#1Third Quarter 2023 Earnings Release November 7, 2023 LUCID GROUP, INC. LUCID#2THIRD QUARTER 2023 EARNINGS RELEASE Forward Looking Statements JCID 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, 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, including performance, driving range, features, specifications, and Gravity's potential impact on markets, plans and expectations regarding Lucid's software, plans and expectations regarding Lucid's systems approach to the design of the vehicle, plans and expectations regarding Lucid's integration with NACS, 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, future manufacturing capabilities and facilities, studio and service center openings, ability to mitigate supply chain and logistics risks, plans regarding the Phase 2 expansion of Lucid's AMP-1 factory, including timing, installed capacity and potential benefits, ability to vertically integrate production processes, future sales channels and strategies, future market launches and international expansion, including plans and expectations for the AMP-2 manufacturing facility in Saudi Arabia, and 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, plans and expectations of the Lucid Referral Program in the United States, 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 reservations and 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; 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 zero emission vehicle credits and obtain and utilize certain tax and other incentives; Lucid's ability to issue equity or equity-linked securities 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; risks associated with the restructuring plan, including the risk that the charges and expenditures may be greater than anticipated, the risk that the restructuring plan may adversely affect Lucid's internal programs and initiatives and its ability to recruit and retain skilled and motivated personnel, the risk that the restructuring plan may be distracting to employees and management, the risk that the restructuring plan may negatively impact Lucid's business operations, reputation, or ability to serve customers, and the risk that the restructuring plan may not generate their intended benefits to the extent or as quickly as anticipated; and the impact of the global COVID-19 pandemic on Lucid's supply chain, 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 Part II, Item 1A of Lucid's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023, 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 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) stock-based compensation and (7) 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. 2#3THIRD QUARTER EARNINGS RELEASE Mission Third Quarter & Recent Highlights Lucid Core Strengths The Lucid Air Lineup - Unprecedented Range of Capability Gravity SUV Vertically Integrated Production 4569 8 9 10 Studio and Service Network Track Record of Prudent Liquidity Management LUCID Financial Highlights 12 Guidance 13 Imagery Financials Appendix 14 24 29 LUCID GROUP, INC. LUCID 3#4THIRD QUARTER 2023 EARNINGS RELEASE LUCID 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. LUD 0 4#5THIRD QUARTER 2023 EARNINGS RELEASE Third Quarter & Recent Highlights Delivered key milestones as planned in the third quarter: . • • Lucid Air Pure Rear-Wheel Drive start of production in September and in the process of ramping up production: Lucid's most affordable Air with an unprecedented efficiency of 4.74 miles/kWh Lucid Air Sapphire start of production in September: Delivered the first set of cars to customers at a special delivery event in early October AMP-1 Phase 2 opening in September: Transitioned General Assembly to Phase 2 manufacturing factory in Casa Grande, Arizona AMP-2 