Welcome to the Lucid Motors Investor Call. I will now hand the call over to Michael Anderson at Blueshirt. Good afternoon, welcome to the Lucid Motors Investor Conference Call. This is Mike Anderson of The Blueshirt Group. Joining me today are Peter Rawlinson, the Chief Executive Officer and Chief Technology Officer of Lucid Motors, and Sherry House, the Chief Financial Officer of Lucid Motors. Today's call will begin with Peter and Sherry providing several business updates, followed by a company overview. There will be no Q&A. Today's call relates to a proposed business combination between Lucid Motors and Churchill Capital IV, and a related PIPE investment, which we refer to as the proposed transactions. For additional information about the proposed transactions, we refer you to the investor presentation included in Churchill's Form 425, furnished today, as well as Churchill's Form S-4 filed with the SEC. The information discussed during this call may contain forward-looking statements, which include any statements that are not statements of historical fact, and may include, but are not limited to, Lucid's expectations regarding the start and ramp of production of Lucid Air, Lucid's projected financial and operating information, the expected features, performance, and range of Lucid Air, expectations regarding Lucid's market opportunity, competitive position, and industry outlook, and the timing and completion of the proposed transactions. Forward-looking statements are subject to numerous risks, uncertainties, and other factors that could cause actual results to be different from expectations, and we refer you to the cautionary language included in the investor presentation in the sections entitled "Cautionary Note Regarding Forward-Looking Statements and Risk Factors" in Churchill's Form S-4, as well as other documents filed by Churchill or to be filed with the SEC by Churchill for a fuller discussion of such risks, uncertainties, and other factors. Forward-looking statements made during today's call speak only as of the time they are made, and we are under no obligation and expressly disclaim any obligation to update, alter, or otherwise revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. You are cautioned not to place undue reliance on these forward-looking statements. In today's remarks, we may also refer to certain projected non-GAAP financial measures. We refer you to the investor presentation for definitions, reconciliations, and a discussion of the limitations of these non-GAAP financial measures. I'm now very pleased to turn the call to Peter Rawlinson, the Chief Executive Officer and Chief Technology Officer of Lucid Motors. Thank you so much, Michael. Ladies and gentlemen, good afternoon. I'm Peter Rawlinson, I'm the CEO and CTO of Lucid Motors, and I'd like to extend a warm welcome to you all wherever you're tuning in from. I've been with the company for just over eight years now. I joined a very small operation, but one with a very clear mission, and that is to create the very best electric car in the world, and in so doing, really to accelerate mankind's transition towards sustainable mobility. I'm a career engineer, having served with Tesla, Jaguar, and Lotus in the past. Really, engineering excellence and product excellence is what drives me and is my passion. I'm accompanied today by Sherry House, our CFO. Sherry. Thank you very much, Peter. Hello, everyone. I joined Lucid in May, and I am truly excited to be here at such an important point in the company's journey. I bring to Lucid over a decade of automotive experience across OEM, Tier 1, and mobility companies. I hail most recently from Waymo, where I held several executive positions, including Corporate Development Officer, as well as Treasurer and Head of Investor Relations. I also spent over 10 years in the capital markets, where I served as an investor, an investment banker, and a financial operating executive. I'm delighted to be leveraging these experiences into my role here at Lucid, which entails overseeing the financials and also spearheading the corporate development and business development agenda of the company. Thank you very much. Thank you, Sherry. Again, welcome on board, though it has been a few busy months with you already. First, as some background and possibly a reminder for the audience, Lucid and Churchill Capital Corp IV are in the process of finalizing the announced merger, whereby Lucid expects to become a public company and receive approximately $4.4 billion in cash from the transaction after all of the expenses are paid. Of course, that assumes there are minimal redemptions from the Churchill shareholders. We are very excited about this enabling step in realizing the company's vision. The Churchill vote is scheduled for July the 22nd, 2021, just around the corner, really. We're very much looking forward to that final step before the anticipated start of trading of Lucid stock on the Nasdaq Exchange under the ticker LCID. With that in mind, we would encourage you to please vote by submitting your proxy as soon as possible after carefully reviewing Churchill's proxy statement and prospectus, and its annexes filed with the SEC. Let's dive into things, shall we? I'd like to really start by providing a few updates on the commercial, technical, and manufacturing side. Then we'll hand to Sherry to speak to a few recent updates as well. First, on the Lucid Air reservations front, we continue to make great progress with reservations now