• A luxury Tesla.
• The Porsche of electric vehicles.
• Tesla's luxury rival.

• Lucid Air: An all-electric luxury sedan known for its long range, fast charging, and high performance.
• Lucid Gravity: An upcoming all-electric luxury SUV designed to offer spaciousness, versatility, and advanced performance.

Major Customers:

Lucid (LCID) primarily sells its luxury electric vehicles directly to individual consumers. The company targets discerning buyers who are looking for premium, high-performance, and technologically advanced electric vehicles.

Categories of Customers Served:

• Luxury Electric Vehicle Buyers: Affluent individuals seeking high-end automotive experiences, prioritizing luxury, sophisticated design, and advanced features in their electric vehicles.
• Early Adopters & Technology Enthusiasts: Consumers eager to embrace cutting-edge automotive technology, particularly in the EV sector, valuing innovation, industry-leading range, and high performance.
• Performance-Oriented Drivers: Individuals who prioritize superior acceleration, handling, and overall driving dynamics, attracted to the high horsepower and responsive nature of Lucid Air models.

• LG Energy Solution (373220.KS)
• Samsung SDI (006400.KS)
• Qualcomm (QCOM)
• Pirelli (PIRC.MI)

Marc Winterhoff Interim Chief Executive Officer

Marc Winterhoff joined Lucid Group in 2023 as Chief Operating Officer and was appointed Interim Chief Executive Officer in February 2025.,, Prior to Lucid, he was a Senior Partner at Roland Berger, a European management consultancy, where he focused on operational leadership for large automotive manufacturers, managing manufacturing and cost efficiency, and developing long-term strategies for automotive brands.,, He also previously served as a Director at Arthur D. Little. Winterhoff holds a master's degree in electrical and electronics engineering and management from Technische Universität Darmstadt.,,

Taoufiq Boussaid Chief Financial Officer

Taoufiq Boussaid was appointed Chief Financial Officer of Lucid Group, effective February 25, 2025.,,, He previously served as Group Chief Financial Officer of N.V. Bekaert S.A., a Belgium-listed industrial steel and coatings technology company, from July 2019 through October 2024.,, In this role, he led finance transformation efforts, improved operational efficiency, and contributed to significant debt reduction and shareholder value creation., Before Bekaert, he spent over a decade at Bombardier Transportation, advancing to Vice President of Finance for EMEA and Asia Pacific, and held operational responsibilities for their French and North African businesses., Earlier in his career, Boussaid held key finance positions at United Technologies Corporation, including CFO for their Carrier Heating Systems business in Europe., He began his career as an audit manager with Ernst & Young Global Limited in France and The Coca-Cola Company in the United States.

Peter Rawlinson Strategic Technical Advisor to the Chairman of the Board

Peter Rawlinson is the Strategic Technical Advisor to the Chairman of the Board at Lucid, a role he transitioned to in February 2025 after serving as CEO and CTO from 2019.,, He also co-founded Lucid Motors, which was originally Atieva, in 2016., Before his leadership at Lucid, Rawlinson was the Vice President of Vehicle Engineering at Tesla, where he was the Chief Engineer for the Model S, guiding it from concept to production.,, His prior experience includes senior roles in the UK automotive industry, such as Principal Engineer at Jaguar Cars, Chief Engineer at Lotus Cars, and Head of Vehicle Engineering at Corus Automotive. He is recognized for pioneering computer-aided design and engineering in automotive development.

Emad Dlala Senior Vice President, Engineering and Digital

Emad Dlala is the Senior Vice President of Engineering and Digital at Lucid. In this expanded role, announced in November 2025, he oversees all product development functions, including vehicle engineering, powertrain, digital systems, and software., Dlala has been with Lucid since 2015 in various technical roles and was previously Senior Vice President of Powertrain, responsible for drive units, power electronics, and batteries.,, Prior to Lucid, he worked as a Senior Application Engineer at ANSYS Inc., developing computer-based engineering simulation technologies., He holds a PhD and M.Sc. in Electrical Engineering from Aalto University, Finland.,

Derek Jenkins Senior Vice President of Design and Brand

Derek Jenkins is the Senior Vice President of Design and Brand at Lucid, having joined the company in 2015., He is responsible for all design developments, including exterior and interior design, user experience, color and material, accessories, and overall design strategy, and also leads the brand's creative and strategic initiatives., Prior to Lucid, Jenkins served as Director of Design at Mazda North America Operations, where he oversaw design developments and contributed to the design of vehicles such as the 2016 MX-5 Miata, CX-5, and Mazda6.,, He also spent nine years as Chief Designer for Volkswagen North America, with credits including the Scirocco concept and Microbus concept, and eight years with Audi as Lead Exterior Designer and Assistant Chief Designer.,, Jenkins holds a B.S. from the Art Center College of Design in Transportation Design.,

The key risks to Lucid's business (LCID) are primarily centered around its financial performance, operational challenges in scaling production, and intense competition within the evolving electric vehicle (EV) market.

