LCID

Capital Structure and Liquidity

Cluster Description

Financing actions to strengthen liquidity, manage debt maturities, and optimize capital structure. The November 17, 2025 closing of the 2031 notes and related 2026 note repurchases supersedes prior “proposed” and “priced” steps disclosed on November 11–12, 2025.

Commitments

• November 17, 2025: Closed a private offering of $975.0 million aggregate principal amount of convertible senior notes due 2031 and used approximately $752.2 million of net proceeds to repurchase about $755.7 million principal of 1.25% convertible senior notes due 2026, with remaining proceeds for general corporate purposes and flexible conversion settlement (cash, stock, or combination).
• November 12, 2025: Priced $875.0 million (with up to $100.0 million over‑allotment) of 7.00% convertible senior notes due 2031 with semiannual interest, issuer redemption rights from November 6, 2028 (subject to triggers), a November 1, 2031 maturity, and a holder put on November 1, 2029 (superseded in outcome by the November 17 closing).
• November 06, 2025: Increased the undrawn delayed draw term loan facility with PIF from $750 million to approximately $2.0 billion, extending liquidity runway into the first half of 2027.
• November 05, 2025: Committed to maintain a healthy liquidity position and continue evaluating financing options, including public markets, as conditions allow.
• August 21, 2025: Executed a 1‑for‑10 reverse stock split effective August 29, 2025, reducing outstanding shares to approximately 307.3 million and authorized shares to 1.5 billion.
• April 08, 2025: Closed $1.1 billion of convertible senior notes due 2030, with net proceeds intended for general corporate purposes and liability management consistent with prior pricing disclosure.
• April 03, 2025: Priced the 2030 notes and intended to use approximately $935.6 million of net proceeds to repurchase about $1,052.5 million principal of 2026 notes, entered capped call transactions to mitigate dilution, and supported an Ayar prepaid forward of approximately $430.0 million (all executed around the April 8 closing).
• April 02, 2025: Announced intention to offer $1.0 billion of convertible senior notes due 2030 and to repurchase a portion of the 2026 notes with related capped call and Ayar prepaid forward transactions (subsequently executed and superseded by the April 3 pricing and April 8 closing).

Gravity Launches and Sales Activation

Cluster Description

Commercial rollout of Lucid Gravity across markets with ordering, deliveries, pricing, and experiential activations. The November 20, 2025 “orders open now” for Gravity Touring supersedes earlier statements that Touring orders would open later in 2025.

Commitments

• November 20, 2025: Launched Lucid Gravity Touring starting at $79,900 with public debut at the Los Angeles Auto Show (Nov 21–30, 2025).
• November 20, 2025: Opened customer orders with select configurations available for immediate delivery via lucidmotors.com/available-vehicles.
• November 20, 2025: Offered demo drives at Lucid’s South Hall activation during the LA Auto Show on a first‑come, first‑served basis (Nov 21–30, 2025).
• October 11, 2025: Began customer deliveries of Lucid Gravity Grand Touring in Canada.
• September 08, 2025: Unveiled Gravity in Europe with orders open immediately and deliveries beginning early 2026.
• April 15, 2025: Introduced the 2026 Lucid Gravity Grand Touring priced from $94,900 with up to 450 miles of range.
• February 14, 2025: Opened ordering for Gravity Grand Touring in Canada starting at $134,500 CAD (now progressed to October 11, 2025 deliveries).
• January 28, 2025: Stated Gravity Touring models would be available to order in late 2025 at $79,900 (superseded by November 20, 2025 immediate ordering and delivery).

Charging and Software-Defined Vehicle Experience

Cluster Description

Commitments to fast‑charging access and performance, software platforms, and OTA features across models. Recent disclosures emphasize native NACS compatibility and high‑power charging metrics that build on earlier plans.