surpassing 10,000 and growing daily. As you may already know, the Lucid Air Dream Edition is already fully reserved. On the personnel front, we've grown to a company of approximately 2,300 employees, but we're doing that very selectively. Those who know me, as I always say, this is not a numbers game. It's the critical mass of intellect that we can attract to this endeavor, to this mission. That is the true metric, not the number of employees. We keep the bar high, and I think the very fact we can attract someone of the caliber of Sherry House is a true litmus of the direction that we're heading. There are three key activities which really drive us, which are our focus now. There's product, factory, and sales and service. On the product side, the key update is that the testing and validation of Lucid Air is progressing well, and it's on track for the second half of 2021 start of production for customer deliveries. I regularly drive the cars. They're coming along really nicely. I'm really proud of what the team is achieving in terms of the product. It's truly outstanding. We're in the late stages of our crash testing program and are currently in the midst of our EPA range testing. We're also very cognizant that the car is truly a fusion of software and hardware, and a huge part of the ownership experience will be the HMI, or the human-machine interface. Lucid's approach to human-machine interface isn't just about new features, nor is it just about technology. It's also about humanity. We were delighted to reveal our UX to the world on May 26th and would encourage you to check out the release video online. On the factory side, we successfully completed our pre-production run in June as scheduled, with 89 Lucid Airs built as part of that process. We've accrued meaningful learning through that build cycle and applying those in our quality validation production run, which is ongoing at our AMP1 manufacturing facility in Arizona. Our manufacturing facility is ready for the second half of 2021 start of production for customer deliveries, which will commence once the product quality is of the exceptional level that we feel our customers rightly deserve. I'd like to move on to another key activity, the third of our key activities. Last but not least, and that of course, is sales and service. With the recent opening of Lucid Studios in Illinois and New York, we are now up to eight locations across the country and expect to open more in the coming months in the U.S. and Canada. We anticipate more than 20 retail and service locations open by the end of the year. If you haven't been to a location yet, I really hope that you do have the chance to do so, as the locations truly capture the essence of our brand and experience. Of course, Lucid is much more than just our automotive business, and we're also progressing our energy storage business. I had promised that the next baby step to develop this would be to put a solar farm on the roof of our headquarters, albeit a modest one, and hook that up with our energy storage alpha prototype in the building. I'm delighted to say that this activity is on track with testing ongoing. We're planning a beta prototype to install at our vehicle manufacturing facility in Casa Grande. Now that's the next step. Again, our energy storage system business roadmap is on track. I'd now like to hand over to Sherry to provide a few key updates. Sherry? Thank you, Peter. Very exciting times for us indeed with lots of continued progress. On that note, I'm pleased to provide a few updates regarding our business plan. We recently disclosed these updates via press release but thought it would be worthwhile to cover during today's call as well. First, we plan to accelerate approximately $350 million of planned CapEx investments from future periods into 2021-2023 and otherwise enhance manufacturing capabilities by expanding overall CapEx investments by 6%-7% during 2021-2026. These investments will be funded in part by the capital raised upon the closing of the business combination with CCIV, inclusive of the PIPE. These investments will enable us to accelerate additional manufacturing capacity for Lucid Air to capitalize on expected demand and implement a dedicated Lucid Gravity general assembly line. We plan to combine the next two phases of the Arizona facility expansion into one expedited phase and provide 2,700,000 sq ft of additional manufacturing space by 2023, enabling increased Lucid Air capacity to up to approximately 53,000 vehicles per year. Such changes are expected to improve production flexibility between the Lucid Air and the Lucid Gravity, as well as for specific vehicle variants of these two programs. Next, we expect these investments to enhance Gravity design and performance as well as enable us to vertically integrate certain functions, for example, stamping and battery enclosures via accretive in-house investments providing benefits such as higher quality and lower cost. We also recently announced that we expect to launch Lucid Gravity at the end of our projected second half of 2023 timeline and intend to have increased production of Lucid Air in 2023 and 2024. We expect total vehicle volumes to be unchanged for 2023 and 2024. Lastly, we continue to expect our existing cash resources following the business combination will fund our planned operations at least through 2022. With those updates in mind, I'd like to reiterate my excitement for the road ahead as we work towards customer deliveries of the Lucid Air and