1. Financial Performance, High Costs, and Cash Burn: Lucid has consistently reported significant net losses and negative gross margins, indicating it spends more to produce its vehicles than it generates in revenue from sales. For example, in Q2 2025, Lucid reported a net loss of $790 million and a negative gross margin of 105%. The company's high operational costs, including substantial investments in research and development and manufacturing capabilities, contribute to a considerable cash burn rate, which reached $955 million in Q3 2025. This ongoing financial strain raises concerns about its short-term liquidity and long-term capital sustainability, making the company heavily reliant on external funding, particularly from the Saudi Arabian Public Investment Fund (PIF).
2. Production and Scaling Challenges: Lucid has faced consistent challenges in ramping up its production efficiently and meeting its delivery targets. The company has repeatedly missed its ambitious production forecasts, grappling with production delays and supply chain bottlenecks, including shortages of key components like magnets. For instance, the production timeline for its Gravity SUV has been delayed, and the company revised its 2025 production guidance downwards. These issues hinder Lucid's ability to achieve economies of scale, which is crucial for improving its profitability.
3. Intense Competition and Market Volatility: Lucid operates in a highly competitive EV market, facing rivals such as Tesla and established traditional automakers that are rapidly expanding their EV offerings. The broader EV market has also experienced a slowdown in sales growth, exacerbated by economic uncertainties, rising interest rates that dampen demand for luxury vehicles, and fluctuating regulatory incentives like EV tax credits. These external market pressures intensify the challenge for Lucid to differentiate its products, gain market share, and achieve sustainable sales volumes.

• Advancements in Solid-State Battery Technology by Competitors: Lucid's primary competitive advantage hinges significantly on its advanced powertrain and battery technology, delivering industry-leading range and performance with current lithium-ion systems. Several major automotive players (e.g., Toyota, Honda, Hyundai) and battery developers (e.g., QuantumScape, CATL) are heavily investing in and announcing significant breakthroughs in solid-state battery technology. These batteries promise substantially higher energy density, faster charging capabilities, improved safety, and potentially lower costs at scale. If a major competitor successfully commercializes and scales solid-state battery technology before Lucid, it could fundamentally disrupt Lucid's core technological differentiation, making its current offerings potentially less competitive in terms of range, charging speed, and cost-effectiveness, similar to how a superior photographic sensor technology might displace an incumbent.

• Rapid Expansion of Autonomous Driving as a Service (ADaaS) and Robotaxi Networks: The emergence and rapid expansion of fully autonomous driving services and robotaxi networks (e.g., Waymo, Cruise, Tesla's FSD ambitions) present a disruptive threat to the traditional model of personal vehicle ownership, particularly for high-value luxury cars. If these services become widely available, reliable, and significantly more cost-effective and convenient than owning a personal vehicle, consumer preferences could shift away from purchasing and owning vehicles like the Lucid Air. This scenario could undermine the fundamental demand for Lucid's core product, forcing a radical re-evaluation of its business model from selling luxury vehicles to potentially participating in a mobility-as-a-service ecosystem, analogous to how Uber disrupted the traditional taxi ownership model.

Lucid (LCID) primarily operates in the luxury electric vehicle market and also supplies advanced electric vehicle powertrain systems.

Luxury Electric Vehicles

• Globally, the luxury electric vehicle market was valued at approximately USD 271.68 billion in 2025 and is projected to reach USD 1.25 trillion by 2035, growing at a compound annual growth rate (CAGR) of 16.5% between 2026 and 2035. Other estimates place the global market size at USD 263.25 billion in 2025, expecting it to surpass USD 1,169.41 billion by 2034, with a CAGR of 18.02% from 2025 to 2034. Another report states the market was valued at USD 207.99 billion in 2024 and is expected to reach USD 586.18 billion by 2030, with a CAGR of 18.85%.
• In the U.S., the luxury electric vehicle market reached a valuation of USD 14.5 billion.

