Lucid : Q3 24 Lucid Group Earnings Presentation FINAL

Third Quarter 2024 Earnings Release

November 7, 2024

LUCID GROUP, INC.

THIRD 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 gross margin, capital expenditures and other operating expenses, ability to control costs, expectations on cost optimization results, plans and expectations related to commercial product launches, including the Lucid Gravity SUV and Midsize program, plans and expectations on vehicle production and delivery timing and volumes, expectations regarding market opportunities and demand for Lucid's products, the range and performance of Lucid's vehicles, plans and expectations regarding the Lucid Gravity SUV, 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, estimate of Lucid's technology lead over competitors, 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 Lucid's liquidity runway, future capital raises and funding strategy, plans and expectations regarding future manufacturing capabilities and facilities, studio and service center openings, test drive vehicle numbers, 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 and the 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, expectations on the technology licensing landscape, expectations on the regulatory environment, 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 Lucid's 2024 reduction in force; 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 September 30, 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

Condensed consolidated financial information has been presented in accordance with US GAAP ("GAAP") as well as on a non-GAAP basis to supplement our condensed consolidated financial results. Lucid's non-GAAP financial measures include Adjusted EBITDA, Adjusted Net Loss Attributable

to Common Stockholders, Adjusted Net Loss Per Share Attributable to Common Stockholders, and Free Cash Flow, which are discussed below.

Adjusted EBITDA is defined as net loss attributable to common stockholders before (1) interest expense, (2) interest income, (3) provision for income taxes, (4) depreciation and amortization, (5) stock-based compensation, (6) restructuring charges, (7) change in fair value of common stock warrant liability, (8) change in fair value of equity securities, (9) change in fair value of derivative liabilities associated with redeemable convertible preferred stock, and (10) accretion of redeemable convertible preferred stock. Lucid believes that Adjusted EBITDA provides useful information to Lucid's management and investors about Lucid's financial performance.

Adjusted Net Loss Attributable to Common Stockholders is defined as net loss attributable to common stockholders excluding (1) stock-based compensation, (2) restructuring charges, (3) change in fair value of common stock warrant liability, (4) change in fair value of equity securities, (5) change in fair value of derivative liabilities associated with redeemable convertible preferred stock, and (6) accretion of redeemable convertible preferred stock.

Lucid defines and calculates Adjusted Net Loss Per Share Attributable to Common Stockholders as Adjusted Net Loss Attributable to Common Stockholders divided by weighted-average shares outstanding attributable to common stockholders.

Lucid believes that Adjusted Net Loss Attributable to Common Stockholders and Adjusted Net Loss Per Share Attributable to Common Stockholders financial measures provide investors with useful information to evaluate performance of its business excluding items not reflecting ongoing operating activities.

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 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 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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THIRD QUARTER 2024 EARNINGS RELEASE

Contents

Key Achievements and Recent & Upcoming Highlights	5
Lucid Vehicle Lineup - Embarking on the Next Transformational Phase	6
Lucid's Technology Is Many Years Ahead of Its Next Closest Competitor	7
Lucid's Drive Unit Performance & Estimated Cost	8
Lucid's Efficiency Lowers the Cost of Making an EV vs. Competitors	9
World-Class In-House EV Technology	10
Core Strengths	11
The Lucid Air Lineup - Unprecedented Range of Capability	12
The Lucid Gravity SUV	13
Vertically Integrated Production	15
Studio and Service Network	16
Track Record of Prudent Liquidity Management	17
Financial Highlights	18
Guidance	19
Imagery	20
Financials	34
Appendix	41

LUCID GROUP, INC.

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THIRD QUARTER 2024 EARNINGS RELEASE

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

LUCID GROUP, INC.

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THIRD QUARTER 2024 EARNINGS RELEASE

2024 Key Achievements and Recent & Upcoming Highlights

In the Third Quarter of 2024:

• Third consecutive quarter of record deliveries; achieved 90.9% year-over-yeargrowth (Q3'24 vs. Q3'23) and 16.2% quarter-over-quarter growth (Q3'24 vs. Q2'24)
• Started pre-production builds of Lucid Gravity at the AMP-1 (Arizona) factory
• Deployed 11 over-the-airsoftware updates: in particular the 'Oz' update features UX
  2.4, new 3D lane visualization, driver-initiated lane change assist, and much more
• Lucid Technology & Manufacturing Day in Arizona: demonstrated Lucid's highly differentiated technology and 3rd party analysis of cost competitiveness; showcased the forthcoming Lucid Gravity SUV and Lucid's state-of-the-art manufacturing facility
• Executed financing agreements in August 2024 for an additional commitment of $1.5 billion from an affiliate of the Public Investment Fund
• Achieved landmark 5.0 miles per kilowatt hour and record 146 MPGe EPA-estimated range rating for the most energy efficient mass production car ever, the Air Pure (1)

Recent Highlights:

• Opened Lucid Gravity orders for customers in the U.S. on November 7
• In October 2024, raised a total of ~$1.75 billion; ~$719 million in a public offering of common stock and a corresponding investment by an affiliate of the Public Investment Fund of ~$1.026 billion