the scaling of the business. Back to you, Peter, to take us through the company overview portion of today's call. Thank you, Sherry. Well, I hope that those updates have been useful for the audience, particularly those that are already familiar with the company. For those that are not, you may also find the remaining portion of today's call, our company overview, interesting as well. With that, let's dive straight into it. Our mission at Lucid really is to inspire and accelerate the adoption of sustainable transportation. I believe that we have an impending global warming crisis on our hands, and this needs to be addressed urgently by the widespread adoption and acceleration of electric vehicles, sustainably powered vehicles. The key enabler for that is technology, and that's what Lucid is bringing. It's doing this through ultra-high technology, world-leading technology. We have the first passenger electric vehicle that we expect will do over 500 mi on a single charge. I mean that on an EPA cycle basis. We expect to be the first to 500 on an EPA cycle, enabled by our industry-leading powertrain efficiency. That's a new hashtag, #FirstTo500. We believe that this is the new gold standard for EVs and that Lucid will be there first and foremost. I think we've got amazing technology. I think that's becoming better understood. It'll only really come to bear when we get Lucid Air into production. I just can't wait for the world to see just how potent our tech is. Turning to the team for a moment. We have a management team comprised of experts that have been here and done this before, many of whom have worked with me even before Lucid. Now we've augmented that team with great talent, particularly on the software side with former Apple executives leading the software, bringing a wealth of expertise and experience from many iterations of products like the iPhone. This car truly is a fusion of art and science and of software and hardware. Of course, we're not just creating a car, we're actually creating a new brand. Beyond all the amazing technology that we've created here at Lucid, our market positioning is going to be a big component of our future success. We really intend to be the world's premier EV luxury brand. Of course, that starts with our position. If you look at the luxury market, you see a big shift happening. It's a shift in values, and it's really been driven by savvy consumers. Now, traditional luxury was represented by status, opulence, and a real sense of physical materialism, and that was the expression of success. That was the aspiration. We see Lucid shifting more to what we call post-luxury, which is a bigger push towards refinement of future-facing, technology-oriented products. Above all else, it has a sustainable technology element and a sustainable message. That is the new expression of aspiration. When we think about the positioning for Lucid, everybody asks the same question. "Isn't this Tesla's position?" Certainly, Tesla opened the door to electrification, and they deserve a world of credit for that. We don't see that brand as pushing the luxury position. Conversely, we see the traditional luxury brands, which we tend to focus on the big three German automakers, still very much in the established traditional luxury position with their traditional brand values. We do not see their announced EV products as being executed in a post-luxury position. That leaves the opportunity for Lucid to really focus on being the world's premier all-EV luxury brand. Our brand is based on a balance between what we call heart and mind, and we really derive that from our California origin. On the heart side, it's all about the emotion, the identity, the human component of the brand. We have to embody that into the design of the vehicle, into the materials, the digital experience, and the overarching customer experience. Whereas on the mind side, it's all about amazing technology, the incredible metrics that we're setting, and this endless pursuit of perfection and refinement. It's the balance of those two worlds that we think will make for an amazing luxury brand going forward and will allow us to connect with those very, very savvy consumers. The product is the essential foundation for the brand. I believe that product defines brands more than brand defines product. Our first product simply has to be the best. That is the objective, pure and simple. It will define Lucid as a brand. It's truly a fusion of art and science, really exploring the limits of what's possible from electrification, exploring the limits of what's possible with today's technology. We're getting that car down to a starting point of just $77,400, less than that after the expected federal tax incentive with Air Pure. Now, we're starting with the Dream Edition with landmark range and performance figures. I've mentioned before that there's this Lucid innovation that we call the Space Concept, this is really quite an experiential thing. What we've done is we've made a car which is more compact and agile and actually more practical to use in a mega city. Yet it has equal, if not more space, than larger combustion engine vehicles. I've driven this thing around Manhattan a couple of times now, it's eminently more usable in other cars than you would expect in that class. We've really redefined how an electric vehicle can look. We've defined a new design language and proportions for an EV. How have we done that? Well, we've taken a big picture look on miniaturizing the