Lucid : 2024 0401 Q1 24 Lucid Group Earnings Presentation v0.1 (0506 1136am)

FIRST QUARTER 2024 EARNINGS RELEASE

First Quarter 2024 Earnings Release

May 6, 2024

LUCID GROUP, INC.

FIRST QUARTER 2024 EARNINGS RELEASE

Forward Looking Statements

This presentation 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 financial and operating outlook and guidance, future capital expenditures and other operating expenses, ability to control costs, expectations and timing related to commercial product launches, including the Gravity SUV and Midsize programs, production and delivery volumes, expectations regarding market opportunities and demand for Lucid's products, the range and performance of Lucid's vehicles, plans and expectations regarding the Gravity SUV program, including performance, driving range, features, specifications, and potential impact on markets, plans and expectations regarding Lucid's software, plans and expectations regarding Lucid's systems approach to the design of the vehicles, plans and expectations regarding Lucid's integration with North American Charging Standard, including timing and benefits, estimate of the length of time Lucid's existing cash, cash equivalents and investments will be sufficient to fund planned operations, plans and expectations regarding its future capital raises and funding strategy, the timing of vehicle deliveries, plans and expectations regarding future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, plans and expectations regarding Lucid's AMP-1 and AMP-2 manufacturing facilities, including potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, plans and expectations regarding the purchase agreement with the government of Saudi Arabia, including the total number of vehicles that may be purchased under the agreement, expected order quantities, and the quantity and timing of vehicle deliveries, Lucid's ability to grow its brand awareness, the potential success of Lucid's direct-to-consumer sales strategy and future vehicle programs, potential automotive partnerships, including plans and expectations regarding Lucid's strategic technology arrangement with Aston Martin, and the promise of Lucid's technology. These statements are based on various assumptions, whether or not identified in this presentation, and on the current expectations of Lucid's management. 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. 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, including government closures of banks and liquidity concerns at other financial institutions, a potential global economic recession or other downturn and global conflicts or other geopolitical events; risks related to changes in overall demand for Lucid's products and services and cancellation of orders

for Lucid's vehicles; risks related to prices and availability of commodities, Lucid's supply chain, logistics, inventory management and quality control, and Lucid's ability to complete the tooling of its manufacturing facilities over time and scale production of the Lucid Air and other vehicles; risks related to the uncertainty of Lucid's projected financial information; risks related to the timing of expected business milestones and commercial product launches; risks related to the expansion of Lucid's manufacturing facility, the construction of new manufacturing facilities and the increase of Lucid's production capacity; Lucid's ability to manage expenses and control costs; 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; risks related to potential vehicle recalls and buybacks; Lucid's ability to establish and expand its brand, and capture additional market share, and the risks associated with negative press or reputational harm; Lucid's ability to effectively utilize or obtain certain credits and other incentives; Lucid's ability to conduct equity, equity-linked or debt financings in the future; Lucid's ability to pay interest and principal on its indebtedness; future changes to vehicle specifications which may impact performance, pricing and other expectations; the outcome of any potential litigation, government and regulatory proceedings, investigations and inquiries; and 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 March 31, 2024, as well as in other documents Lucid has filed or will file with the Securities and Exchange Commission. If any of these risks materialize or Lucid'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 currently 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 presentation. 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 presentation. Accordingly, undue reliance should not be placed upon the forward- looking statements.

Trademarks

This presentation 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.

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 Lucid's consolidated financial results. Lucid's non-GAAP financial measures include Adjusted EBITDA and Free Cash Flow which are discussed below.

Adjusted EBITDA is defined as net loss before (1) interest expense, (2) interest income, (3) provision for income taxes, (4) depreciation and amortization, (5) change in fair value of common stock warrant liability, (6) change in fair value of equity securities, (7) stock-based compensation and (8) restructuring charges. Lucid believes that Adjusted EBITDA provides useful information to Lucid's management and investors about Lucid's financial performance. Free Cash Flow is defined as net cash used in operating activities less capital expenditures. Lucid believes that Free Cash Flow provides useful information to Lucid's 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 Lucid's investors regarding measures of Lucid's 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 Lucid's 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 Lucid's 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 Lucid's non-GAAP financial measures and key performance measures as tools for comparison. A reconciliation between GAAP and non-GAAP financial information is presented at the end of the presentation.

