Lucid Group, Inc. · NASDAQ:LCID

Lucid — Q1 2024 Earnings Presentation

39 slides from Lucid's earnings presentation, May 6, 2024

1. Slide 1: First Quarter 2024 Earnings Release

   FIRST QUARTER 2024 EARNINGS RELEASE First Quarter 2024 Earnings Release May 6, 2024 LUCID GROUP, INC.

2. Slide 2: Forward Looking Statements, Trademarks, Non-GAAP Financial Measures

   FIRST QUARTER 2024 EARNINGS RELEASE Forward Looking Statements 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

3. Slide 3: Contents

   FIRST QUARTER 2024 EARNINGS RELEASE Contents Key Achievements and Recent & Upcoming Highlights 5 Lucid Vehicle Lineup – Embarking on the Next Transformational Phase 6 Lucid Technology Enables Lowest Battery Pack Cost Per Mile of Vehicle Range 7 Lucid Efficiency Lowers the Cost of Making an EV vs. Co

4. Slide 4: The Lucid Gravity SUV, Scheduled for Start of Production Late 2024

   FIRST QUARTER 2024 EARNINGS RELEASE The Lucid Gravity SUV, Scheduled for Start of Production Late 2024 LUCID GROUP, INC. 4

5. Slide 5: 2024 Key Achievements and Recent & Upcoming Highlights

   FIRST QUARTER 2024 EARNINGS RELEASE 2024 Key Achievements and Recent & Upcoming Highlights In the First Quarter of 2024: KEY STATISTICS • Achieved 39.9% year over year increase in deliveries • Successfully raised $1.0 billion through the issuance of a newly created series of Quarter ended as of Marc

6. Slide 6: Embarking on the Next Transformational Phase of the Lucid Vehicle Lineup

   FIRST QUARTER 2024 EARNINGS RELEASE Embarking on the Next Transformational Phase of the Lucid Vehicle Lineup Air Air Pure RWD SoP (1) Gravity SUV Program SoP (1) 2021 September 2023 Scheduled for late 2024 September 2023 November 2023 Scheduled for late 2026 Air Sapphire SoP (1) Gravity SUV Program

7. Slide 7: Lowest Battery Pack Cost Per Mile of Vehicle Range

   Efficiency (miles/kWh) 0.0 1.0 2.0 3.0 4.0 5.0 Lucid Air Pure RWD Lucid Air Grand Touring Lucid Air Touring Tesla Model S DM AWD $27 per mile Genesis Electrified GV70 BMW i4 xDrive40 4.74 mi/kWh BMW i5 eDrive40 Lucid Air Sapphire Tesla Model S Plaid BMW i4 M50 Mercedes EQE 350+ FIRST QUARTER 2024 EA

8. Slide 8: Lucid's Efficiency Lowers the Cost of Making an EV vs. Competitors

   FIRST QUARTER 2024 EARNINGS RELEASE (1) Lucid’s Efficiency Lowers the Cost of Making an EV vs. Competitors 419 miles 405 miles 352 miles Lucid Air Pure Competitor 1 Competitor 2 Efficiency 4.74 3.89 3.25 (miles/kWh) Battery Pack Size 88 104 108.4 (kWh) Battery Cost/Mile (2) $27 $32 $39 Battery Pack

9. Slide 9: World-Class In-House EV Technology

   FIRST QUARTER 2024 EARNINGS RELEASE World-Class In-House EV Technology Ultra-efficient, proprietary powertrain technology and advanced software and battery management systems (BMS) Scalable and Modular Battery Pack Built on Race Motor & Integrated State-of-the-Art, High Bidirectional Charging with I

10. Slide 10: Lucid, a Leader in EV Technologies, Defines a New Generation of EVs

    FIRST QUARTER 2024 EARNINGS RELEASE Lucid, a Leader in EV Technologies, Defines a New Generation of EVs 1 Widely Recognized Technology Leadership 6 Differentiated Systems Approach to Development Innovative, validated, and race-proven technologies continue to Adopted a holistic approach to vehicle de

11. Slide 11: The Lucid Air Lineup: Unprecedented Range of Capability

    FIRST QUARTER 2024 EARNINGS RELEASE The Lucid Air Lineup: Unprecedented Range of Capability The most efficient vehicle The most well-rounded The longest-range EV on The most powerful on the US market EV on the market the US market four-door car in the world Pure Touring Grand Touring Sapphire From $

12. Slide 12: The Lucid Gravity SUV Program – Setting a New Standard in SUVs

    FIRST QUARTER 2024 EARNINGS RELEASE The Lucid Gravity SUV Program – Setting a New Standard in SUVs • The Gravity SUV start of production is scheduled for late 2024. • The Gravity SUV will have a range of trims with pricing starting at under $80,000 (1). • Offers comfortable seating for up to seven a

13. Slide 13: Major Advancements in Lucid's Vertically Integrated Production Capabilities

    FIRST QUARTER 2024 EARNINGS RELEASE Major Advancements in Lucid’s Vertically Integrated Production Capabilities • Lucid's core EV technology is not only created in-house, but also manufactured at Lucid's dedicated EV powertrain factory in Arizona, where Lucid produces its own electric motors, transm

14. Slide 14: Lucid Studio and Service Network

    FIRST QUARTER 2024 EARNINGS RELEASE Lucid Studio and Service Network Oslo, Norway Lucid's direct-to-consumer sales approach offers an exceptional Riyadh, Saudi Arabia customer experience from discovery, intrigue, knowledge acquisition, to ownership. Will continue to expand service and delivery netwo

