Lucid Group, Inc. · NASDAQ:LCID
Lucid — SPAC Merger (February 2021)
74 slides from Lucid's SPAC merger presentation, Feb 23, 2021
Slide 1: Investor Presentation February 2021
C H URC HIL L C API T A L C O N FI DEN TI AL Investor Presentation February 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 c
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 da
Slide 5: Today's Presenters
PRESENTERS Today’s Presenters Peter Rawlinson CEO, CTO • Automotive Industry Executive with +30 years of experience • Previous Vice President of Vehicle Engineering at Tesla and Chief Engineer of the Model S Derek Jenkins SENIOR VICE PRESIDENT OF DESIGN • Leads Lucid’s design, brand creative and bra
Slide 6: Lucid's Mission
C H URC HIL L C API T A L C O N FI DEN TI AL 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 deliveri
Slide 7: Churchill Capital Track Record of Success
Vehicle CHURCHILL CAPITAL I CHURCHILL CAPITAL II CHURCHILL CAPITAL III Acquisition Announ c e d January 2019 October 2020 July 2020 Sector Info Services Education T e c hnolog y Transaction Processing / Healthcare T r an s a ct io n Size $4B $1.7B $11B High Value of IPO Capital 1) $2,837 / 311% $860
Slide 8: Investment Highlights
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 Validated Technology Innovative, validated and race - proven technologies out
Slide 9: Management
Peter Rawlinson Derek Jenkins Eric Bach Michael Bell Peter Hochholdinger Peter Hasenkamp Michael Carter Jonathan Butler Michael Smuts Achim Pantfoerder CEO, CTO SENIOR VICE PRESIDENT OF DESIGN SENIOR VICE PRESIDENT OF HARDWARE ENGINEERING SENIOR VICE PRESIDENT OF DIGITAL VICE PRESIDENT OF MANUFACTUR
Slide 10: Investment Highlights
INVESTMENT HIGHLIGHTS Note: Projected range, performance and specifications are for the Lucid Air Dream Edition and are based on Lucid testing data. Miles per kWh is calculated for Lucid Air Grand Touring based on projected range. Projected range based upon manufacturer’s projected EPA estimated ran
Slide 11: Market Positioning
C H URC HIL L C API T A L C O N FI DEN TI AL Market Positioning Establishing the Lucid Brand CONFIDENTIAL CHURCHILL CAPITAL 11
Slide 12: Changing Luxury Market Values
MARKET POSITIONING Changing Luxury Market Values Status Opulence M a ter i a l i s m Indulgence Physical Engagement W e ll - bei n g Re f i n e m e n t Ex p e r i e n c e Su s t a i n ab i l i ty Physical & Emotional En gag e m e n t “Post - luxury” consumers increasingly seek brands that align with
Slide 13: Lucid Air Is Pioneering Post-Luxury
Lucid Air is pioneering “Post - Luxury.” This, Lucid’s first product, will effectively define the Lucid brand. MARKET POSITIONING CHURCHILL CAPITAL 13 C O N FI DEN TI AL Opulence + Indulgence Elegance + Modernity
Slide 14: Post-Luxury: Increased Expectations
Post - Luxury: Increased Expectations CHURCHILL CAPITAL 14 C O N FI DEN TI AL 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 ,
Slide 15: The Brand Proposition
C H URC HIL L C API T A L C O N FI DEN TI AL Heart California Cool Understated Luxury Reflection of Customer Values Sustainable Effortless Performance Mi n d Silicon Valley Tech Technological Tour - de - Force Connected Computer on Wheels Race Proven Battery Technology Sophisticated Software + MARKE
Slide 16: Product
P r o d u c t CONFIDENTIAL CHURCHILL CAPITAL CONFIDENTIAL 16 CHURCHILL CAPITAL
Slide 17: Lucid Air
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) 517 mi MAX HORSEPOWER 3) 1080
Slide 18: Lucid Electric Advanced Platform and Space Concept
Lucid Electric Advanced Platform CHURCHILL CAPITAL 18 C O N FI DEN TI AL 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
Slide 19: Lucid Air Rear Seating
PRODUCT Lucid Air will launch with a “bench” style rear seat, providing expansive space for three adults with class - leading legroom. CHURCHILL CAPITAL 19 C O N FI DEN TI AL
Slide 20: 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 20 C O N FI DEN TI AL
Slide 21: Glass Canopy
PRODUCT A glass canopy sweeps over the cabin, creating an even more extravagant sense of space. CHURCHILL CAPITAL 21 C O N FI DEN TI AL
Slide 22: Glass Cockpit Infotainment
PRODUCT Introducing “Glass Cockpit;” Lucid Air’s beautifully integrated, configurable infotainment system is a technical marvel, providing a seamless connected experience. CHURCHILL CAPITAL 22 C O N FI DEN TI AL
Slide 23: Aerodynamics