powertrain, teasing out in the 3D puzzle that is vehicle design more space for the occupants, more luxury, more comfort to a degree that we can offer the aircraft-inspired seat package, which we'll introduce to the market in the future. We plan to bring that in in the next few years, and this will be fantastic for the China market in particular. We're launching this year with a traditional bench seat, but it's got extraordinary leg room for the size of the vehicle, and as a direct consequence of this Space Concept. Up front, we have a different ambience, a different color tone, because this is like the cockpit of an executive jet, as it were. This is capped off by the glass cockpit, a beguiling array of instrumentation and canopy glass roof that give a really airy feel to the cabin. As you've probably seen from the pictures and videos, we've got our in-house HMI. It's really a fusion of graphic art from Derek Jenkins' team, with the former Apple executives leading the development of this intuitive flow of the icons and the flow of the motion of one's arm, which is so important for HMI. Let's not forget about the all-important aerodynamic nature of Lucid Air. We've achieved a coefficient for drag of 0.21. It's interesting actually to note, Mercedes has taken the challenge, and they got a 0.20 recently with the EQS. I have to say, the best measure of any car's aerodynamic performance is the product of the drag coefficient and the frontal area. That product is directly proportional to the horizontal force experienced by the car on the road. The Mercedes EQS actually has a larger frontal area than the Lucid Air. Because of the Space Concept, we've got a much smaller car and less drag, which is really important to get the most range. Which brings us back to efficiency. I see efficiency as the measure of the prowess of an EV company. Tesla is far ahead from all other current competition, with approximately 4 mi/kWh. This is why Tesla commands the market cap that it does. This is why the other companies aren't $600 billion companies. There it is, the single metric. Where are you? Where are you as an EV company? What prowess do you have? It's efficiency. How many miles per kilowatt hour? Lucid is ahead of Tesla, we have a roadmap. I really value this metric. Remember, the goalposts are always moving, Lucid will move as well. Whilst I'm at the helm of this company, we will always push the envelope to keep on improving. Furthermore, we're able to combine range with performance, which is really rare. What other company offers such high range, acceleration, and top speed concurrently? As you may already know, we launch with the Dream Edition and follow that up with the Grand Touring, the Touring, and the Pure, each at respectively lower price points. Each version is incredible nonetheless. Every model is powered by Lucid powertrain technology, race-proven technology. We developed the battery technology for all the cars in the World Championship EV series. All 24 cars on the grid from illustrious names, from vehicle powerhouses, actually use Lucid battery packs, which have been developed, designed, and manufactured at our head office here in Silicon Valley. All of the Lucid Air trims, from Dream Edition to Pure, are also underpinned by our LEAP platform, which integrates our powertrain technology as a system. This all-aluminum platform, which we developed as a skateboard, is super high-tech and uniquely embodies and enables the Space Concept. It's the whole construct that the whole is greater than the sum of the parts. This is the big vision, and this will serve as a platform for not just Air, but for Gravity and potentially other vehicles in the future. To Project Gravity, which we unveiled to the world in a rather early form back in September and is progressing well. We've got a small team working on this. I would say that most of the focus of the company is on Lucid Air right now. We have some working on Gravity, moving it on, like planting the acorn for the mighty oak to grow from, and that's really important. This isn't a distraction. This isn't a loss of focus for Air start of production. It's absolutely necessary that we play this game of chess and plan ahead, getting this car into Casa Grande. Beyond Gravity, as you know, I have to be a little more circumspect here, we have other planned vehicles. They're all going to be amazing. They're all going to be driven by Lucid's absurdly relentless quest to be the best company in terms of EV technology, bar none. We're going to make cars progressively more affordable, progressively higher volume, and progressively have more impact upon the market. As I said, it's not just about cars. We plan for the Lucid Group of companies. That's my vision for Lucid, the Lucid Group. There's Lucid Cars or Automotive, Lucid Energy Storage, and the Lucid Technology Division. Our energy storage system testing is coming along nicely. As I mentioned, we've got the alpha prototype hooked up with the solar here in headquarters. As a tech supplier, the first great example is the work we're doing in the world of international motorsport. We've actually received serious inquiries from multiple traditional car companies to access our technology. Many will know that I'm actually quite passionate about eVTOL aircraft, and that's a great application for our tech. Super energy-dense, super power-dense, metrically. That is what these eVTOL aircraft need. Beyond that, there's marine, agricultural, heavy industrial machinery applications for