LUCID GROUP, INC.

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FIRST QUARTER 2024 EARNINGS RELEASE

Contents

Key Achievements and Recent & Upcoming Highlights	5
Lucid Vehicle Lineup - Embarking on the Next Transformational Phase	6
Lucid Technology Enables Lowest Battery Pack Cost Per Mile of Vehicle Range	7
Lucid Efficiency Lowers the Cost of Making an EV vs. Competitors	8
World-ClassIn-House EV Technology	9
Core Strengths	10
The Lucid Air Lineup - Unprecedented Range of Capability	11
The Lucid Gravity SUV Program	12
Vertically Integrated Production	13
Studio and Service Network	14
Track Record of Prudent Liquidity Management	15
Financial Highlights	16
Guidance	17
Imagery	18
Financials	33
Appendix	38

LUCID GROUP, INC.

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FIRST QUARTER 2024 EARNINGS RELEASE

The Lucid Gravity SUV, Scheduled for Start of Production Late 2024

LUCID GROUP, INC.

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FIRST QUARTER 2024 EARNINGS RELEASE

2024 Key Achievements and Recent & Upcoming Highlights

In the First Quarter of 2024:

• Achieved 39.9% year over year increase in deliveries
• Successfully raised $1.0 billion through the issuance of a newly created series of convertible preferred stock via a private placement to an affiliate of the Public Investment Fund (PIF), demonstrating the PIF's continued support as a strategic partner
• Introduced the Lucid Gravity SUV program to the European markets at the Geneva International Motor Show on February 26, 2024
• Broke ground on the next phase of our manufacturing facility in Saudi Arabia (AMP-2) for Completely-Built-Up vehicles
• Deployed four software updates that introduced customer-requested features, including Creature Comfort Mode to maintain cabin temperature for pets

Recent & Upcoming Highlights:

• Leading In-HouseTechnology: Air Pure is the most efficient EV (1), driving farther using less energy than any vehicle on the U.S. market today & Model Year 2024 Air Grand Touring retained its 516-mile EPA-estimatedrange (2) despite more-stringent EPA testing
• Further deepening our culture of cost-efficiency and deploying all-encompassingcost down measures across every level of the company
• Investing for the future: Further vertical integration at AMP-1 in preparation for the Lucid Gravity SUV program with new Stamping, Gravity Body in White, and Powertrain Manufacturing; Strategic expansion in Studio & Service Center footprint
• Expanding total addressable market opportunity: The Lucid Gravity SUV program start of production scheduled for late 2024 and Midsize platform start of production scheduled for late 2026, further expanding Lucid's total addressable market
• Seeing continued interest in Lucid's technology for EVs, hybrids, and adjacent markets

KEY STATISTICS

Quarter ended as of March 31, 2024
Lucid Air Customer Deliveries	1,967
Production	1,728
Studios / Service Centers (3)	50
Revenue	$172.7M
Total Liquidity	~$5.03B
Capital Expenditures	~$198.2M

1. As measured by miles/kWh
2. When equipped with 19" wheels; range and battery power vary with temperature, driving habits, charging and battery condition and actual results will vary.
3. Excludes temporary and satellite service centers

LUCID GROUP, INC.

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FIRST QUARTER 2024 EARNINGS RELEASE

Embarking on the Next Transformational Phase of the Lucid Vehicle Lineup

Air

Air Pure RWD SoP (1)

Gravity SUV Program SoP (1)

2021

September 2023

Scheduled for late 2024

September 2023

November 2023

Scheduled for late 2026

Air Sapphire SoP (1)Gravity SUV Program UnveilHigh-Volume Midsize SoP (1)

Lucid's total addressable market is expanding with the introduction of Air Pure, the Gravity SUV program, and upcoming Midsize platform

LUCID GROUP, INC. (1) SoP: Start of Production

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FIRST QUARTER 2024 EARNINGS RELEASE