PRODUCT With a drag coefficient of only 0.21, Lucid Air offers outstanding aerodynamics that enable greater range and performance. CHURCHILL CAPITAL 23 C O N FI DEN TI AL
Slide 24: Efficiency Is the Ultimate Measure of EV Technology
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 • Equivalent range with a sma
Slide 25: Long Range and High Performance Co-exist
Lucid’s advanced technology has enabled long - range and high - performance to co - exist. Other EVs have either range or performance, not both. PRODUCT Tesla Model S Long Range (Dual Motor) Tesla Model S Plaid 2) (Tri Motor) Lucid Air Dream Edition Tesla Model S Long Range Tesla Model S Plaid Porsc
Slide 26: Lucid Air vs. Mercedes-Benz S-Class
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 testing data. Vehicles
Slide 27: Lucid Air Trims and Price Points
Horsepower 1,080 hp 800 hp 620 hp 480 hp Range Projected >500 mi. * Projected >500 mi. * Projected >400 mi. * Projected >400 mi. * Cost $161,500 i nclus iv e (1) From $131,500 (1) From $87,500 (1) From $69,900 (1) Rese rva t i o n Payment 2) $7,500 $1,000 $1,000 $300 Dream Edition Grand Touring T o
Slide 28: Lucid Skateboard EV Platform
Lucid “Skateboard” EV Platform 100% 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 • Transmission • C
Slide 29: Project Gravity
PRODUCT Project Gravity CHURCHILL CAPITAL 29 C O N FI DEN TI AL
Slide 30: Reimagining the SUV: Project Gravity
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 seven passengers, made possible by Lucid’s miniaturized electric driv
Slide 31: Broader Lucid Family of Products
Lucid Air and Project Gravity are the initial cornerstones of a broader Lucid family of products. PRODUCT 2021 CHURCHILL CAPITAL 31 C O N FI DEN TI AL 2023 2030 Lucid Air Project Gravity Planned Sedans Planned SUVs Other Planned Vehicles Lucid plans to offer a portfolio of products with varying body
Slide 32: Energy Storage Systems Technology Supplier
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 technologies • Positioned
Slide 33: Technology
C H URC HIL L C API T A L C O N FI DEN TI AL Tech n ology CONFIDENTIAL CHURCHILL CAPITAL 33
Slide 34: Battery Pack, Motor, Inverter and Software
Battery Pack • Compact and energy dense pack developed in - house embodies international motorsports expertise • Scalable and modular, providing cost and range bandwidth • Advanced next - generation end - cooling technology • Advanced low - resistance architecture reduces heat loss and increases ran
Slide 35: Race-Proven Battery Technology
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. Our technology has do
Slide 36: Power Dense Drive Unit
36 TE C H N O L O G Y CONFIDENTIAL 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 “s
Slide 37: Ultra-Fast Bi-Directional Charging
Time to Charge ~20 Minutes/ 300 Miles 15 Minutes / 200 Miles 15 Minutes / 200 Miles 22.5 Minutes / 160 Miles Grand Touring / Dream Edition Tesla Model S Long Range Tesla Model S Plaid / Plaid+ Porsche Taycan Turbo S TE C H N O L O G Y Lucid’s proprietary technology enables ultra - fast and bi - dire
Slide 38: Lucid Infotainment System
The Lucid Infotainment System is designed to provide a seamless Connected Experience, both inside the car and out. TE C H N O L O G Y With highly advanced processing capabilities, the system is designed to leverage data analytics and OTA updates to improve over time. Expected Features* include: Seam
Slide 39: Autonomous Driving Sensor Suite
39 Lucid Air is equipped with an extensive sensor suite, high on - board computing power, and back - up systems for advanced autonomous driving functionality. TE C H N O L O G Y CONFIDENTIAL Note: Expected specifications are for the Lucid Air Dream Edition. Vehicles are in pre - production and speci
Slide 40: Micro Lens Array Lighting
TE C H N O L O G Y Note: Vehicles are in pre - production and specifications are subject to change. Lucid’s Micro Lens Array Lighting - A Revolution in Optical Technology 40 CHURCHILL CAPITAL C O N FI DEN TI AL Lucid's in - house created and engineered Intelligent Micro Lens Array (MLA) headlights p
Slide 41: Rich Patent Portfolio
Lucid also has 44 non - utility patents that are issued or pending. Our technology is designed to be highly scalable and modular for both power and energy, creating opportunities for a wide range of potential applications. Lucid has developed a state - of - the - art electric powertrain Over 80% of
Slide 42: Designed for Mass Production
Designed for Mass Production TE C H N O L O G Y 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