15. Slide 15: Track Record of Prudent Liquidity Management

    FIRST QUARTER 2024 EARNINGS RELEASE Track Record of Prudent Liquidity Management As of March 31, 2024, Lucid had liquidity of approximately $5.03 billion, which we believe provides sufficient runway through the Gravity SUV program start of production and into the second quarter of 2025. Lucid has fo

16. Slide 16: Financial Highlights: Strength of Balance Sheet and Investments for Growth

    FIRST QUARTER 2024 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth BALANCE SHEET (in millions, unless otherwise stated; unaudited) 3/31/24 12/31/23 Lucid ended the first quarter of 2024 with over $4.6 billion cash, cash equivalents and investments. As of M

17. Slide 17: Lucid Guidance

    FIRST QUARTER 2024 EARNINGS RELEASE Lucid Guidance PRODUCTION VOLUME • Annual production guidance of approximately 9,000 vehicles, and will continue to prudently manage and adjust production to meet sales and delivery needs CASH, CASH EQUIVALENTS & INVESTMENTS • Sufficient liquidity into the second

18. Slide 18: Imagery

    FIRST QUARTER 2024 EARNINGS RELEASE Imagery LUCID GROUP, INC. 18

19. Slide 19: Air Pure Stealth

    LUCID GROUP, INC. Air Pure Stealth 19

20. Slide 20: NeueHouse Partnership Event

    LUCID GROUP, INC. NeueHouse Partnership Event 20

21. Slide 21: Rally Against Range Anxiety Event

    LUCID GROUP, INC. Rally Against Range Anxiety Event 21

22. Slide 22: Creature Comfort Mode

    LUCID GROUP, INC. Creature Comfort Mode 22

23. Slide 23: Lucid Air and Lucid Gravity SUV Program

    LUCID GROUP, INC. Lucid Air and Lucid Gravity SUV Program 23

24. Slide 24: Lucid Gravity SUV Program | Geneva International Motor Show

    LUCID GROUP, INC. Lucid Gravity SUV Program | Geneva International Motor Show 24

25. Slide 25: Lucid Gravity SUV Program | Testing

    LUCID GROUP, INC. Lucid Gravity SUV Program | Testing 25

26. Slide 26: Lucid Gravity SUV Program | Winter Testing

    LUCID GROUP, INC. Lucid Gravity SUV Program | Winter Testing 26

27. Slide 27: Lucid Gravity SUV Program | Winter Testing

    LUCID GROUP, INC. Lucid Gravity SUV Program | Winter Testing 27

28. Slide 28: Stamping Facility | AMP-1 Phase 2

    LUCID GROUP, INC. Stamping Facility | AMP-1 Phase 2 28

29. Slide 29: Powertrain Facility | AMP-1 Phase-2

    LUCID GROUP, INC. Powertrain Facility | AMP-1 Phase-2 29

30. Slide 30: Schuler Line | AMP-1 Phase 2

    LUCID GROUP, INC. Schuler Line | AMP-1 Phase 2 30

31. Slide 31: Lucid Gravity SUV Program | Fashion Island Studio

    LUCID GROUP, INC. Lucid Gravity SUV Program | Fashion Island Studio 31

32. Slide 32: Arizona Capitol Day

    LUCID GROUP, INC. Arizona Capitol Day 32

33. Slide 33: Financials

    FIRST QUARTER 2024 EARNINGS RELEASE Financials LUCID GROUP, INC. 33

34. Slide 34: Condensed Consolidated Balance Sheets (Unaudited)

    FIRST QUARTER 2024 EARNINGS RELEASE Condensed Consolidated Balance Sheets (Unaudited) LIABILITIES, REDEEMABLE CONVERTIBLE March 31, 2024 December 31, 2023 March 31, 2024 December 31, 2023 (In thousands) PREFERRED STOCK, AND STOCKHOLDERS’ ASSETS EQUITY Current assets: Current liabilities: Cash and ca

35. Slide 35: Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited)

    FIRST QUARTER 2024 EARNINGS RELEASE Condensed Consolidated Statements of Operations & Comprehensive Loss (Unaudited) Three Months Ended March 31, (in thousands, except share and per share data) 2024 2023 Revenue $ 172,740) $ 149,432) Cost of revenue 404,796) 500,524) Gross profit (loss) (232,056) (3

36. Slide 36: Condensed Consolidated Statement of Cash Flows (Unaudited)

    FIRST QUARTER 2024 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) Three Months Ended March 31, (In thousands) 2024 2023 Net cash used in operating activities $ (516,745) $ (801,264) Net cash provided by (used in) investing activities 317,546) (28,716) Net cash provided b

37. Slide 37: Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)

    FIRST QUARTER 2024 EARNINGS RELEASE Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended March 31, (In thousands) 2024 2023 ADJUSTED EBITDA Net loss (GAAP) $ (680,859) $ (779,528) Interest expense 7,501) 7,108) Interest income (50,631) (40,005) Provision for income ta

38. Slide 38: Appendix

    FIRST QUARTER 2024 EARNINGS RELEASE Appendix LUCID GROUP, INC. 38

39. Slide 39: Selected Awards

    FIRST QUARTER 2024 EARNINGS RELEASE Selected Awards 10Best List World Luxury Car Car of the Year 2024 (1) 2023 (2) 2022 (3) Best Luxury Newsweek 10 Best Engines and 10 Best Electric Cars.com Bloomberg Green Electric Car 2022, Powertrain of the Year Propulsion Systems Cars 2023 (7) Top Pick Luxury EV

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