our technologies above and beyond us being a supplier to the traditional automakers. With that, I'd like to go a little bit deeper into our technology for a few minutes. I've referenced the technology quite a lot here. I'm talking about the core technology of the EV powertrain and the sort of five discrete elements here. There's a battery pack, motor, there's transmission, inverter, and it's bi-directional charging. That's our Wunderbox technology. Of course, the all-important software. I really can't emphasize enough, this is done 100% in-house, all of it. Sure, we buy magnets in. We don't make the magnets. We buy battery cells in. We don't make the cell in-house. Our pack expertise goes back over a decade. It's world-renowned. Our motor and transmission expertise is now delivering, together with the inverter, 9 hp/kg. No one else is even close. It's doing it with incredible efficiency of over 900 V. The modern electric cars are going to be ultra-high voltage. I mean, Porsche really set the tone with an 800-volt car, and we're going now to over 900 V. Modern EVs will have to go ultra-high voltage. If you start at 400 V, that is not a good place to be in terms of playing the chess game for the next decade. Our bi-directional charging is really important because that brings out a whole new dimension for the car. It means that the car can be used as a storage system, a repository of energy to balance the grid, to enable peak shaving at a business level, commercial level, help pay for the car, reduce energy costs. We're going to do a peak shaving exercise in this building, our headquarters, that's planned within the next year. We have cutting-edge software expertise, particularly in our BMS system. I point to that in particular, a battery management system, because this contains the health monitoring algorithms which really get the best out of the battery, but also ensure longevity and a good and healthy life for that pack, and therefore enhance even the residual value of the car. Just moving through to our work on the battery side, as you may already know, we've been powering the World Championship Electric Car Series. Although that battery pack that powers those cars is at 878 V, the technology is being transferred to our 924-volt road car. The learning that has been transferred is profound. The core technology of our low impedance, low heat loss, high efficient battery tech has been embodied into our road car. It is absolutely true to say that every customer that drives a Lucid Air will be doing so knowing that they've got race-proven battery technology under their feet, quite literally. It is true. I've worked in engineering 30, 40 years now, and it's kind of a well-worn adage that race car technology finds its way into road cars. Well, until we did this, I couldn't cite a single example of this phenomenon in my entire career. This is an incredible example of race car technology improving a road car. I think that the team here is hugely proud of that achievement. I'd just like to point to our drive unit, which I mentioned boasts a 9 hp/kg metric. It's way ahead of the leading competition from both the U.S. and Germany. In fact, the closest competitor is about 3.2 hp/kg, to the best of my knowledge. Then onto our Wunderbox. Our Wunderbox technology is unique as it's a two-way charging system, and we'll have that functionality enabled for customers via OTA in the future. It's got a 400-volt bus on it, so it can run state-of-the-art air conditioning pumps at 400 V, whilst the rest of the car is at over 900 V. We've got 19.2 kW of stage two charging at home, and it also acts as a conduit for 300 kW DC fast charging capabilities. This is unprecedented, 300 kW. This is what it enables. The Wunderbox enables nearly 300 mi of fast charging on DC in just 20 minutes, no one else is even close to this. We've actually run it with Electrify America at very close to 350 kW, we're going to limit it to 300 for battery life in production. The bidirectionality of this will enable homes to be off the car, for grids to experience less strain, to have more robustness, and peak shaving for business. There are multiple advantages of this. This is an energy storage system. You can even charge another car to derive electricity from your Lucid Air. You could actually do some buddy breathing, as if it were, to charge another car with a flat battery. Moving on to our user experience again. This is a seamless experience. I'd really encourage everyone to watch the user experience unveiling video that we released on May 26th. Super delighted to have partners such as Amazon Alexa and Dolby Atmos, among others. This is the next generation. Even the headlights of Lucid Air are groundbreaking technology, unbelievably. We built a team of lighting optical mathematicians to compute a completely new paradigm for lighting, which is a multi-lens array. Our car headlamps are inspired by insect eyes. Rather than by human eyes like a traditional car with two lenses, this is inspired by the eyes of a fly. We have thousands of micro lenses here, incredibly efficient, most homogeneous, brightest array on the market. When it hits the market, there'll be nothing as good as this. It even got digital swiveling. It can actually steer the light linked to the steering wheel's position, but it does this without any moving parts. It's a digital steering system. This is state of the art. There's nothing else quite like it. It's 100% in-house, heavily patented, and also super efficient. It