Lucid : Q4 2021 Earnings Release Presentation February 2022

FOURTH QUARTER AND FISCAL YEAR 2021 EARNINGS

Fourth Quarter and Fiscal Year 2021 Earnings

February 28, 2022

LUCID GROUP, INC.

FOURTH QUARTER AND FISCAL YEAR 2021 EARNINGS

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," "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, our estimate of the length of time our existing cash will be sufficient to fund planned operations, 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 Lucid's future vehicle programs. These statements are based on various assumptions, whether or not identified in this presentation, 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; risks related to the timing of expected business milestones and commercial product launches, 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, the construction of new manufacturing facilities 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 Lucid's Annual Report on Form 10-K for the year ended December 31, 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 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 our 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 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 Lucid believes provides useful information to Lucid's management and investors about Lucid'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 Lucid believes 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 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 at the end of the presentation.

LUCID GROUP, INC.

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FOURTH QUARTER AND FISCAL YEAR 2021 EARNINGS

Contents

Mission	4
Groundbreaking Year	5
Customer Deliveries	6
In-House Engineering	9
Vertically-Integrated Production	10
Studio and Service Network	11
Financial Highlights	12
Imagery	13
Financials	20

LUCID GROUP, INC.

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FOURTH QUARTER AND FISCAL YEAR 2021 EARNINGS

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.

LUCID GROUP, INC.

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FOURTH QUARTER AND FISCAL YEAR 2021 EARNINGS

Groundbreaking Year for Lucid Group

The fourth quarter and fiscal year ending December 31, 2021, were extraordinary periods for Lucid Group. The company began production and customer deliveries of the groundbreaking Lucid Air from its purpose-built vehicle and powertrain factories in Arizona. The world's first officially certified, independently validated electric vehicle with a range of over 500 miles on a single charge and the world's fastest charging EV is now in customer's hands. These breakthrough metrics were achieved by leveraging in-house technologies, endowing Air with unsurpassed efficiency and fueling demand, with over 25,000 reservations to date(1).

Other Key Accomplishments Include:

• Inaugural customer deliveries of the 2022 MotorTrend Car of the Year®, the Lucid Air, are underway, starting with the sold-out Dream Edition
• Lucid became a public company and listed on the NASDAQ on July 26, 2021, under the ticker LCID; selected to the NASDAQ-100 Index in December 2021
• Kicked off Phase 2 factory expansion in Arizona to add 2.85M sq. ft.
• Launched Lucid DreamDrive, and made OTA updates available
• Raised $2.0 billion through the issuance of a Convertible Green Bond
• Production exceeds 400 vehicles, with over 300 deliveries to date(1), and a continued focus on exceptional quality
• In 2022 announced plans to build first international manufacturing facility in the Kingdom of Saudi Arabia(2)

Note (1): As of 02/28/22; (2): Accomplishment that occurred after December 31, 2021

LUCID GROUP, INC.

Key Statistics

As of December 31, 2021; unless otherwise stated

Lucid Air Customer Deliveries	125
Reservations	25,000+
(as of 02/28/22)
Installed Annual Production Capacity	34,000
Potential Sales	$2.4B
(as of 02/28/22)
Studios/ Service Centers	20
Number of Employees	3,900+
Cash on Hand	$6.2B
2021 Capital Expenditures	> $400M

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