Commitments

• November 20, 2025: Ensured native NACS, Electrify America, and broad DC fast‑charging compatibility with Gravity, enabling up to 300 kW at 1000V (≈200 miles in 15 minutes) and up to 220 kW when using Tesla Superchargers via boost charging.
• November 20, 2025: Delivered Lucid UX 3.0 with ongoing over‑the‑air updates so vehicle software evolves post‑sale.
• October 11, 2025: Provided Gravity owners in Canada wide access to the Tesla Supercharger network without an adapter and high‑rate charging up to 400 kW (adding over 320 km in <11 minutes at peak).
• September 08, 2025: Deployed a 926‑V architecture in Europe with a patented legacy‑charger compatibility solution and peak charging that can add up to 400 km in 14 minutes, supported by continuous OTA updates.
• July 22, 2025: Enabled all Lucid Air owners to access Tesla Superchargers starting July 31, 2025 using a Lucid‑approved adapter (up to 50 kW; up to ~200 miles of range per hour).
• July 15, 2025: Released an OTA that adds Hands‑Free Drive Assist and Hands‑Free Lane Change Assist to Lucid Air on July 30, with Gravity to follow later in the year.
• June 16, 2025: Began rolling out Android Auto compatibility for Lucid Air via software update.
• January 28, 2025: Highlighted patented fast‑charging tech for Gravity enabling up to 400 kW peak power and adding ~200 miles in under 12 minutes, plus bi‑directional charging up to 80 A (19.2 kW).

Autonomy and Robotaxi

Cluster Description

Roadmap and partnerships to deliver L2++ through Level 4 autonomy for consumers and a large‑scale robotaxi program with Uber and Nuro. Later commitments clarify scope and timelines and reinforce that consumer L4 and robotaxi deployments are progressing in parallel.

Commitments

• November 06, 2025: Committed to roll out significant ADAS upgrades (L2+/L2++) for Gravity and the upcoming Midsize by end of next year, then continue OTA progression toward higher autonomy levels.
• November 06, 2025: Collaborated with NVIDIA to jointly develop full Level 4 consumer capabilities with continuous software updates.
• November 06, 2025: Delivered engineering vehicles to Nuro and supported integration/testing with an initial robotaxi rollout planned in 2026 in the San Francisco Bay Area (subject to approvals).
• November 06, 2025: Advanced Uber partnership targeting deployment of 20,000+ robotaxis leveraging Lucid vehicles and Nuro’s L4 autonomy over the coming years.
• November 05, 2025: Positioned to be among the first to bring Level 4 autonomy to privately owned passenger vehicles.
• October 28, 2025: Announced intent to deliver one of the world’s first consumer Level 4 vehicles using NVIDIA DRIVE AV.
• October 28, 2025: Committed to integrate two NVIDIA DRIVE AGX Thor computers per vehicle in future Midsize models to power advanced autonomy.
• October 28, 2025: Began the autonomy roadmap with L2++ on Gravity and upcoming Midsize vehicles as a stepping stone to L4.
• July 17, 2025: Confirmed Uber aims to deploy 20,000+ Lucid vehicles with Nuro Driver over six years, with first launch planned next year in a major US city.

Production, Manufacturing Scale, and Cost Discipline

Cluster Description

Guidance, factory capacity moves, and cost actions to scale efficiently toward breakeven. The November 2025 guidance of ~18,000 units for year‑end and 2025 CapEx of $1.0–$1.2B updates earlier 2025 production and CapEx targets.

Commitments

• November 06, 2025: Guided 2025 CapEx of $1.0–$1.2 billion focused on production scaling, Midsize development, automation, and cost reduction (updates earlier FY2025 CapEx expectations).
• November 06, 2025: Reaffirmed year‑end 2025 production around ~18,000 units, narrowing from earlier 18,000–20,000 guidance and superseding earlier 20,000 targets.
• November 06, 2025: Expected Gravity to comprise the majority of Q4 production, supported by a second shift launched in October.
• November 06, 2025: Scheduled an Investor Day early next year to detail the short‑term plan and roadmap to cash generation.
• November 06, 2025: Planned to produce the Midsize vehicle at AMP‑1 (Arizona) with limited additional investment as part of a prudent localization strategy.
• November 06, 2025: Confirmed Atlas drive unit family is on track, including a rare‑earth‑free variant, to cut parts, BOM cost, and weight while improving efficiency.
• November 05, 2025: Focused on ramping production while addressing industry‑wide supply chain disruptions over the coming quarters.
• October 28, 2025: Committed to deploy a unified AI factory using NVIDIA Omniverse and NVIDIA AI Enterprise for digital‑twin‑driven manufacturing and enterprise transformation.
• October 28, 2025: Implemented predictive analytics, intelligent robotics, and real‑time process optimization to enable reconfigurable lines, enhance quality, reduce costs, and accelerate delivery.
• April 11, 2025: Acquired former Nikola facilities adding >884,000 sq ft to Arizona footprint and planned to offer jobs to 300+ former Nikola employees to expand manufacturing capacity.
• April 30, 2025: Anticipated approximately $1.4 billion of FY2025 CapEx to support capacity, retail studios, and technologies (directionally superseded by the November 6, 2025 plan).

