Lucid Group, Inc. · NASDAQ:LCID
Lucid — SPAC Merger (July 2021)
73 slides from Lucid's SPAC merger presentation, July 2021
Slide 1: Investor Presentation July 2021
CHURCHILL CAPITAL Investor Presentation July 2021 CHURCHILL CAPITAL
Slide 2: About This Presentation
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. (“Lucid”) and Churchill
Slide 3: About This Presentation: Use of Projections
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 financial information cons
Slide 4: About This Presentation: Industry, Market and Vehicle Data
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 independently verified the data
Slide 5: Key Updates
Key Updates CHURCHILL CAPITAL 5
Slide 6: Lucid Air Reservations
UPDATES Lucid Air Reservations Lucid Air Dream Edition is now fully reserved, and total Air reservations are 1) above 10,000. 1) As of June 21, 2021 CHURCHILL CAPITAL 6
Slide 7: Lucid Team
UPDATES Lucid Team 1) 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 CHURCHILL CAPITAL 7
Slide 8: Vehicle Testing and Validation
UPDATES Vehicle Testing and Validation • Crash testing program nearly complete. • EPA range testing underway. • On track for 2H 2021 customer deliveries. CHURCHILL CAPITAL 8
Slide 9: Manufacturing
UPDATES Manufacturing • 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. CHURCHILL CAPITAL 9
Slide 10: Retail and Service
UPDATES Retail and Service • 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. CHURCHILL CAPITAL 10
Slide 11: Energy Storage System
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-1). CHURCHILL CAPITA
Slide 12: Digital User Experience
UPDATES Digital User Experience On May 26, Lucid shared with the world additional information regarding its digital user experience. CHURCHILL CAPITAL 12
Slide 13: Manufacturing/Business Update as of June 21, 2021
UPDATES Manufacturing/Business Update as of June 21, 2021 • 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 Luc
Slide 14: Lucid's mission
MISSION 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. CHURCHILL CAPITAL 14
Slide 15: Lucid, a leader in EV technologies, defines a new generation of EVs
INVESTMENT HIGHLIGHTS Lucid, a leader in EV technologies, defines a new generation of EVs, ushering in a new paradigm for the automotive industry. 1 Legitimate Track Record 6 Untapped Potential in Adjacent Markets Management team with track record of helping to bring disruptive Additional untapped p
Slide 16: Lucid's Management Team
MANAGEMENT Led by Peter Rawlinson, Former Tesla Chief Engineer of Model S, Lucid’s Management Team Comprises Seasoned Executives with Backgrounds in Automotive, EV and Tech. Peter Rawlinson Sherry House Derek Jenkins Eric Bach Michael Bell Peter Hochholdinger Peter Hasenkamp Michael Carter Jonathan
Slide 17: Lucid at a Glance: Proven Tech Breakthroughs
INVESTMENT HIGHLIGHTS Lucid at a Glance: Proven Tech Breakthroughs… Setting New Standards Real-world technology enables Lucid to offer captivating luxury combined with groundbreaking technology Proven, Real World Validation Dramatically Innovative Drivetrain / Propulsion Technology 396 10+ Years 20M
Slide 18: Market Positioning
Market Positioning Establishing the Lucid Brand CHURCHILL CAPITAL 18
Slide 19: Changing Luxury Market Values
MARKET POSITIONING Changing Luxury Market Values “Post-luxury” consumers increasingly seek brands that align with their values - brands that are more enlightened, informed, and inspired. As a leading EV brand that offers sustainable luxury, performance, and advanced connectivity, Lucid is ideally po
Slide 20: Lucid Air is pioneering Post-Luxury
MARKET POSITIONING Lucid Air is pioneering “Post-Luxury.” This, Lucid’s first product, will effectively define the Lucid brand. Opulence + Indulgence Elegance + Modernity CHURCHILL CAPITAL 20
Slide 21: Post-Luxury: Increased Expectations
MARKET POSITIONING 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 the
Slide 22: The Brand Proposition
MARKET POSITIONING The Brand Proposition Heart + Mind California Cool Silicon Valley Tech Understated Luxury Technological Tour-de-Force Reflection of Customer Values Connected Computer on Wheels Sustainable Race Proven Battery Technology Effortless Performance Sophisticated Software CHURCHILL CAPIT
Slide 23: Product
Product CHURCHILL CAPITAL 23
Slide 24: Lucid Air fuses art and science
