Lucid Group, Inc. (LCID) Q3 2023 Earnings Conference Call Transcript

For the period ending September 30, 2023

November 7, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day and thank you for standing by. Welcome to Lucid Third Quarter Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your first speaker today, Head of Investor Relations, Maynard Um. Please go ahead.

Maynard Um

Thank you. And welcome to Lucid Group's third quarter 2023 earnings call. Joining me today are, Peter Rawlinson, our CEO and CTO and Sherry House our CFO.

Before handing the call over to Peter, let me remind you that some of the statements on this call include forward-looking statements under federal securities law. These include without limitation statements regarding the future financial performance of the company, production and delivery volumes, financial and operating outlook and guidance, macroeconomic and industry trends, company initiatives and other future events. These statements are based on predictions and expectations as of today, and actual events or results may differ due to a number of risks and uncertainties.

We refer you to the cautionary language and the risk factors and our most recent filings with the SEC, and forward-looking statements on Page 2 of our Investor deck available on the investor relations sections of our site of our website at ir.lucidmotors.com.

In addition, management will make reference to non-GAAP financial measures during this this call. The discussion of why we use non GAAP financial measures and information regarding reconciliation of our GAAP versus non-GAAP results is available in our earnings press release issued earlier this afternoon as well as in the Investor deck.

With that I'd like to turn the call over to Lucid CEO and CTO Peter Rawlinson. Peter, please go ahead.

Peter Rawlinson

Thank you, Maynard and thank you everyone for joining us for our third quarter earnings call. In Q3 we delivered on a number of the key milestones that we set out to achieve. In September, we started production of Air Pure rear-wheel drive, as we said we do and we are currently in the process of ramping up its production. Now the Air Pure rear-wheel drive is our most attainable air with a starting price of just $77,400. However, it sacrifices absolutely nothing for the style and technology, range and performance, space and practicality, ot has it all. The pure rear-wheel drive can charge up to 150 miles in just 12 minutes, and has an official EPA estimated range of 419 miles, more than any other electric car currently available, besides other Lucid Air models.