actually helps with the range of the car as well. If we look at the bigger picture, I believe that the R&D leadership is our key differentiator. Innovation is at our very core. The number of patents that we have and the value of those patents, they're not dumb patents. These are profound patents. We're also at the forefront of vehicle design, and this is really, as I say, is a fusion. It's a fusion of art and science and of software and hardware. What might surprise many of you is the bigger vision of truly mass industrializing electrification. It is something which is so missed in the landscape. There's this myopia about, say, the cost of manufacturing cells. Who today really speaks of the cost of integrating those cells into a battery pack? That cohesive architectural step of making that pack truly mass producible. Our battery module is a great example. We designed an injection molding, a single part. It's a single shot injection molding that we've developed. This is like a Lego brick, which will be mass industrialized. It's reproducible, it's ultra-high quality, and it can be made by the zillions. This is what it's about. Lucid is not just about making an expensive car for wealthy people in low numbers. My vision is to design for true mass production, because that's what the world needs right now. Of course, we're nothing without successfully launching the Lucid Air. For that, we also need a go-to-market strategy. As mentioned earlier, we have over 10,000 pre-orders for Lucid Air. That's spread across all four of our trim levels, from Pure, Touring, Grand Touring, and Dream Edition. That's largely been driven by our online experience, our web, and the ability to order online. It's also been driven by eight Lucid Studios that are open across the country, here in the Bay Area, Los Angeles, Florida, Illinois, and New York. We also have additional facilities that are going to be opening up over the next six to eight months, both in the U.S. and Canada. We're expanding that network as we speak, and it's a big, big, big part of our strategy. The showroom itself is very much like the car. We had an opportunity to really start with a clean sheet. The design of the studio is, again, built around the heart and mind premise. This feeling of being inspired by mid-century modern architecture ties really nicely in with the design of the vehicle, as well as the materials we use throughout the car. We wanted to take full advantage of the fact that we're going directly to consumers. That means these retail spaces are operated by Lucid employees, not a third party, armed with the knowledge and technology and the backstory of this incredible vehicle and this incredible brand. Now, as we talk about the consumer journey, this is our opportunity to really connect with the customer on a digital level on the way modern consumers operate. That starts online with our Lucid Studios, the videos, the social media content. We create all of that in-house, people find that through social media. That drives people to our website. Now, the website, again, is very curated, very immersive on the heart and mind, talking about design, the background to the design of the vehicle, and going deep into our technologies and the innovations of how that rounds out the vehicle. The center point of that website is also our online configurator, it's a real breakthrough in digital rendering. It's very real-time. It's interactive. There's really nothing like it on the market today. We've created the new industry standard for automotive online configuration. The idea is that it creates further interest in the vehicle and in Lucid that drives people to the offline studios. The studio is meant to be the physical connection to that prior digital experience. That's where you can touch and feel the car, feel the materials between options. Customers can experience our technologies and do a deep dive into the configurator through virtual reality, which is an important part of the digital journey. A real innovation in the industry. Another part of the journey is charging. Charging is, of course, absolutely crucial. The Wunderbox enables approximately 19.2 kW of AC capability at home with a Level 2 charger. That 19.2 kW of AC enables approximately 70 mph of charge accrual at home. You plug your car in at home, and you can really charge it at approximately 70 mph. Then, of course, when we look at our partnership with Electrify America, this is just awesome because although we're going philosophically vertically integrated in terms of sales and service and in manufacturing, we don't need to invest into a fast-charging network. Actually, we can use the next-generation technology because in partnering with Electrify America, we can leverage all the benefits of that system. We've got open source with a CCS Combo connector, and the system is up to 350 kW and 1,000 V. It's future-proofed at 1,000 V. Actually, if you compare that with the Tesla Supercharger network, it's an interesting comparison because that system is around 400 V. It was based upon the technology we had available when I was leading the design of Tesla Model S, and that's a 400-volt architecture. The modern EVs need to go super high voltage. Even Hyundai is going with high voltage now. I actually think that's quite a significant differentiator that we're going to this next-generation voltage that we can go up to 350 kW future-proofed, and we can go asset-light in this. I think that's a profound second-mover advantage. There is an area