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 MAX PROJECTED RANGE 2) MAX HORSEPOWER 2) 1) $77,400 >
Slide 25: Introducing the Lucid Space Concept
PRODUCT Introducing the Lucid “Space Concept” - Spacious, Luxurious Interior - Compact, Efficient Exterior 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 interio
Slide 26: Lucid Air rear seat space
PRODUCT Lucid Air will launch with a “bench” style rear seat, providing expansive space for three adults with class-leading legroom. CHURCHILL CAPITAL 26
Slide 27: Lucid Air interior themes
PRODUCT Lucid Air’s interior themes are crafted with colors and materials that invoke iconic California locations at various times of day and night. CHURCHILL CAPITAL 27
Slide 28: Glass canopy over the cabin
PRODUCT A glass canopy sweeps over the cabin, creating an even more extravagant sense of space. CHURCHILL CAPITAL 28
Slide 29: Glass Cockpit infotainment system
PRODUCT Introducing “Glass Cockpit;” Lucid Air’s beautifully integrated, configurable infotainment system is a technical marvel, providing a seamless connected experience. CHURCHILL CAPITAL 29
Slide 30: Lucid Air aerodynamics
PRODUCT With a drag coefficient of only 0.21, Lucid Air offers outstanding aerodynamics that enable greater range and performance. CHURCHILL CAPITAL 30
Slide 31: Efficiency is the ultimate measure of EV technology
PRODUCT 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 • Equivalent range with a smaller, and therefor
Slide 32: Long-range and high-performance co-exist
PRODUCT Lucid’s advanced technology has enabled long-range and high-performance to co-exist. Other EVs have either range or performance, not both. Range Lucid Air Dream Edition Lucid Air Grand Touring Tesla Model S Tesla Model S Porsche Taycan Tesla Model S Long Range Long Range Plaid Turbo S (Dual
Slide 33: Lucid Air vs Mercedes-Benz S-Class
PRODUCT Lucid Air redefines luxury by offering more than Mercedes-Benz S-Class across price points. Lucid Lucid M-B Air Dream Edition vs. Mercedes S65 AMG M-B Air Grand Touring vs. Mercedes S63 AMG Lucid Lucid M-B Air Touring vs. Mercedes S560 M-B Air Pure vs. Mercedes S450 Note: Chart based on data
Slide 34: Lucid Air price points and specifications
PRODUCT Lucid Air is expected to be offered at various price points with different specifications. Dream Edition Grand Touring Touring Pure Horsepower1) 1,080 hp 800 hp 620 hp 480 hp Range1) Projected >500 mi. Projected >500 mi. Projected >400 mi. Projected >400 mi. Cost2 $169,000 inclusive From $13
Slide 35: Lucid Electric Advanced Platform (LEAP)
PRODUCT Lucid Air is underpinned by the Lucid Electric Advanced Platform (LEAP), which is designed to support other vehicle variants, enabling greater capital deployment efficiency and speed to market. The LEAP platform incorporates Lucid’s 6 key powertrain elements, designed and developed fully in-
Slide 36: Project Gravity
PRODUCT Project Gravity CHURCHILL CAPITAL 36
Slide 37: Project Gravity redefines sport and utility for luxury SUVs
PRODUCT Project Gravity redefines sport and utility for luxury SUVs. Reimagining the SUV Project Gravity elevates the SUV to a new level with extraordinary performance, as well as category-redefining interior space. Introducing Utility 2.0 Project Gravity’s maximized interior space will allow for se
Slide 38: Lucid Air and Project Gravity are initial cornerstones of a broader family
PRODUCT Lucid Air and Project Gravity are the initial cornerstones of a broader Lucid family of products. Lucid plans to offer a portfolio of products with varying body styles and price points, all powered by Lucid’s powertrain technology. 2021 End of 2023 2030 Lucid Air Lucid Gravity Planned Sedans
Slide 39: Future growth opportunities extend beyond Lucid vehicles
PRODUCT Future growth opportunities extend beyond Lucid vehicles. Energy Storage Systems (ESS) Technology Supplier • Early prototype already operating at Lucid Headquarters • All OEM racing teams in the world’s premier EV racing series • Leverages Lucid’s extensive battery pack and battery are power
Slide 40: Technology
Technology CHURCHILL CAPITAL 40
Slide 41: Miniaturized EV powertrain developed in-house
TECHNOLOGY Lucid’s miniaturized EV powertrain is developed in-house as an integrated & holistic system. Examples of dramatic and proprietary tech & engineering advances include: Battery Pack Motor & Transmission Inverter Bidirectional Charging Software • Compact and energy dense pack • State-of-the-