Slide 43: Go-To-Market Strategy
Go - To - Market Strategy CONFIDENTIAL CHURCHILL CAPITAL CONFIDENTIAL 43 CHURCHILL CAPITAL
Slide 44: Customer Reservations
GO - TO - MARKET W it h e x ist ing reserv at ions alrea d y re p resent ing ov er > $ 6 5 0 m m 1 ) in ant ici p at ed 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 February 19, 2021. Includ
Slide 45: Direct Sales Strategy
Lucid’s direct sales strategy enables full control over the customer experience, to ensure that interactions are on - brand and pressure - free. First six retail stores are now open, with numerous additional stores opening in North America throughout 2021. Entry to European and Middle East markets e
Slide 46: Lucid Studios Retail Locations
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 - TO - MARKET Cur
Slide 47: 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 47 C O N FI DEN TI AL
Slide 48: Charging Solutions
• 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 ~20kW, DC up to ~300kW
Slide 49: Tesla Supercharger vs. Lucid Electrify America Strategy
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 - Electrify America Pa
Slide 50: Manufacturing
C H URC HIL L C API T A L C O N FI DEN TI AL Ma n u f act u r i n g
Slide 51: Advanced Manufacturing Plant (AMP-1), Casa Grande
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 experience from Tesla, A
Slide 52: Lucid Powertrain Manufacturing (LPM-1)
M A N U F A C T U R I N G 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 - 1) plant
Slide 53: AMP-1 Buildout Phases
Lucid Advanced Manufacturing Plant (AMP - 1) Buildout Phases M A N U F A C T U R I N G PHASE 1: COMPLETE • Up to 34k units/year PHASE 2 • Up to 90k units/year (currently being implemented) AT FULL CAPACITY • Up to 365k units/year CHURCHILL CAPITAL 53 C O N FI DEN TI AL
Slide 54: Arizona Site Selection
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 local labor pool. S
Slide 55: Market Opportunity and Financial Outlook
Market Opportunity and Financial Outlook CONFIDENTIAL CHURCHILL CAPITAL CONFIDENTIAL 55 CHURCHILL CAPITAL
Slide 56: Luxury Vehicle Market Opportunity
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 With incre
Slide 57: 2030 Market Share and TAM by Product
By 2030, Lucid anticipates run - rate production of >500,000 units, representing ~4% market share of an anticipated 2030 TAM of 15mm units. Source: Management projections 1) 2030 TAM reflects expected 2020 - 2030 market growth. 3% 2% Lucid Air Lucid Air Lucid Gr avity ~1.7mm Units TAM ~3.2mm Units T
Slide 58: Projected Market Share vs. Tesla Model S
2 0 22 2 0 23 2 0 24 2 0 25 2 0 26 23.9% 18.3% 16.1% 12 . 0% 8. 3% 2 0 13 2 0 14 2 0 15 2 0 16 2 0 17 Tesla Model S Market Share After Launch Lucid Air Planned Market Share After Launch Model S Launch Year: 2012 Air Expected Launch Year: 2021 FINANCIAL OVERVIEW Projected Market Share (Global EV Mark
Slide 59: Production Volume and Revenue Forecast
$2,2 1 9 $5,5 3 2 $ 9 ,93 1 $13,985 $22,756 20 2 2 20 2 3 20 2 4 20 2 5 20 2 6 Production Volume and Revenue Forecast FINANCIAL OVERVIEW • Lucid is launching first in North American markets to solidify establishment of luxury brand position • Advanced Manufacturing Plant (AMP - 1) in Casa Grande, Ar
Slide 60: Path to Near-Term Profitability
($637) $592 $1,671 ($1,090) 2022 Free Cash Flow ($mm) $2,885 20 2 3 20 2 4 20 2 5 20 2 6 $34 $1,149 $2,125 $3,096 $5,280 20 2 2 EBITDA ($mm) 20 2 3 20 2 4 20 2 5 20 2 6 ($2,759) Note: EBITDA and Free Cash Flow are non - GAAP financial measures and should not be considered in isolation or as alternat
Slide 61: Transaction Overview
C H URC HIL L C API T A L C O N FI DEN TI AL Transaction Overview CONFIDENTIAL CHURCHILL CAPITAL 61
Slide 62: Transaction Highlights
Transaction Highlights • $11.75B Acquisition Value • $2,070M Churchill Capital IV Cash in Trust + $2,500M PIPE • Transaction expected to close in Q2 2021 • CCIV ticker wil convert to LCID upon closing Note: Dollars and shares in millions, except for per share values. 1) Assumes no redemptions in con
Slide 63: Attractive Entry Valuation: EV / Revenue Peers
TRANSACTION OVERVIEW & VALUATION Source: Company filings, Management estimates, Wall Street research, CapIQ and FactSet as of February 19, 2021. Note: Lucid valuation based on acquisition value of $11,750m at $10.00 per share. 2 . 1x 10. 7 x 6 . 5x 4. 1 x 3. 6 x 2 . 0x 5. 3 x 1 2 . 9 x 10. 6 x 1 0 .