Lucid's Technology Enables the Lowest Battery Pack Cost Per Mile of Vehicle Range(1) (2)

5.0

4.74 mi/kWh

Efficiency (miles/kWh)

Battery Pack Cost Per Mile of Vehicle Range ($/mile)

$58 per mile

$60

of Vehicle Range ($/mile)

Battery Pack Cost Per Mile

Efficiency (miles/kWh)

4.0

$50

$40

3.0

$30

2.0

$27 per mile

$20

2.21 mi/kWh

1.0

$10

0.0

$0

Lucid Air Pure RWD Lucid Air Grand Touring Lucid Air Touring Tesla Model S DM AWD Genesis Electrified GV70

BMW i4 xDrive40

BMW i5 eDrive40 Lucid Air Sapphire

Tesla Model S Plaid

BMW i4 M50

Mercedes EQE 350+

Chevrolet Blazer RS AWD

Mercedes EQS 450+

Genesis Electrified G80

Tesla Model X DM AWD

Mercedes EQB SUV 350 4MATIC

Mercedes EQS 450 4MATIC

Mercedes EQS 580 4MATIC

Chevrolet Blazer RS RWD

BMW i5 M60

Tesla Model X Plaid Mercedes EQE 350 4MATIC Mercedes EQE SUV 350+ BMW i7 eDrive50 Genesis GV60 Perf. AWD Cadillac Lyriq AWD BMW i7 xDrive60 Mercedes EQE SUV 500 4MATIC Nissan Ariya Platinum+ e-4orce

Mercedes EQE 500 4MATIC

Kia EV9 Land AWD

Mercedes EQE SUV 350 4MATIC BMW iX xDrive50 Tesla Cybertruck AWD BMW i7 M70 Rivian R1T DM AWD Max Pack Rivian R1T DM Perf. AWD Max Pack Jaguar I-PACE EV400 Kia EV9 GT-Line AWD Rivian R1S DM AWD Max Pack Rivian R1S Perf. DM AWD Max Pack BMW iX M60 Audi e-tron GT Kia EV6 GT AWD Porsche Taycan GTS Audi Q8 Sportback e-tron Porsche Taycan Tesla Cybertruck Cyberbeast Rivian R1T DM AWD Large Pack Rivian R1S DM AWD Large Pack Rivian R1T Perf. DM AWD Large Pack Rivian R1S Perf. DM AWD Large Pack

Porsche Taycan Perf. Battery Plus

Porsche Taycan Turbo

Porsche Taycan 4 Cross Turismo

Porsche Taycan 4s Perf. Battery Plus

Audi Q8 e-tron

Porsche Taycan GTS Sport Turismo

Porsche Taycan 4S Cross Turismo

Rivian R1T Quad Motor AWD Large Pack

Rolls Royce Spectre

Mercedes EQS SUV 450 4MATIC Mercedes EQS SUV 580 4MATIC Rivian R1S Quad Motor AWD Large Pack Porsche Taycan Turbo S

Porsche Taycan Turbo S Cross Turismo

Mercedes EQS SUV 450+

Porsche Taycan Turbo Cross Turismo

Porsche Taycan 4S

Battery Pack Cost Per	Battery Pack Cost	$ per kWh
per kWh (1)
Mile of Vehicle Range
($/mile)	Efficiency	Miles per kWh

LUCID GROUP, INC. (1) Competitor vehicle data sourced from Bloomberg Green's Electric Car Ratings (Updated September 13, 2023); includes electric vehicles priced over $60,000; Battery pack cost/mile based on BloombergNEF's $128 price per kWh estimate	7
for battery electric vehicles on a volume-weighted average basis in 2023 (2) DM: Dual Motor | AWD: All Wheel Drive

FIRST QUARTER 2024 EARNINGS RELEASE

Lucid's Efficiency Lowers the Cost of Making an EV vs. Competitors (1)

