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Earnings Recap

• Produced 3,386 vehicles in Q4 2024

• Delivered 3,099 vehicles in Q4 2024

• Deliveries were up 71% year over year

• Q4 revenue of $234.5 million and annual revenue of $807.8 million

• Enough cash on hand until 2nd half of 2026

Gravity Updates

• Limited information about the Lucid Gravity w as provided during the investor call

• Marc Winterhoff interim CEO indicated that Gravity demand has exceeded the Lucid Grand Touring demand

• Expect a ramp in the 2nd half in 2025

• We expect to be capacity restricted where production can’t keep up with demand during this entire year

• Launch of the more affordable Touring model later this year

• Will begin exports to Saudi Arabia in late Q1 and see those production numbers in Q2

Forward Looking

• Guided production of 20,000 units during 2025

• Potential reveal of Lucid Midsize lineup in late 2025

• Will have both AMP-1 and AMP-2 producing the Lucid Midsize

• Atlas powertrain is well on its way

• In talks with multiple OEM’s at this time - in various stages and vague hints at a deal coming soon

• Hands free ADAS coming in late 2025

My Thoughts

• A day of mixed emotions with Lucid Motors CEO and CTO Peter Ralwinson announced he stepped down on February 21st, 2025. He will stay in an advisory position until 2027.

• I do like that they stayed steadfast to their plan moving forward. Marc cleared up some misinformation about the future of Lucid not being a parts supplier and still being focused on being a car manufacturing company first and foremost.

• I do like that guidance is aiming at 20,000 and this aligns what I have previously seen as positive growth year over year with a target of 16,000 - 22,000.

• I am disappointed in how there were multiple things that Lucid indicated they couldn’t comment on during the call including: Gravity orders, Gravity production this year, Saudi Arabia government contract and more.

• I am disappointed in the abrupt and sudden change in leadership. This may have been the right move but in my opinion was not the right execution. I would have love to have seen a more natural transition with Lucid and Peter being more transparent about this transition.

What are your thoughts?

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