Slide 64: Lucid vs. Tesla EV / Forward Revenue
TRANSACTION OVERVIEW & VALUATION 0.0x J a n - 1 2 J a n - 1 3 J a n - 1 4 J a n - 1 5 J a n - 1 6 J a n - 1 7 J a n - 1 8 J a n - 1 9 J a n - 2 0 J a n - 2 1 1) Lucid valuation based on acquisition value of $11,750m at $10.00/per share. 64 CHURCHILL CAPITAL C O N FI DEN TI AL 3 . 0x 6 . 0x 9 . 0x 12
Slide 65: Investment Highlights
INVESTMENT HIGHLIGHTS Lucid, a leader in EV technologies, defines a new generation of EVs, ushering in a new paradigm for the automotive industry. Favorable Market Forces Large addressable market with favorable tailwinds 3 Validated Technology Innovative, validated and race - proven technologies out
Slide 66: Thank You
C H URC HIL L C API T A L C O N FI DEN TI AL Thank you
Slide 67: Summary P&L
($ Million) 2021E 2022E 2023E 2024E 2025E 2026E Total Volume 67 CHURCHILL CAPITAL C O N FI DEN TI AL 577 20, 157 48, 896 89, 847 135, 347 251, 281 % Growth NA NM 142. 6% 83. 8% 50. 6% 85. 7% Total Revenue $97 $2, 219 $5, 532 $9, 931 $13, 985 $22, 756 % Growth NM NM 149. 4% 79. 5% 40. 8% 62. 7% C OG
Slide 68: Reconciliation of Non-GAAP Financials
FINANCIAL OVERVIEW Reconciliation of Non - GAAP Financials EBITDA ($ Million) 68 CHURCHILL CAPITAL C O N FI DEN TI AL 2021E 2022E 2023E 2024E 2025E 2026E Net Income ($1, 494) ($1, 361) ($1, 026) ($150) $632 $1, 698 (+ ) Income Tax EBIT -- ($1, 494) -- ($1, 361) -- ($1, 026) -- ($150) 5 $637 70 $1, 7
Slide 69: Selected Risk Factors: Lucid's Business and Industry
Our business, ability to execute our strategy, the proposed business combination, and your investment in our securities are subject to many risks . Before making a decision to invest in the securities offered hereby, you should carefully evaluate and consider all of the risks and uncertainties with
Slide 70: Selected Risk Factors: Manufacturing and Supply Chain
SELECTED RISK FACTORS Risks Related to Manufacturing and Supply Chain • Lucid may experience significant delays in the design, manufacture, launch and financing of its electric vehicle, including a delay to its expected start of production. Lucid’s expected start of production is subject to a number
Slide 71: Selected Risk Factors: Cybersecurity and Employees
SELECTED RISK FACTORS Risks Related to Cybersecurity and Data Privacy • Any unauthorized control, manipulation, interruption or compromise of or access to Lucid’s products or information technology systems could result in loss of confidence in it and its products, harm its business and materially ad
Slide 72: Selected Risk Factors: IP and Financing
SELECTED RISK FACTORS Risks Related to Intellectual Property • Lucid may fail to adequately obtain, maintain, enforce and protect its intellectual property and may not be able to prevent third parties from unauthorized use of its intellectual property and proprietary technology. If Lucid is unsucces
Slide 73: Selected Risk Factors: CCIV and the Business Combination
SELECTED RISK FACTORS Risks Related to CCIV and the Business Combination • Churchill Sponsor IV LLC (the “Sponsor”) and certain Churchill stockholders affiliated with the Sponsor have agreed to vote in favor of the business combination, regardless of how Churchill’s public stockholders vote. • The S
Slide 74: Selected Risk Factors: CCIV and the Business Combination
SELECTED RISK FACTORS Risks Related to CCIV and the Business Combination • If Churchill’s due diligence investigation of the Lucid business was inadequate, then stockholders of Churchill following the business combination could lose some or all of their investment. • Following the consummation of th