CASA
GRANDE, Ariz., Sept. 10,
2024 /PRNewswire/ -- Lucid Group, Inc. (NASDAQ:
LCID), maker of the world's most advanced electric vehicles,
showcased the forthcoming Lucid Gravity SUV, its enabling
technologies, and presented an independent third party analysis of
the cost effectiveness of manufacturing these innovations at its
Technology & Manufacturing Day, held today at the company's
Arizona factory. Additionally,
Lucid announced that through August 31,
2024, the company has already delivered more cars in 2024
than in all of 2023.
"Today demonstrates how the Lucid Gravity is set to be the best
SUV ever, showcasing its revolutionary package and attributes only
made possible with the technologies Lucid has pioneered," said
Peter Rawlinson, CEO and CTO at
Lucid. "Our drive unit is one of several important enabling
technologies, delivering next-level performance, collectively
enabling a lower cost for our powertrain system than our
competitors. Simply put, our vehicles go farther with less,
unlocking significant cost and mass savings as we scale."
New Atlas Drive Unit
While Lucid's powertrain technology is already years ahead of
the competition, the company announced its next-generation drive
unit, Atlas, which is in development and undergoing extensive
testing. The new drive unit enables enhanced value for Lucid and
its customers. The Atlas Drive Unit is destined for the company's
upcoming midsize platform vehicles.
Lucid's current electric drive unit already delivers superior
power density, higher peak power, and cost per horsepower (hp)
compared to industry rivals. The drive unit is miniaturized,
allowing greater interior cabin space and is more efficient,
enabling longer range using less energy and therefore less
batteries than competitors. A proprietary software stack enables
the full potential of the advanced drive units and provides
powertrain controls including torque vectoring, traction control,
and battery management.
Coupled with software connectivity and infrastructure, Lucid
vehicles continue to add capabilities and value to customers
throughout their product lifecycle. This week's Lucid UX 2.4
over-the-air (OTA) update brings drivers an enhanced version of the
optional Dream Drive Pro Advanced Driver Assistance System (ADAS),
a new voice control system, and an updated navigation map design,
among other updates.
Lucid Gravity to be Equipped with NACS
Lucid also announced today that the Lucid Gravity will be
equipped with a NACS charging connector in 2025, allowing access to
15,000+ Superchargers. The Lucid Gravity is scheduled for start of
production later this year.
The technologies, innovations and learnings of Lucid Air have
been incorporated into the upcoming Lucid Gravity, designed to be
the world's most advanced electric SUV. Powered by the company's
ultra-compact powertrain technology, Lucid Gravity is expected to
deliver exhilarating performance while also offering an expansive,
sophisticated interior with space for up to seven adults and their
belongings.
Midsize Platform
Today's event also offered a glimpse at one of the company's
upcoming midsize vehicles. The new crossover will use the
efficiency and cost advantages enabled by Lucid technology to
deliver the same range as competitors while using a smaller
battery. The midsize platform is scheduled to start production in
late 2026 with a starting price under $50,000.
A replay of the full event webcast will be available at
https://ir.lucidmotors.com.
About Lucid
Lucid (NASDAQ: LCID) is a Silicon Valley-based technology
company focused on creating the most advanced EVs in the world. The
flagship vehicle, Lucid Air, delivers best-in-class performance and
efficiency starting at $69,900 in the
U.S. Lucid is preparing its state-of-the-art, vertically integrated
factory in Arizona to begin
production of the Lucid Gravity SUV. The company's goal is to
accelerate humanity's transition to sustainable transportation and
energy.
Investor Relations Contact: investor@lucidmotors.com
Media Contact: media@lucidmotors.com
Performance Note
Lucid's net income and cash flow results will be announced along
with the rest of its financial performance when Lucid announces
third quarter earnings. Lucid vehicle delivery numbers represent
only one measure of the company's operating performance and should
not be relied on as sole indicators of quarterly financial results,
which depend on a variety of factors.
Trademarks
This communication 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.
Forward-Looking Statements
This communication 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 plans and expectations with
respect to commercial product launches, including the Lucid Gravity
SUV and Midsize platform, start of production timing, anticipated
benefits from the new drive unit, features, capabilities, timing
and anticipated benefits of NACS integration, plans and
expectations regarding Lucid's software, and the promise of Lucid's
technology. These statements are based on various assumptions,
whether or not identified in this communication, 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 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
June 30, 2024, 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 communication. 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 communication. Accordingly, undue reliance should not
be placed upon the forward-looking statements.
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SOURCE Lucid Group