opening in September: Made history with the opening of the semi knocked- down operation of AMP-2, Saudi Arabia's first-ever car manufacturing factory Recent and upcoming highlights: • • • • Aston Martin: Closed the long-term strategic technology arrangement for the supply of Lucid's state-of-the-art electric vehicle powertrain, battery systems, and software; Aston Martin issued ~28.35M ordinary shares to Lucid and paid the first cash installment of $33.0M NACS charging: Signed agreement to provide Lucid vehicles access to Tesla Supercharger networks in North America and integrate ports in future vehicles Lucid Referral Program: Launched in the US to celebrate our impassioned Lucid owners for their commitment to the brand Lucid Gravity Unveil: Special launch event at the LA Auto Show on November 16; on track for start of production in late 2024 KEY STATISTICS Quarter-to-date as of September 30, 2023 Lucid Air Customer Deliveries Production¹ LUCID 1,457 1,550 Studios / Service Centers² 45 Revenue Total Liquidity Capital Expenditures $137.8M ~$5.45B ~$192.5M 1 Excludes over 700 semi-knocked down vehicles manufactured in Casa Grande, AZ but not counted as production until final assembly in AMP-2 in Saudi Arabia 2 Excludes temporary and satellite service centers LUCID GROUP, INC. 5#6THIRD QUARTER 2023 EARNINGS RELEASE Lucid, A Leader in EV Technologies, Defines a New Generation of EVs 1 Established & Widely Recognized Technology Innovative, validated, and race-proven technologies continue to outpace peers and provide competitive differentiation 2 Established In-House Technology Design & Manufacturing In-house manufacturing of Lucid vehicles & powertrain technology in Arizona; AMP-2 in Saudi Arabia 3 In-House Sales & Service Network Superior and differentiated retail and ownership experience cultivates consumer satisfaction and loyalty 4 Diversified Revenue Stream Opportunities Signed deals for technology supply & licensing, emissions credit revenue, & software revenue, with further potential opportunities 5 Differentiated Systems Approach to Development Tight integration of in-house developed hardware & software results in a truly software-defined vehicle enabling differentiated capabilities LUCID GROUP, INC. 6 Technology Vertical Integration LUCID Our world-class EV powertrain is only possible because we design, develop, & manufacture our technology in-house 7 EV Market Opportunity Large, long-term EV market opportunity with low penetration relative to ICE vehicles 8 Strategic Partners 9 The PIF has invested ~$5.4 billion into Lucid since 2018, including a $1.8 billion investment in Q2 2023; the government of Saudi Arabia agreed to purchase up to 100,000 vehicles over a ten-year period Product With No Compromise The Lucid Air offers no compromise between performance, efficiency, range, charging speed, & interior space 10 Proven Leadership Experience Management team with track record of helping to bring disruptive products to market, including Tesla Model S & Apple iPhone 6#7THIRD QUARTER 2023 EARNINGS RELEASE The Lucid Air Lineup: Unprecedented Range of Capability The most efficient vehicle on the US market The most well-rounded EV on the market The longest-range EV on the US market LUCID The most powerful four-door car in the world From $77,400 Pure Power: Up to 480 hp Range: Up to 419 miles of EPA- estimated range. (1) Efficiency: Up to 4.74 mi/kWh (2) Touring From $95,000 Power: 620 hp Range: Up to 425 miles of EPA- estimated range. (1) Efficiency: Up to 4.62 mi/kWh (2) Grand Touring From $125,600 Power: 819 hp Range: Up to 516 miles of EPA- estimated range. (1) Efficiency: Up to 4.61 mi/kWh (2) $249,000 Sapphire Power: 1,234 hp Range: Up to 427 miles of EPA- estimated range. (1) Efficiency: Up to 3.61 mi/kWh (2) (1) When equipped with 19" wheels (or standard wheel for Air Sapphire). See https://www.fueleconomy.gov.. (2) Calculated as optimal EPA-estimated range divided by the gross size of the battery pack. LUCID GROUP, INC. 7#8THIRD QUARTER 2023 EARNINGS RELEASE Gravity SUV Unveil in November 2023; On Track for 2024 Production LUCID • The public unveiling of the Lucid Gravity is scheduled for November 16, 2023, at the Los Angeles Auto Show This luxury electric SUV will offer comfortable seating for up to seven adults with space for their gear, the driving dynamics of a sports car, and greater electric range than any SUV on the market today The Lucid Gravity will also introduce new Glass Cockpit high-resolution displays powered by the next generation of Lucid UX, Lucid's intuitive and elegant software interface Gravity start of production remains on track to commence in late 2024 1 LUCID LUCID GROUP, INC. D 00 8#9THIRD QUARTER 2023 EARNINGS RELEASE Vertically Integrated Production Lucid's core EV technology is not only created in-house, but also manufactured at Lucid's dedicated EV powertrain factory in Arizona, where Lucid produces its own electric motors, transmission systems, power electronic inverters, the revolutionary Wunderbox, and racing-derived battery packs. In September, Lucid transitioned General Assembly to the Phase 2 factory at AMP-1 in Arizona, which houses General Assembly, Logistics, End of Line Repair, and Pre-Delivery Quality. Also in September, Lucid made history in Saudi Arabia by opening AMP-2, the country's first-ever car manufacturing factory. The AMP-2 factory began semi knocked-down assembly of 'kits' pre-manufactured at AMP-1 in Arizona. AMP-1, Casa Grande, AZ - October 2023 LUCID GROUP, INC. LUCID LUCID AMP-2, KAEC, Saudi Arabia - September 2023 9#10THIRD QUARTER 2023 EARNINGS RELEASE Lucid Studio and Service Network Lucid's direct-to-consumer sales approach offers an exceptional customer experience from discovery, intrigue, knowledge acquisition, to ownership. Lucid has 38 Studios and service centers in North America, 5 in Europe, and 2 in Saudi Arabia. Riyadh, Saudi Arabia Vancouver Seattle San Francisco Bay Area Denver Los Angeles Orange County Phoenix San Diego Dallas Houston Studios (26) Service/Delivery & Combos (19) * Excludes temporary and satellite service centers LUCID GROUP, INC. Montreal, QC Toronto, ON Chicago Coldwater, MI Boston, MA White Plains, NY LUCID O Oslo, Norway Hilversum, Netherlands Dusseldorf, Germany O Munich, Germany Geneva, Switzerland Manhasset & Plainview, NY New York City Short Hills, NJ Washington D.C. Q3 2023 SALES & SERVICE HIGHLIGHTS West Palm Beach Miami 1,457 Customer deliveries 41 Mobile vans in global fleet 77 Nationwide approved body shops 45 Studios & service centers* 10#11THIRD QUARTER 2023 EARNINGS RELEASE LUCID Track Record of Prudent Liquidity Management As of September 30, 2023, Lucid had liquidity of approximately $5.45 billion, which we believe provides sufficient runway through Gravity start-of-production, and beyond, into 2025. Lucid has focused on balance sheet strength and shown the ability to raise money in the debt and equity markets (e.g., convertible note, credit facilities, equity offering and government programs) and will continue to focus on prudently managing go-forward liquidity. Lucid will continue to be opportunistic in exploring and diversifying access to financing sources. Initial public offering in July 2021 2021 Loan agreement with Saudi Industrial 2022 Development Fund (SIDF) in February 2022 Apr Green Dec Dec 2023 convertible note issuance in Dec 2021 Committed revolving credit facilities with Gulf International Bank (GIB) in April 2022 At-the-market (ATM) offering and subscription agreement with an affiliate of the