where unashamedly I'm proud that we're vertically integrated and that we're facing up to the CapEx needs of the business, and that's in manufacturing. Our AMP factory in Casa Grande is the first purpose-built EV plant in North America with a state-of-the-art in-house paint shop and processes that enable a premium paint quality finish using water-based paint materials. Again, paint quality versus sustainability of process and water-based. A real breakthrough was made there. Really pleased. Particularly you see that on the piano black paint, which of course is an option with the Dream Edition. We've got great capital efficiencies by actually doing this from scratch and facing up to the challenge. We have another plant just down the road in Arizona, a powertrain manufacturing plant, the LPM plant. This is where we make all our powertrain in-house. Now, of course, we buy the gears in, we buy magnets in, we actually buy the cells in. We actually effectively assemble and manufacture the key elements here, the battery modules, complete battery packs. We put all the modules into the pack and assemble them all together. We make our electric motors, we make our inverters, we make the Wunderbox technology all in-house. This was a core philosophy that I personally insisted upon when we determined we'd be manufacturing. I said, "Right, we're going to make sure we make effectively two things in-house. One is going to be the painted body shell of the car, which we do at AMP1, and two, all the in-house electric vehicle core technology." There's a lot of secret sauce and a lot of know-how to this, which we really want to keep away from the world and away from prying eyes. We've installed the unique, the world's first wave winding machine for the copper winding of our permanent magnet motor. It's state of the art, it's revolutionary, and it's really part of the secret of how we're getting those exceptional performance outputs from our motors. There's a lot of expertise, and as much as possible of that has been patented. That's all in our LPM1 plant, which is just a few miles down the road. Why Arizona? Well, of course, we've got a great relationship with the state, developed a great relationship with Governor Ducey and his team. We're close to the metropoli of Phoenix and Tucson. We're very closely linked with Central Arizona College, getting great high-quality associates from that institution. Of course, we've got a rail head just outside our perimeter fence. We've got water. We've got everything we need. We're close to a lot of the supply base, which is south of the border in Mexico, in the Sonora region. Of course, we've got Governor Pavlovich from Mexico being a super supporter of our endeavor. With that, I'll hand it over to Sherry to share some perspective on the market opportunity for Lucid. Sherry? Thank you, Peter. I'll spend just a few minutes providing some context for how we view the evolving market opportunity for our vehicles. We believe Lucid is well-positioned to grow within a growth market. Specifically, we see the luxury car market expanding at an annual rate of about 5% over the next few years, and ultimately reaching over $700 billion of global sales near the middle of this decade. We believe that the growing consumer sentiment for electric vehicles, coupled with the government mandates encouraging their adoption, provides significant support for the EV industry overall and Lucid's position within it. Hence, we maintain that this is an opportune time for the introduction of the Lucid Air and subsequently, the Gravity product lines. In the near term, we'll be competing in a market sized at about 3 million units for both our products, Lucid Air and Gravity. That breaks down into approximately 1.7 million units for the Lucid Air and 1.5 million units for the Lucid Gravity. As we look out towards the end of the decade, in the 2030 calendar year, we expect Lucid Group's total addressable market to expand to approximately 15 million units. Lucid Group plans to introduce an expanded vehicle lineup throughout that period, which will include vehicles at different price points in different segments. By 2030, we anticipate Lucid Group's annual volumes to be around 500,000, which equates to an approximate 4% share of market. In summary, we believe this is a very achievable level of penetration and growth in a global market enjoying both increasing customer demand as well as strong government support. This concludes my portion of the presentation. It's been a pleasure speaking with you today, and at this time, I'll hand it back to Peter for some closing remarks. Thank you. Thank you, Sherry. Well, everyone, I hope you found today's call both enjoyable and insightful. We are thoroughly excited for the road ahead and do hope that you will be a part of the journey along with us. We are on a mission to accelerate positive change by developing cutting-edge EV and EV-related technology and providing customers with products and experiences that they love. On that note, I'd like to remind the audience that the Churchill Capital Corp IV shareholder vote in connection with our intended merger is scheduled for July 22nd, 2021. We'd encourage you to please vote by submitting your proxy as soon as possible after carefully reviewing Churchill's proxy statement and prospectus and its annexes filed with the SEC. Again, our sincere thanks for your time today and for your continued support. That concludes the Lucid Motors Investor Call. Enjoy the rest of your day.