Slide 42: Battery technology refined over 10 years
TECHNOLOGY Lucid’s battery technology has been refined over 10 years and is powering every current car in the world’s premier EV racing series. 10+ years’ experience in the design, engineering and manufacturing of battery packs and battery management software. Millions of real-world vehicle miles of
Slide 43: Power dense drive unit
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 output, while reducing size and weight; attributes that enhance range and enable the “space concept.” Note: 9.0
Slide 44: Ultra-fast and bi-directional charging
TECHNOLOGY Lucid’s proprietary technology enables ultra-fast and bi-directional charging. 1) Leading Charging Speeds Two-Way Charging • In-house “Wunderbox” boost-charge Technology Time to Charge • >900V system • 300kW DC fast charge capable Grand Touring / ~20 Minutes/ 300 Miles • Electrify America
Slide 45: Lucid Infotainment System
TECHNOLOGY The Lucid Infotainment System is designed to provide a seamless Connected Experience, both inside the car and out. With highly advanced processing capabilities, the system is designed to leverage data analytics and OTA updates to improve over time. Expected Features* include: Seamless con
Slide 46: Sensor suite and autonomous driving functionality
TECHNOLOGY Lucid Air is equipped with an extensive sensor suite, high on-board computing power, and back-up systems for advanced autonomous driving functionality. • With 32 sensors onboard, the Lucid Air is expected to launch with the most comprehensive sensor suite among currently available product
Slide 47: Micro Lens Array Lighting
TECHNOLOGY 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 incredibly homogeneous and luminant light source. The MLA system automatically adapts to driving situations and provides e
Slide 48: R&D Leadership
TECHNOLOGY 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 • L u ci d has d ev el o p ed a state- o f- the- art el ectri c p o w ertrai n • Ov er 80% o f o u r fi l ed p aten t ap p l i cati o n s hav e i
Slide 49: Designed for Mass Production
TECHNOLOGY Designed for Mass Production Lucid’s vision is to truly revolutionize EV technology through mass industrialization on a scale hitherto not achieved. • For the technology developed for Lucid Air to transfer • To enable more affordable future Lucid models • To make that available to other O
Slide 50: Go-To-Market Strategy
Go-To-Market Strategy CHURCHILL CAPITAL 50
Slide 51: Existing reservations represent over $900mm in anticipated sales
GO-TO-MARKET With existing reservations already representing over $900mm in anticipated sales, 1) customer traction is strong and has continued to grow as brand awareness has increased. Pure Touring Grand Touring Dream Edition 1) Depending on final trim specification and package. As of June 21, 2021
Slide 52: Lucid showrooms and service centers
GO-TO-MARKET Lucid showrooms and service centers offer customers an immersive and engaging brand and product experience. 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
Slide 53: Lucid Studios currently open and in development
GO-TO-MARKET Multiple Lucid Studios are currently open, and additional high-profile locations are under construction or in development. Currently Open 1) Lucid HQ – Newark, CA Beverly Hills – Los Angeles, CA Meatpacking District – New York, NY Brickell City Center – Miami, FL Valley Fair Mall – San
Slide 54: The Lucid Digital Journey
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. CHURCHILL CAPITAL 54
Slide 55: Charging solutions at home and on the road
GO-TO-MARKET Whether at home or on the road, Lucid and its partners are positioned to provide charging solutions. Our Commitment to Customers: Maintaining and Growing the Availability of Charging Options Lucid-Branded EV Supply Equipment Lucid Partnerships AC Power AC or DC Power DC Power Home Power
Slide 56: Tesla Supercharger Network vs Lucid Strategy with Electrify America
GO-TO-MARKET Tesla Supercharger Network vs Lucid Strategy with Electrify America Tesla Supercharger Network vs Lucid - Electrify America Partnership • First Mover perception of advantage • Second Mover advantage a reality • Highly capital intensive • Capex light solution • 400V, first generation sys
Slide 57: Manufacturing
Manufacturing CHURCHILL CAPITAL 57
