Lucid Motors debuts on Nasdaq through merger with Churchill Capital Corp IV

• The transaction brings in $4.4B, which the company plans to use to accelerate its growth and increase manufacturing capacity to capitalize on expected demand
• Company has over 11,000 paid reservations for Lucid Air and is on schedule to deliver its groundbreaking luxury electric vehicle in the second half of 2021
• Lucid’s leadership team reflects its culture of excellence, with significant expertise in the automotive and technology industries
• In-house EV technology will deliver world-leading performance and efficiency, including a projected EPA range of over 500 miles on a single charge
• Vertically integrated engineering and manufacturing capabilities, including a state-of-the-art EV factory in Casa Grande, AZ

Dubai, United Arab Emirates: Lucid Group, which is setting new standards for sustainable mobility with its advanced luxury EVs, today became a publicly listed company trading on the Nasdaq Global Select Market with its Class A common stock and public warrants listed under the new ticker symbols “LCID” and “LCIDW,” respectively. Lucid completed the previously announced merger with Churchill Capital Corp IV on July 23, 2021. The combined company will now operate as Lucid Group, Inc.

Lucid will be ringing the opening bell at Nasdaq on July 26 to celebrate the company's public listing. A live stream of the event can be viewed by visiting: https://www.nasdaq.com/marketsite/bell-ringing-ceremony .

“Lucid’s mission is to truly mass industrialize electric cars and electric powertrain systems through the development of the most advanced technology imaginable,” said Peter Rawlinson, CEO and CTO, Lucid Group. “Lucid Air represents the next generation of EVs and creates new standards for interior comfort, range, efficiency and power. We are on track to meet our projected deliveries for the next two years, and we look forward to delighting our customers around the world with the best electric vehicles ever created.”

Rawlinson added, “Thank you to my colleagues across the country, from our headquarters in California to our factory in Arizona, for their outstanding efforts and willingness to question what’s possible every day. I am proud of Lucid’s core foundations, built on curiosity, determination, and sound engineering principles.”

Michael S. Klein, Chairman and CEO of Churchill Capital Corp IV, prior to the business combination, said, “Lucid has industry-leading technology, clear demand for its products, and is on track to deliver revenue-generating cars to customers in the second half of this year. We are excited to support Lucid’s transition into a public company and confident in its ability to address unmet needs in the automotive industry, which is moving towards electrification at a rapid pace and on a global scale.”

The company embarks on the next phase of its growth as it brings Lucid Air to market and expands rapidly to meet its goal of offering a broad range of products powered by the company’s proprietary electric powertrain technology. Lucid recently passed 11,000 paid reservations for Lucid Air, including the fully reserved Dream Edition, the Grand Touring edition, and both Touring and Pure versions. The company is now currently producing Lucid Air at its factory in Arizona and conducting quality validation checks as a precursor to customer deliveries.

Lucid’s leadership team spans decades of experience across a diverse set of automotive and technology companies. Its new Board of Director likewise delivers diverse expertise and consists of:

• Peter Rawlinson, CEO & CTO, Lucid Group
• Andrew Liveris, Chairman of the Board, formerly Chairman and CEO of The Dow Chemical Company
• Turqi Alnowaiser, Deputy Governor and Head of the International Investments Division, Public Investment Fund of the Kingdom of Saudi Arabia
• Glenn R. August, Founder and CEO Oak Hill Advisors, L.P.
• Nancy Gioia, Executive Chairman, Blue Current, Inc.
• Frank Lindenberg, former CFO, Mercedes-Benz Cars and Mercedes-Benz AG
• Nichelle Maynard-Elliott, Director, Element Solutions, Inc.
• Tony Posawatz, President & CEO, Invictus iCAR
• Janet S. Wong, Partner (retired), KPMG LLP

-Ends-

About Lucid Group

Lucid’s mission is to inspire the adoption of sustainable energy by creating the most captivating electric vehicles, centered around the human experience. The company’s first car, Lucid Air, is a state-of-the-art luxury sedan with a California-inspired design underpinned by race-proven technology. Featuring luxurious interior space in a mid-size exterior footprint, select models of Air are expected to be capable of a projected EPA range of over 500 miles. Customer deliveries of Lucid Air, which will be produced at Lucid’s new factory in Casa Grande, Arizona, are planned to begin in the second half of 2021. 

Media Contact: media@lucidmotors.com  

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This communication 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,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target,” “continue,” “could,” “may,” “might,” “possible,” “potential,” “predict” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding the Company’s ability to recognize the anticipated benefits of the business combination with Churchill Capital Corp IV and related transactions (collectively, the “Transactions”), estimates and forecasts of financial and operational metrics, projections of market opportunity, market share and product sales, expectations and timing related to commercial product launches, including the start of production and launch of the Lucid Air and any future products, the performance, range, autonomous driving and other features of the Lucid Air, future market opportunities, including with respect to energy storage systems and automotive partnerships, future manufacturing capabilities and facilities, future sales channels and strategies, future market launches and expansion and the potential success of the Company’s go-to-market strategy. These statements are based on various assumptions, whether or not identified in this communication, and on the current expectations of the  Company’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of the Company. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; the outcome of any legal proceedings that may be instituted against the Company following the Transactions; failure to realize the anticipated benefits of the Transactions; risks relating to the uncertainty of the projected financial information with respect to the Company, including conversion of reservations into binding orders; risks related to the timing of expected business milestones and commercial launch, including the Company’s ability to mass produce the Lucid Air and complete the tooling of its manufacturing facility; risks related to the expansion of the Company’s manufacturing facility and the increase of the Company’s production capacity; risks related to future market adoption of the Company’s offerings; the effects of competition and the pace and depth of electric vehicle adoption generally on the Company’s future business; changes in regulatory requirements, governmental incentives and fuel and energy prices; the Company’s ability to rapidly innovate; the Company’s ability to deliver Environmental Protection Agency (EPA) estimated driving ranges that match or exceed its pre-production projected driving ranges; future changes to vehicle specifications which may impact performance, pricing, and other expectations; the Company’s ability to enter into or maintain partnerships with original equipment manufacturers, vendors and technology providers; the Company’s ability to effectively manage its growth and recruit and retain key employees, including its chief executive officer and executive team; the Company’s ability to establish its brand and capture additional market share, and the risks associated with negative press or reputational harm; the Company’s ability to manage expenses; the Company’s ability to effectively utilize zero emission vehicle credits; the ability of the Company to issue equity or equity-linked securities in the future; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and the impact of the global COVID-19 pandemic on the Company’s projected results of operations, financial performance or other financial metrics, or on any of the foregoing risks; and those factors discussed in the Company’s Registration Statement on Form S-4, the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2020 and the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, in each case, under the heading “Risk Factors,” as well as other documents of the Company filed, will be filed, with the Securities and Exchange Commission. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that the Company does not presently know or that the Company currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect the Company’s expectations, plans or forecasts of future events and views as of the date of this communication. The Company anticipates that subsequent events and developments will cause its assessments to change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company’s assessments as of any date subsequent to the date of this communication. Accordingly, undue reliance should not be placed upon the forward-looking statements.

© Press Release 2021