Lucid Kicks Off Grand Opening of Flagship NYC Studio this Week; Lucid Accelerates Manufacturing Investment on the Back of Strong Demand for Lucid Air; Expected to be the First EV to Offer Over 500 Miles of Range
NEW YORK, NY — June 22, 2021 — Lucid Motors, which is setting new standards for sustainable mobility with its advanced luxury EVs, today announced key business updates that include:
- As of June 21, Lucid Motors has completed the preproduction builds and has started the production of quality validation builds of the Lucid Air and this week it is opening its flagship NYC Studio in the Meatpacking District, with the company’s new Chicago Studio already open as of June 11.
- As Lucid approaches the launch of Lucid Air in the second half of 2021, the company anticipates strong demand for its products. Lucid recently passed 10,000 paid reservations for the groundbreaking Lucid Air, including the fully-reserved Dream Edition, the Grand Touring edition, and both the Touring and Pure versions.
- As enabled by the capital and financial flexibility available upon the business combination with Churchill Capital Corp IV (including the PIPE), Lucid plans to accelerate approximately $350 million of planned capex investment from future periods into 2021-23 and to otherwise enhance manufacturing capabilities by expanding overall capex investments by up to 6-7% during 2021-2026. These various investments would enable the company to:
- Accelerate additional manufacturing capacity for the Lucid Air to capitalize on expected demand, and implement a dedicated Lucid Gravity general assembly line
- Combines the next two phases of the Arizona facility expansion into one expedited phase
- Provides 2.7 million square feet of additional manufacturing space by 2023, enabling increased Lucid Air capacity to up to approximately 53,000 vehicles per year
- Improves production flexibility between Lucid Air and Lucid Gravity as well as for specific vehicle variants
- Enhance Lucid Gravity design/performance
- Vertically integrate certain functions (e.g., Stamping & Battery Enclosures) via accretive in-housing investments (higher quality/lower costs)
- Accelerate additional manufacturing capacity for the Lucid Air to capitalize on expected demand, and implement a dedicated Lucid Gravity general assembly line
- The company expects to launch Lucid Gravity at the end of its projected second half of 2023 timeline and intends to have increased production of Lucid Air in 2023 and 2024. It expects total vehicle volumes to be unchanged for 2023 and 2024.
- Lucid continues to expect existing cash resources following the business combination will fund its planned operations at least through 2022.
“The updates from Lucid Motors today reinforce the strong interest and demand from consumers for electric vehicles that deliver new industry standards for efficiency and range, which has actually allowed us to accelerate and enhance our plans for development and production,” said Peter Rawlinson, CEO and CTO, Lucid Motors. “The company is choosing to accelerate plant capacity expansions and to build a dedicated Lucid Gravity general assembly line, which is expected to lead to higher Lucid Air sales volumes in 2023 while remaining within the second half 2023 Lucid Gravity launch window.”
About Lucid Motors
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 and 0-60 mph in 2.5 seconds. 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.
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The proposed transactions will be submitted to shareholders of Churchill Capital Corp IV (“CCIV”) for their consideration. CCIV has filed a registration statement on Form S-4 (as amended, the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) which will include preliminary and definitive proxy statements to be distributed to CCIV’s shareholders in connection with CCIV’s solicitation for proxies for the vote by CCIV’s shareholders in connection with the proposed transactions and other matters as described in the Registration Statement, as well as the prospectus relating to the offer of the securities to be issued to Lucid’s shareholders in connection with the completion of the proposed business combination. After the Registration Statement has been declared effective, CCIV will mail a definitive proxy statement and other relevant documents to its stockholders as of the record date established for voting on the proposed transactions. CCIV’s stockholders and other interested persons are advised to read the preliminary proxy statement/prospectus and any amendments thereto and, once available, the definitive proxy statement/prospectus, in connection with CCIV’s solicitation of proxies for its special meeting of shareholders to be held to approve, among other things, the proposed transactions, because these documents contain or will contain important information about CCIV, Lucid and the proposed transactions. Shareholders may also obtain a copy of the preliminary or definitive proxy statement, once available, as well as other documents filed with the SEC regarding the proposed transactions and other documents filed with the SEC by CCIV, without charge, at the SEC's website located at www.sec.gov or by directing a request to CCIV.
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