EV Battery and Powertrain Systems

• The global electric vehicle (EV) battery market size was valued at USD 91.93 billion in 2024 and is expected to reach USD 251.33 billion by 2035, demonstrating a CAGR of 9.6% during the forecast period of 2024-2035. Another valuation places the global EV battery market at USD 79.64 billion in 2024, projected to grow to approximately USD 679.80 billion by 2034, with a CAGR of 23.91% from 2025 to 2034. The global market size for EV storage batteries was approximately USD 45 billion in 2023.
• In the U.S., the EV battery pack market size was valued at USD 12.2 billion in 2024 and is projected to reach USD 29.95 billion by 2032, with a CAGR of 13% from 2026 to 2032. The U.S. electric vehicle battery market is valued at USD 6 billion. Additionally, revenue from electric vehicle battery sales in the U.S. is estimated to be US$ 6.13 billion in 2024 and is expected to increase to US$ 10.37 billion by the end of 2034, at a CAGR of 5.4%.

Lucid Group (LCID) is poised for future revenue growth over the next two to three years, driven by several key initiatives:

1. Ramp-up of Gravity SUV Production: The Lucid Gravity, an electric SUV, commenced production in late 2024, and its full production ramp-up is expected to be a significant contributor to revenue in 2025 and beyond. Lucid aims to more than double its vehicle output in 2025, with the Gravity playing a central role in achieving this target. The company is focused on increasing Gravity production and managing costs to improve profitability.

2. Launch of More Affordable Mid-size Vehicles: A crucial driver for Lucid's long-term growth is the introduction of its mid-size vehicle platform, which is anticipated to begin production in late 2026. These vehicles, possibly starting around $50,000 and potentially named "Earth," are designed to target a broader market segment, including direct competition with models like the Tesla Model Y and Model 3, thereby expanding Lucid's customer base and sales volume.

3. Technology Licensing and Strategic Partnerships: Lucid is leveraging its advanced electric vehicle technology, including powertrains and battery systems, through licensing agreements. An example includes a deal to supply components to Aston Martin. Additionally, strategic partnerships, such as the collaboration with Uber and Nuro to deploy at least 20,000 Lucid Gravity cars as autonomous robotaxis starting in 2026, and a partnership with NVIDIA for Level 4 autonomous driving capabilities, are expected to generate new recurring revenue streams and further monetize Lucid's technological expertise.

4. Expansion of Manufacturing Capacity: While details on new market geographic expansion within the next 2-3 years are less explicit, the ramp-up of production capacity will be vital. Lucid is increasing capacity at its Casa Grande, Arizona facility, and plans include the production of a new midsize SUV at its facility in Saudi Arabia, targeting a late 2026 start. This increased manufacturing capability, supported by its largest shareholder, Saudi Arabia's Public Investment Fund, will be essential for fulfilling projected vehicle deliveries and supporting overall revenue growth.

Share Issuance

• Lucid announced a 1-for-10 reverse stock split effective August 29, 2025, reducing outstanding shares from approximately 3.07 billion to 307.3 million and authorized shares from 15 billion to 1.5 billion.
• In October 2024, Lucid completed a public offering and a private placement to Ayar Third Investment Company (an affiliate of Saudi Arabia's Public Investment Fund), generating aggregate gross proceeds of approximately $1.67 billion.
• Lucid went public on July 26, 2021, through a SPAC merger with Churchill Capital Corp IV, a deal valued at $11.75 billion.

Inbound Investments

• Uber completed a $300 million strategic investment in Lucid in Q3 2025, aimed at integrating the Lucid Gravity SUV into autonomous ride-hailing fleets.
• Subsequent to Q3 2025, Lucid and Saudi Arabia's Public Investment Fund (PIF) agreed to increase the delayed draw term loan credit facility from $750 million to approximately $2.0 billion, potentially raising Lucid's total liquidity to about $5.5 billion.
• In Q2 2024, an affiliate of the PIF, Ayar Third Investment Co., committed an additional $1.5 billion in funding, consisting of $750 million in convertible preferred stock and the remainder as an unsecured loan, primarily to support the Saudi Arabia EV factory and Gravity SUV production.

Outbound Investments

• In 2023, Lucid entered into a strategic technology arrangement with Aston Martin to supply its powertrain and battery system technology for Aston Martin's upcoming battery electric vehicles.

Capital Expenditures

• Lucid's projected capital expenditures for fiscal year 2025 are approximately $1.4 billion.
• Capital expenditures are primarily focused on expanding manufacturing facilities, including the AMP-1 factory in Arizona (for a new stamping facility, Gravity Body in White, and powertrain manufacturing area) and the AMP-2 facility in Saudi Arabia.
• Expenditures also cover the development of the Lucid Gravity SUV, with Q1 2025 development costs reaching $198.2 million.