419 miles

405 miles

352 miles

	Lucid Air Pure	Competitor 1	Competitor 2
Efficiency
4.74	3.89	3.25
(miles/kWh)
Battery Pack Size
88	104	108.4
(kWh)
Battery Cost/Mile (2)	$27	$32	$39
Battery Pack Cost	$11,264	$13,312	$13,875
	Lucid Battery Pack Cost	$10,888	$9,462
	Normalized for Competitor Range
	Lucid Battery Pack Cost	Δ ($2,424)	Δ ($4,412)
	Advantage Normalized for Range

LUCID GROUP, INC. (1) Vehicle data sourced from Bloomberg Green's Electric Car Ratings (Updated September 13, 2023); (2) Battery pack cost/mile based on BloombergNEF's $128 price per kWh estimatefor battery electric vehicles on a	8
volume-weighted average basis in 2023; Competitors' battery pack cost/mile has been rounded down to the nearest whole number; Lucid's battery pack cost/mile has been rounded up to the nearest whole number

FIRST QUARTER 2024 EARNINGS RELEASE

World-ClassIn-House EV Technology

Ultra-efficient, proprietary powertrain technology and advanced software and battery management systems (BMS)

Scalable and Modular

Battery Pack Built on Race

Experience

Motor & Integrated	State-of-the-Art, High
Transmission	Voltage Inverter

Bidirectional Charging with	In-House Software
"Wunderbox" (1)

• Advanced next-generationend-cooling technology
• Advanced low-resistance architecture reduces heat loss and increases range

•	State-of-the-artin-house	•	State-of-the-art,in-house
	synchronous PM motor		technology up to 900V
•	Next-generation, integrated	•	Advanced thermal and silicon
	in-house transmission		carbide MOSFET systems reduce
• Ultra compact and efficient with		energy loss to improve range

industry leading power-to-weight and volume ratios

• 900V+ system
• 300kW+ DC fast charge capable
• Up to 300 miles in 22 minutes (2)

• Connected-cardesigned to enable regular OTA encrypted updates
• Race-derivedbattery management software (BMS) improves battery performance

Complete system functions synergistically to enable Lucid's efficiency of 4.74 miles of range per kWh (3)

LUCID GROUP, INC. (1) Vehicle-to-vehicle charging requires purchase of RangeXchange adapter and charging cable. (2) When connected to 350 kW DC fast charger and equipped with 900V+ charging system. Actual rates will vary based upon vehicle	9
equipment, charging conditions, and charger capacity. 900V+ charging system available with Grand Touring. (3) Miles per kWh are for Lucid Air Pure Rear Wheel Drive and are based on EPA estimated range when equipped with 19" wheels.

FIRST QUARTER 2024 EARNINGS RELEASE

Lucid, a Leader in EV Technologies, Defines a New Generation of EVs

1

Widely Recognized Technology Leadership

6

Innovative, validated, and race-proven technologies continue to advance, and the gap is growing

Differentiated Systems Approach to Development

Adopted a holistic approach to vehicle design, taking a system-level view to maximize benefits such as increased range, smaller battery size for more legroom and more

2

Powerful Strategic Partnership

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The PIF has invested ~$6.4 billion into Lucid since 2018, including a $1.0 billion investment in Q1 2024 continuing to demonstrate its strategic support; the government of Saudi Arabia agreed to purchase up to 100,000 vehicles over a ten-year period

In-House Sales & Service Network

Superior and differentiated retail and ownership experience cultivates consumer satisfaction and loyalty

3

4

Technology Vertical Integration

8

Our world-class EV powertrain is only possible because we design, develop, & manufacture our technology in-house

In-House Software Expertise

9

True software-defined vehicle, with over-the-air updateability to allow it to evolve over time to best meet customer needs long after delivery

EV Market Opportunity

Regulatory tailwinds; expanding the total addressable market with Pure, as well as the upcoming Gravity SUV program and Midsize platform

Product With No Compromise

The Lucid Air offers no compromise between performance, efficiency, range, charging speed, & interior space

5

Diversified Revenue Stream Opportunities

10

Signed deals for technology supply & licensing, emissions credit revenue, & software revenue, with further potential opportunities

Proven Leadership Experience

Management team with track record of helping to bring disruptive products to market, including Tesla Model S & Apple iPhone

LUCID GROUP, INC.

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