A：The company cautions about forward-looking statements regarding the future financial performance of the company, production and delivery volumes, vehicles and products, studios and service networks, financial and operating guidance, macroeconomic policy and industry trends, tariffs and trade policy, company initiatives, and other future events. These statements are based on various assumptions and may differ due to a number of risks and uncertainties.

A：The company management references non GAAP financial measures to provide information regarding why they use these measures and to offer reconciliation of GAAP versus non GAAP results. This information is available in the company's earnings press release and earnings presentation.

A：Lucid Group navigated industry challenges such as increased tariffs, the roll-off of federal incentives, shifting AEV demand, multiple supply chain disruptions, and unprecedented industry headwinds like magnet shortages and even fires at a major supplier. Despite these challenges, they managed to nearly double production, significantly grow deliveries, reduce unit costs, gain market share, and strengthen their financial position.

A：Lucid Group's recent achievements include the production ramp-up of their first SUV, the Lucid Gravity, which resulted in doubling annual production despite industry disruptions. They also improved throughput, reduced rework, built repeatable processes, expanded the manufacturing workforce, and overcame quality problems in hardware and software. They implemented key organizational changes and partnered with Uber and Nuro for vehicle integration and autonomy. Additionally, they announced the development of a robot taxi with Uber and have plans for advanced autonomy in customer vehicles and new software revenue streams.

A：The technology partnership with Uber and Nuro is significant as it is not only focused on EV components but a broader partnership involving the whole vehicle, the Lucid Gravity. This partnership leverages leading technology for potential partners and their customers, which opens up the global robotaxi market and expands Lucid Group's total addressable market to an estimated $700 billion by 2025. It also involves the development of a robot taxi based on the Lucid Gravity and deployment in the San Francisco Bay Area, with production set to start later in the year. The integration of advanced autonomy features also enhances customer vehicles and paves the way for point-to-point autonomy in the future.

A：The company's plans for the mid-size vehicle platform include entering much higher volume segments with a price range beginning below $40,000, which is around the average selling price of a new vehicle in the US. This expands their TAM from $40 billion to $350 billion by 2030. The mid-size platform's production costs are below initial estimates, and they are on track with production validation for the first model. The construction of the M2 factory in King Abdullah Economic City, Saudi Arabia, remains ahead of schedule, with equipment installation started and a rapid development of the local supplier ecosystem.

A：In 2025, the Lucid Air was the number one selling electric vehicle in its segment and third place in the large luxury car segment, including traditional internal combustion engine vehicles. It also topped sales in the fourth quarter compared to full year 2022, with deliveries up significantly year over year. Lucid Air won several major accolades such as Car of the Year by Esquire, Luxury SUV of the Year by Good Housekeeping, and was named Best in its first year by Car and Driver's 10 Best list. Lucid was also the only electric vehicle brand listed as Best Electric Luxury vehicle brand by US News and World Report. Additionally, Lucid Air once again proved its range leadership by driving 520 km on a single charge in temperatures as low as negative 31°C.

A：Lucid Air performed exceptionally well in the market, continuing to win major accolades. It was named Car of the Year by Esquire, Luxury SUV of the Year by Good Housekeeping, and was added to Car and Driver's 10 Best list for the third year in a row, being the only electric vehicle on the list. Lucid Air was also named Best Electric Luxury vehicle brand by US News and World Report. Lucid Gravity was named to Car and Driver's 10 best for 2026, and Lucid Air was included on the list as well.

A：To expand its brand and sales reach, Lucid launched a global campaign featuring Timothy Chalamet, and collaborated with NBA superstars Jalen Brunson and T. J. Hart. The 'Heart Launch Campaign' featuring these sports stars was the best-performing campaign for Lucid to date, aimed at attracting new customers. Lucid expanded its sales studio footprint in the United States, Europe, and the Middle East, signed its first European Dealer Group in Germany, and is in advanced discussions with several potential partners for other European markets. Service lift capacity was also expanded in the U.S. and Canada to better serve an increasing customer base and enhance the ownership experience.

A：In the last quarter, Lucid faced challenges with production numbers after determining that 538 vehicles, which were already built in its plant in Arizona, did not complete certain procedures required by standards to be counted as factory-gated. Consequently, the final production number for Q4 2025 was decreased from the earlier announcement. These vehicles are now expected to be considered factory-gated in the following year. This adjustment had no impact on customer deliveries.

A：Lucid remains confident in its long-term growth opportunities and is ramping up production of Lucid Gravity to further grow production and deliveries. Midsize vehicles will enable Lucid to compete in a larger segment than before. Lucid aims to play a major role in the developing robotaxi market. Despite a uncertain macro environment, Lucid's approach is prudent, focusing on execution, streamlining operations, managing costs, and protecting the balance sheet for profitable growth. This includes a 12% reduction in the US workforce, excluding hourly production employees in manufacturing, logistics, and quality. Lucid plans to use this measure to yield cost savings and improve operational effectiveness.