PIF in December 2022 LIQUIDITY LEVEL AS OF SEPTEMBER 30, 2023 Total Liquidity $5,450 million Cash and Investments $4,902 million ABL Facility (subject to borrowing base availability) $334 million GIB Facility $214 million DEMONSTRATED SUPPORT FROM OUR MAJOR SHAREHOLDER invurtment With 60.0% ownership, the Public Investment Fund (PIF) has invested ~$5.4 billion into Lucid since 2018 and shown track record of support Asset-backed revolving credit Jun facility (ABL) in June 2022 Public equity offering with corresponding affiliate of the PIF investment by an in June 2023 LUCID GROUP, INC. 11#12THIRD QUARTER 2023 EARNINGS RELEASE Financial Highlights: Strength of Balance Sheet and Investments for Growth BALANCE SHEET Lucid ended the third quarter of 2023 with over $4.9 billion cash, cash equivalents and investments. As of September 30, 2023, Lucid had total liquidity of approximately $5.45 billion from cash, investments, ABL and GIB Facilities, which we believe provides sufficient runway through Gravity SOP, and beyond, into 2025. (in millions, unless otherwise stated; unaudited) Cash, Cash Equivalents and Investments Other Assets Total Assets Liabilities Stockholders' Equity Total Liabilities and Stockholders' Equity UCID 9/30/23 12/31/22 $ 4,902.3 4,443.0 4,038.9 3,436.2 8,941.2 7,879.2 3,535.2 3,529.5 5,406.0 4,349.7 $ 8,941.2 $ 7,879.2 STATEMENT OF OPERATIONS In the third quarter, Lucid recorded revenue of $137.8 million. Lucid recognized non-cash charges of $170.5 million, including inventory and firm purchase commitments write-downs of $230.8 million, partially offset by a gain of $60.3 million from changes in fair value of a common stock warrant liability. Revenue Cost of Revenue R&D Operating Expenditures SG&A Operating Expenditures Others Net Loss OPEX/CAPEX Lucid continues to invest in the development of future product programs, the further expansion of our AMP-1 and AMP-2 facilities to increase capacity and the growth of our retail, delivery, and service capabilities. Cash Used In Operating Activities Capital Expenditures Free Cash Flow LUCID GROUP, INC. Three Months Ended September 30, 2023 2022 137.8 195.5 (469.7) (492.5) (230.8) (213.8) (189.7) (176.7) 121.5 157.4 $ (630.9) $ (530.1) (513.6) (569.5) (192.5) (290.1) $ (706.1) $ (859.6) 12#13THIRD QUARTER 2023 EARNINGS RELEASE Lucid Guidance PRODUCTION VOLUME • Production of 8,000-8,500 vehicles in 2023 CASH, CASH EQUIVALENTS & INVESTMENTS Sufficient liquidity at least into 2025 CAPITAL EXPENDITURES • · Approximately $1.0-$1.1 billion in 2023 PRODUCT Lucid Gravity SUV production to begin in late 2024 LUCID GROUP, INC. LUCID 13#14THIRD QUARTER 2023 EARNINGS RELEASE Imagery LUCID GROUP INC. LUCID Air LUCID#15LUCID GROUP, INC. 15#16T EXIT GC 23 LUCI LUCID GROUP, INC. LU LUCID 16#17FS 05 B. F PS 04 F LUCID GROUP, INC. Lucid Air Sapphire FS 04 LH FS 05 LH 17#18LUCID GROUP, INC. 18#19LUCID GROUP, INC. SPORTS CHLADIAL FIRELES MICHELIN 265/35 ZR hice LUCID 19#20LUCID GROUP, INC. Sonoma Raceway - Sapphire SONOMA RACEWAY 20 20#21LUCID GROUP, INC. Sonoma Raceway - Sapphire 21#2222 AMP-1 Manufacturing Facility in Arizona#23LUCID GROUP, INC. AMP-2 Manufacturing Facility in Saudi Arabia LUCID 23#24THIRD QUARTER 2023 EARNINGS RELEASE LUCID Financials LUCID GROUP, INC. Air 24#25THIRD QUARTER 2023 EARNINGS RELEASE Condensed Consolidated Balance Sheets (Unaudited) LUCID (In thousands) ASSETS Current assets: September 30, 2023 December 31, 2022 September 30, 2023 December 31, 2022 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Cash and cash equivalents $ Short-term investments 1,164,391 3,258,206 1,735,765 Accounts payable 104,602 $ 229,084 2,177,231 Accrued compensation 61,542 63,322 Accounts receivable, net 23,370 19,542 Finance lease liabilities, current portion 