding Midsize, our product portfolio will cover most of the EV market 50% New buyers addressed = by Midsize models of the total EV market + 10%
Slide 46: Three Midsize models will appeal to target customer segments
Three Midsize models will directly appeal to our target customer segments Urban, on-road, performance-focused Suburban, any-road, adventure-focused STAY TUNED UPSCALE NURTURERS + TRENDSETTING ACHIEVERS + ACTIVE EXPLORERS 46
Slide 47: Expanding Lucid's brand reach. Positioning to win.
Expanding Lucid’s brand reach. Positioning to win. ADVANCED UPSCALE TRENDSETTING ACTIVE NURTURERS ACHIEVERS EXPLORERS STAY TUNED SPORTY FUNCTIONAL Chinese models TRADITIONAL 47
Slide 48: Lucid Midsize will set the benchmark for the premium driving experience
Lucid Midsize will set the benchmark for the premium driving experience Design Range Performance Experience Accessibility Bold, emotional design Range that goes farther Performance that Immersive UX that Built for attractive that’s impossible to ignore with less defies limits transforms the experien
Slide 49: We showed Lucid Cosmos and Lucid Earth to potential owners
We showed Lucid Cosmos and Lucid Earth to potential owners… and they loved it Rating of Lucid Midsize vs. competitors (% top 2) “I see quality when I see this. Feels very high tech – would probably blow my mind.” “That’s it! If I chose anything else, Lucid Cosmos + I’d be compromising.” Lucid Earth
Slide 50: The next generation of world-class Lucid designs
The next generation of world-class Lucid designs. Designed to Captivate. Confidential 50 50
Slide 51: The striking, sporty silhouette of Lucid Cosmos
The striking, sporty silhouette of Lucid Cosmos Confidential 51 51
Slide 52: Advancing the Lucid design language
We are advancing the Lucid design language through dynamic and emotionally expressive gestures designed to captivate our target customers Confidential 52 52
Slide 53: Designing from the inside out: more space for passengers and cargo
Designing from the inside out: more space for passengers and cargo, enabled by our clean-sheet engineering approach and miniaturized powertrains Confidential 53 53
Slide 54: Aerodynamics optimizing the range of Lucid Cosmos
Like Lucid Air and Lucid Gravity, aerodynamics played a leading role in optimizing the range of Lucid Cosmos for maximum efficiency Confidential 54 54
Slide 55: Midsize interior layout creates a true shared space
Our Midsize interior layout evolves to create a true shared space Midsize Clear View Cockpit Immersive Shared Space An optimized evolution of the Air driver cockpit A shared environment with a centrally-positioned screen for a fully immersive interactive experience Uncompromising UI UX experience wi
Slide 56: The Midsize interior design is equally engaging
The Midsize interior design is equally engaging, with an unobstructed wide screen designed for the social experience. Physical controls, combined with a regularly-upgraded digital experience, have always been part of the Lucid User Experience. 56
Slide 57: UX 4.0 bringing people together
UX 4.0 is focused on creating Lucid moments and bringing people together, wherever Energy Next-Gen Nav Entertainment Natural and Productivity Interactions Personalized and Transforming wayfinding Establishing a third place Tailored for multiple users optimized to create in and out of the car for pla
Slide 58: Lucid Intelligence AI Experience (AIX) platform
Our new Lucid Intelligence AI Experience (AIX) platform is the foundation for multi-modal natural interactions Agentic Personalized Seamless LLM Agnostic Built on experience A framework using Cloud and edge Flexible to adapt to the pillars and cultural memories that emphasizes support available late
Slide 59: Lucid Assistant personalities and roles
Lucid Assistant personalities and roles provide user choice for deeper engagement while preserving the Lucid brand 59
Slide 60: Lucid Gravity AI Assistant Showcase
SHOWCASE Lucid Gravity AI Assistant Confidential 60 60
Slide 61: Midsize: Total Vehicle Experience
Midsize: Total Vehicle Experience Legacy automakers focus Newer players focus on Lucid combines best of on traditional attributes technology, ADAS, and both worlds and is uniquely connected experience positioned to lead 61