A：Lucid views the impact of the phase-out of federal incentives as not a cause for immediate concern, stating that much of the market narrative is an overreaction. While there was some demand pull-forward and incentives made EVs more appealing, Lucid believes in the inherent superior technology of EVs and that customers choose Lucid for its superior driving experience and overall vehicle quality, not simply because they are electric. Lucid plans to further penetrate the market with its midsize vehicles, which will make the Lucid experience more accessible to a broader audience.

A：Lucid's upcoming priorities include further growing production and deliveries by leveraging the full potential of the Lucid Air and Gravity models, expanding into new markets in the US and internationally, and enhancing their vehicles through over-the-air updates. Lucid also plans to start production of the first model from their mid-size platform by the end of the year, deliver first production vehicles to Uber to support commercial operations for their robotaxi partnership, and continue prudent cost and cash management.

A：Q4 revenue was 522.7 million, up 50% sequentially from the prior quarter and 123% year over year compared to the same period last year.

A：Production in Q4 was 7840 vehicles, up 98% year over year compared to the same period last year.

A：Q4 deliveries were 5345 vehicles, up 72% year over year from the previous year.

A：In 2026, it is expected that gross margin will continue to improve sequentially and that opex will grow at a slower pace than revenue.

A：Manufacturing cost per vehicle produced, including manufacturing and logistics, labor, and overhead, declined approximately 27% during 2025, attributed to higher line rates, yield improvements, and labor efficiency.

A：The plan to improve cost discipline and gross margin involves continued yield gains, production stabilization, labor productivity, and logistics optimizations, along with cost actions and process efficiencies.

A：A reduction of the US workforce by approximately 2000 was initiated to reallocate resources following the launch of gravity and to support the next stage of execution, operations, and margin progression. This action is expected to deliver approximately $500 million in cost savings over the next few years.

A：The company emphasizes a disciplined approach to growth, not chasing volume at the expense of margins. The goal is to maintain strong liquidity, expand and optimize capital, and translate operational progress into a more predictable financial profile.

A：Upcoming priorities include reducing the cost per vehicle produced by approximately an additional 20% by Q4, continuing the improvement in the bill of material costs, driving sequential gross margin improvement, and maintaining disciplined cash burn and tight working capital control.

A：Outlook suggests a production of between Ed to Ed Ed vehicles for the year with a projected CapEx at Ed to Ed billion dollars.

A：The partnership involves selling cars to Uber or one of its fleet partners, with no further licensing or subscription revenue involved. This is the start of the relationship, and ongoing arrangements are being worked on.

A：The plan for appointing a permanent CEO is a question for the board, and there is no further update at this time.

A：The path to achieving a positive gross margin involves overcoming production challenges, improving cost of materials, absorption of fixed costs through scale, and improved efficiencies. The timeline for achieving this is in 2026.

A：Lucid acknowledges Tesla's role in paving the way for electromobility and sees itself as the natural successor to the Model S and Model X. There is an uptick in customer inquiries from current Tesla owners, and plans are in place to further accelerate this.

A：The remaining milestones for the mid-size platform production include finalizing product development, building production validation vehicles, and installing equipment at the plant in Saudi Arabia. These milestones are well underway.

A：The launch of the point to point feature will not be a Big Bang global rollout but will happen with a cadence over time. Pricing details for this feature will be discussed in the near future.

A：Currently, there are no constraints with DRAM memory in production. While cost increases have been seen, there is no shortage, and the increases are neg. on a small level compared to overall costs. The situation is being closely monitored.

A：The majority of production and deliveries for the upcoming year will be the Gravity model. There will be no meaningful numbers to report for the mid-size vehicles until the ramp-up next year. Production validation vehicles and robot taxis (which are a small number) are not included in the production guidance provided.

A：The projected impact of volume changes on gross margins includes an improvement overall, with an increase in volume ramping up significantly. Incremental volumes are expected to positively impact the margins, as detailed in the shared deck.

A：Productivity is expected to affect the company's financial performance by continuing to improve plant throughput and efficiency. Improvements in productivity will decrease rework costs and scrap impacts, which are part of the overall cost management strategy.

A：The new head of supply chain is tasked with further improving the efficiency and managing the headwinds related to the supply chain. This includes continuing the work on the bill of materials for existing programs and focusing on agility to address market challenges.

A：Europe is considered a key part of the company's growth strategy, although growth in this region is not expected to be substantial due to the current demand levels for larger vehicles. However, with the introduction of the midsize vehicle, Europe's role in the company's growth is anticipated to increase significantly.

A：The CapEx will be allocated mainly towards AMP1, with the majority attributed to it. Additionally, there will be some CapEx spend related to vendor tooling and the commercial network. The first phase of the CapEx will be funded by the existing loan facility of $1.4 billion. The funds will be accessible in the script quarter, coinciding with the delay in the script loan accessibility.

A：The annual impact of the projected Opex savings of script million dollars over script years will be approximately $500 million, which is an equivalent proportional amount year over year. The cumulative impact of $500 million will be distributed across the years, with some outflow associated with severance related to the plan in the script year.