NEWARK, Calif. and NEW YORK, Nov. 15, 2021 /PRNewswire/ --
Lucid Group, Inc. (Nasdaq: LCID) ("Lucid" or the "Company"),
which is setting new standards with its advanced technologies and
luxury electric vehicles ("EVs"), today announced financial results
for the third quarter ending September
30, 2021.
Peter Rawlinson, CEO & CTO of
Lucid, said, "We are tremendously excited by our accomplishments in
our first quarter as a publicly traded company. We successfully
began production of vehicles for customer deliveries, continued
investing in capacity expansion of our manufacturing facility in
Arizona, and opened new retail and
service locations in advance of the Lucid Air launch. We were also
pleased to receive independent validation by the EPA of our
industry-leading range of over 500 miles for the Lucid Air. Our
progress this quarter demonstrates our focus on execution, our
cutting-edge technology, and our vision to help with solutions to
address the climate challenges we all face. We look forward to
ramping up production of our Grand Touring, Touring, and Pure
models and expanding our footprint internationally."
Sherry House, CFO of Lucid, said:
"Lucid's strong balance sheet following the closing of the merger
enabled us to drive the growth of our business and execute on our
larger mission to inspire the adoption of sustainable energy.
Moving forward, we anticipate continuing vehicle deliveries to
customers, investing in capacity and capabilities, and providing
value to all of our stakeholders."
Third Quarter Financial Highlights
- In the third quarter of 2021, Lucid significantly strengthened
its balance sheet through the closing of the de-SPAC reverse merger
+ PIPE, bringing approximately $4.4B
onto Lucid's balance sheet.
- Continued to invest in the business, readying production and
deliveries, globalization of our retail network and adding
headcount across R&D and SG&A to continue growing our core
operations.
- Initiated investment in property, plant, and equipment
associated with Phase 2 expansion of manufacturing, continued
investment in vehicle program development, and ongoing expansion of
retail, delivery, and service capacities.
Third Quarter Business Highlights
- Received EPA Certification as Longest Range Production
EV: Lucid's technological prowess is a key differentiator for
the company, with a "clean-sheet" approach to vehicle development
that resulted in the ground-breaking Lucid Air, with six trim
variants whose range exceeds 450 miles on a single charge. The
Dream Edition R achieves 520 miles of range on a single
charge.
- Refined Quality and Received Certifications: In the
third quarter of 2021, Lucid's engineering efforts were focused on
optimizing product quality and delivering final certifications in
the lead-up to factory commissioning and customer deliveries.
Lucid's laser focus on engineering was validated through
significant positive press and third-party validation by media,
customers, and certification agencies like the EPA.
- Commissioned and Started Production at the First Greenfield,
Dedicated EV Factory in North
America: AMP-1 in Casa Grande,
AZ, is operational with production capacity to deliver up to
34,000 vehicles per year. Lucid is further differentiated with
in-house powertrain manufacturing at Lucid Powertrain Manufacturing
Plant (LPM-1) a few miles from AMP-1 in Casa Grande, AZ.
- Kicked off expansion of production capacity and
capabilities: Lucid kicked off the expansion of AMP-1's
manufacturing capacity, expected to provide production capacity for
up to 90,000 vehicles per year by the end of 2023, by expanding
Lucid Air production capacity and adding production capacity for
the "Project Gravity" SUV. The phase 2 expansion is expected to add
2.85M sq. ft. of production footprint
and will further vertically integrate production
processes.
- Hosted Media, Customers and Lucid Stakeholders at AMP-1
Commissioning Event: Lucid hosted a commissioning event for
more than 150 customers, members of the media, institutional
investors, and sell-side analysts, among other Lucid
stakeholders.
- Continued Expanding Retail Network: Lucid's
direct-to-consumer sales are supported by brick-and-mortar retail
studio and service center locations, delivering best-in-class
customer experience in all elements of our customers' journey of
vehicle ownership. Lucid expanded its footprint in Q3 to 13
locations in key geographies that align with Lucid's expected
customer demand, and will continue expansion of its retail and
service network, including expansion into Canada (4Q'21), EMEA ('22), and China ('23), unlocking global demand for the
sale of our product in the luxury vehicle marketplace.
- Increased Reservation Volume: Surpassed 13,000
reservations in Q3 for estimated order book of greater than
$1.3B.
- Announced Lucid Care: Lucid announced Lucid Care,
detailing our service capabilities and offerings.
Looking Forward
Looking ahead, Peter Rawlinson
noted "We see significant demand for the award-winning Lucid Air,
with accelerating reservations as we ramp production at our factory
in Arizona. We remain confident in
our ability to achieve 20,000 units in 2022. This target is not
without risk given ongoing challenges facing the automotive
industry, with global disruptions to supply chains and logistics.
We are taking steps to mitigate these challenges, however, and look
forward to the launch of the Grand Touring, Touring, and Pure
versions of Lucid Air through 2022."
Conference Call & Webcast Details:
The Company will host a conference call and live webcast for
analysts and investors at 2:00 P.M.
PT / 5:00 P.M. ET on
November 15, 2021.
- Parties in the United States
and Canada can access the call by
dialing (844) 467-6942 using conference code 7317079.
- International parties can access the call by dialing (262)
222-2347, using conference code 7317079.