Slide 62: Emad Dlala and Zach Walker
Emad Dlala SVP of Engineering & Software Zach Walker Chief Engineer 62
Slide 63: Lucid is the leader in vehicle efficiency
Lucid is the leader in vehicle efficiency Lucid Air Pure U.S. EV Leader OEM Full-Size Sedan German OEM EV Sedan 2 German OEM EV Sedan 1 200 15% greater efficiency than the nearest competitor 150 Efficiency (EPA MPGe) 100 Lucid’s advantage 50 >5-year advantage vs. nearest competitor 0 2020 2025 2030
Slide 64: Energy Efficiency
Energy Efficiency Less energy required than smaller vehicles Relentless innovation across key engineering domains enabling class-leading efficiency 64
Slide 65: Performance Efficiency
Performance Efficiency More enjoyable than a sports car Lucid’s powertrain enables amazing driving performance without sacrificing efficiency or range 65
Slide 66: Space Efficiency
Space Efficiency More interior space than a larger vehicle Class-leading interior space with a smaller exterior body and lower overall weight 66
Slide 67: Introducing the Midsize platform
Introducing the Midsize platform Midsize follows the same Lucid technology DNA Maximized Miniaturized, power- 800V high- Maximized interior Bi-directional Centralized low- Maximized Superb frunk space dense drive unit voltage battery passenger space charging system voltage electronics trunk space ae
Slide 68: Extending our technology leadership: Atlas
Extending our technology leadership Atlas is our next innovation to drive efficiency Planetary Active-core Continuous wave- Integrated cooling Rotor reduction set differential winding stator and inverter Smaller, lighter, simpler, and powerful at lower cost Over 30% fewer parts than Zeus 37% lower B
Slide 69: Atlas drive unit is best in class
Atlas drive unit is best in class Power-to-weight (HP / KG) Lucid Midsize RDU (Atlas) 4.9 U.S. EV Leader OEM Midsize CUV 3.5 German OEM EV SUV RDU 3.2 Chinese EV OEM Midsize CUV 3.1 40% U.S. EV Leader OEM Truck 2.7 greater power density than RDU the closest competitor Chinese EV OEM Sedan RDU 2.7 Po
Slide 70: Midsize continues Lucid's dominance in energy efficiency
Midsize continues Lucid’s dominance in energy efficiency EPA est. Mile/kWh (AWD models) 3.0 3.5 4.0 4.5 4.3 4.5 Lucid Cosmos (Projected) Lucid results even stronger for RWD models U.S. EV Leader OEM Midsize CUV German OEM New EV Midsize SUV Lucid Cosmos is projected to be Chinese EV OEM over 10% mor
Slide 71: Radical Efficiency leads to Product Superiority and Cost Efficiency
Energy Performance Space Software Manufacturing Efficiency Efficiency Efficiency Efficiency Efficiency Radical Efficiency leads to Product Superiority and Cost Efficiency 71
Slide 72: Radical Efficiency leads to Product Superiority and Cost Efficiency
Radical Efficiency leads to Product Superiority and Cost Efficiency Energy Performance Space Software Manufacturing Efficiency Efficiency Efficiency Efficiency Efficiency Battery Drive unit Packaging and body Electronics Body dimensions architecture 72
Slide 73: Energy Efficiency: Battery
Energy Efficiency Battery Product Superiority for the Customer Over 200 miles in 14 minutes AC bi-directional charging V2H, V2L, V2X and V2V smart energy capabilities Cost Efficiencies for our Business 80% fewer non-cell parts Single part installed on vehicle line 45%+ reduction in non-cell battery
Slide 74: For the same range, cost of cells is $2,000 less
Energy Efficiency For the same range, cost of cells is $2,000 less Battery size needed for 300 mi range (kWh) 82 kWh 86 kWh 73 69 kWh kWh Lucid Cosmos U.S. EV Leader OEM Midsize CUV German OEM New EV Midsize SUV Chinese EV OEM Midsize CUV AWD - +$500 +$1,500 +$2,000 BOM cost advantage to go 300 mile
Slide 75: Energy Efficiency Leading to Manufacturing Efficiency
Energy Efficiency Leading to Manufacturing Efficiency Innovation resulting in productivity and reduction of manufacturing cost An example: Optimized Battery Facility % Change (Midsize versus Current) Lucid Air and Lucid Gravity Midsize -40% -50% Footprint efficiency (Sq. Ft./ JPH) Labor and overhead