Retail Footprint and Brand Building

Cluster Description

Physical retail expansion and high‑impact brand campaigns to drive awareness and demand. Later campaign metrics validate the scale and reach of initiatives launched earlier in the year.

Commitments

• November 06, 2025: Accelerated brand building via the “Driven” campaign (with Timothée Chalamet) and related activations, reporting an 8‑point MoM awareness jump, >7.2M YouTube views, and >1B U.S. impressions.
• October 20, 2025: Launched a sports‑driven marketing collaboration with Jalen Brunson and Josh Hart, debuting October 22 with out‑of‑home and social activations around the Knicks home opener.
• October 13, 2025: Opened new Lucid Studio and Service Centers in San Jose (opened) and San Diego (opening November 8), and committed to continued U.S. retail footprint growth.
• May 08, 2025: Opened a Studio and Service Center in Rutherford, NJ, marking Lucid’s 43rd North American and 58th global location.
• September 04, 2025: Entered a multi‑year partnership with Timothée Chalamet as Lucid’s first Global Brand Ambassador, debuting the “Driven” campaign across multiple formats.
• August 12, 2025: Offered public demo drives of Lucid Air and Gravity at Monterey Car Week (Aug 14–17, 2025).

Investor Relations and Transparency

Cluster Description

Commitments to timely disclosure and enhanced shareholder engagement through scheduled calls and Q&A platforms. Later notices supersede earlier scheduling windows for each earnings cycle.

Commitments

• November 12, 2025: Committed to file a Current Report on Form 8‑K on or about November 17, 2025 with additional information regarding the 2031 notes transactions.
• October 06, 2025: Scheduled the Q3 2025 earnings call and webcast for November 5, 2025 and committed to issue a press release with the webcast link beforehand.
• October 06, 2025: Partnered with Say Technologies to accept and upvote shareholder questions from October 22 to November 4, 2025, with support available via email.
• July 02, 2025: Opened Say Technologies shareholder Q&A for Q2 from July 22 to August 4, 2025.
• April 02, 2025: Opened Say Technologies shareholder Q&A for Q1 from April 22 to May 5, 2025.
• January 06, 2025: Opened Say Technologies shareholder Q&A for Q4 from February 11 to February 23, 2025 ahead of the February 25 earnings call.

Leadership and Organizational Alignment

Cluster Description

Organizational restructuring and executive appointments to sharpen accountability, speed execution, and align financial strategy with scaling needs. Newer role definitions expand or supersede earlier leadership changes by consolidating scope and responsibilities.

Commitments

• November 05, 2025: Announced organizational changes to accelerate growth and global expansion, centralizing product development under Emad Dlala, expanding Erwin Raphael’s global sales and service remit, and appointing Marnie Levergood to lead quality.
• June 05, 2025: Elected Douglas Grimm to the Board of Directors, bringing the board to eight members.
• February 25, 2025: Initiated a CEO search following Peter Rawlinson’s transition to Strategic Technical Advisor to support the company’s strategy.
• February 28, 2025: Appointed Taoufiq Boussaid as CFO effective February 25, 2025 to align financial strategy with operational scaling and shareholder value goals.
• February 13, 2025: Promoted Emad Dlala to Senior Vice President of Powertrain to advance drive units, power electronics, and batteries.
• May 06, 2025: Strengthened the executive team across marketing, manufacturing engineering, ADAS/AD, and sales/service to drive growth, efficiency, and technology leadership.

Supply Chain Localization and Materials

Cluster Description

Actions to secure critical materials domestically and strengthen resilience of the EV supply chain, complemented by broader industry collaboration.

Commitments

• August 06, 2025: Reaffirmed domestic supply chain development by partnering with Graphite One to source natural and synthetic graphite starting in 2028.
• June 04, 2025: Executed multi‑year agreements with Graphite One for American‑sourced natural and synthetic graphite beginning in 2028, and collaborated with Syrah Resources for natural graphite AAM starting in 2026.
• July 23, 2025: Joined MINAC commitments to advance domestic critical mineral offtakes, resolve barriers, expand coordination between mining and automotive sectors, and support qualification and procurement by U.S. automakers and Tier 1s.