KEY STATISTICS

Quarter ended as of September 30, 2024
Lucid Air Customer Deliveries (2)	2,781
Production	1,805
Studios / Service Centers (3)	55
Revenue	$200M
Total Liquidity	~$5.16B
Capital Expenditures	~$159.7M

1. When equipped with 19" wheels; range and battery power vary with temperature, driving habits, charging and battery condition and actual results will vary

• The Lucid Air earned the highest possible overall safety rating from the National
  Highway Traffic Safety Administration's New Car Assessment Program for 2025; the
  Lucid Air Pure, Touring, Grand Touring, and Sapphire received the maximum five-star scores for overall safety in frontal crash, side crash, and rollover testing

1. Approximately 8% of deliveries in the third quarter of 2024 was subject to operating lease accounting
2. Excludes temporary and satellite service centers

LUCID GROUP, INC.

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THIRD QUARTER 2024 EARNINGS RELEASE

Embarking on the Next Transformational Phase of the Lucid Vehicle Lineup

		2025 Air Pure
Air	Air Pure RWD SoP (1)	Achieves 5.0m/kWh (2)	Lucid Gravity SoP (1)

2021	September 2023	July 2024	Scheduled for late 2024

September 2023

November 2023

July 2024

Scheduled for late 2026

Air Sapphire SoP (1)	Lucid Gravity Unveil	2025 Air Grand Touring	High-Volume Midsize SoP (1)
		(512 miles of EPA est. range (2))

Lucid's total addressable market will expand further with the Lucid Gravity and Midsize platform

LUCID GROUP, INC. (1) SoP: Start of Production; (2) When equipped with 19" wheels; range and battery power vary with temperature, driving habits, charging and battery condition and actual results will vary

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THIRD QUARTER 2024 EARNINGS RELEASE

Lucid has a significant technology advantage. If the closest competitor were to continue their rate of progress, it would take many years to match Lucid today

	180	Lucid Air		Competitor A		Competitor B
	165	Lucid Air (Trend)	Competitor A (Trend)	Competitor C
	150													146									146 MPGe
																							(MY25 Lucid Air)
	135											140	137
MPGe)	120										131		122
								117	120	120	120
105							111
(EPA				101	104	104	103				97	103	96
90
95	95										83
89
Efficiency										83	83
75									79
60								69
	45
	30														LUCID'S ADVANTAGE
	15
	0
	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034+
												Model Year

LUCID GROUP, INC. Source: Using historical detail of most efficient variant per model year based on EPA rated MPGe and forecasting data from Fueleconomy.gov and lucidmotors.com

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THIRD QUARTER 2024 EARNINGS RELEASE

Drive Unit Performance and Estimated Cost

Horsepower (HP) Mass (KG) Power Density (HP/KG)

671 HP

				153 KG
	8.8 HP/KG
			125 KG
		96 KG
			344 HP	362 HP
	76 KG
	335 HP
		3.5 HP/KG
			2.8 HP/KG	2.4 HP/KG
	Lucid	Competitor A	Competitor B	Competitor C
Cost	$1,911	$1,653	$1,999	$2,039
Normalized for	$1,791	$1,653	$2,173	$2,381
Mass

Lucid's advanced drive unit technology is competitively priced in its own right, yet can significantly reduce battery costs as explained on the next slide

LUCID GROUP, INC.

Source: A2MAC1 & Lucid Analysis | Note: All drive unit costs have been evaluated for an assumed annual volume of 200,000 with production in China

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THIRD QUARTER 2024 EARNINGS RELEASE

Battery Cost Benefit of Lucid's Efficiency Technology

420 miles

402 miles

352 miles

	2025 Lucid Air Pure	Competitor A	Competitor B
Efficiency
5.00	4.11	3.25
(miles/kWh)
Battery Pack Size
84	97.8	108.4
(kWh)
Battery Pack Cost
$10,752	$12,518	$13,875
(at $128/kWh)
	Lucid Battery Pack Cost	$10,291	$9,011
	Normalized for Competitor Range
	Lucid Battery Pack Cost	Δ ($2,227)	Δ ($4,864)
	Advantage Normalized for Range
	Lucid Battery Pack Cost	Δ ($2,749)	Δ ($6,004)
	Advantage Normalized for Mass
	(5kg/kWh & $6/kg = $30/kWh)
		~22%	~43%

LUCID GROUP, INC.	(1) 'Competitor A' vehicle data sourced from epa.gov (2) 'Competitor B' vehicle data sourced from Bloomberg Green's Electric Car Ratings (Updated September 13, 2023) (3) Battery pack cost based on BloombergNEF's $128 price per	9
	kWh estimatefor battery electric vehicles on a volume-weighted average basis in 2023

THIRD QUARTER 2024 EARNINGS RELEASE

World-Class In-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-generation end-cooling technology
• Advanced low-resistance architecture reduces heat loss and increases range

•	State-of-the-art in-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-carwith regular OTA encrypted updates
• Race-derivedbattery management software (BMS) improves battery performance
• Operating on ethernet ring architecture since 2021

Complete system functions synergistically to enable Lucid's efficiency of 5.0 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	10
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.