Slide 76: Performance Efficiency: Atlas Drive Unit
Performance Efficiency: Atlas Drive Unit Smaller, lighter, simpler, and powerful—all at lower cost Product Superiority for the Customer 0–60 MPH in under 3.5 seconds Leadership in class for highway acceleration and overtaking Reduced energy losses to support best in class Energy Efficiency Cost Effi
Slide 77: Space Efficiency: Customer Space
Space Efficiency: Customer Space Giving more space in the same size vehicle Space efficiency of Lucid Cosmos vs. top competitors’ average >8% more 2nd row legroom >10% more couple distance >4% more effective occupant space Source: A2MAC1 77
Slide 78: Space Efficiency: Cargo Space
Space Efficiency: Cargo Space Innovative design resulting in more cargo space—whether you have a driver or not >24% more usable cargo space than average of shown top competitors Midsize Cosmos U.S. EV Leader OEM Midsize CUV Chinese EV OEM Midsize CUV Usable Cargo Volumes (in m3) 0.66 0.54 0.52 Sourc
Slide 79: Software Efficiency
Software Efficiency Midsize SDV enables lower hardware and software costs, and faster feature deployment 79
Slide 80: Software-Defined Vehicle: Electronics Architecture
Software-Defined Vehicle: Electronics Architecture Faster feature updates with simpler electronics and lower cost Product Superiority for the Customer Over-the-Air updates for constant experience improvement Reduced latency and digital reaction time to customer demand AI Assistant controlling all ca
Slide 81: Software-Defined Vehicle: Lucid is the Clear Leader
Software-Defined Vehicle: Lucid is the Clear Leader Distributed Domain Zonal Centralized Simplified Legacy Auto Modern ICE/EV Modern EV Next-Gen SDVs Lucid Midsize ECUs: 3 (2 Unique) Wires: 1.1K Wiring U.S. EV Leader OEM simplicity South Korean OEM Midsize CUV EV Midsize ECUs: 3 ECUs: 10 Wires: 1.3K
Slide 82: Manufacturing Efficiency: Body
Manufacturing Efficiency: Body Modular, mixed metal design offers the best of both worlds 2023 U.S. EV Leader Lucid OEM Midsize CUV Cosmos Product Superiority for the Customer Annual insurance costs $1,000 less than competitors 5-Star safety performance in all markets Optimized stiffness-to-weight-t
Slide 83: Product superiority, radical efficiency
Product superiority Radical efficiency A more desirable vehicle… …with half the parts Driving efficiency Lucid Cosmos Part count vs. competitors mi/kWh U.S. EV Leader OEM Midsize CUV (indexed to 100) 195 Charging speed 165 miles of range gained per 10 min of charging 110 Flat cargo space 100 cubic f
Slide 84: What does this all mean for Lucid's business?
What does this all mean for Lucid’s business? 84
Slide 85: Radical Efficiency leads to Product Superiority and Cost Efficiency
Radical Efficiency leads to Product Superiority and Cost Efficiency Unit cost improvements (%) Unit cost Lucid Gravity own Midsize own cost Lucid Gravity cost cost improvement improvement improvement due to Midsize scaling 60-70% 30-40% 100% ~60% reduction in BOM vs 2025 Lucid 80% Gravity BOM ~20% B
Slide 86: Resulting in a highly competitive bill of materials cost
Resulting in a highly competitive bill of materials cost Midsize bill of materials (BOM) cost vs. competition Lucid U.S. EV Leader OEM Midsize Chinese EV OEM Cosmos CUV (weighted average of U.S. / Midsize CUV China manufacturing) Comparable cost with longer range Note: Global weighted average BOM co
Slide 87: Parts and investment shared between Lucid Cosmos and Lucid Earth
parts and investment shared between Lucid Cosmos and Lucid Earth Optimizing investment, leveraging scale Lucid Cosmos Lucid Earth Stay tuned 87
Slide 88: Differentiation where it counts
Differentiation where it counts ADVANCED UPSCALE TRENDSETTING ACTIVE NURTURERS ACHIEVERS EXPLORERS STAY TUNED SPORTY FUNCTIONAL TRADITIONAL 88
Slide 89: Midsize innovations improve repairability and lower insurance costs
Midsize innovations improve repairability and lowers insurance costs Our customers will spend $1,000 less than customers of comparable OEM Consumer economics: insurance costs per year (at 10K miles / yr) -31% U.S. EV Leader OEM Midsize CUV Lucid Cosmos 89
Slide 90: Midsize: Scale and Profitability Catalyst summary