8,964 10,586 Inventory 798,974 834,401 Other current liabilities 862,752 634,567 Prepaid expenses 76,368 63,548 Total current liabilities 1,037,860 937,559 Other current assets 70,185 Total current assets 5,391,494 81,541 4,912,028 Finance lease liabilities, net of current portion 77,019 81,336 Common stock warrant liability 78,943 140,590 Property, plant and equipment, net 2,673,057 2,166,776 Long-term debt 1,995,673 1,991,840 Right-of-use assets 221,657 215,160 Other long-term liabilities 345,724 378,212 Long-term investments 479,727 529,974 Total liabilities 3,535,219 3,529,537 Other noncurrent assets 175,299 TOTAL ASSETS 8,941,234 $ 55,300 7,879,238 Stockholders' equity 5,406,015 4,349,701 TOTAL LIABILITIES AND STOCKHOLDERS' 8,941,234 $ 7,879,238 EQUITY LUCID GROUP, INC. 25#26THIRD QUARTER 2023 EARNINGS RELEASE UCID Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, (in thousands, except share and per share data) 2023 2022 2023 2022 $ 137,814 469,722 $ 195,457 492,483 $ (331,908) (297,026) 438,120 1,526,051 (1,087,931) $ 350,468 1,030,795 (680,327) Revenue Cost of revenue Gross profit (loss) Operating expenses Research and development Selling, general and administrative Restructuring charges Total operating expenses Loss from operations Other income (expense), net Change in fair value of common stock warrant liability Interest income Interest expense Other income (expense), net Total other income, net Loss before provision for income taxes Provision for income taxes Net loss Net loss attributable to common stockholders, basic Change in fair value of dilutive warrants Net loss attributable to common stockholders, diluted Weighted average shares outstanding attributable to common stockholders Basic Diluted Net loss per share attributable to common stockholders Basic Diluted Other comprehensive income (loss) Net unrealized gains (losses) on investments, net of tax Foreign currency translation adjustments Total other comprehensive income (loss) Comprehensive loss attributable to common stockholders LUCID GROUP, INC. 230,758 213,761 694,035 600,218 189,691 176,736 556,209 563,707 518 420,967 (752,875) 390,497 (687,523) 24,546 1,274,790 (2,362,721) 1,163,925 (1,844,252) 60,316 140,146 61,647 998,319 66,064 24,373 145,594 27,284 (3,340) (7,613) (17,138) (22,521) (763) 665 (1,024) 9,898 122,277 (630,598) 157,571 (529,952) 189,079 (2,173,642) 1,012,980 (831,272) 296 149 1,012 540 (630,894) (630,894) (530,101) (530,101) (2,174,654) (2,174,654) (831,812) (831,812) (140,146) (998,319) $ (630,894) $ (670,247) $ (2,174,654) $ (1,830,131) 2,284,446,783 2,284,446,783 1,676,048,504 1,690,963,548 2,010,916,100 2,010,916,100 1,666,693,217 1,686,576,589 $ (0.28) $ (0.32) $ (1.08) $ $ (0.28) $ (0.40) $ (1.08) $ (0.50) (1.09) $ 1,554 $ (12,575) $ 2,590 $ (13,266) (1,967) (413) $ (631,307) $ (12,575) (542,676) (1,381) 1,209 (13,266) $ (2,173,445) $ (845,078) 26#27THIRD QUARTER 2023 EARNINGS RELEASE Condensed Consolidated Statement of Cash Flows (Unaudited) (In thousands) Net cash used in operating activities Net cash used in investing activities Net cash provided by (used in) financing activities Net decrease in cash, cash equivalents, and restricted cash Beginning cash, cash equivalents, and restricted cash Ending cash, cash equivalents, and restricted cash LUCID GROUP, INC. LUCID Three Months Ended September 30, 2023 2022 $ (513,582) 2023 Nine Months Ended September 30, 2022 (1,132,437) 35,086 (569,466) (1,374,898) (2,015,204) (1,577,743) (1,599,125) (3,289,021) 17,643 3,042,956 (165,566) (1,610,933) (1,926,721) (571,373) (5,032,330) 2,776,880 3,192,411 1,737,320 6,298,020 $ 1,165,947 $ 1,265,690 $ 1,165,947 1,265,690 27#28THIRD QUARTER 2023 EARNINGS RELEASE LUCID Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 (In