Slide 58: First greenfield EV manufacturing facility in North America
MANUFACTURING Lucid has built the first state-of-the-art, greenfield EV manufacturing facility in North America. 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 te
Slide 59: Lucid Powertrain Manufacturing (LPM-1) Plant
MANUFACTURING Lucid Powertrain Manufacturing (LPM-1) Plant 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
Slide 60: Our Arizona site was meticulously selected
MANUFACTURING Our Arizona site was meticulously selected. Lucid HQ Casa Grande Manufacturing Good proximity to Lucid HQ and existing automotive supply base. Automotive Supplier Base All utilities fully in place: • Power • Water/sewer • Road infrastructure • Rail Zoning suitable for automotive factor
Slide 61: Market Opportunity and Financial Outlook
Market Opportunity and Financial Outlook CHURCHILL CAPITAL 61
Slide 62: Manufacturing/Business Update as of June 21, 2021
MARKET OPPORTUNITY AND FINANCIAL OUTLOOK Manufacturing/Business Update as of June 21, 2021 • 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. •
Slide 63: Luxury Vehicle Market Opportunity
MARKET OPPORTUNITY Luxury Vehicle Market Opportunity The global luxury car market was estimated to be $495.7 billion in $733bn 2018 and is projected to reach $733.2 billion by 2026, registering a CAGR of ~5.0% from 2018 to 2026. 5% CAGR This presents an opportunity for a true luxury EV company to ad
Slide 64: By 2030, anticipated run-rate production of >500,000 units
MARKET OPPORTUNITY All Lucid projections are as of May 13, 2021 and By 2030, Lucid anticipates run-rate production of >500,000 units, should be read in conjunction with the Manufacturing/Business Update on slide 62. representing ~4% market share of an anticipated 2030 TAM of 15mm units. 2021 Product
Slide 65: Production Volume and Revenue Forecast
FINANCIAL OVERVIEW All Lucid projections are as of May 13, 2021 and Production Volume and Revenue Forecast should be read in conjunction with the Manufacturing/Business Update on slide 62. Annual Total Deliveries (‘000s) Expected SOP: 2H 2021 251 Future Models: 2025 75 Gravity SOP: • Lucid is launch
Slide 66: Significant Investment and Progress Leads to Near Term Profitability
FINANCIAL OVERVIEW All Lucid projections are as of May 13, 2021 and Significant Investment and Progress to Date Leads to Near Term Profitability should be read in conjunction with the Manufacturing/Business Update on slide 62. Gross Profit ($mm) $5,280 $3,096 $2,125 $1,149 $34 2022 2023 2024 2025 20
Slide 67: Financial Operating Summary
FINANCIAL OVERVIEW All Lucid projections are as of May 13, 2021 and should be read in Financial Operating Summary conjunction with the Manufacturing/Business Update on slide 62. 2021E 2022E 2023E 2024E 2025E 2026E Sales Volumes (000s of Vehicles) Luxury Sedan <1) 20) 36) 41) 42) 42) SUVs -) -) 12) 4
Slide 68: Free Cash Flow
FINANCIAL OVERVIEW All Lucid projections are as of May 13, 2021 and should be read in Free Cash Flow conjunction with the Manufacturing/Business Update on slide 62. ($ Millions) 2021E 2022E 2023E 2024E 2025E 2026E EBITDA $ (1,389) $ (1,090) $ (637) $ 592 $ 1,671 $ 2,885) (-) Change in NWC (50) (334)
Slide 69: Transaction Overview
Transaction Overview CHURCHILL CAPITAL 69
Slide 70: Transaction Overview
TRANSACTION OVERVIEW & VALUATION Transaction Overview Estimated Transaction Sources and Uses Pro Forma Ownership 1) 1) 5) 2) 2) 3) 3) 6) Transaction Highlights • $11.75B Acquisition Value 4) • $2,070M Churchill Capital IV Cash in Trust + Company expected to have 3) $2,500M PIPE ~$4.6 billion7) plus
Slide 71: Lucid, a leader in EV technologies, defines a new generation of EVs
INVESTMENT HIGHLIGHTS Lucid, a leader in EV technologies, defines a new generation of EVs, ushering in a new paradigm for the automotive industry. 1 Legitimate Track Record 6 Untapped Potential in Adjacent Markets Management team with track record of helping to bring disruptive Additional untapped p
Slide 72: Thank you.
Thank you. CHURCHILL CAPITAL
Slide 73: Reconciliation of Non-GAAP Financials
FINANCIAL OVERVIEW All Lucid projections are as of May 13, 2021 and should be read in Reconciliation of Non-GAAP Financials conjunction with the Manufacturing/Business Update on slide 62. E B ITDA ($ Million) 2021E 2022E 2023E 2024E 2025E 2026E Net Income ($1,494) ($1,361) ($1,026) ($150) $632 $1,69