02 Midsize: Scale and Profitability Catalyst SUMMARY Significant Product Cost Breakthrough market expansion superiority efficiency engineering ~10x TAM with Same Lucid DNA Up to 70% lower Autonomy-ready, entering Midsize with radical unit costs through software defined efficiency, leading technology
Slide 91: Kai Stepper
Kai Stepper VP of Autonomy and Advanced Driver Assistance Systems (ADAS) 91
Slide 92: Autonomy: L4-Ready Platforms, Faster Path to Market
03 Autonomy: L4-Ready Platforms, Faster Path to Market $300B+ L4-ready Up to 65% Robotaxi TAM by 2035 platform take-rate for L2 features 18 months <$500M time to market for the first Lucid autonomy investment with declining technology robotaxi from deal announcement costs and increased partnership c
Slide 93: Animation removed for published presentation
Animation removed for published presentation Live presentation had an animation that showed Lucid EV platform evolving into Lucid AV platform, signifying Lucid’s evolution from EV technology sales to a scale autonomy partner 93
Slide 94: Lucid technologies are unlocking larger partnership opportunities
Lucid technologies are unlocking larger partnership opportunities Relative deal sizes (illustrative) Recent tech licensing Robotaxi platforms 94
Slide 95: Personal autonomy and Robotaxis
01 02 Personal autonomy Robotaxis Major software monetization Rapid scaling expected opportunity now in the next 2–5 years DUAL STRATEGY Personal autonomy and robotaxis maximize revenue potential and accelerate scaling 95
Slide 96: Massive market opportunity for personal autonomy and robotaxis
Massive market opportunity for both personal autonomy and robotaxis Forecasted personal autonomy penetration Robotaxi market size % of new vehicles sold Global excluding China ~$300B 60 ~$210B 40 20 L4+ ~$50B L3 ~$30B ~$5B ~$11B L2 ~$0B ~$1B 0 2025 2026 2027 2028 2029 2030 2033 2035 2025 2030 2035 #
Slide 97: Lucid has an L4-ready platform available directly from the factory
Lucid has an L4-ready platform available directly from the factory B2B 97
Slide 98: Technology leadership enables best-in-class efficiency for robotaxis
Technology leadership enables best-in-class vehicle efficiency for robotaxis Best in category Lucid Gravity Lucid Cosmos I-PACE IONIQ 5 RT Efficiency (up to miles per kWh) 3.6 4.5 2.5 3.4 2.7 Charging speed 11 14 ~35 ~18 N/A (to 200 miles) minutes minutes minutes minutes Safety backups for core vehi
Slide 99: Better range and efficiency unlock market-leading operating costs
Better range and overall efficiency unlock market-leading operating costs Operating costs for robotaxis (cents / mile) Assumes 100K miles / year, excludes depreciation +34% +10% Downtime Fleet ops Compute Maintenance Innovative, modular design reduces maintenance and repair costs Efficient battery s
Slide 100: Lucid's value proposition is resonating with major industry players
Lucid’s value proposition is resonating with major industry players Lucid Gravity units committed Investment from Uber “Lucid’s unmatched efficiency, autonomy-ready vehicle architectures, and customer-centric approach give us confidence in our ability to deliver autonomous mobility together at globa
Slide 101: Uber / Nuro partnership is on-track for commercial launch this year
Uber / Nuro partnership is on-track for commercial launch this year OPERATING MILESTONES Start of commercial 6 months operation JULY SEPTEMBER JANUARY MARCH AUGUST EARLY Q4 NOVEMBER LATE 2026 2025 2026 First Safety and Alpha 75 Alpha validation prototype prototypes begins 35 Product- Agreement Publi
Slide 102: Uniquely capital-efficient approach
Uniquely capital-efficient approach Lucid costs are below prior entrants Declining technology costs and collaboration with partners will reduce Lucid’s required investments vs. prior entrants B2C Note: Competitor spend approximated based on cumulative funding raised B2B Source: Citizens Bank 102
Slide 103: Autonomy readiness gives us a significant head start
Autonomy readiness gives us a significant head start vs. traditional OEMs ~1 to 1.5 Lucid’s Autonomy Approach Fully integrate L4 autonomy software deployment Years to deployment 6 months 6–12 months Traditional OEM Retrofit Path Identify architecture gap Vehicle re-architecture Validation and homolo