thousands) ADJUSTED EBITDA Net loss (GAAP) Interest expense Interest income Provision for income taxes Depreciation and amortization Change in fair value of common stock warrant liability Stock based compensation Restructuring charges Adjusted EBITDA (non-GAAP) FREE CASH FLOW Net cash used in operating activities (GAAP) Capital expenditures Free cash flow (non-GAAP) LUCID GROUP, INC. es $ AA (630,894) 3,340 $ (530,101) 7,613 (66,064) (24,373) (2,174,654) 17,138 (145,594) $ (831,812) 22,521 (27,284) 296 149 60,832 50,653 1,012 166,033 540 131,343 (60,316) 68,237 (140,146) 83,302 (61,647) 194,875 (998,319) 352,245 518 24,546 (624,051) (552,903) $ (1,978,291) $ (1,350,766) SA (513,582) SA (569,466) (192,517) (290,064) es $ (706,099) $ (859,530) $ (2,015,204) $ (638,002) (2,653,206) $ (1,577,743) (784,964) (2,362,707) 28#29THIRD QUARTER 2023 EARNINGS RELEASE LUCID Appendix LUCID GROUP, INC. 29#30THIRD QUARTER 2023 EARNINGS RELEASE Selected Awards WINNER 2023 WORLD CAR AWARDS WORLD LUXURY CAR MOTORTREND CAR OF THE YEAR 2022 World Luxury Car 2023 (2) BEST CARS & WORLD REPORT U.S.News HYBRID AND ELECTRIC 2023 Newsweek WORLD'S GREATEST AUTO DISRUPTORS 2023 Best Luxury Electric Car 2023 (4) Powertrain of the Year 2023 (5) Ⓡ LUCID Bloomberg Green M WARDSAUTO.TM Car of the Year 2022 (7) Bloomberg Green Ranked #1 in Bloomberg Green's EV Green Ratings (8) 10 Best Engines and Propulsion Systems 2022 & 2023 (1) MOTORWEEK DRIVERS' CHOICE 2022 MotorWeek Driver's Choice Award "Best EV" 2022 Autotrader 10 Best Electric Cars 2023 (6) cars.com Cars.com Top Pick Luxury EV 2022-2023 2022 Green Car Reports BEST CAR TM TO BUY Green Car Reports Best Car to Buy 2022 (1) Winner announced September 27, 2022, and September 14, 2023. (2) Winner announced on April 5, 2023. (3) Winner announced on August 5, 2023. (4) Winner announced on March 29, 2023. (5) Winner announced on April 4, 2023. (6) Winner announced on June 5, 2023. (7) Winner announced Nov 15, 2021. (8) Bloomberg Green EV Rating rankings as of Nov 1, 2023. LUCID GROUP, INC. 30#31THIRD QUARTER 2023 EARNINGS RELEASE World-Class In-House EV Powertrain Ultra-efficient, proprietary powertrain technology and advanced software and battery management system (BMS) Scalable and Modular Battery Pack Built on Race Experience Advanced next-generation end-cooling technology Advanced low-resistance architecture reduces heat loss and increases range Motor & Integrated Transmission State-of-the-art in-house synchronous PM motor Next-generation, integrated in-house transmission Ultra compact and efficient with industry leading power-to- weight and volume ratios • LUCID LUCID QUICK CONTROLS DOORS SEATS MASSAGE LIGHTING Charging Time Remaining: 15 min 59% 80 mi/hr +21 mi 20 KW ENERGY Charging to high battery level too ofen could cause battery degradation SET CHARGE LIMIT State-of-the-Art, High Voltage Inverter Bidirectional Charging with "Wunderbox" In-House Software State-of-the-art, in-house • 900V+ system technology up to 900V • 300kW+ DC fast charge capable • Advanced thermal and silicon • Up to 300 miles in 22 minutes (1) carbide MOSFET systems reduce • energy loss to improve range Connected-car designed to enable regular OTA encrypted updates Race-derived battery management software (BMS) improves battery performance Complete system functions synergistically to enable Lucid's efficiency of 4.74 miles range per kWh (2) Note: (1) When connected to 350 kW DC fast charger and equipped with 900V+ charging system. Actual rates will vary based upon vehicle equipment and charging conditions. 900V+ charging system available with Dream Edition and Grand Touring. (2) Miles per kWh are for Lucid Air Pure Rear Wheel Drive and are based on EPA estimated range when equipped with 19" wheels. LUCID GROUP, INC. 31