Global leader in lithium-ion batteries, Panasonic Energy, has
agreed to supply batteries for Lucid's full vehicle line-up,
including the Lucid Air and upcoming Gravity SUV
OSAKA,
Japan and NEWARK,
Calif., Dec. 13, 2022 /PRNewswire/ -- Panasonic
Energy Co., Ltd., a Panasonic Group company, and Lucid Group, Inc
(NASDAQ: LCID) today announced they have entered into
multi-year agreements to supply batteries for Lucid's award-winning
luxury electric vehicle, Lucid Air, the fastest-charging, longest
range EV on the market, and Lucid's upcoming Gravity SUV. The
agreement marks another milestone in Panasonic's plans to expand
production of lithium-ion EV batteries beyond Japan and into the U.S. with production coming
from both a facility in Japan, as
well as expected future production from its recently announced
battery production facility in De Soto,
Kansas.
"Panasonic is a fantastic partner with both innovative
technology and depth of experience," said Peter Rawlinson, Lucid's CEO and CTO. "This
agreement will help us meet the growing demand for lithium-ion
batteries as we continue to ramp production of the full Lucid Air
line-up in 2023 and expect to begin production of our Gravity SUV
in 2024."
"With the increased electrification of the automotive market,
partnerships with technology-leading EV manufacturers such as Lucid
are critical to our mission," said Kazuo Tadanobu, President, CEO
of Panasonic Energy Co., Ltd. "This partnership will help us drive
growth of the lithium-ion battery industry and accelerate the world
towards a net-zero emissions future."
Panasonic Energy is a global leader in lithium-ion batteries,
with a 100-year history of innovation in batteries spanning both
battery cell technology and battery business operations. Panasonic
Energy plans to expand its production of EV batteries, as the
automotive industry shifts to more sustainable electric
technologies. The company has contributed to achieving greater
efficiency and economies of scale necessary to drive this
transformation, and this partnership and the planned facility in
Kansas supports the company's
commitment to contribute to society by reducing global carbon
emissions.
About Panasonic Energy Co., Ltd.
Panasonic Energy Co., Ltd., established in April 2022 as part of the Panasonic Group's
switch to an operating company system, provides innovative battery
technology-based products and solutions globally. Through its
automotive lithium-ion batteries, storage battery systems and dry
batteries, the company brings safe, reliable, and convenient power
to a broad range of business areas, from mobility and social
infrastructure to medical and consumer products. Panasonic Energy
is committed to contributing to a society that realizes happiness
and environmental sustainability, and through its business
activities the Company aims to address societal issues while taking
the lead on environmental initiatives. For more details, please
visit https://www.panasonic.com/global/energy/
About the Panasonic Group
A global leader in developing innovative technologies and solutions
for wide-ranging applications in the consumer electronics, housing,
automotive, industry, communications, and energy sectors worldwide,
the Panasonic Group switched to an operating company system on
April 1, 2022 with Panasonic Holdings
Corporation serving as a holding company and eight companies
positioned under its umbrella. Founded in 1918, the Group is
committed to enhancing the well-being of people and society and
conducts its businesses based on founding principles applied to
generate new value and offer sustainable solutions for today's
world. The Group reported consolidated net sales of 7,388.8 billion yen for the year ended
March 31, 2022. Devoted to improving
the well-being of people, the Panasonic Group is united in
providing superior products and services to help you Live Your
Best. To learn more about the Panasonic Group, please
visit: https://holdings.panasonic/global/
About Lucid Group
Lucid's mission is to inspire
the adoption of sustainable energy by creating advanced
technologies and the most captivating luxury 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 that features
luxurious full-size interior space in a mid-size exterior
footprint. The Lucid Air Grand Touring features an official EPA
estimated 516 miles of range or 1,050 horsepower. Deliveries of
Lucid Air, which is produced at Lucid's factory in Casa Grande, Arizona, are currently underway
to U.S. and Canadian customers.
Panasonic Press Contacts:
PanasonicEnergy@porternovelli.com
Lucid Press
Contacts:
media@lucidmotors.com
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.
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," "shall," "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 plans and expectations with respect
to Panasonic's plans to expand production of
lithium-ion EV batteries beyond Japan and into the U.S., Lucid's ability to
meet its demand for lithium-ion batteries, timing of production of
Lucid's vehicles, including Lucid Air and Gravity SUV, and the
promise of Lucid's and Panasonic's technology and partnership.
These statements are based on various assumptions, whether or not
identified in this communication, and on the current expectations
of management of Lucid and Panasonic. These forward-looking
statements are not intended to serve as, and must not be relied on
by any investor as, a guarantee, an assurance, or a definitive
statement of fact or probability. Actual events and circumstances
are difficult or impossible to predict and may differ from these
forward-looking statements. Many actual events and circumstances
are beyond the control of Lucid and Panasonic. These
forward-looking statements are subject to a number of risks and
uncertainties, including those factors discussed under the heading
"Risk Factors" in Part II, Item 1A of Lucid's Quarterly Report on
Form 10-Q for the quarter ended September
30, 2022, as well as other documents Lucid has filed or will
file with the Securities and Exchange Commission. If any of these
risks materialize or Lucid's and Panasonic's assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. There may be
additional risks that Lucid and Panasonic currently do not know or
that Lucid and Panasonic currently believe 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 and Panasonic's expectations, plans or
forecasts of future events and views as of the date of this
communication. Lucid and Panasonic anticipate that subsequent
events and developments will cause Lucid's and Panasonic's
assessments to change. However, while Lucid and Panasonic may elect
to update these forward-looking statements at some point in the
future, Lucid and Panasonic specifically disclaim any obligation to
do so. These forward-looking statements should not be relied upon
as representing Lucid's and Panasonic'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.
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SOURCE Lucid Group