Slide 104: Animation removed for published presentation
Animation removed for published presentation Live presentation had an animation that depicted Lucid’s personal autonomy strategy, which provides customers with increasing levels of autonomy over time. A chronological roadmap is provided on the next slide. 104
Slide 105: Lucid's clear roadmap to deliver L4 autonomy to consumers
Lucid’s clear roadmap to deliver L4 autonomy to consumers Hands off Eyes off Mind off Description Hands and feet are off, but You can look away, but You’re just a passenger; must watch the road and be must be ready to take over no supervision or takeover ready to take over when asked expected 2026 2
Slide 106: What customers are saying about Hands-Free Highway Driving
What customers are saying about Lucid’s Hands-Free Highway Driving “Tried a lane change to the far-right lane “Fabulous update! HFDA was flawless, just as the freeway transitions to a left turn turns are now smooth as silk and lane on a downhill. Brutal test, it handled it change assists were excell
Slide 107: Autonomy subscriptions are the single biggest software monetization opportunity
Autonomy subscriptions are the single biggest software monetization opportunity DreamDrive Pro $69 –199 / mo. Tiered by ADAS level (L2++ to L4) H1 2027 B2C Note: Pricing subject to change 107
Slide 108: Autonomy: How Lucid will win
03 Autonomy: L4-Ready Platforms, Faster Path to Market SUMMARY Customer monetization today, with the robotaxi and personal autonomy market inflecting toward $300B of opportunity by 2035 How Lucid will win 01 02 03 04 05 L4 ready Most efficient Best-in-class Capital-efficient Dual robotaxi and vehicl
Slide 109: Marc Winterhoff
Marc Winterhoff Interim Chief Executive Officer 109
Slide 110: Fireside Chat: Marc Winterhoff and Andrew Macdonald
FIRESIDE CHAT Marc Winterhoff Andrew Macdonald Interim CEO, Lucid President and COO, Uber 110
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Slide 112: Lucid Midsize
LUCID MIDSIZE 112
Slide 113: Lucid Midsize / Lucid Robotaxi
LUCID MIDSIZE LUCID ROBOTAXI 113
Slide 114: Lunar: Two-Seat Robotaxi Concept
Lunar: Two-Seat Robotaxi Concept Target driving efficiency mi/kWh 5.5 to 6.0 Passenger legroom inches 42+ Operating cost $ / mile 40% lower operating costs Charging speed miles added per 15 min of charging 200+ 114
Slide 115: Animation removed for published presentation
Animation removed for published presentation Live presentation had an animation that illustrated a potential future autonomous capability with a 2- seater robotaxi navigating a city 115
Slide 116: Taoufiq Boussaid
Taoufiq Boussaid Chief Financial Officer 116
Slide 117: Financial Roadmap: Scale, Profitability, and Capital Discipline
04: Financial Roadmap Mid-term Late decade Scale, Profitability, and Capital Discipline Scale ($B revenue) High single-digits High-teens Growth well-defined by volume ramp-up, vehicle mix optimization, partnerships, robotaxi, and services Profitability (GM %) Path to profitability driven by cost red
Slide 118: Three-stage financial plan towards profitability and cash generation
Three-stage financial plan towards profitability and cash generation 2026 MID-TERM LATE DECADE Strengthen Scale Outperform Continued delivery growth Scale Midsize platform Global delivery growth Stringent OpEx management Disciplined market expansion Autonomous solutions scaling Focused CapEx spend G
Slide 119: 2026: Scale Lucid Gravity, expand software, manage cash
2026 Scale Lucid Gravity, expand software offerings, and carefully manage cash How we will achieve our targets Reaffirming our guidance 2026 Targets Scale Lucid Gravity production and sales, with improved margin profile Production Volumes 25–27k units Expand international presence with 35+ new locat
Slide 120: Increasingly diversified revenue mix as we scale
Mid-term Increasingly diversified revenue mix as we scale Revenue by source ($B) Revenue streams and growth drivers New vehicle sales Accelerated new vehicle sales Robotaxi and other B2B platform partnerships • Lucid Gravity growth at scale Non-vehicle revenue • Expansion of Midsize platform driving