The webcast will be accessible on Lucid's investor relations
website at ir.lucidmotors.com for 90 days after the conference
call. A telephone replay of the conference call will be available
beginning 10:00 P.M. PT on
November 15, 2021 through
10:00 P.M. PT on November 22, 2021. To access the replay, parties
in the United States and
Canada should call (855) 859-2056
and enter the conference code 7317079. International parties should
call (404) 537-3406 and enter the conference code 7317079.
Lucid uses its ir.lucidmotors.com website as a means of
disclosing material non-public information and for complying with
its disclosure obligations under Regulation FD.
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. Lucid Air features a luxurious full-size
interior space in a mid-size exterior footprint. Customer
deliveries of Lucid Air, which is produced at Lucid's new factory
in Casa Grande, Arizona, are
underway.
Forward Looking Statements
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 financial and operating guidance, size of
order book and related revenue, future capital expenditures and
other operating expenses, expectations and timing related to
commercial product launches, production and delivery volumes, the
timing of deliveries, future manufacturing capabilities and
facilities, studio and service center openings, providing value to
stakeholders, ability to mitigate supply chain risks and logistics,
ability to vertically integrate production processes, future sales
channels and strategies, future market launches and international
expansion and the potential success of Lucid's go-to-market
strategy and future vehicle programs. These statements are based on
various assumptions, whether or not identified in this
communication, and on the current expectations of Lucid'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 Lucid. 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; failure to realize the anticipated benefits of
the transactions; risks related to the timing of expected business
milestones and commercial launch, including Lucid's ability to mass
produce the Lucid Air and complete the tooling of its manufacturing
facility; risks related to the expansion of Lucid's manufacturing
facility and the increase of Lucid's production capacity; risks
related to future market adoption of Lucid's offerings; the effects
of competition and the pace and depth of electric vehicle adoption
generally on Lucid's future business; changes in regulatory
requirements, governmental incentives and fuel and energy prices;
Lucid's ability to rapidly innovate; Lucid's ability to enter into
or maintain partnerships with original equipment manufacturers,
vendors and technology providers; Lucid's ability to effectively
manage its growth and recruit and retain key employees, including
its chief executive officer and executive team; Lucid's ability to
establish its brand and capture additional market share, and the
risks associated with negative press or reputational harm; Lucid's
ability to manage expenses; the outcome of any potential
litigation, government and regulatory proceedings, investigations
and inquiries; and the impact of the global COVID-19 pandemic on
Lucid's projected results of operations, financial performance or
other financial metrics, or on any of the foregoing risks; and
those factors discussed under the heading "Risk Factors" in the
Registration Statement on Form S-1 and the Company's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2021, as well as other documents
Lucid has filed or will file 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 Lucid presently does not know or that Lucid
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 Lucid's
expectations, plans or forecasts of future events and views as of
the date of this communication. Lucid anticipates that subsequent
events and developments will cause Lucid's assessments to change.
However, while Lucid may elect to update these forward-looking
statements at some point in the future, Lucid specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Lucid'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.
Non-GAAP Financial Measures and Key Business Metrics:
Consolidated financial information has been presented in
accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to
supplement our consolidated financial results. Our non-GAAP
financial measures include Adjusted EBITDA and Free Cash Flow which
are discussed below.
Adjusted EBITDA is defined as net loss and comprehensive loss
before (1) interest expense, (2) provision for (benefit from)
income taxes, (3) depreciation and amortization, (4) change in fair
value of forward contracts, (5) change in fair value of convertible
preferred stock warrant liability, (6) change in fair value of
common stock warrant liability, (7) transaction costs expensed and
(8) stock-based compensation. Adjusted EBITDA is a
performance measure that we believe provides useful information to
our management and investors about the Company's profitability.
Free Cash Flow is defined as net cash used in operating activities
less capital expenditures. Free Cash Flow is a performance measure
that we believe provides useful information to our management and
investors about the amount of cash generated by the business after
necessary capital expenditures.
These non-GAAP financial measures facilitate management's
internal comparisons to Lucid's historical performance. Management
believes that it is useful to supplement its GAAP financial
statements with this non-GAAP information because management uses
such information internally for its operating, budgeting, and
financial planning purposes. Management also believes that
presentation of the non-GAAP financial measures provides useful
information to our investors regarding measures of our financial
condition and results of operations that Lucid uses to run the
business and therefore allows investors to better understand
Lucid's performance. However, these non-GAAP financial and key
performance measures have limitations as analytical tools and you
should not consider them in isolation or as substitutes for
analysis of our results as reported under GAAP.
Non-GAAP information is not prepared under a comprehensive set
of accounting rules and therefore, should only be read in
conjunction with financial information reported under GAAP when
understanding Lucid's operating performance. In addition, other
companies, including companies in our industry, may calculate
non-GAAP financial measures and key performance measures
differently or may use other measures to evaluate their
performance, all of which could reduce the usefulness of our
non-GAAP financial measures and key performance measures as tools
for comparison. A reconciliation between GAAP and non-GAAP
financial information is presented below.
Trademarks
This communication contains trademarks, service marks, trade
names and copyrights of Lucid Group, Inc. and its subsidiaries and
other companies, which are the property of their respective
owners.
Investor Relations
Contact
Investor@lucidmotors.com
Media Contact
media@lucidmotors.com
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SOURCE Lucid Motors