Slide 121: Significant cost improvements in coming years
Mid-term Significant cost improvements in coming years Mid-term unit cost reduction vs. Q4 2025 How we are achieving this Enabling BOM cost reductions across Lucid Air and Lucid Gravity Product and process enhancements enabling labor 25 – 35% Lucid Air and overhead cost per unit reduction through ef
Slide 122: Achieving gross margin profitability over the mid-term
Mid-term Achieving gross margin profitability over the mid-term Gross margin main drivers over mid-term Milestones we are tracking Robotaxi and Non-vehicle*, ADAS, MILESTONE TARGET STATUS other B2B and software Mid-term Production Achieved hits run-rate 2026 (Q4 2025) of 2.2K/mo Commercialization Hi
Slide 123: Operating expense discipline
Mid-term Operating expense discipline R&D SG&A ~10% of revenue ~10% of revenue Key Initiatives Portfolio rationalization and stage-gate Continue to optimize organizational design discipline on research projects Use AI tools to minimize manual effort and Use of multi-purpose platforms and speed up co
Slide 124: Current investments reduce future capital needs
Mid-term Current investments reduce future capital needs CapEx % of revenue Disciplined CapEx approach Mid-high double-digit Front-loaded CapEx enables infrastructure capable of large scale Other Improved asset utilization in mid-term Low double-digit AMP 2 Autonomous strategy focused on capital eff
Slide 125: Diversified revenue mix across streams and geographies
Late decade Diversified revenue mix across streams and geographies More diverse revenue streams International expansion >$1B Non-new vehicle >$5B EMEA & ROW >$2B Robotaxi and other B2B partnerships 125
Slide 126: Long-term cost and capital profile
Late decade Long-term cost and capital profile R&D SG&A CapEx ~5% ~10% <5% of revenue of revenue of revenue 126
Slide 127: Clear path to free cash flow positive by late decade
Late decade Clear path to free cash flow positive by late decade Total free cash flow (FCF) 2026F Lucid Air and Midsize Non-new Robotaxi CapEx reduction Late decade Lucid Gravity vehicles and B2B and other 127
Slide 128: Long-term Lucid financial profile
Long-term Lucid financial profile Growth and Scale Profitability Mid-term inflection point and Strong cost reduction and diversification / mix improvement higher margin revenues High-teens revenue ($B) Mid-teens GM (%) Delivering Shareholder Returns Cash Flow Capital Allocation Improved operating le
Slide 129: Successful execution will drive increased shareholder value
Successful execution will drive increased shareholder value + B2B revenue visibility + Capital efficient + Expanding ROIC + Recurring revenue + Higher margin + Growth at scale + Cost efficiency Automotive OEM Software and Services Autonomy Core execution (auto) Expansion into new markets / business
Slide 130: Balancing risks and opportunities
Balancing risks and opportunities Potential additional Market risk or indicator How we remain agile opportunities Shifts in global demand Flexible global manufacturing for EV or autonomy Improved tariff landscape Expanded recurring, higher-margin revenue Faster-than-expected robotaxi scaling Increas
Slide 131: Lucid Investment Thesis
Lucid Investment Thesis Why now? Leading technology that delivers best-in-class performance at competitive cost 1 Lucid Gravity positioned to lead luxury SUV Market Midsize expands TAM and accelerates 2 World class infrastructure, strengthened operations and supply chain capable of rapid scaling, an
Slide 132: Marc Winterhoff
Marc Winterhoff Interim Chief Executive Officer 132
Slide 133: Our next chapter: Key messages from today
Our next chapter Clear vision to lead in mobility technology Increasingly diverse, high-margin revenue by monetizing autonomy Accelerating to #1 position with Air in luxury EV sedan and Strong, ready-to-scale operations and supply Profitability strong early reception of Lucid Gravity chain that enab
Slide 134: Analyst Q&A
Q&A Analyst Q&A Confidential 134 134
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